Full text of Commercial and Financial Chronicle : October 30, 1926 : Public Utility Compendium, Vol. 123, No. 3201

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Public Utility Compendium
A SECTION OF THE

C

o m m e r c ia l

X p N A N C iA L ( ^

h r o n ic l e

Copyrighted in 1926, according to Act of Congress, by WILLIAM B. DANA COMPANY, in office of L ibrarian of Congress, W ashington, D. O.

VOL. 123.




N E W Y O R K , O C T O B E R 30 1926.

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

N O . 3201.

Public U tilities
DETAILED COMPANY REPORTS

This is one of our six Sections or Supplements. In using the series it is to be remembered that they are inter-dependent
publications, complete only as a whole. If utilized together, and with the fresh items of news the “Chronicle” contains
from week to week, the reader will at all times be able to keep fully informed regarding the operations, the finances and
the income of the various companies included.
A full Index showing where each company will be found is given in the closing pages of the book.

P ublic U tility C o m p e n d iu m
T his P u b lic U tility C o m p en d iu m , issued tw ice a y e ar, to w a rd s th e
close of April and O ctober, is furnished without extra charge to every
annual subscriber of th e C om m ercial & F in a n c ia l C h r o n ic le .
The R a ilw a y a n d In d u str ia l C o m p e n d iu m issued tw ice a y e a ro n th e
last S a tu rd a y of M ay and N ovem ber, is also furnished without extra charge
to every a n n u al C h r o n ic le subscriber.
T h e S ta te a n d M u n ic ip a l C o m p e n d iu m , Issued sem i-annually on th e
last S a tu rd a y of Ju n e and D ecem ber, is also furnished without extra charge
to every an n u al subscriber of th e C h ro n ic le .
T h e R a ilw a y E a rn in g s Section, issued m o n th ly , containing th e sw orn
re tu rn s of earnings and expenses of th e steam railw ays of th e U nited S tates
filed each m o n th w ith th e In te r-S ta te C om m erce C om m ission, is likewise
furnished without e.xtra charge to every annual C h ro n icle subscriber.
T h e B a n k a n d Q u o ta tio n Section, issued m o nthly, is also furnished
without extra charge to every an n u al subscriber of th e C h ro n ic le .
The B a n k e r s’ C o n v e n tio n Section, issued yearly, giving th e detailed
proceedings of th e a n n u al convention of th e American B ankers' Associa­
tio n . is likewise furnished without extra charge to C h ro n icle subscribers.
T erm s for th e C h ro n ic le , including th e six supplem ents above nam ed,
are $10 per an n u m w ithin C o n tin en tal u n ite d S tates except A laska; $11.50
In C an ad a and $13.50 in oth er foreign co untries, U . S. Possessions and
T errito ries.
File covers for th e C h ro n ic le are sold a t $1.00 each (postage 15 cents
ad d itio n al). File covers for Supplem ents can be had a t sam e price.
C H IC A G O O F F IC E .— 208 South La Salle S treet.
L O N D O N O F F IC E .— E d w ard s & S m ith , 1 D rapers’ G ard ens, E. C.
WILLIAM B. DANA COM PANY, P u b lish e r s,
F ro n t. Pine a n d D epeyster S tree ts, New Y ork.

EXPLANATIONS OF TERMS AND ABBREVIA­
TIONS USED.

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




out coupons as well as coupon bonds are outstanding.
“($100, &c)” signifies that denominations are $100 and
larger. The letters “p. m.” mean per mile, thus $15,000 p. m.
means that the issue of bonds is restricted to $15,000 for
each mile of track. “Guar.” means guaranteed, and “guar,
p. & L (end.)” means guaranteed as to principal and interest,
the guaranty being endorsed on each bond. “Red.” means
redeemable. “Trus.” or “tr.” means trustee of the mortgage.
TAX EXEMPTION.—Where there is a provision in bond
or mortgage which would seem to make the interest free
from the Federal income tax, we indicate the fact in blackfaced letters—tf meaning tax-free. The Revenue Act of
1026, like the Revenue Acts of 1924, 1921 and 1918,
provides, however, that only 2% income tax shall be
deducted at the source and that all further Federal income
taxes shall be met by the recipient of the income. Where
there is no tax covenant we insert the letters ntf, meaning
not tax free, tff means free from normal Federal income
tax up to 4%, though, as already stated, the law allows a
deduction of no more than 2%. Where we have no knowl­
edge other than that the company has assumed or Is paying
the tax, we insert the letters cpt, which means that company
pays tax, at least for the present. Only very general differ­
entiations like this are possible. Tax exemption features of
mortgages are so varied and diverse that more definite in
formation is out of the question.
“DATE.”—The date of issue on the face of the bonds is
indicated under the word “Date."
“INTEREST.”—Under this heading is given the rate per
cent yearly of the interest payable on the bonds or (if guar­
anteed) of the dividend payable on the stock; also the
months when the Interest or dividend Is payable; thus
“6 J-J” means 6% per annum payable January and July.
Correspondingly“F-A” is used to mean February and August;
“M-S” means March and September, and so on; while “Q-J”
means quarterly beginning in January, and “Q-F” quarterly
beginning in February. (The day when the interest pay­
ment is due can generally be determined by noticing when
the loans mature, the day of the month there given being in
most cases the same as for one of the Interest dates.) “S.-a.”
means semi-annual.
“ROAD.”—The word “track” means In street railway par­
lance all tracks, whether main line, siding, switch or second
track. “Rails are 80-lb. girder” means that each rail weighs
80 pounds to the yard, “k.w.” means kilowatts, and “h.p.“
means horsepower.
“k.v.a.” means kilo-volt-amperes.
“P-A-Y-E cars” means pay-as-you-enter or prepayment cars,
“Exts., add’ns and impts.” means extensions, additions and
improvements. “Auth.” means authority or authorized.
"Oth. inc.” means other income. “Cal. year” means calendar
year.
REFERENCES TO “CHRONICLE.”—This Compendium
or supplement is expressly intended for use in connection
with the investment news and official reports published
from week to week in the “Chronicle.” Frequent reference
is therefore made to the volume and page of the “Commer­
cial and Financial Chronicle” as (V. 119, p. 000), where
fuller information may be found. Following also each state­
ment is given a reference to the latest news item in the
“Chronicle” respecting the company. As every such item con­
tains a reference to the last preceding item, the reader can
run back at pleasure. Annual reports are in black-faced
figures.

POWER, LIGHT AND RAILWAY

Oct., 1926.]




't.*

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**

than 2000
Q unlisted Publicon more and Indus­ •
Utility
u o t a t io n s

trial Bonds, issued quarterly, printed,
in handy pamphlet form—
Supplemented by quotations weekly on
more than 200 active issues—
Plus every facility for quickly locating
and quoting markets.
Here is a service of proven merit. Deal­
ers using it are enjoying an unusually
valuable brokerage service. The degree
of accuracy maintained in these listings
is another point of advantage.
In the marketing o f inactive secur­
ities, a special Department, with
every facility, is at your service.
You are invited, without charge or obli­
gation, to take advantage of these ser­
vices. They are supplying a long felt
want, and are constantly being im­
proved and broadened in scope.
Quotation Booklet Sent to
Dealers on Request

:

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PACKARD BUD©
:V*e£

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S T O C K ..£ * C H AlvtGS

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PHILADELPHIA
ttEWYQft*.

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1

PUBLIC UTILITIES

| Vox.. 122.

XJL7 E

extendi t h e
^ facilities of our
organization to those
desiring information or
reports on companies
with which we are
identified.

Electric Bond and
Share Company
(.Incorporated in 1905)

Paid-up C apital and Surplus
180,000,000
71 Broadway

New York

that
£NDU

W e represent electric light and power, manufac­
tured gas and electric transportation companies
serving more than 2,000 American communities.
Among the companies we represent are Com ­
m onw ealth Edison Company, T he Peoples Gas
Light < l C o k e Company, C h ic a g o R a p id
S
Transit Company, Chicago N o rth Shore and
Milwaukee Railroad Company, Public Service
Company o f N o rth ern Illinois, M iddleW est U til­
ities Com pany and M idland U tilities Company.

Edison Building
W est Adam s Street
Chicago
Containing Main Offices of
Utility Securities Company
72

O n request we shall gladly supply
information about these companies
and their investment stocks.

U tility Se c u r it ie s Company




72 West Adams Street
CHICAQO
St. Louis

Milwaukee

Indianapolis

Louisville

5

POWER, LIGHT AND RAILWAY

Oct., 1926.]

■

Public Utility Securities
that appeal to
Investors Everywhere

■

liiilllllft

r I AIIE earning power of a public utility property depends, primarily,

A on the nature and extent of the territory served, on the operating
efficiency of plant and equipment, and on the personnel of managing
officials. There are, however, in making a choice of such securities,
further factors to be considered. For example:
Was the plant designed and built
by engineers having an exhaus­
tive knowledge, based on long
experience, of the best type of
equipment for the particular lo­
cality ?
Was it constructed of the highest
grade materials and by the most
approved methods ?
Were its designers qualified to
make dependable estimates of its
earning power ?

Did they provide adequately for
future expansion ?
Does the management maintain
the properties at a high standard
of efficiency and provide amply
for depreciation?
Has the company the goodwill of
consumers throughout the terri­
tory served ?
Is it conservatively capitalized,
and has it the benefit of strong
financial affiliations ?

When the answer to all these questions is in the affirmative, the security
issues will appeal to conservative investors everywhere.
The experience of Stone & Webster during the last 37 years includes
the planning, construction, installation and financing of prominent public
utilities throughout the United States. Power stations aggregating
2,700,000 horsepower have been constructed by their organization.
Sixty separate companies under their executive management spend over
$100,000,000 yearly for construction, maintenance and operation. Public
utility and other properties examined and appraised by them represent
a total valuation of nearly $6,000,000,000.
The variety of conservative public utility bonds and stocks offered by
the Securities Department of Stone & Webster enables investors to make
selections exactly suited to their requirements.
We shall be pleased to make you suggestions for the conservative
investment of your funds, either in person or by correspondence.

Stone & W ebster
INCORPORATED

r:

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■ ->:m

. -

-

NEW YORK
120 Broadway

- ;;

BOSTON
147 Milk Street

•

CHICAGO ,
First Nat?! Bank Bldg.

.

M ■ ■
■
• • ‘ ■ vS -

6

PUBLIC UTILITIES

[V ol. 123.

Confidence

A prominent place among the assets and liabilities of any
public utility must be given to the regard with which it is
held by the community it serves.
It is obvious that a public service organization cannot attain
its fullest measure of success without the friendly cooperation
of its patrons.
Realizing the importance of securing— and holding—good will,
we have exerted every effort toward this end.
We try to educate our customers to expect the best .
and . . . we strive to give them the finest electrical service
that human ingenuity can devise.
Experience has taught us that this is the most workable policy
in winning the commendation of those we serve.

Brooklyn




Edison

Com

pany

PRESIDENT

Oct., 1926.]

TELEPHONE AND TELEGRAPH

1

Telephone & Telegraph Cos.
UNITED STATES AND FOREIGN

AMERICAN TELEPHONE & TELEGRAPH CO.

Stock.— T he au th o rized cap ital stock was increased on A pril 1 1920
from $500,000,000 to $750,000,000. on M arch 28 1923 to $1,000,000,000,
and to $1,500,000,000 on A pril 1 1925. As to convertible bonds of 1906
and 1913. see below, a n d V . 101. p . 1630. V . 92. p. 47. 166. 2 3 1 ,7 9 8 . 4192.
In M ay 1924 offered to stockholders of record Ju n e 10 1924 ad d itio n a l stock
d istan ce telephone lines by which th ey a re u n ited . P upin p a te n ts, V. 72. p. for subscription a t p a r ($100) in the proportion of one share for each five
677; V. 76. p. 332. 596: V. 77. p. 39: V. 92. p. 796, 1312. T h e m ajo r op­ shares then held. P a y m e n ts for th e new stock were spread over a period of
e ra tin g com panies, g re a tly reduced in n u m b er of late y ears by consolidation, eight m onths, from Aug. 1 1924 to A pr. 1 1925. C om pare V. 118. p 2575.
have had th e ir sh ares larg ely exchanged for stock of A m . T . & T . C o. V. 97,
S tockholders of record J u n e 8 1926 w ere given th e rig h t to subscribe
p 446.
on or before A ug. 2 1926 for approx. $154,000,000 add itio n al c ap ital stock
Security H oldings, A c ., Dec. 31 1925.
a t p a r ($100), on th e basis of one new share for each six shares held. P a y ­
Per Cent
m en ts w ere spread from A ug. 2 1926 to A pril 1 1927, or p ayable in full on
Par Value
o f Total
A ug. 2 1926 w ith a d ju stm e n ts of in te re st a n d dividends. F o r fu ll p a r­
Stocks o f Associated Companies—
o f Holdings. Outstanding.
tic u la rs, see V. 122, p . 2946; V. 123, p . 980.
New England Telephone & Telegraph C o ________ $65,819,000
59.68
Collateral Trust Mortgage o f 1899 is secured by collateral show n below
S outhern New England T elephone C o ___________
8.002,300
33.34 (com pare V . 92, p. 397). On add itio n al c ollateral f u r th e r bonds m ay
New Y ork Telephone C o _________________________ 204.692.000
100.00 be issued to an a m o u n t n o t exceeding 75% of th e estim ated value of c o llat­
Bell Telephone Co. of P e n n sy lv an ia_____________ 80.000,000
10000 eral; a nd the issue a t a n y tim e o u tsta n d in g m u st n o t exceed th e a m o u n t of
C hesapeake & P o to m ac T elephone C o. (N . Y .)__ 13,000,000
100.00 the co m p a n y ’s capital stock then paid up. In t. payable in New Y ork,
C hesapeake & Potom ac T elephone C o. of B a lt. C ity 17.174,300
100.00 B oston, London a n d A m sterd am . V. 69, p . 1195, 1249; V. 70, p. 40;
C hesapeake & Po to m ac T elephone C o. o f V irginia. 9.000,000
100.00 V. 85, p. 1398; V . 80, p . 999, 1113; V. 92, p. 190, 397; V. 93, p. 347.
C hesapeake & P o to m ac T elephone C o. of W . Va_ 10,500,000
100.00
These bonds a re a d ire c t obligation of th e com pany a nd secured by de­
S outhern Bell T elephone & Telegraph C o________ 45.000,000
10000 posit w ith tru ste e s of th e following stocks a n d bonds of associated cos., par
C um berland T elephone & T eleg rap h C o . ________ 22.898.000
(a)65.42 $121 .913.000 test, value. $1 18.328.052-V 10.5. p. 1710 Y 97. p -1461 v i , Ohio Bell Telephone C o __________________________ 44.998.800
99.99
Shares— Collateral A u g . 31 1926 for Coll. Trust 4s o f 1899.
Par Value.
54.91
Ohio Bell Telephone C o. (p referred )____________ 15.499,400
Illinois Bell T elephone C o __________ ________________
C incinnati & Sub u rb an Bell T elephone C o. (b )_
_ 5.445.800
29.71 310.130 M ou n tain S tates T elephone & T elegraph C o ________ $31,013,000
258.000
25.800,000
M ichigan Bell Telephone C o____________________ 49.992.607
99.98
250,000 Southern Bell T el. & T e l. C o ______________________ 25.000,000
99.99 400.000 M ichigan Bell T el. C o ______________________________ 40.000,000
In d ian a Bell T elephone C o ______________________ 26.999.100
W isconsin T elephone C o ________________________ 21.000,000
10000 ---------H om e Long D istan ce T el. C o. (San Francisco) 5%
Illinois Bell Telephone C o __________________
79.165.000
98 96
bonds due 10.32
.
. ___________ ____ ____
]00 ooo
N o rtb w estfrn Bell T elephone C o ________________ 65.000,000
100 00
e
($150,000,000 original issue) a re a dire c t obliga­
Southw estern Bell Telephone C o _________________ 75.000,000
100.00 tioT hofconvertible 4s o fb1906 o t secured b y m ortgage. T h e y h av e been su b ­
n
th e com pany u t n
M ountain S tates T elephone & Telegraph C o ______ 27,990.000
72.82
1 1914
105 a
convertible iu to
Pacific T elephone & T elegraph C o _______________ 38.163,300
88.75 ject to call since M arch 1 1918. a t See V.nd were394, 571. 699; V. stock from
1
arch
82. p.
83.
4.38;
Pacific T elephone & T elegraph C o. (p referred)_ 64,042.700
_
78.10 M arch p. 1909 to M 273, 933, 1369, 1489; V. 86, p. 171, 1411; V. 87, p.p.1013,
V. 84,
105, 160,
Sticks o f Other Companies (A ffilia ted )—
1481, 1535. 1606; V. 88. p. 453, 508, 566. 627; V. 93, p. 47, 231
O u tstan d ­
Bell Telephone L aboratories. In c _________________
$50,000
(e)50.00 ing issue was reduced from $150,000,000 to $2,589,000 by conversion into
Bell Telephone Securities C o ____________________
1,000,000
100 00 stock. In t. payable in N . Y ., B oston and A m sterdam . V. 101. p. 1630.
Bell T elephone C o. of C an a d a __________________ 15.624.800
32.09
T h e 20-year 4 !4 % bonds o f 1913 were convertible (a) in to stock a t
C en tral Union T elephone C o ____________________ 2.999.800
99.99
120 M a r. 1 1915, to M a r. 1 1925, o r (b) in to an equal a m o u n t of stock upon
C uban Am erican Telephone & T elegraph C o_____
540,000
50.00 pa vm ent of $20 per sh are. T h ey are redeem able a t Sept. 1 1925 and th ere­
C uban A merican Telephone & T elegraph C o. (pref)
540.000
50.00 a fte r a t p a r. A m ount o u tsta n d in g w as reduced b y conversion from $67,W estern Electric C o ., In c . (no p a r ) _______________ (d)737.521
98.34 000,000 to $1,899,400 A ug. 31 1926. I n t. pay ab le in N . Y ., B oston a nd
195 B roadw ay C o rp _____________________________ 2,100,000
70-00 A m sterdam . V. 96, p . 204, 364, 792; V. 100, p. 644, 1630; V. 120, p. 1087.
205 B roadw ay C o rp _____________________________ 1,30U,UU0
100-00
I'he (.closed) $80,000,001) 5% 30-year sinking fu n d collateral trust bonds of
Face Value
1916 have a sinking fu n d of 1% p e r a n n u m an d a re redeem able a t 105 and
Bonds—
o f Holdings.
in t. In t. pay ab le in N ew Y o rk an d B oston. See V. 103, p . 1982. 2081.
Associated com panies________________________________________ $1,789,500
2157. 2344: V. 105. p. 1710.
O ther com panies— K ansas C ity T elephone Co. 5 % , 1938______ 5,000,000
Security for 5% Collateral Trust Bonds o f 1916 as o f A u g . 31 1926.
Demand Notes and N et Advances—
$13,620,000 stock of New E ngland T el. & Tel. C o. (V. 103, p. 495j.
A ssociated com panies_______________________________________ $232,671.521
43.100.000 com . sto ck of N . Y . Tel. C o. (V. 103, p . 1122; V. 102 n 708).
O ther com panies— Bell Telephone L aboratories, In c __________
1,300,000
15.020.000 stock of S o u th ern Bell T el. & T el. C o. (V. 102. p 1986).
Bell Telephone Securities C o____________________________
3,200.000
17.500.000 stock of N o rth w e stern Bell T el. C o.
C en tral U nion T elephone Co______________________________
399,700
21.590,100 pref stock of Pacific T el. & T el. C o. (V. 102, p . 1883).
205 B roadw ay C o rp _______________________________________ 12,047,603
1,000,000 bonds H om e Long D ist. T el. C o. of San F r a n . 5 % . d ue 1932.
(a) D oes n o t include 34.57% ow ned by S outhern Bell T elephone &
T h e debenture bonds o f 1923 a re re d . all o r part, a t 110 and Int ou any
T elegraph C o ., an Associated com pany, (b P a r $50. (c) R em aining 50%
Int. d a te p rio r to M a y 1 1941: th e re a fte r a t 100 a nd in t. A sinking fund
owned by W estern Electric C o ., Inc. (d) N u m b er of shares.
of $1,000,000 a n n u ally , to be set aside in sem i-ann. In stallm ents, began
Also owns over 98% of th e com m on stock of W estern E lectric C o., In c ., M ay 1 1924, such fu n d to be used in purchasing d e b en tu re s of this issue if
New Y ork, m an u factu rer of electric a n d telephone supplies. T h is la tte r obta in a b le a t n o t exceeding 105% a n d in t.; otherw ise to be used for cap ital
com pany sold in 1925 all of its in terests in foreign com panies, except in e x p en d itu re s. I n t. pay ab le in N . Y . o r B o sto n . F o r sec u rity . &e..
C an ad a, to In te rn a tio n a l Telephone & Telegraph C o. See this la tte r com pare V. 117, p . 2112.
com pany. V. 109, p. 478. A u to m atic sw itchboards, extension of toll
o 1925 are red .
p a rt t
in t
cable system , a n d K ey W est-H av an a telephone cables. See Y. 110, d a T h e debenture bonds lyf 1 1956: th e re aall orain 100%a &110t.& in t. on a n yfund
te on or prior to Ju
fte r t
in
A sinking
p. 979. In M ar. 1920 form ed th e 205 B roadw ay C orp. as a holding co.
of $1,250,000 a nnually is to be set aside in equal sem i-ann. in stallm ents,
to handle th e real e sta te of th e A. T . & T . Co.
beginning Ju ly 1 1925, such fund to be used in purchasing debentures of
In S ep t. 1921 organized th e Bell T elephone S ecurities C o. V . 113, p . 1254. this issue if o btainable a t n o t exceeding 102)4 & in t.; otherw ise, to be used
As of M a y 15 1926 c o .’s rad io b ro ad castin g activ itie s w ere incorporated for cap ital expenditures. In t. pay ab le in N . Y . or B oston. In J a n . 1925
tin d er th e nam e of “ Broadcasting Co. o f A m erica .” See V. 122, p . 2797. $125,000,000 5% d ebentures w ere sold by J . P . M organ & C o., K uhn,
Loeb & C o., K idder, P eabody & C o .. &c., & c., a t 95 & in t., to yield over
H ow ever, in S.ept. 1926 co. sold its s ta tio n W E A F for $1,000,000 to R adio
5 .3 0 % . 4. 120, p . 207. L isted on N . Y . a n d B oston Stock Exchanges
C orp. of A m erica a n d re tire d en tirely fro m th e bro ad castin g business.
In Sept. 1925 th e larg est telephone cable in th e w orld, 861 m iles, was p u t V . 120, p. 2547.
Western Telep. & Teleg. Co. coll. tr. bonds o f 1902 w ere assum ed in Sept
in to service betw een New Y ork and C hicago. T h e co n struction work
req u ired 7 years an d th e to ta l cost a m o u n ted to a b o u t $25,000,000. For 1912 and will, on a pplication to tru s te e , be endorsed w ith th e agreem ent
to pay p rin . an d in t. T h e ir c o llateral consists of (stock) $3,900,000 C in. &
fu rth e r details, see V . 121, p . 975, 1787.
Complaint o f Violation o f A nti-M o n o p o ly Laws filed b y C ity of B oston Sub. Bell Tel. C o ., $1,700,000 M o u n tain S tates T el. & T el. C o., $8,070,600
(com.) W isconsin T el. C o.; (bonds) $200,000 H om e Long D ist. T el. Co.
w ith I.-S . C. C om m ission in 1925. V. 123, p . 1381.
B E L L S Y S T E M .— On D ec. 31 1925 th ere w ere 16,720,224 telephones of S. F . 5s, due 1932.
Dividends.— J u ly 1900 to J u ly 1906, in c h . 7 )4 % P- a .; O ct. 1906 to
connected w ith th e Bell System , which owned 12,035,224 an d connected w ith
4.685.000 owned by connecting com panies a n d ru ral associations. 6.017 April 1921, 8% p. a . (Q .-J .). Since J u ly 1921 paid (or declared) 2 )4%
cen tral offices, 386.064 miles of pole lines; to ta l exchange wire 39,840.840 q u a r., increasing th e a n n u al ra te to 9 % . V . 112, p. 2196.
miles, of which 28,425.392 m iles in u nderground cable. 9,462,213 m iles in
E A R N IN G S .— F o r calen d ar years.
aerial cable and 1,953,235 miles open wire. T o ta l toll wire 6.632,700 miles
1925.
1924.
1923.
1922.
(2.057.196 in underground cable, 1,209.332 in aerial cable and 2,366,172 D ividends receiv ed --------- $75,395,527 $63,559,326 $54,078,663 $14,972,929
open w ire). G rand to ta l of all wires 45.473.540 miles. A verage daily T elep. oper. re v ------------ 86.534,624 75,513,106 71.840.735 65,321 890
telephone conversations during 1925 48.800.470 of which 2.098,163 toll I n t. & o th e r re v . from
conversations. N u m b er of em ployees 293.095. T h e cap ital obligations
associated cos------------ 18,528,762 15,010.404 13.371.563 12.509.901
in th e hands of th e public D ec. 31 1925 were $2,034,955,685. See a n n u al
re p o rt in v 122. p 1470.
T o ta l---------------------- $180,458,913$ 154,082,836$139.290,961 $122,807,720
Service Charge C ut.— As o f J a n . 1 i9 2 6 co. red u ced th e fee charged to its E xpenses--------------------- 51,422,579 46,463,473 43.901,043 41.139.280
associated concerns for th e use an d m ain ten an ce of in stru m e n ts from
4>£% to 4% of gross incom e o f asso ciated com panies. F o r effect on c o .’s
N e t earnings-----------$129,036.334$107,619,363 $95,389,918 $81,668,440
earnings, see V . 122, p . 2648.
In te re s t------------------------- 21.631,288 16,573.041 13.697,737 15,498,012
D ividends--------------------- 81.044.426 70,918.227 63,274,388 52.971,252
ST O C K A N D B O N D S— D ate.
Interest.
O utstanding.
M aturity
C arried to reserves-------- 6,000,000
3.000.000
3.000,000 5.000.000
______ $1,052.89 j,90O M ar’27 2M %
8t.ock $1,500,000,000 ($100)_______
C ap stk s u b sc rip ____________ _____
_________ 41,001,915 ____________
C arried to su rp lu s------- $20,360,620 $17,128,094 $15,417,793 $8,199,176
C o llateral tru s t m tg e ($1,000) \ 1899 4 g J -J
78.000,000 Ju ly 1 1929
g o ld ________________c * n tf/O ld C olony T ru s t C o ., B oston, tru s te e .
Latest E arnings.— F o r 9 m o n th s ended Sept. 30:
B onds (no longer convertible) \ 1906 4 g M -S
2,589,000 M a r 1 1936 E arnings
*1926.
1925.
1924.
1923.
($1,000, &c.) g ----- tfc* & r* /O id C olony T ru s t C o ., B oston, tru ste e .
Bonds (no longer c o n v ertib le)! 1913
4)4 M -S
1.899,400 M ar 1 1933
D iv id e n d s ----------------- 68,080,019 55,336,631 45,091,017 39,890,945
A c .)__________________ n tf / O l d C olony T ru s t C o ., B oston, tru s te e .
I n t e r e s t ------- -------- - 9,902,655 13,479,780 10,720,754
9,408,274
Sinking fu n d c o llateral tr u s t! 1916 5 g J-D
72.431,900 D ec 1 1946
Telep. oper. revenues- 67,528,346
63,079,938 55,370,205 53,379,024
bonds ($100 & c)______g o ld /O ld C olony T ru s t C o ., B oston, tru ste e .
M iscell. rev en u es------298,457
374,882
323,384
277,509
Sinking fu n d d e b en tu re b o n d s ! 1923 5 H g M -N 98,093,700 N ov 1 1943
($100 &c) g o ld ______c * n tf/B a n k e r s T ru st C o .. New Y ork, tru s te e .
T o t a l .................
145,809,478 132,271,232 111,505,361 102,955,752
Sinking fund d eb en tu re bonds / 1925
5 g J-J
123.552,600 J a n 1 1960 E xpenses, incl. ta x e s------- 44,238,283 37,148,072 34,349,587 31,952,271
($100, &c, c*; $1,000, & c ,r* iC e n tral U nion T r u s t C o ., N . Y ., tru ste e .
I n t e r e s t -------------------- 16,345,278 16,080,467 12,444,093 9,747,338
D iv id e n d s ----------------- 63,668,814 60,318,861 51,962,374 16,770,739
W est T & T Co coll t r b o n d s/ 1902 5 g J -J
9,969,000 J a n 1 1932
(assum ed)$10,000,0 0 0 ($ 5 0 0 (In te re st a t Old C olony T r u s t C o .. B oston,
B a la n c e -------------------- 21,557,103 18,723.832 12,749,307 14,485,404
&c) g o l d - . - * , - _ tru s te e .
_
x S u b ject to m inor changes w hen fin a l figures for Septem ber are available.
O R G A N IZ A T IO N .— Owns a large in te re s t, generally a m a jo rity Interest-

In th e cap ital stock of th e leading local cos. o p eratin g u n d er th e Bell p a te n ts
In th e U. S. (V. 107, p. 2100; V. 88, p. 1554); also owns th e systetnof long­




8
Latest Earns. (Cont.)— *1926.
1925.
I n t e r e s t ---------------------- $10,839,485 $10,722,792
D iv id e n d s ___________ . 41,565,622 39,631,933

PUBLIC UTILITIES
1924.
18,361,577
33,670,638

1923.
$6,467,665
30,349,963

B a l a n c e ____________ $14,351,723 $12,709,195 $8,919,543 $10,229,454
* S u b ject to m in o r changes w hen fin al figures for J u n e are available.
N ote.— In d ia n a Bell T elephone C o ., one of th e co’s subsidiaries, $26,999,100 o u t o f $27,000,000 of w hose sto ck is ow ned b y A . T . & T . C o ., p a id
a n in itia l d iv . o f 2% on S ep t. 30 1926. V . 123, p . 708.
O F F IC E R S .— C h airm a n , H . B . T h ay er: P r e s .. W alter S. G ifford; V .-P s..
N . T . G u ern sey , Jo h n J . C a rty , E . K . H all, B an cro ft G h erard i, C harles P .
C ooper, E . S. W ilson, C . M . B racelen, F . B . Je w e tt, D . F . H ou sto n ,
R o b e rt W . D ev o n sh ire a n d T h o m as D . Bowen; Sec., A . A . M arste rs;
T re a s ., H . B lair-S m ith ; C o m p t., C . A . H eiss.
D IR E C T O R S .— J a s . S. A lexander, A rth u r L y m an , H . B . T h a y e r, Edw in
F . G reene, G eorge F . B ak er, H en ry S. How e, C has. E . H u b b a rd , Jo h n I.
W ate rb u ry , Eugene V. R . T h a y e r, W illiam A . G asto n , C h arles F . A dam s,
G . P . G a rd n e r, P h ilip S to ck to n , W . C am eron F orbes, D av id F . H ou sto n ,
W alter S. G ifford, G eorge F . B ak er J r ., D aniel W illard, C has. F . C h o ate,
J r . O ffices, 195 B ro ad w ay , N . Y ., a n d 125 M ilk S t., B o sto n .— V. 121,
p . 322, 456, 583, 704, 837, 975, 1226, 1787, 1900; V. 122, p . 478, 1301,
1453, 1470, 2037, 2188, 2648, 2797, 2946, 3602; Y . 123, p . 320, 708, 980,
1112, 1381, 1992, 1995.

[V ol. 123

E A R N IN G S .— F o r calendar years:
1925.
1924.
1923.
G ross re v e n u es______________________ $6,481,151 $6,018,309 $5,732,575
O per. expenses, taxes, &c__________
4,940.202
4,558,006
4,324,114
N e t earnings___^ ___________________ 1,540,949
1,460.303
1,408,461
In te re st, re n ts, &c__________________
96.343
132,978
122,143
1,040,000
1,040,000
D ividends (8 % )____________________
1,040,000
O ther ap p ro p . from n e t incom e______
150,000
107,049
254,606
B alance from s u rp lu s_______________
180,276
246,318
O F F IC E R S .— P res., A . E . B erry; V .-P . & G en. M g r., B u rd e tt Stryker;
V .-P. & G en. A u d ., Philip O. C offin; V .-P ., Jo h n O . K oons; V .-P ., Sam uel
M . G reer; Sec., D . S. P o rte r; T re a s ., T hos. B . C larkson. Office, 725
13th S t., N . W ., W ash in g to n , D . C .— V. 120, p . 85; V . 122, p . 1916.

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

O R G A N IZ A T IO N .— In c o rp . in V a. in 1905 as S o u th ern B ell T elephone
and T eleg rap h C o. of V irginia. N a m e changed to th e C hesapeake & P o ­
tom ac T elephone C o. of V irginia in 1912.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
O perates In S ta te of V irginia. S tatio n s D ec. 31 1925, 114,041 (n o t incl.
53,623 service, connecting, &c ).
Rates.— I n J u ly 1926 th e V irginia S ta te C o rp o ra tio n C om m ission denied
a new schedule of ra te s proposed by th e com pany an d e stim ate d to increase
BELL TELEPHONE CO. OF PENNSYLVANIA (THE). th e revenue by ap p ro x im a te ly $750,000. C om pany w as g ra n te d increases
a m o u n tin g to only $200,000 a y e ar. C o m p an y in te n d e d to a p p ea l th e
C o n tro lled b y A m erican T elephone & T elegraph Co.
case.— V. 123, p . 709.
O R G A N IZ A T IO N .— O rganized in 1879 as th e B ell T elephone C o. of
ST O C K A N D B O N D S—
D ate.
Interest. O utstanding. M aturity.
P h ilad e lp h ia . N am e ch an g ed to p re se n t title in 1907. Owns th e e n tire
______ x$9,000,000
______
c ap ital sto ck of th e D iam o n d S ta te T elephone Co. an d th e L ehigh Tele­ Stock $10,000,000 ($100)_____ ____
1st m tge $5,000,000 ($100 &c) f 1913 5g M -N
4,510,800 M a y 1 1943
phone C o. In 1923 a cq u ired th e p ro p erties of th e P ittsb u rg h & Alleg­
gold ___________________ c * j l n t . a t S ta te & C ity B k & T r u s t C o ., R ichhen y T el. C o. a n d th e C h a rtie rs T elephone Co. On D ec. 22 1924 th e
I m o n d , V a ., tru s te e
I . -S . C . C om m . a u th . th e co. to acq u ire certa in p ro p erties of th e Lehigh
x All owned by A m er. T el. & T el. Oo.
T elep h o n e C o. a n d th e L ehigh co. to acq u ire certain p ro p e rties of th e
Bonds.— R e d ’ble as a w hole, on o r a fte r N o v . 1 1918 a t 103. Sinking
B ell co. a n d also a u th . th e B ell co. to acq u ire co n tro l of th e Lehigh T el.
C o. b y p u rch ase of c a p ita l sto ck . V . 120, p . 327. P u rch ased th e T ri- fund, H of 1% sem i-annually beginning M a y 1 1914. $489,200 re tire d
S ta te T elephone C o. in J u ly 1925. Y . 121, p . 72, 1787. A b o u t p la n to th ro u g h sink fd. V .9 8 , p . 765. 915; V . 100, p . 558.
sell E rie , P a ., p ro p e rties to M u tu a l T el. C o ., see V. 121. p . 837. A cquired
E A R N IN G S .— F o r calendar years
in S ep t. 1925 th e p ro p e rties of th e B eav er C o u n ty T elephone C o. a n d of th e
1923.
1925.
1924.
P e n n S ta te T elep h o n e C o. V . 121, p . 1787. In D ec. 1925 acquired cer­ T elephone operatin g rev en u es___ __ . $5,537,752 $5,165,514 $4,962,931
ta in p ro p erties from an d sold certa in p ro p e rties to th e P eo p le’s T elephone T elephone operating expenses. __ _ 4,083.352
3,587.328
3,397,101
C o rp ., o p e ra tin g in B u tle r, V enango, A rm stro n g a n d C larion conties, P a . U ncollectible o perating r e v e n u e s ____
11,192
14,285
20,843
F o r p a rtic u la rs, see V . 121, p . 2873.
T axes assignable to operations
_
_
476,931
476,455
435,160
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perating in co m e________________
Owns a n d o p erates a sy stem of exchange and toll lines located in P ennsyl­
$966,277 $1,087,447 $1,109,827
v an ia, reaching every p a r t o f th e S ta te and connecting d irectly or indirectly N e t non-operating incom e__________
30,032
30,154
18,500
for th e in terch an g e of traffic w ith all th e o th er com panies of th e Bell Sys­
T o ta l gross incom e_____________ .
$996,309 $1,117,601 $1,128,327
tem th ro u g h o u t th e U . S. an d C an a d a . On D ec. 31 1925 co. ow ned a nd
116.182
129,003
o p erated 944,393 telephone statio n s, of w hich 497,521 were in th e m e tro ­ R e n t a nd m iscell. ded u ctio n s_______
151,215
In te re s t__________ ______ __ _ _____
325,582
401,020
319,824
po lita n c en tre s o f P h ilad elp h ia a n d of P itts b u r g h .
591,822
675,000
540,000
ST O C K A N D B O N D S .— Date.
Interest. O utstanding. M aturity. D iv id e n d s___________________ __
C om m on $ 9 0 ,0 0 0 ,0 0 0 ............. - - ________ _______ x$80.000,000 S e p t'262%
B alan ce__________________________def$95,926
def$6,225 sur$94,741
P ref $20,000,000 6 K % c u m ________
6K %
$20,000,000 O ct ‘26 1fg
O F F IC E R S .— P re s ., A lb ert E . B erry; V .-P . & G en. M g r., B u rd e tt
1st & re f m o rtg ag e series “ B " \ 1923
5 g J -J
35.000,000 J a n 1 1948
Stryker; V .-P . & G en. A u d ., P h ilip O. C offin; V .-P ., Jo h n C . K oons;
($100. &c) g ________ c * & r* /In t. a t B an k ers T ru st C o ., N . Y ., T ru ste e .
V .-P ., Sam uel M . G reer; Sec., D . S. P o rter; T re a s ., T hos. B . C larkson.
Ser C ($1,000, $500, $100 c*l 1925
5 K A-O
49,965.000 O ct 119 6 0
Office, 725 13th S t., N . W .. W ashington. D . C .— V . 119, p . 1629; V.
& $1,000, $5,000, $10,000 r \ I n t . a t B an k ers T ru st C o ., N . Y ., T ru stee.
120, p . 1585; V. 122, p . 1916; V. r23, p . 709.
C en t D ist T el 1st ratg e (ass’d) \ 1913
5 g J-D
9,339,500 D ec 11943
$25,000,000 ($500, &c) g c * /F id e lity T itle & T r. C o ., P itts b ., tru ste e .
P itts & A T el 1st m tge (g u arf 1899
5 g J-D
1,400,000 D ec 1 1949
SOUTHERN BELL TELEPHONE & TELEGRAPH CO.
p & i), $1,500,000 ($1,00*)(M a ry la n d T ru s t C o .. B altim o re, tru ste e .
O R G A N IZ A T IO N .— In c o rp . in N ew Y o rk in D ec. 1879. As of J u n e 30
g o ld ___________________ c* 1
1926 m erged th e Cumberland Telephone A Telegraph Co. th ro u g h exchange
Oo. guarantees:
L ehigh T e l C o. 1st & ref. ser A 1924 5 g J - J
2,695,900 J u ly 1 1949 of its own c ap ital sto ck a g ain st C um berland co. sto ck on a sh are fo r sh are
basis. V . 122, p . 3342.
x All ow ned by A m er. T el. & T el. C o.
Bonds.— T h e first & ref. m tg e covers as a first lien th e e n tire physical
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
p ro p e rty o f th e co m p an y in P en n sy lv an ia, su b ject .only to closed m ortgages C ontrols B ell telephone system in so u th ea st coast section of U n ite d S ta te s,
on p o rtio n s o f su ch p ro p e rty securing $10,739,500 underlying b onds. A ddi­ including N o rth C arolina, S outh C arolina, G eorgia, A labam a a n d F lo rid a .
tio n al bon d s m a y b e issued for refu n d in g purposes a n d for 75% of new A cquired th e properties of th e F o rt L auderdale T elephone C o. in A ug. 1925.
co n stru ctio n , & c., pro v id ed th e to ta l bonded d e b t th e n o u tsta n d in g does V. 121, p. 1103. C o. owns and operates 329 cen tral offices a n d '3 9 8 ,8 1 8
no t exceed th e th e n a m o u n t o f fully p aid cap ital sto ck o u tsta n d in g plus telephones. C onnecting telephones 220,476.
th e u n a p p ro p ria te d su rp lu s, an d pro v id ed t h a t (except for refunding) th e
Stock Increase.— In J u n e 1926 co. increased its a u th o riz e d c ap ital stock
net earnings a fte r tax es av ailab le for in te re st charges d u rin g 12 o u t of from $50,000,000 to $100,000,000 ($100). V . 122, p . 3342.
14 m o n th s preceding h a v e n o t b een less th a n 1% to ta l bon d in te re s t (incl.
Budget 1926.— C o. to spend in 1926 $33,300,000 for ad d itio n s, &c.
on b onds to be issued) a d d itio n a l bon d s m a y be issued in d ifferen t series V. 122. p. 95a n d w ith su ch in te re st ra te s, m a tu rity d a te s (betw een 1945 an d 2020), as
S T O C K A N D B O N D S .— Date.
Interest.
O utstanding.
M a tu rity .
directo rs m ay d eterm in e. Ser. B bonds a re re d . as a whole only on an d a fte r Stock $100,000,000 ($100)_________ _______ x$45,000,000 See te x t
J a n . 1 1944 a t 100 an d in t. F ree from P e n n a . S ta te ta x . V . 116, p . 180. F irst m ortgage sinking fu n d i 1911 5 g J - J
15,571,500 J a n 1 1941
Series “ C ” bonds are re d . w hole, n o t p a rt, on or a fte r O ct. 1 1957 upo n
($500 &c) g o ld ___ c * & r*tf)T nt. a t B ankers T ru s t C o ., N . Y ., tru s te e .
60 day s n o tice a t 110 a n d in t. N o t re d . before O ct. 1 1957. L isted on
x All ow ned by A m erican Tel. & T fleg, C o.
th e N . Y . a n d P h ila. Stock E x changes. V. 121, p . 1459. In Sept. 1925
Bonds.—A uthorized issue, $50,000 000: a fte r $21,400,000 h av e been
J . P . M organ & C o ., K u h n , L oeb & C o ., & c., &c., sold $50,000,000 series C issued, th e rem ain d er ($28,600,000) can only be issued to an a m o u n t not ex­
ceeding th e cash paid in on fu rth e r issues of sto ck , provided th a t, during the
a t p a r a n d in te re s t.— V. 122, p . 1167, 1307.
T h e Central District Tel. 1st s. f . 5s hav e a sinking fu n d o f
% p e r annum
previous year, th e com pany shall have earn ed n e t a t least tw ice th e in te re st
of th e a m o u n t of bonds issued. Are re d . a t 105. I d t. p a y ab le in P itts ­ charge of all bonds ou tsta n d in g during th e previous year. A sinking fund
of 1% of bonds issued will be used yearly to cancel bonds if p u rch asab le a t
burgh and N ew Y o rk . Closed m o rtg ag e.
Pittsburgh A Allegheny Tel. Co. 1st M tge. 5s are red . a t 105. I n t. payable or under p a r. C all, as a whole b u t n o t in p a r t a t 105 an d in t. T o O c t 1
1925 $2,428,500 of th e $18,000,000 issued had been canceled. V . 91. p
In P ittsb u rg h and B altim o re. Closed m ortgage.
Dividends.— On C om . from 1918 to 1920 a t th e ra te o f 6% per an n u m . 1714: V. 95, p. 684, 893, 1212; V. 107, p. 2295.
D ividends.— 6% y early 1906 to 1922; in 1923, 7 M % ; in 1924 a n d 1925
Since 1921 p aid 8% p e r an n u m .
each 8 % .
E A R N IN G S -—F o r calen d ar years:
E A R N IN G S .— F o r calendar years
C: lendar Years—
1925.
1924.
1923.
1922.
1Q99
1923.
1925.
1924.
T elephone op er. re v ___ $50,630,200 $46,531,023 $41,145,358 $37,223,878
O p er.ex p .,m ain t.& d e p r. 36,563.079 35,437,310 32,352,776 27,764,437 O perating rev e n u e _____$21,018,899 $18,098,388 $16,660,252 $15,476,008
4,117,973
O perating incom e______ 5,080.680
4.502,967
3,540,520
Taxes & u n c o lle c tib le s .. 2,449,250 1,642.486
1,424,407
1,759,606
5,453,196
4,174,017
G ross incom e__________
6,205.285
6,002,139
146,507
525.904
435,141
452,270
O p eratin g in co m e____$11,617,871 $9,451,226 $7,368,175 $7,699,835 R en t and m iscellaneous.
236,904
167,203
388,000
1,609,892
1,272,207 O ther a p p ro p ’ns, &c___
N o n -o p eratin g re v . (net) 1,987,505
1,671,990
1,269,248
1,643,447
964.162
I n t e r e s t _______________
983.585
3,600,000
1,800,000
D iv id e n d s _____________ 3,600,000
2,925,000
G ross in co m e________ $13,605,376 $11,123,217 $8,978,067 $8,972,042
2,896,604
4,602,101
3,704,396
In te re st charges, &c_______________ 5,318,417
B a la n c e ____________ sur$707,796 sur$985,707 sur$586,904 sur$116,860
P referred d iv id e n d s________________1,282,341
1,035,949
4,800,000
4,800,000
5,200,000
D ividends p aid ($8)____ 6,400,000
Lai-est Earnings.— F or 6 m os. en d . J u n e 30 1926 (incl. C um b erlan d
Tel. & T el. Co.)
T o tal revenue, $23,892,126; expenses a n d tax es, $19,B alan ce, s u rp lu s_____
$604,619
$285,167
$473,671 $1,275,438 391,391. In te re s t, $1,155,592; divs. p a id , $2,844,325; b alance, su rp lu s,
$500,818.
Latest Earnings.— F o r 6 m os. ended J u n e 30:
O F F IC E R S .— P res., B en. S. R ead; V .-P s., H u n t C hipley; C arroll O .
1926.
1925.
$27,642,936 $25,023,088 Bxckelhaupt an d L eland H um e; Sec. a n d T rea s., G eorge J. Y u n d t; G en.
T elephone oper. re v e n u e _______
6,671,619 A u d ., C harles J . H old itch . Office, A tla n ta , G a.—-V. 121, p . 1103, 1790;
G ross incom e (after all tax es a n d incl. o th erin co m e) 7,856,872
2,444,297 V . 122, p . 95, 349, 1611, 2498, 3342; V. 123, p . 712, 1763.
In te re s t, re n ts a n d m iscell d e d u ctio n s___________
3,098,448
634,348
P referred d iv id en d s_____________________________
650,416
3,200,000 CUMBERLAND TELEPH. & TELEGRAPH CO., INC.
C om m on d iv id e n d s_____________________________
3,260,000
B a la n c e ._____ ________________________________
$908,008
$392,974
O F F IC E R S .— P res ., L . H . K in n ard ; V .-P s., C. I . B arn ard . P . C.
S ta p le s a n d H . R . R oney; Sec., J. H eron C rosm an. Jr.; T reas., C . L. R itchie.
Office, P h iladelphia, P a .— V. 121, p . 72, 704, 837, 1226, 1459, 1787, 2270,
2873; V. 122, p. 212, 607, 1167, 1307, 1607, 1916, 2648; V. 123, p. 709,
1995, 2137.

(THE) CHESAPEAKE & POTOMAC TELEPHONE CO.
O R G A N IZ A T IO N .— In co rp . in N . Y . Ju ly 2 1883, succeeding th e
N ational C ap ital T elephone C o. of W ashington, D . C ., an d th e T elephone
Exchange C o. of B altim ore, M d.
C om pany is one of four com panies c o n stitu tin g th e so-called C hesapeake
and P o to m ac G roup, th e oth ers being th e C hesapeake and P otom ac Tele­
phone Co. o f B altim o re C ity , th e C hesapeake and P otom ac T elephone Co.
of V irginia an d th e C hesapeake and P o to m ac Telephone C o. of W est
Virginia.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perates in th e d is tric t o f C olum bia. S tations D ec. 31 1925, 126,501 (not
including 1,476 service a n d p riv a te line statio n s). R ates a n d v alu atio n ,
V. I l l , p . 899.
STO CK A N D BO N D S—
Date.
Interest. Outstanding.
M aturity
Stock $15,000,000...................................
.................x$13,000,000 ___________
C onsolidated m o rtg ag e $1,-1 1899
5 J-J
1,141,000 Ju ly 1 1929
500,000 ($1.000).............. c * J I n t. a t A m . Sec. & T r C o ., W a s h .,D .C .. tr .
x All ow ned b y th e A m erican T e l, & T el. C o.
Bonds.— R ed . a t 103 an d in t. on an y in t. d a te u p o n 3 w eeks' notice.
Sinking fu n d 2% an n u ally o f o u tsta n d in g bo n d s. $359,000 re tire d by skg.fd.




Controlled b y A m erican T elephone & T elegraph C o.
As of Ju n e 30 1926 co. w as merged w ith Southern Bell Telephone A Telegraph
Co. V . 122, p . 3337.
O R G A N IZ A T IO N .— In c o rp . in K e n tu c k y in 1883. S o u th e rn Bell Tele­
phone & T elegraph C o. a nd A m erican T elephone & T eleg rap h C o. ow n a b o u t
99% of sto ck . V. 95, p. 684. A cquisition of ad d itio n a l p ro p e rtie s a u th o r­
ized. V . 119, p . 1175. See also V . 120, p . 1201; V . 122, p . 1025, 1454.
P u rch a se of S h reveport H om e T elephone C o. c o n tra c te d in S e p t. 1925, see
V. 122, p . 1761. A cquisition of pro p erties of C itizens T elephone C o. of
M a u ry C o u n ty , T e n n ., see V. 122, p . 2649; V. 123, p . 1112. O f Shelby
C o u n ty T elephone Co. in 1926, see V . 122, p . 3337.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
O perates u n d e r p erpetual and exclusive license from A m erican T elephone &
Telegraph C o. th ro u g h the en tire S tates of M ississippi and L ouisiana,
T ennessee a n d K e n tu ck y . T o ta l telephone sta tio n s ow ned as of J u n e 30
1926, 413,628; connecting subsidiary statio n s, 158,486; to ta l, 572,114.
Stock Increase.— D u rin g 1925 100,000 a d d itio n a l sh ares of c a p ita l stock
w ere issued an d sold a t p a r to stockholders of reco rd . V . 122, p . 1454.
S T O C K A N D B O N D S—• D ate.
Interest. O utstanding. M aturity
C ap ita l s tk $35,000,000 ( $ 1 0 0 ) ____
_______ $34,999,900 __________
a n d $12,100,500 by S o u th e rn Bell T . & T
First & gen m tge $15,000,000) 1912
5 J-J
$14,969,000 J a n 1 1937
($500 & c ) _____ ___ c * r * .t f /I n t. a t Arving B ank-C ol. T r . C o ., N . Y ,tru s
M em phis T el & Tel 1st M (en-\ 1906
5 J-J
357,300
1936
dorsed p rin & int) ($100&c) / I n t . a t U nion & P la n t. B . & T r . C o .,M em p h
M em phis L D T el 1st M (en-\ 1904
5 J-J
21,000
1934
dorsed p rin & in t) ($100,& c.)Int. a t U nion & P la n t. B . & T r .C o., M em ph
Louisville H om e T el c o lla te ra l/ 1910
5 Q -J
414,330
1933
($100, & c .)_______________l i n t , a t U . S. T r u s t C o ., L ouisville, K y .

O ct., 1926.]

TELEPHONE AND TELEGRAPH

Bonds.— A fter cancellation o f $12,000,000 of th e $15,000,000 5s of 1912,
th e rem ain d er m ay be called as a w hole a t 105 an d in t. on 8 w eeks’ notice.
T h e g re a te r p art of th e issue was acq u ired b y A m er. T e l. & T e l. C o. and
by it changed for C u m b e rla n d sto ck , which h a s been canceled. V . 93, p.
1467; V. 94, p. 210, 354.
D iv s.- 1 ’00. ’01. ’02-’07. '08. ’09 -T 2 . ’13. ’14-’2 0 .’ 21. ’22. ’23. ’2 4 -2 5 .
C a sh (% )J 6 H 6M 7 y rly . 7 K 8 y rly . 7 6 y rly .
2 6M
7
Also 2% in stock of A m erican T e l. & T el. C o. S e p t. 15 1909.
EA R N IN G S.-—F o r calen d ar years
1925.
1924.
1923. s
1922.
T e l. o p eratin g re v e n u e ,$21,590,392 $18,696,111 $16,455,638 $15,650,433
N e t oper. inc. a fte r tax es $4,115,631 $3,694,291 $2,808,033 $2,221,994
N o n -o p eratin g re v e n u e .
158,619
138,144
52,918
82,261

9

p . 585, 1101, 1569, 2038, 2750; V. 122, p . 1021, 1309, 1609, 1761, 2650,
3081,3605; V. 123, p . 710, 1113, 1382, 1634.

KEYSTONE TELEPHONE CO. OF PHILADELPHIA.

Control.— T h e K eystone T elephone C o. (of N . J .) ow ns th e e n tire
com m on stock.
O R G A N IZ A T IO N .— In c o rp o rate d in 1902 in P enn sy lv an ia.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C om pany operates u n d e r p e rp e tu a l franchises a nd supplies com plete
a u to m a tic telephone service in P hiladelphia an d C am den. T he com pany
a nd its subsidiary, th e E a ste rn T elephone & Telegraph C o., h av e valuable
franchises a n d o p erate in o th e r prosperous com m unities in Pennsylvania
a n d N ew Jersey. C om pany a nd its subsidiary o p erate 6 a u to m a tic
exchanges in P hiladelphia a n d one in C am den. T hey also lease 17 m odern
Gross in co m e________ $4,274,250 $3,832,435 $2,860,950 $2,304,255
In te re s t, re n t, &c______ 1,544,070
1,388,363
1,539,055
1,537,139 telephone exchange buildings in n e arb y cities a nd tow ns, including th e
following: A m bler, Conshohoclcen, D a rb y . D oylestow n, H a tb o ro , JenkinN e t in co m e___________$2,730,180
$2,444,072 $1,321,895
$767,126 tow n, M oore, N ew tow n, C hester, C ape M ay , Collingsw ood, G loucester,
H
O th e r a p p ro p ria tio n s_
_
300,000
178.000
____ addonfield, M erch a n tv ille , Sea Isle C ity , W ildw ood, W oodbine and
W oodbury. T h e conduits extend for 345 m iles u n d e r th e stre ets of P hila­
C red its to su rp lu s (n e t).
______
______ C r.377,995
______
Sinking fu n d , &c_______
______
______
______
411,000 delphia a nd th e o th e r com m unities served an d c ontain m ore th a n 13,000,000
D iv id e n d s_____________
2,274,993
1,749,993
1,078,125
345,000 d u c t feet. T h e system includes 3,630,000 feet of cable, 295 m iles of pole
lines a nd 5.890 m iles of aerial w ire. C om pany has p ro fitab le co n tracts
S u r p l u s . . . . _________
$155,187
$694,079
$443,765 .
$11,126 under w hich p a r t of th is c o n d u it system is leased on a n n u al re n ta ls by th e
Latest E a rn in g s.— F o r 6 m os. end. Ju n e 30 1926 (a t w hich tim e co. was Philadelphia E lectric C o. an d b y te legraph com panies.— V . 121, p . 199.
m erged w ith S o u th ern B ell T el. & T el. Co.)
O p eratin g revenues, $11,ST O C K A N D B O N D S —
Date.
Interest. O utstanding. M aturity.
838,118; to ta l gross incom e, incl. non-oper. revenues, a fte r taxes assignable C om m on $2,500,000 ($50)___
.............. $2,500,000
__________
to o p eratio n s, $2,315,918; re n ts a n d in t. & m iscell. d ed u ctions, $937,701; $4 cum . preference 200,000
div id en d s, $1,224,996; balance, su rp lu s, $153,221.
shs. (no p a r ) ______________ _____
$4 Q-M
30,000shs. S e p t.'26 $1
1st M . bond secured notes
O F F IC E R S .— P re s ., B en S. R ead; V .-P s., H u n t C hipley, C arroll O.
(closed)___________________
6
$1,250,000 N ov. 1 1927
B ick elh au p t a n d L eland H um e; Sec. & T rea s., G eorge J .Y u n d t; G en. A u d .,
5 g J -J
5.925,000 -Tulyl 1935
O. J . H o ld itch . Office, A tla n ta , G a.— V. 121, p . 1788; V. 122, p . 1025, 1st m tge. 5% g. $10,000,000 ( 1905
$ 1 ,000c* an d $10,000-5,000 In t. a t Irv in g B ank-C olum bia T ru s t C o.,
1454, 1761,(2649, 3337.
1,000 r ; ................................. t f 1 N . Y . C ity , tru ste e .
1st lien & ref. m tge. gold [1925
5 J ^ g J - D 2,300.000
Ju n e 1 1955
series A $10,000,000 ($1,- -j P e n n . Co. for Ins. on Lives and G ran tin g
DAKOTA CENTRAL TELEPHONE CO.
000, $500c* tf)
I An
O R G A N IZ A T IO N .— A B ell sub-licensee organized in S outh D a k o ta in E astern Tel. & T el. C o. 1st [ 1922n ., P hiladelphia, tru ste e . D ec. 1 1932
6 g J-D
28,700
1904.
6% (closed) ($1,000, $500, ( I n t. a t Security T ru s t C o., C am den, N . J .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
1100)
Owns a n d o p erates a sy stem of telep h o n e toll lines an d exchanges covering
Bonds.— In ad d itio n to th e 1st m tge. 5% gold bonds shbw n in th e above S o u th D a k o ta e ast of th e M issouri R iver (except a sm all d is tric t around
tab le as o u tsta n d in g ($5,925,000), $1,775,000 are pledged under th e 1st
Sioux Falls) a n d extending in to a d ja c e n t sections in N o rth D a k o ta . T he
1 1927,
pledged
toll lines serve th e en tire te rrito ry wiflhout co m p etitio n , a n d th e cities, m tge. 6% notes,mdue N ov. bonds, d a ndd $2,300,000 a reseries A. under th e
1st lien a nd ref. tg e. gold
a te Ju n e 1 1925.
tow ns an d villages in th e te rrito ry a re served eith er b y th e c o m pany’s own
T h e 1st lien and ref mtge. gold bonds are secured b y a dire c t m tge. on all
exchanges or b y locally-ow ned connecting exchanges from w hich th e com­ the p ro p e rty (incl. after-acquired') of th e com pany, su b ject to $10,000,000
p a n y receives th e to ll business. C o m p an y ow ns 31,925 sta tio n s, 9,072 miles (closed m tge.) 1st m tge. 5% gold bonds, due Ju ly 1 1935. of which $5,925,of pole lines an d 50,498 m iles of w ire.
000 are o u tsta n d in g in th e h ands of th e public, a nd $4,075 000 are pledged
ST O C K A N D B O N D S —
Date.
Interest. Outstanding.
Maturity.
for collateral purposes, of w hich la tte r a m o u n t $2,300,000 are pledged
_________ $1,694,292 O ct ’2 6 ,2 %
C om m on $3,000,000 ($100)________
under this issue (the 1st lien an d ref. m tg e .). Series A is lim ited to
P f 6% cum $2,000,000 ($100)______
6 Q-J
123,950 O ct ’26, 1H
$10,000,000. In a d d itio n to th e $2,300,000 series A (su'd in Ju ly 1925
F irst m tg e $2,500,000 ($ 5 0 0 & \ 1915
6 g J-D
1,362,500 Ju n e I 1935
a t 91 a nd in t. to yield a b o u t 6.5 1 % , b y H em phill, N oyes & Co. an d Love.
$1,000) g o ld ___________ c * )In t. a t B oston Safe D ep o sit & T ru s t C o .,tru s.
M acom ber & C o. V . 121, p . 199). bonds of series A or an y o th e r series.
Stock.— $38,700 p ref. sto ck in a d d itio n to a m o u n t o u tsta n d in g held iD to th e ex te n t of $1,375.000 p rin cip al am o u n t, m a y be certified a gainst 75%
tre a su ry .
of cost of p e rm a n e n t im provem ents an d extensions alread y m ade p rio r to
Bonds.— T h e first m tg e . 6s are redeem able a t 107H a n d in t. on any in t.
D ec. 31 1924, provided n e t earnings for 12 o u t of preceding 15 m onths
d a te . Sinking fu n d of 1 % p er a n n u m of th e o u tsta n d in g bonds. In a ddi­ have been a t least 1 % tim es a n n u al in te re st requirem ents on all o u tstanding
tio n to o u tsta n d in g b o n d s, $201 5 )0 held in sinking fu n d a nd $1,000 held funded d e b t in h ands of th e public, including bonds to be certified. U nder
in tre a su ry . In J u ly 1915 $1,000,000 w ere offered b y M errill, O ldham & the sam e earnings restrictio n s a d d itional bonds m a y also be issued (1)
C o ., B oston. V. 101, p . 290.
for refunding purposes; (2) for n o t m ore th a n 75% of cost of p erm an en t
Dividends.— Q uar. divs. a t th e ra te of 6% p e r an n u m p aid regularly on im provem ents, ad d itio n s or b e tte rm e n ts m ade to p re sen t p ro p e rty subse­
pref. since 1904. Q uar. divs. p aid on com. a t th e ra te o f 6% p er annum q u e n t to J a n . 1 1925; (3) for 75% of cost or value of new acquisitions. A t
from 1904 to O ct. 1 1924, a n d a t th e ra te of 8% p ef a n n u m reg u larly since. all tim es bonds m ay be issued ag ain st deposit w ith tru ste e of U . S. securities
or cash. A maintenance or renewal fu n d provides th a t 15% of gross e a r n ­
E A R N IN G S .— F o r calen d ar years:
ings shall be expended or set aside an n u ally for m ain ten an ce, e tc . In
Total Rev. N etA H er
Pref . A
addition com pany c ovenants to set aside a nnually as a renew al reserve $4
(Incl.Other Deprec'n
Common Balance.
for each telephone in a ctu al service. T h e 1st lien a nd ref. m tge. gold bonds,
Incom e.
A fa x e s. Interest.
D ivs.
Surplus.
1925________________ $1,255,677 $341,263 $76,379 $142,980 $121,904 series A, are re d ., whole or p a rt, on 30 d a y s’ notice, a t 105 prior to J u n e 1
1935, th e re a fte r a t successively 1% less during each 5-year period to m a tu r­
1924_______
1,147,237
299,328
72,987
142,980
83,361
1923________________ 1,169,363
269,912
72.448
142,980
54,48-1 ity, in each case w ith in te re st. Free from P enn. 4 m ill ta x . C om pany
1922________________ 1,131,404
273,809
69,644
142,532
61,633 refunds C onn. 4 m ills, M ary lan d 4 VZ mills a nd M ass. 6% ta x . V. 121,
199.
iste d on
Latest E arnings.— F o r 5 m os. end M ay 31 1926
G ross all sources, p . T he 1stLmtge. 5% B oston Stock Exchange. V. 123, p . 2139. a direct 1st
gold bonds due Ju ly 1 1935 are secured b y
$537,359 (against $489,612 sam e period 1925); n e t a fte r m a in t., deprec. & m tge. on all th e p ro p e rty of th e com pany (incl. after-acquired) a nd fu rth e r
taxes, $146,297 (against $123,980); n e t afte r in t., $113,699 (against $92,344.)
by a deposit of 10,000 shares (the entire c ap ital stock) of E a s te rn T el. &
O F F IC E R S .— P res., W . G . B ick elh au p t; V .-P ., C . N . H erreid; Sec., T el. Co. [T he only bonded d e b t of th is la tte r com pany is $250,000 1st
B . C . L am o n t; T re a s ., E . E . In g h am ; A u d ., G . A. A nderson: G en. M g r.. m tge. 6% bonds due D ec. 1 1932, of which $28,700 is in hands of th e
W . J . B razell.— V. 120, p . 1881; V. 121, p . 1788; V . 122, p . 1308.
public: th e balance of $221,300 has been acquired a n d pledged b y K eystone
Tel. Co. of P hila.j C all, as a whole only, on an y in te re st d a te a t 108 a n d
interest.
ILLINOIS BELL TELEPHONE CO.
All of th e o u tsta n d in g 1st mtge. bonds secured 6% gold notes, due N ov. 1
1927, w ere called N o v . 15 1926 a t 100M a n d in t. V. 123, p . 1996.
Control.— A m erican Tel. A Tel. Co. owns 98.96% of c o m pany’s sto ck .
T he Eastern Tel A Tel. Co. 1st 6% gold bonds (form erly 5% ) were extended
O R G A N IZ A T IO N .— In c o rp . in Illinois J a n . 14 1881 as th e C hicago in 1922 for 10 years a t 6 % . O nly $28,700 a re o u tsta n d in g in h a n d s of th e
T elephone C o. On D ec. 1 1920 th e C hicago T elephone C o. pu rch ased the public; $221,300 a re pledged b y K ey sto n e T el. C o.. P hila
telephone p la n t a nd p ro p e rty of th e C en tra l U nion T elephone C o ., w ithin
D ividends.— On th e preferred sto ck $4 w as p a id in 1925. In 1926 M arch
th e S ta te of Illinois, an d in view of its w ider field of o p erations th e nam e J u n e & Sept, each $1.
of th e C hicago T elephone C o. w as changed on D ec. 23 1920 to Illinois
E A R N IN G S .— F o r calendar years:
B ell T elephone C o. V. I l l , p . 2232, 2427; V . 112, p . 378. Suit seeking to
N et A fter
void m erger of 1920 filed. V . 120, p . 211. A m erican Tel. & T el. C o. owns
Gross.
Interest.
x Balance.
over 98% of th e sto ck . C ity of C hicago franchises g ra n te d 1907, expiring 1925 ______ ______ _____ $1,991,960 M a in t. A Taxes. $503,487
$959,040
$455,553
J a n . 8 1929, provides th a t 3% o f gross earnings are to be paid to city a n ­ 1924 __________________ 1,905,675
890,791
513,670
377,121
n u a lly . T e n ta tiv e v a lu a tio n . V. I l l , p . 1854. In D ec. 1925 co n tra c ted to
vailable for
void m erger of 1920 filed. V. 120, p . 211. C ity of Chicago franchises — x A 122, p. 480,reserve, F ed eral incom e ta x , divs. a nd surplus.
V.
2329.
g ra n te d 1907, expiring Ja n . 8 1919, provides th a t 3% o f gross earns, are to be
Latest E arnings.— F o r 6 m os. ended J u n e 30:
p a id to c ity a n n u a lly . T e n ta tiv e v a lu a tio n , V. I l l , p . 1854. In D ec. 1925
N e t A fter
c o n tra c ted to .p u rch ase th e p ro p erties of H om e T elep. Co. of C airo. V. 122,
Gross.
M
t. A Tares. Interest.
x Balance.
p . 1609- E x istin g p hone ra te s in a n d n ear Chicago u p h eld on O ct. 19 1925 1926____________________$1,032,350 a in$506,146
$257,868
$248,278
b y U . S. Suprem e C o u rt a t W ashington, D . C . T h e Federal C o u rt in 1925___________________
982,665
464,806
246,634
218,172
Chicago w ill hav e to decide w h eth er a red u c tio n in charges ordered b y th e
x See n o te above.
Illinois Com m erce C om m ., w ill be p u t into effect, eith er in whole or in p a rt.
O F ERS
P
J r.; .-P .,
.
V. 120, p . 1326; V. 121, p . 2038. G ross ex p en d itu res o f $29,685,000 for Sec. F& ICrea s.,.— a re s ., F . C la rk D u ra n t, 2147,V3187: Joseph Fp. Stockw ell.
T
Ir S. W eiss.— V. 120. p .
V. 121,
199, 458,
p la n t a n d e q u ip m e n t a u th o riz e d fo r 1926. V. 122, p . 1309.
978, 1227, 2038, 2156; V . 122, p . 480; V . 123, p . 581, 1996, 2139.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C om pany owns an d o p erates telep h o n e exchanges in C hicago, A lton,
A urora, C ham paign, D e c a tu r, E lgin, E v a n sto n , Jo liet, M oline, P eoria,
LINCOLN TELEPHONE & TELEGRAPH CO.
Q uincy, R ockford, R ock Isla n d , Springfield, W aukegan a n d m a n y o th er
A sub-licensee of th e A m er. T e l. & T e l. Co.
places in Illinois an d in G ary , H am m o n d a n d o th e r places in L ake C o u n ty ,
O R G A N IZ A T IO N .— In c o rp . in N e b ra sk a J a n . 2 1909 as a consolidation
In d . O perates u n d e r license from th e A m erican Telep. & Teleg. C o. under of th e Lincoln T elephone C o. an d its allied toll line, th e W estern Tele­
Bell a n d o th er p a te n ts, u n d e r w hich it uses telephones a nd a p p a ra tu s.
phone Co.
T hro u g h th e c o m p an y ’s sy stem connection m a y be h a d w ith th e long dis­
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
ta n c e lines of th e A m erican T elep. & Teleg. Co. an d o th e r com panies using O perates a com prehensive physically connected exchange and telephone
Bell telephones th ro u g h o u t th e U n ited S tates a n d C an a d a . N u m b e r of sy ste m in 22 counties in so u th ea ste rn N e b ra sk a , located so u th of th e
c en tra l offices D ec. 31 1925, 258. N u m b e r o f co m pany ow ned statio n s P la tte R iver an d lying e ast of th e w est line of A dam s an d W ebster counties.
D ec. 31 1925, 1,130,164. N u m b e r o f connecting a n d m iscellaneous s ta ­ Serves th e cities of Lincoln, H astin g s, B eatrice, Y ork, N e b ra sk a C ity ,
tio n s, 378,607F a irb u ry a nd a large n u m b er of o th e r sm all cities and tow ns. N u m b e r of
telephones D ec. 31 1925, 72,247.
ST O C K A N D B O N D S — Date.
Interest. O utstanding.
M aturity.
ST O C K A N D R O N D S—
Date.
Interest. O utstanding. M aturity.
Stock $80,000,000 ($100)__________
Q -M 31 $80 000,000 S e p t ’26,2%
_________ $3,012,825 J u l y ’26, 2%
1st & re f m tge Ser “ A ” ($100,1 1923
5 g J-D
48 976,200 Ju n e 1 1956 C om m on $3,500,000 ($100)________
P ref 6% cum $100,000 ($100)______
6 Q -F
15,150 J u ly ’26. 1H
&c) g o ld -----------------c * & r* /F irst T r u s t & Savings B an k , C hicago, tru s te e
5 Q-F
2,991,315 A u g .’26, 1H
Bonds.— T h e 1st & ref. m tg e. Ser. A bonds a re re d . as a whole only upon Sp 5% cm p f $ 7 ,5 0 0 ,0 0 0 ($ 1 0 0 )____
1916 5 6 g J - J
2,000.000 J a n 1 1 946
60 d a y s’ notice on Ju n e 1 1929 o r on a n y in t. d a te th e re a fte r a t th e following 1st m tge $10,000,000 ($500
$1,000) gold__________ .c * / H a rris T ru s t & Savs B k, C hicago. T ru ste e .
prices w ith accrued in t.; if on o r p rio r to D ec. 1 1952 a t 105, a nd if subse­
Stock.— T h e special 5% cum . pref. is non-voting. A fter th is special
q u e n t to D ec. 1 1952 a t p a r. (F o r secu rity , sinking fu n d provisions, &c.,
pref. stock has received 5% divs. and th e com m on stock has received 7%
see V. 116, p . 2772.) I n t. p a y ab le in N ew Y o rk an d Chicago.
D ividends.— F o r m a n y y ears 10% yearly; in D ec. 1908 2% q u a rte rly divs. for th e c u rre n t a nd all p a st dividend periods, a n y surplus available
for divs. shall be divided betw een th e com m on and special pref. stock­
(stock d iv . O ct. 1908, 2 0 % ); 1909 to M a r. 1926, 8% p er a n n u m (Q .-M .).
holders w ith o u t d istinction as to w hich class of stock th e y ow n. Co.
E A R N IN G S .— F o r calen d ar years;
p a y s S ta te , cou n ty an d m unicipal taxes in N eb rask a and norm al Federal
1925
1924
1923
1922
e ta
In
Telephone oper. revenue $60,944,657 $55,798,975 $51,635,444 $47,667,284 incoma rticx . a tin g D ec. 1925 co. offered $500,000 add itio n al special pref.
ip
stock. V. 121, p . 3131.
i
coo jo i
o c n rr'TO
T o ta l gross incom e_____ 11,603,481 i n o o a /i o n
10,334,489
9,350,773 o c o o o n o 5% p
8,628,893
Bonds.— 1st m tge. bonds a re re d . a t 103 a nd in t. Of th e $2,000,000
R en t a n d m iscellaneous.
428,215
322,265
248,845
203,229
in g $1,700,000 a re
a nd $300,000, are
A dditional bonds
I n t e r e s t _______________ 2,938,840
2,774,529
2.789,402 2,072,036 outstan d issued u n d e r certain 5s strictions an d m ay b 6s. in te re st a t n o t ex­
m ay be
D iv id e n d s ____________
5,600,000
5,401,752
4,803,408 4,000,000 ceeding 6% pen a n n u m . I n t. re ab le in N ew Y ork. ear J a n . 1916 a block
pay
In
B alance, su rp lu s____ x$2,636,426 $1,835,943 $1,509,118 $2,353,629 of 1st m tge. 5st w as offered b y N . W . H arris & C o. a n d M errill, O ldham &
B oston,
99)^ a n
r.
x Before deducting $900,000 ap p ro p riatio n for em ployees’ benefit reserve. C o.,m tge. 5s a were soldd in te re s t. V . 102, p . 349. InBM ak 1925 $500,000
1st
st
an
C hicago, and
Latest Earnings.— F o r 6 m os. end. Ju n e 30 1926: G ross, $32,879,565 M errill, O ldham & C o ., b y H a rrist T r uand & Savings120, p. , 1458.
B oston, a 94
in t. V.
(ag ain st $29,581,455; 6 m os. en d . J u n e 30 1925): n e t a fte r taxes, $5,933,289
D ividends.— On special 5% pref. p aid 5% 1912 to 1922 an d 6% 1922 to
(a g ain st $5,279,527).
and incl. A u g . 1926 (payable Q .-P .). On 6% pref. q u a r. divs. of 1 M %
O F F IC E R S .—C h a irm a n , B . E . Sunny; P re s ., W . R . A b b o tt; V .-P . & paid regularly since organization. On com . q u a r. divs. of 1% % were paid
G en. M g r., F . O. H ale; V .-P ., B . S. G arvey; Sec., E . G . D rew ; T rea s., regularly from organization to O ct. 1 1922; 2% p a id regularly q u a r. from
W . J . B oyd; G en. A ud., U . F . C lev land. Office, C hicago, 111.— V. 121, O ct. 1 1922 to an d incl. Ju ly 1926.




10

PUBLIC UTILITIES

E A R N IN G S .— F o r calen d ar years:
1925.
1924.
E xchange re v e n u e.
$1,842,536 $1,793,011
T o ll revenue . . .
755,075
702,753
M iscell. oper. re v e n u es.
46,622
43,164

1923.
$1,740,148
730,780
41,652

1922.
$1,688,694
686,259
42,666

T o tal telephone r e v .. $2,644,233
E xpenses— O p eratio n _
_
$735,532
C u rre n t m a in te n an c e .
500,877
D e p re c ia tio n .
583,940
T axes _
______
190,500

$2,538,928
$708,282
460,085
566,368
181,000

$2,512,580
$694,738
475,123
555,313
175,500

$2,417,619
$711,145
433,008
540,906
163,000

T o ta l telephone ex p s. $2,010,849
N e t telephone e arn in g s.
633,384
Su n d ry n e t earn in g s____
44,616

$1,915,735
623,193
62,581

$1,900,674
611,906
43,841

$1,848,059
569,560
26,030

T o ta l n e t earn in g s____
D e d u c t in te re s t.

$678,000
142,665

$685,774
116,648

$655,747
113,850

$595,590
111,369

B alance n e t p ro fits _
_
D iv s. (pref. & co m m o n ).

$535,335
429,327

$569,126
471,990

$541,897
469,391

$484,221
411,454

B alance for s u rp lu s_
_
$106,008
$97,136
$72,506
$72,767
O F F IC E R S .— P res., F ra n k H . W oods; V .-F ., S. H . B urnham ; V .-P .,
T h o s. C . W oods; Sec. & T rea s., C . P . Russell; Gen. M g r., J . H . Agee;
A u d ., W . L . L em o n .— V . 120, p . 1458; V. 121, p . 1788, 3131; V. 122, p.
2191; V . 123, p . 1702.

MICHIGAN BELL TELEPHONE CO.
Control.— A m erican Telephone & Telegraph Co. owns 99.98% of th e
c a p ita l stock.
O R G A N IZ A T IO N .— In c o rp . in M ich . J a n . 30 1904 (V. 75, p . 33, 1034).
T h e sto ck h o ld ers in Sept. 1923 v o te d to change th e nam e of th e co., effective
J a n . 1 1924, to M ich ig an B ell T elephone C o. (form erly M ich. S ta te Tele­
p h o n e C o .). C o n tra c t w ith A m er. T el. & T el. upheld; ra te c u t declared
in v alid . See V . 119, p . 2179, for d etails. A pplied to th e M ichigan P . U .
C om m ission for a n increase in ra te s. F o r d etails see V. 121, p. 979. Co.
ow ns as of D ec. 31 1925 501,283 statio n s; connecting an d m iscell. statio n s,
127,035; to ta l sta tio n s, 628,318. M iles of w ire, 1,691,082. C entral
offices, 256.
Rates Increased effective A ug. 1 1926, see V. 123, p . 842.
ST O C K A N D B O N D S —
Date. Interest. Outstanding. M aturity.
C om m on $50,000,000 ( $ 1 0 0 ) - . ____
Q-M 31 $50,000,000
See te x t
D e tro it R iver T el Co 1st M tg e l 1910
6 M -S
10,500 Sept 1 1930
a s s u m e d _________________ J ln t. a t D e tro it T ru s t C o ., D e tro it, tru ste e .
V alley H om e T el C o 1st M tg e l 1912
5 M -N
114,500 N ov 11932
assum ed ($100, & c)_______ J ln t. a t D e tro it T r u s t C o., D e tro it, trustee.
C itizen s Tel Co 1st M o rtg ag e! 1916
5-7 J-D
1,411,900 Dec 11936
assum ed ($100, & c)_______ J ln t. a t M ichigan T r . C o ., G r. R apids, tru ste e
On D ec. 31 1925 th e co. ow ed th e A m erican T el. & T el. C o. $20,090,000
on d em an d notes.
Bonds.— C itizens T el C o. 1st M tg e. provides for sinking fu n d of 1% per
an n u m of bonds o u tsta n d in g . O f th e a m o u n t o u tsta n d in g $300,000 carry
2% e x tra in t. R em ain d er are 5s. C all, on a n y in t. d a te on 60 days
notice a t 102 a n d in te re st.
D ividends.— A d iv . o f 1 M % on th e com m on sto ck was p aid M a r. 30 1923
th is being th e first p a y m e n t since Sept. 1914. In 1923 p aid a to ta l of
$1,322,000; in 1924 a to ta l of $2,625,000. In 1925 8% w as p aid.
E A R N IN G S .— P o r calen d ar years:
1925.
1924.
1923.
1922.
Telephone oper. r e v s .,.$ 2 6 ,8 8 3 ,5 2 4 $24,444*567 $21,128,906 $18,113,277
Telephone oper. e x p s l . l 18,896^202 17’042’566 14’890’797 12,638,794
,
,
,
,
N e t telep . oper. r e v s .. $7,987,321
U ncollectible oper. re v s .
187,143
T a x e s ---------------2,270,085

$7,402,001
114,337
2,135,335

$6,238,109
119,044
1,555,967

$5,474,483
174,718
1,341,190

O p eratin g incom e____$5,530,093 $5,152,329 $4,563,098 $3,958,574
N e t non-oper. re v e n u es.
234,036
126,478
107,207
143,456
T o ta l gross in c o m e ... $5,764,129
R e n t & m isc. deductions
241,189
828,610
In te re s t d e d u ctio n s_____
D iv id e n d s ____________
4,000,000
O th er a p p ro p ria tio n s_
_
400,000

$5,278,807
210,430
1,322,868
2,625,000
______

$4,670,305 $4,102,030
199,670
186,872
1,620,442
1,961,270
1,322,000
780,000
1,337,219
629,329

B alance, su rp lu s_____
$294,330 $1,120,509
$190,974
$544,559
F o r 1921 telephone oper. revenues were $16,788,184: balance a fte r in t.
a n d m iscell. deductions (no dividends w ere p aid ), $1,318,915.
O F F IC E R S .— P re s ., B urch F o rak e r, A lb an y , N . Y .; V .-P ., D udley E .
W aters; V .-P . & G en. M g r., G eorge M . W elch; Sec. & T rea s., W . I . M izner;
G en. A u d ., H . J . B o o th . Office, 1365 C ass A ve., D etroit.-—V. 119, p .
2179, 2411, 3010; V ..120, p . 211, 582, 703, 1203; V . 121, p . 979, 1569, 3004;
V. 122, p . 1456; V . 123, p . 710, 842, 1504.

NEW ENGLAND TELEPHONE & TELEGRAPH CO.
Control.— T h e Am erican Telephone & Telegraph Co. ow ns a b o u t 60% of
th e c ap ital sto ck .
O R G A N IZ A T IO N .— In c o rp . in N . Y . O ct. 19 1883. E ffective J u ly 1
1921, th e com pany acquired d ire c t co n tro l a n d operation o f th e Providence
T elep h o n e Co.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
D oes a telephone business in M ain e, N ew H am pshire, V erm ont, R hode
Isla n d an d M assach u setts. T elephone statio n s owned A ug. 31 1926,
1,123,432; connecting, 90,800; to ta l, 1,214,232.
Rates.— In crease of ra te s, see V. 121, p . 76; V. 122, p. 742. W as g ra n te d
b y th e M assa c h u se tts D e p t, of P . U . an increase of ra te s, av eraging m ore
th a n 20% on v ario u s classes of service, effective A ug. 1 1925, w hich w as to
give th e co m p an y a n ad d itio n a l incom e o f a b o u t $8,460,000. R a te in­
creases g ra n te d in R h o d e Isla n d w ill yield app ro x im ately $1,060,000.
See V. 121, p . 707, 979, 1227.
Increase Capital Stock.-— On N o v . 19 1925 stockholders increased th e
au th o rized c a p ita l sto ck fro m $100,000,000 to $150,000,000 (par $100).
S tockholders o f reco rd o f N o v . 30 1925 w ere given th e rig h t to subscribe to
ad d itio n a l sto ck a t p a r a t th e ra tio o f 1-3 of th e ir holdings. Subscriptions
w ere p a y ab le in fu ll o r in tw o in sta llm e n ts, th e la st (50% of par) being
p a y ab le on o r before J u n e 30 1926. V . 121, p . 2521. In D ec. 1925 N ew
H am p sh ire P . S. C om m ission au th o u rized co. to issue 15,531 com m on
shares. V . 122, p . 94.
ST O C K A N D B O N D S .— Date.
Interest. Outstanding.
M aturity.
Stock $150,000,000 ($100)_________ 8 Q— M $110,646,300ySept’26,2%
F irs t m ortgage Series “A ” ) 1922 5 g J -D
35,000,000 Ju n e 1 1952
Series B ------------------------------ } 1926 4M g M -N 40,000,000 M a y 1 1961
($100 &c) g o ld_____c*&r*J F irs t N a t. B an k , B oston, tru ste e .
4s d e b en tu re n o tes $1,000,0001 1900 4 J -J
1,000,000 J a n 1 1930
($1,000)_______________n tf(A m e ric a n T r u s t C o., B oston, tru s te e .
5s d e b en tu re notes $10,000,-1 1912 5 g A-O
10,000,000 O ct 1 1932
000 ($1,000) gold _____n t f J l n t .a t O l d C olony T ru st C o., B o sto n ,tru s te e
z N o te ____________________________
______ _
820,000 __________
y A b o u t tem p o rary red u ctio n s of div id en d ra te from 8 % to 4% per annum
in Ju n e 1925, see P re s id e n t’s le tte r, V . 120, p . 2684; V. 121, p . 979. Paid
in J u n e 1925, 1% ; S ept. 1925, 1 % . In D ec. 1925, 2 % , th e ra te th e n being
p u t ag ain on a n 8 % a n n u a l basis. V . 121, p . 252. See, how ever, also,
V. 122, p . 1026. z Secured b y u n d erly in g real e sta te m ortgage.
Bonds.— T he firs t m tg e. covers as a fir s t lien a ll th e re a l e sta te an d o th e r
p ro p e rty , o th e r th a n securities, incl. a fte r acquired p ro p e rty in th e S tates
of M ain e, N ew H am psh ire, M assa c h u se tts a n d R hode Islan d a nd also all
sh ares (except d ire c to rs’ shares) of stocks of th e N ew E n g l. Tel. & T el. Co.
of M assach u setts, S o u th ern M assa c h u se tts Telephone C o ., Providence
T elephone C o. of M assa c h u se tts, a n d th e M assach u setts T el. & T el. C o.,
s u b jec t only to a m tg e. o f $820,000 on a specific parcel of re a l e sta te . T h e
1st m tg e. s e c u re s!] ,000,000 4% d e b en tu re bonds due 1930 an d $10,000,000
5% bonds d u e 1932 ra ta b ly w ith th e 1st m tge. series A a n d series B bonds.
A d d itio n al 1st m tg e. bon d s are lim ited so th a t th e a m o u n t th ereo f a t an y
tim e o u tsta n d in g , w hen a d d ed to th e th e n o u tsta n d in g 4% d eb en tu re
bonds o f 1900 an d 5% bon d s o f 1912 an d an y underlying bonded d e b t, shall
n o t exceed tw ice th e a m o u n t o f th e th e n o u tsta n d in g cap ital stock. A ddi­
tio n a l 1st m tg e. bon d s m a y be issued to re fu n d th e 4% d eb en tu re bonds
of 1900, th e 5% bonds of 1912, a n y bonds issued u n d er th e 1st m tg e , an d
a n y u n d erly in g d e b t. S u b ject to th e above lim itatio n s, m a y also be issued




[V ol. 123.

for new a cquisitions a n d b e tte rm e n ts. If, a t a n y tim e , how ever, th e
a m o u n t of o u tsta n d in g 1s t m tg e . bonds, ad d ed to th e p rio r bonded d e b t of
th e co., exceeds th e a m o u n t of th e th e n o u tsta n d in g c ap ita l stock, a d d itio n a l
bonds m a y be issued only fo r n o t exceeding 75% of th e e xpenditures of
such new acquisitions, &c. T h e issue of bonds in resp ect of sto ck a n d
o th er securities is lim ited so th a t n o t m ore th a n o n e-th ird of th e secu rity
of th e m tge. shall consist of stock a n d u nsecured obligations of o th e r corpora­
tions. So long a s series A bonds a re o u tsta n d in g , no bonds m a y be issued,
except for refunding, unless n e t earnings before in te re s t d u rin g 12 con­
secutive o u t of preceding 15 m o n th s have n o t been less th a n 1>£ tim es
in te re st d u rin g such period on c o .’s o u tsta n d in g bonded d e b t, plu s 12
m o n th s in te re st on proposed issue. A dditional 1st m tge. bonds m a y be
issued in several series of such te n o r as co. m a y from tim e to tim e determ ine.
Series A gold b o n d s a re redeem able as a whole only on an d a fte r J u n e 1
1949 a t p a r an d in t. I n t. p a y ab le in N ew Y ork an d B oston. V . 114,
p . 2366.
Series B bonds d a te d M a y 1 1926 a re non-callable for 32 y ears, b u t are
red . in whole b u t n o t in p a rt, u pon 60 d a y s’ notice on M a y 1 1958, or on
a n y in te re s t d a tifth e re a fte r, a t 100 an d in t. Legal in v e stm e n t for savings
b a n k s in M assach u setts, R hode Isla n d , M aine, V erm ont a n d C o n n ecticu t.
In M a y 1926 J . P . M organ & C o., K u h n , Loeb & C o ., K id d er, P eab o d y
& C o., &c., &c. offered $40,000,000
series B a t 943^ a n d in t. to
yield over 4 .8 0 % . Y. 122, p . 2800; V. 123, p . 1877.
B oth series A am d B a re listed on N . Y . Stock Exchange a n d B oston
Stock Exchange. V. 122, p . 3083.
Debentures.— T hese a re now equally secured w ith th e c o .’s 1st 5s of 1952
a n d 1st 4 Ms, d ue 1961. H a v e no sinking fu n d an d a re n o t su b jec t to call.
V. 95, p . 1043.
D IV S .— I ’98-’09. TO. ’l l .
1912 to June 1920.
Sept. ’20 to M a r . ’25.
P er c e n t.) 6 y rly . 6 QH 7% y rly . (1 3 % Q .-M )
4
2% q u a r.
In Ju n e 1925, 1% ; Sept. 1925, 1% ; D ec. 1925, 2 % ; J a n ., M arch , J u n e,
S e p t., 1926, 2 % .
E A R N IN G S .— C alen d ar Y ears.
Total
N et (a*'ter
Balance,
Revenue.
Taxes. &c.
Interest.
D ividends.
Surplus.
1925_______ $55,064,420 $8,677,208 $4,755,988 $4,981,524 *$1,060,304
1924_______ 48.418,279
7,240,676
3,508,373 6.311.048 *2,578,745
1923_______ 45,027,835
5,841,497
2,647,294 5.318,096 *2,123,893
1922_______ 42,320,747
8,152.617
1,959,449 5,317,886
875,282
1 9 2 1 ............ 37.312,788
6,998.844
1,012.449 5,317,816
668,579
1920_______ 34,273,89/
6,726,080
588,535 4,984,207
1,153,338
* D eficit.
Latest E arnings.— F o r 3 m os. end. Sept. 30 1926: O p e ra tin g revenues,
$15,725,035; n e t, a fte r taxes, incl. o th e r incom e, $3,328,455; re n t, in t.,
&c., $1,215,761; div. a p p ro p ria tio n s, $2,212,926; balance, deficit, $100,232.
F o r 8 m os. ended A ug. 31 1926: T o ta l revenue, $41,743,144; n e t, a fte r
taxes, &c., $8,783,462; in te re st, $2,730,939; div s., $4,413,050; balance,
su rp lu s, $1,639,473.
O F F IC E R S .— P res., M a tt B . Jones; V .-P s., E d m u n d W . L ongley,
W illiam R . D riv er, C harles S. Pierce a n d G eo. H . D resser; G en. M g r.,
R obert F . E stab ro o k ; G en. C ounsel. C harles S. Pierce; T re a s., Jo h n B atch;
Sec., C arl F . A. Siedhof; G en. A ud., F . E . M oore. Office 50 O liver S t.,
B o sto n .— V. 121, p . 76, 459, 707, 979, 1102, 1227, 1569, 1909, 2039,
2157, 2274, 2521, 3004; V. 122, p . 94, 742:, 1026, 2652, 2800, .3083; Y. 123,
p . 455, 843, 1382, 1634, 1877, 2139.

NEW YORK TELEPHONE CO.
O R G A N IZ A T IO N .— A consolidation in S eptem ber 1909 of all th e “ B ell’
telephone com panies operating in S ta te of N ew Y ork. See V. 91, p . 151 •
157: V. 93, p . 1263. Owns all th e stock of th e D elaw are & A tla n tic Teleg& T eleph. C o. (V. 96, p . 556). C ontrols E m pire C ity Subw ay C o. (V. 92, p .
1569; V. 93, p . 167, 474, 1263). F e d e ra l T . & T . system of B uffalo w as
ta k e n over M ar. 1 1918, V. 107, p . 86; V. 106, p. 1039;.V. 103, p . 1215, 1415.
In s ta lla tio n of a u to m a tic telephone system in N . Y . C ity in progress; V . 110,
p. 1532; V. 115, p . 1845; V. 118, p . 3074. N ew h e ad q u a rters building
V. 118, p . 3074. R a te increase upheld, V. 110, p . 587. A pplication for in­
crease in service ra te s in n o rth e rn N ew Jersey denied, V. 120, p . 331. T h e
co. ap p ea le d a n d a n order for a review of th e C om m ission’s action h a s been
o btained, V. 120, p . 704; b u t see also V. 120, p. 829. A cquired control of
th e E rie-W yom ing Telep. C o. in A ug. 1925, V. 121, p . 1348. R a te increase
for T ren to n an d S outh N ew Jersey upheld. See V. 120, p . 3065. A nnual
re p o rt, 1924, see V . 120, p . 2543, 2684. In N o v . 1925 com pany increased
its com m on stock b y $125,000,000, of w hich it issued $75,908,000, all of
w hich sto ck w as ta k e n b y th e A m er. T el. & T el. C o. for th e p urpose of
refunding p a r t of th e c ap ital expenditures m ad e b y th e com pany in th e
S ta te of N ew Y ork since J a n . 1 1921. V . 121, p . 2403.
Rates.— In D ec. 1925 com pany filed a m otion in th e Federal C o u rt re ­
questing perm ission to a dd 35% in stead of th e p re se n t 10% to th e bills of
subscribers in N ew Y ork C ity , a n d to ad d 17% to bills o u tside N ew Y ork
C ity in th e S ta te of N ew Y ork. V .1 2 2 ,p .9 4 . T h is ap p eal b ro u g h t harsh
criticism an d a n in vestigation b y th e S ta te or even b y C ongress was h in te d
a t. V. 122. p . 93. On M arch 10 1926 th e F ederal S ta tu to ry C om m ission
denied c o .’s re q u e st. V. 122, p . 1456. T h e N . Y . P . S. C om m , on M a y 27
1926 held th a t co. w as e n title d to $9,111,378 ad d itio n a l revenue to allow
it a re tu rn of 7% in N . Y . C ity . Co. filed new ra te s as directed b y th e
C om m ission, how ever u n d e r p ro te s t a g ain st th e insufficient re tu rn allow ed
th e re u n d e r. See for fu ll d etails V . 122, p . 3083, 3341. F o r ra te s, de­
cisions in fav o r of th e co. in Illinois an d N ew Jersey, see V. 122, p. 2652.
In Aug. 1926 co. filed su pplem ental bill for fu rth e r increase in ra te s. V . 123,
p. 711, 843.
.
^
C om pany reduces in te r-S ta te long distan ce ra te s effective O ct. 1 1926.
See for details V. 123, p . 1251.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. serves dire c tly a b o u t 2,500,000 telephones (exact n u m b er of statio n s in
service on D ec. 31 1925 w as 2.424,194) in N ew Y o rk S ta te , N o rth e rn N ew
Jersey an d a sm all p a r t of C onn ecticu t. N e arly 1,450,000 of these tele­
phones are in N ew Y ork C ity a n d som e 622,000 in N ew Y ork S ta te outside
th e C ity .
ST O C K A N D B O N D S .— Date.
Interest. O utstanding.
M aturity.
C om m on $375,000,000 ( $ 1 0 0 ) . ........
...............x$204,692.000
See te x t
P ref. 6 M % cum . $75,000,000
( $ 1 0 0 ) - - . ______________________
Q -J 15
25,000,000 O ct. 26
1st & G en M tg e $75,000,000) 1909 4 M g M -N 62.566,915 N o v . 1 1939
($ & £) go ld _____ c * & r* tf/F a rm e rs ’ L oan & T ru s t C o.. N .Y ., tru ste e .
R ef m tge Ser “ A ” ($100, & c)\ 1921 6 g A-O
49,659,000 O ct 1 1941
gold
____________ c*& r*/B ankers T ru s t C o., N ew Y ork, tru ste e .
D ebentures sk. fd. $25,000,-1 1919 6 g F-A
22,132,400 Feb 1 194S
000 ($100, &c) g o ld _ .c* & r* JG u a ra n ty T r u s t C o ., N ew Y o rk , tru s te e .
Underlying Bonds—
420,000 N o v 1 1929
G eneral m ortgage g o l d . . n t f ____
4 M -N
10.000 J a n 1 1927
A lbany H om e T Co 1st M g . t f ____
6 J -J
C ohoes-W aterf H om e T el 1st
11,500 J a n 1 1927
M gold__________________ t f -----6-J -J
x All ow ned b y A m erican T el. & T el. C o.
Bonds.— T h e “ F irst & G en. M tg e .” m ade in 1909 is lim ited to $75,000,000 (all issued a nd $12,288,650 re tired b y sinking fu n d ), h a v in g a first
lien on e ntire p ro p e rty (including real e sta te valued a t a pproxim ately
$66,600,200) p la n t, lines, underground conduits, franchises, &c. T his
m ortgage, how ever, is su b ject in p a rt to th e o u tsta n d in g m ortgage in ­
debtedness of bonds listed above, covering pro p erties acquired from o th er
com panies. Issue s u b jec t to call in w hole, b u t n o t in p a rt, a t 110 an d in t.
on a ny M . & N . M tg e. provides a n n u al sinking fu n d of 1 % . V. 89, p .
849, 924, 1351; V. 90, p . 773; V. 91, p . 131; V. 94, p . 1510; V. 95, j ) . 548,
... - - - I '
Y
103, p 112
753; V. 102, p . ------; V. 103, p .. 1122. ”n t. p a y ab le -in N . - ., B oston,
1815
London a nd A m sterdam .
T h e $50,000,000 refunding m tge. Series A bonds a re redeem able as a
whole only on or a fte r O ct. 1 1931 a t 105 an d in t. I n t. p a y ab le a t office
or agency of com pany in N . Y . C ity .
M tg e. covers all th e real e sta te a nd telephone p la n t an d ap p u rte n a n ce s of
th e com pany in S ta te of N ew Y ork now or h ereafter ow ned; also securities of
a book value of $32,299,800, including controlling in te re st in stocks, as well
as stocks, bonds an d other securities of o th er corporations (except those
operating telephone properties in N ew Jersey a n d C onnecticut) now or
hereafter ow ned, subject to indebtedness aggregating $63,337,665, of which
$62,566,915 co n stitu te th e com pany’s 1st & gen. m tge. 4 H s , d ue 1939.
T he m ortgage is to secure ra ta b ly w ith th e bonds issuable th e re u n d e r (incl.
Series A bonds), th e outstan d in g $22,132,400 30-year sinking fu n d 6 %
debentures due 1949 (see V. 108, p . 176).
„„„
M ortgage p rovidesi or sinking fu n d p a y m e n ts to tru ste e a t ra te oi $250,000
q u a rte rly , beginning J a n . 1 1922, such p a y m e n ts to be used in purchasing
Ser. A bonds if obtain ab le a t n o t exceeding 102 an d in t. V . 113, p . 2191.
T h e $25,000,000 6 % d ebentures sola in j a n . 1919 are to be secured by
an y new m ortgage ra ta b lv w ith an y o th e r indebtedness secured thereon.
Since O ct. 1 1921 equally secured w ith ref. m tge. series A , n o te d above.
T h e sinking fu n d to w hich $375,000 m u st be p aid an n u ally will, it is said,

w ith in te re st on th e am o u n ts re tired , suffice to redeem th e e n tire issue by
m a tu rity . V. 108, p . 176, 274. R eacq u ired to D ec. 31 1925 a n d held
aliv e in sinking fu n d , $2,867,600. A re call, all or in p a r t on a n y m* d ate
on 60 d a y s’ notice a t 110 a n d in t. I n t. p ay ab le a t office o f Treafliv'e (o '
co m p an y in N ew Y ork C ity .
D ividends.-—F ro m 1910 to an d in cl. J u ly 1926 p a id 2% q u a r. on com m on
sto ck .
E A R N IN G S .— F o r C alen d a r years:
„ ,
Gross
N et after
Other
Interest
Balance,
Earnings. Taxes, &c. Incom e.
Charges. D ividends. Surplus.

$

s

s

s

$

®

1925.-162,882,667 26,335,789 3,816,859 11127,915 18,001,126 1,023,607
1924—141,338,231 17,691,917 6,913,217 9,674,422 17,968,881df3038,lb9
1923- .124.858,684 16.744,119 9.637.234 8,390,£50 17.573,941
416,562
1 9 2 2 -1 0 9 .6 1 2 .6 2 0 13.873.822 11,739,184 8,643,174 16,816,091
153,741
1 9 2 1 - 99,608,262 11,404.519 9,988,517 8,148,493 12,841,247
403,296
1920— 87,906,465 5,483,026 6,681,549 6,094,502 12,000,000df5929,927
O F F IC E R S .— C h airm an , H ow ard F . T h u rb er; P res., Jam es S. M cC ulloh; V .-P s., F o rd H u n tin g to n , T age P . Sylvan, C y ru s G . T hom son
a n d W alter M . M u rp h y ; T re a s., E . A . G urnee: Sec., W ald ron H opprns;
G en. A u d .. J . S. W iley. N ew Y o rk office, 140 W est S t.— V. 120. p . 704.
829, 2012, 2543, 2684, 3065; V. 121, p . 76, 708, 1228, 1348, 1678, 1789,
2274, 2403, 2752; Y. 122, p . 93, 94, 1311, 1456, 1763, 2652, 3083, 3204,
3341; V . 123, p . 711, 843, 1251.
_

ROCHESTER TELEFHONE CCRP.
T h e N ew Y o rk T elephone C o. pwns $33,500 o f th e com m on sto ck a nd
th e e n tire $4,814,000 o u tsta n d in g 2d p ref. stock.
O R G A N IZ A T IO N .— In c o rp . F e b . 17 1920 in N ew Y o rk for th e purpose
of consolidating in to one ow ning an d o p eratin g co m p an y th e telephone
business fo rm erly ow ned a n d co n d u cted in R ochester, N . Y ., an d its sur­
ro u n d in g te rrito ry b y th e R o ch ester T elephone C o. (independent) a n d th e
N ew Y o rk T elephone C o. (B ell). B eg an o p eratio n s A ug. 1 1921. V.
122. p . 3084.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
In a d d itio n to 7 telephone exchanges in th e C ity of R o ch ester, corporation
o p erates 34 exchanges in its te rrito ry o u tsid e th e C ity of R o ch ester. C orp.
serves a lto g e th er a p o p u la tio n o f over 500,000 in th e counties of M onroe,
G enesee, L iv in g sto n , O n tario , W yom ing a n d S teu b en . C orp. furnishes
b o th local a n d long d istan ce telep h o n e service th ro u g h o u t its te rrito ry
w ith o u t co m p etitio n . T h ro u g h its connection w ith th e N ew Y ork Tele­
p h o n e C o. a n d th e A m erican T el. & T el. C o ., its su b scrib ers a re able to
reach ev ery telep h o n e connected w ith th e en tire B ell sy stem . O ver 80,000
telep h o n es in o p e ra tio n . V . 122, p . 3084.
O utstanding. M aturity.
S T O C K A N D B O N D S — D ate.
Interest.
$ 100,000 ______________
C om m on $100,000 ($100)_________
_______
2 , 000,000 _____________
1s t cum p re f ($100) ________ _____
6 >£ Q -J
4.814,000 __________
_______
2d cum p re f_________________ _____
803,200 O ct 1 1933
R och T eleph Co gen m tg e 5s / 1903
5 A-O
___
($1,000, $500, $100 c* )tf_ _ l i n t , a t R ochester T r. & Safe D e p . C o.,
t R o ch ester, N . Y ., T ru ste e .
R och T eleph C o rp 1st & r e f | 1921
6 A-O
3.500,000 A pr 1 1946
m tg e series A 6 % ________ l i n t , a t U nion T r. C o ., R o ch ester, N . Y ., T r.
Series B 5 % ______________1 1 9 2 1
5 A-O
79 1,300 A pril 1 1946
I I n t. a t U nion T r. C o ., R o ch ester, N . Y ., T r.
R eal e sta te m o rtg ag e s____________
_______
130,000 ---------------Stock.— T h e 1st cum . 6 34 % pref. sto ck is p referred over all o th er stock
as to assets ($100) a n d cum . div id en d s. R ed . w hole or p a r t on 60 days
notice a t $110 an d d iv s. In M a y 1926 R ochester T r u s t & Safe D ep. C o.,
Sage, W o lco tt & Steele a n d C onverse, H ough & C o., In c ., offered $2,000,000
634% 1s t cum . sto ck a t 10134 an d d iv s. V . 122, p . 3084.
E A R N IN G S — F o r calen d ar years:
Telephones
Installed.
Gross.
N et.
81,983
x l9 2 6 ____________________________$2,769,218
$343,023
77,911
1925____________________________ 3,850,222
350,857
71.623
1924____________________________ 3,454,196
286,963
64.623
1923____________________________ 3,274,280
202,294
58,712
1922____________________________ 3,005,579103,783
x 8 m os. ended A ug. 31 1926.
O F F IC E R S .— P re s ., G eorge R . F u ller, R o ch ester, N . Y .: Y .-P . & G en.
M g r., Jo h n P . B oylan; V .-P s., F red C . G oodw in, W . B . W oodbury and
F ra n k J . B rookm an; Sec., T hom as J . H argrave; T reas., C harles M . B eattie;
A u d ., S. G . Bowie; A sst, to P re s ., W illiam J . O ’H e a .— V . 118, p.1403;
V. 122. p . 3084.

NORTHWESTERN BELL TELEPHONE CO.
O R G A N IZ A T IO N .— T h e co. is successor o f several im p o rta n t com panies
of th e Bell T elephone sy stem o p eratin g a com prehensive n et-w ork of lines,
in Io w a, N e b ra sk a , M in n eso ta, S outh D a k o ta an d N o rth D a k o ta . C o.
ow ns an d o p erates 494 cen tral offices; 551,002 ow ned an d 52,870 service
s ta tio n telephones. T o ta l miles of w ire o p erated . 1,671,255.
I n M arch 1925 th e stockholders increased th e a u th . c ap ital stock from
$60,000,000 to $05,000,000 and $22,850,000 a d d ’l com . stock w as issued
a t p a r. V. 120, p . 1460. In Ja n . 1926 th e a u th . c ap ital stock was in­
creased from $65,000,000 to $70,000,000 of w hich $65,000,000 is com.
an d $5,000,000 is 6 34% cum . pref. stock.
S T O C K A N D BONJDS— Date.
Interest. O utstanding.
M aturity.
S tock. $65,000,000 ($100)_________
________ x$65,000,000
...............
C u m pref. $5,000,000________ _____
634
*$5,000,000
See te x t.
x All owned by A m erican T e l. & T el. C o.
* Inclu d in g subscriptions.
Stock.— T h e 634% p ref. sto ck is no n -v o tin g , callable a t a prem ium of
5% on an y in te re st d a te upon 60 d a y s’ notice.
D ividends.— On 634% cum . pref. sto ck a n in itia l d iv id en d of 1 5 % was
A
p a id in J u ly 1926. V. 122, p . 3454. In O ct. 1926 p a id 134% E A R N IN G S .— F o r calen d ar years:
1925.
1924.
1923. W ,
O
G ro ss_______________________________ $25,959,419 $24,111,726 $23,223,939
O p eratin g incom e__________________
6,379,733
5,512,864
5,296.446
O th er incom e_______________________
905,504
1,040,717
952,721
R en t, &C— ______
349,552
329,476
309,603
B ond in te re s t______________________
159,730
2,098,434
2,100,000
O ther in te re s t_______________________
488,780
88,873
91,916
N e t incom e______________________ $6,287,175 $4,036,798
D iv id e n d s__________________________ 4,743,000 3,372,000

$3,747,648
2,529,000

B alan c e ________ _____ ____________$1,544,175
$664,798 $1,218,648
O F F IC E R S .— P res., W . B . T . B elt; V .-P . & G en. M g r., A . A . Low m an;
V .-P ., G u y H . P r a tt; V .-P . & G en. C ounsel, F . E . R an d all; Sec., C . E . H all;
T re a s., R . B . Johnson; G en. A u d ., R . P . B aird . Office, D es M oines,
Io w a .— V. 118, p- 2711; V. 119, p . 2530; V. 120, p. 583, 1460, 3188; V. 122,
p . 884, 2 0 4 1 ,3 4 5 4 .

OHIO BELL TELEPHONE CO.
All th e common stock except d irecto rs’ qualifying shares an d over $16,000,000 of th e p ref. owned by A m erican T elephone & T elegraph C o.
O R G A N IZ A T IO N .— In co rp . in Ohio S ep t. 20 1921 as a m erger a n d con­
solidation o f th e Ohio Bell T elephone C o. (incorp. 1880) a n d the Ohio S tate
T elephone C o. (incorp. 1914 ) On D ec. 31 1921 p urchased all th e Ohio
p ro p erties of th e C hesapeake & P o to m ac Telephone Co. of W est V irginia
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
P a r t o f th e Bell sy stem . C o .’s p ro p e rty em braces telephone exchanges in
all of th e S ta te of Ohio except C in c in n ati an d th e te rrito ry im m ediately
a d ja c e n t th e re to , which is served by th e C in cin n ati & Sub u rb an T el. Co.
As of D ec. 31 1925 owned a n d o p erated 199 cen tral offices and 539,138
telephones; also an extensive toll system connecting w ith 453 local com pa­
nies, o p eratin g 794 cen tral offices a n d 366,959 telephones. 17,390 miles of
pole lines; 3,394 m iles of u n d erg ro u n d d u c t a n d 1,957,005 m iles of w ire.
W as to b u y all in tra -S ta te to ll lines w ith in Ohio fro m A m erican T el. &
T el. C o. V. 123, p . 1763.
S T O C K A N D B O N D S— D ate.
Interest. O utstanding. M aturity.
C om m on $50,000,000 ($100)_______
________ x$45,000,000 __________
P f 7% cum .50,000,000 ( $ 1 0 0 ) ____
7% Q
28,216,000 O c t’26, 1V<
Ohio S ta te T elephone cons &]
re f m tg e Series " A ” ______ ) 1914
5 g J -J
687,000 Ju ly 1 1944
Series “ B ” _______________| 1914
5 g J -J
4,774,000 J u ly 1 1944
($100, &c) sk fd gold-C*&r*J B an k ers T r u s t C o ., N ew Y o rk , tru s te e .
In d e p e n d en t T el Co 1st m tg e . 1906
5 g J-D
20,000 D ec. 1 1926
x All except d ire c to rs’ sh ares ow ned b y A m er. T e l. & T e l. C o.




11

TELEPHONE AND TELEGRAPH

Oct., 1926.]

Stock.— P re f. is re d ., all or in p a r t, on a n y d iv . d a te on 30 d a y s ’ n otice
a t 105 a n d d ividends.
, „
.... ..
Bonds.— Ohio S ta te T e l. cons. & re f. m tg e . 5s, S er. A an d Ser. B,
a re call, on a n y in t. d a te as a w hole or in lots of $500,000 a t 105 and in t.,
also re d . a t 102 an d in t. if m oneys from sale of released p ro p e rty a re applied,
an d a t 100 a n d in t. fo r sinking fu n d purposes. Sem i-ann. sinking fu n d of
of 1 % of aggregate am o u n t of bonds issued u n d e r this m tg e . provided f o r .
U nited States Tel. 1si Mtge. bonds w ere originally 5s a n d m a tu re d J a n . 1
1919, b u t have been extended to J u ly 1 1941 a t 7 % . C all, as a w hole, b u t
o u t n o t in p a r t, on and a fte r Ju ly 1 1926 a t 10313 an d in t.
All of th e o u ts ta n d in g Cuyahoga Tel. Co. 1st M tge. 7% (formerly 5% ) gold
bonds, d a te d Tan. 2 1899, w ere called for p a y m e n t J u ly 1 1926 a t 10314
a n d in t. V. 122, p . 3211.
clots
All of the o u tsta n d in g U. S. Telephone Co. ls f M tge. 7% (formerly’ 5% )
gold bonds, dated .Jan. 2 1899, w ere called for p a y m e n t J u ly 1 1926 a t 10314
a n d in t. V. 122. p . 3211.
.. .
Independent Tel. Co. 1st M tge. 5s a re call, on a n y in t. d a te a t 105 a n d in t.
D ividends.— On p re f., 1 •34% p aid regularly (Q .-J.).
E A R N IN G S .— F o r calendar years:
1925.
1924.
1923.
1922.
T elep. oper. rev n u es___ $29,967,001 $26,773,788 $24,685,134 $22,956,375
T elep. oper. expenses__ 20,592,054 19,592,735 18,425,914 16,721,485
$9,374,947
88,155
2,590,970

$7,181,053
222,000
2,219,515

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

$6,234,890
251,973
2,129,590

O perating incom e____ $6,695,822
346,220
N e t non-oper. incom e_
_

$4,739,538
286,893

$3,879,773
371,241

$3,853,327
216,404

T o ta l gross incom e_ $7,042,043
_
632,765
R e n t & m iscellaneous_
_
B ond in te re st, &c______ 1,484,075
R eserves_______________
M iscell. a p p ro p ria tio n s.
500,000
E m ployees’ benefit fu n d .
P referred dividends____ 1,975,772
C om m on d ividends_____ 1,980,000

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

$4,251,014
428.684
1,296,498

$4,069,731
355,720
1,203,406
155,197

1,975,786
855,000

1,975,772
285,000

U ncollectible oper. r e v ..

22,705

142,212
1.975,772

$237,425
$242,355
$237,263
$469,431
B al. for corp. su rp lu s.
O F F IC E R S .— P res., E dw in F . C arte r; V .-P . & G en. M g r., R andolph
Eide; V .-P . & G en. A u d ., J o h n U prichard; Sec. & T re a s., C . S. M a ltb y .—
V. 121, p . 1790, 2752; V. 122, p . 145S, 1611, 2192, 2497, 3211; V . 123, p .
1114, 1763.

PACIFIC TELEPHONE & TELEGRAPH CO. (THE).
O R G A N IZ A T IO N .— In co rp . in C alif. D ec. 31 1906. V. 84, p . 54, 163.
Stations D ec. 31 1923, 1,269,339. In M arch 1912 purchased th e B ay C ities
Home Telep. C o. for $985,000 cash, $1,300,000 Pac. T el. & T el. sto ck and
*7,080,000 H om e Long D istance T elep. C o. bonds guar, by th e Pacific
T el. & T el. C o. V. 95. p . 180, 1406; V. 96, p . 207. 291. In 1917 w as a u th .
to purchase pref. stock v. t. c. of U . S. Long D istance T . & T . C o. V. 105,
p. 1314, 1807. In M ay 1918 pu rch ase of San Diego H om e T elep. C o. for
$650,000 was pending. V. l0 6 , p . 2014. D uring 1920 acquired th e p ro p e r­
ties of th e G olconda T elephone & Pow er C o ., U ta h N e v ad a & Id a h o T elep.
C o. a n d th e N e v ad a C ons. T el. & T el. C o. D uring 1922 pin-chased th e
telephone p ro p e rty of th e M ason V alley T el. & T el. C o. As to Southern
C alifornia Telep. C o., see V. 102, p . 1441, 1631: V. 103. p. 1986: V. 106, p .
1692; V. 120, p. 212. As of D ec. 31 1925 th ere were 1,490,492 telephones
connected to the system , of which 1,195,463 were co. sta tio n s. A bout
plans to acquire th e M u tu a l T elephone C o., T illam ook, O re., see V . 120,
p . 3315.
S T O C K A N D B O N D S—
Date.
Interest. O utstanding. M a turityC om m on $53,000,000 ( $ 1 0 0 ) - - ____
________ x$43,000,000
See te x tP r e f6 % cuin $ 8 2 ,0 0 0 ,0 0 0 ($ 1 0 0 )___
6 Q-J 15 x82,000.000 O c t ’26, 1H
1s t m tge $35,000,000 ($1,000,1 1907
5 g J -J
32,140,000 J a n 2 1937
&c) gold__________c * & r* tf/M e rc a n tile T r. C o ., San F rancisco,
Ref m tge Series “ A ” ($100,{ 1922 5 g M -N
25,000,000 M a y 1 1952
&c) gold _________ c * & r* tf/B a n k of C alifornia, N . A ., San F rancisco.
H om e Long D istance T el C o f 1912 5 J -J
6,978,000 J a n 2 1932
1st m tge assum ed ($1,000)( I n t. a t N a t. C ity B an k , N . Y ., an d Anglogold ___________________ tr ( C alifornia T ru st C o ., San F rancisco.
H om e Tel& T el C o, S pokane, ( 1906
5 g M -N 15 3,000,000 M a y 15 ’36
1st m tge sk fd $200, & c)}T itle In s: & T r u s t C o., Los Angeles, C alif.,
g o l d _________________ c * tf I tru ste e .
S outhern C alif Telep Co 1st &( 1917
5 g M -N
6,293,000 M a y 1 1947
re f $12,000,000 ($1,000)|P acific-S o u th w est T ru st & Savings B an k ,
g o ld _____________________ I Los Angeles, C alif., tru stee.
H om e T el & T el C o, Los Ang, f 1902 5 g J -J
1,254,000 J a n 1 1 9 3 3
1st m tge ($1,000) g o l d - . n t f j l n t . a t N a t. C ity B an k , N . Y ., also p a y ab le
[ in Los Angeles.
H om e T el & T el, Los A ngeles, 1 1905
5 J -J
552,000 J u ly 1 1 9 4 5
1s t & re f.
-/
x A m erican T el. & T el. C o. ow ns a m a jo rity .
Bonds.— F irst & collateral tr u s t 5s of 1907 h av e a sinking fu n d which
com m enced in 1912 and will re tire a b o u t 30% b y m a tu rity . R ed. a t 110.
In t. p ayable a t U . S. M tg e. & T ru s t C o., N . Y ., a n d in San Francisco.
V. 88, p . 825; V. 90, p . 854; V. 91. p . 720; V. 92. p . 1569: V . 93. p . 349, 412;
V. 95, p . 180; V. 97, p . 954; V. 98, p. 309, 391.
T he ref. m tge. 5% gold bonds Series A are red . as a w hole only on M ay 1
1932, or on an y in t. d a te th e re a fte r, a t th e following prices w ith in t., if on
or p rio r to M ay 1 1942, a t 107>£; if su b seq u en t to M ay 1 1942 an d on or
prior to M a y 1 1949, a t 105; a n d if sub seq u en t to M a y 1 1949, a t 100.
M tg e. provides for sinking fu n d p a y m e n ts to a tru ste e a t th e ra te of $125,000
s?m i-annuai]y beginning N ov. 1 1922, su ch p a y m e n ts to be used in p u rc h a s­
ing series A bonds, if o b ta in a b le a t n e t exceeding 100 a n d in t. In t. pay ab le
in N . Y . a n d San F rancisco. V . 114, p . 2022.
H om e Long D istance T el. 1st 5s a re g u a r. p rin . & in t. by th e Pacific
Tel. & T el. C o. A re red . as a w hole, b u t n o t in p a rt, a t 105 & in t. M tg e.
provides for sinking fu n d .
H om e T el. & T el. C o. of S pokane 1st M tg e. 5s are g u a r. p rin . & in t. by
the Pacific T el. & T el. C o. R ed. all or in p a r t on a ny in t. d a te on 60 d a y s’
notice.
S outhern C alifornia T elephone C o. 1st & re f. m tge. of 1917 g u ar. p rin .
& in t. b y Pacific T el. & T el. C o. C all, a t 105 & in t. M tg e . provides for
sinking fu n d . See V. 108, p . 486: V. 112, p . 569.
H om e T el. & T e l., Los A ngeles, 1st m tge. 5s are n o t s u b jec t to call.
M tge. provides for sinking fu n d of 2% o f bonds o u tsta n d in g . V . 83, p.
216.
H om e T el. & T e l., Los A ngeles, 1st & ref. 5s are call, a t 105 & in t. Sink­
ing fu n d 2 % .
D ividends.— On pref. p a id reg u larly . On com . a n initial q u a r. d iv . of
1 M % was p aid on M ay 29 an d Ju n e 30 1925. 1 M % w as p aid in each of
Sept, an d D ec. 1925. T o ta l fo r 1925 6 % . In M arch , J u n e , S e p t., 1926
124% , N o d e finite d iv id e n d ra te h a s been fixed for th e com m on sto ck .
V . 1 2 1 , p . 1228.
E A R N IN G S .— F o r c alen d a r y ears (includes Southern C alifornia Tele­
p h o n e C o., H om e T elephone & T eleg rap h C o. of S pokane a n d B ell Tele­
phone C o. of N ev ad a):
1924.
1925.
1923.
1922.
.$67,681,759 $57,860,649 $51,755,565 $46,577,858
. 47,446,094 43,204,551 40,184,831 35,827,109
.$20,235,666 $14,656,098 $11,570,734 $10,750,750
Deduct— U ncoil, op. re v .
466,500
451,000
209,000
205,900
T axes assign, to oper. . 5,266,246
4,144,190
3,573,367
3,121,912
O perating incom e___ $14,502,919 $10,060,907
N on-operating incom e..
955,654
940,120

$7,788,367
1,094,918

$7,422,938
1,036,591

G ross incom e________ $15,458,574 $11,001,027 $8,883,284
Less— R e n t & m isc. chgs.
653,348
606,900
549,217
B ond in te re s t________ 3,576,406
2,267,846
3,672,501
O ther in te re s t_______ 2,426,469
3,625,414
1,121,991
P ref. dividends (6 % )_ —
4,920,000 4,357,500
3,420,000
C om m on divs. (6 % )____ 2,580,000
_______
O ther a p p ro p ria tio n s_
_
500,000
_______

$8,459,529
490,982
3,259,892
908,502
2,670,000

B alance, su rp lu s_____
$802,350
$143,367
$119,574
1,130,152
Latest E arnings.— F o r 9 m o n th s ended S ept. 30 1926, n e t a fte r expenses
an d taxes, $7,252,401.

PUBLIC UTILITIES

12

O F F IC E R S .— C h airm a n , H . T . Scott; P re s ., H . D . P illsb u ry ; V .-P .,
A. H . G risw old, Jam es T . Shaw , D . P . F u llerto n , J . C . N ow ell, B . C .
C arro ll a n d G eo. J . P e tty ; Sec., T h eo . V . H alsey; T re a s., G eo. J . P e tty ;
G en. A u d ., C. S. C asassa. O ffice, San F rancisco, Calif.-—V. 121, p . 331,
459, 1228, 2876; V . 122, p . 214, 482, 1027, 1311, 2192; V . 123, p . 711, 2140.

(THE) SOUTHERN NEW ENGLAND TELEPHONE CO.
O R G A N IZ A T IO N .— In c o rp . in C o n n , in 1882. A m erican T e l. & Tel
C o. ow ns a b o u t 33 1-3% o f th e sto ck o u tsta n d in g .
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
H olds license fro m A m erican T elephone & T elegraph C o. to o p e ra te as
p a r t o f th e B ell T elephone System in th e e n tire S tate o f C o n n ec tic u t, w ith
th e exception o f th e T ow n o f G reenw ich a n d th e Village o f P a w c atu c k .
S T O C K A N D B O N D S .—
D ate.
Interest.
O utstanding.
M aturity
Stock $30,000,000 (S100)__________ 8 Q— J
$28,000,000 O c t ’26, 2%
F ir s t m o rtg ag e ($500 &c) \ 1898 5 J-D
1,000,000 D ec 1 1948
g o ld ---------------------------------/T h e U nion & N ew H av en T r u s t C o ., New
H av en , tru s te e .
Stock.— Stockholders w ere given th e rig h t to subscri be u p to J u ly 1 1925
for 3 0,000 shares of a d d itio n al cap ital sto ck for cash a t p a r ($100) on the
basis o f one for ev ery seven sh ares th e n h eld . V . 120, p . 2685. Stock­
ho ld ers o f reco rd A ug. 10 1926 w ere given th e rig h t to subscribe on or
before O c t.l 1926 for 40,000 a d d itio n a l shares o f sto ck a t $100 on th e basis
o f O ie new sh are fo r e v ery six snares h eld . V . 123, p . 86.
Bonds.— I n t. o f 1st 5s is p ay ab le a t M erch a n ts N a t. B an k , N ew H av en ,
C onn.
D ividends.— D iv id en d r a te has been as follows; F ro m J a n . 1883 to
O ct. 1888 av erag ed 6 % p . a .; J u ly 15 1891 to J a n . 15 1912 a t ra te of 6 %
p . a .; in creased to 7% p . a . w ith d iv . o f ApTi! 15 1912. a n d to 8 % p . a
O ct. 15 1920.
E A R N IN G S .— F o r calen d ar years;
Total Rev.
N et E arns. In t., Ac. D ividends. B al.,Sur.
1925---------------- $11,155,146 $2,467,386 $357,773 $1,800,000 $309,613
1924__________ 10,040,350
2,141,488
261,171
1,678,000
202,317
1 9 2 3 . . . . -------- 9,211,314
1,876,137
288,177
1,440,000
149,960
19^2---------------- 8,383,985
1,619,448
189,796
1,316,704
112,948
1921---------------- 7,780,747
1,474,968
184,341
1,196,794
93.833
Latest E a rn in g s.-—F o r 6 m os. en d . J u n e 30 1926: T o ta l earnings, $5,983,026; n e t a fte r tax es, re n ts a n d m iscell., $1,308,145; in te re s t, $140,360;
d iv id en d s, $960,000; u n d iv id e d p ro fits, $207,785.
O F F IC E R S .— P re s ., Jam es T . M o ran ; V .-P . & G en. M g r., H a rry O
K n ig h t; Sec. & T re a s ., C harles B . D o o little. O ffice, 157 C hurch S t.,
N ew H av en , Conn.-—V . 119. p . 84; V . 120, p . 706, 2685; V . 121, p . 1790;
V . 122, p . 751; V. 123, p . 86.

SOUTHWESTERN BELL TELEPHONE CO.
O R G A N IZ A T IO N .— In c o rp . in M issouri in 1882. T h e I.-S . C . C om m is­
sion on M arch 15 1924 a u th o riz e d th e co m pany to acq u ire c ontrol of the
K an sas C ity T elep h o n e C o. b y p u rch ase of capital sto ck . V . 118, p . 1531.
T h e M issouri P . S. C om m ission au th o rized in Sept. 1925 th e Joplin H om e
T elephone C o. to sell all its p ro p e rty to th e Southw estern Bell T elep. Co.
V . 121, p . 1349. T ran sfe r of th e franchise of th e D allas T elephone Co
a p p ro v ed b v th e C ity C om m ission of D allas, T exas, on S ept. 30 1925
V . 121, p . 1790. On O ct. 19 1925 th e I.-S . C . C om m ission ap p ro v ed the
acq u isitio n b y th e c o m p an y o f th e telephone p ro p erties o f th e Sand Springs
T elephone C o. a t Sand S prings a n d V ern, su b u rb s of T u lsa , O kla. V. 121.
p . 2158.
In A u g . 1926 M isso u ri P . S. C om m ission a u th o rized th e co. to issue
$25,000,000 com m on sto ck for im p ro v em en t o f p ro p erties, of w hich a m o u n t
A m erican T el. & T el. C o. w as to ta k e $21,000,000. V . 123, p . 845.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns an d o p erates th e p ro p e rties o f th e B ell T elephone System thro u g h o u t
th e S ta te s o f M issouri, K an sas, A rkansas. O klahom a a n d T exas. T otal
c o m p an y s ta tio n s a s o f J u n e 30 1926, 982,190; service a n d p riv a te line
s ta tio n s, 81,254; co n n ectin g co m p an y sta tio n s, 891,022; 716 c e n tra l offices.
STO CK A N D B O ND S—
D ate.
Interest. O utstanding.
M aturity
________ x$75,000,000 __________
C om m on $100,000,000 ($100)______
P f 7% cum $ 1 0 0 ,0 0 0 ,0 0 0 ($ 1 0 0 )____
7 Q-J
21,784,500 O c t’26 I K
F irs t & re f m ortgage Series A \ 1924 5 g F-A
49,238,600 F eb 1 1954
($100, &c) g o ld _ .c * & r* n tf (G u a ra n ty T ru s t C o ., N . Y ., T ru ste e .
x All ow ned by A m erican T e l. & TeL C o.
Slock.— Preferred sto ck is redeem able, all or p a rt, a t 110 to an d including
A pril 1 1930. a n d th e re a fte r a t 115.
Of th e p re f. sto ck , $45,000,000 h as been au th o rized for issuance and
a p p ro v ed b y th e P . S. C om m ission. Of th is am o u n t, $5,795,000 w as used
for th e conversion o f a like a m o u n t of th e 5-year 7% conv. gold notes,
w hich w ere called for re d . A pril 1 1923. Of th e rem ain d er, $11,772,200
hav e been sold a n d $4,217,300 issued for acquisition of telephone p ro p e rty .
Bonds.— T h e a m o u n t of bonds a u th o rized to be issued u nder th e 1st &
re f. m tg e. is lim ited so th a t th e a m o u n t th ereo f a t a n y tim e ou tstan d in g ,
w hen ad d ed to th e th e n o u tsta n d in g p rio r bonded d e b t as defined in the
m tg e ., shall n o t exceed tw ice th e a m o u n t o f th e th e n o u tsta n d in g capital
sto ck . B onds a re issuable u n d e r th e m tg e. to refu n d th e existing under­
ly in g obligations an d an y bon d s or o th e r obligations which m ay h ereafter
becom e u n derlying d e b t th ro u g h th e purch ase of p ro p e rty su b ject to d ebt.
S u b ject to th e above lim itatio n in a m o u n t, bonds a re also issuable for
th e acquisition of a d d ’l p ro p e rty necessary o r useful in connection w ith the
business of th e co. (incl. stocks, bonds a n d securities o f o th e r corporations)
a n d for b e tte rm e n ts; b u t if a t an y tim e th e a m o u n t o f o u tsta n d in g bonds
secured b y th is m tg e ., w hen ad d ed to th e p rio r bonded d e b t (if any) of the
co ., shall exceed th e a m o u n t o f th e th e n o u tstan d in g c ap ital stock, a d d ’l
bonds will be issuable for n o t exceeding 75% of th e expenditures for such
a d d ’l p ro p e rty a n d b e tte rm e n ts. A fter $25,000,000 o f bonds have been
Issued on acco u n t o f th e acquisition of sto ck or unsecured obligations of
o th e r co rp o ratio n s, o r in re sp ec t o f ad d itio n s to th e ir p ro p e rty w here not
secured b y first m o rtg ag e, bonds m a y n o t be issued for such purposes in
excess o f o n e -th ird o f th e a m o u n t of bonds issued on acco u n t of additional
p ro p e rty a n d th e n o u tsta n d in g .
T h e m tg e. p rovides for sin k, fu n d p a y m e n ts to a tru s te e a t th e ra te of
$500,000 a y e ar, p a y ab le sem i-ann. beginning Aug. 1 1924, such p aym ents
to be ushd in p u rch asin g ser. A bonds, if o b tain ab le a t n o t exceeding par
a n d in t., o therw ise to b e used for c ap ital expenditures w ith resp ect to
p ro p e rty to be covered b y th e lien o f th e m tge.
T h e ser. A bon d s a re re d . as a whole only upon 60 d a y s’ notice, on F e b . 1
1934, o r on a n y in t. d a te th e re a fte r, a t th e following prices w ith accrued int.
if on o r p rio r to A ug. 1 1950 a t 105, a n d if subsequent to A ug. 1 1950 at
p a r. I n t. p a y ab le in N ew Y o rk a n d S t. Louis. V . 118, p . 562.
D ividends.— D iv s. a t r a te o f 7% p e r a n n . p aid reg u larly on pref.
E A R N IN G S .— Of th e S o u th w estern B ell System p ro p e rties now ow ned
_
_
for calen d ar y ears:
x N e t Earn.
In t. Chges.
N et Income
Gross Rev.
$7,938,125
$1,608,931
$6,329,194
x l9 2 6 _______ $29,422,167
14,005,492
2,987,364
11,018,128
1925 ________ 52,042,259
11,968,986
2,859,390
9.109,596
1924 ________ 47,159,629
11,221,789
1,922,111
9,299,678
1923 ________ 43,887,812
10,636,735
3,618,069
7,018,666
1922 ................. 40,015.490
________________________
8,652,675
3,658,932
4 ,9 9 3 ,7 “
1 9 2 1 ________ 37,388.394
x N e t earnings a fte r d e d u ctin g o p eratin g expenses, incl. charges for
d ep reciatio n , tax es, re n ta ls a n d m iscellaneous incom e charges,
x Six m o n th s en d ed J u n e 30 1926.
Latest Earnings.— F o r 9 m o n th s ended Sept. 30 1926: G ross, $43,462,682
(against $36,182,202 sam e perio d 1925); o p eratin g incom e, $11,456,597
(against $9,235,773 sam e perio d 1925).
O F F IC E R S .— C h airm an H . J . P e tten g ill; P res., E . D . N im s: F irs t V .-P .,
A . B . E lias; V .-P ., T . D . B ow en; V .-P ., J a s . F . N oble; V .-P ., W . J . O ’Con­
n or: V .-P ., J . K . W ass; T re a s., R . A . N ickerson: Sec.. I. P . C r o w le y .
Office, 314 N o rth B ro ad w ay , S t. Louis, M o .— V. 121, p . 1103, 1349, 1790,
2158, 2275; V. 122, p . 1171, 2653, 2950; V. 123, p . 583, 845.

THE BELL TELEPHONE CO. OF CANADA.
A m erican T e l. & T e l. C o. ow ns 32.09% o f th e c a p ita l sto ck .
O R G A N IZ A T IO N .— In co rp . in 1880 by A ct o f th e P a rlia m e n t of the
D om inion o f C an a d a .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns an d o p erates th e principal telephone system in th e Provinces o f Quebec
and O n tario , covering a te rrito ry o f 831.837 sq u are m iles and serving
5,500,000 p o p u la tio n , including M o n tre al an d T o ro n to , th e la rg e st cities




[VOL. 123.

In C an a d a ; a nd O ttaw a a n d Q uebec, th e capitals of th e D om inion and
P rovince of Q uebec, respectively. C o. sta tio n s, D ec. 31 1925, 589,321;
connecting an d m iscell. s ta tio n s, 129,221; to ta l s ta tio n s, 718,542
Rates.— In J a n . 1926 com pany filed w ith th e B oard of R ailw ay C om m is­
sioners for C an a d a new schedules of ra te s. F o r p a rtic u la rs, see V . 122, p.
746.
S T O C K A N D B O N D S — Date.
Interest. O utstanding. M atu rity
C ap sto ck , $75,000,000 ($100) .......................................$48,694,600
O c t’26 $2
1st M ser “A ” $30,000,000/
($500 & $1,000 c*& $1,000,/ 1925
5 g M -S
30,000,000 M a r 1 1 955
$5,000 & $10,000 r*) g ------(T he R oyal T ru s t C o .. M o n tre a l, T ru ste e .
Stock.— L isted on th e M o n tre al a n d th e T o ro n to Stock E xchanges.
Bonds.— 1st M tg e. Ser. " A ,” lim ited to $30,000,000. A dditional bonds
Issuable u n d e r c e rta in re stric tio n s. S ubsequent series m a y be of such
denom inations, b e ar such in t. ra te s , have such d a te s o f m a tu rity and
callable prices a n d be p a y ab le a t such place or places a nd in such currency
or currencies, a n d m a y have such ta x provisions, sinking fu n d provisions,
convertible privileges or o th e r provisions, n o t in c onsistent w ith th e term s
of th is m ortgage, as m a y be d eterm in ed by th e b o a rd of d ire c to rs a t the
tim e of Issue.
S e r, “ A ” 5s a re n o t call, p rio r to 1940. C all, on a n y in t. d a te on 60 d a y s'
notice a t th e follow ing prices, plu s accrued in t.: 105 durin g th e years
1940 to 1951, incl., an d a t p a r durin g th e years 1952 to 1954, inch P rin .
& in t. p a y ab le in U . S. gold coin a t the A gency of th e B ank of M o n tre al,
in N . Y ., o r, a t th e o p tion of th e holder, in C an a d ia n gold coin a t the
B ank of M o n tre al, M o n tre al or T o ro n to . In J a n . 1925 Lee, H igginson
& C o., R oyal Securities C o rp ., L td ., a n d H a rris, F orbes & C o. offered $25,000,000 ($10,000,000 o f w hich w ere placed in th e C an a d ia n m a rk e t) a t
98, yielding over 5 .1 3 % . V . 120, p . 581. $5,000,000 a d d itio n a l bonds
of th is series w ere offered in O ct. 1925 b y th e sam e b a n k ers a t 99 and in t.
to yield over 5 .0 5 % . V . 121, p . 1907.
Dividends.— D iv s. a t th e ra te o f 8 % per an n u m p a id continuously from
J a n . 1 1891.
E A R N IN G S .— F o r calen d ar years:
Total Rev.
N et a rter Rents, In (Incl. N o n - Taxes and terest and
Balance.
Over. Incom e''. Deprec’n .
M iscell.
Dividends.
S u rplus.
1925 ..-$ 2 6 ,9 5 6 ,8 8 1 $5,480,108 $1,599,654 (8% )$3,889,166
def.$8.712
1924 . . .
24,927,893 5,115,139 1,348,043 (8 %) 3,215,039 sur.552.057
1923 . . .
22,921,590 4,877,135 1,067,176 (8 %) 3,135,921 xsur.674.038
1922 . . .
20,454,295 3,969,312 1,035,644 (8 %) 2.457,740 sur.475,928
x B efore d e ducting $200,000 a p p ro p ria tio n fo r em ployees b en efit fun d s.
O F F IC E R S .— P res., C . F . Sise; V .-P ., J . E . M acpherson; V .-P ., K . .1.
D unston; Sec.-T reas., TV. H . B lack; G en. M g r., P . A. M cF arlan e; C o m p t ,
E . P a lm .— V. 119, p . 2067, 2758; V . 120, p . 327, 581, 954, 1088, 1201.
2144; V. 121, p . 1787, 1907; V. 122, p . 746, 1167.

MUTUAL TELEPHONE CO. (ERIE, PA.).
O R G A N IZ A T IO N .-—In c o rp o rate d in P enn sy lv an ia in 1897.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. supplies w ith o u t com petition a u to m a tic telephone service to th e c ity of
E rie , P a . (127,000 populatio n ) a n d serves th e tow ns of G irard, U nion C ity ,
C o rry a n d N o rth e a st, P a ., an d in te rv e n in g a n d adjoining te rrito ry . O per­
a te s 24,974 subscribers’ statio n s an d 9 c en tra l statio n s, interco n n ected w ith
26,312 m iles of aerial wire a n d 38,346 m iles of underg ro u n d w ire. F ran ch ise
in th e C ity of E rie is w ith o u t tim e lim it.
C o. purchased as of A pril 1 1926 all th e pro p erties of th e B ell T elephone
C o. of P a . in E rie C o u n ty , P a ., w ith th e exception of one c en tra l s tatio n
w ith its equipm ent a nd connections, th ro u g h w hich to ll connections to and
from points outside of E rie C o u n ty , P a ., are m ade b y th e Bell T elephone
C o. of P a . u n d e r a c o n tra c t w ith M u tu a l T elephone C o. A fter th is acquisi­
tio n , co. does th e en tire telephone business in th e te rrito ry in E rie C o.
form erly served b y b o th com panies. V . 121, p . 839.
S T O C K A N D B O N D S— D ate.
Intetesi,. O utstanding. M aturity.
C om m on $2,000,000 ($50)___ _____
_________ $1,993,650
See te x t
1st' M $10,000,000 ($ l,0 0 0 -fE rie T r u s t C o ., E rie , P a ., tru ste e .
$500 c*& r*)___________ t f /
Series A __________________ 1925
5 g A-O
1,200,000 O ct 1 1 9 4 5
Series B __________________ ( 1926
5 g A-O
500,000 O ct 1 1945
Bonds.-—T h e fir st mortgage 5% gold bonds a re secured b y a d ire c t first
m ortgage on all p ro p e rty of th e c om pany, including la n d , buildings, equip­
m ent, conduits a nd franchises, an d b y a dire c t lien on after-acquired pro p ­
e rty su b ject to existing liens. A dditio n al bonds m ay be offered for no t
m ore th a n 75% of new constru ctio n , &c., provided n e t earnings for 12 o u t
of preceding 15 m o n th s are a t le a st tw ice a n n u al in te re st charges on all 1st
m tge. bonds, incl. new issue. Series A , dated Oct. 1 1925 a n d Series B,
dated Oct. 1 1926 a re redeem able whole or p a r t (by lot) on 30 d a y s ’ notice
on O ct. 1 1930, a n d to a n d incl. O ct. 1 1935, a t 105 a n d in te re st; th e re ­
after a t a price successively decreasing M % each y e ar u n til m a tu rity , w hen
they are pay ab le a t p a r. Free fro m P e n n . 4-m ills ta x . In A ug. 1925
R. F . D e Voe & C o ., In c ., N ew Y o rk , sold $1,200,000 a t 100 a nd in t. V.
121, p . 839.
I n Sept. 1926 th e sam e b a n k ers sold $500,000 series B d a te d O ct. 1 1926
a t 100 a n d in t. V . 123, p . 1504.
D ividends.— C ash dividends a t th e a n n u al r a te o f 6 % p er a n n u m h av e
been p a id on th e com m on sto ck since J a n . 1 1898. In a d d itio n , 7 sto ck
dividends o f 25% each w ere p a id . V. 121, p . 839.
E A R N IN G S .— F o r 12 m os. ended June 30:
Total N e t after
Revenue. Taxes.
Interest. Deprec.
D ivs.
Surplus.
1926___________ $715,221 $322,118 $50,842 $141,913
x
y$129,363
1925..................... - 583,896 283,722
12,148 108,002 89,318
74,254
1924___________ 532,876 286,598
10,711
95,835
83,572
96,480
1923___________ 481,140 230,674
3,250
78,317
75,200
73,907
x N o t available, y Before dividends.
O F F IC E R S .— P res.. A . A. C u lbertson; V .-P ., J . C . Spencer; Sec. & G en.
M g r., Jo h n Z. M iller; T re a s., A. W . H ayes; A u d ., C . F . T ess, E rie, Pa.-—V . 121, p . 839; V. 123, p. 1504.

TRI-STATE TELEPHONE & TELEGRAPH CO.
O R G A N IZ A T IO N .— In co rp . in M aine in 1903.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns a n d o perates w ith o u t com petition a telephone exchange a n d toll
system in 38 counties in so u th ern M innesota hav in g a com bined popu latio n
of a b o u t 1,000,000. O perates 34 exchanges an d 101,529 telephones, of
w hich a pproxim ately 67,019 a re in S t. P a u l. P rin cip al cities served are
S t. P a u l, W inona, F a rib a u lt, O w atonna, A ustin , A lb e rt L ea, R ochester
a nd R ed W ing. T h rough an agreem ent w ith th e N o rth w e stern B ell Tele­
phone C o ., th e to ll a n d long-distance lines of th e B ell sy ste m a re available
for all subscribers of th e com pany.
S T O C K A N D B O N D S — Date.
Interest. Outstanding
M aturity.
Com m on $10,000,000 ($10)________ _________ $5,000,000
See te x t
P ref 6 % cum $ 1 0 ,0 0 0 ,0 0 0 ($ 1 0 )___
6 Q-M
5 729 390 Sept 26 1 H %
1s t & re f m tg e Ser “ A " ($100, f 1922 5 H K M -N 4.750,000 M a y 1 1942
$500 & $1,000) gold_ c * tf (H arris T r. & Sav. B an k , C hicago, tru s te e .
_
Stock.— P ref. is call, all or in p a rt a t 110 & in t. on 60 d a y s’ notice.
Bonds.— 1st & Ref. M tge. Ser. " A ” 5 Ms are red . on a n y in t. d a te from
M ay 1 1932 to & incl. M ay 1 1933 a t 105 & in t., th e re a fte r decreasing
M % each 12 m onths. In t. payable a t office of H a rris T r u s t & Sav. B ank,
C hicago, a n d a t H arris, F orbes & C o., N . Y . P e n n a . 4-m ill ta x refunded.
In M ay 1922 H a rris, F orbes & C o. offered $4,500,000 1st & ref. m tg e . Ser. A
5Ms a t 102 M A in t., to yield a b o u t 5.3 0 % . V . 114, p . 2250. An a ddi­
tional $250,000 Ser. A 5M s w ere sold in J u ly 1924 a t 102.05.
D ividends—
’03-’08. ’09-’15. ’16-’21. '2 2 -’24. ’2 5
P r e f e r r e d ___________________________ 6 % 6 %
6%
6%
6%
C om m on____________________________N one
x6 %
N one
8%
9%
x In 1912, in a d d ition to th e regular dividend of 6 % on com m on a stock
div. of $400,000 (equal to 10% pn th e o u tsta n d in g com .) w as paid.
E A R N IN G S .— F o r calendar years:
1922
1923.
1925.
1924.
Telep. oper. re v e n u es_ $5,165,320
_
$4,874,051 $4,686,068 $4,323,659
3,148.853
2,935,518
T el. op. exp. (in c l.d ep r.) 3,327,280
3,174,592
N e t rev en u es_________ $1,838,040 $1,699,459 $1,537,215 $1,388,141
28,105
7,503
U ncollectible oper. re v s .
13,313
15.031
274.238
218.689
Taxes assign, to o p e r_
_
371,327
356.793
O perating incom e___ $1,453,400
$1,327,636 $1,255,473 $1,141,348
126.547
157,367
N on-oper. incom e______
107.665
112.795
G ross incom e________ $1,561,065

$1,440,431

$1,382,021

$1,298,716

TELEPHONE AND TELEGRAPH

Oct., 1926.]
E A R N S . (Concluded).
Deduct— R en ts, &c_____
In t. on fu n d e d d e b t_ .
O th er in te re s t_______
A m ortization, &c___

1925.
180,558
287,100
11,942
4.456

1924.
170,511
284,946
12,024
5,713

1923.
193,821
285,000
12,157
6,198

1922.
163,448
416,394
16,830
11,070

N e t incom e__________ $1,077,009
Pref. d iv s. (6 % )_______
342,425
C om m on d iv id en d s_____ (9)406,710

$967,237
327,817
(8)361,520

$884,846
327,633
(8)361,520

$690,972
191.568
(8)361,520

B a la n c e ____________
$327,874
$277,900
Latest Earnings.— F o r 6 m os. end. J u n e 30:

$195,693

$137,884

1926.
T elephone o p eratin g re v e n u es___________________ $2,645,102
Nec a fte r d ep reciatio n a n d ta x e s _________________
758,087
N o n -o p eratin g incom e___________________________
57,065
R en ts, in te re st a n d a m o rtiz a tio n _________________
243,312

1925.
$2,537,416
720,996
54,890
242,626

N e t in co m e___________________________________
$571,840
$533,260
O F F IC E R S .— P res. & G en. M g r., G . W . R obinson; Y .-P . & G en'
C ounsel, C . B. R an d all; O p eratin g V .-P .. G eo. K . G ann; S e c .-T re a s., A. C '
C rag g .— V . 118, p . 1678; V. 120, p. 1587; V. 122, p . 483, 1457, 1918; V
123, p . 86.

(THE) WESTERN UNION TELEGRAPH CO., INC.
O R G A N IZ A T IO N .— O rganized u n d e r th e laws of N ew Y o rk S ta te on
A pril 1 1851 a n d p re sen t nam e a d o p te d in 1856.
F IE L D OF O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Since in co rp o ratio n th e co m pany h as acquired a n d co n tro ls b y pu rch ase,
lease o r sto ck ow nership, som e 535 te le g ra p h c o rp o ratio n s an d pro p erties,
of w hich a b o u t 57 co rp o ratio n s m a in ta in th e ir c o rp o ra te id e n tity and
org an izatio n s. V . 97, p . 1903; V . 98, p . 301, 392, 615, 1076, 1998
On D ec. 31 1925 th e c ap ital sto ck o f su b sid iary cos. n o t ow ned b y the
W estern U nion T eleg rap h C o. ag g reg ated a t p ar value only $1,771,550, viz.:
C om panies co n tro lled b y p e rp e tu a l leases, $1,341,750; com panies controlled
by sto ck ow nership, $429,800. T h e bonds of su b sid iary cos. assum ed or
g u aran teed D ec. 31 1925 (see ta b le below) ag g reg ated $6,500,000, of which
$3,143,000 w ere h eld in W . U . tre a su ry ; balance, $3,3W ,000.
T h e “ d eferred n o n -in t. b earin g lia b ilities,” as shown in balance sh eet of
D ec. 31 1925, “ in resp ect o f proceeds of sales of securities a n d o th e r proper
ties h eld u n d e r leases for te rm s expiring in 1981 a n d 2010 fro m cos. in
which th e W . LT. C o. h as, fo r th e m o st p a r t, a controlling in t., p a y ab le only
on th e te rm in a tio n of th e leases,” ag g reg ated $13,135,314.
N ew Transatlantic Cable, 88 tim es as fa s t as a n y o th e r cable betw een
N ew Y o rk a n d E n g lan d , com pleted in Sept. 1926. V . 123, p . 1384.
Judgm ent o f $2,452,628 for Louisville & N ashville BR. fo r Rentals.—
See V. 121, p . 1464. Is still pen d in g on appeal.
Wage Increase.— C o. d istrib u te d $3,000,000 in increased w ages from
J a n . 1 1926 for lan d -lin e em ployees earn in g less th a n $3,000 a y e ar. See
V. 121, p . 2401. On A pril 14 1926 auth o rized c ap ital sto ck w as increased
from $100,000,000 to $lO5.O0O,OOO, p a r $100, th e a d d itio n a l $5,000,000
to be sold to em ployees. F o r p a rtic u la rs, see Y . 122, p . 2194.
ST O C K A N D B O N D S —
Date.
Interest. O utstanding.
M aturity
Stock $105,000,000 ($100)___ _____
8 Q -J
$99,786,530
See te x t
C oll t r bonds ($1,000)_ c * n tf/ 1888 5 J - J
8,745,000 J a n 1 1938
/B a n k ers T r u s t C o ., N . Y ., T ru ste e .
F u n d & re a l e st M $20,000,-1 1900 4 M g M -N 20,000,000 M a y 1 1950
000 ($1,000 &c) g -- C & r n tf/F a r m e r s ’ L o an & T r u s t C o ., N .Y ., T ru ste e
15-year bonds $15,000,000/ 1921
614 g F-A 15,000,000 A ug 11936
($500 &c) g o ld -_ c * & r* n tf/C h ase N a tio n a l B an k , N . Y ., T ru ste e .
M u tu a l U n Tel Co 1st M (ext) 1 ___
5 g M -N
1,857,000 M ay 1 194!
g u a r p & i ($1,000)----- n tf / C e n tr a l U nion T ru st C o ., N . Y ., T ru ste e .
N o rth w e st Tel Co 1st M (ext) / ____
4)4 J -J
1,500,000 J a n 11934
g u a r p & i ($500)------- n tf /E q u ita b le T ru s t C o ., N . Y ., T ru ste e .
Bonds.—On D ec. 31 1914 th e following stocks (p a r value) w ere pledged
for th e co llateral tr u s t bonds: G old & Stock T eleg rap h , $1,111,800; I n te r­
natio n al Ocean T e l., $1,961,500; N . Y . M u tu al T e l., $2,387,700; M aine
T eleg rap h C o ., $111,000; W ashington & N ew O rleans Teleg. C o ., $30,000,
a n d bonds. M u tu a l T el. 6s, $3,143,000. I n t. a t office o f T re a su re r, 195
B ro ad w ay , N ew Y o rk C ity .
I n t . on th e fu n d in g an d real e sta te 4 Ms p ay ab le a t th e office of T re a s u re r.
195 B roadw ay, N . Y . C ity . V . 70, p . 384, 1203; V . 71. p . 750; V 74,
p. 785; V . 78, p . 1451; V . 80, p . 226; V . 97, p . 1827.
I n t. on th e 15-year 6 )4 % bonds p ay ab le a t office of T re a su re r. 195
B roadw ay, N ew Y ork C ity .
T h e M u tu a l U nion T el. C o. 1st 5s w ere originally 6s a n d m a tu re d M ay 1
1911, b u t h av e been extended fo r 30 y e ars a t 5 % . G u a r. p rin . & in t. by
W estern U nion. I n t. p ay ab le a t office o f T rea su re r, 195 B w ay ., N . Y .
T h e N o rth w e stern T el. 1st 4 )4 s, o riginally m a tu re d in 1904 b u t have
been ex ten d ed to 1934. G u a r. p rin . & in t. b y W estern U nion. I n t . p ay
able a t office o f T re a su re r, 195 B ro ad w ay , N ew Y o rk C ity .
D ies.— 1908. 1909-13. 1914. 1915. 1916. 1917. 1918. 1919-25. 1926.
R egular % 1 3 y early 3 H
4)4'
5
5%
6 M 7 y e arly
8
E x tr a _ _ % 2 M s t._______ _
_
_
_
M
i l
_______ - In 1926, a t ra te of 8% p er an n u m .
E A R N IN G S .— F o r calen d ar years:
1925.
1924.
1923.
$
$
$
G ross o p eratin g rev e n u e ____________ 127,078,023 112,861,555 111,733,560
N e t o p eratin g rev en u e_____________ 16,449,181 13,279,999 14,020,846
Inco m e fro m loans an d in v e s tm e n ts .. 2,073,594
2,374,008
1,894,910
N e t incom e______________________ 18,522,775 15,654,007
Disbursements—
B ond in te re s t______________________
2,336,516
2,317,325
A pp ro p riated for ocean cable d ev elo p . 5,200,000
1, 000,000
C ash dividends (7 % )_______________ 7,232,457
6,982,929
A dju stm en ts (n e t)__________________
279,911 D r.188,432
B alance, s u rp lu s_________________ x3,473,892

5,165,321

x D oes n o t include $4,514,192 p ro fit fro m sale o f securities.

15,915,756
2,306,850

2 , 000,000

6,982,797
C r.334,060
4,960,169

Latest E arnings.— F o r 9 m o n th s ended S ept. 30:
Gross Revenues. x N e t a ft. Chgs. Bond Interest.
Balance.
$13,116,387
$1,753,982
$11,362,405
1926 a ______$102,045,928
1925
94,181,287
13,397,647
1,752,053
11,645,594
a M o n th o f S ep t. 1926 estim ated , x N e t a fte r o p eratin g expenses,
m ain ten an ce, d epreciation, re n t o f leased lines a n d tax es.
M iles o f M iles o f N o . o f
Receipts.
Profits.
Year— Poles,&c. W ire, &c. Offices. Messages.
$
$
1876________ 73,532 183,832 7,072 18,729,567 10,034.984 3,399,510
1893________ 189,936
769,201 21,078 66,591,858 24,978,443 7,496,037
1916________ 208,474 1,627.342 25,234 N o t sta te d 63,621,601 14,893,679
1920________ 214,233 1,449,710 24,881 N o t s ta te d 121,473,686 14,634,972
1923 ______ 214,318 1,557,399 24,678 N o t sta te d 113.628.470 15,915,756
192 4 ______ 214.431 1.593.963 24.478 N o t sta te d 115.235,563 15,654,007
1925 _____ 213,763 1,635,236 24,428 _________ 129,151,617 18,522.775
D IR E C T O R S .— N ew com b C a rlto n (P re s.), O liver A m es, W illiam Vin­
cent. A sto r, H e n ry A . B ishop, C h au n cey M . D epew , R . S. L o v e tt, D onald
G . G eddes, C hauncey K eep, P a u l M . W arb u rg , H e n ry T a tn a ll, H ow ard
E llio tt, G eo. W . D avison, C harles B . Seger, E d w in G . M errill, H enry
W . d e F o re st, W illiam F ah n esto ck , P e rc y A . R ockefeller, W illiam K . V an­
d e rb ilt, M o rtim e r L . Schiff, W illiam H . T ru esd ale a n d A lb ert H . W iggin
Sec. is A ndrew F . B urleigh; T re a s., G . K . H u n tin g to n . Office, 195 B road
w ay. N ew Y o rk .— V. 119, p . 1520, 2289, 2534, 2764; V. 120, p . 333, 455,
960, 1581, 1627, 1750, 1883, 2014; V. 121, p . 332, 1464, 1910, 2401, 2878:
V. 122, p . 349, 1458, 2030, 2075, 2194; V . 123, p . 326, 1384, 1998.

AMERICAN DISTRICT TELEGRAPH CO. (N. J.).
Control.— Over 80% of th e com m on stock is ow ned b y The Western
U nion Telegraph Co.
O R G A N IZ A T IO N .— In c o rp o rate d in 1901.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. supplies to ban k s, in d u stria l p la n ts, &s., a large p a rt o f th e p rotective
ala rm system s in m an y of th e p rin cip al cities in th e U . S. T h e service
consists in th e in stallatio n and supervision of electric fire, b u rg la r, n ig h t




13

w a tch and a u to m a tic sprinkler alarm s. M ain tain s in m ore th a n 100 cities
cen tral statio n s w here a u to m a tic signals fro m detecto rs in th e ban k s, p la n ts,
&c., are received a n d im m ediately tra n s m itte a to th e fire an d police d e p a rt­
m ents. T h e sam e signals m a y also be given m an u ally b y w atchm en, &c.
C o. has over 21,800 subscribers to one or m ore of its services.
Change o f Capital Stock.— On J u n e 18 1925 stockholders changed th e au­
thorized c ap ital from 100,000 shares of com m on sto ck (par $ 100) to 100,000
shares of 7% p re f. stock (par $100) an d 100,000 shares of new no-par com­
m on stock. One new pref. a nd one new no -p ar com m on share w as issued
n exchange for each old share of sto ck o u tsta n d in g . V . 120, p . 2939. 3184.
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
C om m on 200,000 shs (no p a r ) . ____
_________ 99,653 shs. O ct ’23 75c.
7% conv cum p referred ($10,-1
000,000 ($100)___________ / ____
7 Q -J
$9,965,300 __________
l u rc h m oney obligations__________
_________
71,450 ---------------Stock.— 'T he 7% conv. cum . pref. stock is preferred as to cum . divs. and
assets ($100 a nd div . in case of in v o lu n ta ry , a nd $110 an d div . in case of
v o lu n ta ry liq u id a tio n ). R ed . a fte r Ju ly 15 1928 as a whole or in p a rt upon
60 d a y s’ notice a t $110 an d divs. Is non-voting except in case of d efault
of 4 q u a r. divs. H olders have no rig h t to subscribe to new shares of a n y class.
C onsent of 2-3 of o u tsta n d in g p re f. stock is req u ired (a) to increase th e pref.
stock or create a n y stock having preference over it; (b) to tra n sfe r th e prop­
e rty a nd business o f corp. as a n en tire ty ; (c) to m ake an y d istrib u tio n of
cap ital to common s to c k . An an n u al sinking fu n d of a t least 2 M % of largest
a m o u n t of pref. stock o u tsta n d in g , for purchases of pref. stock, is pro v id ed .
Convertible into com m on stock a t a ny tim e, share for share, u p to 30 days
prior to d a te of red em p tio n . 100,000 com m on shares (included in above
200,000 au thorized) h av e been reserved for th is purpose. In J u ly 1925
D om inick & D om inick offered 76,500 7% cum . conv. pref. a t $101 p er share.
D ividends.— On th e new no p a r com m on stock p aid 75c. in O ct. 1925 an d
also in J a n ., A pril, J u ly a n d O ct. 1926 (previously p a id on th e $100 p a r
com m on stock a t th e ra te of 8 % p er a n n u m ). O n th e p re f., 1M % in O ct.
1925 a n d in .A p ril 1926.
E A R N IN G S .— F o r calen d ar years.
1925.
1924.
G ross operating rev e n u e _________________________ $6,861,521 $6,538,055
N e t a fte r deprec., re n ts, taxes a n d m iscell. i n t ___
1,437,395
1,364,319
D ividends an d in te re st received _________________
112,894
97,707
B ond in te re s t___________________________________
3,020
11,287
A d ju stm e n ts (n e t)______________________________ D r.38,645. C r.31,704
D iv id e n d s ______________________________________
884,526
722,419
114,186
______
A pprop. for red em p tio n of p re fe rred s to c k _______
B alance, su rp lu s______________________________
$509,912
$760,024
O F F IC E R S .—-Chairm an of B o ard , N ew com b C arlton; P re s ., E d w a rd
E v e re tt; V .-P s., C . C . Johnson an d Joseph M axw ell; Sec. & A u d ., E . A.
W ard; T rea s., G . K . H u n tin g to n .— V . 120, p . 326, 2144, 2939, 3184.

AMERICAN TELEGRAPH & CABLE CO.
O R G A N IZ A T IO N .— Owns tw o cables betw een N o v a Scotia a n d E ng­
land. Leased u n til 1932 to W estern U nion, w hich p ays re n ta l of 5% on
outstan d in g sto ck .
S T O C K A N D B O N D S—
D ate.
Interest. O utstanding. M aturity
Stock $14,000,000 ($100)__________ 5 Q-M
$14,000,000 S e p t’26 I K
—V. 117. p. 2656.

NEW YORK MUTUAL TELEGRAPH
O R G A N IZ A T IO N .— Successor to th e M u tu a l U nion T eleg rap h C o.
The sto ck carries dividends of 6 % p e r an n u m u n d e r a lease fo r 99 y e ars
from F e b . 10 1883 (w ith privilege of renew al fo r 999 years fro m 1883) to
W estern U nion T e le g ra p h .
S T O C K A N D B O N D S — D ate.
Interest. O utstanding. M aturity.
Stock $2,500,000__________________
6%
$2,500,000
See te x t
M u tu al U nion T el 1st 5s_____See descrip, u n d e r W . U . T . C o ., In c ., above
—V. 98. p . 108.
O F F IC E R S .— P r e s ., N ew com b C arlto n ; V .-P s., G . W . E . A tkins a n d
J. C . W illever; T re a s., G . K . H u n tin g to n ; Sec., A . F . B urleigh.— V. 93, p .
108.

NORTHWESTERN TELEGRAPH.
Owns 10,000 m iles of w ire a n d is leased for 99 years from J u ly 1 1881 to
W estern U nion, w hich g u aran tees dividends a t 6 % on $2,500,000 sto ck
(par $50) a nd principal a n d in te re s t on bonds.
S T O C K A N D B O N D S—
Date.
Interest. O utstanding.
M aturity
Stock $2,500,000 ($ 5 0 )............. ...........
6 J -J
$2,500,000 J u ly ’2 5 $ l .50
1st m tge guar prin & in t (seel 1904
4H g J-J
1.500.000 J a n 1 1934
tex t) gold ($.500)_________ /E q u ita b le T ru s t C o ., N . Y .. tru s te e .
- V 106, p . 710.

SOUTHERN & ATLANTIC TELEGRAPH CO.
O R G A N IZ A T IO N .— L eased to W estern U nion for 999 years from O ct. I
1876 (w hich a t la st accounts ow ned $390,975 of th e $949,050 stock) a nd
stock g u aran teed by re n ta l 5 % , payable A . & O.
F IE L D O F O P E R A T IO N S .— C om pany ow ns 3.778 m iles of telegraph
wires running from W ashington, D . C .. so u th and w est th ro u g h th e S tates
of V irginia, N o rth C arolina, S outh C arolina, G eorgia, A labam a a n d F lorida,
and reaching such im p o rta n t cities as R ichm ond, C h arlesto n , C h arlo tte ,
S av an n ah , A tla n ta , A u g u sta, M on tg o m ery , Jacksonville, M obile, &c.—
V. 120. p . 332.
O F F IC E R S .— P res., N ew com b C arlton; V .-P s., G . W . E . A tkins ancf
J . C . W illever; T rea s.. G . K . H u n tin g to n ; Sec., A . F . B urleigh.— V. 120, p .
332.

ALL AMERICA CABLES, INC.
O R G A N IZ A T IO N .— In c o rp . in N . Y . F eb . 1 1881 as C e n tra l an d S outh
American T elegraph C o. b u t n am e c hanged to All A m erica C ables, In c .,
M ar. 10 1920. Owns th e e n tire o u tsta n d in g sto ck of th e M exican Tele­
graph Co.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— T he
co. in conjunction w ith th e M exican T elegraph C o. ow ns, m a in ta in s and
operates lines of cables a n d connecting la n d lines extending from th e C ity of
New Y ork to th e C anal Zone, tou ch in g a t S antiago, C u b a, Santo D om ingo
a nd th e Isla n d of P o rto R ico, th e n c e so u th w ard th ro u g h th e S outh A m eri­
can republics on th e w est coast of S outh A m erica to th e A rgentine R epublic,
thence th ro u g h U ru g u a y , connecting w ith M ontevideo to Santos a n d
Rio de Jan e iro , in th e R epublic of B razil, also from th e A rgentine b y
d irect cable to R io de Jan e iro , B razil; an d also extending from th e C ity of
G alveston in th e S ta te of T exas, an d from th e C ity of N ew O rleans in th e
S ta te of L ouisiana, th ro u g h th e R epublic of M exico a nd th e republics of
C en tral A m erica a n d connecting w ith th e cables of th e said com panies in
th e P a n a m a C anal Zone an d S outh A m erica. T h e All A m erica C able
system com prises over 28,000 n a u tic a l m iles of cables a n d la n d lines.
ST O C K —
Date. Interest.
Outstanding.
Last D iv.
C om m on $40,000,000 ($100)______
_______ $27,574 500 O ct ’26, W*.
No funded d e b t.
Stock.— D ividends p ayable from 89 B road S t., N ew Y ork C ity .
D IV .) ’98-’15. 1916. ’17.1’18. T 9 . ’20-’22. ’23. ’24. ’25.
1926.
C ash j 6 y rly. 6&3ex. 6 6 6 M 7 y rly . 6
6
7 J a n .& J u ly ,lM %
In stock: 1890, 20% ; 1907, 25% ; 1917. 46% ; 1922, 20% .
E A R N IN G S .—-For calendar years:
Total In c . N et Income Fed.Tax. Dividends.
B al.,Surp.
L925-----------$4,170,392 $361,508 $1,887,613 $1,921,271
1924________
4,054,636
465.598
1,679,603
1,909,435
L923________ .$7,330,951
3,343,148
391,116
1,611,697
1,340,335
1922________ - 7,929,867
3,820,923
1,929,141
440,576
1,451,206
4,672,124
1921________ . 8,867,229
660.000
1,548,999 *1,706,795
1920________ . 9,664,901
5,010.696
2,514,906
950,000
1,545,790
* A fter d ed u ctin g $756,330 in v e n to ry a d ju stm e n t.

u

PUBLIC UTILITIES

Latest Earnings.*—E stim a te d earnings 6 m os. end. J u n e 30 1926, see
Y . 122, p . 3602.
O F F IC E R S .— C h airm an . W . E m len R oosevelt; P res., Jo h n L . M errill;
T re a s., F ra n k K . W arren ; Sec., H e n ry de la M o n tag n e J r.; C o m p ., G . L in­
coln J o s t. Office 89 B ro ad S t., N ew Y o rk .— V. 121, p . 1458, 2872, 3001.
V . 122, p . 93', 1606, 1760, 2037, 3402.

COMMERCIAL UNION TELEGRAPH CO.
O R G A N IZ A T IO N .— P o stal T eleg rap h C ab le C o . g u a ra n te es 6 % (J.& J .)
on sto ck .
STO CK A N D B O N D S—
Date.
Interest. Outstanding. M aturity.
Stock $500,000 ( $ 2 5 ) --------------------6 J -J
$500,000
________

INTERNATIONAL TELEPHONE & TELEGRAPH
CORPORATION.
O R G A N IZ A T IO N .— In co rp o rated u n d e r laws o f M ary la n d J u n e 16 1920.
S u b sid iary a n d associated com panies include C uban Telephone C o., P orto
R ico T elephone C o ., C uban-A m erican T el. & T el. C o ., an d C om pania
T elefo n ica N acional de E sp an a (V. 119, p . 1849,1963; V. 120, p. 453. 1586).
I n A p ril 1925 acq u ired a s u b sta n tia l in te re st an d on A p ril 17 1926 th e
rem ain in g sto ck in te re st held b y th e C om pagnie Fran caise p o u r l ’exploitatio n des Procedes T hom so n -U o u sto n , in th e Compagnie des Telephones
Thom son-Ilouston in F ran c e (V. 120, p . 3314; V. 121, p . 927). A cquired
on S ep t. 30 1925 all th e cap ital sto ck of th e International Western Electric
Co., In c . (a su b sid iary of W estern E lectric Co.) a n d a controlling in te re st
in th e M exican Telephone & Telegraph Co. (Y. 121, p . 977, 1677, 2637). In
O ct. 1925 th e In te rn a tio n a l W estern E lec. C o., In c ., was given th e new
n am e o f International Standard Electric Corp. V . 121, p . 2038. L a te in
1925 th e B arcelona (Spain) telephone sy stem w as acquired b y th e C om ­
p a n ia Telefonica N acio n al de E sp a n a. V . 122, p . 348. T h is la tte r co.
m odernizes S p ain ’s telephone sy stem , see V . 123, p . 1251.
Standard Electric Sonedad A n o n im a .— In J a n . 1926 th is .com pany was
organized in Spain for th e m a n u fa c tu re of telephone a p p a ra tu s an d equip­
m e n t a n d to o k over th e B arcelona fa c to ry , &c., o f th e Telefonos B ell, S. A.
a su b sid iary o f In te rn a tio n a l S ta n d a rd E lectric C orp. Sqe for nam es of
officers, &c., for th is new su b sid iary of In te rn a tio n a l T el. & T el. C orp.,
V . 122, p .6 1 0 .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e business o f th e c o rp o ra tio n , in accordance w ith th e te rm s o f its c h a r te r,
is to c a rry on a general telephone, teleg rap h , cable a n d w ireless business,
including th e co n stru ctio n an d o p eratio n of such com m unications, a nd th e
m a n u fa c tu re a n d d istrib u tio n of electrical eq u ip m en t a n d businesses
incid en tal th e re to in th e S tates, T errito ries or dependencies of th e U nited
S tates, except th e S ta te o f M ary lan d , a n d specifically to tra n s a c t such
business in C u b a, P o rto R ico a n d o th er islands of th e W est In d ies, M exico,
C en tra l A m erica, S o u th A m erica an d E u ro p e, as well as in an y o th er foreign
countries.
Stockholders o f reco rd F eb . 24 1925 w ere given th e rig h t to subscribe on
or before A pril 1 1925 to 89,975 a d d itio n al shares of c ap ital stock (par
$ 100) a t $83 a sh are. V. 120, p . 829, 1586. Stockholders o f record Sept. 15
w ere given th e rig h t to su b scrib e, incl. O ct. 1 1925, to 99.953 shares of
c ap ita l sto ck a t p a r ($100) in th e p ro p o rtio n o f one new for each th re e shares
held, p ay ab le in fu ll or b y in stallm en ts. V . 121, p . 1227. Stockholders
of record J u ly 27 1926 w ere given th e rig h t to subscribe on or before Sept. 1
1926 for a d d itio n a l c ap ital sto ck a t $100 on th e basis of one new share for
each tw o held. Subscriptions p a y ab le in fu ll 2 or 3 in sta llm e n ts. V . 122,
p . 3339; V . 123, p . 206.
T h e au th o rized c ap ita l sto ck w as increased from $50,000,000 to $100,000,000 in S ep t. 1925. V . 121, p . 1227.
B usiness ou tlo o k for 1926 a n d following y ears. See V . 122, p . 348
STO CK A N D B O ND S—
D ate.
Interest. O utstanding. M aturity
Stock $100,000,000 ($100)_________
6 Q -J
$61,272,100 O c t . ’2 6 ,1H
C onvertible gold deben b onds! 1925
5 A M -S 25,000,000 S ept. 1 1945
($500 a n d $ 1 ,0 0 0 )_____ c * /N a tio n a l C ity B ank o f N ew Y o rk, tru ste e .
Bonds o f Subsidiary Companies—
C u b an T elp h o n e C o 1st m tg e \ 1911
5 J -J
3,688,544 J a n I 1951
(£20, & c.)---------------------c * /I n t. a t E q u ita b le T r u s t C o ., N . Y ., tru s te e
C u b an T elephone Co f ir s t lien \ 1921
7 H M -S
4,311,600 S e p t.] 1941
a n d re f Ser “ A ” ($ 1 0 0 ,& c .)c * /In t. a t N a tio n a l C ity B an k . N . Y ., tru s te e
P o r to R ico T elephone C o. 1 st) 1914
6 J-D
842,000 D ec. 1 1944
m tg e ($100, & c.)-----------c * /In te re s t a t R oyal B an k of C an a d a .
T h e c ap ital sto ck is listed on th e N ew Y o rk , London a n d H a v an a Stock
Exchanges.
Bonds.— T h e 20-year 5 A % conv. gold d eb . bonds S ep t. 1 1925 are con­
v e rtib le a t th e o p tio n o f th e ho ld er on M arch 1 1926, o r a t a n y tim e there­
a fte r, p rio r to Sept. 1 1935 (or, if called for earlier red em p tion, u n til and
including su ch red em p tio n d a te ) in to com m on stock a t th e ra te o f $125 p rin ­
cip al a m o u n t o f bonds for $100 p a r v alu e o f stock. R edeem able, a t the
o p tio n o f th e c o rp o ratio n , in whole u p o n 60 d ay s' n otice, a t 105 an d in t.,
incl. Sept. 1 1930; a t 104 an d in t., incl. Sept. 1 1935; a t 103 an d in t.. incl.
Sept. 1 1940: a t 102, incl. Sept. 1 1941; a t 101% , incl. Sept. 1 1942; 100%
th e re a fte r u n til m a tu rity . In te re s t p ay ab le a t New Y o rk . J . P . M organ
& C o ., &c., sold in A ug. 1925 $25,000,000 a t 99 an d in te re st, to yield over
5 .5 8 % . V . 121, p .9 7 7 . L isted on N .Y . Stock E xchange. V. 122, p .8 8 3 .
T h e C u b an T elephone C o. 1st m tg e. 5s a re redeem able a t 105 on a n y in­
te re st d a te . $4,696,430 pledged as secu rity for first lien & ref. 7 A s .
Sinking fu n d , 1% p e r an n u m . In te re s t p ayable in N ew Y ork, London,
P a ris a n d H a v an a .
T h e C u b an T elephone C o. fir s t lien & re f. 7 A s a re secured b y pledge
o f $4,696,430 firs t m tg e. 5% b o n d s. M o rtg ag e p rovides for sem i-annual
sinking fu n d o f 1 % . R edeem able, all o r in p a rt, on a n y in te re s t d a te on
30 d a y s ’ notice a t 10714 an d in te re s t, betw een S ep t. 1 1931 a n d Sept 1
1936, b o th inclusive, an d a t 105 a n d in te re st th e re a fte r to m a tu rity . F or
earn in g s 1925 o f C u b an T elephone C o ., see V. 123, p . 82.
T h e P o rto Rico T elephone C o. first m tge. 6s are redeem able as a whole
a t 105 an d in t., o r in p a r t, th ro u g h sinking fu n d a t 105 a n d in t. M ortgage
pro v id es for sinking fu n d of 1% from 1918 to 1920, 1 H % . 1921 to 1925, and
2% th e re a fte r. F o r earnings 1925 o f P o rto Rico T elephone C o ., see
V . 122, p . 3607.
D ividends.— In itia l dividend of 1 A % w as p a id in O ct. 1920; since to a nd
incl. O ct. 1926 p a id 1 A % q u a r.

[V ol. 123.

E A R N IN G S .— C onsolidated earnings for calendar years;
1923.
1925.
1924.
$17,036,999 $5,841,161 $4,415,638
N on-operating re v _____. 1,341,213
287,596
1,240,152
T o ta l_______________ .$18,378,212
lain te n an c e , tax es, &c_ $8,953,362
D e p re cia tio n _________ 1
I n t., am o rtiz a tio n , & c ./ x2,230,573
Stm dry d e ductions_____
827,989
D ividends, p rio r s to c k ..
P ref. divs. C uba T el. Co)[
356,846
P ref. divs.P orto Rico Tel
1
. 1,727,232

$7,081,313
$2,340,842
680,413
676,485
26,254
213,358
1,303,372

1922.
$3,847,808
367,705

$4,703,234
$1,870,036
579,141
592,892

$4,215,513
$1,758,740
522,758
620,441

f 56,532
\ 120,000
1 20,583
966,067

64,478
120,000
20,667
892,339

$216,090
. $4,282,209 $1,840,589
$497,983
P ro fit an d lo s s ,s u r p lu s .. $5,367,956 $2,980,772 $1,140,183
$626,109
x A fter giving effect to fu ll a n n u al in te re st on bonds o u tsta n d in g issued
du rin g y ear to acquire p ro p e rtie s .
Latest E arnings.— F o r 6 m os. end. Ju n e 30 1926; T o ta l earngs, $9,964,730;
n e t, a fte r taxes & d e p re c., $4,800,660; n e t, a fte r sub. cos. in t., p re f. divs.
a n d m in o rity pro p o rtio n of su rplus, $2,780,195.
O F F IC E R S .— P re s ., Sosthenes B ehn; V .-P . & T re a s., H e n ry B . O rde
V .-P s., H ern a n d B eh n , Lewis J . P ro cto r, M . C . R o rty , G eorge E . P ingree
P hilip K . C o ndict, O restes F e rra ra an d C arlos T . P a rra g a , H a v an a ; Y .-P
a nd G en. A tty ., W . H . P itk in ; Sec. L ogan N . R ock; G en. C ounsel, George
H . G ardiner; C o m p tro ller, E dw in F . C kin lu n d . O ffices, 41 B road St.
N ew Y ork a n d H a v a n a , C u b a.— V. 121, p . 977, 1227, 1788, 2038, 2750,
2637; V. 122, p . 348, 610, 883, 1455, 28-50, 2799, 3339, 3468: V . 123, p . 206,
324, 1113, 1251, 1634, 1762.
M E X IC A N T E L E P H O N E & T E L E G R A P H C O .
On Sept. 1 1925 th e Federal D istric t p la n ts (com prising a b o u t tw o -th ird s
of th e to ta l telephones in c o .’s system ) w hich h a d been held an d o p erated
b y th e Federal G o v t, of M exico since 1915, w ere tu rn e d b a ck to th e co.
a n d settlem e n t w ith th e G overnm ent w as effected covering th e period th e
p la n ts w ere held a n d o p erated b y th e G ovt. C o. holds a local long te rm
concession g ra n tin g co. th e rig h t to develop its sy ste m in M exico C ity .
C o. also secured fro m th e Federal a u th o ritie s a long te rm concession to
establish a n d o p erate a long distance sy stem th ro u g h o u t th e R epublic of
M exico. V . 123, p . 83.
Bonds.— All of th e co’s o u tsta n d in g Is/ ref. & ext. mtge. 5% 2 0 -yr. s. f .
gold bonds, dated Feb. 1 1910, w ere called for p a y m e n t A ug. 2 1926 a t 105
and in t. As th e in te re st on these bonds h a s been in d e fa u lt since A ug. 1
1915 th e to ta l p a y m e n t w as to be $1,600 for each $1,000 b o n d . V . 122,
p . 3453.
O F F IC E R S .— P re s ., H e rn a n d B eh n .— V. 122, p . 3453; V . 123, p . 83.

(THE) MACKAY COMPANIES.
O R G A N IZ A T IO N .— A v o lu n ta ry association form ed u n d e r tr u s t deed
of D ec. 19 1903 a n d m anaged by 9 tru s te e s, elected a n n u ally . P rese n t
tru ste e s are: C larence H . M ac k a y , F . L . P o lk , M . W . B lackm ar, C harles
H . Sabin, Lewis L . C larke, W illiam J . D eegan, M o rto n S. P a to n , John
G oldham m er (N ew Y ork), C harles R . H osm er (M ontreal)
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns e n tire $25,000,000 stock of C om m ercial C able C o. an d th e entire
c ap ital of th e P o stal T elegraph system ; also c ap ital stock in o th e r cable,
teleg rap h an d telephone com panies in U nited S ta te s, C an a d a an d E u ro p e.
See V . 84, p . 448; V . 85, p. 407; V. 86, p . 476; V. 89, p . 848. R ights of
sto ck , V . 84, p . 870. G o v t, valu atio n in 1918, V . 106, p . 1465, 1581. In
J a n . 1922 th e com pany announced th e com pletion of a c o n tra c t w ith th e
G erm an A tla n tic C able C o. for a dire c t cable from this c o u n try to G e rm a n y .
w hich w as expected to be com pleted a p p r. O ct. 1926. See V. 122, p .609
u n d e r “ C om m ercial C able C o .” See fu rth e r V. 114, p . 312. See also
V . 119, p . 1847. A new tra n s a tla n tic cable of th e heav iest ty p e ever laid
was com pleted betw een N ew Y ork a nd H a v re , F ran c e , via C anso, N ova
S cotia, an d th e Azores Islan d s, d u rin g 1923.
In A ug. 1922 e n te re d in to a cable alliance w ith All A m erica C ables, In c
V . 115, p. 1106. In S ept. 1922 e n te re d in to an ag reem en t w ith R adio C orp.
of A m erica. V . 115, p . 1329.
On J u ly 31 1919 th e G overnm ent su rren d ered c o n tro l of all th e telegraph
cable an d telephone lines held by i t. V . 108, p . 1775, 1825, 1940, 2123,
2438, 2532; V . 109, p . 482. As to G o v ern m en t dem an d s, see V . 109, p.
1992; V . 110, p . 870, 1936; V . 112, p. 854. U nder I.-S . C . C om m , ju ris­
diction, V . I l l , p . 595.
C o n tra c t w ith M exican G o vernm ent to re n d e r a co m p etitiv e telegraph
and cable service in to a nd o u t of M exico e n te re d in to in th e e arly p a r t of
1926, see V . 122, p . 1608 u n d e r “ C om m ercial C able C o .”
R evision of ra te s to F ran c e an d P o la n d , see V . 121, p . 458.
ST O C K —
D ate. D ividends. O utstanding. Latest D it
$41,380,400 O ct ’26. 1M
Q -J
~ '
C om m on $50,000,000 ($100)..............
P referre d 4% cum $50,000,000
!
50,000,000 O c t ’26. 1%
($ 1 0 0 )___________________________f 4 Q-J
Stock.— P referre d is redeem able a t 106.
Dividends—
[ ’07-T 0. ’10-’16. T 7 . T 8 -'2 2 . ’23. ’24-V26
On co m m o n _________ .... % | 4 y ’rly 5 y ’rly 5 A 6 y ’rly 7& 10ext. 7
E A R N IN G S .— F o r calendar years
1925
H 924
1923.
R eceip ts_____________________________$4,801,207 $4,787,286 $4,898,564
O perating expenses, F e d ’l taxes, & c._
184,937
173,955
292,489
D ividends p a id _____________________ 4,605,701
4,601,561
4,596,502
B alance, s u rp lu s_________________
$10,569
$11,770
$9,573
(T he policy of th e M ac k a y C om panies is to o b ta in fro m th e s u b o rd in a te
com panies only enough m oney to m eet th e divs. of th e M ac k a y C om pany
shares, all su rplus earnings being left in th e tre a su rie s of th e su b o rd in a te
com panies for extensions a nd th e d evelopm ent of th e business a n d th e in ­
crease of reserves.)
O F F IC E R S .— P r e s ., C larence H . M ackay: V ,- P . & S ec. W m . J D e e g a n .
T rea s., M ilto n W . B lackm ar. Offices, 100 S ta te S t.. B oston, a n d 253
B roadw ay, N ew Y o rk .— V . 119. p . 1402; V . 120. p . 957, 2545; V . 121, p.
458, 1101. 1569; V . 122, p . 1026, 1917.

ASSOCIATED TELEPHONE UTILITIES CO.

Edward B. Smith & Co.
5 Nassau Street

1411 Chestnut St.

NEW YORK

PHILADELPHIA




1 Federal St.
BOSTON

O R G A N IZ A T IO N .— In co rp o rated in D elaw are.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. controls th ro u g h stock ow nership a group of p u blic u tility p roperties
serving w ith o u t com petition a to ta l p o p u la tio n in excess of- 220,000 in
C alifornia, W isconsin an d Illinois. T h e su b sid iary cos. a re engaged p ri­
m a rily in th e telephone business, operating a to ta l of 35,764 sta tio n s having
to ll connections w ith th e B ell System . T h e C alifornia te rrito ry includes
th e cities of Long B each (population a b o u t 125,000) a n d San B ernardino
(population a b o u t 37,000).
On Sept. 24 1926 increased its a u thorized c ap ital stock fro m 120,000 to
200,000 shares, no p a r valu e, to consist of 50,000 shares p rio r p re f., 50,000
shares p re f., a n d 100,000 shares com m on stock.
S T O C K A N D B O N D S—
Date.
Interest. O utstanding. M atu rity.
_______
32,300 shs. __________
C om m on 100,000 shs.(no p a r ) . ____
$7 cum p rio r p re f 50,000 shs.
10,128 shs. ______ = ....
(no p a r ) ___________________ _____
$7 Q-M
$1,500,000 Sept 1 1941
15-yr conv d e b t ser A ($1,000-/ 1926
6 M -S
$500c*)________________ tf \ C o n t ’l & C om ’l T r. & S. B k ., C hicago, T ru s.
C om m onw ealth T el Co 1st M . ____
5A
325,000 A pril 2 1945
A ssociated Tel Co m tge & c o ll/ 1920
6 F-A
1,599,600 A ug 1 1950
t r ($l,0 0 0 c* )___________ t f \ T i t l e In s. & T ru s t C o., Los A ngeles, T ru s.
M in stocks in h a n d s of p u b l i c . ____
_______
257,000 __________
Stock.— T h e $7 cum . prior pref. stock is p referred as to b o th assets ($115
in v o lu n ta ry liquidation) a nd cum . divs. over com m on sto ck . R ed. on 30
d a y s ’ notice a t $115 & divs. In Sept. 1926 P aine, W ebber & C o. offered
10,128 shares a t 98 a n d div s., to yield 7 .1 4 % . V . 123, p . 1630, 1873.
D ebentures.— T h e 15-year conv. gold d eb en tu res series A dated Sept. 1
1926, a re convertible a t a n y tim e p rio r to red em tp io n or m a tu rity in to no
p a r v alu e $7 cum . p rio r pref. sto ck u pon basis of one sh are of sto ck for
each $100 of deb en tu res. R ed. a t a n y tim e, all or p a rt, on 30 d a y s ’ notice
a t 105 to a n d incl. S ept. 1 1936 a n d th e re a fte r a t 1% less each succeeding
y e ar or p o rtio n thereof, p lus in t. in a ll cases. In t. p a y ab le in N ew Y ork
a n d Chicago. P e n n ., C onn, a n d C alif. 4-m ills an d M ass. 6 % taxes re ­
fundable. In Sept. 1926 P aine, W ebber & C o., N ew Y o rk , an d M itch u m ,
T u lly & C o., San Francisco, sold $1,500,000 6 % series A a t 99 a n d in t
V . 123, p . 1630, 1873.

Oct., 1926.]

15

TELEPHONE AND TELEGRAPH

E A R N IN G S .— F o r 12 m os. end. J u n e 30 1926
G ross earnings, $1,076,764; op eratin g ex p ., m a in t. & taxes, $522,031; n e t before deprec.,
$554,733; in t., a m o rt. & m in . sto ck in te re st, $275,964; a n n u al dividends
req u irem en t on $7 p ref. sto ck , $70,896; b alance, $207,873.
O F F I C E R S — P res., M arsh a ll E . Sam psell.— V . 123, p . 1630, 1760. 1873.

PENINSULAR TELEPHONE CO.
O R G A N IZ A T IO N .— In c o rp . in Florida in 1901. In O ct. 1923 acquired
th e p ro p erty o f th e W est C o ast T elephone C o. of S t. P e te rsb u rg , F la.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns and o p erates, w ith o u t co m p etitio n , th e cen tral sta tio n telephone
system s in T a m p a , S t. P e te rsb u rg , P o rt T a m p a a n d 16 su rro unding cities
and tow ns, all of w hich are connected by toll lines of th e co. T h e toll lines
extend to 11 o th e r n earb y cities and tow ns of S outh F lo rid a. C onnections
are m ade w ith th e long-distance lines of th e A m erican T el. & T el. Co.
un d er c o n tra c t. P o p u latio n served, including S t. P etersb u rg , over 400,000.
On D ec. 31 1925 o p erated 42,634 telephones.
ST O C K A N D B O N D S — Date.
Interest
O utstanding. M atu rity.
C om m on ($100)______________
_________ _
$2,306,909 ^ p r ’2 6 ,lM
P ref 7% cum ul Ser A ( $ 1 0 0 ) - - ____
7 Q -J
2,300,000 J u ly '25 1H
F irs t m tg e g bonds $5,000,000 f 1926 5M g J - J
4,500,000 J a n 1 1951
5>2 series ($1,000, $500 c*,( Irv in g B an k-C olum bia T ru s t C o ., N . Y .,
$1,000. $5,000, $ 10,000 r ) t f ( C ity , tru ste e .
10-yr. conv. deb bds Ser A f 1924
6 K g A -0
421,500 A pr 1 1934
($500 & $1,000) g o ld ._ c * tf (In t. a t B ankers T ru s t C o ., N . Y ., tru ste e
T o tal c ap ital stock a u th o rized (pref. and com m on) is $10,000,000.
Stock.— P ref. is red . all or in p a rt on a n y d iv . d a te on 60 d a y s’ notice a t
110 & divs. In N o v . 1923 $300,000 7% cum ul. p ref. Series A w as offered by
Coggeshall & H icks, N . Y ., a t 100 & d iv ., a n d $1,250,000 in A pril 1925,
also a t 100 a n d d iv. V . 120, p . 2270; V . 117, p . 2002.
Bonds.-—T h e first m tg e . gold bonds a re secured b y d irect firs t m ortgage
on all of th e fixed assets of th e c o m p a n y w ith th e exception only of a few
m inor parcels. T h e 546% series d u e 1951 is lim ited to $5,000,000. A d d ’l
bonds of th is or o th er series o f such te n o r as d irecto rs fro m tim e to tim e
m a y d eterm ine, m a y be issued for (a) refu n d in g p urposes, (6) a g ain st
cash deposited w ith tru ste e , (c) for 80% of ad d itio n s, new constru ctio n ,
&c., an d pro v id ed n e t earnings for twelve consecutive m o n th s h av e been
a t least tw o tu n es a n n u al in te re st charges on a ll o u tsta n d in g first
m ortgage gold bonds, including new issue. A sinking fu n d of 1% per
an n u m , p ay ab le sem i-annually, com m encing Ju n e 1 1927, is to be used
to p u rch ase th ese bon d s a t o r below 102 and in te re st for th is 5 A % series,
due 1951, otherw ise th e m oneys m ay be used to reim b u rse th e com pany for
pro p erties for w hich a d d itio n a l bonds m ig h t otherw ise be issued. C allable,
whole or p a r t, on or before J a n . 1 1949 a t 105 an d in te re s t, th e re a fte r a t
100 an d in te re s t on 30 d a y s’ notice. In D ec. 1925 C oggeshall & H icks and
B odell & C o ., N ew Y o rk , offered $3,500,000 a t 100 and in t. Y. 121, p. 3132.
In Ju n e 1926 th e sam e b ankers offered $1,000,000 a d d itio n a l 5 A % series a t
101J4 an d in t. to yield over 5.4 0 % . V. 122, p . 3607.
10-year conv. d eb . 614% bo n d s. Series A, a re co n v ertib le in to com m on
stock a t th e o p tio n of th e b o n dholder before A pr 1 1931 on th e following basis:
T h e first $450,000 principal a m o u n t of d eb en tu re bonds to be presented
for conversion will be converted on th e basis of ten shares of stock for
each $1,000 b o n d , th e next $450,000 on th e basis o f 914 sh ares for each
$1,000 b o n d , and th e next $350,000 on th e basis of 9 shares for each $1,000
bond. A re redeem able all or p a rt on a n y in te re st d a te on and a fte r O ct. 1
1926 upon 30 d a y s ’ notice a t 105 up to and including A pril 1 1929, and
thereafter a t 100 plus IS of 1 % for each full y ear or fraction th ereof p rio r to
m a tu rity . $1,250,000 Series A 614% conv. deb en tu res were sold m Ju n e
1924 by Coggeshall & H icks and Bodell & C o .. N . Y ., a t 98 and in t., to
yield over 6 % % . V. 118, p . 2835. $828,500 h a s been c o nverted in to
com m on stock.
Dividends—
\ ’15. T 6. T 7 . T 8 . T 9 . ’20. ’21. ’22. ’23. ’24. ’25.
3 4
6
6 6
6
614 7
7 7
On com m on, c ash __ % j 2
On com m on sto c k __ % [ __ . .
..
_
5 - - - - 10
- - 20
..
E A R N IN G S .— F o r calen d ar yearsN et after
Depre- Interest Preferred
Gross
M aintenance, ciation. Charges.
D ivs.
Balance.
1925_____ $1,690,644 $600,754 $244,823 $82,285 $114,360 $159,286
1924_____ 1,161,653
452,369
200,454
74,647
51,518
125,750
1923_____
852,058
372,157
171,390
62,897
25,998
111,872
O F F IC E R S .— P res. & G en. M g r., W . G. B rorein; V .-P . & Sec., C . D
B rorein; T rea s., O. E . D u n a n .— V. 118, p. 2835; Y . 120, p . 2720, 3315
V . 121, p . 3005, 3132; V. 122, p . 95, 3455, 3607.

C o m p an y c o n tra c ted in 1924 w ith B runsw ick-B alke-C ollender C o ., and
in 1925 w ith V ictor T alking M achine C o. for th e sale of rad io a p p a ra tu s in
c om bination radio-phonograph in stru m e n ts.
In. S ept. 1922 entered in to an agreem ent w ith th e P o sta l T elegraph C able
C o. for use of th e la tte r ’s la n d line system all over th e U nited S tates for the
collection an d delivery of tra n s-A tla n tic radio m essages. V . 115, p . 1331.
In te re s t in Federal T elegraph C o. of D elaw are. Y. 115, p . 1435.
A nnounced in A ug. 1921 th a t th e co. had acquired control of all th e coastal
statio n s of th e In te rn a tio n a l R adio T elegraph C o. V. 113, p . 1061, 1162.
T h e Federal T ra d e C om m ission, in a c om plaint issued J a n . 28 1924,
charged m onopoly in rad io a p p a ra tu s an d com m unication. C om pare
V. 118, p . 515.
In tro d u ctio n of new ra d io tro n s a nd re c tro n s . see V . 1 2 1 ,p . 1103. An nual
re p o rt 1924, V . 120, p . 2679. P a te n t su it b ro u g h t b y D e F o rest R adio
C orp. dism issed in N o v . 1925 b y Ju d g e M orris in th e U . S. D istric t C o u rt
a t W ilm ington, D el. V . 121, p . 2522.
ST O C K A N D B O N D S—
Date.
Interest O utstanding. M aturity.
C om m on 1,500,000shs ( n o p a r ) ____
_________ l,155,400shs. _________
P ref stock 7% cum Ser fiA ”
$25,000,000 ($50)_______________
7 Q -J
$19,779,870 O c t.’26, 154
Stock.— T h e stockholders on M a y 6 1924 am ended th e c h arte r of th e cor­
p o ration so as to reduce th e n um ber of shares o f a u th . pref. stock from 5,000,000 (par $5) to 500,000 (par $50) a n d th e a u th . no p a r value com m on stock
from 7,500,000 to 1,500,000 shares. T h e 7% cum . ser. A p re f. sto ck , for
which th e old p re f. w as exchanged a t th e ra tio of 10 shares for one share
of th e new stock. T h e old com m on stock w as exchanged a t th e ra tio of
5 shares for one share of th e new or “ A ” com m on sto ck . T h e “ A ” com m on
stock a nd th e “ A ” p re fe rred are listed on th e N ew Y ork Stock E xchange.
D ividends.— Preferred dividends a re being p aid re g u la rly . N o com m on
dividends h a v e been p a id .
E A R N IN G S .— F o r c alen d a r years:
1925.
1924.
.1923.
1922.
G ross s a le s ...,_________ $46,251,786 $50,747,202 $22,465,091 $11,286,489
F rom trans-oceanic com ­
m u n ic a tio n __________ 3,418,179 3,358,584
3,191,559
2,914,283
F rom m arine service____
735,179
742,345
738,140
630,084
T o ta l gross i n c o m e ...$50,405,144 $54,848,131 $26,394,790 $14,830,857
Deduct— G en. oper. a nd
adm in, ex p ., d e p r. &
cost of sales________ -. 45,431,937 45,838,398 21,833,040 12,126,465
B alan ce__________ . . . $4,973,207
O ther incom e__________
763,999

$9,009,733
493,709

$4,561,750
176,024

$2,704,392
270,188

N e t incom e...................... $5,737,206
$9,503,442 $4,737,774 $2,974,580
A p p lied as follows—
R es. for a m o rt of p a te n ts
$960,145
$989,907
$931,460 $2,480,576
R eserve for Federal ta x .
700,000
1,100,000
500,000
270,000
P ro p o rtio n of organiz’n
expenses w ritte n o f f ..
______
275,000
277,805
224,004
A m o u n t w ritten -off for
losses, &c___________
______ , x l ,356,357
______
______
R es. a g st. foreign in v e s t.
524,068
414,236
______
______
A m ount w ritten off con­
tra c ts , goodw ill, &c__
700,000
626,699
--------------- T ransferred to s u r p lu s ..
2,852,993
4,741,242 3,028,509
------x Including (1) $768,513 w ritte n off on acco u n t of a scertained losses sus­
ta in e d on in v e stm en ts in associated a nd subsidiary com panies tak en over
from th e M arconi W ireless T elegraph C o. of A m erica, an d (2) $587,844 set
aside for reserve a g ain st a cc o u n t due b y M arconi W ireless T elegraph Co.
3 M os. E nd.
Latest Earnings—
M a r. 3 1 ’26.
Gross incom e from sales, com m unica­
tio n s a nd o th e r incom e___________ $16,552,195
xO per. expenses, &c________________ 14,763,684

3 M os. E nd. ft M os. E nd.
June 3 0 ’26. June 3 0 ’26.
$7,655,438 $24,207,633
7,573,418 22,337,102

Surplus p ro fits ___________________ $1,788,511
$82,020 $1,870,531
x G eneral operatin g an d a d m in is. expenses, d e p re c ., cost of sale s, a m o rtiz .
of p a te n ts, e stim ate d F eu . incom e ta x a nd accrued reserve for year-end
a d ju stm e n ts .
O F F IC E R S .— C h airm an , Owen D . Y oung; P res., Jam es G . H arbord;
V .-P . & G en. M g r., D av id Sarnoff; V .-P . & G en. A tto rn e y , W m . BrownSec., Lewis M acC onnach; T re a s., Geo. S. D e Sousa; C o m p ., C h arles J .
R oss.— V. 121, p . 460, 1103, 1790, 2158, 2522; V. 122, p . 749, 2497, 2652;
V. 123, p . 583, 844, 1505.

RADIO CORPORATION OF AMERICA.
O R G A N IZ A T IO N .— In c o rp . in O ct. 1919. H a s c o n tra c ted to use and
sell th e p a te n ted rad io , &c., devices o f th e G eneral E lectric C o. and W estinghouse E lectric & M fg. C o.; also acq u ired all th e p ro p e rty of th e M arconi
W ireless T elegraph C o. of A m erica (except its m a n u factu rin g p la n t, which
w as sold to th e G eneral E lectric C o.) its claim s ag ain st th e U n ited S tates
G o vernm ent a n d claim s a g ain st in d iv id u a ls on in fringem ent acco u n t. V.
109, p . 1704. T h e p la n w as ra tified b y th e stockholders of th e M arconi
W ireless T eleg rap h C o. of A m erica on N o v . 20 1919 an d th e la tte r com pany
w as dissolved.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O p erates in te rn a tio n a l rad io co m m u n icatio n c ircu its w ith (1) G reat
B rita in , (2) N o rw ay , (3) G erm an y , (4) F ran ce, (5) Ita ly , (6) P o lan d ,
(7) J a p a n , (8) H aw aii, (9) H a w a ii-Ja p a n , (10) A rg en tin a, (11) Sw eden,
(12) D u tc h E a s t In d ies, (13) B razil. In N o v . 1924 th e P h ilip pine Legis­
la tu re g ra n te d to co rp o ratio n a concession for th e erection of a tra n s ­
oceanic s ta tio n a t M an ila. V. 120, p . 2679. T h e circu it to th e D u tc h
E a s t Indies, opened in 1925, also furnishes a fa st a n d reliable “ th ro u g h ”
ro u te to H o llan d . Sells p a te n te d rad io devices in U . S. an d various o th er
c o u n trie s.
O perates b ro ad castin g statio n s in N ew Y ork C ity , W ash in g ton, D . C .,
a nd B ound B rook, N . J ., a n d o th e r statio n s acq u ired la te r. C om pare
V . 123, p . 844. C orp. Was to assum e activ e co n tro l of b ro ad castin g statio n
W E A F in N ew Y ork C ity , w hich it had prev io u sly b o u g h t fro m A m erican
T el. & T el. C o. I t in co rp o rated th is sta tio n u n d e r th e nam e of N a tio n a l
B roadcasting C o .. In c . P re s ., M . H . A ylesw orth. V . 123, p . 1505.
T h e new trans-oceanic com m unication statio n o f th e com pany a t R ocky
P o in t, L . I ., said to be th e m o st pow erful in th e w orld, w as opened for
public use on N o v . 5 1921. V . 113, p . 2087, 2625. O th e r trans-oceanic
com m unication statio n s a re lo cated a t R ocky P o in t and R iv erhead, L . I.;
C h ath am and M ario n , M ass.: N ew B runsw ick a n d T u c k e rto n , N . J .;
Bolinas and M arsh all, C alif., a n d K a h u k u an d K oko H ead , H aw aii. T he
com pany owns and operates a n u m b e r o f m arine coastal radio statio n s for
com m unication w ith ships a t sea, th e m arine statio n a t C h a th a m , M ass.,
being th e m o st pow erful m arin e s tatio n on th e A tla n tic C o ast.




W e S p e c ia lize in

Peninsular Tele] }hone
Company
(Florida)
ALL ISSUES

Co g g esh a ll & H

ic k s

Members New York Stock Exchange
111 B RO AD W AY

N EW YORK

16

PUBLIC UTILITIES

[V ol. 123.

Gas and W ater Companies
LOCATED IN UNITED STATES

CONSOLIDATED GAS CO. OF NE\V YORK.
O R G A N IZ A T IO N .— O rganized N o v . 11 1884 as a consolidation, a nd
in 1899-1900 secured co n tro l o f all th e o th e r gas cos. and of all th e electriclig h tin g p ro p erties in M a n h a tta n , N . Y . C ity . V. 78, p . 105, 1964; V. 79,
p . 105, 629; V. 83, p . 1414; V. 84. p . 219; Y. 86, p. 282: V. 92, p . 257: V. 97.
p . 240, 301; V . 112, p . 165. Franchise ta x a tio n , V . 102, p . 253. T h e
N . Y . P . S. C om m , in A ug. 1922 g ra n te d th e N ew Y ork M u tu a l G as L ight
C o. perm ission to tra n sfe r its p la n t an d sy stem to th e C onsolidated G as Co.
for $9,012,275. Y . 114, p . 2725; V . 115, p . 190, 995, 1216. C o .’s controlled
com panies a re th e following
A sto ria L ig h t, H e a t & P o w er C o.
C ons. Teleg. & E lec. S ubw ay C o.
N ew A m sterd am G as C o.
U n ited E lec. L ig h t & Pow er Co.
E a s t R iv er G as C o. o f L . I . C ity
B ru sh E lec. Illu m in atin g C o. of N .Y .
C en tra l U nion G as C o.
N . Y . & Q ueens E l. L t. & P r. C o.
N o rth e rn U nion G as C o.
B ronx G as & E lectric C o.
S ta n d .G as L t.C o . o f th e C ity o f N .Y . W estch ester L ighting Co.
N . Y . & Q ueens G as C o.
N o rth e rn W estchester L ighting C o.
N ew Y ork Edison C o.
Peekskill L ighting & R R .
Y o n k ers E lectric L ig h t & Pow er C o. N a tio n a l Coke & C oal C o.
Edison L ig h t & P o w er In s ta lla tio n
M u n icip al Lighting Co.
C o.
T a rry to w n T erm inal C orp.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— T he
co. directly and th ro u g h its subsidiaries does p ractically th e entire gas and
electric lig h t a n d pow er business in th e boroughs of M a n h a tta n , B ronx
a n d Q ueens, a n d in W estchester C o u n ty .
In 1906 a law was passed red u cin g th e p rice in New Y ork C ity to 80 cents
per 1,000 cu . f t., beginning M ay 1 1906, except in ou tlying d istric ts.
V. 82, p . 572. 807, 931; V. 90, p . 301. In J a n . 1909 th e U . S. Suprem e
C o u rt held 80-cent fe a tu re of law to be v alid u n til given a fair tria l. In
J a n . 1919 th e co m p an y b ro u g h t su it to hav e th e 80 cent ra te declared con­
fiscato ry . F in al re p o rt d eclaring th e 80-cent ra te confiscatory was handed
dow n by Special M aste r A brah am S. G ilb ert in M ay 1920. A tem p o rary
in ju n ctio n re stra in in g th e au th o ritie s from enforcing th e 80-cent ra te was
h an d ed dow n on Ju n e 29 1920. V. I l l , p . 76. Federal Ju d g e L earned
H an d on A ug. 4 1920 a n d Ju d g e Ju liu s M . M ay er in April 1921 han d ed down
decisions upholding in n early all respects th e recom m endations of Special
M aster A . S. G ilb ert in th e case of th e company, to the effect th a t th e 80-cent
gas law was co n fiscato ry . V . I l l , p. 592; Y. 112, p . 162u.
T h e c o m p a n y , actin g on a d ecree signed on Feb. 28 1921, by Federal Ju d g e
H an d refusing th e a p p licatio n o f th e S ta te a n d c ity officials th a t th e co u rt
fix a definite ra te for th e co n tin u a tio n of th e supply of gas a fte r M arch 1,
announced th a t th e ra te for gas w ould be increased from $1.20 to $1.50 per
1,000 cu. f t., effective M arch 1 1921. Beginning A ug. 1 1921 it was
announced ra te s w ould be reduced to $1.25 an d beginning O ct. 1 1922 th e
ra te was fu rth e r red u ced to $1.15. V. 115, p . 1104.
T h e U . S. Suprem e C o u rt in a unanim ous decision h an d ed dow n M arch 6
1922 held th a t th e 80-cent gas law of 1906 is co n fiscato ry . T h e Suprem e
C o u rt also ren d ered a sim ilar decision in th e case of th e N ew Y ork & Queens
G as C o. a n d th e K ings C o u n ty L ighting C o ., holding in th e ir case th a t
th e $1 ra te of 1916 w as also confiscatory.
T h e C o u rt also ordered th a t all im pounded funds be p ro m p tly released
to th e gas com panies s u b jec t only to deductions of such costs as are clearly
assessable to th e prevailing p a rty . T h e case was rem an d ed b a ck to the
lower c o u rt for fu rth er proceedings in co nform ity w ith th e decree. [The
full te x t of th e decision is given in V . 114, p . 1023.]
In fu tu re , according to th e decision, th e N . Y . P . S. C om m ission shal
fix ra te s th a t are n o t co n fiscato ry a n d th a t are in co n fo rm ity w ith the
C o u rt’s decision. V. 114, p . 1023, 1067. C om pare V. 119, p . 2877
V. 120, p. 329.
A doption of B . T . U . s ta n d a rd , V. 115, p . 1104; V. 116, p . 520.
Jam es G . G rah am , special m a ster, a p p o in ted by th e F ederal D istric t
C o u rt to h ear th e action b ro u g h t b y th e C onsolidated G as C o. of N . Y .,
N . Y . & Q ueens Gas C o. a n d b y th e B ronx G as & Elec. C o. a g ain st the P . S.
C om m ission an d A tt’y-G en. C arl Sherm an in J u n e 1924, h a n d ed dow n an
opinion in J u ly 1924 in which he holds th a t th e $1 gas law passed b y th e
New Y ork S ta te L eg islatu re a t th e 1923 session is u n c o n stitu tio n a l a nd con­
fiscato ry as applied to th e p la in tiff com panies. V. 118, p . 440. O pinion
o f special m a ster u p h eld b y F e d e ra l C o u rt. V. 120. p . 2145. A ppeal by
A tto rn ey -G en eral, Suprem e C o u rt decision aw aited in Ju n e or du rin g th e
la tte r p a r t o f 1926. V . 122, p . 1161.
On A ug. 21 1925 b o u g h t th e A cadem y o f M usic Bldg, on Irv in g Place,
N ew Y ork C ity . V. 121, p . 1460.
ST O C K A N D B O N D S .— D ate.
Interest. Outstanding. M aturity.
S to ck , 3,600,000 shs (no par) _ _ ____Q -M 15
3,600.000shs. S e p t '26 $1.25
P a rtic p f 6 % cum $15,000,000
($50) — . . _____________________
Q -F
$15,000,000 A u g ’2 6 1 ^
20-yr d e b en tu re s ($500
1925
5)4 g F-A 50,000,000 F eb 1 1945
$ 1,000 c* & $1,000, $ 5 .000-i In t. a t N a tio n a l C ity B an k , N ew Y ork,
& $ 10,000 r) g o ld _________ l tru s te e .
Bonds o f Companies Controlled—
5 g J -D
15,000,000 D ec 1 1948
N Y E d -N Y G & E L H & P l 1898
1st M tg e $15,000,000 ($1.-1
____c * & r[In t a t G u a ra n ty T ru st C o, N Y , T ru ste e
000) g
N Y E d 1st lien & re f ser “ A ” . ( 1921 6J4 A-O
30,000,000 O ct 11941
Series ‘‘B ’’______________ \ 1924
5 g A-O
30,000,000 O ct 11944
($500, & c)__________ c*&r* lin t, a t N a tio n a l C ity B an k , N . Y ., T ru ste e
P u rch m oney m tg e $21,000,-1 1899
4 g F-A
20,888,000 Feb 1 1949
000 ($1,000) g o ld _______ c * /In t a t C en tra l U nion T ru s t C o, N Y , T ru s
E dison Elec 111 N Y 1st co n s\ 1898
5 g J-J
2,188,000 J u ly 1 1995
M $15,000,0 0 0 ($ l,0 0 0 )g -C * /In t a t G u a ra n ty T ru st C o, N Y , T ru ste e
U nited Elec L t & Pow C ol 1921
63*4 A-O
30,000,000 O ct 1 1996
1st m tg e_________________ (I n t. a t N a tio n a l C ity B an k . N . Y ., T ru ste e
New A m ster'm 1st cons $20,-1 1898 5 g J - J
10,635,000 J a n
1 1948
000,000 ($1,000 &c) g -C *& r/C entral U nion T ru s t C o .. N . Y ., T ru ste e
Bonds Assum ed by N ew A m st. G. Co.—
E q u it G L t cons (now l s t ) \ ____
5 g M -S
3,500,000 M a r 1 1932
M ($1,000) gold________ (In t. a t C e n tra l U nion T ru s t C o., N . Y ., T r.
N Y & E R iv er G as 1st M \ 1894 5 g J - J
3,500,000 J a n
11944
($1,000) g o ld________ c * /I n t. a t G u a ra n ty T ru st C o ., N . Y ., T ru ste e
1st cons M $5,000,0001 1895 5 g J - J
1,500,000 J a n
11945
($1,000) g o ld______c * (Irv in g B ank-C olum bia T r . C o ., T ru ste e
C e n tU n G as gu ar p & i N [ 1898 5 g J -J
3,500,000 J u ly 1 1927
Y & E R iv ($1,000)_ c*(C entral U nion T r u s t C o ., N . Y ., T ru ste e
S ta n d a rd G as L t 1st M $1,-1 1890 5 g M -N
1,195,000 M a y 1 1930
500,000 ($1,000) g o ld ____c / I n t . a t B an k ers T ru st C o ., N . Y ., T ru ste e
W estch L tg 1st M assu m ed l 1900 5 g J-D
8,533,000 Dec 1 1950
$10,000,000 ($1,000) g _ _ c * /In t. a t E q u itab le T ru st C o ., N . Y ., T ru ste e
N Y & W L gen M $10,000,-1 1904
4 g J-J
10,000,000 Ju ly 1 2004
000 gu ar p & i ($1,000) g .c * /I n t. a t C en tral U nion T ru st C o ., N . Y ., T r.
D e b e n tu re s $2,500,000 guar ; 1904
5 g J-J
2,500,000 Ju ly 1 1954
_
p rin & in t ($1,000) g o ld _ / I n t . a t C en tral U nion T r u s t C o ., N . Y ., T ru s




STO CK A N D B O ND S—
Date.
Interest. O utstanding.
M a tu rity
Nor W estchester L tg Co 1st] 1905
5 g J-D
618,000 J u n e 1 1955
cons $1,000,00 0 ($ l,0 0 0 )g c* (I n t. a t E q u ita b le T r u s t C o ., N . Y ., T ru ste e
Peekskill L tg & R R .— See fu rth e r below —
N Y & Queens E l L t & P 1st] 1900
5 g F-A
2,350,000 A ug 1 1930
M $ 2 ,5 00,000($l,000)g-C *fInt. a t C en tra l U nion T r. C o ., N . Y ., T ru s.
N Y & Q Gas Co 1st & gen M \ 1904
5 g F-A
816.000 Aug 1 1 9 3 4
$1,000,000 gold ________ c * /I n t. a tM e c h . & M eta ls N a t. B k ., N . Y ., T r .
Slock, &c.— T h e p referred stock w ill p a rtic ip a te in a ny d istrib u tio n of
earnings above $4 per share per annum on th e no p a r value com m on stock*
a t th e ra te of 1% per a n n u m for each $1 of ad d itio n a l d ividend above $4
per share per an n u m p aid on th e no p a r value com m on sto ck . C om pare
V. 115. p . 2271: V 116. p . 181.
Debentures.— T h e 20-year 514% debentures a re re d . all or in p a r t a t any
tim e upon 30 d a y s ’ notice a t 106 to & incl. F eb. 1 1930: a t 105 th e re a fte r
to & incl. F eb. 1 1935: a t 10314 th e re a fte r to & inch F eb . 1 1940, a nd th e re ­
a fte r to m a tu rity a t 10114 plus in t. to d a te of re d e m p tio n . In F eb. 1925
$50,000,000 w ere sold by th e N a tio n a l C ity C o ., N . Y ., a t p a r & in t. V.
120, p . 701. L iste d on N ew Y ork Stock E xchange in Ju ly 1925. V. 121.
p. 197.
Bonds.— F o r add itio n al de ta ils of various bond issues see under sep a ra te
com panies listed below .
Dividends—
f '06. ’07-'09. TO. T 1 -T 4 . T 5 . T 6-'21. '22. '23.
On com m on___________ % | 5 4 yearly 414 6 y ’rly 614 7 y 'rly 714 $5
On new stock of no p a r value M a r. 15 1924 p a id $1 25 a n d sam e am o u n t
regularly q u a r. since to a nd inch S ept. 1926. In itia l div. on pref. stock
of 1 M % paid M a y 15 1923; sam e a m o u n t p aid since.
E A R N IN G S .— F o r calendar years
Combined Earnings Statement U nci. Subs. & A ffil. Cos.) Calendar Years.
1925
1924
1923
G as sales (1,000 cu. f t . ) _____________ 41,772.241 41,612.084 41,448.992
E lec tric ity sold (k. w. h . ) ____________1828792601 1661106.123 1543732.692
G ross e arn s., inch m isc. oper. & honoperatin g re v e n u e _______________$134,397,692$126.459,961$123,741,998
O per. & non-oper. ex p ., inch re tire ­
m e n t expenses & ta x e s____________ 97.345,842 90,963,272 87.933,228
N e t earnings______________________ $37,051,850 $35,496,689 $35,808,770
In te re s t on fu n d e d and unfunded d e b t 10,855,717
7,521,772
7,555,521
$27,974,917 $28,253,250
S urplus earn in g s___________ $26,196,134
17,933,442 14,883,785
D ivs. C onsol. G as C o .’s com m on_ 18,000,000
P referred s to c k ____________
1,050,267
1,001,970
508,153
D ivs. p aid on affiliated c o .’s sto c k _
_
50,653
40,681
47,813
B alance carried to surplus a c c o u n t. $7,095,213 $8,998,823 $12,813,499
N ote.— T h e collections of N ew Y ork & Q ueens G as Co. and B ronx G as
& E lectric Co. for gas sales, in excess o f $1 p er 1.000 cu. f t., h av e been
included in the net operatin g revenues of those com panies for 1925. For
1924 th e sum s th u s collected b u t te m p o ra rily carried in “suspense” by
those tw o com panies am o u n ted to $404,927. D uring th e period from
Ju n e 1 1923 to D ec. 31 1924 th e sum s th u s set fo rth in “ suspense” aggre­
g ated $577,984, w hich a m o u n t was tran sferred to “s u rp lu s .”
O F F IC E R S .— P re s ., G eorge B . C ortelyou: V .-P re s .’s, W alter R . Addick
H . M . B rundage, G . E . W oods a nd O. H . Fogg; Sec., H . C. D avidson;
T re a s ., B enjam in W hiteley; A ss). Sec., F . H . N ickerson, F . R . B arn itz
a nd O. M . C arbonell; A sst. T re a s., J . R . Fennim an, M . M . G ra h a m
a nd W . C . P helps. T rustees: P e rc y A. Rockefeller, Geo. F . B ak e r. Lewis
B . G a w try , Sam uel Sloan, M oses T a y lo r, W . R . A ddicks, D o n ald G .
G eddes, N . F . B ra d y , G eo. B . C ortelyou, J . A . G a rv e r, J a s . N . J a rv ie .
Jo h n D . R y a n , Louis M . G reer and J . D . R y a n . Office, 130 E a s t 15th
S t., N . Y .— V. 121, p . 197, 329, 1460; V . 122, p . 1161, 1761, 3452.
C O N T R O L L E D C O M P A N IE S .
(1) NEW AM STERDAM G A S CO.
In c o rp o rate d N o v . 1 1897 an d consolidated N . Y . & E a s t R iver a nd
E q . G as L ig h t, p e r p la n V . 66, p . 133.
S E C U R IT IE S .— T h e sto ck a u thorized is $13,000,000 of com . sto ck .
$10,000,000 of 5% p re f., cu m u lativ e. P a r, $100. T h e C onsolidated G as
C o. ow ns $12,161,800 com . a n d $8,997,500 pref. sto ck . I n t. on N ew
A m st. G as 1st cons. m tge. 5s of 1898 is p a y ab le a t N a tio n a l C ity B an k .
N . Y . V . 70. p . 897, 948, 1052, 1197, 1252; Y . 80. p . 1855, 2224
E A R N IN G S .— F o r calendar years
Gross.
N et.
Other In c .
I n t., &c.
Bal.sur.or def
1925 ______$5,918,830 $ 1 ,0 8 8 ,8 3 9 .
$46,077 $1,811,745 def$676,829
1924 ............ 5,870,783
1,248,713
25.127
1,741,685
def467,845
1923
6.148,112
1,564,893
30,464
1,760,757
d e fl6 5 ,4 0 0
1922 ______ 6,292,193
.1,881,254
31.104
1,763,159
su rl4 9 ,1 9 9
1921
5,866,186
777,689
103,871
1,753,118
def871,558
1920 ______ 4.735.932
233.024
94,250
1,631,365 defl,3 0 4 .0 9 1
(2) NEW Y O R K ED ISO N CO.
O rganized M a y 1 1901 as a consolidation of th e N . Y . G as & E lec. L ig h t
H e a t & Pow er C o. and th e E dison E lec. Iliu m . C o. of N . Y . Owns large
pow er p la n t lo cated on 1st A v e., betw een 38th an d 40th s tre e ts. V . 69.
p . 704; V. 68, p . 1025; V. 70, p . 283, 482; V. 80, p . 1915; V. 84, p . 219
C ap ital sto ck o u tsta n d in g D ec. 31 1923, 2,014,826 snares com m on, no p a r,
ow ned by C onsolidated G as C o. of N ew Y ork. v . 90, p. 562, 773; V. 91,
p . 1516; V. 92, p . 191; V. 97, p . 301, 448, 1464.— V. 114. p. 529.
Rate Litigation.— See V. 122, p . 1161, under heading “ C onsolidated
G as C o. of N . Y .”
N ew Generating Station.— T h e new E a s t R iver electric generating s ta tio n ,
now u n d e r co n stru ctio n , w ill cost ap p ro x . $50,000,000, will have a c apacity
of 1,000,000 k.w . a n d be th e largest of its kind in th e w orld. F o r fu rth e r
d etails see V. 120, p . 3065, also V. 122, p. 1161, under “ C onsolidated Gas
Co. of N . Y . See sam e item re 132,000-volt underground feeder from H ell
G ate s tatio n to D unw oodie.
Bonds.— T he first 5s of 1898 ($15,000,000) a re secured b y a first lien
on th e co m p a n y 's pow er p la n t a nd o th er pro p erty ow ned and pledge of
various securities; list, see V. 68, p. 773, 824, 1025; V. 76, p . 268. T h e 4s
of 1899 are secured by a purchase-m oney lien on th e form er Edison E lectric
Ilium , p ro p e rty , su b ject to bonds of 1890 and 1895 and by a second m ortgage
lien on th e rem aining p ro p e rty . V. 72, p. 939, 1038; V. 81, p . 35. R eal
e sta te m ortgages, $524,412.
T h e first lien & ref. mtge. Ser. A 6 )4% bonds due 1941 a re re d . on a nd
after O ct. i 1936 a t 105. Secured by deposit of a new issue of $30,000,000
1st m tge. 6 )4% bonds due in 1996 of L n ite d E lectric L ig h t & Pow er C o.
and over 99.99% of th e c ap ital stock of th a t com pany (aggregating $5,295,900). Also secured by d irect m ortgage, su b ject to prior liens, on entire
p ro p e rty now or h ereafter ow ned. A uth. issue u n lim ited. Series w ith sam e
or different in te re st ra te s, d a te s. &c.. m ay be issued
V. 113, p . 2410.
1st Hen & ref. mtge. Ser. B 5s due. 1944 are red. on 60 d a y s ’ notice on any
in t. d a te a t 105 to & incl. O ct. 1 1943; a t 104 th e re a fte r to & incl. O ct. 1
1936; a t 103 th e re a fte r to & incl. O ct. 1 1939; a t 102 th e re a fte r to & incl.
O ct. 1 1941, and th e re a fte r prior to m a tu rity a t 101. In F e b . 1925 th e
N atio n al C ity C o. sold $30,000,000 a t p a r & in t. V. 120, p. 703, 829.

Oct., 1926.]

17

GAS AND WATER

E A R N IN G S .-—F o r c alen d a r y ears:
Operating N et, after Other
In t., ReDividends
Revenues. Taxes, &c. Incom e, serves, <
fee.
P aid.

Balance,
Surplus.

1925— 57,857,195 13,380,532 4,690,697 5,140,430 12,500,000
430.799
1 9 24--.53,494,241 13,786,591 3,797,243 4,766,468 10,074,130 2,743,235
1923----50,496,493 14,047,208 4,640,068 4,125,675 10,074.130 4,487.471
1922— 44,842,306 9,975,826 4,022,723 4,269,992 8,520,423 1,208,130
1 9 2 1 ..-4 2 ,736,349 11,261,748 2,138,832 3,070,827 5,163,856 5,165,896
1920— .33,806,849 6,521,550 1,935,961 2,223,212 4,677.428 1,556.871
— V. 119, p . 81, 2648; Y . 120, p . 703, 829, 3065: V . 121, p . 840, 979; V . 122,
p . 2192
(3) ST A N D A R D GA S L IG H T CO.
O rganized in 1886. Owns 202 m iles of gas pipes n o rth of 13th S t., N ew
Y ork. T h e C onsolidated G as C o. ow ns $4,799,800 o f th e S 1,955.700 com ­
mon and $4,102,100 of th e $4,293,600 preferred.
Dividends— ('02-’05. '06. ’07-’09. TO. ' l l . T 2 -T 6 . '17. ’18-’22 '23. '24Com m on (% )-l 6 y rly . \] 4
0
2
4 3 y rly . 3 N one
4
3
Preferred (% ) ( 6 y rly . 6
6
6
6 6 y rly . 3 N one
5 4%
In 1917, J u n e, M % on com . a n d 3% on pref.; none th e re a fte r to J a n . 2
1925, w hen 3% w as p a id on p ref. a n d 3 % on com. In 1924 and 1925 each
4%
w as p a id on p referred.
E A R N IN G S .— F o r calen d ar years:
Gross.
N et.
Balance.
Interest. D ividends.
1925 __________ $3,006,309
$309,526
$75,309 $171,744 s u r c $62,473
1924 __________ 3,102,778
216,227
68,519
171,744 def. 24,036
1923
482,918
71.391
363,351 su r. 48,176
1922 ________ . - 3,440,252
sur. 558,337
104,432
662,769
1921 ---------------- 3,348,685
sur. 25,751
177,060
151.308
1920 _________ 2,476.660 df332,559
def. 421,669
89,110
1919 - ..............
2.161,934 df30,810
84,239
N one
def. 115.050
O ffice. 130 E a s t 15tb S t.. New Y ork. — V. 94, p. 1 6 3 0 ;V. 100. p. 1253.
(4) U N IT E D ELECTRIC L IG H T & POWER: CO.
P rac tic a lly all of th e o u tsta n d in g sto ck is ow ned by N ew Y ork Edison
C o.— V. 116. p . 526: V. 120, p . 584; V . 121, p . 841.
E A R N IN G S .— F o r calen d ar years:
1925.
1924.
$14,500,982 $13,418,379
G ross earnings, all sources______________
E xpenses, o p eratin g an d n o n -o p eratin g _____ 8,194,274
7,828,128
In te re s t on fu n d e d d e b t_________________________ 1,950,000
1,950,000
In te re s t on flo atin g d e b t a n d m iscellaneous charges
225,123
798,826
D ividends p a id ____________________________ 2,104,530
844,428
A d ju stm en t of accounts of previous years (n e t)_ deb47,477
C757.388

Stock.— T h e 7% cum . p re f. stock is preferred as to 7% cum ul. dividends
a n d as to assets to th e e x te n t of $110 an d divs. E n title d to th e sam e
v o tin g rig h ts p e r share as th e com m on sto ck . C allable, w hole or p a r t, on
an y d ividend d a te on 30 d a y s ’ notice a t $110 & divs. In S ept. 1926 W h ite,
W eld & C o. an d B ly th , W itte r & C o. offered $2,100,000 7% cum . pref.
sto ck a t 100 a n d divs. E a c h pref. sh are carried as a bonus one share of
com m on sto ck . V . 123, p . 1383.
Debentures.— T h e 6 K % conv. s. f. gold d eb en tu res h a v e a sinking fu n d
designed to re tire th e e n tire issue of $6,000,000 b y m a tu rity . A ll deben­
tu re s pu rch ased a t or below re d e m p tio n price, otherw ise called b y lo t for
th e sinking fu n d , a re to be canceled. R ed . as a w hole or p a r t a t a n y tim e
on 30 d a y s ’ notice a t 100 a n d in t. plu s a prem ium of 5% if redeem ed on or
before S ept. 1 1931, w ith successive re d u c tio n s of 14% durin g each y ear
th e re a fte r u n til m a tu rity . C e rta in S ta te (incl. C alif., P enn, a n d M ass.)
tax es re fu n d a b le . Convertible in to com m on sto ck on th e basis of 40 shares
for each $ 1,000 p rin cip al a m o u n t of d e b en tu re s a t a n y tim e p rio r to m a­
tu r ity , or, if called for re d e m p tio n , u p to an d incl. th e 5th d a y preceding
re d e m p tio n d a te . In S ept. 1926 W h ite , W eld & C o. a n d B ly th , W itte r &
Co. offered $6,000,000 of th ese d e b en tu re s a t 99 & in t., to yield over 6.60% .
V. 1 2 3 ,p . 1383.
N o te.— D istrib u tio n of cash, bonds a n d dividends to stockholders of
record S ept. 21 1926 of Oklahoma N a tu ra l Gas Co., in accord w ith th e sale
ag reem ent, see V . 123, p . 1635, 1997, 2140.
E A R N IN G S .— C onsolidated n e t earnings av ailab le for in te re st, reserves
for renew als, rep lacem en ts a n d d e pletion, a n d F ed eral tax es, cal. years:
x l9 2 6 .
1925.
1924.
1923.
1922.
$3,205,000
$2,915,981
$2,766,145
$1,979,670
$2,044,195
x 12 m o n th s ended J u n e 30 1926.
O F F IC E R S .-—P re s ., R . C . S harp; V .-P res. & T re a s ., L eonard C . R itts;
V .-P re s., G aston L . G hegan; Sec. & A sst. T re a s ., C . A . O ’D onavan; A sst.
Sec., T hom as Z abriskie. O ffice,T ulsa,O klahom a.— V .123,p.1383,1635,2140.

SOUTHERN GAS CO.

C ontrol.—See O klahom a N a tu ra l G as C o rp . above, V . 123, p . 1384.
O R G A N IZ A T IO N .— C o. (form erly S outhern N a tu ra l G as C o.) was
In c o rp . in O ct. 1921 in D elaw are. U nder th e Texas s ta tu te s , co. is a
gas u tility an d as such o p erates by a u th o rity a n d u nder pro te c tio n of the
R R . C om m ission of Texas.
B a la n c e ______________________________________ $1,979,578 $2,054,386
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C re d it balance, D ec. 31
1923______________________ $6,098,353 U nder a continuing c o n tra c t, rim ning 12 years from M a y 3 1922.and th e re ­
C re d it balance, D ec. 31
1924______________________
8,152,738 a fte r u n til canceled, co. furnishes n a tu ra l gas to th e San A ntonio (Texas)
C re d it balance, D ec. 31
1925______________________ 10,132,817 P ublic Serv. C o ., a su b sid iary of A m erican L ig h t & T ra c tio n C o. T h e gas
(5) CENTRAL UNION G AS CO.
furnished is used for all dom estic an d in d u stria l purposes for San Antonio
See V. 100. p. 1253: V. 107, p 600.
a n d a d ja c e n t te rrito ry as w ell as for fuel u n d e r th e boilers in th e electric
(6) N O R TH ER N U N IO N G A S CO.
pow er p la n t of San A ntonio P u b lic Serv. C o. U nder a c o n tra c t w ith the
See V . 100. p. 1253: V, 107 p 600.
U . S. o v co. also supplies all
b y K elly F ields
1 an d o. 2,
(7) W ESTCHESTER L IG H T IN G CO. (N . Y. & W e stch este r L ig h t Co.) b y th eGA irt.In te rm e d ia te D e p o t agas used am p N orm oyle, N o .located N b o u t
nd by C
all
a
Supplies gas and electricity in W estchester C o u n ty n o rth of N ew Y ork
C ity . See V. 71. p. 1023, 1175. T h e C onsolidated G as C o. owns the 2 miles from San A nto n io . G as sales in 1925: 3,396,563,000 cu. ft.
$12,500,000 (application to increase filed— V. 120, p . 1461) c ap ital stock.
S T O C K A N D B O N D S —- D ate.
Interest.
Outstanding. M aturity
See V. 79, p . 160, 217, 594, 1706. In 1909 perm ission was o b tained to C om m on 70,000 shs (no p a r ) - - ____
______
55,000 shs
-------------purchase th e $804,000 N o rth e rn W estchester Lighting C o. stock, all th e 7% cum p re f $2,000,000___________
7
$750,000 O ct '26 1 H
$500,000 Peekskill L ight & R R . com . stock a n d 50% of th e pref. stock. 1st (closed) M 646 % s f g $ 3 ,-/1925 6 K g M -N
2,900,000 N ov 1 1935
V. 87. p . 617; V. 89. p . 108, 1486; V . 96. p. 731.
000,000 ($1,000, $5 0 0 )c* .tf 1I n t. a t F ir s t N a t. B k ., K a n . C ity , M o .. T his
Electricity Rate Reduced beginning M a rc h 1 1926 lc . p er k . w . h . in W est­ 10-yr Q}4% sinking fu n d gold f 1926
6 M A -0
1,200,000 O ct 1 1 936
ch ester C o u n ty . V. 121, p . 3132.
debentures series A ($1,000. -j T n e F irst N a tio n a l B an k of K ansas C ity
Bonds.— N ew Y ork & W estchester L ig h tin g $10,000,000 gen. m tge. bonds,
$500, $100 c* )_________ t f [ (M o .), T ru stee.
su b ject to call a t p a r an d in t. (V. 79, p . 1708, 1957), are g u a ra n te ed , p rin .
Bonds.— h
J-4
bonds,
ov. 1 1925,
a n d in t., by th e C onsolidated G as C o ., as are also th e $2,500,000 of 5% a re securedTb e 1st (closed) M . 6or % sin k, fu n d g. th p rodated N(incl. a fte rm ortgage
e rty
d eb en tu res. V. 88, p . 1623; V. 92, p . 123, 265; V. 98, p . 389. T h e 5% acquired of thy a 1s tincl. v arious c firs t lien upo nan de galesp c o n tra c ts abovee co.,
o n tra c t rig h ts
d eb en tu res are re d . a t 110. T h e u n d erly in g bonds n o t shown in th e ta b le m entioned . A sinking fu n d p rovides for p ay m en ts of 25 % from N o v . 1 1925
above (W estchester 5s being reserv ed to re tire N . Y . & S u b u rban 5s) are.'
to N o v . 1 1926 of n e t earnings a n d from N o v . 1 1926 u n til all bonds have*
Bonds (V. 81, p . 1609)—
Interest. Outstanding. M aturity.
been re
$225,000 per
nu
pay
sem i-annually, plus a
New Y ork & S u b u rb an G as 1st M tg e )
5 g M -S
a$212,000 M a r 1 1949 to 20% tire dn e t earnings. an h e m , oneyab le be used for purchasingsum equal
of
T
m
to
and can­
gold gu ar p & i b y Am G as C o___JSubj. to call a t l05& int.since M a r.1 ’09
celing bonds a t or below re d e m p tio n price or for calling sem i-annually by
H udson R iver G as & E lec 1st M . n t f
5M &N
b250,000 M a y 1 1929 lo t a t re d e m p tio n price. R ed . a t 105 an d in t. to N o v . 1 1930, th e re a fte r
W hite Plains L ighting 1st M _____ n tf
5 J &D
335,000 Ju n e 1 1938 a t 102M a n d in t. R etire d b y sinking fu n d . $100,000. P en n , a n d C onn.
a V. 68 p . 474; V. 70, p . 844. b V. 68. p. 824; V. 70, p . 844.
ills
d
x
nd
In
rre tt
E A R N IN G S for y e ar 1925: G ross, $10,341,192; n e t, $3,241,834; o th er 4 m., R anE . M ass. 6 % ta o.,refuc ., ab le. &c., N o v . 1925 G . E . B aa t 9 8 & C o.,
In c
.
W ilsey & C
In
&c.,
offered $3,000,009
K and
income, $165,878; in te re st $1,181,547; surplus, $2,226,165. F o r y ear 1924
in t., to yield 6.7 0 % . E a c h b ond carried d etachable w arrants to purchase
G ross, $9,262,340; n e t, $3,112,792; o th er inc., $134,610; in t., $1,676,857
M share com m on stock for each $100 p a r value of th e bonds, a t $25 per
b a l., $1,570,545. In 1923, gross, $8,620,411; n e t, $2,754,214; o th er inc.
share from N ov. 1 1925 to O ct. 31 1926; a t $30 to N ov. 1 1927; a t $35 to
$138,363; charges, $1,545,897; b a l., s u r., $1,351,680.— V . 120, p . 1461
N o v .l 1928; a t $40 to N o v .l 1929; a t $45 to N o v .1 1930. V .121,p.2404,2753.
V. 121, p . 3132.
A dditional series of debentures m a y be issued only u n d e r conservative
(8a) N O R T H ER N W EST C H ESTE R (N . Y .) L IG H T IN G CO.
re strictions for refu n d in g 1s t m tg e. bonds, &c., p a r for p a r, or for 75% of
O R G A N IZ A T IO N .— In co rp . in N ew Y ork M a y 1905 as a consolidation a d ditions, &c., a n d th e n only w hen n e t earnings available for in te re st after
o f com panies o p eratin g in Ossining, C ro to n , B riarcliff M an o r, &c., in W est­ deducting (a) a n n u al in te re s t on th e n outstan d in g 1s t m tge. 6 )4 % bonds;
chester C o u n ty , N . Y . (V. 81. p . 238). T h e e n tire c ap ita l sto ck, $804,000, (6) a n n u al fixed sinking fu n d of $225,000 to re tire 1st m tge. 6 )4 % bonds,
is owned by th e W estcnester L ig h tin g C o.
h av e been a t least 3 tim es a n n u a l in te re st requirem ents on d eb en tu re bonds
Bonds.— A uthorized first consols, $1,000.000; balance unissued is reserved ou tstan d in g , incl. proposed issue. T o a sinking fu n d beginning J a n . 27
for additions, &c. A re callable a t 105. V . 89, p . 1486.
1927, $10,000 has to be p a id th e 2 0 th d a y of each m o n th , to be used for
purchasing an d canceling series A d ebentures a t or below redem ption price,
(9) NEW YORK & Q U EENS ELECTRIC L IG H T & POW ER CO.
or for calling sem i-annually b y lo t on a n y in te re st d a te on 60 d a y s’, notice
Supplies B orough o f Q ueens o u tsid e o f R ockaw ay. See V . 72, p . 1039.
T h e cap ital stock was increased in D ec. 1922 fro m $2,500,000 to $9,600,- a t redem ption price. R ed. on a n y in t. d a te a t 105 a n d in t. to O ct. 1 1931;
000. O f th e additional $7,100,000 sto ck (all com m on), $3,700,000 was th ereafter a t 102)4 a n d in t. I n t. pay ab le in K ansas C ity , M o ., N ew Y ork
tu rn ed over to th e C onsolidated G as C o. in liq u id atio n o f advances. T h e a n d C hicago. P e n n , a n d C onn. 4 m ills an d M ass. 6 % taxes refundable.
b alance of th e new stock was exchanged, p a r for p a r, for th e ou tsta n d in g In O ct. 1926 G . E . B a rre tt & C o., In c .. R . E . W ilsey & C o., In c ., a nd
$3,400,000 10-year 7% d eb en tu res (owned b y C onsolidated G as C o.). F rederick Peirce & C o. offered $1,200,000 series A a t 97)4 a n d in t., to
D ividend on p re f., 2 H % ,p a id D ec. 1 1904; 1907 to 1 9 1 1 ,5 % ; 1911, 4 M % \ yield a b o u t 6.85% . V . 123, p . 2141.
1912 to 1920, 4% ; 1921-23. 5 % . V . 92, p . 1439: V 100, p . 1253.
E A R N IN G S .— F o r c alen d a r y ear 1925: G ross, $701,347; operating
E A R N IN G S .— T or calen d ar years:
expenses an d tax es, $302,853; n e t, $398,494.
Gross.
N et.
Interest. Dividends.
Balance.
Latest E arnings.— F o r 12 m os. en d . J u ly 31 1926: G ross earnings, $989,029
sin-.$2,090,485 (against $595,605 12 m os. end. J u ly 31 1925); c ost of gas & o th e r operatin g
1925 .............$10,100,573 $3,361,607 $159,683 $1,111,439
su r. 1,927,335 expense, $368,327 (a g a in st $291,440); a vailable for in te re s t, $611,702
1 9 2 4 --------- 8,498,465
2,956,603
382,268
647,000
s u r.1,415.693 (against $304,165).
272,145
647,000
192 3 ______ 6,971,390
2,334,838
s u r.841,420
1,571,453
499,533
230.500
192 2 ______ 5,536,855
O F F IC E R S .—C h airm a n , A . R . Jones, K ansas C ity : P res. & T re a s.,
s u r.576,442 L . J . S nyder, K ansas C ity; V .-P . & G en. M g r., H . D . H u ll, San A ntonio;
1921 ............ 4,502,913
1,268.057
632,240
59,375
s u r.235.307 Sec., H . A. P agenkoff, San A n tonio.— V 121, p . 2404, 2753; V. 122, p .
1 9 2 0 ..........- 3,535,690
718,558
433.251
50.000
~.
—Y. 117. p . 2441.
215, 2498; V. 123, p . 1384. 2141.
O F F IC E R S .-—C h airm an of B o ard , F ra n k W . Sm ith; P r e s , ____________
V ice-Pres., H . L . Snyder a n d L . A . C olem an; Sec., J . R . M alone; T re a s.,
F ra n k C . G ordon.— V. 92* p . 1439; V. 100, p . 1253; V. 117, p . 2441; Y.
121. p . 459: V . 122. p . 2652.
(10) NEW Y O R K & Q U EEN S G A S CO.
Supplies Flushing, College P o in t, W hitestone, B ayside, D ouglaston
a n d L ittle N eck, N . Y . Stock, $600,000. T h e C onsolidated G as C o. owns
all th e o u tstan d in g sto ck , w hich it acquired u n d er o rd er of P . S. C om m ,
d a te d M ay 1913. V. 96, p . 1493. T h e first a n d general m ortgage 5s are
red . a t 110. Earnings for calendar y e ar 1925, gross, $1,054,769; n e t, $274,310; in terest, $220,368; surplus, $53,942. F o r calen d ar y ear 1924, gross,
$68$,160 (exclusive of $238,$68 charged for sales o f gas in excess of $1 ra te );
n e t oper. deficit, $30,496; deductions, $149,913; b a l., def., $180,409. P res.,
M . T aylor; V .-P . & M g r., M . II. Spear; Sec., H . S. Rom aine; T rea s., H . C.
D avidson. Office, G as & E lectric B ldg., Flushing, N . Y .— V. 118, p . 3087.
Q u o t a t i o n s a n d i n f o r m a t i o n r eg a rd in g t h e s e c u r it i e s o f

Southern

G as

C o m p an y

OKLAHOMA NATURAL GAS CORP.

O R G A N IZ A T IO N .— In c o rp . J u ly 13 1926 in M a ry la n d to acquire sub­
s ta n tia lly all th e assets of O klahom a N a tu ra l G as C o ., K ingw ood P ipeline
C o ., S outhern G as C o. an d s u b sta n tia lly all th e assets a n d (or) sto ck of
O km ulgee G as Co.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e sy stem c o n stitu tes one o f th e la rg e st n a tu ra l gas system s in th e U . S.,
serving app ro x im ately 86.330 custom ers in 44 co m m unities. T e rrito ry
served has a p o p u latio n of 400,000 an d includes th e cities o f T u lsa , Sapuipa
a n d O km ulgee, served a t re ta il, a n d O klahom a C ity , M uskogee a n d G u th rie,
a t w holesale. P ro p erties include leaseholds on m ore th a n 126,200 acres,
of w hich over 100,000 acres are p ro v en n a tu ra l gas reserves: gas purchase
c o n tra c ts covering a b o u t 101,935 acres of ad d itio n al p ro v en reserves: over
1,$00 m iles of tran sm issio n an d d istrib u tio n lines a n d 9 m odern com pressor
statio n s. These p ro p erties c o n tain over 430 p roducing w ells w ith a n openflow c ap acity of over 2 billion cu . ft.
ST O C K A N D B O N D S— Date.
Interest. O utstanding. M aturity.
C om m on 500,000 shs (no p a r ) . ____
_________ x260,000 sh s____________
7% cum pref$10,000,000($100) - - — 7 Q -J
$2,100,000 ___________
1st C\ A dtg e 6 % g Series “ A ” ,\ Q o n L o ,, »»/ 6AT n 4 M D 1r o15,000,000o f AT ly * 1 4 m i o
m
1926 I
Ju AT 1946
1
I
f 4 Ti o
"
44 T
"
1946 ____________________ (Seaboard N a t’l B k. of th e C ityTof N . Y .. tru s .
6 K % c o n v s f g d e b ($1,000.( 1926
6 M g M -S 6,000,000 Sept 1 1941
$ 5 0 0 c* 1________________t f (B an k ers T r u s t C o ., N ew Y ork, tru ste e .
x 240,000 ad d itio n a l shares reserv ed for conversion of d eb en tu res.




t h e a b o v e C o m p a n y a n d o t h e r s in th e P u b lic U ti l i t y fie ld ,
in w h ic h w e s p e c ia liz e , w ill be s u p p l ie d g la d ly o n r e q u e s t

Enquiries In vited

R. E. WILSEY & COMPANY
In c o rp o ra ted

In vestm en t Securities
First National Bank Building
CHICAGO

18

PUBLIC UTILITIES

THE BIRMINGHAM WATER WORKS CO.
E n tire com m on sto ck ow ned by A m erican W ater W orks & E lectric C o .,
In c.
O R G A N IZ A T IO N .'—In c o rp . in A lab am a in 1885.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
Supplies th e city of B irm in g h am , A la ., a n d su b u rb s w ith w a ter for dom estic
and public use w ith o u t co m p etitio n to a p o p u latio n of over 238,000. D uring
1923 sold 5,198,355 gallons. 505 m iles m ain s, 1,219 h y d ra n ts.
Purchas. by the C ity.— U nder th e c o n tra c t now in effect b etw een th e city
a n d th e co m p an y , th e c ity has an o p tio n to pu rch ase th e properties of the
co m p an y a t an y tim e upon six m o n th s' n o tice a t a “ basis p ric e ” as of
J a n . 1 1921, plu s th e c o st o f a d d itio n s an d extensions m ade subsequent
th e re to , w hich on A ug. 31 1924 w as $9,152,315.
S T O C K A N D B O N D S— Date.
Interest. Outstanding. M aturity.
_______ x$ l .829,700 __________
C om m on $1,829,700 ($100)________
P re f cum $6,200,000_______________
_______
1,700,000 __________
F ir s t m tg e Series “ A” ($100,1 1924
5M g A -0 5,500,000 O ct 1 1954
$500 & $1,000) g g u - .c * .tf lU n ite d S ta te s M tg e. & T ru st C o .. N .Y .,tru s .
Series “ B ” o f 1924___________ _____
5
g
460,000 D ec 11954
x All ow ned by A m erican W ater W orks & E lectric C o.
Bonds.— A dditional 1st m tg e. bonds m ay be issued u n d e r certain re stric ­
tio n s. Ser. “ A ” & “ B ” are g u a r., p rin . & in t., by A m er. W a te r W orks &
E lec . C o ., In c . S e r.“ A ” a re red eem ab le, all or p a rt, u p o n four w eeks’ notice
to an d including O ct. 1 1929, a t 105 an d in t.; th e re a fte r to an d including
O ct. 1 1934 a t 103 a n d in t.; th ereafter to an d including O ct. 1 1939 a t 102
an d in t.; th e re a fte r to a n d including O ct. 1 1949 a t 101 a nd in terest; and
th e re a fte r a t 100 a n d in te re s t. In th e ev en t th e city pu rchases th e com­
p a n y 's p ro p e rty an d p a y s th e full purch ase price thereof in cash, th e bonds
w ill be declared d u e a n d p a y ab le a t 100 a n d in terest. R eim bursem ent of
th e P e n n a . and C onn. 4 mills ta x , M a ry lan d 4 H mills tax and M ass, income
ta x n o t in excess of 61£% to holders u p o n pro p er and tim ely application.
In te re s t p ay ab le in N ew Y o rk C ity or C hicago. $5,500,000 Series “ A ”
5 H s were sold in O ct. 1924 by P . W . C h ap m an & C o ., In c ., H alsey, S tu a rt
& C o ., In c ., a n d H . M . P ayson & C o ., a t 99?4 and in te re st, to yield over
53-3%. V. 119, p . 2067. In M arch 1926 W . C . L angley & C o ., H alsey,
S tu a rt & C o ., In c ., a n d P . W . C h ap m an & C o ., In c ., offered $460,000
Series “ B ” of 1924, due D ec. 1 1954, a t 96 a n d in t. to yield 5 K % . V . 122,
p . 1606, 3603.
E A R N IN G S .— F o r cal. y e ars:
1925.
1924.
1923.
G ross e arn in g s_______ _ __________ $1,316,666 $1,164,040 $1,095,248
N e t a fte r m a in t. & ta x e s ____ ______
770,912
710,920
668,269
In te re s t fu n d ed d e b t____ ________
302,469
258,855
253.890
In te re s t on flo atin g d e b t & a m e r t_
_
37,918
17,035
36,765
R enew als & re p la c em e n t_______________
70,165
62,798
59,223
N e t in co m e_______________________
$369,360
$372,232
$318,391
O F F IC E R S .— P re s ., D . M . W a tt; V .-P . & A sst. T re a s., W . D . Freer;
V .-P . & T re a s ., H . IT. H o rn er; Sec., T . B . D avis- A sst. Sec.. G . B . P u ltz.
— Y . 119, p . 2067; V. 120, p . 328, 1456; V. 322, p . 1606, 3603.

BRIDGEPORT HYDRAULIC CO.
O R G A N IZ A T IO N .— In co rp o rated in C on n ecticu t in 1857.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U SIN E S S.Supplies w a ter to B rid g ep o rt, S tratfo rd , F airfield, S o u th p o rt an d p a rts
Shelton an d T ru m b u ll in C o n n ecticu t, un d er a franchise w hich is b o th pe
p e tu a l a n d exclusive, existing by special A cts of th e L egislature of C on
C o. serves a p o p u la tio n of a b o u t 175,000. Owns th e Shelton W a te r Cc
an d th e W e stp o rt W ater C o. P ro p e rty includes 17 reserv oirs w ith a sto
age c a p a c ity o f 14 billion gallons, 2 p u m p in g statio n s, 12,643 acres <
lan d a n d 325 m iles of m ain s, serv in g a b o u t 23,000 cu sto m ers.
ST O C K A N D B O N D S — Date.
Interest. Outstanding. M aturity.
Stock $10,000,000 ($100)__________
_______
16,000,000
See te x t
1st M Ser A ($500 & $ l,0 0 0 c * l 1924
5 g J-D
5.000.000 Ju n e 1 1944
& $1,000 & m u lt r* )g _ _ tf /B rid g e p o rt T ru s t C o ., tru ste e .
Series “ B ” ($1,000 c* a n d / 1925
4>£ g J-D
800,000 D ec 1 1945
$1,000 or m u ltip les_ r * tf (B rid g ep o rt T r u s t C o ., tru s te e .
_
Bonds.— In ad d itio n to th e $5,000,000 1st m tge.Series "A” 5s o u tsta n d in g
$ 1,000,000 o f bonds of o th e r series can be issued ag ain st p ro p e rty ow ned on
A pril 1 1924 an d ad d itio n a l bonds can be issued only for n o t exceeding
66 2 3% o f th e cost o r fair valu e (w hichever is less) of a d d ’l p ro p e rty or
im p ts., on w hich th is m o rtg ag e is a first m ortgage. T o tal isgme of bonds is
fu rth er re stric te d b y th e c o .’s c h arte r, w hich requires th a t bonds shall n o t be
issued to a n aggregate a m o u n t exceeding one-half th e fair value of th e c o .’s
p ro p e rty an d rig h ts as th e y exist a t th e tim e action is ta k e n b y th e co. to
create such issue a n d as evidenced b y a certificate endorsed on each bond by
th e com m issioners o f th e co. a p p o in ted b y th e G eneral A ssem bly in th e
S ta te of C o n n ecticu t. Series ” A r’ 5s are call, as a whole a t an y tim e or in
p a r t on a n y in t. d a te on 30 d a y s ’ notice, a t 105 a n d in t. u p to a n d incl. J u n e 1
1934; th e re a fte r decreasing A % an n u ally to 101 after Ju n e 1 1941. In t.
pay ab le in N ew Y o rk an d B rid g e p o rt. E x e m p t from C onn. S ta te ta x . In
M a y 1924 $5,000,000 1st m tg e . Ser. “ A ” 5s w ere offered by Lee, H igginson
& C o.; E sta b ro o k & C o .; H in ck s B ros. & C o ., &c., &c., a t 100 a n d int.
V. 118, p . 2184.
T h e 1st mtge. gold bonds, Series “ B,” due Dec. 1 1945, a re callable, w hole
or p a rt, on 30 d a y s' notice a t 105 an d in t. to an d incl. D ec. 1 1935, th e re a fte r
decreasing A % a n n u ally to 101 a fte r D ec. 1 1942. In addition flu th e
improvement fund for Series “ A ” b o n d s, a n a m o u n t of a t le a st 1 % o f3 a ries
“ B ” bonds certified is to b e expended an n u ally for im p ro vem ents, & c., or
to re tire Series “ B ” b o n d s. I n D ec. 1 1925 Lee, H igginson & C o ., & c.,
& c., sold $800,000 Series “ B ” a t 100 A a n d in t., to yield over 4 .4 5 % . V.
121, p . 2749.
D ividends.— D iv s. o f 8 % p e r a n n u m h av e b een p aid since J u ly 1903.
E A R N IN G S .— F o r calen d ar years:
N et In c.
Gross In c.
In t. Chges.
Balance
$662,325
$263,669
$398,656
1925 ............ _________ $1.138,903
446.286
682,162
235,876
1924 _______ _________ 1.120,675
. 1,069.449
228.182
445.666
673,848
1923 ________
846,722
511.298
219,792
291.506
1922 ________ _________
1 9 2 1 ............ _________
208,464
245.960
789.839
454.424
O F F IC E R S .— C h airm an o f B o ard , D e V er H . W arner; P res., Samuel P
Senior; V .-P . & T re a s.. A lb ert E . L av ery ; Sec., F . O. B ro tb e rto n .— V 118,
p. 2184; V . 121, p . 72, 2749.

BROOKLYN BOROUGH GAS CO.
O R G A N IZ A T IO N .— In c o rp . in N ew Y o rk in 1898. H a s franchises in
te rm s exclusive a n d o f u n lim ited d u ra tio n . O ver 98% of th e stock is held
b y R ic h ard Schaddelee, P resid e n t of th e U n ite d L ight & Pow er C o. V . 121,
p . 196, 837, 1226.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Serves gas to th e 31 st W ard of th e B orough of B rooklyn, w hich includes
C oney Isla n d , Sheepshead B ay , M a n h a tta n Beach an d B righton B each.
P o p u la tio n served e stim a te d to exceed 250,000. Owns a m odern w ater
gas p la n t. D a ily c a p a c ity 10,500,000 cu . ft. A bout 204.74 m iles of m ains.
49.253 m eters.
$1 Gas Law Declared Confiscatory in th e te n ta tiv e re p o rt of Special M aste r,
A lv ah W . B u rlin g am e, m ad e p u b lic S ep t. 8 1926. F o r d e ta ils see V. 123,
p . 1381.
Interest. Outstanding. M aturity.
STO CK AN D BO N D S—
Date.
C om sto ck 50,000 shs (no p a r ) ______
40,000 shs O ct '26, 50c.
Q -J 10
6 A % P a rtic p re f $500,000
$500,000 O ct ’26 1 K
Q-J
($50) c u m _________________ _____
5 g M -S
287,000 M a r 1 1938
F irst m tge $500,000 (closed) \ 1908
($1,000) g o ld _______ c . n t f / l n t . a t T itle G u. & T r. C o ., N . Y ., tru ste e .
G en & re f m tg e Ser “ A ” ($500 j 1923
6 g A-O
1,463.000 A pr 1 1963
& $1,000 c* & $1,000 r*) g t f / I n t . a t T itle G u. & T r. C o ., N . Y ., tru ste e .
Bonds.— In ad d itio n to first m tg e. 5s re p o rte d as o u tsta n d in g $213,000
are held in tre a su ry .
T h e gen. & ref. m tg e. 6s Series “ A " are callable on a n y in terest d a te upon
60 d a y s’ notice a t 110 u p to an d including A pril 1 1943: th ereafter a t 107 A
up to an d including A pril 1 1953, a n d th e re a fte r a t 105 less ^ of 1 % for
each full y ear w hich elapses su b seq u en t to M ay 31 1953, in every case plus
accrued in te re st. C o m p an y will refu n d th e P e n n . 4 m ills ta x a n d C onn,
persona] p ro p e rty ta x n o t exceeding 4 mills p er $1 p er a n n u m . In April
1923 B odell & C o ., N . Y ., brought out $1,000,000 of th is issue a t 9 8 >3 and
in te re st, to yield 6 .1 0 % . V . 116, p . 1765.
D iv id e n d s— In 1913, 3 % : 1914 to 1916 in cl., 6 %; 1921, 6 %; 1922, 7% % .
In 1923, d iv s. 50c. a sh are q u a r. w ere p a id a n d divs. of sam e a m o u n t paid
reg u larly q u a r. since to a n d incl. O ct. 1926.




[V ol. 123.

E A R N IN G S .— F o r calendar years:
1925.
A m ount of gas sold (1,000 cu. f t . ) ____ 1,341,185
T o ta l receipts from sale of g a s_______ $1,735,782
O perating expenses_________________ 1,150,160
N e t earnings from op e ra tio n s______
O ther incom e______________________
D educting fixed charges, v iz ., in t. on
b o n d , d e b t, tax es, re tire m ’t e xp___
Incom e ta x (e stim a ted )____________

1924.
1,173,588
$1,513,119
971,415

1923.
1,080,363
$1,389,914
934,032

$541,704
44,182

$455,883
46,417

$627,393

$585,886

$502,300

250,152

- 215,856

228,036

$377,241
47,283

$370,029
47,446

$274,264
34,076

$585,622
41,771

S urplus for th e y e ar a t $1 30 r a te - $240,188
$322,583
$329,958
R ate reserve________________________
$191,964
$399,270
$348,701
O F F IC E R S .— P res., M a ry E . D illon; V .-P s., R ic h ard Schaddelee a n d
W illiam C ham berlain; T rea s. & A sst. Sec., H elen Steers; Sec. & A sst.
T re a s., M a ry E . A rm strong; A sst. Sec., & A sst. T re a s ., F . F . K elley.
Offices: M erm aid A v e., & W est 17th S t., C oney Isla n d , N . Y . C .— V . 120,
p . 1585, 1745, 2010; V . 121, p . 196, 837, 1226; V. 122, p . 1760; V . 123,
p . 1381.

BROOKLYN UNION GAS CO. SYSTEM (THE).
O R G A N IZ A T IO N — In c o rp . in N . Y . S ept. 7 1895, pqr p la n V . 61
p. 831, a n d V. 62, p . 1141; V. 64, p . 887; V. 80, p . 1854. B rooklyn U nion
G as C o. owns a ll th e stocks a nd bonds of its subsidiaries, v iz ., th e N ew tow n
G as C o., operatin g in th e Second W ard of th e B orough of Q ueens; th e
Jam a ic a G as L ig h t C o.; th e W oodhaven G as L ig h t C o., an d th e R ichm ond
H ill & Queens C o u n ty G as L ig h t C o., operatin g in th e 4 th W ard of th e
B orough of Q ueens, an d th e F la tb u s h G as C o., op e ra tin g in th e 2 9 th W ard
of th e B orough of B rooklyn. V. 122, p . 1305; see also V . 109, p . 2359. Sale
of F la tb u sh G as C o. electric pro p erties to B rooklyn E dison C o., In c ., see
V. 119, p . 2284; V. 121, p . 2270; V . 122, p . 1305. T h e P u b lic Service
C om m , in O ct. 1922 ad o p ted a n order changing th e candle pow er s ta n d a rd
to a sta n d a rd of 537 B . T . U . p e r cu. ft. In M a y 1923 th e N ew Y ork S ta te
Legislature passed th e $1 gas law a nd increased th e s ta n d a rd of gas to 650
B . T . U . p e r cu. f t. T he co. has s ta rte d proceedings to declare th e $1 gas
law u n c o n stitu tio n a l. F inal re p o rt of Special M a ste r filed M arch 21 1925
declares $1 gas law to be confiscatory a n d u n c o n stitu tio n a l. V . 120, p .
1585. C om pare V. 120, p . 85. Ju d g e M arcus B . C am pbell, in th e F ed eral
C o u rt in B rooklyn, Ju n e 24 1925 approved th e Special M a s te r’s re p o rt.
I t is expected th e case will be carried to th e U . S. Suprem e C o u rt.— V . 120.
p . 3311; Y. 121, p . 704. T o ta l gas m ains, 1,891.48 miles; th e sy ste m had
652,589 m eters in use on D ec. 31 1925. G as sales 1925, 20,391,676,000
c u . f t.
N ew Plant.— Co. is a b o u t to e rect a new gas p la n t in B rooklyn of an
in itia l d a ily m fg. c a p a c ity of 30,000,000 cu. f t . , a n d u ltim a te c a p a c ity of
100,000,060 cu. f t. V . 121, p . 3129.
F o r increase in au th o rized cap italizatio n of v arious subsidiaries, see V .
121, p . 2873; V . 122, p . 1305. In N ov. 1925 a u th o riz e d c ap ital sto ck was
increased from 600,000 to 1,000,000 shares, no p a r.
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M atu rity.
Stock, 1,000,000 shrs (no p a r) ____ _______ 508,330 shs O ct '2 6 , $1
1st cons M tg e $15,000,000/
1895 5g M -N
$14,736,000 M a y 1 1945
($1,000) g o ld ______ c * n tf (G u a ra n ty T r u s t C o ., N . Y ., tru ste e
1st lien & re f m tge Ser “ A ” \ 1922 6g M -N
6,000,000 M a y 1 1947
($500, &c) gold _ c*& r*tf j l n t a t N a t’l C ity B an k , N . Y .
_
10-year co n v ert d e b e n tu re s/
1922 7 M -N
89,000 M ay 1 1932
($100 &c)__,_____________ ( In t. a t N a t ’l C ity B an k , N . Y.
D ebs conv on & afte r N ov 1 (
1919 7 M -N
14.700 N o v 1 1929
1924 in to stock ($100 & c )_ -/In t. a t C hase N a t’l B an k , N . Y .
10-year 5 y2 % c o n v d eb e n goldf 1926 5 X K J -J 11,800,000 J a n 1 1 9 3 6
C itizens G as L t cons M tg e ) 1890 5 F-A
264,000 F eb 1 1940
($1,000)__________________/ I n t . a t Peoples T r u s t C o ., B k ly n , N . Y .
Bonds.— I n t. on 1st cons. M tg e. 5s o f 1895 Is pay ab le a t C hase N a t ’l
B a n k ,N . Y
The debenture bonds o f 1922 are convertible in to capita! sto ck since N o v . 1
1924 on th e basis of tw o shares of stock of no p a r value for each $100 deben
tu re s. V. 114, p . 2017, 2245, 2363, 2473; V . 117, p. 2437. U p to A ug. 31
1924, $5,490,000 h a d been converted.
The 10-year debentures o f 1919 a re convertible in to sto ck , a t holders;
o p tio n , since N ovem ber 1 1924 on th e basis of tw o shares of stock of no p a r
value for each $100 o f d e b en tu re s. V. 109, p . 1528, 1082; V. 108, p . 1391:
V. 117, p . 2437. U p to A ug. 31 1926, $1,985,300 h a d been c onverted.
T h e 10-year 5 A % conv. debenture gold bonds, dated J a n . 1 1926, a re con­
v e rt. a t th e o ption of holder on a n d a fte r J a n . 1 1929 on th e basis of 2 n o -p a r
com m on shares for each $100 of d e b en tu re s. In D ec. 1925 stockholders
w ere given th e rig h t to subscribe to th ese d eben. gold b o nds a t p a r for $22
of c o n v ert, deb. bonds 1926 for each share of n o n -p a r sto ck h eld b y th e m .
Subscriptions w ere p a y ab le in cash or 3 in sta llm e n ts. V . 121, p . 2270,
2 4 0 1 ,2 7 4 9 . L isted on N . Y . S tock E xchange. V . 122, p . 346, 3336.
D IV S —
1909-11. 1912 to 1917. 1918. 1919. 1920-21. 1922. 1923.
P e r c e n t_____ 6 y rly . 6 & 2 e x t. y rly . 6
6
N one
4
8
In a d d ition to th e 6 % p aid in 1910 a n e x tra 1 A % w as p a id ; in a d d itio n
to th e 6 % p aid in 1911 a n e x tra 1% . P a id in 1924: J a n . 2, 2 % ; A p r. 1,
$1 per share on new stock of no p a r v a l. J u ly 1, $1 p er share; G et. 1, $1
per share. In 1925 p a id a t th e ra te of $4 p e r a n n u m . In 1926 p aid 4
regular q u a r. dividends of $1 each, a n d in ad d itio n in J a n . 1926, $7 per
share was p aid as a special dividend, w hich d is trib u tio n w as equal to a ra te
of 8 % p e r an n u m on th e p a r value sto ck , as c o n stitu te d d u rin g th e period
J a n . 1 1920 to J u ly 1 1922, w hen d ividends w ere susp en d ed ow ing to th e
inad eq u acy of th e ra te , allow ed u n d e r th e 80-cent gas law , w hich on M a r.
13 1922 was held b y th e U . S. Suprem e C o u rt to be u n c o n stitu tio n a l and con­
fisc ato ry as a g ain st th e co. V . 121, p . 2270.
E A R N IN G S .— F o r calendar years:
Total
N et af ter Taxes,
Fixed
Balance,
Revenue.
Retirem’t, &c.
Charges.
D ividends.
S u rvlu s.
1925 __ a$ 2 0 ,968,500
$1,640,128
$1,387,589 d$5,542,573 b$5,290,034
1924__ a22,297,360
2,335,144
1,768,438
1,513,763
c947,057
a B ased on r a te of $1 p er 1,000 cu. f t. gas. b D eficit. • D oes n o t include
$2,952,746 charged in excess of s ta tu to ry ra te of.$1. c D eficit. D oes n o t
include $2,875,945 charged in excess of s ta tu to ry ra te of $1. d Includes
special p a y m e n t of $7 p e r sh are p a id J a n . 11 1926 an d is equal to d ividends
om itte d J a n . 1 1920 to J u ly 1 1922 on a cc o u n t of 80-cent gas la w . See u n ­
d e r “ D iv id e n d s.”
O F F IC E R S .— P re s ., Jam es H . Jo u rd a n ; V .-P re s., A . F . S taniford;
V .-P re s., C . E . Paige; Sec., H e n ry E . M cG ow an; T re a s ., E . R . C h a p m a n .
Office, 176 R em sen S t., B rooklyn, N . Y .— V . 119, p . 2284, 2876; V . 120,
p . 85, 701, 1585, 1875, 3311; V . 121, p . 704, 2270, 2401, 2636, 2749, 2873.
3129; V . 122, p . 346, 478, 746, 1305, 3336.

NEW YORK & RICHMOND GAS CO.
O perated u n d e r supervision of Dawes Bros., In c.
O R G A N IZ A T IO N .— Incorp. in 1901 in N ew Y ork as a consolidation o
R ichm ond C o u n ty G as L ig h t C o. an d C onsum ers’ G as L ig h t C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Co. supplies gas in fo u r w ards of th e B orough of R ichm ond, S ta te n Islan d ,
N ew Y ork. W ater gas p la n t of 3,500,000 cu. f t. a t C lifto n , S. I ., gas
holders of a to ta l c ap a c ity of 2,480,000 cu. ft.
S T O C K A N D B O N D S .—
Date.
Interest. O utstanding. M aturity.
C om m on ($100)___________________
_______
$1,500,000 ______ . . . .
7% cum p re f $1,500,000__________
7 Q -J
682,900 __________
C ap s tk su b sc rip tio n s________ _____
_______
45,000 __________
1st re f 6s ser “ A ” ($1,000-500-/ 1921
6 g M -N
2,125,000 M a y 1 1951
100 c*, $1,000 & m u lt r ) _ tf l i n t , a t C en tra l U nion T r. C o. of N . Y ., tru s t.
Bonds.-—T h e 1st ref. 6 % ser. “ A ” bonds due M a y 1 1951 a re listed on
N . Y . Stock E xchange. T h e y are secured b y a dire c t 1st m tge. on all th e
p ro p e rty (incl. after-acquired) of th e co. A dditional bonds m a y be issued
in series of such te n o r as D irectors m a y fro m tim e to tim e determ ine.
$42,200 a d d itio n a l m a y be issued w ith o u t restrictio n s a h d $259,000 m ore
for 80% of ad d itio n s, &c. provided n e t earnings for 12 consecutive m onths
w ith in preceding 14 calendar m o n th s h av e been a t le a st 1 K tim es an n u al
in te re st on all 1st ref. bonds o u tsta n d in g incl. proposed issue. A dditional
bonds exceeding th ese $301,200 m a y be issued for 75% of a d ditions, &c.,
u n d e r th e sam e earnings restrictio n s as above m entioned.

Oct., 1926.]

19

GAS AND WATER
E A R N IN G S .— F or calendar years
1925.
$756,647
204,611

6 % ser. “ A ” a re call, whole or p a r t on a n y in te re st d a te a fte r M a y 1 1936
to a n d in cl., N o v . 1 1950 on 60 d a y s ’ notice a t 105 & in t. P e n n . & C onn.
4-m ills an d M ass. 6 % tax es refu n d ab le.
E A R N IN G S .-—-For calen d ar y e ar 1925:
O p eratin g rev en u e__________________________________________ $1,071,093
O p eratin g expenses_________________________________________
745,324

O perating re v e n u e _____
O perating expenses_____

N e t o perating revenue
T ax es_________________

O perating incom e_________________________________________
N o n -o p eratin g incom e_______________________________________

$325,769
1,549

G ross incom e_____________________________________________
Incom e d e d u ctio n s__________________________________________
N e t incom e_____
A d ju stm e n ts______
P referred dividends
C om m on dividends.

1924.
$735,695
182,293

1923.
$738,263
194,221

1922.
$670,416
190,506

$552,036
109,065

$553,402
95.417

$554,041
102,000

$479,910
98.351

O perating incom e____
M iscellaneous incom e_
_

$442,971
16,129

$457,985
7.640

$442,041
9.428

$381,558
16.479

$327,318
149,066

_
G ross corp. incom e_
D eductions from incom e

$459,100
2.31,040

$465,625
200,000

$451.470
200.323

$398,037
208.027

$178,252
$2,345
42,353
120,000

N e t co rp o rate incom e.
$228,060
$265,625
$251,146
$190,010
Latest E arnings.— F o r 6 m os. end. J u n e 30 1926 O perating revenue,
$373,243; n e t afte r oper. exp. & taxes, $215,022; m iscell. incom e, $13,155;
deductions fro m incom e, $118,748; n e t c o rp o ra te incom e, $109,429.
O F F IC E R S .— P res., F . C . H opkins; V .-P ., R. W. B acot; V .-P . C . R .
Dewey; Sec., P . A . S ittig; T re a s., H . B . M iles.— V. 118, p. 1017: V . 121.
p. 74, 1788; V. 122, p . 212, 2189

S urplus for y e a r___________________________________________
$13,554
O F F IC E R S .— P re s ., W . J . W elsh; V .-P re s., Joseph H . M aloy; Sec. a nd
T re a s ., Jo h n K o h o u t.— V. 121, p . 200, 2752; V. 122, p . 3341.

CITIZENS GAS CO. OF INDIANAPOLIS.
O R G A N IZ A T IO N .— In co rp . in In d ia n a in M a y 1906. L eases the
p ro p e rty o f th e In d ian ap o lis G as C o. (see sep arate s ta te m e n t below) for
99 years.
Rate Reduction.— See V . 122, p . 881.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C ontrols w ith o u t com petition th e en tire gas business o f In d ianapolis.
ST O C K A N D B O N D S—
D ate.
Interest
Outstanding. M aturity.
Stock v t c $ 2 , 000,000 ( $ 2 5 ) - - - ____
_________ $2 ,000,000
See te x t
P ref 7% cum $1,000,000 ( $ 1 0 0 ) ____
_________
1,000,000 M a r'2 6 1 ^
1st & ref m tg e $10,000,000[ 1912
5 g J-J
3,312,000 Ju ly 1 1942
($500 & $1,000) g o ld___ c * jln t. a t B an k ers T ru st C o ., N . Y ., a nd U nion
L T r u s t C o ., In d ian ap o lis, T rustees
Stock.— B o th classes of sto ck are listed on th e Ind ian ap o lis Stock E x
change. V. 116, p . 2012.
Bonds.— lsJ & Ref. M tge. 5s are call, a t 108 & in t. on a n y in t. d a te on 30
d a y s’ n otice. M tg e. provides for sinking fu n d o f
of 1% per a n n u m in
1915 an d 1916 a n d H o f 1% p er a n n u m th e re a fte r. $549,090 n o t incl.
in a m o u n t rep o rted o u tsta n d in g h eld in sinking fu n d . $927,000 are in
tre a su ry .
D ividends.— Tw o divs. o f 1 14 % each w ere paid on com. J a n . 1 1911
In M a r. 1911, 3 % ; Sept. 1911, 3 % . In 1912, M a r ., 3 H % ; S e p t., 3 )4 %
In 1913, M a r., 3 )4 % ; S ep t., 3 )4 % . In 1914, M a r., 314% : S ep t., 3 )4 %
In 1915, M a r., 3 )4 % ; S ep t., 3 )4 % • In M a r. 1§16, 5% w as p aid a nd divs
a t sam e r a te w ere p aid regularly sem i-annually to an d incl. M ar. 1921
N one to M ar. 1924, W'hen 3% was p a id . In Aug. a n d D ec. 1924 divs. of
3% w ere p a id . In i 925 M a r., J u n e an d S e p t., 3 % . In D ec., 1 % , m aking
th e to ta l for 1925 10% , th e lim it w hich th e com m on sto ck is p e rm itte d to
e arn . In ad d itio n in D ec. 1925 p a id $6 50 p er sh are, being one-half of the
com m on dividends accru ed in th e y e ars 1921, 1922 a n d 1923. V . 122, p.
881. In 1926, F e b ., A pril, J u n e , A u g ., 4% each.
C om m on stockholders in Ju ly 1925 w ere advised t h a t th e M ilb u rn B yP ro d u cts C oal C o ., controlled b y th is com pany, w ould be p rep ared to p a y ,
on or a fte r Ju ly 10 1925, th e face valu e o f th e “ accrued dividend certiiic ates” issued by th e C itizens G as C o. of In d ., on p ro p er en dorsem ent to
th e M illburn B y -P ro d u cts C oal C o. T h e to ta l a m o u n t of th is scrip o u t­
stan d in g was $125,250, or $2.62)4 p e r sh are on th e 50,000 shares of com m on
stock issued p rio r to J u ly 1 1915, to w hich th e above “ accrued dividend
certificates” a p p ly . See V . 121, p . 197.
E A R N IN G S .— F o r calen d ar years:
1925.
1924.
1923.
T o tal earnings----------------------------------- $6,669,479 $5,798,436 $6,651,765
N e t - ----------------------------------------------- 2,428.413
1,985,299 2,011,218
Deduct— T ax es_____________________
495,809
366,687
280,735
D e p re cia tio n ........ ...............
440,096
440,055
237.500
Fixed c h a r g e s ---------666,106
719,584
742,788
B alance, su rp lu s___________________
826,402
458,973
750,195
O F F IC E R S .— P res., Jo h n R . W elch: V .-P . and G en. M g r., C . L . K irk;
Sec. F . G . R asten b u rg ; T rea s., G . A. E fro y m so n .— V. 119, p . 328: V. 120.
p . 209; V . 120, p . 2814; V. 121, p . 197, 329; V . 122, p. 479, 881, 2189,
V. 123, p .4 5 3 .
(a) IN D IA N A PO L IS G A S CO.
O R G A N IZ A T IO N .— In co rp . in In d ia n a in 1890. W as leased to the
C itizens Gas C o. of In dianapolis in O ct. 1913 for 99 y ears. U nder term s
of th e lease th a t com pany g u aran tees in t. on th e In d ian ap o lis G as C o. 1st
M tg e. 5 s , th eir refunding a t m a tu rity an d 6 % divs. on th e co m p a n y ’s
$2,000,000 cap ital stock.
ST O C K A N D B O N D S—
Date.
Interest. Outstanding. M aturity.
Stock $2,000,000 ($50)____________
6 J -J
$2,000,000
See te x t
1st m tg e $7,500,000 ($1,000)/ 1902
5 g A-O
5,628,000 O ct 119 5 2
g o ld -----------------------------c * \I n t. a t E q u itab le T r u s t C o ., N . Y ., tru ste e .
Stock.— D ivs. are g u ar, b y C itizens G as C o. of In d ian ap o lis u n d e r term s
of lease (see te x t a b o v e).
Bonds.— In te re st a n d refunding o f 1st m tg e. 5s a t m a tu rity g u a ra n te ed by
C itizens G as C o. of In d ian ap o lis. In A pril 1915 B lodget & C o ., B oston
& N . Y ., offered a block of 1st m tg e. 5s a t 96 & in t. V. 100, p . 1514. In
Ju ly 1916 th e sam e bankers offered a block a t 97)4 & in t., yielding a b out
5.1 5 % . V. 103, p . 148.
D ividends.— P aid reg u larly sem i-ann. (J. & J .) u n d er term s of lease.
O F F IC E R S .— P res., W m . G . Irw in; V .-P ., W m . T . C annon; Sec., W m .
J . Y ule; T rea s., A rth u r V. B row n.— V. 119, p . 332.

CONSOLIDATED WATER CO. OF UTICA, N. Y.
O R G A N IZ A T IO N .— In c o rp . in N . Y. in N o v . 1899 as a consolidation
Franchise p e rp e tu a l.
Capital Stock Changed.— On D ec. 31 1925 stockholders changed th e a u th o r­
ized cap ital stock fro m $2,500,000 com m on stock, $2,500,000 7% 1st pref.
stock a n d $1,000,000 non-cum . 5% p ref. stock, all p a r $100, to 140.000
shares o f class “ A ” and 35,000 shares of class “ B ” stock, no p a r value,
and $2,500,000 1st p ref. stock, p a r $100. Stockholders received 4 shares
class “ A ” and one share class “ B ” stock for each sh are o f 5% pref. and
com m on stock held b y th e m . V . 122, p . 212.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
C o n tro ls practically all th e available sources of w a ter sup p ly for th e city
of U tica and a d ja ce n t tow ns. 251 m iles of m ains a n d 19,189 m eters.
ST O C K A N D B O N D S—
Date.
Interest. Outstanding M aturity
C om . cl. A 140.000 shs. (no p a r ) ____
See tex t. 120,000 s h s ..
C om . cl. B 35,000 shs. (no p a r ) ____
See te x t.
30,000 s h s --------------7% C u m . 1st pref. $2,500,000
($100)__________________________
7 Q .-F
$600,000 __________
1st re f 5 )4 s Ser A ___________ ( 1925
5)4 J -J
4,000.000 J u ly 1 1065
Series B ._ - - - - - - - - - _____ -j 1925
5)4 A-O
500,000 A pr 1 1960
($1,000 & $500 c * )______(C itizens’ T r u s t C o ., U tic a . N . Y ., tru ste e
Stock.— C lass “ A ” stock is en title d to a cum . pref. d iv. o f $1 50 a nd is
also en title d to sh are, as a class, eq u ally w ith th e class “ B ” stock in any
dividends d eclared a fte r class “ B " has received $2 p er a n n u m . V . 122,
p. 212.
Bonds.— T h e 1st re f. m tg e. 5)4 gold bo n d s. Series B , are red . a t 103 and
In t., all or p a rt upo n 60 d a y s ’ n otice. In te re s t p ay ab le a t C itizens' T ru st
C o ., U tica, N . Y ., a n d th e agency of th e co. in N ew Y o rk . A sinking fund
of 1 % p er an n u m for Series A an d B is p ro v id ed . M o h aw k Valley In v e st­
m e n t Co. sold in J u ly 1925 $500,000 a t p rices to yield a b o u t 5.4 5 % . V .
121, p . 74.
D IV ID E N D S .—
’10. ’l l . ’12. ’13. ’14. •15. ’16. ’17. ’18. ’19-’25.
F irst p re fe rred ____
7
7 7% yly
7
P r e f e r r e d _________
5
5
5
5
5
5
5
5
5 5% yly
C o m m o n __________
1
2
2
1 -3
4
5 6 % yly
On D ec. 31 1925 th e new cap italizatio n , see ab o v e, was au th o rized b y
stockholders.




COUNTY GAS CO. (OF DALLAS, TEXAS).
Control.— A subsidiary of D allas G as C orp.
Supervised by H . D , W albridge C o ., In c ., N ew Y ork.
Organization.— In c o rp o rate d in Texas D ec 3 1912. T h e C o u n ty Gas
C o. tog eth er w ith th e D allas G as C o. (both subsidiaries of D allas G as C orp.j
do, w ith o u t com petition, th e en tire gas business in th e C ity of D allas,
T exas, a n d environs, serving an e stim ated population of 265,000. T he
D allas G as C o. confines its o perations to th e old c ity lim its as th e y existed
M arch 30 1912. T h e C o u n ty G as C o. supplies gas to th e new er portion
of th e c ity , as well as th e su rrounding te rrito ry , serving an estim ated
population of 120,000, of which a p p r. % is w ithin th e presen t city lim its of
D allas. T h e su b u rb a n te rrito ry includes th e residential H ighland P a rk
a nd T rin ity H eights. C o’s supply of gas is obtained from n a tu ra l gas
production a nd tra n s p o rta tio n com panies operating in th e O klahom a a nd
Texas gas fields. C o. owns regulator statio n s a nd 290 m iles of high an d low
pressure d istrib u tin g m ains. O u tp u t y ear 1925 over 2,640,000,000 cu. ft.;
20,666 consum ers.
ST O C K A N D B O N D S—
D ate.
Interest. O utstanding. M aturity.
C om m on____________________ _____
_______
$472,900 A pr. '25 5%
1st m tge. 5s gold due 19461 1926
5 g A-O
1,600,000 A pril 1 1946
($l,000-$500c*)______ __- tf / A m erican T ru st C o., N ew Y ork, tru ste e .
Bonds.— T he ls i mtge. 5% gold bonds, due 1946 are secured by a direct
1s t a nd only m tge. on all p ro p e rty (except securities), rights a nd franchises
of th e com pany. N o bonds, in additio n to th e $1,600,000 originally
offered, m ay be issued unless n e t earnings for 12 w ithin preceding 15
m onths have been a t least tw ice an n u al in te re st on all 1s t m tge. bonds
ou tsta n d in g , incl. new issue. W ith th e exception of n o t over $559,000
bonds which m ay be issued a g ain st th e presen t (M arch 1926) p ro p e rty ,
a d ditional bonds of a n y series, m a y be issued from tim e to "time for refunding
bonds of series previously issued under th e m tg e ., or for 80% of acquisition,
&c., m ade a fte r D ec. 31 1925. A dditional bonds m ay be issued in series,
varying w ith respect to ra te s of in te re s t, d a te s, m a tu rities, redem ption
privileges, &c. There is a maintenance and improvement fu n d of 1 )4 % an n .
of book value of th e physical p ro p e rty su b ject to due credits for excess
expenditures m ade in prior years. C allable whole or p a rt on 30 d a y s’
notice a t 105 through A pril 11941; a t 104thro u g h April 1 1942; a t 103
through A pril 1 1943; a t 102 th ro u g h April 1 1944; a t 101 th ro u g h A pril 1
1945; th e re a fte r a t 100; in each case w ith in te re st. P e n n . 4-mills a nd
M ass. 6 % taxes refu n d ab le. In M arch 1926, A rth u r P e rry & C o. a nd
P aine, W ebber & C o., B oston, M ass., offered $1,600,000 1st m tge. 5%
gold bonds, due 1946 a t 93M and in t., to yield over 5)4 %• V. 122, p . 1454.
Listed on B oston Stock E xchange. V. 122, p. 1761.
E A R N IN G S .— F o r calendar years:
1925.
1924.
$825,285
G ross earn in g s_________________________________ $1,157,325
N e t a fte r m ainteance an d ta x e s __________________
205,029
664,363
D ividends.— P a id in 1923 20% ; 1924, 9.5 % ; 1925. 14.5% .
O F F IC E R S .— P res.. H . D . W albridge, N ew Y ork: V .-P ., H . C . M orris.
D allas, Texas; V.1? . , F . T . H ep b u rn ; V .-P ., F . E . H aag, N ew Y ork; Sec.,
R . G . Soper; T reas., C. C . K izer, D a lla s, T exas.— V. 120, p . 1325; V.
122, p . 1454, 1761, 2039.

DES MOINES GAS CO.
A ffilia te d w ith th e U nited G as Im p ro v em en t Co.
O R G A N IZ A T IO N .— In c o rp . in Iow a F eb. 28 1906 as successor to th e
C ap ita l C ity G as L ig h t C o. V. 122, p . 1025.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Co. supplies artificial gas w ith o u t com petition in D es M oines a nd V alley
Ju n ctio n , Iow a, serving a popu latio n of a pproxim ately 150,000. C o.
owns an d operates a m odern gas p la n t of a daiiy c apacity of 4,000,000 cu.
ft. H older cap acity 3,900.000 cu. ft. 30,526 custom ers; 307 miles of gas
m ains. V. 122, p . 1025
Franchises.— C o .’s principal franchise is p erp etu al a nd free from b u rd e n ­
som e restrictions.
ST O C K A N D B O N D S—
D ate.
Interest. O utstanding. M aturity.
C om m on ($50) _______________ _____
_________ $2,250,000 J u l y ’26 1)4
8 % cum pref ($50)___________ ____
8%
500,000 J u l y ’26 2%
7% cum pref ($50)___________ ___
7%
250,000 J u l y ’26 1%
1st M gold 5% series due 1956 ( 1926
5 g M -S
2,200,000 M a r 11956
($1.000, $500)________ c * tf \B k . of N o. A m er. & T r. C o., P h ila., tru ste e .
Bonds.— 'The 1st M tge. gold bonds, 5% series, due M a r . 1 1956, are secured
by 1s t m tge. on th e en tire (incl. after-acquired) p ro p e rty , except securities
ow ned, unless specifically pledged. A dditional bonds in one or m ore series
of such te n o r as directors m ay from tim e to tim e determ ine, m a y be issued
(a) for 75% of new acquisitions, ad d itio n s, &c., provided n e t earnings for
i2 o u t of preceding 15 m o n th s have been 1% an n u al in te re st on all under­
lying an d 1s t m tge. bonds o u tsta n d in g , incl. new issue; (6) for refunding
purposes; (c) to provide m oney to be deposited w ith tru ste e for a n y of the
foregoing purposes. Co. is to p a y sem i-annually on J u n e 1 an d D ec. 1 in
each year, com m encing D ec. 1 1926, to a sinking fu n d )4 % of to ta l a m o u n t
of these bonds o u tsta n d in g for th e pu rch ase or redem ption of bonds, th e re ­
a fte r to be canceled. R ed ., w hole or p a rt, on 30 d a y s’ notice a t a prem ium
of 5% on or before M ar. 1 1946, said prem ium to be reduced )4 % com m enc­
ing Sept. 1 1946, w ith a like add itio n al red u ctio n com m encing Sept. 1 of
each y ear th e re a fte r, on S ept. 1 1955 a t par; in each case w ith in te re st.
Penn. 4 mills tax refundable. In F eb. 1926 D rexel & C o., P hiladelphia,
P a ., offered $2,200,000 5% Series d ue 1956 a t 98)4 an d in t., to yield a b o u t
5.10% . V. 122, p . 1025.
E A R N IN G S .— F o r calendar years:
1925
1924
1903
G ross---------------------------------------------- $1,197,445 $1,215,430 $1,129,285
O per. exp., m aintenance a nd ta x e s _
_
911,588
920,544
854,200
N e t before d epreciation a n d ta x ___
D e p re cia tio n _______________________
In te re s t charges_______

$285,857
34.058
88,319

$294,886
25,632
83,118

$275,085
37,566
77,742

B alance before divid en d s_________
$163,480
$186,136
$159,777
O F F IC E R S .— P res., C . M . B enedict; V .-P s .f P . H . G adsden, Lewis
Lillie a n d F . J . R utledge; Sec., G . W . C urran; T rea s., I . E . M owen; M g r.,
H . R . S te rre tt.— V. 117, p . 1668; V . 122, p . 1025.

DETROIT CITY GAS CO.
Am erican Light & Traction Co. owns p ractically all of c o .’s c ap ital stock.
V . 82, p . 283, 989.
O R G A N IZ A T IO N .— O rganized in M arch 1898. T h e D e tro it C ity
C ouncil decided n o t to exercise th e rig h t to pu rch ase th e p ro p e rty of th e
com pany a t th e expiration of th e la tte r ’s franchises O ct. 31 1923. On A ug.
1 1913 acquired th e physical p ro p e rty of D e tro it & S u b u rb an G as C o .,
subject to $930,000 20-year 5s d ue D ec. 1 1928. V. 97, p . 731. M e te r ta x
rem oved effective D ec. 31 1925 b y o rder of th e G as R a te A rb itra tio n B oard.
W as said to save consum ers betw een $350,000 a n d $400,000 in 1926.
V . 122, p. 212.

20

PUBLIC UTILITIES

Stock anil Bonds Approved.— T h e M ichigan P . U. C om m ission authorized
this com pany in M ar. 1926 to issu e $3,000,000 common stock and $10,000,000
m tg e. bonds. V. 122, p. 1454.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns all th e gas p ro p erties in D e tro it, M ich. R ates, V. 117. p . 2217, 2438;
V. 118, p . 1916. 2185: V. 119, p. 202, 584. R ates u p held. V. 120.p. 3313.
S T O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
Stock $15,000,000 ($100)__________
_______ $12,477,600 ---------------P re f 8 % cum $5,000,000------- ----------------------------------------F irst m tg e Series “ A ” ($100,1 1922
6 g J -J
13,500,000 Ju ly 1 1947
&c) g o ld _________ c* & r* .tf / In t. a t office of Am er. L t. & T r. C o ., N . Y.
Series “ B ” _________________ 1925
5 A-O
10,000,000 O ct 1 1950
D e tro it & S u b u rb an G as C o .l 1908
5 g J-D
930,000 D ec. 1 1928
fir s tm tg e ($1,000) g o ld --c * jT n t. a t C itizen s' Sav. & T ru s t C o., C leve..O .
Stock.— 'T he stockholders in A pril 1921 au th o rized th e issuance of
$5,000,000 8 % cu m u lativ e preferred stock. V. 112, p . 1870.
Bonds.— T h e first m tge. Series A 6 % bonds are redeem able, all or p a rt,
a t 107
to an d inciuding Ju ly 1 1932: a t 105 th ereafter to a n d incl. Ju ly 1
1942; a t 101 th e re a fte r to and incl. Ju ly 1 1946. and a fte r Ju ly 1 1946 and
p rio r to Ju ly 1 1947 a t p a r a n d in t. V. 115, p . 187. P en n sy lvania 4 mills
ta x refu n d ed .
D e tro it & S u b u rb an G as Co. 1st m tge. 5s are redeem able a t 103 and in t
E A R N IN G S .-—F o r 12 m o n th s ended J u ly 31:
Gross, In c l.
N et A fter
A d ju stm en ts,
Other In c .
Oper. In c. D eductions.
& .
Balance.
1926_____ $15,805,222 $3,889,188 $1,647,732 C r.$209,013 $2,450,469
1,648,202 Cr. 188,951 2,239,056
1925_____ 14,099,931 3,698,307
O F F IC E R S .— P re s ., A lanson P . L ath ro p ; V .-P. & G en. M g r., C has. W.
B en n ett; V .-P ., Jam es Law rence; Sec. & T rea s.. C has S. R itte r. Office.
D e tro it, M ich .— V. 119, p . 202, 584; V. 120, p. 3313; V. 122, p . 212. 1454.

EAST BAY WATER CO.
O R G A N IZ A T IO N .— Form ed N o v . 13 1916 in C alifornia.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Engaged in th e p ro d u ctio n , d istrib u tio n an d sale of w a ter for dom estic and
in d u stria l p u rposes. T h e te rrito ry served includes th e cities of O akland,
B erkeley, A lam eda, P ie d m o n t, Em eryville, A lbany a n d San L eandro,
in A lam eda C o u n ty , an d R ichm ond a n d E l C errito in C o n tra C osta C ounty.
Calif. C om bined p o p u la tio n estim ated a t 498,000. Franchises ru n w ith o u t
tim e lim it an d are s ta te d to be free fro m burdensom e restrictio n s.
Interest. Outstanding. M aturity.
ST O C K A N D B O N D S —
Date
_________
$ 100,000 ___________
C om m on $500,000 ($100)__________
Q -J 15 10,000,000 O ct’26, 1 H
Class “ A ” p re f 6 % c u m u la tiv e ! ____
$ 10 , 000,000 ( $ 100) ________ /

Q -J 15
2,987,200 O c t'26.1 M %
Class “ B ” p re f 6 % non-cum u < ____
$5,000,000 ($100)________ \
54£ g J -J
9,169,200 J a n 11946
1st m tge $15,000,000 ($1,000)1 1916
g o ld ___________________ c * (In t. a t Weils Fargo B an k a n d U nion T ru st
C o ., T ru ste e .
l
U nifying & refu n d in g m tg e—
U n if & re f m tg e Ser “ A ” ($100
1921
i y 2 g M -S 2,480,500 Sept 1 1936
$500 & $1,000)_________
6 g M -S
2,881,500 M a r 11942
Ser “ B ” ($500 & $ 1 ,0 0 0 )--. 1922
6 g M -S
1,986,000 M ar 1 1944
Ser “ C ” ($500 & $ 1 ,0 0 0 )-.- 1924
6 g M -S
3,000.000 M a r 1 1955
Ser “ D ” ($500 & $ 1 ,0 0 0 ).. 1925
5 g M -S
4,265,000 M a r 1 1956
Ser “ E ” ($1,000 & $500 c*) 1926
$50,000,000 g o ld _____c * tf I n t. a t M ercn atile T r. C o ., San F r ., tru ste e .
3-year no tes ($f,000) g o ld .tf j 1§25
5 l g F-A 1,000,000 Feb 1 1928
A
J ln t. a t A m erican B an k , San F ra n ., tru ste e .
Stock.— In J u ly 1926 Peirce, F a ir & C o ., B ly th , W itte r & C o., an d W m .
C avalier & C o. offered $2,431,200 class A 6 % cum . pref. ( a . & d.) a t 96,
to yield 6 .2 5 % . V. 123, p . 454. Is n o n -callab le.
Bonds.— 1st M tge. 5 Mis are call, a t 105 & in t. M tg e. provides for sinking
fu n d o f 1% of o u tsta n d iig bonds each J a n . 1 1922 to 1925, incl.; since
1 M % a n n u ally . $4,932,100 in ad d itio n to am o u n t re p o rte d o u tstanding
a re deposited u n d e r th e unifying & ref. m tg e.
U nifying & ref. m tg e . bonds a re secured by deposit of $4,932,100 1st
m tg e. 5 H s .
Ser. “A " 7}4s are re d . a t 105 on a n y in t. d a te . $2,500,000 w ere offered
in J u ly 1921 b y C y ru s Peirce & C o. and B ly th , W itte r & C o ., San F ra n ­
cisco, a t 100 an d in t. V . 113, p . 540. AH of th e o u tsta n d in g series A w ere
to be redeem ed soon a fte r issuance of $4,265,000 series E , 5 % , in J u ly 1926.
V. 123, p . 323.
Ser. “ B” 6s are re d . all or in p a r t on a n y in t. d a te on 60 d a y s ’ notice a t
110. In M ay 1922, $3,000,000 were offered in M ay 1922 b y B ly th , W itter
& C o. an d C y ru s Peirce & C o. a t 102 & in t. V. 114, p . 2246.
Ser. “ C” 6s are callable all or in p a rt on an y in t. d a te on 60 d a y s’ notice
a t 105. $2,000,000 w ere offered in M arch 1924 by B ly th , W itte r & Co,
a t 99)4 & in t., yielding over 6 % . V . 118, p . 1141.
Ser. “D " 6s are red . all or p a r t on a n y in t. d a te on 60 d a y s’ notice a t 105
and in t., pro v id ed , how ever, th a t in case of th e sale to or o th e r acquisition
of th e co. s p ro p erties by a n y public co rp o ratio n , th e co. m ay a t its option
and u pon like notice redeem th ese bonds as a whole a t 103 & in t. In F eb.
1925, $3,000,000 w ere offered by B ly th , W itte r & C o ., Peirce, F a ir & C o.,
M ercan tile Securities C o. of C alif, a n d A m erican Securities Co. a t 101)4 &
in t. V . 120, p . 955.
Series E 5s, dated March 1 1926 are red . all or p a rt on 60 d a y s ’ notice a t
105 & in t., pro v id ed , how ever, th a t in case of th e sale to or o th er acquisition
of c o .’s p ro p erties by an y public co rp o ratio n , co. m ay a t its o ption redeem
these bonds as a whole a t 100 & in t. E x e m p t from C alif, personal p ro p e rty
ta x . In J u ly 1926 P eirce, F a ir & C o ., B ly th , W itte r & C o ., a n d M ercan tile
S ecu rities C o. of C alif, offered $4,265,000 Series E a t 9 7 )4 & in t., to yield
over 5.1 5 % . V. 123, p . 323.
T h e 3-year 5M % no tes are re d . as a whole only on a n y in t. d a te on 30
>
d a y s ’ notice a t 101 & in t. u p to a n d incl. F eb . 1 1926, th e re a fte r a t 100H
& in t. u p to a n d incl. F eb . 1 1927, an d th e re a fte r a t 100 & in t. $1,000,000
w ere offered in F e b . 1925 by B ly th , W itte r & C o., Peirce, F a ir & Co..
M ercan tile Securities C o. of C alif, an d A m erican Securities C o. a t 100 & int.
V . 120, p . 955.
All of th e o u tsta n d in g no tes w ere to be redeem ed soon a fte r th e issuance of
$4,265,000 unifying & refu n d in g m tge. 30-yr. 5% g. bonds, series E in
J u ly 1926. V . 123, p . 323.
E A R N IN G S .— F o r calen d ar years:
1925.
1924.
1923.
1922.
_
$3,478,811 $3,202,441 $2,887,160
G ross oper. rev en u es_ $3,694,376
O per. ex p ., taxes, d e p r .. 1,843,975
1,812,161
1,597,059
1,453,590

[V ol. 123.

in th e v ic inity of these com m unities w ith a to ta l p o p u la tio n of approx.
1,250,000. G as supplied averages over 100,000,000 cu. f t . d a ily . C o. was
re p o rte d on Ju n e 7 1926 to h av e acquired 25,000 acres of la n d in F a y e tte
C o u n ty , W est V irginia a n d pla n n e d to drill for oil im m e d ia te ly . V . 122,
p . 3337.
STO CK A ND BO N D S—
Date.
Interest. O utstanding. M a tu rity .
C om m on $75,000,000________ All ow ned by C ities Service C o.
_______ $31,064,240 ____________
C u m p re f $500,000,000____________
lst&refcv$50,OOO,OOOSer“ A ” f 1922 7 K g M -N 35,549 M a y 1 1937
Ser “ C ” $10,000,000______\ ____
7K
4,628,400 M a y 1 1937
($100, &c) g o ld _____c*&r* [B ankers T ru s t C o ., New Y ork, tru s te e .
6 )4 % series, due 1941 $1,0001 1926
63^ A-O
20,000,000 A p r 1 1941
$500, $100 c* & $1,000 &( In te re s t in Chicago an d N ew Y ork.
m ultiples r . t f ) ___________ [
Bonds.— T h e to ta l a m o u n t of au th o rized 1st & ref. gold bonds is $150,000,000. Issuable u n d e r re stric tio n s sta te d in tr u s t in d e n tu re .
T h e 1st & ref. conv. bonds Ser. “ A ” ( V. 114, p . 1895,) a re re d ., all or p a r t,
a t 115 & in t. d u rin g firs t year, and th e re a fte r a t 115 & in t. less 1 % fo r each
expired y e ar fro m d a te of issue, b u t a t p a r la s t six m o n th s. L iste d on
N . Y . Stock E xchange. V. 123, p . 1633.
C onv. in to th e 8 % cum . p re f. sto ck on th e basis of th e pre v a ilin g skg.
fund call price for th e bonds an d p a r for th e pref. sto ck , w ith a d ju stm en t
for in te re s t a n d dividends.
C o. obligates itse lf to m a in ta in a m inim um sinking fu n d for Ser. “ A ,”
bonds, o p e ra tin g th ro u g h H alsey, S tu a rt & C o ., In c ., th e a m o u n t of w hich
1f calcu lated to re tire a b o u t 60% of th e series by m a tu rity , th e skg. fu n d
operatin g q u a rte rly , beginning A ug. 1 1922, th ro u g h th e p u rch ase of bonds
in th e m a rk e t or by call by lo t a t 107 M and in t. d u rin g fir s t y e ar, less
i
14 % f° r each expired y e ar from d a te of issue, b u t a t p a r la s t six m o n th s.
T here is a sinking fu n d operating q u a rte rly beginning O ct. 1 1926,
through H alsey, S tu a rt & C o ., In c ., for th e re tirem e n t of 6 J<% series
bonds, due 1941, a t th e a n n u al ra te of a t least $1,000,000, b y purchase
of bonds in th e m a rk e t a t n o t exceeding redem ption price otherw ise by,
call a t such price. C o. has rig h t to an tic ip ate th is sinking fu n d obligation.
W hile an y of th e 6 )4 % series are outstan d in g , a d d itio n a l bonds m a y only
be issued (in sam e or o th er series of such ten o r as s ta te d in th e in d e n tu re ,
under restrictions as to th e cost of ad d itio n a l developm ents and ad d itio n s
a nd su b ject to certain earnings restrictions. W hile any bonds of series A,
series C or 6 )4 % series, due 1941, are ou tsta n d in g co. is to m a in ta in a
depletion and depreciation fu n d of n o t less th a n $3,000,000 per a n n u m (in
addition to th e sinking fu n d ), to be used to (1) redem ption of series A bonds,
if a ny are o u tstanding; (2) for c ap ital expenditures; (3) for te m p o ra ry
investm ent in assets to be pledged w ith tru ste e u n til applied as under (1)
or (2).
6 ^ % series, due 1941, are re d ., whole or p a rt, on 60 d a y s’ notice a t
106% less y2 % for each expired 12 m onths fro m an d incl. A pril 1 1926 a nd
a t p a r during th e la st 3 years, in each case w ith in te re st. Co. refunds
P en n , a n d C onn. 4 m ills a n d M ass. 6 % taxes. L isted on N . Y . Stock
E xchange. Y. 123, p . 1633. In M arch 1926 H alsey, S tu a rt & C o., In c .,
an d H allg arten & C o. offered $20,000,000 6 )4% series, d ue 1941, a t 9 7 X
A
a n d in t., to yield over 6 M % . T h e bonds carried w arrants to purchase com­
m on stock o f Cities Service Co. in th e pro p o rtio n of 20 shares per $1,000 bond
a t $46 p e r share d u rin g 1926, or a t $50 durin g 1927, or a t $54 durin g 1928,
provided n o t m ore th a n $6,000,000 p rin cip al a m o u n t of bonds m a y exercise
such rig h t in an y one cal. year. W a rra n ts n o t detach ab le. V. 122, p . 1770.
These bonds are secured (subject to existing an d fu tu re pledges of oil
in storage, purchase m oney a nd existing liens on p ro p e rty hereafter ac­
quired) by a 1st m tge. on a p a rt of th e properties a nd by a 1st m tge. on
all th e properties now ow ned or hereafter acquired b y th e p a re n t co., and
by a first lien upon all of th e stocks of th e subsidiaries owned by th e co.
V. 114. p. 1895All of th e o u tsta n d in g E m p ire R efining Co. 1st m tge. & coll. tr . skg. fu n d
6 % bonds, d a te d F eb. 1 1917, w ere called for redem ption on A ug. 1 1926
a t 108 a n d in t. V. 122, p . 3080, 3605.
E A R N IN G S .— C onsolidated earnings for 12 m onths end. N ov. 30.
Total
N et A fter
Interest &
xSundry
A v a il, for
Revenue. M a in t.& D e p r. A m ortiz. Deductions. D ividends.
1925______ $54,088,296 $12,470,479
$6,084,111
$414,261 $5,972,107
6,716,996
6,315,869
323,148
77,979
1924______ 47,740,725
1 9 2 3 - - - - . - 45,259,459
7,276,367
5,849,985
284,135 1,142,247
x M in o rity stockholders’ in te re st in subsidiary com panies’ su rp lu s of
earnings, an d o th e r deductions.
Latest Earnings.— C onsolidated earnings for 12 m os. end. J u n e 30 1926:
G ross, $60,973,613; n e t a fte r m a in t. & d eprec., $14,121,559; in t., a m o rt.,
$5,848,636; m in o rity p ro p o rtio n of su rp lu s, $506,498; a v ailab le for div i­
dends, $7,766,425O F F IC E R S .— P res., H enry L . D o h e rty , N ew Y ork.— V. 119. p. 1740,
2877: Y. 120, p . 1326, 1585, 3186; V. 121, p . 197, 1460, 1788, 3003; V. 122,
p. 347, 1608, 1770. 3081, 3605; Y . 122, p. 1633.

FEDERATED UTILITIES, INC.

O R G A N IZ A T IO N .— In c o rp o rate d in D elaw are A ug. 18 1925. Owns
all of th e o u tsta n d in g bonds and th e e ntire o u tsta n d in g com m on stocks,
except directors’ shares, of th e M ichigan Federated U tilities Corp, a n d th e
Palm B each G as C o., and in additio n th e re to , all th e c ap ital sto ck , except
directo rs’ shares, of th re e subsidiaries in In d ia n a and G eorgia, a n d over
90% of th e c ap ital stock of th e C onsum ers’ G as & C oke C o. of W aycross,
V. 121, p . 1568.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o m p a n y ’s subsidiaries serve a p o pulation of over 200,000. A rtificial
gas is furnished to ] 1 com m unities in th e S ta te of M ichigan in w h a t is
know n as th e M ichigan In d u stria l B elt, a nd to P alm B each a n d W est P a lm
B each, F la ., also to a num ber of com m unities in In d ia n a , F lorida, A labam a
and G eorgia. T h ere are 6 gas p la n ts in M ichigan, all of w hich m an u fa c tu re
e ith e r coal gas or b o th coal a n d w ater gas. T h e P a lm B each gas p la n t
m anufactures w ater gas only. V. 121, p. 1568. C o. acquired in M arch
1926 th e M t. C lem ens, M ich ., gas pro p erties. As of J u n e 30 1926 18,008
gas m eters in service. A verage d a ily send-out a b o u t 1,680,000 cu. ft.
ST O C K A N D B O N D S—
Date.
Interes.. Outstanding. M aturity.
C om m on (no p a r ) ___________ _____
_________ 5 2,8 )0shs
____________
1st m tge. coll, gold bonds, f 1925
6 g M -S
1,900,000 Sept. 1 1945
series A ($i 00-500-1,000c*tf ( In t. a t F irst T r u s t & Savings B ank, C hicago.
( tru ste e .
Series B ___________________ 1926
5)4 g M -S
350,000 S e p t 1 1946
M ic h . F ed . U t. C orp. 6 .6 %
1st pref. c u m _____________ _____
6.6
389,800
__________
Bonds.— T h e 1st mtge. coll, gold bonds, series A , bonds, dated Sept. 1 1945,
N e t oper. rev en u e.
$1,850,400 $1,666,650 $1,605,382 $1,433,570
N on-oper. rev . (n e t).
19,622
25,786 are secured b y pledge of first m ortgage bonds of th e subsidiary com panies.
70,382
9,776
T h e subsidiary bonds co n stitu te th e entire fun d ed d e b t in aggregate principal
$1,920,783 $1,686,272 $1,615,158 $1,459,356 a m o u n t equal to n o t less th a n 100% of th e to ta l a m o u n t of 1s t m tg e. coll,
894,219 gold bonds ou tsta n d in g and u n d e r th e te rm s of th e in d e n tu re th is ra tio
919,354
1,116,820
961,648
C lass A p ref. d iv s______
387,016 m u st alw ays be m ain tain ed . T h ere are $1,350,000 of 1st m tge. bonds
444,208
404,516
454,128
Class B p re f. d iv s______
149,360
112,020 of th e M ichigan a nd F lorida subsidiaries now a u th o riz e d a nd ow ned by
149,360
149,360
50,033 th e com pany Are fu rth e r secured by pledge of th e en tire o u tsta n d in g com m on
F ederal incom e ta x _____
53,568
60,349
52,184
stocks, except directo rs’ shares, of such subsidiary com panies. R ed. all
N e t to s u rp lu s .............
$146,907
$70,707
$89,743
$16,068 or p a r t on a n y in te rse t d a te on 60 d a y s’ notice as follows: on or before S ept.
1 1930 a t 105 a nd in t.; th e re a fte r a t )4 % less for each succeeding y e ar or
O F F IC E R S .— P re s ., E d w in O. E d g erto n ; V .-P . & G en. M g r., G . H.
W ilhelm ; 1st V .-P ., J . Y . E ccleston; 2d V .-P ., R . M . F itzg erald; Sec. & p a rt thereof, to a n a incl. S ept. 1 1936 an d th e re a fte r a t 102 a nd in t. A ddi­
T rea s., S. M . M a rk s.— V. 120, p . 828, 955, 1746, 2146; V. 122, p . 3452; tional bonds m ay be issued in one or m ore series of such te n o r as m a y from
tim e to tim e be determ ined, for th e purpose of a cquiring new subsidiary
V . 123, p . 323, 454.
corporations a nd for p erm an en t im p ro v em en ts, & c., b u t th e to ta l p a r am o u n t
of bonds o u tsta n d in g shall n o t exceed (1) 75% of all th e p ro p e rties no r (21
EMPIRE GAS & FUEL CO. (DELAWARE).
100% of th e p a r value of th e first m tg e. bonds of subsidiaries deposited
Controlled b y C ities Service C o.
a n d pledged w ith th e tru s te e plu s 75% of properties ow ned d irectly b y th e
O R G A N IZ A T IO N .— In c o rp . in D elaw are Ju n e 1919. T h e following are com pany, an d u pon w hich tru ste e is given a v alid first lien u n d e r th e
som e of th e su b sid ia ry cos.: E m p ire R efining C o., E m p ire G asoline C o ., in d e n tu re . A dditional bonds m ay only be issued w hen consolidated
E m p ire G as & P ip e L ine C o ., E m p ire N a tu ra l Gas C o ., E m p ire P etroleum
earnings o f th e com pany a nd its subsidiaries (incl. such new subsidiary)
C o ., In d ia n T e rrito ry Illu m in atin g Oil C o ., an d Cities Service Oil C o. (D e l.). h av e been tw ice a n n u al in te re st on all o u tsta n d in g bonds (incl. new issue).
F o r com plete list of su b sid iary com panies, see un d er “ C ities Service C o .”
E a c h subsidiary m u st m ain tain a m aintenance, renewal, depreciation and
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S — sinking fu n d of 12 )4 % of gross revenues. A ny b alance of th is fund to be used
P ro d u ces h ig h -g rad e refin ab le c ru d e oil an d also owns an d o p erates a n a tu ra l e ither for re tirem e n t of bonds or to m ake fu rth e r ad d itio n s, &c. In d ept
gas sy stem . I ts oil p ro p e rties are lo cated in th e M id -C o n tin e n t field in 1925 W m . L . Ross & C o ., F e n to n . D avis & B oyle, C hicago, a nd B enjam in
K an sas, O klahom a, A rkansas, a n d T exas, a n d th e n a tu ra l gas business is D a n sa rd & C o ., D e tro it, offered $1,000,000 6 % . series A, a t 100 an d in t
con d u cted p rin cip ally in K an sas, O klahom a a n d M issouri. Its business V. 121, p. 1568. In M arch 1926 W m . L . R oss & C o ., In c ., & c., &c.,
com bines th e fo u r essentials which c o n stitu te a com plete u n it in th e oil offered $600,000 add itio n al series A bonds a t 100 an d in t. V. 122, p . 1761.
in d u stry , n am ely , p ro d u ctio n , tra n sp o rta tio n , refining an d m a rk e tin g , an d
Series B 5 )4 s, d a te d S ept. 1 1926 a re red . w hole or p a r t on 60 d a y s ’
th e n a tu ra l gas o perations include p ro d u ctio n a n d tru n k line d istrib u tio n to notice a t 103 a n d in t. P e n n ., M ass., C onn, an d M ary la n d m ill taxes
nu m ero u s m a rk e ts. T h e n a tu ra l gas p ro d u ctio n of th e co. is p rincipally in re fu n d a b le . In A ug. 1926 W m . L. Ross & C o ., In c ., C hicago, offered
Osage C o u n ty , O k la., an d co. owns 434 gas wells. In ad d itio n co. p u r­ $350,000 series B a t 97 a n d in t., to yield a b o u t 5.75% .
chases gas fro m o th e r p ro d u cers, an d in th e aggregate has av ailable a daily
E A R N IN G S .— C onsolidated earnings of co. and its subsidiaries (incl.
open flow gas su p p ly of ap p ro x . 1,250,000,000 cu. f t. C o. owns approx. earnings accruing to p rio r ow ners) for 1925: G ross, $877,272; operating
3,000 miles tru n k pipe lines an d supplies gas to local d istrib u to rs serving expenses an d taxes (incl. m aintenance), $586,254; a n n u al in te re st require­
K ansas C ity a n d Jo p lin , M issouri, K ansas C ity , T o p ek a, H utchinson, m en ts of $1,800,000 series A 6 % bonds, $108,100: balance available for
O ttaw a a n d W ic h ita, K an sas, an d su b sta n tia lly all oth er cities a nd tow ns Federal incom e taxes, d eprec., a m o rt. & divs., $183,018.




Oct., 1926.]

Latest Earnings.— C o n so lid ated earnings of co. a n d su bsid. cos. (incl.
earn in g s accruing to p rio r ow ners) for 12 m o n th s ending J u n e 30 1926:
G ross earn in g s______________________________________________ $1,054,984
O p eratin g exp., taxes, m a in t., in t. on C onsum ers G as & C oke
Co bonds an d dividends on M id i.. l e d . U tilities pref. s to c k ..
670,198
A vailable for i n t ., F ed eral incom e taxes, d e p re c., a m o rt. & d iv s .
384,786
A n n u al in terest re q u ire m e n ts________________________________
133,250
B alan ce___________________________________________________
$251,536
O F F IC E R S .— P re s ., F red . W . Seym our.—V . 121, p . 1568; V. 122.
p. 1761.

GAS & BY-PRODUCTS CO.
O R G A N IZ A T IO N .— In c o rp . in D elaw are. C o n tro ls a nd operates the
following com panies: D allas G as C orp. (owning all of th e com . stocks of the
D allas G as C o. an d C o u n ty G as C o ., D allas, T ex .); N a tu ra l G as Producing
C o. of L ouisiana; Excelsior P ipeline C o.; M orehouse N a tu ra l G as C o., In c .,
B astro p , L a.; P an o la Oil & G as C o ., P an o la C o u n ty , T ex.; and th e U . S.
C arb o n C o .. B astro p , L a.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h ro u g h subsidiaries, d istrib u te s gas to th e city of D allas a n d its environs,
serving a p o p u latio n of 248,000. Also produces and d istrib u te s n a tu ra l
gas from th e M onroe field in n o rth e rn L ouisiana. H as 555.409 m iles of dis­
trib u tin g m ains a n d 53,855 m eters in service. T h e co m p any also, through
subsidiaries, owns a pipe line a n d gas d istrib u tin g o rg an ization an d a carbon
black m a n u fa c tu rin g co m p an y ,
SH O CK A N D B O N D S— Date.
Interest. O utstanding. M aturity.
C om m on $10,000,000 ($100)_______
_______
$7,474,000 __________
P re f 7% cum $6,300,0 0 0 ($ 1 0 0 )____7 Q -J
2,769,600 __________
F irst lien coll $3,000,000
1 1 9 2 4 7 g J -J
2,870,000 J a n 1 1939
$500 an d $1,000) g o ld -C * .tf/N e w Y o rk T ru st C o ., N . Y ., tru s te e .
Stock.— P ref. is callable, all or in p a r t, a t any tim e a t 110 a nd dividends.
Bonds.— F irst lien c o llateral 7s a re secured by th e pledge of th e first m tge.
7% d em an d bonds of th e follow ing-nam ed com panies, w hich in effect m ake
th ese F irst Lien C oll. 7% bonds a d ire c t first m o rtg ag e on th e pro p erties of
each: N a tu ra l G as P ro d u cin g C orp. of L ouisiana, $1,953,500 (to ta l, $2,000,000); Excelsior Pipeline C o ., $500,000; M orehouse N a tu ra l G as C o ., In c.,
$25,000; P an o la Oil & G as C o ., $400,000; U . S. C arb o n C o ., $500,000
In ad d itio n to th e foregoing, th ese bonds are secured by a deposit of all
(except d ire c to rs’ shares) of th e com . sto ck s of th e D allas G as C o rp ., Excel
sior P ipeline C o ., M orehouse N a tu ra l G as C o ., In c ., U . S. C arbon C o.,
P an o la Oil & G as C o ., an d o v er 97% of th e com . sto ck of th e N a tu ra l Gas
Pro d u cin g C o. of Louisiana. A re c o n v ertib le in to 7% cum . pref. stock on
th e basis of 12 sh ares of p ref. sto ck for each $1,000 face v alue of th e bonds.
Are red eem ab le on th e first d ay of a n y m o n th on 30 d ay s notice a t 107 M and
in t. to an d including J a n . 1 1929; 105 a n d in t. a fte r J a n . 1 1929, a nd on or
before J a n . 1 1935; th e re a fte r a t a p rem iu m becom ing 1 % less each y ear to
101 an d in t. d u rin g th e la st y e a r of life. $3,000,000 w ere offered in April
1924 by G ladney & W atson, N ew O rleans, a t 96
a n d dividend, to yield
over 7.40% (w ith 50% bonus in com . sto ck ). V. 118, p. 1916.
E A R N IN G S .— F o r calen d ar years:
1925.
1924.
1923.
G ross earn in g s_____________________ $4,629,817 $4,237,312 $3,299,028
O per. ex p ., m a in t., taxes a n d p rio r
fixed charges________ _____ ______
3,986,521 3,663,948
2,840,353
N e t earn in g s____________________
$643,296
$573,364
$458,675
A nnual in terest on first lien b o n d s
$205,765
210,000
.... .
O F F IC E R S .— P res., H . D . W albridge; V .-P., F . T . H epburn; $ \-P .,
F . E . H aag; V .-P ., H . C . M orris; Sec., L . A. W ood; T rea s., A . E . W albridge.— V . 118, p . 1399, 1916; V. 122, p . 2493, 3209.

GREENWICH WATER AND GAS CO.
O R G A N IZ A T IO N .— In c o rp . in D elaw are, D ec. 1925. C o. ow ns 100%
o f th e c ap ital sto ck a n d 1st m tg e. bon d s of th e G reenw ich G as C o., a n d
100% of th e sto ck of th e G reenw ich W ater C o ., w hich in tu rn ow ns th e
en tire c ap ital sto ck of th e P o r t C h este r W ater W orks, w ith th e exception
of d ire c to rs’ qualify in g shares.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h ro u g h its subsidiaries co. supplies w a te r a n d gas to G reenw ich, C onn,
incl. Sound B each, Cos C ob, R iverside, B orough o f G reenw ich, G lenville
an d E a s t P o r t C h ester, a n d w a te r to P o r t C h ester an d R ye, N . Y . T o ta l
p o p u la tio n served w ith w a ter e stim ate d over 57,000. As of M a y 1 1926,
9,471 w ater and 482 gas consum ers, 146 m iles of w a ter pipe line. C o. is
increasing its gas d istrib u tio n b y extensive ad d itio n s. Y. 122, p . 480.
ST O C K A N D B O N D S — Date.
Interest. Outstanding. M aturity.
C om m on 100,000 shs. (no p a r ) ___
_________ 100,000 s h s . __________
7% cum p re f $1,250,000 ( $ 1 0 0 ) ___
7 Q-F
$1,100,000 ___________
Coll tr u s t series A ($1,000, 1926 6 J - J
1,250,000 J a n . 1 1946
500 c * )________________ tf \ T h e A tla n tic N a tio n a l B k, B oston, tru ste e .
Stock.— T h e 7% cum . pref. stock is e n title d to $107 an d divs. in e v en t of
v o lu n ta ry , a n d $100 an d d iv s. in e v en t of in v o lu n ta ry dissolution or liq u id a ­
tio n , before an y o th e r class of stock. C all., a ll o r p a r t, a t $107 an d divs.
on 30 d a y s ’ n otice. In A ug. 1926 P u tn a m & S to rer, In c ., B oston, sold
$1,100,000 7% pref. a t 100 a n d divs. V. 123, p . 709.
Bonds.-— A ll o f the outstanding series B 514%. 0- notes, dated M a y 1 1926
an d 2 -y ear 6 % g. n o tes, d a te d J a n . 1 1920 w ere called Sept. 3 1926 a t
100 y2 an d in t. V. 123, p . 709, 1251.
T h e 6 % coll, tr u s t gold bonds, series A, d a te d J a n . 1 1926, a re secured
b y pledge o f 100% of th e c ap ital sto ck of G reenw ich W ater C o. a n d 100%
o f th e 1st m tg e . bon d s a n d c ap ital sto ck of G reenwich G as C o. A n a n n u al
sinking fu n d beginning A pril 1 1929, of 10% o f consolidated n e t earnings
for preceding calen d ar y ear (b u t n o t exceeding $25,000 for th e first 5 p a y ­
m en ts a n d $35,000 th e re a fte r), is to be used to re tire Series A bonds. N e t
earnings defined as n e t a fte r all in te re st an d tax es (except Federal incom e
tax es), b u t before d ep reciatio n a n d b o n d an d n o te discounts. C onn.
4-m ills a n d M ass. 6 % tax es refu n d ab le. A d d itio n al bonds m a y be issued
in series for n o t exceeding 80% o f cost or fa ir v a lu e to th e com pany of
securities of subsidiaries acq u ired a n d pledged (except 1s t m tge. bonds of
subsidiaries a g ain st w hich c o llateral tr u s t bonds m a y b e issued a t face
value); or, fo r n o t exceeding 65% of cost or fa ir v alu e of securities of
certain o th e r com panies, o r fixed p ro p erties; a n d pro v id ed consolidated n e t
earnings for 12 o u t of preceding 14 m o n th s have been n o t less th a n 2 tim es
in te re st on all bonds o u tsta n d in g , incl. new issue. A re red . on 30 d a y s ’
n otice a t 105 an d in t. to a n d incl. J u ly 1 1936, a n d th e re a fte r a t 100 an d
in t., p lu s Yi % for each y ear or frac tio n th ereo f o f unexpired life. In Ja n .
1926 E . H . R ollins & Sons an d P u tn a m & S torer, In c ., B oston, offered
$1,250,000 a t 9 9 Y an d in t. to yield over 6 % . V. 122, p. 480.
E A R N IN G S .—C onsolidated earnings for 12 m os. ending M a r. 31 1926:
G ross earn in g s______________________________________________
$381,314
O p eratin g expenses a n d local ta x e s ____________________________
107,464
A vailable for in t., d ep rec., F ederal non-oper. tax es an d d iv s. .
$273,850
O F F IC E R S .-—P res., E b en F . P u tn a m ; V .-P ., Jo h n W . H arding; T rea s.,
F . L. P u tn a m ; Sec., E . M . T h o d a y , B oston. Office, W ilm ington, D e l.—
V . 122, p . 480, 3338; V. 123, p . 709, 1251.
G REENW ICH W ATER CO.
Control.— T h e en tire o u tsta n d in g c a p ita l stock is ow ned b y Greenivich
Water Jc Gas Co.
O R G A N IZ A T IO N .— In c o rp . in C o n n ecticu t in 1880. Supplies w ater,
w ith o u t co m p etitio n , to a b o u t 4,824 custom ers in th e Tow nship of G reen­
w ich, C o n n ., incl. Sound B each, Coscob, Riverside. B orough of G reenw ich,
G lenville an d E a s t P o rt C hester; ag g reg ate p o p u latio n a b o u t 25,000. Co.
also ow ns th e en tire c ap ital sto ck of P o r t C hester W ater W orks, w hich
pu rch ases its w ater from G reenw ich W a te r Co. a n d supplies a b o u t 4,647
custo m ers in P o r t C h ester an d R ye, N . Y.-—V . 123, p . 82.
S T O C K A N D B O N D S— Date.
Interest.
O utstanding. M aturity.
C ap ital s to c k ________________ _____
_______
$1,000,000 __________
1-year 4 K % notes $1,000,000/ 1926
4M S
1,000,000 J u ly 1 1927
($1,000, $5,000 c * )_______ (P rin . & in t. a t A tla n tic N a t. B an k , B oston.
P o rt C h ester W a te r W o r k s / ____
6
280,000 __________
first m o rtg ag e ___________ (G u a r. (p. & i.) b y G reenw ich W ater C o.
j
N otes.— T h e 1-year 4 Y % g. notes, dated J u ly 1 1926 a re a d ire c t obligation :
of th e co. R ed. a ll or p a r t on a n y d a te a t 30 d ay s notice a t 100 an d in t. j
T ax-exem pt in C o n n ecticu t. In J u ly 1926 P u tn a m & S torer, In c ., of B oston ?
an d E . II . R ollins & Sons sold $1,000,000 a t 99 f i an d in t., to yield a b o u t
4 .7 5 % . V . 122, p . 3605: V . 123. p . 82.
D ividends.— Since 1906 a n n u a l div id en d s of 6 % or m ore h av e been p a id
b y co. on its o u tsta n d in g cap ital sto ck .
;
E A R N IN G S .— C onsolidated earnings (incl. subs.) for 12 m os. end. <
M arch 31 1926:




21

GAS AN I.) WATER

G ross e arn in g s_________________________________________ ________$368,338
O per. exp., local tax es & P o r t C hester W ater W ks. in t. re q u ire m ’t s . 127,451
N e t earn in g s___________________________________________________ $240,887
A nnual in te re s t on one-year n o te s ______________________________ 45,000
B a la n c e ______________________________________________________$195,887

HACKENSACK WATER CO.
O R G A N IZ A T IO N — In co rp o rate d u n d e r law s of N ew Jersey in 1869.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U SIN E S S —
Supplies w ater to 51 cities an d tow ns in H udson a nd Bergen counties, New
Jersey. M iles of m ains, 666.
Interest
Outstanding. M aturity.
ST O C K S A N D B O N D S— Date.
J-D
$5,125,000 J u n e ’26 3%
C om m on $6,000,000 ($25)-------------7 J -D
2.375.000 Ju n e 26 3 H
P ref 7% cum $4,000,000 ($25)______
7% cum p f C l A $6,000,000
7 Q -M
1,325,150 J u n e ’26, 1M
(par $25)__________________ _____
4 g J-J
4,750,000 Ju ly 1 1952
1st m tge $6,000,000 ($1,000)1 1902
g o ld _____________________ /H u d so n T ru s t C o ., H oboken, N J ., tru stee.
D ebenture bonds series of 1936
($100 &c) g o ld __________ c tf 1921
7 g J-D
2.000,000 D ec. 15 1936
Stock — 7% preferred sto ck is cum u lativ e and p a rtic ip a tin g R edeem able
a t 110 a fte r th re e years from d a te of issue. On .Tune 3 1925 stockholders
increased th e authorized c ap ital stock to $6,000,000 ($25) com m on, $500,000
($25) preferred, $4,000,000 ($25) 7% pref. an d $6,000,000 7% cum . pref.
class A stock. O f th is la tte r stock $1,500,000 w as sold to custom ers and
em ployees a t $25 an d to stockholders. V. 121, p . 2038. T h e 7% pref.
class A stock is e n title d to 7% cum . div. per an n u m , a n d to assets (par and
divs.) before th e com m on stock. R edeem able a t 104 a fte r th re e years from
d a te of issue. V. 120, p. 2941; V . 121, p . 1460.
Bonds — 1st M tg e 5s are call a t 105 a nd in t
T h e 7 % gold d eb en tu re
bonds of 1936 are red as a w hole a t 1 0 5 Y on or before Ju n e 15 1929; a t 104
to Ju n e 15 1931; a t 103 to J u n e 15 1933; a t 102 to Ju n e 15 1935, and a t 101
to Ju n e 15 1936. V. 113, p . 2726.
D ividends.— On p re f., 3 Y i% s.-a . to J u n e 1926. On th e 7% cum . pref.
class A stock 1% % q u a rte rly to Ju n e 30 1926. V. 121, p . 2873. On
com m on, 3 f i % s.-a. fro m D ec. 1917 to D ec. 1920; J u n e 1921 dividend
passed; D ec. 1921 p a id 3 % ; D ec. 1922, 4 % ; J u n e 1923, 3% a n d 3% sem i­
an n u ally th e re a fte r to d a te .
E A R N IN G S .— F o r calendar years:
1925.
1924.
G ross earnings__________________________________$2,398,621
$2,285,897
1,549,175
O perating expenses, taxes a n d d e p re ciatio n ______ 1,553.481
N e t earnings_________________________________
O ther incom e___________________________________

$845,140
20,509

$736,722
15,708

T o ta l incom e_________________________________
Bond in te re s t___________________________________
O ther in te re st, a m o rtiz a tio n , &c_________________

$855,649
330,000
62,362

$752,430
330,000
40,052

$392,362

$370,052

B alance available for divid en d s_______________
$473,287
$382,378
O F F IC E R S .— C hairm an of B oard, R o b ert W . de Forest; P res., N icholas
S. H ill J r.; V .-P s., H am ilto n F . K ean and H enry L . de Forest; Sec. & T reas.,
E arle T a lb o t; C o m p t., J . A lfke. Offices, 624 P a rk A v e., W eehaw ken, N . J .
— V. 120, p. 2146, 2268, 2815, 2941,3314; V. 121, p . 585, 1460, 2038, 2402,
2873, 3003; V . 122, p . 1609, 2190, 3453.

MICHIGAN FUEL & LIGHT CO.
M anagem ent.— In h a n d s of I n te rs ta te F uel & L ig h t Co.
O R G A N IZ A T IO N . &c.— In c o rp . in M ichigan in 1925. Supplies a rti­
ficial gas w ithout c o m petition to B enton H a rb o r, St. Jo sep h , S outh H av en ,
Sturgis, A llegan, O tsego a nd Plainw ell, M ich.; popu latio n served over
53,000. T h e m a jo r gas p la n t is lo c a ted in B en to n H a rb o r an d h a s a c ap acity
of 1,700,000 cu. f t. p e r d a y . T h e com bined daily c a p a c ity is 2,405,000
cu. f t.; 132.5 m iles of gas m ains, 7,532 m e te rs. G as sales 1925: 184,677,200 cu. f t.
ST O C K A N D B O N D S— D ate.
Interest. O utstanding. M aturity.
C om m on 25,000 shs (no p a r ) . . ------------------- 3,800 shs. ---------------C um 7% p re f $2,500,000__________
_________
$600,000 ---------------1st m tg e 6 % gold Series A / 1925
6 g J-D
1,675.000 J u n e 1 1950
($1,000, $500)________ c * tf\C h a th a m P henix N . B . & T r. C o .,N .Y .,tru s .
Bonds.— T h e 1st mtge. 6 % gold bonds, Series A , dated June 1 1925, are
re d ., all or p a rt, on 30 d a y s ’ no tice a t th e following prices an d in te re st:
Up to J u n e 1 1930 a t 105; J u n e 1 1935 a t 104; Ju n e 1 1940 a t 103; J u n e 1 1945
a t 102; J u n e 1 1949 a t 101; th e re a fte r a t p a r. P rin . a n d in t. p a y ab le in
New Y ork an d C hicago. P e n n , a n d C onn. 4 m ills, M ary la n d 4M m ills
a n d M ass. 6 % tax es re fu n d a b le . T ax exem pt in S ta te of M ichigan. A ddi­
tio n a l 1st m tge. bonds m a y be issued for 80% of p e rm a n e n t extensions,
im provem ents, &c., pro v id ed th a t n e t earnings for 12 consecutive w ithin
preceding 15 m onths h a v e been 1 % tim es a n n u al in te re st on all bonds
o u tsta n d in g incl. new issue. M a y also be issued for re funding purposes.
Series A has a maintenance and improvement fu n d e q u al to 8 % of a n n u a l
gross gas sales, to be used a t th e o ption of th e com pany for m ain te n an c e ,
for p e rm a n e n t a d d itions a nd im provem ents w hich could otherw ise be m ade
th e basis for issuance of a d d itio n a l bonds u n d e r th is m ortgage, or fo r th e
re tire m e n t of 1st m tge. b onds. In J u n e 1925 T a y lo r, E w a rt & C o. offered
$1,100,000 series A a t 9 9 Yt a n d in t., to yield over 6 % . V . 120, p . 3187.
E A R N IN G S .— F o r cal. y ear 1925: gross, $396,577; n e t a fte r m a in t.,
and taxes. $130,396: fixed charges, $63,122: balance $67 274
Latest E arnings.— F o r 8 m os. end. A ug. 31 1926: G ross, $298,385; n e t,
$106,031; bond in t., $52,025; o th e r in t., $3,969; available for deprec. and
d iv s., $50,037.
O F F IC E R S .— P re s .. C . A. R unyan; V .-P ., R . C . D ouvlas; T rea s.,
L . F . R yall; Sec., II . G . B eebe.— V . 120, p . 3187; Y. 121. p . 1227; V . 123,
p . 1876.

Michigan Fuel and Light Co.
First Mortgage 6% Bonds
Due 1950

TAYLOR, EWART & CO.
*

IN C O R P O R A T E D

Chicago
K an sas C ity

New York

S t. L o u is
M in n ea p o lis
N ew O rlea n s
D a llas

M ilw aukee

23

PUBLIC UTILITIES

A T L A N T IC C IT Y G A S COM PANY.
Control.— T h e o p e ra tio n of th e com pany is u n d er th e supervision of th e
C. H . G eist Co.
O R G A N IZ A T IO N .— In c o rp . in 1910 in N ew Jersey as a consolidation.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Co. ow ns a n d o p erates th e gas producing a n d d istrib u tin g system w hich
supplies g as, w ith o u t co m p etitio n , to A tla n tic C ity , C helsea, Y entnor,
M a rg a te C ity , L o n g p o rt a n d P leasan tv ille. P erm an en t p op u latio n over
60,000. Sum m er p o p u la tio n over 300,000. Gas p la n t o f a b o u t 7,000,000
cu. ft. d a ily cap acity ; gasholders of 4,500,000 cu. ft. aggregate storage
c ap a c ity , 211 miles of m ains; over 28,699 custom ers; sales 12 m os. end. A ug.
31 1926: 1,074,592,300 cu. f t. V . 123, p . 80.
S T O C K A N D B O N D S—
D ate.
Interest. O utstanding. M aturity.
C om m on (no p a r ) ___________ _____
_________ 50,000 shs __________
7% c u m p re f ($100)________________
7%
$882,000 ___________
1st m tg e 5% s f g $6,000,000/ 1910
5 g J-J
4,259,500 J a n 1 1960
($1,000 c* )____________ tf) G ira rd T ru st C o ., P h ilad elp h ia, tru s te e .
B O N D S .— T h e Is! mtge. bonds are secured b y a d ire c t 1st m tge. on th e
fran ch ises, re a l e sta te an d all o th e r p ro p e rty of th e co., incl. after-acquired
p ro p e rty . A d d itio n al 1st m tg e . bonds m ay be issued for 85% of a d ditions,
im p ro v em en ts, &c., p ro v id ed n e t earnings for 12 m o n th s h av e equalled
1M tim es an n u al in te re st on all bon d s th e n o u tsta n d in g , incl. proposed issue.
T h ere is a sinking fu n d of $25,000 an n u ally for th e pu rch ase or call b y lot
an d cancellation of 1st m tge. bonds a t n o t m ore th an 105 a n d in t. $214,590
h av e been canceled b y sinking fu n d up to th e presen t. R ed ., whole or p a rt,
for sinking fu n d on an y in te re st d a te on 2 w eeks’ notice a t 105 an d in t.
P en n , tax es (o th er th a n succession or in h eritan ce taxes) refundable. In
Ju ly 1926 D rexel & Co. an d E d w a rd B. Sm ith & C o. offered $500,000
ad d itio n al bon d s a t 98 an d in t. V. 123, p . 322.
E A R N IN G S .— (Excl. of P le asan tv ille pro p erty ) for 12 m os. end. A ug. 31:
1926.
1925.
G ross re v e n u e ___________ _______________________$1,606,689 $1,423,107
947,781
O per. exp., m a in t., d ep rec., and all ta x e s________ 1,020,582
N e t e arn in g s__
A nnual bon d in terest.

$586,107
212,975

$475,326

B alan ce_______________________________ _______
$373,132
O F F IC E R S .— P resid e n t, C . H . G eist; V .-P res., H . S. S ch u tt; Sec., C . H .
AVeak; T rea s., H . A : L an g . Offices: 1622 P a c k ard B ld g ., P h ila ., P a .—
V. 123, p . 80, 322.

MONMOUTH CONSOLIDATED WATER CO. (N. J.)
Control.— C o n tro lled th ro u g h sto ck ow nership by Am erican Water Works
& Electric Co., In c .
O R G A N IZ A T IO N .— Fo rm ed in 1926 in N ew Jerse y b y m erger and
conso lid atio n of T in te rn M an o r W a te r C o ., M o n m o u th C o u n ty W ater C o.,
an d R u m so n Im p ro v e m e n t Co.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. supplies w a ter for dom estic, m u n icip al a n d com m ercial p urposes in M on­
m o u th C o u n ty , N . J . A m ong th e p rin cip al com m unities served a re th e
C ity of Long B ra n ch , th e B oroughs of W est Long B ran ch , M o n m outh
B each, F a irh a v e n , O cean p o rt, D eal, R um son, Seab rig h t, L ittle Silver,
B rad ley B each, N e p tu n e C ity a n d In te rla k e n , th e w estern p a r t of th e
C ity o f A sb u ry P a rk , a n d th e T ow nships of E a to n to w n . M id d le to n . Ocean,
S h rew b u ry a n d N e p tu n e . T h e te rrito ry served, w hich is in effect a con­
tin u o u s re sid en tal co m m u n ity w ith a p e rm a n e n t p o p u la tio n of a b o u t
75,000, is w ith in c o m m u tin g d ista n ce o f th e C ity of N ew Y ork.
C o. ow ns a n d o p e ra te s w a ter w orks serving m ore th a n 13,400 consum ers.
T h e eq u ip m en t includes p u m p in g statio n s w ith a n om inal d aily c a p a c ity of
a p p ro x im a te ly 39.000,000 gallons, an d filtra tio n p la n ts w ith a nom inal
d aily c a p a c ity of a p p ro x im a te ly 16,000,000 gallons. T h e d istrib u tio n
sy stem includes ap p ro x . 186 m iles of m a in . M ore th a n 800 h y d ra n ts are
co n n ected to C o .’s m ain s. V . 123, p . 1216.
ST O C K A N D B O N D S —
Date.
Interest Ooutstanding. M aturity.
C om m on (no p a r ) ___________ _____
_____10.000 shs. -----------------------7% cum p re f ($100)__________ _____
7
$185,700 ---------------1st m tg e 5% gold series “ A ” / 1926
5 g J-D
2,500,000 J u n e 1 1956
($1,000, $500 & $100 c * )tf (B an k ers T ru s t C o., N . Y . C ., tru ste e .
Bonds.— T h e Is! M tge. b o n d s a re secured b y a 1st m tg e. on th e p ro p e rty
ow ned b y co. a n d w ill b e secured b y a d ire c t m ortgage on a fter-acquired
p ro p e rty . In e v e n t th a t a n y m unicipal co rporation or o th e r governm ental
subdivision or t h a t a n y g o v ern m en tal b ody of th e S ta te o f N ew Jersey shall
acq u ire ail or th e m a jo r p o rtio n in valu e of th e w ater w orks pro p erties of
co. an d shall assum e p a y m e n t of prin cip al a n d in te re st o f all bonds issued
u n d er th e in d e n tu re as a v alid an d bin d in g general o b lig ation, all lia b ility
a n d obligation of co. upo n th e b o n d s a n d th e coupons sh all fo rth w ith cease
a n d d e te rm in e . In e v en t th a t a n y such m unicipal co rp o ratio n or a n y govern­
m e n ta l subdivision or g o v ern m en tal b o d y shall acquire all or a n y p a r t of th e
w ater w orks p ro p e rties of th e co m pany, an d shall n o t assum e th e p a y m e n t
of p rin cip al a n d in te re s t of a ll b o n d s issued u n d e r th e in d e n tu re , th e n B onds
in p rincipal a m o u n t n o t exceeding th e price p a id for th e p ro p e rty so a c q u ire d ,
m ay . a t th e o p tio n o f th e C o m p an y b e declared d u e an d p a y ab le a t 100
a n d in t.
5% series “ A ” a re re d ., a ll or p a r t, on 30 d a y s’ n o tice a t 105 to & incl.
Ju n e 1 1931, a t 102 to a n d incl. J u n e 1 1936, a t 101 to a n d incl. J u n e 1
1951. a n d a t p a r th e re a fte r; p lu s in t. in each case. P e n n . & C onn.
4-m ills, M a ry la n d 434-m ills a n d M ass. 6 % taxes re fu n d a b le . F ree of
p erso n al p ro p e rty tax es in N ew Jersey . In J u ly , 1926, W . C. L angley &
C o ., an d H alsey, S tu a rt & C o. offered $2,500,000 5 % , series “ A ” a t 95 &
in t. to yield over 5 .3 0 % . V . 123, p . 1216.
E A R N IN G S .— C om bined earnings for 12 m os. ending M a y 31 1926:
G ross in co m e________________________________________________
$499,253
O p eratin g expenses, m a in te n an c e a n d ta x e s __________________
243,177

[V ol. 123.

renew al a n d rep lacem en t fu n d of a t le a st 9% of a n n u a l gross earnings of
c o .’s su b sid s., deriv ed from th e m ortgaged p ro p e rty . Series A , d ue J u ly 1
1951 a re re d . w hole or p a r t on 30 d a y s ’ n o tice th ro u g h J u ly 1 1930 a t 105,
th ro u g h J u ly 1 1935 a t 103, th ro u g h J u ly 1 1943 a t 102, th ro u g h J a n . 1
1950 a t 101, th e re a fte r a t p a r, in each case w ith in t. P rin cip al a n d in t.
p a y ab le a t P . W . C h ap m an & C o ., In c ., a t e ith e r N ew Y o rk or C hicago.
P a ., C o n n ., K a n . a n d C alif. 4-m ills, M d. 414-m ills, M ich , a n d K y . 5-m ills,
V a. 534-m ills, D . of C . 5-m ills a n d M ass. 6 % tax es re fu n d a b le . In Ju ly
1926 P . W . C h ap m an & C o ., In c ., offered $1,350,000 series A a t 9814
a n d in t., to y ield over 5 .6 0 % . V . 123, p . 323.
N o tes.— T h e 1-year 6 % seem ed g. note*, dated July 1 1926, a re secured b y
a lien u pon all of th e com m on sto ck of th e P eoria W a te r W orks C o. a n d th e
N ew Jerse y W ater C o ., to g e th e r w ith su b sta n tia l am o u n ts of th e com m on
sto ck of th e R ochester & L ake O n tario W ater C o. a nd th e S t. L ouis C o u n ty
W a te r C o ., an d over 95% of th e c ap ita l sto ck of th e C itiz en s’ W a te r C o. of
W ash in g to n , P a . P a ., C o n n ., K a n ., a n d C alif. 4-m ills, M d . 434-m ills,
K y . & D ist. of C ol. 5-m ills, V a ., 534-mills an d M ass. 6 % tax es re fu n d a b le .
In Ju n e 1926 P . W . C h ap m an & C o ., In c ., offered $1,000,000 series A a t
100 a n d in t. V . 122, p . 3604.
E A R N IN G S .— C onsolidated earnings of P eo ria W ater W orks C o .,
C itiz en s’ W a te r C o. o f W ash in g to n , P a ., an d N ew Jerse y W a te r C o. only
for calen d ar y e ar 1925:
G ross earn in g s__________________________________________________ $974,976
N e t a fte r m a in te n an c e a n d all ta x e s _____________________________ 483,911
M in o rity p re fe rred d ividends a n d bond in te re s t__________________ 319,684
M in o rity in te re s t C itiz en s’ W a te r C o. of A a sh in g to n , P a _______
7
1,980
B alan c e ______________________________________________________ $162,247
A nnual in te re s t on 6 % n o te s ____________________________________ 60,000
B alan c e ________ ______ ______________________________________ $102,247
O F F IC E R S .— V .-P ., G eorge B . B la n ch a rd .— V . 122, p . 3604; V . 123,
p. 323.
NEW JE R SE Y W A TER CO.
Control.■ C om munity Water Service Co. ow ns th e e n tire com m on sto ck ,
—
except d ire c to rs’ qualifying shares.
O R G A N IZ A T IO N .— C o. w as organized as a consolidation of N ew J e r
sey W ater Service C o. an d S to c k to n AVater C o. P u rch a sed in 1926 th e
E g b e rt W a te r C o. of C am d en C o u n ty , N . J . V. 122, p . 2949. S upplies a
p o rtio n of th e C ity of C am den, N . J . , and a d ja ce n t te rrito ry on th e opposite
b a n k of th e D elw are R iv e r fro m P h ilad elp h ia, w ith w a ter for dom estic a nd
in d u stria l purposes. T his te rrito ry includes th e 11th a n d 12th W ards of
C am den, N . J ., th e boroughs of H a d d o n H e ig h ts, A u dubon, O aklyn,
B arrin g to n , an d a p o rtio n of th e borough of H a d d o n fie ld , an d p o rtio n s of
D elaw are, H ad d o n an d C en ter tow nships. P o p u la tio n served over 54.000.
V. 121, p . 840. 120 m iles of m ains; 10,193 consum ers.
Franchises.— A re w ith o u t tim e lim it.
ST O C K A N D B O N D S — Date.
Interest. Outstanding. M a tu rity .
C om m on $1,000,000_________ _____
_________
$241,500 __________
7% cum p re f $1,000,000 l s t f ___
7%
273,750 __________
1st m tge 5s gold Series AI 1925
5 g F-A
1,200,000 A ug 1 1950
($1,000, $500, $100)_-C*tf (T he N ew Y ork T ru s t C o ,. N . Y . C ., tru ste e
Bonds.— T h e Is! M tge. 5% gold bonds, Series A . due A u g 1 1950. a re se­
cured b y a first m ortgage on th e en tire p ro p e rty of th e co. A dditional
bonds m a y be issued for 80% of new co n stru ctio n , & c.. provided n e t e arn ­
ings for 12 o u t of preceding 15 m o n th s have been a t least 1 3 tim es in te re st
4
charges on all bonds o u tsta n d in g , incl. new issue. T h ere is a m aintenance
and im provem ent fu n d equal to 9% of a n n u al gross earnings. R ed. whole
or p a r t on 60 d a y s ’ notice to an d incl. A ug. 1 1928 a t 105; to and inc. A ug. 1.
1938 a t 102; to a n d inc. F eb . 1 1950 a t 101: th e re a fte r a t 100; in each case
w ith in te re st. In te re s t p a y ab le a t P . W . C hapm an & C o.. In c ., in N . Y .
C ity an d C hicago. P e n n ., C onn., K ansas a nd C alif. 4 m ills, M a ry lan d
4/4 m ills, M ichigan a n d K e n tu ck y 5 m ills, V irginia 5/4 m ills an d M ass. 6 %
taxes refundable. In Aug. 1925 P . W . C h ap m an & C o., In c ., sold $1,000,000 Series A a t 91/4 an d in t. to yield a b o u t 5.65% . V. 121, p . 840. In
M arch 1926 th e sam e bankers sold $200,000 a d d itio n a l Series A b onds a t
93/4 a nd in t.. to yield a b o u t 5.50% . V. 122, p. 1762.
O F F IC E R S .— P re s .. G eo. B . B lanchard; V .-P ., A rth u r D . N elm es
Sec., G len R . Snider; T re a s., G eorge B. B lanchard; A u d ., C . W. Sim pkins
G en. M g r., E . H . S m ith. G eneral office, 521 F ed eral S t., C am d en , N . J .
— V. 121, p . 840, 1228, 2039; V. 122, p . 1762, 2949, 3606.

PE O R IA (ILL.) W ATER W O R K S CO.
Control.— C om m unity Water Service Co. ow ns th e e n tire com m on stock
except d ire c to rs’ qualifying shares.
O R G A N IZ A T IO N .— In c o rp . in N ew Jersey in 1898.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. serves w ith o u t com petition th e c ity of P eoria, 111., a n d vic in ity w ith
w ater for dom estic a nd in d u stria l purposes. T h e te rrito ry served includes
th e city of P eo ria, A veryville, Peoria H eights an d B arto n v ille, a n d th e
tow nships of P eoria, R ichw oods an d L im estone. P o p u la tio n over 106.000.
V. 121, p . 2039.
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
C om m on 15,000 shs (no p a r ) _ _ ___
_________ 5,000 shs. __________
7% cum p re f $1,000,000___________
7
$250,000 __________
Prior lien 5% g (closed) ($1,-1 1898
5 g M -N
800.000 M a y 1 1948
0 0 0 ) _________________ c * tf/G u a ra n ty T ru s t C o., N . Y . C ity , T ru ste e .
1st cons M g (closed) ($1,-1 1898
4-5 g M -N 1,380,000 M a y 1 1948
0 0 0 ) ________________ c * tf /I n t. a t M etro p o lita n T r. C o., N . Y . CL, T rus.
1st & re f M 5s gold, ser A ($1,-1 1925
5 g F-A . 1,200,000 A ug 119 5 0
000, $500)___________ c * tf/T h e N . Y . T ru s t C o., N . Y . C ity , T ru ste e .
Bonds.— Of th e $1,380.000 Is! cons. mtge. g. bonds d u e M a y 1 1948. $1,185,000 are 4% a nd $195,000 5 % . In ad d itio n to these a m ounts, $605,000 5%
a nd $215,000 4% are pledged u n d e r th e 1st & ref. m tge. 5% gold bonds.
T he Is! c% ref. mtge. bonds are secured b y a first m ortgage on th e larger
N e t incom e-before in te re s t & F ed eral ta x e s _________________
$256,076 p a rt of th e c o m pany’s p ro p e rty which lies outside of th e c ity lim its of th e
A n n u al in te re s t on 1st m tg e . b o n d s___________________________
125,000 c ity of Peoria as existing in 1898, w hich includes th e d istrib u tin g system s
in su b u rb a n com m unities. Since 1898 th e city lim its have changed a n d a
B a l a n c e __________________________________________________
$131,076 portion of this p ro p e rty above described now lies in th e c ity of P eoria.
Are fu rth e r secured by pledge of $820,000 consol, m tge. bonds. T h e consol,
O F F IC E R S .'—P re s ., E . A . G eehan; V .-P res., D . M . W att;. Sec., A . A. m tge. is su b jec t only to a closed issue of $800,000 prior lien b o nds a n d is a
A dam s; T reas. & A sst. Sec., T . B . D a v is.— V. 123, p . 1216.
d irect m ortgage on all th e p ro p e rty of th e com pany w hich was inside th e
city lim its of Peoria as existing in 1898, a nd on such of th e p ro p e rty of th e
com pany as lies outside th e said c ity lim its which is n o t covered dire c tly
COMMUNITY WATER SERVICE CO.
by th e 1st & ref. m tge. A dditional 1st & ref. m tge. bonds m ay be issued
O R G A N IZ A T IO N .— In c o rp . in 1926. C o. owns all o f th e com m on stock for refunding purposes or for 80% of new co n stru ctio n , &c., provided n e t
except d ire c to rs' qualify in g sh ares o f th e P eo ria W ater W o rks C o. and th e earnings for 12 o u t of preceding 15 m o n th s h av e been a t le a st 1M tim es
N ew Jerse y W ater C o. C o. also ow ns su b sta n tia l in te re sts in th e S t. Louis an n u al in te re st on all funded d e b t incl. new issue. T h ere is a maintenance
C o u n ty AVater C o ., th e R o ch ester & L ak e O ntario AT te r C o ., supplying and improvement fu n d of 9% of a n n u a l gross earnings derived fro m th e
Aa
p ra c tic ally th e e n tire su b u rb a n te rrito ry of R ochester, N . Y ., a n d 95%
m ortgaged p ro p e rty . R ed. all or p a r t on 60 d a y s ’ notice to and incl.
of th e cap ital sto ck o f th e C itiz en s’ W a te r C o. o f W ashington, P a . , supplying Aug. 1 1930 a t 103; A ug. 1 1940 a t 102; A ug. 1 1949 a t 101; th e re a fte r a t
W ash in g to n , P a ., a n d su rro u n d in g te rrito ry . V. 122, p . 3604.
100; in each case w ith in te re st. In th e e v en t th e c ity purchases co m p an y ’s
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S — p ro p e rty an d does n o t assum e th e bonds, th e bonds will becom e fo rth w ith
C o. owns all or su b sta n tia l am o u n ts of th e common sto ck s of com panies payable a t 100 a nd in t. In t. pay ab le a t offices of P . W . C h ap m an & C o.
supplying d ire c tly or in d irec tly 63 com m unities w ith w a te r for dom estic an d In c ., N ew Y ork a nd Chicago. P e n n ., C o n n ., K ansas an d C alif. 4 mills,
in d u stria l pu rp o ses. T h e te rrito ry served includes im p o rta n t cities in N ew M ary lan d 4 /4 mills, M ich, a n d K e n tu ck y 5 m ills, V irginia 5/4 m ills and
Y o rk , N ew Jerse y , P e n n sy lv an ia, Illinois, an d M issouri; p o p u la tio n over M ass. 6 % taxes refundable. In O ct. 1925 P . W . C h ap m an & C o ., In c .,
268,000. V . 122, p . 3604.
,,
offered $1,200,000 a t 90 an d in t., to yield 5 .7 7 % . V. 121, p . 2039.
ST O C K A N D B O N D S—
D ate.
Interest. O utstanding. M aturity.
E A R N IN G S .— F o r calendar years:
C om m on class A 100,000 s h s . ----------------------lOO.OOOshs. ---------------1925.
1924.
1923.
1922.
C om m on class B 250,000 sh s_ ------------------- 2 5 0 ,0 0 0 shs. ---------------- G ross, incl. o th er incom e
$540,480
$502,005
$498,867
$475,752
7% cum p re f $5,000,000------- -------------- - N one ---------------- O per. exp., depr. & taxes
342,407
x328,224
324,602
306,426
1st lien g series A ($1,000/ 1926
5/4 J - J
$1,350,000 J u ly 1 1951
In t. & a m o rtiz a tio n ____
163,257
136,695
135,420
133,554
$500c*)_______________ tf) (F arm ers’ L oan & T ru st C o ., N . Y . C ., tru s .
a r________
34,816
37,086
38,845
35,772
1-yr 6% sec g n o te s $1,000,000/ 1926
6 J-J
1,000,000 J u ly 1 1927 S urplus for y e$6,000 for Federal incom e ta x (estim ated).
x Includes
Ser A ($1,000 $ 5 0 0 c* )-_ ti lin t, a t F a rm e rs’ L. & T . C o ., N . Y ., tru s te e
O F F IC E R S .— P res., George B. B lanchard; V .-P ., A rth u r D . N elm es;
Bonds.— T h e 1si Hen 5/4 % Q- bonds a re secured by a first lien an d pledge of
Sec., A. L . V aughan; T rea s., M . D . R edm ond; A sst. Sec., G len R . Snider.
$1,350,000 th e C itiz en s’ W a te r C o. of W ashington, P a ., 1st m tg e. 5 /4 %
g. b o n d s, due Ju ly 1 1951, c o n stitu tin g th e e n tire fu n d e d d e b t of th a t co. — V. 120, p . 2684; V. 121, p . 2039; V. 122, p . 3607.
A d d itio n al bon d s m ay b e issued for a p rin cip al am o u n t equal to m ortgage
ST . L O U IS C O U N T Y W ATER CO.
bon d s (eith er 1st m tg e . bon d s o r m tg e . bonds a u th o riz e d b y a P ublic
O R G A N IZ A T IO N .— O rganized in 1925 as a consolidation- of th e W est
Service C om m ission o f th e S ta te in w hich issuing co. o p erates) of subsid.
com panies dep o sited as sec u rity u n d e r th is m ortgage issued for refunding- S t. Louis W ater & L ig h t C o. an d th e W est S t. Louis P ip e L ine C o. F o r
purp o ses; or for 80% o f a d d itio n s, im p ts ., acquisitions, &c. E x c e p t for p a rtic u la rs see V . 122, p . 749.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
re fu n d in g pu rp o ses, b o n d s m ay n o t b e issued unless n e t earnings for 12
co n secu tiv e m o n th s w ith in preceding 15 calen d ar m o n th s h av e been a t least C o. furnishes w a ter to th e su b u rb a n , residential d istric ts of th e C ity of
1M tim es a n n u a l in te re st on all bon d s in h an d s o f pu b lic, incl. proposed S t. L ouis, M o ., to g e th e r w ith 23 m unicipalities located th ro u g h o u t th e
issue. T h ese earnings re stric tio n s a p p ly also to th e issuance of bonds of C o u n ty of S t. Louis. P o p u latio n served e stim ate d over 120,000. 423
subsidiaries. N e t earn in g s to be ta k e n a fte r charging a t le a st 5% of gross m iles of w a ter m ains. W a te r is ta k e n from th e M issouri R iver. P um ping
earn in g s o f o p e ra tin g cos. to m ain te n an c e . T h ere is a m ain te n an c e , cap a c ity 19,000,000 gallons p e r d a y in th e high service a n d 17,000,000




Oct., 1926.]

gallons p er d ay in th e low service. C ap acity of sto rag e reservoir, 50.000,000 gallons.
ST O C K A N D B O N D S .— Date.
Interest.
O utstanding. M aturity.
C om m on 25,000 shs (no p a r ) . . ____
_______
14,000 shs __________
C um p re f 25,660 shs (no par) _ _ ____
$6 Q-F
14,o00 shs __________
1st M g Series A ($1,000, f 1925
5M g J-D $2,800,000 D ec 1 1945
$500 c * )________________t f (M issississippi Val. T r . C o ., S t. Louis, T ru s.
Stock.— C o. issued w a rra n ts to holders of sto ck o f th e W est S t. Louis
W ater C o ., share for sh are, e n titlin g such holders on or before J a n . 23 1926
to pu rch ase in th e ag g reg ate 14,000 shares com m on sto ck S t. Louis C ounty
W ater C o. a t $20 p er sh are. See V . 122, p . 749. P ref. sto ck is re d . on 30
d a y s ’ notice a t $106 p er sh are. L iq u id atio n valu e $100. E x e m p t from all
M issouri ta x a tio n . In M arch 1926 F ran cis, B ro. & C o ., S t. Louis, offered
3,600 shares a t 90 & d iv s. V . 122, p . 2043.
Bonds.— T h e 1st M . g. bonds. Series A , due Dec. 1 1945, a re secured by
a first m o rtg ag e on th e en tire p ro p e rty (incl. after-acq u ired) of th e co.
A dditional b onds o f th is or o th e r series o f such ten o r as m a y be d e te rm in e d .
m ay be issued for refu n d in g purposes an d for 80% o f new c onstruction.
& c., p ro v id ed n e t earnings for 12 o u t o f preceding 15 m o n th s h av e been a t
le a st 1% tim es in te re st charges on all bonds o u tsta n d in g , incl. new issue
A maintenance fu n d of n o t less th a n 9% of an n u al gross earnings is provided
for. R ed . whole or p a r t on 30 d ay s n otice a t 105 an d in t. on or before
D ec. 1 1935, th e re a fte r a t )4 % less for each su b seq u en t y e ar. In te re st
p a y ab le a t tru s te e ’s office, or a t N ew Y ork T ru s t C o. in N ew Y ork C ity.
P e n n ., C alifornia, C onn, a n d K an sas 4 mills, M a ry lan d 434 m ills, D ist. of
C ol. an d K e n tu ck y 5 m ills, M ichigan 5 mills, V irginia 534 m ills a n d M ass.
6 % ta x refu n d ab le. In D ec. 1925 P . W . C h ap m an & C o ., In c ., and
F ran cis B ro. & C o. offered $2,800,000 a t 98.50 an d in t., to yield over
5 .6 2 % . Y. 121, p . 2877.
E A R N IN G S .— O f consolidated p ro p erties for calen d ar years:
1925.
1924.
G r o s s __________________________________________
$751,136
$608,927
D ep rec., all taxes, oper. exp., m a in t. & a m o rt___
345,247
308,265
Fix ed charges___________________________________
154,000
______
B a la n c e ______________________________________
$251,889
$308,265
O F F IC E R S .— P res., W . H . H e n b y — V . 121, p . 2877; V. 1 2 2 ,p . 749,2043

HARTFORD CITY GAS LIGHT CO.
In 1926 K oppers C o. of P ittsb u rg h , P a ., acquired for cash 14,000 shs. of
H a rtfo rd C ity G as L t. C o. w hich shares were to be exchanged for securities
o f Connecticut Gas & Coke Securities Co., see th is la tte r co. u n d e r “ N ew
H a v en G as L ig h t C o .” V. 123, p . 1502.
O R G A N IZ A T IO N .— Inco rp . in C o n n , in M ay 1848.
F IE L D OF O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Does the en tire gas business in H a rtfo rd , W est H a rtfo rd , E a s t H artford
Fire D istric t, W ethersfield a n d M an ch ester, C onn. Also sells gas to the
com pany which supplies W indsor L ocks, T hom psonville an d E nfield. H as
271 m iles o f m ains; 49.566 m eters. Franchises a re s ta te d to be unlim ited
as to tim e.
ST O C K A N D B O N D S— Date.
Interest. O utstanding. M aturity.
C om m on stock ($25)________ _____
_______
$2,250,000 S e p t'26, 50c
P referred 8 % ($25)__________ _____
8%
750,000 S e p t'2 6 ,50c
1st m tge $1,000,000 ($1,000)1 1905
4 g J-J
750.000 Ju ly 1 1 9 3 5
g o ld ___________________ c * /I n t. a t H a rtfo rd -C o n n ecticut T r u s t C o.,
I H a rtfo rd , tru stee.
E A R N IN G S .-—F o r calen d ar years:
1925.
1924.
1923.
1922.
G as m ade (1,000 cu . ft.)
1,637,778
1,503.654
1,461,159
1,296,120
G as sold & u se d (M .c u .ft)
1,541,438
1.414,717
1.349.647
1,162,035
G ross incom e____________$1,834,645 $1,689,654 $1,617,095 $1,412,156
T o ta l ex p en d itu res_____ 1,325,959
1.245,975
1,302,412
1,108,329
E a rn in g s_______________
508,686
443,679
314,683
303,827
D ividends p a id _________
262,500
220,000
200,000
200,000
3.821
3,539
2,909
3,284
A ppliances so ld ________
U n acco u n ted for g a s-----5.83%
5.91%
7.64%
10.31%
O F F IC E R S .— P res., E . B . B en n e tt: V .-P ., F . R . Cooley: V .-P . & G en.
M g r., E . E . E y sen b ach ; Sec. & T re a s ., Jo h n A . M c A rth u r.— V . 120, p.
453; V . 122, p . 2190; V. 123, p . 1502.

INDIANAPOLIS WATER WORKS SECURITIES CO.
O R G A N IZ A T IO N .— In co rp o rated in D elaw are D ec. 30 1912. Owns
p ractically th e en tire $5,000,000 com . sto ck of th e In d ian apolis W ater Co.
(see sta te m e n t below ).
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
C om m on $2,000,000 ( $ 1 0 0 ) - - . ____
_______
$2,000,000 __________
P f 7% cum $2,500,000 ($100)______
7 A -0
1.500.000 O c t’2 6 .3 ^
C oll tr u s t $2,500,000 ($1,000)1 1913
6 g A-O
2,500,000 J a n 1 1948
g o ld___________________ c * /I n t. a t P a . C o. for In s. on L ., & c.,P h ila., trus.
Stock.— P ref. is redeem able a t 105 a n d divs. on a n y div. d a te on 30 davs
notice.
Bonds.— T h e coll, tru s t 6s are secured by d ep o sit of p ractically entire
$5,000,000 com . stock of In d ian ap o lis W ater C o. Sinking fu n d is provided
for. C allable, all or in p a rt, for sinking fu n d a t 102)4 & in t. on an y in t.
d a te .
O F F IC E R S .— P res., C . H . G eist; V .-P ., H . S. S ch u tt; T re a s., H . ALang; Sec., C . H . W eak .— V. 96, p . 139, 422.
(1) IN D IA N A PO L IS W ATER CO.
P ractically en tire com . stock is ow ned by tho In dianapolis W ater W orks'
Securities C o. (see above).
O R G A N IZ A T IO N .— In co rp o rated in In d ia n a in 1881.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Supplies w a ter to In d ian ap o lis, In d . (P opulation e stim ate d a t 362,000).
C o m p an y o b tain s its su p p ly of w ater fro m th e W h ite R iv er, supplem ented
by F all C reek a n d a p p ro x im ately 64 d riv en wells. D aily available supply
112,000,000 gallons. M axim um 24 h o u r use 44,000,000 gallons; p e ak load
a t th e ra te of 87,000,000 p er d a y . C o. o p erates 4 p u m p in g statio n s besides
2 booster statio n s to m a in ta in p ressu re in th e eastern e lav ated p ortions of
th e city , an d a v e ry m o d ern slow la n d filteratio n sy stem , also owns 9 miles
o f canal for th e tra n s p o rt of w ater. T h e p u m p in g p la n ts h av e a daily
c ap a c ity of 121,000,000 gallons; th e d istrib u tio n sy stem , 563 miles long.
Serves over 67,000 cu stom ers. V . 121, p . 2750
Rates.— V. 120, p . 330.
In O ct. 1925 th e In d ia n a P . S. C om m , au th o rized th e co. to change its
$5,000,000 com . sto ck , p a r $50, in to 500,000 shares o f com . stock of no
p a r v alu e. V. 120, p . 828; V. 121, p . 2038.
ST O C K A N D B O N D S.'— Date.
Interest. Outstanding. M aturity.
C o m 500,000 shs (no p a r ) ___ _____
________ x500.000 s h s . ____________
6 % cum p re f $10,000,000___ _____
6 Q-J
$404,300 ___________
1st & re f (N ov 1st) m tg e $ 1 0 ,-/ 1910 4M g J - J
3,731,000 J u ly 1 1940
000,000 ($1,000) g o ld_ c * (In t. a t B an k ers T ru s t C o ., N . Y ., tru s te e .
_
1st lien & re f m g series 1923- 1923 5 H g
$4,500,000 M a r 1 1953
Series 1924________________ 1924
5)4 g
786,000 ___________
Series 1925 $10,000,000
J 1925
5 g
830,000 D ec 1 1960
($1,000, $500)__________ t f (F id elity T ru st C o ., P h ila ., tru s te e .
x P ractically all owned b y Ind ian ap o lis W ater W orks Securities C o.
Stock.— T h e 6 % cum . pref. slock is p referred as to assets a n d cum . divs.
D iv id en d s cu m u lativ e fro m A p ril 1 1926. C all, a t 103 an d divs. In M ay
1926 Fletcher-A m erican C o. offered $404,300 a t 100 & d iv s. V. 122, p .3 0 8 1 .
Bonds.— F irst & ref. m tge. 4V£s a re callable a t 104 an d in t. on an y in t.
d a te . $5,542,000 are pledged as secu rity for th e first lien & ref. m tge
5 K s. A lb ert B ak er, In d ian ap o lis, co-trustee.
F irst lien & ref. m tge. 5 )4s are secured by d eposit of $5,542,000 first &
ref. m tge. 4 )4 s. Series 1923 is re d . all or p a rt, on a n y in t. d a te on four
w eeks’ notice, a t 105 & in t. to a n d including M arch 1 1933; th ereafter a t
102)4 & in t. to and including M arch 1 1943: th ereafter a t 101 & in t. prior to
m a tu rity . C om pany agrees to reim burse holders resid en t in P en n a. for the
4 mills tax . In M arch 1923 Drexel & C o .. P h ila., an d Brow n B ros. & C o.,
N . Y . offered $4,500,000 Series 1923 a t 96 & in t., to yield a b o u t 5.80% .
V . 116, p . 1185, 1282. Series 1925 a re re d . all or p a r t on 30 d a y s’ notice,
a t 105 on or before D ec. 1 1940; on or before D ec. 1 1950 a t 102)4'. th e re ­
a fte r a t 101; in each case w ith in t. P e n n . 4 m ills ta x refu n dable. In D ec.
1925, D rexel & C o. a n d B row n B ro th ers C o ., P h ila. offered $830,000 Series
1925. 5% bonds, a t 06)4 an d in t., to yield 5.2 0 % .— V . 121, p . 2750.




23

GAS AND WATER

E A R N IN G S .— F o r c alen d a r years:
x l926.
1925.
1924.
1923.
O p erating revenues____ $2,425,572
$2,348,988 $2,141,953 $1,840,971
O perating expenses____ f
f
611,446
535,724
Taxes assigned to o p e r_ _-I 1,246,532
1,182,746-1
421,722
338,800
D e p re cia tio n ___________[
(
138,749
89,610
N e t operatin g incom e_
_
1,179,040
1,166,242
970,036
876,837
N on -o p eratin g in c o m e ..
38,547
24,413
27,728
25,531
N e t e arn in g s__________
1,217,587
1,190,655
997,764
902,368
In te re s t________________
490,477
463,642
432,801
384,619
P e n n . S ta te ta x r e f u n d ..
3,585
2,356
2,898
1,702
A m o rt, of b ond d iscount
22,420
21,238
20,372
18,401
M iscell. ded u ctio n s_____
Cr9,846
Cr9,293
0539
3,774
N e t co rp o ra te in c o m e .
$710,951
$712,712
$542,232
$493,872
x T w e lv e m o n th s ended A ug. 31 1926.
O F F IC E R S .— P res., C . I I . G eist; V .-P ., H . S. S ch u tt; T re a s ., H . A.
Lang; Sec., F . C . J o rd a n ; G en. M g r., H . I . M orse.— V. 119, p . 1741;
V . 120, p . 86, 330, 828, 2400; V. 121, p . 2038, 2750; V. 122, p . 3081.

MILWAUKEE GAS LIGHT CO., MILWAUKEE, WIS.
A ffiliated w ith A m erican Light & Traction Co.
O R G A N IZ A T IO N .— In co rp . in W isconsin in 1852. C o. furnishes gas
u n d e r a p e rp e tu a l franchise in th e c ity of M ilw aukee, Wis.
ST O C K A N D B O N D S — Date.
Interest. O utstanding. M aturity.
C om m on $5,500,000 ($50)_________
________ $5,500,000 __________
P re f $2,000,000 ($100)____________
________
2,000,000 __________
1st m g $10,000,000 ($1,000/ 1902
4 g M -N
9,097,000 M a y 1 1927
c * )____________________ t f (C e n tra l U nion T r u s t C o ., N . Y . C ., tru s te e .
Bonds.— T h e 1st m . gold b o nds are listed on N . Y . Stock E xchange.
C all, as a w hole a t 110 a n d in t. on 8 w eeks’ notice.
E A R N IN G S .— F o r calendar y e a r 1925: T o ta l o p e ra tin g rev en u e,
$5,041,038; n e t a fte r re tire m e n t & tax es, $1,792,929; n o n-operating incom e,
$43,867; fixed charges, $388,228; b alance, $1,448,568.
Latest E arnings.— F o r 12 m os. end. A ug. 31:
Gross, In c l.
N ey after
N et
Other Incom e.
Oper E xp.
Interest.
Incom e.
1926________ $5,390,575
$2,047,690
$386,035
$1,661,655
1925------------ 4,999,855
1,686,301
361,003
1,325,298
O F F IC E R S .—P re s ., A lanson P . L a th ro p ; V .-P ., Sheldon J . Glass; V .-P .
& G en. M g r., R . B. B row n; V .-P ., Sec. & T re a s., E . H aase.

KANSAS CITY GAS CO.
C ontrolled b y C ities Service Pow er & L ig h t C o.
O R G A N IZ A T IO N .— In c o rp . in M issouri in 1906. In 1920 purchased
th e pro p erty of th e K ansas C ity , M o ., G as C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e com pany supplies n a tu ra l gas in K ansas C ity , M o ., w here it operates
w ith o u t com petition, serving an e stim ate d population of over 350,000 per­
sons. P ro p erty includes gas holders w ith an aggregate c ap a c ity of 7,000.000
cu. ft., regulator sta tio n s, pum ping a p p a ra ra s a nd a d istrib u tin g system
w ith 561 miles j t f high ju )d low pressure m ains.
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
Com m on stock ($100) _______
$812,500
1st pref 0 % cum ($100) ___ __
4.217.000
Q -J
1.600.000
1st m tg e Ser “ A " ($500 &f, 1922
6 .. F-A
g
2,415.000 F eb 1 1942
____
$1,000 c* and $1,000, $ 5 ,- jln t. a t N a tio n a l C ity B ank, N . Y ., and
Ooo & $10,000 r*) g ___ tf ( C om m erce T r. C o., K ansas C itv , M o ..tru s
5% ser due 1946 ($1,000. f 1926
5 g F-A
1,416,000 F eb . 1 1946
$500c*)____ ____________ tf ( I n te r e s t as a bove.
Stock.-—C om m on sto ck e n title d to dividends p rio r to 2d p re f. stock.
Bonds.—T h e first m tg e . 6s, Series “ A ,” are non-redeem able prior to ma­
tu rity . P enna. 4-mill ta x re fu n d e d . In Feb. 1922 N a tional C ity C o.
offered $2,500,000 a t 9714 & in t.. yielding over 6 .2 0 % . V. 114. p . 634
5% Series due 1946 a re re d . all or p a rt on 60 d a y s’ n otice a t 103 to a nd
incl. F eb . 1 1931, a t 10214 incl. F e b . 1 1936; a t 102 incl. F eb . 1 1941; a t
101 incl. F eb . 1 1945: th e re a fte r a t 100: in each case w ith in te re s t. P e n n ,
a nd C alif. 4 m ills an d M ass. 6 % taxes refu n d ab le. In A pril 1926 A . B.
Leach & C o. an d H alsey, S tu a rt & C o. offered $1,416,000 5% Series due
1946 a t 95 an d in t., to yield over 5.4 0 % . V. 122, p. 2191; V. 123, p . 5813
E A R N IN G S .— F o r calen d ar years:
1925.
1924.
1923.
1922.
O perating rev en u e_____$3,952,559 $4,001,084 $4,039,232 $3,663,464
O per. exp., incl. ta x e s .. 3,667,475
3,288,753
3,266,836
2,905,538
N on-operating re v e n u e .

$285,084
455,285

$712,330
156,633

$772,395
159,366

$757,925
139,738

$740,369
$868,963
$931,762
$897,664
G ross incom e________
R eplac. & renew , r e s . . .
217,250
210,800
206,700
206,700
B o n d in te re st__________
145,598
146,985
148,419
188,146
N e t incom e___________
377,521
511,178
576,643
502,817
D ividends p a id ________
310,515
414)020
318.020
318,020
S u rp lu s________________
67,006
97,158
258,623
184,797
O F F IC E R S .— P res.. G eo. E . N icholson: V .-P . & G en. M g r., C . W.
G reen; T re a s.. H a rry W arner; Sec., M . J . B a rry .— V . 119, p . 586; V . 122,
p . 2191; V. 123, p . 581.

LACLEDE GAS LIGHT CO.

Controlled b y Laclede G as an d E lectric Co.
O R G A N IZ A T IO N .— In c o rp . in 1857 an d in 1889 secured c ontrol of all
the o th e r gas com panies in S t. L ouis. O perates u n d e r p e rp e tu a l franchises.
In Ju n e 1909 th e $7,400,000 com m on stock held by th e N o rth A m erican
C o. w as sold to a sy n d ica te . V. 88. p . 1563: V. 76, p . 545, 922; V . 78. p.
1273: V. 80, p . 1000. On M a y 1 1924 a m a jo rity of th e com . sto ck was
acquired by th e L aclede G as a n d E lectric Co.
N ew company to be form ed to a cq u ire electric system of com pany and its
subsidiaries in order to fa c ilita te financing. See V . 121, p . 1678. W e
were advised th a t an am ended a p p lication h a s been, filed to lease th e elec­
tric properties to th e new com pany.
ST O C K A N D B O N D S .—- D ate.
Interest. O utstanding.
M aturity.
C om m on $37,500,000 ($100)_______
Q— M
$10,700,000
See te x t
Pref 5% cum $2,500,000 ( $ 1 0 0 ) ___
5 J-D
2,500.000 Ju n e ’26, 2 V
£
Ref & ext m tge $20,000,0001 1904 5 g A-O
10,000,000 A pril 1 1934
($1,000) go ld _________ c * tf /B a n k ers T r u s t C o., N . Y ., a nd M iss. V alley
T r u s t C o., S t. Louis, tru ste e s.
1st m tg e coll & re f Series “ C ” ( 1923
5)4 g F-A 17,500,000 F eb 1 1953
(S100, &c) g o ld ___ c * & r* tf /In t. payable in N ew Y o rk a nd St L ouis.
J ln t. p a y ab le in N ew Y ork & St. L ouis.
5 V % g notes ($1,000)_____tf ( 1925
S
5)4 F-A
$3,000,000 A ug 1 1 9 3 5
(G u a r. T ru s t C o. of N . Y ., tru ste e .
Bonds.— R ef. & exten. 5s of 1904 ($20,000,000 a u th . issue). In a ddi­
tion to $ 10,000,000 re p o rte d o u tsta n d in g , $ 10,600,000 a re pledged to secure
the 1st m tge. coll. & re f. b onds. L isted on th e N ew Y o rk an d S t. Louis
stock exchanges. See V. 78, p . 1273, 1395; V. 79, p . 1644; V . 80, p . 470;
V. 83, p. 1169; V . 91, p . 1331; V . 92, p . 666; V . 93, p. 1195.
T he first m tg e . co lla teral & refu n d in g bonds of 1919 ( V . 108, p . 273)
m ust a t no tim e exceed th e a u th . issue of c ap ital stock as from tim e to tim e
fixed; th e y a re issuable in series w ith such m a tu ritie s, in te re s t ra te s an d re­
dem ption a nd conversion rig h ts as m a y be determ ined for each series.
T h e Series C bonds a re re d ., all o r p a r t, as follows: P rio r to F eb . 1 1933,
a t 105; on an d from F e b . 1 1933 to F eb . 1 1943, a t 103; on F eb . 1 1943 a nd
th e re a fte r, a t 102, except d u rin g la s t 6 m o n th s, w hen bonds w ill be re d . a t
100. Free from P e n n a . S ta te ta x . V . 116, p . 184.
A dditional am o u n ts of th e bonds m ay be issued as follows: (1) T o re fu n d
a like a m o u n t of refunding & extension m tg e . bonds due A pril 1 1934,
$10,000,000; (2) for general c o rp o ra te purposes, $3,000,000; (3) for p erm a­
n ent im p ts., &c., o r new p ro p e rty for n o t exceeding 80% of cash cost, p ro ­
vided n e t earnings a re n o t less th a n 1 % tim es th e an n u al In te re st charge on
all bonds, including those a pplied for; o r (4) instead th e com pany m a y , a t
Its o p tion, issue bonds a t 75% of c ost w hen n e t earnings a re n o t less th a n
1 l tim es in te re st charges.
A
T h e 10-yr. 5 )4 % g ■ no tes, 1925, a re redeem able a t th e option of th e
com pany in whole or in p a rt, on a n y in te re st d a te a fte r 30 d a y s ’ notice, a t
101% a nd in t., incl. A ug. 1 1930, th e re a fte r a t p a r & in t. In te re s t payable
in N ew Y ork a n d S t. Louis. P e n n . 4-m ill ta x refundable. G u a ra n ty Co. of
N . Y ., U nion T ru s t C o. of P ittsb u rg h , W . A. H a rrim a n & C o., In c . a n d
H alsey, S tu a rt & C o ., In c ., sold in A ug. 1925, $3,000,000 a t 9 8 )4 a n d in t.,
to yield a b o u t 5 .7 0 % .— V . 121, p . 839.
C om pany applied to M issouri P. S. C om m ission for a u th o rity to issue
$3,000,000 20-yr. 6 % g. n otes (callable a t n o t m ore th a n 104) to be sold

24

PUBLIC UTILITIES

a t n o t less th a n 9 4 % , to fin an ce im provem ents an d extensions. T his
supersedes th e p e titio n of O ct. 1924 to seil $3,000,000 C om m on sto ck —
V. 121, p . 75.
D IV ID E N D S .1 T 1 -T 6 . T 7 . T 8 . ’19. '2 0 -’21. '22.
1923.
1924.
7 1 % N one 5M 7& 7extra 7M&1 extr.
C o m m o n----------- / 7 y ’rly . 17
Also p a id 10% e x tra in sto ck in 1911. On th e com m on stock 2% q u ar.
(8 % p er an n u m ) is being p aid reg u larly . An ex tra d iv . of 1% w as p aid in
D ec. 1924; 2% e x tra w as p aid in D ec. 1925; V. 121, p . 2402.
E A R N IN G S .— F o r calendar years:
Gross.
N et.
Fixed Chgs. Pref.D iv. Com. D iv. B al.,Sur.
1925------ $8,314,148 $3,395,220 $1,625,035 $125,000 $1,070,000 $575,185
1,573,083 125,000
882,750 759,186
1924 ------ 8,146,866 3,340,019
1923------ 7,984,350 3,345,556
1,584,643 125,000 1,498,000 137,912
1922____ 7,869,188 2,796,907
1,707,262 125,000
561,750 402,896
1921____ 7,137,481 1,536,196
1,740,141 125,000
*328,945
* D eficit.
O F F IC E R S .— C h airm an of B o ard . C has. A . M u n ro e; P res. G eo. B.
E v an s; V .-P . & Sec., W . H . W h itto n ; T rea s., W . S. D o d d . O ffice,E leventh
& O live S ts., S t. L ouis, M o .— V. 119, p . 1963, 2287, 2411, 2647; V . 120,
p. 331, 829, 957; V . 121, p . 75, 329, 839, 1678, 2402; V. 122, p . 1170.

P H IL A D E L PH IA S U B U R B A N W ATER CO.
O R G A N IZ A T IO N .-—-Formerly Springfield C onsolidated W ater C o.
C o m p an y ow ns a n d o p erates th e w a ter system supplying w ith o u t com peti­
tio n su b sta n tia lly th e en tire su b u rb a n d istric t of P h ilad elphia; area 260
sq u are m iles, largely resid en tial in ch aracter; p o p u latio n estim ated over
240,000. C o m p an y o b tain s its w ater fro m 3 stream s; 3 p u m ping stations;
769 miles of m ain s. V . 120, p . 2551.
S T O C K A N D B O N D S— Date.
Interest. Outstanding. M aturity.
________ ^ 200,000shs ___________
C om m on (no p a r ) _________________
6 % cum . p re f-------------------------------6 Q-M
$2,000,000 S e p t'26
1st m tg e. 5% gold ($1,000) f 1925 5 g M -N 10,000,000 M a y 1 1955
$500c*_________________ tf lP e n n . C o. for In s. on Lives & G r. A nn.,
W ayne W ater W ks. C o. ls t{ 1903
g M -N 149,000
J a n . 1 1933
m tg e . gold ($1,000)_____tf f ln t. a t C olum bia A ve. T ru s t C o ., P h ila ., tr .
C onshohocken G as & W a te r! 1899 4 J - J
100,000
Ju ly 1 1929
is t m t g e . ($1,000)______ t f / E . T . S to tesb u ry , P h ila., tru ste e .
Stock.— T h e 6 % cum . pref. stock is p referred as to assets and cum . divs
over th e com m on sto ck . R e d ., all or p a rt, on 30 d a y s’ notice a t 110 and
d ivs. In M ay 1925 G rah am , Parso n s & C o ., &c., offered $2,000,000 a t 95
a n d d iv . to yield a b o u t 6 .3 2 % . V. 120, p . 2684.
Bonds.— T h e 1st mtge. 5% gold bonds, dated M ay 1 1925, a re secured by
d ire c t first m tg e. on th e en tire p ro p e rty (incl. after-acq u ired), except tw o
sm all divisions su b jec t to $249,000 (closed) underlying bonds. R ed. all
or p a rt a n d for th e sin kin g fu n d , on 30 d a y s’ notice a t 105 on or before M ay
1 1935; a t i.02 l o n o r before M a y 1 1945; a t 101 on or before M ay 1 1954;
A
th e re a fte r a t p a r to m a tu rity ; in each case w ith in te re st. P e n n . 4 mills
a n d M ass. 6 % ta x re fu n d a b le . In M a y 1925 D rexel & C o ., P hiladelphia
sold $10,000,000 5% series a t 97M a n d in t.. to yield over 5 .1 5 % .
E A R N IN G S .— F o r 12 m # s. end. A ug. 31 1926: G ross, all sources,
$1,899,434; n e t, $1,092,454: fixed charges, &c., $512,875; b alance, $579,579.
O F F IC E R S .-—P re s ., C . H . G eist; V ipe-Pres., H . S. S c h u tt; Sec. & T reas ,
H . A . L an g .— V . 120, p . 2551, 2684, 3188; V. 121, p . 200, 979, 1679;
V . 122, p . 2497.

LOS ANGELES SUBURBAN GAS CORPORATION.
Controlled b y P acific L ig h tin g C orp.
W e u n d e rstan d fro m official re p o rts th a t th is holding co., w hich owns
th e e n tire o u tsta n d in g c ap ital sto ck of Southern Counties Gas Co. o f Calif.,
d istrib u te d all its c o llateral assets to P acific L ighting C o rp ., its sole sto ck ­
holder, called all its o u tsta n d in g 1st lien coll. tr . 7% bonds, due M arch 1
1938, on Sept. 1 1926, a n d was to be dis-incorporated before th e end of 1926.
F o r h isto ry , &c., see “ P u b lic U tility C o m pendium ” o f M a y 1 1926. V.
123, p . 1762.
SO U T H E R N C O U N T IE S GA S CO. OF C A LIFO RN IA .
O R G A N IZ A T IO N .— In co rp . F eb . 27 1911 in C alifornia to acquire the
p ro p erties a n d business of predecessor cos. engaged in d istrib u tin g gas for
dom estic a n d in d u stria l purposes in O range and Los A ngeles counties.
Subseq u en tly acq u ired o th e r pro p erties.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T e rrito ry served includes 62 com m unities an d tow ns in Los Angeles, S anta
B arb ara, San B ern ard in o , O range a n d V en tu ra counties. 2,231,875 feet
transm ission m ain s a n d 9,125,693 feet d istrib u tio n m ain s. P o p u latio n
estim ated a t 500,000. In ad d itio n to th is, w holesales to o th er com panies
for d istrib u tio n in Los Angeles. Long B each, R iverside, R edlands, San
B ernardino a n d C o lto n . H as 56 com pressor u n its, a com bined capacity
o f 61,000,000 cu . ft. of gas p er d a y , w ith a holder c ap acity of 5,380,000
cu. ft.
STO CK A N D BO ND S—
Date.
Interest. Outstanding. M aturity.
C om m on, $12,500,000 ($100)______
_________ $1,500,000 -----------------P re f 7% cum $11,2 5 0 .0 0 0 ($ 1 0 0 )____
7 Q -J
2,465.400 J u ly ’26 1%
1st M tg e $10,000,000 ($100,1 1916 5 H g M -N 8,78 UOO M ay 1 1936
I
T ~
$500 & $1,000) g o ld - .c * tf Tn t. a t C en tra l “ r. Co. of 111., C hicago and
~
P ac.-S o u th w . T r. & S. B k ., Los A ng., T r.
6 g M -N
2,500,000 N ov 1 1945
G en & re f m ortgage 6s gold 1925
Series 1945 ($1,000 & $500) M erch . T ru s t C o. of C a l., San F ra n ., and
c * tf P a c .-S ’w est T r. & Sav. B k ., Los A ., tru stees.
8 g J-D
215,600 D ec 1 1930
10-year conv coll tr $ 1,000,- 1920
000 ($100, $500 & $1,000) -c In t. a t P ac.-S o u th w est T r. & Savs. B k ., Los
A ng., & C en t. T r. C o. of 111.. C hic.. 111.
Stock.— C om p an y called all of its o u tsta n d in g 8 % p ref. sto ck as of
A pril 1 1926.
Bonds.— T h e to ta l au th o rized bon d ed indebtedness is $100,000,000.
F irst m ortgage 5 H s hav e sinking fu n d equal to 2% of th e ou tsta n d in g
bonds. A re call, a t 102)4 a n d in t. on a n y in t. d a te . In Ju n e 1916 E . H .
R ollins & Sons an d Pow ell, G a ra rd & C o. offered $2,500,000 1st m tge. 5 fZs
a t p a r a n d in t. V. 102, p . 2081. In M arch 1922, G irvin & M iller, In c .,
a n d B ly th , W itte r & C o ., San F rancisco, offered a t 90 a n d in t., to yield a b o u t
6.60% $400,000 1st m tg e . 5 )4 s. V. 114, p . 956. In S ep t. 1922 $340,000
w ere offered by B ly th , W itte r & C o ., N . Y ., &c., a t 95 !4 an d in t., yielding
a b o u t 6 % . V . 115, p . 1218. In Ju n e 1923 B ly th , W itte r & C o ., E . H .
R ollins & Sons a n d F irst Securities C o. offered $1,000,000 a t 9 2 M an d in t.,
i
yielding a b o u t 6 jHs%. V . 116, p . 3007. In Sept. 1923 B ly th , W itte r &
C o ., E . H . R ollins & Sons a n d F irst Securities C o. offered $800,000 a t - X
A
a n d in t. V . 117, p . 1471.
,
A d d itio n al gen. & ref. mtge. 6% gold bonds m ay only b e issued w hen n e t
earnings for preceding 12 m o n th s are a t le a st 1M tim es in te re s t on to ta l
funded d e b t (in th is case for 75% of im provem ents only; for 80% of earnings
w ere tw ice in te re s t). T h ere is a sinking fu n d of
a n n u ally of to ta l
funded d e b t less p a s t sinking fu n d p a y m e n ts on underlying issues. R ed.
u n til an d incl. 1935 a t 105 an d in t., th e prem ium th e re a fte r decreasing
)4% p er an n u m . In J a n . 1926 B ond & G oodwin & T u ck er, In c ., offered
$2,500,000 gen. & ref. m tge. 6 % gold bonds, Series 1945, a t 100 an d in t.
I t was expected th a t a p p licatio n w ould be m ade to list th ese bonds on th e
San Francisco Stock & B ond Exchange. V . 122, p . 483.
T h e 10-year conv. coll. tr. 8s are conv. in to 1st m tge. 5 j^ s a t p a r for 85
or th e first 5 y ears, an d p ar for 90 for th e la st 5 years. Secured by deposit
of 1st m tg e. 5 J^s equal in a m o u n t to 131.25% of th e p a r v alu e of coll. tr . 8s.
are call, on an y in t. d a te a t 102. $400,000 w ere offered in D ec. 1920 by
G ervin & M iller, San F rancisco. V. I l l , p 2431.
E A R N IN G S .— F o r calen d ar years
1923.
1924.
1925
G as e arn in g s_________________________$5,214,281 $5,204,081 $5,710,445
94,422
59,438
188,919
M iscellaneous in co m e_______________
T o ta l in co m e______________________ $5,403,201
O perating expenses_____________* v- OC 3,272,707
-----.
nn 1
A473,510
7 Q ^ 1D
T axes, iincluding F edneral io /iA T U Oe ttaxes
incom n ?
481,202
D ep reciatio n _______________________
560,099
Bond and m iscellaneous in te re st, &c__
153,165
P referred dividends (8 % )---------------210,000
C om m on dividends (1 4 % )--------------m

$5,263,519
3,084,968
536,409
380,170
597,332
100,000

210,000

$252,518
$354,639
B alance, s u rp lu s _________________
P ro fit a n d loss, s u rp lu s _____________ 1,639,854
1,387,335
Latest E arnings.— F o r 12 m o n th s ended Ju n e 30
1926.
G ross earn in g s_________________________________ $5,577,401
N e t p ro fit a fte r a ll ch arg es---------------------------------492,223




[V ol. 123

O F F IC E R S .— P res. & G en. M g r., F . R . B ain; V .-P ., A. Schilling;
V. P . & M g r., F . S, W ade; V .-P ., C . H . D ickey; V .-P ., A . S. B radford;
Sec., W alter S. M cF arlan d ; T re a s ., T . H . D udley.-—V. 119, p . 2763:
V . 120, p . 1882; V . 122, p . 483, 1754, 3455; V. 123, p . 712.

JAMAICA WATER SUPPLY CO.
O R G A N IZ A T IO N .— In c o rp . in N ew Y ork in 1887.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. serves w ith o u t c o m petition a population of a p p ro x . 260,000 in one of
th e ra p id ly grow ing sections of th e N ew Y ork M etro p o lita n D is tric t. C o.
supplies a portion of th e 4 th W ard of th e B orough of Q ueens (L. I.) of th e
G reater C ity of N ew Y o rk , p a r t of th e m unicipalities of H e m p ste a d an d
N o rth H em pstead, a n d F lo ral P a rk . N assau C o u n ty , N . Y ., ad jo in in g th e
te rrito ry served in th e B orough of Q ueens. C o .’s pro p erties include 16
electric pum ping sta tio n s, 3 steam pum ping p la n ts. 4 s ta n d pipes, 330 m iles
of d istrib u tio n m ains an d an office building. T h e source of w a ter su p p ly
is driven wells.
Franchises a re p e rp e tu a l a n d free from burdensom s re stric tio n s.
ST O C K A N D B O N D S —
D ate.
Interest. O utstanding. M aturity.
-------------- 3 0,000 shs. __________
C om m on (no p a r)----------------- -------7 Vi% cum . pref. (par $50)_________
7)4 M -N $ l,0 0 0 ,0 0 0 M ay ’2 6 3 ^ %
1st M 30-yr 5>4% g Series A t 1925
5 l g J -J
A
3,970,000 Jan 1 1955
($1,000, $500. $ 1 0 0 ) - - C * t f {F arm ers’ Loan & T r . C o ., N . Y . C ., tru ste e
Stock.— T h e 7 )4 % cum . pref. stock is p referred as to assets an d divs.
R ed. whole or p a rt a t $52 50 a n d divs. In A pril 1925 com pany offered its
7 )4 % cum . pref. stock for subscription a t $52 50 p er sh are. See. V. 122,
p . 2040. In Ju n e 1926 J a n n e y & C o., P h ilad elp h ia, offered 4,300 7 )4%
cum . pref. shares a t 52)4 a n d d iv s., to yield over 7 .1 4 % . V . 122, p . 3339.
Bonds.— 1 he 1st mtge. 30-yr. 5 )4 % gold bonds, Series A , dated Jan. 1 1925,
T
are secured b y 1st m tg e . on th e en tire physical pro p erties of th e co. (incl.
after-acquired p ro p e rty ). A dditional bonds m ay be issued only for 80%
of new extensions, e tc ., provided n e t earnings for 12 consecutive o u t of p re ­
ceding 15 m onths h av e been n o t less th a n 1 % tim es in te re st on all bonds
ou tsta n d in g , incl. those to be issued. Such a d d itional bonds m ay be
issued in series of such ten o r as m ay from tim e to tim e be d e te rm in e d .
T h ere is a sinking fu n d com m encing J a n . 1 1926 equal to 1 % per a n n u m of
bonds previously c e rtifie d . B onds to be purchased a t or below redem ption
price, otherw ise draw n by lo t. B onds so acquired a re to be canceled.
$30,000 have been re tired by sinking fu n d . R ed. on 30 d a y s ’ n otice a t 105
on or before J a n . 1 1951; a t 104 to an d incl. J a n . 1 1952; a t 103 to an d incl.
J a n . 1 1953; a t 102 to an d incl. J a n . 1 1954; th e re a fte r a t 101; in each case
w ith in te re s t. P e n n ., C o n n ., M ary lan d a n d D ist . of C ol. personal p ro p e rty
taxes a nd M ass. 6 % ta x re fu n d a b le . In J a n . 1925 J a n n e y & C o ., N ew Y ork
and P h iladelphia, offered $3,000,000 of these bonds a t 9 9 )4 an d in t., to
yield over 514% . V . 120, p . 330. In J a n . 1926 th e sam e ban k ers offered
$1.000,000 a d d itio n a l bonds a t th e sam e ra te . V . 122, p . 610.
See also V. 122, p . 2040, 3339.

LONG ISLAND WATER CORPORATION.
C ontrolled b y A ssociated G as & E lectric Co.
O R G A N IZ A T IO N .— In 1925, in corporated in N ew Y ork as a successor
to th e Q ueens C o u n ty W a te r C o ., w hich w as in corporated in 1884. C om ­
pan y serves a ra p id ly grow ing section of th e C ity of N ew Y ork, a n d a large
te rrito ry a d ja c e n t to th e c ity , including, am ong o th e rs, L y n brook, Valley
S tream , a n d th e closely connected tow ns of Law rence, C e d a rh u rst, W oodmere an d H ew lett. C o m p a n y ’s p um ping a nd d istrib u tin g sy stem , con­
sisting of a large n u m b e r of wells, 2 pum p in g statio n s an d a p p ro x im a te ly
260 miles of m ains, supplies one a nd a h a lf billion gallons an n u ally to th is
rap id ly grow ing te rrito ry . In A ug. 1925 m erged th e R oosevelt (N . Y .)
W ater Pow er & L ig h t C o. V. 121, p . 1101. As of D ec. 31 1925 pu rc h a se d
the B aldw in W a te r Co.
S T O C K A N D B O N D S — Date.
Interest. O utstanding. M aturity.
_______
20,000 shs. __________
C om m on (no p a r ) ___________ _____
F irst p re f (pref v a lu e )________ _____
_______
$977,600 __________
Second p re f (pref v a lu e )______ _____
_______
437,000 __________
F irst m tge gold ($1,000).* c .tf / 1925
5b£gM -N
3,000,000 M a y 1 1955
t i n t , a t G u a ra n ty T ru s t C o ., N . Y ., tru s te e .
R oosevelt W a t, P r & L t Co 1st
6
58.000
1929-1942
m tge d ue serially__________ _____
Bonds.— T h e first m tge. gold bonds, due M a y 1 1955, a re secured by a
direct first m ortgage on th e en tire physical p ro p e rties of th e c om pany.
A dditional bonds (other th a n fo r refunding purposes, p a r for par) m a y be
issued o nly to th e e x te n t of 80% o f th e n e t e x penditures fo r p e rm a n e n t
extensions, e nlargem ent a n d a d d itions a fte r M a y 1 1925, of and to th e
properties, provided n e t earnings for tw elve consecutive calen d ar m o n th s
o f th e fifteen m onths im m ediately preceding shall h av e been equal to a t least
1 % tim es a n n u a l in te re st charges on all first m ortgage bonds o u tsta n d in g ,
a n d for the issuance o f w hich a pplication is th e n m ade. R edeem able, all
o r p a rt, on th e first d a y of a n y m onth upon 60 d a y s ’ n otice a t 105 on or
before M a y 1 1950, and th e re a fte r a t a prem ium decreasing 1 % e very tw elve
m o n th s u n til m a tu rity , plus in te re st in each case. P e n n , an d C onn. 4 mills
tax es an d th e M ass, incom e ta x of 6 % refu n d ed . In M a y 1925 M arsh a ll
F ield an d G lore, W ard & C o ., sold $3,000,000 a t 9 § K a n d in t., to yield
5.6 0 % . V. 120, p . 2401.
Offer to Bondholders.— On A ug. 17 1925 i t w as anno u n ced t h a t holders
of th e above 1st m tg e . 5 )4% bonds w ere offered 1OK shares of $7 d iv .
series pref. stock of A ssociated G as & E lec tric C o. for each $1,000 bonds,
w ith a d ju stm e n t of in te re st a n d divs. V . 123, p . 1113.
E A R N IN G S .— F o r calendar years (incl. B aldw in W a te r C o.):
*1926
1925
1924
G ross rev en u es_____________________
$732,664
$756,370
$618,564
O per. exp., m a in t. & taxes (except
Federal incom e ta x ) _____________
382,959
315,899
247,071
A nnual in t. on to ta l m tge. d e b t.

$349,705
168,480

$440,471
169,980

$371,493
N o t a v a il.

B alance for depreciation, F ed eral
incom e tax es, &c_______________
$181,225
$270,491
* T w elve m o n th s ended J u n e 30 1926.
-V . 120, p . 2401; V . 121, p . 706, 1101, 2273; V. 123, p . . l l l 3 .

MASSACHUSETTS GAS COMPANIES.

O R G A N IZ A T IO N .— A v o lu n ta ry association form ed in M assa c h u se tts
u n d e r a n A greem ent, d a te d Sept. 25 1902, p e r p la n in V. 74, p. 1311.
T h e M assa c h u se tts G as C os. own (except d ire c to rs’ shares) th e e n tire stock
of B oston C onsol G as C o.; also th e $41,655,000 c ap ital stock of th e New
E n g lan d F uel & T ran sp o rta tio n C o. (see V. 109, p . 1705), th e en tire
$1,268,000 stock of C itizens G as L ig h t C o. of Q uincy, M ass. V. 100.
p . 1575, 1690; V . 108, p . 274.
E ffective Ju n e 30 1917 th e N ew E n g lan d Fuel & T ra n s p o rta tio n C o. (of
M a ss.), w hose c ap ital stock is all ow ned by th e M assa c h u se tts G as C os.,
took over all th e p ro p e rty of th e N ew E ngland G as & C oke C o ., B oston
Tow B o at C o. an d Federal C oal & C oke C o.; a n d th e c ap ita l sto ck an d all
th e p ro p e rty of N ew E ngland C oal & C oke C o. (except business of p u rc h a s­
ing and seliing coal). E a rly in 1924 acquired th e en tire c a p ita l stock of th e
M y stic Steam ship Co. V. 105, p. 2189, 2003. 613: V. 104. p 2122: V. 99,
p . 1455; V . 93, p 232. On J a n . 1 1926 th e sam e subsidiary (N . E . F uel &
T ra n sp o rta tio n Co.) purchased for approx. $11,500,000 th e en tire c ap ital
stock of C astn er, C u rra n & B u llitt, In c .; E . E . W h ite C oal C o., E a s t G u lf
C oal C o.. Prince-W ick C oal C o.. P em b erto n F u e l C o., Long B ran ch C oal
C o. an d th e G lencoe C oal Co. T h e first nam ed co. is a d istrib u tin g organ­
ization a n d th e six others are m ining com panies p roducing high g rade sm oke­
less coal in th e N ew R iver field in W est V irginia. V . 121, p. 2755.
T h e N ew E ngland M fg. C o., th e m u n ition co. (in process of liquidation)
$5,804,867 re tired during 1920 2,225 shares a t $100 p er sh are, leaving o u tsta n d in g
3,888,020 275 shares of which 13 0 H shares are held by M assach u setts G as Cos.
T he M ystic Iron Works, E v e re tt, M ass., producing pig iron, s ta rte d its
520,457
350,610 first furnace Sept. 27 1926. I ts $5,000,000 c ap ital stock is all ow ned b y
548,437 N . E . Fuel & T ra n sp o rta tio n Co.
99,182
F IE L D O P O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
210,000 B oston Consol. G as C o. operates gas g enerating p la n ts a t E v e re tt, C om ­
m ercial P o in t, C alf P a s tu re , A llston, &c. G as is sold and d istrib u te d
$188,161 for consum ption in B oston an d su b u rb s. P o p u la tio n served a pprox.
1,212,402 1,000,000. T h e C itizens G as L ig h t C o. of Q uincy supplies all of th e gas
used in th e C ity of Q uincy. P o p y latio n served approx. 60,000. C om pany
controls th ro u g h dire c t ow nership on long te rm leases, a n e stim ate d aggre­
1925.
$4,962,284 g a te of approx. 110,000.000 to n s of recoverable b itum inous coal in th e
507,250 N ew R iver field in W est V irginia.

Oct., 1926.]

gas

and

M aturity.
S T O C K A N D B O N D S .— Date.
Interest. O utstanding.
$25,000,000 N ov '26 1
C om m on $25,000,000 ($100)----------Q -F
P ref. 4% cum . $25,000,000
25,000,000 J u n e ’26 2%
4 J-D
($100)__________________________
Sinking fu n d bonds ($1,000)} 1909 _ 4 K g J -J . 3.163,000 J a n 1 1929
gold ___________ c * & rn tf / In t. a t Old Colony T ru s t C o ., B oston, tru ste e
D eb en tu res gold ($1,000) red ! 1911
4)4 g J-D
4,000,000 D ec 1 1931
a t 105________________n t f (I n t. a t Old Colony T ru s t C o ., B o sto n , tru ste e
M y stic S team ship C o. 6 )4 %
____ _
bon d s
. . .
______
_________ 1,350,000 ---------------M ass. Gas C os. 2 0 -yr. s. f. g .l 1926
5M g J - J 18,000,000 J a n 1 1946
f$ l,000, $500 c* a n d $ l,0 0 0 }0 1 d C olony T ru st C o ., tru ste e .
$5,000, $10,000 c ) ________ J
Bonds.— T h e $6,000,000 4 H s of 1909 h av e a sinking fu n d o f $120,000 per
an n u m for first 5 y ears a n d $180,000 th e re a fte r. N o m ortgage or pledge of
assets can b e m ad e w ith o u t eq u ally securing th e bo n d s. A re re d . a t 105.
V. 88, p . 104, 161. D e b en tu res, see V. 93, p. 1671; V. 94, p . 283.
T h e 20-yr. s. f. 5 J^ % g. b o nds, due J a n . 1 1946, a re re d . whole or p a rt
on60 d a y s’ notice a t 105 a n d in t. a sin kin g -fu n d of 1 K % or $270,000
a n n u ally in e q u al sem i-an n u al in stallm en ts is to pu rch ase bonds of this
issue a t n o t exceeding 105 an d in t. otherw ise b y red em p tio n b y lo t. C om ­
p a n y c o v en an ts t h a t it shall n o t m ortgage n o r pledge an y of its assets
w ith o u t eq u ally securing th ese bonds. In D ec. 1925, K id d er, P eabody
& C o ., H a rris, Forbes & C o. an d Stone & W eb ster, In c ., offered $18,000,000
a t 9 8 ^ to yield a b o u t 5 5 %■ V. 121, p . 2875.
A
,
D ivs.— ] ’07-’10. ’11-’12. '13. ’14-’16. '17. T 8-’20. '21. '22. ’2 3 .’2 4 .’25. 26.
5 5 5
On com . % 13 y rly 4 y rly . 4.14
5
6)4
7 614 5
E A R N IN G S .— F o r-c a le n d a r y ears
Balance,
Total
In t., & c ., Preferred
Common
Incom e.
Charges.
Dividends. D ividends. Sur. or Def.
1925_________ $3,352,781 $866,620 $1,000,000 $1,250,000 sur$236,161
su rl25,317
767.780
1,000,000
1,250,000
1 9 2 4 - .: _____ 3,143,097
sur570,317
1923_________ 3,438,782
618.465
1,000,000
1,250,000
sur56,328
1922_________ 2,947,983
641.655
1.000.000
1,250.000
d e f263,175
1921_________ 2,970,267
691,775
1,000,000
1,541.666
su rl0 4 ,4 8 0
620.466
1,000.000
1,750.000
1920________ 3.474,946
Latest E arnings.— C om bined n e t earnings av ailab le for d ivs. of su b . cosfor 6 m o n th s ended Ju n e 30;
1925.
1926.
$845,428
$764,739
Sub sid iary gas com panies-----------------------------------593,952
C om m ercial co m p an ites (n o t incl. B eacon Oil Co.) _ 1,672,131
T o ta l_________________________________________$2,436,870 $1,439,380
O F F IC E R S .— P res., Jam es L . R ich ard s; V .-P ., R . G ra n t; Sec., A . SB ull; T re a s ., E . N . W rig h tin g to n . Office, M in o t B ld g ., B oston..
T R U S T E E S .— R o b t. W insor, C h airm an ; C harles F . A dam s, L e v e re tt
S alto n stall, Jo sep h B . R ussell, F red eric E . Snow, E d w in S. W ebster,
Jam es L . R ich ard s, H . W endell E n d ic o tt, E . M . R ich ard s, R o b ert G ra n t.
R o b ert W insor.— V. 120. , p454. 2267: V. 121, p . 458, 979, 2038, 2751, 2875.
3004; V . 122, p . 1609, 2191, 2496; V. 123, p . 710.

B O ST O N C O N SO L ID AT E D GAS CO.
Control.— M assa c h u se tts G as C om panies own th e en tire com m on stock
except d irecto rs’ qualifying shares.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. supplies all th e gas used in B oston (except C harlestow n a n d H y d e P a rk
d istric ts), C helsea, N ew to n . W alth am , W aterto w n , W ellesley, W eston,
B rookline an d M ilto n , a n d th ro u g h sales to th e local gas com panies, D ed­
ham , H y d e P a rk an d Q uincy. P o p u latio n served a p p r. 1.000,000. Gas
o u tp u t y e ar 1925, 8,872,070,000 cu . f t.; in 1924, 8,965,846,000 cu. ft.
V. 122, p . 212.
S T O C K .—
Dale. D iv. Rate. O utstanding. Last D iv.
C om m on $16,259,600 ($100)_______
_______ $16,259,600
See te x t
614% c u m u lativ e p r e f e r r e d - - ____
514 F-A
4,000,000 A ug’26 2% %
6)4 F-A
6,000,000A ug'26 3M %
614% c u m p f $6,000,000 ($ 1 0 0 ) ___
Stock.— T h e 5)4%, a n d 6 14% cum . pref. stocks are id en tical except as to
ra te of cum . dividends, th e y being preferred as to assets a n d dividends
over th e com m on sto ck . R ed . on 30 d a y s n o tice a t 105.
In Sept. 1925 K id d er, P eab o d y & C o ., Lee, H igginson & C o., B lodget &
C o ., &c., offered $4,000,000 514% cum . p ref. sto ck a t 102 a n d d iv ., to
yield a b o u t 5 .4 0 % . V . 121, p . 837, 1226.
D ividends.— F ro m Sept. 30 1922 to M arch 31 1925, in cl., co. p a id q u a r.
div s. o f 2% on th e com m on sto ck . In Ju n e 1925 a q u a r. d iv . of 3% was
paid (V. 120, p . 3311); in Sept. 1925, 2% (V. 121, p . 1567); D ec. 1925. 2% ;
M arch 1926, 2 % .
E A R N IN G S .— F o r calen d ar years:
Expenses &
Dividends.
Surplus.
Gross.
Reserves.
Interest.
$11,186
$1,754,658
1925______$10,383,605
$8,518,388 $99,373
1.690.768
def39,957
1924_____ 10,485,196
8,740,853
93,532
120,839
1.690.768
1923_____ 11,269,844
9,417,363
40,874
O F F IC E R S .— C h airm an , Jam es L . R ichards; P res., D a n a D . B arnum ;
V .-P s., H erb ert N . C heney, N a th a n ie l W . G ifford, F red M . G oodw in and
W illiam B. Nichols; Sec., H e n ry S. Lyons; T rea s., George M . Cox; A ud.,
W illiam A. D oering; C lerk, A rth u r S. B ull.— V. 120, p . 208, 2145, 3184.
3311; V. 121, p . 72, 837, 1226, 1567; V. 122, p . 212.

METROPOLITAN GAS, & ELECTRIC CO.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A holding c o m p an y . C o n tro ls, am ong o th er com panies, th e C e n tra l
In d ia n a G as C o. a n d M obile Gas_rC o. (see sep a ra te sta te m e n ts below ).
In F eb . 1926 co m p an y sold its in te re sts in M t. C lem ens (M ich.) G as L ight
C o. to F e d e ra te d U tilities, In c . See V. 122, p . 1309, u n d e r this la tte r
com pany.
ST O C K A N D B O N D S —
Dale.
Interest. O utstanding. M a tu rity .
C om m on $6,000,000 ($10)_________
_______
$3,999,580
See te x t
P ref 6 % n o n -p a rtic. $6,000,000
($ 1 0 0 )__________________________
_____2,295,300
See te x t
N o funded d e b t.
D ividends.— On p referred reg u lar div id en d s a t ra te of 6 % p er a n n u m
p aid . On com . (dividends prior to 1917 not available) paid
In 1917;
in 1918, 1 %; none to 1924, w hen 4% w as paid ; 1925, 4 % . In 1926, J a n .,
A p ril & J u ly , each 1 % .
O F F IC E R S .— P re s ., R u fu s C . D awes; V .-P . & T re a s ., R . W arner; Sec.,
H . B . H u r d — V . 102, p . 2258, 2345.
(1) C ENTRAL IN D IA N A G A S CO.
C ontrolled by M etro p o lita n G as & E lectric C o.
O R G A N IZ A T IO N .— In c o rp o rate d F e b . 7 1888 in In d ia n a .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Supplies m a n u fa c tu re d an d n a tu ra l gas in th e e ast-c e n tra l p a r t of In d ia n a
an d operates in G ra n t, B lackford, M adison a n d D elaw are counties, In d .
T h e com pany d istrib u te s n a tu ra l gas fro m W est V irginia fields th ro u g h its
artificial gas d istrib u tin g sy stem .
ST O C K A N D B O N D S—
D ate.
Interest. O utstanding. M a tu rity .
$5,000,000
See te x t
_
_______
C om m on $5,000,000 ($100)_ _____
427,200
See te x t
P re f 7% cum $1,900,000— ____
7%
100,000
P re f 8 % cum $1,412,900 ( $ 2 5 ) ____
5 g M -S
2,247,000 Sept 1 1931
F irst m tg e $5,000,000 ($1,-/ 1911
000) gold sink fu n d -_ c * .tf ( I n t. a t C o n t. & C om m . T r.& S .B ., C h ic ,tru s.
Bonds.— T h e first m tg e. 5s a re redeem able a t 102 an d in t. on a n y in t.
d a te . M o rtg ag e provides for a n n u al sinking fu n d to re tire bonds beginning
J a n . 15 1917 o f a sum in cash equal to 2 % of all bonds c ertified. F ra n k H .
Jones, co -tru stee. P e n n a . 4-mUl personal p ro p e rty ta x refu n ded. In Ju n e
1916 $2,100,000 first m tg e. 5s w ere offered b y E . H . R ollins & Sons a nd
A. B . L each & C o ., New Y ork an d C hicago, a t 9 4 % & in t. V . 102, p . 2256.
D ividends.— A rrears on 7% p ref. p aid up in 1917. R egular divs. on 8 %
and 7% p ref. p aid since. On com . 1% was p a id in 1917. In 1920, 2% :
in 1921, 1 M % ; in 1922 , 2 % ; in 1923, 2 % ; in 1924, 2 % ; in 1925, 2 % . In
1926, J a n ., A p ril a n d J u ly , each )4% E A R N IN G S .— F o r calen d ar years:
1925
1924
1923
1922
G ro ss___________________ $1,355,658 $1,395,560 $1,464,794 $1,344,173
N e t, a fte r tax es________
337,913
367,615
355,697
334,344
Bond in te re s t__________
139,679
147,314
149,827
151,384
198,234
220,301
205,870
182,960
B alance, su rp lu s_______




25

w ater

O F F IC E R S .— P re s ., J . H . M axon; V .-P ., R . C . D aw es; T re a s., F . B.
T racey; Sec., Geo. W . C rom er.— V. 116, p . 2641; V. 121, p .2 2 7 1 ; V .122,
p. 2189
(2) M OBILE G A S CO.
C ontrolled by M etro p o lita n G as & E lec tric C o.
O R G A N IZ A T IO N .— W as established in 1834. In O ct. 1925 A labam a
P. S. C om m , g ra n te d issuance of $185,000 ad d itio n a l series A bonds.
V. 121, p . 2038.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C om pany does, w ith o u t com p etitio n , th e en tire gas business in th e city of
M obile a nd s u b u rb s .
ST O C K A N D B O N D S —
D ale.
Interest. O utstanding. M aturity.
_______
6,000 shs. __________
C om m on 6,000 shares (no p a r ) ____
P ref 8 % cum $1,000,000__________
_______
$500,000 __________
1st m tge Ser “ A ” $5,000,000} 1921 7 g J-D
1,624,000 D ec 1 1951
($500 & $1,000) g o ld _ .c * .tf (C e n tra l T ru s t C o. of Illinois, C hicago, tru s t.
Bonds.— T h e first m tg e. Series “ A ” 7s are redeem able on a ny in t. d a te
a t 110 an d in t. u p to an d including D ec. 1 1926, a n d th e re a fte r up to m a­
tu rity a t 105 an d in t. In te re s t p a y ab le a t F irst N a tio n a l B an k , N . Y ., or a t
office of tru s te e , C hicago. I n N o v . 1923 H . T . H oltz & C o ., C hicago, offered
$725,000 Series “ A ” 7s a t 100 an d in te re s t. V . 117, p . 2331.
D ividends.— R egular dividends a re being p aid on pref. sto ck . N o divi­
dends h av e been paid on p re sen t com m on.
E A R N IN G S .— F or calendar years:

1094

1093

1099

G ross___________________ $464,073
$481,221
$468,480
$469,190
N e t, a fte r ta x e s________
160,679
168,186
167,108
135.849
Bond in te re s t__________
101,695
100,730
104,496
97,518
B alance, s u rp lu s_______
58,984
67,456
62,612
38,331
O F F IC E R S .— P re s ., R . C . D aw es; V .-P . & T re a s ., R . W arn er; Sec.
H . B . H u rd .— V . 118, p . 1529, 2313; V. 121, p . 2038.

M IN NEA PO LIS GAS L IG H T CO.
U nited G as Im p ro v em en t C o. ow ns o ne-half of th e com m on stock.
Receivers Discharged.— On O ct. 9 1924 C . T . Jaffra.v a nd A. T R and
were discharged as receivers for th e com pany b y order of the U S D istric t
C o u rt. V. 119, p . 2072.
Gas Rate c u t 2c. to 93c. p e r 1,000 cu. ft. V. 121, p . 1560. Raised In. to
94c. for th e first four m o n th s of 1926. V . 121, p . 2875. M ay , J u n e ,
J u ly a nd A ug., 97c.; S ept. O c t., N o v . an d D ec. 1926,, 95c.
O R G A N IZ A T IO N .— In c o rp o rate d in 1870 in M in n eso ta .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
F urnishes gas w ith o u t com p etitio n to th e C ity of M inneapolis, M in n ., and
th e villages of R ichfield, E a in a a n a M orningside, M in n . P ro p e rty in­
cludes a coal an d w ater gas m an u fa c tu rin g p la n t With a d a ily c a p a c ity of
18,600,000 cu. f t., four holders w ith a c ap a c ity o f over 8,700,000 cu. f t., and
739 m iles of m ains; 114,268 m eters in use.
STO CK AN D B O N D S—
Date. Interest.
Outstanding M aturity.
----------$2,200,000 A ug. '262%
C om m on $2,500,000 ($50)----- -------Preferred 7 % ____ $1,150,000
7 Q-M
1,098.800 .........
F irst gen m tge $10,000,0001
1903 5 g M -S
5,058.000 Feb 1 1930
($1,000) g o ld ________ c * .t f / I n t . a t E q u ita b le T ru st C o ., N . Y ., tru ste e .
Secured n otes ($500 & $1,000)1
1924 6 g F-A
2.000,000 Feb 1 1930
g o ld _________________c * .tf /M in n e so ta Loan & T r. C o ., M in n ea p ., tru s .
Stock.— A u th . a m o u n t of pref. is $2,500,000. M ay be issued in series
and th e different series m ay b ear different div. ra te s. H as no voting power
except w henever four full q u a r. divs. are in a rre a rs a nd u n til all defaulted
divs. have been p aid in full. T h e 7% pref. stock is red . all or in p a rt on
any div . d a te a t 110 a nd divs. V. 120, p . 2012.
Bonds.— T h a firs tg e n . m tg e . 5 s a re callable on an y in te re st d a t e a t 105 and
in te re st. A su pplem ental m ortgage provides for the annual p ay m en t of
$147,000 to th e tru s te e to redeem these bonds a t 10214 and in t. $2,200,009
are deposited as sec u rity for th e $2,000,000 6 % secured notes. $2,312,000
have been re tired b y sinking fund; $430,000 a re held in tre a su ry . In
M arch 1910 E . II. R ollins & Sons, Chicago, offered $.3,OO0,OOO first gen
m tge. 5s a t a price to n e t 5% incom e. V. 90, p. 631. In N ov. 1925
M innesota L oan & T ru s t C o. offered $500,000 a t 9 9 >2 and in t. V. 121. p.
2273.
N otes.— A re secured b y deposit of $2,200,000 first gen. m tge. 5s. A ddi
tional notes m ay be issued for 100- 110-th s of first gen. m tg e. bonds so
deposited. R edeem able, all or p a rt, on a n y in t. d a te on 30 d a y s ’ notice a t
102)4 an d in t. up to F e b .- l 1925, w ith successive reductions of 14 of 1 %
of th e principal on each A ug. 1 to A ug. 1 1929, on w hich la tte r d a te th e
notes a re redeem able a t 100 a n d in t. P e n n a . 4 mills ta x . C onn. 4 mills tax.
D istric t of C olum bia a n d M a ry la n d 4)4 mills ta x a n d M ass. 6 % incom e
tax refu n d ed . In S ep t. 1924 E . H . R ollins & Sons, N . Y .; M in n eso ta Loan
& T ru s t C o. an d M inneapolis T r u s t C o. offered $2,000,000 secured 6 % notes
a t 100 a n d in t. V 119, p . 1403.
E A R N IN G S .— F or c alen d a r years:
1925.
1924.
1923.
1922.
Gross incom e_________ $3,582,650
$3,667,840 $3,640,076 $3,355:132
Expenses a nd ta x e s------ 2,705,962
2,702,179
2,691,659
2,599,186
D e p reciation___________
184,828
180,840
174,194
163,286
In te re st charges, &c__
427,400
374,422
349,704
338,503
Sinking fu n d __________
______
______
______
9.000
N e t incom e_________
$264,460
$410,399
$424,519
$245,357
Latest E arnings.-—F o r 8 m os. end A ug. 31 1926: G ross incom e $2,500,738; n e t a fte r deprec. & a ll ta x e s, $534,078; in t. a nd am o rtiz. of d iscount,
$275,714; balance, $258,364.
O F F IC E R S .— P res. & G en. M g r., A . H . R an d ; V .-P ., R . R . R a n d J r.;
Sec. & T re a s., E . W. B ra ce .— V. 121, p . 1569, 1789, 2273, 2751, 2875;
V. 122, p . 348, 1026.

MUNICIPAL GAS CO. (OF TEXAS).
O R G A N IZ A T IO N .— In c o rp . in T exas in 1925 as successor to co. of sam e
n am e in c o rp . in 1910. As o f M a y 1 1926 a cq u ire d a ll of th e com m on sto ck
o f L one S ta r S ta te s Pow er C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Supplies gas in 20 cities a n d tow ns in th e “ B lack W axy B e lt,” th e richest
agricu ltu ral section of T exas, serving an estim ated population of 194 500.
T hrough 883 miles of m ains, co. serves W ichita F alls, D ennison, Sherm an,
C leburne a n d o th er cities. C o. does n o t own an y producing properties or
tra n s p o rta tio n pipe lines, b u t o b tain s its gas from one of th e large n a tu ra l
gas production a n d tra n s p o rta tio n com panies o perating in O klahom a and
T e x a s.
S T O C K A N D B O N D S .— D ate.
Interest. O utstanding. M aturity.
C om m on (no p a r v a lu e ) ..'_________
______ 20,000 shs. __________
C um pref $7 div (no p a r ) __________
$7 Q -J
4,000 shs. O c t.'26, $1.75
D e b en tu res--------------------------- ---------------$420,000
1927-1933
1st m 6 % g Ser A ($500 & f 1925
6 M -N
1,850,000 M a y 1 1935
$ 1 ,0 0 0 ) _____________ c * tf (F irst N a t. B an k , B oston, T ru ste e .
Bonds.— T h e 1st m tg e. 6 % g. bonds (Series A) are re d . all or p a rt upon 30
d a y s’ notice a t 106% a n d in t., incl. N o v . 1 1928, an d 1% less each year
th e re a fte r, an d on or a fte r M a y 1 1934 a t 100. Secured b y a d ire c t first
a n d only m ortgage u pon all th e p ro p e rty , rig h ts an d franchises. In te re s t
p ayable in B oston, N ew Y ork or C hicago. M ass, incom e ta x u p to 6 % .
P e n n . & C onn. 4-m ill ta x a n d M ary lan d 4H -m ill ta x re fu n d e d . In Ju n e
1925 A rth u r P e rry & C o. a n d P a in e , W ebber & C o. sold a t 100 a n d in t
$1,850,000. V . 120, p . 2684.
D ividends.— R eg u lar q u a rte rly d ividends h a v e been p a id on th e p referred
sto ck since d a te of issue (Ju n e 1 1925).
E A R N IN G S .— F or calen d ar years:
N et after
Available for
M aintenance
Fixed
D eprec'n.
Gross.
& Taxes.
Charges.
D ivs., &c.
1925........ ........... - ...........--$ 2 ,2 9 8 ,7 0 8
$540,017
$111,462
$428,555
1924---------------------------- 2,105,201
461,279
43,618
417,661
1923__________________ 1,870.270
359.342
50,073
309.269
O F F IC E R S .—P r e s ., R o b e rt B . S te a rn s; S e c .,-T rea s., & G en. M g r.,
J . B . M cC abe. Office, M ag n o lia B ld g ., D allas, T exas.— V . 119, p .
1964: V . 120, p . 2684; V. 121, p . 1462; V. 122, p . 2496.
LO N E S T A R S T A T E P O W E R C O .
Control.— T h e e n tire com m on sto ck is ow ned b y M u n ic ip a l Gas Co.
O R G A N IZ A T IO N .— In c o rp . in T exas M a y 1 1926. P u rch a sed a ll th e
p ro p e rty a n d franchises of a corp. of th e sam e nam e organized in 1925.

26

PUBLIC UTILITIES

F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. su p p lies e le c tric ity fo r lig h t a n d pow er in F loresville, R o u n d R ock,
H u tto , B u rn e t, B e rtra m , Sto ck d ale, P o th , K yle, B u d a a n d P fiugerville,
T ex. Also m a n u fa c tu re s a n d su p p lies ice in Floresville. G en erating p la n ts
a t F lo resv ille, R o u n d R o ck , H u tto , B u rn e t, B e rtra m , K y le a n d B uda
e q u ip p e d w ith oil b u rn in g engines w ith ag g reg ate c a p a c ity of a b o u t 1,500
h . p . P la n fo r cen tra lizin g a n d in creasin g pow er g en eratio n w ere s ta te d
to be u n d e r w ay . A b o u t 30 m iles o f tra n sm issio n lines w ere u n d e r con­
s tru c tio n . P o p u la tio n serv ed a b o u t 10,000.
S T O C K A N D B O N D S — Date.
Interest.
O utstanding. M a tu rity .
C om m on (no p a r ) / __________ _____
_______
5,000 sh s. __________
L one S ta r S ta te Pow er Co (old f
co) 1st m tg e 3 -y e a r g o l d 1925
6 M -S
$150,000 Sept 1 1928
$250,000 ($1,000-500 c )_ tf iA m er. T r u s t C o ., D a v e n p o rt, Io w a , T ru ste e
Bonds.— T h e Lone Star State Power Co. (old co.) 1st mtge. 3-year gold bonds,
dated Sept. 1 1925, a re secu red b y a fir s t m ortgage on e n tire (in d . a fte ra cq u ire d ) p ro p e rty o f co. N o sin k in g fu n d p ro v isio n . A d ditional bonds
(up to $100,000) m a y b e issued fo r 75% o f c c s t of extensions a n d a d d itio n s,
p ro v id e d n e t earn in g s e q u al to 2 % tim es a n n u a l in te re s t req u ire m e n ts on
a ll b o n d s o u ts ta n d in g a n d to b e issued. T h e new co m p a n y , in c o rp o ra te d
M a y 1 1926, assum ed a ll o b lig atio n s u n d e r th e m o rtg ag e.
O F F IC E R S .— P re s ., R o b e rt B . S tearn s; V .-P ., R ussell B . Stearns;
V .-P . & G en. M g r., J. B . M cC ab e; Sec. & T re a s ., L. W . Cole; A sst. Sec. &
A sst. T re a s ., K . S. M a y . P rin cip al office: M agnolia B ld g ., D allas, T exas.

NATIONAL FUEL GAS CO.
O R G A N IZ A T IO N .— In c o rp . D ec. 8 1902 in N . J . , succeeding N a tu ra l
G as T r u s t. Owns all o r a m a jo rity In te re st in th e c ap ital stocks of
th e following subsidiaries:
Owned by
N a t. F. G. Co
100%
$15,125,000
100%
. 20.000,000
100%
. 1,000,000
100%
C roquois B uilding C o r p ........ ...............................
255,500
S nyder G as C o _____________________ _______
99,450
100%
T h e Pro v in cial N a t. G as & Fuel C o. of O n t., L t d . .
70%
600,000
50.85%
. 7,200,000
50.85%
576.000
P en n sy lv an ia Oil C o . I --------------------------T h e su b sid iary com panies fu rn ish gas to cities a n d tow ns in w estern
N ew Y o rk , w estern P en n sy lv an ia, eastern Ohio a n d in O n tario. C an a d a .
ST O C K A N D B O N D S .— D ate.
Interest.
O utstanding.
Last D iv.
Stock $37,000,000 ($100)__________
Q -J 15
$37,000,000
See te x t
N o fu n d e d d e b t.
D ividends.— A t r a te of 10% p e r a n n u m to J a n . 15 1923. On D ec. 30 1921
p aid an e x tra div id en d of $4 a s h are in L ib e rty b o nds. On D ec. 30 1922
p aid 100% in sto ck . On A p r. 16 1923 paid 1 M % on in creased c ap italiza ­
tio n ; J u ly 16 1923 p aid 1 % % ; O ct. 15 1923 p a id 1 % % ; J a n 15 1924 paid
1 M % q u a r. an d 1% ex tra; A pril 15 to O ct. 1924 p aid 1 % % q u a r. In
T925, 1% % q u a r. a n d 2% e x tra . V. 121, p . 3004. In 1926, J a n ., 1% % ;
A pril, 1 % % .
E A R N IN G S .— In co m e a cc o u n t c alen d a r y ears:
E x p ., Taxes and
xDepreciaN et
Total
Gas Purchased.
tion, &c.
E arnings.
E arnings.
$10,657,377
$1,280,353
$5,343,213
1925 ________ $17,280,944
9,574,973
1,042,017
5,108,502
1924 _________ 15,725,493
8,867,405
1,068,363
5,174,984
1923 _________ 15,110,752
8,078,645
1,398,566
3,289,834
1922 _________ 12,767,045
7,151,493
1,269,260 .
2,361,092
1 9______________ ________
2 1 ________ 10,781,845
x In clu d es d e p le tio n , a m o rtiz a tio n an d p ro fit a n d loss a d ju s tm e n t.
N ote.— T h e ab o v e includes only th e p ro p o rtio n of th e business of u n d e r­
lying com panies ow ned b y N a tio n a l Fuel G as C o.
P re s ., W . J . Ju d g e; V .-P ., G lenn F o rd M cK in n ey ; Sec. & T re a s ., H . P
Sm ith. N ew Y ork office, 26 B ro ad w ay .— V. 118, p. 2188; V. 120, p . 3188:
V. 121, p . 3004; V. 122, p . 3083.

NEW HAVEN GAS LIGHT CO.
Offer.— In S e p t. 1926 T h e K o p p ers C o ., P ittsb u rg h , P a ., offered fo r each
sh are o f c a p ita l sto ck o f N ew H a v e n Gas L t. C o .o n e sh are of 12% pref.
sto ck (p a r $25) an d % com m on sh are o f Connecticut Gas & Coke Securities
Co., w hich h o ld in g co. w as in co rp . in C onn. O ct. 11 1926 to acquire N ew
H av en G as L ig h t C o. a n d a n in te re s t in H a rtfo rd C ity G as L ig h t C o. T he
offer w as c o n d itio n ed u p o n d e p o sit o f 100,000 shs. N . H . G as L t. sto ck on
o r before S ep t. 30 1926 (extended to O ct. 3 l 1926). T h e'ab o ve-m entioned
holding co. was to issue 200,000 $3 d iv . (Q .-J.) no p a r c u m . p re f. shares
(call, a t $65 & d iv s., a n d e n title d to $60 a n d d iv . assets before common
stock) a n d 300,000 no p a r com m on sh ares. 200,000 o f th ese com m on
sh ares w ere to be issued to K o p p ers C o. in exchange for 20,000 shs. of stock
o f N ew H av en G as L ig h t C o. a n d 14,000 shs. o f H a rtfo rd C ity Gas L ight
C o ., for w hich th e K o p p ers C o. h a d p a id cash. K oppers C o. w as to
guarantee th e $3 d iv id e n d on th e p re f. sto ck o f C onn. G as & C oke Secur.
Co. fo r 25 y ears w ith th e provision th a t it m a y s u b stitu te th e g u a ra n ty
o f th e coke co m p an y when t h a t co. is re a d y to su p p ly gas to th e N ew
H av en G as L ig h t C o. D u rin g 90 d ay s fro m and a fte r th e tim e w hen th is
su p p ly begins, K o p p ers C o. ag rees to p u rch ase such com m on sto ck in the
h olding co. a s m a y be offered a t $25 p e r sh are. F u rth e r p a rtic u la rs in
V. 123, p . 1505, i7 6 3 , 2139.
O R G A N IZ A T IO N .— In c o rp o rate d in C o n n ecticu t in 1847.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
Supplies N ew H a v en , E a s t H av en , N o rth H av en . W est H a v en , W oodm ont
W oodbridge, H am d en , M ilfo rd a n d B ran fo rd , C onn. 411.53 m iles of gas
m ains; 60.954 m eters in use.
S T O C K A N D B O N D S .—
D ate.
Interest. O utstanding. M aturity
Stock $10,000,000 ($25)___________
8 Q-M 31 $5,500,000
See te x t
N o fu n d e d d e b t.
D iv id e n d s . — Q u a r . d iv s. o f 2% (payable Q - M 3D p aid regularly since
1903. In D ec. 1924 a n e x tra of 1% w as p aid . In 1925, 8 % plu s 1% extra
in D ec. I n 1926, M a rc h , J u n e a n d S e p t., each 62% c.
E A R N IN G S .— F o r c alen d a r y ears:
1925.
1924.
1923.
1922.
N e t incom e to p ro fit a n d loss____$611,388. $618,194 $529,732 $556,419
In 1925 gross rev en u es w ere $3,063,840; n e t operating incom e, $577,574
a n d o th e r incom e, $33,814; to ta l av ailab le for a d ju stm en ts a nd dividends.
$611,388; p ro fit a n d loss a d ju stm e n ts, Cr. $10,931; dividends, $495,000:
balance, su rp lu s, for y e ar, $127,319.
O F F IC E R S .— P re s ., C larence Blakeslee; V .-P ., G . D . W atro u s; V .-P . &
G en. M g r., J . A rnold N orcross; S ec.-T reas., T heodore R . S ucher.— V. 119,
p . 2287; V. 120, p . 212; V . 121, p . 2157; V . 122, p . 2192; V . 123, p . 1114,
1251, 1505, 1763, 2139.
»

NEW HAVEN WATER CO.
O R G A N IZ A T IO N .— In c o rp o rate d in C o n n ecticu t in 1849. C ontrols
M ilford W ater C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Supplies w ater to N ew H a v en , W est H a v en , C heshire, E a s t H a v en , B ra n ­
fo rd , N o rth H a v en , H a m d en , O range, W oodbridge an d S tony C reek, C onn.
ST O C K A N D B O N D S —
D ate. Interest.
O utstanding. M aturity
Stock $5,000,000 ($50)_____________
_______
$3,996,250 J u l y ’26 ,4 %
C onv d eb en tu res ($100, $500\ 1912 4% J - J
5,600 J u ly 1 1962
a n d $1 00 0 )____________ c * /I n t. a t N ew H av en B an k , New H av en , C onn
F irst m o rtg ag e $1,750,000\ 1915 4% J -J
1,300,000 J u ly 11945
($1,000)________________c* / I n t .at U nion & N ew H aven T r. C o.,N ew Ha( v en, C o n n ., tru s te e .
Guaranteed Bonds.—
____
B ran fo rd W a te r Co firs t m tg e f 1913 4% A-O
200,000 A pr 1 1943
$200,000 ($ 1 ,0 0 0 )______ e * ( I n t. a t U nion & New H av en T r u s t C o.
( N ew H a v en , C o n n ., tru ste e .
Bonds.— 'T h e conv. d eb en tu res of 1912 are conv. in to sto ck , a t th e option
o f th e d irecto rs, before J u ly 1 1925, b u t n o t a fte rw a rd , a t th e ra te of $150
of d eb en tu res for $100 o f sto ck . V . 92, p . 1114.
i n S e p t. 1925 C h as. W . Scranton & C o. sold $200,000 a d d itio n a l 1st M tge.
4 M % gold bonds d a te d Ju ly 1 1915, due 1945 a t 102% a n d in t. to yield
4 .3 0 % . V . 121, p . 1227.
T h e B ra n fo rd W a te r C o. firs t m tg e. 4 % s are gu ar. p rin . & in t. by the
N ew H av en W a te r C o. Are callable a t an y tim e a t 102 a n d in te re s t.
D ividends.— D iv s. a t th e ra te of 8 % p er an n u m paid w ith o u t in te rru p tio n
or over 40 years (now p ay ab le sem i-ann. J .- J .) .




[V ol. 123.

E A R N IN G S .— F or c alen d a r years:
1925
1924
1923
1922.
Incom e all sources______ $l,066,’l5 4
$1,040,969 $1,053,851
$955,269
N e t a fte r m a in t. & t a x . .
527,804
503.437
544.687
477,656
I n t e r e s t _______________
65,822
70,421
64,325
64,904
D e p re c ia tio n __________
117,024
______
______
______
M iscellaneous c h a r g e s .. '
1,529
______
______
______
D ividends _____________
299,444
______
______
______
B alance, s u rp lu s_______
43,985
______
______
______
O F F IC E R S .— P re s ., G . Y . G aillard; V .-P ., J a s . E nglish; Sec., F . A .
W hite: T re a s ., A . F . H em ingw ay; G en. M g r., E . E . M in o r.— V . 92, p.
1114; V . 94, p . 1769; V . 121, p . 1227; V. 122, p . 2192.

OHIO FUEL CORP.
Proposed Merger.— D irectors of th e corp. a pproved on J u ly 15 1926 a p lan
to m erge th e corp. w ith C olum bia G as & E lectric C o., th e n a m e of th e new
co. to be Columbia Gas & Electric Corp. Stockholders of Ohio F u e l C orp.
w ere u n til O ct. 9 1926 offered for each share Ohio F uel C orp. sto c k ap p ro x .
35-100 of a share of new com m on stock a n d approx. $15 63 p a r v a lu e of
6 % pref. stock of C olum bia G as & E lectric C orp. See V . 123, p . 325,
844, 1505 for details; com pare also sta te m e n t of C olum bia G as & E lec. C o.
V ote on m erger to be ta k e n N o v . 5 1926. V. 123, p . 2140.
O R G A N IZ A T IO N .— In c o rp . S ep t. 4 1924 in D elaw are. Is prin cip ally
a holding co., having been organized to acquire th e sto ck s o f M an u fac ­
tu re rs L ig h t & H e a t C o ., Ohio F u e l Supply C o. a n d U nion N a tu ra l G as
C orp. In M arch 1926 co. w as re p o rte d to h av e acquired th ro u g h exchange
of stocks th e following stocks (for p a rtic u la rs see V .-121, p . 2039, 2876):
(а) 99% % of th e c a p ita l sto ck o f M an u fac tu re rs L ig h t & H e a t C o.
(б) O ver 99% of th e sto ck of Ohio F u e l Supply C o.
(c) All b u t 165 shares o f th e stock of U nion N a tu ra l G as C orp. M erg ed
U nion N a tu ra l G as C orp. on D ec. 30 1924.
(d) 100% of th e c a p ita l sto ck of N a tu ra l G as C o. o f W est V irginia.
(e) O ver 98% of th e c a p ita l sto ck of Ohio F u e l Oil C o. V . 121, p . 1570,
2039.
(0 Over 99% o f th e c ap ita l sto ck of P enn sy lv an ia F u e l Supply C o.
Increased a u th o riz e d c ap ita l sto ck , in S ept. 1925, from $100,000,000 to
$125,000,000, p a r $25. O u tstanding in A ug. 1926, 4,285,218 shares ($25).
L isted on P ittsb u rg h Stock E xchange. V . 121, p. 1570, 2876. A d ividend
of 50c. was p a id on O ct. 15 1926. V . 123, p. 1763.
Offer to F a y e tte C o. G as C o. stockholders expiring M a y 1 1926, see
V. 122, p . 2192. 75% of ou tsta n d in g stock of la tte r co. re p o rte d d eposited
in M a y 1926. V. 122, p . 2652.
A new subsidiary, Greensboro Gas Corp., was form ed in 1926 to succeed
th e G reensboro G as C o., w hose stockholders h a d accepted a p ro p o sitio n of
Ohio Fuel C orp. to ta k e p a rt cash a n d bonds in exchange for th e ir holdings.
V 122 p 3341
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e physical pro p erties of th e system include 3,440,699 acres of oil a n d
gas land u n d e r lease, of w hich a m o u n t th e re is now being o p erated 561,687
acres, w ith 5,429 producing gas w ells, 2,150 producing oil w ells a n d a
to ta l of 8,244.69 m iles of field a nd transm ission p ipe lines; 4,959.02 m iles
d istrib u tio n pipe lines; serves 502,488 consum ers in 570 cities a n d tow ns
direct, w ith a n a p p ro x im a te p o p ulation of 2,500,000, a n d in a d d itio n
delivers n a tu ra l gas to o th e r com panies supplying 82,145 consum ers a n d to
various cities an d tow ns com prising an ap p ro x im ate popu latio n of 400,000
D uring 1925 gas sales, a ll purposes, aggregated a to ta l of 70,671,967,000
cu. f t. T h e a m o u n t o f oil produced was 754,957 bbls. a n d gasoline sales
am ounted to 10,916.948 gallons.
C o. serves 530 com m unities in O hio, P enn sy lv an ia and W est V irginia.
D ividends.— A n in itia l div. of 2% Was p a id J a n . 15 1925. 16 2-3c. w as
p a id on certific a te s of deposit fo r one m o n th , p a y ab le N o v . 15 1926, to m ak e
th e div. on sto ck of C ol. G as & E lec. C o rp . accrue fro m N o v . 15. V . 123,
p. 1997.
E A R N IN G S .— F o r 1925 (inter-co. item s elim inated):
G ross earnings: (1) G as, $36,144,426; (2) oil, $2,348,472;
(3) gasoline, $1,232,141; (4) m iscellaneous, $713,189; to ta l._ $ 4 0 ,4 3 8 ,2 2 8
O perating expenses, gas p u rchased, &c______________________ 23,585,433
T a x e s _______________________________________________________ 3,138,361
D e p re c ia tio n ________________________________________________ 5,405,911
N e t earnings from o p e ra tio n s______________________________ $8,308,523 ’
O ther incom e, in t., earn s, a n d divs. on stocks ow ned__________
2,162.937
G ross incom e____ :________________________________________ $10,471,460
210,615
In te re st on funded an d c u rre n t d e b t__________________________
P rofit a n d loss cre d it a d ju stm e n ts ____________________________ Cr. 187,895
A ppropriated for d iv id e n d s___________________________________ 8,259,957
N e t surplus for y e a r_______________________________________ $2,188,774
O F F IC E R S .— G eo. W . C raw ford, P res.; F . W . C raw ford a n d T . B .
G regory, V .-P s.; L . B . D enning, V .-P .; D av id E . M itc h ell, Sec.; G eo. W .
R atcliffe. T rea s.— V. 119, p . 1290. 1404, 1956, 2073, 2411. 2879: V. 121,
p. 1570, 2039, 2876: V . 122, p . 2042, 2192, 2652, 3341; V. 123, p. 325, 844,
1505, 1763, 1997, 2140.
(a) O H IO FUEL SU P P L Y CO. (T H E ).
C ontrolled by Ohio F uel C orp. (see above).
O R G A N IZ A T IO N .— In c o rp . in Ohio M ay 15 1902 an d acquired various
properties engaged in th e p ro d u ctio n , purchase an d d istrib u tio n of n a tu ra l
gas an d petroleum oil for lig h t, h e at, pow er a n d fuel; also lease covering
over 1,023,691 acres of oil an d gas te rrito ry in O hio. Also ow ns th e $5,550,050 stock of N . W . Ohio N a tu ra l G as C o ., a n d $4,410,000 of th e
$10,000,000 stock of U n ited Fuel G as C o. T h e Ohio P . U . C om m ission in
M arch 1920 approved th e sale of th e equipm ent a n d d is trib u tin g sy ste m of
th e L ogan N a tu ra l G as & Fuel C o .-at Loaran to th e com pany.
T he stockholders on D ec. 14 1922 a u thorized th e d irectors to carry o u t
the segregation of th e n a tu ra l gas business of th e com pany. T h e business
will be tra n sfe rre d to a new com pany know n as th e Ohio F u e l G as C o ., th e
$25,000,000 capital stock o f which will be held b y th e Ohio Fuel Supply C o.
In A pril 1924 acquired th e C olum bus G as & F uel C o ., th e F e d e ra l G as
& F uel C o. a n d th e Springfield G as C o. from th e C olum bia G as & E lec. C o.
STO CK AN D B O ND S—
Date.
Interest. Outstanding.
M aturity.
Stock, $40,000,000 ($25)__________
Q -J 15 $39,626,OOOApr'25,1 A %
C olum bus G as Co 1st m tg e l 1892
5 g J -J
1,300,000 Ju ly 1 1932
($1,000) gold_______ c * n tf/C e n tra l U nion T r u s t C o ., N . Y ., T ru ste e .
Bonds.-—C olum bus G as 1st 5s are re d . a t 110. I n t. p a y ab le a t E q u ita b le
T ru st C o ., N . Y .
Dividends—
’04-’09. '10. '11-’16. '1 7 .
'1 8 .
'19-'24.
Per c e n t_________
10
9%
8
9% 1 0 & 2 % U S b d s . te x t
In O ct. 1909 a special d isbursem ent w as m ade of one share (par $1) of
Ohio F uel Oil sto ck to each share of Ohio F uel S upply sto ck held. In Ju ly
1919 an e x tra div . of 50% w as p aid in 6 % d e b en tu re bonds (all called for
redem ption on or before J a n . 1 1917.) In 1919, J a n . an d J u ly , 2 % % a nd
2% e x tra in L ib erty bonds; A pril an d O ct., 2 % % ; J a n . 1920, 2 % % a n d 2%
extra in L ib erty bonds; A pril 1920, 2 % % ; J u ly a nd O ct. 1920 a n d J a n . 1921,
2 H % an d 2% e x tra in V ictory L oan notes; A pril 1921, 2 A % a n d A %
extra in V ictory L oan notes; Ju ly 1921, 2 % % ; O ct. 1921 to J a n . 1923
paid each q u a rte r 2 A % an d 2 % in L ib erty L oan bonds or V ictory L oan
notes. Stockholders of record M ar. 17 1923 received a 100% sto ck dividend.
In A pril 1923 p aid 1 % % q u a r. an d 1 % in L ib erty bonds; Ju ly an d O ct. 1923
paid 2M % q u a r.; J a n . 1924 to J u ly 1924 p aid 2 % % q u a r.; O ct. 1924
paid 1 % % . In 1925, A p r., 1 % % .
E A R N IN G S .—-For calendar years:
1923
1922.
1921.
1920.
G ross incom e___________ $16,682,255 $12,431,125 $13,578,159 $16,188,981
N e t, a fte r taxes, &c____
4,636,509
3,977,535
4,254,695
5,640,596
D iv id e n d s .................
3,567,449
3,550,716
3,125,898
3,159.715
S u rp lu s______________$1,069,060
$426,819 $1,128,797 $2,480,881
O F F IC E R S .— P res., G eo. W . C raw ford; V .-P re s., F . W . C raw ford,
J. M . G a ra rd a n d L . B . D enning; Sec. & T re a s., J . B . W iltoff. O ffices.
2017 F a rm e rs B an k B ld g ., P ittsb u rg h , P a .— V . 119, p . 1404.
(b) M A N U F A C T U R E R S L IG H T & H E A T C O . (T H E ).
C ontrolled b y O hio Fuel C orp. (see ab o v e).
O R G A N IZ A T IO N .— In c o rp . in P a . A p ril 21 1903 as a consolidation of a
num ber-of n a tu ra l gas cos. operatin g in A llegheny, W ashington a n d G reene
C ounties. P a . V . 88, p . 503; V . 90, p . 1428; V . 92, p . 524; V . 91. p . 1633. 217.
ST O C K A N D B O N D S—
D ate.
Interest. Outstanding.
M aturity.
S to c k $25,000,000 ($50)___________
Q -J
$23,000,000 O c t '26. 2%
N o fu n d e d d e b t.
Late Dividends— J ’15. '1 6 . 1917. '18 19. '2 0 . ’21. ’22. *23. 24 25.
Per c e n t - - - - - - - - 1 8
8
8&2 ex. 8 8
10 8
8
10
8
8

37

GAS AND WATER

O ct., 1926.]

x E A R N IN G S .— F o r calen d ar years:
1923.
1922.
1921.
1920.
G ross earn in g s_________ $12,445,899 $11,322,423 $10,006,’l37 $12,095,133
O per. exps. a n d ta x e s— -*10,227,013 *8,900,568 *8,257,711 *9,586.084
N e t su rp lu s before d lv s . 2,422,701
2,569,171
1,975,152
2.553.574
D ividends_____________
1,840,000
2,300,000
1,840,000
1,840,000
B alance, su rp lu s_____
$582,701
$269,171
$135,152
$713,574
* O perating expenses, including d epreciation a n d d ep letion,
x P u b licatio n of a n n u a l re p o rts d iscontinued.
O F F IC E R S .— P re s ., T h o m as B . G regory; Sec. & A sst. T re a s ., H . E.
Seibert; T re a s., G . W . R atcliffe; V .-P ., L. A . M e y ra n , J . I. B uchanan
M ain office. C o lu m b ia B an k B ldg., P ittsb u rg h , P a .— V . 119, p . 1402,2072

PEOPLES GAS CO. (N. J.)
O R G A N IZ A T IO N .— In c o rp o rate d in N ew Jerse y in 1922.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Supplies gas to 50 com m unities in th e counties of C am den, G loucester,
Salem an d C u m b erlan d , N . J . M ain p la n t a t G lassboro, N . J ., an d gas
holding sta tio n s lo cated a t V ineland, Swedesboro a n d P en ns G rove, N . J
T h e te rrito ry serv ed has a p o p u la tio n of ap p ro x im ately 100,000. H as 338
miles of m ains an d 13,266 m e te rs. G as sales for y ear en d ed D e c. 30 1925,
267,998,900 cu. ft.
S T O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
C om m on (no p a r ) ___________ _____
_______
25,000 sks __________
P f 7% cum $1,500,000 ($100)______
7%
$480,700 ___________
F irst m tg e 6 % series d u e 19541 1924 6 g J -D
1,300,000 D ec 1 1954
($500 an d $1,000) g o ld .c * tf/P rin . & in t. p a y ab le in N . Y . an d P h ila.
5)4 g J-D
160,000 D ec 1 1960
1st m tg e 5)4 % sen es d u e 1960 f ____
($500, $1,000) gold_ c * t f \P rin . & in t. p a y . in N . Y . & P h iladelphia.
_
Bonds.— F irst m tg e ., 6 % series, d u e 1954, hav e a n n u al sinking fu n d ,
beginning w ith th e 12 m o n th s perio d ending D ec. 1 1935, a t th e ra te of M
o f 1% p er a n n u m of th e ag g reg ate a m o u n t o f first m tg e . bonds issued and
o u tsta n d in g , to be used for p e rm a n e n t a d d itio n s a n d im p rovem ents, which
could otherw ise be m ad e th e basis for th e issuance of ad d itio n al bonds under
th is m o rtg ag e, or for th e re tire m e n t of bonds. A re red eem able, all or in
p a r t, on a n y in te re s t d a te a fte r 30 d a y s ’ notice u n til D ec. 1 1944, a t 105 and
in te re st, an d th e re a fte r a t 105 an d in te re st less )4 o f 1% for each y e ar or
p a r t th ereo f, th a t th e bonds shall be o u tsta n d in g a fte r D ec. 1 1944. P en n a.
4 mills ta x refu n d ab le. In D ec. 1924 $1,300,000 w ere offered b y T aylor,
E w a rt & C o ., In c ., a n d H alsey, S tu a rt & C o ., In c ., a t 100 an d in te re s t.
V . 119, p . 2879. F ir s t m tg e . 5 14% series callable as a w hole or in p a rt
on 30 d ay s notice D ec. 1 1935 u n til D ec. 1 1950 a t 105 a n d accrued in t.;
th e re a fte r a t 105 an d in t. less )4 of 1 % for each y ear or p a r t th e re o f, th a t the
b onds a re o u tsta n d in g a fte r D ec. 1 1950.
E A R N IN G S .— F o r cal. y e a r 1925, gross, $512,308; n e t, $155,576; fixed
charges, $80,636; m iscell. charges, $198; balance, $74,742.
Latest E arnings.— F o r 12 m os. end. * u g . 31 1926: G ross, $547,202; n e t,
$172,475; fixed charges, $87,553; m iscell. charges, $578; b alance, $84,344.
O F F IC E R S .— P re s ., C . H . G eist; V .-P ., H . S. S c h u tt; Sec., C . H . W eak:
T re a s ., H . A. L a n g .— V . 119, p . 2879; V . 120, p . 583, 705.

PROVIDENCE GAS CO.
O R G A N IZ A T IO N .— O rganized in R hode Islan d in 1847.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Supplies gas w ith o u t co m p etitio n in P rovidence, R . I . , a n d v ic in ity . The
gas p la n t h as g e n eratin g c a p a c ity o f 7,500,000 cu. f t. of coal gas and
10,500,000 cu . ft. of w ater gas per 24 h o u rs. H older c ap a c ity , 13.600.000
cu . ft. C o m p an y h as 515 m iles o f gas m ains. M ete rs in use D ec. 31 1925,
75,018. T o ta l gas sales 1925, 2,648,808,400 cu . ft.; in 1924, 2,631,254,700
cu. ft.
In J a n . 1925 th e co m pany ap p lied for a u th o rity to increase its capital
sto ck from $10,000,000 to $15,000,000. V. 120, p . 583.
ST O C K A N D B O N D S —
D ate.
Interest. O utstanding. M aturity
Stock $10,000,000 ($50)___________
_______ $9,205,950
See text
1st M 2 0 -y rb d s S e r A $ 3 ,5 0 0 ,-/ 1922
5)4 g J - J
2,800,000 J a n 11942
000 ($500 & $ 1 ,000c*
R h o d e Islan d H o sp ital T ru s t C o ., Provi$l,0 0 6 r* ) g ------------------- t f [ dence, R . I ., tru ste e
Bonds.— 1st M tg e. 5 )4 s are re d . all or in p a rt on a n y in t. d a te on 30
d a y s ’ notice on an d a fte r J a n . 1 1932 a t 105% , less )4 o f 1% for each full
y ear o f expired life a fte r J a n . 1 1932. In J a n . 1922 B oded & C o.; B row n,
Lisle & M arsh all; D avis & D a v is., & c., &c., P rovidence, offered $2,172,000
1st m tg e. 5 )4s, series A, a t p a r an d in t. V. 114, p . 86. In O ct. 1925
$628,000 ad d itio n a l b o n d s w ere sold a t 105.261 to B row n, Lisle & M arshall.
Pro v id en ce, R . I.
D ividends.— 1881 to 1917, inclusive, 8 % p e r an n u m ; 1918 to 1919, 4%
p e r an n u m ; 1920, 6 % ; 1921 to 1924, inclusive, 8 % . In 1925, 8 % . In
1926, A pril, 2 % .
E A R N IN G S .— F o r calen d ar years:
1925.
1924.
1923.
1922.
G ross o p eratin g e arn in g sa$ 3 ,085,083 x$3,192,159 $3,160,676 $3,150,244
O p eratin g expenses_____ 1,747,075
1,881,367
1,842,269 1,812.180
I n te re s t_______________
128.741
122,001
75,232
124.893
D ep re cia tio n ---------------300,000
300,000
300,000
251,856
D ividends (8 % )----------736,476
736,476
736,476
696.013
B alance, su rp lu s------$172,791
$152,315
$206,698
$265,302
a In clu d es $36,482 o th e r incom e, x In clu d es $55,882 o th e r incom e.
O F F IC E R S .— P re s ., C has. H . M an ch ester; V .-P ., H . D . Sharpe.
V .-P ., Fred erick C . F ree m a n : Sec. & T rea s., A rth u r F . S h o rt.— V . 120.
p . 331, 583, 1205, 2039; V. 122, p . 1457.

R OANO KE GAS L IG H T CO.
O R G A N IZ A T IO N .— In c o rp . in V irginia M arch 1912.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o . supplies w ith o u t com p etitio n artificial gas for lig h tin g a n d h e atin g p u r­
poses in th e C ity of R oanoke, V a., a n d im m ed iate v ic in ity , serving a popu­
latio n of approx. 62,000. C o. owns a gas p la n t w ith d istrib u tio n system
V . 122, p . 612. As of A ug. 31 1926: Over 91 m iles of gas m ains; 7,938
m eters in use; sales 12 m os. end A ug. 31 1926: 271,563,500 cu. ft.
ST O C K A N D B O N D S—
D ate.
Interest. Outstanding. M aturity.
C om m on 10.000 shs (no p a r ) . . ____
_________ 10.000-shs _________
7% cum p re f $3,000,000--------- -------7%
$500,000 J u l y '26 3 If
1st m tg e 5 )4s gold ($1,000) f 1926
5)4 g F-A 1,300,000 F eb 1 1951
c * tf (Philadelphia T ru s t C o., tru ste e .
Bonds.— T h e 1st mtge. 5 )4 % gold bonds, due Feb. 1 1951, are secured b y a
1st m tg e. on all th e p ro p e rty (incl. after-acquired) of th e co. A dditional
bonds m ay be issued for 80% of new ad d itio n s, im provem ents, & c ., provided
n e t earnings for 12 consecutive o u t of preceding 15 m o n th s have equaled
1% tim es a n n u al in te re st on 1s t m tg e. bonds, o u tsta n d in g , incl. new issue.
R e d ., whole or p a rt, on 60 d a y s’ notice a t 105 an d in t. P e n n . 4 m ills and
M ass. 6 % taxes refu n d ab le. In J a n . 1926 B ak er, Y oung & C o., P hilad el­
p h ia , a n d C assatt & C o., B altim o re, offered a t 9 7 % an d in t., to yield a b o u t
5.7 0 % , $1,300,000 of th ese b o nds. V . 122, p . 612.
E A R N IN G S .— F o r calen d ar years:
x l9 2 6 .
1925.
1924.
1923.
G ross earnings-------------$416,852
$396,806
$401,606
$384,745
N e t earnings---------------161,858
144,722
117,567
118,640
In te re s t, &c----------------69,295
54,565
43,591
55,530
B alan ce-----------------------92,563
90,157
73,976
63,111
x Tw elve m o n th s ended A ug. 31 1926.
O F F IC E R S .— P res., C . H . G eist; V .-P ., H . S. S ch u tt; Sec., C . H . W eak;
T rea s., H . A . L an g .— V. 122,.p . 612, 2498.

78,000. An im p o rta n t p a r t of th e co m p a n y 's w ater su p p ly com es from
springs, an d th e b alance is ta k e n from th e com pany s m o u n ta in storage
reservoirs, lo cated in th e v ic in ity . 155 m iles of m ains; 13,000 custom ers;
4 pum p in g s ta tio n s. C o m p an y ow ns its office a n d storehouse buildings.
ST O C K A N D B O N D S — D ate.
Interest. Outstanding. M aturity.
C om m on $1,500,000 ($ 1 0 0 )-- ........
................ - $ 1,000,000 ......................
P re f $5,000,000 ($100)______ ____
_________
12,728
____
6
550,000 ---------------2d p re f $550,000___________
1st m tge g series A ($1,000,1 1925
5 g J-J
2,600,000 J u ly 1 1950
$500 c * )_________________ /C h a th a m P h en ix N a t. B k . & T r. C o., T ru s.
Serial gold n o te s ___________________
6%
300,000 ______
Bonds.— T h e ls i M . 5% g. bonds, series A , 1925, a re secured b y a 1st
m tge. on all of th e p ro p e rties, rig h ts a n d franchises of th e com pany. A ddi­
tional bonds m a y n o t be issued in excess of 80% of new c onstruction, an d
only provided n e t earnings for 12 consecutive m o n th s in th e preceding 15
m o n th s have been a t le a st 1 'A tim es in te re s t charges for a like period on
all bonds, including those to be issued. $400,000, how ever, m a y be issued
w ith o u t th e req u irem en t of ad d itio n a l pro p erties, provided earnings have
been a t le a st 1)4 tim es in te re s t charges on all bonds, incl. those to be
issued. R ed . w hole or p a r t on 30 d a y s ’ no tice a t 105 a n d in t. u p to and
incl. J u ly 1 1926, th e re a fte r a t 105 a n d in t. less 1-5% for each y ear th e bonds
shall h av e been o u tsta n d in g . I n t. p a y ab le in N ew Y ork C ity , P en n , and
C onn. 4 mill ta x , M ary la n d 4)4 m ill ta x and M ass. 6 % ta x refundable.
A sinking and improvement fu n d com m encing Ju ly 1 1931 w ill p ay to tru s te e
each Ju ly 1st, incl. 1949, a sum in cash of n o t less th a n 1 )4 % of th e largest
principal a m o u n t of series A b o n d s-a t an y tim e o u tsta n d in g prior to such
d a te . C o , h a s th e rig h t to d eliver series A bonds in ste ad of cash. F u n d
m oneys to be used for re tire m e n t of bonds or for im provem ents, which
m ay n o t be used as a basis for issuance of a d d itio n a l bonds.
In Ju ly 1925 T a y lo r, E w a rt & C o ., In c ., an d P . W . C h ap m an & C o ., In c .,
offered $2,600,000 series A a t 93 an d in t., to yield over 5 )4 % • L isted on
C hicago Stock E xchange. V . 121, p . 331, 460.
E A R N IN G S .— F or calendar y ear 1925: G ross, $382,759; n e t a fte r
m aintenance a n d taxes, $247,935.
O F F IC E R S .— P re s ., C . A . Collins, V .-P . a n d T re a s ., F . W . Collins,
V .-F . & A sst. Sec., F . C . H inkel. J r .; Sec. & A sst. T re a s., L . A . Schaeffler.
— V. 121, p . 331, 460, 587, 979; V. 122, p . 3084.

SALT RIVER VALLEY WATER USERS’ ASSOCIATION
O R G A N IZ A T IO N .— A c o rporation organized in 1903 u n d e r th e sta tu te s
of th e S ta te of A rizona.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perates th e S alt R iver P ro je c t, a F ed eral irrig atio n p ro je c t com prising
240,000 acres, in th e S alt R iver V alley of A rizona. T h e S alt R iver p ro je c t,
com prising th e R oosevelt D a m an d w a ter d istrib u tio n system , w as con­
stru c te d by th e U nited S ta te s a t a cost of over $10,000,000. In 1917 th e
A ssociation took over th e m ain te n an c e an d operation of th e dam u n d e r
th e advisory supervision of th e U . S. R eclam ation Service. T h e presen t
hydro-electric p la n ts of th e association h av e a n installed c ap acity of 40,000
h .p . ra te d c apacity, w hich w ill be increased to 87,500 h .p . th ro u g h th e con­
stru c tio n of tw o add itio n al p la n ts an d tw o add itio n al dam s below R oosevelt
D am . T he new p la n ts w ill u tilize th e storage c ap a c ity of R oosevelt Lake,
using th e sam e w ater th a t passes th ro u g h R oosevelt D am pow er house before
being fin a lly used for irrig a tin g th e 240,000 acres of p ro d u c tiv e fa rm lands
of th e A ssociation, th e stockholders of w hich are all la n d ow ners in Salt
R iver V alley. T h e e n tire 40,000 h . p . o u tp u t of th e new p la n t has been
sold u n d e r a 25-year c o n tra c t to In sp ira tio n C onsolidated C opper C o., th e
largest consum er o f electric pow er in A rizona, a n d th e o u tp u t from th e
o th e r new p la n t h a s been sold to C en tra l A rizona L t. & Pow . C o.
ST O C K A N D B O N D S —
Date.
Interest. Outstanding. M aturity.
Stock— See te x t. S tockholders are all la n d ow ners in S alt R iver Vail.)
Serial bonds ($1,000) g o ld .c * / 1923 6 g F-A
$1,800,000
See te x t
l i n t , a t C itizens T r. & S. B ., Los A ng., tru s t.
Serial bonds ($1,000) gold -c* f 1924 6 g F-A
2,500,000
See te x t
\ A nglo-C alifornia T ru st C o., San F ra n ., tru s t.
Guaranteed Bonds.— T h e A ssociation also g u a ra n te es as to principal and
Interest $665,000 6 % bonds of th e R oosevelt A gricultural Im p t. D ist. No. 1
(due $35,000 yearly on A ug. 1 from 1936 to 1954 incl.) an d $1,578,000 6 %
bonds of A gricultural Im p t. D ist. No. 2 (due serially 1939 to 1954), for
d etails of w hich see V. 119, p . 1659, an d ou r “ S ta te a n d M u n icip al" C om ­
pendium , P a rt I I ., of D ec. 27 1924 (p. 101). B o th of the above m entioned
districts are located en tire ly w ithin th e lands of th e association a n d are
a p a r t of it.
Stock.— One share of sto ck is a llo tte d to each acre of la n d a n d c an n o t be
sep a ra te d from it.
Bonds.— T h e serial bond issues of 1923 a n d 1924 listed above are dire c t
a nd general obligations of th e association, a d d itionally secured b y an
assessm ent already levied a n d recorded ag ain st all of th e lands of th e stock­
holders of th e association. T hese assessm ents a re a lien a g ain st th e land
ranking equally w ith th e assessm ents securing th e tw o issues of Im p t. D ist.
bonds g u aran teed b y th e association a n d those levied to re p a y th e U . S.
G ovt, construction charges a n d prior to all m ortgages including those w hich
secure F ederal L and B an k a n d J o in t Stock L an d B an k bonds. T h e serial
issue of 1924 a nd th e tw o g u aran teed issues, know n as th e “ H orse M esa
D a m " bonds, a re fu rth e r secured by a first lien a g ain st th e hydro-electric
revenue developed by these issues a n d b y pledge w ith th e tru ste e of the
In sp iratio n C opper C o. c o n tra c t. H ydro-electric revenue of th e association
was rep o rte d as $650,000 in 1924 an d is e stim ate d a t $2,300,000 an n u ally
on com pletion of p re sen t ad d itio n s in 1926. All issues are non-callable.
T h e bonds of 1923 m a tu re $180,000 a nnually F eb . 1 1928 to 1947.
$1,800,000 w ere offered by B anks, H u n tle y & C o., M . H . Lewis & C o.,
C arstens & E arles, In c ., &c., in M a y 1923, a t 99 a nd in te re s t, to yield
a b o u t 6.10% . V. 116, p . 2018.
T h e bonds of 1924 m a tu re serially Aug. 1 1938 to 1943. In te re s t a t
F a rm e rs’ L oan & T ru s t C o ., N ew Y ork C ity , and A nglo-C alifornia T ru st
C o., San F rancisco. $2,500,000 w ere offered in O ct. 1924 b y R u tte r &
C o., N ew Y ork, A nglo L ondon P aris C o ., San F rancisco, & c., & c., a t
100 a nd in te re st.
O F F IC E R S .— P res., F . A. R eid; Sec., F . C . H enshaw ; V .-P ., C . S.
Stew ard; T rea s., C . G . S ullivan.—V . 116, p . 2018; V . 119, p . 950, 1635.

have been prominently identified
W Ethe syndicating and distribution ofwith
the
bonds of both the S a lt River V alley W ater
U sers A s s o c i a t io n , c o n t r o l li n g R o osevelt
Dam a n d S a lt River Power D e v e lo p m e n t,
a n d t h e M elon es Dam H ydro-E lectric
D e v e lo p m e n t .
Investors in high-grade
bonds of this type should find our booklet
entitled “ White Gold” of special interest.

Booklet furnished on request.

ROANOKE W ATER W O R K S CO.
Receivership A sked.— M a y 19 1926 a n u m b er of pref. stockholders filed a
p e titio n in C orp o ratio n C o u rt, R o an o k e, V a., to ap p o in t a receiver to ta k e
charge of, sell a n d a d m in ister th e p ro p e rty a n d assets of th e com pany.
V . 122, p . 3084.
O R G A N IZ A T IO N .— In c o rp . in V irginia in D ec. 1915.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Supplies w ater w dthout co m p etitio n for dom estic, in d u stria l a n d public
p u rp o ses to th e c ity o f R o anoke, V irginia, a n d contiguous te rrito ry , a nd
supplies V in to n , V irginia, on
a wholesale basis. P o p u la tio n served




R utter & Co.
14 Wall St., New York

28

PUBLIC UTILITIES

PEOPLES GAS LIGHT & COKE CO. (THE).
O R G A N IZ A T IO N .— A consolidation on A ug. 2 1897 o f th e com panies
form ing th e old C hicago G as T ru s t. V . 64, p . 1088; V . 65, p . 2358. In
Feb. 1907 th e O gden G as C o. and th e U n iv ersal Gas C o. w ere leased for
a b o u t 38 y ears, th e Ogden C o .’s $6,000,000 bon d s being g u a ra n te ed . V. 84,
p. 394; V. 78, p. 1785; V. 72, p . 244, 91; V. 97. p. 1508; V . 108, p . 680:
V. 104, p . 658, 2348. In 1924 acquired on e-th ird in te re st in th e C hicago
& Illinois 'W estern R R . V. 120, p . 824.
R a te s, V . 114, p . 313, 745; V. 117, p . 448.
V alu atio n o f p ro p e rty , V . 107, p . 297: V . 110, p . 654; V . I l l , p . 596,
2145; V . 114, p . 1295; V. 116, p . 84; V. 120, p . 3315. T ax -ruling, V. 107,
p . 2482. R efu n d su it, V . 110, p. 654. T o ta k e en tire o u tp u t of C hicago
B y -P ro d u ct C oke C o. V. 113, p. 1162. A cquisition of C hicago B yP ro d u c t C oke C o. proposed. V . 120, p. 829.
Capital Stock Increased.— On F eb . 23 1926 stockholders increased th e
a u th o rized c ap ital sto ck fro m $50,000,000 to $60,000 ,000 in connection w ith
p la n s to acq u ire C hicago B y -P ro d u ct Coke Co. V. 122. p 1170.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o m p an y supplies gas in th e city of Chicago. G as p lan ts of a d aily c apacity
of It.0,000,000 cu. ft. H older cap acity , 88,000,000 cu . ft.
S T O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
Stock $60,000,000 ($100)__________
Q -J x$42,241,100 O ct. ’26, 2 1
F irst cons m tg e $10,000,0001 1893
6 g A-O
4,900,000 A p r. 1 1943
($1,000) g o ld __________ c * jln t. a t C en tral U nion T ru st C o ., N . Y ., tru s .
R efu n d in g m tge $40,000,0001 1897 - 5 g M -S
20.554,000 S ept. 1 1947
($1,000) g o ld________ c*&r [F arm ers L oan & T ru st C o ., N . Y ., tru ste e .
G en & re f m o rtg ag e ($1,000)1 1913
5 J-D
1,712,000 D ec. 1 1963
g o ld ______________________(Illinois M erch a n ts T ru st C o ., C hicago, tru s.
Secured n o tes Series “ A ” \ 1924
6 g M -S
5,750,000 M a r. 1 1927
($1,000) g o ld_________ c .tf (Illinois M erch a n ts T ru st C o ., C hicago, tru s t
C hicago G as L ight & C oke 1st 1 1887 5 g J -J
9,929,000 Ju ly 1 1937
m tg e ($1,000) g o ld ______ c /F id e lity T ru s t C o ., P h ilad elp hia, tru ste e .
C o n su m ers’ G as first m tg e i 1886 5 g .J-D
4.196,000 D ec. 1 1930
($1,000) g o ld ___________ c jC e n tra l U nion T ru st C o ., N . Y ., tru ste e .
M u tu a l Fuel G as first m tg e l 1897
5 g M -N
4,886,000 N ov. 1 1947
(assum ed) g o ld___________ (C e n tra l U nion T ru st C o ., N . Y ., tru ste e .
Bonds Cuaranteed—
In d N a t Gas & Oil re f m tg e l 1906
5 g M -N
6,000,000 M a y 1 1936
(closed) gu p&i ($1,000) g -_ ( in t . a t C en tral U nion T ru s t C o. N . Y ., tru s.
Ogden G as 1st m $6,000,0001 1900
5 g M -N
6,000,000 M ay 1 1945
g u a r p &i ($1,000) g o ld_ j l n t . a t F a rm e rs’ Loan & T r. C o ., N . Y ., tru s .
_
6%
'196,333 Ju ly 1 1947
C hic & Illinois W est R R __________
Chicago B y -P ro d u ct C oke Co f 1926 5 g J -J
13,000,000 J a n 1 1976
1st & re f m tg e gold Ser “A ” i Illinois M erch an ts T ru st C o ., C h ic ., tru stee.
($1,000c*& $l ,000&mulr* t f l
x In c lu d in g subscriptions.
Stock.— In M a y 1925 d irecto rs offered stockholders of reco rd Ju n e 17 the
rig h t to subscribe a t p a r to $3,850,000 ad d itio n al cap ital stock to th e extent
of 10% of th e ir holdings, subscriptions to be paid eith e r in full Ju ly 17
1925 or in four in stallm en ts of 25% each, J u ly 17 O ct. 19 1925, J a n . 18
a n d A pril 19 1926 or in te n in stallm en ts of 10% each, th e firs t Ju ly 17
1925, w ith th e final p a y m e n t on A pril 19 1926. L isted on N . Y . Stock
E xchange. V. 120, p . 2270, 2944, 3066. Stockholders of record O ct. 15
1926 w ere given th e rig h t to subscribe on or before N o v . 15 1926 a t p ar
($100) to th e ex te n t of 10% of th e ir holdings, p ayable in fu ll or in 4 or
10 in sta llm e n ts. V. 123, p . 1115.
Bonds, &c.— T h e following bonds a re listed on New Y ork a nd C hicago
Stock E x changes. F irst cons. 6s of 1893, ref. 5s of 1897. C hicago G as Light
& C oke 1st 5s o f 1887, C onsum ers' G as 1st 5s of 1886. a n d In d . N a t. G as &
011 re f. 5s (gu aran teed ) o f 1906.
M u tu a l F u e l G as 1st 5s of 1897 a re listed on N ew Y o rk Stock Exchange
a n d u n listed in C hicago.
O gden G as 1st 5s of 1900 (g u aran teed ) a re listed in C hicago.
O f th e $40,000,000 issue o f 1897, th e $19,446,000 unissued are reserved to
re tire p rio r bo n d s. In te ra s t p ay ab le a t C en tra l U nion T r u s t C o., New
Y o rk . V. 65, p . 572; V. 79, p. 155; V. 84, p . 1555; V. 91, p . 792, 876;
V. 94, p . 702; V . 97, p . 954; V . 98, p . 842.
T h e sto ck h o ld ers on N o v . 14 1913 au th o rized a new gen. & ref. m tge.
(unlim ited in a m o u n t) to secure 50-year 5% bonds to p rovide for new con­
s tru c tio n a t n o t over 75% of c o st, a n d to refu n d all old b o nds, &c. Are
callable a t 105 a n d in t. $7,188,000 pledged to secure 6 % n otes of 1924.
V. 97, p . 954, 1119, 1508. 1738; V . 98, p . 76.
C hicago G as L ig h t & C oke 1st 5s assum ed b y Peoples G as L ig h t & Coke
C o. I n t. p ay ab le a t C en tra l U nion T ru s t C o ., N ew Y o rk .
I n t. on C onsum ers G as 1st 5s p ay ab le a t C en tral U nion T r u s t C o ., New
Y ork.
M u tu a l F u el G as 1st 5s assum ed by Peoples G as Light& C oke C o. In t.
p ay ab le a t office of tru s te e in N ew Y ork.
G u aran tees, p rin . a n d in t., In d ia n a N a tu ra l G as & Oil ref. 5s. V . 84, p.
388, 1430; V . 88, p . 1317. 1433: V . 104. p . 168: form , V . 87. p . 1302.
T h e co m p an y p u rch ased o n e -th ird in te re st in th e C hicago & Illinois
W estern R R . a n d has assum ed a g u a ra n te e of th e prin cip al an d in te re s t on
$196,333 of t h a t co m p a n y ’s bonds.
C o m p an y g u aran tees p rin cip al a n d in te re st o f C hicago B y -P ro d u ct Coke
C o. fir s t & re f. m tg e. 5% gold, Series “ A ,” bonds. See V . 122, p . 214.
N otes.— T h e 3-year secu red gold n o tes. Series " A ,” o f 1924, are redeem ­
able p rio r to S ep t. 1 1926 a t 101 an d in t., a n d on and a fte r S ept. 1 1926 a t
100 an d in t. Secured b y pledge of $7,188,000 gen. & re f. m tg e . 5% bonds
V. 118. p . 916.
Divs 1 08. ’09. ’10-’12. ’13. ’14-’15. ’16. '17. ’18-’21. '22. ’23. ’24. ’25. ’26.
P .c tf 6
7 y rly . 7 A 8 y rly . 6 K 3 K N one 5
6
7
8 8
In M a y 1916 th e dividend was reduced from 2% q u a r. to 1 H % q u a r.; in
M a y a n d A ug. 1917 to 1% ; th e n none u n til J a n . 17 1922, w hen 1 /1 % was
p aid ; sam e a m o u n t p aid q u a r. to O ct. 17 1922; J a n . 17 1923 to O ct. 17 1923
p aid l l % q u a r.; J a n . 17 1924 to O ct 17 1924 p a id 1M % q u a r. I n J a n .
A
1925 2% an d reg u larly q u a r. since incl. J u ly 1926.
E A R N IN G S .— F o r calen d ar years:
1922.
1925.
1924.
1923.
G ross earn in g s_________ $31,854,552 $31,329,895 $30,615,188 $29,645,778
Operating expenses______ 19,640,452

D e p re c ia tio n __________
U ncollectible o p e r. r e v - Taxes assign, to o p e ra ’n .

1,321,033
153,929
2,400,000

N e t op er. in co m e____$8,339,138
O th e rin c o m e __________
1,114,631
D e d u ctio n s ____________ 1,898,396
I n t e r e s t _______________ 2,702,850
D iv id en d s d e clared _____ 3.218,672

20,091,261

1,297,679
152,062
2,259,324

19,521,334

1,232,020
223,926
2,289,238

19,890,396

1,155,332
218,187
2,001,895

$7,529,569 $7,848,670 $6,379,968
1,163,128
895,181
918,027
1,773,915
1,687,487
1,678,148
2,643,433
2,357,850
2,357,850
2,791,250
2,983,750
1,924,980

B alance, s u rp lu s ____ $1,633,851 $1,484,098 $1,214,764 $1,337,017
F o r th e calen d ar y e ar 1921 gross am o u n ted to $31,927,065 a n d n e t after
in te re st, d ep rec. & raise, d ed u ctio n s, b u t before d ividends, $4,484,009.
Latest Earnings.-—C o n so lid ated earn in g s fo r 12 m o n th s ended S ept. 30
1926 (of co. a n d subs, cos.): G ross o p e ra tin g rev en u e, $38,260,361; n e t
incom e a fte r ta x e s, in te re s t an d provisions for re tirem e n ts, $5,322,656.
D IR E C T O R S .— Sam uel In su ll, S tanley Field, Jam es A. P a tte n , MartiD
J . Insull, Jo h n J . M itch ell.
O F F IC E R S .— C h airm a n of B o ard an d P res., Sam uel In sull: V .-P s.,
Jo h n H . E u sta c e, G eorge F . M itc h ell, B ern ard J . M u llan ey , T heodore
V . P u rce ll an d W illiam A . Sauer; Sec. & A sst. T rea s., A lb ert L . Tossell;
T re a s., W m . R . W eldon; C o m p t. W a lte r I . C oble; A u d ., W m . C . L an g sto n ,
A sst. Sec., R o b t. B lair. O ffice, 122 So. M ich ig an A v e., C hicago, 111.-—
V . 119, p . 463, 2411; V. 120, p . 705, 824, 829, 2270, 2944, 3066, 3315,
V. 121, p . 2274; V. 122, p . 214, 482, 877, 1170; V. 123, p . 1115, 2140.

R O C H E S TE R (N. Y.) & LAKE ON TAR IO W A TER CO.
O R G A N IZ A T IO N .— In co rp o rated in N ew Y o rk D ec. 30 1902.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. supplies w ater to a larg e p a r t o f th e su b u rb an d istricts of R ochester,
as well as to th e new er p a rts of th e c ity itself which w ere originally a p a rt
o f co .’s su b u rb a n te rrito ry . Also supplies w a ter a t w holesale to th e village
of C h a rlo tte (now p a rt of th e 23d W ard o f R ochester) a n d to th e villages of
P ittsfo rd , E a s t R ochester an d P enfield. Also serves a t w holesale 14
sep a ra te w a ter d istric ts. C o .’s franchises are s ta te d to be unlim ited and
p erp etu al- T h e w a ter su p p ly is ta k e n fro m L ake O ntario. V . 122. d . 884.
S T O C K A N D B O N D S .—
Date.
Interest.
Outstanding. M aturity.
Com m on (no p a r ) ___________ _____
_______
25,000 shs ---------------1st m tg e gold $2,500,000) 1903
5 g M -S
$1,961,000 M a r 1 1933
($1,000 c * )____________ t f l l n t . a t W est E n d T r. C o ., P h ila ., T ru stee
Bonds.— In a d d itio n to th e $] ,661,000 1st mtge. 5% gold bonds, due M ar. 1
1933, $55,000 a re held in tre a su ry . V . 122. p . 884.
D ividends.— N o n e ev er p a id .




[ V ol . 123,

E A R N IN G S .— F o r c alen d a r years:
1925
1924
1923
19‘, 2
1921
G r o s s _______________$406,998 $353,957 $341,528 $277,434 $249,167
N e t - - . _______ - _____ 175,238
164,210
162,566
121,406
110,276
Detailed Earnings 1925.— G ross, $406,998: n e t a fte r all ta x e s, $175,238.
depreciation, $33,229; bon d in te re s t, &c., $88,788; b a l., su rp lu s, $53,221.
O F F IC E R S .— P res., A lvin H . D ew ey; V .-P ., C harles J . B row n; Sec. &
T re a s., A lexander R ussell.— V . 122, p . 884.

ST. LOUIS C O U N T Y GAS CO. (THE)
C ontrolled by T he N o rth A m erican Co.
O R G A N IZ A T IO N .— In co rp . M a r. 28 1912 in M issouri.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
D oes en tire gas business in S t. Louis C o u n ty , serving th e following cities
an d tow ns: K irkw ood, M aplew ood, W ebster G roves, F erguson, G lendale,
C la y to n , U niversity C ity , S hrew sbury, R ichm ond H eights. U niondale and
o th e r m unicipalities. Franchises p e rm it extensions in th e en tire c o u n ty of
S t. Louis. P rin cip al franchise for S t. Louis C o u n ty extends to F eb . 3 1954
C o .’s w a ter gas p la n t, located a t S hrew sbury, M o ., h a s a d aily o u tp u t of
2,625,400 cu. f t., a n d storage holders of 4.500,000 cu. ft. c a p a c ity . Owns
an d operates high an d low p ressure d istrib u tio n system s com prising approx
372 miles of m ains an d serving 26,585 consum ers. R a te s red u ced , effective
S ept. 1 1925. V. 121, p . 1228.
ST O C K A N D B O N D S—
Date.
Interest. Outstanding. M aturity.
C ap ital s tk $1,400,000 ($100)______
_______ x$1.200.000 __________
1st M $30,000,000 ($100, $500/ 1912
5 g A-O
1,500,000 A pr. 1 1951
& $1,000) g o ld _______ c * tf (H arris T r.& S. B k ., C h ic., a n d F . J . W a d e .tr
x All except d ire c to rs’ shares ow ned b y T h e N o rth A m erican C o.
Bonds.— R em aining bonds m ay be issued for 85% of th e cost of iro p ts.,
exts. or ad d n s. under certain re stric tio n s. A re call, a t 105 and in t. on 4
w eeks’ notice. I n t. pay ab le a t 60 B roadw ay, N . Y . C ity .
E A R N IN G S .— F o r calen d ar years;
Available ror
N et a rter
Gross
D enr., Dins.
(A ll Sources).
Taxes.
Interest
Su rvive.
x 1926____ _____ $1,010,041
$403,209
$75,691 $327,518
1925 _____ _____
946.438
378.663
79.583
299.080
345.857
52.440
1924 _____ _____
857.150
293.417
233.053
1923 - ___ .
_
768.564
285.876
52.823
248.020
56 344
191.676
676.685
1922 ____ ____
261.1.59
_____
662.217
1921
56.357
204.802
1920 _____ _____
603.886
105.31.5
157.565
52.250
x Tw elve m o n th s ended J u n e 30 1926.
O F F IC E R S .— P res., Louis H . E gan; V .-P ., F . J. B oehm : V .-P ., E dw in
G ruhl; G en. M g r., E . H . Lewis: Sec., H . Spoehrer: T re a s ., D u d ley Sanford.
V. 119, p . 2074; V. 121. p . 1228: V. 122, p . 95, 2193.

U N IO N GAS CORP. (IN D E P E N D E N C E , KAN.)
O R G A N IZ A T IO N .— In co rp . in 1926 in D elaw are to acquire an d o p e ra te
th e p ro p e rties form erly ow ned b y Southw estern G as C o., Owen-Osage Oil
& G as C o ., U nion Gas & F uel C orp., K asigan Gas C o., C offeyville G as &
Fuel C o., F redonia G as C o., a nd O lathe G as D istrib u tin g C o., to g e th e r
w ith th e ir su bsidiary an d associated com panies. V. 122. p. 2498. In M ay ,
1926 acquired from In te rn a tio n a l U tilities C orp. its holdings in Southwestern
U tilities Corp. an d Southwestern Public Service Corp. w hich o p erate in
K ansas C ity a n d O klahom a. V . 122, p . 2948.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Is engaged in th e p ro d u c tio n , tra n s p o rta tio n , a nd w holesale a n d re ta il
d istrib u tio n of n a tu ra l gas for public u tility an d in d u stria l purposes. C orp.
owns a nd o perates th e gas d is trib u tin g p la n ts in K ansas C ity an d O klahom a
a n d in th e cities of Independence, C offeyville, F redonia, C aney a n d 12
o th e r cities a n d tow ns in so u th eastern K an sas, an d in a d d itio n furnishes
n a tu ra l gas a t th e c ity borders to C h an u te, K ansas, a n d 4 o th e r cities.
T o ta l p o p u la tio n served e stim ate d in excess of 100,000.
T he system em braces th e gas rig h ts on ap p ro x im ately 180,000 acres, gas
purchase, c o n tra c ts on 46,891 acres, a n d oil rig h ts on 42,259 acres. Included
in th e acreage carry in g gas rig h ts is th e lease g ra n te d b y th e Osage In d ia n
T rib e, covering 165,000 acres, w ith th e exclusive privilege of p rospecting
for an d producing n a tu ra l gas for a period ending in 1946.
C o rp . or its subsidiaries own extensive p ipe lines an d d istrib u tin g system s
aggregating in le n g th a pproxim ately 900 m iles, to g e th e r w ith 12 com­
pressor s ta tio n s an d all necessary accessories an d eq u ip m e n t. T here a re
connected w ith these lines 738 gas wells w ith a n aggregate open flow
c ap a c ity of ap p ro x im ately 260,000,000 cubic feet p e r d a y . Of th e se wells
302 are on leases ow ned b y corp. or its subsidiaries an d in th e case of th e
rem ainder th e o u tp u t is purchased under c o n tra c ts w hich in th e g re a te r
m a jo rity of cases are m ade to cover th e e n tire fu tu re o u tp u t o f such
properties.
L ocated on th e pro p erties of corp. are 2 a b so rp tio n gasoline recovery
p la n ts from w hich are being sold a pproxim ately 2,500 gallons of gasoline
p er d a y , an d corp. is also m ark etin g fro m its leasehold pro p erties 210
barrels of oil p e r d a y . V . 122, p . 2498.
ST O C K A N D B O N D S— Date.
Interest. O utstanding. M aturity.
xC om m on 160,000 shs (no p a r ) ___
_______ 100,000 shs. __________
7% c u m p re f $3,500,000 ( $ 1 0 0 ) ___
7 Q -J
$2,400,000 O c t’2 s $ l.75
1st m tg e s f gold $6,000,000/ 1926
6'A A-O 4,000,000 A pril 1 1936
($1,000 & $500 c * )______ t f (C o n t. & C om T r. & Sav. B k ., C hicago, tr u s t.
x60,000 shs. a re reserved for th e sto ck purchase w a rra n ts in connection
w ith th e $6 ,000,000 a u th o riz e d 1s t m tg e. s. f. gold bonds.
Bonds.—T h e 1si mtge. s. f . 6 A % gold bonds, dated A p r il 1 1926 a re re d .,
all or p a rt on 30 d a y s ’ notice on an y in t. d a te a t 105 & in t. on or before
A pril 1 1931, th e prem ium decreasing 1% each y e ar th e re a fte r. T here is a
m inim um a n n u al sinking fu n d of $300,000 p a y ab le in equal sem i-annual
in stallm en ts, in cash or bonds a t p a r. C orp. m a y a n tic ip a te th is provision
an d be cred ited w ith an y bonds it m a y h av e on h a n d . In a d d itio n , a t yearly
in terv als, a n a m o u n t based on co rp .'s n e t earnings, a fte r certa in reserves
an d deductions, is to be a dded to th e sinking fu n d . In te re s t pay ab le in
N ew Y ork or C hicago. Co. refu n d s all s ta te personal p ro p e rty an d incom e
taxes an d D ist. of Col. personal p ro p e rty ta x n o t exceeding 5 m ills p e r
an n u m . In A pril 1926 T aylor, E w a rt & C o., a n d P . W . C h ap m an & C o .,
Ince. offered $4,000,000 of th e ir bonds a t 99 & in t., to yield 6 .6 5 % . E a c h
$1,000 bond carried a w a rra n t to purchase p rio r to A pril 1 1936 or
u n til release of th e m tg e ., a u n it of 10 shares of com m on sto ck a t $12.50
p e r share on or before A pril 1 1927, th e price increasing $2.50 p e r share in
each y ear th e re a fte r. $500 bonds carried w a rra n ts to p u rch ase a u n it of
5 shares.— V. 122, p . 2498.
D ividends.— On th e 7% pref. a n in itia l q u a rt, div id en d of $1.75 w as p aid
J u ly 1 1926. In O ct. 1926, $1 75.
E A R N IN G S .— C om bined earnings of sy stem fe r calendar y ear 1925:
Gas sales (1,000 cu. f t . ) _____________________________________ 16,145,647
G rcss rev en u es_______________________ :______________________ $3,247,191
O perating expenses__________________________________________
2,203,818
B a l a n c e __________________________________________________ $1,043,373
M axim um an n u al bond in te re st on 1st m tge. 6 X % gold b o n d sA
260,000
B a l a n c e __________________________________________________
$783,373
Latest Earnings.— F o r 6 m os. end. June 30 1926 (inter-co. item s e lim inated
an d incl. earnings of m erged cos. for th a t p a r t of the 6 m o n th s p eriod during
w hich th e y w ere engaged in business. T h e p ro p erties of various predecessor
cos. w ere ta k e n over as of M a y 31 1926): T o ta l incom e, $1,892,132; oper.
& m a in t. exp., $1,222,107; n e t, $670,025; d e pletion & deprec., $189,146
in t. & a m o rt., $106,248; available for sink, fu n d , F ed . tax es & div s.,
$374,631.
O F F IC E R S .— P re s ., M . L . T ru b y ; V .-P ., P a u l R . Johnson, In d ep en d ­
ence, K a n .— V . 122, p. 2498, 2950, 3456; V . 123, p . 1763.

GAS U T I L I T I E S CO.
A public u tility holding co., specializing in th e d e v elo p m en t of gas p ro p
erties. C ontrols p roperties supplying gas to m ore th a n 60,000 custom ers
in 17 com m unities in P ennsylvania, O hio, In d ia n a , Illinois a n d S outh
D a k o ta, w ith a n aggregate po p u la tio n e stim ate d to exceed 300,000. V.
123, p . 324.
IN D IA N A G A S U T IL IT IE S CO.
Control.— C o .’s e n tire com m on sto ck is ow ned b y Gas U tilities, In c.
O R G A N IZ A T IO N .— In co rp . Ju n e 1926. A cquired a group of proper­
ties, form erlv ow ned b y affiliate d com panies, w hich su p p ly gas w ithout
c om petition 'in T erre H a u te , R ichm ond, B razil a n d W est T erre H a u te ,

I n d . , serving a p o p u latio n e stim ate d to exceed 115,000. E xtension of c o .’s
serv ice to C lin to n , In d ., is u n d e r consideration. As of D ec. 1925 th e sys­
te m h a d 21,470 custom ers; gas sales, 1925, 757,102,000 cu. ft.
T h e p ro p erties include gas m an u factu rin g p la n ts in R ichm ond, T erre
H a u te an d B razil, h av in g a n aggregate d aily cap acity of m ore th a n 6,500,000
cu b ic feet, to g e th e r w ith com prehensive d istrib u tio n sy stem in R ichm ond,
T erre H a u te , W est T erre H a u te an d B razil, including a p p roxim ately 223
m iles of m ains. Co. pu rch ases all of th e gas now d is trib u te d in T erre
H a u te an d W est T erre H a u te fro m a local b y -p ro d u ct coke p la n t u n d e r a
long-term c o n tra c t an d its ow n m a n u factu rin g facilities in t h a t c ity are
th erefo re reserv ed for s ta n d b y service.
A high-pressure gas line fro m T erre H a u te to B razil was to be com pleted
in 1926, and co. w as plan n in g th e co n stru ctio n a t a n early d a te of a n o th e r
fro m T erre H a u te n o rth to C lin to n . T hese new m ains w ill tie th e w estern
group o f cities served in to a single in terconnected sy stem to b e supplied w ith
ga d ire c tly fro m T erre H a u te an d w ill enable co. to reach a su b sta n tia l
p o p u latio n n o t hereto fo re receiving gas service fro m a n y source.
Franchises.— T h e p ro p e rties o th e r th a n in B razil are o p erated u nder
in d e te rm in a te p e rm its g ra n te d u n d e r th e In d ia n a P . S. C om m ission law .
T h e B razil fran ch ise expires in 1951. V. 123, p . 324.
S T O C K A N D B O N D S—■ D ate.
Interest. O utstanding. M aturity.
C om m on 40,000 shs (no p a r ) _ . ____
_________ 40,000 shs ---------------7 % cum p re f $800,000 ($100)_______
7 Q-J
$500,000 ___________
1st/ 1m tg e 5% series due 1946/ ATr> 4- D i r 5 g J -J
1926
2,250,000 Ju lyt o 1 1946
HAH
i n "N
In o
o
($1,000 n )____________ t*-C (N a t. B k . of Com m , in NT Y ., truis te e .
c*
f i
. V
Stock.— 7% cum . pref. stock is preferred as to assets a n d cum . dividends.
C allable all o r p a rt a fte r J a n . 1 1927 on an y d iv . d a te on 30 d a y s’ notice,
a t 105 an d d ivs. In Ju ly 1926 B ond & Goodw in, In c ., an d E a s tm a n , D il­
lon & C o., offered $500,000 a t 99 a n d d iv ., to yield 7 .0 7 % . V. 123, p . 324.
Bonds.-—T h e 1st mtge. bonds a re secured b y a d ire c t fir s t m tge. on th e
e n tire fixed p ro p e rty o f th e co. T h ere is a sinking and improvement fu n d
su fficien t to re tire each y e ar fro m 1929 to 1933, incl., 1% , an d each y ear
th e re a fte r I K % , o f all 5% series, due 1946, bonds issued. C allable on an y
in t. d a te on 60 d a y s’ n o tice a t 105 a n d in t. to a n d incl. J a n . 1 1937; th e re ­
a fte r a t a p rem iu m of K % for each y e ar o r frac tio n th e re o f b etw een redem p­
tio n an d m a tu rity d a te s. In te re s t p ay ab le a t H a rris, Forbes & C o., N . Y .
C ity , or H arris T ru st & Savings B an k , C hicago, or H a rris, F orbes & C o.,
In c ., B o sto n . P en n . & C onn. 4-m ills and M ass. 6 % tax es refundable.
In Ju ly 1926 H a rris, F orbes & Co. a n d B ond & G oodw in, In c ., offered
$2,250,000 5% series d u e 1946 a t 95 a n d in t., to yield over 5 .4 0 % . V . 123,
p . 324.
E A R N IN G S .— F o r 12 m o n th s en d ed Ju n e 30 1926:
G ross e arn in g s______________________________________________
$923,617
O p eratin g expenses, m ain ten an ce an d ta x e s ___________________
674,448
N e t e arn in g s_____________________________________________
A n n u al in te re st on 1st m tg e . b o n d s_________________________

$249,169
112,500

B a l a n c e __________________________________________________
$136,669
O F F IC E R S .— P re s ., Jo h n T . B easly; V .-P s., R alp h H . B eaton, C . D .
Shoul, N . H . John so n ; Sec., H a z a rd O key; T rea s., E d w a rd G . R eyer; A sst.
Sec. & A sst. T re a s., K . C . B ergin. P rin cip al office, T erre H a u te , In d .;
ex ecu tiv e office, 44 E . B ro ad S t., C olum bus, Ohio.-—V. 123, p . 324, 581.

PO R T L A N D GA S & COKE CO.
O R G A N IZ A T IO N .— In c o rp . in O regon in 1910 to succeed P o rtla n d G as
C o . an d E a s t P o rtla n d G as L ig h t C o. C o n tro ls N o rth w e st G as & E lectric
E q u ip m e n t Co.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. fu rn ish es gas in P o rtla n d , O re., a n d in V ancouver, W ashin g to n , an d
th e follow ing com m unities in O regon in th e v ic in ity o f P o rtla n d : B eaver­
to n , C lack am as, C ornelius, F airv iew , F o rest G rove, G ard en H om e, G lad­
sto n e, G resh am , H illsboro, M ilw aukee, M u ltn o m a h , O ak G rove, O regon
C ity , O renco, Oswego, P a rk p la c e , P ark ro se. R eedville a n d T ro u td ale: to ta l
p o p u la tio n served e stim ate d a t 392,000; gas consum ers, 89,783 as of A ug. 31
1926. G as p la n ts of 24,000,000 cu. ft. d aily c ap acity ; gas holders, 11,281,000 cu. f t. cap a c ity ; 1,521 m iles o f gas m ains; gas sen d out 12 m o n th s
ended A ug. 31 1926, 3,954,127,000 cu. ft.
ST O C K A N D B O N D S—
Date.
Interest. Outstanding. M aturity.
C om m on $6,000,000 ($100) ________
_______
$3,000,000 __________
7% cum p re f $ 6 ,000,000 ( $ 1 0 0 ) ____
7 Q-F
5,427,100 N o v ’26 1 f f
1st & re f m tg e $15,000,000/ 1910 5 g J - J
_
8,724,000 J a n - _ _
1 1940
($ l,0 0 0 c * )______________tf l i n t , a t U . S. M tg e. & T r. C o., N . Y ., tr u s t.
1st lien & gen M series o f 7 s / 1921
7 g J-J
1,050.000 J a n 1 1940
d u e 1940 ($ l,0 0 0 c * )_____t f /B a n k ers T ru st C o ., N . Y . C ity , tru s te e .
P o rtla n d G as Co 1st m tg e / 1901
5 g F-A
371,000 A ug 11951
$ 750,000------------------------tf (A ssum ed b y P o rtla n d G as & C oke C o.
Bonds.— A d d itio n al 1st A ref. mtge. 5s gold bonds, dated Jan. 1 1910
m a y b e issued to re fu n d th e P o rtla n d G as C o. 1st m tg e. 5% bonds; also
for 75% of ad d itio n s, & c., p ro v id ed n e t earnings for 12 consecutive w ithin
preceding 13 m o n th s h av e been a t le a st I f f tim es in t. on all bonds o u t­
stan d in g incl. pro p o sed issue. C all., w hole or p a r t for th e im p t. fu n d a t
110 & in t. on 4 w eeks’ no tice. T h e re is an im p t. fu n d to w hich co. h a s to
p a y on each J a n . 1 to 1939 incl. 3% o f to ta l a m o u n t o f b onds of th e co.,
th e n o u tsta n d in g . I f n e t earnings fo r 12 m os. en d . N o v .30 of a n y of these
y ears e q u al or exceed 3 tim es in t. charges on a ll th e 1st & re f. m tg e . bonds
a n d P o rtla n d G as C o. bonds o u tsta n d in g , th e n only 2% in ste ad o f 3%
need be p a id . T h is fu n d m ay be used eith er as a sinking fu n d for purchase
o f 1st & re f. m tg e. 5s a t or below 110 & in t. or to p a y for p e rm a n e n t exten­
sions an d im p ro v em en ts a g ain st w hich no bonds can b e issued.
A d d itio n al 1st lien A gen. mtge. 7 % g. bonds, due J a n . 1 1940 m a y be
issued u p o n pledge of a n eq u al a m o u n t of 1s t & ref. 5% bonds or cash,
p ro v id ed n e t earnings for preceding 12 m o n th s h a v e been a t le a st I f f
tim es a n n u a l in t. on a ll 1s t & re f. a n d u n d erly in g bon d s in h a n d s of p u blic
a n d all 1s t lien & gen. m tg e. bon d s o u tsta n d in g , incl. proposed issue.
A d d itio n a l b o n d s m a y b e issued in d ifferen t series, how ever, n o t m a tu rin g
earlier th a n a n y th e n existing series, if th e ag g reg ate p rin cip al a m o u n t
o f earlier m a tu rin g series w ould th e n exceed 25% o f a ll 1st lien & gen.
m tg e . bon d s th e n to b e o u tsta n d in g . Series o f 7s d u e 1940 a re secured b y
pledge of a n e q u al a m o u n t of 1st & re f. m tg e. 5s d u e 1940 an d (or) cash,
an d a re a d d itio n a lly secured b y a general m o rtg ag e on c o .’s en tire p ro p e rty .
C allab le on 4 w eeks’ n o tice in blocks o f a t le a st $250,000 a t 105 & in t. to
a n d in cl. J a n . 1 1931, a t a p rem iu m o f K % less each y e ar th e re a fte r
u n til m a tu rity .
E A R N I N G S .— For calendar years:

1925.
G ross earn in g s_________ $4,037,896
O per. ex p ., incl. ta x e s -- 2,660,737

1924.
$3,748,510
2,423,898

1923.
$3,402,192
2,218,457

1922.
$3,383,536
2,186,496

O th er incom e-

$1,377,159
45,283

$1,324,612
42,413

$1,183,735
39,187

$1,197,040
10,088

in te re s t on b o n d s_____
O th er in te re st, &c_____
D iv s. on p ref. s to ck _
_
R enew al & rep lac. re s .

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

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

$1,222,922
425,748
23,338
293,319
200,000

$1,207,128
420,221
23,638
226,840
325,000

$243,137
$193,069
$280,517
$211,429
Latest E arnings.— F o r tw elve m o n th s ended A ug. 31:
Total
N e t after
Pref.
Balance,
Revenue. Taxes & D epr.
In t.
D ivs.
Surplus.
1926---------------------$4,166,613 $1,236,248 $625,404 $378,320 $232,524
1925-------------------- 4,037,476
1,054,875 507,313
373,836
173,726
1924-------------------- 3,614,938
1,112,064 467,806
343,015
301,243
1923-------------------- 3,417,334
1,040,882 452,713
276,738
311,431
O F F IC E R S .— C h airm an of B o ard , C . F . A dam s; P res., G uy W . T a lb o t;
V .-P . & G en. M g r., H ilm ar M . P a p s t; V .-P s ., A. G. G renier, Jo h n A.
L aing and F ra n k Sillim an J r.; Sec. & T rea s., C . W . P la tt.— V . 121, p.
1463; V. 122, p. 3455.

SEATTLE L IG H T IN G CO.
O R G A N IZ A T IO N .— In co rp o rated in W ashington in 1904 as a consolida­
tion
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C om pany is th e exclusive m a n u fa c tu re r and d istrib u to r o f artificial gas in
th e g reater S eattle d istric t. C om p an y owns and o p erates 2 m odern gas
producing p lan ts o f a com bined cap acity of 9.100,000 cu. ft. per d ay;
to ta l holder c ap acity 5,700,000 cu . ft.; 715 miles of m ains; 60,000 m eters




29

GAS AND WATER

O ct., 1926.]

in service. C om pany has favorable co n tra c ts for b o th coal and oil s u p p ly .
P opulation of S eattle a p p r. 400,000.
Franchises.— In th e C ity of S eattle a p e rp e tu a l franchise; in th e suburb
of B allard expires 1951; in o th e r su b u rb a n d istric ts favorable long te rm
ST O C K A N D B O N D S —
Date. Interest. Outstanding. M aturity.
-------------- $3,000,000 -----------------C om m on $3,000,000 ($100)-----------7 Q -J
2,000,000
... 7% cum pref $7,500,000 ($100)--------1st m tge. gold (closed) ($ l- ,\ 1904
5 g M -S
358,000 M a r. 1 1944
0 0 0 c * )_________________ tf/B a n k e rs T ru st C o ., N . Y . C ity , tru ste e .
Ref. gold 5s $10,000,0001 1909 5 g A-O
7,837,000 O ct 1 1949
($l,000-500c*)__________tf /H a r r is T ru s t & Savings B an k , C hicago, tru s.
6 % sink, fu n d gold d e b en t. ( 1926
6 g F-A
1,500,000 F eb . 1 1936
bonds $1,500,000 ($1,000- C en tra l T ru s t C o. of Illinois, tru ste e .
500c*)__________________t f I
Slock.— T h e 7% cum . p re f. sto ck is p referred as to assets a nd divs. over
th e com m on sto ck . R ed . a ll or p a r t a t 105 a n d div s. on 30 d a y s’ notice.
In M arch 1926 A . B . L each & C o ., In c ., offered $2,000,000 7% cum . pref.
stock a t 98 a n d d iv s., to y ield a b o u t 7 .1 4 % . V . 122, p . 1312.
Bonds.— In a d d itio n to th e $358,000 ls i mtge. gold bonds, due M arch 1
1924, outstan d in g in h a n d s of th e public, $1,908,000 are pledged as addi­
tional security to th e re funding 5s gold bonds.
$622,000 refunding gold b onds, due O ct. 1 1949, included in th e am o u n t
shown above as o u tsta n d in g , c a rry add itio n al 3% in te re st coupons no t
secured by m ortg ag e. C allable a t 102K a n d in te re s t. ___
,
T h e 6 % sinking fu n d gold debenture bonds, due Feb. 1 1936 are p ro tected
by a provision th a t no add itio n al m ortgage, o th e r th a n pu rch ase m oney
m ortgages a nd m ortgages on after-acq u ired p ro p e rty existing a t th e tim e
of such acquisition, shall be placed upo n p ro p e rty of th e com pany w ithout
securing these d e b en t, bonds equally and ra ta b ly w ith all o th er bonds a t any
tim e issued th ereu n d er. T h e re is a n a n n u a l sinking fu n d effective F eb . 1
1927 of 2 % of face value o u tsta n d in g , to be used for re tirem e n t of these
d e b en t, bonds. C all., w hole or p a rt, on 30 d a y s ’ notice, a t 102K plus in t.
P e n n ., C onn, an d C alif. 4 m ills, K e n tu ck y 5 m ills, K ansas 2 K mills and
M ass. 6 % taxes re fu n d a b le . I n F eb . 1926 A . B . L each & C o ., In c ., Chicago
offered $1,500,000 a t 98 a n d in t. to yield a b o u t 634 % •
E A R N IN G S .— F o r calendar years:
1925.
1924.
1923.
1922.
G ross__________________$2,365,627 $2,285,491 $2,196,493 $2,159,919
N e t a fte r exp. an d taxes,
___
b u t before b ond in t___
941,537
923,873
849,260
828,977
O F F IC E R S .— P re s ., J . D . F a rre ll, S eattle; V .-P ., R u fu s C . D awesC hicago; V .-P ., C . K . Poe, S e attle; V .-P ., A. T . L eonard, C hicago; T reas.F . K . L ane. S e a ttle .— V . 119, p . 1745; V . 122, p. 1171, 1312.

SOUTHERN CALIFORNIA GAS CO.
O R G A N IZ A T IO N .— In c o rp . in C alif. O ct. 5 1910 as successor to D om es­
tic G as C o. of Los A ngeles. A cquired several p ro p e rties in th e following
years.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Serves artificial a n d n a tu ra l gas in Los Angeles, San B ernardino. R iverside,
R edlands, R edondo an d G lendale a n d 65 o th e r cities a nd tow ns w ith a com­
bined p o p u la tio n of 2,000,000. In Los A ngeles C ity p ro p e r th e co. supplies
40% of th e c ity ’s needs, exclusive of its w holesale deliveries to th e Los
Angeles G as & E lec. C o. Owns tw o m odern p la n ts for th e m a n u fa c tu re of
gas w ith a d aily c a p a c ity o f 32,500,000 c u . ft. T h e d istrib u tio n system
consists of 2,685 m iles of m ains, serving 167,501 dom estic m eters a n d 571
in d u stria l and w holesale m eters.
C o. has a c o n tra c t w ith M id w ay G as C o. w hereby it has firs t call for its
requirem ents of n a tu ra l gas.
Date.
Interest. Outstanding. M aturity.
ST O C K A N D B O N D S —
. $6,000,000
See te x t
_
C om m on $6,000,000 ($100) _ _____
2.872.000
See te x t
P ref 6 % c u m $ 4 ,0 0 0 ,0 0 0 ($ 1 0 0 )____
6 Q -J 15
701,281 __________
P referred stock su b sc rip tio n s. ______
4.399.000 N ov 1 1950
1st m tge $10,000,000 ($1,000/ 1910
6 g M -N
T
& m ult) g o ld ______c* & r* tf l i n t , a t E q u ita b le r ru s t C o., N . Y ., tru s te e .
2.865.000 M a r 1 1951
1st & re f m tg e Ser “ A ” ______ 1921
7 g M -S
1922
5 K g M -S 4,000,000 S ept 1 1952
Series “ B ” _
1923
6 g J-D
4,000,000 Ju n e 1 1958
($500 & $1,000) go ld ___ t f (U nion B k. & T r. C o. of Los A ng., tru s te e .
O n N ov. 18 1926 stockholders w ere to v o te on increasing th e fu n d e d d e b t
to $75,000,000 an d th e au th o riz e d c a p ita l stock from $10,000,000 to
$100,000,000 ($60,000,000 p re f. a n d $40,000,000 com m on), a n d on re ­
ducing th e p a r v a lu e of a ll shares fro m $100 to $25. V. 123, p . 1507.
Stock.— P ref. is listed on San Francisco Stock & B ond E xchange.
Bonds.— 1st M tge. 6s are call, as a whole or in p a rt for sinking fund a*
105 & in t. on a n y in t. d a te u p o n 60 d a y s’ notice. M tg e. provides for an n u al
sinking fu n d com m encing N o v . 1 1921 as follows: 1921 to 1925, $60,0001
1926 to 1930, $75,000; 1931 to 1935, $90,000; 1936 to 1940, $110,000:
1941 to 1945, $125,000; 1946 to 1950, $140,000. M tg e. provides th a t onehalf of sinking fu n d is to be used to re tire bonds and balance for new con­
stru c tio n , &c., u n d e r c erta in re stric tio n s. In a d d itio n to th e $4,399,000
(of w hich $30,000 a re h eld in tre a su ry ) o u tsta n d in g b onds, $5,411,000
bonds a re pledged u n d e r 1st & re f. m tg e ., $167,000 a re in sinking fund;
$23,000 held b y tru s te e a g a in st c o n tra c ts.
1st A rer. mtge. is secured b y a general m tg e. on a ll p ro p e rty of c o ., incl.
a fte r a cq u ired p ro p e rty , a n d b y pledge of $5,411,000 1st m tg e . 6s bonds
due 1950. T h e m ortgage provides for a n a n n u a l sinking rund com m encing
M ar. 1 1927, a m o u n tin g to 2% of p a r v a lu e of th e la rg e st a m o u n t of bonds
a t a n y tim e o u tsta n d in g , incl. 1s t m tge. bonds, to be used for th e re tire ­
m e n t of bonds or acquisition or co n stru ctio n of ad d itio n a l p ro p e rty . In t.
on all series p a y ab le in Los Angeles, San F rancisco and N ew Y ork. E x­
e m p t from personal p ro p e rty ta x in C alifornia. A dditio n al 1st & ref.
m tge. bonds m a y be issued fo r 75% of new a d d itio n s, & c., provided w hen
gas earnings fo r 12 o u t o f preceding 15 m o n th s h a v e been I f f tim es a n n u al
in te re st on all bonds o u tsta n d in g , incl. new issue.
Series “A ” 7s o f 1951 a re red . a t 107 K & in t. for th e first 10 years and a t
105 & in t. th e re a fte r. $1,500,000 w ere offered in A pril 1921 b y P eirce,
F a ir & C o.; B ly th , W itte r & C o. a n d B anks, H u n tle y & C o. a t 97 & in t.,
to yield 7 f f % . V. 112, p . 1625. An a d d itio n a l block of $1,000,000 was
offered b y B ly th . W itte r & C o. in O ct. 1921 a t 99 & in t., to yield a b o u t
7 .1 0 % . V . 113, p . 1780. An ad d itio n a l block of $365,000 was Issued and
delivered to th e C itru s B elt G as C o. u n d e r d a te of A ug. 26 1921 a t 97.
being th e full pu rch ase price of th e gas p roperties of th a t com pany.
Series “B ” 5 x s o f 1952 a re re d . a t 105 & in t. for th e first 10 years a nd a t
A
10 2 K & in t. th e re a fte r. In O ct. 1922 $2,000,000 w ere offered b y C yrus
Peirce & C o., B ly th , W itte r & C o. a n d B anks, H u n tle y & C o. a t 9 8 K &
in t., to yield a b o u t 5 .6 0 % . V . 115, p . 1641. In F e b . 1926 th e sam e b a n k ­
ers a n d E . H . R ollins & Sons offered $2,000,000 ad d itio n a l 5 K % Series “ B ”
of 1952 a t 100 an d in t.
Series “C” 6s o f 1958 a re re d . a t 105 & in t. $2,500,000 w ere sold in Ju n e
1923 b y C yrus Peirce & C o ., B ly th , W itte r & C o., N . Y ., a n d B anks,
H u n tle y & C o., Los A ngeles, a t 99 & in t., to yield a b o u t 6.10% . V . 116,
p . 3007. In J a n . 1924 th e sam e b ankers sold a n a d d itio n a l $1,500,000 a t
98 & in t. V. 118, p . 320.
D ividends .— On th e p re f. sto ck re g u la r q u a r. divs. a re being p a id . On
th e com m on an in itia l d iv . o f $1 in F e b . 1922. P re se n t q u a r. d iv . of $2 50
p e r sh are first p a id in F e b . 1924.
E A R N IN G S .— F o r calendar years:
1925.
1924.
1923.
1922.
O perating rev en u e_____$9,820,973 $9,725,887 $7,349,607 $5,737,095
O per. exp. an d ta x e s____ 6,966,130 6,994,048
5,285,645
4,202,966
N e t oper. incom e___ $2,854,843 $2,731,839 $2,063,962 $1,534,129
N on-operating in c o m e .69,005
42,312
54,393
50,336
G ross incom e_________ $2,923,848
I n t., bond disc. & ex p _
_
1,001,714
D e p re c ia tio n __________
779,720

$2,774,151
913,416
624,413

$2,118,355 $1,584,465
687,155
534,274
380,704
295,600

B alance, su rp lu s _____$1,142,414 $1,236,322 $1,050,496
$754,591
O F F I C E R S — P res., W . G . K erckhoff: V .-P ., A . C . B alch: E xec. V .-P .,
A. B . M acb eth ; V .-P . & Sec., L . M . F arn h am ; T reas. & C o m p t., A. E . P e a t;
G en. M g r., F . J . Schafer; V .-P . & A sst. Sec., W . B. H olm es; A u d ., W . E .
R obbins. G en. offices, 950 S outh B roadw ay. Los Anereles. C alif.— V . 118.
p . 320, 1677; V. 121, p . 2274; V. 122, p . 1028, 2498; V . 123, p . 1507.

30

PUBLIC UTILITIES
MIDWAY GAS CO.

Control.— C o n tro lled b y th e sam e in te re sts as S o u th ern C alifornia G as C o.
O R G A N IZ A T IO N .— In c o rp . in C alifornia in N o v . 1911. P rio r to J u n e
30 1915 co. ow ned only its p ip e lines, w hich w ere o p erated u n d e r lease.
On th a t d a te , u n d e r a u th o rity fro m th e R ailro ad C om m ission of th e S ta te
of C alifo rn ia (Incident to reo rg an izatio n p la n s), co. acq u ired b y p u rc h a se
n a tu ra l gas w ells a n d com pressor s ta tio n s, to g e th e r w ith v a lu a b le rig h ts
an d c o n tra c ts for p u rc h a se o f n a tu ra l eras in K ern C o u n ty , C alif. A t sam e
tim e c o n tra c ts w ere o b tain ed for sale o f n a tu ra l gas to d is trib u tin g com pan­
ies in a n d n e a r Los A ngeles, C alif.
In A ug. 1919 co. leased a n d o p e ra te d th e p ro p e rty o f th e Valley N atu ra l
Gas Co., w ith o p tio n to pu rch ase th e e n tire c ap ital sto ck . T h e option
w as exercised an d fin al p a y m e n t m ad e in J a n . 1921. M id w ay G as C o.
now ow ns th e e n tire $400,000 o u ts ta n d in g ($3,000,000 a u th o riz e d , p a r $100)
c a p ita l sto ck o f V alley N a tu ra l G as C o ., w hich la tte r co. w as incorp. N ov.
26 1916 in C alifo rn ia as successor to C alifornia N a tu ra l G as C o ., a n d is now
engaged in tra n s m ittin g a n d d istrib u tin g n a tu ra l gas in K ern C o u n ty , C a lif.,
for in d u s tria l u se, a n d also w holesales to B ak ersfield , T a f t, M arico p a ,
Fellow s a n d su rro u n d in g te rrito ry .
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. ow ns a n d o p e ra te s th e follow ing p ro p erties: Gas wells in th e B uena
V ista H ills, n ear T a ft, C alif.; 12 field com pressor statio n s, wdiich p u m p gas
from B rea, B u en a V ista H ills, D om inguez, E lk H ills, Inglew ood, S a n ta F e
Springs, Signal H ill a n d T orrance. Oil fields an d 620 m iles of gathering
an d tran sm issio n m ain s, ran g in g fro m 2 to 16 inches in size. C o. has a
to ta l p ip e line c ap acity of 210 m illion cu. f t . per d ay .
STO CK A N D B O N D S—
D ate.
Interest. O utstanding. M aturity.
C om m on $2,326,400 ($100)_ _____
_
_________ $2,326,400
see te x t
7% cum p re f $ 1 ,173,000______ _____
7
N one
see te x t
1st & refu n d in g $ 2 ,950,000/ 1914
6 J-D
1,033,000 D ec 1 1 929
($1,000 c * )_____________tf i I n t. a t M erca n tile T r. C o ., San F rancisco.
Slock.— All o u ts ta n d in g 7% cum . p ref. sto ck w as re tire d on O ct. 1 1923.
T h e com m on sto ck is q u o te d in th e U n listed D e p t, of San F rancisco Stock
E xch an g e.
On th e com m on, a n in itia l d iv . o f 1 J4 % w as p a id O ct. 15 1917. R eg u lar
q u a r. d iv s. of 5% p a id fro m D ec. 15 1923.
Bonds.— T h e 1st & re f. m tg e. is secured b y a first m tg e. on all th e pro p ­
e rty o f th e co. T h e re is a sin kin g fu n d which began a t $50,000 on D ec. 1
1915, a n d increasing $10,000 each y e a r u n til it reaches $150,000 in 1925,
a n d $150,000 a n n u ally th e re a fte r, to b e used for re d e m p tio n o f bonds b ear­
ing th e low est issue n u m b e r in such ag g reg ate prin cip al a m o u n t as th e
m oneys held in th e sin k in g fu n d w ill suffice to redeem th e m . T hese sink­
ing fu n d p a y m e n ts a re c u m u la tiv e . F a ilu re to m ak e a n y sinking fu n d p a y ­
m e n t does n o t c o n stitu te d e fa u lt on th e m o rtg ag e. R ed . a t 100 a n d in t.
on a n y in te re s t d a te . In a d d itio n to a m o u n t show n as o u tsta n d in g ,
S38,000 a re h eld in tre a su ry , $779,000 a re reserv ed for extensions a nd
$ 1,100,000 h av e b een re tire d b y sinking fu n d .
E A R N IN G S .— F o r calen d ar years:
Total
N et after Taxes,
In t. &
Revenue.
D ear. & M a in t.
A m ort.
Balance.
1925_______________ $5,029,947
' $684,131
$95,020
$589,111
1,127,178
97,861
1,029,317
1924_______________ 5,373,115
1923_______________ 4.175,462
1,175,083
108,846
1,066,237
1922_______________ 2,663,918
601,007
126,502
474,505
O F F IC E R S .— P re s ., A . C . B alch; E xec. V .-P ., a . B . M ac b e th ; V .-P . &
Sec., L . M . F a rn h a m ; T re a s ., B en R . M eyer; C o m p t., A . E . P e a t; G en.
M g r., W in . M oeller J r .; A u d ., W . E . R obbins; G eneral Office, 950 South
B ro ad w ay , Los A ngeles, Calif.-—V . 119, P. 1743: V. 121, p . 1908: V . 122,
p. 2041

SPRING BROOK WATER SUPPLY CO. (WILKESBARRE, PA.).
O R G A N IZ A T IO N .— In c o rp . in P en n sy lv an ia M arch 2 1896.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C om pany o p erates u n d e r p e rp e tu a l franchises. Owns or controls an
extensive g ra v ity sy stem of w a ter su p p ly and reservoirs in and a b o u t the
W yom ing V alley, P a ., supplying 64,000 custom ers in th e cities of W ilkesB arre, P ittsto n and th e so u th side of S cran to n , a n d m ore th a n 40 other
m unicipalities in th e sam e d istric t. T o ta l p o p u latio n served approx.
375,000. A ggregate c ap a c ity o f c o m p an y ’s reservoirs, 11,300,000,000
gallons; over 690 miles o f pipe lines.
In Sept? 1926 it w as re p o rte d th a t co. h a d increased its a u th orized capita
stock fro m $7,500,000 to $10,000,000, p a r $100. V. 123, p . 1507.
ST O C K A N D B O N D S—
Dale.
Interest.
O utstanding. M aturity.
C o m m on, $10,000,000 (8100)______
______
$7,500,000
______
1st refu n d in g m tg e 5% g ) 1925 5 g A-O
7,800,000 A pr 1 1965
($ 1 ,0 0 0 )____________ c * .tf /F ir s t N a tio n a l IBank, N . Y . C ity , T rustee.
N o rth
M o u n tain
W ater f 1903 5 J -J
1,000,000 J a n 1 1933
Supply Co 1st m tg e 5s) G u ar. (p. & i.) by Spring B rook W . S. Co.
($ 1 ,0 0 0 ) _______________tf jln t. a t Scran to n T ru s t C o ., Scranton, T ru s.
Bonds.— T h e Is! < ref. mtge. 5% gold bonds, dated A p r il 1 1925, are
&
secured by a d irect m tg e ., su b ject to underlying b o nds, on all th e properties
of th e co. A dditional bonds m ay be issued u n d e r conservative restrictions
for refunding u n derlying issues. F u rth e r secured by pledge of stocks of
subsidiary com panies. R ed. as a whole on 60 d a y s’ n o tice a t 1074S on
O ct. 1 1935 to a n d incl. A pril 1 1945; a t 105 to a n d incl. A pril 1 1955; a t
10243 to and incl. O ct. 1 1964, plus in te re st in each case. F ree from
P en n . 4 mills ta x . In J a n . 1926 F ir s t N a tio n a l B an k , M arsh all Field.
G lore, W ard & C o ., G rah am , P arso n s & C o. an d G reen, E llis & A nderson
sold a t 100 a n d in t. $2,500,000 o f th ese bo n d s. In Feb. 1926 th e y offered
a t 99 a n d in t. $5,300,000 ad d itio n al b o n d s. V . 120, p . 583; V . 122, p . 884.
E A R N IN G S .— F o r calen d ar years:
1925.
1924.
1923.
1922.
Gross incom e__________ $1,416,172 $1,450,668 $1,418,453 $1,250,974
N e t av ail, for in t., d e p r.
& Federal ta x e s______ 1,018,577 1,069,544
1,029,681
874,844
D ividends.— C o m p an y was s ta te d In 1926 to hav e p a id dividends con­
tinuously since 1903. V. 122, p. 884.
O F F IC E R S .— P re s ., L . A . W atres, W ilkes-B arre, P a .; V .-P . A Gen
M g r., L . W . H ealy ; Sec. & T re a s ., S. H . Hicks.-—V. 120, p . 583; V. 122
p . 884; V. 123, p . 1507.

SOUTHERN GAS AND POWER CORPORATION.
M anagem ent.—-W hetstone U tilities M g t. C o rp . Sanderson & P o rter,
consulting engineers.
O R G A N IZ A T IO N .— A M a ry la n d co rp o ratio n ; controls th ro u g h stock
ow nership th e G as L ig h t C o. o f A u g u sta (G a .), B luefield G as & Pow er Co
(W . V a .), Suffolk G as & E lec tric C o. (V a.), C oncord & K an n apolis G as Co.
(N . C .) , G asto n ia & S u b u rb an G as C o. (N . C .), C u m b erlan d a nd A llegheny
G as C o. (W . V a .), M a rtin sb u rg H e a t & L ig h t C o. (W . V a .), th e T ri-C ity
G as C o. (G adsden, A la .), V ald o sta G as C o. (G a .), a n d th e G as L ig h t C o.
of W av erly (N . Y .), w hich co n tro ls th e A th en s an d Sayre G as C o. (P a .).
In N o v . 1925 acq u ired th e Peoples G as C o. (operating a t P o r t A rth u r,
T ex as), a n d th e In te rb o ro u g h G as & F u el C o. (operating in th e borough of
R ed L ion, P a .). V . 121, p . 2523. In 1926 sold In terb o ro u g h G as & Fuel
C o. an d acq u ired L exington W ater C o. (K y.) a n d P o rtsm o u th (N . H .)
G as C o.
In D ec. 1925 was a u th o riz e d b y M ary la n d P . S. C om m ission to acquire
2,000 n o -p ar com m on sh ares of Sabine U tilities C orp. (D e l.), w hich operates
in T exas, su p p ly in g gas service. V . 121, p . 3005. In J a n . 1926 was a u ­
th o rized b y M ary la n d P . S. C om m ission to acq u ire th e c ap ital stock of
th e C h am b ersb u rg (P a.) G as C o ., th e W aynesboro (P a.) G as C o ., a nd the
C onew ago G as C o. o f H a n o v er, P a . V . 122, p . 750, 884.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T n ro u g h its subsidiaries fu rn ish es artificia l or n a tu ra l gas w ith o u t com pe­
titio n for lig h tin g , cooking, h e atin g a n d in d u stria l purposes, in 42 com m uni­
ties, w ith a n ag g reg ate p o p u la tio n o f 395,000. Sim ilarly furnishes w ater
to th e C ity o f L ex in g to n , K y ., w ith an e stim ate d p o p u lation of 50,000
T o ta l gas a n d w a te r m eters, 65,580.
Franchises.— W ith few exceptions th e franchises o f subsidiaries extend
b ey o n d 1949.
STO CK A N D BO ND S—
D ate. Interest. O utstanding. M aturity.
_________ 100.000 shs
______
C om m on 104 000 shs (no p a r ) . ____
7% cum p r t f $5,000,000___________
7%
$ 1.124.000 O ct 261 M % |
C lass A stk 250,000 shs(no par) ___
See te x t a l2 7 ,5 4 3 shs
See te x t




[V ol. 123.

STO CK A N D B O ND S—
Date.
Interest. Outstanding. M a tu r ity •
T h e G as L ig h t Co of A u g u sta)
5s 1st m tg e gold __________ / ____
1926-36
$ 222,000
5%
T h e G as L ig h t Co of W averly)
1st m tge 5s_______________/ ____
101,500
1929
5%
5-yr conv g n otes $1,000,000/ 1925
731,000 J u n e 1 1930
6 g J-D
($1,000, $500)-----------c * tf/G u a ra n ty T ru s t C o. of N . Y ., tru s te e .
5-yr conv gold n o tes $1,000,-/ 1925
6 g M -N
1,000,000 N o v 15 1930
000 ($1,000, $500)___ c * tf (G u a ra n ty T ru s t C o. of N . Y ., tru s te e .
15-yr 6J3 deben $1,500,000/ 1926
6 >3 g M -S 1,500,000 M a r 11941
($1,000-$500) _______c * tf l
M in o rity p re f stocks & bo n d s/
n o t listed a b o v e___________ ) ____
_______
2,289,215 __________
a 62,502 a d d itional class A shares are reserved for conversion of con­
v ertib le 6 % gold notes.
Stock.— Class A stock is e n title d to cum . dividends a t th e r a te of $1 75
per a n n u m , a fte r div s. on th e p re f. sto ck b u t before divs. on th e com m on
stock. P a y a b le q u a r., M arc h , &c. Is en title d to ad d itio n a l dividends
e q uivalent to 43 of th e a m o u n t of dividends paid on each com m on sh are,
provided C lass A does n o t receive in excess of $2 50 per an n u m . P a rtic i­
p a te s in liq u id atio n to th e e x te n t of $25 00 plus div . before a n y d istrib u tio n
on th e com m on sto ck . N o t redeem able. In case of d e fa u lt in c u m ulative
dividends, lim ited vo tin g rig h ts.
In Ju n e 1925 H am b leto n & C o. offered 50.00Q C lass A shares a t $23 50.
V. 120, p. 2944. In N o v . 1925 th e y sold of th e sam e sto ck 60,000 shares
a t $25 plus div . V . 121, p . 2404.
L isted on N ew Y ork C u rb M a rk e t.
N otes.— T h e 5-year conv. 6 % gold notes, dated June 1 1925, a re conv. in to
C lass A sto ck , th e n otes to be ta k e n a t th e ir face value an d th e values per
share of C lass A stock as follows: $25 in th e case of th e firs t $250,000 p rin­
cipal a m o u n t of n otes p resented for conversion; $26 in th e case of th e n e x t
$250,000, and $27 for th e rem aining $500,000, w ith a d ju stm e n t of in t. and
div . in each case. I f called for red em p tio n , notes m ay b e c o nverted a t any
tim e on or before th e 10th d a y n ext preceding th e red em p tio n d a te . R ed .,
whole or p a rt, on 30 d a y s' notice a t 10243 a nd in t., on or before Ju n e 1 1926,
w ith successive redu ctio n s of 43 % during each 12 m os. period th e re a fte r
u n til m a tu rity . In te re s t p a y ab le in N ew Y ork a n d B altim o re. P rincipal
payable in N ew Y o rk . P e n n , an d C onn. 4-mills ta x , D ist. of C ol. 5 m ills
ta x , M a ry lan d 443 m ills ta x and M ass. 6 % ta x re fu n d a b le . In J u n e 1925
H am bleton & C o. sold $1,000,000 5-year conv. gold n otes d a te d Ju n e 1 1925
a t 9843 a n d in t., to yield a b o u t 6 .3 5 % . V . 120, p . 3066.
T h e 6 % 5-year conv. gold notes d a te d N o v . 15 1925 a re conv. in to C lass A
stock, th e n otes to be ta k e n a t th e ir face value a nd th e C lass A shares as
follows: $28 for th e first $500,000 presented for conversion, an d $29 for th e
rem aining $500,000, w ith a d ju stm e n t of in t. an d divs. I f called for re ­
d em ption, m ay be converted on or before 10th d a y preceding redem ption
d a te . R ed., whole or p a rt, on 30 d a y s ’ notice a t 102 43 a nd in t. on or before
N ov. 15 1926. w ith successive reductions of 43% during each 12 m o n th s ’
period th e re a fte r, u n til m a tu rity . In te re s t p ayable in N ew Y ork an d B al­
tim ore; principal in N ew Y ork. C o. refunds th e sam e taxes as above
under notes d a te d J u n e 1 1925. In N ov. 1925 H am b leto n & C o. sold $1,000.000 6 % 5-yr. conv. n otes d a te d N o v . 15 1930 a t 100 a nd in t. V . 121,
p. 2 4 0 4 ;V. 122, p. 2498.
T h e 15-year 643% gold debentures due M arch 1 1941 are re d ., w hole or
p a rt by -lo t, on 30 d a y s’ notice a t 105 and in t. on or before M a r. 1 1931,
w ith successive reductions of 43 % during each 12 m o n th s' period th e re a fte r
until m a tu rity . C alif., P e n n , an d C onn. 4 m ills, D is t. of C ol. 5 m ills,
M ary lan d 443 m ills a n d M ass. 6 % taxes refu n d ab le. In M arch 1926
H am bleton & C o., N . Y . C ity , offered $1.500,000 a t 99 a nd in t., to yield
a b o u t 6.6 0 % . V. 122, p . 1611.
D ividends.— On C lass A stock an initial q u a r. d iv . of 4394c. w as paid in
Sept. 1925 an d re g u la rly since. V .1 2 1 ,p . 1463. In D ec. 1925 an d q u a rte rly
th e re a fte r 4344c. p a y ab le in cash or l-4 0 th of a-class A share.
E A R N IN G S .— C onsolidated-earnings (including those of c o .’s subsidi­
aries, irrespective of d a te s of acquisition) for calen d ar years:
1925.
1924.
O perating rev en u es_____________________________ $2,502,882 $2,474,489
N e t a fte r tax es a nd m a in t.. b u t before depreciation
863,763
765,775
In t. on bonds an d p re f. divs. on stocks o f subsid.
127,212
o u tsta n d in g in hands of p u b lic _________________
127,211
201,360
In te re s t on n otes an d d e b e n tu re s_________________
201,360
B a la n c e ________________ „ _____________________
$535,192
$437,203
Latest Earnings.-—F o r 12 m os. end. Ju n e 30 1926: O p e ra tin g revenues*
$2,807,636; n e t a fte r taxes & m a in t. b u t before deprec., $949,168; b ond in t;
& m in o rity pref. d ividends, $146,382; in t. on notes & d e b en tu re s, $195,810’
b alance, $606,976.
O F F I C E R S .— P res., W a lte r W hetstone; V .-P re s., C h arle s K . O vington;
Sec. & T rea s., G . Lew is B u rn h a m ; C o m p t., W illard W . W in te r. Office:
1612 M a rk e t S t., P h iladelphia, P a .— V . 120, p . 1329, 2944, 3066, 3316;
V. 121, p . 841, 14b3, 2275, 2404, 2523, 2877, 3005; V . 122, p . 750, 884,
1611, 2498; Y. 123, p . 983.

SPRING VALLEY WATER CO., SAN FRANCISCO.
O R G A N IZ A T IO N .— Successor A pril 24 1903, p e r p la n , V . 76, p . 2 l6 .
977. to Spring V alley W ater W orks. V . 78, p . 827.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C om pany, or its predecessor in in te re st, has supplied th e C ity of San F r a n ­
cisco w ith w ater for m unicipal a nd dom estic purposes since 1858. O perative
properties consist of 62,494 acres of land ow ned in fee an d rip a rian rights
to 33,334 acres, to g e th e r w ith w a ter sources, lakes, reservoirs, pipe lines
and d istrib u tio n m ains, form ing a com plete w a ter sy stem w hich supplies
the en tire c ity a nd cou n ty of San F rancisco. P o p u la tio n , a b o u t 700.000.
Valuation.— T h e o perative properties of th e com pany w ere appraised on
M arch 1 1920 by th e C alifornia R R . C om m , a t $37,000,000, to w hich have
been ad d ed a pproxim ately $3 ,000,000 in im provem ents, extensions a nd
a dditions since th a t d a te .
An agreem ent has been e n tered in to w ith th e c ity and c o u n ty of San
Francisco w hereunder th e com pany will o p erate on com pletion th e B ay
Division of th e H e tc n H e tch y pro je c t, a n d th e c ity for 12 years holds an
option to purchase th e c o m pany’s o p erative pro p erties a t R ailroad C om ­
mission valu atio n plus a d d itions since th a t d a te .
S tockholders to v o te on increase cap ital sto ck . See V . 120, p . 1882.
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
Stock $28,000,000 ($100)__________
Q-M 31 $28,000,000 Sept. ’26,1 4S
F irst m tg e $22,000,000 ($1,-) 1923
5 g M -N
22,000,000 M ay 1 1943
000) g o ld ___________ c * .tf/W e lls F argo B ank & U nion T ru st Co.
Bonds.— T h e first m tge. 5% gold bonds due 1943 a re callable, all or p a rt,
a t 102 K during first 10 years, a nd th e ra fte r a t 34% less each y e ar, b u t a t
not less th a n p a r. In th e e v en t of th e pu rc h a se of th e co m p an y ’s o p erativ e
properties b y th e C ity of San F rancisco, th e bonds m a y be called a t p a r,
provided th e m unicipality does n o t desire to assum e as a m unicipal obliga­
tion th e th e n o u tsta n d in g bonds. In te re s t pay ab le a t U nion T r u s t C o .,
San Francisco, a nd T h e E q u itab le T ru s t C o ., N ew Y o rk . V . 116, p . 85.
Listed on N ew Y ork Stock E xchange.
D ividends— 1914. 1915. 1916. 1"
917. 1918. 1919-1922. 1923. 1924.
5 y early. 5 M
6
$2 50
$3
$3 50 $3 54
4
P a id in 1925, 6 % .
1923.
E A R N IN G S .— F o r calendar years:
1924.
1925.
R evenue____________________________ $6,170,237 $5,903,955 $5,738,638
1,178,379
O perating expenses_________________ x x,l459.220
l , 459.220
1,443,689
903,323
T axes____________________
930.063
855,118
930,063
1,050,491
In te re s t on b o n d s__________________ 1,100,000
1,100,000
14,381
In te re s t on 3 -y e a r 6 % n o te s________
131,312
In te re st on lo a n s___________________
215.831
161,114
Cr. 24,210
Cr.40,548
In te re s t charged to c o n stru ctio n ___
Cr.73,385
300,000
D epreciation an d obsolescence______
300.000
300,000
A m o rtiz a tio n ______________________
162,276
188,376
162,276
5,060
U ncollectible bills and accts. re c e iv ..
5.762
9,328
M iscellaneous______________________
9,347
7,195
9,174
1,470,000
D iv id en d s__________________________ 1,680,000
1,680,000
B alance, su rp lu s_________________. $351,630
$227,197
x Includes $24,600 H etch H e tch y a q u ed u c t ren tals.
Latest E arnings.— F o r 6 m os. end. J u n e 30:
1926.
T o ta l incom e_____________________________________ $3,069,976
O perating expenses_____________________________
709,728
H e tch H e tch y re n ta l____________________________
54,555
T a x e s___________________________________________
510,185
In te re s t_________________________________________
841,629
N e t incom e___________________________________

$953,879

$537,432
1925.
$2,910,003
675,699
432', 415
860,088
$941,801

Oct., 1926.]

O F F IC E R S .— C h airm an , W . B . B ourn; P res., S. P . E a stm a n ; V .-P re s.,
A . H . P a y so n , E . J . M cC u tc h e n a n d G . A . E llio tt; Sec., Jo h n J . Sharon;
T re a s ., B enjam in B angs; C o m p t., F . P . M u h ln er. Office, 425 M ason S t.,
San Francisco.— V. 118, p . 2316; V. 119, p . 2764; V . 120, p . 2150; V. 121,
p . 1570; V. 122, p . 2193; V. 123, p . 1763.

FEDERAL W A TER SERVIC E CORP.
[See m ap on page 32]
O R G A N IZ A T IO N .— In co rp . in J u n e, 1926. O w ns a n d c o ntrols w ater
com panies located in N ew Y o rk , N ew Jersey , W est V irginia, O hio, M ichi­
gan, In d ia n a , Illin o is a n d C alifo rn ia. Owns a n d o p erates th e following
com panies: U nion W ater Service C o ., W oodhaven W a te r S upply C o.,
serving a p a r t of N ew Y o rk C ity ; H av erstraw W ater Sup p ly C o., H a v erstraw , N ew Y ork; Seneca F a lls W ater C o., Seneca F alls, N ew Y ork; Jersey
Shore W a te r C o ., Jerse y Shore, P e n n sy lv an ia; C itizen s W a te r C o. of
P h ilip sb u rg , P en n sy lv an ia; W est V irginia W ater Service C o. serving
P rin ce to n , C h arlesto n an d W elch, W est Virginia; T h ree O aks, M ichigan;
B u tle r, M o n tp elier an d A lb an y , In d ia n a ; C ham paign a n d U rb a n a W ater
C o ., C h am p aig n , U rb a n a , Illinois; Sterling W ater C o ., Sterling, Illinois;
S trea to r A q u ed u ct C o ., S trea to r, Illinois; Fresno C ity W a te r C o rp ., Fresno,
C alifornia; E lectric W a te r C o ., B akersfield, C alifornia; B akersfield W ater
C o ., E a s t B akersfield, C alifornia; Chico W ater Sup p ly C o ., C hico, C ali­
forn ia, an d V isalia C ity W a te r S u p p ly C o ., V isalia, C alifornia. V . 123,
p . 1382, 1502. T o acq u ire a d d itio n a l p ro p erties, see V. 123, p . 2138.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e system supplies w a ter for dom estic a n d in d u stria l purposes to various
com m unities in N ew Y ork, N ew Jerse y , P en n sy lv an ia, W est V irginia, O hio,
M ich ig an , In d ia n a , Illinois an d C alifo rn ia. In ad d itio n sew er service is
re n d e re d in O cean C ity , N ew Jerse y . T o ta l p o p u latio n sewed in excess of
620,000. A m ongst th e co m m u n ities served are th e W oodhaven section of
N ew Y ork C ity a n d th e su b u rb a n com m unities of W h ite P lain s, H a v erstraw
a n d S to n y P o in t, a n d Seneca F alls in N ew Y ork S ta te ; P u n x su ta w n ey , Big
R u n , P h ilip sb u rg , Jerse y Shore, &c. in Pen n sy lv an ia; C h arleston, W elch
an d P rin ceto n in W est Virginia; M assillon in Ohio; C h am p aig n , U rbana,
S trea to r, Sterling an d R ock F alls in Illinois; B u lter, M o n tp elier and
A lb an y in In d ia n a ; T h ree O aks in M ich ig an ; Fresno, B akersfield, E a s t
B akersfield, V isalia an d C hico in C alifornia. In N ew Jersey, B u tle r, W est
P a te rso n , L ittle F alls, P o m p to n L akes, O cean C ity an d C ape M a y C o u rt
H ouse. V. 123, p . 1633.
T h e w ater su p p ly is div id ed betw een 133,950,000 gallons p er d a y of e sti­
m a te d w ell c ap acity an d 30,750,000 gallons p e r d a y of effective yield of
g ra v ity system s, m akin g a to ta l of 164,700,000 gallons effective d aily
su p p ly , n o t including th e sources fro m riv e rs or lakes supplying th e system s
in C h arlesto n , W . V a.; Seneca F alls, N . Y .; a n d S trea to r, 111. T h e p um p in g
c ap acity th ro u g h steam , h y d ra u lic a n d electrical pum p in g e q u ipm ent is
over 146,000,000 gallons, w hich, w ith th e cap acity of th e g ra v ity system s,
m akes a to ta l effective d aily c ap a c ity of over 176,000,000 gallons, com pared
w ith a to ta l d a ily co nsum ption o f 56,103,000 gallons. T h e to ta l storage
c ap acity for reserve an d p ressu re equalizing purposes is over 988,310,000
gallons T h e d istrib u tio n sy stem s to ta l over 1,190 m iles of m ains, afford
fire p ro te c tio n w ith 5,978 h y d ra n ts , a n d serve a to ta l o f 104,963 active
consum ers.
ST O C K A N D B O N D S —
Date.
Interest. Outstanding. M atu rity.
C l A com 350,000 shs (no p a r ) ____
65.000 shs. see te x t
C l B com 100,000 shs (no p a r ) ____
50.000 shs. __________
cum p re f 85,000,000______ _____
$2,500,000 see te x t
7
C o n v ert, d eb en (ser A )/ 1926
6 g M -S
5,000,000 S ept. 1 1996
L,COO,500___________ c * tf\C e n tra l U n io n T ru s t C o. of N . Y ., tru ste e .
Stock.— A fter div id en d s on th e p ref. stock, class A stock is e n title d to
no n -cu m u lativ e div id en d s a t th e ra te o f $2 p e r y e ar before an y dividends
m ay be p a id on class B sto ck , a n d in a d d itio n to X of aggregate a m o u n t
A
of a n y fu rth e r dividends declared in such y ear on class A sto ck a n d class B
stock. In case of dissolution or liq u id a tio n , a fte r pref. sto ck h a s received th e
p a y m e n ts to w hich it is e n title d , class A stock receives n o t in excess of $50
per sh are, a fte r w hich a n y rem ain in g assets will be d is trib u ta b le l am ong
A
holders of class A sto ck a n d y2 am ong holders of class B sto ck . C lass A is
callable a t $110.
Debentures.— N o a d d ’l debentures m a y be issued, except for re fu n d in g p u rposes unless n e t incom e for 12 consecutive w ith in preceding 15 calendar
m o n th s hav e been a t least 2 l tim es a n n u al in te re st on all o u tsta n d in g
A
fun d ed indebtedness of corp. incl. d eb en tu res to be issued. C orp. m a y n o t
issue a n y secured fu n d ed d e b t unless all d eb en tu res issued u n d e r th e in den­
tu re a re secured ra ta b ly th e re w ith .
A re convertible a t face value, on or
before Sept. 1 1956, in to class A sto ck , w ith a d ju stm e n t of in te re st, div i­
dends an d fractio n al p a r t of a sh are a t $27 50 p e r sh are to & incl. Sept. 1
1931; a t $30 to 8, incl. S ep t. 1 1936; a t $35 to & incl. Sept. 1 1941; a t $40
to & incl. S ept. 1 1946; a t $50 to & incl. Sept. 1 1956. I f called for redem p­
tio n , a re co n v ert, to & incl. 10th d a y p rio r to red em p tio n d a te . R ed. on
a n y in t. d a te on 60 d a y s ’ n otice, th ro u g h Sept. 1 1986 a t 110 & in t.; th ro u g h
Sept. 1 1991, a t 105 & in t.; th e re a fte r, a t p a r & in te re st. P e n n . C o n n .,
M in n ., K ansas & C alif. 4-m ills, M ary la n d 43^-m ills, K e n tu ck y & D ist. of
C ol. 5 A -m ills an d M ass. 6% tax es refu n d ab le. In S e p t. 1926 G . L . O hrstro m & Co. sold $5,000,000 series A d a te d Sept. 1 1926 a t 96 to yield
over 6 K %• Y. 123, p . 1633.
A ll o f th e o u tsta n d in g 3-yr. 5% g. notes, dated M a y 1 1926 w ere called
D ec. 23 1926 a t 101M an d in t. V. 123, p . 2138.
D ividends.— On class A sto ck a q u a rte rly d iv . o f 50c. was p a id in Sept.
1926. On th e 7% cum . p ref. a q u a r. d iv . of 1M % in O ct. 1926.
E A R N IN G S .— C onsolidated earnings for 12 m os. ended:
June 30’26. Dec. 31’25.
G ross rev en u es_____■________ __________________ $2,667,998 $2,579,403
_
O per. e x p ., m a in t. & d ep rec. as p ro v id ed in subs. co.
m o rtg ag es, & taxes, o th e r th a n F ed incom e ta x e s *1,406,445
1,355,955
N e t o p eratin g incom e_________________________$1,261,553
In te re s t an d div id en d s on subs. co. securities & p ref.
sto ck s h eld by p u b lic __________________________
360,282
B alan ce---------------------------------------------------------In te re s t re q u irem en ts on 6 % d e b e n tu re s__________

$901,271
300,000

$1,223,448
357,484
$865,964

B alan c e ---------------------------------------------------------$601,271
♦ P artly estim ated .
O F F IC E R S .— P re s ., C . T . C h en ery ; V .-P res. in ch. of o p erations, A . W .
C uddeback; V .-P re s., L . A. P hillips; Sec. & T re a s.. W a lte r A. C u llin .—
V . 122, p . 3338, 3605; V. 123, p . 82, 1250, 1382, 1502, 1633, 1875, 2138.
D N iO N W ATER SER V IC E CO.
O R G A N IZ A T IO N .— In c o rp . in 1926. C o. ow ns all o f th e c ap ita l stock
a n d all o f th e m o rtg ag e in d eb ted n ess o f O cean C ity W ater Service C o .,
O cean C ity Sewer Service C o ., M assillon W a te r Service C o ., M o u n ta in
W ater Service C o ., P u n x su ta w n ey W a te r Service C o. an d W estchester
W a te r Service C orp. T h rough its c o n stitu e n t p ro p e rties supplies w ith o u t
co m p etitio n w a te r for dom estic an d in d u stria l p urposes to 13 com m unities
lo c a ted in N ew Y o rk , N ew Jerse y , P en n sy lv an ia a n d Ohio. W a te r a t
re ta il is fu rn ish ed in O cean C ity , W est P a te rso n , B u tle r, L ittle F alls,
B loom ingdale, Sm ith-M ills, N . J .; M assillon, O .: P u n x su ta w n ey , B ig R u n ,
P a . W h ite P la in s, N . Y . an d P o m p to n L ak es, N . J . a re serv ed a t w hole­
sale, a n d P o m p to n L ak es, N . J . in tu rn serves a t w holesale H askell, R iverd ale a n d W an ag u e, N . J .; a n d sew er service is ren d ered in O cean C ity ,
N . J . E xcluding th e large su m m er p o p u la tio n o f p c e a n C ity , th e to ta l
p o p u la tio n serv ed is a p p ro x . 105,000.
T h e w a ter su p p ly o f th e p ro p e rties of th e c o n stitu e n t com panies is divided
betw een 22,000,000 gallons p e r d a y o f well c ap a c ity an d 10,250,000 gallons
effective yield o f th e g ra v ity system s: to ta l 32,250,000 gallons effective
d a ily su p p ly . D aily p u m p in g c ap a c ity (steam a n d electric) over 23,900,000
gallons, w ith th e cap a c ity o f th e g ra v ity sy stem s th is m akes a to ta l effective
d a ily c a p a c ity of over 34,150,000 gallons co m p ared w ith a to ta l d aily
con su m p tio n o f 5,300.000 gallons. T o tal sto rag e c a p a c ity b o th for reserve
purposes a n d im po u n d in g reserv o irs is over 304,000.000 gallons. 207
m iles o f d istrib u tio n m ains; 17,434 cu sto m ers. V. 122, p . 3456.
S T O C K A N D B O N D S —• D ale.
Interest. O utstanding. M aturity.
C om m on 10,000 shs (no p a r ) , ____
_______
10,000 shs. __________
1st lien 5>£% gold series “A ” / 1926
5 A M -N $3,051,000 M a y 1 1951
(1,000 a n d $500 c* )_______ [T he N ew Y o rk T ru s t Co , tru s te e .
Bonds.— T h e 1st lien 5 fa % gold b o n d s are a d ire c t ob lig ation of th e co.
a n d a re secured b y a first lien on all o u tsta n d in g bonds an d c ap ita l stock,
except d ire c to rs’ qualify in g sh ares, o f th e c o n stitu e n t com panies; a ny
add itio n al bonds or stocks w hich m a y be issued b y th ese com panies a re to
be pledged as ad d itio n al sec u rity . T h e issuance o f th e M assillon W a te r
Service Co. 1st m tg e. bon d s h as been a p p ro v ed b y th e Ohio P . U. C om ­
m ission, th e issuance of th e O cean C ity W ater Service C o ., th e O cean




31

GAS AND WATER

C ity Sewer Service Co. a n d th e M o u n ta in W a te r Service C o. 1st m . bonds
h a s been a p p ro v e d b y th e B o ard of P . U. C om m issioners of N ew Jersey.
A dditio n al 1st lien bonds m a y be issued for c erta in refunding purposes.
M a y also be issued for 80% of new a d d itio n s, a cquisitions, & c., pro v id ed
a n equal a m o u n t of a d d itio n a l bonds of c o n stitu e n t com panies is pledged
as ad d itio n a l secu rity u n d e r th e in d e n tu re , a n d pro v id ed n e t earnings for
12 consecutive w ith in preceding 15 calen d ar m o n th s h av e been a t least
1 % tim es a n n u al in te re st charges on all 1st lien bonds in c l., proposed issue
a n d on all m o rtg ag e bonds of c o n stitu e n t com panies o u tsta n d in g in h ands
of th e public. T o a rriv e a t n e t earnings a t le a st 5% of gross earnings m u st
be charged to m a in te n an c e . $219,000 a d d itio n a l bonds m a y be issued
ag ain st th e p ro p e rty as of J u n e 30 1926 u n d e r th e sam e earnings re stric tio n s
as a bove. T h e re is a m aintenance and improvem ent fu n d of 9% of a n n u al
gross earnings derived from th e c o n stitu e n t com panies. R ed. on 30 d a y s ’
n otice a t follow ing prices an d in te re s t: to and in c l., th ro u g h M a y 1 1929 a t
105; th ro u g h M a y 1 1934 a t 103; th ro u g h M a y 1 1942 a t 102; th ro u g h M a y 1
1950 a t 101; th e re a fte r a t p a r; also in th e e v en t th a t a n y m unicipal corpora­
tio n or a n y governm ent subdivision acquires all or a n y p a rt of th e p ro p e rty
of a n y c o n stitu e n t co., all or a n y p a rt of th e b onds, in principal a m o u n t n o t
exceeding th e price so p a id for such p ro p e rty m a y , a t th e election of th e co.,
be declared d ue & p a y ab le a t p a r & in t. I n t. p a y ab le w ith o u t d eduction
of a n y F e d e ra l incom e ta x n o t in excess of 2 % . F e n n ., C o n n ., K ansas
a n d C alifornia 4-m ills, M a ry la n d 4 M m ills, K e n tu c k y , M ichigan a n d D ist.
of C ol. 5-m ills, V irginia 5 li-m ills a n d M ass. 6 % tax es re fu n d a b le . In te re s t
p a y ab le in N ew Y o rk C ity . I n J u n e 1926 G . L . O h rstro m & C o ., In c.
sold $2,500,000 5 A s . , series “ A ” a t 9 7 A & in t., to yield a b o u t 5.7 0 % .
V. 122, p . 3456, 3608. I n S ept. 1926 th e sam e b a n k ers offered $551,000
a d d ’l series A ac 97M & in t., to y ield a b o u t 5 .7 1 % . V . 123, p . 1508.
E A R N IN G S .— C o n solidated earnings of c o n stitu e n t com panies fo r 12
m os. endec.:
Ju ly 31 ’26. Dec. 31 '25.
G ross rev en u es__________________________________
$516,107
$490,232
N e t a fte r m a in te n an c e & ta x e s ___________________
294,217
272,098
A nnual in te re st on fu n d e d d e b t__________________
167,805
______
B alan c e _______________________________________
$126,412
______
C om pare V . 122, p . 3456, 3608; V. 123, p . 1508.
W OODHAVEN W A TER SU PPLY CO.
Control.— In Sept. 1926 it w as re p o rte d t h a t Federal Water Service Corp.
h a d concluded nego tiatio n s for th e acq u isitio n of W oodhaven W a te r Supply
C o. V. 123, p . 1508.
O R G A N IZ A T IO N .—-Incorp. in N ew Y o rk F e b . 28 1888.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. serves th a t section o f G re a te r N ew Y ork know n as “ W o o d h av en ,”
lo c a ted in th e F o u rth W ard o f th e B orough of Q ueens; p o p u la tio n e stim ate d
in excess of 125,000; 17,222 consum ers. C o .’s p ro p e rties com prise 40 acres
of la n d on w hich a re lo c a ted 60 wells, 5 pum ping s ta tio n s hav in g a d aily
c ap a c ity of 17,000,000 gallons of w a te r, a n d tw o reservoirs hav in g a c a p a c ity
of 4,000,000 gallons, w hich a re used to equalize th e m axim um d ra ft a t tim es
of heav y consum ption. 8 7.44 m iles of d is trib u tin g m ains. W a te r is furnished
to 1,223 h y d ra n ts for fire a n d o th e r p u rp o ses. V. 122, p . 3608.
ST O C K A N D B O N D S — D ale.
Interest. O utstanding. M aturity.
C a p ita l sto ck ($50)------------------------------ :____
$400,000 __________
1st m tg e 5 'A % g Series “ A ” / 1926
5 A g J-D
1,000,000 J u n e 1 1946
($1,000, $500 c * )_______ t f il n t . a t B rooklyn T r u s t C o ., N . Y ., tru s te e .
Bonds.— T h e 1st mortgage b o n d s a re secured b y a d ire c t 1st m o rtg ag e on
c o .’s e n tire (incl. afte r-a c q u ire d ) p h y sica l p ro p e rties. A d d itio n a l bonds
(o th e r th a n for refu n d in g p u rp o se s, p a r for p a r) m a y be issued only for 75%
of p e rm a n e n t extensions, & c., p ro v id ed n e t earnings for 12 consecutive
w ith in preceding 15 c alen d a r m o n th s h av e been equal to a t le a st tw ice
a n n u al in te re s t on all 1st m tg e . bonds o u ts ta n d in g , incl. proposed issue.
R e d ., all or p a r t, on th e 1st d a y o f a n y m o n th on 30 d a y s ’ no tice a t 105 to
a n d incl. J u n e 1 1936; a t 104to a n d incl. J u n e 11941: a t 103 to a n d incl.
J u n e 1 1943; a t 102 to a n d incl. J u n e 1 1945, a n d 101 th e re a fte r, u p to
M a y 1 1946: plu s in t. in each case. P e n n . & C onn. 4-m ills a n d M ass. 6%
tax es re fu n d a b le . In J u n e 1926 L ove, M acom ber & C o ., N ew Y o rk , sold
$1,000,000 Series “ A ” a t 100 a n d in t. V . 122, p . 3608.
E A R N IN G S .— F o r c alen d a r years:
1925.
1924.
1923.
G ross re v e n u es---------------------$305,3P4
$285,488
$262,162
O per. e x p ., m a in t. & ta x e s (except
F e d e ra l incom e ta x ) _______
123,818
122,698
106,665
N e t e a rn in g s .------------------------------In te re s t on 1st m tg e . b o n d s_________

$181,496
55,000

$162,790

$155,497

A vail, for d e p r., F e d . in c . ta x , &c__
$126,496
O F F IC E R S .— P res., C . T . C henery; V .-P s., A. W . C uddeback a nd
D onald Ross; Sec. & T re a s., W alter A. C ullin; A sst. Sec. & A sst. T re a s.,
J . P . Shaw , J r. O ffices, W oodhaven, L . L , a n d 299 B roadw ay, N . Y .
C ity .— V . 122, p. 3608; V . 123, p . 1508.
W EST V IR G IN IA W ATER SERV IC E CO.
Control.— Federal Water Service Corp. ow ns a ll th e com m on stock.
O R G A N IZ A T IO N .— In c o rp . in 1926.
. F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Supplies w a ter for dom estic a n d in d u stria l purposes to C h arlesto n , W elch
an d P rin ce to n , W est V irginia. A ggregate p o p u la tio n estim ated to be in
excess of 75,000. P u m p in g eq u ip m en t of 30,250,000 gallons d a ily c apacity;
av erag e d a ily consum ption a pprox. 8,000,000 gallons. W ater for th e system
serving C harleston is o b ta in e d from th e E lk R iver, a p ra c tic ally lim itless
source. T h e su p p ly for W elch an d P rin c e to n is derived fro m d riv e n w ells.
O ver 167 m iles of d is trib u tin g m ains. F ire p ro te c tio n is ren d ered b y 548
h y d ra n ts . 15,092 a c tu a l services.
STO CK A ND BO N D S—
D ate.
Interest. O utstanding. M aturity.
C om m on 10,000 shs. (no p a r ) ____
_______
10,000 shs. __________
6 % cum p re f $1,500,000__________
6
$650,000 __________
1st m tge 5% g ser A ($1,000/ 1926
.5 g F-A
2,250,000 A ug 1 1951
a n d $500 c * )___________ tf [ The E q u it. T r u s t C o. of N . Y ., tru s te e .
Bonds.— T he 1st mtge. 5% g. bonds a re secured b y a d ire c t firs t m o rtg ag e
on a ll of th e physical p ro p e rties of co. A dditio n al bonds m a y be issued for
80% of p e rm a n e n t im provem ents, &c., pro v id ed n e t earnings for 12 con­
secutive w ithin preceding 15 calen d ar m o n th s h av e been a t le a st 1 M
tim es in te re st on all 1st m tge. bonds o u tsta n d in g , incl. proposed issue,
an d all p rio r bonds, if a n y . N e t earnings to be co m p u ted a fte r charging 5%
of gross earnings to m a in te n an c e . T h e re is a maintenance and improvement
fu n d com m encing in 1927, e q u a l to 9% of a n n u a l gross earnings of co.
derived fro m th e m o rtg ag ed p ro p e rties, w hich fu n d m a y be expended for
im provem ents, m a in t., & c., a g ain st w hich no bonds m a y be issued. 5%
series A dated A u g . 1 1926 is red . a t a n y tim e on 60 d a y s ’ notice to & incl.
A ug. 1 1929 a t 105 & in t., to & incl. A ug. 1 1934 a t 103 & in t.; to & incl.
A ug. 1 1940 a t i0 2 & in t.; to a n d including A ug. 1 1950 a t 101 a n d in t.;
th e re a fte r a t p a r an d in t. P e n n ., C o n n ., M in n ., K ansas a nd C alif. 4-m ills,
M ary la n d 4(4 m ills, K e n tu c k y , W . V a. & D ist. of C ol. 5 mills, M ichigan
5 m ills, V irginia 5 A m ills a n d M ass. 6% taxes, refundable, p rin c ip a l &
in t. p a y ab le in N ew Y o rk . In O ct. 1926 G . L. O hrstrom & C o ., In c.
offered $2,250,000 series A a t 92 & in t., to yield over 5.6 0 % . V. 123,
p. 1879.
E A R N IN G S .— F o r 12 m os. ended:
June 30 ’26. Dec. 31 ’25.
$443,191
$437,585
G ross rev en u es___________________________________
O per. exp., m a in t. & tax es o th e r th a n l e d . incom e
ta x e s__________________________________________
207,527
207,156
B alan ce______________________________________
A nnual in te re st fu n d e d d e b t_____________________

$235,664
112,500

$230,429

B alan c e ______________________________________
$123,164
O F F IC E R S .— V .-P re s., A. W . C u d d eb a c k .— V. 123, p . 1879.

(THE) UNITED GAS IMPROVEMENT CO.
O R G A N IZ A T IO N .— O rganized 1870 in Pennsylvania as U nion C o n tra c t
C o. N am e changed in 1885 to U nion C o. a nd again in 1888 to p re sen t title.
C h arte r is perp etu al an d business is th e building, leasing and operating
of gas w orks. &c. (see list in 1900, V. 70, p. 1000, 944). See d a ta as
to th e v arious p ro p e rties in V . 109, p . 894; V . 107, p . 399, 400; V . 79,
p. 498, 2090; V . 80, p .2 3 4 2 ; V . 81, p . 977, 1727; V . 82, p . 1160, 1444; V. 83,
p. 42, 499, 1360, 1541; V . 84, p. 107, 395, 936, 1112, 1304. 1373; V. 85, p. 44;
V. 89, p . 1000; V. 90, p . 1682; V. 91, p. 219; V . 92, p. 1699; V . 95, p. 116,
819; V. 100, p. 404, 647; V . 103, p . 1597. See s ta te m e n t of capitalization
and securities held of su b sid ia ry com panies in V. 107, p . 399. In 1919
organized th e U . G . I . C o n tra c tin g C o . of w hich i t owns th e e n tire capital
stock. T he new com pany to o k over all th e construction business &c..

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TERRITORIES SERVED BY SUBSIDIARIES OF

of T h e U . G . Im p ro v em en t C o. V . 108, p . 1719. In A ug., 1925. th e com pany
m erged th e A m erican Gas C o. of P a . H olders o f A m . G as Co. sto ck w ere
given th e privilege o f exchanging th e ir sto ck on th e basis of one share of
U n ited G as Im p ro v em en t C o. for tw o shares of A m . G as C o. F or p a r­
tic u la rs see V. 120, p. 3317, a n d V. 121, p . 1103. In Sept. 1925 acquired
L eb an o n G as & F u el C o ., previously oper. b y C ities Service C o., w hich
ow ned a b o u t on e-fo u rth of th e $500,000 cap ital sto ck (par $100).— V.
121, p . 1463.
In S ep t. 1920 th e c o m p an y so u g h t a re a d ju stm e n t o f its lease of th e C ity
G as W orks, V . I l l , p . 1190, 1860; V. 113, p . 89, 427, 544, 635, 738, 1162,
1259. R e p o rt of G as C om m ission, V . 112, p . 2314.
T h e c o m p an y redeem ed on J u n e 15 1925 all o u tsta n d in g shares of
P referred sto ck b y p a y m e n t in cash o f $55.1458 1-3 for each sh are, in cl.
accru ed dividend fro m Ju n e 1-15 1925. V. 120, p . 2552.
On Ju n e 5 1925, th e au th o rized C ap ital sto ck was increased fro m 1,521,456
to 1,654,862 sh ares. Stockholders (C om m on & P ref.) w ere given th e
rig h t to subscribe, incl. J u ly 28 a t p a r ($50) plus accrued dividend a t ra te
o f 8% p e r a n n u m , to th e ex te n t of 10% of th e ir holdings. V . 120, p . 2945.
On S ep t. 23 1926 stockholders were to v o te on increasing th e capita]
sto ck fro m 1,639,941 to 2,036,528 shares (par $50) an d on authorizing
d irecto rs to declare a 25% sto ck d iv id en d , p ay ab le N o v . 15 1926 to holders
o f reco rd O ct. 15 1926.— V. 123, p. 583.
T h e U n ite d G as Im p ro v em en t C o. is in te re sted in th e follow ing public
u tility p ro p erties:
A llentow n-B ethlehem (P a.) G as Co. Iow a L ight, H e a t & P o w er Co.
A m erican G as C o.
K an sas C ity (M o.) G as Co.
A m er. P ublic U tilities C o ., Chicago L ebanon (P a.) G as & Fuel C o.
A n n v ille& P a lm y ra (P a.) G . & F . Co. M an ch ester (N . H .) G as Co.
C h arlesto n (S .C .)C o n s. R y . & L tg .C o M exico (N. Y .) E lec tric Co.
C e n tra l Iow a Pow er & L ig h t Co.
M id lan d U tilities C o ., C hicago, 111.
C oncord (N . H .) G as Co.
M inneapolis (M inn.) G as L ight Co.
C o n n ecticu t R y . & L tg . C o ., N ew
M ohaw k-H udson P o w er C orp.
H av en , C onn.
N ash v ille (T enn.) G as & H eating Co.
C o n n ecticu t E lectric Service Co.
N o rth e rn L iberties G as C o., P hiladel­
C onsum ers G as C o ., R eading, P a .
p h ia , P a.
P a te rso n & Passaic (N . J .) G as &
C ounties G as & E lectric C o .,
E lectric Co.
D es M oines (Iowa) G as Co.
E a s t P e n n G as L t. C o ., E m o u s, P a . Pensacola (F la.) G as Co.
E q u itab le Illu m in atin g G as L t. C o. of Public Service C orp. of N ew Jersey.
S t. A ugustine (F la.) G as & E . L . Co.
Philadelphia.
Essex & H udson G as C o ., N ew ark , S avannah (G a.) Gas Co.
N . .1.
Seneca R iver Pow . C o ., Baldw insville,
H arrisb u rg (P a.) G as Co.
N . Y.
Sioux C ity (Iowa) G as & E lectric Co.
H ighland G as C o ., Q uakertow n,
H udson C o u n ty G as C o ., Jersey P a. Sioux C ity (Iowa) Service Co.
S o u th eastern P ow . & L ight C o.
C ity , N . J .
H um m elstow n (P a.) G as & F u el Co. W y an d o tte C o u n ty G as C o ., K an ­
sas C ity , K a n .
ST O C K —
Dale.
Interest. O utstanding. Latest D ie.
Q -J
$81,461,100 J u ly ’26 2%
C om m on, $101,826,400 ( $ 5 0 ) - ____
Stock Increase.'— On S ep t. 23 1926 th e a u th o rized c ap ita l stock w as in­
creased fro m 1,639,941 sh ares ($50) to 2,036,528 sh ares in connection w ith a
sto ck div id en d of 2 5 % , p a y ab le N o v . 15 1926. V. 123, p . 1635.
T h e p referred stock w as re tire d J u n e 15 1925.
D ividends.— F ro m 1888 to 1920 8% p e r a n n ., p ay ab le q u a r. J a n . 15
1921 to O ct. 14 1922 p aid 1 % q u a r.: J a n . 15 1923 to O ct. 15 1923 paid 1 % %
q u a r.; J a n . 15 1924 to O ct. 1924 p aid l M % q u a r . J a n . 15 1925 to J u ly 15
1926, 2% q u a r. In J a n . 1896 paid ex tra 15% in co n v ertib le scrip; also 10%
ex tra M a r. 1 1910 in scrip co n v ertib le in to stock to Ju n e 30 1910. Also in
A pril 1917 2% e x tra from p ro fit on sale o f securities. V. 104. p. 1050. On
J u ly J5 1925 p aid ex tra div id en d of 3 % . V. 120, p . 3067. D eclared p a y ­
able N ov 15 1926 to holders of reco rd O ct. 15 1926 a stock dividend of 25% .
V .123,p .1 6 3 5 ,1879. On pf. p a id 1 M % q u a r. Sept. 15 1920 to J u n e 15 1925.
E A R N IN G S .— For calen d ar years:
1925.
1924.
1923.
1922
R egular inc. from leased
w orks a n d in v estm en ts $9,955,285 $9,326,510 $8,483,135 $7,767,382
P ro fits on sale of sec u rs.
37,467
235,933
18,288
______
T o ta l incom e_________ $9,992,751
$9,562,443 $8,501,423
E xpenses, taxes, in t.,& c . $1,476,620 $1,310,707 $1,247,346
Loss on oper. P h ila .G .A .
414,455
154,480
820,121
D ividends p a id ________ 5,482,082
4,699,440
4,089,024

$7,767,382
$1,437,669
895,682
2,868,429

B alance, su rp lu s_____$2,619,594
$3,397,816 $2,344,931 $2,565,603
F o r G as Sales E q u ita b le Illu m in atin g G as L ight C o ., see V . 121, p . 588,
2158.
O F F IC E R S ..—C h airm an o f B o ard , Sam uel T . B odine; P re s ., A . W.
Thom pson; V ice-Pres. an d G en. M g r., W illiam W. B odine, V .-P s ., Lewis
Lillie, P a u l T h om pson, P . H . G ad sd en , J . T . H u tc h in g s, G . W . C u rra n ,
J . A . P earso n , F . J . R u tleag e an d J . B. K lu m p p ; T rea s., T . W. M orris;
Sec., G . W. C u rra n . Offices, B road a n d A rch S ts., P h iladelphia, P a .—
V. 121, p. 588, 841, 1103, 1463; V. 122, p . 1028,-1765, 2193, 3343; V. 123,
p . 208, 583. 1635. 1879.

AMERICAN GAS COMPANY.
Controlled b y U nited Gas Im provem ent Co.
O R G A N IZ A T IO N .— In co rp . in N ew Jersey in 1892. In Ju n e 1925 the
U n ited G as Im p ro v em en t Co. acq u ired thro u g h exchange of stocks (see
u n d e r U n ited G as Im p ro v em en t C o .), th ro u g h th e Am erican Gas Co. (Pa.).
specially organized for effecting th is exchange, th e A m erican G as C o..
N . J . See for full p a rtic u la rs, V. 120, p . 2266, 2544, 2682, 2813, 2547.
2939. 3184; V . 121. p . 456, 1099. 1226, 1458.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h ro u g h th e ow nership of th e en tire com . stock of its subsidiaries, operates
electric lig h t a n d pow er a n d gas p ro p e rties serving 126 com m unities in the
E a s t a n d M id d le W est, rep resen tin g a p o pulation of a p p r. 1,000,000, engaged
in w idely d iversified a ctiv itie s. A m ong th e p rin cip al subsidiaries are th e
following: (a) P h ilad elp h ia S u b u rb an G as & E lec. C o ., supp lying electricity
an d gas to th e g re a te r p a rt of th e su b u rb a n te rrito ry im m ed iately ad ja ce n t
to th e C ity of P h ilad elp h ia. (b) L uzern e C o u n ty G as & E lec. C o ., supplying

American Gas Company
and

Underlying Securities
B0 UGHT— SOLD—Q VOTED

BIOREN & CO.
E sta b lish ed 1865

410 Chestnut St.




33

GAS AND WATER

Oct., 1926.]

PHILADELPHIA

electric pow er a nd lig h t and gas in th e rich a n th ra c ite coal d is tric t of P e n n a .
(c) R ockford G as L t. & C oke C o ., supplying gas in th e C ity of R ockford,
111. (d) B urlington L t. & P ow . C o., furnishing electricity a nd gas to th e
C ity of B urlington, V t., and electricity to th e m unicipalities of E ssex J e t.,
R ichm ond a nd W inooski, (e) C en tra l Iow a Pow er & L ig h t C o . (see s e p a ra te
s ta te m e n t on a subsequent p a g e ).
T h e pro p erties ow ned a n d o p e ra te d b y th e subsidiaries incl. electric gen­
e ra tin g statio n s h aving an aggregate installed c a p a c ity of 126,000 k .w . w ith
800 m iles of high-voltage transm ission lines an d electric d istrib u tin g system s
in over 100 cum m unities; also 15 m odern gas p la n ts having a daily c apacity
of 30,000,000 cu. f t., w ith 1,400 m iles of gas m ains.
ST O C K A N D B O N D S —
Date.
Interest. Outstanding. M aturity.
C om m on $15,000,000 ($100)_______
_________ $13,980,507
See te x t
100-year 6% bonds Series “ A ” / 1916
6 g J-J
3,000,000 J a n . 1 2 0 1 6
($500 a nd $1,000) g _____c * \I n t. a t G ira rd T r u s t C o ., P h ila ., tru s te e .
Stock.— C om m on is listed on P h ila. Stock E xchange. V . 119, p . 944.
Bonds.— 100-Year 6s, Ser. " A , " a re call, as a w hole on a n y in t. d a te a t
110 a n d in t.
All of th e ou tsta n d in g 10-year 7% convert, bonds, due Ja n . 15 1928, w ere
called for p a y m e n t J u ly 15 1926 a t 102 an d in t. V. 122, p . 2946.
All of th e ou tsta n d in g 10-year 7% s. f ..secured gold bonds, due Jan. 1 1934,
w ere called for p a y m e n t J u ly 1 1926 a t 104 a n d in t. V . 122, p. 3209.
D ividends.— Q uar. divs. of 1 H % w ere p a id on com m on incl. Ju ly 1925.
In O ct. 1925 th e ra te w as increased to 8% p er an n u m , an d a q u a r. div . of
$2 was p aid and regularly q u a rte rly since. On th e A m erican G as C o. (Pa.)
stock, w hich is $50 p a r value, 75c. q u a r. w as p aid incl. J u ly 1925. A stock
dividend of 22% % w as p a id in A p ril 1925. V. 120, p . 1455.
E A R N IN G S .— F or calendar years:
1922.
1924.
1925.
1923.
G ross e a r n s s u b . cos
$11,802,052 $10,573,097 $10,230,821 $9,539,604
5,279,139
O per. expenses, sub. cos. 5,675,356
5,147,125
5,298,393
O per. in c ., sub. cos_ $6,126,696
_
D epreciation, &c_ _____ 1,433,898

$5,425,971
1,617,834

$4,932,428
1,601,560

$4,260,464
1,312,360

N e t o perating incom e. $4,692,798
M iscellaneous incom e_
_
160,337

$3,808,137
123,179

$3,330,868
106,330

$2,948,104
89,017

T o ta l incom e s u b . cos $4,853,135
Bond in te re st, sub. c o s .. 2,040,639
M iscellaneous deductions
220,185
Pref. dividends sub. co s.
847,868

$3,391,316
1,683,528
143,499
517,033

$3,437,198
1,485,022

$3,037,121
1,391,973

254,546

59,760

T o ta l re v . A m . G as Co $1,744,443
O ther incom e______ _
1,210,573

$1,587,255
729,538

$1,697,628
369,691

$1,585,388
326,580

T o ta l in c o m e .. . _
G eneral expense_______
In te re st on b o n d s. .
Inerest on loans _ _____

$2,955,016
541,998
401,102
3,153

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

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

$1,911,968
328,647
441,091
62,273
82,628

200,000
820,500

237.577
487,740

468,246

Surplus reserved b y s u b s .
D ividends________

63,000

78.041

S urplus for y e a r_
_
$622,581
$988,263
$538,613
$919,287
O F F I C E R S — P res., M orris W . Stroud; V .-P ., Jo h n C . Low ry; V .-P .,
W. W . B odine G en ., M g r., S. P . C u rtis; Sec., John H opkins; T re a s ., Jo s.
B. T ow nsend 3d.— V. 121, p . 456, 1226, 1458; V. 122, p . 1504, 2946, 3209.)

THE UPHAM GAS CO. (MT. VERNON, OHIO).
O R G A N IZ A T IO N .— In c o rp . in O hio, M arch 1923 for th e purpose of
producing, tra n sp o rtin g a n d m a rk e tin g n a tu ra l gas for in d u stria l a n d
com m ercial purposes. In M arch 1926 acquired th e physical properties
of T he U pham Co. (incorp. in 1905 in W est V irginia), w hich la tte r com pany
up till th e n h a d sold th e gas it produced from its properties in Ohio to th e
U pham Gas C o. for d istrib u tio n am ong consum ers.
Y IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C om pany sells gas m ostly to in d u stria l consum ers in an d a b o u t M o u n t
V ernon, Ohio. Surplus gas is sold to E a s t Ohio G as C o. a nd Ohio Fuel
G as C o. 85% is sold to in d u stria l or m anufacturing p la n ts, m ore th a n 12%
to o th e r gas com panies a n d less th a n 3% to dom estic consum ers. T he gas
is produced from 73 producing wells, th e to ta l open flow of w hich is esti­
m a te d a t 10,000,000 cu. ft. 19,700 acres of leasehold are available to th e
com pany as reserves or undeveloped p ro p e rty . C om pany also acquired
from T h e U pham C o. a b o u t 76 miles of pipe line, 3 80 -H .P . com pressor
u n its, re a l e sta te , franchises, e tc ., etc.
ST O C K A N D B O N D S— Date.
Interest. Outstanding. M a tu r ity T
C om m on— 15,000 shs.(no p a r ) ____
________ x l0 ,4 5 0 sh s ___________
6% cum p re f $250,000 ( $ 1 0 0 ) . ____
6
$250,000 __________
F irst m tg e 7% 5 y r s f gold! 1926
7 J -J
650,000 J a n 1 1931
$650,000 ($1,000, $500)c*tf JP rin . a nd in t. a t N a t. C ity B k, of C leveland,
O hio, tru ste e .
x 4,550 shs. are reserved for issuance ag ain st exercise of sto ck o p tion
w arran ts.
.........................................
Bonds.— T he 1st mtge. 7% 5-year s. f . gold bonds, dated Jan. 1 1926 are
secured b y a closed 1st m tg e. on th e entire physical p roperties, incl. those
acquired fro m T he U pham C o. an d all after-acquired properties. T h ere is
a sinking fu n d beginning M a y 1 1926, payable $7,875 m o n th ly p rio r to
J a n . 1 1927; th e re a fte r, $8,000 m o n th ly prior to J a n . 1 1928; $9,000 m o n th ly
prior to J a n . 1 1929; $10,000, m o n th ly prior to J a n . 1 1930; $10,500, m onthly
prior to J a n . 1 1931. M oneys to be used solely to purchase bonds a t or
below redem ption price, otherw ise for re tirem e n t b y lot a t such price.
B y m a tu rity a m inim um of $505,000 will have been re tired . R ed. as a
whole or in p a rt, b y lo t, on 30 d a y s’ notice a t 102% on or before J a n . 1 1927;
a t 102 on or before J a n . 1 1928; a t 101 % on or before J a n . 1 1929; a t 101
prior to J a n . 1 1931. All personal p ro p e rty a nd incom e taxes of a n y S tate
or th e D istric t of C olum bia n o t exceeding 5 mills refundable. In M ar.
1926, A . M . L a m p o rt & C o ., In c ., N ew Y ork, N . Y . a nd G eo. W . Y ork
C o ., C leveland, offered $650,000 a t 100 an d in t. E a c h $1,000 bond was
accom panied b y a d e ta ch a b le Stock O ption W a rra n t e n titlin g th e holder
th ereo f to purchase 7 shares of com m on stock prior to J a n . 1 1927 a t $27 50
per share; prior to J a n . 1 1928 a t $35 per share an d prior to J a n . 1 1930 a t
$50 per sh are. E a c h $500 b ond e n title d to a p ro p o rtio n a te privilege.
V. 122, p . 1457.
Officers.— P re s ., Jam e s A . U p h a m .— V . 122, p. 1457.

SOUTH BAY CONSOLIDATED WATER CO., INC.
O R G A N IZ A T IO N .— In c o rp o rate d in 1925; form erly Q u antuck W ater
W orks C o ., incorporated in N ew Y ork in 1902. C om pany acquired an d
o perates th e properties of th e G re a t S outh B ay W ater C o. (V. 115, p . 2911)
a n d th e S outh am p to n W a te r W orks C o. In Sept. 1925 acquired th e
A m ityville (L. I.) W ater W orks C o. V. 121, p . 1570.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C om pany supplies w a ter for dom estic a n d public purposes to l7 com m un­
ities located on th e S outh Shore of L ong Isla n d , serving a pop u latio n of over
54,000. Included in th is te rrito ry are th e tow ns of M errick, Bellm ore,
A m ityville, B rig h tw aters, B ay Shore, Islip, E a st Islip , G re a t R iv er, O ak­
dale, Sayville, B a y p o rt, B lue P o in t, P atchogue, W esth am p to n , Q uogue.
E a s t Q uogue, S o u th am p to n , a n d P o rt Jefferson on th e N o rth Shore.
T h e wells of th e com pany, 68 in n u m b er, a re located in 5 w idely sep a ra te d
p a rts of th e te rrito ry . E a c h group of wells h a s its own p um ping s ta tio n .
T o ta l daily pum ping c ap a c ity 24,882,000 gallons. 178 m iles of c ast iron
d istrib u tio n m ains; 9,028 custom ers. V. 120, p . 2684.
ST O C K A N D B O N D S—
Date.
Interest. Outstanding. M aturity.
C om m on, $1,000,000 ______________
_________ $750,000
6% cum . p re fv $2,0 0 0 ,0 0 0 .________
6
591,360
1st ref. m tge. 5% gold, seriesl 1925 5 g M -N 1,601.500
M a y 1 1950
A ($1,000, $ 5 0 0 c * )_______ /S eab o ard N a t’l B an k , N . Y. C ity , tru ste e .
G t. So. B ay W at. C o. 1st ref. I 1908 5 g M -N x305,500 N o v . 1 1938
5s ($1,000, $ 5 0 0 )c * _____t f / I n t . a t P eople’s T ru st C o., B l’y n , N . Y ., tr .
x A like principal a m o u n t of 1st ref. m tge. bonds are reserved for th e
refunding of these bonds.
Bonds.— T h e ls« & ref. mtge. 5% gold bonds, series A , dated M a y 1 1925,
are red . all or p a r t a fte r 30 d a y s’ notice a t 105 a nd in t. to a nd incl. M a y 1
1926 a n d th e re a fte r a t 105 a n d in t., less 1-5% for each y e ar th e b onds
have been o u tsta n d in g . A sinking and improvement fu n d will, for th e five
y ears ending M a y 1 1930, aggregate a t le a st 10% of th e 1st ref. m tge.

34

PUBLIC UTILITIES

[V ol. 123.

The United Gas Improvement Company
PHILADELPHIA, PA.

The Company is a shareholder in the following Public Utilities :




Allentown-Bethlehem (Pa.) Gas Company
C o n t r o l l in g :

H ig h la n d G as C om p an y, Q u a k er to w n , P a.

American Gas Company, Philadelphia, Pa.
C o n t r o l l in g :

B a n g o r (Me.) G as L ig h t C o.
B u r lin g to n (V t.) L ig h t & P ow er Co.
C en tra l Iow a P ow er & L ig h t Co.
L u zern e C o u n ty G as & E le ctric C o r p o r a tio n , K in g s to n , P a.
P e te r sb u r g (V a.) G as Co,
R o ck fo rd (111.) G as L ig h t & C oke C o.

American Public Utilities Company, Chicago, 111.
C o n t r o l l in g :

A lb io n (M ich.) G as L ig h t Co.
B o ise (Id a h o ) G as L ig h t & C oke C o.
C en tra l In d ia n a Pow er C o.
H o lla n d (M ich.) G as W orks
U ta h G as & C oke C o., S a lt L ake C ity , U ta h

Charleston (S. C.) Consolidated Railway & Lighting Co.
Concord (N. H.) Gas Company
Connecticut Electric Service Company, Hartford, Conn.
C o n t r o l l in g :

B risto l & P la in v ille E le c tr ic C o.
C o n n e c tic u t L ig h t & P ow er C o.
E a stern C o n n e c tic u t P ow er Co.

Consumers Gas Company, Reading, Pa.
Des Moines (la.) Gas Co.
East Penn Gas Light Co., Emaus, Pa.
Equitable Illuminating Gas Light Co., Philadelphia, Pa.
Harrisburg (Pa.) Gas Co.
Lebanon Valley (Pa.) Gas Co.
Manchester (N. H.) Gas Co.
Midland Utilities Company, Chicago, 111.
C o n t r o l l in g :

,

B erne E le c tr ic C o.
C h ica g o , S o u th S h o re & S o u th B en d R ailroad
E ast C h ic a g o G as Co.
G ary R a ilw a y s C om p an y
In d ia n a B y -P r o d u ct G as C o .
I n d ia n a S ervice C o rp o ra tio n
K okom o G as & F u el C o.
M arion a n d B lu ff to n T r a c tio n Co.
N o r th e r n I n d ia n a P u b lic S ervice C o.
P u b lic S ervice P ip e L ine C o.
W est O h io G as C om p an y

Minneapolis (Minn.) Gas Light Co.
Mohawk Hudson Power Corporation, Schenectady, N. Y .
C o n t r o l l in g :

A d iro n d a ck P ow er & L ig h t C o rp o ra tio n
C e n tr a l N ew Y ork P ow er C o.
C o h o es P ow er & L ig h t C o rp o ra tio n
E a stern N ew Y ork U tilitie s C orp oration
F u lto n C o u n ty G as & E le c tr ic C o.
M exico E le c tr ic Co.
M u n icip al G as C o. of C ity of A lb a n y
N ew p o rt E le c tr ic L ig h t & P ow er Co.
S e n e c a R iver Pow er Co.
S y r a c u se L ig h tin g C o., In c.
U tic a G as & E le c tr ic C o.

Nashville (Tenn.) Gas & Heating Co.
New England Power Association, Boston, Mass.
C o n t r o l l in g :

B ello w s F a lls P ow er Co.
C o n n e c tic u t R iver P ow er Co. o f N ew H am p sh ire
D e er fie ld R iver P ow er Co.
M ascom a L ig h t & P ow er C o.
N ew E n g la n d Pow er Co.
N ew E n g la n d P ow er S e c u r itie s Co.
R h o d e Isla n d P ow er T r a n sm issio n C o.

Northeastern Power Corporation, New York City
C o n t r o l l in g :

O sw ego R iver P ow er C o rp o ra tio n
P ow er C o r p o r a tio n of N ew Y ork

Northern Liberties Gas Co., Philadelphia, Pa.
Pensacola (Fla.) Gas Co.
Philadelphia (Pa.) Suburban Counties Gas & Electric Co.
Public Service Corporation of New Jersey, Newark, N. J.
St. Augustine (Fla.) Gas & Electric Co.
Savannah (Ga.) Gas Co.
Sioux City (la.) Gas & Electric Co.
C o n t r o llin g :

S io u x C ity S ervice C o.
Iow a L ig h t, H e a t & P ow er C o.

Southeastern Power & Light Co., Birmingham, Ala.
C o n tr o llin g:

A labam a P ow er C om p an y
G eorgia L ig h t, P ow er & R ailw a y s
G eorgia R a ilw a y & P ow er C o.
G u lf E le ctric C o.
M ississip p i P ow er C o.
M obile E le c tr ic Co.
P e n sa c o la E le ctric C o.
R om e R a ilw a y & L ig h t Co.

series A bonds issued an d will a m o u n t to a t le a st 3% an n u ally th e re a fte r
u n til m a tu rity ; m oneys to b e used for th e purchase a n d re tirem e n t of bonds
o r for b e tte rm e n t, &c. P e n n , a n d C onn. 4 m ills, M ary lan d 4 f i mills a nd
M ass. 6% taxes refu n d ab le. E x e m p t from personal p ro p e rty ta x in N ew
Y o rk . In M ay 1925 T ay lo r, E w a rt & C o ., In c ., offered $1,000,000 series
A a t 89 a n d in t., to yield over 5 .8 0 % . V . 120, p . 2684.
E A R N IN G S .—-For 12 m os. end. M arch 31 1926; G ross, $290,748; n e t,
a fte r m a in t. & taxes, $170,557. F o r 12 mos. end. S ep t. 30 1925: G ross,
$282,162; n e t, a fte r m a in t. & tax es, $158,223.
O F F IC E R S .— P re s ., F ran c is W . Collins; V .-P ., F . C . H in k el, J r ., a nd
W . D . V an B ru n t; Sec. & T re a s., L . A . Schaeffler.— V . 120, p . 2684;
V . 121, p . 1570, 2040, 2158; V . 123, p . 712.

WASHINGTON GAS LIGHT CO.
O R G A N IZ A T IO N .— In c o rp . b y A ct of C ongress in 1848.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
D oes en tire gas business in D ist. o f Colum bia, except to th e e x te n t th a t its
su b sid iary , th e G eorgetow n G as L ig h t C o ., sim ilarly serves th a t portion of
th e D istric t know n as G eorgetow n. C o. d irectly or in d irectly controls
certa in sm all com panies w hich su p p ly gas to several a d ja c e n t com m unities
in th e S tates of M ary lan d a n d V irginia. Owns 2 gas m a n u facturing p la n ts
having a com bined daily cap acity o f a b o u t 25,000,000 cu. f t., from w hich gas
is d istrib u te d through 623 miles of gas m ains, serving 93,766 m eters and
thro u g h 169 miles of sub. cos.’ m ains serving 14,841 m eters.
F o r consolidation o f co. a n d its su b sid iary , th e G eorgetow n G as L ight
C o ., see V. 122, p . 215.
ST O C K A N D B O N D S—
Date.
Interest. Outstanding. M aturity.
Stock $2,600,000 ($20)____________
_______
$2,600,000 A ug 26 90c
G en. (now ls tj m tg e ($500)1 1910
5 g M -N
5,199,612 N ov 1 1960
g o ld ___________________ c * /ln t. a t A m er. Sec. & T r. C o ., W ash ., tru ste e .
10-year m tg e bonds Series A f 1923
6 g A-O
4,000,000 A pril 1 1933
$15,000,000 ($100, $500 & /Riggs N a tio n a l B an k , W ash ington, D . C .,
$1,000) g ____________ c * tf [ T ru ste e .
Bonds.— 'T he 10-yr. 0% M tge. bonds Series " A ” are n on-callable. In t.
payable in N ew Y ork a n d W ash in g to n , D . C . In M ay 1923 H a rris, Forbes
& C o. a n d N a tio n a l C ity C o. offered a p o rtio n of th is issue a t p a r a n d in t.
V. 116, p . 2156.
E A R N IN G S .— F o r c alen d a r years:
Total
N et after
Fixed
Balance,
Revenue. Taxes, &c.
Charges. D ividends. Surplus.
xS90.273
1925_____ _____ -$4,973,686 $1,101,952
$543,679
$468,000
298,897
1924.................... __ 4,992.534 1,291,605
524,708
468,000
88,372
1923__________ 4,976,329 1,112,147
555,776
468,000
x A fter settin g u p $70,000 to a p p ly on incom e ta x 1925.
O F F IC E R S .— P res., O rd P resto n ; V .-P ., R o b t. D . W eaver; Sec., W m .
B. Orme; T rea s., Law rence T ow nsend; C o m p t.. S. N . W hitw ell.— V. 118,
p . 807, 2962; V. 120, p . 707; V. 122, p . 215, 752.

WEST OHIO GAS CO.
Control.— M id la n d U tilities C o. ow ns o r controls th e en tire o u tsta n d in g
com m on sto ck (except d ire c to rs’ sh a re s).
O R G A N IZ A T IO N .— In co rp . in Ohio N o v . 1924. Is a consolidation
(V. 120, p . 455) o f th e p ro p erties of th e com panies heretofore engaged in
supplying n a tu ra l a n d artificial gas to L im a, O ., a n d n a tu ra l gas to th e
neighboring tow ns of C rid ersv ille, W ap ak o n eta, S t. M ary s a n d C elina.
P u rch ased in 1925 th e gas p ro p e rty a t K e n to n , O hio. P o p u la tio n served,
78,300. C o m p an y owns a c a rb u re tte d w ater gas m an u fa c tu rin g p la n t,
wdth a d aily g en eratin g c a p a c ity o f 4,000,000 cu . f t.; 206.65 miles of gas
m ain s; 15,969 cu sto m ers. V . 120, p . 2402.
Rates.— See V . 123, p . 1384.
ST O C K A N D B O N D S .—
Date.
Interest. Outstanding. M aturity.
C om 75,000 shs (no p a r ) ______ _____
_________ x75,000 shs ___________
Class A 7% cum p re f_________
7
$300,000 S e p t‘26 1M
C lass B 7% cum p re f_________
7
450,000 Sept 26 1%
1st re f M 6% g Ser A ($1,000, ( 1924
6 g J-D
• 1,000,000 D ec 1 1954
$500, $100 c * )_________ t f \ I n t . a t H alsey, S tu a rt & C o., In c ., C h i.& N .Y .
x O u tstan d in g in h a n d s of th e public.
Bonds.— T h e ls i < ref. mtge. bon d s are secured b y a 1st m tge. on all fixed
%
p ro p e rty (incl. a fter-acq u ired ), su b jec t to th e o u tsta n d in g d ivisional bonds
on after-acq u ired p ro p erties. A d d itio n al bonds o f a n y series a n d any
te n o r m a y be issued, a g ain st cash or for refunding purposes or for 75% of
new c o n stru ctio n . I f issued to re fu n d bonds of o th er series of th is m tg e .,
b earing a lower ra te of in te re s t, or to refu n d th e indebtedness of a sub­
sid iary , o r for new c o n stru ctio n , &c., earnings d u rin g 12 o u t of preceding 14
m o n th s shall hav e been a t least 1 % tim es in te re st charges on all bonds
o u tsta n d in g , incl. new issue. R ed ., whole or p a rt, on 30 d ays notice to
D ec. 1 1953 a t 1073^ a n d in t., less M for each fu ll y ear elapsed a fte r N o v . 30
1924, a n d su b seq u en t to N o v . 30 1953, a t 100 a n d in t. P e n n a . a n d C onn.
4 m ills, M a ry lan d 4 M m ills, D is t. of Col. 5 m ills an d M ass. 6% taxes
refu n d ab le. In M a y 1925, H alsey , S tu a rt & C o ., In c ., offered $1,000,000
6% Series A bon d s a t 100 a n d in t. V . 120, p . 2402, 2685.
E A R N IN G S .— F o r calen d ar y e a r 1925: O perating rev enue, $672,165:
n e t a fte r re tire m e n t, $192,729; ta x e s, &c., $45,701; m iscell. deductions.
$23,377: b o n d in te re s t, $60,000; class A p ref. d iv s., $21,000; class B p re f
d iv s ., $31,500; b alan ce, su rp lu s, $11,151.
O F F IC E R S .— C h airm a n , Sam uel Insull; P re s ., E . R . C u rtin ; A sst, to
P re s ., E . R . C u rtin J r.; V .-P ., Sam uel In su ll J r .; Sec., W . D . Boone;
T re a s ., G eorge F . M itch ell; C o m p t., W . A . Sauer. Office. 112 W est
M a rk e t S t., L im a, O hio.—-V. 120, p . 455, 2402, 2685; V. 122, p . 1172;
V . 123, p . 1384.

WESTERN NEW YORK WATER CO.
O R G A N IZ A T IO N .— In c o rp . u n d e r th e T ra n sp o rta tio n A ct of th e S tate
o f N ew Y ork F eb . 14 1902.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Supplies w ater w ith o u t co m p etitio n for dom estic, in d u stria l an d public p u r­
poses to cities, tow ns a n d villages in th e su b u rb an te rrito ry im m ediately
a d ja ce n t to th e C ity of B uffalo, incl. th e C ity of L ack aw an n a, th e tow ns of
W est Seneca, T on aw an d a, A m h erst an d C heektow aga, p o rtio ns of th e tow ns
o f H am b u rg , E a s t H am b u rg , L an caster an d A lden, and th e villages of
B lasdell, Sloan, D epew , L an caster, W illiam sville a n d K enm ore. T he
p o p u la tio n served h as grow n fro m 72,000 in 1920 to 112,000 in 1925. C o.'s
p la n t is of m odern design; th e d istrib u tio n sy stem com prises approx. 180
m iles o f pipe, v ary in g in size fro m 4 to 24 inch; 800 fire h y d ra n ts, exclusive
o f th o se used w here w ater is fu rn ish ed wholesale, fu rn ish fire protectio n .
T h e w ater sup p ly is ta k e n fro m L ak e E rie a t W oodlaw n, a b o u t 2 m iles
so u th o f B uffalo. T here a re no lim itatio n s as to th e a m o u n t of w a ter which
th e co. m ay ta k e fro m th is in ex h au stib le source. A pprox. 10,000,000 gals,
a d a y are pum ped, while a n ad d itio n al p u m p w hich is being installed will
b e cap ab le of increasing th is a m o u n t to 15,000,000 gallons p er d a y . All th e
c o .’s franchises are u n lim ited as to tim e and w ith o u t b urdensom e re stric ­
tio n s. C o. also fu rn ish es th e only p o tab le w a te r for a n um ber of large
in d u stria l an d railro ad u n its. V . 121, p . 2040.
S T O C K A N D B O N D S— D ate.
Interest. O utstanding. M aturity.
C om m on 50,000 shs (no p a r ) . . ____
_________ 50,000 shs __________
P re f 50,000 shs (no p a r ) ______ _____
See te x t 10,000 shs __________
1st M 5M % gold Series A ? 1925
5 H g M -N $2,000,000 N o v 1 1950
($1,000, $500, $100)_ -C * tflF id e lity T r . C o ., B uffalo, N . Y ., tru ste e .
10-yr 6% conv deb g b o n d s/ 1925
6 g M -N
1,000,000 N ov 1 1935
($1,000, $500, $ 1 0 0 )_ .c* tf (F id elity T ru st C o ., B uffalo, N . Y ., tru ste e .
D epew & L ake E rie W ater Co | 1900
5 g J-D
599,000 Ju n e 1 1930
1st (closed) M 5% b o n d s /In t. a t G irard T r u s t C o ., P h ila., tru s te e .
($1,000c) (assum ed)___ t f l
D epew & L ake Erie W ater Co [ 1901
5 g J-D
186,000 D ec 1 1926
2d (closed) M 5% b o n d s /In t. a t G irard T ru s t C o ., P h ila ., tru ste e .
($1,000 c) (assum ed)___ t f l




35

GAS AND WATER

Oct., 1926.]

Stock.—P referred sto ck h a s preference over com m on sto ck as to assets
(®100 per share) a nd n o n-cum ulative dividends of $5 per a n n u m , a nd also
p a rtic ip a te s equally p e r share w ith com m on stock in all dividends p a id on
th e la tte r u n til $8 p e r sh are p e r a n n u m has been p a id on pref. sto ck . Is
re d . a t $105 p e r share a nd has full an d equal v o ting rig h ts w ith com m on
stock. Of th e unissued 40,000 shares pref. stock, 13,334 shares are re ­
served for th e conversion of th e $1,000,000 10-yr. 6% conv. deb. gold bonds,
a n d no a d d itional shares m a y be issued w ith o u t th e consent of a t le a st 2-3
of th e a m o u n t of preferred sto ck o u tsta n d in g .
Bonds.— T h e 1st M . gold bonds a re secured b y a dire c t 1st m tg e . u p o n all
th e p re sen t an d after-acq u ired p ro p e rty a n d assets of th e co., su b ject only
to $186,000 (due D ec. 1 1926) a n d $599,000 (due Ju n e 1 1930) assum ed bonds
on th a t sm all p a rt of th e p ro p e rty form erly owned b y D epew & L ake E rie
W a te r C o. F o r th e re tire m e n t of th ese underlying bonds a t m a tu rity .
1st m tge. bonds of W estern N . Y . W ater C o. are reserved. A dditional bonds
m a y be issued in series bearing such in te re st ra te s, m a tu rity d a te s, &c.,
as directors shall d eterm ine, b u t only (a) for refunding purposes,
(6) for 80% of new constru ctio n , &c., an d provided n e t earnings for 12 o u t
of preceding 15 m o n th s h av e been a t least 1 % tim es a nnual in te re st charges
on all m tge. bonds, incl. those to be issued. R ed. whole or p a r t on 60
d a y s’ notice a t 105 a n d in t. In te re s t p ayable a t tru s te e ’s office or a t
G u a ra n ty T ru st C o. of N . Y . P e n n . 4 m ills ta x a n d M ass. 6% ta x refunda­
ble. In O ct. 1925 Spencer T rask & C o., &c., sold $2,000,000 Series A a t
9613 a n d in t., to yield over 5 .7 5 % . V . 121, p . 2040; V . 122, p . 1612.
T he 10-year 6% conv. deben. gold bonds dated N ov. 1 1925 a re convertible
a t th e option of holders in to p referred stock a t $75 per sh are —one share
for each $75 p a r v alu e of bonds. F or th is purpose 13,334 o u t of th e 40,000
unissued preferred shares w ere reserved. A re red . w hole or p a rt on 60
days notice a t 105 an d in t. W hen called for redem ption th e y m ay a t option
of holders be c o nverted in to class A pref. sto ck . In te re s t pay ab le a t
tru ste e ’s office or a t G u a ra n ty T r. C o. of N . Y , P e n n . 4 m ills ta x an d M ass.
6% ta x refundable. T hese bonds are accom panied b y option warrants
(10w arrants for each $1,000 bonds) to purchase from th e F id elity T ru st
C o. of B uffalo one share p referred stock a t $30 per share during th e first
3 years from d a te of issue of th e bonds, a t $40 during th e fo u rth , an d a t
$50 during th e fifth y e ar, a fte r w hich th e w a rra n ts expire.
In O ct. 1925 Spencer T ra s k & C o ., &c., offered $1,000,000 10 y r. 6%
conv. deb. gold b onds a t 98 '/i. an d in t., to yield a b o u t 6 .2 0 % . V. 121, p .2040.
O F F IC E R S .— P res., F . S. M cG raw ; T rea s., D . J . H ib b a rd . Office*
704 E lectric B ldg., B uffalo, N . Y .— V. 103, p . 1894; V . 121, p . 2040, 2878;
V. 122, p . 752, 1612.

WILMINGTON GAS CO.
O R G A N IZ A T IO N .— In c o rp . In D el. in A ug. 1909 as a consolidation of
W ilm ington G as & Fuel C o. and W ilm ington G as & E lectric C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Supplies gas in W ilm ington, N ew C astle, Elsm ere, O ak G rove, R ichardson
P a rk . A shley, G lynrich, B rock E x, Roselle, C laym ont a nd F o rest P a rk ,
D el. D aily c ap a c ity , 4,250,000 cu. f t. 193 m iles of m ains; m eters in use,
25,505; sales 12 m os. end. A ug. 31 1926, 892,912,900 cu. ft.
ST O C K A N D B O N D S —
Date. Interest.
Outstanding.
M aturity.
C om m on 30,000 shares (no p a r ) ____ _______
30,000 shs. __________
P ref 6% cum $1,500,000 ( $ 1 0 0 ) ____ 6 M -S
1,240,800 S e p t ’26 3%
1st & re f m tge $5,000,0001 1909 5-6-7 g M -S 3,261,000 Sept 1 1949
($1,000) gold ________ c * t f / I n t . a t G irard T ru st C o ., P h ila ., T ru stee.
Stock.— P ref.i s call, on an y div . d a te on 30 d ay s' notice a t 105 an d divs.
Bonds.— Of th e ls i & ref. mtge. bonds $300,000 have add itio n al coupons
a tta ch e d bearing 1% in t., m aking th e ra te 6% : $349,000 have add itio n al
coupons a tta ch e d bearing 2% in t., m aking the ra te 7 % , a nd rem ainder are
5s. C allable a t 105 a nd in t. on a n y in t. d a te as a whole an d since S ept. 1
1924 for sink. fu n d . Sink, fu n d of $25,000 per an n u m began J u n e 1 1924.
Penna. 4-mill ta x refu n d ed . In J a n . 1922 $50,000 1st & ref. m tge. 5s were
offered b y D avidge, H eald & C o ., N . Y ., a t prices to yield 6.5 0 % .
Dividends.— O n pref. sem i-ann. divs. o f 3% (M .-S.) a re being p aid.
E A R N IN G S .— F o r c alen d a r years:
x!926.
1925.
1924.
1923.
G ross___________________ $1,187,825 $1,142,787 $1,180,631 $1,181,716
N e t ___________________
446,945
408,568
388,850
395,643
In t. & o th er d e d u c tio n s,
192,331
189,116
180,896
168,778
B alance, s u rp lu s______
254,614
219,452
207,954
226,865
x 12 m os. end. A ug. 31 1926.
O F F IC E R S .— P res., C . H . G eist; V .-P ., E d m u n d M itchell; T re a s.,
H . A . Lang; Sec., C . H . W eak; G en. M g r., H . S. S c h u tt.— V. 114, p . 88;
V. 122, p . 2500.

CENTRAL STATES UTILITIES CO.
O R G A N IZ A T IO N .— In c o rp . D ec. 4 1924 in M ichigan.
F IE L D OF O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. m an u factu res a nd sells a rtificial gas for dom estic an d in d u stria l p u r­
poses in M onroe, C old w ater, H illsdale, G ra n d H av en a n d H ighland P a rk ,
in M ichigan. D a ily c ap a c ity o f c o .’s gas p la n ts, 800,000 cu. f t.; holder
c ap a c ity , 686,000 cu. ft.: 118,24 m iles of d istrib u tio n m ains; 7,743 m eters.
Population served, 31,677.
STO CK AND BO ND S—
D ate.
Interest.
O utstanding. M aturity.
C om m on 75,000 shs (no p a r ) _______
_________ 53,000 shs __________
7% cum pref $250,000 ($10)_______
7 quar
$161,500
see te x t
6% 1st m tg e gold $650,000/
6 JD
650.000 D ec 1 1949
($1,000, $500, $100)___ c * |U n io n T ru s t C o ., D e tro it, tru ste e .
B O N D S .—T h e ls i mtge. 6% bonds due Dec. 1 1949 a re call, on or before
Dec. 1 1929 a t 105; on or before D ec. 1 1939 a t 104, and th e re a fte r a t 102H In te re s t payable a t tru s te e s ’ office in D e tro it or G u a ra n ty T ru s t C o. of
N . Y . T here is a sinking and improvement fu n d of 1 H % of th e bonds o u t­
stan d in g , p a y ab le D ec. 1 in each of th e years 1925 to 1948, b o th inclusive,
m oneys to be. used for p ro p e rty ad d itio n s u n d e r certain restrictio n s an d (or)
for re tirem e n t of bonds u n d e r th is m tg e . by pu rch ase or call.
D ividends.— On p re f. are being paid reg u larly .
E A R N IN G S .— F o r calendar years:
Gross (all N et after
Fixed Depre- Preferred
Sources). Taxes.
Charges, ciation.
D ivs.
Balance.
1925...................-$331,257 $105,315 $43,048 $18,027 $11,305 $32,935
1924_________ 320,451
x81,148
29.209
_______
______
51,939
x A fter d epreciation.
Latest E arnings.— F o r 12 m os. end. A u g . 31 1926: G ross, all sources,
$343,822; n e t, a fte r tax es, $122,080; fixed charges, $49,169; d epreciation,
$18,827; preferred d iv ., $11,305; b alance, $42,779.
O F F IC E R S .—-Pres., W . E . M oss, D e tro it; V .-P s., W . S. Thom pson
a n d H a l. H . Sm ith; T re a s ., Sec. & G en. M g r., H . M . E a to n , D e tro it.—
V . 122, p. 2327.

ARKANSAW WATER CO.
Controlled th ro u g h stock ow nership b y Am erican Water Works eft Electric
Co., In c.
O R G A N IZ A T IO N .-—In c o rp . D ec. 1 1880 in A rkansas.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. supplies w a ter for dom estic, m unicipal a nd com m ercial purposes in
L ittle R ock a nd N o rth L ittle R ock, A r k ., w hich h av e a com bined po p u la tio n
estim ated a t 117,000. C o. op erates w a ter works serving 17,856 consum ers,
and 1,046 c ity fire h y d ra n ts a re connected to its m ains. P u m p in g statio n s
of approx. 24,500,000 gallons an d filtra tio n p lan ts of a pprox. 13,400,000
daily c ap a c ity . T h e source of w a ter su pply is th e A rkansas R iv er, and an
auxiliary su p p ly fro m wells; 233 m iles of d istrib u tio n m ains.
Franchise.— C o. op erates u n d e r a n in d e te rm in a te p e rm it g ra n te d by th e
S ta te of A rkansas.

36

PUBLIC UTILITIES

[V ol. 123.

S T O C K A N D BONDS-—• Date.
Interest. O utstanding. M aturity.
E A R N L .G S — (Conclude ').
19 5.
1924.
Fixed charges_______________
_________ $1,549,400 ___________
C om m on ($100)_____________ _____
170,045
159,533
7% c u m p re f ($100)________________
7
56,000 __________
D ep re cia tio n ________________
307,440
280,369
1st M 5% g series A ($ 1,000./ 1926
5 g A-O
2,750,000 O ct 1 1956 F e d e ra l ta x e s_______________
46,669
29,472
$500 c * )------------------------ t f l G u a ra n ty T ru st Co. o f N . Y ., T ru ste e .
$430,331
$156,639
B alan c e ______________________________________
Bonds.'—A d d itio n a l 1st m tg e. bonds m a y be issued in series of such te n o r P referred d iv id e n d s_____________________________
70,193
10.472
as d irecto rs m a y fro m tim e to tim e d eterm in e, for (a) 80% of p e rm a n e n t j C om m on divid en d s_____________________________
46,000
42,000
im p ro v em en ts, &c.; (b) cash dep o sited w ith tru stee; (c) pay ing, redeem ing |
or refu n d in g o f in d eb ted n ess secured b y p rio r liens on p ro p e rty acquired
B alance carried to su rp lu s_____________________
$314,138
$104,167
su b seq u en t to J u n e 30 1926, a n d (d) th e p ay in g , redeem ing o r refunding of
Latest E arnings.— F o r 12 m o n th s ended A ug. 31:
bon d s o f a n o th e r series. N o a d d itio n a l bon d s m ay, how ever, be issued
1926.
1925.
except fo r (c) an d (d), unless n e t earnings for 12 consecutive w ith in 15 G ross rev en u es___________________________________ $3,330,376 $2,557,727
preced in g calen d ar m o n th s h a v e been a t least 1 % tim es an n u al in te re st u pon N e t earn in g s____________________________________
886,772
864,502
all 1st m tg e. bon d s o u tsta n d in g , th o se to b e issued, a n d a ll indebtedness
O F F IC E R S .— P res. & G en. M g r., C . W . D aw ley; V .-P ., C . S. D aw ley:
secured b y p rio r liens, if a n y , on p ro p e rty acquired su b seq u ent to J u n e 30
1926, except such p a rt th e re o f as will be p a id o r re tired fro m th e proceeds Sec.. W . L. M a rtin ; T re a s ., C . A . Fullinw ider.— V. 120, p . 1882; V . 121.
o r th ro u g h th e issue of th e ad d itio n a l bonds applied for. N e t earnings to p . 461; V . 122, p . 493, 750. 1312, 1457, 1764.
be a rriv e d a t a fte r charging a t least 5% of gross rev en u es to operating
expenses for re p a irs an d c u rre n t m ain ten an ce.
In e v en t t h a t a n y m u n icip al co rp o ratio n or o th e r g o v ern m en tal subdivision
LOUISIANA ICE & UTILITIES, INC.
W ithin th e te rrito ria l lim its of w hich co. sh all th e n b e o p eratin g , shall
acq u ire all o f th e m a jo r p o rtio n in value o f th e w ater w orks p ro p e rties of
Control.— Commonwealth U tilities Corp. ow ns a ll th e com m on sto ck
co. a n d sh all assum e p a y m e n t o f p rin c ip a l and in t. of all bonds issued unuer except d ire c to rs' qualifying shares.
th e m tg e . as a valid a n d binding general o bligation, all lia b ility an d obliga­
O R G A N IZ A T IO N .— In c o rp . in L ouisiana in 1926 to acquire an d con­
tio n o f co. u p o n th e bon d s a n d th e coupons shall fo rth w ith cease. In solidate u n d e r one m an ag em en t ice a n d u tlities p ro p e rties lo cated in L a .,
e v en t th a t a n y su ch m u n icip al co rp o ratio n o r o th er g o v ern m en tal sub­ M iss, an d T exas. C o. is p rim a rily engaged in th e m a n u fa c tu re an d sale
division sh all acq u ire a ll o r a n y p a r t o f th e w ater w orks p ro p erties of co., of artificial ice. M o st of th e p ro d u c ts a re d is trib u te d th ro u g h its own
a n d sh all n o t assum e th e p a y m e n t o f p rin c ip a l a n d in te re s t of all bonds delivery system , w hich serves 25 com m unities, hav in g a n u rb a n p o p u la tio n
issued u n d e r th e m tg e. th e n bonds in p rin c ip a l am o u n t n o t exceeding th e in excess of 200,000, w ith ice a t re ta il. I t also does considerable icing or
p rice p a id fo r th e p ro p e rty so acq u ired , m a y , a t th e o p tio n of th e co. be re-icing of cars for th e following railroads: M issouri P acific, T exas &
declared d u e an d p a y ab le a t 100 an d in t.
Pacific, G u lf C oast Lines, and th e A m erican R efrig e ra to r T ra n s it C o. I t
Series A dated Oct. 1 1926 a re red . whole o r p a r t on 30 d a y s ’ notice a t 105 operates electric lig h t an d pow er p la n ts a t B unkie, C olfax an d L u tch e r,
to a n d incl. O ct. 1 1936, an d a t 1% less d u rin g each 5 -y ear period th e re ­ L a ., a nd h a s u n d e r co n stru ctio n transm ission iines w hich will serve M a n s u ra ,
a fte r to an d incl. O ct. 1 1951, a n d a t p a r th e re a fte r; p lu s in t. in each case. P laucherville, E v erg reen , C heneyvilie, Sim m esport a n d M o reau v ille, L a.
P e n n . & C o n n . 4 m ills, M a ry la n d 4J4 m ills a n d M ass. 6% tax es refundable. T hese lines w ere p ro b a b ly to be in service b y N o v . 1 1926. F u r th e r p la n s
In S ep t. 1926 W. C . L an g ley & C o. a n d H alsey, S tu a rt & C o ., In c ., offered for a considerable extension of th e electric lig h t an d pow er business are
u n d e r consideration. C o. ice p la n ts are s ta te d to be m odern, a nd h av e
$2,750,000 series A a t 95M an d in t., to yield 5.3 0 % . V . 123, p . 1760.
A ll of th e o u tsta n d in g $1,789,000 lsf mtge. 6s, series A , due N ov. 1 1930, a d aily cap a c ity of appro x im ately 1,100 to n s w ith ice storage c a p a c ity
w ere called N o v . 1 1926 a t 102 a n d in t. Y . 123, p. 1873.
of 20,000 to n s a nd refrig erated w arehouse c a p a c ity of 710,000 cubic fe e t.
Ice sales, 1925, ap p ro x im ately 200,000 to n s. T h e ice p la n ts a re located
E A R N IN G S .-—F o r c alen d a r years:
a t B ato n R ouge, L u tch e r. A lexandria and B unkie, L a .; G u lfp o rt, Biloxi
x!9 2 6 .
1925.
1924.
1923.
a n d Pascagoula, M iss.; W ic h ita P alls, C om m erce, an d D e n to n , T ex. Ice
G ross in c o m e ..'._______
$613,393
$605,834
$553,459
$509,786 cream is m a n u fa c tu re d a t B ato n R ouge, B unkie, an d C om m erce, L a .;
N e t a fte r m a in t. & tax es.
325,579
309,268
270,306
224,354 80,000 gal. ice cream sold in 1925. V. 122, p. 3082.
Bond in te re s t__________
y l3 7 ,5 0 0
107,340
107,340
107,340
ST O C K A N D B O N D S — Date.
Interest. O utstanding. M atu rity.
O th er in te re st & a m o rt__
z
33,186
26,735
19,731
C om m on 15,000 shs (no p a r ) _ . ____
_______
15,000 shs ---------------R enew al & rep lac. re s
z
28,712
27,105
25,500
8% c u m p re f $1,000,000 ( $ 1 0 0 ) ____
8
$850,000 __________
1st m tge conv 6% series A t 1926
6 g A-O
2,000,000 A p ril 1 1946
N e t in co m e_________
z
$140,030
$109,126
$71,783
($1,000, $500c*)________ tf L ib erty C e n tra l T r . C o ., S t. Louis, tru s te e .
x 12 m os. end. J u n e 30 1926. y A n n u al in t. on new issue $2,750,000
Bonds.—-Additional ls< mtge. bonds m a y be issued fro m tim e to tim e in
1st m tg e. 5% series A . z N o t av ailab le.
series of 70% of additions, b e tte rm e n ts, an d im p ts. M a y also be issued
against acquisitions or constru ctio n of ad d itio n a l p ro p e rty , a lth o u g h su b ject
O F F IC E R S .— P re s ., E . W. C lark ; V .-P s., D . M . VYatt a n d W . D . F re e r to p rio r or equal liens, p ro v id e d tru s te e reserves 1st m tge. bonds e q u al a t
Sec., E . A . G eehan; T re a s ., S. R . B ro u g h .— V. 123, p . 1630, 1760, 1873.
least to principal a m o u n t of such p rio r liens for re tirem e n t of said p rio r
liens on or before m a tu rity , a nd also th a t such u nderlying bonds shall never
exceed in p a r a m o u n t o u tsta n d in g 25 % of these 1st m tge. bonds o u ts ta n d in g .
N o add itio n al bonds m ay be issued unless n e t earnings of co. before bon d
in t. a n d deprec. for a n y 12 consecutive ou t of preceding 14 calen d ar m onths
SOUTHERN ICE AND UTILITIES CO.
h av e been a t least 3 tim es a n n u al in te re st re q u ire m e n ts on a n y p rio r liens
O R G A N IZ A T IO N .— In c o rp o rate d in Texas in 1916.
: and all 1st m tg e. bonds ou tstan d in g , incl. proposed issue.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— of T hese bonds a re secured b y a dire c t firs t m o rtg ag e on all th e fixed assets
th e com pany.
C o m p an y ow ns a n d o p erates 37 a rtificial ice p lan ts, 5 ice cream p la n ts
Sinkind F u n d .-—B eginning A pril 1 1929 a nd a n n u ally th e re a fte r, co. will
and a cream ery, lo cated in im p o rta n t cities an d tow ns in T exas, O klahom a.
A rkansas and Louisiana. In clu d in g wholesale as well as re ta il distrib u tio n deposit w ith tru s te e fo r pu rc h a se or red em p tio n of th e o u tsta n d in g bonds
over 300 com m unities a re served w ith ice; p o p u latio n , 960,000. T h e ice of th is issue, a n a m o u n t e quivalent to 3% of th e p rin c ip a l a m o u n t of such
p la n ts h av e an ag g reg ate d aily c ap a c ity o f 2,543 to n s a n d a n ice storage bonds o u tsta n d in g on th e first d a y of A pril preceding such deposit. T h e
cap acity o f 50,000 to n s. C om pany ices or re-ices cars of several railroads sinking fu n d w ill re tire appro x im ately 40% of th is issue before m a tu rity .
a n d also does a com m ercial cold storage business, having 1,500,000 cu. ft. B onds re tired th ro u g h th e sinking fu n d w ill be canceled.
of refrig erated w arehouse space for th e storage of perishables. Ice cream
Conversion Provilege.-—B onds of th e conv. 6% series A a re convertible
p la n ts h a v e a to ta l daily c ap acity of 5,500 gallons; co m p any’s cream ery a t h o ld er’s option in to class A com m on stock of th e Commonwealth U tilities
p la n ts can p ro d u ce 5,000 po u n d s of b u tte r d aily . A m ong th e m ore im­ Corp. on th e follow ing basis: U p to D ec. 31 1926, 24 sh ares of sto ck for
p o rta n t cities served are D allas, F o rt W o rth , Paris, T e x a rk a n a , D enison, each $1,000 of bonds; u p to D ec. 31 1927, 20 shares of stocn fo r each $1,000
Sherm an an d C orsicana in T exas, M uskogee, M cA lester a nd Sapulpa in of bonds, a nd u p to D ec. 31 1936, 16 shares of stock for each $1,000 of bonds.
O klahom a, and L ittle R ock an d P in e B luff in A rkansas.
C onv. 6% series A a re re d ., all or p a rt, on an y in t. d a te a t 105 a nd in t.
Recapitalization, see V. 121. p . 461.
u p to an d incl. A pril ] 1931, u p to a nd incl. A p ril 1 1936 a t 104 a n d int- .
th e re a fte r a t 103 and in t. P a ., C onn, a n a C alif. 4-m ills, M v . 4 Ml-mills,
S T O C K A N D B O N D S—
Date.
Interest. Outstanding. M aturity
K y . 5-m ills, an d M ass. 6% tax es refu n d ab le. In t. p a y ab le a t C hicago,
C om m on, class A non-voting
S t. Louis, or N ew Y o rk . In M a y 1926 L ib erty C e n tra l T ru s t C o, S t.,
_______ _ 30,000 shs. ---------------- Louis; Chicago T ru s t C o., C hicago, a n d Jo h n N ickerson & C o ., N . Y . C ity ,
160.000 shs (no p a r)_______ _____
C om m on class B (voting)
offered $2,000,000 1st m tge. g. bonds, conv. 6% series A , a t 9 7 X a n d
A
_________ 140,000 shs __________
150.000 shs (no p a r ) _______ _____
in t. to yield a b o u t 6 H % - L isted on C hicago Stock E xchange. V. 122,
$7 d iv series p re f (no p a r ) ___ _____
$7 Q-M
30,000 shs. S ept ’26$1.75 p . 3082.
P a rticip $7 ser p re f (no p a r ) . ______
See te x t
1,200 shs. __________
E A R N IN G S .-—E arn in g s of c o m pany’s p ro p e rties for 12 m os. end. A u g . 31
6 g F-A
$1,000,000 F e b 1 1 946
1st M g bon d s $30,000,0001 1926
1926.
1925.
con 6% ser($ l ,0 0 0 ,$ 5 0 0 c* tf)/T h e I nitable T ru st C o. of N . Y ., T ru ste e . N e t sales_______________________________________ $2,005,937
$1,933,789
x543,410
487,086
Stock.— T h e participating $7 series preferred stock ra n k s ju n io r to th e N e t earnings before d epreciation a nd in te re s t_____
x Before $120,000 b ond in te re s t an d $68,000 p re f. divs. leaving a balance
p ref. $7 dividend series an d is en titled to receive cu m u lativ e dividends of
$7 p er an n u m and an a d d itio n al $1 before th e common sto ck receives m ore of $355,410.
th a n $4 p er sh are in an y y e ar. T h e to ta l authorized n u m b er of preferred
O F F IC E R S .— P re s ., W iley F . C orl; V .P s., G eo. E . W ells, E d w in H a rd ­
shares of b o th series com bined is 100,000.
ing a n d Jam es E . E g an ; Sec., C . J . Pope; T re a s ., P a u l D . Taylor.-—V . 122,
Of th e authorized class A com m on stock a sufficient n u m b er is reserved p . 3082; V . 123, p . 1251.
for th e bond conversion privilege. See u n d er “B onds” below . C lass A
an d class B stocks a re id en tical except as to votin g pow er.
Bonds.— T h e Isi mtge. gold-bonds, convertible 6% series, due Feo. 1 1946,
(THE) S O U T H W E S T U T IL IT Y ICE CO.
are secured b y a d irect first m ortgage on all of th e fixed assets, incl. afte r
O R G A N IZ A T IO N .— In c o rp . in M ary la n d in 1926. O w ns all of th a
acquired o f th e co. A dd itio n al bon d s of any series of such te n o r as directors c ap ita l stock of E l R eno U tility C o.
m ay from tim e to tim e d eterm in e, m ay be issued fro m tim e to tim e in
F
F O PERA
NS
ND C
T
F B U IN E
series for 70% o f new ad d itio n s, &c., ow ned in fee a n d su b ject to th e lien Co. IEnL DitsOsubsidiary, T IOR enoAU tility H A R A C n E R O p erate S16 mS S .—
a d
El
C o., ow a nd o
odern
of th e m tg e. as a first lien th ereo n an d ag ain st w hich no bonds h av e previous­
la n ts
p la n ts, ice cream p la n
ly b een issued p ro v id ed n e t earnings for 12 consecutive o u t of preceding a rtificia l ice pu te d , 30 ice storage re ta il in6 over 91 com mts a n d cream eries.
is d is trib
wholesale a d
14 m o n th s h a v e been a t le a st 2 fZ tim es a n n u al in te re st req u irem en ts on all Iceid , E l R eno, A ltu s, H o b a rt,n P onca C ity an d B lackw ell,unities, including
En
h a v in g a n aggre­
1st m tg e . gold b onds o u tsta n d in g , incl. th o se to be issued.
g ate to ta l p o p u la tio n of approx. 206,000. W ith th e exception of one sm all
E a c h $1,000 convertible 6% series bond is, a t holders’ o p tio n , convertible p la n t an d 2 ice storage p la n ts, all of th e above pro p erties are in O klahom a.
in to class A com m on sto ck a t an y tim e w ith cash a d ju stm en t of in te re st on V. 122, p . 2949.
th e following basis:
N o te.— U nder th e law s of th e S ta te of O klahom a, th e ice in d u s try is a
public u tility, operatin g u n d e r th e ju risd ic tio n of th e C o rp o ratio n C om m is­
28 shares for th e first $500,000 bonds p resen ted for conversion.
sion of th e S ta te .
24 shares for th e n ex t $600,000 bonds p resen ted for conversion.
ST O C K A N D B O N D S—
Interest. Outstanding. M aturity.
Date.
22 shares for th e n ex t $600,000 bonds presen ted for conversion.
. 50,000 shs
C om m on 50,000 shs (no p a r ) . .
20 shares for th e n ex t $600,000 bonds presen ted for conversion.
$495,000
C um p re f $1,500,000 ($100)_
_
18 shares for th e n ex t $600,000 bonds presen ted for conversion.
1st m tge 6 % sinking fu n d gold
16 shares for th e n ex t $600,000 b onds p resen ted for conversion.
1,600,000 M a y 1 1941
6 M -N
($10,000.000) _____________ ■ 1926
14 shares for th e n ex t $500,000 b onds presen ted for conversion.
Series “ A ” ($1,000, $500. E q u itab le T ru s t C o., N ew Y ork, tru s te e .
T h ere is a sinking fu n d com m encing F eb . 1 1927 an d sem i-annually
S I00, c*) ______ _____ tf
______
100,000 _____
th e re a fte r of 1 % o f th e larg est p rin cip al a m o u n t of th is series theretofore Serial gold notes $100,000___ __
issued, to p u rch ase o r redeem an d th e re a fte r cancel bonds of th is series.
Bonds.— T he 1st mtge. 6% s. / . gold bonds. Series “ A ,” dated M a y 1 1926,
T h is sinking fu n d is to re tire ap p ro x . 40% o f th e bonds of 6% series of 1926 are listed on th e Chicago Stock E xchange. T h ey a re secured b y a d ire c t
b y m a tu rity . R e d ., w hol6 o r p a r t, on betw een 30 a n d 60 d a y s’ notice, a t firs t m tge. on all of th e fixed assets of co., incl. a fter-acq u ired p ro p e rty . In
105 a n d in t. to an d incl. F e b . 1 1928, th e re a fte r a t Yi less d u ring th e ensuing : a d d ition, all th e capital stock of E l R eno U tility C o. is pledged u n d e r
2 -y ear p erio d , an d d ecreasing \Z % ev ery 2-year period th e re a fte r. P e n n ., I th e m tge. To a sinking fu n d com m encing M a y 1 1927, co. is to p a y for th e
C onn, an d C alif. 4 m ills, M ary la n d 4% m ills, K e n tu ck y 5 m ills and M ass. | re tirem e n t of Series A bonds th ro u g h purchase or re d e m p tio n a n a m o u n t
6% tax es re fu n d a b le . In J a n . 1926 J o h n N ickerson & C o. offered $3,500,- - in cash or in Series A bonds e q uivalent a nnually to 2 % (payable sem i­
000 1st m tg e. gold b o n d s, c o n v ert. 6% series, d ated F eb . 1 1926 a t 97 and annually) of th e greatest a m o u n t of Series A bonds th ereto fo re issued;
in t., to yield 6 .2 5 % . V. 122, p . 750. $500,000 ad d itio n a l bonds of th e m oneys m a y be used to purchase Series A bonds a t n o t exceeding redem ption
sam e series were offered in M a rc h 1926 a t 97 an d in t.
; price.' R ed ., all or p a rt, on 30 d a y s’ notice on a n y in t. d a te a t 105 & in t.,
E A R N IN G S .-—F o r 12 m os. end. J a n . 31 1926 w ere re p o rte d as gross, on or before M a y 1 1931, w ith successive reductions of y2 % d u rin g each y ear
$2,808,871, an d n e t, $938,542. 12 m os. ended J a n . 31 1926, gross, $2,- . th e re a fte r. P e n n ., C onn., Calif, a nd M ich. 4-m ills, M ary la n d 4 MHnills,
j Iow a a n d D ist. of Col. 5-mills a nd M ass. 6% tax es re fu n d a b le . In M ay
324,791, an d n e t, $653,994. V . 122, p . 1764
1926 H oagland, A llum & C o., In c ., offered $1,600,000 Series A a t 97/4 a nd
D ividends.-—On th e $7 pref. an in itia l d iv . o f $1 75 was p a id in S ept. 1925. in t., to yield over 6J4 % . V. 122, p . 2949.
On th e p a rtic . $7 ser. div id en d s a re being p aid regularly.
: E A R N IN G S .— C onsolidated earnings for calendar years:
1925. .
1924.
E A R N IN G S .— C o n so lid ated earnings 12 m o n th s ended Oct. 31.:
! G ross incom e__________________________________ $1,284,434 $1,045,241
1925.
1924.
O per. exp. (incl. $15,050 in t. on subsid. obliga’ns)_
929,037
833,407
G ross re v e n u es__________________________________$2,750,112 $2,247,580
1,869,954
1.636,591
O p eratin g expenses_____________________________
A vail, for in t., deprec. & Federal ta x e s ________
$355,397
$211,833
A nnual in t. on 1st m tge. 6% Ser. A b o n d s________
96,000
N e t rev e n u e __________________________________
$880,158
$610,989
O th e r in co m e___________________________________
74,327
15,024
B a la n c e ______________________________________
$259,397
T o ta l income.




$954,485

$626,013

IN D E X .— V . 1 2 2 ,'p . 2949.

O ct., 1926.]

37

POWER, LIGHT AND RAILWAY

New E n glan d S ta te s
POWER, LIGHT AND RAILWAY

MAINE
N ATIO NA L ELECTRIC POW ER CO.
M anagement.— P ro p erties o p erated u n d er th e general supervision a nd
m an ag em en t of E lectric M an ag em en t & Engineering C orp. of N ew Y ork.
O R G A N IZ A T IO N .— In c o rp . in M ain e M arch 3 1925, as a holding com ­
p an y , a n d acq u ired over 99% of th e com . stock of th e C u m b erlan d C o u n ty
Pow er & L ig h t C o. of P o rtla n d , M e. (see s ta te m e n t below ), a n d all of th e
com . sto ck o f th e N o rth w e stern P u b lic Service C o. (V. 119, p . 1744).
L a te r acq u ired all th e com m on sto ck except d irecto rs qualifying shares of
th e following o p eratin g com panies: P e n n C en tral L t. & Pow C o., K ansas
•Elec. Pow . C o. (w hich co n tro ls Ohio E lectric Pow er C o. and h a s acquired
p ro p e rty of E a s te rn K an sas Pow er C o .), S outhw est Pow er C o., M ichigan
Elec. Pow . C o ., Ohio E lec. P ow . C o ., which controls U nion C ity (M d.)
E lec. C o. a n d h as acquired p ro p e rty of M iam i V alley E lec. C o. a n d U nion
C ity (Ohio) E lec. C o. Also ow ns all o f th e c ap ital sto ck o f Electric M anage­
ment & Engineering Corp. V. 121, p . 1462, 330.
In J u ly 1926 In su ll, Son & C o ., In c ., w as re p o rte d to h a v e purchased
a n in te re st in c o .’s com m on sto ck , a lth o u g h it w as in te n d e d to continue
N a tio n a l E lec. Pow er C o. as th e n organized, its affairs to be directed b y
V ictor E m an u e l as V ice-President.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h rough its sub sid iary o p eratin g com panies serves a p o p u lation estim ated
a t over 1,125,000, em bracing over 450 com m unities in M ain e, P e n n ., W est
Virginia, K e n tu ck y , O hio, In d ia n a , M ichigan, K an sas, O klahom a, A rkansas,
S outh D a k o ta a n d N e b ra sk a , w ith lig h t and pow er. G as is m an u fa c tu re d
and d istrib u te d in n in e com m unities, a n d a stre e t railw ay system is o perated
in an d a b o u t P o rtla n d , M e., u n d er a lease expiring in th e y ear 2011. Sm all
s tre e t railw ay s are also o p erated a t M cA lester, O kla.; L aw rence, K an .;
Lew iston, I ’a ., and a bus line a t E m p o ria. K an .
T h e o p eratin g subsidiaries h av e a n o rm al in stalled g en erating c a p a c ity of
173,655 k .v .a ., of w hich 29,562 k .v .a . is hydro-electric. T h e com panies
o p e ra te 2,600 m iles of tran sm issio n lines; serve 179,729 gas an d electric
consum ers, of which 162.273 a re electric custom ers.
O utstanding. M aturity.
ST O C K A N D B O N D S—
Date.
C om cl “ A ” 250,000 shs(no p a r ) ____
244,031 N ov ’26,45c.
-4 6 0 ,0 0 0 shs __________
Com cl “ B ” 500.000s h s ( n o p a r ) ____
Q -J
$ 5 ,0 6 0 ,0 0 0 0 c t’2 6 ,l 3 %
4
P f 7% cum $6,000,000 ($100)______
8,750,000 M a r 1 1945
6 g M -S
20-yr sec bd s s e ro f 1925($100,1 1925
$500 & $1,000) g o ld --C * .tf/E q u ita b le T ru st C o ., N ew Y ork, tru s te e
Stock.— P ref. 7% cum . stock h as preference over th e com . stock b o th as
to assets a n d cum . divs. C allab le a t 110 a n d divs. on 30 d a y s ’ notice.
Full v o tin g pow er is v ested in th e com . class “ B ” stock unless four q u a rte rly
div id en d s a re in arre a rs, in w hich case th e cu m u l. p ref. h a s vo tin g pow er.
$1,500,000 w as offered in M ar. 1925 by A . C. A llyn & C o ., In c ., a n d Howe,
Snow & B ertles, In c ., a t 95 an d d iv . V. 120, p.1586, 2550. $2,000,000
was offered by th em a t th e sam e price in A ug. 1925. V. 121, p . 707. In
O ct. 1925 th e sam e b an k ers sold $1,000,000 ad d itio n al 7% cum . pref. stock
a t 95 a n d d iv ., to yield 7 .3 6 % . V . 121, p . 2038. L iste d on Chicago
S to ck E xchange.
Common Class “A ” stock h as p reference over C lass “ B ” com . stock as to
assets to an a m o u n t of $33 p er sh .; as to n-c. d iv s. o f $1 80 p er sh . p er ann.
A fter both classes h a v e received $1 80 p er a n n ., class “ A " a nd class ‘‘B ’’
sto ck w ill receive each 14 o f th e to ta l a m o u n t o f an y a d d itio n a l divs. to
be p a id . C lass “ A ” sto ck is n o n -v o tin g , except in case th e com pany shall
h av e failed to declare d u rin g 2 y ears divs. aggregating $3 60 p e r share
class “ A ” sto ck . V. 121, p. 330. In O ct. 1925, H ow e, Snow & B ertles,
In c ., an d A. C . A llyn & C o., In c ., sold a t $26 50 p e r sh are 65,000 a d d itio n a l
sh ares of class “ A ” p a rtic ip a tin g sto ck . V . 121, p . 1909. L isted on C hi­
cago Stock E xch an g e.
Common Class “B ” stock h as fu ll v o tin g pow er.
Bonds.— 20-year bonds a re secured by pledge o f ap p ro x . 9914 % o f th e
o u ts ta n d in g com . sto ck o f C u m b erlan d C o u n ty Pow er & L ig h t C o., th e
e n tire com . sto ck except d ire c to rs’ sh ares o f N o rth w estern Public Service
C o ., K ansas E lec tric Pow er C o. a n d Southw est Pow er Co. A dditional
bonds m ay be issued in prin cip al am o u n t, n o t to exceed 75% of th e cost of
ad d itio n a l securities acq u ired , u n d e r certain restrictio n s. Sinking fu n d . 1 %
a n n u ally o f g re a te st a m o u n t o u tsta n d in g d u rin g preceding y ear for five
years beginning M ar. 1 1927, 1 )4 % a n n u ally for fiv e years beginning
M a r. 1 1932, 2% a n n u ally for five y ears beginning M a r. 1 1937. a n d 214%
a n n u ally beginning M ar. 1 1942 to m a tu rity . C allable, all or in p a rt, on
30 d a y s ’ notice a t 105 and in t. to M a r. 1 1926, less % o f 1 % each year th e re ­
a fte r to M a r. 1 1944. P e n n a . a n d C onn. 4 m ills ta x , M a ry lan d 4 )4 mills
ta x , M ass. 6% incom e ta x a n d C alifornia personal p ro p e rty ta x n o t exceed­
ing 4 m ills p er a n n u m re fu n d a b le . $3,750,000 w ere sold in M a r. 1925 by
A . C . A llyn & C o ., In c ., H ow e, Snow & B ertles, In c ., an d R . E . W ilsey &
C o ., In c ., a t 97 a n d in t., to yield ov er 6 M % . V. 120, p . 1459. $3,000,000
w ere sold in Ju ly 1925 a t th e sam e p rice an d yield by A. C . A llyn & C o. and
H ow e, Snow & B ertles, In c. V. 121, p. 459. In O ct. 1925 th e sam e
b an k ers offered $2,000,000 a d d itio n a l bonds a t 97 a n d in t., to yield over
6 M % . V. 121, p. 1909.
D ividends.— On class “ A ” com . a n in itia l q u a r. d iv . o f 45c. w as paid
N o v . 2 1925. H olders h a d th e o p tio n o f receiving l-5 0 tb of a share instead
o f cash. V. 121, p . 1789, w here fu ll details are given. Sim ilar dividends
w ith option were p aid in cash F e b ., M a y an d A ug. 1926.
E A R N IN G S .—C o m b in ed earnings for 12 mos. end. Ju n e 30 1926:
G ross earn in g s_______________________________________________ $16,605,305
O p eratin g expenses, m aintenances a n d al! ta x e s---------------------- 10,484,764
Fixed ch arg es_______________________________________________
3,856,738
B alance available for N atio n al E lec. Pow . C o. secu rities_ $2,263,803
_
O F F IC E R S .— C h airm an of B oard, V ictor E m an u el; P re s ., A lbert
E m an u el; V - P . . V ictor E m an u el; V ,-P ., T hom as A . O ’H ara; V .-P .. A lan E
B urns; V .-P .. Phillips B . Shaw: V .-P ., Leo Loeb; V .-P ., E . J . E m anuel;
V .-P ., J . C . M ainers; Special V .-P ., W illett R . Porter; Sec., D . L .M cD an iel;
T re a s ., C. B. Zeigler. Office, 57 W illiam S t., N . Y . C ity .— V. 120, p .
1459, 1586, 2550; V. 121, p . 330, 459, 707, 1462, 1789, 1909, 2038, 2274,
3004; V. 122, p . 213. 480, 1918, 3083; V. 123, p . 207, 581.

CUMBERLAND COUNTY POWER & LIGHT CO.
C O N T R O L .— C on tro lled by N a tio n a l E lectric Pow er C o ., w hich ow ns
over 99% o f th e cap ital sto ck . V. 121, p. 329 (see ab o v e). C om pare V.
120, p . 955. U nder supervision of Elec. M gl. & E ng. Corp. o f N . Y .




O R G A N IZ A T IO N .— In c o rp . in M aine M arch 14 1907. On Feb. 1 1912
leased for 99 years th e P o rtla n d R R . C o. V . 94, p. 826. In Ju ly 1912
acquired all th e pro p erties, rig h ts an d franchises of C onsolidated E l. L t. Co.
of M aine, P o rtla n d L ighting Sc Pow er C o. an d P o rtla n d E lectric C o ., which
cos. were previously c ontrolled th ro u g h stock ow nership. On D ec 18 1912
purchased c ap ital stock of th e Ossipee V alley Pow er Co and th e Y ork L t.
& H e a t Co. a n d in A pril 1913 th ese properties w ere succeeded by th e Y ork
C o u n ty Pow . C o., w hich co., to g e th e r w ith th e W estbrook Elec. C o ., was
m erged in Ju n e 1923, th e C u m b e rla n d co. assum ing all obligations, &c.
V. 97, p . 368. Owns a p p ro x im a te ly o n e-th ird of th e capital stock of the
A ndroscoggin & K ennebec R y . C o. (See on a n o th e r p a g e ). V . 117. p. 552.
C om pare V. 116, p . 75, 1761, 1759.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
D oes entire electric light a n d pow er business of P o rtla n d , M e., an d v icinity,
T h rough subsidiary com panies o p e ra te s s tre e t railw ay system s of P ortland
a nd South P o rtla n d , w ith lines to Y a rm o u th , C ape E liza b e th , Saco, Old
O rchard, W estbrook, G orham a nd S outh W indham . T h e electric light
a nd pow er business in B iddeford, Saco. Old O rchard. K e n n eb u n k o o rt.
Y ork H a rb o r, A lfred, Sanford, Springvale; also gas in B iddeford a nd Saco.
C o. owns or controls 5 hydro-electric pow er p la n ts on th e Saco a nd Presum pscot rivers w ith a com bined g enerating c ap a c ity of 28,750 k v a .; a
28,125 k v a . m odern steam p la n t a t P ortla n d ; a b o u t 220 miles of transm ission
lives; 36 sub-stations of a b o u t 75,000 k v a . transform er c ap acity a nd dis­
trib u tio n system s serving 41,$09 consum ers. T h e w ater gas p la n t in
B iddeford has a daily c ap a c ity of 1,009,000 cu. ft.; m ore th a n 20 m iles of
m ains serve 2,059 consum ers. T h e single tra c k m ileage of th e controlled
railw ays is 101.2; operates 167 cars u n d e r its lease from P o rtla n d R R . Co.
T otal ppptdation served estim ated a t 175,000, including th e sum m er re so rt
population in th e shore te rrito ry from Y ork H a rb o r to Old O rchard.
Franchises.— T h e franchises u n d e r w hich th e com panies o p e ra te are
sta te d to be exceedingly liberal a n d to have no burdensom e restrictions
C om m on 40'000 shs (no par) - ____
Q-M
40 000 shs.
See te x t
P re f ($100) 6% cum red a t \ ___
Q -F
$4,024,000 A ug’26. 1 J4
120 & accr d iv _ ________ /
_
1st m ortgage 4 J4 % .301 too I 1
series/ 1926
dl/2 -3 ’
•
J-D
9,000,000 uu n e A 1956
J IBID 1
$1,000 c*).
------- t f [Old C olony T ru st C o ., B oston, tru ste e .
Stock.— B o th classes of stock a re listed on the B oston Stock E xchange.
V. 95, p . 1206. P ref. is ta x free to holders in M aine. In A ug. 1924
B eyer & Small and o th e r P o rtla n d , M e., b a n k ers offered $1,000,000 6%
pref. a t 86 an d d iv ., to yield a b o u t 7 % . V . 119, p . 810.
Bonds.—All of th e o u tsta n d in g 1st and rrf. mtge. 5% g. bonds due Sept.
1 1942 w ere called for p ay m en t Sept. 1 1926 a t 105 an d in t. V. 123, p . 82.
T h e 1st mtge. bonds a re secured b y a d ire c t first m ortgage on all of th e
fixed p ro p e rty of th e co. A d d itional 1st m tge. bonds m a y be issued in such
series as directo rs fro m tim e to tim e determ ine for 75% of p e rm a n e n t
a d d itio n s less prin c ip a l a m o u n t of p rio r liens o u tsta n d in g thereon, if any,
or ag ain st cash, provided earnings a p plicable to bond in t. for 12 consecutive
w ith in preceding 15 calendar m o n th s nave been n o t less th a n tw ice a n n u al
in te re st charges on a ll 1st m tge. bonds o u tsta n d in g incl. proposed issue, an d
all “ o u tsta n d in g p rio r lien b o n d s.” M ay also be issued for refunding p u r­
poses. T h e m tge. c ontains no provision for th e issuance of 1st m tge. gold
bonds ag ain st railw ay p ro p e rty . A d d itional bonds m a y be issued in series
of such ten o r as d irectors m a y fro m tim e to tim e determ ine, except t h a t th e y
shall n o t m a tu re longer th a n 30 years from d a te of issue, b u t, except as to
sinking fu n d s w hich m a y be established for th e exclusive b en efit of a
p a rtic u la r series, all b o nds of all series shall be equally a nd ra ta b ly secured
b y th e m ortgage. T h e re is a n annual sinking fu n d for 4)4 % series, due
June 1 1956 of 1% of th e p rin c ip a l a m o u n t of th is series o u tsta n d in g to be
p a id to tru s te e on J u n e 1 1928 an d on each J u n e 1 th e re a fte r to a n d incl.
J u n e 1 1955, m oneys to be applied to th e p u rch ase or re d e m p tio n and
cancelation of bonds of th is series a t n o t exceeding th e ir redem ption price
plu s in te re st. C o. m a y te n d e r bonds of th is series in ste ad of paying cash
to tru s te e . R ed. a ll o r p a r t on 60 d a y s' notice a t 105 a n d in t. to an d incl.
J u n e 1 1936 less M % each J u n e 2 th e re a fte r, th e bonds being red. on D ec. 1
1955 a t 100 & in t. In t. p a y ab le in N ew Y ork, C hicago, a n d B oston.
P e n n a . 4-m ills ta x refu n d ab le, in J u n e 1926 H a rris, F orbes & C o. an d
A . C. A llyn & C o ., In c ., offered $9,000,000 4 )4 % series, d ue Ju n e 1 1956,
a t 94)4 a n d in t. to yield 4 .8 5 % . V. 122, p . 3604.

N a tio n a l E lec tric Power
C om pany
( all issues)

E are prepared to furnish quota­
tions or other information regarding
the securities of the above Company.

W

Inquiries Invited

H ow e , Snow
& Bertles NC.
i

120 Broadway

New York

Chicago
Grand Rapids
Detroit
San Francisco
St. Louis

38

PUBLIC UTILITIES

A ll o f th e o u tsta n d in g P o rtla n d L ig h tin g & Pow er C o. 1st m tg e . bonds
d ue A p ril 1 1931 w ere called for p a y m e n t O ct. 1 1926 a t 103 & in t. Y.
123, p . 709.
D ividends.— 6% p . a . w as p aid on th e pref. stock fro m F e b . 1 1912 to
M a y 1 1918, b o th incl.; none th e re a fte r u n til F eb . 15 1921 w hen 6% was
p aid on a cc o u n t o f accum ulations; since th e n reg u lar dividends; J a n . 15
1922 paid sto ck d iv . o f 10% on acco u n t of accum ulations; M a y 1 1918 paid
div. in scrip. O n com ., in 1916, SI; 1917, $3; none to D ec. 31 1922; in
1923, $4; 1924, $5; 1925, $8; F e b ., M a y a n d A ug. 1926, 1 A % E A R N IN G S .— Of com bined p ro p e rties for calen d ar years:
Dec. 31
Gross
N et (after DeInterest, Preferred &
Balance
Year—
E arnings, prec. & Taxes).
&c.
Com. D ivs.
Surplus.
z l9 2 6 ----------$3,949,317
$1,519,635
$744,146
$528,916
$246,573
$1,520,209
$758,056
$498,916
$263,237
1925----------- $3,892,442
1924--------- 3,857,706
1,418,921
746,589
339,163
333,169
1923--------- 3,771,968
1,298,242
747,341
267,421
283,480
1922--------- 3,467,564
1,231,999
719,472
x l5 9 ,6 4 6
352,881
x P referred dividends only,
z T w elve m o n th s ended A ug. 31 1926.
O F F IC E R S .— P re s ., H a rry M . V errill; V .-P ., F ra n k D . T ru e; V .-P .,
V icto r E m an u el; G en. M g r., F red . D . G ordon; T rea s. & C lerk, C. F .
B erry ; Sec., D . L . M cD an iel. Offices, P o rtla n d , M e.-—V . 121, p . 329;
V . 122, p . 1025, 3209, 3452, 3604; V. 123, p . 82, 709.
(1) P O R T L A N D (M AINE) R A IL R O A D .
Lease.— L eased for 99 y e ars fro m F eb . 1 1912 to th e C u m b e rla n d C o u n ty
P ow . & L t. C o ., lease p roviding for all in te re s t an d o th e r c u rre n t charges
a n d 5% divs. on cap ital sto ck .
O R G A N IZ A T IO N .— In c o rp . as P o rtla n d & F o rest A ve. R R . Co
M arch 1860 u n d er law s o f M ain e. A bsorbed th e p roperties of th e P o rtla n d
& C ape E lizab eth R y ., C ape Shore R y ., C ape E lizab eth St. R y ., P o rtla n d
& Y arm o u th Elec. R y . a n d W estbrook W in d h am & N ap les. Franchises
c on tain no objectional restrictio n s, m a n y are unlim ited as to tim e.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— A
tro lley ro a d .— O p erates 104.52 m iles of tra c k , com prising th e entire stre e t
railw ay system s of P o rtla n d a n d S outh P o rtla n d , w ith su b u rb a n lines to
S outh W in d h am , Saco, W estb ro o k , C ap e E liza b e th , G o rh am , Old O rchard
a n d Y a rm o u th , w here connection is m ade w ith th e A ndroscoggin & K enne­
bec R y . 101.2 miles of tra c k ; 129 passenger, 3 express an d 35 others.
O ne steam pow er p la n t w ith 1,600 k .w . cap acity . Seven sub-stations.
P o p u latio n served 113,000.
S T O C K A N D B O N D S—
D ate.
Interest. O utstanding. M aturity.
Stock $2,000,000 5% gu ( $ 1 0 0 ) ___
5 F-A
$1,999,000 See te x t
1st cons (now 1 s t) $ 3 ,000,000/ 1901
3H g J-I
1,600,000 J u ly 11951
($1,000 & $500) g o ld ._ c * tf ( I n t. a t P o rtla n d T r . C o ., P o rtla n d , T ru ste e
F irst lien & cons $7,500,000/ 1915
5 g M -N
2,045,000 N ov 1 1945
gold ($1,000 & $ 5 0 0 )--C * tf\In t. a t N ew Y o rk T ru st C o ., T ru ste e .
Bonds.— R em ain in g $1,400,000 first cons, (now 1st) M . bonds a re pledged
as sec u rity for th e fir s t lien & cons. M . 5s. Are callable a t p a r a n d in t.
on a n y in t. d a te a fte r Ju ly 1 1931. V . 73, p . 139; V. 91, p. 871.
O f th e rem ain in g firs t lien & cons. M . 5% b o nds, $1,600,000 a re reserved
for re tire m e n t o f p rio r lien bon d s an d rem ain d er fo r extensions, im p ts ., &c.
O u tstan d in g bon d s a re secured b y d ep o sit of«$l,400,000 1st cons, (now 1st)
m tg e . 3 A s ; a re callable as a w hole o r in p a r t a t 105 on an y in t. d a te .
D ividends.— T h e following d iv s. a re on old sto ck p rio r to lease.
Year—
’95-’99. ’00. ’01. ’02. ’03. ’04. ’05. '06. ’0 7 -T 1.
Since.
6
3
3
3
3 3)4 4 y ’ly . 5 y early
P e r c e n t_________ 6% 5
E A R N IN G S .— F o r calen d ar years:
N e t A fter
Fixed
Deficit.
Dividends.
Gross.
Taxes.
Charges.
$106,436
x l9 2 6 _____ $1,412,131
$241,111
$247,598
$99,950
$74,220
$99,950
1925______ $1,451,902
$273,328
$247,598
60.065
99.950
1924______ 1,582,264
287.483
247,598
40.897
99.950
1923______ 1,703,459
306.651
247.598
4,913
1922______ 1.668.239
342,635
247,598
99.950
x T w elve m o n th s ended A ug. 31 1926.
O F F IC E R S .— P res., F red . N . D ow ; C lerk & T re a s., C . F . B erry.
A ddress; P o rtla n d , M e.

A N D R O S C O G G IN ELECTRIC CO.
C ontrolled by C en tral M ain e Pow er C o ., w hich is owned by N ew E ngland
Public Service Co.
O R G A N IZ A T IO N .— In c o rp . in M ain e O ct. 26 1914 a n d p u rchased th e
prop erties of th e Lew iston & A u b u rn E lec. L t. C o. and th e P o rtla n d Lewis­
to n In te ru rb a n R R .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns a n d o p erates th re e hydro-electric p la n ts a n d one steam reserve s ta ­
tio n , w ith a com bined ra te d cap acity of 18,987 h. p. Supplies electric
energy to th e following cities an d tow ns: A u b u rn , G reene, Leeds, Lew iston,
New G loucester, W ales an d W eb ster. Po p u latio n served, 53.000. Also
ow ns a n d o p erates 30.76 m iles of high-speed in teru rb an road connecting
L e w isto n , A u b u rn a n d P o rtla n d . E n ters these cities over track s of th e local
s tre e t railw ay com panies un d er o p eratin g agreem ents. 9 passenger cars,
12 o th e r cars a n d 1 electric locom otive. T h e in teru rb an ro a d is on priv a te
right-of-w ay for 28 miles an d on th e highw ay for 2 miles. C harters and
franchises liberal. H as c o n tra c t w ith C ity of A uburn for lighting streets
and w ays and pum p in g w ater su p p ly .
ST O C K A N D B O N D S— Date.
Interest. Outstanding. M aturity.
C om m on stock $1.500,000_________
_________ $1,500,000 ----------------Preferred sto ck $500,000__________
6 Q -F
500,000 --------------1st & refund m tg e $5,000,000/ 1914
5 A-O
2,946,500 O ct 11934
($1,000 & $500) gold___ t f j l n t . a t U nion Safe D ep. & T ru st C o ., P o rt[ la n d , tru ste e .
Lew iston & A u b u rn El L t m t g e ____
5% J -D 1,200,000 Ju n e 1 1939
5-yr g coup notes ( $ l,0 0 0 )-n tf 1925 6% M -N
500,000 M ay 1 1930
Bonds.— $1,200,000 1st & ref. M . 5% bon d s are reserved to re tire the
Lew iston & A u b u rn bonds; rem ain d er m a y be issued for 80% of cost of new
w ork u n d er conservative restrictio n s. N o t su b ject to call. V. 102, p
607.
$250,000 w ere offered in M arch 1925 b y E . H . R ollins & Sons a t
Q4A & in t., to yield a b o u t 5 % % . Y . 120, p . 1200.
Lew iston & A u b u rn E l. L t. 1st 5s are call, as a whole on an y in t. d a te a t
105 & in t. N o sinking fu n d .
T h e 5-year 6% gold coupon no tes a re redeem able as a whole only on 30
d a y s’ notice a t 102 and in t. d u rin g 1926; th e re a fte r a t 14 % less each year.
In te re s t p ay ab le in B oston. C offin & B u rr, In c ., offered in M a y 1925
$500,000 a t 100 a n d in te re st. V . 120, p . 2399.
E A R N IN G S .— F o r calen d ar years:
Interest.
Pref. Divs.
Gross Inc.
N et.
$125,522
$30,000
$390,780
$235,258
1924______ . $958,884
30,000
153,359
387,115
203,756
1923--------- .
982,943
198.412
30.000
141.739
919.958
370.151
1922--------- .
Latest E arnings .— F o r 12 m o n th s ended A ug. 31:
Pref. D ivs.
Interest.
N et.
Gross.
$175,619
$30,000
$255,135
$460,754
1926______ -$1,051,190
158,513
250,888
30,000
439,401
1925_____ . 1,054,242
O F F IC E R S .— P re s ., H a rv e y D . E a to n ; T rea s., W . S W ym an; Gen
M g r., G eo. S. W illiam s; C lerk, E . A . B allan ty n e .— V . 120, p . 1200, 2399.

B A N G O R H Y D R O -E LE C TR IC CO.
O R G A N IZ A T IO N .— In c o rp . in M ain e A ug. 1 1924. H as acq uired all of
th e p ro p erties form erly ow ned b y th e B angor R y . & E lectric C o., B angor
Pow er C o ., B ar H a rb o r & U nion R iv er Pow er Co. an d o th e r sm aller p ro p er­
ties form erly p a r t of th e B angor R ailw ay & E lectric System . In 1925 an
offer w as m ade to th e com m on a n d p referred shareholders of these three
subsidiaries to exchange th e ir holdings, share for share, for stock of the
B angor H y d ro -E lectric C o. o f th e sam e class. In Aug. 1926 pu rc h a se d
from) I n te r n i P a p e r C o. th e w ater pow er rig h ts, dam a n d o th er p ro p e rty
pe rta in in g to th e h ydro-electric developm ent a t W est E nfield on th e P en o b ­
scot R iv er, 75 m iles ab o v e B angor. V. 123, p . 980.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. serves w ith electric lig h t a n d pow er th e p rin cip al cities a n d tow ns in
P en o b sco t an d H an co ck C o u n ties, M e ., including B angor, B rew er, O rono,
Old T ow n, Lincoln, E llsw o rth , B ar H a rb o r an d o th er tow ns, w ith a b o u t
17,100 custom ers a n d a p o p u latio n served of a b o u t 77.000. Also furnishes
railw ay service in B angor a n d v icinity; tra c k m ileage, 67.07 miles; 33
passenger cars, 32 freig h t an d m iscellaneous cars.




[V ol. 123,

T h e principal pow er p la n ts , all hydro-electric, a re lo cated a t M ilford
a nd V eazie on th e P en o b sco t R iv e r, a nd a t E llsw orth on th e U nion R iver,
a n d a t M achia, w ith a n aggregate generating c ap a c ity of 17,090 k.w .
A dditional pow er can be developed a t existing p la n ts an d a t ow ned un­
developed w ater pow er sites.
Franchises.— U nlim ited as to tim e except 8 m iles stre e t ra ilw a y in B angor
an d 2 m iles in B rew er, expiring in 1937 a nd 1940, respectively.
C o. proposed in J u lv 1926 to increase its a u thorized p referred stock fro m
$5,000,000 to $7,000,000. V . 123, p . 205.
ST O C K A N D B O N D S — Date.
Interest. O utstanding. M atu rity.
_
_______
Com m on $5,000,000 ($100)_ _____
$ 2 ,000,000
See te x t
P ref 7% $5,000,000 ($100)________
_______
2,500.000
See te x t
772*,000
6% cum p re f $2,000,000 ( $ 1 0 0 ) ____
6
1st lien & re f M co n v bds, ser ]
3.250,000 S ept 1 1949
of 1949 ($500 & $1,000 c * & 1924
5 A M -S
$1.000 & m u ltr * ) _______ t f j N a tio n a l C ity B an k , N ew Y o rk , T ru ste e .
Series of 1955___________________
5
308,000
1955
B angor R y & E l 1st cons M g \ 1905
5 g J-J
x l .300,000 J u ly 1 1935
$2,000,00 0 ($ 5 0 0 ,$ l,0 0 0 )c* tf (G u a ra n ty T r u s t C o ., N ew Y ork, tru ste e .
B R y & E l conv n otes $300.-1 1920 8 g M -S l
72.000 S ept 1 1930
000 ($500 and $1,000) g o ld c )F irst N a tio n a l B an k , B angor, tru ste e .
Pub W ks Co 1st gold $600,000) 1899 5 g A-O
599,000 A pril 1 1929
($500 81,000)______ c * n tf ( I n t. a t O ld Colony T r u s t C o., B o sto n ,tru s te e
B ar rfar & U n R P r Co 1st & l 1907
5 M -S
xl 83,000 S ept 1 1935
re f $2,000,000 ($1,000) .c* tf (B ank of N o rth A m er. & T ru s t C o., P h ila .,tr .
B angor Pow er Co 1 st m tg e l 1911
See te x t
x337,000 S e p t 1 1931
_
$2,500,000 ($1,000)_ c * tf(C e n tra l U nion T r u s t C o ., N . Y ., tru s te e
x H olders of these issues w ere offered in exchange for th e ir bonds B angor.
H ydro -E lectric C o. firs t lien & ref. m tge. conv. 5 % s u p o n v a rying term s.
F o r d etails of exchange offer see V. 120. p . 1455.
Stock.— T h e 6% cum . pref. stock is equal in secu rity to th e 7% pref.
stock and has th e sam e full voting pow er, i. e ., equal v o tin g rig h ts w ith
th e com m on stock; is call, a t $110; legal in v e stm en t for savings b anks in
M aine. F ree from m unicipal tax es to holders in M aine. In A ug. 1926
B eyer & Sm all, P o rtla n d , M e ., offered th is sto ck a t 96 a n d d iv . V .
123, p . 980.
Bonds.— Bangor Hydro-Electric Co. fir st lien & ref. mtge. conv. 5 A s , see
V, 120, p . 1455. A re convertible on or before M arch 1 1935 in to com . stock
at $110 per share. Are non-callable to M arch 1 1935. C allable th e re a fte r
in w hole or in p a rt a t 105 to S ept. 1 1943, an d th e re a fte r a t 10214 to m a tu r­
ity . In t. a t office of com pany in B angor, M e., or a t N a tio n a l C ity B ank,
N . Y . V. 120, p. 1455. A dditional bonds m ay be issued for refu n d in g
purposes and also for 75% (80% w hen th is m ortgage becom es first lien) of
new additions, &c. B oth series secured b y $3,430,000 B angor R y . & Elec,
first consol 5s of 1935. B ar H a rb o r & U nion R iver Pow er C o. 1st 5s of
1931, along w ith certain a d d itio n a l p ro p e rty .
Bangor Ry. & Electric fir st consol, bonds a re secured b y a first lien on th e
p ro p e rty a n d franchises of th e B angor H am pden & W in te rp o rt R y ., B angor
O rono & Old Tow n R y ., B angor & N o rth e rn R R . C o., a nd O ld T ow n E lec,
trie C o. Also b y a m ortgage on all th e o th er lines of electric railw ay a n d
lighting system in B angor, su b ject to $599,000 P u b lic W orks C o. bonds.
F u rth e r b y deposit of a ll th e stocks of th e B ar H arb o r & U nion R iver Pow er
C o. T hey are su b jec t to call on 60 d a y s’ notice a t 107 A a nd in t. on any
in t. d a te . In t. a t office of tru ste e . N ew Y ork, or E a ste rn T ru st & B anking
C o., B angor. See p a rtic u la rs, bonds, p ro p e rty , &c., V . 87, p . 1009.
$700,000 a d ditional bonds are pledged u n d e r B angor H ydro-E lectric first
lien & ref. m tge.
ThePublic W otks Co. bonds are n o t su b je c t to call; V . 8 0 , p .2 5 4 6 . $1,000
re tir e d .
O f th e Bar Harbor & U nion River Power Co. bonds $1,817,000 are pledged
to secure th e 8% conv. notes of th e B angor R y , & E lec. Co an d B angor
H y dro-E lectric C o. first lien a nd ref. m tg e. assum ed b y B angor H y d ro E lectric C o. R em ainder a re for extensions, &c., a t 85% of cost of sam e.
Are subject to call a t 107 A a n d in t. on a n y in t. d a te on 60 d a y s’ notice.
In t. a t trustee or M errill T ru s t C o., B angor; also a t J . & W . Seligm an &
& C o., N ew Y ork.
Of B angor Pow er C o. 1st m tg e. bonds, $750,000 Series A (all o ut) bore
in t. a t 4% to S e p t. 1 1916; 4 A % to S ept. 1 1921 an d 5% since. Series B,
$1,750,000 a u th . (in terest 5 % ), $337,000 outstan d in g , and $1,108,000
reserved for ex ten s., b e tte rm e n ts, & c., a t 85% of c ost of sam e. In t.
payable a t office of tru s te e a n d a t office in B angor. S u b ject to call a t 105
a nd in t. on any in t. d a te on 60 d a y s' notice. N o sinking fu n d . B o th
series assum ed b y B angor R y . & E lectric Co.
N otes.— Bangor Ry. & Elec. 8% conv. notes are secured b y $142,000
B ar H a r. & U n. R iv. Pow er C o. 1st & ref. 5s. R ed. a t 101 an d in t. on a ny
in t. d a te on fo u r w eeks’ notice. C onvertible incl. S ept. 1 1928 in to B ar
H a rb o r & U nion R iver 1st & ref. 5s of 1935 a t a price to yield 7 % , w ith
a d ju stm e n t in cash e q u al to difference betw een price an d p a r.
D ividends.— D ividends a t th e ra te of 5% per an n u m w ere p aid on $1,500,000 c ap ital stock from O ct. 1 1905 o t O ct. 1 1909, 6% from th a t d a te to
J a n . 1 1911; 7% th e re a fte r to O ct. 1 1911, a t w hich tim e $1,500,000 stock
was re tired , a nd pref. an d com . stock issued in connection w ith th e acquisi­
tion of th e stock of th e B angor Pow er Co. Since th e n 7% has been p a id to
O ct. 1926 q u a r. Q uar. divs. a t th e ra te of 2% per an n u m w ere p a id on
th e common stock fro m M ay 1 1914 to A ug. 1 1918, w hen th e y w ere dis­
continued u n til M ay 1 1922, w hen th e y were resum ed a t th e ra te of 3%
per annum ; 4% fro m F eb . 1 1923 to F eb. 1 1925; increased to 5% from
M a y 1 1925 to N o v . 1 1925; F e b ., M a y , A ug. a n d N ov. 1926, each 1 A % .
E A R N IN G S .— F o r calendar years;
Gross
N et aft.T ax.
Pref.& Com.
Revenue.
& D epr'n. Interest.
D ivs.
Balance.
1925_______________ $1,589,500 $704,650 $316,659 $274,402 $113,589
1,542.293
687,227
306,651
253,575
127,001
1 9 2 4 ._____
1923_______________ 1,535,212
662,329
285.727
245,357
131,245
1922_______________ 1,488.936
610.652
284,733
185,700
140,219
Latest E a rnings.— F o r 12 m o n th s ended Sept. 30:
1926
1925
G ross___________________________________________$1,673^300
$1,562‘792
,
N e t, a fte r ta x e s ________________________________
878,286
826,383
Fixed c h arg es_________________________
331,328
313,628
B alance, s u rp lu s ______ __________________________
546,958
512,755
O F F IC E R S .— P res. & G en. M g r., E . M . G raham ; V .-P ., H . L . C la rk and
F ra n k Sillim an 3d; C lerk & T rea s., E ugene M . Dole; A ud., O . A. P earson J r.
U nder m anagem ent of E . W . C la rk & C o.— V. 120, p . 1455, 2010; V . 122,
p . 1916; V. 123, p . 205, 980.

A N D R O S C O G G IN AND K E N N E B E C RY.
T h e C um berland C o u n ty Pow er & L ig h t C o. owns a p p ro x im a te ly onefifth of th e co m p an y ’s c ap ita l stock.
O R G A N IZ A T IO N .— In c o rp . in M e. on S ept. 30 1919 as successor to the
Lewiston A ugusta & W aterville S t. R y . as per reorganization p lan outlined
In V. 110, p . 1089. T he co. is now th e ow ner of the p roperties form erly incl.
under th e Lew iston A ugusta & W aterv ille S t, R y. 1st & ref. m tge. (ex­
cepting th e franchise of th e T u rn er line, w hich line we u n d e rs ta n d ha*
been ta k e n over b y th e tow n of T u rn e r. V . 110. p. 1188.) su b je c t to the
underlying liens found in th e ta b le below . H olders of each $1,000 Lew is­
ton A ugusta & W aterv ille S t. R y. 1st & ref. bonds received In exchange
therefor $500 1st p re f. a n d $581 2d p re f. sto ck of th e p re se n t co. For
• ta te m e n t of predecessor co. see “ E lec tric R ailw ay ” su p p lem en t o f N ov.
15 1919.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perates a system in a nd betw een W aterville, A ugusta. W in th ro p , T ogus,
G ardiner, S a b a ttu s, Lew iston, A u burn, M echanic F alls, B runsw ick. F re e ­
p o rt, Y arm outh a n d B a th . 157.083 m iles of single tra c k ; 74 passenger,
54 freig h t an d express cars, 11 snow plow s an d 13 m iscellaneous cars; to ta l,
152 cars. P o p u la tio n served, 150,000. H a s one stea m p la n t w ith a n in­
stalled c ap acity of 500 k . w.
ST O C K A N D B O N D S —
Date. Interest.
O utstanding. M aturity.
C om m on, $1,354,500 ($ 1 0 0 )________ _______
N one
______
1st pref. (see te x t)$ l,4 6 8 ,500 ($100)
6%
$1,468,500
See te x t
2d p re f. n o n -c u m ,$1,708,200 ($100)
5%
1,708,200
See text
1st m ortgage b o n d s__________ 1920
6%
834,500 M a r 1 1940
Securities of the A u g . W in . & Gar. R y .—
Aug. H . & G . gen. m tg e. con-j 1901
4 g J -J
55.000 J u ly 1 1951
v e rtib le ($50011,000) c n t f l l n t . a t A u g u sta T r . C o ., A ugusta, T rustee.
A ug. H . & G . p re f. s to c k _____ ____ 4%
195,000 J u ly 1 1951

Oct., 1926.]

POWER, LIGHT AND RAILWAY

A ugW in & G ard 1st M $1 5 0 ,-/ 1902
4 g J -J
53,000 J u ly 1 1952
0 0 0 co n v ($ l,0 0 0 & $5 0 0 )g cn tf l l n t . a t A u g u sta T r .O o ., A u g u sta. M e .,T ru s .
Aug W in & G ard p re f s to c k - . ____
4%
97,000 J u ly 1 1952
Aug W in & G ard gen M $1 2 5 ,-/ 1905 5 g J - J
100,000 J a n . 1 1935
000 ($500 $1,000) gold c n t f t i n t , a t A u g u sta T ru s t G o.. T ru ste e .
Stock.— T h e co. expected d u rin g th ree to five years from th e d a te of organ­
ization to expend a b o u t $900,000 u pon its system for e q u ip ., im p ts ., a nd
reh ab ilitatio n . P ending th e com pletion of th is program th e $1,468,500 1st
pref. a n d th e $1,708,200 2d p ref. sto ck is held by th e Lew iston A ugusta
& W aterv ille St. R y . 1st & R ef. M . bo n d h o ld ers’ co m m ittee in a voting
tru s t. W hen th e re h a b ilita tio n p ro g ram has been com pleted (or sooner w ith
the co m m ittee’s consent) th e sto ck w ill be released from th e v o ting tr u s t and
d istrib u te d as p e r th e reo rg an izatio n p la n . See ab o v e a n d also V . 110,
p. 1089. T h e 1st p re f. sto ck is cum ulative.
Bonds.— T he c o .’s 1st M . bonds due 1940 were issued in exchange for a
like a m t. of Lew. B runs. & B a th S t. R y . 1st M . 5s, due M ar. 1 1920.
A ll th e u n d erly in g m o rtg ag es a re closed m ortgages. T h e A ugusta
W inthrop & G ard . R y . gen. m tg e. 5% b onds o f 1905 are s u b jec t to call a t
p ar oh an y in t. d a y on 60 d a y s ’ n o tice. T h e A ug. W in th . & G ard . R y.
1st M . 4% b o n d s a re exchangeable fo r 4% p ref. stock of th e sam e co.,
which sto ck h as th e sam e secu rity as th e b o n d s and m a tu re s a t th e sam e
tim e. $97,000 h av e been exchanged. S u b j. to call a t 104 a nd in t. on any
in t. T h e A ug. H . & G ar. gen. M . 4% bon d s are exchangeable for 4%
pref. stock of th e sam e c o ., h av in g th e sam e secu rity as th e bonds and m a ­
tu rin g a t th e sam e tim e. $195,000 h a v e been exchanged. C allable a t
104 a n d in t. on an y in t. d a te .
Dividends.— On 1st p re f., 3% p a id J u n e 1 1921 a n d sam e ra te p a id
regularly sem i-ann. since. On 2d p re f., 2 f i % was p aid in O ct. 1922. In
1923, A pril, 2V2 %\ O ct., 2 ^ % . In 1924, A pril, 2
Oct . , 2 l % .
A
N o n e since th e n u n til 1% , p ay ab le D ec. 1926. V. 123, p . 1501, 1630.
E A R N IN G S .—-For calendar years:
Balance,
Pref.
N et aft-Tax.
Sur. or D ef.
Interest.
D ivs.
A D epr.
Gross.
$46,962
$44,055 sur.$44,705
x l9 2 6 __________ $697,152 $135,723
s u r.19,953
88,110
180,358
72,295
998,152
1925____________
d ef.65,517
173,520
72,236
180,239
1924___________ 1,055,633
d e f.49,655
173,520
196,124
72,259
1923 ___________ 1,165,131
s u r.52,289
130,815
86,554
269,658
1922___________ 1,236,027
s u r.91,461
82,712
88,110
262,283
1,284,674
1921______
x E ig h t m o n th s to S ept. 1 1926.
R evenue passengers carried (exclusive of tra n sfe r passengers): 1925,
8,637,821; 1924, 9,729,711; 1923, 11,714,641; 1922, 12,372,754.
O F F IC E R S .— P res., W m . B . Skelton; V .-P ., W m . H . N ewell; T rea s.,
M iss G . E . F itz, a ll of Lew iston, M e.; G en. M g r. & C lerk, A lfred Sweeney.
— V. 116, p . 1273; V. 118, p . 1134, 2302; V . 122, p . 1916; V. 123, p . 1501
1630.

B ID D E F O R D & SACO RR.
O R G A N IZ A T IO N .— In c o rp o rate d F e b . 19 1887.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A trolley ro a d . O perates 8 miles of tra c k betw een Saco, B iddeford and Old
O rchard B each.
ST O C K A N D B O N D S— Date.
Interest. O utstanding. M aturity.
Stock ($50) $100,000_______________
A-O
$100,000 A p r ’26, 3%
1st m tg e $300,000 ($1,000)/ 1900
4 g J -D
125,000 Ju n e 1 1940
gold c*. N o s f b u t can b e /In te re s t a t F id elity T r u s t C o., P o rtla n d ,
called in 1920__________ t f L M e ., tru ste e .
D ividends.— D u rin g y ears end. J u n e 30: 1906, 4 % : 1907-09, 5 % : 1910,
7 H % (changed to s.-a .); 1911 an d 1912, 5% ; 1913 a n d 1914, 6% : 1915, 8% ;
1916, 10% a n d special d iv . of 20% on A ug. 1 1916. In 1917, 10% ; in 1918,
10% ; in 1919, 10% ; in 1920, 10% ; in 1921, 10% ; in 1922, 9% ; in 1923, 8% ;
in 1923, 8% ; in 1924, 8 % ; in 1925, A p ril, 3 % , a n d O ct., 3 % .
E A R N IN G S .— F o r calen d ar years:
In t., A c. Dividends.
N et.
Balance.
Gross.
Year.
$12,469
$5,420
$6,000
$1,049
1 9 2 5_________ $100,402
def. 1,773
5,720
8,000
11,947
192 4 _________ 105,017
sur. 8,121
22,121
6,000
8,000
1 923_________ 117,506
su r. 1,442
6,000
9,000
16,443
1 922_________ 119,171
O F F IC E R S . — P res., H . P . G arland; V .-P ., C . F . V erry; Sec. , T rea s. &
G en. M g r., J . B u rto n S tride.— V . 70, p . 1048; V. 73, p . 494.

CALAIS ST R E E T RY.
O R G A N IZ A T IO N .— In c o rp o rate d in M ain e in 1893.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A tro lley ro a d . C alais S treet R y ., lower w h a rf to u p p e r bridge, C alais,
4 miles; S t. Stephen E lectric R y ., M illto w n , N . B ., to S t. S tephen, N . B .,
3 miles; to ta l, 7 miles. T h e St. Stephen E lectric S tree t R y . is a sep a ra te
co rp o ratio n , b u t is ow ned en tirely by th e C alais com pany. N ine cars.
C A P IT A L IZ A T IO N — Stock, $50,000 com . and $50,000 p re f.; first
m ortgage, 1910 ( n tf ) , 5s, J - J , $100,000, due Ju ly 1 1930.
E A R N IN G S .— F o r calendar y ear 1924: G ross, $56,362; n e t, a fte r
tax es, d e f., $7,000. In 1923, gross, $56,528; n e t, a fte r tax es, $1,679. In
1922,(gross, $45,455.
In 1921, gross, $57,968. In 1920, gross, $55,697.
In 1919, $50,882.
O F F IC E R S .— P re s ., G eorge A . C u rra n ; Sec., T rea s. & G en. M g r.,
B enjam in Y . C u rra n ; S u p t., C . F . P ra y , all of C alais, M e.

Y O R K U T IL IT IE S CO.
O R G A N IZ A T IO N .— O rganized early in 1923 in M ain e, an d on F eb . 1
1923 to o k over th e p ro p e rty of th e A tla n tic Shore R y . (for h isto ry see
“ E lectric R ailw ay ” S u p p lem en t o f O ct. 28 1922) as p e r p la n outlin ed in
V. 116, p . 615. N o provision w as m ad e for th e sto ck or non-assenting
bondholders of th e predecessor c o m p a n y .
F IE L D O P O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O p erates 37 m iles of tra c k , co n n ectin g Springvale, S anford, W est K enne­
b u n k , K e n n eb u n k , K en n eb u n k p o rt a n d C ape Porpoise w ith B iddeford a nd
Saco: th en ce over connecting lines to Old O rchard and P o rtla n d . See V. 81,
p .1 5 4 9 . B u ilt 2.1 m iles of tra c k in Sanford in 1923. Also operates buses.
V. 119, p . 581. Owns 2 w a ter pow er p la n ts. H as 22 passenger cars, 3
express cars a n d 3 electric locom otives, 8 miscell. cars, 6 busses. 60 and
70-lb. rail.
Interest. Outstanding. M aturity.
S T O C K A N D B O N D S—
Date.
_____________________ $481,775 ___
C o m m o n ____________________ _____
P referred 5 % c u m u la tiv e ------- -------5% cum 179,100 J ’n e ’23,1
2-3
F irst m tg e Ser “ A ” $1,000,000 1923
5%
469,200 __________
5%
344,900 __________
Second m o rtg ag e ____________ 1923
E A R N IN G S .— F o r calendar years:
N et
Gross
Operating
A ll
Interest on Balance
Earnings. Expenses. E arnings. Taxes. B onds,A c. D eficit.
$6,092
$7,285
$40,503 x$41,696
1925__________ $182,278 $176,186
$10,541
1924__________ 180,856
170,314
7,989
x40,930 38,143
13.403
8,309
x41,605 36,511
1923__________ 227,808
214,405
7,662
81,795 33,427
56,031
1922..................... 236,837
180,806
21.404
6,967
80,895 66,458
1921...........
224,651
203,247
24,861
5,867
80,895 61,901
1920__________ 223,383
198.522
x In c lu d in g $43 in 1925, $225 in 1924 a n d $900 in 1923 for ‘o th er
d e d u ctio n s.”
Latest E arnings.—F o r 7 m o n th s ended J u ly 31:
,
1926.
1925.
G ross e arn in g s_________________________________
$123,025
$111,597
N e t before ta x e s________________________________
2,714
11,664
Fixed charges an d ta x e s________________________
, 26,895
28,589
B alance, d eficit______________________________
24,181
16,925




39

Stock and Bonds.— T h e following securities are held in tre a su ry to redeem
o u tsta n d in g securities of predecessor com pany: $46,925 com m on stock,
$1,800 pref. stock, $8,400 1st m tge. 5% bonds, an d $6,200 2nd m tge. 5%
bonds.
O F F IC E R S .— P re s ., F . O. C o n an t: V .-P ., C o n sta n t S o uthw orth; T re a s .,
Geo. S. H obbs: G en. M g r.; W . M . B . L ord. G eneral office: K e n nebunk,
M aine.— V. 118, p. 1667; V. 119, p . 581.

W ATERVILLE F A IR F IE L D & OA KLA ND RY.
C ontrolled b y C en tra l M aine Pow er Co.
O R G A N IZ A T IO N .— In co rp . in M aine in 1903 as th e W aterville & O ak­
land S t. R y ., b u t in 1911 increased its sto ck from $100,000 to $500,000
($100) and changed nam e to presen t title . V. 93, p . 1602. T he $400,000
additional stock was tu rn e d over to th e C en tra l M aine Pow er C o. to p a y th a t
com pany for having re tired o u tsta n d in g bonds of th e W aterville & O akland
S t. R y. a nd for procuring th e conveyance of th e stre e t railw ay p ro p e rty
form erly belonging to th e W aterville & Fairfield R y . & L . C o. T h e C en­
tra l M aine Pow er C o. assum es a nd agrees to p a y all liens, claim s a nd in­
cum brances of every kind a tta c h in g to th e p ro p e rty form erly ow ned b y th e
W aterville & Fairfield R y. & L ig h t C o., so th a t th e W aterville Fairfield &
O akland R.v. now owns b o th railroads, w hich connect a t W aterville.
V . 93, p . 1790. W aterville Fairfield & O akland R y . has no bonds.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
E xtends from Fairfield thro u g h W aterville to O akland, 10.8 m iles. S ta n d ­
ard gauge. 58 to 90-lb. T a nd g irder ra il. 17 pass, cars an d 2 snow p lo w s .
Fares.— See V. 118, p . 2306.
E A R N IN G S .— F or 12 m os. end. A ug. 31:
1926.
1925.
1924.
1923.
1922.
G ross_______________ $119,395 $120,564 $126,701
$140,591 $133,023
N e t, a fte r ta x e s______
6,970
2,484
1,269
4,036
6,353
O F F IC E R S .— P res., H a rv e y D . E a to n ; Sec., E . A . B allan ty n e; T rea s.,
W alter S. W ym an; G en. M g r., N . R . Longfellow .— V . 93, p . 1602, 1790;
V . 118, p . 2306.

NEW HAMPSHIRE
PU B L IC SERVICE CO. OF NEW H A M P S H IR E .
Control.— N ew England Public Service Co. ow ns th e e n tire 100,000 no p a r
com m on shares.
O R G A N IZ A T IO N .— In co rp . A ug. 16 1926 b y m erger an d consolidation
of M anchester T rac tio n , L ig h t & Pow er Co. (for h istory, see P ublic
U tility C om pendium ” of M a y 1 1926), K eene G as & E lectric C o., A shuelot
G as & E lectric C o., L aconia G as & E lectric Co. and Souhegan V alley
E lectric Co.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Co. serves th e m an u factu rin g d is tric t along th e M errim ack R iver in N ew
H am pshire, com prising th e cities of M anchester an d N ash u a, to g e th e r w ith
K eene, Laconia a nd m a n y surrounding tow ns. A ll of c o .’s te rrito ry is
served w ith electricity for pow er a n d light. G as is also furnished in th e
cities of N a sh u a , K eene an d L aconia. T hrough w holly ow ned subsidiaries,
co. operates th e stre e t railw ay system in M anchester an d in te ru rb a n lines
to N ash u a and G offstow n. P o p u latio n furnished w ith one or m ore classes
of service is e stim ate d to exceed 170,000. Owns a nd operates 12 h y d ro ­
electric statio n s of a to ta l c a p a c ity of 17,000 k .w . an d 2 steam sta tio n s of
20,250 k .w . c ap a c ity . A n add itio n al developm ent on th e N o rth B ran ch
of th e C ontoocook R iver, of 3,200 k.w . is u n d e r constru ctio n . C o. also
owns valuable rig h ts for fu tu re developm ent on th e M errim ack and C ontoo­
cook R iv er. T he p rin cip al p la n ts are or are to be inter-connected.
S T O C K A N D B O N D S—
Date. Interest. O utstanding. M atu rity.
_______ .-100,000 shs
C om m on (no p a r ) _________________
$6 cum p re f (no p a r ) ______________
!6 Q-M
34,100 shs
1st & re f M g ser of 19561 T o be issu e d . $3,150,000
1956
M anch T r L t & P r C o___ )
M anch T r L t & P r Co 1st ref [ 1917
_________ A ug i 1952
See te x t
5,228,500____ - ____
M s f g $15,000,000 ($ 5 0 0 (In t. a t A m erican T r. C o., B oston, T ru ste e
& $1,000 c*; $5,000 r ) _ t f t
_
Stock.— $6 div. series pref. is call, on 30 d a y s’ notice a t $107 50. Is
en title d in in v o lu n ta ry liq u id atio n to $100 a n d div s., in v o lu n ta ry liq u id a ­
tion to $107 50 and divs. In O ct. 1926 R ucker, A nth o n y & Co. a n d O ld
C olony C orp. offered 34,100 $6 div . series pref. shares a t 95 an d d iv s .. to
yield 6.32% . V. 12,3, p . 2140.
Bonds.— The Manchester T r ., L t. A P r . Co. 1st ref. bonds a re (since A p r. 1
1921) a 1st m tge. on all p ro p e rty ow ned. Of th e a m o u n t re p o rte d as ou t­
stan d in g , $4,314,500 are 5s a nd $914,000 are 7s. A d d itional bonds m a y be
issued for refunding a n d for acquisitions u n d e r certain restrictio n s, b u t n o t
in excess of tw ice th e p a r v alu e of o u tsta n d in g sto ck . Sinking fu n d of 1 %
of bonds o u tsta n d in g on each A ug. 1 began 1919 and is applied to purchase
of bonds a t n o t to exceed 105 a n d in t.
$386,500 5s, in additio n to am o u n ts
shown as ou tsta n d in g , are h eld in sinking fu n d . B onds purchased are to
be held alive. C allable a t 105 a n d in t. V. 105, p . 909; V. 112, p . 562. In
D ec. 1924 D illon, R ead & Co. an d T u ck er, A n th o n y & Co. offered $1,000,000
1st & ref. m tg e. 5s a t s95 a n d in t., to yield a b o u t 5.3 5 % . V . 119, p . 2647.
E A R N IN G S .— O f p roperties for calendar years:
x l9 2 6 .
1925.
1924.
1923.
G ross---------------------------$3,417,447
$3,334,739 $3,183,897 $3,r28,909
N e t, a fte r m ainc. & taxes 1 ,5 8 0 ,,0 8
1,483,789
1,298,733
1,254,884
B ond in t. & am o rtizatio n
4 5 7 ,4 0 1
D e p re cia tio n ,
231,409
N o t available.
P ref. d iv . re q u ire m e n ts204,600
B alan c e_____________
$686,698
x 12 m os. end. Ju n e 30 1926.
Operating statistics as of D ec. 31:
^
,, , , .
,
1925.
1924.
1923.
G as a nd electric c ustom ers___________
44,841
41,441
37 112
K .w .h . o u tp u t (incl. p u rc h a se d )--------- 69,447,391 60,942,802 59.30L 920
G as o u tp u t (cu. f t . ) --------------------------- 267,294,900 257,062,691 251,041,400
O F F IC E R S .— P res., W alter S. W y m an .— V . 123, p . 2140.

NEW HA M P SH IR E ELECTRIC R YS.
Control.— E a rly in 1925 th e A ssociated G as & E lectric C o. acquired c o n tro l
of th e com pany. V . 120, p . 331. C om pare V. 119, p . 2762, 2878.
O R G A N IZ A T IO N .— A v o lu n ta ry association organized as successor to
New H am pshire T rac . C o. on A ug. 24 1905. C o. ow ns $143,000 bonds and
all o f th e com . c ap ita l sto ck of th e follow ing com panies: M ass N E S t R y
D over Som ersw orth & R ochester S t. R y . a n d G ranite S ta te L a n d Co'.
STO CK —
D ate.
Interest. O utstanding. Last D iv.
C om m on $4,000,000 ($100)— ____
_________ $3,900 200
P re f4 % n - c $4,000,000 ( $ 1 0 0 ) . -----J-J
3,399,500
1917
D ividends.— C om pany p a id 1% each 6 m os. on pref. from J u ly 1908 to
an d incl. J a n . 1910; J u ly 1910 to J a n . 1912, 1 H % s.-a .; J u ly 1912 to Ju ly
1915, 2% s.-a . In J u ly 1916, 2 % . In 1917, 3 % . N one since.
O F F IC E R S .— P res., J . I . M ange; V .-P ., John M . D a ly , N ew Y ork
T rea s., H . C. H opson, N ew Y o rk .— V. 118, p . 1392.
(1) M A S S A C H U S E T T S N O R T H E A S T E R N S T R E E T R Y .
All th e sto ck of this c o m pany is ow ned by th e New H am pshire E lec. R y?.
O R G A N IZ A T IO N .— A M assa c h u se tts corp o ratio n
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns a n d o p erates a local an d in te ru rb a n railw ay in n o rth e a ste rn M ass
a nd s o u th ea ste rn N ew Ila m p . M ain ta in s a th ro u g h service betw een H a v er­
hill, L aw rence, A m esbury a nd N e w b u ry p o rt. Pow er is pu rc h a se d from
th e P o rtsm o u th P ow er C o. u n d e r a c o n tra c t extending beyond Ju ly 1 1934
Owns a n d o p erates a b o u t 88 m iles of single tra c k (65 miles in M ass, and 23
in N ew H a m p .), extending e a s t a n d w est from H averhill, M ass., entering

40

PUBLIC UTILITIES

on th e e a s t N e w b u ry p o rt, M errim ao , Salisbury an d A m esbury, M ass., and
Plaistow and N ew to n , N . H ., an d on th e west L aw rence a nd M eth u e n ,
M ass , and Salem N H. Owns a n d operates local lines in N e w b u ry p o rt
a n d A m esbury. C onnects w ith th e E a s t M ass. S t. R y . Also owns a
large am u sem en t p a rk on C anobie L ak e in Salem, N . H . 61 open a n d
58 closed cars, 6 B irney (one-m an), 5 W ason one-m an, tw o-m en a n d 31
w ork cars an d snow plow s.
In 1925 disco n tin u ed tro lley service on 4 m iles o f tra c k b etw een M a rk e t
S q u are, in N ew b u ry p o rt, M ass., a n d P a rk e r R iver in N ew b u ry.
STO CK A N D B O ND S—
D ate.
Interest. O utstanding. M atu rity
C om m on sto ck ($100)________ _____
_________ $1,500 000 ___________
P re f 6% cu m ($100)---------------------6%
665;000 __________
F irs t a n d re f m tg e $2,0 0 0 ,0 0 0 \ 1914
5 g J-J
919,000 Ju ly 1 1 934
($1,000) g o ld ----------------c* l i n t , a t A m erican T r u s t C o ., B o ston, tru ste e .
C itiz en s’ E lec S t R y 1st m tg e l 1900
6 g J-D
230,000 J u ly 1 1934
$230,000 g o ld _____________/B eaco n T r u s t C o ., B o sto n , tru s te e .
C a r tr u s t n o te s _______________ 1924
6%
25,000 Ser to 1928
Bonds.— T h e 1st & re f. 5s of 1914 a re re d . a t 110 an d in t. on a n y in t. d a te
on 43 d a y s ’ n o tic e . Of th e re m a in d e r o f th ese bonds a u th ., $230,000 are
reserv ed for p rio r liens a n d $851,000 reserv ed fo r c o st o f ad d itio n s and
irn p ts. u n d e r c e rta in re stric tio n s (V. 100, p . 55). T h e $230,000 C itizen s’
Elec. S t. R y . 1st m tg e. bonds w ere originally 5s and m a tu re d D e6. 1 1920
b u t w ere extended to Ju n e 1 1922 a t 8 % . V . 112, p . 2414. W ere fu rth e r
extended to Ju n e 1 1924 a t 7 % , an d again to Ju ly 1 1934 a t 6 % . V.
119, p . 2287.
E A R N IN G S .-—F o r calen d ar y e ar 1925, gross $597,335, n e t a fte r taxes,
$56,009. F o r 1924, gross $679,288; n e t, afte r tax es, $69,068. In 1923,
gross, $904,755; n e t, a fte r tax es, $58,816.
Latest E a rnings.— F o r 12 m os. end. A ug. 31 1926: G ross, $568,363
(against $615,967 12 m os. en d . A ug. 13 1925); n e t a fte r taxes, $69,450
(ag ain st $57,577.)
O F F IC E R S .— P res., J . I. M ange; Y .-P s., J . M . D a ly an d L . H . M cC ray;
T rea s., W m . A . K ienzle; M g r., C . L . B a rtle tt.— V. 119, p . 2287, 2762,
2878; Y. 120, p . 331.
(2) D O V ER S O M E R S W O R T H & R O C H E S T E R S T R E E T R A IL W A Y .
All th e sto ck an d $143,000 bonds ow ned b y N ew H a m p sh ire E lec. R ys.
O R G A N IZ A T IO N .-—C h a rte re d u n d e r th e laws of N ew H a m p sh ire. Is
a conso lid atio n o f th e U n io n E lec. R y . a n d th e R o ch ester S tre e t R y .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. ow ned an d o p e ra te d a b o u t 20 m iles of tro lley ro a d . H ow ever on
S ept. 15 1926 d isco n tin u ed o p eratio n of cars a n d in a u g u ra te d operation
u n d e r lease of six 29-passenger W h ite busses.
Status.—F o r s ta te m e n t b earin g on co n d itio n o f co. in M arch 1924 see
V. 118, p . 1392, u n d e r c a p tio n “ N ew H am p sh ire E lec tric R ailw ay s.”
STO CK AN D B O N D S—
Date.
Interest. O utstanding.
Maturity.
_________
$300,000 __________
S to c k $300,000 ($100)______________
1st m tg e b o n d s, Series “ A ” _ 1921
_
6%
128,000 J u ly 11931
1st m tg e inc b o n d s, Ser “ B ” -_ 1921
6%
79,000 J u ly 11931
Bonds.— Series “ A ,” call, a t p a r an d in t. on a n y in t d a te on 60 d a y s ’
notice since J u ly 1 1922. Series " B ” call, on 60 d a y s ’ n o tice a n y J a n . 1
or Ju ly 1 since J u ly 1 1922 a t p a r p lu s a n y declared an d u n p a id in t. to the
Ju n e 30 of th e c alen d a r y e a r n e x t preceding th e d a te o f re d e m p tio n , plus
in t. a t th e r a te o f 6% p e r a n n u m a fte r su ch Ju n e 30 to d a te o f re d e m p tio n .
E A R N IN G S .— F o r calen d ar y e ar 1925, gross $82,255; deficit a fte r taxes,
$827. F o r 1924, gross, $90,209; deficit after tax es, $1,099. In 1923,
gross, $100,308; d eficit a fte r tax es, $310.
Latest E a rn in g s.— F o r 12 m cs. end. A ug. 31 1926: G ross, $78,795 (against
$84,899 12 m os. end. A ug. 31 1925); n e t a fte r tax es, $10,003 (against def.
$5,807).
O F F IC E R S .— Sam e as for M assach u setts N o rth e a ste rn S tree t R y.
except M g r.-S u p t., L. E . L y nde.

(THE) LACONIA TRANSIT CO.
O R G A N IZ A T IO N .-—Fo rm ed in 1926 to acquire th e p ro p erties of Laconia
( N . II .) Street R y., sold a t foreclosure sale in 1926 to G u y M . T e tle y a n d
H o w ard W . B yse.
In Sept. 1926 N . I I . P u b . Serv. C om m ission ap p ro v ed th e issuance of
$25,000 c ap ital sto ck , no fu rth e r p a rtic u la rs. V. 123, p . 1876. F or Laconia
(N . H .) S treet R y ., see “ P .-U . C o m pendium ” of M a y 1 1926.
Co. was to o p e ra te busses betw een Laconia a n d W eirs, N . H .
O F F IC E R S .— P res., G u y M . T etley: V .-P ., H o w ard W . B yse, L aconia,
N . H .; Sec., T h o m as F . C heney.—V . 123, p . 1876.

NASHUA STREET RY.
O R G A N IZ A T IO N .— In c o rp o rate d A ug. 14 1885.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T ro lley ro a d . Owns an d o p erates 16.14 miles o f m ain tra c k .
Temporary Lease.— In M arch 1924 th e com pany was a u th . b y th e N . H .
P . S. C om m , to o p erate u n d e r a te m p o ra ry lease th e lines of th e M ass.
N o rth e a ste rn S t. R y ., b etw een H udson B ridge a n d H udson C en tre, con­
necting w ith th e c o .’s liqes. T h e co. was also a u th . to purchase th e pro p ­
e rty of th e N o rth e a ste rn co. la te r if th o u g h t desirable. V . 118, p . 1392.
S T O C K A N D B O N D S—
Date. Interest. O utstanding. D iv.
M a t.
Stock $325,000 (par $100)________ _________ ____
$825,000
See te x t
1st m tg e $150,000 ($1,000)? 1901 4 g A-O
150,000 O ct 11931
g o ld _________________ c * tf \I n t. a t Old C olony T r . C o ., B oston, tru s te e .
Bonds.— E n tire issue m a y be called a t 105 and accru ed in te re st.
D ividends.— U n d e r th e lease to th e B ay S ta te S t. R y . dividends of 6%
p . a . w ere being p a id , b u t p a y m e n t due J a n . 1 1918 w as d efau lted — see
rem ark s above.
E A R N IN G S .— F o r c alen d a r y e a r 1924, gross, $143,788; n e t, a fte r taxes,
$16,995.
In 1923, gross, $146,013; n e t, a fte r taxes, $19,914.
In 1919,
gross, $131,691. F o r la s t 11 m o n th s of 1918, gross, $110,240.
O F F IC E R S .— P re s ., G eorge A . F e rn a ld , B oston; T re a s., J E . T obias,
N a sh u a . N . H .— V . 106, p . 86, 607, 1036; V. 110, p . 1973; V . 118, p . 1392.

VERMONT
MONTPELIER & BARRE LIGHT & POWER CO.
O R G A N IZ A T IO N .— In c o rp . in M ass, on N ov. 12 1912. Also owns
all th e stock o f th e C onso lid ated L ighting C o ., V erm ont Pow er & Ltg. C o .,
M olly’s Falls E lec. L t. & Pow. C o ., a n d W aterb u ry L t. & Pow . C o.; also
assets o f C o rry -D e a v itt-F ro st E lec. C o. F o r stock tru s t ag reem ent, form ed
in Ju ly 1925, a n d in v ita tio n to stockholders to d eposit th e ir stock w ith th e
A m erican T ru st C o. as a g en t for th e tru ste e s, see V. 121, p . 586. For
ag reem en t signed Sept. 28 1926 b y v o tin g tru stees to sell c f th e deposited
sto ck , see V. 123, p . 1876. U nder th e deed of tr u s t th e sto ck can n o t be
sold by tru ste e s below 160 for th e com m on an d 140 for th e p referred stock.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Supplies electric lig h t, h e a t and pow er in B arre a n d M o n tp elier and in p ra c ­
tically all of W ashington C o u n ty . V t. Pow er p la n ts h av e an aggregate
c ap a c ity o f a b o u t 18.159 h . p ., a n d 4,000 h . p .in ad d itio n is available
by c o n tra c t.
The
stea m p la n ts u nder norm al
conditions are
hold largely as a reserve; ap p ro x . 200 m iles transm ission a n d d istrib u tio n
lines; u ndeveloped w ater pow er o f a b o u t 8,000 h . p . c ap a c ity . Franchises
are p e rp e tu a l.
In 1926 organized th e Green M o u n ta in Power Co., In c ., see below in th is
s ta te m e n t.
Sub. Co. Receivership, &c.— See u n d e r B arre & M o n tp elier T rac tio n C o.
in V . I l l , p . 2227; V . 112, p . 61. See for sale o f p ro p erties of th is sub­
sid iary an d o rg an izatio n o f a new co. V . 121, p . 3002.




[V ol. 123.

ST O C K A N D B O N D S— Date.
Interest. O utstanding. M aturity.
_________ $1,000,000 J u ly ’26 50c.
C om m on $1,000,000 ($100)________
7%
275.000July’2 6 1 % %
P r pref 7% cum $ 2 7 5 ,0 0 0 ($ 1 0 0 )____
P re f $3,810,000 ($100) c u m ________
6%
1,527,300Ju ly ’2 6 1)4%
1st refund m tg e $2,500,000? 1914
5 g A-O
1,573,700 O ct 1 1944
($100 & $1,000)_ c * & r* tf \In t. a t A m er. T r u s t C o ., B oston, tru stee.
_
10-year n otes $750,000 g o l d . .; 1920
8 g M -S15
250,000 S ept 15 1930
\ P rin . & in t. p a y ab le a t A m erican T r u s t Co
V erm ont P ow er & L tg C o __________
5 M -S
400,000 M a r 11927
6 M -S
115,000 M a r 1 1930
C o rry -D e a v itt-F ro st E l C o _ - l ____
VVaterbury L ig h t & Pow er C o . ___
5 M -N
42,000
See tex t
G reen M o u n tain Pow C o I n c f 1926
5 A g F-A
750,000 F e b 1 1956
1st M 5 M % K ser A ($ 1 ,0 0 0 ,/P rin . an d in t. a t A e r. T r u s t C o ., BosS
$500, $100 c* an d $1,000
to n , tru s te e .
an d m ultiples c ) ________ t f (
Stock.— $2,451,400 p re f. stock is reserved for conversion o f 1st re f. m o rt­
gage bonds. Tax-free in M assa c h u se tts. In Sept. 1926 co. a u th o riz e d an
issue of 15,410 a d d ’l 6% p re f. shares for th e sam e p urpose. V. 123, p . 1876.
Bonds.— T h e above bonds of lig h t a n d pow er com panies a re assum ed
by th e M ontpelier & B arre L ig h t & Pow er C o. $250,000 of th e 1st ref.
bonds becam e convertible a t holders' o p tion in to p re f. sto ck a t p a r on
M a r. 1 1916. As of D ec. 31 1925 $48,600 h a d been so c o nverted. $400,000
add itio n al bonds becam e convertible in to pref. sto ck a t p a r on M a r. 1 1921.
$550,000 becam e convertible a fte r M a r. 1 1923. R ed . as a w hole a t 105 and
in t. on an y in t. d a te on 4 w eeks’ notice. $507,000 bonds are reserved to
re tire underlying bonds an d $202,000 for ad d itio n s a n d im prov em ents a t
75% of c ost. In D ec. 1925 C harles H . T en n ey & C o., B o sto n , offered
$584,000 ad d itio n a l bonds a t 95 a n d in t., to yield ap p ro x . 5.4 2 % . V.
121, p . 3004.
$212,000 V erm ont P r . & L tg . C o. bonds are h eld in sinking fu n d s (incl.
in a m o u n t rep o rte d o u ts ta n d in g ).
T h e W aterb u ry L t. & P r. C o. bonds m a tu re d $6,000 y e arly to N ov. 1
1921; since $7,000 yearly to N o v . 1 1931. $83,000 h a d been redeem ed up
to D ec. 31 1925.
T h e Green M ountain Power Co., In c ., 1st mtge. 5 A % gold bonds, series A ,
dated Feb. 1 1926, a re secured b y a d ire c t 1st m tg e. on all th e p ro p e rty (incl.
after-acquired) of G reen M o u n tain Pow er C o ., In c ., also b y pledge of th e
lease of G reen M o u n tain C o. p roperties to M ontpelier & B arre L t. & Pow .
C o. A dditional bonds m a y be issued in series of su ch te n o r, b u t n o t
m a tu rin g earlier th a n F e b . 1 1956, as directors fro m tim e to tim e m ay
d eterm ine. M a y be issued for refunding bonds issued u n d e r th is m tge.
M a y also be issued for refunding u nderlying bonds or 75% of a d d itio n s,
&c., provided n e t earnings for 12 o u t of preceding 15 m o n th s h a v e been
equal tw ice in te re st on all 1st m tg e. an d u nderlying bonds o u tsta n d in g , incl.
new issue, or if lessee increases th e re n ta l b y sum s equal to a t leas tw ice
such a n n u al in te re s t on th e bonds a pplied for a n d u n d e r o th e r p ro te c tiv e
provisions. R ed . w hole or p a rt on 30 days notice a t 107 A on A ug. 1 1926,
less A % for each six m o n th s th e re a fte r to a nd incl. A ug. 1 1928 a n d a t 105
to an d incl. A ug.
1955; in each case w ith in te re s t. M ass., V rm o n t,
’e
New H am p sh ire, P § v a n ia , R hode Isla n d or C onn, (b u t only one o
said States) taxes refu n d a b le u p to an aggregate m axim um of A % ■ In
F e b . 1926 C harles H . Tenney & C o ., B oston, offered $750,000 5 A % gseries A bonds a t 95 a n d in t., to yield 5.85% .
Green M ountain Power Co., In c ., was incorp. in 1926 in V erm ont to
develop th e hydro-electric p ro p e rty of M ontpelier & B arre L t. & Pow . Co
a t M o lly ’s F alls, M arshfield, V t., w hich is to h av e a c ap a c ity of approx.
7,000 h .p . Owns app ro x . 1,029 acres la n d , of w hich 980 acres in fee.
T h e pro p erties a re to be leased to M ontpelier C o. for 99 years a t an a nnua
re n ta l equal to tw ice in te re st on all bonds o u tsta n d in g u n d e r this m tg e .,
an d in ad d itio n is to p a y all taxes, m a in t., re p la c e., &c. T h e d evelopm ent is
expected to p rovide an a n n u al average of a pprox. 6,000,000 k.w h —
V . 122, p. 1608.
Dividends.— A d iv . of $2 50 w as p a id on th e 6% p re f. sto ck A p r. 1 iu irf.
covering th e 5 m o n th s from d a te of organization on N o v . 12 1912 to A pril 12
1913; $1 50 p a id J u ly 15 1913 a n d $1 50 q u a r. to an d incl. J a n . 1921. In
Ju ly 1921 1)4% was p a id . J a n . 1925 a q u a r. d iv . of $1 50 per share w as p aid
on th e 6% pref. a nd in a d d itio n $19 50 p e r share w as p a id on a cc o u n t of
a ccum ulated dividends. V . 120, p . 86; In A pril, J u ly a nd O ct. 1925 and
J a n .. A pril & J u ly 1926, each 1 A % . On th e 7% pref. in 1926 a t th e ra te
of 7 % . In F eb. 1926 a n in itia l q u a r. div . of 50c. w as p a id on th e com m on
stock. In J u ly 1926, 50c.
E A R N IN G S .— F o r calendar years:
Dec. 31 Y r s .— Gross E arns.
Tot. N et In c . Int.,R en ts,& c. Bal,for D ies.
$111,262
$102,661
$213,923
.$619,930
xl926 .
189,755
167.995
357,750
1925 ____ - - - - - 891,456
289,402
173,274
116.128
1 9 2 4 .._____________ 817,155
157,256
236,559
79,303
1 9 2 3 .._____________ 724,987
14,832
169,710
154,878
1 9 2 2 ..
148,691
57,224
205,915
1 9 2 1 .._____________ 529.530
x Eis;ht m o n th s ended A ug. 31 1926.
O F F IC E R S .— C h. of B d. of D irecto rs, C . H . T enney; P re s ., D . E d g a r
M anson; 1st V .-P ., F ran c is L . Ball; 2d V .-P ., A lb e rt B . T enney; C le-k,
H . P . W ood; T re a s ., E . A . B rad ley , A sst. T re a s ., R . C. Tenney; A ud.,
I. S. H all. U n d er m an ag em en t of C harles H . T en n ey & C o., B o sto n .—
V. 121, p . 586, 3004; V . 122, p . 213, 1610, 1876.

RUTLAND RAILWAY, LIGHT AND POWER CO.
Control.— T h ro u g h stock ow nership controlled b y N a tio n a l L ig h t, H e at
& Pow er C o ., a su b sta n tia l m a jo rity of w hose com m on stock is ow ned by
N ew E n g lan d P ublic Service C o., a su bsidiary of M iddle W est U tilities Co.
V . 120, p . 1461.
O R G A N IZ A T IO N .— Is a consolidation in F eb . 1906 of th e R u tla n d
S treet R y ., th e P eo p le’s G as L ig h t C o ., th e V erm ont In te rn a l Im p ro v em en t
C o. a n d th e C h itte n d en Pow er C o. In S ept. 1906 acquired th e entire
$180,000 stock and $120,000 bonds of th e R u tla n d C ity E lec tric C o. V . 83.
p . 626. In M arch 1908 consolidated w ith th e la tte r com pany, th u s com ­
pleting consolidation of all th e R u tla n d public u tilities. V . 86, p. 1044.
F or scrapping of ro a d , abandoned in D ec. 1924, see V. 121, p . 1228.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
C o. supplies electric lig h t an d pow er in R u tla n d . W est R u tla n d . W allingford
P ittsfo rd , C astle to n , an d N o rth C larendon, V t. Also fu rnishes gas in th e
C ity of R u tla n d .
Trolley Operations D iscontinued.— In J a n . 1925 th e trolley lines in and
aro u n d R u tla n d w ere su p p lan ted b y buses. V. 120, p . 583.
Franchises have been g ra n te d b y special A cts of V erm ont L egislature and
are p e rp e tu a l.
ST O C K A N D B O N D S—
Date.
Interest. Outstanding. M aturity
C om stock $2,000,000 ( $ 1 0 0 ) - - ................... ...........
$1,700,500
See te x t
P referred s to c k ______________ _____
7%
108,500 O c t '26, 1%
F irst m ortgage $2,000,000? 1906
5 g M -S
1,832,000 M a r 1 1946
gold ($1,000)__________ c * /ln t. a t M ech. & M e t. N a t. B k ., N . Y ., tru s.
Bonds.— B onds are redeem able a t 110 an d in te re st, as a w hole or in
am o u n ts of n o t less th a n $50,000, on an y in te re st d a y . Sinking fu n d began
M arch 1 1916, providing for a n n u al p a y m e n ts increasing fro m H % to 2%
of bonds o u t.
D ividends.— On pref. divs. of 1 %% q u a r. are being p a id re g u la rly . On
A
com m on, 1913, 4 % ; 1914, 3.35% ; 1915, none; 1916, 2 A % ', none u n til
1 9 2 6 ,4 % .
E A R N IN G S .— F o r 12 m onths ended A ug. 31:
1926.
1924.
1925.
$529,328
$538,203
O perating rev e n u e _______________
$500,115
227,031
N e t a fte r tax es an d re n ta ls _______
155,563
140,375
31,021
O ther incom e____________________
24,637
26,103
92.163
In te re s t a n d o th e r d e d u ctio n s____
93,456
94.656
R etire m en t expense______________
63,073
2,037
7,784
Preferred d ividend re q u ire m e n ts__
7,780
7,784
B alance, s u rp lu s .
$95,036
$76,923
$64,038
O F F IC E R S .— P re s ., W . A . B u ttric k ; V .-P s., J . A . R y a n , R . J . A ndrus;
G en. M g r., W . H . Law son; T rea s., H . L . H arris: Sec., C . A . F o rre st; C lerk,
W . H . L aw son.— V. 120, p . 332, 583, 1461; V. 121, p . 1228.

VERMONT COMPANY.
On M a r. 31 1925 th e N . Y . N . H . & H . ow ned 6,500 shares of sto ck and
$846,000 1st m tg e. bonds (tf ).
O R G A N IZ A T IO N .— W as leased to th e B erkshire S t. R y . for 99 years
fro m F eb. 1 1911, b u t lease was canceled on D ec. 31 1922. Owns all th e
stock of th e H oosick F alls R R . On N o v . 21 1925 Federal Judge F ra n c is A.

W inslow g ra n te d th e a p p licatio n o f th e N . Y . N . H . & H a rtfo rd R R . to
resum e control of th e V erm o n t c o .’s tro lley lines, w hich w ere sep arated
from th e N ew H av en sy stem b y th e Sherm an law o f 1914. F o r full p a r­
ticulars, see V . 121, p . 2639.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perates 19.56 m iles o f line (serving B ennington a n d P o w nal), being th a t
a rt o f th e form er B ennington & N o rth A dam s S t. R y . lying w ithin th e
ta te o f V erm ont.
E A R N IN G S .— F o r calen d ar y ear 1925: G ross, $76,783; n e t a fte r taxes,
def., $15,013; o th e r incom e, $189; deductions, $45,870; balance, def.,
$60,694. F o r 12 m os. end. D ec. 31 1924, gross, $83,793; n e t, a fte r taxes,
def., $13,805: o th e r incom e, $219; deductions, $45,870; b a l., def., $59,456.
Latest Earnings.— F o r 8 m os. ending Aug. 31 1926: G ross, $55,210; n e t
after taxes, def. $7,426; o th er incom e, $89; d ed u ctio n s, $30,580; b alance,
def. $37,917.
W O F F IC E R S .— P res., E . G . B uckland; V .-P ., L . S. Storrs; V .-P ., C . Q.
R ichm ond; C lerk & T rea s., R . E . H ealy; A u d ., I . A . M a y .
(1) H O O S IC K F A L L S R R .
In c o rp . in 1910 to acq u ire t h a t p o rtio n o f th e form er B en nington & N o rth
Adams S t. R y . ly in g in N ew Y ork S ta te . On F e b . 1 1913 was leased to
th e V erm ont C o. for 99 y e ars. All th e sto ck is ow ned b y V erm ont C o.
O p erates 7.11 m iles o f line serving tow ns o f W alloom sic, N o rth H oosick
an d H oosick F alls, N . Y . O p erated b y th e V erm ont C o m p an y .

g

SPRINGFIELD TERMINAL RAILWAY CO.

O R G A N IZ A T IO N .— As of J a n . 1 1923 acq u ired th e e n tire p ro p e rty of
th e Springfield E lectric R y . C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perates 9 miles of tra c k betw een Springfield, V t., an d C harlestow n, N . H .,
In freig h t a n d passenger service. I t is essentially a sw itching carrier for
Springfield, V t., w ith a connection w ith th e B oston & M aine R R . a t
C harlestow n, N . H ., w here freig h t and passengers are interchanged.
C A P IT A L IZ A T IO N .— C ap ital sto ck , com m on, $100,000; pref. $82,500
1st m tg e. 7% b o nds, $164,000.
E A R N IN G S .— F o r calen d ar years
1925.
1924.
1923.
$96,534
$96,823
$99,426
R ailw ay o p eratin g rev en u e_________
23,280
14,057
26,370
N e t railw ay o p eratin g rev en u e______
12.866
14,115
12.634
N e t revenue au x iliary o p e ra tio n s____
36,146
28.172
39,004
N e t op eratin g reven u e______________
3.766
2,575
2,486
T a x e s______________________________
1,017
2,019
905
N on -o p eratin g in co m e______________
33,397
27,616
37,423
G ross incom e______________________
O F F IC E R S .— P re s ., E . S. French; V .-P ., E . A . D avis; T re a s ., C . GStaples; A sst. T re a s., M . E . Cooke.- V. 61, p . 1043; V . 70, p . 93; V. 106.
p . 2124; V . I l l , p . 2230; V . 122, p . 2043.

MASSACHUSETTS
EDISON ELEC. ILLUM. CO. OF BOSTON (THE).
O R G A N IZ A T IO N .— In c o rp . in 1886. V. 81, p . 157: V. 88, p . 454
1132; V. 94, p . 1190; V. 95. p . 422. L ight ra te o rdered reduced 1 c en t per
k .w .h ., effective S ep t. 1 1925. See V. 121, p . 74.
Participation in consolidation plan w ith N ew E n g lan d P ow er C o ., In te r­
n atio n al P a p e r C o. an d Pow er C o rp . of N . Y ., see V. 121, p . 1908.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
R en d ers lig h tin g a n d pow er service to in d iv id u a l custom ers in B oston
a n d 37 su rro u n d in g cities an d tow ns, a n d sells energy in b u lk to 10 o th er
com panies a n d m u nicipalities. As of D ec. 31 1925 242,320 custom ers.
T n e sto ck h o ld ers of reco rd N o v . 5 1923 w ere given th e rig h t to subscribe
on or before D ec. 5 1923 to th e new 64,881 sh ares of c a p ita l sto ck a t $140
p er sh are, in th e p ro p o rtio n of one new sh are for ev ery fiv e old shares now
held. V . 117, p . 2115. H olders o f record N o v . 5 1924 w ere given th e
rig h t to subscribe to 77.857 ad d itio n al shares of sto ck a t $155 p er share in
th e p ro p o rtio n of one new sh are for every five old shares held. V . 119, p.
B&Increase Stock.— T o v o te N o v . 1 1926 on issuing 93,429 a d d itio n a l shares
o f sto ck . V. 123, p . 2138.
Rates.— In 1925 th e D e p t, of P . U . ordered a red u ctio n in re ta il price of
electricity fro m 9J4 to 8 J^c. p er k w .h ., am o u n tin g to a b o u t $1,200,000
per y ear ($450,000 fro m Sep t.-D ec. 1925).
STO CK AN D BO N D S—
Date. Interest.
O utstanding.
M aturity.
Stock $46,714,100 ($100)__________
Q -F
$46,714,100 N ov '26 3%
8-yr coupon no tes ($1,000)/ 1925 4M g J -J
30,000,000 J a n 15 1928
g o ld ____________________ c \ I n t . a t Old C olony T ru s t C o ., B oston.
Stock.— Stock is listed on th e B oston Stock Exchange.
N otes.— T h e no tes of 1925 m u st be secured b y an y fu tu re m ortgage. In
J a n . 1925 $30,000,000 w ere sold by Lee, H lgginson & C o., Old Colony
T ru s t C o ., F . S. M oseley & C o ., & c., &c., a t 99.31 & in t., to yield a b o u t
4 H % . V . 120, p . 329.
Dividends—
J1903-06.
1907 to 1909.
1910. 1911 to N o v 1926.
Since 1901_____% ( 1 0 y rly .
10 y rly . & 1 e x t. 11H 12 p . a . (3% Q-F)
E A R N IN G S .— F o r calen d ar years
1925.
1924.
1923.
1922.
O p eratin g re v e n u es_$ 21,315,240
$19,494,784 $17,877,963 $15,885,820
O p eratin g expenses_____ 9,840,878
9,333,352
9,106,172
8,292,208
U ncollectible oper. r e v . .
61,096
30,000
36,000
59,933
T a x e s____________ 3,220,000
2,470,000
2,225,000
2,010,000
N e t o p eratin g in co m e. $8,193,266
N o n -o p eratin g in c o m e ..
110,604

$7,661,432
74,711

$6,510,791
58,935

G ross incom e_________ $8,303,870
In te re st, &c___________
1,599,434
D ividends p a id ________ 5,605,692

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

$6,569,725 $5,600,903
1,354,041
1,555,646
3,890,610
3,241,428

$5,523,679
77,226

A vail, for depr..& s u rp $1,098,744 $1,894,891 $1,325,074
$803,829
O F F IC E R S .— P re s ., C harles L . E dgar; V .-P ., W alter C . B aylies; T reas.
fcPAsst. C lerk, T . K . C um m ins; C lerk & A sst. T rea s.. F red . G . H avlin.
Office, 70 S ta te S t., B o sto n . M ass.— V. 120, p . 210, 329, 701, 1088, 1585;
V. 121, p . 74, 1908; V . 122, p . 2039; V . 123, p . 1250, 2138.

EDISON

ELECTRIC ILLUMINATING
BROCKTON.

CO.

OF

U nder th e executive management o f Stone & Webster, In c .
O R G A N IZ A T IO N .— In c o rp . in M assach u setts in 1884.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Does th e en tire electric lig h tin g a n d pow er business in B ro ckton an d in th e
a d ja ce n t tow ns o f W h itm a n , A von, H anson, B rid g ew ater, E a s t a n d W est
B ridgew ater, S to u g h to n a n d E a s to n , a n d furnishes pow er to T h e E lectric
k . w . E aas t t B ridgew ater, M ass.
C om pany also purchases pow er. Franchises w ith o u t tim e lim it.
ST O C K A N D B O N D S —
Date.
Interest. Outstunding. M atu rity.
Stock, $4,035.000_________________
_________ $4,035,000
See te x t
1st m tge $200,000 (closed) J 1900
5 g J -D
200,000 D ec 1 1930
gold ($1,000)__________ c * ) ln t. a t B os. S. D . & T r C o .. B oston, tru ste e
Stock.— N o n -tax ab le in M assach u setts. 5,000 shares w ere offered in
N o v . 1924 by B lodget & C o. a n d Stone & W ebster, In c ., a t $53 p e r share.
V . 119, p . 2528.
I n Ju n e 1925 co. increased a u th o rized c ap ital sto ck b y 32,280 shares (par
$25), b y offering th e m to stockholders a t $40 p er sh are. T h e proceeds were
to m eet ex penditures on acco u n t of in v estm en ts in M o n tau p E lectric C o.
an d re tirem e n t of flo atin g indebtedness. V . 120, p . 3064; V. 121, p . 74,
1568.
Bonds.— 1st m tge. 5s a re call, all or In p a r t a t 110 & In t. on an y in t. d a te .
Year— 1910. 1911-1919. 1920. 1921. 1922. 1923. 1924. 1925.
R eg. divs.
10%
10%
8%
10%
10%
10%
p a id ----- 7 H % 8% p. a.
E x tr a s _________
2%
4%
-----------5%
-----3%
4%
I n 1926: F e b ., 62 J^c.; M ay a n d N o v ., 6234c.




41

POWER, LIGHT AND RAILWAY

Oct., 1926.]

E A R N IN G S .— F o r C alen d a r years:
Interest Less Bal. A va il, far
N et A fter
Other Incom e. Res. Ret.& D ivs
Gross.
Taxes.
$606,597
C r.$7,113
$599,484
1925.............. ..
$1,677,015
556,644
2,274
558,918
1924__________
1,572.415
564,731
11,998
1923__________
576,729
1,583,804
487,881
10,373
1922__________
498,254
1,382,038
26,262
346,611
372,873
1921__________
1,256,549
38,476
360,955
399,431
1920__________
1,302,700
79,098
297,870
376,968
1919__________
1,096.981
180,291
74,132
254,423
1918__________
831,538
239,445
37,184
276,629
1917_________
729,448
223,027
235,126
12,099
1916__________
635.597
Latest Earnings.—-F o r 12 m onths ended J u ly 31:
1925.
1926.
$1,634,223
_____________ $1,718,150
G ross e a r n in g s _
_
605,409
N e t a fte r ta x e s____
563,699
34,666
In te re s t on fu n d s ad v an ced to M o n ta u p E !. O o._
13,240
576,939
640,075
B alan ce___ ____
27,323
16,778
In te re s t charges_
_
A vailable for res.,, re tire m ’t & d ividends_______
$612,752
$560,161
O F F IC E R S .— P re s ., F re d ’k B . H ow ard; V .-P ., A . S tu a rt P r a tt; C lerk,
V ictor D . V ickery; T re a s ., H e n ry B . Saw yer. U nder m an ag em en t of
Stone & W ebster, In c . M g r., A lbert F . N elson.— V . 119, p . 3009; V. 120,
p . 3064; V. 121. p . 74, 1568, 3003; V. 122, p . 1309; V. 123, p . 1250, 1502.

FALL RIVER ELECTRIC LIGHT CO.
O R G A N IZ A T IO N .— In c o rp . in M ass, in M arch 1883. Owns 18,944
shares com . a n d 5,000 shares pref. stock of th e M o n tau p E lectric C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
D oes entire com m ercial electfic lig h t a n d pow er business in th e c ity of
F all R iver a n d vicin ity . Also serves th e tow ns of Som erset, Sw ansea,
D ighton a n d W estp o rt. H a s 15,000 k . w . steam pow er p la n t.
ST O C K A N D B O N D S —
Date.
Interest. Outstanding.
Last D ie.
C om m on $5,250,000 ($25)_________
_________ $5,229,175 O ct ’26, 2%
Em ployees stock $50,000 ( $ 1 0 ) ____
_______
5O.OO0 ---------------F irst m ortgage gold b o n d s! 1925
5 J-J
$2,000,000 J u l y ! 1945
Series A ($1,000)_______ c * lB . M . O . D urfee T ru s t C o ., Fall R iver, T ru s.
Bonds.— T he 1st m tg e. 5% g. bonds 1925 are callable all o r p a r t, on 30
d a y s notice, incl. J u ly 2 1930, a t 110 & in t.; th e re a fte r until Ju ly 2 1940
at
less on each in te re st d a te ; from Ju ly 2 1940 till m a tu rity a t
less each in t. d a te . I n t. pay ab le a t th e B . M . O . D urfee T r u s t C o ., F all
R iver, and th e F irst N a tio n a l B an k , B oston. In Ju ly 1925 C u rtis & Sanger
and B lodget & C o ., B oston, sold $2,000,000 a t 107.92 a n d in t., yielding
4.40% . See V . 120, p . 3186. 3314: V. 121, p . 74.
D ividends.— D ivs. a t th e ra te of 8% p e r a n n u m p a id since 1905.
E A R N IN G S .— F o r calendar years:
1925.
1924.
1923.
1922.
Sales from lig h tin g _____
$970,927
$849,562
$773,218
$696,956
Sales from pow er_______ 1,212,010
990,349
1,175,169
1,098,589
M iscellaneous oper. r e v .
13,504
4,765
1,329
____
T o ta l oper. rev en u e_$2,196,441
E xpenses— O p eratin g _
_ 1,184,486
256,438
T a x e s _______________
T o ta l expenses________ $1,440,925
_
755,516
N e t operating incom e_
N on-oper. in c o m e ...____
161,036
255
O ther c r e d its ............ ..

$1,844,677 $1,949,717
1,094,440
1,111,267
198,030
212,685
$1,292,471
552,206
74,625
60

$1,795,546
978,667
186,732

$1,323,953 $1,165,399
625,764
630,146
14,087
13,471
1,620
5,867

T o ta l incom e________
_
D eductions— In te re s t_
M isc e lla n eo u s_______

$916,807
84,301
97,361

$626,892
22,676
40,108

$641,471
22,878
8,100

$649,485
31,527
15,322

N e t in c o m e _________
D ividend, 8 % _________
R es. for renew . & replace

$735,145
422,334
183,073

$564,107
380,114
174,839

$610,492
283,951
163,393

$602,635
282,747
154,778

S urplus for 12 m o s . . .
Surplus forw ard _______

$129,738
497,833

$9,153
488,678

T o ta l s u rp lu s________
$627,571
$497,832
Latest E arnings.— F o r 6 m o n th s ended Ju n e 30:
T o ta l operating re v e n u e _________________________
N e t a fte r ta x e s__________________________________
N e t incl. non-operating incom e__________________
In te re st a n d m iscellaneous charges_______________
D ividends (at ra te of 8 % )________________________
R enew al & replacem ent reserve__________________

$163,147
325,531

$165,110
160,421

$488,678

$325,531

1926.
$1,216,403
474.484
481,897
58,027
211,167
93,141

1925.
$1,099,594
423,393
512,763
36,723
211,167
90,500

$119,562
$174,373
S urplus for p erio d _____________________________
O F F IC E R S .— P res. & G en. M g r., .R oy F . W hitney; V .-P ., Jam es E .
Osborn; C lerk & T rea s., A ndrew P . N ichols.— V. 121, p . 74; V. 122, p . 2190;
V, 123, p . 1502, 1762.

MASSACHUSETTS LIGHTING COMPANIES.
O R G A N IZ A T IO N .— A v o lu n ta ry association organized O ct. 1 1903.
Owns th e c ap ital stock of:
A dam s Gas L ig h t C o.
M ilfo rd E lec tric L t. & Pow er C o.
A rlington G as L ig h t C o.
M ilfo rd G as L ight C o.
A y er E lec tric L ight C o.
M ill R iver E lec tric L ight C o.
C lin to n G as L ight C o.
N o rth A dam s G as L ight Co.
G as & E lec tric Im p t. C o.
N o rth a m p to n E lec tric L tg . C o.
G loucester G as L ig h t C o.
N o rth a m p to n G as L ight C o.
H a rv a rd E lec tric C o.
P a lm e r G as C o.
L eom inster E lec tric L t. & Pow . C o. Spencer G as C o.
L eom inster G as L ig h t C o.
T h e L ight, H e a t & Pow er C orp.
Lexington Gas C o.
W illiam stow n Gas C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. furnishes electric an d gas service in A dam s, A rlington, A yer, B elm ont,
B rookfield, C heshire, C la rk sb u rg , C lin to n , E a s t B rookfield, G loucester,
G oshen, H a rv a rd , H opedale, L a n c a ste r, Leicester, L eom inster, L exington,
L unenburg, M ilford, M onson, N o rth A dam s, N o rth a m p to n , N o rth B rook­
field, P a lm e r, Spencer, W arre n , W est B rookfield, W illiam sburg, W illiam s­
to w n an d W inchester.
Rights.— Shareholders of record S ept. 15 1926 w ere offered th e rig h t to
subscribe on or before O ct. 20 1926 to add itio n al com . shares in th e p ropor­
tio n of one new com . for each 10 shares of com . or p re f. held, a t $57 50 per
share, p a y ab le in fu ll, 2 or 3 in stallm en ts. V . 123, p . 1382, 1504.
S T O C K A N D B O N D S—
Date.
Interest. O utstanding. M a tu rity .
C om m on 80,000 shs (no p a r ) . ______
_________
46,169 s h s ______ j ___
6% cum p fd 80,000 shs ( n o p a r ) ____
6 Q -J
33,838 s h s ___________
8% cum pfd 80,000 shs (no p a r ) ____
8 Q -J
30,841 s h s ___________
7% serial g deben ($1,000,/ 1918
7 J-D
$232,000
S erially
$500, $ 1 0 0 c * )__________ t f \ I n t . a t Old C olony T r . C o ., B oston, tru s te e .
10-yr gold deben $2,000,000/ 1920 7 A-O
1,000,000 O ct 1 1930
($1,000, $500, $100 c * ) ._ t f \ I n t . a t Old C olony T r. C o ., B oston, tru s te e .
Stock.-—B o th 6% cum . p re f. a nd 8% cum . p re f. stocks a re e n title d to
cum . p re f. dividends a n d $125 a n d divs. p e r sh are before com m on.
Debentures.— T h e 7% serial gold debentures, dated J u n e 1 1918 a re c all.,
w hole o r p a r t, on 3 m o n th s’ notice a t a ny in te re s t d a te a t 103. L isted on
B oston Stock E xchange. T h e y m a tu re $116,000 a n n u a lly o n J u n e 1 to
1928.
T h e 10-year 7 % gold debenture bonds dated Oct. 1 1920 a re call, w hole or
p a r t on a ny in t. d a te a t 103 an d in t. u pon 3 m o n th s ’ n o tice. L isted on
B oston Stock E xchange.
E A R N IN G S .— Incom e s ta te m e n t of T ru ste e s of holding com pany:
Calendar Years—
1925.
1924.
1923.
1922.
T o ta l incom e__________
$728,395
$683,175
$615,030
$593,081
E xpenses, taxes, in t., &c.
140,070
159,701
146,047
171,585
B a la n c e ..........................

$588,325

$523,474

$468,983

$421,496

42

PUBLIC UTILITIES

Consolidated. Operating Accounts o f Companies Whose Shares A re Owned by
M assachusetts Lighting Cos.
Calendar Years—
1925.
1924.
1923.
1922.
G ross incom e____________$3,690,494 $3,454,679 $3,351,496 $3,001,330
N e t incom e a fte r ex p .,
deprec. & tax es, & c . . .
749,815
741,054
665,732
600,680
O th er in co m e__________
150,042
143,177
112,912
102,736
T o ta l in co m e________
In te re s t ch arg es_______
D iv id e n d s _____________

$899,857
164,128
605,615

$884,231
209,050
521,091

$778,645
223,942
464,979

$703,415
245,793
457,622

B alance, su rp lu s_____
T ru ste e s’ b a la n c e ______
T o ta l su rp lu s ________
M ass. L ig h t., p re f. d iv s .
M ass. L ig h t, com . d iv s .

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

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

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

$48,456
421,496
$469,952
390,210
23,084

S u rp lu s---------------------

$134,055
$159,660
$94,692
$56,658
Operating Statistics.
Calendar Years—
1925.
1924.
1923.
1922.
xE lectric sales (k .w .h .). 33,816,678 30,778,967 31,924,247 26,929,307
E lec, w ires in use (miles)
3,017
2,816
2,623
2,447
E lectric cu sto m ers_____
30,784
29,012
26,158
22,811
xG as sales (1,000 c u .f t .) .
1,095,451
1,005,174
985,520
878,143
G as m ain s (m iles)______
488
473
448
430
G as c u sto m ers-------------41,867
39,825
37,439
35,553
x E xclu d in g in ter-co m p an y sales.
O F F IC E R S .-—T ru stees: A rth u r E . C hilds, P h ilip M . C hilds, G uy W .
C ox, G eorge F . H o w land, C h au n cey D . P a rk e r, H e n ry A . W ym an, Bow en
T u fts. P re s ., A rth u r E . C hilds; Sec. & T re a s ., G eorge F . H ow land; A sst.
Sec. & A u d ., R . D . W ash b u rn . O ffices, 77 F ra n k lin S t., B oston.— Y . 122,
p . 1762; V . 123, p . 1382, 1504. '

LAWRENCE GAS & ELECTRIC CO.
O R G A N IZ A T IO N .— In c o rp o rate d In M assach u setts in 1849. K now n
as L aw rence G as C o. u p to M a r. 26 1925, w hen nam e was changed to
p re sen t title .
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Does th e e n tire com m ercial electric lig h t a n d pow er a n d gas business in
Law rence an d v icin ity . P o p u latio n served, 135,000.
C ap ital sto ck increased to $4,000,000, see V. 120, p. 2550, 2683. S tock­
holders w ere given th e rig h t to subscribe to th e ad d itio n al 32,000 shares on
th e basis of one new sh are for each 4 h eld.
ST O C K A N D B O N D S—
Date.
Interest. Outstanding. M aturity.
C ap ital sto ck $4,000,000 ( $ 2 5 ) ___
_________ $4,000,000
See te x t
1st m tg e Ser B g ($1,500,000)/ 1920
4Yt F-A
$1,500,000 A ug 119 4 0
($1000)_________ c, c* or r(B o s to n S. D . & T r. C o ., B o ston, T ru stee.
Bonds.— C allable as a whole only on 60 d a y s ’ n otice, incl. A ug. 1 1930 a t
105 a n d in t.; incl. A ug. 1 1935. a t 103^6, a n d in t.; incl. A ug. 1 1938, a t 102
& in t.; th e re a fte r a t lOl & in t. Proceeds used to re tire 7% bonds. Series A
called for p a y m e n t A ug. 1 1925 a t 109 & in t. V. 120, p . 2943.
In A ug. 1925 C u rtis & Sanger offered $1,500,000 a t 101.64 a n d in t., to
yield 4 .3 5 % . V. 121, p . 75.
D ividends.— H a v e been p aid w ith o u t in te rru p tio n since 1858 a t th e
ra te of 6% o r over an d d u rin g th is period num erous ex tra d iv s. have been
p aid . D ivs. a t th e ra te of 8% p er an n u m were p aid up to and incl. N o v .,
1925. In 1926: F e b ., M ay , A ug. a n d N o v ., 2 M % . V. 122, p . 611.
E A R N IN G S .— F o r calendar years:
1925.
1924.
1923.
1922.
O perating rev en u es_____$2,259,267 $2,176,090 $2,185,174 $1,952,522
O perating expenses_____ 1,630,418
1,643,202
1,423,306 1,358,523
N e t o p eratin g in co m e.
N o n -operating in c o m e ..

$628,849
30,378

$532,888
17,453

$761,868
16,323

$593,999
15,854

G ross incom e________
D eductions— I n t e r e s t .. _

$659,227
131,995

$550,341
137,063

$778,191
123,312

$609,853
157,675

Incom e b a la n c e ...........
$527,232
$413,278
$654,879
$452,178
O F F IC E R S .— P res., Irv in M cD . G arfield: V .-P ., Fred H . S argent
T re a s., R . W . E m m ons 2d; C lerk. H . R . P ev erly .— V. 118 p. 2710- V. 120
p 9 5 7,1203, 1459, 1747, 1881,2550, 2683, 2943; V. 121, p . 75; V . 122, p . 6 1 i ,
2495.

NEW BEDFORD GAS & EDISON LIGHT CO.
O R G A N IZ A T IO N .— In c o rp o rate d in M assach u setts in 1850.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
D oes th e en tire electric and gas lig h tin g a n d h eatin g a n d in d u stria l power
business in th e city of New B edford and several neighboring tow ns, including
Freetow n, Lakeville, A cushnet, F a irh a v e n , D a rtm o u th a n d M a tta p o is e tt
Owns a n d o p erates a 92.000 k. w. steam pow er statio n located in th e city
of New Bedford a t tid e w a ter. C u rre n t is d istrib u te d in th e city by m eans of
an extensive underg ro u n d sy stem , in th e o utlying d istricts b y overhead lines,
and is delivered to th e neighboring tow ns b y m eans of high-tension tra n s­
m ission lines. C o m p an y ’s com bined oil an d w a ter gas p la n t has an installed
g e n eratin g c ap acity o f 10,500,000 cu. f t. As o f A ug. 31 1926 h a d 34,019
gas m eters; 232 miles gas m ains; 37,349 electric m eters; 2,116 m iles electric
o v erh ead lines; 279 miles u n d erg ro u n d cables.
ST O C K A N D B O N D S—
Interest. O utstanding. M aturity.
Date.
Stock $4,579,200 ($25)_______
$4,579,200
See te x t
1 st m t g e S e r ■ A " ($ 5 0 0 & (
‘
$1,000) g o ld ________c * .tf
1918
6 g J-J
885,000 J a n 1 1928
Series ‘'B " gold ($1.000L_ 1918
7 g J -J
477,000 J a n 1 1928
Series “ D ” ($1,000) g .c * .tf 1918
5 g J -J
1,500,000 J a n 1 1938
Series “ E " ($1,000) g .c * .tf 1918
5 g J -J
1,145,000 J a n 1 1938
Series F ($1,000 g c* )_ tf
_
5 g J -J
1918
572,000 J a n 1 1938
New B edford (M ass.) Safe D eposit N a t'l
B an k , tru ste e
Stock.— to ck h o ld ers o f reco rd M a y 3 1926 w ere given th e rig h t to sub­
scribe on o r before J u n e 5 1926 for one new sh are for each 6 held a t $55 per
sh are, p a y ab le in fu ll o r in in sta llm e n ts. F o r d etails see V . 122, p . 2800,
2652.
Bonds.— I n t. on all series of first m tg e. bonds is pay ab le a t office of tru ste e
or a t th e F irst N a tio n a l B an k of B o sto n . F irst m tge. Series “ A " 6s are
re d ., all or in p a rt, by lo t on an y in t. d a te on 40 d a y s' notice a t 105 and in t.
$408,000 Series “ A ” 6s were offered in F eb . 1918 by Coffin & B u rr and
H a rris, Forbes & C o. a t 100 and in t. V . 106, p . 505. 611.
All of th e o u tsta n d in g series C 61^s due J a n . 1 1938 w ere called J u ly 1
1926 a t 105 a n d in t. V. 122, p . 3083. In J u n e 1926 co. in v ite d sealed
proposals before J u n e 18 1926 fo r th e p u rch ase of $572,000 1st m tge. 5%
bqnds due Jan. 1 1938, to be secured eq u ally w ith th e o th e r o u tsta n d in g
1st m tg e. b o nds. Y . 122, p . 3083.
F irst m tge. Series “ B ” 7s are call, a t 105 a n d in t. In S ept. 1920 E . H .
Rollins & Sons offered th is series a t 100 and in t.
F irst m tge. Series " D ” 5s are red . on 30 d a y s' notice on a ny in t. d a te
prior to m a tu rity a t 105 and in t. G u a ra n ty C o. of New Y ork in M ay 1922
offered $l,5OO,O0O Series " D " 5s a t 103.29 a n d in te re st, to yield 4.7 0 % .
V. 114. p. 2022.
F irst m tge. Series “ E ” 5s are callable, all or in p a r t, on 30 d a y s’ notice, a t
105 an d in terest prior to m a tu rity . In Ju n e 1923 H arris, Forbes & C o.
offered $1,145,000 Series “ E ” 5s a t 100 an d in te re st. V. 116, p . 3004.
Series F are call, a t 105 a n d in t. on 30 d ay s n o tice. In Ju n e 1926 E . H .
R ollins & Sons offered $572,000 5% series F a t 104.45 an d in t., to yield
4 ^ % . V. 123, p . 83.
T h e 1st m tg e. bonds are secured b y a 1st m tg e. on p ra c tic ally all th e
p ro p e rty of th e co.
D ividends.— L a te dividends h av e been paid as follows: 1899, 6 >4%,
1900, 7% ; 1901, 7>4% ; 1902, 6% ; 1903, 1014% ; 1904, 8% ; 1905, 9% ; ’ 906;
10%; 1907, 11 %; 1908, H ^ % ; 1909, 31% : 1910, 11%; 1911, 1 3 H % ; 1912,
12% ; 1913, 14% ; 1914, 1 3 k t% ; 1915, 13% : 1916, 15% . Since 1917, a t
th e ra te o f 12% p e r a n n u m . In 1925 in ad d itio n to th e 12% an n u al ra te
p a id a n e x tra of 2 % . In 1926: I n A p ril a re g u la r q u a r. d iv . of 75c. plus
a n e x tra div id en d of 50c. In J u ly a q u a r. d iv . o f $1. V. 122, p. 1918;
V . 123, p . 83. In O ct. 1926, $1.




[ V ol. 123.

E A R N IN G S .-—F o r c alen d a r years:
Gross
Oper.
In t.
Revenue. Expense.
&c.
S

$

$

Taxes,
$

Depreciation.
s

D ivi- Balance,
dends. Surplus.
$

$

x l9 2 6 _____4,101,386 2,109,643 347,191 483,532 284,620 686,880 189,520
1925______3,986,792 2,035,019 326,974 428,078 282.300 641,087 273,333
1924______3,544,485 1,861,699 311,930 399,756 295,873 549,504 125,723
1923______3,658.153 2,026,459 283,627 368,339 288,593 549,504 141,631
1922______3,357,232 1,847,477 312,630 335,266 268,410 412,128 181,321
x Tw elve m o n th s ended A ug. 31 1926.
T h e surplus account as of A ug. 31 1926 w as $1,320,439.
O F F IC E R S .— P re s ., Oliver P resco tt; V .-P .. F . H . G ifford: T rea s. &
C lerk, C . R . Price; G en. M g r., W . H . Snow.— V. 118, p . 440, 1673; V . 120,
p . 2401 \ . 121, p . 75, 707; V . 122, p . 481, 1762, 1918, 2496, 2652, 2800.
3083, 3210; V. 123, p . 83.

EASTERN STATES POWER CORPORATION.
O R G A N IZ A T IO N A N D C H A R A C T E R O F B U S IN E S S — O rganized
in M ary lan d O ct. 23 1925 principally for th e purpose of a cquiring a nd
holding securities of public u tility com panies. C o rp o ratio n is also em pow ­
ered to underw rite issues of securities, to a c t as fiscal a g en t, a n d to deal
generally in securities, incl. those of com panies in te re sted in th e develop­
m ent of th e electric lig h t a nd pow er in d u stry . T h e earnings are derived
from th e incom e received from its inv estm en ts, underw riting fees and
profits realized from th e sale of securities.
In N ov. 1925 it w as announced th a t the c o rporation w as expected to
acquire directly an d indirectly a large in te re st in th e com m on stock of a
com pany w hich is to c ontrol th e N ew E ngland Pow er S ystem . S u b sta n tia l
am ounts of such com m on stock were also to be acquired b y , or on behalf of.
T h e Pow er C orp. of N . Y ., Stone & W ebster an d associates, In te rn a tio n a l
P a p e r C o. a nd interests previously identified w ith th e N ew E n g la n d Pow er
System . V. 121, p . 2156, 2271.
ST O C K —
Date.
Interest. O utstanding. M aturity.
C om m on class A 500,000 shs
(no p a r ) ___________________ _____
_________ N one
__________
C om m on, class B , 750,000 shs
(no p a r ) ________________________
_________ 461,793shs __________
Pref. series A cum . 100,000
shs. (no p a r ) ______________ _____
$7 Q -F
40,000shs A ug. 26 $1.75
Stock.— Pref. stock is p referred as to dividends ($7 cum . per a nnum ) a n d
assets ($100 and divs.) over a ny o th e r stock. H as no vo tin g pow er except
in case of de fa u lt of 4 q u a r. divs. R e a ., whole or p a rt, on 30 d a y s' notice
a t $110 per share an d divs. In N ov. 1925 F . L. C arlisle & C o ., In c ., N ew
Y ork, a nd Schoellkopf, H u tto n & Pom eroy, In c ., B uffalo, offered 40,000
pref. series A shares a t $97 50. a nd d iv ., to yield over 7 .1 5 % . E a c h share
carried subscription w a rra n ts to b u y 2 shares o f class B com m on sto ck a t
$15 p e r share to and incl. A pril 30 1926, a t $20 to an d incl. J u n e 30 1926,
a nu a t $25 to and incl. O ct. 31 1926. V . 121, p . 2271.— T h e com m on stock
is listed on th e N ew Y ork C u rb M a rk e t. V . 121, p . 2873.
Dividends.— A n in itial q u a r div . of $1 75 w as p a id on series A p re f. stock
in F e b . 1926. V . 122, p . 347. In M a y a n d N o v . 1926, $1 75.
E A R N IN G S .— F o r period O ct. 23 1925 to A p ril 30 1926: G ross, all
sources, $736,781; expenses, taxes (except F e d e ra l incom e ta x e s), & c.,
$6,013; n e t earnings, $730,768; p referred dividends, $133,000; b a l., $597,768.
Note.-— Sources of corp. earnings are; Incom e fro m its inv estm en ts,
und erw ritin g fees an d p ro fits realized fro m th e sale of securities.
O F F IC E R S .—C h airm a n of th e B oard, F . L . C arlisle; P re s ., H . E .
M achold; 1st V .-P ., J . F . Schoellkopf, J r .; 2nd V .-P ., C has. E . N orris;
Sec. & T rea s., R . K . Ferguson; A sst. Sec. & A sst. T re a s ., F . A . R ogers.—
V. 121, p . 2156. 2271, 2873; V. 122, p . 347.

THE LOWELL ELECTRIC LIGHT CORP.
U n d e r executive m an ag em en t of Stone & W ebster, In c .
O R G A N IZ A T IO N .— In co rp o rate d in M assach u setts in 1881.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Does th e e n tire electric lighting a nd pow er business in Lowell an d in th e
adjoining tow ns of B illerica, C helm sford, D ra c u t, T ew ksbury a n d W estford.
Also supplies a p ortion of th e tow n of T yngsboro a n d sells pow er to th e
tow n of L ittle to n . P ow er house c ap a c ity , 35,900 k . w . E s tim a te d p o p u ­
lation served, 136,400. Franchises n o t lim ited in tim e.
A dditional Stock.-—C o. w as authorized in S ept. 1926 b y M ass. D e p t, of
P . U . to issue 12,881 a d d itio n a l shares of c ap ita l stock a t $47 50. V.
123, p . 1876.
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M a tu rity .
Q -F
$3,864,375 N o v ’26. 2 H
Stock $3,864,375 ($25)____________
No fu n d e d d e b t.
Stock.— Stock is non-tax ab le in M assa c h u se tts. On S ept. 22 1925 th e
M ass. D e p t, of P . U . a u th o riz e d th e issue of 30,915 ad d itio n a l shares of
cap ital stock (par $25), to be issued to stockholders of record S ep t. 28 a t
$47 50 p er share on th e basis of one share for every four held. V . 120,
p . 3187; V. 121, p . 200, 1678. S tockholders on A p ril 27 1928 a pproved
issuance of 17,175 a d d itio n a l shares to be offered stockholders a t $47 50
on basis of 1 new fo r each 9 existing shares. V. 122, p . 2191, 2496.
Dividends.— A n e x tra dividend of 75c. w as p a id in D ec. 1924 a n d also in
Dec. 1925. V . 121, p . 3004.
E A R N IN G S .— F o r calendar years:
A va il, for
Gross
N et after
Res., Retir.
Earnings.
Taxes.
Interest.
& D ivs.
1 9 2 5 -_______
$1,620,530
$565,764
$3,289
$562,475
1924_____________________ 1,541,363
532,621
19,113
513,508
1923_____________________ 1,617,113
559,688
9,274
550,414
1922_____________________ 1,363,077
467,007
9,801
457,206
1921_____________________ 1,180,510
369,341
16,542
352,799
1920________________
1,235,878
290,664
31,359
259,305
1919_____________________
995,953
287,608
24,365
263,243
1918______
892,847
214,689
16,795
197,894
1917_____________________
723,632
284,522
10,726
273,796
1916_____________________
644,640
259,471
4,947
254,524
Latest E arnings.— F o r 12 m o n th s ended J u ly 31:
1926.
1925.
Gross earn in g s___________________________________ $1,696,699 $1,579,063
N e t a fte r ta x e s__________________________________
598,775
545,621
I n te r e s t________________________________________
10,009
4,301
A vailable for re s., re tir. an d div s_______________
$588,766
$541,320
O F F IC E R S .— P res., H a rry D unlap; V .-P ., A . S tu a rt P r a tt; C lerk ,
V ictor D . V ickery; T rea s., H enry B. Saw yer. U nder m a n a g em e n t of
Stone & W ebster, In c .— V. 119. p . 204, 1070, 3009; V. 120, p . 1203, 3187;
V. 121, p .2 0 0 , 1678,3004; V. 122, p. 1310, 2191,2496; V . 123, p . 1251, 1876.

RAILWAY & LIGHT SECURITIES CO.

U n d er management of Stone & Webster, In c .
**'- ■ 1
On A pril 22 shareholders au th o rized 80,000 shares of com m on sto ck of
no p a r value. 50,000 of w hich w ere to be exchanged for th e p re sen t 10,000
shares of $100 p a r, and all or p a rt of th e rem aining 30,000 new sh ares to
be sold b y th e b o a rd . V. 122, p . 2193.
O R G A N IZ A T IO N A N D C H A R A C T E R ” O F B U S IN E S S .— A M aine
corporation organized in D ec. 1904 for th e purpose of holding for incom e
and (or) for sale th e securities of pow er, illum inating, tra n s p o rta tio n and
o th er public service enterprises. C o .’s holdings include stocks o f 20 and
bonds of 38 public u tility com panies. V. 122, p . 1028.
ST O C K A N D B O N D S—
Date.
Interest.
O utstanding.
M aturity.
C om m on $1,200.000 ($100)________
_______
$1,000,000 __________
6% cum p re f $2,000,000 ($ 1 0 0 ) -----6 F-A
1,500.000 A u g '28 3%
Coll tr sink fd 5% bonds J See te x t 5 g M -N
1,800,000 See te x t
$3,500,000 ---------------------- (O ld C olony T r u s t C o ., B o sto n , T ru ste e .
Bonds.— T h e collateral trust sinking fu n d 5% gold bonds a re issued In
num bered series (1st, 2d, &c.) in M ay 1905, M a y 1909, N ov. 1909, M ay
1912, M ay 1914, N o v . 1 1916 and N o v . 1925. All series ru n 30 years
except th e 7 th series of N ov. 1925, w hich is due N ov. 1 1945. T h e 1st to
6 th series, incl., are callable on 30 d ays notice a t 103 a nd in te re s t. T h e 7th
series of N o v . 1925, d ue N o v . 1 1945, is call, on 30 d a y s notice a t 103 u p
to an d incl. M a y 1 1940, an d th e re a fte r a t 103 less ]4 % for each 12 m onths
or fractio n th ereo f to a n d incl. M a y 1 1945; in each case w ith In terest

Oct., 1926.]

POWER, LIGHT AND RAILWAY

IP T h e 7 th series consisted o f $500,000 5 % bo n d s, d a te d N o v . 2 1925, due
N o v . i 1945. $1,000 an d $500 c*, offered d o F eb . 1926 b y E sta b ro o k &
C o ., Stone, W ebster & C o ., In c ., an d P ark in so n & B u rr a t 9545 an d in t.,
yielding 5 % % . T h is series is secured by pledge of $675,000 bonds. T h e
race value o f collateral shall be a t all tim es a t le a st 125 % of face v alu e of
7 th series bonds o u tsta n d in g . F u rth erm o re, co. co v en an ts to m ain tain
a m a rk e t value o f co llateral w hich m ay include stocks of a t least 120%
o f face value o f 7 th series bon d s o u tsta n d in g . T h e re is a sinking fund.
beginning in 1930, to re tire an n u ally $20,000 a t or below call price and int.
V . 122. p. 1028.
C o. called for red em p tio n a t 103 a n d in t. on N o v . 1 1926 105 coll, tru s t
s. f. 5% bonds 2d series, due M a y 1 1939 a n d 24 bon d s 3d series d ue N o v . 1
1939. V . 123, p . 1506.
Latest D ividends.— On 6% p re f., 3% in Feb. a n d A ug. 1926. On com .,
in Feb. 1926 a reg u lar se m ia rm . d iv . of 3% plu s 6% e x tra . On th e new
no p a r com . a sem i-ann. d iv . of $1 w as p aid . V . 122, p . 3455.
See V . 122, p . 1028, 2193, 2497, 3455; V . 123, p . 1506.

NORTH BOSTON LIGHTING PROPERTIES.
F fO R G A N IZ A T IO N .— A v o lu n ta ry association fo rm ed in M assa c h u se tts,
c re ated b y a tr u s t ag reem en t d a te d F e b . 1 1911. C o n tro ls th ro u g h stock
ow nership 6 o p eratin g com panies supp ly in g gas a n d electricity for lig h t,
h e a t an d pow er purposes in M ald en , M elrose, M ed fo rd , E v e re tt, Stoneham .
R evere, W in th ro p , R eading, P eab o d y , W enham , T opsfield, D anvers,
B everly, H am ilto n , M an c h e ste r a n d Salem , M ass. P o p u la tio n served
e stim ate d a t 300,000. T h e 6 o p e ra tin g cos. are th e following:
Stock Owned. % Owned.
M ald en E lectric C o -------------------------------------------------- $4,285,200
89%
M ald en & M elrose Gas L ig h t C o _____________________ 4,958,523
95%
Salem E lectric L ighting C o ---------------------------------------- 4,614,390
99%
S u b u rb an G as & E lectric C o ________________________ 1,791,600
95%
E a s te rn M assach u setts E lectric C o ___________________
350,000
100%
B everly G as & E lectric C o __________________________ 2,091,975
63%
Stock Increase.— P ref. a n d com m on stockholders o f record F eb. 9 1926 were
given th e rig h t to subscribe to 48,104 a d d itio n a l com m on shares a t $80
on th e basis o f one new for each fo u r sh ares held. R ig h ts expired M arch 16
1926. F o r fu rth e r p a rtic u la rs see V . 122, p . 481, 749, 883, 1170.
STO CK A N D B O ND S—
Date.
Interest. Outstanding. M aturity.
C om m on (no p a r ) ___________ _____ _________ 113,843shs O c t’26$1.13
6% preferred ($100)_______________
6 Q-J $11,404,000 O ct '26 1 H
3-yr 445% gold n o tes $ 1 ,5 0 0 ,-/ 1926
445 g F-A 1,500,000 F e b 1 1 929
000 ($ 1 ,000)__________ c* \A m erican T ru st C o ., tru ste e .
N otes.— D u rin g th e life of th e 3-year 445%) sold notes, dated Feb. 1 1926,
none o f th e a sso ciatio n ’s assets m a y b e pledged to secure a n y loan w ith o u t
eq u ally securing th ese n o tes. T o ta l in d eb ted n ess a t no tim e to exceed
$6,000,000- R ed . w hole or p a rt on 60 d a y s ’ n o tice a t 100 a nd in t. In
F e b . 1926 Old C olony T ru s t C o. a n d F . S. M oseley & C o. offered $1,500,000
o f th ese n o tes a t 98.60 a n d in t., to yield over 5 % . V . 122, p . 749.
E A R N IN G S .-—F o r calen d ar y e ar 1925 (of N o rth B oston L ighting P ro p ­
erties): D ividends an d in te re st received, $1,050,704; expenses an d taxes,
$23,730; in te re s t, & c., $57,273; pref. d iv s. (6% ), $683,352; com . ($4 13)
d iv s., $279,655; b alance, su rp lu s, for y e ar, $6,694.
Combined Earnings o f Operating Companies for 1925:— O perating revenues,
$6,103,851; n e t, a fte r m a in t., d ep rec’n & taxes, $1,570,963; non-operating
revenues, $61,648; in te re s t, & c., $193,769; balance, su rp lu s, $1,438,842.
O F F IC E R S .— P res., C h arles H . T en n ey ; 1st V .-P ., A lb ert B . T e n n e y 1
2d V .-P ., D . E d g a r M an so n ; T re a s., E lih u A . B radley; Sec., H orace P .
W ood; A sst. T rea s., R ockw ell C . Tenney; A sst. Sec., A lb ert B. Tenney;
A u d ., Isaac S. H all. Trustees.— E d w a rd M . B rad ley , R o b ert P . C lapp.
B ernon E . Ile lm e , A llen H ollis, C harles H . T en n ey , H orace P . W ood.
Sam uel A . Y o rk , F o rre st S. S m ith, C harles B . Price. G eneral offices,
200 D evonshire St,., B o sto n , M ass.
M anagem ent.— C h arles H . T en n ey & C o .— V. 122, p . 481, 749, 883, 1170.
1918.

TURNERS FALLS POWER & ELECTRIC CO.
O R G A N IZ A T IO N .— O rganized in M assach u setts.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
D istrib u te s electric pow er in th e C o n n ecticu t R iver Valley from Turner*
Falls to Springfield, M ass. (excl. only th e C ity of H olyoke). Principal
hydro-electric pow er p la n t is lo cated a t T u rn ers Falls on th e C onnecticut
R iver, p re sen t installed gen eratin g cap acity a b o u t 50,000 k . w. Auxiliary
steam p la n t has 30,000 k . w
6 su b sta tio n s. Principal transm ission lines
include tw o 66,000-v o lt steel-tow er lines extending betw een T u rn ers Fall*
an d Springfield, M ass. Also steel-tow er line to P ittsfield a n d in te r­
connections w ith H a rtfo rd (C onn.) E lec. L t. C o. a n d N ew E n g land Pow . Co.
To participate in power merger w ith N ew E n g lan d Pow er C o.. E dison E lec.
Iliu m . Co. o f B oston, In te rn a t. P a p e r C o., &c. See V. 121. p . 1908.
Sales of electric p o w e r, 1925. 264,044,916 k . w . h .; 1924, 188,500,678 k .w .h
S T O C K A N D B O N D S— Date.
Interest. Outstanding. M aturity.
C ap ital sto ck _____________________
_______ $10,000,000
See te x t
Em ployees s to ck ____________ _____
_________
63,760
See te x t
1st m tge ser A ($l,000c* & \ 1922
5 g J-D
3,000,000 Ju n e 1 1952
$1,000, $5,000 & $10,000r*)-jInt. a t M erch. N a t. B k. of B oston, tru ste e
g o ld ---------------------------------1
Bonds.— 1st m tg e. 5s, series A , are call, on a n y in t. d a te a t 110 an d int.
on or before Ju n e 1 1932, th e p rem ium th e re a fte r decreasing 44 of 1% s.-a.
In Ju n e 1922 Lee, H igginson & C o. and Coffin & B u rr, In c ., offered a t 103
a n d in t., to yield over 4 .8 0 % , $3,000,000 1st m tg e ser. A 5s. V. 114, p.
2479.
D ividends.— 6% p aid from o rganization to a n d incl. 1917; 8% p a id In
1918 an d 1919; 6% in 1920 and a t sam e ra te reg u larly , incl. D ec. 1924; in
M arch , J u n e, Sept, a n d D ec. 1925, 144 % , th e dividend ra te being increased
to 7% p er an n u m . In 1926, M arch 2 % , Ju n e 2 % , Sept. 2 % . On em­
ployees sto ck 15c. w as p a id in M arch 1925, 15c. in Ju n e 1925 a n d 15c.
in Sept, a n d D ec. 1925. In 1926, M arch , 20c.; J u n e , 20c.
E A R N IN G S .— F o r calen d ar years:
Total Rev.
N et
(In cl. N o n after
Balance
opcr. Incom e.)
Taxes.
Interest. D ividends.
Surplus.
1925_________ $2,762,057
$1,432,830
$191,453
$704,134
$537,243
1924_________ 2,238,051
1,164,217
203,790
580,643
379.784
1923_________ 2,245,479
1,008,712
158,502
579,695
270,515
O F F IC E R S .—P r e s ., G eo. W . Law rence; V .-P ., A lvah C rocker; V .-P .
W . R odm an P eabody; C lerk & T rea s., F red . C . A bercrom bie. Offices,
70 S ta te S t., B oston, M ass.—-V. 121, p . 1908; V . 122, p . 1171, 1312.

UNITED ELECTRIC LIGHT CO.

43

BOSTON ELEVATED RAILWAY.
O R G A N IZ A T IO N .— C h a rte r g ra n te d in 1897; provides fo r a n extensive
system of free tra n sfe rs. Leases for 99 years fro m 1903 23.753 miles
Old C olony S tre e t R y . tra c k . T h e la tte r com pany has since been m erged
in to th e E a s te rn M assa c h u e tts S tre e t R y . (form erly th e B ay S ta te S tre e t
R y .). On J u n e 10 1922 th e B oston E le v a te d a nd th e W est E n d S tre e t
R y. were consolidated u n d e r te rm s of an A ct passed by th e M ass. Legis­
la tu re in J u ly 1911. P rio r to th e consolidation th e W est E n d S t. R y. had
been leased by th e E l. C o. U nder te rm s o f th e consolidation A ct holders
o f W est E n d p re f. stock ($50 par) received in exchange for each 2 shares
th ereo f one share of B oston E l. 1st p re f. 8% stock ($100 p a r), a n d holders
of W est E n d com m on received for each 2 shares ($50 par) one share B oston
El. 2d pref. 7% stock ($100 p a r). F or fu ll p a rtic u la rs of th e consolidation
A ct a nd histo ry of W est E n d S t. R y see “ E lec tric R ailw ay” Supplem ent
of A pril 29 1922.
E ffe c tiv e J u ly 1 1918 u n d e r th e te rm s of th e “ P ublic C ontrol A c t,”
th e c o . w as placed u n d e r th e m an ag em en t of five tru ste e s ap p o in ted b y th e
G overnor. T h e A ct provides for public operation for a period of 10 years
or longer, tru ste e s h a v e pow er to re g u la te fares a nd service, fares m u st be
sufficient to m eet cost of service, pref. divs. a t 7% a nd com . divs. a t ra te
of $5 a share for first 2 years, $5 50 for n ext 2 years an d $6 du rin g balance
of period of public operatio n , S ta te has o ption of ta k in g over ro ad b y assum ­
ing lia b ilities and paying in cash an a m o u n t equal to t h a t p a id in b y stock­
holders. F o r full d etails see “ E lectric R ailw ay ” S upplem ent of A pril
26 1924.
On M ay 1 1920 th e S ta te gave to th e co. $7,868,000 in p a y m e n t for th e
C am bridge subw ay. T h e subw ay is re n te d to th e co. a t a ra te equ iv alen t
to }* of 1 % m ore th a n th e i n t . on th e bonds issued b y th e S ta te on acco u n t
of th e purchase of th e p ro p e rty . See also V . 110, p . 1414. T h e extra
>* % to be used to re tire th e bonds serially; th e co. is to p a y re n ta l a t ra te
of 443 % an n u ally on th e a m o u n t re tired .
F o r change in tru ste e s of th e . oad see V . 121, p . 72, 1099.
Wages.-—A new agreem ent re ta in in g th e existing basic w age of carm en
b u t allow ing a 2c. per ho u r increase to one-m an car op erato rs, w as to rem ain
in effect u n til J u n e 30 1926. See for m ore p a rtic u la rs V. 121, p . 2154,
Report by Joint Special Committee.— On D ec. 14 1925 th e jo in t special
com m ittee ap p o in ted u n d e r a u th o rity from th e M ass. L egislature o f 1924
fded its re p o rt for th e n e x t L egislature recom m ending a 30-year public
control, a c u t in th e d ividend ra te from 6% to 5 % , stab iliza tio n of th e
franchise ta x an d exem ption from in d ependent b u s com p etitio n . See for
full d etails an d description, V . 121, > 3001.
.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
Owns an d operates a sy ste m of ra p id tra n s it a n d surface lines serving a
te rrito ry w hich includes th e cities of B oston, C am bridge, Som erville
M alden, E v e re tt an d M ed fo rd , a n d th e tow ns of B rookline, A rlington W at-'
ertow n an d B elm ont a n d p ortions of th e cities of C helsea an d N ew ton.
T o tal le ngth of surface lines tra c k ow ned, D ec. 31 1925: 421 899 m iles'
o perated under tra c k a g e privileges, 3,688 miles; leased from o th e r com panies
and C ity of B oston, 30,217 miles; to ta l tra c k surface cars, 455,804 miles
T o ta l tracl* for ra p id tra n s it cars, 48,354 m iles. C ars ow ned: surface
cars 1,643; ra p id tra n s it cars, 468 (of w hich 370 all steel); busses 122 (in
addition 99 leased b u sse s).
O perates buses in A rlington, Som erville, M ed fo rd , W aterto w n , B oston
M alden a nd C am bridge; to ta l n u m b e r of buses, 210. V 121 p 1787
'
Pow er house c ap acity as_ of D ec. 31 1925; A . C ., 270,624,400 k.w .;
ll L
8,799,703 k.w .; 144.5 m iles of transm ission lines.
•o1?..,
1925 th e c o - was a u th - b y th e M ass. D e p t, of P . U . to issue
$2,141,000 notes or bonds, payable in n o t exceeding 30 years, a nd to bear
I n t. a t a ra te of no t m ore th a n 6 % . N o t issued y e t. V. 120, p 1201
ST O C K A N D B O N D S—
Date.
Interest. Outstanding.
M aturity.
C om m on, $23,950,000 ($100)______
Q uar.
$23,879,400 O c t ’26,14*
1st p re f 8% cum ( $ 1 0 0 ) ....................
8 J -J
6.400.000 O ct '2 6 ,4 %
2d p re f 7% cum ($100)_______ _____
7 M -S
13,655,500 O ct '26,34*
P ref s to c k 7% cum ($100)_________
7 J -J
3,000,000 J u l y ’26, 34*
D eb en tu res, gold------- c & r.n tf/1 9 0 5
4 g M -N
8.500.000 M ay 1 1935
lO ld Colony T ru s t C o ., B oston, R egistrar
44* A-O
D ebentures, gold------- c & r .n tf 1907
4.800.000 O ct 1 1937
D ebentures, g o ld .._ c * & r* .n tf 1911
44* M -N 5.000. 000 N ov 1 1941
D ebentures, gold_ c* & r* _ n tf 1912
_
5 J-D
8.286.000 D ec 1 1942
10-yr bonds gold ($1,000) c*&r 1923
6 g J-D
3.000. 000 Ju n e 1 1933
10-yr bonds gold ($1,000) c&r* 1924
6 g M -S
2,098,000 M ar 1 1934
10-yr bonds gold ($l,000)c*& r* 1924
" 54* g F - A 1,581,000 A ug 1 1934
'
~
Securities o f West E nd St. R y .—
5% bonds of 1914___________ 1914
5 M -S
2.600.000 M ar 1 1944
Bonds ($1,000).................c * .n t f 1902
4 F-A
5.709.000 A ug 1 1932
Bonds ($1,000)---------- c & r .n tf 1910
44* J -J
1.604.000 J u ly 1 1930
Bonds - ......................................n t f 1912
5 M -N
600.000 N ov 1 1932
B o n d s ................. .....................
1916
5 M -N
815.000 M ay 1 1936
B o n d s --------------------1917
7 M -S
570.000 S ept 1 1947
B o n d s ..............................................1922
64*%
2.700.000 F e b 1 1927
B o n d s ----------------------------------1922
6%
1.956.000 M ay 1 1927
Stock.— T h e pref. stock is su b jec t to th e 1st an d 2d p re f. sto ck, an d is
callable a t 105 a nd divs. an d in liq u id a tio n receives 105 an d div s. V. 106
p. 2344
L isted on B oston Stock E xchange. V. 107, p . 400.
*
—T he B oston E lev a te d d ebentures are coupon bonds, a re in denom of $1,000 a nd registered bonds o f all issues a re in denom inations o f $1 000.
$5,000, $10’000 a nd $50,000. T h e $1,581,000 10-yr. 54*% bonds due
Aug. 1 1934 w ere offered in J u ly 1924 b y P a in e , W ebber & C o ., B lodget &
C o., & c ., a t 1014* an d in t., yielding a b o u t 5 .3 5 % . V . 119, p. 323.
In te re s t on all W est E n d S t. R y . issues is p ayable a t A m erican T ru st
Co B oston, except on th e 6-year bonds of 1918, w hich is pay ab le a t Old
C olony T r u s t C o ., B oston.
.
2y<%. was p aid A ug. 15 1898. In 1899, 54*% ;
In 1900, 44*% ; in 1901, 55* %; in 1902 to 1913, incl., 6% yearly; in 1914 ra te
was reduced a nd in F eb . 2% was p a id . In J u ly 1914 it was decided to pay
dividends q u a rte rly (V. 99, p . 341), and In A ug. 14*% was paid; N ov),
14*% . In 1915, 54*% . In 1916, 5 % . In 1917, Feb!? 14*% ; M ay , 4*%;
.a'45"1 14*% ; N ov. d iv . passed (V. 105, p . 1897). U nder public c ontrol an
initial div . o f $2 04 1-16 on p re f. w as p aid in J a n . 1919. In J u ly 1919 $3 50
was p aid a nd sam e a m o u n t p a id sem i-annually since. In Ju ly 1922 a semia, ,n 4rV div. o f 4% was p a id on th e 1st p re f. sto ck issued in exchange for the
n
®n d S t. R y . C o. p re f. sto ck . In 1923, 8 % . i n 1924, 8% .
In 1925, J a n ., 8 % . In O ct. 1922 34*% w as p a id on th e 2d pref. stock,
issued m exchange fo r W est E n d S t. R y . C o. com . sto ck . In 1923. 7%
In 1924, .7 % .
In 1925, 7 % .
On com . a n initial d iv . of $2 50
was p aid in J a n . 1919. I n A pril $1 25 w as p a id a n d sam e a m o u n t p aid
regularly to an d incl. J u ly 1920. On O ct. 1 1920 $1 374* w as p a id . Sam e
a m o u n t p aid reg. q u a r. to a nd incl. A pril 1922. In O ct. 1922 $1 50 w as
p a id . In 1923, $6. In 1924, $6. In 1925, $6. In 1926, $6.
E A R N IN G S .— T ru ste e ’s re p o rt for calendar years:
1
,
. ^ „„ 1925’
1924.
1923.
1922.
R evenue pass, carried. -365,036,286 382,888,848 382,149,697 356,593,942
T o tal re c e ip ts-------------- $34,547,380 $34,175,320 $34,096,813 $32,699,176
W ages-------------------------- 16,931,550 17,358,670 16,224,276 14,772,340
O ther oper. expenses—
7,474.186
7,863,454
7,905,977
7,316 118
1 a ------------------------ 1,652,518
1,623,996
1,688,140
1,587.187
I n t e r e s t --------------— —
2,540,909
2,602,891
2,316,026
1,891,315
D ividends a nd r e n ta ls .. 5,386,919
5,301.161
5,212,514
5 655 011
M iscellaneous ite m s-----59,104
61,835
70,248
65,016

O R G A N IZ A T IO N .— In c o rp . In M ass, in 1887. Owns all of th e common
sto ck of In d ian O rchard C o.
Participation in Power M erger.— See V . 121, p . 1910.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
D oes e n tire electric lighting a n d in d u s tria lp o w e r business in Springfield
a n d Longm eadow , and p ractically all in W est Springfield, M ass. C o .’e
e q u ip m e n t includes 58,750 installed h . p ., a b o u t 240 m iles o f d u c t conduit®
an d a b o u t 1065 miles o f overhead lines.
r, T ot.a * cost of sc3rviee-_$34,045,186 $34,812,016 $33,417,181 $31,286,987
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
G am for y e a r---------------$502,194 Ioss$636,696
$679,631 $1,412,189
C ap ita l sto ck ($100)-------------- -------Q -M 3 1
$4,000,000
See te x t.
N o fu n d ed d e b t.
Latest E arnings.— F o r 8 m os. end. A ug. 31 1926’
9 4 4 . 4.-.9 7 0 9
D ividends.— P aid 6% to J u n e 1900; 8% to J u n e 1909; 10% to J u n e 1917; R evenue passengers carrie d ________________
12% S ep t. 1917 since to an d in cl. S e p t. 1925 (payable Q .-M . 31). In w °“ receipts-------------------------------------------- : : : : : : : : : - : : : : : $ 2 3 ’33o’o62
, 400
v\ ages---------------------------------------------------- ------ ----------- __
11 ,
D ec. 1924 an ex tra of 2% w as p a id . In 1925 3% ex tra in D ec.
O ther 1p e rating expenses-------------------------------" i : : : : : : : ; : ; ; : 5:360,520
E A R N IN G S .— F o r calen d ar years:
N et after
Total Rev.
----------------------------------Interest, D ividends.
(Incl. Other Depreciation
Balance, D ividends a n d re n ta ls ____________ _____ __ __ ___ " "
'
Income.)
and Taxes.
&c.
S u rp lu s. M iscellaneous ite m s___________________________ I - I I I I I I .
41 389
$1,035,835
$2,634
$600,000
1925____ ___ $3,181,374
$433,201
1924____ ___ 3,032,102
974,380
71,293
534,215
368,872
neriodf SeFVlCe----------------------------------------------------------- 323,843,173
1,230.287
95,201
1923____ - - - 3,152,152
384,000
751,086 Lossfor period__________ _____ ________________ _
duoo u)i
513 111
829,528
112,911
1 9 3 2 -- - ___ 2,536,561
384.000
332,617
a O F F IC E R S .— G en. M g r., E d w . D ana; T rea s., H e n ry L . W ilson: Gen
O F F IC E R S .— P re s ., R . W . D ay : V .-P res., T rea s. & C lerk , W . L . M ulli­ Au*1-. J ; H . M o ra n .— Y . 120, p . 451, 700, 1201, 1449, 2682; V. 121, p . 7 2 ‘
gan: G en. M g r., L . J . S co tt.— V . 118, p . 678; Y . 120, p . 333; V. 121, p. 4 5 6 .8 5 7 ’ 1099, 1787, 2154, 2270. 3001; V. 122, p . 476, 1910, 2648, 3451;
1910; V . 122, p . 2194.
V . l ^ o , p . o4 U .




44

PUBLIC UTILITIES

EASTERN MASSACHUSETTS STREET RAILWAY CO.
O R G A N IZ A T IO N , &c.— In c o rp . early In 1919 In M assa c h u se tts p u r­
s u a n t to te rm s o f th e “ Special A ct resp ectin g th e B ay S ta te S tre e t R y . [as
described in “ E lec tric R ailw ay ” S u p p lem en t o f A p ril 26 1924] a n d has
acq u ired s u b sta n tia lly a ll th e assets o f t h a t com pany, in clu ding th e leases
o f th e B oston & Chelsea R R . C o ., th e B oston & R evere E lec tric S t. R y . C o.,
th e E a s t M iddlesex S t. R y . C o ., th e W innisim m et R R . C o ., w hich see
Under sep a ra te headings below . T h e sto ck s a n d bonds o f th ese com panies
rem ain ed u n d is tu rb e d . V arious u n d erly in g liens w ere ex tended a t higher
ln+^-est ra te s a n d th ese ap p ear below .
" f 7e b d " o f O P E NATIONS*"AND C H A R A C T E R O P B U S IN E S S .—
O p erates 661 m iles of line; also o p erates 66 buses. V . 121, p . 197. W ages
an d fares increased, see V. 121, p . 457, 1676. W ages again increased by
A rb itratio n B o ard , effective M a y 2 1926— 1 H e. p er h o u r to a ll regular
em ployees. F ares increased effective O ct. 1 1926. P o w er c ap a c ity , 19
engines, 22,425 h .p ., an d 19 g enerators. 15,050 k .w .; 6 tu rb in es, 33.750
h .p ., a n d 22,500 k .w .
T h e Low ell-B oston M o to r C oach L ine, o p e ra te d b y th e E a ste rn M assa ­
c h u se tts S tree t R y . C o. since O ct. 1 1924, ceased o p e ra tio n s on M a y 5
1925. F o r fu rth e r p a rtic u la rs , see V. 120, p . 2400.
P aym en t o f D iv s . on C om . a n d A rre a rs on A d j . Stock Sought. — On A ug 1
1923 a bill in e q u ity an d a p etitio n fo r a w rit o f m an d am u s w ere filed in th e
M ass. Suprem e C o u rt a t B oston b y L . Sherm an A d am s, a g ain st th e co.
a n d its tru ste e s, seeking to com pel th e m to p ay certa in d ivs. accrued on
th e com . a n d a d ju stm e n t sto ck s to F eb . 1 1923, and in J u ly 1924 sought also
to com pel p a y m e n t o f com m on d iv s. accru ed to F eb . 1 1924. V. 117,
p . 522. A nsw er w as filed b y th e co. a n d its tru stees in O ct. 1923. For
d etails see V. 117, p . 1662. In N o v . 1925 it w as rep o rted th a t Judge
F red eric C hase, m a ste r in th e h earin g s, in his d ra ft re p o rt finds th a t th e co.
h ad ap p ro x . $5,314,000 av ailab le for b ack dividends, w hich to F eb. 1926
a m o u n ted to $2,400,000. V . 121, p . 2401. In J a n . 1926 Ju d g e C rosby
o f th e Suprem e C o u rt referred th e case for d eterm in atio n to th e fu ll C o u rt.
T h e case w as on th e list o f th e fu ll C o u rt for arg u m e n t on M a r. 18 1926.
On O ct. 2 1926 th e M ass. Suprem e C o u rt h a n d ed dow n a decision dism issing
th e bill w ith costs. F u ll d etails in V . 123. p . 1874.
STO CK A N D BO N D S—
D a te.
Interest O u tstan din g. M a tu r ity .
C om m on (see te x t) p a r $100______
_______
$8,472,161 __________
F irst p re f cu m ($100)________ _____
F-A 15
4.132.800 A u g ’26 ,3 %
S k f d s t k $ 3 ,2 3 9 ,0 0 0 c u m ( $ 1 0 0 ) ____
6 F-A 15
21.000 A u g ’2 6 ,3 %
P re f B sto ck cum ($100)______ _____
F-A 1
2.997.800 A u g ’2 6 .3 %
A d ju stm e n t sto ck cum ( $ 1 0 0 ) . ____
5 A-O
8,711,200 O ct ’26$2.50
6% serial re f m tg e bonds $ 5 ,-\ 1919
6%
696.000 See te x t
000,000($1,000) Ser“ S A .c* JOld C olony T ru s t Co B o sto n, tru s te e .
Series “ S C ” _________________ _____
6%
234,900
See te x t
4 H % re f m tg e b o n d s________ .1919
1919
4 H J-J 1 14,303,000 J a n 1 1948
1919
5% re f m tg e b o n d s__________ .1919
5 J -J 1
2,814,297 J a n 1 1948
6% re f m tg e bonds S eries“ C ” . . 1918
6 M -S
J 83,000 S ept 15 1927
\ 858,900 J a n 1 1948
6% re f m tg e bon d s S eries” D ” _ 1919
.
6 A-O
710,650 J a n 1 1948
6% r e f m tg e bonds Series“ E " _. 1919
500.000 J a n 1 1948
6 M -N
B ay S ta te S t R y equip n o te s .. . 1917
62.000
See te x t
6 g F-A
L y n n & B oston 1st m tg e g o ld ’ 1894
5 g J-D
2,480,000 yD ec 1 1929
I n t. a t Old Colony
H G & D fir s t m tg e --------- n t f F 1899
1899
6%
’
35,000xSept 1 1928
M y stic V alley S tree t R y g o l d . . ____
6%
55,500xJan 11928
0/0
P eople’s S t R y , W est New-1 1898
5 J -J
28,000 J a n 1 1928
_
b u ry 1st M a ssu m ed _ n t f [In te re s t a t S ta te S tree t T ru s t C o ., B oston.
B osto n M ilto n & B ro ck to n ) 1899
6 J -J
46,000xJan 1 1929
fir s t m tg e $100,000___ n t f / I n t . a t F ir s t N a t. B an k , B o ston, tru ste e .
N B ed M ’dleboro & B rock 1st) 1900
5 g J -J
x225,000 J a n 1 1929
M $325,000 ($1,000) g - n t f / I n t . a t A m erican T ru st C o ., B oston, tru ste e .
P ro v & T a u n to n S t R y 1st gl 1898
6 g M -S
97,000xSept 1 1928
($1,000) a u th $200,000.n tf/A m e ric a n T ru s t C o ., B o sto n , tru ste e
So Shore & Bos S t R y 1st M l 1899
6 F-A
317,000xFeb 1 1929
($1,000) g $ 1 ,0 0 0 ,0 0 0 ..n t f / I n t . a t A m erican T ru st C o .. B oston, tru ste e

x T hese issues h av e been extended to th e d ates h ere given in accordance
w ith p la n . T h e extended issues, w hich in all cases fo rm erly bore-5% in t.,
now b e ar 6% w ith th e exception o f th e N ew B edford M iddleboro & B rock­
to n S t. R y . 1st 5s w hich co n tin u ed a t th e old in te re st ra te . These issues,
w ith th e exception o f th e la s t m e n tio n ed , a re callable a t 103, a n d during the
fiv e y ears preceding m a tu rity a t 101 a n d in t. T he N ew B edford M iddle­
boro & B ro ck to n 1st 5s a re callable a t p a r.
y O riginally m a tu re d D ec. 1 1924, b u t com pany exercised o ption provided
In reorg an izatio n p la n , a n d e x ten d ed $3,352,000 of th is issue for five years
to D ec. 1 1929, th e b alan ce being p a id off. T h e ex ten d ed bonds are red .
on a n y in t. d a te a t 103 a n d in t. u p to an d incl. d a te tw o years p rio r to
m a tu rity , a n d th e re a fte r a t 101 a n d in t. V . 117, p . 2542.
Stock.— A ll classes o f sto ck h av e fu ll v o tin g rig h ts, except t h a t th e com.
Stock h a d no v o tin g rig h ts u n til J a n . 1 1921, nor has it th e re a fte r a t a ny tim e
w hen $5 o f d iv s. u p o n th e a d ju stm e n t sto ck a re in d e fa u lt. C om m on stock
is issuable u n d e r th e p la n to th e a m o u n t p e rm itte d by th e special a c t as
d eterm in ed by reorg an izatio n m an ag er an d for any fu r th e r am o u n ts found
necessary b y th e reorg an izatio n m an ag ers for o th er purposes. T h e 1st pref,
sto ck a n d th e sinking fu n d sto ck a re c u m ., ran k in g eq u ally an d p ro ra ta for
dividends an d in liq u id a tio n , a n d preferred as to d ividends, an d also as to
p a r an d accrued dividends in liq u id a tio n , over th e p re f. B stock, th e a d ju st­
m e n t sto ck an d th e com . sto ck . Issue o f 1st pref. sto ck is n o t lim ited and
m ay be called all or in p a r t (w hen d ra w n by lo t) , on an y dividend d a te a t
120 an d d iv s. A ny su b seq u en t issue o f th is stock shall be e n title d to such
d iv s. as shall be fixed a t tim e of issue th ereo f. Stock o f th is issue in addition
to th e a m o u n t show n as o u tsta n d in g m ay be issued (a) in exchange, $ for $,
for B ay S ta te R y . b a n k loans an d coupon no tes w hose holders am y choose
1st p re f. in preference to sinking fu n d stock; (b) $ for $ for B ay S ta te claims
n o t otherw ise provided for; (c) com pensation o f com m ittees, &c. T he
sinking fu n d 6% sto ck is callable, all o r in p a r t, on div id en d d ay a t p a r and
in t. in o rd er o f series, n u m b ers 1 to 21, inclusive, by a sinking fu n d to which
th e co m p an y is to p a y each y e a r a n a m o u n t equal to th e series d ue F e b . 15
o f su ch y e ar, before declaring a n y div id en d s on or m aking a ny purchase of
a n y p re fe rred B sto ck , a d ju stm e n t sto ck o r common sto ck . T h e shares to
be redeem ed sh all be d eterm in ed by lo t in case fu n d s are n o t available for
th e p a y m e n t o f a n y series in its e n tire ty . O f th e sinking fu n d stock $1,425,000, including a ll o f th e fir s t six series an d p a rt each of series 7 to 15,
w ere allo cated to b an k loans a n d d ivided am ong th e b an k creditors in pro ­
p o rtio n to th e ir claim s. Series 1 to 14 a re for $150,000 each. T he rem ain ­
ing $1,814,000 o f th is sto ck being th e rem ain d er o f Series 7 to 15, a nd all
o f Series 16 to 21, were a llo cated to th e coupon no tes in th e order o f the
m a tu rity o f th e n o tes, beginning w ith $57,000 of th e 7 th series for th e 1918
m a tu rity , a n d increasing g ra d u a lly to $202,000, being th e whole of th e
2 1 st series,-for th e 1932 m a tu rity . Under the terms o f a readjustm ent plan
all sinking fu n d stock w ith the exception o f $21,000 pa r has been converted
into ls i pref. and the sinking fu n d features elim inated. P ref. B sto ck ran k s
ah ea d of th e a d ju s t, sto ck a n d th e com . sto ck . D iv id en d s on th is P ref. B
are p ay ab le in cash or in com . sto ck . C all, all or in p a r t (w hen d raw n by
lo t) on an y d iv . d a y a t 110 a n d in t. T h e ra te o f th e d ividends on th is stock
w hich in a n y y ear a re p a id in com . sto ck (1) shall n o t exceed th e ra te of
th e d iv s. on th e a d ju st, sto ck w hich in such y ear a re p a id in c o m . stock;
unless all th e d iv s. on th e a d ju st, sto ck in such y ear if any, a re p a id in
com . sto ck , an d (2) shall be less b y a t le a st 2% th a n th e ra te of th e divs.
on th e com . sto ck w hich in su ch y ear a re p a id in com . sto ck, unless all the
d iv s. on th e com . sto ck in su ch y e ar, if a n y , are p a id in com . sto ck . T he
5% a d ju st, sto ck is preferred over th e com . sto ck . C all, all or in p a r t a t
p a r an d in t. on a n y d iv . d a te . T h e ra te o f th e divs. w hich in any y ear are
p aid in com . sto ck shall be less b y a t le a st 2% th a n th e ra te of th e divs.
on th e com . sto ck w hich in such y e ar a re p a id in com . stock, unless all
d ivs. on th e com . sto ck in su ch y e ar, if a n y , are p a id in com . sto ck . Stock
o f th is issue, in ad d itio n to th e a m o u n t show n above as o u tsta n d in g , could
be issued in exchange, p a r for p a r, for claim s ag ain st M assach u setts E lectric
C om panies p a rtic ip a tin g in th e p lan o th e r th a n claim s in respect of securi­
ties expressly p rovided for.
Bonds.— The serial ref. mtge. 6s, ser. “ S A ,” m a tu re $50,000 each J a n . 1
1920 an d 1921 a n d $300,000 1922-1929, inclusive, $1,600,000 have been re ­
tire d . Ser. “ SC ” m a tu re F e b . 1 o f each y e ar 1925 to 1928 incl. a nd J a n . 1
1929. These bonds are issued u n d er c o .’s ref. m tg e., w hich will cover sub­
s ta n tia lly all o f th e p ro p erties su b jec t to less th a n $10,000,000 underlying
bonds an d u n d istu rb ed securities. T h e in te re st on th e serial 6s is a charge
a h e a d o f th e in te re st on ap p ro x im ately $18,900,000 ref. m tge. bonds issued
u n d e r th e sam e m tg e. C all, a t 105 on an y in te re st d a te on 60 d a y s’ notice.
T h e 4 H % re f. m tge. bonds are re d . a t 105 an d in t. on a n y in t. d a y u p to
a n d incl. J u ly 1 1943, a t 104 a n d in t. in 1944, a t 103 a n d in t. in 1945, a t
102 in 1946, a t 101 in 1947. T h e 5% ref. m tge. bonds a re re d . a t 110 and
In t. on an y in t. d a y u p to an d incl. J u ly 1 1938, a t 109 an d in t. in 1939, a t
108 in 1940, 107 in 1941, 106 in 1942, 105 in 1943, 104 in 1944, 103 in 1945.




[V ol. 123.

102 in 1946, 101 in 1947. T h e 6% ref. m tg e . bonds are re d . a t 103 a n d in t.
on a n y in t. d a te up to a n d incl. S e p t. 15 1926 a n d a t 100 a n d in t. on M arch
15 1927.
A dditional ref. m tge. bonds o th e r th a n th e ref. m tg e. serial b o n d s, and
th e o th er bonds issuable under th e p la n , m a y be issued to a n a m o u n t n o t
exceeding a t p a r v alu e 60% o f th e cost of fu tu re a d d ’ns a n d im p ts ., b u t
only w hen th e a n n u al n e t earnings available for th e p a y m e n t of in te re st
on th e ref. m tg e . bonds a re a t le a st 1 % tim es th e in te re s t charges on all
ref. m tge. bonds o u tsta n d in g a n d a pplied for an d on all p rio r lien issues.
T his n e t earnings provision m a y , by th e firm of Lee, H igginson & C o.
as now or he re afte r c o n stitu te d , H a rris, F orbes & C o ., In c ., or its suc­
cessor, a n d th e firm o f W illiam A . R ead & C o ., as now or h e re afte r con­
s titu te d , be w aived in resp ect of a n y issue m ade before J a n . 1 1929. In
th e discretion of th e reorg. m grs. th e ref. m tge. m ay provide t h a t i t shall
n o t be foreclosed for a period of 10 y e ars, a nd in such e v en t a gen. m tg e .
shall Ije c re ated s u b jec t to th e re f. m tge. a n d covering th e sam e pro p erties
a n d securing p rin . a n d in t. of all ref. m tge. bonds o th e r th a n re f. m tge.
serial bonds, an d in th e discretion of th e reorg. m grs. th e in t. or p rin . or
b o th of th e re f. m tge. serial bonds. I n t. on th e ref. m tg e. serial bonds so
far as secured b y th is gen. m tge. m ay be accorded p rio rity th e re u n d e r over
any o th e r obligation secured th e re b y , b u t su b jec t to th is exception all
obligations secured b y said gen. m tg e. sh all be equally secured th e re b y .
T h e said gen. m tge. shall be s u b jec t to foreclosure a t a n y tim e in case of
d efault.
T h e B ay State S t. R y. eq u ip , notes w ere issued to p ro v id e, in p a r t, for
th e p a y m e n t of 200 now sem i-conv. P -A -Y -E cars, costing $1,631,000.
N otes a re due $131,000 a n n u ally A ug. 1 1918 to 1926, in cl., and $129,000
Aug. 1 1927, b u t callable on an y in t. d a te a t 100 an d in t. on 6 w eeks’ notice.
T h e $131,000 w hich fell due on A ug. 1 1918 w ere pu rc h a se d b y th e receiver.
In te re s t a t Old C olony T r u s t C o ., tru s te e . V . 105, p . 908. T h e $131,000
due each A ug. 1 in su b seq u en t y ears, being re tire d w hen du e.
E A R N IN G S .— C ondensed incom e s ta te m e n t for cal. years:
Total Rev.

N e t a fter T axes. I n t. & R en tals.

B a l., S u rp .

$738,322
1925 ................ $9,333,250
$2,030,143
$1,291,820
1924 ________ 9,745,501
801,399
2,164,0o7
1,362,658
1923 ________ 10,712,706
1,398,152
878,534
2,276,686
1922 ________ 10,712.663
1.059,792
2,557,749
1.497.955
In 1925 $868,309 dividends w ere p a id ( i n 1924 $723,602), leaving
_______________
deficit of $129,986 for th e y e ar (in 1924 a surplus of $77,797). V. 122,
p . 882
Latest E arnings.— F o r 8 m os. end. A ug. 31 1926: T o ta l re v e n u e, $6,538,343; n e t a fte r taxes, $1,359,588; in t. & re n ta ls, $829,520; b a l., su rp lu s,
$530,068. N ote: D ivs. p a id in 1926 to A ug. 31, $867,097.
O F F IC E R S .— V .-P . & G en. M g r., R . B . S tearns: V .-P ., F re d A . C um ­
m ings: Sec., W m . A H ow ard; A sst. T re a s ., R . B . Stearns; Gen- Counsel.
Philip G . C arleton.
P U B L IC T R U S T E E S .— T h e co. is o p erated b y a b o a rd of five public
tru ste e s ap p o in ted b y th e G overnor of M assa c h u se tts: C h airm an , G eorge
P . B u llard , F red J . C row ley, E a rle P . C h arlto n , G eorge M . B y rn e and
A rth u r G . AVadleigh.— V. 121, p . 197, 457, 838, 977, 1227, 1676, 2037.
2401, 2637, 2749; V . 122, p . 882, 1761, 2798, 2948; V . 123, p . 841, 1874.
(a) BO ST O N & CHELSEA RR.
Ow ns 4.37 miles of m ain tra c k . L eased to L y n n & B oston R ailroad C o.
(subsequently th e B ay S ta te S t. R y. a n d now th e E a s te rn M ass. S t. R y .)
a t $7,260 p e r a n n u m , equal to 6% on $121,000 sto ck , p a ra b le A . & O.
(6) B O STO N & REVERE ELEC TR IC ST R E E T R Y .
O R G A N IZ A T IO N .— In c o rp . J u n e 24 1889. Owns 3.78 m iles o f m ain
tra c k . Leased from J u ly 1 1895 for 99 years to L y n n & B oston (subse­
q u e n tly th e B ay S ta te S tree t R y. a nd now th e E a s te rn M ass. S t. R y .),
which gu aran tees in te re s t on th e $50,000 m tge. of 1908 a n d dividends on
$50,000 stock from J u ly 1 1898 a t 5% p e r a n n u m .
ST O C K A N D B O N D S—
D a te .
In terest. O utstan din g. M a tu r ity .
Stock (par $100)------------------- -------5 J-J
$50,000
See te x t
B oston & R evere E lec S t R y ) 1908
5 g M -S
50,000 S ept 1 1928
$50,000 gold ($1,000)_ c * /I n t. a t A m erican T ru s t C o ., B oston, T ru ste e .
_
B onds. — N o sinking fu n d , b u t bonds m a y be called on a n y in te re s t d a te
on six w eeks’ notice.
(c) EAST M ID D LESEX ST R E E T R Y .
O R G A N IZ A T IO N .— Owns 19.35 miles of m ain tra c k . L eased M a y 1
1893 to L y n n & B oston (subsequently th e B ay S ta te S t. R y . an d now th e
E astern M ass. S t. R y .) for 99 years a t a re n ta l till M a y 1 1896 o f $18,000
yearly in a d d itio n to fixed charges; th e n till M a y 1 1901 $24,000 yearly
a nd for rem ain d er o f lease $30,000 y e arly . E ig h t p er c en t div s. h a d been
paid, b u t on M a y 1 1901 w ere increased to 10% , b u t w ere again re d u c ed to
8% in 1923. T h e $100,000 4s due J a n . 1 1922 w ere re tire d a t m a tu rity .
ST O C K A N D B O N D S—
D a te .
In terest. O u tstan din g. M a tu r ity .
Stock ($100), $300,000—.....................
8%
$297,700
See te x t
(d) W INNISIM M ET (STR E E T) R R .
O R G A N IZ A T IO N .— Owns 2.08 m iles of m ain tra c k . L eased to th e
L ynn & B oston (subsequently th e B ay S ta te S t. R y ., now th e E a s te rn M ass.
S t. R y .) for 999 years from 1880 a t $3,000 p e r an n u m . C a p ita l stock
is $50,000; p a r $50.

BERKSHIRE STREET RAILWAY.
On D ec. 31 1925 N . Y . N . H . < H . ow ned all th e sto ck , th e e n tire
fc
($200,000) issue of d eb en tu res a n d $3,333,000 notes.
On N ov. 20 1925 Ju d g e F . A . W inslow of th e U . S. C o u rt for th e Southern
D istric t of N ew Y o rk en tered a n ord er m odifying a decree of N o v . 17 1914
(w hereby N Y . N . H . & H . R R . C o. w as o rdered to sell its holdings of
th e B erkshire Street R y . stock) an d relieved th e N . Y . N . H . & H . R R . C o.
of th e obligation to sell a n y of th e securities of th e N ew Y ork or M assa­
c h u se tts trolleys.
O R G A N IZ A T IO N .— In c o rp . in M ass, on J u n e 11 1901. F ranchise p er­
p e tu a l. In 1906 absorbed th e H oosac V alley S t. R y . th ro u g h exchange of
stock. In M a y 1910 to o k over th e P ittsfie ld E lec. S t. R y ., issuing $300,000
stock in exchange for stock of th a t c om pany. V . 90, p . 1295.
In M a rc h 1912 M ass. R R . C om m ission a pproved th e 99-year lease o f th e
V erm ont C o. to th e B erkshire S tree t R y ., b u t th is lease w as canceled on
D ec. 31 1922.
On N o v . 21 1925 F ed eral Ju d g e F ran cis A . W inslow g ra n te d th e applica­
tion of th e N . Y . N . H . & H a rtfo rd R R . to resum e co n tro l o f th e c o .’s
trolley lines, w hich w ere s e p a ra te d fro m th e N ew H a v en sy ste m b y th e
Sherm an law of 1914. F o r p a rtic u la rs, see V. 121, p . 2636.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns a n d operates 88.49 m iles of ro a d , serving th e cities of P ittsfie ld a nd
N o rth A d a m s and th e tow ns o f W illiam stow n, C la rk sb u rg , A dam s, C heshire,
L anesboro, D a lto n , Lenox, Lee, Stockbridge, G re a t B a rrin g to n , M ass.
99 passenger an d 30 o th e r cars.
T h e $200,000 B erkshire S t. R y . d e b en tu re 5s, w hich m a tu re d M a r. 1
1925, w ere extended a t th e sam e ra te of in te re st (5% ) to M a r. 1 1930.
V . 121, p .1 9 6 .
In S ept. 1925 th e M ass. D e p t, o f P . U . g ra n te d th e co. perm ission to oper­
a te buses betw een certa in com m unities. V . 121, p . 1567.
S T O C K A N D B O N D S—
D a te .
In terest.
O u tsta n d in g . M a tu rity .
Stock $5,398,100 ($100)....................—
__________$5,398,100
____
F irst m ortgage ($800,000 gold) 1902
7 g J-D
777,000 J u n e 1 1927
($1 .0 0 0 )----------------c*_ n tf / G i r a r d J T r u s t C o ., P h ilad e lp h ia , tru s te e .
B erkshire S treet R y d e b — t f . 1905
5 g M -S
200,000 M a r 1 1930
Hoosac V alley re f m tg e $400,-1 1904
7 g M -S
300,000 S ept 1 1 9 2 9
000 gold ($1,000)____ n t f / I n t . a t B erkshire L . & T r. C o ., P itts f ., tru s .
P ittsfield Elec S t R y 1st m tge) 1904
7 g J -J
242,000 J u ly 1 1 9 2 8
g $300,000 ($1,000)-C*_ntf j l n t . a t B erkshire L . & T r . C o ., P itts f ., M ass.
D u e N Y N H & H R R D ec 31 1925______________ 3,333,000 __________
Bonds.— T h e $800,000 1st M tge. bonds originally bore in t. a t 5% a nd m a­
tu re d J u n e 1 1922, b u t w ere extended for 5 years to Ju n e 1 1927 a t 7 % .
V. 114, p . 2358, 2467, 2716. A re n o t su b j. to call. I n t. p a y ab le a nd bonds
m a y be registered a t office of N . W . H a rris & C o ., B oston.
T h e Berkshire St. Ry. debs', a re ow ned b y th e N . Y . N . H . & H . R R . C o.
See also te x t above.
The P ittsfie ld E lec. S t. R y. 1st M tg e. bonds w ere originally 4s an d m a tu re d
Ju ly 1 1923, b u t have been extended for 5 years to J u ly 1 1928 a t 7%

The H oosac V alley ref. m tge. bonds were originally 4s and m atured Sept. 1
1924, but have been extended to Sept. 1 1929 at 7 % . T h e extended bonds
are call, on and after Sept. 1 1925 at 104 and in t., reducing 1 % annually
un til m a tu rity. V . 119, p. 1171.
E A R N I N G S .— F o r calendar years:
O perating
N e t (after
Other
In terest,
B alance.
Revenue.
T axes).
Incom e. R en tals, A c .
D e fic it .
1925------------------- $858,875
$89,084
$6,162
$302,711
$207,465
1 9 2 4 .x ............
928.578
115,370
1,778
294,983
177,835
19 2 3 -y............... 1,084,257
59,522
3.535
340,973
277.916
1922................... 1,046,774
182,354
1,849
332,791
148,587
1 9 2 1 ................. 1,098.355
187,781
2,206
319,975
129,989

x N o t incl. operations of Verm ont C o . y Operations of Verm ont C o .
Jncluded^for comparative purposes, although operated independently froln
Latest E a rn in g s.— F o r 8 mos. end. A u g . 31 1926: Operating revenue,
$577,204; net after taxes, $54,733; other income, $1,215; in t., rentals, & c.,
$201,540; balance, deficit, $145,592.
O F F I C E R S .— Pres., E . G . Buckland; V .-P ., L . S. Storrs; V .-P ., Clerk <s
M g r ., C . Q . R ichm ond; Tre a s ., A . S. M a y ; C o m p t., H . S. Palm er; A u d .,
I . A . M a y .— V . 120, p . 1880; V . 121, p . 196, 1567, 2636; V . 122, p . 2188.

NEW ENGLAND INVESTMENT & SECURITY CO.
C O N T R O L . — Th e $100,000 common stock of this com pany form erly
held b y Sanderson & Porter was acquired by a preferred stockholders’
committee (V . 99, p . 1215) in O c t. 1914. Holders of about 34,000 shares
of pref. stock subscribed $10 for every share of pref. owned in order to effect
the purchasq. V. 99, p . 609, 675, 1215. I t is stated that about $1 75
per share was returned to subscribers.
T h e N ew England Navigation C o . owns the $13,115,000 funding gold
notes, and in pursuance of the order of the U . S. D epartm ent of Justice the
notes were to have been sold b y J u ly 1 1919, but in M a rc h 1919 Judge
M ayer granted an extension of time to J u ly 1 1921. A further extension to
A p ril 1 1923 was granted. N o further information.
In A u g . 1921 the co. acquired from the N . Y . N . H . & H . R R . $594,000
par value of above notes form erly held b y the N e w E n g . N a v . C o . V . 113,
p . 960.
E X C H A N G E O F P R E F E R R E D S T O C K . — B y vote of the trustees on
Sept. 20 1917 the plan to exchange the $4,000,000 4 % pref. stock (par $100)
for an equal number of shares of 1st pref. stock of the Worcester Consol.
St. R y . became operative. T h e latter has a par value of $80 per share and
Is entitled to $105 per share in the event of liquidation and to cum ulative
divs. of $5 per share. Exchange of the former stock relieves the N . Y . N .
H . & H . R R . of its guaranty of dividends thereon. V . 104, p. 2559; V . 105.
p .1618. As of A p r . 1 1926, 38,885 shares had been exchanged.
O R G A N I Z A T I O N . — Is a voluntary association and was organized on
June 25 1906 to take over the street railw ay properties in Massachusetts
form erly controlled b y the Consolidated R ailw ay C o . V . 83, p . 492.
S E C U R I T I E S O W N E D . — T h e following is a list of stocks held b y the
New England Investm ent & Security C o . (see V . 83, p . 1100):
M ilford Attleboro & Woonsocket St. R y .— $315,000 capital stock.
Worcester Consolidated St. R y .— 3,919 shares (out of 45,000) 1st pref.
stock (par $80) and all the common stock.
Worcester ft Shrewsbury St. R y . C o .— $20,000 capital stock.
Worcester & Shrewsbury R R . C o .— $36,700 capital stock.
Springfield R ailw ay Cos.— 20,000 shares (entire issue) of common stock
(Springfield R y . Cos. owns 46,497 out of a total of 46,547 shares of Springfield Street R y .)
Various street railw ay com pany bonds, $430,800, and notes, $475,000.
S TO C K A N D BO ND S—
Date.
Interest. Outstanding. M aturity.
__________
$100,000 J u ljr ’ 14 5 %
C o m m o n ______________________ ______
Pref 4 % ($100)______ ______________
4 J -J
111,500 J u ly ‘26 $2
See text
13,115,000 A p r 1 1924
Funding gold notes_______ tf_ 1909
Stock.— Dividends of 4 % per annum on the pref. stock are cum ulative
and are guaranteed b y the N e w Y o rk N e w H aven & H artford R R ., and
also $105 per share in case of liquidation. V . 83, p . 492. See form of guar­
anty in V . 83, p. 1102. Th is stock m ay be called as an entirety at any time
at 105 and accumulated dividends. Supreme C o u rt of Errors in Connecticut
sustained valid ity of guaranty. V . 88, p . 1002.
N otes. — N . Y . N . H . & H . guar., p . & i., $5,000,000 of the notes. In t.
on notes for first 5 years, 3 % ; for the next 5 years 4 % and for the last 5
years 5 % , bu t, b y agreement w ith holders of the notes, they have received
In paym ent of coupons due to A p ril 1 1917, in c l., cash at rate of 3 % and for
O ct. 1 1917 coupon at 2 % , taking an obligation of the N . E . Invest. & Sec.
C o . for the difference. Coupons due A p ril 1 and O c t. 1 1918 and A p ril 1
1919 were settled in obligations of the Investm ent C o . A cash paym ent of
$34,000 was made on coupon due O c t. 1 1919 and the balance of that
coupon and the coupons due on and after A p ril 1 1920 to O ct. 1 1923 were
also settled in obligations. Original issue, $16,250,000, of which $3,135,000
redeemed and canceled.
E A R N I N G S . — F o r calendar years:
I n t. on
D ivs. A
D edu c - " N e t
Pref.
B alance,
In t.R ec'd.
Incom e.
N o tes.
D iv s .
S u r. or D ef.
tio n s.
1925 . . . _____ $84,625 $18,654 $61,971 $537,715
1924 . . . ______ 83,553
19,169
64.384
4,460 def. 507,300
567.224
None
4,480 sur. 75,587
1923 . . . _____ 95,905
15,838
80,067
1922 . . . _____ 92.305
None
73,979
4.484 sur. 69.495
18,326
None
1921 . . . ---------- 51,465
34,890
4.484 sur. 30.406
16.575
O F F I C E R S .— Chairm an of the Board, Francis H . D ew ey, Worcester.
Mass.; Pres., C la rk V . W ood, Springfield, M ass.; Vice-Pres., Chas. E .
W are, F itch burg, M ass.; Sec., W m . F . Crow e. Springfield, M ass.; Tre as..
Leverett Candee, Springfield, M ass.; G en. Counsel, Bentley W . W arren.
Boston, M ass.; A u d ., Chas. T . Converse, Springfield, M ass.— V . 110,
p. 970; V . 113, p . 960; V . 114, p . 1063.

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O R G A N I Z A T I O N . — Form ed in M a rc h 1905 to hold a m ajority of the
stock of the Springfield Street R y . Is managed b y a board of trustees
consisting of seven members. V . 80, p . 1363.
STOCK—
Interest. O utstanding.
Last Din.
____
$2,000,000 J u ly ’2 6 $ l.60
C om m on $2,000,000 ($100)_________
Pref 4 % cum guar ($100) ____________
4 J -J
3,046,000 J u ly ’26 2%
Stock.—-Per v o te o f tru ste e s F eb . 2 1926 th e com m on sto ck w as reduced
from 68,000 to 20,000 sh ares. T h e p ref. stock is re d . a t 105 an d accr. div s.
These divs. a re g u ar, by th e N . Y . N . H . & H . R R . C o ., successor to C onsol.
R y ., as well as th e ir p a y m e n t a t 105 in case o f liq u id a tio n or call. See
V . 80, p . 1363, 1914; V . 105, p . 2095.

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A trolley road.
O R G A N I Z A T I O N . — In corp. M a rc h 16 1868. In 1909 acquired the
Western Massachusetts Street R y . (V . 89, p . 1484), and in 1910 purchased
the Springfield ft Eastern St. R y . (V . 91, p. 277, 1513.) In M a y 1917
made a contract with the Tu rn ers Falls P ow . & Ele c. C o . for the purchase
of its e n tire power req u irem en ts. V . 104, p . 2119. A u th o rized to o p e ra te

buses in th e tow ns of H u n tin g to n a n d R ussel an d in th e cities of W estfield
a n d Springfield. V. 121, p . 2275.

F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns 186.40 miles (incl. 40.65 miles of 2d track) of m ain track and 14.77
miles of sidings. To ta l, 201.73 miles, and 0.56 miles trackage rights.
H as 428 cars (incl. 143 one-man cars). Also owns and operates 27 bu.ses.
S TO C K A N D BONDS—
D ate.
Interest. O utstanding. M aturity.
Stock $4,654,700 ($100)
$4,654,700
See text
Te xt
Ref ft gen mtge $5,000,000f 1920
7%
226,300 Sept 1 1940
2.134,000 Sept 1 1940
($100, $500 & $1,000)-g n t f ] 1920
6%
200,000 Sept 1 1940
1920
6 'A
(In t . at O ld Colony T ru s t C o ., Boston, T ru s t.
Springfield ft Eastern 1st M l 1902
7 g J -J
330,000 Jan 1 1927
(closed) g ($ l,0 0 0 ).c * n tf j ln t . at Springfield S. D . & T r . C o ., Trustee.
B on ds.— Th e refunding an d general mortgage 6 s ,
6 an d s7 s are callable
4 £
at 105 and interest on 30-45 days notice.
S p rin g field & Eastern bonds originally bore interest at 5 % and matured
Ja n . 1 1922, bu t were extended for five years at 7 % . V . 113, p . 2313.
D iv id e n d s.— In years 1893 to June 30 1910 incl., 8 % per ann. In 1910-11
to 1913-14 in c l., 7 % ; 1914-15, 6 / 4 % : in 1915-16, 6 ) 4 % ; in D ec. 1916.




45

POWER, LIGHT AND RAILWAY

Oct., 1926.]

\ M % . In 1921, Ja n ., 2 % : J u ly . 1 % . In 1922. J a n ., 2 % ; J u ly . 2 % .
In 1923, Ja n ., 3 % ; J u ly , 3 % . In 1924, Ja n ., 2 % ; J u ly , 2 % . I n 1925.
J u ly , 2 % . In 1926. J a n ., 3 % , J u l y , 2 % .
E A R N I N G S . — F o r calendar years:
Total
D ivid en d s S u rp lu s or
Gross
N et
Interest,
D eficit.
S u rp lu s.
P a id .
E a rn in g s.
E a rn in g s. T a x .,A c .
sur.$6.401 $545,489
1925-.$3,228,746 $531,383 $292,247 $232,735
sur .40,752
6 1 3 ,3 5 8
------------279.205
93,094
1 9 2 4 .. 3,173,616
413,051
6 7 7 .6 3 7
329,877
1923-_ 2.433,786
232.735 sur .$56,339
618,951
648.941
283,514
1922— 3,420,854
232.735 sur.219,019
735,268
488.591
139,641 sur .125,125
216.147
1921 __ 3.438,317
480,913
O F F I C E R S . — Pres., C la rk V . W oo d; V . - P . , George G . B u lk le y ; V .-P ..
H o w a rd R . W h itn e y; Tre a s ., Leverett Candee; C le rk , W m . F . Crowe;
Counsel, Bentley W . W a rre n ; C o m p t. & A u d ., Charles T . Converse; Gen,
M g r ., H . M . Flanders. General Office: 165 State S t., Springfield, Mass,
p. 312, 2706, 3080; V . 119, p . 580, 1626, 1627; V . 121. p. 2275; V . 122, p.
751. 2043.

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O R G A N I Z A T I O N . — Incorporated in 1886 as the Citizens’ Street R y
C o . and has absorbed the following companies:
Worcester & Holden Street R y .
C lin ton & Hudson Street R y
Worcester & M arlboro Street R y .
Fitchburg & Suburban Street R y .
Worcester ft Southbridge Street R y .
Leominster t C linton Street R y .
Worcester & Suburban Street R y .
M arlboro & Westboro Street R y .
N e w England Bus Lines, In c . (ac­
W ore. & Blackstone V a l. S t. R y .
Worcester A Clinton Street R y .
quired M a y 12 ’25, V . 120,p.2553).
F ranchises perpetual. ' In 1895 leased for 99 years the N o rth E n d St. R y .
of 5.14 miles, at a yearly rental of $8 ,000 - T h e N o rth E n d has $110,000
($100) capital stock and $75,000 5 % 1st mtge. bonds due Feb. 1 1915; int.
F . & A . Also leases for 99 years from J u ly 1 1896 both the Worcester ft
Shrewsbury St. R y . and the Worcester & Shrewsbury R R .
3,919 shares 1st pref. and 33,260 shares common stock are owned b y the
N . E . In v . & Sec. C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Tro lle y . Operates 236.63 miles of track, comprising the entire street rail­
way mileage of Worcester, together w ith lines radiating from Worcester to
Leom inster, F itc h b u rg , N o rth b o ro , M a rlb o ro , M illb u r y , N orthbridge
U xb rid ge, M illv ille , W ebster, D u d le y and Southbridge. Also au th . to
operate buses. V . 120, p . 2150, 2553. In Sept. 1925 abandoned operations
between Worcester and A u b u rn on account of com petition b y bus lines.
V . 121, p . 349. O n Sept. 8 1925 reduced fares between Leominster and
F itc h b u rg , M ass. V. 121, p . 980. F ro m O ct. 5 1925 replaced trolley
service between W orcester and M arlb oro w ith m otor buses; and discon­
tinued service on 12 miles of line from Leominster to Boylston Centre,
M ass., and substituted bus service. V . 121, p . 1791. I n O c t. 1925 again
discontinued service between Spencer and W orcester, M ass. V. 121, p .
2041.
S TO C K A N D BONDS—
D a te .
In terest. O utstan din g. M a tu rity .
Com m on $3,326,000 ($100)............ ...................... .........$3,326,000 D ec’17, 3 %
__________ 3,600,000
See text
Pref (see text) $3,600,000 ( $ 8 0 ) ____
Wore Consol St 1st ft ref m tge] 1910
44$ g F - A x l ,499,000 A u g 11930
W ith 2 % add’l coup______ f 1910
644.g F - A x2,276,000 A ug 1 1930
$5,000,000 g ($ l,00 0)_c*tfJ01 d Co lony T ru s t C o ., Boston, Trustee.
Worcester Consolidated deb/ 1907
5 M -N
x l ,200,000 N o v 11927
$1,364,000 ($1,000)___n t f (O ld C o lon y T r u s t C o ., Boston, Trustee.
Uxbridge ft Blackst debenf 1907
5 A -O
40,000 O ct 1 1927
($1,000) _____________ tf\Interest at office of com pany.
Wore & South 1st mtge (see/ 1902
7 g M -S
500,000 Sept 1 1927
text) gold ($1,000)___c * n tf\ In t. at F irs t N a t ’l Ban k , Boston, trustee.
Leased to W orcester C onsolidated —
Webster & D u d le y / S to c k ____ ______
__________
50,000 ______ ____
(M o rtg a g e . (1919
5 M -N
30,000 N o v 1 1939
\ In t. at O ld Colony T r u s t C o ., Boston.
Leased to W ebster A D u d ley, o p er. by W ore. C onsol . —
__________
150.000 .......... ...........
Wore (S to c k ________________________
& U s t M $150,000($1.000)/ 1919
5 g J -D
92,000 Dec 11939
W eb ( g o ld __________ c * n tf\ In t. at State Street T ru s t C o ., Boston.
C u rre nt liabilities D ec. 31 1925 (incl. all sub. c o s .).. 569,129 ___________x E q u a lly secured.
■
Preferred Stock.— T h e pref."istock*l^ntitled to cum . divs. 6 i $5 pe r share
p. a. (J . 30 & D . 31) and $105 per share in case of liquidation. W hile any
matured d lv . on 1st pref. stock is unpaid or while the unfunded and current
debt of the co. shall exceed 2 5 % of the entire capital stock, 1st pref. share­
holders m ay elect a m ajority of the directors. T h e 1st pref. stock m ay not
be increased without consent of 2-3 of its holders except that in case of con­
solidation w ith Springfield St. R y . $2,750,000 m ay be issued without such
consent. V . 104, p . 2344.
B on ds.— W ore. Consol. R y . 1st ft Ref. 444 % bonds are sub. to call on any
int. day at 110 & int. In t . is payable at co.’s office or at its agency in
Boston.
$2,116,000 W ore. Consol. R y . 1st & ref. m tge. 4 4 4 % bonds w ith a d d !
coupons at the rate of 2 % per annum attached were offered in Feb. 1925 b y
H arris, Forbes Sc C o ., In c ., Blodget & C o ., Paine, W ebber & C o . and O ld
C o lon y T r a i t C o ., Boston, at 9754 ft in t., yielding 7 % . V . 120, p . 830.
T h e extra coupons are secured b y a gen, m tge. on entire property.
T h e two issues of bonds of the Worcester ft Southbridge Street R y .
are secured b y the same m tge., the mtge. providing that bonds can be issued
up to $1,000,000, and are to bear date of issue and be payable 20 years after
dzte. T h e $500,000 1st m tge. bonds originally fell due Sept. 1 1922 and
bore 44 $ % in t., but have been extended to Sept. 1 1927 at 7 % . V . 114,
p. 1892.
D ivid en d s.— T h e June 1918 dividend on the preferred stock was post­
poned. V . 107, p . 403. N one paid to A p ril 1922, when $2 50 was paid.
V . 114, p . 1181. In June 1922, $2 50; in O c t., $2 50: D ec., $2 50. In
1923, A p ril, $2 50; Jun e, $2 50; O c t.. $2 50: D e c .. $2 50. In 1924, A p ril.
$2 50; June, $2 50; D e c ., $2 75. In June 1925, $2 50. In D ec. 1925 a
semi-annual regular dividend of $2 50 plus $2 75 on account of accumula­
tions. V . 121. p. 3006.
M E A R N I NN G S .E— F o r. calendar years:
P A
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N e t.
Gross.
C harges. D ivid en d s. S u rp lu s.
1925___________
$3,608,347 $720,920 $370,557 $348,750
$1,613
675.408
1924................................. 3,990.884
312.904
348.750
13,754
1923_______________
4,565.920 811,284
320.749
450.000
40,535
1922.......................
4,421,076
974,980
482.682
450.000
42,298
828.200
452,372
None 375,828
1921--------------------------------- 4.406,451

O F F IC E R S .— C h airm a n of B o ard , F ra n c is H . D ew ey; P re s ., C lark Vi
W ood; V .-P ., H o w ard R . W hitn ey ; T r e a s ., L e v e re tt C andee; C lerk, W mF . C row e; C o m p t. & A u d ., C harles T . C onverse; G en. M g r., H e n ry C •
P age. G eneral office; 145 S ta te S t., S pringfield, M ass. V. 120, p . 830.
1588, 2150, 2553; V . 121, p . 349, 980, 1791, 2041, 3006; V. 122, p . 2045:
V . 123, p . 1253.

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R eceivership.— O n J u ly 2 1924 C la rk VT W ood of Springfield*was appointed
receiver for the com pany b y Judge W a it in the Mass. Supreme C o u rt,
See V . 119, p . 75. T h e receiver was auth. to discontinue operations.
V. 119, p . 1733.
tio n .

C eased o p e ra tio n s O ct. 3 1924.

Is in process o f liq u id a ­

T o be scrapped. See V . 120, p. 703.
O R G A N I Z A T I O N . — Incorporated in Massachusetts on A p ril 14 1898.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Operated 26.27 miles of track. 24 passenger cars and 8 other cars.
S TO C K A N D BO ND S—
D a te.
In terest. O utstan din g. M a tu r ity .
Stock $315,000------------------------------ A ll owned by N e w England In v . ft Secur.Co.
Firs* M $300,000 g ($1,000)/ 1899
6 A -O
$300,000 O ct 1 1924
not subject to call---------- n t f \ In t . at O ld Co lony T ru s t C o ., Boston, trustee
Bonds. — T h e $300,000 1st M . bonds were originally 5s and m atured O c t. 1
1919, bat were extended for 5 years at 6 % . V . 109, p . 1080.
E A R N IN G S .—-For calendar years:
G ross.
N et.
I n t. A T ax.
D iv s .
B alan ce,
1923.............. ..$138,032
$21,675
$22,657
______
def. $972
1922................... 142,450
27,502
23,562
______
sur. 3,940
— V . 119, p . 75. 1733; V . 120. p. 703.

GENERAL PUBLIC SERVICE CORPORATION (DEL.)r
O R G A N I Z A T I O N . — Organized in Delaware D ec. 17 1925 for the purC
pose of acquiring the capital stock and (or) assets of Public Service
Investm ent C o . (incorp. in M aine M a r. 22 1909) and like corporations, and

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PUBLIC UTILITIES

o f Investing in th e securities o f o th er com panies, p rin cip ally public u tility
com panies. T h ro u g h exchange of securities, acquired a large m a jo rity of
th e sto ck o f P u b lic Service In v e stm e n t C o ., w hich co. ow ned securities,
m ain ly com m on sto ck s, o f public u tility com panies, a n d su sb e q u e n tly , in
connection w ith th e liq u id atio n o f P u b lic Service In v e stm e n t C o ., acquired
all its assets. T h e b o a rd of d irecto rs includes re p re sen ta tiv e s of Stone &
W ebster, In c ., E sta b ro o k & C o ., B lodget & C o. and T u c k e r, A n th o n y & C o.
S T O C K A N D B O N D S — Date.
Interest. xO ulstanding. M aturity.
C om m on 1,000,000 shs (no p a r ) ____
_________ 400,000 s h s __________
P ref $6 d iv series 75,000 shares
(no p a r)_________________________
$6 Q -P
25,000 shs N o v ’26 SI 50
$7 cum conv p re f 35,000 sh s(
(n o p a r)__________________ / ____
$7 Q-P
31,250 shs N o v ’26$1.75
C o m p an y h a s no fu n d ed d e b t.
x O r issu ab le in connection w ith a cq u isitio n of P ublic Service In v e s t. C o.
Stock.— O f th e o u tsta n d in g 400,000 common shares, 250,000 w ere sold a t
*10 p er sh are, p a y ab le in in stallm en ts. 150,000 shares w ere reserved to
be exchanged for stocks of P u b lic Service In v e stm e n t C o. L isted on Bos­
to n Stock E xchange. V. 122, p . 882.
T h e preferred sto ck is issuable in series. Is non-voting except on certain
div id en d d efau lts a n d in resp ect to certa in p ro tectiv e features. T h e o u t­
stan d in g $6 d iv . series is callable a t $110 a n d divs. D iv s. are c um ulative
from P eb . 1 1926.
T h e $7 div. convert, pref. sto ck is ju n io r to pref. sto ck b u t preferred over
com m on stock an d en titled in liq u id atio n , afte r provision for pref. stock,
to $100 an d divs. plu s a prem iu m of $10 if liq u id atio n is v o lu n ta ry . R ed.
as a whole only on 60 d a y s' notice a t $110 an d d iv .' D ividends cum ulative
from F eb . i 1926. Is co n v ert, a t an y tim e u p to w ith in 10 d a y s of an y speci­
fied d a te o f red em p tio n of th e cb n v ert. p ref. stock a t th e r a te of 5 shares
com m on for each sh are conv. p re f. sto ck . In J a n . 1926 Stone & W ebster
In c ., E sta b ro o k & C o ., B lodget & C o ., In c ., an d T u c k e r, A n th o n y & Co.
offered 26,722 conv. p re f. sh ares a t 100 p e r sh are.
Dividends.-— In itia l q u a rte rly d iv id en d s w ere p aid on M a y 1 1926 of $1 50
on $6 d iv . p re f. a n d of $1 75 on $7 d iv . conv. p re f. stock.-—V. 122, p . 16C8.
S im ilar d iv s. w ere p a id in A ug. 1926.
E A R N IN G S .-—F o r c alen d a r y e ars o f predecessor c o ., P u b lic Service
In v e stm e n t C o.:
Expenses,
N et
D ividends
Total
Taxes, &c. Earnings.
Received.
Incom e.
$20,388
$410,124
1925--------------------- -------- .*366,651
*430,512
17,878
362,835
1924------------------------------- 347,960
380,713
O F F IC E R S .— P re s ., C . W . K ellogg: V .-P ., H en ry R . H ayes; V .-P .,
S. B . T uell; T re a s ., H o w ard F . N eill: Sec., F . T . P r a tt . O ffices, 120
B ro ad w ay , N . Y . C ity a n d 7 W. 10th S t., W ilm ington, D el.— Y . 122,
p . 479, 882, 1025, 1608, 3338; V . 123, p . 1875.

[V ol. 123.

(1) T h e exchange of $2,460,000 1st M tg e. 4 Yi % b onds of B oston &
W orcester S t. R y . an d $60,000 1st m tg e. extended 7% bonds of F ram in g ­
h a m S outhborough & M arlborough S t. R y ., w hich m a tu re d A ug. 1 1923,
for an equal a m o u n t of new 1st m tg e. 20-year 5% or 6% b onds, dat»d
Aug. 1 1924, callable a t p a r.
(2) T h e provision of $296,940 for im provem ents to e th s tre e t railw ay
an d for new cars, busses, or b o th .
(3) T h e w aiving of th e a ccru ed and un p aid dividends on th e p re f. sto ck
of th e s tre e t railw ay com pany to th e d a te th e new pref. s to ck becom es
cu m u lativ e.
(4) T h e exchange of 600 shares of th e p ref. stock of th e s tre e t ra ilw a y com ­
p a n y , now held by th e electric com panies, for 600 shares of com m on sto ck .
(5) T h e exchange of $115,000 unsecured n otes of th e s tre e t ra ilw a y com ­
p a n y , now held by th e banks, for $115,000 10-year 6% incom e d e b en tu re s.
(6) T h e p a y m e n t of $47,000 n otes of th e s tre e t railw ay co m p an y , held
by th e electric com panies from th e proceeds of 470 shares of com m on
sto ck of th e s tre e t railw ay com p an y . F or full d etails see V. 119, p . 2876;
V. 120, p . 581.
S T O C K A N D B O N D S— Date.
Interest. O utstanding. M aturity.
Stock com m on ($100)________ ____
_________ $2,025,000 D ec ’17, 1 H
P ref $457,200 ($100) 6% c u m ______
M -S
457,200 S e p t’18,3%
B oston & W or 1st m tg e $ 2 ,-\ 1903 4M g F-A
2,460 000 Aug 1 1923
500,000 gold ($1,000) c * tf lin t, a t A m erican T ru s t C o .. B oston, tru ste e .
F ram ingham Southborough & ) ____ 7%
60,000 Aug 1 1923
_
M arlborough 1st m tg e _ t f j l n t . a t A m erican T ru s t C o., B oston, tru ste e .
N otes p ayable J a n . 1 1924___ _____
_________
*362.000 ---------------*Of which $247,000 is held b y B. & W . E lec tric C om panies.
Bonds.— T h e F ra m . S outhb. & M a rlb . 1st m tg e. 7s w ere originally 5s
a nd m a tu re d on J a n . 1 1919, b u t w ere extended for 3 years a t 7 % , a nd
again to A ug. 1 1923 a t th e sam e ra te of in te re s t. V. 113, p . 2817.
D ividends.— On pref. 3% sem i-ann. from d a te of issue to a n d incl. S ept.
1918; none since. On com . p aid 3% J u ly 1904; also 3% sem i-ann. u n til
D ec 1908, w hen 1 % was paid; in 1909, J u n e , l f i %; in 1910, J a n ., 1 f t %;
in 1911, D ec.. 1% ; in 1912, J u n e,
D ec., \M % \ in 1913, 2 H % : in
1914, 3 % ; in 1915, 2 X % ; in 1916, 3 M % ; in 1917, J u n e , 1 H % \ D e c., 1 X % :
none since.
E A R N IN G S .— F o r calendar years:
Total
N et
In t. and Pref. D ivs. Common Balance,
Revenue.
Revenue.
Taxes.
(6 % ). D ividends. Surplus.
1923_______$1,164,556 $195,647 $177,150
N one
N one $18,497
1922_______ 1.105,497 245,557
181,250
N one
N one
64,307
Latest Earnings.— F o r earnings 3 m os. ending J u n e 30 (receiver’s rep o rt)
see V . 123, p 1112. V . 120, p . 581, 828, 2814; V . 121, p . 704, 1459;
V . 122, p. 2648, 3209, 3336; V. 123, p . 1112.

SUBURBAN ELECTRIC SECURITIES CO.
INTERSTATE STREET RAILWAY CO.
O R G A N IZ A T IO N .— Successor to I n t e r s t a t e C onsolidated S treet R y.
C o. sold a t re c eiv er’s sale on J a n . 1925 to H em phill & W ells, N ew York
C ity , who on M a y 29 1925 began o p eratio n s. From J a n . to M a y 1925 th e
ro ad w as o p e ra te d b y receiver o f In te r-S ta te C onsolidated R ailw ay C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns 24.10 m iles of tra c k an d 1.87 miles of sidings, from R hode Island
S ta te line to N o rth A ttleb o ro u g h , A ttleborough and P la in v ille.M a ss. Also
o p erates a bu s service to P a w tu c k e t a n a Pro v id en ce, an d from Plainville
to A ttleb o ro .
STO CK —
Interest. O utstanding. Last D ir.
Stock $300,000 (p ar $2 5 )___________
_______
$275,000
See text
C u rren t liabilities D ec. 31 1925_____ _______
62,107 __________
D ividends.— F irst d iv ., 11% , for 2 y ears, paid A pril 1 1904; in 1905
7%; in 1906. 7% ; in 1909, 5% ; in 1910 to 1912, in cl., 4 % ; in 1913, 5% ; in
1914, J u n e, 6% ; D ec., 2 % . N o n e since to M ar. 1923, when 4 % 'w as paid
Bond Issu e.— In S ep t. 1926 M ass. P . U . D e p t, a p p ro v ed issue b y co. of
$150,000 1st m tg e. 6% s. f. gold bo n d s, d u e A pril 1 1951. V . 123, p . 1762E A R N IN G S .— F o r c alen d a r y e a r s :2 |F H r 1
E '- ! l^ v
Gross.
N et.
Charges.
D ivs.
Balance.
1925*-------------- $84,153
$17,314
$2,737
______
sur$14,576
1924---------------- 177,821
def20,242
4,483
______
d ef 24,725
1923-------------- .22 5 ,2 5 6
18,529
7,563
$11,000
def
34
1922----------------224,889
58,356
19,203
______
su r 39.153
1921---------------- 238,330
46,769
15,811
______
su r 30,948
1920----------------248,236
21.674
13.049
______
su r 8,620
♦ O n ly seven m o n th s ended D ec. 31 1925.
Latest Earnings.— F o r 8 m os. en d . A ug. 31 1926; G ross, $106,927:
n e t, $17,330; charges, $3,457; d iv s., none; balance, $13,873.
O F F IC E R S .— P re s ., G a rd n e r F . Wells; V .-P . & G en. M g r., G eo. W.
Wells; T re a s., A lb e rt W. H em phill; C lerk & A sst. T re a s ., W. Winslow
C ounsel, Jo h n H o a r, B o sto n .— V. 113, p. 1311; V. 119, p . 693, 1172, 1395,
1510, 1624, 3009; V . 120, p . 1202, 2815; V . 123, p . 1762.

BOSTON & WORCESTER ELECTRIC COMPANIES.
O R G A N IZ A T IO N .— T h is is a v o lu n ta ry association organized u n d e r a
tru s t ag reem en t d a te d D ec. 29 1902. I ts p ro p e rty consists of th e entire
com m on sto ck , $60,000 p ref. sto ck , $181,200 1st m tge. bonds a nd $247,000
“ n o tes p a y ab le ” of B oston & W orcester S t. R y . I t h as Issued 33,936 4%
cu m . pref. shares a n d 34,614 com m on sh ares, no p a r value. In case of liqui­
d a tio n p ref. shares receive $100 each before th e p articip atio n of com m on.
Sto ck was increased to p resen t a m o u n t b y th e issue in Ju ly 1906 of 6,000
shares com m on a n d 6,000 p re f., w hich was offered to shareholders a t $105
for a block of one p ref. plus one com m on share.
Reorganization.— See B oston & W orcester S tree t R y . below .
E A R N IN G S .-— F o r calen d ar y ears:
D ivs. on
Other
Total
Pref. Expenses Balance,
B.
W . Stk. Incom e. Income. D ivs. & Taxes. Surplus.
1923-----------------N one
$25,365 $26,365 N one *12,394 $12,971
1922---------------N one
25,206
25,206 ____
______
______
N one
11.218
13.988
D ividends.— F irst d iv . on pref. sto ck , $2, p aid Ju ly 1 1904; 1905 to 1908
in cl., $4; in 1909, *2; in 1910, J a n ., $1; 1911, none; 1912 to 1915 in c l., $2;
in 1916, $2 50; in 1917, $2; in 1918, J a n ., $1; none since.
O F F IC E R S .— P re s ., W illiam M . B u tle r; V .-P ., A. E . C hilds; Sec., J . F .
B acon; T re a s ., A rth u r W . Clapp.-—V . 121, p . 1459; V . 122, p . 607.

B

O

S

T O

N

&

W

O

R

C

E

S

T E

R

S

T R

E

Receivership.— In F eb . 1925 F ran k lin P . M iller, P re s ., was appointed
receiver for th e co. b y Ju d g e S anderson of th e M ass. Suprem e Judicial
C o u rt. V. 120, p . 828.
Foreclosure Proceedings.— See V . 120, p . 581.
O R G A N IZ A T IO N .— In co rp . in M ass, on N ov. 15 1901. Franchises
p e rp e tu a l. A cquired th e F ram in g h am U nion S t. R y ., F ram in g h am S outh­
borough & M arlborough S t. R y ., a n d th e M arlborough & F ram ingham St.

R

y .

F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns an d o p erates 83,619 m iles o f tra c k . R ails, 75-lb. H as 91 cars.
Also operates buses.
In M arcn 1907 M ass. R R . C om m ission g ran ted rig h t to do an express
a n d freig h t business over en tire line. In N o v . 1912 m ade a c o n tra c t w ith
th e B oston E levated R y . for th e o p eratio n of express cars over th a t com ­
p a n y ’s track s to th e freig h t express term in al on H arrison Ave.
In M ay 1925, Ju d g e W ait, in th e M ass. Suprem e C o u rt a t B oston, a u ­
thorized Fran k lin T . M iller, receiver o f th e com pany, to o p erate buses
th ro u g h 19 tow ns, including B oston, N ew to n , W alth am , M arlboro, &c.,
a ll in M ass. F o r d etails a b o u t unsuccessful endeavors to enjoin co .from
o p eratin g buses, see V. 122, p . 3209. In J u n e 1926 co. was expected to
soon in a u g u ra te a bus service betw een B osto n and W orcester. V. 122
p . 3309.
F o r in ju n c tio n ag ain st com peting bus lin e, see V. 121, p . 704.
N ew Reorganization P la n.— A new reo rg an izatio n plan d a te d Ju ly 16 1924
superseding th e p lan d a te d J u n e 1923 (for su m m ary see ‘‘Public U tility
C o m p en d iu m ” o f N o v . 1 1924) has been fo rm u lated . B riefly th e plan is
in ten d ed to accom plish th e following resu lts:




O R G A N IZ A T IO N .— T his com pany is a v o lu n ta ry association form ed In
J a n . 1921 as a reo rg an izatio n to succeed th e B oston S ub u rb an E lec tric
C om panies; also a v o lu n ta ry association (for h isto ry see “ E lec tric R ailw ay
S u p p lem en t” of O ct. 30 1920) as per plan outlined in V . 112, p . 164. C on­
tro ls th ro u g h stock ow nership th e M iddlesex & B oston S tree t R y . (into
which th e N a tic k & C o ch itu ate S t. R y ., th e W estboro & H opkin S t. R y .,
the N ew ton & B oston S t. R y ., th e N ew ton S t. R y. a nd th e Lex. & B oston
S t. R y . have been m e rg e d ). Owns all c ap . s tk . of N orum bega P a rk C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C om panies ow ned a nd controlled o p e ra te in th e aggregate a b o u t 83 6
miles of tra c k from N eedham on th e so u th to Lowell on th e n o rth , and
connecting a t five points w ith the tra c k s of th e B oston E lev a te d R y .
ST O C K A N D B O N D S —
Date.
Interest. O utstanding. M aturity.
C om m on s to c k ____________________
_______
50,296 sh . __________
1st p re f 6% c u m ___________ ______
6 Q -F
2,076 sh. See te x t
2d p re f stock $4 p e r s h a re _________
----------31,203 sh . See te x t
10-yr coll t r bonds call a t 105) 1921
8%
$644,300
1931
and in te re s t______________/B o sto n Safe D ep o sit & T r u s t C o ., tr u s te
Slock.— Shares have no p a r value, b u t in case of liquidation th e 1st p re f.
shareholders will be e n title d to $100 p e r sh are, w ith accrued d iv s., p rio r
to all o th e r sh ares, th e 2d p re f. has a like p rio rity over th e com m on sh ares.
Bonds.— A re secured b y $870,000 notes a n d $150,000 of th e m tg e
bonds of th e M iddlesex & B oston S t. R y ., w ith provision for th e s u b stitu ­
tion of o th e r c o llateral a n d for a release of a p ro p o rtio n a te p a rt as bonds a re
re tired . A nnual sink, fu n d 5% of a m o u n t of issue, to g ra d u a lly re tire sam e.
D ividends.— On pref. div s. a re being p a id regularly (Q .-F .).
E A R N IN G S .— Of E lectric com pany for calendar years:
In c . from Sec. E xp. & In t.
D ividends.
S u rp lu s.
1 9 2 5 ------------$99,215
$72,000
$12,456
*14,759
1 9 2 4 - .............................. 103.300
78.250
12 456
12 594
1923.............
109,019
86,624
12,456
9,939
1922_________________ 169,571
92,196
12,456
64,991
O F F IC E R S .— p re s ., A dam s D . C laflin; T re a s ., C h as. W . Sm ith; Sec..
Jo h n C . C arr; A sst. T re a s., F ra n k E . F r y k stra n d . V. 120, p . 333, 2149
V . 122, p. 884, 2044.
(1 )
M
I D D L E S E X
&
B O 1 Srolley. N
T T O
S T R
O R G A N IZ A T IO N .— O rganized in 1907 a n d to o k over th e S outh M iddle­
sex S tree t R y ., sold a t re c eiv er’s sale J u ly 1 1907, a n d has since acquired
and m erged th e W estborough & H o p k in to n S t. R y ., th e N a tic k & C ochit­
u a te S t. R y . (V. 87, p . 1420), th e N ew ton S t. R y . (into w hich W alth am S t.
R y. h a d been m erged, a n d w hich h a d acquired C om m onw ealth A ve. St. R y.
an d W ellesley & B oston S t. R y .), V . 89, p . 778, a n d th e N ew ton & B oston
S t. R y. (V. 89, p . 993). On M ay 9 1912 M ass. R R . C om m ission g ra n te d
perm ission to ab so rb b y consolidation th e L exington & B oston S t. R y . and
issue $525,000 sto ck in exchange, $ fo r $, fo r stock of a bsorbed com pany;
V. 94, p . 1317. In Ju n e 1924 took over fo r operation from th e B oston
E lev ated R y . th a t c o .’s tra c k s in T rep elo R o ad in B elm ont, M ass. V.
118, p . 3078.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns 92.704 miles of tra c k in N ew to n , W alth am , W aterto w n , N a tic k .
W ellesley, F ram in g h am , H opk in to n , N eed h am , S h e rb u rn , W ay lan d , Bel­
m ont a nd A shland, connecting w ith th e B oston E lev a te d R y . (a t 4 p o in ts),
&c. Also ow ns 27.776 m iles of tra c k , leases 0.745 mile; to ta l, 28.511 m iles,
extending fro m A rlington H eights (term inus of B oston E le v a te d system )
th ro u g h L exington an d B edford to B illerica, w here c ars connect w ith
E a s te rn M ass. S t. R y . lines fo r Low ell a n d also a t A rlington H e ig h ts, w here
cars connect w ith B oston E le v a te d R y . for C am bridge su b w ay to B oston,
w ith bran ch es to W alth am a n d to C oncord. T o tal tra c k ow ned, 120.470
b u t operating a t presen t only 83.6 m iles, bus service being s u b stitu te d :
192 passenger cars a nd 17 w ork cars; 24 snow plows. H as 45 passenger *
m otor buses. 60 to 75-lb. T an d 95-Ib. girder rails.
In D ec. 1923 th e co. was a u th . b y th e M ass. D e p t, of P . U . to o p e ra te
buses over c erta in ro u te s. V . 117, p . 2653.
E T
R Y .
S T O C K A N D B O N D S—
D ate. Interest. O utstanding. M aturity.
_______
$1,987,000 __________
Stock, $1,987,000_________________
F irs t a n d re f M $5,000,000) 1912 4 H g W
1,983,000 J a n 1 1932
gold ($1,000)___________ c / I n t . a t B oston Safe D ep . & T r . C o ., tru s te e .
Bonds.— R em aining firs t a n d refu n d in g bonds a re re serv ed fo r a d ditions,
extensions an d im provem ents. C allable on a n y in te re s t d a te on 30 days,
notice as follows: J a n . 1 1917 to Ju ly 1 1921 inclusive, a t 107K a n d in t.;
J a n . 1 1922 to J u ly 1 1926 inclusive, a t 105 an d in t.; J a n . 1 1927 to J u ly 1
1931 inclusive, a t 1 0 2 a n d in t. V . 94, p . 351.
E A R N IN G S .— F or calendar years:
Gross.
N et, after Taxes.
I n t., &c.
Balance.
1925---------------- $1,163,630
$169,747
$169,540
su r. $198
1924----------------- 1,185,431
x l3 6,862
169,135
def 32,273
1923....................
1,265,978
xl03 ,9 0 2
172,277
d e f 68,375
1 9 2 2 --...............
1,304,955
239,872
174,503
s u r 65,368
x A fter depreciation.
— V . 120, p . 582, 703; V . 121, p . 2402; V . 122, p . 2799.

FITCHBURG & LEOMINSTER STREET RY.
O R G A N IZ A T IO N .— In A pril 1905 ab so rb ed th e L eom inster Shirley &
A yer S tre e t R y . th ro u g h exchange of sto ck , sh are fo r sh a re . V . 80, p . 1478.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns 41.51 miles of tra c k . R oad extends to L eo m in ster, L u nenburg,
Shirley & A yer. In D ec. 1924 co. a b an d o n e d o p eratio n s on th e line betw een
F itch b u rg an d L unenberg, M ass. V . 120, p . 86. 31 closed passenger

E

E

T

R

Oct., 1926.]

POWER, LIGHT AND RAILWAY

47

c ars, 24 open passenger cars, 3 express cars a n d 5 snow plow s. A u th o riza­
T h e above bonds w ere originally 5s an d fell due J a n . 1 1918, b u t w ere
extended to J a n . 1 1923 a t 7 % , an d again to J a n . 1 1928 a t th e sam e ra te
tion to o p erate bus lines, V. 121, p. 457.
In M a y 1920 was a u th . to issue $225,000 of new 7% cum . p re f. stock of in te re st. V. 115, p . 2267.
(p ar $100), proceeds to be applied to th e p ay m e n t a n d cancellation of a like
D ividends.— On p re f.. In 1910, )4 %: in 1911, 5% : in 1912 and to a nd incl.
a m o u n t of o u tsta n d in g no tes (V. 110, p . 1748, 2387), b u t in A ug. 1923 1918, 6% per a n n . N one since. On com . in 1901 to 1903, 6 % ; 1904,
th is order w as m odified so th a t th e d iv . ra te a u th o rized m a y n o t exceed 1)4% : 1907, 3 % ; 1908, 1% ; 1909, 3 % ; 1910 and 1911, 4 % ; 1912, 5 )4 % ;
8 % , th e co. h av in g been u n ab le to m a rk e t th e sto ck bearing th e 7% div
th ereafter to O ct. 1916, 5% p e r an n u m . N one since.
ra te . V . 117, p . 893.
E A R N IN G S ..—F o r c alen d a r years:
ST O C K , B O N D S , &c.—
D ate.
Interest.
O utstanding. M aturity.
P f.D iv. Com.Div. Balance,
Gross
N et (.after Deduc_________
$ 4 5 0 ,0 0 0
See text
Stock $700,000 ($100)_______ _______
E arm ngs.
Taxes).
tions.
(6 % ).
(5% ) Surplus.
F itch & Leo con m tg e $350,-) 1901
7 F-A
300,000 F eb 1 1926 1925___________ $233,709 $37,279 $36,644
$635
000 ($1,000)______________t i n t , a t B oston Safe D ep . & T r . C o ., tru ste e .
3,605
1924___________ 275,018
41,256 37,651
L S & A 1st m tg e $100,0001 1905
7 g F-A
100,000 F eb 1 1926 1923___________ 323,678
9,550
45,457 35,901
gold ($1,000)__________ c * { In t. a t B oston Safe D ep . & T r . C o ., tru ste e
9,394
1922___________ 341,554
52,775 43,381
I
G u a r. p. & i. b y F itch & T.eom. 355.280 Rv 47,327 45,869
1,458
1921___________ S tre e t
Bonds.— T h e above F itc h b u rg & Leom inster a n d L eom inster Shirley A
Latest E arnings.— F o r 8 m os. en d . A ug. 31 1926, gross, $143,664; n e t
A yer S tree t R y . b onds were due F eb . 1 1926, b u t n o t p aid off. In M arch
a fte r tax es, $18,611.
1926 we w ere advised th a t n o th in g d efinite h a d been s ettled u p to th a t tim e,
b u t th a t th e bonds p ro b ab ly w ould be extended.
O F F IC E R S ..—P re s ., D . E . M an so n , B oston, M ass.; V .-P . & Sec.,
D ividends.— F o r m an y years u p to a n d incl. 1900-01, 8 % ; since, 6% p. a.
W endell W illiam s. M ilford, M ass.; T re a s ., J . E . W alker, M ilford; R eceiver,
W. L . A dam s, M ilfo rd , M ass — V. 120, p . 86; V . 121, p . 1789, 1908, 2273
E A R N IN G S .— F o r calen d ar y ear 1925, gross, $368,585; n e t a fte r taxes,
$82,676. F o r y e ar 1924, gross, $432,199; n e t a fte r taxes, $87,461. In V . 122, p . 2041; V. 123, p . 710.
1923, gross, $496,542; n e t afte r taxes, $96,067.
O F F IC E R S .— P re s ., S u p t. an d P u rc h . A gent, W . W . S argent; V .-I .,
NEW B E D F O R D & ON SE T ST R E E T RY.
H . I . W allace; C lerk a n d C ounsel, C . F . B aker; T re a s ., B . N . H odges, all of
F itch b u rg .— V. 120, p . 86; V. 121, p . 457.
We were officially inform ed th a t co. expected to discontinu e operation
on O ct. 16 1926 a nd t h a t bondholders would p ro b a b ly ta k e th e p ro p e rty .
O R G A N IZ A T IO N .— In c o rp o rate d in M assach u setts in 1901. T his com­
LOWELL & F IT C H B U R G S T R E E T RY.
p a n y is ow ned in th e sam e in te re st as th e U nion S t. R y . C o. In Ju n e 1900
In 1913 W . W . S arg en t, P resid e n t o f th e F itc h b u rg & L eom inster S treet issued $50,000 new sto ck in exchange for th e $150,000 stock of th e T a u n to n
R y ., a n d associates acq u ired c o n tro l.
& B u zzard ’s B ay S t. R y ., w hich w as a reorganization of th e M iddleboro
W areham & B u zzard 's B ay S t. R y . V . 82, p . 1438.
O R G A N IZ A T IO N .— In c o rp o rate d in M assach u setts in 1903.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S — A
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
trolley ro a d . Owns 33.88 m iles of tra c k betw een F airh av en a n d O nset and
A tro lley ro a d . O perates 14 miles betw een N o rth C helm sford, a sub u rb
o f Low ell, a n d th e village o f A y e r, w ith a sp u r ru n n in g fro m N o rth C helm s­ in M iddleboro a n d to B u zz a rd ’s B ay. Also operates m otor buses, 27 passen­
ger cars, 4 snow plow s, 5 m iscellaneous, 81 electric m otors an d 5 m otor
ford to B rookside; connects a t N o rth C helm sford w ith B ay S ta te S t. R y
a n d a t A yer w ith F itch b u rg & L eom inster S t. R y . H as 11 passenger buses.
ST O C K A N D B O N D S—
Date. Interest. Outstanding.
M aturity.
c ars, 1 snow plow a n d 2 o th e r c ars.
Stock, $550,000 ($100)____________
_________
$550,000 F e b ’23, 2%
S T O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
F irst
m ortgage,
$ 5 0 0 ,0 0 0 (1 9 0 2 6 g J - J
280,000 J a n 11927
Stock $275,000 ($100)_______ _____
_______
$275,000 In 1920, 4%
gold ($1,000)_______ c * n tf ( I n t. a t In te rn a tio n a l T r . C o ., B oston, T ru s.
F ir s t m tg e (see tex t) gold) 1906 3 g .J-J
275,000 See te x t
I
N o sinking fu n d a nd n o t su b ject to call.
($1,000) no sinking f u n d - - /S u b jec t to call a t 105 and in te re st.
M W & B B 1st m o rtg ag e / 1901 6% g A-O
150,000 O ct 1 1920
Bonds.— F irs t m tg e. was originally for $1,000,000. b u t has been closed
$150,000 ($1,000) g _ _ c n tf \I n t. a t Federal T r u s t C o ., B oston, T ru ste e .
a t $275,000. T h e bonds were 5% an d due J a n . 1 1926, b u t w ere extended
Bonds.-—H olders of c o .’s 1st m tg e. b onds, d u e J a n . 1 1927, were to be
to J a n . 1 1931 a t 3 % .
inform ed th a t co. w as n o t in a position to p a y sam e and w as u n a b le to offer
D ividends.— In 1916, 2% ; in 1917, 6 % ;d 9 1 8 , 6% ; 1919, 3 % ; 1920, 4 % .
V. 123, p . 1505.
E A R N IN G S .— F o r calen d ar y ear 1925, gross, $46,719; n e t a fte r taxes, a p racticab le refunding p la n . & Buzzard's Bay bonds h av e nc sinking
The Middleboro Wareham
$7,679. In 1924, gross, $58,896; n e t a fte r taxes, $12,207. In 1923, gross,
See
.
In te re s t w as form
5% , bu t
consolidation
$78,921; n e t a fte r taxes, $22,077. In 1921, gross, $78,208; n e t a fte r taxes, fund.N ew BV. 73, p& 1313. was reduced to 4 %erly O riginallyon a tu re d O ct. 1
w ith
edford
O nset
.
m
$2,510; in 1920, gross, $91,977; n e t a fte r tax es, $9,979.
1921, b u t w ere extended for five years a t 6 % . The N ew Bedford & Onset
O F F IC E R S .— P re s ., W . W . Sargent; V .-P ., C . F . B ak er; Sec. & T rea s.
Street Ry. first mtge. bonds w ere originally 5s a n d m a tu re d J a n . 1 1922, b u t
B . N . H odges, all o f F itc h b u rg , M ass
were extended for five years a t 6 % . V. 113, p . 2819.
Dividends.— 2% p a id in F e b . 1922. In 1923, F e b ., 2% ; none since.
E A R N IN G S .— F o r c alen d a r years:
HO LYO KE ST R E E T RAILW AY.
Gross.
N et.
In t. & Taxes. Bal., Surp.
def.$9,372
O R G A N IZ A T IO N .— In c o rp . in M ass. Ju n e 11 1884. L eases th e M t
$19,679
$10,307
1925______ ______ $112,687
def 1,530
20,908
T om (incline) R R . u n til Ju n e 1 1937 a t 6% per an n u m on th e $100,000 1924---------- _______ 246.396
19,378
0,500
29,979
23,478
sto ck . In 1907 p u rch ased th e H am pshire S tree t R y . (previously leased).
1923______ _______ 304,409
24,094
16,805
V . 85, p . 40. In A ug. 1907 p u rch ased th e A m herst & Sun derland Street
40,899
1922-.......... _______ 277,358
R y . (V. 85, p . 294), giving a th ro u g h connection from H olyoke to A m herst
O F F IC E R S .— P res.. H . H . C rap o ; V .-P .. E . S. W ilde: Sec.. E . T . Pierce
a n d Sun d erlan d .
T rea s., E . F . N icholson; S u p t., G eo. P . D ole.— V. 118, p . 2704; V . 122
M ay Sell Certain Properties.— In th e early p a rt of 1926 directors w ere p . 1610.
au th o rized to sell th e M o u n t T om p ro p e rty of th e M o u n t T om R R ., a nd
th e M o u n tain P a rk p ro p e rty of H olyoke St. R y ., b u t no a c tu a l deal w as
U N IO N ST R E E T R Y .
m ade as y e t.
O R G A N IZ A T IO N .— In co rp o rated in M assa c h u se tts on M a r. 18 1887
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
as a consolidation of A cushnet St. R y . a n d N ew B edford & F airh av en St.
T ro lley ro a d . H as 72.9 miles of tra c k , including M t. T o m (incline) R R
R y. On N ov. 1 1910 consolidated w ith D a rtm o u th & W estport S t. R y .
4,900 feet long, a n d connecting w ith th e Springfield S tree t R y . to W estfield
M ass.; w ith Springfield S t. R y . to Springfield, M ass., a n d w ith N o rth a m p ­ V. 91, p . 465, 519, 718, 1096. In 1921 th e com pany purchased from th e
E astern M ass. S t. R y . its controlled line in N ew B edford running from
to n S t. R y . to N o rth a m p to n , M a ss., a n d d irect to C hicopee, C hicopee Falls
L unds C orner to th e c ity line. In Sept. 1925 acquired th e In te rs ta te Bus
S outh H ad ley , A m h erst an d S u n d erlan d . Passenger c ars, 148; o th e r ser
vice c a r s ,15; snow plow s, 12; o th e r vehicles, 7; electric m o to rs, 456. Also Line an d P rovidence T ouring C o ., w hich h av e been o perating buses connect­
ing N ew B edford, F a ll R iver a n d P rovidence, R . I . V . 121, p . 1228.
o p erates b u s e s .
Applied for perm ission to o p e ra te buses on these ro u te s form erly in operation
S T O C K A N D B O N D S—
Date. Interest.
Outstanding. M aturity.
by th e railw ay. V . 121, p . 1680.
Stock ($100)---------------------------------J-J
$1,342,000 J u l y ’26,3%
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
F irst m o rtg ag e $2,500,0001 1915
5 A-O
850,000 A pril 1 1935
A trolley ro a d . Owns a n d operates 60.57 miles in N ew B edford an d a d ja ­
gold ($1,000)----------------c * /I n t. a t Springf. Safe D ep . & T r . C o ., tru s te e .
Series “ B ” . ---------------------- 1920 6%
85,000 A pril 1 1935 cent tow ns, a nd connects N ew B edford a nd F all R iv er. 191 passenger
Series “ C ” . . ----------------------------6%
465,000 A p ril 1 1935 cars, 10 m iscellaneous cars, 17 snow plow s a n d 3 m otor buses.
L eased line re n ta l M t T om R R
ST O C K A N D B O N D S—
Date.
Interest. Outstanding. Last d iv ., &c.
sto ck 6 % ------- ---------------------------6
100.000 __________
Stock $2,437,500 (par $ 1 0 0 ) - . . ____
Q -F
$2,437,500
See te x t
Bonds.— R em aining 1st M . bonds issuable for ad d itio n s a n d im provem ents
First M $2,000,000 ($1,000)/ 1914
4)4 g J -J
250,000 J a n 1 1934
u n d e r certa in re s tric tio n s . R edeem able a t 107 an d in t. V . 100, p . 982.
gold no sinking fu n d _ n t f ( I n t. a t Old C olony T r u s t C o ., B oston, tru ste e
_
D ividends.— F ro m 1892 to 1915 in c l., 8% y early ; In 1916, 6 % . In
Bonds.— R edeem able since J a n . 1 1919 a t 110. Issued to re tire consol,
J a n . 1917, 3 % ; J u ly , 1 )4 % . In 1918, J a n . 1 )4% ; J u ly d iv . om itted
m tge. of 1894, due J a n . 1 1914. V . 97. p . 1584, 1664.
(V. 107, p . 291). N one to J a n . 1920, w hen 3% was p a id . J u ly 1920, 3% .
D ividends.— In 1896-97, 10% ; in 1897-98. 6 % ; in 1899, 8% an d sam e ra te
In 1921, J a n ., 3 % ; J u ly , 3 % . In 1922, J a n ., 3 % ; J u ly , 3 % . In 1923.
to an d including M a y 1926. In A ug. 1926 a n d N o v . 1 % . V. 123, p . 583.
J a n ., 3 % ; J u ly , 3 % . In 1924, J a n ., 3 % ; J u ly , 3 % . In 1925,, J a n . 3%
J u ly , 3 % . In 1926, J a n . 3% ; J u ly , 3 % .
E A R N IN G S .— F o r c alen d a r years:
Gross.
N et.
In t. & Taxes. D ivs. (8 % ).
Surplus.
E A R N IN G S .— F o r calendar years:
1925______ $1,488,927
$298,928
$99,900
$195,000
$4,028
Gross.
N et. In t..T a x .,& c . D ivs.
B al., Sur
1924______ 1,456,767
257,723
113,538
195,000 def.50,815
1925_______________ $929,005 $207,464 $125,209
$80,520
$1,735
1923............ 1,629,020
405,213
133,313
195,000
76,901
1924_______________
955,442
208,024
123,438
80,520
4,066
1922_______ 1,611,924
438,786
149,659
195,000
94,126
1923_______________ 1,121,749
208,764
121,590
80,520
6,654
1922----------------------- 1,122,317
197,152
111,614
80,520
5,018
O F F IC E R S .— Pres. E .
S. W ilde; Sec., E . T . Pierce; T rea s., E .
N icholson; S u p t., E . S. W ilde, all of N ew B e d f o rd — V. 120, p. 1587;
O F F IC E R S .— P res. & G en. M g r., Louis D . Pellisier; Sec. & T rea s.,
S. D . N evin; A sst. G en. M g r., G eo. E . Pellisier; A u d ., G . F . D lnneen, V . 121, p . 1228, 1680; V. 122, p . 1612, 19)9; V . 123, p . 583.
all o f H o ly o k e.— V. 118, p . 1772; V. 119, p. 1624, 1732, 2287, 2529.

MILFORD & U X B R I D G E S T R E E T RY. CO.
Receiver.— In J u ly 1926, Ju d g e B raley in th e M ass. Suprem e C o u rt
ap p o in ted W alter L . A dam s of M ilford as receiver.—-V. 123, p . 710.
Protective Committee.— In te re s t h aving been d efau lted on Ju ly 1 1925 on
th e u n d erm en tio n ed tw o issues, th e following p ro te c tiv e c om m ittee was
form ed, un d er ag reem en t d a te d S ep t. 30 1925:
M ilford & Uxbridge Street Ry. 7 % e Bonds, D ue Ja n . 1 1928, and M ilford
Holliston & Fram ingham Street Ry. First Mtge. 7% Bonds. D ue Jan. 1 1928.—
F red W . Y oung, A rth u r S. D ew ing, K en n eth T . Y oung, w ith H olm es &
W o rth en , 414 Shaw m ut B an k B ldg., B oston, M ass.; counsel, Allen W . B agnel 1, 70 S ta te S t., B oston, M ass. D ep o sitary , A tla n tic N a t. B an k , B oston.
D issenting from th e plans of th e above co m m ittee, a group of holders of
M ilford H olliston & F ram in g h am bond% form ed a sep a ra te com m ittee in
O ct. 1925 a n d req u ested bondholders to d eposit th e ir bonds w ith th e M er­
c h a n ts N a tio n al B an k , B o sto n , d ep o sitary . T h is com m ittee is com posed
as follows:
Separate Committee M ilford Holliston & Fram ingham Street Ry. First Mtge.
Bonds, D ue Jan. 1 1928.— W alter G . D av is, C am bridge, M ass.; Louis S.
A yen, H olyoke, M ass.; Jo h n T . M an so n , N ew H av en , C o n n ., w itn S. R .
W rightington, 10 S tate S t., B oston, counsel. V . 121, p . 1908. For law ­
su it b y a bondholder, see V. 122, p . 2040
O R G A N IZ A T IO N .— In co rp o rated in M assach u setts in 1901. On Ju ly
10 1902 consolidated by purch ase o f e n tire c ap ital sto ck w ith th e M ilford
H olliston & F ram in g h am S t. R y .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T rolley ro ad . Owns 36 miles of tra c k , from S outh F ram in g h am to U xbridge
an d fro m M ilford to M edw ay an d H o p k in to n . Also o p erates the G rafton
& U p to n R R . from H opedale to N o rth G rafto n , 13.427 miles. 42 pass,
cars, 8 snow plows and 4 miscellaneous; 180 electric m otors. In N ov. 1925
w as rep o rted to p lan to replace th e electric railw ay service betw een H opkin­
to n a n d M ilford, M ass., w ith buses. V. 121, p . 2273.
S T O C K A N D B O N D S—
Date. Interest.
Outstanding. M aturity.
_
A-O
Stock com $440,000 ($100)_ _____
$440,000 See tex t
P referred $100,000 ($ 1 0 0 )............. . .
J -J
100,000 See te x t
M il ________ ______ 1st m tge \ 1898 7 g J -J
. H oll & F ram
165,000 J a n 11928
$165,000 ($1,000) g - . c * n t f / I n t . a t A m er. T r u s t C o ., B oston, tru ste e .
M ilford & U xb gold b o n d s) 1902 7 g J - J
335,000 J a n 1 1928
($1,000) g o ld............ - c * n tf / I n t. a t A m er. T r u s t C o ., B oston, tru ste e .




N O R TH A M P T O N S T R E E T RY.
O R G A N IZ A T IO N .— C h a rte re d F e b . 26 1873. In M a y 1924 it was
reported t h a t th e co. w ould s h o rtly acquire an d o p e ra te th e discontinued
line of th e C o n n ecticu t V alley system betw een N o rth a m p to n an d H a t­
field, M ass. V . 118, p .2 5 7 3 . T h e com pany discontinued service betw een
F e rry S t., H a tfie ld an d B ra d stre e t, H a tfie ld , on S ept. 12 1925. See
V . 121, p . 1348, 1462.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A tro lley ro a d . Owns 43 42 m iles of tra c k , including extension to H olyoke
a nd extension from M t. T om Ju n ctio n in E a sth a m p to n ; N o rth a m p to n to
A m herst a nd N o rth a m p to n to H atfield; N o rth a m p to n to W illiam sburg.
O perates 47 passenger cars, 4 snow plow s a nd 159 electric m otors.
S T O C K , &c.—
Interest. O utstanding. D ivs.. &c
Stock $850,000 (p a r $100)__________
_______
$850 000
See te x t
N otes p a y ab le D e c 31 1925________ _______
170.000 __________
D ividends.— 1901, 8 % ; in 1902, 8 % ; in 1903, 8 % ; in 1904, 6 % ; in 1905,
6% ; on D ec. 27 1905, 3 ^ % ; in 1906, 3)4%,; in 1907, 7 % ; in 1908, 6% ; in
1909, J a n ., 2 )4 % ; in 1910, O c t., 2 % ; in 1911 a n d 1912, 5 % . In 1913,
5)4 % ■ In 1914 to a n d incl. O ct. 1917 a t th e ra te of 5% p e r a n n u m . N one
>
to 1920, w hen 3% w as p a id . In 1921, J u ly , 3 % ; D e c ., 3 % . In 1922,
J u ly , 3 % ; D e c., 3 % . In 1923, J u ly , 3 % . In 1924, J a n ., 3 % ; J u ly , 3 % .
In 1925, J a n ., 3 % ; J u ly , 3 % . N one since.
E A R N IN G S — F o r calen d ar years:
Gross.
N et.
In t., Taxes, &c.
Balance.
1925 _________ ___ $308,040
$53,215
$26,977
$26,238
1924 _________ ----- 306,208
77,018
su r 52,715
24,303
1923 _________ ____ 333,948
74,810
22,124
su r 52,686
1922 _________ - - 336,532
75,979
20,165
su r 55,814
O F F IC E R S .— P res., H . M . T yler; T reas. & G en. M g r., L . D . P ellissier,
b o th of N o rth a m p to n .— V. 121, p . 1348, 1462.

PLYMOUTH & B RO CK TO N S T R E E T R Y .
O R G A N IZ A T IO N .— O rganized in M ass, in 1922 a n d acquired th e p ro p ­
erty of th e B rockton & P ly m o u th S t. R y . (for h isto ry see “ E lectric R ailw ay
Supplem ent” of A pril 29 1922; w hich was sold a t foreclosure in J u ly 1922.
V. 115, p. 435. H olders of each $1,000 of th e old c o .’s 1st m tge. 4 )4 %
bonds received in exchange $500 in 1st m tge. 6% bonds, $500 in 6% income

48

PUBLIC UTILITIES

bonds, and $500 In com . stock of the new co. as per plan of reorganization
outlined in V . 115, p . 644.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Does electric railw ay business from Brockton to Plym outh and in the
intervening towns. Is authorized to do a freight business in the towns of
W hitm an, Hanson and Pembroke. Franchise perpetual. Road extends
from Plym outh through K ingston, Pembroke and Hanson to W hitm an,
24.3 miles of track. [In June 1924 the co. discontinued operations between
M ayflow er and K ingston, Mass. (V . 118, p . 30 78)J 28 pass, and 9 other
cars. Standard gauge. Power station capacity, 825 k . w .
S TO C K A N D BONDS—
D ate.
Interest. Outstanding.
latu rity.
C o m m o n ______________________ _____
________
$300,000 ___________
ls tm tg e . $ 1 7 0 ,0 0 0 -............... c 1922
6 J -J
130,000 J u ly 1 1932
See text.
130,000 J u ly 1 1932
Income mtge. $130,000______ c 1922
Stock.— $60,000 of the com. stock is held in voting trust. V . 115. p. 644
Bonds. — Remaining $40,000 lsf mtge. bonds m ay be issued for additions,
exts., and im pts. under certain restrictions. In c. on coupon bonds is
payable annually on J u ly 1 when earnings are sufficient. S ink, fu n d of
$5,000 per annum to retire income bonds is provided for. In t . on the
Income bonds when earned and the annual sink, fund paym ent when
earned can only be postponed by the vote of 7 5 % of the entire board of
directors.
T h e interest on the income bonds, whether or not earned, and the an­
nual paym ent of $5,000 for the sinking fund, whether or not earned, shall
be cum ulative, so that no divs. can be paid until all of such unpaid accumu­
lated int. and unpaid accumulated sink, fund installments have been fully
paid. Income bonds acquired w ith sink, fund money will remain alive and
draw int. for the benefit of the fund. V . 115, p . 644.
E A R N I N G S . — F o r calendar years:
1925.
1924.
Gross---------------------------------------------------------------------------------------$88,977
$108,078
N e t __________
7,747
7,945
Ta xe s__________________________
1,632
1,558
Interest and rentals________________________________
15,650
15,652
Balance____________________________________________
def9,535
def9,265
O F F I C E R S .— Pres., A Stuart P ra tt; V .-P . & Gen. M g r ., O . W . G ifford;
Clerk, W m . T . Craw ford; Tre a s ., H e n ry B . Sawyer; Gen. M g rs ., Stone &
Webster M g t. Assn.; M g r ., M ontelle C . S m ith.— V . 118, p . 3078.

COLONIAL GAS & ELECTRIC CO.
Control.— U tilities Power & Light Corp. ow ns th e e n tire com m on stock.
O R G A N IZ A T IO N .— Ow ns over 95% o f th e o u tsta n d in g com . stock of th e
N e w p o rt E lectric C o rp ., 100% o f th e o u tsta n d in g com m on sto ck of D erby
G as & E lectric C o rp . (see sep a ra te s ta te m e n t on a n o th e r page) an d 100%
of th e o u tsta n d in g c ap ita l sto ck o f C olonial C oach C o. T h ese subsidiaries
a n d com panies controlled b y th e m serve a p o p u latio n o f ap p rox. 100,000
w ith electric lig h t a n d pow er, gas, electric railw ay and m o to r coach tra n s ­
p o rta tio n service.
my
S T O C K A N D B O N D S—
Date.
Interest. Outstanding. M aturity.
C om m on 100,000 shs. (no p a r ) ____
_______
100,000 shs. __________
7% p re f $5,000,000________________
7
$509,500 __________
3- y r 5J^ % sec g n o tes $ 2 ,0 0 0 ,-f 1926 5)4 F-A
2,000,000 A ug 1 1929
000 ($1,000, $£00 & $100 c*{T he C hase N a tio n a l B an k o f th e C ity of
& $1,000 c * )___________ t f [ N ew Y o rk , tru ste e .
Securities o f subsid. cos. in hands o f public.
F u n d e d d e b t_________________ _____
_______
$6,298,600 __________
P ref sto ck (a t p a r o r invol
_______
1,984,700 __________
liq u id v a lu e _______________ _____
C om m o n____________________ _____
_______
538 sh s. __________
Notes.-—T h e 3-yr. 5 )4 % sec. g. notes a re secured b y a firs t lien b y pledge
upo n all th e com m on sto ck o f D e rb y G as & E l. C o rp ., over 95% of com m on
stock of N ew p o rt E l. C o rp . an d all o f th e c ap ita l stock o f C olonial C oach
C o. R ed. w hole o r p a r t on 60 d a y s ’ n o tice a t 101 & in t. P e n n . & C onn.
4- m ills, M ary lan d 4 K -m ilIs, C alif. 5-m ills, M ass. 6 % , N ew H am pshire 3%
an d M ain e 5-m ills or 6% tax es refu n d ab le. In O ct. 1926 W est & C o .,
P y n ch o n & C o ., W . S. H am m o n s & C o ., Jo h n N ickerson & C o. an d R eilly,
B rock & C o ., offered $2,000,000 o f th ese no tes a t 98)4 & in t., to yield
a b o u t 6.0 5 % . V. 123, p . 2137.
E A R N IN G S .— C onsolidated earnings o f co. & su b sid ., incl. cos. con­
trolled by D erb y G as & E l. C o rp . for 12 m os. end. A ug. 31 1926: G ross,
$2,118,577; oper. ex p ., m a in t. & tax es, $1,323,668; av ail, for in t., deprec.,
Fed eral taxes, &c., $794,909.
A n n u al in te re st on fu n d ed d e b t a n d dividends on pref. stocks o f sub­
sidiaries held b y p u b lic, an d m in o rity p ro p o rtio n of su rp lu s, $453,518;
balance, $341,390; a n n u a l in te re s t on 3 -y r. n o tes, $110,000.
O F F IC E R S .— P r e s ., H . L . C lark e. Y . 123, p . 2137.
(1) N E W P O R T E L E C T R IC C O R P O R A T IO N .
Control.— C ontrolled b y C olonial G as & E lectric C o. (see above).
O R G A N IZ A T IO N .— In c o rp . in R hode Isla n d on F eb . 23 1898 as th e
N ew p o rt & F all R iv er S tree t R y . C o. I n 1920 nam e was changed to N ew ­
p o rt E lectric C o rp . W as leased to Old C olony S treet R y . C o. (now E a ste rn
M ass. S t. R y .), b u t lease w as canceled O ct. 1 1921 an d p ro p e rty tu rn e d back
to stockholders. V . I l l , p . 1661. All s tre e t railw ay o p erations were
disco n tin u ed on S ep t. 7 1925. Y . 121, p . 2039.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Does all th e electric lig h t an d pow er business in N ew p o rt, Jam estow n,
M iddletow n a n d P o rtsm o u th a n d su rro u n d in g te rrito ry . P o p u la tio n served
e stim ated a t 45,000. O perates c ity ty p e buses in N e w p o rt, a n d in te ru rb an
ty p e buses betw een N ew p o rt, F a ll R iv er a n d P rovidence.
S T O C K , B O N D S , E T C .— Date. Interest. O utstanding.
M aturity.
C om sto ck p a r $100---------------------------------$1,191,000
See te x t
P referred 7% c u m u la tiv e __________
7%
492,500 S e p t’2 5 , 1*4
Consol m o rtg ag e $1,000,0001
1904 4 'A J - J
696,000 J u ly 1 1954
gold ($ 1 ,0 0 0 )_____c * & r.tf [I n t. a t A m erican T ru s t C o ., B oston, tru ste e .
N ew p E lec C o rp d eb n o t e s ! ____
8%
102,600 O ct 1 1927
callable a t 120___________ [N ew p o rt T r u s t C o ., tru ste e .
Stock.— T h e to ta l au th o rized C ap ital sto ck is $3,000,000, w hich m a y be
issued as eith e r p referred or com m on as stockholders d irect. In M ay 1926
co. filed w ith th e R . I. P . U . C om m ission a p e titio n for perm ission to issue
$600,000 p ref. sto ck . V. 122, p . 3210.
Bonds.— R em aining consol, m tg e. b onds are reserved to re tire p rio r liens.
N o t redeem able.
An issue of 5% n o tes m a tu re d O ct. 1 1925, b u t was renew ed fo r 4 m o n th s
a t 5% an d w as to be p a id o ff before th e n w ith proceeds fro m th e sale of
preferred stock.
D ividends.— On p re f., 1M % q u a r. fro m Sept. 1 1922 to an d incl. D ec.
1925. On co m ., 2% p a id in 1922, 1923, 1924 a n d 1925.
E A R N IN G S .— F o r calen d ar y ears
N et A fter
Interest,
A v a il, for
Gross.
Taxes.
A c.
for D ivs.
D eprec'n.
$78,577
$204,507
$54,393
$71,537
1925___ ___ $783,644
191,039
50,971
88,407
51,661
1924----- . . . 626,083
156,843
39,564
52,279
65,000
1923----- ___ 620,344
60,172
55,583
169,735
53,980
1922___ ___ 613,474
Latest Earnings.— F o r 12 m os. en d . J u ly 31 1926 Gross, $784,060; oper.
exp ., m a in t. a n d tax es, $570,099; in te re s t fu n d e d d e b t, $39,528; an n u a
pref. d iv s., $34,475; balance, $139,958.
O F F IC E R S .— P res., _______________; V .-P ., J . T . O’Connell; V .-P .,
H . T . P ritc h ard : V .-P . & T rea s., F . W . D ru ry ; V .-P . & G en. M g r., E . P .
Gosling; Sec., W m . P . Sheffield J r.; A sst. Sec. & A sst. T rea s., D o n ald
M cQ ueeney.— V . 120, p . 2012; V . 121, p . 2039; V . 122, p . 3210; V. 123,
p. 1763.

BLACKSTONE VALLEY GAS & ELECTRIC CO.
U nder th e executive management o f Stone & W ebster, In c.
O R G A N IZ A T IO N .— In c o rp . in R hode Islan d in April 1912.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
D ire c tly or th ro u g h its su b sid iary , th e P a w tu c k et G as C o., does th e entire
gas, electric lig h tin g a n d pow er business in th e B lackstone V alley of R hode
Isla n d , including th e cities of P a w tu c k et, W oonsocket a n d C en tra l Falls,
th e tow ns o f C u m b erlan d . Lincoln an d th o se a d ja ce n t. T h e generating
p la n ts o f th e co. are lo cated in W oonsocket an d P a w tu c k et, R . I ., a n d have
a com bined c ap a c ity o f 51,500 h p ., o f which 2 ,4 0 0 Ih .p . is|h y dro-electric




[V ol. 123,

Co. has, w itn th e E dison E lectric Illu m in atin g C o. of B rockton a n d th e
F a ll R iver E lectric L ig h t C o. a n in te re st in a n d s u b sta n tia lly a n e q u al voice,
in th e m anagem ent of M ontaup Electric Co., w hich la tte r co. opened in
N o v . 1925 a new 40,000 h .p . steam sta tio n located on tid e w a ter, an d
connected w ith th e th re e system s. See'also V. 123, p . 1504, u n d e r heading
"M o n ta u p Electric Co." T h e gas p la n ts have a com bined d aily c ap a c ity of
7,250,000 cu. f t. A 14-mile hign-pressure line connects th e W oonsocket
a n d P a w tu c k et p la n ts, th e gas p la n t in W oonsocket being held as reserve
c ap a c ity . G as o u tp u t in 1925, 1.118,214,900 cu. f t. C o. supplies pow er
to U nion L t. & P r. C o. a n d gas to B lackstone E lectric L ig h t C o. E s tim a te d
p o p ulation served E lectric lig h t a n d pow er, 175,600; gas, 170,800.
Franchises n o t lim ited in tim e.
On J a n . 30 1925 th e S enate of th e S ta te of R hode Isla n d passed a bill
a u th . th e co. to increase its a u th . c ap ita l from $16,000,000 to $32,000,000.
V. 120, p. 700. Bill passed b y R . I . H ouse of R ep rese n ta tiv es in M arch
1925. V. 120, p . 1324.
On A pril 21 1926 stockholders a u th o riz e d a general an d refunding m o rt­
gage an d an in itia l issue of $4,000,000 in 5% bonds. Series A; also increasing
com m on stock b y 25,987 shares, w hich w ill enable co. la te r on to offer
to com m on stockholders a t p a r ($50) 1 new share for each 5 shares held.
See fu rth e r V . 122, p . 1760, 2326.
C o. subscribed for $500,000 p a r value of N ew E n g lan d Pow er A ssociation
com m on stock. V . 121, p . 1907.
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
C om m on $6,496,850 ($50)_________
_________ $6,496,850 S ep t’26, 2)4
6% cum pref $1,350,000 ( $ 1 0 0 ) ___
6 J-D
1,294,200 Ju n e'2 5 , 3%
1st & gen m tge $5,000,000? 1912
5 g J -J
4,533,000 J a n 1 1939
($1,000) gold__________ c * \I n t. a t In d u stria l T r u s t C o ., S later B ran ch ,
P a w tu c k et, R . I . , tru ste e .
1926
5 g A-O
4,000.000 A pr
1 1951

I

In t. a t S ta te S tree t T r u s t C o., B oston, T ru s.
1908
5 g J-J
176,000 J a n 1 1938
In t. a t Old C olony T r . C o ., B o st., tru ste e .
1902
4 g M -N
1,400,000 M ay 1 1932
In t. a t In d u s tria l T r u s t C o ., Slater B ranch,
P a w tu c k et, R . I . , tru ste e .
1901
4)4 J - J
200,000 J a n 1 1931
I n t. a t F irst N a t. B a n k of B oston, tru ste e .
1903
4)4 g A-O
221,000 A pril 1 1943
I n t. a t F irs t N a t. B an k of B oston, tru ste e .
P a w t G Co 5% p f i h of p u o l . ____
5
990,000 ___________
Stock. — N on-taxable in R hode Isla n d . P ref. is re d . a t 115.
B on ds. — ls i A Gen. M tg e. 5s have s in k , fu n d of 1% p e r a n n u m of bonds
o u tsta n d iag , p ayable J a n . 1. $422,000 n o t incl. in a m o u n t re p o rte d o u t­
stan d in g have been cancelled b y sinking fund.
T h e mortgage and collateral trust gold bonds a re a d ire c t obligation of th e
co., and, su b ject to $1,970,000 of p rio r liens, a re secured b y a m ortgage on
all th e o perating pro p erties ow ned dire c tly b y th e co. an d b y collateral
v alu ed a t over $5,300,000. A dditional bonds m a y be issued in series of such
ten o r as directors m a y from tim e to tim e determ ine. T h e y m a y be issued
(a) a g ain st 75% of new acquisitions b y th e co. or w hen acquired b y th e
P a w tu c k et G as C o. (R . I.) or a new su b sid iary w hen n o te s of th e P a w tu c k et
G as Co. a nd secured d e b t of a new subsidiary, p a r for p a r, a re acquired a n d
subjected to th e lien of th is m ortgage; (b) p a r for p a r a g ain st th e P a w tu c k et
G as Co. of N . J . preferred stock a n d bonds now o u tsta n d in g w hen acquired
a nd subjected to th e lien of th is m ortgage; (c) a g ain st 100% of m ortgage
bonds or o th er secured d e b t an d 50% of unsecured d e b t a n d sto ck of a new
subsidiary o u tsta n d in g a t th e d a te it becom es a su b sid iary acquired b y th e
co. a n d subjected to th e lien of th is m tg e ., provided th e p rin cip al a m o u n t
of bonds issued u n d e r th is provision plu s th e secured d e b t of such subsidiary
o u tsta n d in g a n d n o t ow ned b y th e co., sh all n o t exceed 75% of th e pub lic
u tility p ro p e rty ow ned b y th e sub. co.; (d) a g ain st 100% of th e c ost of
secured d e b t a n d 50% of th e cost of unsecured d e b t a n d stock of M o n ta u p
E lectric C o.; (e) to re fu n d bonds of a n y series of th is m tge. a n d u nderlying
bonds; (f) a g ain st cash deposited w ith tru s te e .
In cases (a ), (c), (d) an d (f) ad d itio n a l bonds m a y be issued only w hen
com bined n e t earnings of co. an d its subsidiaries for 12 consecutive w eeks
w ithin preceding 15 calendar m o n th s h av e been 1 % tim es in t. charges on
bonds to be issued a nd a ll obligations p rio r to a n d on a p a rity w ith th e m .
T here is an a n n u al sinking fu n d , beginning J u ly 1 1927, for series A of 1%
of series A bonds certified p a y ab le in cash to tru s te e , a n d to be used for th e
pu rch ase of bonds a t a m axim um price to be fixed each y ear b y directors,
how ever, n o t exceeding 100. I f bonds are n o t o b ta in a b le a t such price,
a n y balance m ay be p a id to th e co. a g ain st a d d itio n a l p ro p e rty n o t p revious­
ly used for bond issue or release purposes u n d e r its m ortgages.
Series A is callable in whole a t an y tim e or in p a r t on a n y in t. d a te on 30
d a y s’ notice a t 105 to a nd incl. O ct. 1 1931; a t 104 to a n d incl. O ct. 1 1935;
a t 103 to a nd incl. O ct. 1 1939; a t 102 to an d incl. O ct. 1 1943; a t 101 to a nd
incl. O ct. 1 1947, a n d a t 101 less M % for each y e ar or p a r t th e re a fte r to
m a tu rity ; in each case w ith in t. In t. p a y ab le in B oston, N ew Y ork a nd
C hicago. In M a y 1926 E sta b ro o k & C o. a n d Stone & W eb ster, In c .,
offered $4,000,000 series A 5% a t 100 and in t. V. 122, p . 2797.
Paw tucket Electric Co. 5s are call, all or in p a r t a t 105 & in t. on a n y in t.
d ate. $574,000 cancelled.
Pawtucket Gas Co. o f N . J. 1st M . 4s
xFixed Chgs.
a n y in t. d ate.
N et A fter
Less
Woonsocket Elec. M a ch in e A Power 1
Taxes.
Other In c.
Gross.
per a n n u m , payable J a n . 1. $110,000
$416,122
$1,939,619
1925 _______ $5,067,741
W oonsocket Elec. M a ch in e & Power C
1,545,807
437,777
1924. _______ 4,627.312
1933 or on a n y in t. d a te th e re a fte r a t
1,622,969
1923- .............. 4,525,997
339,730
1,464,360
1922- _______ 4.003,445
333,190 fu n d of $3,177.42 per a n n u m , payable
o u tsta n d in g held in sinking fund n o t can
1921- _______ 3,647,791
1,219,748
337,071
Valley G as & E lectric C o. and $90,000 r
907,156
307,327
1920- _______ 3,266,907
721.234
296,939
1919- _______ 2,647,059
E A R N IN G S .— F o r calendar years:
1918 _______ 2,444,733
283,793
690.470
Bal. Available
for Reserve, Retirem 't & D ivs.
$1,523,497
1926.
1925.
1,108,030
G ross1,283,239
e arn in g s___________________________________ $5,343,842 $4,844,666
N e t a1,131,170s __________________________________ 1,947,602
fte r ta x e
1,795,471
In te re s 882,677 on advances to M o n ta u p E l. C o . .
t received
44,139
115,987
B alan ce_________________________________________ 1,991,741
1,911,458
599,829
In t. on bonds & m in. pref. divs. P a w tu c k e t
424,295
G as Co. of N
105,500
______________ . J .______________________________ . 105,500 406,677
.
In Includes charges on bonds a n d dividends on
449,226
x te re s t a n d a m o rtiz a tio n charges_______________ o u tsta n d in g 5% 435,481
pref.
sto ck of th e P a w tu c k e t G as C o. of N ew Jersey.
A vailable for reserves, 12 m m en d . J d iv 31 d s. $1,437,015 $1,370,477
Latest E arnings.— F o r re tireos.e n t an d u ly id e n(co. an d su b . cos.):
O F F IC E R S .— P re s ., D av id D aly; V .-P ., W m . M cG regor; V .-P ., M arcy
L . Sperry; Sec., W m . T . C raw ford; T re a s ., H . B . Saw yer.— V . 120, p .
700, 1324; V. 121, p . 1099, 1907; V . 122, p . 93, 1307, 1760, 2326, 2797;
V . 123, p . 1249.
_

RHODE ISLAND PUBLIC SERVICE CO.
O R G A N IZ A T IO N .— A holding co. incorp. in 1926 to acquire a n d m erge
(through th e m edium of th e U nited Electric Power Co.) th e U nited Electric
Railways a n d th e Narragansett Electric Lighting Co. u n d e r a p la n d a te d
J u ly 28 1926. F o r proposed m odification of th is p la n , see “ N a rra g a n s e tt
E lectric L ighting C o .” below. V. 123, p . 1507.
I t was proposed th a t U n ited E lectric P ow er C o ., all of w hose sto ck w ould
be ow ned b y R . I. P u b . Serv. C o ., w ould acquire N a rra g a n s e tt E lectric
L ig h tin g C o., an d issue 1st m tge. b onds a n d stock. R . I. P u b . Serv. C o.
w as also to hold such sto ck of U n ite d E lec tric R ailw ays a s w ould be ex­
changed u n d e r th e p la n . V. 123, p . 712.
Offers o f Exchange o f Securities.— I n a le tte r, J u ly 28 1926, com pany
offered N arragansett Electric Lighting Co. stockholders to p u rc h a se th e ir
shares a t $86 an d divs. (rate , $4 per year) n o t la te r th a n M arch 15 1927,
stock certificates to be deposited on or before O ct. 16 1926, la te r ex tended to
N ov. 15 1926. F o r fu rth e r p a rtic u la rs, see V. 123, p . 712, 1507. See,
how ever, for opposition to and proposed m odification of th e above p la n by
offering $1 in ad d itio n to th e $86 p re viously offered. S eparate sta te m e n t of
“ N a rra g a n se tt E lectric L ig h tin g C o .” below . V. 123, p . 1998.
R . I. P u b . Serv. C o. h a s e n te re d in to an ag reem en t w ith B odell & C o .
H a rris , F orbes & C o ., a n d th e F ir s t N a t ’l B a n k , B oston, w hereby necessary

O c t ., 1926.]

49

POWER, LIGHT AND RAILWAY

fu n d s w ere to be p ro v id e d for a cq u irin g th e electric lig h ting a n d pow er
p ro p e rties a n d fo r w orking c a p ita l fo r th e com bined o p eratio n of th e ra ilw a y
an d electric lig h tin g p ro p e rties. Y. 123, p . 712.
C apitalization.— U pon c o n su m m atio n o f th e plan c o m p an y will h a v e o u t­
stan d in g :
C om m on class A __________________________________________
82.507 shs.
C om m on class B __________________________________________ 1,000,000 shs.
C u m . p ref. ($2 d iv .) _______________________________________ 500,000 shs.
U n . E l. Pow . Co. 30-yr. 1st m tg e. b o n d s________ ___________ $27,500.000
Stock.— P ref. sto ck is e n title d to cum . pref. d iv id en d s a t th e r a te of $2
p e r sh are p er an n u m before an y o th e r class o f sto ck . C all, a t $33. Class A
common receives c u m . divs. to th e e x te n t o f $4 p er y e a r before class B stock,
an d a fte r class B h as received 75c. a sh are in any y e ar, class A is e n title d to
ad d itio n a l non-cum . divs. to th e e x te n t of $2 before a n y fu r th e r dividends
a re p a id on class B in t h a t year.
T h e au th o riz e d a m o u n t o f class A sto ck o r o f class B sto ck m a y be in­
creased o n ly b y v o te o f a m a jo rity o f o u tsta n d in g class A a n d of a m a jo rity
o f o u tsta n d in g C lass B shares.
T h e 82,507 class A sh ares re p re se n t th'e a m o u n t to be issued in exchange
for sto ck of U n ite d E lec tric R ailw ay s. V. 123, p . 712.
Bonds.— T h e $27,500,000 U nited Electric Power Co. 30-yr. 1st mtge. bond
are to be e ith e r 4 14 % o r 5% as R . I . P u b . Serv. C o. m a y d e te rm in e . V. 123,

Bonds.— T h e $1,550,800 rem ain in g p rio r lien bonds bearin g n o t over
7% in te re st m a y be issued from tim e to tim e for 70% of c ost of extensions,
ad d itio n s, im pro v em en ts, & c., u n d e r c e rta in re stric tio n s.
E A R N IN G S .— F o r calen d ar years:
N et (after
Balance,
Total
Taxes).
Interest, &c. Surp. or D ef.
Revenue.
1925-----------------------$8,196,433
$939,300
$677,419
x su r.$143,717
1 9 2 4 -------8,196,695
338,188
696,909
def. 358,721
1923 ----------------------- 8,104.043
________
526,800
677,342
def. 150,532
x A fter deduction of $118,164 m iscellaneous a d ju stm en ts.
O F F IC E R S .— P re s ., A lb e rt E . P o tte r: V .-P ., C lifford W hipple: V .-P .,
E . J . D ickson; V .-P . & A sst. S ec., H . B . Shaftoe; V .-P ., W . C . Slade;
T reas.. G eo. H . N ew hall; Sec.. H arvev A . B aker: O o m p t., G . S. H u tc h in s.
— V. 122, p . 1312, 2045, 2499; V. 123, p . 712, 1508, 1879, 1998.

CONNECTICUT

O F F IC E R S .— P re s ., L . C . G e rry .— V . 123, p . 712, 1507, 1878, 1998.

(THE) CONNECTICUT ELECTRIC SERVICE CO.

NARRAGANSETT ELECTRIC LIGHTING CO.

O R G A N IZ A T IO N .— A holding co., incorp. in 1925. Owns all o f th e
com m on stock (except directo rs’ qualifying shares) of th e following 7 com­
panies operating in C onnecticut: T h e C onnecticut L ig h t & Pow er C o .,
th e E a ste rn C o n n ec tic u t Pow er C o ., th e M eriden G as L ig h t C o ., th e
M eriden E lectric L ight C o ., th e N ew M ilford E lectric L ig h t C o ., th e
W oodbury E lectric C o ., th e W estport E lectric C o. Also ow ns p ractically
a ll of th e capital stock of th e B ristol & P lainville E lectric C o. a nd all of th e
2d pref. stock of th e C o n n ec tic u t L ight & Pow er C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e operating cos. serve d irectly or indirectly 78 cities and tow ns in im ­
p o rta n t in d u stria l sections of C onnecticut w ith a n e stim ated p o p u la tio n
of 645,000, including th e cities of W aterb u ry , N ew B rita in , M erid en ,
N orw alk, P u tn a m a nd B ristol, a nd a t w holesale th e eastern section of th e
S ta te , including th e cities of N ew London a nd N orw ich. N in e p la n ts of th e
operating com panies h a v e a generating c apacity of over 206,000 h. p . (19%
h y dro-electric), 240 m iles of transm ission, extensive distrib u tio n lines; 207
m iles gas m ains, 4 gas p la n ts of to ta l c apacity of 4,650,000 cu. f t. p er d a y ,
an d 13 m iles of tra n sp o rta tio n lines.
S T O C K A N D B O N D S—
D ate.
Rate. O utstanding. Latest D iv.
C om m on (no p a r ) ___________ _____
_______ 625,000 shs. S e p t.’26 45c
C um co n v ert p re f (no p a r ) ________
$4 Q -J
90,000 shs. O ct. ’26, $1
Stock.— T h e $4 div. cum . convert, pref. slock is preferred as to cum . dive.,
a n d in liquid atio n to $68 p e r share and dividends if v o lu n ta ry , and $62 50
and dividends if in v o lu n ta ry . R edeem able a t $68 a nd dividends p e r
share. C onvertible, share for sh are, in to com m on stock v o ting tru s t
certificates. E x e m p t from p re sen t norm al F ederal incom e an d C on­
n e cticu t S ta te taxes. In D ec. 1925 E sta b ro o k & C o ., P u tn a m & C o..
& c., &c., offered 90,000 of these shares a t $62 50 fla t, to yield 6.40%
V . 121, p . 3130.
O F F IC E R S .— P res., P a u l T hom pson; V .-P s., J . H e n ry R oraback and
Irv in g W . D ay; T re a s., C . L . C am pbell.— V. 121. p. 3130.

Proposed Merger and Offer o f Exchange o f Securities.— See above u n d e r
“ R h o d e Islan d P u b lic Service C o .” V. 123, p. 711. A v o lu n ta ry a d visory
co m m ittee, how ever, w arn ed stockholders ag ain st th e m erger an d criticized
th e p rice o f $86 offered by R h o d e Isla n d P ublic Service C o. F o r fu ll de­
ta ils, see V. 123, p . 1113. T h e co m m ittee is com posed o f T hom as F . I.
M cD o n n ell (C h airm an ), L ouis W . D ow nes (Sec.), Z achariah C hafee,
G . Bion A llen, S. F erguson, A rth u r L . P e rry , R . O linton F u ller a n d A lbert
A. B ak er. In a le tte r, m ailed S ept. 2 1926, d irecto rs of N a rra g a n se t
E l. L tg . C o. also advised th e ir sto ck h o ld ers to w ith h o ld th e ir stock from
d eposit. V. 123, p . 1382.
In S ept. 1926 B ond & G oodw in, In c ., N ew Y o rk , offered to purchase
for $86 a sh are in cash a ll sh ares o f N a rra g a n se tt C o. sto ck on or before
S ep t. 15 1926 (Incl. certificates o f d ep o sit as p e r p lan Ju ly 28 1926). All
sto ck so p u rch ased w as to be d e p o sited u n d e r th a t p la n if a n d w hen such
d eposit w ould en ab le th e p la n to be m ade effective as to b o th U nited Elec­
tric R y s. sto ck an d N a rra g a n se tt E lectric L ig h t C o. sto ck . T h e y renew ed
th e ir offer in O ctober 1926 if d ep o sits w ere m ade on or before O ct. 9 1926.
On O ct. 7 1926 d irecto rs o f th e co. a p p ro v ed a new com prom ise offer of
$87 a sh are, th e ad d itio n a l d o llar to be p ay ab le in 2 in stallm en ts (70c.
to be p a y ab le w hen 80% o f N a rra g a n se tt sto ck h a s been acq uired, a n d 30c.
w hen 51% o f U n. E l. R y s. sto ck is tu rn e d over to th e m erger in te re sts).
In a d d itio n , N a rra g a n se tt stockholders a re to be allow ed th e rig h t to buy
a t $29 a sh are one sh are R h o d e Isla n d P u b . Serv. C o. pref. stock on a basis
o f one such sh are for each sh are N a rra g a n se tt sto ck . T h is revised offer
w as to be m ad e ap p licab le to previously deposited N a rra g a n se tt holdings.
D ep o sits w ere to b e m ad e u n til close o f business O ct. 23 1926. V. 123,
p ' 1877, 1997. 2139.
In S ep t. 1926 N a rra g a n se tt C o. su b m itte d a te n ta tiv e a n d conditional
proposal to U n ited E lectric R y s. C o ., fu ll p a rtic u la rs a b o u t which proposal
a re given in V. 123, p . 1504. T h e p la n c o n tem p lates p urchase b y N a rra ­
g a n se tt C o. o f pow er house, transm ission lines a n d su b -statio n s of U nited
E lectric R y s. for $4,750,000, for w hich sum U n ited E l. R y s. bonds a re to
be p u rch ased a n d cancelled; jo in t o p eratio n of b o th pow er p la n ts, purchase
for 20 y ears b y U n ite d E l. R y s. C o. from N a rra g a n se tt C o. o f all electricity
req u ired by R ys. C o .; creatio n o f a fu n d to p u rch ase each y e ar a n d cancel
a certa in a m o u n t o f U n ite d E lec tric R y s. bonds.
O R G A N IZ A T IO N .— In c o rp o rate d in R hode Isla n d In M a y 1884.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C ontrols th e S outh C o u n ty P ublic Service Co. (V. 118, p . 1021; V. 121,
. 330), B ristol C o u n ty G as & E lectric C o ., E a s t G reenw ich E lectric C o.,
eekonk E lectric C o. a n d M y stic Pow er C o. O n M a y 1 1925 th e W esterly
L ig h t & Pow er C o ., th e N a rra g a n se tt P ie r E lectric L ig h t & Pow er C o.
a n d th e W ickford L ig h t & W a te r C o. w ere m erged in to th e S outh C o u n ty
P ublic Service C o. V. 121, p . 330. On O ct. 16 1925 th e stockholders were
te v o te on an increase of c ap ital sto ck . V . 121, p . 1789. T h e com panies
fu rn ish electric c u rre n t to m a n y cities a n d tow ns in R hode Isla n d and
C on n ecticu t; also furn ish es gas to W esterly and P aw catu ck . C o n n ., and
B ristol a n d W arren R . I. T o tal custom ers, 92,572. On O ct. 16 1925
directors vo ted to issue $3,916,800 ad d itio n al sto ck to holders of record
O ct. 31 a t $50 a t th e ra tio of 1 new for each 5 shares held. R ights expired
N o v21. See also for increase of stock to $30,000,000 on A pril 27 1925
.
V. 121, p . 2038. In Ja n . 1926 a lim ited n um ber o f shares w as offered a t
$ 7 8p er share. See V. 122, p . 612.
ST O C K A N D B O N D S— D ate.
Interest. O utstanding. M aturity.
Stock $.30,000,000 ($50)___________
Q -J
$23,500,800 O c t’26.2%
D ividends.— D ividends of 8% p e r an n u m hav e been p a id since 1886.
E A R N IN G S .— F o r calen d ar years:
1925
1924
1923
1922
K . W . H . g en erated ___ 263,948,050 278,187,870 359,746,610 277,993,260
T o ta l rev . (all s o u rc e s ).. $6,842,500 $6,736,432 $6,636,601 $5,574,826
O perating expenses_____ 4,336,199
4,408,818
4,383,314
3,504.438
D ep r., obsolescence, & c.
631,545
560,069
496,719
520,917
In t., &c., d e d u c tio n s ...
105,336
91,159
160,719
230,806
D iv id e n d s ____________
1,566,720
1,501,440
1,302,456
1,234,440

8

B alance, su rp lu s_____
$202,700
$174,946
$293,393
$85,225
F o r calen d ar y ear 1921 to ta l revenue was $5,049,066; b alance a fte r divi­
dends, $37,593.
Latest E a rn in g s.— F o r 8 m o n th s ended Aug. 31:
1926.
1925.
K ilo w a tt ho u rs g e n erated _______________________ 204,928,800 174,877,000
T o ta l rev e n u e ___________________________________ $4,993,583 $4,526,224
O p eratin g expenses____________________________
3,047,829
2,865,936
D epreciation a n d obsolescence__________________
433,906
401,808
In te re s t, &c____________________________________
24,483
CV.8,892
D iv id e n d s______________________________________ 1,253,376
1,044,480
S u rp lu s---------------------------------------------------------$233,989
$222,892
O F F IC E R S .— P res., E dw in A. B arrow s; V .-P ., W m . W. D ouglas; Sec.,
T re a s., F ran k lin L . F a )l,—.v .|1 2 0 -|p » 454. 1089: V. 121, p . 330, 1789, 2038,
V 4 1 2 2 c P » e i2 i..I1 7 e . \ .123.
I l i a . 1382. 1504, 1877, 1997.

C

O

N

N

E

C

T I C

U

T

L

I G

H

T

&

P

O

UNITED ELECTRIC RAILWAYS CO.

Proposed Merger and Offer o f Exchange o f Securities.— See above u n d e r
“ R hode Isla n d P u b lic Service C o .” V. 122, p . 1312; V . 123, p . 712, 1252,
a n d
also u n d er “ N a rra g a n se tt E l. L tg . C o. V. 123, p . 1508, 1879.
O R G A N IZ A T IO N .— C h a rte re d in R hode Isla n d in A pril 1919. In
Ju n e 1921 acq u ired th e p ro p e rty of th e U nion R ailro ad C o., Providence
C able T ram w ay C o ., R hode Isla n d S u b u rb an R y . a n d P a w tu c k e t S tre e t R y .,
form erly controlled th ro u g h sto ck ow nership by U n ited T rac tio n & E le c . C o .
a n d in A ug. 1921 p u rc h a se d th e W oonsocket lines o f th e R hode Isla n d C o.,
as p e r p lan outlin ed in V 112, p . 564. See also V. 113, p . 961. In O ct.
1921 acq u ired th e p ro p e rty o f th e P rovidence & D anielson R y . C o. C om pjtfe V . 113, p . 1773. W age ra te fixed, see V . 121, p . 201. A cquired in
D ec. 1925 8 bus lines o p eratin g betw een Providence an d P a w tu x e t V alley,
R .I ., b u t discontinued its bu s service betw een C entreville an d O aklaw n.
T . 121, p . 2878.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O p erates over 326.86 miles o f tra c k . Also o p erates buses.
I n J a n . 1924 th e co. was a u th . b y th e R . I . P . U . C om m , to issue $1,455,0 0 0
25-y ear 6% prio r lien bonds an d $624,200 a d d itio n a l c ap ital stock, pro­
c e e d tos be used to reim b u rse tre a su ry for ex p en d itu res m ade for b e tte r­
m e n im provem ents, &c. V. 118, p . 204.
t s ,
S T O C K A N D B O N D S—
Date.
Interest. Outstanding. M a tu rity .
C a p ita l s to c k ________________ _____
__________ $8,250,700 See te x t
Prior lien m tg $5,000,000 Ser A 1921
6%
1,000,000 J a n 1 1946
Ser B ($100, $200, $500 and
4%
1,960,300 J a n 1 1946
$ 1 ,0 0 0 )_________________ 1921
Series “ C ” ________________ 1921
6%
*450,000 J a n 1 1946
G en & ref m tge $11.000,000—
Ser A ($100, $200, $500 a n d
$ 1 ,0 0 0 )_________________ 1921
5%
8.324.100 J a n 1 1951
Ser B ($100, $200, $500 a n d
4%
2,429.600 J a n 1 1951
$ 1 ,0 0 0 )_________________ 1921
* N o m in ally issued and held in tre
tr y . ,
q u a r. d iv . w as red u ced f ro m l M %
D ividends.— In J u ly 1923 th e
1. N one since
« •
1 %In .O ct. 1923 d iv . wa




W

Control.— T h e Connecticut Electric Service Co. ow ns th e e n tire com m on
stock (except d ire c to rs’ shares) an d th e en tire second pref. stock of C onn.
L t. & Pow . C o.
O R G A N IZ A T IO N .— C h arte re d in C o n n ec tic u t in 1905. In J u ly 1925
a cq u ired th e electric p ro p e rty an d business o f th e W estp o rt (C onn.) W ater
C o. A su b sid ia ry , th e Westport Electric Co., w as form ed to ta k e over
th e p la n t and system . V . 121, p . 457. In N ov. 1925 acquired th e B ristol
& P lainville E lectric C o. V . 121, p . 2636. On M arch 10 1926 m erged
th e M eriden G as L ight C ., th e M eriden E lec tric L ig h t C . , th e N ew
M ilford E lectric L ight C o ., th e W oodbury E lectric C o. a nd th e W estD ort
E lectric C o. V. 122, p . 2492.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. supplies electric lig h t and pow er d irectly o r in d irectly to 44 c itie s and
tow ns, w ith an e stim ated p o pulation of over 350.000, in an im p o r ta n t! n d u stria l section of C onn ecticu t, incl. th e N a u g atu c k V alley D istric t an d th e
cities of W aterb u ry , N ew B rita in , M eriden and N orw alk. C o .’s o u tp u t is
largely sold to m a n u fa c tu re rs. In a ddition supplies gas to a p o pulation
of a b o u t 75,000 in M erid en , N orw alk, S outhington an d C heshire. C o .
also sells electric c u rre n t to o th e r public service com panies doing business
in 16 cities and tow ns w ith an e stim ated p o pultaion of 100,000. C o.
op erates generating p la n ts having an installed c a p a c ity of 154,620 h .p .,
of w hich 34,600 h .p . is h ydro-electric. T hese p la n ts a re interconnected
w ith each o th e r, w ith pow er p la n ts a n d d istrib u tin g system s of o th e r
com panies, and w ith d istrib u tin g system s ow ned or leased b y th e co. in 28
cities a n d tow ns b y 112 miles of high-tension transm ission lines. T he
D evon p la n t has a n installed c ap a c ity of 90.000 h .p . a nd a n u ltim a te one
of 200,000 h .p . C o. also ow ns undeveloped hydroelectric sites on th e
H ousatonic R iver, hav in g a p o te n tia l cap acity , of over 45,000 h .p . T he
leased properties include a stea m electric p la n t in W aterb u ry , used as a re­
serve, a nd d istrib u tin g system s in W ate rb u ry , N ew B rita in a n d 12 o th er
cities a n d tow ns. T he lease is fo r 999 years from 1906. C o. s ta r te d in
1926 constru ctio n a t N ew M ilfo rd , C onn, o f a 30,000 h .p . hydro-electric
s ta tio n , to be com pleted in th e sum m er o f 1928.
S T O C K A N D B O N D S—
Date.
Interest. O utstanding. M atu rity.
C om m on ($100)__________ ________
_________ $18,000,000 ___________
6 H % cum p f $15,000,000 $ 1 0 0 ) ____
6 H Q -M
6,500.000 __________
7% cum p re f $7,500,000 ( $ 1 0 0 ) ____
7 Q -M
4,500,000 __________
8% cum p re f $5,000,000 $ 1 0 0 ) ____
8 Q -M
4,000.000 __________
1st & re f M tge— Ser “ A ” _____( 1921 7 g M -N
6,204,000 M a y 1 1951
Series " B " ------------------------1 1924 5)4 g F-A
5,821.000 Feb 1 1954
Series “ C ” ________ t f [ 1 9 2 6
4 j^ g J -J
8,000,000 J u ly 1 1956
($500 & $1,000 c* an d $ l,-IB a n k e r s T r u s t C o ., N ew Y o rk , tru ste e .
000 & m u lt r*) g _______ t f
N ew M ilford Pow er 1st M tg e) 1902 5 g F -A
1,000,000 A ug 119 3 2
($1,000) gold__________ c * \I n t. a t C en tra l U nion T ru s t C o ., N . Y ., tru a.
O ther underlying b o n d s______ _____
_________
82, 000 __________

W e D e a l A c tiv e ly

IN ALL

Connecticut Public
Utilities Issues

t h e

R. F. G R IG G S C O .
63 North Main Street

T e le p h o n e 1 6

WATERBURY, CONN.

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C

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50

PUBLIC UTILITIES

Stock. — 7% a n d 8% p ref. stocks are call., all or in p a rt, on a n y dividend
d a te a t $120 a n d d iv s.; th e (>A% p ref. sto ck a t $115 and divs. T he 6 A %
p ref. sto ck is p ref. as to assets a n d cum . p ref. divs. over an y o th e r class of
stock o f th e co. Special provisions re stric t th e issuance of bonded in debted­
ness, &c., an d p ro h ib it th e creatio n o f o th e r classes of stock, h av in g p rio rity
ov er th e p re f. sto ck . In M arch 1926 E stab ro o k & C o ., B oston. P u tn a m
& C o ., &c., & c., offered $5,500,000 6 A % cum . p ref. sto ck a t 102 and
d iv s., to yield a b o u t 6 .3 7 % . V . 122, p . 1454. In J u ly 1926 an a d d itio n a l
$1,000,000 vras offered a t 6 A % a t 102 a n d d ivs. to yield 6 .3 7 % .
Bonds.— 1st & re f. m tg e. a re secured b y a 1st m tge. on th e new hydros
electric d e v elo p m en t u n d e r c o n stru ctio n on th e R ocky R iv e r, on th e
existing h y d ro -electric p la n t a t Stevenson on th e H o u sato n ic R iv e r, a n d ,
th e larg e steam -electric p la n t a t D ev o n , on tid e w a ter, w hich to g e th e r are
to h a v e a n in sta lled g e n eratin g c ap a c ity o f 145,000 h .p .; 148 m iles of im ­
p o rta n t tran sm issio n lines, an d v alu ab le undeveloped w a te r pow ers; a nd
b y a 2d m tg e ., su b jec t to $1,000,000 d ivisional bonds on c o .’s 3d hy d ro ­
electric p la n t (9,600 h .p .) an d 25 m iles of tran sm issio n lines. A re also a
1st lien on a 999-year lease of th e electric d istrib u tin g system s in W a te rb u ry ,
N ew B rita in a n d a n u m b e r o f o th e r tow ns. T h e m tg e. p ro v ides for a nnual
sin kin g fu n d o f 1% o f all bonds o u tsta n d in g , bonds acq u ired b y sinking
fu n d to b e k e p t aliv e. M ass, incom e ta x n o t in excess o f 6% an d P e n n a .
4 m ill ta x refu n d ed . I n t. p a y ab le in N ew Y o rk , B osto n a n d C hicago.
A d d itio n al bon d s m a y be issued in series of such te n o r as d irecto rs m ay,
fro m tim e to tim e , d eterm in e, to re fu n d u nderlying bonds or an y 1st & ref.
m tg e. bon d s o th e r th a n bonds held in th e sinking fu n d s for series A , B a n d C .
Also for 75% o f new ad d itio n s (in C o n n ecticu t) or im p ro v em ents, provided
n e t earn in g s, applicable to in t. and re n ta ls for 12 w ith in preceding 15
m o n th s, h av e been a t le a st 1 % th e sum of (a) to ta l an n u al in t. on a ll 1st
& ref. m tge. bonds an d u n d erly in g bon d s o u tsta n d in g , incl. p roposed issue,
b u t n o t incl. bonds in sinking fu n d , a n d (b) re n ta ls p ay ab le u n d e r th e 999y e ar least above m en tio n ed .
Series “A " 7s a re call, for sinking fu n d (only)on an y in t. d a te to an d incl.
N ov. 1 1931 a t 110, th e re a fte r d ecreasing I A % an n u ally to 100A on
N ov. 1 1950. $6,500,000 w ere offered in M ay 1921 b y Lee, H igginson &
C o ., E sta b ro o k & C o ., & c., & c., a t 95 an d in t., yielding a b o u t 7.40% .
V. 112, p . 1981.
Series “ B” 5 A s are call, as a w hole a t a n y tim e on or a fte r F eb . 1 1934
or in p a r t for sinking fu n d only on a n y in t. d a te since F eb . 1 1925; p rio r to
and incl. A ug. 1 1939 a t 1 0 7 A', th e re a fte r decreasing A % an n u ally to
100A on A ug. 1 1953. $5,874,000 w ere offered in F eb . 1924 by Lee,
H igginson & C o ., E sta b ro o k & C o ., P u tn a m & C o ., & c., & c., a t 9 6 A and
in te re st, yielding a b o u t 5 H % . V. 118, p .6 6 9 .
Series C-—T h e re is an a n n u a l sinking fu n d 1st p a y m e n t N o v . 1 1927,
sufficient to re tire , p rio r to m a tu rity , a b o u t $2,250,000 of series C bonds.
In a d d itio n , su b sta n tia l an n u al sinking fu n d s are o p erativ e for pu rch ase or
call o f series A a n d series B bo n d s. Series C a re call, as a w hole a t a n y tim e
on o r a fte r J u ly 1 1936 o r in p a r t fo r sinking fu n d o n ly on a n y in t. d a te
a fte r J u ly 1 1927; th ro u g h Ju ly 1 1936 a t 105, th e re a fte r decreasing A %
a n n u ally to 100/4 on J u ly 1 1955. N o t call, p rio r to J u ly 1 1936, except
for sin k . fd . M ass. 6% a n d P e n n . 4 m ills tax es refu n d ab le. E x e m p t from
C o n n . S ta te ta x . Legal in v e stm en t for savings b a n k in C o nn. In Ju ly
1926 Lee, H igginson & C o ., E sta b ro o k & C o ., P u tn a m & C o .. H in c k sB ro .
& C o. an d C h as. W . Scran to n & C o . offered $8,000,000 4M» % s. f. gold
bo n d s, series C , a t 95/4 a n d in t., y ielding 4 .8 0 % . V . 123, p . 579.
D ividends.— On 8% p ref. p aid 8 1-3% in 1921. In 1922 p aid 8 % : 1923,
8 % : 1924, 8 % . On 7% p re f., 7% p aid in 1923 a n d 1924. On 2d p re f.,
8% stock p a id 8% in 1923 an d 1924. On co m ., 1 0 A % in 1919. In 1920,
7% : 1922, 7 A % : in 1923 , 6 % ; in 1924 , 5 % .
E A R N IN G S .-—F o r calendar years:
N et
Total
Oper. E xp .
Interest &
M iscell.
Incom e.
Revenue.
& Taxes.
D eductions.
Rents.
*
*1926-----------$7,745,674 $4,448,144
$43,094 SI ,431,946
1925------------ 6,529,436 3,712,701 $1,341,695
32,879
1,219,804
1924------------ 5,768,240 3,427,794
1,087,763
1,277,083
1923------------ 5,593,357 3,375,457
25,581
915,236
1922------------ 4,587,398 2,779,731
893,356
914,311
x 12 m o n th s en d ed J u n e 30 1926. * N o t available.
O F F IC E R S .— P re s ., J . H e n ry R o rab ack ; V .-P ’s., Irv in W . D a y , Jam es
T . H utchings; Sec. & T re a s ., C has. L . C a m p b e ll. G en. office, W aterb u ry ,
C o n n .— V. 120, p . 210; V. 121, p . 457, 2271, 2636, 3130; V. 122, p . 1454,
2492, 3337 Y. 123, p . 454, 579. 1873.

T H E B R IS T O L & P L A IN V IL L E E L E C T R IC C O .
Sale.— In N ov. 1925 th e C o n n ecticu t L ight & Pow er Co. acquired control
th ro u g h an offer of $287.50 for each sh are B ristol & P la in v . E l. C o. V.
121, p . 2270, 2636, 2749.
O R G A N IZ A T IO N .— In c o rp . S ep t. 21 1893 in C o n n , as th e B ristol &
Plainville T ram w ay C o ., nam e changed to p re sen t title M a y 16 1921.
Franchises p e rp e tu a l. R oad first opened A ug. 12 1895; m erged w ith B ristol
Elec. L t. C o. M a r. 31 1897; steam h eatin g p la n t installed in 1902; T erryville
branch opened in 1903. W oodland S t. b ran ch opened in 1906; gas p la n t
Installed in 1906; underground sy stem in stalled in 1916.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
In ad d itio n to railw ay service, furnishes electric lig h t a n d pow er in B ristol,
Forestville a n d T erryville; gas in B ristol, Forestville an d Plainville, and
steam h e a t in B ristol. O perates 13.74 miles of tra c k laid w ith 56, 60 and
72-lb. T -rail connecting B ristol w ith Forestville, P lainville, L ak e Com pounce
a n d T erry v ille. S tan d ard gauge; 37 cars, 3 snow plows a n d 1 work c ar.
40 m iles of gas m ains; ho ld er c ap a c ity 1,350,000 cu . f t. E lectric p la n t
1,500 k .w .; 14,000 h .p . su b -statio n connects w ith C o n n ecticu t Pow er C o .
A n n u al o u tp u t 33,797,330 k .w .h . E s tim a te d p o p u latio n served: electric
ra ilw a y , 25,000; g as, 22,000; electric pow er a n d lig h t, 24,000.
S T O C K A N D B O N D S—
D a te .
In terest. O utstan din g. M a tu r ity .
Stock $5,000,060 ($100)............ t . . . '
Q -F
'
$990,000
See t e x t '
1 s t m ortgage $600,000 gold f 1905 4 A g M -N
540,000 N ov 1 1945
($500 & $1,000)-----------n t f j In te re s t a t B ristol N atio n al B an k , B ristol.
S u b je c t to call a t p a r _____(T reasu rer o f S ta te of C o n n ecticu t, tru ste e .
D iv id e n d s. — In 1899 to 1909 in cl., $6% p er annum ; 1910, 7 % ; 1911 to
1919, 8% p e r a n n u m . In 1920, 1921 an d 1922, 10% . In 1923. 11% .
In 1924, 1 0 % . In 1925, 10% . In J u ly 1908 a stock div idend of 50%
w as p a id . In 1926: F e b ., 2 A % ; M a y , 2 A ; A ug., 3 % .
E A R N IN G S .— F o r calen d ar y ears:
Operating
N et A fter
N et
Revenue.
D eductions.
Expenses.
Incom e.
1925 _________ -.$ 1 ,3 8 2 ,3 2 0
$31,736
$201,794
$170,758
1924 _________ . . 1,232,565
194,585
31,927
162,658
1923 _________ - - 1,226.140
174,525
28,810
145,715
1922 ____ . . . - - 1,012,371
135,584
28,693
106,891
1921 . .
_____ . 831.011
28,300
89,723
61,423
1920 _________
949.895
113,422
25,499
87,923
1 9 1 9 _________ . .
774,768
97,952
30,166
67,786
O F F IC E R S .— P re s ., W ilia m H . P u tn a m ; V .-P ., Irv in W . D ay : Sec.T re a s., C h arles L . C am p b ell; A sst. Sec. & A sst. T re a s ., R . K . Linsley;
G en. M g r., G . E . C ockings.— V . 121, p . 2270 , 2636 , 2749 , 3129; V. 122,
p . 2648.

HARTFORD ELECTRIC LIGHT CO.
O R G A N IZ A T IO N .— In c o rp . in C onn, in 1881. Owns a large m inority
of th e com . stock of th e C o n n ecticu t Pow er Co. (see below ). In th e early
>art co. subscribed to $1,000,000 com . stock (a 4% in te re st) of N ew E ngand Pow er A ss’n. See V. 122, p. 882, also V. 121, p. 1908.
Rights.— F o r rig h ts to subscribe to C o n n ecticu t Pow er C o. com . stock
see th is la tte r co. h ereu n d er. See also V. 122, p . 1309.
F IE L D O F O P E R A T IO N S & C H A R A C T E R O F B U S IN E S S .— Supplies
electric lig h t a n d pow er in H a rtfo rd a n d a larg e section of c en tra l and
no rth w estern C o n n ecticu t, in cl., W est H a rtfo rd , E a s t H a rtfo rd , W indsor,
W ethersfield, B loom field, G ra n b y , E a s t G ra n b y , R ocky H ill an d T ariffv ille-S im sb u ry .
P ref. an d com . stockholders of reco rd J a n . 6 1925 w ere given th e rig h t
to subscribe to $4,000,000 3-year 7% co n v ertib le notes in th e ra tio of one
$100 n o te to each th re e shares of sto ck h eld .
D istribution to Stockholders.— In A ug. 1926 d irecto rs voted to re tu rn to
stockholders th e prem iu m p aid in b y th e m on a n issue of sto ck p u t o u t in
1920 a t $200 p e r sh are, th e a m o u n t to be so re tu rn e d being $6 25 p e r sh are.
V. 123, p . 1113.
In O ct. .9 2 6 co. w as to allow its custom ers a “cu sto m er d iv id e n d ” of
60% (previous y e ar 50% ) to be d ed u cted from th e ir O ctober bills. V . 123,
P-

f




[V ol. 123.

ST O C K S A N D B O N D S— D a te.
In terest.
O u tstan din g. M a tu rity .
_______ $12,000,000 __________
C om m on ($100)___________________
3-year conv 7% n otes ($100.\ 1925
7%
4,000,000 F eb 1 1928
$500, $1,000. $10,000)____I
Stock.-—All of th e o u tsta n d in g 5 % cum . conv. p re f. sto ck h a s been co n v ert­
ed in to com m on sto ck .
N otes.-—T h e 3-year notes, due Feb. 1 1928, are co n v ertib le a t m a tu rity
in to com m on sto ck , p a r for p a r.
D ividends.— D ividend record since 1900 is as follows:
C ap'l Stock
C ap'l Stock
D iv. Outstanding
D iv. O utstanding
year—
Dec. 31.
Rate.
Rate.
Dec. 31. Year—
$3,600,000
1900__________ - 6 A %
$1,050,000 1914_______ ----- 10%
1901............ ......... - 7%
3.600,000
1,400.000 1915_______ ----- 10%
1902__________ - 7%
4.500.000
1,400.000 1916_______ ___ 10%
6.000.000
1903__________ - 9 A %
1,400.000 1917_______ ----- 10%
6.000.000
1904__________ - 8%
1,600.000 1918_______ ----- 8%
1905__________ - 8%
7,500,000
1,800.000 1919_______ ___ 9 A %
1906__________ - 8%
8,250.000
1,800.000 1920 _______ ----- 10%
10.000,000
1907__________
8%
2,100,000 1921______ ----- 10%
1908__________ - 8%
10.000.000
2.400.000 1922_______ ----- 10%
10,000,000
1909__________ - 9%
2,400.000 1923 —_____ ___ 10%
10,000,000
1910__________ -10%
3,000,000 1924_______ ___ 10%
1911_______ . -10%
3.000,000
Preferred—
2,000.000
1912__________ -10%
3,000.000 1 923 _______ ___ $3.55
2.000.000
1913__________ -10%
3,600.000 1 924 _______ ------5%
E A R N IN G S .-—F o r c alen d a r years:
1922.
1924.
1925.
1923.
Sales (electric c urrent) - _a$4,676,700 $4,724,400 $4,718,000 $4,066,200
E xpenses . . .
2,116,100
2,522,600
2,267.700
2,277,900
Taxes . . . _ ..............
276,000
385,000
340.000
370,000
$2,028,800
144,300

$2,071,700
128.500

$1,855,400
162,000

$1,674,100
162,600

T o tal incom e.
a$2.173 100
In te re s t and d iv id e n d s. . 1,381,900

$2,200,200
1,350,100

$2,017,400
1,341,600

$1,836,700
1.397.700

N e t in c o m e ..
O ther incom e .

B al. for res. & s u r . . . a$791,200
x$850,100
$675,800
$439,000
a A fter re tu rn in g to custom ers $225,000.
x F rom th is b alance th e sum of $225,000 h a s been a p p ro p ria te d to cover
prem ium and a m o rtiz a tio n charges in cid en t to th e re tirem e n t on M arch 1
1925 of $3,000,000 7% notes, a nd ap p ea rs as a c u rre n t liab ility .
O F F IC E R S .— C hairm an of B oard, Sam uel G . D unham ; P re s ., Samuel
Ferguson; V .-P ., T . H . Soren; V .-P ., D . N . B arney; Sec. & T re a s., J . E .
L ynch; G en. M g r., A . D . C lovin.— V . 120, p . 453, 956 V . 121, p . 1908:
V . 122, p . 748, 882, 1309; V. 123, p . 1113.

CONNECTICUT POWER CO.
In 1913 m erged a n u m b e r of com panies.
A large m in o rity of th e com m on s to ck is ow ned b y H a rtfo rd E lectric
L ig h t C o .
O R G A N IZ A T IO N .— In c o rp . in C onn, in M a y 1899. W as know n as
th e M arin e Pow er C o. u p to Ju n e 9 1905 w hen nam e was changed to present
title . On F eb . 15 1926 stockholders increased th e authorized common
stock from $3,000,000 to $4,500,000 (par $100). C om m on stockholders
w ere given th e rig h t to and incl. M a y 15 1926 to subscribe for th e additional
stock a t p a r on th e basis of one new sh are for each tw o shares h e ld . T he
H a rtfo rd E lectric L ight C o. (see above) stockholders (common a n d convert,
preferred) w ere to be given th e rig h t to subscribe in proportion of one share
C onn. Pow er C o. for every 24 shares H a rtf. E lec. L t. C o. h eld. V. 122.
p. 1025, 1308.
F IE L D O F O P E R A T IO N S & C H A R A C T E R O F B U S IN E S S .— Doo»
the en tire electric lig h t, pow er an d gas business in N ew L ondon, th e e n tire
electric lig h t an d pow er business in M id d leto w n , T h o m a sto n , C a n a a n ,
N orfolk, Sharon an d L akeville, C o n n ., a nd furnishes w holesale pow er to
m a n u fa c tu rin g an d pub lic u tility com panies in v a rio u s o th e r C o n n ec tic u t
tow ns.
S TO C K A N D BONDS—
Date.
Interest. O utstanding. M aturity.
Com m on $4,500,000 ($100)_________
________ $3,811,000
See text
Preferred 6 % cum ($100)___________
Q -M
x l , 500,000 S e p t’26 1 A
1st & con M ($500 & $1,000c*J 1913
5 g A -O
1,781.000 A p r 1 1963
& $5,000 m u lt. r * ) t f ____ g . l l n t . at O ld C o lon y T r u s t C o ., Boston, T r .
Conn. Pow C o 1st M (assum-/ 1906
5 g J -J
490.000July 1 1956
ed ($1,000) gold_________c*\Int. at E quitable T r u s t C o ., N e w Y o rk . T r .
5 -y r. notes, $500,000 ($100,/ 1921
7 g J -D
500.000 D ec. 11926
$500 & $1,000) gold___c * tf\ ln t. at U nited States Secuirty T r u s t C o ..
H artford, Trustee.
New London Gas & Elec ls t f
1897 5 g A -O
276,500 A p r 1 1927
M closed ($500 & $1,000) j ln t . at N e w Y o r k T r u s t C o ., N . Y . , Trustee.
New London Gas & Elec 2d M I 1899
5 g A -O
76.000Apr
1 1929
closed ($1,000) gold______ c lln t . at N e w Y o r k T r u s t C o ., N . Y . Trustee.
New London Gas & Ele c, ls t f
1903 5 g J - J
373.500 J u ly 1 1933
cons & ref ($500 & $1,000' j I n t . at Eq uitab le T r u s t C o ., N . Y . , Trustee.
Berkshire Pow C o l s t M $100,-/ 1904
5 g J -D
67.000 D ec. 1 1934
000 ($1,000) gold_____ c * t f \ In t . at U nited States Security T r u s t C o
H artfo rd, C o n n .. Trustee.
Co m m on stock subscriptions.______
________
689,000 __________ -

Stock.— P ref. sto ck is re d . a t 115 & divs.
Bonds.— 1st & cons. M tg e. 5s h a v e sink. fd . of 1 % of bonds o u tsta n d in g .
$193,000 canceled b y sink. fd . C all, all or in p a r t for sink, fu n d a t 107J4
& in t. on any in t. d a te .
T h e C onn. Pow . C o. 1st M . 5s have been assum ed b y th e consolidated c o ,
$27,000 held b y C onn. Pow er C o. in ad d itio n to a m o u n t s h o w n
i n
a b o v e
tab le as o u tsta n d in g .
New London G as & E lec. 2d M . 5s a re call, a t 105 & in t. on a n y d a te .
$49,000 canceled. A ssum ed by C onn. Pow . C o.
N ew London G as & E lec. 1st consol. & ref. 5s have been assum ed by
C o n n . Pow er C o ., w hich holds $2,000, w hich a re in a d d itio n to th e a m o u n t
show n in th e a bove ta b le as o u tsta n d in g .
B erkshire Pow er C o. 1st M . 5s h av e sink. f d . o f 2% an n u ally . $32,000
canceled b y sink. fd . A ssum ed b y C o n n . P ow . C o.
N otes.— T h e 5-yr. 7% notes w ere offered a t 100 & in t. in D e c. 1921 by
Roy T . H . B arnes & C o ., H a rtfo rd an d th e C has. W . S cran to n C o ., N ew
H aven. V . 113, p. 2508, 2618.
D ividends.— On th e com m on th e ra te of 8% per an n u m w as increased on
D ec. 1 1925 to 10% per an n u m w hen a $2 50 q u a rte rly dividend w as p a id .
E A R N IN G S .-—C onsolidated earnings fo r calen d ar years:
1925.
1924.
1923.
1922.
$2,031,688 $1,994,932 $1,759,323
G ross earnings__________ $2,269,840
O per. exp., m a in t. & ta x . 1,342,249
1,299,260
1,366,339
1,151,680
I n t., am o rtizatio n chgs.
a nd re n ta ls __________
215,821
212,937
210,779
208,702
P referred d ividends___
88,299
76,942
75,000
75,000
C om m on dividends_____
255,000
203,458
143,222
120,000
B alance, s u rp lu s_______
x368,471
x239,091
199,592
203,941
x Before deduction of $246,666 re tirem e n t reserve in 1925 a n d $224,696
re tirem e n t reserve in 1924. D oes n o t include $11,337 n e t d ire c t cred its to
p ro fit a n d loss in 1925 a nd $11,136 in 1924.
Latest E arnings.-—C onsolidated earnings for 12 m os. e n d . J u n e 30:
1926.
1925. ’
G ross earn in g s__________________________________ $2,424,747 $2,125,755
N e t a fte r ta x e s _________________________________
990,940
813,673
In te re s t a nd re n ta ls _____________________________
219,479
213,325
A vailable for reserves, re tire m e n ts an d dividends
$771,461
$600,348
O F F IC E R S .— P res., Sam uel Ferguson; V .-P . & G en. M g r., V iggo E .
Bird; V .-P .. Tow nsend H . Soren; Sec. & T re a s., Jo h n E . L y n ch . V . 119,
p . 460; V . 120, p . 2400 V . 122, p . 747, 1025, 1308; V . 123, p . 1874.

NEW YORK NEW HAVEN & HARTFORD RAILWAY
(Trolley Lines).
T h e N ew Y ork N ew H a v en & H a rtfo rd 's in te re sts in tro lley lines have
been v ery extensive, u n d e r ah agreem ent reached w ith th e U . S. G overn­
m e n t in 1914 th e com pany pledged itself to dispose,,of th e sam e.

Oct., 1926

]

POWER, LIGHT AND RAILWAY

*T he In v estm en ts In th e tro lley com panies held b y th e N . Y . N . H . & H ..
w hich w ere to be disposed o f u n d e r th e decree of th e F e d e ra l C o u rt (d ate b y
w hich N ew H aven is to dispose o f th ese holdings was ex tended fro m y ear
to y e ar, la te st extension being to A p ril 1 1926), were as follows:
B erkshire S treet R y .
T h e V erm ont C o.
C o n n ecticu t C o.
Shore L ine E lectric R R . of N . Y .
New York & Stam ford R y .
* T h e R hode Islan d C o. was originally included in th is lis t, b u t th e stock
o f th a t com pany was sold on Sept 3 1920 a t public au ctio n — see th a t com ­
pany on su b seq u en t p a c e .
H ow ever, on N o v . 20 1925 F e d e ra l Ju d g e F ran cis A . W inslow of th e
D . S. C o u rt for th e S o u th ern D istric t o f N ew Y o rk en tered an o rd e r m odi­
fying th e decree of O ct. 17 1914 in th e following respects: T h e N ew Y ork
N ew H av en & H a rtfo rd R R . is relieved o f th e o b lig atio n to sell an y of th e
securities of th e N ew Y ork o r M assach u setts tro lley s. T h e tru s te e s, to
w hom was tra n sfe rre d th e c a p ita l sto ck o f th e C o n n ecticu t C o ., w ere
d irected to re tra n sfe r th e sto ck to th e R ailroad co m p an y . V . 121, p . 2635.
T h e N . Y . N . H . & H . also owns *4.984.938 of th e *5,005,250 sto ck of th e
N Y . W estchester & B oston R y ., an electricro ad , which it was under no obli­
g a tio n to dispose o f and w hich was to be developed as p a rt of the New H aven
sy ste m .— V. 99, p. 270, 604, 1125, 1210; V. 100. p. 642; V. 104, p . 2010;
V. 121. p. 2270. 2518. 2635.
T h e W estch ester S tre e t R R . C o. w as sold a t referee’s sale on J u ly 19 1926.
O F F IC E R S .— P res., E d w a rd J . P earso n ; V .-P s., E d w ard G . B uckland,
B en jam in C am p b ell, A rth u r P . R ussell and N a th a n ie l M . Rice; G en. M g r.,
J o h n A . D roege; G en. C ounsel, B enjam in I . Sprock; Sec., A rth u r E .
C la rk ; T re a s ., A ug u stu s S. M ay ; C o m p t., H o w ard S. P a lm e r.
C O N N EC T IC U T COMPANY.
Control Passes to Trustees.— On O ct. 27 1914 th e *40.000.000 c ap ita l stock
o f th is co. held b y New E n g lan d N avigation C o. was tra n sfe rre d to five
tru ste e s, p u rs u a n t to th e req u irem en ts of th e U . S . D e p t, of J u stic e . V . 99,
p . 1451. T h e N ew H aven C o. has bound itself to sell th e sto ck , a nd th e
tru ste e s were to use th e ir b est endeavor to com plete th e sale before J u ly 1
1919, b u t in M arch 1919 Ju d g e Ju liu s M . M ay er g ra n te d an extension
of tim e u n til J u ly 1 1921. V. 108. p. 1275
In April 1921 th e tim e was
again ex ten d ed b y order of th e Federal C o u rt, to Ju ly 1 1922. V . 112,
p . 1616. In M arch 1922 th e court fu rth e r extended th e tim e to April 1
1923. Sine *extended to April 1 1924. then to April 1 1925 and again to
A pril 1 1926. T h e tru stees are: Ju d g e W alter C . N oyes of Old Lym e,
L eonard M . D a g g ett of New H aven, C harles C heney of South M anchester,
M organ B. B rain ard of H artfo rd and C has. G . Sanford of B ridgeport. See
rem ark s u n d er N . Y . N . H . & H . R R . C o. above a n d Y. 98, p . 1000. 1245
See also below “ R e tu rn o f L in e.”
T h is is th e com pany which operates th e trolley lines In C onnecticut
controlled by th e N Y . N . H & H . and which form erly were com prised in
th e C onsolidated R ailw ay Co.
Return o f L in e to N . Y . N . B . c% H . R R .— See V . 112, p . 1977; com pare
V. 116, p . 720. On N o v . 21 1925 lines w ere re tu rn e d to N . Y . N . H . &
H a rtf. R R . See, for p a rtic u la rs, V . 121. p .2 6 3 6 . T h e *40,000,000 capital
sto ck o f th e co. to be tu rn e d over to N . Y . N . H . & H . R R ., see V . 121,
p 3003.
Operation o f Buses.— See V. 121, p . 1568.
O R G A N IZ A T IO N .— Inco rp . in C o n n ecticu t. E n tire *40,000.000 stock
and *1,000,000 deb en tu res owned by N ew H av en C o. J u n e 1 1907 began
o p eratin g th e lines com prising th e C onsolidated R ailw ay (merged in 1907
in th e N ew Y ork N ew H aven & H a rtfo rd ); Feb. 28 1910 purchased sub­
sta n tia lly all th e various s tre e t railw ay properties o f th e N . Y . N . H . &
H artfo rd in C o n n ecticu t
T h e following com panies h av e been absorbed o r a re leased or controlled:
B ranford Lighting & W ater C o. V. M iddletow n S tree t R y . V . 79, p . 268.
8 i , p . 155, 210.
*M ontville S tree t R y . V. 79, p . 268.
D anielson & N orw ich S tree t R y . N ew H av en S t. R y . V. 79, p . 989.
V. 79, p . 268.
N ew H av en & C en trev ille S tree t R y
C onn. R y . & Lighting C o.
V. 78 p . 989.
E . H a rtfo rd & G lasto n b u ry S t. R y . N ew H a v . & W . H a v en H orse R R .
F air H a v . & W estv . R R . V .78,p.989. ♦New London S t. R y . V . 79, p. 268.
F arm in g to n S tree t R y . V. 69, p. ♦N orwich S tree t R y . V . 79, p . 268.
„ 283; V. 89, p . 593, 1542.
♦ P u tn am & T h om pson S tree t R y .
G reenwich T ram . C o. V. 80, p . 118. Stafford Springs S tree t R y .
H a rt.M a n .& R o c k v .T .C o .V .8 2 ,p .2 8 0 Stam ford S tree t R y .
H artfo rd & M iddletow n S tree t R y .
T o rrin g . & W in. S t. R y . Y .85,p . 1463.
H artfo rd S tree t R y.
W allingford T ram w ay Co.
M eriden E lectric R y . V. 79, p . 268. W aterb u ry & P o m p eraug V al. S t.R y .
M eriden H orse R R . V. 79, p . 268. W est Shore R y . C o. V. 78, p . 989.
M eriden S outhington & C om pounce ♦W illim antic T rac . C o. V .81 .p .1176.
W inchester A ve. R R . V . 78, p . 989.
T ram w ay C o. V. 83, p . 1524.
* T hese roads w ere leased in 1912 to Shore Line E lectric R y ., w hich see.
This lease w as an n u lled by o rd er o f th e C o u rt in J a n . 1920 an d properties
were ta k e n over for o p eratio n by th e C o n n ecticu t C o. in A pril 1920.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
O perates 779.959 m iles of line (of w hich 490.834 miles are ow ned, 275.398
miles leased an d 4.564 m iles o p erated un d er track ag e rig h ts an d 9.163 oper­
a te d u n d e r agreem ent), serving th e following cities a n d tow ns: C ities
of N ew H av en , H a rtfo rd , B rid g ep o rt, W aterb u ry , N ew B ritain,
M eriden, M iddletow n, Stam ford, N orw alk, R ockville, D erby, Shel­
to n , A nsonia, N ew London, N orw ich, W illim antic, P u tn a m , and
th e tow ns of E a s t H av en , B ra n tfo rd , N o rth H av en , W allingford,
H am d en , O range, S o uthington, Plainville, F arm in g to n , P o rtla n d ,
M iddlefield, C rom w ell, R ocky H ill, W ethersfield, W est H a rtfo rd , B loom ­
field, W indsor, S taffo rd , E a s t H a rtfo rd , E a s t W in d so r, S outh W indsor.
M an ch ester, V ernon, G la sto n b u ry , G reenw ich, S tra tfo rd , M ilford, H u n t­
in g to n , F airfield , W e stp o rt, N o rw alk , D arien , N a u g a tu c k , W aterrow n,
M id d leb u ry , T h o m asto n , T o rrin g to n , W inchester, B eacon F alls, Seym our,
C heshire. N ew ington, W aterfo rd , M o n tv ille, U nicasville, T ham esville,
J e w e tt C ity , W auregan, D anielson, D ayville, E llio tt, S outh C o v en try ,
S outh W in d h am , G reenville, B altic, C en tra l V illage an d B erlin, C onn.
S ta n d a rd gauge. C ars o p erated Aug. 31 1926, 1,428 passenger a nd 308
freig h t, &c., cars; to ta l, 1,736. R ig h t to use one-m an cars in c ity of
N ew H av en , u p h e ld . V. 121, p . 705. U nder a decree O ct. 31 1925 by
C o n n ec tic u t P . U. Com m ission, co. was to ab an d o n 3 8 'A miles of stre e t
railw ay lines in W in d h am a n d N ew L ondon counties a n d s u b stitu te buses,
w hich w ere to serve th e tow ns o f T a fts, G rocendale, N orw ich, Thom pson,
P u tn a m . K illingly, P lain field , G risw old an d P resto n . See “ E lectric R ailw ay
J o u rn a l” of N o v . 7 1925; see also th is la tte r “J o u rn a l” o f N o v . 21 1925
a b o u t o th e r bus lines.
Fares.— See “ E lectric R ailw ay ” S u p p lem en t o f A pril 26 1924.
Supreme Court D ecision.— Decision o f S ta te Suprem e C o u rt holding th a t
th e co. m u st p ro te c t holders o f th e C onsolidated R y . C o .’s debentures
w ill be found in V . 109, p . 581. See also V. 109, p . 1527, a n d V . I l l , p .
990, u n d e r cap tio n “ N . Y . N . H . & H . R R .”
T h e N .Y . N . H . & H . R R . offered to exchange $100 o f its stock for *200
of c e rta in issues o f th e C onsol. R y . C o .’s d eb en tu res. See V . 82. p . 803,
an d V .83, p . 1037. $17,347,000 o f d eb en tu res hav e been so exchanged for
*8,673,500 N . Y . N . H . & H . R R . sto ck . T h e following shows th e details
for each issue of debentures:
Debentures o f The Consolidated Railway Company— A ll T ax F re e .
Ex. fo r Stk. or
Issued. Pur. & Cancel. Still Out.
Issue—
Authorized.
Ju ly 1’04, 50-yr.,4g J -J *5,000,000 *5,000,000
*745,000 a*4,255.000
1.691.000 o2,309,000
J a n . 2’05, 50-yr.,4g J - J
4,000,000
4,000,000
2.160.000 a l ,340,000
A pr. 1’05, 50-yr.,4g A-O 3,500.000 *3,500,000
J a n . 1’06, 50-yr.,4g J -J 10,000,000 *10,000,000
7.989.000 a 2 ,011,000
M ar. 1’07, 1 0-yr.,5% con. 15,000,000
5,000,000
5,000.000
______
T o ta l e x c h a n g e a b le ...$37,500,000 $27,500,000 *17,585,000
6Feb. 1 1905, 25-year,
now 4 g F-A see te x t) _ 1,000,000
1,000,000
28,000

*9,915,000
c972,000

T o ta l o f a ll__________ *38,500,000 *28,500,000 *17,613,000 *10,887,000
* G u aran teed , p rin . & in t., by N . Y . N . H . & H . R R ., b u t all of th e
above deb en tu res are a liab ility of th e N . Y . N . H . & H . R R . C o. under
m erger o f M ay 31 1907. a These a m o u n ts c an n o t be increased, as rem ain­
d er of issues has been cancelled. 6 N o t exchangeable for sto ck , c Includes
$185,350 held in treasu ry .
T h e d eb en tu res are in coupon form of $1,000 each an d fully registered
d eb en tu res of *10,000 each, w hich are non-interchangeable.
BO ND S—
Date.
Interest. Outstanding. M aturity.
E q u ip m e n t notes Series “ E ” __ 1922 5 A-O
*103,000 A pril 1932
E q u ip m en t no tes Series “ F ” __ 1923 6 J - J
187,500 Ju ly 1 1928
[U . S. S ecu rity T r . C o .. H a rtfo rd , C onn, tr
E q u ip m en t notes Series “ G ” _ f 1924
6 g J-D
270,000 J u n e 15 1929
1*1 000) n o t call_______ c * \U . S. S ecurity T r . C o., H a rtfo rd , C onn. t r .
G old d e b e n t u r e s ................... .. 1916
1,000,000
1919-22




51

Obligations o f The N . Y . N . J . & I I . RR. Co. Secured by M tge. o f S t. R y. P ro p .:
Wore & Conn East 1st M s f g j 1902 4 H g J - J
*477,000 Jan . 1 1948
$3,100,000 ($1,000 c * )___tf (Interest at N . Y . T ru s t C o ., trustee.
N H & Centerville 1st m tge___ 1893 5 g M -S
283,000 Sept. 1 1933
H artford Street R y , now/ 1900 4 g M -S
2,500.000 Sept 1 1930
1st mortgage $2,500.000{State Tre asury of Connecticut, trustee.
($1,000) g ___________ c* n tf 1 Interest at H artford.
H artford St R y deb “ M ” . . n t f 1900
4 J - J 15
165,000 Jan 11930
M e r South & C o m p 1st M g) 1898
5 g J -J
175,000 J u ly 1 1928
*200,000 ($1,000)___c * n tf )
Optional at 110 and interest.
m
callable at 110 since 1903- - j In t . at Equitable T ru s t C o ., N e w Y o r k . ^
Greenwich
T ra m w a y
first/ 1901
5 g J -J
319,000 J u ly 1 1931
mtge
*400,000
($1,000) {Interest at N ew Y o rk T ru s t C o ., N e w Y o r k .
g o ld _________________ c * n tf [State Tre a s u ry of Connectitut, trustee.
5 J -J
400,000 J u ly 1 1958
Stafford Spgs St R y 1st M g . t f ____
O bligations o f N . Y . N . H . A H . Co. N o t Secured by M tg e. on St. R y. P ro p ’s:
H rtf St R y deb Series “ M ’’._ 1900
4 M -S
*165,000 Jan . 1 1930
P on ds.— The C onsolidated R y. debentures are not subject to call. A ll
the debentures have printed on their face the statement that if a mortgage
is made on any or all of the com pany’s property which was owned on Ja n . 1
1905, except to renew existing mortgages, the debentures shall participate
in the security of such mortgage. Th e debentures are at present secured
under the terms and lien of the 1st & ref. mtge. of the N . Y . N . H . & H .
R R . C o ., dated D ec. 9 1920, br.t they are entitled to such security only
while and so long as they are not secured b y a mortgage as recited on the
face of each debenture. T h e debentures due In 1930 bore 3 % Interest
from Feb. 1 1905 for the first 5 years and 3 % for next 5 years. Fro m
Feb. 1 1915 to m atu rity bear 4 % . T h e y were Issued to pay for acquiring
the Berkshire St. R y . (V . 80, p. 471), which co. was subsequently acquired
by the N ew E n g l. I n v . & Security C o ., then in tu rn re-acquired b y the N . Y .
N . H . & H . T h e *3,500,000 debentures due A p ril 1 1955 were Issued to ac­
quire the H artford Street R y . T h e *10,000,000 debentures of Ja n . 1906
were issued to the N . Y . N . H . & H artford for advances.
O f the Worcester A Connecticut Eastern bonds, no more w ill be issued.
A sinking fu n d on these bonds commenced in 1908 of not to exceed 1 % of
bonds outstanding. Bonds cannot be called, but m ay be bought on a 3 %
basis or better, and kept alive for sinking fun d. See V . 75, p . 1204;
*525.000 in sinking fund not including am ount reported outstanding.
$990,000 held In treasury N ew Y o rk New Haven & H artford R R .
lip m en t notes, series E . are due serially $9 ,000 and $8,000 semi-annually
A] ii 1 and O ct. 1 respectively to A p ril 1 1932.
&,quip. notes Series “ F ” are due *50,000 semi-ann. Ja n . 1 1924 to Ja n . 1

1928, an d *37,500 J u ly 1 1928.

V . 116, p . 2992.

E q u ip , notes Series “ G ” are due serially *45,000 semi-annually June 15
and Dec. 16. Are exempt from State of Connecticut 4-m ill tax. In June
1924 *450,000 6 % equip, trust notes. Series “ G ,” were sold at 100 and int.
by Putnam & C o ., H artford. Co nn . V . 119. p. 196.
*1,000 additional Greenwich Tramway 1st mtge. are held in treasury of
N . Y . N. H. & H. RR.

E A R N IN G S .— O f C o n n ec tic u t Co. for calendar years
Operating
N et (after
Other
Interest,
Balance,
Revenue.
Taxes).
Incom e. Rentals, A c .
Surplus.
x l9 2 6 ________ $9,850,621 *1,492,150
$48,295
$986,896
$553,549
L925 _______ 14,522,177
2,306,662
50,758
1,491,946
865,474
1924................. 14,347.839
2,195.646
50,434
1,543.611
702,469
1923________ 14,717,233
2,467,107
62,618
1,504,478
1,025,247
1922
14.477.611
2,741,210
44,831
1,475,625
1,310,415
x E ig h t m onths ended A ug. 31 1926.
O F F IC E R S .— C hairm an of th e B oard; E . J . Pearson; P re s ., J . K .
Punderford: V .-P ., W alter J . Fliekinger; Sec. & T rea s.. E . T . C hapm an;
C o m p t., I . A . M ay; all of N ew H a v e n .— V . 120, p . 1325, 1881; V. 121,
p . 705, 1568, 2636, 3003; V. 122, 2189.
(1) C O N N EC T IC U T RAILW AY & L IG H T IN G CO.
O R G A N IZ A T IO N .—-Incorp. in C on n ecticu t J u ly 2 1895 as th e Gas
Supply C o. N am e changed to C on n ecticu t L ighting & Pow er C o. M arch 2
1899, a n d to presen t title J a n . 10 1901. C o. acquired a n d now owns
extensive tra c tio n , electric lig h t a n d pow er a n d gas properties operating
u n d e r p erp e rtu a l franchise in B ridgeport, G reenw ich, N orw alk, &c., C onn.
Leased for 999 years from 1906 to C onsolidated R y . C o., now th e N ew Y ork
N ew H av en & H a rtfo rd R R . T he s tre e t railw ay p roperties have been
su b let to th e C onnecticut C o., th e electric lig h t a n d pow er w ith th e gas
properties have been sublet to th e C onn ecticu t L ig h t & Pow er Co. T o tal
re n ta l is on a g ra d u a te d scale, increasing fro m 975,000 in 1907 to $1,400,000 in 1915 and th e re a fte r. O u t of th is re n ta l and o th er incom e co. pays
its in te re st a n d o th er charges an d 4 H % divs. on its com . a n d pref. stocks.
Interest. O utstanding. M aturity.
S T O C K A N D B O N D S—
Date.
C om m on stock ($100)_______ _____
Q -F 15
$8,977,200
See te x t
P ref 5% cum a fte r J a n 1 1904
($100) (reduced to 4% u n - • ____
Q -F 15
8,142,900
See te x t
d e r lease to N ew H av en Co
b u t Inc. to
in 1917)-J
4 H g J -J 10,622,000 J a n 1 1951
1st & re f *15,000,000 gold) 1901
($1,000) sinking f u n d .c * t f /I n t. a t E q u ita b le T r u s t C o ., N . Y . t tru s te e ,
5 J-J
209.000 J a n 1 1939
C o n n ec tic u t L tg & P o w _ n t f 1899
_
Bonds.— O f th e 1st & re f. m tg e . bonds, *209,000 re serv ed to re tire th e
p rio r bonds. T h e re m a in d e r was reserved fo r extensions o r b e tte rm e n ts,
b u t u n d e r lease to th e N ew H aven ro a d c an n o t be issued fo r a n y purpose
w ith o u t consent of lessee. V . 84, p . 507. S ta te m e n t to N ew Y o rk Stock
E xchange in V. 73, p . 852; also V . 79, p . 2745; also V . 85, p . 921.
B onds w ere form erly n o t s u b jec t to call, b u t on J u n e 23 1904 a supple­
m ental m ortgage was m ad e giving th e rig h t to call bonds on a n y in te re s t
d a te a t 105 an d in te re st a n d establishing a sinking fu n d o f M of 1% p e r a n ­
num on bonds ou tstan d in g ; bonds acquired b y th e sinking fu n d a re to be
k e p t alive an d b ear in te re st. In additio n to *10,622,000 o u tsta n d in g in
h ands of public, *2,635,000 bonds in sinking fu n d . B ondholders assenting
to th e supplem ental m ortgage h a d th e ir in te re s t g u a ra n te ed b y th e U nited
G as Im p ro v em en t C o. b y endorsem ent. See V. 79, p . 626, for form of
g u a ra n ty . Offer expired O ct. 1 1904 an d w as accepted b y *11,448,000 of
o u tsta n d in g bonds. See V. 83, p . 969.
D ividends.— In A ug. 1925, on th e com m on, 1 H % q u a r.; sam e ra te ( I n c a .
In A ug. 1925, on th e preferred, 1 H % q u a r.; sam e ra te since.
E A R N IN G S .— F or calendar years
Rentals A
In t. on
General
S in k .
D iviBalance,
In t. Rec’d. Bonds.
E xps.
F unds.
dends. S u r.A d ef.
D ec. 31 1925 -*1,459,851 $607,015
$8,553 $ 6 6 , 2 8 5
$ 7 7 0 ,4 0 4
62.755 *770,404
2,95*
D ec. 31 1924. 1,456,287 610.545
9,630
62.755
770,404
2.804
D ec. 31 1923- 1.456.287 610,545
9,617
D ec. 31 1922. 1.455,637 610,545
8.174
82.755
770,404
3,759
D ec. 31 1921. 1,455,867 610,545
10,748
62.755
770.404 s u r l , 4 1 5
D ec. 31 1920. 1,448,332 610,545
6,133
62.755
770,404 d e f 1,505
O F F IC E R S .— P res., R . A . C . Sm ith; V .-Ps., Lewis Lillie, W alto n C lark
a n d P a u l Thom pson; Sec., G . W . C urran; T re a s., I . W . M orris; A u d .,
E d w a rd P o rter. Office, N ew H a v en , C onn.— V. 84, p . 1366; V. 85, p . 921;
V . 86, p . 228; V . 106, p . 601; V . 107, p . 401.

(2 )

W

E

S

T

S

H

O

R

E

R

A

I L

W

A

Y

.

O R G A N IZ A T IO N .— O rganized D ec. .15 1893. L eased on D ec. 14 1895
to W inchester A ve. R R . for 99 years for in t. on bonds an d 5% div . on stock.
Lease assum ed F e b . 28 1910 b y th e C o n n ec tic u t C o ., w hich operates th e
p ro p e rty .
STO CK A ND B O ND S—
D ate.
Interest. O utstanding. M aturity.
Stock, *200,000 ($ 2 5 )--..............................................
*80,000
See te x t
R O A D .— Owns 7.42 miles of tra c k . S ta n d a rd gauge.— V . 107, p . 503.
O F F IC E R S .— P res., J . K . P u nderford; Sec. & T rea s., B . T . C h ap m an .

NEW YORK & STAMFORD RAILWAY CO.
On D ec. 31 1925 N . Y . N . H . & H . ow ned e n tire c ap ital stock an d th e
*218,432 notes a n d $678,000 bonds.
T h e N ew H aven C o. was to sell on or before Ju ly 1 1919, p u rsu a n t to th e
decree of th e U . S. G o v t., 5,000 shares o f th e stock a nd $678,000 bonds, b u t
in M arch 1919 Judge Ju liu s M . M ay er g ra n te d an extension o f tim e u n t i l
Ju ly 1 1921. A fu rth e r extension to A pril 1 1923 was g ra n te d . Since f u r ­
th e r e xtended to April 1 1924. th e n to A pril 1 1925 and again to A pr. 1 1926.
H ow ever, on N o v . 21 1925 th e tro lley lines of th e C o. wore ordered to
be re tu rn e d to N . Y . N . H . & H a rtfo rd R R . b y Federal Judge A . W inslow .
See Y. 121, p. 2638.
Lease.— In J a n . 1924 leased from th e C on n ecticu t C o. for 5 y ears, a t
*10,000 a year, track ag e in S tam ford, C o n n ., extending from S tam ford t«

* 7 ,5 9

52

PUBLIC UTILITIES

M lanus R ive r; trackage between M ianus R ive r and N ew Y o rk State line is
*ased from the N . Y . N . H . & H . R R . V . 118, p. 311.
O R G A N I Z A T I O N . — Chartered in N e w Y o rk on A ug. 3 1901 as a con­
solidation of P ort Chester Street R y . and Larchm ont Horse R y .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S —
Operates 25.609 miles of line (of which 14.928 miles are owned, 8.591
leased and 2.090 operated under trackage rig h ts), serving cities of Stam­
ford, C o n n ., and N e w Rochelle, N . Y . , and towns of Greenwich, C o n n .,
and R ye , P ort Chester, Harrison and Mam aroneck, N . Y . 44 passenger
and 7 other cars and 3 snow plowB.
S TO C K A N D BONDS—
D ate.
In terest. O utstan din g. M a tu rity .
Stock $500,000........................................................... . .
$500,000 In 1912, I X %

F irs t m tg e $450,000 ($1,000)1 1901

5 g A-O

426,000 O ct 1 1931

g o ld -------------------------------- c * n tf/ In t. at N e w Y o rk T ru s t C o ., N . Y . , trustee.
F irs t & ref mtge $2,000,0001 1908
4%
925,000 N o v 1958
g o ld ..................................... _ t /G u ar., p . & i., b y N . Y . N . H . & Hartford.
f
________
218,432 ___________
N Y & Stamford R y notes____ 1921
T o w n of Greenwich,Conn .n o te s ____
________
2,350/ Serially to
\ N o v 1930
E A R N I N G S . — F o r calendar years:
O perating
N e t (after
Other
In terest,
B a l..S u rp .
Revenue.
T axes).
Incom e. Rentals, A c .
or D ef.
1925.................. $517,950
$109,345
$856
$113,568
def.$3,368
1924----------------- 513,807
94,959
3,806
112,055
def.13,290
1923.................. 525,613
76,594
532
100,278
def.23,152
1 9 2 2 ................ 541,999
81,147
1,395
101,522
def.18,979
L atest E a rn in g s.— F o r 8 m o s. en d. A u g . 31

1926.
1925.
$293,511
$363,450
O perating rev e n u e ______________________________
N e t (after ta x e s)___________________________________ def45,486
88,891
O th er incom e___________________________________
1,736
526
In te re s t, re n ts, & c_________________________________
76,928
75,169
Ba'ance..................................................................................d ef120.677
su rl4 ,5 4 8
O F F IC E R S .— P res., L . S. M iller; V .-P ., L . S. Storrs: T rea s., A . S.
M a y ; Sec., A . E . C lark ; A u d ., C . L . N ag le.— V. 120, p . 1204, 1881, 2817;
V. 121, p . 2638; V. 122, p . 2192.

THE NORTHERN CONNECTICUT POWER CO.
O R G A N I Z A T I O N . — Incorp. in Connecticut in 1926 b y merger and
consolidation of the Northern Connecticut L ig h t and Power C o ., T h e Con­
necticut R ive r C o ., T h e Thom psonville W ater C o . and the Stafford Springs
Aqueduct C o ., V . 122, p. 1610.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
C om pany owns and operates public utilities, serving electric light and power
in the To w n s of South W indsor, East W indsor, Enfield, Somers, Suffield and
W indsor Locks and gas to W indsor and all of the above towns except Somers.
W ater is supplied in Thom pson ville, Stafford Springs, Enfield, Suffield
and Warehouse Point. Earnings are approxim ately divided as follows:
electric light and power, 6 8 % ; w ater, 1 8 % ; gas, 1 4 % . Population served
about 40,000. Franchises are w ith o ut tim e lim it.
S TO C K A N D BONDS.
D a te.
In terest.
O u tstan din g. M a tu rity .
Com m on 25,000 shs. (no p a r ) . ____
_________25,000shs.
___________
$6.50 cum . pref. 10,000 shs.
(no p a r )------------------------------------------------$6.50 Q
- J 10,000shs ___________
Underlying bonds (closed)__________
_________
$241,000
___________
1st mtge. & ref. gold bonds) 1926 5 H g M -S
2,100,000 M a r. 1 1946
($1,000-$500c*)__________ tfP r. & int. at E q u lt. T r . C o . of N . Y . , trustee.
Stock.-— T h e $6 50 cum . pref. is red. whole or pa rt on 30 days’, notice
at $105 per share and divs. Preferred as to assets to extent or $100.
Exe m p t from C o n n , property tax. In June 1926, J . G . W hite & C o ., In c .,
sold 10,000 shares at 98Pa and in t ., to yield about 6 .6 0 % . V . 122, p . 3454.
B on ds.— T h e 1st m tge. & refunding gold bonds, dated M arch 1 1926, are
secured b y a direct 1st mtge. on all of the fixed properties owned b y the
Oompany, subject only, as to the properties acquired from T h e Northern
Connect. L t . & Power C o ., to $241,000 (closed) division of bonds outstand­
ing. A dditional of this or other series m ay be issued against cash, or for
7 5 % of additions, & c ., provided net earnings for 12 out of preceding
15 months have been not less than I X times annual interest on all
funded debt outstanding, including new issue. M a y also be issued for
refunding purposes, par for par. A uthorized am ount unlim ited. There
Si a m ainten ance an d renew al fu n d of 12 K % of gross operating revenues.
R ed. whole or part at 105 and int. to and incl. M arch 1 1936, the premium
thereafter decreasing X % for each year or portion thereof. Penn, and
O onn. 4 mills, M arylan d 4 X mills, D is t. of C o l. 5 mills or Mass. 6 % taxes
refundable. In M arch 1925 J . G . W h ite & C o ., In c ., and E . H . Rollins ft
Sons offered $2,100,000 5 H % bonds, due M arch 1 1946 at 97/4 and in t.,
to yield 5 .7 1 % .
U nderlyin g B onds.— la addition to the $241,000 bonds there are $71,000
bonds in sinking fund and $13,000 held b y trustee for 1st mtge. & ref. bonds.
E A R N I N G S . — Consolidated earnings of constituent cos. for cal. years;
N e t after Interest A v a il, fo r D eprec.
Gross Taxes.
Requir. Fed. taxes & d ivs.
1925....................................... ........ $577,757 $267,866 $127,850
$140,016
1924------------------------------------------------- 575,113 249,198 ______
________
Latest Earnings. — F o r 12 mos. end. June 30 1926: Gross, $591,642;
net, before fixed charges, $216,308; net, after fixed charges, b u t before
deprec., Federal taxes and d iv s ., $158,343.
O F F I C E R S .-— Pres., W alter P . Schwabe, Thom psonville, C o n n .; V .-P s .,
J . D . W hite and L . N . F a rn u m ; Tre as. & Asst. Sec., J . A . T u rn h ill; Sec. &
Asst. Tre a s ., J . W . M offat; G en . A u d ., J . G . W hite M g t . C o . Office,
Thom psonville, C o n n .; N . Y . office, 37 W a ll St.— V . 122, p . 1610, 3454.

SHORE LINE ELECTRIC RR.

To be Dissolved.-— We have been officially informed tha t “ com pany is
dorm ant pending dissolution.”
W -jM eryer, & c.— For reference to merger w ith Westchester Street R R . and
N . Y . & Stamford R y . and disposition of securities, see latter co. above.
In A u g . 1920 the co. was ordered to show cause before Supreme Court
Justice Morehauser w h y it should not be dissolved. Y . I l l , p . 589.
W e were informed that dissolution was still pending C o u rt order.
O R G A N I Z A T I O N . — Incorp. in N e w Y o rk on D ec. 18 1909 to take over
the section of the Ta rry te w n W hite Plains & M am aroneck R y . (sold at
foreclosure) between Mam aroneck and Larchm ont, a distance of 1.46 miles.
Leased to Westchester Street R R . from J u ly 1 1913. Stock a u th ., $300,000
In A u g . 1913 the N ew Y o rk P . S. C o m m , authorized the N . Y . N . H . & H .
R R . to acquire ail the capital stock of the company to be authorized by
the Co m m ission— V . 97, p . 597; V . 107. p . 803; V . I l l , p. 589.
O F F I C E R S . — Pres., L . S. M ille r; V .-P ., F . M . Prentice; Sec. & Tre a s .,
A . E . C la rk ; A u d ., C . L . Nagle. Address of co., 481 M o rris Pa rk A v e .,
N . Y . C it y .

NEW YORK WESTCHESTER & BOSTON RY.
O n D ec. 31 1925 the N . Y . N . H . ft H . owned $4,984,938 stock.
O R G A N I Z A T I O N . — Incorp. June 8 1915 as a consolidation of the West­
chester N o rth ern R R . and the old N . Y W . ft B . R y . (See “ Electric R ail­
w a y ’’ Section for Sept. 1915). T h e franchise to operate in N . Y . C it y was
signed by M a y o r M cCle lla n on A ug. 2 1904. V . 79, p . 628. Lines from
180th S t.. New Y o rk , to N e w Rochelle and from M o u n t Vernon to W hite
Plains p u t in operation on M a y 29 and J u ly 1 1912, respectively, and from
H arlem R ive r to 180th S t., N e w Y o rk , on A ug. 3 1912. V . 94, p . 1508,
1627: V . 95. p . 48. 298.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
A n electric road. T o ta l miles of road operated, 24.86 miles. Line com­
mences at H arlem R iver Station of the N . Y . N . H . ft H . in N e w Y o rk , ex­
tending to 174th St. Jun ction, where the N . V . W . ft B . R y . diverges from
th e N e w Haven and on its own four tracks extending northerly to line of
N . Y . C it y , then through M o u n t Vernon to Colum bus A ve . Jun e., at which
p o in t the line diverges into tw o double-track lines, one extending through
M o u n t Vernon, P elh am and N e w Rochelle to Larchm ont and M am aroneck,
the other line ex ten d s from Colum bus A ve . Je t. to W h ite Plains, passing
through M o u n t V ernon, Eastchester, N e w Rochelle, Scarsdale and W h ite
Plains. See also V. 93, p .3 4 6 ; V . 79, p .5 0 1 ; V . 97, p . 1824; V. 106, p. 1689,
O n Sept. 8 1925 it was announced that the new County Transportation Co..
I n c ., would inaugurate 8 bus lines, which are planned as a nucleus of a
sy stem to serve all W estch ester C o u n ty , N . Y . , and will serve as feeders
for the N . Y . , Westchester ft Boston R y . V . 121, p . 1348.




[V ol. 123

S TO C K A N D BO ND S—
D a le.
In terest. O u tstan din g. M a tu rity .
Stock $6,000,000 ($100)................................................ .. $5,005,250 ___________
First mtge $60,000,000 go ld) 1911
4*4 J - J
22,190,000 J u ly 1 194$
Series 1 (see te xt)_______ tf / In t . on $ bds. in N . Y . ; on £ bds. in London.
D ue N Y N H & H R R Dec 31_ 1925
__________ 27,097,790 . ... ...............
B onds.— Remaining bonds are reserved for construction. P a r, c* $1,000,
or £200 and £100; r* $1,000 and m ultiples. Bonds of £200 or multiples
convertible into $ coupon bonds at $4 85 per £, w ith adjustm ent of interest
at current exchange rates. A n y series or not less than $5,000,000 of one
or more series redeemable on any in t. date at 110. G u a ra n ty T r u s t C o .,
N . Y . . trustee. Bonds are unconditionally gu ar., p . & i., b y endorsement
by N . Y . N . H . & H artford R R . See V . 93, p . 346. Bonds are listed
on N . Y . Stock Exchange. V . 94, p . 768.
E A R N I N G S . — F o r calendar years:
O perating N e t (.after
Other
In terest,
B alance,
D e fic it.
Revenue.
T axes).
Incom e. R e n ts .,A c .
1925----------$1,648,901 $372,175
$6,972 $2,041,947def$l ,672,801
1,963,790 def1,634,929
1924...................... 1,521.446
318,233
10,628
1,905,475
1,616,715
1923........................ 1,452,943
282,830
5,931
1922----------1,354,009
94.134
6.299
1,847.425
1.746.992
Latest E arnings. — F o r 8 m os. en d . A u g . 31:
1926.
1925.
$1,232,679 $1,077,948
Operating revenue_____ _______
N e t (after taxes)___________________________________
322,232
239,868
O the r income_____________________________________
5,303
4,408
Interest, rents, & c________________________________
1,427,415
1,358,086
Balance, deficit___________________________________ 1,099,880
1,113,808
O F F I C E R S . — Pres., Leverett S. M ille r, N . Y . ; V . - P . , E . J . Pearson
Tre a s ., A . S. M a y ; Sec., A . E . C la rk ; A u d ., C . L . N agle.— V . 121, p . 1348,
2752, 3004; V . 122, p . 1311, 1918, 2192, 2800: V . 123, p . 982.

DANBURY & BETHEL STREET RY.
Successor Company Formed. — C o ., which has been in the hands of receiver
since O c t. 30 1917 (for details see “ P . U . Co m p en dium ” of M a y 1 1926),
is to be succeeded b y D anbury (Conn.) Power & Transportation C o ., which
latter co. in Sept. 1926 was authorized b y C o n n . P . U . Comm ission to issue
$500,000 of 6 % bonds and 5,000 no par common shares, and was to purchase
the franchise and property rights of D a n b u ry & Bethel Street R y . T h e
new co. is to continue operation of a street railw ay and bus service, and is
further allowed to distribute electric power, h h e new co. is to deliver in
paym ent of the rights, properties of the old co. $400,000 1st m tge. bonds
and v irtu a lly the whole of the 5,000 common shares. N o further particulars
V . 123, p . 1874.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S —
O n ly street car com pany serving the c ity of D a n b u ry and town of Bethel.
Its lines also extend to the D a n b u ry F a ir Frounds and the pleasure resort
of Lake Kenosia. T ro lle y road In D a n b u ry , and from D a n b u ry to Bethel,
and to Lake Kenosia, 15.031 miles in all; sidings, & c., 1.044 miles; total,
16.075 miles. 42 passenger and 7 other cars. Standard gauge.
S TO C K A N D BONDS—
D a te .
In terest. O utstan din g L a st D iv .,A c .
Stock $623,000 (par $25)_____ ______
J -J
$320,000 J a n ’12, 2 %
First & ref mtge $600,000) 1913
5 g M -N
339.500 M a y 1 1943
($500 and $1,000) n s f . _c*/Int. at Am erican T r u s t C o ., Boston, trustee.
Consol mtge $300,000 gold) 1906
5 g M -N
100,000 M a y 1 1936
($500 and $1,000)-----------------/ In t. at Am erican T r u s t C o ., Boston, trustee.
Debenture bonds, $75,000) 1908
6 M -S
63,000 M a r 11918
($1,000 and $500)-------------- c / In t. at C it y National Bank of D a n b u ry .
Debenture bonds $ 1 5 0 ,0 0 0 --- 1911
6 J -J
86.000
Ja n 1 1921
7%
55.000
___________
Receivers’ certificates $60,000’ ____
B onds.— T h e 1908 debentures are redeemable at 105 on any interest date
after due notice. N either the $63,000 debentures due M a rc h 1 1918 nor
the $86,000 due Ja n . 1 1921 have been retired yet. O f the 5s of 1913,
$100,000 are reserved to retire a like am ount of consol. 5s and $150,000
for retirement of the tw o debenture issues.
In June 1925 owners and holders of undeposited consol, m tge. bonds,
dated M a y 1 1906, were requested to communicate w ith James E . Wheeler,
42 Church S t., N e w H aven , C o n n ., who had been appointed a committes
of the Superior C o u rt to sell, and has sold, at foreclosure sale, the property
of the com pany, and had in his hands funds belonging to certain of th#
above bondholders. V . 120. p . 2064.
D iv id e n d s .— In 1896-97. 4 % ; in 1897-98, 4 % ; in 1898-99, 2 % ; in 18991900, 1* 4 % ; in 1900-01, 1* 4 % ; in 1901-02, 3 % ; in 1902-03, 3 % ; in 1903-04.
1*4 % ; 1907 to 1911, 4 % ann.; in 1912. Ja n ., 2 % ; none since.
E A R N I N G S . — F o r calendar years:
G ross.
N e t.
B alance.
I n t. A T a x .
$30,952
def. $3,321
1923-------------- -------------------------- $190,397
$27,631
1922----------------------------------------- 182,025
def. 6,567
24,708
31,275
— V . 120, p . 86. 452, 3064.

GROTON & STONINGTON TRACTION CO.
O R G A N I Z A T I O N . — Organized early i n 1923 a n d
t o o k
o v e r
f r o m
t h
Shore Line Electric R y . C o . (see above) what was known a s
t h e G r o t o n
f t
Stonington D ivision and owns in fee the track from the ferry l a n d i n g
I n
Groton to the junction w ith the Connecticut C o . property i n N e w L o n d o n
and owns in equity the trackage from the ferry in G r o t o n
t h r o u g h
t o
t h e
Rhode Island State line in Stonington. V . 116, p. 616.
D efa u lt.— T h e com pany having failed to pay the interest due Ja n . 1 and
J u ly 1 1924 on its first mtge. 5% bonds, the following protective com m ittee
was formed:
Committee fo r F irst M tg e. 5s o f the Groton A Stonington S treet R y. Go.—
Clarence E . Thom pson, C . Royce Boss, P . Le R o y Harwood and Lucius K .
W h iton . Depositaries: National Tradesm en’s Bank & T r u s t C o ., N e w H a ­
ven, C o n n ., and W inth ro p T ru s t C o ., N ew London, C o n n .— V . 118, p . 311.
S TO C K A N D BONDS—
D a te.
In terest. O utstan din g. M a tu rity .
Capital stock_________________ _____
_________
$481,000 ___________
Groton & Ston St R y C o 1st) 1904
5 g J -J
476.000 J u ly 1 1924
mortgage gold $1,000)___c\Interest at International T r u s t G o ., Boston.
Groton & Ston T ra c t C o 1st) 1923
5
40,000 ___________
mortgage bonds___________ \
B on ds.— H ave n o
s in k i n g f u n d
R ju t a r e s u b je c t t o c a l l a t
a n Interest.— V . 116, p. 616; V . 118, p . 311.
d
E A R N I N G S . — F o r 6 m o s. en d . J u n e 30:
1925.
1926.
Operating revenues_________________________
$72,653
$78,922
JNet after taxes, but incl. other income_____
10,248
12,383
Bona interest_______________________________
12,875
12,875
Balance, deficit____________________________
492
2.627
O F F I C E R S . — Pres., R . W . Perkins; Sec., C . B . W hittlesey; Tre a s .,
E . A . H a rris . Office, 362 M a in S t., N o rw ich , C o nn .

NEW HAVEN SHORE LINE RY.
O R G A N I Z A T I O N . — Incorp. In Co nn . In 1923 and acquired that part
of the Shore Line E lectric R y . C o . (see above) from Saybrook, C o n n ., to
N ew H aven. C o n n ., and rehabilitated and commenced operation (J u ly 17
1923) on that part of the line between N ew H aven and G u ilfo rd . C o m ­
menced operating to Saybrook Sept. 1923. O n O ct. 25 1925 purchased the
Saybrook Valley bus line. F o r details see V . 121, p . 2157.
S TO C K A N D BONDS—
D a te.
Interest. O u tsta n d in g . M a tu rity .
$500,000 ___________
Capital stock $500,000 ($100)..............................
First mtge bonds $500,0001 1923
6 J -J
460,000 J u ly 1 1948
($100, $500 & $1,000)_____ (I n t . at U n io n N e w H aven T r . C o ., New
•
l H aven , trustee.
B on ds.— Callable since Ja n . 1 1924 on any in t. date at 105 and in t.—
V . 117, p. 1664, 1884, 2157.

HARTFORD & SPRINGFIELD COACH CO.
O R G A N I Z A T I O N . — In corp. on A u g . 10 1926 to take over the properties
rights, & c., of H artford & Springfield Street R y., sold at foreclosure on A u g
10 1926 to A rth u r L . L in n J r . , of N e w p o rt, R . I . , for $190,000. F o r
history of old co., see “ Pub lic U t ilit y Com pendium ” of M a y 1 1926, an
also V . 122, p . 882, 2494 and V . 123, p . 981, under heading “ H artfo rd &
Springfield Street R y . ” A ll of the railw ay property was dismantled and
scrapped and cars disposed of, the Coach C o . retaining the coaches, fran­
chises, buildings and real estate. T h e franchises are perpetual.

Oct., 1926.]




POWER, LIGHT AND RAILWAY

53

New England
Power System
A RESERVOIR OF POWER
INTO THIS RESERVOIR FLOWS the
product of New England’s richest natural
resource— Hydro-Power a n d the output of
its large tidewater steam plants.
THROUGH INTERCONNECTION there
is incorporated in this reservoir the com­
bined strength of the Central Station plants
of the Northeast, providing
N EW EN G LAN D ’S Industries and Homes
with a plentiful supply of reliable low-priced
energy— adequately supported by Reserve
Power.
GENERAL OFFICES

WORCESTER, MASS.

54:

PUBLIC UTILITIES

F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. Was to o p e ra te busses over th e s tre e t car lines form erly ru n b y H a rt­
ford & Springfield S tree t R y .
S T O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
'.Common (no p a r ) ___________ _____
_______ 8.000 shs. __________
7% p referred $250,000_______ ___
7
$250,000 __________
•15% '6s series A b o n d s_______ _____
_________
250,000 __________
lO S 'F IC E R S .— P re s ., A rth u r L. L inn J r . of N ew p o rt, R . I.; V .-P . &
M g r., A rth u r C . M arsh a ll, O rlando, F la .; Sec., A rth u r L . Shipm an, H a rt­
ford; T re a s ., D w ig h t A . Pierce, H a rtfo rd .— V . 123, p . 981.

HARTFORD & SPRINGFIELD STREET RY.
T h is co. w as sold a t foreclosure A ug. 10 1926 to A rth u r L . L inn J r ., of
N ew port, R . I ., for $190,000. O f th e p u rch ase price $25,000 w as to be
paid in cash to th e bond h o ld ers’ p ro te c tiv e com m ittee. I t was expected
th a t holders o f co .’s 1st m tg e. 5% g. b o nds, d u e Ju ly 1 1921, w ould receive
a b o u t $30 n e t on each $1,000 b o n d . V . 123, p . 981. See also H artford A
Springfield Coach Co. above.

NEW ENGLAND POWER ASSOCIATION.
O R G A N IZ A T IO N .— O rganized in M assach u setts J a n . 2 1926 as a
v o lu n tary association, la te r acq u irin g th ro u g h an exchange of securities the
assets of N ew E n g lan d C o. T h e co n tro lled p roperties a re th e following:
N ew E n g lan d Pow er Co.
T h e C o n n ecticu t R iv er Pow er C o. o f N ew H am pshire.
R h o d e Isla n d Pow er T ransm ission Co.
Bellows F alls Pow er Co.
F a ll M o u n tain Electric Co.
G ra fto n C o u n ty E lectric L ig h t & Pow er Co.
On possible p a rtic ip a tio n in 2,400,000 h .p . developm ent on th e St. Law ­
rence R iv er, see sta te m e n t re “ F ro n tie r C o rp .” elsewhere in th is publication.
In O ct. 1926 stockholders ra tified a n agreem ent to p u rch ase th e prop­
erties of C o n n ecticu t V alley L u m b er C o. to resell th e la tte r c o .’s tim ber
la n d s to a new co rp o ratio n , a n d to re ta in th e w ater rig h ts p erm ittin g th e
dev elo p m en t of 80,000 k .w . on th e u p p e r C onnecticut R iver. B y this
deal th e association also acquired th e lakes a t th e headw aters of C onnecticut
R iv er, vrhich will p rovide storage reservoirs o f 4 billion cu. ft. to be used for
increasing th e developm ent of pow er a t Bellows F alls a nd a t Vernon.
A ssociation was to p a y $1,000,000 cash a n d 95,239 com m on shares N . E .
Pow . Assoc’n , th e stock to be d eliverable in 5 annual in stallm en ts, 1927-31,
incl., or earlier in case of d evelopm ent o f F ifteen-M ile F a lls before 1931.
V. 123, p . 1997.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e ab o v e g roup o f com panies th ro u g h c o n tra c ts w ith large consum ers and
local u tilities su p p ly pow er to over 200 com m unities in th e N ew E ngland
S ta te s. Pow er is g en erated in six h ydro-electric p la n ts on th e D eerfield
R iv er, one hy d ro -electric p la n t on th e C o n n ecticu t R iv er a t V ernon, V t.,
a n d one steam s ta tio n a t U xbridge, M ass. T o ta l cap acity of these stations
is a b o u t 180,000 h .p . H ydro-electric p la n ts now u n d er c onstruction will
increase c a p a c ity to ap p ro x im ately 250,000 h .p . Tw o large reservoirs
on th e D eerfield R iv er, h av in g a storage c ap acity of 56,300,000 gallons,
im p o u n d en tire ru n -o ff d u rin g flood periods a n d equalize flow during year.
In ad d itio n c u rre n t (130,000 h .p .) is p u rch ased u n d er c o n tra c t w ith other
com panies. In sta lle d c ap a c ity o f 362,000 k .v .a . in tran sfo rm er statio n s
a n d 1,086 m iles o f high ten sio n tran sm issio n lines are ow ned. O u tp u t
1925
G en erated , 442,000,000 k .w .h .; p u rchased, 240,000,000; to ta l,
682,000,000 h .w .h .; a m o u n t sold, 596,000,000.
ST O C K A N D B O N D S—
Date.
Interest.
Outstanding. M aturity.
C om m on 700,000 shs. (no p a r ) ____
________ . x621,290 shs. ______
6% cum p re f $33,025.000__________
6
$25,133,400 ..............
N ew E n g l Co 30-year sec 6s
d u e 1952 (closed)__________ _____
6
2,750.000
1952
N ew E n g l Pow 1st 5s (closed) ( 1911
5 J -J
12.431,000 J u ly 1 1951
s f gold ($1,000 c * )_____tfV N ew E n g lan d T ru s t C o., B oston, T ru stee.
N ew E n g l Pow notes (closed) t f 1924
6 g F-A
1.757 000 F eb 1 1927
C onn R iver Pow er 1st m tg e _ 1907
_
1,543,000 Ju n e 1 1937
Bellows F alls Pow er coll tf
$665.000________________________
1942
577.000
G rafto n C o u n ty E l L t & Pow
1st m tge (closed)__________ _____
345.000
N ew E ngl Pow Co 6% cum
6,814,000
p re f $6,814,000_________________
♦Conn R iver Pow Co o f N H 6 %
714,000
cum p re f $1,200,000_______ _____
G rafto n Co E l L t & P o w Co
325,000
8% cum p re f $325,000__________
♦ In c lu d in g subscriptions.
Bonds.— T h e N ew Engl. Power Co. ls f mtge. due Ju ly 1 1951 h av e a sinking
fu n d to w hich 1 A % of all o u tsta n d in g bonds is paid a n n u ally on J u ly 1.
C all, w hole or p a r t for sinking fu n d a t 105 a n d in t. In Sept. 1923 B aker,
Y oung & C o ., B lodget & C o. a n d A rth u r P e rry & Co. offered $2,800,000 a t
9 6 H an d in t., to yield over 5 j£ % - V. 117, p . 1470.
T h e N ew Engl. Power Co. 6% coupon g. notes, due Feb. 1 1927, a re call, a t
101 on or before A ug. 1 1925; th e re a fte r a t 100 A - Iu F eb. 1924 B aker,
Y oung & C o ., B lodget & C o. a n d A rth u r P e rry & C o ., B oston, offered
$1,800,000 a t 99M an d in t., to yield a b o u t 6 .1 0 % . V. 118, p . 916.
D ividends.—-On com m on a n in itial d iv . o f 37 A c . was p aid in O ct. 1926.
V . 123, p . 1505.




[V ol. 123.

E A R N IN G S .— C onsolidated earnings fo r calendar years
Gross.
N et a ft. D epr. Total In t.
Balance.
1925 ----------------------------- $7,866,801
$3,062,528 $1,354,636 $1,707,892
1924 --------------------------- 7,173,395
2,512,312
1,382,813
1,129,499
1923 --------------------------- 7,468,330
2,075.479
1,042,452
1,033,027
1922 --------------------------- 5,880,436
1,983,335
955,894
1,027,441
1921 --------------------------- 5,412,780
1,461,043
893,690
567,353
E X E C U T IV E C O M M IT T E E .— F loyd L . C arlisle, M alcolm G . C hase.
A rchibald R . G rau stein a n d C harles A . Stone.
O F F IC E R S .— P res., H e n ry 1. H arrim an ; V .-P s., F lo y d L . C arlisle.
A rchibald R . G rau stein , F rederick S. P r a tt an d W illiam W . B rooks; T rea s.,
C arl S. H errm ann; Sec., R ich ard Y . F itzgerald; G en. M g r., Sam uel C .
M oore; A sst. T rea s., A rth u r E . Pope; A sst. Sec., F rederick J . D u n n .
C o rp o rate office 50 C ongress S t., B oston, M ass.; m an ag em en t office,
35 H ow ard S t., W orcester, M ass. V .p . 481,122, 8606; V .,p L 12. 1505,1997.

ANDROSCOGGIN WATER POWER CO.
O R G A N IZ A T IO N .— O rganized in 1925 in M ain e to acquire all of th e
w ater properties o f th e P e jepscot P a p e r C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o m p a n y ’s properties consist of real e sta te , w a te r pow er rig h ts, dam s,
rivers, im provem ents an d w ater pow er p la n ts . T h e re are th re e in d ep en d en t
developm ents, located a t Lisbon Falls, P ejepscot M ills and T o p sh am , M e.,
which extend a b o u t 10 m iles along th e Androscoggin R iver a n d a re estim ated
to provide a m axim um of 15,000 h .p . T h e w a ter pow er pro p erties will be
leased to th e P ejep sco t P a p e r C o. for a te rm extending beyond 1945. T h e
ren tals to be p aid b y P e jepscot P a p e r C o. a re s ta te d to be sufficient to pay
th e in te re st a n d sinking fu n d charges on th e $1,425,000 1st m tg e . bonds
due Aug. 1 1945 (see hereunder) as well as all o th e r charges a n d liabilities
of A ndroscoggin W ater Pow er C o. V . 121, p . 456.
B O N D S—
Date. Interest. O utstanding. M aturity.
1st M 20-yr 6% g (closed) $1,-1 1925 6 g F-A
$1,425,000 A ug 1 1945
500,000 ($1,000, $500c*) t f s / I n t . a t th e F irst N a t B an k of B oston, tru s t.
Bonds.— T h e 1st mtge. 6% gold bonds, due A u g . 1 1945, a re secured by
the rip a rian rig h ts a n d o th e r real pro p erties, &c., of th e co., a nd thro u g h
g u aran tee of p a y m e n t of p. i. and sink. fd. by th e Pejepscot P a p e r C o.,
which co. c ovenants th a t no m ortgage will be placed on its real p ro p e rty
during th e life of th ese bonds. A sinking fu n d , com m encing A ug. 1 1925,
is provided sufficient to re tire $75,000 each y e ar, p a y m e n ts to be deposited
m onthly, in a dvance, w ith tru s te e . B onds m a y be purchased or called
for th e sinking fu n d as a whole or p a rt, on 30 d a y s ’ notice a t 105 a n d in t.,
to an d incl. A ug. 1 1935; th e re a fte r to m a tu rity a t 100. plus A2 % for each
year or p a rt of th e unexpired te rm . A re callable w hole or p a r t as in d ic a ted
above for sinking fu n d purposes. M ass. 6% incom e ta x and a n y sim ilar
taxes th a t m a y be im posed in R hode Isla n d . V erm ont or N ew H am pshire
n o t in excess of 4-10 of 1% of th e p rin cip al, a re re fu n d a b le . In J u ly 1925
Bond & G oodw in, In c ., & c., offered $1,500,000 a t 9 9 'A a nd in t., to yield
over 6 % . V . 121, p . 456.
E A R N IN G S .— C o n so lid a te d earnings P e jepscot P a p e r C o. a nd A ndro
scoggin W ater P ow er C o.* fo r c a le n d a r y e a r 1925: N e t sales, $3,200,349
gross op e ra tin g p ro fit, $426,368; n e t a fte r gen ., adm in. & selling expense
$315,532: o th e r incom e, $46,726; o th e r charges, $15,889; n e t before in t
a nd sinking fu n d charges, $346,369.
* A ndroscoggin W ater Pow er C o. figures fro m A ug. 1 to D ec. 311925 only.
O F F IC E R S .— P res.. E dgar R ickard; V .-P ., & T re a s., E d w a rd M . Flesh;
Sec., H ow ard M . S m ith.

New England Power
A
ssociation
and

Subsidiary Companies
Securities
BO UGH T— SOLD— Q UO TED

B Y &Com
aker, oung
pany
50 Congress St.
BOSTON

Land Title Bldg.
PHIL A.

Oct., 1926.]

55

POWER, LIGHT AND RAILWAY

Middle and Middle Western
POWER, LIGHT AND RAILWAY

E A R N IN G S .— F o r calendar years
1924.
1925.
E a rn s, on stocks of sub. .
com panies ow ned___ $6,284,001
$4,944,205
M iscellaneous e arn in g s. 1,480,232
1,148,913
Tri-State Committee.— In O ct. 1925 a tri-S ta te co m m ittee w as nam ed by
th e G overnors o f N ew J ersy , N ew Y ork an d P e n n sy lv an ia to s tu d y tra n s ­
mission and control of electric pow er. Legislation is p lan ned, b u t S tates
will n o t a c t if Congress regulates in te r-S ta te pow er sales. V. 121, p. 2154.

AMERICAN LIGHT & TRACTION CO.
O R G A N IZ A T IO N — In co rp . in N . J . M ay 13 1901. V . 72, p . 724. 871.
087; V. 73, p . 235, a n d V. 75, p . 343. Am ong th e com panies affiliated
w ith Am. L t. & T r. C o. are:
M ilw aukee G as L ig h t C o ., G ran d R ap id s (M ich.) G as L ig h t C o ., M a d i­
son (W is.) G as & Elec. C o ., S t. Joseph (M o.) G as C o ., B in g ham ton (N . Y .)
G as W orks, D e tro it C ity G as C o.; San A ntonio P . S. C o. (V. 105, p . 390);
M uskegon (M ich.) T rac . & L tg . C o ., a n d R iv er R ouge C o. of D e tro it,
M ich .; S o u th T ex as P u b . Serv. C o. (San A n t.); G as Office C o ., D e tro it;
M uskegon H eig h ts (M ich.) G as C o.; L ak e Shore G as Co. (M il.); W est Allis
G as C o. (W is.); W au w ato sa G as C o. (W is.); M ilw aukee S u b u rb an G as Co.
(M ilw aukee). T h e C om al P o w er C o ., a su b sid iary , is co n stru ctin g a
new $3,000,000 steam electric generating p la n t n e ar New B raunfels, Texas.
V. 121, p . 196. R a te increase by St. Joseph G as Co. u p held. V. 121, p.
583. lia s re c e n tly sold Its in terests in St. P au l G as L ig h t C o., S outh St.
P a u l Gas & E lectric C o. a n d S t. C ro ix Pow er C o. to N o rth e rn S tates
Pow er C o. V. 122, p. 740.
N ew Directors Elected.— See Y . 122, p . 1606.
ST O C K A N D B O N D S .— Date. Interest. O utstanding. D ir Payable
C om m on $40,000,000 ($100)_______ ______ $34,811,100
See te x t
P f 6% c u m $25,000,000 ( $ 1 0 0 ) .------ 6 Q -F
14,236,200 N o v ’2 6 ,1 ^ %
D IV S . (% ) f ’05. ’06. ’07. ’08. ’09. *10.T 1-’19. ’20. 1921 to *Eeb ’25
•C o m .(cash )] 3>*
4 H 5 H 6>4 9
9 H 10 y ly . 7 3 4 yly . (Q-F)
4
♦do (stock) l . .
. . -- - 1214 10 10 y ly . 814 4 y ly . (Q-F)
* In M ay , Aug. and N ov. 1925 a n d Feb. '26 a q u a rte rly cash divid en d of
I H % was p aid dn com m on. Previously q u a rte rly d ividends of 1% in
cash a n d 1% in stock w ere p a id . V. 120, p . 1879. In M ay , A ug. a n d N ov.
1926 2% q u a r. a n d in ad d itio n in M a y 1926 an e x tra d iv. of 2 % . V . 122,
p . 2037; V. 123, p . 1872.
P ref. divs. hav e been paid reg u larly since org an izatio n .




1923.

1922.

$3,624,924
885.746

$3,636,335
1,276,201

Expenses a n d ta x e s.

. $7,764,233
400,299
s
40.204

$6,093,118
418,558
180,611

$4,510,670
301,016
300,611

$4,912,536
529,986
330,000

B alance, su rp lu s.

. $7,323,730
. 13,103,143

$5,493,949
10,977,786

$3,909,043
10,338,927

$4,052,550
9,462,317

$20,426,874 $16,471,735 $14,247,970 $13,514,867
P referred divid en d s___
854,172
854,172
854,172
854,172
C om m on cash dividends! 2,390,642
1,257,210
1,208,006
1,160,884
S tk . divs. on com . s tk ._
146
1.257.210
1,208,006
1.160,884
S urplus a n d re s e r v e ..$17,181,913 $13,103,143 $10,977,786
Earnings o f Subsidiaries for calendar years:
N et A fter
Fixed
Pref. D ivs. &
Total
Oper. Exp.
Charges,
Minor. Prop.
Revenue. Taxes & Ret.
Etc.
o f Surplus.
1925 ______$36,320,901 $10,308,242 $3,493,348
$530,892
1 924______ 33,171,062
8,473,105
3,164,252
364,648
Latest Earnings.— F o r 12 m os. Ju n e 30.
1926.
O perating revenue su b sid iary com panies_________ $35,632,087
E arnings on stocks of su b s________________________ $6,127,710
M iscellaneous earn in g s__________________________ 2,004,354
G ross earnings_____:__________________________ $8,132,064
N e t a fte r ta x e s__________________________________ 7,682,050
I n t. & d isct. on 6% n o te s________________________
______
T o ta l d ividends________________________________
4,160,546

$10,338,927
Bal. A vail,
for A m . Lt.
& L. Co.
$6,284,002
4,944,205
1925.
$34,256,522
$5,841,143
1,187,767
$7,028,910
6,614,304
100,509
3,296,759

A vailable for surplus & reserve________________ $3,521,504
$3,217,036
O F F IC E R S .— P res., A lanson P . L a th ro p ; V .-P ., W . F . D o u th irt; V .-P .
T reas. & Sec., Jam es Law rence; A sst. S ec.-T reas. & A u d .,T . M . Leahy;
A sst. Sec.-T reas., F . M . D ennis; A sst. Sec.-T reas., R . B . M a rtin . N ew
Y ork office, 120 B ro a d w a y — V. 120, p . 207, 697, 1088, 1455, 1879; V. 121,
p . 196. 583, 704, 2035, 2270, 3129; V. 122, p . 740, 1606, 2037, 2797; V. 123,
p . 708, 1872.

HUNDREDS of MILLIONS of DOLLARS
Are spent annually to supply facilities necessary
to meet the demand for Gas and Electric service

SAFEGUARDED
By proper equities, with established earning power,
and supervised as to issuance by rigid Governmental
regulation

PUBLIC UTILITY BONDS
Offer the highest type of Investment Securities
--------------o --------------

A population in excess of 2,600,000 is served by
Utilities affiliated with

A merican L ight & T raction Co
120 BROADWAY, NEW YORK CITY

56

PUBLIC UTILITIES

[ V ol . 123.

AMERICAN SUPER-POWER CORP.

CITIES SERVICE CO.

O R G A N I Z A T I O N A N D C H A R A C T E R O F B U S IN E S S .— Organized
in Delaware, O c t. 26 1923, with broad powers to acquire and hold securities
®f electric power and light companies, to construct, operate or lease power
stations and transmission lines and to act as fiscal agent for electric power
and light properties.
Corporation has acquired as diversified permanent investments common
stocks of a number or successful and progressive companies in the electric
light and power business. T h e prim ary source of its earnings is the d iv i­
dends on these stocks. In addition, it has received fees in connection with
the underwriting of offerings of additional stocks of certain of the companies
in which it is interested, and has sold at substantial profits certain of its
holdings. Com pany is fundam entally interested in the development of the
electric power and light industry as a whole, and is particularly interested
in the development through interconnection of large power systems along
so-called “ superpower” lines. I t does not aim , however, to control or
operate any of the companies In which it has an interest.
Corporation owns substantial interests in the following companies;
Public Service C o rp . of N . J .; Com m onwealth Power C o rp .; Electric Power
& L ig h t C o rp .; Southeastern Power & L ig h t C o .; United L ig h t & Power C o .;
M idd le West Utilities C o .; D etro it Edison C o .; Brooklyn Edison C o ., In c .;
Penn-Ohio Securities C o rp .; Electric Bond & Share Securities C o rp .
Southern California Edison C o .: Consolidated Gas, E le c. L t . & P ow . of
B a lt.; Am erican Gas & Elec. C o .: U nited Gas Im provem ent C o .; U nited
/ lla n . C o . of N e w H aven ; Am erican Power & L ig h t C o . I t also has
/mgs in several other companies. V. 120, p . 2398; V. 121, p . 1458.
JTO C K A N D BONDS—
D a te .
In terest. Outstanding .
M aturity.
« m C l A 600,000 shs (no p a r ) . ____ _______
173.000 sh s.
See te x t
C o m C l B 750,000 shs (no p a r ) . ____ _______
740,500 shs.
See te x t
1st pref 100,000 shs (no p a r ) . . ____ $ 6 Q - J
85,000 sh s. Ja n '2 6 $ 1 5 0
Part pref cum $7,500,000 ( $ 2 5 ) ____ See text
$4,853,175
See text
Option warrants____________________ ________
9,500 w arr.
Stocks.— T h e 1st p re f. sto ck is re d ., all o r p a rt, upon 60 days notice a t

M a n a g em en t. — T h e m a n a g em e n t of th e subsidiaries of C itie s Service C o.
is supervised b y H en ry L . D oherty & Co.
. O R G A N IZ A T IO N .— In c o rp . in D elaw are S ept. 2 1910 as a holding
com pany for stocks a n d bonds of electric light a nd pow er, n a tu ra l a n d a rti­
ficial gas, stea m heatin g , w a ter, electric railw ay a nd k in d re d p ro p e rties.
In N ov. 1924 C ities Service Pow er & L ig h t C o. acquired fro m C ities Service
C o. Its entire holdings of com m on stocks of electric pow er an d lig h t com ­
panies a nd s u b sta n tia lly a ll its holdings of com m on stocks o f gas d is trib ­
utin g a nd s tre e t railw ay com panies. C ities Service C o. ow ns o v e r 90%
of th e com m on stock o f C ities Service Pow er & L ig h t C o. V . 119, p . 2178.

$110 a n d d iv . I n case of d issolution o r liq u id atio n , w h eth er v o lu n ta ry
of in v o lu n ta ry , receives $100 a n d divs. before a n y p a y m e n ts are m ade to
a n y o th e r sto ck . N o v o tin g pow er except u p o n failu re to p a y 4 successive
q u a r. divs.
T h e p a rtic . p ref. sto ck b e a r s . cu m u lativ e dividends a t th e ra te of 7%
p er a n n u m , p a y ab le Q .-F . In a n y y ear in w hich m ore th a n $1 p e r share is
p a id on th e com m on sto ck , th e parcic. p ref. sto ck is e n title d to receive 1 %
a d d itio n a l (m aking a to ta l o f 8% for such y e ar). Is p referred as to assets
($25 a n d d iv s.) a n d divs. over com m on sto ck . R ed ., w hole or p a r t on 60
d a y s ’ notice a t $30 an d divs. Is no n -v o tin g . C lass A a n d class B com m on
sto ck s are alik e in all resp ects except th a t th e class B sto ck h a s th e sole
v o tin g pow er. T h e o p tio n w a rra n ts e n title d holders th e re o f to subscribe
for a like n u m b e r o f class B com m on sh ares a t $10 p e r sh are.
D ividends.— On th e 1st p ref. sto ck , J u ly an d O ct. 1925, p a id $1 50;
I n 1926, $1 50 q u a r. On th e p a rtic . p ref. sto ck , 1 % % q u a r. in N ov. 1925;
in F e b ., M a y a n d Aug. 1926 p a id 50c. An e x tra div. of 1% in N ov. 1925.
In 1926; F e b ., 2 % . V. 122, p . 346. On class A an d C lass B com m on in
N o v . 1925 a n a n n u al div. of $1 50 w as p a id , p ay ab le in p a rtic . pref. stock
to holders o f reco rd O ct. 15 1925. In A pril 1926 an in itia l cash d iv . of
30c. w as p a id on class A a n d class B stocks a n d reg u larly q u a rte rly since.
V. 122, p. 881. In ad d itio n p a id an e x tra d iv . e f 50c. in D ec. 1926, p a y ab le
in p a rtic ip a tin g p re f. stock.
E A R N IN G S .— F o r 12 m o n th s ended:
A ug. 31 ’26. A u g . 31 ’25.
Incom e fro m all sources___________________________ $3,704,235 $3,192,483
E x p en ses_____________________________________
T ax es, in clu d in g reserve for incom e ta x __________

$26,674
266,584

$18,118
291,895

B alance ap p licab le to d iv id en d s________________ $3,410,977
A n n u al d iv . req u irem en ts on 85,000 s h s . 1s t p f . s tk .
510,000

$2,882,470
______

B alan c e ______ : ___ ______________ - ____________$2,900,977
______
D IR E C T O R S .— W illiam W . B odine, B . C . C obb, G eorge E . H a rd y ,
A lfred L . Loom is, T h o m as N . M cC a rte r, Sidney Z. M itch ell, T . B.
M acau ley , W illiam Spencer M u rra y , G eorge R o b erts, H orace S. S c a rritt,
R ich ard Schaddelee, R a y P . S tev en s. H e n ry L. Stim son, L a ndon K ‘
T h o rn e, P e rc y S. Y ou n g .— V . 120, p . 1324, 2398, 3063, 3184; Y . 121, p .
1346, 1458; V . 122, p . 346, 881, 2797, 3336; V . 123, p . 2136.




F IE L D

O F O P E R A T IO N S A N D C H A R A C T E R

O F B U S I N E S S .—

C ities Service C o. has m ore th a n 100 subsidiaries w hich s tre tc h across th e
c o ntinent from A tlantic to th e P acific coast a n d fro m low er C an a d a in to
M exico. M ore th a n 60 of these com panies a re public utilities serving gas,
electric light, pow er a nd railw ay service, h e a t, ice an d w a te r to a p o p u la tio n
of m ore th a n 3,000,000 in over 600 com m unities, div id ed o v e r 17 S tates and
th e D om inion of C an a d a . T o ta l installed c a p a c ity of electric p la n ts over
670.000 h .p . O ver 40 com panies own n a tu ra l gas an d oil producing, tra n s ­
p o rtin g , sto rag e, refining, a n d m a rk e tin g pro p erties. T h e p rin cip al oil
p roperties produce d a ily a b o u t 25,000 barrels of c rude oil a n d o p e ra te m ore
th a n 900 m iles of p ipe lines a n d 8 refineries. A m ong th e m ore im p o rta n t
pub lic u tility com panies ow ned, d ire c tly or th ro u g h subsidiaries, are:
Ohio P u b lic Service C o., T oledo E dison C o ., P u b lic Service C o. of C olorado,
K ansas C ity G as C o ., E m p ire D is tric t E lectric C o. a n d S t. Jo sep h R y .,
L t., H t. & P r. C o.
C om pany also ow ns im p o rta n t buildings in th e business d is tric t of N ew
Y o rk C ity , viz.: N os. 60 a n d 62 W all S tree t, th e C hesebrough B uilding,
M aritim e B uilding a n d A nnex, a n d th e B a tte ry P a rk B uilding.
H e n ry L . D o h e rty & Co. closed in J u n e 1926 a c o n tra c t for exclusive oil
exploration covering 5,000,000 acres, or p ra c tic ally all of th e a rea having
oil possibilities in th e P rovince of N o v a Scotia, C a n a d a . P rev io u sly (in
1925) co. h ad secured b y c o n tra c t th e rig h ts to th e e n tire P rovince of P rin ce
E d w a rd Isla n d . In 1926 also co n tra c ted for th e exploration, rig h ts covering
th e isla n d of P ic to u , off th e N o v a S cotia co ast. V . 123, p . 81.
As of D ec. 31 1925, C ities Service C o. subsidiaries ow ned 320 m iles of
tra c k , 606 cars, 1,920 miles of artificial gas m ains (on 3-inch basis), 7,691
miles of n a tu ra l gas m ains, 1,933 gas wells, a n d 4,003 oil wells. D u rin g
1925 carried 76,165,319 passengers, sold 8,067,240,600 cu. ft. of artificial
gas, 64,389,149,000 cu. ft. of n a tu ra l gas a n d 1,212,541,098 k . w . hours
and produced 10,912,211 bbls. of oil
Sale o f Brush Electric Co. in M arch 1926 to G alvesto n -H o u sto n E lectric
C o. See th is la tte r co. Y. 122, p . 1309.
Acquires Lake Shore Power Co.— In Sept. 1926 a cquisition of L ake Shore
Pow er C o. a n d its su bsidiary T oledo & In d ia n a ln te ru r b a n w as re p o rte d .
T h e pro p erties w ere to com e u n d e r d irectio n of Toledo E dison C o. F or
o th e r acquisitions an d new constru ctio n , see V. 123, p . 1873.
C A P IT A L IZ A T IO N O F S U B S ID IA R Y C O M P A N IE S .— T h e following
table shows th e securities of th e su b sid iary com panies ow ned or controlled
by th e C ities Service C o. as of D ec. 31 1925 [par o f shares: a $100, 6 $50,
c $25, d $20, e $5 25, / $1, (/no p a r value, ft $5, i $10.}
-B onded D eb t-StockA m ount
C ities
Bonds
C ities
O utstan din g. Service Co. O utstan din g. Service Co.
$
$
$
%
A m erican E agle Oil C o ____
C 32.000
99.75

A tla n tic R e a lty C o rp _____
C arson P etro leu m C o _____
C arson P etrol C o (Tex) _
P e trn 11m p o rt & E x p t Co
•C e n tra l Ohio G as & E l Co
•C hesebrough B uilding Go
_
C ities F uel & Pow er C o _
A m erican Pipeline Co:__
E m p ire P ip e Line C o _
_
F ran k lin Co Pipeline Co
G u lf C oast C o rp _______
H olden E v a n s SS C o _
_

________
________
________

_________
_________

3,620,000
________
________
________
________
________
________

o l 0,000
100
e l , 942,950
100
c5,000 *100

e l ,7 0 0 ,0 0 0 xlOO
•2 ,5 0 0 ,0 0 0
99.916
99.942
• 1, 200,000

•10,000,000

Some corporations report to their stockholders once a year, some report
quarterly. Cities Service Company mails a concise earnings statement to its
stockholders every month. The Company has been doing this for 15 years.
Cities Service Company’s statements show that its earnings have been
steadily increasing for the last five years. The latest report (for August, 1926)
shows net earnings of $1,772,000, an increase of 38.5% over August, 1925.
Securities of the Cities Service organization provide an opportunity for
sharing in these unusually large and steadily increasing earnings. More than
235,000 investors, including trust companies, banks and insurance companies
are listed as owners of these securities.

H e n r v M

p b h e r ty

& C f c m p a i i y
6 0 W A L L S T > V -------- y l N E W Y O R K
B R A N C H E S IN \ ^ - A ^ > ^ R | N C I P A L CITIES

100

x99

625,000 xlOO
f l 00,000
X99.995
x96.15
6850,000
x99.95
a l , 000,000

Cities Service Company
R
eports 12 T es a Y
im
ear

We shall be glad to mail you a copy of the
latest Cities Service Earnings Statement and
also our illustrated booklet 20(7-8 which
tells the story of Cities Service and its 100
public utility and petroleum subsidiaries.

a 5 0 ,0 0 0

----------- Bonded D ebt-------A m ount
C ities
B onds
C ities
O u tstan din g. Service C . O utstan din g. Service Co.
$
%
$
%

Lagunita Oil C o ________
Preferred stock______
T a m p OU C o _________
National Petrol C o rp ___
N Y Sc N o rth Gas C o ___
M frs N a tu ra l C o , L td
Northwest N Y Gas C o
R e p u b lic L ,H & P C o
250,000
South Fuel & R ef C o ___
Cities Service Exp o rt O il Co
Cities Service O il C o (O hio)
405,000
Cities Service O il Storage Co
Cities Service Pow & L t C o 28,937,500
Preferred stock______
_________
A drian Street R y C o ___
75,000
Arkansas Valley Gas C o
yAthens Gas L t & Fuel C o
236,000
yAthens R y & Elec C o ___
867.900
Preferred stock______
Atlas Chemical C o _____
Bartlesville Gas & E l C o
680,000
Bristol Gas & Elec C o ._
481,000
zBrush Electric C o ______
1,277,666
Capital Gas & Elec C o _ . 1,206,066
Preferred stack______
C it y L ig h t & T ra c t C o . _ 2 , 020,000
Cumberland & W esternport Electric R y C o _ 655,000
D anbury & Bethel Gas Sc
Electric L ig h t C o ____
756.000
Preferred stock______
D urnam Pub Service C o 1,900,060
Preferred stock______
_________
Electric Bond Deposit C o
_________
Preferred stock______
_________
Ozark Pow & W a t C o 2,000,000
_________
Preferred stock____
Em pire D istrict Elec C o 5,688,000
Preferred stock______
Carthage Gas C o _____
99.500
Preferred stock____
W ebb C it y & C a rte rville Gas C o ________
145.000
Rremont Gas C o __________
41,000
Kansas C it y Gas C o ____ 2,415,000
Preferred stock______
. Knoxville Gas C o ______
'4 2 0 ,6 6 6
Preferred stock______
Lenawee C o Gas & E l C o
'3 8 6 .6 6 6
Ohio Public Service C o . 27,962,048
Preferred stock______
Public Service C o of Colo 36,966,300
Preferred stock______
_________
Cheyenne L ig h t, Fuel
& Power C o _______
_________
Boyd Lake Reservoir
& Irrigation C o ____
_________
Eastern Colo Power
Sc Irrigation C o ____
Preferred stock____
United H yd ro -E le c C o
128,500
Preferred stock____
Green&Clear Lakes Co
Pueblo Gas & Fuel C _
643,900
Preferred s to c k .. __
_________
8t Jo s e p h R y ,L , H & P C o 5,695,000
Preferred stock______
Spokane Gas Sc Fuel C o . 1,643,000
Preferred stock______
Sum m it C o u n ty Pow C o
*333:666
Toledo Beach C o _______
Toledo Casino C o ______
145,000
Toledo Ottaw a Beach Sc
N o rth ern R y C o _____
450,000
Toledo T r a c , L t Sc P r C o 8,533,000
Preferred stock______
Anchor Realty C o ____
_________
Toledo Edison C o ____ 19,565,406
Preferred stock____
_________
Toledo Suburb E l C o .
_________
Citizens L t & P r C o
_________
Preferred s to c k ..
---------------Watauga Power C o _____
300,000
Western D istributing Co
W yandotte C o Gas C o . . 1*548:666
Preferred stock______
Cities Service Refining C o . 2,425,000
Preferred stock_________
Cities Service R ef T r C o
" 180:546
Puritan Petrol C o _________
Cities Service T a n k L in e ..
769,005
Oities Service Tra nsp C o ._
669,125
Colom bian Petroleum C o .
Com pania
Colombiana
D el Petroleo_________
_________
Compania de Gas y C o m ­
bustible “ Im p e rio r,” S A
_________
Oia Em m e x de Petrol y Gas _________
Cla T e r m ’l " Im p e rio ,” S A
________
Ola de Terrenos Petroliferos
_________
“ Im p erio ,” S A _________
C olorado-W yom ing Gas C o
_________
Consol Cities L t P r & T r C o 10,000,000
C rew -Levick C o __________ 4,612,866
Preferred stock_________
_________
Warren C o m p a n y______
_________
•Dominion Gas C o _______
5,000.000
Brantford Gas C o ______
85,000
Dom inion N a tu ra l Gas
C o , L t d _____________
30,000
U nited Gas Cos, L t d ___
E m p ire G a s * F u e lC o (C o lo )
_________
Em pire Gas & Fuel C o (D e l) 55,245,300
Preferred stock_________
_________
Cities Serv Oil C o (D e l)
_________
Cities Serv Oil Co (111).
________
Cities Serv Oil C o , L t d .
_________
Cities Serv O il C o (W V a )
850,000
Consumers Gas C o _____
E m pire G asA FuelC o (M e)
Planet Petroleum C e .
Em plre Gas & Pipeline Co
Em pire Gasoline C o ____
Em pire N atural Gas C o .
Winfield N a t Gas C o .
Em pire Petroleum C o _ .
Em pire Refining C o (D e l)
784.000
Em pire Pipeline C o . .
Em pire Refineries, Inc
N ew Oil Processing Co _
Producers Refining Co
Preferred s t o c k ___
Star Oil Processing C o . .
F ifty -N in e Osage Oil Co
Indian Te rrito ry Illum i­
nating Oil C o ________
35,050
D elm ar Oil C o _______
462,775
Osage-ProducersGasCo
Pa whuska Oil Sc Gas C o
_________
Wester y Oil C o _____
_________
Kansas N atural Gas C o .
_________
M idland OU C o . . . .......... 1,349,200
Bteyner OU C o __________
_________




57

POWER, LIGHT AND RAILWAY

O c t ., 1926.]

a 600,000
* 100,000
*20,000
»595,000
* 10,000,000
*200,000
*99,600
*3.374,600
i695,000
*1074,100
*625,000
331,151
(7125,000
1 a 6 5 ,000,000
*10,000,000
*30,000
*150,000
*125,000
213.0001
*750,000
300,000
a 2,000,000
C443.550
*300,000
*2 ,000,000
(71,063,086
500,000
* 1,000,000

x99.975
X99.938
X99.833
x99.8b5
x99.91
xlOO
x99.93

6625,000

x93.832

1,600

11,000

x82.25
xlOO
xlOO
x94.932
xlOO
x99.65
xlOO
xlOO
x94.223
100
99.856
xlOO
92.498
00.44
X98.333
X99.533
x95.44
x99.18

C600.000
x99.954
400,000
*300,000
x99.7
300,000
x99.82
a l , 500.000
x90 99
1,500,000
a l , 500,000
x75.128
500,000 xlOO
*3,000,000
x99.95
2,861.200
alOO.OOO xlOO
100,000 xlOO
a300,000 xlOO
x70,867
a l3 7 ,3 0 0
a812,500
x63.668
x9.7
5.817.000
*300,000
X86.166
x2.7
100,000
1100.000 x99.97
*7,689,000
X99.976
10,294,100
a20,500,000
X99.989
7.102,759
a l , 500,000 xlOO
a400,000 xlOO
* 10,000
10,000
*200,000
200.000
a25,000
*300,000
402,300
*3,500.000
1,560,000
a 2,000,000
300,000
a500.000
c5,000
*4,000

xlOO
xlOO
xlOO
xlOO
xlOO
X99.833
xlOO
X95.117
x99.935
x90.56
x72.58
x98.5
x87.5

a l , 500,000
x99.967
*7,849,093
x98.343
6,723,025
X96.85
alO.OOO x95
*13,875,000
x97.849
8.716,000
(7500.000
x99.90
*75,000
x99.07
25,000 xlOO
x99.833
a300,000
a l7 5 ,0 0 0
x99.6
x67.52
*187,500
700,000
X20.385
57.76*7
356.500 g1,797,975
2,385,000
13.069
::::::::
(710,000 :*100
0100 xlOO
al.OOO,000
100
* 101,000
99.307
*5,000,000
74.51
*200,000 xlOO
6100,000
650,000
650,000
20,000

3,000

99.7
100
99.97

650.000
100
01,000
99.8
a254,100
98.386
*3.001,500
99.963
3,500,000
10 .
0250,000 xlO '
*3,000.000
99.983
*121,820
X86.620

*1.376.120
*300,000
a l ,700
*75,000,000
30,670,399
*800,000
* 1,000
a350,000
348,000
alOO.OOO
C60.000
* 1,000,000
* 100,000
a5,000
a 2 ,000,000
al0 ,5 7 4 ,0 0 0
alOO.OOO
a 2 ,000,000
* 10,000,000
a500,000
a 4 ,500,000
*1,750,000
*400,000
400,000
*375,000
/2 5 .0 00
/ 7 . 560,608
/ 10.000
/50.000
/250.000
/ 10,000
66,000,000
- *500,000
*178.000

x99.962
x96
100 •
99.994
74.15
xlOO
xlOO
xlOO
xlOO
xlOO
xlOO
xlOO
xlOO
xlOO
xlOO
xlOO
xlOO
xlOO
xlOO
xlOO
x80.00
xlOO
xlOO
xSO.OO
xlOO
x63.908
xlOO
xlOO
xlOO
x87.5
x99.7708
xlOO
xlOO

-B onded D eb t-StockBonds
C ities
A m ount
C ities
O utstan din g. Service Co. O utstan din g. Service C».

Em pire G as Sc Fuel C o, Inc
(K e n tu c k y ) ___________
E m pireG as& F uelC olO hio)
E m pire Leasing Sc D rill Co
E m pire Oil Sc G as C o, In c .
E m pire R efining Co (111). _
E m p ire R efining C o (M e ).
F ed eral G as C o __________
G as Service C o __________
H u tc h G as C o _________
N e w t G as C o __________
P itts G as C o .
W ichita G as C o ________
H . L . D . R ea lty C o rp ____
In te rs ta te Oil C o _________
K an-O kla G as C o ________
Lakeside C o nstruction C o .
L aw rence Co W a t L & C old
S torage C o ____________
P referred s to c k ________
N a tu ra l G as & Fuel C o r p ..
Oil W arehouse C o, In c ____
P o u d re Val G as C o _______
Sixty W all S tre e t________
•S o u th ern rtn t G as C o. L td
U nion Public Service C o . .
Preferred s to c k ________
Securities of sub co’s _
_
P referred s to c k ______
W estern O klahom a G as Sc
F uel C o _______________

* 100,000
*2 ,000.000

*1,000.000
*3.000.000
*500,000
*500.000
*80.400
O50.000
*550,000
*250.000
*500,000
*2,500.000
* 1 , 000,000
C442.775
*501.000
*10,000

64.000
5*56:666
250.000
430.000
2,500,000
566,66o
________
2,000,000
________
225,000

-------------

1,416:666

1,416:666

2,912,500
4.000.000
884,000

84,000

246,711

a250 000
100 000
0980 .726
*2 500
c75 000
al.OOO 000
a4.987 800

*200 .000
135 ,000

839 000
75, 000

*100.000

97.3
99.976
100
100
99.86
100

100

100
xlOO
xlOO
xlOO
xlOO
100
100
99.9
100
100
*66:663*
100
100
100

80.196
98.75
6.75

x98
99.5

T o t a l --------------------------256,845,554 19,570,651 342,097,403
* Securities s u b jec t to m o rtg ag e of C onsolidated C ities L ig h t, Pow er &
T ra c tio n Co.
x Owned b y C ities Service sub-holding com panies,
y Sold in Ju n e 1926 to S o u th eastern P ow er & L ig h t C o.
z Sold to G alv esto n -H o u sto n E lectric C o. in M arch 1926.
Sum m ary o f Capital Stock and Funded Debt o f Sub. Cos. as o f Dec. 31 1925.
Common
Preferred
Bonds and
Stock.
Stork.
Funded N otes.
O w ned dire c tly b y C ities Serv. C 0. S I 80,324,067 $26,627,721 $19,570,650
S ecurities ow ned b y su b -h o ld ’g cos 154,364,293 11,333,375
8,207,500
B onds an d fu n d s in sinking fu n d _
_
________
________
5,507,666
7,409,042 57,815,687 223,559,737
O u tstan d in g in h a n d s of p u b lic ____
T o ta l--------------------------------------- $342,097,402 $95,776,783 $256,845,553
N a tu ra l G as & F u e lC o rp . a n d H . L . D o h e rty & C o. sued in c o n nection
w ith oil p roperties pu rch ased in 1924. See V . 122, p . 3454, u n d e r heading
“ N a tu ra l G as & F u e l C o rp .”
STO CK AND B O N D S—
D a te.
In terest. O u tsta n d in g . D iv s .& M a tC om stockj($20) $400,000,000 ____
M o n th ly $78,093,020
See te x t
P re f stock 6 % cum ($100)
$150,000,000 ___________________
M o n th ly 97,034.908
See te x t
P f B B stk 6 % cum $60,000,000 ____
M o n th ly
P f B stk 6 % cum $40,000,000
3.582,852
(p a r $10)--------------------------- -------M o n th ly
4,165,073
See te x t
C onv 5% debs Series “ A ” _________
________
16,793 __________
C onv 7% debs Series “ B ” \ 1918
See te x t
_____ ______. 1 1966
100,270 J a n
(closed) go ld ------------- c * r_ tf/B a n k e rs T r u s t C o .. New Y ork, tru ste e .
C onv 7% debs Series “ D ” \ 1919
See te x t
13 981 420 J a n . 1 1966
$30,000,000 g o ld ._ c * & r.tf/N e w Y ork T ru s t C o ., New Y ork, tru ste e .
C o n v 8 % d e b s e r“ E ” g .c * & r_ tf 1922
See te x t
1,958,300 J a n . 11966
R ef. 6 % gold deb . bon d s) 1925
6 % M -N 24,865.000 J a n . 1 1966
($1,000-$500-$100c*)------t f / C h a t . P henix N a t. B k. & T r . C o ., T ru ste e .
B an k ers’ shares (par $10)____r
See te x t
x
8ee te x t
See te x t below
D ividend scrip ---------------------- -------x Included in com m on sto ck o u tsta n d in g .
Stock.— On N ov. 17 1919 an am endm ent was m ade to th e c h a rte r w hich
provides th a t th e com pany shall have th e rig h t to redeem its first pref.
stock, all or in p a rt, a t 112. Preference B a nd Preference BB stocks are
redeem able, all or in p a rt, a t 106. V. 109, p . 1990. All classes of sto ck are
listed on th e B oston Stock E xchange. V. 120, p . 85. On A pril 28 1925
stockholders v o ted to change th e p a r value of th e com m on stock from
$100 to $20 per sh are, each old share being exchangeable for 5 new shares.
C ities Service b a n k ers’ shares of $10 p ar value exchangeable tw o for one
sh are of th e new $20 p a r value com m on sto ck . V . 120, p . 2267.
In M a r. 1925 all of th e com m on cash an d com m on stock scrip dividends
w hich had theretofore been issued In lieu of cash a nd scrip w ere redeem ed,
th e re b y increasing th e a m o u n t of com m on stock o u tsta n d in g to approxi­
m a te ly $71,000,000. V . 120, p . 2267.
In M arch 1926 Pearsons, T a ft C o ., H e n ry L . D o h e rty & C o ., & c .,& c .,
offered 250,000 com m on shares (par $20), each share hav in g 1-5 of a v o te , a i
$42, in connection w ith conversion of c o nvertible d e b en tu re s. V . 122,
p . 1607. In Sept. 1926 P earsons, T a ft C o ., H . L . D o h e rty C o ., & c., sold
50,000 shs. 6 % cum . pref. sto ck a t m a rk e t.
D ividends.— D ivs. on th e pref. stock com m enced w ith th e d a te o f or­
ganization Sept. 2 1910 an d w ere paid m o n th ly a t th e ra te of 6 % p er an n u m
u n til A ug. 1 1914. D ivs. a t th e sam e ra te w ere resum ed on J a n . 1 1916
and th e accrued a ccum ulated divs. were paid In convertible d eb en tu res,
p ra c tic ally all of w hich have since been c o n v erted . C ash divs. p aid regu­
larly to and incl. Ju n e 1 1921. D ivs. w ere th e n paid in n o n-interest bearing
scrip u p to Sept. 1 1922, w hen cash divs. w ere resum ed. T h e scrip was
redeem ed either th ro u g h p a y m e n t in cash or conversion in to 8 % conv.
debentures “ E . ” V. 115, p . 649. Subsequent divs. of H of 1% m onthly
have been paid regularly in cash. An Initial div . of H of 1% was paid
J a n . 1 1920 on th e 6 % P reference B stock. Sam e ra te paid regularly to
and Incl. Ju n e 1921. D ivs. w ere th e n p aid In non-interest-bearing scrip
up to O ct. 1 1922. w hen cash divs. w ere resu m ed . T h e scrip was redeem ed
either thro u g h p a y m e n t in cash or conversion in to 8 % coftv. debentures
“ E . ” V . 114, p . 649, 873. S ubseq u en t divs. of H of 1% m o nthly have
been p aid regularly in cash. C ash divs. on com . stock began w ith th e d a te
of organization. S ept. 2 1910, a nd were p a id m o n th ly up to Aug. 11914 a t th e
following ra te s p e r an n u m : 3 % . 1910: 3 % , 1911: 4 % , 1912: 5 % , 1913; 6 % ,
1914, and w ere th e n suspended u n til J a n . 1 1916. a t w hich tim e a d istrib u ­
tion of 9% of convertible debentures w as m ade, and on Ju ly 1 1916 a fu rth e r
d istrib u tio n o f 3% o f convertible d eb en tu res. F rom th a t tim e to a nd
including Ju n e 1 1921, cash dividends w ere paid on the com m on stock a t th e
ra te of 6 % p e r a n n u m . D ividends w ere th e n paid In non-interest-bearing
scrip to M arch 1 1925, w hen m o n th ly cash dividends w ere resu m ed a t th e
r a te o f f t of 1% m o n th ly , an d com m on cash scrip was redeem ed in cash.
Y . 120, p . 451. On S ep t. 1 1916 a div . of 2% in com . sto ck w as p a id a n d on
D ec. 1 a d iv . of 4% in com . stock was p a id . D u rin g 1917 co. declared a
dividend of 6 % p a y ab le in com m on stock- in 1918, 9% in com m on stock,
a nd in 1919, 12% in com m on sto ck . T h e com pany p a id a d ividend of
1M % in com m on sto ck on F e b . 1 1920, placing th e d ividend a t a n a n n u al
ra te of 15 % . Stock dividends a t th is ra te w ere p aid regularly to a n d incl.
J u n e 1 1921. D iv idends w ere th e n p a id in no n -in terest-b earin g scrip a t
th e ra te of 15% p er a n n u m , to all com m on stock scrip w as c o n v erted in to
com m on sto ck . Y. 120, p . 451. In D ec. 1925 a re g u la r m o n th ly div.
of H % in cash a n d H % in com m on stock w as p a id . V. 121, p . 2037, 2519.
Sim ilar m o n th ly d ividends (of H % cash a n d H % in com m on stock) w ere
p a id in 1926 to an d including N ov. 1926.
D ivs. (cash) on “ B an k e rs’ S hares": In 1919, $4.11: in 1920, J a n ., 46.1c.;
F e b ., 55.9c.; M arch , 54.7c.; A pril, 50.2c.; M ay , 53.8c.; J u n e , 49e.; J u ly ,
46.2c.; A ug., 45.6c.; S e p t., 42c.; O ct., 40.75c.; N o v ., 41.5c.; D e c ., 43.5c.;
In 1921, J a n ., 39c.: F e b ., 34c., M arch, 3 6% c.; A pril, 35c.; M a y , 35c.;
Ju n e, 35.5c.; from Ju ly 1 1921 to F eb. 1 1925 dividends on B . S. w ere paid
in scrip a t th e ra te of 12H e . p a r value stock scrip an d 5c. in cash scrip per
share. On M ar 1 1925 all scrip was redeem ed an d cash dividends w ere
resum ed on b a n k ers’ shares as follows; M ar. 1925, 15 1c.; A pril, 15.1c.;
M ay, 13.75c.; J u n e . 14c.; Ju ly . 11.5c.; A ug.. H 6875c.: S e p t.. 14.84375c.;
O ct., 14.5725c., N ov. 1925, 14.40 25c.: D ec., 14.71S75c. Tn 1936: J a n .,
14.625c.; F e b ., 1 4 H c .; M arch , 14.625c.; A pril, 15.125c.; M a y , 15.0625c.;
Ju n e, 15.28125c.; J u ly , 15.125c.; A ug., 15.40625c.; S e p t., 15.375c.; O c t.,
16.09375c.
“ Bankers” Shares.” — T here w ere deposited w ith th e B a rk e rs T r u s t C o.,
N . Y ., 30,00u shares (par $100) of com. stock of th e co., a g ain st w hich were
issued 300,000 non-voting ctfs. know n as “ B ankers' S h a re s,” each sh are
representing l-1 0 th of a share of said com . sto ck . H olders o f th e B a n k e rs ’

58

PUBLIC UTILITIES

shares h ad th e rig h t to su rren d er th eir holdings an d receive th erefor 1 share
of com . sto ck ($100) for each 10 shares o f B an k e rs’ shares deposited p rio r to
Ju ly 1 1921. T h e sto ck divs. accruing to th e com . stock deposited w ere sold
each m o n th a n d th e proceeds, to g eth er w ith th e cash divs. on such stock,
paid th e holders o f these B an k ers’ shares each m o n th . Beginning Ju ly 1 1921
all d iv s. w ere p aid in scrip. A dditional shares m ay be issued a t th e option of
th e com pany or H . L . D o h erty & C o ., its fiscal ag en ts. V. 108, p. 881.
Convertible 7% Debentures, Series “ B.” — D enom . (1) coupon (c*) bonds,
$500 a n d $1,000, in t. J . & J .; (2) reg. bonds, $5,000, $1,000, $500 or $100,
In t. p ay ab le by check, a t b u y e r’s o p tio n , either m o n th ly , Q .-J., J . & J . or
an n u ally J a n . 1; (3) reg. bonds, $10 or m ultiples thereof, less th a n $100, in t.
pay ab le an n u ally J a n . 1. E ach $100 o f p rin cip al am o u n t is convertible, a t
th e o p tio n o f holder since J a n . 1 1920, on th e first day of an y m onth, in to
$80 p a r value of p ref. stock, and $20 p a r value of com. sto ck , tog eth er w ith
an a m o u n t of cash a n d stock equal to th e divs. p aid on an equal a m o u n t of
com . sto ck from J a n . 1 1918 to th e d a te of conversion, $3,348,020 are owned
by co. n o t in c l. in a m o u n t o u tsta n d in g . C a ll.. all or in p a rt, by lo t or by dis­
tin c tiv e n u m b ers a t 102 and in t. on 4 w eeks’ notice. If called for re d ., the
rig h t to co n v ert is carefully an d fully secured to holders eith er on redem p­
tion d a te , or a d a te a reasonable tim e prio r to such redem ption d a te which
mush be fixed by public n otice. I n t p ay ab le w ith o u t deduction of norm al
Federal Incom e ta x , V. 106, p. 1126; Y. 107, p. 607, 699. T his issue has
been closed. C o. redeem ed $600,000 series “ B ” on M arch 5 1926 a t 102
a n d in t. V . 122, p . 747.
Convertible 7% Debentures, Series “C ."— C o. called for redem ption on
M arch 5 1926 a t 102 and in t.: $3,000,000 Series “ C .” V. 122. p. 747. T he
en tire o u tsta n d in g balance was called for red em p tio n M a y 12 1926 a t 102
and in t. V . 122, p . 1607, 1761.
Convertible 7% Debentures, Series “D .”— D enom . (c*) $1,000 an d $500;
tn t., J . & D .; (r) $5,000, $1,000, $500. $100. $10 and m u ltip les of $10: in ­
terest p ay ab le by check m o n th ly except th a t on bonds of less th a n $100
principal a m o u n t, in te re st is p ay ab le an n u ally on Dec. 1 on ly . E a c h $1,000
principal a m o u n t is co n v ertib le since J a n . 1 1922 into $925 p a r value of
either 6% cum . preference B sto ck or 6% cum . preference BB stock a nd $75
par value com. sto ck , to g e th e r w ith th e a m o u n t of accu m u lated cash and
stock dividend on $75 p a r value com . stock after Dec. 1 1919 up to tim e of
conversion. A d d itio n al d eb en s. of th is issue m a y b e au th o rized u n d e r
certa in re stric tio n s. T h ro u g h o p e ra tio n o f an in v e stm en t fu n d th e re is
available for p u rch ase in th e open m a rk e t a t a price n o t exceeding 105 and
in t. for acco u n t and b en efit of ho ld ers o f these d eb en tu res, a sum each
m o n th eq u al to th e cash divs. paid on th e am o u n t of corn, stock in to w hich
th ese d eb en tu res are co n v ertib le. C a ll., all or in p a rt, a t 102 a n d in t.; w hen
called th e rig h t of holders to exercise th e ir privileges of conversion is secured
to th e m eith e r on th e re d e m p tio n d a te of a d a te a reasonable tim e p rio r to
such red em p tio n d a te , w hich m u st be fixed by published notice. In te re s t
ayable a t offices of H . L. D o h erty & C o., N ew Y ork, or co m pany’s offices
l L ondon, E n g . V. 109, p. 2174. $2,500,000 were sold in Ja n . 1925 b
Pearsons, T a ft C o ., C h ic., a t 9914, & in t., to yield over 7 % . V .120, p . 451
Convertible 8% Debentures, Series “E .”— D enom . (c*) $1,000. $500 and
$100. In t. M . & S.; (r) $1,000, $500. $100, $10 and m ultiples of $10.
In te re st p ay ab le by check m o n th ly , except th a t on bonds of $10 denom .
Interest is p ayable an n u ally . Are convertible a t any tim e, a t option of
holder, as follows: E ach $100 bond m ay be exchanged for $85 of C ities
Service p referen ce sto ck a n d $15 p a r valu e com m on sto ck , to g e th e r w ith
acu m u lated cash a n d sto ck dividends on $15 p a r value o f com m on stock
from d a te o f issue of th e d e b en tu re s u p to tim e of conversion. $3,210,300
ow ned b y co m p an y n o t in clu d ed in a m o u n t o u tsta n d in g . R ed . a t 115
du rin g firs t y e a r of life and a t a p rem iu m dim inishing 1% each six m onths
dow n to p a r, a t which price th e se d eb en tu res m ay be called for redem ption
a fte r 7 H y e ars. If called for re d e m p tio n , th e rig h t of holders to co n v ert is
carefu lly a n d fu lly secured to th e m eith e r on th e red em p tio n d a te , or a
d a te a t le a st 30 d a y s p rio r to th e red em p tio n d a te , w hich m u st be fixed by
published n o tice. V. 115, p . 649.
Refund 6% Gold Deben. Bonds.— C all, all o r p a r t on 30 d a y s ’ notice a t
104 & i n t . , in c l. M ay 1 1962, th e re a fte r a t 1 % less each y ear or p a rt thereof.
In te re st p ay ab le in N ew Y ork a n d C hicago. Penn. & C onn 4-inill ta x .
M ass incom e ta x up to 6 % , M ary lan d 4 'A m ill ta x a n d C alifornia tax up to
4 mills refu n d ab le
Sinking fu n d , $250,000 per an n u m , $62,500 qu arterly
beginning M ay 1 1926. In J a n . 1926 co. provided for an ad d itional sinking
fund of $250,000 p er an n u m , o p eratin g g u ar, a n d also beginning M a y 1 1926;
in J u n e 1926 pro v isio n w as m ad e for a n a d d itio n a l $125,000 p e r an n u m ,
op eratin g q u a rte rly $31,250 beginning A ug. 1 1926. P u rp o se of issue w as
to re tire d u rin g 1925 a t le a st $10,006,000 conv. debens. o f th e co. a nd (or)
fu n d ed d e b t of sub. cos. In ad d itio n , $15,000,000 conv. debens. w ere to
be re tired d u rin g 1926. A . B . L each & C o ., In c ., Fed eral Securities C o rp .,
H . M . B yllesby & C o. a n d P earso n s, T a ft C o ., sold in M a y 1925 $10,000,000 a t 9 i a n d in t., to yield a b o u t 6.6 5 % . V. 120, p. 2399. In J a n . 1926
th e sam e b an k ers offered $10,000,000 ad d itio n a l ref. 6% gold d eb en tu re
bonds, d ated M ay 1 1925, a t 93M a n d in t., to yield over 6.4 5% . V. 122.
p. 608. In J u n e 1926 th e sam e b a n k ers sold $5,000,000 ad d itio n a l bonds a t
93M & in t.. to yield over 6.4 5 % . V . 122, p . 3107. N o a d d itio n a l ref. 6%
g. d eb en . bond's or o th e r b o nus, n o tes, & c., m a tu rin g m ore th a n 1 y e ar
fro m th e d a te of issue th ereof, m a y be issued so long as an y ref. 6% g.
d eb en . bon d s are o u tsta n d in g unless n e t earnings for 12 o u t o f preceding 15
m o n th s h av e been a t least tw ice a n n u a l in te re st on en tire fu n d e d d e b t
o u tsta n d in g , including new issue.
Bonds o f Consolidated Cities Light. Power A Traction Co.— T hese bonds
rem ain o u t as a lien on th e securities pledged th erefor (see * in th e foregoing
tab le). T h e bonds are su b ject to call a t 105 on any in te re st d a y a nd are
g u a r., prin & in t., by th e C ities Service C o. On or before J a n . 1 th e
com pany will in each y ear eith er (1) p ay to sinking fu n d 1% of bonds ou t,
or (2) deliver to tru stees bonds of th e p resen t series e q u iv alent a t 105 and
in t. to th e ab o v e p ay m en t. All cash in sinking fu n d will be applied either (1)
for p u rch ase of th ese bonds a t or under 105, or call a t th a t figure; or (2) in
purchasing bonds of com panies whose stocks form p a rt o f secu rity for present
series. All bonds so purchased will be k e p t alive for sinking fu n d . $ 9 8 8 .500bonds in sinking fu n d . M ary lan d a n d P ennsylvania S ta te tax re fu n d e d
See also V 95, p . 679, 110; V. 103, p. 1983.

S

E A R N IN G S O F C IT IE S S E R V IC E C O .— E arnings calendar years;
Preferred N et for Com.
E xIn t. A Bond
D ividends. Stk. A Res’ve.
penses.
D iscount.
Gross.
1925............... $19,764,976 $775,729 $2,252,122 $5,240,029 $11,496,900
5,109,697
9,736,077
689,473
1,927,971
1924_______ 17,463,218
4,987,977
8,480,783
508,945
2,624,856
1923_______ 16,602,562
4,917,517
6,929,602
453,296
2,358,555
1922_______ 14,658,971
Combined Incom e Account o f Subsidiary C om panies.
Preferred A v a il, for Com
Interest
N et (after
Calendar
Gross
Charges. Dividends. Stk. A Res.
Taxes, die.)
Year— Earnings.
1925---$127.107.864 $40,248,615 $18,557,850 $8,070,202 $13,620,563
7,281,699 10.258.526
17,214.829
34,755,054
1 9 2 4 - .- 117,207,692
8.821,801
6,162.210
15,629,215
30,613,226
1 9 2 3 --- 109.982,157
7.302,414
5,796,492
14,490,575
27,589.481
1 9 2 2 --- 99,194,394
6,306,311
5,491,724
11,906,508
23,704,543
1 9 2 1 --- 85,128,432
Latest Earnings.— F o r 12 m os. ended Sept. 30 1926, gross, $23,029,845;
n e t earnings, $22,127,307; n e t to sto ck an d reserves, $19,501,781; n e t to
com m on sto ck an d reserves, $13,595,608.
O F F IC E R S .— P res., H . L . D o h erty ; V .-P s., T hom as I . C a rte r a nd E . H .
John sto n : Sec., P au l R. Jones; T rea s.. Louis F . M usil. N ew Y ork office.
60 W all St.— V. 121, p . 197, 329. 456. 584, 705, 838, 1099, 1227, 1460,
1788 2037, 2271, 2636, 2873, 3063; V. 122, p. 93, 346, 479, 608, 747, 881,
1025 1168 1607, 1761, 2189, 2372, 2322 2492, 3080, 3337, 3452; V . 123,
p . 81, 323, 453, 709, 1112, 1502, 1632, ,1873, 2137.

CITIES SERVICE POWER & LIGHT CO.
Control.— C ities Service C o. ow ns over 90% o f th e com m on stock.
O R G A N IZ A T IO N .— In co rp , in D elaw are N o v . 3 1924. H as acquired
from C ities Service C o. (see above) its en tire holdings of com . stocks of
electric pow er and lig h t cos. and su b sta n tia lly all its holdings of com . stocks
of gas d istrib u tin g and s tre e t railw ay com panies. B ru sh E lec tric C o. was
sold in M arch 1926 to G alv esto n -H o u sto n E lectric C o. A thens G as &
L ig h t & F u el C o. a n d A th en s R y . & E lec. C o. w ere sold in J u n e 1926 to
S o u th e a stern Pow er & L ig h t C o. Y . 121, p . 2873.




[V ol. 123.

F IE L D O F "O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .-T h e controlled cos. com prise a diversified group of public u tility operation*
in 16 S tates, serving a p o p ulation of m ore th a n 2,800.000 in over 350 com
m unities. A m ong th e larger cities served are Toledo, S and u sk y , W arren,
M assillon, E ly ria , L orain, A lliance a nd M ansfield, O .; D enver, B oulder,
Pueblo an d F t. Collins, C olo.; K ansas C ity , Jop lin , Sedalia a n d S t. Joseph,
M o ., a n d K ansas C ity and T opeka, K a n . T h e following com prise th e co.'s
6 m ajor operatin g groups:
T h e Ohio P ublic Service C o.
Toledo T ra c .. L t. & P r. C o. (Tol. E dison C o ., su b .).
Public Service C o. of C olorado.
K ansas C ity (M o.) G as C o.and W y an d o tte C o u n ty G as C o.
E m pire D istric t E lectric C o. (S outhw estern M isso u ri).
S t. Joseph (M o.) R y ., L t., H t. & Pow er Co.
F o r descriptions of a n um ber of these controlled properties see sep a ra te
sta te m e n ts below . A com plete list of subsidiary com panies is given under
“ C ities Service C o .”
T o ta l installed electric g e nerating c ap a c ity 501,980 k w .; to ta l gas g e n erat­
ing c ap a c ity (24 h rs.) 35,188,000 cu. f t.
ST O C K A N D B O N D S —
Date.
Interest. Outstanding. M aturity.
.............. $65,000,000
................
C om m on $65,000,000($1 0 0 )-............
7% cum p re f ($100) - _______ _____
7 m o n th ly 10,000,000
- _______
20-yr sec bonds series A ($100, f 1924
6 g M -N
24,437,500 N o v 11944
$500 & $1,000) g o ld _ c * tf (C e n tra l U nion T ru s t C o.. N . Y ., tru s te e .
_
6% 2-year unsecured n o te s______
6
4,500,000
1928
Stock.— O ver 90% of th e com m on stock o u tsta n d in g is ow ned b y C ities
Service Co.
T h e to ta l a u thorized pref. stock is $50,000,000, issuable in one or m ore
series. A dditional pref. stock of a ny series m ay n o t be issued, w hile any
of th e 7% cum . series is o u tsta n d in g , unless (a) for 12 o u t of 15 preceding
m onths n e t earnings of co. a nd its subsidiaries, a fte r depreciation a nd all
o th er charges prior to pref. div s., have been a t least 3 tim es a n n u al dividend
requirem ents on all th e pref. stock o u tsta n d in g , incl. the proposed issue,
a nd (b) for th e sam e period as in (a ), th e a nnual ra te of incom e paid in cash
of th e co. aftei all charges prior to pref. divs. (b u t n o t including u n d istrib u te d
earnings of su bsidiaries), have been a t least tw ice a n n u al dividend require­
m ents on all th e pref. stock of all series incl. th e new issue. In additio n ,
th e prior consent of holders of a t least 66 2-3% of th e pref. stock th e n o u t­
stan d in g has to be o b tained, as is also required in case of a proposed issuance
of pref. stock ran k in g prior to the 7% cum . pref. sto ck . P ref. stock has
voting pow er only in case of d efault in dividends in an am o u n t equal to one
y e a r’s full dividends.
T h e 7% cum . pref. stock is pref. over th e com m on stock as to cum . d ivs.,
a n d as to $100 assets and divs. in case of in v o lu n ta ry , a nd $110 and divs.
in case of v o luntary liq u id atio n . R ed., whole or p a rt, on 30 d a y s’ notice
a t $110 per share and divs. Listed on B oston Stock Exchange. V. 121,
p. 3003. In N ov. 1925 $10,000,000 7% cum . pref. were offered a t 9814
fla t, to yield over 7 % , by A . B . Leach & C o ., &c. V. 121, p . 2749.
A n a m o u n t of $5,000,000 7% 2nd pref. stock is held in tre a su ry .
Bonds.— T h e 20-yr. secured series A 6s are secured by pledge w ith the
tru s te e of an a m o u n t of pref. stocks of certa in cos. a nd of m ore th a n 95%
of the com . stocks of th e following cos. ('with th e exception of com . stocks
of K ansas C ity G as Co. and W y an d o tte C o u n ty G as C o., of w hich m ore
th a n 60% of each is pledged): Ohio Public Service C o .. T oledo T rac tio n
L ight & Pow er C o.. T h e Toledo Edison C o., su bsidiary. P ublic Service
C o. of C olorado, K ansas C ity (M o.) G as C o., W y an d o tte C o u n ty Gas
C o., E m pire D istric t E lectric C o., S t. Joseph (M o.) R ailw ay, L ight,
Heat. & Pow er Co. In additio n to these com m on stocks th e re has been
sim ilarly pledged w ith th e tru ste e (a) 97 % of th e pref. stock of Toledo
T rac tio n , L ight & Pow er C o.; (6) all of th e com . sto ck , ex cep t d irecto rs'
shares, of th e A tlas C hem ical C o., and (c) all of th e com . sto ck , except
d ire c to rs’ shares, and 99% of th e pref. sto ck of Electric B ond D eposit Co.
T h e operations of th e la tte r tw o cos. are su p p lem en ta ry to th e T oledo a nd
E m pire D istric t properties, respectively.
A d d ’l bonds of o th e r series, ran k in g equally w ith ser. A b onds, m ay btissued under su b sta n tia lly th e sam e restrictions as a bove, b u t only upon
pledged of a d d ’l collateral having a value of a t le a st 150% of th e principal
am o u n t of th e a d d ’l bonds proposed to be issued. B onds of o th e r series may
differ from ser. A bonds as to m a tu rity d a te s, in t. ra te s, re d e m p tio n , sink
fund, &c. U pon th e re tirem e n t of bonds of any series, otherw ise th a n
tltrough th e ser. A sink, fund or th ro u g h release of pledged co llateral, bonds
of an y o th e r series of like p rin . a m o u n t m ay be issued in s u b stitu tio n th erefo r
Ser. A Ponds have a sem i-ann. sink, fu n d beginning M ay 1 1925, to retire
each year 2 Yi % of ser. A bonds issued, by purchase if o b ta in a b le a t or below
102 and in t. to a nd incl. N ov. 1 1940, and th e re a fte r a t or below 101 and in t.,
unexpended balances rev ertin g to th e co. a t expiration of each six m onths
period. C all, all or in p a rt by lot, on a ny in t. d a te a t 105 and in t. on or
before N ov. 1 1928, w ith successive reductions in th e call price of 1 % during
each 4-year period th e r e a f te r . $562,500 h a v e been cancelled b y th e sinking
fu n d . Penna. 4-m ill ta x . M ass, incom e ta x u p to 6% an d M a ry lan d
4V£-mill secu rities ta x re fu n d a b le . In N o v . 1924, $20,000,000 series A
6s w ere offered b y D illon, R ead & C o., A . B . Leach < C o ., In c ., N ew Y ork,
&
a n d Federal Securities C o rp ., C hicago, a t 94 and in t. to yield a b o u t 6)4 % .
V. 119, p . 2178. In M a y 1926 th e sam e b ankers offered $5,000,000 Series A
(no add itio n al financing) a t 96 a nd in t., to yield over 6.3 5 % . V. 122, p.
2492. Series A are listed on N . Y . Stock E xchange. V . 122, p . 3080.
E A R N IN G S .—-C onsolidated earn in g s fo r c alen d a r years 1925:
G ross e arn in g s________ _________- _________________________ $48,705,988
O p erating expenses, m a in te n an c e a n d ta x e s __________________ x30,566,6l8
N e t e arn in g s______________________________________________$18,139,370
O th e r in c o m e _______________________________________________
956,149
T o ta l incom e______________________________________
In te re s t a n d bond d is c o u n t__________________________
D e p re cia tio n ________________________________________
M in o rity p referred d ivid en d s a n d p ro p o rtio n of surplus.
P referred d iv id e n d s__________________________________
C om m on d iv id e n d s__________________________________
M iscellaneous a d ju s tm e n ts ___________________________

$19,095,519
9,120,452
1,573,576
. 2,597,348
904,167
. 3,683,333
Cr.45.931

B alan ce, s u rp lu s _______ ____________________________ ______ $1,262,574
x In clu d es $804,521 F e d e ra l taxes.
Latest E arnings.— F o r 12 m o n th s ending M arch 31 1926: G orss, in c l.
o th e r incom e, $49,881,405; incom e a p p lic ab le to in te re s t charges of C ities
Serv. Pow . & L t. C o., $7,225,737.
O F F IC E R S .— P re s ., H e n ry L. D o h erty ; V .-P s., L . F . M u sil, W . A .
Jon es, J . M . M cM illin, F . R . C o ates, T . I . C a rte r; Sec., P . R . Jones;
T re a s., E . H . J o h n sto n ; G en. M g r., R . E . B u rg e r.— V. 119, p . 21781
V. 120. p . 2010; V. 121, p . 2749, 2873, 3003; V . 122, p . 2492. 3080; V . 123,
p . 1249.
C O M P A N IE S C O N T R O L L E D B Y C IT IE S S E R V IC E P O W E R &
L IG H T C O .
(1) W Y A N D O T T E C O U N T Y G A S C O .
In c o rp . in K an sas, N ov. 1908. D is trib u te s n a tu r a l gas to K a n sa s C ity
and R osedale, K a n s., serving a p o p u la tio n of a b o u t 110,000. C o. serves
21.965 custom ers; gas sales, 12 m os. ended J u n e 30 1925: 919,928,000 cu. f t.
Interest. O utstanding. M a tu rity .
ST O C K A N D B O N D S— Date.
_________
$187,500
________
C om m on $187,500 ($1 0 0 )------ -------6
300,000
________
1st cum p re f $112,500 ( $ 1 0 0 ) - - -----6
400,000
________
2nd cum pref $400,000 ( $ 1 0 0 ) - ----6g
1,548.000 N o v . 1 1930
1st m tg e 6s, $2,500,000 --------- 1908
Bonds.— T h e 1st m tge. 6s a re re d . a t 105. T h e re is no sin k in g fu n d
prov isio n .
E A R N IN G S .— F o r 12 m o n th s en d ed J u n e 30 1925:
$887,424
T o ta l revenue (including o th e r in c o m e )--------------------169,457
N e t a fte r m a in te n an c e a n d a ll ta x e s -------------------------96,333
I n te re s t------------------------------------------------------------------24,918
Sundry ad justments---------------------------------------------54,612
Appropriation for replacement-------------------------------45,000
Dividends-----------------------------------------------------------B alan c e , deficit.

$51,406

Oct., 1926.]

POWER, LIGHT AND RAILWAY

59

Interest. O utstanding. M aturity.
S T O C K A N D B O N D S—
Date.
(2) B A R T L E S V IL L E G A S & E L E C T R IC C O .
__________ $3,500,000
See te x t
C om sto ck $3,500,000 ($100)______
5 Q -J
1,560,000 O ct see text
O R G A N IZ A T IO N .— E n tire sto ck (except d ire c to rs’ shares) ow ned b y P re f sto ck 5% c u m u la tiv e / ____
$2,500,000 ($100)_______ \
C itie s Service Pow er & L ig h t C o. T h is com pany was form erly know n as
5 g M -N
5,000,000 N o v 1 1937
th e B artlesville In te ru rb a n K y . C o. N am e was changed to p re sen t title F irst m tge $5,000,000 gold) 1902
($ 1 ,0 0 0 )___________ c * c p t/I n te r e s t pay ab le in N ew Y ork.
on O ct. 1 1919. and p ro p e rty of B artlesville G as & Oil C o. was a cq u ire d .
5 g J-J
695,000 J u ly 11946
As of sam e d a te , com pany tran sferred its railw ay p ro p e rty to th e B artles­ 1st & re f m tge ($15,000,000)1 1916
gold ($100, $500, & $1,000) /In te r e s t p a y ab le in N ew Y o rk .
ville In te ru rb a n Co. (R ailw ay service discontinued Ju ly 15 1920. See
c * tfj
V. 110, p . 1860.) Co. su p p lies th e e n tire electric lig h t a n d pow er a n d
n a tu ra l gas re q u ire m e n ts of B artlesv ille, O kla., a n d v ic in ity , serving a
Bonds.— T h e 1st & re f. m tg e. bonds a re a first lien on th e in te ru rb an
po p u la tio n of a b o u t 23,000; 4,054 cu sto m ers: 3,425 k.w . g e n eratin g cap acity . line betw een S t. Joseph a n d S av an n ah , M o ., an d a general lien on rem aining
E lectric sales 12 m os. ended J u n e 30 1925: 3,796,877 k .w .h .; gas sales, p ro p e rty , su b jec t to $5,000,600 1st M . 5s, for re tire m e n t of w hich an equal
487,689,000 cu. f t.
a m o u n t of 1st & ref. 5s is reserv ed . A dditional bonds m ay be issued only
for 85% o f cost of a d d 'n s , e x ts., & c., u n d e r c o nservative re stric tio n s, o r for
ST O C K A N D B O N D S — D ate.
Interest. O utstanding. M a tu rity .
85% o f 1st M . bonds re tire d th ro u g h th e supplem ental sinking fund.
_________
$143,550 --------- - - - C om m on $443,550 ($ 25)__________
1st m t g e s f $1,5 0 0 ,0 0 0 _______ 1920 6 g
674,000 J a n . 1 1 947 Sinking fu n d , 1% of bonds o u t, for pu rch ase or re d . of bonds of th is issue
102 34, or of 1st
t
t option
Bonds.— T h e ls f mtge. s. f . a re re d . a t 102. T h ere is a sinking fu n d of a t n , acquisitions, Md.d bonds aim105; o r, ahile a n y of co., .2% for construc­
tio
a ’ns or
p ts. W
1st M bonds a re o u t­
1% a n n u a lly o f bonds o u ts ta n d in g D ec. 1 1920 to 1936, 2% th e re a fte r.
stan d in g , th e co. m u st p a y , as a su pplem ental sinking fu n d , an additional
1 % of th e a m o u n t of bonds of th a t issue o u tsta n d in g , to be applied as above
(3) C IT Y L IG H T & T R A C T IO N C O .
set fo rth , o r m a y expend in co n stru ctio n 1% of th e a m o u n t of th e bonds
O R G A N IZ A T IO N .— In c o rp . in J u ly 1912 in M issouri as successor to th e o u tsta n d in g . 1st & ref. M . bonds canceled in sink, fu n d b u t 1st M . kept
Sedalia L t. & T rac . C o ., sold a t foreclosure. V .9 5 .p .4 1 9 . See p la n under alive u n til all bonds have been deposited w ith th e tru s te e . F ir s t & ref.
Bedalia L t. & T rac . in V. 94. p. 1058. Purchased Sedalia Ice, L t. & Fuel Co. bonds a re re d . on a n y in t. d a te a t 102 34 an d in t. T ru ste e s a re B ankers
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— T ru s t C o ., N . Y ., an d M ississippi V alley T r u s t C o ., S t. L ouis. Legal
D oes, w ith o u t co m p etitio n , e n tire a rtific ia l g as, electric lig h t a n d pow er, in v e stm en t for M aine savings b a n k s. V . 103, p . 1302.
T ru stees for th e 1st M . bonds a re E q u ita b le T r u s t C o ., N . Y ., and
and electric ra ilw a y business in th e c ity o f Sedalia, M o .: also supplies a t
wholesale ele ctricity to a p u b lic u tility com pany serv in g 9 com m unities east M issouri Valley T r u s t C o .. S t. Joseph. B onds can n o t be called. V. 75
of Sedalia, a n d also m a n u fa c tu re s and sells ice. P o p u la tio n served over p . 1032. T h e 1st M . bonds a re listed on th e N ew York., P h iladelphia and
25,000. Owns and o p erates 8.3 m iles o f tra c k . 21 m o to r p ass, cars a nd Louisville stock exchanges.
6 trailers: 2 o th e r cars. S ta n d a rd gauge, 50 an d 70-lb. ra ils. H as stea m
D ividends.— 5% p e r a n n . has been re g u la rly p aid on pref. stock since
pow er p la n t w ith 4,000 k .w . cap acity . 51 m iles d is trib u tio n lines. H as O ct. 1902.
36 m iles o f gas m a in s.
E A R N IN G S .— F or calen d ar years
1925.
1924.
1923.
Franchises.— G as expires in 1946 (new fran ch ise w as g ra n te d J u n ,24
Gross earnings_____________________ $2,599,936 $2,485,423 $2,521,868
1926); electric in 1940, an d railw ay in 1940.
O perating expenses_________________ 1,837,164
1,858,846 1,922,735
ST O C K A N D B O N D S —
Date.
Interest. Outstanding. M aturity.
Com m on $1,000,000 ($100)________
_______
$1,000,000 ---------------N e t earnings for in t., deprec.. &c_.
$762,772
$626,577
$599,133
First m ortgage $2,5 0 0 ,0 0 0 / 1912 5 J-D
1,395.000 Ju n e 1 1952
B ond in te re s t______________________
284.750
284,750
284,779
gold sink fd ($100. $ 2 50,(I n t. a t office of co. o r H . L . D o h e rty & C o., O ther in te re s t______________________
178,714
179,099
162,056
$500. $1 .0 0 0 )_______ c * c p t| N . Y .; New Y ork T ru st C o .. N . Y ., and
l Sedalia T ru st C o ., Sedalia, M o ., tru ste e s.
N e t to stock an d reserves_________
$299,307
$162,727
$152,298
1-Y ear gold n o tes ($ 1 ,0 0 0 ./ 1926 5 M -D
700,000 M ay 31 ’27 P referred stock divid en d s______
78.000
78,000
$500 c ) ______________■ _ tf \F id e lity T ru s t C o. o f N . Y ., tru s te e .
_
N e t to com m on stock a n d re serv es.
$221,307
$84,727
______
Bonds.— Sinking fu n d of 1% of bonds o u t began Ju n e 1 1922: re d . a t 105
a n d in t. on 4 w eeks’ notice. A dditional bonds m ay be issued for 85%
O F F IC E R S .— P resid en t, H . L . D o h erty ; V .-P res. & G en. M g r.. S. B.
of im p rovem ents.
Irelan; Sec. & T rea s., F . R . H arrin g to n , S t. Jo se p h .—-V. 116, p . 78, 516.
T h e one-year 5% gold notes, dated J u n e 1 1926, are re d ., w hole or part*
a t a n y tim e on 30 d a y s’ notice a t 100)4 u n til D ec. 1 1926, an d th e re a fte r
(7; T O L E D O , O T T A W A B E A C H & N O R T H E R N R Y . C O .
u n til m a tu rity a t 100 % p lu s in t. in each case. In M ay 1926 H e n ry L.
O R G A N IZ A T IO N .— In c o rp . in Ohio on O ct. 27 1906 as a consolidation
D o h e rty & C o. offered $700,000 of th e se notes a t 100 a n d in t. V. 122,
of th e Toledo & P o in t P lace R y . C o. a nd O ttaw a B each & S outhern R y.
p . 2948.
Franchise expires in 1929. C ities Service Pow er & L ight Co. owns
O F F IC E R S .— P res., H . L . D o h erty : V .-P ., T . I . C arte r; V .-P ., G en. C o. 99%
th e
pan
$1,500,000
. a d o u tsta n d in g ) c ap ital
M g r. & T re a s., H . C . Feuers; Sec., A llen O ’B an n o n .— V . 121, p . 197; over all of of e o uco mn d iny ’s$450,000 1st(a u .th5% nbonds ($1,500,000 a u thstock
a nd
th
tsta
g
M
.)
V. 122, p . 2649, 2948.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B IISTN Fue —
(4) C U M B E R L A N D & W E S T E R N P O R T E L E C T R IC R Y .
O perates a n electric R y . betw een Toledo, O hio, an d Toledo B each, M ich.;
T his co. w as sold a t a tru s te e ’s sale J u ly 27 1926 to a com m ittee of b ond­ also o perates a bran ch line connecting T oledo w ith Point Place, o . holders for $50,000. A new co., Cumberland & Westernport Transit Co. plies energy for lig h t a nd pow er service along rig h t of w ay. 14.96 miles
(see V. 123, p. 1112, u n d e r th is la tte r co .), w ith W alter C . C apper, P a u l L. of tra c k : s ta n d a rd gauge 60 an d 70-lb. T rail; cars leased from C om m unity
H itch in s a n d F . B rooke W h itin g , o f C u m b erlan d , M d ., as in corporators, T ractio n C o.
w as to ta k e over an d carry on th e business of C u m b erlan d & W este rn p o rt
O F F IC E R S .— P re s ., F ra n k R . C oates: V .-P . & G en. M g r., C . L . P ro c to n
E lectric R y ., an d p la n n e d to o p erate stre e t cars as well as buses from Sec.. H . T . L e d b e tte r; T re a s ., A . O . V an D riesen.— V. 114. p . 1653.
N arrow s P a rk to W estern p o rt. T h e new co. w as to issue $5 div . pref.
(8) T O L E D O T R A C T I O N , L I G H T & P O W E R C O .
s to c k (3,930 shs. au thorized) in p a y m e n t o f franchises an d p ro p e rty of
th e predecessor co.
C ities Service Pow er & L ight Co. owns over 98% of th e outstan d in g
F o r h isto ry , &c., of C u m b erlan d & W este rn p o rt E lectric R y ., see “ P u b lic com m on an d over 96% of th e p referred stock. V. 103, p . 1119.
U tility C om pendium ” of M a y 1 1926 an d also V. 123, p . 580, 1112. This
O R G A N IZ A T IO N .— A holding co. In c o rp . in M ain e on J a n . 30 1913
la tte r co. operated bus lines an d an electric ra ilw a y b etw een C um berland,
E c k h a rt, F ro stlb u rg , Lonaconing an d W estern p o rt, a distance of a b o u t to acquire th e stock an d bonds of th e T oledo R y s. & L t. C o. (now Toledo
Edison C o.) in connection w ith th e re-organization of th a t com pany as
27 miles, a n d passed th ro u g h o th e r com m unities.
per plan in V. 95. p . 1040: V. 96. p . 361.
(5) D U RH A M P U B L IC S E R V IC E CO .
T h e Toledo T ra c tio n , L ig h t & Pow er C o. ow ns (a) $13,576,600 (over
O R G A N IZ A T IO N .— In co rp . in N . C . Ja n . 29 1901 as D u rh a m T rac tio n 97% ) Toledo E dison C o. com . stock; (6) $6,945,000 C o m m unity T raction
Oo. (nam e changed to p resen t title e arly in 1921). C ities Service Pow er & Co. first m tge. 6% bonds; (c) over 90% of C o m m unity T rac tio n Co. 8%
cum . pref. stock; (a) 4,995 shares com sto c k (no p a r) of th e Toledo Suburban
Light C o. owns over 99% o f th e com m on stock.
E lectric C o.; (e) $9,500 (95% ) com m on stock of th e A nchor R e a lty Co.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C om pany owns an d o p erates all th e stre e t railw ay lines a nd does an
ST O C K A N D B O N D S —
Date.
Interest. O utstanding. M aturity.
electric lig h t, pow er and artificial ice business in th e C ity of D u rh a m , C om m on $9,200,000 ($100)_ _____
_
$7,849,093
N . C ., a n d v icin ity . Also operates bu s lines. . P o p u latio n served, 35,000. P ref $8,000,000 ($100) 6% c u m ___
See te x t
6,723.025
11.11 m iles of tra c k : 22 passenger m o to r cars, 1 m otorservice a nd 1 o th er 5-yr sec g notes ($12,000,000/ 1925
534 J -J
$8,500,000 J u ly 15 1930
c a r. S ta n d a rd gauge. 60 lb . T . an d 80-lb. girder ra il. O verhead tro lley .
($1,000 a nd $500)____c * .tf /H a r ris T ru st & Savings B an k , C hicago, tru s.
ST O C K A N D B O N D S— Date.
Interest. Outstanding. M aturity.
N otes.— T h e 5-year 534 % secured gold notes are callable In whole or p a rt
C om m on $1,000,000 ( $ 1 0 0 ) - - - ____
_______
$300,000 - ................... on 30 d a y s’ notice a t 103 and in t. incl. Ju ly 15 1926, and 34 % less each year
Pref cum $2,000,000 ( $ 1 0 0 ) - - - ____
6-J
300.000 __________
th e re a fte r. A fter Ju ly 15 1929 a t 101 and in t. In te re s t payable in New
Ref. m tg e ser. “ A ” ($500 &/ 1924
7 g A-O
1,500,000 A pr 1 1949 Y ork or C hicago. P e n n . 4 m ill ta x , M ary lan d securities ta x up to 434
$1,000 & m ult) g _____c * tf/N e w Y o rk T ru st C o ., N ew Y ork, tru ste e .
m ills, C onn. 4 mills and M ass, incom e ta x up to 6% a re re fu n d a b le . Sink­
D u rh am T rac Co 1st M l 1901
5 g M -A 1
400,000 M ar 1 1941 ing fu n d n o t less th a n $200,000 per an n u m , sem i-a n n u ally , beginning F eb. 1
$400,000 lcum u(closed) / M a ry lan d T ru st C o ., B altim o re, tru ste e .
19-6, secured by $13,500,000 p a r value com m on stock or th e T oledo Edison
fol.OOOl n o t c all______c * tfj
C o ., &c. In Ju ly 1925, $8,500,000 w as sold a t 99 and in t., yielding 5.73% .
Bonds.— T h e ref. m tg e. 7% bon d s h av e an a n n u a l sinking fu n d beginning Listed on N ew Y ork Stock E xchange. V. 121. p . 201.
E A R N IN G S .— F o r calendar years:
A pr. 1 1925 of a sum equal to 1% o f th e larg est a m o u n t o f th ese bonds and
a n y underlying bonds o u tsta n d in g to be used for re tirem e n t of ref. m tge.
1925.
1924.
bonds o r underlying bonds by pu rch ase in th e m a rk e t or by call by lot.
$2,924,107 $2,330,434
Oo. m a y expend in a n y one y ear an a m o u n t equal to 2% of th e aggregate Expenses a nd taxes .
27,990
54,821
principal a m o u n t of such bonds for p e rm a n e n t im provem ents, ad d itio n s or
b e tte rm e n ts ag ain st w hich no bonds m a y be issued. Series “ A ” are
$2,896,117 $2,275,613
redeem able all or in p a r t on a n y in te re s t d a te on 60 d a y s’ notice to a nd In te re st funded d e b t_______
462,939
439.071
tael. A p r. 1 1929 a t 10734, th e re a fte r to a n d incl. A pr. 1 1934 a t 105, In te re s t o th er d e b t________
17.043
4,920
th e re a fte r to an incl. A p r. 1 1939 a t 10234. an d th ereafter a t 10234 less A m ortization d e b t d isc o u n t.
144,989
163,680
H of 1% for each y ear or p a rt th ereo f expired, plus in t. in each case.
P enna. 4 m ills ta x , M ary lan d 4 34 m ills tax a n d M ass. 6% ta x refu n d ab le.
$624,971
$607,671
In t. a t office or agency o f co. in N . Y . L isted on B oston Stock E xchange.
V. 119, p . 197. In A pril 1924 A. B. Leach & C o ., In c ., a n d P . W . C hap- N e t income applicable to dividends a n d re s e r v e s .. $2,271,146 $1,667,942
m and & C o .. In c ., offered $1,500,000 Ser. “ A ” 7% bonds a t 99/4 a n d in t.,
O F F IC E R S .— P res., H . L . D o h e rty ; V .-P s., F ra n k R . C oates and D ale
to yield over 7 % . V. 118, p 2185.
B . C arson; Sec., C . B . W edum ; T rea s., Louis F . M usil.— V. 120, p . 455
E A R N IN G S .— Y ear ended D ec. 31 1925, gross. $828,955; n e t, $272,627: V . 121, p . 201, 332; V. 122, p . 2498.
b o n d in t., $122,020: b a l., su r., $150,607.
(A) T O L E D O E D IS O N C O .
O F F IC E R S .— P res., H . L . D o h erty ; V .-P. & G en. M g r., R . L . Lindsey;
O R G A N IZ A T IO N .— C ontrolled b y T oledo T ra c ., L t. & Pow er C o.
V .-P ., T . I . C arte r; ^ec. & T rea s., A . W . G ra d y . Office, D u rh a m , N . C.
Incorp. J u ly 1 1901. N am e changed from Toledo R ys. & L ig h t C o. to
V. 122, p . 94.
p re s e n t/itle in O ct. 1921. a t w hich tim e th e new g enerating sta tio n and o th e r
p ro p e rty of the Acm e Pow er C o. was acquired. In 1924 acquired the
(6) S T . J O S E P H R A IL W A Y , L IG H T , H E A T & P O W E R C O .
D efiance Gas & E lectric C o ., th e Sw anton L ight & Pow er C o. an d th e HolC ities Service Pow er & L ig h t C o. ow ns over 95% o f th e com m on stock g ate L ight & Pow er C o. V. 118, p . 2837: V. 119. p . 335
a n d C ities Service C o. g u a ra n te es th e 5% d iv . on th e o u tsta n d in g pref. stock.
In O ct. 1925 com pany applied to Ohio P . U . C om m ission for a u th o rity
O R G A N IZ A T IO N .—d n e o rp . in M issouri on N o v . 8 1895 as a consolida­ to issue $1,290,000 5% bonds and $785,000 6% pref. stock, an d to purchase
tion o f th e S t. Joseph T rac tio n & L ighting C o ., P eo p le’s R y ., L ight & the properties of th e Toledo S uburban E lec. C o. for $55,510. V. 121 d .
1910.
Pow er C o ., C itizen s’ R y. Co , U nion R y . C o ., S t. Jo sep h & L ake R y. Co
In Sept. 1926 it was rep o rted th a t th e properties of Lake Shore Power Co.
and W y a tt P a rk R y. C o. In 1923 purchased all th e p ro p e rty of th e
a nd its subsidiary, th e Toledo A Ind ia n a Interurban, w hich h ad been
S av an n ah (M o.) E lectric L ig h t & Pow er Co. V. 116, p . 78.
acquired b
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— E dison Co.y C ities Service C o., w ere to come u n d e r d ire c tio n of Toledo
C o n tro ls th e e n tire electric lig h t a n d pow er an d c en tra l h e atin g business,
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
a n d owns and operates th e s tre e t railw ay system in S t. Joseph, M o. I t
also o p erates an in te ru rb an line betw een S t. Joseph an d S av an n ah , M o ., T he co. supplies w ith o u t com petition electric lig h t a nd pow er in T oledo and
and furnishes electric light a n d pow er service in S av an n ah . Sells energy sub u rb s, o p erates a c e n tra l sta tio n heating p la n t an d d is trib u te s b y -p ro d u ct
a t w holesale for d istrib u tio n in following com m unities: A gency, E a sto n , gas. W ith th e acquisition of th e properties of th e D efiance G as & E lectric
D e K alb , W ath en a (K a n .). A m azonia. C urzon, F o rest C ity , Bigelow and C o., th e Sw anton L ight & Pow er Co. and th e H olgate L ig h t & Pow er C o .,
O regon. O perates 50 passenger cars over 84 m iles of tra c k . G enerating Toledo E dison Service is now extended to th e com m unities of M aum ee,
p la n t cap acity , 22,600 k .w .; 23.28 miles o f p rim ary a n d 227.84 miles P errysburg, D efiance, Sw anton, G rand R apids, M cC lure, H olgate and
d istrib u tin g lines. Po p u latio n served a b o u t 88,000. P rincipal railw ay other com m unities extending practically 60 miles to th e sou th w est of Toledo.
franchises are p erp etu al; o th ers expire from 1935 to 1958. Franchise for P opulation served, approxim ately 375.000. T o tal installed generating
electric service un lim ited in p o in t o f tim e. Franchise for h e atin g service capacity of 133,455 k . w. T he Acme pow er p la n t, w ith a p re sen t installed
cap a c ity of 70,000 k . w ., is designed for a n ultim a te g enerating capacity
expires in 1944.
to 300.000 k. w .,
tu
D u rin g 1912 a c o n tra c t w as m ad e w ith th e K an sas C ity C lay C o u n ty & of from 200,000 k .w . of electric pow er fora nd is plannedvto be even C ally the
source of supply
d icinity.
S t. Jo sep h R y . (see u n d e r “ K an sas C ity ” ), u n d e r w hich th a t c o m p a n y ’s m ain serves over 80,000 electric custom ers, Toledo anto ta l connectedom pany
now
having a
load of
c ars from K ansas C ity a re o p e ra te d over th e tra c k s of th is com pany.
over 180,000 k . w. G as is d istributed to 13.000 custom ers a nd th e heating
Valuation.— E a rly in 1920 th e M o. P . S. C om m , fixed th e value of th e p la n ts supply over 700 custom ers. Franchises a re all unlim ited as to tim e
c o .’s holdings for ra te m aking purposes a t $5,800,000, while th e co. h eld a nd contain no burdensom e restrictions. On Feb. 1 1921 th e co m p a n y ’s
th a t $11,521,639 is th e fa ir v a lu a tio n . V . 110, p . 872. T h e co. a p l s tre et car lines in Toledo were ta k e n over for operation by th e C om m unity
p ealed.
T rac tio n Co. u n d e r th e te rm s of a 25-year service-at-cost fran ch ise. Toledo




60

PUBLIC UTILITIES

Edison C o . is supplying at wholesale under a long-term contract all power
required b y C o m m u n ity Tra ctio n C o . See .— V . llw b e lo 7 , p . 1774.

[ V ol . 123.

F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
A trolley road. Operates 55.77 miles of track from To ledo westerly to
B ry a n . Enters Toledo over tracks of C o m m u n ity Tra ctio n C o .

S TO C K A N D BONDS—
D ate.
Interest. O u tstan din g.
M aturity.
Com m on $15,000,000---------------------------------------------- $13,875,000 Sept ’25, 1 H
Preference 6 % c u m __________ ______
6
496,700
...................
Preference $25,000,000 7 % cum
($100) series A .
7%
5,867,800
M o n th ly
Prior pr<
— - pref $3,000,000 6 34%
cum Series B ($100)_________
6)4 %
None .......................
Prior pref $3,000,000 8 % cum
Series A ($100).
8 % Q -J
2,351.500 O c t '26, 2 %
1 s M (see text) gold $500 and 1921
t
7 g M -S 1 13,500.000 Sept 1 1941
1 s mtge “ series due 1947” ___■ 1921
t
5 g M -S
2,690,000 M a r 1 1947
$1,000 c* & $1,000 r * . . . t f (Bankers T ru s t C o ., N . Y . , trustee.
Toledo Gas Elec & H eat C o 1905
5 A -O
1,875.400 O c t 11935
mtge $2,500,000 ($1,000,-(Interest at Ohio Savings Bank & T r u s t C o .,
$500 and #100) not redeem. [ Toledo , tru s., or N a t. B k . of C o m m ., N . Y .
Defiance Gas & E l 1st M _____ __
5%
906,600 Sept 1 1942
Defiance Gas & E l 1st 1 & ref. .
7%
593,400 Sept 1 1942

S TO C K A N D BONDS—
D a te .
Stock 5,000 shares-----------------------------------

In terest.
Q -J

O u tsta n d in g .
5.000 shs

M a tu rity.
See text

D ivid en d s.— D ividends at the rate of 4 % per annum were paid to and
including D ec. 1916. N one since.
G ross. N e t a ft.T a x e s. O th .In c. F ixed C hgs.
1925______ ............$243,765
X
$23,276
$18,852
1924........... ------------ 291,244 def.24,092
X
X
1923______ ------------ 386,933
11,165
150
21,251
1922 _____ ------------ 372,429 def .36,784
—
22,087

B alance
$4,424
X

def .9.930
def .58,871

x N o t available.
O F F I C E R S . — Pres., Chas T . D e H ore; V . - P . , H . O . W arren; Sec. A
G en . Counsel, L e ro y E . Eastm an; Tre a s ., M a rio n M . M ille r.— V . 108, p.
1166: V . I l l , p . 390; V . 118, p . 2306, 2951; Y . 123, p . 1507.

Stock.— Prior pref. stock. Series “ A , ” re d ., all or pa rt, on any d iv . date
•n 30 days' notice at 115 and divs. Co m p an y is required to retire on each
d iv. date since A p ril 1 1922 at least 1 % of the largest am ount of Series A
prior pref. stock at any one time outstanding, if stock is tendered up to
$105 a share. $148,500 has been retired. T h e 7 % preference stock, Series
“ A , ” is red., all or pa rt, on any d iv . date on 30 days’ notice at 110 & divs.
V . 116, p. 1907. $1,500,000 7 % pref. stock. Series “ A , ” was offered in
A ug. 1924 b y H e n ry L . D o h e rty & C o . at 98 and d iv ., to yield about 7 .1 4 % .
$13,573,700 common stock is owned b y Toledo T r a c ., L t . & Power C o .

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A ll the common stock except directors' shares owned b y Cities Service
Power & L ig h t C o .
O R G A N I Z A T I O N . — Incorp. in Ohio O c t. 11 1921 and acquired the
property of a num ber of public u tility cos. operating in that State. In
1924 acquired the properties of the Sandusky Gas & Electric C o ., the P ort
C lin to n Electric L ig h t & Power C o ., Northwestern O hio R y . & Power C o .
and the Central Ohio Gas C o . In June 1925 acquired the prop erty of the
Marblehead Power C o . V . 121. p . 200.

O n Sept. 18 1925 stockholders increased the authorized preference stock
from 100,000 to 250,000 shares (par $100), to carry either a 7 % or 6 )4 %
dividend. V . 121. p . 1349, 1680.
B on ds. — 1st m tg e. b onds m ay be issued in d ifferen t series, h aving such in ­
te re st ra te s , & c., as d irecto rs shall d eterm in e. A d d 'l bonds m ay be issued
for 75% o f c o st o f p e rm a n e n t ad d itio n s & c., un d er certa in restrictio n s.
B onds m a y also be issued to refu n d an equal a m o u n t o f an y o th e r series s a
whole o r to re fu n d divisional bonds. A sin kin g fu n d of 1% p. a . of th e
o u tsta n d in g 1st m tg e. bonds, p ay ab le s .-a ., began S ep t. 1 1922, to be
used to re tire 1st m tg e. bonds if p u rch asab le a t or below 103 and in t. If
n o t so p u rch asab le, such fu n d s m u st be used to acq u ire p ro p e rty which
m ig h t otherw ise be m ad e th e basis for th e issuance of bonds. T h e inden­
tu re fu rth e r p rovides th a t, in itially , am o u n ts to ta lin g 12% o f th e gross oper.
revenue fro m th e electric d e p t., 10% of th a t fro m th e gas d e p t., a nd 25%
of t h a t fro m th e h eatin g d e p t, shall be e ith e r expended or a p p ro p ria te d from
each y e a r’s earnings for m ain ten an ce an d replacem ents. T h e 7 % bonds due
1941 a re callable a t 110 a n d in t. on a n y in t. d a te on 4 w eeks’ notice, to and
incl. S ep t. 1 1926; th e re a fte r a t 107)4 a n d in t. to a n d incl. S ept. 1 1931;
th e re a fte r a t 105 an d in t. to a n d incl. S ep t. 1 1937; a n d th e re a fte r a t a
prem ium of 1 % for each y e ar, or fractio n th ereo f, o f unex p ired life. T h e
6% bonds “ series d u e 1947” a re call, since S e p t. 1 1922 on a n y in t. d a te on
4 w eeks’ notice a t prices w hich, ex cep t for red em p tio n , w ould equal a 4 )4 %
yield basis if bonds w ere held to m a tu rity , plus in t. P en n sy lv an ia 4-m ills
ta x refu n d ed . L isted on N . Y . Stock E xchange. V. 113, p . 1368; V .
114, p . 2833.
T h e Toledo G as, E lectric Sc. H e atin g C o. bonds are g u a ra n te ed b y endorse­
m e n t by th e T oledo E dison C o. $624,600 re tire d o r can celed . T h e y are
n o t s u b jec t to call.
$593,400 ad d itio n al 5% series D efian ce Gas & Electric Co. 1st m tge. bonds,
due S ept. 1 1942, are deposited as co llateral to secure a n equal a m o u n t of
7% series.

F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Co . does substantially the entire electric light and power business without
competition in W arren, M ansfield. Lorain, E ly ria . Ashland, Massillon
Sandusky, P ort C lin ton, O rrville, Alliance and other communities in Ohio.
In addition the com pany furnishes electric power at wholesale to cos., dis.
tributing it to outlying communities. Does the gas business at Alliance,
Sandusky, M edina, Coshocton, Berea, G ran ville and Mansfield and owns
and operates a small street railway in M ansfield and interurban line connect­
ing Mansfield and Shelby and Toledo and B a y Point (opposite San dusky),
and connecting b y ferry with Sandusky and Cedar Point. Population
served over 450,000 divided over 157 communities in 23 counties of northern
and central O hio. 65,960 electric customers and 15,319 gas customers.
T h e generating stations now owned have a combined installed capacity
of 153,450 k .w . T h e physical property also includes 63 sub-stations and
2.673 miles of circuits for transmission and distribution. Com pany owns
and operates 72.46 miles of track.
T h e gas property includes a large and valuable natural gas acreage,
adequate and m odem compressor stations and over 981 miles of pipe line.
S TO C K A N D BONDS—
D a te.
In terest. O utstan din g. M a tu rity .
Comm on $15,000,000 ($100)_______
. . _____ . . $7,689,000 ......................
1st pref Ser A 7 % ----------------------------------7
8,639.900 ___________
6 % series--------------- ----------------------------6
1,654.200
________
1st mtge & ref— Series “ A ” - - f 1921
7 K g A -O
4.682.600 O ct 11940
Series “ B ” ..............................
1922
7 g F -A
3,714,100 Feb 11947
Series “ C ” ________________ ( 1923
6 g M -S
4,637,600 M a r 11953
Series “ D " ________________ | 1924
5 g M -S
10 490.700 Sept 11954
($100, $500 & $1,000 c*|Int. at Halsey, Stuart < t C o ., In c ., Chicago,
S
& $1,000 r*) gold___tf \ or com pany’s office. N e w Y o rk .

E A R N IN G S .— F o r calen d ar y ears (rep o rt):
N e t after I n t. &Repl.
Balance
Total Her.
Taxes.
Res.
D iv id e n d s.
Surplus.
1925____________ $9,404,668 $4,024,034 $2,336,978 $1,441,583 $245,473
1924____________ 8,126,278 3,284,282 2,193,466 1,657,145 def566,330
1923_____
7,555,108
3,083,442 1,950,468
584,771
548,203
1922____________ 6,667,158 2,669,686 1,824,368
371,875
473,443
S ales in 1925: elec. k . w. h ., 293,499,070 (235,441,088 in 1924); gas, cu.
f t ., 2.231,140,000 (1,916,450,000 in 1924).

D ivisio n a l Bonds—
Ashland Gas & Elec C o 1st M
1909
5 g J -J
89,200 J u ly 1 1929
($100, $500 & $1,000) g — c* In t. at U nion T ru s t C o ., C leve., O hio, trust.
Massillon Elec & Gas C o 1st 1916
5 g J -J
549 000 J u ly 11956
mtge ($100, &c) gold--------c* N ew Y o rk T ru s t C o ., N . Y . , trustee.
Richland Public Service Co 1917
5 g A -O
731,500 O ct 11937
1st & ref mtge ($100, $500 U nion T r u s t C o ., Cleveland, trustee.
& $1,000) gold---------------- c*l
Tru m b u ll Pub Serv C o 1st M J 1911
6 g J -D
1,084,800 June 1 1929
($500 & $1,000) gold____ c*l U nion T ru s t Co . Cleveland, trustee.
P 1st
. 1907
5 g J -D
338,000 June 1 1932
O F F IC E R S .— P re s ., F . R C oates; V .-P s., D ale B . C arso n a n d R a th b u n Alliance Gas & ScrElec & ref M - . ____
.
5%
1st M
37.000
1920
Fuller: V .-P . & G en. M g r., C . L . P ro cto r; Sec., H . T . L e d b e tte r; T re a s ., Sandusky Gas
& E ref Sc im p t M ____
5%
1.293.000
1945
A . C . V an D riesen .— V . 121, p . 461, 1103, 1349, 1910; V. 122, p . 1171, 2045; Sandusky GLine l1st m tge_____ _____
Berea Pipe
6%
25.000 Serially
V. 123, p . 1252, 1507.
Stock.— 1st pref. is red- all or in part on the 1st day of any m onth on 30

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$3,000,000 1st pref. 7 %
T days’wasE soldat O115illon , divs. & C Ja n .A 1925 Leach Sc C o . and Federal Ser.
O L noticeD by D , and Read In o .,
O .
“A "
.B .
Se­

„

curities C o rp . at $100 Sc d iv. V . 120, p. 454. O f amounts shown above
as outstanding $48,100 7 % pref. and $389,100 6 % pref. stock are held In
treasury.
Permission was granted in 1925 b y the P . U . Commission o f
O t® i o
h
exchange Series A 1st pref. for a 6 % series, which is redeemable at 110.

C ontrol.— In Sept. 1926 the acquisition of co. b y Cities Service C o . was
announced. T h e properties were to come under the direction of Toledo
E dison Co.
O R G A N I Z A T I O N . — Organized in 1925 In Ohio. Acquired and consoli­
dated a number of electric light and power properties in Ohio located in the
district extending westerly from the suburban district of Toledo for a dis­
tance of 63 miles along the m ain line of the N . Y . Central R R . C o . owns
all the common stock of Toledo Sc Indiana Interurban R y ., the Toledo &
Indiana Transportation C o . and the Toledo & Indiana Build ing C o .,
which owns the new freight station of the T . & 1. in To led o, and other
com pany properties. T h e authorized stock of Toledo & Indiana in te r­
urban consists of 500,000 no par common shares. In J u ly 1925 the Ohio
P . U . Com m ission authorized the co. to purchase the properties of the
E d a n Pow er & L ig h t C o ., the Pittsville L ig h t & Power C o . and Ohio Gas
L ig h t & Coke C o . of D elta.

B on ds.— 1st mtge. & ref. indenture provides for a maintenance and de­
preciation fund and also for a special fund of 1 % of gross earnings per annum
to be used for permanent add ns, im pts., & c., or for the purchase and re­
tirement of outstanding 1st & ref. mtge. bonds. T h e amount shown i n
t h e
above table as outstanding, does not include $350,000 series B , pledged as
collateral for U . S. G o v t, loan.
Ser. “ A ” red. all or in part on 30 days’ notice at 110 and in t. on or after
O ct. 1 1931, and to and incl. O ct. 1 1936: decreasing thereafter 1 % each year
to m a tu rity. Penn. 4 -m ill tax refunded. Listed on N . Y . Stock E x c h .
Ser. “ B ” call, all or in part on 30 days’ notice at 120 to and incl. F eb. 1
1932, at 110 to and incl. Feb. 1 1937, and thereafter decreasing 1 % each
year to m a tu rity. Penn. 4 -m ill tax refundable. Listed on N . Y . Stock
Exchange.
Ser. “ C ” red. all or in part on 30 days’ notice at 110 and in t. to and incl.
M a r. 1 1933; thereafter decreasing 34 % each year to and incl. M a r . 1 1952;
thereafter at 100 and in t. to m a tu rity. Penn. 4 m ill tax refundable.

F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .— Co .
furnishes w ithout competition electric light and power service in 21 com­
munities, gas service in 1 com m unity in Ohio, and in addition supplies elec­
tric ity at wholesale to 9 communities, and to the electric railroad extending
from Toledo to B ry a n , O . Population served, 30,230, w ith 7,700 meters
in service. C o . owns a steam power plant at Stryker, O ., of 8,700 k. w.
capacity; 143 miles of high-tension transmission lines; 22 substations and 310
miles of distribution lines. C o . also owns the entire capital stock of the
electric railw ay serving the territory.
In terest. O utstanding. M a tu rity .
__________ 10,000 shs ___________
7%
$500,000
____ ____
6 g J -J
1,005,000 J u ly 11950
ink & T ru s t C o ., Toledo, O ., trustee
5%
273,000
1931

Ser. “ D ” red. all or part on 30 days’ notice at 105 and int. to and incl.
M a r. 1 1932; thereafter at 104 and in t., less 1 % of the principal am ount for
each expired 5-year period to M a r. 1 1952; and thereafter at par and in t.
to m a tu rity. Reimbursement of the Penna. 4 mills tax, the C o n n , personal
property tax not exceeding 4 m ills per dollar per annum , and the M ass,
income tax on in t. not exceeding 6 % to resident holders. In O c t. 1924
Halsey, Stuart & C o ., In c ., offered $9,000,000 Ser. “ D ” 5s at 89 and in t.,
to yield over 5 H % - V . 119, p. 1744. In Jan. 1926 they offered $1,300,000
series D at 94 and in t., to yield over 5 .4 0 % . V . 122, p. 482.

B on ds.— T h e 1st an d ref. m tge. 6 % gold bonds. Series A , due Ju ly 1 1950,
are secured by a mortgage lien upon the electric light, power and gas prop­
erties of the co., subject to only $273,000 underlying bonds (closed). R ed.,
all or p art, on 45 days’ notice at par and in t. plus a premium of 6 % to J u ly 1
1930, 5 % to J u ly 1 1935, 4 % to J u ly 1 1940, 3 % to J u ly 1 1945, and 2 %
thereafter. Penn. & Conn. 4 m ills and M a ryla n d 4)4 mills taxes refundable.
In J u ly 1925 Chicago T ru s t C o . and Central T ru s t Co. of Illinois, Chicago,
offered $845,000 series A at 99 and in t. V . 121, p . 199.

D ivisio n a l B onds.— A sh la n d Gas & E lec. 1st 5s are call, on 4 weeks' notice
at 105 & int. M tg e . provides for sin k in g fu n d of 1 % of outstanding bonds
yearly.
R ichland P u blic Service 1st & Ref. 5s are call, all or in pa rt at 102 and in t.
M ortgage provides for sin k in g f u n d .

S TO C K A N D BONDS—
D a te.
Com m on 10,000 shs (no p a r ) . . ____
7 % cum pref $500,000______________
1st & ref mtge 6 % gold ser A f 1925
($1000, $500, $100 c * )._ t f (H om e
Underlying issue 5s (closed)_________

E A R N I N G S . — F o r calendar year 1925: Gross earnings, $274,439
expenses, $129,672; net. $144,767; taxes, $9,334; interest, $59,047; bond
discount, $1,330; adjustments, $7,719; 7 % pref. divs., $21,025; available
for depreciation and surplus, $46,312.
O F F I C E R S .— Pres., Charles T . Dehore; V .-P ., A . L . Gethard; Tre a s .,
M arion M . M ille r; Sec., Leroy E . Eastm an .— V . 121, p. 199; V . 123, p . 1503.

T ru m bu ll P u blic Service Co. ls l 6s callable all or in part b y lot at 105 and
in t., also in part at 102 and int. for sinking fun d. S in k in g fu n d of 2 % of
bonds issued provided for.
E A R N I N G S . — F o r calendar years.
1925.
1924.
$11,315,432 $10,525,813
. 6,928,395
6.667.347

Gross operating revenue------------------------Operating expenses, m aint. & taxe s..

E

$4,387,037
S29.262O
H

$3,858,460
R E55.138

.

$4,416,299
1.846,866

$3,913,605
1.624.150

$2,569,433

$2,289,450

N e t operating revenue------------------------

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( S Non-operating revenue______________
U B S I D I A R Y
O F

O R G A N I Z A T I O N . — In corp. in Ohio in 1924 as successor to corporation
of same name incorporated in Ohio in 1911. F o r earlier history see “ Public
U t ilit y C om pendium ” of M a y 1 1926. V . 90, p . 237, 448. M o st of road
Is on private right of w a y . F ranchises are perpetual except one for road
crossings In Fu lto n C o u n ty , expiring in 1935.




Gross income______________________
Fixed charges________________________
Balance for dividends and reserves.

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N o te .— In c l. full 12 m onths’ earns, of properties acquired during year.

O F F IC E R S .— P res., H . L . D o h e rty ; V .-P . & G en. M g r., T . O. K ennedy:

S e c R ., E . C u th b e rtso n ; T re a s., H . A . F o u n ta in .— V. 120, p . 88, 454,
.
1089, 3188; V. 121, p . 200; V. 122, p . 482, 2041, 2949, 3454.

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A l com m on sto ck except d ire c to rs' sh ares owned b y C ities Service Pow er
l
4c L ig h t C o.
O R G A N IZ A T IO N .— In c o rp . in Colo. S ept. 3 1924. Successor b y m erger
to th e p ro p erties o f th e D en v er Gas & Elec. Co. an d th e W estern L ight &
Pow er C o., which co m p an y ow ned and controlled C heyenne L ight. Fuel
& Pow er C o ., C heyenne, W yo. In Sept. 1924 acq u ired th e C olorado
Pow er C o. a n d its su b sid ia ry , th e U n ite d H y d ro -E lectric C o. I n M a y 1926
w as-rep o rted to be acq u irin g th e m unicipal lighting p la n t a t B rush, Colo.
In 1926 also acq u ired th e R ifle (C olo.) L ig h t & P ow . C o. V. 122, p. 3455.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Is th e larg est gas a n d electric com pany in C olorado. Supplies w ith o u t
co m p etitio n electricity for lig h t, h e a t a n d pow er to D en v er and to a num ber
o f su b sta n tia l co m m unities, including B oulder, Sterling, L eadville, Salida
a n d F o rt C ollins, C o lo ., a n d also supplies electric, gas an d steam heating
service th ro u g h a su b sid iary to C h eyenne, W yo. Also supplies electricity
a t w holesale a t G reeley, L o ngm ont, Englew ood and o th er com m unities in
C olorado. G as and steam h eatin g service is sup p lied to D enver a nd the
s tre e t railw ay system is operated in B oulder. Colo. P o p u latio n served
e stim ated a t 400,000. Co. has generating statio n s o f a to ta l c ap a c ity of
74,080. In add itio n to this, a u n it of 20,000 k.w . was p u t in to op e ra tio n
a t th e close of .1925 in th e new cen tral statio n a t V alm ont, C olo., w hich is
to have an u ltim a te cap acity of 200,000 k .w . A second u n it of 25.000 k.w .
Is being installed in th is statio n . C o .’s principal steam statio n s a re con­
nected b y 1.215 m iles o f high-tension transm ission lines to hydro-electric
generating statio n s of th e co. h aving 32,500 k .w . cap acity .
ST O C K A N D B O N D S—
D a te.
Interest. O utstan din g. M a tu rity .
C om m on $25,000,000 ( $ 1 0 0 ) . . ____
_______ $20,500,000
l s t p r e f c u m $ 2 5 ,0 0 0 ,0 0 0 ($ 1 0 0 )____
7%
7.370,820
F irst m tg e & re f Series “ A ’’._ f 1923
6 g M -S
3,541,900 S ept 1 1953
Series ." B ” _______________1 ____
______________ , 1924
_________________
5 H g M -S 11,833.100 Sept 1 1954
($100, $500 & $1,000 c* an d |l n t . a t H alsey, S tu a rt & C o ., In c ., C hicago,
$1,000, &c, r*) g o ld------- t f ( a n d office of co m p an y . N ew Y ork.
20-yr 6% g deb $6,000,000/ 1926
6 g M -N
6,000,000 M a y 1 1946
($1,000, $500, $100c*)------/G u a ra n ty T ru s t C o. o f N . Y ., T ru ste e .
D enver G as & Elec gen m tg e f 1903
5 g M -N
6,098,900 M ay 1 1949
($1,000, $500, $250, $100)(E q u ita b le T ru st C o ., N ew Y ork, tru ste e .
-c* l
D env G & E L Co 1st & re f M / 1911
5 g M -N
9,319,900 M a y 1 195)
($100, $500 & $1,000) g --C * \B a n k e rs T ru s t C o ., N ew Y o rk, tru s te e .
Colo Pow Co 1st M ($100, & c ,/ 1913
5 g M -N
4,169,200 M a y 1 1953
c*, an d $1,000, &c, r*) g o ld lln t. a t Irv in g B ank-C ol. T r . C o ., N . Y ., trus.
Stock. — F irst pref. callable, a ll or in p a rt, a t 110 an d divs. In M a y 1926
co. w as re p o rte d to h av e u n d e r p re p a ra tio n a n issue o f 50,000 shares 6%
cum . p ref. sto ck . V . 122, p . 3084.
B on ds.— F irst mortgage an d refu nding bonds secured b y a first m ortgage
Uen on certain p ro p e rty a n d are fu rth e r secured by pledge o f $3,589,000 of
divisional bonds. M o rtg ag e p rovides for im p ro v em en t fu n d o f 2% o f first
an d refunding m o rtg ag e bonds o u tsta n d in g . M o rtg ag e provides for reim ­
b u rsem en t o f th e P e n n . 4 m ills tax a n d th e C onn, personal p ro p e rty ta x not
exceeding 4 m ills p e r d o llar p e r a n n u m , an d th e M ass, incom e ta x on in t.
n o t exceeding 6% p er a n n u m to resid en t holders, if req u ested w ithin 60
days a fte r p a y m e n t u pon p ro p er ap p licatio n .
Series “ A ” are redeem able, all o r p a r t, on 30 d a y s’ notice a t 105 a n d in t.
to a n d including S ep t. 1 1933; th e re a fte r decreasing % % each y ear to
S ep t. 1 1952; a n d th e re a fte r a t p a r an d in te re st to m a tu rity . $5,000,000
Series " A ” 6s w ere offered by H alsey, S tu a rt & C o ., In c ., a n d A . B . Leach
« C o ., In c ., a t 93 a n d in te re s t, to yield a b o u t 6 .5 5 % .
Series “ B ” are redeem able, all or p a r t, on 30 d a y s’ notice a t 105 a nd in t.
to an d including Sept. 1 1932; th e re a fte r decreasing 1% each expired 5-year
period or fractio n thereo f to S ep t. 1 1952, an d th e re a fte r a t th e principal
a m o u n t a n d in te re st to m a tu rity . In O ct. 1924, $10,000,000 Series "B”
were offered by H alsey, S tu a rt & C o ., In c ., a n d A . B Leach & C o.,
In c ., a t 93 an d in t., yielding over 6 % . V. 119, p. 1291. In J a n . 1926 H al­
sey, S tu a rt & C o., In c ., offered $1,500,000 a d d itio n al series “ B ” bonds a t
a n d in t., to yield over 5M %• V. 122, p. 348.
All o f th e o u tsta n d in g 10-yr. 7% s . f . convert, g. debentures, dated Oct. 1
1923 w ere called for p a y m e n t O ct. 2 1926 a t 105 & in t. V. 123, p . 1252.
T h e 20-yr. 694 0- debentures, dated M a y 1 1926 have a sinking fu n d of
$300,000 p er an n u m , o p eratin g $75,000 q u a r. for re tirem e n t by purchase
at o r below p a r & in t. a n d cancellation of these d eb en tu res. So long as
any o f tnese d eb en tu res are o u tsta n d in g co. m a y n o t au th o rize a n y ad d i­
tional m ortgage on its p ro p e rties o th e r th a n 1st m tge. & ref. g. bonds,
unless these d eb en tu res a re ra ta b ly secured by th e lien th ereof, a n d m a y n o t
issue a n y a d d itio n a l d eb en tu res or o th er evidences of indebtedness (except
1st m tg e. & ref. g. bonds) e x ten d in g m ore th a n 1 y e ar from d a te of issue,
unless n e t earnings for 12 consecutive w ith in preceding 15 calendar m o n th s
are a t least 1 M tim es a n n u a l in te re st on c o .’s to ta l o u tsta n d in g fun d ed
d e b t, incl. proposed issue.
A re red . a ll or p a r t on 30 d a y s ’ notice a t following prices & in te re st: a t
103 th ro u g h M a y 1 1931; a t 102 th ro u g h M a y 1 1936; a t 101 th ro u g h M a y 1
1941; a t 100M th ro u g h M a y 1 1945 an d a t p a r to m a tu rity . C o n n ., P enn.
& C alif. 4-m ills & M ass. 6% tax es, refu n d ab le. In Ju n e 1926 A . B . Leach
& C o ., In c ., H alsey, S tu a rt & C o ., In c ., F e d e ra l Securities C orp. a nd
H e n ry L . D o h q rty & C o. sold $6,000,000 a t 99 & in t. to yield over 6 % .
V . 123, p . 84. 1997.
D enver Gas A E lectric general m ortgage (now first) 5s assm ued by Public
Service C o. o f C olorado. H a v e a n n u al sin kin g fu n d o f 1% of o u tsta n d in g
bonds. $966,100 re tired by sinking fu n d . Are callable, all or in p a rt, a t
105 a n d in te re st. In te re s t p ay ab le a t office o f H . L . D o h erty & C o ., N . Y .
D enver Gas A E lectric L igh t f ir s t an d refu nding 5s are callable a t 105 a nd
In terest. Sinking fu n d o f 1 % o f o u tsta n d in g bonds an n u ally . $850,100
held in sinking fu n d . In te re s t a t office of H . L . D o h e rty & C o ., N . Y .
L isted on N . Y . S tock E x ch an g e.
Colorado Power Co. fir s t os are callable eith e r as a whole or for sinking
fond a t 105 a n d in te re s t. S in kin g fu n d of H o f 1 % y early of bonds o u t­
stan d in g for eight years com m encing 1918, a n d 1% from 1926 to 1952, incl.
E A R N IN G S .—C onsolidated earnings for 12 m o s., end. J u n e 30 1925:
G ross revenue (incl. o th e r incom e)___________________________ $9,919,853
N e t a fte r m ain ten an ce & a ll ta x e s________________________
4,441,434
In te re s t & a m o rtiz a tio n ______________________________________ 2,194,060
D ep reciatio n ________________________ :________________________ 1,248,134
S u n d ry a d ju stm e n ts__________________________________________ (C r.)54,014
P referred an d com m on d iv id e n d s____________________________ 1,080,275

Interest. Outstanding. M a tu rity .
_______
$3,000,000 ------- -------_______
3,000,200 __________
5 g M -N
3,571,000 N ov 1 1949
8 g M -N
1,762,000 N o v 1 1949
5 g M -N
355,000 ser. to 1930

ST O C K A N D B O N D S —
Date.
C om m on $3,000,000 ($100)_ _____
_
6% cum p re f $ 6 ,0 0 0 ,0 0 0 ($ 1 0 0 )___
1st m s f $6,000,000________ t f 1909
1st lien L& gen Rm tg e $6,000,000 1920
C O
O
A D O .
Spring R iv Pow Co 1st m tg e l 1905
$1,500,000________________ /
Bonds.— T h e 1st mtge. 5s, dated N ov. 1 1909 a re red . a t 105 & in t. T here
is a sinking fu n d of 1% a n n u a lly of bonds, issued since O ct. 1 1915. T here
is a n a n n u a l sinking fu n d of 1 % of o u tsta n d in g bonds, to be purchased or
called a t 105; or for p u rc h a se of c erta in underlying bonds. Sinking fu n d
m a y be satisfied in in v e stin g of p ro p e rty or constru ctio n a sum equal to
2% of a ll bonds o u tsta n d in g . Secured b y 1st m tge. on approx. % of c o .’s
com bined p ro p e rty a n d a ll a fter-acq u ired p ro p e rty . P en n , s ta te ta x
refu n d ab le. Legal for savings b a n k s in M aine. $1,500,000 w ere offered
a t 92M in 1912 b y H e n ry L . D o h e rty & C o., a n d P a rrs B an k , L td . of
L ondon, E n g .; a d d itio n a l bonds offered 92 in J u n e 1916 a n d 92)3 in M ay
1917 b y A rth u r P e rry & C o. of B oston.
T h e ls l lien A gen. m tge., dated N ov. 1 1920 h av e a sinking fu n d of 1 H %
a n n u ally of all bonds o u tsta n d in g , less a m o u n t p rio r lien bonds retired
d u rin g year. R ed. a t 107)4 to N o v . 1 1935, a t 105 to N ov. 1 1945 and
th e re a fte r a t 1 % prem iu m fo r each u n expired y e ar to 1949.
T h e Spring River Power Co. 1st mtge. h a v e no sinking fu n d , a re re d . a t 105.
E A R N IN G S .— C onsolidated earnings calen d ar y e ar 1925:
G ross earnings______________________________________________ $3,398,370
O perating expenses__________________________________________ 1,816,512
N e t earn in g s________________________________________________ $1,581,858
B ond in te re s t________________________________________________
340,294
97,165
O ther in te re s t_______________________________________________
A vailable for d ividends a n d reserves________________________$1,144,399
C om pare V. 122, p . 1608; V . 123, p . 841.

ELECTRIC BOND AND SHARE CO.
C ontrol. — In J a n . 1925 th e E lec tric B ond & Share Securities C orp. w m

form ed to ta k e over all th e com . sto ck of th e E lectric Bond & Share Co.
held by th e G eneral E lectric C o. H olders of G eneral E lectric C o. com.
were a llo tte d sto ck in th e new co. sh are for sh are. V . 120, p . 86, 329.
O R G A N IZ A T IO N .— In c o rp . F eb . 28 1905 in N ew Y ork. C o .’s principal
associated com panies are A m erican Pow er & L ight C o., A m erican G as &
E lectric C o., A m erican & Foreign Pow er C o., In c ., E lectric Pow er & L ight
C orp., H a v an a E lectric & U tilities C o., Lehigh Pow er Securities C orp. and
N atio n al Pow er & L ig h t C o., all holding com panies, w hich control a large
n u m b e r of o p e ra tin g com panies. On J u n e 30 1926 co. p u rc h a se d a t $33
p e r sh are th e com m on sto ck of H avana Electric A U tilities Co. from th e
la tte r c o .’s v o tin g tru s te e s. C o. ow ned a lre a d y a su b sta n tia l m a jo rity
of th e o u ts ta n d in g preference sh ares of H a v a n a E lec tric & U tilities C o.
I t w as expected t h a t a t som e la te r tim e co. w ould tra n s fe r its holdings in
th e H a v a n a C o. to A m erican & F oreign P ow er C o ., In c . V . 123, p . 82.
C H A R A C T E R O F B U S IN E S S .— T akes a financial in te re st in electric
power an d lig h t enterprises; b u y s, holds and sells securities issued on such
properties and renders ex p ert assistance in connection w ith the financing
and o p e ra tio n of cos. controlling a nd op e ra tin g such p ro p e rties. T h e co.
also furnishes th e necessary c ap ita l a n d m anages consolidations and reor­
ganizations o f p ro p e rties of th e above-m entioned ch arac te r. See article
in “ F orbes M ag azin e” J u n e 1925. V. 120, p . 3186.
STO CK AN D B O N D S—
D a te.
In terest. O utstan din g. M a tu r ity .
C om m on $25,000,000 ($100)............ ......................... $25,000,000 S e p t 26, 2%
P re f 6% cum $25,0 0 0 ,0 0 0 ($ 1 0 0 )____
6 Q -F
25,000,000 N o v 2 6 .1 )3
E A R N IN G S .— F o r calen d ar years:
Gross
N et
Incom e.
Incom e.
$

a l9 2 6 ___________ 19,001,581
1925____________ 17.620,498
1924_____________12,552,881
1923_____________11,410,693
1922____________ 6,141,511
1921____________ 3,968,973
1920____________ 3,564,734
1919____________ 3,114,872

H

E

)

E

M

P

I R

E

D

I S

T R

I C

T

T h is co. supplies practically all th e electric pow er used in th e zinc a n d lead
■tines situ a ted so u th of Jo p lin , M o. Also supplies electricity to Joplin
• n d surrounding a g ricu ltu ral tow ns, an d sells c u rre n t to other com panies
serving th e cities of Springfield, M o ., and P ittsb u rg h , K a n ., and ad jacen t
territories.
'
■
T o p o pau latio n served e stim ate d a t 100,000; 16,476 custom ers; g e n e ra t­
t
l
in g c a p a c ity 71,500 k . w .; 239 m iles of transm ission lines an d 351 m iles of
d i s t r i b u t i o C o. also owns th e en tire c ap ita l stocks (except directo rs’
lines. n
shares) of C arth a g e G as C o. an d W ebb C ity a n d C a rte rv ille G as C o. w hich
c o .’s d is trib u te n a tu ra l gas in C arth ag e and W ebb C ity an d C arterville, M o,
V . 1 p . 3841.
2
,




13,171,983
12,302,366
8,455,791
7,469,358
3,741,469
2,377,514
2,127,600
1,697,472

C om m on A cc u m u l’ed
Preferred
D ividends. D iv id e n d s. Incom e.
$
$
*
1.500.000 2,000,000c34,233,561
1.500.000 x2,412,819 23,371,414
1,353,400 1,856,577 14,981,868
1,123,197 1,399,609 9,736,053
676.667 *3,904,358 4,789,496
606.667 * 1 ,000,000 5,629,051
588,580
800,000 4,858,204
778,730 4,119,184
563,525

B b t &C pany
on righ
om
In c o rp o ra ted

Public Utility Investments

f O F F IC E R S .— P res., H . L . D o h erty ; V .-P . & G en. M g r., C lare N .
S ta n n a rd ; Sec., J . E . Loiseau; T rea s., H . T . Hughes.-— V. 120, p . 1090,
2270; V. 122, p . 348, 2801, 3084, 3455; V. 123, p . 84, 1252, 1997.

( T

$

a 12 m os. en d . J u n e 30 1926. c A fter re a p p ra ise m e n t of securities, &e.
x In cl. $412,819 divid en d period a d ju stm e n t p a id J a n . 15 1925.
* Includes special divs. on com m on stock, $200,000, p a id in 1921 and
$3,000,000 in 1922; a ll in a d d itio n to th e re g u la r fivs. a t th e r a te of 8%
p e r a n n u m on th e com m on sto ck .
Stock. — P ref. is call, as a w hole on a n y d iv . d a te on 90 d a y s ’ notice a t 110 &
divs. P ref. a nd com m on sto ck have equal vo tin g pow er. In D ec. 1924
B onbright & C o ., In c ., offered $2,600,000 6% pref. a t 102 & d iv s ., to yield
5.88% . V. 119, p . 2760.
D ivid en d s. — D ivs. a t th e ra te of 5% p e r a n n u m w ere paid reg u larly on
th e pref. stock from o rganization u p to O ct. 31 1911, a t which tim e th e regu­
lar ra te w as increased fro m 5% to 6% p er a n n u m , and have been paid
regularly a t th is ra te since th e n . C om m on stock has re g u la rly p aid divs.
of n o t less th a n 8% p e r an n u m since J u ly 15 1909.
O F F IC E R S .— C h airm an of b oard & P re s ., S. Z . M itchell; V .-P s., F .A.
F a rra r, C . E . G roesbeck, H . C . A bell, S. R . In c h , F ra n k Sillim an J r., F . B .
O dium . E . W . H ill a nd L . H . P a rk h u rst; Sec., E . P . Sum m erson; T reas.,
A . C . R ay; C o m p t., A. E . S m ith.— Y . 120, p . 86, 329, 956, 3186; V. 122.
p . 1917, 2039; V . 123, p . 82, 980.

B alance, d eficit___________________________________________
$27,022
Latest Earnings.— F o r 12 m os. end. A pril 30 1926: C onsolidated earn­
ings, $10,402,498; oper. ex p ., m a in t. & taxes, $5,334,490; av ail, for in t.,
F ed . taxes, d eprec., &c., $5,068,008.

( 1 1 )

61

POWER, LIGHT AND RAILWAY

Oct., 1926.]

E

L

E

New York
C

T R

A lb an y
B altim ore
B angor
B irm in gh am
D aven p ort

I C

Boston
C O .
Detroit

P h il a d e lp h i a

Elm ira
G r a n d R apid s
M ilw aukee
N ew H aven
P itts b u r g h

S t.

C h ic a g o

L o u is

P o r tla n d
P rovid en ce
R o c h e ste r
S an F r a n c isc o
S c h e n e c ta d y

S c r a n to n
S e a ttle
W a sh in g to n
W orcester

62

PUBLIC UTILITIES

ELECTRICAL SECURITIES CORPORATION.
A sub sid iary o f General Electric Co.
O R G A N IZ A T IO N .— In c o rp o rate d in 1904 in N ew Y ork for th e purpose
of acquiring securities o f vario u s pu b lic u tility com panies, w hich securities
com pany pledges to secure its successive series of co llateral tr u s t bonds.
S T O C K A N D B O N D S— Date.
Interest. Outstanding. M a iu iity.
C om m on $2,500,000 ($100)_ All ow ned b y G eneral E lectric C o.
_
5 Q -F
$1,000,000 A ug 26 1 H
5% c u m .p ref.$1 ,000,000 ( $ 1 0 0 ) ____
C oll, tr u s t sin k , fu n d b o n d s\see te x t
5
8,339,000
see te x t
($1,000) c --------------------- t f / I n t . a t G u a ra n ty T r. C o ., N . Y . C ity , t r u s .
Bonds.— P ro m tim e to tim e co rp o ratio n h as issued series of collateral
trust sinking fu n d bonds, collaterally secured b y pledge o f public u tility
securities. In clu d in g th e 19th series ($1,000,000 offered a t 96 l a n d in t.,
A
to yield a b o u t 5 34% , by B ankers T ru s t C o ., Jackson & C u rtis, an d P a rk in ­
son & B u rr, in J a n . 1926. V. 122, p. 609), th e 2 0 th series ($1,000,000
5% gold, d a te d J a n . 2 1926, due J a n . 1 1956, offered a t 9634 a nd in t., to
yield a b o u t 5.23% by th e sam e b ankers as 19th series, in F eb . 1926. V.
122, p . 882, a n d th e 21st series d a te d J u n e 1 1926 an d d u e Ju n e 1 1956,
sold in J u n e 1926 a t 9834 a n d in t., to yield a b o u t 5.1 0 % , b y B ankers T ru st
C o ., Jack so n & C u rtis, an d P ark in so n & B u rr— V. 122, p . 3338), 21 series
have been issued w ith a n ag g reg ate p rin cip al a m o u n t of $16,500,000. T hree
series, ag g reg atin g $3,000,000, h a v e been re tire d b y o p eration of sinking
fu n d s a n d b y fu n d s receiv ed frr m th e sale o f un derlying collateral, an d th e
rem aining 18 series, issued to an a m o u n t o f $13,500,000, h av e been reduced
in like m a n n e r to a n a m o u n t o f $8,411,000 (as of A ug. 31 1926) including
th e 21st series. C o rp o ra tio n co v en an ts to m a in ta in w ith th e tru s te e pledged
co llateral of a m a rk e t v alu e a t le a st 25 % in excess of th e prin cipal a m o u n t
of coll, tr u s t bonds o u tsta n d in g . A sinking fu n d is to re tire a b o u t 36% of
th e 19th, 2 0 th a n d 2 ls t series p rio r to m a tu rity b y p u rch ase or b y redem p­
tion b y lo t a t 103 an d in t. A ll coll, tr u s t bon d s are re d . on 21 d a y s’ notice
a t 103 an d in t.
T h e 19th series, ab o v e referred to is d a te d J a n . 2 1926 a n d d ue J a n . 2
1956. See also V. 122, p . 347 re 17th series called for p a y m e n t a t 103 on
Feb. 1 1926.
E A R N IN G S .— F o r calen d ar years:
1925.
1924.
1923.
1922.
1921.
G ross in co m e--------- $906,658 $834,701 $748,973 $803,026 $762,701
N e t a fte r in t. .taxes,
&c---------------------- a664,453 x908.479
280,151
465,942 479,951
Pref. d iv id e n d s____
50,000
50,000
58,333
50,000
50,000
C om m on d iv id en d s.* 200,000
200,000
200,000
200,000 200,000
S u rp lu s---------------

414.453

$658,479

$21,818

$215,942

$229,951

a In c lu d in g $270,573 p ro fit fro m sale o f securities less $79,230 d iscount

and p rem iu m on coll, tr u s t b o n d s sold an d retired .
x In clu d in g $511,469 p ro fit fro m sales o f securities less $1,269 prem ium
on coll, tr u s t b onds re tired .
O F F I C E R S .—P re s ., C . N . M ason; V .-P s., C . P . H am ilto n an d W . O.
H ay, J r .; Sec. & T re a s., L . W . O sborne. O ffice, 31 N assau S t., N . Y .
C ity .— V. 122, p . 3338; V . 123, p . 580, 1632.

GENERAL GAS & ELECTRIC CORP (Del.).
M anagem ent.— C o .’s p u b lic service p ro p erties are u n d e r m an ag em en t
of W . S. Bar stow M g t. A s s n ., In c .
O R G A N IZ A T IO N .— A holding co., incorp. in D elaw are Ju ly 21 1925
(V. 121, p . 457), for th e p u rp o se of carry in g o u t a plan and agreem ent dated
Ju ly 1 1925 to re tire th e bonded indebtedness a n d im prove th e c ap ital stru c­
tu re o f General Gas & Electric Corp. (of M a in e). T his la tte r co. was incorp.
in M ain e A ug. 2 1922. (V. 95, p . 110). Stockholders of th e old (M aine)
corp. exchanged th e ir holdings of class A & B pref. for th e e quivalent in
sh ares_of th e new (D el.) co rp . b earing e x ac tly th e sam e dividends a nd all
conditions of th e stock except th a t th e stocks of th e new (D el.) co. are n o t
p a rtic ip a tin g . F o r fu rtn e r p a rtic u la rs a b o u t th e exchange of stocks, &c.,
see d etailed re p o rts in V. 120. p. 3314; V. 121, p. 198, 585, 1461, 2520.
One of th e purposes of th e new inco rp o ratio n w as also to h av e th e a d v an tag e
of b ro ad er pow ers fo r m ergers a n d consolidations. A cquired in 1925 con­
trol of th e N o rth e rn P en n sy lv an ia P ow . Co. (fo rm erly T o w anda G as &
Elec. C o .), a n d a n u m b er o f o th e r p u b lic u tilities. V 121, p . 585. P u r­
*.
chased th e p ro p e rty o f th e W inston-Salem (N . C.) G as C o. V. 121,
p . 1348, 1349. I ts su b sid iary , th e Jersey- C o rp ., took in J u ly 1925 title
to th e o ld B o o n to n (N . J .) Iro n W orks. V . 121, p. 457.
In N ov. 1925 acquired th e S aylorsburg Light & Pow er C o ., w hich serves
M onroe C o u n ty in P en n sy lv an ia. For d etails see V. 121, p . 2401. In
J a n . 1926 acquired th e O rta n n a E l. L t. & Pow er Co. V . 122, p . 610. In
M arch 1926 acquired th e B oyertow n Elec. C o. and th e A nnville & P alm y ra
Elec. L ig h t C o. V . 122, p . 1761. In A pril 1926 acquired control of the
Blue R idge Pow . C o ., th e M an u fac tu re rs’ Pow . C o. and th e ir subsidiaries
bo th cos. o p eratin g in N o rth C arolina a n d S outh C arolina. In Ju n e 1926
acquired th e F ren ch C reek E lectric C o. In J u ly 1926 acq u ired th e B ernville E lec tric C o. an d also th e B u rks-L ehigh E lectric C o. In O ct. 1926
acq u ired th e M elrose P r. & M fg. C o. V . 122, p . 2328, 2493. Stockholders
of record N o v . 20 1925 w ere given th e rig h t u p to and including D ec. 19
1925 to subscribe for com m on stock, class A , a t th e ra tio of one share for
each 10 h e ld , a n d a t $45 p er sh a re . H olders of class A com m on stock entitled
to th e div id en d , p a y ao le J a n . 2 1926, w ere to b e given th e rig h t to subscribe
to a d d itio n a l shares o f com m on sto ck , class A , to th e a m o u n t of th e divs.
a t $25 p e r sh are. See for arran g em en ts, &c., V. 121, p . 2401. See for
law su it re th is m a tte r an d offer o f P y n ch o n & C o ., V. 122, p . 213. See
also V. 122, p . 1169, w ith reg ard to A pril 1926 d iv . D irectors up h eld by
c o u rt decision M arch 2 1926. V. 122, p . 1309. O rganization of N o rth e rn
P en n sy lv an ia Pow er C o. to m erge a n u m b er of su b sid iary com panies in to
one un ified sy stem , see V. 122, p . 1763, a n d th e la tte r c o .’s sep a ra te s ta te ­
m en t elsew here in th is publication.
F o rm erly c o n tro lled th e R u tla n d R y ., L ig h t & Pow er C o ., th e V erm ontH y d ro -E lectric C o rp ., a n d th e P ittsfo rd Pow er C o., b u t in M arch 1925
those p ro p erties w ere acq u ired b y th e In su ll i n t e r e s t s V . 120, p . 1458.
C o rp o ratio n ow ns or controls th e following com panies:
M etro p o litan E dison C o.:
P en n sy lv an ia Edison C o.
E a s to n G as W orks.
In te ru rb a n G as C o.
York H av en W ater & Pow er C o.
H anover & M cS h erry sto w n S tree tjjR y . C o.
M etro p o litan Pow er C o.
M ary lan d Public Service C o.
T h e N ew Jersey Pow er & L ig h t C o.
W ashington G as Co.
N ew ton G as C o.
R eading T ra n sit C o.
Oley V alley R y . C o.
R eading T ra n s it B us Co.
B road R iver Pow er Co.
C olum bia R y ., G as & E lectric C o.
N o rth C arolina Public Service C o ., In c .
Salisbury & Spencer R y . C o.
G reensboro B us C o.
T h e S o u th C arolina G as & E lectric C o.
S p artan b u rg B us C o.
M an u fac tu re rs’ Pow er Co.B lue Ridge Pow er Co.
B ingham ton L ight, H e a t & Pow er C o.
F lorida P ublic Service Co.
T h e G eneral Finance C orp. (holding co m p an y ).
H am b u rg G as & E lectric C o.
S aylorsburg L ig h t & Pow er Co.
O rta n n a E lectric L ig h t & Pow er C o.
B oyertow n Electric Co.
A nnville & P a lm y ra E lectric L ig h t C o.
French C reek E lectric Co.
B ernville L iv h t, H e a t & Pow er C o.




[ V o l . 123.

B erks-Lehigh E lectric Co.
M elrose Pow er & M an u fac tu rin g Co.
T o p to n E lectric L ig h t & Pow er Co.
W eisenberg Tow nship E lectric L ight & Pow er Go.
B irdsboro E lectric C o.
N ew Jersey P ow er C orp.
N o rth P ennsylvania Pow er Co.
N o rth e rn P en n Pow er C o ., In c.
T he W averly E lectric L ig h t & Pow er Oo.
fM rporation also controls th e Jersey C o rp o ra tio n , a real estate C om pany.
' P E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e above-listed subsidiary com panies serve im p o rta n t com m unities in th e
E a ste rn and S outheastern sections of th e U nited S tates w ith electric light
and pow er, gas a nd int.erurban and stre e t electric railw ay service. P ro p er­
ties controlled direct or th ro u g h subsidiaries are m ainly electric lig h t and
pow er, a n d a re located in P en n sy lv an ia, N ew Jerse y , N ew Y o rk , M a ry la n d ,
N o rth C arolina. S o u th C arolina a nd F lorida.
T h e com bined physical properties include electric g e nerating p la n ts w ith
a n in sta lled cap a c ity of 323,113 k .w ., 2,156 m iles of high tension tra n s ­
mission lines. 4,476 m iles of d istrib u tio n lines, gas p ro p e rties w ith 547 m iles
of m ains a nd electric railw ay p roperties w ith 287 m iles of tra c k . P o p u latio n
served is in excess of 2.200,000. In Ju n e 1926 co. h a d extended its 110,000v o lt transm ission line from D over, N . J ., to th e N ew Y ork S ta te line, th ereb y
com pleting th e fin al link in th e B oston-W ashington super-pow er system .
F o r d e ta ils, see Y . 122, p . 3338.
T h e franchises a re p e rp e tu a l w ith only a ew exceptions
O utstanding. M aturity.
ST O C K A N D B O N D S—
D at .
Interest
Cl A com 800,000 shs no p a r ) . ____
$1.50 Q-J 315.968 shs O c t’26 37 H
204.066 s h s --------------Cl B com 400.000 shs no p a r ) . ____
see te x t
$7 cum p re f Class A (no p a r)______
$7 Q-J
40,000shs O c t’26 $1.75
62,599shs O c t’26 $2.00
$8 cum p re f Class A (no p a r ) . . ____
$8 Q-J
$7 cum p re f C l B 100,000 shs
43,395shs O c t’26 $1.75
(no p a r)________________________
$7 Q-J
D ividend p a rtic ip a ’ns 3 8 0 ,6 0 0 .____ ________
380.293
__________
Stock.— C om m on stock class B exclusively possesses all vo tin g pow er
except th a t cum . pref. class A and cum . pref. class B stocks shall be entitled
to v o te in th e e v en t that, 4 q u a r. dividends a re in de fa u lt. T h e authorized
num ber of cum . pref. class A shares is 400,000 w hich m ay be issued at
different d ividend ra te s, no t exceeding 8 % . T h e above-listed $7 cum . pref.
class A and $8 cum . pref. class A shares are p a rt of th e to ta l num ber
authorized. T h e pref. class A shares a re p re f., w ith class B pref. stock,
over all ju nior stocks, in liquidation or dissolution, to th e am o u n t of $100
p e r share. C lass A com m on stock has preference as to assets over class B
com m on to an a m o u n t of $25 p e r share. A fter class B com m on has received
$25. b o th classes of com m on stock share equally in th e rem aining assets.
T h e dividend p a rtic ip a tio n s w ere issued to th e holders of th e cum . pref.
C lass A an d B sto ck of th e old (M aine) corp o ratio n as a com pen sation for
th e om ission o f th e p a rtic ip a tin g privileges in th e new p referred sto ck .
Cum . pref. class A and cum . pref. class B stocks a re equally (except as to
ra te of dividends) preferred as to cum . dividends over all o th er stocks. C um .
pref. class B is callable a t option of c o rp ., on 30 d a y s ’ notice, as a whole,
pnly against exchange b y the corp., share for share, of cum . pref. A $7 div.
stock. A fter cum . p re f class A and pref. class B stocks received th e ir cum .
dividends for all preceding q u a rte rs, common class A sto ck receives a nonc u m .d iv .o f $1.50 per a n n u m ., and a fte r th a t common class B stock is entitled
to a q u a r. div. a t the ra te of $1.50 per a n n u m . A ny additional d iv id en d s
to be divided equally share for share am ong com m on class A, com m on class
B stock an d th e dividend p a rtic ip a tio n s.
In A ug. 1925 P y n ch o n & C o., W est & C o. a n d Jackson & C u rtis sold
40,000 shares $7 cum . pref. sto ck . C lass A , for $97 50 per share a n d d iv ..
to yield 7 .1 8 % . T hese shares a re non-callable. V . 121, p. 198, 585.
T h e class A an d class B com m on, th e $8 cum . p re f. class A , $7 cum .
pref. class A an d th e cum . pref. class B stocks a re listed on th e N . ’Y . Stock
E xchange. V . 121, p . 3130.
Bonds.— C orp o ratio n has no fun d ed d e b t of its own a t p re sen t. All of
the o u tsta n d in g b onds, to a to ta l am o u n t of $ 5 ,457,750.were called fo r p a y ­
m ent on S ept. 1 1925. V . 121, p . 585.
D ividends.— On C lass “ A ” com m on shares a reg u lar q u a rte rly dividend
of 37J^c. was p a id on O ct. 1 1925 to holders of record S ep t. 15, w ho w ere
given th e option of accep tin g an e q u iv a len t a m o u n t of com m on sto ck , C lass
“ A ,” a t $25 p e r share. V. 121, p. 1227. Sim ilar dividends w ith option
were paid on C lass “A ” com m on stock q u a rte rly incl. O ct. 1926. V . 121,
p. 2873. R egular q u a r. divs. of $2 on th e $8 C um . pref. C lass “ A ,” $1.75
on $7 cum . pref. C lass “ A ” a nd $1.75 on th e $7 cum . pref. C lass “ B ” stocks
w ere paid incl. O ct. 1926.
E A R N IN G S .— C onsolidated incom e account for calen d ar years
1924.
1923.
1925.
,373,851 $15,715,316
O perating rev e n u e __________________ $20,982,563
011,759 $8,125,312
O perating expenses a n d ta x e s_______ $10,337,246
--------2,079,263
2,439 630
M a in te n a n c e _______________________ 2,361,397
D epreciation __________
1,023,236
990,656
1,077,830
396,925
R e n ta ls ____________________________
403,638
400,604
479,569

$5,444,028
538,247

$4,123,160
432,588

$7,336,615
3,324,282

$5,982,275
2,638,974

$4,555,748
1,789,785

B alan c e __________________________ $4,012,333
I n t. on bonds (G en. G as & E l. C o rp .).
172,208
O ther in te re st, &c__________________
175,608
262,477
A m ortization of d iscount, &c_______

$3,343,301
328,844
160,645
211,872

$2,765,963
347,965
89,216
148,509

N e t incom e______________________ $3,402,040
D ividends— Subsidiary com panies_ $1,435,507
_
G en. G as & Elec. C orp. pref. A _
_
620,156
G en. G as & Elec. C orp. pref. B _
_
216,300
G en. G as & E lec. C orp. com m on A
174,110
M iscell. d ivs., predecessor co_____
3,875
A dditional d e p re ciatio n _____________
622,260
M iscellaneous______________________
150,127

$2,641,940
$1,093,295
368.19c
*476,131

$2,180,273
$901,306
178,745

395,000
82,159

265,828
258,207

$227,162

$576,187

O ther incom e.

S u rp lu s__________________________

$179,705

* Includes c u rre n t divs. of $122,500, a n d accum . divs. of $353,631.
Profit and Loss Account (before divs.) y ear ended D ec. 31 1925
Surplus
J a n . 1 1925, incl. surplus of cos. acquired during year, $5,259,730; n e t
incom e (transferred from incom e a cco u n t), $3,402,040; to ta l, $8,661,770.
D educt: Sub. cos. div s., $1,435,507; cum . pref. class A d iv s., $620,156;
cum . pref. class B div s., $216,300; com m on class A div s., $174,110; m iscell.
divs. of predecessor co., $3,875; a d d ’l deprec., $622,260; m iscell., $150,127;
su rp lu s D ec. 31 1924, $5,439,435; to ta l, $8,661,770.
Latest Earnings.-—F or 12 m os. end. A u g . 31 (corp. an d su b . cos.)
1926.
1925.
G ross e arn in g s_________________________________ $22,908,442 $20,218,340
N e t a fte r taxes, re n ta ls & d e p r., b u t incl. o th e r inc_ 8,453,255
6,982,078
Fixed cnarges__________________________________
5,818,932
5,330,850
B alance, su rp lu s______________________________ $2,634,323
$1,651,228
O F F IC E R S .— P res., W illiam S. B arstow ; V .-P ., Lucien H . T y n g and
William B uchsbaum ; Sec., O. C lem ent Swenson; T re a s., Jo h n P . C am pbell;
A sst. Sec. & T re a s., A rth u r A. C ano. Office, 50 P ine S t.. N ew Y ork
— V. 121, p . 198, 457, 585, 1100, 1227, 1348, 1461, 2 2 7 1 ,2 5 2 0 , 2750, 2873,
3130; V . 122, p . 94, 213, 610, 882, 1169, 1309. 1 7 6 1 , 2 0 7 3 , 2 0 3 0 , 2040, 2328,
2493, 3 0 81,3338, 3605; V . 123, p. 82, 580, 842, 1113, 1250, 1998.
M E T R O P O L IT A N E D IS O N C O .
Controlled b y G eneral G as & E lec tric C orp.
M anagem ent.— W . S. B arstow M an a g e m e n t A ssociation, In c .
O R G A N IZ A T IO N .— F orm ed in P enn sy lv an ia J u ly 24 1922, succeeding
com pany of th e sam e nam e form ed in 1917 th ro u g h consolidation of the
M etro p o lita n E lectric C o. (w hich h a d been operatin g in R eading a n d vicin-

POWER, LIGHT AND RAILWAY

Oct., 1926.]

Ity since 1894), th e Edison E lectric Illu m in atin g C o. a t L ebanon, P a ., and
th e L ebanon Valley E lectric L ig h t C o. In ad d itio n to its p ro p e rty owned
d ire c t, com pany owns th e en tire o u tsta n d in g C om m on stocks of (a) P enn­
sy lv an ia Edison C o., E asto n , P a . (which controls E a sto n G as W orks.
In te ru rb a n G as C o., N a z a re th , P a .), (b) H anover & M cS herrytow ns S treet
R y . C o. (c) Y ork H av en (P a.) W ater & Pow . C o., (d) M e tro p o lita n Pow er
C o ., M id d leto w n , P a ., a n d (e) M ary la n d P u b . Service C o ., Frederick, M d.
In M arch 1926 th e P en n sy lv an ia P . S. Comm ission au th o rized th e con­
solidation w ith th e co. o f th e H an o v er Pow er C o., th e G e tty sb u rg E lectric
C o. a n d th e C u m b erlan d V alley L t. & Pow . Co. T h e m erger did n o t
affect a n y change in existing o p e ra tin g p la n s. V. 122, p . 1762.
C o. also owns $750,000 R eading T ra n s it Co. class B p ref. stock, w hich'is
paying dividends a t th e a n n u al ra te o f 7 % .
F IE L D O F O P E R A T IO N A N D C H A R A C T E R O F B U S IN E S S —
C om pany supplies electric lig h t and pow er in a n extensive te rrito ry in
th e eastern p a rt o f P en n sy lv an ia, serving th e cities of R eading and L ebanon.
P a ., a n d su rro u n d in g d istric ts, th a t p a rt d irectly served including 202
com m unities, in ad d itio n to which pow er is w holesaled to local com panies
in 85 large boroughs an d tow ns. Co. in ad d itio n serves 56 com m unities
th ro u g h su b . cos. I t supplies also p ra c tic ally all pow er used b y th e R eading
T ra n s it C o. T h rough a sy stem of high-pow er tran sm ission lines th e com ­
p an y c o n tro ls a n in ter-co n n ected pow er system extending from E a sto n , P a .,
on th e D elaw are R iv er, so u th w esterly across P en n sy lv an ia to G etty sb u rg
a n d H an o v er, a n d so u th to Silver R u n a n d U nion M ills, M d . As of A ug. 31
1926 th e com panies h ad 84 385 custom ers, ag ain st 80,440 on D ec. 31 1925.
T o ta l p o p u la tio n served, 788,000.
C o m p an y ’s franchises a n d rig h ts, w ith one u n im p o rta n t exception, are
u n lim ited as to tim e an d w ith o u t burdensom e restrictio n s. T here is no
c o m p etitio n of sim ilar class o f service.
T h e p ro p erties of com pany include 424 m iles o f transm ission lines an d
596 m iles of d istrib u tio n lines. T h e principal pow er p la n t, located on th e
Schuylkill R iv er a t W est R eading, has a n in stalled generating c ap acity of
65,000 k.w .
T h e p ro p e rty o f th e P en n sy lv an ia E dison C o ., w hich o p erates in a nd
a b o u t E a sto n , P a ., includes its m ain steam s tatio n w ith a generating
c ap acity o f 33,500 k . w ., th re e sm all hydro-electric p la n ts, to g e th e r w ith
137 miles o f transm ission lines an d 355 m iles o f d istrib u tio n lines.
T h e Y ork H av en W a te r & Pow er C o ., w hich o p erates in an d a b o u t York
H aven, Y ork a n d M id d leto w n , P a ., ow ns a h ydro-electric pow er p la n t
on th e Susquehanna R iver a t Y ork H av en , w ith a g en erating c ap a c ity of
14,500 k . w .; also 74 m iles of tran sm issio n lines and 79 m iles of distrib u tio n
lines, including th e line connecting w ith th e p la n t of th e M etropolitan
Edison C o.
Super-Power System .— T h e M etro p o lita n Edison p ro p erties form a con­
siderable p o rtio n of th e P ennsylvania-N ew Jersey pow er system of the
G eneral G as & E lectric C orp. B eing in terco n n ected by high-tension tra n s ­
m ission lines, th e y are operated as a super-pow er system a n d are included
in th e B o ston-W ashington zone of th e Super-Pow er Survey m ad e for the
D e p a rtm e n t of th e In te rio r of th e U . S. G o v ern m en t. T o add to th e pow er
su p p ly of th is sy stem , M etro p o litan Pow er C o., a su b sid iary of M etropolitan
Edison C o ., com pleted a n d p laced in service in A ug. 1926 th e second 35,000
k .w . u n it o f a 200,000 k .w . steam pow er s ta tio n on th e S usquehanna
R iver n e a r H a rrisb u rg , P a .; to ta l in stalled g en eratin g c ap a c ity 65,000 k.w .
service d u rin g 1926.
C apitalization.— On M a y 5 1925 stockholders increased th e authorized
in d eb ted n ess of th e co. fro m $20,000,000 to $50,000,000, an d th e a u thorized
a m o u n t o f p referred sto ck fro m 75,000 to 375,000 shares (75,000 series A
p re f., 150,000 shs. series B p ref. an d 150,000 shs. series C pref.) an d th e
com m on sto ck fro m 300,000 to 500,000 shs.
O n F eb . 24 1926 stockholders reduced th e a u th o riz e d a m o u n t of pref.
sto ck fro m 375,000 shares b y th e elim in atio n of 75,000 shs. of series A pref.
to 300,000 sh s., w hich w ere th e re u p o n increased to 400,000 shs., divided
as follows: 150.000 shs. $7 cu m . p ref. a n d 250,000 shs. $6 cum . pref. stock.
ST O C K A N D B O N D S
D ate.
Interest. O utstanding. M aturity.
C om m on 500,000 shs (no p a r ) . ___
129.842 shs.
C u m $7 p ref. 150,000 s h s _ 1 ____
_
$7 Q-J
17,252 shs O c t.’26 $1.75
(no p a r ) __________________ /
$6 cum p f 250,000 shs (no par) ______
$6 Q-J
143,117 shs. O ct ’26$1.50
1st & re f M g Ser “ B ” ______ [ 1922
6 g F-A
6.080.000 F eb . 1 1952
Series “ C ” ________________( 1923
5 g J-J
7.650.000 J a n 1 1953
($100, & c)______c* & r* tf [G u a ra n ty T ru st C o ., N . Y ., tru ste e .
M et E l Co 1st s f ($1,000,
/ 1909 5 g A-O
2,382,500 A pr 1 1939
$ 5 0 0 ,)----------------------- c * tf [G irard T ru st C o., P h ilad elphia, tru ste e .
Penn E dison Co 1st M 3 0 -y rfB an k o f N o rth A m er. & T ru s t C o ., P hilas f g $50,000,000 ($100,1 d elp h ia, P a ., tru ste e .
& c)--------------------- c*& r*tf (
Series A 5 % ------------ 1916
5 g A-O
6,713,500 A pril 1 1946
Series B 6 % - - . ............... 1916
6 A-O
699,000 A pr 11946
E aston G as Wks 1st cons M ' 1910 5 g F-A
‘
298,000 J u ly 1 1950
40-year gold $1,000,000 I n t. a t G irard T r u s t C o ., P h ila ., tru s te e .
($1,000)________________ tf
E asto n G as W ks 2d M gold 1924
5 g J -J
475,000 Ju ly 1 1950
Series A $2,000,000 ($1,000 I n t. a t B an k of N o rth A m er. & T ru st C o.,
$500, $100)_______________
P h ilad elp h ia, tru s te e .
Peoples L t, H t & P r Co 5s 1900
5 g J -J
74,000 J a n 11930
30-yr gold $100,000 ($500) In t. a t W yom ing V alley T ru s t C o ., Wilkes(closed)
Del G as L t Co 1st M 5s 4 0 -y r/ 1899 'S g J - J
‘ 305,000 Ju ly 1 1939
g $400,000 ($1,000)_____t f \ I n t . a t E a sto n T r. C o ., E a sto n , P a ., tru ste e .
N a za re th 111 G as Co 1st M 15-1 1912
5 g J-D
9,000 J u n e 1 1927
y r s f g $50,000 ($ 5 0 0 )tf_ l i n t , a t E a sto n T r . C o ., E a s to n , P a ., tru ste e .
_
Y ork H av en W at & P r C o 5 0 -1 1901
5 g J-D
1,500,000 J u n e 1 1951
y r 5s g $1,500,000 ($1,000,( I n t. a t L an d T itle & T r . C o ., P h ila ., tru ste e
$ 5 0 0 )__________________ tf
Y ork H av en W at & P r Co 5 s/ 1907
5 g M -N
1,374,000 M a y 1 1957
50-yr g$4,000,000($l ,000) t f [I n t. a t L an d T itle & T r . C o ., P h ila ., tru ste e .
H anover Pow C o 1st M s f g /In te r e s t a t Y ork T r u s t C o ., Y o rk , P a .,
($1,000, $500, $100)____t f \ tru ste e .
Series A $299,000_________ 1921
6 g J-D
262,000 J u n e 1 1928
Series B $101,000_________ 1921
6 g J-D
89,000 J u n e 1 1941
Series C $3,100,000_______ 1921
6 g J-D
469,400 Ju n e 1 1941
H an o v er & M cS h erry to w n S t f 1921
6 g J-D
30,000 On dem and
R y Co 1st M dem an d g o ld !I n t. a t Y o rk T ru st C o ., Y ork, P a ., tru s te e .
$100,000 ($500 or m u l t . ) . t f (

L ove , Macomber & Co.
49 WALL STREET

NEW YORK

Underwriters and Distributors
of Corporation Issues
SPECIALIZING IN

PUBLIC




UTILITIES

63

ST O C K A N D B O N D S—
D ate.
Interest. O utstanding. M aturity.
M etro p Pow Co 1st M g Ser A / 1923
6 g J-D
3,250,000 J u n e 1 1953
($1,000, $500, $100)____t f IB k. of N o r. A m . & T r. C o ., P h ila., tru s te e .
C um berland Vat L t & P r C o f 1921 6 g J - J
30,600 J a n 1 1951
1st M g $250,000 ($1,000,(U nion T ru s t C o. of P a .. H arrisb u rg , P a ..
$500, $100)____________ tf I tru s te e .
D illsburg L t, H t & P r Co 1 st/ 1910 5 g J - J
10,500 Dec 31 1930
M g (closed) ($500, $250). t f (S ecurity T itle & T r. C o ., Y ork, P a ., tru ste e .
Stock.— T h e $7 a n d $6 pref. stocks a re preferred as to cum . divs. ($7
an d $6, respectively) a n d assets ($100 an d div. in liquid atio n or dissolution)
over th e com m on sto ck . A re re d ., w hole or p a rt, on 30 d a y s’ notice a t
$110 per share a n d div. P en n . 4 m ills ta x refunded. In Ju n e 1925 17,000
series B pref. shs. w ere offered a t $100. In J u ly 1925 P ynchon & Co.
offered 135,000 series C shs. a t $95 a n d d iv ., yielding 6.31% . In F eb.
1926, b y actio n of stockholders, th e series B pref. stock w as changed to
$7 pref. sto ck a n d th e series C pref. stock w as changed to $6 pref. stock,
a n d th e au th o rized a m o u n t of th e $6 pref. w as increased to 250,000 shs.
All of th e o u tsta n d in g Series “ A ” $7 cum . partic ip a tin g stock was called
for redem ption on O ct. 1 1925 a t $115. A t th e sam e tim e all of th e pref. $3
d iv . stock of P ennsylvania E dison C o. (a subsidiary) was redeem ed. V . 121,
p . 331. 587.
Bonds.— T h e ls ( & ref. mtge. gold bonds, series B, 6% bonds, a n d series C
5s, 1952, a re listed on th e N ew Y o rk Stock Exchange. Series B a re call, all
or p a rt on 30 d a y s’ notice on or before A ug. 1 1931 a t 110; on or before A ug.
1 1941 a t 107: on a nd incl. A ug. 1 1951 a t 105 w ith in t. I n t. p a y ab le a t
G u a ra n ty T ru st C o. of N ew Y ork or a t C on tin en tal & C om m ercial T ru st
& Savings B an k , C hicago, HI. T here is a sinking fu n d J u n e 1 1923 to
Ju n e 1 1932 of 1 % of series B bonds o u tstanding; Ju n e 1 1933 to J u n e 1
1942, i y % ; Ju n e 1 1943 to Ju n e 1 1951, 2 % .
T h e Is! & ref. mtge. gold bonds a re secured by a 1st m tge. on p a rt of th»
p ro p e rty a nd b y a dire c t m tge. lien on all physical p ro p e rty ow ned (incl.
after-acquired) su b ject to $2,382,000 M etro p . E l. C o. 1st s. f. bonds. F u r ­
th e r secured by pledge of 118,249 9 -1 4shares of com m on stock of Pennsylvania
E dison C o. (more th a n 99% of o utstan d in g cap ital stock) a nd 15,000 share*
Class “ B ” 7% pref. stock c f R eading T ran sit C o. T h e bonds of series C,
5% , due Jan. 1 1953, a re callable, all or p a rt, on 30 d a y s’ notice on or
before J u ly 1 1952 a t 105; th e re a fte r a t 100 and in t. T here is a sinking
fu n d J a n . 1 1924 to J a n . 1 1933, 1% of series C bonds o u tsta n d in g J a n . 1
1934 to J a n . 1 1943, i y 2 %; J a n . 1 1944 to J a n . 1 1952, 2 % . L isted on
N ew York Stock E xchange. In M arch 1926 H alsey, S tu a rt & C o ., In c .,
sold $3,500,000 add itio n al Series “ C ” bonds a t 0014 and in t. V. 122, p . 1455.
In J u n e 1926 th e sam e b a n k ers offered $1,000,000 a d ditional series C 5%
bonds a t 100K. a nd in t. V. 122, p. 3083.
B o th series B and series C 1st & ref. m tge. gold bonds are exem pt from
P en n . 4 mills ta x . C o. refunds C onn. 4 mills a nd M ass. 6% taxes.
U nder th e provisions of th e 1st & ref. m tge. a d d itio n a l bonds m ay be
issued in series of such te n o r a s d irectors from tim e to tim e m a y determ ine,
for refunding prior lien bonds, p a r for p a r, a n d for 70% , 75% or 80% of
new acquisitions, &c., pro v id ed gross incom e h a s been a t le a st 1 l , 1 M or
A
2 tim es a n n u al in te re st on all 1st & ref. m tge. bonds issued, incl. new issue,
a nd p rio r lien bonds in h a n d s of th e public.
A maintenance and depreciation fu n d provides for p a y m e n ts to tru ste e
a n n u ally on J u ly 1, du rin g th e life of a n y 1st & ref. bonds, of 1 2 ^ % of
th e operatin g revenue d u rin g 12 calendar m o n th s ending A pril 30 of th e
sam e year, less a c tu a l expenditures for m a in te n an c e , &c., a n d on account
of im provem ent, &c., a g ain st w hich no bonds have been issued. M oneys
m a y be draw n dow n from tim e to tim e for m ain ten an ce, &c., or im prove­
m en ts, &c., or for re tire m e n t of 1st & ref. m tg e. bonds, or for pu rch ase of
certain specified underly in g b o nds of th e co. or U . 9 . G o v t, securities
for pledge w ith tru s te e .
.
,
T h e Metropolitan Electric Co. 1st mtge. 5% 30-yr. s. f . gold bonds, dm
A p ril 1 1939, are call., all or p a rt, a t 110 and in t. on A pril 1 1914, or any
in te re st d a te th e re a fte r on 4 w eeks’ notice. T h ere is a sinking fu n d of 1 %
of all outstan d in g bonds each A pril from A pril 1914 to April 1 1918, 1%;
A pril 1 1919-1927, 1 ^ % , a nd A pril 1 1928-1938. 2 % . In te re s t payabl*
a t th e com pany's office or its a g en t, in R eading, P a . (C olonial T ru s t C o.).
E x e m p t from P en n . 4 mills ta x .
T h e Penn. Edison Co. 1st mtge. 30-yr. s. f . gold bonds, due A p ril 1 194flj
are callable, all or a ny p a r t, of Series A a nd B a t 105 a nd in t. on 30 days
notice. B onds of subsequent series in sam e m anner a nd a t a price not
less th a n 105 and in t. if issued prior to A pril 1 1936 and n o t less th a n 102H
if issued subsequent to A pril 1 1936. T here is a sinking fu n d of 1 % Ju n e 1
1917 and annually th e re a fte r on all bonds o u tsta n d in g a n d reserved for r e ­
funding purposes. In t. payable in P hiladelphia or N ew Y ork. Exem pt
from Pennsylvania 4 m ills ta x .
,
T h e Easton Gas Works 1st consol, mtge. 5% 40-yr. gold bonds, due July 1
1950, are call, a t 105 and in t. on 30 d a y s’ notice. $243,000 are owned by
Penn-E dison C o. In additio n to th e $541,000 o u tsta n d in g , $80,000 hav«
been cancelled, and $379,000 are reserved for underlying bonds. T h e re i f
a sinking fund, of '/$ % a n n u ally A pril 1 1915 to 1920; 1 % annually A pril 1
1921 to 1926 of bonds certified or reserved; A pril 1 1927 to m a tu rity a
g ra d u a te d annual proportion of 30% of all bonds certified less re tired and
cancelled. E xem pt from P en n . 4 mills ta x .
T h e Easton Gas Works 2d mtge. gold bonds, series A , due July 1 1950, a rt
call, all or p a rt on 30 d a y s’ notice a t p a r a nd in t. E x e m p t from Penn.
4 mills ta x . All are ow ned by P e n n . Edison C o. and deposited as collateral
under its 1st m tge.
Peorle’s Light, Heat & Power Co. Is! mtge. 5% 30-year gold bonds, due
Jan. 1 1930, are call., all or p a rt, in order of th e ir num bers a t 105 and
in t. on 3 w eeks’ notice. $20,000 have been re tired a nd cancelled. $6,000
are deposited as collateral u n d e r E a sto n G as W orks 1st cons. m tg e. Ex­
em pt from P enn. 4 mills ta x .
Delaware Gas Light Co. 1 mtge. 40-yr. gold bonds, due July 1 1939, are
exem pt from P enn. 4 mills ta x . T here is no sinking fu n d . $95,000 have
been re tired and cancelled.
Of th e $36,000 o u tsta n d in g Nazareth Illu m in . Gas Co. 1st mtge. 5% sink,
fu n d 15-yr. gold bonds, due June 1 1927, $27,000 are ownec b y P enn. Edison
C o. $14,000 have been cancelled. C all, all or p a r t on 3 m o n th s’ notice
a t 105 a n d in t. A sinking fu n d calls for $4,000 each N ov. 20 1920 to 1926
a nd $5,000 on M a y 20 1927.
,
.
T h e York Haven Water & Power* Co. 50-yr. 5s gold bonds, due June 1 1951,
are non-callable. E x e m p t from P e n n . 4 .nills ta x .
T h e York Haven Water & Power Co. 5s gold bonds, due M a y 1 1957; are
call, all or p a rt a t an y tim e a fte r M ay 1 1927 a t 105 and in t. In addition
to th e $1,374,000 o u tsta n d in g , $1,016,000 are held in tre a su ry . T here Is
a sinking fu n d M ay 1 1927 an d annually th e re a fte r of 10% of gross earnings
less all expenses, fixed charges and am o u n ts expended for im provem ents
and b e tte rm e n ts. E x e m p t from P e n n . 4 m ills ta x .
T he Hanover Power Co. first mortgage sinking fu n d gold bonds are callable
on 60 d a y s’ notice a t p a r an d In terest an d a prem ium of such a m o u n t as
m ay be required to m ake th e redem ption price equal to th e value thereof
on a 5 % % basis. B onds m ay be called for sinking fu n d on 15 d a y s’ notice
a t redem ption ra te an d in te re st. A sinking fu n d covering all series calls
for p a y m e n t on J u n e 1 of th e following percentages of to ta l bonds o u t­
standing a n d of all bonds p aid or redeem ed thro u g h sinking fu n d — 1922 to
1924, incl., 1% ; 1925 to 1927, in cl., 1 y % ; 1928 an d each year th e re a fte r.
2 % . E x em p t from P e n n . 4 m ills ta x .
T h e Hanover & M cSherryslown Street Ry. Co. 1st mtge. demand gold bonds
are a ll ow ned b y M etro p o lita n E dison C o. a nd exem pt fro m P en n . 4 m ills
T h e M etropolitan Power Co. ls£ mtge. gold bonds, series A 6s, due June 1
1953, a re listed on th e N . Y . Stock Exchange. C all, all or p a rt on 30
d a y s' notice, to a n d incl. J u n e 1 1938, a t 107 X a nd on an y in te re st d a te in
A
each succeeding ] 2 m o n th s’ period a t percentages decreasing y % in each
succeeding 12 m onths period, w ith in te re st. T h ere is a sinking fu n d
Ju n e 1 1926 to Ju n e 1 1934, 1 % of all o u tsta n d in g series A bonds; J u n e 1
1935 to Ju n e 1 1943, 1 H %; Ju n e 1 1944 to J u n e 1 1952, 2 % . . P rin cip al and
interest guaranteed by M etropolitan Edison Co. In te re s t p a y ab le in P hila­
delphia and N ew Y o rk . E x e m p t from P en n . 4 m ills ta x . C o. refu n d s
C onn. 4 mills a n d M ass. 6% taxes.
T h e Cumberland Valley Light & Poicer Go. 1st mtge. gold bonds, 6s, due
Jan. 1 1951, a re call, all or p a rt on J a n . 1 1926 or a n y in t. d a te th e re a fte r
on six w eeks’ notice a t 103 a n d in t. $59,400 a re held in tre a su ry . T here is
a sinking fu n d , D ec. 1 1925 a n d a n n u ally th e re a fte r, of 2% of o u tsta n d in g
am ount.
T h e Dillsburg Light, Heat & Power Co. ls( mtge. 5% gold bonds, duelDec. 31
1930, are c a ll, all or p a r t a t 100 a n d in t. on 2 weeks’ notice.
E A R N IN G S .— F o r calendar years:
1925.
1924.
O perating revenue_______________________________ $8,675,748 $7,947,276
O perating expenses an d ta x e s ______________
3,588,451
3,471,642
M aintenance a nd d e p re ciatio n ___________________ 1,404,168
1,525,219
R e n t a ls ________________________________________
66,198
66,198
O perating incom e_______________________________
3,616,930
2,884,217
O ther incom e__________________________________
207,711
384,503
T o tal incom e_______
$3,824,641 $3,268,720

64

PUBLIC UTILITIES

1925.
In te re st on fu n d e d d e b t___________________________ $1,579,043
O th er d ed u ctio n s_______________________________
176,213
P referred div id en d re q u ire m e n ts_________________
850,617

1926.
$1,379,424
177,549
647,562

B alance o f n e t incom e_________________________$1,218,768

$1,064,185

Latest E a rn in g s. — F o r 12 m o n th s ended A ug. 31 (incl. su b sid iary cos.)

1926.
1925.
G ross e arn in g s__________________________________$9,320,552 $8,310,861
N e t afte r tax es, re n ta ls & d e p r., b u t incl. o th e r inc_ 4,093,254
3,599,575
Fixed ch arg es___________________________________ 1,768,432
1,717,377
B alance, su rp lu s______________________________ x$2,324,822 $1,882,198
x B efore $956,901 s e t aside for p referred dividends.
O F F IC E R S .— P res.. E . L . W est; V .-P ., L . H T g n g , E . M . G ilb e rt,
T h o m as C heyne an d W . B u ch sb au m ; T re a s ., J . P . C am pbell; Sec., C . N .
W ilson.— V. 121, p . 330, 458, 586, 706, 839, 1569, 2875; V. 122, p . 1310,
1455, 1762, 2496, 2949, 3083; V . 123, p . 710, 1634.

BINGHAMTON LIGHT, HEAT & POWER CO.

Controlled, b y General Gas & E lectric C orp.
O R G A N IZ A T IO N .— In c o rp . in N ew Y ork S ta te in J a n . 1902 as successor
to th e B ingham ton G eneral E lectric C o. T h e Owego L ig h t & Pow er Co.
an d th e A fton-W indsor L ig h t, H t. & P ow . C o ., In c ., w ere m erged w ith
th e B ingham ton L t., H t. & P o w . C o. in 1925.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. supplies electric service th ro u g h o u t an extensive in d u stria l an d agri­
cu ltu ral d is tric t in th e so u th ern c en tra l p a rt o f N . Y . S ta te w ith th e city of
B in g h am to n as c en tre . O th e r com m unities include E n d ic o tt, Johnson
C ity , D ickinson, N ichols, A p alach in , P o rt D ickinson, C o n k lin,.K irkw ood,
C h en an g o , F e n to n , M ain e, V estal, U nion, Owego, W h itn e y P o in t, M a ra ­
th o n , Lisle, N ew ark V alley, B erkshire, W illet, C in cin n atu s, T a y lo r, Sm ithville, C olesville, G len A u brey, G len C astle, Tioga, P o rt C ran e. H arpursville,
N in e v ah , K a tte v ille , C en ter V illage, C henango B ridge, Sm ithfield F la ts,
S a n ita ria Springs, M essengersville, A fton a n d W indsor. C om pany owns
a large steam g en eratin g sta tio n on th e Susquehanna R iv er n ear Bingxiamto n , an d several sm all h y dro-electric statio n s. T o ta l cap acity , 24,420 k.w .
193 m iles of high-tension transm ission lines a n d 366 m iles o f distrib u tio n
lines. P o p u la tio n served, 121,000.
S T O C K A N D B O N D S—
D a te.
In terest. O utstan din g. M a tu rity .
_______ x25,000shs. O ct. '26, 1 K
C om m on 75,000 shs (no p a r)_______
C um p re f 50,000 shs (no p a r)______
$6
18,629 shs. O ct. '26, I K
1st re f m tg e 5s 30-year gold f 1916
5 g A-O
4.679,000 F eb 1 1946
. t f l -I n t. a t G u a ra n ty T r. C o. o f N . Y ., T ru ste e .
—
(---------- )
$ 1 . 000
Owego L t & Pow Co gen M
40-year 6s gold ($500)_____In t. a t F irs t N a t. B k. o f Owego, N . Y .,T r u s .
Series A .................................. 1923 6 g M -N
159,000 M ay 1 1963
Series B ________ _____ _
1923 6 g M -N
41,000 M a y I 1963
A fton-W indsor L t, H t & Pow f 1914 6 g F-A
100,000 F eb 1 1944
C o, In c , 1st M 6s g o ld !In t. a t Scran to n T ru s t C o ., S cranton, P a .,
$100,000 ($500)__________ [ T ru ste e .
x All ow ned b y G eneral G as & E lectric C o rp .
B on ds. — Is! ref. m tge. 5% 30 -yr. gold bonds, due Feb. 1 1946, a re call., all
oc p a rt, on 40 d a y s’ notice a t 105 a n d in t. Sinking fu n d o f 1 % annually
■luce F eb . 1 1920 on all o u tsta n d in g bonds. P en n a. 4 m ills ta x refu n d ab le.
T h e Owego Light & Power Co. gen. m tge. 4 0 -yr. 6% gold bonds, due M a y 1
1963. a re call, a fte r N o v . 1 1927 on an y In terest d a te a t 102% an d in t.
• n 5 w eeks’ n otice. N o sinking fu n d provisions.
T h e A fto n -W in d so r L t.. H t. & Power Co. 1st m tge. 6s, gold bonds, due Feb. 1
1944. a re call., all o r p a rt, a t 105 a n d in t. on 2 weeks notice. N o sinking
fu n d provisions.
E A R N IN G S .— F o r calen d ar years:
1925.
1924.
O perating rev e n u e _______________________________ $1,679,165 $1,395,249
O perating expenses a n d ta x e s____________________
723,665
645,688
378,960
M ain ten an ce an d d epreciatio n ___________________
322,474

O p eratin g incom e____________
T o ta l incom e__________________
In te re s t on fu n d e d d e b t_______
O th er d ed u ctio n s______________
Preferred dividend requirem ents.

$576,539
$609,656
248,389
61,873
123,743

$427,087
$498,464
177,681
50,184
90,038

B alance, n e t incom e__________________________
$175,651
L atest E a rn in g s. — F o r 12 m o n th s ended A ug. 31
1926.
G ross e arn in g s___________________________________ $1,841,576
N e t after tax es &d ep rec’n , b u t incl. o th e r in c o m e .
640,021
Fixed charges___________________________________
319,954

$180,562
1925.
$1,588,096
594,644
298,498

B alance, su rp lu s___________________ •__________
$320,067
$296,146
O F F IC E R S .— P res., W . S. B arstow ; V .-P . & G en. M g r., W . B . G andey;
V .-P s., L . H . T y n g and W . B auchsbaum : T rea s.. J . P . C am pbell; Sec.,
C. N . W ilson.— V . 122, p . 2648, 2947, 3451 V. 123, p . 709.

EMPIRE POWER CORPORATION
O R G A N IZ A T IO N ..—In co rp . in N ew Y o rk N o v . 1 1924. C ontrols com­
panies furnishing d ire c tly or in d irec tly electric pow er an d lig h t service in
70 com m unities a n d gas service in 15 com m unities in th e c en tra l p a r t of th e
8 ta te of N ew Y ork, a n d gas service in H o u sto n , Texas a n d v icin ity . A m ong
th e p rin cip al com m unities sup p lied w ith electric pow er a n d lig h t an d gas
service in c en tra l N ew Y ork a re L o ck p o rt, A u b u rn , G eneva, E lm ira , N ew ­
a rk , Seneca F alls, D ansville a n d Lyons, a n d w ith electric pow er a n d lig h t
service C orning, H ornell, P e rry a n d W arsaw . E lectric railw ay service is
also fu rn ish ed in E lm ira an d v icin ity , an d steam h e a t in L ock p o rt and
H o rn ell. T o tal p o p u latio n served estim ated to exceed 490,000. P rincipal
cos. co n tro lled , eith er d irectly or in d irectly th ro u g h stock ow nership, are:
(a) N ew Y o rk C en tral E lectric C orp. (all o f th e common sto ck ow ned by
E m pire Pow er C o rp .);
(b) E m p ire G as & E lectric C o. (New Y o rk C en tral E lectric C orp. owns
all of th e com m on stock);
(c) U n ited G as & E lectric C orp. a n d controlled com panies (E m pire Pow er
O orp. ow ns over 97% of th e com m on sto ck of U nited G as & E lec. C orp.)
V. 122, p . 610. 1168.
S T O C K A N D B O N D S—
D iv.B a te. O utstanding. Latest D iv .
C om m on 600.000 shs (no p a r ) - ____
_________ 400,000 shs __________
6 cum p f 100.000 shs(no p a r ) . ____
$6 Q -J
74,000 shs O ct '26 $1.50
_________ 400,000 shs
See te x t
'artic s tk 600,000 shs (no p a r ) ____
Stock. — T h e $6 cu m . pref. stock is p referred as to assets a n d divs. R ed .,
a ll or p a rt, a fte r J a n . 1 1929, a t 110 p e r sh are a n d div id en ds. P e n n a . 4
m ills. M ary la n d 4 K m ills, a n d M ass. 6% tax es refu n d ab le. In F eb . 1926
W . C . L an g ley & C o. an d B o n b rig h t & C o ., In c ., offered 74,000 $6 cum .
pref. shares a t 9 3 K a n d d iv s., to y ield over 6.4 0 % . V. 122, p . 1168.
D ivid en d s.— An in itia l q u a r. d iv . o f $1 50 w as p aid on th e $6 cum . pref.
sto ck in A pril 1926. V . 122, p . 1608. A sim ilar div id en d was p a id in
J u ly a n d O ct. 1926. On th e no p a r p a rtic ip a tin g stock 40c. w as p a id in
Ju ly 1926. V. 122, p . 3605. In O ct. 1926 50c.
■ E A R N IN G S .— C onsolidated earnings 12 m o n th s ended J u n e 30 1926
G ross earnings of o p eratin g su b sid iaries____________________
$8,851,278
N e t afte r o p eratin g expenses, m ain ten an ce an d tax es________
3,304,466
N e t a fte r re tirem e n t reserve b u t before p referred d iv id e n d s -. *1,389,322
* A fter giving effect to re c e n t fin an cin g a n d acquisition of Lehigh Pow er
Securities C orp. $6 preferred sto ck .
O F F IC E R S .— P res., E . L. P h illip s; V .-P ., G . W . O lm sted; T re a s., R . F .
V an D o o m ; Sec., H . R . F ro st.— V . 122, p . 610, 1168, 1608, 3453, 3605;
V. 123, p . 1502.
♦
— • —

f

NEW YORK CENTRAL ELECTRIC CORPORATION.
ft Control. — All of th e com m on sto ck is ow ned b y E m p ire Pow er C o rp ’

O R G A N IZ A T IO N .— In c o rp . in N ew Y o rk D ec. 2 1921, as W yom ing
E lectric C o rp . P rese n t n am e a d o p te d N ov. 2 1922. In 1924 absorbed
th e P e rry E lectric L ig h t C o ., W arsaw G as & E lectric C o ., H ornell E lectric
C o ., T h e D ansville G as & E lec tric C o ., W ay n e Pow er C o ., Y a tes E lectric
L ig h t & Pow er C o ., C o rn in g L ig h t & P o w er C o rp ., T h e C an a serae a E lectric
C o ., In c ., D istrib u to rs E lec tric C o ., I n c ., an d Springw ater E lectric L ig h t




[Y o u 123.

C o., In c . On J a n . 27 1925 acquired all of th e o u tsta n d in g com . sto ck of
th e Em pire G as & E lectric Co. In 1925 absorbed th e A ulls E lectric C o .,
Addison E lectric L ight, Pow er C o.. (V. 121. p . 3311 a nd th e electric system
of th e village of A rk p o rt. In 1926 absorbed th e H am m o n d sp o rt Electric
L ig h t C o., th e P e n n Y an G as L ig h t C o., A . C ornw ell & Sons a n d th e electric
system of th e village of Savona.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Supplies territory located in the central part of N e w Y o r k State, furnishing
the entire electric light and power service in C o rn ing, H orne ll, Dansville,
P e rry , W arsaw and m any other communities; the principal electric light
and power service in Penn Y a n ; entire gas service in Dansville; also some
gas service in Corning and a steam heating service in H orne ll.
Operating Statistics —
1925.
Electric output (generated & pu rch .) k .w .h . year end. D ec. 31 . 20,172,167
Gas output (produced & p u rc h .) cu. ft. year ended D ec. 3 1 .. 90,246,000
Electric generating plant capacity k .w .h . D ec. 31______________
4,547
375,000
Gas producing plant capacity cu. ft. per 24 hours D ec. 31-------ST O C K A N D B O N D S —
D a te . In terest. O u tsta n d in g . M a tu rity .

C om m on $5,000,000 ($100)—..................... .............
P ref 7% cum $5,000,000 ( $ 1 0 0 ) ____
7 Q -J

$2 000 000 __________
4 .0 4 7 .9 TO
See te x t.

1st M 5 K % Ser of 1950 ($100,1
1924 5 K g M - S
3,284,500 M a r 1 1958
$500 & $1,000c* and $1,000, IN e w Y o rk T r u s t C o .. N . Y . , trustee.
$5,000 & $10,000 r*) g _ _ tfj
H orne ll. Dansville 1st & r e f - . ____
5%
90,600
---------Stock.— Pref. is non-voting. R ed. all o r-In part on any d iv . date after
3 years from issue at 110 and divs. $2,000,000 7 % pref. was offered in
O ct. 1924 b y W . C . Langley & C o . and Bonbright & C o . at 97K and d iv .,
to yield 7 .1 8 % . V . 119, p . 1850.
B onds.— 1st mtge. 5 K % bonds Ser. of 1950 are red. all or part on any
In t. date on 30 days notice at 106 on or prior to M a r . 1 1928. and at 1 %
less during each period of four consecutive years thereafter up to and Incl.
M a r. 1 1948 and at 100 thereafter, p lu s in t. in each case. Penna. and Conn,
personal property taxes not exceeding 4 mills refunded. In A ug. 1924
$600,000 5 K % Ser. of 1950 were offered b y M anufacturers’ T r u s t C o .,
N . Y . , at 97 and in t., to yield over 5 .7 0 % . V . 119, p . 820. In A p ril 1925
M an uf. T ru s t C o . offered $500,000 additional 5 K % Series of 1950-at 101
and in t., to yield over 5 .4 0 % . V . 122, p . 2327.
D ividends — D iv s . on pref. paid regularly since issuance in 1924.
E A R N I N G S . — F o r calendar years .
*1926.
1925.
1924.
x Gross earnings_____________________ $1,550,643 $1,369,182 $1,039,836
O per. exp., taxes and maintenance___
832,447
777,302
731,632

N e t earnings_________
In te re s t charges____________________
A m ortization, &c______________

$718,196
227,818
78,230

$591,880
228,215
53,995

$308,204
128,295
34,892

S urplus for y e a r__________________
$412,148
$309,670
$145,017
x Including dividends fro m E m p ire G as & E lec tric C o. * 1 2 m onths
ended A ug. 3 l 1926.
O F F IC E R S .— P res., G eo. W . O lm sted; V .-P ., E llis L . Phillips: T rea s..
R . F . V an D o o m ; Sec., H e n ry R . F ro st; A sst. T re a s., Jo h n W . L ittle .—
V. 120, p . 2944; V. 121, p . 331; V . 122, p . 2329, 2496.

EMPIRE GAS AND ELECTRIC CO.

T h e entire c ap ita l stock is ow ned b y th e N ew Y ork C en tra l E lec tric C orp.
O R G A N IZ A T IO N .— In c o rp . A pril 12 1911 in N ew Y o rk . A cquired
A u b u rn G as C o., In te r-U rb a n G as C o., Seneca F a lls & W aterloo G as L ight
C o., A u b u rn L ig h t, H e a t & Pow er C o., A u burn Subw ay & E lectric C o., and
C itizens L ig h t & Pow er C o. of A u burn m erged th e W eedsport E lectric L ight
C o. in 1925, a n d th e C e n tra l N ew Y o rk G as & E lec tric C o. in 1916.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
D oes th e en tire gas a n d electric business in G eneva, W aterloo, Seneca Fall*
a n d 7 o th e r cities an d tow ns, a n d th e en tire electric business in W eedsport
a nd C lyde. P o p u la tio n served, 130,000. C onsum ers electric, 18,326; gas,
17,867.
Stock In crease. — In S ept. 1926 com pany increased its au th o rized capita)
stock from $5,500,000 to $10,000,000. V . 123, p . 1502.
S T O C K A N D B O N D S—
D a te .
In te re st. O u tstan din g. M a tu rity .
C om m on $2,692,000 ($ 1 0 0 )--______
_______
$2,692,000
6 q u a rt.
315,000
6% C um P re f $315,000 ( $ 1 0 0 ) ____
7 K % C um P re f______ ( $ 1 0 0 ) _____
7 K q u a rt.
219,900
7 q u a 't .
1,274.800
7% C um P re f________( $ 1 0 0 ) _____
J t l s t & re f gold 5% $5 ,0 0 0 .-/ 1911 5 M -S
$2,669,000 M a r 1 1941
000 ($1,000)_________ c * t f \ I n t . a t P enn sy lv an ia C o. for In s . on Lives A
G ra n tin g A nnuities, P h ila ., tru s te e .
1922
6 J-J
$1,860,000 J u n e 1 1952

!

I n t. a t Irv in g B k .-C o l. T r . C o ., N . Y ., tru s .
1902
5 J-J
$123,000 J a n 1 1 9 2 7
I n t. a t N ew Y ork T r u s t C o ., tru s te e .
A ub G as Co C ons g 5% $600.-1 1905
5 J-D
259,000 Ju n e 1 1930
000 ($1,000)_________ c _ tf ( I n t. a t N ew Y ork T r u s t C o ., tru s te e .
C eStock. — TG e 6%Co re f. g 5% 1h a s preference as to assets a n d isJ u lyaran 1941
n tr N Y h & E P 1st sto ck 1911
5 J-J
$1,026,000 g u 1 teed
b y$2,000,000 ent b y th e $500)l i nC ,oke P ho. w elp h ia T r u s t C o ., P h ilain to ru s.
e ndorsem ($1,000, E m p ire t a t C ilad hich has been m erged ., T th e
E m p ire Pow er C orp. T h c 7fK a n d 7% p re f. stocks h a v e sam e a s th e 6%
e t l
P ref. sto ck b u t are n o t g u a ra n te ed b y th e E m p ire C oke C o. T h e 6% P ref.
sto ck is n on-voting.
B on ds.— E m p ire Coke C o ., E m p ire Gas & E lectric C o ., J o in t Is! a n d Ref
Gold N o te s, D u e 1941 a re re d . a t 102 on a n y in te re s t d a te . A nnual b e tte r­
m e n t fu n d of 2% of o u tsta n d in g a m o u n t. In ad d itio n to th e a m o u n t
o u tsta n d in g , $1,860,000 a re pledged a s collateral u n d e r th e gen. & re f. gold
6 % Series " A . ”

E m p ire Gas & E l. Co. Gen & R ef. Gold 6 % , S eries A a re re d . w hole or p a rt
on 30 d a y s’ n otice a t 110 d u rin g th e first 15 years, less 1% for each year
during th e following 10 years a n d a t p a r th e re a fte r. Secured b y a general
m ortgage on th e e n tire p ro p e rty of th e com pany an d b y th e d e p o sit w ith
tru ste e of a n equal principal a m o u n t of E m p ire G as & E l. C o. a n d E m pire
C oke C o ., J t . 1st & re f. m tg e . 5% gold b onds, or in lieu th e re o f, each or
U . S. G overnm ent obligations. F u s t publicly offered ($1,100,000) in
O ct. 1922 a t 96 & in t., yielding 6.3 0 % .
C entral N . Y . G as & E l. C o. 1st Gold 5% d a te d J u ly 1 1941, a re re d . a t
105 on a n y in te re st d a te . A nnual sinking fu n d of 1% of o u tsta n d in g
am o u n t since 1916.
E A R N IN G S .— F o r calendar years
Gross
E a rn in g s.

N et
E a rn in g s.

Interest.

D ep recia tio n .

D iv iden d s.

S u rp lu s
fo r Y e a r.

1926x_______ $2,548,438 $1,031,104 $328,078 $224,851 $361,045 $117,130
1925________ 2,436,150 1,002,607 342,095 246,378 261,025 153,109
1924________ 2,286,038
904,351 327,499 261,592 302,929
12,331
1 9 2 3 --______ 2,108,604
916,763 316,515 243,130 228,490 128,628
1922________ 1,866,264
808,488 305,713 190,196 139,352 173,227
1921________ 1,678,160
517,901 288,890 117,908
85,055
26,048
34,440
21,135
1920________ 1,604,735
419,582 232,890 131,117
x 12 m o n th s ended A ug. 31 1926.
O F F IC E R S .— P res., E . L . P hillips; V .-P ., H . O. P alm er a n d G . W ,
O lm sted; T rea s., R . F . V an D oom ; Sec.. H . R . F ro st.— V . 121, p . 2156:
V. 123, p . 1502.

(THE) UNITED GAS AND ELECTRIC CORPORATION.
C ontrol. — E m pire Pow er C orp. of N ew Y ork o b ta in e d control in J a n . 1928
th ro u g h acquisition of m ore th a n 95% o f th e com m on sto ck of U n ite d G as
& E lectric C orp. See “ E m p ire P ow er C o rp .,” V. 122,’ p . 6 io . See also
V. .2 2 , p . il7 2 .
O R G A N IZ A T IO N .— In c o rp . in C onn, on Ju ly 20 1923 as a consolida­
tion of T h e B erkshire C orp. and T h e U nited G as & Elec. C o rp . (as p e r p lan
outlined in V. 116, p. 1761). C om pany c ontrols L ockport L ig h t. H e a t A
Pow er C o ., E lm ira W ater, L ig h t & R R .. and H ouston G as & F u e l C e.
See for h isto ry of acquisitions, V. 94, p . 1388, 1696; V. 97, p . 726. C o. also
owns 27,000 shares of Long Isla n d L ighting C o. com m on stock.
As of J a n . 7 1926 sold its in te re sts in L a n c a ste r (P a.) C o u n ty R y . & L t.
C o. a n d H a rrisb u rg (P a.) L ig h t & P ow er C o. to L ehigh P ow er Securities
C orp. th rp u g h “ U nited Securities C o .” F o r p a rtic u la rs see V. 122, p . 611.

Oct., 1926.]

POWER, LIGHT AND RAILWAY

65

Odess, Chem ung, W ellsburg, B u rd e tt, L o d i, Veteran, Valois, Catherine,
Pine V alley, To w n s of E lm ira , Southport, Horseheads and B ig Flats. Sells
power to the N e w Y o r k C entral Pow er C o rp . and the E lm ira Co rn ing &
W averly R y . C o .
In terest. O utstan din g. M a tu rity.
S TO C K A N D BONDS—
D a te .
__________ $1,000,000
See text
Com m on $2,000,000 ($100)_.
1,982,100 S ep t’26,11*
1st pref $3,000,000 (7 % c u m ) . ____
7 Q -M
1.200.000 Sept ’26.1 44
2d pref 5 % cum $1,200,000:_ ______
_
5 Q -M
4.741.000 Sept 1 195
1st con mortgage $5,000,000) 1906
5 g M -S
($1,000)______________gc*tf)Interest at N e w Y o r k T r u s t C o ., trustee.
S TO C K A N D BONDS—
D a te.
In terest. O utstan din g. M a tu rity .
ssnck.— F irs t preferred is red. at option of co. at 115 and dividend.
Com m on (no p a r)____________ ______
__________ 310,464 shs. s«e text
D iv id e n d s .— On 1st pref., 194% q uarterly is being paid. O n 2d pref.,
21 4% paid semi-ann. from Sept. 1907 to and incl. M a r . 1914. O n J u ly 1
Preferred ($100)____________________
Q -J
$6,499,400
See text
Stock.— T h e pref. is to bear cum . divs. at the rate of 5 % per annum to 1914, 1 2 -3 % was paid, convering 4 months, and in O ct. 1914 d iv . of 1 J* %
Ju ly 1 1925; 6 % thereafter to J u ly 1 1927 and 7 % thereafter.
was paid, the annual rate being 5 % , payable quar. instead of semi-ann.
D ivid en d s on P ref.— A n Initial d iv . on pref. at rate of 5 % per ann. (for
(V . 99, p . 608). Same rate quar. since to Sept. 1926. O n com ., 1st d iv .—
period Ju ly 20 1923 to O ct. 1 1923) was paid O ct. 1 1923. See also V . 118,
1 % — paid O ct. 1910. In 1911, 1912 and 1913, 4 % . In 1914, O c t., 2 % . In
p. 1137. D iv s . at same rate paid regularly quar. since to and incl. Ju n e ’25
1915, J a n ., 2 % ; A p ril, 1 % ; J u ly , 1 % . In June 1916 paid 2 % for 6 mos. end.
D iv . on pref. at the rate of 6 % was paid Sept. 30 1925 and since a quar. d iv .
D ec. 31 1915 (declared in D ec. 1915) and 2 % for 6 mos. end. June 30 1916.
of 144% incl. Sept. 1926. O n the common an initial d iv . of $1 was paid In Sept. 1916 paid 1 % ; D ec. 1916, 2 % ; Sept. 1917, 1 % ; none to June 1923,
in June 1926. V . 122, p . 3456.
when 1 44% was paid; in Sept., l4 4 % : D e c ., 1 % . In 1924, M a rc h . 114% :
June, 14 4% ; Sept., 144% ; D ec., 1 4 4 % . In 1925, 6 % . In
E A R N I N G S . — F o r calendar years:
June and S e p t., each i 44 %•
1925.
1924.
1923.
1922.
$1,221,094 $1,161,393
$776,422
xReceipts_____________ $1,488,384
E A R N I N G S . — F o r calendar years:
S u rp lu s for
F ixed
In t. & am ortization____
584,889
592,981
649,819
674,841
Gross
N e t (after
R en ew ., & c.
Profit on securities, & c _ . loss662,218
43,475
lossl,414
loss71,968
E a rn in g s.
T a x e s).
C haraes.
$644,374
Preferred dividends____
357,467
324,970
yl44,431
_____
1925___________ . $2,399,279
$943,104
$298,730
486,611
1924. _______ - 2,133,316
300,282
786,893
488,947
Surplus______________ def$l 16,190
$346,618
$365,729
$29,613
300,850
1923 __________ - - 2,211,604
789,797
x Dividends of subsidiary companies actually declared during the year
391,154
1922 ___________- - 1,839,323
283,184
674,338
278,037
and miscellaneous direct earnings (net) after deducting expenses, y Covers 1 9 2 1 __________ - - 1,679.247
286,608
564,645
period from J u ly 20, date of reorganization, to D ec. 31 1923.
O F F I C E R S ..— C hairm an, E . L . Phillips; Pres., E . G . Connette; V .-P .,
Geo. W . Olmsted; 2d V .-P . & Gen. M g r ., F . H . H ill; Sec. & Tre a s ., H a rry
S u b s id ia ry C o m p an ie s
B. Cleveland; Asst. Sec. & Asst. Tre a s ., J . A . M c K e n n a . — V . 122, p . 2493.
Calendar Y ea rs—
1925
1924.
1923.
Gross earnings...........................
$14,193,702 $13,192,140 $12,526,119
Oper. expenses (incl. maintenance)_ 7,985,392
7,718,476
7,317,943
MOHAWK HUDSON POWER CORP.
Taxes____ ____________________________
921,449
718,141
692,113
O R G A N I Z A T I O N . — Organized in N e w Y o rk on M a y 25 1925, for the
Fixed charges________________________
1,674,365
1,729,799
1,586,994
purpose of consolidating the operations of several electric light and power
Renewal and replacement reserve___
848,064
816,612
854,749
companies in the M ohaw k and U pp er Hudson valleys.
C o rp . owns all of the stock of Cohoes Power & L ig h t C o rn .. Fulton
B a l. avail, for financing and d iv s .. $2,764,432 $2,209,112 $2,074,320
O F F I C E R S .— Chairm an of B d ., Ellis L . Phillips; Pres., E . G . Connette; C o u n ty Gas & Ele ctric C o ., M un icipa l Gas C o . of the C it y of A lb a n y , U tica
Gas & Electric C o ., and M oh aw k V alley Securities C o rp . Owns practically
V .-P s .. R . F . V an D o o m and George W . Olmsted; Sec. & Tre a s ., J . A .
all of the common stock of the A dirondack Power & L ig h t C o rp ., Eastern
M c K e n n a .— V . 120, p . 584, 2150; V . 122, p . 613, 1172, 2499, 3456.
N e w Y o r k Utilities C o rp ., M exico Electric C o ., Seneca R ive r Power C o .,
and Syracuse Ligh ting C o ., In c . Has a substantial interest in Buffalo,
U N IT E D G A S & E L E C T R IC CO .
Niagara & Eastern Power C o rp ., Northeastern Power C o rp ., and Power
O R G A N I Z A T I O N . — In corp. in D ec. 1901 in N ew Jersey. A ll the com­ & Electric Securities C o rp . V . 120, p . 2943.
mon stock was acquired b y the Susquehanna R y ., L t . & Pow . C o ., which
F o r possible inclusion in 2,400,000-h.p. development on the S r. Lawrence
on June 6 1912 was consolidated w ith United Gas & Elec. C o rp . and which
R iv e r, see statement re. “ Fro ntie r C o rp .”
on J u ly 20 1923 was consolidated w ith the Berkshire C o rp . Owns and
T h e subsidiary operating companies control the following properties as of
controls the following properties;
A u g . 31 1926:
E m p ire W ater & Power C o ., Colorado Springs, Colo.
M ile s
D a ily
In s ta l.
M ile s of
Lockport ( N . Y . ) L ig h t, H eat & Power C o ., and through it the In ter­
C a p a city
lec. Gen.
T ra n sof
national Power & Transmission C o ., Lockport, N . Y .
Gas
G as P la n ts
m issio n
C a p a c.
O n M a rc h 18 1926 co. disposed of its security holdings in the Richm ond
M a in s .
in cu . ft.
in k .w .
L in e s.
L ig h t, H eat & Power C o . of Richm ond, In d ., Citizens Gas & Fuel C o . of A diro nd . Pow . & L t . C o rp ____ 146,930
268
10,900,000
623
146,930
Te rre H aute, In d ., and U nion Gas & Electric C o . of Bloom ington, 111., Cohoes Pow . & L ig h t C o rp ____ 39,160
30
300,000
39,160
5
for $3,500.000.— V . 122. p . 1761.
26
Eastern N . Y . Utilities Co rp __ 5,850
570,000
113
65
1,500,000
F u lto n C o u n ty Gas & Elec. C o .. 7,000
95
S TO C K A N D BO N D S—
D a te.
Interest. O utstan din g. M a tu rity .
..
M u n icip a l Gas C o . of the C it y
Stock common 40,000 s h a r e s ..____
__________ 36,210 shs.
See text
178
of A lb a n y ____________________. 32,000
6,000,000
14
8tock preferred $1,500,000____ ______
J -J
$1,195,800 Jan ’26. 244
M exico Electric C o __________
19
S ecu rities o f controlled gas an d electric com panies—
305
10,000,000
280
43
Lockp L H & P 1st M ser “ A ” \ 1924
544 g M - N 1,100,000 N o v 1 1954 Syracuse Lig h ting C o ., I n c . .
285
U tica Gas & Elec. C o __________ 81,900
9,000,000
174
($500 & $1,000) gold___c tf/ N e w Y o rk T r u s t C o ., N . Y . , Trustee.
In A p ril 1926 co. applied to the N ew Y o rk P . S . Commission for permission
B on ds.— Lockport L ig h t, H eat & Power 1st mtge. ser. “ A ” 544sarered. all
•r In part by lot on any in t . date on 4 weeks' notice at 105 and in t . on or before to acquire a m ajo rity of the stock of E astern N e w Y ork U tilitie s C orp. by
N o v . 1 1929, and thereafter at 1 % less for each 5-year period to and incl. offering 44 pref. and 44 2d pref. share M o h ark -H ud son Power C o rp . for one
N o v . 1 1949, and thereafter to and incl. N o v . 1 1951 at 10044 and in t., pref. share Eastern N . Y . Utilities C o rp . and 1-3 2d pref. and tw o common
and thereafter at 100 and int. Co m p an y agrees to refund Penna. 4-m ill shares M oh aw k company for each common share Eastern com pany. V .
122, p. 2652: V . 123, p . 455. In J u ly 1926 the N ew Y o rk P . S. Commission
tax. In O ct. 1924 Tu c k e r, A nth o ny & C o . and Spencer Tra s k & Co .
authorized corp to acquire all or more than 10 % of the common and pref.
offered $1,100,000 at 9944 (less an am ount equal to in t. at rate of 544 %
per annum from date of paym ent to N o v . 1 1924), to yield about 5 .5 5 % . stock of the Syracuse L ig h tin g C o ., In c .; the Seneca R iv e r Power C o ., and
the M exico E lectric C o ., all serving communities in Onondaga and Oswego
V . 119. p . 1632.
counties. T h e three companies represented a value of $7,221,000. C o rp .
D iv id e n d s .— O n pref. 5 % has been regularly paid since incorp. O n com ., intended to form a financing corporation ,the Syracuse S ecu rities C o rp ., to
In 1906 and 1907, 2 % ; 1908, 4 % ; 1909, 2 % ; 1910, 4 % ; 1911, 4 % ; 1912, take over the Syracuse L ig h tin g C o ., In c ., valued at $4,834,600. C o rp .
4 % ; 1913, 4 4 4 % : 1914, 4 H % ; 1915, 4 % ; 1916, 7 4 4 % ; 1917. 4 % ; 1918, is to offer to exchange one pref. share, one 2d pref. share and six common
2 4 4 % ; 1919, 14 4 % ; 1920, 1 4 4 % . In 1921 none paid. In 1922 common shares, no par value, for one share Syracuse L ig h tin g stock. F o r all the
stock was changed from $100 par to shares of no par value. In 1922, 60c. stock of Seneca R ive r Power C o . and M exico Electric C o ., corp. proposed
per share was paid on the new stock. In 1923, $2 50. In 1924, M a r ., 50c. to issue 1,719 2d pref. and 11,460 common shares. V . 123, p . 581.
June 65c.; Sept., $1. In 1925 paid $4 70 in divs.
I n 1926, M a r ., 75c.
F o r plan to exchange stocks w ith Troy Gas C o., which co. has 75,000 no
June, 80c.; Sept., $1.
par shares of stock outstanding, see V . 123, p . 581, 1113. Corp'. proposed
to issue for one share of T r o y com pany stock 5-6 of a share of $7 cum . stock
E A R N I N G S . — F o r calendar years:
and one share of common stock M oh aw k Hudson Power C o rp ., w ith pro­
1925.
1924.
1923.
Gross (after expenses)_______________
$420,876
$306,015
$301,484 vision for purchase and sale of fractional shares of pref.. stock at $105 a
Preferred dividend__________________
59,790
59,790
53,790 share. V . 123, p . 1634.
S u rp lu s ___________
361,086
246,225
247,694
D a te.
In terest. O u tstan din g. ‘ M a tu rity .
S TO C K A N D BONDS—
See V . 122, p . 2499.
1,309,236 shs
C o m 1,500,000 shs (no p a r)________
$7 Q -F
335,399 s h s .N o v ’26$1.75
C u m pref 400,000 shs (no p a r) . ____
H O U S TO N GAS & FU EL CO.
$7
298,240 s h s N o v ’2 6 $1.75
2d pref cum 250,OO0 (no p a r ) . ____
En tire common stock is owned b y U nited Gas & Electric C o rp .
D iv id e n d s.— In N o v . 1926, $1.75 quar. d iv . was paid on the pref. stock
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
and regularly since. O n 2d pref. $1 in F eb. 1926. $1.72 in M a y 1926;
Does entire gas business of Houston and vicinity. Population served over in A u g . 1926, $1.75 on account of accumulated divs. from Ja n . 1 1926 to
200,000). H a s acquired Houston Gas C o . In co-operation w ith the C it y , A p ril 1 1926. V . 123, p . 206. In N o v . 1926, $1.75.
co. has a favorable contract w ith Houston G u lf Gas C o ., running to M arch
Stock.— Pref.
d iv and assets
1 1936, whereby it purchases natural gas for distribution. C o .’s own gas ($100). Pref. is & 2nd pref. stocks are pref. as to cum .pref. . at any time
call, at $107.50 after June 30 1927, 2nd
manufacturing plan t, which has a daily capacity of about 10,000,000 cu. ft.,
is maintained for standby service. 359 miles of distribution pipe lines; at $107.50.
O F F I C E R S . — Chairm an, Charles S. Brewer; Pres., Charles S. Ruffner;
31,000 customers. F ranchise runs un til J u ly 1 1955.
V .-P s ., P . T . Hascomb and Fifield W orkum ; Sec., D arius E . Peck; Tre as.,
S TO C K A N D BO ND S—
D a te.
In terest. O utstan din g. M a tu rity .
Paul D . Weathers. Executive offices, 124-126 State S t., A lb a n y , N . Y . —
Com m on $1,500,000_________A ll owned b y United Gas & E lectric C o rp .
V . 120, p . 2943; V. 121, p . 75, 200, 330, 839, 979, 1102, 1909; V . 122, p.
Preferred (7 % cum ) $1,050,000____
7 Q -J
$1,050,000 M a r '26,1 H
2652; V . 123, p . 206, 455, 581, 1113, 1634.
Ref. & im pt. (now 1st) mtge.
M U N IC IP A L G A S C O . O F T H E C I T Y O F A L B A N Y .
$6,000,000 ($ l,00 0c*)____ t f
1912
5 M -S
3,970,000 Sept 1 1932
O R G A N I Z A T I O N . — Organized in N e w Y o r k in 1885.
Stock.— Preferred stock is callable at 110 and dividends.
C ontrol.— T h e M o h a w k H u d so n Pow er C o rp .
B on ds.— Additional bonds can be issued only for 8 0 % of cost of extensions
and improvements when annual net earnings are double the interest on bonds
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
including those to be issued. Penn. 4 mills tax refundable. $259,000 Does entire commercial electric light and power and gas business in
additional bonds are held in treasury. In Dec. 1925, H arris, Forbes & Co. A lb a n y , N . Y . , and in adjacent communities.
offered $800,000 additional bonds at 9814 and in t., to yield about 5 .2 7 % .
S TO C K A N D BONDS—
D a te .
In terest.
O utstanding
la tu r ity .
In J u ly 1926 they offered $300,000 additional bonds at 9844 and in t. to
C o m 1,000,000 shs (no p a r )________
________ 1,000,000 shs ___________
yield about 5 44 % • V . 123, p . 710; V . 121, p . 2003.
1st M tg e Ser “ A ” $5,000,000) 1922 544 g A -O
2,000,000 A p r 1 1952
E A R N I N G S . — F o r calendar years:
($1,000) gold--------------------- c*/Central U nion T r u s t C o ., N . Y . , Trustee.
1925
1924
B on ds.— 1st m tge. Ser. “ A ” 544s are red. all or in pa rt after 30 days'
G ro s s _____________________________
$1,589,545 $1,502,922
notice, on any in t. date on or prior to A p ril 1 1937, at 10744 and in t., and
N e t________________________________________________
497,104
557,151
C h a rg e s ___________________________________________
149,656
199,652 on any in t. date thereafter at 44 of 1 % less for each year or fraction thereof
Balance, surplus___________________________________
347,448
357,499 after A p ril 1 1937. In M a rc h 1922 $2,000,000 were offered b y W h ite ,
W eld & C o ., N . Y . , and N e w Y o rk State National B an k . A lb a n y , at 10444
See V . 121, p . 3003; V . 122, p. 2494; V . 123, p. 710.
and in t., to yield about 5 .2 0 % . V . 114, p. 1294.
E A R N I N G S . — F o r 12 mos. end. A u g . 31:
1926.
1925.
ELMIRA WATER, LIGHT & RAILROAD CO.
Gross revenue______________________________________$4,254,219 $3,725,631
N e t after taxes and reserves_______________________
1,551,285
1,286,511
Controlled b y the U nited Gas & Electric C o rp . See above
114,967
136,224
O R G A N I Z A T I O N . — In corp. in N e w Y o rk M a y 23 1900 as a consolida­ Fixed charges, & c__________________________________
tion of all the water, lighting, power and street railway properties in E lm ira .
Balance__________________________________________$1,436,318 $1,150,287
Owns entire capital stock of R o rick ’s Glen Park Ass’n and m a jo rity of stock
O F F I C E R S . — Pres., Robert O lcott; V .-P . & Gen. M g r ., W . G . Furlong;
of W e s t W a te r S t. R R . T h e latter co. operated under 999-year leases. In
A p ril 1913 it was stated that all fran ch ises have at least 72 years to run , Tre a s ., Th o s . H . Powers; Sec., Neile F . To w n e r.— V . 120, p . 1089, 1204,
while some of them are perpetual. In F eb. 1910 was authorized to acquire 2550, 2944; V . 121, p . 330, 2521.
all stock of M o n to u r Falls Electric L ig h t C o . In Sept. 1914 absorbed the
CO H O ES POW ER & L IG H T CORP.
West Side R R ., all of whose stock was owned. V . 99, p . 815.
O R G A N I Z A T I O N . — In corp. in N . Y . in 1916 as successor to Cohoee
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
C o . and the Cohoes Gas L ig h t C o . F ranchises unlim ited as to tim e.
Comprises 31.5 miles of single track in E lm ira , E lm ira Heights, towns of
C ontrol.— M ohaw k Hudson Power Co rp . owns the entire capital stock
E lm ira and Horseheads. Has 57 passenger and 13 other cars. 56 to 122-lb.
See V . 120, p. 2940.
T and girder rails. Owns R o rick ’s Glen Pa rk and M ap le Avenue D riv in g
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
P ark. H as 127 miles of gas mains. T w o 5,250 k .w ., one 5,000 k .w .,
•ne 2,250 k .w . and one 2,000 k .w . turbines and seven 768 h .p . boilers, and Co m p an y supplies electric energy for lighting and power uses, in Cohoes,
serves E lm ira , E lm ira Heights Horseheads, M illp o rt, M o n to u r Falls,
Waterford, Colonie and H a lf M oo n, and b y contract supplies the M unicipal
under “ Lehigh Power Securities C o rp .” Corporation received in lieu of
the above holdings appr. $11,000,000 in cash and 130,000 $6 cum . pref.
shares of Lehigh Power Securities C o rp . O n M a rch 2 1926 corp. disposed
of al its stock interest in the Susquehanna Power C o . V . 122, p . 2499.
In 1926 co. purchased for investment 1,500 7 % cum. pref. shares ($100)
•f N e w Y o rk Central Electric C o rp . and 27,000 common (no pa r) shares
of L o n g Island C it y C o . V . 122, p . 2489.
U n ited Gas & Electric E n gin eerin g C o rp .— T h is co. was organized in 1913
for the purpose of acting as consulting, contracting and operating engineers
and as purchasing agents for the U . G . & E . C o rp .




66

PUBLIC UTILITIES

Gas C o . of the c ity of A lb a n y, N . Y . , w ith electric power. Plant has capacity
of over 54,000 h .p . Com pany has transmission line connecting the Cohoes
plant w ith A lb a n y. Also owns a modern gas plant as well as distribution
system for gas in Cohoes and the village of Northside.
S TO C K A N D BONDS—
D a te.
Interest. O u tstan din g. M a tu rity .
Com m on 100,000 shs (no p a r )______
________
100,000 shs ___________
1st M ser “ A ” $10,000,000 f 1918
6 g J -J
4,000,000 Jan 1 1929
($100, $500 & $1,000 c*.(Interest at Central U nion T r u s t C o ., New
$1,000 & 10,000 r*) g __tf ( Y o rk , trustee.
B on ds.— F irs t mtge. Series “ A ” 6s are callable all or in part at 105 and int.
on any interest date on 30 days’ notice. In Ja n . 1919 the First National
Bank and H em ph ill, Noyes & C o ., N . Y . C ity , offered $2,500,000 at 102 'A
i
and in t., yielding over 5 .6 5 % . V . 108. p . 272. ' $725,000 additional were
offered in F eb. 1921 b y Potter Bros. & C o . and Coffin & B u rr, In c ., New
Y o rk , at 91 and in t. V . 112, p . 747. In A p ril 1922 Paine, W ebber & Co.
and H alsey, Stuart & C o ., In c ., N e w Y o rk , offered $675,000 additional at
101% and in t., yielding about 5 .7 5 % . V . 114, p . 1656. In J u ly 1924
E . W . Clucas & C o . offered an additional $100,000.
E A R N I N G S .— F o r calendar years:
1923.
1925.
1924.
Gross earnings_______________________ $1,179,512T $1,083,022
$1,119,356
N e t after taxes and reserves_________
600,290 ^ • 570,935
547,802
Fixed charges, & c_______ ____________
265.250 13 § '254.476
254,004
293,798
335,040
316,459
Balance--------------------------------------------------------L atest E a rn in g s.-— F o r 12 mos. end. A u g . 31:
1925.
1926.
Grossrevenue_______________________________________$1,337,136 $1,116,169
N e t after taxes and reserves_______________________
601.590
571,102
Fixed charges, & c__________________________________
280,979
260,191
Balance__________________________________________
$320,611
$310,911
O F F I C E R S .-— Pres. & Gen. M g r ., C . A . D avis: Sec. & Tre a s ., I I . I.
Olwine; A u d . & Asst. Sec., E .. Brow n h ardt.— Y . 120, p. 2940; V . 121, p.
3 2 9 ;V . 122, p. 2189.
U T I C A (N . Y . ) G A S & E L E C T R I C C O .
Control.— M ohaw k H u d so n P ow er C orp. owns al of the common stock.
O R G A N I Z A T I O N .-— Incorporated in N e w Y o rk in 1902.
Change in C apitalization .-— O n M a y 28 1926 stockholders reduced the
authorized 7 % cum . pref. stock from $8,000,000 to $6,000,000, par $100;
changed the authorized common stock from 40,000 shares, par $100, to
400,000 shares of no par value (10 shares of the latter to be issued in exchange
for each share held), and approved an authorized issue ot 100,000 shares
of $6 cum . pref. stock w ithout par value. V . 122, p . 3343.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Com pany owns and operates without competition electric light and power
properties and gas properties serving Utica and L ittle Falls and numercus
other communities w ith a total population of over 200,000 in Oneida,
H erkim er and Fulton counties, N e w Y o rk . C o m p an y’s property consists of
4 water power generating plants w ith a capacity of 31,900 k .w .; 2 steam
generating plants of 50,000 k .w . capacity; 15 substations of 177,260 k .w .;
35,800 electric meters and over 2,500 miles of wire. T h e gas plant at
U tica has a daily capacity of 9,500,000 cu. ft., w hich is being increased by
an additional 5,000,000 cu. ft.: coal gas plant under construction of daily
capacity of 3,000,000 cu. ft. Also owns 5 gasholders, 3,250,000 cu. ft.; 1
waterless gasholder of 5,C00,CC0 cu. ft. under construction; 285 miles gas
mains and 37,183 gas meters.
F ran ch ises. w ith m inor exceptions, are unlim ited in tim e.
S TO C K A N D BO ND S—
D ate.
Interest.
O u tstan din g .
M a tu r it•
Com m on 400,000 shs (no par) _ ____
------------------- 400,000 s h s . ___ ______
7 % cum pref $6,000,000 ($ 1 0 0 )____
7 Q -F
$6,000,000 A p r ’26. I s
$6 cum pf 100,000 shs (no par) _
$6
11,331 shs.N o v’26,$i 5
Utica E l L t . & P ow . C o . 1st) 1900
5 J -J
620,000
Ja n . 1 1950
I mtge. ($1,000c*)________ tf[E q u ita b le T ru s t C o ., N . Y . C it y , trustee.
E q u it. Gas & E l. C o . of U tic a f 1902
5 A -O
1,000,000 A p ril 1 1942
1st mtge. $1,000,000 ($1 .1 In t . at Central U nion T r u s t C o ., of New
000c*)___________________ tfi Y o r k , trustee.
Herkim er C o . L t . & Pow . C o . | 1900
5 g J - J 390,000
J u ly 1 1930
1st mtge. gold ($1,0 0 0 c * _tf(In t. at N e w Y o rk T ru s t C o ., trustee.
Ref. & E x t . mtge. 50-year g.\ 1907
5 g J - J 4,610,000
J u ly 1 1957
coupon ($1,000c*)-------------tf [I n t . at Central U nion T r . C o ., N . Y . C . , tr.
Gen. mtge. gold series C ---------- 1924 5 % g J -D 3,300,000
June 15 1949
Ser D ($ l,0 0 0 c * )-----------------tf f 1926
5 A -O
6,000,000
A p r 1 1956
(C entral U nion T r . Co . of N . Y . T r u s te e .
Real est. m tge---------------------------------------------------------19,600
M a y 5 1929
Stock.— T h e 7 % cu m . p ref. stock is preferred as to cum . divs. and assets
over the common stock. R ed. all or part on 1 m onth’s notice at $105 and
In t.. N o n-votin g except in case of 12 months arrears. In J u ly 1924 the
G uaranty C o . of N e w Y o r k offered $2,000,000 at 102 and d iv ., to yield
6 .8 5 % . V . 119, p .3 3 6 .
T h e $6 cu m . p ref. is red. on 30 days notice at $105 and divs.
Is pre­
ferred as to cum . divs. and assets over common stock. N o voting power.
B onds.— A dd itio na l general m ortgage gold bonds m ay be issued in series of
such tenor as directors from tim e to tim e m ay determine, (a) for 8 0 % of
new acquisitions, &c.; (6) par for par for the retirement of underlying or
divisional bonds or for refunding gen. mtge. bonds, provided net earnings
for 12 consecutive w ith in preceding 15 months, except for refunding under­
lying or divisional bonds, has been at least equal to 10 % of the face amount
of bonds outstanding, incl. all underlying and divisional bonds and also
proposed issue, and also has been at least 1 % annual interest on all the
aforementioned bonds.
T h e gen. mtge. bonds are secured b y a mortgage upon the entire fixed
property of the co., subject on ly to $6,647,000 underlying and divisional
bonds in hands of the public and a real estate mortgage of $19,600.
Ser. D , dated A p r il 1 1926, are call, on 6 weeks’ notice at 105 through
A p ril 1 1936; at 104 through A p ril 1 1941; at 103 through A p ril 1 1946;
at 102 through A p ril 1 1951; thereafter, at 101; in each case w ith interest.
In M a y 1926 H arris, Forbes & Co . and Coffin & B u rr, In c ., offered $6,000,000 series D at 100 and interest. V . 122, p . 2554; V . 123, p . 1508.
D iv id e n d s .— -On the pref. stock dividends are being paid regularly.
E A R N I N G S . — F o r calendar years:
Gross in c l. O per. exp.
In terest. A v a il, fo r
other in com e,
deprec.,
d ivs.
Calendar Y ears—
taxes, & c.
$829,222 $1,326,823
xl926________________________ $4,589,470 $2,413,425
1925__________________________ 4.310.846
2,497.599
730,624 1,082,624
1924__________________________ 4,291,988
2,637,245
677,020
977,722
1923-------------------------------------------------- 4,068,862
2,660,367
600,359 808,137
x Tw e lve months ended A u g . 31 1926.
O F F I C E R S .— Pres., W . T . Baker; 1st V .-P . & Gen. M g r ., F ra nk B .
Steele; V .-P s ., George H . Stack, E . P . Peck and W illia m J . Reagan; Sec.,
W illiam J . M cSorley; Tre a s ., J . F . Carney; Gen. A u d ., L . A . M cV e ig h .
— V . 120, p. 1205, 2271, 2945; V . 121, p. 332, 1571, 1910; V . 122, p. 483,
2499, 2654, 2801, 3343; V . 123, p . 1508.
A D IR O N D A C K P O W E R & L I G H T C O R P .
M ohaw k Hudson Power C o rp . owns practically all of the common stock,
which it acquired b y exchange of stocks on the basis of 1-3 share 2d pref.
and 1 share of com. stock M oh aw k Hudson Power Co rp . for each com.
share Adirondack Pow . & L t . C o rp . See V , 120, p . 2939, and under
“ M ohaw k Hudson Power C o rp .”
O R G A N I Z A T I O N . — C o . is the result of a consolidation in 1920 of the
Adirondack Electric Power C o rp . and the M ohaw k Edison C o ., Inc
T h e latter co., prior to consolidation, was contioiled by the General Electric
C o . .w hich now owns a substantial part of the com. stock of the present co
C o . merged on Dec. 31 1925 the Kanes Falls Electric C o . and of Adirondack
ft Southern, In c . In M a y 1925 acquired the Warrensburg Electric Light
W orks and the Bolton L ig h t & Power C o . Th e former holds franchises
In the towns of Warrensburg and Caldwell, Warren County* the latter in
the towns of Bolton, Chester, H ayne and Honcon in the same county.
T h e N . Y . P . S. C o m m , approved the deal and fixed the value of the
Warrensburg plant at $60,296, and the Knoblanch plant at $111,560.
V . 120, p. 2547. Acquired Riddell Electric Ligh t C o . and H adley L ig h t
& P o w e rC o . V . 121, p. 327, 1346. Acquired property and assets of N o rth
Creek Electric C o . V . 121, p . 1346. In Feb. 1926 merged the H ad ley
L t . & P r. C o . and the Schroon Lake L tg . C o rp . V . 122, p 1453. In
Sept. 1926 merged N o rth Creek Electric C o . V . 123, p. 2136.
ft F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .— Th e
co. generates and distributes electricity in the M ohaw k and H udson River
Valleys, N . Y . Furnishes exclusively electric light and power to Schenec­
tady, Am sterdam , W atervliet, Oneida. Saratoga Springs, Glens Falls and




[V ol. 123.

m any other communities. C o . also furnishes, under long-tim e contracts,
all of the electricity used by the distributing companies in T r o y , M echanicville and Canajoharie and by the electric railw ay systems in and about
A lba ny, Schenectady, T r o y , Gloversville, Utica and Rom e, including
practically all the interurban roads in the territory. In addition, the co.
does the gas business in Schenectady. Saratoga Springs, Oneida, Glens
Falls, F o rt Edw ard and Hudson Falls. Serves directly and indirectly a
population of approx. 700,000.
T h e hydro-electric plants are located principally on the Hudson and
tlossic rivers and East Canada Creek and have a total present installed
generating capacity of over 87.130 k. w. T h e recently completed steam
station near Amsterdam , on the M ohaw k R ive r, has a present installed
generating capacity of 60,000 k . w. T h e co. also purchases the entire
output of the new 30,000 k. w . hydro-electric p ’ant of the International
Paper C o . at Sherman Island, and the entire output of the new 6,000 k . w.
hydro-electric plant of the M oreau M fg . C o . at Feeder D a m . T h e co.
also has contracts for the purchase of over 30,000 k . w . of additional energy
for supplementary purposes to be used when necessary. Has over 400
miles of high-tension transmission lines; 27 sub-stations, and over 268 miles
gas mains.
F ranchises are w ithout lim it of time.
D a te. I n te re st:
O u tstan din g. M a tu rity.
S TO C K S A N D B O N D S—
Com m on $12,000,000 ($ 50)___ ____
________ $9,312,200 • See text
Pf 7 % cum $10,000,000 ($100) ____
7 Q -J
9,769,500 O ct ’26 1H
Pf 8 % cum $3,000,000 ($100)- ____
8 Q -J
2,554,700 O c t ’26 2 %
1st & ref M ser of 6s due 1950 f 1920
6 g M -S
14,346.000 M a r 1 1950
Ser of 514s due 1950_____ ( 1920
534 g M - N 4.500.000 M a r 1 1950
Series of 5s, due 1956_____ | 1926
5 g J -J
5,000,000 Ja n . 11956
($500 & Sl.OOOc $1.000c*& I G u a ra n ty T r u s t C o ., N . Y . , Trustee.
r * )----------------------------------------g .tf l
5 g J -J
5.000,000 Jan 11962
Adirondack E l Pow C o rp ls tf ’ 1912
M ($1,000 c* & r*) g o l d - - . ! In t . at N e w E n g lan d T r u s t C o ., Boston, T r .
Debentures (closed)__________ 1920
5%
394,100
1930
6 A -Q
5,000,000 A p r . 1 1929
Convertible debents (closed. I 1924
’N
($1.000)_______________ c*tf f ew Y o rk T r u s t C o ., N . Y . , Trustee.
x In addition there is outstanding $27,300 com . stock and $5,600 pref.
stock of the Adirondack Electric Power C o rp . for the retirement of which
a like am ount of the com. and 7 % pref. stock, respectively, of the A diro n­
dack Power & L ig h t C o rp . is reserved.
Stock.— T h e 7 % pref. is call, at 115 & d iv . on 30 days’ notice. In A p ril
1924 $1,000,000 7% pref. stock was offered b y Bonbright & C o ., In c ., at
9 7 % & divs., to yield over 7 .1 5 % . V . 118, p . 1776.
B o n d s.— T h e 1st & ref. m tge. gold bonds are secured b y a 1st mortgage
on important divisions of the property, including the properties of the former
M ohaw k Edison C o ., In c ., and certain additions thereto, incl. 47,780 k .w .
hydro-electric plants, the 60.000 k .w . steam plant near Am sterdam , trans­
mission lines, &c. A re further secured b y a mortgage on the remainder
of the property of the co., subject on ly to $5,000,000 divisional closed m tge.
bonds of Adirondack Electric Power C o rp ., which issue has been assumed
by Adirondack Power & L ig h t C o rp . Additional 1st & ref mtge. bonds m ay
be issued for refunding underlying issues and for 8 0 % (after the total of
bonds issued under this and underlying mortgages amounts to $50,000,000
only for 7 5 % ) of new acquisitions, provided net earnings for 12 out of
preceding 15 months have been at least (a) 1 % times annual interest charges
on all funded debt, incl. new issue, or (b) 10 % of the aggregate principal
of all such bonds if the latter amount is greater.
Series o f 6 % due 1950 are call, all or in part on any in t. date on or before
M a r. 1 1930 at 10634 & in t., thereafter reducing 1 % every 5 years to and
incl. M a r. 1 1949; thereafter at 10134 and in t. $1,250,000 Series of 6s were
offered b y Harris, Forbes & C o ., Coffin & B u rr, In c ., and E . H . Rollins
& Sons in June 1923 at 9934 & in t., to yield over 6 % , V . 116, p. 2886.
In M a r. 1924 the same bankers offered $1,150,000 at 100 & int. V . 118,
p. 1667. A n additional $925,000 were offered b y these bankers in M a y
1924 at 100 & in t. V . 118, p. 2826.
T h e 1st & ref. M tg e . Ser of 534s due 1950 are call, all or in part on anj
in t. date to and incl. N o v . 1 1927 at 10534 & in t., thereafter to and incl
N o v . 1 1932 at 10434 & in t., and so on, reducing 1 % every 5 years to & incl.
N o v . 1 1942; thereafter at 10134 & in t. In t . payable at N e w Y o r k T ru s t
C o ., N . Y . $2,500,000 Ser of 534s were offered in D ec. 1922 b y H arris,
Forbes & C o ., Coffin & B u rr & C o ., In c ., and E . H . Rollins & Sons at 9 6 %
& in t., to yield about 5 % % . V . 115, p . 2688. In D ec. 1924 the same
bankers offered $2,000,000 add’l of this issue at 100 & in t. V . 119, p . 2644.
Series o f 5 % due 1956 are call, whole or part to and incl. Ja n . 1 1936,
at 105 & in t.; including J a n . 1 1940 at 104 & i n t . , and on, reducing 1 % every
4 years incl. Ja n . 1 1952; thereafter at 100 & in t. In D ec. 1925 H arris,
Forbes & C o ., Coffin & B u r r ., In c ., and E . H . Rollins & Sons offered
$5,000,000 series of 5 % , due 1956, at 9634 and in t ., yielding about 5 .2 5 % .
V . 122, p . 93, 3602.
T h e above mortgages provide for a m ainten ance, rep a irs & renew al fu n d
of 12 34% of operating revenues.
Adirondack Elec. Pow C o rp . 1st M tg e . 5s are call, at 105 & in t. on any
Int. date
D eben tu res.— T h e 5 % debentures of 1920 are call, as a whole on any int.
date on 30 days’ notice at 101 & int.
T h e 6 % conv. debentures of 1924 are conv. at option of holder on 10
days’ notice on Ju ly 1 1925 or any in t. date thereafter to & incl. m aturity
or redemption date, into an equal par value of 7 % cum . pref. A re call,
on any int. date on 60 days’ notice at 10234 & in t. to and incl. A p r. 1 1925,
t6e premium reducing 34 point on A p r. 2 1925 and annually thereafter to
m aturity. In June 1924 H arris, Forbes & C o ., Coffin & B u rr, In c ., and
E . H . Rollins & Sons offered $5,000,000 6 % conv. debentures at 9934
& in t.. to yield about 6 .2 0 % . V . 118, p . 2826.
D ivid en d s.— D iv s . paid regularly on 7 % pref. since organization. D iv s .
on 8 % pref. paid regularly since issuance in 1921. O n common dividends
were declared payable on M a rc h 31 1926, 10c., and since 10c., per share
was paid regularly m onth ly, incl. O c t. 1926.
E A R N I N G S . — F o r calendar years:
E x p ., Taxes &
In terest an d
N e t Before
G ross.
D ep recia tio n .
Rentals.
D ivid en d s.
1925
$8,340,064
$5,236,034
$1,801,599
$1,302,430
1924 _____________ 7,378,501
4,944,040
1,470,905
963,556
1923
6.902.447
4,903,492
1,134,828
864,127
L atest E a rn in g s.— F o r 12 m onths ended Sept. 30:
1926.
1925.
Gross earnings______________________________________ $9,047,272 $8,105,187
N e t, after taxes and depreciation_________________
3,421.340
2,804,228
Interest and rentals________________________________ 2,003,112
1,740,529
N e t income______________________________________$1,418,228

$1,063,699

O F F I C E R S . — Pres., Charles S. Ruffner; Gen. M g r ., O tto Snyder; Sec.,
J . F . M c K in n e y ; Tre a s ., J . M . Brucker; Gen. A u d ., V . E . Sawyer.— V . 120,
p. 84, 207, 327, 581, 700, 1200, 1745, 2547, 2939; V . 121, p . 327, 1346:
V . 122, p . 93, 478, 746, 1453, 3602, 1760, 1872, 2136.
E A S T E R N N E W Y O R K U T I L I T I E S C O R P O R A T IO N .
Control.-— In A p ril 1926 M o h a w k -IIu d so n Pow er C orp. applied to the
N e w Y o rk P . S. Commission for au thority to acquire a m ajority of the
stock of Eastern N . Y . U t il. C o rp . b y offering % pref. and % 2d pref.
sh. M oh aw k C o . for ] pref. sh. Eastern C o . and 1-3 2d pref. and 2 com. shs.
M oh aw k C o . for each com. sh. Eastern C o . V . 122, p . 2649; V . 123, p. 454.
O R G A N I Z A T I O N . — Incorp. in N ew Y o rk Sept. 14 1909 and is a reor­
ganization of the A lb a n y & Hudson R R . C o . sold under foreclosure on
Sept. 8 1909 (per plan, V . 89, p . 223). Was known as A lb a n y Southern
R R . up to O ct. 1924, when name was changed to present title. On Sept.
18 1909 merged A lb a n y & Greenbush Bridge C o . V . 89, p. 720. In
June 1926 co. applied to the N e w Y o rk P . S. Commission for authority to
purchase the stock of the Blue H ill L t . & P r. C o rp ., Livingston, Colum bia
C o u n ty , N . Y . V . 122, p . 3338. F ranchises are perpetual.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Does a passenger, freight and express business and supplies light and power
along route and gas in cities of Rensselaer and H udson. Operated by
third-ra il system from Rensselaer to H udson. T o ta l, 54 miles of track.
Enters A lb a n y over the tracks of the U nited Tra c tio n of A lb a n y . Operates
14 passenger cars, 5 freight box cars, 6 freight flat cars and 2 express cars,
2 express trailers and 2 electric locomotives convertible into snow plows.
Rails, 80 -lb . steel; standard gauge.
In O ct. 1924 filed a certificate increasing the auth. capital stock by
25.000 shares of prior preference stock, no par value. V . 119, p. 1951.
Rate R eduction.— -See V . 121, p . 2749.

Oct., 1926.]

POWER, LIGHT AND RAILWAY

O utstan din g. M a tu r ity .
S TO C K A N D BONDS—
D a te .
Interest.
$1,375,000 ___________
C o m m o n SI ,375.000 ($100)_________
________
$785,000 A ug '26 1 %
7 Q -F
Prior pre ferre d_____________________
2.029.000 O c t,'26, 1 M
P re f $2,100,000 5 % n-c ($100)______
F -A
1.198.000 Sept 1 1939
First mortgage $1,500,000) 1909
5.g M -S
gold ($1,000)_________c*.tf/Bankers T ru s t C o ., N e w Y o rk , trustee.
First ref mortgage $3,000,0001 1918
6 g M -S
See text
M a r 1 1948
gold ($1,000)_____________ /Em pire T ru s t C o .. N e w Y o rk , trustee.
N o tes.— T h e 3-year 7 % notes which originally matured M a r . 1 1921, but
were extended for one year to M a r. 1 1922, were canceled on that date and
the $700,000 1st ref. 6s pledged thereunder were returned to the company's
treasury.
D ivid en d s.— In itia l semi-annual dividend on pref., 1 1 4 % . paid F eb. 1
1911; A u g ., Yi % ; none since u n til O ct. 1925, 1 'A % , and quarterly since.
None on common stock.
E A R N I N G S . — F o r calendar years;
Cal.
Gross
N e t (.aft. Tax,
In terest,
Balance,
Y ear—
E arn in gs.
D eprec. & R en ts).
A c.
S u rp lu s.
------------------$276,015
$69,677
$206,338
1925 _______________ $1,230,906
218,280
73,056
145,224
1924 _______________ 1,134,064
172,522
72,965
99,557
1923 _______________ 1,100,485
173,838
78.680
95,159
1922 ______ ________
998,828
O F F I C E R S .— Pres., ________________ ; V .-P ., Joh n L . H alen; Sec. &
Tre a s ., James A . Connell; V .-P . & Gen. M g r ., James E . Hewes.-— V . 119,
p. 1952; V . 120, p . 702, 1325; V . 121. p. 2749; V . 122, p . 2649, 3338; V . 123,
p. 454.

(THE) SY R A C U S E L IG H T IN G CO., INC.

_______ 67

w arnin gs 1921.— Earnings from operations, $7,426,595; balance, surplus,
$569,759, after deducting (5 % ) $374,840 dividends.
O F F I C E R S . — Pres., W alte r N . K ernan; V . - P . , R ob t. M . Searle; See.Tre a s ., H . L . Reichart; Gen. A u d ., F . H . Patterson.-— V . 120. p . 957, 1327.
3188; V . 121, p . 75, 2157, 2877; V . 122, p . 1456.
(1) R O C H E S T E R G A S & E L E C T R I C C O R P O R A T I O N .
M oh aw k V alley C o . owns entire outstanding common stock.
O R G A N I Z A T I O N . — Incorporated in N e w Y o rk in 1904 as Rochester
R y . & L t . C o .; nanfe changed to present title in 1919. Purchased Adams
Basin Power C o . in A u g . 1926. V . 123, p . 1383.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Is the only public u tility corporation supplying gas and electricty in the
cities of Rochester and Canandaigua, in the villages of East Rochester and
Pittsford and towns of Gates, B righ to n, Irondequoit, Greece, C h ili, Pittsford, Perinton and Victor, all in N ew Y o rk State. Gas on ly is furnished in
the village of Fairport, N . Y . , while electricity on ly is supplied in the village!
of Manchester. Shortsvilie, V ictor, East Bloomfield and Holcom b, N . Y .,
and towns of Webster, Canandaigua, Manchester, Hopewell, Farm ington,
Penfield, Parm a, Ogden, Henrietta, M endon, East Bloomfield and W al­
worth, N . Y . , or throughout a region of over 400 square miles. Th e company
also supplies steam for heating and industrial purposes to m any industries
adjacent to its steam power stations, and has one station specifically for that
purpose. Th e N e w Y o rk State R ys. is supplied w ith electric power for the
operation of its entire system in Rochester and suburban territory, under a
long-term contract. T h e co. also supplies electric current to the Sodus Gas
& Electric C o ., the N o rth ern W ayne Electric Lig h t& Power C o ., the H ilton
Electric Lig h t, Power & Heat C o ., the Cooper Electric C o . and M t . M orris
Illum inating Co. for distribution in the following territories: Webster, O n­
tario, W illiamson. Sodus, Sodus Point, W olcott, Red Creek, Rose, N o rth
Rose, A lton, W allington, H ilto n and M t . M orris.
T h e co. owns 9 6 % of the water rights w ithin the Rochester city limits
and has several hydro-electric stations on the Genesee R ive r, w ith a total
generating capacity of 39,585 k. w ., supplemented by steam generating
capacity of 63,975 k. w . and transforming capacity of 194,590 k . w . Popu­
lation served, about 400,000. M iles of overhead lines, 3,514: miles of under­
ground cable, 1,884; miles of electrical subway duct, 1,354; number of street
arc lamps, 1,035; number of street incandescent lamps 14,051; miles of gas
main, 616; num ber of consumers’ meters, gas, 94,484; electric, 81.063. Gas
plants have a total daily capacity of 6,170,000 cu. ft. of coal gas and
12,710,000 cu. ft. of water gas.
O u tsta n d in g . M a tu rity.
S TO C K A N D BONDS—
D a te.
724,820 shs. see text.
Com m on 825.000 shs. (no p a r ) ____
Pref cumul ($100)—
4,000,000 Sept ’26, 1 A
Ser B 7 % cum $4.000,000..............
2,599.600 Sept ’26, 1 Y
Ser C 6 % cum $3,000.000_______
7,806,700Sept ’26, 114
Ser D 6 % cum $ 2 3 ,0 0 0 ,0 0 0 ..____
10,921,000 J u ly 1 1954
Rock R y & L t cons mtgef 1904
5g J J
$14,000,000 ($500 & $1,000 Security T ru s t C o ., Rochester, trustee.
c* & $500, &c, r*) g ______ l
„ „
Gen M “ B ” $7,000,000 ($500) 1921
7 g M -S
7,000,000 M a r 1 1948
&$1,000c*& $1,000,& cr*)g/Bankers T ru s t C o ., N ew Y o rk , trustee.
Gen M “ C ” $4,000,000 ($500) 1923
514 g M -S 4,000,000 Sept 1 1948
& $1,000 c* & $1,000 r*)gtf/Bankers T ru s t C o ., N e w Y o rk , trustee.
M unic Gas & Elec 1st M $1,-1 1902
4!4 g A - O
1.400,000 A p r 1 1942
500,000 ($1,000) gold___c * /In t. at Central Union T ru s t C o ., N . Y .. trus.
Canandaigua E l L t & R R 1st) 1897
314-6
178,500 Jurn 301927
M $200,000 ($500) gold..c/R ochester T r . & S. D „ C o .. Rochester, trus

C on trol.— In J u ly 1926 it was reported that M ohaw k-H u dson Pow er C orp.
contemplated the form ation of S yracuse Securities C orp. to take over the
Syracuse Ligh ting C o ., In c ., b y offering to exchange one share of pref.
stock, one share of 2d pref. stock and 6 shares of no par common stock
M ohaw k-H udson Power C o rp . for one share of Syracuse L tg . C o ., In c .,
stock. V . 123, p. 583.
^*1
O R G A N I Z A T I O N / — In corp. in N e w Y o rk F eb. 29 1924 as a consoldation of Syracuse Lighting C o . and Onondaga Utilities C o rp . Syracuse
Lighting C o . was incorporated in 1901 as a consolidation o f'Electric L ig h t
& Power C o . of Syracuse and Underground Electric W ire C o ., and acquired
a ll of the property and franchises of Syracuse Gas C o . V . 118, p . 1281.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
C o m p a n y does the entire commercial electric light and power business and
the entire gas business in the city of Syracuse, N . Y . , and either the electric
or gas business, or both, in adjoining communities, serving a total popula­
tion of 216,000. Customers as of D ec. 31 1925: Electric, 53,517; gas,
52,012. Ele ctricity sold in 1925, 173,338,675 k . w . h .; gas, 1,907,130,100
cu. ft.; 3,396 miles of electric transmission and distribution wires; 305 miles
of gas mains.
S TO C K A N D BONDS—
D ate.
In terest. O utstan din g. M a tu r ity .
$4,834,600 ___________
Com m on $10,000,000 ( $ 1 0 0 ) _ .____
8 % cum pref ($100)__________ ______
8
2 , 000,000 _____________
7 % cum . pref. ($100)________ _____
1, 000,000 ______________
7
61 4 % cum . pref. ($100)____________
1,864,200 ___________
614
Pref stock subscriptions______ ______
126,900 ___________
5 V £ g F -A
6,901,000 Feb 1 1954
First & ref mtge 5 14 % ser due) 1924
1954 ($1,000, $500 )-_ c * .t f / In t . at Equitable T ru s t C o ., N . Y ., trustee.
Syracuse Gas C o first m tge) 1896
5 g J -J
2,500,000 Ja n 1 1946
$2,500,000 ($ l,0 0 0 c )____ tf/ In t. at G ua ra nty T r u s t C o ., N . Y . , trustee.
Syracuse Lighting C o 1st m tg 1 1901
5 g J -D
2,500,000 June 1 1951
$2,500,000 (Sl.O O O c*)___tf/Equitable T ru s t C o ., N . Y . , trustee.
Stock.’— In O ct. 1926 co. increased authorized capital stock from 205,000
shs. to 1,100,000 shs. (100,000 shs. pref., par $100, and 1,000,000 no par
Stock.— T h e 7 % Ser. “ B , ” 6 % Ser. “ C , ” and 6 % Ser. “ D ” (reclassified
common shs.) N o particulars were available to change the above figures
on Sept. 1 1925 from the old 5 % pref. stock, V . 121, p. 20 1,58 7). cum . pref.
for the outstanding stocks. V . 123, p. 2142.
stocks have equal preference as to both assets and dividends and are all call,
B on ds.— T h e fir s t a n d ref. mtge. gold bonds are secured b y first mortgage
upon 60 days’ notice at 105 and d iv . Ser. “ B ” and “ C ” have equal voting
on certain properties including the new coal-gas plant, and b y direct lien,
subject to $5,000,000 underlying bonds, on the remaining prop erty ana power; the common stock having one vote for each ten shares. Series “ D ”
has no voting power and is non-participating, having no rights of subscrip­
after-acquired property of the com pany. Additional bonds of 5 H %
tion to any class of stock now authorized or to be authorized in the future.
series due 1954, or other series, m ay be issued (a) for refunding pur­
O n J u ly 24 1925 the outstanding Com m on stock of 72,482 shares (par
poses; (b) for 7 5 % of new acquisitions, additions, & c., provided net
earnings for 12 consecutive out of preceding 15 calendar months have $100) was changed to 724.820 no par shares.
been not less than 1A times annual interest charges on all first and re­
In A u g . 1926 co. applied to N . Y . P . S. Commission for authority to
funding mtge. bonds and underlying bonds outstanding, including proposed issue $3,680,000 additional preferred stock in the fall of 1926. V . 123,
issue. Modifications or alteration of the mortgage, however, not extending p. 844.
m aturity, reducing interest rate, m odifying the term of paym ent without
B a n d s.— Cons. m tge. .,s are callable on any interest date on 90 days
holder’s consent or creating any prior or equal liens, are permitted with- the
assent of company and of holders of not less than 85 % of aggregate principal notieerat 110 and interest. $1,660,000 are pledged as security for the gen.
mtge. Series “ B ” 7s.
am ount of outstanding bonds not including any bonds owned b y com pany.
A sin k in g fu n d commenced N o v . 1 1924, to which is payable semi-annually
Interest payable in Rochester and N ew Y o rk C it y .
a sum equal to 14% of total amount of 5 14 % series due 1954 outstanding, * Gen. m tge. Series “ B ” 7s are callable on any interest date on and after
to purchase, or call b y lot, and cancel, bonds of this series at or below re­
Sept. 1 1931 at 105 and interest. Are additionally secured b y deposit of
demption price at next interest date. 5 14 % series due 1954 are redeemable $1,640,000 consol, m tge. 5s, due 1954. A re listed on N . Y . Stock Exchange.
as a whole or part and for sinking fund on any interest date at not less than
In J u ly 1921 J . P . M organ & Co . offered $7,000,000 gen. m tge. series B 7*
30 days’ notice at a prem ium of 6 % on or before Feb. 1 1934; thereafter at
a prem ium of 5 % on or before F e v . 1 1944, w ith a like additional reduction at 96 interest, to yield about 7 .3 5 % . V . 113, p. 190.
Gen. mtge. Series C 514s are redeemable only as a whole on Sept. 1 1933
commencing on A u g . 1 of each year thereafter, the bonds being redeemable
or on any in t. date thereafter at 105 and in t. A re listed on N . Y . St». ek
at par on A u g . 1 1953; in each case w ith interest. Penn, and C o nn . 4 m ills,
Exchange. In D ec. 1923 J . P . Morgan & C o ., F irs t N ational B ank.
M a ryla n d 414 mills and M ass. 6 % taxes refundable; however, not more than
National C it y C o ., & c., & c ., sold $4,000,000 gen. m tge. Series C 514s at
one such tax on the same bond for the same year. In Feb. 1924 D rexel &
C o ., Philadelphia, sold $7,000,000 5 l % series, due 1954, at 97 and in t., to 9514 and in t., to yield about 5 .8 5 % . V . 117, p . 2661.
A
yield about 5 .7 0 % . V . 118, p. 678.
M unicipal Gas & Electric first m tge. 4 14s are callable at 10214 and int
T h e Syracuse Gas Co. first m tge. bonds are guaranteed (p rin . & in t.) b y
on any interest date on three weeks’ notice.
Syracuse Lighting C o . (now the Syracuse Lighting C o ., In c .) and are a
O f the Canandaigua Ele c. L ig h t & R R . 1st m tge. bonds, $143,500 are
first lien on the entire property of the former Syracuse Gas C o .
T h e Syracuse Lighting Co. fir s t m tge. bonds are listed on N e w Y o r k Stock 314-s and $35,000 are 6s. Callable at par and interest on four weeks’ notice.
Exchange. Interest payable in N e w Y o r k or Philadelphia.
D ivid en d s.— D iv s . on the 5 % (now classified as 6 % ) pref. stock have
E A R N I N G S . — F o r calendar years:
been regularly paid since the incorporation of the co. in 1904, and on the
1925.
1924.
7 % and 6 % pref. stocks since issuance; payments Q .-M . O n com .. 5 %
Gross earnings--------------------------------------------------------------------- $6,072,197 $5,474,996
paid Jan. 15 1908; 8 % Ja n . 15 1909 7 % each 1910 to 1918 incl.; 8 % in 1919
Operating expenses________________________________ 4,150,433
3,839,527
5 % in 1920; 8 % , 1921 to 1923 incl.; 1 0 % , 1924, $1 per share in 1925 on
new no par stock. E x tra divs. were declared on the com. stock and applied
N e t earnings____________________________________ $] ,921,764
1,635,469 in payment of assessments of like am ount on said stock, as follows: 15%
Income deductions_________________________________
601,781
630.249 in 1911; 5 % in 1912; 5 % in 1913; 21 4 % in 1915, and 21 4% in 1916. Th e
Preferred dividends_______________________________ .
264,261
146,333 stock is now full paid.
Available for common dividends, amortization of
intangible capital, & c___________________________$1,055,722
$858,887
O F F I C E R S .- — P r e s .,_________________
Offices, 421 South W arren S t.,
Syracuse, N . Y . — V . 121, p. 2275; V . 122, p. 2653, 3342; V . 123, p. 583,
1635, 2142.

THE MOHAWK VALLEY CO.
Controlled b y N e w Y o rk Central R R .
O R G A N I Z A T I O N . — Incorporated in N e w Y o rk F e b . 6 190 .
C H A R A C T E R O F B U S IN E S S .— A holding com pany. Control through
stock ownership the Rochester Gas & Elec. C o rp ., the M t . M o rn . W ater
Power C o ., M t . M orris Illum inating C o . Cooper E l. C o rp . and H il U n E l.
L t ., P r. & H t . C o ., Geneseo Gas L t . C o . and Canada P r . C o rp . C a m ta l
stock changed from 75,000 shs. ($100 pa r) to 750,000 no par shs. on J u ly
2 1925. V . 120, p. 3188; V . 121, p . 75.
S TO C K A N D BONDS—
D a te.
In terest. O utstan din g
L a st D iv.
Stock 750,000 shs (no p a r)____ _____
__________ 750,000 shs
See text
x 511,430 shares owned b y N e w Y o rk Cehtral R R .
D iv id e n d s.— 6 % in 1912 to 1917 incl.; none in 1918, 1919 and 1920;
5 % in 1921; 6 M % in 1922; 8 % in 1923; 12% in 1924. In 1925, $1 40 per
share on the new common stock. In Jan . 1926 30c. & 20c. extra. V . 121,
p. 2875. In 1926, A p ril, J u ly and O c t., each 50c. V . 122, p . 1456.
E A R N I N G S . — F o r calendar years (incl. Rochester Gas & Elec. C o rp .):
1925.
1924.
1923.
1922
Earns, from operations.$10,445.908 $9,590,190 $9,098,200 $8,108,755
Expenses (incl. de prec.). 5,943,345
5,523,376
5,354,180
4,941,753
Taxes & uncollect, bills. 1,129,257
967,854
990.715
870.707
N e t income____________$3,373,307 $3,098,959 $2,753,304 $2,296,295
Non-operating revenue.
57.035
108.067
84.929
106.416
Gross income__________ $3,430,342 $3,207,026 $2,838,233 $2,402,710
D educt—
Interest, rentals, & c____ 1,422,729
1,413,074
1,162,773
1,166,060
Dividends on subsidiary
stocks not owned_____
518,320
410,760
360,472
274,244
x D ividends_______ ($1.40)1,049.552 (12)899.616 (8)599,744(6 M )506 .034
Balance, surplus---------$439,741
$483,576
$715,244
$456,372
x Dividends per share in 1925 based on 750,000 no par shares; in previous
years on 750,000 shares (par $100),




Rochester Gas and JElectric
Corporation
Preferred Stocks
Information on Request

T

uck er

,A

nth o n y

&

Co.

120 Broadway, New York
Boston
New Bedford

Rochester
Syracuse
Manchester, N. H.

68

PUBLIC UTILITIES

E A R N I N G S . — F o r calendar years:
Total
N e t A f t. E x p .
Revenue. Taxes, I n t.,& c . D eprec.
P r e j. u iv s .
1925_______ $10,495,964
$2,973,523
$910,826 $603,547
1924_______
9,691.813
2,651,209
857,713
467.455
1923________
9,181,001
2,501,888
806,634
417,191
1922.......... ..
8,212,727
1.993,453
736,778
331,085
1921________
7,489,938
1,718.534
499,810
270.580
1920.......... ..
7,175,458
1,318,629
488,773
252.517
1919...............
6,027,923
1,369,595
432,544
224,077
1918________
5,983.903
1,373,589
440,728
180.789
1917________
5,036,208
1,267,696
149,890
438,005
1916.......... .
4,349,572
1.316,483
375,324
149 890
1915________
3,786,003
1,090,293
294,509
149,890
L atest E a rn in g s.— F o r 12 months ended Sept. 30:

[V ol. 123.

O n Feb. 2 1925 the stockholders changed the auth. capital stock from
250,000 shares, all one class (par $100). to 1,250,000 shares of com. (no
par value) and 100,000 shares of pref. ($100 p a r). N o preferred issued to
date. F iv e new shares of no par value com. are to be issued in exchange
for each share of capital stock (par $100) held. V . 120, p . 701.
S TO C K A N D BO NDS—
D a te . In terest. O utstan din g- M a tu r ity .
__________ 748,790 shsJune’25,40c.
Stock 1,250,000 shs (no p a r ) . . ____
1st mtge $2,400,000 (c lo se d ).. 1 1899
5 F -A
$2,375,000 Feb 11939
($100 & $1,000)___________ c * /In t. at F id e lity T r . C o ., B u ff., N . Y . , trust.
First refdg m tg e $10,000,0001 1909
5 g J -J
7,029,000 A p ril 1 1939
($1,000) gold (closed)
c * /ln t. at Irv in g B k .-C o l. T r . C o ., N .Y .,t r u s t .
Cataract Power & C o nd uit 1st ( 1897
5 g J -J
574,000 Ja n 11927
M t g $2,000,000 ($1,000)____( I n t . at M etropolitan T r u s t C o ., N e w Y o r k .
gold (closed)_____________ c*l
Gen & ref M gold ser “ A ” f 1926
5 g F -A
10,000,000 F eb. 1 195#
($1,000 & $500 r & c * )____ (M arine T ru s t C o . of Buffalo, trustee.
B on ds.— In addition to C a t. Pow . & Co nd . 1st mtge. 5s outstanding,
Gross sales----------------------------------------------------------------------------- $11,357,799 $10,116,514
$810,000 are held in sinking fund.
N e t after taxes-------------------------------------------------------------------- 3,840,331
3,251,284
In addition to C a t. PoW. & C o nd . 1st m tge. 5s outstanding, $740,000 are
S urp. after all chaiges, incl. reserves to pref. divs__ 11,637,708
1,355,922
held in sinking fund.
" ■ O F F I C E R S .— Pres., R . M . Searle; V .-P ., W . N . K erna n; V . - P . , E . G .
T h e gen. & ref. M . gold bonds are secured b y mortgage on all fixed property
M in e r; V .-P . & Gen. M g r ., Herm an Russell: Asst. G en. M g r ., C . L . Oadle;
(incl. after-acquired) subject to $9,978,000 underlying bonds (closed m o rt­
Sec. & Tre a s ., J . C . Collins; Asst. Sec., H . L .'R e ic h e rt; Asst. Tre a s ., C . A .
gages) for retirement of which gen. & ref. mtge. bonds m ay be issued.
Tu ck e r: Gen. A u d ., E . C . Scobell; A u d ., F . H . Patterson.— V . 121, p. Additional bonds of Series “ A ” or other series of such tenor as director*
201, 587, 2040; V . 122, p. 1918; V . 123, p. 844, 983, 1383, 1998.
m ay from time to time determine are issuable (a) to refund underlying bonds
and bonds issued under this mortgage and (b ) for 7 5 % of new additions,
& c., provided net earnings for 12 out of preceding 16 months have been at
least 1 M times interest on all funded debt, incl. new issue. C a ll, on 30
BUFFALO N IA G A R A & EASTERN POW ER C O R P. days’ notice as a whole at any time, or in part on any int. date, at 105 A int.
O R G A N I Z A T I O N . — Incorp. In N e w Y o rk M a y 14 1925 for the purpose, during the first 5 years; at 1 % less premium each 5 years to Feb. 1 1946;
among others, of acquiring through stock control the properties of Buffalo and thereafter at 101 and int. P rin . and int. payable at trustee’s office in
General Electric C o ., the Niagara Falls Power C o ., Niagara Lockport & Buffalo or at Lee, Higginson & C o . in N e w Y o rk . In Jan. 1926 Lee, H ig Ontario Power C o . and the Tonaw anda Power C o . Corporation now ginson & C o ., Blair & C o ., In c ., and Schoellkppf, H u tto n & Pom eroy, In c .,
owns more than 9 9 % of the total issued common stocks of the above 4 offered $10,000,000 Series “ A ” 5 % due Feb. 1 1956, at 99 and in t., to yield
operating companies. Corporation obtained the consent of the N e w Y o rk over 5 .0 5 % . V . 122, p . 478; V . 123, p. 579.
P . S. Commission to hold all or any part of the common stock of each of the
D ivid en d s.— D iv s . at the rate of 4 % per annum were paid O ct. 15 1895
above companies. F o r terms of exchange, see V . 120, p . 2683. In Sept. to J u ly 15 1899; 5%, O ct. 15 1899 to A p r. 15 1902; 4 % , J u ly 15 1902 to
1926 corp. applied to N e w Y o rk P . S. Commission for authority to acquire O ct. 15 1903; 5 % , Ja n . 15 1904 to A p r. 15 1906; 4 % , J u ly 1 1906 to Ja n . 1
more than 10 % of the common stock of W estern N ew Y ork U tilitie s , I n c .
1907; 5 % , A p r. 1 1907; 6 % . June 30 1907 to Sept. 30 1913; 4 % , D ec. 31
V . 123, p . 1381i
1913 to A p r. 30 1914; 6 % , June 30 1914 to A p r. 30 1917; 7 % , June 30 1917
to A p r. 30 1918; 8 % , June 30 1918 to and incl. M a r. 1925 on the new no
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e subsidiary companies are engaged in the production, transmission par com m on stock 40c. per share was paid on June 30 and Sept. 30 1925.
and distribution of electric energy, principally hydro-electric, in western also in D ec. 1925.
and central N e w Y o r k , and extending into northwestern Pennsylvania.
E A R N I N G S . — F o r calendar years:
T h e y serve a highly developed industrial territory extending from E rie , Pa.,
1925.
1924.
1923.
to and beyond Syracuse, N . Y . , and from the Niagara frontier to Bradford,
...$ 1 0 ,4 5 0 ,4 1 8
$9,610,657 $8,818,623
T o ta l revenues_____________
Pa. T h is territory includes l7 counties in N e w Y o rk and 2 counties in N e t, after taxes______________________ 3,211,889
3,058.876
2,983,022
Pennsylvania, and its zone is roughly 300 miles from east to west, and 100 Other income________________________
131,279
126.383
151,598
miles from north to south. W ith in this region over 2,000,000 people are Interest, discount, A c ________________
733,436
716,883
770,458
served w ith light and power and of this number over 400,000 are either Balance, surplus_____________________
2,609,732
2,468,376
2,364,162
direct or indirect customers of the system.
O F F I C E R S . — Pres., _____________ ; V . - P . , Geo. U rb a n J r .; V . - P . &
Included in the territory directly served are the cities of Buffalo, Niagara
Falls, Lackawanna, Jamestown and Olean, N . Y . , and Bradford, Pa., Gen. M g r ., W . R . H u n tle y; Tre a s ., Horace L . M a n n ; Sec., W alte r P .
while the cities of Rochester, Syracuse, Lockport, Batavia and D u n k irk , Cooke.— V . 120, p. 209, 701, 954, 1585, 2547; V . 121, p. 328, 704; V . 12‘2
N . Y . , and E rie , P a ., are supplied in whole or in part w ith electric energy p. 478, 2038; V . 123, p . 579, 1631.
through the system’s transmission lines.
(T H E ) N IA G A R A F A L L S P O W E R C O .
A t the present tim e the system has a total operating capacity of about
Controlled b y Buffalo Niagara & Eastern Power C o rp ., which owns
970,000 h. p ., of which over 730,000 h. p. is hydro-electric. T h e hydro­ 99.34% of the common stock. V . 120, p. 2551, 2684; V . 121, p . 2157.
electric power is supplied b y the plants of the Niagara Falls Power C o .,
O R G A N I Z A T I O N . — U nder this title consolidated O c t. 31 1918 the old
located at Niagara Falls, on the American and Canadaian sides, Niagara,
Niagara Falls Power C o ., the H yd ra u lic Power C o . and C liff Electrical
Lockport A Ontario Power C o .’s plant, on the Salmon R ive r, and from
their leased plant at M inetto, N . Y . , on the Oswego R ive r. Additional D istributing C o ., per plan in V . 107, p. 1291. Compare A c t of N e w Y o rk
State Legislature, A c ., V . 106, p . 2455, 2564; V . 107, p. 1924, 2193, 2294.
hydro-electric power is purchased from the H yd ro -Electric Power Com m is­
T h e Federal Power Commission on M a rc h 2 1921 issued a 50-year license
sion of O ntario, most of which is received under long-term contracts.
to the com pany for the diversion of 19,500 cu. ft. of water per second from
T h e capacity of the steam plants amounts to over 250,000 h. p ., including
the new un it in R ive r Road Station to be put into service during the fall the Niagara R ive r above the Falls for power development; later enlarged
of 1926. T h e system’s largest steam plant is the River Road plant of the b y supplemental license to 19,725 cu. ft. V . 112, p. 1030.
including the plant of its subsidiary, the Canadian Niagara Power C o .,
Buffalo General Electric C o ., w ith an installed capacity of 126,600 h. p.
L td , the co.. as lim ited b y treaty restrictions, has an average output
Niagara Lockport & Ontario Power C o . has a steam plant at Lyon s, N . Y .
w ith an installed capacity of 40,000 h. p ., and 2 smaller plants: a modern of about 500,000 h . p ., w ith 180.000 h . p . installed capacity in reserve,
steam plant of 6,000 h. p . at Olean, N . Y . , and a gas plant of about 1,500 making it the largest power installation in the U nited States. In Ja n . 1925
acquired the entire capital stock and $948,000 1st mtge. bonds of the
h. p. at Bradford, Pa.
Niagara Gorge R R . C o . V . 120, p. 454.
In addition to these sources of power, interconnections have been made
In 1925 the Buffalo, Niagara & Eastern Power C o rp . acquired control by
with the Power Corporation of N e w Y o rk system, which operates h ydro­
electric and steam plants in northern and central New Y o rk and supplies exchange of stocks on the basis of 1 pref. and 1 common share for each
common share Niagara Falls Power C o . V . 120, p . 2551, 2684.
cities, villages and towns in and through several counties in that section
In J u ly 1925 a number of shares of the common stock of the Niagara
with the M oh aw k - H udson Power system, which owns and operates both
Lockport & Ontario Power C o ., which were owned b y the Canadian Niagara
hydro-electric and steam plants in central and eastern N e w Y o rk , and sup­
Power C o . L t d ., a subsidiary of the N iagara Falls Power C o ., were segre­
plies cities, villages and towns in and through several counties in that
section; w ith the M oh aw k-H ud so n Power system, which owns and operates gated for the benefit of the holders of common stock of the Niagara Falls
Power Co . after reimbursement to the Canadian company of the capital
both hydro-electric and steam plants in central and eastern N e w Y o rk , and
supplies cities, villages and towns from central N e w Y o rk east to the eastern cost ($1,764,875) to it of those shares. F o r particulars see V . 121, p . 459.
O utstan din g. M a tu rity
S TO C K A N D BO N D S—
D a te.
In terest.
boundary of the State (the M oh aw k-H ud so n Power system also is inter­
Com m on 800,000 shares w ith ­
connected w ith the N e w England Power system); w ith the Penn Public
out par value_____________________
Q -M 31 722,344 shs Sept’26, 50c.
Service system, which owns and operates hydro-electric and steam plants
$17,018,100 O c t’26,43
in the States of Pennsylvania and M a ryla n d , and w ith the system of the Pref 7 % cum $20.000,0 0 0 ($ 2 5 )____ 7 Q -J 15
H yd ro -E le c tric Power Commission of O ntario, at Niagara Fails, O n t.
1st Aeons M $75,000,000— See text—
10,000,000 N o v 1 1950
Series “ A A ” $15,000,0001 1920
6 g M -N
As a result of these inter-connections, a super-service system unites gen­
($500, &c) gold___c* A rtf (M a rin e T r u s t C o ., Buffalo, N . Y . , Trustee.
erating capacities aggregating considerably more than 2.000,000 h. p.
C o .’s system embraces 656 miles of transmission lines on steel towers and N F . P . C o N ia g Gorge coll tr
936,000 June 1 1951
788 miles of lines on wooden poles.
$1,000,000_________________ 1924 5 J - D
Bonds Issu ed A Issu a b le on C on stitu en t P roperties—
S TO C K A N D BONDS—
D a te.
In terest.
O utstanding. M a tu rity .
Niagara Falls P r C o (old co.)\ 1891 5 %
9,330,500 Ja n 1 1932
C o m 2,000,000 shs (no par v a l ) ____
________ 1.948,628 shs
See text
1st M ($500, &c) gold___tf (C entral U n io n T r u s t C o ., N . Y . , Trustee.
Pref 2,080,000 shs ($25)_____________ $1 60 Q -J 1,948,634 shs O c t’26, 40c
Ref & gen mtge $20,000,0001 1909 6 g A -O
7,460,000 Ja n 11932
6-year convertible debentures J 1925 5 g M -S
$2,000,000 Sept 1 1930
($1,000, A c) gold_c*Ar*tf (I n t . at Bankers T ru s t C o .. N . Y . , Trustee.
$1,000 c * )_________________ \ In t. at Buffalo (N . Y . ) T ru s t C o ., Trustee.
H ydraulic Power C o 1st A refl 1910
5 g J -J
3,500,000 J u ly 1 1950
Stock.— Pref. is cum ulative, and call, at $26 25 per sh. & divs. N o n-votin g
M gold ($1,000)_____c*tf (M a rin e T r u s t C o ., Buffalo, N . Y . , Trustee.
Reg A im p t $10,000,000\ 1916 5 g A -O
6.500,000 O c t 1 1951
B on ds.— T h e 5-year conv. deb., due Sept. 1 1930, are red., whole or part
($1,000) gold_______ r t f (M arine T r u s t C o ., Buffalo, N . Y . . Trustee
(not less than $100,000 each tim e ), on 30 days notice, incl. M arch 1 1926, at
102; each half year thereafter at M % less until Sept. 1 1929; thereafter
Stock.— T h e capital stock of the consolidated co. was lim ited upon the
at par; in each case with interest. M a y be converted on or after Sept. 1 consolidation under the State law to an am ount not exceeding the aggregate
1927 on the 1st and 15th days of the m onth un til m a tu rity, or if before share capital, surpluses, undivided profits and unim paired reserve funds of
m a tu rity, called for redemption, then at any time thereafter up to and the constituent cos. V . 106. p . 2455.
including redemption date, into pref. shares at the rate of $100 bonds for
T
2532; V 109,
4 pref. shares (par $25). In t . and divs. to be adjusted. T h e corp. m ay is B on ds.—to h e 1st A consol, mtge. of 1919 (V . 108, p .the total . bondsp .of583) e
limited
not exceeding $75,000,000 nor less than
t h
waive the lim itation and perm it conversion prior to Sept. 1 1927. In Sept.
constituent companies issued or issuable, as shown in table above; these
1925, Schoelkopf, H u tto n & Pom eroy, In c ., and Frontier Finance Co rp .
old bonds outstanding Feb. 28 1926, aggregating $27,010,500. T h e
sold $2,000,000 at 100 and in t.
underlying bonds are to be exchangeable at option or holders for Series A
D iv id e n d s .-— Since O ct. 1 1925 on the common 1 2 K c . quarterly till bonds of the new issue for like principal sums and bearing interest at 5 %
M arch 1926. In J u ly and O ct. 1926 a quarterly d iv . of 25c. V . 122, per ann. Series “ A A ” bonds ($10,000,000), issued in D ec. 1920 and M a y
p. 2947; in O ct. 1926, 25c.
1921.
M ortgage provides for sin kin g f u n d . Callable at 105. Interest
E A R N I N G S o f C onstituent C om pan ies fo r Cal. Y ear 1925.— Oper. revs., payable in N . Y . and Buffalo. V . i l l , p. 2235; V . 112, p . 2089.
In t . on bonds of old Niagara Falls Power C o . is payable at office of W ins­
$25,240,554: net, after deprec. & taxes, $11,531,736; other income, $270,460
In t . on coupon bonds payable J - J ; on
fixed charges, incl. divs. on pref. stock of sibsid. companies, $5,982,959; low, Lanier A C o ., N . Y . C it y .
F o r details of ref. A gen. m tge. 6s, see V . 88, p .
balance available for divs. on common stock of sub. cos. (over 9 9 % ow n ed ), registered bonds Q -J .
1441; V . 88, p . 1316; V . 90, p . 240, 632, 1209.
$5,819,237; in t. on B . N . & E . deben. bonds, $100,000: pref. divs. B . N .
In addition to the N . F . P . C o . N ia g . Gorge coll. tr. 5 % bonds 1924,
A E . , $3,097,542; available for common stock* B . N . & E . , $2,621,695
reported outstanding in the above table, $12,000 are held in the treasury,
(before expenses B . N . & E . C o rp .).
$52,000 are unissued.
O F F I C E R S .— Chairm an of board, Charles R . H untle y; Chairm an exec,
H yd ra u lic Pow er Co. Is! < ref. 5s are call, at 110 and in t. In t . at
St
committee, Jacob F . Schoellkopf; Pres., P a ul A . Schoellkopf; 1st V .-P .,
M arine T r u s t C o ., Buffalo, and Bankers T r u s t C o ., N . Y . V . 103, p.
Fred. D . Corey; Sd V .-P ., W illia m R . H u n tle y; V .-P s ., A lfred H . Schoell­ 2341; V . 107, p . 295, 699; V . 92, p . 1639. Ref. A im p t. 5s are call, at 108.
kopf and M orris Cohn J r .; Sec., W alter P . Cooke; Treas-, Horace L . M a n n .
In t. at M arine T r u s t C o ., Buffalo, and Bankers T r u s t C o ., N . Y . V . 107.
— V . 120, p. 2547, 2683; V . 121, p. 328, 584, 705, 1459, 2154; V . 122, p. 1912. p. 2193, 2381.
2947; V . 123. p . 1381.
D iv id e n d s.— O n old Niagara Falls Power C o .— A p ril 1910 to J u ly 1918.
B U F F A L O G E N E R A L E L E C T R IC CO .
incl., 8 % per ann. In O ct. 1918 paid 2 % and 3 % ext. V . 107. p . 909.
Controlled b y Buffalo Niagara & Eastern Power C o rp .
O n new Niagara Falls Power C o . pref. stock Ja n . 1919 to A p r. 1926 paid
1 \ i % quar. In itia l dividend on common of 1 % paid M a rc h 15 1919; June
O R G A N I Z A T I O N . — In corp. A u g . 1 1892 in N . Y . as a consolidation.
Sept, and D ec. 1919, 1 % each; M a rc h 15 1920 to June 15 1923, 1 % % quar.;
In 1915 acquired the properties of the Cataract Power & Conduit C o .
Owns entire capital stock of N iagara Ele ctric Service C o rp . In 1925 the Sept. 15 1923 to M a r . 15 1924 paid 2 % quar. O n June 16 1924 paid 50c.
Buffalo, Niagara & Eastern Power C o rp . acquired control of the co. b y per share on its com. shares w ithout par value. Same am ount paid quar
exchange of stocks on the basis of 1 1-10 pref. and 1 1-10 com. shares for each since. Also paid 1 % extra on D ec. 15 1922 and 1923.
share of com. stock of Buffalo General E l. C o . V . 120, p . 2547; V . 121,
E A R N I N G S . — F o r calendar years:
1922.
p . 328,704.
1923.
1924.
1925
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .— Sup­ T o ta l operating revenue. $9,039,838 $8,256,313 $7,121,928 $6,601,690
plies all the public and commercial electric light and power in Buffalo, and N e t operating revenue. 5,309,495
4,116,566
4,952,502
4,285,745
also furnishes electric service in serveral adjacent cities and towns. To ta l Non-operating revenue.
420.338
380,682
311,209
381,483
population served about 600,000. M a jo r portion of power is hydro-electric Interest on funded d e b t. 2,088,729
1,709,127
1,722,896
1,950,929
obtained from companies at Niagara Falls. In addition, co. owns a m odem Pref. dividends ( 7 % ) - - 1,055,908
1,157,432
1,107,267
1,180,671
1,015,542
steam generating station of 130,000 h .p ., which is being increased to 210,000 Com m on dividends_____ 1,438,618
1,299,834
1,420,906
h .p . Sales in 1925 were over 757,000,000 k .w .h .
Customers 148,984. U . S. and C a n . taxes,Ac_
379,945
540,022
479,134
434,570
C o .’s power is in considerable part hydro-electric obtained from the Niagara
F a l l Power Co.
s
Balance, surplus_____
$372,664
$325,584
$155,285
$322,957




S u rp lu s.
$1,459,150
1,326,041
1,278,063
925,590
948.144
577,339
712,974
752,072
679,801
791,269
645,894

Oct., 1926.]

N o te .— F o r year 1921-: To ta l operating revenue. $6,083,713; non-operat­
ing revenue, $312,858; balance after dividend, $283,567.
L atest Earnings.'— F o r 9 m onths ended Sept. 30:
1926.
1925.
T o t a l revenue_____________________________________ $8,183,048 $6,962,634
N e t after operating expenses, am ortiz. and taxes._ 4.471,250
4,213,570
Interest, & c________________________________________
1,972,969
1,983,865
Surplus, income_________________________________ $2,498,281
$2,229,705
O F F I C E R S — Chairm an, J . F . Schoellkopf; Pres., Paul A . Schoellkopf;
V .-P s ., C . P . H ugo Schoellkpf, A . H . Schoellkopf, M o rris Co h n, J r . , Ross
R . Coddington, Alex D . R obb; Y .-P . & Tre as., W . -Paxton Little: Sec.,
F re d ’k L . Lovelace. Office, Niagara Falls, N . Y . — V . 120, 454, 1460,
2149, 2551, 2684; V . 121, p. 331, 459, 708, 2039, 2157; V . 122, p. 50, 1912,
2192, 2949; V . 123, p . 455, 1997.

N IA G A R A G O R G E R A ILR O A D CO.
A ll of the stock and $948,000 first mtge. bonds are owned b y The N ia g a ra
Falls Pow er Co.
O R G A N I Z A T I O N . — Incorporated in N e w Y o rk June 3 1899 as successor
to the Niagara Falls & Lewiston, sold at receiver’s sale M a y 23 1899. E x ­
tends from Onondaga S t., Lewiston, along the bank of the Niagara R iver
to the C it y of N iagara Falls. W as form ally opened J u ly 1 1899. Also
controls the franchises of the B u tte ry W hirlpool Rapids C o ., the Niagara
Rapids V iew C o . and the N iagara W hirlpool Rapids Elevato r C o . Leases
the Lewiston & Youngstow n Fro ntier R E . and owns all of its stocks and
obligations.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns 14.84 miles of track from Niagara Falls to Lewiston, including sidings
and switches, ana leases Lewiston & Youngstown Frontier R y ., 8.9 miles;
total operated, 23.74 miles. H as operating agreement whereby its cars
are operated over the upper steel arch bridge and thence along International
R y . lines in Canada to Fable Rock, thence to n,ewiston and over Suspension
Bridge of International R y . C o . at Lewiston. 54 passenger and combina­
tion cars; 11 service cars.
S TO C K A N D BO N D S—
D a te.
Interest. O u tstan din g. M a tu r ity .
Stock, $1,000,000 ($100)_______ __________ ____
$1,000,000 ___________
First mortgage $1,000,0001 1907
5 g J -D
949,000 June 1 1927
($1,000) gold__________ c& r/ In t. at M arine T r . C o ., Buffalo, tr.
B on ds.— $51,000 bonds are in treasury.
E A R N I N G S .— F o r calendar year 1925, gross, $233,080: net before
taxes, $34,909. F o r 1924, gross, $181,701: net before taxes, $50,284. In
1923, gross, $182,992; net before taxes, $27,505. I n 1922, gross, $141,559;
net before taxes, $1,548.
L atest E a rn in g s.— F o r 8 mos. end. A u g . 31 1926: Gross, $165,344; net
before taxes, $45,304.
O F F I C E R S .— Pres., A , H . Schoellkopf; V .-P s ., A . D . R obb and R . R .
Coddington; Sec., C . A . Tattersall; Tre a s ., W . Paxton L ittle : A u d ., H . L .
M u rd o ck . General offices, N iagara Falls, N\ Y . V . 84, p . 868.

L EW IST O N & Y O U N G ST O W N FR O N T IE R R Y .
O R G A N I Z A T I O N . — Chartered August 1895. Is leased b y the Niagara
Gorge R R . C o ., whicn also owns all of its stock cbligatiris.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
O w ns from Lewiston to Youngstow n and F o rt N iagara, 8.9 miles, including
sidings and switches.
S TO C K —
D a te.
In terest. O utstan din g. M a tu rity .
_____ $134,000 ____________________
Stock $150,000 ($100)______________
N IA G A R A ' L O C K P O R T & O N T A R IO P O W E R C O .
Controlled b y Buffalo, Niagara & Eastern Power C o rp .
O R G A N I Z A T I O N . — In crop, in N . Y . M a y 21 1894 to engage in the
production and distribution of electric power in Western and Central N e w
Y o rk State. C o . acquired and merged the Salmon R ive r Power C o . in
1918; Niagara & E rie Power C o . in 1922; Western N e w Y o rk Ele ctric C o .,
Glean Electric L ig h t & Power C o ., Livingston-N iagara Power C o ., B rya n t
Power C o ., In c ., C a m b ria Power C o ., In c ., and Seneca Transmission
G o . in 1925. Also owns the entire outstanding capital stocks of Bradford
Electric Co . and W arren & Jamestown Street R y . F o r latter co. see “ P . U .
Co m p en duim ” of O ct. 31 1925.
Acquisition in 1926 of electric plant in portions of the towns of Verona
and Vienna, Oneida C o u n ty , N . Y . , see V . 122, p. 2949.
In 1925 the Buffalo, Niagara & Eastern Power Co rp . acquired control
of the company b y exchange of stocks on the basis of 1 14. P ref. and 1 14.
Com m on share for each Com m on share of Niagara, Lockport & Ontario
Power Co . V . 120,. p. 2401,2551; V . 121, p. 331, 459, 708.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o . owns and operates a hydro-electric plant on the Salmon R ive r northeast
of Syracuse of 35,000 h . p . capacity; a steam-electric generating station at
Lyons, N . Y . , of 40,000 h . p .; leases a hydro plant on the Oswego R iver
at M inetto, N . Y . , of 12,000 h . p ., and purchases from Niagara Falls Power
G o . and Ontario Pow . C o . (C a n .), under long-term contracts, 130,000 hydro­
electric h . p . C o .’s distributing system is inter-connected w ith the plants of
the Niagara Falls Pow . C o . and H y d ro -E le c . Pow . Commission of Ontario
a t Niagara Falls; also connected w ith Buffalo General Elec. C o .’s system at
Buffalo. Also inter-connected for emergency service and surplus inter­
change w ith N orthern N e w Y o rk Utilities, In c ., Adirondack P ow . & L ig h t
C o rp . and Penn Public Service System.
T h e territory served b y the co. embraces 18 counties in N . Y . State and
2 in Pennsylvania w ith a population of over 2,000,000. C o . holds franchises
In more than 200 cities, villages and towns. 948 miles of 110,000 volt
transmission circuits, 200 miles 60,000-volt circuits and 693 miles 4,00060,000 volts circuits. R ig h t of w ay owned in fee, 376 miles; permanent
easement for righ t-o f-w ay 302 miles. C o . retails its electric power and light
in the Jamestown, Olean, Salamanca and A vo n districts and various rural
communities throughout western N ew Y o rk ; also in the C it y of Bradford,
P a ., and vicintiy; 31,714 residential consumers and 1,037 industries. Also
sells power in bulk to 21 privately owned distributing utilities, 14 m unici­
palities, 18 electric railways, and furnishes street lighting in 22 cities and
villages and in 52 lighting districts.
S TO C K A N D BONDS—
D ate.
Interest
O utstan din g.
M a tu rity.
C o m m on 300,000 shs (no p a r ) . ____
. 300,000 shsSept’26,50c.
Pref 7 % cum $10,000,000($100)____
7 Q -J
$9,792,500 O ct ’26, 1 %
1st M & ref ser A ($500c and/ 1925
5 g A -O
15,000,000 A p r . 1 1955
$l,000c*&r) gold____ _____ (M arine Tru s t C o ., Buffalo, successor.
Salmon R iv P o w C o ls t M $5,-\ 1912
5 g F -A
4,190,000 A u g 11952
000,000 gu p & i($ ,£ ,& c )g .tf /Irvin g Bank-Colum bia T r . C o ., N . Y . , trust.
Stock.— Pref. is red., all or in part by lot, at 115 and dividends.
Bonds.— A ll of the outstanding convert. 6 % gold notes, due June 1 1926,
were called for paym ent on June 1 1925 at 101 and int. V . 120, p. 1089
1st M tg e. & Ref. S eries A 5s are red. all or in part on any in t. date at
105 and in t. u n til A p r . 1 1945, the premium reducing thereafter
of 1 %
for each 6 mos. elapsed'. In t . payable in N ew Y o rk and Buffalo. Exem pt
from personal taxation in N e w Y o rk State. C o . agrees to refund Penna.
and Conn, personal property taxes not exceeding 4 m ills each and Mass,
income tax not exceeding 6 % per annum on the in t. $15,000,000 were sold
in M a r . 1925 b y B la ir & C o ., In c ., N . Y . , and Schoellkopf, H u tto n &
Pom eroy, In c ., Buffalo, N . Y . , at 9 8 M and in t ., to yield about 5 .1 0 % .
V . 120, p . 1460. Listed on N . Y . Stock Exchange, June 1925. V . 120,
p . 3065.
Salm on River Power Co. Is! g u ar. 5s o f 1912, $810,000 bonds are in the
sin k . fu n d. C a ll., all or in pa rt, at 110 and in t. V . 108, p . 84; V . 95, p . 1043:
V . 99, p. 53, 411: V . 103, p . 1036: V . 104, p . 769; V . 105, p. 2461.
D ivid en d s.— Pref. d iv . of 1 % % paid regularly. Paid 50c. per share
on common stock Jan . 2 1924. Same amount paid regularly quar. since
to and incl. Sept. 1926. In Jan . 1925 an extra of 25c. per share was paid.
V . 119, p. 2648.
E A R N I N G S .— F o r calendar years:
1925
1924
1923
K ilo w a tt hours of energy sold_7 50,426,395 626,911,607 484,547,320
Sales of electric energy----------------- $6,949,537
$5,971,740 $5,550,258
Cost of energy, oper. expenses, main­
tenance and repairs_________
3,393,452
2,920,296
2,943,702
N e t earnings_______________________$3,556,085
$3,556,085
O ther income__________________
129,769

$3,051,445
81,009

$2,606,556
46,871

Gross income______________________$3,685,854
$3,685,854
Taxes, rentals, & c_____________
591,376
Interest on funded debt______
968,297
Appropriations to reserves____
394,949
Preferred dividends____________
619,213
C o m m o n dividends____________
600,000

$3,132,454
515,207
944,248
364,692
311,813
574,661

$2,653,426
517,631
898,099
301,793
137,824
384,531

Surplus from operationsfor period.




69

POWER, LIGHT AND RAILWAY

$512,019

$421,834

$413,549

L a test E a r n in g s.— Consol, earnings for 9 mos. end. Sept. 30;
1926.
1925.
Sales of electric energy______________________________$5,870,611 $5,013,811
N e t after oper. exp., incl. other income__________ 3,107,755
2,640,025
Taxes, rentals, & c _________________________________
645,619
454,316
Interest, funded debt______________________________
731,179
728,547
Appropriations to reserves_________________________
377,039
282,251
Balance------------------------------------------------------------------------------ $1,353,918

$1,174,911

O F F I C E R S . — Pres., F red. D . Corey; V .-P ., Langdon A lbright; V .-P .
Gen. M g r ., Stefaan Piek; Tre a s ., H . C . M ather; Sec. & Asst. Treas., W ilhelmine K . Koester; Asst. Sec. & Asst. Tre a s ., N . W . Chapm an. Exec­
utive offices, Lafayette B ld g ., Buffalo, N . Y . — -V. 120, p. 829, 1089, 1328,
1460, 1587, 1882, 2401, 2551, 2684, 3065; V . 121, p. 331, 459, 708, 1569.
2157; V . 122, p. 50, 884, 1610, 1912, 2496, 2949; V . 123. D. 582.

B R O O K LY N E D IS O N CO., INC.
O R G A N I Z A T I O N . — Incorp. as the K ings C o u n ty Electric L ig h t &
Power C o . under N . Y . laws June 26 1890. Brooklyn Edison C o ., In c .,
is successor b y change of name, effective Ja n . 10 1919, to the K ings C o unty
Electric L ig h t & Power C o ., and b y merger effective Jan . 27 1919, to the
Edison Electric Illum inating C o . of Brooklyn . Acquisition of electric
properties of Flatbush Gas C o . V . 119, p . 2284; V . 120, p . 825; V . 121, p .
1099, 2270.
F o r review of grow th and expansion see President M . S. Sloan’s state­
ment, V . 121, p . 704.
I n O ct. 1925 directors voted to issue $15,000,000 additional capital stock
par $100. Stockholders of record N o v . 12 1925 were given the right to
and incl. D ec. 1 1925 to subscribe at par, to the extent of 2 5 % of thenholdings. Subscriptions were payable in full or in 3 installments. V .
121, p . 2270, 1907,2636.
R um ors D en ied .— In Sept. 1926 Pres. Sloan denied various rum ors about
mergers, split-up of stocks, &c. V . 123, p . 1501.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Does all the electric light and power business in the Borough of Brooklyn,
C it y of N e w Y o rk , serving a population of over 2,240,000. Co . owns
3 steam-generating stations of a total rated capacity of 415,500, one of w hich,
the Hudson A ve . station, now of 230,000 k .w . capacity, is to be increased
to over 600,000 k .w ., 27 substations and 1 under construction. 192 miles
of 27,600-volt feeders, 290 miles of 6,600-volt feeders, all underground,
and 12,690 miles of distribution wires, half of which is underground, the
overhead portion requiring 43,700 poles. There are 6,407 distribution
transformers rated at 335,047 k .w . installed in the overhead and under­
ground distribution system. A b o u t 650,000 meters are in service.
S T O C K A N D B O N D S .—
D a te .
In terest. O u tsta n d in g . M a tu rity.
______
Stock $75,000,000 ($100)___________
.$74,010,200 Sept '2 6 ,2 %
Gen M $100,000,000 Ser “ A ” ]
($100, & c )____________ c*&r 1919
5 g J -J
30,500,000 Ja n 1 1949
Ser “ B ” ($500, & c )_ ._ c * & r) 1920
6 g J -J
3,000,000 Jan 11930
G o ld --------------------------------------- tf J In t . at Central U n io n T r u s t C o , N Y , T ru s .
U n d erlyin g BondsEdison Elec 111 cons M (nowl
1st) $10,000,000 ($ 1,00 0)) 1898
4 g J -J
4,275,000 Ja n 1 1939
J In t. at G u a ra n ty T r u s t C o , N Y , Trustee
Kings C o Elec L t & P r 1st M 1 1897 5 g A -O
2,500,000 O ct 1 1937
$2,500,000 ($1,000) g _ c n tf/ In t. at Equitable T ru s t C o , N Y , Trustee
Kings C o E l L t & P r C o Purch \ 1898 6 g A -O
5,176,000 O ct 11997
M o n e y M tg e ($1,000) g -C * (In t at Central U nion T r u s t C o , N Y , Trustee
B on ds.— T h e Gen. M tg e . bonds are secured b y a mortgage on all the co.s’
real and personal property (subject to prior lien of K ings C o . Elec. L ig h t
& Power C o . 1st M . 5s and Purchase M o n e y 6s and Edison Elec. 111. Co.
of B rook lyn 4 % bonds), including three steam generating plants w ith an
installed capacity of 339,500 k . w ., and 12,220 miles of transmission and
distribution lines, of which 5,830 miles are underground. T h e y also cover
all other property hereafter acquired.
P ro visio n s o f General M ortgage A p p lica b le to Series “ A " a n d “ B”
B onds, a n d to A d d itio n a l Bonds Issu a b le.
Aggregate face am ount of bonds at any tim e outstanding shall never
exceed $100,000,000. Bonds m ay differ as to interest rate, m a tu rity and
redemption rate and m ay have the privilege of conversion into capital stock
as shall be determined b y the com pany. Bonds are the direct obligations
of the Brooklyn Edison C o ., In c ., and are secured equally by a mortgage
on all its real and personal property now owned or hereafter in an y way
acquired, subject only to the liens of the mortgages securing the above
enumerated outstanding $11,951,000 in mortgage bonds of the Edison
Electric Iliu m . C o . of B rook lyn and the Kings C o u n ty Elec. L t . & Power
C o ., which underlying mortgages are closed b y the gen. m tge. so that no
more underlying bonds m a y be issued. Bonds are issuable only upon
authorization b y Public Service -Commission of the State of N e w Y o rk .
Are listed on N . Y . Stock Exchange. V . 119, p. 2527. Series “ A ” and
" B ” are call, at 105 and in t. $2,000,000 Ser. “ G ” 7s, due Ja n . 1 1930,
were called for paym ent Ja n . 1 1925 at 105 and int. Y . 119, p . 2177.
$8,000,000 Ser. “ D ” 7s, due D ec. 1 1940, were called for paym ent D ec. 1
1924 at 107H and in t. V . 119, p . 2067.
T h e remaining bonds under the gen. mtge. m ay be issued for future—
(1) Refunding or acquisition of the above enumerated underlying bonds
or other obligations constituting a lien upon the mortgaged property at the
date of the mortgage or other obligations secured b y a lien upon property
subsequently acquired b y the com pany and become subject to the lien of
the mortgage.
(2) Construction, completion, extension, development or improvement
of or additions to plants and facilities
(3) Acquisition of the whole or an y pa rt of the properties, rights, privi­
leges and franchises of any corporation supplying light, heat or power by
electricity or other means in the present territory of N . Y . C it y and Nassau
and Suffolk counties.
(4) Acquisition of securities of other corporations supplying ligh t, heat
or power b y electricity or other means in said territory, provided the com­
pany be or thereby becomes the owner of at least tw o-thirds of the out­
standing capital stock of any such corporation.
(5) Reimbursement of the co. for expenditures made subsequent to the
date of the mortgage for any of the purposes for which bonds are issuable
under (2 ), (3) and (4) above or to meet indebtedness of the co. contracted
for any of such purposes.
P rovided, however, tha t except for refunding or acquisition of underlying
bonds and obligations under (1) above, bonds shall not be issuable at
face am ount in excess of 8 0 % of the actual cost or reasonable value
(whichever m ay be lees), of the property or securities acquired, or the
extensions, developments, improvem ents or additions made, nor issuable for
the acquisition of securities under ( 4 ) above if thereby more than 2 5 % of
the actual cost or the reasonable value of the property subject to the Gen.
M tg e . (after deducting the face amount of all underlying liens) would consist
of stock, bonds or other obligations acquired b y the use of bonds issued
under the gen. m tge., nor unless net earnings of the co., as defined in the
gen. m tge., shall have been at least twice the annual interest charges upon
all outstanding underlying bonds, the outstanding bonds secured b y the
gen. m tge. and those applied for.
In O ct. 1924 G ua ra nty C o . of N . Y . , National C it y C o . and D illo n .
Read & C o . sold $25,000,000 Ser. “ A ” 5s at 100 and in t. V . 119, p . 2067.
D ivid en d s.— In 1900, 4 H % ; 1991, 6 % : 1902, 6 % ; 1903, 7 ) 4 % ; F ro m
June 1 1903 to date at the rate of 8 % per annum , payable quarterly
M arch . &c.
E A R N I N G S . — F o r calendar years:
Gross
T otal C orp.
Bond
E a rn in g s.
Incom e. D isco u n t.
1925. $29,887,301 $9,880,296 $121,650
1924.
26,030,840 9,192,049 154,798
192323,422,314 7,670,329 137,912
192219,326,489 6,229,163 137,804
1921.
16,515,098 4,825,336 132,903
192013,308,868 3,082,949
92,068

F ix e d ,& c.
D iv s .
B alance,
C harges.
(8 % ).
S u rp lu s.
$3,318,018 $4,791,978 $1,648,650
2,769,993 4,084,307 2,182.952
3,397,373 3,171,518
963,526
3,313,182 1,805.812
972.364
3,047,656 1,389,702
255,075
1,450,163 1,387,366
153,353

O F F I C E R S . — Chairm an, Nicholas F . B ra d y; Pres., M . S. Sloan: V .-P .,
J . C . B rad y; V ,-P . & Gen. M g r ., W . F . Wells; V .-P . in charge of engineering,
John C . Parker; V .-P . in charge of purchas. & transport., W alte r P . H o l­
combe; Sec., E . W . Kells; Tre a s ., E . A ..B a ily ; A u d ., R . O . Laun ey. Office.
Pearl and W illo ugh b y streets, Brooklyn , N . Y . — V . 121, p . 704. 1907
2270, 2636; V . 122, p . 876, 1167; V . 123, p . 1501.

70

PUBLIC UTILITIES

CENTRAL

HUDSON

GAS

&

E LE C TR IC

CO.

O R G A N I Z A T I O N . — Incorp. in N ew Y o rk State A p ril 27 1911 as a
consolidation of Poughkeepsie L ig h t, H eat & Power C o ., Newburgh Lig h t,
Heat & Power C o . and Hudson Counties Gas & Electric Co . Acquired
and merged the properties, rights and franchises of the H aigh t Electric
Power P lant, In c ., on F eb. 18 1925; Stissing L ig h t & Power C o ., In c .,
on O c t. 31 1925: the Electric L ig h t C o . of N ew Paltz, N . Y . . on N o v . 30
1925, and on D ec. 31 1925 acquired the transmission and distribution system
and franchises of the Wappingers Ele c. Co rp . Y . 121, p . 838. 2749.
Controls b y stock ownership Cornwall Telephone C o ., the Dutchess
L ig h t, H eat & Power C o . of Rhinebeck, N . Y . ; Philipstown Electric C o rp .
and the U nited Hudson Electric C o rp . (which in turn controls the U pper
Hudson Electric & R R . C o ., and through control of the Kingston Gas &
Electric C o ., the Ulster Electric L ig h t, H e a t & Power C o .). In Ja n . 1926
com pany acquired all of the outstanding stock of the Citizens R R ., L ig h t
& Power C o ., and all of the outstanding stock and mortgage bonds of the
Southern Dutchess Gas & Electric C o ., and merged the gas and electric
properties of these companies; also acquired the stock of the Fishkill Elec­
tric R y . C o . V . 120, p. 2940; Y . 121, p . 838, 2749: V . 122 p . 746.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Co m p an y serves gas and electricity in Poughkeepsie, N ew bu rg h , Beacon
and adjoining towns and villages. To ta l electric generating capacity,
17,800 k .w . Owns three gas plants of an aggregate daily capacity of
4,640,000 cu. f t., 106.7 miles of gas mains, 18,946 gas meters. Population
served, 138,403.
S TO C K A N D BO ND S—
D a te .
I n te r e s t. O u tstan din g. M a tu rity .
Com m on $3,500,000 ($100)_________
________
$3,109,900 See text
6% c u m p re f $3,000,000 ($ 1 0 0 )____
6%
2,184,900 See text
First & ref gold $5,000,0001 1911
5 g J -D
1.175,000 June 1 1941
($1,000, $500)________c * .tf /In t. at Ir v in g B a n k -C o l. T r .C o .,N .Y ..t r u s .
Citizens R R L t & Pow Co 1st/ 1921
7 Q -F
175,000 A u g 1 1931
&ref$175,000 ($1,C00,$500I> l i n t . at Fishkill N a t. Ban k , Beacon, N . Y .
C .n tfl

10-v r 6% no n-ccnvd cb g $1,-1 1925 6 g J - J
1,250,000 J u ly 1 1935
250,000($1,000, $500, $100)/
Th e 10-year 6 % gold debenture bonds, due Ju ly 1 1935, are non-convertible.
Ca ll, on J u ly 1 1927 on 30 days’ notice at 104 or on succeeding interest
dates at a reduction of
% each year to m aturity.
D iv id e n d s .— Since 1911 up to June 30 1926 at the rate of 8% per annum
on common stock. O n preferred since issue Jan. 1926 to O ct. 1 1926 at
6% per annum .

EARNINGS.—For calendar years:

N e t u ft. Tax.
Total
N e t A v a il.
Gross.
& D ep r.
Incom e. F ixed Chocs, fo r D iv s.
___$2,450,480
$620,321
$270,698 $349,623
$517 909
1925.
406,350
542,912
262,302
280,610
. . . . . . 2,281,041
1924
303,104
436,973
245,292
191,681
-.
. 2,211,519
1923.
499,129
257,808
241,321
_________ 1.934,489
344,293
1922.
373,337
_______ 1.858,446
462,819
297,675
165.144
1921
356,772
446.284
284,717
161.667
1920. __________ 1,824,103
O F F I C E R S .-— Pres. & G en . M g r ., Thaddeus B . Real; V .-P . , John L
W ilkie- T re a s ., W m . Schickle; Sec., P . A . Burnes. Offices, Poughkeepsie,
N . Y . — V . 120, p. 1325. 2940; V . 121, p . 838, 2749; V . 122, p. 746. 2491.
U N IT E D H U D S O N E L E C T R IC C O R P O R A T IO N .
Controlled by Central Hudson Gas & Electric C o ., which co. owns 50.13%
Of the common stock of United Hudson Electric C o rp .
O R G A N I Z A T I O N . — Incorp. in N ew Y o rk Feb. 14 1919. Controls the
following companies: Kingston Gas & Electric Co. (which in turn controls
the Ulster Electric L ig h t. Heat & Power C o .) and Upper Hudson Electric
& R R . Co.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns and operates hydro-electric generating plants at Rifton. H o n k Falls,
and H ig h Falls, N . Y . T o ta l generating capacity, 22,345 k .w . O utput
for the year 1925, 57,568.000 k .w .h . Owrns and operates high tension
transmission interconnection w ith other pow er sources and transmission lines
interconnecting its power plants, and subsidiary companies. Th ro u gh its
subsidiary companies serves a population of approximately 91,186.
S TO C K A N D BO ND S—
D a te .
In te re st. O u tsta n d in g . M a tu rity
------------ -$750,000
See text
Com m on $1,000,000 ($100)----------------C u m pref $5,000,000 ($100)-------------7 Q -J
2,575,100
See text
1st M g $10,000,000 ($1,000,1 1919 6 g M -S
5,800,700 Jan 1 1929
$500, $100)__________ c * .tf /In t. at Irv in g B a n k -C o l. T r . C o . , N . Y . , trus.
Kingston G & E l Co guar 1st! 1902
5 g M -N
700,000 M a y 1 1952
M g $700,000 ($1,000)c*.tf /Prin. & int. guar, by American Gas Co.
Kingston Gas & E l C o guar g] 1922 7 g J - J
300,000 Jan 1 1932
$300,000 ($1,000, $500, ) Principal and interest guaranteed b y United
$ 1 0 0 )______________ c * .n tf [ Hudson Electric Corporation.
U pper Hudson Elec & R R C o ] 1913
5 g A -O
280,500 A p r 1 1943
1st & ref g $1,500,000 ( $ l , - ) I n t . at Irv in g Bank -C o lum bia T r u s t C o .,
000, $500, $100)----------c * .tfj N . Y . , trustee.
U pper Hudson Elec & R R C o ] 1921 7 A -O
214,000 A p r 1 1931
10-ye ar coll trust ($1 ,00 0,l i n t , at Fa llk ill National B a n k . Poughkeep«<500. $100)_________c * .n tf [ sie, N e w Y o rk , trustee. 2
C a p ita l Stock S u b sid ia ries .— In A u g . 1925 the following suDsidiaries in
creased their authorized capital stock: Kingston Gas & Ele ctric C o . from
$1,000,000 to $1,500,000; U pper Hudson E le c. & R R . C o . from $1,000,000
to $1,250,000; Ulster Electric L ig h t, H eat & Power C o . from $150,000 to
$250,000. V . 121. p. 978, 1463. Capital stock outstanding at Sept. 1
1926: Kingston Gas & Electric Co . $1,300,000; Upper Hudson Electric &
R R . C o ., $1,075,000: Ulster Electric L ig h t, H eat & Power C o .. $165,000.
B on ds.— O f the $5,800,700 outstanding fir s t mortgage gold bonds, dated
J a n . 1 1919, $3,549,800 are convertible into 7 % cum. pref. stock on any
Interest date upon 30 days’ notice. Callable upon 60 days’ notice at 101.
8ecured b y first mortgage on all property owned or hereafter acquired and
all outstanding capital stock of the subsidiary companies, owned or hereafter
acquired.
T h e K in g sto n Gas & E lectric Co. f ir s t m ortgage 5 % gold bon ds, due M a y 1
1952, are callable upon four weeks’ notice at 107 and interest. Principal
and interest guaranteed b y Am erican Gas C o . Secured b y a first lien on
all the property of Kingston Gas & Electric Co . Interest at Metropolitan
T ru s t Co N . Y . C it y , trustee.
T h e K in g s to n Gas & E lectric Co. gu aran teed gold 7 % bon ds, due J a n . 1
1932, are guaranteed (principal and interest) b y the United H udson Electric
C o rp ., and callable after five years from date of issue at 105, and on any
interest date thereafter at 1 % less for each year to m aturity upon 4 weeks'
notice.
O f the outstanding U p p e r H u dson E lectric & RR. Co. f ir s t an d refu n din g
gold 5 % bon ds, due A p r il 1 1943, $275,000 are deposited w ith trustee as
security for the 10-ye ar collateral trust bends, due 1931; $5,500 are in
hands of the public. Callable at 105 upon 4 weeks’ notice.
Secured b y a
first lien on the entire property of U pper Hudson Electric & R R . Co.
T h e U p p e r H u dson E lectric & R R .C o . 10-year collateral tru st 7 % b on ds, due
A p r il 1 1931, are secured b y $275,000 first & ref. m tge. 5 % 30-year gold
bonds (see above), and callable on A p ril 1 1926 at 105 upon 4 weeks’ notice,
and on any interest date thereafter at 1 % less for each year to m aturity.
D ivid en d s.— O n U nited Hudson Electric Corp. pref. cum . stock at 7 %
per annum from Jan . 1 1920 up to and incl. Sept 1 1926. O n common at
rate of 4 % in 1922, 6% in 1923, 8% in 1924 and 1925. In 1926 to and
including June 30 1926, at 8% per annum .
E A R N I N G S . — Consolidated income account, calendar years:
N e t A fte r
Fixed
A va ilable
Taxes an d
Charges.
fo r D ivs.
D eprec’n .
Gross.
$391/871
$432,942
$824,813
1925 _________ $2,759,990
206.886
430.449
637,335
2.452.211
1924 _______ :
267,832
200.434
4’68,266
1923 _________ 2.145,107
185,946
184,548
370,494
1922 _________ 1,914,348
178,624
164,877
343,501
1 9 2 1 _________ 1,597,567
O F F I C E R S .— Pres. & G en . M g r ., Thaddeus R . Beal; V .-P . , John L .
W ilkie; Sec. & Tre a s ., P . A . Burnes. Offices, 50 M ark et S t., Poughkeep­
sie. N . Y . — V . 121, p. 1463; V . 122, p . 2499.

ELECTRIC IN V E S T O R S INC.
U nder management of E lectric Bond±& Share Co.
O R G A N I Z A T I O N A N D C H A R A C T E R O F B U S IN E S S .— Organized
in M aine in Sept. 1924 and on D ec. 1924 was consolidated w ith Electrical
Utilities Corp*. which had been doing a similar business since 1909. C o .




[V ol. 123.

was organized to acquire' and hold securities of public u tility com p? nie,
3
as diversified permanent investments. Also holds securities of a number o
other corporations. Revenue principally derived from dividends and inter
est, and in addition from underwritings and profits from sale of certain
of its holdings. C o m p a n y’s largest holdings include securities of public
u tility companies, a num ber *of which are supervised b y Electric BondJ&
Share C o .
S TO C K A N D BONDS—
D a te.
Com m on 1,000,000 shs (no p a r ) ____
$7 cum pref 50,000 shs (no p a r ) ____
$6 cum p f 150,000,shs(no p a r ) . ____
Co m stock subscrip receipts_________

Interest. O utstan din g. M a tu r i ty .
____ 778,858 shs'
See text
$7 Q - F
32,395 shsNov’26, $1.75
$6 Q -F
50.000 shsNov’26,$1.50
__________
x68,077 receipts

x On which at least 10 % of subscription has been paid.
There are also outstanding op tio n w a rra n ts entitling the holders to sub­
scribe for 24 ,205 common shares at $20 per share at any time on or after
M a rch ] 1925.
Stock.— T h e $7 cum . pref. and $6 cum . pref. stock rank equally as to
assets ($100 and d ivs.) and preferred dividends over the common stock.
$7 cum. pref and $6 cum . pref. is redeemable, whole or part, upon 30 days’
notice at $110 and divs. Com m on stock has the entire voting power. In
A u g . 1925 Bonbright & C o ., In c ., offered $50,000 6 % cum . pref. shares
at $95 and divs., to yield over 6 .3 0 % . V . 121, p . 705.
D ivid en d s.— O n the common stock a dividend of 1-10 of a common share
was paid in Jan. 1926. V . 121, p. 2520. O n the $7 pref. $1 75 was paid in
Feb. and M a y 1925 and at the rate of $7 per annum regularly thereafter:
on the $6 pref. regular quar. divs. were paid in N o v . 1925 and since, incl.
A u g . 1926. V . 122, p .347.
E A R N I N G S . — For calendar years:
a l926 .
1925.
1924.
Gross earnings_______________________ $3,184,979 $2,964,745
$341,184
General expenses_____________________
10,558
36,624
52,180
Taxes_________________________________
159,152
6,140
115,275
Interest on notes & accounts payable.
42.829
50,683
56,647
N e t earnings_______________________ $2,930,818
Preferred dividends ($ 7 )_____________
215,419
Preferred dividends ($6) _____________
234,950
Available for com. stk. divs. & res_. 2,480,449
Surplus at beginning of period_______
1,589,045

$2,762,164
206,165
109,950
2,446,049
463,694

$267,840
x75,225

T o t a l______________________________ $4,069,494
T ransferred to reserve________________
D iv . pd. M a y 10 ’24 on Elec. U t il.
C o rp . common stock_______________
D ividen d paid in common stock_____
1,422,584

$2,909,743

$728,694
175,000

192,615
536,079

90,000
1,422,584

Surplus at end of period
$463,694
$2,646,910 $1,487,159
a 12 mos. end. M a y 31 1926. x In c l. d iv . on 15,000 shs. Ele c. U t il.
C o rp . 5 % partic. pref. stock for 11 mos. and divs. on 17,050 shs. Electric
Investors, In c ., $7 pref. stock for one m onth.
O F F I C E R S . — Pres., S. Z . M itchell; V -P s ., L . H . Parkhurst, E . W . H il
and C . E . Groesbeck; Sec., E . P . Summerson; Tre as., A . C . R ay; C o m p t.,
A . E . S m ith.— V . 120, p. 72, 2011; V . 121, p . 705, 977, 1788, 1908. 2520;
V . 122, p. 347, 2039; V . 123, p. 82, 205.

A SSO C IA T E D GAS & ELECTRIC CO.
(See M a p on Page 73.)
O R G A N I Z A T I O N . — In corp. in 1906 in N e w Y o rk and its subsidiary
and affiliated companies own, control or operate public u tility properties
which supply electricity and (or) gas to over 350,000 consumers, serving a
total population estimated at more than 2 ,000.000 in more than 1 ,000com­
munities in N e w Y o rk , Massachusetts, Connecticut, V erm ont, N e w H a m p ­
shire, M aine, Ohio, K e n tu c k y, Tennessee, Indiana, Pennsylvania, M a r y ­
land and the C it y of M an ila. In A p ril 1925 acquired tw o-thirds of out­
standing stock of M anila Electric C o rp . V . 120, p. 2399. In A u g . 1925
acquired the Pennsylvania Electric C o rp . for a cash consideration of about
$20,000,000. V . 121, p . 837. F o r offer to m in o rity com mon stockholders
of Penn. Electric C o rp ., renewed in A u g . 14 1926 for a lim ited period, see
V . 123, p. 840. A cquired control of Long Island. W ater C o rp . (see separate
statement), V . 121, p. 704; of Litchfield E lectric L ig h t & Power C o .,
V . 121, p. 975. In June 1926 acquired the W h ite O ak L ig h t, H eat & Pow er
C o . in West Pennsylvania and the plant serving C lin to n , K y . V . 123,
p. 322. F o r various regroupings of subsidiary companies effected in
1926, see V . 123, p. 708. A dd itio na l acquisitions in 1926, see V . 123,p.2136.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Th e properties include electric power stations w ith a generating capacity
of over 256,000 k .w . and 2,803 miles of high-tension transmission lines w ith
additional lines under construction; gas plants, railw ay property, & c. T h e
properties are divided territorially into six groups as follows:
(a) N ew Y o rk .— Upstate operating properties serve electricity and (o r)
gas to more than 86,000 consumers in 488 communities.
Staten Island property serves w ithout com petition over 32,000 consumers
on the whole of Staten Island, Borough of Richm ond, N e w Y o rk C it y .
It also furnishes power for the operation of all the railways there.
T h e total population served in N e w Y o rk is nearly 600,000. T h e
combined properties include steam and hydro-electric plants w ith a generat­
ing capacity of 60,950 k .w . connected w ith 920 miles of high tension trans­
mission lines w ith additional lines under construction and gas plants w ith ,
a daily capacity of 3,230,000 cu. ft.
(b ) K en tu cky-T en n essee properties serve over 30,000 consumers in 60
communities w ith a population of approxim ately 150,000. T h e generating
plants have a capacity of 10,700 k .w . Ele ctricity is distributed over 340
miles of transmission lines, gas plants have a daily capacity of 605.000
cu. ft. See also V . 122, p. 2948, and V . 123, p. 324, under heading “ K e n ­
tucky-Tennessee L ig h t & Power C o .”
(c) M assachusetts, N ew H a m p sh ire a n d M a in e .— Ele ctricity is distributed
to over 8,000 services in the southern portion of Cape C o d and on
M artha's V ineyard, w ith a population estimated at 40,000 and to 8,700
consumers in 20 communities in Massachusetts, N e w H am pshire and
M aine, serving a population of about 47,000. T h e generating plants have
a capacity of 16,550 k. w . h.
(d ) O hio.— Gas is distributed in the c ity of V an W e rt, O h io , w ith a
population of 8,100. T h e plant has a daily capacity of 600,000 cu. ft. and
serves 1,805 consumers.
(e) P e n n sylv a n ia -M a ryla n d .-— See under Associated E lectric C o .
(f) P h ilip p in e I s la n d s .— See under Associated International E le c. C o rp .
Offer to M anile Electric C o . bondholders, see under this latter co. V . 122,
p. 1453.
F orm ation of N e w S u b sid ia ry, A sso cia ted Electric C o., see this latter co.
S TO C K A N D BONDS—
.D a te. In terest.
O utstan din g. M a tu rity .
Com m on (no p a r)____________ ____
__________ 1,068.502 shs See text
Class “ A ” 300,000 shs (110 par) ____
Q -F
300,000 shs ___________
Class “ B ” 300,000 shs (no par) ____
300,000 shs See text
Pref cum Orig Series 200,000
151,554 shs See text
shs (no p a r )________________ ____ $3.50 Q
Pref cum $6 d iv Ser 125,000
$6 Q -M
43.413 shs
See text
shs (no p a r )________________ ____
72.997 shs _____. _______
Pref cum $6.50 div Ser______ ____ $6.50 Q
Pref cum $7 d iv Ser__________ ____
$7
95,982 shs O c t’ 26,$1.75
Sec g bonds 6
Ser 1924. - ( 1924
O fi J - J
$1,517,800 J u ly 1 1954
6 J -J
10,907,800 J u ly 1 1955
6 % Series 1925____________ { 1925
($1,000, $500, $100 c * .tf)_ l Chase N a t. B ank, N . Y . C it y , Trustee.
6H
1,669,000
Seetext
6^2 % conv deb M anila E l Ser / 1925
“ A ” ($1,000 .$500 ,$100c*tf 1N a t. B k . of C o m m , in N . Y . , Registrar.
6K
5,192.500
Seetext
6M % conv deb M anila E l Ser J 1925
" B ” ($1,000 $500, $100 c&r 1Same registrar as Series “ A . ”
6 Mi
1,678,100
Seetext
64£ % conv deb M anila E l Seri 1925
“ C ” ($1,000,$500c&r an d{ Same registrar as Series A . ”
$100 r ) __________________ tf [
.......... .........
105,100
______
6% deb bonds________________ ........
O ther funded debt, unsecured
— option warrants, & c_____ ____
__________ 12,900,280 .....................
N o te .— T h e above table represents the capitalization as of J u ly 31 1926w ith the following exceptions: T h e 95,982 shares of $7 d iv . series cum . pref.
stock incl. the shares issued after J u ly 31 for acquisition of common stock

Oct., 1926.]

of Staten Island Edison C o rp . T h e $5,192,500 6 A % conv. deb. M an ila
Elec, series B 6 A % , incl. debentures issued for acquisition after J u ly 31
1926 of common stock of M an ila Ele ctric C o rp .
Stock.-— T h e com m on slock represents the in t. in A the co.’s earnings
after paym ent of preferential divs. on other stocks. D iv s . m ay be declared
on the com. stock after paym ent of cutnul. divs. on the pref. stocks, prefer­
ence divs. at the rate of $2 per sh. per annum on the class A stock and
limited divs. at not exceeding the rate of $2 per annum on the class B stock,
provided that the aggregate divs. on the class B stock and com. stock shall
not exceed the aggregate amount paid to the holders of class A stock as
preference and additional divs. O n dissolution or liquidation, the com.
stock is entitled to the assets remaining after preference distributions to the
pref., class A and class B stocks, to the participating rights of the class A
stock. T h e com. stock (of no par value) is non-voting, except w ith the
consent of a m ajority of the class B stock. Th e preferred stocks are fu lly
paid and non-assessable and have preference over class A , class B and com.
stocks both as to divs. and assets. There are four series, all of no par value,
each bearing a different d iv. rate but otherwise ranking equally. H ave no
voting rights unless default shall be made in the paym ent of cum ujative
divs., on any class of pref. stock and two years’ cum ul. divs. on such class
shall be in arrears: in which event during tne continuance of such default,
the holders of pref. stock of all classes have voting rights on an equality
with the holders of class B stock. Class A stock is listed on Boston Stock
Exchange and N e w Y o rk C u rb M ark et. Application has been made for
listing on the N . Y . Stock Exchange. V . 120, p. 1324. A ll pref. stocks
are of equal rank and are preferred over class A , class B and common
stocks as to assets and divs. Original pr ;f. stock is non-voting and is
entitled to cum . divs. of $3 50 per share per annum and extra divs. of
30c. a share per annum have been provided for 1925 and 1926. V . 119,
p. 2409. Has liquidation value of $50 per share. Red. at $60 per share.
In D ec. 1924 John Nickerson & Co . offered 20.000 shares original pref.
stock at $50 per share and d iv . V . 119, p. 2875. Pref. stock $6 d iv .
series is red ., all or in part, on any d iv . date on 30 days’ notice at 105 and
divs. E ntitled in liquidation of dissolution to $100 per share and divs.
Pref. $6 50 d iv . series is red. at 105 and divs. Has a liquidation value of
$100. In M a rc h 1925 John Nickerson & C o . offered 30,000 shares pref.
$6 d iv . series at $84 per share and d iv ., to yield about 7 .1 4 % . V . 120,
p. 1585, 1745. In M a y 1926 Banks, H u n tle y & C o ., H u n te r, D u lin & C o .,
M . H . Lewis & C o ., B a y ly Bros, and Cass, H ow a rd & Sanford offered
25.000 $6 50 d iv . series cum. pref. shares at 93 and d iv ., to yield 7 % .
V. 122, p . 2648.
D iv s . on Class A stock are non-cum . Class A has priority over <j|Jass B
and com. stock both as to assets and divs. Class A is entitled to p rio rity
dividends of $2 per annum when and as declared. After the full priority
dividend on Class A stock shall have been declared and set apart for the cur­
rent dividend period and dividends for the Class B stock shall have been
declared and set apart for the same dividend period to the extent of the total
amount required for such priority dividends on the Class A stock, one-half
of the am ount of any further dividends in such dividend period shall be paid
to Class A stock and one-half to the com . stock. Class A stock has priority
in liquidation or dissolution over the Class B stock up to $35 per share.
After this preferential paym ent to the Class A stock is provided for and
provision has been made for the distribution to the Class B stock of an
amount equal in the aggregate to the total of such preferential paym ent to
the Class A stock, one-half of the remaining assets shall be distributed
ratably among the holders o 1the Class A stock and one-half among the
holders of the Class B stock. In Jan . 1925 John Nickerson & Co. offered
200.000 shares class A stock at $26 per share. In A ug. 1926 Banks, H u n tle y
& C o ., H u n te r, D u lin & C o ., M . H . Lewis & C o . and Geo. H . B u rr, Conrad
& Broom , In c ., offered 20,000 additional class A shares at a price stated
to be around $35. V . 123, p . 980. V . 120, p. 208. Class B stock was
issued in exchange for old com. stock in Jan . 1925. V . 120, p . 208.
6 A % Interest-B earing O ption W a r r a n ts — In A ug. 1925 all stockholders
and security holders having the right to become stockholders were offered
rights to purchase 6 A % interest-bearing option warrants, v iz ., one option
warrant for each two shares of stock held of record A u g . 10, and for each
two shares of stock into which convertible bonds and debentures w ill be
exchangeable. T h e initial paym ent of $35; the balance of $60 m ay be called
for paym ent on 30 days’ notice at intervals of not less than 90 days, but no
payment m ay be called before Jan . 5 1926 or for more than $10 per call.
Each option w arrant, when fully paid, w ill be exchangeable for either
$100 principal amount of 6 % debenture bonds, or one share of $6 50 series
preferred stock, at the option of the holder, and in addition, in either case,
A share of new common stock. T h e 6 % debenture bonds w ill be convertible after J u ly 1 1928 at the holder’s option into one share of $6 50 preferred
stock for each $100 of debentures.
Each option warrant also carries a detachable stock purchase right
entitling the holder to purchase one share of the new common stock after
M a r. 1 1926 and incl. Sept. 1 1927 for $20; and incl. Sept. 1 1930 for $30.
C ap ita l Stock an d Funded Debt of S u b sid ia ries.— O n J u ly 31 1926 the
following securities of subsidiary companies were held b y the public:
Com m on stock (par or stated value)____________________________ $1,305,433
Preferred stock (par or stated value)____________________________ 5,350,560
Funded debt (par or stated value)_____________________________ x!04,726,900
x Includes $65,000,000 Associated Electric C o . ~5A% conv. gold bonds
due 1946.
Offer to Bondholders.-— In M a rch 1926 co. offered holders of 6 % secured
bonds to exchange their holdings for $7 d iv. series pref. stock on the basis
of 105 for the bonds and $100 per share for the pref. stock. Also to holders
of 6 A % bonds to exchange them for $7 d iv . pref. stock on basis of 110
for the bonds and $100 for the pref. stock. O n account of the convertibility
(operative in 1927) of the 6 A % bonds, co. offered 11 shares of stock for
each $1,000 principal amount of bonds.
B onds.— Secured bonds conv. series of 1924 due 1954 are secured b y pledge
with the trustee of securities which include stock of the N e w Y o rk State
Gas & Electric C o rp ., Staten Island Edison C o rp ., notes and stocks of
certain other corporations. A re convertible at option of holder on and
after A p ril 1 1927 into non-voting cum. pref. (without par value), w ith
adjustment for interest and dividends and for fractional shares on the
following bases: Each $1,000 bend w ill be entitled to convert on or before
M a r. 1 1932 into 22 shares of pref. stock until $500,000 of bonds of this
series shall have been converted; thereafter and to and including M arch
1935 into 21 shares of preferred stock until an additional $1,000,000 of
bonds of this series shall have been converted, and thereafter until m aturity
into 20 shares of pref. stock for ail remaining outstanding bonds of this
series. Semi-annual sin kin g fund, of an amount equal to 1 % of bonds
outstanding, commences J u ly 1 1925 for the 6 A s and Jan . 1 1926 for the
6s. A re red., all or part, on the first day of any m onth upon th irty days’
notice at 105 on or before June 1 1934; at 104 thereafter and on or before
June 1 1939; at 103 thereafter and on or before June 1 1944; at 102 there­
after and on or before June 1 1949; at 101 thereafter and on or before D ec.
1 1953; at 100 A thereafter to m a tu rity, plus int. in each case. Co . agrees to
refund personal property tax paid b y residents of Penn, and Connecticut,
not exceeding 4 mills, and of M a ryla n d not exceeding 4 A mills, and of
K entucky not exceeding 5 mills, per dollar of taxable value per annum , and
Massachusetts income tax not exceeding 6 % per annum on income derived
from these bonds. In J u ly 1924 $3,500,000 were offered b y John Nickerson
& C o ., Ham bleton & C o ., and Federal Securities C o rp ., at 94 A and interest,
to yield 6 .9 4 % . V . 119, p . 327. In M a y 1925 co. offered to holders of
secured gold bonds, Q A % conv. series of 1924 (a) to deliver 36 shares Class
“ A ” stock in exchange for each $1,000 of secured gold bonds, but only for
$500,000 principal amount first presented, interest to be adjusted; (6) to
deliver 20 shares of its original series preferred stock in exchange for each
$1,000 of said bonds, but only for $500,000 first presented principal amount
thereof, interest to be adjusted. T h e offer was to expire on J u ly 1 1925.
V . 120, p . 2266.
Secured Gold Bonds, 6 % Series 1925, due 1955 are re d ., all or part upon 30
days’ notice, incl. Dec. 1 1935 at 105; incl. Dec. 31 1940 at 104; incl. Dec. 31
1945 at 103; incl. D ec. 1 1950 at 102; thereafter at 101 plus int. in each case.
Interest payable at N e w Y o rk . Penn. & C o nn . 4-mills tax, M arylan d tax
up to 4 A mills, K entucky up to 5 mills, and Mass, income tax up to 6 %
refundable. Secured b y pledge w ith the trustee of substantially all of the
stock and notes of important subsidiary companies directly owned, together
w ith a m ajority of the stock of Staten Island Edison C o rp . S in kin g fu n d
of 2 % annually of outstanding am ount. In M a y 1925 John Nickerson
& C o ., Ham bleton & Co . and Federal Securities Co rp . sold $14,000,000
at 95 A and in t., to yield 6 .3 4 % . V . 120, p. 2813. See also above under
“ Offer to Bondholders.”
Convert. D ebenture Certificates, M a n ila E lectric, Series “A ." — Interest
payable in New Y o rk ; on coupon debenture certificates June and Dec.:
on registered debenture ctfs. quarterly in M a r ., June, Sept, and Dec. 1.
T h e y are without a fixed date of m aturity but become due in case of 90
days’ default in the payment of interest or in case of the happening of cer­
tain other events therein specified. Redeemable on 30 days' notice at 105
and int. A re convert, after Dec. 1 1925 at the holder’s option, or after
June 1 1927 at the com pany’s option, into 12 shares $6 d iv . series pref. stock




71

POWER, LIGHT AND RAILWAY

for each $1,000 of Series “A ” ctfs. w ith adj. of in t., upon 30 days’ notice,
given on or after said respective dates. R ed. at 105 and int. on 30 days’
notice. Penn. & C o nn . 4-m ill tax, M a ryla n d 4 A -m ill, K en tuck y 5-m ill
tax, and M ass, income tax not exceeding 6 % refundable.
Convertible D ebenture C ertificates, M a n ila Electric Series “ B .” — Interest
payable in N e w Y o rk on coupon deben. ctfs. Ja n . & J u ly 1.; on registered
deben. ctfs. quarterly, Ja n ., A p r ., J u ly & O ct. W ithout fixed date of ma­
tu rity . they become due in case of 90 days’ default in paym ent of interest
or certain other events. Red. at 105 and int. on 30 days’ notice. Convert,
after Jan 1 1926 at the co.’s option, and after J u ly 1 1930 at the holders’
option, into 10 shares of $7 d iv . series pref. stock for each $1,000 of Series
“ B ” ctfs., w ith adj. of int. and divs. V. 121. p. 328.
Convert. Debenture C ertificates M a n ila Electric, Series “ C .“ — Interest
payable in New Y o rk on coupon debenture ctfs. Ja n ., Ju ly ; on registered
debenture ctfs. quarterly, J a n ., &c. W ithout fixed date of m aturity;
become due in case of 90 days’ default in int. or certain other specified
events. Red. on 30 days’ notice at 105 and int. C o n v. after Jan . 1 1928
at option of holder of co., into 10 shares $7 d iv . Ser. pref. stock for each
$1,000 face amount of Ser. “ C . ” certificates, with adjustm ent for int.
and divs., upon 30 days' notice. Penn, and Conn. 4 mills tax. M aryland
4 A mills tax. K entucky 5 mills tax and Mass-. 6 % tax refundable.
6 % Conv. D eb. Bonds ($1,000, $500. $100 c & r).— In t. payable in New
Y o rk on coupon bonds in M a rch and Sept.; on registered bonds quar. M a r .,
&c. Are without fixed date of m aturity; become due in case of 90 days'
default of int. or certain other events. R ed., whole or part, on 30 days'
notice at par and int. C o n v . at option of holder after J u ly 1 1928 into
one share $6 50 d iv . ser. pref. stock for each $100 principal am ount, with
adjustment for int. and divs. In case of consolidation merger, sale or
conveyance, they become due and payable unless successor co. assumes
them and makes them convertible, upon the same basis and terms, into
$6 50 cum pref. stock of successor co. National Bank of Commerce in
N e w Y o rk , registrar. See also above, “ Offer to Bondholders.”
D ivid en d s.— Dividends of 6 % per annum paid on old pref. stock from A p ril
15 1910 to J u ly 15 1917; initial dividend on new, $3 50 per share per annum
pref. paid Jan . 1 1922, and regular quarterly dividends of 87 A c . per share
paid since to and including A p ril 1925. A n initial quarterly dividend of
50c. per share, or at option of holder 1-40 share class A stock was paid on
] class A stock on M a y 1 1925. A n d similar dividends were paid regularly
quarterly since, to and incl. N o v . 1 1926.
O n the original series pref. stock a regular quarterly d iv . of 87 A c . was paid
A p ril 1 1925, and also J u ly 1 1925, plus an extra div. of 1 2 A c . In Ju ly
1925 holders had the righ t to receive in lieu of $1 cash 1-25 class A common
share in scrip. Y . 120, p . 2813. in O ct. 1925 87 A c . plus 12 A c . extra was
paid, or 3.60-100ths share class A . In Jan. 1926 87 A c . plus 12 A c . extra
was paid cash, or 3.75-100ths of a share of class A stock. V. 121, p. 3001.
In A p ril 1926 87 A c . plus 1234c. payable in cash or 4-100ths class A share.
In J u ly 1926 87 A c . plus 1234c. extra, or in lieu of $1 cash 4-100ths class
A share. In O ct. 1926 8734c. plus 1234c. extra, or in lieu of $1 cash 3.15lOOths class A share.
A n initial quar. d iv . of $1 50 per share on the $6 d iv . series.pref. stock was
paid June 1 1925 w ith the option to receive paym ent either in cash or in
stock at the ratio of 3.50 lOOths share Class A common stock for each $6
d iv . pref. share. V . 120, p. 2547. O n Sept. 1 1925 $1 50 was paid with
; the option to receive instead of cash 4 34-lOOths share class A stock. V . 121,
p. 704. O n D ec. 1 1925 $1 50 w ith the option to receive instead of cash
5-100ths share class A stock. V . 121, p. 2519. O n M arch 1 1926 $1.50
or 5-100ths share lcass A stock. V . 122, p. 746. I n June 1926 $1 50 or
5.75-100ths share class A stock. I n Sept. 1926 $1 50 or 5.1-100ths share
class A stock. In D ec. 1926 $1 50 w ith option to receive 4 7,j-100ths share
class A stock. O n the $7 d iv . series pref. stock $1 75 (or 534~100ths class A
share) was paid in O ct. 1925 and $1 75 was paid in Jan . 1926 (V 121,
p . 3001), payable in cash or 6 lOOths of a share of class A stock. In A pril
| 1926 $1 75, or 6.75-100tns class A share. In J u ly 1926 a similar d iv . was
| paid. In O ct. 1926 $1 75 or 5.5-100ths class A share. On the $6 50 d iv .
series pref. the regular quar. d iv . of $1 6234 was paid on M arch 1 1926,
I with option to receive 6-100ths of 1 share class A stock instead of cash.
V . 122, p . 746. In June 1926 $1 6234 or 6.25-100ths share class A stock.
In Sept. 1926 $1 6234 or o.o-lOOths class A share. In Dec. 1926 $1 6234
w ith option to receive 5.1o-100ths share class A stock.
I
N G S .—
j E A R N Iarnin gs— F o r calendar years:
1925.
1924.
1923.
1922.
j Gross E
! E le ctric _________________ $14,445,399 $4,496,650 $2,561,156 $1,832,130
G a s _____________________
1.210,510
668,858
639,570
611,756
62,631
3,032,687
Miscellaneous__________
147,110
335,788
T o t a l_________________ $18,688,596
O per. exp., m aint. & tax. 11,078,920

$5,312,618
3,786,621

$3,263,357
2,154,740

$2,779,674
1,894,340

N e t earnings. _______ $7,609,676
Other incom e. . _______
741,104

$1,525,997
345,955

$1,108,616
213,710

$885,334
76,746

$1,322,327

$962,079

Fixed charges, &c., de­
ductions of sub. & affil.
companies____________

3,404,248

866,195

435,665
435,665

308,215

N e t avail, for Assoc.Co $4,946,532
Fixed charges, &c., de­
ductions of Assoc. C o . 1,524,739
Res. for renew.& replac’t 1,027,401

$1,005,757

$886,661

$653,865

245,892
289,414

129,448
179,822

163,644
125,046

Inc. available for divs.
$577,391
3,394,392
$470,451
$365,174
D iv s . on preferred stock.
829,272
284,372
119,459
62,979
L atest E a rn in g s.— Consol, earns, of properties for 12 mos. end. J u ly 31;
1926.
1925.
Gross earnings and other income_________________ $27,194,325 $10,161,157
Oper. exps., m aint., taxes, net earns, applicable to
minorities and amortization of debt disc. & exp. 15,368,429
6,800,130
N e t earnings_____________________________________ $11,825,896 $3,361,027
Pref. divs. of subs. & affil. cos. and all interest____ 6,945,791
1,464,744
Pref. divs. paid or accrued_________________________
1,181,735
511,182
Provision for replacements and renewals___________ 1,554,442
593,603
Class A prio rity dividends ($3 per share)___________
572,621
x449,360
Bal. for cl. A partic., cl. B & com. divs. & s u rp ._ $1,571,307
$342,138
x Includes common dividends prior to issue of class A stock.
I t was stated that the net earnings give no effect to the acquisition of
m in o rity interests in certain companies, including those of Staten Island
Edison Co rp . and M an ila Electric C o rp . Associated com pany’s holdings
in these companies have been greatly enlarged since J u ly 31 1926.
O F F I C E R S . — Pres., J . 1. M ange; V .-P . & Tre as., H . C . Hopson; V .-P s .,
S. J . Magee, J . M . D a ly ; V .-P . & Gen. M g r ., H . D . Fitch ; Sec., M . C .
O ’Keefe. Properties are under supervision of J . G . W hite M anagement
C o rp .— V . 121, p . 328, 584, 704, 837, 975, 1226, 1346, 1567, 1675, 1787,
2036, 2154, 2 2 6 7 , 2 2 7 0 , 2401, 2519, 2749, 3001; V . 122, p. 93, 746, 1453,
1760, 1916, 2033. 2491, 2648, 2947, 3080, 3336; V . 123, p . 322, 453, 708,
840, 980, 1249, 1501, 1630, 1873, 2137.
A S S O C IA T E D E L E C T R I C C O .
Controlled by A sso cia ted Gas & E lectric Co., which owns all of the common
stock.
O R G A N I Z A T I O N , & c.— Incorp. in M arch 1926 in Delaware. Controls
7 operating groups, v iz: Penn. Public group, Long Island group, Eastern
New Y o rk group, M anila group, Kentucky-Tennessee group, N e w England
group and Western N ew Y o rk group, which control and aggregate installed
electric generating capacity as of Dec. 31 1925 of 2 0 i,8 5 J k. w . and operate
1,979.36 miles of transmission lines. Aggregate annual gas sales 12 mos.
ended June 30 1926; 1,405,801,489 cu. ft.; passengers carried, 40,224,806.
Electric output, 12 mos. ended June 30, 1926: 551,912,882 k .w .h .; electric
customers, 212,141. T o ta l population served, over 1,753,000. V . 122,
p. 1916, 2037, 2034.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e more im portant properties of the system are the following:
(а) Penn Public System serves electricity and (or) gas to over 103,000
consumers in 350 communities in a territory extending from Lake E rie and
the N ew Y o rk boundary across western Pennsylvania and into M a ryla n d .
Th e properties are connected b y 1,335 miles of high tension transmission
lines, principally 110,000 volts, extending from E rie , P a ., on the north
through to Deep Creek, M d ., on the south. Th e generating stations over
136,950 k. w ., (38,400 k. w . is hydro-electric.) Th e properties also render
some incidental gas, heating and traction service.
(б) M anila Electric Co . and its predecessor companies have furnished
since 1905 the entire electric power and light and street railway service in
the city of M anila and its environs in the Philippine Islands. Population

72

PUBLIC UTILITIES

served over 400,000. Power is supplied from a modern steam electric
station w ith a rated capacity of 29,500 k. w.
(c) Kentucky-Tennessee properties serve over 30,000 consumers in 60
communities w ith a population of more than 150,000. T h e properties in­
clude electric power stations w ith a generating capacity of 10,700 k. w .,
over 340 miles of high tension transmission lines and gas plants with a daily
capacity of 605,000 cu. ft.
(d) L o n g Island W ater C o rp . serves 25,000 consumers in Queens and
Nassau counties on Long Island in and adjacent to the C it y of N e w Y o rk .
T h e electric property owned b y the Paychogue Electric L ig h t C o . serves
Patchogue and a number of smaller communities on southern Long Island.
T h e steam electric generating station has a capacity of 4,550 k. w .
(e) Depew and Lancaster group in western N e w Y o rk supplies electricity
to over 13,000 consumers in a territory in western N e w Y o r k just north of
the Pennsylvania territory served b y the Penn Public Service Co rp .
(/) Eastern N e w Y o rk group supplies electricity to 20,600 consumers and
gas to 3,600 consumers in a territory which includes Plattsburg and various
other communities in the northeastern comer of the State as well as most
of the communities in the northeastern comer of the State as well as most
of the communities along the Verm ont Massachusetts and Connecticut
border from a point northeast of A lba ny almost to N e w Y o rk C ity .
(g) T h e Portsmouth Power group serves over 8.700 consumers in 20 com­
munities, Including Portsm outh, Newm arket, R ye and E p o in g in N e w
Ham pshire, and K itte ry and E lio t in M aine. Wholesale power is also sold
to adjacent distributing companies. T h e properties includ. a 15,500 k. w.
steam station and over 110 miles of high tension transmission lines. Th e
total population served is approximately 47,000. V . 122, p. 2038.
S TO C K A N D BO ND S—
D a te.
In terest. O utstan din g.
d a tu rity .
Com m on (no p a r )----------------------------------------------------- 400,000shs _____ ______
Convert, g. bonds, 5 ) 4 % s e r .J 1926
5 )4 g A -O $65,000,000A p r. 1 1946
due 1946 (SI ,000-$500c*[ National Bank of Commerce in N e w Y o rk ,
and $1,000 & m ultiples) r . t f i, trustee.
^Subsidiaries’ m inority com­
mon stocks (book value incl.
surplus proportion)_______________
__________ 1,305,406
__________
ySubsidiaries’ bonds and pre­
ferred stocks----------------------------------------------------------- 30,377,795 ___________
x Includes 13,028>3 shares of Clarion R iver Power C o . participating
stock at par.
y Preferred stock included at par, or at liquidation value if without par
value.
N a te .— F o r a list of divisional bonds and preferred stocks of subsidiaries,
aee V . 122, p . 2034.
B on ds.— T h e indenture of the convertible gold bonds provides that neither
the co. nor any subsidiary company shall create any indebtedness not therein
permitted and that the co. shall not mortgage or pledge any of its assets,
Including stocks, bonds or other securities of subsidiary companies now or
hereafter owned. Additional bonds m ay be issued only (a) for refunding,
retiring or replacing an equal amount of bonds and preferred stocks of
subsidiary companies, and (or) of bonds of any series outstanding under the
indenture; (6) for not more than 7 5 % of the cost or fair value, whichever
is less, of construction or acquisition of new properties and additions,
including m in ority interests; or (c) to the extent of not exceeding $1,500,000
for the purpose of acquiring outstanding m inority interests of certain sub­
sidiary companies.
Additional securities, including preferred stocks, of subsidiary companies
shall not be sold except to the co. or another subsidiary co,, if the total
amount of such securities held b y the public be thereby increased to an
am ount exceeding 50 % of the bonds then outstanding under the indebture.
Including as outstanding any bonds issued under the indenture and con­
verted into a security junior thereto. Subject to this restriction, bonds and
preferred stocks of subsidiary companies m ay be sold to refund, retire or
replace outstanding bonds and preferred stocks of subsidiary companies
and bonds issued under the indenture, but for no other purpose unless the
following earnings restrictions is also complied with.
N o additional bonds m ay be issued under the indenture, and no securities,
including preferred stocks, m ay be sold by subsidiaries, except for the
purpose of refunding, retiring or replacing outstanding securities, unless
consolidated net earnings before depreciation for 12 consecutive calendar
months within the 15 calendar months immediately preceding application
for issue have been at least equal to twice the annual interest and fixed divi­
dend charges on all bonds and preferred stocks of subsidiary companies
held b y the public and all bonds outstanding under the indenture, including
any bonds and preferred stocks of subsidiary companies or any bonds then
to be issued; provided that if such consolidated net earnings for any such
12 months period shall exceed $15,000,000 the ratio of such consolidated net
earnings to such annual charges need only be twice the first $7,500,000 of
such annual charges and 1 % times the amount by which such annual
charges exceed $7,500,000- N o t more than 15 % of such consolidated net
earnings shall consist of non-operating income.
Futu re issues of bonds m ay be either of this series or of other series
having such rates of interest, m aturity dates and other provisions as the
co. m ay determine.
T h e indenture contains certain provisions perm itting the modification
or alteration thereof or of any supplemental indenture w ith the assent of the
co. and of the holders of not less than 8 5 % in aggregate principal amount
of the outstanding bonds, not including any bonds owned b y the co.; pro­
vided that any such modification or alteration shall not perm it (a) the
extension of the m aturity of any bond, or the reduction in rate of interest
thereon, or any other modification in the terms of paym ent of such principal
or interest, without the consent of the holder thereof; or (b) the creation
oy the company of any indebtedness not permitted b y the indenture or
of any mortgage or pledge of any of the assets of the company unless the
bonds issued or to be issued under the indenture are secured b y such m ort­
gage or pledge on an equality with any other indebtedness to be secured
thereby.
Conversion P rivilege.— Under arrangements made w ith Associated Gas &
Electric C o ., the bonds of the 5 ) 4 % series, due 1946, w ill be convertible
at the option of the holder into preferred stock of Associates Gas & Electric
C o ., $6 dividend series, at the rate of 11 shares of stock for each $1,000 bond.
Th is conversion m ay be made on the first day of any m onth during the life
of the bonds to and including the m aturity date or, in the case of bonds
called for redemption, the date fixed for redemption. Dividends on the
stock and interest on the bonds to be adjusted.
Indenture provides for maintenance and replacements through the ex­
penditure or reservation b y the subsidiary companies from each year's
earnings of an amount equal initially to 1214 % of the consolidated gross
operating revenue from electric operations, 10% of that from gas operations.
5 % of that from water operations and 2 5 % of that from traction operations.
These percentages are subject to arbitration and adjustment at five-year
Intervals.
5 ) 4 % series due 1946 are c all., whole or part, on80days"notice at 105 &
int. to and incl. M arch 1 1931 and thereafter at a premium of 1 H % for each
5-year period or fraction thereof to m aturity. Interest payable at Harris,
Forbes & C o ., N . Y . C it y , or Boston, or at H arris T ru s t & Savings Bank,
Chicago. Penn. & C o nn . 4-m ills and Mass. 6 % taxes refundable. In A p ril
1926, H arris, Forbes & C o . & c ., & c., & c., offered $65,000,000 5 ) 4 % series,
due 1946 at 9 5 )4 and in t., to yield over 5 .9 0 % . V . 122, p . 2037.
E A R N I N G S . — Consolidated earnings for 12 mos. end. June 30 1926
were stated to be gross, $19,958,754; operating exp., m aint., taxes (except
Federal taxes), other expenses & m inority net earnings, $10,509,554; other
income and miscell. credits $1,448,365; net before interest on bonds $10,897,565; annual interest on convert, gold bonds, $3,575,000; in t. and divs.
and divisional bond and preferred stocks, $1,620,739; balance, $5,701,826.
F o r balance sheets, & c., see Y . 122, p . 2035.
O F F I C E R S .— Pres., J . J . M ange.— V . 122, p . 1916, 2034, 2037; Y . 123,
p. 2136.

NEW Y O R K ST A T E G A S & ELECTRIC CORP.
A subsidiary of A sso cia ted Gas & E lectric Co.
O R G A N I Z A T I O N . — In corp. in N e w Y o rk in 1852 as Ithaca Gas L ig h t
C o ., and present name adopted in 1918. Has at various times acquired
the properties form erly owned by the Ithaca Electric L ig h t & Power C o .,
N orw ich Gas & Electric C o ., Oneonta L ig h t & Power C o ., H om er & C o rt­
land Gas L ig h t C o ., O vid Electric C o ., To m pkins C o u n ty Power C o .,
Standard L ig h t, H eat & Power C o ., M adison Power C o ., In c ., W aterville
Gas & Electric C o ., M oravia Electric L ig h t, H eat & Power C o ., N e w Berlin
L ig h t & Power C o .. Southern N e w Y o rk Power C o ., Sullivan C o u n ty L ig h t
& Power C o rp ., Fleischmanns L ig h t, H eat & Power C o ., Pine H ill Electric
P lant, W est Branch L ig h t & Power C o ., Delaware C o u n ty Electric L ig h t &
Power C o . and the electric plant of Steven O ’C o nn or. V . 121, p . 2875. F o r
acquisition of a number of additional properties in 1926, see V . 122, p . 3211;
V . 123, p . 582, 711.




[V ol. 123.

F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Th e properties consist of steam and hydro-electric power plants w ith a
combined capacity of 16.100 k. w ., and gas plants w ith a combined daily
capacity of 2,540,000 cu. ft., together w ith 576 miles of high tension trans­
mission lines and 105 miles of gas mains. Supplies w ithout competition
over 40,000 consumers in 177 communities in central and southern N ew
Y o rk , having a population of approxim ately 135,000.
S TO C K A N D BONDS—
D a te.
In terest. O u tsta n d in g . M a tu r ity .
Com m on 100,000 shs (no p a r ) ____
________
46,484 shs __________
First mtge 5 )4 % series____tf f 1922
5 )4 A -O
$4,215,000
1962
6 % series______ t f j 1922
6 J -J
474,500
1952
[E q uita ble T r u s t C o ., N e w Y o r k , trustee.
B on ds.— Additional first mortgage bonds m ay be issued in series w ith
interest rates, m atu rity dates, redemption provisions, & c., to be deter­
mined from time to time as series are issued, for— (a) 8 0 % of the net am ount of additional property as defined in the inden­
ture.
(6) Retirement of prior liens on property subsequently acquired, under
certain restrictions. Penna. 4 mills tax refunded. A re redeemable as
follows: 6 % series, from Ja n . 1 1932 to Ja n . 1 1942, inclusive, at 110 and
interest and thereafter at a prem ium decreasing \4 % every six months.
5 ) 4 % series— T o O c t. 31 1932 at 107) 4 , thereafter less )4 % annually to
m aturity.
$700,000 series 6s offered M a rc h 1922 b y J . G . W h ite & C o ., N . Y . , and
Janney & C o ., P h ila ., at 9 4 )4 and in t.; $650,000 series 5 ) 4 s offered N o v .
1922 b y Janney & C o ., and M arshall Field, Glore, W a rd & C o ., N . Y . , at
9 7 )4 & in t-; $2,350,000 series 5 ) 4 s offered Ja n . 1924 b y M arshall Field,
Glore W a rd & C o . and Janney & C o . at 9 2 )4 & int.
Offer to B ondholders.— In Sept. 1926 holders of above 5 ) 4 % bonds and
6 % bonds were offered the following exchange:
10H shares $7 d iv . series pref. stock Associated Gas & Electric C o . for
each $1,000 principal amount N e w Y o rk State Gas & Electric C o rp . first
mtge. 5 )4 % gold bonds due O ct. 1 1962 (w ith adjustm ent of divs. and in t .).
11
shares $7 d iv . series pref. stock Associated Gas & Ele ctric C o . for each
$1,000 principal amount of N e w Y o rk State Gas & Electric C o rp . first m ort­
gage 6 % gold bonds, due Ja n . 1 1952 (w ith adjustm ent of divs. and in t .).
E A R N I N G S . — Consolidated earnings for calendar years:
G ross.
N e t f o r I n t., & c.
B ond In terest.
1926*._____________
$2,580,031
$1,086,343
$376,118
19257.____________
2,398,607
959,676
384,186
1924_______________
2,168,326
872,050
280,752
2,065,252
731,304
205,857
1923_______________
x 12 months ended J u ly 3 l 1926.
O F F I C E R S . — Pres., S. J . M agee; V .-P ., G . A . Strain; Sec., M , O .
O ’Keeffe; Tre a s ., O . E . Wasser.— V . 120, p . 1089; V . 121, p . 2875; V . 122,
p . 2041, 3211; V . 123, p. 582, 711, 1251.

N O R T H AMERICAN CO. (THE)
O R G A N I Z A T I O N . — In corp. June 14 1890 in N e w Jersey; successor t o
the assets and properties of T h e Oregon & Transcontinental C o . T h e busi­
ness of the co. is the financing and control of electric, gas and street railway
and coal properties.
T h e N o rth American Com pany owns or controls the following public
utility and coal companies. (A ll of the more im portant subsidiaries are
covered b y separate statements in other parts of this publication. T h e
page numbers of these separate statements w ill be found b y reference to our
alphabetical index at the end of the b o o k ):
(1) N o r t h A m e ric a n E d is o n C o ., controlling—
T h e Cleveland Electric Illum ina ting C o . (Cleveland, O h io ).
U nion Electric L ig h t & Power C o . (S t. Louis, M o .), controlling—
Mississippi R ive r Power C o . (K eo ku k , Io w a ).
Cupples Station L ig h t, H eat & Power C o . (S t. Louis, M o . ) .
St. Charles Electric L ig h t & Power C o . (S t. Charles, M o . ) .
Union Co lliery C o . (D u q u o in , 111.), controlling—
D ow ell Electric C o .
Central Mississippi V alley Electric Properties, controlling—
K eokuk Electric C o . (K eo ku k , Io w a ).
F o rt M adison Electric C o . (F o rt M adison, Io w a ).
Dallas C it y L ig h t C o . (D allas C it y , 111.).
T h e M ilwaukee Electric R ailw a y & L ig h t C o ., controlling—
M ilwaukee N o rth ern R ailw ay C o . (M ilwaukee-Sheboygan, W is .).
Badger Public Service C o . (E lk h a rt, W is .).
W ells Power C o . (M ilw aukee, W is .).
Wisconsin Gas & Electric C o . (Racine-Kenosha-W atertow n, W is .).
Wisconsin Electric Power C o . (M ilw aukee, W is .).
Wisconsin T r a c ., L ig h t, H eat & P ow . C o . (A ppleton, W i s .), controlling—
Star E lectric L ig h t, H eat & Power C o .
Badger U t ilit y C o .
In t e r -C ity Bus C o .
,
Peninsular Power C o . (Iro n R iv e r, M ic h .).
Iro n M o u n ta in L ig h t & Power C o . (Iro n M o u n ta in , M ic h .).
Niagara L ig h t & Power C o . (N ia gara, W is .).
(2) U n io n E le c tric L ig h t & P o w e r C o . of Illin o is (E ast St. Louis, 111.).
(3) W estern P ow er C o r p o r a tio n , controlling—
Great Western Power C o . of California (San Francisco, C a l . ) , controlling:
California E lectric Generating C o .
San Joaquin L ig h t & Power C o rp . (Fresno, C a l.). _
M id la n d Counties Public Service C o rp . (San L u is Obispo, C a l.).

(4) T h e S t . L o u is C o u n ty G as C o. (W ebster Groves, M o . ).

See under’
“ Gas and W ater Com panies.”
(5) T h e E a s t S t. L o u is & S u b u r b a n C o . (E ast St. Louis, 111.) controlling
E ast S t. Louis L ig h t & Power C o .
East S t. Louis R ailw a y C o .
East S t. Louis & Suburban R a ilw a y C o ., controlling—
Blue Goose M o to r Coach C o .
St. Louis & East St. Louis E lectric R ailw ay C o .
St. Louis & Belleville Electric R ailw a y C o .
A lto n Gas & Electric C o .
A lto n Granite & S t. Louis Tra ctio n C o .
(6 )
W e st K e n tu c k y C oal C o. (Sturgis, K y . ) , controlling—
W est K e n tu c k y Coal C o . (D e l.).
S t. Bernard Coal C o .

(7) W ired R a d io , I n c .
(8) 60 B road w ay B u ild in g C o r p o r a tio n .
(9) E d iso n S e c u r itie s C o r p o r a tio n .
(10) N o r th A m erican U tility S e c u r itie s C o r p o r a tio n . ,

T h e N o rth Am erican C o . also has substantial interests in T h e D etro it
Edison C o . (D e tro it, M ic h .) and W ashington R a ilw a y & E lectric C o .
(W ashington, D . O . ) . In addition to its holdings of capital stocks,Th e
N o rth Am erican C o . owns substantial holdings of bonds and notes of its
subsidiary and other companies.
D u rin g the first half of 1926 acquired the stock of 5 pu blic utilities oper­
ating in northern Wisconsin and U pper M ich iga n, v iz ., Powers Spalding
L ig h t C o ., Dickinson C o u n ty Public Serv. C o ., A u ro ra Electric L ig h t &
Power C o ., Amasa L ig h tin g Co . and A lph a L ig h tin g C o . V . 123, p. 455.
In J u ly 1926 it was announced tha t 4 new companies (all headed b y
George K . M ilterberger as President), nam ely the A lto n L ig h t & Power
C o . A lto n Gas C o ., A lto n R y . C o . and the St. Louis & A lto n R y ., had
been formed b y the N o rth A m erican Co. to take over and operate various
properties of the A lto n Gas & E l. C o . and the A lto n Granite & St. Louis
Tra ctio n C o ., purchased at forelcosure sale for $1,965,000. V . 123, p . 582.
In 1926 acquired a substantial interest in the com mon stock of N o rth
American L ig h t & Power Co . (D e l.). V . 123, p . 843.
E x p en d itu res fo r N e w C onstruction in 1926 over $62,000,000.— F o r par­
ticulars, see V . 122, p . 1311.
N e w T ra n sm issio n L in e .— O n A u g . 14 1926 the system’s 220,000 volt
double circuit transmission B righ to n Merced tie line was p u t in operation,
resulting in a 450-mile superpower system in California and connecting
the Great W estern Power C o .’s system w ith th a t of San Joaquin L ig h t &
Power Co rp . F o r details see V . 123, p . 982.
H umors o f Change in D ivid en d P olicy D e n ie d .— V . 123, p . 2139.
S T O C K A N D B O N D S .—
D a te .
In terest. O u tstan din g.
M a tu rity .
Com m on $60 000,000 ($ 1 0 ) - - — ————
Q -J
$38,922,252
See text
Pre7(f% cum $60,000,000 ($50) — 6 Q -J
30,335.750 O ct ’26. 1 H

O c t ., 1 9 2 6 .]

PO W ER , L IG H T A N D R A IL W A Y

M




7=
4

PUBLIC UTILITIES

Stock.— Pref. is redeemable at 105 and dividends. C o m . and pref. stocks
listed on N e w Y o rk Stock Exchange. In A ug. 1926 co.’s common stock
was also listed on the Am sterdam , H ollan d, Stock Exchange, under spon­
sorship of H . Oyens & Zonen, bankers. V . 123, p . 982.
D IV ID E N D S .—
11904 to S ept. 1907. 1908. 1909. 1910 to J u ly 1 ’21.
Per cent............................ \ 5 (1 )4 Q .-M a rc h )
0
3)4
5 y r ly . ( I X Q .-J .)
Paid on new stock O ct. 1 1921 1 H % ; Ja n . 3 1922, 1 H % ; A p r . 1 1922,
1 H % in cash and 1 % payable in pref. stock; J u ly 1 1922 to Ja n . 2 1923
paid 2 ) 4 % quar. in cash; A p r. 2 1923 paid 2 ) 4 % in common stock; J u ly 2
1923 paid 21 4% in cash; O c t. 1 1923 to O c t. 1926 paid 21 4% quar. in
common stock (or in cash at the option of the h older).
E A R N I N G S . — F o r calendar years (T h e N o rth American C o . and Sub­
sidiary Com panies):

x l9 2 6 .

1925.b

1924.

1923.a

Gross earnings_________$107,320,303 $93,028,967 $80,117,255 $75,465,267

O per. expenses & ta x e s .. 60,752,328

54,987,125

50,161,763

48,289,198

N e t income from oper .$46,567,975 $38,041,842 $29,955,492 $27,176,069
Other net income______
3,417,914
3,574,836
1,885,331
730,988
T o ta l income_________$49,985,889 $41,616,678 $31,840,823 $27,907,057
D edu ction s__
Interest charges________ 15,452,740 13,001,930
9,862,179
8,830,273
Balance ............ ...........$34,533,149 $28,614,748 $21,978,644 $19,076,784
D epreciatio n___________ 11,012,840
9,427,912
7,795,811
6,867,996
B a la n c e --------------------------$23,520,309 $19,186,836 $14,182,833 $12,208,788
Pref. divs. of subsid’s . . .
7,189,681 4,624,595
2,469,710
1,813,413
M in o rity int. in s u b s ...
1,304,551 1,266,130
1,130,357
1,009,917
Pref. divs. N o . A m . C o .
1,801,241 1,763,620
1,344,942
1,143,022
Co m . divs. N o . A m . C o .
3,627,148 3,223,819
2,815,727
3,038,652
Surplus---------------------------- $9,597,688 $8,308,672 $6,422,097 $5,203,784
x 12 mos. end. June 30 1926. a Includes Wisconsin T ra c tio n , L ig h t,
H eat & Power C o . and the L ig h t & Developm ent Co. of St. Louis from
A p ril 1 1923. b Includes Western Power C o rp . for four months, and
Mississippi R iv e r Power C o . and Central Mississippi Valley Ele ctric Prop­
erties for three months.
N o te .— T h e operations of the D e tro it Edison C o . and Washington R ail­
w ay & Ele ctric C o . are not included in the above earnings.

[V ol. 123,

T H E C O R TL A ND C O U N T Y T R A C T IO N CO.
O R G A N I Z A T I O N . — Is a reorganization on June 22 1901 of the C o rtland
& H om er Tra ctio n , sold at foreclosure on A p r . 23 1901. In June 1905 ab­
sorbed the C o rtla nd & Hom er Electric C o ., previously controlled.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Furnishes light to the cities of H om er and C o rtland and to the public.
Carries coal and freight as well as passengers. Operates 16.18 miles of
track (not incl. sidings and turnouts) between Co rtla nd . H om er, L ittle Y o rk
and Preble, and between C o rtland and M c G ra w ville . Has 33 cars.
T h e 1st mtge 4s, which m atured A p r . 1 1921, were, we understand,
purchased by interests connected w ith the company and are being carried
along at 7 % interest.
S TO C K A N D BONDS—
D a te .
Interest. O utstan din g. M a tu r ity .
Stock com $320,000 ($100)_________
________
$320,000 ___________
( 1901
4 g A -O
180,000 A p r 1 1922
First mtge $180,000 ($500) C o u n ty Sav. B k . & T r . C o ., Scranton, P a .,
go ld_____________________ c*l trustee. In t . at co.’s office. N o sink. fd.
( C a n be called on 6 months’ notice.
N e w mortgage $500,000 gold! 1905
5 g F -A
320,000 A ug 1 1935
($500 and $1,000)_______ c/Interest at E m pire T r . C o ., N . Y . , trustee.
1st & ref mtge $2,000,000___ / 1907
5 J -D
105,000 June 1 1957
(I n t . at Equitable T r . C o ., N . Y . , trustee.
B on ds.— O f the $500,000 issue of 1905, $180,000 are reserved to retire
prior liens. T h e y are subject to call at 105.
D ivid en d s.— In 1920, 1 % ; 1921, 1 % ; 1922, 3 % : 1923, 1 % ; 1924, 2 H % .
E A R N I N G S . — F o r calendar years:
G ross.
N e t. F ixed C h g s.& T a x B alance.
1924.............. .....................$ 3 6 7 ,5 7 3
$147,747
$83,088
sur.$64,660
1923_____________________ 370,497
119,406
81,716
sur. 37,690
O F F I C E R S .— Pres., E d w in D uffey; V .-P ., A . W . Garrison: Tre as. *
Gen. M g r ., G . H . Garrison.— V . 81, p . 507.

PEE K SK IL L L IG H T IN G & R A IL R O A D .

In 1909 Westchester Lig h tin g C o ., controlled b y Consol. Gas G o . of N . Y . •
mrchased the entire common stock and a block of pref. of the PeekskUl
Lighting & R R . See Westchester Lighting C o ., V . 89, p . 108.
O R G A N I Z A T I O N . — In corp. as the Peekskill Lig hting C o . on J u ly 12
1900; subsequently purchased the Peekskill Gas L ig h t C o . and Peekskill
Electric L ig h t & Power C o . N a m e changed as above upon purchase of the
Peekskill Tra ctio n on A u g . 31 1900
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Comprises all the gas and electric light interests of Peekskill. Franchises
O F F I C E R S .— F ra n k L . D am e, Pres.; E d w in G ru h l, V .-P . & G en . M g r .; of electric-lighting plants are perpetual. Gas franchises liberal.
F . W . D oolittle, V .-P .; James F . F o g a rty, V .-P .; Robert Sealy, Tre a s .;
S TO C K A N D BONDS—
D a te.
Interest. O utstan din g. M a tu r ity .
F . H . Piske, Sec. & Asst. Treas. N . Y . office, 60 B roadw ay.— V . 121, Com m on $500,000 ($ 1 0 0 )-.______ ________________
$500,000
1 9 1 0 ,4 %
p . 459, 586, 708, 1102, 1228. 1463, 1569, 1679, 1789, 1909, 2157. 2274, Preferred $150,000 6 % c u m . . ____
6 J -D
130,500 D e c '17, 3 %
2403, 2638, 2752, 3132; V . 122, p. 1026, 1170, 1311. 1474, 1445, 1610,
1st mtge $750,000 ($1,000)\ 1900 5 g A -O
646,000 O ct 11930
1763, 1918, 2192, 2496, 3084, 3341, 3454, 3606; V . 123, p. 455, 582, 711,
gold sinking fun d_______ c*|Interest at N . Y . T ru s t C o ., N . Y . , Trustee.
843, 982, 1114, 1382, 1634, 1877, 2139.
Stock.— $19,500 p a r value pref. stock has been reacquired b y the co.
B on ds.— W hole issue (b ut no fractional p a rt) can be redeemed on any
N O R T H A M E R IC A N U T I L I T Y S E C U R IT IE S C O R P .
interest date at 110 and interest. S inking fu n d is provided at the rate of
C on trol.— T h e N o rth Am erican Co. owns 400,000 common and 60,000 $10.80 per bond outstanding, beginning O ct. 1903. T h e remaining bonds
can only be issued for extensions, & c., at 7 5 % of actual cost, and only when
2d pref. shares, and also supervises the affairs of the corp.
net earnings of the previous 12 months are equal to at least twice the interest
O R G A N I Z A T I O N . — Incorp. D ec. 3 1924 in M arylan d. C o . partici­
on the outstanding bonds and the proposed issue. See V . 71, p. 913.
pates in the financing and development of public u tility and other enter­
$14,000 are in treasury.
prises in America and abroad.
D ivid en d s.— 6 % per annum paid on pref. stock up to D ec. 1917. None
S TO C K —
A u th orized.
O utstan din g.
D iv . Rale.
L atest D iv .
since. O n common, in 1906, 1 % ; in 1907, 3 3 4 % ; in 1908, 4 % ; in 1909,
Com m on (no p a r)
1,000,000 shs. 500,000 shs.
4 % ; in 1910, 4 % . None since.
$6 cum 1st pf(no par) 200,000 shs. 100,000 shs. $6 Q -M
Sept ’26 1 X
E A R N I N G S . — F o r calendar years:
Fixed C h g es.,& c. B alance.
$7 cum 2d pf (no par) 120,000 shs.
60.000 shs. $7
See text
G ross.
N e t a ft. T ax. Other I n c .
Stock.— B o th pref. stocks are non-voting. First pref. is preferred as to
$85,513
sur.$10,895
1924______ $532,482
$91,975
$4,433
assets ($100 & d ivs .) and cum . divs. of $7 per annum. Red. whole or
70,384
def.11,674
1924______ 494,096
53,625
2,085
part on 30 days’ notice at $105 and divs. of $7 per annum. N o additional
66,718
def.18,643
1923............ 466,263
404
47,671
1st pref. m ay be issued unless $100 per share has been paid to the corp.
63,031
def. 1,373
60,744
914
1922______419.169
and unless in addition an am ount equal to $60 per share of such additional
O F F I C E R S . — Pres., E . H . Rosenquest, Yonkers, N . Y . ; V . - P . , W . C .
1st pref. stock has been provided b y the sale of 2d pref. or com. stock.
Fisher, Yonkers, N . Y . ; Sec., D r . B . W . Stillwell; Tre a s ., H . D . Swain
N o additional 2d pref. m ay be issued unless $100 per share had been paid Asst. Tre a s ., Q . G . Bennett. General office, Peekskill, N . Y . — V . 116,
to the corp. 1st pref. is listed on Boston Stock Exchange. Th e allotment p. 1412.
price is $100 for 1 share 1st pref., payable in installments. D iv s . are
paid in proportion to the paid installments. In Dec. 1924.
D illon,
ST A T E N ISLA ND E DISO N C O R P O R A T IO N .
Read & Co . offered 100,000 shs. 1st pref. at $100 w ith bonus of 1 share
common stock.
Controlled b y Associated Gas & Electric C o . and interests affiliated, which
D ivid en d s.— In itial d iv . paid on 1st pref. in M a rch 1926 and quar. since. own over 9934 % of the common stock; su pervised b y J . F . W h ite M anage­
ment Corp.
O n 2d pref. paid in 1926 four quar. dividends of $1 75 each.
O R G A N I Z A T I O N . — In corp. Feb. 14 1923 In N . Y . and as of A u g . 11923
E A R N I N G S .— F o r 1925: gross, $1,236,456; net after in t. & taxes,
the Richm ond L ig h &
. (see below) the properties
$956,091; 1st pref. dividends, $210,983; 2d pref. dividends, $420,000; acquired from entire electric light tand R R . C o business in the Borough of
which do the
power
surplus, $325,108.
Richmond (Staten Is la n d ), N . Y . Owns over 9 8 % of the outstanding
O F F I C E R S .— Pres., F . L . Dam e; V .-P ., E d w in G ruh l; V .-P ., J . F .
capital stock of the R ichm ond L ig h t & R R . C o ., which co. In tu rn owns all
Fogarty; Sec-, F . H . Piske; Tre as., R . Sealy. Office, 60 Broadw ay,
of the capital stock and bonds of the N ew Jersey & Staten Island F e rry C o .
N . Y . C ity .
and over 5 1 % of the capital stock of the South Beach R R .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Furnishes without competition electric light and power service to the entire
Borough of R ichm ond (Staten Island), N . Y . C it y , serving over 32,800
C EN T RA L S T A T E S ELECTRIC C ORP.
metered consumers. Also supplies power under a favorable contract to the
Staten Island R apid Tra n s it R y . (a subsidiary of the Baltim ore & Ohio R R .)
O R G A N I Z A T I O N . — Organized M a y 28 1912 in V irginia, to acquire and
own stocks and other securities of public u tility companies. Its principal for the operation of its 44 miles of track, the electrification of which was
.
Investment is in common stock of N o rth American Co. in which it is the completed in 1925. Population estimated at 140,000.
T h e properties consist of an electric power station of an ultim ate capacity
largest stockholder, owning over 730,000 shares. V . 121, p . -7 6 .
of 60,000 k .w . and having a present installed capacity of 35,500 k .w ., to­
S TO C K A N D BONDS—
D a te .
In terest. O utstan din g. M a tu r ity .
gether w ith adequate transmission and distributing lines. A n additional
Com m on 1,500,000 shs (no p a r ) ____
________1,090,380 shs. O ct.'2 6 ,2 5 c.
15.000 k .w . turbine is to be completed in M a y 1927. V . 123, p . 1507.
7 % cum pf $30,000,000 ($ 1 0 0 )____
7 Q -J
$7,543,3000ct’2 6 ,lM %
Sub. cos. furnish street railw ay service in the northern section of the borough
6 % s f g debentures ($1,000/ 1925
6 g M -N
9,795,000 N o v 1 1945
and operate a ferry system between the borough and N e w Jersey.
c * )______________________ tf (C entral U n io n T ru s t C o . of N . Y . , trustee.
Contract fo r Interchange o f P ow er.— See for details of contract for inter­
change of power w ith Public Service Electric & Gas C o . V . 121, p . 2629.
Stock.— T h e pref. stock is entitled to preference, at par and d ivs., in case
Increase Stock.— C o . in D ec. 1925 planned to increase its authorized stock
of liquidation. Is non-callable and non-assessable. H as equal voting from 80,000 to 140,000 no par shares. V . 122, p . 95: V . 123, p . 1252.
power w ith common stock, share for share. Listed on Boston Stock
O n Sept. 14 1926 co. increased its authorized common stock from 120,000 to
Exchange. I n A u g . 1 1925 A . B . Leach & C o . offered the unsold portion of 200.000 shares. V . 123, p . 1507. Com m on stockholders of record J u ly 26
$3,000,000 7 % cum . pref. stock at 98, to yield 7 .2 2 % . T h e other portion
1926 were given the right to subscribe on or before Oct .1 1926 to add’l
had been bought b y stockholders (common and preferred) at $98 per share common stock at $60 per share at the ratio of 53-118 share for each common
flat at a ratio of 1 new share for each 5 shares (common or pref.) held. share held. V . 123, p . 983. In Sept. 1926 co. was authorized b y P . S.
V . 121, p . 976. O n F eb. 8 1926 a 90 0% stock dividend was declared on the Commission to issue 20,400 add’l no par common shares at not less than
stock, following an increase in the authorized common stock from 150,000 $60. V . 123, p . . 1507
23, p ____
shares to 1.500,000 shares, no par value. V . 122, p . 346.
M a tu r ity .
In terest. O u tstan din g.
S TO C K A N D BO ND S—
D a te.
See text
B on ds.— The 6 % s . f . g. debentures, dated N o v. 1 1925 are specifically Com stock 200,000 shs. (no p a r ) ____
57,230 shs.
secured b y pledge w ith the trustee of 300,000 common shares N o rth A m . $6 d iv Series 1st cum pref.
$6 Q -J
35,000 shs. ---------------------C o . Co rp covenants that, during the life time of the debentures, no cash
35,000 shs (no par) -------------------------__________
$550
------------------- dividends shall be paid on its stock (other than regular dividends on pref. U nderlying stocks----------------------Ref & im p t M Ser " A ” ($100, f 1923
6 X g J-J $3.699.100 J u ly 1 1953
stock outstanding a t time of issue) nor any other distribution of assets made
6 g J -J
1 570 000 J u ly 1 1964
Series “ B ” _________________ 1924
to stockholders which would decrease the net assets of the corp., as defined
$500 & $1,000 and $1,000,-j Irv in g Bank -C o lum bia T r u s t C o ., New
in the indenture, including securities owned at their then prevailing m arket
$5,000 & $ 1 0,00 0)____ g -t f l Y o r k , Trustee.
prices to an am ount which would be less than 2 X times the total debt then
outstanding. T h e substitution of collateral security and dilution of the U nderlying funded d e b t ---------- ------------------------ x l , 621,000
------------------x Includes $1,427,000 Richm ond L ig h t & R R . collateral trust purchase
value of the stock purchase warrants is also restricted. In N o v . 1925
D illo n , Read & C o . offered at 9834 and in t., to yield 634 % $10,000,000 money m tge. 4 % bonds, due 1952, in hands of the public, which are a lien
secured 6 % s. f. g. debentures w ith non-detachable stock purchase warrants. on the Staten Island Edison C o rp ., but for the paym ent of which the R ich­
Each warrant entitles the holder to bu y from Central States Electric C o rp . m ond L ig h t & R R . is liable.
Stock.— $6 div. series 1st p r e f .stock is preferred as to $100 assets and $6 cum .
on or before N o v . 1 1930, or in case such debenture is called for redemption
on or before the redemption date, ten shares N o rth American C o . common divs. over the convert, pref. and common stock. R e d ., whole b u t not in
stock at $85 for the holders of the 1st one-fifth exercised, $90 for the 2nd part, on 30 days’ notice at $103 and divs. D iv s . exempt from present
one-fifth, $100 for the 3rd one-fifth, $110 for the 4th one-fifth, and $120 per normal Federal income tax. In Ja n . 1926 M arshall Fie ld , Glore, W a rd &
share for the last one-fifth exercised. R ed. all or part by lot on 60 days’ C o ., & c., & c., offered 35,000 shares $6 d iv . Series 1st pref. stock at $9434
& divs., to yield about 6 .3 5 % . V . 122, p . 215.
notice to and incl. N o v . 1 1940 at 105 and in t., thereafter at 102 and int.
T h e entire outstanding $7 d iv. series conv. pref. and the $6 50 series
A sin kin g fu n d is provided, payable semi-annually sufficient to retire b y
purchase during each of the first 5 years $200,000 and during each year conv. pref. stocks were called for redemtpon O ct. 1 1926 at $105 and divs.
V . 123, p. 983, 1252.
J
J
thereafter to m aturity $300,000, if obtainable at or below 100 and int.
B o n d s.— T h e ref. & Im p t. m tge. bonds are additionally secured b y pledge
V . 121, p . 2271.
$2,500,000 of the co.’s outstanding 5 -yr. 7 % secured gold notes were of $700,000 Richm ond L ig h t & R R . Co. coll, trust 4s and over 9 8 % of the
called for redemption b y lot at 101 and in t. on O ct. 1 1925. V . 121, p . 1226. capital stock of the Richm ond L ig h t & R R . C o . T h e 634s, Series “ A ” ,
are redeemable, all or in part, on the first day of any m onth upon th irty
D iv id e n d s.— O n the new no par common stock an initial cash d iv . of 25c
days’ notice at 10734 and interest during the first ten years, at 105 and
was paid in A p ril 1926. In J u ly 1926 25c.; O ct. 1926, 25c. O n Feb. 8 1926 interest during the next ten years and at 34 of 1 % less during each suc­
a 900% stock d iv . was paid on the common shares. V . 122, p . 1308.
ceeding year. Series “ B " 6s are redeemable, all or in pa rt, on the first
E A R N I N G S . — F o r calendar year 1925: Gross, $3,976,375; expenses & day of any m onth upon th irty days’ notice at 10734 and interest during
taxes, $94,739; in t. & disct., $517,299; pref. divs., $423,031; bal., $2,941,- the first ten years, at 105 and interest during the next ten years, and
300. V . 122, p. 1308.
at X of 1 % less for each succeeding year. A sin k in g fu n d is to be provided,
O F F I C E R S .— Pres. & Tre a s ., L . E . K ilm a rx ; V .-P . & Sec., R . E.Glass; amounting annually to 1 % of the m axim um am ount of bonds of this issue
V .-P ., C . W . Schroeder; Asst. Treas. & Asst. Sec., W . C . Ross. Office in at any time theretofore Issued and outstanding. A ll cash received b y the
N e w Y o rk C it y , 60 Broa dw a y.— V . 121, p . 838, 976, 1099, 1226, 2155, sinking fund w ill be used for the purchase of these bonds at not exceeding
their callable price, or, if not so purchasable, for the call of these bonds b y
2271, 3003; V . 122, p . 212, 346, 1308, 2189, 3209.




Oct., 1926.]

lot at their redemption price. Interest is payable in N e w Y o rk and Chicago.
Penna. and Conn 4 mills taxes and Mass, income tax of 6 % refunded. In
J u ly 1924 M arshall Field. Glore, W ard & C o ., Spencer Tra s k & C o ., and
Estabrook & Co . sold Si 600 000 ref .& im p t. mtge. 6 % bonds. Series “ B , "
at 98 H and interest, to yield 6 1 0 % . V . 119, p. 84.
Holders of 6 V i% series " A ” bonds were given the right in O ct. 1926 for
a lim ited time to exchange their bonds for $7 div. ser. pref. stock of Associ­
ated Gas & Electric Co . as follows 1 0 ^ shares of said stock for each $1,000
bond, w ith adjustment of dividends and interest. V . 123, p. 1878.
D ivid en d s.— O n common 75c. quarterly was paid in 1925.
E A R N I N G S .— F o r calendar years
C alendar Y ea rs—
Gross.
*N et.
I n t .,A c .
B a L .S u r.
1926x -------------$3,489,900
$1,053,633
$271,807
$781,826
1925..............................
3,064,588
882,753
265,822
616,931
1924 ...........
2,768,661
756,367
352,568
403,799
1923 - ---------2,619,649
769,223
225,806
543,417
* A fter operating expenses, rentals, &c.
x 12 months ended A u g . 31 1926.
M an agem en t.— Properties under the management of the J . G . W hite
Management C o rp .— V . 118, p. 3089; V . 119, p. 84, 2412: V . 120, p. 332;
V . 121, p . 2639; V . 122, p . 95, 215, 2498; V . 123, p. 983, 1252, 1507, 1878.
(1) R I C H M O N D L I G H T & R A I L R O A D C O .
O ver 9 9 % of the co.’s outstanding capital stock has been acquired b y the
Staten Island Edison C o rp .. which see above.
Receiver D isch arged.— On J u ly 31 1923 Judge E . L . G arvan of the U . 8.
D is t. C o u rt discharged the receiver for the co., who had been in charge of
the property since A pril 28 1920. V . 117, p . 555.
O R G A N I Z A T I O N . — T h is com pany was formed as a reorganization on
A ug. 18 1902 of the Staten Island Electric R R ., N e w Y o rk & Staten Island
Electric C o . and the R ichm ond C o u n ty Power C o . Owns the entire capital
of the N ew Jersey & Staten Island F e rry C o . F o r terms of reorganization
and complete statement of plan, see V . 74, p. 1091. Franchises are perpetual
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Miles of track, 33.11; 90-lb. girder Cam bria and 85-lb. girder Johnson steel
rails; 94 passenger cars.
S TO C K A N D BONDS—
D a te.
In terest. O utstan din g.
M a tu rity
Stock $3 000,000 ($ 100) _____
____
________
$2,866,650 ___________
F iio4 r£S1
nnt/?r a l , l ™ 8*
1 1902
4 g J -J
1,427,000 Ju ly 1 1952
$2,600,000 gold-----------------t f/ In t . at G ua ra nty T r u s t C o ., N . Y . , Trustee
Equipm ent trust c e rtific a te s ...____
61 4%
194.000
Bondi,— $700,000 are pledged under Staten Island Edison C o rp . ref. &
Im pt. 6 M s . $96,000 are held in treasury of Staten Island Edison C o rp .
r ?
' 1926 bondholders were offered the right to exchange their bonds
Into $7 a iv. series pref. stock of Associated Gas & Electric C o . on the follow­
ing basis 9 shares of said stock for each $1,000 of first collateral trust 4 %
purchase money bonds due J u ly 1 1952, w ith adjustment of dividends and
Interest. V . 123, p . 1635.
E A R N I N G S . — F o r 6 months ended June 30:
„
1926.
1925.
Gross revenue---------------------------------------------------------------------$336,623
$415,999
N e t (including other incom e)_________________
def8,255
def.559
K x e d charges
----------------------------------------------------------71,104
68,808
Net corporate deficit______________________________
79,359
69,367
O F F I C E R S .— Pres., H . C . Hopson; V .-P s ., J . K . Choate and J . I . M ange,
Sec & Treas., T . W . M offat; V .-P . & Gen. M g r., C . S . Banghart; C o m p t.,
H . O . M oore, J r .— V . 117, p . 326, 555, 1018; V . 118, p. 1521; V . 123, p.1635.

LONG ISLA ND L IG H T IN G CO.
O R G A N I Z A T I O N . — In corp. In N . Y . D ec. o l 1910 as a consolidation
of a number of cos. which had been operating on Long Island over a long
period of years. Has since absorbed various other co's, incl. Nassau Lig h t
& Power C o ., has acquired substantially all of the com. stock of Queens
Borough Gas & Electric C o . and in 1925 acquired 96,675% of the common
stock of Kings C o u n ty Ligh ting C o .; 50,000 shares were outstanding,
V . 120, p. 2268.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Supplies substantially the entire electric light, power and gas service in the
C o u n ty of Suffolk and the entire electric light and power service in the
central and northern parts of the C o u n ty of Nassau. Th is territory repre­
sents an area of over 1,100 square miles, having’a population of over 300,000
norm ally and over 400,000 in summ er. T h e service is furnished under
favorable franchises, the m ajority of which extend beyond the m aturity
of the bonds.
T h e co. owns electric generating stations at N o rth p o rt, Glenwood,
A m ity v ille , Babylon, H unting ton . P ort Jefferson, Riverhead, Southampton
and Glen Cove; also gas plants at B a y Shore, and H unting ton . To ta l
electric generating capacity 39,355 k .w .; gas producing capacity per 24
hours, 3,175,000 cu. ft.
C o . owns 357 miles of high tension transmission lines. A line has been
constructed to connect the N o rth po rt and Glenwood plants so that current
can be furnished to the entire territory from either of these plants, both of
which are located on the waterfront. Length of distribution lines, 2,442
miles.
A nn ual electric output (generated) in 1925 was approx. 66,943,457 k .w .h .
Th is is the net combined total of A .C . and D .C . current. N u m b e r of
electric meters in service A u g . 31 1926 was 64,315.
T h e co. has 55 miles of high pressure gas mains, delivering gas to sur­
rounding territory from the main generating station at B ay Shore. Length
of distribution mains, 197 miles. Annual gas output (produced) In 1925
was about 394,490,000 cu. ft. N u m b e r of gas meters in service A u g . 31
1926 was 10,790.
I n D ec. 1924 the co. changed its auth. common stock from 100,000 shares,
par $100, to 1,000,000 shares, of no par value. V . 120, p. 86.
S TO C K A N D BONDS—
D a te.
Interest.
O utstan din g.
d a tu r iiy .
Com m on 1,000,000 shs(no p a r ) ____
__________ 300,000shs
See text
P re f7 % c u m $ 1 0 ,0 0 0 ,0 0 0 ($ 1 0 0 )-------7 Q -J
$7,306,600 O ct. '26 1 U
1st mtge $6,000,000 ($100, ( 1911
5 g M -S
4,848,300 M a r . 1 1936
$500 and $1,000) g ------------ c * \ln t. at Bankers T r u s t C o ., N e w Y o rk , trust.
1st ref M ser A ($1,000 $500)- 1923
6 g J -J
3.000,000 Jan i i948
1st ref M Ser“ B ” ($l,000,$500f 1925
5 M -S
2,500,000 Sept. 1 1955
and $100 c & $1,000 c* )----- (Arner. Exch . Pac. Nat. Nank. B.Y ., trustee.
6 % secg bonds ($1,000, $500)/ 1925
6 % J -J
$3,867,000 J u ly 11945
------------------------------------------c* _tf\Ce ntral U nion T r u s t C o ., N e w Y o rk , trus.
Nassau L t & Pow 1st m tgef 1907
5 g A -O
756,000 O ct. 1 1927
$1,000) gold----------------------- c * (In t . at M etrop. T r u s t C o ., N . Y . , trustee.
Stock.— Pref. is red. at 110 and divs. on any d iv . date after 3 years from
date of issuance. W . C . Langley & C o ., N ew Y o rk , sold in A u g . 1925
$656,200 additional pref. stock at 105 and int. V . 121, p . 586.
B on ds.— 1st mtge. 5s have sin kin g fu nd of 1 % per annum .
F irst refu nding mortgage provides for an “ im provem ent fund” of 1 %
annually commencing Jan . 15 1926 of bonds issued under this indenture.
A dditional bonds of series “ A " or series “ B " or other series of such tenor as
directors m ay from time to time determine, m ay be issued against casn
and for 8 0 % of new additions, acquisitions, &c., provided net earnings are
at least twice annual Interest charges on all bonds outstanding, including
underlying bonds and proposed issue. M a y also be issued for refunding
purposes. Series “ A ” 6s are redeemable, all or in part, on any interest
date, on 30 days’ notice at 110% during the first 15 years and at 1 % less
during each year of the following ten years plus accrued interest in each
case. Series “ B ” 5s are redeemable, all or part, on 30 days’ notice, at 107
during the first four years and at 1 % less during each period of four consecu­
tive years thereafter beginning Sept. 2 1929 to and including Sept. 1 1953,
and at par thereafter to m aturity, plus interest in each case. Com pany
agrees to refund the Penna. and Conn. 4 mills and Mass. 6 % taxes.
$3,000,000 series A were sold by W . C . Langley & Co. and Bonbright &
C o ., In c ., in Jan. 1923 at 9 7H and in t., to yield about 6 .2 0 % . V . 116, p. 83
$1,000,000 series B were sold by W . C . Langley & Co . and Bonbright &
C o ., In c ., in D ec. 1925 at 98 and Int. Th e same bankers sold in June 1926
$1,500,000 additional series “ B ” bonds at 100 and int. V . 122, p. 3453.
6 % Secured Gold B on ds.— Interest payable at office or agency In New
Y o r k . R ed. all or part on 30 days' notice at 105 incl. J u ly 1935; thereafter
less Vi % for each 6 months incl. J u ly 1 1944: thereafter at par. Secured by
Co m m on stock Kings C o u n ty Ligh ting C o . as follows; against each 10
shares $800 of bonds. Penn. A Conn. 4-mills tax. M ass, income tax not
exceeding 6 % refundable. In J u ly , 1925, W . C . Langley & C o . sold
$3,500,000 at 100 and Int. V . 121, p. 330.
D iv id e n d s.— 7 % per annum paid regularly (Q .-J .) on pref. since Issuance
in 1919. O n com ., 5 .6 % in 1912; none 1913; 4 % 1914, 51 4% 1915, 6 %
1916 to 1921 incl.; 8 % , 1922 to 1924 incl
O n the no par com ., $3 per share




75

POWER, LIGHT AND RAILWAY

In 1925. In F e b ., M a y , A u g . and N o v . 1926, 50c. A n extra d iv . of 50c.
was paid in Jan . 1926.
E A R N I N G S . — F o r calendar years;
al926 .
1925.
1924.
1923.
Gross income*___________ $4,972,580 $4,466,597 $3,761,584_ JJ3,276,110
O per. exp., m aint. & tax. 2,737,840
2,582,400
2,073,002' t , 799,836
N e t Income....................... $2,234,740 $1,884,197 $1,688,582 $1,476,274
a 12 mos. end. A u g . 3l 1926.
♦Including divs. from controlled companies.
O F F I C E R S . — Pres., E . L . Phillips; V . - P . , G . W . Olmsted; Tre a s ., R . P .
V an D o o m ; Sec., H . R . Frost; Asst. Tre a s ., A . M . H allock.— V . 120,
p . 86, 703, 2268; V . 121, p. 330, 586, 2271,2520; V . 122, p . 2496, 3453.
(1) Q U E E N S B O R O U G H G A S & E L E C T R I C C O .
O ver 9 9 % of the common stock is owned by Long Island Lighting Co
^ O R G A N I Z A T I O N . — In c o rp . in N . Y . in 1902 as a consolidation of Queens
Boro. Elec. L t . & Pow . C o . and T o w n of Hempstead Gas & E le c. L t . Co.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Furnishes without competition electric light and power and gas in the Fifth
W a rd (R ockaw ay district), N . Y . C it y , and in the adjacent portion of the
T o w n of Hempstead, Nassau C o u n ty , incl. Lawrence, Cedarhurst, L y n brook, M alvsrne , Inw oo d, W oodm ere, H ew lett, Valley Stream , Oceanside
and East Rockaway. C o . owns and operates an electric generating plant
at F a r R ockaway, on Jamacia B a y , of 17,500 k .w . and a gas plant at R ock­
away Beach of 9,750,000 cu. ft. daily capacity, over 31 miles electric trans­
mission and over 802 distribution lines; over 31 miles gas transmission and
over 266 miles gas distributing lines. T o ta l customers as of A u g . 31 1926:
58,272. O utput for 12 mos. ended A u g . 31 1926: Electric current, incl.
purchased power, 27,068,010 k .w . hrs.; gas, 1,203,398,000 cu. ft.
S TO C K A N D BONDS—
D a te.
Interest. O utstan din g.
d a tu rity .
Com m on $2,000,000 ( $ 1 0 0 ) - - - .................- ............. - $2,000,000
See text
Pref 8 % cum $2,450,000 ($ 1 0 0 )........
................... 2,450,000
See text
R ef mtge 6 % Ser of 19531 1923
6 g M -S
2,000,000 Sept. 1 1953
($100, $500 & $1,000 C * .G u a ra n ty T ru s t C o ., N e w Y o rk , trustee..
& $1,000 & c r* )
-tf j
Ref mtge 5 % Series of 1955f 1925
5 g M -S
1,950,000 Sept 1 1955
($1,000 c*r*, $500-$ 100 c * ,{G u a ra n ty T ru s t C o ., N e w Y o rk , trustee.
$5,000-$10,000, & c., r )_ _ t f I
General mortgage ($1,000)1 1902
5 g J -J
1,600,000 J u ly 11953
g o ld _________'___________ c * )G u a ra n ty T ru s t C o ., N e w Y o rk , trustee.
Queens Borough Elec L t &J 1898
5 g A -O
250,000 O ct. 1 1928
Pow 1st M gold_______ n t f (E q uita ble T r u s t C o ., N e w Y o rk , trustee.
T o w n of Hempstead Gas & (
Elec L t C o 1st M g _______ / 1901
6 g F -A
150.000 Feb. 1 1931
B o n d s.— T h e ref. m tge. gold bonds are secured b y a direct mtge. on the
entire property (incl. after-acquired) of the co., except securities. N o new
mtge. prior to the lien of the indenture m ay be executed in renewal or ex­
tension of existing underlying mortgages. Additional bonds of 6 % Series
1953 or of 5 % Series of 1955 or of other series of such tenor as directors
m ay determine m ay be issued (a) for 8 0 % cost or fair value, whichever is
less, of new additions, & c.; (b) up to' 8 0 % of the cost of fair value, which­
ever is less, of hereafter acquired property, except securities, less total
principal amounts of any liens outstanding thereon; (c) to the extent of
$1.600.000 prin. am t. against properties as of Sept. 1 1923, provided in any
case that the net earnings are twice annual Int. on all outstand'g underlying
and ref. mtge. bonds, Incl. new issue. S ub j. to the above earnings restric­
tions m ay also be issued for refunding other series or underlying bonds
against cash or U . S . G o v t . obligations. There is an im provem ent fu n d of 1 %
annually, beginning Jan . 15 1927, of aggregate par value of all ref. mtge.
bonds issued prior to the 3d calendar year next preceding the date of such
paym ent and then outstanding. M oneys m ay be used only for permanent
betterments, &c. 6 % Series of 1953 are redeemable, all or part, on
any interest date on at least 30 days' notice at 107 on or prior to Sept. 1
1927 and at 1 % less during each period of four consecutive years there­
after up to and incl. Sept. 1 1951, and at par thereafter to m a tu rity, plus
Int. in each case. C o . agrees to refund Penna. and Conn, personal property
taxes, assessed not exceeding 4 mills per ann. in either State. In O c t.1924
$2,000,000 6 % Ser. of 1953 were offered by Bonbright & C o ., In c ., and
W C . Langley & C o . at 99 and in t., to yield over 6 % . V . 117, p . 1564.
5 % series of 1955 are red, whole or pa rt, on 30 days’ notice at 107 on or be­
fore Sept. 1 1929 and at 1 % less during each period of 4 consecutive years
thereafter up to and incl. Sept. 1 1953, and at par thereafter to m a tu rity, in
each case w ith in t. Penn. & Co nn . 4 mills and Mass. 6 % taxes refundable.
In O ct. 1925 W . C . Langley & C o . and Bonbright & C o ., In c ., offered
$450,000 5 % series of 1955. V . 122, p . 1312. In O ct. 1926 the same
bankers offered $1,500,000 additional 5 % series of 1955 at 9914 and Int.
to yield 5.03 % .
D iv id e n d s .— Paid regularly on pref. since issuance. C o m .. 4 % in 1916*
917, 1918; 6 % , 1 9 1 9 ;7 % , 1920; 7 % , 1921; 8 % , 1922,1923, 1924 and 1925,

%

E A R N I N G S . — F o r calendar years:
xl926
1925
Gross income____________ $2,999,372 $2,778,317
O per. exp., m aint. & tax. 1,975,240
1,779,796

1924
$2,470,099
1,577,765

1923
$2,335,815
1,573,221

N e tin c o m e ____________ $1,024,132
$998,521
$892,334
$762,594
x 12 mos. end. A u g . 31 1926.
O F F I C E R S . — Chairm an of board, E . L . Phillips; Pres. & Gen. M g r .,
Carleton M a c y; V .-P ., H . H o b a rt Porter; V .-P ., G . W . Olmsted; Sec.,
E . B . Sanford; Tre a s ., J . W . L ittle .— V . , 118, p. 917 120, p. 455, 223 8 ;
V . 121, p . 330k 586; V . 122, p . 482, 1312 2497.
(2) K I N G S C O U N T Y L I G H T I N G C O M P A N Y .
96.675% of the common stock is owned b y Long Island Lighting Co .
O R G A N I Z A T I O N . — Incorp. in New Y o rk M a y 25 1904 and on J u ly I
same year absorbed Kings C o u n ty Gas & Illum inating Co.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Supplies gas in the 30th and 31st W ards of B rook lyn , serving a population
of about 380,000. Plant is located at 55th St. and First A v e ., Brooklyn ,
N . Y , daily capacity over 17,000.000 cu. ft., holder capacity 7,700,000 cu.
ft.; 12 miles of gas transmission mains and over 208 miles of gas distributing
lines. C o . serves over 75,200 gas customers.
S TO C K A N D BONDS—
D a te. In terest.
O utstan din g. M a tu rity .
Com m on (50,000 sh., no p a r ) . ____
__________ 50,000 sns. __________
8 % cum pref Series A ($100)_______
8 J -J
$500,000
_______
7 % cum pref Ser B ($100)__________
7 Q -J
1,816,400 O ct 26 1 H
1st ref 5s ($1,000)_______ c tff 1904
5 J -J
2,428,000 J u ly 1 1954
(I n t . at Central U nion T r . C o . of N . Y . , trug,
1st refunding 6 Vi ($ l,0 0 0 )-c t f / 1904 614 J - J
1,822,000 J u ly 1 1954
(I n t . at Central U nion T r . C o . of N . Y . , trus.
K ings C o Gas & Iliu m C o Is tf 1890 5 A -O
750,000 O ct. 1 1940
5s ($1,000)----------------------------c (I n t . at People’s T ru s t C o ., B k ly n ., N . Y . , tr.
Stock.— 8 % cum . pref. stock Series A is redeemable on any dividend date
at 105. 7 % cum . Series B is redeemable on any d iv . date at 115.
B on ds.— First ref. gold bonds redeemable at 105 and int. on any Interest
date on and after Jan . 1 1940.
First ref. gold 614 % bonds red. at 105 and int. on and after Ja n . 1 1940.
D iv id e n d s.— 8 % per annum paid regularly on 8 % pref. stock since issu­
ance. 7 % per annum paid regularly on 7 % pref. stock since issuance.
On $100 par common, 414 % , 1908; 6 % , 1909 to l9 l2 , inclusive: 5 V i% . 1913;
6 J 4 % , 1914; 6 % , 1915; 1 % , 1916; none, 1917 to 1921, inclusive; 6 % , 1922;
8 % , 1923. O n no par common stock $4 50 per share in 1924 and $5 in 1925,
E A R N I N G S . — F o r calendar years:
1925.
1924.
1923.
1922.
T o ta l revenue (incl. other
incom e).....................—
$2,771,887 $2,577,471 $2,422,295 $2,237,333
N e t after oper .exp ,retire­
m ent & taxes (except
Fed. Income taxes)___ 1,083,848
951,026
850,319
607,426
Bond interest............ .........
275,380
275,380
275,380
269,877
Federal Income tax_____
98,746
78,375
68,304
38,401
Other deductions..............
42,162
48,796
33,706
35,883
Contingency reserve____
42,255
39,051
35,993
30,634
N e t adjustment of surp_ 0 2 6 0 ,6 8 6
De514,089
0 4 ,3 6 3
De&889
D iv id e n d s ..................
415,366
295,093
149,563
167,044
Surplus for year_____
$470,625
$200,242
$291,736
$64,698
T o ta l surplus__________ $1,489,341
$1,018,716
$818,474
$526,738
Latest E a rn in g s.— F o r 12 mos. end. A u g . 31 1926:
Gross earnings............................................................. .................................$3,117,589
O pe r., exp., m aint. & taxes______________________________________ ] ,916,580
N e tin co m e __________________ _________________________________ $1,201,009
O F F I C E R S . — Pres., E . L . Phillips; V .-P ., George W . Olmsted; Tre a s .,
John W . L ittle ; Sec., A . J . Gonnoud; Asst. Tre a s ., C . J . F erdo n.— V . 121’
p . 330; V . 122, p . 2495, 2651.

76

PUBLIC UTILITIES

[V ol. 123.

of which 186,850 h . p. are developed. O u tp u t in 1925 over 275,000,000
NEW Y O R K STEAM C O R PO R A T IO N .
k .w .h . Th e Power C o rp . of N ew Y o rk owns also a 15% interest in the
O R G A N I Z A T I O N . — Incorp. tn N . Y . in Ju ly 1921. as successor to the common stock of M ohaw k Hudson Power C o rp ., which controls system of
New Y o rk Steam G o. as per plan in V . 113. p. 907.
450.000 h. p., of which over 390,000 h . p. are developed; output in 1925.
689.250.000 k .w .h .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S —
T h e properties controlled b y the Power C o rp . of N . Y . , M ohaw k Hudson
Supplies steam for power and heating purposes in New Y o r k ’s downtown
financial district and in uptown commercial and residential sections, serving Power C o rp .. Buffalo Niagara & Eastern Power C o rp . and the N ew England
Power Assn, are inter-connected by high-tension transmission lines thereby
m any of the largest and most important buildings in N . Y . C it y . Th e
franchise under which the corporation operates is without lim it as to time creating a super power transmission system extending from Buffalo to
and grants the right and privilege to lay mains and pipes in any of the Boston. F o r possible inclusion in 2.400,000 h.p. development in the St.
treets on the island of Manhattan and to supply steam for power, heating Lawrence R ive r, see separate statement of “ Frontier C o rp .”
and cooking. Also has contract with N . Y Edison Co for purchase o 1steam
S TO C K A N D BO N D S—
D a te.
Interest.
O utstan din g.
M a tu rity .
C o . owns and operates steam stations of aggregate capacity of 85,000 h. r . Com 5,000,000 shs (no p a r ) . . ____
_____
2,325,479 shs. ___________
incl. the capacity purchasable from the N . Y Edison C o ., has under con­
_____
None
______ _____
Pref 250.000 shs (no p a r)____ ______
struction a highly modern station at 35th St. and East River (“ K ip ’s Bay C l A $6 cum 250.000 sh (no p a r ) ____
$6
8,752 shs. ___________
S tation” ) of an ultim ate capacity of 110,000 h .p .,a n d an initial installation Com m on stock s u b s c rip tio n s .-____
528,651 s h s ..
of 30,000 h . p. to be completed in the near future; 206,500 ft. of mains and
Stocks.— P ref. stock is preferred as to assets ($100 & d iv .) and cum . divs.
serv ices.
not in excess of $8 per share, over class A and common stocks. Red. at
S TO C K A N D BONDS—
D a te.
Interest.
O utstanding. M a tu rity .
not to exceed $120 and divs.
Votes in event of 4 quar. d iv . default.
Com m on (30,000 shs (no p a r ) . ____
________
30 000 shs
................
Class A stock is preferred as to assets ($100 & divs.) and $8 cum . divs. over
P ref $7 cum ser A (no p a r)________
$7 Q - j
41,930 shs. O c t’26 $1 75 common stock. Red. at $100 and divs. N o voting power.
$6 div cum pref (no p a r)_____ _____
$6 Q -J
25,000 shs. _____ Comm on is entitled to one vote per share. In Jan. 1926 F . L . Carlisle &
1st M ser A ($500 & *1,000c*I 1922 6 g M -N
$5,693,500 M a y 1 1947 C o ., In c ., sold 300.000 shs. at $35. Listed on N . Y . C u rb E xch .
O F F I C E R S . — Chairm an of the Board, F . L . Carlisle; Pres., H . E .
and $1,000, $5,000 a n d iln t. at N a t. C it y B ank, N . Y . , trustee.
$10.000r*) g ....... ..........._ t f [
M achold; V .-P s .. H . T . H arrim an , J . N . Carlisle C . E . Norris; Sec.,
5 % series due 1951____________ 1926 5 g M - N
2.500.000 M a y 1 1951
R . K . Ferguson; Tre a s ., F . A . Rogers.— V . 122, p . 481, 612, 2041, 3084.
Stock.— T o ta l authorized number of pref. stock is 100,000 shs. Has
preferred over every other class of stock as to divs. & assets. Additional
pref. stock m ay be issued only under conservative restrictions. Has the
T HE POWER C O R PO R A T IO N OF NEW Y O R K .
right to vote in any proceeding for mortgaging the property and franchises
C ontrol.— In Jan 1926 N ortheastern
of corp., or for the sale thereof; but for any other purpose has no voting following option of. exchange; for each Power C orp. offered stockholders .the
The
rights unless two quarterly pref. divs. are in default, in which event pref. N . Y . either 1-6 of 1 share Class “ A " common shareshares Power C o rp of
stock
common stock
stock has full voting rights at least equal to the stock of any other class Northeastern C o rp ., of 244 shares common and 2 Northeastern C o rp .
stock
un til all accumulated pref. divs. have been paid or provided for. In case See V . 122, p . 612. 1170. Northeast. Pow . C o rp . acquired over 9 9 % of
of four quar. divs. in default, pref. stock has exclusive right to elect directors
the Power C o rp . stock.
un til paid or provided for. Pref. ser. “ A ” is red. all or in part on any d iv .
ORG
N.
date on 30 days’ notice at 115 a share & divs. Listed on N . Y . Stock operate A N I Z A T I O N . — In corp. in Y o Y . in 1922 to own, develop and
approx.
Exchange. In O ct. 1924 5,000 shares were offered by the National C it y C o . 9 8 % of water power plants in N ewNewrkY State. In 1924 acquired separate
com. stock of Northern
o rk Utilities. In c.
at 96 flat, to yield about 7 2 9 % . In A p ril 1925 10.000 shares add'l were statement below). Has acquired developed and undeveloped (see
water power
offered b y the National C it y Co . and Cassatt & C o . at $99 per share, yielding
In June 1925 acquired control of
over 7 .0 5 % . V . 120, p .T 8 8 1 . $6 cum . pref. is entitled to $105 & divs. in in St. Lawrence. o rt Covington Light, Heat & Power the . Malone Ligh t &
Power C o ., the F
Co and the M illin g
case of v o lu n ta ry, and to $100 & divs. in case of involunatry liquidation.
C
of
purchase of the
R ed. whole or part on 30 days’ notice at 105 & divs. Penn. 4-m ills and & . Ligh ting 77.o . C o . Brasher Falls by of the com. stock enti’-e com. stocks.
121. p.
also owns 100%
er
E lectric
M ass. 6 % taxes refundable. In O ct. 1926 the National C it y C o . and V ecurities C orp. (which owns practically the entire com. of Pow of aforemen­
S
Cassatt & C o . offered 25,000 $6 d iv . series pref. shares at $93 50 flat, to tioned 4 operating cos. C o . also owns all of the stock stock
of Raquette R ive r
yield about 6 .4 5 % . V . 123, p. 2139.
b o n d s .— T h e 1st mtge. ser.
A 6s (non-redeemable prior to 1932) are Power C o ., and a 1 5 % interest in the com. stock of the M ohaw k & Hudson
rp .
120,
2039.
red. on any int date on 60 days’ notice at 107 44 from M a y 1 1932 to N o v . 1 Power C o a tio n See V .ew E n p. 2270; V . 121, p .la200, In Dec. 1925 it was
P a rticip
in N
glan
Co. P
.—
1936 incl.; at 105 from M a y 1 1937 to N o v . 1 1941 incl., and at 10244 reported that the co.’s interests d Power subscribenfor 173,333 new common
were to
thereafter, but prior to m aturity. Mortgage provides for sink fu n d of 2 n<
7
and
annually. $406,500 have been retired through sinking fund. F o u r mills shares of the reorganized 121, enlarged New England C o . See also under
V.
tax in Penna. refunded. Listed on N e w Y o rk Stock Exchange. $5,000,000 this Ilatter com pany. R A T I O N S p.A2753. C H A R A C T E R O F B U S IN E S S .—
F ELD OF OPE
ND
1st mtge. ser. A 6s were offered in June 1922 b y the National C it y C o . at C o . owns developed and undeveloped water powers in St. Lawrence, Lewis
94 and in t.. to yield about 6 4 4 % - V . 114, p. 2831; V . 115, p. 81. A n
and Jefferson counties in New Y ork State. Owns over 9 9 % of the common
additional $800,000 were offered b y the National C ity C o . in O ct. 1924 at
stock of the N o rth ern N . Y . Utilities, In c ., M alone L t . & P r. C o ., F o rt
98, to yield about 6 .1 6 % . V . 119, p. 1851.
Covington L t ., H t . & P r. C o . and M illin g & L tg . C o ., public utilities serving
5 % series due 1951 are red., whole or part, at option of co. or sinking fund,
a large section of northern and central N ew Y o r k . Combined properties
on 30 days notice at 105 on or before M a y 1 1948. and at 100 thereafter. include developed powers totaling 186 850 h .p ., either hydr-electric or
Penn, and Conn. 4 mills taxes refundable. In A pril 1926 the National
hydro-mechanical or steam, and undeveloped hydro-electric properties of
C it y Cb . offered $2,500,000 5 % series due 1951 at 92 and in t., to yield
over 315.400 h .p .
over 5 .6 0 % . V . 122, p. 2330.
S TO C K A N D BOND S—
D a te.
In terest. O u tsta n d in g . M a tu rity .
Th e re is a sinking fund for 5 % series due 1951 of sem i-annually 44 % of Com m on 750,000 shs (no p a r ) . ____
Q -J
677,921 shs O c t ’2 6 ,25c
outstanding bonds, to be used for redemption and cancellation of 5 %
1st mtge Series “ A ” __________ f 1922
6 H g M - N 4.900.000 Nov 1 1942
series bonds.
Series “ B " ________________ j 1923
6 g M -N
990 000 N o v 11942
E A R N I N G S . — F o r years ended June 30:
($500 & $1,000) g o ld . - C * t f I Equitable T ru s t C o ., N . Y . , trustee.
O perating Revenues—
1926.
1925.
1924.
1923.
3-year debentures $1,000,000] 1924
6 44 g F -A
1,000,000 Feb 1 1927
D ow ntow n district_____ $2,601,207
$2,246,307 $2,389,353 $2,309,880
($500 & $1,000) g o ld . _c*tf (Equitable T ru s t C o ., N . Y . , trustee.
U p to w n district_________ 2,559,023
1,622,811
1,285 048
I ,400.473
Stock.— 'The outstanding $3,000,000 pref. stock was retired on N o v . 1
To ta l oper. re v e n u e ..
$5,16 L ' 30 $3,869,118 $3,674,401 $3,710,353
1925 at 115 and divs. On this stock regular quar. divs.of $1 75 were paid,
Non-oper. revenues____ _____ 33,353
24,540
23,584 _____21,062
incl. N o v . 1925. V . 121, p. 1228
In J u ly 1925 the authorized com. stock was increased from 600.000 to
To ta l gross earnings._
$ 5 ,1 9 ',5 '3 $3,893,658 $3,697,985 $3,731,415
Operating expenses_____
3,102,965
2.358,626
2,255,559
2,446.865 750.000 no par shares. Co m . stockholders of record Ju ly 20 1925 were
given the right to subscribe incl. A ug. 15 for additional com. stock at
Maintenance expenses..
322.361
316.659
270,520
266,868
$40 in the ratio of one new share for each 10 shares held. V . 121, p. 200.
General taxes___________
214,281
167 698
144.600
138.340
B onds.— 1st M tge bonds (both series) are call, as a whole on 60 days'
Federal taxes___________
83.000
35.000
41,000
30,875
notice at 110 & int.. less 44% for each year of expired term , or in part for
N e t earnings__________ $1,470,976 $1,015,675
$986 307
$848,468 sinking fund at 105 Si in t. Co . agrees to refund Penna., M a ryla n d , Co n­
Bond interest___________
364,172
336.963
309,384
299 475
necticut and D ist. of C o l. 4-m ills taxes. In t . payable in New Y o rk C it y ,
General interest_______
C r. 13.206
Cr.24.896
7,312
9,719 nr W atertown. N . Y .
35,019
25,097
23,330
23,258
B ond disc. & expense___
Series " A ” 6 Pis have sin k in g fu n d which retires by purchase or b y call
Preferred dividends____
285,110
213,509
86,981
68,127 by lot $50,000 Series “ A " bonds annually from 1924 to 1928 incl., $75,000
annually from 1929 to 1933 incl., $100,000 annually from 1934 to 1938 incl.,
A v a il, for renewals &
re p l.,p f.s tk .,re s .,& c.
$799,881 $465,002
$559,299
$447,887 and $125,000 annually from 1939 to 1942 incl. $5,000,000 Ser. " A ” 6448
were sold in N o v . 1922 by E . H . Rollins & Sons and F . L . Carlisle & C o .,
L atest E a rn in g s.— F o r 12 mos. end. A u g . 31 1926 Gross, $5,212,876;
In c., N ew Y o rk , at 100 & int. V . 115 p. 2055.
net, after m aint. and all taxes,$1,446,108; in t. funded debt, $383,920;
Series " B ” 6s have sin k in g fu n d which retires by purchase or by call b y
balance, $1,062,188.
bonds annually from
1928 incl., $15,000 an­
O F F I C E R S .— Pres., James D . H u rd ; V .-P ., Charles A . G illh a m ; Tre as., lot $10,000 Ser. “ B ”incl., $20,000 annually 1924 to 1938 incl., and $25,000
nually 1929 to 1933
1934 to
Geo. S. Beith; Sec., F . E . Pendleton. Offices, 280 M adison A v e ., N . Y . ,
annually 1939 to 1942 incl. In M a y 1923 E . H . Rollins & Sons and F . L .
C i t y .— V . 120, p . 1586, 1881, 3188; V . 121, p. 1223, 2875; V . 122, p . 2330
Carlisle & C o ., In c ., offered $1,000,000 Ser. “ B ” 6s at 94 44 & in t., to yield
3454; V . 123, p . 1378, 2139.
about 6 1 4 % . V . } 1 6 , p . 2387.
D eben tu res.— Th e 3- Y r . 6 44 % debentures are re d . all or in part at any time
at 100 & in t., plus 14 of 1 % for each year of unexpired term. Penna. 4-m ill
F R O N T IE R CORP.
tax and M aryland 4 44-mill tax. Conn, personal property tax not exceeding
O R G A N I Z A T I O N , & c.— Form ed in 1926 b y the General Electric C o .,
C l.
income tax on int.
A lu m in u m C o . of Am erica and the D u Pont interests, to develop a 2,400,000 4 mills. D ist. of % oof tax not exceeding 5 mills and Mass, t . payable in New
not exceeding 6
such int. per annum refunded. In
h . p . site on Earn ha rdt Island, in the St. Lawrence; construction of the dam
York C
atertow
644 % debs,
is expected to take 5 years, and possibly as m any years m ay be required in Feb. ity or Wy E . H . n, N . Y . & $1,000.000F3 -y r. Carlisle & C were offered
1924 b
Rollins
Sons and . L .
o ., In c ., at
for installation of the distributing system. I f corporation’s plans are car­
44 & int , to yield about 6 .7 0 % .
. 118, p 676.
ried out, energy from the St. Lawrence R ive r eventually w ill supply light 99D ivid en d s.— O n com ., quar. divs. ofV25c. per .share ( Q .-J .) are being paid.
and power for N ew Y o r k . Included in the plans are proposals for the
V . 120, p. 1461.
inclusion of the N e w Y o r k Edison C o ., Brooklyn Edison C o . and other
E A R N I N G S — F o r calendar year 1925:
large utilities between N e w Y o r k C it y and the St. Lawrence in a great
$1,727,475
power distribution system. T h e Fro ntie r C o rp .’s share of the power to be Gross income all sources--------------N e t after operating expenses and taxes-------------------------------------------------- 1,600,318
developed at Earn h a rd t Island would be 1,200,000 h. p ., since it is not
69,709
deemed likely that the Canadian share of the power developed would be Federal income tax (estim ated'__________________________________
34,562
exported to the U . S. T h e plans call for the raising of the rive r b y 83 feet Depreciation______________________________________________________
502,325
on the Longue Sault Rapids, 40 miles east of Ogdensburg, b y construction Interest and am ortization________________________________________
of a dam between N e w Y o rk State and Ontario Province. T h e total cost
Balance_________________________________________________________ $993,722
of the project is put at $238,000,000.
Cr7,644
A nucleus for corp.’s distribution systems is provided b y the properties Adjustm ent of 1924 taxes---------------------------------------------------------------------------Preferred dividends_________________________________________________
210,000
controlled b y the Northeastern Power C o rp ., which is linked w ith the Gen­
Com m on dividends-------------------------------------------------------------------------------------------606,930
eral Electric interests. Northeastern Power C o rp . also is linked b y stock
ownership w ith the N e w England Power Association, and the two compan­
Balance______________________________________ _________________ x $184,436
ies therefore control a system which stretches from northwestern N e w Y o rk
x Before deducting $455,417 prem ium on retired bonds and pref. stock.
to Massachusetts. T h e M oh aw k Hudson Power C o rp . is part of the N o rth ­
O F F I C E R S . — Pres., John N . Carlisle; V .-P ., W . P . Creager; V .-P .,
eastern system and controls im portant up-State utilities. See also article
D . M . Anderson; V .-P ., H . G . D avis; V .-P ., H . E d m u n d M achold; V .-P .,
under heading “ M ellon Interests in Utilities Spread,” on page 3037, of the
R . B . M a ltb y ; Tre a s ., F . A . Rogers: Sec.. R . K . Ferguson; Asst. Sec. &
“ Chronicle” of M a y 29 1926.— V . 122, p . 3209.
Asst. Tre a s ., C . B . M a rtin . Offices: W atertow n, N . Y . , and 49 W all
S t., N . Y . C it y .— V . 120, p. 455; 1205, 1461, 2270; 2944; V . 121, p . 77,
200, 1463, 2039, 2753; V . 122, p. 612, 1170; V . 123. p . 1252.
N O R T H E A S T E R N POWER CO R PO RA T IO N
O R G A N I Z A T I O N . — Incorp. in M a ryla n d , Jan . 18 1926, chiefly for the
purpose of acquiring and holding the securities of public u tility companies
N O R T H E R N NEW Y O R K U T IL IT IE S , INC.
C o . acquired b y exchange of stocks over 9 9 % of the common stock of the
C ontrol.— O ver 9 9 % of co.’s common shares are owned b y Pow er & E lectric
Power C o rp . of N . Y . C o . offered in Ja n . 1926 for each common share Securities C o rp ., which in turn is controlled b y Pow er C orp. o f N e w Y o rk .
of the Power Co rp . of N . Y . (a) 2 com. and 1-6 class A sharas Northeastern
O R G A N I Z A T I O N . — Incorporated in New Y o rk in 1913.
Power C o rp ., or (5) 244 com. shares Northeast Pow. Co rp . C o . also
In A p ril 1925 co. filed a certificate with the Secretary of State of A lb a n y,
subscribed for 173,333 com. shares of the N e w Eng l. Power Assn. Co .
N . Y . , increasing its authorized capital stock from $14,000,000 to $20,now owns 236,191 shares of com. stock of New England Power Assn.
V . 122. p. 2041. In 1926 obtained all of the capital stock of the Oswego 000,000. V . 120, p. 2269.
R iver Power C orp. through acquisition in exchange for stock of a substantial
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
interest in the Oswego C o rp ., form erly owned b y Niagara Lockport &
Owns and operates electric light, power and gas properties in northern and
central N e w Y o rk serving a population of about 105.000
C o m p an y
Ontario Power C o . V . 122, p . 3084.
Am ong the principal subscribers for the common stock of the co. were does the entire electric light and power business in Rom e, W atertown and
the following cos.: F . L . Carlisle & C o ., In c ., Eastern States Power C o rp .,
60 adjacent communities, the entire gas business in Rome and W atertow n,
Electric Invastors, In c ., M oh aw k Hudson Power C o rp ., Niagara Share and furnishes power on a wholesale basis to the Utica Gas & Electric C o .
C o rp ., Schoellkopf, H utto n & Pom eroy, In c ., Schoellkopf Securities C o rp .
under a long-term contract, calling for the delivery of up to 33,000 h. p .
and United Gas Im provem ent C o .
Has a transmission line which connects the properties of the company
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
with those of the Niagara Lockport & Ontario Power C o ., providing
T h e system owns developed and undeveloped powers on 8 rivers in northern for the interchange of power under existing contracts. C om pany
N e w Y o rk , rated at 510,000 h .p ., of which 204,000 h .p . is developed. V . has a total generating capacity of 137,705 h .p . in hydro-electric plants and
9,775 h .p . in steam plants. O f the hydro-electric capacity, 107,405 h .p .
122, p. 3084.
T h e New England Power Assn, controls propertias of 297,000 h . p ., of is derived from plants owned by the co., the remaining from plants which
which 242,000 h. p. are developed. O utput during 1925 over 681,696,000 are leased or from which the co. purchases the entire output. C o . owns
k .w .h . T h e Power C o rp . of N e w Y o rk owns powers rated at 488,000 h . p ..
1,750 miles transmission and 1,600 distribution lines. C o . also owns three




Oct., 1926.]

POWER, LIGHT AND RAILWAY

undeveloped water power sites having a potential generating capacity of over
16,000 h .p . Th e gas plants located in Rome and W atertown have a daily
capacity of 5,770,000 cu. ft.
Change o f Stock.— In J u ly 1926 co. changed its authorized common stock
from 400,000 shares, par $25. to 400,000 shares of no par value. V . 123,
p. 711.
S TO C K A N D BONDS—
D a te .
Interest. O utstan din g. M a tu rity .
Com m on 400.000 shs fno o a r ) . ____
_______
160,000 shs
See text
P f 7 % cum $10,000,000 ($ 1 0 0 )____
7 Q -J
$6,000,000 N o v .'26 1M
1st mtge & ref (closed) ($500f 1913 5 g J -J
2,009,500 J u ly 1 1963
and $1,000) gold_______ c* (Irv in g Bank-Colum bia T r . C o ., N . Y . , trus.
First lien & ref Series " A ” ___| 1921 7 g M - N
1,183,000 M a y 1 1946
Series ” B ’’________________
1922
6 g M -N
1,349,800 M a y 1 1947
Series “ C ” ________________\ 1923
6 g M -N
3,9 ’1. 00 M a y 1 1943
Series “ D ” ________________
1924
5 X g J -D
1,750,000 --------------------Series “ B ” ________________I 1925
5 J -J
3.3 i0 .500 J u ly 11955
($500&$1,000c*.$1,000r*)g tf [ Equitable T ru s t C o ., New Y o rk , trustee.
Divisional bonds_____________ ______
5%
2.539,500 --------------------S tock.— Pref. is redeemable at any time at $110 and divs. In Dec. 1924
$750,000 7 % cum . pref. was offered by E . H . Rollins & Sons and F . L .
Carlisle & C o ., In c., at 102 & d iv ., to yield 6 .8 5 % . V 119, p. 2648.
B on ds.— F irst an d ref. mtge. 5s are callable on any interest date at 105 and
Interest. Mortgage provides for sin kin g fu n d of Vi % annually of the total
outstanding first & ref. mtge. bonds from Ju ly 1 1916 to J u ly 1 1938. inclu­
sive. and 1% annually thereafter to m aturity, to be applied to the purchase
or redemption of bonds of this issue at not exceeding 105 and int. Interest
payable at First National B ank, N ew Y o rk , and the N orthern New Y ork
T ru s t C o ., W'atertovvn, N . Y . N o further 1st & ref. bonds m ay be issued
under this mortgage, except for deposit under the 1st lien & ref. mortgage.
In addition to bonds held in escrow to provide for retirement of underlying
divisional bonds and those canceled b y sinking fund, $6,086,000 are pledged
under 1st lien & ref. mortgage.
F irst lien an d refu nding m ortgage Series “ A ” 7s cannot be called.
F irst lien an d refunding m ortgage Series “ B” 6s cannot be called.
First lien an d refunding mortgage Series “ C ” 6s are callable as a whole at
110 and interest, less Vi of 1 % , for each full year of expired term, or in part,
at 105 and iuterest. up to and including M a y 1 1933, and thereafter at the
came rate as when redeemable as a whole. Th e redemption of part shall not
exceed Vi of 1 % annually of the entire outstanding am ount of this issue
from 1924 to 1932, inclusive, and thereafter shall not exceed 1 % annually
of such amount.
F irst lien an d refu nding m ortgage Series “ D" 5 Vis are callable as a whole
o n 45 days’ notice at any time during the ye»rs 1925 to 1929, inclusive, at
105- 1930 to 1934, inclusive, at 104’ 1935 to 193), inclusive, at 103 1940 to
1944, Inclusive, at 102’ thereafter to m a tu iity .it 101. Callable in part at
103 and interest up to and including 1939, a id thereafter at the same rate
as when redeemable as a whole. T h e redemption of part shall not exceed
H of 1 % annually of the entire outstanding am ount of this issue from 1925
to 1933, and thereafter shall not exceed annually 1 % of such am ount. In
N o v . 1924 $1,750,000 Series “ D ” 5)4s were offered b y E . H . Rollins & Sons
a n dF . L . Carlisle & C o ., In c ., at 97V i and interest, to yield about 5 .7 0 % .
V . 119, p. 2530.
F irst lien & ref. m tge. Ser. “ E ” 5 s are callable whole or part on 45 days
notice at 103 and int. T h e redemption of part, shall not exceed in any
calendar year from 1926 to 1934, incl., Vi % of the principal am ount of this
series outstanding on Ja n . 1 of such year, and thereafter shall not exceed
in any calendar year 1 % of such am ount. In June 1925, E . H . Rollins
& Sons and F . L . Carlisle & C o .. In c ., sold $2,125,500 at 9 5 Vi and itit.,
to yield 5 .3 0 % .
In Sept. 1926 the same bankers offered $1,235,000 add.
Beries E at 99 and int. to yield over 5 % . V . 123, p. 1634.
Interest on all first lien & ref. mtge. bonds is payable at Equitable Trust
C o ., New Y o rk , or N orthern New Y o rk Tru s t C o ., W atertow n, N . Y .
Penna. State tax of 4 mills refunded.
D I V S .—
15. 16. 17. 18. 19. 20. 21. 22. 23. 24.
25.
’26.
Pref., % . 7 7 7
7
7
7 7 7 7
7
7
7
C o m ., % . 8 10
TVi l \ V i 12Vi 6 Vi 15 18 12
12
13
See text.
In addition to the regular quarterly dividend of 75c. a share an extra
dividend of 25c. was paid on the com. stock on Sept. 30 1925 and M arch
1926. V . 121, p. 1348: V . 122, p. 1456.
E A R N I N G S .— F o r calendar years:
1925
1924
1923
1922
Gross earnings___________ $3,784,436
$3,177,636 $1,979,175 $1,571470
O per. exp., m aint. & tax 1,524,700
1,467,986
831.132
627,833
In t ., am ort., F ed. tax,& c
979,612
790,933
483,991
397.614
Bal. avail, for d iv s .& d e p $1,280,124
$918,717
$664,052
$545,723
O F F I C E R S .— Chairm an of Board, F . L . Carlisle: Pres., J . N . Carlisle.
V .-P s ., R . B . M a ltb y , H . S. Lewis, W . P . Creager and H . G . Davis; Sec.
S . F . Sm ith; Tre a s ., F . A . Rogers.— V . 120, p . 2269; V . 121, p. 1348; V . 122,
p. 1456, 2192; V . 123, p . 83, 711, 1634.

OSW EGO RIVER POW ER C O R PO R A T IO N .
Control.— -A ll the com m on stock is owned b y N ortheastern Pow er C orp.
O R G A N I Z A T I O N . — A n operating and holding com pany. Owns all the
•ommon stock of Peoples Gas & Electric C o . of Oswego, the Oswego Canal
C o ., and the General D evelopm ent C o rp .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Com pany owns valuable water rights on the V arick and Oswego canals in
the c ity of Oswego, N . Y . , where a hydro-electric station of initial capacity
of 15,000 h .p . and ultim ate capacity of 18,000 h .p . is under construction.
A 110,000 volt transmission line connects com pany’s system w ith that of
Northern N e w Y o rk U tilities, In c ., a subsidiary of Power Co rp . of N ew
Y o rk . Peoples Oas A E lectric Co. o f Oswego supplies, w ithout competition,
gas and electric service to the c ity of Oswego and electric service only to
several adjacent communities. Owns a hydro-electric station of 1,300 h .p .
and a steam electric generating station of 1,200 h .p .; also transmission and
distribution lines, and gas mains. Com pare V . 122. p . 2192, 3084; V . 123,
p. 844.

(THE) O M N IB U S C O R PO RA T IO N .
O R G A N I Z A T I O N . — In corp. in Delaware A p ril 17 1923 as Chicago M o to r
Coach C o rp . Nam e changed to present title A u g . 7 1924. Corporation is
at present a holding com pany on ly. In A ug. 1924, through a plan for the
unification, recapitalization and reorganization of F ifth Avenue Bus
Securities C o rp ., N ew Y o rk Transportation C o ., and Chicago M o to r
Coach C o rp ., dated June 25 1924, com pany effected a practical consolida­
tion of bus lines in N e w Y o rk C it y w ith those in Chicago. V . 119, p . 82
and 205, where also details as to the exchange of securities are given.
Co m p an y owns all of the capital stock of the Chicago M o to r Coach C o . and
the G ra y L in e M o to r To u rs C o . of Chicago, and 549,535 shares of F ifth
Avenue Bus Securities C o rp ., which in turn owns 190,293 shares of New
Y o rk Transportation C o ., which company owns all of the capital stock of
the F ifth Avenue Coach C o ., operating buses in N e w Y o rk C it y . Corpora­
tion owns also one-third of the class A stock and one-sixth of the class B
stock of the St. Louis M o to r Coach C o rp ., which com pany in tu rn owns all
of the stock of Peoples M otorbus C o . of St. Louis, operating buses in the
c ity.
S TO C K A N D BONDS—
D a te .
In terest. O utstan din g. M a tu rity .
C o m . 1,500,000 shs. (no p a r ) . ____
__________ 624,050shs ___________
8 % pref. cum . $25,000,000
($100) series A ___________________
8 Q -J
$8,817,900 ___________
Stock.— T h e 8 % p re f. cu m . stock is red. at 115 and divs.; is entitled to
receive on liquidation, dissolution or winding up , in prio rity to the common
stock, an am ount equal to the redemption price. Convertible into common
stock at the rate of 3 shares for each share of pref. stocks. B oth common
and pref. stocks are listed on the N . Y . Stock Exchange. V . 122, p. 612.
E A R N I N G S .— Consolidated earnings (but as to F ifth A venue Bus Se­
curities C o rp . merely including dividends received) for calendar year 1925:
Chicago M o to r Coach C o ., net p ro fit____________________________$518,379
Dividends received on F ifth A venue Bus Secur. C o rp . stock______ 351,618
Interest received_______1___________________________________________ 13,746
G ra y Line M o to r To u rs C o ., loss for year_______________________D r . 13,813
T o ta l____________________________________________________________ $869,930
Expenses and taxes________________________________________________
76,920
Available for preferred dividends_______________________________ $793,010
P A S S E N G E R S C A R R I E D B Y S U B S I D I A R I E S .— In 1925 F ifth A ve .
Coach C o ., 70,728,236 revenue passengers (61,514,840 in 1924); Peoples




77

M o to r Bus C o ., S t. Louis, 23,814,797 (12.709,404 in 1924); Chicago M o to r
Coach C o ., 57,547,816 (49,318,448 in 1924). See V . 122, p . 884.
D ivid en d s.— A n initia l quar. d iv . of 2 % was paid on cum . (convertible)
pref. series “ A ” O ct. 1 1924 ,and regularly since. None on com mon.
O F F I C E R S . — C hairm an of Boa rd, John H e rtz; Pres., John .A Ritchie;
V .-P s ., Charles A . M c C u llo c h , John C . J a y and Bernard Davidson; Tre as.,
Leonard S. Florsheim; Sec. & Gen. Counsel, E d w a rd N . D ’Ancona. Offices,
4711 Ravenswood A v e ., Chicago.— -V. 120, p . 1328, 1882, 2551, 30S1, 3188;
V . 121, p . 331, 1348, 1909, 3005; V . 122, p . 612, 884, 1763, 2800.

CHICAGO M OTOR COACH CO.

A n Illinois corporation. Has no funded debt. T h e entire capital stock
is owned by Om nibus C o rp . (of D e l.).
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Com pany operates m otor coaches under favorable franchises in the C it y of
Chicago. Com pany's equipment consists of 415 m otor coaches.
S TO C K A N D BONDS—
D a te .
In terest. O u tsta n d in g . M a tu rity .
Capital stock__________________All owned by Om nibus C o rp .
E q u ip , tr. gold ctfs., series! 1925
6g
$1,500,000 See text
A ($ 1 ,000c*)____________ tf/ F irs t T r u s t & Savings Bank, Chicago, trustee
B o n d s.— Principal and dividends, due under the equipm ent tru st gold ce rtifi­
cates, series A , dated N o v. 1 1925, are unconditionally guaranteed by the C h i­
cago M o to r Coach Co
T b e v are payable in serial installments N o v . 1 1926,
$150 000; N o v . 1 1927, $250,000; N o v . 1 1928, $350,000; N o v . 1 1929,
$450,000; N o v . 1 1930, $550,000. T h e y are secured by vesting the trustee
with title to 415 motor coaches (the entire bus equipment in use by the
com pany at tim e of issuance). R ed. on 30 days' notice at 101 and divs.
P rin . and in t. payable at trustee’s office in Chicago or at J . & W . Seligman
& C o ., N ew Y o rk . In O ct. 1925 G . M .-P . M u rp h y , J. & W . Seligman Sc
C o . and Freeman & C o . sold $1,500,000 at prices to yield from 5 .2 5 % to
6 % according to m a tu rity. V . 121, p . 2036.
E A R N I N G S . — F o r calendar years;
1925.
1924.
1923.
1922.
1921.
deprec. & Fed. taxes’$ l , 231,801 $1,014,467 $517,182 $237,632 $185,189
N e t profits........... ...........
518.379
400,764 304,220 141,779 107.138
O F F I C E R S . — Chairm an of Board, Jo h n H e rtz ; Pres., John A . Ritchie;
V .-P s ., G . T . Seelley and Bernard Davidson; Tre a s ., L . S. Florsheim; Sec. &
Gen. Counsel. E . N . D ’Ancona.— V . 121, p . 2036; V . 122, p . 1454.

F IF T H A V EN U E B U S S E C U R IT IE S C O R PO R A T IO N .
O R G A N I Z A T I O N . — In corp. in Delaware N o v . 14 1922 as F ifth Avenue
Bus C o rp . N a m e changed to present title D ec. 13 1922. Co m p an y owns
190,293 shares of the stock of N e w Y o rk Transportation C o ., which latter
com pany owns all of the capital stock of the F ifth Avenue Coach C o .
C a p ita l Stock.— A u t h ., 729,000 shares (no p a r); issued, 590,129 shares.
E A R N I N G S . — F o r calendar year 1925;
D ividends N . Y . Tra n s p o rt. C o ., $380,586; interest, $35_________$380,621
Expenses and taxes (n e t)___________________________________________
626
N e t income for year_____________________________________________ $379,995
Com pare V . 122, p . 3453; V . 123, p . 842.

(1) NEW Y O R K T R A N S P O R T A T IO N CO.
O R G A N I Z A T I O N . — In corp. in N e w Jersey F e b . 21 1899 as N e w Y o rk
Electric Vehicle Transportation C o . Changed name to present title in 1902.
Co m p an y owns the entire authorized and outstanding capital stock of F ifth
A ven u e Coach C o ., an operating com pany. Co m p an y manufactures the
buses used b y F ifth Avenue Coach C o ., and in addition manufactures and
sells similar buses to transportation companies operating in other cities.
F ifth Avenue Coach C o . operates m otor coaches in boroughs of M an h atta n,
Bron x and Queens in N e w Y o r k C it y .
Capital stock, $2,350,000 ($10), of which $1,902,930 is owned b y F ifth
Avenue Bus Securities C o rp oration.
E A R N I N G S . — Consolidated earnings of com pany and subsidiaries for
calendar year 1925:
Gross operating revenue__________________________________________$7,351,703
Operating expenses, including m aintenance_____________________ 5.448,554
N e t operating revenue__________________________________________$1,903,149
O ther incom e__________________________
213,230
$2,116,379
C it y , State and Federal taxes________
733,303
Adjustm ents affecting prior years_________________________________ C r.26,026
N e t profit for year___________________ _________________________$1,409,102
D ividends____________________________________________ ___________
470,000
Surplus for year______________ __________________ ______________ $939,102
Previous surplus__________________________________________________ 4,992,859
Surplus D ec. 31 1925__________________________________________ $5,931,961
Com pare V . 122, p . 1763, 3454.

(a)

F IF T H AVEN U E COACH CO.

T h e entire capital stock is owned b y N e w Y o rk Transportation C o .
In June 1926 purchased the “ G ra y L in e ,” a coach com pany which oper­
ates sight-seeing bus tours throughout N e w Y o rk C it y and up-State line to
Bear M ountain and lines to other points. V . 122, p . 3605. O n A u g . 31
1926 acquired the entire common stock (90,200 no par shares) of N e w York
R a ilw a ys C orp. See separate statement.
F o r bid to run busses in M an h atta n, see V . 123, p . 1506, under heading
“ R apid Tra n s it in N e w Y o rk C i t y .”
O n A u g . 25 1926 the Tra n s it Commission approved the purchase of 90,200
shares, the entire common stock of N ew York R ys. C orp. In M a y 1926
co. and N . Y . R ys. C o rp . had made a joint application for a bus franchise
through the O m nibus C o rp . N . Y . R ys . C o rp . proposed to eliminate
25 miles of its 75 miles of tracks, and 200 cars and replace them with busses
at a 5-cent fare crosstown and 10-cent fare north and south. T h e Board
of Transportation was expected in A u g . 1926 to make a decision in the near
future. V . 122, p . 2798, 3081; V . 123, p. 1112.
O F F I C E R S . — Chairm an of Board, John A . Ritchie; Pres., Frederick T .
W ood; V .-P s ., Louis H . Palmer and W m . W . H arris; Sec., John E . M c ­
C a rth y; Tre as., Geo. L . W illiam s. Office, 605 W . 132d. S t., N . Y . C it y .—
V . 122, p . 2798, 3081, 3605; V . 123. p . 1112.

IN T E R B O R O U G H R A P ID T R A N S I T CO.
O R G A N I Z A T I O N . — In corp. M a y 6 1902 in N e w Y o rk .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Operates municipal tunnel and elevated lines in N ew Y o rk C it y ; also leases
M anhattan (Elevated) R y ., which see on a following page.
M ile a g e a s o f Ju ne 30 1926.
Length
Tw o
Three F our
Five T o t.S in D ivisio n —
o f R oad Track. Track. T rack. T rack. gleT rk.
Subw ay—
Contracts Nos. 1 and 2 _____ 25.72 10.41
7.18
7.50
____
86.70
Contract N o . 3:
Atlantic A v e _______________ ____
0.11
0.27
Astoria L in e _______________ 2.33
6.87
0.31
2.02
21.99
Brooklyn L in e ____________
5.68
2.37
3.19
0.12
0.52
12.79
Corona L in e_______________ 4.61
3.69
Clark St. Tu nn el L in e ____ 2.31
2.31
4.67
Jerome A ve . L in e _________ 6.04
0.20
5.59
8.25
23.14
—
Lexmgton A ve . L in e ______
5.00
0.08
4.42
0.45
21.15
149th Street Loop----------------- 0.55
0.55
Nostrand A ve . B ran ch ____ 2.70
2.70
5.55
Pelham Bay Park L in e ____ 7.15
0.34
‘6.81
21 60
Queensboro S ubw ay______
3.12
2.88
0.24
7.06
Seventh A ve. L in e _________ 4.19
0.83
3.28
15.73
W hite Plains Road L in e ___ 4.88
0.18
4.37
0.33
19 15
M anhattan D ivision__________ 37.18
6 79 27.39
2.84
0.16 128.31
8th Ave. & 162d S t. Connec 0.62
0.62
1.26
Queensboro Bridge L in e ___ 1.35
1.35
2.73
Webster Ave. L in e _______
1.74
0.03
1.71
5-33
West Farm s Subway C o n n . 0.50
—
0.50
—
—
1.00
To ta ls ................................... 115.67
32.45 58.96 21.47
1.19 385.85
Owns stock of N . Y . & Queens C o u n ty R y ., 73 miles. V . 80, p. 2621;
V . 83, p. 818; V . 86, p . 1100. Announced in Jan . 1923 that trolley lines in
Queens would be dropped. V . 116, p . 295.
“ Outside assets” in D ec. 1917, V . 103, p. 2365.

78

PUBLIC UTILITIES

[V ol. 123,

N ew L in e s.— O n ,M a r. 19 1913 an agreement was signed between the citv
Strike of motormen andlswitchm en, J u ly 6 to 29 1926. H!See V . 123, pand this com pany (V , 94, p . 1507, 1565; V . 96, p. 62, 359, 1701) and the 83, 455, 581.
B . R . T . Co. (now B . M . T . ) , providing for the establishment of compre­
S TO C K A N D BONDS—
D a te.
In terest.
O utstan din g. M a tu rity .
hensive dual systems of rapid transit serving all boroughs.
Stock ( v t c ) $35,00 0.0 00(810 0)........
................ $35,000,000 J a n ’1 9 ,2 ^ %
T h e official statement to the N . Y . Stock Exchange, dated June 30 1913,
1st & ref mtge $300,000,0001
1913 5 g J - J
162,106,000 Jan 1968
was published in “ Chronicle” of A u g . 16 1913, pages 450 to 455, giving full
($1,000 &c) gold____ c*& r*/Guaranty T ru s t C o ., N . Y . , Trustee.
particulars as to new contracts, bonds, & c. See also V . 97, p . 744, 1024.
Secured conv notes ($100 &c) 1 1922
7 g M -S
3 4 .U 0 .8 6 0 Sept 1 1932
S ubw ay L eases, N ew a n d O ld, to Run 49 Y ears— R e-C apture.
g o ld -----------------------------------c*tf/Bankers T ru s t C o ., N . Y . , Trustee.
10-yr gold notes $15,000,0001
1922 6 g A -O
10,500,000 O c t 11932
T h e lease by the c ity to the co. of the new subways is for 49 years from
($100, & c )-----------------c*& r*tf/G uaranty T ru s t C o ., N . Y . , Trustee.
Jan . 1 1917, but if their completion should be delayed through no fault of the
Eq uipm ent trust certificates! 1923
6 g M -S
560,000 M a r 15 ’28
co., the beginning of the term w ill be correspondingly postponed (date now
($ 1 ,0 0 0 )------------------------------ c*/New Y o rk T ru s t C o ., N . Y . , Trustee.
set Ja n . 1 1919); subject, however, to c ity ’s rig h t of recapture after 10 years
Equipm ent trust certificates/
1924 6 H %
1,350,000 See t e x t .
T h e leases of the original subways as modified expire contemporaneously
Series B --------------------------------------- /New Y o rk T ru s t C o ., New Y o rk , Trustee,
w ith the lease of the new subways, but are not subject to termination by
Eq uipm ent trust certificates/ 1924
6%
2,280,000
See t e x t
notice except as portions thereof m ay be taken over in substitution for the
Series O ------------------------------------- (N e w Y o rk T ru s t C o ., N . Y . , Trustee.
7th A v e . branch or the Lexington A ve . branch of the new subways in order
B onds.— T h e “ First and Refunding M ortgage” of 1913 is lim ited to
to complete a direct longitudinal line, either upon the East Side or upon the
$300,000,000, of which $170,000,000 was underwritten early in 1913,
W est Side of the c ity . As to the old contracts, Nos. 1 and 2, see “ Railway
in June 1923 $162,106,000 was outstanding and a further $59,602,000
8c In du stria l" Supplement of Feb. 1913 and V . 96, p . 1701.
had been pledged to secure the secured convertible 7 % notes due in 1932.
T h e authorizations and licenses for the elevated railw ay extensions and
Listing, V . 108, p . 2629.
additional tracks are for 85 years from the beginning of operation, and are
Th e bonds became, N o v . 1 1913, a first lien on all leasehold and o t h a n
respectively subject to the rig h t of the c ity to purchase and take the prop­
rights of the com pany in (a) the existing subways and elevated lines (in*
erty at any time after 10 years upon paym ent therefor.
U n d e r the pooling agreement w ith the c ity which became effective Ja n . 1 eluding power houses, sub-stations, equipment, real estate, & c., owned
directly b y the Interborough C o . subject to the c ity ’s rights under the lease)
1919, all the receipts of the old and new lines of Interborough system, with
and (6) in the new subway and elevated line extensions and in the author­
the exception of the old elevated lines, w ill be placed in a com mon pool, from
ized additional tracks on the present elevated lines. Cu m u lative sinking
which w ill be deducted taxes, maintenance, oper. expenses, depreciation,
the c o .’s preferential and interest and sinking fund payments upon the c ity ’s fund of not less than 1 % yearly of amount out began J u ly 1918, and is to
retire entire issue. Sinking fund waived for 5 years (see readjustment
and the co.'s investments in the new lines. After these charges are paid
plan above).
the am ount of revenue rem aining will be divided equally between the city
In case the c ity shall exercise its righ t of re-capture of any of the new lines,
and the com pany. Y . 107, p . 501, 401.
Interest on the securities issued to construct and equip the new 1ines was after IQ years from commencement of operation, the moneys so payable
a charge to construction until, and to the extent of, the completion and com­ w ill retire all outstanding bonds issued for constructing and equipping same.
In t. payable at Treasurer’s office, 165 B ’w ay, N . Y . C it y .
mencement of operation of the new lines. U nder its contracts w ith the city
Secured Convertible N o tes.— 9 0 % of the $38,144,000 Interborough secured
the co. was reported in Ja n . 1919 to be entitled to take, on basis of convert­
notes, m aturing Sept. 1 1922, were extended as per plan for a period of
ible note issue of 1918, out of the revenues of the I . R . T . system, an annual
ten years, the remaining 10 % being paid in cash. T h e ext. notes a r e
aum w hich, w ith $500,000 other Corporate income, will provide $17,620,072,
secured b y deposit of $59,602,000 1st & ref. mtge. bonds of 1966 and a r e
as compared w ith $13,101,255 required for interest and sinking fund od
all bonds and notes outstanding in the hands of the public; but in Ja n . 1919 convertible into 1st & ref. 5s at 80 during the first 3 years, at 85 during t h e
not over $9,700,000 of the sum last named was expected to be a charge second 3 years, and at 90 during the last 4 years. Red. in whole or in par*
at par and int. and a premium of
of 1 % for each unexpired semi-annual
against the earnings of the year 1919, owing to the delay in pu ttin g the new
period of the ten-year term. In t. at office of J . P . M organ & C o ., N . Y .
lines in operation. See below and Y . 108, p . 171, 268; V . 107, p . 1100.
T en -Y ea r 6 % N o tes.— U n til the paym ent of these notes the co. m ay n o t
T h e amounts payable to the co. out of the revenues of its subways (com ­
sell or issue any 1st & ref. mtge. bonds, except upon the conversion o f i t t
pound in t. being allowable on any deficiency in any fiscal year) are to be paid
before the c ity becomes entitled to the in t. on its investment under its 1913 secured conv. gold notes (or renewals or extensions thereof) or for t h e
subway contract w ith the co. T h e amounts payable to the co. out of the purpose of paying the principal of these 10-year 6 % gold notes. R ed . a t
par and int. plus a prem ium of 34 of 1 % for each unexpired semi-annual
revenues of its elevated lines (com pound in t. being allowable on any de­
interest period of the ten-year term . In t . at Treasurer’s office, 165 B
’w a y ,
ficiency in any fiscal year) are to be paid before the c ity shares any profit
N . Y . C it y .
from the operation of the elevated lines
In addition to the notes shown in table above, there were outstanding o n
W h en the profits from the operation of the subw ay system exceed the
am ount of the co .’s annual prior c laim , and after all accumulated deductions June 30 1926 three-year secured convertible 7 % gold notes, dated Sept. 1
1918. as follows: Extended at 8 % , $9,700; not extended, $6,000.
(w ith in t. thereon) shall have been made up to the co., the profits then re­
6 % E qu ipm ent T ru st C ertificates o f 1923 are due $280,000 annually. I n t .
m aining are to go to the c ity until the percentage of the c ity ’s return upon
payable at office of J . P . M organ & C o ., N . Y .
Its investm ent shall equal the percentage of the return received b y the co.;
6 ) 4 % E qu ipm ent T ru st C ertificates Series B are due $450,000 each J a n .
1
and thereafter excess profits will be divided equally between the c ity and the
co. T h e profits from the elevated system and connections, after all the c o .’s to and incl. Jan . 1 1929.
6 % E qu ipm ent T ru st C ertificates, Series “ C .” are due $570,000 each N o v . 1
accumulations shall have been made up, are to be divided equally between
to and including N o v . 1 1929.
the c ity and the co.
D I V S .—
1907 to 1910. 1911. 1912. 1913. 1914 to 1917. 1918. 1919.
R eadju stm en t P la n , D a ted Lay 1 1922.
Since 1906— - %
9 yearly
1034
15
12
2 0 % y r ly .
15
234
T h e plan of readjustm ent for the M an h atta n Elevated and Interborough
In J u ly 1918 reduced d iv . to 23 4% quar. (1 0 % p. a .) and in O c t. 1918
properties, outlined below, was accepted by the security holders con­
cerned. (V . 115. p. 1730.) T h e main purpose of the plan was to provide for and Jan . 1919 paid at that rate. In F eb. 1919 failed to declare any d iv i­
dend for A p ril 1. See V . 108, p . 878.
the capital requirements and arrears of the Interborough system, estimated
E A R N IN G S .—
at about $30,000,000, and to readjust the M anhattan dividend rental.
Results by D ivisio n s fo r Y e a rs E n ded Ju ne 30.
U nder the plan the Interborough Consolidated C o rp ., which is the successor
to the Interborough-M etropolitan C o . as the holding co. controlling the
--------------------- 1926---------------------------------------- 1925-------------------Interborough Rapid Tra n s it C o ., will disappear with its $45,740,500 of pref.
M anh . R y.
S ubw ay
M a n h . R y.
Subw ay
Stock and its 932,626 no par shares of com. stock and its $63,808,000 of coll
Y e a r E n ded June 30—
D iv isio n .
D iv isio n .
D iv isio n .
D iv isio n .
trust 4M % bonds. In place of these securities the $35,000,000 of Interboro.
Passengers carried---------- 346,204,504 784,280.073 352,723,553 736,820,672
R apid Tra n s it C o . stock will rem ain. V . 114, p. 2011; V . 115, p . 2159.
D a ily avge. pass, carried
948,506
2,148,712
966,366
2,018,687
R ev. from transport’^ . $17,310,229 $39,214,004 $17,636,178 $36,841,034
S u m m ary o f the M a in Features o f the P la n .
3,429,645
1.352,200
2,589,580
M a n h a tta n R en ta l.— Th e M anhattan rental is to be payable out of the Other street ty . op. r e v . 1,754,937
earnings of the combined systems after the payment of Interest charges
Gross oper. re v e n u e ..$19,065,166 $42,643,649 $18,988,378 $39,430,613
and Is to be at the following rates;
Operating Expenses—
F o r the fiscal year beginning J u ly 1 1922, 3 % .
M a in t. of way_& struc._ $1,254,488 $2,827,274 $1,196,268 $3,016,442
F o r the fiscal year beginning J u ly 1 1923, 4 % .
M a in t. of equipm ent— .
1,414,635
4,422,146
1,462,105
3,686,762
F o r the fiscal year beginning Ju ly 1 1924, and subsequent years, 5 % .
T ra ffic ---------------------------------278
277
1,123
2,174
These preferential payments are to be cumulative and m ust be made to Transportation expenses 7,571,049 13,024,059
7,769,284 12,884,489
the M anhattan stockholders if the earnings exist.
General expenses_______
1,063,202
1,963,405
1,079,157
1,990,082
In case 4 % divs. should be paid In any year upon In terborough stock,
any further distribution of divs. for that year is to be divided upon a pre­
To ta l oper. expenses..$11,303,652 $22,237,161 $11,507,937 $21,580,449
scribed basis between the Interborough stock and the M anhattan stock until
N e t operating re v e n u e .. 7,761,514 20,406,488
7,480,441 17,850,165
the total divs. upon the M an h atta n stock for that year have reached 7 % .
Taxes___________________
2.464.188
835,401
2,435,505
915,278
Interborough D ivid en d s L im ited to 7 % . — N o divs. shall be paid upon the
capital stock of the Interborough C o . (a) before Ju ly 1 1926, nor (6) out of
Income from operation $5,326,009 $19,491,210 $5,016,252 $17,014,763
income accruing prior to that date, nor (c) unless and until the foregoing Non-operating incom e. .
78,608
213,592
84,960
192,019
M anhattan cum ulative d iv . rental and all taxes upon the M anhattan prop­
Gross income_________ $5,410,969 $19,683,229 $5,094,861 $17,228,356
erty and all d iv . rentals accruing to and incl. Ju ly 1 1922 shall have been
paid in full. T h e divs. to be paid upon the stock of the Interborough Co .
In t. & sk. fd. on city bds.
-----------2,655,186
______
2,644,905
In any year prior to Ju ly 1 1950 shall not exceed 7 % .
In t. on I . R . T . Co. 1st &
After J u ly 1 1950 no d iv . shall be paid in excess of 7 % per annum , and
ref. mtge. 5 % bonds. .
1,445,244
6,628,823
1,442,139
6,628,823
no other distribution of corporate assets shall be made if such payments
Sk. fd. on I . R . T . Co . 1st
reduce the aggregate net value of the assets of the Interborough C o . below
& ref. M . 5 % b o n d s..
631,949
1,821.804
570.995
1,646.085
$35,000,000 unless such d iv. or distribution shall have received the con­ Interest on 7 % notes___ 1,088,456
1,084,362
1,291,500
1,290,617
sent of the M anhattan directors.
in t. on 10-yr. 6 % notes.
21.900
504,999
16,724
381,449
E xistin g C urrent O bligations an d A rre a rs to be P a id .— Provision is to be In t. on equip, trust ctfs.
-----------291,322
______
169,423
made for the paym ent of all existing current obligations, including the In t. on M a n h . R y . cons.
arrears of rentals at the present rate and taxes under the M anhattan
mtge. 4 % bonds_____
1,627.320
1,627,320
______
In t. on M a n h . R y . 2d
lease down to J u ly 1 1922, the beginning of the next fiscal year.
M ain ten an ce an d Im provem ent o f M an h attan P ro p erty.— Provision is to
mtge. 4 % bonds_____
180,920
180,920
______
______
be made to insure the application of a proper amount to the maintenance M a n . R y . rental (organ.)
50,000
______
50,000
............
and Im provement of the M anhattan property, including the Installation
D iv . rental on M anhat­
®f turnstiles at stations and pneumatic control doors for cars.
tan R y . Co . stock____ 3,066,486
______
3,065,310
______
S in kin g F und of Interborough Bonds W aived Five Y e a rs.— T h e Interest In t . on in v . of depr. res.
-----------48,800
______
48,800
payments on the Interborough 5 % first mtge. bonds and on the secured
In t. on unfunded debt—
27,772
41,539
21,529
65,733
notes is to continue uninterrupted, but in order to increase the amounts O ther rent deductions..
240,453
5,567
216.605
23,806
available for the improvem ent of the Interborough properties and other
eapital purposes, the sinking fund in respect of the Interborough 5 %
To ta l income deduc’ns $8,380,500 $13,288,658 $8,275,905 $12,900,524
N e t corporate incom e.def $2,969,531 $6,394,571 f$3,181,044 $4,327,831
mortgage bonds is to be waived for a five-year period.
N o te s .— 9 0 % of the In ter borough secured notes due Sept. 1 1922 were M a in t. expend, in excess
of contrac’l provisions. 1,156,347 C r. 175,002
1,352,714
Crl39,582
renewed for 10 years, the remaining 10 % being paid in cash.
A new issue of $15,000,000 6 % notes was au th ., of which $10,500,000
B a la n ce ___________ def $4,125,878 $6,569,573 f$4,533,758 $4,188.250
were issued to provide for capital expenditures.
T o carry out provisions of the plan a voting trust was established. Voting
T h e annual report of the com pany for the year ended June 30 1924 shows
trustees are: Fra nk H edley, G u y E . T r ip p and Frank L . Polk. Th e
a deficit for the M anhattan R y . D ivision of $3,718,286 and a surplus of
Voting trust Is to continue in force until O ct. 1 1927.
$3,359,260 for the Subway D ivision. For year ended June 30 1923 shows
F o r further details of plan, compare V . 114, p. 2011, 2240.
a deficit of $2,179,470 for the M anhattan R y . D ivision and a deficit of
$2,150,478 for the Subway D ivision. See “ Public U tilities Co m pendium ”
V A L U A T I O N . — V . 114, p . 1765.
P aym en t o f A ll A ccru als on N o n -A ssen tin g M anh attan R y. Stock.— Be­ of O ct. 31 1925 and M a y 1 1926.
S tatem en t o f O perations fo r Y ea rs E n ded J u n e 30.
ginning Jan. 2 1926, the com pany paid a regular guaranteed rental of $1 25
1926.
1925.
1924.
1923.
per share to holders of non-assenting stock of the M anhattan R y . For
114.79
114.79
115.28
115.67
more particulars see V . 121, p. 1461. See also V . 121, p . 3003. One of the M iles of road June 30___
382.96
378.68
374.36
M iles of track June 3 0 ..
385.85
Stockholders of M anhattan R y . complained that the Interborough R . T .
C o . had paid the back dividends on ly to those M anhattan R y shareholders Passengers carried____ 1,130,484,647 1089544,225 1074343,243 1025175,131
Whom the I . R . T . C o . was required to pay under court order. H is request Gross oper. revenue____ $61,708,814 $58,418,991 $57,773,775 $55,559,436
to bar trading in the stock of I . R . T . C o . on this account was refused in Operating expenses_____ 33,540 813 a33,088,385 33,841,415 34,392,509
3,350,783
3,299,590
2,763,530
2,662,311
N o v . 1925 b y the N e w Y o rk Stock Exchange. See V. 121, p . 2402. See T a x e s __________ _______also under “ M anhattan (Elevated) R y .”
- Operating income____$24,817,218 $22,031,016 $21,168,831 $18,504,617
F are I n c r e a s e — On M a y 14 the com pany renewed its agitation for a O ther income___________
276,980
402,763
292,200
573,850
7-cent fare, see V . 120, p. 2550, 2815. Advertising contract w ith Street
R ys . Advertising C o . of N e w Jersey for 18 years. V . 121, p. 329. Wage
Gross income________ $25,094,198 $22,323,216 $21,571,593 $19,078,467
agreement renewed for one year till J u ly 1 1926. V . 121, p. 457.
In t . & s. f. on city bonds 2,655,186
2.644,905
2,610.999
2,584.035
8,074,067
8,070.962
8,066,992
R a p id T ran sit R eport.— See V . 121, p. 2522, for a sum m ary of the Tra n s it In t . on co. 1st & ref. 5s—
8,032,090
2,217,080 . 2.170,556
Commission reports of companies operating in the C ity of N e w Y o rk for b S. F . on co. 1st & ref. 5s 2,453,753
2,136.051
In t .o n M a n . R y . cons. 4s 1,627 320
1,627,320
1,627,320
1.627.320
fiscal year ended June 30 1925.
2,723,877
1925
Subway A w a r d s .— See V . 122, p . 249, under “ R apid Tra n s it inD iv . rental M a n .R y .s tk . c3,066,486 c3,065,310
1,710,000
Other interest, & c______
3,792,346
3,550.852
3,300,672
N e w Y o rk C i t y ."
3,120,766
On A p ril 10 1926 C o u rt awarded co. and M anhattan R R . $975,438 for
rem oval of 42d St. spur. See for details V . 122, p. 2190.
T o ta l deductions_____ $21,669,158 $21,176,429 $20,500,416 $19,210,262
P latform s Ordered E xtended.— C o . intended to fight an order given by N e t in c o m e ______________ $3,425,040 $1,146,787 $1,071,177 def$131,795
1,430,203
981,345
1,492,296
the Tra n s it Commission In A p ril 1926 to lengthen the local station platforms a A cc ru a ls ______________
437,198
to at least 480 ft. to accommodate 10-car trains, one-half of the cost ($6,Balance
$2,443,695 def .$345,508 def .$359,026 def .$568,992
000,000) to be borne b y the city and one-half b y the co. V . 122, p . 2495.




Oct., 1926.]

a Prom the commencement of operations under Contract N o . 3 and the
related certificates, respectively, it has been the practice to include in all
reports of operating expenses 14 % of the gross operating revenue upon the
M anhattan Division and 17 % on the Subway Division to cover maintenance
and depreciation. These are the percentages fixed for the first year of oper­
ation in each cash. Negotiations have been pending between the company
and the Commission ever since the end of the first year to determine w hat,
If any, changes in these percentages should be made for subsequent years.
Prior to J u ly 1 1923 the amount expended in excess of 14 % upon the M a n ­
hattan Division was approximately offset b y the amount under 17 % expen­
ded upon the Subway D ivision. B u t during the current year there have
been expenditures upon both divisions considerably in excess of the tentative
percentages provided for the first year. Th e net expenditures for mainten­
ance in excess of the amounts therefor included in “ operating expenses” are
shown hereinabove as “ maintenance expenditures in excess of contractual
provisions.”
b U nd er the plan of readjustment, payment of the si, an {fund is deferre d
on til J u ly 1 1926 on condition that, prior to that dateiok ,4amount equal to
the deferred sinking fund be expended on additions or improvements to the
property.
c Reserve to cover amount of additional rental which m ay become pay­
able to owners of M anhattan R y . C o .’s stock not assenting to the plan of
readjustment for the period from J u ly 1 1924 to June 30 1925—
$65,310
D ividen d rental on $60,000,000 M anhattan R y . C o .'s stock
tinder the plan of readjustment------------------------------------------------------------- 3,000,000
T o ta l___________________________________________________________$3,065,310
L atest E a rn in g s.— F o r 2 mos. end. A u g . 1926, see V . 123, p . 1634.
O F F I C E R S .— Pres. & G en . M g r ., Frank H edley; V .-P .. E a r l E . Starbard; Sec. & Tre a s ., H . M . Fisher, Asst. Sec., A . C . W igren. Office,
165 Broadw ay, N . Y — V . 121, p. 329, 457, 1101, 1348, 1461, 1569, 1678,
1461. 2156, 2402, 2637, 2873, 3003, 3127; V . 122, p. 91, 94. 480, 610, 1309,
1762, 2190, 2495, 3082, 3339. 3605; V . 123. p . 83,455, 581, 710, 1251,
1602, 1634, 2133.

M A NH AT T AN R Y . (ELEVATED).
O R G A N I Z A T I O N . — L ea se.— T h e Interborough Rapid Tra n s it Co.
teases the road for 999 years from 1875. D iva, were originally guaranteed
at rate of 7 % per ann., but under terms of readjustment plan rental was
redu ced as follows: F o r fiscal year beginning J u ly 1 1922, 3 % ; for fiscal
year beginning J u ly 1 1923, 4 % ; for fiscal year beginning J u ly 1 1924 and
subsequent years, 5 % . These preferential dlvs. are payable out of the earn­
ings of the combined Interborough R . T . and M anhattan R y . systems after
the paym ent of interest charges, and are to be cum ulative. In case 4 %
divs. should be paid in any year upon I . R . T . stock, any further distribu­
tion for that year is to be divided upon a prescribed basis between the
Interborough stock and the M anhattan stock until the total divs. upon the
M anhattan stock for that year have reached 7 % . See Interborough Rapid
Tra n s it C o . above.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns elevated railroads in the boroughs of M anhattan and the B ronx,
N . Y . C it y , m ain line and branches, 37.18 miles, w ith 91.13 miles of 2d,
8d, 4th and 5th track, sidings, & c.; total track, 128 .31 miles; 3d rail electric.
T h e 2d, 3d and 9th A ve . lines, under agreement with the c ity made in M arch
1913, have been largely 3-tracked, the Interborough R apid Tra n s it Co .
supplying the funds.
D e c isio n .— Supreme C o u rt Justice F o rd , in a decision handed down
Feb. 18 1924 in a M anhattan stockholder’s suit to recover from the In te r­
borough com pany back dividends on the M anhattan guaranteed stock,
held that the Interborough com pany must pay the 7 % dividend rental to
stockholders who declined to participate in the Interborough-M anhattan
readjustment plan. V . 118, p . 794. A similar decision was handed down
b y Justice M u lla n in M a y 1924. Y . 118, p . 2437. Affirm ed b y Appellate
D ivision of N . Y . Supreme C o u rt A p ril 3 1925. Affirm ed b y C o u rt of
Appeals. I t is estimated that only 5 % of the stockholders of the M a n ­
hattan Co . are affected.
O n A p ril 10 1926 court awards company and the Interborough Rapid
Tra n s it C o . $975,438 for rem oval of 42d Street spur. F o r details see
V . 122, p . 2191.
P aym en t o f A ll A ccru a ls on N o n -A ssen tin g M a n h a tta n R y. Stock Begins
Oct. 1 1925. See under “ Interborough R apid Tra n s it C o .” on a previous
page (V . 121, p . 1461). V . 120, p . 1747; Y . 121, p . 329, 586. See also
under “ D ividends.”
S TO C K A N D BONDS—
D a te .
In terest. O utstan din g.
M aturity.
See text $60,000,000
See text
Stock $60,000,000 ($100)--------------------M anhattan E le v cons (now/ 1890
4 g A -O
40,683,000 A p r 1 1990
first) mtge ($1,000, & c)/Central Union T ru s t C o ., N ew Y ork, trustee.
g o ld ------------------------------c*& rtf I
2d mtge $5,409,000 gold/ 1913
4 g J -D
4,523,000 June 1 2013
callable at 105____________ (Equitable T ru s t C o ., N . Y . , trustee.
B on ds.— Consols beyond $40,000,000 m ay be issued for extensions at
$300,000 per mile of single and $600,000 per mile of double track. O f the
bonds, $12,712,000 are tax-exempt. In t. payable at 165 B ’w ay, N . Y . C ity .
After all the $5,409,000 2d M . bonds have been issued, all further capital
expenditures must be financed b y the Interborough R . T . C o . V . 103,
p. 1118; V . 51, p. 248; V . 87, p. 285.
In Feb. 1916 $4,523,000 4 % 2d M . bonds were sold to reimburse the In ter­
borough R . T . Co . for improvements and additions furnished under lease,
& c . T h e 2d mtge. is made superior in lien to the lease to the Interborough.
In t. payable at 165 B ’w ay, N . Y . C it y . V . 106, p . 822; Y . 103, p. 1118;
V . 102, p. 609, 712, 800; V . 97, p. 1115, 1504.
D iv id e n d s .— O n Jan. 1 1923 paid 1 % ; also paid 5 H % in scrip warrants
of I . R . T . C o . payable on N o v . 1 1923. being arrears of divs. at 7 % per ann.
up to and incl. d iv . due J u ly 1 1922 (V . 115, p. 2580); A p r. 2 1923 paid M %
quar.; J u ly 2 1923 paid 60c. per share; O ct. 8 1923 paid 1 % quar.; Jan . 1924
dividend was omitted; A p ril 1924 paid 1 % ; J u ly 1924 jpaid 1 % quar. and
15 cents balance due on account of Ju ly 1923 dividend; O ct. 1 1924, paid
1 % , being paym ent deferred in Jan. 1924; N o v . 1 1924 paid 1K % ; Jan . 1
1925 d iv . deferred. O n A p ril 1 1925 paid 14 £% ; on J u ly 1, 114% plus
1 ) 4 % , being the paym ent deferred in Ja n . 1925. V . 120, p . 2943. On
O c t. 1 1925 75c. quar. rental d iv . per share on stock of record Sept. 22
was paid to stockholders of the M anhattan R y ., who subscribed to the
readjustment plan. See for explanation of this dividend am ount V . 121,
p. 1462. O n Jan . 1 1926 the Interborough Rapid Tra n s it C o . paid 27c.
a share (representing the am ount due under the readjustment plan, based
on operating results for the quarter ended Sept. 30 1925) on account of the
quar. rental d iv . to stockholders of the M a n h . R y . C o . who subscribed
to the readjustment plan of 1922. Holders who did not assent to that
plan, were receiving their $28 a share in accumulated dividends which
were declared payable beginning O ct. 1 1925. I t was said that the Interb.
R . T r . C o . did not intend to withhold paym ent until forced in each in­
dividual case b y court action. V . 121, p. 2874. Non-assenting 7 % stock­
holders were paid a regular quarterly rental of $1 75 per share in Jan. and
also in A p ril 1926. In J u ly 1926. $1 75; O ct. 1926, $1 75. V . 121, p.
3003. In A p ril 1926 $1 25 was paid as the regular quar. div. rentai to
assenting stockholders. In J u ly 1926 the regular quar. d iv. of $1 25 was
paid plus 50c. representing deferred rental on account of insufficient earnings
on O ct. 1 1925, and 98c. covering sim ilarly deferred rental on Ja n . 1 1926.
V . 122. p . 3341. In O ct. 1926, $1 25.
D ivid en d S u it.— See V . 122, p. 2651.
E A R N I N G S . — See report of Interborough Rapid Tra n s it C o . above.
O F F I C E R S .— Pres., W illiam Roberts: Y .-P ., James F . Hughes: Sec. &
Tre a s ., P . V . Tra in qu e.— V . 120, p . 1327; 1747. 2943; V . 121, p. 329, 586,
1461, 1462, 2874, 3004; V . 122, p . 1310, 2191, 3340; V . 123, p . 1504.

B R O O K L Y N CITY RR. CO.
O R G A N I Z A T I O N . — Incorp. in N ew Y o rk in 1853. W as leased on
Feb. 14 1893 to the Brooklyn Heights R R . C o . for 999 years, the lease
guaranteeing all fixed charges, organization expenses, taxes and 10 % divi­
dend [O ct. 1919 and subsequent dividends not paid— see B . R . T . below] on
«1 2 ,000,000 of stock (par $10). Th e lease was nom inally to the Brooklyn
Heights R R . C o ., but the Brooklyn Rapid Tra n s it Co . (now B . - M . - T . )
owned entire capital stock of the Brooklyn Heights C o . Th e Brooklyn
Heights R R . C o . was placed in the hands of a receiver Ju ly 14 1919, and in
accordance with the decree of U . S. D istrict C o u rt, dated O ct. 16 1919, dis­
affirmed the lease and returned the property to the Brooklyn C it y R R . C o .
O c t. 19 1919. In O ct. 1923 we were informed that the Brooklyn Heights
C o . was being liquidated. N o further information. In 1926 co. offered
Jointly w ith B .-M . T . Co rp . to supply supplemental bus service in the
Borough of Brooklyn.




79

POWER, LIGHT AND RAILWAY

F I E L D O F O P E R A T I O N S . — Owns 209 miles of track and operates
approximately 219 miles.
H as approximately 991 m otor passenger cars
and 131 m otor service cars. F ro m 1923 to the fall of 1925 a total of 535
new modern type cars were placed in service. Power is purchased from
B .-M . T .
G uaran ty F u n d .— U nd er the terms of the lease It was provided that a fund
of $4,000,000 should be deposited with certain trustees b y the Brooklyn
Heights R R . C o . as a guarantee of the performance of the terms of the leass.
I t was further provided that In the event of the termination of the lease by
reason of any breach, default or omission, the “ said guaranty fund of
$4,000,000 . . . shall at once become the sole and absolute property
of the lessor.” T h is guaranty fund consisted of the following: $2,000,000
Brooklyn Queens C o u n ty & Suburban first mtge. 5 % bonds; $1,627,000
Brooklyn C it y R R . first 5s: $125,000 Brooklyn C it y R R . refunding 4s;
$25,000 B . R . T . first 5s; $250,000 B . R . T . first refunding 4s.
B y agreement dated N o v . 19 1923, the G u a ra n ty F u n d controversy was
adjusted as follows: $275,000 Brooklyn C it y R R . ref. 4s held by the B . M . T .
were substituted for the $250,000 B . R . T . ref. 4s and $25,000 B . R . T . 1st
5s. A ll the Brooklyn C it y R R . bonds, consisting of $1,627,000 5s and
$400,000 4s, were delivered free and clear to the Brooklyn C it y R R . C o .
$2,000,000 Brooklyn Queens C o u n ty & Suburban 1st mtge. 5s were delivered
to the B . M . T . under a stipulation that the Brooklyn C it y R R . should
receive a $2,000,000 offset against any recovery on the so-called $10,000,000
construction suit. I t was further provided that if there should be no re­
covery on the construction suit, then Brooklyn Queens C o u n ty & Suburban
bonds should be returned to the Brooklyn C it y R R . C o . or the pro rata
amount of the recovery, should it be less than $2,000,000.
T h e com pany has no power houses of its own but has a contract w ith tha
receiver for the B . R . T . b y which it is supplied w ith power. T h e company
makes weekly payments of the amounts which is estimated w ill be found
due for power. T h e amounts are not fixed and va ry from time to time.
T h e company has a claim against the B . R . T . for the demolition of the
Brooklyn C it y power house.
S u it.— T h e receiver for the B . R . T . brought suit against the com pany to
recover $10,000,000, alleged to have been expended b y the Brooklyn
Heights C o . under its lease. T h e com pany in its answer denies any lia­
b ility. V . 113, p . 2612.
O bjections to V a lu ation o f T ra n sit C o m m issio n .— V . 114, p . 1285
S TO C K A N D BO N D S—
D a te .
In terest. O u tstan din g. M a tu rity .
C a p 'l stock $16,000,000 ($10)______
________ $16,000,000 See text.
Refunding mtge $6,925,0001 1906
4 g F -A
Z525.000 A ug 1 1956
($1,000)------------------------------ n t f J ln t. at Brooklyn T r u s t C o ., Brooklyn, trust.
First consolidated mortgage! 1891
5 J -J
f/6,000 000 Ju ly 1 1941
$6.000,000------------------------ n t f jln t . at Kings C o u n ty T ru s t C o ., Bklyn.,trus,
E q u ip trust certifs Series A \ 1925
5 g J -J
3,375,000
See text
($500 & $1,000) g o ld ..c * tf/ B ro o k ly n T ru s t C o ., Brooklyn. N . Y . . Tru* .
z $400,000 owned b y company and held alive (see “ G ua ra nty F u n d ’’
above). y $1,627,000 owned b y tha com pany and held alive (see “ Guaranty
F u n d ” above) were so ld in J u ly 1925.
B onds.— M ortgage of 1891 is for $6,000,000 and is a first lien on the old
Brooklyn C it y road and a consolidated lien on the lines acquired by consoli­
dation in 1890. T h e bonds are not subject to call. In J u ly 1925 Halsey.
Stuart & C o ., In c .; W h ite , W eld & C o . and W . C . Langley & C o . sold
$1.627,000 at 96 and in t. to yield approxim ately S % % . V . 121, p . 72.
T h e refunding bonds are subject to call at 110 and interest. V . 82, p.1437
E q u ip , trust certifs. Series A are due $375,000 each Jan . 15 1926 to 1935.
Principal and divs. payable in N ew Y o rk and at office of Halsey, Stuart St
C o ., In c ., in Chicago. $3,750,000 were sold in Jan . 1925 by Halsey,
Stuart & C o ., In c ., at prices ranging from 96.21 and divs. to 100.46 and d iv .,
to yield from 41 4 % to 5 1 4 % , according to m aturity. V . 120, p. 328.
D ivid en d s.— Following the termination of the lease (see above) in O ct.
1919, no dividends were paid until D ec. 15 1§22, when a dividend of 20c. per
share was paid. V . 115, p. 2158. In 1923: M a rc h , 20c.; June, 20c.; Sept.,
25c.; D ec., 25c. In 1924, M a r ., 25c.; June, 25c.; Sept., 25c.; D ec., 20c.
and 5c. extra. In 1925, M a r ., 20c.; June, 20c.; Sept., 20c.: D e c., 20c.
In 1926, M a r ., 20c.; June, 20c.; Sept., 20c. In Sent. 1924 a stock d iv . of
33 1 -3 % was paid. V . 119, p . 323, 809.
E A R N I N G S . — F o r 12 mos. ended June 30:
O per. Rev. N et after Tax Other In c .
D ed u c’n s. B a h .S u rp .
1926-------------------$11,677,916 $1,946,104
$92,854
$616,222 $1,422,736
1925__________ 11,663,679
1.810,617
101,941
500.982
1,411,576
2,356.296
163,160
x l9 2 4 ----------------- 12.063,099
517.736
2,001,720
xl923 _________ 11,986,253
2.625.612
210.942
_______
_________
581.338
2,255.215
x Including earnings of the Brooklyn C it y Developm ent C o rp ., which
company was dissolved in A u g . 1924.
L a test E arnin gs for 3 mos. ended Sept. 30 1926, see V . 123, p . 2134.
Revenue passengers carried year ended June 30 1926: 230,355,382,
against 229,613,538 in the preceding year.
O F F I C E R S . — Chairm an of Board, _______________ ; Pres., H Hobart
Porter; Vice-Pres. & Gen. M g r ., C lin ton E . M organ: V'ce-Pres, & Tre a s ,,
Geo. W . Jones; Sec., S. B . Olney; A u d ., E . H . Reed.— Y . 120, p . 208, 328,
581. 701, 2145; V . 121, p . 72, 456, 584, 1454, V . 122, p . 478, 2649; Y . 123,
p. 579, 841.

NEW Y O R K R AIL W A YS CORP.
C ontrol.— Th e entire common stock (90,200 shs.) was acquired b y F ifth
A ve. Coach Co. on A u g . 31 1926. See also V . 122, p . 3083; V . 123, p . 1114.
O R G A N I Z A T I O N . — Incorp. in N e w Y o rk A p ril 15 1925 to succeed the
N e w Y o rk R ys. C o ., sold at foreclosure, as per reorganization plan of
Ju ly 18 1924. See “ Public U t ilit y Com pendium ” of M a y 2 1925, where
also is given a history of N e w Y o rk R ys. Co . and its subsidiaries. V . 120,
p 2270, 2269. O n M a y 1 1925 the N ew Y o rk R ys. C o rp . took over the
operation of the system from the receivers of the N e w Y o rk R ys. Co .
As of M arch 31 1926 the number of shares of stock of subsid. cos. acquired
or deposited under the above plan of reorganization and the number of
shares yet to be acquired were as follows:
Shares, p a r $100.
.
: t u . wu.iswma.vnu.
Bleecker & Fu lto n F e rry R R . C o ___________________
8,853
147
B ’w ay & Seventh A ve . R R . C o _____________________
16,871
4,129
Chistopher & Te n th St. R R . C o _____________________
3,982
2,518
42nd St. & G ran d St. F e rry R R . C o _________________
7,154
326
Sixth A ve . R R . C o __________________________________ xl8.375
x l,6 2 5
T w e n ty -th ird St. R y . C o ___________________________
5,928
72
Th irty -fo u rth St. Crosst. R y . C o ___________________
10,000
________
x Par value $85.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e corp. controls the entire trolley service in M an h atta n except that
of the Second A ve . R y ., the T h ir d A ve . System, the N in th A ve . and the
the E igh th A v e . lines, each of which are under independent management,
and the Fourth & M adison A ve . line, operated b y the N e w Y o rk & H arlem
RR.
T h e corp. owns as of June 30 1926 30.38 miles of underground electric
track and 2.995 storage electric track, total 33.375 miles of track. Operates
under agreements with controlled companies 39.573 miles of track (37.012
underground electric and 2.561 storage electric); and has trackage rights
over 3.320 miles of other lines. Th e total trackage operated is 76.268 miles
70.670 underground electric and 5.598 storage electric).
T h e system owns and controls the following cars as of June 30 1926:
U nderground
Storage.
T otal.
Revenue cars__________________________________ 744
10
754

Non-revenue cars_________________________ 95

*3

98

T o ta l----------------------------------------------------------------------------839
13
853
* Horse non-revenue cars.
T h e system purchases a .-c. power from outside sources and distributes
same through 6 sub-stations.
Th e corp. controls through ownership of the m a jo rity of the stock (and
proposes to acquire the entire balance of the outstanding stocks) of the
following companies which are operated under operating agreement:
Bleecker St. & Fulton F e rry R R ., Broadway & Seventh A v e ., Christopher
& Te n th Sts. R R ., 42d St. < G rand St. F e rry R R ., 23d S t. R y ., Sixth
fc
A ve . R R ., 34th St. Crosstown R y .
On Feb. 24 1926 corp. and the Fifth A ve . Bus C o . presented a joint
petition for an exclusive franchise to operate an extensive bus system in
M anhattan to the Board of Estimate. A new co., the N ew Y ork C ity Omni­
bus C o rp ., was to be formed. N ew York R y «. C o rp . to discontinue 25 miles of
street car tracks and 20 street cars.
F o r full particulars, see V . 122, p .
1170, under “ Rapid Tra n s it in N e w Y o rk C i t y .’”
F ranchises.— M o st of the franchises are perpetual.
N ew York R ys. P a rticip a tio n C orp. was Incorp. F eb. 27 1925 in N e w Y o rk
for the purpose to take over and distribute the proceeds from certain
liquidating assets of the old N . Y . Railways described in the plan of re-

80

PUBLIC UTILITIES

organization. Tnese assets consisted of cash proceeds from the sale of
real estate under foreclosure, securities and real estate form erly covered by
the refunding mtge. Each share of the Particip. Corp. was represented by
an equal am ount of stock trust certificates issued to holders of N . Y . Rys.
$1,000 30 -yr. 1st real est. & ref. mtge. 4 % g. bonds with coupon J u ly 1
1919. These certificates entitle holder of each $1,000 bond to $770 face
am ount of N . Y . R ys . Co rp . income bonds and a stock trust certificate for
its common stock.
O n A p ril 5 1926 corp. made its first distribution of “ liquidating assets”
to stockholders, consisting of $100 principal am ount of N . Y . R ys. Co rp .
prior lien mtge. 6 % g. bonds, series “ A ” for each share of stock of N . Y .
R ys . Particip. C o rp . V . 122, p. 1763.
O n J u ly 7 1926, corp. made a second distribution of $200 in cash per
share. V . 122. p . 3454. In O ct. 1925 t h e N . Y . Stock Exchange authorized
the listing of 18,040 shares of no par stock of N . Y . R ys. Participating Co rp .
carrying 90.200 no par common shares of N . Y . R ys. C o rp . See for more
particulars V . 121, p. 2157.
A fte r exchange o f the old fo r the new secu rities, as per the above-mentioned
reorganization plan, the capitalization of N e w Y o rk R ys. C o rp . was to be
approxim ately as follows:
S TO C K A N D BONDS—
D a te.
In terest. O u tstan din g. M a tu rity .
Com 90.200 shs (no p a r)_____ ______
________
90.200 shs. ___________
Preferred (no p a r )____________ ______
$7
184,830 sh. ___________
6th A ve pur mtge 40-yr 5 % g f 1925 5 g J - J
$300,000 Ja n 1 1965
$300,000 ($1,000, $500 and\Central U nion T ru s t C o ., N . Y . C it y , Tru s .
$100__________________ c*tf t
Central Crosstown pur mtge
1925 6 M - N
189.900 M a y 1 1940
($1,000, $500 & $100)____ c
P rior lien M g $50,000,000/
1925 6 g J - J
5,800.000 Jan 1 1965
Ser A ($1.000)_______ c*tf (C entral U nion T ru s t C o ., N . Y . , trustee.
40 -yr inc g bonds $21,000,000) 1925 6
20.686.000 Jan 11965
($1.000)_______________c * tf(G u a ra n ty T ru s t C o ., N . Y . C i t y , Trustee.
S tock.— T h e pref. stock is entitled to non-cum ul. divs. at the rate of $7
per share per annum . Is red. at $100 per share, but has no preference as to
principal in case of liquidation or dissolution. T h e com. stock has the
entire voting power.
B on ds.— Sixth A ve. pu rchase bonds are secured b y a first lien on all land
and buildings form erly owned by and acquired from the Sixth A ve . C o .,
and on all subsequent im pts. and additions to land and buildings. Lim ited
to $300,000. R ed. in whole on 60 days’ notice at par and interest.
T h e C en tral Crosstow n purchase mortgage bonds were issued in exchange
for the $250,000 Central Crostown 1st mtge. bonds due N o v . 1 1922 as part
paym ent after consummation of the reorganization plan b y foreclosure
sale. Holders of old bonds received for each $1.000 bond or certificate of
deposits (1) $800 N . Y . R ys. C o rp . Central Crosstown purchase 6 % bonds
and (2) $404 50 in cash (being $200 principal and $204 50 on account of
interest. See V . 122, p . 881. T h e m tge. provides for a paym ent of
$10,000 at the end of each year to be applied to the purchase or redemption
of said bonds until th .principal amount has been reduced to $120,000.
V . 122, p . 1916. $10,100 have been acquired for sink. fund, and cancelled.
T h e total authorized am ount of p rio r lien m tge. gold bonds is $50,000,000.
S eries A bonds are dated A p ril 20 1925 and m ature Jan . 1 1965. T h e y bear
in t. from Jan . 1 1925. A re red. whole or pa rt b y lot at 105 and in t. T h e
bonds are secured b y a general mtge. on co.'s property and a first lien on
real estate of th*j o ., also on 384 electric cars, 23.43 miles of underground
electric and appurtenances and on substantial percentages of the stock
of com pany’s subsidiaries. V . 122, p . 1762. Listed on N e w Y o rk Stock
Exchange. V . 122, p . 2192.
T h e 4 0 -yr. 6 % incom e gold bonds, due J a n . 1 1965 are secured b y lien
Junior to the prior lien mtge. on the property covered b y that mortgage.
A re red. as a whole on 60 days' notice at par and int. In t. is cumulative
from and after Jan . 1 1925, and shall be paid on A p ril 1 1926, and on each
succeeding A p ril 1 incl. A p ril 1 1930 only if and to the extent that the
board of directors shall determine to make such paym ent; thereafter int.
not exceeding 6 % in any year shall be paid on A pril 1 1931 and each suc­
ceeding A p ril 1 incl. A p ril 1 1964, only if and to the extent that the available
net income of the co. for the calendar year ending the next preceding
D ec. 31 shall suffice for paym ent, and be declared b y the board of directors
to be then payable; and thereafter all accumulated and unpaid int. shall
be paid at the m aturity of the bonds. N o divs. m ay be declared or paid
either on pref. or com. stocks or any other stock of the com pany until
all accumulated and unpaid int on the income bonds has been paid or
declared. Listed on N . Y . Stock Exchange in O ct. 1925. V . 121, p . 2157.
N Y . R ys. Co. 3 0 -Y r . 1st Real E state & Ref. M tg e. 4 % <3. B on ds.— P ur­
suant to the reorganization plan of N . Y . R ys. C o . (see above under
“ O rganization” ) each holder of a $1,000 N . Y . R ys. C o . 30-yr. 1st real
estate & ref. m tge. 4 % g. bonds w ith coupon Ju ly 1 1919 and subsequent
coupons attached, or of a certificate of deposit representing such bond
with such coupons, is entitled to receive, upon com plying with the con­
ditions of the plan, $770 of income bonds N . Y . R ys. C o rp . and a stock
trust certificate for no par stock of N . Y . R ys. Partic. C o rp ., carrying a
stock trust certificate for N . Y . R ys. 0011). com. stock. V . 121, p . 2157.
E A R N I N G S . — F o r 12 mos. ended June 30:
1926.
1925.
Operating revenues.
_.
. ______ __________ $7,475,976
$8,057,889
Operating expenses and taxes ______
_________
6,165,210
6,716,841
Operating income
____
____ __________ $1,310,766
Non-operating incom e___ _______ __
__________
86,739

$1,341,048
381,165

Gross incom e________ __ . _____
__________ $1,397,505
D e d u c t io n s _______ .
_
________ __________
939,571

$1,722,213
2,501,128

N e t income (excl. of interest on income b o n d s )..
$457,934 def$778,915
N o te .-— T h e results shown for the year ended June 30 1925 represent
the accounts of the Receiver, N e w Y o r k Railways Co. for the 10 mos. ended
A p ril 30 1925 combined w ith the N ew Y o rk Railways C orp. for the two
months ended June 30 1925.
O F F I C E R 8 . — Pres., H u g h J . Sheeran; V . P ., W . G . Strait; G en . A tty.*
R . B . H u ll; Sec. & Asst. Tre a s ., F . B . Gordon; Tre as. & Asst. Sec., J . S. D u n "
ham ; A uditor, G . V . Owen. General offices, 123 W . 146th S t., N . Y . C ity V . 120, p. 2269, 2270, 2401, 2551, 2817: V . 121. p. 200, 2039, 2157, 2875:
V . 122, p . 348; V . 122, p. 2192, 3083; V . 123, p . 1114.
C O N T R O L L E D C O M P A N I E S .— T h e N ew Y ork R ys. C o rp . owns a
m ajority of the capital stocks of all the under-mentioned sub. cos. Th e
corp. is endeavoring, under the reorganization agreement of N e w Y o rk
R ys . C o ., to acquire through exchange of securities the entire outstanding
balance of the capital stocks of these subsidiaries.

(1)

BLEEC K ER S T . & FU L T O N FE R R Y R R .

)T Road was leased to 23d St. R y . on Ja n . 10 1876 for 99 years at an annual
rental of 1 }4 % on capital stock of Bleecker St. Fulton Ferry & R R . (9,000
shares, par $100), and interest of first mtge. bonds of Bleecker St.& F . F .R R .
S TO C K A N D BONDS—
P a r.
In terest.
O utstanding. M a tu rity .
Stock__________________________ $100 1 H % J - J
$900,000 See text
1st M gold were form erly 7sf 1,000
4 g J -J
700,000 Jan 1 1950
extended in 1900 as 4 s .n t f (G u a ra n ty T r u s t C o ., N ew Y o rk , trustee.

(2) BR O A DW A Y & SE V ENTH AVEN U E R Y .
S TO C K A N D BONDS—
P ar.
In terest. O u tstan din g. M a tu rity .
Stock $2,100,000 ($100)______ $100
_____
$2,100,000 See text
B w a y & 7th A ve cons mtge of f 1000
5 g J -D
*8.365.000Dec 1 1943
1893 for $12,500,000___n tfC h a th a m -P h e n ix N a t ’l Bank & T r u s t C o .,
i trustees.
* In addition $2,635,000 of these bonds were purchased in D ec. 1925
and held by trustee, from proceeds of sale of property.
B on ds.— T h e consol, mtge. bonds of 1893 are non-callable. D enom .
o f $1,000c* and $1,000 and multiples of $1,000r.
In June 1925 $2,850,000 additional bonds were issued to be exchanged
under the reorganization plan of N . Y . R ys . C o . for $1,500,000 Broadway
surface bonds, $350,000 South Ferry bonds and $1,000,000 Broadway
1st m tge. bonds which were outstanding. T h e above capitalization table
assumes that this exchange of securities was completed. N o exact figures
were available at the time of going to press.
A bove trustee asked for tenders until noon Dec. 21 1925, having approx.
$2,000,000 available for the purchase of these bonds. V . 121, p. 2873.

(3) C H R IS T O P H E R & T E N T H ST R E E T S RR.

[V ol. 123,

(4) FO R T Y -SEC O N D ST . & G R A N D ST . FE R R Y R R .
Capital stock $748,000 outstanding (par $100), the m a jo rity of which
is owned b y N e w Y o rk R ys. C o rp .

(5) T W E N T Y -T H IR D ST R E E T R Y .
Road was leased A p ril 25 1893 to N e w Y o rk R ys . for unexpired term~of
Its charter, for annual rental of 18% on par value of capital stock (6,000
shares par $100), all taxes, charges, & c. Also leased Bleecker St. & Fu lto n
Ferry R R . lines. See this latter company above.
S TO C K A N D BONDS—
D a te .
In terest.
O u tsta n d in g . M a tu r ity .
Stock ($100)----------------------- ------------------------------$600,000 ___________
First mortgage $250,000----------- 1873 6 J - J
250,000 Jan 1 1965
Debentures ($1.000)-------------------- 1886 5 J - J
150.000 Jan 11965
Im p t & rer mtge $1,500,000/1912
5 g J -J
1,500,000 Jan 1 1962
($1,000) gold guar______ c*\Bankers T ru s t C o ., N e w Y o rk , trustee.
P o n d s.— T h e im p t. & ref. m tge. bonds are red. in whole or in part at the
option of the co. or for the sink, fund on any in t. date at 107 and in t. on
4 week’s notice. S in kin g fu n d of $1,102 85. payable semi-annuallv w ith
accretions; when $400,000 gonds shall have been acquired they shall be
canceled. T a x exempt in N . Y .
T h e $250,000 lsi mtge. bonds, due Jan . 1 1909 and the $150,000 deben­
tures, due Jan . 1 1906 are to be extended under the reorganization plan of
N . Y . R.vs. C o . to Jan uary 1 1965.

(6) S IX T H AVENUE R R .
Capital stock $1,700,000 (par $85) outstanding, the m ajority of which
is owned by N . Y . R ys. C o rp . In June 1925 the par value of the capital
stock was reduced from $100 to $85 per share.

(7) T H IR T Y -F O U R T H ST R E E T C R O SST O W N R Y .
S TO C K A N D BOND S—
D a te .
Stock ($100)..............................................
1st mtge ($1,000).................n tf/ 1896
Central

In terest. O utstan din g. M a tu r ity .
...............
$1,000,000 .....................
5 A -O
1,000.000 A p ril 1 1996
T ru s t C o ., N e w Y o rk , trustee-

COLUMBUS & N IN T H AVENUE RR.
F irst M tg e. 5 % B onds, D ated A u g . 24 1923.— T h e reorganization plan of
M a y 12 1925 was declared operative in A ug. 1925. Holders of certificates
of deposit for 1st mtge. 5 % bonds dated A ug. 24 1923 were to receive, on
presentation of the same at Irv in g Bank-Colum bia T ru s t C o ., 60 Broadw ay,
N . Y . C ity , for each $1,000 with all unpaid coupons attached, $416 66
principal amount of income bonds N . Y . R ys. C o rp . and 2 )4 shares of pref.
stock (stock trust ctfs.), also of N . Y . R ys. C o rp . V . 121, p. 838. See
also V . 121, p . 2875. under " N . Y . Rys. C o rp .”

T H IR D AVENUE RY.
O R G A N I Z A T I O N . — Incorp. in New Y o rk on A p ril 20 1910 and on
Jan. 1 1912 (C o u rt of Appeals having affirmed the decision of the Appellate
Division of Supreme C o u rt, which reversed the order of the Public Service
Commission, refusing to approve reorganization plan; subsequently ap­
proved by the Commission on Jan . 17 1912. V . 94, p. 209; V . 93, p. 1464;
V 92, p. 1637, 1667; V . 91, p. 338.) To o k over the property of the ola
T h ird Avenue R R ., sold at foreclosure on M a r. 1 1910. V . 93. p. 1535.
Owns all or practically all of the stock of the following: Union R ailw ay,
D ry Dock East Broadway & Battery, 42d Street, M anhattan villa & St.
Nicholas A v e ., Yonkers R R ., Westchester Electric, Southern Boulevard,
Kingsbridge R y .. New Y o rk C ity Interborough, New Y o rk Westchester A
Connecticut Tra ction C o ., M ld-Crosstow n R y. C o .. In c., Belt Line R ailw a y
Corporation, Pelham Park A C ity Island R y ., Bronx Tra ctio n C o ., T h ir d
A venue Bridge C o ., Kingsbridge C o ., N o rth Street Tra n s p . C o rp ., West­
chester Street Tra n s p . C o rp ., Eastchester Tra n s p . C o rp . and Hastings R y .
C o .. In c ., also the $1,487,000 outstanding 20 m tge. income bonds of 42d
Street M anhattanville & St. Nicholas A ve . R y ., the $2,164,000 bonds of
42d Street M anhattanville & St. Nicholas A ve . R y ., the $2,164,000 bonds
of the N e w Y o r k C it y Interborougn R y . ana the $1,750,000 5 % bonds o f
the Belt Line Railv ay C o rp . W ith the N e w Y o rk R ailw ays, the Coney
Island & Brooklyn R R . and the Brooklyn Rapia Tra n s it C o ., controls the
Brooklyn & N o rth R ive r R R ., operating over M an h atta n Bridge. (T h is
com pany ceased operating on O ct. 4 1919. V . 109, p. 1461.) Purchase
in 1926 of Westchester Street R R . prop erty, see below under “ U n io n R y .
C o .” V . 1 2 3 ,p .5 8 3 .
C A R S .— Owns 1,133: controls 510; total, 1,643 cars.
V a lu a tio n .— F o r appraisal of system in 1918, see V . 106, p . 1462.
O bjections to V aluation o f T ra n sit C o m m issio n .— V . 114, p. 1288.
R O A D — O perated—
M ile s .
M ile s .
T h ir d A v e . R y . C o __________ 36.534 N . Y . C it y Interboro. R y . C o 39.54i
Kingsbridge R y . C o _________ 7.341 Southern Boulevard R R ____ 10.205
42d St. M . & St. N . A v e . R y . 20 112 Westchester Elec. R R ______ 36.219
D r y D ock E . B . & B . R R . . . 13 677 Yonkers R R _________________ 42.826
Belt Lin e R y . C o rp _________ 3.801 N . Y . W est. & C o nn . T r a c . . 5.973
Union R y . C o . of N . Y . C i t y . 108.586 Hastings R y _________________
2.479
Bronx Tra ctio n C o __________ 24.042
S TO C K A N D BO NDS—
D a te .
In terest. O u tsta n d in g M a tu r ity .
Stock $16,590,000 ($ 100 )___________
__________ $16,590,000
See text
3d A v RR 1st M g ($ l,0 0 0 ).t f 1887
5 g J -J
5,000,000 J u ly 1 1937
in t , at Farm ers’ Loan & T r . C o ., N . Y .
1911
4 J -J
21,990,500 Ja n 11 9 6 0

t

In t . at C e ntral T r . C o ., N e w Y o r k , Trustee.
1911
5 are
22,536,000 and 11960
B o n d s.— Coupon bonds of both issues A -O in denom. $500 Jan $1,000,
registered bonds are for $500 In t . at U . S.or multiples .of o ., N . Y . ,OTfru s .
and $1,000 M tg e . & T r C $1,000.
the
stock and bonds all listed on N reserved for underlying bonds and re­
. Y . Stock Exchange.
1st ref. bonds, $10,071,500 are
mainder for future extensions and im provem ents, under proper restrictions.
O f the bonds reported outstanding, $2,520,500 are in the depreciation and
contingency fund at the disposal of the com pany. Redeemable on any
int. date at 105 and in t. on 3 m os.’ notice. See V . 94, p . 706. In t . on
income bonds is cum . after D ec. 31 1912. In c . bonds are red. as a whole
but not in part on 1st day of any m onth on 3 m os.’ notice at par and in t.
$320,000 have been purchased b y the com pany. V . 102, p . 887- A d ju s t,
inc. m tge. holders to have full voting powers u n til full in t., including
accum. shall have been paid for five successive years. See V . 94, p . 706.
Also V . 117, p. 1778
D ivid en d s on Incom e B on ds.— A n initial dividend of 1 H % on the adjust,
inc. bonds was paid A p ril 1 1913 for the 6 mos. end. D ec. 31 1912. V . 96,
p. 136. Regular semi-annual divs. of 2 ) 4 % each were paid to and incl.
A p r. 1917. In O ct. 19l7 paid \ ] 4 % . A p r . 1918 in t. passed. V . 106,
p .9 3 0 . None to A p r. 1922, when 1 J4 % was paid. V . 114, p .9 4 8 . O c t. 1
1922, paid 3 M % . Tn 1923. A p ril. 3 % : O c t.. .3 % . In 1924, A p ril, 2 U % ;
O c t., 2 ) 4 % . In 1925. A p ril, 1 K % : O c t., 1 M % - In 1926, A p ril, 1 K % .
V . 122, p. 1171.
D ivid en d s on Stock.— In itia l quar. d iv . of 1 % was paid Ja n . 1 1916, A p ril,
1 % ; J u ly , 1 % ; O c t., 1 % . T h e Ja n . 1917 d iv . was om itted on account
of the strike in 1916
v 103 p 2079. N one since.
E A R N I N G S . — F o r calendar years:
Total Oper.
N et A fter
Other
I n t. C h g es.,
Balance,
Revenue.
Taxes.
Incom e.
& c.
S urp lu s.
1925__________$14,584,352 $2,470,030 $198,036 $2,670,697 def$2.631
1924.................. 14,711,897
2,386.250
275.718
2.695,761
def33.793
1923_________ 14,422.140
2.602.819
281.338
2,692,322
191.836
For F isca l Y e a rs E n d ed J u n e 30.
1926
1925
1924
1923
T o ta l oper. re v e n u e s ...$14,666,998 $14,542,508 $14,649,265 $14,406,785
O peratin g E xpenses—
M a in t .o f w a y & s tr u c t . . $2,256,727 $2,408,183 $1,829,554 $1,425,234
M a in t. of equipm ent___ 1, 99,863? 1,770,359
1,523,328
1,334,189Depreciation accruals___ 0 3 9 9 ,7 5 4
0 6 5 0 ,9 3 6
206,198
733,347
Power supply___________
917,504
981,156
1,090,857
1,223,969
Operation of cars______
4,872,190
4,985,677
4,959,351
4,574,374
Injuries to person & prop
1,142,882 1,05 ,960
964,082
87l,o77
General & misc. expense
613,108
617,953
598,817
564,795
T o ta l oper. expense..$11,102,520 $11,166,851 $11,176,157 $10,726,984
N e t operating reven ue._ $3,564,478 $3,375,657 $3,47.3,108 $3,679,800
Ta xe s___________________
1,036,624
1,044,378
987,702
968,044

S TO C K A N D BONDS—
P a r.
In terest. O utstan din g. M a tu rity .
Operating income____ $2,527,854 $2,331,280 $2,331,280 $2,711,756
8tock ($100)__________________ $100
..........
$650,000 See text
I Interest revenue________
197,435
252,533
276,419
287,349
B on ds.— $210,000 1st m tge. bonds extended in 1898 until O ct. 1 1923
Gross income_________$2,725,289
$2,583,812 $2,583,812 $2,999,105
are all owned b y N e w Y o rk R ys. C o rp .




D edu ction s—
In t .: (1) First M . bonds_
(2) 1st ref. M . b o n d s..
(3) 2d adj. M . bonds
(unpaid since O ct. 1
1917)_______________
T ra c k & term ’l privileges
M isc. rent deductions___
A m o rt, debt disc. & exp.
Sinking fund accruals___
Miscellaneous__________

$513,080
879,620

$541,608
879,620

$548,080
879,620

$548,080
879,620

1,126,800
18,942
8,500
22,452
33,480
84,521

,126,800
18,419
8.294
22,452
33,480
55,279

1,126.800
14,232
8,248
21,871
33,480
56,747

1,126,800
14,524
7.783
21,315
33,480
66,226

T o ta l deductions.. . . $2,687,395 $2,685,951 $2,689,078 $2,697,829
$301,276
$75,262
N e t income_________
$37,894 def$102,139
O F F I C E R S .— Pres., S. W . H u ff; V .-P s ,, Leslie Sutherland and W . E .
Thom pson; Sec., G arrow T . Geer; Treas., A . D . Sage; A u d ito r. W .
Farrin gton.
D I R E C T O R S . — A d ria n lselin, A . R . H o rr, George W . D avison, H . Palagano, W . Em len Roosevelt, John W . Platten, S. W . H u ff, Joseph H . Sea­
m an, E . A . M anice, J . N . Jarvie, Lionel F . Straus, W m .Carnegie Ew en and
Alexander S. W e b b .— V . 120, p. 333, 584, 1091, 2150, 2685; V. 121, p. 709,
1103, 2275, 2515; V . 122, p . 1171, 2193; V . 123, p . 583, 712, 845, 1115, 1252.
(1 ) D R Y D O C K E A S T B R O A D W A Y & B A T T E R Y R R .
Protective C om m ittee.— T h e interest due Jan. 1 1926 on the series C ref.
mtge. income gold bonds having been defaulted, the following committee
was formed: Nathan H irsh , Chairm an; Charles O . Cornell, S. Ja y Jacobs,
w ith H . F . Lin de r, 50 Broad S t., N . Y . C ity , Sec. D epositary, Bankers
T r u s t C o ., 14 W a ll S t., N . Y . C it y . V . 122, p. 2798.
O R G A N I Z A T I O N . — Incorporated D ec. 8 1863. T h ir d A ve . R y . owns
$1,198,000 of the stock. In Ja n . 1906 began operating G ran d St. line byelectricity. On O ct. 1 1911 changed from horse cars to storage-battery
cars on Avenue B and Canal S t. lines. Y . 93, p 1105. O n O c t. 25 1912
received permission from P . S. Commission to electrify road on Canal St
V . 95, p. 1206.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Operates 13.677 miles of track.
STO C K A N D BONDS—
P a r.
In terest. O u tstan din g.
M atu rity
6 Q -F
$1,200,000 See text
Stock $1,200.000__________ $100
General mtge gold 1 8 9 2 --n t f J 1,000
5 g J -D
950,000 Dec 1 1932
(Farm ers Loan & T r u s t C o ., Trustee.
Gen refund mtge series B ___ ______
J -J
528,000 Jan 1 I960
Gen refund mtge ser C _c & r$100& c
Te xt
1.300,200 Jan 1 1960
B on ds.— O f the general ref. m tge. bonds, $1,500,000 are ser. A 5 % bonds
of which $950,000 are reserved to retire the general M . 5s, due 1932, and
$550,000 m ay be issued to acquire additional property and for betterments,
but only upon the joint consent of the holders of at least 7 5 % of the agreegate par value of series B and series C bonds then outstanding, or after
due notice and failure of holders of more than 2 5 % of series B and C to
object thereto. Series A bonds are a prior lien and preferred as to prin. &
int. Series B bonds are a prior lien over, and preferred both as to prin. &
Int. over, series C bonds. Series C bonds to bear int. to and incl. J u ly 1
1925 at such no n-cum ulativerate not exceeding 6 % per ann. as earnings per
m it. O n and after Jan 1 1926 are to near int. at the fixed rate of 4 %
with an additional 2 % if earned. V . 105, p. 497: V . 106, p . 715- Th e
Interest due Jan. 1 1926 on Series “ O " was not paid. See V . 122. p. 212.
E A R N I N G S .-— See T h ir d Avenue R y . above
See V . 122, p. 212, 2798.

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F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
A horse road, but N o v . 11 1900 changed to electricity. Operates the
T h ir d Avenue Bridge C o . 20.112 miles of track.
O R G A N I Z A T I O N . — Chartered A ug. 29 1878. In N o v . 1895 contro
was purchased by the T h ir d Avenue R R . See V . 61. p. 926.
In D ec. 1899 began to use undergruond electric system from F o rt Lee
Ferry to Boulevard, then to F ifty-n in th Street.
$2,471,300 stock and all the $1,487,000 outstanding 2d mtge. Incomes
are owned by T h ir d Avenue R y .; the remaining $113,000 2d mtge. bonds
have been retired.
O n June 21 1912 Public Service Commission granted authority to extend
for 30 years to M a r. 1 1940 at 5 % the first mtge. 6s matured M a r. 1 1910.
V . 94. p 1695
N o th ing is being paid on 2d m tge. 6s— all of which are held b y T h ir
Avenue R y .
S TO C K A N D BOND S—
D a te.
In terest. O utstan din g. M a tu rity
Stock authorized $2,500,000-- $100
_______
$2,500,000 ___________
First mortgage gold 1880- -tfl , ,000
5 M -S
500,000 M a r 1 1940
Red at 110 any int date. /In t. at Central T r u s t C o ., N . Y . C it y .trustee
8econd mtge income 6s 188511,000
6 % as earned See text Jan 1 1915
$1,600,000_______________tf/C e ntral T ru s t C o ., N e w Y o rk , trustee.
E A R N I N G , — See T h ir d A v e . R y . above.— -V. 95, p. 679; V . 107, p.
1192; V . 118, p. 2703.

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O R G A N I Z A T I O N . — Owns $58,100 (all the outstanding stock) of tb “
Bronx Tra ction Co . O n J u ly 19 1926, purchased at foreclosure sale for
$70,000 the franchises .equipment and rolling stock of the Westchester
Street R R . C o . of W hite Plains, and intended to continue to operate the
trolley cars. In accordance w ith the local franchises a 5 cent, fare was to
be maintained. T h e purchased lines consist of the Ta rry to w n line, the
Silver Lake line, the Mam aroneck line, the Scarsdale line, cars and equip­
ment, and car barn property in H arrison. V . 123, p. 583.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Operates from 129th St. and T h ir d A ve. through the Borough of the Bronx,
and w ith subsidiary lines continuing thence to and through M t . Vernon
Operates 108.586 miles of track.
N ew Franchises.— O n J u ly 2 1914 the Board of Estim ate and Apportion­
ment granted the company a franchise to cross the Willis A ve . bridge over
the Harlem River to 125th S t., and along 125th St. to the F o rt Lee F e rry.
T h e Public Service Commission in approving the franchise exempted the
company from exchanging transfers w ith the Th ird A ve . and 42d St. M . &
St. N . A ve . companies at intersecting points in said franchise. V . 99, p. 50.
S TO C K iN B BONDS
Par,
In terest. O u tsta n d in g .L a stD iv., &c
Stock ($100) all owned b y 3d A ve .
$2,000,000 ___________
First mortgage 1892 g o ld --t f\ 1,000
5 g F -A
2,000,000 A ug 1 1942
/ In t. payable at Central T r . C o ., N . Y . C it y .
G uaranteed Loans—
Westchester 1st M gu p & i \ $1,000 5 g J - J
500,000 J u ly 1943
gold 1893______________n t f / In t . at Bankers T ru s t C o ., N ew Y o rk , trust.
Southern Boulevard R R 1 s t ) ____
5 g J -J
250,000 J u ly 1 1945
gold 1895_______________ tf/Ce ntral T ru s t C o ., N ew Y o rk , trustee.
Yonkers R R first mortgage_________
_______
See below ___________
E A R N I N G S .— See T h ir d Avenue R y . above.— V . 99, p. 50, 1971;
V . 113, p. 1252.

(a) B R O N X T R A C T IO N CO. — A trolley road.
O R G A N I Z A T I O N . — Incorp. on M a y 12 1904, and is a consolidation of
several small companies. See V . 78. p. 2333. E n tire stock owned by
U nion R y .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns 24.042 miles of track, operated by Union R y ., from Bronx R iver by
West Farm s Road to Westchester Village; from Bronx River by Southern
Westchester Tu rn p ik e to Westchester Village; from M ain S t., Westchester
Village, to Eastern Boulevard, and from West Farm s Road to Bleecker St.
Standard gauge; 109-lb. rails.
(C) W E STC H ESTER ST R E ET T R A N SPO R T A T IO N CORP
O R G A N I Z A T I O N . — Incorp. in 1926 as successor to W estchester Street
R R ., sold at foreclosure J u ly 10 1926. See for predecessor co., which had
been in hands of receiver since Feb. 29 1920 “ Public U t ilit y Com pendium ’
of M a y 1 1926. Compare also V . 121, p. 209, 2654, 3213; V . 123, p . 584.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o . operates approxim ately 16 miles of line, comprising the Ta rry to w n
lines, the Silver Lake line, the M am aroneck line and the Scarsdale line.
In addition to cars and equipm ent, co. owns a car barn in H arrison. V .
123, p . 583.
S TO C K A N D BONDS— D ate.
Interest.
O u tstan din g.
M a tu rity .
Capital stock $700,000_____________
________
$700,000 ___________
O F F I C E R S .— Pres., ..................... .......... V . 123, p. 584.




81

POWER, LIGHT AND RAILWAY

Oct., 1926.]

(4) Y O N K E R S R A IL R O A D . — A trolley road. In June 1925 was
granted an emergency permit by the C it y of Yonkers to operate buses to
replace service on five trolley lines. V . 120, p. 3189. In Sept. 1925
acquired the franchise and all the outstanding capital stock of the N o rth
Street Transportation C o ., a large bus com pany. V . 121 , p. 1571.
O perating A greem ent with U nion R a ilw a y.— O n M a y 25 1011 Pub. Serv.
C o m m , approved the terms of an agreement whereby cars of the Yonkers
R R . would run over certain tracks of the Union Railway to the terminals of
the New Y o rk C it y subway and elevated lines. Th is reduced from 15 to 10
cents the fare from Yonkers to lower M anhattan, restoring the old rate as
before the breaking up of the M etropolitan Street R y . system. V . 92, p.
1245. 1438.
O R G A N I Z A T I O N . — -Th e U nion R y . guarantees the $1,000,000 bonds,
prin. & int. V . 67, p. 635. $992,500 stock owned by T h ir d A ve . System.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns 42.826 miles of track.
S TO C K A N D BOND S—
D a te.
In terest. O utstan din g. M a tu rity .
Stock $1,000,000 ($100)____________
________
$1,000,000 ___________
First mtge gold $1,000,0001 1896
5 A -O
1,000,000 A p ril 1 1946
guaranteed____________ ntf/B aukers T r u s t C o ., N e w Y o rk , trustee.
— V . 120, p. 3189; V . 121, p. 1571.

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O R G A N I Z A T I O N . — Incorp. Jan . 25 1898. T h e rranchise, the terms of
which are 4 % of gross receipts for the first five ears, 6 % for the second, 8 %
for the third and 10% thereaf5er. is for 25 y ars. with privilege of renewal
under certain conditions for another 25 year
A t the and of the term the
city acquires the property, paying for it in accordance w ith definitely
prescribed rules for fixing its value. V . 69. p. 1248. W ork on this line was
begun in J u ly 1901 and completed in 1902. Entire $8,600 stock owned by
the T h ir d Avenue R y ., which company also operates the property.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Runs from Amsterdam A ve . and 162d S t. to Broadway and 225th S t.,
making 7.15 miles additional.

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T h e T h ir d A ve . R y . owns $4,652,900 stock and $2,164,000 1st M . bonds.
O R G A N I Z A T I O N . — Incorp. in New Y o rk on M arch 24 1902, in the in­
terest of the Interborough Rapid Tra n s it C o ., to build an extensive system
of feeders for the subway and elevated lines in the Bronx, and to afford
street railway connections across the H arlem R ive r bridges.
STO C K A N D BONDS—
D a te.
In terest. O u tstan din g. M a tu rity .
Stock $5,000,000 ($100)..............................................
$5,000,000 _____ ______
First mortgage $5,000,0001 1905
4 g M -N
2,164,000 M a y 1 1928
sinking fund gold_______ t f / U . S. M ortgage & T ru s t C o ., N . Y . , trustee.
B on ds.— O f remaining first mortgage bonds, $87,000 are in sinking fund
and $836,000 are in treasury.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
39.541 miles of track.— -V. 95, p . 544, 1274; V . 109, p. 1366.

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T ra n sfers.— N o longer required to issue transfers to the lines of the
N ew Y o rk Railways and Second A venue R y . See decision M a y 25 1925
by the U . S. Supreme C o u rt. V . 120. P- 2813.
O R G A N I Z A T I O N . — Incorp. at A lba ny on Dec. 24 1912 to take over
th <Central Park N o rth & East R ive r R R ., sold at foreclosure on N o v . 14
1912 to Edw ard Cornell (V . 95, p. 1331, 1402; V . 104, p. 1701). See also
V. 120, T p.T 1585. In M a rc L 1913 &was S taken over I bCy THh irOd Avenue R y .
H A
A N V I L h E
T . N
V . 96, p. 864, 948.
In M arch 1913 Public Service C o m m , authorized the m aking of a m ort­
gage for $4,000,000 first mtge. 5s and the issuance of $1,750.000 bonds there­
under at not less than 95. E n tire stock and bonds owned by T h ir d A ve . R y .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns road on 59th S t., East and W est. A ll electric on 59th S t. Owns 26
cars.
S TO C K A N D BONDS—
D a te .
In terest. O utstan din g. M a tu rity .
Stock $750.000-.......................................
..............
$734,000 ___________
1st mtge $4,000,000 gold red ! 1913
5%
See text
Jan 1 1943
as a whole at 105_______ tf/Ce ntral T r u s t C o ., New Y o rk , trustee.
B on ds.— A re guaranteed b y T h ir d Avenue R y .— V . 107, p . 2474; V . 112,
p. 1028. 1398; V . 114, p . 2467; V . 120. p . 2813.

(8) M ID -C R O SSTO W N R A ILW A Y C O . — Storage-battery cars.
Acquired by the T h ir d A venue R y . late in 1913.
D isco n tin u ed .— O n A ug. 8 1919 the com pany discontinued the running of
cars, due to its inability to “ borrow any more m oney.” V . 109, p . 578.
J u d g m en ts.— In N o v . 1919 judgments against the com pany, aggregating
$231,188, had been entered in the Supreme C o u rt b y the T h ir d Avenue R y ..
and certain of its subsidiaries. V . 109, p. 1793.
O R G A N I Z A T I O N . — In corp. in N e w Y o rk on F eb. 14 1912, in the inter­
est of the reorganization com mittee, as successor to the 28th & 29th Streets
Crosstown R R ., sold at foreclosure on Jan 4 1912 (V . 94. p. 69; V . 104, p.
1703 2119
See plan of reorganization in V . 93. p. 1790
W In Feb. 1914 the Public Service C o m m authorized the rT h ir dd Avenue R y.
Y O R K
C I T Y . —
A
t r o l l e y
o a
to acquire and hold the $150,000 stock of the M id-Cro ssto w n R y . C o ., In c .,
and in A p ril 1914, in paym ent therefor, the T h ir d Avenue R y . C o . issued
$180,000 of bonds, and gave its 4 % promissory note for $250,000, payable
in three equal annual installments, and canceled claims am ounting to
$34,442 against the M id-Crosstow n C o . V . 99, p. 1447.
Stock, authorized and outstanding, $150,000 ($100).
R O A D . — T ra c k . 5.635 miles.— V . 109, p . 578, 677, 1793.
(9) PELHAM PA R K & C IT Y ISL A N D RA ILW A Y C O ., INC.
O peration S u sp en d ed .— O n A u g . 8 1919 the com pany suspended opera­
tions. V . 109, p. 677.
O R G A N I Z A T I O N , &C.— In corp. M a y 10 1913 in N e w Y o rk and on
J u ly 9 1914 the T h ir d Avenue R y . acquired control. Authorized common
stock, $125,000; outstanding, $45,000. Length of road, 3.283 miles, from
Belden Point, C it y Island, to Eastern Boulevard, or N e w Rochelle Road.
Operation b v storage battery was begun A u g . 18 1914.— V . 99, p. 610;
V . 109, p. 677.

BROOKLYN-MANHATTAN TRANSIT CORP.
O R G A N I Z A T I O N . — Organized in N e w Y o rk in June 1923 as per plan
outlined in "E le c tric R ailway Supplement” of A p ril 28 1923, to succeed
the Brooklyn Rapid Tra n s it C o ., sold at foreclosure. F o r history of
Brooklyn Rapid Tra n s it C o . see “ Electric Railw ay Supplement" of A p ril
28 1923. Stockholders of the old B . R . T . were assessed $35 a share
under the plan and received upon paym ent of such assessment $21.875
new 6 % bonds, $13,125 new 6 % pref. stock and also 1 share of n8w no
par value stock of the B . - M . - T . V 117, p 2888; V . 118, p 1011.
T h e B . - M . T . C o rp . owns the following stocks and bonds of its sub­
sidiary companies, which are held as free assets in the treasury of the
co., except the bonds and stocks of the N . Y . R ap. Tra n s it C o rp . and the
W illiam sburgh Power Plant C o rp ., which are pledged as security for the
co.’s rapid transit security bonds (description further below):
Owned by
S to cks .
A u th .
I ss u e d . B .- M . T .
Shares.
S hares. S hares.
N . Y . Rapid Tra n s it C o rp . com _____________ 189.000 189.000 al88,138
Williamsburgh Power Plant C o rp . com ______ 10,000
10.000 a l 0,000
Nassau E lectric R R . C o . com ________________ 85,000 85.000
85,000
Preferred___________________________________ 65,000 65.000
63.947.75
B k ly n . Queens C o . & Sub. R R . C o . com ____ 150,000 20.000
20,000
Coney Island & B k ly n R R . C o . com _________ 30,000 29,839 527,897
South Brooklyn R y . C o . com ________________ 5,000
5.000
5,000
Coney Island & Gravesend R y . C o . com ____ 3,500
3,500
3,500
Conev Island & B k ly n T e r m . C o . com ______
150
25
25
Brooklyn Heights R R ________________________
2,000
2.000
C2.000
Brooklyn Bus C o rp ___________________________
500
500
500
Bonds.
Total
Owned by
O u tsta n d in g . B .-M . T .
N . Y . R a p . T r . C o rp . ref. M . 5 % s. f. Series A - . $ 9 1 ,164,500 d.$91,052 885
W m sb. Pow . Plant C o rp . gen. M . 5 % s. f. Ser. A . 17,885,600 a l7 ,885,600
B k ly n . Queens C o . & Sub. R R . 1st M . 5 % bonds 3,440,000
2,000,000
Coney Is l. & B k ly n R R . cons. M . 4 % 5 0 -yr. bd s. 2,125,000
625,000
250,000
250,000
B k ly n . Heights R R . C o . 1st mtge. 5 % bonds____

O

R

A

T I O

N

82

PUBLIC UTILITIES

a Pledged as security for B . - M . T . rapid transit security bonds, b Bene­
ficially owned by B .-M . T . as pledgee, c In cl directors'shares, d Whereof
$93,352,000 pledged as security for B . - M . T Rapid Tra n s it Securlt bonds
Th e co. also owns $525,000 of a total outstanding of $925,000 B k ly n .
C it y R R . ref. 4 % bonds. Also has substantial real estate holdings in
B ro o k lyn .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
A holding com pany.
M ile s o f Track in B . M . T . S ystem —
M ile s o
Rapid Tra n s it lines:
T rack.
N e w Y o rk R apid Tra n s it Corporation— O w ned__________________ 171,920
Leased (including trackage rig h ts )______________________________ 124.817
290.737
Surface lines*— Th e N a s s a u Electric R R . C o ________________________ 143.219
B ro o k lyn Queens C o u n ty & Suburban R R . C o ____________________ 67.371
T h e Coney Island & Brooklyn R R . C o ____________________________ 52.190
South B rook lyn R y . C o __________________________________________ 24.298
Coney Island & Gravesend R y . C o ________________________________ 7.610
294.688
T o t a l . . . _____ ___________________________________________________ 591.425
*N ot including tracks owned b y the B ro o k lyn Heights R R . C o . (in liqui­
dation 1or operated b y its receiver over Brooklyn Bridge.
E q u ip m en t.— Cars owned b y system: Surface passenger cars, 1,412;
elevated passenger cars, 903; subway passenger cars, 954; service and mis­
cellaneous cars 293: total. 3,562
In D ec. 1925 co. asked bids for 200 new subway cars (67 duplex units)
for co.’s rapid transit lines. See V . 121, p 3129.
N ew S ubw ays a n d E x ten sio n s.— A n agreement was reached In M a y 1912
as to how the routes of the new dual subway system In lower M anhattan
should be apportioned between the Interborough and B k lyn. Rapid Tra n s it,
and the C o u rt of Appeals at A lba ny having on June 30 1912 affirmed the
decision of Justice Blackm ar (V . 94, p. 1057) holding to be constitutional
the terms of the proposed contracts w ith the Interborough and B. R . T . ,
form al contracts were drawn up b y the P . S. C o m m , and were signed on
M a r. 19 1913. V . 96, p. 862. See caption "R a p id Tra n s it In New York
C i t y ” In V . 94, p. 1384, 1449, 1566; V . 95, p. 48, 111, 237, 1040; V . 96,
p . 63, 136, 488, 716, 864. F o r description of new subway lines, bu ilt and
to be bu ilt jo in tly b y the Brooklyn Rapid Tra n s it (now B .TM . T . ) and the
c ity , see “ Electric R y . Supplement” of O ct. 28 1922 under B . R . T . See
also V. 120, p. 1088.
W h iteston e Branch o f L . I . R R .— In Sept. 1926 co. declared itself willing
to operate this branch of the L . I . R R . as an extension of its (B M . T .
C o rp .) Corona line, if the C it y of N e w Y o rk acquires the W hitestone
branch. See details in V . 123, p. 1381.
1925 S ubw ay A w a r d s .— See V . 122, p . 349 under “ Rapid Tra n s it in N ew
Y o rk C i t y .”
B us S ervice.— See V . 119, p . 577. C it y bus franchise asked. V . 119,
p. 809. See for bid to run buses in B rook lyn , filed b y co.’s bus subsidiary,
the Coney Isla n d & Gravesend Bus C o rp ., V . 123, p. 1506, under heading
“ R a p id Tra n s it in N . Y . C i t y .”
S u it A g a in s t Bklyn. C ity RR.— T h e receiver for the old B . R . T . brought
suit against the B k ly n . C it y R R . to recover $10,000,000 advanced to that
com pany prior to the designation of the receivership. V . 113, p . 2612.
T h is case is still pending.
S u it A g a in s t C ity .— In D ec. 1918 the N . Y . M unicipal R y . C o rp . and the
N . Y . Consolidated R y . C o . brought suit against the city of N e w Y o rk and
the P . S. C o m m , to compel completion of the city transit system In accord­
ance w ith the contract of M arch 19 1913. Th e plaintiffs alleged that, not­
withstanding the elapse of 6 years since the execution of the dual contracts
there remained unfinished and still to be constructed or completed 47 miles
of track out of a total of 115, and 19 miles of road out of a total of 41 of the
lines which the c ity assumed to construct b y Jan. 1 1917 and which the
com pany agreed to equip and operate. F o r further details see V . 107, p.
2288. In A p ril 1922 the receiver for the N . Y . M unicipal R y . C o rp . and
the N . Y . Cons. R y . C o . filed a bill of com plaint in the U . 8. D Ist. Co urt
Vo compel the carrying out of these contracts and to recover alleged damages
ncurred as a result of the city's alleged failure to perform its contract
obligation. V . 114, p . 1764. T h e city has filed an answer asking the dis
missal of the suit. F o r details see V . 114, p. 2358. M otio n to dismiss
suit was denied on O ct. 21 1924 b y Federal Judge K nox. V . 119, p. 1951.
In J u ly 1923 B . - M . T . took over handling or suit from counsel for re­
ceiver. See V . 117, p . 322. O n Jan . 3 1924 Judge M a y e r granted a
motion of the N e w Y o rk Rapid Tra n s it C o rp . to intervene in this suit.
V . 118, p . 85. T h e c ity and the Tra n s it Commission appealed to the U . 8.
Supreme C o u rt from the order granted b y Judge M a y e r perm itting the
R apid Tra n s it C o rp . to intervene, but on June 2 1924 the appeal was dis­
missed b y the U . 8. Supreme C o u rt, which ruled that it was without
Jurisdiction. V . 118, p. 2823. Com pare V . 118. p. 1268. See also V. 119.
p . 2409, and V . 122, p. 2038. O n J u ly 21 1926 Federal Judge Thacher
announced that a master would be appointed in co.’s .$30,000,000 suit
against the c ity, based on the complaint that the city did not com ply with
contract 4 to construct and lease to plaintiff a number of new routes and
extensions. F o r details, compare V . 123, p . 579
P lan o f T ra n sit C om m ission fo r M erger o f N ew Y ork C ity Street R a ilw a y s.—
T h e N . Y-. Tra n s it Commission on Sept. 29 1921 made public a plan for the
readjustm ent and merger of street railways and rapid transit lines of Greater
N e w Y o rk w ith eventual c ity ownership. F o r extended outline of plan
■ee Y . 113, p . 1431. See also V . 117, p. 670 under caption “ R apid Tra n s it
n N ew Y o rk C i t y .”
A d ve rtisin g C ontract.— O n Feb. 28 1924 the Tra nsit Commission approved
a contract between the corporation and Barron G . Collier, In c ., for the
advertising and vending privileges of the subway and elevated lines of the
system, under terms of which the latter agrees to pay a m inim um of $15,000.000 for 15 years as follows; $900,000 a year for the first 5 years, $1.000,000 a year for the second 5 years, and $1,100,000 a year for the third 5
years. V . 118, p. 1267.
V a lu a tio n .— See V . 117, p . 2006, under caption “ B . R . T . ”
P aym en t o f Tort C la im s.— See V . 117, p . 1346; V . 118, p . 2946.
U p o n completion of reorganization the capitalization wUl be approxi­
mately as follows:
zW age A greem en t.— T h e existing wage agreement was extended for an­
other year in J u ly 1925. V . 121, p . 584.
N o Control o f I . R. T . Sought.— In O ct. 1926 Chairm an Gerhard M .
D ah l denied rum ors to the effect that co. was seeking control of the In ter­
borough Rapid Tra n s it C o .— V . 123, p 1873.
T ra n sit C om m ission 's R eport F isca l Y e a r E nded Ju n e 30 1925.— See under
Interborough R apid Tra n s it C o . “ R apid Tra n s it Report” .
S TO C K A N D BO ND S—
In terest. O u tstan din g. M a tu rity .
C o m . 850,000 shares (no p a r ).
769.911 shs.
See text
Pref., 350,000 shares— Series “ A ” $6 cum . after
249,468 shs.
See text
$6
J u ly 1 1926, 250,000 shs.
Rapid Tra n s it Security 6 %
$92,698,000 J u ly 1 1968
6%
s f bonds go ld ____Series A 1923
5 g J -J
1,497,000 J u ly 11941
Brooklyn Queens C o . & S u b . 1894
first M . $ 3 ,4 1 0 ,0 0 0 .n tf(G u a r. T r u s t C o ., New Y o rk , trustee.
F irs t consol M , guar p & if 189
5 g M -N
2,803,000 J u ly 1 1941
(e nd ), $4,500,000— n tf (B roo k lyn T r u s t C o ., New Y o rk , trustee.
Brooklyn U nion Ele v 1st M .J 1899
5 g F -A
15,956,000 Feb 1 1950
guar. $16,000,000_______ t f lin t , at Central T r . C o ., N . Y . , trustee.
K ings C o Elev first m tge,/ 1899
4 g F .A
6,980,000 A u g 11949
$ 7 ,0 0 0 ,0 0 0 ($ l,0 0 0 ),g (g u )n tf\In t. at Central T r u s t C o ., N . Y . , trustee.
Nassau E l R R Co cons M i 1898 4 g J - J
10,337,000 Jan 1 1951
$15,-{G u a r a n t y T r u s t C o ., N . Y ., trustee. Bonds
bonds
($1,000),
.c * & rtf (guar. b y end. b y B k ly n . Heights R R .
006,000
F irs t mtge bonds (closed)tf/ 1894 5 A -O
660,000 A p r 11944
(Chase N a t ’l B a n k , N . Y . , trustee.
A tlantic A ve gen mortgage! 1891 5 g A -O
2,241,000 A p r 1 1931
gold (closed)_______ n tflB ro o k ly n T ru s t C o ., trustee
A tla ntic A ve im provem ent, 1 1894 5 g J - J
215,000 Jan 1 1934
gold (closed)__________ tf/B ro o k lyn T ru s t C o ., New Y o rk , trustee.
B B & W E general gold, I 1893 5 g A -O
118,000 O ct 1 1933
$121,000 _____________ tf IB a n k of Am erica, N . Y . , trustee.
Ooney Isl & B k ly n 1st consol/ 1898 4 g J - J
1,986,000 J u ly 1 1948
M $2,000,000 go ld_____ n tf (Bankers T r u s t C o ., New Y o rk , trustee.
Consol mortgage $10,000,-/ 1904 4 g J - J
1,500,000 Jan 1 1955
000 gold ($1,000)___c*tf (Bankers T r u s t C o ., N ew Y o rk , trustee.
B k ly n C it y & New tow n/ 1889 5 J - J
1,988,000 J u ly 11939
1st M $2,000,000___n tflB a n k e rs T r u s t C o ., N e w Y o rk , trustee.




[V ol. 123.

Stock.— Pref. is Issuable In series, each series (subsequent to ser. “ A ” )
to carry diva, at such rate and cum ul. from such date, and to be red. O
ffl
such terms, as directors m ay determine at the time of the creation thereof.
Pref. as to assets on distribution to the am ount of $100 per share and divs.
Pref. stock shall have the same voting rights as holders of com mon stock
(one vote for each share held). Ser. “ A ” entitled to divs. at the ate of
$6 per share per an n., bu t no more, cum ul. without int. from n i a f t e r
Ju ly 1 1926 and red., all or pa rt, at $100 and divs. V oting t r « e t ertifs.
for both classes of stock are listed on N . Y . Stock Exchange.
F o r subscriptions b y employees to preferred stock, see V . 121, p . 837. A
new offering was made to employees in J u ly 1926, see V . 123, p . 453.
Voting T ru st.— Has been formed to provide for representation of public
authorities on board of directors. V oting trustees are A lb e rt H . W lg gin,
G . M . D a h l and Frederick Strauss.
B on ds.— T h e Rapid Tra n s it Security sinking fund 6 % bonds are secured
by pledge of $93,352,000 face am ount of N . Y . Rapid Tra n s it C o rp . ref.
mtge. 5 % bonds (see that co. b e lo w ); $17,885,600 face am ount of W llllam sburgh Power Plant C o rp . gen. mtge. 5 % bonds ser. “ A , ” 188,138 shares
(no par) of the capital stock of N . Y . Rapid Tra n s it C o rp ., and 10,000
shares (no par.) of the capital stock of the W illiam sburgh Power Plant C o rp .
Th e Rapid Tra n s it Security sinking fund 6 % bonds, series “ A , ” are re­
deemable at 105 and interest. A cum ulative sinking fund of 2 -3 % per
annum on the m axim um am ount of bonds at any time outstanding, pay­
able sem i-annually, first paym ent to be made Ja n . 1 1927, to be applied to
the purchase or redemption (at above redemption price) of the bonds of this
series, the co. to have the rig h t to tender bonds for purchase b y the sik. fd.
at current market prices. I f any d iv . be paid on the pref. or com. stock
of the co. prior to Jan. 1 1927, then the sink, fund payments shall commence
not later than the date of the paym ent f such dividend.
In terest on B onds, W here Payablt
merest on the B k ly n . U n io n E le v,
1st 5s and on the Kings C o . E le v . 1st 4s Is payable at C e ntral U n io n Tru s t
C o .; on Nassau Electric bonds, incl A (Ia tic A ve . and West E n d issue, at
the Chase National B ank, N e w Y o rk , on tne Brooklyn Queens C o u n ty &
Suburban mortgages and the Jamaica & B ooid.vn first mortgage at th*
Chase N a t. Ban k , N . Y . In t . on all Coney Island & B ro o k lyn bonds
is payable at Central U nion Tru s t 6 o , IN Y .
T h e total authorized issue of 1st consol, mtge. gold 5s of the B k ly n ,
Queens C o . & Suburban R R . is $4,500,900, of which $1,616,000 are reserved
for extensions, on which they w ill be a first lien. B oth B . Q . O . & S.
loans are subject to call from 1916.
T h e Nassau E l. 1st consol. M . bonds, besides covering the mileage
directly owned, are a lien by a supplemental agreement upon the stock of
the Coney Island & Gravesend R y . and will become a direct lien on this
line should it become merged in the Nassau E lectric. O f the total of
$15,000,000 bonds authorized, the unissued remainder ($3,242,000) is for
prior liens. See listing application in V . 72, p . 342.
Coney Isla n d & Brooklyn B on ds.— O f the $10,000,000 bonds auth. by
m tge., $4,000,000 are reserved for prior liens and $3,768,000 are reserved
for ext. and imps. N o sinking fund, and bonds cannot be called.
D iv id e n d s .— A quarterly dividend of $1 50 per share was paid or declared
payable on the pref. stock A p ril 1924 and regularly since including A p ril
1927. In 1926, J a n ., $1 50; A p ril, $1 50. V . 121. p . 3129. O n the
common stock $2 was paid in Jan . 1926 for the period from co.’s organiza­
tion (June 1923) and a quar. d iv . of $1 for the quar. period O c t. 1 1925 to
D ec. 31 1925. V . 121, p. 3129. $1 quarterly in A p ril, J u ly and O c t. 1926.
E A R N I N G S . — Results for years ended June 30 ( B . - M . T . System and
affiliated companies):
Revenue fro m T ra n sp o rta tio n —
1925.
1924.
Passenger__________________________________________ $41,383,764 $38,376,581
F r e ig h t ________________________ ___ _______________
675,183
650,173
Chartered car revenue______________________________
1,026
874
Miscellaneous transportation revenue______________
13,663
517
T o t a l ______ _______
...$ 4 2 ,0 7 3 ,6 3 6 $39,028,144
Other Street R a ilw a y O perating Revenue—
A dvertising________________________
$656,000
$534,390
Other car and station privileges_____________________
381,941
297,476
Rent of buildings and property____________________
150,900
147,573
Rent of equipment__________________________________
240
170
Rent of tracks and term inal________________________
21,635
22,284
Miscellaneous receipts______________________________
28,065
42,290
T o t a l ........................................
$1,238,781 $1,044,182
T o ta l revenues_____________________________________ $43,312,417 $40,072,326
O perating Expenses—
Maintenance of w ay and structures_________________ $4,474,266 $3,742,677
5.671,802
Maintenance of equipment________________________
6,087,560
Operation of power plant__________________________ 3,240,270
3,428,726
6,514,423
Tra in m e n ’s wages_________________________________ 6,872,091
3,908,714
Other expenses____________________________________
4,198,724
1,277,772
Damages___________________________________________ 1,416,702
174,478
Legal expenses in connection w ith damages________
198,979
105,334
General law expenses______________________________
134,986
1,156,119
Other general expenses____________________________
1,309,152
519,304
Freight expenses___________________________________
493,660
60
American R ailw ay Tra ffic C o . expenses___________
______
T o ta l operating expenses_________________________ $28,426,391 $26,499,409
N e t revenue from operation________________________ $14,886,027 $13,572,918
Taxes accrued on operating property______________
3,068,462 2,738,947
Operating income________________________________ $11,817,565 $10,833,971
N on-operatin g Revenue—
Rents accrued from lease of road___________________
$60,571
$61,467
Miscellaneous rent revenues________________________
287,276
297,376
Interest revenues___________________________________
544,337
428,865
D ividend revenues__________________________________
666
62
Profits from operation of others____________________
______
12,318
Miscellaneous_______________________________________
192,558
151,367
T o t a l____________________________________
N o n -o p era tin g Revenue—
Non-oper. rev. deduction— Rent expenses.

085 409
827

N e t non-operating income______________________$1,084,581

$951 456

l.ooe
$950,455

Gross Income___________________________________ $12,902,146 $11,784,426
$7,431,050
D ed u ctio n s— Interest deductions__________________ $7,475,760
Rent for lease of other road and equipment_____
25,000
25.000
Other deductions________________________________
313,461
306.310
T o ta l deductions.......... ................................................. $7,814,221
B a la n ce _________________________________________ $5,087,925
Less accruing to m in o rity interests________________
14,390
N e t income.............. ............................ ........ ..................$5,073,535

$7,762,360
$4,022,065
36,006
$3,986,059

N o te.— T h e foregoing figures Include the result of operation of the Brook­
ly n Heights Railroad C o . still in receivership.
R esults o f O perations under the Contract w ith the C ity fo r the Y ear E nded June 36
1925, and A lso for the 12-Y e a r Period fro m the Comm encem ent o f O peration
u nder the Contract, N a m ely A u g . 4 1913 to June 30 1925.
Y e a r Ended
A u g . 4 1913
June 30 '25. to Ju ne 30 ’25.
R e v e n u e ________________________________________ $30,816,717 $214,430,031
Oper. deduc’ns & co.’s first preferential_________ 25,025,468
197,828,034
Balance available for return on new money in­
vested under contract_______ i _____________$5,791,249
C o .'s second preferential, representing int. and
sinking fund on co.’s contribution to construc­
tion and equipment under contract___________
5,463,510

$16,601,997
34,613,194

Balance above co.’s second preferential______
$327,739 x$18,011,197
- x Deficit, representing amount b y which revenue failed to equal interest
and sinking fund on co.’s contribution to construction and equipment
under contract.

Oct., 1926.]

POWER, LIGHT AND RAILWAY

L atest E a rn in g s.— -Prelim inary figures for 12 months ended June 30:
r
1926
1925.
T o ta l operating revenues_________________________ $44,840,968 $43,312,417
T o ta l operating expenses__________________________ 29,220,840 28,426,390
N e t rev. from oper________
Taxes on operating properties.

.$15,620,128 $14,886,027
3,068,462
. 3,260,385

Operating income__________
N e t non-operating income____

$12,359,743 $11,817,565
1,084,581
) ,180,493

Gross income_______________
T o ta l income deductions_____

$13,540,236 $12,902,146
7,814,221
. 7,777,877

N e t income______________________________________$5,762,359 $5,087,925
E arn in gs 3 months ended Sept. 30 1926: Oper. revenue, $11,673,905;
net after oper. exp., taxes and deductions, but incl. non-operating income,
$1,732,554. See V . 123, p . 2137.
O F F I C E R S .— Chairm an of B d ., G . M . D ahl; Chairm an of Finance Com
mittee, A . H . W iggin: Pres.. W m S. Menden: V .-P . & Gen. C o u n ., Geo. D .
Yeomans: V .-P ., Tra vis H . W hitney: Sec.-Treas., Fred. O . M arston;
C o m p t, James Addison.— -V . 120, p. 451, 1088, 2682; V . 121, p . 456,
584, 837, 2036, 2155, 2515, 3129; V . 122, p . 478, 1607, 2038, 2327, 3603
V . 123, p . 453, 579, 1381, 1873, 2137.
C O M P A N IE S C O N T R O L L E D B Y B R O O K L Y N -M A N H A T T A N
T R A N S IT C O R P .
(1) N E W Y O R K R A P I D T R A N S I T C O R P O R A T I O N .
O R G A N I Z A T I O N — Organized in N ew Y o rk on June 9 1923 as a con­
solidation of the N ew Y o rk Consolidated R R . and the N e w Y o rk M unicipal
R y . C o rp ., succeeding those companies as per B . R . T . reorganization plan,
for details of which see “ Electric R ailw ay” Supplement of A p ril 28 1923.
F o r history of N . Y . Consol. R R . and the N . Y . M unicipal R y . C o rp . up to
time of reorganization also see “ Electric R ailw ay” Supplement of A p ril 28
1923. Th e co. as now constituted owns and operates the rapid transit
lines of the B . R . T . system (now B .-M . T . C o rp . For digest of readjust­
ment plan and particulars regarding exchange of securities under plan see
V 116, p.2 130 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns 171,920 miles of track; leased (incl. trackage rights), 124.089 miles;
total, 296.737 miles. Leases for 999 years from 1915 the Nassau Electric
R R . ’s terminal at Coney Island. See “ Electric R ailw a y” Supplement of
A p ril 28 1923 for terms of lease.
D ivisio n o f E arnin gs w ith C ity .— As the C o rp . now holds all the rights
originally acquired by the New Y o rk M unicipal R y . C o rp . in the latter’s
contracts w ith the c ity, all the earnings accrue to it. T h e division of
earnings is on the following basis:
1. T o the com pany, $3,500,000, as representing the net earnings of the
previously existing railroads which went to form part of the new rapid
transit system. O u t of this reservation the com pany pays interest chargee
on capital investments prior to M a r . 19 1913 in the then existing railroads.
2. T o the com pany, 6 % on its new investment in construction and equip­
ment prior to the beginning of permanent operation and thereafter interest
and 1 % sinking fund.
3. T o the c ity, interest and 1 % sinking fund on its investm ent in cost of
construction.
4. A n y surplus remaining, after m aking provision for a moderate contin­
gent reserve fund, is to be divided equally between the com pany and the
City. T h e com pany’s preferential payments are to be cum ulative.
Increase Stock.— In Feb. 1926 corp. applied to Tra n s it Commission to
Increase its capital stock from 189,000 to 284,000 no par shares and to
issue the increased number of shares in exchange for its outstanding ref.
mtge. 5 % s. f. gold bonds at the rate of 4 shares of stock for each $100 of
bonds. F o r further particulars, see V . 122, p. 1026.
S u it A g a in st C ity.— See under B .-M . T . above.
U p o n completion of readjustment and reorganization the co. w ill be
capitalized approximately as follows:
S TO C K A N D BONDS—
D a te .
In terest. O u tstan din g. M a tu rity .
------------------- 189,000 sh. --------------------Stock 189,000 shares (no p a r ) . -------1st & ref mtge $50,000,000--------. . . .
------------------(0) _ _
x 1968
R ef mortgage Series “ A ” _____ 1922
------------------- $91,164,500
B k ly n U n E l 1st M , $15,967,-/ 1899
5 g F -A
15,9.56,000 Feb 1 1950
000, gold, 4 % till 1905,{interest at Central T ru s t C o ., N e w Y o rk ,
since 5 % ($ 1,00 0)--------- tf
4 g F -A
6,980,000 A u g 1 1949
Kings C o u n ty E l 1st M , gold,/ 1899
$7,000,000 ($1,000). _c*ntf li n t , at Central T ru s t C o ., N . Y . , Trustee,
x $91,008,000 pledged under B .-M . T . Corp. Rapid Tra n s it security 6 %
sinking fund bonds Series “ A ” (see that co. above).
B on ds.— T h e 1st & ref. mtge. bonds will constitute a lien (ahead of the
ref. m tge. and subject only to the existing underlying elevated railroad
b ond s on certain of the properties) on the rights existing under Contract
N o . 4 and allied certificates and on all the other properties of the N . Y .
Rapid Tra n s it C o rp . Th e bonds are to be Issued only for the purpose of
providing (after the exhaustion of the moneys— $5,000,000 improvem ent
fu n d for future improvements already deposited— provided in the reorganiza­
tion for such purpose) for the cost of additional equipment and additions and
betterments for the rapid transit lines or power house properties, provided
after J u ly 1 1923 under Contract N o . 4 and the allied certificates, and also
for th e purpose of refunding any bonds previously issued and outstanding
u nd er this mortgage and any of the existing underlying elevated railroad
b on d s. None of these bonds will be issued in reorganization. Pending
the consummation of the proposed inclusion of the power plant properties
under Contract N o 4 and (or) the allied certificates and the transfer of
th o se properties accordingly, the reorganization committee m ay authorize
th e creation of a power plant 1st mtge. of substantially the same character
as the N . Y . R apid Tra n s it C o rp . 1st & ref. mtge. Such mortgage m ay be
created an d the bonds thereunder issued either b y the new co. itself, if the
title to the power plant is permitted to remain therein, or by a subsidiary
c o ., i f title to the power plants be vested in a subsidiary. None of these
b ond s w ill be issued in reorganization.
B on d s of the Brooklyn U nion and Kings C o u n ty Elevated R R . are listed
• n N e w Y ork Stock Exchange. In J u ly 1925 W m . Carnegie Ew en sold
at 9 0 )4 and in t., to yield 5 5 4 % . a block of Brooklyn U nion Elevated R R .
1st mtge. 5 % gold bonds, due Feb. 1 1950. V . 121, p . 76. In J u ly 1925
th e N e w Y ork Stock Exchange struck from its list the 5 % 1st mtge. sink,
fu n d b on d s, series " A ,” due Jan . 1 1966, o f the N e w Y ork M un icipa l R y .
C o rp . V . 121, p . 200.— V . 121, p. 76, 200; V . 122, 1026.
E A R N I N G S . — F o r 6 months ended June 30:
1926.
1925.
Gross revenue______________________________________ $18,647,596 $15,616,321
N e t (including other incom e)______________________ 6,630,366
5,150.435
Fixed charges______________________________________
4,304,374
2,985,285
N e t corp. income__________________________________
2,325,992
2,165,151
( 2 )
N A E L E C AT R UI C R A I L R O A D .— A trolley road.
S S
In accord ance with B . R . T . reorganization plan (see “ Electric R a ilw a y"
S u p p le m en t o f A p ril 28 1923 under B . R . T ), the co. was taken over by the
B ro o k ly n -M a n h a tta n Tra n s it C o rp . (successor to B . R . T . ) on J u ly 13 1923
S ee V . 117, p . 322, under caption “ Brook lyn -M anh a ttan Tra n s it C o rp ”
Receivership T erm in ated.— In J u ly 1923 the receivership of the Nassau
Electric R R . was terminated.
O R G A N I Z A T I O N . — Chartered M a r. 13 1893 under the laws of New
Y o rk . Opened in J u ly 1895 and in A p ril 1896 leased the A tlantic Avenue
R R ., &c. As stated above, the B .-M . T . C o rp . owns or controls all
of the $8,500,000 common stock of the Nassau Electric and $6,394,775
•Ut of the $6,500,000 preferred stock.
W as form erly leased for 999 years from A p ril 1 1900 to Brooklyn Heights
Railroad, b u t, coincident^ with a decision_ compelling the Issuance of
transfers from one leased line to another (V . 79, p . 102), the lease was ter­
minated on June 30 1904.
F I E L D O F O P E R A T I O N S .— Embraces 143.219 miles of single track.
A tlantic Avenue R R . (now part of Nassau Electric) owned the double­
track steam road (since converted to electricity) from Jamaica to Flatbush
Avenue Station in Brooklyn, 914 miles (19 miles of tra ck), which is leased
for 99 years from June 1 1877 to Long Island R R . C o ., affording that
com pany entrance into the city of Brooklyn— rental, form erly a percentage
of receipts, was changed in 1895 to $60,000 yearly. V . 61, p . 828. L it i­
gation has arisen with Long Island R R . regarding the use of A tlantic
Avenue. See V . 74, p . 1139. In O ct. 1910 N . Y . C o u rt of Appeals decided
that the city had the right to tear up rails, b u t c ity has taken no action
looking to the exercise or the rig h t.




83

Leases Coney Island terminal to the N . Y . Rapid Tra n s it C o rp ., form erly
the N Y . Consol. R R . (see N . Y . Rapid Tra n s it above).
S TO C K A N D BONDS—
D a te.
In terest. O utstan din g. M a tu rity .
__________ $8,500,000 _____________
Com m on stock $8.500,000____ ______
Preferred 4 % cum $ 6 ,5 0 0 .0 0 0 .____
M -N
6,500,000
See text
B on ds.— F o r details see B . - M . T . statement above.
D iv id e n d s.— First d iv . on pref. under lease was paid D ec. 31 1900, 4 % .
1901 to 1907 incl., 4 % per annum ; in 1908, N o v ., 2 % : in 1909, N o v ., 2 % .
In 1910 and 1 9 1 1 ,4 % ; in 1912, M a y , 2 % ; N o v . 2 % reg. and 4% on account
of arrears. In 1913. M a y , 2 % ; N o v ., 4 % ; 1914 to 1917 in c l., 4% ; n o n e since,
— V . 116, p . 721, 1649.
E A R N I N G S . — F o r 6 mos. end. June 30:
1926.
1925.
Gross revenue______________
$2,865,191 $2,949,210
N e t. including other income.
204,432
408.782
Fixed charges______________
560,846
556,940
N e t corporate deficit_______
356,414
148.158
(a ) C O N E Y I S L A N D & G R A V E S E N D R Y .
O R G A N I Z A T I O N . — Incorp. in N . Y . in 1893. Owns $2,637,000 stock
ithe Coney Island Sc B k ly n . R R . (see below).
F I E L D O F O P E R A T I O N S . — Operates approximately 7)4 miles of
track. Standard gauge.
S TO C K A N D BONDS—
D a te.
In terest.
O u tstan din g, D iv id e n d s.
Stock $350,000 ($100)________A ll owned b y the B - M . T .
B o n d s ---------------------------------------------- N o funded debt.
E A R N I N G S . — F o r 6 mos. end. June 30:
1926.
1925.
$47,644
$45,199
Gross revenue_______ . . . ___ - ______*_______
def21,254
209
N et (including other incom e)_______________
81,330
81,246
Fixed charges______________________________
102,584
81,037
N e t corporate deficit_______________________
(a ) C O N E Y IS L A N D & B R O O K L Y N R R .
U n d e r terms of B . R . T . reorganization, the co. w ill be taken over a*
part of the system b y the B rook lyn -M anh a ttan Tra n s it C o rp .
R eorgan ization P la n .— -See B rook lyn -M anh a ttan Tra n s it C o rp ., above.
Receiver D isch arged.— Th e receivership of the co. was terminated at m id­
night M arch 31 1924. V . 118, p. 1664.
In Dec. 1913 the Coney Island & Gravesend R y . (see above) received
permission from the P . S. C o m m , to acquire 20,370 shares of the stock
of this com pany. Coney Island Sc Gravesend R y . owns $2,637,000 and
the B .-M . T . C o rp . $152,700 of the co.'s stock. B . - M . T . C o rp . owns
$625,000 consol, mtge. bonds of 1904.
O R G A N I Z A T I O N . — Chartered D ec. 10 1860. Oars commenced ru n ­
ning over the Brooklyn Bridge F eb. 15 1898. See Y . 66, p . 383.
Brooklyn C it y & New tow n was leased in N o v . 1897 for 999 years. In
1900 acquired all the stock of that com pany, b u t legal proceedings com­
pleting merger w ith Coney Island & Brooklyn were not effected until 1910.
F I E L D O F O P E R A T I O N S . — To ta l track operated 52,190 inches.
S T O C K A N D B O N D S .—
D a te .
In terest. O utstan din g. L a st d iv . A c .
Stock, $3,500,000 (par $100)_______
6 Q -M
$2,983,900 June ’18 1 H
B on ds.— 8ee B . - M . T . above.
D I V I D E N D S . — In 1895, 6 % ; in 1896, 5% : In 1897, 6% : in 1 8 9 8 , 814% !
V . 67, p . 955. In 1899 and 1900, 1 0 % ; in 1901, 1 3 )4 % : In 1902, 1903, and
1904, 1 6 % ; in 1905, 1 0 % ; In 1906, 8 % ; in 1907, F e b ., 2 % . N o n e there­
after to Jan . 1914, when 6 % was paid. In 1915, J a n ., 6 % ; J u n e , 1 )4 % !
D ec., 3 % . In 1916 and 1917, 6 % . In 1918, M a r ., 1 ) 4 % ; J u n e , 1 ) 4 % .
None since.
E A R N I N G S . — F o r 6 mos. end. June 30:
1926.
1925.
Gross revenue________________
$1,377,396 $1,391,503
N e t (including other in c o m e )_____________________
309,062
182,582
Fixed charges______________________________________
196,828
191,689
112,234
def9,107
N e t corporate income_____________________________
O F F I C E R S .— Sec., F . C . M arston; C o m p t., James Addison.— V . 117,
p. 552; V . 118. p. 1664.
(4) B R O O K L Y N Q U E E N S C O U N T Y & S U B U R B A N R R .
O R G A N I Z A T I O N . — Incorporated In 1893.
Receiver D isch arged.— On Ju ly 14 1919 Lindley M . Garrison was appointed
receiver for the co., but on D ec. 21 1923 the receivership was terminated
and the receiver discharged.
F I E L D O F O P E R A T I O N S . — H as 67.371 miles of track (incl. 2d track,
sidings. & c .). Standard gauge.
S TO C K A N D BONDS—
D a te .
In terest. O utstan din g. M a tu rity .
Stock $15,000,000 ($100)................................................ x$2,008.000 ................. —
B on ds.— See B .-M . T . above,
x A ll owned by B . - M . T .
E A R N I N G S . — F o r 6 mos. end. June 30:
1928.
1925.
$1,303,596 $1,307,205
Gross revenue______________________________
224,072
112,972
N e t (including other Incom e)_______________
343,509
318,198
Fixed charges________________________ - ____
119,437
205,220
N e t corporate deficit_______________________
(5) S O U T H B R O O K L Y N R R .
O R G A N I Z A T I O N . — Incorporated in 1900.
.
^
In Sept. 1923 the Tra n s it Commission approved the application of the
South Brooklyn R y . for authority to purchase the outstanding capital stock
of the Prospect Park & South Brooklyn R R . and the N . Y . Sc Coney Island
R R ., and to merge those cos. and the Prospect Park Sc Coney Island R R .
into itself. See V . 117, p . 1347. Th is merger was consummated Im
Sept. 1923.
S T O C K A N D B O N D S .—
D a te .
In terest. O utstan din g.
la t u r it y .
Stock, $100_________________________
________
x$500,000
.................
x A ll owned b y B . - M . T . O orp.
E A R N I N G S , — F o r 6 mos. end. June 30:
1920.
1925.
$627,934
$715,380
Gross revenue______________________________
179,390
183,235
N e t (including other incom e)_______________
Fixed charges_______________________________
158,640
150,243
N e t corporate income______________________
20,759
32,992
g f (6) W I L L I A M S B U R G H P O W E R P L A N T C O R P O R A T I O N .
O R G A N I Z A T I O N . — Organized in accordance with reorganization p la a
as the power plant subsidiary of the B . - M . T . A u th . capital, $50,000.
S TO C K A N D BO ND S—
D a te.
Interest. O utstan din g. M a tu r ity .
Gen mtge sk fd Ser ” A ” _____ \ 1923 5 %
$17,885,600 J u ly 1 1908
Red at 107)4 & in t ___________ /Chase N a t ’l B k ., N . Y . , trustee.
3

U N IT E D T R A C T IO N CO.
C on trol.— E n tire stock (except 4 shares) is owned b y T h e Delaware 9t
Hudson C o . V . 81, p . 1552; V . 82, p. 160.
O R G A N I Z A T I O N . — Chartered D ec. 30 1899 as a consolidation of the
A lba ny R y . (chartered in 1863), the W atervliet Tu rn p ik e & R R . (chartered
in 1828) and the T r o y C it y R y . (chartered in 1866). See V . 69, p . 1147,
1300; V . 70, p . 77. Operates under leases to the constituent companies
the T r o y & Cohoes R R ., Lansingburgh & Cohoes R R ., W aterford & Cohoes
R R ., Cohoes R y . and the Capitol R y . Owns 9 7 % of the stock of the
Hudson Valley R y ., 7 1 % of the W aterford & Cohoes R R ., and ail the cap­
ital stock of the Capitol R y ., Cohoes R y . and Great Western Tu rn p ik e Road.
T h e Cohoes C it y R y . was sold at foreclosure in 1904 and reorganized as
Cohoes R y . C o ., with $120,000 stock and $84,000 bonds; all of the stock
and bonds are deposited w ith the Central T r u s t C o . of N e w Y o r k as security
for bonds of the A lb a n y R y .
A cq u isitio n o f H u d so n V alley R y .— In D ec. 1906 acquired a m a jo rity of the
stock and bonds of the Hudson Valley R y . C o . and increased its own stock
from $5,000,000 to $12,500,000 to finance the purchase. V 84, p. 52.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S —
Operates 55.157 miles of first main line track and operates in all 103.997
miles of track, of which 87,002 miles owned, connecting A lb a n y , T r o y .
Cohoes, Rensselaer, W a te rvlie t, Lansingburgh, Green Island, W aterford,

84

PUBLIC UTILITIES

[V ol. 123

i
& c. Rails, 25 to 141-lb. gird u a n d T . Standard gauge. Has 314 cars 252 I
IN T E R N A T IO N A L RAILW AY CO.
owned and 62 leased.
O R G A N I Z A T I O N . — In corp. in N . Y . on Feb. 20 1902 w ith $10,120,500
F ranchises perpetual except tha t of the Capitol R y . (a short line on the stock, and in A u g . 1902 this was increased to $17,000,000, and in A ug.
outskirts of A lb a n y ), which expires in 1951.
1920 further increased to $17,500,000, of which $16,707,500 has been
T raffic A greem en ts.— H as traffic agreements with the A lb a n y Southern
Issued (all of which was owned by the International Tra ctio n C o . up to
H R ., Schenectady R y . and Hudson Valley R y ., b y which cars of the first1920— see V . I l l , p. 1752), as a consolidation of the following companies,
named road are run into A lba ny from Rensselaer, cars of the Schenectady
whose shares had previously been held by the Tra ctio n C o . V . 71, p . 427.
R y . into A lb a n y , T r o y and W atervliet, and cars of the H udson Valley R y .
Buffalo Railw ay C o . (after Buffalo Tra ctio n and Buffalo Bellevue &
into T r o y from W aterford.
Lancaster had first been merged in the sam e).
Ele ctric power is furnished under contract b y Adirondack Power & L ig h t
Buffalo & Niagara Falls Ele ctric R ailw ay.
C o rp .
Buffalo & Lockport Railw ay (after Elm w oo d A v e . and Tonaw anda Elec­
F ares.— -In F e b . 1926 applied for fare increase. V . 122, p . 1028. 5-cent tric Railway had been m erged ).
upheld. V . 123, p. 1115.
Buffalo To n a wanda & N iagara Falls Electric R R . C o .
Lockport & Oloott. R ailw ay.
S TO C K A N D BONDS—
D a te .
In terest. O u tsta n d in g .
d a tu r ity .
Niagara Falls & Suspension Bridge Railway (after the N iagara Falls
Stock (p ar $100) $ 1 2 ,5 0 0 .0 0 0 --____
__________ $12,500,000
See text
Whirlpool & Northern R y . had been merged in it ).
Debentures $1,250,000 gold/ 1901
4 H g M -N
456,000 M a y 1 1919
Niagara Falls Suspension Bridge C o .
($ 1 ,0 0 0 )______________r n t f l l n t . at Na tion al Commercial Bank, A lba ny
On J u ly 1 1902 the International R y . C o . acquired b y purchase the
Cons m tge $6,500,000 gold/ 1904
4'A g J - D
2,620,000 June 1 2004
Niagara Falls Park & River R y ., the Clifton Suspension Bridge C o ., the
($1,000) _____________ c*tf l i n t , at C e nt. U n . T r u s t C o ., N . Y , trustee
Lewiston Connect. Bridge C o . and Queenston Heights Bridge C o . and in
A lb a n y R y cons M ($500,000) 1 1890
5 g J -J
428,000 -Jan 11930
Dec. 1912 merged the Ele ctric C it y R y .
In A p ril 1913 the Crosstown
gold ($ 1,00 0)________c * n tf li n t , at C e nt. U n . T ru s t C o ., N . Y ..-tru ste e
St. R y . was also merged.
A lb a n y R y gen M $750,000/ 1897
5 g J -D
496,000 June 1 1947
F o r history of International T raction C o . which form erly held all the co.'s
g o ld --------------------------------------- t f l l n t . at C e nt. U n . T ru s t C o ., N . ' ., trustee
stock, see “ Electric R ailw a y” Supplement of A p ril 30 1921.
W atervliet Tu rn p ik e & R R 1889 6 M - N
350,000 M a y 1 1919
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
1st M guaranteed______ n t f (Boston Safe Deposit & T r u s t C< , trustee.
To ta l miles of track, incl. second tra ck, crossovers, sidings, & c., 399
2d M prin & int g u a r .-n t f f 1890
6 M -N
150,000 M a y 1 1019 miles. Gauge, 4 ft. S lA in. Rail (steel) 45 to 145 lbs. 1.062 cars of all
IC hat.-P h en . N a t'l B k .& T r .C o .o f N . Y . . t r u .
classes, incl. $94 passenger cars. International Bus C o rp ., subsidiary,
T r o y C it y 1st con M gold/ 1892
5 g A -O
2,000 000 O ct 1 1942 operates 42 buses on 3 lines in the C it y of Buffalo and 11 buses on 3 inter$2,000,000___________ c * & r (In t. at C e nt. U n . T ru s t. C o ., N Y . , trustee
urban lines. See V . 119, p . 1844, Greater part of electrical energy used is
purchased from the Niagara Falls Power C o . and its allied com pany, the
B on ds.— O f the consol, mtge. of 1904, $3,880,000 is reserved to retire prior
Buffalo General Electric C o . V . 121, p. 2272.
liens. N o sk. fd. and bonds are not subj. to call. Directors m ay fix rate ol
In Sept. 1926 N . Y . P ub . Ser. C o m m , approved abandonment b y co. of
int. on unissued bonds but not exceeding 6 % ; present issuei at, 4 A % . Th e
debs, may be called on any int. date on 3 mos notice at “ i 5 % int. rate for its Buffalo, Kenm ore and To n a wanda line and of its M ilita ry Road line in
the village of Kenmore. the town of Tonawanda and the c ity of T o n a the unexpired term as calculated in.standard int. tables.” V. 73. p. 1113
wanda; also granted the International Bus C o rp . a subsidiary of In te rn ’1
T h e A lb a n y R y . general mortgage of 1897 was for $750,000. of which
R y . permission for operation of bus lines from Tonaw anda to the Buffalo
$254,000 was reserved, but consolidation made reservation inoperative.
C it y line and between Kenmore and Tonaw anda. V . 123, p . 1762.
T h e T r o y C it y leased roads include T r o y & Cohoes. -Oock $50,000, divs
F ranchises.— N e arly four-fifths of the mileage in Buffalo, including all the
under lease 7 % ; Lansingburgh & Cohoes, stock $ 1 5 .0 0 ' divs. under lease
most im portant lines, is maintained, it is stated, under franchises in per­
7 % . T h e W aterford & Cohoes R R ., $25,000 stoc ,
ceives 7 % yearly
petuity or upon property directly owned, only 51 miles of m inor trackage
under lease.
being operated under franchises having less than 25 years (from 1916) to
D I V I D E N D S . — F irs t q uar. d iv ., 1 1 4 % . was paid M a y 1 1900; same rate
run . Th e franchises of the lines outside of Buffalo are either for vsrious
continued up to and incl. N o v . 1905. F o r year 1906, 6M % was paid. On
long-term periods or are without time lim it.
Dec. 31 1906 stock was increased from $5,000,000 to $12,500,000 and fdivs
F ares.— V . 118, p. 2572; V . 120, p. 828, 1202, 1747. O n Sept. 15 1926
made semi-annual ( J . & J . ) and 4 % was paid in 1907, 2 % Ja n . 1 1908 and
applied for higher fares.— -V. 123, p. 1876
2 % each six months thereafter to and incl .1913. In 1914, 2 % . None since
F ares.— V . 118, p. 2572: V . 120, p. 828. 1202, 1747
N ew W age B a se.— For increase of 3c per hour over 1925 and 1926 and
E A R N I N G S . — F o r calendar years:
other changes. See V . 121, p . 2402.
G ross.
N e t.
Other I n c . C h g s.A T a x
D e fic it.
S TO C K A N D BONDS—
D a te.
In terest. O utstan din g. M a tu rity.
1925__________ $3,090,619
$660,944
$278,634
$960,891
def.$21.313
Stocks $17,500,000 (v t c ) .............. - ....................$16,707,500 ________________
1 9 2 4 ................... 3 .2 0 5 .8 5 6
4 6 6 .4 4 8
2 7 6 ,5 3 5
1 ,0 7 8 .6 8 8
3 3 5 .7 0 5
Internat R y ref & imp m tge) 1912 5 g M - N
15,472.200 N o v 1 1962
1 9 2 3 .................. 3 .2 3 4 .1 4 9
3 9 4 .2 1 2
2 7 6 ,2 4 9
9 7 2 .3 2 3
3 0 1.862
$60,000,000 gold_____ c*&r/Bankers T r u s t C o ., New Y o rk , trustee.
1 9 2 2 .................... 3 .0 8 5 .2 9 1
5 0 7 ,0 6 6
2 7 5 .9 2 0
9 6 0 .4 9 2
177.506
Buffalo R y 1st con m tgef 1891 5 g F -A
4.658.000 Feb 1 1931
19 2 1 .................... 1 .1 9 9 ,7 8 3 d e fl .57 9 .8 8 7
2 7 5 .4 1 6
9 0 3 ,9 3 8
2 .2 0 8 .4 0 9
($1,000) $5,000,000 g .c * & r/ In t. at co.’s office. B u ff., E . W . C la rk & C o .,
L atest E a rn in g s.— F o r 8 mos. end. A u g . 31 1926: Gross, $1,981,568.
i P h ila., or Bankers T r . C o ., N . Y . , trustee.
net, $383,717: other income, $189,008: charges & taxes, $630,458; deficit,
aTonawanda St R R 1st M l 1892 6 J - J
60,000 Jan 1 1926
$57,733.
(closed)------------------------------------- (Interest at com pany’s office, Buffalo.
O F F I C E R S . — Pres., L . F . Loree, N . Y . ; V .-P ., W . H . W illiam s, N . Y . ,
aTonawanda Electric R R ls t( 1895
6 A -O
40,000 A p ril 1 1927
V .-P ., H . B . W eatherwax. A lba ny: V .-P . & Asst, to Pres., F . W . Leam v
m tg e ----------------------------------------- /Interes at com pany’s office, Buffalo
N . Y .; S e c ., J . W . C o on, N . Y .; A u d ., W . A . B ia sin g , A lb an y ; T r e a s., F . W .
ftCrosstown St R y 1st mtge gl 1892
5 g M -N
2,438.000 M a y 1 1932
D in g le y , A lb an y; C o m p ., W . E . E p p ler, N . Y .; Gen. M g r ., E rn est M u rp h y ,
(closed) gu p & i ________c * / ln t. at Ch a th .-P h o en. N a t. B k ., N . Y . , trus.
A lb a n y . Principal office, A lb a n y .— V . 116, p . 2390; V . 122, p . 1028;
Buffalo Tra ction first m tge( 1898 5 g J - D
673.000 Dec 1 1948
V . 123, p . 1115.
(closed)_________________ - _ ( l n t . at Ch a th .-P h o en. N a t. B k ., N . Y . , trus.
Buffalo Bellevue & Lancaster) 1897 5 J - D
199.000 June 1 1927
( 1 )
H U D S O N
V A L L E Y
R A I L W
A Y .
mtge (redeemable at p a r ) . . ( I n t . at M arine T r u s t C o . of Buffalo.
In D ec. 1906 the U nited Tra ctio n C o . of A lb a n y acquired control through
Buffalo & N ia g Falls Elec R y ( 1895
5 g J -J
438,000 J u ly 1 1935
purchase of a m ajority of the capital stock.
1st mtge $750,000 gold___c/Interest at Bankers T ru s t C o ., N e w Y o r k .
Buffalo & Lockport 1st m tge) 1898
5 g J -J
500,000 J u ly 1 1928
O R G A N I Z A T I O N . — In corp. J u ly 1 1901 as a consolidation of the
gold $ 5 0 0 ,0 0 0 .......................(Eq uita ble T r u s t C o ., New Y o rk , trustee.
Glens Falls Sandy H ill & F o rt Ed w a rd Street R y ., W arren C o u n ty Elec
Niagara
Falls
Suspension/ 1897 5 g J - J
100,000 Jan 1 1928
R y ., Stillwater & M echanicville Street R y ., Greenwich & Schu.vlerrille St
Bridge, Clifton Suspension {T o ro n to General Tru s ts C o rp ., trustee.
R y ., Saratoga Tra ctio n C o . and Saratoga N orthern R y ., the capital stock
Bridge_____________________ lin t , at A m e r. E xch .-Pacific N a t. Ban k , N . Y .
of these roads being exchanged for stock in the new com pany. V . 73, p . 391
Lewiston Connecting Bridge/ 1898
5 g A -O
125,000 Oct 11928
Owns entire capital stock of W arren C o u n ty Elec. L t . H t. & Pow . C o . and
C o ., Queenston Heights (T o ro n to General Tru s ts C o rp ., trustee.
all the stock ($200,000) and all the bonds ($200,000) of the N o rth River
Bridge C o _________________ (In t . at A m e r. E xch .-Pacific B a t. B a n k , N . Y .
R y ., a road operated in Saratoga b y this co. F ranchises perpetual.
aN iag Falls & Susp Bridge R y_ 1893
6 J -J
488.000 Jan 11926
<xNiag Falls W h irlp & N o R y ._ 1894
6 J -J
12.000 .Tan 11926
F T E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
B o n d s.— O f the International R y . ref. & im p t. bonds, $9 887,500 are
M a in line extends from Waterford northward along the Hudson through
reserved to retire prior lien bonds; remaining bonds may be issued only for
the villages and towns of W aterford, M echanicville, Stillwater, Schuyleradditions, improvements, & c., with consent of the P . S. C o m m . Coup,
ville, Th o m son . F o rt Edw ard. Glens Falls and Lake George to Warrens
bonds
and
multiples.
on
burg. Glens Falls division provides a line from Saratoga Springs to Glens any inin denom. of $1,000 in t. reg.tbonds of $1,000 and or agency ofR ed. co.
t. date at 110 and
In . payable at office
the
Falls, which was completed in June 1903. Th e re is also a branch line from
In N ew Y o r k . Exem pt from N . Y . State, county and m unicipal taxes.
Thom son to Greenwich. To ta l first track, 99.30 miles; second track,
9k. fd.
1912 and
provide b y
sufficient funds to
18.78 m .; sidings, 7.23 m .; m aking a total of 125.31 miles of track of which retire allbegan in$600,000 of will outstanding Ju ly l 1949bonds to a total par
except
the
underlying
99.85 miles are owned. Rails, T , girder and grooved, 48 to 141 lbs. Stand­
value of $12,651,500. $2,764,800 ref. & im p t. bonds and $748 000 prior lien
ard gauge; 7 0 % on private right-of-w ay. Operates 87 cars, including 7 bonds have been
by sink. fund.
bonds
by a
freight, 15 exp. and 13 service cars. Com pany owns Kaydeross P ark, at mtge. on obout 62acquired track (incl. 23 m .Th e Buffalo)are secured mtge. 1st
miles of
in
and by a
on
Saratoga Lake, and Ondawa P ark, between Greenwich and Th om son.
remaining property, subj. to divisional bonds. T h e y are a 1st mtge. on the
F in a n cia l R eadju stm en t.— A readjustment of the com pany’s finances was line between Buffalo and Niagara Falls. V . 96, p. 62; V . 103, p. 1032.
■Vhe Tonaw anda Elec. R R . 1st 4s, due originally on A p ril 1 1907, were
effected in 1906 w ithout foreclosure, as per plan in V . 82, p . 100, 1040. In
extended as 4s to A p ril 1 1917, and in 1917 again extended to A pril 1 1927
M a rch 1906 $2,500,000 5 % non-cum . pref. stock was created to provide for
at6 % .
the convertible features of the debenture “ B ” bonds. V . 82, p 751.
T h e Tonaw anda Street R R . 1st 6s originally due J u ly 1 1922, were
T ra ffic A greem en ts.— Has traffic agreements w ith the U n ite d T r a c . Co .
extended to Ja n . 1 1926 at 6 % and were extended again at pleasure of
holder at 6 % .
and Greenwich & Johnsonville R y ., b y which cars of the Hudson Valley
T h e Niagara Falls & Suspension Bridge R y . oonds of 1893 and Niagara
R y . C o . are run over the lines of the United T r a c . C o . from W aterford
Falls & W hirlpool N orthern bonds of 1894 given in the table above matured
to T r o y , and cars of this com pany are run over the Greenwich & Johnson
in 1903. These were extended to J u ly 1 1923 at 6 % and again to Ja n . 1
ville at Th o m so n , N . Y .
1926 at that rate. On Ja n . 1 1926 they were again extended at pleasure of
S TO C K A N D BONDS—
D a te .
In terest. O u tstan din g .
d a tu rity .
holders at 6 % . V . 122, p. 480.
Com m on $3,000,000 par $100.
________________$2,978,300 ____________
E A R N I N G S . — O f International R y . for calendar years:
Preferred ($2,500,000) (seel ____
__________
See text
___________
1925
1924
xl923
xl922
text) 5 % n o n-cum ulative-_l
To ta l incom e........... ......... $10,743,790 $10,322,556 $9,839,907 $7,398,767
F irs t consolidated mortgage] 1901
5 g J -J
2,222,000 J u ly 11951
Operating expenses______ 8,695,398
8,810,703
8,617.421 9,460,265
$4,000,000 (denomination/ In t . at Manufacturers' N a t. Ban k , T r o y
712,705
698,642
676,485
584,389
T a x e s _________
$1,000) gold__________ c*tf I M a y be Called at 110 & int. on any int. date
Gross income_________$1,335,687
$813,210
$546.001def$2645/887
Deb “ A ” income ($700,000)_
_ 1906 5 g M a r. 1
474,000 Jan 1 1951
Interest, rents, & c____
1,546,042
1,479,724
1,573,240
1,525,959
Deb “ B ” income ($2,500,000). 1906 2 g M a r. 1 2,500,000 Ja n 11951
Balance over chges. _.def$210 355adef$666,513def$l027.238def$4171,848
U n d erlyin g L ien s—
a $87,106 credited to fixed charges, being the am ount contributed by
G F S H & F E I s t M (n o o p t)/ 1891 6 J - J
100.000
Past due
I. R . C . stockholders through return of int. on underlying bonds held by
($500 & $1,000) gold_____ c lC e n t. U nion T r u s t C o ., N ew Y o rk , trustee
voting trustees, x Loss of revenue in these years attributed to strike.
do
2d M ($500) gold
cf 1893 6 .T-.T
50.000
Past due
L atest E a rn in g s.— F o r 6 mos. end. .Tune 30:
(I n t . a t th e N a tio n a l Bank of Glens Falls,
1926.
1925.
do
3d M ($ 1 5 0 .0 0 0 )--n tf j 1901 6 A -O
82.000
Past due
Operating revenue__________________________________ $5,353,187 $5,169,779
M a y be called at 100.
820,946
x520,027
1893
6 A O
47,500
Past due N e t after taxes____________________________________
Gross income (incl. other incom e)_________________
841,179
537,256
N e t income after deductions_____________________
106,441 def.244,015
x Adjusted to include 3c. wage increase paid D ec. 31 1925, retroactive
to Ja n . 1 1925.
Bankers T r u s t C o ., N e w Y o rk , trustee.
1898
6 A -O
202,500
Past due
O F F I C E R S . — Pres. & Gen. M g r ., Bernard J . Y u n g b lu th ; V . - P . , H . L
Glens Falls T r u s t C o ., Glens Falls, trustee
M ack ; Sec. & Tre a s ., C . A . W eber; A u d ., Charles A . Chavel. C o . is under
“ M itte n M anagem ent.” — V . 120, p . 453, 828, 1202, 1747, 2550; V . 121,
B on ds.— O f the $4,000,000 1st consol, mtge. of 1901, $482,000 are set p. 706, 2272, 2402: Y . 122, p . 480, 2040, 3210; V . 123, p. 982, 1762, 1876.
aside for prior liens and $1,290,000 have been deposited as coll, for tem ­
porary loans.
T h e deb. “ B ” bonds were conv. into pref. stock at par to M a r. 1 1917
NEW Y O R K ST A T E R AIL W A YS.
In t . on the deb. “ A ” and “ B " bonds is neither cum ulative nor obligatory
O f the common stock, $13,604,300 (also $600 pref.) owned b y New
N o int. has been paid on either class.
Y o rk Central R R .
T h e G . F . S. H . & F . E . 1st M . fell due J u ly 1 1911, but was extended
O R G A N I Z A T I O N . — Incorporated in N e w Y o rk on M a rch 22 1909 as a
and is now past due: 2d M . fell due J u ly 1 1913 and the 3d M . A p ril 1 1921.
O peratin g
N et
Other
Charges &
Balance,
consolidation of the Rochester R y . C o ., the Rochester & Sodus B ay R y . C o .
B oth issues of S tillwater & M echanicville bonds fell due A p ril 1 1913.
Revenues.
E a rn in g s.
Incom e.
Taxes.
D e fic it.
and the Roch. & Eastern Rapid R y . C o . (as per plan V . 88, p. 53, 823,945),
E A R N I N G S . — F o r calendar years:
and on O ct. 17 1912 the P . S. C o m m , approved the further merger w ith the
$15,460
1 9 2 5 --............ -$ 8 3 3 ,9 2 5
$74,214
$450,037 def$360,363
Utica & M ohaw k Valley R y ., Oneida R y ., Syracuse Rapid Tra n s it R y . and
1 9 2 4 ..................... 9 1 0 .2 1 5 d e f 2 4 .8 1 0
73,683
478,407
429,534
Rochester & Suburban R y ., all of whose stocks had already been owned.
1923.........
962,772
57,778
75,337
460.822
327.707
V . 95, p. 1040. A ug. 28 1919 the co. merged into itself the East Side T r a c ­
180,003
1922___________1,245.843
39,263
469,463
250.197
tion C o ., the entire stock of which had been owned since 1912. Compare
f L atest E a rn in g s.— F o r 8 mos. end. A u g . 31 1926: Operating revenues,
V . 108, p. 683. In N o v . 1925 acquired through the O ntario M o to r Lines,
$523,976: net earnings, def. $22,184; other income, $49,595; charges & In c ., a subsidiary, the franchises of three independent lines in the Rochester,
taxes, $306,466; balance, deficit, $279,055.
N . Y . territory, and planned to combine these lines into a single route.
O F F I C E R S .— -Same as for United Tra ction C o .— V . 113, p. 730. 1772.
V . 121, p. 2274, where other details are given.




S

Oct., 1926.]

POWER, LIGHT AND RAILWAY

T h e following is a list of the stocks owned by the N . Y . State Railways:
of whole am ount
Schenectady Railway C o _________$2,050,000 or 5 0 %
Syracuse Land & Steamboat C o . .
10.000 “ 100%
Syracuse & Valley Land C o _____
4,450 “ 100%
Glen Haven Im provement C o ____
14,500 “ 100%
O ntario Light & Traction C o _____
100.000 “ 100%
Rochester Electric Railway C o ___
176.600 “ 88.30%
Rochester Rys. C o -O rd . Bus Lines
150,000 “ 100%
East Ave. Bus C o .. In c ___________
16,651 “ 34 .47%
Utica R y . C o -O rd Bus Line, I n c . .
30,000 “ 100%
D arling’s Bus Line, Tnc__________
10,440 “ 100%
Rochester Tnter Bus C o __________
16,250 “ 95.30%
Also owns $55,00b~ C it y "of N 7~Y. 4 J * % coup. “ C o rp .” stock, $232,000
railroad bonds and $64,000 Lib erty Loan 4 \ i % bonds.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
On Dec. 31 1924 operated 338.99 miles of railway, of which 277.63 miles
owned, 60.96 miles leased, and .40 trackage rights. Miles main single
track, 544.63 (of which 428.82 miles owned, 115.03 miles leased and 78
miles trackage rights); sidings, & c., 52.53 miles; total track mileage. 597.16.
Miles of railway owned, leased and operated by subsidiary cos., in a d d itio n
to mileage operated directly by N Y . State Railways.
Owned.
L eased.
Operated
a Rochester Electric R y ______________________ 4.71
--------------a Ontario Lig h t & Tra ction C o _______________2.53
____
____
b Schenectady R ailway C o __________________ 60.29
12.99
73.28
T o t a l____________________________________ 67.53
12.99
73 28
a Leased to N . Y . State R ys. b N Y . State R ys. owns a half interest
Has 784 passenger, 17 express and 149 other cars (including 1 electric
ocomotive) and 39 snow plows: total. 989.
Franchises in Rochester are practically perpetual and exclusive, with
exception of a few extensions which run for 50 years.
Contract for P ow er.— Power for Rochester lines Is supplied under a long­
term contract with the Rochester Gas & Electric C o r p .. whose entire com
stockisowned by M ohaw k Valley Co . (in turnow ned by N Y . Central R R .)
Power for Syracuse lines supplied by Niagara Lockport & Ontario Power Co.
and Utlca-Oneida lines supplied by Adirondack Power & L ig h t Corp.
V alu ation .— A t a hearing held before the P. S. C o m m , on Feb. 26 1919
the appraised valuation of the co. was given as $53,326,235. For valuation
of the co.'s property in Syracuse see V . I l l , p. 1472. See also V. I l l
p. 2521. For valuation of Utica lines see V . 112, p. 63. For valuation by
Board of Appraisers for the city of Rochester, in A ug. 1921. see V . 113.p.849
Fares.— See “ Electric R ailw a y” Supplement of A p ril 26 1924. Fares on
the Rochester C it y lines increased Jan. 1 1926, see V . 121, p. 3132. Fare
increases granted to the Utica lines in A u g . 1926. V . 123, p. 1114.
Co. A u th orized to O perate P u ses.— See V . 116, p . 2389. See also V . 117
p. 1236, 2110; V . 118, p. 552. 1392, 1774.
8TO CK A N D BONDS—
D a te.
Interest. O utstan din g.
M a tu rity
Comm on $19,997,700 ^$100)...............
Q -J
$19,952,400
See text
Pref $3,862,500 tSIOO) 5 % c u m ____
Q -J
3.862 500
See text
1st cona M Ser A .B 50.000.000( 1912 4 H -6 4 * g M -N 16.457.000 N o v 1 196i
g ild r$i .000)_ . . c*& r*tfi Security T ru s t C o . of Rochester, trustee
_
(Interest at Treasurer's office, New Y o rk .
Rjchester R y Consolidated I 1890 5 g A -O
2,386.000 A p ril 1 1930
Mortgage $3,000,000 ($ 1,-iInterest at Treasurer's office. New Y ork
0001 g o ld _______________c*.Bankers T ru s t C o ., New Y o rk , trustee
Koch R y 2d M $1,500,000, 1893 5 g J -D
1 500.000 Dec 1 1933
gold '$1,000)___________ c * lln t . a tTre a s . office. S e c .Tr.C o .,R o c h .. trus
Utica & M ohaw k Vail 1st M l
1901 4 ^ g M -S
2,268,000 Sept 1 1941
541000,000 gold ($1,000)(Interest at H arris, Forbes & C o .. New Y ork
c* _____ cannot be called I New Y o rk Tru s t C o . New Y o rk , trustee
Utica Belt 1st mtge $500,000/ 1889
5 M -N
son 000 N o v 1 1931
gold ($1,000)_____________ li n t , at Treas. office. N . Y . T r . C o . , N .Y .,t r u a .
Utica Belt 2d mtge $200,000 ( 1891 5 J -J
39.000 Jan 1 193;
gold ($500) ----------------------- c )In t . at Treas. office. N . Y . T r . C o . , N .Y .,t r u s .
Syrac R T 1st M ($3,250,000) I 1896 5 g M -S
2,500 000 M a r 1 1941
gold ($1,000)___________ c*\Guaranty Tru s t C o ., New Y o rk , trustee
do 2d mtge $750,000 ($1 J 1900
5 g J-.T
654 000 Jan 1 193f
000) g o ld _______________
(In t . a tTre a s . office. U nion T r . C o ., Cleve.,tr
East Side Tra ction 1st M f 1899
5 J -D
250 000 June 1 1921
$250,000 ($1,000) g o ld .. I In t. at Treas. office. Union T r . C o ., C le v ., tr
Real estate mortgages_______ ___
____
36.000
Stock.— Preferred stock can be increased only with consent of twothirds of outstanding preferred stock, and holders are to have right to take
their proportionate shares of such increase.
Stock is subject to call at 110
upon any d iv . day on 30 days’ notice. V . 88, p. 945.
Both stocks are
li ted on N . Y . Stock Exch. See official statement, V . 92, p . 951.
B on ds.— O f the first consol, bonds outstanding, $3,000,000 tser. “ B ” ) bear
int. at 6 )4 % and $13,457,000 (ser. “ A ” ) at 4 ) 4 % , $10,561,000 are reserved
to retire underlying bonds. V . 114, p. 1651. T h e remaining bonds may bt
issued for equipment, iinpts., & c.. to the extent of 9 0 % of the cost, and for
acquisitions at actual cost, provided in each case that the annua) net
income (Including net income on securities owned) shall be one and onehalf times the annual interest charge on all bonds, including underly­
ing bonds then outstanding and any add'l 1st consols, desired to be issued.
Ser A bonds are red at 105 & Int on 60 days' notice
V 95. p 1208; ar-.
Isted on N Y Stock Exchange; exempt from Federal, State, county auo
municipal taxes.
Rochester R y . cons. & 2d mtge. bonds cannot be called.
Syracuse Rap. T r a n . 2d M . bonds are subject to call on any interest date
D iv id e n d s.— 1 )4 % on pref. paid J u ly 1909 and quar. to and incl. A pril
1918
None to Ju ly 1922 when 1 % was paid together with 5 % on acct
of arrears. In O ct. 1922, 1 M % and 5 % on acct. of arrears, In Jan, 1923
I H % and 1 0 % on acct. of arrears, clearing up all accumulated divS (D
arrears. V . 115. p . 2686. In A p r. 1923. 1 M % ; J u l y , 1 X % ; O c t .. 1 M %
In 1924, 5 % . In 1925, J a n ., 114% : A p r ., 114% : J u ly . 1 )4 % ; O c t., post­
poned. V. 121. p. 1348. 1462. On com ., 1 )4 % quar. from J u ly 191 (M o
J u ly 1914; O ct. 1914, 1 % . V . 99. p. 894. In 1915. 4 % ; in 1916, \ % % \
In 1917, Ja n ., 1 % ; A p r ., 1 % ; J u ly , 1 % . None to Jan . 1923, when 1 )4 %
was paid. In A p r. 1923, % of 1 % was paid. In J u ly 1923 % of 1 % ;
O c t., % of 1 % . N one since.
E A R N I N G S . — -Combined statement for calendar years (after allowing
for inter-com pany charges :
Gross
N et. after Other
D educS in k.
D ivi- B al.,S u r
Revenue.
Taxes, dec.Incom e.
tio n s.
F u n d,
den ds.
or D ef
$
$ $
$
$
$
S
X 1 9 2 6 -- 6,939,667 1,400,172
1,4351,020,986 21,084 128.750 230,787
1925 — -10.027,907 2,134 868 132 9421.507,672 32,664 193,125 534.350
1924.-.1 0.3 58.8 64 2,389,814 125.072 1,478.479 34.636 193.125 808.646
1923 ...1 0 ,8 0 3 ,0 0 0 2.297,700
76,869 1,451,177 34.130 641.887 247.374
1922 ...1 0 .5 0 1 .7 6 5 2,109,365 97,4221,435,518 34,740 492,300 244,229
x 8 months ended Aug. 31 1926.
O F F I C E R S .— Pres..James F .H a m ilto n : V .-P ’s.W alter N .K e rn a n . U tica,
and Benjam in E . Tilto n , Syracuse; Sec. & Treas., H . L . R eichert;Gen. A u d .,
J . M . Joel, Rochester, N . Y . — V . 120, p. 958, 2012, 3188; V . 121, p. 1348,
1462, 2039, 2274, 3132, 1026, 1310; V . 123, p . 582, 1114.
(1) S C H E N E C T A D Y R A I L W A Y .
E n tire stock is owned jointly by the N . Y . State R ys. and the D e l. &
H u d . C o ., one-half by each. V , 80, p . 652; V . 87. p . 286, 545; V . 88. p 54
O R G A N I Z A T I O N . — Incorporated in New Y o rk . A reorganization od
Feb. 11 1895 of Schenectady Street R y . C o ., which was chartered in 1886
Controls the entire street railway business in Schenectady and owns and
operates double-track lines to A lb a n y , T r o y and Ballston Spa, and, under
traffic agreements w ith the Hudson Valley R y ., from Ballston Spa to
Saratoga Springs. Has trackage rights over the United Tra ction C o .’s
tracks into A lbany and T r o y . Franchises perpetual
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
A trolley road. Operates 140.57 miles of track, of which 115.33 miles owned
and 25.24 miles operated under traffic agreements. 70, 75, 78 and 80-lb. T
girder rail. Has agreement w ith Fonda Johnstown & Gloversville R y . Co .
(electric division) whereby latter company operates its cars into Schenec­
tady. Operates 149 motor and 33 other cars.
F ares.— See “ Electric R ailw a y” Supplement of A p ril 26 1924.
To O perate B uses.— V . 116, p. 1761.
S TO l R A N D BUNDS—
Dait.
Interest. O utstan din g.
M a tu rity
$4,100,000
Set tex t
S tock $7.000,000 ( $ 1 0 0 ) . .....................................
First mortgage $20.000.uo0f 1916
5 g M -S
2,676.000 M a r 1 194f
gold ($1,000)__________ c * . ( U S. M tge. & T ru s t C o .. N . Y . . trustee
B on ds.— $324,000 additional bonds may be Issued to retire floating debt
and for other corporate purposes. Remainder of first $5.000,000(Ser,“ A " )




85

may be issued from time to time for cash cost of extensions and permanent
improvements. Bonds in excess of $5,000,000 may only be issued for 80%
of cost of extensions. & c .. under conservative restrictions, and m ay bear
Interest, not exceeding 6 % , and be callable under such terms and condition*
ns the directors may determine. Ser. “ A " bonds are callable at 102)4 and
Int. on any in t. date. Exe m p t from N . Y . State, county municipal pertonal property taxes. V. 102, d . 887.
D iv id e n d s.— In itia l d iv .— 2 H % — in 1906; 1907 and 1908. none, in 1909;
4 % ; 1910. 6 ) 4 % : 1911 to 1915, 6 % ,. In 1916, 5 % .
In 1917, 3 H % .
None since.
E A R N I N G S . — F o r calendar years:
Balance,
Oross
I\lei (after O ther(net) D educSur or D ef.
E a rn in g s.
T a x es).
In co m e.
tio n s.
1925______________ $1,680,924 $298,717
sur.$66.128
$2,664 $235,253
1.688,475 150,371
2.218
205.994
def.53.405
1924..................
def.846.536
1923_____________ 1,194,656df 686.742
1.818
161.612
sur.89.598
1922........................... 1,776.451
234.740
1.905 147.047
O F F I C E R S . — Pres., E d w in M . W alker; Sec. & Tre a s ., J . B . M ahan;
A u d ., W . F . S m ith.— V . 118, p . 312; V . 121. p . 979.

E IG H T H AVENUE RR.
P roposed M erger.— O n O ct. 18 1926 stockholders were to vote on merging
w ith N in th Ave. R R . V . 123, p 1875.
O R G A N I Z A T I O N . — Chartered Jan . 10 1855. Road was leased to M et.
St. R y ., now New Y o rk Railways, for 99 years from N o v . 23 1895 at rental
of $2i5,000 per annum , which provided for interest on the scrip and 16%
dividends on stock, besides all taxes. Th is lease was terminated, however,
by an order of Judge M ayer in the U . S D istrict C o u rt as of Aug. 1 1919,
separating the company from the receivership of the New York Railways.
T h e company is now operated by its stockholders
Transfers are neither
given nor accepted. V . 109, p. 1271; V . 109, p. 172. See also V . 109, p.
270. Underground electric traction system used betweem 158th St. and
Cortland St. V . 67. p. 178, 956.
O n N o v . 28 1913 the P. S. C o m m , authorized the issuance of $750,000
6 % 5-year certificates, dated Feb. 1 1914, replacing the same amount of
certificates Issued in 1884 and due Feb. 1 1914. T h e $750,000 scrip of 1914
originally fell due in Feb. 1919 but has been extended to Feb. 1929.
In M arch 1922 the com pany obtained a mortgage loan from the Farmers’
Loan & T ru s t C
on certain real estate. V . 114. p. 1179.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Underground trolley com pany operating in N e w Y o rk C it y . To ta l track
owned and operated, 20.389 miles.
S TO C K A N D BONDS—
P ar.
In terest. O utstan din g. M a tu rity .
Stock------------------------------------------------ $100
Q uar.
$1,000,000 See text.
Scrip of 1 9 1 4 ..______ ________
100 6 F -A
750.000 Feb 1929
Scrip of 1914 replaces same am ount of scrip of 1884 which fell due Feb. I
1914. Again, in 1919, extended to Feb. 1929. Redeemable any int. day.
E A R N I N G S . — For calendar years:
G ross.
N e t.
T axes.
In t.D e d u c .
B a l.,D ef.
1923-----------------$1,266,960
$11,547
$99,620
$133,892
$221,964
120 259
91,932
115.703
87,376
1922---------------- 1,291.369
E a rn in g s 1925 & 1924.— F o r 1925 gross was stated to be $1,067,964 and
net corporate deficit $106,120; for 1924 gross, $1,167,561 and net corporate
deficit, $104,066.
L a test E a rn in g s.— F o r 6 months ended June 30:
1926.
1925.
Gross revenue____________________________
$475,382
$534,589
N e t (including other in c o m e )__________
def$68,999
def63,774
Fixed charges____________________________
14,249
12,453
N e t corporate deficit_________________
83,248
76,227
— V . 122, p . 347, 2190; V . 123, p . 1875.

T HE N IN T H AVENUE RR. CO.
P roposed M e r g e r .— On O ct. 18 1926 stockholders were to vote on merger
of com pany w ith E ig h t A venue R R . V . 123, p . 1877.
O R G A N I Z A T I O N . — Chartered J u ly 29 1859. T h e road was leased to
the Houston West St. & Pavonia F e rry R R ., later the N e w Y o rk Railways,
for 99 years from M a rch 12 1892, b u t on Sept. 26 1919 Federal Judge M ayer
jrdered the receiver of the New Y o rk Railways to return the line to ita
jwners for Independent operation beginning O ct. 1 1919. Transfers are
low exchanged with the Sixth Avenue R R and the Colum bus & N in th
Ave R R
See V 113. p. 293. Com pare V . 109. o. 1273. V . 116, p 1050.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
A subsurface contact electric road. C o rtland St. to 126th S t., total track
owned and operated 16.883 miles.
C A P I T A L I Z A T I O N . — Stock. $800,000, par $100; dividends Q . - J .
E A R N I N G S — For cal. years:
G ross.
N e t.
Taxes.
I n t. D edu c.
B a l.,D ef.
1923_________ 508.298
def48,191
58.531
18.143
124,865
1922_________514,878
def30,078
53,800
17.700
101,578
E a rn in g s 1925 & 1924.— F o r 1925 gross was stated to be $497,356 and net
corporate deficit, $177,011. F o r 1924 gross. $483,117 and net corporate
deficit $105.067.— V . 122, p . 348, 2192; Y . 123, p . 1877.
L a test E a rn in g s.— F o r 6 m onths ended June 30:
1926.
1925.
Gross revenue________________
$247,438
$239,181
N e t (including other income)
def66.739
95,779
Fixed charges________________
25,009
23,962
N e t corporate deficit_________
91,748
119.741

SECO ND AVENUE RR.
R eceivership.— In Sept. 1908 Justice Bischoff in Supreme C o u rt appointed
George W . Linch separate receiver in suit by G ua ra nty T ru s t C o . to fore­
close consolidated mortgage. A t m idnight on N o v . 12 1908 receiver
took possession of the property. Charles E . Chalmers is now receiver.
D iv on stock due June 1908 was defaulted. Default of int. on bond*
occurred as follows: 1st (gen.) m tge., N o v . 1 1908 (subsequently retired:
V . 91, p. 1255); first consols, A ug. 1 1908: debentures, J u ly 1 1908. A
committee was formed to protect the interests of the first consol. 5 %
bonds. V . 87. p. 347, 1238. O n O ct. 1 1910 Justice Amend in Supreme
C o u rt authorized receiver to issue $2,500,000 receiver’s certificates to be
used to retire $1,280,000 gen. consol. 5s and $500,000 receiver’s ctfs. due
O ct. 1 1910. and for franchise taxes, impts. and equip. V . 91, p . 946.
In Jan . 1911 $500,000 additional ctfs. were authorized for impts. and equip.
V . 92, p. 264. As these m atured, various other issues were made from time
to time. In O ct. 1913 $3,200,000 1-year 6 % receiver’s ctfs. were author­
ized to retire $3,140,000 falling due O ct. 1 1913, which have been extended
from year to year. V . 105, p. 1310; V . 107, p. 1386; V. 119, p. 457. Th e
interest due A p ril 1 1918 on these ctfs. was deferred until M a y 1 1918
( V . 106, p. 1578). O ct. 1918 interest was paid when due. V . 107, p . 1386.
T h e O ct. 1 1919 int. was not paid when due. V . 109, p. 1462.
Anticipating the default in the payment of the O ct. 1 1919 int. on the
$3,140,000 6 % receiver’s certificates, the following committee was formed
in J u ly 1919 to protect the interests of the holders (V . 109, p. 1462, 2357):
Com m ittee fo r 6 % Receiver's C ertificates.— Chairm an, George E . W arren;
A . A . Jackson, Geo. E . Barstow J r ., Herm an D . Kountze, J . F . B . M itchell;
Sec'y, A rth u r W . H utchins, 60 B ’w ay, N . Y . C it y . Depositaries, Irvin g
Bank-Colum bia T r u s t C o ., N . Y . , and the G ira rd T r u s t C o ., Phila. In
Dec. 1919 $2,787,000 (about 9 0 % ) of these ctfs.had been deposited w ith
the committee. V. 109, p . 2357.
Foreclosure S u it.— O n Dec. 16 1919 a summons and com plaint in a suit
for the foreclosure of receiver’s certificates were filed on behalf of the pro­
tective committee (see a b ove). For details see V . 109. p. 2357. T h e .N Y .
Supreme C o u rt ordered the sale of the property under this suit on Sept. 1
1921. but sale has been postponed. V . 113, p. 732. 1054.
R eorgan ization .— In J u ly 1924 it was reported that plans for the reor­
ganization of the co. had virtually been completed and that the plan would
probably be effected in the late summer or early fail. V . 119, p . 457.
,\o further information since.
Sule of Real Estate U nder Foreclosure.— As a result of foreclosure pro­
ceedings against the co.. the southwest corner of 2d Ave. aud 127th S t., a
vacant plot, was sold at auction in 1921. Compare V . 112, p. 163.
Inju nction A g a in st B uses.— On J u ly 22 1925 an injunction was granted to
Charles n . Chalm ers, receiver, restraining c ity officials from operating
bus routes in territory served by the com pany. V . 121, p. 461.
O R G A N I Z A T I O N . — Chartered Ja n . 21 1853. W as form erly leased to
Metropolitan Street R y . V . 66, p . 185.

86

PUBLIC UTILITIES

F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .— A n
underground electric road. Tra c k operated, 23.90 miles.
S E C U R IT IE S —
P a r.
In terest.
O utstan din g. M a tu r ity .
Stock $2 500,000 ($100)............ $100
9 Q -M
$1,862,000
See text
Receiver’s certificates___ c n tf / 1000 6 A -O
3,140,000
See text
(Callable at 100 and interest.
Debentures of 1889________n t f 1000
5 J -J
38,000 Jan 11909
First cons M gold $7,000,000/ 1000 5 g F -A
5.682,000 Feb 1 1948
1898 guar p & i end___c*tf (G u a ra n ty T ru s t C o ., N ew Y o rk , trustee.
O f the new first consol. 5s, $1,369,000 were reserved to retire securities
of earlier date. V . 66, p. 900. F o r mistake of trustees in exchanging some
5s of 1909 for consolidated 5s of 1948, see V . 76, p. 654.
E A R N I N G S . — F o r fiscal year ending June 30:
Total
'Sun* 30
N e t (after
Y ear—
Receipts.
In terest.
Taxes.
Rents.
1925_______ ___ $1,051,572
$56,886 $207,880 $1,268
1924_______ ------- 1.087.139
1.268
92.500
216.927
1923_______ ------- 1,018.206
26,368
207.936
1.268
1922_______ ____1,013,703
def.42,937
192.899
1,268
1921_______ ____
961,026 def.100,981
188.400
1,271
F o r calendar year 1922, gross, $1,001,942; net after taxes,
1921, gross, $986,664; net, after taxes, def., $91,835.

S u rp lu s or
D e fic it.
def.$152.264
def 122.377
def. 180.416
def.237,105
def. 290,652
$39,228. In

[V ol. 123.

ling interest in the N o rth ern Electric R y ., which owns entire stock of the
Northern Electric Street R y . T h e Northern Electric Street R y . is leased
for 900 years from J u ly 1 1910 to the Scranton & Bingham ton Tra ction C o .,
which has assumed the former's bonded debt.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
40 miles in operation between Scranton and Montrose, w ith a 6-mile branch
to Lake W inola. T h e road as projected will extend to Bingham ton, N . Y .
22 passenger cars. 5 freight and 3 service cars. Gauge, 4 ft. 8 A in .
STO C K A N D BONDS—
D a te.
Interest. O u tstan din g. M a tu r ity .
__________
See text ___________
Stock $3.000,000____________________
1st mtge sink fund $10,000,000 1919 6 A -O
$1,800,000 O ct 11949
6 % income bonds ($ 4 0 0 ,0 0 0 )-- 1919 ___________
N one O ct 1 1949
Northern Elec St R y $1,200,-/ 1907 5 J - D
1,200,000 June 1 1957
000 ($500 & $1,000)_____ c*| In t.a t A nthracite S. B k ., W ilkes-Barre, trua
Stock.— Of the common shares none are issued except directors’ qualifying
shares.
B onds.— Northern Electric Street R y . bonds are redeemable at 1105(and
Interest. Sin kin g fu n d of $10,000 per annum began Dec. 1 1912.
O F F I C E R S . — Pres________________ ; V .-P ., R . W . D a y ; Sec. A . W id dowfield; T r e a s . , ______________ Asst. Sec. & Tre a s ., Jas. J . M offa t.—
V . 116. p. 645.

L atest E a rn in g s.— F o r 6 months ended June 30:
Gross revenue______________________________________
N e t (including other incom e)______________________
Fixed charges______________________________________
N e t corporate deficit______________________________
— V . 119, p . 457; V . 121, p. 461.

1926.
$509,765
24,146
104,721
80,575

1925.
$417,848
16.597
94,071
77,474

NEW Y O R K & HARLEM RAILROAD.
C on trol.— T h e N ew Y ork C entral RR. Co. owns 111,028 shares of the
common stock and 22,859 shares of the preferred stock.
O R G A N I Z A T I O N . — Chartered A pril 25 1831. Owns also a steam road
leased to New Y o rk Central, its securities, which cover the electric roads as
well as the steam line, being described under the title New Y o rk & Harlem
among steam railroads in our “ R ailway and Industrial” Section.
T h e electric (form erly horse) lines (18.95 m . of track) were leased to the
M etropolitan St. R y ., now N ew Y o rk R ys ., for 999 years from June 11
1896 but the rental due D ec. 26 1918 having been defaulted, Judge M a y e r or­
dered the N ew Y o rk R ys . C o . to terminate this lease and return the line to
the com pany effective Jan . 31 1920. V . 110, p. 360. Dividends from
rentals of street railw ay lines discontinued since O c t. 1918 due to non­
paym ent of rentals in question.
C o m p a n y’s capital stock consists of 173,121 common shares and 26,879
preferred shares, par $50. Its $12,000,000 3 l % gold mortgage bonds,
A
due M a y 1 2000, are guaranteed b y New Y o rk Central R R . Co.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
A n underground electric railroad. Line oper. electrically from M a rc h 1898
from C it y H a ll to 135th St. 8.73 miles of track.
M in o r ity Stockholders' C om m ittee.— Ernest Sturm , W illiam D . Seholle
and E d w in Th o rn e . F o r notice sent out b y committee see Y . 118, p 2438.
F o r com mittee’s circular letter re sale of properties to Charles L . Craig,
see Y . 122, p . 2800, 2496.
E A R N I N G S . — Calendar years:
1925.
Operating revenues____________________ $1,282,737
Operating income____________________ def. 179.166
Other income_________________________
12,113
T o ta l income_________________________ def.167.053
Rents and miscellaneous charges____
170,412
Interest charges______________________
80,279
D eficit for years.

$417,744

L atest E a rn in g s.— F o r 6 mos. end. June 30:
Gross revenue______________________________________
xN et revenue (including other incom e)___________
Fixed charges______________________________________
N e t corporate income_____________________________
x Includes income from steam line.

1924.
$1,457,413
91.001
12.597
103,598
113,221
90,047

1923.
1,489,113
82,588
12,890
95.478
114,138
65,941

$99,670

$84,601

1926.
$610,690
629,229
307,955
321,274

1925.
$675,773
670,849
300,714
370,135

O F F I C E R S . — Pres., P . E . Crow ley; V .-P s ., A lbe rt H . H arris and John
L . B u rd e tt; Sec., E . F . Stephenson; Tre a s ., H a rry G . Snelling: C o m p t.,
W . C . W is h a r t — V . 120, p . 2684; V . 121, p . 200; V . 122, p . 2496, 2800.

MANHATTAN B R I D G E T H R EE -C E NT LINE.
O R G A N I Z A T I O N .— In c o rp . in N ew Y o r k . Began operat’g in Sept. ’ 12.
Franchise to operate from Flatbush A ve . (Brooklyn) to M an h atta n aproved b y the P . S. C o m m , on A u g . 14 1912. V . 94, p . 912; V . 95, p . 420
ee also V . 114, p. 2823. See decision regarding franchise in V . 116, p. 296.

S

F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Operates 4.02 miles of track from Canal St. and Bow ery, N . Y . , over
M an h atta n Bridge, through Flatbush A v e . Extension to Fu lto n S t.,
B ro o k lyn . 16 cars.
S T O C K . — A uthorized, $1,000,000: outstanding, $450,000.
D iv id e n d s.— In itial quar. dividend o f l A % p a id M a r. 1914 (V . 98, p . 523);
■ame rate quar. to and Incl M a rch 1916. None to June 1918, when 1 M %
was paid. Same rate pa d regularly quar. to and incl. M arch 1923
None since un til D ec. 1925 when 1 % was paid. In 1926: M a rc h , June
and S ep t., each 1 %
E A R N I N G S . — F o r years iended Ju ne 30:
D iv iOther Taxes, Rents,
Gr o s s .
N et
B alance,
den ds.
S u r. or D ef.
E a r n in g s. E a rn in g s. Incom e. A m o rt.& c .
$13,500
sur.$265
1926— ....$ 2 3 9 ,6 5 0 $40,659 $7,822 $34,716
36,743
None sur. 7,655
37,723
6,675
1925— .. . . 260,192
40.580
None
2,181
37,479
5,282
1924 — .. . . 277,074
42.610
39,795(354 % ) 16.875
5,115
def .8,945
1923 — .. . . 284,898
62.474
4,192
41.832
(5 % )22 .50 0 sur. 2.334
1922 — .. . 285,059
42.462
(5 % ) 22.500 sur. 3,679
64.7 27
3,914
1921 - . . . . 292,705
T o ta l surplus June 30 1926. $20,861. Passengers carried during 1925-26.
8,452,344: 1924-25. not available: 1923-24, 10.929.372. in 1922-23, 11.247,763; in 1921-22, 11.251.873 were carried, against 11.560.501 in 1920-21.
O F F I C E R S . — Pres.. Fred'k W . Rowe; V .-P re s., Frederick D . M ackay
Bee. &. Tre a s ., W alter H a m u iitt.— V 116. p. 296, 2767.

VAN BRUNT S T R E E T & ERIE BASIN RR.
O R G A N I Z A T I O N . — Chartered Feb. 15 1861.
F I E L D O F O P E R A T I O N S A N D C I I A It A C T E R O F B U S IN E S S .—
A trolley road. Tra c k 2 32 miles, changed to electricity in 1898. 14
parsenger cars
C A P I T A L I Z A T I O N . — Stock. $200,000. all Issued; par. $10. Bonds.
$75 000 1st mtge authorized $31 000 out
E A R N I N G S .— Gross earnings for 1925 were stated to be $19,472
Com pany paid In 1925 the merest on its bonds but no stock d i v i d e n d
Earnings for year ending June 30 1922. gross, $66,461: net after taxes.
$748 other Income $974. Int., &c.. $2,137; bal., def.. $415.
Latest E a rn in g s.— Gross income for 12 mos. end. June 30 1926 was stated
to be $51.290. N o dividends were paid.
O F F I C E R S . — Pres Edward M . De Coster; V .-P ., Wvll.vs T e rry ; Sec.
and Treas . George D T t r r y
Office. 264 Van Brunt S t.. Brooklyn. N . Y . —
V . 108. p . 2331; V . 109. p . 677. V I I I
p 390; V. 121. p. 1910.

SCRANTON, MONTROSE & BIN GHA M TON RR.
O R G A N I Z A T I O N . — Successor to Scranton A Binghamton H R which
W
at* placed in receivership June 1918 and later sold at public sail' and pur­
chased by bondholders protective committee and reorganized Aug 25 1919.
Owns the entire stock of Scranton & Bingham ton Tra ction C o ., a control-




B IN G H A M T O N RAILW AY CO.
H isto ry o f P revious a n d Present R eceivership.— T h e receivership which
had been in effect since O ct. 8 1918 was lifted Feb. 23 1924 b y order of
the C o u rt and the receiver discharged. T h e liabilities which brought
about the receivership were liquidated through the issue of gen. & ref. 6 %
bonds, due Jan . 1, 1939, secured b y a mortgage w ith lien subordinate to
existing mortgages.
A reorganization committee (H a r r y E vers, Chairm an; W alte r H . M orse,
and J . H . Pardee; Sec., H . C . Hasbrouck, 61 Broadw ay, N . Y . C i t y ),
at the request of co. officials and certain security holders, p u t out under
date of June 6 1925 a R eorganization P la n , which, however, was opposed
b y certain holders of the 1st consol. 5 % bonds who organized a bondholders’
protective committee. In A ug. 1926 practically all the bonds that had
been deposited w ith the protective committee were purchased b y other
security holders who turned them over to the reorganization committee.
T h e bondholders’ protective committee has since ceased to function.
V . 121, p . 1567.
T h e principal amounts ($147,000) of B in g h ., Lestershire~& U n io n 1st
mtge. 5 % bonds, due June 1 1925 and Bingham ton R R . 1st mtge. 5 % bonds
due Ju ly 1 1923 ($452,000), are in d efau lt. On Sept. 1 1925 W illiam
H . R iley and E . M . W alker were a p p o in ted equity receivers. V . 121, p.1675.
O R G A N I Z A T I O N . — Is a consolidation Sept. 30 1901 oftheBingham ton
R R . C o . (chartered A ug. 11 1892 as a consolidation of all street railways in
city) and the B ing. Lestershire & Union R R . Principal franchises granted
by special Acts of Legislature and are perpetual and practically exclusive.
U p to 1924 co. had been controlled by Scranton Montrose & BinghamtoD
R R . Co.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .— A
trolley road. Operates 49.52 miles of track. Connects Bingham ton with
Johnson C it y , Hooper, End ico tt, and Port Dickinson. Standard gauge,
94 -lb . to 103-lb. T and girder rail; 81 m otor cars.
S TO C K A N D BO ND S—
D a te.
In terest. O u tsta n d in g . M a tu r ity .
4 F -A
$978,995
See text
Stock $1,150,000 ($100)______ _____
Bing Lest & U n 1st M $250,- f 1895 5 g J - D
147,000 June 1 1925
000 gold prin & in t gu ar, tf (Interest at M etropolitan T r u s t C o ., N . Y .
t Bingham ton T ru s t C o ., trustee.
Bingh R R C o 1st M $900,0001 1893 5 J - J
452,000 J u ly 11923
In t. at M etropolitan T r u s t C o ., Trustee.
1901 5 g M - N
1,745,000 N o v 11931

I

B o n d s.— O f the Bingham ton In t. . at Fidelity T r u s t C enough are reserved
R y 1st consol, mtge. o ., Buffalo, trustee,
or remainder for acquisitions, extensions,
to retire underlying bonds and the Seaboard N a t. Ban k , N e w Y o rk .
& c., under certain restrictions. T h e y are subject to call at 110 and int.
Exem pt from N . Y . State, county and municipal personal property taxes.
See V . 73, p. 1312; V . 78. p. 701; V . 88. p. 748. In N o v . 1925 receivers for­
warded to the F id e lity Tru s t Co . of Buffalo $47,525. representing interest
due M a y 1 on the consol, mtge. bonds. V . 121, p. 2401. In A p ril 1926
Federal Judge Cooper ordered receivers to pay $47,000 interest on M a y 1.
V . 122, p . 2648. See also above under “ Receivership.”
D ivid en d s.— 2 % was paid Ja n . 31 1902; 2 % M a r . 3 1903; 2 % A p ril 11
1904 and 2 % A p ril 10 1905. A scrip dividend of 2 0 % was paid A p ril 18
1905. In 1906 to 1910 incl., 2 A % yearly. In 1911. Sept., 3 % . In 1912.
and 1913, 4 % . In 1914, F e b ., 2 % . N one since.
E A R N I N G S . — F o r calendar years:
Gross.
N e t.
I n t. & Taxes. B a l., S u m
1925 --------------------------------------$1,123,171
$329,724
$216,688
$113,036
1924
1,048,753
258.846
236,060
22,786
1923
1,073,723
325,733
217.107
108,626
1922
1,027,057
316,628
211,294
106,334
1921
987.130
285.036
198.593
86,443
O F F I C E R S . — Pres., F . L . F uller; V .-P ., A . J . Stratton; Sec., F . W .
Ogden; Tre a s ., E . M . W hite. Office, Bingham ton, N . Y . — V . 120.
p . 700, 3063; V . 121, p . 1459, 1567, 1675, 2401; V . 122, p . 2648.

B U F F A L O & ERIE R Y .
C ontrol.— In D ec. 1924 International Utilities C o rp . (V . 119, p . 2411)
acquired control of the co. V . 119, p. 2876.
O R G A N I Z A T I O N . — Incorp. in N . Y . in J u ly 1924 and'acquired as per
plan for reorganization of the Buffalo & Lake E rie Tra ctio n C o . (outlined
in V . 118, p 1770; see also V . 119, p. 1732) the interurban division of that
co. extending from Six M ile Creek in Pennsylvania to a point on the H a m ­
burg Tu rn p ik e at the westerly city line of the city of Buffalo, N . Y . F o r
history of Buffalo & Lake E rie Tra c . C o . and sum m ary of reorganization
plan, see “ Electric R ailw a y” Supplement of A p ril 26 1924.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S TN E S S
T h e co. operates a total of 125.07 miles from the business centre of Buffalo,
N Y . to the business centre of Erie. Pa., and has acquired title to 111.5
miles consisting of 77 miles of main track 41 5 miles heing over private
right-of-way owned in fee simple and 35.5 miles on streets or public ways;
and 3 1 5 miles of second track, sidings and spnrs. T h e balance of 11.2
miles located within the city limits of Buffalo and Erie is operated
under trackage contracts nr other arrangements over the city li ies
Other
property includes 5 substations I car barn. 398 miles of telephone, feeder
and distribution lines, and equipment consisting of 28 passengers cars,
5 freight motor cars. 14 trailer freight cars and 7 service cars
lias terminal
facilities for passengers and freight at Erie, Pa.; Westfield. N . Y . , and
Buffalo. N . Y . C ity lines are operated in D unkirk and Fredonia, N . Y .
In Sept 1925 the N . Y . I’ . S. <’omrn denied a petition of the co. for
consent to abandon a portion of its line in Fredonia. V 121. p. 1567.
Exchange Offer:— For offer to pref stockholders to exchange their holdings
for ' A " aud “ B " stock of the International Utilities C o rn .. see V . 120. p.9 5t.
S TO C K A N D BO N D S—
D ate.
Interest. O u tsta n d in g . M a tu rity .
________
30.000 shs. ___________
Com m on 30 000 shs (no p a r ) . ____
Prcf 5 % non-cum $1,500,000
($ 1 0 0 ),.........................................................................
$700,500 .....................
1st mtge sk fd $1 .500.0001 1921
6 A g J -J
99 .000 J u ly 11954
($500 & $1 000) gold__c*tf M etropolitan T r u s t C o , N Y . , trustee.
Equip tr tfs Ser “ A " ($500/ 1924
6 g J -D
170.000
See text
and $1.0001 gold__________ (C orn Exchange Nat Bk . of Uhila., Trustee.
H in d s.— Remaining 1st mtge. 6t§s are reserved for additions. Improvemeats &o.. under certain restrictions and for retirement of car trust
notes or obligations, par for par. Are redeemable on 30 days’ notic#
on m y interest o a li at 105 and interest tip to Ju ly I 1929, decreasing
thereafter by 1% 1< •each 5 years' period of expired life of bonds
A
sin kin g fun < of 2 % per annum of the total bonds issued will become operative
from Ju ly 1 1925
Free of the l ’euua. State tax. C o . will refund tha
N . V . State incom e tax up to 3 % ou iucome, the M ass, income tax up to

Oct., 1926.]

81

POWER, LIGHT AND RAILWAY

6 % on income and the M d . State tax up to 4 H m ills. Interest payable
the Bank of N o rth America & Tru s t C o ., P h ila ., at Chatham -Phenix
N a t. Bank & T ru s t C o ., N . ' Y . , or Banque d'Hochelaga, M on trea l, C a n .
I n J u ly 1924 Geo. Beausoleil & C o ., M ontreal, offered #850.000 at 94.90
and int. (Canadian funds), to yield 6 .9 0 % . V. 119, p. 577.
E q uip, tr. ertifs., Ser. “ A , ” are payable in semi-ann. installments of
$10,000 each from June 15 1925 to De . 15 1934. Red. as a whole only
on any div. date on 30 days notice at 103 and divs. for certlfs. m aturing
more than 5 years from the red. date, and at a premium of 4 of 1 % for
each year or fraction thereof of unexpired life for certlfs. m aturing less than
C years from the red. date. In Dec. 1924 Bown & C o ., P h ila., offered
$200,000 at prices ranging from 100 and int. to 100*4 and in t., to yield
from 4H. to 6 % , according to m aturity. V . 119, p. 3008.
E A R N I N G S . — O f reorganized co. forfcalendar years:
1924.
1925.
$647,485
Operating revenue and other income_______________
$696,707
633,326
Operating expenses, taxes, rents,& c_____________
575.657
14.159
N e t earnings_______________________________________
121,050
56,477
Fixed charges______________________________________
81.976
def42,318
39,074
Balance____________________________________________
O F F I C E R S .— Pres., P . M . Chandler; V .-P s ., Geo. M acLeod , F . W .
Bacon and E . FT. Wands; Gen. M g r ., Geo. M acLeod; Sec., H . W illiam s, J r .;
Tre a s ., H . W illiam s, J r . — V . 122, p . 346, 2649.

ERIE R AILW A YS COMPANY.
. O R G A N I Z A T I O N . — Incorp. Sept. 27 1924 and took over (per plan In
V . l l g , p. 1770) the property formerly owned and operated by the Buffalo
& Lake Erie Traction Co (for history see “ Electric Railway' Supplement
of A p ril 26 1924) in the C it y of Erie , Pa., and adjacent townships.
j
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Does the entire street railway business In the city and certain suburbs
serving a population estimated at 125,000.. Co. owns and operates a total
of about 67 miles of modern electric street railway lines in Erie, Pa. Also
owns and operates 100 passenger cars together with adequate and up-to-date
operating properties, including car shops, barns, &c. Co. operates without
competition under an 8c. fare or 6 tickets for 45c. Co. owns all of the cap­
ital stock ($40,000) of E rie Coach C o., operating 6 buses In the c ity of Erie.
D a te .
Interest.
O utstan din g. M a tu rity .
S T O C K A N D B O N D S .—
________
60,000 shs. ___________
Com m on 60,000 shs (no p a r ).. ____
________
$1,050,800 ___________
Pref 7 % cum $1.500.000 ($100) ____
6 g A -O 1,000.000 Oct
1 1954
1st & ref mtge $5,000,000/ 1924
($500 & $1,000) g ____c*tf\ Equitable T ru s t C o ., N . Y . , Trustee. 5 g A -O
1,250.000 A p ril 1 1941
Uric E l M 1st ref sink fund ( 1901
$1,250,000 gold ($1,000). Interest at New Y o rk T ru s t C o ., Trustee.
N e w Y o rk C it y .
Cannot be called----------c * tf[
__________
831.800 ___________
Brie & Sub R y m tge__________ ____
Bonds.— 1st & ref. mtge. 6s are red. all or in part on any int. date at 105
and int. beginning A p ril 1 1929, the call, price decreasing 1 % each 5-year
period thereafter to m a tu rity. M a in t. and renewal fund provided for.
In t . payable in N e w Y o rk . Free of Penna. 4-m ill tax. In N o v . 1924
M y ro n S. H a ll & C o ., N . Y . , sold $1,000,000 at 95 and in t., to yield 6 % % .
V . 119. p. 2286.
T h e E rie Elec. M otor ref. bonds are secured b y deposit of entire stocks of
the Erie C ity Pass. R y . and the Erie Reed Park & Lakeside S t, R y . A
sin k in g fu n d of 1% annually on these bonds began A p ril 1 1906 and was
increased to 1 H % in 1916. $418,000 have been acquired b y sinking fund.
E A R N I N G S . — F o r 12 mos. end. J u ly 31 1926: Earnings, $1,213,814;
oper. exp., $753,957; deprec., $120,865; taxes, $51,444; oper. inc., $287,548;
miscell. earnings, $9,771; int. on funded debt, $164,090; net income, $133,
229.
O F F I C E R S .— Chairm an of Board, Geo. Bullock; Pres., A . R . M yers;
V .-P ., C . H . English; S ec.-Tre as., A . F . Tideswell. Office, 231 State S t.,
Erie . P a .— V . 120, p . 1881.

F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Operates an interurban electric railw ay. Has 62.04 miles m ain and 4.63
miles second track. 50 miles being on private right of way, between Oneonta,
Cooperstown, Richfield Springs and M oh aw k, from which point It operates
over the N ew Y o rk State Railways to U tica , 15-10 miles, and to Herkim er,
1.40 miles. T o ta l operated, 83.17 miles. Rails, 60 to 80 lbs.; 17 passenger
and 5 m otor freight cars; 1 electric locomotive: 4 snow plows; 1 sweeper; 3
service, and 25 other cars. T h e railroad fran ch ise is perpetual.
S TO C K A N D BO N D S—
D a te .
In terest. O u tstan din g. M a tu rity .
Com m on $774,900 ($ 1 0 0 ).______ ______________
$774,900 _____ ______
7 Q -J
500.000 A p r '22. 1 %
Pref cum $500,000 ($100)...................
N o bonded debt.
Stock.— Preferred stock is free of normal Federal inoome tax and is taxexempt in N e w Y o rk State. V . 106, p . 822.
E A R N I N G S .-— F o r calendar years:
Cross
N e t (after
Bond
Other
Balance,
E a rn in g s.
T axes).
In terest.
In terest,& c . S u r .o r D e f .
1923...............$479,129
$111,104
$93,000
$24,364
def. $6,261
1922________ 498.962
• 184.227
64,500
26,186
sur. 93,541
O F F I C E R S . — Pres., J . J . M ange; V .-P s .. S. J . Magee and C l A . Greenidge; Tre as., I . M . M oser; Sec.. M C . O'Keeffe; Gen. M g r ., A . J . Stratton,
U nder the management of the J . G . W h ite M anagement C o rp .— V . 117,
p . 88, 209, 327, 1129.

C O R N IN G & P A IN T E D P O ST S T R E E T RY.
O R G A N I Z A T I O N . — Incorporated D ec. 11 1894. Comm enced opera­
tion N o v . 1 1895. C o ntrol changed hands in 1904. V . 80, p . 162.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A trolley ro a d .
Owns 5.25 miles of track from Co rning to Painted Post; 27 cars.
S TO C K A N D BO ND S—
D a te.
In terest. O u tsta n d in g . M a tu r ity .
Stock $100,000 ($ 100 )______________
________
$100,000 D e c '25, 4 %
1st mortgage $100,000--------------- 1896
5 J -J
100,000 Jan 1 1936
T h e bonds fell due originally in 1916 b u t were extended for 20 years.
E A R N I N G S . — F o r calendar years:
Cross
N e t (a) ter
Other
Interest,
B alance,
T a x e s).
E a r n in g s .
Incom e. R ents & c.
ir . or def.
1925 .......... _______ $57,119
$7,626
$827
$5,900
$2,553
1924 ____ _______ 58.825
8,643
764
5.900
sur3,507
1923 - --------------- 65,980
13,186
807
5,750
sur8,243
1922 _____ _______ 66 511
7.647
1,781
5,900
sur3,527
O F F I C E R S . — Pres., F . D . Underwood; V .-P . & Gen. Counsel, Geo. F .
Brownell; V .-P . & Sec., G . H . M in o r; Asst. Sec., J . E . Packer; Tre as.,
J . G . W alsh; C o m p ., C . P . Cra w ford.— V . 80, p . 62.

F IS H K IL L ELECTRIC RAILW AY CO.
Leases the Citizens' Railroad, L ig h t & Power C o .
S TO C K A N D B O N D S—
D a te .
In terest. O u tsta n d in g . M a tu rity.
Stock, $50,000------------------------------ ------------------$50,000 ______________________
First mortgage $ 5 0 ,0 0 0 -.......... 1895
6 J -J
50,000
J u ly 1924
B o n d s.— $50,000 1st mtge. bonds, due J u ly 1 1925, were paid at m aturity
when presented by public. T h e y were, however, acquired b y an associated
company as investment and now appear on this company's balance sheet
(J u ly 1 1925) as “ matured funded debt un paid .”
E A R N I N G S . — F o r year ending D ec. 31 1924: Gross, $75,199; net after
taxes, $3,796; int. and rentals, $15,720; loss, $11,924. F o r year ending
Dec. 31 1923, gross, $78,706, In 1922, gross, $79,045. In 1921, gross,
$79,744. In 1920, gross, $73,881; net, after taxes, $6,454; interest, rentals,
& c., $12,000; deficit, $5,526.
O F F I C E R S . — Pres. & Gen. M g r ., W . E . Conklin; V . - P . , Jas. Q . M eyer;
Sec. & Tre a s ., B . L . S m ith .— V . 107, p. 501.

GENEVA SENECA FALLS & A U B U R N RR. CO., INC.
B U F F A L O & WILLIAMSVILLE ELECTRIC RY.
O R G A N I Z A T I O N . — Incorporated in N e w Y o rk J u ly 1 1891
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
6.65 miles of track, Buffalo to W illiam sville. Rails, 85-lb. T . Gauge.
4 ft. 8 X in.
S TO C K A N D B O N D S—
D a te .
In te re st. O utstan din g
d a tu r ily .
Stock ($3,500,000a u t h o r iz e d )-____
________
$75,000 -----------------...
First mtge $3,500,000 gold! 1904 5 g J - J
168,500 J u ly 1 1944
and $1,000__________ c * & r* jln t. at C it y T r u s t C o ., Buffalo, trustee
B on ds.— A re subject to call on any interest date at 105.
E A R N I N G S . — F o r cal. years:
12 Vfos. E n d. D ec. 31—
1925.
1924.
1923.
1922.
Gross......... ................. ............
$ 5 1 ,6 0 0
$ 5 0 ,5 0 8
$ 4 8 ,1 1 0
$ 4 4 ,5 1 2
N et income_____________
27
4 ,1 9 5
8 ,1 5 8
7 ,1 5 0
O F F I C E R S . — Pres., L . L . Lewis J r .; Sec. & G en. M g r ., Godfrey
M organ- Tre a s ., L . K . W a rn ic k .— V . 99, p . 269; Y . 110, p . 658.

ERIE C O U N T Y T R A C T IO N C OR PO R A T IO N .
O R G A N I Z A T I O N . — Incorp. in N . Y . on N o r . 24 1919 to take over the
property of the Buffalo Southern R y . (for history, see “ Electric R ailw a y”
Supplement of N o v . 15 1919. T h e new company assumed control Jan. 1
1920. T h e holders of the $600,000 Buffalo Southern R y . 1st M . 5s received
for each $1,000 bond $250 par value of income bonds and $750 stock of the
new com pany. F ranchises perpetual. Authorized to increase fares in
J u ly 1925. V . 121. p. 457.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A trolley road operates from Buffalo to H am bu rg , East H am bu rg and
Orchard P ark, 15H miles; also has a line from Buffalo through Gardenville and Ebenezer to Lie n’s P ark. 544 miles. A n extension to East A urora,
15 miles is under construction, 544 miles completed. 60-lb. T and 80-lb.
girder ra il.
S TO C K A N D BONDS—
D a te.
Interest. O utstan din g. M a tu -ity .
Stock. $450,000_______ _________ __________________
$450,000 ............ ........
First mortgage. $100,000_____ 1920
6%
100,000 Jan 1 1970
Income bonds. $150.000______ 1920 (when earned) 150.000 Jan 1 1950
E A R N I N G S .— For cal. years:
1925.
1924.
1923.
1922.
1921.
Gross...........
$111,907
$120,455
$128 018
$120,597
$131,095
N e t.............. def 19.703 def. 15.918
def.5.744
18
13.925
— v 7 T 2 f . 'p . 457 "
O F F I C E R S .— Pres., R . S. Persons. East Aurora, N . Y . : V .-P ., W . J.
Wheeler; See., J. W . R yan, Erie C o u n ty Bank Bld g.. Buffalo. N . Y . ;
Tre as. & M g r ., N . A . B u n d y , 2455 Seneca S t., Buffalo, N . Y . — V . 121,
p. 4.57.

DEPEW & LANCASTER RAILW AY C O R PO R A T IO N .
O R G A N I Z A T I O N — Organized in 1921 to take over the line of the
Buffalo A Depew R y .. which was bid in by John J Lenahan & Son. Buffalo
for 86 250

plus 'a x e s d u e to va rim i- t o w n s n n d villages

a g g reg atin g about

$40,000. Service was discontinued Sept. 23 1926. Road was to be scrapped.
V . 123. p. 2138: V 112. p. 2612. F o r history of predecessor company see
this section for A p ril 30 1921.
E A R N I N G 8 .— Calendar year 1924: Gross. $24,821: net. after taxes,
def $10,685. Calendar year 1923: Gross. $’ 8,581. net. after taxes $2UX
2
O F F I C E R S .— Geu. M g r ., Nelson H . B ro w n .— V . 113, p. 2612, 1674;
V . 123, p. 2138.

SO U T H E R N NEW YORK POWER & RAILW A Y CORP.
O R G A N I Z A T I O N . — Incorp in New Y o rk I d Ju ly 1909 as the Otsego &
H erkim er H R ., succeeding the Oneouta & M ohaw k Valley H R . (V . 89, p .
411). Nam e changed to above in Ju ly 1916.




O R G A N I Z A T I O N . — In corp. M a y 28 1913 as successor of the Geneva &
A uburn R y .sold at foreclosure M arch 14 1913. V 97, p. 298.
See V . 121, p . 1788. for abandonment of the Geneva (N . Y . ) line and
proposed operation w ith buses by the Geneva R y ., Bus Lines, & c., subsidi­
ary of the Geneva Seneca Falls & A u b u rn R R .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .__
Extends from Geneva to Cayuga Lake Park through W aterloo and Seneca
Palls. Length of main tracks 16.31 miles; sidings, .819 mile: miscellaneous
.36 mile; total, 17.489 miles. Rails, 70. 80, 90 and 100-lb. T ; tra ck ’
standard gauge.
S TO C K A N D BO ND S—
D a te. In terest. O u tstan din g.
la tu r ity
Stock $200,000-----------------------------------------------------------$157,100
Bonds $524,000----------------------------- 1913 5 %
504,000 J u ly 1 1943
E A R N I N G S . — F o r calendar years:
lfto,
Gross N e t.a ft.T a x e s. D ed u c.
B a l.,D ef.
J 9 2 1 -........................... ..................$104,508
---------$48,194
$13,420
1920---------- -------------------------- ----------- 127 288
45,256
47.799
2 543
F o r calendar year 1924: Gross, $91,151; net, after taxes, $1,104. Calen­
dar year 1923: Gross, $100,065; net, after taxes, $7,072.
O F F I C E R S . — Pres., R . R . Q ua y, Pittsburgh, P a .; Sec., L . G . Hoskins
£ ? Y 7 - V N i 2 0 ; : S2 Plt; VT 1 2 L
p 1

p&

1788?h‘ A g t " W ' A ' S h irley' W aterl°°:

ITHACA T R A C T IO N C O R PO RA T IO N .
In Ja n . 1918 F o rd , Bacon * D avis, N . Y . C it y , acquired a substantial
Interest In the Central N . Y . Southern R R . C o rp .. which controls the
Ithaca Tra ction C o rp . (b ut see V . 116, p. 615).
R eceivership.— In June 1924 Supreme C o u rt Justice Leon F , Rhodes of
Bingham ton appointed Dexter S. K im b a ll receiver for the co. V 118
p. 3197.
'
’
O R G A N I Z A T I O N — Incorp. in N . Y . M a r. 30 1914 as successor of the
Ithaca Street R y ., sold at foreclosure under bondholders' reorganization
plan. T h e new co. is controlled by the Central N . Y . Southern R R . C o rp .
an allied steam road, b y ownership of all the ($400,000) outstanding stock
and all ($488,000) outstanding 1st & ref. bonds.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S —
Owns and operates 11.47 miles of track. Owns 29 motor cars and 3 other
cars
Rails. 80-lb. “ T . ”
D efa u lt. <tc — Th e company having defaulted in the payment of principal
of (1' $175,000 Ithaca -dreeI R y 1st Mtge 6 % gold bonds due J u ly 1 ldvO
(2) #75.000 Ithaca Street Ry 2d M tge 0 % gold bonds due Ju ly I |q?2*
(3) $2.5.000 Cayuga I-ake Electric Ry 1st \fige 6 % gold Isolds due June i
1922. and the interest od the $488,000 Ithaca Tra ction f'orp 1st Refg
Mtge 50-Year 5 % gold Ismds due April I 1064. the following protective
committee was formed and called for deposits
Bondholders' Com m ittee — C hair man Mvnderse Va n C l e f Predk J
Platt. Sec.. Chas. D . Boat wick. Depositary. Ithaca (N Y ) Tru s t Co"
V 115. p 1837
Reorganization P la n .— A plan for the reorganization of the co dated
Nov. 1 1923 provides for the exchange and payment of present outstanding
tecurities on the following basis:
Table of Exchange of Old fo r N eic Secu rities a n d Cash.
„
— ------ W ill Receive---------E xisting Securities—
O utstan din g.
Cash
N ew 1st 6s
Ithaca St Ry . 1st 6s------------ -----------—
175.000
#138.000
37 000
Ithaca St R y. 2d 6s______
75.000
..............
75 000
Cayuga Lake Elec R v. 1st 6s_____
25.000
-------------25.000
T l #138.000 cash paid to the holders of Itahca St. R y . 1st mortgage
The
bond
ids remaining #37.000 owned by Cornell University) i's to be realized
follows $52,500 from the sale to Cornell University of the Apartm ent
House, the water power rights, old pipe lines, A c ., located in the gorge ad­
joining the Apartment House property; $85,500 from the sale of new 1st
mtge Ithaca Tra ction C o rp . bonds at par.
Holders of the $488,000 1st & ref 5s (which are all owned hy Central
New York Southern R R C o rp .) will accept some form of stock in exchange
for those bonds and the mortgage will be discharged.
Th e reorganized co shall have capital stock in such amount and shall be
divided into pref and com. stock as tbe co. shall determine, subject to the
approval of the P S C o m m . Por further details and description of new
securities to be Issued under the plan see V . 117, p . 2889.

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P U B L IC U T IL IT IE S

MAP OF

E le ctric R a ilw a y M nes
Controlled by

PUBLIC SERVICE CORPORATION
OF NEW JERSetf
LEGEND
P U B LIC S E R V IC E R A I U ^ | V C O . LIN E S
P U B L IC S E R V IC E R A IL W ^ A D C O . L IN E S

00
X




O c t .,

1926.]

PO W ER , L IG H T A N D R A IL W A Y

Oi
QO




PUBLIC UTILITIES

90

S TO C K A N D BONDS—
D a te.
In terest. O u tstan din g . M a tu r ity .
Capital stock $1,000,000_____ ______
__________ *$400,000 ___________
1 s t& ref M $2,000,000 g red/ 1914
5 A -O
*488,000 A p ri. 1 1964
any int date, par&int c * t f(Ir v in g B k .-C o l. T r . C o ., N . Y ., trustee.
Ithaca Street Railw ay 1st M l 1892
6 J -J
175,000 J u ly 1 1922
$175,000 ________________ t f l l n t . at Farmers Loan & T r . C o ., N . Y .
2d mortgage $75.000_______ tf 1894
6 J -J
75,000 Ju ly 1 1922
Cayuga Lake E l R y 1st M _ _ tf 1894
6 J -D
25,000 June 1 1922
* A ll owned b y the Central N Y . Southern R R . C o rp .
B on ds.— O f the 1st & ref. mtge. 5s. $488,000 are issued and are all owned
by the C e nt. N . Y . So. Remaining bonds are reserved for future require­
ments, including the retirement of the three underlying prior liens as above.
E A R N I N G S . — For six months ended June 30 1924: Gross, $76,139: net,
after taxes. $10,570. June 30 1923: Gross, $160,447; net, after taxes,
$21,682. F o r year ending Dec. 31 1921: Gross, $245,318: net, after taxes,
$10,521. In 1920. gross, $299,666; net, after taxes, $19,420.
O F F I C E R S . — Pres., R . B . W illiam s, Ithaca, N . Y . ; 1st V .-P . & Gen.
Counsel, Chas. E . Hotchkiss 34 Nassau S t., N . Y . ; 2d V .-P . & Gen. M g r .,
J . C . Nelson, Syracuse; Sec. & Treas., S. C . Stivers, N e w Y o r k .— V . 118, p .
3197.

JAMESTOW N ST R E E T RAILW AY.
O R G A N I Z A T I O N . — In corp. O c t. 18 1883.
F ranchise runs till 1982.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
A trolley road. Owns 26 545 miles of track. 61 cars. 2 sweepers.
$300,000 first mortgage 6 % bonds matured Jan. 2 1923. Interest at the
rate of 6 % per annum is being paid on any bonds still outstanding.
S TO C K A N D BONDS—
D a te.
In terest. O utstan din g. M a tu rity .
Stock $250,000 (par $5 0)___________
__________
$250,000 _________ .
1st M $300,000 g ($1,000)_c* 1893
6 g J -J
220,000 Jan 2 1923
B on ds.— $219,0OO 1st mtge. 5s have been retired.
E A R N I N G S . — F o r calendar years:
N e t.
Other In c.
Gross
Charges & T ax. B al.,D eJ
$106 ,4 8 4 d e f.$ 1 1 3 ,5 3 8
def.$29 592
$22,538
1925____$359,581
24,878
42,479
129,407
d e f.62,051
1924____391,132
1 2 6 ,1 3 5
7 ,252
49.477
69,407
1923____ 399.923
1 3 2 ,51 2
4 ,297
1922____ 408,487
42.313
85,902
29.568
97,165
154,681
2 7 .9 4 8
1921____417.540
E A R N I N G S . — F o r calendar year 1925: Gross, $359,581: net, after taxes,
def., $50,322 . F o r calendar year 1924: Gross, $391,132; net, after taxes,
def., $4,916.
L atest E a rn in g s.• F o r 6 mos. end. June 30 1926: Revenues, $179,408
—
(decrease against same period 1925, $34,694); net after taxes, $8,755
(decrease $19,015).
O F F I C E R S .— Pres., H . M . Preston; Sec., W . R . Reynolds; Treas.,
W . A . Broadhead; V .-P ., G . E . M a ltb y; Gen. M g r ., G . L . M a ltb y , all of
Jamestown; C o m p ., R . A lly n W hite.
.

C H A U T A U Q U A T RA CT IO N CO.
W e were officially informed that above company has ceased to operate.
For history, & c., see “ Public Utilities Com pendium ” of M a y 1 1926.

K I N G S T O N C ONSOLIDATED RR.
O R G A N I Z A T I O N .— Th is is a consolidation on D ec. 11 1901 of the K ings­
ton C it y R R . and the Colonial C it y Tra ction.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Embraces 4.2737 miles of track. Rails, 70, 80 and 90-lb. 32 cars, 2 snow
lows and 1 work car.
i T h e stockholders on M a rch 16 1925 voted: (1) to extend the powers of the
corporation by adding the following: Th is corporation shall have power to
purchase, acquire, hold and dispose of the stocks, bonds and other evidences
of indebtedness of any corporation, domestic or foreign, and issue in ex­
change therefor its stock, bonds or other obligations: (2) to reduce the par
value of the outstanding 2,000 shares of pref. stock from $100 each to
$50 each; and (3) to change the shares of com. stock of $100 par value
each to com. stock w ithout par value, by providing an authorized issue
of 2,000 shares of com. stock without par value to be exchanged share for
share for the com. shares now outstanding.— V . 120. p . 1881.
jt S T O C K A N D B O N D S —
D a te.
In terest. O utstan din g. M a tu rity .
Co m m on $200,000 (100)___________
__________
$2,000 _____ _____
Preferred 4 % cum $200,000__________
_________
100.000 O c t ’22, 3 %
First consolidated mortgage) 1901
5 g J -J
532,000 O ct 9 1951
$700,000 ($1,000) gold c * tf/ In t. at Bankers T ru s t C o ., N . Y . , trustee
6 % Notes_____________________ 1923
6%
44,155 See text.
Stock.— In Ju ly 1925 it was decided to change the authorized common
stock from 2,000 shares (par $100) to 2,000 shares of no par value. V . 121,
p. 458. Th e re was no report, however, of the change being actually effec-

S

B onds.— $120,000 of the $700,000 consolidated mortgage bonds are
pledged as security for the 6 % notes.
N o tes.— T h e 6 % notes are secured b y first consol, m tge. 5s in the ratio
Of 1 5 0 % . Notes mature $10,000 annually.
D ivid en d s.— 4 % was paid yearly on pref. stock from consolidation up to
1908, when 2 % was paid A ug. 1. None to Jan. 1 1911, when 4 % was paid.
None up to Sept. 1 1914, when 3 % was paid. In 1915, A p ril, 3 % ; A u g .,
6 % . In 1916, A u g ., 3 % . In 1917, A p ril, 3 % ; A u g ., 3 % . I n 1921, N o v .
3 % . In 1922. A p ril, 3 % ; O c t., 3 % . None since.
E A R N I N G S . — F o r calendar years:
G ross.
N e t.
Taxes.
In terest.
Balance.
1925_____________ $193,168
$43,548
$13,902
$38,265 def$8,619
1924_____________ 204.619
41.584
15.748
31.004
def5.168
1923.....................
221,530 53,745
14,645
31,687
7,413
1 9 2 2 ...................
228.920 57,869
13,965
32,428
11,476
L atest E arn in gs.— F o r 8 months ended A ug. 31 1926: Gross, $88,912; net,
$24,052; taxes, $7,385; interest, $21,092; balance, deficit, $4,425.
O F F I C E R S .— Pres., Fre d. T . L e y , New Y o rk C it y , N . Y .; V .-P re s.;
H en ry C . Page, Worcester, M ass.: Sec., G . B . te Bow . K ingston, N . Y . ;
Tre as., A b m . Hasbrouck, Kingston, N . Y . — V. 120, p . 1881; V . 121, p . 458.

MANHATTAN & QUEENS TRA CTIO N C OR PO R A T IO N .
R eceiversh ip.— On N o v 15 1917 A rth u r O . Hum e and W illiam R Begg
were appointed receivers by Judge Chatfield in the U . S Dist. Court for the
Eastern D i«t. of N Y
In N o v 1917 a judgment against this company for
$11 58.522 was awarded the Gas & Elec. Securities O o. on account of unpaid
promissory notes.
O R G A N I Z A T I O N — Incorp. in N . Y on N o r 4 191? to ta k e o ve r the
rights and property of the South Shore Tra c On in New York C ity (see
under Patchogue and also tinder M anhattan A Jamaica K v . in V. 95, p
1207 . 420: V 94. p 1696).
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Has a franchise in the C ity of New York to operate a street surface rail
road over the Queensborn Britlge from the Manhattan terminal thereof,
along Thom son Ave. Hoffman Boulevard, and other streets and avenues
In the Borough of Queens to the boundary line between the C ity of New
Y o rk and the C o u n ty of Nassau, together with the right to operate upon
the Queenshoro Bridge
Th e line has been completed and cars are in nper
Btion to the intersection of Sutphin Road and Lam bertville Ave in Queens
T h e extension from the L. 1 R R station at Jamaica to Lambert,ville Ave
Was completed April 26 )0|9
To ta l miles single track equivalent. 21
C A P I T A L I Z A T I O N . — Asked Public Service Com m for permission to
Issue $1,500 stock anil $1 500 000 1st M 5% bonds but on M arch |U 1914
the P S Com m authorized onlv $765,000 capital stock and recommended
the Issue of $807,000 bonds at 85
No stock outstanding only $20 000
subscription stock
Action on the bond issue was deferred until the com­
pany should have filed its proposed mtge for an auth amount of $10,000.§00, of which the oo. proposed presently to issue said $1 500,000 with the
permission of the I’ 9 Com m
V 96. p. 790; V. 98, p. 523.
C k a K N IN C .S — For years ending June 30:
Interest. S ur. or Def
G ross. N et aft. Tax. Ota. In c.
Rents.
19°5
$4n", °og
$“ 5 093
$2 313 $30 074
$8 354 def.$42.146
89 047 def 11278
1 9 2 4 ..I __ 402 677
81 020
2 676
35 927
1923............ 400 174
101082
2.328
35 792
92.928 duf. 25 310
92.928 def. 60.439
1922............ 361,155
63.468
2,170
33.692




[V ol. 123,

L atest E a rn in g s.— F o r 6 months ended June 30:
1926.
1925.
Gross revenue______________________________________
$220,339
$204,957
N e t (including other incom e)_______________________
45.627
43.781
Fixed charges______________________________________
58.480
59,279
N e t corporate deficit_____________________________
12,853
15,498
O F F I C E R S . — M g r. for Receivers, B . W alter D uncan ; Tre a s ., H . F
A n d e rso n — V . 116, p . 2129; V . 117, p . 325, 1992.

THE LONG ISL A ND C ON SOL ID AT E D ELEC TR IC AL
COMPANIES.
O R G A N I Z A T I O N . — E n tire stock is owned b y the Long Island R R . I n ­
corporated in New Y o rk . Owned one-half the stock (the Interborough Rapid
Tra nsit C o . owning the other half) and bonds of N . Y . & L . I . T r a c . and
Long Island Elec. R y .
Stock $25,000 ($100)_________ A ll owned b y Long Island R R .
O F F I C E R S . — Pres., George Le Boutillier; V . - P . , C . L . Addison; Sec,,
Eugene W rig h t; Tre a s ., H . H . Lee.— V . 83, p . 890.
(1) L O N G IS L A N D E L E C T R I C R Y .
Foreclosure Sale.-— On Feb. 1926 the properties and franchises of the co,
were sold at foreclosure for $115,000 to the American Com m unities C o rp .,
a real estate concern. See for history. A c ., of co. “ Public U t ilit y Com pen­
dium ” of Oct. 31 1925. V . 122, p 1310. In M a y 1926 we were informed
that a new co., the Ja m a ica C entral R R ., had been organized to operate
the lines of the Long Island Electric R y . in southern Queens. President
of the new co. is H . Prushae W illiam s. Th e lines to be operated are the
Jamaica to Far Rockaway line, that portion of the old Jam aica to East
New Y o rk route which is still running as far as Ozone Park, and the Jamaica
to no llis line. Fares to continue under the 5c. zone system. V . 122, p
2799.
(2) N E W Y O R K & L O N G I S L A N D T R A C T I O N .
Foreclosure a n d Service D isco n tin u ed .— Sold under foreclosure F e b . 25
1926 and was to be discontinued at an early date. V . 122, p . 1026. F o r
history, & c., see “ Public U tility Com pendium ” of O ct. 31 1925.— V . 122,
p . 1026.

NEW Y O R K & Q UEENS C O U N T Y RY.
•31,948 shares out of total Issue of 32.350 owned b y the Interborough
Rapid Tra n s it C o ., which also owns one half of the stock of the L o n g Island
Electric R y . and the New Y o rk & Long Island Tra ction.
R eceivership.— Following the announcement that the Interborough Rapid
Tra nsit C o . would no longer advance funds to the co. to meet deficits, & c.,
Gen. Lincoln C . Andrews was appointed receiver for the co. on Ja n . 18
1923 b y Justice James C . Van Siclen in the Supreme C o u rt, Long Island
ity , on petition of the Bankers Tru s t C o ., trustee for the outstanding
onds. Th is receivership does not include the so-called Steinway lines (see
below under caption “ Receivership of Steinway R y .” ) . V . 116, p . 296.
C reditors' C la im s. A c .— See V . 117, p . 1556.
. O n Feb. 25 1926 the N . Y . & Long Island Tra ctio n C o . properties, fran
chises, &c., were sold at foreclosure for $308,100 to the committee of bond­
holders w ith the exception of 5 franchises, sold to a third p a rty . V . 122,
p. 1170.
O R G A N I Z A T I O N . — Incorporated June 29.1896 and reorganized on
June 30 1899. Purchased the various lines of railroad in Long Island C ity
known as the Newtown R y . C o ., the Riker A ve & Sanfords Point R R ., tha
Steinway R y ., the Long Island C it y & Newtown R y. and the Flushing &
College Point R y . In M a y 1902 the Queens R y. was consolidated w ith it,
and thereupon increased its stock from $2,500,000 to $5,000,000. T h e
Queens R y. succeeded to the property sold at foreclosure of the N e w Y o rk
& N orth Shore R y ., comprising a line of 6 miles from Flushing to Jam aica,
with franchises for lines between Flushing and College Point, Flushing and
Bayside and Manhasset. V . 74, p. 1197.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Th e system, with the Queens R y ., embraces main line, 23.59 miles; second
track. 19.03 miles; sidings, 1.51; total, 44.13 miles. Rails, 70 to 116 lb s.,
standard gauge. 74 passenger cars, 20 others.
T h e new Queensboro Bridge across Blackwells Island was opened In
1909. On Sept. 19 1909 the C ity of New Y o rk ’s m unicipal trolley across
the bridge began operation. On D ec. 16 1909 New Y o rk & Queens C o u n ty
R y . was granted a permanent franchise to rim cars over the bridge. Opera­
tion began on Feb. 15 1910. V . 90. p. 373. Th ro u g h passengers only are
carried across the bridge and no extra fare is charged. O n ly Stein w ay R e­
ceivers’ lines are run across Queensborough Bridge.
In t. due A p r. 1 1922 on the N . Y . & Queens C o u n ty 1st cons. m tge. 4s
having been defaulted (V . 114, p. 1766), the following committee was
form ed:
Com m ittee fo r N . Y . & Queens Co. 1st Cons. Itg e . 4s.— C hairm an, F re d k .
Osborne: O . Stevenson N ew hall and James H . Perkins. Depositaries:
Farmers Loan & Tru s t C o .. N . Y . , and Penna. C o . for In sur. on Lives &
G ranting Annuities, Philadelphia. V . 114, p. 1766.
I n i . hue Dec. 1 1921 and June 1 1922 on the $50,000 Flushing & College
Point first mtge. 5s was not paid when due. V . 114, p . 2580.
Fare Increase.— See V . 118, p. 3198.
Service S u sp en d ed .— On A ug. 12 1925, service on the Corona line was
finally ended, following an order of the Tra n s it Commission. V . 121,
p. 459. 840.
S TO C K A N D BONDS—
D a te .
In terest. O u tsta n d in g .
M a tu r ity .
$3,235,000
...................
Stock $5,000,000 ($100)_____ __________ _______
Steinway R y first mortgage! 1892
6 g J -J
1,500,000 J u ly 1 1922
S I .500,000 ($1,000) g _c * /ln t- at G u a ra n ty T r . G o .. N . Y . C it y . Tru a .
New Y o rk & Queens C o u n ty f 1896
4 g A -O
1,300,000 June 29 1940
first consol m tg $3,000,0001 Bankers T r u s t O o ., N e w Y o r k , Trustee.
gold $1,000 each__________ ( Interest at office of com pany. N e w Y o rk .
First & refunding mtge, $10,-1 1906
4 g M -N
See text N o v i 1936
000,000 gold ($1,000)__ c*f'Wlndsor T ru s t O o .. New V o rk . Trustee.
Current liabilities Jn . 30 1925 ____
________
8,738,334 ____________
* Includes $6,815,610 bills and accounts owing associated companies
O f the new $10,000,000 m tge., $2,086,827 are deposited as collateral for
loans from Interborough Rapid Tra n s it and $3,000,000 are reserved for
prior liens. N o sinking fund and bonds are not subject to call. U nd er the
N . Y . & Queens C o . 1st cons. M . there were originally $2,500,000 bonds out­
standing, but the com pany having defaulted in paym ent of in t .. reorganiza­
tion, was made, under which the holders surrendered $1,200,000; Interest
was reduced to 4 % . T h e said bonds are redeemable at 105 and in t. V . 69,
p. 609.
All of the outstanding Newtown R y . first mtge. 5 % gold bonds, due
Dee I 1921 were retired in Sept,. 1925.
T h e entire issue of $59,099 F lushing A College Point Ft Ru. I si mtge. 5 %
hands .due June 1925 were liquidated in the early part of 1926 by the
receiver of N . Y & Queens Co . R y who had been authorized to pay not
more than $850 for each $1,000 bond with all unpaid coupons attached.
E A R N I N G S . — F o r calendar years:
Gross ( A ll
N et
F ired ('h gs.
S o w e r s ).
E a rn in g s.
A Taxes.
S u rp lu s.
1925 .......... ............. .............$1.007 787
$129,060
$18,591
$110,469
1921. _________________
853.536
99 943
27.810
72.103
Latest E a rn in g s.— For 6 mos. end. June 30 (receiver):
1926.
1925.
Gross revenue_____________________________________
$077 178
$39r.050
N e t (including other incom e)______________________
59.399
56 13'
Fixed c h a r m s .______ ______________________________
142 145
150.161
N e t corporate deficit______________________________
82.716
91.32
O F F I C E R S — Receiver. Lincoln G . Andrews; Gen. Oper M grs .. Fisk St
Roberts 8? <'eriar St. N Y . Cit.v: T ’-eas.. J . C . Ross; C o m p , for Receiver,
T . A . C ra usw a y.— V . 121. p. 459. 810.
R c.t-.v r s ‘‘ip or St in w a y R ailw ay
On April 27 1922 Justice Callaghan in the Queens C o u n ty Supreme C o u rt
appointed S W . Muff and K C . Lee receivers for Steinway R y upon
application of Guaranty Tru s t C o ., trustee under t lv first mortgage of the
Steinway R y .. interest on which was defaulted
T h e order provided that
the receiver take over •nly the property which originally belonged to tha
Steinway Co.
(V . II 1. p 1891.) Th e receivers put into effect a separate
5-rent fare on that part of the system against the orders of the Tra nsit Com ­
mission, hut the action of the receivers was sustained by the C o u rt. V .1 1 4 ,
p 2116 2860.
In view of the default In the payment of the Int due .Ian l 1922 on the
Steinway Ry 1st M 6s and the then impending default of prin. & int. due
Ju ly 1 1922. two committees were formed to protect interests of holders of
these bonds.
One committee was headed by H . B . Thorne (V . 113, jrf. 2819)

Oct., 1926.]

and the other b y Geo. W . Davison (V . 114. p. 80).
T k e first named com­
mittee arranged to pay the Jan. 1 1922 coupon. V . 114, p. 80.
Later the
two committees were consolidated. Th e committee resulting from the con­
solidation is composed of:
_
.
_
..
Com m ittee for Steinw ay R y. 1st M tg e ■ 6s.— Geo. W . D avison, Roswell
Eldridge. W alter E . F rew , Harold B. Thorne and W m . Carnegie Ewen.
Depositary, Central U nion T r u s t C o ., N . Y . C it y . V . 114, p . 307; V . 121,
p . 459. 840. 2192.
Latest E arnin gs o f S tein w ay R ys. (receivers) for 6 mos. end. June 30:
1926.
1925.
Gross revenue________________________
$378,076
$327,056
30.520
31.417
N e t (including other incom e)----------------------------------------Fixed charges----------------------------------------------------------------------30,939
26.811
N e t corporate incom e_____________________________
der419
4,oUo

OR A N G E C O U N T Y T R A C T IO N CO.
F o r history, & c., of this co., which is no longer in existence, see our
“ Public Utilities Com pendium " of M a y 1 1926.

H U D S O N RIVER & EASTERN T R A C T IO N CO.
We were officially advised that above co. discontinued operations on
M a y 7 1926. F o r history, see "P u b lic U tility Com pedium ” of M a y 1 1926.

OLEAN B R A D F O R D & SALAMANCA RY.
R eceiversh ip.— In the latter half of 1926 Frederick W . Kruse was appointed
receiver for the co. N o further details. V . 123, p. 1877.
O R G A N I Z A T I O N . — In accordance with plan (V . 113. p. 1252) for reor:
ganization of Western N . Y . & Penna. T ra c . Co. (for history see “ E le c. R y .
Supp. of O ct. 22 1921) that co.'s property in N . Y . was sold on June 4 1921
and in Penna. on June 15 1921. Companies were organized in both States
to take over the properties and were merged into the present Olean Bradford
& Salamanca R y . which was incorp. in N . Y . on or about O ct. 8t 1921
Under the plan unsecured creditors and the stockholders in the Western
N . Y . & Penna. T r a c . C o received no share in the new corp. C o . controls
Olean, Bradford & Salamanca Bus Line, In c ., which subsidiary was author­
ized in 1926 by N ew York P. S. Commission to operate a bus line in city
of Olean, N . Y ., and from that city to village of R ichburg. R oute about
21 miles. V . 123, p. 1877.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Operates between the cities of Olean. N . Y . , Salamanca, N . Y . , and
Bradford, P a ., w ith branches from Bradford, P a ., to Lewis R un , P a .,
from Olean, N . Y . , to B oliva r, N . Y . (in Ju ly 1924 applied to the N ew Y o rk
Public Ser /ice Commission for authority to discontinue this branch. V . 119,
p . 325), and to shiuglehouse. Pa.; total. 100.8 miles of road. Does a
general passenger, heavy freight m ail, express and baggage business. M a in
lines, 70-lb. rails; 5 electric locomotives, 27 passenger cars, 25 freight cars
and 10 service cars. A ll power is purchased by com pany.
Bus line, see under “ O rganization,” also V . 123, p. 1877. V . 121, p . 2274.
F ares.— 8ee V . 117, p. 1664.
C A P I T A L I Z A T I O N . — T h e com pany has issued $264,000 (of which
$40,000 in treasury) first & ref. mtge. (total authorized $5,000,000),
$1,120,000 7 % no n-cum . pref. stock, $2,688,000 of com. stock, in accord­
ance with plan in V . 113, p. 1252. On D ec. 31 1924, $15,631 7 % car
trust notes were outstanding.
.
E A R N I N G S . — For calendar year 1925, gross, $438,522; deficit after
taxes, & c., $8,712. In 1921, gross, $461,719; net, after taxes, interest and
rents, def., $16,561. In 1923. gross, $471,473; net, after taxes, interestand
rents, $8,644. In 1922, gross, $534,924; net, after taxes, interest and
rentals, def., $26,671.
L atest E arnin gs.-— F o r 8 mos. ended A ug. 31 1926; Operating revenue,
$229,311 (against $290,512 for 8 mos. ended A ug. 31 1925): gross income*
Incl. non-oper. income, $8,805 (against $32,858); rents, denrec. and miscell.
appropriations of surplus, $13,098 (against $18,335); interest, $19,264
{against $19,433); balance before dividends, def. $28,556 (against $4,909).
O F F I C E R S .— Pres., O . N . Mason; V .-P . & Gen. M g r ., O . A . Graves,
V .-P ., J . P ., Quigley; Sec. & Treas , L . W . Osborne.— V . 119, p . 325, 1396;
V . 120, p . 1089, 2274; V . 123, p. 1877.

PUTNAM & W E S T C H E S T E R T R A C T IO N CO.
We were officially informed that above co. has been dissolved.
history, see “ Public U t ilit y C o m pedium ” of M a y 1 1926.

P O U G H K E E P S IE & W A P P IN G E R S

For

FALLS R Y . CO.

O R G A N I Z A T I O N . — In corp. in N . Y . M a r . 22 1894 as the Poughkeepsie
C i t y & Wappingers Falls Electric R y ., a consolidation of the C it y Railroad
South Avenue Surface R R . and Poughkeepsie & Wappingers Falls Street
Surface R R . C o .
Nam e changed to above J u ly 7, 1917.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o .’s line comprises 19.48 miles of track in Poughkeepsie and extending to
Wappingers Falls. Gauge, standard. Rails, 60 to 103 lbs. Passenger
cars, 26; miscell. cars, 5. Population served, 35,000.
P lan s to Substitu te Buses for street cars on some of its lines in Pough­
keepsie, N . Y .
V . 123, p. 1383.
F are In crease.— V . 119, p. 2412.
S TO C K A N D BONDS—
D a te .
In terest. O u tstan din g. M a tu rity .
C o m m o n $750,000 (par $100)______
__________
$750,000 ___________
Preferred $250,000 ($100)— N one issued
1st mtge $2,000,000 ($100,) 1918
6 g J -J 1
586,000 Ja n . 1 1958
$500&$1,000 c* g____ c n t f / In t . at Equitable T ru s t C o ., N . Y , trustee
Stock.— N o dividends paid to D ec. 1925
B o n d s.— A re secured b y a 1st mtge. on entire property of co. T h e
unissued bonds are reserved for extensions, improvements, acquisitions,
& c., at not exceeding 8 0 % of cost thereof under certain restrictions. S in kin g
fu n d of 1 % each year on Ja n . 1. Retired by sinking fund, $41,000; held
tn treasury, $99,000. C a ll, at 105 and in t. on any in t. day upon 6 weeks
notice.
E A R N I N G S . — F o r calendar years:
G ross.
N e t, A fte r Taxes.
I n t .. & c.
x B a la vce.
1925_____________ $262,118
$73,998
$70,048
sur. $3,950
1924_____________ 262,570
75.904
69.146
sur. 6.758
1923...............
273,260
58.539
54,560
sur. 3,979
1 9 2 2 .................
276.151
9 2 .7 6 0
5 3 ,8 1 7
su r. 3 8 .9 4 3
19 2 1 ...............
276.418
71.703
52.976
sur. 21.727
Before depreciation and dividends.
O F F I C E R S .— Pres., iwrs. M a ry u .H in k le y : V .^P ., viiss M a rv llin k le y;
Sec. & Treas.. I W . .x.affit. Asst. Tre as., II . B . Brown: Gen. M g r. &
Apst. Sec., G . W . Com fort; A n d .. J . A . N ila n . Under management of
the J . G W hite M g t. C o rp . Principal office. 33 Liberty S t., N . Y . C . —
V . 119, p. 2412; V. 122, p. 2193: V . 123. p. 1383.

NEW YORK & N ORTH SHORE T R A C T IO N CO.
Property sold at public auction In 1922 and In Jan 1923 It was stated that
the purchasers had commenced dismantlement- V 116, p 176. In Aug.
1923 the Union Tru s t Co of Cleveland, trustee for the 1st mtge. bonds,
announced that It had funds on hand to pay a liquidating div at the rate of
$50 on each $1 000 face imoiint of bonds outstanding
V 117 p 782.
Bee letter of Federal Judge R A Inch to special master regarding resump­
tion of operation on certain portions of the line in V. 1 18. p 1520. See also
V . 120. p 331
For history of company see “ Electric R ailw a y" Supple­
m ent of A pril 28 1923.

R O C H E S T E R LOCKPORT & BUFFALO RR. CORP.
O R G A N I Z A T I O N . — incorporated in New York on A pril 4 1919 as suc­
cessor to the Buffalo Lockport & Rochester R y. (for history see "Electric
Railw ay Supplement" of March 29 1919) as per reorganization plan 1b
V . 108. p. 682
Th e 1st M tge bonds of the old co. were exchanged for
500 pref and $750 common stock of the present, company for each $1,001
ond. while the 2d M tge bonds of the predecessor co. received $500 iD neu
pref. and $500 in new: common stock for each $1,000 bond. T h e commor
and pref stocks of the old co. did not participate in the plan.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Operates about 58 miles between Rochester and L o ck p o rt. Rails, 70 to
91-lb.




91

POWER, LIGHT ASTD RAILWAY

S TO C K A N D BONDS—
D a te.
In terest.
O utstan din g.
M a tu rity .
________
$2,199,250 _______
Com m on $2.200,000__________ ______
Preferred $1,500,000 c u m __________
6%
1.499,500 J u l y ’26, 3 %
Stock.— Preferred stock is pref. as to assets and dividends. T h e by-laws
provide that no mortgage shall be placed on the property or assets of the
co. in p rio rity to the pref. stock, without the consent of the holders of twothirds of the outstanding pref. stock. V . 108, p . 682.
E A R N I N G S . — F o r calendar years:
Gross N e t (.after
Other
R en tals,
B alance,
E a rn s.
T a x es).
In c o m e.
c f e e . S u r.o r d ef,
1925 _________________ $534,545
$83,940
$7,267
$26 $91,181
1924 _________________ 508.160
80.171
10,847
26
90,992
1923 _________________ 546,439
87,885
5,728
26
93,587
1922 _________________ 504.520
86.087
6.528
526
92,089
O F F I C E R S . — Pres., E . R . W ood, To ro n to , O n t.; V .-P ., A . S. M uirhead,
To ro n to , O n t.; Sec., Tre as. & G e n . M g r ., W . W . Foster, Rochester, N . Y ,
— V . 108, p . 1512.

R O C H E S TE R & S Y R A C U S E RR. CO., INC.
O R G A N I Z A T I O N . — Incorp. in N . Y . Sept. 17 1917 as successor t o
t h e
Rochester Syracuse & Eastern R R . (part of the E m p ire U nited R ys ., In c .,
system) sold at foreclosure A ug. 28 1917 and separately reorganized as pee
plan in V . 104, p. 2119. See V 106. p. 1231.
In D ec. 1922 acquired control of the E m pire State R R . C o rp . b y pur­
chase of a m ajority of its capital stock. V . 115, p 2581; V . 116. p. 616.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Extends from Rochester to Syracuse, N . Y . , passing through East R o­
chester, Fairp ort, M acedon, P alm yra, Port Gibson. New ark, Lyons,
C lyd e. Savannah, P ort B y ro n , Weedsport, Jordan, Memphis and W arner,
N . Y . Length of line, first track (owned), 157.04 miles; 2d track (owned),
1.50 miles; siding, &c (ow ned), 1.70 miles; trackage rights, 8.8 miles;
total length of line operated, 169.04 miles. Gauge, 4 ft. 846 in. R ail,
70 and 90-lb. T . Operated by overhead trolley. Power purchased from
Niagara, Lockport & Ontario Power C o .
S TO C K A N D BO ND S—
D a te .
In terest. O utstan din g. M a tu rity .
Com m on $1,500,000 ($100)_________ _________ ____ $1,469,100 ____________
Preferred $3,000,000 ($100)__________
6%
2,448.500 M a r ’24, 1%
First mtge conv $5,000,0001 1917
5 g M -N
2,448,500 M a y 1 1957
($500 & $1,000) g ____ c * n tf/ F irs t T ru s t & Deposit C o ., Syracuse, trustee.
B on ds.— Th e 1st M . 5s are convertible into pref. stock at par, $ for $
between M a y 1 1919 and M a y 1 1929; this privilege m ay be terminated bv
the co. in case of merger or consolidation w ith any other co. under N . Y .
laws, or of the lease of its property. T h e y are callable, all or in part since
M a y 1 1922 at 105 and int. T h e remaining bonds m ay be issued for Impts,
add’ns, exts., & c., under certain restrictions.
D iv id e n d s.— A n initial d iv . of 1 % was paid on the pref. stock in M a r.
1921. Same rate quar. to and incl. M a r 1924. None since.
E A R N I N G S . — F o r calendar years:
N e t, after Taxes
G ross.
an d D ep recia ’n . In terest.
A d ju s t. B a l., S urp.
1925------------ $951,748
$180,544
$132,804
$1,680
$46,060
981,392
211,406
136,000
______
75,406
1924-..........
1923______ 1.101,559
254.623
136.377
3 ,3 6 7
114,879
1922............ 1,065.342
250,084
125,555
______
124,529
O F F I C E R S . — Pres., A . H . Cowie; V .-P r . & Gen. M g r ., T . C . Ch e rry;
A u d . & Tre as., W . K . Zinsmeister; Sec., M ercer V . W h ite . Peck-Shanah a n -C h e rry, In c ., operate the ro a d .— V . 116, p. 616; V . 118, p . 2825.

R O C K L AN D L IG H T & POWER CO.
M a n a g em en t.— Since M a y 1 1912 under management of Charles H .
Te n n e y & Co .
O R G A N I Z A T I O N / — Incorporated in 1926 as a consolidation of a co.
of the same name (incorp. in N e w Y ork in A ug. 1899), the Orange C o unty
Public Service C o ., In c ., and the Catskill Power C o rp . V . 122, p. 2652.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
C o . serves 59 communities, inducting U pper N y a c k , N y a c k , South
N y a c k , G rand View, Pierm ont, Port Jervis and M iddletow n, N . Y . , with
gas and electricity, and practically all of the communities in Rockland
C o u n ty , in parts of Sullivan and Orange counties, N . Y . . as well as in the
northeastern part of N e w Jersey (Bergen C o u n ty) with electricity for
light and power. Owns and operates 2 hydro-electric generating stations
(5,980 h .p .), 4 steam stations (10,685 h .p .); 2,447 miles of lines supplying
25.148 electric customers; 3 gas plants (capacity, 1.882,000 cu. ft. per d a y ),
and 63 miles of gas mains, water power rights, &c. Population served,,
102,000; area. 600 sq. miles. V . 121, p. 3312.
C a p ita liza tio n .— C o . upon its Incorporation in 1926 was authorized t o
Issue $5,150,000 common stock and $2,600,000 6 % cum . pref. stock for
the following purposes:
1. $100,000 6 % cum . pref. stock In exchange for 1,000 shs. 1st pref.
stock of $100 each of old Rockland C o ., share for share;
2. T h e new com. stock (a) in exchange for 42,956 com. shares (par $50)
of old Rockland C o ., par for par; (b ) for conversion of $20,200 5-year 7 %
conv. g. bonds, due June 1 1926, of the old Rockland C o ., par for par, ana
(c) for the conversion of $3,000,000 6 % 10-year conv. debent. g. bonds o f
old Rockland C o ., due Sept. 1 1934, par for par.
3. $2,500,000 6 % cum . pref. stock for new construction. V . 122,
p . 2652.
S TO C K A N D BONDS—
D a te .
In terest.
O u tsta n d in g . M a tu rity .
Com m on $5,150,000 ($50)__________
__________ $2,146,000
See text.
6 % cum pref $2,600,000 ($ 50)6 Q -F
2,600,000 See text.
1st mtge ($1,000,000)________\ 1908
5 g M -N
848,000 N o v 1 1938
G u a ra n ty C o . of N . Y . , Trustee.

!

1925

5K g M -N

2,500,000 M a y 1 1955

In t . at Bankers T ru s t C o ., N . Y . C it y , Tru s .
1919
6 g J -D
1,461,100 June 1 1939
N e w Y o rk T ru s t C o ., N . Y . C ity , Trustee.
Rockland E l Co 1st (c lo s e d )M .-------5g
144.000 A p r 1 1953
C o n v 6 % debentures------------------- ----------------------------- 3,000,000 Sept 11934
C o n v 7 % debentures_________ 1921
7 J -D
20.200 June 1 1926
Stock.— T h e 6 % cum . pref. stock is convertible on and after Ja n . 1 193i.
into common stock on basis of $65 of pref. stock for each $50 of com. stock.
I f called before Ja n . 1 1931 stockholders m ay at any tim e within a period
of 30 days prior to the redemption date convert their stock on the same
basis. Holders of pref. stock will have the right to subscribe upon equal
terms with cum. stockholders to any future pref. or com. stock issued by
the co. for cash, or of any other securities issued far cash and convertible
into corn, slock. C a ll, whole or part at $55 and divs. on any d iv . date.
In iu ly 1J26 H . C . Warren .V C o . I ic.. New H aven. C o in., offered a
block (carrying the A ug. I d iv .) at $55 per share
V. 123. p. 325.
B o n d s .— T h e C a ts k ill P o w er C o r p o rn ! o o i I si m tg e . s e rie s .4 b o n d s , dated
M a y I 1925. are secured by a direct 1st nil re. on all the property of Catskill
1’ower C o rp . (incl. after acquired property) subject only to liens existing
at time of acquisition
Additional bonds of series A . not exceeding $150,000
may lie issued for 7 5 % only of new construction
Are furt her secured by a
lien on the 999-vear lease of the properties of Catskill Lower C o rp . to the
Rockland Light .A Lower Co and the Orange C o u n ty Lublic .Service C o .,
Inc. Under this lieu the lessees agree jointly and severally to pay an
annual rental equal to twice the interest charges on all bonds from time to
time outstanding under abnve-mentioned mortgage, and. in addition, to
pay taxes, maintenance and replacement charges necessary to keep the
property in good condition. Catskill Lower Corp. was incorp. in New
York Feb II 1925 to take over and develop the h yd" i-electric properties
of the Rockland Light & Lower C o . system on the M nugaup R iver, and
owns a modern hydro-electric plant, at M nugaup Fails on the M ongaup
River with an installed capacity of approx. 4.370 h.p
In addition, owns
partially developed and undeveloped water power sites having a potential
hydro-electric generating capacity in excess of 20.000 h .p. with an estimated
output ot approx 8*1.000.000 k.w It., aud owns or controls storage reservoir
sites of 3 000.000.000 cu ft potential capacity. Also owns real estate,
incl 16 500 acres of lands adjacent tn the M ongaup River, furthermore,
half interest in the Oakland Lower Co. M ost of the com pany’s franchises
are perpetual and the water power sites of the corporation are on lands
owned in fee or under perpetual easements. Additional bonds (over and
above the $2,500,000 issued and $150,000 referred to above) may be issued
only for refunding par for par bonds issued under this m tge.; or for not
more than 7 5 % of new construction, and only if (except in case of refunding)
the net earnings of the com pany for 12 consecutive months within, the lo

92

PUBLIC UTILITIES

months im m ediately preceding the application for the bonds, have been
at least twice the interest charges on all bonds outstanding under this
mtge., all bonds prior or on a pa rity with the lien of the 1st mtge. and the
bonds applied for, or if lessees increase the rental by sums equal to at
least twice annual interest on bonds applied for. A n im provem ent fu n d
requires that an am ount equal to 2 % of outstanding bonds shall be annually
used b y the Company (beginning D ec. 31 1927) for acquisition of property
against which no additional bonds m ay be issued or applied to the redemp­
tion of bonds.
T h e Catskill Power 1st m tge. bonds are red., all or part, on 30 days’
notice at 107A on N o v . 1 1925, and at 107 A less A % for each 6 months
thereafter to and incl. N o v . 1 1927, at 105 to and incl .N o v . 1 1954. Co m ­
pany refimds, not exceeding A % of face value of their holdings taxes paid,
b y bondholders under the laws of M ass., Vermont, N ew Ham pshire,
Penn., Rhode Island or Conn, (but only one of said States). In June 1925,
Estabrook & C o ., &c., & c., offered $2,500,000 Catskill Power Corp. 1st
m tge., series A , at 95 and in t., yielding over 5 .8 5 % . V . 120, p . 3312.
See V . 119, p . 1406: V . 120, p. 2818, 3316: V . 122, p . 884.
D iv id e n d s.— O n com . stock paid at the rate of $4 50 per share in 1925
O n pref. paid 6 % in 1925.
O F F I C E R S . — Chairm an of Board, Chas. H . Te nn ey, Springfield, Mass.
Pres., D . E g a r M anson, Brookline, M ass.; 1st V .-P ., A . B . Te n n e y, Lex­
ington, M ass.; Tre a s ., E . A . Bradley; Sec., Horace P . W ood, Boston, M ass.:
A u d . & Asst. Sec., Isaac S. H a ll, of West M edford, Mass.-— V . 122, p . 884,
2652; V . 123, p . 325.

EMPIRE ST A T E RR. CORP.
N ew C ontrol.— In D ec. 1922 the Rochester & Syracuse R R . acquired
control of the co. b y purchase of a m ajority of the stock. V . 115, p. 2580
O R G A N I Z A T I O N . — Incorp. in N ew Y o rk O ct. 27 1917 as successor
to the Em pire United R ys ., In c ., sold under foreclosure per plan in V . 104,
p. 863: V . 105, p. 909. T h e new co. took over, subject to underlying bond
issues, the Syracuse Lake Shore & Northern and A uburn & Northern divi­
sions. T h e Rochester Syracuse & Eastern division was separately reor­
ganized as the Rochester & Syracuse R R . (which see above).
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Operates from Syracuse to Oswego, 37 8 miles. Oswego city lines, 8.83 m .;
Auburn to P ort B y ro n , 7.62 m .; A ubu rn city lines, 1.42 m .; Fulton city
lines, 0.6 m .; total length of road, 56.27 miles: second track, 21.25 m .; carhouse and other sidings, 5.08 m .; total trackage, 82.60 miles. Gauge,
4 ft. 8 )^ in. R ail, 70 and 90 lbs. 56 passenger cars, 4 express cars, 7
work cars, 5 snow plows, 2 snow sweepers. Has contract for power with
Niagara Lockport & O ntario Power C o . H as 4 substations w ith a total
capacity of 2.900 k. w
Fare Increase.— V . 120, p . 330.
S TO C K A N D BONDS—
D a te.
In terest. O utstanding. M a tu rity.
Com m on $1,500,000 ( $ 1 0 0 ) - . . ...................................$1,436,635 .......................
Pref “ A ” 6 % cum $1,000,000
($ 1 0 0 ).............................. .................................................
205,426 Sept’24, 1 H
Pref B 6 % non-cum $1,250,000
($ 1 0 0 )..................... ........................................................
1.249,912 Jun e’23, 1%
Syracuse Lake Shore
N orthern RR—
1st mortgage $2,500,000 gold/ 1907
5 g M -N
2,496.000 M a y 1 1947
($1,000) ______________c * tf/In t. at Colum bia T r . C o ., N . Y . , trustee.
A u b u rn
N orthern E lectric R R .—
1st mortgage $1,000,000 goldJ 1905
5 g M -N
236,000 M a y 1 1945
($1,000) ______________c * tf\ In t. at Equitable T ru s t C o ., N . Y . , trustee
Stock.— Series “ A ” pref. stock is redeemable at 105. Series " B , " after
it has received 5 years' consecutive dividends at the full rate of 6 % , is
entitled to rank pari passu with or be converted into Series “ A . ”
B on ds.— T h e bonds of the Syracuse Lake Shore & N o r. R R . are subject
to call since M a y 1 1917 on any in t. date at 110 and int. upon 60 days’
notice. N o sink. fund.
T h e A ubu rn & N orthern bonds are subject to call at 110 on any int
period on 60 days’ notice. N o sinking fund.
D iv id e n d s.— O n pref. “ A ” divs. at the rate of 6 % per annum paid from
O ct. 1917 to and incl. Sept. 1924. None since. On pref. “ B ” 1 % paid in
June 1923; none since. N o divs. have been paid on com mon.
E A R N I N G S . — F o r calendar years:
G ross.
N e t a ft. Tax. In terest, & c. A d ju s tm 'ts . B a L .S u r v
1925 _______ $681,135
$110,158
$141,343
. . ... - def.$31,185
1924 ________ 734,610
xl37,227
140,257
C rl8,69 0
15,660
1923 ________ 861,495
198,638
144,041
______
54,596
x A fter taxes and depreciation.
O F F I C E R S .— Pres., A . H . Cowle: 1st V .-P .. T . C . C h e rry ; 2d V .-P .,
C . A . Chase; Treas. & A u d ., W . K . Zinsmeister; Sec., M . V . W h ite .
— V . 118, p . 1392; V . 120, p. 330.

[V ol. 123

A U B U R N * SY R A C U S E ELECTRIC RR.
D efa u lt o f In terest.— T h e interest due A p ril 1 1926 on the 1st & ref. mtge.
5 % g. bonds h aving been defaulted, the following protective com m ittee was
formed:
C hairm an, Charles W . Beall (H a rris, Forbes & C o .): Francis E . F ro th in g ham (Coffin & B u rr, In c .), A . B . M errill (F irs t T r u s t & Deposit C o .);
Secretary, George D . W oods, 56 W illiam S t., N ew Y o rk C it y ; depositary,
N a t. Ban k of Comm erce. 31 Nassau S t., N e w Y o r k C it y . V . 122, p . 2648.
O H U A N 1 Z A T I O N .— Organized Sept. 30 1902 as a consolidation of the
Auburn C ity R y . and A u b u rn Interurban Elec. R R . F ranchise perpetual
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
C o . renders electric railw ay service in A u b u rn , N . Y . , and between th a t
c ity and Syracuse. N . Y . T h e property includes 56.45 miles of track
(single track equivalent), 44 passenger cars, as well as various sweepers,
snow plows, &c. Owns also an amusement park at Owasca Lake, south of
A u b u rn . T h e line between A u b u rn and Syracuse, a distance of 27 miles,
is located for the most pa rt on private rig h t-o f-w ay.
O n Sept. 10 1925 stockholders voted to abandon two im portant lines in
A ubu rn . N . Y . , planning to replace them with bus service. V . 121, p 1459.
Voting T ru st.— Extends for five years from D ec. 1 1921. Trustees are
Edw in N o ttingham , A rth u r W . Loasby and F W . Roebling J r . Com pare
V 102, p. 1895.
S TO C K A N D BONDS—
D a te.
In terest.
O u tsta n d in g . M a tu rity .
Com m on $1,250,000 ($100)_________
________
$1,250,000 .................
Pref 6 % n-cum $750,000 ($ 1 0 0 )____
Q -J 15
712.000
See text
A uburn & Syracuse first and/ 1902 5 g A -O
1,752,000 O ct 1 1942
refunding mortgage $2,- { I n t . at H a rris , Forbes & C o ., N e w Y o r k .
000,000 gold ($1,000) .c * tf (Equitable T ru s t C o ., N ew Y o r k , trustee.
4 mos. notes__________________ _____
6%
8.250
_____
B on ds.— O f the $2,000,000 authorized, $248,000 is reserved for futur®
extensions, but only when net earnings are d on hie interest charges: snbiec*
to call at 110 and interest. See V . 75, p . 1201. F o r default of interests
see above.
D ivid en d s.— First dividend on preferred stock— 1 % — paid N o v . 1 1904,
then 1 % Feb. 1 1905, M a y 1 1905 and A u g . 1 1905: N o v 1 1905, 1 % %
paid (see V . 81, p. 1609). In 1906, 5 J 4 % : 1907 to 1913 incl., 6 % per
annum. In 1914, Ja n ., 1 A %• A p ril, 1 A % ; J u ly , 1 A % . None since.
E A R N I N G S . — F o r calendar years:
G ross.
x N e t.
Rev. P assen gers.
1925______________________________ $509,837
$59,575
3,343,573
1924_____________________________ 555,440
99,229
3,665,318
1923__________________
625,862
116,524
4,137.734
121.139
3,884.721
1922_____________________________ 583,701
1921_____________________________ 636,472
118,925
3,904,572
x After operating expenses, m aint. and taxes, bu t before depreciation.
O F F I C E R S . — Pres., T . U . C h e rry , Syracuse, V .-P ., H arold G M e t­
calf. A u b u rn ; V .-P . & Gen. M g r , W . J . H arvie ; Tre a s ., A u d . & Asst. Sec.,
L E . L i p p i t t , A u b u rn : Sec.. H . C . Beatty Svracuse. Peck-ShanahanC h e rry , In c ., operate the road.— V . 121, p. 1459; V . 122, p . 2648, 2797.

S Y R A C U S E & E AST E RN RR.
O R G A N I Z A T I O N . — Organized in N . Y . , and on A p ril 28 1923 took
over the property of the Syracuse & Suburban R R . as per plan of reorgan­
ization dated Jan. 16 1922. (F o r outline of plan see V . 114, p. 1064.)
For history of Syracuse & Suburban R R . up to time of reorganization see
“ Electric R ailw ay” Supplement of A pril 26 1924.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— A
trolley road. Operates 18.52 miles of track from Syracuse to E d w ard
Falls with branch from O rville to Jamesville. Standard gauge; rails, 60
and 90-lbs.; 10 passenger and 7o tber cars.
Upon completion of reorganization the co. will be capitalized approxi­
mately as follows:
S TO C K A N D BO ND S—
D a te.
In terest. O u tsta n d in g .
la t u r it y .
Stock_______________________________
__________
$300,000 ___________
1st mtge bonds________________ _____
6%
512.000 ___________
Voting T ru st.— T h e stock is to be held for a period of five years b y voting
trustees. V . 114, p. 1064.
E A R N I N G S . — O f Syracuse & Suburban R R . for calendar years:
G ross. K e t (a ft. T a x .).
Oth. I n c .
C harges. S u r . or D el,
1922 _________ $107,940
def.$727
$319
$5,929
def.$6,338
19 21_________ 91,746
def. 17,447
260
3.609
def.20.796
O F F I C E R S . — Pres., E d w ard Powell; V .-P ., J . M . Steere; Tre a s ., J . E .
Gere; Sec., W . W . Cheney J r . ; Gen. M g r ., H . D . Gros; A u d ., G . W .
A v e ry .— V . 116, p. 2131.

S Y R A C U S E N O R T H E R N ELECTRIC R Y ., INC.
ST A T E N ISLAND MIDLAND RAILW A Y CO.
O R G A N I Z A T I O N . — Incorp. in N . Y . M a y 12 1917 as successor to the
Syracuse & South B ay Electric R R . and the Syracuse W atertown & St.
R eceivership.— In Jan . 1920 Federal Judge Chatfield appointed Jacob
Lawrence R iver R R ., bid in at foreclosure sale on N o v . I 1916 b y the
Brenner receiver for the com pany. V . 110, p. 360. Following the death of
reorganization committee. Sale confirmed in M arch 1917. Th e company
Jacob Brenner in O ct. 1921. M ortim er Brenner was appointed receiver.
was organized as per plan in V . 103, p. 580. as modified and approved by
V . 113. p. 1889, 2186.
the P. S. C o m m , b y an order dated A p ril 26 1917.
O P E R A T I O N . — As a result of a contract signed N o v . 10 1920. operation
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
of the com pany’s lines under the supervision of New Y ork m unicipal au­
Operates 12.18 miles of single track equivalent over private right of way
thorities was begun on Dec. 1 1920. Under the contract the Richm ond
from Syracuse to Oneida Lake, and a single track branch line to Brewerton.
Light & R R . Co. permits the city to use its tracks through St. George and
6.2 miles. Has traffic agreement with New Y o rk State Railways C o . to
Tom pkinsville and supplies the city with electric current at cost for the
enter Syracuse. N e w road began operations A pril 26 1917. 85-lb. T
rail. Gauge, 4 ft. 8 A inches. 16 cars. A ll private rig h t-o f-w ay. Power operation of the lines. V . I l l , p. 2042, 2230.
“ t J R G A N I Z A T I O N . — Incorp. in New Y o rk on Ja n . 16 1907 as a reor­
is purchased from Niagara Lockport & Ontario Power C o .
ganization of the Staten Island M idland R ailroad C o . sold under sequestra*
STOCK AN D BON DS—
D a te .
Interest.
O utstan din g. M a tu rity .
tion proceedings on Jan . 3 1907. V . 84, p. 222.
Com m on $150,000 ($100)___ ........
...................
$150,000 .....................
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
First p rtf $600,000 ($100)___ ____
6%
480 000 A ug ’24 1 %
2d pref $500,000 ($100)______ ____
6%
420.000
_ Owns 28.68 miles of tra ck. Rails 65 to 70-lb. T and 90-lb. girder. 41
_
First mtge $600,000 gold ($25, 1917 5 g M - N
153,750 M a y 1 1946 passenger cars.
$100 and $1.000)__________ In t . at T r . & D e p . C o ., of O non.
STO C K A N D BO N D S—
D a te.
In terest. O u tstan din g. M a tu r ity .
S to c k — A ll classes of stock have equal voting power. Stock is held in a Stock $1,000,000 ($100)____________
________
$1,000,000 ---------------------five-year voting trust. T h e successor voting trustees are A rth u r W . Loasby
S I M id RR 1st mtge $1,000,-1 1896
5 g J -J
1,000, 00 Jan 21 1926A H Cowle and Ferdinand W . Roebling J r .
000 gold ($ 1,00 0)____c * .tfj In t. at Farm ers’ L . & T r . C o ., N . Y . , trustee.
B onds.— A re subject to call in whole or in part on and after N o v . 1 1917
Equipm ent trust certifs Ser A 1 1915 6 g J - J
31,000 See text
at 110 and int. In t. on $25 bonds payable M a y 1 o n ly . In t . payable
$135,000 ($500) g o ld --C * & r)In te re s t at Bankers T r u s t C o ., trustee.
without deduction other than Federal income tax.
b o n d s.— Sinking fund after 5 years but bonds cannot be called.
D iv id e n d s.— O n 1st pref. in F e b . 1923, 1 % was paid. In A u g . 1923, 1 % .
T h e equipment trust certificates m ature $7,000 each Ja n . 1 and $6,500
In A u g . 1924, 1 % .
each Ju ly 1, beginning J u ly 1 1915. T h e y are subject to call a t 102,and
E A R N I N G S . — F o r calendar years:
Interest. Secured by 32 double-truck closed cars.
1925.
1924.
1923.
1922.
E A R N I N G S . — F o r years ending June 30:
Gross___________________
$130,982
$141,241
$143,260
$137,895
Gross.
N et (a ft. Tax.) Other I n c . I n t. 6 t R en ts.
D e fic itA
Net incom e____________
x l,9 9 7
14,535
8,668
13 338
19 20-- ____ $218,869
def.$80.615
$604
$70,177
$150,188
x A fte r deducting taxes and $7,687 interest.
19 1 9 _______ 307,534
def. 80.346
1,363
68.094
147,076
O F F I C E R S .— Pres. & Gen. M g r ., Taim adge C . C h e rry ; Tre a s ., W . K .
O F F I C E R S . — Pres., C . VV. Hotchkiss, 55 W all S t.. N e w Y o r k C ity ;
Zinsmeister; Sec., H . C . B ea tty. Peck-Shanahan-Cherry, In c ., operate
Sec., A . M . Stilwell, N e w Brighton, N . Y . — V . 113, p . 1889, 2186.
the road.— 109, p. 777; V . 115, p . 1211.




Oct., 1926.]

POWER, LIGHT AND RAILWAY
NEW JERSEY

T ri-S tate C om m ittee.— See under " N e w Y o r k " .

V . 121, p . 2154.

PUBLIC SERVICE C OR PO RA T IO N OF NEW J E R S E Y .
(See M a p on pages 88 an d 89.)
O R G A N I Z A T I O N . — In corp. in N e w Jersey on M a y 6 1903 and controls,
through ownership of stock. Public Service R y. C o ., Public Service Electric
& Gas C o ., Public Service R R . C o ., Public Service Transportation C o .,
Public Service Production C o ., Public Service Electric Power C o ., Orange
& Passaic Valley R y . C o ., and N ew Jersey & Hudson R iver R y . & F e rry
C o . T h e stockholders of the Orange & Passaic Valley R y . C o . and United
Elec.ric C o . of N ew Jersey and also the stockholders of certain of the cos.
out of waich Public Service R y . C o . was subsequently formed (namely N o rth
Jersey Street R y . C o ., Jersey C it y Hoboken & Paterson St. R y . C o . and
Elizabeth Plain*leld & Central Jersey R y . C o .) were given certificates
described below in exchange for their stock. See plan in V . 76, p. 865,
and also p . 1249. T h e F id elity U nion T ru s t C o . of New ark financed the
transaction.
O n Ja n . 15 1925 the Public Service Stock & Bond C o . was incorp. i n N . J .
w ith an auth. capital of 500,000 shares of no par value, to specialize in the
securities of the Public Service C o rp . of N . J . and its subsidiary and under­
lying cos. A ll the outstanding stock is held b y Public Service C o rp . of
N . J . V . 120. p. 465.
M erger of S u b sid ia ries.— In 1907 N o rth Jersey Street R y . C o ., Jersey
CMty Hoboken & Paterson Street R y . C o . and United Street R y . C o . of
Central Jersey were consolidated under the name of Public Service R y . C o .,
which see below. V . 85, p. 406 and 470. T o Public Service R y . Co . also
have been transferred the leases of various railways formerly held by Public
Service C o rp . O n D ec. 28 1915 the merger of the Public Service R y . and
the P . S. N ew ark Te rm ina l R y . was ratified.
Consolidation o f E lectric a n d O as Cos.— See “ Public U t ilit y ” Compendium
of N o v . 1 1924.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Public Service C o rp . of N . J .. through its subsidiary companies, operates
all of the electric power and light, gas and street transportation business in
the larger cities and more populous sections of the State of N e w Jersey, ex­
cepting the snore resorts, the gas service in Elizabeth and the street railway
in Tre n to n . T h e territory served extends from the Hudson R ive r opposite
Philadelphia, and includes N e w ark, Jersey City', Paterson, Tre n to n . C a m ­
den, Elizabeth, Bayonne, H oboken, Passaic, the Oranges, Perth A m b o y,
Union C it y and N e w Brunswick.
C o . and its subsidiaries owns & operates as of Dec. 31 1925, 13 electric
generating stations of an aggregate capacity of 447,550 k .v .a .; 80 sub­
stations; 1,186 miles transmission lines and 175 miles conduits (street
miles); 30,478 miles distributing wires; gas plants of over 82,000,000 cu. ft.
daily capacity; 3,865 miles of gas mains. To ta l track, 876.618 miles; 1,876
closed and 339 open cars. Tro lle y passengers carried in 1925, 416,788,621;
In 1924, 427,828,444; bus passengers 1925, 146,053,237; in 1924, 69,383,643.
N ew ark T erm in a l.— See Public Service R y . below.
Holders of the 7 % and 8 % pref. stocks of record Jan . 16 1925 were given
the right to subscribe at par (8100 a share) & d iv . for 7 % pref. stock to the
extent of 1 share for each 10 shares held. V . 120, p . 212, 705. Holders of
8 % pref. and 7 % pref. stock of record O ct. 2 1925 were given the rig h t to
•ubscribe un til O ct. 31 1925 to 6 % cum. pref. stock (par $100) at the rate
of 1 share 6 % pref. stock for each 4 shares either 8 % or 7 % , or both. V .
121, p . 2157. Holders of com. & pref. stock of record Feb. 5 1926 were
given the right to subscribe on or before M a rch 31 1926 to additional
common stock at $80 per share, at the ratio of 1 new for each 10 shares
either pref. or common held. V . 122, p. 612, 1457.
Changes C a p ita l Stock.— Stockholders voted O ct. 19 1926: (a) to increase
the authorized 6 % pref. stock from $25,000,000 to $125,000,000; (6) to in­
crease the authorized no par common stock from 2.000,000 to 10,000,000
shares; (c) approved issuance of 3 new no par common shares for each out­
standing common share. Th e new common stock was to be placed on a
$2 annual dividend basis. V . 123, p . 1763, 2140.
W age Rale Traction E m ployees.— V . 122, p . 3211. See below under
“ Public Service R ailw ay C o .”
S TO C K A N D BONDS—
D ate
In terest. O utstan din g. M a tu rity .
Stock com 10.000.000 shares
(no p a r)_____________________ _____
Q -M 30 3,477,275shs.
See text
Prei h % cum $25,000.000 (.$ 1 0 0 )____
8 Q -M
$21,531,200 S e p t '26 ,2%
Pref 7 % cum$50.0 0 0 ,0 0 0 (8 1 0 0 )____
7 Q -M
28,8 15,200 Sept ’26 1 %
Pref cum 6% $ 1 2 5 ,000,000($100)____
6 M o.
5,098.600 See text
T ru s t certfs $20,200,O O O -.n tfJ 1903
6 M - N 20,111,910 Perpetual
[F id e lity Union T ru s t C o ., N ew ark, trustee.
8e cb d s 6 % ser due 1944 (500&1 1924
6 g F -A
20.000.000 A ug 11944
$l,000c* & $l,000& c r* )g tf (Fidelity-P hiladelphia T r . C o ., P h ila., trus.
5 y $ % ser due 1956 $30,000,-1 1926
5 H g J - J 15,000,000 J u ly 1 1956
000 ($1,000, $500 c* and (Interest payable in N e w Y o rk or Phila.
$10,000,$5,000,$1,000 r * )tf I
P S Newark T e rm R y 1st M f 1915
5 g J -D
5,000,000 June 1 1955
$5,000.000g ($1,0 0 0 )..c * tf (I n t . at Fid elity U n . T r . C o ., N ew ark, trustee
Real estate m >rtgages_______________
_________
1,417,000 ___________
Miscel. notes (payable more/
than 1 year from da te )____ \ ____
_________
2,245,850 ___________
Stock.— B oth the pref. and com. stocks are listed on N . Y . Stock E xc b .
Co m . stock is also listed on M ontreal Stock Exch . and Chicago Stock E xch.
Pref. stock has full voting powers and is pref. as to assets and divs. Pref.
Steck consisted originally of 500,000 auth. shares (par $100) of 8 % cum .
pref., but in Dec. 1922 was divided into two series— 250,000 shares8 %
cum . pref. and 250,000 shares 7 % cum . pref. V . 115, p. 2380, 2478, 2794.
O n A p r. 11 1923 was divided into 3 series— 8 % cum . pref., $25,000,000,;
7% cum . pref., $50,000,000; 6 % cum . pref., $25,000,000, all pref. being
In shares of $100 par.
C o rp . started on A p ril 1 1926 a campaign for tire sale through its
employees of appr. 50,000 shares (par $100) of 6 % cum . pref. stock at par
and divs. for cash or in m onthly installments of $10. V . 122, p. 1764. On
O ct. 1 started another customer ownership campaign for the sale of $5,000,000 of 6 % cum . pref. stock. V . 123, p. 1505.
In M a y 1925 directors authorised the issuance of 131,200 additional no
par value common shares. Stockholders were given the right to subscribe
at $62 50 per share in the ratio of one share to each ten pref. or common
shares held. V . 120, p. 2818.
Results customer-ownership campaign, see V . 121, p. 200, 3005.
In Sept. 1925 offered 115,500 shares of 6 % cum . pref. stock at par and
divs. to holders of record O ct. 7 of 8 % cum . pref. and 7 % cum . pref. in the
ratio of one share for each four shares held.
B on ds.— Th e trust certifs. bore 2 % int. (dating from June 1 1903) the first
two years, 2 14 % the third year, and increased b y l % each following year
A
until 6 % was reached in the tenth year, which is the rate now paid. See
V . 80, p. 164. Th e following shows the terms upon which the stocks of the
constituent companies were exchanged for the trust certificates. Th e
stocks acquired are pledged as security for the trust certificates.
N ew T o ta l Ctfs.
Total
Total
C ertifi- i f a ll Stock
Stock.
D ep o sited ,
cates. E xchanged.
•North Jersey Street R y ..........$15,000,000 $14,994,400 4 0 %
$6,000,000
•Jersey C it y Hoboken & Pat­
erson Street R y ____________ 20,000,000
19,984,600 3 5 %
7,000,000
•Elizabeth Plainfield & Cen­
tral Jersey R y . C o __________ 3.000,000
3,000,000 30 %
900.000
Orange & Passaic V a l. R y . C o . 1,000,000
995,000 3 0 %
300.000
19,736,800 3 0 %
6,000,000
sUnited Ele ctric C o __________ 20.000.000
T o ta l__________ ____________________ _______________________ $20,200,000
* N o w merged in Pub lic Service R ailw ay C o ., which see below, x In
1,924 the U nited Elec. C o . com. was exchanged for a like am ount of 7 % pref.
stock of the Public Service Gas & Ele c. C o . and the Public Service C o rp .
agreed to pay to the trustee for the perpetual interest-bearing certifs. the
sum of $197,368 annually as a sin kin g fu n d to be applied to the purchase of
the certifs. at not more than 1 1 0 % , the certifs. so purchased to be held
alive for the benefit of the sinking fund and int. thereon added to the
am ount of the fund pending their eventual retirement when all have been
acquired. I f certifs. cannot be purchased at or below 110, the unexpended
balance in the sinking fund can be returned to the corporation.




93

T h e trust deed provides that the stocks pledged shall not be used so as to
Increase the capital stock of any of the companies nor create any new
liens upon the respective companies except to take up existing debt of any
such company or of underlying or subsidiary companies.
T h e Public Service C o rp . of N . J . secured gold bonds are secured ratably
w ith the 30-year 5 } 4 % series dated J u ly 1 1926, b y pledge w ith trustee of
7,005,000 shares of com. stock of P ub. Serv. Elec. & Gas Co . and indenture
provides that not less than 2-3 of the com. stock of Public Service Elec.
& Gas C o . at any time outstanding shall always be pledged thereunder.
Against the 4,283,334 shares originally pledged $21,400,000 bonds of the
6 % series due 1944 m ay be issued. Bonds m ay be issued in any other
series to an am ount not exceeding $10,700,000 against pledge of the remain­
ing 2,141,666 shares of such common stock owned b y the Public Service
C o rp . at the date of the mortgage and to an am ount not exceeding 5 0 %
of the cash realized b y Public Service Electric & Gas C o . from additional
common stock thereafter issued and pledged. Bonds m a y be issued also
to refund bonds of an y outstanding series par for par. F u tu re issues may
be in one or more series in such amounts and bearing such rates of interest
and having m a tu rity dates and such other provisions w ithin the limita­
tions of the indenture as the board of directors of the corporation m ay
from time to time determine. Six per cent series due 1944 has sinking
fu n d which provides for semi-annual payments on M a y 1 and N o v . 1 in
each year beginning M a y 1 1925, of a sum equal to K of 1 % of the total
amount of bonds of this series outstanding, the moneys to be applied by
the trustee to the purchase of bonds of this series at or below the redemption
price existing at the next ensuing int. date, or, if not so purchasable, to
their call b y lot at such redemption price on such int. date; all bonds so
purchased or redeemed b y the sink, fund are to be held alive and int.
thereon added to the fund. R ed ., all or pa rt, at any time and for the sink,
fund on any int. date, in either case on not less than 40 days’ notice at a
premium of 7 H % on or before J u ly 31 1930. said prem ium to be reduced b y
M of 1 % commencing A u g . 1 1930, w ith a like additional reduction com­
mencing on A ug. 1 of each year thereafter un til Feb. 1 1944, on and after
which date the redemption price shall be par; in each case with accrued int.
payable in N . Y . or Phila. C o . has agreed to refund the Penna. 4 m ills, the
Co nn . 4 mills tax, the M a ryla n d securities tax not exceeding 4 M mills and
s
the Mass, income tax not exceeding 6 % per annum on income derived from
the bonds. Listed on N . Y . Stock Exchange. Y . 119, p. 2288. In J u ly
1924 Drexel & C o . and Bonbright & C o ., In c ., sold $2O,0OO,OOO 6 % series
due 1944 at 96 and in t.. to yield over 6 .3 5 % . V . 119, 580.
T h e 30-yea r 5 1 4 % series, d a ted J u ly 1 1926, are redeemable, all or part,
on 40 days’ notice at a prem ium of 6 % on or before June 30 1943, and
5 }4 % on or before June 30 1944; said prem ium to be reduced 14 % commen­
cing J u ly 1 1944, w ith a like additional reduction commencing J u ly 1 of
each year thereafter, bonds to be called at par on and after J u ly 1 1954; in
each case w ith interest. A n y Penn., M a ryla n d , Co nn , or Mass, taxes not
exceeding $4, $4 50, $4 or $3 30 per $1,000 bond, respectively, refundable,
but only one such State tax on the same bond for the same year. Payable
in N e w Y o rk or Philadelphia. Listed on N e w Y o rk Stock Exchange. I b
J une 1926 Drexel & C o . and Bonbright & C o ., In c ., offered $15,000,000
5}$ % series due 1956 at 99 and interest, to yield about 5 .5 7 % . V . 122,
p. 3455.
T h e P . S. N e w ark T e r m . R y . bonds are unconditionally guar, as to
prin., int. and sink, fund b y endorsement of the Public Service C o rp . of
New Jersey. Sin kin g F und of $30,000 annually began A p ril 15 1920.
Red. as a whole on or after June 1 1920 at 105 and int. on six weeks' notice;
also callable for sinking fund on June 1 each year since 1920 at 102}$
(V . 100, p. 2011).
D iria e n d s.— A n initial m onthly div. of 2-3 of 1 % was paid on the 8 % pref.
stock on M arch 31 1.919. In June 1919 2 % was paid and same rate has been
paid regularly quarterly since to and Incl. Sept. 1924.
A n initial d iv . of
1% % was paid on the 7 % pref. stock in M arch 1923. Same rate paid
regularly quarterly to and including Sept. 1 1926. On the 6 % cum . pref
an initial quar. d iv. of I K % was paid in Dec. 1925. Same rate paid regu­
larly quarterly to and including Sept. 1 1926. Thereafter to be paid
m onthly. O n common, first dividend of 1 % was paid June 29 1907; 1 %
was paid Sept. 30 1907 and 1 % D ec. 31 1907. In 1908. 4 % . In 1909,
4 y 2 % . In 1910, 5 % . In 1911 to 1914, 6 % . In 1915, 6 1 $ % . In 1916.
7H%.
In 1917, 8 % . In 1918, 6 % . V . 107, p . 1385, 2377. In 1919,
M arch , 1 }$ % ; June, 1 K % ; Sept., 114%'. D ec. 1919 d iv . passed. (See V .
109, p . 2357.) In 1920, 4 % . In 1921, 4 % .
In 1922, M a rc h , l H % i
June, 1 14% ; Sept., l'A%; D ec., 2 % . In 1923, M a rc h , 2 % . In A p ril 1923
the com. was changed from shares of $100 par to shares of no par value, and
tw o shares'of no par stock were given in exchange for each share of $100 par
outstanding. In June 1923 $1 was paid on the no par shares. D iv s . of
$1 per share were paid regularly quar. to and incl. Sept. 1924. In D ec.
1924 $1 25 per share was paid and $1 25 quar. since, including Sept. 1926,
on the common before split up (3 to 1) in O ct. 1926.
In O ct. 1926 directors proposed that dividends on the 6 % cum . pref.
stock be paid m onthly instead of quarterly; also that the new split-tip no par
common stock be placed on a $2 annual dividend basis, which is equivalent
to $6 on the old no par common stock, which heretofore was on a $5 annual
basis. V . 123, p . 1763.
E A R N IN G S .—
E arnin gs o f P u blic Service C orporation o f N ew .Jersey an d S u b sid ia ry C om ­
p a n ies fo r C alendar Y ea rs.
1925.
1924.
1923.
1922.
Gross earnings of leased
and controlled cos____$94,715,525 $87,689,453 $79,107,882 $78,356,963
Oper. expenses and taxes 61,934,635 58,357.745 53.037,094 52,581,870
Am ortization charges___ 7,741,009
6,642,972
5,949,666
5,425,292
N e t earnings_________ $25,039,881 $22,688,736 $20,121,122 $20,349,801
Non-operative income - 2,057,051
1,001.279
292,466
314,758
P. S. C o rp . of N . J . —
Income from securities
pledged (excl. divs. on
stocks of oper. cos.) &
from miscell. sources. *2,208,837 *2,742,240 *1,953,115 *1.957,320
T o ta l _______________ $29,305,769 $26,432,255 $22,366,703 $22,621,885
D educt—
B on d,& c.,int .of sub .cos. $13,965,558 $13,247,068 $12,838,264 $12,914,111
Fixed charges of Public
Service C o rp . of N . J . 4,743,836
5,326,066
4,182,564
4,137,535
N e t income__________ $10,596,375 $7,859,121 $5,345,875 $5,570,239
A djustm en ts___________ C r .228,477 aC r. 153,997 0 .3 2 1 ,4 6 0 Defe.282,774
D ivs. of sub. cos. excl. of
inter-com pany acc’ts .
829,527
---------------------------------Com m on divs. paid____ 4,781,557
2,959,330
2,400,000
1,950,000
R a te _________________
($5)
($4.25)
($5)
($6.50)
Preferred dividends____ 3,223,729
2,430,046
1,930,156 (8)1,316.839
Balance, surplus_____ $1,990,039
$2,623,742 $1,337,179 $2,020,620
a Includes appropriation accounts of subsidiary companies adjustments o*
surplus accounts (credit), $111,918, but does not include charge to surplus
of $1,710,512 in connection with financial reorganization and credit to sur­
plus of $2,432,898 from inter-com pany sale of Public Service New ark T e r­
minal building and real estate adjacent thereto.
* After deducting in 1925 $1,194,220, in 1924 $758,775, in 1923 $653,817.
and in 1922 $431,662 for expenses, taxes, &c.
In 1921 gross earnings amounted to $75,311,508; total expenses, $56,663.584; balance surplus, after dividends, $1,450,904. See “ P . U . Com ­
pendium ” of O ct. 31 1925.
L atest E a rn in g s.— F o r 12 months ended June 30 (of corp. and subs.);
1926.
1925.
Gross earnings____________________________________ $100,983,857 $90,755,455
O per. exp., m a in t., taxes and depreciation_______ 72,911,7-37 67,619,194
N e t income______________________________________ $28,072,120 $23,136,261
Other income_______________________________________ 2,116,621
1,694,820
To ta l income_____________________________________ $30,188,741 $24,831,081
Income deductions_________________________________ 17,397,064 16,843,581
Balance for dividends and surplus_____________ $12,791,677 $7,987,500
F o r earnings 12 mos. end. J u ly 31 1926 and report on sales for 6 mos.
end. June 30 1926, sea V . 123, p . 1997.
O F F I C E R S . — Pres., Th o s . N . M c C a rte r; V .-P s .. Percy S. Y ou ng.
E d m u n d W . Wakelee, D u d le y F arrand , George B ark er, John L . O ’Toole,
Sec., Chas. M . Brender; Tre a s ., T . W ilson V an M iddlesw orth.— V . 121, p.
200, 460, 587, 1570, 1790, 2157, 2274, 2639, 3005; V . 122, p . 612, 749, 1448,
1457, 1764, 1600, 1627, 1764, 1918, 2191. 2497. 3211, 3455, 3607; Y . 123,
p. 583, 1505, 1763, 1997, 2140.

94

PUBLIC UTILITIES

PUBLIC SERVICE ELECTRIC & GAS COMPANY.
A ll the com. stock Is owned b y the Public Service O orp. of N . J .
O R G A N I Z A T I O N . — Form ed In 1924 as a consolidation of the Public
Service Electric C o ., Public Service Gas C o . and United Electric C o . of
N . J . as per plan outlined in V . 118, p. 1268,2705. It is planned eventually
to merge into the consolidated co. all stock-owned electric and gas companies
and to vest in it the ownership of leasehold estates which comprise the
balance of the electric and gas systems. I t is further planned to offer to
the stockholders of certain gas and electric cos. leased the opportunity
to exchange their stocks for other securities, so that, eventually, these cos.
also m ay be consolidated with Public Service Elec. & Gas C o . Thase
consolidations are not an essential part of the plan, however, as the leases
In question extend in practically all cases for terms upwards of 900 years
In accordance with these plans, however, 7 companies previously operated
under lease were merged into the co. on D ec. 3 1924. Notes due June 3
1925 and bearing interest at 6 % were given by Public Service Electric &
Gas C o . in exchange for the stock of tl
P ar Value. A rn t.o fN o tes.
Shares.
$17,550
Burlington Electric L ig h t & Power C o . . . 351
$17,550
41.400
Citizens Ele c. L t ., H t . & Power C o _____ 1,656
..1 ,6 5 6
41.400
Middlesex Electric L ig h t & Power C o ___1,750
175,000
175,000
-.1 ,7 5 0
367.500
M orristow n Gas L ig h t C o _______________7,350
367,500
-.7 ,3 5 0
Nichols E l. L t . & Pow . C o ., N u tle y , N . J . 500
25,000
25,000
Princeton L ig h t, H eat & Power C o _____ 2,450
122,500
122,500
-.2 ,4 5 0
Weehawken Contracting C o ., c o m m o n--1 ,4 0 0
..1,400
70.000]
41.050
do
do
do pre ferre d.. 821
-.
41,050/
T h e entire capita! stocks of these companies, with the exception of 8
shares of the stock of Princeton L ig h t, Heat & Power C o ., were owned
by Public Service C o rp . of N . J . V . 119, p. 3011. For histories as separate
organizations of Public Service Elec. C o ., Public Service Gas C o ., U nited
Electric C o . of N . J ., and above-mentioned leased cos. merged, see “ Electric
R ailw a y” Supplement of A p ril 26 1924.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
C o . serves with electricity and gas a population in New Jersey estimated
at over 2,600,000, or over 8 0 % of the population of the State. T h e territory
aerved includes the larger cities and more populous sections of the State.
T h e territory extends from the Hudson R iver opposite N e w Y o rk C it y ,
southwest across the State to the Delaware R iver opposite Philadelphia,
and includes N ew ark, Jersey C it y , Paterson, Tre nto n, Cam den, Elizabeth,
Bayonne, H oboken, Passaic, the Oranges, Perth A m b o y, U nion C ity a n d
New Brunswick.
T h e com pany's electric system as of Dec. 31 1925 included 13 generating
stations w ith an aggregate rated capacity of over 595,000 h .p ., 1,186 miles
of transmission lines and 30,478 miles of distribution wire, serving over
616,500 electric customers. Its gas system Included 10 generating plants
with an aggregate capacity of 82.130,000 cubic feet daily and 3.646 miles
of mains, serving over 675,264 gas customers. N u m b er of meters as of
J u ly 31 1926, 689.053 gas and 661,434 electric.
C a p a city o f C am den G as W orks to be Increased. See V . 123, p . 85.
F ran ch ises.— W ith minor exceptions, the franchises under which the
company operates are, in the opinion of counsel for the com pany, perpetual
and contain no burdensome restrictions.
V alu ation .— T h e property of the co. and its leased cos. (not incl. any of
that leased from the Public Service Electric Power C o . or the electrical
property leased from Public Service R y .) was valued b y D a y & Z im m erm ann, In c ., engineers, as of Ja n . 1 1924, at over $245,000,000. V . 119,
p. 589.
In June 1925 the N e w Jersey P . U . Commission authorized the company
to issue $2,500,000 first and ref, mtge. gold bonds, due 1965, at 93
and
In t., and 750,000 additional shares of common stock, no par value, at $10
per share. T h e application for the issuance of 50,000 shares of 6 % cum .
pref. stock and 1,000,000 additional shares of common stock was held up
for further investigation. V . 120, p. 3316. In O ct. 1925 the Commission
granted the issuance of 1,000,000 common shares at $10 per share. V . 121,
p. 2039.
Court D ecision re P rivately Owned R ailroad C ars.— In D ec. 1925 the U . S.
D istrict C o u rt in Philadelphia denied the I.-S . C . Commission the right of
curtailing the use of privately owned coal cars in time of coal shortage.
V . 121, p. 2753.
In M a y 1926 the N e w Jersey P . U . Commission approved the issue of
2,500,000 shares of no par common stock. A pref. stock issue was held
for further consideration.
Gas Sales, & c ., 1925.— See V . 122, p. 1312.
S TO C K A N D BONDS—
D ate.
Interest. O utstan din g. M a tu rity .
9,500,OOOshs___________
C o m 20,000,000 shs (no p a r).
$20,000,000 Sept '2 6 ,1 H
Pf 7 % cum $20,000,000($100)______
7%
Pref 6 H % cum $10,000,000
None
( $ 100) ____________ _________________________
6K%
Preferred 6 % cum $70,000,000
($100) 1925 series__________ ______
6 Q -M
15,000,000 S e p t’2 6 , 1H
26,586,000 O ct 1 1959
1st & ref M by* % ser due ’59] 1924
5 V i%
5 K % ser due 1964_________\ 1924
5 H g A -O 15,0u0,000 O ct 1 1964
($500&$l,000c*& $l,000& c. I Fid elity Union T r . C o ., N e w ark , N . J . , T ru s .
r*) gold_________________ tfj
1st & ref M 5 % series due '65/ 1925
5 J -D
2,500,000 June 1 1965
IF id e lity U nion T r . C o ., N e w ark, N . J . , trust.
U n E l C o 1st M $20,000,000 g ] 1899
4 g J -D
18,617,500 June 1 1949
($500 and $1,000)
c* n tf /Int. at N . J . T itle G u . & T r . C o ., J . C ., Tru s .
Co n L t H eat & Pow $1,000,- 1898
5 g J -D
308,000 June 1 1938
000 ($500) goid_________ tf/ In t. at N . J . T itle G u . & T r . C o ., J . C ., T r u s 8
N o r Hudson L t H eat & Pow/ 1898 5 g A -O
367,000 Oct 1 193s.
$2,000,000 ($1,000)_____tf /I n t . at N . J . T itle G u . & T r . C o ., J . O ., T r u x t
Pub Serv Elec Co equip t r u s t ! ____
8 F -A
520,000
See te
certfs Series " A ” __________ (Philadelphia T r u s t C o ., P h ila .. trustee.
Weehawken C o n tr C o 1st M l 1908 6 g F -A 20
30,000 Feb 20 1928
$30,000 gold ($250)___e* tfjlnteres at Weehawken T ru s t C o ., trustee.
Princeton L H & P 1st ref M f 1909 5 g F -A
111,000 Feb 1 1939
$250,000 gold s f ($100,(I n t . at Equitable T ru s t C o .. N . Y . , trustee.
$ 1,000 or fra c )________ c * tf[
Middlesex Elec L t & P r 1st M 1
5 J -J
181,000 Jan 1 1955
$200,000___________________(F id e lity U nion T r u s t C o ., trustee.
Beal estate mortgages 1,466,727
Stock.— A ll the com. stock is held b y the Public Service C o rp . of N . J .
6 % pref., 1925 series, is red. all or in part on any div. date after 3 years
from date of issue thereof, upon 30 days’ notice at 110 and divs. Penna.
4|mills tax refunded. Listed on N . Y . Stock Exchange. V . 120, p . 1328.
In Jan . 1925 Drexel & C o ., P h ila., and Bonbright & C o ., In c ., N . Y . ,
offered $15,000,000 6% pref., 1925 series, at 95 and d iv ., to yield 6 .3 2 % .
V. 120, p. 332.
B on ds.— 1st & ref. mtge. w ill be secured by lien upon all the mortgageable
property of the co., and all underlying bonds and bonds and stocks of
leased companies (.now or hereafter owned). $31,834,000 b \ i % ser. due
1959 were issued in exchange for a like am ount of Public Service C o rp . of
N . J. gen. mtge. 5 % bonds outstanding in the hands of the public. Th e
5 M % series due 1959 has been closed and $5,248,000 have been retired,
by series 1964 bonds, leaving $26,586,000 outstanding as shown in table
above. Sin kin g fu nd of $300,000 a year (payable $150,000 J - J ) , applicable
to the 5 M % series due 1959 beginning Jan. 1 1925, should retire all of said
i
bonds before their m aturity. Listed on N . Y . and Phila. stock exchanges.
V . 119, p. 1180, 1291.
5 H % ser. due 1964 have sin k , a n d im p t. fu n d which provides for semi­
annual payments beginning Ju ly 1 1925 at the rate of H of 1 % of the total
am ount of bonds of this series theretofore issued, the moneys to be used
for add’ns and impts. or for the purchase or redemption and cancellation
of bonds of this series. R ed., all or in part, upon 60 days’ notice at the
following prices and int.: T o Sept. 1 1929 at 105; on and from Sept. 1 1929 to
Bept. 1 1934 at 104; on and from Sept. 1 1934 to Sept. 1 1939 at 103; on
and from Sept. 1 1939 to Sept. 1 1944 at 102. on Sept. 1 1944 at 101 H , and
thereafter at 101K less
of 1 % for each full year elapsed to Sept. 1 1947,
on and from Sept. 1 1947 to Sept. 1 1948 at 100Vs- Subsequent to A ug. 31
1948 they will be red. at par. C o . will agree to reimburse the holders of
6 J 4 % ser. due 1964 bonds for the Penna. and Co nn . 4 mills and M d . 4J^
mills taxes and for the D . of C . personal property taxes not exceeding 5
mills per dollar per annum, and for the Mass, income taxes on the int. of
the bonds not exceeding 6% of such int. per annum. Listed on N . Y . Stock
Exchange. V . 119, p. 3011. Drexel & C o . and Bonbright & C o ., In c .,in
Sept. 1924 offered $15,000,000 1st & ref. mtge. 5 t £ % series due 1964 at
96]^ and in t., to yield over 5 7 0 % . V . 119. p. 1405.
T h e 5 % series due 1965 bonds have a sin kin g an d im provem ent fu n d which
provides for semi-annual pa3
-me 1 ts beginning M arch 1 1926 at rate of
1
H of 1 % of total principal amount of bonds outstanding, moneys to be
used for redemption of bonds of series 1965 or for additions and im prove­
ments. Subject to redemption for sinking fund or at option of co. on
60 days’ notice at following prices and Interest; June 1 1925 to M a y 31
1953 106, reducing b y y* % each year until par is reached M a y 31 1962.




[VOL. 125.

Penn, and Co nn . 4 m ills, M a ryla n d 4 H mills and Mass. 3 m ills taxes
refundable.
United Electric C o . of N e w Jersey 1st mtge. bonds are reserved to
retire Consolidated L ig h t, H eat & Power and N o rth Hudson L ig h t, H eat
& Power bonds. In addition to $367,000 N o rth Hudson L ig h t, H eat &
Power Co . bonds above, $1,633,000 are deposited under U nited Electric
C o . of N e w Jersey mortgage. In addition to the above there are $115,000
C o n. L t ., H t . & Pow . bonds in hands of trustee (unissued) and $577,000
are deposited under U nited Elec. C o . of N . J . mtge.
Public Service Electric C o . equip, trust ctfs. Ser. “ A ” are due $65,000
each Feb. 1 and A ug. 1.
Public Service Gas C o . 6 % notes are due $18,000 each m onth to and Incl,
Ju ly 1 1926 and $20,000 A u g . 1 1926.
E A R N I N G S . — F o r calendar years:
1925.
1924.
Operating revenues_________________________________ $64,197,606 $59,432,27®
xOper. exp., m aint., taxes & retirement___________ 43,676,821 41,187,862
Operating Income_________________________________ $20,520,785 $18,244,414
Non-operating revenue (n e t)_____________________
1.912,764
8403247
Gross income_________________ ________________ ^$22 433,549 $19,084,601
Interest and rentals________________________________
8,772,767 7,906,877
Adjustm ent of surplus accounts__________________ C r . 19,160
*1,567,38®
Dividends:
Paid to Public Service C o rp . of N . J .:
Com m on dividends___________________________
9,284,988 7.649,91©
7 % cum. pref. dividends______________________ 1,398,211
698,987
Paid to unaffiliated interests:
Com m on dividends___________________________
12
8®
7 % cum ul. pref. dividends____________________
1,788
1,018
6 % cum ul. pref. dividends___________________
827.500 _____ ______
N e t Increase in surplus________________ _________ $2,167,443 $1,260,4 t
x Includes in 1925 $210,798 and in 1924 $208 077 Cam den Coke O o.
amortization. * Includes charge to surplus of $1,710,512 In connections
with financial reorganization and credit to surplus of $74,169 from In te r­
company sale of real estate.
O F F I C E R S . — Pres., Th o s . N . M c C a rte r; V .-P s ., Percy S. Y o u n g ,
E dm u n d W . Wakelee, D udley Farrand, John L . O ’To o le , E d g a r Allegaert,
Joh n A . C la rk J r . , George Barker and Richard R . Y ou ng; Sec., Chas. M .
Breder; Tre as., T . W ilson Van M iddlesw orth.— V . 120, p . 88, 332, 829,
959, 1328. 1587, 3316; V . 121, p. 1463, 2039, 2753; Y . 122, p . 749, 884,
1312, 2330, 2652, 3084, 3341: V . 123, p 85, 325, 1252, 2140.

PU B L IC SER V IC E ELECTRIC POW ER CO.
Organized In A p ril 1923 to construct a steam electric power plant
near N ew ark, N . J . , with an initial installed capacity of 200,000 h. p
The
new plant is leased to the Public Service Ele ctric C o . (now Public Ser­
vice E le c. & Gas C o .) for 999 years.
C A P I T A L I Z A T I O N . — Stock.— Com m on, au th ., 1,000,000 shares; out­
standing, 300,000 shares. Pref. 7 % cum ., auth , $20,000,000; outstanding,
$6,000,000. B o n d s.— 1st mtge. 6% , dated A p ril 1 1923, due A p ril 1 1948;
a u th ., $15,000,000; outstanding, $14,000,000, of which $41,000 are held
in sinking fund. Com plete description of these issues w ill be found in V .
116, p. 1659, 1770; V . 117, p . 97, 1463, 1564; V . 118. p. 804, 1531. Latest
dividends: Regular q u a rte rly dividends on 6% and 7 % pref. and common
stocks p a id , in c l. Sept. 1926.

CINNAM 1NSON ELEC. L T ., PR . & H T G . CO. O F R IV E R T O N , N . J.
O R G A N I Z A T I O N . — Incorp. N o v . 28 1892 and leased to Public Service
Elec. C o . (now Public Service Elec. & Gas C o .) A p ril 1 1914 for 46 years at
a rental consisting of the amount necessary to m aintain the corporate or­
ganization of the lessor, the interest on bonded indebtedness of lessor,
and $100 per annum, payable each A pril 1.
A ll stock ($50,000 auth. and $20,000 outstanding) and bonds ($40,000)
owned b y Riverside Tra ctio n C o .
B O R D EN TO W N ELEC TR IC CO.
O R G A N I Z A T I O N . — Incorp. M a y 28 1912 and is leased to Public Service
Elec. C o . (now Public Service Elec. & Gas C o .) A p ril 1 1914 for 46 years
for $100 per annum and amount necessary to m aintain corporate organiza­
tion of the lessor. A ll the $50,000 auth. and outstanding stock of this
com pany is owned b y the Riverside Tra ctio n C o . N o bonds.

E SSE X & H U D SO N G A S CO.
O R G A N I Z A T I O N . — In corp. in N o v . 1898 in N e w .Jersey and on D e c . 1
1898 assumed the lease of New ark Consol. Gas C o . to U nited Gas Im p ro ve ­
ment C o . for 999 years from D ec. 1 1898. Essex & Hudson Gas C o . was
leased to Public Service C o rp . for 900 years from June 1 1903 and lease
assigned O ct. 1 1909 to Public Service Gas C o . (now Public Service Ele c. &
Gas C o . ) . U nd er lease, d iv . rate is now 8 % per annum . Stock authorized
and outstanding, $6,500,000. V . 67, p. 1002, 1160; V . 107. p . 406.

NEW ARK C O N SO L ID A T E D G A S CO.
O R G A N I Z A T I O N . — In corp. N o v . 30 1898 In N e w Jersey. Consolidatioe
of N e w a rk Gas C o ., M on tcla ir Gas & W ater C o ., S um m it Gas L ig h t C o .,
People’s Gas C o . of Irv in g to n and Clinton Gas C o . Owns entire capita]
stock of Orange Gas L ig h t C o . and practically all the stock of T h e East
New ark Gas L ig h t C o . Leased all its property to U nited Gas Im pro vem ent
C o . of Philadelphia, P a ., for 999 years from D ec. 1 1898, and on same date
lease was assigned to Essex & Hudson Gas C o . and b y last-named co* to
Public Service Gas C o . (now Public Service Elec. & Gas C o .) O c t. 1 1909.
Lease provides for paym ent of all fixed charges and divs. on stock commenc­
ing
% J u ly 1 1900 and increasing f t % ye arly u n til 5 % was reached In
1910; since, 5 % per annum .
S TO C K A N D BO NDS—
D a te .
In terest. O u tsta n d in g . M a tu rity .
Stock $6,000,000 ($100)______ ______
__________ $6,000,000
See text
N e w ark Cons Gas cons m tge] 1898
5 g J -D
6,000,000 D ec. 1 1948
$10,000,000g ($1,000) c * n t f /In t. at F id elity U nion T r . C o ., N e w a rk , tru s.
New ark Gas 1st M $4,000,000] 1895
6 Q -J
3,999,700 A p ril 1 1944
($100, $500 & $ l,0 0 0 ).c * tf / In t. at F id e lity U nion T r u s t C o ., N e w a rk .
B on ds.— O f the $10,000,000 N e w ark Cons. Gas bonds, $4,000,000 arc
reserved to retire bonds of New ark Gas C o .

TH E EA ST NEW AR K GA S L IG H T CO.
T h is com pany was leased to Public Service O o rp . for 999 years from S ep t.l
1909 for annual rental of 6 % on stock, and lease assigned O c t. 1 1909 t «
Public Service Gas C o . (now Public Service Ele c. & Gas C o .).
O R G A N I Z A T I O N — In corp. in N e w Jersey. Stock $60,000 ($25), all
out; no bonds. A ll of the stock (except directors’ shares) is owned b y Essex
& Hudson Gas C o . and N e w ark Consol. Gas C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Operates in H arrison, K earney, A rlin gton, N o rth A rlin gto n and E . N e w ark.

H U D SO N C O U N TY G AS CO.
Th is c o . was leased to Public Service C o r p . for 900 years from June 11903.
O ct. 1 1909 lease was assigned to Public Service Gas C o . (now Public Service
Elec. & Gas C o .). U nd er lease d iv . rate is now 8 % per annum .
O R G A N I Z A T I O N . — In c o rp . in N e w Jersey in O c t. 1899, and Is a con­
solidation of the various gas plants in Jersey C it y and H oboken.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Controls all gas plants In Jersey C it y , Hoboken and Bayonne, and the gae
distribution system throughout Hudson C o u n ty .
S TO C K A N D BONDS—
D a te.
In terest. O u tsta n d in g . M a tu rity.
Stock $10,500,000 ($100)___________
__________ $10,500,000 ......................
First mortgage $10,500,000] 1899
5 g M -N
10,500,000 N o v . 1 1948
g o ld ____________________n t f fN . J . T itle G u . & T r . C o ., Jersey C it y , trustee
— Y . 78, p . 770; V . 84, p . 1555; V . 107, p . 407.

R ID G EW O O D GA S CO.
O R G A N I Z A T I O N . — In corp. A p ril 24 1900. Is leased to Public Service
Gas C o . (now Public Service Elec. & Gas C o .) for 999 years from J u ly 1 1910
at rentals of $2,000 per annum . A ll the outstanding bonds were acquired
b y the Public Service Electric & Gas C o . on M a y 1 1925.

T H E PA T E R SO N & PA SSA IC G AS & ELECTRIC CO.
T h is co. was leased to Public Service C o rp . for 900 years from June 1 1903.
U nder lease, d iv . rate was gradually increased and is now 5 % per arm. In
O ct. 1909 gas pa rt of lease assigned to Public Service Gas C o . and in Ju ly
1910 electric pa rt of lease assigned to Public Service E le ctric C o . These
two cos. consolidated in 1924 and now known as Public Service Elec.& GasC o.

Oct., 1926.]

POWER, LIGHT AND RAILWAY

O R G A N I Z A T I O N . — In corp. Feb. 28 1899. Is a consolidation of the
various gas and lighting properties of Paterson and Passaic.
Public Service Elec. & Gas C o . owns $269,700 of the stock, which Is
pledged under its first & ref. xntge.
S TO C K A N D BONDS—
D a te .
In terest. O u tstan din g. M a tu rity .
Stock $5,000,000 ($ 1 0 0 ),_____ ______
J -D
$5,000,000 ___________
Consol mortgage $5.000,000 f 1899
5 g M -S
4,099,000 M a r . 1 1949
gold ($1,000)_______ c * n t f Int.. at F irs t N a t. B an k , Paterson, or First
[ N ational B ank, N e w Y o r k .
Edison Electric Iliu m 1st) 1895
5 g J -J
585,000 J u ly 1 1925
mortgage $600,000------- ntf(P a te rso n National B a n k , trustee.
Passaic Lighting Co consol/ 1895
5 M -N
316,000 M a y 1 1925
mtge $450,000____________ {
B on ds.— O f the new $5,000,000 mtge. of 1899. $°01.000 is reserved for
underlying liens. Th e bonds are not subject to call. O f the am ount re­
ported outstanding, $50,000 owned by Public Service Elec. & Gas Co.
Th e Paterson National Bank Is trustee.— V . 107, p. 403.
Th e bonds of Passaic Lighting Co . and Edison E l. Iliu m . C o . are still a
lien against the property, as they have not been cancelled b y the trustee.
Both issues are owned by Public Service Electric & Gas Co .

SOM ERSET U N IO N & M ID D LESEX L IG H T IN G CO.
O R G A N I Z A T I O N . — In corp. in N e w Jersey on D ec. 1 1903 in the interest
of Public Service C o rp . as a consolidation of Somerset Lig h ting C o . of Som­
erville, N . J .; Plainfield Gas & Elec. L t . C o . of Plainfield N . J . . and Citizens’
Elec. C o . of N o rth Plainfield (V . 78. p. 107). On Dec. 30 1903 Central Elec.
C o . was also merged in the same. Public Service Elec. & Gas Co . owns
$422,400 of the stock (Pub. S*rv. Corp. of N . J. owns $9,300) $573,700
Som. U n . & M id . I.tg b< hds, $21,000 Somerset L tg . Co . 1st 5s and $20,700
Central Elec. Co . 5s, all of which are pledged under its 1st & ref. mtge.
L E A S E . — Th e co. was leased to Public Service C o rp . for 900 years from
Dec 31 1903 on the following terms, v iz .: A ll interest, expenses and taxes
to be paid b y Public Service C o rp ., and, as rexital, a d iv . on the stock accru­
ing as follows: F ro m D ec. 1 1905, 1 % ; D ec. 1 1906, 1 l % \ D ec. 1 1907, 2 % :
A
D ec. 1 1908, 2 M % ; D ec. 1 1909. 3 % : D ec. 1 1910,
D ec. 1 1911 and
thereafter, 4 % . So much of lease as relates to manufacture and distribution
of gas has been assigned to Public Service Gas C o .: remainder of lease apply
lng to electric properties has been assigned to Public Service Electric Co .
These tw o companies were consolidated in 1924 and now known as Public
Service Electric & Gas C o .
S TO C K A N D BONDS—
D a te .
In terest. O utstan din g. M a tu rity.
Stock $1,050,000 ($100)______ _____
J -D
$1,050,000
See text
Somerset U n & M id L t C o M ) 1903
4 g J -D
1,974,809 Dec 1 1943
$2,750,000 ($1,000) g .c * n tf (I n t . at F id elity Union T r . C o ., N e w ark , trus
U nderlyin g Bonds A ssu m ed — Plainfield Gas & Elec L ig h t) 1900
5 A -O
500,000 A p ril 1 1940
gen mtge $500,000______ tf (G u a ra n ty T r u s t C o ., N e w Y o r k , trustee.
Somerset Ligh ting C o firs t) 1899
5 F -A
150,000 Feb 1 1939
mortgage $150,000------------ tf (F id e lity U nion T ru s t C o ., N e w ark, trustee.
Cent Elec con n o w ls tM $ 7 5 0 .-{ 1900
5 g J -J
750,000 J u ly 1 1940
000 ($500 & $1,000) g_c*.tf (I n t . at F id elity Union T r .C o ..N e w a r k , trus.
B on ds.— $1,128,809 of the 1903 bonds have been issued in exchange for
the stocks of the companies consolidated and $846,000 for extensions and
improvements; $66 is reserved for Central Electric stock not yet acquired
(the company having previously obtained the remainder of the $750,000
total stock of that com pany), $775,000 to retire the underlying bonds and
$125 for future additions and im provem ents. N o sinking fund, and bond*
cannot be called.
Central Electric bonds are subject to call at 110 and interest.— V . 78, w.
107: V . 107, p . 84.

SO U T H JE R SE Y G A S, ELECTRIC & T R A C T IO N CO.
Th is com pany was leased to Public Service C o rp . for 900 years from
June 1 1903 (at a graded rate of dividend, the m axim um of 8 % per annum
having been reached in the sixth y e a r), and on O ct. 1 1909 so m uch of the
lease as relates to the manufacture and distribution of gas was assigned to
the Public Service Gas C o ., and its electric business was leased to Public
Service Electric C o . (these two companias were consolidated in 1924 and
are now known as .Public Service Electric & Gas C o .): its traction business
Is leased to the Public Service R y . C o . Public Service Elec. & Gas Co
owns $3,507,000 of South Jersey Gas, Electric & Tra ctio n 1st m tge. 5s,
which are pledged under its first & ref. mtge.
O R G A N I Z A T I O N . — Incorp. A u g . 31 1900 to bring under one control the
gas, electric light and trolley interests in Southern N ew Jersey.
Also owns the entire capital stock ($600,000) of the Camden Gloucester
Sc W oo db ury R y ., which has been leased to Public Service R y . Co .
S TO C K A N D BONDS—
D a te.
Interest. O utstan din g. M a tu rity .
Stock $6,000,000 ($100)------------ -------J -D
$6,000,000
See text
First mtge $15,000,000 gold) 1903
5 g M -S
12,994,000 M a r 1 1953
($ 1 ,0 0 0 )----------------------c* n tf / j In t. at F id e lity Union Tr.C o ..N e w a rk ,tru s t.
Tre nton Gas & Elec 1st m tge) 1899
5 g M -S
1,998,000 M a r 1 1949
$2,000,000 gold ($1,000)_tf (I n t . at Equitable T r u s t C o ., N . Y . , trustee.
B on ds.— -O f the new $15,000,000 issue, $2,006,000 are reserved to retire
prior liens. N o sinking fund and bonds cannot be called.— V . 76, p. 332.
1144, 1250; V . 178, p. 1449; V. 86, p . 1530; V. 95, p . 1685; V . 105, p . 1314;
V . 121, p . 1790.

NEW B R U N SW IC K L IG H T , HEAT & POW ER CO.
O R G A N I Z A T I O N . — In corp. in N e w Jersey on D ec. 7 1899. Owns all
the stock of T h e Gas L ig h t C o . of New Brunswick, except directors’ shares.
Interest on bonds is paid b y Public Service Gas C o . (now Public Service
Electric & Gas C o .) through lease of T h e Gas L ig h t C o . of N e w Brunswick.
8ee latter com pany below.
S TO C K A N D BONDS—
D ate.
Interest. O utstan din g. M a tu rity.
Stock $500,000 ($100)_______________
J-.J
$400,000
See text
First mortgage $500,000 gold/ 1899
4 g J - D 15
500,000 Dec 15 1939
($500 and $1,000) — c*n tf i In t . at F id elity Union T r . C o ., N e w ark , trus.

95

PU B L IC SERVICE RAILW AY CO.
( See m a p on pages 88 an d 89.)
Controlled b y Public Service C o rp . through ownership of capital stock
N o lease.
O R G A N I Z A T I O N . — Organized A u g . 20 1907 as a consolidation of the
N o rth Jersey Street R y . C o ., Jersey C it y Hoboken & Paterson St. R y . Co .
and U nited St. R y . C o . of Central Jersey. Y . 85. p. 406. F o r basis of ex­
change of stocks of these companies for slock of new com pany, see “ Electric
R ailw a y” Supplement for Sept. 1915. N o rth Jersey St. R y . in Ja n . 1898
absorbed the Newark & So. Orange. T h e Jersey C it y Hoboken & Paterson
was a consolidation in N o v . 1809 of the following: Jersey C it y Hoboken &
Rutherford Elec. R y . C o ., Palisades R R . C o ., Paterson Central Elec. R y .
C o ., Paterson Horse R R . C o ., Paterson Passaic & Rutherford Elec. R y .
C o ., Saddle R iver Tra c . C o ., W hite Line T r a c . C o . (form erly the New Jer­
sey Elec. R y . C o .). In 1901 it absorbed Paterson R y . C o . and N o r t h
Hudson C o u n ty R y . C o . United Street R y . Co . of Central Jersey was a
consolidation in Ju ly 1907 of Elizabeth Plainfield A Central Jersey R y . Co.
(which was chartered in 1900 as a consolidation of Plainfield St. R y . Co.
and other companies) and Elizabeth & Raritan R iver Street R y . C o . (which
was a consolidation on A p ril 30 1904 of Middlesex & Somerset T ra c . Co . and
East Jersey St. R y . C o ., which latter company had previously absorbed
R aritan Tra ction C o .. Perth A m b o y R R . C o . and East Jersey T r a c . C o .).
In 1926 acquired B urlington C o u n ty (N . J . ) Tra n s it C o . V . 122, p . 2497.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns (including Public Service Railroad) 523.285 miles first main track,
295.097 miles 2d main track and turnouts and 58.236 miles of connections,
loops, yard track, & c. T o ta l, 876.618 miles of track, 339 open and 1,876
closed cars.
To E xpand B us Service.— Ordered 333 gas-electric buses for 1926, see
V . 122. n. 749 under "P ublic Serv. Co rp . of New Jersey.
Public Service R y. leases Consolidated Tra ction C o ., South Orange &
M aplewood Tra ction C o ., Bergen Tu rn p ik e C o ., Orange & Passaic Valley
R y . C o ., Camden & Suburban R y . C o ., Cam den Horse R R . C o ., Camden,
Gloucester & W oodbury R y . C o .. N e w Jersey & Hudson R ive r R y . &
F e rry Co . and Riverside Tra ction C o ., which companies see below. Also
owns all stock of People’s Elevating Co .
Sale o f Bergen T u rn p ik e.— See Bergen Tu rn p ik e C o . below.
Rate D ecisio n .— See V . 113, p. 2706, 2950.
V a lu a tio n .— See report of Special M aster to C o u rt in V . 116, p. 2767;
also V . 117, p. 88; V . 118, p. 2706.
In A pril 1924 the company applied to the N ew Jersey P . U . C o m m , for
auth. to change par value of stock from $100 to no par. V . 118, p . 1912.
Wage R ate.— F o r attem pt to return on O ct. 1 1926 (expiration date of
the wage agreement) to the rate of wages in effect prior to A u g . 1 1923, on
which latter date a 15 % increase went into effect, see V . 122, p . 3211,
under heading “ Public Service C o rp ., N . J . ” On Sept. 13 a new 3-year
wage agreement was signed by both parties, providing for the existing scale
of 65c. an hour. V . 123, p . 1505.
S TO C K A N D BO ND S—
D a te .
In terest. O utstan din g. M a tu rity .
________
487,500 s h s . ___________
Stock 500,000 shs. no par_____ ______
C ar trust ctfs Series “ D ” ____ f 1917
5 M -N
88 000
See tex*
li n t , at Phila. T ru s t C o ., P h ila., trustee.
C a r trust ctfs Series “ E ” ____ 1920
7 M F -A
336 000 ____________
[Bankers T ru s t C o ., trustee.
C a r trust ctfs Series “ F ” _____ j 1923
6 M -N
280 000
S ee tex t
\Fidelity U nion T r . C o ., N ew ark, N .J .,t r u s ,
Real estate mortgages_________ ______
__________
299,435 ___________
Car T ru st C ertificates.— Series “ D ” certificates are secured on 150 cars and
mature $44,000 s .-a .. M a y 31 and N o v . 30. Ser. *'E" are secured on equip,
costing $2,434,000 and are guar. prin. & int. by the Public Service C o rp . of
N . J . T h e y mature $140,000 semi-ann since Feb. 1 1922 to A ug. 1 1925,
and $42,000 semi-ann. thereafter to A ug. 1 1930. V . 113, p. 1361. Series
“ F ” are secured on 50 double-truck double-end passenger cars and are
payable $20,000 M a y 1 and N o v . 1 each year with prem ium of 2 X % t o
and incl. M a y 1 1928; premium reduced X % from M a y 2 1928 and >£%
each M a y 2 thereafter. A re guar. prin. and int. by P . S. C o rp . o f N . J .
S E C U R IT IE S O F N O R T H J E R S E Y S T R E E T R Y .
D a te.
Interest. O utstan din g.
Maturity.
First mortgage $15,000,000) 1898
4 g M - N $15,000,000 M a y 1 1948
gold ($1,000 each)______ tf]B a n k e rs T r u s t C o ., New Y o rk , trustee,
[In t . at F id elity U nion T r . G o ., N e w a rk ,N .J .
O f the 1st mtge. bonds, $7,230,000 are owned by Public Service Elec. &
Gas Co . and pledged under its 1st & ref. m tge. and $2,656,000 are owned
b y Public Serv. Co rp . of N . J .
S E C U R IT IE S O F J E R S E Y C I T Y H O B O K E N & P A T E R S O N S T . R Y
D a te .
In terest. O utstan din g.
la tu r ity ,
Jersey C it y Hoboken & P a te r- f 1899
4 g M - N $14,061,000 N o v 11949
son 1st mtge gold $20,000,—(Interest at N e w Jersey T itle Guarantee &
000 ($1,000)-----------------c * n t f { T r u s t C o ., Jersey C ity , trustee.
Bonds o f C onstituent C os.—
N o rth Hudson C o u n ty R y f 1888
5 J -J
2,998,000 J u ly 1 1928
consol (now 1st) mortgage ( I n t . at First N a t. B a n k , H oboken. S. B .
$3,000,000 __________ c* n tf ( D o d , trustee.
N o H u d Co R y im pt bds $ 1 ,- | 1894
6 M -N
1,291,000 M a y 1 1926
2 9 2 ,0 0 0
( $ 1 ,0 0 0 c * )____ t f /Fide lity U nion T ru s t C o .. Trustee,
Weehawken Extension M o rt­ i 1895 5 F -A
100,000 Feb 1 1945
gage $100,000__________ n t f /Fidelity U nion T r u s t C o ., N ew ark, trustee,
Paterson R y Con M (n o w 1st) f 1891
6 g J -D
1,250.000 June 1 1931
g $1,250,000 ($ 1 ,0 0 0 )--C .tf /Irvin g Ban k -C o lum bia T r . C o ., N . Y . , trust.
Paterson R y 2d gen mortgage ] 1894
5 A -O
300,000 O ct 1 1944
$300,000 red at any time (F id e lity U nion T ru s t C o ., N e w ark, trustee,
($500 and $1,000)____ c n tf.

T H E
G A S
L I G T HH E C I T Y O O F .
T
C
ON FE W
B R U N S B on ds.— C$5,939,000 J . C . H . & P . 1st 4s are reserved for prior liens
W
I
K .
O f the J . C . H . & P . bonds outstanding, $1,498,000 are owned by Pub
O R G A N I Z A T I O N . — In c o rp . on M a rc h 18 1851. S to c k a u th ., $500,000; Service Corp.
outstanding, $400,000, all owned b y N ew Brunswick L ig h t, H eat & Power
T h e im p t. mtge. bonds of the N o rth Hudson C o u n ty R y . were originally
O o. except directors’ shares. Was leased to the Public Service O o rp . for
9 0 0years from Jan . 1 1905 (June 1 1906 lease assigned to South Jersey Gas, 5s and expired M a y 1 1904, but were extended until M a y 1 1924. See
V. 78, p. 1392. See also V . 97, p. 1664, 1899. W ere again extended at
Electric & Tra ctio n C o .) , rental being paym ent of interest on bonds of N e w
m aturity in 1924, this tim e to M a y 1 1926, and int. rate raised to 6 % .
Brunswick L ig h t, Heat & Power C o . and dividends on stock of Gas Light
Th e bonds were paid off at m atu rity M a y 1 1926, but the mortgage has
C o . of C it y of Ne w Brunswick, as follows: 2 % in each of the years 1905 and
1 9 0 62 H % in 1907 and 1908, 3 % in 1909 and 1910, 3 H % in 1911, 4 % in not been canceled.
,
1 9 1 2 / 6 % in 1913 and 5 % in 1914 and thereafter. T h e company is now V . 118, p. 2179.
4,
T h e Weehawken Extension mtge. bonds were due Feb. 1 1915, bu t were
controlled b y Public Service Electric & Gas C o . b y reason of assignment
extended for 30 years. Y . 100, p. 399.
of lease of gas properties of South Jersey Gas, Electric & Tra ctio n C o .
e
R y.
gen.
bonds fell
O
t
GAS &
E L E C T R I C
C O .
O F
B E R G E N
C T h O Paterson years. 2d 5 % . M . 6 % p. 1993; V. due p. ct. 1 1914, buA pwers
U N
extended for 30T Y
at
V. 98,
99,
1053. Red.
ril 1
L e a s e — W as leased to the Public Service C o rp . for 999 years from Ja n . 1 1931 and on the first day of any succeeding O ct. or A p ril b y Public Ser vie*
1905. Dividends are 2 % for first two years, 2 /4 % for the next year, 3 %
R y . C o . in manner provided in mortgage.
for the next two years, 4 % for the next four years and 5 % thereafter. O ct. 1
1909 so m uch of lease as relates to manufacture and distribution of gas S E C U R I T I E S O F U N I T E D S T . R Y . O O . O F C E N T R A L J E R S E Y .
was made over to Public Service Gas C o ., and in J u ly 1910 lease of electric
Bonds o f C onstituent C os.—
D a te. In terest. O utstan din g.
M aturity.
properties was assigned to Public Service Electric C o . These two com­
E liz Plain & C ent Jer m tgef 1900 5 g J - D
$2,400,000 D ec 1 1950
panies were consolidated in 1924 and now known as Public Service Elec­
$2,500,000 ($1,000) g c * n t f jl n t . at F id elity U nion T r u s t C o ., N e w ark.
tric & Gas C o .
N o s f & cannot be called! trustee
Plainfield Street R y 1st mtge/ 1892
6% J -J
100,000 J u ly 1 1942
O R G A N I Z A T I O N . — Incorp. M a y 31 1899. Is a consolidation of several
($1,000)----------------------- c * n tf {In t . at Fidelity U nion T r . C o .,N e w a rk ,tru s t.
■mall gas and electric light companies. Public Service Elec. & Gas Co.
Elizabeth & R aritan R ive r St 1904
5 g M -N
1,500,000 M a y 1 1954
now owns $1,846,000 of gen. mtge. N o . 2 bonds, which are pledged under
R y gen M $3,500,000— tf/F id e lity Union T ru s t C o ., N ew ark , trustee.
Its first and refunding mortgage.
Middlesex & Somerset T ra c g ( 1900
5 g J -J
1,000.000 Jan 11950
S TO C K A N D BONDS—
D a te.
In terest. O u tstan din g. M a tu rity .
M $1,500,000($1,000)c*ntf {I n t . at Fidelity U n . T r . C o ., N e w ark, trustee
Stock $2,000,000 ($100)------------------------------. . .
$2,000,000 See text
East Jersey 1st mtge $50 0 .-1 1904
5 g M -N
500,000 M a y 1 1944
Gen mtge N o 1 $5,000,000/ 1904
5 g M -N
38,000 N o v 1 1954
000 gold guar p & i ------------ tf/P e rth A m b o y T r . C o ., Perth A m b ., trustee
gold ($1,000)--------------------- tf)E q u ita b le T ru s t C o .. N ew Y o r k , trustee.
B on ds.— O f the total issue of E liz . P lain. & C e nt. Jer. R y . C o . bonds dated
General mortgage N o . 2 $5,-/ 1904
5 M -N
x3,462.000 N o v 1 1954
1900, $100,000 is held to provide for like am ount of Plainfield Street R y . Oo.
000,000----------------------------------tf [F id e lity Union T ru s t C o ., N ew ark , trustee.
Consolidated mortgage $1,-/ 1899 5 g J -D
1,443,000 June 1 1949 bonds. See V. 71. p . 1310.
Th e $ 100,000 Plainfield St. R y . 1st mtge. 5 % bonds originally fell due
500,000 gold------------------n t f {F id e lity U nion T ru s t C o ., N e w ark , trustee.
Englew G & E l 1st m tge. . n t f . 1899 5 J - J
23.000 Jan 1 1939 J u ly 1 1922. extended to J u ly 1 1942 at 6 % . V . 115, p . 74. Annual
H ack Gas & E l gen m tg e _ n tf. 1895 5 J - J
10,000 J u ly 1 1935 sin k in g fu nd $2,920.
H ack G L 1st M ($ l,0 0 0 )c n tf.
1894 5 J - J
24,000 J u ly 1 1934
O f E liz. & Raritan R ive r St. R y . C o . gen. mtge. of 1904, $2,000,000
O f the gen. m tge. N o . 2 bonds, $1,846,000 are pledged under Public are reserved to retire prior liens. P ub . Serv. C o rp . owns $154,000 E liz.
Service Ele ctric & Gas C o . 1st & ref. mortgage.
P I. & C e nt. Jer. 5s and $274,000 E liz . & R ar. R iver St. R y . bonds.
B on ds.— O f the general mortgage for $5,000,000. $1,538,000 is reserved to
D ivid en d s.— First d iv .— 2 -3 % — paid D ec. 31 '08; in '09, D ec., 2 % :
r e t i r prior l i e n s Th e gen. m tge., of which the Equitable T ru s t C o . I s in ’10, 2 % ; in ' l l , D ee., 1 J £ % ; in '12, D e c., 1 X % ; in '13, D e c ., 1 H %
e
.
t r u s t e e , superseded b y the similar m tge. of which the F id elity Union in '14, D ec., 1 X % ; T 5 , 1V2 % \ '16, 3 % ; 1917, 2 X % - Practically entire
w a s
T r u sC o . i s trustee. V .
t
1 0 6 1130. .
, p
stock owned b y Public Service Corporation.




96

PUBLIC UTILITIES

E A R N I N G S of P u blic Service R y. Co. fo r Calendar Years:
F*
1925.
1924.
Operating revenues_________________________________ $21,025,933 $22,473,842
O per. exp., m aint., taxesand deprec_______________ 16.419,521 17,747,702
Non-operating income_____________________________
117,287
140,153
Gross income_______________________________________ 4,733,699 4,866.293
Interest and rentals________________________________
4,978.698
5,126.586
Adjustm ents_______________________ i ______________
0 6 ,4 3 1 x 0 2 .4 0 1 .7 8 2
Dividends (in te r-c o .)_______________________________ 0 3 2 4 ,5 7 4 0 2 8 4 .6 2 1
N e t increase_____________________________________
86.006
2,426,113
xlncludes credit of $2,358,729 from sale of Public Service Te rm ina l to
Public Service C o rp . of N . J .
O F F I C E R S .— Same as for Public Service Elec. C o ., except that JM. R .
Boylan is V .-P . io charge of operation.— V . 120, p . 1587; V . 121, p . 2274,
3132: V . 122, p . 2497, 3455.

( 1 )

C

O

N

S

O

L

I D

A

T E

D

T

R

A

C

T

I O

N

Incorporated M a r. 15 1893. O n June 1 1898 leased to N o rth Jersey
Street R y . for 999 years, and lease has now passed to Public Serv. R y . Co .
V . 66, p. 1141. V alidity of lease was affirmed in Feb. 1902 (V . 74, p . 380)
and again in Feb. 1903. V . 76, p. 382.
D ividends under lease are now 4 % per annum.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .™
Operates about 190 miles of track, including the N . J . Tra ction C o ., Newark
Passenger R y ., J . C . & Bergen R R ., Passaic & Newark Elec. T r a c . C o .,
J . C . H a r. & K . R R . and N e w ark Plank Road, all of whose stocks are
owned.
S TO C K A N D BONDS—
D ale.
In terest. O utstan din g. M a tu rity .
Stock all paid in ($100)______ ______
J - J 15
$15.00o,000
See text
Underlying bonds— see b e l o w . ____
__________ 7.308.000 ___________
First mortgage gold $15,000,-/ 1893
5 g J -D
15,000,000 June 1 1933
000 ($1,000)____________ tf /Interest at Bankers T r . C o ., N . Y . , Trustee
T h e gold bonds of 1893 are secured not only by mortgage, but also by
deposit of $1,000,000 stock of J . C . & Bergen R R ., $161,625 stock of
Newark Plank Road C o ., $6,000,000 stock Newark Passenger R y . and
$99,100 stock of Jersey C it y Harrison & Kearney R y . C o .
Stock, debts and mileage of the leased and controlled lines:
F unded D ebt.
M ile s.
Stock.
$500,000
N ew Jersey Tra ctio n C o ____________ . ..N o n e
$ 6 , 0 0 0 ,0 0 0
Newark Passenger R y ___________________ 83
6,000.000
500.000
504.000
Rapid Tra n s it Street R y _______________ 12
x258,000
Jersey C it y & Bergen R R _____________ 4 1 1 , 0 0 0 , 0 0 0
Jersey C it y Harrison & Kearney R y ____lO
*100,000
162,000
New ark Plank R oad____________________ 4 4-5
550,000
Passaic < Newark Electric T r 'dtion____ 1 0 H
fc
1,000,000
Port Richmond & Bergen Po nt F e r r y . . ___
4,000 shares
* O n this $18,000 has been paid in. x Owned b y P . S. C o rp . of N . J .

( 5 )

C

A

M

[V ol. 123.
D

E

N

&

S

U

B

U

R

B

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Leased to Public Service R y . C o . Ja n . 1 1908.
O R G A N I Z A T I O N . — O riginally chartered on O ct. 27 1802 w ith $51,990
capital ($10 shares). Jersey C it y Hoboken & Paterson (now merged in the
Public Service R y . C o .) owned a m ajority of the stock and guaranteed its
$1,000,000 5 % bonds, dated 1901, due J u ly 1 1951; interest J - J (t f ); prin.
and int. payable New Jersey T it le G u a r. & T ru s t C o ., Jersey C it y , Trustee.
In D ec. 1915 the turnpike between Hackensack and the Hudson C o u n ty
line, south of Fairview , over which an electric road was constructed in 1902
was turned over to the Bergen C o u n ty Board of Freeholders for the sum of
$1. the P . S. C o rp . giving a bond assuring the paym ent of the $1,000,000
5 % bonds due 1951. V. 101, p. 1974. In Ju ly 1921 the turnpike in Hudson
C o u n ty was deeded over to the county in consideration of $1.

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Leased to Public Service R y. Co .
O R G A N I Z A T I O N . — Entire $600,000 stock is owned b y South Jersey
Gas. Electric & Tra ction C o . A ll bonds have been canceled.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Comprises 25 miles of road.

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O R G A N I Z A T I O N . — Incorp. in N e w Jersey M a y 31 1899. Stock Is all
owned by Public Service R y . C o .
S TO C K A N D BONDS—
D a te.
In terest. O utstan din g. M a tu r ity .
$250,000 ___________
Stock $250,000 ($100)___________ __________ _______
First mortgage $250,000 goldl 1899
5 g A -O
175.000 O c t. 1 1939
($1,000)_______________ c* if lin t , at N . J . T itle G u . & T r . C o ., J . C . , trust.

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(THE) NEW JE R S E Y POW ER & L IG H T CO.

Controlled b y General Gas & Electric C orp.
O R G A N I Z A T I O N , E T C . — Incorp in N e w Jersey in D ec. 1915. C o m ­
pany owns and operates the electric light and power system in the D o ve r,
Bernardsville, Flem ington, Lam bertville, N e w to n, Hackettstown, Wash­
ington, Phillipsburg, Netcong. Stanhope. H am bu rg and Sussex sections of
N ew Jersey. D u rin g 1925 the properties form erly operated b y the Eastern
Pennsylvania Power C o ., the B la ir Electric C o ., R aritan V alley H j rdroElectric C o ., W arren W ood W o rk ing C o ., and the electric distribution
system of Frenchtown were acquired and merged w ith the N e w Jersey
Power & L ig h t C o . In Jan . 1926 acquired the W ashington (N . J . ) Gas Co .
— -V . 122, p. 612. O n N o v . 4 1926 stockholders were to vote on approving
the merger of this latter co. and N e w to n Gas C o . w ith N . J . Power & L ig h t
C o . V . 123, p . 1877.
InR A p -il I 1926 N ew Jersey C P .O U .. Commission approved the sale of the
( 4 )
O R A N G E
&
P A S S A I C
V A L L E Y
A
L W
A Y
Leased for 900 years from N o v . 1 1903 to Public Service Corporation for properties and business of the H unterdon Electric & Power C o . and the
Interest on the trust certificates issued in exchange for stock. Lease was Jersey Electric C o . to N e w Jersey Power & L ig h t C o . V . 122, p . 2652.
R eca p ita liza tio n .— On N o v . 4 1926 stockholders were to vote on increasing
assigned to N o rth Jersey Street R y . C o . J u ly 23 1907 and now held by
the authorized capital stock from $1,000,000 common and $1,000,000 7 %
P u b l Service R y . Co $995,200 of the stock owned b y P ub . Serv. C o rp .
i c
pref. stock, both par $100, to 150,000 shares common and 100,000 shares
O R G A N I Z A T I O N . — Incorporated in 1898 as successor of Suburban
$6 cum . pref., both no par. Pref. stockholders were to be given the choice
Tra ctio n C o ., sold in foreclosure J u ly 6 1898.
of taking for <ach old 7 % pref. share one new $6 pref. share (red. at 110 &
d ivs.) and $16 in cash; or in cash at 110 and divs. T h i r t y days from the
BONDS—
D ate.
Interest. O u tstan din g. M a tu r ity .
effective date of the merger to be allowed for the choice; payments and
Stock_____________ _________ ________
__________ $1,000,000 ____________
1st mtge $1,000,000______ tf f 1898
5 l -D
833 000 Dec 1 1938 exchange w ith in 30 days from expiration of that period. Present pref.
\N . J. Tit. Gu. & Tr. C o . of Jersey C it y , Trus. stockholders were also to be given the preferential right to subscribe to new
$6 pref. stock at 94 and divs. V . 123, p. 1877.
$$3,000 of outstanding bonds are owned by Public Service Corporation.




Y

O R G A N I Z A T I O N . — Incorp. M arch 23 1866. Stock, $250,000 ($25).
Leased to Cam den & Suburban R y . from A p ril 1 1896 for 999 years. Rental,
&c., received. $60,000 per annum, from which is paid 2 4 % on stock. A ll
bonds have been canceled.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Has 30.11 miles of track.

Public Service C o rp . has acquired $2,446, '50 of the $2,500,000 common
and $4,633 of the $750,000 pref. stock. V . 91, p. 95. Is leased to PubliG
Service R y . for 900 years from M a y 1 1911 for interest on bonds and 6 %
( a )
J E R S E Y
C I T Y
&
B E R G E N
R on both R O A and. pref. stocks.
A I L common D
O R G A N I Z A T I O N . — Incorp. on Feb. 25 1910 as a consolidation of New
O R G A N I Z A T I O N . — Controlled by Consolidated Tra ctio n C o ., all the
Jersey & Hudson R iver R y . & F e rry C o . and Hudson R ive r Tra ctio n C o .
stock being deposited as part security for the Tra ction C o . 1st mortgage.
Th is co. owns the entire capital stock and bonds of T h e Riverside & F o rt
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Lee Ferry C o ., owner of the W est 130th St. F e rry . These securities are
O w n from Jersey C it y to Bergen Point, & c., total track. 4 1 M miles.
s
all deposited under the $5,000,000 mortgage. F ranchises perpetual except
one for 50 years and one for 99 years. C h iefly private right-of-w ay.
S TO C K A N D BONDS—
D a te.
Interest. O u tsta n d in g . M a tu rity .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S —
S t o c k . . . _____ ___________________ _________________ $1,000,000 f. p . ________
operates
track from Edgewater, N . . (term inal of
B on ds.— T h e $258,000 4 ! £ % bonds due Jan . 1 1923 (originally 7s, due Owns and St. ferry, 31.33 .miles of to Englewood, Hackensack Jand Paterson;
W . 130th
N . Y C it y ),
Jan . 1 1903) were purchased b y the Public Service C o rp . of N . J . at m aturity
also 17.11 miles of track from Hackensack to Hasbrouck Heights, W ood­
and are still a lien against the property. V . 115, p . 2905.
ridge, Rutherford to A rlington and a branch line from Hasbrouck Heights
T e cars of
( b )
N E W
A R K
P A S S E N G E R
R A I L to Lodi. andhPaterson. this co. operate to the business centres of N ew ark,
W
A
Passaic Y .
O R G A N I Z A T I O N — Incorp. June 16 1890. O n J u ly 29 1893 leased to
S TO C K A N D BONDS—
D a te.
In terest. O u tstan din g. D iv id e n d s.
New Jersey Tra ctio n for 999 years, and so controlled b y the Consolidated
Stock com $5,250,000 ($100)..............
$2,500,000
Seetext
Tra ction C o . of N ew Jersey, N . J . Traction C o . having been leased to
Stock pref $750,000 6 % c um _______
6 F -A
750.000
Seetext
Cons. T r a c . C o . Ja n . 2 1894 for 999 years. Charter said to be perpetual.
N J & H R R y & F C o 1st M \ 1900 4 g M -S
4,011,000 M a r . 1 1950
$5,000,000 g ($1,000)_c*tf lin t, at U . S. M tge & T r .C o ., N . Y . , trustee.
L E A S E A N D R E N T A L . — Rental under the lease, $105,000 yearly.
Hudson R iver T r a c 1st mtgel 1902
5 g M -S
631,000 M a r . 1 1950
$1,000,000 gold ($1.000)_tf lin t, at U . 8. M tg e .& T r .C o .. N . Y . , trustee.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .— A n
Stock.— Pref. stock is redeemable at 115 and accrued dividends. $1,367
electric railw ay. Embraces about 83 miles of track.
pref. stock in treasury.
S TO C K A N D BONDS—
P a r.
Interest. O utstan din g. M a tu rity .
B onds.— N . J . & H u d . R iver R y . & F e rry C o . bonds can be called on any
Stock__________________________$1()0
Te xt
$6,000,000 O w n .b y C .T r
and in t.
weeks’ notice. V 80,
Hudson
Newark Pass R y 1st cons M / l,o6o
5 g J -J
6,o0o,0OO J u ly 1 1930 Int. day at 105 bonds areupon six to call on any in t. . date p. 998. $67,000
R iver Tra ctio n
subject
at 110.
1890 $6,000,000 g o ld ..c * tf I N . J . T it le G ua r. & T ru s t C o ., Trustee.
are owned by N . J . & H . R . R y . & Ferry C o .
T h e $6,000,000 stock is all deposited as security o r the Consolidated
E A R N I N G S . — Included in Public Service R y .— V . 92, p . 462; V . 99,
Tra ctio n C o . first mortgage.
p. 407.
Interest on consol. 5s is payable at F irs t National B an k , Jersey C ity .
( 9 )
R I V E R S I D E
T R A C T I O N
C O .
T h e consols are guar. p. & i. b y Consol. T r a c . C o . and in F e b . 1895 the
L ease.— C o . is leased for 999 years from A p ril 1 1912 to Public Service R y .
guaranty was stamped on bonds. V . 59, p. 969: V . 81, p . 900.
T h e lease provides for int. on bonds, 5 % divs. on outstanding pref. stock and
< c ) R A P I D
T R A N S I T
S T .
R Y .
C O .
O a Fdi v. Ton Hcom. amounting to $14,193 the first year,A increasing annually until
E
C I T Y
O F
N E W
R K .
when m
um of $20,169 will have
V 94, p . 699.
O R G A N I Z A T I O N . — June 1 1893 leased to Newark Passenger R y . for 7th year, N I Z A T Iaxim— Incorp. in New Jersey been reached. as .successor to
O
.
June 20
9 9 9years, and included w ith it in lease to N ew Jersey Tra c tio n , and so CamR G A& Tre n toO NR y .. sold at foreclosure. See plan, 1910 p . 1126.
den
n
V . 88,
forms part of Consolidated Tra ctio n system.
Owns 392
of 400
of the capital
the C in
T h e 1st mtge. bonds were originally 5s and matured A p ril 1 1921, but minson Elec.out . , Pow . shares .(par. $50) iverton, N . J . ,stock ofsupplies naLt
& H tg C o of R
which
the
were extended for 20 years at 8 % . V . 112, p . 1399.
towns of B eve rly, Delanco, Riverside, R iverton and Pa lm yra, w ith light.
S TO C K , B O N D S , E T C .—
P a r.
Interest. O utstan din g .L ast d iv.,& c.
Also owns $49,600 of the $50,000 capital stock of the Bordentown Electric
Stock_______________________________
1 1 M J - D 3 0 $504,000
See text
C o ., which supplies light to Bordentown and vicinity.
First mtge $500,000 g,.c * n tf/$ 1 ,0 0 0 8 g A -O
500,000 A p ril 1 1941
In Dec. 1925 the N ew Jersey P . U . Commission approved the conveyance
R ed. through sk fd at 1051Int. at Fid elity Union T ru s t C o ., N ew ark, T r
by the company of its interests in the Burlington. N . J ., power station to the
D ivid en d s of 11
yearly are guaranteed by the N e w ark Passenger and Public Service Electric & Gas Co . See V . 121, p. 3005.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
N ew Jersey Tra ctio n companies upon the stock.
A trolley ro a d . Comprises 32.96 miles of track between Tre n to n and R ive r­
ton (where Cconnection isAmade w ith Camden & Suburban R y . tracks). B y a
( d )
P A S S A I C
&
N E W
A R K
E L E C T R I
T R
C T I O N
C O .
contract between this co. and the Camden & Suourban, the Riverside T r a c .
O R G A N I Z A T I O N . — Incorp. A p ril 30 1895 and acquired all the $1,000,- cars run direct to Philadelphia F e rry at M ark et and Federal Sts., Cam den.
9 0 0stock of Passaic & New ark Electric R y . Consolidated Tra ctio n C o
S TO C K A N D BONDS—
D a te.
In terest. O utstan din g. M a tu r ity .
owns all the stock and guarantees the bonds.
Com m on $1,100.000 ($ 50)____ ______
__________
$747,150 ---------------------S TO C K A N D BO ND S—
D a te.
In terest. O u tstan din g. M a tu rity .
Preferred $400,000 ($ 50).....................
5%
266,500 ---------------- - ls tM $ l,5 0 0 .0 0 0 g ($100. $5001 1910
5 g J -D
1,500,000 June 1 1960
Stock $1,000,000 ($100)___________ __________ ____ $1,000,000 ___________ and $1,000) call at 1 1 0 ---t f fln t. at West E n d T ru s t C o .. P h ila ., trustee.
1st M $1,000,000 guar p & i/ 1897
5 g J -D
550.000 June 1 1937
B on ds.— Subject to call, all or any, on any int. day at 110 and in t. In t . is
b y Consol T ra c of N J _ _ _ t f \In t. at N . J . T it le G u .& T r.,J e rs e y C it y .T r u s
guar, b y Public Service R y .— V . 93, p. 408; V . 94, p . 280, 352, 699; V . 121,
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S O U T H
O R A N G E
&
M A P L E W p. O3005. D
O
T R A C T I O N
C O .
T h is com pany was leased on O ct. 1 1903 to N o rth Jersey St. R y . C o . (now
( 1 0 )
P A T E R S O N
&
S T A T E
L I N E
T
merged in Public Service R y . C o .) in perpetuity, the rental being $2,000
Stock all owned b y the Public Service R y . C o .
on the preferred stock for first year and increasing $500 yearly until ninth
O R G A N I Z A T I O N . — Incorp. in N e w Jersey N o v . 15 1901. Stock auth.,
year, when $6,000 is paid, which amount is to be paid thereafter. Rental is $300,000 (increased in J u ly 1913 from $100,000, V . 97. p. 522); out. $150,000
guaranteed by Public Service C o rp . of N ew jersey. V . 77, p . 824.
BONDS—
D a te.
Interest. O utstan din g. M a tu r ity .
1st mortgage $300,000 g o l d . 1914 5 J - D
$150,000 June 1 1964
O R G A N I Z A T I O N . — Consolidation in J u ly 1901 of South Orange &
/Fidelity U nion T r u s t C o ., N e w a rk , trustee.
Maplewood T r . C o . and South Orange & M aplewood St. R y . C o . Stock
auth. and o u t., com ., $75,000: pref., $150,000. N o bonds.

( 3 )

A

Was leased on M a y 1 1904 to Public Service Corporation for 999 years,
rental being (in addition to fixed charges) $30,000 for first year (1905),
$36,000 the second year. $42,000 the third year, $48,000 the fourth year,
$54,000 the fifth year, $72.o0o the sixth year, $84,000 the seventh year,
$96,000 the eighth year, $108,000 the ninth year and $120,000 the tenth
year and thereafter. V . 78. p. 2383. Lease was assigned to Public
Service Railway C o . Sept. 24 1907.
O R G A N I Z A T I O N . — Formed in 1896. Controls Camden Horse R R (which is leased) and West Jersey Tra ctio n C o . (stock $65,000).
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Operates 91.3 miles of track. Connection through to Tre n to n is made
over Riverside Tra ctio n (now leased b y P . S. R y .).
S TO C K A N D BO NDS—
D a te.
Interest. O u tsta n d in g . M a tu r ity .
Q -F
See text
See text
Stock $3,000,000 ($ 25)_______ ______
1st mortgage $3,000,000. gold/ 1896
5 J -J
$1,940,000 J u ly 1 1946
C O M P A N Y
($1,000)________________ c tf/ In t. at F irs t N a t. State B k . of Ca m d en , T ru s
Stock.— T h e stock is all outstanding; 2 0 % paid in.
B onds.— O f the 1st mtge. bonds, $1,000,000 are reserved to retire stock o*
Camden Horse R R . and $60,000 are for extensions.
V . 94, p. 1185— V . 78, p . 1781, 2383; V . 88, p . 1126: V . 89, p . 154: V . 94, p . 1117, 1185.

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POWER, LTGHT AND RAILWAY

Oct., 1926.]

F I E L D O F O PE R A T IO N 'S A N D C H A R A C T E R O F B U S IN E S S .—
C o m p an y supplies electricity for lig h t and power in 93 com m unities w ithin
a ra d iu s of 75 miles of th e m ain pow er statio n a t D over, on th e R ockaw ay
R iv e r. Several sm all auxiliary p la n ts m ake th e to ta l generating c ap a c ity ,
7.575 k .w . P o p u latio n served, 15 >.00). 272 m iles h ig h te nsion tra n s ­
m ission lines; 590 miles o f d istrib u tio n lines.
Date.
Interest. Outstanding. M aturity.
S T O C K A N D BO N D S—
_________ x $ l ,000,000 ___________
_
C om m on $1,000,000 ($100)_ ____
7
990.103 O ct ’26 1 %
7% cum pref $1,000.000 ($100)
____
5 g F-A
2 ,6 -9 .0 0 0 F eb 1 1936
F irst m tge. 5% 20-year gold) 1916
($ 1 0 0 0 )_______________t f / l n t . a t G u a ra n ty T ru s t C o. o f N . Y ., tru s te e .
x All owned by G eneral G as & E lectric C o rp .
Stock.— T h e 7% cum . pref. stock is callab le a t o p tio n o f th e com pany on
30 d a y s ’ n o tice a n d a t $110 a n d d iv id en d s. See also a bove u n d e r
“ R e c a p ita lisa tio n .”
Bonds.— T h e Is* mtge. 5% 20-yr. gold bonds, due Feb. 1 1936 are callable
all or p a rt, on 30 d a y s’ notice a t 105 a n d in t. T h ere is a sinking fu n d of
1% p ay ab le an n u ally from F eb . 1 1920 on all bonds o u tsta n d in g . P e n n .
4-mills ta x refu n d ab le.
E A R N IN G S .— F o r calendar years:
1924.
1925.
O p eratin g re v e n u e ______________________________ $1,390,789 $1,083,739
N e t a fte r o p e r. e x p ., ta x e s, m a in t., d ep rec. &
294,013
387,069
re n ta ls _______________________________________
13,846
21,171
O th e r incom e___________________________________
307,859
408,240
T o ta l in co m e___________________________________
113,595
129,950
In te re s t on fu n d e d d e b t__________________________
37,978
57,722
O th e r d e d u ctio n s_______________________________
51,303
66.898
P ref. d iv . re q u ire m e n ts__________________________
B alan ce, n e t incom e___________________________ $153,670
Latest E arnings.— F o r 12 m o n th s ended A ug. 31:
1926.
Gross e arn in g s___________________________________$2,103,376
N e t a fte r ta x e s, re n ta ls & d ep rec., b u t incl. o th . inc_
555,378
285,129
Fixed ch arg es______________________________ 7____

$104,983
1925.
$1,211,823
365,238
168,116

B alance, su rp lu s_______________________________ $270,249
$197,122
O F F IC E R S .— P res., W . S. Barst.ow; V .-P s., L. H . T y n g a n d W . Buchsbaum ; V .-P. & G en. M g r., J . G . M en u t: Sec., C. N . Wilson: T reas.,
J . P . C am p b ell.— Y. 122, p . 94, 612, 2496, 2652; V. 123, p . 711, 1877.

PUBLIC SERVICE RAILROAD.

O R G A N IZ A T IO N .— A consolidation (u n d er a g re em en t d a te d J u n e 30

1913) o f th e E lizab eth New B runsw ick & T ren to n R R . a n d th e T ren to n

T erm in al R R . C ap ital sto ck au th o riz e d , $500,000; o u tsta n d in g , $285,000
a l owned by P ublic Service C o rp . of New Jersey except d ire c to rs’ shares.
l
R eg u lar tro lley service b etw een N ew ark a n d T ren to n J u ly 1 1913, and
service betw een N ew ark a n d P e rth A m boy in au g u rated a b o u t J u ly 1 1914.
V . 97, p . 522. T h e b ra n c h line to R oosevelt B orough w as placed in o pera­
tion D ec. 8 1915
O F F IC E R S .— P res., T h o m as N . M cC a rte r; V .-P s., P ercy S. Y oung,
E d m u n d W . W akelee, D u d ley F a rra n d , Jo h n L. O ’Toole, G eorge B arker
an d M a tth e w R . B oylan; Sec., C harles M . B reder; T re a s ., T . W ilson V an
M iddle w o rth . Office, 80 P a rk Place, N ew ark , N . J .

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L e a se . —Leased to T re n to n T erm in al R R . (subsequently m erged in
P ublic Service R R . C o.) for 999 y ears fro m A pril 1 1912. R en tal 5% on
o u tsta n d in g pref. sto ck , a n d , beginning w ith th e y e a r ending A pril 1 1915
1% on o u tsta n d in g com m on, w ith a d d itio n a l 1% a n n u ally u n til 4% is paid
V . 94, p . 697.
O R G A N IZ A T IO N .— In c o rp . in N ew Jerse y on M a y 19 1910 as successor
to th e T ren to n & N ew B runsw ick R R an d th e N ew Jerse y S h o rt L ine R R ..
bo th sold a t foreclosure. See plan In V. 89, p . 1282, 1349.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns 49.632 miles eq u iv alen t single tra c k ; s ta n d a rd gauge.
S T O C K A N D B O N D S— D ate.
Interest. Outstanding. M aturity.
C om m on $900,000 ( $ 5 0 ) - .. .................
A-O
$811,350 ___________
P re f $300,000 5% cum ($50)_______
A-O
180,300 __________
F irst m tg e $1,200,000 gold! 1912
5 g A-O
990,000 A p r 1 1962
( $ 1 .0 0 0 )_____________ c * t f / I n t . a t F id e lity T ru s t C o ., P h lla ., tru ste e .
Bonds.— F ir s t m o rtg ag e Donds a re su b jec t to call as a w hole on an y interest
d a y a t 110 a n d in te re s t. P rincipal a n d in te re s t are g u a ra n te ed u n d e r term s
of lease by th e T ren to n T erm in al R R ., w hose obligations a re g u a ra n te ed in
tu rn b y th e P u b lic Service R R . a n d th e P ublic Service C o rp o ra tio n .—
V . 90. p . 1362; V . 94, p. 697.

PUBLIC SERVICE TRANSPORTATION CO.
O R G A N IZ A T IO N .— In co rp . N ov. 14 1917 u n d er th e nam e of N ew Jersey
T ran sp ortation C o. N am e changed to p re sen t title J u n e 5 1923.
C H A R A C T E R O F B U S IN E S S .— O p erates a to ta l o f 812 buses o u t of
996 ow ned. V. 121, p . 2274. O rder o f 3 J5 new gas-electrical de luxe
buses in 1926, see V. 122, p . 95, 1764. 2652, 3084; 307 in use S ept. 27 1926.
In a u g u ra tio n o f a new ty p e of in te ru rb a n bu s service w ith de luxe buses
was an n o u n ced in A p ril 1926. V. 122, p . 2497.
C A P IT A L IZ A T IO N .— C ap ital stock au th o rized , 1,500,000 shares (in­
creased from 1,000,000 shares in J a n u a ry 1926. See V. 122, p 884);
o u tstan d in g , 1,000,000 shares (no p a r v a lu e ). All (except d ire c to rs’ shares)
owned by P ublic Service C orp. o f N ew Jersey . In D ec. 1925 th e N ew J e r­
sey P . U . Comm ission ap p ro v ed th e issuance of 235,000 no p a r shares a t
$10 p er sh are. V. 122, p. 95.
O F F IC E R S .— P res., T h o m as N . M cC arter; V .-P s., P e rc y S. Y oung,
E d m u n d W . W akelee, D u d ley F a rra n d , Jo h n L . O 'T oole, G eorge B arker
and M atth ew R . Boylan; T re a s., T . W ilson V an M lddlew orth; Sec.. C harles
M . B red er. V. 120, p . 829; V. 121, p. 2274; V. 122, p . 95, 884, 1764,
2497. 2652.

UTILITIES POWER & LIGHT CORP.
O R G A N IZ A T IO N .— In co rp . in V irginia in 1915 as U tilities D evelop­
m e n t C o rp . N am e changed to p re sen t title in 1922. A m ong th e cos
controlled are In te rs ta te Pow er C o. (W is.L o p eratin g in so u th ern M inne­
s o ta , n o rth e a stern Iow a a n d so u th w estern W isconsin, a n d ow ning th e entire
com m on sto ck of D u bu q u e (la .) E lectric Co. (see s e p a ra te s ta te m e n t on a
su b seq u en t page). E a ste rn N ew Jersey Pow er C o. (see sep a ra te sta te m e n t
b elo w ), o p eratin g in th e com m unities along th e A tlan tic C o ast of eastern
N ew Jersey ; A tlan tic C o ast T ra n s p o rta tio n C o.; E lectric L ig h t & Pow er C o.,
H ig h tsto w n , N . J ., a n d Jam esb u rg (N . J .) E lectric C o. In A pril 1925
acquired th e Colonial G as & Electric C o ., which carries w ith It control of
th e N e w p o rt E lectric C o rp ., an d now also controls D e rb y G as & Elec­
tric C o rp o ra tio n . V. 120, p . 2013. T h e com pany also h as an equity
in th e U tilities B uilding C o rp ., ow ning a m odern 12-story office building
in th e “ L o o p ” d istric t of Chicago, 111. In 1925 acquired th e e ntire capita)
of N ew U lm G as C o ., owning gas properties in New U lm , M inn. In Dec.
1925 increased th e au th o rized C lass “ A ” stock from 250,000 to 400,000 no
p a r sh ares. V. 121, p. 2878, 3006. In J a n . 1926 reported to be acquiring
a d d itio n a l sto ck of In te rs ta te Pow er C o. See V. 122, p . 349. On A pril 30
1926 co. announced th e p u rch ase from th e W. B . F o sh ay in te re sts of
T ri-S ta te U tilities C o. and th e M in n eso ta E lectric D istrib u tin g C o. T h e ir
p ro p e rties w ere to be o p erated in co n ju n ctio n with th e In te rs ta te Pow er C o.
F o r d e ta ils see V. 122, p . 2499. See also sep a ra te s ta te m e n t of In te rs ta te
Pow er C o. elsewhere in th is p u b licatio n . V . 122, p . 3337.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o n tro ls d irectly or th ro u g h subsidiaries public u tility system s o perating
in th e S tates of N o rth D a k o ta, S o u th D a k o ta, N e b ra sk a , O klahom a,
Io w a, M in n eso ta, W isconsin, Illinois, R h o d e Isla n d an d N ew Jersey . T h e
sy stem s fu rn ish over 450 com m unities w ith one or m ore of th e following
pu b lic u tility services: E lectric lig h t an d pow er, gas, steam h e a t, w ater and
electric railw ay . T h e population served is a p p ro x im ately 800,000
ST O C K S A N D B O N D S— Date.
Interest. Outstanding, daturity
C l “ A ” s tk 400,000 shs(no p a r ) ____
Q-J
279,947 shs
See te x t
C l “ B ” s tk 500,000 shs(no p ar)
________ ______ 390,189 shs
See te x t
P r e f 7% c u m $10.000,000($10 0 ) ____
7 -Q -J $7,647,000 O ct 26 >1.75
Stock.— P ref. stock h as preference ov er th e class A an d class B stocks
as to cum . d iv s. a n a assets ($100 a n a d ivs. if liq u id atio n o r dissolution is
in v o lu n ta ry a n d $105 a n a divs. if v o lu n ta ry .) C all, all o r p a r t pro ra ta
a t $105 and d iv s. D ivs. on th e class A sto ck are non-cum . Is en title d to




97

p rio rity d i vs. of $2 p e r a n n . o ver class B s to c k . A fte r th e full p rio rity di v . on
th e Class A sto ck , one-half of th e a m o u n t of any fu rth e r divs. in such year
shall be paid to C lass A stock and one-half to C lass P sto ck . C lass A stock
has p rio rity in liquidation or dissolution over th e C lass B stock up to $35
per sh are. A fter th is p referen tial p a y m e n t to th e C lass A stock is provided
for and provision has been m ade for th e d istrib u tio n to th e Class B stock of
an a m o u n t equal in th e aggregate to th e to ta l of such preferential p a y m e n t
to th e C lass A sto ck , o ne-half of th e rem aining assets shall be d istrib u te d
ra ta b ly am ong th e holders of th e C lass A stock and one-half am ong th e
holders of th e C lass B sto ck . In D ec. 1924 150,000 shares Class A stock
w ere sold by P ynchon & C o., W est & C o ., W . S. H am m ons & C o. and
Jo h n N ickerson & Co. a t $25 p e r share. V. 119, p . 2880. In M ay 1925
P ynchon & C o., W est & C o ., W . S. H am m ons & C o. and Jo h n N ickerson
& C o. sold $4,000,000 7% cum ul. pref. sto ck a t 99 a nd divs. A voting
tr u s t c ertific a te for H s h are class B stock w as given w ith each sh are of p re f
sto ck . V. 120, p . 2552. In M a y 1926 th e sam e b a n k ers sold $2,500,000
ad d itio n a l 7% cum . pref. sto ck a t 95 an d d iv s.. to yield a b o u t 7.35% .
V. 122, p . 2654, 2499. C lass “ A ” sto ck is listed on N ew York Stock E x­
change. V. 121, p . 3132.
D ividends.— A q u a rte rly div . of 50c. p e r sh are w as p aid on class A stock
in A pril 1925. In J u ly an d O ct. 1925 and in 1926, J a n ., A pril, J u ly a n d O ct.
each. 50c., p a y ab le as a n a lte rn a tiv e in class A sto ck a t th e ra te of 1-40 of
one share for each share of class A stock held. V. 120, p . 3066; V. 120, p.
84; V. 1 21, p. 2639. On class B stock an in itia l div . w as p a id in J a n . 1926,
p a y ab le in 1-10 voting tru s t ctfs. for class B stock. V. 121, p. 2754. In
1926, A pril, J u ly and O ct. each, a q u a r. div . of 25c., pay ab le as an a lte r­
n a tiv e in class B stock a t th e ra te of 1-40 of a class B sh are for each class B
sh are h e ld . V . 122, p . 1172. R eg u lar q u a r. divs. h av e been p aid on th e
7% cum . p re f. sto ck since in c o rp o ra tio n in 1925 to a n d in c . O ct. 1926.
E A R N IN G S .— F o r c alen d a r years:
1925.
1924.
G ross re v e n u e ____________________________________ $7,630,895 $5,334,542
N e t operatin g p ro f it______________________________ 3,725,937
2,928,463
I n te re s t__________________________________________ j , 181.349
942.988
A m o rtiza tio n _____________________________________
74,298
401,879
D epreciation an d m a in te n an c e ____________________
286,826
T ax es____________________________________________
122,056
106,087
O th e r d e d u ctio n s_________________________________
167,181
157,238
D iv id e n d s_________________ ________ _____________ x l , 370,344
269,335
Surplus for y e a r_______________________________ $408,829 $1,165,989
x Subsidiary dividends, $315,779; m in o rity in te re s t dividends, $148,814;
U . P . & L t. d iv s., $900,185; m iscell., $5,566.
O F F IC E R S .'—P res. & T re a s ., H . L . C larke; V .-P s., J . N . C an a v a n ,
O . E . K oegel, H . T . P ritc h a rd , F . VV. D ru ry , H . C . O rto n an d H . E .
C arver; Sec., W. A . H o rn e r.— V. 121, p . 4 6 1 ,5 8 8 , 1349. 2639, 2754, 2878,
3006, 3132: V. 122, p . 349, M 72, 2499, 2654, 3085, 3212, 3343; V. 123,
p. 584, 1253.
D E R B Y G A S & ELECTRIC C O R P. (D E L .).
Control.— T he e ntire com m on sto ck is ow ned b y C olonial G as & Electric
C o., a subsidiary of U tilities Power A Light Corp.
O R G A N IZ A T IO N .— In co rp . in D elaw are in 1926. Owns over 99.9 %
of th e c ap ital sto ck of th e D e rb y G as & E lectric C o., and th e en tire capital
stock (except d ire c to rs’ qualifying shares) of th e W allingford G as L ight Co.
(the subsidiaries have no pref. sto ck or bonds o u tsta n d in g ). V. 123,
p . 580.
R F IE L D O F O P E R A T IO N A N D C H A R A C T E R O F B U S IN E S S .—
C o. . ow ns operatin g pro p erties serving electric lig h t and pow er a n d gas to
th e cities of D erby, Shelton a n d A nsonia, a nd gas to W allingford, all in
th e S ta te of C onnecticut. T o ta l p o p u la tio n served is estim ated to be approx.
60.000 w ith 8,600 electric custom ers, a n d 11,700 gas custom ers. Com bined
a n n u al o u tp u t over 45,000,000 k .w .h . a nd gas o u tp u t 330.000,000 cu. ft.
P roperties include a g en eratin g s ta tio n o f 15,800 k.w . c apacity on th e
H ousatonic R iver in D erb y , o p erated in c onjunction w ith off-peak pow er
purchased from C onnecticut L ig h t & Pow er C o. C oal & w a ter gas p la n t of
2.160.000 cu. f t. in Shelton, an d w a ter gas p la n t of 550.000 cu. f t. in W alling­
ford. B . 123, p . 580.- Franchises a re w ith o u t tim e lim it.
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
C om m on 50,000 shs (no p a r ) . ___
_______
50,000 shs. __________
$7 p re f 50,000 shs (no p a r ) _ _____
_
$7 Q-M
15,000 shs. __________
1st lien gold b o n d s__________ C hase N a tio n a l B an k , N . Y . C ., tru ste e .
5% series of 1946 ($1,000. f 1926
5 g F-A
$5,500,000 A ug 1 1946
$500 & $100 c* )______tf { I n t. a t tru s te e ’s & C o n tin . & C om . T ru st &
\ Savings B an k , C hicago.
Stock.— T he $7 div. pref. sto ck is e n title d to c um ulative dividends a t
th e ra te of $7 per a n n u m , before th e com m on sto ck an d has p rio rity in
liquid atio n or dissolution u p to $100 & div s., plus, in case such liquid atio n
or dissolution be v o lu n ta ry , a prem ium of $5 if such a ctio n is authorized
on or p rio r to A ug. 1 1931, a n d $10 if th e re a fte r. T h e a ffirm ativ e vote or
w ritten consent of a t least tw o -th ird s of th e o u tsta n d in g pref. shares is
required before co. can (1) a u th o riz e or issue a n y p rio r class of stock; (2)
increase th e authorized n um ber of pref. shares; (3) am end th e pref. stock
provisions so as to affect adversely a n y preference a nd o th e r rig h ts given
to th e pref. stock; (4) issue a n y pref. sto ck in ad d itio n to th e 15.000 snares
issued, unless consolidated n e t earnings of co. & subsidiaries for 12 consecu­
tiv e of preceding 15 calendar m o n th s have been n o t less th a n tw ice a n n u al
div id . requirem ents on o u tsta n d in g pref. sto ck , incl. proposed issue; (5)
acquire any s u b sta n tia l a m o u n t of stocks or securities of corporations other
th a n th e present subsidiaries, unless th e y o p e ra te gas or electric system s
susceptible of physical connection or supply w ater in some one or m ore of
th e cities, &c., served w ith gas a n d (or) electricity b y corp. or its subsidi­
a rie s, a nd corp. acquires a t least 95% -of th e com m on sto ck tog eth er w ith
all or s u b sta n tia lly all o u tsta n d in g p referred stocks or funded d e b t. E xcept
as above s ta te d , pref. sto ck has no v o tin g rig h ts, unless full cum . divs. are
in a rre a r for 12 consecutive m o n th s, in w hich e v en t pref. stockholders as
a class elect 2 directors. A dditional preferred is issuable in series, b u t of
th e sam e class and equal ra n k .
C all, as a whole, or in p a rt by lot or pro
r a ta a t $105 on or before A ug. 1 1931 a nd a t $110 th e re a fte r, plus accrued
d iy id en d s. In A ug. 1926 P y n ch o n & C o., W est & C o., W . S. H am m ons &
C o., a n d Jo h n N ickerson & C o ., offered 15,000 shares a t $96 & d iv ., to
yield 7.29% . V. 123, p . 980.
Bonds.—-The 1st lien gold bonds are secured b y dire c t 1st lien b y pledge
of over 99.9% of c ap ital sto ck of th e D e rb y G as & E lec tric Oo. an d th e
en tire capital stock of th e W allingford G as L ight Co. N o bonds or
preferred stocks m ay be issued b y a n y subsidiaries unless pledged under th o
in d e n tu re . A fter acquired p ro p e rties shall also be subjected to th e lien of
th e in d e n tu re as a fir s t m ortgage th e re o n .
A dditional bonds m a y be issued in series (a) for 75% of extensions,
a d ditions, or im provem ents to th e electric an d gas properties ow ned or
o perated b y corp. or its subsidiaries, (b) for 66 2-3% of a d d itio n a l electric
or gas p lan ts or system s to be physically connected w ith th e existing
system s, acquired by corp. or its subsidiaries, b u t a t least 95% of th e
com m on stock, to g e th e r w ith all o u tsta n d in g bonds, notes, or preferred
stock of each subsidiary m u st h av e been pledged under th e T ru st In d e n tu re ,
(c) to refu n d previous series. N o a d d itio n a l bonds (except for refunding
previous series) m ay be issued unless consolidated n e t earnings (after 8%
of gross operating revenue set aside for m aintenance) for 12 consecutive
w ithin preceding 15 m onths, h av e been a t least tw ice a n n u al in te re s t on
bonds o u tsta n d in g , incl. proposed issue. In case th e presen t or a n y fu tu re
subsidiaries a nd corp. itself, acquires an y electric or gas p -operties d irectly
corp. shall e stablish and continue a maintenance fu n d a n d a renewal and
replacement fu n d respectively equal to 8 % an d 5 % of gross o p e ra tin g revenue
less a c tu a l expenditures. U nused balances m a y be used for acquisitions,
extensions, &c. which shall n o t be m ade th e basis for issuance of additional
bonds, or for re tirem e n t of 1st lien gold bonds.
5% series of 1946 a re red . all or p a rt on 60 d a y s ’ notice on a n y in te re st
d a te a t p a r & in t. plus a prem ium com m encing w ith 5% on or before F eb. 1
1927 an d decreasing M % of principal a m o u n t each y ear th e re a fte r. P enn.
& C onn. 4-m ills, M ary lan d 4 -m ills, C alif. 5-m ills, a n d M ass. 6% taxes
and a a y sim ilar M aine ta x n o t in excess of afore-m entioned taxes refundable.
In J u ly 1926 W est & C o., Pynchon & C o., Jo h n N ickerson & C o. an d W . S.
H am m ons & Co. offered $5,000,000 5% series of 1946 a t 95 & in t., to yield
5.4 0 % . V . 123, p . 580.
E A R N IN G S .— Of operating com apnies for 12 m os. ending M ay 31 1926:
G ross earnings_______________________________________________$1,345,494
774,440
O perating expenses, m aintenance & ta x e s ____________________
N e t before in te re st, d eprec., F e d . ta x e s, &c________________
A nnual in te re st on 1st lien gold b o n d s_______________________

$571,054
275,000

B alance___________________________________________________
O F F IC E R S .— P res., H . L. C larke.— V . 123, p . 580, 841.

$296,054

98

PUBLIC UTILITIES
EASTERN NEW JERSEY POWER CO.

Controlled b y U tilities Pow er & L ig h t C orp.
O R G A N IZ A T IO N .— O rganized early in 1924'and is a re su lt of a com plete
re a rra n g e m en t o f th e p ro p erties of: (a) A tlan tic C o ast E lectric R y. a nd its
ow ned a n d o p erated com panies, th e Seacoast T ractio n C o ., W est E n d &
Long B ranch R y ., Seashore Elec. R y . an d A sbury P a rk & Sea G irt R y.;
( 6 ) A tla n tic C o ast E lectric L ight C o.; a n d (c) New Jersey W a te r & L ight
C o . F o r h isto ry of A tlan tic C o ast E lectric R y. up to tim e of change, see
“ E lectric R ailw ay ” Supplem ent of O ct. 27 1923. U nder these a rra n g e ­
m en ts th e E a s te rn N ew Jersey Pow er C o. acquired all th e electric lig h t and
pow er p ro p erties. T h e railw ay p ro p erties were conveyed to th e C oast
C ities R y . (see below ), all th e sto ck a n d bonds of w hich a re ow ned b y th e
co m p an y an d a re pledged u n d er its 1st M tg e. bonds. T h e w ater pro p erties
w ere also sim ilarly conveyed to a new su b sid iary a n d all th e securities of th e
w a ter co m p an y are likew ise owned a n d pledged u n d e r th e first m ortgage
bonds o f th e E a s te rn N ew Jersey Pow er C o. In M ay 1925, acquired
th ro u g h m erger E lectric L ig h t & Pow er C o. of H ig h tsto w n , N . J ., an d
Jam esb u rg (N . J .) E lectric Co. V. 120, p . 2550. In D ec. 1925 co. ac­
quired th e electric p la n t an d d istrib u tin g system s and its subsidiary, th e
N ew Jersey W ater & L ight C o., th e w a ter p la n ts a n d d istrib u tin g system s
of th e O cean G rove C am p M eetin g Assn, of th e M eth o d ist Episcopal
C h u rch , serving a b o u t 1,700 custo m ers in O cean G rove, N . J ., and vicinity.
[The N ew Jersey W ater & L ight C o ., also sold its w ater d istrib u tin g system
in th e c ity of D eal. N . J ., to T in tern M an o r W ater C o ., b u t retained all
its buildings, re a l e sta te a n d equipm ent.] In Ju n e 1926 o b tain ed perm ission
fro m th e N ew Jersey P . U . C om m ission to m erge th e B row n M ills E lec.
L ig h t & Pow er Co. a n d th e N ew E g y p t L ig h t, H e a t, Pow er & W ater C o.,
an d to issue $400,000 p ref. sto ck a n d $4,000, no p a r com m on shares. V.
122, p . 3600.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. owns a n d o p erates electric lig h t a n d pow er p ro p e rties serving A sbury
P a rk , B ra d le y B each, B elm ar, A von, D eal, A llen h u rst a n d adjoining
co m m unities. Supplies pow er to a n d o p erates th ro u g h su bsidiaries, an
electric ra ilw a y line o f a b o u t 16 miles. T h e p ro p erties o f th e com pany
Include an electric g en eratin g statio n in A llenhurst w ith an in stalled c apacity
« f 12,500 k .w ., a n d a system of overhead and underg ro u n d transm ission
toes in all th e com m unities served. C o. d istrib u te s w a ter in O cean G rove.
S T O C K A N D B O N D S—
Date.
Interest.
O utstanding. M aturity.
C om m on (no p a r)___________ _____
_______
25,000 shs. __________
Preferred 8% c u m ------------------------Q -J
$1,350,000 J u l y ’2 6 .2%
P ref 7% cum series__________ _____
7
400,000
________
1st M Ser 1949 ($100, $500 &f 1924 6 g J - J
3.250,000 J a n 1 1949
$1,000 c*. & $1,000, $500 & A m erican Exchange N a t. B an k , N . Y ., tru s .
$10,000 r*) g ___________ t f l
* H % ser ($1,000, $500, $100 f 1926 5 ^ g J -J
1,350,000 J a n 1 1 949
c & $ 1 ,000 c* & $ 1 ,0 0 0 ,{The A m . E x ch .-P ac. N a t. B k ., N . Y ., T ru st.
$5,000, $10,000______ r . t f l
Stock.-—P re f. sto ck is re d . a t 115 & d iv s. a t a n y tim e a fte r 3 y e ars from
th e Issue th ereo f. P ref. sto ck originally shared a t th e sam e dividend ra te
w ith com . in cash dividends in excess of $7 p e r share p a id in a n y calendar
y ear on co m ., b u t in J a n . 1925 th e stockholders vo ted to issue 8% cum . pref.
to exchange for th e 7% cum . p a rtic . p ref. o u tsta n d in g . Y. 120, p . 329.
$1,250,000 w as offered by W . C . L angley & Co. a t 9214 a n d d iv id e n d , to
yield a b o u t 7 .5 7 % . V. 118, p . 2955.
B on ds. — F irst M tg e. 6s are fu rth er secured b y pledge o f all th e o u tsta n d in g
bonds an d c ap ital stock (except d irecto rs’ qualifying shares) of th e C oast
C ities R y . (see below) an d th e w ater com pany subsidiary above referred to .
Are redeem able, all or in p a rt, after 60 d a y s’ notice, on an y in t. d a te a t 105
up to an d incl. J a n . 1 1945; a t 104 th ereafter up to and incl. J a n . 1 1946; a t
103 th e re a fte r up to an d incl. J a n . 1 1947; a t 102 th e re a fte r up to a nd incl.
J a n . 1 1948; an d a t 101 on Ju ly 1 1948; plus in te re st in each case. C om pany
agrees to refund P e n n , and C onn, personal p ro p erty taxes n o t exceeding!
mills p er a n n u m , th e M a ry lan d security ta x n o t exceeding 434 m ills per
an n u m , a n d th e M ass, incom e ta x n o t exceeding 6% p er an n u m , on income
derived from th e bo n d s. Free of personal p ro p e rty taxes in N ew Jersey,
In t. p ay ab le a t office or agency of com pany in N ew Y ork and C hicago.
V . 118, p. 1017. 6% series, dated Jan. 1 1926, are red . whole or p a rt on
80 d a y s’ notice a t 105 to and incl. J a n . 1 1945; a t 104 an d fu rth e r as 6%
series, see above. Taxes refundable as in d icated for 6% series. In
April 1926 B o n b rig h t & Co. offered $1,350,000 534% series of 1949 a t 9734
and in t., to yield a b o u t 5 .70% . V. 122, p . 2039.
D iridends.— D iv id en d s on p ref. paid reg u larly since issuance,
r E A R N IN G S .— O f E a ste rn N ew Jersey Pow er C o. an d subsidiary com ­
panies a n d (or) predecessor com panies for calendar years:
(KcESI
1924.
1923.
1922.
1921.
1920.
Gross in co m e_____$1,212,982 $1,131,296 $1,106,217 $1,057,083 $863,269
O per. ex p ., m a in t.
an d ta x e s ______
695,490
692,071 677,666
712,550 705,955
N e t incom e_____ $517,492
$439,225
$428,551 $344,533 $157,314
—V. 120, p . 328.
Earnings 1925 w ere s ta te d as $1,370,681 gross an d n e t a fte r m aintenance
and taxes. $746,770.
Management.— T h e op eratio n of th e properties is u n d er th e supervision of
th e U td itie s Pow er & L ig h t C orp.
O F F IC E R S .— P res., H . L . C lark e.— V . 119, p . 79, 330, 2760; V . 120,
p . 329, 2550, 3313; V . 122, p . 2039, 3600.
(1) C O A S T C IT IE S R A IL W A Y .
O R G A N IZ A T IO N .— O rganized early in 1924 to ta k e over a n d operate
all th e electric railw ay pro p erties form erly o perated b y th e A tlan tic C oast
Electric R y . (for h isto ry , see “ E lectric R ailw ay” S upplem ent of O ct. 27
1923). All th e bonds of th a t com pany (V. 118, p . 1909) a nd its various
underlying issues w ere re tire d an d th e power a n d lig h t p roperties w ere
tran sferred to th e E a ste rn N ew Jersey Pow er Co. a n d its tra c tio n properties
were conveyed to th e C o ast C ities R ailw ay. Franchise in B elm ar expires in
1947; in A sb u ry P a rk in 1937; in Long B ranch, some expire in 1945 and
o th ers a re p e rp e tu a l; in O cean Tow nship, p e rp etu al; in Sea G irt, expire in
1926 an d 1956.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
B elt line in A sb u ry P a rk , 5.85 miles; A sb u ry P a rk to P leasu re B ay a nd
N o rth L ong B ra n ch , 14.60 miles; A sb u ry P a rk to M a n a sq u an , 14.16 miles;
to ta l tra c k , 36.08 m iles. C onnects a t Pleasu re B ay w ith th e Long B ranch
S te a m b o a t C o.

N a tio n a l P u b lic S ervice
C o rp o ra tio n
( all issues)

E are prepared to furnish quota­
tions or other information regarding
the securities of the above Company.

W

Inquiries Invited

H ow e , Snow
& BERTLES
in c

120 Broadway

.

New York

Chicago
Grand Rapids
Detroit
San Francisco
St. Louis




[V ol. 123.

ST O C K A N D B O N D S— Date.
Interest. O utstanding. M aturity.
C ap ital s to ck ________________All owned b y E a s te rn N ew Jerse y Pow er Co.
F irst M tg e. bonds, $850,000--A ll ow ned b y E a ste rn N ew Jersey Pow er C«.

NATIONAL PUBLIC SERVICE CORP.
M anagem ent.— G eneral Engineering & M an ag em en t C orp.
O R G A N IZ A T IO N .— A holding co. incorp. in V irginia on M arch 5 1923
as A tla n tic S tates Pow er C orp. N am e changed A pril 17 1923 to Jersey
C en tra l Pow er & L ig h t C orp. N am e changed to p re sen t title on M arch 24
1925. Owns en tire com m on sto ck of th e Jersey C en tra l Pow er & L ig h t Co.
(see sep arate s ta te m e n t below ), V irginia W estern Pow er C o., w hich was
m erged w ith V irginia N o rth e rn Ice C o. an d o th er cos. to fo rm th e V irginia
P ublic Service C o., W aycross Ice & C old Storage C o.. F lo rid a Pow er
C orp., E a ste rn Shore G as & E lectric Co. a n d K e n n e tt G as C o., a nd
90% of th e com . stock of th e T idew ater Pow er C o. (see s ta te m e n t oa
a n o th e r page) and m ore th a n 96% of th e com . stock of M unicipal Service Co.
As of J u ly 1 1925, acquired th e C h arlottesville & A lbem arle R y . V . 121,
p. 1788.
In J u n e 1925 acquired th e M u nicipal Service C o ., operatin g 9 subsidiary
u tility com panies in V irginia. P en n sy lv an ia, G eorgia an d O hio, an d serving
a popu latio n which is now a b o u t 1,100,000. V . 120, p . 2944. A nd also
K eystone P ublic Service C orp. w ith 6 subsidiaries operatin g in P e n n a .
On S ept. 29 1925 purchased th e E a ste rn Shore G as & E l. C o ., operating
in S outhern D elaw are a n d th e E a s te rn Shore region of M ary lan d , from
D ay & Zim m erm an. V. 121, p . 1678. In N ov. 1925 acquired th e Virginia
N o rth e rn Pow er Co. an d its subsidiary, th e V irginia N o rth e rn le e C orp.
V. 121, p . 2521, 2638. In Ja n . 1926 th e a cquisition of N ew p o rt N ews
& H am p to n R y. G as & E lectric C o., th ro u g h F itk in U tilities, In c ., was
announced. T h e p ro p e rty of th e N ew p o rt N ew s Co. was com bined w ith
th e V irginia-W est e ra Pow er C o., V irginia-N orthern Pow er C o. and other
V irginia holdings in a subsidiary of N a tio n a l P ublic Service C orp. On
Ju n e 1 1926 acquired by purchase W ildw ood G as C o. V . 123, p . 982.
Virginia Public Service Co. organized in 1926. See se p a ra te statem e n t.
V. 122, p . 481, 1310.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Through its subsidiary local operating com panies th e com pany furnishes
electric lig h t and pow er, gas, steam , s tre e t railw ay a n d bus a n d (or) w ater
service to 730 com m unities w ith a to ta l p o u plation of 1,807,000 in S tates
along th e A tla n tic seaboard, nam ely N ew Jersey, P en n sy lv an ia, D elaw are,
M ary lan d , V irginia, N o rth C arolina, G eorgia and F lo rid a , a n d also in
sections of W est Virginia a nd Ohio. T he te rrito ry in N ew Jerse y includes
a p ortion of th e g reat m etro p o litan d istric t trib u ta ry and s u b u rb a n to N ew
Y ork C ity . A to ta l of 241,143 custom ers is served, of w hich 188,823
electric, 50,543 gas, 1,319 w ater a n d 458 steam . C orp. also operates electric
railw ay an d bus system s in sections of P enn sy lv an ia, Ohio, V irginia a n d
N o rth C arolina, serving an aggregate p o p u la tio n of a b o u t 945,000.
T h e electrical system s h av e an installed generating c ap acity of 190,460
h .p .; 1,750 m iles of high tension transm ission lines. Gas p la n ts h a v e a
d aily c ap a c ity of 20.140,000 cu. ft. w ith 605 m iles of gas m ains. W a te r
properties of 5,364,000 gallons cap a c ity p e r day; 29 miles of w a ter m ains.
368 e q uivalent m iles of electric railw ay tra c k . Ice p la n ts d aily c a p a c ity ,
715 to n s. V. 122. p . 883; V. 120, p . 2816.
ST O C K A N D B O N D S .— Date.
Interest. Outstanding. M atu rity.
C lass " A ” com 500,000 shares
(no p a r ) . ____________ _____ _____
Q -M
194,152 shs S ep t '2 6 ,4 0 c
Class “ B ” com 500,000 shares
(no p a r)___________________ _____
_______
300,039 shs ------------ P a rtic pref 7% cum $6,000,000
7% Q -J
$3,593,300 O c t ’26, l h
($ 1 0 0 )__________________________
Pref 7% cum Ser A $15,000,000
($ 1 0 0 )__________________________ . 7% Q-J
5,822,000 O ct ’26, 1H
Coll tru s t bonds Series “ A ” / 1925
6M g F-A 13,921,500 F e b 1 1955
($500 & $1.000) gold_c * tf \N ew Y ork T ru s t C o ., N ew Y o rk , T ru ste e .
Stock.— S ubject to th e rig h ts of th e 7% cum . p a rtic . pref. sto ck a n d 7%
pref. Ser. A stock, th e C lass A com m on stock is entitle d :
(a)
T o p rio rity as to divs. to th e ex ten t of $1 60 per share p e r a n n u m ove*
th e C lass B com m on stock, and such divs. a t th e ra te of $1 60 p e r share
are cum u lativ e to th e extent earned in a n y calendar y e ar.
__ _
(5) In each cal. y e ar afte r all cum . divs. a re set a p a r t or p a id on C lass A
com m on stock to share equally as a class w ith th e C lass B com m on stock
considered as a class, regardless of th e n u m b e r of shares of either o u ts ta n d ­
ing, a fte r C lass B com . stock as a class shall receive a n a m o u n t equal to $1 69
per sh. on o u tsta n d in g C lass A com . stock or $300,000, w hichever is gre a te r
(c) T o p rio rity in liquidation or dissolution over th e C lass B com . stock
u p to $30 p er share plus divs. a t th e r a te of $1 60 p e r share to th e extent
earned b u t un p aid on th e C lass A com . sto ck , and a fte r d istrib u tio n to th e
C lass B com . stock of an am o u n t equal to $30 p e r share on th e C lass A com .
stock, excluding th e divs., to receive as a class one-half of th e rem aining
assets. In A pril 1925 120,000 shares C lass A com . stock w ere offered by
H ow e, Snow & B ertles, In c ., A . L . C h am bers & C o ., In c ., A . E . F itk in &
C o., and M ark C . Steinberg & C o. a t $21 per sh are. V 120, p . 1747.
T h e 7% Ser. A ” pref. stock is e n title d to cum . divs. a t ra te of $7 before
any th in g is p a id on th e C lass A ” or C lass B ” stock.
T h e p a rtic ip a tin g fe a tu re of th e 7 % cu m u lativ e p a rtic . p re f. sto ck is non
cum . a nd is lim ited to 3% a d d itio n a l in an y y e ar. In all o th e r respects
th e 7% p a rtic pref. a n d th e 7% pref. stock. Series A . are id en tical and
h av e preference as to assets to an am o u n t of $100 p er sh are. B o th pref.
stocks are re d ., whole or p a rt, a fte r 3 years from issue, on 30 d a y s ’ notice,
a t $115 and divs. Stock so re tired , c an n o t be re-issued. P ref. stock has
no p re-em p tiv e right to subscribe to a n y stock. V oting pow er only in
e vent of tw o consecutive q u a rte rly dividends in a rre a rs, in w hich case
pref. v otes share for share w ith com . stock. In case of 8 q u a r. p re f. divs.
in d efault, pref. stock has full a nd exclusive voting pow er an d elects board
of d irectors. At no tim e m ay an y com . div. be declared w hich w ould
reduce c o .’s surplus below an a m o u n t equal to a full y e a r’s 7% divs. on
ou tsta n d in g pref. stock. In Ju n e 1925 H ow e, Snow & B ertles sold $2,500,000 7% cum . series A pref. stock a t $96 p er share and d iv ., to yield 7-29
E a c h share carried a stock pu rch ase w arrant to purchase one share class B
com . stock a t $20 incl. J u ly 15 1926; a t $25, incl. J u ly 15 1927; a t $30, incl,
J u ly 15 1928.
In Feb. 1926 How e, Snow & B ertles, In c ., a nd H . E . F itk m & C o. offered
a t 95 a nd d iv s., to yield ab o u t 7 .3 7 % , $1,250,000 7% cum . series A pref.
stock. V. 122, p. 883.
Exchange o f Preferred Stocks.— In A ug. 1926 holders of 7% p a rtic . pref.
stock w ere offered for each 7% p a rtic . pref. sh are, one s h are 7% series A
pref. a n d one sh are class A com . stock. V . 123, p . 982.
Bonds.— Are specifically secured by th e dep o sit w ith th e tru ste e of ah
th e com . stocks of th e subsidiary com panies ow ned, w hich rep resen ts, in
every case, n o t less th a n th e voting control of such com panies. T h e tru s t
in d e n tu re provides for equal sem i-annual p a y m e n ts for in te re st a nd sinking
fu n d of $38,500 for each $1,000.000 bonds issued to th e tru ste e , beginning
F e b . 1 1926, a n d sem i-a n n . th e re a fte r. T h e b alance rem aining a fte r th e pay­
m e n t of in t. on o u tsta n d in g bonds of th is issue shall be used for th e purpose
of sink, f d . for th e re tirem e n t of b onds. Series A a re callable a t a ny tim e on
30 days notice a t 105 & in t. up to and incl. F e b . 1 1936, reducing k( of 1 %
for each y ear elapsed from J a n . 31 1936 up to m a tu rity . C onn. 4 mill ta x ,
P en n a. 4 mill ta x , M ary lan d 4 H mill ta x , D istric t of C olum bia 5 m ill ta x ,
and M ass, incom e ta x on in t. n o t exceeding 6% of such in t. refunded. In
M arch 1925 $6,000,000 Series “ A ” 6 ^ s w ere sold by E . H . R ollins & Sons;
B ly th , W itte r & C o., &c., &c., a t 974^ a nd in t., to yield a b o u t 6.70% .
V. 120, p . 1459. In M a y 1925, E . H . R ollins & Sons. & c., &c.. sold
$4,500,000 a t 9 7 a n d in t., to yield 6 .7 0 % . In J u n e 1925 th e y sold $1,000,000 a t 97
to yield 6.70% , an d in S ept. 1925 $1,250,000 a t th e sam e
price a n d yield.
D ividends.— A regular q u a rte rly dividend of 40 cen ts per share was
paid Ju n e a nd Sept. 15 1925 on th e class A com . stock a nd reg u larly since.
V. 120, p . 2684; V. 121, p. 1102.
E A R N IN G S .— C onsolidated earnings calen d ar years;
1925.
1924.
G ross (all sources)_______________________________ $19,888,904 $18,076,756
O perating expenses, m ain ten an ce & ta x e s------------- 11,784,719 10,969,819
N e t earnings__________________________________ $8,104,185
In te re s t an d dividend charges___________________
4,082,030
D epreciation a nd re tire m e n ts____________________
1,055.578
M in o rity in te re s t-----------------------------------------------27,097
A nnual in te re st 6J^% gold b o n d s-----------------------828.750
7% preferred divid en d s__________________________
554.631
A m ortization, bond discount a n d expense-----------329.895
Class A com . d iv .r eq u irem en ts__________________
309,398
B alance.

$916,806

$7,106,937

O ct., 1926.]

POWER, LIGHT AND RAILWAY

99

Earnings N ational Public Service Corp. only for calen d ar y ear 1925: } O F F IC E R S .— P re s ., I . H . S ilverm an; V .-P ., A . J . P u rin to n ; Sec., J . M ,
C am pbell; T re a s ., A . W . F rom ; G en. S u p t., A . J . P u rin to n .— V . 118, p .
G ross (all sources) $406,279; n e t a fte r operating expenses, m ain te n an c e and
3195; V. 119, p . 72.
taxes, $341,006.
Latest E arnings.— O f co. an d subs, for 12 m os. end. J u ly 31 1926: G ross,
( a )
A T L A N T I C
C I T Y
&
O C E A N
C I T Y
in cl. o th e r incom e, $24,214,384; n e t, a fte r m a in t. a n d taxes, $10,211,896:
In te re s t an d dlvs. su b . cos., $5,560,644; deprec. a n d re tirem e n t, $1,376,941;
O R G A N IZ A T IO N .— T h e A tla n tic C ity & Ocean C ity C o. was organized
m in o rity in te re st, $29,328; in te re st, $904,897; pref. d iv . requirem ents, in D elaw are a nd owns th e en tire ($180,000) stock and all th e ($180,000) bonds
$659,071; am o rtiz a tio n bond d is c o u n ta n d exp., $378,141; d iv . req u irem en ts, of th e A tla n tic C ity & O cean C ity R R . a nd has pledged them as security
on 193,563 class A com . sh ares a t $1 60 p er sh are, $309,701; b alance, for th e c o llateral t r u s t bonds b e lo w . O f th e com m on stock of th e A tlan tic
C ity & O cean C ity C o ., $218,500 is ow ned b y th e A tla n tic C ity Sc Shore
$993,173.
R R . T h e la tte r leases th e A tla n tic C ity & Ocean C ity R R . for 999 y ears,
O F F IC E R S .— P re s ., A. E . F itk in ; V .-P s., J . H . D ra k e , T . R . C rum ley,
W . E . Shaw , J r ., G. W . K u h n , H . L . Lem lein a n d R . W . D avidson; T re a s., the re n ta l being $19,500 p e r an n u m , an d an a d d itio n a l c o n tingent sum equal
to 33 1-3% of th e n e t su rp lu s, b u t n o t to exceed $26,000 p e r an n u m .
W E . Shaw , J r .; Sec., S. R . Jones. Offices, 165 B ro ad w ay , N . Y . C ity .
.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
V. 120, p . 1204, 1328, 1459, 1747, 2401, 2816, 2684, 2944; Y . 121, p . 1102,
1678, 2521, 2638, 2751; V. 122, p . 481, 883, 1310; V. 123, p . 455, 843, T he A tla n tic C ity & Ocean C ity R R . owns 2.61 miles of ro a d from Somers
P oint, across G re a t E gg H a rb o r B ay , on bridge and tre stle s to O cean C ity
982, 3210, 3340, 2139.
B oardw alk. R ails. 85 lbs. V. 85, p . 158; V . 87, p . 165.
ST O C K A N D B O N D S—
D ate.
Interest. O utstanding. M aturity.
________
$220,000
.......... ..
JERSEY CENTRAL POWER & LIGHT CO.
C om m on, $350,000_________________
P ref 5% non-cum $250,000_________
________
175,000 __________
C o n tro lled b y th e N a tio n a l P ublic Service C o rp . (see ab o v e).
C ollateral tr u s t gold $500,-1 1907
5 M -S
350,000 M a r 1 1947
r O R G A N IZ A T IO N .-—Fo rm ed in N . J . Feb. 9 1925 w ith th e a p p ro v a l of
000 redeem able 110 & in t tf / G i r a r d T r u s t C o., P h ilad e lp h ia , tru s te e .
th e B o ard o f P u b lic U tility C om m issioners of N ew Jersey b y th e m erger o f
Stock.— 'T he p re fe rred stock is redeem able a t p a r.
th e follow ing electric pow er an d lig h t an d gas cos.: C en tra l Jersey Pow er
E
Sc L ig h t C o ., C onsolidated G as C o. o f N ew Jersey , L akew ood & C oast A.O F F.IC roR S .— P re s ., L . R . Ise n th al; Sec., J . M . C am pbell; T rea s,,
W F m.
E le c tric C o ., C o ast G as-C o., M o n m o u th Lighting C o ., Shore L ighting C o.,
T om s R iv er E lectric C o ., T ri C o u n ty E lectric C o., T h e Lakew ood G as C o.,
(2) A T L A N T IC & S U R B U R B A N R Y .
C ity G as L ight C o ., and Shore G as C o. (see Y. 120, p . 1326). C o, owns
O R G A N IZ A T IO N .— In c o rp . in N ew Jerse y D ec. 7 1908 as a reorganiza­
all o u tsta n d in g securities of Lakew ood W ater C o. In Ju ly 1925 acquired
tion of th e A tla n tic C ity & S u b u rb an T rac tio n C o ., sold u n d e r foreclosure
th e M illburn Electric Co. I n S ep t. 1925 was a u th o riz e d to issue 35,000
no p a r com m on sh ares. V. 121, p. 75, 1569. In O ct. 1925 th e N ew Jersey of 1st m tge. V . 87, p . 1237, 1532.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
P . U . Com m ission ap p ro v ed a n issue of $1,000,000 7 % p ref. stock. C o. had
O perates 16.13 m iles of tra c k from A tla n tic C ity to P leasan tv ille, Somers
ap p lied fo r $2,136,000 an d w as to re q u e st ap p ro v al of th e rem ainder la te r.
P oint an d A bsecon. S ta n d a rd gauge, 80-lb. T rail.
V. 121, p . 2038. In D ec. 1925 N ew Jersey P . U . C om m ission authorized
co. to issue $328,500 of 1st m tge. 514% gold bonds and $400,000 of 7%
STO CK AN D BO N D S—
D ate.
Interest. O utstanding. M aturity.
ref. stock. V. 122, p . 94. In M ay 1926 co. acq u ired co ntrol of N ew Stock. $750,000 ($50)_______________
________
$150,000 __________
ersey G as & E lec. C o., B oonton G as, L ig h t & Im p ro v em en t C o., an d in F irst m o rtg ag e.
$650,0001 1909
4 gF-A
591,100 A ug 1 1929
Ju n e 1926 acquired W ildw ood G as C o. V. 122, p . 3452. P o m p to n L akes,
($1,000)______________c * t f / I n t . a t C am bridge T r . C o ., C h este r, P a ., T r .
N . J ., p la n t to be acquired; see V. 123, p . 1876.
P rior lien M , $100,000, g u a r ) _____
5%
100,000 F eb 1 1940
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
p & i, b y A C & S C o ___ t f /
Furnishes w ith o u t com petition electric power a n d lig h t service to 179 com ­
Bonds.— B onds have no sinking fu n d . V. 87, p . 1237. O riginally m a ­
m unities and gas service to 55 com m unities in n o rth e rn a n d eastern New
Jersey . T h e te rrito ry served h as an aggregate p o p u latio n o f 310,000 and tu re d F e b . 1 1925, b u t w ere extended to F e b . 1 1940.
E A R N IN G S .— F o r c alen d a r y e a r 1925, gross (all sources), $107,763;
includes M orristow n, Sum m it. Lakew ood, Spring L ake, Long B ranch.
A sbury P a rk , S o u th A m boy, R ed B an k , K e y p o rt a n d M illb u rn , a n d o th er deficit a fte r o p e ra tin g expenses an d fixed charges. $46,269. In 1924, gross
(all so u rc es), $103,425; n e t, a fte r oper. expenses & fixed charges, d e f., $48,com m unities.
T h e electric pow er a n d lig h t sy stem includes steam electric generating 988. In 1923, gross (all sources), $110,625; n e t, a fte r operatin g expenses
statio n s w ith a to ta l in stalled g en eratin g c ap acity of 25,285 h . p ., and a n d fixed charges, d e f., $57,125.
231 miles o f high-tension transm ission lines w ith d istrib u tin g system s aggre­
O F F IC E R S .— P re s ., L . R . Ise n th al; Sec., J . M . C am pbell; T re a s ., A . W
.
gatin g 2,305 miles of line serving 48,625 consum ers. All th e te rrito ry served F ro m .— V. 113, p . 2078; V. 1 0 . i . *4.
Is or is a b o u t to be in terco n n ected w ith electric transm ission lines, the
connection betw een th e n o rth e rn and southern te rrito ry to be th ro u g h the
MILLVILLE T R A C T IO N .
P u b lic Service E lectric & G as Co. o f N ew Jersey. C o. h as u n d e r construc­
tio n a pow er p la n t of 20,000 k w. a t W h ip p an y , N . J. V. 123, p. 710.
W w ere officially
ed
t
its e
C um ber­
T h e gas p ro p erties include p la n ts for th e generating of artil'ical gas, with land e T rac tio n C o. inform e sc t h atioco. has leasedlic Un tire line topendium ’’
For d
rip n , see “ P u b
tility C om
an aggregate daily generating cap acity of 13,755,000 cu. ft., a n d 398 miles of of M a y 1 1926.
gas m ains serving 37,585 consum ers. D uring th e y ear ended J a n . 31 1928,
76,186,574 k .w .h . of electric energy an d 1,118,082,000 cu. ft. of gas w ere
B U R L IN G T O N C O U N T Y T R A N S I T CO.
e n erated . All th e te rrito ry sup p lied w ith gas except Ocean C ity , B oonton,
)over an d W ildw ood is in ter-co n n ected w ith gas tran sm issio n lines to th e
T h e buses form erly o p e ra te d b y th is co. w ere sold in 1926 to an d a re now
g as p la n ts located a t Long B ran ch , B elm ar a n d Lakew ood.
o p erated y P
Service T
s p rta tio n
V. 122, p . 2649. See for
Lakew ood W ater C o. furnishes w ater service to 1,319 custom ers in h isto ry ofb co. ublic lic U tilityra nomopendiumCo. M a y 1 1926.
“ Pub
C
” of
Lakew ood a n d v icin ity .
S T O C K A N D B O N D S—
Date. Interest.
Outstanding. M aturity.
MORRIS C O U N T Y T R A C T IO N .
C om m on.stock (no p a r ) ______ _____
_______ 123,700 shs. __________
P ref cum , 7% series______
7 Q-J
$5,900,000 O ct ’26 \%
Receivership.— On J u ly 24 1923 Jo sep h K . C h o ate a n d Joseph P T u m u lty
1 s M tg e & re f Series A ($500/ 1925 5M g P-A 17,000,000 Feb 1 1945
t
w ere a p p o in te d receivers for th e c om pany. See for proposal of receivers to
& $1,000) g o ld_____ _ c * tf\B a n k o f A m erica, N . Y ., tru ste e .
have th e S ta te an d m u nicipalities th ro u g h w hich th e c o .’s lines o p e ra te ,
5%
3,206,500 ___________
D ivisional bonds (closed)__________
ted
of ire c
and
Stock.— P ref. is en titled to 110 & divs. in th e event of v o lu n ta ry liquida­ rep resenents on th e b o a rd V . d121, to rs, 2403.to h av e a rre a r ta x e s a n d paving
assessm
cancelled.
p.
tio n a n d $100 p e r sh are & divs. in in v o lu n ta ry liq u id atio n . R ed. all or in
Fare Increase.—-On J u n e 30 1926 th e N ew Jersey P . U . C om m ission
p a r t a fte r 3 years from issuance a t 110 & divs. In A pril 1925 $4,000,000 g ra n te d receivers an increase in fares, effecttive J u ly 1 1926 from 7 to 10c.
offered b y E . H . Rollins & Sons, B ly th , W itter & C o ., E a stm a n , D illon & p e r zone an d th e charge for school children from 3 to 5c. V . 123, p 325.
<5o., &c., &c., a t 97 & d iv s., to yield over 7.2 0 % . V. 120, p . 1747.
O R G A N IZ A T IO N .— In c o rp o ra te d in N ew Jerse y in 1899. C harted
Bonds.— 1st m tge. & ref. Series A 5 Mis are red . all or in p a rt a t a n y tim e
on 30 d a y s’ n otice, a t 105 and in t., reducing M of 1 % for each y ear elapsed gives com pany rig h t of e m inent do m ain . B u ilt m ostly on p riv a te right-offrom J a n . 31 1925 u p to m a tu rity . M tg e. provides for sink. fu n d . C onn., w ay. Franchises th ro u g h tow ns a re p e rp e tu a l or for 35 y e ars.
P e n n a ., M ary lan d an d D ist. of C olum bia mill taxes a t ra te s n o t exceeding
F IE L D OF O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
th e ra te s in each case as existing on F eb . 2 1925 an d also M ass, incom e tax Owns 44.01 m iles ro a d , 58.33 m iles of tra c k . R oad is in o p e ra tio n from
n o t exceeding 6% on th e in t. th ereo n refu n d ed . $11,500,000 Series A 5 H s M aplew ood to D a n fo rth R o ad , M adison, 10.89 miles: M o rristow n to L ake
w ere sold in M arch 1925 by E . H . R ollins & Sons; B ly th , W itte r & C o., H opatcong, 21.81 m iles. B ra n ch lines, Springfield to E liza b e th , 5.34 miles;
&c., &c., a t 97^-2 and in t., to yield over 5 .70% . V. 120, p . 1458. In
D enville to B oonton, 4.90 miles; D o v er to W h arto n 1 m ile. T h e 2 .6 9
A pril 1926 th e y sold $1,000,000 a d d itio n al Series A a t th e sam e price
miles of ro a d betw een D a n fo rth R oad a nd M orristo w n a re ow ned b y t h e
V. 122, p . 2191. In Aug. 1926 th e y offered $3,500,000 ad d itio n a l series A M o rris R R . a n d a re o p erated u n d e r lease; also o p erates u n d e r lease b ra n c h
bonds a t 98 an d in t., to yield over 5 .6 5 % . V. 123, p . 710.
line, M orris P lains to S ta te H o sp ital, 1.36 m . T o tal road o p erated , 65.98 m .
G auge, 4 f t. 8J4 in . 70-lb. T ra il in c o u n try : 80-lb. gird er in cities.
E A R N IN G S .— C onsolidated earnings for calen d ar y ears:
Cross (all
N et after D epreciation A
Fixed
STO CK A N D B O ND S—
D ate.
Interest. Outstanding.
M a tu rity .
Sources). M a in t. & Taxes. Retired.
Charges. Balance.
Stock com m on____________________
_______
$300,000 __________
1925 --------- $4,682,486
$2,069,167
$255,337
$1,170,825
$643,005 F ir s t m o rtg ag e $3,000.,000f 1905 5 g J-D 15 3,000,000 J u n e 15 ’35
($1,000) gold callable a t {I n t . a t P e o p le ’s S av. & T r u s t C o ., P ittsLatest E arnings.— For 12 m os. en d . Ju n e 30 1926: G ross, incl. o th e r
110 a nd in te re s t___ c * & rtf ( b u rg h , tru s te e .
Incom e, $5,311,241; n e t $2,299,052; in t. on fu n d ed d e b t, $902,825; an n u al
Incom e
d e b en tu re
bon d s)
1917 5 g J-D
1,179,000 J u n e 16 ’48
d iv id en d re q u ire m e n t, $413,000; deprec. a n d re tire m e n ts, $265,872; bal­
($100)____________________/ I n t . a t P e o p le ’s Sav. & T r . C o ., P itts ., tru s t
ance, $717,355.
E A R N IN G S .— F o r calendar years:
O F F IC E R S .— P re s ., A . E . F itk in ; V .-P s., T . R . C ru m ley , J . H . D rak e,
1925.
1924.
1923.
A. J . R itch ie, H . D . Polhem us, R . W . D av id so n , R . R . S tru n k an d W . L.
$514,109
$508,936
$507,291
M c D e rm o tt; T re a s ., W . E . Shaw J r.; Sec., S. R . Jo n es. Offices: M orris­ G ross______________________________
56,149
39,857
17,441
to w n a n d B elm ar, N . J . — V. 120, p . 1458, 1247; V. 121, p . 75, 330, 1569, N e t a fte r ta x e s_____________________
O F F IC E R S .— P re s ., Jo sep h K . C h o ate, N ew Y ork; V .-P s., G eo. £i.
2038; V. 122, p . 94, 219, 3452; V. 123, p . 710, 1876.
H a n n , P ittsb u rg h , P a ., a n d H . O. R ea; Sec., T rea s. & G en. M g r., O. G.
Schulz, M orristow n; S u p t., C has. F ields.— V. 119, p . 811; V. 121, p . 2403:
ATLANTIC CITY & SHORE CO.
V. 123, p. 325.
O R G A N IZ A T IO N .— In c o rp . in 1909 in Dela Owns 2,995 of th e 3,000
sh ares o f th e A tla n tic & Sub u rb an R y. C o. stock and a m a jo rity of th e
stocks o f th e C en tra l Passenger R y . C o. ($40,000 bonds) and A tlan tic
SALEM & P E N N S G R O V E T R A C T IO N CO.
C ity & Shore R R . C o. Also owns all of th e $591,100 o u tstan d in g 1st m tg e.
O R G A N I Z A T I O N .— Incorp. in N ew Jersey Sept. 14 1915.
bonds of A tla n tic & S u b u rb an R y .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
ST O C K A N D B O N D S—
Date.
In terest. O utstanding. M aturity.
C om pleted a line from P ennsgrove to Salem , N . J ., 14.85 miles long, o f which
C om m on s to c k _____________________
________
$740,800 __________
3 14 m iles betw een Pennsgrove and D eep W ater P o in t has been in operation
P referred s to c k ______________ ______
________
254,700 __________
since A ug. 15 1916, a nd th e w hole line to Salem (14 miles) since J a n 22
C oll tr u s t, $591,100________ t f 1910
4%
591,100 See te x t.
T h e co llateral tru s t 4s a re secured b y $591,100 A tl. & Sub. 1st m tge. 1917. 70-lb. T rail; gauge, 4 ft. 8 H in . 14 passenger cars, 1 com bination
bonds and 2,995 o u t of 3,000 shares of sto ck o f th a t com pany. T h ev fall snow plow a nd w ork car.
Voting T ru st.— T he sto ck has been placed in a voting tru s t for five y e a r s ,
due F e b . 1 1928 or F eb . 1 1940.
O F F IC E R S .— P res., I . H . S ilverm an; V .-P ., Jam es H . G arth w aite; under w hich dividends are re stric te d to 6% per a n n u m u n til a t le a st h a l f
Sec., L . R . Ise n th al; T rea s., A . W . F ro m . Office: L an d T itle B ldg., 0f th e 2d m tge. bonds a nd all of th e 1st M . bonds o u tsta n d in g in e x c e s s
f $225,000 have been re tire d .
P h ilad elp h ia, P a.
ST O C K A N D B O N D S —
D ate.
Interest. O utstanding. M aturity
(1) A T L A N T IC C IT Y & S H O R E R R .
Stock $850,000 ($100)____________
_______
$187,500 __________
O R G A N IZ A T IO N .— In c o rp . in N . J . O ct. 21 1905 w ith a p e rp e tu a
6 g J-D
369.100 D ec 1 1931
c h a rte r. Leases A tlan tic C ity & Ocean C ity R R .— see term s below— a nd 1st m tge $750,000 gold ($100,1 1915
$500 and $1,000)____ c * t f / I n t .a t P a . C o. fo rln s.o n L ives,& c., P h i l a . , t r
owns $218,500 of th e com m on sto ck o f th e A tlan tic C ity & O cean C ity
6 g J-D
92,000 D ec 1 1938
C o ., w hich holds all th e sto ck an d bonds of th e A tla n tic C ity & O cean C ity Second m ortgage $100,000) 1915
gold ($1,000)_________ c * t f / I n t . a t W ilm ington (D el.) T r u s t C o . , t r u s t e e .
R R .. V . 85, p . 158. O perates over th e C en tra l P ass R y . C o. tra c k s u n d e r
tra ffic ag reem en t.
Bonds.— R em aining first m tg e. bonds are issuable for a d d itio n a l e q u i p ­
t h e
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— m e n t, pow er p la n t a n d o th e r p ro p e rty . T h e m ortgages p rovide t h a t
.
O perates 47.45 miles of tra c k in an d a ro u n d A tla n tic C ity , including a ro a d com pany’s net Income be a pplied— 80% to the 1st M . and 20% to th e 2d M
th ro u g h P leasan tv ille, Lin wood an d Somers P o in t, to O cean C ity , th e bonds— to th e purchase or bonds a t n o t over p a r a nd in te re s t, or to t h e i r
la tte r tw o points being connected b y 2 m iles of tre s tle a n d b ridge ow ned b y call a t th a t price, th e bonds to be canceled. T his sinking fu n d , how ever.
Is n o t to exceed $50,000 in an y one year a n d is to be reduced to 2% o f
th e A tla n tic C ity & O cean C ity R R .
Contract with West Jersey & Sea Shore UR .— An ag reem ent has been bonds o u tsta n d in g w hen h a lf th e 2d M . bonds a n d all 1st M . b onds o u t ­
e n te re d in to w ith th e W est Jerse y & Sea Shore R R . b y w hich th e A tla n tic standing In excess of $225,000 have been re tire d . T h e fu n d becam e o pera­
b e e n
A ve. line o f th e la tte r ro a d , ru n n in g from A tla n tic C ity to L o n g p o rt, 8 14 tive Ju ly 1 1917. $63,300 1st M . a nd $8,000 2d M . bonds h a v e
re tired . B oth issues are redeem able, all or p a r t, a t p a r an d in t. on an y i n t .
m iles, is operated b y th is com pany.
d a te on four w eeks’ notice.
S T O C K A N D B O N D S— Date.
Interest. Outstanding. M aturity.
T h e second m tge. bonds a re all ow ned b y E . I . d u P o n t de N em ours Sc O o .
S tock, $1,000,000 ($100)___________
______ $1,000,000 ............ ...........
1 s t m tge & coll tru s t deed) 1905
5 g J-D
950,000 D ec. 1 1945
E A R N IN G S .— F or calendar years:
$1,000,000 ($1.000) g__c*tf / I n t . a t G ira rd T r u s t C o ., P h ila ., tru s te e .
Gross
N et after
Bond
Balance,
_ B cm d s.— N o sinking fu n d , b u t can be called a t a n y tim e a t 110 a nd in t.
E arnings.
Tax.. D epr., &c.
In t.
Surplus.
1925..........- ............. $97,501
d e f$ l ,826
$28 406
def$30,232
E A R N IN G S .— For calen d ar years:
1924.......................... 106,754
7,753
29,442
def.21,689
Gross.
N et.
Rents, A c.
Balance.
107,723
3,675
29.442
def25,767
1925________________$1,364,300
$326,122
$251,913
$74,209 1923_______
d ef22,984
29,457
def52,441
1 9 2 4 ----------242,529
su r. 39,958 1922-_____________ 107,010
282,487
1923_______ ................. 1,354,015
O F F I C E R S — P re s ., C . N . M a rtin ; V .-P ., W : W . H ep b u rn ; Sec. *
336,969
271,233
s u r. 65,736
1922_______ ------------ 1,227,160
296,618
252.668
su r. 43,950
e as., W . E . E r v i n — V. 102, p . S86; V. 104. p. 765; V. 110, p . 1090. 1527.

S

f




C

O

.

PUBLIC UTILITIES

100

TRENTON & MERCER COUNTY TRACTION CORP.
O R G A N IZ A T IO N .— In c o rp . on O ct 5 1910 in New Jersey w ith $10,000
stock ($1001, increased in N ov 1911 to $400,000. of which $200,000 is pref.
V. 93, p . 1260. On O ct. 15 1910 leased for 990 years T ren to n S tree t R y .,
M ercer C o u n ty T ra c ., T ren to n H am . & Ewing T ra c ., and T ren to n P enning­
ton & Hopewell S t. R y ., a t a re n ta l of $80,000 th e 1st y ear, $82,500 th e 2d
$85,000 th e 3 d, th e n increasing $5,000 y early u n til th e m axim um of $150,000
is reach ed .
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns and co n tro ls by lease a b o u t 68.81 miles of tra c k , com prising all local
s tre e t railw ay in T ren to n and in te ru rb an lines to Y ardville, T ren to n Ju n c ­
tio n , P e n n in g to n , Law renceville, P rin ceto n and H am ilton
Square.
Also o p erates buses. V. 119, p. 812.
In J a n . 1918 failed to p ay re n ta l on th e T ren to n S tree t R y . properties,
b u t w as g ra n te d an extension o f tim e u n til April 1 1918 and th en to Ju ly 1
1918, in w hich to m ake p a y m e n t. R esum ed p ay m en t of c u rre n t re n ta ls on
Ju ly 1 1923. (A ccrued re n ta ls u n p aid on D ec. 31 1925 a m ounted to
$733,792.)
To Build Term inal in Trenton.— See Y. 118, p . 2306.
Equipment Trust Certificates.— See V . I l l , p . 494; V. 119, p . 1173.
Valuation.— See V. 112, p . 1268.
E A R N IN G S .— F o r calen d ar y ear 1925, gross, $1,565,269; n e t, after
taxes, $279,297. For 1924, gross. $1,635,799; n e t, a fte r taxes, $299,261In 1923, gross, $1,701,034; n e t, a fte r taxes, $352,299. In 1922, gross,
$1,689,896; n e t, a fte r taxes, $311,780.
O F F IC E R S .—P r o s ., R an k in Johnson; T re a s., F . E . M atth ew s.-—
-V. 119,
p. 812, 1173, 2065; V . 122, p . 2193.
(1) T R E N T O N S T R E E T R Y .— T rolley. T h e U nited Pow er & T ra n s ­
p o rta tio n Co owns 19.969 o u t of th e 20.000 shares of sto ck o u tsta n d in g .
Lease.— Is leased to T ren to n & M ercer C o u n ty T ractio n C o rp . (see above).
V. 91, p. 1513.
O R G A N IZ A T IO N .— Form ed Ju n e 28 1898 b y consolidation of th e T ren ­
ton Passenger R y ., M u lb erry S tree t Passenger R y ., P en n in g to n Avenue
Passeng -r R y a n d Ew ing Passenger R y.
On Ji i i 19 1899 th e M ercer C o u n ty T rac tio n Co. w as form ed w ith a
capital o f $100,000 to enable th e T ren to n S treet R ialw ay Co. to build an
extension of 11.42 miles in to P rin ceto n and in th e city of T ren to n . 975
shares of th e stock a re ow ned by th e U nited Pow er & T ra n sp o rta tio n Co.
Is o p e ra te d as a p a rt o f T ren to n S treet R y . sy stem .
Date.
Interest. Outstanding. M aturity.
STO CK A N D BO ND S—
________
$ 1 , 000,000 ----------------------Stock $2,500,000 (par $5 0 )----- ____
90,000 X1920-1925
T ren to n Passenger first m tge
6 g A-O
($15,000 due yly O ct. 1)
$840,000 g o l d
($1,000- 1891
100.000 1926-1930
e a c h )__________________ c*
($20,000 d u e yly O ct. 1)
In te re s t a t M echanics N a t.
650.000 O ct. 1 1931
B ank. T re n to n . N . .1____
5 g J -J
1,159.000 Ju ly 1 1938
C onsolidated m ortgage gold 1898
$2 ,0 0 0 ,0 0 0 ($ 1 .0 0 0 ) ------- c* In te re s t In T ren to n a t M echanics N atio n al
B an k ; G irard T ru st C o ., tru ste e .
____ tge
6 J-D
500,000 Ju n e 1 1941
T ren to n S t R y general m 1911
$500,000 g o ld “($1,0 0 0 ).-C *\B ankers T ru s t C o ., N ew Y ork, tru ste e .
____ „
_____ _
Guaranteed Bonds—
T ren to n P e n n in g to n & H o p e f 1903
5 g J -D 1
349,000 Ju n e 1 1943
first m o rtg ag e $ 3 5 0 ,0 0 0 (In t. a t F id elity T ru st C o ., N ew ark, tru ste e .
gold - u a ra n te ed ________ | G u a r., p rin . * in t., b y T ren to n S treet R y .
T ren to n H am ilto n & E 1st M l 1905
5 g M -N
500,000 N ov 1 1955
$500,000 ($1,000) g o ld .-c * JR e a l E s t. T it. In t. & T r. C o .. P h ila .. trustee.
M ercer Co T r 1st M $300,0001 1904
5 J -J
292,000 Ju ly 1 1944
gold ($1,000) g u a r p & i_ e* /R eal E s t. T it. In s. & T r. C o ., P h ila., tru ste e .
Bonds.— $840,000 consolidated 5s of 1898 a re reserved to re tire firs t 6s.
T ren to n S tree t R y . gen. m tg e. bonds are su b ject to call a t 105 and in t. on
any in t. d a y . Y. 93, p . 797. A re listed on P h ila. Stock Exchange.
M ercer C o u n ty T rac tio n , T ren to n P en n in g to n & H opewell and T ren to n
H am ilto n & Ew ing T rac tio n bonds are g u a r., p . & i., by en d o rsem ent by
T ren to n S tre e t R y . V. 94, p . 826, 1696.
O F F IC E R S .— P re s ., W alter A . Rigg; Sec. & T rea s., T . W . G rooket J r . —
V. 106, p . 1901, 2230.

[V ol. 123.

S T O C K A N D B O N D S—
Date. Interest.
O utstanding. M aturity
C om m on $17,000,000 ($50)________
______
$9,460,000
See te x t
1st p re f 7% eum $8,000,0001
($ 1 0 0 )------------------------------ / -----7 Q -F
4,936.593 A ug ’26 1%
C o llat tr u s t $2,500,000 g o ld / 1911 5 F-A
932.000 A ug 1 1931
conv ($500 & $1,000). . c * t f \ I n t . a t M e rc h a n ts ’ U n . T r . C o ..P h ila ..tru s t.
Incom e bonds (see te x t) ______ _____
7%
1,143,250
1940
C ar tr u s t certificates ser “ A ” _ . 1923 6 J - J
280.000 __________
C ar tr u s t c ertificates ser " B ” l 1914 6 F-A
15,000
See te x t
( $ 1 ,0 0 0 ) ___________ e * n t f /
C ar tr u s t c ertific a te s ser “ C ” / 1916 5 F-A
36,000
See te x t
($1,000) ------------------------ c lL o g a n T r u s t C o. of P h ilad e lp h ia , tru s te e .
C ar t r c t f ser “ D ” ($ l,0 0 0 )c * tf 1917 6 A-O
44,000
See te x t
Stock.— P re f. stock is re d . a t a n y tim e a t 110. P re f. & c o m . stocks a re
listed on P hiladelphia Stock E xch. T h e p re f. stock was a u th . b y sh a re ­
holders on O ct. 17 1912 (V 95, p . 889. 1038. 1206) a nd th e a u th . a m o u n t of
com m on stock w as red u ced from $25,000,000 to $21,000,000. All o f th e
o u tsta n d in g p re f. sto ck h a s been called fo r re d e m p tio n on A ug. 1 1926 a t
110. V . 1 22, p . 1760.
N otes.— In O ct. 1925 it was re p o rte d th a t th e com pany w as paying off
th e balance of $930,500 of th e A m erican R y . C o. 5-year, 8% n o te s, due
1925. V . 121, p. 1675.
Bonds.— C oll, tr u s t bonds of 1911 have no sinking fu n d b u t bonds are
su b jec t to call on a ny in t. d a te a t 102. T h e c o llateral fo r th e bonds consist*
of $2,250,000 stock (out of $2,500,000 issued) o f th e P eople’s R y .o f D a y to n .
Car Trust Certificates.— O f Series “ A ” $35,000 m a tu re J u ly 1 each year.
Series “ B ” 11 certificates m a tu re A ug. 1 1915 to 1925 incl.; 15 m a tu re
Aug. 1 1926. Series " C ” certific a te s m a tu re $12,000 yearly A ug. 1 to 1928.
T hey w ere issued b y th e L ogan T r u s t C o. a nd unconditionally g u a r., p . & i.,
(end.) b y th e A m erican R y s. C o. V . 103, p . 1031. Series “ D " c ertifi­
cates m a tu re $21,000 each J u ly 1 fro m 1918 to 1926 a n d $23,000 J u ly 1 1927.
E A R N IN G S .— F o r calendar years:
Total Incom e N et after
Preferred
Balance.
(A ll Sources). T a x .,In t.,& c . D ividends.
Su rp lu s.
1925------------------------------ $2,626,980
$1,953,599
$344,676 $1,608,922
1 9 2 4 . . - _____
2,317,338
1,367,758
343,855 1,023,903
1 9 2 3 ._________
2,826.167
1,708,358
a287,053 1,421.306
1922----------------------------- 2,475.896
1,134,520
1,134,520
a In F eb. 1923 p aid 191£ % in pref. sto ck , clearing u p all accum ulation*
on th a t issue. In M ay , J u n e a nd Aug. 1923 dividends of 1 % °7, p a y ab le in
ref. stock) w ere p a id . In N ov. 1923 a cash dividend of 1 % % w as p a id ,
n 1924 reg u lar q u a rte rly cash dividends of l 3i % w ere p a id .
/

F

C O M B IN E D E A R N IN G S O F C O N T R O L L E D C O M P A N IE S .
Calendar Years—
1925.
1924.
1923.
1922.
O perating rev en u es..........$13,684,625 $19,906,901 $20,803,892 $19,342,698
N e t inc. a ft. fixed c h g es. 2,152,631
2,477,959
2,837,148
2,424,888
D ividends.— Q u a rte rly divs. of 1 % % each on p re f. sto ck w ere begun
in F e b . 1913 a n d p aid re g u la rly to a n d incl. M a y 1920. A ug. 1920 div.
d eferred. N o n e to F e b . 1923, w hen 19M % (payable in p re f. stock) w as p aid,
clearing u p all a ccum ulations. In M a y , J u n e an d A ug. 1923 divs. of 1 H %
pay ab le in pref. stock) were p a id . In N o t . 1923 cash divid en d s o f 1 M %
w ere resum ed. In 1924, 7 % . In 1925. 7 % . In 1926 declared or p a id ,
F e b ., 1 H % ; M a y , 1 M % ; A ug., \ f i % ■ P ref. sto ck is to be re tire d A ug. 1
1926. See a bove. On com m on stock— 1 % — D ec. 1900. In 1901 p a id
1 % each in M arc h , J u n e an d S ep t.; in D ec. p a id 1 M % • In 1902 p a id 114%
each in M arch , J u n e a n d S ept.; in D ec. 1902divid en d was increaased to
1 K % . w hich ra te w as continued u p to a n d including S ept. 1914. In D ec.
1914 ra te w as red u ced to 1 )4 % (V. 99, p . 1450). In 1915, M a rc h , 1 \4 % \
J u n e , l l £ % ; i n S ept. 1915 ra te w as fu rth e r reduced to 1% (V. 1 0 1 ,p . 526);
D e c., 1 % . In J a n . 1916 dividend periods w ere changed to J u n e a n d D ec.
1915. V. 102, p . 436. In 1916 a n d 1917, 4 % . J u n e 1918 d ividend
passed. Y. 106, p . 2227, 2343. N one to J u n e 1919, w hen 1 % % w as p a id .
In D ec. 1919, 1 a % . N one since. V . 110, p . 2386.
A
O F F IC E R S .—-C hairm an, R . E . B reed; P re s ., V an H o rn E ly; V .-P s .t
G eo. N . T id d an d C . L. S. T ingley; Sec. & T re a s ., F ra n k B . B all; A sst.
Sec. & A sst. T re a s., H . D . A nderson. G eneral offices, T h ird a n d C hurch
S ts.. N ew Y ork C ty .— V. 120, p 84, 207, 954, 1324, 1584, 1879, 3184;
V. 121, p . 1675; V. 122, p . 1167, 1453, 1760, 2037; V . 123, p. 1630, 1872.
(1) P E O P L E ’S R A I L W A Y ( D A Y T O N ) .

TRENTON-PRINCETON TRACTION CO.
O R G A N IZ A T IO N .— In c o rp . in N ew Jersey on Sept. 29 1922 as a con
solidation o f th e N ew Jerse y & P en n sy lv an ia T rac tio n C o ., T re n to n Law ­
renceville & P rin ce to n R R ., th e T ren to n L aw renceville & P rin ce to n Ex
tension R R . an d th e P rin ceto n S tree t R y.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C om prises 12.56 miles fro m W a rre n an d H an o v er S ts ., T re n to n , N . J .,
to P rin ce to n , N . J .
Franchises a re p e rp e tu a l except in T re n to n , which ru n s to 1953.
Interest. O utstanding. M aturity.
S T O C K A N D B O N D S—
Date.
.
$ 200,000 ____________
S to c k $200,000 ($100)...........................
6 M -N ~
400.000 M a y 1 1943
F irst m o rtg ag e _______________1923
E A R N IN G S .— F o r c alen d a r y e ar 1925, gross, $109,107;, n e t, a fte r taxes,
$23,817. In 1924 (P rin ceto n D ivision), gross, $127,105; n e t, a fte r taxes,
$18,776. In 1923, gross, $127,258; n e t, a fte r taxes, $24,136. In 1922,
gross, $132,048; n e t, a fte r taxes, $19,719.
O F F IC E R S .— P re s ., Sydney L . W rig h t, P h ila.; V .-P . & G en. M g r.
G aylord T h o m p so n T ren to n ; Sec. & T re a s., Jo h n M . M o rrisse y .—Y . 118,
p. 312, 2573.

A cquired in 1899 b y th e A m erican R ailw ays C o. (now A m erican E le c ­
tric P ow er C o .).
O R G A N IZ A T IO N .— In c o rp . in Ohio Ju n e 18 1896. T h e A m erica*
E lec tric P ow er C o. ow ns e n tire c ap ital sto ck .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A tro lle y ro a d . H as 32.6 m iles of tra c k in D a y to n , Ohio; o p e ra te s 124 cars.
S T O C K A N D B O N D S — D ate.
Interest.
O utstanding. M aturity.
Stock $2,500,000 ($100)___________
_______
$2,500,000 __________
F irst m tg e "W h ite L ine” f 1925
6 g A-O
300,000 O ct 1 1935
$300,000 ($500) gold re d i In te re s t a t U nion Savings B an k & T r u s t C o .,
O ct 1 1900 a t 110---------n t f 1 C incin n ati, tru s te e .
F irst m tge “ P eople's R y ” ( 1897
5 g J-J
200,000 J a n 1 1927
$200,000 ($500) gold re d i In te re s t a t U nion Savings B an k & Trust- C o .,
a t 110________________ n t f l C in c in n ati, tru s te e .
Bonds.— In O ct. 1925 N ew burger, H enderson & L oeb, P h ilad elp h ia,
offered a t 96 a n d in te re st th e unsold p o rtion of $300,000 W hite Line R y.
first m tg e. 6% gold bonds, due O ct. 1 1935, which a re an extension of a lilt*
a m o u n t of first m tge. 5% bonds due O ct. 1 1925. V. 121, p . 1790.
E A R N IN G S .— Y e ar ending D ec. 31 1924, gross, $697,443; n e t, a fte r
tax es, $156,80o; in t., d e p re c ., & c., $60,592; b a l., s u r., $66,214.
O F F IC E R S .— P re s ., J . Sprigg M cM a h o n , D a y to n ; V .-P ., C . L . S.
Tingley, P h ila .; Sec. & T rea s., F ra n k J . P ry o r, J r ., P h ila.; A sst. S ec.-T reas.,
& C o m p t., H . D . A nderson; G en. M g r., V. R . Pow ell; A sst. T rea s. & A sst.
C o m p t., C . R . B eddow s; A sst. T re a s., H e n ry P . C a rr.— V . 86, p . 1530;
V. 97, p . 176; V. 121, p . 1790.

PENNSYLVANIA
Tri-State C om mittee.— See u n d e r “ N ew Y o rk .” — V . 121, p . 2154.

AMERICAN ELECTRIC POWER CO.
A su b sid ia ry o f A m erican G as & E lec tric C o.
Control.— In M a y 1924 th e A m erican G as & E lec. C o. a n d A ppalachian
Power C o. offered to p u rc h a se n o t less th a n 75% of th e com . sto ck of the
co. o u tsta n d in g in th e han d s o f th e public a t a cash p rice of $62 50 n e t per
sh are. V. 118, p . 2823. In J u ly 1924 it w as an nounced th a t approxi­
m ately 95% o f th e com . sto ck h a d been acq u ired u n d e r te rm s of th e offer.
V. 119, p . 72- C om pare V . 118, p . 2946, 3194.
Offer by Am erican Gas < Electric Co.— A n offer expiring A pril 10 1926
%
was m ad e b y A m erican G as & E lectric C o. to exchange 1 1-6 shares 6%
cum . pref. sto ck A m erican G as & E lectric C o. for each p re f. sh are A m erican
E lectric Pow er C o. F o r p a rtic u la rs, see V. 122, p . 1453.
O R G A N IZ A T IO N .— T h e A m erican R y s. C o. was in c o rp . u n d e r law s of
N . J . in 1900 as a consolidation of th e fo rm er A m erican R y s. C o. a n d th e
U nited S ta te s E lec tric R y . & L ig h t C o ., w hich la tte r h a d only $1,000 of
ou tsta n d in g sto ck . N am e changed fro m th e A m erican R ailw ays C o. to
presen t title on F eb . 13 1923. V. 116, p . 615. In Ju n e 1925 purchased
th e R ocky M o u n t (Va.) L ight & Pow er C o. V. 120, p. 3184.
F o r list o f secu rities ow ned by th e co. as o f D ec. 3 l 1923, see “ E lectric
R ailw ay” Su p p lem en t o f A pril 26 1924.
Sale o f Subsidiary Com panies. See V. 120, p . 1324; V . 122, P- 1167.
Subsidiaries to be Merged with A ppalachian Electric Power Co.— T h e follow­
ing subsidiaries, all o p eratin g in V irginia or W est V irginia, previously con­
trolled b y A m erican E lectric Pow er C o. were to be acq u ired in 1926 by
A ppalachian E lectric Pow er C o. (See th is la tte r co ., V . 122, p . 2490.)
C onsolidated Pow er & Light C o ., L y n ch b u rg T rac tio n & L ight Co , R oanoke
R y . & E lec. C o ., R oan o k e T rac tio n & L ig h t C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
T o tal tra c k m ileage o f su b sid iaries 316 miles. 670 cars.




American Electric Power
Company
and

Underlying Securities
BO UGHT— S0LD— Q VOTED

BIOREN & CO.
E stab lish ed 1865

410 Chestnut St.

PHILADELPHIA

Oct., 1926.]

POWER, LIGHT AND RAILWAY

(2) SP R IN G F IE L D (OHIO) RAILW AY.
O R G A N IZ A T IO N .— In c o rp o rate d in Ohio O ct. 20 1892; 9,944 sh ares of
th e com m on stock a n d 5,000 sh ares of th e p ref. sto ck h av e been acquired
b y th e Am erican Elec. Pow . C o.
F o r details o f franchise u n d e r w hich co.
o p erates see “E lectric R ailw ay ” Supplem ent o f April 24 1920.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— A
tro lley ro a d . Owns 40.7 miles of tra c k . Oper-i;. s 71 passenger cars.
ST O C K A N D B O N D S— D ate.
Interest, o u tsta n d in g . M aturity.
C om m on (p ar $100)_________ _____
_______
$1,000,000 __________
P referred $500,000________________
6%
500.000 __________
F irst m tg e $5,000,000 ($100,\ 1914
5 g M -S
1,406,530 See text,
$500 & $1,000) g s f_ c * n tf / I n t . a t R eal E s t. T . & I . T r . C o ., Phila .. T r
Bonds.— $400,000 o f th e above o u tsta n d in g bonds p ro v id ed for by serial
m a tu rity , i. e ., $12,500 due S ep t. 1 1914 to 1923, in c l., $25,000 due Sept. 1
1924 to 1934, th e rem ain in g bonds ($4,600,000) due S ep t. 1 1935.
Sinking F u n d .— W hen m o re th a n $1,250,000 bonds o u tsta n d in g , sinking
fu n d o f 1 % to 1923 an d 2% th e re a fte r of bonds o u tsta n d in g over a nd above
th e $1,250,000 of original issue. T h e escrow bonds ($3,756,000) reserved
fo r extensions, b e tte rm e n ts, &c., a t 80% of c o st. R edeem able a n y interest
d a te a t 102 a n d in te re s t. Y . 98, p . 1609.
E A R N IN G S .— F o r y ear ending D ec. 31 1924, gross, $565,770; n e t, after
tax es, $80,789; in t., d e p re c., &c., $137,160; b a l., d ef., $56,380.
O F F IC E R S .— P res., P au l C . M a rtin ; V .-P ., O . L . S. T ingley; Sec. &
T re a s .. F ra n k J . P ry o r, J r .; A sst. Sec., A sst. T reas. & C o m p t., H . D .
A nderson; A sst. T rea s. & A sst. C o m p t., C . R . B eddow s a nd H en ry P.
C a r i ; G en. M g r., P . E . O ’B rien .— V . 115, p . 1839: V . 117, p . 1993.
(3) OHIO VALLEY ELECTRIC RAILW AY CO.
In 1911 acquired by th e A m erican Railw ays (now A m er. E lec. P ow . C o.),
b u t see C ons. Pow. & L t. C o. ab o v e. V. 92, p . 1437; V 93. p. 470.
O R G A N IZ A T IO N .— In c o rp . in W . Va. in 1899. Franchises ru n until
1957 in W. Va.; in K y. an d Ohio in D ec. 1916 ra n for nearly th e full term
allowed by s ta tu te , 20 and 25 y ears, resp ectiv ely . In F eb . 1908 nam e was
Changed from C am den In te r-S ta te R y. to th e Ohio Valley Elec. R y. Owned
e n tire stocks of C onsolidated L ight, H e at & Pow er C o ., A shland Elec. L t.
& Pow . C o. (now Boyd C o u n ty E lec. C o.) and Iro n to n E lec. C o., b u t a t
tim e of acquisition by A m er. R ys (now A m er. E lec. Pow . C o.) th e se were
tu rn e d over to th e la tte r co m p an y . Co owns en tire stocks of th e A shland
In te ru rb a n R y.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— A
tro lley ro ad . O p erates 49.7 miles of tra c k in and betw een H u n tington and
K en o v a, VV. V a., C a tle ttsb u rg and A shland, K y ., a n d Iro n to n , Ohio.
O p erates 62 pass, c ars, 15 o th e r cars.
ST O C K A N D B O N D S—
Date.
Interest. Outstanding.
daturity.
C om m on $2,000,000 ($ 1 0 0 )— ___
_________ $2,000,060
See tex t
P re f 6% cum $400,000 ( $ 1 0 0 ) . ____
J-J
345.800
See text
1st M $2,200,000 gold g u a r] 1916
5 g J -D
1,891,000 D ec 1 1946
(S I.000) ____________ c * tf(P e n n . Co. for In s. on L. & G . A ., P h il., tru s t.
Bonds.— T h e o u tsta n d in g bonds w ere issued to ta k e up $1,350,000 C am ­
den In te r-S ta te R y. 5s d u e M ar. 1 1921; $175,000 H u n t. & C h arlesto n 5s
d u e 1936; $100,000 C ons. L t. & Rys. 6s d u e 1922, a n d $50,000 A shland &
C a tle ttsb u rg 6s due 1919. R em aining $309,000 a re for exts. and b e tte r­
m e n ts u n d er restrictio n s. R ed. since D ec. 1 1921 a t 102 M and in t. P enn.
S ta te ta x re fu n d e d . G u a r., p. & i., by end. by A m . R y s. Co. V. 103, p.
2342.
E A R N IN G S .— For y ear ending D ec. 31 1924, gross, $879,414
a fte r
tax es, $250,932; in t., d e p re c., &c., $150,610; b a l., s u r., $1(30,322
111,
p . 1950; V. 117, p. 895.
Latest E arnings.— 8 m os. en d . A ug. 31 1925: G ross. $559,556;
er
tax es. $173,153; in t.. d e cree ., & c.. $1)0,568; su rp lu s, $62,585.
(4) ELECTRIC CO. OF NEW JE R SE Y .
T h e A m erican Elec. Pow er C o. ow ns e n tire o u tsta n d in g sto ck a nd bonds
O R G A N IZ A T IO N .— A m erg er Ju ly 5 1916 of a n u m b e r of electric light
co s. in G loucester, Salem a n d C u m b erlan d co u n ties, N . J ., along th e D ela
w are R iv er opposite W ilm ington, D el., and C h e ste r, P a . On M ay 1 1919
th e B ridgeton E lectric Co. was m erged in to th e E lectric Co. of N ew Jersey,
w hich assum ed th e $250,000 1st m tge. 5% bonds o f th e fo rm er com pany,
o f w hich th e re a re now $22,000 o u tsta n d in g .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Supplies electric c u rre n t for electric lig h t and pow er in m unicipalities of
Salem , P ennsgrove, W oodstow n, M ullica Hill, P itm a n , G lassboro. W illiamsto w n , Paulsboro, C lem en to n , L aurel Springs, B erlin, E lm er, C layton.
Q u in to n , Sw edesboro, P ed rick to w n , Pennsville, H arrisonville, M ickleton.
•Clarkesboro, W enonah, B rid g eto n , P o rt N orris a n d m an y o th e r sm aller
places.
B onds offered in exchange for 1st m tge. 5s o f B ridgeton & M illville
T ra c . C o ., see u nder th a t co. in V. 114, p. 1405.
In A pril 1925 was a u th . by th e N . J . P . U . C om m , to issue $225 000
1 s t m tg e. b o n u s an d $107,300 in com . sto ck . V. 120, p . 2011. In A ug.
1926 to issue $605,000 bon d s a n d $45,000 7% pref. sto ck to A m erican
E lec tric Pow er C o ., th e p a re n t co. V . 123, p . 709.
ST O C K A N D B O N D S—
D oie.
Interest. O utstanding.
daturity.
C om m on sto ck $475,000______ _____
_________
$700,000 __________
P r e f e r r e d ___________________ _____
_________
190,360 __________
F irs t m tg e $5,000,000 gold! 1917
5 g M -S
1,229,000 M a r 11947
($1.000) _________ c * & r .tf \ln t. a t C om m 'l T ru s t C o ., P h ila ., tru s te e .
B ridgeton E lectric Co 1st M l
($ 1 .0 0 0 > _________________f ____
5 g J-J
22,000 J a n 1 1 9 3 0
E A R N IN G S .— F o r cal. y ear 1924, gross. $901,582; n e t, $262,211; in t.,
tle p re e ., & c., $109,493; p re f d iv ., $10,229; b a l., s u r., $142,488.
Latest Earnings.— 8 m os. en d . A ug. 31 1925; G ross, $692,444; n e t,
$221,149: in t., d ep rec., & c., $118,861; p ref. envs.. $9,450; b a l., s u rp .,
$92,838.— V . 120, p . 2011; V. 123, p . 709.

.LTOONA & LOGAN VALLEY ELECTRIC RAILWAY.
U n d e r management o f th e G eneral E ngineering & M an ag em en t C orp.
Control.— C o. was p u rch ased M arch 27 1925 b y K ey sto n e P ublic Serv.
o ., w hich is controlled b y N a tio n a l Public Serv. Corp.
O R G A N IZ A T IO N .— In co rp . in P e n n a . A ug. 5 1903. Owns th e en tire
$65,000 stock of th e L ak em o n t P a rk C o ., also $58,000 o f th e $59,000 stock
o f th e Home E lectric L ig h t & Steam H eating C o. of T y ro n e (into which
th e B lair E lectric C o. incorp. in 1908 to do a lighting business, having
p erp etu al franchise and 10-year c o n tra c t to lig h t tow n of B ellw ood, was
m erged in 1910-11) an d leases th a t com pany for 99 years from Ju ly 1 1903;
$54,000 o f th is sto ck is deposited as ad d itio n al secu rity for th e consolidated
m o rtg ag e. In A ug. 1903 absorbed by consolidation th e C ity Passenger Ry.
a n d th e T yrone Electric R y. (previously owned) an d increased its capital
stock from $500,000 to $1,500,000. V. 77. p. 1745. In 1912 acquired the
Logan L ight & Pow . C o. of T y ro n e, a n d o p erates sam e in co n junction w ith
th e Home Elec. L t. & Steam H tg. Co
V 94. p. 696
F IE L D OF O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— A
trolley ro ad . O perates 57.91 m iles o f tra c k , connecting A ltoona, Bellwood
H o llidaysburg an d T y ro n e. G auge, 5 ft. 3 in.; 1 pow er statio n of 3,900 h .p .
O perates 117 cars, w hich carried 18,580,713 p assengers d u rin g 12 m os.
ended J u ly 31 1926.
S T O C K A N D B O N D S—
Date.
Interest. Outstanding. Last div.,& c.
Stock $1,500,000 ($50)____________
_________ $1,500,000
See te x t
C onsol m tge $4,000,000 g o ld f 1903 4 M g F-A15 4,000,000 Aug 15 1933
($500 a n d $1,000) g u a r b y / l n t . a tC o n t. & E q . T itle & T r. C o ., P hiladelA m er E lec P r C o _ c & r.tf [ p h ia . T ru ste e .
_
L ogan L t & P r 1st m tg e ______ 1907
5 A-O
43,000 O ct 11937
Bonds.— T h e consol, mtge. bon d s a re g u a ra n te ed , p . & i., by endorsem ent
by A m erican E lec. Pow er C o ., w hich la tte r co. is indem nified since 1925 by
N a tio n a l P ublic Serv. C orp. ag ain st a n y loss or dam age resu ltin g from its
g u aran tee. N o sinking fu n d an d n o t su b ject to call.
E A R N IN G S .-—F o r calen d ar year:
Gross.
N et.
Interest.
Deprec’n .
Balance.
1925_______ $1,409,388
$191,564
$182,150
$40,646
$268,767
Latest Earnings.— F o r 12 m os. end. Ju ly 31 1926: G ross, $1,281,489;
n e t, a fte r taxes, & c., $452,620; in t., d ep rec., & c., $215,547; balance,
$237,073.
E arnings.— Y ear ending D ec. 31 1923, gross, $1,431,959: n e t, a fte r ta x e s;
$517,426; in t., d ep rec., &c., $249,160; b a l., s u r., $266,266.
O F F IC E R S .-—P re s ., A . E . F itk in ; V .-P s., T . R . C ru m ley a n d H . D .
Polhem us; T rea s., W . E . Shaw , J r .; Sec., S. R . Jo n es.— V. 117, p . 1016;
V. 118, p . 1134.




101

SCRANTON RAILWAY.
A su bsidiary o f K eystone P u b lic Service C o rp ., w hich is a s u b sid ia ry of
M unicipal P ublic Service Co.
O R G A N IZ A T IO N .— On J a n . 1 1897 assum ed all th e assets a nd liabilities
of th e Scranton T rac tio n C o., &c. V. 63, p. 1064; V. 64, p. 85. As a t
presen t c o n stitu te d , is a m erger of 21 com panies.
O perates, p ractically w ith o u t com petition, in th e L ackaw anna Valley
from F orest C ity , in Susquehanna C o u n ty , to P ittsto n , in Luzerne C o u n ty ,
serving, am ong o th e rs, th e cities of S c ra n to n , P ittsto n a nd C arbondale,
and th e boroughs of A rchbold, B lakely, D ickson C ity , D unm ore, Jerm y n ,
M ayfield, M oosic, Old F orge, T a y lo r, T h ro o p , V andling, A voca, D uryea.
F orest C ity .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns a nd operates all th e s tre e t ro ad s in a n d a ro u n d c ity of Scranton.
O perates 83.34 m iles of railw ays; 139 cars. P assengers carried 12 mos.
end. Ju ly 31 1926, 33,296,529.
Franchises p e rp e tu a l.
Valuation.— See V . I l l , p . 1662: also V . 112, p . 1867; V . 113, p . 629;
V. 116, p. 1761.
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
Stock ($50)_________ _____________ ________ _____ $2,000,000 .............S cranton Ry lst& re f M $15.-] 1917
5 F-A
3,011,000 F e b 1 1947
000.000 g ($1,000) - -C *rtf (In t. a t M erch . U n. T r. C o ., P h ila., T ru stee.
Scran T rac 1st M $1,000,000/ 1892
6 g M -N
1.000.000 N ov 1 1932
($1,000) gold no o p t . _ c * tf tin t, a t M e rc h a n ts ’ U nion T r u s t C o ., P hila.
Scranton R y 1st cons m tg e / 1897
5 g J-J
1,100,000 N o v 1 1932
$2,500,000 g ($1,0 0 0 ).c * tf (New Y ork T ru st C o ., N . Y C ity , T ru ste e .
S cranton & C a rb 'd 1st m tg e f 1893 6 g J -J
19,000 J a n 1 1938
$1,000,000 g ($1,0 0 0 )-c * tf/I n t. a t L ack. T . & S. D . C o ., S cran to n ,
F ree of S ta te ta x .
I T ru ste e .
1st M C arbondale T ra c tio n ! 1892 6 g J -J
150,000 J u ly 1 1942
C o, $150,000, gold ($500-1 In te re s t a t C en tra l T ru s t C o ., N ew Y ork,
a nd $ 1 , 0 0 0 ) . _______ c*& r( T ru ste e .
C arbondale R y gen m tge g o ld / 1910
5 J -J
800.000 J a n 1 1933
$800,000 guar p & i _ c tf (P ro v id e n t Life & T r u s t C o ., P hila., T ru stee.
_
Peoples S t R y gen m tge $100,-/ 1891 6 J-D
100.000 Dec 119 2 6
000______________________ ( F a r m e r s L oan & T r u s t C o, N .Y ., T ru ste e ..
Bonds.— Of the $3,500,000 S cran to n R y . m ortgage 5s of 1897, $1,400,000
are reserved to re tire prior bonds a t m a tu rity . S cranton R y. gen. M . bonds
of 1910 m a tu re d N ov. 1 1920 a n d bore in t. a t 5% b u t were extended for
5 years a t 7 % . V. I l l , p . 1662. On N o v . 1 1925 th e y were p a id off.
V . 121, p. 2158.
F irst m ortgage of C arbondale T rac tio n has a sinking fund of $2,500 per
annum a fte r Ju ly 1 1895, b u t bonds can n o t be called. T h e bonds, originally
m a tu re d Ju ly 1 1922 b u t were extended for 20 years. V. 115, p . 74.
C arbondale R y. m tge. for 1910 is unconditionally g u a r., p. & i., by Scranton
R y. Subj. to call on a ny in t. d a te a t 105 and in t. V. 93, p. 1785. S cran­
ton & C arbondale 1st m tge. 6s originally m a tu re d J a n . 1 JQ23, b u t were
extended to J a n . 1 1938.
T h e 1st & ref. 5s of 1917 are callable since 1922 a t 102 K and in t. G u a r.,
p . & i., b y endorsem ent, by A m erican Elec. Pow er C o ., w hich h a s been
indem nified b y N a tio n a l P ublic Serv. C orp. a g ain st a n y loss or dam age
resu ltin g from its g u a ra n te e. $4,600,500 a re reserved for underlying
bonds an d $7,604,000 for im p ts. u n d e r c e rta in re stric tio n s. V. 104, p . 1703.
E A R N IN G S .— F o r calendar y ear:
Gross.
N et.
Interest.
D eprec'n.
Balance.
$643,178
$383,750
$118,788
$140,640
1925_____ .-$ 2 ,2 9 3 ,8 4 5
E arnings for y e ar ending D ec. 31 1923, gross, $2,439,796; n e t, a fte r taxes,
$624,674; in t., deprec., & c., $543,121; b a l., s u r., $81,553.
Latest Earnings.— F o r 12 m os. end. J u ly 31 1926: G ross, $2,192,135;
n e t, a fte r tax es, $576,554; in te re s t, $404,571; deprec., $111,573; balance,
$60,410.
O F F IC E R S .-—P r e s ., A . E . F itk in ; O per. V .-P ., J . J . C olem an; V .-P s.,
T . R . C rum ley, R . W . D avidson and H . D . Polhem us; T re a s ., W . E .
Shaw , J r.; Sec., S. R . Jones. O ffices, S cran to n , P a ., an d 165 B roadw ay .
N ew Y ork C ity .— V. 119, p . 1734; V. 121, p . 1103, 2158.

WILMINGTON & PHILADELPHIA TRACTION CO.
C ontrolled by th e A m erican E lec tric Pow er C o.
O R G A N IZ A T IO N .— Incorp. in D elaw are Ju n e 27 1910. Owns all stock
of Southern P en n . T rac . C o ., C hester & E d d y sto n e St. R y. O . and W ilm.
L t. & Pow . C o. On J u n e 1 1915 acquired control of People’s R y. of W ilming­
to n , D el. (stock, $1,500,000), a nd in O ct. 1915 purchased W ilm. Southern
T rac . C o. and W ilm. New C astle & D elaw aie C ity R y. and consolidated
them under nam e of la tte r. (S tock, $600,000.) Leases for 990 years from
Ju ly 1 1910 W ilm . C ity R y ., W ilm . & Edgem oor Elec. R y ., G ordon H eights
R y ., F ro n t & U nion St. R y. and W ilm . C ity Elec, and New C astle C o u n ty
F.lec. Co a t a m inim um a n n u a l re n ta l of $79,010 to a m axim um of $120,610
in 15 years.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C om prises s tre e t railw ay lines in W ilm ington, New C astle a nd D elaw are
C ity . D el., and C hester and M edia, P a ., and in te ru rb an lines connecting
these places w ith each o th e r and w ith P hiladelphia, a to ta l of 140 m iles of
tra c k ; 299 cars; also does electric lig h t a n d pow er business in W ilm ington,
N ew C astle, D elaw are C ity , N ew ark a n d v ic inity in D elaw are, th e so u th ­
eastern p a rt of D elaw are C o ., P a ., a n d E lk to n , C hesapeake C ity a nd
vicinity in M a ry la n d .
ST O C K A N D B O N D S—
D ate.
Interest. Outstanding. M aturity.
C om m on s to c k ____________________
...................$4,060,000 __________
Preferred s to c k ___________________
................
500,000 __________
W ilm & Phila T rac 1st m t g e \ _
_
F-A
4,441,000 ____________
& coll tru s t $25,000,000__ /E q u ita b le T r u s t C o ., New Y ork, tru ste e .
P eople’s Ry 1st M $3,000,0001 1915
5 g J -D
1,650,000 Ju n e 1 1965
gold ($1,000) g u a r______c * IIn t. a t F id elity T r u s t C o ., P h ila., tru stee.
Wilm So T rac 1st M g o ld / 1915
5 g A-O
173,000 O ct. 1 1965
$300,000 ($1,000) g u a r___ / I n t . a t W ilm ington (D el.) T ru st C o ., tru ste e .
W N C & D C 1st M $2,000,-1 1915
5 g J -J
N one J a n . 1 1 966
000 g ($1,000) g u a r .- c * t f / I n t . a t F airm . Sav. T r. C o ., P h ila., tru ste e
C hester & E d d y sto n e 1st M \ 1916
5 g M -S
53,000 S ept. 1 1946
gold $100,000 ($1,000) g u /I n t . a t P hila. T ru s t C o ., P h ila ., tru ste e .
Wilm L t & Pow er 1st m t g e \ ___
5 A-O
1.960.000 __________
$2,000,000 _______________/W ilm ington (D el.) T ru s t C o ., tru ste e .
Bonds.-—All 4 issues a re g u a r., p . & i., by W ilpi. & P h ila. T rac . C o. Re­
m aining P eople’s R y . a n d W ilm . So. T rac . bonds reserved for im p ts. a t
86% of cost.
People's R y. bonds are re d . on a n y in t. d a te a t 105.
$306,000 W ilm. N . C . & C . D . bonds are reserved for th e W ilm . So. T ra c .
bonds; rem ainder m ay be issued for exts. an d im p ts. a t 85% o f c ost. R ed
a t 102 on a ny in t. day
E A R N IN G S .— F o r cal. years, incl. S outhern P ennsylvania T rac tio n C o.:
Gross Earns.
N et Earns.
Chgs. A Tax.
Balance.
1924---------------------- $4,482,031
$1,795,402
$1,256,743
$539,659
1923...........
4,730.157
1,866.641
1,244.812
621.830
1922---------------------- 4,444.517
1,680.366
1,232,281
448.085
1921______
3,683.562
1,582,277
1,112.241
sur.470,036
1920______________ 3.212,369
829,945
854,037
def.24,092
Latest E arnings.— 8 m os. ended A ug. 31 1925, gross, $3,067,461; n e t,
$1,243,148; bal. a fte r charges a n d taxes. $371,739.
O F F IC E R S .— P res., V an H o rn E ly , P h ila.; V ice-Pres. & G en. M g r.,
T . W . W ilson, W ilm ington; Sec. & T rea s., F . J . P ry o r J r .; C o m p t., H . D .
A nderson; A u d ., C . E . Y ost, W ilm ington.— V . I l l , p . 897, 1185, 1371.
(1) W ILM ING TON & C H ESTER T R A C T IO N .
U nited Pow er & T ran s. C o. owns 39,995 o u t of 40,000 shares o f stock.
Lease.— P a r t of this c o .’s lines are leased to th e W ilm . & P h ila. T rac . Co.
and p a rt to the S outhern P en n a. T rac . T hose in D elaw are, viz., W ilm . C ity
R y ., G ordon H eights R y ., F ro n t & U nion S t. R y. and Wilm. & E dgem . E l.
R y. are leased to W ilm . & P h ila. T rac . (see above); those in P e n n a ., viz.,
C hester T rac . a nd its subsidiaries are leased to S o u th .P e n n .T ra c .(se e below ).
O R G A N IZ A T IO N .-—In co rp . M arch 1898. H as acquired all th e stock of
the W ilm. C ity R y . ($519,930), th e G ordon H eights R y. ($5l,5O 0), the
F ro n t & U nion St. R y. ($299,930) and th e C hester T rac . C o. ($500,000), all
of which are deposited under the coll, tru s t m tges of th e W ilm . & C hester
T rac . C o. Owns $50,000 stock of th e C hester & D elaw are S t. R y .; also owns
$150,000 d e b en tu re bonds of F ro n t & U nion S t. R y . and $45,000 1st m tge.
bonds of G ordon H eights R y. T h e C h este r T rac . C o. holds all th e stock of
th e U nion R y . C o ., $100,600; C hester & M edia stock, $35,000; C hester

103

PUBLIC UTILITIES

D a rb y & P h ila. sto ck , $65,000; to ta l, $200,000. T h e C h ester T ra c . p a y s as
re n ta l (besides ln t. on bonds) 6% on th e $100,000 stock of th e C hester &
M edia a n d on th e $100,000 sto ck o f th e C h ester D a rb y & P h ilad elp h ia.
S T O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
S t o c$2,000,000 ($50) full p a id L isted on P h ila. E x $2,000,000 D ec'12, 60c.
k
.
C o l l
t gold s $4,000,000) 1898
r u
t
6 g A-O
2,291.500 A pril 1 1933
($500 an d $1,000 e ac h )_ c * t/P ro v id e n t T ru s t C o ., P h ilad elp h ia, tru stee.
C o l l a t e r a lg o l d )t 1912 s 5
r u
t
536,625 A pril 1 1952
$5,500,000 g u a r________ t f / W ilm ington T r u s t C o ., W ilm ington, tru ste e .
Securities o f Subsidiary Lines—
W ilm ington C ity 1st m tg e) 1911
5 M -S
600,000 S ept. 1 1951
$600,000 ( $ l ,0 0 0 ) - .c * - n t f / l n t . a t E q . G u a r. & T r. C o ., W ilm ., tru ste e .
C h ester T ra c tio n 1st m tg e) 1894 5 g M -N
250,000 M ay 1 1944
gold $250,000________ c * tf /I n t. a t G u ar. T r. & Safe D ep. C o ., P h ila.
WUming & E d gem oor 1st M l 1906
5 g J -D
400,000 J u n e 1 1946
$400,000 ($1,000) g _ c * tf /I n t. a t R eal E s t. T itle In s . & T r ., P h ila ., tru s
_
Leased to Chester Traction—
U nion R y C o 1st m tg e g - . c t f 1913 5 g J -J
200,000 J a n . 1 1943
C h ester S t R y sto ck ^$50) _ _ t f ____ 10 J - J
150,000 re n ta l 10%
C h ester & M ed ia E l R y g o ld .tf 1913 5 g J - J
100,000 J u ly 1 1943
C h ester D a rb y & P h ila g o ld .tf 1913 5 g J - J
125,000 J u ly 1 1943
T h e W ilm ington & Edgem oor bonds a re g u a r, as to b o th principal a n d
In te re st b y th e W ilm ington C ity R y .
Interest on U nion R y ., C h ester S tree t R y ., C h ester & M edia pay ab le
a t D elaw are C o u n ty T ru s t C o ., C h ester, P a ., on C h ester D a rb y & P h ila.
R y . C o ., p ay ab le a t C o n tin e n tal-E q u itab le T itle & T ru st C o ., an d in te re st
upon all th e la tte r g u aran teed by C h ester T rac tio n C o.
Bonds.— $1,695,000 coll, tru s t 5s o f 1898 reserved to re tire u nderlying se­
curities an d g u ar, sto ck . T h ey m a tu re d originally in A pril 1918 an d bore
ln t. a t 5 % , b u t w ere extended for 5 years a t 6% and again for 10 years to
A p 1 1933 a t th e sam e ra te of in t. Are g u a r., p rin . & in t., b y th e W ilm . &
r .
P h ila. T ra c . C o. R ed . a t 101 a n d in t. on a n y in t. d a te . A re listed on P h ila.
Stock E xchange. V. 106, p . 1902. 2012; V. 116, p . 824, 1052: V. 118, p . 86.
O f th e coll, tru s t of 1912, $4,000,000 are reserved for like a m o u n t of coll,
tru s t o f 1898. W ilm in g to n C ity bonds a re su b jec t to call a t 105 an d in t.
V. 93, p . 667.
T h e C h este r T ra c tio n bon d s w ere extended in 1914 for 30 y e ars. V . 116,
p. 296, 824, 1052, 1533; V. 118, p . 86.
(8) W ILM ING TO N C IT Y ELECTRIC CO.
L ease. — W as leased on J u ly 1 1910 for 990 years to th e W ilm . & P h ila.
T rac . C o ., th e la tte r assum ing all in t. & fixed chgs. of W ilm . C ity E lec. C o.
O R G A N IZ A T IO N .— In co rp . in D elaw are in 1895. Franchise p e rp e tu a l.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
Does a n electric lig h t a n d pow er business in W ilm ington.
S T O C K A N D B O N D S—
Date.
Interest. Outstanding. M aturity.
S to c k _____________________________
_________
$255,000 ---------------F irst m tg e $1,000,000 gold) 1911
5 M -N
1,000,000 M ay 1 1951
($1,000) g u a r p & i ____c * tf /I n t. a t U . S. M tg e. & T r. C o ., N . Y ., tru ste e .
Bonds h av e been redeem able since M ay 1 1921. G u a ra n tee d , p rin . & in t.,
b y W ilm . & P h ila. T ra c .— V ..92, p . 1441; V. 94, p . 567.
(3) SO U T H E R N PE N N SY L V A N IA TR AC T IO N CO.
O R G A N IZ A T IO N .— In co rp . in P e n n a . in Ju n e 1910 w ith $10,000 stock,
all ow ned b y W ilm . & P h ila. T rac . C o. Leases for 990 years from J u ly 1
1910 C h ester T ra c . C o ., D elaw are C o u n ty & P h ila. E lec. R y . an d M edia
G len R id d le & R ock. E . S t. R y . C o. a t a m inim um a n n u al re n ta l of $71,990
to a m axim um of $106,990 in 15 y ears.— V. 98, p . 1073. 1158.
(a) DELAW ARE C O U N TY & PH IL A D EL PH IA ELECTRIC R Y .
In M ay th e U nited Pow er & T ra n sp o rta tio n Co. acquired th e ro a d ,
paying $166 66 p er sh are for th e sto ck in its 4% tru s t certificates secured
by a d eposit of sto ck .
Lease.— On J u ly 1 1910 leased for 990 y ears to S outhern P enn sy lv an ia
T rac tio n C o. a t a re n ta l o f $4J,000 p er an n u m .
O R G A N IZ A T IO N .— In c o rp . M a y 11 1892.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C om pleted fro m M ed ia, P a ., to B altim ore A ve., C lifton H eights, in J a n .
1895; connects w ith th e C h e s tn u t & W aln u t S t. cars of th e U nion T rac .
y stem . Owns 12 miles of tra c k . R ails, 80-lb. T a n d g irder.
ST O C K A N D B O N D S —
Date.
Interest. Outstanding. ‘ M aturity.
Stock $500,000 a u th o riz e d --------------------------$300,000
See te x t
First m ortgage $ 6 4 ,0 0 0 ._ n tf j 1913
5 J-J
64,000 J u ly 1 1943
l i n t . a t C o n t.-E q u it. T itle & T r. C o ., P h ila.
1st M . b o n d s m a tu re d Ju ly 1 1913, b u t w ere extended for 30 years a t 5 % .
D ividends.— P a id in dividends in 1899-1900, $36,000; in 1900-01, $27,000,
i.901 to 1908 in c l., $21,000 p er a n n .; in 1909 an d 1910, none; in 1911,
121,000; in 1912, J u ly , $15,000; none since.

PENNSYLVANIA GAS & ELECTRIC CORP.
O R G A N IZ A T IO N .— In co rp o rated in D elaw are in 1925 (form erly
C o n tin en tal Pow er & L ig h t C o .). Ow ns, directly or th ro u g h a subsidiary,
p ractically th e en tire com m on stocks (except d irecto rs’ shares) of the
P en n sy lv an ia G as & E lectric C o m p an y , M o n cto n T ram w ays, E lec tric ity
& G as C o ., L td ., Saugerties G as L ig h t C o ., A llegany G as C o ., Peoples L ig h t
C o. o f P itts to n , D em pseytow n G as C o ., an d 75% o f th e com m on stock
o f th e S o u th e a stern Ice U tilities.C o rp . V . 123, p . 1115; V. 121, p . 2753.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C om pany an d its subsidiaries serve, eith er a t wholesale or re ta il, a n aggre­
g ate p o p u latio n of a b o u t 460,000 w ith approx. 29,700 re ta il gas and electric
consum ers. T h e P en n sy lv an ia G as & E lec. C o. (see h ereunder) m anufac­
tu re s a n d fu rn ish es th e e n tire gas service in th e C ity of Y ork, P a ., an d adjoin­
ing boroughs o f W est Y ork a n d N o rth Y ork. Peoples L ig h t C o. of P ittsto n
m a n u fa c tu re s a n d d istrib u te s gas in P itts to n P a ., an d n e arb y com m unities.
T h e M o n cto n T ram w ay s, Elec. & G as C o ., L td ., furnishes th e en tire com ­
m ercial a n d dom estic electric lig h t an d pow er, gas and s tre e t railw ay service
in M o n cto n , N ew B runsw ick an d ad jo in in g te rrito ry . Saugerties G as L ig h t
C o. m an u factu res a n d d istrib u te s gas in th e c ity of Saugerties, N . Y ., and
a d ja c e n t te rrito ry . A llegany G as C o. supplies n a tu ra l gas e ither a t retail
o r w holesale th ro u g h o th e r d istrib u tin g com panies in A ddison, E lm ira and
C orning, N . Y ., an d C o u d ersp o rt, A ustin, P o rt Allegany, G aleton, W estfield, E lk la n d a n d o th e r com m unities in n o rth e rn P en n sy lv ania. D em psey­
tow n G as C o. furnishes n a tu ra l gas to v ario u s in d u strial a nd m a n u fa c tu rin g
e stab lish m en ts in Oil C ity , P a . V. 121, p . 2753. S o u theastern Ice U til­
ities C o rp . supplies m a n u fa c tu re d ice in W inston-Salem , S tatesville and
C h a rlo tte , N o . C a ro ., C h este r, So. C aro ., a n d in P o rtsm o u th a n d Suffolk,
V a. V . 122, p . 1763.
Outstanding.
la tu rity .
S T O C K A N D B O N D S — Date.
Interest.
Class A p a rtic . sto ck 175,000
93,240 shs See te x t
shares (no p a r ) ____________ _____
See te x t
Class B sto ck (no p a r ) ------------------------------ .150,000 shs .......... .. . . .
$ 1, 000,000 ..........................
7 % cum p re f____________________
7 Q -J
G old d e b e n t ser A ($ 1 ,0 0 0 ,/ 1926
6 g M -S
$2,400,000 M a r 1 1976
$500, $100 c* t f ) _________ ) I n t. a t E q u it. T r . C o ., N . Y ., tru s te e .
As of M arch 1 1926 th e re was o u tsta n d in g in th e h an ds of th e p u blic,
$278,300 of com m on stock, $1,200,000 of preferred stock an d $4,663,585
of fu n d ed d e b t of subsidiary an d affiliated com panies. V . 121, p . 2753.
Stock.— Class A participating stock has p rio rity over C lass B stock as to
assets ($35 p er share) and dividends. Is non-redeem able; divs. a re noncu m u lativ e. Is e n titled to divs. of $1 50 p er an n u m , p ayable q u a r. M arch,
&c. A fter divs. to th e ex ten t of $1 50 per y ear have been declared on
class B gtock in an y year, )4 of th e aggregate a m o u n t of a ny fu rth e r divi­
dends declared in such year on such stocks shall be paid to class A stock
as a class, a n d )4 to class B as a class. T h e num ber of class B shares
o u tsta n d in g a t any tim e m ay n o t exceed tw ice th e n u m ber of C lass A
shares th en o u tstan d in g . Listed on Chicago Stock E xchange. In D ec.
1925 A . O. A llyn & C o.. In c ., Pogue, W illard & C o ., an d G . E . B a rre tt &
C o., In c ., offered 75.000 class A shares a t $22 50 per share. V. 121, p . 2735.
7% cum . pref. stock is red. all or p a rt a t a n y tim e on 30 d a y s ’ notice a t
110 a n d d iv s. Is preferred as to assets and cum . divs. In A ug. 1926 A. O,
A llyn & C o ., In c ., offered $1,000,000 a t 95 a n d d iv s., to yield a b o u t 7.37% .
V. 123. p. 1115.
k Debentures.— T h e 6% g. debentures, series A , due larch 1 1976, are re d . all
o r p a rt, on 30 d a y s' notice a t 105 and in t. to and incl. F eb . 28 1975, and a t
100 a n d ln t. th e re a fte r. C orp. refunds a n y S ta te taxes n o t in excess of 5
m ills p er an n u m . In M arch 1926 A. C . Allyn & C o ., In c ., & c., &c.. offered
$2 ,100,000 series A a t 93 )4 and in t., to yield a b o u t 6.4 5 % . E ach d e b en tu re
w as accom panied by a w a rra n t to purchase 2 shares class A p a rtic . stock for
each $100 o f d e b en tu re s a t $23 p er sh are, th is privilege expiring M arch 1
1929. V . 122, p . 1763; V. 123. p . 983.




[V ol. 123.

D ividends.— In M arch 1926 an initial q u a r. div. of 37)4c. w as p aid on
class A stock w ith option of l-4 0 th of 1 share class A stock in ste ad of cash.
V . 122, p. 884. S im ilar d ividends w ere p aid J u n e a nd S ep t. 1926.
O F F IC E R S .— P re s ., R . P . Stevens; V. P ., H . A C larke: Sec., H . M .
B illingsley; T rea s . E . W . F ree m a n .— V . 121, p . 2403, 2753; V, 122, p ,
884. 1763; V. 123. p. 582. 983, 1115.
PE N N SY L V A N IA G A S & ELECTRIC CO.
A subsidiary of Pennsylvania Gas & Electric C o rp .
O R G A N IZ A T IO N .— C om pany Is th e direct successor, th ro u g h consolida­
tio n of th e Y ork G as C o., which was Incorp. in 1849 in P en n sy lv an ia, N am e
changed to p re sen t title in 1925. V. 121, p . 979.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C om pany furnishes d irectly th e entire gas service in th e C ity of Y o rk , P a .,
a n d th e adjoining boroughs of W est Y ork a nd N o rth Y ork, an d th ro u g h
its subsidiary, th e M oncton T ram w ays, E lec tric ity & G as C o ., L td .,
furnishes th e en tire electric lig h t a nd pow er, gas a nd stre e t railw ay se rv le t
in M oncton, N ew B runsw ick an d vicinity. P o p u latio n served over 90,000.
G as p la n t a t Y ork has a daily g enerating c apacity of 5,000,000 cu. ft.; 3
gasholders of to ta l c apacity of 1,000,000 cu. ft.; 77 miles gas m ains; 13,844
gas consum ers. T h e M oncton Tramways, Electricty & Gas Co., L td., p u r­
chases th e m a jo r p o rtion of th e electric energy requirem ents a t M oncton
thro u g h th e c ity a t its cost from N ew B runsw ick H y d ro -E ectrlc Pow er
C om m ission an d d istrib u te s It by m eans of approx. 30 m iles of pole lines;
w ith 139 m iles of wire, to m ore th a n 3,900 electric custom ers; distrib u te s
approx. 600,000,000 cu. ft. of n a tu ra l gas, th ro u g h 70 miles of m ains, to
over 4,500 gas custom ers.
ST O C K A N D B O N D S—
Date.
Interest. Outstanding.
Maturity.
C om m on ($100)_____________ _____
_________ $700,000
__________
7% cum . pref. ($100)______________
7 Q-J
1,200,000
__________
1st lien & ref. m . gold series
1925
5)4 g M -S1,350,000 S ept. 1 1955
A ($1,000-$500-$100c*_-tf/E quitable T ru s t C o. of N ew Y o rk , tru s te e .
15-j t . 6% s. f. gold d e b en t. 11925
6 g J-D
.1,000,000
D ec. 1 1940
($l,000-$500-$100c*)____t f / I n t . a t E q u itab le T ru s t C o., N . Y ., tru s te e .
_________ 1,369,500
___________
U nderlying bond issues (c lo s e d ) ____
C ap ital stock of sub.co. o u ts t’g ____
_________ 3,300
__________
Stock.— T h e 7% cum . pref. stock is preferred as to assets a n d dividend a
R ed. all or p a rt, on 30 d a y s’ notice, a t 107)4 an d div. In S ept. 1925
A . C . A llyn & C o., In c ., offered $700,000 a t 9 8 )4 an d d iv ., to yield 7.10%
V. 121, p . 1348.
Bonds.— T h e 1st lien A ref. mtge. gold bonds, series A , due Sept. 1 1955,
are secured b y a direct m ortgage on all th e fixed p ro p e rty of th e com pany,
su b ject only to $1,300,000 (closed) underlying bonds, w hich a re refundabla
u n d e r th e m ortgage securing th is bond issue, an d of w hich $1,170,000
are in th e h ands of th e public, a n d by p'edge of 11,183 shares (approx.
99.36% of entire stock) of M oncton T ram w ays, E lec tric ity & G as C o .,
L td . R ed. all or p a rt on 4 w eeks' notice, to a nd incl. Sept. 1 1931 a t 105)
incl. S ept. 1 1937 a t 104; incl. Sept. 1 1943 a t 103; incl. S ept. 1 1949 a t 102)
incl. Sept. 1 1954 a t L01; th e re a fte r a t 100; in each case w ith in te re s t.
In te re s t payable a t N ew Y ork, C hicago or P h ilad elp h ia. P rincipal a t
tru s te e ’s office in N . Y . C ity . P e n n . 4-mill ta x and a n y o th er S ta te tax
n o t exceeding 5 m ills per annum refundable. T h ere is an a n n u al sinking
fund, beginning Sept. 1 1927, of 1 % ou tsta n d in g series A bonds for th e
p u rc h a se or re d e m p tio n of b onds of th is series. V . 121, p . 1463; V . 123,
p . 983.
The 15-yr. 6% s. f . gold debentures, dated Dec. 1 1925 are re d . all or p a r t
on 30 d a y s’ notice to a nd incl. Ju n e 1 1935 a t 105 a nd in t., th is prem ium of
5% decreasing 1% on each D ec. 1 th e re a fte r, an d a t 100 a n d in t. on D ec.
1 1939 an d th ereafter. F ree of P en n . 4-mill ta x . S ta te taxes, & c., u p to
5-mills per an n u m refundable. T o a sinking fu n d on D ec. 1 1927 a n d o n
each D ec. 1 th e re a fte r to m a tu rity $35,000 is to be p a id , to be used for
purchase of these debentures a t or below redem ption price, otherw ise for
th e ir re tirem e n t b y lo t a t such price. All debentures so acquired are to b e
cancelled. In Ja n . 1926 A . O. Allyn & Co. a nd Frederick Peirce & Co.
offered $1,000,000 a t 95)4 a nd in t., to yield a b o u t 6 )4 % . V . 122, p . 214.
O F F IC E R S .— P re s ., G rier H ersh, Y o rk , P a .; V .-P s., O . I . C rip p en , H .
M . B illingsley a n d M ark [’endleton; T re a s ., H . O. Sakem iller; Sec., T . W M cD o n a ld .— V. 121, lp . 979, 1348, 1463; V. 122, p . 214; V. 123, p . 983,

PHILADELPHIA ELECTRIC CO. (THE).
O R G A N IZ A T IO N .— In c o rp o rate d in P en n sy lv an ia O ct. 27 1902. T h e
c o m pany’s p rin cip al su b sid ia ry is th e D elaw are C o u n ty E le c tric C o. V ,
73, p . 496, 680; V . 86, p . 977; V . 90, p . 1047; V . 99, p . 820; V . 105, p,
1425; V . 104, p . 261, 367; V . 105, p . 1807. M erger ru m o rs denied in M ay
1925, V . 121, p . 1103.
C o. ow ns all of th e com m on sto ck of P h ilad elp h ia E lec tric P ow er C o ., a
P ennsylvania C o rp ., w hich in tu rn ow ns th e e n tire c ap ita l sto ck of th e
S usquehanna Pow er C o ., a M ary lan d corp. T h e la tte r tw o com panies a re
jo in tly co n stru ctin g a large hydro-electric d e velopm ent on th e S usquehanna
R iv e r n e ar Conow ingo, M d . See V. 122, p . 1311.
C om m on stockholders of record M arch 20 1926 w ere given th e rig h t to
subscribe on or before A pril 15 1926 for 8% cum . n on-voting p re f. sto ck of
P hiladelphia E lectric Pow er C o. a t p a r ($25) on th e basis of a b o u t 14%
of th e ir holdings of com m on sto ck . S ubscriptions p a y ab le in in sta ll­
m e n ts. V . 122, p . 1611.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns or controls all electric lig h t p roperties in P h ilad elp h ia a n d C h este r,
a n d in all th e large tow ns in D elaw are C o u n ty . Serves a p o p u la tio n o f
over 2,000.000. H as long lease of co n d u it space from K eystone T elephone
C o. a t a g ra d u a te d re n ta l rising to $125,000 y e arly , w ith o ption of p u rc h a se
a t end of lease. V. 104, p . 2558; V. 100. p . 737. R ates, V . 102, p . 1254;
V. 106, p . 92, 612; V . 108, p . 586; V . 105, p . 1527, 2004; V . 106, p . 1683;
V. 116, p . 1541; Y . 122, p . 749. Owns 7 g enerating sta tio n s an d 28 sub­
statio n s in P h ilad elp h ia an d C hester, P a ., an d v ic in ity . C o n stru ctio n o f
hydro-electric d e velopm ent a t Conow ingo F alls, V . 119, p . 1180; V . 120,
p . 212, 1748; V . 120, p . 1882.
T h e P hila. E lec. C o. of N . J . (holding co.) w as dissolved in D ec. 1917;
its $24,987,750 sto ck , except $6,575, has been exchanged fo r s to ck of th e
P hila. E lec. C o. of P a ., each $25 sh are fo r a new $25 s h a re . V . 105, p .
1425. 1622; V . 103, p . 326, 1416; V . 104, p . 261, 367.
S T O C K A N D B O N D S .— Date.
Interest. O utstanding.
M aturity.
C om m on $85,000,000 (S25)_
Q-M
$80,274,025 S e p t ’26 2%
1s t m tge sk fd $60,000,000
5% b o n d s________________ 1916 l g A-O
26,663,300 O ct 1 1966
4% b o n d s________________ 1916 4 g A-O
1,671,700 O ct 1 1966
($100 &c) g o ld ----- c*& r*tf I n t. a t L a n d T itle & T r u s t C o ., P h ila ., tr u s t.
1st lien & re f M 6s d ue 1941 - - 1921
6 g J-D
12.033,800 D ec 1 1941
5 )4s due 1947____________
1922
5)4 g J-D
7,283,700 Ju n e 1 1947
6J4s due 1953____________
1923
5)4 g M -N 9,811,800 N o v 1 1953
6s due 1960 ($500 & $1,000) - 1925 5 g J - J
12,500,000 J a n 1 1 9 6 0
($100 &c) gold _____c * tf )I n t. a t G ira rd T r u s t C o ., P h ila ., tru s te e .
Stock.— On Sept. 15 1925 th e en tire o u tsta n d in g p re fe rred sto ck w as
redeem ed a t $28 p e r sh are, or converted in to com m on sto ck . V . 120, p .
2551; V. 121, p 460. C om m on Is listed on P h ila. Stock E xchange. C om ­
m on stockholders of record N o v . 17 1925 w ere given th e rig h t to subscribe
u n til D ec. 15 to 585.360 a d ditional shares of com m on stock to th e e x te n t
of 2 2)4% of th e ir holdings. S ubscriptions w ere p a y ab le in full cash or
2 installm en ts. V. 121, p. 2157; V. 122, p . 612.
Bonds.— T he 1st M . bonds of 1916 (see V . 104, p . 565) w ere to cover
the en tire p ro p e rty (and all a fter-acq u ired p ro p e rty except stocks a n d
securities) th e n em bracing all th e public electric lig h t a n d pow er p la n ts in
P hiladelphia. In D ec. 1925 $21,665,000 wer8 pledged w ith tru s te e u nder
1st lien & ref. m tg e. V. 106, p . 2762; V. 108, p . 586.
R eserved bonds can only be issued for 8 5 % of th e cash cost an d fa ir
of acquisitions, p e rm a n e n t ad d itio n s, extensions, & c., an d th e n only w hen
th e n e t earnings a re 1% tim es the In te re st charges on all bonds Issued a nd
to be issued. Sinking fu n d of $212,000 yearly plus a c c u m u la tio n s. $921,700 5s a nd $38,400 4s in sinking fu n d n o t incl. in a m o u n t o u tsta n d in g . Are
call, a t 110 fo r th e 5 % bonds an d a t 105 fo r th e 4% b onds. A re free from
P ennsylvania S ta te ta x .
1st lien & ref. m tge. bonds in a d d ition to being secured b y a gen. M . on e n tire
p ro p e rty , are secured by $21,665,000 P h ila. E lec. C o. 1st M . sinking fu n d
5s, d ue 1966, a n d $15,000,006 1st M . dem and bonds a nd all of th e c ap ita l
sto ck (excepting d ire c to rs’ shares) of th e D elaw are C o u n ty E lec. C o. Sink­
ing fu n d 1 % p e r an n u m of to ta l a m o u n t of bonds o u tsta n d in g . F ree from
P en n sy lv an ia S ta te ta x . V. 113, p. 2411.
T h e 1st lien & ref. m tg e . 6% bonds due 1941 a re c a ll., all o r p a r t, from
D ec. 1 1926 to 1931 a t 107)4; du rin g succeeding 5 years a t 105; a n d th e re ­
a fte r a t a p re m . of 1% fo r each y ear of unexpired life.
T h e 5 )4 % bonds due 1947 a re n o t c a ll., except for sinking fu n d a t 107 ) 4 ,
u n til J u n e 1 1927. C all, th e re a fte r a t 107)4 to a n d incl. Ju n e 1932, ancL
th e re a fte r a t a p re m . of )4 % fo r each y e ar o r p a r t th e re o f o f unexpired life..

Oct., 1926.]

POWER, LIGHT AND RAILWAY

T h e 5)4 % bon d s due 1953 a re call., all o r p a r t, a t a p re m . o f 714% on or
before N o v . 1 1927; th e re a fte r a t a p re m . of 7% on o r before N o v . 1 1931;
th e re a fte r a t a p re m . o f 6)4 % on o r before N o v . 1 1935; th e re a fte r a t a p rem .
• f 6% on o r before N o v . 1 1939; th e re a fte r a t a prem . o f 5 l % on o r before
A
N o v . 1 1943; a t a p rem . of 5% on M a y 1 >1944; said p re m . to be red u ced by
Vi o f 1% com m encing N o v . 1 1944, w ith a like a d d itio n al red u c tio n com ­
m encing on N o v . 1 of each y e ar th e re a fte r u n til m a tu rity .
T h e 5% bonds d u e 1960 are re d . all or in p a r t on a n y in t. d a te on 30 d a y s’
notice a n d for th e sinking fu n d on J a n . 1 of any y e ar, in b o th cases a t a
prem iu m o f 5% on or before J a n . 1 1947; said p rem ium to be red u ced by
Vi o f 1% com m encing Ju ly 1 1947, w ith a like a d d 'l red u c tio n com m encing
Ju ly 1 o f each y ear to & incl. Ju ly 1 1956, on w hich d a te a n d su b seq u en t in t.
d a te s to m a tu rity th e bonds shall be callable a t p a r in each case w ith accrued
in t. In D ec. 1924 D rexel & C o ., B row n B ros. & C o. an d H a rris, Forbes
& C o. sold $12,500,000 5s d u e 1960 a t 99)4 & in t., to yield a b o u t 5.03% .
V. 119, p . 2879. L isted on P h ila. Stock E xchange in Sept. 1925. V . 121,
p. 1228.
D ividends— f ’0 2 -0 7 . '08. ’09-’12. ’13. ’14-21. '22. ’23. ’24. ’25. S e p t’26
On am ts.p d .in -! 5 y rly . 5 Vi 6 y rly . 6 H 7 y rly . 7M 8
8 8
8
Also e x tra , p d .
i n s t o c k ___ t ____
$1 $1.50 $1.50 ____
-- -50c.
P a id in 1925, 8 % . In 1926 reg u lar q u a rte rly divs. o f 2% an d a n e x tra
d iv . o f 2% in Sept. V. 123, p . 844.
In itia l d iv id en d on new preferred o f 45c. a sh are w as p a id D ec. 15 1920;
M arch 15 1921 to M arch 15 1925, p a id 2% q u a rte rly .
E A R N IN G S .— F o r calen d ar years (earnings of sy stem ):
Gross Revenue N et A fter
Fixed
(A ll Sources). Taxes.
Charges.
D ividends.
Surplus.
1925_______ $33,526,985 $13,004,082 $5 687,211 $5,203,756 $2,113,115
1924_______ 30,296,117 11,083,627
4,533,152 4,802,770
1,747,705
1923_______ 28,022,013 10,409,484
4,188,283 3,980,878
2,240,323
1922_______ 23,807,746
8,330,350
3,533.801 3,468,823
1,327,726
1921_______ 21,573,189
7,390,970
3,587,311 2,826,082
977,577
O F F IC E R S .— C h airm an , __________ ; P re s ., W . H . Jo h n so n , V .-P s.,
A rth u r B . H u ey , C has. J . R ussell, W m . C . L . E glin, W . E . L ong a nd
H orace T . Liversidge; Sec. & A sst. T re a s ., A . V. R . Coe; T rea s., H . C .
L ucas. O ffice, 1000 C h e stn u t S t., P h ilad e lp h ia , P a .— V. 120, p . 88, 212,
1587, 1748, 1882, 2 5 5 1 ,3 1 8 8 , 3315; V. 121, p . 460, 1103, 1228, 1909, 2157,
2521; V. 122, p . 612, 749, 884, 1311, 1 6 1 1 ,2193, 2497; V. 123. p . 844, 1115.

103

F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e com panies m erged in to P h ilad elp h ia S u burban C ounties G as & E lec tric
C o. p ro v id e gas a n d e le c tric ity in B ucks, M on tg o m ery , C hester a n d
D elaw are c o u n tie s, P a . I t w as in te n d e d to red u ce th e sources o f gas
su p p ly to tw o an d in te rc o n n e ct th e m . T h e electric generating s ta tio n s
w ere to be in te rc o n n e cte d , th e gas a n d electric d istrib u tio n system s to b e
co-ordinated th ro u g h o u t th e te rrito ry , an d th e com m ercial offices to be
consolidated in com m unities served by m ore th a n one of th e com panies.
C apitalization Upon Completion of P lan.
To be
Redeemable
Authorized—
Outstanding.
at -as
________
C om m on, 400,000 shs. (no p a r ) ________________ 383,264 shs. ”
$8 p re f., 10,800 shs. (no p a r ) __________________ 10,800 shs. $120 & d iv s,
$7 p re f., 100,000 shs. (no p a r ) _________________ 69,371 shs. $105 & d iv s.
$6 50 p re f., 60.000 shs. (no p a r ) ________________ 10,000 shs. $110 & d iv s,
$6 p re f., 79,200 shs. (no p a r ) __________________
________ $110 & divs.
Stock.— T h e pref. stocks a re e n title d to a preference of $100 a n d diva,
in case of dissolution.
Exchange o f Stocks.— U n d er th e te rm s of exchange in th e m erger, th e
follow ing exchanges a re to be offered:
Phila. Sub. Cos.
Gas A Elec. Co.
Holders o f—
Shares.
C ounties G as & E lectric Co. com m on (1 s h .) _____________ 1 sh . com m on
C ounties G as & E lec. C o. 8% pref. ($50) (2 s h s .)_________ 1 sh . $8 pref.
C ounties G as & E lec. C o. 6 )4 % pref. ($50) (2 s h s .)_______1 sh . $6 50 p ref,
P h ila. Sub. G as & Elec. C o. $7 p re f. (1 s h .) _____________ 1 sh. $7 pref.
F o r fu rth e r details see V . 123, p . 582, u n d e r heading “ P hiladelphia
S u b u rb an G as & E lectric C o .”

PHILADELPHIA SUBURBAN GAS & ELECTRIC CO.

Control.— All of th e a u th o riz e d an d o u ts ta n d in g com m on sh ares are
ow ned b y T h e A m erican G as C o ., w hich in tu r n is ow ned b y th e U nited
G as Im p ro v e m e n t C o.
w
Stock Increase.— On J u n e 30 1926 th e a u th o riz e d no p a r c a p ita l sto ck
w as in c re a se d from 62,735 shs. of com . a n d 75,000 sh s. o f p re f. sto ck to
100,000 shs. of com . a n d 350,000 sh s. o f p re f. sto c k . Y. 123, p . 582.
O R G A N IZ A T IO N .— O rganized J u ly 3 1923 in P e n n a . as a consolidation
2 14° .
_
of a co. of th e sam e n am e a n d o th e r o p e ra tin g cos. In J u ly 1926 sto ck ­
holders of th e com panies concerned a p p ro v e d a m erger of th is co. an d The
PHILADELPHIA ELECTRIC POWER CO.
C ounties G as & E lec tric C o. See “ P h ilad e lp h ia S u b u rb an C ounties Gas
& E le c tric C o .” a b o v e. V. 122, p . 884.
Philadelphia Electric Co. ow ns th e en tire com m on sto ck .
O R G A N IZ A T IO N .— In c o rp . in P en n sy lv an ia in 1926. Owns th e e ntire
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .__
cap ital sto ck o f The Susquehanna Power Co., a M ary lan d co rporation.
Owns an d operates electric a n d gas pro p erties serving te rrito ry a d ja ce n t
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— to P h ilad elp h ia, including over 40 com m unities w ith a popu latio n estim ated
Co. a n d its su b sid ia ry , th e Susq u eh an n a Pow er Co. (see V. 122, p . 2498, a t 500,000.
under th e n am e o f th is la tte r co. F o r d etailed d escrip tio n of th e develop­
C o. owns electric generating statio n s of 33.000 k ilow atts. Also purchases
m e n t, see Y . 123, p . 207), a re co n stru ctin g a h y d ro -electric pow er p la n t on pow er u n d e r a c o n tra c t from P hiladelphia E lectric C o. Seven gas p lan ts,
th e Susquehanna R iver n e ar C onow ingo. T h e in itia l c a p a c ity w ill be to ta l d aily c ap acity of 18,000,000 c u . ft. Sm all steam heating p la n t in
350,000 h .p ., u ltim a te a p p ro x im a te ly 500,000 h .p . T h e reservoir of W est C h ester. C o .’s high-tension electric transm ission lines are over 200
a b o u t 8,100 acres, w ill h av e a le n g th o f 13 miles a n d m axim um d e p th m iles in le ngth, an d w ith its distrib u tio n system supplies 32,440 custom ers.
of over 100 f t . T h e y w ill also b u ild th e necessary tran sm ission lines 700 miles of m ain s. 59,000 gas custom ers.
to deliver pow er to th e system of th e P h ilad elp h ia E lectric Co. W hen
S T O C K A N D B O N D S—
D ate.
Interest. Outstanding. M aturity.
com pleted, th e d am , pow er p la n t, transm ission lines, &c., will be leased in
om 100,000 shs (no p a r )
_________ x62,735 s h s ______ __
p a r t directly to th e P hiladelphia E lectric C o. and in p a r t to its subsidiary, C ref $7 cum 350,000 shs (no _________
P
p a r ) -----$7 Q -F
69,085 sh sF e b ’26,$1.75
The Susquehanna Electric Co., a M ary lan d co rp o ratio n . T his la tte r c o .’s
1st & re f m tge (closed) ($500/ 1910 5 g F-A
$7,233,000 F e b 1 I960
re n ta l obligations are to be unconditionally gu aran teed by th e Philadelphia
& $1,000) g o ld --------------c * \I n t. a t G ira rd T ru s t C o ., P h ila ., tru ste e .
E lectric C o. B oth leases will be for th e 50-year term of th e Federal license
844,500 D ec 1 1969
an d a n y renew als or extensions thereof. U nder these leases th e Philadel­ G en m tge $50,000,000 ($500/ 1919 6 g J -D
& $1,000) gold-------------- c * \I n t. a t F id e lity T ru s t C o ., P h ila ., tru ste e .
p h ia E lectric Co. will be responsible for th e p ay m en t o f all operating and
1923 6 g J-D
6,155,500 D ec 1 1 9 4 8
m ain ten an ce expenses, tax es a n d re tirem e n t reserves o f th e m ortgaged 1st & consol M 6% ser d u e ’4 3 /
5 )4 % Ser due 1955----------- ]
1925 5)4 g F-A
2,100,000 F eb 1 1 955
p ro p e rty (see bond description h e re u n d er), an d of n e t a n n u al re n ta ls equal
& $1,000)
k. of o A m
to 7% o f th e cost of th e p ro p e rty , su b ject to revision b y th e public a u th o ri­ P h ($500 u burban Gg o ld -.c * tf /(B1901 N 5 .M -S . & T r . C o ., P h ila .,r tru ste e .
ila S
as 1st M
68,000 M a 1 1931
ties h av in g ju risd ictio n .
($1,000)--------------------------c \ I n t . a t R eal E s ta te T r . C o ., P h ila ., tru ste e ,
Franchises.— T h e F ed eral license ru n s for a 50-year te rm .
S u b u rb an G as Co of P h ila 1 s t/ 1902
5 g A-O
1,452,000 A pril 1 1952
ST O C K A N D B O N D S— Date.
Interest. O utstanding. M aturity.
con
* \I
s
_________ $2,500,000 ____________ Je n k insMw ($1,000)Cgho ld - .,_acm / n t. a t R eal E s t. T r . C o ., P h ila .,Otru 1 te e .
C om m on (par $25)__________ _____
to n &
elten h
1903 5 A-O
373,000
ct 1933
8% c u m p re f ($25)_________________
_________ 12,670,000 __________
G as Co 1st re f ($1,000)— c \ I n t . a t R eal E s ta te T r . C o ., P h ila ., tru s te e
1st m tg e gold $60,000,000___ F id elity T ru st C o., P h ilad elp hia, tru ste e .
H u n t V alley L t & P r 1st M / -----5 g J-D
245,500 J u n e 1 1947
5)4 series due 1972 $ 3 8 ,-/ 1926
5)4 g F-A 36,000,000 Feb 1 1972
($500-& $1,000) gold------- c \ I n t . a t P h ila. T ru s t, Safe D eposit & In su r.
000,000 ($1000, $500 c * r)tf (G u a ra n te ed p . & i. by S usquehanna Pow . Co.
f C o ., P h ilad e lp h ia , tru ste e .
Stock.— F o r su b scrip tio n rig h ts 8% cum . p ref. sto ck given to com m on
u n ty u Service/
5 g J-D
241,500
e
1941
stockholders P h ilad elp h ia E lectric C o ., see th is la tte r co. above. F or C hesterMC o($500 P &b $1,000)l i n1911a t C hester C o u n ty T ru s t J u no ., 1 W est
1st
t,
C
In stallm en t p a y m e n t of th e 8% cum . p ref. sto ck , see V. 123, p . 844, 1115.
g o ld ___________________ c * ( C h este r, P a ., tru s te e .
Bonds.— T h e 1st mortgage gold bonds are d irect obligations of P hiladelphia
1899 5 A-O
150,000 O ct 1 1920
E lectric Pow er C o., unconditionally g u aran teed (p. & i.) b y endorsem ent by C onsol Schuylkill G as 1st M /
( $ 1 ,0 0 0 )....................... ...... c * \I n t. a t R eal E s t. T ru s t C o ., P h ila ., tru ste e
th e Susquehanna Pow er C o ., an d are secured by th e ir jo in t 1st m tge. on
x All ow ned b y T he A m erican G as C o.
th e d am , pow er p la n t an d transm ission lines of th e Conow ingo hydro-elec­
Stock.— P re f. is callable all or in p a r t a t 105 a n d divs.
tric developm ent, an d on all p ro p e rty of b o th com panies, incl. after-acquired
Bonds.— 1st A Ref. M tge. 5s a re call, a t 105 & in t. on a n y in t. d a te on 60
p ro p e rty , and also th e leases m entioned under “ Field o f O p erations” above.
d a y s ’ no tice. G u a r. p rin . an d in t. b y endorsem ent by T h e A m erican G as Co.
D u rin g co n stru ctio n of th e d ev elopm ent, th e proceeds o f th e bonds (and
Gen. M tge. 6s a re call, all or in p a r t on a n y in t. d a te on 30 d a y s ’ notice
stocks, to g eth er w ith th e stock subscription agreem ent o f th e P h ila. E lec.
a n in t. b y endorsem ent b
erican G
C o.) are to be deposited w ith tru ste e , th e fu n d s to be w ith d raw n as th e w ork a t 105 & in t.re G u a r. p rin . sec d rity for th e 1st consol, y A m . bonds. as C o.
u
m tg e
progresses. I n ad d itio n to th e $38,000,000 5 )4 % series due 1972 bonds, $5,517,500 a pledged as
1st & Consol. M tge. bonds a re g u a r, as to p rin . a n d in t. b y endorsem ent
ad d itio n al bonds (up to a to ta l a m o u n t o f all 1st m tge. bonds o f $60,000,000)
m ay be issued in series of such tenor as directors fro m tim e to tim e m ay b y A m erican G as C o. a n d are a d d itio n a lly secured b y pledge of $5,517,500
determ in e, for 75% of p erm an en t a d d itio n s to be leased to P h ila. E lec. Co. gen. m tg e . 6s. P e n n . 4-m ills ta x , C onn. 4-m ills ta x , th e M ary la n d 4 )4 an M
x n
or S usquehanna E l. C o ., provided to ta l n e t re n ta ls u n d e r all leases (incl. m ills ta xfromd th eass, incom e ntaed . o t exceeding 6% per a n n u m on incom e
bonds refu d
leases on additions) pledged under th e m tg e ., so long as an y 5 )4 % series derived
6% Ser. due 1943 a re re d . all or in p a rt on a n y in t. d a te on 30 d a y s' n otice
due 1972 bonds are o u tsta n d in g , are a t an a n n u al ra te o f n o t less th a n 7%
p er an n u m on th e a ctu al in v estm en t, unless G overnm ental a u th o ritie s a t a p rem ium of 7 )4% on or before J u n e 1 1929, an d prem ium to be reduced
require changes in th e ra te of basis of calculation o f such re n ta ls. M a y b y )4 of 1% com m encing D ec. 1 1929, w ith a like a d d itio n a l red u c tio n com ­
also be issued for refunding o u tsta n d in g 1st m tge. bonds, p a r for p a r, n o t m encing D ec. 1 or each y e ar th e re a fte r u n til m a tu rity . In D ec. 1923
$3,650,000 w
sold b D rexel & C o. an
ud
o ., In
including, so long as an y 5)4 % series due 1972 are o u tsta n d in g , a n y bonds p h ia , a t 96)4 ere in t., toy yield over 6 .3 0 % .d S tro117, & . C2551. c ., P hilad el­
&
V.
p
retired b y th e sinking fu n d provided for such series; also to provide m oney
5 )4 % Ser. due 1955 a re re d . all or in p a rt on an y in t. d a te on 30 d a y s ’
to be deposited w ith tru ste e for a n y of th e foregoing purposes.
So long as an y 5)4 % series due 1972 bonds are o u tsta n d in g , no bonds of notice a t a prem ium of 6% on or before A ug. 1 1943, said prem ium to be
a n y oth er series m ay be issued unless th e y m a tu re a fte r F eb . 1 1972, or a reduced b y )4 of 1% com m encing F e b . 1 1944, w ith a like a d d itio n a l r e ­
sem i-annual sinking fu n d sufficient to re tire all su ch bonds a t or before ductio n com m encing on F eb . 1 of each y ear th e re a fte r to m a tu rity , in e a c h
case w ith accrued in t. $2,100,000 w ere sold in F e b . 1925 b y D rexel & C o.,
m a tu rity is p ro vided.
M odification of th e provision of th e m ortgage m ay be m ade w ith th e B ioren & C o. an d S troud & C o ., In c ., a t 98 & in t., yielding a b o u t 5.64%
w ritten consent o f tru ste e a n d o f holders o f 85% of o u tsta n d in g bonds, V . 120, p. 958.
Suburban Gas Co. o f Phila. 1st consol. M . 5s h av e an n u al sinking fu n d of
provided th a t no such change shall, w ith o u t th e holders’ consent, a lte r the
a m o u n t, tim e , place or m edium o f p a y m e n t o f prin cip al or in te re st, re ­ 1% of bonds issued. A re call, a t 108 & in t.
H
d em p tio n prices or d ates of a n y o u tsta n d in g bonds, or, so long as any fu n duntingdon Valley L t. & P r . 1st M . 5s a re call, a t 105 & in t., or for sinking
a t 102 & in t.
bonds o f 5 Vi % series due 1972 are o u tsta n d in g , reduce th e a m o u n t o f th e
Chester Co. Pub. Serv. ls£ M . 5s a re call, all or in p a r t on a n y in t. d a te ob
sinking fu n d p ay m en ts established in resp ect o f a n y series.
w eeks’ notice a t 105
M tg e provides for
d
A sinking fu n d is to retire by m a tu rity all of th e $38,000,000 bonds of th e 4 Consolidated Schuylkill & in t. M tge. . 5s a re callablesinking fu nin .
Gas 1st
a t 105 & t.
5)4 % series due 1972. I t com m ences F eb . 1 1930 a n d sem i-annually th e re ­
D ividends.— $7 p er a n n u m being p a id regularly^on p referred.
a fte r re tirem e n ts are to be m ade a t a g rad u ated ra te increasing in sub­
E A R N IN G S .— F o r c a le n d a r y ears:
s ta n tia l p ro p o rtio n to th e in te re st charges on th e re tired bonds. C o. m ay
1925.
1924.
1923.
te n d e r bonds o f th is series a t n o t exceeding th e red em p tio n pr-ce. A ny
$5,250,500 $4,978,682
G ross earn in g s---------------------------------- $5,693,027
cash p a y m e n ts a re to be used to call b y lo t bonds of th is series a t th e r e ­
N e t a fte r m ain ten an ce & ta x e s______ 2,337,790
2,079,424 1,867,324
d em p tio n price.
947,349
730,920
5)4 % Series due 1972 are re d . on a n y in terest d a te , whole or p a rt, a n d for Fixed charges---------------------------------- 1,041,420
sinking fu n d on 30 d a y s’ notice, a t 106 on or before F e b . 1 1941; a t 105)4
B alan ce--------------------------------------- $1,296,370
$1,132,075 $1,136,404
on or before F eb . 1 1951; a t 105 on or before F eb . 1 1961; an d a t H % less,
O F F IC E R S .— P re s ., M . W . S tro u d ; V .-P ., 8 . P . C u rtis; Sec. & A s s t .
com m encing A ug. 1 1961, w ith a like a d d itio n al red u ctio n com m encing
B .
T o w n s e n d
A ug. 1 o f each y ear th ereafter, th e bonds to be callable a t p a r on an d after T re a s ., Jo h n s H opkins; T rea s. & A sst. Sec., J o s .
A ug. 1 1970; in each case w ith Interest. P e n n , or C onn. 4-mill, M ary lan d V . 120, p . 958; V . 122, p . 884, 2193, 2652.
4 H -m ill or M ass. 3 3-10-mill taxes refu n d ed . To be listed on N ew Y ork,
P h ila. a n d B altim o re Stock E xchanges. In M arch 1926 D rexel & C o.,
STANDARD POWER & LIGHT CORP. (Del.)
P h ila ., an d B row n B ros. & C o. and H arris, Forbes & C o ., New Y ork,
Control.— In J a n . 1926 H . M . B yllesby & C o .’s In te re st in th is co. w a s
offered $36,000,000 5J^ % series due 1972 a t 100 an d in t. V. 122, p . 1311.
O F F IC E R S .— P re s id e n t, W . H . Jo h n so n .— V. 122, p . 1311, 1611; tra n sfe rre d to Standard Gas A Electric Co., which co. th e re a fte r controlled
jo in tly w ith Ladenburg, T halm ann A Co. th e S ta n d a rd Pow er & L ight
— V. 123, p . 207, 844.
_
C orp. (D e l.). V. 122, p . 613. In A pril 1926 S ta n d a rd G as & E lectric C o.
vo
of
n
C
PHILA. SUBURBAN COUNTIES GAS & ELECTRIC CO. h a d acquired 80%ta n d atin g Gco n tro lE lec.S ta o.d aprd nPow er & L ig het m o. V.
122, p . 2043. S
rd
as &
C
la n e d to sell th
inority
Control.— T o b e co n tro lled b y U n ited G as Im p ro v em en t C o.
shares of sto ck , to be acquired b y exchange of securities of U n ite d R ys,
O R G A N IZ A T IO N .— Form ed in 1926 as a consolidation o f C ounties Gas In v e s tm e n t C o., P ittsb u rg h U tilities C o rp ., C alifornia R y . & Pow er Co.
& E lectric C o. (affiliated w ith T h e U n ited Gas Im p t. C o.) a nd P hila. a n d P hiladelphia C o., to S ta n d a rd Pow er & L ig h t C o., w hich la tte r co.
S u b u rb an G as & E lectric C o. (owned b y A m erican G as C o ., w hich is in w as to issue its notes, pref. stock an d p a rtic . p re f. stock to S ta n d a rd G as &
tu rn owned b y U n ited G as Im p t. C o .), to g eth er with th e following sm aller E lec. C o. S ta n d a rd Pow er & L ig h t C o rp ., upon com pletion of th is p lan,
cos.: B ry n A th y n G as C o ., B ry n A th y n E lectric C o ., B ry n A th y n H e at will have o u tsta n d in g 170,000 shares $7 cum . pref. stock, 3,300,000 share*
& Fuel C o ., Spring C ity E lec tric C o ., W arm in ster Tow nship G as C o., p a rtic . pref. stock, and 440,000 com . shares. S ta n d a rd G as & Electriq
W arm in ster Tow nship H e at & Fuel C o ., S outh C o v en try Tow nship E lectric is to ow n all notes of S ta n d a rd Pow er & L ig h t C orp. to be issued in con­
C o ., R oyersford E lectric C o ., N ew tow n S q u are Gas C o ., N ew tow n Square nection w ith th is p la n , as well as 70,000 pref. shares a nd all th e p a rtic .
H e a t & Fuel C o ., N ew H ope E lectric C o ., L an g h o rn e E lectric L ig h t & p re f. shares. T h e p a rtic . p re f. stock will be fu ll voting shares, electing
Pow er C o ., B ucks C o u n ty P u b lic Service C o ., B ucks C o u n ty G as & Fuel 80% of th e d irectors of S ta n d a rd Pow er & L ig h t C orp. See V. 122, p . 2044.
C o., T h e D oylestow n G as C o. a n d B ucks C o u n ty S o u th ern Gas C o. Co­
Change o f Stock.— On M ay 4 1926 stock h o ld ers increased th e au th o rized
o rd in atio n of th e facilities o f a ll th e ab ove-m entioned p ro perties is con­ c ap ita l sto ck from 1,330,000 no p a r sh ares (500,000 shs. p re f. 800,000
te m p la te d . See V . 123, p .\5 8 2 , u n d e r h eading “ P h ilad elp h ia S u b u rb an class A com . a n d 3 0 ,0 0 0 sh s. class B com .) to 4,600,000 no p a r shs. (500,000
G as & E lec tric C o .”
p re f., 3,300,000 p a rtic . p re f. a n d 800,000 com . s h s.). T h e p re f. sto ck to




8 d .—

104

PUBLIC UTILITIES

be p re fe rred over all o th e r sto ck s as to cu m u lativ e q u a rte rly divs. a t th e i
ra te o f $7 p e r a n n u m a n d a ss e ts ($100 & d iv s.): th e p a rtic . pref. to be p re ­
fe rred over th e com . as to cum . q u a r. d iv s. a t th e ra te o f $1 p . a . a nd as to
assets ($20 a n d divs.}, b u t to share eq u ally w ith com m on stock as classes
in an y fu rth e r dividends or rem aining assets afte r p a rtic ip . pref. and
com m on each have received q u a rt, divs. a t th e rate of $1 per a n n u m and in
case of liq u id atio n $20 & divs, per sh are. P articip . p ref. to be non-redeem able com m on and p articip . p ref. to hav e each 1 v ote p ro v id e d , how ever
t h a t th e m a jo rity of th e o u tsta n d in g com m on stock is to have th e power
to elect l-5 th of th e num ber of d irecto rs a n a th e m a jo rity of ou tsta n d in g
p a rtic ip . p re f. th e rem aining 4 -5 th . See V. 122, p . 2331, 2653. Stock­
ho ld ers also a p p ro v ed issuance of a p p ro x . $8,900,000 o f n o tes (w ith a n a u ­
th o riza tio n of a d d itio n a l no tes w hich m a y b e issued la te r for re fu n d in g of
th e $10,000,000 b o n d Issue of P ittb su rg h U tilities C orp.)
O R G A N IZ A T IO N .— O rganized in 1925 and in c o rp o ra te d in D elaw are
on J u n e 20 1925, as successor, by exchange of sto ck s, to a com pany of the
sa m e nam e in corp. in M ary lan d O ct. 29 1924. In Ju ly 1925 th e co. acquired
a m a jo rity o f th e v o tin g sh ares of P ittsb u rg h U tilities C o rp ., w hich con­
tro ls th e u tilities supp ly in g all th e electric pow er a n d gas and s tre e t railw ay
tra n s p o rta tio n to P ittsb u rg h an d surro u n d in g s. C o n tro ls app ro x . 40%
sto ck in te re st in M a rk e t S tree t R y . sy stem in San F rancisco. See V ,
121, p . 2402. “ M a rk e t S tree t R y .”
C H A R A C T E R O F BU STN ESS.— O rganized to co n d u ct a public u tlity
business, incl. th e acquisition and o p eratio n , directly or th rough subsids.,
of public u tility p roperties th e supervision of th e m an ag em ent, develop­
m en t, o peration and engineering of such p roperties, and th e purchase fo
th e controlling and o th er in terests in public u tility com panies.
STOCK A N D B O N D S— Date.
Interest. O utstanding. M aturity.
(As O utstanding A fter Completion o f Above Clan.)
C om m on 800,000 sh s________ _____
_________ 440,000 s h s __________
$7 cum p re f 500,000 sh s______ _____
$7
170,000 shs See te x t
P a rtic p re f 3,300,000 sh s__________
see te x t 3,300,000 s h s __________
Stock.-—See ab o v e u n d e r “ C o n tro l” a n d “ C hange of S to c k .”
D ividends.— On p ref. p a id $1 75 q u a r. since F eb . 1925.
O F F IC E R S .— C h airm an of B oard, M o ritz R osenthal; P re s ., Jo h n J.
O 'B rien; 1st V .-P ., R o b ert J . G raf; Sec. & T re a s ., M . A . M o rriso n .—■
V. 120, p . 88, 212, 3316; V. 121, p . 332, 461, 1909; V : 122, p . 2043, 2331,
2653.

UNITED RAILWAYS INVESTMENT CO.
C ontrol— Tn D ec. 1924 S tan d . Pow . & I-t. C o rp ., organized b y H . M .
B yllesby & C o ., acquired control of th e U n ited R y s. In v e st. C o. V.
119, p. 2880.
Offer by Standard Gas & Electric Co.— On April 6 1926 S ta n d a rd G as &
E lectric C o. offered to stockholders th e following exchange of securities, to
be m ad e on or before M ay 31 1926: To com m on stockholders l share
A
S ta n d . G as & E l. com m on stock for each U n. R y s. In v . C o. com m on share.
} T o preferred stockholders for each U n. R ys. preferred sh are either 134
8% cum . p ref. sh are to g e th e r w ith 1-10 common share b o th of S tan d . Gas
& E i. Co or 1 34 sh ares com m on sto ck S ta n d . G as & E l. Oo. See V. 122,
p . 2045, 3085.
O R G A N IZ A T IO N .— A holding co. In co rp . in N ew Jersey F e b . 17 1902.
In Sept. 1906 changed its nam e from U n ited R ailw ays In v . Co. of San Fran­
cisco to p re sen t title . V. 83. p . 689- Owns all th e o u tsta n d in g com m on
a n d p re fe rred sto ck of th e C alifo rn ia R y . & Pow er C o. V. 82, p . 393, 988;
V . 83, p . 1235.
ST O C K A N D B O N D S —• Date.
Interest. O utstanding. LastD iv .,& c
C om m on $31,000,000 ($100)------------------------ $20,400,000 ---------------P re f 5% cum from A p r 1 1 9 0 2 1 ------------------- 15,830,000J a n '07,2 A & c
$25,000,000 ($100)-----------I
Stock.— T h e p re fe rred sto ck can b e re tire d a t 110. $830,000 of th e
p ref. sto ck o u t b e ars d ivs. fro m S ep t. 1 1909.
D ividends.— F irst d iv ., 134% , on p re f. stock p a id J a n . 3 1903; 134%
Ju ly '03; in J a n . '04, 134% ; J u ly , 1% % ; in '05, 4 % ; in '06, J a n ., 234%
(V. 81, p . 1667); A pril, 4 H % (owing to th e e arth q u a k e a n d fire this div.
was p aid in in t .-bearing scrip in stead o f cash; V . 82, p . 988). In J u ly 1906
a n o th e r scrip dividend of 2 A % p aid (V. 82, p . 1381), an d in J a n . '07 a n ­
o th e r o f th e sam e a m o u n t. V . 84, p . 149. N one since.
E A R N IN G S .— F o r calen d ar years:
D ivs. Rec'd
Other
Total
Interest on Balance,
on Stocks.
Incom e. Expenses. Bonds, &c. Surplus.
$24,422
______ $831,262
$81,360
$ 888,200
1925751,803
105,729
61,925
______
708,000
1924.
97,188
$520,000
385,925
298,570
704,543
1923.
631,397
113,448 1,017,953
290,861
1,471,937
1922Latest E arnings.-—F o r 9 m os. end. S ept. 30 1926: D ividends a nd in te re st
received, $911,499; expenses, $60,774; n e t incom e, $850,725.
O F F IC E R S .— P re s ., M aso n B . S ta rrin g , N ew Y ork; V .-P ., R o b ert J .
G ra f C hicago; V .-P ., Sidney B ach arach . N ew Y ork; T re a s., M . A . M orrison
C hicago.; Sec. & A sst. T re a s., P . M . Hoskins.-—Y. 120, p. 1749, 2150, 2685;
V. 122, p . 2045, 2194, 3085; Y. 123, p . 1763, 1998.

[V ol. 123.

O R G A N IZ A T IO N .— O rganized on M ay 24 1884, a nd w as originally a
na tu ra l gas com pany. O perates under special Act of th e Legislature of
Pennsylvania (conferring m any valuable rig h ts and privileges) gran ted to its
predecessor, th e E m p ire C o ., in M arch 1871. Franchises of th e com pany
and its subsidiaries, w ith a few m inor exceptions, a re p e rp e tu a l or for 999
years.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e P h ilad e lp h ia C o. is a holding company which controls th ro u g h stock
ow nership and leases public u tility com panies w hose business m ay be
classed u n d e r th e following heads:
(1) N atural Gas and Oil.— P h ilad elp h ia C o., th ro u g h sto ck ow nership,
c o n tn Is a n u m b e r o f com panies w hich su p p ly nearly all th e n a tu ra l gas
consum ed in th e city of P ittsb u rg h and th e m an u fa c tu rin g to w ns lying
a ’ong th e M onongahela a nd Allegheny rivers. These com panies c ontrol
.
by lease 324,500 acres of gas a nd oil lands in W est V irginia an d W estern
P ennsylvania. In 1913 th e P ittsb u rg h & W est V irginia G as C o. p u r­
chased th e M onongahela N a tu ra l G as C o. by th e issue of $1.500 000
collateral tru s t notes. T h e principal n a tu ra l gas com panies controlled are:
T h e P hiladelphia vjo. of W est V a. | P ittsb u rg h & W est V irginia G as Oo.
E q u ita b le G as C o m p an y .
|
D uring th e 12 m onths ending D ec. 31 1925 com pany sold 27.396,934,400
cu. ft. of gas and produced 97.263 bbls. of oil. On D ec. 31 1925 owned
or controlled 1.749 gas wells a n d 3,826 m iles of p ipe. Also owned or
controlled 173 oil wells.
(2) Electric Light and Power.— T h e P h ilad elp h ia C o. controls th ro u g h
stock ow nership th e D uquesne Light C o ., w hich form s th e electric lig h t and
pow er division. See s ta te m e n t on a su b sequent page.
(3) Street Railways.— These com prise a b o u t 639 m iles of tra c k , all oper­
ated (as a m a tte r of convenience and econom y) by th e P ittsb u rg h Railw ays
C o. (except th e C la irto o S tree t R y. C o., th e B eaver V alley T ra c tio n C o. and
th e P ittsb u rg h & B eaver S treet R y. O o., w hich are o p e ra te d s ep a ra te ly ).
T he P h ila. C o. in J a n . 1908 offered to g u a ra n te e 4% per a n n . from A ug. 1
1907 on th e $2,000,000 pref. stock of C onsol. G as Co. (e n title d to 6 % c u m .),
provided a d ditional earnings be divided equally betw een th e tw o classes of
stock, b u t pref. n o t to receive m ore th a n 6% in a ny e v en t. H olders of 75%
of the $2,000,000 pref. stock having agreed to th e propo sitio n , th e plan
was a d o p te d . V. 86, p . 54, 605.
Proposed Reorganization P lan.— See u n d e r P ittsb u rg h R ailw ays C o. below
S C H E D U L E O F C A P IT A L ST O C K SH A R E S O F O T H E R C O R P O R A ­
T IO N S O W N E D A T S E P T . 30 1926.
Shares
Shares
N atural Gas Companies—
Class.
Owned. Issued
240,000 240,000
P ittsb u rg h & W est Virginia G as C o__________ C om m on
T h e P hiladelphia C om pany of W est V irg in ia--C o m m o n
20,000
20,000
E q u itab le G as C o___________________________ C om m on
23,000 33,000
N ote.— R em aining 10,000 shares a re ow ned b y P itts b u rg h & W est
V irginia G as C o.
Oil Company—
-C om m on
40,020
40,020
A rtificial Gas Company—
P referred
4,162
40,000
-C om m on
80,000
80,000
Electric Light and Power CompanyC om m on 200,000 200,000
P referred
75,000 100,000
Street Railway Companies—
C om m on 286,880 286,890
P referred 233.117 240,000
Preferred
50.000
50,000
-C om m on
50,000
50,000
.C om m on
21,500
21,500
C om m on
4,700
4,700
C om m on
480
480
C om m on
240
240
-C om m on
180
180
-C om m on
162
162
.C om m on
150
150
-C om m on
120
120
-P re fe rre d
67
60,000
* O perated b y P ittsb u rg h R ailw ays Co.
Miscellaneous—

- C om m on
3,000
3,000
C om m on
100
100
_C om m on
4.653
4,653
.C o m m o n
2.250
2.250
C om m on
2,750
2,750
-C om m on
500
500
-C om m on
5,000
5,000
Equitable Gas Co.— U nder an agreem ent of consolidation a n d m erger d a te d
(1) P IT T S B U R G H U T IL IT IE S C O R PO R A T IO N .
Sept. 15 1925 betw een th e th e n E q u ita b le G as Co. a n d M onongahela
All com m on sto ck o u tsta n d in g owned b y U n ited R y s. In v e st. C o.
N a tu ra l G as C o., a new- co., u n d e r nam e of Equitable Gas Co., w as form ed
Offer by Standard Gas & Electric Co.— On A piil 6 1926 S ta n d a rd G as & on M arch 31 1926 in P ennsylvania w ith a n au th o rized an d issued c ap ital
E lectric C o. offered to p ie fe n e d stockholders th e following exchange of sta c k of $3,300,000, p a r $100 (23,000 shares are ow ned b y P h ilad elp h ia Co.
securities to b e m ade on or before M a y 31 1926:
a n d 10,000 shares b y P ittsb u rg h & W est V irginia G as C o., a su b sid ia ry of
T h e pref. stockholders (incl. v . t. c.) for each share of 7% cum . pref. stock P h iladelphia C o.).
(Incl. v. t. c.) of P itts . U t. C o rp ., 34 share o f 8% cum . p ref. stock or 1-3
♦ S E C U R IT IE S O U T S T A N D IN G .
share com m on stock, b o th of S tan d . G as & E l. C o. See V. 122, p. 2044.
sh are com m on sto ck , b o th of S ta n d a rd G as & E lectric C o. See V. 122, p .
ST O C K A N D B O N D S—
Date.
Interest. Outstanding. LastD iv.,& c •
2044, 3084.
Stock com $48,650,000 ( $ 5 0 ) - - ____
_______ $46,443,000
See te x t
6 M -N
14.591.000 N o v '2 6 .3 %
O R G A N IZ A T IO N .— A holding co. O rganized in N . Y . on M ar. 26 1923 P ref stock $25,000,000 ( $ 5 0 ) 1 ____
6% c u m u la tiv e __________ /
an d acq u ired 491,500 sh ares o f com . sto ck of th e P h ilad elp h ia C o. Y . 116,
5 M -S
P ref stock 5% non-cum ( $ 5 0 ) - -----1,442.450 S e p t '2 6 ,2 /4
p . 1533, 1651, 1762.
6 g F-A
1st ref & coll t r M $100,000,-1 1919
12 147,500 F eb 1 1944
ST O C K A N D B O N D S—
D ate.
Interest. O utstanding. M a tu rity ,
000 ($100, $500 & $1,000 e * lG u a ra n ty T ru s t C o ., N ew Y o rk , tru s te e ,
See tex t
----------- - 240.000 sh s.
C om m on 500,000 shs (no p a r ) --------and $1,000 r*) g Ser "A ” _tfl
$7,500,000
See text
P ref 7% cum $10,000,000 ( $ 1 0 ) -----7%
coll
M
1899
5 g M -S
ar 1
10,000,000 A pr 15 1928 P hila Co 1st & ( $ 1tr, 0 0$6,-1 M ary lan d T ru s t C o ., 2,068.000 Mtru ste e1949
2-yr 1st lien g notes $10 ,0 0 0 ,-/ 1926
5 A-O
___
500,000 gold
0 )
B altim o re,
.
000 ($1,000, $500 c * )___ tf (In te re s t p ayable in N ew Y ork an d C hicago.
P h ila Co con M & coll tr $20 ,-\ 1901
5 g M -N
12,346.000 N ov 1 1951
Voting T ru st.— See V . 120, p . 1090.
3 /9 ,0 0 0 g ($1,000)_ c * .tf/C o n tin e n ta l T ru s t C o ., B altim ore, tru ste e .
_
B onds.— U n. R ys. In v e s t, coll, tru s t bonds will be p aid M ay 1 1926.
$10,000,M ar 1
T h e 2-yr. 1st lien g. notes, due A p r il 15 1928 are re d . w hole or p a rt on 60 15-yr conv deb bds $1,000 c * }C1923 N a5 A ng lM -S k ,9,966,000 rk , tru ste1938
000 ($100, $500 &
• hase
tio a B an N ew Y o
e.
d a y s’ n otice a t 101 and in t. on or before O ct. 15 1926 an d 34 % less for
$1,000 & m ltip ie r* ) g - - t f
each 6 m o n th s or fractio n th ereo f elapsed to d a te of re d e m p tio n . P en n . 4 U nion G as C ouof M cK eesportj f 1899
5 g
125,000 O ct 1 1929
m ill a n d M ass. 6% taxes re fu n d a b le . In April 1926 L ad en b u rg , T h a lm a n n
first m ortgage guar p & i-jUnion T ru s t C o ., P ittsb u rg h , tru ste e .
& C o ., & c., &c. offered $10,000,000 a t 100 and in t. V. 122, p. 2042.
gold sinking fu n d _________ [In te re s t a t M ellon N a t. B a n k , P ittsb u rg h .
D ividends.— An initial sem i-ann. d iv . of 3 It % was p aid on p re f. in N ov.
* T h is tab le does n o t cover such pro p erties as a re sep a ra te ly reported
1923 and in ad d itio n an ex tra d iv . of 2 34% was p aid . Sem i-ann. divs. of
3 U % and extras of 2 34 % w ere paid on pref. in M ay 1924 a nd like divs. fu rth er on.
paid regularly sem i-ann. since to and incl. N ov. 1926. In N ov. 1923 a
Stock.— Preferred and com m on stocks a re listed on N ew Y ork and P hilasem i-ann. d iv . of $1 per sh are was paid on com. and an extra div . on the d elpnia Stock Exchanges.
to ta l com . w as also paid a m o u n tin g to $96,250. Sam e regular and extra
N ote.— T h e P hiladelphia C o. has a c o n tingent lia b ility for th e following
d iv s. also paid M ay 1 a n d N o v . 1 1924. In M ay and N o v. 1925 $1 per
sh are w as paid on com . a n d an ex tra d iv. on th e to ta l com . of $187,500 bonds, g u a ra n te ed b o th as to p rin cip al and in te re st: (a) M t. W ashington
w as also p a id . V . 120, p . 1587, 1570. A sim ilar d iv . w as p aid in M ay 1926. S treet R y. 1st m tge. 30-year 5s, $1,500,000; (6) 17th S treet Incline Plane
Co. 1st m tge. 30-year 5s, $120,000; t.c) A llegheny B ellevue & P errysville R y .
also in N ov. 1926.
1st m tge. 30-year 5s, $500,000; (d) M orningside E lectric S treet R y. 1st m tge.
E A R N IN G S — F o r calen d ar years30-year 5s, $200,000; (e) Ben A von & E m sw orth S treet R y. 1st m tge. 30-year
Expenses,
5s, $300,000; CO P ittsb u rg h R ailw ays gen. m tge. 40-year 5s, $1,968,000.
Total In c . Taxes, &c. Bal. In t. Pref. D ivs. Com. D ivs. Bal. S u r .
T he com pany also has a co n tin g en t liability, as endorser, on sh o rt-te rm
1925--$ 2 ,1 8 3 ,3 0 7
$82,735 $497,564 $859,333 $855,000 d f $ ll 1,325
notes of its affiliated com panies; as g u a ra n to r of the p aym ent of in te re st
1 9 2 4 -- 1,983.627
58.031
598.374
462.000
672,500 surl92.723
(but not principal) on certain issues of bonds of its affiliated com panies; a nd
Latest E a rn in g s.— F o r 9 m os. end. Sept. 30 1926: D ivs. an d in t. received, as g u a ra n to r of certain re n ta l agreem ents of its affiliated com panies.
For increase in com . stock and purposes for which issued see "E le c tric
$1,733,990: expenses, $13,996; in t. p aid, $375,467; n e t incom e, $1,344,529.
R ailw
S
ent of A pril 26 1924.
om .
has been listed
O F F I C E R S — P re s ., M aso n B . S tarrin g ; V .-P ., J a s . H . R eed and on th eay” ew upplem Stock E xchange since O ct.C 1886,stock is also listed on
N
Y ork
and
R o b e rt J . G raf; T re a s., M . A. M orrison; Sec. & A sst. T re a s., P . M . H oskins.
— V . 121, p. 1570; V. 122, p . 1170, 1764, 2042, 2193, 3084; V. 123, p . 583, th e P h ila. E xchange.
Bonds.— T h e bonds of 1899 are listed on th e P h ila. and P ittsb u rg h Stock
1635, 1997, 2140.
E xchanges. Of th e $20.37y,000 bonds of 1901, $6,500,000 are reserved
to tak e up th e $6,500,000 1st coll, tru s t bonds a nd $352,000 to acquire
pref. stock of C onsol. T rac tio n C o. In 1918 the B ru n o t Isla n d p ro p e rty
PHILADELPHIA,COMPANY.
w hich was u nder the lien of this m tge. was sold to th e D uquesne L ight C o.
Control.'—C o n tro lled b y S ta n d a rd Pow er & L ig h t C o rp .
and th e proceeds ($4,000,000) deposited w ith th e tru ste e of this issue.
Offer by Standard Gas & Electric Co.— On A pril 6 1926 S ta n d a rd G as & $500,000 was used for a dditions to the p ro p e rty , a nd o u t of tn e balance
E lec tric C o. offered to com m on stockholders Phila C o. 1 2-5 shares com m ou $3,434,000 bonds of this issue h av e been acquired a n d re tired . T h e y are
sto ck S ta n d . G as & E l. Oo. for each com m on sh are o f P h ila. C o. See V. free of P en n sy lv an ia S ta te ta x . F o r security fo r th e bonds see Y. 102,
p . 801. L isted on P h ilad e lp h ia Stock E xchange.
122, p . 2042. T h e exchange h a d to be m ad e on o r before M a y 31 1926.




Oct., 1926.]

POWER, LIGHT AND RAILWAY

U n d e r a p lan d ated Peb. 27 1917 (see V. 104, p . 953) sinking funds were
e stab lish ed beginning M arch 1 a n d M ay 1 1918, resp ectiv ely , to re tire and
cancel bonds by p urchase or call, by applying th e re to each y ear a sum equal
to 2% o f th e principal a m o u n t of such of th e $6,500,000 ou tsta n d in g
1st m tg e. a n d coll, tru s t 5s due N ov. 1 1951 as agreed to th e plan. A ssent­
ing bonds are stam p ed as su b je c t to call as a whole or when draw n by
lo t for th e sinking fund a t 107)4 a n d in t. for th e 1st m tge. a nd 102 H
an d in t. for th e consols. $ 5 .''45.000 1st m tge. a n d coll. tr . 5s and
$14 253,000 con. m tge. a n d coil. tr. 5% bonds were so stam p ed , b u t $998,000
1 st M . a n d coll. tr. 5s a n d $2,802,000 consol. M . and coll. tr. 5s have been
cancelled through o peratio n of th e sinking funds, leaving $1,313 000 and
$11.4 51,000, respectively. S tom ped bonds have been listed on the Phila.
Stock E x c h in g e . In case th e bonds are called as a whole, th e y m a y be
canceled or k ep t alive, as th e co. m ay elect.
F o r secu rity for th e 1st & ref. coll. tr . M . bonds, see V . 108, p . 683.
O f th e $100,000,000 a u th . a m o u n t sufficient bonds are reserved to refu n d ,
p a r for p a r. all u nderlying secu rities. A dditional bonds m ay be issued
for 70% and 75% of th e cost of ad ditions, im provem ents. & c., under
certain restrictio n s. Ser. “ A " lim ited to an issue of $25,000,000 6%
bonds, incl. th e $16,000,000 o u tsta n d in g and $9,000,000 a d d 'l issuable
a g ain st th e p re sen t p roperties. A nn. sin k, fund of 3 cen ts per 1.000 cu. ft.
o f gas sold, m inim um 3% p. a. o f to ta l 1st ref. & coll. tr. m tg e. bonds
Issued, to be used for purchse or call a n d re tirem e n t of th e b onds.
Are
call, all or in p a rt a t 105 and in t. d u rin g th e 5 years en d . Feb. 1 1927;
103 H d uring next 5 years; 102)4 d u rin g next 5 years: 101 during next
fl years, a n d 100 )4 d u rin g la st year prior to m a tu rity , plus in t. in each
case. I n t. p ayable in N . Y ., B oston, C hicago a n d P ittso u rg h . Free
fro m P en n a. S ta te ta x . V. 113, p. 1888. L isted on N . Y . Stock E x­
ch an g e. V. 114, p. 1891.
T h e 15-year 5 )4 % deb. b onds are co n v . since M arch 1 1924 in to noncallable 6% cum . pref. sto ck , p ar for p a r. T he debs, are call, all or p a rt
a t a n y tim e on and a fte r M arch 1 1924 on 30 d a y s' notice, a t 102 M and
In t. d u rin g th e 9 years to M arch 1 1933 a n d th e re a fte r a t H % less prem ium
each y ear to m a tu rity . In t. pay ab le in New Y ork, B oston, C hicago and
P lti ahurgh. Free o f Pen n a. S ta te ta x . V. 116, p. 936.
D IV S .—
/ '95. '96. '97. '98. '99 . 00. '01. ’02-'09. TO. ’l l . T 2 . T 3 .
Per c e n t . ..........\ 5 N one * 4 4% 5 6 H 6% yly 7
7 6X 7
T h e foregoing divs. are for th e com . sto ck . T h e old 5% non-cum . pref
was created in 1899, and first sem i-ann. p a y m e n t of 2 H % was m ade in Sept.
1899 and have been regularly c o n tin u ed since th e n . 1st d iv . on new 6%
Cum. p re f.— 3 % — paid M ay 1 1913; sam e am o u n t sem i-ann. since to a n a
Incl. M ay 1926. On com . in 1914, F e b ., 1M % ; M ay . l% % : A ug., I H % .
T h e N o v . d iv . was paid in scrip bearing in t. a t 7%
T h e F eb . 15 1915
d iv . w as also paid in scrip (V. 100. p. 141). B oth series of scrip were
Called for p a y m e n t on Feb. 1 1916 a t p ar and in t. V. 102. D. 345. In
M ay 1915 a cash d iv . of 1 > % was paid: A ug.. 1 14%: N o v ., 1 14%. In
4
1916,
In 1917. 7 % . In 1918. 6 % . In 1919, 6 % . In 1920,
0 % . In 1921, 6 % . In 1922, 6 % . In 1923, J a n ., 114%; A pril, 1>4% ;
Ju ly . 2 % ; O c t.. 2 % . In 1924. 8 % ; In 1925. 8% ; in 1926, 8 % .
E A R N IN G S .—
Incom e Account Years Ended Dec. 31 (Philadelphia Company Only).
B eing a s ta te m e n t of div id en d s, in te re st and re n ta ls received d u rin g th e
y ear fro m su b sid iary com panies, an d m iscellaneous incom e, to g e th e r w ith
expenses, taxes a n d incom e charges.
D ivs. A In t. fro m In v . Securities—
l9 2 5 .
1924.
1923.
N a tu ra l gas com panies________
$628,750
$1,308,260 $2,320,050
Oil c o m p a n y _________________
80.040
120.060
200.100
_ 2,800.000
2,793.560 2,145.956
E lectric lig h t a n d pow er c o m p a n y _
S tre e t railw ay co m p an ies______
537.100
641.507
35.051
M iscellaneous co m p an ies_____
159,129
146.388
192.463
In te re s t from o th er so u rces___
627.238
364.247
298.441
R en ts from lease of gas p ro p e rties___ 2,655,671
2,732.190 3,819.007
R en ts from lease of o th e r p ro p . (n e t).
533
3.040
1,304
M iscellaneous________________
129
345
521
T o ta l re v e n u es______________ $7,488,590
G eneral a d m in istra tio n expense_____
81.899
O th e r general expense_________
51.649
T a x e s____________________
155.114
D e p re cia tio n _______________________
______

$8,109,597 $9,012,895
97.067
147.371
64.633
61.695
251.110
67.899
______
1.187.856

G ross incom e...............
$7,199,927
R e n t for lease o f gas p ro p e rties_____
292
In te re s t on fu n d ed d e b t . _____ 2,091.589
In te re s t on u n fu n d ed d e b t ____
69,010
G u a r. d iv . on Cons. G as pref. s t o c k ..
71,676
A m o rt, o f d e b t d isco u n t a n d ex p en se.
170.708

$7,696,787 $7,548,074
877
877
2,164.929 2,120,358
148.080
155.247
71.676
71.707
178.729
184.857

N e t in c o m e ._________
$4,796,652
P rev io u s su rp lu s ______________ 14.147.467
A dditions to s u rp lu s__________
255.127

$5,132,496 $5,015,027
13.606.498 12,659.084
315.224
160.684

G ross s u r p l u s . . . .......... ........................ $19,199,246 $19,054,218 $17,834,795
D iv id en d s on preferred s to c k _
947.38,5
946.692
946.658
D iv id en d s on com m on s to c k __ 3,715.076
3,715.075 3,166.718
A m o rtiz'n of d e b t disco u n t & expense
139.019
244,985
105.721
M iscellaneous______________________
38.135
______
9.200
Surp lu s D ec. 3 1 __________________$14,359,631 $14,147,466 $13,606,498
Philadelphia Co and A ffilia te d Operating Cos. (Inter-C o. Item s Elim inated)
Calendar Years—
1925.
1924.
1923.
G ross e a r n in g s ._______
$60,504,848 $58,157,219 $37,122,622
E xpenses, d ep reciatio n an d ta x e s_ 42.847,906
42.514,977 24,427.588
N e t earn in g s_____________
O th e r in co m e_________________

$17,656,942 $15,642,242 $12,695,034
1.022.321
796.060 1,353.297

T o ta l in co m e............................. .$18,679,263
$16,438,302 $14,048,331
In te re s t and ch arg es__________ 8.834.592
8.78,5.582 5,302.204
P referred d iv id e n d s_________________
947.385
946.692
946.659
D u q u esn e Light d iv id en d s____
2.300.000
1.219.167
862.497
C om m on d iv id en d s___________ 3.715.076
3,715.075 3,166.718
S u rp lu s--------------------------------$2,882,210
$1,771,786 $3,770,253
Latest Earnings.— Of co. a n d affll. cos. for 8 m os. en d . A ug. 31:
1926.
1925.
G ross earn in g s_________________________________ $43,386,261 $40,817,629
N e t, afte r taxes an d d e p re ciatio n _________________ 13.457,236 11.985,429
O F F IC E R S .— M oritz R o sen th al. C h airm an o f th e B oard; A. W . RoDertBon. P res.; Jam es H . Reed. V .-P .; R. J . G ra f, V .-P .; & G en. A tty . C . S.
M itc h ell, V .-P . & C o m p .; C. J . B ra u n . J r ., T rea s.; W . B. C arson, Sec.
Office, 435 Sixth A ve.. P ittsb u rg h , l 'a . — V. 120. p. 829, 1205, 1328, 1580,
1748, 1775, 2402, 2684. 2944; V. 121, p. 76, 708, 2174; V. 122, p. 214, 884,
1764, 1904, 1935, 2042, 2192. 2652. 3084. 3211; V. 123, p . 325, 711.
E L E C T R IC L IG H T A N D P O W E R .
D U Q U E S N E L IG H T C O .
E n tire common aud 75% of th e p articip atin g preferred stocks a re owned
b y th e Philadelphia Co.
O R G A N IZ A T IO N .— In co rp . on A ug. 25 1903 u n d e r th e law s o f P en n gylva n ia .
Owns th e en tire stock and bonds of th e Allegheny C o u n ty L ig h t C o ., th e
en tire sto ck and bonds of th e Southern H eat, Light & Pow er C o ., th e Alle­
g heny C o u n ty Steam H eating C o. a n d $500,000 bonds (entire issue) of
th e E a st End E lectric Light C o. On D ec. 31 1912 leased for 50 years
th e Allegheny C o u n ty Light C o ., which in tu rn leases th e Southern H eat,
L ig h t & Pow er C o. a u d M onongahe.la Light & Power C o. for 900 years
from J a n . 1 1902. On J a n l 1921 the co. acquired from th e C ity of P itts­
b u rg h the N o rth Side light p lan t a t th e price of $378,652. V. 1 11. p. 2141.
F IE L D O F O P E R A T IO N S AN D C H A R A C T E R OF B U S IN E S S .—
As of D ec. 31 192.5 had a power statio n generating cap acity of 324.900 k. w .,
15,174.6 miles o f d istrib u tin g lines, 852 7 miles of transm ission Hues, a nd
108 31 of u n derground co n d u it. 226.31 1 custom ers; supplies 26.788 stre e t
lam p s. H as c o n tra c t extendingto 1963 to supply all electricity used by the
P ittsb u rg h R ailw ays. Also has c o n tra c t with th e city of P ittsb u rg h for
s tre e t and o th er m unicipal lighting and power purposes. Also does a steam
b eatin g business in dow ntow n P ittsb u rg h through th e Allegheny C o u n ty
Steam H eating Co. Franchise is p e rp e tu a l. See V. 123. p. 2138 a b o u t new
C olfax pow er p la n t.
| City Lighting Contract.— On N ov. 19 1917 th e P ittsb u rg h C ity C ouncil
a d o p ted an ordinance to a u th o rize a c o n tra c t w ith the com pany to furnish
lig h t to 20 w ards of th e city for te n y ears, th e c o n tra c t being based on norm aJ




105
S ee a l s o

prices for lab or and su p p lies; co n tr a c t h a s sin ce b een sig n ed .
V . 114. p . 1185.
STO C K A N D B O N D S—
Date.
C om m on $ 2 5 ,0 0 0 ,0 0 0 ( $ 100) . . _ . .
1st p ref $ 1 5 0 ,0 0 0 ,0 0 0 Ser “ A "
7% c u m u la tiv e ___________________
P a rtic (2d) p ref $ 1 2 5 ,0 0 0 ,0 0 0
S eries “ A" 8 % c u m u l a t i v e . . ____
F irst m tg e & co ll tru st Ser A ”
$ 1 0 0 .0 0 0 .0 0 0 ............................... 1919
S eries “ B " ______ __________ _____
($500 & $ 1 .0 0 0 ) g .c * & r * .t f .B a n k e r s

Bonds o f Leased Com panies—

Interest.

O utstanding.

M o n th ly $ 2 0 ,0 0 0 ,0 0 0

M atu rity.
See te x t

7 Q -M

3 0 .0 0 0 .

000

8%

1 0 .0 0 0 .

000 A u g ’2 6 .2 %

S ep t’2 6 .1 5 *

6 g J-J 1 3 1 ,7 1 8 .5 0 0 J u ly 1 1949
5 K g J-J _________ 0 J u ly 1 1949
1 0 .0 0 0 .0 0
T r. C o ., N . Y ., tru s. I n t . i n N . Y .

M o n o n g a h ela L t & P 1st M ( 1899
5 g J -D
$ 1 ,7 0 0 ,0 0 0 Ju ne 1 1949
$ 1 ,7 0 0 ,0 0 0 ($ 1 ,0 0 0 ) g o l d . t f f ln t . a t M ello n N a tio n a l B a n k , P ittsb u rg h .
IU nion T ru st C o . o f P ittsb u rg h , tru stee

Stock.— T h e fir st p ref. 7% s to c k . Series “ A ,” is ca lla b le, all or in p a r t, a t
$115 and d iv s . E x em p t from Penna 4 n ulls ta x . $ 1 5 ,0 0 0 ,0 0 0 7% 1st
pref. w as sold in M ar. 1923 by L ee, H iggin son & C o ., L ad en b urg, T h a lm a n n
& C o. and H a y d en , S to n e & C o . a t 103 and d iv .. to yield 6 .8 0 % . V. 116.
p 1056
In O ct. 1924 sa m e b ankers offered an a d d itio n a l $ 1 5 ,0 0 0 ,0 0 0 7%
1st pref. a t 106 and d iv s ., y ie ld in g 6 .6 0 % . V. 119, p . 1631. L isted on
N ew York 8 toek E x ch a n g e. V 117, p 898
L isted on P ittsb u rg h S tock
E xch an ge. V. 118, p 316
Bonds. — T h e 1st m tg e. & c o ll, tru st b o n d s are secu red b y a fir st m tge. on
all p rop erty ow ned In fee and b y a first lien on th e c o .'s leasehold interests
a n d on certain b ond s and v ir tu a lly all th e sto c k s o f its sub sid iaries.
R em ain in g bonds m ay be Issued under certain co n d itio n s for purposes
en u m erated in V. 109, p. 176. T h e m tg e. p rovides for a m ain ten a n ce
and dep reciation fund o f not less than 15% o f th e gross o p era tin g reven ues
o f th e sy ste m . R egistered b ond s In th e $1 .000 d en o m . o n ly . B o th ser. “ A ”
and ser. “ B ” are red . on an y in t. d a te a t 105 and Int. Free P e n n . 4 -m ills
ta x . V. 109. p. 176; V 111. p. 298; V 118. p 1525. L isted on th e N . Y .
S tock E x ch a n g e. V . 112, p. 474: V . 119. p. 460.
Dividends. — F irst d iv . on 7% pref. s to c k , 1 %. p aid M a y 1915; sa m e ra te
q uar. s in c e . F irst q uar. d iv . on c o m .. l % % . paid M irch 31 1913; Ju ne
1913, l% % ; S e p t., 1D£%. From O ct. 1913 to and in clu d in g A u g u st 1922
d iv id en d s o f 7-12 o f 1% were p aid ea c h m onth; S ep t, to D e c . 1922 a t th e
rate o f 5-6 o f 1 %: Jan 1923 and th erea fter to and In clu d in g S ep t 1926 at
th e ra te o f 2-3 o f 1 % m o n th ly . E x tra ca sh d iv id en d s h a v e b een p aid on th e
co m m o n s to ck , 1 % d u rin g each o f th e y ea rs 1915 to 1920 b oth in cl.; l %
A
in 1921, 1% in 1922 a n d 1923; 1)4 % in 1924, a n d 2% in 1925 a n d 1 926.
In 1924 a sto ck d iv id en d o f $ 1 ,7 7 4 ,0 0 0 w as p a id in co m m o n s to ck .
E A R N I N G S .— F or ca len d a r years:
1925.
1924.
1923.
1922.
G ross ea rn in g s...................-$ 2 2 ,3 7 2 ,9 1 1 $ 2 0 ,3 3 9 ,7 5 0 $ 1 9 ,3 8 3 ,6 2 2 $ 1 0 ,9 2 8 ,7 4 6
N e t after d ep rec. & ta x es 8 .7 2 7 .2 4 0
7 ,5 8 5 .7 8 5
6 ,7 9 0 ,4 7 9
6 ,5 9 9 .2 2 7
O ther in c o m e - .................
7 1 7 .9 3 9
5 8 1 .4 9 1
7 9 6 .4 7 5
3 2 3 .1 3 2
T o ta l Incom e----------------$ 9 ,4 4 5 ,1 7 9
B a la n ce after in t., A c . . . 6 .6 4 3 ,0 1 0
Preferred d iv id e n d s____ 3 .1 0 0 .0 0 0
C om m on d iv id e n d s ........... 2 .0 0 0 .0 0 0
B a la n ce , su r p lu s-------- $ 1 ,5 4 3 ,0 1 0

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

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

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

$ 1 ,8 7 0 ,8 8 7

$ 2 ,2 1 8 ,5 1 2

O F F I C E R S .— C hairm an o f th e B oard , M o ritz R o sen th a l; P r e s ., A . W .
R o bertson; V .- P ., J . H . Reed; V .- P . & G en . M r r ., F rank R. P h ilip s.
S e c ., W . B . C arson, T r e a s., C . J . B rau n Jr.; C o m p ., C . S. M itc h e ll, —
V . 120, p . 5 8 5 , 1202, 1580; V . 121, p . 2 0 3 7 , 2271; V . 122, p . 9 4 , 1761;
1904; V . 123, p . 1 2 5 0 ,2 1 3 8 .
A R T I F I C IA L G A S .

C O N SO LIDA TED G A S CO. OP P IT T S B U R G H .
A ll th e com m on sto ck and $ 2 0 8 ,1 0 0 o f th e preferred sto e k o w n ed b y P h ila ­
delp h ia C o .
$ 3 7 0 ,0 0 0 o f th e o u tsta n d in g b ond s are o w ned b y tha
E q u ita b le Real E s ta te C o ., a su b sid ia ry o f th e P h iladelp h ia C o .
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S I N E S S .—
T h e C o n so lid a ted G as C o . u nd er a p erp etu a l ch arter Is th e o n ly gas
m a n u fa ctu rin g co m p a n y in th e c ity o f P ittsb u rg h and th e ex c lu siv e right
to m a n u fa ctu re illu m in a tin g g a s is v ested in it . T h is co . d isco n tin u ed
o p era tio n s in J u n e 1919.
Exchange o f Bonds for 6 %Preferred Stock o f P h ila d elp h ia Co. —
S e e “
tric R a ilw a y ' S up p lem en t o f A pril 26 1924 for d eta ils.
STO C K A N D B O N D S —
D a te.
In terest. O utstan din g. M a tu r ity .
C o m m o n $ 4 ,0 0 0 ,0 0 0 ($ 5 0 )____ ______
- ________
$ 4 ,0 0 0 ,0 0 0 __________ _
P ref 4% cum $ 2 ,5 0 0 ,0 0 0 i$ 5 0 ) ____
4 F-A
2 ,0 0 0 ,0 0 0 A ug 2 6 .
F irst m o rtg a g e $ 1 ,0 6 2 .0 0 0 ( 1898
5 g F-A
3 9 .0 0 0 F eb 1 1948
($ 1 ,0 0 0 ) g o ld ___________ t f JM aryland T ru st C o ., B a ltim o re, tru stee.
In te rest on b ond s is p a y a b le a t Brow n B ros. St O o ., N e w Y o rk , a n d A lex .
B ro w n & S o n s, B a ltim o re.— V. 120, p. 3 3 1 3 .
S T R E E T R A IL W A Y S .

1. P IT T S B U R G H R A IL W A Y S CO.
R eceivership T erm in ated.— On Ja n . 3 0 1924 F ederal J u d g e T h o m p so n a t
P ittsb u rg h signed a decree ordering a return o f the properties o f th e co m ­
p any to th e ow ners and liftin g th e receiversh ip , w hich had b een in effec t
sin ce April 23 1918. a t m id n ig h t J a n . 31 1924. V . 1 1 8 . p . 6 5 2 . C om pare
V . 118. p . 432; V. 117, p . 2 1 3 9 .
Proposed R eorganization P la n .— A plan for th e reo rg a n iza tio n o f th e
system em bodied In an a g reem en t prom ised to be ex ecu ted b y the C ity o f
P ittsb u rgh , the P h ila d elp h ia C o. and the P ittsb u rgh R ys. C o ., was pre­
sented to th e P ittsb u rg h C ity C oun cil J u ly 25 1921. T h e plan co n tem p la tes
the reorganization o f th e co . or th e form ation o f a new co. to ta k e over all
Its a sse ts. T h e new co. w ould be lim ited to $ 6 2 ,5 0 0 ,0 0 0 in th e Issuance o f
securities In su b stitu tio n o f secu rities now o u tsta n d in g a m o u n tin g to
$156,000 0 0 0 . An an nu al return o f 6 % for 10 years Is allow ed on th e new
ca p italization, w hich is th e v a lu e o f the railw ays properties as fixed by the
P. 8 . C om m , (see below under " V a lu a tio n " ). T h e c ity Is given a voice lo
th e con trol o f the co . T h e proposed plan was printed and cop ies d istrib u ted
by th e M u n icipal Law D e p t, o f th e C ity of P ittsb u rg h . For full d eta ils a t
olan see V 113 n. 533 731
N in eteen hoards o f trade Chiefly o u tly in g
d istr ic ts en tered in to a jo in t p ro test a g a in st th e proposed p lan . V . H 4 t
p. 1288; V. 113, p. 1252. T h e a b o v e plan w as a p p ro v ed by th e P ittsb u rg h
C ity C o u n cil, w ith certa in a m en d m en ts (see V. 113, p . 2 7 2 1 ), and sig n ed
by th e M a y o r and A . W . T h o m p so n , IT es. o f th e c o ., in D ec. 1921 (V . 113,
p . 2 7 2 1 ). On F eb . 14 1922 th e P e n n a . P . S . C o m m , a p p roved th e p la n .
V . 114, p . 8 5 5 . 1288: V. 115. p. 8 7 0 . 2 2 6 8 . 2378. 2686; V. 116. p. 1412,
2516; V . 117, p . 1018. 1664. 1778: V. 118. p . 1666; V. 119, p . 1845. In
J u ly 1926 it w as a n n o u n ced th a t a general refu n d in g m o rtg a g e bond issu e
w a s to b e flo a ted to retire all th e o u tsta n d in g m o rtg a g e b o n d s (a b o u t
$ 1 1 ,5 7 5 ,0 0 0 ) o f th e co m p o n en t co m p a n ies. V . 123, p . 4 5 6 .
D efa u lt— Subsequent P a ym en ts.— T h e co m p a n y failed to p a y th e J a n . 1
1918 in terest on th e b ond s o f a num ber o f sub sid iaries and th e d irecto rs o f
she P h ila d elp h ia C o ., w hich w as alread y a cred itor o f th e R a ilw a y s O o. for
* large a m o u n t, refused to m ake it fu rth er loans. A ll th e Ja n . 1 1918
:ou pon s, ex cep t on th e U nited T ra ctio n 5s, were paid in M arch 1918.
V. 106. p. 9 3 0 . 1232. C ou p on s on th e U nited T ra c. 5s h a v e sin ce b een paid
from tim e to tim e. V 113, p. 2722; V. 114 p. 80.
H o ld ers o f $ 3 1 3 ,0 0 0 P ittsb u rg h & W est End P a ssen g er R y . 1 st M tg s .
5s d u e J u ly 1 1922 were asked to co n v e r t their h o ld in g s in to W est E nd
T ra ctio n gen . m tg e. 5 s. d ue Jan 1 1938. For d eta ils see V. 115, p. 183.
U p to O ct. 1 1926 $ 3 0 ,0 0 0 had been so co n v er te d , b alan ce o f $ 3 1 3 ,0 0 0 being
paid in t. a t th e rate o f 5% . C om pare V. 117. p . 1993.
C la im s fo r R en ta ls.— S ee V . 115. p. 760
Valuation. — In M arch 1918 the Public Service C om m ission a p p o in ted
a co m m itte e to ascertain th e p h y sica l v a lu a tio n o f th e co .'s properties and
to recom m end fare rates w hich will yield It a fair return on its in v estm en t.
In A ug 1918. under orders from th e P. S. C o m m ., th e receivers a p ­
pointed a board o f th ree (A . J K e lly , H enry P . H a a s and J. W .'C ree) to
m ake th e v a lu a tio n . V 107, p. 697. A ccord ing to th e report to th e P. 8 .
Oom ra. In A ug 1919, p h y sica l v a lu e o f th e co . In th e o p in ion o f en gin eers
(tor th e c ity is $ 4 8 ,0 0 0 ,0 0 0 and in th e o p in io n o f en gin eers for th e co. either
$ 6 0 ,8 8 9 ,8 0 4 or $ 7 0 ,1 2 0 ,8 0 4 . V. 109. p 7 7 6 . 1367. In M arch 1920 the
P. 8 . C om m , fixed $ 6 2 ,5 0 0 ,0 0 0 as th e v a lu e ot th e c o .'s p ro p erty , th is b eing
a com p rom ise b etw een the a b o v e m en tion ed v a lu a tio n s. V. 1 1 0 . p. 1 2 9 0 ,
T h e c ity , h o w ev er, carried an a p p ea l to th e Superior C o u r t o f P e n n a ., b u t
th is w as w ith draw n b y a g reem en t.

E le o -

106

PUBLIC UTILITIES

[Y ou 123.

O R G A N IZ A T IO N .— T h is w as form erly th e Southern T rac tio n C o ., b u t
Bonds are g u a ra n te ed p rin . & in t. by endorsem ent by th e P h ilad elp h ia C o.
In accordance w ith th e a u th o rity v ested in it by th e term s of its c h a rte r,
In t. payable in N ew Y o rk , P ittsb u rg h an d P h ilad elp h ia. N o sinking fu n d
th e d irecto rs of th e S o u th ern T rac tio n C o. on D ec. 30 1901 v o te d to change and bonds can n o t he called. T h e stock of th e T u n n el C o. has been pledged
th e nam e o f th e co m p an y to th e P ittsb u rg h R y s. C o. T h e P hiladelphia as collateral under th is m o rtg ag e . See V . 76, p . 1143; V . 80, p . 222;
C o. h a d previously acq u ired all th e sto ck , com . and p re f., of th e S outhern
V. 108, p 379.
T rac tio n , in acco rd an ce w ith th e te rm s in V . 73, p . 1112.
(b ) W A S H IN G T O N & C A N O N S B U R G R Y .
T h e S o u th e rn 'lra c tio n C o. w as c h arte re d in i900 to ta k e o v e r, extend
Stock all ow ned b y P ittsb u rg h R ys.
*nd o p e ra te th e W est E n d T ra c tio n lin es, w hich w ere p u rc h a se d In A ug. 1900
for *4,500,000.
O R G A N IZ A T IO N .— In c o rp . in P a . on Ju n e 2 1902. Successor on J u n e 2
Leases th e P itts b u rg h & C astle S h an n o n R R . for 99 y e a rs, re n ta l being
1902 to W ashington E lec. S t. R y. In J a n . 1909 P itts . R ys. began o p e ra t­
115.000 p e r a n n u m . See V. 81 p . 778
ing th e p ro p e rty . Franchises p e rp e tu a l. L eased in 1907 th e P itts . C anons­
T h e follow ing stocks (being In each case th e e n tire issue) a re ow ned'
bu rg & W ash. S t. R y.
Schedule o f Capital Stock Shares o f Other Corporations Owned at
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
S ep t. 30 1926.
A trolley ro a d . O perates 17.103 m iles in a nd betw een W ashington, TylorShares
Shares
dale a nd C anonsburg.
Is su e d .
Owned,
ST O C K A N D B O N D S —
Date. Interest. O utstanding. daturity.
U n ited T ra c tio n C o. o f P ittsb u rg h , com m on_____________ 340,000 340,000
_____-$ 1 ,0 0 0 ,0 0 0 ___________
P r e f e r r e d ____________________________________________ 58,999
60,000 Stock $1,000,000 ($50)____________
St Ry
125.000 F eb 119 2 7
W est E n d T ra c tio n C o ., p re fe rred ______________________ 50,000
50,000 W ash E lecortgage 1st M ________ 1897 5 g J - J
m
$650,000/
5 g
Ju
C o m m o n ____________________________________________ 50,000
50.000 F irst ld _______________c & rtf. l i n t ,1902 olonial T r. C o ., 423,000rg h ,ly 1 s1932
go
at C
P ittsb u
tru te e
P ittsb u rg h & C harleroi S tree t R ailw ay C o ., com m on____ 50,000
50,000
Second m ortgage $500,000/
1913 5 J-D
185,000 D ec 1 1943
M t. W ash in g to n S tree t R ailw ay C o ., com m on___________ 30,000
30,000
($1,000) red a t 102 & in t o n /I n t . a t office of com pany or a t C olonial T ru st
W ash in g to n & C an o n sb u rg R ailw ay C o ., com m on______ 20,000 20,000
10 w eeks’ n o tic e ________ t f [ C o ., P ittsb u rg h , tru s te e .
E a s t M cK e e sp o rt S tree t R ailw ay C o ., com m o n ________
5,000
5,000
A llegheny B ellevue & P erry sv ille R y . C o ., com m on____ 5,000
5,000
Bonds.— On 1st m tge. bonds a sinking fu n d of $5,000 p e r a n n u m becam e
B en A von & E m sw o rth S tree t R y . C o ., com m on_______
2,000
2,000 o perative a fte r 5 years; $102,000 h av e been canceled, $125,000 of th e new
P ittsb u rg h C an o n sb u rg & W ash in g to n R y . C o ., co m m o n . 1,590
1,590 bonds are reserved to re tire th e bonds of th e W ashington E lectric S t. R y.
C lairto n S tree t R y . C o ., com m o n _______________________
600
600
T h e 2d m tge. bonds o u tsta n d in g a re ow ned b y P ittsb u rg h R y s. C o.—
W est Shore E lectric S tree t R y . C o ., com m on___________
500
500 V . 106, p. 88; V . 116, p . 411.
480
480
W ashington & C laysville S tree t R y . C o ., com m on_______
(c) P I T T S B U R G H C A N O N S B U R G & W A S H IN G T O N R Y .
A llenport & R oscoe E lectric S tree t R y . C o ., com m on____
300
300
M cK ees R ocks & N eville Isla n d S t. R y . C o ., com m on____
300
300
D efault and Subsequent Paym ent.— See P ittsb u rg h R ailw ays above.
R osslyn S tree t R ailw ay C o ., com m on__________________
200
200
O R G A N IZ A T IO N .— In 1907 was leased for 30 years to th e W ashin g to n
B on A ir S tree t R ailw ay C o ., com m on____________________
174
174 & C anonsburg R y ., w hich gu aran tees bonds, principal a n d in te re s t.
P in e R u n S tre e t R ailw ay C o ., com m on_________________
168
168
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
M cK ees R ocks & A llegheny S tree t R u . C o ., com m on____
160
160
G rafto n & C h a rtie rs V alley T rac tio n C o ., com m on______
120
120 A trolley ro a d . O perates 12.067 miles of tra c k betw een C an o n sb u rg and
C la irto n & B lair S tre e t R u . C o ., com m o n _______________
120
120 C astle S hannon. 80-lb. rails
V irginia A venue S tree t R y . C o ., com m on_______________
120
120
S T O C K A N D B O N D S—
Date.
Interest. O utstanding. M a tu rity .
W est L ib e rty & S u b u rb an S tre e t R y . C o ., co m m o n______
120
12o Stock (1,590 shares, all ow ned b y P ittsb u rg h R ailw ay)
109.2
210
W eills Place C o ., co m m o n _____________________________
1st m tge $750,000 ($1,000)/ 1907
5 J-J
$750,000 J u ly 11937
C o n so lid ated T ra c tio n C o ., p re fe rred __________________
100 240,000
g o l d ___________________ tf-jSafe D eposit T r u s t C o., P ittsb u rg h , tru s te e .
C ed ar A venue S tre e t R y . C o ., com m on_________________
80
8q
I I n t. a t c o m pany’s office, P ittsb u rg h .
S uperior A ve. & Shady A ve. S tree t R y . C o ., com m on
80
8 ) Second m ortgage $500,000/ 1913
5 J-D
89,000 D ec. 1 1943
T u s tin S tre e t R ailw ay C o ., com m on___________________
24
24
($1,000); re d a t 102 & in t / I n t . a t office of co., P ittsb u rg h , or Safe
on 10 w eeks’ n o tic e ______t f / D eposit & T r u s t C o ., P ittsb u rg h , tru ste e .
B y th e te rm s o f a n o p e ra tin g c o n tra c t, effective J a n . 1 1902, th e P itts4
Bonds.— 1st m tge. bonds are redeem able a t 105 a n d in t. on a n y in t. d a te ;
bu rg h R y s. C o. assum ed c o n tro l o f all th e p ro p erties of th e C onsolidated
T ra c . C o ., th e U n ited T ra c . C o. o f P itts , an d th e ir u n d erly in g com panies. g u a r., p . & i., b y W ashington & C anonsburg R y . a nd P ittsb u rg h R y s.
Second m ortgage bonds o u tsta n d in g a re ow ned b y P ittsb u rg h R y s. C o.—
O p erates jo in tly w ith th e W est P e n n R y s. C o. a tro lley fre ig h t service know n
V. 106, p . 87, 1231; V. 108, p . 2630.
as th e C onsolidated E lec tric F reig h t. V . 119, p . 694.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
(d ) O T H E R C O N T R O L L E D P R O P E R T I E S .
T h e P ittsb u rg h R ailw ays C o. o p erates 595.86 m iles o f tra c k in P ittsb u rg h
an d o u tly in g boroughs. T o ta l cars, 1,803. In 1925 carried 269,345,924
Bonded Debt.— U nder d a te of D ec. 1 1913 th e following nam ed com panies
rev en u e p assengers. H as long-tim e c o n tra c t w ith D uquesne L ig h t C o. for controlled b y th e P ittsb u rg h R y . C o ., as show n above, filed m ortgages to
s u p p ly of lig h t a n d pow er. V. 121, p . 2274.
secure issues of 1st m tge. 5% gold bonds (in t. J . & D .c * tf), d ue D ec. 1 1943
Bus Operation.— O perates 22 buses.
(par $1,000), b u t callable, all or p a r t, a t 102 a n d in t. on 10 w eeks’ notice.
T h e o u tsta n d in g a m o u n t in each case is ow ned b y th e P itts b u rg h R y s. CoSTO CK A N D B O ND S—
Date.
Interest.
O utstanding. M aturity.
C om sto ck $2,500,000 ($50)________
_________ $2,500,000 ................. ..
Trustee.
N am e o f Company—
Total A u th . Total Issued.
P re f 5% cum $2,500,000 ($ 50)............
................... 2,500,000 ------- -------C edar A venue S tre e t R y . C o ____$40,000 $39,000 Col T r. C o., P itts b .
G en m tg e $20,000,000 re d a t / 1913
5 A-O
2,539,000 M a r 311953 B on A ir S tree t R y. C o _________ 100,000
45,000 C ol. T r . C o ., P itts b .
105 & in t g u a r p & i _____tf /G u a r a n ty T r u s t C o ., N ew Y o rk, tru s te e .
W est Shore Elec. S tree t R y . C o_-100,000
85,000 C ol. T r . C o ., P itts b .
6%
1.000.000
____u p e rio rA v e.& S h a d y A v e.S t.R y . 65,000
Serial n o te s __________________ _____
S
65,000 C ol. T r. C o ., P itts b ,
C ar tru s ts ($1,000) fre e o f P a / 1924
6 g F-A
2,600,000
See te x t A llenport & Roscoe E lec. S t. R y .5 0 0 ,0 0 0 127,000 U nion T r . C o ., P itts b .
4-mill ta x g o ld _______ c * tf ] I n t. a t U n. T r. C o ., P ittsb u rg h , tru s te e .
(2) U N I T E D T R A C T I O N C O . O F P I T T S B U R G H .
C ar tru s ts S e r . ‘B ’ ($1,000) g ./ 1925
6 g A-Q
1,120,000
See te x t
free o f P a . 4-mill ta x - _ c * tf \ I n t. a t U n . T r. C o ., P ittsb u rg h , tru ste e .
O R G A N IZ A T IO N .— In c o rp . on J u ly 27 1896, a n d in Ju n e 1897 purchased
all th e p ro p e rty an d franchises of th e Second A ve. a n d N o rth Side tra c tio n
Guaranteed Bonds—
Date. Interest.
O utstanding. daturity.
com panies, an d secured control of th e P ittsb u rg h A llegheny & M an c h e ste r
W est L ib erty & Sub S t 1st M / 1908
5 g J - J $250,000 J a n 1 1938
th ro u g h a lease for 950 years an d th e pu rch ase of its stock. V . 65, p . 27.
$250,000 ($1,000) g _____t f \ I n t . a t C olonial T ru s t C o ., P itts b ., tru ste e .
T h e F ederal S t. & P le a sa n t V alley P ass. R y . is controlled th ro u g h its lease
Debt o f Old Southern Trac. Co.—
So T ra c 1st M coll tr u s t g o ld / 1900
5 g A-O
4,000,000 O ct 1 1950 for 950 years to th e N o rth Side T rac tio n . In 1902 leased th e P itts b . & B irm .
T rac . C o ., E a s t M cK eesport S t. R y . a n d th e P itts b . & C harleroi S t. R y .
$4,000,000 ($1,000)_ c * t f \ l n t . a t U nion T r. C o ., P ittsb u rg h , tru s te e .
_
In M arch 1899 th e P hiladelphia C o. offered to give $6,375,000 of its com .
1,016,000 J a n 1 1938
W est E n d T rac tio n gen m tg e / 1898
5 J-J
$1,500,000 ____________ t f \ I n t . a t U nion T r . Co P ittsb u rg h , tru s te e . stock in exchange for th e $17,000,000 com . sto ck of th e U nited T rac . See
V. 68, p. 479. In O ct. 1899 exchange of sto ck u n d e r th is p la n was begun an d
Underlying loans o f West E nd Traction—
P ittsb u rg h C ra fto n & M a n s -/ 1894
5 J-J
171,000 J u ly 1 1924 all shares have been acquired a nd are now ow ned b y P ittsb u rg h R ailw ays.
On J a n . 1 1902 th e P ittsb u rg h R ailw ays C o. to o k over th is p ro p e rty ,
field 1st m tg e __________ t f l l n t . a t P ittsb u rg h T ru st C o ., P ittsb u rg h .
P itts & W est E n d 1st m t g e . . t f 1892
6 J-J
313.000
See te x t a n d , u n d e r th e te rm s of th e o perating c o n tra c t, agrees to p a y c u rre n t div i­
of 5% on
agreem
w as
an.
Bonds.— Of th e gen. m tg e. b o nds, $4,000,000 a re to re tire S outhern T rac - dends fte r until th e pref.testo ck . th T hee m o n th s'entotice u n til Jeith e1 1907 and
te rm in a d by
re
n
from
r p a rty .
bonds an d $13,461,000 (of w hich $3,461,000 in tre a su ry ) a re for extens.. th e re a
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
b e tte rm e n ts a n d im p ro v em en ts. V . 97, p . 444, 666. $1,968,000 a re guar­
C ontrols 235.63 miles of tra c k in all.
a n te ed , p rin . & in t., b y P h ilad elp h ia C o m p an y .
C ar tru s ts o f 1924 m a tu re $200,000 each F eb . 1 fro m 1925 to 1939 incl.
ST O C K A N D B O N D S—
Date.
Interest.
Outstanding D iv. or M a t.
P rin . an d in t. p a y ab le a t th e office of tru s te e . In A pril 1924 $3,000,000 Com stock $17,000,000 ($50)..............
J-J
*$17,000,000 J u ly ’12,14%
w ere offered b y U nion T r u s t C o. o f P ittsb u rg h an d B row n B ros. & P re f cum $3,000,000 ($50)___ _____
5 J-J
3,000,000
See te x t
C o. a t p rices yielding fro m 5.22% to 6 % , according to m a tu rity . V. 118, U nited T rac gen m tge goldf 1897
5 g J-J
4,797,000 J u ly 1 1997
p . 2042. $400 000 h av e been re tire d .
$10,000,000 ($1,000)-- c * tf /M a ry la n d T r u s t C o ., B altim ore, tru s te e .
C ar tru s ts Ser. “ B ” o f 1925 a re d u e, $80,000 an n u ally A p r. 15 1926 to
( In te re s t is p a y ab le in N ew Y ork C ity .
1940, incl. P rin . an d in t. p a y ab le a t office of tru ste e . $1,200,000 w ere P itts Alleg & M a n c h e s t e r . - t f ___
5
1,346,000 O ct. 1 1930
offered in A pril 1925 b y T h e U nion T ru s t C o ., P ittsb u rg h a t prices ranging Second A ve T rac tio n m tg e l 1894 5 g J -D
2,014,000 D ec. 1 1934
fro m 101 & in t. to 10114 & in t., to yield from 4.95% to 4 .8 5 % , according
gold ($1,000)_________ c * tf/M a ry la n d T r u s t C o ., B a lt., M d ., tru s te e .
to m a tu rity .— V. 120, p . 2013.
In te re s t a t B row n B ros. & C o., N . Y ., or A . B row n & Sons, B altim ore.
T h e S o u th ern T rac tio n m o rtg ag e c an n o t be called before m a tu rity . 2d A ve T rac tio n Co m t g e .- t f 1893
5 J-J
392,000 J u ly 1 1933
P h ilad e lp h ia C o m p an y ow ns $126,000. T h e F a rm e rs’ D ep o sit N a tio n a l L oans p ayable D ec 31 1925_ _____
_
_________
1,585,671 __________
B an k of P ittsb u rg h offered th e bonds for sale in O ct. 1900. See V. 71, p.864
Of th e p o rtio n o f th e 5s o f 1898 of th e W est E n d T ra c tio n still unissued,
* All ow ned b y P ittsb u rg h R ailw ays C o.
$484,000 are reserv ed to re tire un d erly in g bonds.
Th U
th e
B onds o f th e W est L ib erty & Sub. S t. a re g u a ra n te ed b y P ittsb u rg h R ys. P itts .e A. n ited . T rac tio n receives tra e tion tire earnings o f th e N o rth Side
& M a n d Second A ve.
c n com panies.
C o ., a re n o t s u b je c t to call an d hav e no sinking fu n d .
D ividends.— On preferred divs. a t th e ra te of 5% a n n u ally w ere p a id to
H olders of th e $171,000 P itts . C rafto n & M ansfield 1st m tge. 5s, due
J u ly 1914. J a n . 1915 div. passed. V. 100, p . 55. N one since. See re ­
J u ly 1 1924, w ere advised b y le tte r of th e P resid en t, d a te d A ug. 20 1924,
t h a t th e y could eith e r register th e ir bonds un d er a co n tin u atio n a rran g em en t m ark s above. On common, )4% p a id J u ly 2 1903, a n d )4% each 6 m o n th s
o r exchange th e ir bon d s a t p a r for W est E n d T ractio n C o. 5% bonds, to and including J a n . 1912. In J u ly 1912, H % . N one since.
Bonds.— T h e new U nited T rac. m tg e . is lim ited to $10,000,000; bonds
due 1938. A sim ilar le tte r w as issued to P itts . & W est E n d 1st m tge.
can n o t be redeem ed before m a tu rity ; M a ry lan d T ru s t C o. of B altim ore is
bondholders.
P ittsb u rg h & W est E n d 1st m tg e . 5s m a tu re d J u ly 1 1922 b u t holders w ere tru ste e . O f these bonds, $5,196,000 are reserved to re tire th e divisional bds.
asked to c o n v ert sam e in to W est E n d T rac . gen. m tge. 5s d u e J a n . 1 1938. above m entioned. B onds are listed on P h ila. an d B a lt. S tock E xchanges.
U p to A p r. 1 1925 $29,000 h ad been c o n v erted a n d co. is p a y in g in t. on th e
E A R N IN G S .— N o t now a n operatin g com pany.
re m a in in g $313,000 a t th e ra te o f 5 % .
O F F IC E R S .— P re s ., A . W . R obertson; V .-P ., J . H . R eed; V .-P ., T .
E A R N IN G S .— F o r calen d ar years:
F itzgerald; Sec., W . B. C arson; T rea s., C. J . B ra u n , J r .; C o m ptroller, C . S.
[P repared in accordance w ith th e te rm s o f th e ag reem en t betw een c ity M itchell. Office, P ittsb u rg h , P a . F inancial ag en ts, A lexander B row n &
of P ittsb u rg h , su n d ry o th e r m u nicipalities, P h ilad elp h ia C o. an d P itts . R ys.] Sons, B altim ore, M d .— V . I l l , p . 2141; V. 113, p . 2722; V. 114, p . 80,
1925.
1924.
1288, 1892.
G ross revenue fro m stre e t railw ay o p e ra tio n s_____$21,813,697 $22,063,777 L IN E S C O N T R O L L E D B Y U N IT E D T R A C T IO N CO . O F P IT T S B .
O perating expenses an d ta x e s____________________ 17,461,177 18,028,919
N e t re v e n u e ___
O th er incom e (net)

$4,352,520
283,672

$4,034,858
374,684

T o ta l incom e___
Incom e ch arg es___

$4,636,192
4,584,060

$4,409,542
4,399,467

N e t incom e__________________________________
$52,132
$10,075
O F F IC E R S .— C h airm an of B o ard , M o ritz R osenthal: P re s ., A. W .
R obertson; V .-P ., J . H . R eed; V .-P ., T . F itzg erald ; G en. M g r., W . T .
R ossell; Sec., W . B. C arson; T rea s., C . J . B rau n , J r.; C o m ptroller, C . S.
M itc h ell.— V. 120, p . 1581, 2013; V. 121, p . 2274; V. 122, p. 1764, 1905,
2193; V. 123, p . 456, 1878.
(a) M O U N T W A S H IN G T O N S T R E E T R Y .

O R G A N IZ A T IO N .— In co rp . in P e n n a . on O ct. 8 1901 an d la te r absorbed
h e Sycam ore S tre e t R y. Also owns th e e n tire ($500,000) c ap ita l sto ck of
th e M o u n t W ashington T u n n el C o. Stock of th e M o u n t W ashington S tree t
R y . is ow ned b y th e P ittsb u rg h R y s. T h e ro a d is leased to th e P ittsb u rg h
R ailw ays Co. for 995 vears from A pril 1 1903 for all charges, incl. bond in t.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A tro lley ro a d . O p erates 12.9157 m iles of tra c k from P ittsb u rg h to M o u n t
L e b a n o n . G auge, 5 ft. 2)4 in.
ST O C K A N D B O N D S —
Date.
Interest. O utstanding.
daturity
Stock $1,500,000 ($ 50)____________
_________ $1,500,000 . . . -----------1st m ortgage a n d coll tr u s t/ 1903
5 g A-O
1,500,000 A pril 1 1933
$1,500,000 gold ($1,000)-) P e n n . C o. for In su ran ces on Lives & G ra n tgu ar p rin & in t _______ c * tf [ in g A nnuities, P h ilad elp h ia, tru ste e .




(a) F E D E R A L S T R E E T & P L E A S A N T V A L L E Y R Y .

D efault and Subsequent Paym ent.— See P ittsb u rg h R ailw ays above.
O R G A N IZ A T IO N .— Incorp. Feb. 20 1868, a n d has since consolidated
its various subsidiary com panies. T h e franchise is p e rp e tu a l.
T h e N o rth Side T rac tio n C o. on J u ly 20 1896 leased th e Federal S tre e t &
P le a sa n t V alley for 960 years, assum ing its d e b t, a n d agreeing to p a y as
re n ta l all tax es, re n ta ls. &c.. an d also $70,000 y e arly in cash, pay ab le
J a n . 15 a n d Ju ly 15, equal to 5% on th e $1,400,000 sto ck , of w hich i t owns
$750,000. V. 63, p . 31, 76, 189.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A trolley ro ad . E m braces 33.845 m iles of tra c k (including sidings) on a b o u t
17 miles of stre et.
T h e $77,000 5% bonds of th e Federal S tree t & P le a sa n t V alley, due
Ju ly 1 1919, were extended for 2 years a t 6 % , b u t h a d n o t been ta k e n up
as of O ct. 1 1926, b u t in te re st was being p aid a t th e r a te of 5 % .
As of O ct. 1 1926 no arran g em en ts h a d been m ade for th e re tire m e n t or
extension of th e 4 issues of u nderlying bonds m a tu rin g N o v . 1 1920.
STO CK AND BO ND S—
Date. Interest.
O utstanding. M atu rity.
5 J -J
$1,400,000
See te x t
Stock (par $25) full p a id ___________
Consol m tge $1,250,000 gold! 1892 5 g J -J
1,090,000 M a y 1 1942
($1,000) on 28 m ile s -_ c * tf/in t. a t F id e lity T itle & T r . C o ., P ittsb u rg h .
Underlying Mortgages—
Federal S t & P leas Val m tge t f
1889 6 J -J
$77,000 Ju ly 1 1921
A llegheny & Bell 1st m t g e .- t f
1890 5 J - J
l4 ,0 0 0 N ov. 1 1920
A llegheny S tree t 1st m t g e .- t f 1890 5
25,000 N o v . 1 1920
P e rry S tree t 1st m o rtg a g e .- tf
1890 5 J -J
1,000 N ov. 1 1920
T ro y H ill 1st m o rtg ag e ____t f
1890 5 J -J
37,000 N o v . 1 1920

POWER, LIGHT AND RAILWAY

Oct., 1926.]

Bonds.— T h e consolidated m o rtg ag e of 1942 is for $1,250,000, of w hich
th e b alance unissued is in th e h a n d s o f tru ste e to re tire all th e o th e r issues;
m ortgage tru ste e is th e F id e lity T itle & T r u s t C o ., P ittsb u rg h . All th e
a b o v e issues a re g u a r., p rin . & in t., b y U n ited T rac tio n C o.— V. 106, p.
85, 929, 230.
(b )

P I T T S B U R G H & B IR M IN G H A M T R A C T I O N .

On J a n . 1 1902 leased for 999 y ears to th e U n ited T rac tio n C o ., w hich has
agreed to p a y all in te re st, taxes, & c., an d also $150,000 a n n u ally as re n ta l.
Lease is g u a ra n te ed b y th e P h ilad elp h ia Co.
O R G A N IZ A T IO N .— In c o rp . A ug. 15 1889; N o v . 19 1889 leased P . & B .
Passenger R y ., including S o u th Side Pass R y . C o. Also leased a nd oper­
a te d from D ec. 1891 P ittsb u rg h In clin e P lan e C o . an d M t, O liver Incline
Plane C o.; o p erated also B irm . K noxville & A llentow n T rac tio n C o. In
Aug. 1900 pu rch ased th e $400,000 c a p ita l sto ck of th e W est L ib e rty S tree t
R y . a n d co n stru cted a line to M t. L ebanon. V. 71, p . 343.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A tro lley ro a d . O p erates 30.27 m iles o f tra c k , laid w ith 90-lb. rails
S T O C K A N D B O N D S—
Date. Interest.
O utstanding. M atu rity.
Stock ($50)__________________ _____
See te x t
$3,000,000
See te x t
1st M g u a r p & i b y U n ite d / 1889 5 g M -N
1,500,000 N o v 1 1929
T r. Co ($ 1 ,0 0 0 )-------- c * tf/F id e lity T ru st C o. o f P h ilad e lp h ia , tru ste e .
T h e S o u th Side Pass R y 1st M 1913 5 A-O
10,000 O ct 11953
($1,000) n o t sub to c a ll_ _ tf /I n t. a t C olonial T r u s t C o ., P itts ., tru ste e .
Guaranteed Bonds—
B irm K nox & A 1st m tg e g o ld / 1891 6 g M -S
468,000 Sept 1 1931
in te re st g u a ra n te e d _______ /F id e lity T ru s t C o ., P h ilad e lp h ia , tru ste e .
Brow nsville Ave St R y 1st M „ 1896 5 F-A
300,000 A ug 1 1 9 2 6
W est L ib erty S t R y 1st m tg e ./ 1900 5 g J - J
400.000 J u ly 1 1 9 3 0
/ P ittsb u rg h T ru s t C o ., tru ste e .
Bonds.— P ittsb u rg h R y s. C o. n o tified holders of Brownsville Ave. St. Ry.
1st mtge. bonds due A u g . 1 1926 th a t i t was p re p a re d to c o ntinue in te re st
p a y m e n ts pen d in g com pletion o f th e fin an cial reorg an izatio n p la n . V. 123,
p . 1878.
A N N U A L R E P O R T .— N o t now a n o p eratin g co m p an y .— Y . 7 2 , p . 7 7 6
L IN E S L E A S E D TO P IT T S B U R G H & B IR M IN G H A M T R A C . C O
M T. O L IV E R IN C L IN E R Y .

O w ned a n d leased b y P ittsb u rg h & B irm in g h am T ra c tio n C o. O perated
as a p a r t of P itts b u rg h R ailw ay s C o. Stock, $100,000. B onds, 1st M .
6s (c p t) M . & N ., d u e M a y 1 1954, $41,500. R ed . a t 105 an d in t. C olon­
ia l T r u s t C o ., P ittsb u rg h , tru s te e .

P IT T S B U R G H & C H A R L E R O I ST R E E T R Y ,

Stock owned by P ittsb u rg h R ys.
O R G A N IZ A T IO N .— In co rp . A pril 19 1902 an d to o k over the C harleroi
A W est Side R y .; is leased to th e U nited T rac tio n C o . for 900 years from
M ay 15 1902. R en tal is $1,000 p er y e ar. B onds a re g u a ra n te ed p rin . an d
In t. by th e U nited T rac tio n C o. a n d th e P h ilad elp h ia C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A trolley ro a d . O perates a ro a d betw een P ittsb u rg h an d A llenport, b y
w ay o f C astle Shannon, Finleyville, M onongahela C ity a n d C harleroi, a
d istan ce of 50.114 m iles. C o m p leted in Sept. 1903.
T h e $52,000 1st M . 5s of th e C harleroi & W est Side R y ., due S ept. 1
1919, were extended for 2 y ears a t 6 % , and again to S ept. 1 1922, b u t had
n o t y e t been ta k e n up as o f O ct. 1 1926. alth o u g h in t. a t th e ra te of 6% per
an n u m was being p aid reg u larly .
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M atu rity.
Stock $2,500,000 C$50)_______ _____
_________ $2,500,000 __________
C harleroi & W est Side 1st M . t f ___
6%
52,000 S ept 1 1922
P itts & C harleroi 1st M $2,-/ 1902
5 g M -N
2,430.000 M a y 1 1932
500,000 gold ($1,000)-C*tf/ i n t . a t U nion T ru s t C o ., P ittsb u rg h , tru ste e .
P itts & C harleroi 2d M $ ! ,- [ 1913
5 J-D
522,000 D ec 1 1943
000,000 ($1,666) red a t 10 2 ]In t. a t co m p an y ’s office o r U nion T r u s t C o .,
& in t. on 10 w eeks’ notice t f [ P ittsb u rg h , tru ste e .
Bonds.— Of th e P itts b . & C harleroi 1st M . b o nds, $52,000 is reserved to
re tire a like am o u n t of C harleroi & W est Side bonds. See Y. 74, p . 1039.
Second m tge. bonds o u tsta n d in g a re ow ned b y P ittsb u rg h R y s. C o.— V . 74,
p. 1039, 1090; V. 76, p . 752.
(d )

A L L E G H E N Y B E L L E V U E & P E R R Y S V IL L E R Y .

O R G A N IZ A T IO N .— In co rp . in P a . on F e b . 8 1900. E n tire stock is
owned by th e P ittsb u rg h R y s. Is leased to th e U n ited T ra c tio n C o. for
995 y ears fro m M a r. 1 1905 a t a re n ta l of 10% on th e stock.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perates 16.690 m iles o f tra c k fro m A llegheny via W estview to B ellevue.
G auge, 5 ft. 2)4 in.
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
Stock $250,000 ($50)_________ _____
10%
$250,000
See te x t
1st m tge $500,000 gold g u a r/ 1905
5 g A-O
500,000 A pril 1 1935
( $ 1 ,0 0 0 ) ........................... c t f / P a .C o . for In s. on L . & G . A ., P h il., tru ste e .
Bonds.— A re g u a ra n te ed , p rin . & in t., by P h il. C o. In te re s t is payable
a t co m p an y ’s office or b y B row n B ros. & C o., N . Y ., a n d P h ila. N o sink­
ing fund and bonds are n o t su b jec t to call.
(e)

BEN AVO N & EM SW O RTH ST R E E T R Y .

S T O C K A N D B O N D S—
Date. Interest.
O utstanding. M aturity.
Stock $100,000 ($50)_________ -----A-O
$100,000
See te x t
1st m ortgage $300,000 g o ld / 1906 5 g
300,000 A pril 1 1930
g u a r ______ _____ _______ t f j F id e lity T itle & T r u s t C o ., P itts b ., tru ste e
In te re s t a t co m p an y 's office.
2d M $100,000 ($1,000) subj f 1913
5 J-D
79,000 D ec 1 1943
to call a t 102 an d in t on 10{ I n t. a t c o .’s office o r F id e lity T itle & T ru s t
w eeks’ n o tic e ___________ t f ( C o ., P ittsb u rg h , P a ., tru ste e .
Bonds.— 1st M . bonds are g u a ra n te ed , p rin . a n d in t., b y th e P hiladelphia
C o. 2d M . bonds o u tsta n d in g are owned b y P ittsb u rg h R ys.
east

Mc K e e

s p o r t s t r e e t r a il w a y

.

E n tire stock is ow ned by P ittsb u rg h R ailw ays.
O R G A N IZ A T IO N .— In co rp . in P a . on Ju n e 26 1899. Is leased to
U nited T rac tio n C o. o f P ittsb u rg h for 900 years from J a n . 1 1902.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perates 8.285 miles.
S T O C K , $250,000 ($50). 1st M . 5% gold bonds, $250,000 (tf) ($1,000).
D a ted D ec. 1 1899. D ue D ec. 1 1929. I n t. J . & D . a t F id e lity T itle &
T r u s t C o ., P ittsb u rg h , tru ste e .




(a) A R D M O R E S T R E E T R Y .

O R G A N IZ A T IO N .— In c o rp . in P enn sy lv an ia on O ct. 31 1907. R oad
m ostly on p riv a te right-of-w ay. Franchises in boroughs are p e rp e tu a l.
C onsolidated T rac tio n ow ns all th e sto ck a nd gu aran tees th e bonds, princi­
pal an d in te re st. V . 88, p . 881. P h ilad elp h ia C o. ow ns $26,000 bonds.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perates 8.22 m iles of tra c k betw een W ilkinsburg a nd E a s t P ittsb u rg h .
ST O C K A N D B O N D S—
D ate.
Interest. O utstanding. M aturity
Stock $14,000 ($50)__________ _____
_________
See te x t __________
F irst m ortgage $1 ,2 5 0 ,0 0 0 1 1 9 0 8
5 g A-O $1,032,000 A pril 1 1958
gold ($1,060)_________ c * t f / l n t . a t C olonial T r u s t C o., P itts b ., tru ste e
Bonds.— R em aining bonds are reserved for extensions a nd b e tte rm e n ts.
N o sinking fu n d , b u t su b jec t to call a t 105 a nd in te re s t.— V. 88, p . 881.
(b) A L L E G H E N Y T R A C T I O N .

O R G A N IZ A T IO N .— In c o rp . J u ly 23 1890. A pril 1 1896 th is co. w as
leased to th e F o rt P it t T rac tio n C o. for 950 years a t a re n ta l of $25,000 per
a n n u m . Lease assum ed b y C onsol. T rac tio n C o. J u d g m en t ag ain st co.
as g u a ra n to r of $11,000 M illvale E tn a & S harpsburg bonds, see V. 121,
p . 72, 196, 327.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Including M illvale E tn a & Sharpsburg, 21.766 m iles of ro a d .
ST O C K A N D B O N D S—
D ate. Interest.
Outstanding. M aturity.
Stock $500,000 (par $50)...................
5%
$500,000
See t e x t
Guaranteed Bonds—
M illvale E tn a & S h a rp sb u rg / 1893
5 g M -N
741,000 N o v . 1 1923
1st m tg e $750,000___ g _ tf J I n t. a t P itts b . T r . C o ., P ittsb u rg h , tru s te e .
D ividends.— T he sem i-annual dividend of 2 K % , due Ju n e 1 1901, w as
passed, th e proceeds being used to p a y off th e flo a tin g d e b t. In 1902,
4 K % ; 1903 to 1920 in c l., 5% p e r an n u m .— V. 121, p . 72, 196, 327.
(c) C E N T R A L T R A C T I O N .

Lease.— In co rp . D ec. 21 1888. L eased fro m A pril 2 1896 to th e Consoli­
d a te d T rac . C o. for 950 years a t 3% p er a n n . on p a r value of $1,500,000
stock (see V. 61, p . 1154); an d in M a y 1896 stockholders w ere offered priviege of exchanging th e ir sto ck for receip ts, w hich w ere redeem ed a t $30 per
share on O ct. 1 1896 in C onsol. T ra c . C o. p re f. stock a t p a r. 29,173 shares o f
C e n t. T ra c . sto ck (out of 30,000) h a v e been so exchanged. V . 62, p . 1087,
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
9.27 miles of tra c k , of w hich it controlled b y ow nership of c ap ital stock
C en tra l Passenger R y . 3 H m iles.
T h e $125,000 C en tral P ass. R y. 1st M tg e. 6s due O ct. 1 1924 w ere n o t
retired a t m a tu rity . See V. 119, p . 1845, u n d e r caption “ P ittsb u rg h R ys.
C o .”
ST O C K A N D B O N D S— Date.
Interest. O utstanding. M a tu rity .
Stock ($50) see te x t__________ _____
3% A-O (3 0 ,0 0 0 sh s./
See
/30 paid u p j
te x t
1st m tge $350,000 cable line! 1889
5 J-J
$325,500 J u ly 1 1929
$500__________________ n tf / I n te r e s t a t U nion T ru st C o ., P ittsb u rg h .
Bonds o f Central Passenger Ry. Controlled—
1st m ortgage $250,000 ($1,-1 1894
6 A-O
125,000 O ct. 1 1924
0 0 0 )__________________ n tf / I n te r e s t a t U nion T ru s t C o., P ittsb u rg h .
Dividends.— F e b . 1 1892, $2 50 in stock; in 1896, F e b ., 2% in cash; In
1898, N o v ., 1 H % In cash; in 1899 a n d since, 3% p e r y e ar.— V . 62, p . 948.
1087.
(d ) C IT I Z E N S ’ T R A C T I O N .

O R G A N IZ A T IO N .— In c o rp . in P a . on J u n e 17 1903. E n tire sto ck is
ow ned by P ittsb u rg h R ys. Is leased to U n ited T ra c . C o o f P ittsb u rg h for
995 y ears from A pril 1 1906 a t 5% on stock.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
O perates 5.1588 miles of tra c k from A valon to D ix m o n t. G auge, 5 ft. 2>£

(f)

C O N S O L ID A T E D T R A C T I O N .

O R G A N IZ A T IO N .— C h arte re d J u ly 15 1895. T h e com pany absorbed
the F o rt P it t T rac tio n C o. (a consolidation of F o r t P it t P a ss. R y ., G ross
S tree t R y ., H ighland P a rk S tre e t R y . a n d N egley S tree t R y .), an d assum ed
its leases of th e C itiz en s’ an d th e A llegheny T ra c tio n com panies, a n d has
acquired th e control of th e P ittsb u rg h , th e D uquesne a nd th e C en tra l T rac ­
tion com panies. In 1902 leased th e M onongahela S t. R y . a nd th e Subur­
ban R ap id T ra n s it S tre e t R y . Owns all stock of th e A rdm ore S tree t R y .
a nd gu a ra n te es its bonds, p rin . an d in t. V . 88, p . 882.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A trolley ro a d . C ontrols 223.164 miles of tra c k in all.
On D ec. 4 1901 th e stockholders of P hiladelphia C om pany approved
plan for absorbing th e shares of th e C onsolidated T rac tio n . See term s
in V . 73, p . 1112. 286,880 shares com m on and 233,117 shares preferred
have been so exchanged.
Interest D ecision.— See V . 113, p . 847.
STO CK A N D BO ND S—
D ate. Interest.
O utstanding. M aturity.
C om m on stock ($50)_________ _____
J-J
$15,000,000 J u ly ’12, 1%
6 M -N
12,000.000 M a y ’26, 3%
P ref stock 6% cum ($50)__
C ar tru s t bonds $200,000 g o ld /
1917 5 M -N
68.000
See te x t
($1,000) Series “ E ” _______ /F id e lity T itle & T r . C o ., P itts ., P a ., tru ste e .
F o rt P itt T rac m tge $1,000,-/
1895 5 g J -D
1,000,000 D ec 2 1935
000 ($1,009) g n o t r e d - c * tf / I n t. a t P ittsb u rg h T r. C o ., P itts b ., tru s te e .
N otes p ayable D ec 31 1925_________
_________
1.516,057 __________
Stock.— T h e pref. stock carries cum . divs. of 6% per a n n u m a nd has th e
rig h t to p a rtic ip a te equally w ith th e com . stock w hen th a t h a s received 6 % .
All a rre a rs of divs. w ere p a id up in J a n . 1903. V. 46, p. 48. F irst div . of
1% on common paid J a n . 2 1903: th e n 1% J u ly 1905; 1904 to 1911 in cl., 2%
per an n u m . In 1912, J a n ., 1% ; J u ly , 1% .
Bonds.—T h e eq u ip m en t t r u s t certificates series E c ar tr u s t bonds are
secured b y 50 cars costing $225,000. T h ey m a tu re in 11 a n n u a l p a y m e n ts
com m encing N ov. 1 1918. $132,000 re tired .
T h e F o rt P it t T ra c . bonds are secured b y th e deposit of th e shares of th e
c o n stitu en t com panies o u t of w hich th e F o rt P it t C o. w as form ed, nam ely:
$300,000 F o rt P it t P a ss. R y . sto ck , $100,000 G ross S t. R y. stock, $100,000
H ighland P a rk S t. R y sto ck , $100,000 N egley S t. R y . stock.
O F F IC E R S .— P re s ., A . W . R o b ertson; V .-P ., J . H . R eed; V .-P ., T .
F itzgerald; Sec., W . B . C arson; T re a s ., C . J . B ra u n J r .; C om p., C . S.
M itc h ell.— V . 119, p . 2759.
L IN E S C O N T R O L L E D B Y C O N S O L ID A T E D T R A C T IO N C O .

P I T T S B U R G H IN C L IN E P L A N E .

Leased for 999 years to P ittsb u rg h & B irm ingham T ra c tio n C o. a t re n ta l
equal to in te re st on bonds a n d 10% on $150,000 sto ck , free o f tax; dividends
were 9% yearly for som e tim e, b alan ce being carried to su rp lu s, b u t w ere
Increased some tim e p rio r to J a n . 1 1902 to 10% . T h e $150,000 1st M . 6s
d u e J u ly 1 1919 an d th e $100,000 2d M . 6s h av e been p u rch ased b y th e
P hiladelphia C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A n incline p lan e w hich ex ten d s fro m B rad fo rd S t., P ittsb u rg h , to W arring­
to n A ve., on to p of hill.
ST O C K A N D B O N D S—
Date.
Interest.
O utstanding. M aturity
8tock (par $100) full p a id __________
Q -F
$150,000
See te x t
1st m tg e ($1,000 e a c h )._ c * tf_ 1889
6 J -J
150,000 J u ly 1 1919
Second m o rtg ag e____________ _____
6%
100,000 .....................
— V. 106, p. 87; V. 108, p . 2529.
(c)

(3)

107

O R G A N IZ A T IO N .— In c o rp . Ju ly 6 1887. On S ept. 1 1887 pu rch ased
th e entire c ap ital sto ck ($200,000) of th e C itizens’ Passenger R y ., w hich
it now holds. Also ow ns sto ck of A spinw all S treet R y .
Lease.— Leased from N o v . 1 1895 to F o rt P it t T rac tio n C o. (now C onsol.
T raction) for 950 years a t 6% per annum on $3,000,060 c ap ita l sto ck . In
additio n th e lessee agreed to p a y a flo atin g d e b t of $175,000 an d a t m a tu rity
m ortgage d e b t. V. 61, p . 661.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A tro lley ro a d . Owns 37.8 m iles of tra c k on 15 m iles of s tre e t.
T h e $250,000 P e n n . S t. P a ss. R y . 1st M . 5s, due Ju n e 1 1922, w ere n o t
re tire d a t m a tu rity a n d h a d n o t been re tire d u p to O ct. 1 1926.
ST O C K A N D B O N D S—
Date. Interest. Outstanding. M aturity.
Stock ($50) fully p a id ________ _____
6 M -N
$3,000,000f.p. See te x t
1st m tge ($1,000) n o t s u b je c t/ 1887
5 A-O
657,000 O ct. 11927
to call__________________ tf / F i d . T itle & T r . C o ., P ittsb u rg h , tru ste e .
Bonds of Lines Whose Stocks A re Owned—
P e n n S t Pass R y 1st m tg e ____ 1892 5 J -D
250,000 Ju n e 1 1922
Interest a nd dividends p a y ab le a t U nion N a t. B an k , P ittsb u rg h , P a .
V. 106, p . 818.
(e) D U Q U E S N E T R A C T I O N .

Lease.— In c o rp . J a n . 25 1890. L eased from A pril 2 1896 to th e C onsoli­
d a te d T rac tio n for 950 years a t 4% on th e $3,000,000 sto ck , b u t divs. for a
y ear a nd a h a lf were w ithheld for p a y m e n t of flo atin g d e b t of $180,000. In
M ay 1896 stockholders w ere allow ed to exchange th e ir stock for receipts,
redeem ed O ct. 1 1896 a t $37 p e r share in 6% pref. sto ck of C onsol. T ra c . C o.
a t p a r. 52,635 shares o u t o f 60,000 h av e been so exchanged. See V 62.p. 1087.

108

PUBLIC UTILITIES

F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S I N E S S .—
A tro lley ro a d . A t tim e o f lease in 1896 co n tro lled 11 com p an ies h a v in g a
p resen t 3 6 .9 7 9 m iles o f road .
STO CK A N D B O N D S—
D ate.
Interest. O utstanding. M aturity.
S tock ($50) fu lly p a id ............... I ____
T ext
$ 3 ,0 0 0 ,0 0 0
S ee tex t
I D iv . p a y a b le a t F id e l. T it. & T r. C o ., P itts.
F irst m o r tg a g e ............_ _ _ c * tf/ 1890
5 J-J
1 .3 3 5 .0 0 0 J u ly
1930
(F id e lity T itle & T ru st C o ., P it t s ., tru stee

D ividends w ere 5% (J .- J .), b u t in 1893 a n d 1894 none paid; in 1895, 4 % ;
In 1896, none; in 1898, 3% ; in 1899 an d since, 4% y early . — V. 62. p . 948.
1087; V. 106, p . 85, 1230.
<f) F O R T P I T T T R A C T I O N .

See C onsolidated T rac tio n C o.
(g) M O N O N G A H E L A S T R E E T R Y .
O R G A N IZ A T IO N .— On M ay 26 1898 ab so rb ed by consolidation th e
Schenley P a rk & H ighland, H om estead & H ig h lan d s, B rad d o ck & H om e­
s te a d and th e B raddock & D uquesne.
In D ec. 1901 th e M onongahela S tree t R y ., th e W ilkinsburg & E a s t P itts ­
burg h S tree t R y ., th e W ilkinsburg & V erona S tree t R y. a n d th e P itcairn &
W iim erding S treet R.v (construction of la tte r 2 roads com pleted during the
year 190.3-04) were merged in th e M onongahela S tree t Ry. and stock was In­
creased from $1,000,000 to $7,000,000. See V. 73. p. 1112. On J a n . 1 1902
th e M onongahela S t Ry was leased for 999 years to th e C onsol. T rac . Co.
for in t., taxes. &c.. and an a n n u al re n ta l beginning w ith $165, oOO th e first
y ear and increasing $18,750 each year u n til $315,000 is reached. Lease is
g u ar, by P hiladelphia Co F irst d iv . u n d er lease (2% ) was paid in Ju ly 1904
See V. 79. p 269 In 1905, J a n ., 1 H % ; J u ly . 1 3-5% ; in 1906, 3.26% : i n
1907. 3 h % ; 1908. 3 86% ; 1909, 4 .1 2 % ; 1910, 4 .3 7 % ; 1911 & since, 4 H %
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O P B U S IN E S S .—
Owns t>8.581 miles of tra c k , including bran ch es; 90-lb. rails.
ST O C K & B O N D S—
M ile*. D ate. Interest. O utsland'g.
M aturity.
Stock $7.000.000......................................... See te x t
$7,000,000
See te x t
M on S t Ry 1st m o rtg ag e/ 17
1898 5 g J-D
998.000 Ju n e 1 1928
$1.000.000 g o ld------- tf (U nion T r u s t C o ., P ittsb u rg h , tru ste e .
Wilk & E P mtge $2 ,000.-1
OOOg ($ 1 ,000)guor_& tf ( __
1899 5 g M -8
1.989.000 S e p t. 1 1929
W ilk & Ver n u g e $700.-1 __
1901 6 g J-D
619.000 J u n e 1 1931
OOOg ($1,000
c A r tf /
F ite & W il m tge *700.-1 . .
1901 5 g J - J
588,000 J u ly 1 1931
000 g ($1,000) . . . c A r t f /
Bonds.— T b e U nion T ru s t C o . o f P ittsb u rg h is tru s te e of all m ortgagee
Mid in te re s t is p ay ab le at M ellon N a tio n al B ank. T h e W ilks. & Ver. bonds
a re g u a ra n te e d . p rin. & In t., by W ilk. & E. P itts. S t. Ry. C o .. M onongahela
S t. R y . C o .. C onsol. T rac tio n C o. a n d P h ila. C o. of P ittsb u rg h .
R E P O R T .— N o t new an o p e ra tin g co m p an y .
O F F I C E R S .— P re s .. W . L . M ellon; V .-P ., G . 8. D avison; T re a s ., W . S.
M itch ell.— V. 72, p . 776;, V. 79. 269, 627, 735.

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O R G A N IZ A T IO N .— In c o rp o rate d A pril 30 1887
L E A S E .— Leased from April 2 1896 to th e C onsolidated T rac tio n for 950
years a t 7% on th e $2,500,000 sto ck (see V. 61, p. 1154) b u t 114 years
dividends w ere used to pay flo atin g d e b t of $250,000. T h e full 7% is now
being p aid. I b M ay 1896 stockholders w ere offered receipts for th e ir stock,
w hich w ere redeem ed a t $70 per sh are on O ct. 1 1896 in preferred stock of
C onsol. T rac tio n C o.; 49,500 sh ares o u t o f 50,000 h av e been so exchanged.
S ee V. 62. p. 948.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A trolley ro ad . Owns 8.499 m iles of tra c k .
T h e $250,660 Bloom field 8 t. R y . 1st m tg e. 5s d u e Aug. 1 1923 had n o t
been re tire d up ta O ct. 1 1926.
S T O C K A N D B O N D S—

Date.

Interest.

Outstanding.

Maturity.

S tock $ 2 ,5 0 0 ,0 0 0 ($ 5 0 )...........................
7 A-O 31 $ 3 8 p e r s h .p d .ln .S e e te x t
1 st m tg e 5 s ........................... c * t f / 1887
5 A-O
$ 6 7 8 ,0 0 0 O ct 1 1 9 2 7
(F id e lity T itle & T ru st C o ., P itts b ., tru stee.
Guaranteed Bonds —
B loom field S treet R y 1st! 1893
5 F -A
2 5 0 ,0 0 0 A ug 1 1923
e u r ____________________ c * t f (I n te r e s t a t P ittsb u rg h T ru st C o ., tr u ste e .
Stock .— Issu ed 5 0 .0 0 0 sh ares, on w hich $38 each has b een p aid .

D ividends .— A t co m p a n y ’s o ffic e , P ittsb u rg h . D iv id en d s In 1895 6 %
in 1896, n o n e —s e eab ove; in 1 8 9 8 , 5 )4 % ; in 1899 and sin ce. 7 % .— V. 119,
9 . 2763.

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O R G A N IZ A T I O N .— W as leased on J a n . 1 1902 to C on solid ated T ra ctio n
C o for 900 years at an an nu al ren ta l o f $ 5 6 ,0 0 0 , as w ell as p a y in g all
.
Oharges. in clu d in g in ter est and ta x es.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S I N E S S .—
O p erates 11.« 8 m iles o f track on 6 m iles o f s tr e e t.
STOCK A N D B O N D S—

D ate.

Interest.

stock * 1 .4 0 0 .0 0 0 _______________ ______

J-J

O utstanding.
$1 ,4 0 0 ,0 0 0

daturity.
8ee text

[V ol. 123,

(j) M O R N IN G S ID E E L E C T R IC S T R E E T R Y .

O R G A N IZ A T I O N .— Incorp orated in P e n n sy lv a n ia on J u ly 14 1904.
E n tire sto ck is ow ned by P h ilad elp h ia C o. Is lea sed to th e C o n so lid a ted
T ra ctio n C o . for 995 years from S e p t. 3 0 1905 a t a ren ta l o f 5% o n sto ck
and in te r e st on b o n d s.
FT E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S I N E S S .—
O p erates 3 .3 3 m iles o f tra ck . G a u g e. 5 f t. 2 )4 In.
STOCK A N D B O N D S—
Date.
Interest. O utstanding.
Maturity.
S tock $ 2 4 ,0 0 0 ( $ 5 0 )............... ................
5 A-O
$ 2 4 ,0 0 0
S ee te x t
1st m o rtg a g e $ 2 0 0 ,0 0 0 g old { 1905
5 g A -O
2 0 0 .0 0 0 O c t 1 1935
($ 1 ,0 0 0 ) guar prin and in t( In t. a t o ffic e o f B row n B ros. & C o ., P h ila .
b y P h ila C o ----------------- c * t f (P a . C o . for In s. on L iv e & G . A ., P h ila ., tru e.
— V. 1 0 7 . p . 2 1 8 8 .
(4)

S E V E N T E E N T H S T R E E T IN C L IN E P L A N E C O .

O R G A N IZ A T IO N .— Is a reorgan ization on D e c . 28 1904 o f t h e en n .
In clin e P la n e C o. E n tire sto ck Is ow ned b.v th e P h ilad elp h ia C o . W as
op erated by th e P ittsb u rg h R y s. C o . up to J a n . 16 1918. th en op erated
sep a ra tely up to A u g . 1 9 2 4 . I s n ow op era ted as a p a rt o f P ittsb u rg h
R a ilw a y s C o.
STO C K A N D B O N D S —
Date.
S tock $ 2 5 0 ,0 0 0 ( $ 5 0 )_______________
1st m tg e $ 1 2 5 ,0 0 0 ($ 1 ,0 0 0 )1 1905

Interest.

O utstanding.

________
5 cur M -S

M aturity.

$ 2 5 0 ,0 0 0 ......................
1 2 0 .0 0 0 M ar 1 1935

g u a r-------------------------- c * tf (I n t. a t C olonial T r. C o., P ittsb u rg h , tru ste e .
Bonds.— N o sinking fu n d , and bonds are not s u b je c t to call. A re g u a ra n ­
teed, p rin . & in t., by th e P hiladelphia C o.
E A R N IN G S .— F or year end Dec 31 1924, gr^ss. $24,322; n e t a fte r
taxes, $2,857; o th e r incom e, $1,729; in t., & c., $4,243; b a l., su rp .- $344.
O F F IC E R S .— P re s ., A. W . R obertson; V .-P s., J . H . R eed and W . B .
C arson; Sec., E . W . W ashabaugh; T re a s., O . J . B ra u n J r .; C o m p tro lle r,
C . S. M itchell.

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In Ju ly 1905 e n tire sto ck w as acquired b y th e P h ilad e lp h ia C o. of P itts ­
burgh. V. 81, p. 506.
O R G A N IZ A T IO N .— In c o rp o rate d In P ennsylvania in p e rp e tu ity J u n e 29
1891 a nd owns e n tire stock of Beaver Vatiey St. Ry. and of Central Electric
St. Ry. Co., purchased Aug. 8 1891, o p e ra tin g them as one road under
999-year lease. C h a rte r and franchise perpetual
in 1900 stock was increased from $300,000 to $1,000,000 a nd th e n p u r­
chased th e stock and pro p erty of th e People's E lectric S tre e t R y . of Roches­
te r, th e College & G randview E lectric S tree t R y.. th e R ochester & M onaca
E lectric S t. R y. and th e B eaver & V anport E lectric 8 1. R y.; also owns en­
tire c ap ital stock of Riverview Electric 8 t. R y . C o., th e Freedom & C onw ay
E lectric S t. R y. C o. and th e V anport E lectric 8 t. R y. C o., none of which
has any se p a ra te bond issue. In J a n . 1902 a u th o rity was given to In­
crease stock from $1,000,000 to $1,500,000.
Consolidation.— T h e P enna. P . S. C om m . In M arch 1922 ap p ro v ed th e
sale of tb e co rp o ra te pow ers, franchises and p ro p e rty of th e following s tre e t
railw ay cos. to th e B eaver Valley T rac tio n Co. under a consolidation of tra c ­
tion in te re sts’ P eople’s E lectric. G eneral E lectric. B eaver Valley S t. R y ..
R ochester & M onaca E lectric. Freedom & C onw ay E lectric, R iverview Elec­
tric, College & G randview E lectric, B eaver & V an p o rt E lectric a n d V anport
Elec. S t. R y . V. 114, p. 1285
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns and o p erates 32.0014 m iles of tra c k , connecting th e various town*
and c o ro u g h s in th e B eaver Valley from M orado Park so u th erly , via B eaver
Falls, to B eaver a nd V anport, and to R ochester and C onw ay. Laid w ith
90-lb. a nd 73-lb. girder rails. Owns 42 passenger cars a n d 7 m iscellaneous
cars. Also o p e ra te s buses.
STO CK A N D B O ND S—
Date. Interest. Outstanding.
daturity.
Stock $1,500,000 (par $50).............. _______
$1,075,000 __________
F irst con m ortgage (closed) f 1900 5 g A-O
675,000 O ct 1 1950
gold__________________ c * tf j l n t . a t P a . C o. for In s. on Live* & G ra n tin g
( A nnuities, P hiladelphia, tru ste e .
G eneral m ortgage $3,000,0001
1903 5 g M -N
957.000 N ov 1 195S
($1,000) gold_________ c * t f / l n t . a t N o rth e rn T r u s t C o ., P h ila., tru s te e .
O ar tru s t bonds gold $72,0001
1917 5 J -J
18.009 See te x t
($1,000)__________________ /F id e lity T itle & T r. C o ., P ittsb u rg h , tru s te e .
Bonds.— Of th e gen. m tg e . bonds. $675,000 a re reserv ed for p rio r liens
and th e rem ainder for extens. a nd im pts. a t 75% of cost. See V. 77, p . 2158.
$232,000 ow ned by P h ila. C o. B oth issues redeem able a t 110 an d in t.
T h e c ar tru s t bonds m a tu re $6,000 each J a n . 1 to 1929 an d a re secaved
by 12 m otor cars. $51,000 re tired .
E A R N IN G S .— C alen d ar years (incl. P itts b u rg h & B eaver S t. R y . C o.):
Total
N e t after
Interest
Balance,
Revenue.
Taxes.
Rents. A c .
Surplus.

I 1 9 2 5 ..................... ..
T
S T R E

E T$ 6 2 7 ,3 1 0 Y . $ 1 5 2 ,9 7 4
R
$ 1 6 0 ,8 5 6
d e f.$ 7 .8 8 2
1 9 2 4 ________________
6 5 0 .3 8 7
1 6 9 .2 3 7
1 6 1 ,0 8 4
8 ,1 5 3
O F F I C E R S .— P r e s ., A . W . R o b ertso n : V .- P s ., W . B . C a rso n and
T . F itzg era ld ; S e c ., E . W . W ash ab au gh ; T r e a s., C . J . B rau n Jr.; C o m p t.,
C . S. M i t c h e ll .— V . 116, p . 2992; V . 117. p . 552; V . 118, p . 2571; V . 119,
p . 2875.
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O R G A N IZ A T I O N .— In co rp .
F IE L D

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1908.
OF

B U S I N E S 8 .—

F irst m o rtg a g e $ 2 0 0 ,0 0 0 g f 1913
6 g M -S
1:15.000 S e p t 1 1953
($ 1 ,0 0 0 ) ________________ c t f ( I n t . a t F a r m ers’ D e p . N a t B an k , P itts b .,
( C olon ial T ru st C o .. P ittsb u rg h , tru stee.
D ividends. — In 1908. 4% ; in 1904. J a n ., 2% ; J u ly , 1 K % ; sin c e , 4% p . a .

A tro lley road . O p erates 9.922 m iles In and b etw een B a d en . B eaver C o u n ty
and L ee tsd a le , A lle g h e n y C o u n ty , P a . Franchises p erp etu a l.— V. 1 1 7 , p
1018, 1664,
C A P IT A L I Z A T I O N .— C a p ita l sto ck $ 2 3 5 ,0 0 0 ($ 5 0 par) a ll o w n ed b y
P h iladelp h ia C o . B o n d s a u th o rized , fir st m o rtg a g e g o ld . $ 1 ,5 0 0 ,0 0 0 .
issu ed , $ 7 5 0 ,0 0 0 , all o w ned by th e P h ila d elp h ia C o .: d a ted J u ly 1 1908;
d u e J u ly 1 1958 ( t f ) . I n t. 5 % . p a y a b le J a n . & J u ly a t co m p a n y 's o ffic e ,
P it t s . U n io n T r. C o . o f P it t s ., tru stee. Are g u a r. p . & L , b y P h ila . C o .

Underwriters and Distributors

O R G A N IZ A T I O N .— In co rp . in P e n n sy lv a n ia M a y 6 1904.
O p erated o n e m ile o f track in th e B orou gh o f <’la i-to n , A lle g h e n y C o u n ty .
O p eration s w ere d isco n tin u ed S ep t. 2 1926 a n d a p p lica tio n m a d e for d is ­
so lu tio n o f co .
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O
F B U S I N E S S .—

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WATER COMPANY
SECURITIES

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P. W . CH APM AN & CO.,INC.
42 Cedar St.
NEW YORK




170 W. Monroe St.
CHICAGO

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C A P IT A L I Z A T I O N .— C a p ita l sto c k $ 3 0 ,0 0 0 ($5 0 ) a ll o w n e d b y P it t s ­
burgh R a ilw a y s C o .

AMERICAN WATER WORKS & ELECTRIC CO., INC.
O R G A N IZ A T IO N , 4tc.— In co rp . In V a. A pril 27 1914 (per p lan in
V. 9 8 , p . 9 1 4 , 1 0 7 4 ). as successor o f the A m erican W ater W ork s & G u a ra n tee
C o . V . 1 0 1 , p . 3 7 2 , 769; V . 105. p. 1519; V . 107. p . 1 477. C o . is a h old in g
co m p a n y co n tro llin g th rou gh sto ck ow n ersh ip a la rg e g rou p o f p u b lic
u tilitie s . A cq uired d u rin g l9 2 5 , T erre H a u te W ater W o rk s C o r p ., T in ter n
M a n o r W ater C o ., M o m m o u th C o u n ty W a ter C o ., A tla n tic C o u n ty W a ter
C o . o f N . J .. O ld D o m in io n W ater C o rp ., an d A lto n (111.) W ater C o . V .
1 2 1 , p . 2 5 1 9 . 2 8 7 3 . A lso A lto n W ater C o . and R u m son Im p r o v em en t C o .
A cquired in F e b . 1926 T exarkan a W a ter C orp (on th e bord erlin e b etw een
T ex a s and A rk ansas. V . 122, p . 1 167. On M a y 25 1926 c o . co n so lid a ted
3 o f its w a ter su p p ly co s. on th e northern N ew Jersey c o a st, th e T in ter n
M a n o r W ater C o ., th e M o n m o u th C o u n ty W ater C o. and th e R u m so n
Im p r o v em en t C o ., w hich w ere already p h y sica lly in ter -co n n e cted . T h e
new c o .’s n am e .is M onm outh Consulid<ited Water Co., and su p p lies a b o u t
1 3 ,0 0 0 p erson s a t 19 co m m u n ities, in cl. S a n d y H ook , H ig h la n d s, L ong
B ra n ch , R ed B a n k and B rad ley B ea ch . V. 122, p . 3 0 8 0 . In J u ly 1926
co . acq u ired th e F o r t M a d iso n W ater C o . V . 123, p . 8 4 0 .
A m algam ation o f A ll Electric Subsidiaries.— in 1925 all o f th e electric
su b sid ia ries o f th e co m p a n y were a m a lg a m a ted th rou gh th e o rg a n iza tio n o f
a new co m p a n y , v iz ., th e ‘‘ Wesl Penn Electric Co.” T h e new co m p a n y
acq u ired all o f th e p ref. and com m on sto ck s o f th e W est .V e n n C o. and all
j o f th e co m . c a p ita l sto c k s o f th e P o to m a c E d iso n C o . a n d K e y sto n e P o w er

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k L ig h t C o. See also Y . 121, p . 1226, 1458, w here th e te rm s of exchange
of sto ck s are given. V. 121, p . 2873, 3006, 3129.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o .’s subsidiaries serve electric pow er and lig h t a n d tra n sp o rta tio n service
to over 800 com m unities an d over 197 .500 electric consum ers in th e great
in d u stria l area in W estern P en n sy lv an ia a d ja ce n t to P ittsb u rg h , in n o rth e rn
W est V irginia, n o rth e rn V irginia, and central an d w estern M ary lan d ; serve
w ater to over 125 com m unities th ro u g h o u t th e U . S. a n d over 308,000
consum ers. C om pany c o n tro ls 31 w ater w orks o p eratio n s in 15 sta te s,
serving m ore th a n 322,000 cu stom ers, or a to ta l p o p u latio n in excess of
1,600,000. Also ow ns 26,000 acres of land in S acram ento V alley. V . 107,
p . 1477.
N ew hydro-electric Station on the Cheat River, W . V s.— F o r p a rtic u la rs
a b o u t th is sta tio n u n d e r c o n stru ctio n , see V . 122, p . 346.
T h e co m pany ow ns stocks in o th e r com panies as follows:
-----Incorporated— Cap. Stock Issued— Owned by
A .W .W .&
Where.
W hen.
E . Co.. Inc.
Ajax F a rm s O o rp _N .Y . M ay 4 1915 C om m on
$50,000
$50,000
A lton W a te r C©_____ 111. M a r. 26 1906 C om m on
288,000
288,000
Am er. C onstrue*. &
Securities!!© _____D el. F eb . 10 1913 C om m on
1,000.000 1,000.000
A rkansas W at. C o -A rk . N o v . 29 18801P referred 1
56.000
56.000
(C om m on / 1,549,400 1,549,400
B irm ingham W ater
(P ref. (8% ) 1,190,100
______
W orks C o.............. .A la . F e b . 13 1885-1 Pfd. (7% )
477 000
(Com m on
1,829,700 1,829,700
B u tler W a te r C o ____P a . N o v . 2 1877[P re fe rre d
235.200
421,500
IC om m on
421.500
C ity W ater C o.
(P referred
838.200
( C h a tta n o o g a ) .-T e n s . A p r. 16 18691Common
1,740.300 1,740.300
321,000
C lin to n W . W . C o ..D e l. N o v . 6 1906 C om m on
321.000
C om m onw ’lth W at.
(2d pref.
240.000
600.000
& L ig h tC o ______N . J . M a r. 19 1904'C o m m o n
500.000
277.000
Oonnellsville W . C o .. P a . M a r. 21 1883 C om m on
277.000
E a st S t. Louis & In 17 % pref.
5 ° 6 .100
te ru rb a n W at. Co..111. A ug. 15 19161 C om m on
4,750,000 4,750.000
H untin g to n W ater
C o rp _____________D el. M ay 24 1917 C om m on
227.000
227.000
800.000
800.000
Joplin W .W . C o ____M o. F eb . 6 1893 C om m on
K eystone Pow er &_____
IP referred
1,352,100
______
44,085 shs. 44,085 shs.
L ig h t C o ________ D el. D ee. 22 1922 (C om m on
K okom o W at. W ks.
[8% pref.
150.000
______
105.800
C o......................... . . I n d . M ay 30 1887J7% 2d p ref
105.800
200,000
(Com m on
200.000
M echanical
D evel(Preferred
60.000
50.000
o p m en t C o ______D el. F e b . 14 1921'(Common
1,000 shs. 1,000 shs.
617.000
M iddle S ta te s W ater
(Preferred
617,000
W orks C o ________ D el. N o v . 18 1916‘ om m on
iC
3,319.900 3,319.900
Jam es M ills H old­
50.000
ing C o _________ N . Y . M a y 20 1915 C om m on
50.000
45.000
M ingo J e t. W a t. C o ..O . Ju n e
24 1898 C om m on
45,000
5.000
_
15 1912 C om m on
5,000
M issouri Sew . C o _ D el. O ct.
15.000
M onongahela Valley
(P referred
15.000
250.000
W ater C o _________ P a , O ct. 25 1897 (C om m on
250,000
177,490
a M on m o u th C ons. W a t.
/P referred
185,700
C o _______________N . J . M a y 25 1926 (C om m on 10,000 shs. 9,999 shs.
M uncieW ater W ks.
[P referred
249,900
C o -_____________ In d . M a r.
24 1885(C om m on
281.000
281.000
R um son Im p t. C o ._ N .J . M a y
9 1894 C om m on
41.900
41.900
S t. Joseph W at. C o .M o . D ec.
9 1879 C om m on
3,250.000 3,250.000
S outh
P ittsb u rg h
[P referred
250.000
34,450
2,750,000 2.081,150
W ater C o _________ P a . J u ly 15 19041Common
[7% p ref. 22,124,700 5,231,100
a W est P enn E lectric
-Ic ia ssA 59,258 shs.
4,400 shs.
C o ________________ M d .D e c. 11 1925Class B 165.742 s h s.165,742 shs.
in o m m o n 777,774 sh s.777,774 shs.
» W est P en n C o ..W . V a. J u ly 11 1911 [Preferred
2 ? 124 790 4.668.500
(C om m on 225.000 sh. 163,441 sh
9.047.800
281.800
a W est P e n n R y s C o .P a . M a y 23 1917(P referred
(C om m on
10.000.000
*
W ichita W a te r C o .- D e l. D ee. 27 1911 C om m on
2.272.000 2,272,000
♦All owned by W est P e n n o. x Owned b y W est P en n M onongahela
C o ., p ractically th e en tire sto ck o f w hich is ow ned by W est P en n C o. a See
sep arate s ta te m e n t below.
C o-operative agreem ents for m u tu a l exchange o f pow er, V . 118, p . 1395
On N ov. 21 1924 th e stockholders approved a change in th e p a r value of
com m on sto ck from $100 to $20. th e issuance o f 5 new shares for 1 old and
an increase in th e a u th . com m on stock from $10,000,000 to $50,000,000.
V. 119, p. 2408. C o m p are V. 119, p . 1846, 1956.
M aturity
ST O C K A N D B O N D S—
Interest. Outstanding
Date.
C om m on $50,000,000 ($20)_
_
.$13,167,020
See te x t
1st p ref. 7% cum . $10,000,000
($100)________ _________________
7 Q -F 15 14.048 800 N ov. ’261 V
C oll. tro . $20,000,000 ($100,11914
5 g A-O 12 571,500 A p r. 11934
&c) gold____________ _x*tf [B ankers T ru s t C o ., N . Y ., tru ste e .
6% g. d e b en t, series A ($1 ,000 [ 1925
6 g M -N
8 000,000 N o v . 1 1975
$500-100 c* a n d $1,000 ; C hase N atio n al B an k , N ew Y o rk , tru s te e .
$5,000, $10 ,000 r* )_____t f (
Bonds of subsidiary cos. in h an d s of public D ec. 31 1924, $133,404,315.
Stock.— 1st p ref. sto ck is preferred as to assets a n d divs. over th e com .
sto ck . Is red . a t 110. T h e 6% p a rtic . pref. sto ck w as in its en tire o u t­
stan d in g a m o u n t called for redem ption on Aug. 24 1925 a t 105 & div.
V. 120, p . 2813, 3310' V. 121, p . 704. H olders w ere given th e rig h t to
exchange th eir shares for )4 sh are 7% cum 1st pref. sto ck , )4 shares com .
sto ck an d $27 in cash. B o th com . and p ref. listed on N . Y . Stock E x ­
change. E ach stockholder is e n title d to one v o te for each sh are of stock c f
e ith er class held b y him
Bonds.— Of th e coll. tr . 5s in add itio n to a m o u n t o u tsta n d in g , $604,800
are in tre a su ry and $3,340,000 purchased and pledged w ith tru ste e . Call,

a t

109

POWER, LIGHT AND RAILWAY

Oct., 1926.]

1 14. 2
0

Gold debentures m ay b e issued in series b earin g such ra te s of in te re s t,
m a tu rity d ates, &c., &e., as co. m ay d eterm in e. N o ad d itio n a l g. d e b en ts,
m ay be issued unless n e t incom e for 12 consec. o u t of 15 preceding m o n th s
has been a t least tw ice a n n u al in te re st charges on all in d eb tedness (incl.
d eb en tu res to be issued, b u t excluding in d eb ted n ess to be concurrently
paid o ff). P rio r to N o v . 1 1972 co. m ay n o t issue a n y unsecured obligations
m a tu rin g m ore th a n 5 y ears from d a te of issue except u n d e r th is agreem ent.
Series A is red . ail or p a rt, on 30 d a y s’ notice a t 110 a n d in t. u p to a n d
incl. N o v . 1 1970. th e re a fte r a t p a r a n d in t. In te re s t p ay ab le in N ew Y ork.
P en n , a n d C onn. 4 m ills ta x and M ass. 6% ta x re fu n d a b le . In N o v . 1925
W . C . L a n g le y & C o. and B o n b rig h t & C o ., In c . sold $8,000,000 a t 94)4
a n d in t. to yie'd over 6 .3 6 % . V . 121, p . 2519.
D ividends.— T h e accu m u lated dividends having been discharged (com ­
pare V. 106. p. 50), 1 M % was p-iid q u arterly A ug. 25 1917 to N ov. 15 1924
on th e 7% cum . 1st pref. sto ck . In 1 9 2 5 ,7 % . An in itia l div . of 1 >£ %
w as p aid . In Aug. 1925, 116% : in N o v . 1925. 1 \4 % . In 1926, F e b .,
M ay , A ug. & N o v . each 114% re g u la r q u a r. d iv . T o com stockholders of
record Sept. 15 1925, a 5% stock d iv . was p aid on Sept. 30. V. 121, p . 1567.
A 2 'A % sto ck dividend was p a id to holders o f reco rd F eb . 1 1926. V . 122,
p . 212, an d a sim ilar sto ck a iv , to holders of reco rd A ug. 2 1926. V . 123,
p. 205.

Deduct—
C redits to savings fu n d _____________
Disc. & exp. on sale of railw ay s to c k s .
Special ap p ro p ria tio n for d epreciation

$79,685
129.320
700,000

Sun d ry a d ju s tm e n ts ___________________ C V .117.8l3

A pplicable to m in o rity in te re s t______ C r. 170,135
D ivs. paid Am. W . V7. & E lec. C o.—
F irs t preferred s to c k ______________
869,472
P a rticip a tin g p re fe rred ____________
320,157
C om m on d iv id e n d s_______________ 1,188,068

$79,685
178.664
830.000
CY.27.981
Cr.201,656

$79,685
351,990
925.000
165,751
Cr .398,719

633.500
550.000

585,900
300.000

P ro fit a n d loss su rp lu s__________ $6,498,793
$6,100,348 $5,452,439
Pmcer Output.— See V . 122, p . 2490, 2947, 3603.
Latest Earnings.— F o r 12 m os. end. A ug. 31 1926: G ross, $43,939,185;
n e t, a fte r taxes, $20,884,709; fixed charges (incl. subsid. pref. d iv s .),
$12,740,678; balance, su rp lu s, $8,144,031.
Combined Earnings o f Subsidiary Water Companies Onig for Calendar Years.
1925.
1924.
G ross earn in g s___________________________________ $9,298,699 $7,695,882
O perating expenses, m ain te n an c e & ta x e s________ 4,328.674
3,583,270
In te re st a n d am o rtiz a tio n of d isco u n t____________
2,520.396
2,148,883
P referred d iv id e n d s_____________________________
449,528
337,770
M in o rity in te re s ts ______________________________
62,354
40,795
P ro p o rtio n applic. to stockholdings of A m er.
W a te r W orks & E lec tric C o ., In c .....................
1,456,508
1,162,571
O F F IC E R S .— P re s ., H . H o b a rt P o rte r; V .-P s., P hilip L . R oss, W . S.
Finlay J r ., Seton P o rte r a n d W . R . Voorhis; T re a s ., E . S. T hom pson;
Sec. & A sst. T re a s ., W . K . D u n b a r; C om p., A . A . A dam s. O ffice, 50
B road S t., N ew Y o rk .— Y. 121. p . 196, 327, 704, 975, 1226, 1458, 1567,
1907, 2036, 2270, 2519 , 2873, 3006 . 3129: V . 122, p . 212, 346, 478, 607,
1024, 1167,1324, 1916, 2490. 2733, 2947, 3080, 3209, 3603; V . 123, p . 205,
453, 579. 708, 840. 980, 1630, 1760.

WEST PENN ELECTRIC CO.
Controlled by A m erican Water Works & Electric Co., I n c ., th ro u g h owner"
ship of all of th e class B a n d com m on sto ck s.
O R G A N IZ A T IO N .— A holding c o ., organized in M ary lan d D ee. 11 19251
for th e purpose o f c arrying o u t th e p la n of consolidation e f th e electric
subsidiaries of Am. W ater vVks. 3c E l. C o ., In c. F o r exchange of securities,
see u n d e r "A m erican W ater W orks & E lec tric C o .,” V . 122, p . 2793. A t
th e close o f 1925 co. h a d a cq u ired th e follow ing stocks;
Owned by West
N am e o f Company—
Authorized,
Issued.
Penn El. Co.
T h e W est Penn C o., com . (no p a r ) . 500,000 shs. 225.000 sh s. 165,742 shs.
7% preferred ($100,....................... $50,000,000 $22,124,700
$4,668,500
6% preferred ($100)___________
________
400
N one
T he P o to m a c E d .O o .,c o m . (n o p a r) 150,000 shs.
75,000 shs.
75,000 shs.
N one
7% preferred ($100)___________ $7,500,000 $2,435,400
K eystone Pow er & L ig h t C o,—
C om m on ( n o p a r ) ______________ 25,000 shs.
25,000 shs.
25,000 shs.
7% preferred ($100)....................... $5,000,000
$1,650,000
N one
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T he above p lan of consolidation was d a te d S ept. 10 1925 and was declared
o perative on Dec. 9 1925. C o. controls th e electric pow er and light business
in a n area of a p p r. 22,000 sq. m iles, extending from w ithin 25 miles of tb s
C ity of B altim ore, M d ., across M ary and and no rth ern W est Virginia
to th e Ohio R iver, and n o rthw ard in th e Im p o rtan t industrial sections of
w estern P ennsylvania w ith th e exception of P ittsb u rg h a nd its im m ediate
environs. Co. controls steam electric g enerating statio n s w ith an aggre­
g ate installed c apacity of a b o u t 350,000 h. w ., a b o u t 2,2 0 miles of hightension transm ission lines, an d its subsidiaries serve a pop u latio n of ap p r.
1,100,000. V. 121, p . 3132.
ST O C K A N D B O N D S—
Date.
Interest,
O utstanding. M aturity,
............... 777,774 sh s..........................
C om m on 1,000,000 shs (no p a r ) ____
7 -Q -F
$22,124,700 N o v ’26 1H
7% cum pref$50,000,000 ( $ 1 0 0 ) ____
C l A $7 cum 59,258 shs. (no p a r ) ____ S7-Q-M
50.258 shs Sept.26 $1 76
C lass B 165,742 shs (no p a r ) . . ____
________ 165.742 sh s................... ......
T o tal funded d e b t of subsidiaries as of D ec. 31 1925 am o u n ted to $105,395,164.
Stock.— T h e pref. 7% cum . a nd Class A stocks are listed on N . Y . Stock
E xchange. V. 121, p . 3132; V. 122, p . 215, 1172
D irectors m ay from tim e to tim e classify or reclassify, by fixing or altering
th e term s thereof, an y of th e au th o rized b u t unissued pref. stock as one or
m ore series, which series m ay differ in all of th e following b u t In no other
respects; (a) R ate of dividends, how ever, n o t to exceed 8% ; (6) redem ption
priice, how ever, n o t to exceed $120; (c) th e rig h t. If any, of holders of such
ser.es to co n v ert th e sam e in to pref. stock of other series, or into other
classes of stock, and th e ra te s, te rm s a n d conditions of such conversions.
All shares of pref. stock shall be of equal ra n k . T he pref. stock is preferred
as to cum ulative dividends over C lass A, C lass B and com m on stock, and
In case of liquidation or dissolution is en title d to th e p a r value plus divs.
before C lass A and C lass B an d com m on stocks receive an y th in g . No
voting pow er except in case of 4 q u a rte r-y e a rly dividends. R ed. whole or
p a rt (or whole or p a r t o f any series) on 30 d ays notice a t th e fixed redem ption
pricesfsj and divs. A fter issuance of 221,247 pref. shares, no additional
p re r. shares m ay be issued unless th e consolidated surplus net earnings
applicable to preferred dividends for 12 consecutive o u t of preceding 15
m onths have been a t least tw ice dividend requirem ents on to ta l pref. stock
o u tsta n d in g incl. new issue. On D ec. 12 1925 directors classified 221,247
shares of th e authorized b u t unissued pref. stock as 7% cum . p re f. stock,
redeem able, whole or p a r t, a t $115 per sh are.

We invite inquiries concerning

The West Penn Electric Co.
West Penn Power Co.

E A R N I N G S .— For calen dar years:

Consolidated Incom e Account (Including Subsidiaries).
Calendar Years—
1925.
1924.
1923.
G ross operating e arn in g s____________$41,055,906 $38,355,679 $36,380,326
O per. ex p ., taxes a n d m a in te n a n c e .. 21,062.333 20,859,862 20,059,908
Federal ta x e s_______________________
804,937
708,838
754,276
.$19,088,635 $16,786,979 $15,566,142
t $8,865,104 $8,211,449 $7,175,179
2,947,769
2,184,357
P referred dividends o f s u b sid ia rie s ... . 3,531,825
441,404
511,154
695,653
M in o rity in te re s t__________________
. 2,863,037
2,575,919
2,186,941

O th er c re d its .
T o tal surplus.




. $3,317,515
. 6.100,348
79,685

$2,610,437
5,452,437
79.685

$3,324,012
4,058,332
79,700

$9,497,548

$8,142,559

$7,462,044

D o m in ic k & D o m in ic k
Members New York Slock Exchange

115 Broadway
New Y ork

414 Walnut St.
C incinnati

110

PUBLIC UTILITIES

[V ol. 123.

A fter all p a s t q u a rte r-y e a rly p ref. dividends hav e been p a id . Class A stock
receives $7 p er sn are p e r a n n u m cu m u lativ e before Class B an d common
stocks. C lass “ B ” is e n title d to $7 dividends a fte r Class “ A .” In case of
liq u id atio n or dissolution. C lass A sto ck receives a fte r th e preferred b u t
before C lass B an d com m on stocks .$100 plu s divs. T h ereafter th e holders
o f Class B an d com m on stocks sh are eq u ally in th e rem aining assets. C lass
A sto ck has equal v o tin g pow er, sh are for sh are, w ith th e com m on stock.
D ividends.— On th e 7% cum . pref. a n in itial q u a r, dividend of \% %
w as p a id in F eb . a n d M a y 1926, a n d sim ilar dividends reg u larly q u a rte rly
since. V . 122, p . 215, 1313.

Bonds.— O f th e West Penn Traction Co. 1st m tge. bonds, $9,175,000 are
reserved to re tire th e bonds of c o n stitu e n t com panies an d b alance for exten­
sions a nd b e tte rm e n ts a t 90% of cost. As additional sec u rity all th e ou t­
standing collateral tru s t bonds of 1910 of W est P e n n R ailw ays a n d o th er
securities ow ned are deposited u n d e r th e m ortgage. T h ro u g h th is deposit
these bonds are secured on th e pro p erties of th e su bsidiary com panies, sub­
je c t to th e o u tsta n d in g underlying issues. T h e tru ste e holds $7,609,000 of
the bonds ,of w hich $6,620,000 are re-deposited u n d e r th e m ortgage a t 80%
of face value. T h e bonds a re n o t su b ject to call. T ax-exem pt in P ennsyl­
vania. See description of bonds an d p ro p e rty in V . 92, p . 597.
T h e West Penn Railways Co. firs t m ortgage bonds of 1905 are n o t su b jec t
to call. L isted on P h iladelphia, Louisville, P ittsb u rg h an d B altim ore
E A R N IN G S .—E a rn in g s of com panies controlled by W est Penn E lec tric Stock E xchanges.
C o. for calen d ar years:
P ittsb u rg , M cK eesport & G reensburg first 5s n o t su b ject to call. T o tal
1925.
1924.
outstan d in g $1,500,000, of w hich $1,127,000 ow ned b y W est P enn R y s.
G ross e arn in g s---------------- ----------------- ------------ ..$ 3 1 ,4 7 2 ,1 3 4 $30,278,238
$500,000 P . M cK . & O. first consol are reserved for extensions a n d
N e t a fte r m a in t. a n d ta x e s___________ ___________ 13,831,039 12,572,858
Im provem ents, an d $88,000 to re tire V ersailles T rac tio n C o. bonds.
Fix ed c h a r g e s .. ________________________________
7,876,619 7,509,738
R en e w ., re p la c . an d d e p le t. re serv e ______________ 2,880,228 2,151,740
T h e C onnellsville Sub. bonds w ere g u aran teed principal an d in te re st b y
th e (old) W est P e n n R y s. C o., an d a re callable a t 105 a n d in t. on 30 days"
notice. T ax-free in P enn sy lv an ia.
N e t in c o m e _____ ______________________________ $3,574,197 $2,911,380
$90-000 O akdale & M cD o n ald bonds ow ned b y W est P e n n R y s. C o ., in
L A T E S T E A R N IN G S .— F o r 12 m os. end. Ju ly 31 1926: G ross, $33,068,832: n e t a fte r tax es, $14,919,051; fixed charges, incl. subsid. pref. dividends, addition to am o u n t re p o rte d o u tsta n d in g . A re g u a ra n te ed p rin . & In t.
by W est P e n n R ys. In te re s t is payable a t th e C olonial T ru st C o., P itts ­
$8,320,233; b alance, su rp lu s, $6,598,818
burgh, P a.
O F F IC E R S .— P res., J . H . P u rd y ; V .-P s., W . S. F in lay J r. a nd Philip
$10,000 A lleghany V alley S tre e t R y. 1st M . bonds (not included In
L . R oss; Sec., W . K . D u n b ar; T re a s., E . S. T hom pson. P rincipal office, a m o u n t o utstanding) are held in tre a su ry of A llegheny V alley S t .R y ., a re
101 E a s t F a y e tte S t., B altim o re, M d . N ew Y ork office, 50 B road S t.— secured by a pledge of e ntire c ap ital sto ck of A llegheny V alley L ig h t C o.
V . 121, p . 1464, 3006, 3132: Y. 122, p . 215, 1172. 1313, 3213; V. 123, p. 208.
$12,000 Versailles T rac tio n 1st 6s are ow ned b y W est P e n n R ailw ays.
P an h a n d le T rac tio n first m tge. bonds are su b ject to call on a n y in te re s t
d a te a r p a r a nd in te re st on 30 d a y s’ notice.
T he e q uipm ent notes of 1919 a re d ue serially $10,000 p e r a n n u m each
O ct. 1 to 1929. A re secured by 9 passenger cars. $60,000 h a v e been
WEST PENN CO.
retired . T h e 8% e q u ipm ent tru s t certificates a re due $10,000 sem i­
T h is co m pany, a su b sid ia ry o f Am erican Water Works
Electric Co. was a nnually. $80,000 have been re tired .
am alg am ated w ith o th er com panies in to W est P en n E lectric C o. on F eb . 25
D ividends.— D ividends on pref. stock are cu m u lativ e. In itia l dividend
1926. V . 121, p . 1464. On M a r. 16 1926 stockholders v o te d to dissolve p a id S ept. 15 1917. P a id reg u larly q u a r. since to an d Incl. M a r. 1926.
th e co. V . 122, p . 1612. V ice-Pres. Seton P o rte r in a le tte r A pril 26 1926
an nounced th a t th e dissolution o f th e co. h a d been accom plished. Dis­
E A R N IN G S .— F o r calendar years (including su b sid ia ry com panies):
trib u tio n to holders o f certificates for com m on a n d pref. stocks n o t depos­
1925.
1924.
1923.
1922.
ite d u n d e r th e p la n o f u n ificatio n of th e electric subsidiaries of A m . W ater G ross, all sources_____ $20,206,221 $20,073,165 $19,111,883 $15,665,492
W ks. & E l. C o ., In c ., w as to be m ade on or a fte r A pril 30 1926 on th e fol­ O per. exp. & m a in t____ 111, 169,278 TlO,600,113 10,158,721
8,437,079
low ing basis: $125 cash p er sh are in full settlem e n t to com m on stockholders, Taxes (incl. F e d e r a l) .- - /
\ 1,034,409
1,053,262
860,567
and $101 46 cash p er sh are in fu ll settlem e n t (incl. accrued dividends as of D epletion & d epreciation 1,665,778
1,569,344
1,409.717
1,075,000
A pril 30 1926) to 7% cum . p ref. stockholders. P ay ab le a t th e E q u itab le
T ru s t C o ., 37 W all S t., N . Y . C ity . Y . 122, p . 2499; V. 123, p . 86. F o r
T o ta l incom e_________ $7,371,165 $6,869,299 $6,490,183 $5,292,846
h isto ry , & c., see “ P u b lic U tility C o m p en d iu m ” o f O ct. 31 1925.
I n t. & a m o rt, of d iscount 3,375,716
3,243,852
2,806,935
2,755,604
D iv. accr. on pref. s tk . of
W est P e n n P r . C o. in
909,196
740,100
517,746
359,291
h ands of p u b lic______
In c. a ppl. to com. s tk . of
WEST PENN RAILWAYS CO.
W . P . P r. C o. o w n ed .
587,889
505,182
278,882
______
All of th e o u tsta n d in g com . sto ck is owned by T h e W est Penn E lectric Co.
N e t avail, for divs. on
sto ck of W est P enn
O R G A N IZ A T IO N .— F o rm ed M a y 23 1917 b y th e m erger of th e (old
R ys. C o__________ $2,498,364 $2,380,164 $2,886,620 $2,177,951
W est Penn_ R y s. C o ., W est P e n n T rac tio n Co. and a n u m b e r of other
209,981
383,579
______
______
s tre e t a n d in te ru rb a n railw ay com panies whose lines form ed a connected Preferred divid en d s____
sy stem (for te rm s o f consolidation see V. 104, p . 1704 . Owns all of th e
O F F IC E R S .— P re s ., A . M . L ynn; V .-P . & Sec., R . B . K eatin g ; V .-P .,
o u tsta n d in g c ap ita l s to ck of th e A llegheny V alley S t. R y . C o ., P ittso u rg b
. L
m ., . W . G
s.
A sst. re a s O
& A llegheny V alley T ra c . C o ., O akdale & M cD onald S t. R y . C o ., K itta n ­ H alp; .A M itchell; sC oR . pO . JL ightcaplendening;KT reau n b& r; A sst.T Sec.,., G . . EF .
K
sst. T re a .,
a nd W. . D
a
.
n in g & L eechburg R y s. C o ., P a n H an d le T rac . C o ., Steubenville W ellsburg
M u rrie an d W . K . D u n b a r; G en. A u d ., M . W . G lover.— V. 120, p . 1749;
& W eirton R y . C o ., T h e S teubenville R y . C o ., W heeling T rac . C o ., and
W est V irginia Pow er & T ransm ission C o.; also $11,100,000 of th e $14,100,- V . 121, p . 1229; V. 122, p. 2045; V . 123, p . 713.
000 com . sto ck o f W est P e n n Pow er C o. In ad d itio n , th e W est P enn R ys.
(a) W H E E L IN G T R A C T IO N C O .
C o. controls in d irectly , th ro u g h subsidiaries, Allegheny V alley L ight C o.,
A llegheny P ittsb u rg h C oal C o ., th e "Wheeling & W estern R y . C o ., th e B ellOn O ct. 1 1912 control w as acquired b y th e W est P e n n T ra c tio n C o. (now
aire-S o u th w estern T rac . C o ., th e Steubenville & W heeling T rac . C o., W est P e n n R ailw ay s), w hich now owns all of th e o u tsta n d in g stock.
W heeling B ridge C o. a n d th e S teubenville B ridge Co.
O R G A N IZ A T IO N .— In c o rp . O ct. 12 1900 in W est V irginia. Ow ns e n tire
O f th e com panies listed above, P ittsb u rg h & A llegheny V alley T rac . C o.,
of an d operates T
B ellaire-Southw estern T
O akdale & M cD o n ald S t. R y . Co. and K itta n n in g & L eechburg R y s. Co. cap ital stock & W estern R y . Co.h e Owns en tire c ap ital sto ckrac tio n C o. a nd
th e W heeling
are leased to a n d operated in th e nam e of th e W est Pen n R ys. C o.; and u n d e r lease th e S teubenville & W heeling T rac tio n C o.; also of an d operates
operates u d
P an H andle T rac . C o ., S teubenville W ellsburg & W eirton R y .O o .. T h e lease S teubenville W ellsburgh & W eirton R y . C o. a n d th e S teubenville nR e r
y.
Steubenville & W heeling T rac . C o. a n d T h e Steubenville R y . C o. are C o. a n d P a n h a n d le T rac tio n C o. C ontrols W heeling B ridge Co.
leased to a n d o p erated by th e W heeling T rac . C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
In 1917 th e rig h ts an d p ro p erties th ereto fo re owned a n d controlled b>
Owns or controls aDd operates (incl. leased lines) 103.32 m iles of tra c k
H ydro-E lectric C o. o f W . V a., incl. th e p a rtia lly developed w ater power
p ro ject a t S ta te b in e on th e C h ea t R iver were tak en over a nd are now in W heeling a nd sub u rb s, extending to B a rto n , Shadyside, R ay lan d
Also has
owned by th e W est V irginia Pow er & T ransm ission C o. C onstruction a n d W ellsburg, M oundsville, B ellaire an d M a r tin ’s F e rry .
lino from S teubenville to B rillia n t. G auge, sta n d a rd a n d 5 f t. 2 A in .
work a t C h ea t H av en h as been resum ed a n d will be com pleted by 1927.
Pow er s ta tio n a t W heeling leased to M onongahela W est P enn P u b . Serv. C o.
Franchises are largely p e rp e tu a l. P rac tic a lly all tra c k o u tside of m unici­
p alities is on p riv a te rig h t-o f-w ay .
S T O C K A N D B O N D S—
Date.
Interest. O utstanding. L a stD iv.,& c
Stock $2,500,000 ($100)............ ______
_______
$2,336,300
See te x t
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— W heeling T rac tio n 1st m tgel ' 1901 5 g J -J
2,500,000 J a n 1 1931
C om pany co n d u cts a n electric railw ay passenger a n d freig h t business,
$2,500,000 ($1,000, $500) I n t. a t C leveland T r u s t C o ., C leveland, tru s .
largely in te ru rb a n , covering a to ta l of 337.67 miles, a n d serving m ore th a n
g o ld __________________ c tf I a nd a t N a t. B an k of C om m erce, N . Y .
250 cities, tow ns an d com m unities in southw estern P ennsylvania, th e 30-year gold 5s $10,000,000’' 1913 5 J - J
170,000 J a n 1 1943
P an h a n d le of W est V irginia a n d a d ja ce n t te rrito ry in Ohio. T he physical
c&r [In t. a t C olonial T ru s t C o ., P ittsb u rg h , tru s .
p ro p e rty ow ned b y th e W est P en n R ailw ays Co. a n d su b sidiary com pany W heeling B ridge Co $200,000 ' 1921 7 g J - J 1
180,000 J a n 1 1931
(exclusive o f th e W est P e n n Pow er C o.) includes 337 41 miles of tra c k
1st M callable a t 105_c*.tf 1In t. a t D ollar Sav. & T r . C o., W heeling, trus.
(m easured as single tra c k ) o f w hich 282.96 miles, 5 ft. 2 A in. a nd 54.67 B ellaire Sw T ra c C o 1st m tg e f 1906 5 g M -N
50,000 N o v . 1 1926
m iles. 4 ft. 8 A in. guage. 272 m o to r passenger cars, 48 w ork cars, 20
$500,000 ($1,000)___ r&c*- [In t. a t D ollar Sav. & T r. C o ., W heel’g, tru s .
express a n d freig h t cars, 11 sweepers a n d 12 o th er cars. Pow er s tatio n a t
R edeem able a t 102 and in t.
G uar. p . & i. b y W heeling T rac tio n Co.
C onnellsville (leased to W est P en n Pow er C o.), a n d W heeling, W V a. Steub & W heel T rac 1st m tge r 1905 5 g M -N
496,000 M a y 1 1935
(leased to M onongahela W est P e n n P ublic Service C o.), 7.33 miles of
$650,000 gu g ($ 1 .0 0 0 )c * n tf' In t. a t D ollar Sav. & T r. C o., W heeling,trus.
25,000 v o lt tran sm issio n lines, exclusive o f low tension d istrib u tio n lines in F irst equip t r of 1924 ($250,-' I 1924
6 A-O
225,000
See te x t
cities a n d tow ns, a n d 2 su b statio n s h av in g a tran sfo rm er c ap acity of
000 ($1,000)____________ c. [D iv. a t D ollar S. & T r . C o., W heeling,W .V a.
7,500 k .w .
Bonds.— F irs t m tge. bonds are red . on an y in t. d a y a t 105 an d in te re s t
u pon 30 d a y s’ notice. V . 95, p . 619.
S T O C K A N D B O N D S — Date.
Interest. Outstanding.
M aturity
C om m on $20,000,000 ( $ 1 0 0 ) - - ____
_______ $17,091,700 __________
T he 30-year gold 5% bonds are for re tirin g 1st M . bonds o f W heeling
P re f 6% cum $10 ,0 0 0 ,0 0 0 ($ 1 0 0 )____
Q— M 15
3,500,000 S ept'26, I X
T ra c . C o ., B ellaire Sw. T rac . C o ., W heeling & W estern R y . C o ., P a n h a n d le
W P T r a c t 1st M $25,000,0001 1910 5 g J-D
4,854,000 J u n e 1 1960 T rac . C o ., Stetib. & W heeling T ra c . C o ., a n d for extensions a n d b e tte r­
gold ($1,000 & $ 5 0 O )-.c * tf j l n t . a t E q u ita b le T r u s t C o ., N . Y ., T rustee. m ents. R ed. a t 105 an d accrued in t. a t a n y in t. period. V . 96, p . 1491.
Old W P R y s 1st M $6,0 0 0 ,0 0 0 /
1905 5 g A -O
2,700,000 Jan 1 1 931 T h e $17J,000 o u tsta n d in g are all ow ned b y th e W est P e n n R y s. C o.
$20,000 7% W heeling B ridge C o. first m tge. bonds a re held in tre a su ry ,
($500 & $ 1 ,0 0 0 )______ c * t f l i n t , a t E q u ita b le T r . C o ., N . Y .. T ru stee
bonds, $3,000 S te u b . & W heeling T rac . C o. bonds, a nd $265,400 sto ck of
P M c K & C 1st co n m tg e f
1901 5 J-J
2 ,9 1 2 ,0 0 0 Ja n 1 1931
W heeling B ridge C o. ow ned b y W heeling T rac tio n C o. (n o t incl. in a m o u n t
$ 3 ,5 0 0 ,0 0 0 ($ 1 ,0 0 0 ) g o ld .--) In te r e st a t C olon ial T ru st C o ., P ittsb u rg h
re p o rte d o u tsta n d in g ).
C a n n o t b e c a lle d ______ c t f l T r u s te e .
O f th e $650,000 S teubenville & W heeling T rac tio n firs t m tg e . bo n d s,
P itts M c K & G reen sbu rg 1st) 1901 5 g J-J 1
3 7 3 ,0 0 0 J u ly 1 1931
$37,000 (not included in a m o u n t outstan u in g ) ow ned b y W heeling T rac tio n
M tg e $ 1 ,5 0 0 ,0 0 0 ($1,000)1 I n te rest a t H arrisb urg T ru st C o ., H arrisC o. A re su b jec t to call a t 102 a n d in t. T h e y are g u a ra n te ed , principal
gold ------------------------------ c tfj
b u rg. P a ., T ru stee.
a nd in te re st, b y W heeling T rac tio n Oo.
C on S ub S t R y m tg e $ 1 7 5 ,- /
1902 5 g J-J
175.00 0 Ja n 1 19S2
F irst eq u ip m en t tr u s t n otes w ere issued in 20 series, A to T , o f $13,000
0 0 0 gu ar p . & i ------------c t f i l n t . a t C o lo n ia l T ru st C o .,P it t s b ., T r u s tte .
a nd $12,000, a lte rn a te ly , m a tu rin g Series A A pril 1 1925, Series B O ct. 1
K ltt & Ford O 1st M $ 5 0 ,0 0 0 )
1898 6 J -D
2 7 ,5 0 0 D e c 1 1 9 2 8
1925, th e rem aining series consecutively on A pril an d O ct. 1 of each y ear
gold ( $ 5 0 ) ----------------------- c \P itts b u r g h T ru st C o ., P ittsb u rg h . T ru stee
to an d incl. O ct. 1 1934. A re callable on a n y d iv . d a te on four w eeks’
n otice a t 100 a n d d iv . Secured b y 21 double tru c k , sem i steel m o to r
A lleg V a il S t 1st M lg e $ 2 ,- 1906
5 g F -A
1 ,6 8 0 ,0 0 0 F eb 1 1 9 2 6
passenger c ars.— V . 113, p . 2407; V . 114, p . 199; V . 115, p . 2048, 2795;
000,000 g n o t r e d e e m a b le )In te r e st a t U n io n T ru st C o ., P ittsb u rg h
V. 1 1 9 ,p . 8 1 2 ;V. 122, p . 2654.
($ 1 ,0 0 0 )----------------------- c * t f l T r u ste e .
V ersailles T raction C o fir s t) 1897
6 g M -8
8 8 ,0 0 0 S ep t. 1 192’
,
m o rtg ag e gold_______ c n t f / I n t . a t P ittsb u rg h T ru st O o., P ittsb u rg h , tru i
O ak d ale & M c D S t R y 1st M s / 1906 5 J-J
6 0 .0 0 0 J a n 1 193)
g gu p& l b y W P R y s .c * t f \ I n t . a t C olon ial T r . C o ., P ittsb u r g h , tru stee
P a n H T rac 1st M $500 ,0 0 0 g ) 1902 5 g A -O
5 0 0 ,0 0 0 O ct 1 1932
($ 1 ,0 0 0 and $ 5 0 0 )____ c * t f / I n t . a t C olu m b ia T r. C o ., N . Y ., tr u ste e .
E q u ip , tru st n o te s__________ 1919
6 A -O
4 0 ,0 0 0
S ee text
S te u b e n v ille W & W R y fir st! 1911
5 A -O
7 0 0 ,0 0 0 A pril 1 1951
m o r tg a g e $ 7 0 0 ,0 0 0 _____ c t f j l n t . a t W a sh . T r . C o . W ash ’to n , P a ., tru#

r u s t e q u ip m e n t tr u s t c e r tifs -. 1921 8%
120,000 See te x t.
Preferred Stock.— A fter 1918 no dividend can be p a id on th e com m on stock
unless in ad d itio n to p a y m e n t of th e p ref. sto ck dividends in fu ll, th e re has
been reserved an n u ally an a m o u n t equal to 3% on th e th e n o u tsta n d in g
p ref. sto ck . N o ad d itio n al p ref. sto ck can be issued a t an y tim e unless
th e earnings applicable to p ref. d iv s. are tw ice th e an n u al req u irem en ts
th erefo r, including th e proposed issue. Stock is p refererd as to assets an d
div id en d s an d is callable a t 105. P ref. sto ck is listed on th e L ouisville a nd
P ittsb u rg h exchanges.
Debentures.— All o f th e o u tsta n d in g 3-year 6 A % d e b en tu re s, d a te d
A pril 1 1924, w ere called Sept. 1 1926 a t p a r an d in te re st. V. 123, p . 713.




WEST PENN POWER CO.
$11,100,000 com . ow ned b y W est P e n n R y s. C o. an d rem ain in g $3,000,000
ow ned b y T h e W est P e n n E lectric C o.
O R G A N IZ A T IO N .— In co rp . M a r. 1 1916, in P e n n a .. a s a m erger of
53 electric lig h t a n d pow er com panies. C o. owns th e e n tire com . sto ck of
A llegheny P ittsb u rg h C oal C o. an d controls a n u m b er of sm aller com panies.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
W as organized for th e purpose o f consolidating under single fee ow nership
th e principal electric lig h t an d pow er pro p erties w ithin th e S ta te o f P e n n a .
form erly controlled b y W est P en n T rac tio n C o. T h e c o m p a n y ’s c h arte re d
te rrito ry in w estern P enn sy lv an ia exceeds 5,000 square m iles. 437 cities and
tow ns are serv ed , th e popu latio n being e stim ate d in excess of 575,000.
T h e physical p ro p e rty ow ned b y th e W est P e n n Pow er C o. includes 4 electric
generating statio n s, w hich to g e th e r w ith th e C onnellsville sta tio n (leased
fro m W est P e n n R y s. C o.) have an aggregate installed cap acity of 265,710,
to w hich 40,000 k .w . w ill be a d d ed a fte r com pletion of th e Springdale
statio n , 180 su b stations having a tra n sfo rm e r c ap a c ity of 253,266 k .w .,
also 4 su b stations w ith tran sfo rm er cap acity of 120,000 k .w . feed-

O ct., 1926.]

POWER, LIGHT AND RAILWAY

fag th e 25,000 v o lt system ; a n d 914.25 pole miles o f high-tension
transm ission lines (147.70 miles 132,000 v ., 766.55 m iles 25,000 v .),
exclusive o f low -tension d istrib u tio n lines in cities an d to w n s. T h e com pany
also leases 7.33 miles 25,000 v . transm ission lines. In M arch 1926 co.
com pleted arran g em en ts to s u p p ly all electric pow er to th e B u tle r, P a .,
p la n t o f Forged Steel W heel C o ., th e re b y increasing c o .’s loan b y a b o u t
20,000 h .p . Co. was to b u ild a 24-mile high tension tra rsm issio n line
from its Springdale. P a ., pow er sta tio n to B u tle r. See V . 122, p . 1765.
T h e franchises un d er w hich com pany o p erates, w ith exception of those
In a few sm aller tow ns from w hich th e com pany derives less th a n 4 % of
gross earnings, are un lim ited as to d u ratio n .
Government Advance for Power Plant.— For p a rtic u la rs see “ E lec tric R ail­
w ay ” Su p p lem en t o f O ct. 30 1920.
Increase preferred stock.— On N o v . 2 1925 co. increased th e authorized
c ap ital sto ck b y $10,000,000 6% cu m . pref. sto ck . V . 121, p . 2158.
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
$18,600,000 ............ ........
C om m on $35,000,000 ( $ 1 0 0 ) - - ____
6 Q -F *
•6% cum p re f $10,000,000 ( 1 0 0 ) ____
4,634,300 N o v ’26 IY 2
P f 7% cum $25,000,000 ( $ 1 0 0 ) ____
12.700.000 N o v ’26 1 %
Q— J
F irst m tg e gold series “ A ” _ f 1916
_
8.500.000 M a r 1 1946
5 M -S
F irst m tg e gold series “ E ” _ { 1916
_
12.500.000 M a r 1 1963
5%
F ir s t m tg e gold series “ F ” _ I 1916
_
7.500.000 O ct. 1 1953
F ir s t m tg e gold series “ G ” _ [ 1916
_
m A-° 18.500.000 J u n e 1 1956
(Series “ A ” $1,000: Series IE a u ita b le T ru st C o .. N ew Y o rk , tru s te e .
‘D ." “ E ” & “ F , ” $100,
$500 & $1,000, Series “ G ”
($1,000, $500, $100 c* an d
$1,000 r * ) ______c*& r*_tf
C o n tra c tu a l obligation to th e 1918 5 & 6%
604,500
Serially
U S G o v t (5% p er an n u m to D u e $150,000 p e r a n n u m M a r. 31 1923 to
& incl M ar 31 1928, th e re ­
1929 in cl., a n d b a l. ($154,500) M a r. 31
a fte r 6 % _________________
1930
A llegheny P itts C oal Co 8%
q u a r m s f g ser A $3,500,- 1921
8 g
1,304,400 S e p t 15 ’41
000 (p&i g b y W P en P w Co E q u it. T ru st C o. of N . Y .. tru ste e .
Ohio C o u n ty Fuel Co 6% 1st 1923 6 g
360,000
1924-28.
m serial g $600,000_______ |U n io n T ru st C o. of P ittsb u rg h , tru ste e .
Stock.— T h e 6% cum . pref. stock ra n k s equally a n d ra ta b ly w ith th e 7%
cum . p re f., except th a t it receives dividends of 6% p er an n um , a nd is red.
a t 110 a n d div. N o ad d itio n a l pref. stock m ay be issued except when
su rp lu s n e t earnings (before d e p reciatio n ), ap plicable to pref. divs. for 12
o u t of preceding 15 m o n th s has been a t least 13 tim es an n u al dividends on
all pref. sto ck ou tsta n d in g incl. new issue. L isted on N . Y . Stock E xchange.
In D ec. 1925 W est P en n . Securities D e p artm e n t, In c ., P ittsb u rg h offered
50,000 6% cum . pref. (a. & d .) sto ck (par $100) a t $97 a nd div. V. 121,
p . 2754. T h e 7% cum . pref. sto ck is red . as a whole or in p a rt a t 115 a nd
accrued d iv. on an y div id en d d a te upo n six m o n th s’ notice. See V. 102,
p . 2082. E x e m p t from P en n . 4 m ills ta x . In A ug. 1924 W . A. H arrim an
& C o ., In c ., D om inick & D om inick, N . Y ., a n d U nion T ru s t C o. of P itts ­
b urgh offered a t $103 p e r sh are $2,063,000 7% cum . p ref. stock. V . 119,
p . 695B on ds. — T h e bonds are a firs t m ortgage on all th e physical p ro p e rty ,
rig h ts a n d franchises now ow ned o r h e reafter acq u ired . A dditional bonds
m a y be issued a t p a r for 75% o f th e a c tu a l c o st o f p erm an en t im prove­
m en ts, a d d ’ns or ex ten s. u n d e r certa in re stric tio n s. Series “ A ” bonds are
redeem able as a whole or in p a r t since M ar. 1 1921 a t 105 & in t. on 4 w eeks’
n otice. In t. on Ser. “ A " p a y ab le a t A m er. W ater W orks & E lec. C o., N . Y .,
o r C o n t. & C om m . T r. & Sav. B an k , Chicago. T ax -ex em pt in P e n n a .
Series “ E ” bonds are re d ., all o r in p a r t, on 4 w eeks’ notice a t 105: M a r. 1
1923 to M a r. 1 1948 a t 1 0 2 M a r. 1 1948 to M a r. 1 1958 and th e re a fte r
a t p a r. Series “ F " 5 34s are redeem able, all or in p a rt, upon 4 w eeks'
notice a t th e following prices a n d in terest: On or before O ct. 1 1928
a t 10743: th e re a fte r to a n d including O ct. 1 1938 a t 105: th e re a fte r to a nd
including O ct. 1 1948 a t 102 43, an d th e re a fte r to m a tu rity a t p a r.
V. 118, p . 2772. T h e m o rtg ag e p ro v id es for a n a n n u a l e x p en d itu re for
m ain ten an ce as follows: 1916-20, 143% o f bonds ou t; 1921-25, 2% : 1926-46,
243% ; also for a d ep reciatio n fu n d of 2% of bonds o u t beginning w ith 1916
for a d d itio n s, im p ro v em en ts, &c., a g ain st w hich no firs t m ortgage bonds
m ay be issued. Y. 102, p . 891. All series are listed on N . Y . Stock Exchange.
C o m p are V. 108, p . 1827; V . 117, p . 2772. Series “ G ” 5s, d a te d M arch 1
1916, are re d ., a ll or p a rt, on a n y in t. d a te on 4 w eek’s notice a t following
prices an d in t. T hro u g h J u n e 1 1951 a t 105; th ro u g h Ju n e 1 1954 a t 102;
th e re a fte r to m a tu rity a t p a r. F ree of Pen n a. 4-m ill ta x .
All of th e o u tsta n d in g first m tge. gold bonds, Series “ C ” 6 % , were
called for red em p tio n on Ju n e 1 1925 a t 106 a n d in te re st.
All of th e o u tstan d in g Series “D ” 7% bonds due M a r. 1 1946 w ere called fo r
p a y m e n t A ug. 1 1926 a t 105 an d in t. Y. 123, p . 326. In J u ly 1926
W . C. L angley & C o ., H alsey , S tu a rt & C o ., In c ., U nion T ru s t C o. of
P ittsb u rg h , W . A . H a rrim a n & C o ., In c ., a n d D om inick & D om inick sold
$18,500,000 Series “ G ” a t 10043 a n d in t. V . 123, p . 456.
$6,500,000 Ser. “ E ” 5s w ere offered in A p ril 1925 by H alsey, S tu a rt &
C o ., T h e U nion T ru s t C o. o f P ittsb u rg h , W. A. H arrim an & C o., In c .,
and W . C. L angley & C o. a t 9743 a n d in t., yielding a b o u t 5 .18% .
All of th e o u tsta n d in g 1st equip, tru s t notes due 1927 to 1930 were
called Ju n e 15 1926 a t 103 a n d in t. V . 122, p . 3343.
D ividends.— D iv s. on p ref. sto ck hav e been p aid since organization.
On th e new 6% cum . pref. sto ck a n in itial q u a r. d iv . of 143% w as p a id in
F eb . 1926. V . 121, p. 3006.
E A R N IN G S .— F o r c alen d a r y ears (incl. su b . cos.):
1925.
1924.
1923.
1922.
xGross oper. earn in g s_ $13,555,326 $12,828,329 $11,978,606 $9,653,904
_
O per. exp. an d m a i n t . . .
6,880,098
7,056,674
6,804,849
5.512,144
D eprec., depletion, & c -1,142,142
1,017,819
891,217
626.327
Taxes (incl. F ederal) — .
705,450
674,175
603,550
465.400
M iscellaneous in c o m e ..C r.l,2 2 5 ,5 9 5 C r.1,243,929 Cr.972,145 Cr.612,747

111

Stock—
D ate.
D iv . Bate. O utstanding. Latest D iv.
C om m on 25,000 sh s. (no p a r ) . ____
_________ x 2 5,000shs. ___________
7
$3,064,800 .....................
7% p re f $5,000,000 ($100)________
x All ow ned b y W est P en n E lec tric C o.
K E Y S T O N E P O W E R C O R P .—
O R G A N IZ A T IO N .— In c o rp . F e b . 17 1922 in P en n sy lv an ia.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C om pany furnishes electric lig h t, h e a t an d pow er to som e 34 boroughs a nd
com m unities in E lk , M cK e a n , C lin to n a n d C en tre C ounties in n o rth e rn c en tra l P e n n sy lv an ia, including th e boroughs of K an e, M t. J e w e tt, S t.
M ary s, R idgw ay, Jo h n so n b u rg , S ta te College. B ellefonte a n d M ilesburg.
T e rrito ry served ap p ro x . 2,300 sq u are miles; p o p u la tio n , a p p ro x . 70,000.
C om pany owns 3 electric g enerating sta tio n s w ith an aggregate installed
cap a c ity of 19,700 k .w ., 31 s u b sta tio n s of a tra n sfo rm e r c a p a c ity of 16,291
k w ., 67 pole m iles of 44,000 v o lt transm ission lines a nd 135 pole miles
of 22,000 v o lt transm ission lines, exclusive of d istrib u tio n lines in tow ns.
As of O ct. 31 1925, 11,444 custom ers.
Change in Stock.— On M a y 11 1926 co. reduced th e a u thorized capital
stock from $11,175,000 (12,500 no p a r com m on shares an d 111,700 pref.
shares, p a r $100), to $5,000,000, consisting of 200,000 com m on shares,
p a r $10, a nd 30,000 pref. shares, p a r $100. T h e 12,500 shares of no p ar
com m on w ere c o nverted in to 500 com m on shares, p a r $10, a n d since th e n
m ore com m on stock w as issued.
STO CK A ND BO N D S—
D ate
Interest. Outstanding.
M aturity.
C om m on $2,000,000 ($10)_________
_________
$148,750 __________
7% cum p re f $3,000,000 ( $ 1 0 0 ) ____
7
1,436.100 __________
F ir s t m tg e g bonds ($1,000 c* (P en n . C o. for In s . on L ives a n d G ra n t. A n n .,
$500 & $100 c ) _________ t f
P h ilad e lp h ia , tru s te e .
Series A __________________ ( 1922
64 3 g M -S $1,750,000 M a r. 1 1952
Series B __________________ 1922
6 g M -S
1,352,500 M a r. 1 1952
(I n t. a t G u a ra n ty T r u s t C o ., N . Y . C ity .
10-yr conv g deb $1,000,0001 1924
7 g J-J
600,000 J a n . 11934
($1.000 & $500' ____ c * tf ^E quitable T ru s t C o. of N . Y .. tru s te e .
x All ow ned b y K ey sto n e Pow er & L ig h t C o.
Bonds.— A t p re sen t th e a u th o riz e d issue of 1st m tg e. gold bonds is lim ited
to $25,000,000. R ed. on 4 w eeks’ notice durin g calendar years 1922-1931
incl.
T h e 10-yr. convert, g-debentures, dated J a n . 1 1924 a re c o nvertible on a n d
a fte r J a n . 1 1926 to a n d incl. D ec. 20 1933 a t th e th e n red em p tio n price
in to 7% cum . 1st pref. sto ck a t p a r w ith cash a d ju stm e n t of price a n d in t.
a nd d iv . R ed. on 4 w eeks’ n otice to a n d incl. D ec. 31 1928 a t 105 an d in t.
an d a t 1 % less for each succeeding y e a r .

L E H IG H P O W E R S E C U R I T I E S C O R P O R A T I O N .

Supervised b y E lectric B ond & Share C o.
O R G A N IZ A T IO N .— In c o rp . in D elaw are fa J a n . 1926 as a consolidation
of th e old Lehigh Pow er Securities C orp. (incorp. J u ly 19 1917 in D elaw are,
for h isto ry see “ P ublic U tility C om pendium of O ct. 31 1925) a nd U nited
Securities C o., a com pany form ed in 1926 for th e purpose of transferring
all th e public u tility properties in an d aro u n d L a n c a ste r a n d H arrisburg,
P a ., fro m U nited G as & E lectric C orp. to Lehigh Pow er Securities C orp.
U nited G as & E lectric C orp. received a s u b sta n tia l a m o u n t of cash a n d $6
cum . pref. stock of th e Lehigh com pany fa lieu of its form er holdings in th e
L ancaster and H arrisb u rg com panies and th e V alleyR ailw ays.
T h e com m on stock of th e form er Lehigh Pow er Securities C orp. (605,000
shares, no p ar, au thorized) was all held u nder a v o ting tr u s t agreem ent which
agreem ent was te rm in a te d a t th e tim e of form ation of th e new corp., when
each holder of a v o tin g tr u s t c ertificate calling for one share of common
stock of th e form er Lehigh P ow er Sec. C orp. received 10 shares com m on
stock of th e consolidated corp. T h e 10-yr. 6% secured gold notes, due A ug.
1 1927 of th e form er Lehigh Pow . Sec. C orp. w ere called for redem ption on
F eb. 1 1926. 130,000 $6 c u m . pref. shares (no par) of th e new Lehigh Pow .
Sec. C orp. are ow ned b y U n ited G as & E lectric C orp., having been ta k e n in
p a r t p ay m e n t for its form er holdings fa th e P ennsylvania situ a tio n . V.
122, p . 611.
Co. owns all th e com m on stock of th e P enn sy lv an ia P ow er & L ig h t C o.,
a su b sta n tia l m a jo rity of b o th classes of stock of th e Lehigh V alley T ra n sit
C o., all th e com m on sto ck of H a rrisb u rg L ig h t & Pow er C o. an d L ancaster
C o u n ty R y. & L ig h t C o., (which fa tu r n c ontrols (a) C onestoga T rac tio n Co.
(which owns C onestoga R e a lty C o.); (6) L an caster G as L ig h t & F uel Co.
(which owns C olum bia G as C o.); (c) E dison E lectric C o. and (d) L ancaster
E lectric L ight, H e a t & Pow er C o . a nd a ll th e p referred a nd com m on stock
of V alley R ailw ays. P ennsylvania P ow er & L ight C o. ow ns m ore th a n
95% of th e ou tsta n d in g c ap ital sto ck of th e E a s t P enn E lectric Co. a nd all
th e capita] stock of th e H agerstow n L ig h t & H e a t C o. of W ashington
C o u n ty . V. 122, p . 611. C o. also ow ns all o f th e sto ck of M auch Chunk
(Pa.) Transit Co. See s e p a ra te s ta te m e n t.
F IE L D OF O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e operating com panies serve an extensive and prosperous in d u stria l
te rrito ry in eastern P en n sy lv an ia, including th e cities of A llentow n, B ethle­
hem , E a sto n , W ilkes-B arre, H azleton, W illiam sport, H arrisb u rg an d L an­
caster. P o p u latio n e stim ated to exceed 1,638,000.
T h e to ta l num ber of com m unities served is 443. E lectric pow er and
lig h t service is supplied in 412 com m unities, including those served a t
wholesale, and m a n u fa c tu re d gas service is supplied in 25 cities a nd tow ns,
including 1 served a t w holesale. C orp. also controls com panies supplying
tra n sp o rta tio n service in 142 com m unities an d operating s tre e t an d in te ru rb a n railw ay lines w ith 509 miles of tra c k V. 122, p . 611.
N ew Transm ission L in e .-— In J a n . 1926 P en n . Pow er & L t. C o. began con­
s tru c tio n of a new 65-mile transm ission*line of 220,000 v o lts w hich will fu r­
th e r fa c ilita te d istrib u tio n of pow er b y subsidiaries of th e Lehigh Pow er C o.,
w hich serve an u n u su ally co m p act area in th e h e a r t of eastern P en n sy lv an ia’s
coal a n d in d u stria l te rrito ry . V. 122, p . 611.
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
3 ,1 0 4 ,4 5 0 s h s .....................
_
com 4,000,000 shs (no p a r)_
T o ta l Incom e_________ $6,053,231
$5,323,590 $4,651,135 $3,662,880 $6 cum p f 300,000 shs (no par)
130,000shs .....................
$6
In t. & a m o rt, of d i s c t ..
2,193,078 2,026,809
1,807,179
1,679,236 $7 cum p f 300,000 shs (no par)
N one
__________
$7
R e n t a l s . . . ____________
187,876
182,324
182,965
182,965 6% g deb ser A ($500, $100 c*, j 1926
6 g F-A $25,000,000 F eb 1 2026
$1,000 c*r* a nd $10,000r)tf {G u a ra n ty T ru s t Co. of N . Y ., tru ste e .
N e t av ail, for d i v s . . . $3,672,277 $3,114,457 $2,660,990 $1,800,678
Bonds.— N o add itio n al gold debentures m a y be issued unless n e t incom e
x Including sales $2,062,884 in 1925, of $1,800,180 to affiliated com panies
for 12 o u t of preceding 15 m o n th s has been a t le a st tw ice a n n u al in te re s t on
fa 1924, $1,634,653 in 1923, $1,455,675 in 1922.
all indebtedness of th e corp. incl. new issue, b u t excluding indebtedness to
Latest Earnings.— F o r 7 m os. end. J u ly 31 1926: G ross, $9,344,890; n e t be concurrently p a id off. Issuable in series of such ten o r as D irectors m ay
a fte r renew als, rep lacem en t a n d tax es, $3,801 ,8 4 3 ; fixed charges, $1,414 ,5 2 8 ; from tim e to tim e, d eterm ine. R ed ., w hole or p a rt on 30 d a y s’ notice, a t
preferred d iv s., $578,952; com m on dividends, $1,128,000; b alance, sur­ 110 u p to a nd incl. F eb. 1 2010, th e re a fte r a t 105 to and incl. F eb. 1 2020,
p lu s , $680,363.
an d a t p a r th e re a fte r, in each case w ith in te re st. P enn. 4 m ills ta x refund­
.
B on b
o.,
&c., &c. offered $25,000,000
O F F IC E R S .— P res., A . M . L y n n ; V .-P . & Sec., R . B . K eating; V .-P s ., able. In J a n95 1926,in t., to rig h t & C0 % . In c ., 122, p . 611; V. 123, p . 455.
at
and
yield 6.3
G . M . G adsby and J . S. Jen k s; C o m p t., J . W. G lendening; T rea s. & A sst. 6% ser. Ath e o u tsta n d in g $7,566,000 (old V.
All
10-yr. 6%
Sec., C . F . K alp; A sst. Sec., G . E . M u rrie an d W . K . D u n b a r; A sst. T rea s., notes, of A ug. 1 1927, w ere called for p ay mcorp.) eb. 1 1926 a t securedd gold
d
en t F
101 a n in t.
R . C . L ightcap a n d W . K . D u n b a r; G en. A u d ., M . W . G lover.— V . 120, V. 122, ue 480, 611.
p.
p . 1750, 2150, 2271, 2685, 3076, 3189; V. 121, p . 841, 2158, 2405, 2754,
E A R N IN G S .— O f co. a n d subsidiaries for calendar y ear 1925:
3006; V . 122, p . 1765, 2045, 3343; V . 123, p . 326, 456, 1635.
G ross earnings of s u b s id ia rie s _______________________________ $ 3 3 ,3 1 6 ,4 8 7
N e t a fte r expenses, m a in te n an c e an d ta x e s___________________ 12,875,694
N e t earnings of L e h . P o w . Sec. C o rp ., in c l. u n d istrib u te d incom e
W E ST PENN M O N O N G A H E L A CO.
(after renew al a n d re p la c em e n t reserves) of subsidiary cos_
_ 3 ,6 6 1 ,9 7 3
M anagem ent.— T h e operatio n s of th e co. a nd its su b sid . cos. a re u n d e r th e
C ontrolled by T h e W est Penn E lectric Co.
supervision of th e E lectric B ond & Share C o.
O R G A N IZ A T IO N .— In co rp . J u n e 14 1922 in D elaw are. Form ed to
O
S.
M itchell;
., P . B Saw yer;
tak e over co n tro l o f th e M onongahela P r. & R y . Co. (now M onongahela V .-PF F IC E R S .— C hairm an .of B oard, T reZ.s ., A . C . R P re sSec., E .. P . Sum s., W
D arbee an d E W .
a
ay ;
W est P en n Public Service Co.— see u n d er “ W est V irginia” on an o th er m erson.— m . 121, p . 329, 331; V. H ill; p . 480, 611, 883; V . 123, p . 455.
V.
122,
page).
(1) L E H IG H V A LL EY T R A N S IT C O .
C A P IT A L S T O C K .— A u th ., $3,000,000 p re f., p a r $100, an d 1,000,000
Control.— In J u ly 1917 th e Lehigh P ow er S ecurities C o rp ., w hich see
shares com . o f no p a r value. O u tstan d in g , $2,369,000 p re f. and 968.832
above, acquired a su b sta n tia l m a jo rity of b o th classes of th is c o m pany’s
shares com . T h e W est Pen n E lectric C o. owns a ll of th e o u tsta n d in g pref.
a n d 966,918 shares of th e com m on. F o r offer o f T h e W est P enn E lectric stock on th e basis of $28 p e r sh are of com . an d $48 p e r sh are of p ref. stock.
C o. to pu rch ase rem aining shares of com m on o u tsta n d in g see V . 117, p. 441. V . 105, p . 606.
O R G A N IZ A T IO N .— In co rp . in P a . on N o v . 3 1905 a n d is a reo rg an iza­
O F F IC E R S .— P res., A . M . L ynn; V .-P . & Sec., R . B . K eating; V .-P s.,
tio n u n d e r foreclosure of th e Lehigh V alley Traction C o ., th e P hilad el­
C . P . Billings and G . M . G adsky; T reas. & A sst. Sec., C. F . K alp.
p hia & Lehigh V alley T rac tio n C o ., th e A llentow n & S latin g to n and th e
C oplay E g y p t & Iro n to n S tre e t R y ., as p e r p la n in V . 79, p . 733, 1462.
In O ct. 1911 pu rch ased th e M o n tg o m ery T rac . C o. (V. 93, p . 940), all of
K E Y S T O N E P O W E R & L I G H T CO. (DEL.)
w hose bonds an d stock a re dep o sited u n d e r th e Lehigh V alley T ra n s it ref. &
Control.—-The W est P en n E lec tric C o ., a su b sid iary o f A m erican W a te r im p t. m tge. of 1910. In A pril 1913 pu rch ased controlling in te re s t in stock
W orks & E lectric C o ., In c . ow ns th e en tire o u tsta n d in g 25,000 com m on shs. of E a sto n C onsolidated E lec tric C o. V . 96, p . 1022. Also has h alf in te r­
est in N orristow n T ra n s it C o. Also acquired a n u m b e r of o th e r com panes.
O R G A N IZ A T IO N .— In c o r. D ec. 22 1922 in D elaw are as a holding com­ Franchises p e rp e tu a l.
U n d er agreem ent m ad e in J u ly 1907 th e Lehigh V alley T ra n s it has its
p a n y . I ts sole asset consists o f 12,500 no p a r sh ares, being all of th e
au th o riz e d a n d o u tsta n d in g com m on sto ck o f K ey sto n e Pow er C orp. Philadelphia te rm in a l in th e P h ilad elp h ia R apid T ra n s it sta tio n a t C h estn u t
C o m p a n y h as no fu n d ed d e b t.
H ill. V. 85. p. 99.




112

PUBLIC UTILITIES

[V ol. 123.

F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S I N E S S .—
(b)
For each share o f C o m . sto c k so d ep o sited — tw o -th ird s o f o n e share
C o. an d it s sub sid iaries ow n an d op erate c ity and in terurban ra ilw a y lines o f cu m . p ref. sto ck o f P e n n sy lv a n ia Pow er & L ig h t C o.
over 216 m iles o f ra ilw a y , in clu d in g a h igh -sp eed in terurban railw ay from
U n d er th e a b o v e p la n m ore th a n 95% o f th e sto c k o f a ll cla sses o u t­
E a sto n th rou gh B e th le h e m an d A llen to w n to P h ila d e lp h ia . P o p u la ­ sta n d in g h ad b een ex ch a n g ed as o f S ep t. 15 1 925. V . 1 2 0 , p . 4 5 4 .
tion serv ed , o ver 3 1 8 ,0 0 0 . T h e road co n n ects A lle n to w n , B eth le h e m ,
F IE L D OF O P E R A T IO N S A N D C H A R A C T E R OF B U S IN E S S —
S outh
B e th le h e m ,
H e lle rto w n .
N a z a r e th ,
N o rth a m p to n ,
C o p la y . T h e territo ry serv ed h a s a p o p u la tio n estim a ted to ex ceed 9 1 5 ,0 0 0 , and
C a ta sa u q u a , E g y p t, E m a u s, M acu n gie, S la tin g to n , Q u ak ertow n . P erk a sie
in clu d es th e Im p o rta n t A lle n to w n -B eth leh em In d u stria l sectio n n ear th e
L a n sd a le, N o rristo w n , A m bler and P h iladelp h ia. 80, 95 and 1 0 5 -lb . T
ea stern b o u n d a ry o f P e n n sy lv a n ia , th en ce ex ten d s w estw ard th ro u g h the
and 96 and 116 lb . girder rails. C o n d u cts through freig h t s e rv ice b etw een
h eart o f th e a n th r a cite coal d istr ic t in and arou n d W ilk es-B a rre, H a z leto n ,
A llen tow n and P h ilad elp h ia. V . 97, p . 521. Owns a large a m u sem en t
S hen a n d o a h , M o u n t C arm el and S ha m o k in , in to th e in d u stria l an d a gricu l­
p ark a b o u t m id w a y b etw een A llen to w n and B eth le h e m . O w ns 348
tu ral sectio n a lo n g th e S u sq u eh a n n a R iv er, in and arou n d B erw ick . B lo o m sp a ssen g er, freig h t and serv ice cars. A 2 .6 5 0 -ft. bridge b etw een A llen to w n
burg, D a n v ille , S u n b u ry , M ilto n , W illia m sp o rt and L ock H a v e n . O w ns
and S ou th A llen tow n w as b u ilt b y th e con trolled A lle n to w n B rid g e C o.
electric g en era tin g s ta tio n s w ith an in sta lled ca p a city o f 1 5 1 .4 0 0 k . w .
(a u th . sto ck $ 3 00,00 0) and w as form ally opened N o v . 14 1913. See
C o m p a n y h a s 5 ,5 0 0 a d d i io n a l ca p a city from an other p la n t u n d er a con ­
V. 9 7 , p . 1426, 1428; V. 98. p. 154. A lso has num erou s m u n icip a l s tr e e t­
tra ct. 7 0 .0 0 0 k . w . a d d itio n a l c a p a c ity w as to b e co m p leted d urin g 1 926.
lig h tin g c o n tra cts and ow n s a m odern electric gen eratin g p la n t in A llen to w n
C o m p a n y o w n s 830 m iles o f high v o lta g e tra n sm issio n and 2 ,9 0 0 m iles o f
o f 4 0 ,8 1 2 k .w . c a p a c ity . Franchises, w ith on e m inor ex c ep tio n , a re p er­
d istrib u tio n lin es. G as p rop erties ow ned or th rou gh su b sid ia ries in clu d e
p etu a l .
8 p la n ts w ith an a g g re g a te d a ily g en era tin g ca p a city o f 9 .8 1 5 .6 0 0 c u . f t .
STO CK A N D B O N D S—
Date.
Interest. O utstanding.
M aturity. A ggregate hold er c a p a c ity . 3 .0 7 1 ,0 0 0 cu . ft.; 263 m iles o f gas m a in s. In
C om m on $ 3 ,0 0 0 ,0 0 0 (par $ 5 0 ) . ____
________
$ 2 ,9 9 7 ,3 5 0
..................
a d d iiio n H agerstow n L ig h t & H eat C o. o f W ashin gton C o u n ty o w n s a
P ref $ 5 ,0 0 0 ,0 0 0 (par $50) 5 % \ ____
Q -F
4 ,9 7 9 ,6 8 7
S ee tex plant o f 1.8 ,0 ,0 0 0 c u . f t . , h old er c a p a c ity o f 3 7 5 ,0 0 0 c u . f t. and 41 m iles o f
t
cu m after N o v 3 1 9 1 0 _____ j
g a s m ain s.
4 -5 g M -8 4 ,9 9 4 .0 0 0 D e c 1 1935
F irst m ortgage $ 5 ,0 0 0 ,0 0 0 f 1905
Suit by M inority Holders o f Harwood Elec. Pref. Stock .— S ee V . 1 1 8 ,
gold ($ 1 .0 0 0 ) .......................c t f l G u aran ty T ru st C o ., N e w Y ork , tru stee.
p. 1780, for d e ta ils.
4-5 g J -D
35 ,000 D e c 1 1935
C onsol m tg e $ 7 ,5 0 0 ,0 0 0 g o ld ! 1905
STO C K A N D B O N D S—
D ate.
Interest. Outstanding. M aturity.
( $ 1 ,0 0 0 ) ............................. tf ) C om m ercial T ru st C o ., P h ila ., tru stee.
----------------5 2.181 sh ____________
C o m m o n ---------------------------------- --------5 g J -D
5 .1 1 5 ,0 0 0 J u n e 1 1960
R ef & im p m tg e 8 1 5 ,0 0 0 ,0 0 0 f 1910
Pref. c u m u la tiv e --------------- -------------$7
3 7 1 ,0 8 9 sh O c t’2 6 ,$ l 7 5
gold ($ 1 ,0 0 0 ) __________ c * t f \ L eh igh V aliev T ru st C o ., A lle n to w n , tru stee.
Bonds o f Pennsylvania Power A Light Co. and Controlled Companies in
5 J -D
5 ,0 0 0
S ee tex t
E q u ip m en t tru st “ S eries B " ___ ____
Bands o f Public as o f Dec. 31 1925—
5 J -D
3 0 ,0 0 0
S ee tex t
E q u ip m en t tru st “ S eries C ” ___ ____
Penna P ow & L t C o 1 st & refl
Bonds .— O f th e $ 5 ,0 0 0 ,0 0 0 1 st m tg e ., $ 2 ,7 7 0 ,0 0 0 bear 4% in te r e s t and
Series “ A ”
1921
7 g F -A
$ 8 ,0 0 0 ,0 0 0 F e b 1 1951
are all o u t, and $2,224.0o0 are 5s. I n t. a t th e G u aran ty T ru st C o . o f N . Y .
Series “ B ”
1922
5 g A-O
7 .0 0 0 .0 0 0 O c t 1 1952
T h e 1st M . b on d s are red eem ab le on an y in t. d a te , th e 4s a t 105 and th e 5s
Series “ C ” ________________
1923
6 M -S
4 .0 0 0 .0 0 0 S e p t 1 1953
S eries “ D " ________________
at 110.
1925
6 g M -S
1 8 .0 0 0 ,0 0 0 S e p t 1 1953
O f th e co n s o ls ., $ 2 ,5 0 0 ,0 0 0 4s w ere o u tsta n d in g , b u t $ 2 ,1 4 6 ,0 0 0 h a v e b een
($500 & $ 1 ,0 0 0 c * . $ 1 ,0 0 0 G u a ra n ty T ru st C o ., N e w Y o r k , T r u s te e .
& * 5 .n 0 0 r * ) ...............
tf
p ledged for ref. & im p t. b on d s. I n t. on con sol, b ond s is p a y a b le a t C o m ­
m ercial T ru st C o ., P h ila . T h ese b ond s are n o t su b jec t to ca ll.
N erth u m b C o G as & E l C o—
O f th e $ 1 5 ,0 0 0 ,0 0 0 ref. & im p t. b ond s, $ 5 ,0 0 0 ,0 0 6 are reserv ed to retire
1st M s f b o n d s, ca ll 1051 1911
5 g M -S
$ 1 ,0 9 1 ,0 0 0 S e p t 1 1946
1st M . b ond s and $ 2 .5 0 6 ,0 0 0 to retire equal am ou n t o f co n so l, m tg e . b ond s.
a n y Int d a t e ------------------- /I n t . a t o ffic e o f W est & C o ., P h ila d e lp h ia .
N or C en t G as C o 1 st & re f 1912
5 g F-A
7 7 5 .0 0 0 A u g 1 1962
$ 3 ,0 2 9 ,0 0 0 in a d d itio n to a m t. reported o u tsta n d in g are in trea su ry . B on d s
$ 4 ,0 0 0 ,0 0 0 , ea ll a t 105 a n y [ i n t . a t o ffic e o f E l. B o n d & S h . C o ., N . Y . O .
are red eem ab le a t 110 and in t. V. 92. p. 187: V . 9 4 , p . 6 9 8 . 982; V . 95.
in t d a t e ___________________ J
. 7 5 0 . I n t. is p a v a b le a t o ffic e o f com p an y or Brow n B ros. & C o ., Ph ilaelp h ia . B o n d s are liste d on th e P h ilad elp h ia S tock E xch a n g e.
W illiam sp ort G as C o 1st M . . / 1899
5 g F-A
4 0 0 ,0 0 0 F e b 1 1 9 3 9
E q u ip , tr u st Series “ B “ fall d u e $ 5 ,0 0 0 sem i-a n n u a lly , and S eires “ O"
(I n te r e s t a t F id e lity T r u st C o ., P h ila .
C olu m bia & M o n to u r E l C o—
$ 1 0 ,6 0 0 sem i-an n u ally
1st M ca ll 105 a n y in t d a te f 1913
D ividends .— In itia l d iv . on p r e f., 1% , paid N o v . 10 191 1 . In 1912
5 g F-A
5 7 7 ,2 0 0 F e b 1 1943
1913 and 1914, 2% . In 1915, 3 )4 % . In 1916 and 1917, 5% . In 1918.
2d M ca ll 105 a n y in t d a t e .] 1913
5 g F-A
5 6 7 ,5 0 0 F e b 1 1 9 4 3
li n t a t o ffic e o f E l. B on d A S h . On. N . Y . O .
F e b ., \ M % . N o n e s in c e
V . 106, p . 2123; V . 108, p . 268; V . 1 1 0 , p . 261
P en n sy lv a n ia L tg C o 1st m t g e . 1916
6 J J
1 ,1 9 6 .(KM J u ly 1 194©
)
T o ta l accu m u lated d iv id en d s 55%
80 B e th E L C e 1st M call a t ) 1899
5 A -O
1 5 ,0 0 0 O ct 1 1 9 2 9
E A R N IN G S .— Of consolidated cos. for calendar years:
105 a t a n y in t d a t e _______ /
Operating N et after
Other In t.,A m o rt., Pref.
Balance,
Leh N E l C o ($ 1 0 ,0 0 0 ,0 0 6 ) 1st M :
Revenues. Taxes, A c . Income. D is..D p .e tc . D ies. Surplus
“ A " call 1 0 7 )4 a n y in t d a t e . 1913
2 ,8 2 7 .0 0 0 J u ly 1 1943
6 J-J
1025.......... __ $ 5 .0 4 7 .105 $1 .444.042 $114 600
$999,306
$559,336
765 000 J u ly 1 1943
“B ” call a t 100 a n y Int d a t e . 1913
5 J-J
1924.............. 4.975 240
1.297 766 119 995
885.227
532.534
H arw ood E le ctric C o—
1923............... 5,268.507
1.577.327 125.932 1.204.190
499.069
6 3 4 ,5 0 0 J u ly 1 1939
1st M ca ll 10714 a n y In t) 1909
5 J-J
1922............. 5.331.305
1.569.581 122.220
1.245.111
446.689
d a t e --------------------- . . . / I n t e r e s t a t G irard T ru st C o .. P h ila d elp h ia .
O F F IC E R S .— P res., P . B. Saw yer; V .-P s.. E . M . Y oung and C . E .
1 st & re f M
($ 1 0 ,0 0 0 ,0 0 0 )1 1912
6 M -S 1 ,7 9 1 ,0 0 0
M a r 1 1942
G roesbeck: V .-P . & G en. M g r., H . F. D icke; Sec. & T re a s., C has. N .
ca lla b le a t 107 ) 4 ____ /I n t e r e s t
a t G irard T ru st C o ., P h ila d e lp h ia .
W agner; A u d ., W . L . D a v is.— V. 120, p. 2147: V. 122, p . 2040.
L ehigh V al L & P m o r tg a g e / 1913 5 g A O
6 0 4 ,5 0 6 A pril 1 1943
(a) EASTON C O N SO L ID A T E D ELECTRIC
$ 2 ,0 9 0 ,0 0 0 ($ 1 ,0 0 0 , $ 566 & (L eh ig b V a lley T r u st C o ., A lle n to w n , T ru stee
In A pril 1913 the Lehigh Valley T ran sit C o. acquired a con trolling in te re st
$100) g o ld ____________ c * t f l i n t , a t c o .’s o ff ice or B ro w n B ro s. & C o .,P h ila
In th e stock a n d h as since acq u ired all stock except (24) d ire c to rs shares.
Sch uylk ill G as & E l 1st M ____ 1913
6 A-O
1 0 0 ,1 0 0 A pril 1 1943
V. 96, p. 1021.
W ilkes-B arre 1s t & r e f_________ 1910
5 J-J
1 ,9 8 0 .3 0 0 J u ly 1 196©
O R G A N IZ A T IO N .— C onsolidation by sto ck ow nership o f th e E aston
W ilkes-B arre G & E co n m t g e . 1905 5 J-J
3 ,0 0 0 .0 0 0 J a n . 1 1 9 5 $
T ra n sit C o ., th e Edison Illu m in atin g C o. o f E a sto n , a n d th e Phillipsburg
Stoek .—
e
p ref.
Is red. a $ 1
l
G ua
(N . J .) H orse C a r R R . C o. (nam e changed to P hillipsburg T ra n s it C o.), Go. o f N . T h., c u m .B row nsto ck s. & O o. tsold1 0 . b loa J u ly 21924 0th e a res ra n ty
Y and
B ro
ck o f 5 .0 6 sh
cu m .
in c o rp o ra te d In N ew Jerse y M arch 11 1899. Also ow ns all th e stock of pref. (p urch ased from th e L eh igh Pow er S ecua
rities C o r e .) a t $ 1 0 0 a n d d iv a .
th e P enn. M o to r C o.
V. 119, p . 4 6 3 .
Lease.— In M a r. 1922 leased to th e Lehigh Valley T ra n s it C o. th e p ro p e rty
Bonds .— F o r d escrip tio n o f 1st & re f. m tg e . b o n d s o f th e P e n n sy lv a n ia
at th e E asto n T ra n s it C o ., a su b sid iary , for 99 years. C o m p are V. 114,p .l2 so
Pow er & L ig h t C o . see V . 114, p . 6 5 9 , 751. for Series “ A ” ; V . 115. p . 1 542,
Consolidation o f Subsidiaries.— On J a n . 3 1908 th e (old) E aston T ransit
for Series “ B . ” and V 117. p. 1 672, for S eries “ C ” .
O o., th e E a sto n & Bethlehem T ra n s it C o ., th e E aston P alm er & B ethlehem
T
and refu n d g m o
ond
secured b y
fir m o
S treet R y . an d th e N o rth a m p to n C en tra l S tre e t R y. w ere m erged in to the lien h e fir st su b sta n tia l inortionrtgagembp a n ys'sare ed p ro p erty ,a andst y a rtg a g e
p
o f co
fix
b
d irect
(new) E a sto n T ra n s it Oo. (V. 85, p. 1461) a n d in 1909 th e E a sto n & South m upon a
e rem
c
$
1
n
B ethlehem T ra n s . Oo. was also m erged in to th e (new) E a sto n T ra n s it Oo. g aortgage don othtsta n dain der, su b jes t oto th1 6 ,3 u 0 ,4 0 0 d iv isioera lbclosed meo rt­
ge bon s u
in g in h a n d
f
e p b lic. F u rth
y p led g o f
Stock. $2,150,000: all ow ned by E asto n C onsolidated E lec.
$ 1 ,6 2 2 ,2 0 0 d iv isio n a l b ond s.
S T O C K A N D B O N D S—
Date.
Interest.
O utstanding. M aturity.
T h e m o rtg a g e p ro v id es th a t b ond s in a d d itio n to Series A m a y b e issu ed
Stock $1,500,000 (p ar $ 5 0 )_ Stock (50% paid in) all owned b y L . V. T . Co
_
for 75% o f co n stru ctio n or acq u isitio n su b seq u en t to S ep t. 25 1920. an d o n ly
C o llateral tr u s t $1,300,000 g \ 1899
5 g M -N
1,138.500 M ay 1 1949 (ex cep t for refu n d in g purposes) w hen n et earnings for 12 o u t o f p reced in g
($1,000 an d $500)___ c * tf /I n te r e s t a t G ira rd T ru st C o ., P h ila ., T ru ste e
15 m o n th s h a v e b een a t le a st tw ice an nu al in ter est o f o u tsta n d in g u n d erly in g
Pen n sy lv an ia M o to r Co 1st l 1891
6 A-O
60,000 April 1 1941 b o n d s n o t d ep o sited u nd er th is m o rtgage p lu s tw ice (ex ce p t in r e sp ect o f
m tg e (can n o t be called) tf /L ac k . T r . & Safe D ep. C o .. S cran to n , T ru st
certain a d d itio n a l b o n d s 1 % tim es) a n nu al Interest o f all fir st and refu n d in g
E a st P alm er & B eth 1st m tg e ) 1898 6 J -J
200,000 Ja n 1 1939 m o rtg a g e b o n d s, in clu d in g new Issue.
gold $200,000__________ t f /U . S. M tg e. & T r u s t C o .. N . Y ., T ru ste e .
A su p p lem en ta l in d en tu re d ated M arch 2 1925 (o p era tiv e w h en S eries
E & So B eth T r 1st M $500,-) 1906
5 g J-J
383,000 Ju ly 1 1936 A , B and C b o n d s h a v e b een retired or h a v e co n sen ted th ereto ) ch arges
000 g u a r gold ($1,000) c * tf/G ir a r d T r u s t C o ., P h ilad elp h ia, T ru ste e .
certain restrictio n s and p rovision s in th e original m o rtg a g e to p erm it th e
A llentow n B ridge Co 1st M 5 s . ____
5
218,600
1942
issu a n ce o f b o n d s m a tu rin g later than 1961. re m o v e th e re strictio n s w ith
esp eet to earlier m a tu rities than th o se o f series o u tsta n d in g , and for o th er
Bonds.— T h e coll, bonds have no s. f. a n d a re n o t s u b jec t to call. O f the
p urposes
T h ere is a reneawl and improvement fu n d , p a y a b le on A pril 1 of
to ta l o f $1,306,660. $60,000 is reserved to re tire th e P e n n . M o to r bond12,000 In tre a s . am i $ 1,600 reserved for sm all a m t. of o u tsta n d in g scrip of each y ea r, o f 5% o f principal a m o u n t o f all fu n d ed d eb t o u tsta n d in g a t end
E d . 111. C o. Issue is secured by pledge of $2,150,000 sto ck (entire issue) of o f p receding y ea r , le ss a ctu a l ex p en d itu res for m a in ten a n ce, & c. A n y
(new) E a sto n T ra n s it C o ., 12,317 shares (entire issue) of Edison Ilium , u nu sed b a la n ce m a y b e u sed for retirem en t of fir st and refu n d in g m o rtg a g e
stock a n d 2.400 sh ares (th e e n tire issue) o f P enn. M o to r sto ck . A re listed b o n d s, a n y su ch b a la n ce o f 5 2 5 .0 0 0 or m ore rem ain in g after 24 m o n th s
shall b e so u se d .
on P hiladelphia Stock Exchange.
Series “ D ” are red eem a b le, all or in p ’trt, on a n y in ter est d a te u p o n 3 0
I n t. on E a sto n & So. B eth. T ra n s it bonds is pay ab le a t office of E dw . B.
Sm ith & C o .. P h ila ., o r a t co m p an y 's office. T hey a re g u a r. p. & i. by d a y s’ n o tice a t 105 and in terest on or b efore S ep t 1 1928, 104 in th e n ex t
en d o rsem en t b y th e E asto n T ra n sit Co. A Sinking fu n d o f $5,000 p. a . 5 y ea rs, 103 in th e n ex t 5 y ea r s, 102 in th e n ex t 5 y ea rs, 101 in th e n ex t 5
Commenced J u n e 1 1908: $87,000 have been re tired . B onds a re s u b jec t to years, and a t 10014 th erea fter prior to m a tu rity . In te rest p a y a b le u ith o u t
d ed uction o f P e n n a . 4 -m ill ta x . $ 8 ,0 0 0 ,0 0 0 S eries “ D " 5s w ere sold in
call a t 105 a n d In t
V 83 p 323: V. 104. p 2553
Feb. 1925 b y th e G u aran ty O o. o f N . Y ., H arris. F orbes & C ® ., H a lse y ,
D ividends.— P a y m e n ts were; Ju ly 1900. 3 )4 % on $10 paid in; S e p t. 190i
a n dM arch a n d S ep t. 1902, 3% on $15 paid in; M arch 1903 (paid in July) S tu a rt & C o ., and B row n B ros. & C o ., a t 9514 and in ter est, to yield o v e r
an d S e p t. 1903 , 4% on $15 paid in. In D ec. 1905 declared a dividend of 5 3 0 % . V . 120, p 1 089. In Ja n . 1926 th e sa m e b ank ers o ffered $ 1 0 ,$2 50 an d a t sam e tim e called an assessm ent of $5 per sh are on th e stock; 0 0 0 ,6 0 0 a d d itio n a l Series D b o n d s a t 9 8 )4 and in te r e s t, to y ie ld 5 .1 0 % .
th e d iv id en d w as cred ited on th e assessm ent, m aking th e stock 50% paid in. V. 122, p . 3 4 8 . 1170.
L ehigh V a lley L ig h t & P o w er b o n d s are s u b je c t to ca ll o a a n y Interrat
V 81, p. 1791. CEish dividends resum ed in O ct. 1906 w ith th e p ay m e n t of
.
2 H % . V . 83, p . 637: 2 )4 % again paid A pril 1 1907 and 2 )4 % O ct. 1 1907; d a te a t 105 and in ter est. V . 9 7 , p . 3 6 5 .
E A R N I N G S .— F or ca len d a r years:
th en d iv id en d s w ere passed u n til N o v . 1911. when 2% was p a id . In 1912
1925.
1 924.
a n d1913, 4 % ; In 1914, M ay , 2 % . B eginning w ith Ju n e 1914 began paying
1-3 o f 1% m o n th ly (V. 99. p . 306). D ividends no longer re p o rte d , as entire G ross (in clu d in g o th er in c o m e )_____________________$ 1 9 ,2 6 1 ,5 2 8 $ 1 6 ,6 4 1 ,3 5 9
8 .2 0 0 ,2 9 9
6 ,7 1 4 ,5 4 1
N e t , after ta x e s ____________________________________
stock i< owner] by T^higb V aliev T ran sit Co
=
1 .9 7 4 ,7 4 4
O F F IC E R S .— P res., P . B . S aw y er; V .-P s., S. H . H a c k e tt a n d H . F . B ond in ter est. & c___________________________________ 2 .5 4 2 ,9 7 8
2 .3 0 0 .0 3 9
1 .5 4 0 ,1 6 1
D icke: Sec & T rea s , C N W ag n er.— V . 97, p . 53, 3 6 l , 311; V . 98, p . Preferred d iv id e n d s________________________________

S

838; V. 99, p . 1300.
(2)

P E N N SY L V A N IA PO W E R & L IG H T CO.

Lehigh Pow er S ecurities C o rp . owns all th e com m on sto ck , except
d ire c to rs’ shares
Is u n d er supervision of Electric Bond
Share Co.
O R G A N IZ A T IO N .— ln c o rp . J u n e 4 1920 as a consolidation an d m erger
o f th e following com panies: T h e Lehigh Valley L ight & Pow er C o ., the
N o rth e rn C en tra l G as C o ., th e C olum bia & M o n to u r E lec tric C o ., the
N o rth u m b e rlan d C o u n ty G as & E lectric C o ., th e H arw ood E lec tric C o.
.
th e Schuylkill G as & E lectric C o ., th e Pen n sy lv an ia Pow er & L ight C o. (old
com pany) a n d th e Pen n sy lv an ia L ighting C o. in to th e (new) P ennsylvania
Pow er & L ig h t C o. All of th e com panies (except th e P en n sy lv ania Lighting
O o.) en terin g in to t i e m erger were controlled by th e Lehigh Pow er Securities
C o rp . (com pare V. 110, p. 1973). O rganized in th e early p a r t of 1926 the
following subsidiaries: P ittsto n -L u z ern e Pow er & L ight C o ., th e E xeter
L uzern e Pow er & L ig h t C o. and D uryea B orough-L uzerne Pow er & L ight
O f V. 122, p. 1457.
Owns all th e cap ital stock of H agerstow n L ig h t &
H e a t Co. o f W a s h i n g t o n C o u n ty and m ore th an 95% of th e o u tsta n d in g
c ap ital sto ck of E a s t Penn. E lectric Go. (see below). In 1926 acquired
P a n th e r V alley E lectric C o. of Lansford. P a., th e Lehighton (P a.) E lectric
L ig h t & Pow er C o. and th e Palm erton (P a.) Lighting Oo. V. 122. p . 3341
also W h ite H av en L t.. H t. & Power Co. a n d D ennison E lectric O o., V.
123, p . 844. In 1926 also acquired M auch C hu n k (P a.) G as C o. V.
123, p . 1635.
Offer to East Penn. Electric Co. Stockholders.— In J a n . 1925 th e com pany
offered to acq u ire th e cap ital sto ck of th e E ast Penn Electric Co. and to issue
In exchange th erefo r its own cum . pref. shares on th e following basis;
(a) F o r each sh are o f pref. sto ck (carrying dividends from J a n . 1 1925
a t t h a te o f $ p 7 sh are p er an n u m ) or 2nd pref. stock (carrying dividends
r e
er
f r o m a n . 1 1925 a t th e ra te o f $8 p er sh are p er annum ) so deposited— one
J
• h a r e cum .f p ref. sto ck o f P en n sy lv an ia Pow er & L ig h t C o.
o




B a la n c e ____________________

$ 3 ,3 5 7 ,2 8 2

$ 3 ,1 9 9 ,6 3 8

Latest E arnings. — F or 12 m o n th s en d ed J u ly 31:

1926.
1 925.
G ross, in clu d in g o th er in c o m e _____________________ $ 2 0 ,4 3 5 ,3 7 0 $ 1 8 ,2 8 1 ,6 8 8
N e t , after t a x e s __________________________
8 ,8 8 1 ,2 7 6
7 ,4 4 4 ,1 2 4
In te rest on b o n d s___________________________________ 2 ,6 9 8 .0 3 9
2 ,1 9 7 ,5 6 5
O ther in ter est an d d ed u c tio n s_____________________
1 8 8 ,1 0 2
5 1 ,6 7 4
Preferred d iv id e n d s________________________________
2 ,5 3 5 ,3 5 2
1 ,8 4 1 ,6 5 1
B a la n c e __________________________________________$ 3 ,4 5 9 ,7 8 3 $ 3 ,3 5 3 ,2 3 4
O F F I C E R S — C hairm an o f B oard , 8 . Z . M itch ell; P r e s., E . K . Hall;
V .- P . & G en . M g r ., P . B . Saw yer; V .- P ., E . W . H ill; S ec. & T r e a s., C . M .
W a lte r.— V . 121, p . 979; V . 122, p . 3 4 8 , 1 1 7 0 , 1 4 5 7 , 2 4 9 7 , 3341; V . 1 2 3 , p .
7 1 1 , 8 4 4 , 1635.
(a ) E A 'lT P E N N E 1 E C T R IC C O .
C ontrolled by P e n n sy lv a n ia P ow er & L ig h t C o . (see "O ffer to S to ck ­
h o ld ers” b elo w .)
O p eration s su p erv ised b y E lectric B on d & Share O o.
O R G A N IZ A T IO N .— ln co r p in P e n n sy lv a n ia J u ly 6 1922 a s per fin a n ­
cial plan o f E astern P e n n sy lv a n ia R y s. (for h isto ry see “ E le ctric R a ilw a y "
S u p p lem en t o f A pril 2 8 1923 and sta te m e n t o f E astern P e n n sy lv a n ia P o w ei
& R y . C o. in “ E le c. R y .” Sup p . o f O ct. 27 1923) o u tlin ed in V . 114, p.
2 717, and now o w n s in fee th e p ro p erty o f th e E a stern P e n n sy lv a n ia R y s.
C o. and Its su b sid ia ries an d th e L y k en s V alley L ig h t & Pow er C o ., and
co n tro ls P in e G rove E le c . L t ., H t. & P o w . C o . b y ow n ersh ip o f en tir e o u t­
sta n d in g s to c k .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
T h e c o . su p p lies p r a c tic a lly all th e electric lig h tin g a n d p ow er a n d ele c tr ic
ra ilw a y fa cilities in and a d ja cen t t o S ch u y lk ill C o u n ty , P a ., a n d o p era tes

Oct., 1926.]

POWER, LIGHT AND RAILWAY

a"sm all gas p la n t a t T a m a q u a . Supplies electric plow er an d lig h t to 51
com m unities (24,036 custom ers) a n d in te ru rb an railw ay service to 22
co m m u n ities. T o tal p o p u latio n served estim ated to exceed 191.000.
H as pow er statio n s w ith g en eratin g c ap acity of 40,850 k.w . P rincipal
sta tio n a t P in e G rove h as a p re sen t installed generating cap a c ity of 28,000
k .w . C o. owns an d o p erates 139 miles of transm ission lines, 469 m iles of
d istrib u tin g lines. O perates 63 miles of tra c k connecting P o ttsv ille w ith
Y orkville, M inersville, Palo A lto. B elm ont, O um bola, M o u n t C arbon.
P o rt C arb o n , S t. C lair, New P h ilad elp h ia, IV!iddleport, Schuylkill H aven.
A dam sdale, O rw igsburg, C oal C astle. Glen C arbon. T um b ling R un, B rock­
to n , T u scaro ra, T a m a q u a , Lansford, Sum m it, H ill. N esquehoning and
M au ch C h u n k . S tan d ard gauge. 70-lb. T and 73-lb. girder rails. 53
pass, cars, 4 sweepers, 10 re p a ir cars, 1 snow plow , 1 freig h t c ar. All
franchises a re p e rp e tu a l or for a long te rm and th e s tre e t railw ay lines are
in a large m easure b u ilt on p riv a te rig h t-o f-w a y .,
Offer to Stockholders.— In J a n . 1925 th e Pennsylvania Pow er & L ig h t C o.
offered to acq u ire th e co .'s c ap ital stock and to issue in exchange therefor
its own cum . p ref. shares on th e following basis:
(а) F o r each sh are of pref. stock (carrying dividends from J a n . 1 1925
a t th e ra te of $7 per share per an n u m ) or 2d pref. stock (carrying dividends
from J a n . 1 1925 a t th e ra te of $8 per share per annum ) so deposited—one
sh are of cum . Pref. stock of Pennsylvania Power & L ight Co.
(б) For each sh are of com m on stock so deposited— tw o -th ird s of one
sh are of cum . pref. sto ck o f P ennsylvania Pow er & L ight Co.
U n d er th e above p lan m ore th a n 95% of th e stock o f all classes o u ts ta n d ­
ing h a d been exchanged as o f J u ly 31 1926. Y. 120, p . 453.
ST O C K A N D B O N D S—
Dale.
Interest. Outstanding
M aturity.
Com m on 150,000 sh ares______ _____
_______
103 803 shs. -----------1 s tpreferred 50,000 sh ares________
($ 7 )
20,957 shs. ________
2d preferred 10.000 sh ares_________
($8)
9 , 138 shs. -----------1 s M tg e lien & ref ($o00 a n d ! 1923
t
6 g J -J
$2.500,000 Jan 1 1953
81.000) gold_________ c * .tf ) lv r in g B ank-C olum bis T ru st C o ., tru ste e
B P R y s Co 1st M $6,000,000,/ 1906
5 g J -J
4,446.000 J u ly 1 1936
g ($500 and $ l,0 0 0 )_ .c * .tf\C e n . U nion T ru st C o ., N ew Y ork, tru ste e
P o ttsv & Read r i r s tm tg e .g ; 1895
6 g F-A
94.000 tVb 1 1927
$100,000 ($ 1 .0 0 0 )______ c*\ ln t

at Real Estate T r . C o

Phila

Tru»

Lykens V ail L t & P r 1st m tg e _ . 1915
6 g M -S
348,000 Sept 1 1945
S T O C K .— F irst p ref. sto ck Is cu m u lativ e. D iv s. Q .-J. Red. all or
p a rt on any d iv . d a te a t $115 per sh are and divs. Preferred as to assets to
ex te n t o f $100 p er sh are in case of in v o lu n tary liquidation a nd a t $115 per
sh are in case o f v o lu n ta ry liq u id atio n , a n d also as to dividends.
Bonds.— 1st m tge. lien & ref. 6s are re d ., all or p a rt, on any in t. d a te a t
1 1 0up to a n d incl. J a n . 1 1933; a t 107 V up to a n d incl. J a n . 1 1943; a t 105
6
up to and incl. J a n . 1 1948; a t 102)4 up to a n d incl. J a n . 1 1951, a n d a t 102
th e re a fte r. T ax-free in P en n sy lv an ia.
Sufficient E a s te rn P en n sy lv an ia R y s . 1st m tg e . bonds of 1906 are reserved
to re tire th e $445,000 p rio r lien b onds o u tstan d in g ; th e unissued portion is
reserved for fu tu re extensions a n d im provem ents; $333.500"have been can­
celed. R egistered bonds a re re -co n v ertib le in to coupon b o n ds. A re subject
to call a t 110 a n d in t. on 4 w eeks’ n o tice. I n t. p ay ab le in N . Y . See descrip­
tion of bonds a n d p ro p e rty . V . 89, p . 103; V .9 4 , p . 279.
E A R N IN G S .— F o r calen d ar years:
1925.
1924.
G ross (Including o th e r incom e)___________________ $3,085,912 $3,149,032
N e t afte r ta x e s_________________________-________ 1,260.553
1,499.637
Bond Interest, &c_______________________________
439.935
464.271
P referred div id en d s_____________________________
145.372
130.107
B alan ce.....................
675,246
905,259
Latest Earnings.— F o r 12 m o n th s en d ed J u n e 30:
1925.
1926.
G ross, including o th e r incom e____________________ $3,183,237 $3,175,303
1,495,045
N e t, a fte r expenses______________________
1,239,358
409.104
In te re s t on b o n d s_______________________________
398,823
44,176
O th er in te re st a n d d e d u ctio n s___________________
33,275
139.562
P referred d iv id en d s_____________________________
146,662
$660,598
$902,203
B alan ce______________________________________
O F F IC E R S .— P re s .. P . B . Saw yer: V .-P ., E . W . H ill; V .-P „ J . .8 W ise
J r ., a n d H . F . D icke; Sec. & T re a s ., C . M . W alter; G en. M g r., P . M cC arro n .— V. 120, p . 86, 453, 2267, 2400: V. 122. p . 2493.
(3) H A R R IS B U R G L IG H T & P O W E R C O .
Controlled b y Lehigh Pow er Securities C orp.
U n d er supervision of E lectric B ond & Share C o.
O R G A N IZ A T IO N .— In co rp . Ju ly 22 1912 to ta k e over th e H a rrisb u rg
L ight, H e at & Pow er C o. and P ax tan g Elec. C o ., w hose franchises are per­
p e tu a l. In F eb . 1913 th e H arrisb u rg L ight & Pow er C o. purchased the
H arrisb u rg Steam , H e at & Pow er C o. In A ug. 1913 acquired Steelton
L ight, H e at & Pow er C o. V. 97. p. 179.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Serves w ith lig h t a n d pow er th e city o f i 1arrisb u rg a n d th e a d ja c e n t com ­
m unities o f S teelton , D a u p h in , P en b ro o k , P ax tan g an d R utherford: also
serves th e m ain business section o f H arrisb u rg w ith steam h e at. E sti­
m ated p o p u latio n served, 125,000. M o re th a n 28,790 electric custom ers
C o. owns electric p la n ts of a n in stalled cap acity o f 24,750 k .w .; a n d 306
miles of electric d istrib u tio n lines.
C A P IT A L IZ A T IO N .—-Stock o u tsta n d in g , $2,588,900 com m on a nd
$1,250,000 6% cum . p re f. sto ck . All th e com m on ow ned b y Lehigh Pow er
Securities C orp.
BO ND S—
Date. Interest. Outstanding. M aturity.
H arrisb u rg L & P 1st & re f M l 1912
5 g F-A $5,400,000 Aug 1 1952
$10,000,000 gold ($100 and /F id elity T ru s t C o ., P h ilad elp h ia, tru s te e .
$1 .0 0 0 )________ _____ e * tf. J
Bonds.— R em aining H a rrisb u rg L ig h t & Pow er first & re f. bonds are re­
served for im provem ents, extensions, & c., un d er c erta in re stric tio n s. R ed.
a t 105 a n d in te re st on a n y In terest d a y .
E A R N IN G S .— F o r 12 m o n th s ended Ju n e 30:
1925.
1926.
G ross, including o th e r incom e___________________ $2,332,529 $2,104,937
N e t, a fte r ta x e s________________________________
913,818
1.132,263
Bond in te re s t___________________________________
270,078
265.576
•Other in terest a n d d ed u ctio n s___________________
42,494
6.455
P referred d iv id en d s_____________________________
75,000
75,000
B alan ce_______ _______________________________
$780,730
$530,948
O F F IC E R S .—-C hairm an of B o ard , E . Z. W aliow er; P re s ., L . P . H am ­
m ond; V .-P ., D . A. Alias; V .-P ., H . C . Ross; V .-P ., E . W . H ill; V .-P . &
G en. M g r., H . R . Palm er; Sec. & T re a s ., H . W . S tone.— V. 120, p . 1585
V. 122, p . 610.
(4)

L A N C A S T E R C O U N T Y R A IL W A Y & L I G H T .

Controlled by Lehigh Pow er Securities C orp.
U nder supervision of E lectric B ond & Share C o.
O R G A N IZ A T IO N .— In co rp . on Ju n e 15 1901 in N ew Jerse y . Owns
and controls th e following railw ay, gas a nd electric properties, whose stocks
w e placed under th e m ortgage of 1901:
C onestoga T ractio n C o.
I Edison E lectric C o.
L ane. G as L ight & Fuel Oo.
|.
Also controls th e L ancaster Elec. L t. H t. & Pow . C o. T h e L an caster
G as L t. & Fuel Co. controls th e C olum bia Gas Co
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e C onestoga T rac tio n C o. (the operatin g com pany) operates 163 miles of
tra c k , incl. th e L ancaster & C olum bia. 9.16 m : L an caster & L ititz . 9.19
m .; L an caster M echanicsburg & New H olland, 20.80 m .; the New Holland
B lue Ball & T erre Hill St. R y ., 4.99 m .: th e R ohrerstow n Landisville & M t
Jo y R y ., 13.87 m .; th e L ancaster & E astern R y., 17.74 m .; th e L ancaster &
Q uarryville R y ., 8.44 m .; th e E lizabethtow n & Florin S t. R y ., 6.40 m .; the
C h ristian a & C oatesville S t. R y ., 11.04 m .; L ancaster Willow ‘ tre e t Lam eter & S trasburg R y ., 11.23 m .; th e L ancaster P etersb u rg & M anheim R y .,
.45 m .; th e E p h ra ta & A dam stow n. 7.99 m .; th e L ancaster & R ocky Springs
4.61 m .; D enver & E p h ra ta R y .. L ancaster & N ew H olland T u rn p ik e , and
th e L a n c a ste r & M a rie tta T u rn p ik e.
Lines Leased to Cones oga Traction Co.
L a n c a s’r M echanicsb'g &New Ho! 'd C h ristia n a & C oatesville
R ohrerstow n L andisville & M t. Jo y L ancaster P etersb u rg & M anheim
L ane. Willow S t. L am p. & S trasb u rg
E p h ra ta & A dam stow n
L ancaster & C olum bia
L ancaster & R ocky Springs
N ew H olland B lue Ball & T e rre H ill Lancaster & L ititz T u rn p ik e
D enver & E p h ra ta R y.
L a n c a ste r & E a ste rn
L ancaster & N ew H olland T u rn p ik e
L an caster & Q uarryville
L ancaster & M a rie tta T u rn p ik e
E liza b e th to w n & F lorin

E




113

D oes all th e gas an d electric lighting in citie-’ of L ancaster an d C olum bia,
and p ractically all in L ancaster C o u n ty . T o tal p o p ulation served in excess
of 200,000. Franchises are p e rp e tu a '.
C ontrols, d irectly or in d irectly , properties w ith a to ta l electric g enerating
cap acity of 8,350 k .w ., 168 miles transm ission and 1,021 miles d istrib u tio n
lines. G as p la n ts of to ta l c apacity of 2.600.000 cu. ft.; holder c ap acity
l .441,000cu. f t., 115 miles gas m ains, a nnual o u tp u t over 549.302,900 c u .f t.
S T O C K A N D B O N D S— D ate.
Interest. Outstanding. M aturity.
Q-M
64,710 shs.
See te x t
Stock com 100.000 sh ares_________
Pref $1,248,100 ($50) 5% c u m ___
Q -J
*50.150 O ct '26, 1 M
M tge $1,000,000 gold $5001 1901 5 g J - J
1,000.000 Ju ly 11951
and $1,000)_________ c * n tf \I n te r e s t a t L an caster T ru st C o., tru ste e .
10-yr notes $2,500,000 ($50.1
1922 6 Q-J
2,449,850 Ju ly 1 1932
$100, $500 and $ 1.000)----- li n t , a t L an caster T r u s t C o ., tru ste e .
Securities of Lines Controlled—
C onest T rac 1st M $2,000,000/
1900 4 J -J
2,000,000 J a n 11950
($100, $500 & $1.000). c * tf [ I n t. a t P ro v . Life & T r. C o ., P h ila ., tru ste e .
L ancaster T rac 1st M ($100 / 1893 5 A-O
225,000 A pr 1 1923
$500 and $1,000)___ . c * t f t l n t . a t L an caster T ru s t C o., L ancas., tru s.
C onestoga R ealty Co 1st M l
1908 5 M -N
167,000 M ay 1 1958
$500,000 sink fund g c . t f ( I n t . a t L an caster T ru st C o., L ancas., tru s.
Lane G L & F 2d M $400,000/
1906 5 J -J
100.000 J a n 1 1936
($1,000) __________ c * tf l i n t , a t L ancaster T ru s t C o., L ancaster, tru s.
T hird m tge $100,000 gold)
1911 J -J
100.000 J a n 1 1936
($1.000)______________c * tf [ I n t. a t L ancaster T r u s t C o.. L ancas., tru s.
C olum bia G as Co 1st m tg e )
1911 5 J -J
75.000 J a n 1 1941
_
$200,000 ($1,000)_ c * tf [In t. a t F a rm e rs’ T r. C o ., L ancaster, tru ste e .
Edison Elec Co 1st & re f m ) 1913
5 F-A
2.86 1.500 Feb 1 1943
$5,000,000 ($100 & $1.000)|I n t . a t L ancaster T ru s t C o., L an caster,
gold ______________ c*&r*l tru stee.
Col El L H & P 1st M gold) 1905 5 M -N
125.000 M ay 1 1935
$125,000 ($1,0 0 0 ).c & rtf [I n t. a t People’s T ru st C o.. L ancaster, tru s t.
C onest T er Co 1st M g u a r) 1924
516
795.000 Ju n e 1 1954
p & 1 gold ($1.000)______tf i G irard T ru s t C o ., P h ilad elp h ia, tru ste e .
* Excluding $1,177,450 held in tre a su ry .
Bonds.— O f C onestoga T rac tio n 1st m tge. bonds, $112,500 reserved to
be used for th e reduction of re n ta ls and rem ainder are reserved to retire
prior liens or are pledged as collateral for bank loans.
L ancaster G as Light & Fuel 3rd m ortgage bonds are red . a t 105 and
in t. on a ny in t. d a te on 3 m o n th s’ notice. Col. G as Co. bonds are red.
on a ny in t. d a te a t 105 and in t. on 90 d a y s’ notice. $125,000 reserved for
fu tu re im provem ents a t 85% of cost thereof.
O f Edison El. Co. 1st & ref. bonds. $125,000 reserved to re tire underlying
bonds; rem ainder held in tre a su ry for im p ts.. extensions, &c., a t 85% of
cost thereof: red. as a w hole, b u t not p a rt, a t 105 and in t. on a ny in t. d a te .
T ax free in P en n a. In Dec. 1924 $572,300 were offered by T u ck er, A nthony
& C o. and Spencer T rask & C o. a t 99 & in t., to yield over 5 .0 5 % . V . 119,
p. 2760.
C olum bia Elec. L ight, H e at & Pow er bonds are red. a t 110 a nd in t. on
a ny int. d a te . T h e bonds a re guar, by the L ane C o u n ty R y. & L t Co.
C onestoga R ealty C o. bonds are red. a t par and in t. on an y in t. d a te
upon 3 m onths' notice. Sinking fund an a m o u n t set up m onthly sufficient
to re tire bonds a t m a tu rity .
C onestoga T erm inal 1st m tge 5)6s are guar, join tly and severally by en­
dorsem ent as to prin. and in t. by Edison E lectric Co. of L ancaster and the
C onestoga T rac. C o. A sink, fu n d of 1 )6 % per an n u m , payable sem i-ann,,
com m ences Dec. 1 1924. R ed. a t 100)6 and in t. on 60 d a y s’ notice.
Free from Penna. S ta te ta x . In Ju ly 1924 R eilly, B rock & C o. sold
$800,000 a t 99>6 and in t., to n e t a b o u t 5.5 3 % . V. 119, p. 460.
D ividends.— T h e first div. on th e pref. stock (3% ) was paid on J u ly 1
1904 a nd 3% was again paid on O ct. 1 1904. In 1905. J a n ., 3% (see V. 79,
p. 2796); J u ly , 3 % ; D ec., 4 )6 % . In 1906, 6 )6 % . In 1907, 7 % . In 1908
and since, 5% . On com ., in 1908 to 1912. incl.. 10%; in 1913, 12%; in 1914,
11 )6% : in 1915. 14)6% ; in 1916, 15%; in 1917, 1 7 « % ; in 1918. 13)6% ; in
1919, 15% ; in 1920, 15%; In 1921, 15%
In 1922, Ju n e, 97c. per share was
paid on com . shares of no p a r value: S e p t.. 97c.: D e c ., 96c. In 1923, M a r.,
$1 40: J u n e. $1 70; S e p t., $1 70; D ec., $1 50. In 1924. M a r., $1; Ju n e,
$1 70: Sept , $1 53. In 1925, M arch , $1: J u n e, $1; S e p t.. $1 40. No
longer re p o rte d , as all com . stock is owned by Leh Pow Secur. C orp.
E A R N IN G S .— F o r year ending D ec 31 1921, earnings (less expenses and
proportion of surplus of sub. cos.), $572,264; bond in te re st, $50,000; p re f..
d iv .. $62,405; balance, $459,859.
O F F IC E R S .— P res., W . W . G riest; V .-P ., E . W . H ill; V .- P ., L . H
P a rk h u rst; Sec., E . P . Sum m erson; T re a s .. A. O . R a y .
V. 114, p . 306; V. 116, p . 410; V . 122, p . 611.

(5) V A LL EY R A IL W A Y S.
Controlled by Lehigh Pow er Securities C orp. u n d e r supervision of E lectric
B ond & Share C o.
O R G A N IZ A T IO N .— In c o rp . In P ennsylvania in Ju ly 1912 and In Sept.
1912. afte r increasing its stock from $10,000 to $2,500,000 (of which
$500,000 is 6% cum . p re f.), purchased control of the Valley T rac tio n C o .,
which in tu rn controlled the H arrisburg & M echanicsburg Elec. R y ., W hite
Hill & M echanicsburg Pass. R y ., C arlisle & M echanicsburg S t. R y ., W est
Fairview & M arysville E lec. S t. R.vs.. H arrisburg & R iv erto n S t. R y .,
Fairview & R iverton R y.. a nd th e U nited E lectric C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perates electric railw ay lines connecting H arrisburg w ith Fairview ,
E n o la, M arysville, R iv e rto n , N ew C u m b erlan d . W hite H ill, Shirem ans
T ow n, C am p Hill, M echanicsburg, B oiling Springs a nd C arlisle, a n d
th ro u g h a su b sid iary , serves w ith electric pow er and lig h t m ore th a n 6,900
consum ers in th is d is tric t in C um berland C o u n ty . P o p u latio n over 43,000.
C o. ow ns 43 miles of tra c k an d con tro ls th e U nited E lec tric O o., which
ow ns an electric g en eratin g s ta tio n of 4.600 k .w .
V aluation.— See V. 109. p 1181.
Offer to Purchase Common Stock and Bonds.— See V, 119, p. 2538.
ST O C K A N D B O N D S—
D ate.
Interest. Outstanding. M aturity.
Com m on $2 ,000,000 ($100)________
_______
$2 . 0 0 0
0 . 0. . 0 . . . . . . . . . . . . . . .
Pref cum $500,000 ($100)__________
6%
500 000
..........
C ollateral tru s t $ 1 .7 0 0 .0 0 0 .. t f 1912
5%
1 . 0 0 0 . 0 0 0 3 1 A9 5 u 2 g
Valley T ra c 1st m tge $700,000) 1903 5 K
A - O
7 0 0 .0 0 0
O c t
gold ($100 & $ 5 0 0 ). _ c * . fnla tt, f a t F a rm e rs’ T r C o .. C arlisle, P a ., t r u s .
.
Bonds.— R em aining collateral tru s t bonds ( $ 7 0 0 , 0 0 0 ) a r e r e s e r v e d t o r e t
prior liens. Valley T rac tio n bonds are su b jec t to c a i i a t
1 sinking
1 0 .
A
fund of $5,000 per an n u m com m enced O ct. 1
1 9 0 8 .
E A R N IN G S .— F o r calendar years:
1925.
1924.
1923.
1922.
G r o s s .............. ....................
$430,005
$445,599
*473,596
$489,394
N et a fte r ta x e s ..................
74.005
85.191
93.229
85.351
O F F IC E R S .— P res , C . H . Bishop; V .-P ., E . W . .Hill: V .-P ., L . H .
P a rk h u rst; Sec., E . P . Sum m erson; T rea s ., H . W . S nodgrass.— V. 122,
p . 613.

ASSOCIATED PENNSYLVANIA CORPORATION.
Control — T h e en tire com m on stock is owned by Associated Electric Co.
In co rp . M arch 24 1926 in D elaw are. C ontrols th e P en n sy lv an ia group
of operatin g com panies of A ssociated E lectric Co.
ST O C K A N D B O N D S —
Dale.
Interest.
O utstanding. M aturity.
C om m on 1,000 shs. (no p a r)—-All owned b y A ssociated E lectric Co.
Seem ities of underlying companies:
P referred s to ck ___________ _____
_______
$4,524,047 __________
B o n d s . . . ............................................................... ..
19.391,800 .............. ..
E A R N IN G S .—-C onsolidated earnings of all operatin g com panies in th e
P ennsylvania G roup for 12 m os. end. A ug. 31 1926:
G ross earnings___________________________ ___________________ $10,356,649
O perating expenses, m aintenance a n d ta x e s__________________ 5,299,647
N e t____________
$5,057,002
Fixed charges, &c____________________________________________ 2,598,959
R enew als and rep lacem en ts__________________________________
710,962
P referred divid en d s_________________________________________
513,388
B a la n c e ______ ____________________________________________ $1,233,693
O F F IC E R S .— P re s ., H . C . H opson: V .-P ., J . M . D aly; Sec., M . C .
O ’Keeffe: T rea s., G . M . M ichel. D irectors: H . O . H opson. J . M . D aly
M . C . O ’Keeffe.

114

PUBLIC UTILITIES

P E N N P U B L IC S E R V IC E C O R P O R A T IO N .
All com m on sto ck is ow ned b y Associated Pennsylvania Corp.
O R G A N IZ A T IO N .— In c o rp . In P e n n a . In J u n e 1919
F IE L D O F O P E R A T IO N c
D C H A R A C T E R O F B U S IN E S S .—
Owns a n d o p erates a i electric lig h t a n d pow er system w hich serves over
350 com m unities, in clad in g Jo h n sto w n , W arren an d E rie, located in C am ­
b ria, Som erset, In d ia n a , C learfield, C en tre, W estm oreland, Jefferson.
W arren an d E rie counties In w estern P en n sy lv an ia. Also does som e inci­
d e n ta l a rtificia l gas a n d steam -h eatin g business and th ro u g h a subsidiary
ren d ers n a tu ra l gas service in Jo h n sto w h an d its su b u rb s. P o p u latio n esti­
m a te d to exceed 875,000.
E lec tric sy stem includes 10 steam electric a n d 2 h ydro-electric generating
p la n ts h av in g a n installed gen eratin g cap acity of 136,950 h . p . P rincipal
p la n ts are a t Sew ard, Jo h n sto w n , P hilipsburg, Rockw ood, W arren a nd E r ie .
T h e P en elec C oal C o rp ., a su b sid iary , ow ns five pro d u cing coa m ines
near C learfield, P h ilip sb u rg , Sew ard, Jo h n sto w n a n d R ockw ood, respec­
tiv e ly , an d h as a n aggregate coal reserve e stim ated to exceed 20,000,000
to n s o f coal on lan d s ow ned o r held u n d er lease. T h e e n tire su p p ly of steam
coal for all except th e W arren a n d E rie p la n ts Is secured w ith o u t th e use of
railro ad e q u ip m en t.
T h e tran sm ission sy stem o f co. a n d subsidiaries now includes approxi­
m ately 1.335 m iles of high-tension lines. T h e electrical d istrib u tio n system
consists of ap p ro x im ately 5.000 miles o f aerial wire in ad d itio n to u n d e r­
gro u n d d istrib u tin g system s in th e cities of Johnstow n a n d E rie. T he
electric a n d gas sy stem serves in th e aggregate 103.000 custom ers.
T h e artificial gas p la n t a t C learfield serves 615 cu stom ers, w hile th e
John sto w n F u el S upply C o ., th e en tire c ap ital stock of w hich (no funded
debt) is ow ned, d istrib u te s n a tu ra l gas to 13,917 custom ers.
ST O C K A N D B O N D S — Date.
Interest. Outstandino. M aturity.
C om m on $40,000,000 ($ 1 0 0 )-__________ ________ $4,186,375 ___________
Pref 6% c u m $ 3 0 ,0 0 0 .0 0 0 ($ 1 0 0 )____
6 Q-M
765,100 __________
1st & re f m tg e Ser “ A ” ______ ( ____
________
________
__________
Series “ C ” ________________ 1919
6 g M -N
6,935,000 M ay 1 1947
Series “ D ” _______________I 1919
5 g J-D
4,000,000 D ec 1 1954
Ser “A ” $ 1 ,0 0 0 ;c* Ser. ‘ C ” [B ankers T r u s t C o ., N ew Y o rk , tru ste e .
& " D ” $500& $1,000 c*)g t f . 1
Underlying D ivisional and Subsidiary Bonds Outstanding w ith Public,
$7,257,000.
Stock.— B o th classes of p ref. h av e th e sam e preference as to assets a n d
divs. A re re d . a t 103 a n d d iv s. on a n y d iv . d a te
Offer by Associated Gas & Electric Co.— On A ug. 12 1926 A ssociated Gas
& E lectric C o . offered 6 % p re f. stockholders to exchange th e ir holdings on
th e basis o f 1 sh are $6 50 d iv. ser. p re f. or 1 sh are $6 d iv . series p re f. a n d
1-3 com m on sh are A ssociated G as & E lectric C o. for each 6% pref. share
o f P e n n P u b lic Service C orp. V . 123. p . 844. T h e 7% p re f. sto ck w as
redeem ed S ep t. 1 1926.
Bonds.— T h e 1st & ref. m tg e. provides for a m a in t. a n d im p t. fu n d of n o t
1 ess th a n 12% o f gross oper. revenues of th e co. for each y ear.
Series "C " 6s call, a t 111)4 an d in t. on M a y 1 1927 a n d th e re a fte r on any
In t. d a te a t a prem iu m decreasing % % each y ear to 107 J4 an M a y 1 1932,
and th e re a fte r decreasing y2 % each y ear to 100>2 a n d in t. du rin g th e la st
y ear o f life. F ree o f th e p resen t P en n sy lv an ia 4-mills ta x .
Series " D ” 5s are callable on th e first o f a n y m o n th on six w eeks’ notice a t
105 a n d in t. th ro u g h D ec. 1 1940; th e re a fte r a t a prem ium decreasing 34
p o in t each y e ar to 102)4 a n d in t. d u rin g 1950, and th e re a fte r p rio r to
m a tu rity a t a p rem iu m decreasing )4 p o in t each year to 100)4 & in t. durin g
th e la st y e ar o f life. F ree o f th e P e n n a . 4 m ills ta x a n d th e C onn, personal
p ro p e rty ta x n o t exceeding 4 m ills p e r $1 p er an n u m refu n d ed . In N ov.
1924 $4,000,000 were offered by H a rris, F orbes & C o ., a n d E . H . R ollins &
Sons a t 94 an d in te re s t, to yield over 5 .4 0 % . V. 119, p . 2411.
O F F IC E R S .— C h airm a n o f B o ard , J . I . M ange; P r e s ., J . I. M ange;
V .-P ., H . C . H opson; Sec., M . C . O ’Keeffe; T re a s., H .C . H opson.— V .118,
p . 1783; V . 119, p . 2411, 2530; V . 122, p . 2042; V. 123, p . 844.

[V ol. 123.

of a fu rth e r 5-year period i t is increased to 16% . A d d ’l b onds m a y be
ssued (a) to refu n d u nderlying bonds, (6) u pon th e basis of 80% of
th e c ost of ‘a d d ’l properties, an d (c) u pon th e basis o f th e a cq uisition of
securities of o th e r corp o ratio n s in accordance w ith re stric tio n s o c n ta in ed In
th e m ortgage. A re listed on P h ila . Stock E xchange. V . 119, p . 950, 1180.
In N o v . 1923 $2,000,000 Series “ A " 5 )4s w ere offered b y A ldred & C o.;
M insch, M onell & C o ., In c ., N ew Y ork; C hase & C o ., B oston, a n d Joseph
W . G ross & C o ., P h ila .. a t 95)4 a n d in t., to yield 5 .8 0 % . V . 117, p . 2222.
In J u ly 1924 C hase Sc C o ., B oston; Joseph W . G ross Sc C o ., P h ila ., an d
M insch, M onell Sc C o ., In c ., N ew Y o rk , offered an a d d ’l $1,000,000 Series
“ A ” 5)4s a t 99 an d in t., to yield over 5 .5 5 % . V . 119, p . 334.
E A R N IN G S .— F o r calen d ar years:
1925.
G ross in c. (all s o u r c e s ) .. $ 2 ,9 6 0 ,4 3 6
E x p ., m a in t., ta x e s , & c .
8 8 3 ,3 2 3

1924.
$ 2 ,6 8 6 ,4 6 6
7 7 4 ,3 5 9

N e t earn in g s_________ $2,077,113
In te re s t on b o n d s______
738,000
D iv id e n d s ------------------ (8% )859,696

$1,912,107
648,133
(8)820,620

B alance, su rp lu s_____
T o ta l all p re v . s u r p lu s ..
Deduct— C o n tin g e n t f d .
D epreciation fu n d ____
Sinking fu n d ________

$479,417
483,624
140,000
220,850
100,000

$443,354
444,218
130,000
210,010
100,000

1923.
$ 2 ,1 2 4 ,4 2 8
5 9 4 ,4 0 4

1 922.
$ 2 ,0 0 3 ,4 7 8
5 4 7 ,0 7 8

$1,530,024 $1,456,400
548,150
535,144
(7)639,250 (7)594,650
$342,624
344,274
93,000
175,410
75,000

$326,606
329,860
80,000
173,210
75,000

S urplus D ec. 31 ______
$22,774
$4,207
$864
$1,650
O F F IC E R S .— C hairm an of B oard, J . E . A ldred; P re s ., O has. E . F .
C larke, N . Y .; V .-P ., J . A . W alls; Sec., F . J . Allen; T re a s .. J . L . R in to u l.
Office, Lexington B ld g ., B altim ore, M d .— V . 119, p . 950, 1180, 1291;
V . 120, p . 820, 843; V . 122, p . 749, 876, 900.

SOUTHERN CITIES UTILITIES CO.

O R G A N IZ A T IO N .— In co rp . in D elaw are A ug. 4 1917. Owns all of
th e o u tsta n d in g cap ital stock of th e S outhern C ities Pow er C o., F a y e tte v ille
E lectric Pow er & ;L ight C o., Sequatchie Valley P r . & L t. C o., B ell B uckle
L t. & P r. C o., E lectric Illu m in atin g & E quipping C o., S outhern S ta te s
Ice C o., F a y e tte v ille Ice C o.; a ll of th e com . sto c k of M ills & L u p to n
S upply C o. an d W est V irginia U tilities C o.; th e controlling stock of P ublic
L t. & P r. Co. W est V irginia U tilities C o. owns all of th e o u tsta n d in g
stock of th e W heeling P u b lic Service C o., w hich la tte r co. in tu rn ow ns all
of th e stock of th e B us T ran sp o rta tio n Co. of W heeling. T h e S outhern
C ities Pow er C o. m erged in 1924 H a rp e th E l. L t. & P r. C o., M t. P le a sa n t
E l. Co. a n d in 1925 C olum bia W a te r & L ig h t C o. an d P e te rsb u rg (T enn.)
M u nicipal L ighting p la n t.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e operating com panies, w ith th e ir subsidiaries, operate in W est V irginia,
T ennessee, P ennsylvania a nd A labam a, serving 54 (which w ere to be in­
creased in 1926 b y 29 add itio n al tow ns in Tennessee) tow ns an d com m unities
w ith a n estim ated com bined pop u latio n of 450,000, w ith lig h t, pow er, gas
ice a n d w ater. Co. thro u g h its subsidiaries owns 5 hydro-electric p la n ts ,
6 steam p la n ts , 6 ice p la n ts, 2 w a ter p la n ts , 2 gas d istrib u tin g system s, 2
stre e t railw ay system s an d 255 m iles of transm ission lines. In 1926 co. w as
re p o rte d p lanning th e construction of 400 ad d itio n a l m iles of high-voltage
lines. In additio n co. controls, th ro u g h lease, 6 hydro-electric p la n ts , 1
w ater p la n t an d over 200 m iles of transm ission lines. T o tal in sta lled g e n ­
eratin g c ap a c ity of pro p erties ow ned or leased, 15,425 h . p. (to be increased
to 28,125 h. p . ) . C o. also owns undeveloped w ater pow er sites w ith a n esti­
m a te d c ap acity of 50,000 h . p . C o .’s properties are inter-connected, w hile
auxiliary pow er is available u n d e r a dvantageous c o n tra c ts w ith outside cos.
C om pany owns and operates 14 re ta il stores, d is trib u te d th ro u g h o u t the
m iddle section of Tennessee. O perates 25.7 m iles of s tre e t railw ay from
W heeling, W . V a., to W est A lexander. P a ., an d 3.58 m iles in th e tow n of
M organtow n, W . V a. Owns an d leases 8,000 acres of n a tu ra l gas fields
n e ar M o rg a n to w n , of w hich one-third is developed. V . 121, p . 2274;
N O R T H W E S T E R N E L E C T R IC S E R V IC E C O . O F P E N N S Y L V A N IA V . 123, p . 85.
ST O C K A N D B O N D S— Date.
Interest. O utstanding. M aturity.
O R G A N IZ A T IO N .— In c o rp . F eb . 29 1916 in P en n sy lv ania for th e p u r­ C om m on C lass “A ” (no par) _ _ ____
_________ 48,977 shs __________
pose of developing th e lig h t an d pow er business a d ja ce n t to th e N orthw estern C om m on C lass “ B ” (no par)
Pen n sy lv an ia R y . C o .’s lines. In F eb . 1923 th e following com panies were
(non-voting)____________________
_________
N one __________
consolidated w ith a n d in to th e N o rth w e stern E lectric Service C o. of P e n n ­ 7% cum p re f $3,000,000 ( $ 1 0 0 ) ___
7%
$2,321,766 ___________
sylvania (as p er p lan o u tlin ed in V. 115, p . 1731); th e N o rth w estern P e n n ­ 1st lien 6% g Ser “A ” ($1,000, f 1926
6 J-D
5,500,000 J u n e 1 1951
sylvania R y . (for h isto ry see “ E lectric R ailw ay ” Sup p lem ent of A pril 28
$500, $100 c*)__________ t f IT h e N ew Y ork T ru s t C o., N . Y . C ., tru s te e .
1923), th e N o rth w e stern C onnecting R y ., th e C raw ford C o u n ty R y s. (for 15-year 6 )4 % secured gold I 1925
6)4 g M -N 1,171,800 N o v 1 1940
h isto ry see “ E lectric R ailw ay ” S upplem ent of A pril 28 1923) a n d th e
$3,500,000 series A ($1,0004 In d u s tria l T r u s t C o ., P rovidence. R . I .,
People’s In c a n d esc en t L ig h t C o. (form erly leased).
$500, $100 c* )________ t f I tru ste e .
6 A-O
1,500,000 A pril 1 1936
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— C o n v ert gold debens Ser “A ” ) 1926
($1,000, $500, $100 c * ) - .tf \F id e lity T r. C o. of N ew Y o rk , tru s te e .
C onsists of 50 m iles of 33,000 v o lt transm ission line betw een E rie and
_________
6,792,140 __________
H arm o n sb u rg , P a , w ith a b ran ch betw een E rie and K earsarge, P a . D is­ Sec of sub cos held b y p u b l i c . . ____
Stock.— Of th e o u tsta n d in g com m on sto ck , 23,537 shares a re deposited
trib u tio n lines in E a s t Springfield, W est Springfield, P la te a u , C am bridge
Springs, E d in b o ro , M cK ean , Fairview , N o rth G irard , Linesville an d H a r­ u n d e r a v oting tru s t extending to 1928 a n d is n o t e n title d to receive dividends
m onsburg, all in E rie an d C raw ford counties, P a . Owns and o perates 43.7 p rio r to e x p ira tio n of th e v o tin g tr u s t. V. 121, p . 2274. I n 1926 th e
m iles betw een M eadville a n d E rie; 15.7 m iles betw een M eadville a n d Lines­ com m on stock w as changed fro m $100 p a r to no p a r; no fu r th e r p a rtic u la rs
ville (including a 2-mile extensin to C o n n eau t L ake); a n d 8.3 m iles of track available.
Bonds.— T h e 15-year 6 )4 % secured gold b onds, Series A , d u e N o v . 1
in M eadville. 60, 70, 85-lb. T an d girder ra il. S ta n d a rd gauge.
1940, a re specifically secured b y pledge o f all th e o u tsta n d in g c ap ita l stocks
S T O C K A N D B O N D S—
Date.
Interest. Outstanding. M aturity.
of th e W est V irginia U tilities C o. a n d th e Southern C ities Pow er C o ., th e
C om m on $1,000,000 ($100)________
_______
$346,300 --------------subsidiaries of Southern
Th y a
d ., all
Pref 7% c u m $1,000,000 ($ 1 0 0 ) ____
7%
466,700 ----------------- principalon 30 d a y s’ notice a t 103 aC ities t.U tilities. C o. onn.e 4-mre re M ary ­
or p a rt,
nd in
Penn & C
ills,
F irst m tg e bonds $2.000,000_______
6%
544,500 J u ly 1 1962
land 4 A m ills a n d M ass. 6% taxes re fu n d a b le . In N o v . 1925 L indem ann
E rie T rac tio n first m o rtg ag e) 1907
5 g J-J
386,000 Ju ly 1 1929
& G ully, &c., & c., offered $1,500,000 6)4 % series A a t 98 a n d in t., to yield
$ 5 0 0 ,0 0 0 g o ld________ c * .tf J In t. a t Secur. Sav. & T r. C o ., E rie , tru ste e .
over 6.7 0 % . V . 121, p. 2274.
C raw f Co R y s 1st M $370,0001 1921
6 g J -J
110,500 Ju ly 1 1941
A ll o f the outstanding 15-yr. secured 6 )4 % bonds due N ov. 1 1940 were
($500 & $1,000) g o ld___ c * /C o lu m b is T ru s t C o ., N ew Y ork, tru s te e .
called N ov. 1 1926 at 103 and in t. V . 123. p . 583.
Bonds.— T h e 1st m tg e . 6s a re to b e called, see A ssociated E lectric C o .,
A ll of th e o u tsta n d in g 8% notes d ue i931 w ere called for redem ption
V. 122, p . 2041.
J u n e 1 1926 a t 102 an d in t. V . 122, p . 3343.
T h e E rie T rac tio n bonds hav e a sinking fu n d o f $20 for every $1,000 first
A dditional ls< lien gold bonds of Series “ A” o r of a n y o th e r series m a y be
m ortgage b o n d , w hich began J u ly 1 1917 (denom . $1,000, $5,000 a n d $10,- issued to re fu n d Series “ A ” bonds, or und erly in g divisional b onds. T h ere
000).
is a special tr u s t fu n d for th e m aintenance a nd renew al of p ro p e rties, to
T h e C raw ford C o u n ty R y s. firs t m tg e. 6s are tax-exem pt in P enn sy lv an ia
w hich fu n d is to be a n n u a lly credited a n a m o u n t equal to 12)4% of gross
S u b je c t to call on a n y in te re s t d a te a t p a r. T o b e called, see A ssociated incom e, as defined, fro m electric properties, 9% from w ater, 25% fro m s tre e t
E lectric C o ., V . 122, p . 2039, 2041.
railw ays ,3 3 1-3 % from bus lin e s, 20 % fro m ice ,1 0 % fro m g a s , less a m o u n ts
pu rch ased , an d 8% of th e recognized v alu e of n a tu ra l gas w ells a n d g a th e r-

PENNSYLVANIA WATER & POWER CO.
O R G A N IZ A T IO N .— In c o rp . in P e n n a . In 1910. Owns all th e c ap ital
stock a n d all th e bonds o f th e S u squehanna T ransm ission C o. of P a . and
th e S u squehanna T ransm ission C o. o f M ary lan d . In J a n . 1926 10,000
com m on sh ares (p ar $100) w ere acq u ired b y C onsolidated G as, E lectric
L ig h t & Pow er C o. o f B altim o re . V. 122, p , 749.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns an d o p erates a larg e'h y d ro -electric p la n t lo cated on th e S usquehanna
R iv er a t H o ltw ood, P a . C o m p an y , u n d e r c o n tra c t w ith th e Consol­
id a te d G as, E lectric L ig h t & Pow er Co. o f B altim ore, supplies a large
p o rtio n of th e electric c u rre n t used in B altim o re. Also supplies nearly
all of th e electric c u rre n t used in th e C ity of L an caster, P a ., a n d v ic inity,
u n d e r c o n tra c t w ith th e E d iso n E lectric C o. o f L a n c a ste r. H a s con­
tra c ts w ith th e E d iso n L ig h t & Pow er C o. o f Y o rk , P a ., a n d th e C hester
V alley E lec. C o. o f C oatesville, P a ., to fu rn ish th e m ajo r p a r t of th e pow er
used b y th ese com panies. T o ta l p o p u la tio n served by th ese com panies is in
excess o f 900,000.
T h e H oltw ood p la n t co n tain s 10 m ain g en eratin g u n its w ith a 'to ta l u lti­
m a te c ap a c ity o f 150,000 h . p .; p re se n t c ap a c ity , 30,000 h . p . H a s th re e
steel-to w er transm ission lines, one to Y o rk , P a ., a b o u t 23 m iles long; one
o C oatesville, P a . , a b o u t 30 m iles lone, a n d one to L an caster a b o u t 16 miles.
S T O C K A N D B O N D S—
Date.
Interest. Outstanding. M aturity.
C ap sto ck ($13,500,000 ( $ 1 0 0 ) ____
_______ $10,746,200 O ct 26 2%
1st m tg e $12,500,000 ($1,000,1 1910 5 g J - J
11,602,000 J a n 1 1 9 4 0
£205 9s 8d) g __________ c * \Irv in g B ank-C olum bia T ru s t C o ., N . Y ., tr .
1st re f M $50,000,000 Ser “ A ” / 1923 5 H g A-O 3,000,000 O ct 119 5 3
($1,000) g o ld_________ c * tf(N e w Y ork T r u s t C o ., N . Y ., tru ste e .
Stock.— L isted on P h ila . Stock E x ch an g e. V . 119, p . 1291.
Bonds.— 1st m tg e . 5s hav e sin k, fu n d for purch ase o f bonds a t n o t over
105 o f $100,000 p er a n n u m . $898,000 re tired by sink. fu n d . I n t. payable
In N . Y ., M o n tre al a n d L ondon. Free fro m P e n n a . S ta te ta x .
1st re f. m tg e. 5 )4 s Series “ A ” a re c all., all o r in p a rt, a t an y tim e on 30
d a y s’ n o tice a t 107 a n d in t., p rio r to O ct. 1 1926, th e p rem ium decreasing
)4 % each y e a r fro m O ct. 1 1926 to m a tu rity . S in k, fu n d for re tire m e n t of
Series “ A ’r bon d s beginning w ith th e y e ar 1927, an a m o u n t in each y ear
e q u iv a len t to 8% o f th e a n n u al in t. charges u p o n all bonds of Series “ A ”
th ereto fo re issued; a fte r th e e x p iratio n o f 5 y ears th e am o u n t payable_ to
th e sin k , fu n d is increased to 12% of th e in t. charges and a fte r th e expiration




A LD RED & CO.
40 Wall Street
NEW YORK

Oct., 1926.]

POVVEE, LIGHT AND KAILWAY

ing lines, a n d ag ain st w hich ex penditures d u rin g th e perio d for m ain ten an ce,
& c.t are to be cred ited . T h e n e t a m o u n t p a y ab le to such fu n d a n n u a lly is
to be p aid in cash or bonds issued u n d e r th e ag reem en t or u n d erlying bonds,
o r b y th e ap p ro p riatio n o f bondable expenditures. A bove percentages
su b jec t to revision a t in te rv a ls of n o t less th a n 5 y ears. T h e bonds are
secured by d eposit of (a) all, b u t n o t less th a n $5,500,000, of th e issued a nd
o u tsta n d in g bonds, secured b y a 1st m tge. lien on th e p ro p erties of S outhern
C ities Pow er C o., W est V irginia U tilities Co., W heeling P u b lic Service C o.,
Southern S tates Ice C o., su b ject o n ly to existing u n d erly in g liens (see V.
123, p . 85), a n d (6) all of th e o u tsta n d in g com m on sto ck of a ll of th e above
com panies, an d also o f M ills & L u p to n S upply Co. a n d E lectric Illu m in a t­
ing & E q u ip p in g C o. N o su b sid iary co. m a y issue a n y bon ds or com m on
sto ck unless pledged un d er th is m tg e. Series “A ” is redeem able a ll or p a rt
on 30 d a y s’ notice a t 105 a n d in t. th ro u g h Ju n e 1 1941, less
for each
y ear or p a r t th e re o f elapsed th e re a fte r. P e n n ., C onn. & C alif. 4-m ills,
M ary lan d 4 K -m ills, D ist. o f Col. 5-mills an d M ass. 6% tax es refundable.
In J u n e 1926 Am es, E m ericn & C o. a n d K elley, D ra y to n & C onverse sold
a t 100 a n d in t. $5,500,000 Series “ A ” (V. 123, p. 85).
T h e 6% convert, gold debentures, Series “A , ” dated A p r il 1 1926, are red .
a ll or p a rt on 30 d a y s’ notice a t 105 & in t. th ro u g h A pril 1 1931, less 34 %
for each y ear or p a r t th ereo f elapsed th ereafter. P en n ., C onn. & C alif.
4-m ills, M ary lan d 434-mills, D ist. o f Col. 5-mills a n d M ass. 6% taxes
refundable. Convertible in to C lass “ B ” common stock to an d incl. J a n . 1
1928 a t th e ra te of $55 a share; to an d incl. J a n . 1 1930 a t ra te of $70; incl.
J a n . 1 1932 a t ra te of $90; incl. J a n . 1 1935 a t ra te of $100 p er sh are. C on­
version privilege elapses a fte r J a n . 1 1935. In J u ly 1926 Ames. E m erich
& Co. offered $1,500,000 6% Series “A ” a t 98 an d in t., to yield over 6.255
V. 123, p . 456, 1635.
D ividends.— On th e com m on sto ck a q u a r. d iv . of $1 a n d an e x tra div . of
25c. was p aid in O ct. 1925. V . 121. p . 331, 1680, 1790. Before th is d a te
th e com m on stock h a d been on a $3 a n n u al dividend basis. On th e pref.
reg u lar divs. a t th e ra te of 7% h av e been p a id since issuance.
E A R N IN G S .— C onsolidated earnings for calendar years:
1923.
1925.
1924.
Gross earnings_______________________$2,817,462 $2,763,901 $2,476,881
N e t after tax es__________
945,895
942,717
806,708
401,480
436,580
In te re s t-----------------------------------------429,277
M inority pref. divs. sub sid iary cos_
_
81,474
53,140
74,968
P ref. divs. S, C. U til. C o . . ............ ..
157,548
153,672
104,304
A vailable for reserves & com . d iv s .
$305,391
$299,325
$198,159
O F F IC E R S .— P res., Geo. B . A dam s; V .-P ., A dam P . B a rre tt; V .-P . &
G en. M g r., G . S. N u n e m a k e r; T rea s., F red . A nderson; Sec. & A tt’y,
Ira Lloyd L e tts, W oolw orth B uilding, P rovidence, R . I . — V. 120, p . 332;
V. 121 p. 201, 331. 461. 1228. 1570. 1680, 1790. 2040, 2274, 2404; V. 122,
p. 2193, 3343; V . 123, p . 85, 456, 583, 844, 1635.
W E S T V IR G IN IA U T IL IT IE S C O .
All th e com m on sto ck is ow ned b y th e S o u th ern C ities U tilities C o.
O R G A N IZ A T IO N .— In c o rp . in 1920 a n d acquired th e M o rgantow n p ro p ­
erties of th e W est V irginia T ra c . & E lec. C o. (for h is to ry see ‘‘E lec tric R ail­
w ay” S upplem ent of A p ril 24 1920), as p er p la n outlin ed in V. 110, p . 1416.
Owns all th e $500,000 c ap ital sto ck o f W heeling P u b lic Service C o ., which
took over W heeling-Elm G ro v e p ro p e rties o f W est V a. T rac . & E lec . C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
W ith its su b sid iary co m p an y ow ns a n d o p erates th e electric lig h t and
pow er in E lm G rove a n d neighboring tow ns; a n electric railw ay from
W heeling th ro u g h E lm G rove to W est A lexander, P a ., connecting a d ­
ja c en t su b u rb an tow ns; electric lig h t, pow er, gas an d w ater in M or­
gan to w n , W . Va. Serves 29 com m unities w ith railw ay a n d electric service,
8 w ith w ater a n d 8 w ith n a tu ra l g as. H olds u n d e r lease over 7,000 acres
o f n a tu ra l gas fields, a b o u t o n e -q u a rte r developed, w ith extensive system s
of gas wells a n d d istrib u tio n e q u ip m e n t. Also h a s 1,600 acres of gas and
oil lan d s u n d er d e v elo p m en t. W ith its controlled co. h as 2 electric pow er
p la n ts ag g reg atin g 6,000 h .p . c ap acity ; 1 w a ter p u m p in g sta tio n ; 1 gas
pum ping statio n ; 120 gas wells; 2 oil wells; 152 m iles of electric lines; 179
m iles o f gas p ip e lines; 74 m iles o f w a ter p ip e lines; 45 m iles of u rb a n and
su b u rb an railw ay s, largely on p riv a te rig h t-o f-w ay . S ta n d a rd gauge,
91 cars. Franchises. O ne expires 1927; o th e rs e x ten d beyond 1942 or
a re p e rp e tu a l.
ST O C K A N D B O N D S — D ate.
Interest. O utstanding. M aturity.
_________
$572,000 __________
C om m on $1,000,000 ($100)________
P ref $1,500,000 ($100) c u m _____. . .
7%
1.021,722 J u ly ’25, IH
Un U tilities 1st m tg e $ 1 ,5 0 0 ,-/ 1909
5 g J-J
579,000 J u ly 1 1944
000 gold ($1,000)_ c * c p t [ I n t. a t F a rm e rs ’ L . & T r . C o ., N . Y ., tru s te e .
_
Slocks.— N o . d iv . shall be p aid on com . for 2 years from d a te of issuance
net incom e for th a t period to be carrie d to su rp lu s; th e re a fte r n o t m ore than
% th e sum which su b seq u en tly becom es av ailab le for divs. to be p aid as
such, balance to be carrie d to su rp lu s; w ith p ro te c tiv e provisions for m a in t.
an d d ep reciatio n . P re f. sto ck h a s equal v o tin g pow er, sh are for share,
w ith th e com . sto ck , p re fe rred b o th as to d ivs. a n d assets, re d . a t option of
co m p an y , all or p a rt, from tim e to tim e a t 105 and dividends.
Bonds.— 'T he c o .’s gen. m tg e . 6s a re a 2d lien on th e M o rg antow n p ro p ­
erties a n d a 1st lien on th e sto ck of th e W heeling P u b lic Service C o.
O f U nion U tilities 1st m tg e. bon d s n o t included in a m o u n t ou tsta n d in g ,
$10,000 a re in th e tre a su ry , $604,000 are h eld alive in sinking fu n d , and
re m a in d e r a re reserved for im p ro v em en ts an d extensions a t 80% of cost.
R ed . a t 105 a n d in t. on a n y in t. d a y on 30 d a y s ’ n o tic e . Sinking fu n d 1%
sem i-annually of bo n ^s o u tsta n d in g a n d in sinking fu n d . A fte r settin g aside
1% sem i-ann. a n d p a y m e n t o f 7% on pref. a n d 10% on com m on, sinking
fu n d sh ares equally w ith a n y fu r th e r dividend on com m on. V . 90, p . 373.
All o f th e o u tsta n d in g ref. A ext. mtge. 6% g. bonds, series A , dated
Jan. 2 1920, w ere called for p a y m e n t O ct. 1 1926 a t 101 an d in t. V. 123,
p . 983.
E A R N IN G S .— C alen d a r years:
Oper. Rev. N et, a ft. Tax. Other In c . D eductions.
Balance.
1924------------$1,246,313
$409,438
$37,584
$149,766
$297,257
1923----------- 1,110,026
386,017
35,357
143,566
277,808
1922----------- 1,002,092
375,207
30,918
136,676
269,449
1921----------793,303
235,481
24,718
137,033
123,166
O F F IC E R S .— P re s ., F re d A nderson; V .-P ., J . K . B u ch an an; T re a s ., G eo.
B. A dam s; Sec., Ir a Lloyd L e tts; A sst. T re a s., R . A . B ru ce.— V . 115, p 989;
V. 116, p . 1179, 1277, 1894; V. 117, p . 1349, 2324, 2772; V. 123, p . 983.
(1) W H E E L IN G P U B L IC S E R V IC E C O .
All th e com m on sto ck is ow ned b y th e W est V irginia U tilities C o.
O R G A N IZ A T IO N .— O rganized in 1920 a n d acq u ired th e W heeling-Elm
G rove p ro p erties of th e W est V irginia T rac tio n & E lectric C o. (for h istory
see " E lec tric R ailw ay ” S upplem ent o f A pril 24 1920), as p e r plan outlined
in V. 110, p . 1416. Owns 3,940 o u t o f 4,440 shares of C ity R ailw ay C o.
Owns all th e com m on sto ck o f th e B us T ra n s p o rta tio n C o. of W heeling.
ST O C K A N D B O N D S—
D ate.
Interest. O utstanding. M aturity.
Com m on $500,000___________ All ow ned b y W est V irginia U tilities Co.
C ity & E lm G rove cons c o ll/ 1906
5 g J-J
112,000 J u ly 1 1936
t r M $2,500,000 g ($ 1 ,0 0 0 ). [ I n t. a t U nion T r u s t C o ., P ittsb u rg h , tru ste e .
W heeling & E lm G rove 1 st) 1898
5 M -S
115,500 M a r. 1 1928
m tge $225,000 ($500)_____[
Sinking fu n d re tires $5,000 an n u ally
W heeling & E lm G rove m tg e / 1901
5 A-O
794,500 A pril 1 1931
(seetext) ($ l,0 0 0 & $ 1 0 0 )g c * [In t. p a y . a t D o llar Savs. & T r . C o ., tru ste e .
W heeling P u b Serv Co 1st m tg e 1922
6%
1,038,000 O ct. 11952
Bonds.— O f th e C ity & E lm G rove consol, coll, tr u s t bo n ds, $1,000,000
105 reserv ed to re tire p rio r liens. A re su b ject to call on a n y in t. d a te a t
are a n d in t. V . 83, p . 491.
T h e a u th o riz e d a m o u n t of W heeling & E lm G rove R y . m tg e . w as origi­
nally $1,250,000, b u t was red u ced in F e b . 1906 to $1,000,000.
E A R N IN G S.-—F or calendar years:
Oper. Rev. N et, aft. Tax. Other In c . D eductions. Balance.
1924
$628,683
$178,188
$2,462
$119,042
$61,607
1923
633,184
176,917
3,780
117,431
63,266
1922
595,343
168,721
2,723
105,964
65,480
1921
545.790
105,291
330
103,940
1,681
Property, A c .— See W est Virginia U tilities Co. a b o v e .— V. 117, p. 1349,
2772; V. 119, p . 812.

READING TRANSIT COMPANY.
All th e com m on sto ck an d $550,000 C lass “ B ” p referred ow ned by
G eneral Gas & E lectric C o rp o ratio n .
O R G A N IZ A T IO N .— In co rp . in P en n sy lv an ia in A ug. 1917 as a m erger
o f th e old R eading T ra n s it & L ig h t C o. (which th e n ceased to exist) w ith
th e U n ited T rac tio n C o. (R eading), B oyertow n & P o ttsto w n R y ., B irdsboro S tree t R y ., R eading & W om elsdorf E lectric R y ., a n d F ro n t & F ifth




115

S treets R y ., all of these p roperties having been operated u nder lease. W as
know n as R eading T ra n s it & L ig h t C o. u p to J a n . 1925, when nam e w as
changed to presen t title . V. 120. p . 88. C om pany owns th e en tire c ap ital
th e Oley V alley R ., N eversink M o u n tain R y . and R eading T ra n s it B us C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. o perates th e p ro p e rty of th e Oley V alley R y. C o. in c onjunction w ith
its own system in and a b o u t th e c ity of R eading. I t also owns an d o p e ra te s
under favorable long-term leases w ith options to purchase 17 o th e r com ­
panies, am ong w hich is th e N o rth e a ste rn S tree t R y . C o. of R eading,
whose 3-m ile line w as financed en tire ly b y residents of th e section served
and w as placed in o peration in 1924. T h e sy stem com prises over 200 m iles
of electric railw ays in th e cities of R eading, L ebanon, P o ttsto w n , N orris­
tow n a nd P h ilad elp h ia a n d th e ir su rrounding te rrito rie s in B erks, L ebanon,
M ontgom ery a n d P h iladelphia counties. T h e system connects a t C h e stn u t
Hill w ith th e P h ilad elp h ia stre e t railw ay system a n d has connections a t o th er
points w ith th e L a n c a ste r, H a rrisb u rg a n d A llentow n tra n s it system s.
An electric express business is carried on b y th e co. th ro u g h o u t th is section
of E a s te rn P en n sy lv an ia. E lec tric pow er for o peration of th e lines is
furnished b y th e M etro p o lita n E dison C o. P o p u la tio n served is e stim ated
a t 425,000. n o t including P h ilad elp h ia. R eading, th e cen tre of th e system ,
has. w ith its su b u rb s, a po p u la tio n of 135,000.
STO CK A N D B O ND S—
Date.
Interest. O utstanding. M aturity.
C om m on $5,250,000_________ _____
$2,900,000 D e c ’23, 1%
188,500 n.ug ’26, 114
Preferred C lass “ A ” $ 7 0 0 ,0 0 0 .____
1,540,500 Aug ’26, 1H
Preferred C lass “ B ”$2 300.000 ____
6 g M -N
595,800 N ov I 1954
1st & re f M ser "A ” ($100, $500/1924
a nd $1,000( g o ld ..c * & r* tf/C o lo n ia l T ru s t C o., R eading, P a ., tru ste e .
United Traction Co.—
B irdsboro S t R y M $250,000/ 1904
5 g J-J
250,000 J a n
1934
gold ($500 & $ l,0 0 0 ) _ c .c p t\I n t. a t C olonial T ru s t C o., R eading, tru s te e
B oyer & P S t R y 1st M $300,-/
1906 5 g F-A
270,000 A ug 1 1936
000 ($500 & $1,000) g .c * c p t\I n t . a t C olonial T ru st C o., R eading, P a .,tru s
F ront& 5th S t R y 1st M $50,-1
1903 5 g J - J
50,000 J u ly 1 1933
000 g ($100 & $500). c * . c p t l i n t , a t C olonial T ru s t C o., R eading, tru s te e .
Oley V alley R y first m ortgage)
1901 4 ^ g J - J
248,000 J u ly 1 1931
$250,000 g ($1,000)-C *.cpt li n t , a t R eal E s t. T . I.& T r.C o .,P h ila .,tru s te e
Oley Valley R y sto ck g t r ) 1901
5 g J-J
245,000 J u ly 1 1931
c e rtific a te s _______________[I n t. a t R eal E s t. T itle In s. & T r. C o., P h ila.
N eversink M o u n tain b o n d s .. / ____
4 J-D
53,000 Ju n e 1 1931
[In te re s t a t C o m p an y ’s office, R eading, P a.
Leased Line Securities—
A dam & M ohn first m o rtg ag e /
1904 5 g J - J
$75,000 J a n 1 1935
$75,000 g ($ 1 ,0 0 0 )._ r* .cp t [I n t. a t C olonial T ru s t C o., R eading, tru ste e .
Read-S W first m tg e $100,000/ 1900
5 F-A
95,000 A ug 1 1931
($1,000)___________ c * .c p t[ I n t. a t P e n n a .T ru s t C o., R eading, tru ste e .
See sep a ra te sta te m e n ts for R eading T rac tio n , Schuvlkill V alley T rac tio n ,
and Lebanon V alley S tree t R y . below .
Bonds.— 1st & ref. M tg e. ser. “ A ” 6s a re call., all or in p a r t, on a n y in t
d a te on 30 d a y s’ notice a t 105 an d in t. u p to N ov. 1 1929, th e call price
decreasing 1 % each 5-year period th e re a fte r to m a tu rity . Sinking fu n d
payable an n u ally com m encing N ov. 1 1925 a n d th e re a fte r to N ov. 1 1953
of 1% of th e principal a m o u n t of bonds o u tsta n d in g . F ree of P en n a. S ta te
ta x . $1,250,000 w ere offered in D ec. 1924 b y th e co. th ro u g h its local
in vestm ent d e p artm e n t a t R eading, P a ., a t 98 a n d in t., to yield 6.15% .
V. 120, p . 88.
United Traction Co.— F ro n t & F ifth S t. bonds are re d . a t 105.
E A R N IN G S .— F o r calendar years:
Ba layire,
Fixed
Preferred
N et, after
Gross Earns.
(In c l.o th .In c .). Tax A D rp . Charges. D ividends. Sur. or D ef.
s u r.$38,578
x l926 _____ ___ $2,985,269 $586,069 $428,346 $119,145
su r. 05.076
119,145
426,101
600,322
3,050,699
1925 ______
sur. 71,223
414,035
119,145
604,403
1924 ______ ____ 3,041,923
su r. 121,204
117,701
409,654
648.559
1923 ______ ____3.117,309
s u r .123,633
117.115
413,456
654.204
1922 ______ ___ 2,959,516
s u r .130.170
117,115
416,743
664,028
1 9 2 1 ............ ____ 3,007,465
x Tw elve m os. end. A ug. 31 1926.
Latest Earnings.-—F o r 12 m os. end. A u g . 31 (incl. sub. cos.)
1926.
1925.
. $2,964,298 $3,021,633
G ross earnings _
___
N e t a fte r taxes, re n ta ls & deprec. b u t incl o th er
257,412
269,627
incom e_______________________
89,116
99,689
Fixed charges___________________
B alance, su rp lu s______________________________
$157,723
$180,511
O F F IC E R S .— P re s ., E . L . W est; V .-P ., T hos. C heyne; V .-P ., Lucien H .
T yng; V .-P ., E . M . G ilbert; V .-P ., W . B uchsbaum ; T rea s., J . P . C am pbell;
Sec., C . N . W ils o n — V . 120, p . 88; V. 121, p. 587, 2753; V. 122, p. 2043;
V. 1 2 3 ,p . 712.
(a R E A D IN G T R A C T IO N .
O R G A N IZ A T IO N .— In c o rp . M a rc h 9 1893 in P e n n a . to o p e ra te th e
R eading C ity Passenger R y . an d E a s t R eading E lectric R y ., w hich it
equipped w ith electricity an d leased for 99 y ears, th e form er fro m A pril 1
1893, a nd th e la tte r from M a y 1 1893. On O ct. 1 1894 leased th e R eading
& Tem ple E lectric R y ., for 99 y ears. T h e R eading T rac tio n w as leased on
J a n . 1 1896 to th e U n ite d T ra c tio n (now R eading T ra n s it C o.) for 900 years
a t a re n ta l of $10,000 a n n u ally for first th re e y e ars, $20,000 for n e x t tw o
y ears, a n d $30,000 th e re a fte r, an d all bond in te re st.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— A
trolley ro a d . Leases 48 m iles of tra c k . G auge 5 f t. 2 34 in . R ails, 90 lbs.
ST O C K A N D B O N D S—
D ate. Interest.
O utstanding. M aturity.
Stock $1,000,000 a u th ($100)______
J-J
$1,000,000 J u ly ’26,75c.
F irst m tge $600,000 gold g u \ 1893 6 g J - J
500,000 J a n 1 1933
N o t su b ject to call _ .c * c p t[ P ro v id en t Life & T ru s t C o ., P h ila., T ru ste e .
Interest is payable in R eading a t th e C olonial T r u s t C o. B onds are
listed on th e P hiladelphia Stock E xchange. V. 88, p . 749.
D ividends.— In 1900. 2 % ; in 1901, 2 H % ; in 1902 an d since, 3% p e r a n n .
Interest
Oulstand’g.Last D iv., A c
L E A S E D L IN E S S E C U R ’S. Date.
R eading C ity Passenger R y—
J -J
See te x t
$350,000
Stock ($350,000) (par $50)............
E a s t R eading E lec tric R y—
See te x t
A-O
100,000
Stock, full p aid (par $ 5 0 ) - - ____
25,000 Ju ly 1 1937
B onds, $25,000________ c p t 1897
5 J -J
R eading & T em ple E lec tric R y—
See te x t
7 A-O
Stock, $75,000, g u a r_ c p t -----_
73,700
5 A-O
73,700 O ct 1 1934
1st m ortgage, $75,000_____1894
Dividends on Leased Line Stocks.— T he R eading C ity Passenger stock
received dividends, 1896 to 1899, inclusive, 10% ; 1900 a nd th e re a fte r 12% .
E a s t R eading sto ck received dividends: 1896, $6,500; 1897 to 1900, in clusive,
$7,000; th e re a fte r, $8,000. R eading & T em ple E lectric p a y s 7% a n n u a lly
in dividends, A . & O.
Bonds.— R eading T ru s t C o. is tru ste e for E a s t R eading E lec . R y . bonds
su b ject to call in 1927 a t p a r. In t. on R eading & T em ple bonds is pay ab le
a t R eading T ru s t C o., tru s te e . C oupon ($100, $500 a nd $1,000). O riginally
m a tu re d O ct. 1 1924. b u t w ere extended to O ct. 1 1934.— V . 88, p . 749.
(b) S C H U Y L K IL L V A LL EY T R A C T IO N .
T h e U n ited Pow er & T ra n sp o rta tio n C o. ow ns a ll of th e $500,000 c a p ita l
Lease.— L eased for 900 years from A pril 1 1910 to R eading T ra n s it C o .
R en tal, $5,000 1st a n d 2d years, $15,000 a n n u ally th e re a fte r, an d $1,000
a nnually for m a in ta in in g organization. R eading T ra n s it Co. also assum es
all obligations of Schuylkill V alley T rac . a n d its leased lines.
O R G A N IZ A T IO N .— In c o rp . in P enn sy lv an ia SeDt. 8 1893 as th e N orris­
tow n B ridgeport & C onshohocken T rac tio n C o ., a n d on J a n . 5 1895 ch arte r­
ed as p re sen t com p an y . Since J a n . 15 1895 h a s controlled an d operated
th e C onshohocken R y ., th e M ontgom ery C o u n ty P assenger R y ., th e
C itizens’ Passenger R y ., th e Collegeville E lectric S tree t R y . a nd th e
N orristow n Passenger R y . T h e co rp o rate existence of th e several com panies
Is to be m a in ta in e d , b u t th e ir bonds w ill be ta k e n u p as ra p id ly as possible.
In J a n . 1902 leased for 950 years th e R oxborough C h e s tn u t H ill & N orris­
tow n R y ., including th a t co m p a n y ’s leases of th e W issahickon Electrio
Passenger R y . an d th e T ra p p e & L im erick E lectric R y .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S — A
trolley ro a d . O perates 57.03 m iles of tra c k , including lines of abovem entioned com panies, a n d also R oxborough C h e s tn u t H ill & N orristow n
G auge, 5 ft. 2 44 in . R ails, 60 a n d 100-lb. T & g ird e r. 91 cars.

116

PUBLIC UTILITIES

ST O C K A N D B O N D S—
Date.
Interest. Outstanding. M aturity.
Stock $.500,000 ($50)_______ „ ______
_________
$500,000 .....................
F irst m ortgage $500,000 gl 1895
5 g F-A
400.000
Aug 1945
($1,000) ___________ c .c p t [I n t. a t W est E n d T r . & S. D . C o ., P h ila ., T r.
O f th e $500,000 first m o rtg ag e d a te d 1895, $100,000 has been re tire d and
d e stro y ed .
T h e securities of th e su b sid iary com panies are as follows, including both
those held by th e public an d by th e p a re n t com pany
ST O C K A N D B O N D S—
M iles.
Interest.
Issued.
M aturity.
C itizen s' Pass Ry sto ck ($50). (H£
$79,400 __________
C onshohocken R y sto ck ($50)- 5M
___________
145.900 __________
1st M g u a r, p rin & i n t i ____
5 g J -J
100,000 Ju ly 1 1924
$250,000 __________ c p tjS u b j. to c a ll a t 105. N orristow n T r. C o ., T r.
M o n tg o m ery C o P ass R y sto ck 1 H
___________
150.000 ________ _
1st m tg e $150,000____ c p t f 1M
6 J-J
15.000 N ov 1 1923
(I n t. a t A lbertson T r . & S D . C o ., T ru ste e .
N orristow n Pass R y stk ($ 5 0 ). 4J4
75,000 __________
Bonds.— T h e C onshohocken R y . bonds ($100,000) and th e M ontgom ery
C o u n ty Passenger R y . issue ($15,000) are he d b y th e S chuylkill V alley
T rac tio n C o .— V 0. p. 281.
(а) R O X B O R O U G H C H E S T N U T H IL L & N O R R IS T O W N R Y .
T h e U n ited Pow er & T ra n sp o rta tio n C o. ow ns 4,959 o u t of th e 4,968
shares o f th e cap ital sto ck . In J a n . 1902 w as leased for 950 years to th e
Schuylkill Valley T rac tio n a t a re n ta l o f $4 50 per sh are, p ay able sem i-ann.
O R G A N IZ A T IO N .— Iu co rp . D ec. 2 1895 in P enna, In 1898 leased th e
W issahickon E lectric, ,3 'A m iles, for 950 years; re n ta l to b? 2% on th e
$145,842 sto ck for th e first tw o years, 3% for th e n ext six years, 4% for
th e n ex t seven y ears a n d 5% for th e re st of th e te rm . Also ow ns the
$250,000 sto ck of th e T rap p e & L im erick E lectric S tree t R y. a n d leases th a t
com pany for 950 years.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R OF B U S IN E S S .— A
trolley ro a d . T o tal tra c k , 20 H miles; gauge, 5 ft. 2 H in. ra ils, 70 to 90-lb.
girder.
C A P IT A L IZ A T IO N .— In Ju n e 1896 filed a m ortgage for $450,000 to th e
R eal E s ta te T itle In su ran ce & T r u s t C o ., P h ilad elp h ia, securing 5% gold
bonds ($1,000) J . & D . (o p t) , d u e J u n e 1 1926. In Ju n e 1926 w e were
officially Inform ed th a t holders o f approx. $50,000 o f th e $371,000 bonds
agreed to extension u n til J u n e 1 1936 a t 6 % . T h e balance was paid off
in cash. V. 122, p . 3342. C a p ita l sto ck a u th ., $450,000; issued, $248,000;
p a r, $50.
T rap p e & L im erick E lec. S t. R y . 5% gold sto ck certfs. due Ju ly 1 1931.
In t. (J. & J .) a t Rea! E s ta te T itle In s. & T ru s t C o., tru ste e . A u th .,
$250,000. and o u tsta n d in g , $249,000. Secured b y deposit o. $249,000
sto ck o f th e T ra p p e & L im erick S tre e t Ry.-—V. 62, p . 1042; V . 106, p . 87;
V. 122, p . 3342.
(б) T R A P P E & L IM E R IC K E L E C T R IC S T R E E T R Y .
O R G A N IZ A T IO N .— In co rp o rated in Pen n sy lv an ia on J u ly 25 1899.
W as leased on D ec. 31 1901 to R oxborough C h e stn u t H ill & N orristow n R y.
for 950 years a t a re n ta l equal to 5% p e r an n u m on c ap ital sto ck , in te re st on
bonds, taxes a n d $100 m ain ten an ce expenses.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
L en g th of line, 13.35 miles.
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M atu rity.
$250,000
See te x t
Stock $250,000 ($50)___________ _______________
F irst m ortgage $250,000 gold) 1901
4 H g J-J .
250.000 J u ly 1 1931
( $ 1 ,0 0 0 ) ___________ c * c p t /I n t. a t R eal E s t. T itle Ins. & T r. C o .,P h ila .
Bonds.— Are g u a r., p . & i., b y R oxborough C h e s tn u t H ill & N orristow n.

[V ol. 123.

PHILADELPHIA RAPID TRANSIT CO.

O R G A N IZ A T IO N .— Incorp. in P a . on M ay 1 1902 to ta k e over u n d e r
lease th e U nion T ractio n C o. for 999 years from Ju ly 1 1902. an d to acquire
a nd hold shares of o th e r corporations. (F or term s of lease, see U nion T ra c ­
tion below .) F or d etails of various franchises and history of c o .’s re la tio n s
w ith c ity , see “ E lectric R ailw ay” Supplem ent of A pr. 26 1924.
In July 1902 acquired all th e stock of tne O oyiestow n & Willow G rove
8 y . Oo. Also owns en tire stock $10,000) of the M otor R eal E s ta te C o .,
w hich ow ns p ro p e rty costing approxim ately $6,179,000
On Ju ly 1 1906 th e P hila. M orton & Sw artbm ore K y. and the M edia M idlletow n A ston & C hester Elec. R y. were consolidated, form ing th e D a rb y
M edia & C h ester R y . T h e new com pany em bracing 25 miles of tra c k , was
thereupon leased to th e P hila. R apid T ra n sit Co. for 999 years, re n ta l being
18,500 for first year, $17,000 for second and th ird years $25,500 for fo u rth
rear. $34,000 for fifth year and $42 500 for sixth year and th ereafter.
In 1926 co. planned to purchase th e Frankford Tacony A Holmesburg Ry.,
see for description “ P ublic U tility C om pendium ” of M ay 1 1926, also of
M ay 2 1925.
Taxicab Service.— In th e early p a rt of 1926 co. o b tained com plete ow ner­
ship and control of Yellow T axicab Co. of Philadelphia for $3,000,000, for
th e purpose of operatin g a tax icab service. V. 122, p. 1449, 482.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. leases and operates su b sta n tia lly the e ntire s tre e t rail -a y sy ste m of th e
C ity of P hiladelphia and vicinity, operating 713 867 miles, of tra c k , in­
cluding approx. 39 m iles of elevated and subw ay tra c k . In ad d itio n , co.
owns th e e ntire cap ital stock of Philadelphia R ural T ra n s it O o., which oper­
a te s m o to r coaches over a system of ro u te s w hich covered as of J u n e 30
1926 over 150 m iles of c ity stre ets. Owns 3,348 cars of all kin d s. In
A ug. 1926 rep o rted to be plan n in g to replace its tra c k service by m ororbus
service in th e dow ntow n stre ets. V. 123, p. 1383. On J u ly 16 1926
i la u g u ra te d a passenger a ir an d air m ail service betw een P h ilad e lp h ia and
W ashington. V. 123, p . 455.
Subw ay has been built in M ark et S t. from 23d S t. to D elaw are A ve.,
alevateo stru c tu re on M ark et S t. west of th e Schuylkill R iver, and on D ela­
ware A ve. from M a rk e t S t. to South St. V. 74 p. 528, 989: V. 76, p. 1301;
V. 81, p . 265. In M arch 1907 began o perating on th a t portion of th e ele»
rated from th e Schuylkill R iver w est to the U pper D arby term inal statio n ,
* distan ce of a b o u t 4 miles. V. 84. p 571. On Aug. 3 1908 the entire
subway from 2d S t. to 23d and M ark et St. was placed In operatio n , tb u s
lom pietlng line through to 69tb S t
V 87. p. 347. On O ct 6 1908 ele­
vated lines on D elaw are A ve to South S t. S tatio n was placed in operation,
som iletln g entire line. V. 87, p. 936.
Broad St. Subway.— “ City-Company P lan." — See V. 116, p . 1050.
Lease.— In M ay 1922 th e ordinance em bodying th e lease betw een th e city
and the co. for the operation of th e F rankford elevated line and B u stleton
surface line by th e co. was approved by the C ity C ouncil and th e P en n a.
P. S. C om m , and was signed by th e M ayor and the co. officials. These
lines are leased beginning Nov 5 1922 for a period of five years.
T h e co.
pays re n ta l of 1% during 1923 on con stru ctio n cost of F ran k fo rd E lev a te d
re n ta l to be Increased 1% annually until a m axim ujm of 5% is reached.
T his c o n tra c t m ay be extended by the city so as to te rm in a te In 1957 w ith
the 1907 city agreem ent. A su m m arv of the principal featu res of th e lease
will be found in V. 114, p. 2241. In Sept. 1926 co. agreed to increase its
re n ta l of th e F ran k fo rd E levated Line. For p a rtic u la rs see V. 123, p. 1635.
Loss 'o Company from Operation of Frankford " L " in 1923.— See de ta iled
sta te m e n t in V. 118, p 2180.
Leases Approved.— In O ct. 1923 th e P . S. C om m , a pproved th e lease a t
th e C h am p lo st S t. C onnecting Ry , Tioga & F rankford St. R y ., P elham A
Frankford S t. R y ., W ayne Ju n ctio n C onnecting R y. a nd F ran k fo rd C on­
(c) L E B A N O N V A L L E Y S T R E E T R A IL W A Y .
necting Rv
V. 117. p. 1664
Lease.— Leased to R eading T ra n s it & L t. C o. for 900 years from A pril 1
Power Contract.— Ju n e 5 1925 entered in to a n 18-year c o n tra c t w ith th e
1910. A n n u al re n ta l of $40,000 and yearly p a y m e n t o f $500 for organiza­ P h ilad e lp h ia H ydro-E lectric Co. for pow er.
tio n , as well as taxes and in te re st on bo n d s.
Blew L in o .— in d e p t. 1911 th e Snyuer Ave. St. R y. was c h arte re d in the
O R G A N IZ A T IO N .— In co rp . on Ju n e 28 1899 as a consolidation of th e Interest of th e P h ila. R ap. T ra n ., w ith $140,000 stock, to o p erate 7.66 mllee
Lebanon & A nnsville S treet R y. a n d th e L ebanon & M y ersto w n S tre e t R y. of line on Snyder A ve. Line was placed In operation Ja n . 1912.
Validity of Rentals Upheld. — In Dec. 1920 the Superior C o u rt of P e n n a .
T h e U n ited Pow er & T ra n sp o rta tio n C o. ow ns all th e 10,000 shares of th e
handed dow n a decision denying th e order of th e P. S. C om m , requiring
c ap ital sto ck .
com panies to
b y th e
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— A th e underlying business m en’sfile answ ers towa v erm e n ts m ade n ta ls of city
the
trolley ro a d . Owns 22.08 m iles of tra c k . G auge 5 ft. 214 in . R ails, a nd tw o local panies. V. I l l associationsV. ith regard to reh e c ity , the
underlying com
p 2521:
112, p. 163. T
50, 75, 90 and 100 lb. g ird er. 23 cars.
P . S. C om m , a nd business associations appealed, a nd on Ju ly 1 1921 the
ST O C K A N D B O N D S— D ate.
Interest. O utstanding. M a tu rity .
P e n n a . Suprem e C o u rt reversed the decision of the Superior C o u rt b u t only
Stock $500,000 (p ar $50)__________
________ _
$500,000
See te x t
on a technicality. T h e Suprem e C o u rt held th a t the case should n o t have
F irst m ortgage 10-30s gold! 1899
5 g J -J
500,000 Ju ly 1 1929 gone to th e Superior C o u rt; b u t m aintained th a t the P . S. C om m , h a d no
($100, $500 & $ l,0 0 0 ) c .c p tf In t. a t R eal E s t. T . In s . & T r . C o ., P h ila .,T r rig h t to a tta c k re n ta l p aym ents
For details see V. 113, p . 183. 293.
Split in Directorate.— See V. 111, p. 389; also V. 114, p. 522, 627, 739, 1181.
NORTHERN PENNSYLVANIA POWER CO.
Fares.— E ffective S ept. 14 1924 was a u th . by th e P a . P. S. C om m , to
A su b sid iary o f General Gas & Electric Corp., w hich owns all o f th e com­ Increase cash fares to from 7c. to 8c., w ith 2 tokens for 15c., pending
final de te rm in a tio n of th e C om m ission. V. 119. p. 1283, 1396. T his
m on sto ck . M an a g e m e n t W . S. Barstow M gt. A s s n ., In c.
te m p o ra ry order was upheld in D ec. 1924 by th e P e n n sy lv an ia S uperior
O R G A N IZ A T IO N .•—C o ., form erly T o w an d a G as & E lectric C o ., Incorp. C o u rt (V. 119, p. 2763), while on Ja n . 12 1926 th e P . 8. C om m ission gave
in P e n n sy lv an ia, acquired th e p ro p erties of N o rth Penn Pow er C o ., Sus­ its final app ro v al to it. V. 122, p. 1449.
q u e h an n a C o u n ty L ight & Pow er C o. a n d Sayre E lectric C o.
Property Valuation.— On A pr. 30 1924 th e P a . Suprem e C o u rt refused to
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— allow th e C ity of P h ila. to appeal ag ain st th e decision of th e S uperior C o u rt
Oo. supplies w ith o u t co m p etitio n electric light and pow er in a n extensive In upholding the finding of th e P a . P . S C om m , in th e P . R . T . C o. v a lu a ­
te rrito ry in n o rth e a ste rn P en n sy lv an ia. C o. also supplies gas in T o w anda tion case. T h e P . S. C om m , in Ju n e 1923 had found th e value of th e c o .’t
P a ., a n d th ro u g h th e W av erly E lectric L ig h t & Pow er C o ., electric lig h t p ro p e rty to be s u b sta n tia lly upw ards of $200,000,000. V. 118, p . 2305.
a n d pow er in W averly, N . Y . T h e to ta l p o p u latio n served is estim ated
E arly in 1925 co. offered to its custom ers $3,000,000 (60,000 shs.) 7%
a t 66.000.
cum . pref. stock. V . 120 p. 331 V. 122 p . 1449.
C o .’s p la n ts h a v e a to ta l in sta lled g en eratin g c ap acity o f 3,470 k .w . I ts
E a rly In 1926 offered $10,000,000 additional 7% pref. sto ck to Its carp ro p e rty is connected th ro u g h h ig h voltage transm ission lines w ith an riders. V. 122, p . 1440.
affiliated co m p an y , B in g h am to n L ig h t, H e a t & P o w er C o ., B ingham ton,
On A ug. 19 1925, a tri-sta te bus line betw een P hiladelphia an d N ew
N . Y ., a n d th e m a jo r p o rtio n of th e current, consum ed is sup plied from th e Y ork was placed in operation by th e People’s R apid T ra n s it Ob. a subsidiary
plant, o f th a t co m p an y . N o rth e rn P en n sy lv an ia P r. O o. h a s 126 m iles of th e Philadelphia R apid T ra n s it Co. V. 121, p. 1103.
o f tra n sm issio n a n d 217 m iles of d istrib u tio n lines.
F o r contem p lated issue of a d ditional P referred stock to finance extension
of th e lines of th e com pany in th e Sesqui-C entennial a re a, &c. See V . 121.
S T O C K A N D B O N D S—
Date.
Interest. Outstanding. M aturity.
p . 1349.
C om m on 100.000 shs (no p a r ) _ ____
________
30.028 s h s __________
$7 cum p re f 50,000 shs (no p a r ) ____
$7 Q -J
4,561 shs O ct'26,$1.75
Co-opirative B enefits.— As of Ju n e 30 1926 th e co -operative w age fu n d
$6 cum p re f 50,000 shs (no p a r ) ____
$6 Q -J
1,116 shs O c t’26 ,$ l .50 ow ned 221,475 com m on shares. See for o th e r d a ta V. 122, p . 214.
6% cum p re f $125,000 ($50)_______
6% J -J
$92,900 J u l y ’2 6 .3 %
Increase Capital Stock.—On J a n . 20 1926 stockholders increased th e
1st & r e t m tg e ser A ($1 000, f 1926
5 g J-D
1,950,000 J u n e 1 1956 authorized 7% preferred st.fro m $3 000.000 to $18,000 0O0 p a r $50. V.
$500, $100, c*. a n d $1.000{ G u a ra n ty T r u s t C o. o f N ew 'Y ork, tru s te e .
121. p . 2638, 2753; V. 122, p . 34.8, 482. U p to M ay 1926 $13,000,000 had
& m u ltip les r * )_________ tf f
been subscribed for b y P . R . T . c ar riders. T h e $5,000,000 a d d itio n a l
Sayre F lee Oo 1st M 4 0 -vr p ( 1907
5 A-O
550.000 A pril 1 1947 pref. stock a u thorized was offered for sale to c ar riders a t p a r. V . 122,
5s $750,000 ($ 1 ,000-$500)tf \ M in ers B an k of W ilkes-B arre, T ru ste e .
p . 2801; V. 123, p. 711, 1878, 1997. On S ept. 22 1926 stockholders in­
B O N D S .— T h e 1st A ref. mtge. gold bonds a re secured b y a d ire c t 1st creased th e a u th o riz e d pref. stock from $18,000,000 to $23,000,000, p a r $50.
m tge. lien on th e p ro p erties fo rm erly ow ned by N o rth P enn Pow er O o., V. 123, p. 582, 1635.
Rights.— Stockholders of record J a n . 29 1926 w ere given th e rig h t u p to
Su sq u eh an n a C o u n ty L ig h t & Pow'er Oo. a n d T o w an d a G as & E lectric G o.,
a n d b y a d ire c t m o rtg ag e lien on th e p ro p e rty form erly ow ned b y Sayre a nd incl. F eb . 15 to subscribe a t p a r for new pref. stock in th e ra tio of one
E lectric C o ., s u b jec t to th is la tte r c o .’s 1st m tg e. 5% bonds d u e 1947. new share for each 2 shares of com m on held. V. 122, p . 482.
D ifferences w ith Drexel Interests Settled.— See for p a rtic u la rs of s ta te m e n t
T h e re is a sinking and improvement fu n d to which is to be paid on J u n e 1
1928 a n d o i each Ju n e 1 th e re a fte r so long as a n y Series A bonds a re o u t­ Issued J a n . 27 1926, V. 122, p . 612.
stan d in g , 1% of prin cip al a m o u n t o f Series A bonds o u tsta n d in g . M oneys
S T O C K A N D B O N D S—
Date. Interest. O utstanding. M a tu rity .
to be used in F ie p urchase or re d e m p tio n of Series A bonds a t or below re ­
_ ____
J-J
$29,996,235
See te x t
dem p tio n price, or for ad d itio n s, im p ro v em en ts, &c. All bonds so p u r­ C om m on $30,000,000 ($50)_ _____
P re f 7% cum $23,000,000 ($50) ___
7%
8,728.500 __________
chased or redeem ed a re to be cancelled. Series A a re red . all or p a rt on 30 C oll tr u s t m tg e $5,000,000(
1908
5 g F -A
4.152,000 F e b . 1 1957
d a y s ’ notice on or before Ju n e 1 1941 a t 105 & in t.; on or before Ju n e 1 1965
($1,000) gold_______ c * c p tl In t. a t Penn .C o.for In s .on Lives & G ran tin g
a t 102)4 an d In t., an d th e re a fte r a t 100 a n d in t. P en n . 4-m ills a nd certa in
A nnuities. P
.
tax es in M a s s ., C o n n .. M ary lan d a n d M ain e refundable. In te re s t pay ab le Sink fu n d m tg e $10,000,000/ 1912 5 6 g M hiladelphia, T ru ste ea r. 1 1962
-8
9,509,000 M
in N ew Y o rk and P h ilad elp h ia. In J u ly 1926 P a rsly B ros. & C o ., Lewis
g ($1,000) g u a r p & i_ c * c p t\ B ank of N o rth A mer.& T r .C o .,P h ila .,tr u s .
& C o. a n d R. M . S n y d er & C o. offered a t $1,950,000 series A a t 97 an d in t., M a rk e t S t E l 1st m tg e $10,- 1905
4 g M -N
10.000,000 M ay 1 1955
to yield a b o u t 5 2 0 % . V. 123. p . 207.
000,000 gu ($1,000) c * p t
ru s.
T h e Sayre Electric Co. ls( mtge. 5% 40-yr. s. / . gold bonds due A p r il 1 1947 D a rb y M ediag & C hes 1st c M In t. a t L and T itle & T r u s t C o ., P h ila.,1 T1936
1906
414 g J -J
$991,000 Ju ly
a re c all, w hole or p a r t a t 105 on 3 w eeks’ notice. Sinking fu n d of 1% of
$.1,500,000 ($1,000) c c p t
t C o ..
bon d s o u tsta n d in g , or a m inim um o f $5,000, exem pt from P e n n a . 4-m ill ta x . C ar tr u s t certificates g Series In t. a t L and T itle & T r u sZ7.000 P h ila ., T ru s.
1919
F-A
1929
E A R N IN G S .—C onsolidated earn in g s o f com bined p ro p erties for 12
“D”
t . f . F idelity T r u s t C o ., Phila.', T ru ste e .
m os. en d ed A u g . 31:
C ar tru s t certificates Series 1919
116,000
1929
1926.
1925.
idelity T ru s t C o. P h ila ., T ru ste e .
O p eratin g re v e n u e ______________________________
$737,908
$673,875 C ar tru s t efts. Ser. “ F ” $3,- F 1922
6 F-A
1,950,000
1923-32.
O p er. e x p ., tax es a n d re n ta ls, excl. o f d ep rec________447,603
416,961
000,000 ($500 & $1,000) -C* In t. a t Fidelity T r u s t C o., P h ila., T ru ste e .
O p eratin g incom e____________ _________________
$290,305
$256,914 E q u ip , tr . c tfs. Ser “ G " $4,- 1923
5!4 F-A
3.562,500 See te x t
O th e r in co m e__________________________________
9 ,3 0 7 _______ 6,372
750,000 ($.500 & $ l,0 0 0 ).c * D ivs a t C om m ercial T r C o .. P h ila ., T ru ste e
51-2 g J-D
2,430,000 See te x t
T o ta lin c o m e __________________________________
$299,612
$263,286 E q u ip tr ctfs Ser “ H ” $2,- 1924
7,000,000 ($1,000)-----c * tf D ivs. a t P e n n a . C o. for In s . on Lives &
A n n u al bond in te re s t____________________________
125,025
G ra n t. A n n ., P h ilad elp h ia, T ru ste e .
O th e r in te re s t and am o rtizatio n _________________
14,073
E q u ip t r ctfs ser J $1,700,000 1926
5 F-A
1.700.000 1927-36
A n n u al d iv id en d req u irem en ts cum . p re f. s t o c k . - . ______47,410
($1,000 c* t f ) ____________ F id e lity T ru s t C o ., P h ilad e lp h ia , tru s te e .
B alan c e ______________________________________
$113,104
R eal e sta te m o rtg ag e _______ ___
_________
150,000
_____
O F F IC E R S .— P re s ., W . S. Barstow-; V .-P ., W illiam B u ch sbaum , L . IT. R eal e st. 1st m tge. $3,500,000/ 1924 6 J - J
3,500,000 J a n . 1 1944
T y n g , J . G . M e n u t; V .-P . .& G en. M g r., W . B . G oudey; T re a s .. J . P.
($500 & $1,000)_____ c * tf( Tnt. a t P e n n a .C o .fo r In s.o n Lives & G ra n t­
ing A nnuities, P h iladelphia, T ru ste e .
C am pbell; Sec., O . N . W ilson.— V. 123. p. 83. 207. 325, 1763
1




POWER, LIGHT AND RAILWAY

Oct., 1926.]

F u n d e d d e b t o f u n d erly in g com panies Ju n e 30 1926 $58,679,747.
Stock.— C om . w as listed on th e P h ila. Stock E x ch an g e in Ju ly 1902 a nd
F e b . 1095 on N . Y . Stock Exchange. See also V. 110, p . 872. P ref. is
call, a t $55 p er sh are. V . 120. p . 1090: Y . 122, p . 1170.
Bonds.— C ollateral tru s t bonds a re secured b y d ep o sit w ith tru s te e of
securities ow ned by P h ila. R ap id T ra n sit and also securities of Union T rac .
C o. a n d P h ila. T rac . C o.; e n tire issue su b ject to call a t 105 on 6 w eeks’ pub­
lished n otice on an d a fte r F eb . 1 1912. A sinking fu n d , w hich will re ­
tire all bonds by F eb . 1 1957, began to o p erate F eb . 1 1912. T h e M ark et
S tree t E lev ated R y. bonds cover th e subw ay and th e elevated road on
M a rk e t S t. See V . 80, p . 652. T hey a re g u a ra n te ed , principal and
tn te re st, by en d o rsem en t by th e P h ila. R ap id T ra n s it C o. A re subject
to call on any in t. d a te a t 10214 a n d in t. V . 84, p. 749; V . 86, p . 547.
T h e D a rb y M ed ia & C h ester S tree t R y. bonds are g u a r., p . & i., b y endorsem ’t b y P h ila. R ap. T r. C o. C an be called a t 10216 & in t.
B o th th e co llateral tru s t bonds an d M a rk e t S treet E lev ated bonds were
listed on th e P h ilad elp h ia Stock Exchange in A pril 1909. V . 88, p . 945.
T h e sinking fu n d m ortgage bonds of 1912 are callable on a ny M arch 1
as a whole o r for sinking fu n d a t 105 a n d in te re st. C u m u la tiv e sinking
fu n d o f $35,000 p er an n u m began J a n . 15 1917. Of th e $10,000,000
au th o rized , $9,509,000 w ere o u tsta n d in g as of J u n e 30 1926, of which
$8,933,000 a re 6s an d $576,000 5s (th e issue w as originally 5s). $491,000
5% a n d 6% bonds h av e been re tired by sinking fu n d . T hese bonds, as to
prin cip al, sinking fu n d p a y m e n ts an d in terest a t 6 % , a re th e d ire c t obliga­
tio n of P h ilad elp h ia R apid T ra n s it Co. T h e principal, sinking fu n d p ay­
m en ts and 5% in te re st are fu rth e r secured by: (a) D irect m ortgage lien on
all p ro p e rty of M a rk e t S tre e t E lev ated P assen g er R y .; (b) pledge of th e
en tire o u tsta n d in g c ap ita l sto ck an d lease for 997 years from 1903 of M a rk e t
S tre e t E lev a te d P assenger R y .; (c) g u a ra n te e by en d o rsem ent of U nion
T rac tio n C o. of P h ilad e lp h ia . In M arch 1925 D illon, R ead & Co. sold
$8,975,000 a t 99 a n d in te re s t, to yield 6.06.% V. 120, p . 1460. C om pare
V. 94, p . 827, 699.
T h e real esta te 1st m tge. 6s are secured b y first m ortgage on three car
term inals a n d on certain o th e r p roperties in th e c ity o f P h iladelphia, used
or held b y th e P h ilad elp h ia R ap id T ra n s it C o . for th e o p eration of it stre e t
railw ay system (see Y . 118, p . 203. for details) an d are g u a r. p rin . & in t. by
th e P h ila. R . T C o. A sinking fund sufficient to re tire $103,000 bonds
per an n u m is provided for, p ayable on J a n . 1 of each year, beginning
J a n . 1 1927. to be applied to th e purchase of-bonds in th e open m a rk e t,
a t or below th e c u rre n t redem ption price, or if no t so o b tainable, to call
by lo t a t th a t price. Are red. all or in p a rt on an y in t. d a te on 30 d a y s’
notice, beginning J a n . 1 1927 until J a n .'l 1937 incl. a t 105 & in t. th ereafter
on a n y in t. d a te a t 102)4 and in t. Penna. 4 mills ta x assum ed by com pany.
Ser. “ D ” m a tu re $8,000 Feb. 28 in 1920 and 1921 a n d $9,000 each Feb.
28, th e re a fte r to 1929. R ed. a t 102 43 and in t.
S er. “ E ” m a tu re $28,000 O ct. 14 1920 and 1921 and $29,000 each O ct.
14 th e re a fte r to 1929. R ed. a t 10243 and in t.
S er. “ F ” m a tu re in equal sem i-ann. in stallm en ts, F e b . 15 1923 to A ug.
15 1932, incl. V. 115, p. 760.
E q u ip , tr u s t ctfs. Ser. " G " m a tu re in equal sem i-ann. in stallm en ts F eb . 1
1924 to A ug. 1 1933, in cl., an d a re n o n-call, p rio r to m a tu rity . V. 116,
p. 411.
E q u ip , tr u s t ctfs. Ser. “ H " m a tu re in equal an n u al in stallm en ts D ec. 15
1925 to D ec. 15 1934, incl. $2,700,000 w ere offered in D ec. 1924 by D illon,
R ead & C o. a t th e following prices: 1925 m a tu rity , 100.75 to yield 4.75% ;
1926 m a tu rity , 100.50, to yield 5.25% ; 1927 to 1934 m a tu ritie s, 100, to
yield 5.5 0 % . V. 119, p. 2879.
E q u ip , tru s t ctfs. ser. J m a tu re in equal a n n u al in sta llm e n ts F eb . 15 1927
to F eb . 15 1936, incl. In F eb . 1926 D illon, R ead & C o. offered $1,700,000
ser. ” J ” a t prices to yield a b o u t 4.75% to 5 .3 5 % , according to m a tu rity .
Y. 122. p . 1027.
D ividends.— On com ., an initial d iv . of $1 p er sh. was paid in O ct. 1916.
In 1917, $2 50 per sh. In 1918, $2 50 per sh. In 1919, $2 50 per sh.
In 1920, J a n .. $1 25 per share. Ju ly 1920 d iv . deferred. V. I l l , p. 389.
494. N one to July 1922, when $1 50 per share was p aid , viz : Q uar. div.
N o. 1 for period Ja n .-M a r. 1922. 75c.; N o. 2, for A pril-June, 75c. V. 114,
p. 2825. Q uar. d iv. N o. 3 was paid in O ct. 1922. In 1923 J a n ., 75c.;
A pril, 75c.; Ju ly , 75c.: O ct.; 75c. In 1924, J a n . 75c.; A pril, 75c.; J u ly ,
75c.; O ct., 75c. In 1925. Tan. 75c.: A pril, $1; J u ly , $1; O c t., $1. In
1926, J a n ., $1; A pril, $1; J u ly , $1; O ct., $1.
On th e pref. stock an initial sem i-annual d iv . o f 3 H % ($1 75) w as p a id
an N o v . 2 1925 a n d reg u larly since incl. M a y 1926. V . 121, p . 1570.
E A R N IN G S .— F o r calen d ar years:
1925
1924
1923.
1922
Passenger earn in g s____ $48,827,951 $45,002,700 $44,249,361 $41,758,763
O th er re c eip ts_________
715.818
652.317
681,130
770.780
T o ta l_______________ $49,543,770 $45,655,017 $44,930,491 $42,529,543
Expenses__
M ain ten a n c e ____________ $8,560,400 $8,560,400 $8,560,400 $8,560,400
O per. of pow er p la n ts —. 3.738.715
3.772.643
4.416.307
3,475.307
O peration o f c a rs ______ 15.898.894
14.13.232 14,003.087 13.383,431
G e n eral_______________
5.415.593
4,593,019
4,060,159
3,548.379
T ax es_________________
3,030.825
2,760,903
2,695.708
2,586,001
T o ta l expenses_______ $36,644,427 $34,000,199 $33,735,661 $31,553,518
O p eratin g incom e______$12,899,343 $11,654,817 $11,194,830 $10,976,026
N on -o p eratin g in c o m e ,817,798
560,470
621,540
706,429
N e t earn in g s___$13,717,141
$12,215,288 $11,816,369 $11,682,455
I n te r e s t- ______ _________$1,399,370
$1,371,252 $1,161,637 $1,020,090
R e n ta ls __________
9,131.044
8,853.671
8,674.732 8,683.087
Sinking fu n d c ity c o n tr’t
180,000
180,000
180,000
150,000
Loss from o p .o f buses,& c
233.211
______
______
______
Preferred divs. (7 % )
60.813
______
______
______
D ividends(com m on) _ (8 % )2 ,399.697 (*)1,799,575 (6)1,799.148 (6)1,799.148
B alance, su rp lu s_____

$313,006

*7% p ref and 8 % com m on d iv id en d s.

$10,789

$852

$ 3 0 ,1 3 0

Latest E a rn in g s.— F o r 9 m os. end S ep t. 30:
1926.
1925.
Passengers c a rrie d _______________________________716,104.022 631,266,613
O p eratin g rev e n u e _______________________________$39,569,605 $37,115,907
O peration and ta x e s_____________________________ 29,316.713 27,574.635
N o n -o p eratin g incom e______________________
579,824
228,565
G ross incom e_________________________________ $10,832,716 $9,769,8Q6
Fixed charges, d iv s. an d m an ag em en t fee________ 10,191,7431
P a y m e n ts to c ity , sinking fu n d & F ran k fo rd E le v .
603,120/ 9,849,989
N e t incom e___________________________________
$37,853 def$80,153
O F F IC E R S .— C h airm an o f th e B oard, T . E . M itte n : V ice-C hairm an &
C ounsel, C . J . Joyce: P res., W . K . M yers: V .-P s., Leon Jew ell and R. F .
Tyson: Sec., F . R . Ellis; T rea s.. G . W . D avis: A u d .. C. J . K elley. Offices,
Philadelphia, P a .— V. 121. p. 460, 587 1103, 1349, 1570, 2039, 2638. 2753,
2876; V. 122, p. 214, 348, 482, 612, 1027, 1170, 1449, 1611, 1918, 2330,
2801, 3341; V. 123, p . 455. 582, 711, 1383, 1635, 1878, 1997, 2140.
(1)

D O Y L E S T O W N & W IL L O W G R O V E R Y . C O .

O R G A N IZ A T IO N .— In Ju ly 1902 was acquired by th e P h ilad elp h ia
R apid T ran sit th ro u g h purchase of th e en tire cap ital stock ($500,000) for
$20,000. T h e R apid T ra n s it C o. g u aran tees in te re st on th e bonds. See
V. 79. p . 1331.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A trolley ro a d . T rack ag e, 13.589 miles, from D oylestow h to Willow G rove,
run n in g over th e old tu rn p ik e betw een those places, w hich is leased for 999
years.
S T O C K A N D B O N D S— D ate. Interest. Outstanding. M aturity.
Stock $500,000 ($50)_____________
________
$500,000 .....................
F irst m tge $500,000 ($1,000)/ 1900
4 g J -D
500.000 Ju n e 1 1930
gold g u a ra n te e d ____ c * c p t/L a n d T itle & T ru s t C o .. P h ila., T ru ste e .
E A R N IN G S .— Included In Phila. R apid T ran sit C o.— V. 79. p . 1331.
(2)

22D S T R E E T & A L L E G H E N Y A V E . P A S SE N G E R R Y .

O R G A N IZ A T IO N .— C h artered 1890. On Dec. 9 1903 the following
cos. were merged with th e 22d S t. & A llegheny Pass. R y. C o., Fisher’s
L ane R y. C o.. Lindley Ave. R y. C o .. C helten Ave. Pass. R y. C o., G erm an­
tow n & F airm o u n t Park R y. Co. and the Phila. & T ren to n R apid T ra n sit
S t. R y. C o. Is leased to th e P h ila. R apid T ra n s it Co. for 6% per an n u m
on p aid-in-capital.
S T O C K .— A u th . a m o u n t. $1,302,000 ($50): 22.456 shares o u tsta n d in g
* 2 6 ] paid In “ A m ount d u e o th e r com p an ies" D e c . 31 1925, $880,802.
R O A D .— T rack age 6 7 .4 4 m iles.




117

)3) D A R BY & Y EAD O N ST R E E T R Y ,
O R G A N IZ A T IO N .— E n tire sto ck ($5,000) Is controlled by th e P h ila ­
delphia R ap id T ra n s it C o.
F IE L D O F O P E R A T IO N S .— F rom th e P hiladelphia C o u n ty line te
D a rb y , 2.486 m iles.
S T O C K A N D B O N D S—
Date. Interest. Outstanding. M aturity.
F irst m ortgage $200,000 go ld / 1904
4 ^ g J-D $200,000 D ec. 1 1934
g u a r ($1.000)______ c * - c p t \ I n t . a t L and T itle & T r. C o., P h ila., T ru stee.
Bonds.— Are g u a ra n te ed , p rin . & in t., b y endorsem ent by th e P hila R ap.
T ra n s it C o. Are su b jec t to call on a n y in te re s t d a te a t 105 and in te re st.
(4) C H E ST ER & PH IL A D EL PH IA R Y . (C h ester S h o rt L in e).
Is operated by P hila. R . T . u n d e r 30-year agreem ent d a te d F eb. 14 1911.
O R G A N IZ A T IO N .— In co rp . in P enn, on Ju n e 29 1910 as successor to
the P h ila. & C hester R y ., sold a t foreclosure (V. 92 p. 1243) In considera­
tion of an agreem ent to o p erate th e line th e P hila. R apid T ra n s it received
51% of C hester & P hila. sto ck . T h e C hester & Phila. receives 35% and
R apid T ra n s it 65% of gross earnings, for which th e R apid T ra n s it assum es
all costs of operation. T h e 35% to be applied to in t. on bonds a nd divs.
on sto ck . Franchises are u n lim ited as to tim e.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
16.785 m iles of tra c k , incl. m ain line from C hester to P hila. a nd branches
from E ssington to M oore S tation a nd E ssington to P hiladelphia.
ST O C K A N D B O N D S— Date. Interest. O utstanding. M aturity.
Stock $485,000 ($50)_____________
- ............ $485,000 ................ ..
1st M $600,000 gold ($100.-/ 1910
5 g J-J
600 000 J u ly 1 1940
$500 and $1,000)____c * - t f ] I n t . a t Real E s t.T it.In s .A T r .C o .,P h ila ..T r.
Bonds.— R ed. on any in t. d a te a t 105 an d in t. on four w eeks’ notice.
F ree from P e n n . S ta te ta x .
Sinking F und.— U nder th e o perating agreem ent w ith th e P . R . T . Co.
one-half of th e surplus earnings of th e com pany in excess of th e in t. on th e
bonds a n d a div . of 4% on capital stock, to be used e ither for th e purchase
of th ese b ands or for new constru ctio n . V . 104, p . 763. L iste d on P hil­
adelphia Stock E xchange.
E A R N IN G S .— F o r c alen d a r years:
urns*
titruai Other
Total
Interest. Balance.
Earnings.
(35% )
Reds. Receipts Taxes etc Surplus.
155.385 $10,540 $165,925 $52,674 $113,251
1 923...................$444,367
1922.................... 342.654
119,859
8,349 128.208
51.397
76,810
1921____
- 434.038
151,913
6.965 158.879
54.519 104.360
V 92 p 1310- V 104. p 63
Latest E arnings.—-For 1925 a n d 1924 w ere s ta te d as follows: C alendar
year, 1925, re n ta l (35% ) $105,868; to ta l receipts, $118 990; In t., tax es &c.,
$46,321. F o r calendar y ear 1924, re n ta l (35% ). $110,137; to ta l receipts,
$122,248; in t., taxes &c., $47,511.
N ew Com panies.— Since 1920 th e following com panies have been incarp.
Date o f
-----C apital Slock---N am e—
Incorp'n.
A itth'd.
Paid In .
G erm antow n Loop R y . C o ____________ M a r. 31 1920 *$82 000 $32,000
Sansom S t. C onnecting R y. C o ________N ov. 18 1920
10.000
10,000
10.090
10,000
C ham plost St. C onnecting R y. C o ____ J a n . 10 1923
Frankford St. C onnecting R y . C o ____ M ay 25 1023
20,000
20.000
99 900
99.000
Pelham & F rankford St. R y . C o ______ M ay 25 1923
Tioga & F rankford S t. R y . C o ________M ay 25 1923
75,000
75.000
W ayne Junctio n C onnecting R y. C o__M ay 25 1923
30.000
30,000
All of the above com panies are leased to th e P hiladelphia R ap id T ran sit
Co. for 999 years.
* B y a u th o rity of th e stockholders a t a m eeting held Sept. 22 1921, th e
capital stock of th e G erm antow n Loop R y . C o. was reduced from $32,000
to $23,000 (from 640 shares to 460 shares, p a r $50).

UNION TRACTION.
Lease.-—T h e U nion T ractio n Co. has been leased for 099 years from Ju ly 1
1902 to th e Philadelphia R ap id T ra n s it C o. Lease re n ta l (payable in
gold) is $900,000 per a n n u m (equal to 3% on th e face value of th e $30,000,000 stock) for th e first tw o years, $1,200,000 per annum (equal to 4% on
stock) for the next tw o years, $1,500,000 per annum (equal to 5% on stock)
for th e n ext tw o years and $1,800,000 per annum (equal to 6% on stock)
tn e re a fte r. T h e stockholders of th e U nion T raction Co. were given the
rig h t to purchase 150.000 shares of th e new R apid T ra n s it Co. stock. V.
74, p . 989. Included a t th e tim e all th e leading s tre e t passenger railw ay
lines w ithin th e c ity of P hiladelphia.
O R G A N IZ A T IO N .— C h arte re d Sept. 6 1895, a nd acquired on or a b o u t
O ct. 1 1895 all th e shares of th e E lectric T rac tio n and People’s T ractio n com­
panies. in place of which w ere issued collateral tru s t certificates secured by
th e shares placed in tru s t. In 1896 leased these properties for 998 years and
3 m onths from Ju ly 1 1896. On O ct. 1 1895 leased for 999 years th e Phila­
delphia T ractio n a t 8% on its capital stock. V. 61, p 663. Leases (from
J a n . 1 1898) H estonville M a n tu a & F a irm o u n t Passenger R .R . for 999 years
a t 6% on pref. and 4% on com . sto ck . See Y. 66, p. 236. T h e Lehigh Ave.
R y. Co. ($1,000,000 stock) w as leased for 995 years from Ju ly 1 1899.
See term s of consolidation. & c ., in sta te m e n ts for th e c o n stitu en t com panies
a nd V. 61. p. 152, 197, 283, 663. F o r change in term s ef lease gee V. 89,
p . 594. T h e P hiladelphia R apid T ra n s it now operates the road.
Also owns entire stock of th e P hiladelphia & Willow G rove S t. R y . C o.
U nion T ractio n shareholders in O ct. 1908 gave th e ir assent to th e use of
certain securities owned b y th e U nion T rac . Co. to be pledged as collateral
for the $5,000,000 loan of th e P hila. R apid T ra n sit Co V. 87. p. 1110.
T h e shareholders voted Ju n e 20 1910 (form ally ratified Sept. 21 1916;
V. 91, p. 337) to purchase th e eq u ip m en t of th e P hila. R apid T ra n sit, and
lease sam e to th a t com pany on te rm s as s ta te d under Phila. R apid T ran sit,
and m ake th e e q uipm ent th e basis of an issue of $ 1 ,500.000 car tru sts. On
Feb. 26 1913 th e y voted to purchase additional equipm ent and lease it to
th e P hiladelphia R apid T ra n s it C o. a nd to issue $4,200,000 oar ta-ust certifs.
(Series B) as a re su lt of the tra n sac tio n . In M ay 1913 a fu rth e r issue o f
$1,944,000 car tru s ts (Series C) was p u t ou t. See u nder P h ila. R apid
T ra n s it and V. 96. p. 555, and V. 97, p. 803.
On Feb. 28 1911 shareholders voted to gu aran tee new P hila. R apid T ra n sit
$10,000,000 m tge. See V. 9 1 , p . 1575; V. 92, p. 324 . 463 , 596. Stock*
holders in Feb. 1925 to increase in te re st ra te on these bonds from 6 % to 6 %.
C om pare V. 120, p. 455.
Incom e Tax D ecision.— See u n d e r P h ila. R apid T ra n s it Oo above.
ST O C K A N D B O N D S—
Date. Interest. Out*'uniting
M aturity.
Stock $30,000,000 (par $ 5 0 ) . / ____
J-J
1600.000 s b s .( J u ly ’26. 8%
t $17.50 pd.in I
T ru st Co certificates, gold, 1895
4 g A-O $29,730,114 R ed. after
g u a r., p. & i. by U nion
O ct 1 1946
T ru s t C o____________ c p t In t. a t P a . Oo. for Ins. oa Lives Sc G ra n tin g
A nnuities, T rustee.
C ollateral tru s t first m o rtg ag e / 1902
4 g J -J
1,056,000 J u ly 1 1952
$1,500,000 gold _______ c p t (L and T itle & T ru st C o., P hiladelphia, T ru s.
Trust Certificates.— T h e tru s t certificates are not th e dire c t obligations
of th e U nion T rac tio n C o ., b u t were Issued by the Pa Co. for Ins on Lives
& G ran tin g A nnuities, to p ay for th e shares of the Electric and People's T rac­
tion com panies purchased and are secured by a deposit w ith th e T r u s t Co.
of all the shares of the stock of the Electric T raction Co. and th e People's
T raction Co. th u s acquired. See description of certificates In V. 64. p . 135.
T hey are g u a r., p rin. and in t.. by the Union T ractio n C o., a n d are redeem*
able a t th e option of th a t com pany on and a fte r O ct. 1 1945.
Collateral Trust Bonds.— T h e collateral tru s t bonds w ere issued to fund
th e floating d e b t and are secured by th e deposit of th e 35.000 shares of the
common stock of th e H estonville M a n tu a & F a irm o u n t Pass. HR Subject
to call a t 105 and accrued in t.: $ 144,000 has been retired by sinking fu n d .
O F F IC E R S .— P res., Jerem iah J . Sullivan; V .-P ., A. B alfour B rehm an;
Sec. & T re a s., T . M . C le a ry .— V. 1 2 t, p . 3132: V. 122. p. 3343.
L IN E S C O N T R O L L E D B Y U N IO N T R A C T IO N C O .
(1)

C A T H E R IN E & B A I N B R I D G E S T R E E T S R Y .

O R G A N IZ A T IO N .— Incorporated M ay 14 1889. and leased to th e P h ila ­
delphia T ractio n Co. M a r. 1 1890 for 99 years, aud included m lease of th a t
com pany to the Union T rac tio n Co. O ct. 1 1895: In Sept 1895 term of leas#
was increased from 99 to 999 years a n d stock from $150,000 to $400,000
(all owned by P h ila. T ra c . C o .); re n ta l Is $24,000 y early, besides interest
and taxes.
F I E L D O F O P E R A T I O N S .— A tro lley ro a d . A g g reg a tes 5 .3 8 9 m iles
o f track .
T h e $ 1 5 0 ,0 0 0 1 st M . 5 s d u e A pril 1 1920 w ere ex ten d ed for 10 y e a n
a t 6 %.

118

PUBLIC UTILITIES

ST O C K A N D B O N D S —
Date. Interest. Outstanding. M aturity.
Stock (par $50)----------------------------6% M -S
$400,000 See te x t
1st M $150,000 ($1,000) c . c p t 1890
6% A-O
150,000 A pril 1 1930
D ue lessee D ec. 31 1925___________
________
234,698 __________
Bonds are n o t su b jec t to call. In te re s t a t P e n n . Co. for In surances on
Lives. &c., tru s te e .
D ividends.— D iv id en d s of 6% are p aid.
(2) C IT I Z E N S ’ P A S S E N G E R R A IL W A Y .
O R G A N IZ A T IO N .— Inco rp . M a r. 25 1858. Leased to F ran k fo rd &
S ou th w ark P h ila. C ity P ass. R R . C o. A pril 1 1892 for 999 years; rental
now $140,000 p er a n n u m , equal to 28% on sto ck , or $14 per$50share.
T h is lease w as assum ed b y th e E lectric T rac tio n Co. on Aug. 17 1893,
effective from J u ly 1 1893. O p erated by P h ila. R ap id T ra n s it Co.
Incom e Tax D ecision.— See u n d e r P h ila. R ap id T ra n sit C o. above and
V. 108, p . 784.
Stock a u th o rized , $500,000; p a r ($50); p a id in, $192,500— $20 on 8,500
shares an d $15 on 1,500 shares. 11.113 miles of tra c k .— V. 108, p . 784.
(3) C O N T IN E N T A L P A S S E N G E R R A IL W A Y .— A trolley ro ad .
O R G A N IZ A T IO N .— In co rp o rated Sept. 3 1873. Leased J a n . 1 1886
to U nion Passenger R ailw ay C o. for 99 years a t ren tal of $6 per share
p e r a n n u m , in te re st, taxes a n d o p eratin g expenses: lease assigned to P h ila­
delp h ia T rac tio n Co. Ju n e 30 1884. O perated by Phila. R ap id T ra n sit Co.
Stocks ow ned, p er balance sh eet D ec. 31 1925. $600,000.
Incom e Tax D ecision.— See u n d e r P h ilad elp h ia R ap id T ra n s it C o. above
a nd V. 108, p . 784.
ST O C K A N D BOND/?—
Date. Interest. Outstanding. M aturity.
$6 J - J (20,000 s h s.,(
Stock (par $50)________ _____ _____
($29 paid in .\ See te x t
F irst m ortgage ($500 a n d l 1879
4 g J -J
$280,000 J u ly 1 1959
$1,000) g o ld_________ c& rj L an d T itle & T ru st C o., P h ila ., tru ste e .
D u e lessee for ad d itio n s D ec. 31 1925, $672,260.
A sem i-annual div id en d of $3 w as paid Ju n e 30 1925, less 38c. per share,
to cover incom e ta x for th e first h a lf of 1924. V. 120, p . 2941. In D ec.
1925 a sem i-annual dividend of $3 w as p aid, less 37c. for second h a lf of 1924.
ta x . V. 121, p . 2637. In Ju n e 1926 $3 less 38c. ta x . Y. 122, p. 3080.
B onds were originally 6 % , b u t in 1909 w ere extended for 50 years a t 4% .
I n t. p ay ab le a t office of co m pany. N o t su b jec t to call. B onds w ere listed
in 1909 on P h ila. Stock E xch. V. 88, p . 822. T rackage, 16,828 m iles.—
Y. 120, p . 2941; V. 121, p . 2637; V. 122, p. 3080.
(4) E L E C T R IC T R A C T IO N .
O R G A N IZ A T IO N .— In co rp . M a y 8 1893 a n d acquired control of th e
C itizens' Pass. R y ., th e F ran k fo rd & S outhw ard P h ila. C ity P ass. R .R .
a nd th e Second & T h ird S treets Passenger R y . On Ju ly 1 1896 leased for
999 years th e C itizen s’ C learfield & C am b ria St. R y ., th e C itizen s’ E a s t E nd
S t. R y ., th e B row n Sc P a rrish S t., R y . a n d th e C itizens’ N o rth E n d S t. R y .
I n i 895 th e U nion T rac tio n C o. acquired all th e stock a t th e ra te c.f
$85 p er share for each share, on w hich $50 had been p aid , an d $70 per
share for each sh are on which $30 h ad been p aid , th e Pen n sy lv ania Co. for
Insu ran ces on Lives & G ran tin g A nnuities issuing therefor its g u aranteed
tru s t certificates. On Ju ly 1 1896 th e U nion T ractio n Co. leased the
p ro p e rty for 998 y ears a n d 3 m o n th s. See V. 61, p . 197, an d also ‘‘U nion
T ra c tio n ’’ above.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
M ileage, 130.916. R ail, 90 lbs.
C A P IT A L IZ A T IO N .— Stock a u th o rized , 175,000 shares o f $50 each;
Issued, 152,396 shares of $50 p aid an d 22,604 shares of $30 p a id , m ak in g
to ta l $8,297.920.— V. 63. p . 557.
(5) E M P IR E P A S S E N G E R R Y .
O R G A N IZ A T IO N .— In c o rp o rate d F eb . 10 1869. Leased D ec. 26 1873
to C itizen s’ Passenger R ailw ay C o m p an y a n d th e S ev en teen th & N in e­
te e n th S treet Passenger R ailw ay C o m p an y for 999 y ears. T ran sferred
O ct. 1 1895, along w ith all rig h t to dividends on 6,090 sh ares of its stock
(then held by th e U nion Passenger R ailw ay C o. as tru ste e an d lessee), by
lease o f Philadelphia T rac tio n to th e U nion T rac tio n C o. D ividends are
$1 50 per $50 share each Ju n e 30 a n d D ec. 30— th a t is 6% p er a n n .
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
M ileage, 12.872 m iles.
A trolley ro a d .
ST O C K A N D B O N D S — Date. Interest. Outstanding.
M aturity.
Stock (par $ 5 0 )______(All ow ned b y P h ila. T rac.)
$600,000 ---------------1st M gold $200,000_ c . c p t . 1900
_
334 g J -J
200,000 M a r. 1 1930
B onds.— T h e new 3 34s w ere issued to re tire a like a m o u n t of 7s due
Ju ly 1900. L an d T itle & T ru s t C o ., P h ila., T ru ste e .
D u e lessee co m p an y for ad d itio n s D ec. 31 1925, $705,715.— V . 70, p.
1150.
(6) F R A N K F O R D & S O U T H W A R K P H IL A D E L P H IA C IT Y P A S ­
SEN GER R R.
O R G A N IZ A T IO N .— In c o rp o rate d A pril 4 1854. A cquired stock of
L o m b ard & S o u th S treets Passenger R ailw ay in 1890. L eased to th e
E lectric T rac tio n C o. for 999 years fro m Ju ly 1 1893; dividends for th e
several y ears n am ed below being g u a ra n te ed per share:
Ist
2d
3d
Ath
5th
6th
7th 8th 9th
10th an d after
$12 $12.50 $13 $13.50 $14 $14.50 $15 $16 $17
$18
F IE L D C F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T rac k a g e , 71.595 m iles.
S T O C K A N D B O N D S — M iles. Date. Interest. Outstanding Last div., &c.
Stock (par $ 5 0 )_________ _____
____
Q -J
$1,875,000 See te x t
L om b ard & South S tre e ts / 10
1881
314 J-D
$150,000 D ec. 1 1951
P ass first m tg e $500 &( In te re s t a t R eal E s ta te T itle In su ra n c e & T ru st
$ 1 ,0 0 0 )________ c . c p t ( C o ., T ru ste e .
ext $150,000 ($100 a n d /P h ila . T r u s t, Safe D ep o sit & In s. C o ., T ru ste e
$500) _________ c . c p t (In te re s t a t L an d T itle & T ru st C o.
T h e L o m b ard & S outh Sts. pass, issue of $150,000 was originally 5%
b u t w as called a t m a tu rity a n d th e n extended for 50 years from D ec , 1 1901
a t 31 4 % . T h e W est E n d P ass. R y . m tg . m a tu re d O ct. 1 1905 !>ut w as
extended for 30 y ears a t 4 % . V . 81, p . 156; V . 108, p . 784.
(7) G E R M A N T O V /N P A S S E N G E R R Y .
O R G A N IZ A T IO N ,— In co rp o rate d A pril 21 1858. L eased O ct. 1 1881
to th e P eo p le’s Passenger R y . C o. for 999 y ears, b u t re n ta l m odified in
1893; sto ck since 1897 receives dividends y early of $5 25 p e r share.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A tro lley ro a d . T rack ag e, 44.401 m iles. E x ten sio n of 2,000 feet from
H illcrest A venue to city line, com pleted in Sept. 1898, form s w ith th e
R oxborough C h e s tn u t H ill & N o rristo w n Passenger R y ., a th ro u g h line to
N orristow n.
C A P IT A L IZ A T IO N .— Stock au th o rized , $1,500,000 ($50); p a id in,
$572,860 — V. 69, p . 695.
(8) G R E E N & C O A T E S S T R E E T S P H IL A D E L P H IA P A S S E N G E R
RY .
O R G A N IZ A T IO N .— In c o rp o rate d A pril 21 1858. L eased to P e o p le s
Passenger R y . for 999 years from S ep t. 1 1881 a t an a n n u al re n ta l of $60,000.
in te re st on bonds (since fallen due) and expense of m an ag em ent.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T rack ag e, 4,063 m iles.
Stock. 1ti.OOO snares (par valu e, $50), $15 p aid in . D ividends are 12%
oer an . (Q -J); on p a r or 40% on a m o u n t paid Id (b u t see Y. 107. p. 1384)
In O ct. 1926 a q u a r. d iv . of $1 30 w as p a id .— V . 107, p . 1384; V. 108, p . 784.
(9) H E S T O N V IL L E M AN TU A & F A IR M O U N T P A S S E N G E R R R
O R G A N IZ A T IO N .— In c o rp . A pril 6 1859. Fran ch ise Is p e rp e tu a l.
L E A S E .— H estonville M . & F . road leased from J a n . 1 1898 to U nion
T rac tio n for 999 years a t a re n ta l of 6% on th e preferred a n d 4% on the
tonam on sto ck . By th e te rm s of th e lease th e F a irm o u n t P a rk & H adding­
ton lease is assigned to th e U nion T ra c tio n , w hich assum es th e dividends
guaran teed on th a t stock.
F IE L D O F O P E R A T IO N S .— T rack ag e, incl. leased line, 17.795 m iles.
S T O C K A N D B O N D S— Date.
Interest., O utstanding. M atu rity.
C om m on sto ck p a r $50___________
4J -J
$1,966,100 f.p . See text
brefe"red sto ck p a r $50___________
6 J -J
533.900 f.n See tex t
C onsolidated M $ 1 ,2 5 0 ,0 0 0 1 1 8 9 4
514 g M -N *1,247,500 M ay 1 1934
g $500 & $1,000_____c * x tf jln t. a t G irard T r u s t C o ., P h ila ., tru ste e .
Uuurunieea rental 999-year lease—
fa irm o u n t P k & H a d d in g to n ! ____
6 g F-A
300.000
See te x t
P ass R y s tk p a r $50______ f
“ Leased E q u ip m en t A cco u n t, D ec 31 1925____
241,968
D u e leased lines D ec. 31 1925___________________
100,000
Interest la p a y ab le in P h ilad e lp h ia , x F ree of ta x .




[V ol. 123.

• O f th e $1,250,000 o u tsta n d in g , $124,500 w ere Issued J a n . 1901 as 3)4*
ta k e un bonds of like a m o u n t of th e F a irm o u n t P ass. R y. due a t th a t
•me and $ 75.000 on M ar. I 1Q02 to ta k e up a like a m o u n t of 2d m ortgage
6s m a tu rin g on th a t d a te a nd th e rem aining $1,050,000 w ere Issued as 5s.
T his issue originally m a tu re d M ay 1 1924; $1,247,500 w ere extended to
M ay 1 1934 a t 514% . T h e extended bonds a re re d . all or in p a r t on a ny
in t. d a te on 30 d a y s’ notice a t 10214 and in t. P e n n a . 4-m ills ta x re fu n d e d .
In A pril 1924 D illon, R ead & C o. sold a t 100 an d in t. $1,247,500 extended
cons, (now 1st) m tge. 514% bonds. V . 118, p . 2179.
C om m on stock au th o riz e d . 39,322 shares; p referred , 10,678 shares: p a r
value of each, $50; stock o u tsta n d in g as in ta b le .— V . 118, p . 1519, 2179,
2304. 2825.
jO

(10) L O M B A R D

&

SO U TH

STREET

Frankford & S outhw ark P assenger R R .

PA SSEN G E R

R Y .— S ee

(11) P E O P L E ’S P A S S E N G E R R Y .

O R G A N IZ A T IO N .— C h arte re d A pr. 15 1873. T h e P eo p le’s T ra c . C o.
on A pr. 15 1893 acquired th e en tire c ap ital stock of th is ro a d a t $70 per
sh are. T h e T rac tio n C o. th e n leased th e P eo p le’s Passenger R y . B y a
trip a r tite agreem ent th is lease was on J u ly 1 1896 assigned to th e U nion
T rac . C o. for 998 years a n d th re e m o n th s. R en tal is 10% per a n n u m on
c ap ital stock ($2 50 per share) as below show n, n e arly all of w hich Is pledged
or P eo p le’s P ass. R y . tr u s t c ertificates.
F IE L D O F O P E R A T IO N S .— An electric ro a d . T rac k a g e , 0.627 m iles
S T O C K A N D B O N D S — D ate. Interest. O utstanding.
M a turity.
C om m on stock ($25)________ _____ 10% M -S 31 a60,000 shs. See te x t
P referred stock ($25)________ _____ 10% M -S 31 a23,000 shs. See te x t
F irst m ortgage ($ l,0 0 0 )c .c p t 1874
4 J - J 15
$219,000 J a n . 15 1935
Second m ortgage $500,000/ 1881
4 J-J
285,000 J u ly 151982
( $ 1 ,0 0 0 )___________ c _ c p t ( I n t. a t G u ar. T r. & S. D . C o ., P h ila ., T ru s.
C onsolidated m tg e $1,125,-/ 1882
4 M -S
246,000 M a r 1 1962
000
($1,000)____c & r _ c p tlln t. a t G u a r. T r . & S. D . C o ., P h ila ., T ru s.
a T o ta l stock p a id in $924,056.
I n t. on 1st M . bonds a t L a n d T itle & T ru s t C o. T h e 1st M . b o nds m a ­
tu re d J a n . 15 1905, b u t $219,000 of th e $250,000 w ere e x tended as 4s to
1935, th e rem aining $31,000 being canceled. T h e 2d M . b onds m a tu re d
J u ly 15 1911, b u t w ere extended as 4s to 1961. C onsol, m tg e . bonds w ere
originally 5s an d fell due M a r. 1 1912, b u t w ere e xtended for 50 y ears as 4s.
D u e P eo p le’s T rac tio n C o. D ec. 31 1925 for co n stru ctio n a n d e q u ip m e n t.
$5,947,202.
T h e stock acquired b y th e P eople’s T rac tio n C o . w as pledged as se c u rity
^or tru s t certificates. See P eople's T ra c tio n . V . 63, p . 557; V . 92, p . 1500.
(12) P E O P L E ’S T R A C T I O N .

A n electric ro a d .
O R G A N IZ A T IO N .— A P en n sy lv an ia c o rporation c h arte re d M a rc h 6
1893 to o p e ra te a n d equip w ith tro lley th e P eo p le’s Passenger R y ., th e
en tire c ap ital sto ck of w hich it purchased on or a b o u t A pril 15 1893. In
O ct. 1895 th e U nion T rac tio n C o. acquired all tra c tio n sto ck a t $76 per
sh are, th e P e nnsylvania C o. for In su ran ces on Lives a n d G ra n t. A nn
issuing therefor its g u a ra n te ed tru s t c ertificates.
On Ju ly 1 1896 th e U nion
T rac tio n C o. leased th e ro a d for 998 years an d th re e m o n th s.
S T O C K , & C.—
Date. Interest.
Issued.
M aturity.
C a p ita l sto ck ($30) ( S e e f ____
See te x t. /200.000 shs. ( ______
t e x t _____________________ \
\ F ull p a id /
T ru s t certificates gold 1893/ 1893
4 g F-A
$5,807,970 F e b 1 1943
not su b jec t to call (S I,-•(Interest, ta x free, p a y ab le a t P e n n sy lv . Co
000) _________________ c p t ( for Insurances on L ives, & c., P h ila ., T ru s.
T ru s t certificates w ere issued b y P enn sy lv an ia C o. for Insu ran ces, & c.,
an d are secured b y pledge of P eople’s Passenger R y . stock (see th a t com pany
above) an d by c o n tra c t of P eople’s T rac tio n C o ., w hich gu aran tees principal
an d in te re st. Issue lim ited to $1,000 for 14 2-7 shares deposited, m aking
to ta l a u th o riz e d , $5,810,000. Of th is, $4,967,000 o u tsta n d in g D ec. 31
1925. Sinking fu n d $25,000 y e arly , began F e o . 1 1903.
(13)

P H IL A D E L P H I A C IT Y P A S S E N G E R R Y .

O R G A N IZ A T IO N .—-Incorporated M a r. 26 1859. Leased to W est P h ila ­
delphia Passenger R ailw ay C o. for 900 years from J a n . 1 1884 for in te re s t
on bonds, $2,500 per year for organization a nd dividend of $7 50 per share.
T ran sferred u n d e r lease of P hiladelphia T rac tio n C o. O ct. 1 1895 to th e
U nion T rac tio n C o. T h e 1st m tge. 4% bonds due J a n . 1 1960 w ere origi­
nally 5% bonds, a n d fell due J a n . 1 1910, b u t w ere e xtended a t 4% w ith o u t
option of prior re d e m p tio n . V . 89, p . 1543.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A tro lley ro a d . T rackage, 9.549 m iles.
ST O C K A N D B O N D S — Date. Interest. Outstanding.
M aturity.
Stock $1,000,000 ( $ 5 0 ) - - - .................
734 J -J
/20,000 s h s.\ See te x t
($23 75 p a id )
F irs t
m ortgage
e x te n d e d / 1861
4 J-J
$200,000 J a n 1 1960
($500) c ______________c p t (L an d T itle & T ru s t C o ., T ru ste e .
D eb en tu res ($500 &c) c . c p t j ----5 M -S
100,000 M a r. 1 1935
(In te re s t a t L a n d T itle & T r u s t C o ., P h ila.
D ividends.— P aid $3 50 in J a n . 1926.
V . 89, p . 919, 1543; V . 108, p. 785.
(14)

P H IL A D E L P H I A & D A R B Y R Y .

O R G A N IZ A T IO N .— In c o rp o rate d A pril 28 1857. Leased to th e P h ila ­
delphia C ity Passenger R ailw ay C o. for 999 years from J a n . 1 1870, for
$8,000 per a n n u m a n d in te re s t on bonds. T ran sfe rred u n d e r lease of
P hiladelphia T rac tio n C o. O ct. 1 1895 to U nion T rac tio n C o.
F IE L D OP O P E R A T IO N S A N D C H A R A C T E R O P B U S IN E S S .—
A tro lley ro a d . T rackage, 17.658 m iles.
ST O C K A N D B O N D S — D ate. Interest. O utstanding. M aturity.
Stock (par $5 0 )___________________
4 J-J
$200,000
See te x t
F irs t m o r tg a g e _______ c . c p t / ____
4 M -N
100,000 M a y 1 1927
(I n t. a t L an d T itle & T r u s t C o ., P h ila ,, P a .
V . 108, p. 784.
(15)

P H IL A D E L P H I A & G R A Y ’S F E R R Y P A S S E N G E R R Y .

O R G A N IZ A T IO N .— In c o rp o rate d A pril 9 1858. L eased to P h ilad e lp h ia
T rac tio n C o. for 999 years from J a n . 1 1891 a t re n ta l, first five y ears,
$43,225, or $3 50 per share per a n n u m , an d $49,400, or $4 per share per
an n u m th e re a fte r, th e lessee to pay all taxes, run n in g expenses, &c. O per­
a te d b y P h ila. R apid T ra n s it C o. On J a n . 20 1903 absorbed th e Schuylki.
R iver P ass. R y . a n d increased c ap ital stock to $1,000,000. Y. 76, 654.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A trolley ro a d . T rack ag e, 10.156 m iles.
C A P IT A L IZ A T IO N .— Stock a u th ., $1,000,000 ($50); o u tsta n d in g ,
12,388 shares, $310,157 p aid in.
Dividends a t R eal E s ta te T itle In s. & T r u s t C o. L a te s t div. $2 in J a n . ’26
(16)

P H IL A D E L P H I A T R A C T I O N .

O R G A N IZ A T IO N .— In co rp o rated Aug. 22 1883 and secured c ontrol o;
an extensive system of roads in P hiladelphia, P a ., w hich it held eith e r b j
lease or ow nership of securities, n o t in fee. U nder th e lease to th e U nion
T rac tio n C o., d a te d O ct. 1 1895, all the leases and th e securities ow ned werr
assigned to th e Union C o., which assum es all liabilities for re n ta ls, &c.
T h e lease to Union T rac tio n C o. is for 999 years from O ct. 1 1895, ana
provides for dividends of $4 (8% ) per an n u m on each $50 sh are, p a y ab le in
gold coin, free of taxes. See V, 61, p. 663. for e x tra c ts from lease. P h ila ­
delphia T rac tio n stockholders w ere allow ed to subscribe for new Union
T ractio n sto ck . See V. 61, p. 197.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A trolley ro ad . T h e system assigned to th e U nion T ra c tio n C o. aggregated
(on D ec. 31 1925) 335,271 m iles, consisting of th e following “ Passenger
R ailw ays” :
M iles
M iles.
U nion Passenger R y _________ 72 917 17th a n d 19th S tre e ts _______ 14,191
W est P h ilad elp h ia P ass. R y._ 7 2 .3 6 2 22d & A llegheny_____________ 67.444
R idge A venue Passenger R y._15.973 C ath arin e & B alnbrldge S ts ___5.389
P hiladelphia & D a rb y P ass. Ry 17 658 H un tin g d o n S t. C o n n e c t___________ .169
.156
13th & 15th S tre e ts ...................18.009 K essler 8 t . C o n n ec t_________
.221
P hiladelphia & G ra y 's F e r r y .. 10 156 R idge A ve. C o n n ec t__ ____ . . .
C o n tin e n tal Passenger R y ____16 .828 W aln u t S t. C o n n ec t_________ 1.377
Em pire Passenger R y _______ 12.872
T o ta l o f a l l . ...............................3 3 5 ,2 7 1
P hiladelphia C ity Passenger Ry9-549
Incom e Tax D ecision .— See u n d er P h ila . R a p id T ra n sit C o . a b o v e , and
V . 108, p 7 8 5 .

O ct ., 1926.]

POWER, LIGHT AND RAT LWA Y

Stock, au fh . and o u tsta n d in g . $20,000,000 (par $5Q>
O pen accounts
D ec. 31 1925. $16,121,071
D ivid en d sI '85. '86. '87. '8 8 . '89. '9 0 -'9 3 . '94. '9 5 . '96 and sinct
Per cen t ______1 2
3
6
5
4
6
8
8 8 % p e ra n n u n
U nder
bvideuds of 8% a re sruaranteed. V . 61, p . 663; V. 73. p. 288 .
— V. 114, p. 1181; V. 121, p . 2158.
(17)

P H IL A D E L P H IA & W IL L O W G R O V E S T R E E T R A IL W A Y C O .

O R G A N IZ A T IO N .— Is a consolidation in 1904 of th e P h ila. & W illow
G rove S treet R y . a n d th e G lenside & W illow G rove S tree t R y . E n tire
sto ck is owned b y th e U nion T ra c tio n C o. T h e P h ila. R ap . T ra n . Co.
g u aran tees th e bonds, p rin . a n d in t., by en d o rsem en t. See g u a ra n ty
V. 79, p . 904.
F IE L D OF O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T rackage from in tersectio n of W eaver S t. or C h erry L an e w ith M ontgom ery
C o u n ty line to W illow G rove P a rk , 15.596 m iles.
ST O C K A N D B O N D S— D ate. Interest. O utstanding. M aturity.
Stock 1124,000____________________
________
$100,800 __________
F irst m tg e $1,000,000 g u a r/ 1904
4M K J - J
1,000,000 J u ly 1 1934
gold ($1,000)______c * - c p t ( I n t.a t L a n d T itle & T ru .C o ., P h ila .,T ru s te e .
Bonds.— B onds are su b ject to call on an y in terest d a te a t 105 a n d in te re st
upon 30 d a y s’ n otice. A sinking fu n d began a fte r 5 years: o f $10,000 per
an n u m for 5 years, $15,000 per a n n u m for following 5 years an d $20,000
per an n u m for th e ensuing 15 y e ars. See V. 79, p . 904.— V . 81, p . 32.
(18) R ID G E A V E N U E P A S S E N G E R R Y .

O R G A N IZ A T IO N .— C onsolidation o f G irard College Passenger R y . a n d
th e R idge A venue & M an a y u n k Passenger R y . on M arch 8 1872. Leased
to th e P hiladelphia T rac tio n C o. for 999 years fro m Sept. 1 1892 for dividend
o f $10 p er sh are p er a n n u m to S ep t. 1895 an d $12 p er sh are th e re a fte r.
O p erated b y P h ila. R ap . T ra n s it C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T rack ag e, 15.973 m iles.
S T O C K .— A u th o rized , $750,000 ($50); o u tsta n d in g , $420,000, $28 per
sh are p aid in.
On acco u n t of som e old d e b ts, div id en d s for 1896 w ere co n tinued a t $10
per share in stead of th e $12 as n o ted above. In 1897 dividends w ere in ­
creased to $12 p er sh are. Since paid re g u la rly , incl. J a n . 1926.— V. 108,
p. 785; V. 109, p . 73; V. 120, p . 2818.

119

jr 20% on sto ck , and in te re st, taxes &e : transferred Oct I 1895 to u n io n
Traction Co. T t e P h ilad elp h ia T rac tio n Co. owns $392 950 of >he *750.100 stock.
‘ Special m eeting J u ly 16 1925, rem oval of track s in C h e stn u t and W aln u t
stre ets, V. 121, p. 77; in d e finitely p ostponed, V. 121, p . 1464.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A tro lley ro a d . T rac k a g e , 72.362 m iles.
ST O C K A N D B O N D S—
Date.
Interest.
O utstanding. M aturity.
Stock (par $50) - .
________ ____
$10 J -J
$750,000
8ee te x t
First m ortgage ($1,000)
I 1876
3 A A-O
246.000 A pril 1 1956
gold .
_
_
_ --C c o t 1G irard T ru st C o ., Phi lad el Tibia T ru ste e .
Second m tg e ($1,000, $500, f 1886
5 A M -N
750,000 M a y 1 1936
$100)_______________c .c p t Pei nsylvania Co. for Inb on lAves & U rantFree from ta x
J ing A nnuities. P bila P a .. T ru stee.
D ividends.— On J u ly 1 1915 a sem i-an n u al div . of $5 was p a id , less 63c.
incom e ta x . V. 120, p. 3067. On J a n . 1 1926 a sim ilar dividend was
p a id . V. 121, p . 2878. In J u ly 1926 p a id th e reg u lar sem i-ann. div . of
$5 less $2 to cover expenses in c o nnection w ith e x te n d in g 2d m tge. bonds
a nd th e 1st a n d 2d q u a r. in s ta llm e n ts of 1925 incom e ta x . V. 122, p . 3343.
Bonds.— In te re s t on 1st m tge. bonds payable a t G irard T r u s t C o., P h ila.
in t. on 2d m tge. bonds payable a t L and T itle & T r u s t C o ., P h ilad e lp h ia .
t*a. T he firs t m ortgage 6s m a tu re d April 1 1906 b u t were e xtended for
50 years a t 3 A % - T h e 2d m tg e. bonds fell due M a y 1 1926, b u t were
extended a t 5 A % (5% before) to M a y 1 1956, a n d offered a t p a r to car
rid e rs . See V. 122, p . 1919, 2045.
D ue lessee fo r a d d itio n s to D ec. 31 1925, $2,508,757.— V. 121, 77,
1464, 2878; V. 122, p . 119, 2045, 2654, 3343.

ALLENTOWN & READING TRACTION CO.

O R G A N IZ A T IO N .— In c o rp . A pr. 25 1898 a nd leased th e A llentow n &
R eading E lectric S tree t R y. for 290 years from Ju n e 4 1898. On F e b . 6
1902 leased for 290 years th e K u tzto w n & Fleetw ood S treet R y . C ontrols
th e K u tztow n L ig h t, H e a t & Pow er C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A trolley ro ad . O perates 39.60 m iles m ain line, 7.50 m iles sidings— to ta l,
47.10 miles; 43 cars. C onnects w ith U nited T rac tio n C o. track s from
R eading, th u s form ing a th ro u g h line from A llentow n to R eading.
ST O C K A N D B O N D S—
Date. Interest. O utstanding. M aturity.
Stock $250,000 (par $50)__________
_________
$250,000 __________
(19) S E C O N D & T H I R D S T R E E T P A S S E N G E R R Y .
A ile n t& K u tz 1st M $250,000/ 1900
5 g J -J
250,000 J u ly 1 1930
g $100, $500 & $ 1 ,0 0 0 -c p t [In te re s t a t F id e lity T r u s t C o ., P h ila ., tru ste e
O R G A N IZ A T IO N .— In co rp . A pril 10 1858. Leased J a n . 1 1893 to 1st M K utztow n & F le e tw ’d) 1902 5 g J - J
200,000 J a n 1 1932
th e F ran k fo rd & S outhw eark P h ila. C ity P ass. R R . Co. for 999 y e ars for
$200,000 guar p & i ____c p t /
th e following g u a ra n te ed d iv id en d s p e r sh are p e r annum :
1st consol m tge $750,000 g o ld / 1902
5 g J-J
300,000 J u ly 1 1 932
($500 & $1,000)--C&r_cpt (In t. a t l n t e g . T it. In s. & T r. C o ..P h il..tru s t,
1893.
1894-95.
1896-97.
1898-99.
19.00
1901.
1902 & a fte r
consol m tge $300,000 ($500/ 1907
5 M -N
163,030 M ay 1 1937
$8 50
$9
See below
$10
$10 50
$11
$12
& $1,000)__________ c & r .tf (B erks C o u n ty T r u s t C o ., R ta d in g , tru ste e .
D iv id en d s in 1896 a n d 1897 w ere to be $9 50 p er a n n u m , b u t th e dividend
Bonds.— Of th e $750,000 of new consols, $450,000 are reserved to re tire
for 1896 an d for th e first h a lf of 1897 was a t th e ra te of $9 p er share instead
of $9 50, th e balance being applied to th e p ay m e n t of th e d e b t of $27,000 p rio r liens. T hey are su b jec t to c a ll'a t p a r since Ju ly I 1917; no sinking
incurred for pav in g . V . 62, p. 785. T h e full $12 p er an n u m , how ever, f rad . T h e first m ortgage bonds a re redeem able a t p a r.
has been p aid since. L a te s t div id en d p aid $3 in J a n . 1926.
E A R N IN G S .— F o r calen d ar y e ar 1925, gross, $304,194; o p e ra tin g ex­
T h is lease was assum ed by E lectric T rac tio n Co. Ju ly 1 1893.
penses, $235,688; bond in te re st, $45,650; o th e r in te re st a nd discount. $351;
Stock issued, 21,204 shares (par $50); $771,076 p a id in .— V. 107, p . 2377 balance, su rp lu s, $22,505. F o r y ear 1924, gross, $287,868; n e t, $59,750;
bond in t., $45,650; o th e r in t. a n d d isco u n t, $1,694; b a l., s u r., $12,406.
(20) S E V E N T E E N T H & N IN E T E E N T H S T R E E T S P A S S E N G E R R Y .
O F F IC E R S .— P re s ., Geo. B . S haffer.; V .-P ., Sol K . H offm an; Sec., J . A.
O R G A N IZ A T IO N .— In c o rp o rate d A pril 12 1859. Leased to th e C o n ti­ D iener; T re a s., W . D . M o h n . Office, 121 N . 5th S t., R eading, P a .—
nental Passenger R ailw ay Co. for 99 years from Ju ly 1 1879 a t a re n ta l of V. 109, p . 675.
$15,000 p er an n u m , being 6% on $250,000 a m o u n t p a id in (10.000 shares a t
$25) p a r $50, in te re st of bonds, tax es, expenses, &c. T ran sferred under
lease of P hiladelphia T rac tio n C o. O ct. 1 1895 to .th e U nion T rac tio n C o.;
al> rig h ts of th e P h iladelp h ia T rac tio n C o. to div id en d s on th e 10,000 shares
BUTLER RAILWAYS CO.
of th e 17th & 19th S treets ro a d , w hich w ere th e n held by th e U nion P assen­
O R G A N IZ A T IO N .— Incorp. Ju ly 1 1917 in P enn, as successor to
ger R ailw ay C o. as tru ste e an d lessees, being also tra n sfe rre d to th e U nion th e B utler Passenger R y ., th e C ity D ivision of th e P ittsb u rg h & B utler
C o. Stock all ow ned b y C o n tin en tal P ass. R y . Co.
R y . (the In te ru rb a n D ivision of w hich was sold under foreclosure M a y 9
1917— see P itts. M ars & B u tler R y ., successor co., u n d e r P ittsb u rg h ).
F I E T D O F O P E R A T IO N S .— T rack ag e, 14.191 m iles.
T n e p ro p e rty of th e B u tle r Pass. R y. was ta k e n over by th e holders of
$500,000 1st m tge. 5% bonds due 1936 a nd reorganized.
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
Stock (par $50)___________________
3 J -J
JlO.OOOshs.l
See te x t
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
\ $25 p aid J
O perates 13.28 m iles of tra c k in B u tle r. R ail (girder, except 2 A miles T ).
F irst m ortgage ($500) e x te n -/ 1876
5A J-J
$100,000 Ju ly 1 1929 65-lbs. G auge. 5 ft. 2 in
d e d ________________c . c p t l l n t . a t F id elity T ru s t C o., P h ila., T ru stee.
ST C K A N
B O N D S—
Date.
Interest.
M aturity.
T h e bonds originally bore in t. a t th e ra te of 5% p er an n u m a n d m a tu re d StockO$300,000D ($50)____________ ______________ O utstanding. __________
$250,000
Ju ly 1 1919, b u t w ere extended for 10 years a t 5 A % F irst m ortgage $300,000 gold f 1918 5 g J - J
250,000 J a n 1 1948
D u e lessee for a d d itio n s D ec. 31 1925, $554,289.
($500 & $1,000)_ c*&r.tf< In t. payable a t B u tle r Co. T ru st C o ., tru ste e
_
( B u tler, P a.
(21) T H I R T E E N T H & F I F T E E N T H S T R E E T S P A S S E N G E R R Y
Bonds.— N o t su b ject to call a n d no sink. fd.
O R G A N IZ A T IO N .— In co rp o rate d A pril 8 1859. Leased J a n . 1 1892 to
E A R N IN G S .—-For cal. y e ar 1924, gross, $106,022; n e t a fte r taxes,
Philadelphia T rac tio n Co. for following ren tal: F rom J a n . 1892 to J a n . 1894, $4,921. In 1923, gross, $11-3,107; n e t a fte r tax es, $6,128. In 1921, gross,
$9 p er share p er an n u m ; 1894 to J a n . 1897, $10 p er share; 1897 to J a n . $106,072; n e t before taxes, $23,822: in t. & taxes, $15,709; b a l., s u r., $8,114.
1900, $11 p er share, an d from J a n . 1900 $12 p er sh are. Lease tran sferred In 1920, gross, $152,054; n e t a fte r taxes & deprec., $2,696. In 1919,
to U nion T rac tio n C o. O ct. 1 1895.
gross, $126,286; n e t a fte r taxes & d e p r., d ef., $9,829.
O F F IC E R S .— P re s ________ _____ ; V .-P ., J . V. R itts ; S ec.-T reas. and
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
G en. M g r., R . E . S p re n k le — V . 110, p. 1748.
A tro lley ro a d . T rack ag e, 18.009 m iles.
ST O C K A N D B O N D S —
Date.
Interest. O utstanding. M aturity.
Stock $1,000,000 (par $ 5 0 ) - - . ___
$12 J -J $334,529 p d .in .
See te x t
1st M tg e. ($500,000)_ c .c p t 1894 5 & 3A J-J $436,000 J a n 1 1934
_
R eal e sta te m o rtg ag es____c p t ____
_________
55,000 __________
T h e 1st M tg e. b d s. are g u a r., p rin . an d in t., b y th e P h ila. T rac tio n Co.
and th e coupons are p ay ab le ta x free: $36,000 of th ese are 3J4s an d were
exchanged for old 7% bonds of like a m o u n t due O ct. 1 1903. V. 77, p. 695.
In te re s t an d dividends are p ay ab le a t office of th e F id elity T ru st C o.,
th e tru ste e o f b o th m ortgages.
D ividend in J u ly 1895. $5 p er share; th e Ja n . 1896 d iv id en d w as n o t paid
owing to p a y m e n t of c ity ’s claim for paving. V . 61, p. 1155. In Ju ly
1896 p aid $4 p er share; in 1897 $10 50 p er share; in 1898, $11 per share; in
1899, $11 p er share; in 1900, $11 50 p e r share; 1901-1907, in c h , $12 per
sh are p er an n . In 1908, J a n ., $6: Ju ly , $6 and $1 e x tra (paid o u t of accum ­
u lated surplus); 1909 a n d since, $12 p er share p er an n u m .— V. 86, p . 1531:
V. 108, p . 785; V . 122. p . 751.

CHAMBERSBURG & GETTYSBURG ELECTRIC RY

O R G A N IZ A T IO N .— In c o rp . in P ennsylvania D ec. 4 1900.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perates 12.90 miles of all tra c k betw een C ham bersburg. Stofferstow n,
F ay ettev ille, G reenw ood an d C aledonia. 60-girder rails. G auge 5 ft., 2 A in.
ST O C K A N D B O N D S —
Date.
Interest. O utstanding. M aturity.
Stock $225,000 ($50)________________
________
$225,000 __________
1st m tge, $225,000 ($1,000)1 1903
5 M -N
225,000 M ay 1 1933
not re d ., no siuk fu n d _ c * /In t,. a t N o rth a m p to n T r. C o ., E a s to n , T ru s t
_
E A R N IN G S .— For calendar years:
Tax.
Gross.
N et.
O th.Inc. In t..
Balance.
Year—•
$11,763
def. $2,164
$158
def..$13,769
. $39,210
1925 _ _
114
174
12,224
def. 11,936
1924_________ 46,839
12,021
1,224
def. 10,488
1923_________ . 52,727
309
(28) U N IO N P A S S E N G E R R A IL W A Y .
11,959
def. 7,188
4,445
325
1922 .
_. 48,713
O R G A N IZ A T IO N .— In co rp o rated A pril 8 1864. Leased to P hiladelphia 1921_________ . 53,015
12,119
513
def. 3,417
8,189
T rac tio n Co. for 999 years from Ju n e 30 1884 a t an a n n u al re n ta l of $285,000 1920
13,512
su r. 6,276
19,537
251
- 59,067
or $9 50 p er share on stock, an d in te re st, taxes, &c. T h ere are ou tsta n d in g
O F F IC E R S .— P re s ., M . C. K ennedy; V .-P ., T . B . K ennedy; Sec. &
30,000 shares ($1,500,000) of stock, on which $30 83 1-3 has been paid in
on each share, or a to ta l of $925,000. $302,300 of th e stock is ow ned by T rea s., J . B. H oyer; G o in p t., E . A. Stockton; A sst. C o m p t., F . J . F ell, J r.;
th e P hiladelphia T ractio n Co. Its lease of th e C o n tin en tal Passenger R y. S u p t., D . B. F re tz .— V. 105, p . 227.
was assigned to th e Philadelphia T rac tio n C o. a n d from O ct. 1 1895 to
M ay 1 1902 o perated by th e U nion T ractio n C o. T h e U nion Passenger
R ailw ay Co. is still holding, as lessee an d tru ste e 6,090 shares E m pire
THE NORTHAMPTON TRANSIT CO.
Passenger R y . stock a n d 10,000 shares of 17th & 19th S treets Passenger R y.
O R G A N IZ A T IO N .— A reorganization in 1921 of th e N o rth a m p to n
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T raction Oo. ffor history see "E lec tric R ailw ay" S upplem ent of A pril 29
A tro lley ro a d . T rack ag e, 72.917 miles.
1922) sold a t foreclosure Ju n e l 1921
H olders of 1st M tge. 5% bonds of
ST O C K A N D B O N D S—
Date
interest.
O utstanding. M atu rity. the old co. received a like am o u n t of new N o rth a m p to n T ra n s it C o. 1st
_
See te x t.
See te x t.
Stock $1,500,000 (par $5 0 )_ _____ $9 50 J -J
VItge 6% bonds, as per plan in V. 115. p 760
F irst m ortgage ($100 and} 1881
4 A -0
$500,000 M a r 31 1961
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
$ 5 0 0 ) _____________ c .c p t/P e n n s y lv a n ia C o. for In s u r. on L ives, T rue,
Second m o rtg ag e ($100 an d [ 1884
4 A-O
250,000 M a r 31 1960 Owns and operates ro a d extending from E a sto n , P a ., to T a ta m y , N a za re th
and B angor, P a .
$ 500)_______________c . c p t I In t. on b o th loans a t L an d T . & T . C o ., Phii.
ST O C K A N D B O N D S— Date. Interest. O utstanding.
la tu rily .
D ue lessee com pany for ad d itio n s D ec. 31 1925 $6,655,163.
Common 3,000 shares (no p a r ) _______________
3,000 shs. ---------------On J u ly 1 1925 a sem i-annual div id en d o f $4 75, less 60 cen ts incom e tax,
let M tge $400,000 red a t 1051 1921
8 J -J
400,000 J u ly 11941
w as p a id . V. 120, p . 3066. On J a n . 1 1926 a n d J u ly 1 1926 sim ilar
& In te re st________________/N o rth a m p to n T r. C o ., E a sto n , P a ., T ru ste e .
d iv id en d s w ere p a id . V . 121, p . 2878.
2d M tge $250,000 red a t 1051 1921
6 J -J
150,000 J u ly 1 1941
T h e 1st m tge. bonds were o rtg in allj 5s and m a tu re d M arch 31 1911, but
& in te re st________________ /N o rth a m p to n T ru s t C o ., E a s to n , P a ., T ru st.
In J a n . 1911 arran g em en ts w ere m ade w ith D re re i & C o ., P h ila ., to p u r­
chase th e bonds, an d th e y were extended for 50 y ears a t 4% w ith o u t option
Bonds.— $100,000 2d m tge 6s held in tre a su ry
to call. V . 92, p . 190. T h e 2d M . bonds of 1884 w ere form erly 5s, and m a ­
O F F IC E R S .— P re s ., C h este r S nyder.— V. 115, p . 760.
tured M ar. 31 1910. b u t were extended for 50 years a t 4% w ith o u t rig h t of
prior red em p tio n . V. 90 p. 628
L and T itle * T ru s t C o. has been
s u b s titu te d tru s te e .— V. 120, p . 3066; V . 121, p . 2878; V. 122, p . 3343.

PHILADELPHIA & EASTON TRANSIT CO.

(23) W E S T P H IL A D E L P H I A P A S S E N G E R R A IL W A Y .
O R G A N IZ A T IO N . — In c o rp . M ay 14 1857. Leased from J a n . 1 1884 to
th e P h ilad e lp h ia T rac tio n C o. for 999 y ears a t an a n n u a l re n ta l of $150,000.




U nder d a te of S ept. 27 1926 we w ere officially advised th a t com pany w as
going o u t of business. F o r h isto ry , &c., see “ P u b lic U tilities C om pendium "
of M a y 1 1926.

120

PUBLIC UTILITIES

[V ol. 123,

WESTMORELAND COUNTY RAILWAY CO.

CITIZENS’ TRACTION CO.

O R G A N IZ A T IO N .— In corp. in Pen n a. on Dec. 27 1904. Is a c on­
solidation o f B radenville A D erry S t. R y. a n d Blairsville & D erry S t. R y .
F I E L D O F O P E R A T IO N S .— O p erates 7 m iles o f tra c k .
S T O C K A N D B O N D S—
Date.
Interest. Outstanding. M a tu rity .
Stock, $500,000 ( $ 5 0 ) - .- ................................................
$500,000 - .......... ........
F irst m o rtg ag e, $250,000. g f 1905
5 g M -S
179,900 M a r 1 1935
($ 1 0 0 )_________________ c * \I n t. a t E a s t End Sav. & T r . C o ., P itts ., T ru s.
B onds.— N o sinking fund and bonds a re n o t su b ject to call.
E A R N IN G S .— F o r c alen d a r years:
Gross. N et a ft.T a x .
In t.
D eficit.
$5,058
$9,603
$4,605
1925----------- ------------- ------------------ $52,075
1924------------------------------------------- 55.608
5,536
9,266
3,730
O F F IC E R S .— P res., Jo h n E . P o tter; V .-P ., F . W m . R udell; Sec. &
T re a s ., H . S. C a lv e rt, all o f P ittsb u rg h ; S u p t., S. F . S ch w erdt, D e rry .
— V . 82. p . 50.

M an a g e m e n t, General Engineering & M anagem ent Corp.
in M arch 1917 control was pu rch ased by th e M unicipal Service C o .,
a M aine holding co rp o ratio n .
O R G A N IZ A T IO N .— In co rp o rated in P enn sy lv an ia N o v . 20 1899. O w ns
and o perates th e C itizens' L ight A Pow er C o., th e M onarch P a rk H otel Co.
(an am usem ent p a rk w ith 60 acres of ground), th e Big R ock B ridge C o .,
the R eno B ridge C o. a nd th e C itizens T ra n s it Co.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A trolley road. O perates 28.68 miles of tra c k in Oil C ity . F ranklin,
R ouseville. Siverly and R eno, and connecting routes on both sides of th e
A llegheny R iver. 65-lb. and 70-lb T rail and 85-lb. girder rail. H as 54
m o to r cars and 6 freig h t and m iscellaneous cars. Also o p e ra te s buses
th ro u g h C itizens T ra n s it C o. Passengers carried du rin g 12 m os. end.
Ju ly 31 1926: railw ay, 1,885,550: bus, 1,451,284. T h e controlled C itizen s'
Light A Pow er C o. fu rn ish ed electric lig h t and pow er for Oil C ity , F ra n k lin
and v ic inity.
ST O C K A N D B O N D S —
Date. Interest.
O utstanding. M aturity.
_______
$1,000,000
See te x t
C om m on $1.000.000 ($50)____ ____
Preferred $1.000.000 ($50)____ ____
Q -J
*1.000.000 See te x t
First m tge $2,500,000 goldl 1912 5 A-O
1,241,000 April 1 1942
($1,000) sinking f u n d - - C * t f j P a. C o. for In s. on L . & G . A .. P h ila., tru s t
R efunding m ortgage $2,500,-1 1917
6 M -N
x l . 108.000 M ay 1 1942
0 0 0 . .............................................r t f / P a . C o. for Ins. on L A G . A ., P h ila ., tru s .
♦Of th e $1,000,000 o u tsta n d in g , $400,000 are in th e tre a su ry ; rem ainder
owned by M unicipal Service C o.
x All held by M unicipal Service C o. and pledged u n d e r 1st lien & coll. tr .
bonds d a te d M arch 1 19 j 7.
Bonds.— 1st M . closed. R ed. a t 105 and in t. in w hole on or a fte r A pril I
1917. or in p a rt for sink, fund began Ju ly 1 1918
Sink, fund of 1 % per
an n . becam e o p e ra tiv e Ju ly 1 1918. An im p ro v em en t fund of 4$ of 1 %
sem i-annually becam e o p e ra tiv e on J a n . 1 1923. See V. 94. p. 1118. 697.
In t. a t office of tru s te e . $1.280,000 re .f M . bonds reserved to re tire 1st M .
rem aining bonds to be issued for a d d itions a n a extensions u n d e r c erta in
restrictio n s.
D ividends.— F irst div . on p re f.— 24$% — w as paid JaD. 2 1913; J u ly 1913,
2% . in 1914, J a n ., 2% ; J u ly . 2 4$%. In 1915. J a n ., 3% : in April paid a
q u a r div. of 1 4$ % and sam e ra te q u a r. to and incl. O ct. 1918. In A pr
1919. 3% ; J u ly , 14$% ; and sam e ra te q u a r. since to a nd incl. Dec. 1920.
In 1921. J a n ., 3 % ; A pril, 14$%: J u ly , 14$% ; O c t., 1 H % . In 1922. 6 % ;
in 1923, 6 % . In 1924, 6% ; since paid 1 V % q u a r. In itial div . on com .,
S
1% , paid N ov. 1915. In 1916, 1 44%; in 1917, 14$% ; in 1918, A pril 1% ;.
Ju ly , 4$% . In 1919, J u ly , 14%: O ct., 4 $ -% . In 1920, J a n ., % % ;
A pril. 24$% : J u ly , 1 % . In 1921. J a n .. 1 %; A pril, 1 % %; J u ly , 1 % . In
1922, A pril, 1% ; J u ly , 2 % . In 1923, J a n ., 4 % : A pril, 3 % ; J u ly , 3 % ;
O c t.. 3 % . In 1924, A pril, 24$% : J u n e , 24$% ; S e p t., 1% ; D ec., 2 % . In
1925, A pril. 14$% : O c t., 1% : D ec., 2 % ; to ta l, 4 4$% .
E A R N IN G S .— For c alen d a r years (incl. subsidiaries):
Gross.
N et after Taxes. Fixed Chges., &c.
Balance.
$469,139
$132,697
$336,442
1925 ____ $1,025,910
1924 .........
978.194
45 4 .9 )6
124.157
330.759
Latest E arnings.-—F o r 12 m os. end. J u ly 31 1926: G ross, $1,024,410
n e t, a fte r taxes, A c., $492,394; fixed charges, d e p re c., & c., $119,627
b alance, $372,767.
O F F IC E R S .— P res., A. E . F itk in : V .-P ., H . D . Polhem us; Sec., S. RJones; T re a s., VV. E . Shaw , J r . Offices, Oil C ity , P a ., and 165 B roadw ay.
New Y ork C ity .— V. 106, p . 818; V. 112, p . 2413; V. 115, p . 644; V. 116,
p . 2388; V. 119, p . 1063.

MUNICIPAL SERVICE CO.

Controlled b y N a tio n a l Public Service C o rp ., which ow ns 99% of th e
com m on sto ck . V. 120, p . 2944
M anagem ent.— G eneral Engineering A M an ag em en t C o rp ., 165 B road­
w ay, New York C ity .
Ow ns, co n tro ls or is to acq u ire local o p eratin g public u tility com panies,
serving w ith electric lie n t and pow er, gas. Ice, railw ay or bus service, or
Steam , 272 co m m u n ities in P en n sy lv an ia, M ary lan d . D elaw are. Virginia
an d G eorgia, as follows: York R ailw ays Co. (and su b sid iary com panies,
E d iso n L ig h t A Pow er C o ., York Steam H eating C o., Y ork T ra n s it C o.,
and York S u b u rb an L and C o .). G len Rock E lectric L ig h t & Pow er Co. (and
sub sid iary com panies, R ailroad Electric A Pow er C o . and D eer C reek
W a te r A Pow er C o .), C itizens T ractio n Co. (and su b sid iary com panies:
C itizen s L ig h t & Pow er C o.. C itizens T ra n s it C o., Reno B ridge C o ., Big
R ock B ridge C o ., a n d M onarch P a rk H otel C o .), T itu sv ille Light A Pow er
C o .. C h ester Valley E lectric C o ., Y oungstow n & S u b u rb an R y. (and sub­
sid iary com panies, Y oungstow n & S u b u rb an T ra n sit C o ., C olum biana Bus
C o ., and In te ru rb a n R ealty C o .), V aldosta L ighting C o ., W are C o u n ty
L ig h t A Pow er C o. (and su b sid iary , B ainbridge Ice C o .), and K eystone
P u b lic Service C o rp . (and su b sid iary com panies. Scranton R y . C o., Scranton
B us C o ., C arb o n d ale G as C o., A ltoona A Logan Valley E lectric R y. C o.,
L ogan V alley Bus C o ., Home E lectric L ig h t A Steam H eatin g C o.), and in
M arch 1926. acquired all th e common stock of E astern Shore G as A E lectric
C o. T h rough tn ese o p eratin g com panies, 69,158 custom ers are served, of
w hich 66,185 a re electrical. 2.527 gas, and 446 steam service. C om pany
also operates s tre e t railw ay system s in cities in Pennsylvania a nd an inter
u rb a n railw ay in Ohio. T h e com panies serve an aggregate to ta l popula­
tion of a b o u t 1,100,000.
T h e electric system s of com pany hav e a to ta in s ta lle d c ap acity of 56,888
h . p . a n d 508 miles of transm ission lines. T he gas p ro p erties include
g en eratin g p lan ts w ith a daily cap acity of 750.000 cu ft. T h e ice p lan ts
h a v e a daily c ap acity of 33 ! tons. T h e s tre e t railw ay p ro p erties consist of
279 eq u iv alen t m iles of single tra c k . D uring th e y ear ended Ju ly 1 1926
th ere were g en erated 140.647,902 k .w .h . of electric energy, and 58,700.000
cu. f t of gas.
T h e s tre e t railw ay s carried 65.619.337 passengers d u rin g th e y e a r ended
J u ly 31 1926. Also o p erates buses, which carried 2,928,090 passengers
d u rin g th e sam e p erio d . V. 104. p. 2235: V. 117, p . 2770: V . 118, p . 907.
V . 111. p . 294.
Offer to Stockholders.— See V. 120, p . 1881.
ST O C K A N D B O N D S—
Date. Interest.
Outstanding. M aturity.
C om m on 100.000 shs (no p a r ) , ____
Q-.I
73.500 shs.
See tex t
P re f cum 6% $ 2 .0 0 0 .0 0 0 ($ 1 0 0 )___
Q -F
3.348.5 )0 N ov '25, 1H
F irst Lien Coll T ru st M tg e f
1917 5 M -S 1
4,474.700 M ar 1 1942
$20,000,000 ($500 ao d $ 1 In te re st p ayable in Boston and Philadelphia.
PENN CENTRAL LIGHT & POWER CO.
0 0 0 ) _______________c * .c p t I Philadelphia T ru s t C o., T ru stee.
Controlled by N atio n al Elec. Power C o ., which ow ns th e e n tire com m on
30-year s f coll tru s t gold ser A 1 1926 6 g F-A
5.500,000 Feb 1 1956
($1,000, $ 500)_______ c * .tf (P enn. Co. for In s. on Lives A G r. A nn.,P hila. sto ck , except directors qualifying shares. O perated under general su p er­
vision and m an ag em en t of Electric M gt.
E ngin. Corp. o f N . Y .
( tru ste e .
Bonds.— T h e 1st lien & coll, tru s t bonds are secured by $5,486,900 m tge.
O R G A N IZ A T IO N .— In co rp . on O ct. 26 1915 in P enn sy lv an ia as U nited
bonds, $576,000 pref. stock and $1,594,825 com. stock of sub. cos. Add 1 Lighting Co. and on O ct. 27 1925 acquired th e properties of th e old Penn
bopds m ay be issued only for acquiring and placing under th e m ortgage C entral Light A Pow er C o. On O ct. 27 1925 c hanged its nam e to th e
a t le a st an equal am o u n t of m ortgage bonds of subsidiaries now o u ts ta n d ­ Penn C entral Light A Pow er Co. F or fu rth e r p a rtic u la rs as to h isto ry of
ing, or, fu rth e r, a t th e ra te of 85% for those to be issued by subsidiaries co., see “ P ublic U tility C om pedium ” of O ct. 31 1925.
for c o n stru ctio n , b u t under certain earnings req u irem en ts. Sinking
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
fu n d of 6% of n et earnings of subsidiary com panies a fte r p ay m en t of o p e ra t­
ing expenses, tax es and renew al reserves, less sinking fund p aym ents or- C o. owns and operates public u tility properties, furnishing, w ith o u t com ­
p e titio n . electric light and pow er in 100 com m unities in cen tral and n o rth ­
p resen t sub. co’s. m tges. from M ar. 1 1918 to M ar. 1 1925. and 5% th e re
w estern P ennsylvania. T h e largest com m unity served is A ltoona. Co.
a fte r. Su b ject to call in whole or p a rt on any int. d a te a t 103 and lnt
w
o rp
T h e 30-year 6% s. f . collat. trust gold bonds. Series A , dated Feb 1 1926, also wholesales or interchanges pow erC o.ith Penn Public Service Co th e.,
K eystone Pow er C
ac
r
are secured b y a d ire c t first lien upon th e en tire com m on stock of K eystone com panies. M an uo .. Potomand Edison u te s (W est Penn S ystem ), a n dLewisfac tu re s
d
gas in
g d o n and
P ublic Service C o rp . and all stock of York Railw ays Co. ow ned; fu rth e r by tow n. T hrough ow nership of all istrib e com m on H untin(except d ire c to rs’
of th
stock
a d ire c t lien on th e bonds and stocks o f o th er su b sid iary com panies, pledged shares) of th e Lew istow n and Reedsville E lectric R y. C o. corp. furnishes
a n d deposited u n d er th e collateral tru s t 5% bond ag reem ent su b ject to s tre e t ry . service in and a b o u t Lew istow n. T o tal te rrito ry served, 5.500
th e lien th ereo f. A dditional bonds m ay be issued u n d e r conservative
u are
la tio n , 350,000. C ow
m odern enerating
restrictio n s. A sinking fu n d provides for equal sem i-annual p aym ents sqith anmiles: po p uc ap acity of 97,000 o..v .a .ns 4 here a re g380 miles sta tio n s
w
installed
k
T
o high
for in te re st and sinking fund o f $202,500 to th e tru ste e , beginning F eb. 1 tension lines (m axim um operating v o 'tag e 110,000 v olts), of which 108f miles
1927. T h e balance a fte r p a y m e n t of in te re st to be used to re tire bonds.
tow er lines. T
R ed . on 30 d a y s' n otice, all or p a rt, a t 105 and in t.. red u cin g M % for each arp in th e form of double circuit steel u t 97,000 k .v .a h6 transm ission system
sub-statio
.). 40,000 electric cus­
y e ar elapsed from J a n . 31 1936 to m a tu rity . In te re s t p ayable in New serves 52 Tw o gas pn s n (capacity a b og to n and in Lew istow n), serving 2,800
la
Y ork or P h ilad elp h ia. P en n ., C onn, and C alifornia 4 m ills, M aryland tom ers.ers. 94$ miles ts tin H untin of electric railw ay. C o . also
single
k
44$ m ills, D ist. of C ol. 5 mills and M ass. 6% taxes refu n d ab le. In M arch custombuildings^ coal lands andtra cining rig h ts, containing reserves of ow ns
m
over
1926 G . H . R ollins & Sons, e tc ., e tc ., offered $5,500,000 Series A bonds office
10,000.000 tons of coal. Seca t 96 and in t., to yield a b o u t 6 .3 0 % . V. 122 p. 1610.
Franchises.— All im p o rta n t franchises a re w ith o u t tim e lim it a n d Tree
All o f th e o u tsta n d in g 6% serial coupon notes d ue D ec. 1 1926, 1927
and 1928 w ere called for p a y m e n t J u n e 1 1926 a t 101 a n d in t. V. 122, fro m b u r d e n s o m e r e s t r ic t io n s .
p . 2800.
ST O C K A N D B O N D S—
D ate.
Interest. O utstanding. M a tu r ity .
D ividends.— 6% is being paid on pref. sto ck . Of th e $2,934,500 pref. C om m on stock (no p a r ) ______ _____
_______
33.000 shs See te x t
stock o u tsta n d in g , $565,500 is en titled to e x tra divs. of 2 H % per year.
Pref. $5 series 150.000 shs.
In itia l d iv id en d o f 1% on com m on stock paid in April 1914; in 1915. 3 % :
$5 Q -J
101,689 shs. See te x t
(no p a r ) ___________________
1916 and 1917, 4 % . N one to 1922. when $1 was p aid. In 1923. M ay . 25c.; F irst and re f m tge (closed) / 1910
.
5 g A-O $2,170,500 A p r 1 1950
A u g ., 40c.; N o v ., 40c. In 1924, $2. In 1925, $2. In 1926, J a n .. 50c.;
($500 A $1,000) gold. -c * .tf \ I n t . a t Penn C o. for In s. on L. A G . A ..tru s t.
A p ril. 50c. In O ct. 1923 a sto ck d iv . o f 19-81 of a sh are o f com m on w as F irst & re f M 6% Ser d ue 1953 1923
6 g J -J
10.300.000 t>ee 1 1953
also p aid .
Series due 1964__________ / 1924
5 4$%
2.053,000 Ju ly 11964
($500 & $ 1 ,000 c* & $ 1 .0 0 0 1Penna. C o. for Tnsur. on Lives A G ra n tin g
E A R N IN G S .—
Ac r*) g o ld ____________ t f ( A nnuities, P h ila ., trustee^
For Calendar Years—
1924.
1923.
1922.
1921.
5 g A-O
135.500 A p r 1 1936
M ifflin C o G as & Elec C o 1st 1906
G ross e arn in g s................... $5,109,210 $4,734,343 $3,626,299 $2,473,165
M ($500 and $1,000) - . c . t f l n t . a t office of W . W . C u n n in g h a m , Lewis­
O per. expenses & ta x e s .. 3.251.360
2.979,034
2.298.012
1,671.541
tow n, P a ., tru s te e .
P enn C en tral L t & Pow C orp 1925
54$ g A-O 5.500.000 O ct 1 1975
Incom e fro m o p e r’n s . . $1,857,850 $1,755,309 $1,328,287
$801,624
1st & ref M 50-year ($1,000, In t. a t Seaboard N a tio n a l B an k , N ew Y ork
O th er incom e__________
97.090
124.690
39.604
23.477
$500. $100c, & $ 1 ,000c*) - t f [ C ity , tru ste e .
R aystow n W at P r 1st M $750.-/ 1908
5 g A-O
$519,500 A pril 1 1938
Gross incom e-------------- $1,954,940 $1,879,999 $1,367,891
$825,101
000 ($1.000. $500 c * )_____t f (G range T r u s t C o ., H u n tin g to n . P a ., tru stee
Incom e d e d u ctio n s_____
11,053
6.781
6.043
11,892
C ove E lectric Co 1st m tg e / 1921
'
6 A-O
45.500 O ct 1 1941
Fixed charges s u b s ., incl.
G u a r, by R avstow n W a te r Pow er C o.
$250,000.
m inority in s te re st____
470.915
478.538
308.252
116.179
_
6 J -J
5.800 J a n 1 1940
N ew ton E lectric Co 1st m tg e / 1919
E x p .— M unic. Serv. C o .
46.072
33.682
39 066
17.148
$25.000___________________ \G u a r. by R aystow n W a te r Pow er C o.
In t. collat, tru s t b o n d s ..
208 044
198.384
183.646
157,771
_______
89.500 __________
In te re s t coupon n o te s_
_
62.048
65.584
88.931
88.754 O ther divisional underlying b d s . ____
T h e $5 series cum . pref. no par stock is preferred as to cum . divs. and
O th er in te re s t_________
5.188
14.597
10.276
26.138
assets ($75 and d iv s .). R ed., all or p a rt, a t option of co. on 30 days
A m ortization d isc., A c
43.712
42.342
49.865
45 984
notice a t $80 and divs. Listed on Chicago Stock E xchange and Philadelphia
R enew al re serv e ---------546.720
441.712
315.321
148 816
Federal incom e ta x _____
92.088
96.198
63.861
8.710 Stock Exchange. In J a n . 1926 A. C . A llyn A C o. offered 89,254 shares a t
$73 and d iv s., to yield a b o u t 6 .8 5 % . V. 122, p . 348.
B al. av ailab le for divs.
$469,098
$502,183
$302,629
$203,710
Bonus.— F irst and ref. m tg e. 5s o f 1910 a re callable on a n y In te re st d a te
Consolidated Earnings for Calendar Year 1925.— G ross, all sources. $9,- a t 105 and in te re st. A nnual sinking fu n d o f 1 % o f o u tsta n d in g b ond s each
700.933; n et a fte r m ain t. and taxes. $3,444,410: deprec. & re tirem e n ts, April 1 to be used for purchase or redem p tion o f bonds a t Dot exceeding 105
$550,745: m in o rity In terest, $27,096; in te re st and dividend charges, $1,594.- and in te re st. $303,500 retired through sinking fund up to M a r. 31 1924.
F irst and ref. m tge. 6% series due 1953 are redeem able as a whole a t a ny
183: balance. $1,272,385.
the sinking fund
te on 30
Latest Earnings.— O r co. and subs, for 12 m os. end. Ju ly 31 1926: G ross, tim e or tina p a rt and for 5% on or before Non any in te re st d a prem ium d a y s’
notice a
prem ium of
ov. 30 1944, said
to be
incl. o th e r incom e. $10,251 .424: net. a fte r m a in t. A taxes, $3,646,340; in t. reduced by 4$ of ] % com m encing D ec. 1 1944, w ith a like add itio n al reduc­
on funded d e b t su b s.. $1,080,362: d iv. requirem ents on stock of subs., tion com m encing on D ec. 1 of each year th e re a fte r until m a tu rity . A nnual
$138,447: deprec. & retirem en ts. $607,621; m inority in t.. $29,328: annual
of 1 % of o u tsta n
beginning O
1928,
used
in t on $4,722,700 1st lien c o lla t. tr. 5s and $5,500,000 s. f. coll. tr. 6s, sinking fu n d or redem ption of d in g bondsexceeding 105ct. 1 in te re sto been n a.
for ourchase
bonds n o t
and
t. P
566.135: a n n u al div. requirem ent on $2,781,500 6% pref. and $567,000 4 mills ta x . C onn. 4 mills ta x , M ary lan d securities tax n o t exceeding 4 4$
% pref. w ith rig h ts to a d d 'l div. of 2 4$ % , $215,085; a m o rtiz a tio n d e b t disc. mills per annum and M ass, incom e tax no t exceeding 6% per annum on
A expense. $114,890: balance. $894,473.
incom e derived from th e bonds refunded. In N ov. 1923 $10,300,000 6%
O F F IC E R S .— P re s ., A. E . Fit.kin; V .-P s., J . W. C a rp e n te r and H . D* series, due 1953, w ere sold by Drexel & C o ., Brown B ro th ers & C o ., W . H .
Polhem us; T re a s ., W. E . Shaw , J r.; Sec., S. R. Jones. Offices, 165 B ro ad ­ N ew bold's Son A C o ., R o b t. O lendenning A C o ., and E dw ard B. S m ith &
C o ., a t 98 a n d in te re s t, to yield a b o u t 6 .1 5 % . Y . 117, p . 2332.
w ay . N . Y. C ity .— V . 122, p . 1610, 2192, 2800.

t




PUBLIC UTILITIES

O c t ., 1926.]

The ls< A Ref Mtge Gold Bonds, 5 'Aft. Due 1975. a re issued b y th e Penn
C en tra l L ight & Pow er C o rp . which took over th e P en n . C en tral L ig h t &
P o w er C o rp . a n d a t th e end o f 1925 changed its nam e again to Penn C entral
L ig h t A Pow er C o. T hese 1st and refunding m ortgage gold bonds are
secured by a d ire c t 1st m tge. upon a portion o f th e physical p ro p e rty of the
c o rp ., a n d b y a d ire c t m ortgage on th e balance, su b jec t to certa in divisional
un d erly in g bond issues, of which $14.659 000 are o u tsta n d in g w ith th e
public, a n d n o t to exceed $66-0.3 0 is available in th e th e tre a s u r y . T here
a re also o u tsta n d in g with th e public $6( 0 300 of bonds of subsidiary com ­
p anies. All these divisional u nderlying bonds, A c.. are refundable under
th is m ortgage. A dditional 1st & ref. m tee. bonds m ay be issued from
tim e to tim e in serries of such ten o r as d irecto rs m ay d eterm ine, for 80%
o f new c o n stru ctio n . A c.. provided n e t earnings for 12 o u t of preceding 15
m o n th s have been n o t less th a n 1 % tim es a n n u al in te re st charges on all
4
bonds o u tsta n d in g , o r for 75% of such new co n stru ctio n , &c.. if earnings
have been n o t less th a n 1
tim es th e sam e charges. M ay also be issued
for certain refu n d in g p urposes, a g ain st cash. &c. A re red. on 30 d ays
notice incl. O ct. 1 1935. a t 105 and in t.. th is prem ium of 5% decreasing
a t th e r a te o f H % on each April 1 th e re a fte r to m a tu rity . In te re s t also
p a y ab le in C hicago and P h ilad elp h ia. Penn, and C o n n . 4-mill ta x , M ary ­
lan d 4 H -m ill ta x , C alif. 4-mill tax an d M ass. 6% incom e ta x refundable.
In O ct. 1925, A. C. Allvn & C o .. In c ., A c., A c., so'd $5,500,000 a t 97 and
in t., to yield 5 .6 5 % .— V. 121, p . 1790: V. 122, p . 1611.
D ividends.— An initial q u a r. d iv . of $1 25 was paid in J a n . 1926 on th e
$5 series p ref. sto ck . V. 121. p . 2752. In April and Ju ly 1926 each $1 25.
E A R N IN G S .— C onsolidated earnings (inter-co. item s elim .) for cal. years.
N et After
Bond In t., Renew . Res. A
Balance.
Gross.
Taxes.
&c.
Fed. Taxes.
$46 880
$938,269
1936*. _____ $4,879,041 $2.5O5A?0 $1 .101 181
644.810
1.840.705
857.580
338.315
1924 _____ 3.689.337
1,466 40Q
625.349
1 9 2 3 .. .......... 3.329.354
421 497
419.653
358 871
412.504
1 9 2 2 .. _____ 2 481 064
1,058 722
287.347
304,452
1 9 2 1 .. _____2.218.212
909 848
249,869
355,527
* 12 m o n th s ended A ug. 31 1926.
O F F IC E R S .— P re s ., A lb e rt E m an u el: Y .-P s.. V ictor E m an u e l. T hos. A.
O H a ra , Leo Loeb and J . H . Shearer: G en. M g r., J . H . Shearer: Spec. V .-P ..
W ille tt R . P o rter: T re a s., C . B. Zeigler: Sec.. D . L . M cD a n ie l.— V . 121,
p. 1909, 2752; V . 122, p . 348. 1457, 2497, 3607.

YORK RAILWAYS.
C ontrolled b y M unicipal Service C o ., which see above.
O R G A N IZ A T IO N .— Inco rp . in P e n n a . N o v . 15 1907 as a consolidation
• f p ro p erties o p eratin g in Y ork and v icin ity . V. 85. p. 1403. Franchise
p e rp e tu a l.
T h e following com panies h av e been consolidated or m erged:
Y ork S tree t R ailw ay Co.
Y ork H aven S treet R y. Co.
W rightsville A Y ork S treet R y . C o.
Red Lion A W indsor S tree t R y . Co.
Y ork A D over E lectric R y . C o.
H an o v er A Y ork S tree t R y . C o.
Y ork A D allastow n R y . C o.
Owns e n tire cap ital stock of Edison L ig h t A Pow er C o ., incorporated
In April 1913 to ta k e over th e lig h tin g and power subsidiaries of th e Y ork
R ailw ays and o th e r p ro p erties, including th e Edison E lectric L ight C o.,
th e lighting com panies of W est Y ork, N o rth Y ork, M an chester, M o u n t
W olf, D o v er, H allam and o th ers. In Ju ly 1915 th e M erch a n ts’ Elec­
tric L ig h t, H e at A Pow er C o. o f Y ork was p u rch ased and w ith five su b u r­
b an lig h tin g com panies consolidated w ith th e Edison L ig h t A Pow er
C o. D u rin g 1916 a m unicipal lighting system was installed in Y ork
u n d er a 10-year c o n tra c t. Also ow ns entire sto ck of York Suburban Land
C o. and Y ork Steam H eatin g Co. (V. 85, p. 1463). In Aug. 1923 organized
th e Y ork T ra n sit C o. for th e purpose of o p eratin g buses.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
A tro lley ro a d . Owns and operates about. 84.61 miles of tra c k cen trin g in
Y o rk , of which 25.35 miles are w ithin the city o f Y ork. In te ru rb a n lines:
Y ork A W indsor. 12.62 miles: York A W rightsville. 10.49 miles: York A
D over. 8.28 m iles' Y ork A Y ork H aven. 10 44 m iles and Y o r k A H anover.
17.39 miles. Passengers carried d u rin g 12 mos. Ju ly 31 1926- 10.593.634:
electric o u tp u t Edison L t. A P r. C o ., 43.087.099 k .w .h .: s tatio n cap acity ,
11,050 h .p .: n u m b er o f consum ers. 22,355; p o p u latio n served by co. and
subsidiaries, 111,500.
Exchange Offer.— In D ec. 1922 th e M unicipal Service C o. offered to give
stockholders in exchange for each 12 shares of Y ork R ys. com m on stock
(par $50) 5 shares of 6% cum . p ref. sto ck o f th e M u n icip al Service Co
(par $100). V. 115. p. 2582.
STO CK AN D B O ND S—
D ate. Interest.
Outstanding. M aturity.
C om m on $2,500,000 ($ 5 0 )_____
$2,500,000 O ct '26, 1
P re f $2,000,000 5% cum ( $ 5 0 ) . ___
Q -J
1.600.000 O ct ’26, \VX
1st m tg e A coll tr $10,000,000/ 1907 5 J-D
4.938.000 D ec 1 1937
gold ($1.000)_________ c * tf/G u a r. T r. A Safe D ep. C o .. P h ila .. tru ste e .
Stock.— P ref. stock Is c u m u lativ e 3 years from d a te of issue. Stocks are
listed on P h ila. Stock E xchange.
Bonds.— T h e sto ck o f th e controlled Edison L ig h t A Pow er C o. and Y ork
S u b u rb an L and Co. are deposited as add itio n al secu rity for th e bonds.
$1,178 .000 bonds in tre a su ry . R em aining bonds can only be issued under
certain restrictio n s. N o sinking fu n d . See p articu lars of bonds, p ro p e rty ,
A c., in V. 87. p. 40. B onds listed on P h ila. Stock E xchange
V .8 9 ,p .4 1 2 ;
V . 94, p . 984.
D ividends.— In itial d iv . on p re f.— 1% — paid Ju ly 1911. In 1912, 4 % .
In 1913 and 1914. 5 % . In 1915 th e regular J a n . d iv . of 2M % was paid in
6% scrip d a te d Ja n . 30 and m atu rin g Ja n . 30 1918. b u t called for p a y m e n t
on J a n . 30 1916. T h e Ju ly d iv . of 2 H % was paid in cash. In 1916 6V i% .
In 1918 to 1924. in c l.. 5 % . In 1925. 5 % . In 1926. 6 % . An initial q u a r.
d iv . o f 1 % was paid on th e com . stock J u ly 15 1922. V. 114, p . 2826. In
O ct. 1922 1% was p a id . In 1923, 4 % . In 1924. J a n ., 1% ; A p ril, 1% ;
J u ly , 1% ; O c t., 1 H % . In 1925, 6 % . In 1926, 6 % .
E A R N IN G S .— C om bined earn in g s for c alen d a r years:
Gross
N et. after
Fixed
Balance,
Earnings.
Taxes A Deprec.
Charges.
Surplus.
1924
_____ $2,175,409
$748,314
$246,900
$501,415
N ote.— T axes, deprec. and in t. on bonds hav e been a d ju sted in accordance
w ith th e resu lts arising from an agreem ent w ith Y ork H aven W ater A
Pow er C o ., w hereby it assum es certain fixed charges o f th e c o .’s steam
pow er p la n t.
” Latest E arnings.— F o r 12 m os. en d . J u ly 31 1926: G ross, $2,400,025: n e t,
a fte r taxes, $1,015,925: fixed charges, $326,900: d e p re c., $191,920: balance,
$497,105.
O F F IC E R S .— O per. M an ag ers, G en. E n g . A M an ag em en t C o rp .,
165 B roadw ay. N . Y. C ity . P re s ., A. E . F itk in ; Y .-P s., IT. D. Polhem us,
J . E . W ayns and L . C . M ay er; Sec., S. R . Jones; T re a s., W . E . Shaw , J r .
Offices, Y o rk , P a ., a n d 165 B ro ad w ay , N . Y . C ity .— V . 120, p . 3317.

LEWISTOWN & REEDSVILLE ELECTRIC RY.
C ontrolled by th e Pen n C en tra l Light A Pow er C o rp . All of th e stock
and som e o f th e bonds a re s u b jec t to th e lien o f th e m ortgages of th e Penn
C en tra l L ig h t A Pow er C o. (see u n d er P e n n C en tra l L ig h t A Pow er C orp.
a b o v e ).
O R G A N IZ A T IO N .— In c o rp . in P en n sy lv an ia on M arch 24 1892.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O p erates 9-45 miles of track from Lewistown to Reedsville and Lewistown
Ju n ctio n , w ith a branch to B u rn h am . R ails 60 and 70-lb. T and 70-lb.
gird er. Closed cars, 26. 1 snowplow, 1 m iscellaneous. V. 120, p. 1204.
ST O C K A N D BO N D S—
Date. Interest. Outstanding. M aturity.
_______
$150,000 ’07-'08. 5%
Stock $150,000 ($ 50)_____________
1st m tge gold ($500 A $1,000)1 1899 6 g J - J
89,500 Ju ly 1 1929
$150,000 n o t c a lla b le .c A r tf/In t. a t M erch an ts U nion T r. C o ., P h ila .,tru s
Second m ortgage $125.000_ / 1902
_
5%
125.000 M ay 1 1949
/C o m m o n w ealth T r. C o ., H a rris b u rg ,P a .,tru s
R efunding m ortgage $500,000/ 1917 5 A-O
68,000 O ct 1 194 o
/P h ilad e lp h ia T r u s t C o ., P hiladelphia, tru ste e
T h e first m ortgage bonds originally bore in te re st a t th e ra te of 5% and
m a tu re d J u ly 1 1919, b u t w ere extended for 10 years a t 6 % . V . 109, p.1179.




121

Second m ortgage 5s originally fell due M ay 1 1917, b u t w ere extended to
M ay 1 1949. T h e y are owned or controlled by Penn C entral Light A Pow er
C o. All th e o u tsta n d in g refunding m ortgage bonds are ow ned by th e P enn.
C en tra l L ig h t A Pow er C o. T hey w ere issued for extensions, im p ts .. Ac.
D ividends.— 1902 to 1908, inclusive, 5% per a n n u m . N one since.
O F F IC E R S .— P res. A M g r., J . I . Q uigley, Lew istow n; V .-P .. J . H .
sh ea re r. A ltoona, P a .; T re a s ., C. B. Zeigler, N ew Y ork, N . Y .: Sec., D . L.
M cD an iel, New Y o rk , N . Y .; A sst. T re a s., M . A. M iller, A ltto o n a,_ P a.
S u p t., C . E . G ossard, L ew isto w n .—V. 96, p . 487; V. 109, p . 1179.

CLEVELAND & ERIE RAILWAY CO.
W e u n d e rstan d t u a t th is ro a d , w hich had been in hands of a receiver
since S ep t. 20 1920, has been scrap p e d a n d th a t com pany is o u t of business.
F o r h is to ry , A c., see "P u b lic U tilities C o m pendium ” of M ay 1 1926.

WILKES-BARRE & HAZLETON RR.
O R G A N IZ A T IO N .— Incorp. in N . J M ay 1901 and acquired th e entire
($1,500,000) c ap ital stock a nd ($1,500,000) bonds of th e W ilkes-B arre A
H azleton Railway C o. (P enna. incorporation) and deposited th e sam e,
together w ith $140,000 (entire issue) of th e Lehigh T ractio n C o .'s 5%
certific a te s of indebtedness a nd $926,200 (on J u ly 7 1926 increased to
$993,100) of th e $1,000,000 stock of th e Lehigh T raction Co. as security
for th e W ilkes-B arre A H azleto n R R . C o. issue of 1st coll, tru s t m tge. 5%
gold bonds. V. 72, p. 1281. Franchises a re 999 years in a n d aro u n d
H azleton an d p e rp e tu a l from H azleton to W ilkes-B arre.
4
in O ct. 1922 th e co. notified holders of the coll. or. 5s (due 1951) th a t lt
would be im possible to p ay th e M ay 15 1915 to N ov. 15 1916. in c h , coupons
and offered in paym ent 6% non-cum . pref. stock of th e co. T o D ec. 31
1925. 78% of th e bondholders w ere rep o rted to have accepted th e c o .’s
plan by exchanging th e ir unp aid coupons for pref. stocks. Y. 122. p . 2194.
H olders of th e coll. tr. term inal 5s (due 1945) were also notified in O ct.
1922 th a t it would be im possible to pay th e O ct. 1 1915 to April 1 1917,
incl.. coupons and were offered in p a y m e n t 6% non-cum . pref. stock of the
co. To D ec. 31 1925, 98% of th e bondholders w ere reported to h a v e
accepted th e c o .’s plan b y exchanging th e ir unpaid coupons for pref. sto ck .
S T O C K A N D B O N D S— Date.
Interest. Outstanding. M aturity.
C om m on $2,500,000 ($100)......................................... $2,500,000 ........................
P ref 6% non-cum $700.000_ _____
_
_________
450.140 __________
C ollateral tru s t m ortgage $2,-1 1901
5 g M -N 15 l,9 0 0 .0 0 0 M ay 15 ’51
500.000 gold ($1.000)__ c * /ln t. a t G u a ra n ty T ru st Co. N Y ., T rustee.
C ollateral tru s t m ortgage $1.-11905
5 g A-O
1.227.000 O ct 1 1945
500.000 gold ($1.000)___ c / I n t a t G u a ra n ty T ru st C o., N . Y ., T ru stee.
Stock.— Preferred stock can. a t option of com pany be changed a t an y
tim e into th e bonds of th e com pany, a t p a r. said bonds to bear n o t lew
th a n 5% . or m ay be red. a t p ar in cash
Bonds.— O f th e authorized issue of $2,500,000 coll. tr. bonds of 1901,
$600,000 are reserved to retire all bonds of th e Lehigh T rac tio n C o. A
sinking fund of $20,000 p er an n u m , which began June 1 1908. is to b e
invested in th e coll. tr. bonds or in bonds purchasable by savings banks in
New York S tate. See V. 72 p. 1281. V. 78. p 289
T he coll. tr. bonds of 1905 have a sinking fu n d of $10,000 per a n n u m ,
which began in 1910. B onds can be called a t 110
E A R N IN G S .— F o r c alen d a r years (including allied com panies):
Gross.
N et.
Taxes
Interest. Res. A Dep. D eficit.
xl 9 2 5 --...........$718,327 $166,574 $17,262 $195 150 $124,482 $170,320
1924___ . . . . 912.872
315.731
18.552
181.637
137.802
22.261
1923................. 899.180
317.358
16.034
189.000
130.460
18.137
1922................. 771.290
277.152
19.576
182.532
128.104
53.060
x T h e loss in 1925 on e q u ip m e n t re tired and a b an d o n m en t of power
p la n t am o u n ted to $95,752.
O F F IC E R S .— P re s ., A. M arkle; V .-P . A G en. M g r., O . B. H ouck
Sec., A. M arkle J r.; T re a s ., G eo. W . H odges; C ashier, W ilbert W ear.—
V. 116. p . 2258; V. 122. p . 2194.
(1) L E H IG H T R A C T I O N C O .
O R G A N IZ A T I O N .— C hartered N o v . 7 1892. Franchise p erp etu a l.
O w ns, con trols and leases for 999 years a t an an nu al rental o f $1 each the
H azleton A Suburban E lectric R y .. ca p ita l $30,000; H azleton A S outh
Side E lectric R y .. ca p ita l $75,000: H azleton A N orth Side E lectric R y .,
ca p ita l $ 7 5 ,0 0 0 . T h e $ 1 4 0 ,0 0 0 ce rtific a tes o f Ind eb ted n ess and $ 9 9 3 ,1 0 0
o f L eh igh T raction sto ck are d ep o sited as secu rity for th e W ilkes-B arre A
H a z leto n R R . b o n d s o f 1 901. O w ns en tire sto ck o f H a zleto n A u to -B u s C o .
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S I N E S S .— A
tro lley road. O perates 20 m iles o f track , new 90-lb steel T rails, oak tie*,
w ell b a lla sted . Road ex ten d s from H azleton to W est H a zleto n , to York*
tow n (con n ecting w ith P e n n sy lv a n ia R R . and L ehigh V alley R R .) , to
M cA d o o (so u th ) and M U n esv ille. L atim er M in es and Freeland (n o rth ).
STO C K A N D B O N D S —
Date.
Interest. Outstanding. M aturity.
.................... $ 1 ,0 0 0 ,0 0 0 .................. ..
S tock $ 1 .0 0 0 .0 0 0 ($ 1 0 0 )........ ................
First m ortgage $ 5 0 0 ,0 0 0 g o ld ! 1893
5 g J -D
5 0 0 .0 0 0 J u n e 1 1933
($100 $ 5 0 0 . $ 1 ,0 0 0 ) ------ c * /M a r k le B k g A T r. C o ., H a zleto n , T ru stee.
C ertifica tes o f in d e b te d n e s s ...........................................
140 000 ___________
H a z le Park ref b ond s ( $ l . - ( 1925
6 A-O
6 0 .0 0 0 A pr 1 1940
000 c * ) ---------------------------- t f \ l n t . a t M a rk le B k g . A T ru st C o .. T ru stee.
E q u ip tru st c tfs , Ser B ............. I 1925
5V$ A-O
180 0 0 0 Apr 1 1935
[I n t. a t M arkle B k g . A T r. C e ., T ru stee.
Bonds. — Tn F eb . 1923 th e co . an nou n ced a plan for th e ex ten sio n o f t h e
1st m tge. 5 s. d u e Ju ne 1 1923. for 10 y e a r s. V. 116. p 1649: V 117 p 781.
T h e H azle Park ref. b o n d s are red. upon 60 d a y s ’ n otice a t par and In t.,
and either w hole or p a rt. T h e eq u ip m en t tru st certifica tes cover 3 steel
cars and 10 new steel b od ies.
A.

O F F I C E R S .— Pres . A . M arkle: V .- P ., O. B . H ouck: See. a n d T r e a s.,
M a rk le J r.; G en. M g r ., C . B . H o u ck .— V . 1 1 8 , p . 1649; V . 1 1 7 . p . 6 7 0.781

(a) H A Z L E T O N A U T O B U S C O .
O R G A N IZ A T I O N .— In co rp . A u g . 10 1925 In P e n n s y lv a n ia . O perates
th ree b u s ro u tes a s a u x ilia ry to str e e t car lines in c ity o f H a z leto n . P a .,
and B orough o f W est H a z leto n , P a . Stock a u thorized and o u tsta n d in g
$ 1 0 0 ,0 0 0 , all o w ned b y L eh igh T ra ctio n C o. C ertifica te o f p u b lic co n v en ­
ien ce expires J u n e 1 1928.
O F F I C E R S .— P r e s ., E . B . M arkle: S e c .-T r e a s., A . M a r k le, Jr.
(2) W I L K E S -B A R R E & H A Z L E T O N R Y .
O R G A N IZ A T I O N .— C hartered D ec. 13 1899 under G eneral R ailroad
L aw A ct o f April 4 1868, S ta te o f P e n n sy lv a n ia . T h e W ilkes-B arre A
H a zleto n RR. o w ns th e en tire sto ck and bonds.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S I N E S S .— A
tro lley , stea m and third rail road. O w ns 27 m iles o f road from H a zleto n
to W ilke -B a rre, and uses for term in als 1 m ile L ehigh T ra ctio n C o . track
a t H azleton and 3 m iles W ilkes-B arre T erm inal R R . C o . track a t W ilkesBarre; to ta l, 31 m iles. E n tire road p la ced in op era tio n M a y 1 1903.
R a ils. 95 lb s.
STO C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
S tock $ 1 .5 0 0 .0 0 0 full p a id __________
__________ $ 1 ,5 0 0 ,0 0 0 .................. ..
F irst m o rtgage $ 1 ,5 0 0 .0 0 0 1 1 9 0 1
5 g M -N
1 .5 0 0 .0 0 0 M a y 1 1951
g o ld ------------------------------------ /I n te r e st a t G u a ra n ty T ru st C o .. N . Y ., T ru s.
O F F I C E R S .— P r e s ., A lv a n M arkle; V .-P . a n d G en . M g r ., O . B . H ouck;
S ec. and T re a s., A . M a rk le J r.
(a) W IL K E S -B A R R E T E R M IN A L R R .
E n tire sto ck and b ond s ow ned b y W .-B . A H a z le to n R R .
O R G A N IZ A T IO N .— Incorp orated on O ct. 9 1903.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S I N E S S .—
3 .8 0 m iles, b etw een W .-B T er. R R . J u n e , and W ilkes-B arre. R a ils, 95-lb .
T .; g a u g e, 4 ft. 8 H in.
C A P IT A L I Z A T I O N .— S to ck a u th o rized and o u tsta n d in g , $ 3 5 ,0 0 0
(par $ 5 0 ). B on d s a u th o r ize d . $ 6 0 0 ,0 0 0 (c& r). D a te 1905; d u e O ct. 1
1945. I n t. (5 g A-O) p a y a b le in N ew Y ork .
O F F I C E R S .— P r e s ., C . J . Kirsctruer; S ec .-T r e a s., A . M a r k l e
J r .

122

PUBLIC UTILITIES
HARRISBURG RAILWAYS.

O R G A N IZ A T IO N .— In c o rp . In P e n n , on N ov. 29 1912 a n d m erged th e
C en tral Pennsylvania T rac tio n C o. (see “ E lectric R a ilw a y ” Section of S ept
1912) a n d its subsidiaries. V. 96, p . 202.
F IE L D O F O P E R A T IO N S .— Owns 12.47 m iles an d leases 61.24 miles
line. T o ta l o p e ra te d 73.71 m iles.
STO CK A N D B O ND S—
D ate.
Interest. O utstanding. M atu rity.
C om m on $ 3 ,000,000_________ _____
_________ $3,000,000 __________ _
P re f 6% cum $ 2 ,100,000__________
See te x t
2,100,000
See te x t
F irst & re f m tg e $10,000,0001 1912
5 J-J
3,169,900
1963
($1,000 a n d $5 0 0 )_____tf/H a rr is b u r g T r u s t C o ., T ru ste e .
Stock.— P ref. sto ck w as cum . a t 5% u n til J a n . 1 1915; since, 6%
D ividends.— 3 K % w as p a id on p re f. sto ck in 1913. In 1914, 5 % . In
1915, A p ril, 2 H % ; O c t., 1 % . In 1916, A p ril, 1 % . In 1917, A pril, 1 M %;
O c t., 1 % . In 1921, A p ril, 3 % . In 1922, 6 % . In 1923, 8 % .
In 1924,
8 % . In 1925, A p ril, 4 % ; O ct., 3 % . In 1926, A pril, 3 % ; O c t., 3 % .
E A R N IN G S .— F o r calen d ar years:
Other
Gross
N et, after
Fixed Chgs.
Balance,
Incom e.
Earnings.
Ac.
Surplus.
Taxes.
$282,755
$39,485
$209,564
$112,676
_
x l9 2 6 __ _ $1,097,779
386,072
52,722
313.214
1925___ -_ - 1,652,302
125.580
1924____ - - - 1,692,234
422.785
56,289
164.219
314,855
513,676
1923____ - - - 1.747.586
50,176
318,176
245.676
1922___ - - - 1.668,186
501,025
39,311
318.103
222,233
x E ig h t m o n th s ended A ug. 31 1926.
O F F IC E R S .— P re s ., F . B . M u sser, H a rrisb u rg , P a .; Sec. & T re a s ., J .
O -C o n n ell, H a rrisb u rg , P a — Y . 119, p . 2533; Y . 122, p . 2190.

SCHUYLKILL RAILWAY CO.
O R G A N IZ A T IO N .— In c o rp . in P e n n a . on J u ly 20 1903 a n d pu rch ased
th e p ro p e rty of Schuylkill T rac tio n C o. a n d L akeside R y . C o. V. 80, p.
1729. Leases th e S chuylkill C o u n ty R y . C o.
Reorganization P lan.— F o r d etails o f reo rg an izatio n p la n m ade public
in J u n e 1918 (n o t c o n su m m ate d , how ever, as y e t), see “ E lec tric R ailw ay ”
S u p p lem en t o f A p ril 26 1924.
Sale Proposed.— See V . 109, p . 1462.
STO CK A N D BO N D S—
D ate. Interest. Outstanding. M aturity.
S to ck $400,000 ($ 50)_______________
_________
$400,000 __________
F irst consol m tg e $ 1 ,450,000/ 1905
5 g A-O
640,000 A pril 1 1935
gold ($500 & $ 1 ,0 0 0 )___ c * l l n t . a t F id e lity T r u s t C o ., P h ila ., tru s te e .
Incom e b o n d s________________ 1913
5 J -J
150,000 J a n 1 1944
Series B ______________
____
_________
16.500 __________
Bonds.— O f th e rem ain in g fir s t consol, b o nds, $760,000 a re re serv ed to
re tire th e u n d erly in g liens in s ta te m e n t below a n d $50,000 a re in tre a s u ry .
Are s u b jec t to call a t p a r a n d in te re s t.
E A R N IN G S .— F o r y e ar ending D ec. 31 1924, gross, $508,657; n e t, a fte r
taxes, $175,859; deficit a fte r charges $14,186 on 1923, gross, $494,525; net,
afte r taxes, $100,083. In 1922, gross, $450,542; n e t, a fte r tax es, $7,640.
In 1921, gross, $581,828; n e t, a fte r tax es, $13,983.
O F F IC E R S .— P re s ., Pow ell E v a n s, P h ila.; V .-P s., J a s . D . E v a n s an d
T h o s. E v a n s, P h ila.; Sec. & T re a s .. C . E . H a n n a, P h ila.; G en. M g r.,
O . Sims B ailey, G irardville; A u d ., E . S u ran sk y .— V. 109, p . 1700; V . I l l ,
p . 1950; V . 117, p . 1665. 2654.
(1) S C H U Y L K IL L T R A C T IO N C O .
O R G A N IZ A T IO N .— C h a rte re d S e p t. 26 1892 in p e rp e tu ity u n d e r th e
M o to r T rac tio n A ct o f M a rc h 22 1887. R o ad opened J u n e 1 1893. On
J a n . 6 1893 leased fo r 999 y ears th e M ah an o y C ity Shenandoah G irardville
& A sh lan d S tre e t R y . On O ct. 5 1893 leased for 999 y ears th e A shland
L ocustdale & C en tra lia E lec. R y . Owns all th e stock of th ese tw o roads,
which is pledged u n d e r th e first m o rtg ag e . On A pril 27 1900 leased for 999
years th e L akeside R y ., w hich connects th e tw o ends o f th e c o m p a n y ’s;
ro u te s fro m M ah a n o y C ity to S h enandoah, an d p u rch ased 2,600 of th e 5,000
shares o f th e c a p ita l sto ck . On J a n . 24 1901 leased th e S henandoah &
P o ttsv ille S tre e t R y . (13 miles) for 999 years (in co rp o rated A ug. 1 1900).
a n d b o u g h t all o f its c ap ita l sto ck . T h e L akeside S h enandoah & P o tts ­
ville sto ck is pledged u n d e r consol, m tg e.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A tro lle y ro a d . Schuylkill T rac tio n D iv isio n , 22 A miles o f tr a c k , beginning
a t L o cu std ale, th en ce th ro u g h A shland, H olm esville to G irard ville, form ing
th e re a Y , one b ra n c h ru n n in g th ro u g h L o st C reek to S h en an doah, a n d the
o th er b ra n c h to M alzeville, G ilb erto n a n d M ah a n o y C ity . L akeside D ivi­
sion, 5 A m iles. T o ta l, 28 m iles. 60 a n d 70-lb. T ra il. E x tensions of 43
miles pro p o sed a n d c h a rte rs o b ta in e d . O p erates 51 m o to r c ars, 4 w ork
cars a n d 2 snow sw eepers.
Plan o f Reorganization.— See Schuylkill Ry C o. ab o v e.
$150,000 L akeside R y . 1st m tg e. 4s m a tu re u N o v . 1 1923, b u t th e p rin ­
c ip a l w as d e fa u lte d . I n t. how ever is being p aid reg u larly .
Committee for Lakeside Ry 1st M tge. 4s.— C h airm a n , B ran d on B arrin g e r
G . W . D av is a n d F ran c is R alsto n W elsh. V . 117, p. 2654.
S T O C K & B O N D S — M iles. D ate.
Interest. O utstanding. M aturity.
1st M $500,000 g $500 & /22 A 1893
5 g A-O
$500,000 A pril 1 1943
$ 1 ,0 0 0 _______________ i l n t . a t C o n t.-E q u it. T . & T . C o ., tru s te e , P hila.
1st M L akeside R y g o ld / 5 H 1893 4 g M -N
150,000 N ov 1 1923
$150,000 g u a r a n t’d b y i l n t . a t C o n t.-E q u it. T . & T . C o ., P hiladelphia
Schuylkill T r a c tio n _ ( tru s te e .
_
N ew consol m o rtg ag e (s e e ;___ 1901
414 g J - J
105,000 J u ly 1 1951
te x t) ($1,000) g o ld -- c * \In te re s t a t F id e lity T r u s t C o ., P h ila ., tru s te e .
Pow er house m o r t g a g e . . _________
_________
5,000 ---------------B onds.— T h e 1st M . bon d s o f 1893 m ay be p u rch ased fo r sin k , fu n d a t
105. Sinking fu n d o f $10,000 p e r a n n u m began April 1 1898. In Ju n e
1916 th e tru s te e b ro u g h t su it for an acco u n tin g of n e t pro fits from operation
of th e p ro p e rties u n d e r th e m tg e. an d asked for th e p a y m e n t of $10,000 or
such p a r t th e re o f as can b e d e te rm in e d to be d u e, w ith in te re s t, for each
y ear from A pril 12 1905 in w hich n e t p ro fits w ere earn ed , in accordance
w ith th e sinking fu n d porvisions.
A u th . a m o u n t o f consol, m tg e . was $2,000,000, b u t m tge. h as been closed
w ith $105,000 o u t. O f th e o u tsta n d in g b o n d s, $36,000 a re held in th e
tre a su ry . S u b ject to call a t 105 a n d in t. Sinking fu n d of 1% o f b o n d s o u t
becam e o p e ra tiv e A ug. 1 1907.— V . 80, p . 1729.

JOHNSTOWN TRACTION CO.
O R G A N IZ A T IO N .— In c o rp . In P en n sy lv an ia on Feb. 24 1910. Wa.=
in co rp o rated originally to ta k e a lease for 18 years from J a n . 5 1910 of tht
Johnstow n P ass. R y. from th e A m erican R y s. (P h ila .). In J a n . 1914 th t
Johnstow n P ass. R y . a n d th e Jo h n sto w n T rac . C o. were m erged under the
title of th e Jo h n sto w n T rac tio n C o ., th e A m erican R ys. C o. having sold itin terests. Franchises p erp etu al. T h ro u g h its subsidiary, th e T raction
Bus C o ., operates bus lines as feeders. V . 116, p. 515, 1411.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O w ns an d o p erates u n d e r p e rp e tu a l c h a rte r an d franchise th e en tire street
railw ay sy ste m o f Jo h n sto w n , P a ., a n d v ic in ity . T o ta l tra c k a g e, 43 m iles
STO CK A N D B O ND S—
Date.
Interest. Outstanding. M a tu rity .
C om m on $1,000,000 p a r $ 5 0 - . ------------------$875,000 ---------------P f $1,000,000 7% cum ($100)______
_________
1,000,000 ---------------F irs t & re f M $5,000,000 s f \ 1913
5 g J-J
2,000,000 J u ly 1 1943
($500, $1,000) g o ld ._ c * n tf/L o g a n T r u s t C o ., P h ilad e lp h ia , T ru ste e .
J o h n s P ass R y c o n M ,$800,0 0 0 \ 1899
4 g J -D
399,000 Dec 11929
g ($ l,0 0 0 )re d a n y in td a y c * tf/In t. a t G u a ra n ty T r . C o ., N . Y ., T ru ste e .
Jo h n s P ass R y re f M $2,000,-1 1901
4 g J-D
1,601,000 D ec 11931
000 gold ($1,000)
c * n tf /I n te r e s t a t Jo h n sto w n T ru s t C o ., T ru ste e .
B onds.— Of th e first & ref. m tg e. $2,000,000 a re reserved to re tire Jo h n s­
to w n P ass. R y . 4s; th e re m a in d e r ($1,000,000) reserved for fu tu re exten­
sions, &c. R ed . a t 102 & in t. S in k, fu n d of 1% a n n . beg an O ct. 1 1917.




[V ol. 123.

O f th e Jo h n sto w n P a ss. m tg e . o f 1901, e n tire issue m a y be called a t an y
tim e a t 105 upon six w eeks’ notice.
E A R N IN G S .— F o r c alen d a r y ears:
N e t.a ft.T a x . Bond. In t.
B a l.,S u rp .
Gross.
$392,851
$189,524
$203,327
1925
$1,207,759
145,190
"331,840
"186,650
1924 __________________ 1,214,740
1923
1,271,528
334,175
183,968
150,207
1922
1,194,573
270,059
185,166
84,893
_
1,253,777
280,953
188,600
1921_
92,353
O F F IC E R S .— P re s ., E . M . d u P o n t; V .-P ., J . M . M urd o ck ; S ec.-T reas.,
Jo s. M cA neny; G en. M g r., Lee T . Shannon. Office, C e n tra l A v e., Jo h n s­
to w n , P a .— V. 116, p . 1411, 2993; V . 119, p . 811.

LANCASTER & YORK FURNACE STREET RY.
O R G A N IZ A T IO N .— In c o rp . M a y 17 1916 In P e n n sy lv an ia as successor
to old L a n c a ste r & Y ork F u rn ac e S tre e t R y. (incorp. J u ly 22 1901), b o u g h t
in b y th e bondholders on A pr. 15 1916 for $125, su b je c t to th e m o rtg ag e for
$150,000 (V. 101, p. 212; V. 102, p . 1540).
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A tro lley ro a d . O perates 12 % miles of tra c k b etw een M illersville an d Y ork
F u rn ac e . 60-lb. T ra il. G auge 5 f t. 2 A in .
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M a tu rity .
S to c k $100,000 ($50)_________
________ _____
$100,000 ............ .........
1st M tg e gold $150,000 ($100,/ 1908
5 g J-J
150,000 J a n 1 1 9 2 8
$500 & $1,000)____c & r n tf \I n t. a t N o rth e rn T r . & S av. C o ., L a n e .,T ru s.
Bonds.— A re n o t su b je c t to call a n d h av e no sinking fu n d .
O F F IC E R S .— P res. & T re a s ., E . H . M yers; V .-P . & Sec., Jo h n H . M y ers;
G en. M g r., H . M . S ta u ffer.— V. 102, p. 153, 1249, 1540, 1625. 2077.

MAUCH CHUNK TRANSIT CO.
Control.— T h e e n tire c a p ita l sto ck is ow ned b y Lehigh Power Securities
Corp.
O R G A N IZ A T IO N .— A cquired th e p ro p e rty , rig h ts a n d franchises of
th e form er M auch C hunk A Lehighton T ransit C o., sold Ju n e 30 1925 b y o rd er
of C o u rt. T h e operatio n s w ere re linquished b y th e receivers to th e new co.
on M a y 1 1926.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A tro lley ro a d . C om prises 8 m iles of trc a k ; 10 cars. Owns a b o u t 425 acres
of re a l e sta te , including 75 acres on “ F la g s ta ff H e ig h ts.”
S T O C K A N D B O N D S—■
D ate. Interest. O utstanding. M a tu rity .
_________
$55,100 ---------------C om m on $ 55,100____________ _____
1st m tge $40,000_____________ 1926
5l
A
*15,000 A p ril 1 1946
Incom e bonds $115,000______ 1926
_____
113,900 A p ril 1 1946
* T rea su ry bonds pledged as c o llateral to a loan.
E A R N IN G S .— F o r calendar years:
1925.
1924.
1923.
G ross______________________________
$45,151
$56,616
$53,612
N e t a fte r ta x e s _____________________
839
1,555
21
O F F IC E R S .— P res., J . M . Hess; V .-P ., H . F . D lcke; Sec. & T re a s., C. M .
W alter; A sst. Sec. & A sst. T re a s ., J . M . R alsto n ; M g r., W . H . E v a n s.

LEWISBURG MILTON & WATSONTOWN PASS. RY
O R G A N IZ A T IO N .— C h arte re d S ep t. 3 1897
In 1910 W h itta k e r &
D iehl of H arrisb u rg purchased control from th e R ailw ays C om pany G eneral,
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A trolley ro ad . 10 miles of tra c k betw een points nam ed in title . 12 over­
head o peration cars, 2 storage b a tte ry cars ru n from M o n tan d o n to M ifflinbu rg . U nder c o n tra c t w ith P ennsylvania R R ., th e L ew isburg M ilto n &
W atsontow n P ass. R y. agreed to install sto ra g e -b a tte ry cars on som e 11
miles of tra c k betw een M o n tan d o n an d M ifflinburg, a n d to o p erate a line
in c onjunction w ith steam use of th a t section of ro a d , connecting w ith
p re sen t trolley line a t E a s t Lew isburg.
ST O C K A N D B O N D S — Date.
Interest. Outstanding. M a tu rity .
Stock $ 1 5 0 .0 0 0 ....................... ...............
...............
$150,000 ---------------F irst m ortgage $300,000 gold! 1910
5 g F-A
175,000 F eb 1 1940
($500)_________________ c * |I n t . a t L an d T itle & T r . C o ., P h ila ., tru s te e .
Bonds.— R em aining bonds can only be issued for im provem ents a nd ex­
tensions a t 80% of cost. S ubject to call as a whole on an y in t. d a te a t p a r.
E A R N IN G S .— F o r 12 m onths ending D ec. 31 1924, gross, $40,671; n e t
a ft. taxes, $1,469. In 1923, gross, $48,873; n e t a ft. tax es, $7,033. In 1922,
gross, $56,584; n e t a fte r taxes, $9,633. In 1921, gross, $59,063; n e t a ft.
taxes, $3,437.
O F F IC E R S .— P re s ., Jo h n F . W h itta k er; V .-P ., L . G . B row n; Sec. &
T re a s., D . L . D iehl; A sst. Sec. & T re a s., W . B . R a n k in .— V . 90, p . 1363.

PENNSYLVANIA-NEW JERSEY RAILWAY CO.
C o ntrolled b y th e B ucks C o u n ty S y ndicate.
Default— Sale, & c.— T h e co. having d efaulted in th e p a y m e n t of in t. due
Ju ly 1 1924 on its 1st m tge. 6% bonds, th e p ro p e rty w as to be sold a t auction
N ov. 17 1924. V. 119, p. 1845.
O R G A N IZ A T IO N .— T his was form erly th e B ucks C o u n ty In te ru rb a n
R y ., b u t co rp o rate title changed under d a te of M ay 15 1917 to P ennsyl­
vania-N ew Jersey R y. C o. T h e Bucks C o u n ty In te ru rb a n was incorpor­
a te d M ay 13 1913 in P en n a. as a consolidation of th e B ucks C o u n ty E lectric
R y ., T ren to n N ew H ope & L am bertville S t. R y ., Y ardley M orrisville &
T ren to n S t. R y . an d N ew tow n & Y ardsley S t. R y . V. 96, p . 1555.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perates 23.82 miles extending from te rm in a l in T re n to n th ro u g h M o rris­
ville an d Y ard ley , P a ., to N ew H ope, P a ., an d L a m b e rtv ille, N . J . , from
Y ardley to N ew tow n. Service betw een Y ard ley a n d L am b e rtv ille an d
betw een Y ardley an d N ew tow n was discontinued Sept. 21 1924. H as
trackage rig h ts over T ren to n C ity bridge a n d tra c k s of T re n to n -P rin c e to n
T ractio n Co. in T ren to n to te rm in a l a t W arren n d H a n o v er. G au g e,
5 ft. 2 Vi. in.
To Operate Buses.— In J u ly 1924 com m enced o p e ra tio n of a b u s line
betw een T ren to n , N . J ., a nd M orrisville, P a ., in co-operation w ith th e
presen t electric railw ay service. C om pare V . 117, p . 1993.
Date.
Interest. O utstanding.
M aturity,
ST O C K A N D B O N D S—
$99,450 ......................
C om m on $500,000 ($50)--------- ... ...........................
6%
500,000 ---------------Pref 6% cum $500,000 ($50)-- ____
6%
200,000 J a n 1 1954
l s t m tge bonds $500,000--------- 1 1924
/N o rth e rn T r u s t C o ., P h ila ., tru s te e .
E A R N IN G S .— F o r 12 m os. ending D ec. 31 1924, gross, $111,269; n e t
a fte r taxes, $4,883. In 1923, gross, $209,788; n e t a fte r ta x e s, $23,158.
In 1922, gross, $229,451: n e t a fte r taxes, d e f., $9,602.
O F F IC E R S .— P re s ., Sydney L . W right; V .-P . & G en . M g r., G aylord
Thom pson; Sec., H ugh B . E a s tb u rn . P h ila. office, 133 S. 5 th S t.—
V. 119, p . 75, 1845.

BANGOR & NAZARETH TRANSIT CO.
O R G A N IZ A T IO N .— Incorp. in 1926 as successor to Slate Belt T ransit Co.
(for h isto ry , see “ P . U . C om pendium ” of M a y 1 1926), w hich la tte r co. h ad
been in h a n d s c f a receiver^since F eb. 1922.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Co. operates 18 m iles of tra c k from N a z a re th to B angor, 8 cars, 3 m isc. cars.
C A P IT A L IZ A T IO N .— W e w ere inform ed t h a t c o .’s c ap italiza tio n con­
sists of $180,000 c ap ita l sto ck a nd $180,000 1st m tge. b onds. N o fu rth e r
p a rtic u la rs .

Oct., 1926.]

POWER, LIGHT AND RAILWAY

E A R N IN G S .— E arn in g s for 1925 w ere s ta te d to be “ ap p ro x im ately
$ 7 5 ,0 0 0 ,” w hich figu re, we p resu m e, rep resen ts gross earnings.
O F F IC E R S .— P res., D . H . K eller; V .-P ., D . C . K elly; Sec. & T rea s.,
O liver L u B ar; G en. M g r., P a u l R . L u B ar.

NORTHERN CAMBRIA RAILWAY CO.
O R G A N IZ A T IO N .— O rganized as successor to th e N o rth e rn C am b ria
S tre e t R y . C o ., sold u n d e r foreclosure M a rc h 31 1918. V . 106, p . 2229.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perates 13 miles betw een P a tto n , C arro llto w n , Spangler, S t. B enedict
and B arnesboro. S ta n d a rd gauge, 70-lb. T and g ird er rails.
E a R N IN G S .— F or calen d ar y e ar 1924, gross, $55,054; n e t before taxes,
d e f., $131. In 1923, gross, $75,747; n e t before tax es, $13,866. In 1922,
gross, $63,210; n e t, $1,082. In 1921, gross, $85,450; n e t $12,527.
O F F IC E R S .— P re s ., J a s . H . A llport; V .-P ., C . C . A dam s; Sec., C . L .
C alah an ; T re a s., C . A . S h a rb a u g h .— V . 106, p . 2229, 2450.

FAIRMOUNT PARK TRANSIT CO.
O R G A N IZ A T IO N .— ln c o rp . In D elaw are In Sept. 1916 as successor to
Che F airm o u n t P a rk Transportation C o. in accordance w ith plan of reor­
g anization outlined In this pub licatio n o f S ep t. 29, 1918. T h e assets ol th t
old co. (for history see “ Eiec. R y . Section” for S ep t. 1918) were purchased
•u b jec t to $750,000 1st M . 5s (see below ).
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O p e ra tes an electric line in F a irm o u n t P a rk , P h ilad elp h ia, to g e th e r w ith
th e W oodside R eal E s ta te C o. (cap ital sto ck $100,000), w hich ow ns W oodside P a rk . T h e license fro m th e P a rk Com m ission expires Ju ly 24 1939.
O p eratio n from N o v . 30 to M a y 1 is o p tio n al. M iles of tra c k o p e ra te d ,
8.83. G auge, 5 ft. 2 H in . R ails, 90-lb. T . C ars, 9 closed, 50 open.
ST O C K A N D B O N D S—
Date.
Interest.
O utstanding. M aturity.
Stock com m on ($10)_________ _____
_________
$400,000 __________
Stock preferred ($10)________ _____
7%
79,686
See te x t
F irst m o rtg ag e $750,000 gold! 1912 5 A-O
750,000 A pril 1 1937
($ 1 ,0 0 0 )___________ c * n tf/G ir a r d T r u s t C o., P h ilad elp hia, T ru ste e .
Bonds.— 1st m tg e. bonds are callable a t 105 an d in t. on an y in t. d a y on
60 d a y s’ notice. C um ul. sinking fu n d , $13,000 p er a n n u m , began O ct.
1918, bonds to d raw in te re s t for th e fu n d . V. 95, p . 480.
D ividends.— D u rin g 1923 28% w as p a id on acco u n t of cum . pref. divs.
due a t th e ra te o f 7% p er a n n . for 1917. 1918, 1919 a n d 1920; reg u lar d iv .
of 7% for 1923 was also p aid a n d reg u lar divs. a t ra te of 7% per a n n u m
were p aid in 1924 an d 1925.
E A R N IN G S .— F o r calen d ar y ears (incl. 'W oodside R eal E s ta te C o.):
N et.
Charges. &c.
Balance.
Gross.
$165,334
$43,663
x$121,671
1925__________________ $439,662
182,876
44,028
xl38.847
1924__________________ 448,991
188,948
46.396
142,552
1923__________________ 453,309
149,440
46,730
102,7 lu
1922..............................— 364.056
44,831
48.823
1921-----------------235.07593,654
x Before ded u ctio n of $64,455 d ep reciatio n in 1925, a n d $63,151 d epre­
ciatio n in 1924.
O F F IC E R S .— P res., N . S. A lexander; Sec. & T re a s., C la y to n E . P la tt.
—V. 107, p . 1670.

PHILADELPHIA & WEST CHESTER TRACTION CO.
O R G A N IZ A T IO N .— C h arte re d In Pennsylvania on April 24 1895. M u
Qicipal franchises are p e rp e tu a l. In J a n . 1902 leased the A rdm ore & Llanerch St. R y ., a line betw een th e points nam ed, 3
miles; it has no bonds or
other d e b t. R en tal is 5% on th e o u tsta n d in g stock ($400,000 a u th ., $383,350 o u tstan d in g ) an d p a y m e n t of taxes and organization expenses. Leases
th e Philadelphia & G a rre ttfo rd S t. R y. (which it also controls) a t 5% on
funded d e b t and $500 per an n u m for salaries and o rganization expenses
In r 'c t. 1923 th e co. w as a u th . b y th e Pen n a. P . S. C om m , to acquire th e
cap ital sto ck of th e A ronim ink T ra n sp o rta tio n C o. V. 117, p . 1993.
F IE L D OF O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O p erates 52.504 miles of tra c k fro m 69th an d M a rk e t S ts., P h iladelphia, to
W est C h este r, 26.685 miles; L lan erch to A rdm ore, 6.263 miles; 69th S t.
U pper D a rb y , P a ., to S h aro n H ill a n d M ed ia, 19.556 m iles, of w hich 25.819
miles a re leased. G auge, 5 f t . 2 i n 58, 60, 70 and 80-lb. T ra il. 63 c ars.
Fare Increases.— See V. 118, p . 1013; V 119, p . 580.
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. Last div., A c .
Stock $1,400,000 (par $50)________
A-O
$1,303,700 A pr ’26, 3%
M tg e bonds $1,000,000 goldl 1904 4-6 g J - J
1,000,000 J a n 1 1954
($1,000) ____________ c * tf /I n t. a t W est E nd T ru s t C o ., P h ila., T ru ste e .
P h ila & G ar 1st M $3,000,0001 1905 5 g F-A
3,000,000 Aug 1 1 955
gold ($1,000)_________ c t f / I n t . a t W est E nd T ru s t C o ., P h ila., T ru ste e .
Bonds.— Of th e $1,000,000 bonds o f 1904 o u tsta n d in g $534,000 a re 4s
a n d $466,000 6s. C an be called a t a n y tim e a t 105 an d in t. N o sinking
fu n d . P h ila. & G a rr. bon d s a re re d . a t 105 an d in t. on a n y in t. d a y .
E A R N IN G S .— F o r calen d ar years:
Gross
N et
Other
Interest,
Surplus
Earnings.
Earnings.
Incom e. Rentals, <%
c.
fo r Year.
1 925______ $1,212,162
$285,855
$23,929
$259,034
$50,750
1924______ 1,090,808
341,961
18,616
280,875
79.702
983,363
328,565
12,801
231,750
109.615
1923______
1922______
929,089
330,404
12,169
229,186
113,387
O F F IC E R S .— P res., A. M e rritt T ay lo r, Philadelphia; 1st V .-P ., H . H .
Aikens; 2nd V .-P ., M . H . T ay lo r; T rea s., C . L . R ihl. Office, U pper
D a rb y , D el. C o ., P a — V . 119, p . 580; V . 122, p . 2193.

INTER-STATE RAILWAYS.
O R G A N IZ A T IO N .— ln c o rp . in N ew Jerse y on D ec. 4 1902 w ith very
broad pow ers. Is em pow ered to purch ase, acquire, develop an d co n stru ct
s tre e t railw ays, electric lig h t and pow er, w a ter a n d gas com panies.
In D ec. 1902 o b tain ed co n tro l of th e U nited Pow er & T ra n sp o rta tio n Co.
th ro u g h purchase of th e o u tsta n d in g ($3,593,750) c ap ital stock, on a basis
o f $75 for each ,25 sh are, p ay ab le in co llateral tru s t bonds. $3,592,200 of
th is stock was exchanged for bonds on this basis.
Leases o f Controlled Properties.— T h e leasing of th e u n d erlying com panies
was consum m ated in 1910 upon s atisfa c to ry term s. T h e subsidiaries are in
four groups, W ilkes-B arre, R eading, T ren to n an d W ilm ington. T he
W ilkes-B arre R ys. C o ., th e R eading T ra n sit C o. (succeeded by R eading
T ra n s it & L ight C o. in M arch 1913, c o n tro l of w hich was acquired by E a s t­
ern Pow er & L ight C o rp .), th e T ren to n & M ercer C o u n ty T rac tio n C orp.,
th e S outhern P ennsylvania T rac tio n a n d th e W ilm ington & P hiladelphia
T rac tio n Co. were form ed to ta k e over th e various p ro p erties. V. 91, p.
1512; V. 92, p. 261. S ta te m e n ts for th ese com panies will be found else­
w here in th is publication.
T h e aggregate a n n u al incom e u n d e r th e above leases is $830,000.
Fixed Charges to Be Paid Out o f Above Rental Plus A n y Other Incom e.
In t. on 4s.
Taxes.
Total.
In te r-S ta te R ailw ay s_______________ x$274,640
$7,432
$282,072
U n ited Pow er & T ra n s p o rta tio n _____
x229,860
3,297
233,157
T o ta l------------------------------------------$504,500
$10,729
$515,229
N ote.— T h e above figures do n o t include th e F ederal incom e ta x , w hicom u st be added th e re to , x In clu d es in te re st on 4s h eld in tre a su ry as in v estm en ts.
D efault in Rental, &c.— D ivs. on p ref. stock were passed from 1918 u n til
Ju ly 1 1924 due to th e failure of th e T ren to n & M ercer C o u n ty T rea tio n Co.
to p a y its ren tals, d ue to increased o p eratin g ejpmnses
On J u ly 1 1924,
how ever, th e accum ulated divs. o f 42% were p aid .
ST O C K A N D B O N D S—
D ate.
Interest. Outstanding. M atu rity.
C om m on 385,000 shs (no p a r ) . ____
_______
52,000 shs.
See te x t
P referred $4,000 ($10)____________
________
$4,000 __________
C o llateral tru s t gold $10,781,-1 1903
4 g F-A $8 798,700 F eb 1 1943
2 5 0____________________ c * f ln t. a t R eal E s t. T itle In s. & T r ., P h ila ..tru s.




123

Stock.— C om m on sto ck was listed on th e P h ilad elp h ia Stock E xchange in
April 1903. V. 92, p. 1243; V. 93, p. 164. P re fe rre d stock redeem ed a nd
canceled except $4,000. See V. 119, p. 324, 455. C ancellation of com m on
stock in tre a su ry , see V. 119, p . 1281.
Bonds.— A re d a te d F eb . 1 1903 a nd a re secured b y deposit of U nited
Pow er & T ra n sp o rta tio n s to c k . T h e y b ear 3 % in te re s t th e firsr y e a r, 3 K %
th e second and 4% th e th ird an d su b se q u e n t y ears. D enom inations $100,
$500 an d $1,000. A re s u b je c t to call a t 105 an d in t. on 30 d a y s’ notice.
D ividends.— In itial div . on p re f.— 3 % — p aid Ju ly 1913; sam e ra te sem i­
an n u ally to a nd incl. J u ly 1917. J a n . 1918 div . passed. N one u n til
Ju ly 1 1924, w hen a ccum ulated divs. of 42% were p a id . P ref. stock has
been all redeem ed a n d canceled (except $4,000). On com . a n in itia l div.
of 1% was p aid N ov. 1 1924. In 1925, F e b ., 1 % . On no p a r com . a cash
div. of 25c. a nd a stock div . of 1-25 of a share was p aid M a y 1 1925; on
Aug. 1 1925 a cash div. of 25c.; on N o v . 1 , 25c. In 1926, F eb.25c., M ay 30c.
A ug. 30c., N ov. 30c.
E A R N IN G S .— V ear ending J a n . 31:
Total
Balance,
’ Interest
Expenses &
Receipts.
C oll.Trust.
D ividends. Surplus.
Taxes.
1926 ____ _____ $363,929
$24,071
$265,888
$22,274
$51,696
1925 .........._____ 349,915
274,059
24,770
24,551
26.535
1924 ____ -------- 325,994
284,640
13,577
27,777
1923 ___ . _____ 337,271
12,913
306,640
17,718
O F F IC E R S .— P res., D r. W alter A . Rigg; V .-P ., D aniel H ousem an;
T reas. a n d A sst. Sec., T . W . G ro o k et J r .; Sec. & A sst. T re a s ., J . W .
G oodw in. Office. 411 M a rk e t S t., C am den, N . J . — V. 121, p . 199; V.
122, p . 213, 348, 1917, 2040.

UNITED POWER & TRANSPORTATION CO.
O R G A N IZ A T IO N .— ln c o rp . A pril 20 1899 u n d e r N ew Jerse y law s to
c o n stru c t, develop a n d own s tre e t railw ay s, pow er com panies, &c., a n d do
a general business (V. 68, p . 929). In D ec. 1902 stock was a cq u ired by
In te r-S ta te R ys. C o ., w hich see a bove.
On O ct. 1 1924 ow ned th e following stocks a n d bonds. W e show also
th e to ta l a m o u n ts o u tsta n d in g of each issue:
Owned. Total Stock.
Stocks—
Shares.
Shares.
6,000
D elaw are C o u n ty & P h ilad elp h ia E le c tric R y __________ 5,993
L ebanon V alley S tree t R y . C o ________________________
9,992
10,000
975
1,000
M erce r C o u n ty T rac tio n C o __________________________
M edia Glen R iddle & R ockdale E le c tric S tre e t R y _____
1,632
1,640
R oxboro C h e stn u t Hill & N orristo w n R y . C o __________ 4,951
4,968
Schuylkill Valley T rac tio n C o ________________________
9,995
10,000
T ren to n H am ilton & E w ing T ra c tio n C o ______________
1,975
2,000
T ren to n P en n in g to n & H opew ell S tre e t R y . C o ________ 4,993
5,000
T ren to n S tree t R y ------------------------------------------------------ 19,969
20,000
W ilkes-B arre & W yom ing V alley T ra c tio n ____________ 49,992
50,000
W ilm ington & C hester T ra c tio n ______________________ 39,995
40,000
W ilm ington C ity E le c tric _____________________________ 5,095
5,100
978
1,040
W ilm ington & G re a t V alley T u rn p ik e C o ______________
W ilm ington & P hiladelphia T u rn p ik e _____:.___________ 1,035
1,200
W ilm ington & C h ristia n a T u rn p ik e C o _______________
644
680
C A P IT A L IZ A T IO N .— Stock a u th ., $3,593,750; shares, $25, fu ll p a id . In
M arch 1902 o u tsta n d in g sto ck was increased fro m $3,125,000 to $3,593,750
(V. 74, p. 682), th e ad d itio n a l shares being sold to stockholders a t $35 per
$25 sh are.
Bonds.— 4% coll, tr u s t c tfs. a re in tw o series, w hich we h av e m a rk e d (a)
a n d (&) below . [Stock a n d bonds listed on P h ila. Stock E xchange.]
(а) U nder a tr u s t ag reem en t betw een th e U nited Pow er & T ra n s p o rta ­
tion C o. a n d th e N ew Y ork T r u s t C o ., tru s te e , d a te d M a y 1 1899, a n d a
su pplem ental ag reem en t d a te d J u ly 26 1917, th e re a re issued $4,927,900
U nited R ailw ays gold tr u s t certific a te s secured by deposit of 19,953 shares
T ren to n S t. R y . C o ., 39,993 shares W ilm ington & C h este r T rac tio n C o.,
5,089 shares th e W ilm ington C ity E le c tric C o. a n d 49,911 shares th e W ilkesB arre & W yom ing V alley T rac tio n C o. P u rsu a n t to th e supplem ental
tr u s t agreem ent d a te d Ju ly 26 1917. th e a m o u n t of o u tsta n d in g certificates
was reduced from $7,918,000 to $4,927,900 by acquisition b y th e co. and
sub seq u en t cancellation of $2,545,200 th e re o f th ro u g h th e sale of certain
assets pledged as secu rity th e re fo r, as follows: 79,991 shares of th e U nited
T rac tio n C o. of R eading an d 35,800 sh ares of th e E dison E lec. Iliu m . Co.
of Lebanon, P a ., w hich, to g e th e r w ith th e rem aining shares of said cos.
in th e tre a su ry , w ere sold for a consideration of $1,250,000 p a r value U nited
R ailw ays gold tru s t ctfs. a n d $2,760,000 cash, 4,925 shares of Roxborough
C h e stn u t Hill & N orristow n R y ., 9,975 shares of Schuylkill V al. T ra c . C o.,
1,600 shares M edia G len R iddle & R ockdale E lec. S t. R y . C o. a n d 14,992
shares of H olm esburg T aco n y & F ra n k fo rd E lec tric R y . (sold u n d e r fore­
closure in 1910 an d reorganized w ith no realization on its c ap ital stock)
(see F rankford T acony & H olm esburg R y . below) w ere also w ith d ra w n from
collateral for th e tr u s t certificates a n d a re held in c o m p a n y ’s tre a su ry .
T h e cash received b y th e c o m pany was in v e sted in U n ite d R ailw ays and
D elaw are C o u n ty R y . gold tr u s t c e rtific a te s. V . 106, p . 87.
(б) $797,400 D elaw are C o u n ty R y . gold tr u s t certific a te s u n d e r a tru s t
greem ent betw een th e U n ited Pow er & T ra n s p o rta tio n C o. a n d th e Real
E s ta te T itle Insurance & T r u s t C o. of P h ila ., d a te d M a v 1 1899, a n d has
deposited w ith said tr u s t co. as tru s te e 5,993 shares D elaw are C o u n ty &
P h ila. R y. C o ., original issue $998,950; su b se q u e n tly pu rc h a se d an d c an ­
celed, $201,550.
T h e principal of b o th series (w hich a re in $100, $500 a n d $1,000 pieces)
is due a t option of h older on J u ly 1 1949 a n d th e re a fte r on an y J a n . 1 or
J u ly 1 a t th e option of th e U nited Pow er & T ra n s p o rta tio n C o. F o r b oth
series, also, th e sem i-annual in te re st (J. & J .) an d th e prin c ip a l a re payable
in gold coin, free of ta x , a t th e office of th e R eal E s ta te T itle In su ra n c e &
T ru s t C o. of P h ilad e lp h ia , tru s te e .
D ividends.— On J a n . 20 1900 a d ividend of 50c. p e r sh are was paid
also sam e a m o u n t J u ly 16 1900: in 1901, J a n . 21, $1; J u ly 10, $1; in 1902,
J a n . 20, $1; Ju ly 10, $1; in 1903, J a n . 20, $1; in 1904, J a n . 16, $2 66; in
1905, J a n . 24, $2 39; in 1906, J a n . 26, $3 10; in 1907, J a n . 24, $3 20; in
1908, J a n . 30, $3 31; none to J u ly 1911, w hen $1 10 was paid; in 1912, J a n .
30, $1 40; Ju ly 29, $1 41; in 1913, J a n ., $1 79; J u ly , $1 26; in 1914. J a n .,
$1 52; J u ly , $1 40; in 1915, J a n ., $1 54: J u ly , $1 34; in 1916, J a n ., $1 55;
J u ly , $1 43; in 1917, J a n ., $1 55; J u ly , $1 23; in 1918, J a n ., $1 32; J u ly ,
$1 20: in 1919, J a n ., 50c.; in 1920, J a n .. $1 95; in 1921, J a n ,. $1 60; in 1922,
J a n ., $1 85; in 1923, J a n ., $1 94; in 1924, J a n ., $2 26; in 1925, J a n . $1 88;
in 1926, J a n . $2 09.
E A R N IN G S .— F or calendar years:
From
Interest
Taxes,
D ivs.
Su r. after
Investm ents. on 4s.
&c.
Paid.
D ivs.
1925
___________ $559,500 $229,279
$29,551 $300,437
$233
1924
551,975 229,860
31,742
270,250
20,123
1923
589,606
232,120
32,252
324.875
359
1922
560,189
247,656
33,202
278.875
456
O F F IC E R S .— P res., D r. W alter A. Rigg; V .-P ., D aniel H ousem an;
T rea s., T . W . G rooket, J r.; Sec. & A sst. T rea s., J . W . G oodw in. G eneral
offices, 411 M a rk e t S t., C am den, N . J .— V. 117, p . 2111; V . 122, p . 2045.

FRANKFORD TACONY & HOLMESBURG RAILWAY.
T he p roperties assets and franchises were sold in O ct. 1925 to Sam uel H .
B ark er for $300,000 b y th e bondholders’ p ro te c tiv e c om m ittee, which
b o ught in th e properties u nder foreclosure on J u n e 19 1925. Jac o b Dissto n J r. is C hairm an a n d C harles T . B row n S ecretary of th e C om m ittee.
V. 121, p . 2037. F o r d escription, see Public U tilities C om pendium of
M a y 2 1925. In its A nnual R ep o rt 1925 Philadelphia Rapid Transit Co.
(see under this co. V. 122, p . 1449) announced its p la n to purchase and
re h a b ilita te th is ra ilro ad .

TRENTON BRISTOL & PHILADELPHIA STREET RY.
O R G A N IZ A T IO N .— ln c o rp . in P e n n a . as successor to th e P h ila. B ristol
& T ren to n , sold a t foreclosure on A ug. 2 1909 to a bondholders com m ittee.
V. 89, p . 349, 780. F o r d istrib u tio n of securities of new com pany b y said
com m ittee to holders of certificates of deposit of predecessor com pany in
D ec. 1915, see V . 101, p . 1975.

124

PUBLIC UTILITIES

F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns a n d o p erates 17 ^ miles o f tra c k from T orresdale to M orrisville.
R ails. 60 a n d 90-Ib. g ird er an d 72-lb. T ; gauge, 5 ft. 2 H inches; 11 passenger
cars, 1 freig h t c a r, 2 w ork cars, 2 snow plows, 1 engine an d 1 gen erato r.
400 k .w . c ap a c ity .
S T O C K A N D B O N D S— D ate.
Interest. O utstanding. M aturity.
Stock (*50)................................................
...................
*410 800
.......... ........
1st m tg e *750.000 ($1,000,7 1913
5 g M -S
413.800 M a r 11943
*500 and $106) g ___ c * tf'U n io n T ru s t Co. of M d ., B ait., T ru ste e .
R em ain in g bon d s are reserved for co rp o rate purposes. S ubject to call
as a whole on a n y in t. d a te a t 105 and in t. N o sinking fu n d .
E A R N IN G S .— F< r calen d ar years:
Gross.
N et.
Taxes. Interest. Deprec.
Surplus.
1925 ..................* 6 8 989df$17.454
*2.400 *24.861 x*l .670 d e f.$46 385
1924 ................... 85.612
8.945
2,600 24.559
x l,6 7 0 d e f.19,884
1923 __________ 91.201
15.700
3.600 24.233
xl .670 Jef.13.xo3
22.104
3,600 24.365
1922 ................... 90.516
x l .670
d e f.7.531
1921 ---------------106.159
33.415
5,270 24,996
5.280
def .2,131
x D iscount on 1st m tge. bonds.
O F F IC E R S .— P res., C arl N . M a rtin ; V .-P . Jo h n R edw ood; Sec. &
T re a s ., W . E . E rv in ; G en. M g r., M . J . H ill, B risto l, P a .— V. 110, p .
466; V . 112, p . 1284.
««

PHILADELPHIA RAILWAYS CO.
O R G A N IZ A T IO N .— In co rp o rated in Pen n sy lv an ia on M ay 13 1911 as
successor to th e So u th w estern S tre e t R y. sold a t foreclosure A pril 21 1911.
V. 92, p. 1375.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— A
tro lley ro ad . Owns and o p e ra te s 16 miles of track w ithin lim its of Phila­
delp h ia. Also o p e ra te s branch of C h ester & Phila. R ys. C o. from Bow
C reek to E ssin g to n . 3)4 m iles. G auge, 5 ft. 2)4 in
ST O C K A N D B O N D S— Date.
Interest. Ou.staicding.
Maturity.
Stock *400.000 (* 5 0 )_____________
_________
$400,000 .....................
1st m tg e $400,000 gold (*500) J 1911
5 g M -N 15 400,000 M ay 15 1941
a n d $ 1 ,0 0 0 )__________ c * tf ]Tnt. a t R eal E st. T it. In s. & T r ., P h ila ., Trus
Bonds are re d . on any in t. d a te a t 105 and int.
E A R N IN G S —
Gross
Net
Interest & D epreSurplus or
Incom e.
Incom e. Taxes.
ciation.
Deficit.
1918...................... — .*205.420
*645
*25.992
$6,458 d ef *31.805
1917_____ ________ 137.073
28.776
24.024
6 000
def L248
1 9 1 6 _____ _____ _
122.431
30,866
23.646
7.000
sur.220
Latest E arnings.— For 12 m onths ended Dec. 31 1925: G ross, $75,485:
n e t a fte r tax es, deficit, $17,607. Dec. 31 1924: G ross, $81,287: n e t after
taxes, d e f., *15.182. In 1923. gross. $97,554; net a fte r taxes, def., $17,926.
T h e deficiency for y ears 1923 24-25 does not include bond interest of *20,000
per annum .
O F F IC E R S .— P re s ., I . H . Siverm an; V .-P ., L . R . Ise n th al; Sec., A lvin
W . F ro m ; T re a s ., C h as. F . W agner J r . — V 106, p . 2560.

PHILADELPHIA & WESTERN RAILWAY CO.

O R G A N IZ A T IO N . &c.— In co rp Ju n e 6 1907 in P en n sy lvania as suc­
cessor to th e P h ilad elp h ia Sc W estern RR Co. In 1910 control was acquired
by a sy n d icate headed by Edw B. Sm ith & Co. of P hiladelphia and N . Y.
Owns o n eh alf of th e cap ital stock of th e N orristow n T ra n s it C o., which
road count c ts th e Lehigh Valley T ran sit Co. w ith th e Philadelphia & W est­
ern , and th e e n tire cap ital stock of th e P hiladelphia & W estern Home
O w ners’ A ssociation and th e M ain Line T ran sfer Co.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O p erates a high-speed do u b le-track 3d rail road 17.33 miles long between
P h ilad elp h ia. N o rristo w n and S tra ffo rd , entirely on p riv a te rig h t-o f way and
connecting w ith Phil R apid T ra n s it C o .’s subw ay-elevated system a t
69th & M a rk e t S ts.. P hiladelphia and w ith Penn. R R . m ain line a t S traf­
ford S ta. An extension from Villa N ova in to N orristow n was placed in
operation on A ug. 26 1912. On Dec. 1912 connection was m ade w ith the
Lehigh Valley T ra n s it C o .’s lines a t N orristow n via N orristow n T ran sit
C o. and a th ro u g h service established betw een Allentow n and P hiladelphia.
T o tal tra c k s, 38,19 miles: gauge. 4 ft.. 814 in. 85-lb. rail; 26 passenger cars,
2 express and 3 fla t cars, 1 snow plow: to ta l, 31.
In 1918 entered in to a 10-year c o n tra c t w ith th e C ounties G as & Elec
C o. (a su b sid iary of th e U nited G as Im p t. C o.) un d er which th e la tte r sup­
plies th e com pany w ith all its pow er.
S T O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
C om m on *4.000 000 ($ 50)............................................. $3,725,000 ............... ........
P re f *2.000.000 5% cum fro m l
J a n 1 1916 ($50)__________ / _____
Q -J
2.000.000 O ct ’26, 1H
F irst m o rtg ag e *4,000,000 ( 1910
5 g J-J
2.630,000 Ju ly 1 1960
gold ($1.000)_________ c * tf ( I n t. a t P h ila. T r. C o ., P h ila., tru ste e , or a t
( Edw . B. Sm ith C o ., P h ilad elphia.
Stock.— Of th e o u tsta n d in g com m on shares 5,500 ($275,0001 are held in
tre a su ry having been purchased by th e co. in 1926 o u t o f su rplus, th e
difference betw een p a r value and p urchase price h aving been credited to
su rp lu s acco u n t. A p ortion of th e surplus th en was used to w rite off th e
item “ ab an d o n ed p ro p e rty ." V. 122, p . 2949.
C om m on Sc pref. stocks listed on P hiladelphia Stock E xchange.
Bonds.— O f rem aining bonds *370.000 are in tre a su ry . S u b ject to call
a t 102)4 and Interest on a n y in terest d a te on 60 d a y s’ notice.
D ividends.— F irst dividend on p referred stock— 1 )4 % — p a id A pril 15
1916. sam e ra te q u a rte rly since.
E A R N IN G S .— F o r calen d ar years:
1925.
1924.
1923.
1922.
O perating rev en u e_____
*891.852
*895.943
*870.854
*825.459
O perating expenses_____
469,721
479.828
478.354
440.517
N e t o p eratin g Incom e.
In te re s t & tax a c c ru a ls ..

*422.131
*161.797

*416.115
*168.034

N e t in c o m e .............
F ed eral ta x e s __________
P referred d iva. ( 6 % ) - - -

*260.334
22.000
100.000

*392.500
166.008

*248.081
22.100
100.000

*226.492
20.500
100.000

*384.942
163,626
*221.316
19.800
100,000

B alan ce, s u rp lu s _____
*138.334
*125.981
$105,992
$101,516
x In te re st on bonds In 1925 am o u n ted to *131.500: tax accru als to *27.780:
h ire of eq u ip m en t. *133. and a m o rtizatio n o f d iscount. *2,384. In te re s t

jforfc, Bacon & ^ a v is
^ncorporaJcD
E n g in e e r s
D e s ig n &

C o n s t r u c t io n

of
Hydro-electric Developments
Steam Power Plants




N ew York
Philadelphia
Chicago

San Francisco
N ew Orleans
Monroe, La.

[V ol. 123.

on bonds in 1924 a m ounted to *131,500; ta x accruals, *32,500; h ire of equip­
m ent, $177; a m ortization of discount on funded d e b t, $2,384.
Passengers carried durin g year ending D ec. 31 1925. 4,703.793: du rin g
1924. 5.030.157, a g ain st 4,620,817 in 1923.
O F F IC E R S .— Pres. & G en. M g r., J . L. A dam s; V .-P ., O . J . Ingersoll
Sec. & T rea s., F . W. S tein b rig h t; G en. S u p t. & A u d ., C . S. M o u n tz.
O ffices, N orristow n P a .— V . 120 p . 1090; V . 122, p . 2193, 2949.

PITTSBURGH BUTLER & HARMONY CONSOL. RY.
& POWER CO.
O R G A N IZ A T IO N .— In co rp . in D elaw are. H as acquired $2,745,000
of the $3,000,000 capital stock of th e P ittsb . H ar B u tle r & N ew castle R y.
C o., all of th e *1.000,000 capital stock of th e P ittsb u rg h M ars & B u tler
Ry. Co. and 2,300 shares of th e 3.285 shares capital stock of th e N o rth
P ittsb u rg h R ealty C o. All th e capital stock of Ohio H arm ony E lec. Co.
H arm ony R ealty Co and H arm ony S hort Line M o to r T ra n sp o rta tio n Co.
In M arch 1920 an announcem ent was m ade of a profit-sharing plan by
which *1,000,000 com . stock would be set aside u nder a tru s t ag reem en t for
the benefit of th e co’s. em ployees. V . 110. p. 1416.
ST O C K —
Date.
Interest. O utstanding. M aturity.
Com m on * 4 ,5 0 0 .0 0 0 ...................................... ..................$4 500.000 .... ............... ..
Preferred *2.000.000..................... ............................... 1.836.000 __________
O F F IC E R S .— P res.. D avid I. M cC ahill; V .-P . & G en M g r., H . E th e ­
ridge; T rea s., R. M . G lick.— V. 109. p. 1274: V. 110, p . 1416; V. 120, p .7 0 5 .
(1) P I T T S B U R G H M AR S & B U T L E R R Y .
O R G A N IZ A T IO N .— Successor to th e P ittsb u rg h & B u tle r S t. R y ., t h *
in te ru rb an division of th e P ittsb u rg h & B u tler R y ., w hich was sold a t fore­
closure M ay 9 1917. V . 104, p . 1900.
C A P IT A L IZ A T IO N .— On S ep t. 5 1917 m ade a m o rtg ag e to th e D ollar
Savings & T ru s t C o .. P itts b u rg h , securing an issue of $1,250,000 b onds to
provide for im p ro v em en ts, &c. P ittsb u rg h B u tle r & H a rm o n y C onsol. R y .
& Pow er C o. owns all th e $1.000,000 stock of th e co m p an y .
E A R N IN G S .— F o r calendar years:
1924.
1923.
1922.
G ross_____________________ ________
*357.655
*392.229
*388.893
13,520
423
41,674
N et. a fte r taxes a nd in te re s t________
O F F IC E R S .— Sam e as P itts. B u tle r & H arm o n y C onsol. R y . Sc Pow
Co. above.— V . 105. p. 998: V. 106, p . 1578, 2346.

( 2 ) P IT T S B U R G H H A R M O N Y B U T L E R & N EW C A ST L E R

Y

.

C

O R G A N IZ A T IO N .— Is a consolidation in 1906 of several sm all com ­
panies. Owns all th e capital stock of th e H arm ony Elec. Co. a nd th e
Elw ood-K oppel B ridge Co. In Feb. 1910 authorized stock w as increased
from $3,000,000 to $3,500,000. P itts. B utler & H arm o n y C onsol. R y . &
Pow. Co. owns $2 745.000 of th e capital stock.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perates 68.5 miles of tra c k from P ittsb u rg h , via W exford, E v a n s C ity ,
H arm o n y a nd Ellw ood C ity , to N ew C astle, w ith a b ra n c h from E v a n s C ity
to B u tle r. E n te rs P ittsb u rg h over th e tra c k s of the P ittsb u rg h R ailw ays
Co. On D ec. 3 1913 placed in operatio n an extension fro m E llw ood C ity
to B eaver F alls. 6V£ m iles.
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity
Stock $3,500,000____________ _____
_________ $3,000,000 ____________
1st m tge $3,500,000 gold/ 1906
5 g J-D
2.900.000 J u n e 1 1930
($1.000) ____________ c * tf ( I n t. a t U nion T ru st'C o ., P ittsb u rg h , T ru stee.
Bonds.— T he $600,000 unissued a re reserved for fu tu re extensions.
E A R N IN G S .—-For calendar years:
-I Q O A

1 QOQ

1 QOO

G ross__________ ______ _____________
*954.470 *1.029.168 *1.040.063
N e t. a fte r taxes and in te re s t________
29.464
1,351
1 4 2 ,5 4 8
O F F IC E R S .— Sam e as P itts. B u tle r & H arm ony C onsol. R y. Sc Pow . G o .
above.— V. 107, p . 2377; V. 108. p. 2529: V. 109, p . 1274; V. 112, p . 2306.

SCRANTON & WILKES-BARRE TRACTION CORP.

O R G A N IZ A T IO N .— Incorp. in Virginia in 1913 as a reorganization (per
plan V. 96. p . 1701) of th e Lack. & W yom . Valley R apid T ra n s it Co. (sold
a t foreclosure), which com pany owned all th e securities of th e L ackaw anna
& W yom ing Valley RR ., th e Scranton & N o rth e a ste rn R R .. th e L acka­
w anna Tunnel C o., the C entral Valley R R . and th e W ilkes-B arre R R .
T hese la tte r five com panies were m erged in to th e L ack. & W yom . Valley
R R . C o. (th e o perating com pany) w ith *2.150.000 stock a nd $5,000,000
bonds, all of which is owned by th e S cranton & W ilkes-B arre T rac. C orp.
and deposited under th a t com pany's refunding m tg e ., s u b jec t to *888.000
L. & W . V. R apid T ra n s it coll, tru s t bonds. T he R ailroad Co. ow ns all th e
stock of t h e L ack. & W yom . Valley Pow . Co. Pow er franchises p e rp e tu a l.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A holding com pany. T he L ackaw anna & W yom ing V alley RR. operates
23.40 m iles of first tra c k , 21.39 miles of second tra c k a n d 9.08 m iles of y a rd
tra c k a nd sidings. D ouble tra c k , laid w ith 90-lb. ra il. S ta n d a rd steam
co n stru ctio n , p riv a te rig h t of w ay. A stan d a rd -g au g e tu n n e l, a b o u t 5,000
feet long, was com pleted in S cranton in O ct. 1905
T his rem oved th a t only
heavy g rade on th e line betw een Scranton and W ilkes-B arre. 33 passenger,
41 freight c ars, 4 m o to r express c ars, 1 m o to r w ork c ar a nd 3 electric freig h t
locom otives. F reig h t a nd passenger business is exchanged w ith all ra ilro a d s
enterin g th e term inal cities.
In S ept. 1922 th e c o .'s a u th . c ap ita l sto ck w as Increased from *2,500,000
to *5.000.000. C om pare V. 115. p . 1211.
ST O C K A N D B O N D S—
D ate.
Interest. O utstanding. M atu rity.
C o m m o n ___________________ _____
_______
*2.398.800 __________
Pref c u m ___________________ _____
See te x t
1,000.000
See te x t
L& W V R a p T r Co coll tr u s t/ 1901
5%
753.000 A ug 1 1951
5% gold b o n d s_______ c * tf \I n t. a t G u a ra n ty T ru s t <"o N . Y ., tru ste e .
Refunding m tge (see tex t) g j 1913
5%
1.897.500
A ug 1951
($1.000)_____________ c * tf(G u a ra n ty T ru s t C o ., New Y ork, tru s te e .
Coll tru s t sink fu n d gold b d sj 1914
6 g A-O
842.000 A p r 1 1934
$1,000,000 ($1.000)___ e * lG u a ra n ty T ru s t C o.. New York tru ste e
Stock.— D iv s. on pref. 6% per annum until Ju n e 30 1917 a n d 7% th e re ­
a fte r. C um u la tiv e from J u n e 30 1914. P ref. stock is redeem able a t 105.
PTef. a nd com m on have equal voting pow er.
Bonds.— R efunding m ortgage bonds a re callable a t 105 a n d in t.; sinking
fu n d o f
p er an n u m of o u tsta n d in g bonds began N o v . 1 1917; $753,000
a re reserved to re tire underlying bonds. T h e m ortgage w as au th o rized
originally for $5,000,000, b u t was subseq u en tly closed a t $3,000,000.
T h e L. & W . V . R apid T ra n s it C o. 5% bonds a re secured by dep o sit of
*2,150,000 stock and $5,000,000 first m tge. 5s, due 1951. o f th e L ack. &
W yom ing V alley R R . C o. U nder a su pplem ental in d e n tu re , d a te d N ov. 1
1917, a sinking fu n d of $15,000 p e r annum which began M ay 1918 was
created and th e bonds w ere m ade s u b jec t to call a t 105 and in te re s t. V.
105, p. 2094. As of O ct 1 1924, all b u t a b o u t $24,000 of th e bonds had
been stam ped by th e tru ste e w ith th e callable fe a tu re sinking fund agree­
m ent. V. 105, p. 2455.
T h e collateral tru s t 6s of 1914 a re re d . a t a n y In te re s t period a t 100 and
accrued in te re s t. Sinking fu n d (cum ulative) of 1 % of o u tsta n d in g bonds
annually from M arch 1 1916 to M arch 1 1933. T hese bonds a re secured by
the sam e collateral as th e first and refunding m o rtg ag e . V 98, p. 1246.
D ividends.— 6% was paid on p referred stock from J u ly 1913 to and includ­
ing A pril 1917. In J u ly 1917 began paying 7% a n d sam e ra te h a s been
paid reg u larly since.
E A R N IN G S .— F or calendar years:
Operating Other In c . E xp. &
Bond
Preferred
Balance,
Incom e. (Hold.Co.) . Taxes.
Interest.
D ividends.
Surplus.
1925 .$402,422
$115
$18,494
*204.062
*70.000
*109.981
1924 . 416.348
369
18.176
204.812
69.239
124,490
1923 . 452.484
984
15.945
205.562
66.535
165.426
1922 . 410.189
946
15.046
206.312
63.329
126.448
1921 . 430.431
371
12,797
207,063
59,936
151,006
O F F IC E R S .— P re s ., W m . C . Sproul; C hairm an E xec. C o m m ., F ra n k R .
Ford; V. P ., W. H . i IppiDcott, V. P . & Sec , S. C . Stivers; T r e a s .. E . A .
S m ith — V . 115, p . 1211; V . 122, p 2498.

SHAMOKIN & MT. CARMEL TRANSIT CO.
O R G A N IZ A T IO N .— Is a consolidation in Ju ly 1906 of th e S ham oldn A
M t. C arm el Electric Ry. a nd th e A shland & C en tra lia E lectric R y . V. 83,
P F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perates 19.5 miles of tra c k betw een A shland a n d Sham okin.
Valuation.— In A pril 1921 th e P ennsylvania P. S. C om m , placed th e
v a lu a tio n of th e c o m p a n y ’s p roperties a t *1,300,000. V . 112, p . 1519.

O

.

Oct., 1926.]

S T O C K A N D B O N D S—
D ate.
Interest. Outstanding. M aturity
C om m on $700,000___________ _____
_______
$529,750
See te x t
P re f $300,000 6% no n -cu m ________
_______
261.850
See te x t
N ew m o rtg ag e $600,000_____t 1906
5%
415,000
1936
lP e n n . C o. for In s. on L .& G .A .,P h ila ., tru s t.
D ividends.— Are being m id on th e p re f.. l l % q u a rte rly , inel. Sept. 1925.
A
T h e p re f. dividend fo r D ec. 1925 w as p assed , bu„ h as been p a id since.
O n th e com m on in 1925: M arc h , 1% ; J u n e , 1: none in S ep t, an d D ec.
E A R N IN G S ..—F o r calen d ar y e ar 1925, to ta l receip ts am o u n ted to
$272,962; to ta l ex p en d itu res, $277,395; excess o f ex p en d itu res over receip ts,
$4,433. Y ear ended D ec. 31 1924, gross, $300,711; n e t a fte r ta x e s, $39.811.
In 1923, gross, $305,029; n e t a fte r tax es, bond in te re s t, & c., $51,865.
I n 1922, gross, $242,468; n e t, a fte r tax es, $13,612.
O F F IC E R S .— P res. & G en. M g r., Win. Kiefer, M t. C arm el, P a .; Sec.,
J . D . M cC onnell; T rea s., Fred K iefer, M t. C arm el. P a .— V. 106, p , 2650;
V. 112, p . 1519, 2538; V. 118, p . 665: V 122, p . 2193.

SOUTHERN PENNSYLVANIA POWER CO.

O R G A N IZ A T IO N .— In c o rp . in P en n sy lv an ia. Supplies electric lig h t
a n d pow er in O xford, R usselville, C ochranville and N o ttin g h a m , P a . T h e
Northern M aryland Power Co. supplies th e cities and tow ns of R ising Sun,
P o rt D ep o sit, E lk to n , C hesapeake C ity , N o rth e a st P erry v ille, H a v re de
G race, A berdeen an d o th ers in th e S ta te of M ary lan d , w ith electric lig h t
an d pow er. These com panies own a n d o p erate over 65 m iles of m ain
tran sm issio n lines. C o m p an y ow ns and o p erates a sm all h ydro-electric
p la n t and 2 au x iliary steam p la n ts . P urchases pow er u n d e r favorable
term s from th e W ilm ington & P h ilad elp h ia T rac tio n C o. (a su b sid iary of
A m erican G as & E lectric C o .), a n d from Edison E lectric C o. o f L an caster,
P a . P o p u latio n served is e stim ate d to be in excess of 40,000.— V . 120,
p . 2818. Franchises a re p e rp e tu a l.
BONDS
Date.
Interest. O utstanding. M aturity.
1st M & coll tr 6 % ser A ($1 ,-| 1925
6 M -N
$1,200,000 M ay 1 1955
000, $500, $100)_____c * t f i l n t . a t P enn. C o. for In s. on Lives & G ra n tI ing A nnuities, P h ila., T ru ste e .
B onds.— T h e ls< mtge. coll, trust 6% series A bonds, dated M ay 1 1925,
are secured by an ab so lu te 1st m tg e. on all th e p ro p e rty , & c., ow ned a nd
o p erated in th e S ta te of P en n sy lv an ia, an d also a 1st m tge. by deposi
w ith th e tru ste e of all of th e bonds a n d com m on stock of N o rth ern M a ry t
land Pow er C o ., which ow ns and o p erates th e p ro p erties in th e S ta te of
M a ry la n d . A m inim um cash sinking fund o p eratin g sem i-an n ually, begin­
ning in 1928, will retire 1 % of th e gross am o u n t of series A bonds o u t
stan d in g for th e first 5 years; 2% for th e next 5 years and 2 H % th e re a fte r.
C allable all or p a rt on 60 d a y s' n o tice a t 103. F ree o f 4 m ills P enn. ta x .
M ary lan d S ta te ta x refu n d ed .
In M ay 1925 Schibener, B oenning & C o ., P h ila ., offered $1,200,000 at
08 and in t., to yield over 6 % .
O F F IC E R S .— P re sid e n t. Jo h n H . W are, J r . — V . 120, p . 2818.

THE WEST CHESTER STREET RAILWAY CO.
Control.— K elly, C ooke & C o ., E n gineers, O p eratin g M anagers, 1600
A rch S t., P h ilad e lp h ia , P a .
O R G A N IZ A T IO N .— In c o rp . in P en n sy lv an ia, A ug. 4 1890— franchises
p e rp e tu a l. O w ns th e C h ester V alley E lec tric L ig h t, H e a t & Pow er C o. and
th e C oatesville E lectric L ig h t, H e at & Pow er C o. Owns th e Peoples T ran s­
p o rta tio n C o rp . which o p erates a ll o f co m p a n y ’s m o to r bu s sy ste m . Owns
th e W ilm ington Yellow T ax -C ab C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O w ns a n d operates i n te ru rb a n railw ay lines from W est C h este r to D ow ningtow n , C oatesville, K e n n ett S quare, A vondale and W est G rove, P a . M o to r
buses o f su b sid iary o p e ra te betw een R ead in g , P o ttsto w n , Spring C ity ,
R o yersford, P hoenixville, N o rristo w n , S tra ffo rd , P a o li, D ow ningtow n, W est
C h este r, M ed ia, K e n n e tt S q u are, A vondale, W est G rove, Oxford and
C h ester, P a ., W ilm ington, D el. an d A tla n tic C ity , N . J . O perates Yellow
T ax i-C ab service in W ilm ington, D el. C o. also engages in c h arte re d bus
business, a n d o p erates buses on school c o n tra c ts. L en g th o f railw ay lines,
38 miles; ra il, 70 lb. “ T ” on p riv a te rig h t of w ay betw een boroughs; 90 lb.
an d 103 lb . in m unicip ilities. Passenger cars, 16; service cars, 2; fla t cars,
4; snow plow , 1. O perates, th ro u g h su b sid iary , 350 m iles of m o to r bus
lines, m o to r buses, 55; m o to r tru c k s , 5.
ST O C K S A N D B O N D S—
D ate.
Interest, O utstanding. M atu rity.
C o m m o n ____________________ _____
_________ $1,000,000 ____________
P referred ($50)____________________
7 Q-M
250,000 ___________
1st (closed) m tg e $1,000,000
$1,000 g o ld )_____________ t f 1902
5 F-A
861,000 A ug. 1 1932
1st Lien & coll t r s f $1.500,000
($1,000 and $500 g o l d ) . . . t f 1924
6 A-O
300.000 O ct. 119 3 9
Stock.-—-7% p a rtic . cum . p ref. sto ck . P referred as to assets a n d divi­
d e n d s— n o t callable before M arch 1 1930, th e re a fte r a t c o .'s o p tion a t 115%
of p a r. A fte r $3 50 is p a id on preferred an d $3 on com m on in a ny one
y e ar, an y fu rth e r d ividends declared div id ed sh are for sh are b etw een p re­
ferred an d com m on. E x e m p t fro m n o rm al F ed eral incom e ta x a n d free
o f P en n sy lv an ia S ta te ta x .
Bonds.— C o. owns $23,000 first 5s a n d $197,00.0 first lien 6s.
1st Mortgage 5% Bonds.— O riginally $1,000,000 au th o rized an d o u t­
stan d in g , b u t $139,000 h av e been p u rch ased b y th e co m p an y a n d cancelled.
Sinking fu n d o f $10,000 a n n u ally since A ug. 1 1923 to p u rch ase bonds a t
th e b est p rices o b ta in a b le. F ree o f P en n sy lv an ia S ta te ta x .
1st Lien and Collateral Trust Sinking Fund Bonds, Series A , 6 % .— B onds
reserved to refu n d first m o rtg ag e bo n d s. B alance issuable u n d e r restric­
tio n s. D ire c t m o rtg ag e on 73^ m iles o f railw ay line; d ire c t m ortgage on
all o th e r railw ay p ro p e rties a n d on th e en tire c a p ita l sto ck s of th e tw o
lig h t a n d pow er com panies, su b jec t to first m o rtg ag e b o nds. F u rth e r
secured by pledge o f e n tire com m on c ap ita l stock o f th e Peoples T ra n s ­
p o rta tio n C o rp . F ree o f P en n sy lv an ia S ta te ta x .
O F F IC E R S .— C h airm a n , W illiam F . K elly; P res., C h arles B . C ooke J r .;
G en. M g r., H a rry C . D onecker (all o f P h ilad elp h ia); V ice-Pros., A . M .
H olding (W est C h ester); Sec. & T re a s ., T h o m as L . H odge (P hiladelphia).
— V . 122, p . 2194, 2654, 2301.

THE WILKES-BARRE RAILWAY CORPORATION.
O R G A N IZ A T IO N .— In co rp . J u n e 3 1924. Owns all th e sh ares of stock
• f T h e W ilkes-B arre R y. (see below) a n d its unfunded d e b t. T h e W ilkesB arre R y . C o ., as of Ju ly 1 1924, assigned to T h e W ilkes-B arre R y. C orp.
th e leases of all th e stre e t railw ays o perated by it prior to said d a te , viz.:
T h e W ilkes-Barre & W yom ing Valley T rac tio n C o .,
W ilkes-Barre & Luzerne S tree t Railw ay C o.,
W ilkes-Barre & H ano v er S treet Railw ay C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perates 115 miles of s tre e t railw ays in th e C ity o f W ilkes-B arre, and
various o th e r places in Luzerne C o u n ty , P a.
C A P IT A L IZ A T IO N .— C om m on sto ck , au th o rized , $1,500,000: issued,
$950,000. Preferred sto ck , au th o rized a n d issued, $750,000. T h e p re ­
ferred stock is 6% cum ulative.
D ividends.— D ividend N o. 1, of 3 % , was paid J a n . 1 1925, o u t of earn­
ings for th e first six m onths o f o peration.
E A R N IN G S .— T h e p roperties were operated for th e first six m onths of
th e y ear ended Dec. 31 1924 by T h e W ilkes-Barre Railw ay C o. and for th e
la st six m o n th s by T h e W ilkes-B arre R ailw ay C o rp ., th e consolidated
earnings being as follows:
Calendar Year—
1924.
O p eratin g revenues_______________________ _____ ______________ $2,520,702
O p eratin g expenses (including depreciation reserv e)_________ 1,672,305
N e t o p eratin g rev en u es_____________________________________ $848,397
T a x e s ______ ________
110,302
O p eratin g incom e__________________________________________ $738,094
N on-operating incom e_______________________________________
9,226
G ross incom e_______________________________________________ $747,302
R en t for leased ro a d s_________________________________________
621,807
In te re s t on unfunded d e b t____________________________________
24.680
N e t incom e________________________________________________ $100,833
O F F IC E R S .— P res., A bram G . N e sb itt; V .-Pres. & G en. M g r., W m . S.
Bell; Sec. & T reas., C . W . Laycock
1. W IL K E S -B A R R E R A ILW A Y S CO
O R G A N IZ A T IO N .— Incorp. N ov. 26 1909 F o rm erly leased th e W ilkesB arre & W yom . Val. T r. C o. for 800 years from J a n . 1 1910 a t re n ta l of
$360,000 th e 1st year, increasing $10,000 every tw o years until th e m axim um
of $400,000 is reached, and all obligations in the w ay of in t., taxes, & c., of
W .-B . & W . V. T rac .. b u t as of J u ly 1 1924 lease w as assigned to T h e W ilkesB arre R y . C orp. (see above)




125

POWER, LIGHT AND RAILWAY

C A P IT A L IZ A T IO N .— A u th . sto ck . $1.500 000: issued, $900,000
E A R N IN G S .— F o r cal. y ear 1923, gross, $2,482,165; n e t, a fte r oper.
exp., taxes, d ep rec., re n ta ls & in t., $93,817. In 1922, gross, $2,267,309,
net, a fte r oper. exp. & taxes (b u t before ren tals, & c.), $652,375. In 1921,
gross, $2,566,863: n e t, a fte r oper. ex p ., re n ta ls, taxes. &c., $91,765.
O F F IC E R S .— P res.. F . M . K irby: V .-P ., A. G . N esb itt; Sec. & T re a s.,
C . W . Laycock; V .-P . & G en. M g r., W m . S. B ell.— V . I l l , p . 1662; V. 112,
p . 1400: V. 115, p . 2380.
(a) W IL K E S -B A R R E & W Y O M IN G V A LLEY T R A C T IO N .— T he
U nited Pow er & T ran s, ow ns 49.992 o u t of th e 50.000 shares of sto ck .
Lease.— Is leased to th e W ilkes-B arre R y . C orp. (see ab o v e). V. 89,
p .1 5 9 S .
O R G A N IZ A T IO N .— In c o rp o rate d F eb. 9 1891; controls s tre e t railw ay
lines in th e W yom ing V alley, P a ., extending from W ilkes-B arre to D uryea
and N anticoke on e ast side of S usquehanna R iver a nd P ittsto n a nd P ly ­
m outh on w est side. In D ec. 1902 m ade collateral tr u s t m tge. for $250,OdO
to purchase stock of th e W ilkes-B arre D allas & H a rv e y ’s L ake R y. C o. and
for o th er purposes. On Ju ly 1 1904 leased th e P ly m o u th & Larksville S treet
R y. for 999 years a t 6% on $75,000 s tk . a nd in t. on $75,000 5% bonds.
ST O C K A N D B O N D S—
Date.
Interest.
O utstanding. M aturity.
Stock (par $100) $5,000,000— all b u t 8 shares owned by U n. P . & T . Co.
1st m tge $1,500,000 go ld / 1891
7 g A-O
$1.500,000 April 1 1931
($ 1 ,0 0 0 )_______________c * \ln te re s t a t P ro v id en t Life & T r. C o ., P hila.
C ollateral tru s t a nd m o rtg ag e / 1895 6 g J -J
245.000 J a n 1 1935
$325,000 g o ld ____________ \ I n t . a t A n th ra c ite Sav. B k ., W ilkesbarre, T r.
C ollateral tru s t and m tge g / 1902 6 g J-D
239,000 Dec 15 1932
($1.000) $250.000______c* 1In t.a t R eal E s t„ T itle ,In s .& T r.C o .,P h ila .,T r
Underlying Bonds on Roads Purchased—
W ilkesbarre & S uburban b o n d s ____
5%
40,000 J u ly 1 1928
Guaranteed Bonds—
W ilkes-Barre & K ingston__________
5 F-A
90,000 A ug 1 1928
W ilkes-Barre & E a s t Side R y . ____
5
150,000 See(z)below
Bonds.— T h e W ilkes-B arre & W yo. V ail. T ra c . 1st M . bonds w ere
originally 5s and m a tu re d A pril 1 1921. b u t have been extended for 10 years
a t 7 % . Are call, as a whole on an y Int. d a te a t 102H a n d in t. p rio r to
April 1 1926 a nd a t p a r th e re a fte r. V. 112. p. 1400.
In te re s t on the W ilkes-Barre & K ingston bonds reduced to 5% in Aug.
1903 and bonds extended to Aug. 1 1918 and again to Aug. 1 1928 a t 5 % .
In t. on the W ilkes-B arre & S uburban bonds reduced in 1903 to 4% and
bonds extended to Ju ly 1 1918; were again extended, this tim e to J u ly 1
1918, a t 5% .
T h e W ilkes-B arre & W yom ing Valley coll. tr . bonds of 1895 were originally
5s and m atured J a n . 1 1925. b u t have been extended for 10 years to J a n . 1
1935 a t 6 % . Extended bonds are call, on 60 d a y s’ notice a t 102 an d in t.
on any in t. d a te prior to Ju ly 1 1926. and a t p a r on Ju ly 1 1926. or on any
in t. d a te th e re a fte r. Free from Pennsylvania S ta te tax of 4 m ills. V. 120,
p. 89.
T h e W ilkes-B arre & W yom ing Valley coll, tru s t bonds of 1902 were
originally 5s and m atured Dec 15 1922. b u t w ere extended for 10 years to
Dec. 1 1932 a t 6 % . E xtended bonds are callable as a whole on any in t.
d a te on 60 d a y s' notice a t 102 and in t. prior to Ju n e 15 1926: and a t p a r and
in t on Ju n e 15 1926 or on any in t. d a te th e re a fte r. V. 115, p. 2380.
C O M P A N IE S C O N T R O L L E D IN S Y S T E M — T h e following table
shows th e several com panies o p erated , th e ir m ileage, cap ital sto ck , and the
a m o u n t of it owned by the T rac tio n com pany, th eir d e b t, and finally the
rental payable under 999-year lease; 6% here m eaning 6% on th e o u ts ta n d ­
ing c ap ital stock; and $1 m eaning a nom inal re n ta l, th e com pany having
only a nom inal existence.
-------- -Stock------ —
N am e o f Company—
HVliles.
Issued.
Owned.
Debt. Rental
C oalville Passenger R ailw ay _ . 7 .65 $62,400 $36,300
_
N one
6'
N anticoke S tree t R ailw ay _____ 11 99
6.000
6.000
N one
P ittsto n & Avoca S t. R y ______ 2.25
13.500
13.500
$65,000
il
P itts t. M oosic & P. V. S t. R y . 1.49
42.000
42.000
N one
1
P ittsto n S tree t C a r ___________ 7 9 0 200.000 200.000
h
P lym outh & L arksville R y ____ 3.76
75.000
6'
75,000
6.28
12,000
N one
12.000
3 44
30.000
N one
30.000
h
z W ilkes-Barre & E a s t Side____ 3.28 150.000 150.000 *150,000
ii
W ilkesb. & K ingst. Pass. R y __ 8.50 100.000
99.700
90.000
6'79
4 00
24.000
24.000
218.000
1
il
13 48 100.000
93,500
40.000
6%
14 68 200.000 193.750
(a)
150.000
17 84 100.000
92,450
6<V
0
* E n tire a m o u n t owned by th e W. & W. Valley T rac .
a D ividends in this case are d e p en d e n t upon earnings.— V . 120, p . 8 9 .
(a ) W IL K E S -B A R R E

DALLAS

&

H A R V E Y ’S

LAKE

R Y .— T h e

W ilkes-Barre A W yom ing Valley T rac tio n C o. ow ns all th e stock .
O R G A N IZ A T IO N .— A reorganization in 1898. per p lan in V . 6 6 . jp. 1190,
of th e W ilkesbarre & N o rth ern R R sold bv Sheriff in Sept. 1898.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Road, p a rtly con stru cted , was com pleted and electrically equipped by new
com pany from L uzerne. P a ., th ere connecting w ith W ilkes-B arre & W yom ing
Valley T raction to H a rv e y ’s L ake. P a .. 14.68 miles.
ST O C K A N D B O N D S—
Date.
Interest. O ut-tandina. M aturity.
Stock $200,000 ($50)_________ — All stock owned by W .-B . & W . Val. T ra«.
1st m ortgage $150,000 gold! 1898
5 g M -S
$150,000 Sept 15 1928
($ 5 0 0 )--------------------------c * \I n t. a t A n th ra c ite Sav. B k ., W ilkesb., T ru s
— V . 69, p . 133.

MARYLAND
CONSOLIDATED GAS ELECTRIC LIGHT & POWER
CO. OF BALTIMORE.
O R G A N IZ A T IO N .— In c o rp o rate d Ju n e 20 1906. V. 82, p . 1441.
Owns th e e n tire c ap ital sto ca of tu e following com panies: R oland P a rk
E lectric & W ater C o ., M t. W ashington E lectric L ight & Pow er C o .,
Patapsco E lec tric & M fg. C o. of M ary lan d P a ta p sc o E lectric & M fg. C o.

A LD RED & CO.
40 W all S treet
N EW YORK

126

PUBLIC UTILITIES

o f D elaw are, T h e B altim o re C o u n ty E lec. C o ., N o rth e rn E le c tric C o .. T h e
C o n so lid ated Pow er C o. o f B altim o re, B el A ir E lec tric C o. a n d M ary lan d
S ecurities C o. T h e la st-n a m e d co. ow ns all th e com . sto ck of B altim ore
E lec tric C o. o f B altim o re C ity . All th e ab o v e com panies, w ith th e excep­
tio n o f th e M a ry la n d Securities C o ., a re o p erated u n d e r lease b y C onsoli­
d a te d G as E lec tric L ig h t & Pow er C o. of B altim ore. Also ow ns th e entire
c ap ital sto ck o f T h e B altim o re C o. o f B altim o re C ity a n d th e e n tire com .
sto ck of T h e P u b lic Service B ldg. C o ., w hich com pany h a s erected a 20-story
office b u ild in g in B altim o re. T h e C onsol. G as E lectric L ig h t & Pow er C o.
of B altim o re h a s leased th is b u ild in g for a period o f 25 y e ars from Aug.
2 1915.
I n J a n . 1926 co. acq u ired 10,000 shares o f c ap ital sto ck (par $100) of
P e n n . W a te r & Pow er C o. V . 122, p . 212, 747.
I n D ec. 1925 M ary lan d P . S. C om m ission au th o rized co. to acquire the
sy stem o f th e Freedom D istric t E lectric L ig h t Co. V. 122, p . 94.
Electric rates reduced beginning N o v . 1 1925. V . 121, p . 1568.
Increase Capital Stock.— On O ct. 21 1925 co. offered to com . stockholders
of re c o rd N o v . 2 1925 140,257 ad d itio n al com . shares a t $35 (plus a d ju s t­
m e n t o f d iv .) on th e basis of one new sh are for every fiv e h eld. V. 121,
p . 2037, 2156.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
D oes th e e n tire gas, electric lig h t an d power business in th e C ity of B altim ore
an d th e su rro u n d in g te rrito ry , and also supplies all th e pow er fo r th e opera­
tio n o f th e e n tire s tre e t ra ilw a y system in th is area. O perations extend in
B altim o re , H o w ard , A nne A rundel, H arfo rd and C arro ll counties. T o tal
po p u latio n served a b o u t 850,000. C o. h as exclusive use of o u tp u t, for
B altim o re a n d v ic in ity , o f S u squehanna R iver p la n t o f P ennsylvania
W a te r & Pow er C o. V. 84, p . 627; V . 85, p . 163; V. 90, p . 377, 1557;
V. 91, p . 468, 947; V . 92, p . 464,1241; V . 112, p . 376.
M aturitu
ST O C K A N D R O N D S—
Date.
Interest.
O utstanaina.
C om 1,200,000 shs (no p a r ) . . ____
Q-J
See te x t
841,545 shs
P ref Ser A 8% cum $5,000,000
Q-J
($100)__________________________
5.000. 000 O ct. ’26 2%
P ref Ser B 7 % cum $2,000,000
($100)__________________________
Q-J
2.0 0 0 . 000 O ct. '26 I X
P ref Ser C 6 )4 % cum $4,000,x4,000,000 O ct. '26, I X
Q-J
000 ($100)______________________
$1,000,000 O c t’26 1 J4%
P re f Ser D 6% cum . ( $ 1 0 0 ) . . ______
6 Q .-J
13,845,000 F eb 14 1935
G en M £15,000,000 ($ 1 ,0 0 0 )/ 1905 4 H .g J - J
g o ld ____________________c* (In t. a t C o n tin e n tal T r . Oo_, B altim o re, tru s .
1st re f m tg e Series A _________ , 1919
_
_
6 g F-A
10,827,500 Feb 1 1949
Series E ___________________ ( 1922
5)4 g M -S 4 999.000 Sept 1 1952
Series F ___________________ | 1925
5 g J-D
$8,964,000 J u n e 1 1965
$500, &c) g o ld --------- c* & r* tf [B ankers T r u s t C o .. N . Y ., tru s te e .
U n ited E lec 1st cons m tg e / 1899
4 H g M - N 4,428,000 M a y 1 1929
(closed) ($1,000) g o ld _ c * \M a ry la n d T r u s t C o ., B altim o re, tru s te e .
_
C onsol G as cons 1st m tg e / 1889 5 g J - J
3.400,000 J u ly 1 1939
(closed) ($1,000) g . . c * n t f (M ercan tile T r . & D ep . C o ., B alto ., tru ste e .
C onsol G as gen M (closed) f 1904
4)4 g A-O 6,100,000 A pril 1 1954
($1,000) g o ld ----------------c * [In t. a t F id e lity T r. C o ., B a lto ., tru s te e .

[Voi.. 123.

O F F IC E R S .— C hairm an of B oard, J . E . A ldred; P re s ., H e rb e rt A . W ag­
ner; V .-P ., C has. M . C ohn a n d C has. E . F . C larke; C o n t., Jo h n I,. B a ile y
Sec. & T rea s., W m . S chm idt, J r .; A sst. Sec. & A sst. T re a s., R o b e rt F . B onsall, Ja s. E . K ane a n d C. E . W ollm an. Office, L exington B uilding, B alti­
m o r e — V . 121, p . 74, 197, 705, 1568. 1907, 2037, 2156, 2271, 2636; V . 122,
p . 94, 212, 748, 1445, 1483, 2649, 2797; V . 123, p . 323; 709, 1502.

EASTERN SHORE GAS & ELECTRIC CO. (DEL.).

Control.— N a t. P u b . Serv. C o. acquired control S ept. 29 1925. V . 121,
p . 1676. A nd in tu r n M u nicipal Service C o. acquired c o n tro l in M arch
1926.
O R G A N IZ A T IO N .— In c o rp . M a y 10 1915 in D elaw are. I n 1915
m erged th e Sussex (D el.) L ig h t & Pow er C o. a n d acquired th e p ro p e rties
of G eorgetow n (D el.) L ig h t, H e a t & Pow er C o. a n d th e M ilto n (D el.)
E lec tric L ig h t C o. Also acquired th e e n tire c ap ital sto ck of C am bridge
(M d.) G as E lec tric L ig h t & Pow er C o ., Salisbury (M d.) L ig h t, H e a t &,
Pow er C o ., Idlew ild E lec tric L ig h t, H e a t & Pow er C o ., a n d in 1916 of th e
P e ninsular L ig h t & Pow er C o. In 1922 acquired th e K e n t C o u n ty E lec tric
C o. In A pril 1924 th e D elm arvia U tilities C o ., serving O cean C ity , M d .,
a n d in J a n . 1925 th e C onsum ers Ice C o ., o p e ra tin g in th e c ity of C risfield,
M d . T h e com pany ow ns all of th e c ap ital sto ck ($292,000) of th e E a s te rn
Shore G as & E lec tric C o. of M d ., in to w hich w ere m erged a s of J a n . 1 1920
th e C am bridge G as, E lec tric L ig h t & Pow er C o ., th e S alisbury L ig h t, H e a t
& Pow er C o.: th e Idlew ild E lectric L ig h t. Heat, & P ow er C o ., and th e
P e ninsular L ig h t & Pow er Co. As of D ec. 31 1925 th e E a s te rn Shore G as &
E lectric Co. consisted of E a ste rn Shore G as & E lectric C o. o f D elaw are,
E a ste rn Shore G as & E lectric C o. of M a ry la n d , K e n t C o u n ty E le c tric C o .,
D elm arvia U tilities C o., E a ste rn M ine C oal C o., C onsum ers Ice C o., E xm ore Ice & Storage C o., E xm ore L ight & Pow er C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T ne com pany operates a statio n a t L aurel, D e l., w ith a c a p a c ity of 5,330
h .p . an d has o th e r statio n s of 2,530 h .p .: 251 m iles of high ten sio n tra n sm is­
sion lines, 27 high tension su b sta tio n s a nd 158 m iles of d is trib u tin g system .
T h e principal franchises are p erpetual or ru n for long te rm s. Supplies
electricity w ith o u t com petition in over 60 tow ns in M a ry la n d , D elaw are
a nd V irginia, serving a p o p u la tio n of a b o u t 6,800. S upplies gas in C am ­
bridge
E lectrical o u tp u t 12 m o n th s ended J u ly 31 1926, 16,326,640 k .w .h .;
gas o u tp u t, 17,771,000 cu. ft.; ice, 23,467 tons; electric consum ers, 13,668;
gas consum ers, 1,940.
ST O C K A N D B O N D S—
Date.
Interest. Outstanding. M a tu rity .
C om m on 60,000 shs no p a r _________
_________ 29,880 shs. __________
8% cum p re f $ 1 ,0 0 0 ,0 0 0 (8 2 5 )____
$2 Q-M
708,525 S e p t '26 2%
1st M & coll t r 6s $1,250,0001 1915
6 g J-D
373,000 J u n e 1 1955
($1,000, $500 c * )_______ t f / I n t. a t P h ila. T r u s t C o ., P h ila ., T ru ste e .
Consol m tge s f 7s Ser A $1,-1 1922
7 F-A
1,018,000 J u n e 1 1955
450,000 ($1,000, $500 c * .tf J ln t. a t P h ila. T r u s t C o .. P h ila ., T ru ste e .
Series B 6 )4 s $500,000_____1922
6)4 F-A
350,500 J u n e 1 1955
CrUnrnntpptl T c v
Slock.— P referred sto ck is p referred as to assets an d divs. C a ll., all or
B alt E lec M (closed) g u a r p 1/ 1907 5 g J-D
3.943,000 J u n e 1 1947
p a rt, a t 110 a n d div. M ary la n d a n d P enn, tax es, if a n y , refu n d a b le up
& sin k fu n d ($1,000) g _ .c * lln t . a t N o rth e rn T ru st C o ., P h ila ., tru s te e
to 4 )4 % . L isted on P hiladelphia Stock E xchange.
5 J-J
1.000,000 J u ly '26 2)4
P r e f sto ck 5% g u a r ($50)_______
On M arch 2 1925 stockholders increased th e au th o rized c ap ita l stock
P u b Serv B ldg C o 1st m tg e? 1915 5 g F-A
762,000 A ug 1 1940
(closed) g u a r p r ,, in t. a n d ( I n t. a t M ercan tile T ru s t & D eposit C o ., from 30,000 p referred shares (par $25) an d 60,000 common sh ares of
no p a r value. T h e old com . sto ck w as to be exchanged on th e b a sis of tw o
s. f. ($500) g o ld ________ c* [ B altim o re, tru ste e
no p a r shares for each share of $25 p a r value.
P r e f sto ck 6% cum g u a r
$700,000 ($100)_______________
6 Q -F
658 000 A ug '26 1)4
Bonds.— T h e 1st mtge. & coll. tr. 6s g. bonds, due June 1 1955, a re fu r th e 1
secured b y d ep o sit of th e $618,500 o u tsta n d in g g. 6s. b onds 1954 a n d th e
R o lan d P k E l & W a t C o l s t f 1907
5 g F-A
300 000 F eb 1 1937
(closed) g u a r p rin & in t._ c * [In t. a t C o n tin en tal T r. C o ., B altim ore, tru s. en tire c ap ital sto ck of th e E a s te rn Shore G as & E lec. C o. of M d . A re
x In clu d es 4,147 sh ares subscribed for b u t n o t issued or fu lly p aid as of call, w hole or p a r t on 60 d a y s ’ no tice a t 105 a n d in t. Sinking fu n d of 1%
p er a n n u m , beginning J u n e 1 1920, to be applied for re d e m p tio n of b onds.
Sept. 17 1926.
Stock.— P re f. sto ck m a y be issued in d ifferen t series, th e fixed p referen tial R etire d th ro u g h .s. k. $57,000. O u tstan d in g in h a n d s of p u b lic, $395,000.
div s. u p o n w hich shall in no case exceed 8% p e ra n n u m . Ser. A re d . a t 125. B alance of $798,000 deposited u n d e r th e m tge. of cons. s. f. 7s, d ue 1955.
T h e cons. mtge. s. f . g. bonds, ser. A , dated Feb. 1 1922, a re fu rth e r secured
Series B re d . a t 110. Series C re d . a t 110. Series D re d . a t 110. In
J u n e 1925, Spencer T ra s k & C o. B oston a n d C hase & C o ., sold $1,000,- b y pledge o f $798,000 1st & coll. tr . 6s o f 1955 an d all c ap ital sto ck a n d m tg e.
000 Series D a t $100.50 p e r sh are, yielding 5.9 7 % . V . 120, p. 2940. bonds of K e n t C o u n ty Elec. C o. a n d cap ital sto ck of D elm arv ia U tilities
C o. T o ta l a u th o riz e d issue, $6,000,000. Series A lim ited to $1,450,000
L iste d on B altim o re Sto ck E x ch an g e. Y . 121, p . 197.
Bonds, & c.— As to th e $15,000,000 gen. M . 4 )4 s, see ta b le an d V. 103, C all., incl. F e b . 1 1942, a t 110 an d in t., th e re a fte r a t 105 a n d in t. Sinking
P. 2158; V . 80, p . 1731, 714, 1481; V. 88, p . 233; V. 91, p . 41. 1632; Y . 92, fu n d of 1% a n n u ally from F eb . 1 1927 u n d e r certa in re stric tio n s. P en n .
p 1376, 1502, 1568; V . 93. p . 1791: V . 96, p. 1704; V . 98, p . 239; V . 105, S ta te ta x refu n d ab le.
p . 1306. O f th e $15,000,000 a to ta l of $1,155,000 is deposited u n d e r th e
Series B is lim ited to $500,000. Issu e d $239,000; o u tsta n d in g , $201,000;
1st m tg e. 5s of B altim o re E lectric Co of B altim ore C ity .
in tre a su ry , $38,000. C all, on 60 d a y s ’ no tice, incl. F eb. 1 1942, a t 105
an d in t., th e re a fte r a t 102)4 an d in t. P e n n , ta x re fu n d a b le .
First R efunding Mortgage o f 1919.
T h e 1st Ref. M tge. o f 1919 covers all p ro p e rty now ow ned o r h e re afte r
E A R N IN G S .— F o r calen d ar years:
acq u ired . A u th . issue n o t to exceed $100,000,000 a t an y one tim e . In t.
x l9 2 5 .
1924.
19~3.
1922.
on all p re se n t series p a y ab le a t B an k of M a n h a tta n C o ., N . Y . C ity; G ross earnings_________
$992,210
$621,389
$560,977
$502,005
A lexander B row n & Sons, B a lto ., a n d a t M id lan d B an k , L td .. L ondon, E ng
O per. expenses & t a x e s 641,049
385,961
351,575
335,773
Series A are re d . on 60 d a y s' no tice, viz.: P rio r to F eb . 1 1929 a t 107X a nd Fixed charges__________
177,269
107,2 i9
103,680
95,527
In t.; n e x t 15 y ears a t 105 an d in t.; la st 5 y ears before m a tu rity a t 102 & in t. M iscell. d e ductions_____f
I
11,069
7,452
9,260
Series E a re re d ., all or p a rt on 60 d a y s’ notice, a t 107)4 an d in t. p rio r to R enew al re serv e_______ (
35,8171
38,774
36,319
33,107
S ep t. 1 1932, a t 105 a n d in t. d u rin g n e x t te n y ears a n d a t 10214 a nd in t. F ederal ta x e s __________ [
j
9,428
7,744
4,240
d u rin g la s t 10 y e ars before m a tu rity .
N e t incom e____________
138,075
68,938
54,207
24,098
Series F a re re d . all or p a r t on 60 d a y s’ n o tice a t 105 d u rin g fir s t 10
x r2 m onths ended J u ly 31 1926.
y e ars, 104 second 10 y ears, 102)4 th ird 10 y e ars, 101 n e x t 8 y e ars a n d a t
Consolidated earnings fo r 1925 w ere s ta te d as: G ross, $856,150; n e t after
100 d u rin g la s t 2 years; p lu s in t. in each case.
Alex B row n & Sons, & c., & c., sold in Ju n e 1925 $9,000,000 series F 5% m a in t. a nd tax es, $297,229; deprec. an d re tire m e n ts, $15,476; in te re s t a nd
dividend charges, $174,851; b alance, $106,902.
bonds a t 100)4 a n d in te re st. V . 120, p . 2940.
S u b seq u en t series to b ear in t. m a tu re a t su ch tim es (n o t la te r th a n F eb . 1
O F F IC E R S .— P res., A . E . F itk in ; V .-P ., H . D . P olhem us; T re a s ., W . E ,
1999) a n d b e re d . a t su ch p rices as m a y b e fixed. V. 113, p . 1475.
Shaw, J r.; Sec., S. R . Jones. Offices, S alisbury, M d ., an d 165 B ro a d w ay ,
P rovision is m ad e in th e in d e n tu re s for th e refu n d in g of all underlying N ew Y ork C ity .— V. 120, p . 1202, 1313: V. 121, p . 1676.
securities o f th e co. an d o f its subsidiaries. T h e p o rtio n of th e authorized
issue n o t reserv ed fo r refu n d in g purposes is issuable only for 80% of th e cost
of ad d itio n s, im p ro v em en ts o r securities acquired
A nnual sinking fu n d
POTOMAC EDISON CO.
equal to 1 % o f th e to ta l o f th ese bonds from tim e to tim e o u tsta n d in g , to p u r­
chase or call th e m fo r can cellatio n b eg an A ug. 1 1923; $910,000 p a r value
Control.— E n tire com . sto ck is ow ned b y W est P enn E lec tric C o., which
1st re f. m tg e. b o n d s h a v e been th u s acq u ired a n d re tire d a n d w ill n o t c o . is a su b sid iary of A m erican W ater W orks & E lec tric C o ., I n c ., see V . 121,
be reissued.
p . 1228 ,1 4 6 3 .
In te re s t on U n ite d E le c tric L ig h t & Pow er 1st 4 )4 s of 1899 is p a y ab le
O R G A N IZ A T IO N .— O rganized D ec. 31 1923 u n d e r th e laws o f M ary la n d
a t Alex. B row n & Sons, B altim o re.
o f th e P otom ac
e
ac P ublic
I n t. on C onsol. G as cons 1st m tg e . 5s is p a y ab le a t F a rm e rs & M erch an ts as a consolidationerly th e H agerstow E dison C o. a nd yth C oP o to m or history
Service C o. (form
n & Frederick R .
.). F
N a tio n a l B an k , B altim o re.
of P otom ac P u b . Service C o. u p to tim e o f consolidation see “ E lectric
Of th e 50 -y r. gen 4 )4 s o f 1904 of T h e C onsol. G as C o. o f B altim o re C ity ,
th
$6,100,000 h av e been issued. N o fu rth e r bonds can be issued except to R ailw ay S u p p le m e n t”a of O ct. 27 1923. e C o. ow ns p ree e n tire o u ts ta n d in g
($2,400,000)
$132,200 of
$350,000
ck of
re tire th e 5s due 1939. V . 78, p . 1964- 2014. 2387; V . 79, p . 1643; V . 88, com m on Pow er C o ., thn d e n tire o u tstathd in g com m on f. sto pref. N o rth e rn
V irginia
e
n
an d
p . 103; V . 90, p . 1173. 1493; V. 91, p . 41; V . 96, p . 363, 491, 718, 949; P o to m ac L ig h t & Pow er C o ., an d C h am b ersb u rg , G reencastle & stocks of
W aynes­
V . 99, p . 1050.
boro S
C o. (w hich in tu rn
th e e
c ap l sto
of
T h e B altim o re E lec tric C o. 5s ($7,500,000 a u th o rized [issue closed at boro E tree t R y .o. a n d B lue R idge Rowns o .), thn tire tire ita tsta nckin g W aynes­
lectric C
y. C
e en
ou
d
com m on
$3,950,000] N o rth e rn T r u s t C o. o f P h ila ., tru s te e ), a re secured b y a first
of
T ra n sp o rt C
H agerstow
red erick R y . C o.
lien on th e p ro p e rty a n d $1,155,000 C onsol. G as E l. L . & P . C o. gen. 4)4s- stocksn n ., th ee B lue R idge ransm ission o ., ., th e W estnV& FT ransm ission C o.
of P e
th P o to m ac T
Co
a.
V. 85, p . 598, 1271, 1340; V. 87, p . 741; V . 108, p . 1166. A re re d . a t 110. an d th e F ran k lin T ransm ission C o ., an d controls th e U nion B ridge E lectric
T h e P u b lic Service B la g . C o . h as erected a 20-story office b u ilding w hich is
leased to th e C o n so l. G as E l. L t. & P . C o. of B alt, for 25 y ears fro m A ug. 2 M fg. C o. a n d th e B rad d o ck H eights W ater C o.
1915 u n d e r an a n n u al ch arg e su fficien t to p a y in t. an d sins:, fu n d on the
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
bo nds, d iv s. and sin k , fu n d s on th e p re f. sto ck , oper. ex p ., tax es, m a in t., &c. C o. ow ns a n d o p erates a n electric a n d pow er sy ste m , serving su b sta n tia lly
T h ere are o u tsta n d in g $658,000 p re f. sto ck ($42,000 re tired b y sinking fund) all of w estern M ary la n d u p to w ithin 25 miles of th e C ity of B altim ore,
and $712,400 com . sto ck . T h e first m tg e. 5s a re redeem able a t 105. See a n d th ro u g h its subs, ow ns a nd operates a pow er a nd lig h t sy stem in n o rth ­
V . 101, p . 1017; V. 103. p . 764. T h e e n tire com m on stock is ow ned b y th e ern V irginia; th e n o rth e a stern portion of W. V irginia and th e a d ja ce n t sec­
C . G . E . L . & P . Co. of B altim ore.
tion of P enn sy lv an ia, serving an aggregate p o p u la tio n of a b o u t 300,000 on a
T h e C onsolidated Pow er C o. o f B altim o re 1st m tg e. 5% gold bonds, te rrito ry of approx. 3,000 sq. m . C o. also does a gas business in F rederick,
a u th o riz e d , $15,000,000; issued, $13,750,000. All of th e $13,750,000 bonds M d ., an d supplies steam h e a t in C um berland a nd o p e ra te s an d controls
issued a re deposited u n d er first ref. m tg e. A gainst th is deposit $11,750,000 s tre e t an d in te ru rb a n ry s. in so uthern P ennsylvania, an d ow ns a n d o p erates
first ref. bonds hav e been issued. C om p an y leased to C o n solidated G as a n in te ru rb a n bus passenger an d express business giving service to 124
E lec tric L ig h t & Pow er C o. of B altim o re for a te rm o f 25 y e ars, beginning com m unities, including th e cities of B altim ore a n d C u m b e rla n d , M d ., and
in 1917.
W ashington. D . C . H as electric g enerating p la n ts w ith a to ta l installed
D IV S .— ]1910 1911. 1912. 1913, 1914. 1915. 1916. 1917. 1918-1924. c ap a c ity of 51,575 k w ., incl. 4 hydro-electric p la n ts w ith c ap a c ity o f over
On com % _ / 4
4X
5
5X
6)£
7
7
7X
8 y rly
6,500 h . p . H as Steam s ta tio n a t W illiam sport designed for u ltim a te
O n n o -p a r co m ., J a n ., A pril, J u ly a n d O ct. 1925, 50c. p e r share.
c ap a c ity of 240,000 h . p . H as 600 m iles of high tension tra nsm ission lines
T h e d iv . r a te w as increased from I X to 2% q u a r. (8% p . a .) w ith th e a n d 26 su b -statio n s. In D ec. 1924 placed in service 66,000-v o lt line be­
A pril 1917 d istrib u tio n a n d so c o n tin u ed to a n d inch O ct. 1924. On no tw een W illiam sport an d C um b erlan d , M d ., 53 m iles. O p erates s tre e t ra il­
p a r v alu e shares 50c. was paid in J a n ., A pril, J u ly and O ct. 1925. In 1926 w ays in cities of C u m b erlan d , H agerstow n a n d F red e ric k , M d ., a n d an
J a n ., A p ril an d J u ly each 6 2 )4 c. P ref. d iv . p a id a t p rescrib ed ra te s from in te ru rb a n railw ay extending from F rederick to H ag ersto w n , w ith extensions
d a te s o f issue o f sto ck .
from F rederick to T h u rm o n t, M d ., also from H agerstow n to S hady G rove,
E A R N IN G S .— F o r c alen d a r y ear:
P a ., a n d w ith b ra n c h lines to B oonsboro a n d to Jefferson, M d . M ileage
S u rp lu s
Total Rev.
Oper. E xp. Fixed Chgs. D ividends.
o p e ra te d aggregates 100.14 m iles. T h e controlled C h am b ersb u rg G reen­
1925_____ $23,092,2 i O $14,611,055 $3,036,391 $2,348,900 $3,095,864 castle & W aynesboro S tree t R y . o p e ra te s 31 m iles of tra c k fro m B lue R idge
2,004,237 S um m it to C h am b ersb u rg . T h e extension from C h am b ersb u rg to R ed
1924x____ 21,711,929
14,548,003
3,074,365
2,085,324
3,047,844 B ridge P a rk w as leased to th e C h am b ersb u rg & Shippenburg R y . of C ham ­
1923_____ 22,294,449
14,156,342
3,232,095
1,858,168
bersb u rg , P a . C o. ow ns 62 m o to r passenger cars, 40 freig h t a n d express
x G as a n d electric ra te red u ctio n effective J u ly 1923.
Latest Earnings.— F o r 6 m o n th s ended Ju n e 30:
cars, 3 electric locom otives, 4 w ork cars a n d 3 snow plow s. O perates
i9 2 6 y ____ $ .2 ,9 1 9 ,3 5 9
$8,352,046 $1,452,673 $1,476,523 $i,638,118 50 busses w ith a com bined c a p a c ity of 777 passengers.
1,718,534
Stock Increase.— In M arch 1926 M a ry la n d P . S. C om m ission authorized'
1925_____ 11,651,526
7,301,297
1,534,960
1,096,735
.
•
<.
i ;; u j
(
,
m
3. < m
th e co. to issue $500,000 pref. sto ck . V . 122, p . 1764.




POWER, LIGHT AND RAILWAY

Oct., 1926.]
S T O C K A N D B O N D S .—
_
C o m . 150,000 shs (no p a r ) _
P ref. $7,500,000 ($100)_____
1st m tge(& ref) Ser ” A^'($500
& $1,000) gold________ c * tf
Series “ B ” _______________
Series “ C ” _______________

D ate.
1923

Interest. O utstanding. M a tu rity .
— ' _____ 75,000 shs. ---------------®o q‘ s in n
i
6 U "g M -N 3 :90b ,000 M ay "l' 1948

6 H g M - N 2,000,000 M a y 1 1948
1923
6 g M -N
1,000,000 M a y 1 1949
1923
U . S. M tg e . & T r u s t C o ., N . Y ., tru s te e .
Series “ D ” ($1,000, $500 &
$ 100)___________________ c* 1923 5 H g M - N 2,250,000 M a y 1 1949
P o t P u b Serv 1st & re f m tg e f 1914 6-7 g A-O 4,846,200 A pril 1 1944
closed($100. $500 & $1,000)1 F id e lity T ru st C o .. B altim ore, T rustee.
gold sinking f u n d ___ c -c y t( In te re s t p ay ab le in B altim o re & N . Y .
H agers & N o r R R 1st m tg e f 1908
5 g F-A
200,000 M a r 1 1927
$ 2 00,000gold ($1,000, $ 5 0 0 |ln t. a t M ary lan d 8. & T r. C o ., H agerstow n.
and $100)______________c*( T ru ste e , W m. Jennings.
Fred & M iddletow n 1st m tg ef 1905
5 g J -J
126,000 D ec 1 1 9 3 5
closed gold ($1,000)______c l F id elity T r u s t C o ., B altim o re, tru ste e .
179,000 J u ly 1 1929
Fred G as & E lec 1st M closed | 1904
5 J -J
g ($500 & $1,000) gu p & ij In te re s t a t W est E n d T ru s t C o ., Philadelby Fred R R ; n o t su b to call
p h ia , tru ste e .
F ro stb u rg 111 & M fg 1st M , 1899
5 J-J
50,000 J u ly 1 1929
30-year b o n d s____________ [I n t. a t F ir s t N a t. B an k , F ro stb u rg , M d .
H ag erst. & F re d . R y C o. coll.
gold no tes $300,000______ c 1917
5 M -S
250,000 S e p t. 1 1932
Bonds.— T h e 1st M . & ref. bonds a re secured b y a first m o rtgage on th e
power an d lig h t a n d s tre e t railw ay p ro p erties in a n d a ro u n d C um berland
an d on th e m odern g en eratin g s ta tio n a t W illiam sport, a n d a d ire c t m o rt­
gage on all o th e r physical p ro p erties o f th e C o. in M a ry la n d , s u b jec t to
$555,000 divisional bonds an d $6,308,700 un d erly in g bon d s (the Potom ac
Public Service C o .), b u t o f w hich la tte r a m o u n t $1,462,500 a re pledged
u n d er th is m o rtg ag e. A d d itio n al 1st m tg e. (& ref.) bonds m ay be issued p ar
for p i.r for refu n d in g o f th e u n d erly in g a n d divisional b o nds, for im p ts..
a d d ’ns an d extensions u n d e r c e rta in restru ctio n s a n d for th e acquisition of
new properties or subsidiaries u n d e r certa in conditions. Series A & Series B
bonds are re d . on an y in t. d a te a t 105 a n d in t. to M ay 1 1938; th e re a fte r a<
102>2 and in t. to M ay 1 1943; th e re a fte r a t p ar an d in t. to m a tu rity . Ser.
“ C ” are red. on any in t. d a te a t 105 & in t. to M ay 1 1939, th ereafter at
102 *4 & in t. to M ay 1 1944; th e re a fte r a t p a r & in t. to m a tu rity . Interest
payable in N . Y . or C hicago. C o. agrees to reim burse holders o f these
bonds if req u ested w ithin 60 day s a fte r p ay m en t for th e P enna. 4 m ills tax
the M aryland S ecurity ta x n o t exceeding 4 43 mills, th e D istric t o f Colum bia
personal p ro p e rty taxes n o t exceeding 5 m ills p er $1 p e r an n u m and for the
M ass, incom e ta x on th e in t. n o t exceeding 6% o f such in t. per annum
V. 118, p. 4^1. E . H . Rollins & Sons, H alsey, S tu a rt & C o ., In c .. &c.
offered in Ju n e 1924 $1,000,000 1st m tg e. and ref. 6% b onds Series “ O"
a t 95 & in t., to yield 6 .4 0 % . V . 118, p . 3088. In D ec. 1925 H alsey,
S tu a rt & C o. a n d W . C . L an g ley & C o. offered $2,250,000 series D 5 l c'f
A
a t 96 and in t. to yield over 5 .8 0 % . V . 121, p . 2877; V . 122, p . 1457. Of
th e $4,901,200 P o to m ac P u b . Serv. 1st & re f. m tg e . bon d s o u tsta n d in g
$2,631,700 a re 6% b onds a n d $2,214,500 (issued u n d e r su p p lem ental in­
d e n tu re in 1922) b e ar in t. a t 7 % . V . 114, p . 1767. Sinking fu n d from
O ct. 1 1919. p ay ab le som i-ann. till O ct. 1 1926, 1 % of 1st & re f. 6s a nd
prior liens; 1927-1934, 2 % ; 1935-1944, 3 % . R ed . a t 105 an d in t. on any
in t. d a te . T ax refu n d in P e n n , a n d C onn.
H agerstow n & N o rf. R R . bonds are su b jec t to call a fte r 1917.
F red . & M id d . bonds are red . a t 105 on any in t. d a te .
F red . G as & E lec, bonds aer g u a r., p . & i., b y F red erick R R .
Notes.— T h e P o to m ac P u b . Serv. coll, tru s t notes o f 1917 are securer!
by pledge o f sto ck o f th e C h am bersburg G reencastle & W aynesboro St. Rv
C o., w hich said notes w ere issued to p u rch ase. Sinking fu n d provides for
re tirem e n t o f $10,000 an n u ally .
Blue Ridge Transportation Co.— In J u ly 1925 th is su b sid iary applied for
perm ission to issue $200,000 3-year 6% gold d eb en tu res. V . 121, p . 77.
R A U N iN G S .—O f P o to m ac E d iso n C o. an d su b s, fo r calen dar years:
Total
N et, after ln l.S u b .C o . DepreBalance.
Revenue.
Taxes. P f.D iv.& A m or ciation. Surplus.
1925____________ $4,037,701 $1,910.759$1,086,423 $353,678 $470,658
1924____________ 3,621.846
1,713,692 1,028,669
368,535 316,487
1923 ........
3,630,199
1,652,780
802,571
349,011 501,199
1922.............
3.172.566
1.357.702
717.051
334.139 306,512
O F F IC E R S .— C h airm an of B o ard , Em ory L. O o blantz, F red e ric k , M d
P res., M . F . R iley; V .-P s., C . M . H a rris, H e n ry H olzapfel J r ., R . P a u l
S m ith a n d W . S. F in la y J r.; S e c .,_____________•
—V. 121, p . 77, 1228, 1463,
2877; V. 122, p . 1457, 1764, 2042.
(a) C H A M B E R S B U R G G R E E N C A S T L E & W A Y N E S B O R O S T . RY
O R G A N IZ A T IO N .— In co rp . in P a . on Ju n e 17 1901. Owns th e W aynesboro E lectric C o ., c ap ital $50,000, an d th e B lue R idge R y . C o ., cap ital
$15,000.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O P B U S IN E S S .—
See P o to m ac E dison C o. above.
S T O C K A N D B O N D S—
Date.
Interest.
O utstanding. M aturity.
C om m on $ 3 0 0 ,0 0 0 -.-......................................................
$300,000 .................
P referred $300,000 n o n - c u m ____
_________
300,000 ...................
F irst m ortgage $300,000 gold) 1903 5 g J -J
300,000 J u ly 1 1933
'$100 a n d $500)______c * tf [In te re s t a t C ham b ersb u rg T ru st C o ., tru ste e
Second m ortgage $300,000/ 1907 5 g A-O
299.500 O ct 1 1937
($100 an d $500) g o ld ._ c * tf 'i n t . a t C h am b ersb u rg T ru s t C o ., tru ste e .
1st re f m tge $1,000,000 ($100/ 1910
5 A-O
193,900 A pril 1 1940
a n d $500)---------------------- t f \ l n t . a t C h am b ersb u rg T ru s t C o ., tru ste e .
Bonds.— F irst m tg e. bonds h av e no s in k .'fu n d a n d are n o t su b j. to call.
2d m tg e. bonds are su b j. to call on a n y in t. period a t 105. N o sink, fund
R em aining 1st ref. bonds a re reserv ed to ta k e up u n d erly in g bonds a nd foi
extensions a n d im provem ents:
E A R N IN G S .— F o r c alen d a r years:
Gross.
N et a ft. Tax, D eductions.
Surplus
1924__________________$317,143
$86,609
$68,066
$18,543
1923.................................... 332,101
91,016
69,884
21,132
1922.................................... 299.129
85,069
72,870
12,199
O F F IC E R S .— C h airm an o f b o a rd , E m ery L . C oblentz; P re s ., M . F
R iley; V .-P s., W . L . M inick an d C . M . H arris: Sec., D . N . B e n e d ic t
G en. M g r., R . P a u l Sm ith: T reas. & A sst. Sec., R . E . T ow n.— Y . 90, p . 236,
V. 90, p . 236; V. 92, p . 186; V. 105, p . 388.

UNITED RAILWAYS & ELECTRIC CO. OF
BALTIMORE.
O R G A N IZ A T IO N .— In c o rp o rate d a t A nnapolis M arch 4 1899; com ­
prises th ro u g h consolidations th e following passenger railw ays in B alti­
m ore C ity , B altim o re an d H o w ard counties, M ary lan d :
B altim o re C ato n sv ille & E llico tts C en tral R ailw ay C o.
M ills Passenger R R .
G w y n n ’s F alls R ailw ay of B altim ore
B altim ore C ity Passenger R y . C o.
C ity .
M ary lan d T rac tio n .
B altim ore C onsolidated R y . C o.
B altim o re & C u rtis B ay R y.
Pim lico & P ikesville R R .
B a lt. G ardensville & B elair E lec. R y . Shore Line E lectric R y .
B altim o re & N o rth e rn E lec. R y . Co. W albrook G w ynn-O ak & P o w h a ta n
Acquisition & Lease o f M aryland Electric Railways.— E a rly in 1924 th e co.
acquired all th e com m on sto ck o f th e M ary lan d E lectric R y s. (stock s>
a cq u ired w as pledged u n d e r m tg e . o f U nited R y s. & E lec. C o .), w hica h a d
re c en tly co n so lid ated w ith th e B altim o re H aleth o rp e & E lk ridge R y . and
pu rc h a se d B altim o re Sparrow s P o in t & C hesapeake R y ., w hich h a d form erly
oeeu leased to the U nited R ys. & E lec. C o. T h e co. th ereu pon euteree
in to a lease of th e p ro p erties o f th e consolidated co. for a te rm of 999 years
U nder th e term s o f th e lease th e U n ited R ys. & E lec. C o. will p a y an u n ­
con d itio n al a n n u al re n ta l sufficient to cover m ain ten an ce, in su rance, taxes
In terest, and o th er charges, and a sum o f no t less th a n 2% p er an n u m of
o u tsta n d in g Series “ A ” bonds o f th e M ary lan d E lec. R vs. to cover sinking
fund and a fund for im p ro v em en ts, d ep reciatio n an d ol solescence. F or
fu rth er d etails see description o f th e M ary lan d E lectric R y s. below .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
M iles of tra c k , 415; serviceable cars, 1,907: gauge, 5 ft. 4 l in. Ralls,
A
60-lb. to 129-lb. T and gird er. Also operates buses.
Power Contract.— In F eb . 1911 entered in to a 15-year c o n tra c t w ith P e n n ­
sy lv an ia W ater & Pow er C o. for supplying pow er in co njunction w ith
U nited R ailw ays Co. for o p eratio n of cars. V. 92, p . 467. Also see oelow .




137

Sale o f Power H ouse— Contract, A c .— On J a n . 12 1921 e n te re d in to a p e r­
p e tu a l pow er c o n tra c t w ith th e C onsol. G as, E lec. L t. & Pow er C o. of B alto .
T he tra n sac tio n involved the sale of the R ailw ays, P r a tt S t. pow er house
to th e G as C o. for $4,000,000. (T ransferred on M ay 24 1921.) V. 112.
p . 373.
Favorable Tax D ecision.— See V. 89, p . 44; Y. 96, p . 1090.
Fares.— E ffective J u n e 1 1924, was a u th . by th e M d . P . S. C om m , to
increase cash fares from 7 to 8 cen ts, w ith tw o tickets for 15 c en ts. V. 118,
p . 2706. See also V . 119, p . 581. See also V. 122, p . 16i2.
Valuation.— On M arch 9 1926 fixed b y M a ry lan d P . S. C om m ission a t
$77,000,000 as of J a n . 1 1924, deciding a case pending since D ec. 30 1912.
V . 122, p . 1612.
In M ay 1922 holders of th e 1st & cons. m tge. 4% bonds w ere offered
the privilege of exchanging th e 4% coupon sheets on a lim ited p o rtio n of
th e ir holdings for 6% coupon sheets, upon th e p a y m e n t of $250 per $1,000
bond. U p to A pril 1 1924 $2,684,000 bonds h a d ta k e n a d v a n ta g e of this
offer. V. 114, p . 2361, 2580; V. 115, p . 184.
STO CK A N D BO ND S—
D ate. Interest. Outstanding. D iv. or M at.
C om m on, $35,000,000 ($50)_______ 4 Q -J 15 $20,461,200 A ug '26 1%
Inc m tge, g,
$ 14,000,000,/ 1899 4 g J-D
14,000,000
1949.
cum , M ary la n d T r C o ,(P a y a b le a t o p tion of co. a fte r M arch 1 1949.
T ru s ($1,000)______c * n tf [ I n t. a t Alex. B row n & Sons, B altim ore.
1st con m tge, g, $38,000,000 1899 4-6 g M -S 32,450,000 M a r 1 1949
($1,000); C o n tin e n tal T r( In te re s t a t Alex. B row n & Sons, B altim ore.
C o, B altim ore, T ru s_ _ c * tf|
Incom e fdg bonds ($100, $500/ 1906
5 g J-D
3,920,000 J u n e 1 1936
& $1,000), $3,920,000-_ c tf [M a ry la n d T r u s t C o ., T ru ste e .
5-year
n otes
($500 a n d / 1922 6 g F -A
2,500,000 A ug 1 1927
$1,000)_______________c * tf\S a fe D ep o sit C o. of B altim o re, tru s te e .
U N D E R L Y IN G S E C U R IT IE S .
Baltimore Tract— 1st m tg e ;f 1889 5 M -N
1,500,000 N o v 1 1929
($500,000) T ru ste e M ercan IIn te re s t a t M e rc h a n ts ’-M echanics’ F irs t
tile T r & D eposit C o .c n t f / N a t . B an k , B altim ore.
N B D iv 1st ($1,000) 5s, g;
1892 5 g J-D
1,750,000 J u n e 1 1942
T ru sM e rT r& D e p C o .c n tf (I n t. a t M erch .-M ec h . F irst N a t. B k . B a lt.
Lake Roland
Elevated— 1st) 1892 5 g M -S
1,000,000 Sept 1 1942
consol
m ortgage, g o ld ( In te re s t a t Alex. B row n & Sons, B altim ore
( $ 1 ,0 0 0 ) __________ c*& rtf I B altim o re T r u s t C o ., T ru ste e .
Central Ry— C onsol m ortgage [ 1892 5 g M -N
700,000 M a y 1 1932
$700,000, gold ($1,0 0 0 )n tf( I n t. a t M erch .-M ech . F ir s t N a t. B k ., B a lt.
(M ercan tile T r. & D ep. C o. of B a lt., T ru ste e .
E x t an d im p 1st m tg e ,, 1897 5 g M -S
600,000 M a r 1 1932
$600,000, g ($1,000) _ n tf( B altim o re T r u s t C o ., B altim o re, T ru ste e .
( in t . a t M erch .-M ech . F ir s t N a t. B k ., B alt.
Stock.— T h ere w as originally an issue of $14,000,000 4% p re f. sto ck o u t­
stan d in g , b u t in S ep t. 1920 th e la s t of th is issue w as c o n v erte d in to incom e
bonds. A uthorized a m o u n t of com m on sto ck was increased from $24,000,000 to $35,000,000 in S ept. 1917 to p rovide for conversion fe a tu re of
notes of 1917. C om m on sto ck listed on B altim ore an d P h ilad elp h ia Stock
Exchanges. V. 96, p. 1631; V. 97, p . 667.
Bonds.— Of th e $38,000,000 of 1st consol, bonds, $5,550,000 s e t aside to
retire underlying securities. Of th e $32,450,000 o u tsta n d in g 1st m tge.
$23,766,000 b ear 4% in t. u n d e r th e 1st cons, m tg e ., while $8,684,000
issued u nder a su p p lem en tal in d e n tu re b ear th e co m p an y ’s prom ise to pay
additional in t. a t th e ra te of 2% p e r an n u m , m aking th e ra te 6 % . V . 114,
p. 1653, 2361, 2580; V. 115, p . 184. B onds are n o t callable. Incom e fu n d ­
ing bonds are redeem able on a n y in t. d a te a t p a r and accrued interest$20,800 are held by tru s te e s. All bonds are listed on B altim ore Stock E x.
change a nd th e 1st consol. 4s a n d $14,000,000 incom e 4s a re listed on th e
Phila. Stock E xchange. $6,000 C e n tra l R y. 1st cons. 5s, $2,000 ext.
& im p t. 5s, $23,000 incom e 4s an d $27,300 fu n d in g 5s a re in U n ited R ys.
& E lec tric C o .’s tre a su ry .
N otes.— T h e 5-yr. 6% n otes a re re d . a t an y tim e on 30-days’ notice a t
100 & in t. plus a prem ium of Yi % for each y ear or frac tio n th e re o f from
d a te of redem ption to d a te of m a tu rity . In t. p a y ab le a t Alex. B row n &
Sons, B altim ore. V. 115, p . 437.
Dividends.— D ividends of 43 of 1 % w ere paid in Ju n e 1899 and 243% I n
D ec. 1899 and 2% each six m o n th s a fte r th a t to and incl. D ec. 1903, o n
both th e incom e bonds an d th e pref. sto ck , th e p a y m e n t on th e stock
(b u t n o t on th e bonds) being s u b jec t to a d e duction of f i of 1 % for taxes.
N one th e re a fte r u n til J u n e 1911, coupons being funded. On Ju n e 1 1911
paid 2% on b o th incom e bonds a n d pref. sto ck a n d 2% has been p aid each
six m onths since. (T he la st of th e p re f. sto ck wsa c o n v erted into incom e
bonds in Sept. 1920.) On com ., 1st d iv .— 143% — paid M ay 1912; N o v .,
143% . In 1913 and to and incl. J a n . 1919 a t th e ra te of 4% per annum .
April 1919 dividend p ostponed (V. 108, p . 1391). N one to A ug. 1922, when
1 % w as p a id . In N ov. 1922, 1 % a n d dividends a t sam e ra te , p aid reg u larly ,
q u a rte rly since to an d including A ug. 1926.
E A R N IN G S .— F o r calendar years:
1925.
1924.
1923.
1922.
C a r m ile s r u n ............ ........... 35,717,616 35,973.691
35.873,841 34,964,036
R evenue passengers____ 224,?35,527 228,423,774 238,658,380 233,732,146
T ran sfe rs______________ 92,893,828 91,879,977 92,838,315 90,808,955
O perating revenues______$16,621,220 $16,453,254 $16,461,799 $16,122,592
O perating expenses_____
9,945,750
9,815,263
9,799,312 9,622,992
D epreciation___________
831,061
822.663
823,090
806,130
1,740,512
T axes, licenses, &c_____ 1,632,386
1.656.074
1,800,335
N e t operating incom e. $1,212,023
O ther incom e__________
120,815

$4,159,255
143,976

$4,039,062
160,029

$3,952,957
156,246

$4,332,838
2,793,148
559.080
818,448

$1,303,231
$2,776,183
559,080
(4)818,448

$4,109,091
$2,663,744
559,080
(4)818.448

$4,109,203
$2,750,854
559,080
(2)409,224

In t. on bonds, re n ts, & c.
In t. on incom e bds. (4% )
C om m on dividends_____

S u rp lu s______________
$162,162
$149,520
$157,818
$390,045
O F F IC E R S .— P res., C . D . E m m ons; V .-P ., J . Pem broke T hom ,
V .-P ., T hos. A . C ross; V .-P ., Jo h n L. Swope; G en. M g r., H . B . P o tte r;
Sec., W illiam E a rly ; T re a s ., J . T . S taub; A ud., N . E . S tu b b s.— V. 120, p .
445, 2013; V. 122, p . 483, 1612, 2194, 3212.
(1) T H E M A R Y L A N D E L E C T R IC R A IL W A Y S C O .

O R G A N IZ A T IO N .— A consolidation in 1924 of th e B altim ore Sparrow*
Point & C hesapeake R y . a n d th e B altim ore H alethorpe & E lkridge R y.
w ith th e M ary lan d E lectric R ys. C o. (1906). T h e consolidated properties
have been leased to th e U nited R ys. & Elec. Co. of B alt, (see above) for 999
years, renew able forever, for a n unconditional a n n u al re n ta l sufficient to
cover m a in t., in su r., taxes, in t., a n d o th er charges, a nd a sum of n o t less
th a n 2% per an n u m of o u tsta n d in g Series A bonds, to cover sin k . fd . an d a
fund for im p ts ., deprec. a n d obsolescence.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T he c o .’s properties now em brace a b o u t 57 miles of tra c k , incl. th e “ S t.
Paul S tree t B oulevard L in e ,” th e G uilford a n d H a leth o rp e lines, th e
Stadium extension, an d th e “ S parrow s P o in t L in e," extending from B alti­
m ore to Sparrow s P o in t, a t w hich are located p la n ts of th e B ethlehem
Steel C o.; 170 cars and an e q u ity in 132 a d ditional cars; 10 c ar houses;
7 substatio n s hav in g a to ta l c ap acity of 38,000 k . w .; B ay Shore P a rk , a
salt-w ater b a th in g beach n e ar B altim ore.
Franchises.— T h e tra c k s of th e co. are eith e r on p riv a te rights-of-w ay or
are o perated u n d e r franchises w hich are p e rp e tu a l w ith th e exception of
those covering a b o u t 8 m iles of tra c k , w hich a re on th e basis of 25 years,
renew able for 25 m ore.
ST O C K A N D B O N D S .— Date.
Interest. O utstanding.
M aturity.
Stock— All ow ned b y U nited R ys & E lectric Co of B altim ore.
1st m tge(closed)gold ($1,000)1 1906 5 g A-O
$3,109,000 O ct 11931
sinking fu n d _________ c * tf/M e rc a n tile T r. & D ep . C o., B a lt., tru ste e .
1st & re f m tge ser “ A ” ($5001 1924 6 14 g J -J
3,917,500 J a n 1 1957
& $1,000) g u ar gold _ _ c* tf/S afe D eposit & T ru s t C o. of B a lt., tru ste e .
Series B ___________________ _____
643
421,000 J a n . 1 1962
B alt Spar P t & Ches B ay 1st I 1903 4 43 g F - a
2,000,00n F e b 1 1953
m tge $2,000,000 g ($1,000)(F id e lity T ru st C o., B altim ore, tru ste e .
guar p rin & in te re s t_ c * tf (In te re s t a t Alex. B row n & Sons, B altim ore.
_
Stock.— All ow ned b y th e U nited R ys. & E lec. C o. of B alt.
Bonds.— A sinking fu n d of 1 14 % on M a ry lan d E lec. R y . 1st m tge. bond®
out began M ar. 30 1910. $1,837,000 (not incl. in am o u n t o utstanding)
held in gen. sink, fund O ct 1 1924. Bonds a re redeem able a t 110 a nd in t
on a ny in t. d a te upon 90 d a y s' notice. In t. p a y ab le a t office of Alex'
Brown & Sons. See V. 83, p . 818, 907.

PUBLIC UTILITIES

128

T h e to ta l issue of 1st and refunded m ortgage bonds is lim ited to $25,000,000, including bonds for refunding purposes, unless th e re shall h av e been
a consolidation or m erger of th e U nited C o. a n d th e M aryland C o ., in which
e v en t ad d itio n al b onds m ay be issued for refunding U nited securities and
for c ap ital im p ro v em en ts to th e e x te n t of 80% of cost, as set fo rth in the
m o rtg ag e. In ad d itio n to th e Series “ A " bonds o u tsta n d in g , $3,800,000
1st an d R efunding M o rtg ag e bonds. Series “ B ," was set aside and such
am o u n t th ereo f as m ay be required will be exchanged for. or used to redeem ,
$3,192,000 o u tsta n d in g M ary lan d Electric R y. 1st M tge. 5s, O ct. 1 1931,
and $2,000,000 1st & R ef. M tg e bonds will be reserved to redeem $2,000,000
B altim ore Sparrow s P o in t & C hesapeake R y. 1st M tg e. 4 H s . Feb. 1 1953
Series “ A ” 6 (4 % bonds are gu aran teed p rin. a n d in t. by endorsem ent of
U nited R y s. & Elec Co. An an n u al sinking fund of 1 % of all 1st & ref
m ortgage b o nds. Series “ A " , from tim e to tim e o u tsta n d in g , first p a y ­
m e n t m ad e J a n . 1 1925. to be used for p u rch ase or call and retirem en t
9f bon d s o f th is issue is provided for. T h is is in ad d itio n to a fund of not
Itess th a n 1% p e r an n u m of such bonds o u tsta n d in g for im p ro v ts ., deprec.
and obsolescence. Series “ A" bonds are red all or in p a rt on any in t. d ate
upon 60 d a y s ’ notice a t 105 and in t. on or before Ju ly 1 1936. and thereafter
a t 100 a n d in t. plus a prem ium of 1 % for each 5 years or p o rtion thereof
from d a te of redem ption to d a te of m a tu rity ; th e bonds, how ever, to b<
red . J a n . 1 1956 and th e re a fte r a t 100 and in t. L isted on B altim ore Stock
E xch an g e.— V. 120. p . 1459. In t. pay ab le a t office o f Alex. B row n &
Sons. B altim o re, or th e agency of th e com pany in N ew Y o rk .— V. 111.
p . 849; V . 118, p . 551. 1268; V. 120, p . 1459.

DIST. OF COLUMBIA
WASHINGTON & MARYLAND RY.
O R G A N IZ A T IO N .— In co rp . in M ary lan d as successor to B altim ore &
W ashington T ra n s it C o. of M ary lan d , sold un d er foreclosure.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S I N E S S . —
O perates a b o u t ,'1H m iles of t r a c k from 1 4 th & K ennedy S ts., N . W . , to
D istric t line a t T acom a P a rk . M d . E xtension of 1 mile b u ilt from D istrict
line a n d th ro u g h service o p erated by th e C ap ital T ractio n C o. since M ay 11
1918. 60 a n d 100-lb T rail; girder rail on new extension. D irest service
aver C ap ital T rac tio n C o.
C A P IT A L IZ A T IO N .— T h e P . U . C om m , o f th e D istric t o f C olum bia has
authorized th e co m p an y to issue $66,000 gen. 6% 30-year bonds and $30,000
prior lien 6% bonds: h as also ap proved a c o n tra c t by which th e C apital
T ractio n C o. will o p erate th e co m p an y 's lines. Proceeds of the 6% bonds
will be used to com plete purchase of th e properties of B altim ore & W ashing
to n T ra n s it C o. in M ary lan d , and th e 5 H % prior lien bond will be used
*8 c o llateral for $25,000 1-year 6% notes, th e proceeds o f which will be used
for extensions and im provem ents. A pplication has been m ade for $25,000
ad d itio n al bonds to refu n d ad v an ces for im provem ents. &c.
O F F IC E R S .— Pres. & T rea s., C h as. Selden J r ., W ash in gton. D . G .;
Sec., Jo h n E . T a y lo r, 231 W oodw ard B uilding, W ash in g to n, D . O .

WASHINGTON UTILITIES CO.
O R G A N IZ A T IO N .— Inco rp . in V irginia (as M aryland-V irginia R y .)
N o v . 29 1911, am ended F eb . 28 1912 a n d N ov. 7 1912, when th e nam e was
changed to th e a b o v e. On N o v . 26 1912 merged with W ashington-V lrginia
R y .. b u t th e la tte r co m p an y (see s ta te m e n t below) was obliged to resum e a
s e p a ra te existence, ow ing to refusal of th e su b seq u en tly created U tilities
C om m , o f th e D ist. o f C o lu m b ia to allow th e m erged co rp o ratio n s to issue
•ecu rities pro v id ed for in th e m erger ag reem en t. Owns 150 shares of
B raddock L t. & Pow . C o. sto ck (valued a t $20,000). $300,000 (of $300,350)
of W ashington & G re a t Falls R y. & Pow . C o. sto ck , and $575,100 c o m .a n d
$282,000 pref. sto ck of th e W ashington-V irginia R y . C o.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A h olding co m p an y .
D efault.— T h e J u n e 1 1919 in t. on th e coll, tru s t 5% n o te s hav in g been
d e fa u lte d , th e following p ro te c tiv e co m m ittee (reorganized V . 109, p . 271)
was form ed:
Committee fo r Coll. Trust 5% N otes.— R o b ert N . H a rp e r, C h airm an: W m .
E . C ad w allad er, W . T . G alliher. Jo h n Poole, G eo. W . W h ite a nd C. W .
W ard en , all of W ash in g to n , a n d H arold B. T h o rn e and H en ry D . H arlan ,
b o th o f N ew Y ork C ity . D epositaries: M etro p o litan T ru s t C o ., N . Y ., and
th e A m erican S ecurity & T r u s t C o ., W ashington. D . C . U p to early in
8 e p t. 1919 $1,306,000 of th e notes had been deposited w ith th e com m ittee.
V. 109. p . 271. C om pare V. 108. p . 2424. No la te r in fo rm ation.
Sale o f Collateral.—-D efault h av in g occurred on th e c o .'s coll. tr . 5%
n o tes, th e sec u rity pledged th e re u n d e r, viz.. 27,500 sh ares W ash. R y. &
E lec. C o. com m on sto ck was sold O ct. 1 1919 to th e no teh o ld ers' com m ittee
nam ed ab o v e. V. 109. p . 1368. C om pare V. 109, p. 1081. T h e com ­
m itte e , how ever, in D ec. 1922 sold th is sto ck . V. 115. p . 2269; also see
u n d e r "W ash in g to n R y . & E lec. C o .” on a preceding p age.
S T O C K A N D B O N D S—
Date. Interest. O utstanding. M atu rity.
S to c k ------------------------------------ -------- -------------- $5,468,000
See te x t
C o llateral tru s t n o tes $ 1 ,5 0 0 .-/ 1917
5%
1,500,000 .....................
000 ($1.000)_____________ [M e tro p o lita n T r u s t C o ., N . Y ., tru ste e .
N otes.— W ere secured b y pledge of $2,750,000 com . sto ck of th e W ash.
R y . & E lec. C o. R ed. a t p a r a n d in t. on a n y in t. d a te on 30 d a y s ’ notice.
D ividends.— In itia l d iv . of H o f 1% p aid Ju ly 1 1912. In 1913, l % % .
In 1914. 2 % . In 1915. J a n ., 1 % . N o la te r in fo rm atio n .
E A R N IN G S .— F o r calen d ar y e ar 1913, gross, $233,152; n e t, a fte r de*
d u c tin g in te re s t, & c.. $132,473: div id en d s, $107,160; b a l., s u r., $25,312.
N o la te r s ta te m e n t h as been received.
O F F IC E R S .— P re s ., N o rm a n G rey; Sec. & T re a s., J . C . F ree la n d .—
V .108, p . 2424; V . 109, p . 171. 677. 1081. 1368; V . 115, p . 2269.

WASHINGTON-VIRGINIA RY. CO.
Receivership.— On N ov. 23 1923 Ju d g e Sam uel C . B re n t in th e C irc u it
C o u rt o f F airfax C o u n ty , V a., ap p o in ted A rth u r L. R eynolds, receiver for
th e com pany, on p etitio n o f fiv e tru s t com panies of P h ilad elp hia, in th e in­
te re s t o f th e b o n d h o ld ers o f th e co m p an y . V. 117, p . 2434. On J u n e 26
1924 R ich ard Q u in ter w as ap p o in ted co-receiver.
O R G A N IZ A T IO N .— In co rp . in Virginia O ct. 15 1913 to ta k e th e place of
form er com pany of th e sam e nam e w hich was incorporated in V irginia on
Ju n e 22 1910. T h e old co m p an y on O ct. 20 1910 m erged in to th e W ashing­
to n A lexandria & M t. Vernon R y . (stock $1,500,000) and W ashington
A rlington & F a llsC h u rc h R y. (stock $500,000). H as p riv a te right-of-w ay.
Franchises in cities p e rp e tu a l.
T h e old co m p an y was m erged on N o v . 12 1912 Into th e W ashington
U tilities C o ., b u t was su b seq u en tly obliged to resum e sep a ra te existence.
See W ashington U tilities C o. ab o v e a n d V. 98, p . 691.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
U nderground trolley In W ash in g to n , overhead outside. O perates from
W ashington, D . C ., to A lexandria, M t. V ernon, A rlington, F o rt M eyer,
R osslyn, C larendon, V ienna and F airfax , m ostly on p riv a te rig h t of w ay.
T o ta l tra c k , 58 976 miles. S ta n d a rd gauge. 109 cars.
O p eratio n o f buses by A lexandria & S u b u rb an Vehicle C o ., a sub sid iary ,
see V. 121. p 1791.
Interest.— T h e M arch 1 1919 in terest on th e W ash. Alex. & M t. Vernon
1st m tg e. 5s was n o t paid until Ju ly 1919. T h e Sept. 1 1919 in te re st on this
Issue was paid in Ja n . 1920. V 110, p. 168. C om pare V. 109, p. 1081,
1274. T h e M arch 1 1920 coupon was paid Feb. 3 1921. V. 113, p. 1984.
In te re s t due J a n . 1 1921 on th e W ash. A rlington & C hurch F alls 1st 6s was
paid in Feb- 1921: in te re st on the 2d m tge. 5s, due O ct. 1 1920. was p a id .
F e b . 1921; in te re st due M arch 1 1920 on th e first consol. 5s was also paid in
F eb . 1921. V. 114, p 2242. In Ju ly 1920 in te re st on th e W ashington
A lexandria & M t. V ernon 5s was overdue. See plan below . C om pare
V. I l l , p. 295. 1184.
T h e com pany having failed to pay in te re st on th e various un derlying Issues
(see a b o v e ). th e following co m m ittee was form ed to p ro te c t th e in terests of
nolders (largely W ashington. B altim ore and P h ilad elp h ia b ankers) of the
c o m p an y ’s secured notes due J a n . 1 1922.
Noteholders’ Committee.— Joseph W ayne J r ., H . W. G oodall, V an Lear
B lack, E . P . R aw le, R. Golden D onaldson, C . F N o rm e n t and W . 8. H am .
In M a y 1922 It w as s ta te d th a t over 90% of th e no tes h a d been d eposited




[ V ol . 123.

w ith th e c om m ittee, or were controlled by it, and th a t p ra c tic ally all of th e
com m on and pref. stock had likewise been deposited. V. 114, p . 2242.
Committee for Washington Alexandria
M l. Vernon First M tge. 5 s.—
C h airm an . Lewis H. Parsons; John W. H am er, Sam uel J . Steele, W m . G.
B aker J r.; Sec., L. S chm idt. 435 C h estn u t S t.. P hiladelphia, P a . D eposi­
tary .P e n n a . C o. for In su ra n c eso n Lives & G ran tin g A nnuities, P hiladelphia.
P a . V. 113, p. 2186, 2407.
Committee for Washington Arlington & Falls Church Ry. Co. First Cons. 5s.
—C h airm an , E v an R andolph; R ichard F . M cK inley a nd Jam e s T rim b le.
V. 114, p. 2242.
In N ov. 1920 it was s ta te d th a t th e plan for th e reorganization a n d fin a n ­
cial rehab ilitatio n of the c o m pany form ulated by th e noteholders' pro tectiv e
com m ittee (see V. I l l , p. 1184, for details) had been com pleted, a nd the
affairs of th e com pany were being adm inistered under new m an ag em en t.
Of th e o u tsta n d in g c ap ital sto ck , 75% had been deposited [in M a y 1922
It was sta te d th a t p ractically all th e com . and pref. stock had been deposited.
V. 114, p. 2242] under th e noteholders’ agreem ent, a nd the com m ittee
agreed to raise $250,000 im m ediately to liquidate th e m ore pressing financial
obligations of the com pany, including $83,500 in te re st on underlying bonds,
which was due M arch 1 1920, a ccum ulated taxes of $77,000, in te re s t on
equipm ent tru s t notes am ounting to $4,000. a nd c u rre n t bills. T h e new
m anagem ent entered in to a c o n tra c t w ith D ay & Z im m erm ann, In c ., u n d o ;
which th a t firm has tak en over th e financial m an ag em en t. V. i l l , p . 1951.
8ee also V. 112, p. 1743.
Sale of Collateral.— T he $3,000,000 W ashington-V irginia R y . first lien a nd
ref. m tge. bonds, pledged as secu rity for the com p an y 's 6% secured notes,
were sold a t public auction on N ov. 28 1923 to E dw ard P . H opklnson J r .,
representing th e noteholders, for $2,000. V. 117, p . 2434. C om pare V.
17 p 2214.
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M atu rity.
Com m on $2,000,000 ($100)_________
M -N $1,378,300 See te x t
M -N
1,000.000 See te x t
Pref $1,000.000 ($100) see t e x t ___
W ash Alex & M t Ver 1st M l 1905
5 g M -S
2.5 0.000 M a r l 1955
$2,500,000 ($1 .000) g __ c * f i n t . a t R eal E s ta te T r u s t C o ., P h ilad e lp h ia .
W ash Arl & Falls Ch Ry issues—
F irst m tge $100,001) gold _ 1895 6 J-.I
_
74.000 J u ly 1 1925
Second m tge $350.000___ I 1903
5 A-O
250.000 A pril 1 1953
[ I nt a t M erch a n ts’ T r u s t C o .. P h ila., tru s te e .
F irst cons m tge $1,000.0001 1908
5 g M -S
650.000 S ept 1 1958
gold ($1,000)________ c * [In t. a t G irard T ru st C o ., P h iladelphia, tr u s t.
G eneral m ortgage___________ _____
5%
See te x t __________
Secured notes Series “ A” __________
6%
759.400 J a n 1 1922
Secured notes Series " B ” __________
6%
666,500 J a n 1 1922
Stock.— Pref. is e n title d to cum . divs. of 3% for y e ar ended N o v . I 1911.
4% for next year and 5% yearly th e re a fte r. Stock listed in P hiladelphia
and W ashington.
Bonds.— T he W ashington A lexandria & M t. Vernon first m tge. b onds are
su b ject to call on any in te re st d a te a t 110 and in te re st upon th ree m o n th s'
notice. See V. 80. p. 1176.
$350,000 W ashington A rlington & F allsC h u rch first consols are reserved
for prior liens. $48,000 are in treasu ry : rem ainder are for b e tte rm e n ts, &c.
Bonds were g u a r., p. & i., by endorsem ent by W ashingotn A lexandria &
M t. V ernon R y . S ubject to call on a ny in t. d a te a t 105 an d in t. on a
m o n th 's notice.
In te re st on th e W ashington A rlington & Falls C h u rc h R y. first m tge.
bonds, payable in P hiladelphia. W alter H inchm an, N ew Y ork, is tru ste e .
N otes.— T h e 6% notes due J a n . 1 1922 are secured by a deposit of
$3,000,000 gen. m tge. 5% bonds (collateral has been sold a t p u blic auction
—see above u n d e r “ Sale of C o lla te ra l.").
D ividends.— Initial dividend on preferred— 1 H % — p aid M arch 15 1911;
N o v ., 1 Vi%- In 1912 4% . in 1913 and since. 5% . On com m on, first
d ividend— 1 % — paid M arch 15 1911 N ov., 1 H % . In 1912 a nd 1913, 3 % .
In 1914. M ay, 1 4 %
In N ovem ber ra te was reduced an d 1% w as p a id .
In 1915. M ay . 1% . N o la te r inform ation.
E A R N IN G S .— F o r calendar years:
d 1924.
c l9 2 3 .
1922.
1921.
$846,684
$937,035
$908,653
$938,103
G ross e arn in g s_________
O per. expenses an d taxes
758,874
790.364
a781.043
a863,09§
N e t earn in g s________
Fixed ch arg es__________

$87..810
e270.059

B alan c e ...........................

$182,249

$146,671
b285.013

$127,610
295.211

$75,004
311,498

def$138.342 def$167,601 def$236,492

a Including dep reciatio n , b E stim a te d for period from N o v . 23 1923
to D ec. 31 1923. c Includes re su lt of operations of receiver from N o v . 23
1923 to Dec. 31 1923. d Includes operatio n s o f receiver from N ov. 23 1923
to D ec. 31 1924. e E s tim a te d from N ov. 23 1923 to D ec. 31 1924.
O F F IC E R S .— P res., Jo h n E. Z im m erm ann; V .-P ., F . W . W oodcock:
Sec., C . A. M cC lure: T re a s., M ilw ard O liver. U nder m a n a g em e n t of
D ay & Z im m erm ann. In c ., P h ilad elp h ia.— V. 117, p . 2214, 2434; V . 120,
p 3317: V. 121. p. 1791.

WASHINGTON BALTIMORE & ANNAPOLIS
ELECTRIC RR. CO.

O R G A N IZ A T IO N .— Incorp in M aryland on Ju n e 5 1905 as B altim ore
T erm inal C o. On M arch 31 1911 am ended its c h a rte r, changed its nam e
to W ashington B altim ore & A nnapolis Electric RR. and took over th e W ash­
ington B altim ore & A nnapolis Electric Railway, sold a t foreclosure (V. 92.
p. 796. 957). per plan in V 91. p. 1328. 1386. P riv a te rig h t of w ay.
T h e A nnapolis Public U tilities Co. was incorp. in M ay 1912 as a su b . CO.
a nd took over th e A nnapolis G as & Elec. C o. In Feb. 1923 th e M d . P . U .
C om m . a u th . th e A nnapolis Public U tilities C o. to change its nam e to th e
Severn L t. & Pow. Co. and gave its approval of a proposed financing p la n .
See V. 116. p. 722, for details. On April 10 1923 nam e changed ag ain to
" T h e A nnapolis & C hesapeake B ay Pow er O o ." See V. 118. p . 434, for
bond offering.
Acquisition o f Annapolis Short Line RR.— In 1921 th e co. acquired th e
A nnapolis S hort Line from th e M aryland E lectric Rys. T h e co. took over
th e outstan d in g 1st m tge. bonds of th a t co. a nd g u aran teed c erta in o th er
bonds and car tru s t ctfs. For fu rth er d etails see V. 112. p 850, 1284, 1519.
C o .'s present subsidiaries are th e A nnapolis & C hesapeake B ay Pow er
C o ., T erm in al Real E s ta te C o ., a nd M ary lan d D evelopm ent & R e a lty C o.
o f A nne A rundel C o u n ty .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A single-phase electric road. O perates 146.6628 m iles of tra c k betw een
B altim ore. W ashington and A nnapolis, of which 13.33 miles a re o perated
under c o n tra c t. E nters W ashington over track s of W ashington R y. &
E lectric C o. 80-lb. T rails. S ta n d a rd gauge. A u tom atic block system
in single-track on e ntire line. 181 cars. Pow er is purchased from P otom ac
E lectric Pow er C o. of W ashington
E arnings 1925 of A nnapolis & C hesapeake B ay Pow er C o ., see V . 122,
p . 1760.
ST O C K A N D B O N D S—
Date.
Interest. O utstanfing. M atu rity.
Q-J
$3.000.000"
See tex t
C om m on $3,000,000 ($50)___ _____
P re f $2,500,000 ($50) 6% n o n - c ____
6 Q-M
1,760 500 A pr ’24, 1)4
F irst m ortgage $7.500,000( 1911
5 M-S
7.308.000 M a r. 1 1941
($1.000)__________ c*& r*tf i In t. a t C leveland T r u s t C o., (. lev elan d ,
l Safe D ep. & T ru st C o .. B altim o re , M d .
B a lt. & A nn. S hort Line 1st!
m ortgage (SI .000) __
5 F-A
1,000.000 A ug. 1 1946
A nnapolis S hort Line R R . '
sk fd. bonds ($1.000)____ I 1921
660,000 J a n . 1 1936
7 JJ
A nnapolis Short Line R R . carl
7JJ
tru st bonds ($1.000)______f 1921
120,000
See te x t
A nnapolis & C hes B ay P r Co
1st M gold—
Series A $800,000 ($1,000. 1923
783,000 J u n e 1 1948
6g
$ 5 0 0 .$ 1 0 0 )____________
185,000 J u n e j l 1948
Ser B $250,000 ($1,000. 1925
5)4 g
$500. $100)____________
Stock and Bonds.— P ref. stock Is re d . a t 110. B onds a re s u b je c t to call
a t 105 on a n y in t. d a te . $92,000 1st m tge. bonds are held in tre a su ry .
T h e A nnapolis S h o rt Line R R car tr u s t bonds a re d u e $24,000 J a n . 1
1922 and $24,000 each J a n . 1 th e re a fte r to 1931.
$20,000 Ann. & C hes. B ay P r. 1st m tge. ser. A are held in tre a su ry ,
and a re n o t included in $185,000 show n as o u tsta n d in g .
D ividends.— On pref., initial d iv .— 114% — paid O ct. 1912; D e c., 4 )4 % ,
m aking 6% for th e year. Paid 154 % q u a r. to and incl. A pril 1924; none
p aid since. In itia l d iv .— 3 % — p a id on com . O ct. 31 1917. In 1918, J a n .,

Oct., 1926.]

POWER, LIGHT AND RAILWAY

8 %; A pril, 2% ; J u ly , 2% : S e p t., 2% . In Jan . 1919, 7 % % w as p a id in
L ib er ty bond s. V . 107, p . 2377. In 1919, A pril, 2% ; J u ly . 2% ; O c t., 2% .
In 1920, J a n ., 1M % : A pril, 1%; J u ly , 1% . O c t., 1% . In 1921, 4 % . In
1922, 4 % . In 1923. J a n ., 1% . A pril 1923 d iv . p a ssed . N o n e p a id sin ce.
E A R N I N G S .— For calen dar years U nci, subsidiaries'):
Interest, A c ., B ai. fo r
N et (after
Other
Gross
Charges. D ep & D ivs
T a x es).
Incom e.
E arnin gs.
$ 5 6 5 ,8 8 1
x $ 3 2 .9 5 5
1 9 2 5 ........... .$ 2 ,6 9 4 ,9 1 1
$ 5 7 1 ,3 2 0
$ 2 7 ,516
5 5 0 .5 4 0
1 5 7,595
6 8 3 ,6 9 6
29 .4 4 0
19 2 4 ________2 .8 1 8 .0 8 5
5 4 2 .6 7 4
1 6 9 .6 6 9
6 1 0 .0 2 8
102.314
1 9 2 3 ______ 2 .4 2 0 187
5 6 4 ,8 7 7
2 3 0 ,1 5 2
7 1 1 .3 6 7 .
83,663
1922 ______ 2 .4 4 3 .0 6 7
x B efore $ 4 6 ,4 8 9 d ep rec ia tio n .
R ev e n u e p assen gers carried in 19 2 5 , 4 ,0 2 1 ,7 6 6 ; 1924, 4 ,4 2 9 ,3 8 7 , a g a in st
4 ,6 4 4 ,4 7 2 in 1923.
O F F I C E R S .— C hairm an o f B o a rd , G eorge T . B ish op , B altim o re; P r e s .,
J . J . D o y le; 1st V. P. & G en C ou n sel, G eo. W . W illiam s; 2d V . P . & S e c .,
T . P . L ittlep a g e; G e n . M g r ., II. T C onn olly; T reas. & A sst. S e c ., W i liam
•
M . G arrett: A u d .. W . H . W righ t B a ltim o re.— V . 118, p . 4 3 3 , 1775; V . 119,
p . 77; V . 122, p . 1765, 2 0 4 5 .

W A S H IN G T O N & OL D DOMINION R Y .
O R G A N IZ A T IO N .— Incorp . in M ay 1911 in V irginia as su c cesso r t o th e
G reat F a lls & Old D om in ion R R ., op eratin g a 15-m ile line b etw een W ash ­
in g to n , D . C ., and G reat G alls. V a.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S I N E S S .—
L eased Ju n e 1912, and has electrified , th e B iu em on t branch o f th e S outhern
R y ., exten d in g from A lexandria to B iu em o n t. V a.. ab ou t 54 m iles. In
1912 com p leted a 12-m ile con n ection b etw een W ash in gton an d A lexan d ria
T o ta l road op erated , a b o u t 81 m iles.
E A R N I N G S .— G ross earnings for calen dar years: 19 2 2 , $ 6 0 7 ,0 5 6 ;
1921, $649,682; 1920, $652,701; 1919, $ 6 6 0 ,9 2 0 .
O F F I C E R S .— P res., W ilton J. L am bert; V .-P r e s ., C orcoran T hom :
V .-P . & G en. M g r ., J . V . D avis: S ec.-T r ea s., A . K . S tr a tto n . O ffice.
W ash in gton . D . O .— V 9 5 , p . 482: V . 111. p. 1473.

W A S H IN G T O N R A I L W A Y & E L E C T R I C CO.
C on trol.— 75% o f th e com m on sto ck is ow ned by N orth A m erican C o .
V. 121, p . 7 0 9 , 1681. S e c ., V . 121, p. 24 0 5 , for d en ial b y Pres. W illiam F .
H am o f ru m ors th a t N o rth A m er. C o. had a b so lu te con trol. H e declared
th a t 8 5 ,0 0 0 p ref. shares in h a n d s o f th e p u b lic had eq u al v o tin g pow er w ith
th e 6 5 ,0 0 0 com m on sh ares, a b o u t 75% o f w hich w ere o w n ed b y N o rth
A m er. C o . V . 121. p . 2405.
In D e c . 1922 E u g en e E . T h om p son (o f C ran e, Parris & C o .) p u rch a sed a
b lock o f 2 7 ,5 0 0 shares o f th e co m p a n y ’s com m on s to ck , p revio u sly h eld by
th e n oteh old ers’ p ro te c tiv e co m m itte e o f th e W ash in gton U tilitie s C o.
V . 115. p . 2582. C om pare V 115. p 2380.
O R G A N IZ A T IO N .— Incorp. as th e W ashin gton & G reat F a lls E le ctric
R y . C o . J u ly 29 1892 b y sp ecial A ct o f C ongress; n am e ch an ged to W a sh in g ­
to n R y . & E le c. C o. F eb . 1 1902. in 1902 acquired con trol o f th e P o to m a c
E le ctric Pow er C o. On F eb . 4 1902 purchased th e a ssets o f th e W ashin gton
T rac. & E le c. C o ., sold a t foreclosu re N o v . 24 1901. and reorganized acco rd ­
in g to plan In V . 73, p. 554, and acquired th e C olum bia Ry and th e M etro ­
p o lita n R R . b y deed in fee, s u b je c t to th eir m ortgage d eb t. T h e la st tw o
road s c o n stitu ted 57.71 m iles o f track . D urin g 1912 m erged w ith th e A naCostia & P o to m a c R iver R R . (25.21 m iles) and th e B rightw ood R y . (1 2 .4 5
m ile s), b o th o f w hose sto ck s had previously b een o w n ed . In 1912 also
transferred to th e P o to m a c E le c . Pow er C o. th e com p an y's in terest in th e
G reat F alls Pow er C o. In 1916 acquired control o f W ashin gton Interurban
R R . C o. (814 m iles) th rou gh p urch ase o f its o u tsta n d in g secu rities by th e
W ashin gton & R ock ville R y . C o. T h e follow ing sh ow s th e tota l o u tsta n d in g
sto ck o f th e com panies controlled and th e am ou n t o f th e to ta l shares acquired
in ea c h Instan ce b y th e W ash in gton R y & E lec. C o. up to D e c . 31 1924:

Bonds.— T h e rem ain d er of th e consol, bonds ($5,857,650) a re reserved
for th e re tire m e n t of underlying liens. E n tire issue is su b je c t to call upon
3 m o n th s’ notice on any in te re s t d a te a t 105 and in te re st.
O f th e A nac. & P o to m ac R iver bonds, $462,000 are g u a r., p . & i., b y
W ashington R y . & E lec. V. 87, p . 36. $26,000 have been canceled.
T h e gen. & ref. m tge. 10-year 6% bonds have a sink, fu n d requiring sem i­
annual p ay m en ts equal in each case to a t le a st 1 % of th e a m o u n t of gen. &
ref. m tge. bonds o u tsta n d in g in hands of th e public on th e d a te of p a y m e n t
$92,''00 held alive in sinking fund A ug. 31 1924. Are callable a t an y tim e
on 60 d a y s’ notice a t 104 and in t. if redeem ed on or before N ov. 1 1928,
and a t 102 and in t. if redeem ed th e re a fte r, b u t prior to m a tu rity .
In t.
payable in W ashington, D C ., or New Y ork C ity . $2,496,000 were
offered In June 1924 by N a tio n a l C ity C o.: H a rris, Forbes & C o., a nd
C rane. P arris & C o. a t 99 and in t.. to yield over 6 h % . V. 118. p. 3199.
D ividends.— On pref. a t ra te of 5% per annum from D ec. 1 1904 to and
Incl. D ec. 1919. In Aug. 1920 2Y£% was paid. T his represented th e q u a r­
terly divs. of 1 % d u e M ar. 1 and Ju n e 1 1920. In D ec. 1920 2}/b % w a s
paid (representing th e q u a r. divs. of 1M % due S ept a nd D ec. 1 1920),
V. I l l , p. 1754. Reg. q u a r. divs. of 1 M % have been paid since to and incl.
Sept. 1926. On com ., first div. was paid Dec. 1 1909; in 1910, 2% ; in
1911, 2% ; In 1912, 4% : in 1913, M a r., 1%: Ju n e, 1Y*%: S e p t., 1 H % I
D ec., 114% and 1% e x tra . In 1914 and since to and incl. 1916, 7 % . In
1917. 6 y 2% . In 1918. 5 % . In 1919. M ar . 1 <4%. N one to Ju n e 1923,
when 1 M % was p aid a nd 1 M % paid regularly q u a rte rly since to and includ­
ing S e p t. 1 1926. On Ju ly 1 1925, 20% was p a id . V . 120. p . 3189,1681.
E A R N I N G S .— O f W a sh in g to n R y . & E le c . C o . (excl. sub. cos.) for c a l. y r * .
1923.
1922.
1925.
1924.
T o ta l p assen g ers________ 7 7 .5 0 5 .6 3 6 7 7 .7 8 6 .6 7 5 5 1 ,5 1 8 .6 0 7 8 2 .7 1 6 .7 5 6
G ross ea rn in g s___________ $ 4 ,7 7 5 ,2 8 5 $ 4 ,7 5 9 ,2 4 4 $ 4 ,9 5 7 ,2 1 5 $ 5 ,0 2 2 ,9 6 7
E x p ., ta x es & m isc. ite m s 3 ,9 1 5 .9 5 9
3 .8 2 0 .6 2 2
4 .0 8 9 .0 1 5
4 ,1 0 9 .0 6 0
N e t ea r n in g s_________
$ 8 5 9 ,3 2 6
O ther in c. (in cl. P o to m a c
E le c . P o w . C o . d i v . ) . . x 4 .1 4 6 ,1 1 4

$ 9 3 8 ,6 2 2

$ 9 1 3 ,9 0 7

8 4 4 ,3 3 6

6 9 0 ,2 2 6

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

T o ta l in c o m e .$ 5 ,0 0 5 ,4 4 0
F ixed ch a rg e s_
$ 7 3 0 ,6 0 0
D iv . on p ref. sto ck (5% )
4 2 5 .0 0 0
D iv . on com m on s t o c k . (5% > 325.000
S p ec. co m . s t k . d iv .( 2 0 % ) 1 ,3 0 0 .0 0 0

$ 8 6 8 ,2 0 0

8 6 0 .0 8 9

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

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

B a la n ce
$ 4 1 4 ,8 1 8
$ 2 ,2 2 4 ,8 4 0
$ 2 5 8 ,0 3 6
$ 2 8 7 ,9 0 6
x In clu d in g regular d iv id en d s from P o to m a c E l. P o w . C o ., to g eth er w ith
special d iv id en d o f $ 2 ,8 8 0 ,0 0 0 from sa m e co m p a n y from it s p rop ortion of
fu nd im p o u n d ed u nd er d ecree o f C o u rt, o u t o f ea rn in g s A u g . 1 1917 to
D e c . 31 1924 a n d $ 2 4 0 ,6 1 4 m isce lla n eo u s ite m s cred ited to p ro fit a n d lo ss.
O F F I C E R S .— C hairm an , C harles J . B ell; P r e s., W m . F . H am ; V .-P .
& C o u n sel. S. R . B ow en ; V .-P . & C o m p ., A . G . N ea l: T r e a s., A . M . Fisher;
A sst. S e c .-T r e a s., W m . L . C larke: S e c ., H . M . K eyser; A sst. S e c ., H . W .
K elly ; A sst. T r e a s., V . D . B ro o k e. G eneral o ffic es, 14th an d C S ts .. N . W .,
W a sh in g to n .— V . 121, p . 7 0 9 , 1103. 1 6 7 9 . 1 9 0 9 , 2405; V 1 2 2 , p . 75.2.

P

O

T O

M

A

C

E

L

E

C

T R

I C

P

O

W

E

R

C

In S ep t. 1925 th e P . U . C om m ission o f th e D is tr ic t o f C olu m bia a u th o r­
ized th e issu a n ce o f $ 5 ,8 8 1 ,0 0 0 Series C g en . & ref. m tg e . 5J4% 3 0-year
g o ld b ond s an d o f $ 2 ,0 1 3 ,0 0 0 6 % p ref. s to c k , S eries 1925. V . 121, p . 1679.
BO NDS—
D a te.
In terest. O u tstan din g.
fu tu rity .
__________ $ 5 ,7 5 0 ,0 0 0 _____________
C om m on $ 1 0 ,0 0 0 .0 0 0 _________ ______
P ref 6 % Series 1925 $ 2 0 ,0 0 0 ,000 ($ 1 0 0 )________________________
6 Q -M
2 .0 0 0 .0 0 0 ................ .........
First m o rtg a g e (see te x t) gold / 1904
5 g J -D
$ 1 ,7 0 0 ,0 0 0 J u n e I 1929
( $ 1 ,0 0 0 )________________ c t f \ l n t . a t C o m m . T r. C o ., J er sey C ity , tr u s te e .
C ons m tg e $ 7 ,0 0 0 ,0 0 0 g o ld / 1906
5 g J -J
5 ,3 0 0 .0 0 0 J u ly 1 1936
($ 1 ,0 0 0 ) gu p & i b y W a s h /I n t . a t C o m m ercia l T ru st C o ., J e r se y C ity ,
R y & E lectric C o ______ c t f [ tru stee.
G eneral & refu n d in g m t g e / 1921
7 g A-O
1 ,6 1 7 .5 0 0 O ct 1 1 9 4 1
S eries “ A ” ($100, $ 5 0 0 ,
$1 0 0 0 & $ 5 ,0 0 0 )-_ c* & r* tf 1923
6 g A -O
3 .9 7 8 .5 0 0 A pr. 1 1953
S eries ” B ” ________________ (I n t. a t N a tio n a l C ity B a n k , N . Y .. tr u ste e .

A m o u n t A m 't N o
O wned.
Owned.
Stock.— T h e p ref. sto ck is c a ll., all or p a rt, on or b efo re S ep t. 1 1935 at
$170 4 5 0 $ 2 9 ,5 5 0
110 and d iv s.; th erea fter a t 107 and d iv s . In O ct. 1925 $ 2 ,0 0 0 ,0 0 0 o f th is
2 7 5 ,0 0 0
N o n e series w as offered a t 9 8 H per sh a re. V . 121, p . 1909.
1 ,6 8 8 .0 5 9
6 1 ,3 5 0
197 .1 5 0
2 .8 5 0
B onds.— T h e 1st m tg e. b ond s are red. a n y in t. d a te a t 110 & in t. A uth
a 5 0 .0 0 0
______ w as origin ally $ 4 ,0 0 0 ,0 0 0 . b u t w as su b seq u en tly redu ced to $ 1 ,7 0 0 ,0 0 0
Issue
O f th e $ 7 ,0 0 0 ,0 0 0 new co n so ls. $ 1 ,7 0 0 ,0 0 0 are reserved for prior lien s
T o ta l ra ilro a d s__________________ 6 4 .4 3 5 $ 2 ,4 7 5 ,0 0 0 $ 2 .3 8 1 .2 5 0 $ 9 3 ,7 5 0
T h ey are g u a r., prin. and in t .. b y W ashin gton R y. & E lectric C o . A
L ightin g C om panies —
sinking fu n d o f 2% per an nu m o f b ond s o u tsta n d in g began J a n . 1 1908.
P otom ac E lectric P o w er_______________$ 8 ,0 0 0 ,0 0 0 $ 6 ,0 0 0 ,0 0 0 $ 2 ,0 0 0 ,0 0 0
On D ec 31 1924, $ 1 ,2 5 9 ,0 0 0 w ere held a liv e in th e sin k in g fu n d . See
B raddock L ig h t & P o w er______________
5 0 .0 0 0
a 5 0 ,0 0 0
---------V 85. p. 100.
A d d ition al general and refu n d in g m tg e b o n d s m a y b e issu ed in eq u al
a m o u n t to retire o u tsta n d in g u n d erly in g b ond s and for 75% o f c o s t of
T o ta l a ll co m p a n ies_________________ $ 1 0 ,5 2 5 ,0 0 0 $ 8 ,4 3 1 ,2 5 9 $ 2 ,0 9 3 ,7 5 0
ex ten sio n s, a d d ’n s, & c., u nd er certa in restrictio n s. A re red . on an y
a O w ned en tirely b y W ash. & R o c k v ille R y. C o. x A ug. 1 1919 in t. on
Int d a te on 3 0 d a y s ’ n o tic e a t 107 H d urin g fir st 5 y ea rs, a t 105 d urin g th e
th e $ 1 ,7 5 0 ,0 0 0 C ity & Suburban R y. 1st m tge. 5s w as paid N o v . 1 1919.
n ex t 10 y ea rs and a t 103 d urin g th e la st 5 years prior to m a tu r ity . S inking
T h e F eb . 1 1920 in t. on th ese b ond s w as paid on April 29 1920. V . 110,
fund o f H % o f th e b ond ed d e b t a n n u a lly for th e p u rch a se or redem p tion and
p. 1972. T h e A ug. 1 1920, F eb . 1 1921 and A ug 1 1921 in t. w as paid
can cella tio n o f b oth series o f gen & ref. m tg e. b ond s. C a n celed to A u g . 31
w hen d u e and all su b seq u en t in t. being paid w hen d u e . V . I l l , p . 588;
1926, $ 5 5 2 ,5 0 0 7s and $ 2 1 ,5 0 0 6s . In a d d ’n it requires an a m t. equal to at
V. 112, p . 561.
le a st 5% o f th e b o n d ed d eb t to b e u sed a n n u a lly for th e a d e q u a te m a in te n ­
T h e W ash in gton R y . & E le ctric ow ns d ire ctly or in d irectly th e follo w in g a n ce an d rep la cem en t o f rhe p ro p erty . V . 113, p . 1896. In a d d ’n t o th e
b ond s o f th e c o n s titu e n t co m p a n ies, w hich , to g eth er w ith th e shares of sene'- B gen . & re f m tg e. 6 s o u tsta n d in g , $ 1 ,7 6 0 ,0 0 0 are held in trea su ry .
Series “ B " red. on a n y in t. d a te on 3 0 d a y s' n o tice a t 107 M on or before
sto ck ow ned a b o v e, are pled ged under th e $ 1 7 ,5 0 0 ,0 0 0 co n so l, m tg e.;
April 1 1933, a t 105 th erea fter to a n d in cl. A pril 1 1943, a n d a t 102 H th ere­
$ 1 0 0 ,0 0 0 (en tire issue) 1st & 2d m tg es. o f th e G eorgetow n & T en n a ly to w n
a fter prior to m a tu r ity .
R y .; $ 1 8 0 ,0 0 0 o u t o f a to ta l issu e o f $ 1 8 5 ,0 0 0 1st m tg e. bonds o f th e W ash.
& R o ck v ille R y (rem ain in g $ 5 ,0 0 0 b ein g ow ned by th e W ash. R y. R elief
E A R N I N G S .— F o r ca len d a r years:
A ssociation ): $ 2 0 0 ,0 0 0 1st m tg e. and $50 000 2d m tg e. (en tire issues) o f
th e W ash in gton & G len E ch o R R .; $150 000 (en tire issue) W a sh in g to n
Gross (A ll
N et after
F ixed
A va ilable
Interu rb an R R . 1st m tg e. b on d s. T o ta l. $680 ,0 0 0 .
Chges,
A c .for D iv .
Sources ) .
Taxes, dec.
$ 8 3 8 ,7 0 0 $ 2 ,4 0 1 ,7 2 4
1 9 2 5 ............................................$ 7 ,3 0 2 ,0 4 9 $ 3 ,2 4 0 ,4 2 4
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S I N E S S .—
1 9 2 4 ____________________
6 .6 3 3 .8 8 6
2 .6 8 1 .2 5 0
1 ,1 0 0 .7 2 8
1 .5 8 0 .5 2 2
C om p an y fu rn ishes pow er to th e W ash. B a lt. & A nnap. E le c. R R . C o .,
1 9 2 3 ................................
5 ,9 7 1 .8 3 0 2 ,1 5 3 ,5 8 9 1 ,0 1 7 .6 9 2
1 ,1 3 5 ,8 9 6
th e W ashin gton -V irgin ia R y C o ., th e W ashin gton & Old D o m in io n R y .
1,065,861
1 9 2 2 _______________
5 ,3 7 3 ,3 6 4 1 ,9 9 3 ,9 6 2 9 2 8,101
C o ., and oth er local com p an ies. T h e W ashin gton R y. & E lec. C o . con trols
S ee V . 121. d . 1909: V . 122. p . 2497.
th e principal s treet railroads in th e D istric t o f C olum bia and also th e
P o to m a c E le c. P ow C o w hich alon e is op eratin g, or au thorized to o p era te,
in th e n ation al cap ital and w hich con trols th e G reat F alls P ow er C o . w ith
u n d evelop ed w ater pow er on P o to m a c R iver. T h e railroad co m p a n ies
h a v e 168.99 m . o f track (all under electric tra ctio n ), w hile th e electric lig h t
C A PITAL TRACTION.
com p an y has 618 m . o f su b w a y s w ith ab ou t 1.644 m . o f d u c ts, besides
O R G A N IZ A T I O N .— In th e fall o f 1895 ab sorbed th e W a sh in g to n &
m an y m iles o f o verhead w ires. O w ns 569 cars and 53 b u ses. N o . o f m eters
G eo rg eto w n and R ock C reek co m p a n ies. See V. 6 1 . p. 2 8 3 . 3 2 8 . 5 8 8 .
D e c . 31 1925, 10 4 .6 0 9 . G en eratin g ca p a city o f pow er c o ., 1 1 8 .0 0 0 k .w .
Franchises p erp etu a l.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S I N E S S .—
V alu ation .— S ee V . 109, p . 1081; V . 118, p . 665. See also V . 110, p
T o ta l le n g th o f road (in clu d in g 8 .1 9 7 m iles sid in gs and tu r n o u ts ), 7 4 .1 3 5
1094; V . 113, p . 2319; V . l2 0 . p . 8 8 . u nd er “ P o to m a c E le ctric P ow er C o .”
m ile s o f sin g le tr a c k . O p era tes 686 cars and 24 m o to r b u ses. 8 0 t o 1 22-lb .
rail.
F ares.— S ee “ E lectric R a ilw a y ” S up p lem en t o f A pr. 26 1924.
O perating A greem en t.— B y an a g reem en t entered in to on F e b . 2 0 1917
In Ju n e 1924 public offerin g w as m ad e of $ 2 ,4 9 6 ,0 0 0 gen . & ref. m tg e.
6 % b ond s d ated N o v . 1 1923 and it w as an nou n ced th a t p a y m en t w ould be th e co m p a n y took o v er th e op eration o f th e lin e o f th e W a sh in g to n & M a ry ­
a ccep ted in P o to m a c E lec. Pow er C o. gen . im p t. 6 % bonds d u e J a n . 1 land R a ilw a y C o . on M a y 2 1918, th a t co m p a n y h a v in g c o m p le ted th e b uild ­
ing o f an ex ten sio n to th e sa n ita riu m near T a k o m a . M d .
1925, or in r-tro p o lita n R R . 1st m tg e. 5% b ond s d u e F e b . 1 1925. V .
118, p . 31 9 9 .
V a lu a tio n .— V . 109, p . 1079. On J u n e 26 1925 J u stic e H o e h lin g o f th e
I n D e c . 1924 th e co m p a n y w as au th orized b y th e D is tr ic t o f C olu m bia
S up rem e C ourt o f th e D is tr ic t o f C olu m bia v o id ed th e v a lu a tio n o f $ 1 4 ,P . U . C om m , to issu e $ 1 ,8 5 0 ,0 0 0 10-year gen & ref. m tg e . 6 % b o n d s for 2 7 0 ,4 9 6 placed upon th e co m p a n y ’s p ro p erty in S ep t. 1919 by th e P . U .
th e p u rp ose o f fin an cin g th e p a y m e n t o f $ 1 ,8 5 0 ,0 0 0 M e tr o p o lita n R R . 1st C om m ission o f th e D is tr ic t o f C o lu m b ia . T h e C ourt found th e fair v a lu e
m tg e . 5s d u e F eb . 1 1925. V. 119, p . 2880; V. 120. p . 584
as o f J a n . 1 1925 to be $ 3 0 ,9 0 6 ,8 8 0 . T h e ca se w a s to be a p p e a led . S e e V .
121, p . 3 2 8 , w here fu ll d eta ils are g iv e n .
STO CK A N D B O N D S—
D a te.
Interest. O utstan din g. M a tu rity .
F ares.— S ee “ E le ctric R a ilw a y ” S u p p le m en t o f A pril 26 1 924.
C om m on $ 6 ,5 0 0 ,0 0 0 ( $ 1 0 0 ) ................
Q -M
$ 6 ,5 0 0 ,0 0 0
See te x t
P ref 5% cu m $ 8 ,5 0 0 ,0 0 0 ( $ 1 0 0 ) ____
Q -M
8 .5 0 0 .0 0 0
S ee te x t
Proposed M eroer P la n .— S ee V . 109 o 1272: V 110, p 359: V . 112. p .
C onsol m ortgage *17 .5 0 0 .0 0 0 / 1902 4 g J -D
1 1 ,6 4 2 ,3 5 0 D e c 1 1 9 5 1
2413; V . 113, p . 729, 959; V . 115, p . 5 4 2 . 1320. In N o v . 1925 and th erea fter
($ 1 ,0 0 0 & $500) gold . _ c * t f \ ln t . at U . S M tg e . & T r. C o ., N . Y ., tru stee. con ferences w ere held w ith N o rth A m erican C o . o ffic ia ls to d iscu ss m erger
10-yr gen & ref M $ 1 0 ,0 0 0 ,0 0 0 / 1923 6 g M -N
2 ,4 9 6 .0 0 0 N o v 1 1 9 3 3
p la n s. N o d efin ite d ecisio n reach ed as y e t .
($ 5 0 0 & $1,000) g _____ c * tf\A m e r . S ec. & T r. C o ., W a sh ., D . C ., trus.
STO C K A N D B O N D S —
D a te.
Interest.
O utstan din g. M a tu rity.
A n acostia & P o to m a c R iv e r / 1899
5 g A -O
2 ,9 7 7 ,0 0 0 A pr 1 1949
S tock $ 1 2 ,0 0 0 ,0 0 0 ($ 1 0 0 )___________
Q-J
$ 1 2 ,0 0 0 ,0 0 0 O c t’2 6 ,1 % %
fir st m tg e $ 3 ,0 0 0 ,0 0 0 g o ld /I n t. a t B altim ore T r. C o ., tr u s te e . M a y be
N ew first m ortgage $ 6 ,0 0 0 ,- f 1907
5 g J -D
5 .6 0 6 ,0 0 0 J u n e 1 .1 9 4 7
($ 1 ,0 0 0 ) sin k in g f u n d .c * t f [ called a t 1 1 2 H*
0 0 0 gold ($ 5 0 0 )___________ c / I n t . a t U n io n T r C o . o f th e D , o f O
Stock.— T h e preferred sto ck b ecam e cu m u la tiv e on J u n e 1 1904.
■ W a sh in g to n , tru stee.
)
W ileN a m e o f C om pany —
age.
G eorgetow n & T en n a lly to w n R y ____ 8 .5 0
W ash in gton & R o ck v ille R y _______14.46
x C ity & Suburban R y ____________ 4 1 .4 7 5
W ashin gton & G len E ch o R R _____ ______
W ash in gton In teru rb an R R ________ 1.65




C a p ita l
Stock.
$ 2 0 0 ,0 0 0
275 000
1 ,7 5 0 000
2 0 0 .0 0 0
5 0 .0 0 0

139

O

.

130

PUBLIC UTILITIES

Bonds .— A re n o t su b jec t to c a ll. P a r t o f th e b ond s issued w ere u sed to
redeem th e $ 1 ,0 8 0 ,0 0 0 o u tsta n d in g 4% b on d s o f th e 1900 issu e . $ 2 0 0 ,0 0 0
o f b on d s are in c o .'s trea su ry an d $ 1 9 4 ,0 0 0 are in c o .’s in s. reserv e fu n d .
D ivid en d s.— In 1898, J u ly 1 , 7 5 c.; O ct. 1, 7 5 c.; in 1899, fou r d iv id en d s of
7 5 c . each; in 1900, 3M % ; in 1901, 4% ; in 1902, J a n ., 1% ; A p ril, 1%;
J u ly , 1% , an d on A u g . 20 an exra d iv id en d o f $4 per share w a s p aid from
p roceed s o f sa le o f old pow er house; O c t., 1%; in 1903, 4jl£% ; in 1904, 5%
in 1905. 5M % ; 1906-1913, in c l., 6 % an n .: in 1914, J a n ., 1 ^ % ; A p ril, 1M%'.
J u ly , 1 J£% . In O ct. ra te w as red u ced an d 134% w as paid; sa m e ra te
w as p aid q u arterly to and in clu d in g J u ly 1918. I n O ct. 1918 134% w as
paid; sam e ra te q u arterly to an d in cl. J an . 1921. In A pril 1921, 1% % w as
p a id . S am e ra te quar sin ce. In D e c . 1917 an extra d iv . o f 134% w as
p a id . In A u g . 1918 an extra d iv . o f 34% w as p aid .
E A R N I N G S .— F or calen dar years:
Oross
N e t (after
Other
Interest,
Balance,
E arn in gs.
Taxes').
Incom e.
& c.
D ivid en d s.
Surplus
1 9 2 5 ____ $ 4 ,5 8 7 ,0 5 6 $ 1 ,0 9 0 ,7 2 6 $33 ,1 3 2 $335 ,3 9 2 (7 % )$ 8 4 0 ,0 0 0 d f$ 5 1 ,5 3 4
1 9 2 4 ____ 4 ,6 1 4 ,3 3 8 1 ,1 4 8 ,1 0 5
32,391 324 ,7 1 2
(7 % )8 4 0 ,0 0 0
15,783
1 9 2 3 ------ 4 ,8 4 2 ,6 1 9 1 ,3 0 5 ,4 0 1
3 4 ,7 2 5 321 ,7 7 4
(7 % )8 4 0 ,0 0 0 178,353
1 9 2 2 ------ 4 ,9 9 4 ,0 4 4 1 ,3 9 0 ,7 3 9
3 4 ,9 0 6 320,653
(7 % )8 4 0 ,0 0 0 264.991
I n 1924, 8 6 ,4 2 4 ,9 9 3 p assen gers w ere carried, a gain st 9 0 ,1 4 9 ,3 1 5 in 1 9 2 3 .
O F F I C E R S .— P r e s., J . H . H an n a; V .-P ., D . S . C arll; S e c .-T r e a s., H . D .
C ram p ton; A ss t. S e c ., J . E , H eberle; A ss t. T rea s., C . B . K o o n tz .— V . 121,
p . 328; V . 122, p . 1024.

OHIO
C O LU M BIA G A S & E L E C T R I C CO.
Proposed M erger.— D irectors a p p ro v ed on J u ly 15 1926 a p la n for a m erger
o f th e p ro p erties of th is co. a n d th e Ohio F uel Corp., th e nam e of th e new co.
to b e Columbia Gas <t Electric Corp. (incorp. Sept. 30 1926 in D elaw are w ith
S
a n a u th o riz e d cap italiza tio n o f 1,000,000 p ref. shares ($100) an d 4.000 000
no p a r com m on shares; (V 123, p . 1761). T h e p resen t C olum bia com m on,
sto ck h o ld ers w ere to be offered 1 sh are of com m on stock (to p a y in itia lly
q u a rte rly div id en d s a t th e ra te o f $5 p e r annum ) of th e new corp. for each
o ld com m on share; an d Ohio Fuel C orp. stockholders ap prox. 35-100ths
o f a com m on sh are a n d ap p ro x . $15 63 p a r v alu e of 6% p ref. stock of th e
new co. for each Ohio F u el C orp. sh are. F o r d etails and description of
com bined p ro p erties, see V. 123, p . 323, 841. For cap italization of new
c o rp ., &o., see V. 123, p . '8 4 l . On A ug. 6 1924 i t w as announced th a t,
if deposited before O ct. 1 1926. for each cum . 7% p ref. series “ A ” share of
C ol. G as & E l. C o., 1 1-16 share cum . 6% p ref. ser. “A ” sto ck of th e new
co . w ould be given, which sto ck was to be $100 p a r an d red . a t $110. V. 123,
p . 84 . 1112.
W e w ere inform ed th a t sufficient sto ck h a d been dep o sited to insure th e
successful co nsum m ation of above p la n . See also V. 123, p . 1873, 1995.
O R G A N IZ A T IO N .— In c o rp . in W est V irginia in Sept. 1906. Owns over
99% o f th e com m on sto ck of th e U nion G as & E lectric C o. (w hich contros
G as & E lectric A p p lian ce C o ., O hio), T h e D a y to n Pow er & L ig h t C o .,th e
H a m ilto n Service C o. (w hich o p erates u n d e r lease, w ith obligation to p u r­
chase in 1930 a t a fixed price, th e p ro p erties o f H am ilto n U tilities C o .),
th e Loveland L ig h t & W ater C o ., Ohio, th e H u n tin g to n G as C o ., W est
V irginia (w hich ow ns H u n tin g to n D ev elo p m en t & G as C o .), C olum bia G as
S u p p ly C o ., B racken C o u n ty G as C o ., K en tu ck y a n d M ay to w n N a tu ra l
G as C o ., D el. C o n tro ls U n ite d F u el G as C o. (which ow ns Big M a rsh Oil
C o ., W est V irginia, C ab in C reek G as C o ., K e n tu ck y , an d C harlestonD u n b a r N a tu ra l G as C o .), V irginian G asoline & Oil C o ., C in cin n ati G as
T ra n s p o rta tio n C o ., W est V irginia, an d W ood C oal C o ., W est V irginia.
Leases C in c in n ati G as & E lec tric C o. (th ro u g h U nion G as & E lectric C o .),
a n d C in c in n ati N ew p o rt & C ovin g to n L ig h t & T ractio n C o. (which owns
U nion L ig h t, H e a t & Pow er C o ., K e n tu ck y , and C in c in n ati N ew p o rt &
C o v in g to n R y . C o ., K e n tu ck y ). In ad d itio n , com pany owns d irectly th e
gas rig h ts in 216,849 acres of la n d in W est Virginia (an a oil rig h ts in 32.671
acres th e re o f), o f w hich 34.604 are o p erated . H as over 99% c ontrol of
C o lu m b ia E ngineering & M g t. C o rp ., Ohio, a n d o f C o lu m b ia Sec. C o ., D el.
In J u n e 1925 U nion G as & E lectric Co. was consolidated w ith Ohio G as &
E lectric C o. V. 120, p . 3312.
T h e D a y to n Pow er & L ig h t C o. acq u ired on Ju ly 1 1925 all th e properties
a n d business o f D a y to n G as C o ., 99.8% ofwhose sto ck s w ere ow ned by
C olum bia G as & E lectric C o. V . 120, p . 3312.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— In
co njunction w ith sub-com panies controls (com pare V. 103, p . 1324): (a) T he
gas business in C in cin n ati a n d in 17 m unicipalities in H am ilto n C o u n ty ,
O hio, a n d th e electric business in C in cin n ati a n d 51 adjoining Ohio m unici­
palities; (6) th e electric-light a n d pow er business in 14, th e gas business in
10 an d th e w a ter su p p ly business in th re e com m unities in th e K e ntucky
d istric t, opposite C in cin n ati; (c) a 66-mile sy stem of electric s tre e t railw ays
o p eratin g exclusively in C o v in g to n , N ew p o rt a n d o th e r o f said K entucky
m unicipalities a n d connecting th e sam e w ith C incinnati; (d) a 183-mile
high-pressure m a in for tra n s p o rta tio n o f n a tu ra l gas, connecting w ith
C in cin n ati, &c.; (e) gas lan d s h eld b y th e co. a n d its subsidiaries u n d e r leases,
c o n tra c ts, agreem ents, ro y alties an d ow nership in fee. to ta lin g 1,425,237
acres of la n d in so u th w estern W est V irginia an d eastern K e n tu c k y ; (/)th e
gas business of D a to n . O hio, a n d its su b u rb s, a n d th e electric business of
D a y to n , X e n ia ,

P iq u a , W ilm in g t o n ,

O h io , a n d

100

u s b u r b a n c o m m u n i­

ties; (g) th e gas business o f M id d leto w n , Ohio, and th e electric business
o f M id d leto w n a n d 12 ad jo in in g Ohio com m unities; (h) p a rt of electric
business o f H a m ilto n , Ohio: O') th e gas business of F ra n k lin , O hio, a n d six
neighboring com m unities: (k) th e gas business of H u n tin g to n a nd C harles­

W e invite inquiries concerning

Columbia Gas & Electric
Corporation
and Subsidiaries

D ominick & Dominick
Members New York Stock Exchange

115 Broadway
New Y ork




414 Walnut St.,
C incinnati

[V ol. 123.

to n , W . V a ., A sh la n d , K y ., Iro n to n , O hio, a n d 71 o th er co m m u n itie s in
W est V irginia, K e n tu c k y an d O hio.
T o ta l in sta lle d electric g en era tin g c a p a c ity , 3 4 8 ,0 0 0 k .v .a . T o ta l k .w .h .
g en era ted and p u rch a sed in 1 925, 7 3 4 ,6 2 5 ,1 8 4 ; n a tu r a l g a s p ro d u ced and
p u rch a sed a n d gas m a n u fa c tu r ed (1 ,0 0 0 c u . f t . ) , 7 1 ,1 5 1 ,9 2 o ,0 0 0 cu . f t .
E rectio n o f $ 1 5 ,0 0 0 ,0 0 0 g en era tin g s ta tio n , see V . 121. p . 5 8 4 , 1099.
op en ed on D e c . 10 1 925. See V . 121, p . 3 1 2 9 . U n io n G as & E le ctric C o .,
C in cin n a ti, a su b sid ia ry , p u rch a sed in A u g . 1925 th e m u n icip a l electric lig h t
p la n t a t O xford, O hio. V . 121, p . 8 4 1 . N e w electric r a te o rd in a n ce in
C in cin n a ti, V . 121, p . 1349.
Gas B tites.— G as ra tes fix e d for 5 y ea rs, e ffe c tiv e from J u n e 1 1 9 2 5 , b y
C in cin n a ti C ity C o u n cil. V. 120, p . 2 8 1 4 . E le ctric ra tes, V . 121, p . 9 7 7 .
T h e sto ck h o ld ers on A pril 8 1924 a p p ro v ed p la n s for p ro v id in g a m o rtg a g e
on th e co m p a n y ’s p ro p erty to secu re a bond issu e , a n d a lso a u th o r ize d an
issue o f $ 2 5 ,0 0 0 ,0 0 0 p ref. s to c k , par $ 1 0 0 . F or d eta ils see V . 1 1 8 , p . 1 0 1 7 .
See V . 1 1 9 , p . 1398

O utstanding. M a tu r ity .
STOCK A N D B O N D S—
Date. Interest.
1 ,5 0 0 ,0 0 0 s h . N o v ’2 6 ,$ 1 .2 5
C om stk 2 ,0 0 0 ,0 0 0 sh s(n o p a r ) . ____
Q -F
$ 2 4 ,1 5 8 ,4 0 0 N o v ’2 6 ,$ 1 .7 5
Pref Ser “ A ” 7% cu m ( $ 1 0 0 ) . . ____
7 Q -F
8 ,2 5 5 ,5 0 0 J a n 1 1927
First 'm o rtg a g e $ 2 5 ,0 0 0 ,0 0 0 1 1907 5 g J-J
($500 &c) g o ld __________ c * / I n t . a t Irv in g B a n k -C o l. T r. C o .. N . Y ., tru s
D eb en tures $ 2 ,8 5 0 ,0 0 0 ($5001 1913 5 J-J
2 ,5 8 8 ,1 4 0 J a n 1 1927
& c)________________________ / I n t . a t C en tra l U n io n T r . C o ., N . Y . , tr u s .
3-year n o tes $ 2 5 ,0 0 0 ,0 0 0 ( $ 1 ,- / 1925
5 g M -N
1 7 ,7 9 4 ,0 0 0 M a y 1 1928
0 0 0 c* & $ 1 ,0 0 0 , & c, r*) g_ (G u a ra n ty T ru st C o ., N e w Y o rk , tr u ste e .
6%
1 ,2 3 8 ,6 0 0 M a y 1 1946
Ohio G as & E le c C o fir st m t g e . ____
H u n tin g to n D e v & G as 1st M _ ____
6%
2 ,7 3 3 ,5 0 0 J u n e 1 1936
1 ,5 0 0 ,0 0 0 to 2 ,0 0 0 ,0 0 0 n o p ar sh a res. C o m m o n s to c k is liste d on th e
N e w Y ork S to ck E x ch a n g e. V . 122, p . 2 1 8 9 . S eries “ A ” preferred
is redeem able a t 115 and d iv s . on a n y d iv . d a te on 3 0 d a y s ’ n o tic e . L isted
on N . Y . S to ck E x ch .; V . 119, p . 2 7 5 9 . $ 1 5 ,0 0 0 ,0 0 0 offered to sh a reh o ld ers
a t par a n d 90% w as ta k en th ro u g h exercise o f rig h ts, rem ain der b ein g d is­
posed o f p riv a te ly b y a sy n d ica te h ead ed b y th e G u a ra n ty C o. o f N e w Y ork
a t $ 104 an d d iv ., to y ield a b o u t 6 .7 3 % . B a la n ce issu ed in a cq u isitio n o f
p ra ctica lly a ll com m on sto ck o f D a y to n P o w er & L ig h t C o .

Bonds .— O f th e $ 2 5 ,0 0 0 ,0 0 0 1 st m tg e . 5 s, $ 8 ,0 7 1 ,0 0 0 h a v e b een ca n ­
celed and $ 5 ,9 3 2 ,0 0 0 are held in trea su ry . M tg e . p ro v id es for sinking fu n d .
Are red. a ll or in p a rt a t 105 and in t. on a n y in t . d a te o n 4 w eek s n o tice V. 9 3 , p . 1467: V . 101, p . 49: V . 106, p . 1 140.
T h e 5% debentures are red. all or in p a rt a t p ar and in t . on a n y in t . d a te
on 60 d a y s n o tic e . V . 9 6 , p . 170, 1631.
N o tes.— T h e 3 -y ea r 5% n o tes are red eem a b le, a ll or in p a rt, a t a n y tim e
on 3 0 d a y s ’ n o tice to and in clu d in g M a y 1 1926 a t 102 and in t.; th ereafter
to and in clu d in g J a n . 1 1927 a t 101 a n d in t.; a n d th erea fter a t 100 an d in t.
$ 1 0 ,0 0 0 ,0 0 0 w ere sold in A pril 1925 b y G u a ra n ty C o . o f N ew Y o rk , J . & W .
Seligm an & C o ., W . E . H u tto n & C o ., & c., & c., a t 100 a n d in t ., t o y ie ld
5% . V . 120, p . 2 0 1 0 . In M a y h old ers o f 1 st m tg e . 5% b o n d s d u e J a n . 1
1927 w ere g iv e n th e rig h t to ex ch a n g e th em for 3 -y ea r 5% gold n o te s d u e
M a y 1 1928. p lu s a cash p a y m en t o f $ 1 0 per $ 1 ,0 0 0 o f bonds ex c h a n g ed ,
and w ith a d ju stm en t o f in terest. V . 120. p . 2 4 0 0 . 2814. $ 2 ,7 9 4 ,0 0 0 th u s
issu ed in ex ch a n g e for b o n d s. $ 5 ,0 0 0 ,0 0 0 a d d itio n a l w ere issu e d in 1926
in co n v ersio n o f cu rren t d e b t.
D ivid en d s.— On series “ A ” p ref. an in itia l d iv . o f $1 7 5 w as p a id N o v 15
1924. A n in itia l d iv . o f 1% w as p a id on th e $ 5 0 ,6 0 0 ,0 0 0 sto c k M a y 15
1917; A u g . 1917 to N o v . 1919, 1% quar.; F eb . 15 to N o v . 15 1920 paid
\ \ i % q uar. On Ja n . 25 paid 1% ex tra . F eb . 15, M a y 16, A u g . 15 and
N o v . 15 1921, 1 H % ea ch . F e b . 15 1922 p a id 1% ; M a y 15 1922 t o F e b .
1923 p aid 1 H % quar.; M a y 15 1923 p aid $1 95; A u g . 15 1923 to F e b .
1926 p a id 65 c e n ts q u a r. o n n ew sh a res o f n o p a r v a lu e . I n 1 9 2 6 , M a y ,
A u g . a n d N o v ., $1 2 5 ea ch .
E A R N I N G S .— C o n so lid a te d earnings (in cl. su b sid ia r y c o s . co n tro lled
b y p ra ctica lly 1 0 0 % co m m o n sto c k o w nership or lea se) for c a l. years:
Gross E a rn in g s—
1925.
1924.
1923.
E le c tr ic a l______________________________$ 1 6 ,6 0 7 ,9 5 8 $ 1 1 ,3 1 6 ,0 6 9 $ 9 ,9 4 9 ,4 8 4
G a s ____________________________________ 1 4 ,1 5 0 ,0 6 9 1 3 ,1 1 8 ,9 3 7
8 ,7 5 9 ,9 2 9
R a ilw a y an d o th er o p e r a tio n s________ 2 ,7 2 5 ,5 3 2
2 ,2 9 2 ,5 7 6
2 ,2 9 3 ,5 8 6
T o ta l gross ea rn in g s_______________$ 3 3 ,4 8 3 ,5 5 9 $ 2 6 ,7 2 7 ,5 8 1 $ 2 1 ,0 0 3 ,0 0 0
O p eratin g e x p e n se s__________________ 1 9 ,6 7 8 ,2 6 1 1 5 ,7 7 4 ,7 6 8 1 1 ,8 8 9 ,4 9 9

N e t earn in g s_____________________ $13,805,298 $10,952,813 $ 9,113,500
O ther incom e______________________
2,732,335
2,079,221
1,943,482
T o ta l n e t earnings & o th er in c o m e .$ 1 6 ,5 3 7 ,6 3 3 $ 1 3 ,0 3 2 ,0 3 4 $ 1 1 ,0 5 6 ,9 8 2
D ed u ctio n s —
R e n ta ls to C in cin n a ti G as & E le c . C o . $ 3 ,2 9 7 ,8 5 7 $ 3 ,2 3 2 ,9 0 9
R e n ta ls to C in cin . G as T ra n sp o r t’n C o
3 4 1 ,5 8 7
5 3 2 ,9 6 4
R e n ta ls to C in cin n a ti N ew p o r t &
C o v in g to n L ig h t & T ra c tio n C o ___
8 0 0 ,4 6 8
8 9 2 ,2 9 8
R e n ta ls to H a m ilto n U tilitie s C o ____
1 5 ,1 0 5
1 5 ,1 0 5
T o ta l d e d u c t io n s .................................

$ 4 ,4 5 5 ,0 1 7

$ 4 ,6 7 3 ,2 7 6

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

N e t in co m e b efo re fix e d ch a rg es___$ 1 2 ,0 8 2 ,6 1 6

$ 8 ,3 5 8 ,7 5 8

$ 6 ,3 4 3 ,4 8 4

F ixed C harges —
S u b . c o s . b o n d in t . & p ref. sto c k d iv s . $ 1 ,5 2 6 ,7 1 6
C o lu m b ia G as & E le c . C o . b o n d i n t . _
4 6 0 ,2 4 4
C o lu m b ia G a s & E le c . C o . d eb en tu re
a n d o th er u n secu red d e b t in t e r e s t ..
6 0 2 ,8 9 0

$ 5 3 0 ,5 2 2
5 5 6 ,2 8 3

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

5 6 4 ,6 8 0

1 9 3 ,6 2 7

T o ta l fix e d ch a rg e s________________ $ 2 ,5 8 9 ,8 5 1

$ 1 ,6 5 1 ,4 8 5

$ 7 8 7 ,5 4 4

N e t in co m e a v a ila b le for d iv id e n d s . $ 9 ,4 9 2 ,7 6 6
D ivid en d s P a id —
P referred _____________________________ $ 1 ,4 1 8 ,4 5 0
C o m m o n _____________________________
3 ,8 9 2 ,2 0 0

$ 6 ,7 0 7 ,2 7 3

$ 5 ,5 5 5 ,9 3 9

$ 9 1 ,8 7 8
3 ,8 7 3 ,5 4 5

---------3 ,6 5 3 ,8 4 0

N o te A . — O p eratin g ex p en ses sh o w n a b o v e in c lu d e p ro v isio n fo r all
ta x e s a n d a m o u n ts reserv ed for ren ew a ls a n d r e p la cem en ts.
N o te B .— O p eratin g ex p en ses for 1925 in c lu d e ite m s o f t h a t n a tu re
p rev io u sly in clu d ed in re n ta ls, a n d th e fig u res for p rev io u s y ea r s h a v e b een
co rresp o n d in g ly a d ju sted to fu rn ish tru e co m p a riso n .
L atest E a rn in g s.— F or 12 m o s. en d . A u g . 31 (in cl. su b . c o s . co n stro lled
b y p r a c tic a lly 1 0 0 % sto c k ow n ersh ip or lease):
1926.
1925.
G ross ea rn in g s_____________________________________ $ 3 7 ,4 1 2 ,2 0 6 $ 2 9 ,5 1 6 ,7 4 4
N e t o p era tin g ea rn in g s_____________________________ 1 5 ,7 4 5 ,3 2 9 1 2 ,3 3 5 ,0 7 2
T o ta l n e t earnings a n d o th er in c o m e ________________ 1 9 ,0 8 3 ,3 2 0 1 4 ,7 5 7 ,3 3 3
L ea se r e n ta ls_______________________________________
4 ,3 3 7 ,6 6 8
4 ,5 4 7 ,9 7 7
I n te rest & p referred d iv s . o f su b sid ia r ies___________
1 ,9 2 2 ,1 7 2
1 ,1 5 0 ,8 4 4
I n te rest (C olu m b ia G as & E le c tr ic C o .) ____________
1 ,3 1 8 ,9 1 2
9 7 5 ,6 8 3
A v a ila b le for d iv id e n d s_________________________ $ 1 1 ,5 0 4 ,5 6 8
$ 8 ,0 8 2 ,8 2 9
N o te .— O p eratin g ex p en ses in c lu d e a ll ta x es a n d ren ew a l a n d re p la cem en t
reserv e.
O F F IC E R S .-— P res. & C h a irm a n , P . G . G ossler; V .- P s ., W . W . F r eem a n 1
H . A . W a lla ce, Joh n G . P e w a n d E d w a rd R e y n o ld s, Jr.; T r e a s., E d w a rd
R ey n o ld s, Jr.; S ec. & A ss t. T r e a s., P o lk L affoon ; A ss t. S e c .-T r e a s., A .
S herlock an d B . D e W itt B leeck er. O ffice, C h a r lesto n , W . V a: N . Y .
o ffic e, 61 B ro a d w a y .— V . 121, p . 5 8 4 , 8 4 1 , 9 7 7 , 1099, 1 3 4 9 , 1 5 6 7 , 1 6 7 6 ,
1907, 2 1 5 5 , 2 6 3 0 , 3129; V . 122, p . 6 0 9 , 1 3 0 8 , 1445, 1 4 7 9 , 1 7 6 1 , 2 1 8 9 , 2 3 2 7 ,
2 7 9 7 , 3 0 8 0 , 3603; V . 123, p . 8 1 , 3 2 3 , 4 5 3 , 8 4 1 , 1 1 1 2 , 1 2 5 0 , 1 502, 1 761,
1873, 1 995.
L E A D I N G C O N T R O L L E D P R O P E R T IE S .
C I N C I N N A T I G A S T R A N S P O R T A T IO N C O .— A W . V a . co rp o ra tio n ,
h a v in g c a p ita l sto c k o f $ 3 ,0 0 0 ,0 0 0 5% p ref. a n d $ 2 ,0 0 0 ,0 0 0 c o m . sto ck and
$ 1 ,8 5 0 ,0 0 0 C la ss B co m m o n sto ck (V . 8 8 , p . 1 3 7 5 ). O w ns 183 m iles
o f steel p ip e lin e , ru n n in g from th e C o lu m b ia c o m p a n y ’s n a tu ra l gas field
In so u th w estern W est V a ., co n n ectin g w ith C o v in g to n a n d N e w p o r t, K y .,
& c., and C in cin n a ti an d surrou nd ing to w n s. L eased b y th e C o lu m b ia co m ­
p a n y from 1908 for 3 0 y ea rs fro m 1908. R e n ta l, a ll m a in ten a n ce ch arges,
ta x es, & c., and d iv s . on co m m o n sto c k a t 10% per a n n u m , co m m o n C lass B

Oct., 1926.]

a t 5% an d p ref. stock a t 5% p e r a n n u m . T h e $3,000,000 pref. stock was
purchased b y th e C olum bia Gas & E lec. C o. d u rin g 1920. C olum bia G as &
E lectric C o. owns all b u t $16,800 o f com m on Class B sto ck . H as o u tsta n d ­
ing ap p ro x . $1,420,000 1st m tg e. bonds, d u e Ju ly 1 1933. V. 120, p . 2548;
V . 119, p . 2759; V. 120, p . 328, 1325, 1881, 2399, 2548, 3064.
C IN C IN N A T I C O M P A N IE S .— T h e C olum bia Co. owns o r controls th e
en tire 185,000 shs. of com. sto ck o f U nion Gas & E l. Co. of C incinnati
(V. 89, p . 230; V . 103, p . 1046), w hich operates u n d er a 99-year lease th e
pro p erties, &c., o f C in cin n ati G as & E lectric Co. (which see), a n d does all
th e gas a n d electric business in M id d leto w n an d neighboring com m unities,
hav in g p u rch ased all th e p ro p erties of th e Ohio Gas & E lectric C o. V . 83,
p. 274, 892, 1231; V. 88, p . 1375; V . 95, p . 752; Y. 97, p . 53. 240; V . 118, p.
435. N ew steam electric p la n t, c ap a c ity 120,000 k . w . Y . 114, p . 1077.
R ates in C incinnati, V . 114, p . 1077.
O T H E R U T IL IT IE S .— T h e C olum bia Co. owns all th e stock o
th e H am ilto n Service C o ., w hich does p a r t of th e electric business of H am il­
to n , a ll th e c ap ital sto ck of th e L oveland L ig h t & W a te r C o ., w hich does th e
electric a n d w ater business of L oveland. T h ro u g h its su b sid iary C olum bia
C o rp ., C olum bia G as & E lectric C o. h a s acquired all th e c ap ital stock of
C olum bia G as Supply C o ., w hich does a w holesale a n d re ta il gas business
betw een C enterville, Ohio, an d C in cin n ati, an d p ractically all th e common
sto ck o f th e D a y to n Pow er & L ig h t C o., in to which h as been m erged th e
D a y to n G as C o., an d w hich now does all th e gas business in D a y to n and
th e electric business in D a y to n , X en ia, P iq u a , W ilm ington, an d 100 other
Ohio com m unities. T h ro u g h its su b sid iary . H u n tin g to n G as C o., has ac­
qu ired p ractically all o f th e c ap ital sto ck of th e H u n tin g to n D evelopm ent &
G as C o ., a pro d u cer an d d istrib u to r of n a tu ra l gas in W est V irginia.
New Power Station.-—T h ro u g h a su b sid iary . C olum bia Pow er C o., a new
electric g e n eratin g statio n o f 360.000 k . w . u ltim a te c ap acity is being con­
s tru c te d a t C olum bia P a rk , n ear C incinnati, Ohio. T h e first u n it, of 45,000
k .w ., was p u t in to operation before th e end of 1925, an d th e second u n it of
45,000 k .w . early in 1926.
K E N T U C K Y P R O P E R T IE S .— C in cin n ati N ew p o rt & C ov ington L ight
& T rac tio n C o. controlled u n d e r a 90-year lease. (See on a n o th e r page.)
U N IT E D F U E L GAS C O .— C ontrols, to g e th e r w ith Virginian G asoline &
Oil C o ., 1,003.205, acreso f gas rig h ts an d 723,256 acres o f oil rig h ts in W est
Virginia and K en tu ck y . W ith a b o u t 1,921 miles of pipe line, com pressors,
& c., supplies gas d irect to 57.433 consum ers in ab o u t 70 cities, incl. C harles­
to n , H u n tin g to n , R avensw ood, C len d en in , Spencer, R ipley, W . V a.; Ironton
an d P o rtsm o u th , Ohio, a n d , th ro u g h its subsidiary, W arfield N a tu ra l Gas
C o ., serves A shland a n d C atle ttsb u rg , K y . F u rth e r sells large quan tities
of gas to C olum bia G as & E lectric C o ., Ohio Fuel Supply C o., Louisville
G as & E lectric C o. a n d C en tra l K e n tu ck y N a tu ra l G as C o ., P o rtsm o u th
(Ohio) G as C o ., H ope N a tu ra l G as C o. a n d P ittsb u rg h & W est Virginia
N a tu ra l G as C o. Po p u latio n served d irectly a b o u t 288,000: by other
com panies using its gas wholly o r p a rtly , a b o u t 1,800,000. V . 106, p.
1140. T h e d irectors on April 8 1920 v o ted to increase th e c ap ital stock
from $10,000,000 to $30,000,000, a n d declared a stock dividend of 200% .
O u tstan d in g D ec. 31 1924, $30,000,000, o f w hich C olum bia G as & E lectric
owns $15,300,000.
In 1915-16 U n ited Fuei vras <jo. re tired all old bonds a n a m a a e a new
$15,000,000 6% first m tge. u n d er w hich $9,398,500 bonds are ou tstan d in g ,
in ad d itio n to w hich $1,681,000 are h eld in th e tre a su ry of U nited F uel Gas
C o. See sta te m e n t to N ew Y o rk Stock E xchange in V. 103, p . 1133; V.
104, p . 869; also V. 102, p . 816, 1354; V. 105, p. 711.

D A Y TO N (O.) POW ER & L IG H T CO.
Control.— As o f A pril 1925, p ra c tic ally all of th e com m on sto ck of th e co.
was acq u ired b y Columbia Gas & Electric Co. V . 120, p . 1088.
O R G A N IZ A T IO N .— In c o rp . in Ohio M arch 23 1911.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Supplies electric light and pow er a n d gas in D a y to n , W ashington C o u rt
H ouse a n d B loom ingburg, Ohio, covering th e e n tire cities; also electric
light and pow er in num erous neighboring m unicipalities in th e D a y to n ,
X en ia, P iq u a, W ilm ington, P reb le a n d W ashington d istricts.
S T O C K A N D B O N D S—
Date.
Interest. O utstanding. M atu rity.
C om sto ck 320,OOOshs (no p a r ) ____
________ 317,500shs
See te x t
P f s tk 6% cum $12.000,000($100)_____
6 M o . $7,500,000
See te x t
F irst & re f m tg e $20,000,0001 1911
5 g J-D
9,505,000 Ju n e 1 1941
($1,000 g o ld----------------- c * /I n t. a t Irv in g B an k a n d T r. C o ., N . Y ., tru s .
D ay to n L tg Co 1st re f m tg e \ 1907
5 g M -S
1,''469.000 M a r 1 1937
assum ed ($1,000) gold_ c * /I n t. a t E q u itab le T ru s t C o ., N . Y ., tru ste e .
_
D a y to n G as Co 1st m tg e gold) 1910
5 M -S
1,277,000 M a r 1 1930
assum ed ($1,000)---------- /T nt. a t U nion T ru st C o ., C leveland, tru s te e .
Stock.— P referred is callable a t 110 a n d dividends.
Bonds.— F irst & ref. m tg e. 5% b o nds, $20,000,000 a u th ., are callable a t
105 on or before D ec. 31 1936, a n d decreasing 1% for each succeeding y e ar
to 101 in 1940 an d 1941.
Sinking fu n d 1 % , 1924: 1 H % . 1925 to 1932; 2 % , 1933 to 1940. See
V. 94, p . 282; V. 105, p. 822; V. 106, p 824.
D a y to n L ighting Co. first & ref. m tge. 5s are callab le a t 107 'A •
Dayton Gas Co. fir st mortgage bonds a re callable a t 105 a n d in te re s t.
H ave a sinking fu n d of $20,000 p er a n n u m . $223,000 canceled b y sinking
fu n d .
D ividends.— D ivs. on p ref. sto ck fro m O ct. 1911 to J u ly 1925, inclusive,
I H % q u a r.; 50c. p e r m o n th since.
E A R N IN G S .— F o r calen d ar years:
1925
1924
1923
1922
G ross earn in g s..................... $6,965,143 $5,756,407 $5,105,314 $4,535,304
T o tal incom e__________
2,321,974
2,206,416
1,869.330
1,518,908
C harges, &c___________
935,213
1,250.278
1,124,688
951,733
P referred d iv id en d s___
394,781
334,377
267,455
245,167
C om m on d iv id en d s_____
137,260
122,120
122,120
122,120
B alance, s u rp lu s_____
$854,720
$499,641
$355,067
$199,887
O F F IC E R S .— C h airm an o f B o ard , P . G . Gossler; P re s ., F . M . T a it;
V .-P . & G en. M g r., O. H . H u tch in g s; Sec. & T re a s., O. E . H ow land.
E xecutive offices, 205 E a s t F irs t S t., D a y to n , O hio.— V. 120, p . 955, 1088,
2400: V. 121, p. 74, 977: V. 122, p . 2493.

C INC IN NA TI GA S & ELECTRIC CO.
O p erated u n d e r lease b y U nion G as & E lectric C o ., a su b sid ia ry of
C o lu m b ia G as & E lectric C o.
O R G A N IZ A T IO N .— In co rp . in Ohio in 1837 as C in cin n ati G as L t. &
C o k e C o. N am e changed to p re sen t title in 1901. O perated b y U nion
G as & E lec. C o ., a sub sid iary of C olum bia G as & E lec. C o. (w hich see
below) u n d er a 99-year lease d a te d S ep t. 1 1906, w hich, as am ended,
provides for p a y m e n t of all In terest and sinking fu n d charges and dividend
o f 5% u pon th e $34,391,400 c ap ital sto ck (par $100 a share) a nd annual
p a y m e n t o f $100,000 for re tirem e n t o f o u tsta n d in g c ap ita l stock. P e r­
form ance of lessee com pany is g u aran teed by d ep o sit o f $3,750,000 in cash
and securities w ith tru stees. (See V. I l l , p . 2232.)
In M a y 1925 th e Ohio P . U . C om m ission a u th o riz e d th e com pany to
issue $3,500,000 p rio r lien an d re f. m tg e. 40-year 6% bonds to finance
m p ro v em en ts. T h e bonds were to be delivered to th e U nion G as & Elec­
tric C o ., w hich holds th e p ro p erty u n d e r lease, to p a y 80% o f th e contem ­
p la te d im p ro v em en ts. V . 120, P- 2399.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns generating statio n s and d istrib u tin g sy stem s su p p ly in g gas and
electricity to C incinnati and su b u rb s
Sale o f 30,000 shares of p ref. sto ck of C in cin n ati G as T ra n sp o rta tio n C o.
to C olum bia G as & Elec. C o. See V. 110, p. 80.
S T O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
S to c k $36,000,000 ($ 1 0 0 ).......................................... ..$ 3 4 ,3 9 1 ,4 0 0 O ct '26 1 H
ls tM t g e $ 1 5 ,000,000 ($1,000,1 1916
5 g A-O
8,404,000 A pr 11956
&c) g o ld___________ c* & r* (Irv in g B an k-C olum bia T r C o, N Y , T ru ste e




131

POWEK, LIGHT AND RAILWAY

Interest. O utstanding.
M a tu r ity
STO C K A ND BO ND S—
Date.
P rio r lien & re f m tge $50,000,- f
000 Ser “ A ” ______________( 1921
7.288.500 J a n 1 1961
7%
Ser “ B ” ($500,& c).c*& r*tf I 1921
5 H g A-O 5,818,000 J a n 1 1961
5.401.500 J a n 1 1961
Ser “ C ” ___________________ 1921
6%
F ree from P e n n a S ta te ta x . [N ew Y ork T ru s t C o, N Y , T ru stee
Bonds.— 1st m tge. bonds h av e sinking fu n d of n o t less th a n 1% per
annum of bonds o u tsta n d in g . In a d d itio n to a m o u n t o u tsta n d in g $3,000,000 are pledged u n d e r th e p rio r Hen & ref. m tge. a nd $990,000 have been
acquired a n d are held alive in sinking fu n d . A re call, a t 102. I n t. pay ab le
in N . Y . a nd C incinnati.
See V. 104. p . 266. 1901, 1014; V. 105, p . 74, 391, 501, 1524.
The prior lien & refunding mtge. b onds m ay be issued from tim e to tim e
as a u thorized b y th e directors, bearing such in t. ra te s as th e y shall d e te r­
m ine, for a d d itional cap ital expenditures and for re tirin g th e bonds issuable
u nder th e p re sen t 1st & ref. m tge. M tg e. provides for an n u al sinking fu n d
of 1% of bonds o u tsta n d in g , w hich com m enced A pril 1 1924 a n d is to be
increased sufficiently on each succeeding A pril 1, provided additional
bonds a re issued, in o rder to re tire all bonds a t m a tu rity . V . I l l , p . 2232;
V. 112, p . 65.
T h e series “ A ” b o nds are call, as a w hole or b y lo t for sinking fu n d a t
110 during th e first 10-year period to J a n . 1 1931; a t 107H d u rin g th e second
10-year period to J a n . 1 1941; a t 105 du rin g th e th ird 10-year period to
J a n . 1 1951, and a t 102H th e re a fte r to m a tu rity (plus accrued in t. in
each case). Of th e Ser. “ A ” b onds re p o rte d o u tsta n d in g $2,358,500 are
ow ned b y C olum bia G as & E lec . C o. a n d affiliated cos. I n t. p a y ab le in
N ew Y ork or C in cin n ati.
T h e series “ B ” bonds are red . for sinking fu n d or, a t o p tion of co., all
or p a rt, on an y in t. d a te upon 30 d a y s ’ notice a t 105 u p to and incl. O ct. 1
1928; th e re a fte r a t 104 u p to an d incl. O ct. 1 1936; th e re a fte r a t 103 u p to
and incl. O ct. 1 1944; th e re a fte r a t 102 u p to a nd incl. O ct. 1 1952, a nd
th e re a fte r a t 101 u p to a nd incl O ct. 1 1960 (plus in t. in each c ase ). V . 114,
p. 2473. In t. pay ab le in N . Y . or C incinnati.
E n tire $5,401,500 Ser. “ C ” 6s o u tsta n d in g are ow ned b y C olum bia G as
& E lec. C o. a n d affiliated cos.— V . 118, p . 2955; V . 120, p . 1746, 2399.
E A R N IN G S .—-C om pany h a s no earnings of its ow n except re n ta ls an d
does n o t pu b lish a n y earnings s ta te m e n ts .
O F F IC E R S .— P re s ., C harles D . Jones; 1st V .-P ., A lfred M . C ohen;
2d V .-P ., Sam uel A ssur; Sec. & T re a s ., E d w a rd H . E r n s t.— V . 120, p . 2399;
V . 122, p . 1308. 2039; V. 123, p . 1112, 1249.

R E P U B L IC R AIL W A Y & L IG H T CO.
In M arch 1926 Penn-Ohio Securities Corp. was re p o rte d to h av e acquired
a s u b sta n tia l m a jo rity of th e o u tsta n d in g com m on stock. In M arch 1926
p referred stockholders were given th e o p p o rtu n ity to exchange each pref.
share R ep. R y. & L t. C o. for 1 share new pref. stock Penn-O hio Securities
C orp. a nd $34 50 cash. V . 120, p . 705; V . 122, p . 1027, 1311, 1764.
O R G A N IZ A T IO N .— A holding co. In c o rp . in N ew Jerse y on J u n e 27
1911. T his co. owns all of th e com m on a nd p re f. stock of th e Penn-Ohi®
Edison C o ., w hich acquired th e in te re s t form erly held in th e P en n sy lv an iaOhio E lectric Co. b y the R epublic R y . & L ight C o. A cquired in 1925
th ro u g h its subsidiaries a n u m b e r of sm all lig h t an d pow er pro p erties in
A sh tab u la C o u n ty , Ohio. V . 121, p . 1103, 2753.
As of D ec. 31 1925 co. an d its subsidiaries ow ned 7 electric g enerating
statio n s of to ta l c ap a c ity of 144,885; 486 m iles of electric transm ission
lines a nd 1,951 miles of electric d istrib u tin g lines; n u m b e r of electric cus­
tom ers, 76,298. M iles of tra c k ow ned, 178.25; n u m b e r of buses, 85; 3 gas
holders, 28 miles of gas m ains.
Offer to Pref. Stockholders and Change Par Value o f Common Stock.— On

Sept. 23 1926 stockholders voted to retire the 6% pref. stock by offering
holders for each share one 6% pref. share of Penn-Ohio Edison Co. and
$34 50 in cash (representing 341! % accumulated and unpaid dividends on
Republic Ry. & Lt. Co. pref. stock, also on reducing, in connection witn
this retirement the par value of common stock from $100 to $50. V. 123,
p. 1507. In Oct. 1926 over 93% of pref. stockholders was reported to have
accepted this offer.
S T O C K A N D B O N D S—

D ate.

Common $3,750,000 ($50)_____

Interest.

O utstanding. M aturity.

$3,103,000

seetext

P re f 6% cum $10,000,0 0 0 ($ 1 0 0 )____
Q -J 15
5,191,400
See te x t
Stock.— C om m on stock is held in v o tin g tru s t.
D ividends.— On pref. 1}4% q u a r. w as p a id from o rganization to an d incl.

Apul 1920. No action was taken on the July 1920 div. V. 110, p. 2568.
None since to April 1926, when l f i % was paid; in July and Oct. 1926,1M %•
Quarterly dividends on common of 1% paid from Jan. 1917 to and incl.
July 1918. Oct. 1918 div. omitted. V. 107, p. 1193. None since.
E A R N IN G S .— C onsol, incom e a c c t. of sub. cos. (inter-co. item s elim ia te d ) fo r calen d ar years:
Gross
N et, after
Deduc- D ivs. on Sub. Balance,
Incom e.
Taxes.
lions.
Co. P f. Stks. Surplus.
1 9 2 5 ___________ $11,314,524 $4,181,681 $2,227,245
$870,657 $1,083,779
1 924 ____________ 10,546,268 3,552,635 2,013,210
836,882
702,543
192 3 ------------------ 9,935,925 3,280,372 1,973,868
608,557
697,947
1 9 2 2 ------------------ 8,405,882 2,679,780 1,631,529
490.889
557,362
Latest E arnings.—-C onsolidated earnings of R epublic R y . & L t. C o. and
subsidiaries (inter-co. ite m s e lim inated) fo r 12 m os. ended A ug. 31:
1926.
1925.
G ross incom e____________________________________ $12,150,493 $10,926,666
N e t a fte r ta x e s __________________________________ 4,971,498
3,565,327
In te re s t on fun d ed d e b t_________________________
2,326,294
2,212,390
O th e r in te re s t a nd d is c o u n t______________________
283,658 Cr.267,310
M in o rity p referred d iv id e n d s_____________________
997,395
856,488
A vailable for re tir. re s., d ividends an d s u r p lu s ._ $1,364,451
$763,759
F o r 12 m os. end. S ept. 30 1926, see V. 123, p . 2132.
O F F IC E R S .— P res.. R . P . Stevens; V .-P s., Jo h n T . H a rrin g to n a n d
H . A . C larke; Sec., F . P . Sm ith; T re a s ., E . W . F re e m a n .— V. 121, p : 460,
1103, 2753, 3005; V. 122. p . 1020, 1322, 1764, 2043, 3455; V. 123, p .5 8 3 .
1507 ,2 1 4 1 .

Penn-Ohio System
Republic Railway & Light Co.
Penn-Ohio Edison Co.
Pennsylvania-Ohio Power & Light Co.
Ohio River Edison Co.
Penn-Ohio Securities Corp.

HARPER &TURNER
M em bers Philadelphia Stock Exchange

Stock Exchange Bldg.

PHILADELPHIA

R IT T E N H O U S E 6200

132

PUBLIC UTILITIES

[V ol. 123.

The Penn-Ohio System
Supplying the Utility Service throughout a large area of eastern
Ohio and western Pennsylvania, including the Youngstown District

SUPER-POWER PLANT ON THE OHIO RIVER AT TORONTO, OHIO.
Shaded section, 88,000 H. P. in operation.

Ultimate capacity, 375,000 H . P.

Designed and Constructed by S t e v e n s & W

ood,

I n c .,

N e w York City

A Growing System in a Growing Territory
Gross
1915
1917
1919
1921
1923
1925
1926*

-

-

-

■
-

-

-

- 83,123,050
- 4,957,121
- 6,518,481
- 7,694,058
- 9,935,924
- 11,314,524
- 12,302,583

Net

K. W. H. Output

81,248,967
1,615,938
1,776,513
2,302,688
3,280,372
4,181,681
5,019,442

96,989,498
163,460,617
191,308,630
198,603,011
340,381,755
40^47,325
492,737,274

* 1 2 months to September 30.

Penn-Ohio Edison Company
Youngstown,




Ohio

New York,
N. Y .

Oct., 1926.]

PE N N -O H IO E D ISO N CO.
C o n tro lled by R epublic R y. & L ig h t C o.
O R G A N IZ A T IO N .— O rganized in D elaw are Ju ly 1923. A holding co..
con tro llin g th e various o p eratin g com panies of R epublic R y . & L ight Co.
C o .'s su b sid iary com panies w ere in 1926 regrouped in to th e following
co m p an ies (see A nnual R e p o rt, V. 122, p . 1020):
(1) P en nsvlvania-O hio Pow er & L ig h t C o ., see below.
(2) P en n sy lv an ia Pow er C o ., see below ,
(3) Ohio R iv er E dison C o ., see below .
(4) T h e P ennsylvania-O hio E lectric C o ., see below.
(5) P ittsb u rg h D istric t E lectric C o ., w hich owns all o u tsta n d in g securities
of th e co m p an y furn ish in g electric lig h t a n d pow er to th e cities of G reen­
ville, M ercer, Shenango a n d Jam e sto w n , P a.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h rough its sub. cos. supplies electric lig h t, power and gas to Y oungstow n
and o th er com m unities in th e M ahoning and Shenango R iver Valleys, in
eastern Ohio and western P en n sy lv an ia, m idw ay betw een P ittsb u rg h and
C leveland. T h e te rrito ry served covers an area of a b o u t 600 square miles.
P o p u la tio n a p p ro x im ately 410,000. T h ro u g h inter-connection w ith the
pow er lines o f th e Oiho P u b lic Service C o ., n ear W arren. Ohio, and w ith th e
pow er lines of th e D uquesne L ig h t C o ., n ear Beaver Falls, P a ., com pany's
subsidiaries exchange electric energy, e ith er directly or in directly, w ith
o th e r large pow er producers of th is region, n o tab ly Ohio P u b lic Service C o .,
N o rth e rn Ohio Pow er A L ight C o ., Ohio Pow er C o ., C leyeland E lectric
Illu m in atin g C o ., W est P en n Power C o ., a n d D uquesne L ig h t C o. T his
lin k s to g eth er th e cities of Y oungstow n, P ittsb u rg h , W heeling, C an to n ,
M assillon, A kron an d C leveland. V . 123. p. 83. T h e Pennsylvania-O hio
E le c tric C o. also owns u rb an and in te ru rb an railw ay lines in th e sam e
lo c a lity . A t th e p resent tim e th e to ta l aggregate g en erating c ap a c ity of
co n tro lled com panies is 193,540 h .p . an d th e re are 4.S8 m iles of high tension
tran sm issio n lines and 1,909 m iles of d istrib u tin g lines. T h e railw ays d iv i­
sion has a to ta l of 178 m iles of tra c k . 75 miles of which are in te ru rb an tra c k ­
ag e an d 103 miles of which a re city track ag e. 284 cars, "of which 8 are
fre ig h t carriers. T h ere is in ad d itio n an au x iliary bus system to ta lin g 90
b uses. T h is includes a de luxe in te ru rb a n service from Y oungstow n to
A kron, W arren and Sharon. T h ere a re also local bus system s in Y oungs­
to w n , W arren a n d N ew C astle.
Franchises.— P ractically ah Pennsylvania franchises are in force for 99
re a rs or a re w ith o ut lim it as to tim e. T h e principal power and lighting
franchises in Ohio extend beyond 1940. T h e m ost im p o rta n t railw ay
fran ch ises in Ohio extend until 1943. th a t in th e city of Y oungstow n being
on a “ serv ice-at-co st" plan p erm ittin g th e co. to earn a re tu rn based on
th e v a lu a tio n of th e p ro p erty . All franchises are said to be free from
o b jectio n ab le and burdensom e conditions.
Increase Preferred Stock.— In O ct. 1925 com pany increased its authorized
p ref st* . from $7,500,000 to $22,500,000 (par S100K V 121. p 1009.2039
F o r offer o f co m p an y 's p referred stock in exchange for R epublic R ailw ay &
L ig h t p ref. sto ck , see th is la tte r com pany above. V. 123, p . 1505.
ST O C K A N D B O N D S . — Date. Interest. O utstanding. M aturity.
O om . 400.000 shs. (no p a r ) _ _____
_
_______ 314,459 shs. --------------P rio r p re f 7% cum $15 ,0 0 0 ,-/
6,217,000 D e c '26 15*
000 ($100)________________ 1 ____
7 Q-M
51 014 shs
$6 div p re f c u m ___________________
$6
6.000.000 N o v 1 1 9 5 0
6 s g d eb ser A ($1,000. $500. / 1925
6 g M -N
$100c* A $1.000 A m u l r* ) tf (C e n tra l U nion T ru st Co of N . Y tru s te e .
_______ 120.000 w r t s ---------------x O ption w a rra n ts _________ _____
x W a rra n ts to b u y one sh are of com m on sto ck a t $25 p er share to an d
in clu d in g N o v . 1 1935.
Stock.— The 7% cum . prior pref. stock is preferred as to cum . divs. and
assets ($100) over th e pref. a n d com . stocks. R ed. as a whole on 30 d a y s
n otice a t $110 p er sh are a n d divs. In Dec. 1925. B o n b rig h t A C o., In c .,
&C., & c., offered $1,000,000 a t 9 6 a n d d iv s. to yield 7 .2 5 % . V. 121,
p . 2876. Follow ing an offer o f exchange b y th e co. p ractically 82% of
Pennsylvania-O hio E lectric Co. 7% p referred stock was exchanged, share
for share, for th is Penn.-O hio Edison 7% p ref. sto ck . See V. 122. p. 1020
u n d e r heading “ R epublic R ailw ay A L ig h t C o ." In M ay 1926 B onbright
A C o ., In c ., E a stm a n . D illon & C o .. H a rp e r A T u rn er, and W . C. Langley
A C o. offered $1,500,000 ad d itio n al 7% cum . prior pref. a t 96 a n d dividends,
to yield a b o u t 7.3 0 % . V. 122, p. 2800.
Bonds.— The 6% g. debentures, series A . dated Nov. 1 1925 are re d ., whole
or p a rt, on 30 d a y s' notice, a t 105 on or before O ct. 30 1940. a t H % less
each succeeding y ear u p to a n d incl. O ct. 31 1949, a n d th e re a fte r a t p a r. in
each case w ith in t. P en n . & C onn. 4 m ills a n d M ass. 6% ta x refu n d ab le.
A dditional d eb en tu res m ay be issued in one or m ore series of such ten o r as
D irecto rs m ay from tim e to tim e d eterm in e, provided (except for refunding
d e b en tu re s of a n o th e r series) n e t incom e of th e co. and its subsidiaries for
12 o u t of 15 preceding m o n th s has been a t least 2)* tim es a n n u al in te re st
charges on indebtedness su b o rd in a te to th e deb en tu res. As long as any
d e b en tu re s are o u tsta n d in g , co. shall n o t issue (1) a n y unsecured in debted­
ness m a tu rin g m ore th a n 5 years from d a te of issuance thereof, or (2) any
secured in d eb ted n ess m a tu rin g m ore th a n 5 years from th e d a te of issuance
thereof, w ith o u t equ ally securing these d eb en tu res. In N ov. 1925. E a st­
m an , D illon & C o ., A c.. A c.. offered $6,000,000 series A a t 96)* and in t.,
to yield over 6.2 5 % . T h e d e b en tu re s were accom panied by option w arran ts
(20 to each $1,000 d e b en t.) to buy com m on stock (one share for each
w a rra n t) a t a n y tim e a t $25 up to and incl. N ov. 1 1935. w hilst th e deben­
tu re s will be accep ted a t th e ir principal a m o u n t and i n te re st in lieu of cash
for such sto ck . V . 121, p . 2752; V . 122, p . 2330. L isted on B oston Stock
E xchange.
All o f th e u ts ta n d in g 3 )* -y r. secured 6 )*s gold no tes, d a te d J u ly 2
1923, were called for p a y m e n t on J a n . 1 1926, a t 101 a n d in t. V. 121. p. 2752.
O F F IC E R S .— P re s ., R . P . Stevens; V .-P ., H . A. C larke: V .-P ., Jo h n GH arrin g to n : Sec., F . P . Sm ith: T rea s. A A sst. Sec.. E . W . F ree m a n .— V •
121, p. 1909, 2039, 2752, 2876; V. 122, p . 2330, 2800, 3211: V. 123. p . 83.
1505.
(a) PE N N SY L V A N IA -O H IO ELEC TR IC CO. (T H E ).
C ontrolled by Penn-O hio Edison C o.
O R G A N IZ A T IO N .— ln c o rp . In Pen n a. N o v . 19 1914 an d in Ohio on
Aug. 20 1917. W as know n as th e M ah o n in g & Shenango R y. & L ig h t C o.,
b u t nam e changed to p re sen t title early in 1920. H as ow nership or control
of th e following p ro p erties:
N ew C astle T rac tio n C o.
A kron-Y oungstow n Bus C o.
P e n n a . & M a h o n i n g Valley R y . C o.
T h e N ew C astle E lectric C o.
W est End T rac tio n C o.
N ew C astle Electric S t. R y. C o.
P enna-O hio C oach Lines
T h e New C astle A Lowell R y. C o.
E a s t E nd T ractio n Co.
New C astle & Iajwell R ea lty C o.
N ew C astle A M ahoning S t. R y. Co Y oungstow n M u n icip al R y . C o.
Salem Lighting C o.
O hio R iv er Edison Co.
P ittsb u rg h D istric t E lectric C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Supplies, through its subsidiaries, electric light and power to New C astle
and v icinity in w estern P en n sy lv an ia, and w ith its subsidiaries ow ns 116.39
m iles o f u ib a n and in teru rb an railw ay lines in and betw een Y oungstow n,
G ira rd , N iles and W arren, O hio, and N ew C astle, P a , supplem ented by a
bu s sy stem . V 118. p 1268. P u rch ases electric pow er from P en n sy lv an iaOhio Pow er A L ig h t C o.
Franchises.— IT actically all th e Pennsylvania franchises a re p erpetual.
R ailw ay franchises in Y oungstow n expire 1943. T h e m ost im p o rtan t
In te ru rb an franchises in Ohio expire from 1945 to 1950 an d Ohio lighting and
pow er franchises in 1937 and 1942.
Sale o f Youngstown Interurbans.— In 1923 tran sferred certain P v e ru rb an
lines to tw o new subsidiaries. T h e line from G ira rd thro u gh W arien and
N iles, L e a v ittsb u rg and M ineral R idge, to g eth er w ith branch i , was
tran sferred to th e W est End T ractio n Co. (see below) an d the li trs from
E a s t Y oungstow n to th e S ta te line a t Low ellville, w ith branches, were
acquired by th e E a s t End T ractio n Co. (see below ). V. 117. p 12"6.
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
C om m on $11,000,000 ($100)_______
________ $10,628,300 .................. _
P ref 7% cu $10,000,000($I06)______
Q-M
4,238 900 D e c '26 1 5*
N ew C astle T ractio n 1st m tg e / 1897
5 g M -N
470 000 M ay I 1927
$500,000 gold ($1.000) c * tf ’ In t. a t U nion T ru st C o .. P ittsb u rg h , trustee.
Poland S t Ry 1st M $200,000/ 1913
5 J-D
170.000 Ju n e
1933
($1.000) guar p A i _____n t f lU nion T m s t C o. of P ittsb u rg h , tru ste e .
Stock.— T h e en tire com. stock is owned by th e Penn-O hio Edison Co.
T h e pref. stock has full voting pow er. Free of Penn a n d Ohio S tate tax
Callable as a whole a t 110 A divs $3.453 200 owned by Pen n .-Ohio Ediscon
C o. In D ec. 1925 82% o f th e 7% pref. stock of th e co. was reported exch­
anged fo r 7% cum . prior p ref stock of Penn.-O hio F d iso n Co. on a share
for sh are basis in accordance w ith th e offer o f Ju ly 29 1925. V . 121, p . 2753,
3005.




133

POWER, LIGHT AND KAILWAY

Bonds.— F irs t m ortgage and collateral tr u s t 61*% bonds, series “ Ay”
d a te d M arch 1 1922, were called S ept. 1 1926 a t 110 an d in te re st. V. 123,
p . 844.
All of th e o u tsta n d in g 1st mtge.
coll, trust 6 )* % s. / . gold bonds, series
B. dated M arch 1 1922, w ere called for redem ption M arch 1 1926 a t 105 a nd
in t.— V. 122. p . 348.
T h e Poland S t. R y. bonds are g u a r., p rin . A in t., by th e Penn-O hio
Edison C o. R ed. a t 100 and int. od 30 d a y s' notice.
E A R N IN G S .— F o r calendar years:
1924.
X1923.
G ross e arnings___________________________________ $5,074,908 $4,812,500
O perating expenses and ta x e s ___________________ 4,290.376
3,998.394
In te re st on funded d e b t_________________________
266.702
238.355
O ther in te re st and d isco u n t_____________________
38,759
53.877
P referred d iv id e n d s_____________________________
296.9 l9
296.564
B alance for d e p re ciatio n a nd com m on dividends

$182,152

$225,310

x Revised for com parison w ith 1924. to reflect operatin g results of Pennsylvania-O hio E lectric C o. as now c o n stitu te d . P ublicatio n of earning!
discontinued in 1925.
O F F IC E R S . P res., J . T . H arrington; V .-P res., O. S. M acC alla and
H . A. C larke; V .-P .. T rea s. A A sst. Sec.. E . G . D unlap; Sec.. F . P. S m ith
A ud., F . E . W ilkin; A sst. T re a s ., A. R. Hughes: A sst. Sec.. E . W . F reem an .
— V. 121. p 2753, 3005; V. 122. p . 348. 1918: V. 123, p. 844.

( b

)

P

E

N

N

S

Y

L

V

A

N

& A L - OI G H
I

HI O T

PC OO

W.

E( T R H

All th e com m on stock is owned by the Penn-O hio Edison C o.
O R G A N IZ A T IO N .— ln c o rp . in M ay 1926 in Ohio as a consolidation
of a co. of th e sam e nam e, incorp. in Ohio O ct. 13 1920. an d th e E a s t
Ohio Pow er A Light Co
T h e old co. a t th e tim e of its incorp pu rch ased
from th e Pennsylvania-O hio E lectric C o.— see above (in accordance w ith
th e p lan om,lined in V. I l l , p. 1661)— all th e electric lig h t a nd pow er
p ro p e rty and business in Ohio form erly owned by th e P enna.-O hio E lectric
C o., including th e pow er statio n s a t Lowellville and N o rth A ve., Y oungs­
tow n, all transm ission lines in th e S ta te of O hio, th e electr c railw ay line
run n in g from Y oungstow n, O ., to th e Pennsylvania-O hio S ta te L ine near
Sharon, all th e electric light a nd pow er p ro p e rty form erly ow ned b y Salem
L ighting C o a n d also Tie stocks an d bonds owned by chat co. in th e follow­
ing com panies
Shenango Valley T ractio n C o.
1Sharon A N ew C astle S t. R y . (P a.)
Shenango Valley E lectric L ight C o. /M ahoning C o u n ty L ig h t C o.
Sharon A New C astle Ry. C o (O hio). I
F o r d etails of consolidation see V. 122. p. 3211.
In Sept. 1925 th e Sharon A New C astle R y . C o. was rep o rted to have been
authorized by th e Ohio P . U . C om m ission to abandon service on 17 mile
line from H u b b a rd . O .. to N ew C astle. P a ., a nd to have applied for perm is­
sion to operate buses from Y oungstow n. O , to S haron, P a. V . 121. p.1463.
On Ju ly 27 1926 R ufus M oses of Sharon was a p p o in te d receiver for Sharon
& N ew C astle S t. R y.: in terest on c o .’s $120,000 1st m tge. 7% bonds,
dated Ju ly 1 1901, was d efaulted since Jan 1903. V. 123, p 456, 712.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
W ith subsidiaries ow ns and o perates a m odern electric lig h t and power
system w ith 3 power p lan ts of a to ta l of 98.183 h. p. presen t installed
generating cap acity , w ith transm ission lines and d istrib u tio n system s.
C om pany also operates th e Interurban railw ay lines betw een Y oungstow n,
Sharon and New C astle; to ta l trackage, 61 94 miles. Of this m ileage. 49.35
miles Is in te ru rb an . of which a b o u t 40 miles is on p riv a te right-of-w ay
T here are 362 miles of high-voltage electric pow er transm ission lines and
extensive d istrib u tio n lines in Y oungstow n, H ubbard, Salem , G irard and
S tru th e rs, O ., S harpsville, F a rrell, Ellw ood C ity an d S haron, P a ., a nd
v ic inity
Lease.— T h e new p la n t, transm ission line a nd su b sta tio n s of th e Ohio
River Edison C o. are to be leased by th e co for 999 years. V. 117, p. 1236.
T h e principal franchises in Ohio extend beyond 1940 a nd p ractically all
those in Pennsylvania are w ithout lim it of tim e.
In July 1924 the co. issued S19.000.000 1st A ref. m tge. 514% bond!,
Series " A ," and $2,700,000 15-year 6% d e b en tu re s, proceeds being used for
new p ro p e rty and to re tire $12,806,000 1st & ref. m tge. 7 )4 % bonds due
N ov. 1 1940 (called for p a y m e n t S ept. 2 1924 a t 110 A In t.); $2,000,000
3-year secured 6% notes due Ju n e 1 1926 (called for p a y m e n t Aug. 20 1924
a t 10114 & In t.), and $2,798,900 8% secured notes due N ov. 1 1930 (called
for p a y m e n t Aug. 20 1924 a t 107 A in t.) . all these issues have been elim in­
a te d from ta b le below .— V. 119, p. 76. 456.
Stockholders voted N ov. 5 1924 to reclassify th e $2,000,000 a u th . a nd
anissued 8% cum . pref. stock in to 7.2% cum . pref. s to c k .— V. 119. p. 1953.
ST O C K A N D B O N D S—
Date. Interest.
Outstanding.
M aturity.
_________ 240.400 shs
C om m on 400,400 shs (no p a r ) . ____
8% pref $8,000,000 ($100i_
8 Q -F
$3,015,900 _____
7 2% p re f $2,000,000 ($100)_
7.2 m o
469.495 ______
7% p re f $5,000,000 ($100)_
7 Q-F
3.146,400 ______
6.6U p re f ($100' ___________ _____
6.6
500.000 . _ ............
N ote.— F o r cap italizatio n of old com pany see “ P u b lic U tility C om pen­
d iu m ” of M ay 1 1926.
1st A ref m tge Ser "A " ($500) 1924 5)4 R J -J
19.000.000 J u ly 1 1954
A $1,000 c* A $1,000 A )G u a ra n ty T ru st C o ., New Y ork, tru ste e ,
m ultiples r*) gold _______ tfj
15-year debentures gold Penn / 1924
6%
2.700,000 Ju ly 1 1 9 3 9
4-mills tax refu n d ed _____tf (N a t’l C ity B an k , N ew Y ork, tru ste e .
U nderly’g bonds (closed m t g e s ) ____
__________ 1.464.000
1931
Slock — F or capitalization of old co. (P ennsylvania Ohio Pow er A L ight
C o.) see "P u b lic U tility C om pendium " of M ay 1 1926. N o d a ta are on
hand a b o u t th e exchange of pref. stocks, nor a b out pref. stock provisions
As to th e com m on stock 240.000 new (no p a r' shares w ere issued in ex­
change for 60,000 old shares, p a r $100. and 400 new shares in exchange for
th e o u tsta n d in g $10,000 com m on stock of E a s t Ohio C o. V. 122, p. 3211.
Bonds.— T h e 1st A ref. m tge. bonds have an annual im pt. and sink, fu n d
of 1% per annum of to tal 1st A ref. m tge. bonds o u tsta n d in g , to be used a t
th e co. s option for a d d 'n s A im pts. which could otherw ise be m ade the basis
for th e issuance of 1st A ref. m tge. bonds, or for re tirem e n t of underlying
bonds, or for re tiie m e n t of 1st A ref. m tge. bonds. 5 J4 % Ser. “ A" are call,
ail or p a rt a t any tim e on 30 d a y s' notice a t 105 A in t. prior to Ju ly 1 1930,
the prem ium th ereafter decreasing 1% each 6 years to m a tu rity . In t.
payable a t offices of Lee, Higginson A C o. in New York, Boston and C hi­
cago. P e n n a . 4-mills tax refunded. In J u ly 1924 Lee. Higginson A C o .,
N a t C ity C o., A c., offered $19,000,000 1st A ref. m tge. 5 )4 % bonds.
Ser. “ A ,” a t 98 A In t., to yield a b o u t 5-65% . V. 119, p. 76.
15-year 6% deb en .u res are call all or in p a rt a t any tim e on 30 d a y s’
notice a t 105 and in t. during th e first 3 years, the prem ium th ereafter de­
creasing 1% each 3 years to m a tu rity . In Ju ly 1924 Lee, H igginson A C o .,
N a t. C ity C o.. A c., offered $2,700,000 15-year 6% debentures a t 9 7 H
a nd in t., to yield over 6 = % . V. 119. pi 76.
D ividends.— On all classes of preferred stock dividends have been paid
regularly since issuance. Q u arterly on 7% an d 8% stocks; m o n th ly on
7.2% stock.
E A R N IN G S .— F o r calendar years:
1925.
1924.
1923.
1922.
G ross earnings_________$5,654,558
$5,078,419 $5,059,702 $4.284 097
O per. expenses A ta x e s... 3.653.645
2.931.250
2.962.898
2.488.390
N e t incom e................... $2.000 913
O ther Income.....................
824.870

$2,147,168
563.446

$2,096,804
518.293

T o t a l . .....................
$2,825,783
In te re s t on Tunded d e b t. $1,286 149
O ther I n t e r e s t ................
75.911
D iscount on bonds..........
153 258
Preferred d ividends____
365.013

$2,710,614
$1,333 759
Cr 18.452
145.885
332.449

$2,615,098 $2,254,165
$1,343,198 $1,295,320
4.665
Cr 4.381
127.312
112.08C
295.387
201.395

$1,795,707
458.45$

B al. fo rd e p r. A com .dlv.
$945,423
$916,973
$844,535
$694,741
O F F IC E R S .—P re s ., J . T . H arrington; V. P . A G en. M g r., C . S. M aeC alla; V .-P . A T rea s., E. G . D unlap; V .-P A Sec.. H. M . Billingslpy.
Office, P . O. Box 58. Y oungstow n, O hio.— V. 118, p. 3198; V. 119, p 76,
199. 325. 456. 811. 1953. 2180, 2531,3011, V. 120, p. 1090; V. 121. p . 1463.
(c)

O H IO R IV E R E D IS O N C O .

O R G A N IZ A T IO N .— In c o rp . J u ly 2 1923 In D elaw are C o. Owns a
m odern steam electric pow er p la n t on th e Ohio R iver near T o ro n to . O hio,
w ith a presen t installed c ap a c ity of 75.000 k .v .a ., or ap p ro x im ately
88.000 h .p ., which is being increased to 112.500 k .v .a ., or ap p ro x im ately
132.000 h .p . T h e p la n t, to g e th e r with transm ission line and su b sta tio n s,
has been leased to th e Pennsylvania-O hio Power A L ight C o. (see above)
for a te rm of 999 y e ars. T h e p la n t Is connected w ith lessee's transm ission

E

) .

134

PUBLIC UTILITIES

[V ol. 123.

lines n e ar B o ard m a n , O hio, b y a 132,000 v o lt steel tow er tran sm issio n line
Stock.— T h e com m on sto ck of no p a r value w as issued in place o f o u t­
of a p p ro x im a te ly 39 m iles, ow ned b y th e Ohio River T ransm ission Co., a, standing shares of com m on ($50 par) in th e ra tio of 5 shares or com m on, no
su b sid iary o f Ohio R iver Edison C o ., w hich la tte r co. h as su b sta tio n s a t par value, for each share of com m on sto ck , p a r $50. P referred sto ck is
redeem able a t 120.
th e new p la n t a n d n e ar B o ard m a n , O hio. Y . 122, p . 3210.
Bonds.— T h e collateral tru s t 5s are secured b y pledge of com m on stocks of
STO CK A N D BO N D S—
D ate.
Interest.
O utstanding. M atu rity.
certain subsidiaries. A re callable a t 105. V. 83, p . 1349.
C om m on 300,000 shs (no p a r ) . ____
_________ 230,000 s h s __________
A d d itional gold debenture bonds m ay be issued in series of such te n o r as
7% cum g u a r p re f $ 6 ,0 0 0 ,0 0 0 1 ____
7 Q -J
$4,600,000
____ pany fro m tim e to tim e m a y determ ine, pro v id ed n e t incom e for 12
com
($ 1 0 0 )-----------------------------J
o u t of preceding 14 m o n th s has been n o t less th a n 3 tim es in te re s t charges
1st m tg e s f $35,000,000_____[I n t. a t B an k ers T ru st C o .. N . Y . C ., tru s te e .
6% ser o f '23 ($100, & c ) .tf
1923 6 g J - J
7,000,000 J u ly 1 1 9 4 8 on a ll gold d e b en tu re bonds o u tsta n d in g , incl. new issue, a n d in te re st on
5% series o f 1926 ($1,000,1 1926 5 g J-D
4,000,000 J u n e .l 1951 an y indebtedness of th e co. ou tsta n d in g , o th er th a n secured indebtedness
$500, $100 c*, a n d $10,000. G u a ra n tee d p rin ., in t. & sin k , fu n d , b y a nd indeb ted n ess cancelled subsequent to th e close of said period a nd
p rio r to or c o n cu rre n tly w ith th e delivery of th e gold d e b en tu re bonds th e n
$5,000, $1,000 r * ) ______ t f ( P enn-O hio E d iso n C o.
to be issued.
Stock.— T h e 7% cum . guar. pref. sto ck is u n co n d itio n ally g u a ra n te e d as
D eb en tu re 6% bonds (A m erican series) are redeem able a t 110. P e n n a .
to p a y m e n t of dividends a n d liq u id atio n price b y en d o rsem ent by P enn- 4 m ills ta x refu n d ed . V. 99, p . 51. 122; V. 115, p . 1635; V. 119, p . 1067.
Ohio E d iso n C o. Is p referred as to div id en d s over a n y o th e r sto ck of th e
In F eb. 1924 $9,000,000 w ere offered b y B o n b rig h t & C o.. In c ., a t 97
c o ., a n d as to assets to th e e x te n t o f $110 an d divs. R ed ., as a whole on a nd in te re s t, to yield 6 .1 5 % . V. 120, p . 954. In M arch 1926 th e sam e
a t le a st 30 a n d n o t m ore th a n 60 d a y s ’ n otice, a t $110 a n d d ivs. In J u n e bankers offered $7,500,000 ad d itio n a l 6% gold d e b en tu re b o n d s (Am. series)
1926 B o n b rig h t & C o ., In c ., a n d E a stm a n , D illon & C o. offered $1,600,000 a t 99)4 an d in t., to yield over 6 % . V . 122, p . 1760.
a d d itio n a l 7% cum . g u a r. p ref. sto ck a t 10014 an d d iv s. fro m J u ly 1 1926,
D ividends.— On p referred, 1 )4% M a y 1 1907 a n d sam e ra te q u a rte rly
to yield over 6 .9 5 % . V. 122, p . 3341.
Bonds.— T h e 1st mtge. sinking fu n d gold bonds a re guaranteed uncondi­ since. On com m on sto ck of no p a r value p a id on J u ly 2 1923 a n d J a n . 2
tio n a lly (principal, in te re s t a n d sinking fu n d ) b y en d o rsem en t on each bond 1924 a q u a r. d iv of 25 cents per share an d an e x tra d iv . of o n e -fiftie th o f a
b y Penn-O hio E dison C o. T h e y a re secured by a d ire c t 1st m tg e . on all share of com. stock. On O ct. 1 1923 a nd A pril 1 1924 p a id 25 cen ts q u a r.
of th e fixed p ro p e rty of th e Ohio R iv er E dison C o., in clu d in g after-acq u ired On J u ly 1 1924 p aid a q u a rte rly dividend of 25c. a n d sim ilar divid en d s regu­
p ro p e rty , a n d by firs t lien, th ro u g h pledge o f all o u tsta n d in g securities, on la rly since, incl. O ct. 1926. E x tra dividends of l-5 0 th of a sh are of com m on
th e tra n sm issio n line ow ned b y c o .’s su b sid iary , th e Ohio R iv er T ransm is­ w ere p a id in J u ly 1924, J a n . 1925, J u ly 1925, J a n . 1926 an d J u ly 1926. A
sion C o. N o fu rth e r secu rities o f Ohio R iv er T ran sm . C o. m a y be issued special e x tra d ividend of 50% in com m on sto ck w as p a id in J a n . 1925 in
unless im m ed iately a cq u ire d b y Ohio R iv er E dison C o. a n d pledged u n d e r ad d itio n to th e re g u la r q u a r. div. of 25c., a n d th e e x tra d iv . o f 1-50 share
com m on, a lre a d y m e ntioned. V . 122, p . 3336.
th e m tg e.
E A R N IN G S .— C onsolidated earnings of com pany a n d subsidiaries:
T h ere is a n a n n u a l c u m u la tiv e sinking fu n d of $50,000 beginning S ep t. 1
C jf t lp n d f iv V P ( i t r —
1Q 9 ^
1Q 94
Q 19 ^
1926 for th e o% series o f 1926. 6% series of 1926 a re re d . a ll or p a r t on
30 d a y s ’ n o tice a t a p re m iu m o f 5% on or before D ec. 1 1941, an d th e re ­ G ross earnings of all subsidiary cos_„$49,494,481 $36,845,628 $33,931,273
a fte r a t 14% p rem iu m for each y e a r or an y p a r t tn e re o f of unexpired life, B alance of sub. cos.’ earns., a fte r all
d eductions, incl. deprec., applicable
(in each case w ith in te re s t). P e n n . 4-m ills, C onn. 4-m ills an d M ass. 6%
5,966,416
5,097,571
to co m p a n y _____________________ 18,164,508
taxes re fu n d a b le . In J u n e 1926 B o n b rig h t & C o., In c ., an d E a s tm a n , D il­
2,605,838 3,050,675
1,176,501
lon & C o. offered $4,000,000 a d d itio n a l 5% series o f 1926 a t 9314 a n d in t., O ther incom e of com p an y , less e xp
to yield a b o u t 514%■ V . 122, p . 3210.
T o ta l gross incom e applicable to
O F F I C E R S — P re s ., C . S. M acC alla; V .-P s., J . T . H arrin g to n a nd
com pany funded d e b t____________ $10,770,346 $9,017,091 $6,274,027
H . A . C lark e; T re a s ., E , W . Freem an; Sec., F . P . S m ith. T re a su re r’s
A nnual in t. charges on fun d ed d e b t . . 3,128,340
______
______
office, 120 B ro ad w ay , N . Y . C ity .— V. 119, p . 2530; V. 122, p . 3210, 3341.
(d) PE N N SY L V A N IA POW ER CO.
B alan c e __________________________ $7,642,006
______
______
Control.— Penn-O hio E dison C o. owns all o u tsta n d in g com m on sto ck .
O F F IC E R S .— C h airm an of B o a r d . ___________ ; P re s ., George N . T id d ;
O R G A N IZ A T IO N .— In c o rp . in P en n sy lv an ia in 1926. A cquired or V .-P . & Sec., F ra n k B . B all; T re a s., F . W . D ra g e r. Office. 30 C h u rch S t..
w as to acq u ire th e en tire electric p ro p e rties lo cated in P e n n sy lv an ia of th e N . Y — V. 121, p . 2749; V. 122, p . 1453, 1606, 1760, 2797, 3336; V. 123,
P enn-O hio E d iso n C o .’s sy stem w ith th e sole exception of E llw ood C ity p. 7 0 8 ,1 5 0 1 , 1995.
H y d ro -E le ctric C o ., o f w hich it is to own all of th e o u tsta n d in g securities.
V. 123, p . 83.
(THE) OHIO POW ER CO.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C O N T R O L L E D b y A m erican G as a n d E lectric C o., w hich owns th e
E lec tric pow er a n d lig h t is su p p lied w ith o u t com p etitio n to a n a re a of a b o u t
en tire com m on stock.
500 sq u are m iles in w estern P en n sy lv an ia, w hich h as a p o p u la tio n in excess
of 150,000 a n d includes th e cities of N ew C astle , F a rrell, Sharon an d G reen­
O R G A N IZ A T IO N .— N am e changed fro m C en tra l Pow er Co. to p re s e n t
ville. T h e b u lk o f th e electric energy req u irem en t is p u rc h a se d from title on N o v . 20 1919.
Pen n sy lv an ia-O h io Pow er & L ig h t C o. In ad d itio n , co. ow ns a steam p la n t
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
o 13,360 h . p . a t G reenville, P a ., an d co n tro ls th ro u g h a su b sid iary a h y d ro ­ C om pany ow ns an d o perates large electric pow er a n d lig h t generating p la n ts
electric p la n t o f 1,675 h .p . a t E llw ood C ity , P a . C o. ow ns 128 m iles of an d d istrib u tio n system s in a ctiv e m an u fa c tu rin g a n d m ining sections o f
high-tension tra n sm issio n lines an d over 600 miles of d istrib u tio n lines, O hio. 3,468 transm ission an d d istrib u tio n lines. P o p u la tio n served
serving 17,424 electric cu sto m ers. V . 123, p . 83.
estim ated to exceed 119,000 including in all 225 cities a n d tow ns, am ong
Interest. O utstanding. M aturity.
w hich a re C a n to n , L im a, P o rtsm o u th , E a s t L iverpool, Iro n to n , C am b rid g e,
ST O C K A N D B O N D S —
Date.
N e w a rk , L a n c a ste r, B u cy ru s, Steubenville a n d th e W heeling d is tric t w est
. 56,500 shs
C om m on 200,000 shs (no p a r ) .
of th e Ohio R iv e r. C o m p an y ow ns a to ta l in sta lled electric g e n e ra tin g
8,668 shs
$6.60
$6 60 cum p re f 50,000 shs ( n o l ____
cap a c ity of 234,490 k .w ., incl. th e P hilo superpow er p la n t (80,000 k .w .)
p a r ) --------------------------------- 1
N one
$7.20
a n d th e W indsor p la n t (90,000 k .w .) . T h e W indsor p la n t h a s 180,000 k .w .
$7.20 cum p re f 50,000 shs ( n o l -----in sta lled g e nerating c ap a c ity , 90,000 of w hich, how ever, a re ow ned b y th e
p a r ) ------------------- ----------- - J
N one
$7.00
W est P e n n Pow er C o. V. 121, p . 2274. C o .’s tran sm issio n sy ste m is
$7 cum p f 50,000 shs (no p a r) _ --------$3,800,000 J u ly 1 1956 in ter-co n n ected w ith th a t of A ppalachian E lec tric P ow er C o. a n d In d ia n a
5 J -J
1st m tg e gold 5% series o ff 1926
1956 ($1,000 c*& r*, $500 c ,(T h e N a tio n a l C ity B an k of N ew Y ork, & M ichigan E lec tric C o ., b o th subsidiaries o f A m erican G as & E lec. C o.
T h e in ter-co n n ected system extends in to 6 S ta te s. V . 122, p . 3606.
a n d $5,000 r ) __________ t f ( tru ste e .
B onds.— T h e 1st mtge. gold bonds are secured b y a d ire c t firs t m tge. on th e
A cquisition.— In th e m iddle of 1925 co. acquired th e L im a R y . P ow er &
e n tire fixed assets o f th e co. a n d b y a first lien, th ro u g h pledge of a ll ou t­ L t. C o., in connection w ith w hich purchase C o. o b ta in e d in A ug., 1925
stan d in g securities, on th e p ro p e rties of th e E llw ood C ity H y dro -E lectric a u th o riz a tio n from th e Ohio P . U . C om m ission to issue $1,215,000 b o nds
C o. A d d itio n a l b onds m a y 'n o t b e issued except for refu n d in g purposes, a n d 81,000 no p a r com m on shares. V . 121, p .9 7 9 . In D ec. 1925 th e Ohio
unless com bined n e t earn in g s o f th e co. a n d its subsidiaries for 12 consecu­ P . U . C om m ission authorized th e co. to issue $2,139,000 5% b onds, a n d
tiv e w ith in preceding 15 calen d ar m o n th s h a v e been a t le a st e q u al to tw ice $713,500 6% p re f. stock. V . 121, p . 2876. In 1926 co. w as to m erge a
a n n u al in te re st on all b o n d s issued an d o u tsta n d in g u n d e r th e m tg e ., incl. n u m b er of p ro p e rties previously controlled b y A m erican G as & E lec tric
pro p o sed issue, a n d on all p rio r lien b o nds. N o t m o re th a n 15% of such C o ., incl. th e Ohio Service C o. of C oshocton (valued a t $5,589,289); th e
n e t earn in g s sh all consist in th e ag g reg ate o f (a) n e t n o n -o p eratin g income; P o rtsm o u th (O.) P u b lic Service C o. ($2,170,442); th e N o rth w e stern O hio
(6) n e t incom e deriv ed fro m p ro p erties n o t d irectly s u b jec t to th e lien of th e L ig h t C o. of L im a, O. ($2,117,865); th e Iro n to n (O.) E lec tric C o. ($854,m tg e. o r to th e lien o f a su b sid iary c o rp o ratio n all bonds o u tsta n d in g u nder 952); th e P a n d o ra (O.) E lec tric L ig h t C o. ($131,979), a n d th e C hesapeake
w hich a re ow ned b y th e co. an d p ledged u n d e r th e m tg e. R ed . all or p a rt (O.) E lec tric C o. ($30,967). V. 122, p . 3341.
Interest. Outstanding. M a tu rity .
ST O C K A N D B O N D S —
Date.
______ 1,095,375 shs. __________
Com 1,500,000 shs (no p a r)_ _____
_
6 Q-M
$14,113,300 __________
th e re a fte r p rio r to m a tu rity a t 100, p lu s in te re st in each case. P e n n . 6% cum p f $30,000,000 ( $ 1 0 0 ) ____
4-m ills a n d M ass. 6% tax es re fu n d a b le . In Ju n e 1926 B o n b rig h t & C o., 1st & ref m ortgage gold
Series A ($1,000, 500, 1 00'
In c ., E a s tm a n , D illo n & C o. a n d H a rp e r & T u rn er offered $3,800,000 5%
c* an d $1,000 r )_______ tf
1921
7 g J -J
9,702,000 J a n 1 1951
series o f 1956 a t 98 a n d in t., to yield 5 .1 3 % . V . 123, p . 83.
Series B ($1,000, 500, 100
E A R N IN G S .— C om bined earnings of p ro p erties for 12 m os. ended A pril
13.794,500 Ju ly
c* an d $1,000, 500 r)_ tf 1922
5 g J -J
1952
30 1926:
6 g M -S
Series C ($1,000, 500 c* and 1923
10,000,000 Sept
1953
G ross, in clu d in g o th e r in co m e_________________________________$2,847,145
$1,000 r )______________ tf
O p eratin g expenses, m a in te n an c e a n d ta x e s----------------------------- 2,051,861
434 g J D 9,635,000 J u n e 1 195b
Series “ D ” ($1,000 & $500 c*( 1926
a n a $1,000 r * _____ ___ tf 1I n t. a t C en t. U nion T r . C o. of N . Y ., tru s te e .
N e t e arn in g s______________________________________________
$795,284
Gold d e b en t 6s ($1,000) c * tf | 1924
6 g J-D
2,000.000 Ju n e 1 2024
A n n u a l in te re s t on $3,800,000 b o n d s------------------------------------190,000
(S eaboard N a tio n a l B an k of N . Y ., tru s te e .
U nderlying bonds ( c l o s e d ) . . ____
________
2,731,000 __________
B a l a n c e __________________________________________________
$605,284
Stock.— T h e pref. stock is p referred as to assets a n d cum . dividends ove.
O F F IC E R S .— P re s ., C . S. M acC alla; V .-P s., J . T . H a rrin g to n a n d H . A. the com m on sto ck . R ed. whole or p a rt on 30 d a y s’ notice a t $110 an d divs
C larke; Sec., F . E . W ilk in ; T r e a s ., E . G . D u n la o . O ffice, N ew C a s tle , . P a . In N o v . 1925 O tis & C o. an d T u ck er, A nth o n y & C o ., offered $1,800,000
— V . 123. p . 83.
_
a t 95 a n d d iv ., to yield a b o u t 6 .3 2 % . V. 121, p . 2274.
Bonds.— Is* < ref. mortgage gold bonds, a re a ll eq u ally a n d ra ta b ly secured
&
b y dire c t m ortgage lien on th e g re a te r p a rt of c o .’s p la n ts a nd p ro p e rty ,
AMERICAN GA S & ELECTRIC CO.
tw o p
g enerating statio
a d p ra c tic
a th e
O R G A N IZ A T IO N .— In c o rp o rate d F e b . 18 1925 as a co n solidation o f incl. th e tran smrin c ip a llines co n stru cted n s d n acquired ally toll th e new dh ig h issio n
a
up
m
le o
A p p a lac h ia n S ecu rities C o rp . a n d A m erican G as & E lec tric C o. In c o rp - voltage th e co., a n d b y second m ortgagenlien on th e re m a in d e r, s uidjec t tof
1926 b y
b
in N . Y . D ec. 20 1906, p e r p la n V . 83, p . 1349, 1473, 1592; V. 101, p . 2168. divisional lien issues, a ll of w hich m u st be p a id a t m a tu rity an d m a y n o t be
V . 102 p . 137; V . 106, p . 298, 398. C ontrolled by in te re sts affiliated w ith extended. A dd itio n al bonds m a y be issued in series w ith in te re s t ra te s,
G eneral E lec tric C o. N ew 30,000 k .w . generating p la n t a t Windsor*
&c., &c., as th e d ire c to rs m a y fro m tim e to tim e d e te rm in e , b u t only
W . V a. (C e n tra l P o w er C o .); V . 107, p . 2291; V. 106, p .2 9 8 ; V . 105, p . 821,
(except fo r
fo r 75% of tn cost o f new co n
1524. In 1916 p u rch ased C itiz en s’ E lectric C o. of P ittsto n P a . V . 102, tio n , & c., a nrefu n d in g purposes)earnings in 12 o ue of 15 preceding m stru c­
d pro v
th
t
o
p. 1719. In S ep t. 1923s.acquired th e W est V irginia W ater & E lectric C o. h av e been a t le a st id edice e n e re st charges on allt o u ts ta n d in g b o n d s,n th s
tw
in te
in ­
P rin cip al subsidiaries: A p p a la ch ia n Electric Power Co. a n d The Ohio Power cluding those to be offered, and und erly in g b onds, or 12% of th e p a r value o f
Co. (see below ). See also In d ia n a & M ich ig an E lectric C o.
such bonds as co. m a y elect. T o a renewal fu n d co. has to p a y on A pril of
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— each y ear (beginning A pril 1 1922) a sum equal to 434% of th e b onds o u t­
C o m p a n y ’s subsidiaries d eriv e a b o u t 89 % of th e ir com bined gross earnings stan d in g a t th e close o f th e preceding y e ar, less e xpenditures for m a in te n an c e
from th e electric pow er an d lig h t business. T hey serve (not including & c., m ade durin g such y e ar.
A m erican E lectric Pow er C o.) d ire c tly or in directly, 631 com m unities in
Series A is re d . whole or p a r t on 60 d a y s’ notice a t 107)4 a n d in t. to a nd
9 d ifferen t S tates w ith pow er a n d lig h t, including C an to n an d N ew ark , O ., incl. J a n . 1 1926; a t 106 an d in t. to a n d incl. J a n . 1 1931; a t 10434 a n d in t. to
A tla n tic C ity , N . J .; S o u th B en d , M uncie, M ario n a n d E lk h a rt, In d .; a nd incl. J a n . 1 1936; a t 103 a n d in t., to an d incl. J a n . 1 1941; a t 101>6
C h arlesto n a n d W heeling, W . V a.; P u lask i, Virginia, Scran to n a n d P itts ­ a nd in t. to an d incl. J a n . 1 1949, a n d a t 10034 a n d in t. th e re a fte r. T o a
to n , P a .; R o ck fo rd , 111., an d S t. Jo sep h an d B enton H a rb o r, M ich. T o tal sinking fu n d c o . h a s to deliver 134 % of series A bonds o u tsta n d in g on th e
electric consum ers 402,953. C o m p a n y ’s electric p roperties include 3 large 31st D ec. n ext preceding, du rin g a n y of th e years 1924 to 1936, b o th in c l.,
m o d ern g en eratin g statio n s, th e W indsor, th e Philo a n d th e T w in B ranch a nd 2% a fte r 1936.
statio n s. T h e p o rtio n o f th e W indsor statio n (which w as constructed
Series B a re call, whole or p a rt on 4 w eeks’ n otice a t 105 on or before
jo in tly b y c o .’s su b sid iary . T h e Ohio Pow er C o. a n d W est P e n n . Pow er J u ly 1 1927; a t 104 in th e n ext 5 years; a t 103 in th e n e x t five; a t 102 in th a
C o ., a n d w hich is s itu a te d on th e Ohio R iv er n ear W heeling, W . V a .), n e x t five; a t 101 in th e n e x t five; an d a t 10034 th e re a fte r. In each case
ow ned b y Ohio Pow er C o ., h as a ra te d cap acity of 90,000 k .w . T he w ith in te re s t. P e n n 4-mills ta x refu n d ab le. In D ec. 1925 D illon, R ead &
P h ilo statio n on th e M u sk in g u m R iv er, ap p ro x . 12 m iles so u th of Zanes­ C o., Lee, H igginson & Co. an d C o n tin e n tal & C om m ercial T r u s t & Savings
ville is ow ned b y th e Ohio Pow er C o. and h a s an initial c ap a c ity of 80,000 B an k , C hicago, offered $5,662,000 a d d itio n a l Series B b onds, d ue J u ly 1
k .w . an d u ltim a te c ap acity o f 240,000 k .w . T h e T w in B ran ch sta tio n is 1952 a t 9434 a n d in t., to yield a b o u t 5 .3 9 % . V. 121, p . 3005.
ow ned b y In d ia n a & M ichigan E lectric C o ., is situ a ted n ear E lk h a rt, In d .,
Series C a re call, w hole or p a rt on 4 w eeks’ notice a t 106 on or before
an d h a s a n in itia l cap acity of 80,000 a n d u ltim a te c ap acity of 240,000 k.w . S ept. 1 1928; a t 105 to S ept. 1 1933; a t 104 to S ept. 1 1938; a t 103 to S ep t. 1
T o ta l tran sm issio n lines 3.931 miles; to ta l d istrib u tio n lines 5,997 m iles.
1943; a t 102 to Sept. 1 1948; a t 101 to M arch 1 1952 and a t 10034 to Sept. 1
Offer to p referred stockholders of A m erican E lectric C o ., a subsidiary, 1952 an d p rio r to m a tu rity . In each case w ith in te re s t. In a d d itio n to
see th is la tte r co. V . 122, p . 1453.
th e $10,000,000 in h a n d s of th e p u b lic , $18,000 a re h eld in tre a su ry .
Series D are re d . all or p a r t b y lo t on 4 w eeks’ no tice a t 103, incl. J u n e 1
S T O C K A N D B O N D S—
Date.
Interest.
O utstanding. M aturity.
C om 2,250,000 shares (no p a r ) ----------------1.286 941 shs
See te x t
1931; a t 10234 th ro u g h J u n e 1 1936; a t 102 th ro u g h J u n e 1 1941; a t 10134
th ro u g h J u n e 1 1954, an d a t 100 th e re a fte r to m a tu rity ; in each case w ith
P f 6% cum 600,000 shs (no p a r) ____
6 Q -F
396,482shs. N ov’26,134
in t. P enn. 4 m ill ta x refu n d ed . In J u n e 1926 D illon, R ead & C o., Lee,
C o lla t m ortgage $6,282,0001 1907
5 g F-A
6,282,000 F eb 1 2007
H igginson & C o ., N ew Y o rk , a n d C o n tin e n ta l & C om m ercial T ru s t &
($100, &c) g o ld______c * & rjln t. a t G u a ra n ty T ru st C o ., N . Y ., tru s te e .
D e b en tu re bonds (A m er series) 1914
6 g M -N 46,904,000 M a y 1 2014 Savings B an k , C hicago, sold $9,635,000 series D a t 93 an d in t., to yield
($100, &c.) g o ld_____c * & rjln t. a t G u a ra n ty T ru st C o ., N . Y ., tru s te e .
4 .9 5 % . V. 122, p . 3606.




POWER, LIGHT AND RAILWAY

Oct., 1926.]

135

T h e 6s gold debentures, due June 1 2024 are call, whole or p a r t on an d a fte r
J u n e 1 1949, upo n 30 d a y s’ notice a t 110 an d in t., before J u n e 1 2019 and
th e re a fte r a t p a r a n d in t. P e n n . 4-m ills ta x refu n d ab le. A d d itional bonds
m a y be issued only w hen n e t incom e for 12 o u t of 15 preceding m o n th s has
been a t least tw ice annual in te re st on all fu n d ed a n d o th e r d e b t.
D ividends.— On th e pref. sto ck d iv . a t th e ra te of 6% p e r a n n u m have
been p a id reg u larly , q u a rte rly since issue.
E A R N IN G S .— F o r 12 m os. end. A p r il 30:
1926.
1925.
1924.
G ross e arn in g s_____________________ $14,503,288 $13,267,280 $12,646,083
N e t rev e n u e _______________________
5,874,425
5,203,385
4,825,873
F o r earnings 12 m os. en d . J u n e 30 1926, see V. 123, p . 1505.
O F F IC E R S .— P r e s .,____ ______ :V .-P ., Geo. N . T id d .— V. 119, p . 3011;
V. 120, p . 2817, 3188; V. 121, p . 979, 2274, 2876, 3005, 3341, 3606; V. 123,
p . 1505.

x Includes $392,376 p a id in 6% Series “ A " pref. stock and $835,620 in
5% Series “ B ” pref. sto ck on account of accum ulations on these stocks
(V. 114. p . 853, 1406). y Includes $91,227 paid in cash on th e 6% Series
“ A ” pref. stock an d $188,015 on th e 5% Series “ B ” pref. sto ck , z D epre­
ciation included in o p e ra tin g expenses.
R O A D , &c.— 149.22 m iles single tra c k , 14.49 m iles o perated u n d e r con­
tra c t. 257 passenger, 4 freig h t an d 54 o th e r cars. 4 steam -electric pow er
statio n s w ith 84,000 k . w . c ap a c ity .
O F F IC E R S .— P re s ., C y ru s S. E a to n ; V .-P ., C . C . S later; Sec., L yle F .
B a b b itt; A sst. Sec. & A sst. A u d ., M . M . H anson; V .-P & G en. M g r., C . C .
S later.— V. 121, p . 1347, 1907, 2037, 3003; V . 122, p. 2189, 3603; Y- 123,
p . 1382. 2138.

COLUMBUS RAILW AY, POWER & L IG H T CO.

O R G A N IZ A T IO N .— O rganized in 1924 an d to o k over from th e bond­
holders’ com m ittee a t a price of $477,570, th e p roperties of th e Ohio R iver
Electric R y. & Pow er C o. (for histo ry see “ E lectric R ailw ay” S upplem ent
of A pril 26 1924). In th e beginning of 1926 acquired th e m unicipal w-ater
a n d light p la n ts a t T ell C ity a n d C an n e lto n , In d . See V . 122, p . 2948,
u n d e r heading “ K entucky-T ennessee L ig h t & Pow er C o.
C A P IT A L IZ A T IO N , & C.— T h e com pany has been au th o rized to issue
4,860 shares (no p ar value) com m on stock w ith a nom inal value of $24 p e r
share, $252,000 in 7% pref. sto ck an d $100,000 10-year 7% n otes or bonds
a t n o t less th a n 85. T h e re o rg a n iz a tio n p lan calls for following d istrib u tio n
of securities:
B ondholders receive fo r each $1,000 old bond $800 new pref. an d 4 shares
com. Old p re f. an d com stocks w iped o u t. V. 118, p . 3087.

Control.— In 1924 C o n tin e n tal G as & E lec. C orp. (see on a n o th e r page),
in tu rn co n tro lled b y U n ited L ig h t & P o w er C o., acq u ired co n trol of th e co..
O R G A N IZ A T IO N .— In co rp . in Ohio N ov. 1913 to succeed th e C olum bus
T rac tio n Co (incorp. D ec. 26 1906 as successor to th e C en tra l M a rk e t S treet
R y ., sold under cred ito r's bill in F eb . 1906, su b ject to th e $500,000 bonds)
a n d took over th e C olum bus R y. C o. a n d th e C olum bus Edison C o. as per
p lan in V. 96, p . 1839. T h e leases betw een these tw o com panies an d the
C olum bus R y . & L ig h t C o. w ere th e n canceled. T h e C olum bus L ig h t,
H e at & Pow er C o. was acq u ired in J a n . 1915. See “ E lectric R ailw ay Sec­
tio n ” for J a n . 1915 In S ep t. 1921 th e co m p an y acquired stock control of the
C olum bus N ew A lbany &: Jo h n sto w ni T rac tio n C o ., and pu rch ase of p ro p e rty
.
effected Ja n u a ry 1924. V . 118, p . 663, 2303. In M arch 1922 th e com pany
acq u ired 6 miles of tra c k from tn e C olum bus D elaw are & M arion E lectric
C o. V. 114, p . 519, 1062.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns an d operates th e c ity s tre e t railw ay system o f C olum bus and su b u rb a n
lines to M arb le Cliff, W esterville, G ah an a a n d W orthington, and th e com ­
m ercial electric lig h t and pow er system s of th e city a n d v icin ity . 149.22
miles single tra c k , 14.49 miles o p erated u n d e r c o n tra c t. 257 passenger, 4
freig h t and 54 o th e r cars. 4 steam -electric pow er statio n s w ith 84,000 k . w.
c ap a c ity . Franchises for 20.50 miles o f railw ay a re p e rp e tu a l; oth ers expire
in 1926. C o m p an y has com pleted initial in stallatio n o f 60,000 k .w . in new
Picw ay Pow er S tatio n , w hich is to h av e an u ltim a te c ap a c ity of 150,000
k .w . T h e franchises p rovide for 6 cen ts cash fare or 5 tic k e ts for 25 cents,
an d u n iv ersal tran sfers. Tw o o f th e lig h t a n d pow er franchises a re p er­
p etu al; o th e rs expire in 1926 a n d 1928.
For franchise on W esterville line see “ E lectric R ailw ay ” S upplem ent of
April 26 1924.
C apitalization.— F o r d etails o f recap italizatio n p la n a p p ro v ed b y sto ck ­
ho ld ers F eb . 10 1925. See V. 120, p . 209, an d V. 120, p . 955. On Sept. 3
1926 co. asked Ohio P . U . C om m ission to issue $7,500,000 ref. m tge. bonds
to b e sold a t $94 an d $7,500,000 1st p re f. sto ck to be sold a t $94. V . 123,
p . 1382.
ST O C K A N D B O N D S—
Dale
Interest. Outstanding. M a tu rity .
C om m on 300.000 shs (no p a r). ___
_ 150,136 shs See te x t
ls tc u m pfd Ser “ A ” $25,000.000_
_
6 Q -j "
$6,120,400
see te x t
Series B p re f (junior preferred)
$5,030,000 _____________________
6K %
5,014,700 F eb ’26 1 K
F irst re f & ext sinking fund 1915
5 g A-O
4,682,000 O ct 1 1940
m ortgage $25,000,000 gold I n t. a t E . W . C lark & C o ., P h iladelphia, or
($1,000)_____________ c * .tf
office of com pany a t C olum bus. G irard
T r u s t C o ., P h ilad elp h ia, tru ste e .
R ef M Ser 6s due 1941 ($500 & 1921 _ 6 g J-D
6.500,000 D ec 1 1941
$1,000 c* & $1,000 r*) g . t f (H arris T ru s t & Sav. B an k , C hicago, tru ste e .
C olum bus S tree t R y first , 1892
5 g J-J
3,000,000 J u ly 1 1932
$3,000,000 gold ( $ l,0 0 0 ) |ln t. a t c o .’s office & E .W .C la rk & C o .,P h ila .
c * .n tf (C olum bia-K nick. T r u s t C o ., N . Y ., tru ste e .
C rosstow n first m ortgage g o ld / 1893
5 g J-D
572,000 Ju n e 1 1933
($1,000) $572,000— c * .n tf (C olum bia-K nick. T r u s t C o ., N . Y ., tru ste e .
Col R y . 1st consol m tg e $ 7 ,-/ 1899
4 Q -J
3,132,000 O ct 1 1939
000,000 ($1,000) g . _c * .n t f (In te re s t a t U nion Savings B an k & T r u s t C o.,
Bonds are redeem able since 1 of C in cin n ati, tru stee; a t E . W . C lark &
O ct 1 1914 a t 105 a nd i n t . . ( C o ., P h ilad elp h ia, o r a t c o m pany’s office.
T h e lsf cum . pref. 6% stock h as p reference as to b o th assets a n d dividends
over an y o th er class o f sto ck . R ed . (sam e as 6 K % ser. B) u pon 30 d a y s ’
notice, a n d all or p a rt, a t 110 an d d iv . In O ct, 1925 th e U nion T r u s t C o.,
& c., & c., sold $2,500,000 a t 100 and d iv . V . 121, p . 1907. Y . 122, p . 2189.
In Ju n e 1926 th e y sold $1,500,000 a d d itio n a l 1st p ref. 6% sto ck a t 100 a nd
divs. V. 122, p . 3603. L isted on C olu m b u s (O hio) Stock E xchange.
A p p licatio n w as m ad e fo r listin g on C leveland Stock Exchange.
Bands.— Of th e F irst R efunding and Extension sinking fund bonds,
*6,704,000 are reserved for un d erly in g liens, $6,000,000 a re pledged as
security for th e $5,000,000 ref. m tge. 6s series due 1941, a n d th e balance is
reserved for im provem ents, extensions, &c., a t 85% of cash cost or fair
valu atio n , w hichever is less, u n d e r certain restrictio n s. C allable a t 105 and
in t. on a n y in t. d a te on 60 d a y s' notice. P en n . S ta te ta x refunded on 60
d a y s’ notice. Sinking fu n d of 1% p er an n u m of bonds o u tsta n d in g began
O ct. 1 1920.
T h e refunding m ortgage 6% bonds series due 1941 are secured by pledge
of $6,000,000 1st & ref. ex t. 5s due 1940. A dd itio n al ref. m tge. 6s m ay b t
issued to refu n d th e $4,682,000 1st ref. & ext. bonds o u tsta n d in g in the
hands of th e public a n d to reim burse th e com pany for extensions a nd a d d i­
tions u n d e r certa in restrictio n s. C allable a fte r D ec. 1 1926 on an y in t. date
on 60 d a y s' notice a t 110 a n d in t. to a n d incl. Ju n e 1 1931; th e re a fte r at
105 an d in t. to a n d incl. Ju n e 1 1937; a n d th e re a fte r a t a p rem ium of 1%
for each y e ar o f unexpired life to m a tu rity . P e n n a . 4-m ill ta x refu n d ed to
holders re sid en t in P en n sy lv an ia. V . 113, p . 2719.
T h e C rosstow n S tree t R y . m ortgage was for $2,000,000, b u t was closed a t
$572,000. In te re s t p ay ab le a t C olum bus a n d E . W . C lark & C o ., P h ila.
C olum bus R ailw ay C o. m ortgage h as been closed. $3,428,000 bonds
were issued th e re u n d e r, o f w hich $296,000 were canceled. A re callable a t
105 a n d in te re s t on an y in te re s t d a te .
D ividends.— An in itia l d iv . o f 1 K % w as p aid on th e Series “ A ” p re f
stock A pril 1 1914; sam e ra te q u a r. to an d incl. A pril 1918; none to Ju ly
1922, w hen cash d iv s. w ere resum ed an d b ack d ivs. p a id u p in Series “ A r’
pref. sto ck . V . 114. p . 1406. C ash d iv s. o f I K % p a id reg u larly since to
and incl. O ct. 26. On Series “ B " in itial d iv. of 1 K % paid in M ay 19l4
a nd sam e ra te q u a r. since to a n d in cl. F eb . 1918. N one to M ay 1922.
when cash divs. were resum ed a n d b ack divs. p a id u p in Series “ B ” pref.
sto ck . Y. 114, p . 1406. A d iv . o f 2 M % was declared on “ B ” stock, p a y a ­
ble N o v . 1 1923. In 1924, F e b ., 1 K % . On co m ., in itia l d iv . of 1 K %
was p a id in M a y 1914 an d sam e ra te q u a r. to an d incl. N ov. 1917. Feb.
1918 d iv . passed (V. 106, p . 498). N one to Ja n . 1923, w hen a special div.
of 2 K % w as p aid . V. 116, p . 175. In 1923 cash d iv s. am o u n tin g to 6%
w ere p aid on com m on. In 1924. M arch , 1 K % : J u n e , 1 K % : S e p t.. 1 K % .
On th e new n o -par com m on sto ck a dividend o f $3 was p aid in Ja n . 1926.
On th e new Series B 6 K % p ref. sto ck a q u a r. d iv . of 1 K % w as p aid in
F eb . 1926. V. 121, p . 3003.
E A R N IN G S .— F o r calen d ar years:
1924.
1923.
1922.
1925.
R ev en u e p assengers____ 64,591,271 66,548,546 70,177,236 68,495,083
T ran sfe r p assengers___ 16,420,874 16,722,852 17,342,632 17,093,730
T o ta l passengers_____ 81,012,145 83,271,398 87,619,808 85,588,813
K ilo w a tt hours sold _ 151,225,093 135,056,069 149,471,052 114,664,813
N u m b e r o f cu sto m ers. .
68,377
62,699
57,123
50,346
Revenues—
$
$
$
$
3,383,966
3,494,761
3,702,222
R ailw ay .
3,611,590
Pow er, lig h t a n d h e a t .
5,316,787
4,867,816
4,749,234
3,880,440
N o n -o p e ra tin g .
7,312
10,236
11,269
26,615
T o tal gross_______ __ 8,710,989
O per. expenses & ta x e s. . 25,826,578

8,389,192
25,764,870

8,462,724
25,794,988

7,499,343
4,497,289
3,002,054
818,554
12,342
77,627
245,846
41,227,996
y279,242

G ross incom e________
I n t. on fu n d ed d e b t
I n t. on un fu n d ed d e b t
O th er deductions ._
Sinking fu n d
_______
P ref. divs. (in stock) _
P ref. divs. (in cash) __
C om m on div id en d s_____
D e p re cia tio n ____

2,884,411
848,578

2,624,322
922,197

66,974
319,440

64,943
287,440

2,667,735
806,733
13,355
62,042
233,650

526,411
450,408
2

422,760
360,380
2

422,635
360,354
2

B a l., su r. for y e a r____

672,600

566,602

768,966




972,000
def631,554

OHIO R IVER POWER CO.
Controlled b y K entucky-T ennessee. L ig h t & Pow er C o ., a su b sid iary of

(THE) COLUMBUS DELAWARE & MARION ELEC. CO.

O R G A N IZ A T IO N .— In c o rp . in Ohio Ju n e 12 1917 to ta k e over th e
properties of th e C olum bus D elaw are & M arion R y ., sold u n d e r foreclosure
on Ju n e 11 1917. In J u ly 1926 co. pu rch ased th e A shley L ig h t, H e a t &
Pow'er C o. of A shley, Ohio. A cquired th e p ro p e rty of th e R ichw ood L ight
H e a t & Pow er C o. as of J u ly 1 1926 arid s ta rte d operation of th is p ro p e rty
as o f J u ly 1 1926. See’also V. 123, p . 1995.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns a n d o perates w ith o u t com petition th e cen tral sta tio n electric light a n I
pow er business in M ario n , O hio, a n d also in th e villages o f R ichw ood,
M agnetic Springs an d S tratfo rd , a n d controls th e com panies supplying elec­
tric energy in M t. G ilead, C ard in g to n , A shley a n d E dison, an d furnishes
electrical energy w holeslae to com panies supplying 18 o th e r com m unities,
incl. th e c ity of D elaw are, Ohio; also operates th e in te ru rb a n ra ilro ad b e ­
tw een C olum bus, D elaw are an d M ario n a n d th e stre e t railw ay in M ario n .
T h e in te ru rb a n an d M ario n s tre e t railw ay system s consist of 55-63 m iles of
single tra c k equivalent; 23 c ity a n d 12 in te ru rb a n passenger cars, 4 freig h t
a n d express cars, 11 freig h t box car tra ile rs, 18 fla t, d um p a n d w ork cars,
a n d 2 m o to r snow plow s. H as a com plete electric d istrib u tio n system in
M ario n a n d in th e o th e r tow ns m e ntioned, an d a stea m pow er sta tio n of a
c ap acity of 30,000 k . v .a . , com pleted in 1925. O ver 89% of c om panys’ own
in te ru rb a n tra c k is on p riv a te right-of-w ay. H as en tra n c e to c en tre o f
C olum bus over tra c k s of th e C ol. R y ., P . & L. C o ., 4.09 m iles. C o. also
operates th e w a ter su p p ly system in th e village of M t. G ilead. T o ta l
popu latio n served b y th e ra ilro ad d e p t., incl. term inal cities, is in excess of
350,000; served b y electric lig h t a n d pow er d e p t., 55,000.
Franchises contain no burdensom e restrictio n s.
On A ug. 20 1926 discontinued s tre e t car service in D elaw are, Ohio; com­
p a n y h a d agreed to o p erate buses in s te a d , b u t th is p ro position has n o t been
accepted b y th e city as y e t. V . 123, p . 1381.
Fares.— See V . 122, p . 3338.
ST O C K A N D B O N D S —
D ate.
Interest. O utstanding. M a tu rity
C om m on 150,000 shs (no p a r ) . ____
________ _ 60,000 shs. __________
P ref 7% cum $3,000,000 ( $ 1 0 0 ) ____
7 Q -J
$998,300 O ct ’24, I K
1st & re f (now 1st) m tg e _____f 1917
5 g J -J
1.710,000 Ju ly 1 1937
2,000.000 Ju ly 1 1937
S tam ped to b ear 6 % ______ ( 1917
6 g J -J
$7,500,000 ($1,000)______ c /C lev e la n d T ru s t C o ., tru ste e .
10-yr conv deb bds Ser A ( 1925
6 g A-O
1,250,000 A pr 1 1935
($500 & $1,000) g o ld . _c*tf (In t. a t office or agency of co. in B oston.
Stock.— P ref. is non-taxable in Ohio, N . Y ., N . H . and C onn. Is p re ­
ferred as to assets an d cum . divs. R ed. all or p a rt a t 115 a n d divs. A ddi­
tional pref. stock c an n o t be issued w ith o u t th e consent of th e m a jo rity of
th e pref. stock unless th e n e t earnings available for divs. thereon are double
th e requirem ents on th e pref. sto ck issued as proposed. N o stock having
p rio rity can be a u th . except w ith consent of 75% of th e p re f. sto ck . P ref.
has no v oting pow er for election of d irectors except in case of d e fa u lt of
4 q u a rte rly dividends, w hen th e p referred sto ck has exclusive v oting pow er
for election of directors.
Bonds.— $1,710,000 1st & re f. m tg e . bonds b e ar 5% in t., w hile $1,750,000
are stam p ed to bear 6 % . T h e ad d itio n a l in t. of 1% p e r a n n u m is to b e
secured by a ny gen. m tge. w hich th e co. m a y execute in th e fu tu re . V . 115,
p. 1531. $540,000 of th e firs t & re f. m tg e . bonds are reserved to re tire
underlying bonds. A dditional bonds m a y be issued for 80% of th e a c tu a l
cost of a d ditional pro p erties a n d p e rm a n e n t extensions, ad d itio n s, im prove­
m ents or b e tte rm e n ts, b u t only u n d e r c erta in conditions. Sinking fu n d of
1% of ou tsta n d in g bonds a n n u ally began J a n . 1 1920. T h e 5% bonds are
red . a t 102 an d in t. on an y in t. d a te u p o n 30 d a y s ’ n o tic e . T h e 6% stam p ed
bonds are re d . all or in p a rt on a n y in t. d a te on 30 d a y s’ n o tic e a t 107 M and
int o n or before J a n . 1 1927 a n d th e re a fte r a t 100 plus a prem ium of 5%
less ^ o f 1% for each full y ear of expired life a fte r Ju ly 1 1927. V . 115, p .
1531. I n t. is also pay ab le a t B ankers T r u s t C o ., N . Y . C ity .
10-year conv. deb. Series A 6s a re co n v ertib le a t a n y tim e before A pril 1
1935, in to th e com . stock, a t th e op tio n of th e holder, on th e following basis:
T h e first $250,000 of d e b en tu re s to be p resen ted for conversion will be con­
v e rte d on th e basis of six sh ares of sto ck for each $100 of bonds, th e n ext
$500,000 on th e basis of fiv e shares for each $100 of bonds an d th e bext
$500,000 on th e basis of four shares for each $100 of bonds. A re call., all
or in p a rt, on a ny in t. d a te on or before A pril 1 1933 upon 30 d a y s’ n otice
a t 103, a n d th e re a fte r a t 100 an d in t. P e n n a . an d C onn. 4-m ills taxes
refu n d ed . In A pril 1925 $1,250,000 w ere sold b y B odell & C o., N . Y .,
a t 96 a n d in t., to yield over 6 K % . V . 120, p . 2145.
D ividends.— D ivs. w ere p a id on pref. sto ck as follows:
Principal
D ivs.
Paid.
Principal
D ivs.
Date.
A m o u n t. Rate. Paid.
Date.
A m o u n t. Rate. P aid.
O ct. 1917 $650,000 1 K % $11,375 J u n e 1921 $1,000,000 1 K % $17,500
J a n . 1918
650.000 1 K
11.375 S ept. 1921
1,000,000 I K
17,500
M a r. 1918
650.000 I K
11.375 J a n . 1921
1,000.000 I K
17,500
J u n e 1918
650.000 1 K
11.375 M a r. 1922
1,000.000 I K
17,500
S e p t. 1918
650.000 I K
11.375 J u n e 1922
1,000,000 I K
17,500
J a n . 1919
650.000 I K
11.375 S ep t. 1922
1,000,000 I K
17,500
M a r. 1919
650.000 1 K
11.375 J a n . 1923
1,000,000 I K
17,500
Ju n e 1919
650.000 1 K
11.375 M a r. 1923
1,000,000 I K
17,500
S ept. 1919
710.000 I K
12,425 J u n e 1923
1,000,000 I K
17,500
J a n . 1920
725.000 I K
12.687 S ept. 1923
1,000,000 I K
17,500
M a r. 1920
725.000 I K
12.687 J a n . 1924
1,000,000 I K
17,500
Ju n e 1920
13,559 M a r. 1924
774,800 I K
1,000,000 I K
17,500
S ept. 1920
16,268 J u n e 1924
929,600 I K
1,000,000 I K
17,500
J a n . 1921 1.000.
000 I K 17.500 S ept. 1924
1,000,000 I K
17,500
M a r. 1921 1.000.
000 I K 17.500
D ivs. w ere p a id on com . as follows:
Date.
P rin .A m t. Rate. D ivs.Pd.
Date.
P rin .A m t. Rate. D ivs.P d.
A pr. 1 ’20 $700,000 2% $14,000 A pr. 1 ’21 $1,200,000 2% $24,000
O ct. 1 ’20 1,200,000 2%
2 4 ,0 0 0 1O ct. 1 ’21 1,200,000
12,000
1%
E A R N IN G S .— F o r calendar years:
N et after
Fixed
Pref.
Gross.
Taxes.
Charges. Deprec.
D ivs.
Surplus.
1 9 2 5 .............. $1,231,215 $411,897 $303,037 $26,714 $69,882 $12,264
1924............... 1,202,788
397,045
290,258
25,607
69.895
11,285
1923_________1,194,101
380,318
264,182
25,075
69.895
21,166
1922----------- 1,081,896
370,620
246,894
29,833
69,969
23,924
1 9 2 1 ............ 1,069,422
328,231
195,569
32,482
_____
72,391
27,789
O F F IC E R S .— P res. & G en. M g r., A. F . V an D einse: Sec., T rea s. &
A ud., C . C . M artin d ill. V . 117, p . 1235: V. 118, p . 1910; V . 120, ip. 2145,
2400; V . 122, p . 2189, 3337; V. 123, p . 7 0 9 ,1 3 8 1 , 1995.

(THE) N O R T H E R N OHIO POW ER CO.
O R G A N IZ A T IO N .— A holding c o m pany in co rp . in M ary la n d J a n . 3
1925 a n d as of F eb . 1 1925 acquired all th e assets of th e N o rth e rn Ohio
E lectric C orp. (for h isto ry , see “ P ublic U tility ” C om pendium of N ov. 1
1924) u n d e r th e reo rg an izatio n p la n of t h a t c o rp o ra tio n d a te d D ec. 30
1924 (V. 120, p . 87), including over 99% o f th e com . sto ck of tn e N o rth e rn
Ohio P ow . & L t. C o ., form erly th e N o rth e rn Ohio T rac tio n & L ig h t C o.

136

PUBLIC UTILITIES

STO CK AN D BO N D S—
Date.
Interest. Outstanding. M atu rity
Com sto ck 500,000 shs no p a r . ____
_______
4 9 J ,° 5 ) shs __________
10-year 7% bonds 3 ,5 0 0 .0 0 0 -- 1925
7 F -A
$3,499,500 F e b 1 1 935
E A R N IN G S .— F o r calen d ar years:
*
1925.
1924.
G ross earn in g s__________________________________$11,499,698 $10,080,997
O perating expenses, tax es and m ain te n an c e _____ 8,422.292
7.848,010
Fixed ch arg es____________________________________ 2,191,506 2.068,845
N e t Incom e______ _____ ______________________
$885,899
$164,142
H ote.— Fixed charges prior to Feb. 1 1925 have been com puted for
c o m p arativ e purposes to include in te re st of the N o rth ern Ohio Pow er Co.
for expired periods of 1925 a nd for y ear 1924 and include in te re st charges
a nd divs. on ou tsta n d in g pref. stock of subsidiary com panies.
Latest E arnings.— F or 12 m onths ended S e p ). 31:
1926.
1925.
G ross e arn in g s______________________ i _________ $11,913,350 $11,201,245
O p e ra tin g expenses, m ain te n an c e a n d ta x e s ______ 8,797,047
8,378.085
Fix ed ch arg es___________________________________ 2,298,049
2,175,225
N e t incom e
$818,254
$647,935
y A vailable for rep lacem en ts, dep reciatio n and co rp o ra te purposes.—
V . 121, p . 459, 1102, 1569, 2039, 2638, 3132; V. 122, p . 612, 2330, 3454:
V. 123, p . 325, 582, 2139.
N O R T H E R N O H IO P O W E R A N D L I G H T C O .

O R G A N IZ A T IO N .— ln c o rp . in Ohio in D ec. 1902 as N o rth e rn Ohio
T rac tio n & L ig h t C o. to succeed th e N o r. Ohio T rac . C o ., h aving exchanged
its securities for th e com . and p ref. sto ck of th e la tte r per te rm s in V . 75,
p . 733. In 1906 acquired control of th e C an to n -A k ro n C onsol. R y ., and
g u aran tees th a t c o .’s $2,500,000 consol 5s. p rin. & in t. V. 83. p. 435, 849.
N am e changed to p resen t title M arch 15 1926. V. 122, p . 1763.
Wage Rate Fixed.— See V . 121, p 979.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
E lectric railw ay line ex ten d s from C leveland through A kron. C an to n ,
M assillon and N ew P h ilad elp h ia to U hrichsville in T u scaraw as C ounty
w ith branches to R av en n a a n d W arren, w here connection is m ade for
Y oungstow n, to W ad sw o rth (via B arb erto n ) and to E a st G reenville from
M assillon. O p erates a fa st freig h t service having o p e ra tin g agreem ents
w ith various electric lines an d steam ro ad s. O perates 105 miles of single
tra c k in c ity service and 189 m iles o f single tra c k in in te ru rb an service and
o p e ra te d 5 m iles u n d e r tra c k a g e rig h ts, affording an en tra n c e into C leveland.
T h ro u g h su b . cos. o p erates de luxe in te ru rb an bus service betw een A kron
an d C leveland, from A kron to C an to n , M assillon a n d W ooster. Owns
L ak esid e P a rk in A kron and M eyers Lake P a rk in C an to n . Also ow ns 1.011
acres of coal land in N oble C o u n ty . R ails. 70 to 114-lb., s ta n d a rd gauge.
H a s 542 in te ru rb a n a n a city railw ay c ars and m o to r buses, incl. 5 passenger
tra ile rs , 50 freig h t cars and 39 ser\ ice cars, also 163 passenger m o to r buses to
su p p lem en t c ity railw ay service and 50 m o to r coaches on in te ru rb an lines
(see also V. 118. p. 1774). Does th e exclusive com m ercial light and power
business in A kron a n d supplies energy, d irectly or in d irec tly , to 60 o th e r
co m m u n ities. P o p u la tio n served estim ated over 300.000. C levelandA k ro n transm ission line p laced in o p eratio n M ay 1924. Owns tw o generat­
in g sta tio n s w ith a n ag g reg ate in stalled c ap acity of 92.500 h .p ., a nd a
4 -sto ry office b uilding an d passenger te rm in a l in A kron. C o. builds its own
buses. V . 123, p . 844.
Franchises.— T h e electric lig h t and pow er p ro p erties are o perated under
rig h ts w ith o u t specified lim it as to d u ra tio n . C ity railw ay franchises expire
as follows: A kron. 1928; C a n to n , 1928; M assillon, 1932. 55% of th e in te r­
u rb a n track ag e is on p riv a te right-of-w ay or su b jec t to franchises w ith o u t
tim e lim it; franchises for rem aining in te ru rb a n mileage expire from 1922 to
1944. See V. 114, p . 1064. New s tre e t railw ay franchise in A kron be­
cam e effective N ov. 12 1924. C o m p are V. 116, p. 1050.
Stockholders' S u it.— See V. 120. p . 2149.
S T O C K A N D B O N D S—
Date.
Interest. Outstanding. M a tu rity .
Stock com $10,000,000 ($100).......................................*10.000.000
-------------P ref 6% $5.4 5 1 .8 0 0 c u m ___________
6%
4.612,100 O ct '2 6 . 1 H
P ref 7% $4,548,2 0 0 c u m ..........- ____
7% .
3 .4 b 7 ,200 O c t '26. 154
Bonds issued by Nt.rthrrn Ohio TracHon A Light Co.:
996,000 J a n 1 1933
F irst cons g 5 % ”ser $996.0001 1903
5 g J -J
($1.000).......................... c*. f \
2.223.000
4% series (closed) $ l,0 0 0 )c * tf} 1903 4 g J -J
lU nion T ru st C o., C lev elan d . Ohio, tru stee.
4 .4 ‘ 6 000 Aug. 1 1956
5 g F-A
1 st lieD & r e f m tge g ($100, 1916
*500, $1,000, & c)__ c*&r* In t. payable in New Y ork or C leveland.
6 g M -S
9,188.500 M a r. 1 1947
Series “ A ” gen & ref M ($500| 1922
&$1 000)
c * iIn te re s t a t N atio n al C ity B an k , N ew Y ork,
*1,000, $5,666 "& $10,000 r*J tru ste e ,
g o l d ___________________ tf l
5 H % series d u e 1951 d e n o m / 1926
514 g M -S 9,090,000 M a r 1 1951
as ab o v e series A _________ li n t , a t N a t. C ity B an k , N . Y . C ity , tru ste e
15-yr 614% deb $2,500,000/ 1926
6 4 J-J
2,475.000 Jan 1 1941
($1,000 & $500)______c * tf\N a tio n a l C ity B ank of New Y ork, trustee.
Stock.— T h e pref. stock is re d ., all or p a rt, a t 110 and d iv . on any div.
d a te . Is pref. as to div. and assets and has full voting pow er. V. 92, p. 956;
V. 95. p. 48: V. 97, p 1116; V 112. p. 1741. 2191; V. 113, p. 629. T he
a m o u n t of $3,407,200 shown in th e above table as 7% pref. stock o u tsta n d ­
ing. Includes $454,400 par value subscribed b u t not fully paid and issued.
T r u s t C o., N . Y ., and Union T ru s t C o ., C leveland. V. 103, p. 1210.
Bonds.— N ote.— W e refer th e readers to th e above ta b le for th e proper
nam es of u n d er-m en tio n ed issues which before March 15 1926 w ere issued
tinder the old nam e of Northern Ohio Traction A Light Co.
A d d itio n al 1st lien a n d ref. bonds m ay be issued (a) p a r for p a r for
refu n d in g or acq u irin g th e $.3,991,000 un d erly in g bonds; (b) for 85*); of
Cost of new co n stru ctio n , ad ditions, b e tte rm e n ts and extensions, and (c) for
85% of cost or re p la c em e n t value of additional p ro p erties u n d e r conservative
re stric tio n s. T h e bonds a re secu red by m ortgage on en tire p ro p e rty , su b jec t
t o un d erly in g liens and by d ep o sit of $4,000 of 5s and $4,277,000 of 4s of
N o r. Ohio T ra c . & L t. bonds of 1933, $1,438,000 C an to n -A kron con. 5s
Of 1933, $200,000 A kron W adsw orth & W estern 5s. $855,000 C anton-A kron
R y . 1st 5s d u e 1922; $17,137,000 a re pledged un d er gen. & ref. m tge. 6s,
series A , 1947, and 5 4 % series due 1951. R ed. as a w hole or in p a r t on
a n y in t. d a te a t 105 and in t. T h e m tge. p rovides for a m a in t. & deprec.
fu n d of 20% of gross earn s, for m a in t. & replacem ents o r for a d d ’ns & b e t­
te rm e n ts , ag ain st w hich no bonds m ay be issued: also provides for an insur­
an ce reserve for dam ag e claim s, & c.. of 4% of gross earnings u n til $100,000
Is reach ed , a t w hich figure th e fund is to be m ain tain ed . T ru ste e s a re N . Y .
T r u s t C o ., N . Y ., a n d U nion T r u s t C o ., C lev elan d . V. 103, p. 1210.
T h e N o rth e rn Ohio T ra c . & L t. gen, & ref. m tge. bonds a re secured b y a
d ire c t m o rtg ag e, su b ject only to u n d erly m ortgages, on th e e n tire p ro p e rty
of th e co ., a n d by $17,137,000 1st lien & ref. m tge. pledged w ith tru ste e .
A d d itio n al bonds a re issuable in series o f such te n o r as d irecto rs m ay from
tim e to tim e d eterm in e, for refunding bonds of o th er series an d underlying
Issues, also for 75% of p e rm a n e n t ad d itio n s. &c., provided net earnings for
12 consecutive c alen d a r m oot hs ending n o t less th a n 90 d ay s before th e issue
th e re o f, h av e Deen a t least 1*4 tim es an n u al in te re st charges o n , and in
no case less th a n 10% of p rin cip al a m o u n t of, aggregate of underlying
divisional bonds, a n d 1st lien & ref. m tge. bonds in h a n d s of public, and
all gen. & ref. m tg e. bonds th e n rem aining uncancelled, as well as proposed
Issue. A sinking fu n d of 14 % sem i-an n u ally o f to ta l gen. & ref. m tge. bonds
o u tsta n d in g began Dec 1 1922
*513,500 cancelled by sinking fu n d . A
g en eral reserve fund for m ain te n an c e and replacem ent of th e p ro p e rty is pro­
vid ed for. Series A a re redeem able on any in te re st d a te on 30 d ays notice
a t 110 on o r before M arch 1 1932; a t 107 4 th e re a fte r to and incl. M arch 1
1942. a n d a t 102 4 th e re a fte r, b u t p rio r to m a tu rity . 514% series due 1951
a re red. w hole o r p a rt eith e r a t th e optio n of th e eo. or by th e sinking ruiui,
on 30 d a y s ’ notice a t 105 on o r before M arch 1 1948 and a t 100 th e re a fte r.
P e n n . & C onn. 4-m ilis taxes refu n d ab le. In M ay 1926 th e N a tio n a l C ity
C o . sold $8,500,000 5>4% series due 1951 a t 92 M and in t., to yield 6 .0 9 % .
^ T h e 15-yr^^(4 % debentures, due Ja n . 1 1941 a re protected by c o venant
th a t co. will not m ortgage or pledge any of its p ro p erties 'o th e r th a n for
se c u rity of bonds issued in accordance w ith th e co n serv ativ e provisions or
Its gen. & ref. m tge). unless all of these d e b e n tu re s o u tsta n d in g shall be
secured equally and ra ta b ly th erew ith . T h ere is a sinking fu n d o f $50,000
In each o f tn e first 4 vears; $75,000 in each of th e next 4 years; $100,000 in
each of th e next 4 yea'rs and $125,000 in each of th e last th re e years; m oneys
to be applied to purch ase and retirem en t of d eb en tu res a t or below or, if
necessary above 100. or for purchase of c o .'s m tge. bonds to be held as
a d d itio n a l secu rity . R ed. whole or p a rt, on 30 day s' notice, a t 10214
and incl. J a n . 1 1931: a t 101 4 to and incl. Ja n . 1 1936: at 10014 to and
ln d Ju lv 1 1940: a t 100 th e re a fte r; in each case with iu terest. Penn.
4-m ills, M ary lan d 414 m ills and C onn. 4 mills taxes refu n d able. In Ja n .
1926 N a tio n al C ity Co. offered *2,500,000 a t 97>4 an d in t. to yield over
6 .7 5 % . V.JL22, p . 213.




[V ol. 123.

E A R N IN G S .-—F o r calen d ar years:
1925.
1924.
1923.
G ross e arn in g s______________________ $11,499,698 $10,080,997 $10,105,125
N e t a fte r ta x e s______________________ 3.059,296
2,177,564 2,339,52§
Fixed c h arg es_______________________
1,557,842
1,441,967 1,310,534
P referred d iv id e n d s__________________
437,334
431,751
412,360
A vail, for re tir. res. & com m on d iv . $1,064,120
$303,846
$616,635
Latest E arnings.— F o r 12 m os. en d . A ug. 1926: G ross, $11 <113,349:
oper. e x p ., tax es & m a in t., $8,8 .8, <93; fixed charges, $1,644,579; p re f.
d iv s., $4ol,531; b alan ce, $958,7 6. V. 123, p . 2139.
Operating Statistics.
-Rev. Passen gersCarriedCity
Elec. Sales.
Electric
1 nterurban
K W H.
Systems.
Systems.
Customers.
49,467,239
15,840.074
x l9 2 6 _________ -242,355,722
58,346
14,266,754
1925__________ -203.531.744
56.000
51.352.849
14.478 984
1924__________ -176,245.654
51.516
48.563,053
1923_____ _____ -157.468.263
54.112.423
48.328
16.658.235
1922__________ 135.397.186
50.632,248
17.117.064
45.496
x Tw elve m o n th s ended A ug . 31 1926.
' O F F IC E R S .— P res., B . C . C obb; V .-P . & G en. M g r., A . C . B linn;
V .-P s., T . A ..K en n e y a nd J . C . W eadock: Sec. & T re a s .. C has. H . L a h r.
— V. 121, p. 979; V . 122, p . 213, 1763, 2192, 3084; V. 123, p . 582 , 844.
1114, 1634 2139.
C A N T O N -A K R O N C O N S O L ID A T E D R Y .

ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M atu rity.
Consol m tge $2,500,000 gold f 1906 5 g J -J
$772,000 J a n . 1 1933
guar p & i by N orth Ohio( In te re s t a t U nion T r u s t C o ., C leveland,
T ra c & L t ($1,000) _ o * tf ( tru ste e , or F irst N a t. B ank, N ew Y o rk .
Bonds.— Of th e $2,500,000 consolidated bonds, $1,438,000 a re pledged
under N or. O. T r. & L t. 1st & ref. m tge and
or>0 are reserved for ex ten ,
and im pt. a t 85% of cost. Wm. Baldwin, B oston, is also tru s te e . V. 91,
p. 1628, 1765. C ertain of th e C anton-A kron C onsol. 5s a re re d . a t 10214
and int. on 4 w eeks' notice and o th e rs at par and in t.
Dividends.— Pref. stock was issued in 1911 and divs. of 1 Vi % q u a r. have
been regularly paid. In 1921 a 7% cum . p re f stock was c re ated (see above)
and divs. on this issue a re being regularly paid. D ivs. on com . w ere begun
in 1906 by th e d e claratio n of 2% , payable in q u a r in sta llm e n ts of 4 % from
June 15 1906. V. 82. p. 1213. In 1907 2% was again d e clared , pay ab le in
q u ar. installm ents from Ju n e 15 1907 In 1908, J u n e , 14%; S e p t., M %',
Dec., H % - In 1909, 1 4 % . In 1910, 214% . In 1911, 3 4 % ■ In 1912,
4 H % . In 1913 to 1916, 5% per ann In 1917, M a r., 1 H % : M ay . 1 4 %}
Aug., 114% ; N o v ., 114% . P ractically all of th e com stock being ow ned
by th e N o rth e rn Ohio Pow er Co. dividends a re no longer rep o rted .
O F F IC E R S .— P res.. B C . C obb, N. Y.; V .-P ., T . A. K enney, N . Y .;
Y .-P ., J . C. W eadock: V .-P ., & G en. M g r., A. C . B linn: Sec. & T re a s .,
C has. H . L ahr; O o m p t., P . M urdoch: T re a s.. L . I. W ells: A sst. T re a s., E . E .
N elson a n d C . W igand; G en. A ud., H .G .K essler.— V . 120,p.87. 1204,1209.

CLEVELAND RAILW A Y CO.
T h e receivers of th e M unicipal Tractum Co. having been discharged an d
the d e b ts of th a t com pany provided for. the C leveland R y. C o. on M arch 1
1910 resum ed possession of its lines u n d e r ordinance (see below) of D ec. 1909.
V. 90. p. 626. T h e lease to M unicipal Traction Co. was canceled of re c o rd .
Franchise Ordinance— Valuation.— F o r p a rtic u la rs see “ E le c tric R ailw ay "
Supplem ent of A pril 26 1924.
O R G A N IZ A T IO N .— In 1908 changed nam e from th e C leveland Eleo.
R y .C o . (which had in 1903 taken over the C leveland C ity Ry .) to C leveland
R y. C o ., an d au th o rized new stock to the a m o u n t of $35,000,000. T he
old stock of C leveland Elec. R y. was given a valuation of $55 per sh a re ,
or $12,870,000 (having form erly been $23,400,000) and was paid for l a
new stock issued by C leveland Ry. a t p ar ($100 v a lu a tio n ). T h e F orest
C ity R y. (which had first absorbed the Low F a re R y.) was purchased for
$1,805,600 stock of C leveland R y ., the shares of th e F o rest C ity R y .
being accepted a t th e ir par ($100) value.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perates 416.6461 miles of single tra c k , of which 378.7663 m iles are
ow ned. Jan ostly 80, 95. 100, 103 and 141 lb. s ta n d a rd rails: 1,517passenger
M
1933
cars and 218 1service cars; 60 single deck and 49 double deck a u to coaches.
Increased Interest an Capital Stock Voted D own.— T h e C leveland C ity
Council on D ec. 29 191b form ally gran ted an increase in the co m p a n y 's
Interest ra te from 6 to 7% in accordance w ith th e recom m endations of a
m ajority of a B oard of A rbitration (V 109. p 2262; V 110, p 261) who
conducted an inquiry in to this question. On Aug 10 1920. how ever, th is
question was su b m itte d to a referendum vote and d e fe ated . V. I l l , p .
692, 1565. C om pare V. 110, p. 2387; V. I l l , p. 389.
T he com pany on April 1 1920 paid 1)4% . bui su b seq u en t in t. p a y m e n ts
are being paid a t th e old ra te of 1)4% q u a rte rly . T h e city has b ro u g h t
suit to com pel th e com pany to pay back in to th e in te re s t fu n d th e $72,000
paid o u t in in t. over the regular ra te on A pril l 1920. V . I l l , p . 1182,
1277. 1565
In Sept 1926 >he case was pending.
Fares.— See V. 123, p. 1995.
ST O C K A N D B O N D S— Date.
Interest. O utstanding. M aturity.
Q -J
$29,046,500
See te x t
Stock $35,000,000 ($100)____ ___
F irst m ortgage $35,000,000 g) 1911
5 M -S
5.495,000 M a r 1 1931
($1,000) ____________ c * tf (In te re s t in New Y ork C ity o r C leveland.
Bonds.— O f th e first m ortgage of 1911 . $15,000,000 a u th . m ay be issued for
$5% of cash cost of extensions, b e tte rm e n ts. &c., a nd rem aining bonds for
50% of such cash cost, when net earnings for previous 12 m os. shall have
equaled a t least tw ice the int charge, including bonds proposed to be issued.
Bonds a re re d . on any in t. d a te a t 105 and Int. on 90 d a y s' notice. T h e
Union T r u s t C o. (form erly C itizens Sav. & T r . ).C lev e la n d . a n d B ankers
T ru st C o ., N . Y .. tru ste e s.
Interest on Capital Stock.— F irst p ay m en t— 1 )4 % — u n d e r new franchise
ordinance of D ec. 1909 paid April 1910 and 1)4% q u a r. to a nd includIng J a n . 1920. On April 1 1920 I 4 % was p a id . V 110, p. 2487. Subse­
quent pa vm ents are being m ade at the old ra te of 1 4 % q u a r. (see above) •
E A R N IN G S .— F or c alen d a r years:
In t A
Balance
Gross
Net
Other
Taxes.
Sur. or Def.
Earnings.
Earnings.
Income.
1925________ $17,214,528 $2,498,002 $164,654 $3,462,654 def$799.998
3.302.212 d e f 103.478
1924............. 17.313.549
3.052.068
146,666
3,100.606 d e f 1,147,159
1923________ 16,342.104 2.018.380
152.208
3.398.829 s u rl .134,658
189.360
1922 - ........... 16.893.034 4.810.624
* O F F IC E R S .— P res., Joseph H . A lexander; G en. M g r., R . W . E m erson;
Sec P a u l E W ilso i; T re a s., W . J . M ead; A sst. T re a s ., P a u l S. S chreiner;
A u d .. T hos. P. K ilfovle. Offices, H an n a B ld g ., C lev elan d , O .— V . 119,
p . 1952; V. 122, p . 1168: V. 123. p. 1995. 2137.

OHIO T R A C T IO N CO.
In J u n e 1926 stockholders a pproved th e sale of th e e n tire p ro p e rty an d
assets of th e com pany to th e com m ittees rep resen tin g a nd actin g for th e
preferred and com m on stockholders. See also below u n d e r “ C in c in n ati
S tree t R ailw ay C o .” U nder th e c o n tra c t of sale Ohio T ra c tio n C o. agreed
to sell its en tire p ro p e rty and assets, including th e e n tire o u ts ta n d in g
c ap ital stocks of C in cin n ati T rac tio n C o. an d C in c in n ati C ar C o. to th e
com m ittees for $5,950,000. In ad d itio n c om m ittees w ere to assum e all
existing lia b ility , including ground re n ts under p e rp e tu a l leases on th e
T rac tio n B uilding, containing a privilege of purchase for $446,666, and th e
ground re n ts under prepetual leases on th e C h este r P ark p r o p e r ty , including
th e C h ester P ark car shops, c o n taining a privilege of p u rc h a se for $122,000,
th e a n n u al re n ta ls under said leases on th e T ractio n B uilding being $21.344,
and th e a n n u al re n ta ls on th e C hester P ark p ro p e rty u n d e r said leases being
$4 880
C om m ittees fu rth e r are to assum e all S ta te a nd local taxes and all
Federal taxes and o th e r obligations or Ohio T rac tio n C o not assum ed by
C in cin n ati S treet Ry. under th e c o n tra c t betw een C in c in n ati S tree t R y .,
C in c in n ati T rac tio n C o. and Ohio T rac tio n C o ., d ated D ec. 31 1924. T h e
a ssum ptions of liabilities by th e com m ittees w ere to be lim ited to an obliga­
tion to pay o u t of th e properties received in th is tra n s a c tio n .
T he com m ittees were to pay by ta k in r cre d it a t $70 per sh are as if on
d istrib u tio n upon and to th e preferred shares held by preferred stockholders
c om m ittee a t th e tim e of com pletion of th e sale, which stock is to be e n title d
to th a t a m o u n t in d istrib u tio n or liquid atio n of assets. T h e com m ittees
were to give to Ohio T rac tio n C o. a receipt for t h a t a m o u n t. T h e balance
of th e purchase price was to be paid to Ohio T rac tio n Co. in cash so th a t
$70 per sh are m ay he paid in liquidation or d istrib u tio n to holders of sto ck
no t deposited w ith preferred stockholders' c om m ittee. T h e balance of cash
a fte r these p a y m e n ts anO a fte r paying c u rre n t obligations and settin g aside
of a n a m o u n t sufficient to p ro v id e reserves to m eet deferred liabilities w hen

POWER, LIGHT AND RAILWAY

Oct., 1926.]

d u e w as to b e d is trib u te d to p referred an d com m on sto ck h olders in p ro p o r­
tio n to th e ir holdings a t ra tio o f 15-17ths to th e p re fe rred a n d 2-17ths to
th e com m on stockholders on th e basis o f th e sh ares o f th e reorganized com ­
pany.
T h e o th e r assets w ere th e n to b e tra n sfe rre d to th e C incinnati Car Co.
(incorp. D ec. 30 1902). See also V. 123, p . 1873, a b o u t d ividend on th is
la tte r co m pany. C o m p an y w ill also h a v e th e incom e fro m th e C in c in n ati
S tree t R y . sto ck , a n d th e n e t incom e fro m th e T ra c tio n B uilding. A re ­
o rg an izatio n of C in c in n ati C a r C o. w as c o n te m p lated .— V. 122, p . 2330;
V . 123, p . 844.
O F F IC E R S .-—P re s ., W . K esley Schoepf; V .-P. & T re a s ., H . L . Sanders;
V .-P ., T . H . Schoepf; Sec. & A u d ., E . C . B ernhold.

(T H E ) C IN C IN N A T I S T R E E T R AIL W A Y CO.
O R G A N IZ A T IO N .-—O rganized in O hio Ju n e 1880. In 1901 leased to
th e C in c in n ati T ra c tio n C o ., b u t th is lease w as te rm in a te d N ov. 1 1925
a n d d ire c t o p e ra tio n of th e sy stem w as resum ed b y th e C ine. S tree t R y . C o.
F o r te rm s of s ettlem e n t see V. 118, p . 1011. H av in g p u rc h a se d on N o v . 1
1925 a ll o f th e rig h ts o f th e C incinnati Traction Co. (th e form er lessee co.,
w hich w as ow ned b y Ohio Traction Co.), C in c in n ati S tree t R y . C o. pu rch ased
as o f A p ril 1 1926 a ll o f th e p ro p e rty o f The Cincinnati & H am ilton Traction
Co., th e lease o f w hich p ro p e rty it p u rch ased fro m th e Ohio T ra c tio n C o.
See fo r d escrip tio n o f th e ab o v e m e n tio n ed com panies w hich a re in process
o f dissolution, “ P ublic U tility C o m p en d iu m ’’ of O ct. 31 1925. F o r Ohio
T rac tio n Co. see also sep a ra te s ta te m e n t above. In O ct. 1925 th e issu­
an ce o f 85,000 shares of sto ck (par $50) was u n d e r p re p a ra tio n , to be
d eliv ered to th e C ine. T ra c . C o. as p a r t p a y m e n t in can cellation o f th e lease.
V . 121, p . 2037. In th e sam e m o n th $4,500,000 1st M . 6% notes w ere sold
(see h e re u n d e r), a p p ro x . $1,240,000 o f th e proceeds o f w hich w as to be p a id
to th e C ine. I r a c . C o. as p a r t o f th e s ettlem e n t, w hile $1,393,000 w ere
to b e used fo r p ay in g off th e b o n d s o f th e Ohio T rac tio n C o ., assum ed in
th e s ettlem e n t. V . 121, p . 838, 1460, 2037. C o m p a n y p a id $1,000,000
sto ck o f C incinnati S tree t R y . to C incinnati A H am ilton Traction Co.
(see V. 122, p . 1607) for th e la tte r co m p an y 's p ro p erties, w hich included
th e M illcreek V alley S tree t car lines from th e Zoo to L ockland a n d G len­
d ale, an d th e in te ru rb a n line from G lendale to H a m ilto n . T h e pref.
a n d com m on stock com m ittees of C incinnati & H am ilto n T rac . C o. ($1,100,000 com m on an d $1,100,000 pref. stock was o u tstan d in g ) recom m ended in
M arch 1926 a division of th is C incinnati S treet R y . C o. stock in th e ra tio
of 4 to 1, viz., $800,000 to go to pref. a n d $200,000 to com m on stock. Co.
th e re a fte r to b e liq u id a te d .
C incinnati & H a m ilto n Traction Co.-—On M a rc h 4 1926 stockholders
a p p ro v e d th e sale o f a ll o f th e p ro p e rties a n d rig h ts to C ine. S tree t R y . C o.
fo r 20,000 sh ares ($50) o f com m on sto ck o f la tte r co., to be d is trib u te d as
follows: (a) F o r each p re f. sh are C ine. & H am . T rac . C o. 1 5-11 shares
S tre e t R y . stock; (b) fo r each com m on sh are C ine. & H a m . T ra c . C o,
4-11 sh ares S tre e t R y . sto ck . D irecto rs also in te n d e d to p a y a fin a l div.
on p re f. a n d com . sto ck a fte r p a y m e n t o f a ll liq u id a tio n expenses. V . 122,
p . 2491.
Wage Increase effective J u ly 1 1926, see V. 123, p . 1381.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. ow ns a n d o p e ra te s th e e n tire s tre e t railw ay sy stem in C incin n ati.
I n A p ril 1926 w as re p o rte d to h a v e u n d e r p re p a ra tio n th e op e ra tio n of
8 m o to r b u s lines. See V. 122, p . 2491. In 1926 ab an d o n ed its G lendale
to H a m ilto n , O ., line, w hich it h a d acq u ired som e tim e b efore.— V. 123,
D- 1761.
Franchise.— In 1925 th e C ity of C incinnati gran ted th e co. a new 25-year
“ service-at-cost" franchise u n d e r th e te rm s of which fares are to be a u to ­
m atically from tim e to tim e a d ju sted to cover all operating expenses, taxes,
depreciation a n d fixed charges, a n d a 5% re tu rn on th e cap ital stock d u rin g
th e first 3 years, and th e re a fte r of 6% p e r an n u m . V. 121, p. 2155.
STO CK AN D B O ND S—
D ate. Interest. O utstanding. Last div. ,c%c.
Sto ck $25,000,000 $50_______
6 Q-J
$23,761,°50
See te x t
1st M gold n o tes $6,000,000/ 1925
6 g M -N
4,500.000 N ov 1 1928
($1,000 c; $5,000 & m u lti-jG u a ra n ty T ru s t Co. of N ew Y ork, tru ste e .
pies r __________________ t f [
E q u ip tru s t c tfs ___________________
_________ 1,064,300 __________
Stock.— U n d er th e new fran c h ise fro m th e c ity of C in c in n ati c o .’s c o m
sto ck is to e arn 5% on its p a r v a lu e fro m N o v . 1 1925 to N o v . 1 1928 a n d
th e re a fte r 6 % . V. 122, p . 249.
Bonds.— T h e 3-year 1st m tge. notes are secured b y a d ire c t 1st m tge. on
all th e co .’s physical p ro p e rty , su b ject only to certain e q u ipm ent tru s t
obligations on a b o u t 1-3 of th e c o .’s railw ay cars. R ed ., w hole or p a rt, on
30 d ay s' notice, on or before N o v . 1 1926, a t 10043 an d in t., on or before
N ov. 1 1927 a t 10034 a n d in t., and th e re a fte r a t p a r a n d in t. In te re s t
p ayable a t tru s te e ’s office a n d C itizen s’ N a tio n a l B an k & T r u s t C o. of C in­
cin n ati. In N ov. 1925 th e G u a ra n ty C o. of N . Y . a n d W . E . H u tto n &
Co. sold $4,500,000 a t 100 and in t. V. 121, p . 2155. •
D ividends.— T o an including A pril 1901, 5% p er an n um ; Ju ly 1 and
O ct. 1 1901 and J a n . 1 a n d A pril 1 1902, 1.3125% each; Ju ly 1 1902, O ct. 1
1902, J a n . 1 1903 a n d A pril 1 1903, 1.375% each; Ju ly 1 a nd O ct. 1 1903
a n d J a n . 1 a n d A pril 1 1904, each 1.4375% ; Ju ly 1904, 1 H % ; O ct. 1904,
1 43% . D ividends since have been a t th e ra te of 6% per an n u m u n til the
te rm in a tio n of th e lease on N ov. 1 1925. Since th e n divs. w ere p a id a t th e
ra te o f 5% p er an n u m . V. 121, p . 3003.
E A R N IN G S .— F o r calendar y ears 1924 an d 1925:
Jan. 1 to
Nov. 1 to
Total
Oct.31 1925. D sc.31 1925. Year 1925. Year 1924.
R ailw ay o p eratin g r e v . - $7,558,322 $1,242,269 $8,800,592 $9,326,095
R ailw ay o p eratin g e x p .. 4,469,590
847,858
5,317,448
5,895,147
N e t o p eratin g re v e n u e ..
T axes except fran c h . ta x .

3,088,732
625,291

394,411
123,369

3,483,144
748,660

3,430,948
849,833

G ross incom e________ $2,463,441
R e n ta ls ________________ 1,030,232

$271,042 $2,734,484
16,675 1,046,908

$2,581,115
1,234,937

B alan c e _____________ $1,433,209
In te re s t & sinking fu n d
on bonds & n o te s_____
585,305

$254,367

$1,346,178

$1,687,576

137

F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perates 183 m iles, extending from C leveland to Toledo a n d Sandusky, a nd
from Sandusky to N orw alk; also c ity lines in Sandusky; s ta n d a rd gauge; 70
to 100-lb. ra ils. T h ro u g h line from C leveland to T oledo w as opened for
business a b o u t A ug. 26 1902. In additio n owns th e Sandusky F re m o n t &
S o u th e rn . 20 m iles, an d th e L o rain S tre e t R R ., 21.27 m iles, m aking a to ta l
of 224.27 m iles. 99 passenger, 39 express a n d o th e r, 46 w ork a n d fre ig h t
cars; to ta l, 206.
On M a y 14 1923 th e stockholders a u th o riz e d th e c re atio n of $2,000,000
7% cum . p rio r p re f. sto ck to be sold fro m tim e to tim e to reduce flo atin g
d e b t, re tire b o n d s , a n d fo r im p ro v em e n ts, & c. T h e re d u c tio n of th e a u th o r­
ized a m o u n t of fir s t p re fe rred 6% sto ck fro m $1,500,000 to $1,000,000 was
also a p p ro v e d . V . 116, p . 2255. C om pare V . 116, p . 2129, 2007.
STO CK A N D B O ND S—
D ate.
Interest. O utstanding. M aturity.
C om m on $4,500,000 (p a r $ 1 0 0 ) ____
_______
$4,500,000 ...................
P rio r p re f $2,000,000 ($100)
7% c u m u la tiv e ___________ _____
See te x t
Q -J
1st p f $1,000,000($100)6% c u m ____
1,000,000
See te x t
Q -J
2d p f $2,000,000($100)5% n -c ______
2,000,000 N o d iv . y e t
F irst consol m tge $4,000,000/ 1903
_____________ ______
6 „ .J-J
_g _
1,600,000 J a n 1 1933
($1,000) go ld ________ c * .t f \ I n t . a t U nion T r u s t C o ., C leveland, tru s te e ,
l o r T r u s t C o. of A m erica, N ew Y o rk .
G eneral m o rtg ag e $7,000,000/ 1903 5 g - F A
2,255,000 F eb 1 1933
($1,000) gold------------ c * ,tf j l n t . a t U nion T r u s t C o ., C leveland, tru s te e ,
( o r co m p an y 's agency in N ew Y o rk .
L orain & C leveland fir s t g o ld / 1897 5 g J - J
750,000 J u ly 1 1927
($1,000) $1,000,000------- t f j l n t . a t C leveland T r u s t C o ., C leveland, or
( co m p a n y ’s agency in N ew Y o rk .
T F & N 1st M $1,500,000 g / 1900
6 g J-J
1,115,000 J a n 1 1933
g u a r ($500, $ l,0 0 0 )-_ c * .tf ( I n t. a t U nion T r u s t C o ., D e tro it, tru s te e .
C a r tr u s t certific a te s $176,000/ 1917 6 J - J
17,600 See te x t
/G u a rd ia n Savings & T r u s t C o ., C leve., tr u s .
Bonds.— O f th e $4,000,000 fir s t consols, $2,250,000 a re reserved to re tire
p rio r liens, $150,000 h av e been canceled; $4,000,000 of th e general m ortgage
5 p e r cents a re reserved to re tire th e firs t consols a n d $745,000 (of w hich
$428,000 have been c ertified b y th e tru s te e an d a re in tre a su ry ) fo r exten­
sions an d im provem ents a t 80% of c ost. N e ith e r issue is s u b jec t to call.
T h e f ir s t consols w ere originally 5s a n d m a tu re d J a n . 1 1923, b u t w ere
extended to J a n . 1 1933 a t 6 % .
T h e L . & C . bonds a re callable since J u ly 1 1917 a t p a r an d in te re s t.
T h e c a r tr u s t c ertific a te s of 1917 m a tu re $17,600 each J u ly 1.
L ie n .— T h e T . F . & N . bonds a re a fir s t lien on th e division betw een
Toledo a n d N orw alk; th e L . & C . bonds a re a firs t lien on th e ro a d betw een
C leveland a n d L o rain ; a n d th e fir s t c o n so l.b o n d s a fir s t lien on all o th e r
lines an d also a second m ortgage on th e divisions n o te d a bove. W ere
originally 5s b u t h av e been extended to J a n . 1 1933 a t 6 % . T h e extended
bonds are call, on a n y in t. d a te a t 100 a nd in t. V. 119, p . 3009.
D ividends.— In itia l d iv . on fir s t p re f., \M % . p a id O ct. 1 1910; sam e
a m o u n t q u a rte rly to an d including A p ril 1915. J u ly 1915 d ividend o m itte d
(V. 101, p . 47.) N o n e since.
E A R N IN G S .—-For calendar years
1925.
Passengers c arrie d _____ 5,730,729
G ross earn in - s __________ $2,523,040
O per. exp. & ta x e s_____ 2,068,013
In te re s t p a id __________
347,628
S u rp lu s--------------------$107,399
$92,939 $184,774
$188,134
Latest Earnings (of system ) for 7 m os. end. J u ly 30;
1925.
~
.
1926.
G ross earn in g s__________________________________$1,873,262
$1,852,849
N e t, a fte r ta x e s________________________ __ _
266,347
340,729
Fixed charges----------------------------------------------------253,103
255,770
B alance, su rp lu s.
$13,243
$84,959
O F F IC E R S .—-Pres., E . W . M oore, C leveland; V .-P ., C has. S. T h rash e r,
C leveland; V .-P ., S ec.-T reas., C has. C u rrie, S andusky, O hio.— V . 120,
p . 2683; V. 122, p . 213, 2040, 3082, 3210.
(1) L O R A I N S T R E E T R A I L R O A D C O .

O R G A N IZ A T IO N .— In c o rp . in Ohio on A ug. 3 1906 an d is a consolida­
tion of th e L orain S tre e t R y . an d th e A von B each & S o u th ern R R . E n tire
stock ow ned b y th e L ake Shore E lec tric R y .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A tro lley ro a d . O perates 21 .27 m iles of tra c k betw een E ly ria , L orain and
Beach P a rk . S ta n d a rd gauge. 23 c ars. O p erates on p riv a te right-of-w ay
except th re e m iles in L o rain an d E ly ria , on w hich franchises ru n u n til
M arch 1943.
STO CK A N D B O N D S—
D ate.
Interest. O utstanding. M aturity.
Stock $2,000,000 ($100)--------- -----------------$2,000,000 . . . ...............
L orain S t Ry 1st M $750,000/ 1899
5 g M -N
550,000 N ov 1 1949
gold ($1,000)------------ c * .t f l i n t , a t G u a ra n ty T r u s t C o ., N . Y ., tru s te e .
F irst consol m tg e $2,000,000/ 1900
5 g J-J
See te x t
J u ly 1 1936
gold g u a r ($1,000)------c * .tf <I n t. a t U nion T r u s t C o ., C leveland, tru s te e ,
[
( o r agency in N ew Y o rk .
Bonds.— Of th e $2,000,000 consolidated bonds, $750,000 a re reserv ed for
p rio r liens an d $750,000 fo r extensions, &c. T h e y a re g u a r,, p rin . a n d in t.,
by e ndorsem ent b y th e L ake Shore E lec tric R y .
E A R N IN G S .— F o r calen d ar years:
Gross In c . E xp . & Tax. N et E arns. In t. P aid.
Balance.
192 5 _______ $319,885
$291,072
$28,813
$42,139
def.$13,326
192 4 ----------- 286,458
260,424
26,034
51,162
def. 25,128
1923_______ 281,947
263,570
18,377
51,819
def. 33,441
1922----------- 223,311
204,124
19,187
53.146
def. 33.959
Passengers carried in 1925, 4,235,165; in 1924, 3,773,619.— V. 105,
p . 2543; V. 109, p . 2357.
(2) T H E S A N D U S K Y F R E M O N T & S O U T H E R N R Y .

LAKE S H O R E ELECTRIC RY.

O R G A N IZ A T IO N .— In c o rp . in O hio in A pril 1906. L ake Shore E lectric
R y . ow ns en tire sto ck . F or proposed sale of light a nd pow er business In
L ak e E rie Pow er & L ig h t Co. of S andusky, O hio, see V. 122, p . 213.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Is o p e ra te d as p a r t of m ain line of L ake Shore E lec tric R y . betw een Cleve­
land an d Toledo. O perates a line fro m S andusky to F re m o n t, 20 m iles.
14 c ars. P riv a te right-of-w ay.
ST O C K A N D B O N D S — D ate.
Interest. O utstanding. M aturity.
Stock $2,000.000-------------------— O w ned b y th e L ake Shore E lec tric R y .—
F irst m tge $2,000,000 g o ld / 1906
5 g J-J
$645,000 J u ly 11936
($1,000) g u a r------------c * .tf / I n t. a t U nion T r u s t C o ., C leveland, tru s te e ,
( o r a t agency in N ew Y ork.
Bonds.— A re g u a ra n te e d , prin c ip a l an d in te re s t, by endorsem ent, b y tn e
Lake Shore E lec tric R y .; n o t s u b jec t to call. See V . 83. p . 1099.
E A R N IN G S .—-For calen d ar years:
Gross
Expenses and
N et
Interest
Balance,
Incom e.
Taxes.
Earnings.
Paid.
D eficit.
1925______ ___ $167,919
$173,572 def.$5,653
$32,250
$37,903
1924
___ 119,975
113,779
6,196
32,250
26,054
1923 ____ ___ 114,797
108.156
6,641
32,250
25,609
1922______ ____111,692
98.779
12,912
32,250
19,337
1921
___ 120,034
107,736
12,298
32,250
19,951
— V. 83, p. 97, 1099; V. 122, p . 215.

O R G A N IZ A T IO N .— T h e L ak e Shore E lectric R y . w as in c o rp o ra te d on
S ep t. 25 1901 u n d e r law s o f Ohio as a consolidation o f th e L orain & Cleve­
lan d R y ., th e S andusky & In te ru r b a n R y ., th e S an d u sk y N orw alk & S outh­
ern R y ., a n d th e Toledo F re m o n t & N o rw alk R R . V . 73, p . 784. A b out
h alf th e ro a d is b u ilt on p riv a te rig h t o f w ay.
C o n tro ls th e L o rain S tre e t R R . an d th e San d u sk y F re m o n t & S outhern
R y ., w hich see below. Also co n tro ls th e P eople’s L ig h t & Pow er C o. and
th e Bellevue Illu m in atin g & Pow er C o. On A ug. 1 1918 p u rch ased 50% of
th e c ap ita l sto ck of th e Ohio S ta te P o w er C o. (T he o th e r 50% is ow ned by
th e A m erican G as & E lec. C o. o f N ew Y o rk ). In 1907 m ade c o n tra c t to
su p p ly pow er to th e Toledo F in d lay & F o sto ria an d sev eral o th e r ro ad s.
V. 85, p . 1646. In J a n . 1915 th e a rticles of in co rp o ratio n w ere am ended to
enable th e com pany to sell a n d d is trib u te electicity fo r lig h t, h e a t an d other
purposes in certain localities.
I n D ec. 1925 th e L ak e E rie Pow er & L ight Co. of San d u sk y, Ohio, applied
to Ohio P . U . Commission for a u th o rity to p u rch ase fro m L ake Shore Elec­
tric R y . th e lig h t a n d pow er business for $743,000, a n d also to acquire th e
lig h t a n d pow er business o f th e Sandusky F rem o n t & Southern R y . for
$165,000. V . 122, p . 213.

O R G A N IZ A T IO N .— In co rp . in Ohio a nd is a consolidation in D ec. 1902
of th e A lliance E lectric R y. and th e S tark E lectric R y. On N ov. 14 1925
control of th e c o m pany passed in to th e hands of E a s te rn c ap italists. See
new officers h e re u n d er. V. 121, p . 2523.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U 8 1 N E S S .—
A n electric ro a d . O perates a n electric railw ay from C an to n to Salem .
S ta n d a rd gauge. 67 a n d 70-lb. T . rails a n d 70 a n d 90-lb. girder ra ils.
Also does an electric lig h t an d pow er business in an d a b o u t A lliance, O hio.
Owns a m odern g enerating p la n t o f 8,500 k.w . located n ear A lliance. In
1925 discontinued service on th e railw ay lines in A lliance, O hio, a n d in ­
a u g u ra te d bus service to a ll p a rts of t h a t c ity . See “ E lectric R ailw av
J o u rn a l” of N o v . 14 1925.
Rates R educed— On D ec. 1 1925 co. reduced co m m u tatio n ra te s betw een
A lliance an d Sebring, O hio, fro m 10 to 54£c. a trip to m eet bus com petition.

58,941

644,246

683,357

$195,426

$1,043,329

$662,821

S u rp lu s______________
Deficiencies fro m 1924
allow ed to be earn ed
an d p a id ____________

$847,904
521,906

______

521,906

______

B alan ce_____________
Allow, for re tu rn on c a p .

$325,998
347,043

$195,426
188,652

$521,423
535,695

$662,821
416,000

B alan ce_____________
def21,045
D eficiencies in re tu rn on
cap. prior to J a n . 1 ’24
______
F ran c h . ta x d e fic ie n c y ._
______
Franchise ta x __________
296,989

6,774

defl4 ,272

246,821

______
______
______

______
______
296,989

428,108
89,000
356,000

B alan ce_____________ def$318,034
sur$6,774 def$311,261 def$626,287
O F F IC E R S .— P res., W a lte r A . D ra p e r; V .-P ., A . B enham ; Sec., J . W .
N icholson; T rea s., C . V. L ink; A sst. Sec., C aroline H ein; A sst. T rea s..
F . L . H alier; G en. M g r., J . B . S te w a rt, J r.—V . 121, p . 838, 1226, 1460,
2037, 2155, 3003; V . 122, p . 2327, 2491: V. 123, p . 1387, 1761.




S T A R K ELECTRIC RR.

PUBLIC UTILITIES

138

r STO C K A N D B O N D S —
Date.
Interest. O utstanding. M aturity.
S to ck . $ 1 ,5 0 0 ,0 0 0 C$100;.........................
QJ
$ 1 ,2 5 0 ,0 0 0
S ee text
1st m tg e * I .000 (100 g ($1000)1 1903
5 g J-J
7 3 0 .0 0 0 Jan 1 1 9 2 8
skg fund call a t 1 0 5 ____c t f li n t , a t U uion T ru st C o C lev ela n d .
180.500 ___________
N o t e s . ................................. .................. ..............................
Bands .— S in k in g fund 2% per ann $ 2 7 0 ,0 0 0 h ave b een retired
D ividends .— First d i v , % % . paid Ju ly 1908. H % paid guar to and Incl
J a n . 1916. In April 1916. 1 %; sa m e rate gu ar to and iucl Apr 1917. none
to O ct 1919. w hen a d iv . o f 1 % was paid
S am e rate has b een paid regu
larly q u arterly sin ce to and incl Ju ly 1922. O ct d iv p assed
In Jan
1923 1% w as paid: n one paid sin ce. In April 1910 also a sto ck d iv id en d of
26%
V . 90. p. 448. 700
In Jan . 1921 an extra d iv . o f Vi o f 1 % w as paid.
E A R N I N G S .— For calen dar years:

Gross.

19 2 5 --------- _____ $ 4 6 7,223
1 9 2 4 ............ _____ 4 9 2 .8 5 5
1 9 2 3 ........... ........... 5 7 1 .9 4 8
1 0 2 2 ............ ........... 542.541

A ri aft Depr.
$47,761
7 0 .8 8 8
1 0 5 .328
8 4 .0 2 2

F iled Chgs.

D ies.

O F F I C E R S .— P r e s., W m . E . D a v is. A lliance, O .; V .- P ., Howard
M orris, N ew Y ork, N . Y .: S e c .. O. K. Avers: and T r e s s ., E . W . S w e ezy .
b o t o hf A llia n c e, O hio — V . 121. p . 2523: V 122. p . 21 9 3 .

(THE) S U B U R B A N L IG H T & POW ER CO.
(O F OH IO ).
O R G A N IZ A T I O N .— In corp . in 1925 in O hio. O w ns all o f th e o u t­
stan d in g com m on stock (except d irectors' shares* nf th e Suburban Pow er On
and T h e G eneral L igh t & Pow er C o ., and n o t less than 60% o f th e o u t ­
sta n d in g com m on stock o f T h e S uburban P u b lic S ervice C o .
F I E l.I )

O tr O P E R A T I O N S

AND

C 't A R A 'T K R

O^

B U S IN E S S .—

C o m p a n y ’s op eratin g sub sid iaries ow n electric lis h t and pow er p rop erties
I n th e suburban d istricts surrounding such c itie s as Y oun gstow n C a n to n ,
M a r io n . N ew ark B u cy ru s. C o lu m b u s, Fii d a y . W arren, C am brid ge and
o th er co m m u n ities in th e north central and eastern parts o f th e S ta te o f
O h io, and fu rn ishes electric lig h t and pow er in over 85 tow n s and co m m u n i­
tie s , in clu d in g M ilton L ak e. M arlboro D resd en F razey sb u rg , U tica .
G am b ier. D a n v ille W ald o La R ue M t V ictory R id gew ay. R u sh sy lv a n ia .
Jen era, M t B lanchard Van Lue. D eerfield . M cC om b . P ayn e, and B loom ▼ille , C om pai y has in der con stru ction transm ission and d istrib u tion
lin e s w hich will serve ap p roxim ately 24 ad d ition al tow ns and co m m u n ities.
Inclu d in g P lea sa n t C itv , C um b erlan d. B elle V a lley . B u ffa lo , H o 'lo v a y .
F r e e p o r ta n d St. L o u isv ille. T o ta ' p op u lation served 130.000. C u stom ers,
8 .0 0 0 . O ver 700 m iles o f tran sm ission and d istrib u tion lin es. V . 121.
p . 2754.

8 T O C K A N D B O N D S—
Date.
Interest. Outstanding. M aturity.
C om m on 50.000 shs (no p a r ) . . ____
_________ 40.000 shs. __________
1st pref 7% cum $2 500 000 ............
7
$500 000 .....................
1 st p f 7% cum $2 5 0 0 .0 0 0 ($ I0 0 )___ 7 Q-M
$1,000 000 __________
2d peel' i u< cum $ 1 7 5 .0 0 0 .__ _____
7
/
175.000 __________
1st M sec g no b 's (closed) $ 1.-( 1925
6 g J-D
1.000.000 Dec 119 2 8
000.000 ($1 000 $ 5 0 0 ).c * tf (T he Seaboard N a t. B k .. N Y. C ity . T ru stee.
S ta c k — 1st pref. is preferred as to assets and cum . divs. over 2d pref.
and com . stocks. E n titled to $100 and divs. in liquidation p 'u s a p-em ium
o f $10 if liq u id atio n is v o lu n ta ry . R ed. whole or p a rt a t 110 a nd divs.
C o. m ay n o t. w ith o u t c o n sen t of holders o f 2-3 o f o u tsta n d in g 1st pref
stock. (1) au th o rize or issue an y prio r stock: (21 affect adversely by am end­
m e n t a n y o f th e 1s t p ref preference a n d o th er rights. C o. m ay n o t w ithout
co n sen t o f a t least m a jo rity o f o u tsta n d in g 1st pref. stock increase the
auth o rized a m o u n t of 1st pref. sto ck . E x cep t as above. 1st pref. has no
v o tin g rig h ts unless co. fails to p ay a n y q u a rte rly d iv . a n d a l' subsequent
accum ulated divs. U ntil said divs. a re p aid , each 1st pref. share has one
v o te . N o subscription rig h ts for a n y class o f stock. In O ct. 1926 Vou<rh t
& C o.. In c ., offered $500 000 a d d itio n al 1st pref. a t 95 and div s., to yie'd
7 .3 0 % . Each share carried a warrant for a period of 5 years, to purchase
en e com . sh are a t $35 before O ct. 1 1927: $37 50 bpfore O ct. 1 1928; $12 50
before O ct. 1 1929; $47 50 before O ct. 1 1930; $55 before O ct. 1 1931.
V . 123. p. 2142.
Bonds.— T h e ls l mtge. secured gold nates, dated Dec. 1 1925. are secured
by pledge of $1,250,000 1st m tge. 6% bonds, due D ec. 1 1950. and (or)
cash a t p a r. and all of th e o u tsta n d in g com m on stock (except directors'
shares) of T h e S u b u rb an Power C o. [The authorized am ount of a fo re
m entioned 1st m tge. 65? bonds of T h e Suburban Power Co is $10,000,000
th e y are secured by a d irect 1st m tge. tin all th e property of T he Suburban
Pow er C o. Only $1,125,000 have been issued anti additional b o n d ' may
only be issued for 755? of new co n stru ctio n . A c., and provided (except for
refu n d in g purposes) net earnings for 12 o u t of preceding 15 m onths have
been a t least tw ice an n u al bond in terest, incl. new issue.) Are rod., whole
or p a rt, on 30 d a y s' notice a t 102 9? and in t. for the 1st 6 m onths, and at
)4 % less d u rin g each succeeding 6 m onths to m a tu rity . C onn, and Penn.
4 m ills, M ary lan d 4 H mills and M ass. 6% tax refundable. In Dec. 1925
L ove. M acom ber A Co. and C harles D. R obbins & Co. offered $1,000,000
a t 99. to yield 6.3 0 % . V. 121. p 2754.
E A R N I N G S .— C om bined earnings for 12 m o n th s ended:

J u n e W 2 6 . S e p t. 30 ’25.

G ross (in cl. oth er in co m e )__________________________
N e t .................................. ...........................................................
A n n u al in terest 1st m tg e . sec. n o te s _______________

$810 261
4 0 2 .0 4 6
6 0 .0 0 0

E A R N I N G S .— F or ca len d a r years:

Gross.

$ 546 806
214 706
6 0 .0 0 0

A v a il, for d ep rec .. F e d . Inc. ta x ., a m o rt. & d iv s .
$ 3 4 2 ,0 4 6
$ 1 5 4 ,7 0 6
O F F I C E R S .— P res., R . M . M ead: V .-P ., F . C . D un b ar: V .-P . & A sst.
T re a s.. G . D . Finn ie; A ss t, to Pres. & S e c .. C . R. A rbaugh; T r e a s., R .
M . M e a d .— V . 121, p . 2754; V. 122, p . 4 8 3 . V. 123, 2 .4 2 .

Net.

Int..tax..<Ac. Pref. Divs.

Surplus.

1925 _______ . . $ 6 4 0 841
$ 1 4 2 ,7 4 6
$ 1 5 ,4 6 5
$ 1 8 2 ,6 7 6
$ 2 4 ,4 6 5
1924 ............... . . 674 026
158.419
5 4 .4 6 5
539
2 1 3 .4 2 3
1923 ............... . . 723 922
257 338
157 038
84 465
1 5.836
1922 ............... - - 7 1 6 .2 6 2
2 4 2 .2 7 2
17.792
140.015
8 4 .4 6 5
Paid passengers carried in 1925. 8 7 5 .1 6 9 , a g a in st 9 9 2 .1 7 2 in 1924 and
1 .1 3 4 .6 5 7 In 1923.
O F F I C E R S .— Pres. A M g r .. Frank A. D avis; V .-P A T r e a s.. E d w in RSharp; S e c .-A u d ., F . K . Y oung: S u p t., P. F . T h o m p so n . O ffices, C olu m ­
b u s, O h io .— V . 107, p . 83; V . 113. p . 850; V . 116, p . 2 2 5 8 , 2 7 6 8 , 2994:
V . 118. p. 2180.

C IN C IN N A T I H AM ILTON & D A Y T O N C O R P .

Balance.

............. d e f$ !3 973
.............
2 .9 1 5
.............
2 9 .666
3 7 .5 0 0 d e f .31.0 2 6

*61.734
67.973
75.662
7 7 .5 4 6

[ V ol . 123.

O R G A N IZ A T I O N .— Incorp . In D elaw are M a y 6 1926. O w n s th e en tire
ca p ita l stock (ex cep t d irecto rs’ q u a lify iu g shares) o f C incinnati H am ilton

< Dayton Ry. Co.
A

STO C K A N D B O N D S —
Date.
Interest. O utstanding. M atu rity.
C om m on (no p a r )............. .................................................... 2 0 500 sh s ___________
Prior d eb 6 % g ($ 1 ,0 0 0 . $ 5 0 0 ( 1926
6 J-J
$ 2 ,1 2 5 ,0 0 0 Jan 1 1 9 7 6
$ 1 0 0 . $50 c*>__________ . t f l l n t . a t W ilm in g to n T r . C o .. W ilm .. D e l., T r
A dj inc bds $875 0 0 0 ($ 1 .0 0 0 / 1926
6
8 7 5 .0 0 0 Jan 1 1 9 7 6
$ 5 0 0 . $ 500 $50 r ) ______ t f , In t. a t W ilm in g to n T r. C o .. W ilm in g to n T r,
Bonds. — C o u p o n s (o f th e prior debentures b ond s) m a tu rin g on or before
Ja n . I 1930 p a y a b le o n ly if and when their p a y m en t Is d eclared b y directors
at their d iscretion : and if not paid on or b efore J a n . 1 1930 shall on th a t
d a te b eco m e null and v o id . On th e 1st d a y o f J u 'y 1930 and sem i-a n n u a lly
th ereafter co Is to pay such in t (not ex ceed in g 6 % per an n u m ) a s d irectors
sh a ll in their d iscretio n d eterm in e and d ecla re. In t. on b ond s from O ct. I
t9 2 9 a t 6 % per a n n u m , sh a ll he c u m u la tiv e and c o . agrees, w h en ev er prin­
cipal o f b ond s co m es d u e to p ay all arrears o f in terest from O ct 1 1929 to
such d u e d a te , w hether declared b efore or n o t. C a ll, on a n y d a te a t 105
and in terest.
T h e adjustm ent income b ond s are n o n -c u m u la tiv e as to in te r e s t. I n te rest
is p a y a b le o n ly from su rp lu s as d efin ed in th e in com e a g reem en t. In te rest
on prior d e b en t. g. b o n d s tak es preced en ce. C a ll, a t 105 and in t.
A'ole.— Prior d eb en tu re bond s, a d ju stm en t in com e b ond s an d co m m o n
sto ck were d istrib u ted to holders o f ce rtific a tes o f d ep o sit o f S o uth ern
O hio T raction C o. 1st co n so l. 5% b ond s and C in cin n ati A H am ilton E lectric
S treet R.v. C o. 1st m tge. 6 % bond s, and to an u nd erw ritin g s y n d ic a te ,
w hich p articip ated in th e reorgan ization o f th e railw ay p ro p erty o f C in cin ­
nati A D a y to n T ra ctio n C o ., all as p rovid ed in a p'an o f reorgan ization
d ated O ct. 1 1925. Said p'an co n tem p la ted th a t no interest should be paid
on th e said d eb en tu re b ond s and a d ju stm e n t in com e b ond s u n til 3 years
after the acquisition o f the railway property o f C in cin n a ti A D a y to n T ra ctio n
C o. by th e C in cin n a ti H a m ilto n A D a y to n R ailw ay C o .
O F F I C E R S .— Ih-es., T h o m a s C o n w a y . Jr.: V .- P .. W . L. B u tler: S ec. A
T re a s.. A . E . Pfahler. General o ffic es. D u P on t B u ild in g , W i m in g to n , D e l.

C

I N

C

I N

N

A

T

I

H

A

M

I L

T O

N

&

D

A

Control.— C in cin n a ti H a m ilto n A D a y to n C orp . ow n s th e en tir e ca p ita l
sto ck ex c ep t d irecto rs’ shares.
O RG A N I Z A T IO N .— Incorp. M arch 24 1926 in O hio. On A pril 8 1926
acquired and now o w ns th e ra ilw a y p ro p erty o f C in cin n a ti A D a y t o n
T ra ctio n C o ., sold a t foreclosu re M arch 8 1926 (for h isto ry o f la tter c o . see
P u b lic U tility C o m p en d iu m ” o f M a y 1 1 9 2 6 ). For plan or reorgan ization
old c o .. see V . 122. p. 4 7 9 , 698.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S I N E S S .—
C o m p a n y o w n s and o p era tes an electrica lly op erated ra ilw a y a p p ro x . 54
m ie s in length w ith o v er 86 m iles o f track serv in g and co n n ectin g C in cin ­
n a ti. C o lleg e H ill. M o u n t H e a lth y , H a m ilto n . T ren to n . M id d leto w n ,
Frank lin. M ia m isb u rg , W est C arrollton an d D a y to n , to g eth er w ith local
c ity ’in es in H a m ilto n all in O hio. P op u 'a tio n d ire ct'y serv ed , a ccord in g
to C en su s 1929, approx 630 0 0 0 , in cl. C in cin n a ti and sub u rb s. 2 3 m iles
o f c ity tra ck s. 63 m iles on p riv a te rig h t-o f-w a y , ow ned in fee or acq u ired
b y fran ch ise or ea sem en ts a lo n g th e h ig h w a y . 41 passen ger co a c h e s. 3
m otor freig h t cars. 9 freig h t b o x cars. 5 freig h t f la t cars and 9 m iscella n eo u s
u ti it.v cars. C o . o w n s a steam electric g en era tin g sta tio n a t H a m ilto n o f
5 .2 5 0 k .v .a ., to g eth er w ith a 3 3 ,0 0 0 -v o lt high ten sion tra n sm issio n lin e
co n n ectin g th e pow er p la n t w ith th e v a rio u s s u b -sta tio n s. An ex ten sio n
program o f a d d itio n s and b etterm e n ts w as u nd ertaken upon a cq u isitio n o f
th e p ro p erty . 2 6 new p assen ger co a ch es a n d 15 new freig h t box ca rs w ere
p urch ased. A c .. A c.
STO C K A N D BO N D S—
Date. Interest. O utstanding. M a tu rity .
C om m on 6 0 .0 0 0 sh s (no p a r ) .. ...................... .............. 60 0 )3 sh s ___________
D a y to n T raction C o 1st gold I 1896
6 J-J
$ 2 5 0 ,0 0 0 Jan 1 1931
($1 000 c * ) ............... ......... n t f |I n t . a t Girard T ru st C o . P n i'a d e lp h ia . P a.
C in Ham A D a y R y C o . H am
1926
6 J-J
2 0 9 0 0 9 Jan 1 1 9 3 1
C ity L ines 1st M 6s g $200
In t. a t G irard T ru st C o ., P h ila d e lp h ia , P a .
0 0 0 ($ 1 ,0 0 0 , $ 5 0 0 , $100 I
$ 5 0 $25 c * ) ____________ t f l
C in H am A D a y R y C o 1st A f 1926,
« g J-J
8 5 0 .0 0 0 Ja n 1 1941
ref ser A 6 % g ($ 1 .0 0 0 $ 500 J ln t. a t W ilm in g to n T r. C o .. W ilm in g ., T r.
$ 5 0 0 . $100 c * ) . ................. , t f (
Car tru st ctfs series o f 1 9 2 2 ___ 1922
7 mo
2 1 .6 9 9 S ee te x t
Bonds. — T h e Dayton Traction .st mtge. bonds w ere ex ten d ed a t 6 s (origin ­
a lly 5 s). C a ll, w hole or p art a t par.
A dd ition al 1st <■ ref. b ond s o f a n y series m ay be issued from tim e to
<
tim e for refunding D a y to n T raction C o . 1st m tg e. b ond s or C in e. H a m . A
D a y to n R y . . s t m tg e. bond s. A dd ition al b o n d s m ay he issued for 75%
o f p erm an en t im p ro v em en ts. A c ., w hen n et earnings for 12 co n se c u tiv e o f
14 preceding calen dar m o n th s h a v e been a t le a st tw ice in ter est on all b o n d s
o u tsta n d in g . Incl. proposed issu e. $1 .0 0 0 .0 0 0 Is sp e cifica lly reserved for
issu a n ce su b ject to certain lim ita tio n s and p rovid ed n et in com e is a t lea st
1 ) i tim es annual in terest. Series A 6 s g o ld , d a ted J a n . 2 1926, are re d .
w h o 'e or p art a t par and in ter est.
T h e 7% car trust certificates are d u e $ 1 ,2 7 5 80 on th e 15th d a y o f each
m o n th .
O F F I C E R S .— P r e s ., T h o m a s C o n w a y , Jr.: V .- P ., W illia m L . B u tler;
V .- P . A G en . M g r .. J . H . M cC lure; S e c ., A . E . Pfahler; T r e a s., W illia m D .
G o rd o n . G eneral o ffic e. D a y to n . Ohio

S C IO T O VALLEY RY. & POWER CO.
O R G A N IZ A T I O N .— Incorp. in O hio w ith a perpetual ch arter In 1904.
W as form erly know n as th e S cioto V alley T raction C o ., b ut n am e was
ch anged to p resen t title Ju ne 8 1923. V 116. p. 2768. B u ilt on p rivate
rig h t-o f-w a y . In 1916 acquired en tire stock o f th e C olu m bu s D ep o t C o.
V . 102 p. 1626. Franchises exten d b eyon d m atu rity o f 1st m tg e. bond s.
L ea ses O hio S outh ern ln teru rb an A T erm . D ep ot C o. p rop erty for 99 years.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O perates 77 9 m iles o f track from C olu m b u s to L ancaster and from C olu m ­
bus to C h illico th e. Is op erated by third-rail sy ste m . Standard gauge.
7 0-lb . T rail. W ith in c ity lim its o f C olu m bu s com p an y op erates over
track s o f C o lu m b u s R y .. P o w . A L igh t C o. under op erating ag reem en t.
F or 99-year c o n tra ct co n clu d ed b etw een co . and C olu m b u s R y ., Pow . &
L t. C o ., w nerebv S cioto C o. agree® to b u y all its energy from C o lu m b u s
R y .. P o w . & L t. C o . acq u ires ex c lu siv e rig h ts to haul C ol. R y . fu e l, A c ., & c.
STO C K A N D B O N D S —
Date.
Interest. Outstanding. M aturity.
C om m on $ 1 .8 0 0 .0 0 0 ($ 1 0 0 )_________
________
$ 1 ,8 0 0 ,0 0 0
See tex t
1s t pref $ 5 0 0 ,0 0 0 5% c u m ____ ______
Q-J
489 .3 0 0 J u ly '2 6 . 1 K
P r e fS l ,2 0 0 .000 5% cum ( $ 1 0 0 ) ____
Q-J
1 .2 0 0 ,0 0 0 J u ly ’2 4 , 1 H
20-year 1st m ortgage $ 2 .5 0 0 .- f 1923
6 g J -D
1 ,3 8 8 .0 0 0 J u n e 1 1943
000 ($500 and $ 1 ,0 0 0 ) s in k -{ I n t. a t H u n tin g to n N a t. B an k , C o lu m b u s,
ln g fund g ____________ c * tf l tru stee, or a t First N a t. B a n k , N . Y .

Bonds — R em ain in g 1st m tg e. b o n d s m a y be issued for 75% o f th e cash
co s t o f a d d itio n s and cap ital im p ts. under certain restriction s. A n annual
Sinking fu n d com m en cin g N o v . 15 1925 and su fficien t to retire $ 4 0 0 ,0 0 0
b ond s b etw een 1925 and 1942 is p rovid ed for. T h e sin k in g fund will be
used to p urch ase b ond s in th e m ark et up to and in cl. 102. If u nob tainab le
a t th is figure bonds w ill be called by lo t a t 102. A sin k in g fund o f 1)$%
w ill be ap plied tow ard s an y ad d ition al bonds issued in accord ance w ith the
p ro v isio n s o f th e m tg e . A re c a ll., all or in p a r t, on an y in t. d a te on 30 d a y s
n o tice a t 105 or by lo t for sin k in g fund purposes a t 102. P e n n a . and C onn.
4-m ill tax refu n d ed . Y. 116. p. 2994.
D ividends. — D iv id en d s on old issue o f p ref. stock w ere to accru e from
O ct. 1 1905, b u t a m o u n ts d u e Jan . 1 1906 and April 1 1906 were relin q uish ed
b v shareh old ers, and first, d iv . (I >4%) was paid Ju ly 1906 and 1
Oct.
1906 (V . 82, p . 1440); In 1907 and sin ce. 5% per an nu m . On O ct. 15 1918
and again on A pr. 15 1919 d iv s . o f 1 % (p a y a b le In U . S . L ib erty L o a n 4)4 %
b ond s) were p aid on th e com m on s to ck .




FORT W AYNE VAN W ERT & LIMA T R A C T IO N CO.

Receivership —In J a n . 1921 H enry C . P au l w as a p p o in ted a n cilla ry
receiv er for th e co m p a n y . S pecial m a ster T h o m a s J . L ogan w as to sell
th e en tire p ro p erty o f c o . a t p u b lic a u ctio n on O ct. 27 1926; u p se t p rice,
$ 1 5 0 ,0 0 0 . V . 123. p . 1875.
O R G A N IZ A T I O N .— Ou M ar. 1 1906 w as lea sed , u ntil ex p ira tio n o f fran ­
ch ises and renew als th ereo f, to Lim a A T o le d o T ra c . C o ., w hich g u a ra n teed
the in i V 82 o . 6 9 1 . L ea se w as assig n ed to O hio K lee. R y A u g . 31 1 9 0 7 .
In 1916 a new lea se w a s en tered in to (see '‘E lectric R y ." S u p p . o f A p r . 30
1921 for d e t a ils ) . b u t on A u g . 5 1921 lease was a b rogated b y o rd er o f F ed eral
C ourt and p rop erty h as sin ce been op era ted s e p a r a te ly . V . 1 1 3 , p . 8 4 8 .
T h e O hio E lec. R y . C o . ow n s all th e com m on sto c k . In c o rp o ra ted in
Indiana and O h io. R oad is e n tir ely on p riv a te rig h t-o f-w a y e x c e p t in
tow ns w here it h as 25 or 5 9 -y ea r fran ch ises
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S I N E S S .—
A trolley road . 6 1 .6 3 m iles o f electric track from F t . W a y n e v ia N ew
H aven . M on ro ev ille. C o n v o y , Van W ert, M id d le p o in t. D elp h o s a n d E lid a
to L im a. C om m en ced co m p le te op era tio n N o v . 15 1905. C o n n ec ts a t
F t W ayn e w ith th e Indiana S erv ice C orp . aDd a t Lim a w ith th e L im a A
T o led o R E ., th e W estern O hio R y . and the Ind iana C o lu m b u s A E a stern
T rac. C o ., and form s part o f through line from F t. W a y n e to T o le d o ,
D a y to n and C o lu m b u s. S tandard g a u g e. 7 0 -lb . T rails.
Interest in D efault.— T h e co . h a v in g failed to p a y th e in t. d u e J a n . 1 1920
on its 1st M . 5s (su b seq u en t in t. a lso in d e fa u lt), th e fo llo w in g c o m m itte e
w as form ed and has called for d ep o sits:
Committee for 1st M . 5 s . — C h a irm a n , J . C . N eff: T h o m a s J . W a lsh , A . O .
R obinson ; T . H . A th erto n , S ecreta ry . 325 C h e stn u t S t ., P h ila d e lp h ia .
D ep o sita ries: F id e lity T ru st C o ., P h ila d e lp h ia , a n d P e o p le s S a v s. A
T ru st C o ., P ittsb u rg h , P a .
Reorganization Plan June, 1 1 9 2 6 .— T h is p lan w as a p p ro v ed a n d a d o p te d
b y th e p ro tectiv e c o m m itte e and p rop oses to fo reclo se th e m o rtg a g e and
h a v e th e c o m m itte e bid for all or a n y part o f th e p ro p erties, w hich th ere­
a fter are to be turned over to a new co m p a n y a g a in st p a y m en t o f $ 4 4 1 ,0 0 0
o f its general m o rtg a g e b ond s a n d all its co m m o n s to c k .
C apitalization o f A'ew C om pany.—-

C o m m o n sto ck 1 0 ,2 9 0 shares (w ith or w ith o u t par v a lu e a s c o m m itte e
d eem s a d v is a b le ).
<
1st m tg e . b o n d s $ 1 0 0 ,0 0 0 , m a tu rin g 15 y ea rs fro m d a te a n d b earing 6 % in t.
5% g en . m tg e . b ond s (su b ject o n ly to $ 1 0 0 ,0 0 0 1st m tg e . b o n d s), m a tu rin g
3 0 y ea rs fro m d a te . R ed . a t 1 0 5 .

Y

T O

N

R

O c t ., 1020.]

POWER, LIGHT AND RAILWAY

H o ld ers of certificates of deposit for 1st m tge. bonds o f 1005 a re to receive
un d er th e plan for each $1,000 held $300 principal a m o u n t of se n . m tge.
bonds of th e new c m . and voting tru st certificates re p re sen ta tiv e of 7 shares
o f com m on stuck of new co. (a voting tru s t for 5 years is proposed under
th e p lan t.
T h e $100,000 1st m tge. bonds o f th e new co. a re to be sold by it and pro­
ceeds applied to th e paym ent of its obligations to th e c o m m ittee, and other­
wise. and for working cap ital
T h e num ber of shares o f com m on stock m ay be increased or decreased to
such am ount as co m m ittee deem s ad v isab le, but in such case th e am ount of
stock d istrib u ta b le to bondholders shall be increased or decreased pro­
p o rtio n ally . See for full p a rtic u la rs V. 122. p. 3201.
R eorganization had not been effected up to th e tim e o f going to press.
STO CK A N I) M ONOS— Dale
Interest. O utstanding. \ta lu iily .
C om m on $500,000 * 1 0 0 ) ............................................
$500 000 .....................
P ref $500,000 ,V'4 n -c ($100) . . . ............................
500.000
..............
First mtge $2,000,000 g o ld / 1005
5 eJJ
1.470.000 .Inly 11030
g u a ra n te ed ($1 .000) . . c * I n t . a t Fidelity T ru st C o .. P h ila.. tru s te e .
Bunds.—t)f th e $2.000.OOO bonds. $530,000 a re reserved for extensions
and Im p ro v em en ts V. X2. p. 401. Are not subject to call
E A R N IN G S .— For y ear 1025 were s ta te d as: R y. o p eratin g revenues.
$428,085, ry . o p eratin g expenses. $430.9214: n et a fte r taxes and incl. o th er
Incom e, d ef $13,810. in te re st a n d m iscellaneous charges. $78,251. e x trao r­
d in a ry expenses. $15,012
N et deficit $107,079
For y ear 1924_gross
am o u n ted to $431.011. d eficit a fte r in te re st and d ep reciatio n, $71.987.
Latest Earnings. — For 8 unis. end. Aug. 31 1926. My o p erating revenues.
$292,846. ry. o p eratin g expenses. $269,542; ry o p eratin g revenues, n e t.
$23,304: bus revenue, n e t. d e f., $13,211: gross incom e, a fte r taxes, b u t
incl non-operating incom e, d e f.. $1,739: in te re st, & c.. $50,412: ex trao r­
d in ary expenses, $1,814; net d eficit. $53,965O F F IC E R S . — en. M g r., R obert M . Feuster; A u d itor, E dw ard F .
O
E ick s.— V. 110, p. 164; V. 112. p. 469. 2190; V. 113, p . 848: V. 122, p.
3209; V. 123, p . 1875.

IN D IANA C OLU M BU S & E A S T E R N T R A C T I O N CO.
Receivership.— In J a n . 1921 J . H arvey M cC lu re was a p p ointed receiver
for th e com pany.
W as leased to th e Ohio Electric R y. Aug. 31 1907 and th a t com pany
g u aran teed in terest on bonds and 5% <livs. on pref. stock (the dividend due
D ec. 31 1915 and subsequent un p aid ), b u t on Aug. 5 1921 lease was ab ro ­
g ated and p ro p erty has since b een o p erated sep arately . See V. 113
p. 848. for d etails.
O R G A N IZ A T IO N .— Incorp in Ohio on April 14 1908 and has acquired
th e D ay to n Springfield & ITrbana Elec. R y ., th e C olum bus Condon &
Springfield R y., th e C olum bus G rove C ity & S outhw estern R y.. the
U rb an a B ellefontaine & N o rth ern R y., th e Springfield A. W estern R y.. the
D a y to n & N o rth ern T ractio n Co and about 12 miles of the D ayton &
M uncie T rac tio n C o ., extending from G reenville to Union C ity on the
Indiana-O hio S ta te line. H as also acquired the C olum bus & Lake M ichigan
R R ., a steam road o p eratin g betw een Lima and D efiance, which has been
co n v erted into electricity . E n tire com m on stock owned by Ohio Elec. R y.
Sale of Lim a-D efia ce Bra ch.—T h e Litna-Deflain-e branch was sold on
J a n . 31 1923 to C G T ay lo r. N orw alk. O . a t th e u p set (trice of $125,000.
(S aleco n firm ed in M ay 1923— V 116. p 2388.) T h e Lima & D efiance RR
has been form ed to tak e over th e line and proposes to issue $175,000 1st
m tge. bonds and $75,000 pref s to c k . C ontrol .passed to the new co. on
Ju n e 1 1923. V. 117 p 86
George Bayly has been elected Pres, of th e
new co m p an y . V 116. p 934 1111. 1760. 2388.
Leased th e C olum bus N ewark & Zanesville Elec. R y ., which com pany
had previousl. absorbed th e C olum bus B uckeye Lake & N ew ark T raction
Co. and th e Zanesville R y .. Light & Power C o., h u t th is lease was assigned
to th e Ohio Elec. R y. Aug 31 1907 and was ab ro g ated by o rder of Federal
C o u rt in Aug. 1921. V 113. p 848.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— A
trolley road. Colurn us to O rient. C olum bus through Springfield to
D ay to n . D ay to n to Union C ity ; Springfield to Lim a, th rough Lima to
D efiance. O. T o tal miles o f tra c k (electric) ow ned. 217.2. s ta n d a rd gauge.
18 su b -statio n s. 136 cars.
L ine from Union C ity to D a y to n . O ., ab an d o n ed . V. 121. p. 1348.
Interest in D efault.— In te re st due N o v . 1 1919 and su b sequent Interest
on th e co m p an y 's gen. & ref. m tge. 5s is in d e fa u lt. T h ey were d ue M ay 1
1926 but not paid off.
Sale o f Collateral.— I t was announced in Ju ly 1924 th a t th e $1 000.000
C olum bus London & Springfield 20-year 5% bonds pledged its security for
th e gen & ref. m tge. 5s of th e In d . Col. & E a st. T rac . C o were to be
sold a t public auction on Aug. 11 1924. V. 119. p .3 2 4 . C om pare V. 118.
p . 1520
In t. being in d e fa u lt on th e D ayton Springfield & U rbana E. R y. 1st
m tge. 5s. th e following p ro tectiv e co m m ittee was formed and h is called for
deposits.
(C oupons due N ov. 1 1921 were paid O ct. 1 1922. V. 115
p. 1532. M ay 1 1922 coupons were paid with Int. in Jan 1923. V. 116
p. 515. N ov. 1 1922 coupons were paid with in t. on M iy 1 1923. V 116.
p. 1893. M ay 1 1923 coupons were paid with in t. on N ov. 1 1923. V. 1 17.
p. 1992. N ov. 1 1923 con pons were paid with in t. on M ay 1 1924. V. 118
p .2 1 7 9 . M ay 1 1924 colum ns were paid with in t. on Ju n e I 4 1924. V .118.
p. 2948. N o v . 1 1924 coupons were paid with in t. on D ec. 31 1924. V. 120.
p. 86.
Committee for Dayton Spring. A Urh 1st Mtge. 5s.— C h airm an . V alentine
W inters; W m. R. C rav en , C has. W . Slagle. R ichard S. W ilcock. John C
H as well a n d C ostello C . C onverse. D epositary: New York T ru s t C o..
N . Y . V I 13. p. 2720.
Committee for In d . Col. A East. Gen. A Ref. M tge. 5s.— C h airm an, C . S. W .
P ack ard ; W m . P. G est. Sidney F. T y ler, C has. S. P a tto n , R. B. Young.
D e p o sitary , P en n a. Co. for In s. on Lives & O r. A nnuities. P h ila., P a.
D eposit ag reem en t am en d ed . See V. 114, p. 1407.
T h e $500,000 Col. Lon. & Spg. 1st M . 5s, due O ct. 1 1920. had n o t yet
been tak en up as of O ct. 1 1923. In t. now accrues on this issue a t 6 % .
Committee for Columbus London A Springfield Ry. 1st mtge. 5% 20-yr. g.
bonds, due Oct. 1 1920.— C h airm a n , Lowell M ason; F . X . Q uinn, D r.
M au rice K o rsh et. C ounsel, R abenold & Scriber. D e p o sita ry , N ew Y ork
T r u s t C o ., 100 B ro ad w ay , N . Y . C ity .— V. 121, p . 2402.
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
Com m on $3,025,000 ($100).............. ........................
$3,025,000 ---------------Preferred $1,000,000 ($100)________
5%
1,000.000
See te x t
G en and ref m tge (see te x t)l 1906
5 gM-N
6.650,000 M ay 1 1926
gold ($1,000) ............ c * tf if n t. a tP a .C o .fo r Lns.on L .& G .A .,P hila.,T rus
A-O
500.000 O ct 1 1920
Col Lon & Spg 1st m tg e $1.-1 1900
T ru s t C o ., N ew Y ork, T rustee.
500.000 gold ($1.000) c * n tf J In t. a t N .
750.000 N ov 1 1928
D ay Spg & U rb 1st m tg e t 1898
5 g M -N
$750,000 gold ($ 1 .0 0 0 ).n t f / I n t e r e s t a t N . Y . T r u s t C o .. N . Y ., T ru stee
200.000
R eceiver's certific a te s.
Bonds.— T h e gen. a n d ref. m tg e. was originally for $12,000,000 b u t a u th
a m o u n t has been reduced to $10,000,000. Of th e rem aining bonds $250,000 are treas. bonds deposited w ith tru ste e and a re availaole for extens. &
im p ts. w hen n e t earns, are equal to 1 V tim es In t. charges on bonds ou t
4
a n d to be issued; $1,250,000 a re held to retire th e u n derlying liens given
in tab le above. T h e rem aining $2,100,000 are reserved for fu tu re b e tte r­
m en ts. im provem ents and extensions, and can only be issued as follows:
$1,100,000 when net incom e is equal to 1 H tim es in t. charges on all bonds.
Including those to be issued, and $1.000.000 when n e t is equal to tw ice in t.
charges, incl. in t. on bonds to be issued. Are fu rth e r secured by pledge of
$1,000,000 Col. Lon. & Spg. 1st m tge. 5s. (See above under "Sale of
C o lla teral.” ) T hey were su b jec t to call in w hole, b u t n o t in p a rt, a t 105
and in t. T h ey were due M ay 1 1926 b u t n o t p aid off. See also above
‘‘In te re s t in d e fa u lt.”
" 'h e general and refu n d in g m o rtg ag e bonds w ere liste d on th e Philadelohla Stock Exchange in F e b ru a ry 1907 V . 84, p . 339. See description
of b o nds, p ro p e rty . &c.. in V 83, p .3 7 .
„
„ .
___
T h e C olum bus London & Springfield bonds m ay be called a t 110 and in t.
$1 000.000 are pledged u n d er th e In d . Col. & E a s t. gen. & ref. m tge. 5s
(see above under “ Sale of C o lla te ra l" ). A sink, fu n d on these bonds of
5% o f gross earnings began w ith year ended S ep t. 20 1906. See V. 71,
V .9 6 3 . $240,000 in sin k . fu n d , leaving $260,000 in h a n d s of th e public.
1 2 1 .p. 2402.
T h e D ay to n Springfield & U rb an a bon d s are s u b jec t to call a t 110 and
in t. A sin k, fu n d of 5% of gross earnings began in 1903. $229,000 in
sink, fu n d A pr. 1 1925. In te re s t due M a y 1 1925 was paid Ju n e 1 1925
w ith 12c. com pound in te re st. V. 120. p . 2815. T h e N o v . 1 1925 coupons,
to g e th e r w ith 6% in terest th ereo n , viz., 25c. p er coupon, were p a id on
D ec. 31 1925. V. 122, p. 94. T h e M ay 1 1926 coupons were p aid J u ly 30
1926 w ith 6% In te re st, v iz .. 38c. p er coupon. V . 123, p . 681.




139

E A R N IN G S .— F o r calen d ar years:
1924
1923
1922
G ross e arn in g s................... $1.397.226 $1,564,827 $1.572.352
O per. expenses & ta x e s .. 1.285.793
1.416.057 1.456,250

1921
$1.699.'l70
1.617,858

N e t e arn in g s.................
O ther incom e.....................

$111,433
11.347

$148,770
7.889

$116,102
4.578

T o tal in c o m e ...............
Bond in te re s t.....................
O th e r in te r e s t..................
O ther d e d u ctio n s______

$122,780
128.385
14.000
8.325

$156,659
129.473
14.000
5.986

$120,680
131.826
10.208
5.464

$81,312
3.422
$84,734
128,252
........
3.138

D eficit ............................
$27,930
sur»7,200
$26,818
$46,656
O F F IC E R S .— R eceiver, J . H . M cC lure; P res., Jo h n E. Zlm m erm tno ,
V .-P. John S. Bleecker: Sec. and T re a s., F . A. H ealy. T h e road is now
operated by D ay & Z im m erm ann.— V. 121, p . 1348, 2402: V. 122, p . 94;
V . 123, p .5 8 1 .

(THE) O H IO E L E C T R I C P O W E R CO.
Controll b y N ational Elec. Pow. Co.
A Eng. Corp. o f N . Y .

M an a g e m e n t o f

Electric M fft.

O R G A N IZ A T I O N .— In co rp . in O h io , A u g . 12 1 9 2 4 . A cq uired b y pur­
ch a se th e prop erties o f th e R av en n a G a s and E lectric L ig h t C o . and th e
O berlin G as & E lectric C o ., and on O c t. 1 1925 th e p rop erty o f th e O hio
E le ctric S erv ice C o . and in 1926 acquired th e p ro p erty o f th e M ia m i V alley
E le ctric C o . and th e U nion C ity (O h io) E le c tr ic C o . an d th e co m m o n sto ck
o f th e U nion C ity (I u d .) E le c tr ic C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o n d u cts th e en tir e electric lig h t and pow er b u sin ess in R a v en n a , O berlin
and S id n ey , O hio, and v ic i.,it y , and serv es a p ortion o f th e electric lig h t and
pow er con su m ers In N o rw a lk , O h io. A lso serv es O berlin w ith g a s. Popu­
la tio n serv ed , 4 9 .0 0 0 . O w ns 191 m iles tra n sm issio n lin es, 15.1 m iles gas
m a in s. C ustom ers: 1 1 ,3 1 5 e le c tr ic , 1 ,2 1 8 g a s , aud 1,351 s treet lig h ts.
STO C K A N D B O N D S —
D ate.
Interest. O utstanding. M aturity.
C om m on (no p a r ) . . ______ ___ ______
_________
2 0 .0 0 0 sh s .................. ..
7% ‘‘um p ref $ 1 ,0 0 0 .0 0 0 ( $ 1 0 0 ) ____
7 q uar
$ 4 ,i7 ,5 0 0 ............................
F irst m tg e 6*4 series A $ 7 5 0 .- / 1924
6 ^ J -J
9 4 9 .0 0 0 J u ly 1 1944
0 0 0 i$ 1 .0 0 0 )_____________c* \S e a b o a r d N a t . B a n k o f N . Y ., tr u ste e .
6 % series B ..................
6
6 4 7 .0 0 0
1944
6
2 2 3 ,3 0 0 Ja n
1 1945
S id n ey E l C o 1st m t g e _________
S id n ey E l C o 1st M 6 s d u e 1935 ____
6
1 2 4 ,5 0 0 J a n
11935

Stock.— P ref. stock is callable a t $110 an d d lv . on 30 d a y s' no tice. Has
v o ting powei except when 4 q u a rte rly dividends a re in a rre a rs.
Bonds.— T h e 1st mtge. oonds a re secured by 1st m tge on e n tire p ro p e rty .
Sinking Fund: 1 % an n u ally of g re a te st a m o u n t o u tsta n d in g d u rin g preceding
ear for 5 years beginning Ju ly I 1925; 1 1$ % a nnually for 5 years from
uly 1 1930; 2% an n u ally for 5 years from J u ly 1 1935; a n d 2 V i% a n n u ally
from Ju ly 1 1910 to m a tu rity .
E A R N IN G S .— C onsolidated earn in g s, including earnings o f pro p erties
a cq u ire d , for 12 m o n th s ended;
A u g . 31 ‘26. Dec. 31 ’25. Dec. 31 '24.
G ross_________
$945,270
$854,143
$652,285
N e t a fte r taxes.
259,236
236.507
209,687
O F F IC E R S .— P re s ., A lb e rt E m an u el; V .-P ., V ictor E m an u el and E . A.
Shriller; T re a s., C . B . Zeigler; Sec., L . B. F a u v e r.— V. 121, p . 331; V. 122,
p . 2497, 1763.
do

5

(THE) S O U T H E R N O H IO E L E C T R I C CO.
Consolidation.— In Aug. 1926 it was rep o rted th a t co. h a d been consol­
id ated w ith Ohio U tilities C o. u n d e r th e nam e o f < nited Ohio U tilities Co.,
w hich is to serve th e cities of C h illico th e, D elaw are, C ircleville, G allipolis,
A thens, N elsoaville. P om eroy, M id d le p o rt, Jackson a nd a n um ber of o th e r
com m unities. B. J . D enm an, D a v en p o rt, la ., V .-P. & G en. M gr. of
U nited Light * Pow er C o ., w as to be P resid e n t of th e new co. N o fu rth e r
p a rtic u la rs available. V . 123, p. 845.
O R G A N IZ A T IO N .— Incorp. in Ohio In F e b . 1923.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. furnishes electrical energy, practically w ith o u t c o m petition, to a
po p u 'atio n of approx. 50.000 in 20 com m unities in th e sou th eastern section
of Ohio, and to a large n um ber of m ines and o th e r industries in th e s o u th ­
eastern section Of O hio. Ow ns a 26,700-h.p. steam -electric generating
sta tio n located a t th e m o u th of coal m ines; ap p ro x . 40 miles of 66.000-volt
and 70 m iles of 13.200-volt high-tension transm ission lines.
C o. ow ns and operates the properties form erly owned a nd operated by
th e A thens Electric C o ., th e H ocking Power C o ., th e M u tu a l Electric Co.
and Southern Ohio Pow er C o. V. 121. p. 2523. T hese p ro p e rties are
located in A thens. H ocking a n d M eigs counties.
ST O C K A N D B O N D S—
D ate.
Interest. Outstanding. M atu rity.
Com m on 26.000 shs (no p a r ) . . ____
_________ 25,084 shs __________
7% cum pref $2.500.000($100) ____
7%
$1,964,700 - ...............
1st M g 6% ser 1955 ($1,000./ 1925
6 g J -D
2.000,000 J u n e 1 1955
$500 c * )....................... .........t f l H u n tin g to n N a t. B ank of C olum bus. O ., t r ,
Bimds.— T h e 1st M . gold 6% bonds Series 1955 a re secured by a dire c t
1st m tge. on the e n tire fixed assets of th e co. N o a d ditional bonds m ay be
issued o th er th a n for (a) electric and (or) artificial gas p ro p e rty in O hio,
or p erm an en t im provem ents. &c.. under certa in restrictions: (6) for an equal
a m o u n t of bonds issued for such properties (incl. this issue), surrendered to
tru ste e or redeem ed. A dditional bonds m ay also be issued for n o t more
th a n 75% of new c o n stru ctio n . &c.. provided n e t earnings for 12 o u t of 15
preceding m onths have been a t least (a) tw ice a n n u al in te re st on all o u t­
standing 1st m tge. bonds, incl. those to be issued, or (6) 10% in th e princi­
pal a m o u n t of all such bonds, w hichever is th e g re a te r am o u n t: except th a t
for th e 6% series 19.55 (n o t purchased w ith s. f. m oneys) and for a d d itional
bonds issued, su rrendered to tru ste e or redeem ed, an equal a m o u n t m ay
be issued. A dditional bonds m ay be issued in series of such ten or (interest
not exceeding 8% ) a s directo rs from tim e to tim e m ay determ ine. A sinking
fu n d beginning Ju n e 1 1928 provides for p a y m e n t to tru ste e sem i-annually
of 1% per annum of th e a m o u n t of 1st m tge. gold bonds o u tsta n d in g , to
purchase 1st m tge. gold bonds: en title d to purchase from s. f. m oneys a t
th e s. f. prices of such bonds. Series 1955 is e n title d to purchase from 8. f.
m oneys a t or below 102 and In t. C all, on or before Ju n e 1 1953 a t 105 a n d
in t.. th e re a fte r a t 101 and In t., on 30 d a y s ’ notice. C o. refunds to holders
of Series 1955 P en n . & C onn. 4 mills ta x an d M ass. 6% ta x . In N ov. 1925
th e H untin g to n N a t. B an k of C olum bus, O ., and Bodell & C o ., N ew Y ork,
offered a t 100 a n d in t. $2,000,000 series 1955 bonds. V . 121, p . 2522.
E A R N IN G S .— F o r 7 m os. e n d . D ec. 31 1925:
N et after
Total
M a in t. *
I n t. A
Pref.
Rev.
Taxes.
A m ort.
D ies.
Surplus.
7 m os. D ec. 31..........$409,017 $203,304
$74,404
$68,764
$60,135
O F F IC E R S .— P re s ., M . M . M orrow ; V .-P ., F . J . D avis; Sec. & T re a s .,
D . A . E v a n s, a ll of C olum bus, O hio.—V . 121, p . 2522; V . 123, p . 845.

S O U T H E R N O H IO P U B L IC S E R V I C E CO. O F
Z A N E S V I L L E , OHIO.
O R G A N IZ A T IO N .— O rganized In Ohio M a y 21 1925 to ta k e over th e
properties of th e Columbus Newark A Zanesville Electric R y., sold a t fore­
closure as p e r reorganization plan D ec. 30 1922. F or de ta ils a n d exchange
of securities, see “ P ublic U tility C om pendium " M ay 2 1925. u n d e r “ C olum ­
bus N ew ark & Zanesville E lectric R y .." and V 116. p . 294: V, 120, P 2400:
V . 121, p . 110; V. 122, p . 751. On Aug. 10 1926 co. d isco n tin u ed all s tre e t
c a r a n d bus service a t N e w a rk , O hio, as th e re s u lt of a long c o n tro v e rsy
w ith th e c ity a d m in istra tio n .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A trolley road. O perates 95.85 miles of tra c k from C olum bus to Z anesville,
incl. th e city lines in Zanesville and N ew ark an d a bran ch to B uckeye Lake.
O perates lig h tin g and pow er p la n ts in Z anesville. S ta n d a rd gauge 60 an d
70-lb. T -rail and 90-lb. g ird e r. Also ow ns am usem ent p a rk on B uckeye
L ake. P riv a te right-of-w ay from N ew ark to Z anesville. Franchises on
o th e r lines expire 1925 to 1928.
Upon com pletion of th e reo rg an izatio n , th e c ap ita liz a tio n w as to be
ap p ro x im ately a s follows:

140

PUBLIC UTILITIES

STO CK A N D BO N D S—
D ate.
Interest. Outstanding. M aturity
C om m on (no p a r ) __________
_______
. 25,928 shs
P r e f e r r e d __________________
7%
$691,750 _________
1st m tg e b o n d s_______________
7%
1 , 000,000 ..........................
Z anesville R y L t & Pow er 1st I 1902
6 g M -S
997,000 M a r 1 1927
cons m o rtg ag e $ 1,000,0 0 0 { ln t. a t C en t. T r . & S. D . C o ., C ine., tru s te e .
($500, $1,000) g o ld---- c * tfl or T r u s t C o. o f A m erica, N ew Y ork.
Zanesv Elec 1st m tg e $300,-f 1899
7 g F-A
3,000 F eb 1 1924
000 gold su b je c t to call a fte r { In te rest a t In te rn a tio n a l T r u s t C o ., B oston,
1903 ($1,000 e a c h )_ _ c .n tf [ tru s te e .
Stock.— N o d efin ite d e ta ils w ere av ailab le a t th e tim e o f going to press.
Bonds.— N o fu rth e r p a rtic u la rs a b o u t th e new issue av ailable y e t.
T h e Zanesville R y., L t.
Pow. 1st Cons. M tge. bonds w ere extended a t 6%
(previously 5% ) for 3 y ears fro m M a r. 1 1924, th e new in te re s t ra te being
p a y ab le from S ep t. 1 1922.
N o p a rtic u la rs a b o u t Zanesville E lec tric 1st bonds.
C o m p a re Y . 123, p . 751, 845.

COLUMBUS IN T E R U R B A N TERMINAL CO.

Controlled b y In d ia n a C olum bus & E a s te rn T rac tio n C o ., S outhern Ohio
P u b lic Service C o. of Z anesville, O ., a n d C olum bus D elaw are & M arion
E lec tric C o.
O R G A N IZ A T IO N .— In c o rp . M ay 24 1910 in O hio. Owns term inal
passenger an d freig h t sta tio n in C olum bus, Ohio. E xpenses div id ed be­
tw een th e th re e controlling com panies according to tra ffic h a n d le d through
te rm in a l.
BO ND S—
D ate.
Interest. Outstanding. M atu rity.
1st m tg e gold 5s $1,0 0 0 ,0 0 0 \ 1910
5 g J-D
$433,000 J u n e 1 1935
( $ 5 0 0 )------------------------c tf \ I n t . a t C it. T r . & Sav. B k ., C o lu m ., tru s te e .
O F F IC E R S .— P res.-M g r., A . V . B lan d ; V .-P ., A . F . V an D enise; Sec.T rea s.-A u d .. F . A . Heal}'.

C IN C IN N A T I G E O R G E T O W N & P O R T S M O U T H RR.
O R G A N IZ A T IO N .— F o rm erly a narrow -gauge stea m ro a d , b u t now
o p erated b y e le ctricity . U n d er Ohio law rem ains a steam ro a d . H a s no
franchise lim itatio n s an d is lo cated on p riv a te right-of-w ay. In Sept. 1911
en tered in to a m an ag em en t ag reem en t w ith th e F e licity & B ethel R R .
C o m p a n y ’s su b sid ia ry , C in c in n ati M ilfo rd & B lan ch ester T ra c tio n C o.,
sold its tra c k a g e fro m C in c in n ati to M ilfo rd to C in c in n ati S tre e t R y . Co.
in 1926 a n d to re th e b alan ce of its lin e u p .
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Supplies electric c u rre n t for d istrib u tin g system s o f G eorgetow n, B ethel,
B a ta v ia , W illiam sburg, A m elia, F o rrestv ilie a n d H am ersville. Also su p ­
plies c u rre n t to th e S o u th w estern Ohio Pow er Co. w hich serves N ew
R ich m o n d , H am let. B an tam , F eesburg, F elicity , R usselville a nd R ipley.
O p erates 53.7 m iles fro m C in cin n ati so u th ea ste rly to R usselville, including
b ran ch es of 3.5 miles to B a ta v ia a n d 1.5 m iles to C oney Isla n d . T h e
F e licity & B eth el h a s 8.5 m iles of tra c k betw een th e p o in ts n am ed in its title .
S T O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
Stock $1,500,000__________________
_________ $1,500,000 .....................
F irst m tg e $1,000,000 g o ld /
1902 5 g J - J
1,000,000 J a n 1 1 9 3 2
( $ 1 ,0 0 0 ) -----------------------c * l l n t . a t U n . S .B .& T r.C o .,C in .,tru s t.,& in NY
Fel & B eth 1st M $100,000 g /
1905 5 g A-O
100,000 O ct 1 1935
($1,000) n o t c allab le ___ c * \ l n t . & U nion Sav. B k. & T r ., C in ., tru ste e .
E q u ip tr u s t certifs Series “ A ” .
1922 7%
16,800 See te x t
_______
E q u ip m e n t tr u s t c e r tific a te s ..
1924 7%
11,900
E q u ip m e n t tr u s t certificates Series “ A ” are due $4,200 sem i-annually,
com m encing M a y 15 1923. V . 115, p . 2648.
E A R N IN G S .— F o r c alen d a r years:
Gross.
N et.
Taxes. In t.,R e n t, &c. Balance.
1 9 2 5 _________ $306,477
$79,927
$65,292
$13,720
$915
1924_________ 314 823
93 795
13 889
66 805
13 100
1 9 2 3 _________ 296,605
76,593
14,593
def. 3.690
65,690
1 9 2 2 ................... 318,218
def. 7.059
71,335
16,219
62,175
O F F IC E R S .— Pres. & T re a s ., L . G . V an N ess; V .-P res.. T hos. Elliot*
Sec., J . P . L ongon; G en. M g r., F . A . N ich o ls.— V. 118, p . 2302, 2437;
V . 121, p . 2155.

C IN C IN N A T I L A W R E N C E B U R G & A U R O R A
ELEC TR IC ST R E E T RR.
Receivership.— T h e co m p an y h a v in g suffered dam age fro m th e 1913 flood
Ju d g e W a rn e r a t C in cin n ati on J u n e 23 1913 a p p o in te d F . B . S h u tts, of
F lo rid a , receiv er on a p p licatio n o f P re s . J , C . H ooven, w ho, i t is s ta te d ,
lo an ed th e co m p an y $125,000. V . 96, p . 1839. On D e c. 28 1914 C . E .
H ooven w as a p p o in te d receiv er u p o n th e resig n atio n o f F . B . S h u tts.
S u b seq u en tly E d g a r S ta rk w as a p p o in te d co-receiver.
Plan to L ift Receivership.— See V . 114, p . 2115.
O R G A N IZ A T IO N .— In c o rp o ra te d in N o v . 1898.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
A tro lle y ro a d . O p erates 31.97 m iles o f tra c k fro m A n d erso n ’s F e rry , a t
C in c in n ati, to A u ro ra , H a rriso n a n d L aw ren ceb u rg . In M a y 1922, th e
W est E n d T e rm in al & R y . C o. w as in c o rp . in Ohio w ith a c ap ita l of $10,000
to o p e ra te th e pro p o sed extension fro m A nderson's F e rry to th e Dixie
T e rm in a l, 694 m iles. T h e c o st h a s been estim ated a t appro x im ately
$750,000. V . 114, p . 2240. C o m p are V . 113, p . 2504. See also V . 116,
p . 2515.
T h e $750,000 1st m tg e . 5s, d u e J u ly 1 1919, h a d n o t b een p a id u p to
■Get. 1 1923. N o p lan o f re o rg a n iz a tio n h a d been fo rm u la te d to th a t
d a t e , b u t see V . 114, p . 2115. N o fu r th e r in fo rm atio n .
B u s L in e Opened in Sept. 1925.— See V . 121, p . 1567.
STO C K A N D BO ND S—
D ate.
Interest. O utstanding. M aturity.
_______
$750,000 ---------------C om m on $750,000__________ ______
P r e f 6% cu m $250,000____________
Q -J
58,900
----------------F ir s t m tg e $750,000 ($ 1 ,000)/ 1899
5 g J-J
750,000 J u ly 1 1919
g o ld ______________________ (In te re s t a t U n . S av . B k . & T r . C o ., C in ., t r
Stock.— P re f. sto ck w as issued fo r m o n ey assessed on c ap ita l sto c k . N o
In te re st h a s b een p a id .
E A R N IN G S .— F o r c alen d a r years:
Gross. N e t a ft. Tax. Bond I n t.
Balance.
$39,749
$37,678
sur$2,071
1922 ..........................................$ 1 8 7 ,6 3 0
1 9 2 1 ______________________ 180,975
31.214
39,296
def8,082
Latest E arnings.— F o r 12 m os. end. D ec. 31 1924: G ross, $176,029; n e t
a fte r ta x e s, d e f., $3,315. I n 1923, gross, $185,892; n e t a fte r tax es, $37,115.
O F F IC E R S .— R eceivers, C . E . H ooven a n d E d g a r S ta rk ; G en. M g r. to
receivers, L . G . V an N ess.— V . I l l , p . 73, 294, 1277; V. 113, p , 959, 2504:
V. 114, p . 2115, 2240; V. 115, p . 182; V. 116, p . 2515; V. 118, p . 3076;
V. 121, p . 1567.

[V ol. 123.

In J u n e 1925 acquired th e pro p erties of th e Spencer L ig h t & Pow er C o.
an d th e N ova (Ohio) E lec tric L ighting C o ., heretofore o p e ra te d b y th e
co. V. 120, p . 3185. O peration of th e v arious cos. b y th e W estern
R eserve Pow er & L ig h t C o. See V. 120, p . 3312.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perates over 200 m iles in a n d from C leveland to B erea, E ly ria , M ed in a ,
G ra fto n , W ellington, N o rth A m herst, L orain, C resto n , C hippew a, L ake,
Seville, W ooster, L inndale, P u rita s Springs, G alion, B u cy ru s, C restline,
M ansfield, A shland, N a n k in , Polk, W est Salem , Lodi an d L eR oy an d
reaches C hippew a L ake. O perates 209 m iles of tra c k (on w hich 177 miles
a re on p riv a te righ t-o f-w ay ). 60, 70 a nd 100-lb. ra ils. S ta n d a rd guage.
A bandoned c e rta in lines in 1926 a n d rep laced th e tro lle y service on th e m
b y b u s service. V. 123, p . 1763.
O p erates 66 passenger a n d 35 o th e r
cars; to ta l 101. Also does com m ercial lig h t a n d pow er business over
e n tire p ro p e rty .
Interest Payments on General and Consolidated Mortgage Bonds Deferred.—
N e t earnings n o t hav in g been sufficient to p a y in te re s t c u rre n tly on th e
gen. an d cons. m tge. bonds of th e com pany, in te re s t coupons on t h a t issue
for th e 5-year period from M ar. 1 1924 to M a r. 1 1929 were m ade d eferrable
until th e la st 5-year period of th e m ortgage, a n d will n o t be p a id on th e
regular in te re st d a te s unless earned a n d p a y m e n t au th o riz e d b y th e direc­
to rs. V. 118, p . 3076.
Capitalization.— Common Stock.— $4 000 000. all held b y C leveland S outh­
w estern Co. (see ab o v e).
Common Stock.— $4,000,000, all held b y C leveland S o uthw estern C o. (see
a b o v e ).
Bonds.— 1. P rio r lien bond issue, $800,000 25-year sinking fu n d , d a te d
M a r. 1 1924, d ue M a r. 1 1949, bearing in te re s t a t th e r a te of 6/4 % , in te re s t
d ue M ar. 1 a n d Sept. 1 of each y e ar. 2. G roup “ A ” bon d issue, $1,500,000
divisional m ortgage, d a te d M a r. 1 1924, d ue M ar. 1 1954; covers form er
issues of C leveland & E ly ria E lectric ($200,000), E ly ria & O berlin E lectric
($100,000), C leveland B erea E ly ria & O berlin ($127,000), C leveland E ly ria
& W este rn . ($1.073,000): bearing in te re st a t th e ra te o f 6 %; in te re s t pay ab le
M ar. 1 an d S ept. 1 of each y e ar. 3. G roup “ B ” b ond issue, $2,200,000,
gen. a n d consol, m tg e. In te re s t ra te 5 % ; 30-year b o n d s, d a te d M a r. 1
1924. due M a r. 1 1954. C overs form er issues of E ly ria G ra fto n & S o u th ern ,
C leveland & S outhw estern T rac tio n , Ohio C en tra l T ra c tio n N o. 1, Ohio
C entral T rac tio n N o. 2, N orw alk G as & E lec tric . In te re s t on th is issue
deferred for a period of five years from M a r. 1 1924 to M a r. 1 1929. T his
deferred in te re st shall be p ayable on M a r. 1 a n d S e p t. 1 of each y e a r begin­
ning Sept. 1 1949 (see te x t above)
E A R N IN G S .— F o r calendar years;
1924.
1923.
1925.
Gross earn in g s_______________________$1,628,115 $1,650,372 $1,763,511
O perating exp. deprec. & m a in t_____ 1,361,336
1,396,977
1,459,718
O ther incom e______________________
27,787
12,419
12,871
265,814
316,664
G ross incom e_______________________
294,566
Fixed charges, tax es & m iscell. a d ju s t.
321,026
296,873
107,627
N e t incom e______________________ def$26,460 def$31,059 sur$209,037
O F F IC E R S .— P res. & G en. M g r., F ra n k H . W ilson; V .-P .. J . P . H a rris;
Sec. & T re a s., C . J . M ay e rs.— V. 118, p. 1909, 2437, 3077; V . 120, p .
3185, 3312; V. 122, p. 2189; V. 123, p. 1761.

CLEVELAND P AINESVILLE & E A S T E R N RR.
W e w ere officially inform ed th a t passenger a n d fre ig h t service on th e
C leveland P ainesville & E a s te rn R R . ceased op e ra tio n on M a y 20 1926
b y perm ission of th e Ohio P . U . C om m ission. C o. h a s liq u id a te d th e
p ro p e rty and p a id off all b o n d s a t p a r. T h e balance of th e re a l e sta te , & c.,
is to go to sh areholders a n d is expected to yield th e m a t le a st 60% . T h e
lig h t an d pow er p ro p e rty , franchises, &c., w ere sold d ire c t to th e C leveland
E lectric Illu m in atin g C o. of C leveland for $1,400,000. A g re a t deal of
tn e ra ilro ad property' h a s been sold a s a going concern a n d v e ry little nas
been ju n k e d . V. 123, p , 1995.
T h e p ro p e rty of Cleveland Painesville & A shtabula R R . C o. (form erly
controlled b y C leveland P ainesville & E a s te rn R R . C o.) w as foreclosed b y
th e C leveland T r u s t Co.
F o r h isto ry of C leveland P ainesville & E a s te rn R R . a n d C leveland P ain es­
ville & A sh tab u la R R . see “ P u b lic U tility C o m p en d iu m ” of M a y 1 1926.

CLEVELAND & E A S T E R N T R A C T IO N CO.
In O ct. 1925 w e w ere inform ed th a t th is co m p a n y w as sold o u t for
$42,200 on A p ril 20 1925 (V. 120, p . 2399) a n d since h a s been liq u id a te d .
V . 121, p . 1788.

CLEVELAND & C H A G R IN FALLS R Y . CO.
In O ct. 1925 we w ere inform ed t h a t th is co m p an y w as sold o u t and
liq u id a te d .— V. 121, p . 1788.

ST E U B E N V IL L E EAST LIV ER P O O L & BEAVER
VALLEY T R A C T IO N CO.
O R G A N IZ A T IO N .— In c o rp . in Ohio a n d P e n n a . on N o v . 1 1917 a s a
m erger of th e E a s t Liverpool T ra c . & L t. C o ., th e S teubenville & E a s t
L iverpool R y . & L t. C o. an d th e O hio R iv e r Passenger R y. F o r h isto ry
of m erged com panies, see “ E lec tric R ailw ay ” Section for J a n . 1918.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns and op erates 100.69 miles of tra c k betw een V a n p o rt, P a ., a n d S te u ­
benville, O ., a n d in Steubenville, E a s t L iverpool a nd W ellsville, O ., and
C h ester, W . V a. Also operates in in te rv e n in g tow ns a nd operates a th ro u g h
line betw een S teubenville a nd B eaver, P a . 80 cars. T h rough th e V alley
M o to r T ra n s p o rta tio n C o ., a sub sid iary , o p e ra te s buses in E a s t Liverpool
a nd S teu b en v ille
V . 118, p . 2306.
S T O C K A N D B O N D S—
D ate.
Interest. O utstanding. M atu rity.
$ 2 , 000,000 ______________
C om m on $2,000,000 ($100)— ____
_______
2,600,000 ............ .........
P re f 5 % cum $2,600,000 ( $ 1 0 0 ) ____
_______
rs t m tge $3,000,000 g o ld / 1917
5 g M -N
1,600,000 N o v 1 1947
($1,000)_________________ c \ I n t . a t C om m ’l T ru s t C o ., P h ila ., tru s te e .
B onds.— R edeem able a t 105 a n d in t. since N o v . 1 1922. $117,000 o f th e
bonds re p o rte d o u tsta n d in g a re held in th e tre a su ry .
E A R N IN G S .— F or y ear ended D ec. 31 1924: G ross, $1,023,140; n e t,
a fte r taxes, $24,082. F o r y e ar ended D ec. 31 1923, gross, $884,836: n e t,
a ft. tax es, $50,551. In 1922, gross, $504,520; n e t, a ft. tax es, d e f., $74,002.
O F F IC E R S .— P re s ., J . H . M axw ell, B eaver, P a .; G en. M g r., O . A .
S m ith, C h ester, W . Va.; Sec. & T re a s ., G eo. H . F a u lk , E a s t L iverpool.
— V . 116, p . 78, 722. 1051, 2390; V . 118, p . 2306; V. 120, p . 332.

CLEVELAND & S O U T H W E S T E R N CO.

C ITY R AIL W A Y CO.

A holding co m pany.
O R G A N IZ A T IO N .— W as organized a s p er p la n (V. 114, p . 2578) for re o r­
g anization of C leveland S o u th w estern & C olum bus R y . as a holding com ­
p a n y for th e C leveland S o u th w estern R y . & L ig h t C o. (see below ), th e
o p eratin g successor co m p an y u n d e r th e p la n . Owns en tire com . sto ck of
t h a t co m p an y .
C A P IT A L IZ A T IO N —
D ate.
Interest. Outstanding. Last D iv.
C om m on stock (no p a r ) --------- -----------------18,330 shs ---------------P ref 5% cum $4,000,000__________
5%
$3,666,000 ---------------Stock.— All th e com. a n d p re f. sto ck m a y be p laced in a vo tin g tru s t
for a period of years. F o r fu rth e r p a rtic u la rs reg ard in g holding com pany.

O R G A N IZ A T IO N .— C h a rte re d M a y 12 1893. Franchises r u n fo r 50
years from F e b . 8 1892 a n d A pril 1893.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A trolley road operating in D a y to n , O . C ontrols a nd operates in all 39.664
m iles of single tra c k , nam ely. T h ird S t. L ine, F ifth S t. L in e, G reen Line
a nd K am m er A ve. L ine. G auge, 4 ft. 8 M in .; ra ils, 70 an d 80-lb. T and
70 a n d 90-lb. girder; o p e ra tin g 82 passenger cars a n d in a d d itio n o th e r
necessary e q uipm ent.
S T O C K .— $2,400,000 ($100) c o m .a u th . (issued $2,395,100) a n d $600,000
($100) 6% pref. a u th . a nd issued.
D ividends.— 6% per a n n u m is being p aid on p re f. On com m on, in 1900
to 1903, in c l., 6% ; also 16 2-3% ($250,000 in new stock a t p a r or in cash ),
declared N o v . 1903, p aid J a n . 1 1904; in 1904, 6% ; in 1905, 6 H % ; 1906 to
1910, inclusive, 7% per an n u m ; in F e b . 1907 p aid a special d iv . of 5%
(V. 83, p . 1590); in 1911, 7 % , a n d in A pril 1911 a special d iv . of $9 09 1-11
(V. 92, P..1178); in 1912, J a n ., \% % \ in M arch 1912 began pay in g divs.
Q .-M . in ste ad of Q .-J., a n d on M arch 31 p aid \ % % \ J u n e , 2 % ; S e p t., 2 % ;
D ec., 2 % . In 1913, 8 % . In 1914, 7 ^ % . In 1915, 6 % . In 1916,
6 H % - In 1917, 7 % . In 1918, 6 % . In 1919, 6 % . In 1920, 6 % . In
1921, 6 % . In 1922, 3 % % . In 1923, 3 % . In 1924, 3 % . I n 1925,
3 % . In 1926, M arch % % , J u n e 1 % , S ept. 1% .
E A R N IN G S .— F o r y e ar ending D ec. 31 1924, gross, $973,632; n e t, a fte r
taxes, $116,729. In 1923, gross, $993,672; n e t, a fte r tax es, $115,288.
O F F IC E R S .— P re s ., J . M . M ark h am ; V .-P ., H . S. M ead ; Sec., W . S.
W . E dgar; T re a s ., T . A . F ern ed in g . M a in office, 14 E a s t Second S t.,
D a y to n . O hio.— V . I l l , p . 294; V. 113, p . 292, 627, 1052.

36O F F IC E R S .— P res., F . H . W ilson; V .-P ., J . P . H arris; Sec. & T rea s ,
C . J . M ay ers.
(1) C L E V E L A N D S O U T H W E S T E R N R A IL W A Y & L I G H T C O .

O R G A N IZ A T IO N .— In c o rp . in Ohio M a rc h 7 1924 as successor to th e
C leveland S outhw estern & C olum bus R y . (for h isto ry see “ E lectric R ailw ay
S u p p lem en t” of A pril 26 1924), a n d as p e r p la n o f reo rg an ization (V. 114,
p . 2578) to o k title on M a y 3 1924 to th e p ro p erties of th a t com pany which
h a d been sold a t foreclosure in accordance w ith term s o f th e p la n . U nder
th e p la n certain u n d erly in g issues o f th e old com pany w ere e xtended for
30 y ears a n d accrued in te re st p a id in cash (see G roup “ A ,” bond issue,
below ), while o th ers w ere exchanged for G en. a n d cons. m tg e. 5s of th e new
com pany an d accrued in te re st p a id in scrip . N o provision w as m ade for
th e com. a n d p ref. sto ck s o f th e old co m p an y .




['9561 ‘■■^>0

POWER, LIGHT AND RAILWAY

D AY TO N C OV IN G T O N & PIQUA T R A C T IO N .
Receivership.— In M ar. 1922 T R ussell R obinson. V .-P . & G en. M ut
t
Bo sto n , an d W K essler W est M ilto n Ohio, were ap p o in ted receivers for
th e co. V. 114, p . 1178. On F e b . 13 1926 th e p ro p e rty of the co. was
to be sold, b u t no bids w ere received an d continued efforts followed w ith o u t
success. V. 122, p . 212; V.- 123, p . 1874. In Sept. 1926 receivers p e ti­
tio n e d th e U . S. D istric t C o u rt to a b an d o n o p eratio n of th e line from
D a y to n to P iq u a. V. 123, p . 1874.
O R G A N IZ A T IO N .— T h is w as form erly know n as th e D a y to n & T ro y
T rac tio n , b u t nam e changed to th e above in A ug. 1901. T h e D . & T .
T rac tio n was in co rp o rated in Ohio in J a n . 1900 to b u ild a s tre e t railw ay
from D a y to n to T ro y , b u t ro u te was changed, a n d ro a d c o n stru cted from
D a y to n to C ovington an d P iq u a , a b o u t 38 m iles. C o m p any acquired th e
rig h t to use th e tra c k s of th e P eo p le’s R y . in entering c ity of D a y to n .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A tro lley ro a d . T o ta l tra c k , 38 m iles. S tan d ard gauge. 70-lb. T , 80 and
90-lb. girder rails. 11 passenger cars, 2 express cars an d 7 o th e r cars.
T h e $60,000 2d m tge. 6s d u e Sept. 1 1919 were we u n d e rs ta n d , extended
to A pril 1 1922 a t th e sam e ra te o f in t
N eith er th e 1st nor 2d m tge. bonds
had been paid o ff up to O ct. 1 1922.
STO CK AN D BO ND S
Date.
Interest. Outstanding. M aturity.
$600,000 __________
Stock a u th $600,000 ($100)_ _____
_
_______
P re f 5% n -c $550,000 ($100)_______
_______
550.000 __________
490.000 A pril 1 1922
F irst m ortgage $550,000 gold/ 1902
5 g A-O
____________________ .n ]
($1,000)___________ c * . tf [)I n t. a t Old C olony T r . C o ., B oston, tru s te e .
Second m o rtg ag e $ 6 0 ,0 0 0 -- n t f ____
6 g M -S
60,000 A pril 1 1922
Bonds.— $60,000 first m tg e. bonds are reserved for extensions a n d im ­
pro v em en ts; second m tg e. bonds originally m a tu re d Sept. 1 1919, b u t were,
we u n d e rs ta n d , extended to A pril 1 1922. N o t p aid off u p to O ctober 1922.
E A R N IN G S .— F o r years ending J u n e 30:
Gross.
N e t, after Va xes. Interest.
Surplus.
19 2 0 -2 1 _______________$236,788
$16,164
$29,697 def.$13,533
51,056
29,706
21,350
1 9 1 9 -2 0............................. 241,184
1 9 1 8 -1 9______________ 215,691
49,083
31,124
17.959
Latest E arnings.— F o r 12 mos. en d . D ec. 31 1924: G ross, $161,750; n e t,
a fte r tax es, $10,777. In 1923, gross, $178,036; n e t, a fte r taxes, $1,580.
O F F I C E R S — P res., W . Kessler; V .-P ., F . L . C hapin; G en. M g r., T .
R ussell R obinson; S u p t., T . J . B re n n an .— V. 77, p . 146; V . 114, p . 1178;
V. 1 2 2 ,p . 212; V. 123, p . 1874.

D AY TO N & T R O Y ELECTRIC RY.
O R G A N IZ A T IO N .— In corp . 1900. Is b u ilt o n b o th p u b lic an d p r iv a te
rig h t-o f-w a y . C o m p leted in D e c . 1901. In M a y 1902 to o k o v er M ia m i
V alley R y . u nd er 9 9-year le a se a t a ren tal o f $ 9 ,6 0 0 per an n u m , w h ich is
a p p lica b le to sto c k o f $ 3 0 0 ,0 0 0 , m ortgage h a v in g b een can celed .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A tro lley road . O w ns eq u iv a le n t o f 3 2 .6 8 m iles o f sin g le tra ck b etw een
D a y to n an d T r o y . L eases 14 .2 5 m iles b etw een T r o y an d P iq u a (in cl. 3 .3 1
m iles lo ca l lin e s in P iq u a ); to ta l o p era ted , 4 6 .9 3 m iles. R a ils, 7 0 -lb . T .
H as a freig h t sta tio n in D a y to n w h ich is u sed jo in tly w ith th e D a y to n &
W estern T r a c tio n . P ow er is p urch ased from D a y to n P ow er & L ig h t C o .
C A P IT A L I Z A T I O N .— S to c k , $ 5 0 0 ,0 0 0 ($100) co m . a u th . a n d issu e d ,
and $ 8 0 0 ,0 0 0 ($100) 5% cu m . p ref. a u th .; $647 800 issu e d . N o b o n d s
co n tem p la ted .
D ividends. — On th e p ref. sto ck 5% p er an nu m p aid to D e c . 31 1919,
In 1920, M a r ., 1 H % . N o n e sin ce. On c o m ., J a n . 1 1904, 2% ;in 1905
6 %; in 1906, 6 %; in 1907, 2% ; in 1908, none; in 1909, 5% ; in 1 910, 6 % ,
I n 1911. 5% ; i n 1912, M a r ., 1 H % . In 1913, S e p t.. 1 H % \ D e c ., I H % ,
I n 1914, J u n e , 1 H % ; in 1915, D e c ., 1 H % ; in 1916 an d 1 9 1 7 , 5% each
N o n e sin ce.

E A R N IN G S .— F o r calen d ar years:

Gross.
N e t.
Deduct'ns
D ividends.
Surplus
1922 ............... $ 4 0 3 ,4 4 0
$89 ,7 8 1
......................................................... .........
1921 ................ 3 9 1 ,5 1 3
9 9 ,2 6 7
6 1 ,3 1 6
______
3 7 .9 5 0
1920 _______ 4 1 7 ,6 7 4
90.611
4 8 ,2 4 5
8 .0 9 8
3 4,26*
Latest Earnings. — F or 12 m o s. en d . D e c . 3 l 1924: G ross, $ 3 9 7 ,0 7 2 ; n e t,
after ta x e s, $ 3 1 ,3 8 1 . In 1923, g ross, $404,704: n e t, a fter ta x e s, $ 3 7 ,7 0 7 .
O F F I C E R S .— P r e s ., H . P . C legg; V .-P . & G e n . M g r ., R . A . C ru m t
S ec. & T r e a s., L . C . C legg; A u d ., J . F . K eller. G eneral O ffice, D aytoD
O h io.— V . 102, p . 15 ; V . 114, p . 305; V . 115, p . 9 8 8 , 2477 .

D A Y T O N -X E N IA (ELECTRIC) RY.
O R G A N IZ A T IO N .— In c o rp . in 1926 as a reorg an ization of D a y to n
Springfield & X en ia So u th ern R y ., sold a t foreclosure J u ly 22 1926 to
P resid en t C . J . F ern ed in g for $130,000. D a y to n Springfield & X enia
S o u th ern R y . in tu rn w as incorp. in 1909 as successor to D a y to n & X enia
T ra n s it C o ., sold a t foreclosure. V . 123, p . 841.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A tro lley ro a d . Owns a n d o p erates a tro lley line b etw een D a y to n and
X en ia. In M arch 1923 th e line from D a y to n to B eav erto n w as d ism a n tle d
ST O C K A N D B O N D S —■ Date.
Interest.
Outstanding.
M aturity.
C om m on (no p a r ) ___________ _____
_______
3,500 shs __________
5% p re fe rred _____________________
5
$250,000 ___________
1st m tg e & g tru s t b o n d s____ _____
6
250,000 ____________
O F F IC E R S .— P res., C . J . Ferneding; V .-P ., T . A. Ferneding; S ec.
H .L . Ferneding; T re a s., E d w . C an b y , all of D a y to n .— V. 89, p . 2 8 5
V. 105, p . 2272; V. 113, p . 70; V. 117, p . 1662, 1883; V . 119, p . 1063; V.
123, p . 841.

D A Y TO N & W E S T E R N T R A C T IO N .
O R G A N IZ A T IO N .— In c o rp o rate d on Ju n e 26 1898. W as leased on
Ju n e 15 1906 to In d . C olum & E a s t., b u t lease was a b ro g ated and th e pro­
p erty tu rn e d back to th e co for o p eratio n on A pril 25 1920.

F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
tro lley ro a d . O perates from D a y to n , O hio, to R ichm ond, In d . A t
R ichm ond connection is m ade w ith T e rre H a u te, In d . & E a s t. T ra c ., m ak­
in g possible th e o p eratio n o f th ro u g h cars from In d ian ap o lis via D a y to n to
C olum bus, a d istan ce o f 194 m iles. O perates 3 fa st cars betw een D a y to n
an d Ind ian ap o lis w ith o u t change. H as a freig h t sta tio n in D a y to n which
is used jo in tly w ith th e D a y to n & T ro y E lec. R y . H a s sp u r tra c k to p la n t
o f th e G reenville G rav el C o. P u rch ases pow er fro m th e D a y to n Pow er &
L ig h t C o. H as 3 a u to m a tic su b -statio n s.
ST O C K —
D iv. Period. Outsland'g. Last D ividend.

A

C o m m o n , $ 9 0 0 ,0 0 0 ($ 1 0 0 )____________
Q-J
$ 6 7 2 ,5 0 0
See te x t.
P ref. $ 8 5 0 ,0 0 0 ($100) 5% c u m ..............
Q -M
8 5 0 .0 0 0
S ee te x t.
Dividends. — W ere paid u nd er th e term s o f th e le a se u p to M arch 1920.
N o n e sin ce. F or term s o f lea se see " E lectric R a ilw a y ” S ectio n for Apr!)
1920.
E A R N I N G S .— For 12 m o s. en d ed D e c . 31 1922, gross, $ 2 6 4 ,5 2 4 ; n et,
after ta x es, $ 5 7 ,1 5 0 . In 1921. gross, $275,253; n e t, after ta x e s, d e f., $ 4 ,9 4 6 .
O F F IC E R S .— P res, an d T r e a s., V alen tin e W inters; S e c ., J . H . W inters;
G e n . M g r ., H en ry G ebhart; A u d ., P . A . H o m m el.— V . $ 2 , p . 1437; V . 8 3 ,
p . 3 6 . 9 4 , 379; V . 110, p . 2 1 9 2 .

OAKWOOD S T R E E T RAILW AY CO.
O R G A N IZ A T IO N .— In c o rp . J u ly 22 1870 in O hio. Franchise expires
1941. In O ct. 1909 th e Ohio Suprem e C o u rt held th e franchise v alid over
th e objections of th e C ity Solicitor.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A tro lley ro ad . O perates 8 m iles o f tra c k in D a y to n a n d sub u rb s and
leases (from J a n . 1 1916) th e O akw ood R R .'s line in O akw ood village;
to ta l miles o p erated . 10.5. S ta n d a rd gauge.
C A P IT A L IZ A T IO N .— Stock a u th . an d o u tsta n d in g , $500,000 (par
$100). N o bonds.
O F F IC E R S .— Pres. & T re a s., H . P . Clegg; V .-P ., J . H . W inters: Sec.,
H a rry C . W eingartner; G en. M g r., F . P . S n y d er, a ll o f D a y to n .— V. 100
p . 1438; V . 113, p . 72.

FOSTORIA & FREMONT RAILW A Y CO.
O R G A N IZ A T IO N .— In c o rp . in Ohio in 1909. O w nership is largely
re p re sen te d b y in terests id e n tified w ith th e L ake Shore E lectric R y . C o.
a n d W estern Ohio R y . C o.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
B esides passenger business, does a freig h t a n d express business a n d h andles




141

coal for use b y Ohio S ta te Pow er C o. a t F rem o n t. 21.38 m iles of electric
in te ru rb a n railw ay on p riv a te right-of-w ay, connecting F osto ria an d
F rem o n t. F orm s th e connecting link betw een th e W estern Ohio R y .,
Toledo F ostoria & F in d lay R y . a n d L ake Shore E lectric R y ., all of w hich
use th e line under tra ffic c o n tra c ts.
ST O C K A N D B O N D S —- D ate.
Interest. Outsland n g . M a tu rity .
_______
$200,000 __________
C om stock $200,000 ( $ 1 0 0 ) - - - ____
P re f sto ck $200,000 ($100)_________
_______
200,000 See te x t.
F ir s t m tg e $250,000 ($1,000)1 1910
5 A-O
85,000 O ct 1 1930
g o ld ___________________ c * /I n t. a t C leveland (Ohio) T r u s t C o ., tru s te e .
Bonds.— N o rm al F e d e ra l incom e ta x p a id a t source.
D ividends.—-Paid a d ividend of 3% on p re f. sto ck in J a n . 1913. In 1917,
D e c., 6 % . In 1918, D e c., 3 % . In 1919, D ec., 3 % . In 1920, D ec., 6 % .
In 1921, D ec., 6% . In 1922, D e c., 3 % . In 1923, D e c., 3% . N o n e sin c e .
E A R N IN G S .— F o r calendar years:
Gross. N et,a ft.T a x es. In t.
D epr.Res.
D epr.
1924_______________ $90,086
$18,395
$6,620
$1,680
$10,095
1923______________
87,509
13,833
6,770
1,909
5,154
1922______________ 91,448
15,289
6,248
1,450
7,591
Latest E arnings.—-For 7 m os. end. J u ly 31 1926: T o tal incom e, $49,917
(against $51,412 sam e period 1925); n e t op e ra tin g incom e, $10,685 (against
$10,5951; balance a fte r all in te re st & d e p re c., $6,309 (against $5,701).
O F F IC E R S .— P re s ., F . D . C arp en ter, L im a, O hio.— V . 107, p . 82, 40.

LIMA-TOLEDO R AIL R OA D CO.
O R G A N IZ A T IO N .— O rganized in 1922 a n d to o k over th e in te ru rb a n line
fro m L im a to Toledo, form erly c ontrolled b y th e Ohio E lec tric R y .
C apitalization.— C om m on stock, $650,000; 7% p re f., $750,000; first m tge.
25-year 6% bonds, $ 1 ,0 0 0 ,0 0 0 — V. 115, p . 2046; V . 116, p . 1049.
E A R N IN G S .— F o r calendar years:
Gross.
N et E arnings. Taxes. In t., Rentals. Balance.
1925_______
$561,617
$122,463
$31,639
$64,581 sur.$26,243
1924_______
514,064
16,819
29,622
60,395 def.73.198
Latest E arnings.—-For 7 mos. end. July 31:
1926.
1925.
G ross earn in g s_____________________________
$346,884
$310,937
N e t e arn in g s_______________________________
85,016
58,329
T a x e s______________________________________
19,063
17,249
In te re s t a n d re n ta ls _________________________
36,844
37,052
S u r p lu s ____________________________________
29,109
4,028
O F F IC E R S .— P re s ., B. J . Jones; V .-P ., F . A . B undy; Sec. & T re a s.,
C . E . B aker. Offices: L im a, Ohio.

LIMA C ITY S T R E E T RAILW AY CO.
O R G A N IZ A T IO N .— In c o rp . in Ohio on A ug. 12 1922 a n d acquired th e
s tre e t car system in L im a, O ., in N o v . 1922, form erly c ontrolled b y Ohio
E lectric R y . C o. T h e in te ru rb a n line from L im a to Toledo w as ta k e n over
b y th e L im a-T oledo R R . C o. (see t h a t com pany below ).
C apitalization.— Stock, $380,000: bonds, 1st m tge. 24-year 6 % , $350,000.
— V. 116. p. 2388: V. 117, p . 1017. 1555.
E A R N IN G S .— F o r calendar years:
Gross.
N e t E arnings.
Taxes. Int.& R entals. D eficit.
1925_______
$271,194
$59,433
$13,411
$54,529
$8,507
1924_______
304,539
44,229
14,463
45,664
15,899
Latest Earnings.— F o r 7 mos. end. Ju ly 31:
1925.
1926.
G ross e arn in g s_____________________________
$1,161,142 $1,158,820
N e t e arn in g s_______________________________
35,709
33,980
T a x e s______________________________________
8,244
7,340
In te re s t an d re n ta ls ________________________
d e f.32,972
31,228
D e fic it_____________________________________
$3,763
$6,332
O F F IC E R S .— P re s ., __________ ; V .-P ., B . J . Jones; Sec. & T re a s .,
C . E . B aker. O ffices, L im a, Ohio.

W E STE R N OHIO RR.
O R G A N IZ A T IO N .— A holding co. In c o rp . in Ohio on J u n e 7 1910 to
ta k e over under lease th e W estern Ohio Ry. b u t lease was canceled b y vote
of stockholders on J u n e 28 1915 an d th e c o m pany’s electric lig h t a nd pow er
p la n t a t Sidney sold to th e S ta n d a rd Pow er & E q u ip m e n t C o. a n d all its
o th e r p ro p e rty an d assets to th e W estern Ohio Railway C o. except th e stock
of t h a t co. ow ned. H olders of com . sto ck of W estern Ohio Ry. had rig h t
to exchange before J a n . 1 1911 th e ir sto ck for sto ck of W estern Ohio RR.
on basis of 3 shares of Ry. for one sh are of RR. V. 90, p . 1556. 29,702
shares were so exchanged. Stock a u th ., $1,000,000; issued, $990,900.
(1) W E S T E R N O H IO R Y .
Foreclosure Suit.— T h e U nion T r u s t C o ., C leveland, has filed a form al
bill of foreclosure in th e S ta te C o u rt a t L im a, O hio. V . 114, p . 739.
O R G A N IZ A T IO N — In c o rp . in Ohio on O ct. 11 1900. T h is road
form s a lin k in th e th ro u g h c ar service fro m C leveland to D a y to n an d
betw een D e tro it and D a y to n . O utside of m unicipalities has p riv a te rig h tof-w ay. Franchises in tow ns a re for 25 years. O w ns en tire com . a n d pref.
stock of th e Lim a F in d lay & Toledo R y. V. 83, p . 97, 157, 381. H as
c o n tra c t to furnish pow er u n til J a n . 15 1928 to Ohio Pow er Co
W as leased to th e W estern Ohio R R ., b y w hich i t is controlled th ro u g h
sto ck ow nership, b u t lease w as canceled in 1915. See re m a rk s a bove.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— A
tro lley ro a d . O perates fro m L im a th ro u g h W ap a k o n e ta a n d S t. M a ry ’s to
C elina; from S t. M ary s to M in ste r, a n d fro m W ap a k o n e ta to P iqua; a to ta l
of 82.01 m .; also L im a to F in d la y , 31.97 m .; th u s com pleting a th ro u g h
line to Toledo. T o ta l, 113.98 m ., single tra c k . S ta n d a rd gauge. Owns
18 pass, m o to r c ars,7 freight m otors cars a n d 66 freig h t an d express tra il cars.
Bond Interest Deferred— D efault, & c . — D u e to severe w eather condition*
du rin g th e w inter of 1917 a n d th e re su ltin g increased cost of op e ra tio n , th e c o .
found itse lf unable to m eet th e bond in t. d u e M a y 1 1918 on its 1st M .
bonds. P a y m e n t of sam e w as m ade on S e p t. 1 1918. V. 107, p . 1288.
C om pare V. 106, p . 1797. T h e N o v . 1 1918 in t. on these bonds was paid
A pril 30 1919. M a y 1 1919 in te re s t w as n o t p a id w hen du e, b u t has since
been p a id . N o v . 1 1919 in t. w as p a id b o u t A p ril 30 1920. T h e M a y 1920
coupon was p aid N ov. 1 1920. T h e coupon d u e N o v . 1 1920 w as n o t paid
w hen d ue b u t has since been p a id . I n t. for 6 m os. ended O ct. 31 1922 was
paid N o v . 1 1922, w hile in t. for 6 m os. e n d . A p ril 30 1923 w as paid M ay 1
1923, while coupon N o. 39, due A pril 30 1921, w as p a id D ec. 31 1923,
leaving unpaid coupon N o . 40, d ue O ct. 31 1921, a n d 6 m os. in t. due
A pril 30 1922. V . 116, p . 2132. In Sept. 1921 tw o com m ittees (since
consolidated) w ere form ed to p ro te c t th e in te re sts of th e holders of the
1st m tge. 5% bonds, owing to th e co m p a n y ’s in a b ility to p a y sam e a t
m a tu rity , N ov. 1 1921 (see below ).
Committee for 1st M tge. 5s.— C h airm a n , J . P . H arris; A . M . C ham bers.
I. F . F reiberger, E . J . B. H u n to o n , L . J . W olf; S ecretary, T hos. H . Jones.
D epositary, U nion T r u s t C o ., C leveland; Sub-depositaries, F id elity T ru st
C o., Baltim ore; S ta te S tre e t T ru s t C o ., B oston; M arine T ru st C o .. Buffalo:
E m pire T ru s t C o ., N Y . C ity . I n J a n . 1924 i t was re p o rte d th a t $2,494,000
of th e $2,500,000 h ad been d eposited. V . 114, p . 739. F o r tw o p ro te c tiv e
com m ittees as originally c o n stitu te d , w hich w ere m erged in to th e above
see th is Section for O ct. 22 1921.
Temporary Extension.— T h e com m ittee nam ed above in a circular an­
nounced a te m p o ra ry extension program u n d e r w hich th e 1st m tg e . 5s are
allowed to ru n as p a st d u e for th e p re sen t a t 5% in terest.
STO CK A N D BO N D S—
D ate.
Interest. O utstanding. M aturity.
C om m on $30,000 ($1)_______ _____
_______
$30,000 __________
1st p f $500,000 ($100) 7% c u m ____
_______
476,000A pr’1 7 ,l % %
2d p f $500,000 ($100) 6% c u m ______
_______
450,000 Jly '1 4 ,1 H %
F irst m ortgage $3,000,000 g f 1901
5 g M -N
2,500,000 N o v 1 1921
($1,000) $26,500 p e r m ile { In te rest a t U nion T r u s t C o ., C lev eland, tru sc* & rtf I tee, or E irst N a tio n a l B a n k , N ew Y ork.
C ollateral tr u s t m o rtg ag e / 1910
6%
24,000 J u ly 1 1930
$500,000_______________ t f {C leveland T r u s t C o ., tru s te e .
L F & T first m tge $600,0001 1905
5 g J-J
324,000 J u ly 1 1925
gold ($1,000)_________ c t f \ In te re s t a t C itizen s’ Savings & T r u s t C o .,
( C leveland, tru s te e , or in N ew Y o rk .
G eneral m ortgage $ 5 0 0 ,0 0 0 -- 1918
6%
See te x t
Stock.-^ 1st pref. is red . a t 107 HBonds.— T h e W est Ohio 1st M . bonds have no sin k . fd . a n d bonds are
not su b jec t to call. $476,000 have been canceled.
See V. 76, p . 160, for
agreem ent am ong bondholders.
C oll, t r bonds a re c o nvertible in to 1st pref. sto ck a n d a re secured by
deposit of $24,000 1st 5s. $476,000 have been c o n v erted . N o sink, fd .;
red. on N ov. 1 1921 a t 110. As bonds a re c o n v erte d , p ro p o rtio n a te
am o u n ts of th e 1st 5s w hich a re c o llateral w ill b e canceled.
T h e L im a F in d lay & T oledo bonds h av e a sinking fu n d of $10,500 per
an n u m , w hich began in 1911. A re su b jec t to call a t 105. $76,000 have

142

PUBLIC UTILITIES

been retired . V . 8 0 , p . 2 3 4 4 . W e w ere ad v ised th a t th e s e b o n d s w ere
tem p orarily e x ten d ed a t th e sa m e in teract rate.
D ividends .— On 1 st p ref. q u a r. d iv s . w ere paid regu larly to an d in clu d in g
A pril 1917. N o n e s in c e . On 2d p ref. fir st d iv ., 1>^% , p aid O ct. 1910
a n d sa m e a m o u n t q u a r . to an d in clu d in g J u ly 1914. N o n e s in c e .
E A R N I N G S .— F or calen d ar years:

Gross
E arnings.

.

N e t (after
T axes).

Interest

$ 8 7 7 ,8 6 0
$ 1 7 1 ,4 3 6
$161,847
- 1 .0 1 9 .0 1 8
2 1 1 ,5 7 6
162.283
.- 1 ,0 5 2 .4 1 5
283 .2 4 3
166.250
9 5 0 .6 4 3
2 1 6 .7 3 3
160.595
- 1 ,0 0 5 ,4 8 8
2 3 9 ,6 8 6
163.884
1920............ - 1 .1 5 8 .8 0 8
191.226
163.868
Latest E a rn in g s .— F or 7 m o n th s en d ed J u ly 31:

Preferred
Balance
D ividends ■ Surplus
$ 9 ,5 8 9
4 9 .2 9 3
1 1 6.993
5 6 .1 3 8
7 5 .803
2 7 .3 5 8

1926.
1925.
T o ta l op eratin g r e v e n u e _____________________ .............
$ 5 0 8 ,2 3 4
$ 4 9 8 ,4 7 6
T o ta 1o p era tin g ex p . & ta x e s ________________ .............
x 4 0 3 ,9 5 6
4 0 4 ,3 2 3
N e t op eratin g in c o m e _______________________ .............
1 0 4 ,2 7 8
9 4 ,1 5 3
T o ta l in te r e s t________________________________--------9 5 ,0 5 2
9 4 ,0 7 2
B a la n c e ______________________________________ ............
9 ,2 2 6
81
x S ta te ta x es h a v e b een a d ju sted for th e p eriod in th e a m o u n t o f $ 1 2 ,0 0 0
d u e to a d ecrease in v a lu a tio n m ad e b y Oh io S ta te T a x C om m issio n .
O F F I C E R S .— P r e s., F . D . C arp en ter, Lim a: V .- P ., A . B o rn , C lev e.;
S ec. & T r e a s., H . O . L a n g . V . 118, p . 2825: V . 122, p . 2194.

[V ol. 123.

COLUMBUS MARION & B U C Y R U S RY.
O R G A N IZ A T I O N .— In co rp . In O hio M a r. 2 5 1914 as a reorgan ization
of th e C o lu m b u s M arion & B u cy ru s R R .. so ld under fo reclo su re per p la n .
V. 9 6 . p . 1488, 1839.
STO C K A N D B O N D S—
D ate.
Interest. O utstahding. M aturity.
$ 3 5 0 ,0 0 0 .................
S tock $ 3 5 0 .0 0 0 ........................... - .................................
First m o rtg a g e $ 1 0 0 .0 0 0 - - - t f 1914 6 % g
4 7 .0 0 0
1934
G en & ref M $ 3 5 0 .0 0 0 g o l d - . t f 1914 5%
2 5 0 .0 0 0
1944
Bonds .— T h e fir st m tg e. 6s are red . a t 1 0 2 4 a n d in t. on a n y in t . d a y .
R em ain in g $ 4 8 ,0 0 0 is held b y tru stees; $ 5 ,0 0 0 are held in trea su ry .
$ 100,000 g en . & ref. m tg e . b o n d s are reserved to retire fir st m tg e . b o n d s.
V . 9 6 . p . 1488. 1839.
E A R N I N G S .— For calen dar y ea r 1925: G ross, $6 2 ,9 5 2 ; o p era tin g e x p .,
$ 4 8 ,4 8 9 . n e t. $ 1 4,463: fix ed ch a rg es, $ 17,409; d e fic it, $ 2 ,9 4 6 . For calendar
year 1924: G ross. $ 55,908: o p er. ex p en ses, $ 4 9 ,4 8 2 : n e t, $ 6 ,4 2 6 ; fix ed
ch a rg es. $ 18,769; b a l.. d e f., $ 1 2 ,3 4 3 . In 1923, g ro ss. $ 5 4 ,9 7 5 : n e t . a fter
ta x e s, $ 1 3 ,4 9 5 . In 1922, g ro ss. $6 0 ,1 5 4 : n e t, a fter ta x e s , $ 1 4 ,9 9 0 .
O F F I C E R S .— Pres. A O e n . M g r .. G e o . W h y sa ll. V .- P ., J a s. H . C a ld w e ll,
T ro y , N . Y .; S ec. & T r e a s., 11. B Hane; A n d . & A ss t. T reas., Joh n J . H a n e.
— V . 101. p 1 013. 1713; V . 110. p. 7 6 4 . 2 6 5 7 .

TOLEDO B O W L IN G GR E EN & S O U T H E R N
TR A C T IO N CO.

Control.— rn J u ly 1926 con trol o f a t le a st 75% o f en tir e o u tsta n d in g com ­
Y O U N G S T O W N & O H IO RIVER RR.
m on an d preferred sto c k s o f th e co . w as acq u ired b y E . S . L ittle a n d a s so ­
O R G A N IZ A T I O N .— In corp orated In O hio on D e c . 8 1905. In 1906 c ia te s . U nder term s o f sa le 7 ,5 0 0 pref. sh a res were to be p urch ased by th e
new in ter ests a t $72 a share and d iv s .. and 1 1 .2 5 0 co m m o n shares a t $ 5 2 .
eased for 99 years Salem R R . from P ittsb u rg h Lisbon & W estern R R . C o .,
for $ 6 ,0 0 0 per an nu m : th e form er runs b etw een Salem and W a sh in g to n v llle, T h e o u tsta n d in g $ 9 5 6 ,0 0 0 6 % b ond s w ere to b ring 92% o f par v a lu e and
$480.00(1 T o le d o & F in d la y R y . 5 s were to be b o u g h t a t 90% o f p ar. P u r­
7 m . In 1910 road w as re -c a p ita liz ed an d new secu rities issued a s b elo w .
chasers' offers to m in o rity h old in g s w ere to ex p ire S ep t. 1 1 9 2 6 . V . 123,
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .— A p . 5 8 3 .
trolley and stea m road . F r eig h t serv ice operated by steam : passenger
C o .'s p rop erty w as tak en o v er on S ep t. 1 1926 by Electric Public Service
serv ice b y ele c tr ic ity . O p erates from th e term in us o f th e Stark E lectric R.v., Co. o f Delaware (V . 123. p. 9 8 3 ), w hich a s of S ep t. 30 1926 ow n ed 1 1 .0 8 5 4
in S alem . O hio, th rou gh th e c ity o f S alem to a con n ection w ith th e S alem
shares o f co m m o n s to ck , 7 ,4 0 4 *4 sh ares o f pref. s to c k , $ 8 9 1 ,5 0 0 o f 1 st m tg e.
R R ., and over th e S alem R R . from S alem through W a sh ln g to n v ille, Lee- b ond s and $ 4 1 9 ,2 5 0 o f T o le d o & F in d la y b ond s.
to n ia . Lisbon and W est P o in t to E ast L iverp ool. O h io, a d ista n c e o f 36
O R G A N IZ A T I O N .— in co r p . Id 1901 a s a co n so lid a tio n o f th e F in d la y
m iles. A t L ee to n ia . O .. co n n ectio n is m ad e w ith th e Y ou n g sto w n &
S treet R v .. th e T o le d o B ow lin g G reen & F rem o n t R y .. and th e H ancock
South ern R y . O w ns 2 9 .1 9 m iles o f track and leases 6.81 m iles. Standard
L igh t A Pow er C o . o f F in d la y . O h io. Form erly leased to th e T o led o Urban
a u g e. m o stly 70 -lb . T ra il. P a s s , e q u ip ., 7 cars; freig h t, 3 lo c o m o tiv e s,
& Interurban K y ., but. rental d ue A prl II and J u ly 1 1908 h a v in g b een d e­
5 cars.
fa u lted . lease w as ca n ce led .
STOCK A N D B O N D S—
D ate.
Interest. O utstanding. M aturity.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R OF B U S I N E S S .—
B tock com m on $ 1 .0 0 0 .0 0 0 __________
________
$ 1 ,0 0 0 ,0 0 0 S ee te x t.
C omar'24.1 51 m iles from T o le d o to F in d la y , th e city ra ilw ay In F in d la y ,
Preferred $ 1 ,0 0 0 ,0 0 0 5% c u m . ........
1 .0 0 0 .0 0 0
M p rises H
F irst m ortgage $ 2 ,5 0 0 ,0 0 0 f 1910
5 A -O
1 .2 0 0 ,0 0 0 A pr 1 1935 O . electric lig h t and h o t w ater h ea l p la n ts also in F in d la y O . 6 0 -lb . and 72lb. T and girder rails. O w ns 21 passenger and 5 freig h t m otor ca r s, 14
gold ($ 1 .0 0 0 )____________c * |I n t . a t U n io n T ru st C o ., C lev e la n d , tr u ste e ,
freight n on-m otor cars and 15 m iscella n eo u s cars.
1 or F irst N a tio n a l B a n k , N e w Y o rk .
Stock. — P ref. sto ck d iv . is c u m u la tiv e from Ju ly 1 1913.
STO C K A N D B O N D S—
Dale. Interest. Outstanding. M aturity.
Bonds .— S u b ject to call on an y in t. d a te a t 105 and in t. R em ain in g C om m on $ 1 .5 0 0 .0 0 0 .......... ................................. ............
$ 1 ,1 2 5 ,0 0 0 .................... ..
b ond s are reserved for acq u isitio n and ex ten sio n under certain restrictio n s.
P ref $ 7 5 0 ,0 0 0 in o n - n im ) _____ ______
Q -F
7 5 0.000
S ee te x t
D ividends .— D iv id en d s on p ref. began in 1910 and in th a t year 1 Mi% was F irst m tg e $ 1 ,5 0 0 ,0 0 0 g o ld / 1901
6 e M -N
3 2 3 .5 0 0 M a y 1 1941
( $ 1 ,0 0 0 and $ 5 0 0 ) _____n t f l I n t. a t C en tra l 1 ru st C o .. C in cin n ti. tru stee.
p a id . In 1911. 3>4% ; in 1912. 4 )4 % : in 1913 and 1914. 3 5 % : in 1915.
4
4 H % : In 1916. 5% an d 3% ex tra , p a y in g up all a cc u m u la tio n s; in 1917, T o led o A F in d lay m ortgagi < 1 9 1 0
5 J-J
6 0 ,7 5 0 Jan 1 1335
$ 5 0 0 ,0 0 0 rold
n t f l U nion S a v . Kang A T rust C o .. G in ., tru stee.
5°’ .
r
In 1918, 5 % . In 1919, 5 % . In 1920. 5'/0 . in 1921. 5 /o .
In
1 922, 5 % . In 1923, 5 % . In 1924,
M a r .. Ia %; n one sin ce. In itia l Bonds. — T h e b ond s o f 1901 w ere o rig in a lly 5 s b u t a t m a tu r ity In 1921
d iv . on co m . o f 1 % paid in D e c . 1916. N o n e to S ep t. 1920, w hen 1% was
w ere ex ten u eo f r 20 y ea rs a t 6 %. C o m p a re V. I l l , p . 2 3 2 6 , 2 5 2 1 . In
p a id : in D e c ., 1 % . I n l 9 2 1 , 4 % . I n l 9 2 2 , l % . In 1923, 1% ; n o n e sin ce. a d d itio n to $ 3 2 3 ,5 0 0 in h a n d s o f p u b lic, $ 8 9 1 ,5 0 0 a re o w n ed b y E le ctric
P u b lic S erv ice C o.
E A R N I N G S . F or calen dar years;
T h e T o led o A F in d la y m o rtg a g e is a fir st m o rtg a g e on th e p ro p erty o f th e
Year E nding
Gross
E x p ., Taxes
N et
Bond
Balance
Dec. 31— Earnings. A Rentals.
E arnings.
Interest.
for D ivs. acquired Toledo U rb^n A In te ru rb a n R y . In a d d i.ijn to $60,750 o u t1 9 2 5 __________ $:-tl5.089
$60,000 def*27.803 sta n ting. $419,250 are ow ned by E lectric P ublic Service C o.
$32,607
$ 2 8 2 ,4 8 2
tH ridends.— On p ref., \
q uar. from A u g . 1910 to and Including
1 9 2 4 ....................$ 3 3 6 ,4 3 0
$ 3 2 6 ,2 4 3
$ 1 0 ,1 8 7
$ 6 0 ,0 0 0 d ef$ 4 9 .R l3
A ug 1914. N o n e to D e c . 1923, w h en 1 Vi % w a s p a id , a n d sin ce \% %
1 9 2 3 ..................
5 3 7 .8 2 6
413 .7 9 1
6 0 .0 0 0
6 4 .0 3 4
124.035
q uarterly lncl F eb . 1926
1 9 2 2 ...................... 478.401
121,611
6 0 .0 0 0
6 1.611
3 5 6 ,7 9 0
E A R N I N G S ..— For ca len d a r years:
Operating Statistics—
1925.
1924.
B a l..8 u rp .
o ross
N et. a ft. Taxes. b o n d .A c .,In t.
C ar m ile a g e ________________
6 6 8 .1 7 9
6 7 4 .5 1 5
$ 6 0 ,1 4 8
$ 9 7 ,2 8 5
$ 1 5 7 ,4 3 3
1 9 2 5 ................................$ 8 3 0 ,9 7 2
R ev en u e passengers carried
5 3 8 .7 4 0
6 0 3 .7 2 2
96.0U4
9 2 ,6 0 8
1 8 8 .6 1 2
1924.......................____ 8 4 1 .3 4 2
O F F I C E R S .— P r es.. C h a s. S . Thrasher: V .-P . & G e n . M g r ., J . D .
133.931
9 4 .6 8 0
228,61 1
1 9 2 3 ......................
D ew ees: S ec. & T r e a s.. W arren B ick n ell; A u d . & A sst. T r e a s., R . F . M iller.
9 5 .0 9 9
9 9 .2 5 9
1 9 4 .3 5 8
1 3 2 2 .................. .. .......... 7 4 4 ,3 1 2
O p eratin g M g r s., Warren B ick n ell C o . O p eratin g o ffic e . L eeto n ia . Ohio:
6 2 .0 1 3
9 4 .6 1 5
1 5 6 .6 1 6
_____ 7 0 1 .7 9 4
1J2 1 - .............
e x e c u tiv e o ffic e s, 2024 B . F . K e ith B ld g .. C lev e la n d , O .— V . 112, p . 1145:
O F F I C E R S .— P r es. A T r e a s., R . A . P r a tt; S e c ., N e llie G . M y e rs; A sst.
V . 1 1 3 . p . 4 1 9 , 629; V . 114, p . 1409: V . 116. p . 2132; V . 117, p . 5 5 5 . 7 9 6 .
T rea s. A A sst. S e c .. E . F . N o lt in g .— V . 112, p . 9 3 3 , 1 6 1 8 , 2 0 8 5 , 2307;
V . 114, p . 1409, 2471; V . 1 1 5 , p . 75; V . 118, p . 2 0 4 , 1013; V . 1 2 3 , p . 5 8 3 , 9 8 3 .

?

S P R I N G F I E L D & X E N IA RAILW A Y CO.
O R G A N IZ A T I O N .— Incorp . In A u g. 1906 to succeed th e Sprin gfield A
X en ia R y ., w hich was organized in 1901 to succeed th e Sprin gfield A Xenia
T ra ction C o ., w hich had been sold under foreclosu re. V . 8 3 . p. 2 '4 .
F I E L D OK O P E R A T IO N S A N D C H A R A C T E R O F B U S I N E S S .—
O p erates 20 m iles o f track co n n ectin g Springfield and X enia
R ails.
7 0 lb T: fiv e cars, o f w hich 3 are rnodarn cars, purchased in 1925.
S T O C K .— C o m m o n , a u th . an d issu ed , $ 3 0 0,000. p referrid . 5% cu m .,
a u th and issu ed . $300 ,0 0 0 . P ar, $100- $ i .200 o f each class held In trea s.
Dlviderids. — First d iv . on p r e f.. 4 % . w as paid O ct. I 1908. In 1909
6 H% ,. In 1910, 4 34 % • In 1 9 1 1 .8 * 9 ,,. In 1 9 1 2 .6 4 % . In 1913. M a r..
1 4 % : Ju n e . 1 4 % : S e p t.. 1 4 % ; D e c ., 1 4 % regular and 2% ex tra , which
paid a cc u m u la tio n s in full to J a n . 1 1914. In 1914 to 1920. In clu siv e. 5% .
In 1921. 5% . In 1922. 5% . In 1923. M arch . 1 4 % : J u n e . 1 4 % . In
1 9 2 4 . M arch . 1 4 % . Initial d ivid en d on com m on o f 2% paid D ec. 1913
In 1914. 1915 and 1916, 3 % . In 1917, D e c .. 2 % . N o n e to D e c . 31 1919.
w hen 1% w as p aid . N o n e sin ce.
E A R N I N G S .— F or calendar years:
1925.
1924.
1923.
1922.
2 6 4 ,5 2 2
2 6 8 .4 5 5
2 5 6 .0 0 3
2 4 1 .2 6 7
C ar m iles o p era ted _____
I ‘a y passen gers c a r r ie d ..
3 1 4 ,1 0 5
3 7 3 ,2 6 8
3 9 1 ,4 2 7
3 9 4 .6 9 3
G ross e a r n in g s__________
$ 8 1 ,1 5 4
$ 9 5 ,0 7 2
$ 1 0 6 ,8 6 7
$ 1 0 5 ,6 0 8
O p eratin g ex p en ses_____
x $ 8 5 .5 6 4
$106 ,0 0 1
$ 1 0 4 ,4 9 6
$ 9 4 ,0 5 5
T a x e s ......................
4 .5 5 0
4 ,5 9 5
5 .5 9 6
6 .9 8 2
N e t ea r n in g s_________
d ef$ 8 .9 6 0 d o f$ 1 5 ,5 2 3
d ef$ 3 .2 2 5
$ 4 ,5 7 0
x In c lu d es 12.972 d ep reciation .
O F F I C E R S .— P res.. Warren B ic k n ell. C levelan d : V .-P .. O e o . A . C o u lto n
Sec A T r e a s.. C h as. S . Thrasher: Oper M g r s., T he Warren B iekn ell C o .—
V . 101, p . 20 7 2 : V . 105, p . 2367: V . 116. p 2131: V . 120, p . 1461.

TOLEDO FOSTOR IA & F IN D L A Y RY.
O R G A N IZ A T I O N .— Incorp. In 1900. In N o v . 1916 p urch ased th e
11 t$-m ilv line of th e L ake Erie B ow lin g G reen A N a p o leo n R K .. b etw een
P em b erv ille and B ow ling G reen (bid in a t receiver's sa les on A u g . 5 1 J H
oy th e b ond h old ers
V 103. p. 6 6 6 . 1032. V. 103. p. 188 9 ).
F IE L D OK O P E R A T IO N S A N D C H A R A C T E R O F B U S I N E S S .—
O perates 61 m iles b etw een B ow lin g G reen . T oledo. F ostorla and F ind lay
P ortion s b etw een P em b erv ille aud T o le d o p u t in op era tio n in J u n e 1908.
STOCKS A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
S tock com m on ($100; . _______ ______
__ ____
$ 7 0 0 ,0 0 0 --------------S tock pref 5% cu m ($ 1 0 0 )....................
Q -J
8 0 0 .0 0 0
S ee t e x t
F irst m ortgage $450.01)0 g o ld ' 1900
6 c A-O
3 5 4 .0 0 0 O ct 1 1940
($ 1 .0 0 0 ).....................................c \ I n t . a t C lev e la n d T rust C o . C le v e ., tru stee.
Bonds. — M ay be called a t any tim e . Originally m atured O ct. 1 1920 and
bore 5% in terest hut were ex ten d ed for 20 years a t 6 % . Sinking fu n d began
J u ly ■ 1905
$ 9 6 ,0 0 0 bonds h a v e been retired .
Diria-oids .— 1 M % is being paid q u arterly on preferred s to c k .
E A R N I N G S .— For ca len d a r years:
1 924.
1923.
1920.
G r o s s .____________ ___________________
$ 3 2 6 ,0 1 2
$ 3 5 7 ,6 2 2
$ 3 8 4 ,9 4 3
N e t. a fter in terest and t a x e s _________ d e f l2 .2 7 8
3 7 .0 7 1
5 3 ,1 0 7
O F F I C E R S . — P res., H . C . G reer, M o r g a n to w n , W . V a.; V .- P ., C . O .
F ern sell. J r ., D over; Sec A T re a s.. A . J . K rantz. D over; M g r ., E . S m ith .
F o sto ria .— V . 118. p . 8 6 . 432; V . 119. p . 1954. 2 0 6 5 , 2 2 8 8 .

INDIANA
Y O U N G S T O W N & S U B U R B A N RY. CO.
In J u ly 1917 con trol w as acq u ired by M u n icipal Service C o ., a M a in e
hold in g co r p o r a tio n . V. 104. p. 1387, 1592, 1900. 2013.
OR G 4N IZ .4 r i O N .— In corp . In O nlo In J a n . 1916 and acquired th e prop­
erty o f th e Y oun gstow n A S ou th ern R y ., sold a t foreclosure S ep t. 2 1916.
V . 103. p. 940. 1033.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S I N E S S .

O perates in te ru rb an road betw een Y oungstow n and Leetonia. a b out 24.34
m iles. 13 cars. Also o p erates buses th ro u g h Y oungstow n A S uburban
T ra n s it C o. a n d su b sid iary . C o lu m b ian B u s C o. Passengers carried: ra il­
w ay. 1.262.911: bus. 274,408.
STOCK A N D B O N D S—
D ate.
Interest. O vtstanuing. M aturity.
C om m on $ 7 5 0 .0 0 0 ____________ ______
- - . ____
$ 3 5 0 ,0 0 0 __________
Preferred icum ) $ 7 5 0 ,0 0 0 _____ ______
6%
4 7 0 .0 0 0 _______
F irst Mitge $ 1 .5 0 0 .0 0 0 - C .t f . 1916
5 M -S
8 0 ,000 S e p t 1 1936
$ 3 0 ,0 0 0 pref. stock in treasu ry In a d d itio n to a m o u n tr ep orted o u tsta n d in g .
Bonos. - R em ainder are reserved for e x ten sio n s and ad d itio n s under cer­
tain safegu ard s. Red a t 102 4 and in terest a t any tim e . Sinking fund to
retire $5,000 a t 102 4 and in ter est a n n u a lly , began S ep t. 1 1919. G u a ra n ty
T ru st C o ., N ew Y ork , tru stee.
E A R N I N G S .— F or calen dar years:
G m ss.
N et a ft. Tax. Fixed Chgs. Balance
1 9 2 4 . . ....................................... $284,921
$54,511
$47,391
$7,121
Latest Earnings. — For 12 m os. en d ed J u ly 31 1926: G ross, $ 3 6 3 ,7 6 Onet
a fter ta x e s, $75,055; fixed ch a rg e s, $ 1 1,990; b a l. for d iv s ., d e p r e c ., & c.,
$ 6 3 ,0 6 5 . F or 12 m o s. en d ed D e c . 31 1925: G ross, $3 6 2 ,2 2 5 : n e t, a fter
ta x e s , $ 6 5 ,7 7 4 .
O F F I C E R S .— P r e s ., A . E . F ltk in ; V .- P s ., F red . T od an d H . D . P o leh m u s
T r e a s .. W . E . S h aw , Jr.; S e c ., S. R . J o n es. O ffice. Y o u n g sto w n . Ohm .
O p eratin g M an agers. G en . E n g . & M tg e . C o rp ., 1 6 5 B r o a d w a y ,N e w Y< rk
C it y .— V . 1 0 4 , p . 1592. 1900. 2013; V . 113. p . 1889; V . 116, p . 2 0 0 8 , 2 3 9 0 .




IN D IA N A E LEC TR IC CORP.
O R G A N IZ A T I O N .— C o rp o ra tio n is to be form ed a s th e r e su lt o f a
proposed m erger by co n so lid a tio n or sa le o f T erre H a u te. In d ia n a p o lis A
E a stern T ra ctio n C o ., and its su b sid ia r y , th e T err e H a u te T ra c tio n &
L ig h t C o ., and C en tral Ind iana P o w er C o. and its su b sid ia r ies. For
co m m itte e o f b ond h old ers T erre H a u te Ind ia n a p o lis A E a stern T ra ctio n
C o ., see th is la tte r co m p a n y .
It is co n tem p la ted th a t secu rities o f th e various co m p a n ies to b e m erged
be ex ch a n g ed for secu rities o f Indiana E lectric C orp . T h e T erre H au te
In d ia n a p o lis A E astern T ra ctio n C o . 1st A ref m tg e. 5% s. f. 3 5 -y ea r g
b ond s are to be exchan ged par for par for Indiana E lectric C o rp . 1 st m tg e.
(anti ref.) 5% gold b in d s d u e O ct. 1 1965. to be secured b y a n ex istin g
m tg e. o f Ind iana E lectric C o rp .. to be a 1st lien upon th e cen tra l gen era tin g
p la n t located in th e coal field s a t D resser. I n i .; upon a large su b -sta tio n
near rn d ian ap olis. a 1 3 3.000 vo lt lin e co n n ectin g th is sta tio n w ith th e
pow er p la n t a t D resser and upon o th er transm ission lin es ow n ed or to
be acquired by corp.: upon th e W est T en th S t. pow er p la n t o f T erre H a u te
In d ia n a p o lis A E astern T ra ctio n C o . in Indianap lis. th e c a p a c ity o f w hich
Ls to be doubled; and upon a portion o f th e ra ilw a v s. rig h ts rtf w a y s and
tran sm ission lines ow ned by T erre H a u te In d ia n a p o lis A E a stern T ra ctio n
C o ., th e rem aining p ortion s o f la tter c o .'s railw ay sy ste m to be co n v ey e d
to a new railw ay c o .. th e co m m o n sto ck o f w hich is to be held b y In d ia n a
E lectric C orp. T h e m tg e. a lso is to b e co m e a d irect lien on p rop erty ow ned
b y M erch a n ts' H eat A L ig h t C o ., w hich has an e x te n s iv e lig h t and pow er
d istrib u tio n in and a b o u t In d ia n a p o lis, and upon like p rop erties ow ned by
sev era l o th er su b sid iaries o f C en tral Ind iana R ower C o ., su b je c t to certain
d iv isio n a l u nd erlyin g bonds: and upon th e p rop erty o f th e T erre H a u te
T ra ctio n A L ig h t C o . in T erre H a u te , s u b jec t t o certa in u nd erly in g bond
issu e s. V . 1 2 2 , p . 3 3 3 9 .

Oct., 1926.]

POWER, LIGHT AKD RAILWAY

143

F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C A P IT A !.IZ A T T O N .— U pon com pletion of m erg er, c a p italiza tio n wil
be a p p ro x im ately as follows:
C om pany does th e electric pow er and lig h t business in the indu strial section
U nderlying divisional bonds in h an d s of p u b lic_______________$15,000,000 in th e S t. Joseph R iver Valley in N o rth ern Indiana and S outhw estern
1st m tg e. (A ref.) gold b o n d s________________________________ 29,500,000 M ichigan, incl. th e en tire c en tra l s tatio n pow er and light business in
P rio r preference s to ck ________________________________________ 11,500,000 S outh Bend and E lk h a rt. In d ., and 10 o th e r im p o rta n t co m m unities.
2d preferred s to c k ____ ______________________________________
7,000,000 Supplies a t wholesale the m ajor portion of the pow er requirem ents of the
P a rticip a tin g a d ju stm e n t preferred s to ck _____________________ 10,000,000 local d istrib u tio n system s in several o th er com m unities, incl. La P o rte
and M ishaw aka. In d .. and Niles. M ich.; also supplies d irectly a num ber
C om m on s to c k _________ ______ ______________________________
______
O F F IC E U S.— P res., L . B. A ndrus: S ec., P . D . B ird sall; T re a s ., L . B . of large in d u stria l power consum ers. T h e to ta l population served d irectly
t w holesale is ••stima ted
ec. 31 1925 com pany
8chiesz. Office, 620 G u a ra n ty B ld g ., In d ian ap o lis, Iu d .— V. 122, p . 3339: and a38.799 consum ers with aat overl 200.000. As of De stim ated to exceed
had
to ta connected load
V. 123. p . 1113.
100.000 k.w . T o tal o u tp u t 1925 180,927.304 k .w .h .
C o m p an y 's properties Include 4 hydro-electric p la n ts of to ta l c apacity
of 21.700 k.w and steam p la n ts of 104.000 k w c apacity to ta l 125.700,
CENTRAL IN DIANA POWER CO.
incl the 2 Initial 40.000 k w units in o peration in 1925 at the Tw in B ranch
Is controlled by Sam uel Insull and associates. U nited G as Im p ro v em en t s ta tio n , which has an u ltim a te c ap a c ity of 240.000 k.w
All p la n ts are
C o ., th e M iddle West U tilities C o. a n d th e M idland U tilities C o ., through inter-connected
T o ta l transm ission lines owned 357 miles 789 distrib u tio n
o w nership o f th e m ajo rity o f th e com m onstock o f th e p a re n t c om pany, lines, including underground system s in S outh Bend and E lk h a rt.
th e A m erican P ublic U tilities Oo.
ST O C K A N D B O N D S — D ate.
Interest. O ulslanaing. M aturity.
O R G A N IZ A T IO N .— Incorp. S e p t. 17 1912 in In d ian a as th e M erch a n ts C om , I .000.000 shs (no p a r ) . . .................................. 720.260 shs ........... ...........
P ublic U tilities C o .; nam e changed to present title in 1922. Owns all th e 7% cum pref *10.000.000_____
o u tsta n d in g Imi ik Is a n d th e present o u tsta n d in g c ap ital stocks, except 1st m tge 5s (closed >. . _____ ___ ___
5
5.959.000
1957
SI .764 .000 o f iHinds and d ire c to rs' qualify in g sh ares, o f four public utility
1st A ref M » 5 ^ ser d ue 1955 f 1025
5 M -S
11,283.000 M ar 11955
com panies o p eratin g w ithin th e S ta te o f Indiana. Also ow ns $ 1 .1 1 4 .0 '0
(SI .000 c*r*; *500 c*; mul { Irving B k.-C ol. T r. C o ., and G eo. B.
o f bonds of th e Indiana E lectric C o rp . In M ay 1926 co. acquired control
tiples of *1.000 r>.............. tf I W arren. T ru ste e s.
o f In d ia n a Gnu Light t o ., which ow ns p la n ts in several n o rth e rn In d ia n a
Bonus.— 9 'he 1st A ref. mtge. bonds. 5% series, due 1955. are secured by
to w n s. V. 122. p. 279S.
a dire c t 1st m tge. on rhe new tw in branch power plant and the I32,0(X>Consolidation Plan.— For plan, announced on J a n . 29 1926 to consolidate vo lt steel-tow er transm ission line connecting a t the Indiana Ohio S ta te
C en tral Indiana Power Co. and its subsidiaries and the T erre H aute. b o u n d a ry , th e new tw in branch sta tio n w ith th e lines of an affiliated co
Indianapolis A Eastern T ractio n Co. and certain subsidiaries in to the Are fu rth er secured by a m ortgage on th e balance of th e physical property
In d ia n a Electric C orp in order to bring th e electric light, power and traction of th e co. s u b jec t to one closed issue •>! *5.599 000 um lerl\ fng bonds, o u t­
business of central northw est In d ia n a un d er one large o p erating com pany. stan d in g w ith th e public. (V Is p e rm itted to transfer all or substan tially
C e n tra l In d ian a Power Co. to becom e a holding co.; see V. 122. p. 607. 746. all of its properties a nd franchises in M ichigan to a su b sid ia ry . whicn
8ee also V. 122. p. 3547, un d er ‘ T e rre H au te In d ian ap o lis & E a ste rn T ra c ­ m ay he form ed for the purpose, and to o b ta in release of such oroperties
tio n C o .,” and In d ian a E lectric C o rp . ab o v e.
and franchises from th e iien of th e m tge. upon pl -dge of 'ai cash and (or)
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— su b sid ia ry 's m tge gold bonds of a principal am ount in the aggregate equal
Subsidiary com panies serve 180 cities and tow us located in 33 counties of to th e full value to the co of such properties and franchises, and (hi all
In d ia n a , w ith one or more classes of public u tility service. E stim ated o u tsta n d in g com m on stock of th e subsidiary (except d ire c to rs' sh ares).
A dditional bonds of 5% series, due 1955, or of o th er series of such tenor
to ta l p o p ulation. 500.000
T h eir business is essentially th e supplying of
electricity for dom estic and com m ercial needs, as over 75% o f the com bined as directo rs m ay de te rm in e , m ay be issued for 8095 of olditioi s , also for
refunding purposes provided net earnings for <1 o u t of preceding I 5 m outh*
o p eratin g revenue is derived from such service.
have been a t least tw ice a nnual in te re st re q u ir -ments on, or tw ice 6% of
ST O C K AN D B O N D S—
Date.
Internal. Outstanding.
M aturity. principal a m o u n t of. all o u tsta n d in g u n d e rlji, g a nd 1st A ref. bonds, Incl.
. . x jio .n o o o o o
___
C om m on * 10.000 0 0 0 '* 1 0 0 >
____
new issue. T he m tge. c o n ta in s a provision for m ain ten an ce and renew als.
7 Q-M
7.761.200 S e p t'26. 1 4
P ref 7% cum *10.000.0001*100)___
R ed. on any in te re st d a te in whole or in p a rt on 6 w eeks' notice thro u g h
8% cum p r e f .........................................
6
66.900
..................... 1929 a t 105. through Sept 1 19.34 a t 101 4 . through S ept. 1 1939
S ep t. I
6 g .1.1
10 946 .00 Ju ly 1 1947 a t 104 and th e re a fte r a t prem ium s reducing 4 % each veat t 100 4 during
1st m ortgage and c o llateral ref 1 1922
Series "A ' gold
U nion T r u s t C o .. C hicago tru stee.
1954: In each ease w ith In te r-st. P enn. 4 mills taxes refu n d ab le. In
3-year c o llateral notes (* |0 0 ! 1924
7g M S
6,500 000 M ar I 1927 M arch 1926 H arris. Forties A Go. offered *3.283,000 5% series, d u e 1955,
Ac) gold
r * tf I Ini at H/ilsev S tu a rt A Do Inc C hic .Ac
at 98 and Int. to yield 5.13% . V. 122. p. 1155.
3 -y ear c o llateral notes ($100 / 1924
5 '4 g M S | .500.000 M ar 1 1927
K A K N IN G 9 .— For 12 m onths ended J a n . 31:
Ac) gold
c * tf ‘ Im at. H alsev. S tu a rt V Do Inc ( ’hie Ac
1926.
1925.
3-yr coll n o tes, ser A ($1,000,1 1925
6 J-D
*5.000.000 J u n e I 1928 G ross earnings. In c lu d ln g o th e r incom e ___________ $4.04 1.686 $3,399,309
$500. $100) ..............- . c * tf f I n t. a t H alsey. S tu a rt A O o., In c ., OUic.,N . V O perating expenses, m ain te n an c e A ta x e s________ 2.229,068
1.966,847
XAII o f th e Common stixo iv ,,u ned 1 I e An iT f-u i I'ublx D t i l u e - i 'n
>
Stock.— Preferred Is redeem able a t 115. C om pany Is u nder co n tract to A valla hie for in te re st on funded d e b t____________ SI .812.618
*1.432,462
rep u rch ase Its pref 7% stock as follows: On Dec. 15 1928. 2,780 shares
O F F IC E R S .— P r e s . . ___
V .- P .. G eorge N . T id d ; Sec. A T re a s.,
at p ar
At v ario u s d a te s on o r before M arch 29 1934, i ,48 J shares a t F ran k B . B all.— V. 120, p . 15S6. V 122. p. 1455.
$92 50; a t any rim e prior to April 18 1929 upon 90 d ay s d em an d . 2,460
■hares a t $85. V. 121. p. 1676.
Honda.— t > 1st t t y loll ,V ref. gold 6.x. Scries " A ." are c all., all or in
o
IN D IA N A P O L IS POWER & L IG H T CORP.
a r t a fte r Ju n e 30 1932 as follows: Ju ly I 1932 to Ju ly I 1937 at 107 4
uly 1 1937 to Ju ly I 1942 at 105: Ju ly I 1942 to J a n . 1 1947 a t 102 4
Controlled by U tilities Power A Light Corporation.
th e re a fte r at 100
O R G A N IZ A T IO N .— Incorp. M ay 4 1926 in D elaw are. W as organized
T h e 3-ttear 7 % and 5 4 % collateral gold notes of 1924 a re r e d .. all or p a r t. by U tilities Power A Light C orp. and ass iciates to acquire a pproxim ately
a t th e following prices and im . At 10 1 4 to M arch I 1925: on and from 71.43% of the stock <>f Indianapolis Light A Heal Co., and th e securities of
M arch 1 1925 to M arch 1 1926 at 101; on and from M arch I 1926 to Sept . 1 th e Indiana Corporation. It was considered a co u n ter move a g ain st th e
1926 a t 1 0 0 4 , and on and a fte r Sept 1 1926 at 100
Free from Pennsyl­ insull interests who had acquired before m inority h ildings in Indianapolis
vania S ta te tax
V I t s p 1140 V I in n 1175
Light A H eat (to. and were believed to co n tem p late ob ta in in g control of
T h e 3-year 6% collateral gold notrs o f 1925 a re red. all o r p a rt upon 30 th a t com pany in order to merge it w ith th e M erch an ts' H eat A Light C o.,
d a y s' n otice at p ar and Int. Secured by pledge o f $4,125,000 1st m tge. th u s elim inating com petition in the light and power business in Indianapolis.
Coll. A re f gold bonds o r in lieu th ereo f, an equal principal am ount of 1st V. 122 p 2650.
m tge. bonds of Indiana E lectric C o rp ., plus not less th a n $2,375,000 par
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— See
value of stock o f th e subsidiaries o r associated co m p an y . Penn, and C onn. description of Indianapolis Light A H eat Co. below.
4 m ills ta x . M ass, incom e tax not exceeding 6 % , refundable. In Ju ly 1925
STO CK A N I) B O N D S—
Date.
Interest. Outstanding. M aturity.
H alsey. S tu a rt A O o.. In c ., sold $5,000,000 a t 100 and in t. V. 121. p 72.
Com m on 250.000 shs (no p a r ) . ___
. . ____
120 000 shs .............. ..
E A R N IN G S .— C onsolidated earn in g s o f co. a n d su b sid iaries for calen­ $7 div 1st pr 100.000 shs(no p a r)___
$7 Q-F
40 000 shs __________
d a r y ears:
$7 div 2d pf 53.000 shs (no par) ___
$7
37 753 shs ____ _____
Gross. In cl.,
N et. A fter
Fixed
Fixed
Preferred
F irst coll tru s t gold series A 6s) 1926
6 M -N
$10,001,000 M ay l 1938
Other Income. M a in t.A f ax. Charges.
D ividends. Balance.
($1,000 c* A $500. $ 100c)( T h e C hase N ational Bank of the C ity of
1925 .............$7,990,543
$3,094,457
$2,230,823
$537 862 $325,772
tf I New Y ork, tru ste e .
1924 ............ 7 . M 0.6 8 !
2.315.898
1,578.256
472,752
264.890
Stock.— T he $7 dividend first preferred stock is p-eferred as to $7 cum .
1923 ______ 6.538.650
2.252.169
1,328.206
396.713
527.250 div . and assets over the 2d pref. and common st ick. In wise of liquidation
O F F IC E R S .— P res.. M artin J . Insull; V .-P ., Sam uel E. M ulholl.ind; or dissolution is entitled to * |0 0 per share and div s,. plus in case such liqui­
T re a s ., Louis B. Schiesz: Sec. A Asst. T re a s ., Paul I). B irdsall. Office. dation or dissolution be v o lu n tary *5 on or before M ay I 19.31 and *10
In d ian ap o lis. Tnd - V. 119, p . 1175: V. 121. p . 72. 1567, 1676, V. 122, p. th e re a fte r. Redeem able, whole or p a rt, on 30 da v s'n o tic e al *105 and divs.
on or prior to M ay I 1931 and a t *110 and dividends th ereafter. W ithout
607, 746. 2797. 3337.
a ffirm ativ e vote or w ritten consent of at least tw o-thirds of ou tsta n d in g
( 1 )
N O R T H E R N
I N D I A N A
P O W
E first pref shares, com pany m ay not (1) a uthorize or issue any p-ior stock:
R
C O .
All th e o u tstan d in g stock is owned by C en tral In d ia n a Pow er C o. (see (2) increase the authorized num ber of first p-ef. shares: (3) unvmd the first
pref. stock provisions so as to affect adversely any of the preferences a nd
a b o v e ).
O R G A N IZ A T IO N .— In corp. in Indiana N ov 9 1922. A consolidation o th e r rights given to the first pref. stock. (4> issue auv ad d iti mal first pref.
of 56 000 sharc-s) unless
12
of th e Indiana Rvs A Light Co (for h isto ry see ‘‘E lectric R ailw ay" Sup­ stock 'in excess of preceding 15 calendar cons dictated net earnings for a a
consecutive out
m onths have been not less th
plem ent of April 26 1924) U nited Public Service C o .. N oblesville Heat
tw ice annual dividend requirem ents on the ou tsta n d in g first pref stock,
Light A Powpr C o W abash W ater A Light C o .. Sheridan W ater. Light A including proposed issue. Except as above h ilders h ive u 1 voting rights
H eat C o . L oganspori U tilities Co and Roann Light A Pow er Co. Has
m ths are in d
gin re acquired »he M nntingtiin Light A Feel Co F a rm e rs' M u tu a l Elec­ unless full cum ulative dividends for 12 consecutive mhave the rightefault, in
pref stockholders as
to elect
tric L ight A Power Assn, and Larwill Light A Pow er C o. A cquisition in which event firstthe corporation. T he a class shall
tw o directors of
balance of the first p-ef stock may
1924 see V 119 p 2763.
be issued in one or more series with varying dividend rates and redem ption
F IE L D OF O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S — prices, b u t in no case above the m axim um for the *7 div first pref.
Furnishes elect rie energy to over 95 cities and tow ns in n o rth e rn Indiana
stec k . In M ay 1926 West A O o.. I’vnchon A Oo.. Federal Seen ri ties O orp.,
Also supplies steam heat in K okomo and N oblesville. H u n tin g to n and Jeh n N ickerson A Oo.. and W S. H am m ons A Oo. offered 0.001'shares 0/
R ochester, ami gas In II u titin g to n . O p erates 53 miles of in te ru rb an elec­ *7 div. first pref. stock at *95 and divs. to yield a b o u t 7.37% . V. 122. p .
tric railro ad from M arion th ro u g h a t ilo tr o to Fran k fo rt and 9 m iles of 2948.
stre et railw ay In K okom o
Is connecting link betw een th e T e rre H au te
Bonds.—T he *10.000.000 first collateral trust gold bonds, series A 6 % ,
In d . A E ast. T ra e . Oo. and tb p Union T rac tio n C o. of In d ia n a . S ta n d a rd dated M ay I 1926 and issued in M ay 1926 are secured t»v pledge of approxi­
auge, 70-lb. T rail. Increased , in M ay 1925, its au th o rized com m on stock m ately 71.43% "f the outstan d in g capital stock of Indiaoapolis Light A
0 * 0 .000.000. v . 12 > p . 2402.
H e at Co
T he tru s t indenture provides that all additional issues of voting
stock of Indianapolis lig h t A Heat Oo. shall lie pledged under the ind en tu re
STO CK A N D B O N D S— Date.
Interest. O utstanding. M aturity.
Stock $6,000,000 a u th — AII th e o u tsta n d in g stock i*4.' 60.000) Is owned by (in case of stock offered for su h sc u p tio n to stockholders only corporation's
pro p o rtio n ate part thereof). All additional issues of non-voting stock,
C en tral Indiana Power C o.
1st A re f m tge bonds $8.658.500— All owned by C en tra l Indiana Pow er C o. notes or bonds of Indianapolis Light A Heat Go. likewise are to be pledged
except th a t bonds or notes of Indianapolis Light A Heal Go. may he sold to
and pledged by th a t com pany.
In d R ys A l.t 1st A ref M sk fd: 1912
5 g .1,1
*1 .254.000 J a n 1 1943 th e public for n o t exceeding 75% of the cost of additional p-ope.rties or
im provem ents A c., atul non-voting pref. stocks for not exceeding 100%
$5,000,000 ($500 A *1 .0 0 0 )Union T r u s t C o. of Indianapolis, tru s te e ,
of th e cost of such properties. Ac.
g o l d .........................
c * tfj
A dditional first collateral tru s t bonds may be issued on th e fol'owl ig bases:
Noblesville H t l.t A Pow ( 'o f 1922
6 4 g J -J
310.000 Ju ly 1 1947
(a) A cquisition and pledge of ad d itional shares of capital stock if Indian­
1st M ($500 A SI .000) gold] In t. a t Fletcher-A m erican N a t. B an k , Inapolis Light A H eat G o., a t approxim ately the sam e ratio as in th e case of
I d ian ap o lis.tru st.ee.
A first
trust,
Power A Light
Bonds.— All th e c o .’s 1st A ref m tge bonds a re owned by th e C en tral series 75% of collateral isitio nbonds of Indianapolis bv Indianap >lis O orp. A
a
. im provem ents. Ac.,
L
In d ian a Pow er Co and deposited u n d er th a t c o .’s 1st coll A ref. m tge. 6*5? H e(b) Go. a fte rneway c q u1926 provided additional stocks or obligations ight
at
M
I
issued
bonds due Ju ly 1 1947
to th is corporation therefor a re pledged under the tru s t indenture- (c) acqui­
In d . Rys. <4 Lt Co 1st A ref mtge. Us a re red. on any in t. d a te a t 105
sition anti pledge of stocks a nd (or) obligations of any o th er subsidiary cor­
Sinking fund. 1 % , began J a n 11917
In lieu of re tirem e n t of bonds, com ­
exceeding 75% of the cost of such securities or f >r 75% of
pan y m ay a t its option set aside an n u ally for p erm an en t a d d itions, im prove­ poration for not such
properties of
less
all securities
m en ts and extensions, at not exceeding 80% o f cost th ereo f, a sum e quiva­ th esuch subsidiary notsubsidiary underthe aggregate am o u n ttoofrefund a like
of
pledged
indenture; (rf)
le n t to 1 4 % of to tal am ount o f refunding bonds o u t. In t. payable at principal am ount of previous series. the additional bonds m ay be issued
No
Spencer T rask A C o.. New Y ork. V 95 p. 1684.
(c) u less consolidated net earnings for 12 consecutive
Noblesville HI.. Lt. A Pow. 1st 6 4 * a re call, a t 107 on a n y In t. d a te on on bases (ft) am i 15 m onths have been a t least tw ice an n u al in te re st on o u t­
w ithin preceding
o r before Ju ly I 1927: a t 105 a fte r Ju ly 1 1 9 27.a n d on o r before Ju ly 1 1032
stan d in g bonds including proposed issue. T h e in d e n tu -e defines subsidiary
a t 103 th ereafter
corporations as only public u tility corporations engaged in supply ing electric
O F F IC E R S .— P res., L. B. A ndrus; V .-P ., P h il. IT. P a lm e r and Lex. J
light an d pow er in Indianapolis or so close th e re to as to b “ susceptible of
K irk p a trick ; T reas L. B. Schiesz; Sec., P a u l D . B ird sall.— V. 119, p. 463
physical connection w ith Indianapolis L ight A H e at Oo. T his la tte r com­
949. 1073, 2179, 2763; V. 120. p. 2402.
p a n y a nd an y o th e r corporation th e securities of which m ay be pledged
under th e in d e n tu re , is to establish a maintenance and renewal and replace­
m ent fu n d beginning M ay 1 1926 of, respectively. 8% a nd 5% of gross oper­
a tin g earnings less credit for a c tu a l expenditures. R edeem able, whole or
IN DIANA & MIC HIGAN ELECTRIC CO.
p a rt, on 60 d a y s’ notice on or before M a y 1 1927 a t 104- on or before M ay 1
Control.— Am erican Gas & Electric Co. ow ns all com m on sto ck , except 1928 a t 103: on or before M ay 1 1930 a t 1 0 2 4 ; on or before M av 1 1932 a t
d ire c to rs' qualifying sh ares.
102: on or before M ay 1 1934 a t 1 0 1 4 : on or before M ay I 1935 a t 101;
O R G A N IZ A T IO N .— In c o rp . F e b . 21 1925 b y consolidation of th e th e re a fte r u n til m a tu rity a t 100: in each case w ith in te re st. P e n n ., C alif,
a n d C onn. 4 m ills, M ary lan d 4 4 m ills, M ass. 6 % , N ew H a m p . 3% taxes
fo rm er In d ia n a & M ichigan E lec tric C o. a n d th e T w in B ran ch Pow er C o.

J

f




144

PUBLIC UTILITIES

an d an y personal p ro p e rty ta x u p to 4 X m ills or incom e ta x u p to 6%
A
im posed b y M ain e refu n d ab le. In te re s t p a y ab le in N ew Y ork a n d Chicago.
In M a y 1926 W est & C o ., P y n ch o n & C o ., F ederal Securities C o rp ., Jo h n
N ickerson & C o ., W . S. H am m ons & C o ., U nion T ru st C o., an d th e In d ia n a
N a tio n a l B an k , In d ian ap o lis, offered $10,000,000 series A 6s a t 98 a n d in t.,
to yield over 6 )4 % ■ V. 122, p . 2798.
E A R N IN G S .— F o r earnings o f In d ian ap o lis L ight & H e a t C o ., see th is
la tte r co m p an y below .
O F F IC E R S .— P re s ., W a lte r C . M arm o n .— V. 122, p . 2650, 2798, 2948.

IN D IA N A P O L IS L IG H T & HEAT CO.
O R G A N IZ A T IO N .— In co rp . in In d ia n a in D ec. 1904. On M arch 5
1926 it w as an n o u n ced th a t M id d le W est U tilities Co. h a d acq u ired 12,079
shares, o r a b o u t 2 8 )4 % o f th e th e n o u tsta n d in g c ap ital sto ck . Y. 122.
p . 1455. I n M a y 1926 In d ia n a p o lis Power & Light Corp. acq u ired approx.
71.43 % o f th e c a p ita l sto ck . See th is la tte r co. above. V. 122, p . 2650.
On A ug. 31 1926 co. changed th e o u ts ta n d in g c ap ita l sto ck fro m 42,281
sh ares, p a r $100, to 422,810 no p a r sh ares. Y . 123, p . 1502.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
F urn ish es electricity for lig h t an d pow er in In d ian ap o lis a n d its sub u rb s
also stea m h e a t in th e business d is tric t. C o. also fu rn ish es electric pow er
a n d lig h t to 15 neighboring to w n s a n d v illages, a n d w holesales energy to
M ooresville P u b lic Service C o ., whose e n tire com m on sto ck , except direc­
to r s ’ sh ares, is ow ned b y In d ia n a p o lis L ig h t & H e at C o ., an d to In te r­
s ta te P u b lic Service C o. T h e te rrito ry served covers m o re th a n 390
sq . m iles; e stim a te d p o p u la tio n , 450,000. C o .’s tw o p rin c ip a l g e nerating
sta tio n s h a v e a to ta l c ap a c ity o f 84,000 k .w .; 4 su b -statio n s. A ll of th e
dow n to w n d istrib u tio n sy stem is in u n d e rg ro u n d co n d u its, w hile th e o u t­
lying te rrito ry is served b y ap p ro x . 1,120 m iles o f tran sm issio n a n d d istri­
b u tio n lines. A 33,000-volt tra n sm issio n line extends in a co m plete loop
24 m iles in le n g th aro u n d th e h e a r t o f th e c ity . O th er tra n sm issio n lines
ra d ia te in e v ery d irecti9 n to n e a rb y su b u rb s a n d to w n s. O ver 95% of
gross re v e n u e is deriv ed fro m th e sale o f electricity , 61% fro m pow er con­
tra c ts . C o. also owns a la rg e tr a c t o f p ro v e n coal la n d p u rc h a se d as a
reserve to in su re a cheap s u p p ly o f fuel.
ST O C K A N D B O N D S— Date.
Interest. Outstanding. M aturity.
S tock 437,500 shs (no p a r ) ___ _____
_______
422,810 shs __________
C ons m ortgage $5,000,0001 1905
5 g A-O
$3,782,000 A pril 1 1940
($1,000) gold----------------c * /I n t. a t A m erican T r. C o ., B o sto n , tru ste e .
Bonds.— T h e cons. m tge. 5s are call, a t 102 & Int. on a n y in t. d a te since
A pril 1 1925. A rth u r V. B row n, In d ian ap o lis, is co-tru stee. $1,000,000
w ere offered in M arch 1913 b y M iller & C o ., In d ian ap o lis, a t 99>£ & in t
V. 96. p . 866. 1024.
E A R N IN G S .1 F o r c alen d a r y ears:
—
1925.
1924
1923.
G ross o p e ra tin g rev e n u e ____________ $4,967,454 $4,685,237 $4,505,313
*O per. exp , m a in t., renew als a n d
rep lacem en ts a n d tax es (o th er th a n
F e d e ra l incom e)__________________ 2,585,134
2,555,430 2,417,334
N e t o p e ra tin g in co m e.
N o n -o p e ra tin g in co m e.

. ____$2,382,320
_______
47,440

$2,129,807
28,020

$2,087,979
47,820

B alan c e .
___ _______ $2,429,760
I n t., m iscell. d e d u ct, and F ed eral
503,770
incom e ta x a t 13 ) 4 % - - - - _______

$2,157,827

$2,135,799

474,343

467,430

A vailable fo r d iv id e n d s___________ $1,925,990 S I,683,484 $1,668,369
* A d ju sted to in clu d e 8% of gross o p e ra tin g revenue for m ain te n an c e
a nd 5% fo r renew als an d rep lacem en ts as req u ired b y 1st coll a t. tru s t
in d e n tu re of In d ia n a p o lis P o w er & L ig h t C o rp .
O F F IC E R S .-—P re s ., N o rm a n A . P e rry ; 1st Y .-P . & G en. C ounsel,
C h as. N . T hom pson; 2d V .-P ., E m m e t G . R alston; Sec., E lm er E . S cott;
T re a s ., W . C . R ich ard so n .— V. 119, p . 2287, 3009; Y. 120, p . 1747; Y.
122, p . 1455, 2190, 2650; V. 123, p . 1502.

T E R R E H A U TE IN D IA N A P O L IS & E A ST E R N
T R A C T IO N .

[V ol. 123.

N otes.— T h e 5-year 6 )4 % coll, n otes a re secured by d ep o sit of $700,0CG

4% n otes of th e Indian ap o lis T ra c . & T e rm . C o. m a tu rin g in 1933.

A re

call, a t 102 an d in t. on a n y in t. d a te . $425,000 w ere offered in S ep t. 1924
by th e F le tc h e r A m erican C o ., In d ian ap o lis, a t 100 a n d in t. V . 119, p . 1283.
D ividends.— In itia l d iv ., 1 )4 % on p re f., p a id O ct. 1910; sam e am o u n t
q u a r.to a n d incl. J a n . 1914. N one p a id since. See V . 98. D. 914.
E A R N IN G S .— F o r calendar years:
Operating
Rentals,
Gross
E xp. & I n t., Sink.
Bal.
E arnings.
Taxes.
F unds, &c. Surplus.
1925________________________ $5,058,804 $4,000,623 $1,106,172 def$47,991
1924________________________
5,197,922 4,040,502 1,093,675 sur63,745
1923________________________ 5,499,428 4,178,202 1,105,914 sur215,312
1922_________________________ 5,404.575 4.047.183 1,118,276 su r2 3 9 .116
O F F IC E R S .— P re s ., R o b t. I T o dd; V .-P ., Jo h n J . A ppel; Sec. & T re a s
Jos. A . M cG ow an.
D IR E C T O R S .— R o b t. I . T o d d , M a rsh a ll S. M o rg a n , J . F . W ild, L eroy
T . H ixson, J . J . A ppel an d Jo s. A . M cG ow an.-—V . 122, p . 613, 751, 1171,
3 3 4 3 ;V. 123. p . 712.
<1 i T E R R E H A U T E T R A C T I O N & L I G H T C O

M erger.— See In d ia n a E le c tric C o rp . a bove. V . 122, p . 3343.
Leased.— In M arch 1907 w as leased to th e T e rre H a u te In d ia n a p o lis &
E astern T ra c . C o. for 999 years. T h e la tte r c o m pany g u a ra n te es 6% on
the o u tsta n d in g p re f. sto ck a n d 2% on com m on for 1)4 y e ars, 3% for
1 y e ar, 4% for 1 y e ar an d 5% th e re a fte r, a n d $1,000 p e r y e ar for organiza­
tion expenses. V . 84, p . 750.
T h e T erre H a u te In d . & E a s t. T ra c . ow ns all th e com m on sto ck except
d ire c to rs’ shares.
O R G A N IZ A T IO N .— I s a co n so lid a tio n in 1 904 o f th e T erre H a u te E le c ­
tric C o . and th e T erre H a u te E le c tr ic T ra c. C o . In a ccord an ce w ith th e
privilege g ra n ted b y th e In d ia n a S ta te L eg isla tu r e in it s sessio n o f 1921, th e
com p an y surrendered its franchises an d th e In d .P . S . C o m m , h a s issu e d in
lieu o f sa m e an in d eterm in a te p erm it.

F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
E m braces 93.83 m iles of tra c k in T e rre H a u te , including lines from T e rre
H aute to W est T e rre H a u te , C lin to n , B razil, S ullivan an d S anford, In d .
Rails, 60 to 80 lbs. Owns 141 c ity passenger a n d 14 in te ru rb a n passenger
cars, 6 freig h t a n d 20 service c ars.
S T O C K A N D B O N D S—
D ate.
Interest. O utstanding. M a tu r ity .
M -S
$2,000,000 S e p t ’26 2)4
C om m on $2,000,000 ( $ 1 0 0 ) . . . ____
Pref $1,000,000 ($100 6% c u )______
M -S
1,000,000 S e p t '26,3%
F irst cons m tg e $5,000,000/ 1904
5 g M -N
2,834,000 M a y 1 1944
g o l d ___________________ t f (In te re s t a t S ta te S tre e t T ru s t C o ., B oston.
T erre H a u te E lectric 1st m tg e / 1899
5 g J-J
1,500,000 Ju ly 1 1 9 2 9
$1,500,000 gold ($1,000) c * \I n t. a t B o sto n Safe D ep . & T r. C o., B o sto n .
C ar T ru s t E q u ip Co p re f s to c k . 1918
6 Q -J
34,000 See te x t
C ar T r u s t E q u ip Co p re f s to c k . 1919
6 Q -J
38,500 See te x t
Bonds.— T h e U nion T r u s t C o. of In d ia n a p o lis an d th e B oston Safe D eposit
& T r u s t C o. are jo in t tru ste e s o f th e T e rre H a u te E lectric m tg e . O f th e
$5,000,000 consols., $1,500,000 a re reserved to re tire prior liens. T h e new
bonds a re callable as a w hole a t 110 a n d in t. on a n y in t. d a te . A sinking
fu n d of 1% of o u tsta n d in g bonds com m enced M a y 1 1906. $666,000 was
held by th is fu n d O ct. 1 1926. T h e U n ited S ta te s T r u s t C o. of T e rre H a u te
an d th e S ta te S tre e t T r u s t C o. of B oston a re tru s te e s of th is m o rtg ag e.
See V. 78, p . 2013.
T h e C ar T r u s t E q u ip m e n t C o. pref. sto ck of 1918 is a firs t charge a g a in st
30 c ars. T h e sto ck m a tu re s $8,500 sem i-ann. Y . 107, p . 182. T h e sto ck
of 1919 is a firs t charge a g ain st 25 cars an d m atim es $5,500 sem i-ann. to
O ct. 1 1929. V . 109, p . 1367.
E A R N IN G S .— F o r calen d ar years:
Gross.
N et.
D eductions.
S in k . Fd.
Balances.
1925............$ 2 ,7 7 4 ,0 0 7
$798,528
$272,811
$28,744
$496,973
1924............. 2,647,847
751,285
278,278
29,067
443,940
1923............. 2,680,722
787,035
282,719
29,413
474,903
1922----------- 2,483,253
665.584
286.385
29,757
349,442
O F F IC E R S .— P re s ., R . N . Filbeck: V .-P ., R o b t. I . T od d : Sec. & T re a s .,
Joseph A . M cG ow an.— V . 109, p . 1367; V . 116, p . 2007; V . 118, p .2306;
V. 122, p. 751, 2193, 3343.

O R G A N IZ A T IO N .— In c o rp o rate d in In d ia n a on M arch 1 1907 and
(a) T E R R E H A U T E & W E S T E R N R Y . C O .
acquired b y purch ase (1) In d ia n a p o lis & E a ste rn R y .; (2) Indianapolis
C oal T rac tio n ; (3) In d ian ap o lis & W estern T rac tio n , a n d (4) R ichm ond
L eased to T e rre H a u te T rac tio n & L ig h t C o. for 999 y e ars fro m N o v . 1907.
S tre e t & In te ru rb a n R y .
O R G A N IZ A T IO N .— In c o rp . in 1907 in Illinois. E n tire com . a n d p re f.
On M arch 25 1907 leased th e T e rre H a u te T rac tio n & L ig h t C o. for 999
'to ck ow ned b y T e rre H a u te In d . & E a s te rn T ra c . C o.
years (see te rm s u n d e r th a t c o m p an y below ), a n d in A pril 1907 leased for
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
999 y ears th e In d ian ap o lis & N o rth w e stern T rac tio n a n d th e In d ia n a p o lis &
An electric ro a d . E x ten d s from th e In d ia n a S ta te line n e a r S anford, I n d .,
M artin sv ille R ap id T ra n s it (see te rm s u n d e r respective c o m p a n ies).
T h e co m p an y ow ns $1,000,000 p a r o f th e com m on sto ck of th e In d ia n a p ­ to P a ris, 111., 10.73 m iles. B egan operatio n O c t. 25 1907. Is en tire ly
on p riv a te right-of-w ay.
olis S t. R y . C o. (in co rp o rated 1919). Owns a one-half in te re s t in the
U n ited T ra c tio n C oal C o ., in su rin g th e co m pany a n a d e q u a te coal supply.
S T O C K A N D B O N D S— Date.
Interest. O utstanding. M atu rity.
See Shirley R ea lty C o. o f In d ia n a in V . 104, p . 1805.
Stock com m on $200,000______ _____
_________
$200,000 S e p t ’26,2)4
On M a y 1 1912 leased for 999 y e ars th e In d ian ap o lis C raw fordsville & Preferred $150,000________________
________
150,000 S e p t ’26,3%
D anv ille E lec. R y . (see te rm s u n d e r la tte r co m p an y b elo w ). V. 94, p . 1567. F irst m ortgage $250,000 g o ld f 1907
5 g M -N
250,000 N ov 1 1937
On M a y 1 1918 p u rch ased th e sto ck o f th e W est In d ia n a U tilities C o.,
g u a r p & i ($1,000)____c * tf / I n t . a t N ew E n g lan d T r. C o., B o sto n , T ru s.
w hich o p erates lig h tin g p la n ts a t W est T e rre H a u te an d B razil, In d .
Bonds.— A re g u a r. p . & i. b y endorsem ent b y T erre H a u te T r. & L t. C o.
Consolidation Plan.— F o r p la n to consolidate co. an d C en tral In d ian a
E A R N IN G S .— F o r calendar years
Pow er Co. in to In d ia n a E lectric C o rp ., see u n d e r “ C en tral In d ia n a Pow er
Gross. N ct.a ft.T a x.
D ed's.
Balance.
C o .” V. 122, p . 610, 751. F u ll d e ta ils as to th is p la n a re given in Y . 122.
$40,409
def$2,520
$12,500
def$15,020
p . 3347. In J u n e 1926 a c o m m ittee w as form ed to re p re sen t h olders of 1925____
1924----------------------------------- 44,587
1.680
12,500
d e fl0 ,8 2 0
1st & ref. m tg e . 5% s. f. 35-year g. bon d s in th e proposed m erger.
1923
55,661
7,876
12,500
def4,624
C o m m ittee: W m . P . G est, C . S. W . P a c k a rd and H . G . B rengle; Sec.,
O F F IC E R S .— P res., F . T . O’H air; V .-P ., G . O. N icolai; Sec.. Jo h n T .
M . S. A ltem ose, 325 C h e stn u t S t., P h ilad e lp h ia . D ep o sito ry , F id e lity
Beasley; T rea s., J . A . M cG ow an.— V. 90, p . 1555.
T r u s t C o ., 325 C h e stn u t S t., P h ilad e lp h ia . I t w as pro p o sed to h a v e th e
bonds exchanged in equal p rin c ip a l am o u n ts for In d ia n a E lec tric C orp.
1st m tg e. (& re f.) 5% g. bonds, d u e O ct. 1 1965. See also In d ia n a E lectric
(2) I N D I A N A P O L I S & N O R T H W E S T E R N T R A C T I O N C O .
C o rp . ab o v e.
Committee 5% 20-Y r. 1st M tge. Bonds in connection w ith proposed m erger
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— in to In d ia n a E lec tric C o rp .: D . P . A bercrom bie, G eorge T re a t, B . L.
O perates a m o d ern high-speed electric railw ay over lines w hich com prise A llen, C . F . M ills, E . W . S tout; Sec., O scar H au sserm an . F e d e ra l S tre e t.
a con tin u o u s ro u te fro m an d including th e c ity o f P a ris in Illinois through
B oston, M ass. D epositaries: Irv in g B an k & T ru s t C o ., N ew Y o rk ;
th e c ity of T e rre H a u te a n d tow ns o f B razil, G reencastle, A m o, C layton F irst N a tio n a l B a n k , B oston or F letch er-A m erican N a t’l B an k , In d ia n ­
a n d P lainfield, to th e c ity o f In d ian ap o lis, a n d thence th ro u g h th e towns apolis. See de ta ils in V. 122, p . 3339. See also In d ia n a E lec tric C o rp .
of G reenfield, K n ig h tsto w n , N ew C astle an d C am bridge C ity , to the
Lease.— In A pril 1907 w as leased to th e T e rre H a u te In d ia n a p o lis &
c ity o f R ich m o n d in In d ia n a ; also a line ru n n in g south fro m In dianapolis
E a ste rn T rac tio n for 999 y e ars. T h e la tte r com pany will p a y th e in te re s t
to M artin sv ille , In d .; a line ru n n in g w est from In d ian ap o lis to D anville
on th bonds;
q a r. or 5% p
a um
th e
In d .; a line ru n n in g n o rth w e st from In d ian ap o lis to L a fa y e tte , w ith a stock ean d $500alsor 1 )4 % foru org an izatio n .er Vn n84, pon869. $450,000 p re f.
p e y e ar
.
.
b ra n c h to C raw fordsville; a line ru n n in g n o rth w e st from In d ia n a p o lis d irect
E n tire issue of com m on sto ck , except d ire c to rs’ snares, is ow ned b y th e
to C raw fordsville a n d from T e rre H a u te a lin e n o rth to C lin to n , I n d ., a n d a T erre H a u te In d ian ap o lis & E a s te rn T ra c tio n .
line so u th to S ullivan, In d . Also o p erates th e city lines in T e rre H a u te and
O R G A N IZ A T IO N .— O rganized in 1902 in In d ia n a .
R ich m o n d . T o ta l m iles in single tra c k : c ity lines, T erre H a u te , 31.75; and
R ichm o n d , 13.68; to ta l, 45.43; in te ru rb a n lines, to ta l 385.04. G rand to ta l
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
e n tire sy stem , 432.32 m iles. R u n s a b u s line b etw een In d ia n a p o lis a nd An electric ro a d . O perates a m odern high-speed in te ru rb a n ra ilro a d ,
L a fa y e tte b y w ay o f T h o rn to w n , In d . Y. 123, p . 712.
stan d ard -g au g e, located upon p riv a te right-of-w ay outside of th e c ity cor­
p o ra te lim its . E x ten d s n o rth w e sterly fro m th e c ity of Indian ap o lis th ro u g h
ST O C K A N D B O N D S —
D ate.
Interest. Outstanding. M aturity.
th e cities of Lebanon a n d F ra n k fo rt to th e c ity of L a fa y e tte , w ith a b ra n c h
C om m on $12,500,000 ($100). ------------------- $9,100,000 .......... .............
from Lebanon to C raw fordsville, each of w hich cities is th e c o u n ty se a t of its
Preferred $12,500,000 ($100). ------------------- 9,100,000
See te x t
1st & re f m o rtg ag e $8,000,000 , 1910
5 A-O
6,500,000 A pril 1 1945 respective co u n ty . H as tra c k a g e rig h ts to th e business cen tres of In d ia n ­
gold ($1,000) s f ______ c * tf I n t. a t F id e lity T r u s t C o ., P h ila., T ru ste e . apolis a n d L a fa y e tte . E m b races 87.01 m iles of tra c k betw een In d ia n a p o lis,
In dian ap o lis & E a s te rn F irst 1902
5 g J -J
See te x t Ju ly 1 1927 Zionsville, L ebanon, F ra n k fo rt a n d L a fa y e tte , including a b ra n c h from
C ons M $1,000,000 gold l i n t , a t M ercan tile T ru st C o ., N . Y ., or a t Lebanon to C raw fordsville. S ta n d a rd gauge: 70-lb. T ra il. O w ns 20 pas­
($1,000) sinking fu n d .c * tf F a rm e rs T ru s t C o ., In d ian ap o lis, T ru ste e . senger, 5 freig h t a n d 5 service c ars. P ow er H ouse a n d c ar b a rn a re a t
5-year 6 )4 % co llateral notes 1924
6)4 g M -S
425.000 Sept 1 1929 L ebanon. V . 88, p . 295; V . 92, p . 59.
I n
S e p t
1 9 2 1
t h e
c o m p a n y s u r r e n d e r e d
($500 & $1,000) gold___ t f I n t . a t F le tc h e r A m . N a t. B k ., In d ia n a p ., tr .
a n d e r a n
I n d e t e r m in a t e
p e r m i t .
Stock.— P ref. sto ck is 5% cu m . a fte r J u ly 1 1910. Should com . a t a ny
ST O C K A N D B O N D S— D ate.
Interest. Outstanding. M a tu rity .
tim e p a y 6 % , p re f. will p a y th e sam e. V. 90. p . 1555.
_________ $2,550,000 ____________
Bonds.— R em aining 1st & re f. b onds a re reserv ed for ad d itio n s an d im ­ C om m on $2,550,000_________ _____
Q -J
450,000
See te x t
p ro v em en ts, u n d e r careful re stric tio n s. C allab le as a whole from A pril 1 P ref ($1,000,000) 5% c u m _________
5 g M -S
2,470,000 M a r 1 1933
1915 a t 105 a n d in t., or in p a r t for sin k in g fu n d only a t 102)4 a n d in t. F irst m tg e $3,000,000 gold) 1903
($1,000) ____________ c * t f j l n t . a t C olum bia T r u s t C o ., N . Y ., T ru ste e .
on a n y in t. d a te . $1,317,000 h eld in sinking fu n d O ct 1 1926. F o r
Bonds.— O riginally m a tu re d M a rc h 1 1923 b u t w ere extended fo r 10 years
C o m m itte e , see ab o v e u n d e r “ C on so lid atio n P la n ” a n d also com pare s ta te ­
to M arch 1 1933. T he rem aining $530,000 for Im provem ents, & c., a t
m e n t re “ In d ia n a E lec tric C o rp .”
50% and 75% of cost. N o s. f., b u t extended bonds a re re d . on 60 d a y s ’
S.
f. $55,000 p . a . first 5 y ears a n d $106,675 p . a . th e re a fte r; bonds
acqu ired for s. f. to be alive an d in t. a d d ed to s. f. V. 90, p . 1491. (T he notice a t 104 du rin g th e firs t 3 years a fte r J u ly 1 1923, 103 d u rin g th e n ext
p a y m e n ts d u e F eb . 1 1919, 1920, 1921, 1922, 1923, 1924, 1925 a n d 1926 2-years th e re a fte r, 102 d u rin g th e n e x t 10 y ears an d a t 101 th e re a fte r.
F o r committee see above.
h a d n o t been p aid to A pril 1 1926.
O f th e $1,000,000 In d . & E a s t, consols, a u th ., $172,000 hav e been can­
E A R N IN G S .— F o r calen d ar years:
celed b y sinking fu n d . O f th e rem aining $528,000 o u t, $514,000 a re ow ned
Gross
N et,a ft.T a x .
Deductions.
Balance.
by T e rre H a u te In d . & E a s t. T rac . A sinking fu n d , 1 % o f bonds o u t, began 1925_____________ $480,493
$124,000
d e f $ 9 5 ,2
$28,725
Ju ly 1 1908. F u n d is to be in v ested in th e c o m p an y ’s bonds if th e y can b*
d e f .
5 ,3
124.000
1924........................... 601,778
118,623
b o u g h t a t n o t m ore th a n 105 a n d in t. B onds c an n o t be called. See V 75
124.000
s u r .3 3 ,6
1 9 2 3 ...................
660,273
157.693
p . 342.
124.000
s u r .4 7 .5
1922........
649.461
171.566




I t s

7
7
9
6

5
7
3
6

f r a n c h is e

POWER, LIGHT AND RAILWAY

Oct., 1926.]

O F F IC E R S .— P re s ., R o b e rt I . T o d d ; V .-P ., Jo h n .1 Appel; Sec. & T re a s ..
Jo s. A . M c G o w a n .- V . 116, p . 934; V. 122, p . 748, 2190, 3339.
v3) I N D I A N A P O L I S & M A R T IN S V IL L E R A P ID T R A N S I T C O .

Reorganization.— See below u n d e r In d ian ap o lis C raw fordsville & D an ­
v ille E lec. R y .
Leased .— In A pril 1907 w as leased to th e T erre H a u te In d ia n a p o lis &
E a s t. T ra c. for 999 y ea r s. T h e la tte r c o . w ill p a y th e in t. on th e b onds; alsr
$500 per year for o rg a n iza tio n . V. 8 4 , p . 749. T h e T erre H a u te I n d . A
E astern ow ns en tire issu e o f sto ck ex c ep t d irectors’ sh ares.

O R G A N IZ A T IO N .— In c o rp . in In d ia n a on A pril 24 1901.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R OF B U S IN E S S .—
E m b races 29.07 m iles o f tra c k from In d ia n a p o lis to M a r­
tinsville, com pleted in M a y 1903. 70-lb. rails; s ta n d a rd gauge. O perates
on p riv a te rig h t-o f-w ay except in inco rp o rated tow ns.
STO C K A N D B O N D S —
D ate.
Interest. O utstanding.
M aturity
Stock $750,000 ( $ 1 0 0 ) .. . .............. ..........................
$750,000 _______ ..
F irst m tg e , $750,000 ($1,000)1 1902
5 g J -J
750,000 J a n 1 193S
A n electric ro a d .

g o ld ._____________ c*&r n tf{ U n io n T r u st C o. an d S ecu rity T r . C o . o f In
(d ia n a p o lis, T ru s. I n t. a t S ec. T r. C o ., In d
Bonds. — N o sinking fu n d , b u t bon d s are su b ject to call a fte r 10 years a t

105 an d in te re s t. See V. 78, p . 1223. See also u n d e r “ B o n d s” In d ia n a ­
polis C raw fordsville & D an v ille E lec. R y ."
E A R N I N G S .— For calen dar years:
1925 ______
1 9 2 4 ______
1 9 2 3 ______
1 9 2 2 ______

N et,a ft.T a x .

Gross.

.......... .$ 1 5 8 ,2 0 8
---------- 195,680
---------- 2 2 2 .0 8 0
---------- 234,261

Deductions.

Balance.

d e f.$4 ,8 4 0
4 1 ,9 3 5
3 9 .8 7 4
5 4 ,0 6 5

$38,000
3 8 ,0 0 0
38,0 0 0
38,0 0 0

d ef$ 4 2 ,8 4 0
3 ,9 3 5
su r. 1,874
s u r .1 6.065

O F F IC E R S .— P res., R o b t. I . T o d d ; V .-P s., H a rry S. N ew , Jam es
W . Lilly a n d Jo h n J . A ppel; Sec. & T rea s., Jo s. A . M cG ow an. V . 84,
p . 749.
(4) I N D I A N A P O L I S C R A W F O R D S V IL L E & D A N V IL L E E L E C . R Y .

Reorganization P la n .-—U n d er th e c o n te m p lated m erger o f th is an d o th e r
cos. in to In d ia n a Electric Corp. (see th is la tte r c o .), th e railw ay pro p erties
ow ned b y In d ian ap o lis, C raw fordsville & D anville E l R y ., th e In dianapolis
& N o rth w e stern T rac tio n C o. a n d th e In d ian ap o lis & M artin sv ille R apid
T ra n s it C o. a re to be conveyed, free a n d clear of th e ir leases to T erre
H a u te , In d ian ap o lis & E a ste rn T ra c tio n C o. to a new railw ay co. to be
acq u ired b y In d ia n a E lectric C orp. T h e $784,000 bon d s of In d ia n a p.
C raw f. & D a n v . E l. R y ., th e $750,000 bonds of In d ian ap o lis & M artin sv ille
R ap id T ra n s it C o ., a n d th e $2,470,000 bonds o f In d ian ap o lis & N o rth w e st­
ern T ra c tio n C o. a re to be exchanged p a r for p a r, for 50-yr. 5% bonds of
th e new railw ay co. secured b y an open end 1st m tge. u p o n th e 3 leased
lines an d h a v in g a sufficient sinking fu n d to re tire a ll such b onds a t or
before m a tu rity ; b o th in te re st a n d sinking fu n d charges to be g u a ra n te ed
b y In d ia n a E lec tric C o rp . V. 122, p . 3339.
Lease .— On M a y 1 1912 w as leased to th e T erre H a u te In d ia n a p o lis «

E astern T ra c . for 999 y ea r s. U n d er th e lease th e la tte r co m p a n y guaran
tees p . & 1. o f 1st M . b o n d s, 5% d iv s . on $ 2 0 0 ,0 0 0 p ref. sto ck an d sem i
an nu al d iv s . on c o m ., v iz .: A % from N o v . 30 1912 to M a y 31 1 9 1 4 . I f .
N o v . 1914 to M a y 1 9 1 6 , 1 M % N o v . 1916 t o M a y 1918 a n d 2% th erea fte r.
O R G A N IZ A T IO N .— In co rp . in In d ia n a on A pril 20 1912 as su ccesso r t<
th e In d ian ap olis C raw forsd ville & W e s t. T r a c ., sold a t foreclo su re. B u ilt
en tir ely on p riv a te r ig h t-o f-w a y . In accord ance w ith th e p riv ileg e granted
b y th e In d ian a S ta te L eg isla tu re In its sessio n o f 1921, th e c o . surren d eree
its fran ch ise and th e I n a . P . S . C om m , h as issu e d in lieu o f sa m e an in d e
term in ate p erm it.

F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O p erates 48.23 m iles o f ro a d b etw een Ind ian ap o lis a n d C raw fordsville.
S ta n d a rd gauge. 70 a n d 85-lb. T rails. An extension from C raw fordsville to
w estern b o u n d a ry o f In d ia n a e ast o f C ity of D an v ille, 111., is proposed.
STO CK A N D B O N D S—
D ate.
Interest. O utstanding. M atu rity.
C om m on $ 4 0 0 ,0 0 0 ($ 1 0 0 )_____ ______
M -N
$ 4 0 0 ,0 0 0
S ee te x t
P r ef $ 4 0 0 ,0 0 0 5% cu m ( $ 1 0 0 ) . ____
J -D
2 0 0 ,0 0 0
See te x t
F irst m tg e $ 2 ,5 0 0 ,0 0 0 g o ld ) 1912 5 g M -N
7 5 3 ,0 0 0 M a y 1 1952
($ 1 ,0 0 0 ) guar p & i__c& r t f /I n t e r e s t a t Girard T r . C o ., P h ila ., T ru stee.
Bonds .— O f rem ain in g fir st m tg e . b o n d s, $ 1 ,0 0 0 ,0 0 0 are for ex ten sio n ;
an d $ 5 0 0 ,0 0 0 to b e issu ed o n ly u nd er certain co n d itio n s. S u b j. to call a*
a w h ole b u t n o t in p a rt a t 1 0 2 X and in t. on a n y in t. d a y . S in k in g fu n d of
$ 9 ,0 0 0 per a n nu m on in itia l $ 1 ,0 0 0 ,0 0 0 b on d s o u t com m en ced M a rch 1 1913
W hen ad d'l b ond s are issued fu nd shall b e in creased b y such a m o u n t as wll'
retire 2-3 o f such a d d ’l b on d s issued S 247.000 held alivn ip oin k m c fn n r

A p ril 1 1926. F o r c o m m ittee in connection w ith consolidation p lan and
reo rg an izatio n , see V. 122, p . 3339. T h e co m m ittee is com posed as follows:
A . V. M o rto n , A. A. Jack so n ; A. E . N ew b o ld J r .; S ec., J . M alcolm Jo h n sto n ,
N . W . C o rn er B road an d C h e s tn u t S ts., P h ilad elp h ia. D epositaries:
G ira rd T ru s t C o ., N . W . C o rn er B ro ad & C h e s tn u t S ts., P h ilad elp h ia.
E A R N I N G S .— For c alen d ar years:

Gross.

_

N et a ft. Tax. Deduc.

S in k.F u n d.

Balance.

$13,941
$ 3 9 ,980
$19 ,5 2 0
d ef.$ 4 5 ,5 5 9
1925 . . . ____ $317,925
1 9 2 4 ________ 361,989
57 ,0 3 7
41 ,5 1 8
17,981
d ef. 2 ,4 6 3
su r .
129
59,6 2 9
42,943
16.557
1 9 2 3 ________ 406 ,1 8 8
d e f. 11.621
1 9 2 2 ________ 3 8 8 .4 7 0
4 7 ,8 7 8
43 ,9 8 5
15,515
O F F I C E R S .— P r e s ., Joh n J . A ppel: V .- P ., R o b e rt I . T od d ; S ec. & T rea s.
J o s. A . M cG ow an : G e n . M g r ., R o b t. I . T o d d . V . 9 4 , p . 14 4 9 . 1 5 6 5 . 1695

V. 122, p . 748, 2190, 3339.

IN D IA N A P O L IS S T R E E T RAILW AY CO.
T h e T erre H a u te In d ia n a p o lis & E astern T raction C o. ow n s th e $ 1 ,0 0 0 .
0 0 0 co m . sto ck .
O R G A N IZ A T I O N .— In corp . in In d ian a on Ju n e 30 1919. I s co n so lld a
tion o f th e old In d ian ap olis S treet R y . C o . and th e In d ian ap o lis T ra ctio n &
T erm in al C o . (F or sep arate h isto ry o f each o f th ese co s. u p to tim e of
con solid ation see th e “E le ctric R a ilw a y S u p p le m en t’’ o f M a rch 2 9 1919.)
T h e con solid ation w as effec ted as per p la n in V . 108, p . 2329 su b jec t to
con d ition s stip u la te d b y th e In d . P . S . C om m , as ou tlin ed in V . 109
p . 172. On A u g . 29 1919 th e F ederal C ourt ap proved th is co n so lid a tio n
and d ism issed th e su it b ro u g h t b y certain m in ority stock h o ld ers again st
sa m e. V . 109. p . 982.

F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perates 169.07 m iles of tra c k a n d owns 9-story office a n d te rm in a l building,
T h is term in al is used b y all in te ru rb an roads (13 in n u m ­
ber) entering In d ian ap o lis. Owns electrical an d steam e q u ipm ent of 7 ,0 0 0
k . w . cap acity . Owns 394 double tru c k s, 157 single tru c k passenger and
126 service cars. In 1925 in a u g u ra te d bu s service in te rrito ry n o t covered
b y ra il lines.

an d train -sh ed s.

G u aran tees th e ($ 400,000) b o n d s o f B road R ip p le T ra c tio n O o ., a n d own*

75% of its sto ck .

See also V . 119, p . 1064.

Interu rb an railw ays en ter th e c ity u nd er agreem en ts b y w h ich th e y pay
3 ce n ts per passen ger for a ll passen gers carried in th e c ity lim its a n d an
ad d ition al 1 cen t for th o se u sin g th e term in al s ta tio n . V . 8 1 , p . 2 6 4 . In
1921 th e co. surrendered its fran ch ise to th e c ity o f In d ian a p o lis a n d now
op erates under an in d eterm in a te p erm it. V . 112, p . 2748.
Tax Decision on Sink. Fund Bonds. — See V . 111. p . 692.
V alu ation .— See V . 112, p . 161.

Bus Operation by Co. Proposed. See V. 119, p. 1172.
Transfers.— T ransfer charge for 1926 increased from 1 to 2c. V. 122.
p . 94.
In A ug. 1926 In d ia n a P . S. C om m ission au th o rized co. to issue $351,000
e q u ip m e n t tru s t n otes. V. 123, p . 842.
STOCK A N D B O N D S—
D ate.
Interest. O utstanding. M a t'y , A c.
....................
C om m on ($ 5 0 )________________ ______
_________ $ 1 , 000,000
P r ef $5 ,0 0 0 ,0 0 0 ($100) c u m ..................
6 Q-M
5 ,0 0 0 ,0 0 0 J u n e '2 5 , 1 'A
C on solid ated m tg e ___________ ______
_________
See te x t
___________
3 ,5 7 0 ,0 0 0 Jan 1 1933
In d T r & T er Co 1st M $ 5 ,-1 1903
5 g A-O
‘
0 0 0 ,0 0 0 g ($1,000) s f_ c * tf (I n t. a t G u aran ty T r. & S . D . Oo P h ila ., Tr

In d T r & T erm n o te s________ _____

4%

x700,000

1933

In d ian_ _ _
_ _ _ ap olis S treet R _ _gen ) _ _
y
_ _ 1899
4 g J-J
_
4 ,5 4 7 ,0 0 0 Jan 1 1 9 3 3
m ortgage $ 6 ,0 0 0 ,0 0 0 g o ld (In te r e st a t G u ar. T r u st & S afe D e p o sit Oo ,
P h ila d elp h ia , T ru stee.
($ 1 ,000 ) gu ar_______ c * n tf,
c i t iz e n s ’ S treet R y 1st M 1893
5 g M -N
4 ,0 0 0 ,0 0 0 M a y 1 1933
$ 4 ,0 0 0 ,0 0 0 g ($1,000) .c * t f /C e n t r a l T ru st O o.. N e w Y o rk , T ru stee.
E q u ip certificates Series “E ” l 1916
5 J -D
7 ,0 0 0
See te x t
$ 1 2 5 ,0 0 0 ($ 1 j0 0 0 )_________/P a . C o . for In s. o n L . Sc G . A n n ., P h il..tr u st
Ind C ar E q u ip C o 1st p ref stk _ 1919
6 Q-J
7 0 ,0 0 0 S ee t e x t .
In te r e st o n C itizen s’ con sols a t|F o u r th S treet N a t . B a n k . P h ila d e lp h ia
x All deposited as secu rity for $425,000 T e rre H a u te Indian ap o lis &

E a s te rn T rac tio n 5-year 6 A % co llateral n o tes.




145

Stock .— P referred sto ck is p ref. as to a sse ts a n d d iv s . I t is s ta te d t h a t
the co m m o n sto ck w ill be a llo w ed no v o tin g pow er u n less th e p ref. d iv s .
are p aid in fu ll.
Bonds .— T h e co n s. m tg e . b o n d s are lim ited to an a u th . issu e o f $ 1 5 ,0 0 0 ,000 u p to A pril 7 1 933, after w h ich , th e a u th . a m o u n t m a y b e in creased to
$ 2 5 ,0 0 0 ,0 0 0 . in c l. th e d iv isio n a l b o n d s, if a n y , th en o u tsta n d in g , and
«uch excess o f $ 1 0 ,0 0 0 ,0 0 0 b o n d s m a y b ear su ch ra te o f in ter est, n o t ex­
ceeding 6 % p . a ., a n d b e u sed for a n y proper corporate o b jects an d p ur­
p oses o f th e co n so lid a ted c o . T h e $ 1 5 ,0 0 0 ,0 0 0 n ow au th orized w ill b ear
Int. a t n o t ex ceed in g 6 % a n d sh a ll b e issu ed o n ly for ad d n s. an d b etter­
m en ts to and e x t s ., a cq u isitio n s a n d rep la cem en ts o f lin e s o f s treet railroad
which b eco m e a p a rt o f th e s treet railroad sy ste m o f th e co n so lid a ted co m ­
p a n y In In d ia n a p o lis a n d its v ic in ity . B o n d s sh a ll o n ly b e issu ed to th e
a m o u n t o f p ar v a lu e o f b o n d s o f th e th ree d iv isio n a l issu es w h ich h a v e b een
or shall b e ta k en u p a n d can celed b y sin k in g fu n d p a y m e n ts, so th a t a t no
tim e w hile a n y o f d iv isio n a l b o n d s are o u tsta n d in g (u n less th eir p resen t
d a tes o f m a tu rity sh a ll b e e x te n d e d ), sh a ll th e a g g reg a te a m o u n t o f (new
and old] b o n d s secu red b y m o rtg a g es on th e p ro p erty exceed $ 1 5 ,0 0 0 ,0 0 0 .
B ut n o tw ith sta n d in g th e fo reg o in g , p ro v isio n m a y b e m a d e in th e m o rtgage
for th e issu a n ce o f b o n d s to refu n d th e ex istin g m o rtg a g e in d eb ted n ess, or
a n y p a rt th ereo f [at m a tu rity ]. A ll b o n d s issu ed for refu n d in g sh a ll be
su b ject to b e ta k en u p a n d can celed b y th e sin k in g fu n d p ro v isio n s w hich
were a p p lica b le to th e refu n d ed b o n d s in th eir origin al fo rih , a n d w hen so
tak en u p and ca n ce led , o rigin al b o n d s m a y b e Issued in su b stitu tio n th ere­
for, w h ich , or th e p roceed s th ereo f, sh a ll b e u sed o n ly for p erm a n en t im p ts.
and b etterm e n ts. P ro v isio n m a y b e m a d e in sa id m o rtg a g e t h a t th e m a­
tu rity o f a n y o u tsta n d in g b o n d s w h ich b eco m e d u e o n or b efore A pril 7
1933 m a y b e ex ten d ed to su ch d a te as m a y b e d eterm in ed b y th e B oard a t
a o t ex ceed in g 6 % in ter est If p erm itte d b y la w .
T h e lien o f th e sev era l u n d erly in g m o rtg a g es is co n fin ed to th e property
and Interests u p o n w h ich each w a s a lien prior to co n so lid a tio n an d d oes
n ot ex ten d to a n y o th er p ro p erty o f th e co n so lid a ted co m p a n y , ex c ep t as
‘general d e b t s ,’ w ith o u t p rio rity .a fter s a tisfy in g o f th e m tg e . lien s chereon.
T h e I n d . T ra c . & T er m , b o n d s h a v e a sinking fu n d w h ich p ro v id es for
Che p a y m en t a n n u a lly o f 1 1-5% o f b o n d s o u tsta n d in g . See V . 7 6 , p . 1085.
Bond m a y b e draw n for sin k in g fu n d a t 1 0 2 H a n d In t. a n d are su b j. to
call a t th a t price. S ee V . 8 1 , p . 2 6 4 . $ 1 ,430,000 In sin k in g fu n d can celed .
The In d . S t. R y . b o n d s h a v e a sinking fu n d s u ffic ie n t to redeem a t m a tu rity
Che greater p art o f th e en tire issu e . $1,453,000 in sin k in g fund ca n celed .
T he d iv isio n a l b o n d s in th e sinking funds a t th e tim e o f co n so lid a ­
tion w ere can celed so th a t th e y co u ld no lon ger d raw in ter est an d p a y m e n ts
Co th e sin k in g fu n d s su sp en d ed u n til 1923. All fu tu r e sin k in g fu n d p a y ­
m en ts are to b e ap p lied to th e ca n ce lla tio n o f b o n d s.
E q u ip m en t c e rtific a tes, series “ E , ” m a tu re $ 6 ,0 0 0 or $ 7 ,0 0 0 o n J u n e 1
and D e c . 1 ea c h y ea r . T h e y co v er 25 ca rs. $ 1 1 8 ,0 0 0 h a v e b een retired .
T h e In d . Car E q u ip . C o . 1 st p ref. sto c k w a s u sed t o p u rch a se 25 cars.
T h e sto c k m a tu res $ 1 0 ,0 0 0 sem i-a n n u a lly . V . 1 0 9 , p . 1 7 0 0 . B o n d s are
listed o n P h ila d elp h ia S to ck E x c h a n g e . V . 6 9 , p . 8 5 1 .
D ividends. — D iv s . o f 6 % ( I H % q u a r.) w ere p a id on p ref. s to c k t o and

incl. M a r. 1921. N one to S ept. 1 1922, w hen 134% w as p a id . D ividends
a t th e sam e ra te of 134 % w ere p aid re g u la rly since to & incl. J u n e 1 1925.
N one since. V. 121, p . 1788. F or e x p lanation of reasons for passing
preferred dividends, see V . 123, p . 1762.
E A R N IN G S .— F o r calen d ar years:
Gross.
N et A fter Tax. Fixed Chgs.,&c. Bal.. Surp.

$ 4 8 7 ,7 4 2
$ 6 2 9 ,1 8 3
1 9 2 5 ....................... $ 5 ,5 3 6 ,3 7 0
$ 1 ,1 1 6 ,9 2 5
4 8 4 ,9 6 5
6 3 5 ,1 0 8
1 ,1 2 0 ,0 7 3
1 924_________
5 ,5 8 8 ,1 7 7
4 3 4 ,1 1 6
6 3 8 ,7 8 7
1 923....................... 5 ,5 2 7 ,1 3 1
1 ,0 7 2 ,9 0 3
6 4 7 ,3 4 3
4 2 6 .1 0 5
1922___________ 5 ,5 4 5 ,1 6 4
1 ,0 7 3 .4 4 7
O F F I C E R S .— C hairm an o f th e B o a rd , H e n r y C . T h om son ; P r es. & G e n .
M g r ., R o b t. I . T od d ; V .- P s ., H en ry C . T h o m so n a n d Jo h n J . A pp el: S ec.
& T r e a s., J o sep h A . M cG o w a n ; A ss t. S ec. & T r e a s., W m . F . M ilh o lla n d .
— V . 112, p . 2 3 0 5 , 2 5 3 7 , 2 6 3 7 , 2748; V . 113, p . 7 1 , 5 3 2 , 7 3 0 , 848; V . 1 1 4 ,
p 3 0 6 , 6 2 6 , 1062, 1286; V . 115, p . 3 0 3 , 1837; V . 116, p . 822; V . 1 1 7 , p . 84:
V . 118, p . 907, 1392, 2042, 3073; V . 119, p . 1064, 1172: V . 1 2 0 , p . 828;
V . 121, p . 1788; V. 122, p . 94, 1170, 3449; V. 123, p . 842. 1762.

B R O A D R IP P L E T R A C T IO N .
O R G A N IZ A T IO N .— O rganized as successor to th e In d ia n a p o lis & B road
R ipple T ran sit C o ., sold a t foreclosure J u ly 1899. T he p ro p e rty o f th e co.
is o perated by Indianapolis S t. R y. C o. in connection w ith s tre e t railw ay
p ro p e rty of la tte r co m p a n y . See also V . 119, p . 1064, u n d e r cap tio n
In dianapolis S tree t R ailw ay .”
In dianapolis S t. R y . C o. (Inc. 1919) receives a ll incom e an d p ays a l
expenses incl. taxes on th e p ro p e rty a nd in t. on $200,000 o f bonds o f B road
R ipple T ractio n C o. T he p rin . on th e rem aining $200,000 o f bonds is
assumed by Union T ractio n C o. o f In d ia n a , w hich co. pays th e in t. th ereo n ,
»s consideration for th a t p a rt o f th e p ro p e rty o f B road R ipple T raction C o.
transferred to i t. See also V . 119, p . 1064, u n d e r c ap tio n “ Indian ap o lis
S treet R ailw ay .”
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— A
trolley ro a d . 7 A miles of tra c k from Indian ap o lis to B road R ipple P a rk .
S T O C K A N D B O N D S— D ate.
Interest. O utstanding.
M aturity.
Stock $100,000 (par $100_________
_________
$100,000 ________
M tg $400,000 g ($1,000) c * n tf (1899
5 g J-J
400,000 J u ly 1 1933
t i n t , a t G u ar. T r. & S. L . C o. (P h ila .). tru s t.
Bonds.— A re g u a r. p . & i. b y In d . S t. R y . N o s. f. a n d bonds c an n o t
be called. T he In d . N o r. T ra c . C o. (subsequently consolidated w ith th e
U nion T r. C o. of In d .) g u a ra n te es p . & i. o f h a lf ($200,000) of th e bonds.
E A R N IN G S .— In clu d ed in Indian ap o lis S t. R y . C o.
O F F IC E R S .— P re s ., R o b ert I . T odd; V .-P ., Jo h n T B u rn e tt; Sec. &
T reas., Jo s. A . M cG ow an.— V. 69, p . 180; V. 73, p . 137, 18 ; V. 78, p . 1167.

U NIO N T R A C T IO N CO. OF IN DIAN A.
Receivership.— A rth u r W . B rad y , P res., w as ap p o in ted receiver for th e co.
on D ec. 31 1924 on a p p lication of th e W estinghouse E lec. & M fg. C o., a
creditor for $74,192. V. 120, p . 89.
Interest Defaulted.— I n t. d ue J a n . 1 1925 on th e U nion T rac . Co. of In d .
gen. m tge. 5s a nd th e Indianapolis N o rth e rn T rac . 1st m tge. 5s having been
defaulted (V. 120, p . 333) , th e following p ro te c tiv e com m ittees w ere form ed:
U nion Traction o f In d . Gen. M tge. 5s.— C hairm an, Joseph W ayne J r.;
W m. A . L aw , H enry G . B rengle, Lewis H . P arsons. F red C . D ickson a nd
Jesse L . V erm illion; Sec., H e rb e rt W . G oodall. D epository: G uarantee
T ru st & Safe D eposit C o., P h ila. S ub-depository; In d ia n a T ru s t C o.,
Indianapolis, In d . V. 120, p . 333, 584.
Indianapolis Northern Traction 1st M tge. 5s.— C hairm an, J . C . Neff;
A rth u r V. M o rto n , C arl W . F enninger, T . J . Jea n n e re t, S. C . P a rry , G eo. C .
Forrey J r ., a n d J a s . P . G oodrich; Sec., M iles A ltem ose. D epository:
Fidelity T ru s t C o., P h ila. S ub-depository: In d ia n a T ru st C o ., In d ia n a p o lis
Ind. V. 120, p . 333, 584, 2685.
M u n cie H artford & Fort W ayne R y.— In A ug., 1925 a petitio n to forclose
a m ortgage of $ 1 ,0 0 0 ,0 0 0 on account of in te re st defaulted on th e M uncie
H ., F t. W . R y. 1st m tge. gold bonds 1905, was referred to th e M adison
C ircu it C o u rt a t A nderson. V. 121, p . 707.
O R G A N IZ A T IO N .— In c o rp . on M a y 13 1912 as a consolidation o f th e
old U nion T rac tio n C o. o f In d ia n a (incorp. M a y 28 1903) an d th e In d ia n a
U nion T rac . C o. (incorp. Ju n e 9 1903), p er p lan in V . 94, p . 1119, 1185. V.
95, p . 819; a nd as a re s u lt o f which c ap ital was m a te ria lly re d u c ed . T h e
legality o f th e consolidation was upheld in a decision b y th e Suprem e
C o u rt of In d ia n a in th e fall of 1915. T h e In d ia n a U nion T rac tio n C o.
h ad p re viously a cq u ire d th e In d ia n a N o rth e rn T rac tio n C o. (V. 81, p .
1848), M uncie & U nion C ity T rac tio n C o. (V. 83, p . 96) a n d M uncie
H a rtf. & F t . W . R y . (V. 82, p . 805, 869, 1041). T h e la tte r com pany was
leased to th e In d ia n a U nion T rac . a t a re n ta l (in a d d itio n to o p e ra tin g
exp., in t. on b onds, & c.), e q u iv a len t to 5% on M u n . H a rtf. & F t . W . R y.
$500,000 cum . pref. stock; V. 83, p . 96. T h e old U nion T ra c . C o. o f In d ia n a
was a consolidation of th e U nion T rac . C o. o f In d ia n a (incorp. in J u n e i 899)
a n d th e In d ia n a p o lis N o rth e rn T rac . C o. (incorp. in A p ril 1902). Leases
th e B road R ipple N a ta to riu m C o.
Also ow ns th e $100,000 1st M tg e. 6s o u ts ta n d in g a n d th e $50,000
stock o f th e T rac tio n L ig h t & Rower C o. a n d a o n e -fo u rth in te re s t in th e
U nited T rac tio n s C oal C o ., w hich owns a n d leases v alu ab le coal iands to
Insure th e co. an a d e q u a te coal su p p ly . (See Shirley R e a lity C o. o f In d .
in V. 104. p . 1805.)
T h e Indian ap o lis N o rth e rn T rac tio n assum ed p a y m e n t o f th e p rin . an d
Int. of h a lf ($200,000) of th e bonds o f th e B ro ad R ip p le T ra c tio n C o. (see
u n d e r In d ia n a p o S s ).

146

[V ol. 123.

PUBLIC UTILITIES

Leases In d ian ap o lis N ew castle A E a s t.T ra c . C o. for 999 years from O ct. 25
Bonds.— R em aining 1st M . bonds m ay be Issu ed upon fu lfilm e n t o f
1912. Lease modified on Aug. 21 1914 and com . A pref. sto ck s of the certain c o v en a n ts for 75% of cost of extensions, im p ts ., b e tte rm e n ts or a c ­
In d . N ew . & K. T rac . C o. form erly held were tran sferred in satisfaction q u is itio n o f u n e n c u m b e re d p ro p e rtie s
\ 94. p n>95. N o s in k . fund.
Of obligations incurred in leasing that, com pany and acq u irin g th a t stock O rig in a lly m a tu r e d J u n e 1 1919 b u t w ere e x te n d e d to J u n e 1 1922 a n d again
and in building th e M u n d e-N e w c astle line, and in consideration of fu rth er to J u n e 1 1932 a t 6% . T h e e x te n d e d b o n d s a r e re d . a t 105 a fte r J u n e 1
a dv an ces for Im p ro v in g pow er facilities for th a t line, a to ta l o f a b o u t
1925 to a n d incl. June I 1927 a n d th e r e a f te r a t 1% less for e a c h subse­
$521,000 (V. 100, p. 975). Lease again m odified as o f J u n e 30 1916 In q u e n t v e a r. and par d u r in g the Iasi vear of ex te n sio n to g e th e r w ith Int.
connection with th e lease of th e M iiucie A P ortland T rac tio n C o. to the V 114. p. 2580 V. 94. p . 1695: V 96, p. 135: V 100. p . 982; V . 102.
In d . N ew c. & E astern T rac . C o ., which see below.
p . 2341: V. 108 p . 2629: V. 114. p . 2580: V. 122. p . 1026.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
(a) T H
E
M
& N P CO I E
U
R T L A N D
T R
A C T I O
N .
Owns th e following lines: M uiicie-A nderson-lndianapolis, 56 h miles;
A trolley road.
A nd erso n -M ario n -W ab ash . 53 H miles; A lexam lria-Elw ood T ip to n 20
O R G A N IZ A T IO N .— Inco rp o rated Ju ly 1905 in In d ia n a . F ranchises I n
miles; lu d ian ap o lis-K o k o m o -L o g an sp o rt, 80 miles; Kokom o. P e ru . 19 H
miles; ,\i uncle- U nion C ity , 33 miles; A nderson-M iddletow n, 9)4 miles; cities and tow ns 50 years, in counties p e rp e tu a l.
also 10 m iles of city linss in A nderson; 14)4 miles in M arion; 16 miles in
Lease. — W as leased as of Ju n e 30 1916 for 999 years to th e In d ian ap o lle
M u n cie and 4 miles in Elwood: to ta l. 272 miles of ititeritrban and 44 H miles N ew castle & E astern T rac . C o. In connection therew ith th e c o .'s c ap ita l­
of c ity lines. Also leases M u ncie-H artforil O ity-B luffton line. 42 miles; ization was changed from $1,000,000 sto ck , all of one class, to $500,000
Ind ianapolis-N ew castle-M uncie line. 62 ^ miles, and M u n cie-P ortland
preferred and $500,000 com m on. T h e lease provides for th e p a y m e n t o r
line, 32 miles; gran d to ta l, 449 miles. T h rough cars are run betw een all taxes, a sum equal to 5% on th e pref. sto ck , a d e fin ite a n n u al p a y m e n t
In d ian ap o lis anil Fort W ayne in co n ju n ctio n with the Indiana Service C orp. of $4,530 and the p a y m e n t of a fu rth e r a m o u u t up to $17,370 a y e ar con­
Pro v id es package freight service betw een Inianapolis and M uncie and tin g e n t upon certain conditions.
Ind ian ap o lis atjd Logan sport and Peru, and to all o th er points on the
O F F IC E R S .— P res., E . B. Ball; V .-P ., W . C . Ball; Sec., G . A .
B a l l ;
System . O p erates through freight, service betw een Indianapolis and Fort
W ayne. By c o n tra c t cars are run over track s of Indianapolis S treet T rea s.. F. C . Ball, all of M uncie. In d .— V. 82, p . 1438: V. 102, p . 2342:
V. 106. p . 1037, 1901.
R a ila y in Indianapolis
A large cen tral power statio n a t A nderson,
o perated on a three-phase sy stem , w ith 19 su b -statio n s, o p erates e n tire
system . 95 c ity cars. 53 su b u rb a n . 93 iu te ru rb a u . 51 freig h t a nd 89 service
cars; to ta l, 381.
CHICAGO S O U T H BEND & N O R T H . IN D IA N A RY.
In S ep t. 1925 co m p an y w as au th o rized to discontinue service betw een
A nderson a n d M iddletow n, In d . V. 121, p . 1228.
O R G A N IZ A T I O N .— Incorporated in Ind iana in J a n . 1907 a s
s u c c e s s o r
o f th e N orthern In d ia n a R y .. w hich had c o n so lid a ted th e In d ia n a R y .. t h e
F a re s— V i l l p 75: V 112 p 63
S o u th Bend I .a P orte & M ich igan C ity R y .. th e M ich ig a n C ity E l e c t r i c C o .
In Ju n e 1924 was a u th . by th e In d . P . S. C om m , to issue $222,000 7%
notes. $400,000 6% notes and $1.000.000 6% bonds. Of th e la tte r $700,000 and th e M ich igan C ity T ra ctio n C o .
to be pledged as co llateral for th e $622,000 notes and th e o th e r $300,000 to
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S I N E S S .—
rem ain in th e c o .'s tre a su ry . V. 119. p . 199.
A tro lley ro a d . O p erates 125 m iles o f tra ck in S o iu ti B en d . M ish a w a k a ,
E lk h a rt. G o sh en . Iat P o r te , M ich igan C ity a n d in teru rb a n lin es b etw een
Interest. O utstanding.
M atu rity. th o sf p oin ts. G a u g e, 4 ft 8*4 in , 70 to 1 00-lb . T rail
ST O C K A N D B O N D S .
D ate.
O w n s 129 cars and
C om m on, $ 5 ,000.000________ _____
_________ $5,000,000 ........................
II sub s t a t io n s . A lso o p era tes buses.
1 s p ref. $ 1 ,000.000. 5% c u m . ____
t
A-O
1,000,000
See te x t
Franchises.— In J u ly 1921 th e c o . surren d ered Its local fran ch isee a n d now
2d p re f. $3,000 000 (see t e x t ) . ___
J J 10
3.000.000
See te x t
Ind Un T ract! m 1st ,V $ 5 .-/ 1903
{
5 g A-O
1.620.000 July 1 1933 o p era tes under an in d eter m in a te p erm it. V. 1 13. p . 7 0 1 .
000.000 ($ 1 0 0 0 ) gold, t f \ In te re s t a t G irard T ru st C o ., P h iia.. tru ste e .
Interest. — A il o v erd u e in t. on u n d erly in g b ond s h a s been p a id . F u ll t a t .
U nion T r <’n o f Ind 1st gen M l 1899
6 g J -J
$1.623,000 J u ly 1 1932 p a y m en ts on new 1s t m tg e. os o f 1937 were resum ed in 1922.
$5,000,000 g($l ,00 0ic& r* tfl, E q u itab le ?>'. C o .. New Y ork tru s te e .
.
______
.
Fares. — Fares redu ced in J u ly a n d S ep t. 1925. see V. 121. p . 7 3 , 1226.
U nion T r Co o f 1nd gen m tg e / 1924
6%
700.000 J u n e 1 1934
(In d ian a T r. C o ., In d 'p ’s in d ., tr u s t e.
STO C K A N D B O N D S —
Date. Interest.
O utstanding. M aturity.
C o llat. tru s t notes Ser •'A ” .
6%
200.000 Ju ly 1 1926 C om m on $ 5 ,0 0 0 ,0 0 0 ($ 1 0 0 )............. ............................ $ 5 ,0 0 0 ,0 0 0 -------- --------C o llat. tru s t untes Ser ’’B " . ___
7%
150.000 ___________
__________
2 .5 0 0 .0 0 0 .......................
IVef $2,500,000 5% cum ‘ ____
C ar tru s t n o te s ___________ _____
_________
124.280 ________
($100) a fte r J a u 1 1909 . . .
C itizen s’ St Ry (M un) 1st M l 1897 6 g J-D
36.000 D ec 1 1927 New first m tg e $5,000,000/ 1907 5 gJ-J
2 ,4 8 9 .0 0 0 J a n
1
1 9 3 7
$250,000 s f su b to call 105. (In te re s t
a t O u ar. T ru st & Safe D ep o sit C o., ($1.000)____ _____ tf I n t. a t C en tral T ru st C o .. N . Y ., t r u s t e e .
gold
($500 and $1 .000)
’’hiladelphia tru ste e .
5 8 8 .0 0 0 Ja n 1 i9 W
N or Ind Ry 1st cons M $ 4 .-/ 1906 5 g J J
6 g M-N
328,000 M ay I 1929
M arion C ity 1st M $400,000/ 1895
U S .. M tg e . & T ru st C o ., N ew Y o r k .
006.000 gold ($ 1 .0 0 0 )--- t f l I n t . t
gold ($1,000). _______c t f l E q u itab le T ru s t C o.. New Y ork, tru ste e .
5 g J-J
1 .0 0 0 .0 0 0 Jan 1 1930
In d ian a R ailw ay firs t m o rt-/ 1901
In d ian ap o lis N o rth T rac 1 st/
1902 5 g J -J
5.000.000 J u ly I 1932
gage $1,000,000 gold ($1.-/ Girard T ru st ('•».. P h ila d elp h ia , tr u ste e .
m tg e $5,000,000 g ($ 1.000){E q u itab le T ru s t C o ., N ew Y o rk , tru ste e ,
000) ____ __________c * tf ' I n te rest a t Stand ard T ru st C o ., N e w Y o ’ k .
g u a r p & I by Un T rac c * tf \
5 g 1-J
3 1 2 .5 0 0 J u ly 1 1930
lei P orte A M ichigan C ity T r / 1905
In d ian a N o rth T rac 1st m tg e /
1903 5 g A-O
500,000 O ct 1 1933
B a n k .
first m tge $350,000 ($500)( In terest a t F irst T r u st & S a v i n g s
$500,000 gold ($100. $5000j In te re s t a t T ren to n (N . J .) T r u s t A Safe
sinking fund su b j to call tf l C h ica g o . 111.
and $ 1 ,000' g u a r. _ _ c * tfl D eposit C o ., tru stee.
Bonds. — On th e Ind iana R.v. 1s t 5s a sinking fu n d o f $ 1 0 ,0 0 0 per a n n u m
M H & F t W p re f stock c u m . . __
5%
500.000
See test
do
do
first m tge $1
1905 5 g J -J
916,000 J a n 1 1935 began J a n . I 1905 bunds to be b o u g h t in open m a rk et. A re n o t su b je c t to
ca ll. N orth ern Indiana 1st co n so ls are su b jec t to ca ll. See V . 8 2 . p . 5 6 8 .
000.000 gold ($1,000' c * tf | In t. a t G u ard . Sav. & T r. C o .. C lev .. tru ste e
On th e La P o r ir & M ich igan < n ) I'racuon « n . b ond s a sinking fund o f 1 %
M uncie & Un ( ' M $ 9 25,000/
1906 5 g J -J
$925,000 Ju ly I 19.36
per an nu m o f b ond s o u t is o p era tiv e from 1910 to 1914. from 1915 t o m a tu r­
g u a r gold ($1,000) .e * tF In t. a t Fid elity T ru st C o .. P h iia .. tru ste e .
ity . 'I'7, per a n n u m .
7
B road R ip p leN atato rium Is tM /
. . . 5 M -8
31.000 M ar I 1931
O f ih e new firsl m o rtg a g e b ond s. $ 4 9 1 .0 0 0 are in tr e a s u r y . $1 .9 0 0 .5 0 0 ar«
G u a r, by U n .T r.C o .o f I n d . l i n t , a t S ecurity T r. C o ., In d ia n a p .. tru ste e .
re s e rv e d to r e tir e p r io r lien s, a n d $118 500 fu r Im p ro v e m e n ts
Stock.— D ivs. on 2d p ref. stock a re cu m . from 1 % setni-annually in
E A R N I N G S .— For cal year 1923. gross. $ 1 ,4 4 8 ,7 4 3 : n e t. a f t e r
t a x e s ,
1913, scaling upw ard to .3% sem i-an n u ally in Ju ly 1918 an d th e re a fte r.
$ 4 4 5 ,9 9 3 . in ter est, $ 2 5 4 ,1 9 2 . b a t.. su r .. $191,801
—
Bonds.— O f th e In d ia n a Union T rac tio n bonds of 1903, $3,380,000
O F F I C E R S .— l*res.. C harles F D ietrich . N ew York; T r e a s., A E . D ie tw e r reserved for extensions and im provem ents b u t u n d er te rm s of con­
e
solidation agreem ent of 1912 th ese bonds have been canceled. $494,000 rich. Sec . O A . Sm all; V .-P St (fen M gr . R. K S m ith ; G en . A u d ., O .A .
a r e held alive in th e sinking fund (included in a m o u n t o u tsta n d in g ). S m all. Purch A g t., R. E. C o rn w e ll.— V 84. p . 270; V . 107, p 2 9 1 , 603;
V 108. p. 378; V. 1 1 1 . p . 791, V 113, p . 701; V . 117, p . 8 5 . V . 1 1 8 , p .663:
Sinking fu n d 1 >4% per an n u m of o u tsta n d in g bonds becam e operative
V. 120. p . 1325; V. 121, p. 73. 1226.
o n Ju ly 1 1904
Fund Is to be in v ested in the bonds a t no t above 105 and
In t., and bonds m ay be draw n at 105 and in t. on any in t. d a te .
$173.0*0 Union T rac . Co. o f In d . G en. M bonds are in tre a su ry . Iticlud
tag $150,000 pledged to secure the coll tr. uotes: rem ain ing bonds ;ire
SO U T H E R N MICHIGAN RY.
reserved for underlying bonds. See V 71. p 1013. T h ey origin.tlly bore
ta t. a t 5% and m atu red Ju ly 1 1919. bu t were extended to Ju ly 1 1922 at
Is con trolled b y sam e Interests as C h ic. S ou th Bend Sc. N orth ern In d ia n a .
6% and again to Ju ly 1 1932 a t th e sam e ra te of in t. T h e extended bonds
O R G A N I Z A T I O N — Organized on Feb. 8 1906 a s a c o n so lid a tio n o f th e
are red . a t an y tim e afte r 3 years on 60 d ay s' notice a t a 5% prem ium In the
4 th and 5th y e ars and 1% less for each subsequent y ear, a n d par during South Bend A S outhern M ich igan R y and th e N iles A B u ch an an R y.
Franchise in S t. Joseph expires in 1935. in Berrien Springs in 1935. in N ile s
th e last y ear of th e extension to g eth er with accrued iu t. V. 115, p. 310
In 1932. 1935. and 1936. in South B en d , p erp etu al.
B onds are listed on the Philadelphia Stock Exchange.
T h e In d ian a N orth ern T ractio n bon d s are su b ject to call a t 105 and in t.
F IE L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
o n 6 w eeks' notice T hey are g u a ra n te e d , p rincipal and in te re s t, by O p erates a lin e from S outh Bend to S t. J o sep h . T o ta l tr a c k . 35 m iles.
In d ia n a U nion T rac tio n C o. V. 82. p. 805.
S tandard gauge: 7 0 -lb . T rail. H as 12 m otor cars. 2 b aggage an d exp ress
T h e M uncie H artfo rd & F o rt W ayne bonds can be called Ja n . 1 1925, cars and 3 s u b -sta tio n s. G eneral E le c tr ic and W estin gh ou se e q u ip m en t.
Ihirchases p ow er.
or a f te r . a t p a r . A sinking fund on those bonds of 2 H % of gross earnings
per an n u m began Ju ly I 1905. See V. 80. p 1059. $84,000 have been
STO C K A N D B O N D S —
Date.
Interest. O utstanding. M aturity.
re tir e d .
$ 2 ,0 0
--.........................
$ 2 ,0 0 0 ,0 0 0 ------------- - T h e M u n cie A Union C ity bonds are s u b jec t to call a t 105 and g u a r., Stock consul0 ,0 0 0 $ 1 ,980.0001 1908
First
m tge
5 g
400.000 M ar 1 1931
p rin . a n d in t., by Indiana Union T rac tio n .
gold iS I.000) . . . .
t f l i n t a t U . S . M tg e. A T rust C o .. N ew Y ork .
T h e M ario n C ity first m tge. bonds originally m atu red M ay 1 1915, but
M ich
1902
5
A-O
O
1927
w ere extended to M ay 1 1919. and again to M ay 1 1924. a n d fu rth e r to S outh Bend A $Sou ,0 0 0 igan ! In terest at g H arris T ru750,000 avin ct 1 a n k ,
first m tge
750
gold !
st A S
gs B
M ay 1 1929. V. 118. p. 2180.
($1,000) guar p A i .c * t f I C h icago, tru stee.
D ividends.— 5% was paid on firs t pref. sto ck to April 1914. N one since
Bonds. — Of th e $ 1 .9 8 0 000 con sols. $ 7 5 0 ,0 0 0 are reserved for prior lie n t
D ivs. on second pref. stock have not been paid since Ju ly 1912.
anil $ 7 5 0,000 for b etterm en ts and ex ten sio n s
T h ese bonds are su b jec t to
call on an y in t. d a te a t 105
T h e follow in g a m o u n ts are p ayable a n n u ally
E A R N IN G S .— F or. cal y ear, incl. M u n cie-I’o rtlan 1 line:
Into a sinking fu n d from M arch 1 1909 to Feb. 28 1915 1% of b on d s o u t­
Gross
A el (alter
Other
Bond
M iscell.
Balance
sta n d in g , from M arch 1 1915 to F eb. 28 1925. 1 H % o f b ond s ou t; an d from
Earnings.
lu x e s).
Inc.
In t.
Surplus
M ar I 1925 to F eb. 28 1931, 2% o f bun d - out
1925______ i81
$ 2 ’ >.308 $52,179 *835.736
______
$289,051
T h e S ou th Bend A South M ich igan b ond s are n ot su b ject to c a ll. $ 5 ,0 0 0
477,122 34.305 931.060
d ef4l9.633
1924............ 3.339.188
per an nu m is p ayab le in to a sinking fund on th ese b on d s, com m en cin g
1923............. 3 890.690
986,157 30.999 943,820
73,3*6 Jau . I 1907. See V . 8 2 . p. 1158. an d V. 8 3 . p. 493
1922______ 3.835 747
1,112,003 15.337 917,176
210,164
E A R N I N G S .— For cal. year 1923. gross, $ 2 65,290; n e t. $ 8 5 ,2 3 4 ; ta x e s .
x E xpense of bus o p eratio n .
$2 2 ,0 0 5 ; in te r e st. $ 5 7,500: b a L .su r ., $ 5 ,7 2 9 .
P assengers carried in 1924. 14.405,498. a g a in st 16.659.343 In 1923.
te a r —
Gross
N et.
Taxes. Interest. Bur p lu s .
$17,711
1 9 2 1 ...................................... .$ 2 9 2 ,4 7 6
$ 9 8 ,5 1 7 $ 2 1 ,8 8 0 $ 5 8 ,9 2 6
C O F F IC E R S .— I’res.. A W. B ra d y , A nderson; V .-P ., Philip M a tte r,
r
46.248
1920
3 3 4 .3 4 9
122,7 7 3
18.467
5 8 .0 5 8
M ario n . Sec. A T reas . W alter Shro.vor; G en M g r., H . A Nlcholl
G eneral
offices, A nderson, In d .— V. 115, p . 1211, 1533; V. 116, p. 1277; V. 118.
O
C
res.,
s. . D ie
N
York: T a
. E D ie t p . 1 2 6 9 .2 1 8 0 .3 1 9 9 V . 119 p 199 1066 \ 120. p . 89. 333. 584, 1330, rich,F F IewE R S .— PS e c ., C h a A . FSm all;tr ic h , . e w G en. M grre.. s., .A R . .S m ith :
N
York:
O.
V .-P A
R
2685; V. 121. p. 2 0 1 .7 0 7 . 1228: V. 122, p . 2950.
A u d .. O . A . S m all; P u rch . A g t
R E . C o rn w ell.— V. 8 3 . p. 4 9 3 .

( 1 )

I N

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P

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E

Leased no Union T rac tio n C o. o f In d ia n a on O ct. 25 1912 for 999 years.
T h e lease provides for th e p a y m e n t o f all tax es, in terest on bonds, a sum
e q u iv a len t to 5% on th e p ref. sto ck , and a d efin ite an n u al p a y m e n t of
$1,050 on th e com . sto ck . A fu rth e r a m o u n t, up to $10,420 a y e ar, is
p a y ab le un d er certain co n d itio n s. C o m p are V. 100. p . 975.
Leases th e M uncie & P o rtla n d T rac tio n C o. for 999 years from J u n e 30
1916; see term s below.
Receivership A sked.— See for p e titio n filed on F eb . 6 1926. V . 122.
p . 1026.
O R G A N IZ A T IO N .— In co rp . in In d ian a on J u n e 10 1912 a s successor to
th e ln d ia n a p o d s N ew castle & T oledo Elec. R y ., so ld a t forclosure. H as
p riv a te right-of-w ay m inim um w idth 6 6 ft., except in co rp o rate lim its,
w here sh o rte st franchise expires A pr. 7 1933. U nder favorable c o n tra c t
w ith lu d . T rac . & T erm . Co. exten d in g to 1933, o p erates th ro ugh c ity into
In d ian ap o lis iu te ru rb au term in al.
R O A D .— Included In Union T rac tio n C o. o f In d ia n a .
Date. Interest.
O utstanding.
M aturity.
ST O C K A N D B O N D S—
$500,000 See te st.
C om m on $500,000 ($100)___ ____ __________
500.000 See te x t.
P re f $500,000 5% cum ($100). ..................................
1.200,000 J u n e 1 1932
F i r s m tge $1,500,000 gold / ’ 912 6 g J-D
t
$1,000 .......... ....................c * t/l I n t. a t F id e lity T ru s t C o .. P h iia .. tru s te e .




&

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MARION & B L U F F T O N T R A C T IO N CO.
Control.— On Ju ly 26 1926 a u th o rity was granted the In d ia n a Service
C o rp . (a subsidiary o f M idland U tilities Co.) to acquire c o .'s pro p erties.
O R G A N IZ A T IO N .— Incorp In Indiana Ju n e 1 1914 as a reorganization
ol the old M arion B lufftou A E astern T ractio u C o., sold under foreclosure in
Kel> »914. Early in 1924 acquired the p ro p e rty of the Linn G rove L ight
A Power C o. V. 118. p. 1520. In M ay 1924 was a u th . to a cq u ire th e
G eneva L ight & Pow er C o. V . 118, p . 2304.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Line extends from M arion to B lnffton. In d ia n a passing thro u g h H anfield,
l.andesville. Van B uren, W arren Boehm er and L iberty C en ter. 31.8 m ils
Second tra c k . 1.84 miles; S ta n d a rd gauge T rail 70 lbs.
O perated bv
overhead trolley. M otor cars— passenger 8. freight 1. non-m otor 1; total
cars 10. Power purchased from In d ian a G eneral Service Co. C o. also
does a lighting and pow er business in Van B uren. W arren, L iberty C enter
aud Landesvilie.
S T O C K A N D B O N D S—
Date.
Interest. Outstanding.
M aturity.
Stock $216,000 ($100)____________
_________
$216,000 .....................
1st M gold $504,000 ($1,000)/ 1914
5 g J -J
504,000 Ju ly 1 1934
S ink. fd . 1% per a n n u m , l i n t , a t F letch er Sav. & T r .C o.. In d ia n a p .,T r.

POWER, LIGHT AND RAILWAY

O c t ., 1926.]

E A R N I N G S .— For year en d in g D ec. 3 t 1923. gross. S I 41.8 4 0 ; n et, after
ta x es. $29,300; oth er in com e. $2,271; bond Int., $25,200 ' su rp lu s. SO.3 7 9 .
In 1922. gross. $134,384 n et. after ta x es, $ 4 1 ,9 8 1 ; o th er in co m e, $1,8 9 7 ;
bond in t ., $25,200; su rp lu s. $ 3 ,4 8 0 .
^ O F F I C E R S .— P res., C h a s. W . C hase; V .-P r e s ., T . O . H a m ilto n ; T ro a s.;
G . F . M itch ell; S e c ., W . D . Boone; A sst. S ec. & T r e a s.. K. M . S ch eid t,
G e n . M g r .. J. S . C lark; G en. A u d ., F . H . A lle n .— V . 117 , p . 2542; V . 118.
p . 15 2 0 . 2304; V . 119, p . 1625.

F O R T W A YN E & D EC A T U R T R A C T IO N CO.
O R G A N IZ A T I O N .— Incorp . on Ju n e 1 1916 to su cceed th e F o rt W a y n e &
Springfield K y .. brou ght in at receiver's sa le on D e c . 2 1915 (see V . 101. p.
2 1 4 4 ). On J u n e 23 1916 th e Ind iana P . S . C om m , ap p ro v ed th e p urch ase.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O p erates 2 1 .6 m iles b etw een D eca tu r and F t. W ayn e. T o ta l tra ck , 2 2 .2
m iles. 70-lb T rail: ga u g e. 4 ft. 8 H in
S T O C K A N D B O N D S .—
Date.
Interest. Outstanding.
daturity.
S tock $ 1 5 0 ,0 0 0 ($ 1 0 0 )........................................................
$150 0 0 0 ......................
F irst m o rtgage $ 2 0 0 ,0 0 0 g o ld / 1916
6%
156.000 Ju ne 1 1926
( $ 1 . 0 0 0 ) __________________ l i n t , a t T r i-S ta te L .A T r .C o .,F t.W a y n e .tr u s .
E A R N I N G S .— For calen dar years:

(truss

Net. a ft Tazes.

1 9 2 5 ......................................... $64 287
1 9 2 4 ......................................... 74 776
1 9 2 3 ......................................... 8 7 .9 2 2
1 9 2 2 ......................................... 83 573
1921 ....................................... 8 3 .1 7 3
— V . 108. p . 4 8 0 .

d e f $ 9 ,2 7 9
d e f.6 .0 1 9
11 552
8 .0 7 3
1 .5 7 2

Interest.
$6 6 0 )
6 .6 9 5
7 531
9 .1 2 5
9 .3 6 0

Balance.
d e f $15 879
d e f . 12 714
sur 4 021
d ef 1.051
d e f.7 .7 8 8

EVANSVILLE & OHIO VALLEY R Y . CO.
O R G A N IZ A T I O N .— Incorp . In Ind iana in D ec 1918 and acq u ired on
F e b . 2 0 1919 th e properties o f th e E v a n sv ille R ailw ays C o . (for h isto ry see
“ E le c tr ic R ailw ay" Supplem ent for S ep t. 1918). in accord an ce w ith th e plan
or reorgan ization set forth in d etail in V 107 p 2289: with th e ex cep tio n
th at th e plan u> revised b y tlit* Ind P S . C om m , p rovid ed for th e issu a n ce
o f on ly $ 3 0 0 ,0 0 0 com stock and $2 0 0 ,0 0 0 p ref stock . in stea d o f $1 .000 000
Com and $500 000 p ref as origin ally plan n ed
T h e co has acquired th e
sto ck s o f th e H enderson T raction C o. and the O w en h oro C ity RR C o .,
both o f w hich had been ow ned by th e E v a n sv ille R vs C o ., and has also
acquired fu fee th e E v a n sv ille H enderson A O w en sboro R y . C o ., w hich
op erates a lin e b etw een E v a n sv ille , in d .. and H en d erson . Ky
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O p erates betw een M t . V ernon. E v a n sv ille . H end erson . R ichland and
G rand view
(litera tes 7 0 .6 8 m iles o f tra ck , o f w hich 56 m iles are ow ned in
fee. 7 22 m iles are leased . 7 46 m iles track age righ ts
Has 4 .3 2 m ites of
sidings: total m ileage, 75 m iles. 70 lb. T rail. G au ge. 4 f t. 8!^ in . also
op erates bus lin es.

Stock to be Refunded.

For co n tem p la ted exch an ge o f $ 2 3 5 ,1 0 0 1st & ref.
5% b on d s a t par a g a in st $ 2 3 5 ,1 0 0 7% pref. sto ck . See V. 123, p . 1762.
8 T O C K A N D B O N D S .—
C om m on $ 1 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) ..

Date.

Interest.

daturity.

Outstanding.

.....................................
$ 3 0 0 ,0 0 0 .......................
____
7
2 3 5 .1 0 0 .......................
1 s t M $ 2 0 0 .0 0 0 Yk fd"gold” ” / 1919
6 J-J
See tex t Jan I 1949
C o n t. A C o m m . T r . A S. B k .. C h ic ., tr u ste e ,
1919
5 J-J
747 700 Jan I 1949

7 P rp fftrrw l

I

Am Tr A S av. B k .. E v a n sv ille , tru stee
1919
see tex t
7 4 7 .3 0 0 Jan I 1949
M ercan tile C om m 'l B k .. E v a n sv . tru stee
1918
6 .1-1)
5 2 .9 0 0 D ec I 1929
ca lla b le at p a r ____________ \ M ercan tile-C om m 'l B ank. E v a n s v ., tru stee

Bonds. — $101 ,0 0 0 o f th e 1st m te e . b ond s h a d been issued to O c t. 1 1924.
Sinking fu n d o f *2 .5 0 0 per aim s ta r t s in 1929 a n d con tin u es for 10 years,
a n d t h e r e a f t e r t h e .s k fd re tire s $ 5 ,0 0 0 p er a n n u m
C a lla b le a t 103 d u rin g
th e 1st 10 y e a rs 102 d u rin g th e 2d III y e a rs a n d 101 d u riu g 'h e 3d 10 v ears
S h o u ld no 1st M tg e. b ond s be Issued i b e u th e s in k in g fu n d p ro v id e d for
th eir retirem ent will b e ap plied to the 1st A ref b on d s.
T h e gen . m tg e in com e b ond s draw in t. at not to exceed 5% p e r annum
and on ly when earn ed . Interest not c u m u la tiv e
EAR
S .— C om
s ta te e n o f all properties:
N otesN I N G ad d ition binede1924.om n t treported o u tsta 1922.g , $ 9 7 ,11921. a v e
.— in
to th a m u
n d in
00 h
1923.
been e a r n g s__________
th e ,6 6 0
G rossissuedinand are held in $ 5 0 6treasu ry.*591 307
*620.0 7 3
* 5 7 7 .0 3 9
435.961
O p. e x p ., m a in t. A taxes
448.804
4 0 3 .8 5 0
455 .3 5 2
N e t e a r n in g s________
Deductiims —
In t. on 1st m tge. b o n d s.
d o suhsid lines ___
In t. on 1st A ref b o n d s.
D iv . on E .H .A< > pf. s lk .
Illin ois C en tral r e n ta l___

* 1 0 2 .8 1 0

$142,503

$164,7 2 0

$ 1 4 1 .0 7 8

$6 0 6 0
10 000
37 372
16.849
7 .2 5 6

$ 5 ,4 3 6
10.000
3 7 .3 6 0
16.849
7 .2 5 5

$3 900
15.650
37.4 15
16.849
7.253

$ 3 ,9 0 0
15.650
3 7 .4 15
16.957
7 .242

S u r p lu s_______ _______
$8.3.653
$ 2 5 ,2 7 3
*65.603
*59 914
O F F I C E R S .— C h airm an . A F. Ilarges; P res.. W . H. M cC u rd y V .-P .
W . A . K och: V .-P .. W . A . C arson: S ec. A T r e a s .. C . H . B a ttin . Gen M gr ,
G . R . M illican : A u d itor, R . V o te .— V . 108, p . 378; V . 110, p . 2487; V . 123.
p . 1762.

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S

O

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T I O

N

.

W e w ere inform ed that th e p rop erty o f th is c o m p a n y sold a t receivership
sa le In N o v . 1923. sin ce h as been d ism a n tled .

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R

A

I L

R

O

A

D

A cquired by E v a n sv ille R ys. ^succeeded In 1919 b y E v a n sv ille A O hio
V alley R y. C o .) in April 1913
V 96. p 1488.
Receivership .— In O ct. 1923 W. A. C arson w as ap p oin ted receiver for
th e com p an y on p etitio n o f th e A m erican Trust A S a v . C o .. E v a n sv ille .
I n d ., tru stee for th e gen . m tg e . 6% b ond s. V. 117. p. 1886.

.

147

STOCK A N D B O N D S—
D ate.
Interest. O utstanding.
daturitg.
S tock $ 5 0 0 ,0 0 0 ( $ 1 0 0 ).................... ..
.....................
$ 3 0 7 ,4 0 0 .......................
1st m o rtg a g e. $ 5 0 0 ,0 0 0 . g o ld / 1904
5 g J -J
4 6 0 .0 0 0 J u ly 1 1930
(5 0 0 and $ 1 ,0 0 0 ) ____ c * t f ( I n t . a t C itiz en s T r . & S a v . B k .. E v a n sv ille .
1 T ru stee, or N a t . B ank o f C om m erce, N . Y .
Bonds .— A sinking fund o f $ 2 ,5 0 0 per a n n u m com m en ced J u ly 1 1910.
w hich will retire b ond s a t 105
All or a n y p a rt o f bonds red eem a b le after
15 years a t 105. $ 4 0 ,0 0 0 h a v e b een retired . V . 9 6 . p . 1365.
E A R N I N G S .— F or c a l. y ea r 1925, g ro ss, $1 6 0 ,9 7 1 ; n e t a fter ta x e s ,
$ 1 4 ,3 1 7 : bond In terest. $2 3 ,0 0 0 : d e fic it, $ 8 ,6 8 3 . For c a l. year 1924. gross,
$ 1 8 4 ,5 2 3 ; net after ta x es. $2 2 ,7 2 9 : bond Interest, $2 3 ,1 8 7 : d e fic it, $ 4 5 9 .
In 1923. gross, $2 4 5 .1 1 7 ; n et after ta x e s, $ 2 7 ,1 0 7 . In 1922, g ro ss. $ 2 4 7 ,1 3 5 ;
n e t a fter ta x es, $ 4 2 ,9 7 5 .
O F F I C E R S .— IV es. & G e n . M g r ., G u s M u h u lh a u sen ; V .-P . & T r e a s.,
C h a s. W . C ook; S e c ., J a s. E . C o x .— V . 8 3 . p . 271; V . 9 6 , p . 1 365.

IN D IA N A C ONSUM ERS GA S & B Y -P R O D U C T S CO.
O R G A N I Z A T I O N — A D ela w a re co rp o ra tio n . W as to acq u ire th e b y­
p ro d u cts gas plant o f th e Indiana C o k e & G as C o . s itu a ted at T erre H a u te,
I n d ., and also ceria in p rop erty know n a s " V igo M in e N o 2 9 ." T h e b y ­
p rod u cts gas p lan t began o p era tin g in S e p t., 1916, w ith o n e b a ttery o f
3 0 G as M achincr C o . b y -p ro d u ct o v e n s. In J a n ., 1 9 1 9 . th e first b a tte r y
o f 3 0 K oppers C o . o v en s w as in sta lle d . T h e op era tio n o f th e o rigin al
b a ttery o f G as M achinery C o . o v en s w as term in a ted in J a il.. 1924. prepara­
to ry to replacing th em w ith a secon d b a ttery o f 3 0 K oppers C o . o v e n s.
T h e co n stru ctio n o f th e secon d b a tte r y o f K op p ers C o . o v e n s , w hich w as
p ostp on ed p en d in g certa in a d ju stm en ts w ith th e G o v e rn m en t c o v e r in g
w a rtim e o p era tio n s, w as co m p leted on A u g . 7 1926F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S I N E S S .—
T h e present b y -p ro d u cts p lan t occu p ies ab o u t 3414 acres o f lan d a d ja cen t
t o th e corporate lim its o f th e C ity o f T erre H a u te, Ind . I t c o n sists o f 60
K op p ers C o. b y-produ ct o v en s w ith fu ll au x ilia ry eq u ip m en t for t h e re­
co v e ry o f g a s, co k e, tar. a m m o n ia in th e form o f either a m m o n ia liqu or or
a m m on iu m su lp h a te, b en zo l, to lu o l, x y lo l and th e n a p h th a s. It h as a
m a xim u m rated ca p a city o f 1,300 to n s o f coal per d a y and has a m a x im u m
d a ily p rod uction o f 6 .5 0 0 .0 0 0 cu . f t . o f g a s. T h e co k e p roduced is a b o u t
j eq u a lly d iv id ed b etw een in d u strial a n d d o m estic uses.
j T h e b y -p ro d u cts plan t su p p lies g a s a t w holesale, under a fa v o ra b le lon g
term c o n tra ct, to th e Indiana G as U tilitie s G o. w hich serv es, w ith o u t
c o m p e titio n , an estim a ted p o p u la tio n o f 8 5 .6 0 0 in T erre H a u te. W est
i T erre H a u te, B razil, and su rrou nd ing territo ry In In d ian a. U nder th is
co n tra ct th e Indiana G as U tilities C o p u rch ases its en tire gas req u irem en ts.
T h e co k e o u tp u t o f th e plant is d istrib u ted through th e c o m p a n y 's ow n
sa les o rgan ization to th e industrial a n d d o m estic trad e th ro u g h o u t In­
d ia n a . I llin o is. Iow a and parts o f W iscon sin . M in n eso ta . M ich ig a n a n d
S ou th D a k o ta . T h e sa le o f th e en tire o u tp u t o f lar aud a m m o n ia is ar­
ranged for under c o n tra cts w ith th e B arrett C o . and o th ers, w hile ih e Itenzol
aud lig h t oils find a rea d y m ark et a s m o to r fu el and for o th er p u rp o ses.—
V . 123. p . 1875.

I

ST O C K A N D B O N D S — Dale.
Interest. O utstanding. M aturity.
C om m on. 100.600 shs. (no p a r ) _ _
_
------------ 1 0 0 .0 9 0 sh s. ......................
1st pf 7 cm $2,500,000 ( $ 1 0 0 ) ____
7
$ 8 0 0 ,0 0 0 .......................
2nd pref 6% uon-cum $500,000
($501........................................................
6
500.000 ........................
1st m tge gold, sinking fu n d / 1926
544 A-O
2.400.000 O ct. 1 1946
5 % % series A ($1.000 an d (T h e Seaboard N a t. B ank of th e C ity of New
500 c * )------------------------- tf \ Y ork, c o rp o ra te tru ste e .
3 y ear d e b en tu re $1,200,000/ 1926 6 A-O
1.200.000 O ct. 1 1929
j
($1,000 c * i_____________ tf (F irst N a t. B ank B oston, tru ste e .
j
Bonds.— A dditional lxl mortgage gold bonds m ay be issued from tim e to
tim e, either of this series or of o th e r series, having such rare of in te re s t,
m a tu rity d a te , sinking fu n d , redem ption and o th e r provisions .as directo rs,
m ay determ ine. Such additional bonds m ay be issued: (a> for th e purpose
of refunding an equal principal a m o u n t of bonds of a n y series o u tsta n d in g
u nder the m ortgage or of a ny bonds which m ay be o u tsta n d in g as a prior
lien against p ro p e rty h e reafter acquired or (b) for not more th a n 70% of
th e cost or fair value, w hichever is less, of new p ro p e rty and of a d d itio n s,
b e tte rm e n ts and im provem ents to th e properties of th e com p an y , acquired
or constructed subsequent to th e d a te of th e m ortgage. No add itio n al
bonds how ever, shall be issued, except for re funding purposes, unless net
earn in g s, for 12 consecutive m o n th s o u t of th e 14 calendar m onths next
preceding th e a u th e n tic a tio n thereof, shall have been a t least 3 tim es the
annual interest requirem ents on all o u tsta n d in g 1st m tge. gold bonds,
and those proposed to be issued. T h e y are secured b y a d irect first m ort­
gage on all th e land, buildings, m achinery a n d eq u ip m en t of th e com pany
(subject, with respect to “ Vigo M ine No. 29" only, to certa in c o n tingent
rig h ts of the lessor of a d ja c e n t p ro p e rty '.
On or before O ct. I 1910, a nd on or before O ct. 1 of each y ear th e re a fte r,
co. will pay to tru ste e , as and for > sinking fund for th e purchase or redem p­
tion of th e series A bonds, th e following percentages of th e largest principal
am ount of series A bonds, o u tsta n d in g a t a ny tim e prior to such dates:
O ct. I 1930, to Oct. I J 933. incl . 2 % : O ct. 1 1934. to O ct. 1 1937. in c h ,
3% ; O ct. 1 1938. to O ct. 1 1942. incl.. 4 V O ct 1 1943. to O ct. 1 1945. incl.,
5 % . T h e sinking fu n d ha« been calculated to re tire 55% of th e present
a u thorized issue of series A bonds prior to m a tu rity
5 4 % series A . dated Oct \ 1926 are red whole or p a rt on an y in t. d a te
on not 'ess th a n 30 nor more th a n 60 d a y s' notice at 1 0 7 4 a nd in t. to and
incl o c t 1 10.30. the prem ium decreasing 4 of 1% each y ear th e re a fte r to
a nd incl. O ct. I 1911 and th e re a fte r red. a t p ar and in t. Penn. A C onn.
4-mills and M ass. •»% taxes refundable. In O ct. 1926 R u tte r A C o ., New
S ork. and the First N ational O o rp ., B oston, solti $2.100,000 series A a t
96 4 and in t.. to yield a b out 5 8 0% . V. 123. p. 1875.
Notes. T he 3-yr 6% a notes, (luted Oct. 1 1926 are red. all or p a rt on any
i n t . d a te on nor less than 30 nor m are th a n 60 d a y s' notice a t 100 4 a nd in t.
lilt, payable in Boston or New Y ork. Penn. and C onn. 4-mills a nd M ass.
0% taxes refundable
In O ct. 1926 R u tte r A C o ., Now Y ork a nd F irst
N a tional C orp.. of Boston offered $1,200,000 of these n otes a t 100 and in t,
V. 123. p. 1996.
E A R N IN G S .— F o r 12 m o n th s ended J u n e 30:
1924.
1923.
1926
1925.
3 0 Oven*
60 Oven
30 Oven
30 Open
Operation. Operation.
Operation. Operation.
N e t s a le s _________________ $ 2 ,4 2 1 ,4 1 9
C o st, in cl. m a in ten a n ce. 1 .8 8 6 ,4 4 7
S e ll., ad m . A g en . ex p s.
in cl. local t a x e s ______
140,065

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

$ 3 ,4 9 8 ,0 1 1
2 .5 9 9 ,9 7 5

1 3 5 ,1 5 0

1 3 4,732

172,705

$ 2 8 6 .6 0 9
6 ,5 3 5

$265,211
8 ,2 7 4

$ 7 2 5 ,3 6 1
13,714

O R G A N IZ A T I O N .— C hartered in 1886. F ranchise runs till 1936 and
g iv e s ex c lu siv e rights to o p era te s tr e e t railw ay in said c ity .

N e t op era tin g p r o f it ..
M isc . in co m e (.n et)_____

F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S I N E S S .—
O w ns 12 4 m iles o f street railw ay in O w ensboro and sub u rb s; 56 and 70-lb
rail; 30 m otor cars, d ou b le W est.. 68 G E , 258 and 54; 7 trailers and 6
25-ton coal cars. Pow er h ou se. 600 k . w . c a p a c ity .

N e t before (lep rec.,
in t. and F e d . t a x e s .
$ 4 0 5 ,9 3 6
$ 2 9 3 ,1 4 3
$ 2 7 3 ,4 8 5
$7.39.071
* From Ja n . 1924.
O F F I C E R S .— C hairm an o f B o a rd , A lfred M . O g le.— V . 1 2 3 , p . 1 8 7 5 ,
1996.

STOCK A ND B O N D S—
Date. Interest. O utstanding.
daturity.
$ 7 5 ,b 0 0 f.p ....................
C om m on $ 7 5 ,0 0 0 (par $ 5 0 ) . . .....................................
1st m tg e ., $ 2 0 0,000, g o ld / 1902
5 g J-J
200 000 Jan ] 1932
($ 1 ,0 0 0 ), cA r, not red t f ll u t e r e s t at L ou isville T ru st C o ., T ru stee.
G eneral m o rtgage. $ 2 0 0 ,OOOtfl 1910
6 M -N
2 0 0 .0 0 0 M a y 1 1933
\A m e r . T r. A S a v . C o ., E v a n s v ., I n d ., T ru st.
E A R N I N G S for cal. year 1921. gross, $85,727; n et, $9 ,3 8 2 ; in 1920.
g ro ss, $ 1 0 6 ,9 1 0 . n et. $ 1 2 .7 3 2 .— V . 9 0 . p . 1364; V . 105. p . 2273; V . 112, p
470; V . 117, p . 1886.

EVANSVILLE S U B U R B A N & N E W B U R G H RY.
O R G A N IZ A T I O N .— In corp . in In d ian a in D e c . 1888 w ith a perpetual
c h a r te r .
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S I N E S S .—
P assen ger b usiness hauled by e lectricity and freigh t by s tea m . D oes a
ca r -lo t freigh t and express b u sin ess. O perates 25 m iles o f track from E van s­
v ille to N ew b u rg h , w ith a branch o ff th e m ain line th rou gh S tev en s S ta tio n
and C h an d ler to B oonvllle: has also 5 m iles o f sid etrack ; t o ta l. 3 0 m iles.
7 0 -lb . T r a ils . H a s p riv a te r ig h t-o f-w a y .




$ 3 9 4 ,9 0 7
1 1 .0 2 9

$ 2 ,3 3 7 ,6 9 4
1 .9 1 5 ,9 3 6

IN D IA N A P O L IS & C IN C IN N A T I T R A C T IO N CO.
O R G A N IZ A T I O N .— Incorporated In Ind iana on N o v . 17 1910 a s s u c ­
cessor to th e old In d ia n a p o lis A C in cin n a ti T ra c. C o ., sold a t foreclosu re
N o v . 10 1910. V. 91 p 1385. 1025.
In 1911 acquired th e In d ia n a p o lis A S o u th ea stern T ra c. C o . (all o f w hose
co m . and $ 3 0 ,0 0 0 1st M . b ond s th e old In d ia n a p o lis A C in cin n a ti T ra c. C o .
had ow ned and to w hich co m p a n y th e Ind. A S o u th ea stern w as leased) and
can celed its co in , s to c k . V. 9 2 . p 8 8 1 .9 5 6 . P riv a te rig h t o f way excep t in
c itie s and to w n s. C o u n ty franchises p erp etu a l. Franchises in c ities and
to w n s are for 50 vears (th e o ld e st being d ated 1904). e x c ep t in In d ia n a p o lis
w hich is for 34 years from 1900. lia s co n tra ct w ith In d ia n a p o lis T ra ctio n
& T erm in al C o. for 31 y ea rs allo w in g its curs to en ter In d ia n a p o lis.
1
In April 1913 acq u ired con trol o f th e C in cin n a ti A W estw ood R R ., a
j n arrow -gage road ex ten d in g from W estw ood, on th e b o u n d a ry lin e o f
C in cin n a ti, to B rig h to n , w ithin th e c it y . 5 1-3 m iles. V. 9 6 . p 1297.
j
Receiver.— In M ay 1925 C harles L. H enry, P r esid en t, w as n am ed receiver
for th e co m p a n y . V . 121 p. 1348.
Protective Committees .— W ere form ed In M a rch 1926 a s fo llo w s (see V .
;
122, p . 1762):

PUBLIC UTILITIES

148

In d ia n a p .
Southeast. T r. Co. 5s, due Ju ly 1 1935. G eorge A . B all,
F red erick D . R ose, L lo y d K im b ro u g h , F le tc h e r M . D u rb in a n d F red . C.
D ick so n . T h e In d ia n a T r u s t C o ., d e p o sitary .
In d ia n . Skelbyv. A Southeast. Tr. Co. 5s, due J a n . 1 1932: George C.
Forrey; Jam e s A . Sigafoose, F ra n k B o p p , L . A . C olem an a n d C . E . F ra n tz e n .
D e p o s., F le tc h e r A m erican N a tio n a l B an k .
In d ia n a p o lis A C incinnati Traction Co. 1st M tge. 5s, D ue J uly 1 1940.—
J o h n T . B easly , C h airm an ; Jo h n J . A ppel, C . L. A sm an n , G eorge A. B all,
J o h n J . Ja c k so n , J . L . K im b ro u g h , F . D . R ose, Sec. D e p o sita ry , Fletcher
Savings & T r u s t Co.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O p erates 58 m iles o f tra c k fro m In d ian ap o lis via R ushville to C onnersville
a n d 49 miles of tra c k fro m In d ian ap o lis v ia Shelbyville to G reens burg.
T o ta l, 105 m iles of tra c k . An extension fro m R ushville via H arriso n , O .,
to C in c in n ati is pro p o sed . 60 an d 70-lb. T rails. 12 m o to r passenger
cars, 8 m ail passenger cars, 5 fre ig h t m o to r cars, 11 freig h t tra il box cars,
2 m o to r sto ck cars, 12 m ail sto ck cars, a n d 8 m iscellaneous cars.
Payments in S crip .— On O ct. 1 1918 $15,000 of d ivs. on In d . & S o u th east­
ern p re f. sto ck being u n p a id , th e co. issued in lieu th e re o f a like a m o u n t
6% c tfs. o f in d eb ted n ess, d u e tw o y ears a fte r th e close o f th e w a r. D ivs.
d u e A p r. 1 an d O ct. 1 1919, also A p r. 1 1921, were p a id in th e sam e w ay.
S ubsequent divs. h av e been p aid in cash . On J a n . 1 1919 $60,000 a d d i­
tio n al 6% ctfs. of ind eb ted n ess w ere issued to p a y th e $60,000 of bond
In terest due on th a t d a te . I n t. due J u ly 1 1919 was p aid in a like m an n er
These ctfs. w ere to m a tu re on J a n . 1 1921, b u t h a d n o t b een paid u p to
O ct. 1923. T h ey h av e n o t been renew ed b u t are being carrie d along by
“ m u tu a l u n d e rs ta n d in g .” V. 114, p . 1890. C o m p are V. 108, p . 784.
S T O C K A N D B O N D S — . . D ate.
Interest.O utstanding.
M aturity
____ _________ $2,000,000 -----------------C om m on $2,000,000_________
P re f $1,000,000 (see te x t) _____ ____
J-J
1,000,000 In 1912, 1%
F irs t m tg e $4,850,000 ($1,-7 1910
5 J -J
1,400,000 J u ly 1 1940
000) gold (see te x t) _____c * lln te re s t a t Central T r u s t C o., N . Y ., tru s .
In d .& S E p f s tk $ 6 0 0 ,0 0 0 ($ 1 0 0 )____
A -J
600,000 I n 1917, 5%
In d . & S E 1st M $ 1 ,0 0 0 ,0 0 0 / 1905
5 g J-J
586,000 J u ly 1 1935
gold ($1,000)_____________l i n t , a t F a rm e rs ’ L oan & T r. C o ., N . Y .,tru s .
In d Shelbyv. & S o u th e a st 1st J 1902
5 g J-J
414,000 J a n . 1 1932
M $500,000 g ($1,000) s L . / l n t . a t C . & C . T r. & Sav. B k ., C hicago, tru s
C ertific a te s o f in d e b te d n ess _
_ ____
6%
165,000 See te x t
Stock.— In d . & C in. T ra c . p re f. is e n title d to non-cum . d iv s. o f 2% u n til
J u ly 1 1911, th e n increasing 1% y e arly to J u ly 1 1913; th e re a fte r 5% per
a n n u m . In d . & S. E . p re f. is redeem able a t 105 an d accru ed d iv . on a n y
d iv id en d d a te . See Y . 81, p . 1375.
Bonds.— In d . & C in. T ra c . 1st M . is d iv id ed in to th re e classes: A , B an d C.
C lass,A , $1,300,000, all o u t C lass B , $200,000, none issued, a n d C lass C,
$3,350,000 (of w hich $100,000 o u ts t’g), reserved for e x te n s., im p ro v em ’ts,
&c. E n tire series o f bon d s o f each class is su b ject to call on or a fte r J u ly 1
1913 a t 105 a n d in t. As to p rio rity o f d ifferen t series, see V . 92, p . 956.
Of th e $1,000,000 In d . & S. E . bonds, $414,000 is reserv ed for p rio r liens.
T h e y a re su b je c t to call on a n y in t. d a te a t 105 a n d in t.
O f th e In d . Shelby. & S. E . b o n d s, th e e n tire issue m ay b e called on any
in t. d a te a t 110. A sinking fu n d on th e se bonds of $10,000 p e r a n n u m began
J a n . 1 1908, for w hich bonds c an be called a t 105, beginning w ith low est
n u m b e r. $86,000 hav e been re tire d .
D ividends.— On P ref. p a id in 1911, I X % \ in 1912, 1 % .
E A R N IN G S .— For Calendar Years:
1925.
1924.
1923.
G ro ss______________________
$535,211
$564,990
$583,859
N e t a fte r d e p re ciatio n ______________
9,293
d e fl7 ,1 5 7
21,456
31,709
____________
T ax es______________________________
N e t a fte r ta x e s ___________________ d ef$ 2 1 ,786
O F F IC E R S .— P res., C has. L . H e n ry , Ind ian ap o lis; V .-P ., W . D u rb in ,
A nderson; Sec., Jo h n J . A ppel, In d ian ap o lis; T rea s., J . F . W ild, In d ia n ­
apolis. Office, In d ian ap o lis.— V. 112, p . 1740; V. 114, p . 1890; V. 115, p.
759; V . 121, p . 1348; V. 122, p . 1762.

C HICAG O S O U T H S H O R E & S O U T H B EN D RY.
A su b sid ia ry of M id la n d U tilities Co.

O R G A N IZ A T IO N .— O rganized J u ly 13 1925 b y th e In su ll in te re sts to
succeed th e C hicago L ak e Shore & S outh B en d R y ., sold a t foreclosure on
J u n e 29 1925, as p e r reo rg an izatio n p la n , see V. 120, p . 71.
See also for
h is to ry o f old co m p an y “ P u b lic U tilities C o m p en d iu m " of O ct. 31 1925
a n d fo r o rg an izatio n o f p re se n t co m p an y , V . 120, p . 3312; V . 121, p . 197.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. ow ns an d o p erates th e so-called “ South Shore L in e,” a high-speed
electric ra ilro a d 69 m iles in le n g th , extending from S o u th B end, I n d ., w est­
w ard to th e In d ian a-Illin o is S ta te line. Serves such in te rm e d ia te cities as
M ich ig an C ity , G ary , E a s t C hicago a n d H am m o n d . O b tained a n en tra n c e
in to th e dow ntow n d is tric t of C hicago b y lease a n d tra c k a g e agreem ents.
V . 1 2 3 ,p . 323.
ST O C K S A N D B O N D S — D ate.
Interest O utstanding. M atu rity.
C om m on (no p a r ) ___________ _____ _________ 1 5 0 ,0 0 0 shs. __________
1st & re f m tg e g 3 0 -y ear______ 1925
614
$2,000,000
1955
5 0-year 2d m tg e g n o te s ______ 1925
6
1,250,000
1975
5 0 -y ear a d j m tg e g ___________ 1925
1,750.000
1975
E q u ip t r gold c ertificates! 1926
See te x t
1,060,000
1927-1936
Series A ________________tf /I s s u e d u n d e r th e P h ilad elp h ia p la n .
T h e a b o v e ta b le shows th e c a p italiza tio n as th is w as expected to be
u p o n co m p letio n o f th e exchange o f securities as p e r reo rg an izatio n p la n .
Bonds, &c.— Of th e $1,060,000 equip, trust certificates dated J u ly 1 1926,
$106,000 m a tu re each J u ly 1 1927 to an d incl. 1936. D enom . $1,000 except
th o se d u e J u ly 1 1931 a n d 1936 w hich a re $1000, $500, $100. Sem i-ann.
d iv s. (J. & J .) eith e r a t tru s te e s ’ office in C hicago or a t H alsey , S tu a rt & C o.,
In c ., in N . Y . C ity . T h e first two m a tu ritie s b ear divs. a t th e ra te of 414 %
p e r a n n .; th e n e x t 3 a t ra te of 5% an d th e la st 5 a t ra te o f 5 K % • R ed. all
o r p a r t on 30 d a y s’ notice a t 100 & d iv s., p lu s a p rem ium of 2% for a ll cer­
tifica te s m a tu rin g m ore th a n 5 years, a n d of 1)4 % for certificates m a tu rin g
5 y ears or less, fro m d a te of red em p tio n . P en n . 4-m ills ta x refunded. F o r
secu rity a n d lease of eq u ip m en t, see V. 123, p . 323. In J u ly 1926 H alsey,
S tu a rt & C o ., In c ,, offered $1,060,000 series A a t prices to y ield from
4 % % to 5 M % . according to m a tu rity . V . 123, p . 323.
E A R N IN G S .— F o r c alen d a r y e a rs (C hic. L . Shore & So. B end. R y .):
1924.
1923.
1922.
G ro ss................................................ .............
$883,369 $1,044,105
$960,736
N e t, a fte r ta x e s____________________
60,259
107,468
124,612
O F F IC E R S .— C h airm an , Sam uel In su ll; P res., B ritto n I. B udd: V .-P s .,
Sam uel In s u ll J r ., B . J . F a llo n , C h arles E . T hom pson, C harles W . C hase
a n d H a l M . L y tle; T rea s., G eorge F . M itch ell; Sec., W . D . Boone; C o m p t.,
W . A . Sauer, G eneral office, M ich ig an C ity , In d .— V . 121, p . 456; V.
123, p . 323.

W IN O N A RAILR OA D CO.
O R G A N IZ A T IO N .-—In c o rp . in In d ia n a on M a y 27 1924 as W inona
Service C o. to acq u ire th e p ro p e rty o f th e W inona In te ru rb a n R y . C o.
(for h isto ry see “ E lectric R ailw ay ” Sup p lem en t o f A pril 26 1924) sold a t
re c eiv er’s sale to Jam es P . G oodrich fo r $309,369. V. 118, p. 2825, 3080.
T h e co m p an y holds u n d e r lease th e W inona & W arsaw R y . N a m e changed
to th e W inona R ailro ad C o. in 1926.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O p erates 70 m iles of in te ru rb an railw ay b etw een Goshen a n d P e ru .
Leases
4%. miles o f tra c k betw een W arsaw an d W inona L ake.
C A P IT A L IZ A T IO N .— C ap ital sto ck , a u th ., 10,000 shares (no p a r v a lu e ).
B onds a u th ., $600,000 first m tg e. 6% bonds; o u tsta n d in g , $422,000, d a te d
J u ly 1 1924 d u e serially, $18,000 p e r a n n u m , 1925-1956, inclusive, a nd th e
b alan ce ($24,000) d u e in 1957. In te re s t J . & J . a t th e A etn a T ru s t & Sav.
C o ., tru s te e , In d ian ap o lis, In d . D enom . $1,000, $500 a n d $100. C allable




[V ol. 123,

on a n y in te re s t d a te a t 103. I n S ept. 1924 w as a u th . b y th e In d . P . S. C om .
to issue $90,000 7% no tes, to be secured b y pledge o f $170,000 1st m tge.
6% bonds. V . 119, p . 1397.
E A R N IN G S .— F o r years ending D ec. 31:
Calendar Years—1925.
1924.
1923.
$239,167
$266,399
$294,979
G ross______________________________
N e t, a fte r ta x e s____________________
19,748
12,176
6,793
O F F IC E R S .— P re s ., H a rry R eid; V .-P ., T heodore C . F raz e r; Sec &
T re a s ., Jam e s P . G oodrich; G en. M g r., I . L . O ppenheim er; A u d ., J . R .
S te in e b a ch .— Y. 119, p . 1397.

V IN C E N N E S ELE C TR IC R Y. CO.
O R G A N IZ A T IO N — In c o rp . In N o v . 1921 a n d on F e b . 1 1922 to o k o v e r
th e operation of th e p ro p e rties of th e V incennes T ra c tio n C o ., sold a t fore­
closure in O ct. 1 9 2 1 . F or h isto ry of V incennes T ra c tio n C o. see “ E )»ctric R ailw ay ” S u p p lem en t of O ct. 2 2 1 921.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .
L ength of ro a d , 6.11 m iles. Passenger cars, 10; w ork c ars, 3; pow er
p urchased.
ST O C K S A N D B O N D S — . D ate.
Interest. O utstanding. M a tu rity
C ap ital sto ck $100,000_______ ____ _________
$100,000 __________
F irst m o rtg ag e sinking f u n d / 1922 __________
194,500
See te x t.
b o n d s____________________ /M e rc a n tile T r. C o ., S t. L ouis, tru s te e _____
Bonds.— Sinking fu n d re tire s bonds in 20 y ears.
E A R N IN G S .-—-of V incennes E lec. R y . fo r 12 m o n th s e nded D ec. 31
1924, gross, $71,856; n e t a fte r tax es, $16,831. I n 1923, gross, $79,598; n e t
a fte r ta x e s, $21,608. F o r 11 m o n th s ended D ec. 31 1922; gross, $73,326;
n e t, $21,328; in t., $11,000; b a l., s u r., $10,328. O f predecessor co. for cal.
y ear 1921, gross, $83,669; n e t, $29,228; in t., $11,750; b a l. s u r., $17,478.
O F F IC E R S .— P re s ., E w ing R . Em ison; V .-P ., J . H u g h Pow ers; F in .
Sec., H . L . B e n n e tt; G en. M g r., & T re a s ., L . F . G ille tt.

ILLINOIS
MID DLE W E ST U T IL IT IE S CO.
(See M a p on page 150.)
A holding com pany.
O R G A N IZ A T IO N .— In c o rp . b y th e In su ll n te re sts of C hicago in D e la ­
w are M ay 1912.
Subsidiary Operating Companies (com pare V . 106, p . 2646: V . 108, p .
2525).— (1) Illin o is.— C en tra l Illinois P u b . Serv. C o.; Illinois N o rth e rn
U tilities C o. (V. 103, p . 2264, 496); M cH e n ry C o u n ty L ig h t & P ow er C o.;
U nited U tilities C o. (2) In d ia n a .— In te rs ta te P u b . Serv. C o. (V. 94, p .
1157, 1701), a n d In d ia n a H y d ro -E le ctric P ow er C o. (3) K entucky.—
K e n tu c k y U tilities C o ., w hich co n tro ls Old D om inion Ice C o rp ., K e n tu c k y
H y d ro -E le ctric C o. (V. 104, p . 2010). (4) M ichigan.— M ichigan G as &
E lec tric C o.; N iles G as L ight C o. (V. 104, p . 950). (5) M isso u ri.—
M issouri G as & E lec. Serv. C o. (6) Nebraska.'—N e b ra sk a C ity U tilities
C o.; C e n tra l P ow er C o. ( V . 109, p . 479). (7) N ew England.— N ew E n g lan d
P u b . Serv. C o ., in c o rp . in M aine S ept. 18 1925, which controls: C e n tra l
M ain e Pow er C o ., N ew H am pshire P u b lic Service a n d N a tio n a l L ig h t,
H e a t & P ow er C o. T h e la tte r co. in tu r n c ontrols th e T w in S ta te G as &
E lec. C o. (V. 109, p . 79); Berw ick & Salm on F a lls E lec. C o.; th e V erm o n t
H ydro-E lec. C o r p ., I n c .; th e R u tla n d R y ., L ig h t & P ow . C o ., a n d th e P itts ford Pow er C o. (V . 121, p . 1678. (8) Oklahoma.— P ublic Service C o.
of O klahom a (V . 101. p . 923); C hickasha G as & E lectric C o. (V . 101,
p . 532); A m erican P ublic Service C o. (of O klahom a a n d T exas); S outh w est­
e rn L ight & P ow er C o. (9) Virginia.-—Old D om inion P ow er C o .; O ld
D om inion Ice. C o rp . (10) W isconsin.— N o rth W est U tilities C o ., w hich
controls W isconsin P r. & L t. C o.; W isconsin R iver Pow er C o.; S o u th ern
W isconsin Pow er C o.; L ake Superior D is tric t P ow er C o.; S o u th e rn W is­
consin E lec. C o. (V. 108, p. 385, 2525). (11) Texas.-—C e n tra l a n d S o u th
W est U tilities C o ., w hich controls A m erican P u b lic Service C o.; C e n tra l
Pow er & L ight C o., C hickasha G as & E lec. C o ., P u b lic Service C o. of
O klahom a an d Southw estern G as & E lec. C o. V. 121, p . 838, 977, 1347,
1676. Separate sta te m e n ts of a n u m b er of th ese o p e ra tin g com panies a re
given fu rth e r below.
Subscription rig h ts. See V . 120, p . 2147. R ig h ts w ere given com m on
stockholders of record A pril 20 1926 to subscribe on or before M a y 15 1926
to th e e x te n t of 20% of th e ir holdings a t $100 p e r sh are for a d d itio n a l com ­
m on sto ck . V. 122, p . 2041.
In M a y 1925 acquired th e N oblesville (In d .) W a te r & L ig h t C o. V .
120, p . 2943. A cquired c ontrol of th e C en tra l M aine Pow er C o. V .
120, p . 3064; V . 120, p . 330. P u rch ased th e M an c h e ste r (N ew H a m p ­
shire) T ra c tio n , L ight & P ow er C o. (now N ew H a m p sh ire P u b lic Service
C o.) see V. 120, p . 3188; V. 121, p . 200. I n J u ly 1925 p u rch ased com .
sto ck o f th e S o uthw estern G as & E lec. C o. V . 121, p. 586. O n J u ly 6 1925
announced th e p u rc h a se of all th e com . stock of th e C e n tra l P ow er &
L ig h t C o ., th e subsidiaries of w hich o p e ra te in T exas, O klahom a, K a n sa s,
M ississippi a n d M exico. V . 121, p . 200. In D ec. 1925 th e su b sid iary
o peration com panies o f th e M id d le W est U tilities C o. served 1,458 com ­
m u n ities in 19 S ta te s. V. 121, p . 200.
On M a r. 3 1926 it w as anno u n ced th a t co. h a d p u rch ased a su b sta n tia l
m a jo rity of th e com m on stock of Southwestern Light A Power Co., Which
operates in 9 counties in Southw estern O klahom a an d in 4 a d ja c e n t counties
in n o rth e rn T exas. V . 122, p . 1310.
On M a r. 5 1926 co. announced th a t i t h a d acquired 12,079 shares (ab o u t
2 8 14% of th e o u tsta n d in g c ap ita l sto ck of Indian ap o lis L ig h t & H ea„ C o.
V. 122, p . 1455.

We Specialize in
th e Securities of
MIDDLE WEST UTILITIES CO.
and its Subsidiaries

R ussell, Brewster & Co.
FOUNDED BY EDW ARD L. BREW STER 1873

112 WEST ADAMS ST.,
C H IC A G O
Members of the
New York Stock Exchange
Chicago Stock Exchange

ED W A R D P . RUSSELL
W ALTER S. BREW STER
CORDOVA L . PE N IST O N

POWER, LIGHT AND RAILWAY

Oct., 1926.]

149

MIDDLE WEST UTILITIES COMPANY
72 W E ST A D A M S STREET, C H IC A G O , IL L IN O IS
This Company, through its subsidiary operating companies, serves in the distribution of electric
light and power, gas, water, ice, and the operation of electric railways, an aggregate population of
3,817,100 in 1,739 communities in 19 states of the United States, as shown by the following table:

SUBSIDIARY COMPANIES

STATE

Com­
munities
Served Electric

CLASSES OF SERVICE
Gas

Central and South West Utilities Company
American Public Service Company.........
Central Power and Light Company......
Chickasha Gas & Electric Company...... .
Public Service Company of Oklahoma ....
Southwestern Gas and Electric Company
Southwestern Light & Power Company

Tex.-Okla.
Tex.-Miss.
Oklahoma
Oklahoma
La., Miss., Tex., Ark.
Okla.-Tex.

135
99
17
40
35
37

131
88
17
39
16
33

26
6

Central Illinois Public Service Company__

Illinois

305

301

10

Central Power Company..............................

Nebraska

20

19

Missouri

Ice

H eat

3

City Ice Company of Kansas City..............

Water

9
3
1

2
17

11

60
74
1
8
3
9
12

Railway

3
2

1

6

4
-

Estimated
Population
Served

273,000
562,000
20,000
176,000
202,000
76,000
560,000
43,000

1

1

Emporia Gas Company................................ Kansas

1

Illinois Northern Utilities Company.......... . Illinois

94

91

9

1

1

144,000

Interstate Public Service Company............. Indiana
Indiana Hydro-Electric Power Company Indiana

145

144

15

18

3

292,000

Kentucky-T enn.
Kentucky Utilities Company........... ........ .
Kentucky Hydro Electric Company........ Kentucky
Old Dominion Power Company............... Virginia

121

120

4

10

1

231,000

18

17

4

4

28

24

7

34

33

2

5

1

McHenry County Light & Power Company

Illinois

Michigan Gas and Electric Company........

Michigan

Missouri Gas & Electric Service Company.. Missouri
Nebraska City Utilities Company...............

Nebraska

5

Niles Gas Light Company..................... ~....

Michigan

2

North West Utilities Company....................
Lake Superior District Power Company..
Southern Wisconsin Electric Company....
Southern Wisconsin Power Company......
Wisconsin Power and Light Company_
_
Wisconsin River Power Company............

Mich.-Wis.
Wisconsin
Wisconsin
Wis.-Ill.
Wisconsin

i

New England Public Service Company.......
Bradford Electric Company.....................
Central Maine Power Company..............
National Light, Heat & Power Company
The Twin State Gas & Electric Company
Rutland Railway, Light & Power Co...
Vermont Hydro-Electric Corporation....
Public Service Company of
New Hampshire...................................
Western Maine Power Company.............

TOTAL SUBSIDIARIES....................




17
7

27,000
2,000

2

34
11

34
11

175

174

10
....

20
199

20
199

Me., N.Y., N. H., Vt.
Vermont
Vermont

62
7
16

62
7
16

New Hampshire
Maine-N. H.

45
17

45
17

2
3
1
--

Vt.-N. H.
Maine

8,000
11,000

--

Illinois

7

73,000
20,000

4

274,000

1

2

3

9

12,000
296,000

3
2

130,000
25,000
33,000

_
5

1
2

1

....

1

11

11
1,678

129

184,000
15,000
100

....

1,739

76,000
34,000

1

Saline Water and Power Company.............. Missouri
United Utilities Company........................ .

11,000

....
66

195

8

7,000

30

3,817,100
n

150
PUBLIC UTILITIES
[Vou 123.




Oct., 1926.]

POWER, LTGTIT AND RAILWAY

I n 1926 acq u ired a su b sta n tia l in ter est in th e com m on sto c k o f N o r th
A m erican L ight A L ow er C o . ( D e l.) . V . 123. p . 842.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o . o w n s or con trols p u b lic u tility op erating co s. servin g 1.683 co m m u n i­
t ie s in 19 S ta te s with an estim a ted |H>pulation served o f o ver 3 875 0 0 0
In a d d itio n , 371 o th er c o m m u n itie s w itli an estim a ted p op u latio n o f . 9 0 0
are served under w holesale contract,
About 79% o f th e com b in ed net earn­
in gs is d erived from th e sale o f electricity for pow er and lig h t
T im s u b
tridiary com p an ies h a v e in op eration 179 steam electric gen eratin g sta tio n s.
J 1 1 h yd ro-electric sta tio n s, do ga s p la n ts 143 ice p la n ts. 10 h ea tin g p la n ts.
Steam tu rb in es o f 5 >' 0 0 0 h p . . w ater tu rb in es o f 217 000 h n 101 g a s h o ld ­
ers o f 11 .4 6 5 .0 0 0 eu ft. c a p a c ity . a od gas m ains to ta lin g 2 .3 7 8 m iles. E lec­
tric tran sm ission lines to ta l 13.071 m iles,
Change of Stork .— On M arch 20 1926 th e au th . cap ital stock w as Increased
from 9 0 0 .0 0 0 sh s. to 1 750 000 th e 850 000 ad d ition al shares co n sistin g
Of 2 0 0 .0 0 0 shares prior lien stock par $100. 2 0 0 .0 0 0 shares pref. par $ 100.
and 450 000 shares o f no par value com m on sto c k . T h e redem p tion price
o f th e prior lien stock was raised from 115 and d iv s . to 125 and d iv s . o f
th e pref. sto ck from 105 and d iv s. to 120 and d iv s . V . 122. p. 1917.

151

T h e operatin g < •mo tiles with th el- surwidt tries serve a t retail i total of
•
300 Industrial and farm ing com m unities having an e stim ate d com ­
bined population ol 62o.iM<u in the S ta te s of M aine. New li.impsmre, Ver­
mont a nd New S
’ork E ighty a d d itio n a l com m unities a re served by these
com panies under wholes le.co n tracts A ti im p o rtan t oart of th e vast w aterpow er resources of New E ngland is controlled by th e co m p an y .
Din ing th e yeat ended July 31 1925. 76.7% of cue cons riiU-iteu gross revenue
was derived from th e sale of e le ctricity . 7 6% from gas. 12.8% from tra n s ­
p o rta tio n service a nd 2.9% from m iscellaneous sources.
New Developments.— In N ov. 1925 the construction of a 36 000 b .p .
hvdro-eiectric project on the A ndroscoggin River by C entral M aine Pow er
C o., to he com pleted in 1927. was announced; als t the c onstruction o f»
strin g of 5 p lants near H illsboro. N . H . For de ta ils see V. 121 p. 2403.
S 'l O C K A N D B O N D S Dale.
Interest.
O utstanding. M aturity.
C om m on (no p a r) 400.000 s h s . ____
_______ 2 8,437 shs.
See te x t
80,000 shs. S p t 26 1 4
$7 Q-M
C um pr lien 2 00.000shs (no par)
40 non „<
-<!
p-nf ono non
rn < n -,r)_____
,
$7 Q-J
8.512 sits _________ _
$6
A d ju st pref $6 div series_______
Muck.— T h e pilot- lien pref. stock is preferred as to a m t. a nd divs. over th e
pref. a nd com m on stocks. R ed. a t $120 per share a nd divs
Listed on
B oston Stock Exchange. Old C olony T ru st C o ., B oston, A c., &c., sold
in Met. 1925 80.000 sh ares a t 98 and d iv s .. to yield 7 1 1% • V 121. p. 1678.
H o'ders of record D ec. 31 1925 of p-er sto ck . $7 div. series were given
th e r i t h t to subscribe for a num ber of add itio n al shares of com m on stock
equal to th e n um ber of recorded holdings of p ref_ sto ck a t $30 per share,
payable on or before J a n . 15 1927 V 121. p 2875.
in (le t. 1925. T u c k e r, A nthony & C o .. A c.. A c., sold 40,000 shares
pref slock a t $96 50 and d iv .. to yield 7 4 % - la sted on B oston Stock
Exchange. V. 121, p 1789.
T h e pref. stock is preferred as to a m t. and div. over th e com m on stock,
and red. at $120 and div
D ividends.— An Initial dividend of 75c. for th e 6 mos. end. Aug. 31 1926
was declared payable Sept. 15 1926. V. 123. p. 1114.
O F F IC E R S .— C hairm an Sam uel Insull: V ice-C hairm an. M a rtin J *
In sull: P res.. W alter S. W ym an: V Ps.. W in \ . B u ttrick and W . O*
Sharp: Sec.. E. II. Vlaxev: T rea s.. G eo. O tis Spencer. V. 121. p . 1569'
2403. 2875 V 122. p. 348. 481. 882. 2949: V. 123. p 1114. 1251.

STOCK A N D R O N D S —
Date.
Interest. Outstanding. M aturity
C om m on 750 00O .-.li.-no p a r ). ____
____ _
'" 2 . 79 shs
S ee text
Prior lien stk $ 5 0 .0 0 0 ,0iH >($100)____
7 Q-M 15 $30 000 000
Se te x t
P ref $ 5 0 ,0 0 0 OOO ($1001
___
Sec text
37 200 000 O ct '26 1'"
Stock .— T h e prior lien stock is en titled to 7% cu m . d iv s and an a d d itio n a l
1% d iv in any calendar year that m ore than $5 per share cash d iv s are
paid on co m . C a lla b le at 125 and accrued (iiv s. D iv id e n d s are now b ein g
paid at ra te o f 8 1; per an n u m .
Rights. — A ll cla sses o f sto ck h o ld ers o f record A pril 20 1926 w ere offered
com m on stock for su b scrip tion in and m ci. M ay 15 1926 a t $100 per share
t o th e ex tp r t o f 2 rU ' o f th eir h o ld in g s. V . 122. p . 2041.
In F eb . 1926. H ill. Joiner
C o ., fn c .. Old C olon y T ru st C o . and C entral
S ta tes S ecu rities Corp offered $1 7 5 0 .0 0 0 prior lien stock a t m ark et.
V . 122 p. 1455. I.isted on C hicago Stock E xch an ge. Pref. is en title d
to 7% cu m . d iv s . sin ce June 15 1924 and to 1 % ad d ition al in a n y year th a t
over $6 p r sharp cash d iv s are paid on com m on . C allab le a n y tim e a t
120 and accrued d iv s . H as equal votin g pow er w ith th e prior lien and
c o m . sto ck s.
T h e 7% cu m . pref (a. & d .) stock is en titled to an ad d itio n a l 1 % d iv i­
( 1 )
C E N T R A L
M A I N E
P O W
E R
C
dend in a n y calen dar vear in w hich th e total cash d iv id en d s paid on th e
com m on sto ck exceed $6 per share. C all on 30 d a y s n otice a t $ 120 and
Control.— On Ju ly 1 1925 th e M iddle West. U ti'ities Co. acquired prac­
d iv s . A t all election s o f d irectors has th e right o f cu m u la tiv e v o tin g . In tically all the 25.000 ou tsta n d in g common shares of C entral M aine Power
J u ly 1926 U tility Secu rities C o. 1 ill. Joiner A C o .. In c.: C en tral S ta tes ('« . A t the tim e of incorporation of New Engl Pub. S e rv . Co. in Sept. 192$
S ecu rities C orn.: T u ck er A n th on y A Co.- Paine. W ebber A C o . and
th e ow nership of this stock passed to th e New Engl. P ub. Service C o.
E m er y . Peck A R ockw ood offered $7 0 0 0 .0 0 0 ad d ition al 7% cu m . pref.
V. 120. p 3064.
Stock a t 107 A d iv s .. to yield a b o u t 6 4 % . V . 123. p. 324.
Electric
M aine,
N otes. — A ll o f th e o u tsta n d in g secured 8% g. n o tes, series O . d u e .Tu'y 1 M O R G A N IZ A T IO N .— Incorp.toas M essalonskee Pmv»r Co. C o. In 25 1910.
ar 7 1905
Nam e changed
Centra* M aine
Ian.
1941. w ere called for redem ption Jul v 1 1926 at 107 4$ . V .122 . p . 2 6 5 2 . 3 0 8 3 .
Ca v . pany has acquired the properties rights and franchises of several
om
In A ug. 1925. $1 25 N o v . 1925 $1 2 5 .
In F eh. 1926
$12 5 . In Companies and also m anages and operates through stork control Hie prop­
M
A u g and N o v . 1926. $1 50. D iv s on prior lien stock
.
w ere paiderties % the A ndroscoggin Kiectri-- Co. and of Hie W aterville Fairfield A
1 3 of
4
(Q .-M . 151 up to and in cl. D e c . 1925. In M a r .. June and S ep t. 1926 2%
O akland R y .. com bining these with its own properties as one system .
q u a w as p aid . V . 122. p. 883.
r .
_
m
F IE L D O F O P E R A T IO N S A M ) C H A R A C T E R |*F B U S IN E S S .—
D ividends .— D iv s. on p ref.. Sept. 1912 to June 1918, I 4 % Q .-M
The
C o .’s hydro-electric p lan ts, transm ission and d istrib u tio n lines, serve 120
Ju n e 1 1918 p ref. d iv . w as paid In 10-year d ivid en d ce rtifs. (redeem ed
S t par and in i. on D ec. I 1924). n one paid ihereal'ter u ntil M ay 14 1921. cities ami tow ns and more than 100 industrial e stablishm ents in 12 of th e
when 1 4 % was paid: on N ov 15 1921 paid I 4 % ; Feh 15 1922 paid 1%: 16 counties in M aine, including A ugusta. B ath B elfast. Brunsw ick,
M a v 1 1922 paid 1 m : Ju ly 15 and O c t. 2
,
1922 paid 1 % each D ec 15 1922. G ardiner R ockland. Skow hegan W aterville and p ractically all the large
M arch 1923 and M av 15 1923 paid 1 4 % . V 107, p. 909. see V 106. com m unities of the S ta te , except P o rtland and Bangor. P opulation
served estim ated a t 200 000. C o. owns hydro-electric p lan ts of an aggre­
p .2423. Aug I 192.3 paid 1 4 % O ct 15 1923 to Ju ly 15 1924 paid 1 4 %
q u a r D iv s on p ref stock began to accru e at the rate o f 7% per annum g ate installed c apacity of 42.290 h. p. (being increased fo 67.290 h. p.)
from Ju ne 15 1924 th e first pavm ent at the increased ra te being m ade and controls over 150.000 h ’p. undeveloped w ater power sites: also a 10,000
O ct 15 1924
Q uarterly d iv s. at sam e rate paid regularly q uarterly slneft b .p . steam re s e rv e .s ta tio n . 670 miles of transm ission lines. Co. also
to and in clud in g O r l 1920. In Jail 1917 deelarrd an initial eash div of supplies G as to W aterville. A ugusta. G ardiner. H allow eil. B ath and
2% on com s to rk , p ayab le in q uarterly Installm en ts of 4 >>f 1 % . begin n in g R ockland, and includes a sm all in te ru rb an ra i’way connecting R ockland,
A pril 2. and a sto ck d iv o f 2% . p ayab le I ''3 sem i-an n u ally in April anti O ct. T hm naston and C am den. T h e initial in stallation of the new G u lf Island
1917; April 1918. 4 o f 1% cash and 1% stock d iv .; none on th e co m . stock developm ent in th e Androscoggin R iver ju s t above Lew iston. M aine is to
be in operation in J a n . 1927 and will consist of one of th re e units to ta lin g
Until M av 1925. w hen $1 25 per share w as paid on th e no par com s lo c k .
In A ug. 1925. $1 25: N o v . 1925 $1 25
In Feb. 1926 $1 2 5 . In M a y , 25 000 h p
AV»c Rond and Stock Issue.— In Ju n e 1926 co. applied to M aine P . U .
A ug. and N o v . 1926 $1 50. D iv s . on prior lien sto ck were paid 1 % %
Com m ssion for perm ission to issue $5,500,000 5% b in d s and $1,000,000
(Q .-M . I5> up to and incl D ec 1925. In M arch . Ju ne an d S ep t. 1926 2%
7% pref. stock. $3,000,000 of above bond issue is to be used for refunding
q u a w as paid . V. 122 p 883.
r .
th e 7% bonds, wherefore co. asked to defer action on th a t p a rt of the
E A R N I N G S .— O f su b sid iary com p an ies for calen dar years:
$5,500,000 bonds. V. 122. p. 3452.
1925.
1924.
1923.
Railway service is rendered b.v 5 sep a ra te system s: the Porr.land-I.ewteG ross e a r n in g s.......... ................................. .$ 6 0 ,4 8 9 856 $ 4 1 .4 0 2 607 $36 1X5.182
to n In te ru rb a n (owned b.v Androscoggin Electric C o.). R ockland. Thom asN et after exp en ses. A c . . ......................... 19 8 8 2 .3 7 5 1 3 .9 2 4 .3 8 0 1 1 .3 2 3 .4 1 9
ton and C am den s tre e t Ry. (owned by C entral M aine Power C o.) and
B on d , d eb en tu r e and oth er in terest
W aterville. Fairfield and O akland Ry. (controlled by C entral M aine Power
paid or accrued to o u tsid e h o ld e r s ..
7 .5 8 1 .3 9 1
5 .1 3 0 .7 0 5
4 .1 6 5 .1 9 2
Co.)
D isco u n t on secu rities _ _______ . .
8 0 8 .9 9 4
586 .4 9 8
4 8 0 .4 5 9 rights C om bined trackage over 66 miles, a b o u t 50% of which is on p rivate
of way.
D iv s . on stock and property o f undis­
STO CK A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
trib u ted earnings to o u tsid e h old ers.
5 .3 9 0 .8 1 7
2 .5 8 2 .6 3 3
1 .7 4 1 .7 2 2

Com m on $5,000,000 ($100........... ...................... ....
. $2,500,000 .................6% cum prof $660,800 ( $ 1 0 0 ) . ____
6 Q-J
660.800 _________
7% cum pf $1 1.339,200 ( $ 1 0 0 ) ___
7 Q-J
11.5 s . 00 ..........
4.37 .000 N ov 1 193$
F irst m ortgage 5s $1.000 c*f 1909
5 M -N
and r) closed. ____ ____ t f l i n t , a t S ta te T ru st Co. of B oston. M ass., t r c
1st and gen m tge $1.000. $ 5 0 0 lln t. a t Old Colony tru s t C o.. B oston, tru ste e ,
c* A $i .000 A m u ltip le s .rtf 1
.
Series A _________
1921
7 J-D
$3,000,000 Ju n e 1 1941
8 1 1 5 0 0 Jail 2 1943
Series B ..............
1922
6 J -J
1.550 000 Aug 1 194$
Series C ....................................... 1924
5 4 F-A
7.000.000 Ju ly 1 1955
Series D .....................
1925
5 J -J
175 V Jan 1 1936
.iO
Oxford El Co lstA ref$250.000/ 1916
5 J-J
c * t f i l n t . a t Ui ion Safe Dep A T r C o.. P ort!., tr .
($1,000 A $500)___
T o tal incom e_______________________________________________ $9,960,386 B ath A Brunswick L t A Pow f 1910
5 J-J
313.500 July 1 1930
A d m in istratio n and m iscellaneous expenses____________________ 1,272.713
Co 1st and ref $750.00(){ In t. a t F idelity T ru s t C o ., P ortland, M e., tr.
I n t e r e s t ______________________________________________________
567.041
($1,000 A $500)_______c t f '
Prem ium on called n o te s ______________________________________
294.029
Stock.—
are b o th
P rio r lien stock d iv id en d s_____________________________________ 1,726.610 and assets T h e 6% eand 7%on stock. c um ulative and preferred as to dividend*
over th com
Holders of 6% pref. are entitled to one
P referred d iv id e n d s __________________________________________ 1.832.173 v ote for each share of m
shock and to the ord in ary right of stockholders.
7% pref. has no voting power except in case of non p aym ent of regular
B a l a n c e ___________________________________________________ $4,267,820
q u arterly div. on till 7% pref. o u tsta n d in g for a period of 6 m onths. Is
O F F IC E R S .— C h airm an . Samuel Insull; P res., M artin J . Insult: V .-Ps
callable a t $120 and div.
John F . G ilchrist. E. V. G ra h a m , W. O. S harp. G . W H am ilton a nd A. J .
e
5s. due Nov. 1
A u th en rieth : Sec., E u stace J K night; T e ra s., O liver E . M cC orm ick. all Bunds.— T hof 1st mtge. pany, incl. a fte1939 are secured by a m ortgage on
property
the com
r acquired. Subject to $175,000
Office, 3016 D u Po n t B ldg., W ilm ington. Del — V. 121 . p. 75. 200. 330. 586, Oxford El. 1st As bonds and $325,000 B ath A Brunswick Lt. A Power Co.
2156: V. 122. p . 480. 883. 1310. 1455. 1602. 1917. 2041, 2652. 3083; V. 1st and ref. 5s bonds. U nderlies 1st and gen. mtge on all properties except
123. p . 324, 842, 982. 2139.
certain specified properties. A sinking fu n d of ! % per annum of aggregate
principal am o u n t of bonds ou tsta n d in g m ust be paid to trustee up to and
incl. S ept. 1.5 1929. thereafter 2% of such am o u n t.
T rustee m ay p u r­
NEW ENGLAND PUBLIC SERVICE CO.
chase from the sinking fund bonds a t not more than 105 and int. otnerw ise
Controlled bv M iddle W est U tilities Co.
m ay call bonds a t 105 and in t. All bonds purchased or called to be can­
O R G A N IZ A T IO N .— In c o rp . in M aine S ep t. 18 1925.
celled. $284,000 a re retired by s. f. $295,000 reserved for exchange for
C o m p an y ’s subsidiaries are th e following:
prior lien bonds. R ed. a t 105 and in t. on any N ov. 1. on 3 w eeks' notice
C en tral M aine Pow er C o., A ugusta. M e.
for sinking fund only.
M an ch ester T rac tio n , L ight A Power C o., M an ch ester. N . H .
T he 1st and gen. mtge. bonds are secured by a 1st m tge. on th e electric,
N atio n al L ight. H e at A Power C o., i l l B roadw ay, N ew Y ork C ity .
gas and railw ay properties in Rockland. T honiaston and C am den, to g e th e r
Souhegan V alley E lectric C o .. M ilford. N . H .
w ith a few local d istrib u tin g system s in other com m unities, a nd on real
K eene G as A E lectric C o .. K eene. N . H .
e sta te controlling valuable undeveloped w ater power sites of over 50,000
Laconia G as A E lectric C o.. Laconia N . H .
h . p. and also by a m ortgage on the entire rem aining p ro p e rty of th e com­
Southern New H am pshire H y d ro -E lectric C o rp ., 131 S ta te S t.. B oston.
p a n y , su b ject to th e outstan d in g 1st m tge. and divisional bonds. C om pany
B rad fo rd E lectric C o .. 131 S ta te S t.. B oston.
covenants to expend or deposit with trustee tor m aintenance an d (or)
W estern M aine Power C o .. Lim erick, M e.
allocate an a m o u n t of additional property not to be less th a n 15% of gross
C onw ay E lectric L ig h t & Pow er C o.. C onw ay, N . H .
operating revenues from electric and gas husine.ss a nd 25% from stre e t
railw ay business; such sum s are to be included in th e operatin g expense of
F ry eb u rg E lectric L ight C o .. F ry eb u rg , M e.
Swans F alls C o.. F ry eb u rg . M e.
the com pany in calculating the net earnings in order to determ ine w hether
T h e following com panies are co n tro lled by N ew E n g lan d P ublic Service or not bonds m ay from tim e to tim e be issued. At not less th a n 3 years*
intervals th e above percentages may be redeterm ined by a board of a rb itra ­
C o. through its subsidiaries;
tio n . T he bonds are issuable as directors may d eterm ine in th e above series
Androscoggin C o rp ., A ugusta. M e.
or other series. O ther series m ay bear such dates, in te re st rates, ta x pro­
Androscoggin E lectric C o.. Lew iston. M e.
visions, redem ption prices, dates of m a tu rity , etc. as m ay be determ ined,
W aterville. Fairfield & O akland R y., W aterv ille. M e.
b u t no bonds m ay m a tu re after the year 2000. nor la te r th a n 3 I years from
C en tral Securities C o rp .. A ugusta. M e.
d a te of issue. M ay be issued for not more th a n 75% of new c onstruction
N o rth eastern T ra n sp o rta tio n C o.. A u g u sta, M e.
a nd provided n e t earnings for 12 consecutive m onths w ithin th e 14 p re ­
B ethel L ight & Power C o ., A ugusta. M e.
ceding m onths were not less than th e g reater of (a) 1 % tim es th e a n n u al
B lack Stream E lectric C o .. A ugusta. M e.
in te re st charge on all bonds outstan d in g (incl. those to be issued) an d all
M an ch ester S treet R y .. M an ch ester, N . H .
M an ch ester A N ash u a S tree t R y., M an ch ester, N . H .
divisional bonds n o t deposited with tru stee, or (b) 10% of the principal
a m o u n t of such bonds, provided this a m o u n t is not g reater th a n tw ice th e
Tw in S ta te G as A E lectric C o., 131 S ta te S t., B o sto n .
Jones & L inscott Electric C o.. L a n c a ste r. N . H.
said interest charge. Bonds may be issued to refund bonds of a ny series
un der this m ortgage or under the 1st m tge. of th e com pany, or under a n y
Berwick & Salmon F alls Electric Co.. 131 S ta te S t., B oston.
divisional lien.
P ittsfo rd Pow er C o ., 131 S ta te S t.. B oston.
V erm ont H.vdr-EIectric C o rp .. 131 S ta te S t.. B o sto n .
All of th e o u tsta n d in g 7% gold Series A bonds due June 1 1941 w ere called
R u tla n d R ailw ay & E lectric C o .. 131 S ta te S t.. B o sto n .
for redem ption Dec. 1 1926 a t 107 and in t. V. 123. p. 1873.
Series B are callable, whole or p a rt, on 6 weeks’ notice.' rom J a n . 1 1929
A shuelot G as & E lectric C o ., K eene, N . H .
to D ec 31 1929 a t 110, th e re a fte r a t a p rem ium reduced b y % % for each
G a & E lectric A ppliance C o ., K eene, N . H .
s
B alance accruing to M . W . U. C o .. x$6 101.173 $5 624 544 $4,936,046
x Of th e above a m o u n t M . W . U tilities C o.: (1) received and accrued as
Interest of bonds and d eb en tu res. $120 118: (2) received and accrued as in­
te re st and brokerage on m oney ad v an ced . $149 342: (3) received and accrued
as dividends on stocks. $3.51(1x12 to ta l. $4 116 632, leaving M . W . U.
C o .’s proportion of surplus carried to the aggregate su rp lu s acco u n t o f su b .
cos. on th eir own books, s i 981.511
Earnings of M iddle W est U ti'itie s Go. only for calen d ar y e ar 1925:
E arnings of subsidiaries accruing to M iddle W est U tilities C o ___ $6 101.173
O th er incom e_________________________________________________ 3.859,213




O

.

PUBLIC UTILITIES

152

[V ol. 123.

M AINE

VERMONT

NEW H AM PSHIRE

NEW Y O R K

A Company that is Shaping the
Power Future of New England
New E ngland Public Service C om pany represents th e unification of
several m ajor power companies into a closely related public service system .

T he

C o n s o l id a t io n ,
through interconnec­
A f f i l i t i o n with the Middle West Utili­
ties Company, whose properties operate in
tion of independent companies, makes
for unusual operating economies and pro­
fourteen hundred and fifty-eight commu­
vides g reater flex­
ni t i es in n i n e t e e n
ib ility . W ith over
states, places at the
66% of the electric
disposal of this Com­
S U B S I D IA R Y COMPANIE S
generating capacity,
pany specialized and
1. C en tra l M a in e P ow er Co.
hydroelectric, it has 2. P u b lic Service C o m p a n y of N ew
proven m anage­
been p o s s i b l e to
ment and furnishes
H a m p sh ire.
supplant many ex­ 3. N a t io n a l L ig h t, H e a t & P o w e r Co.
th e e c o n o m i e s of
T h e T w in S ta te G as & E lec tric Co.
pensively operated
m assed purchasing
B erw ick a n d Salm on F alls E le c tric C o.
V erm o n t H y d ro e le ctric C o rp ., In c .
steam stations with
power, expert legal
R u tla n d R ailw ay, L ig h t & Pow er Co.
Pittsf'ord Pow er Co.
energy from large
and engineering
water-pow er devel­
services which make
opments.
for basic soundness.




New England public utility companies offer a most favorable field for investment.
Particularly attractive are the Preferred Stocks of companies which occupy key po­
sitions in regard to super-power systems. New England Public Service Company
prior lien preferred stock sells to yield over 7.00% . Information upon request.

NEW ENGLAND
PUBLIC SERVICE
COMPANY
A U G U S T A , M AINE

153

POWER, LIGHT AND RAILWAY

Oct., 1926.]

calen d ar y e ar a fte r 1930, th e p rem iu m d u rin g th e calendar y ear 1941 being
%; in each case w ith in terest.
Series C are callable, whole or p a rt, fro m Aug. 1 1929 to D ec. 31 1929
incl. a t p a r a n d 5% prem ium ; d u rin g 1930 a t p a r an d 4M % p rem ium and
th e re a fte r on a n y in te re st d a te a t p a r a n d a p rem ium reduced b y A %
for each calendar y ear or p a rt th e re o f a fte r 1930, th e p rem ium for th e
y e ar 1948 being
T h e re a fte r a t p a r; in each case w ith in te re st.
Series D is non-callable d u rin g th e first four years; th e re a fte r callable,
all or p a rt, on 6 w eeks’ notice, a t 105 a n d in t. on Ju ly 1 1929 and to and
incl. Ju ly 1 1935; a t 104.75 a n d in t. d u rin g 1936 and M % less for each calen­
d a r y ear th e re a fte r to 100 an d in t. to 1955. In Ju ly i9 2 5 , H arris, Forbes
& Co. a n d Coffin & B u rr, In c . offered $1,500,000 a t 97 and in t., to yield
a b o u t 5 .2 0 % . V. 120, p . 3312; V. 121, p . 73. In M a y 1926 th e y offered
$2,500,000 a d d itio n al series D a t 100 a n d in t. V. 122. p . 2947. In O ct.
1926 th e y sold $3,000,000 ad d itio n al series D a t 100 a n d in t.
D ivid en d s. — T h e 6 an d 7% p ref. stocks hav e paid th e ir dividends regu­
larly since th eir issuance
E A R N IN G S .— F o r 12 m o n th s ended A ug. 31:
1926.
1925.
G ross incom e__________________________________ $4,996,297 $4,863,073
O per. expenses, m ain ten an ce a n d ta x e s__________ 2,808,752
2,907,960
B a la n c e _______________________________________ $2,187,545 $1,955,113
In te re s t a n d g u a ra n te ed divs. on stock of sub. cos__ 1,031,611
1,056,864
B a la n c e ______________________________________$1,155,934
$898,249
O F F IC E R S .— P res., W alter S. W y m an .— V. 119, p . 1398; V. 120, p.
3064, 3312; V. 121, p . 73, 328, 584, 976, 1460, 1676; V. 122, p . 1917, 2947,
3080, 3 4 5 2 ;Y . 123, p . 1631, 1873, 2132.

N ATIO NAL L IG H T , HEAT & POWER CO.
A su b sta n tia l m a jo rity of th e com m on sto ck is ow ned b y N ew E n g lan d
P u b l c Service Co. Co. co n tro ls th ro u g h stock ow nership th e following
subsidiaries: T h e T w in S ta te Gas & E lectric C o., th e B erw ick & Salm on
F a lls E lectric C o ., th e V erm ont H y d ro -E lectric C o rp ., th e R u tla n d R ail­
w ay, L ig h t & Pow er C o. an d th e P ittsfo rd Pow er C o ' Y. 120, p . 2012;
V. 121, p . 1678, 1789.
V E R M O N T H Y D R O E L E C T R IC C O R P O R A T IO N .

F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
Serves d ire c tly or in d irectly 47 com m unities w ith electric lig h t an d pow er
a n d gas in te rrito ry extending from so u th w estern N ew H am p sh ire across
th e so u th ern p a r t of V erm ont to eastern N ew Y ork. C o . serves Springfield,
W indsor, W oodstock, C hester, Ludlow , L on d o n d erry , C avendish, M an ­
ch ester, P o u ltn ey , S outh P o u ltn ey , W est Paw let, F a ir H av en , H y d ev ille
a n d su rro u n d in g villages in V erm ont, C larem o n t, W est C larem ont a nd ad ja­
cen t villages in N ew H am p sh ire, and H am p to n in N ew Y o rk . P o p u latio n
served is estim ated a t 110,000. N ine h y dro-electric p la n ts.
C ontrol. — N a t’l L t., H t. & Pow er C o, acquired co n tro l in 1925.
E A R N IN G S .'-—F o r 12 m o n th s ended Aug. 31:
1924.
1926.
1925.
$701,366
$718,960
O perating rev en u e__________________
$785,022
298 ,1 4 8 '
257,720
N e t a fte r taxes a n d re n ta ls __________
353,935
3,086
7,914
O th er incom e______________________
40,418
156,823
166,539
In te re s t an d o th e r d e d u ctio n s_______
170,262
2,589
R etire m en t expense_________________
71,569
52,496
46,618
P referred dividend req u irem en ts_____
51,442
$101,080
$79,610
$62,193
B alance, s u rp lu s_________________
O F F IC E R S .—P re s ., W . A . B u ttric k ; V .-P s., J . A . R y an and R . J .
A ndrus; G en. M g r., W . H . Law son; T rea s., H . L. H arris; Sec., O. A. F or­
rest; C lerk, W . H . L aw son.— V. 120, p . 2012; V. 121, p . 1678, 1789, 3343;
V. 123, p . 1253.

CENTRAL & S O U T H W EST U T IL IT IE S CO.
C o n tro lled b y M id d le W est U tilities C o ., w hich ow ns su b sta n tia lly all of
th e com m on sto ck .
O R G A N IZ A T IO N .— A h olding co ., in co rp . in D elaw are A ug. 1 1925.
Owns all th e com m on sto ck of th e P u b lic Service Co. of O k la ., th e C hickasha
G as & E lectric C o ., th e C en tra l Pow er & L ig h t C o ., th e S outhw estern
G as & E lectric C o., s u b sta n tia lly all of th e com m on stock of th e A m erican
P u b lic Service C o . a n d a m a jo rity of th e com m on stock of th e Southw estern
L ig h t & Pow er C o. (for th is la tte r ocm pany see sep a ra te s ta te m e n t else­
w here in th is p u b licatio n ). These six m ajo r public u tility com panies w ith
th e ir subsidiaries serve a to ta l of 362 com m unities w ith a p o pulation of
1,061,590 in th e S tates of T exas, O klahom a, L ouisiana, A rkansas and
M ississippi. C om bined electrical gen eratin g cap acity , 124,486 k . w .;
2,941 m iles of tra n sm issio n lines; 1,920 m iles of gas m ains; d aily ice m anu­
factu rin g cap acity , 4,143 tons; 37 miles of stre e t railw ay tra c k . V. 121,
p . 977. In M ay 1926 acquired th e W ald ro n (Ark.) E lectric & Pow er C o.,
to be o p erated by S outhw estern G as & E lec. Co. V. 122, p . 3080.
O u tsta n d in g .
M a tu r ity .
S T O C K A N D B O N D S—
D a te.
In te re st.
C om m on 600,000 shs (no p ar) _ ___
_______ 365,887slis.
See te x t
P rio r lien p re f $7 div Series
112,000shs. N o v ’2 6 $1.75
300,000 sh ares (no p a r ) ___ _____
$7 Q -F
90,000shs. N o v ’2 6 $1 .75
P referred 300,000 shs (no p a r ) ______
$7 Q -F
W a rra n ts. — H olders of com m on stock pu rch ase w a rra n ts m ay subscribe
sh are for sh are for no p a r com m on stock a t $30. R ig h ts expire N o v . 16
1926. V. 123, p . 2137.
Stock. — P rio r lien p ref. sto ck is preferred as to $100 of a m t. a n d $7 cum .
divs. over th e p ref. an d com m on stocks. R ed . upo n 30 d ay s n otice a t $120
an d divs. L isted on C hicago Stock E xchange. A. B . L each & C o ., In c .,
& c., & c., sold in Sept. 1925 100,000 shares prior lien p ref. a t $98 50 per
sh are an d d iv ., to yield 7 .1 1 % an d 65,000 shares preferred , $7 d iv . series
a t 96. V. 121, p . 838, 977, 1347, 2036.
T h e $7 p re f. sto ck is p referred as to $100 of assets a n d $7 cum . dividends
over th e com m on sto ck . Is re d . u p o n 30 d ay s notice a t $120 an d div.
In O ct. 1925 A . B . L each & C o ., In c ., &c., &c.. sold 65,000 p ref. shares a t
$96 a n d d iv ., to oield 7 .2 9 % . V . 121, p . 838, 1676. E ach share pref.
sto ck w as e n title d to one w a rra n t to b u y w ithin a perio d of one y e ar one
sh are of com m on sto ck a t $30 p er sh are. V . 121 p . 2036.
B o th p rio r lien p re f. a n d $7 p e rf. sto ck s a re listed on th e C hicago Stock
Exchange.
D ividends.— Since N o v . 1925 h a v e been p aid reg u larly on p rio r pref.
$7 div. a n d p ref. $7 d iv . series sto ck . On th e com m on a n in itial sem i-ann.
div. o f $1 was p a id A ug. 2 1926. V. 123, p . 453.

O F F IC E R S .— C h airm a n , Sam uel In sull; P re s .. M a rtin J . In su ll; V .-P s.,
Jam es C . K ennedy, G eorge W . F ry , F red . W . in s u ll, W . C . S h a rp , a n d
E . V. G raham ; T rea s., C. C . H e rrm a n n ; Sec., F . A. T a te ; A u d ., H . K .
S ta rk .— V. 121, p. 838, 977, 1347, 1676, 2036; V. 122, p . 479, 3080; V.
123, p. 453, 2137.
(1) P U B L IC S E R V IC E C O . O F O K L A H O M A .

O R G A N IZ A T IO N .— In c o rp . in O klahom a M a y 28 1913. Serves w ith­
o u t com petition 27 O klahom a com m unities, including th e cities of T u lsa
a nd G u th rie, w ith electric lig h t an d pow er; operates 3 generating a n d 8
reserve statio n s w ith a to ta l c ap acity of 9,450 k. w .; 254 miles high-tension
transm ission lines. C o. also p urchases u n d e r c o n tra c t electricity from
O klahom a Pow er Co. C o. ow ns a n d o p e ra te s 7 ice p la n ts w ith a com bined
d aily c a p a c ity of 341 to n s, serving 9 com m unities, including T ulsa. P o p u ­
la tio n served w ith electric service a p p ro x . 170,000. V. 120, p . 1882, 1349.
P urchased m unicipal electric lig h t p la n t of C ity of A fto n , O kla., in O ct.
1925, a nd con stru ctio n of a n electric transm ission line from V inita to A fton,
app ro x . 14 miles; V. 121, p . 2158.
Stock In crea se. — On M arch 17 1926 stockholders increased th e a u thorized
c ap ital stock from $8,000,000 to $12,000,000, th e increase of $4,000,000
being divided in to 28,000 shares 7% p rio r lien p r e f ., 2,000 shs. 6% p re f., and
10,000 com m on shares, p a r $100. V. 122, p . 2497.
ST O C K A N D B O N D S— Date.
Interest. Outstanding. M atu rity.
C om m on $5,000,000 ($100)_ _____
_
_______
$2,632,000 O ct ’26 2%
P rior lien 7% cum $6,000,000
7 Q-J
3,050,100 O ct ’26
($ 1 0 0 )--------------------------------------6% cum p re f $1,000,000 ( $ 1 0 0 ) ____
6 Q -J
258,000 O ct ’26 I A
1st m tg e $25,000,000—
Series A ($1,000, $500 &f 1922
6 g J-D
895,400 Ju n e 1 1942
$100 c * )----------------------- t f l i n t , a t C en t. T ru st Co. of Illinois, tru ste e .
S e rC ($1,000, $500,$100c*)_tf 1926 5 g M -S
4,750,000 Sept 1 1961
G en m tge gold ($1,000 c ) . . t f f 1917 6 g J-D
348,000 Ju n e 1 1933
(I n t. a t C en tral T ru s t C o. of Illinois, tru ste e .
S tock. — T he prior lien stock is preferred as to assets an d dividends over th e
pref. a n d com m on stocks. V. 120, p . 1882. T h e p rio r lien stock is re d .,
whole or p a r t,- a t 110 a n d divs. on 30 d a y s ’ notice.
Bonds.— ls« mtge. ref. gold Series A a re call, a fte r Ju n e 1 1927 a t p a r an d
in t. an d a prem ium of 7 A % before Ju n e 1 1932; 5% before Ju n e 1 1937;
after Ju n e 1 1937 5% less 1% for each y ear to Ju n e 1 1941. M tg e. contains
m ain ten an ce a n d renew al clasue of 12 A % of gross earnings.
All of th e o u tsta n d in g I st m tg e series B bonds .d u e S ep t. 1 1949 w ere called
for re d e m p tio n Sept. 18 1926 a t 105 & in t. V. 123, p . 983.
Series C are re d . all or p a r t on 30 d a y s ’ n otice a t following prices a n d i n t . :
to Sept. 1 1930 a t 105: on S ept .1 1930 a t 104 A , less A % each, for fu ll
4-year period elapsed a fte r A ug. 31 1930 to S ept. 1 1958; on an d fro m Sept. 1
1958 to S ept. 1 1959 a t 101; on a n d from S ept. 1 1959 to Sept. 1 1960 a t
100 A \ on Sept. 1 1960 a n d th e re a fte r to m a tu rity a t 100. In t. p a y ab le in
C hicago or N ew Y ork. P en n . & C onn. 4-mills a n d M ass. 6% taxes re fu n d ­
able. In A ug. 1926 H alsey, S tu a rt & C o ., In c ., A . B . L each & C o ., In c .,
an d H ill, Joiner & C o., In c ., offered $4,750,000 series C a t 98 & in t. to
yield over 5.10% . V. 123, p . 1115.
T h e gen. mtge. 6s gold, due June 1 1933, are call, a t 102 A a n d in t. on or
before D ec. 1 1926; a t 101 a n d in t. before D ec. 1 1931, an d th e re a fte r a t
p a r on 60 d a y s ’ notice. $290,000 of o u tsta n d in g bonds are held in tre a su ry .
D ividends.—D ividends on th e 7% p rio r lien stock an d 6% pref. stock are
being p a id regularly. On th e com m on stock dividends have been p a id
since 1914, th e presen t ra te being 8% p er a n n u m .
E A R N IN G S .— F o r c alen d a r years:
1925.
1924.
1923.
1922.
O perating rev e n u e ------- $2,796,690
$1,932,303 $1,867,366 $1,710,299
O per. exp. & ta x e s ------- 1,858,378
1,328,428
1,280,610 1,129,839
I n t e r e s t ---------------------279,750
278,882
229,195
204,852
A m ort, of d e b t disco u n t
& expenses, Ac--------27,385
21,024
24,227
36,220
7% p rio r lien d iv s--------150,526
42,448
40,033
24,621
6% preferred d iv id e n d s.
15,480
15,600
30,000
30,000
C om m on d iv id e n d s------200,040
160,040
160,040
160,040
B alance, s u rp lu s------$265,131
$85,771
L a test E a r n in g s . — F o r 12 m o n th s ended Ju n e 30:

$103,260

$124,727

1926.
1925
G ross, including o th er incom e___________________ $2,915,370 $2,330,400
O perating expenses, m ain te n an c e a n d ta x e s______ 1,933,279
1,536,099
N e t before depreciation

$982,091
$794,301
O F F IC E R S .— P res., F re d . W . In sull; V .-P ., M a rtin J . In su ll; Sec.,
R . F . F ran k : T rea s., E . E . E h re t; A u d .. E . E . E h r e t.— V. 120. p . 1882'
V. 121, p . 1349, 2158; V. 122, p . 2042; 2497; V. 123, p . 983, 1115.
(2) C E N T R A L P O W E R & L I G H T C O .

C ontrolled b y C en tral & S outh W est U tilities C o ., a su b sid iary of M iddle
W est U tilities C o. V. 121, p . 197, 1346.
O R G A N IZ A T IO N .— In c o rp . in M ass. N o v . 2 1916. In A ug. 1925 th e
C en tra l & South W est U tilities C o. acquired control of th e com pany.
an d since regrouped c o .’s p ro p e rties w ith th e re s u lt t h a t C e n tra l Pow er &
L ig h t C o ., theretofore a holding com pany, becam e alm o st en tire ly a n
operatin g co. V. 121, p . 1346. In O ct. 1925 th e T exas C e n tra l Pow er C o .,
a su bsidiary, purchased c e rta in holdings of th e Luling (Texas) L ig h t &
W a te rC o . V. 1 2 1 ,p . 1907. In S ept. 1926 acquired th e m unicipal p la n t a t
W ellington, T exas, for $200,000. V. 123, p . 1502.
F IE L D O F O P E R A T IO N A N D C H A R A C T E R O F B U S IN E S S .—
O perates d irectly or th ro u g h its subsidiaries c en tra l electric pow er statio n s
as well as doing a gas, w a te r, s tre e t railw ay , or ice business in 92 cities and
tow ns, th e m a jo rity of w hich a re lo cated in T exas. E lectric lig h t & pow er
is supplied to 86 com m unities, ice to 67, w a te r to 16, gas to 3, an d s tre e t
railw ay service in 2 com m unities. C o. serves 36,999 custom ers w ith electric
lig h t an d pow er, 663 w ith gas, 9,185 w ith w a ter. P o p u latio n of com ­
m u nities served e stm iate d a t 550,000. C o. ow ns a n d o perates electric
pow er statio n s of 32,000 h .p ., ice p la n ts of a d aily c ap a c ity of 2,270 tons,
gas p la n ts of 45,000 cu. ft. d aily c ap a c ity , a n d 690 m iles of electric tra n s ­
m ission lines.

C e n tra l <Sl S o u th w e st
U tilitie s C o m p a n y

C e n tra l P o w e r & L ig h t
C om pany

( all issues )

( all issues)

E are
furnish quota­
tions or other information regarding
Wsecuritiesprepared toabove Company.
the
of the

E are
furnish quota­
Wsecuritiesprepared toabove Company.
tions or other information regarding
the
of the

Inquiries Invited

Inquiries Invited

H o w e , S now
& BERTLES .

H o w e , Sno w
<l Bertles INC.
S

120 Broadway

120 Broadway

in c

New York

Chicago
Grand Rapids
Detroit
San Francisco
St. Louis




New York

Chicago
G i m d Rapids
Detroit
San Francisco
St. Louis

154

PUBLIC UTILITIES

[V ol. 123

S T O C K A N D B O N D S .—
Daly.
Interest. O utstanding. M a turity
____
C om m on 150.000 sh* (n o p a r ). ____
STOOD «hs.
P f 7% cu m $15 0 0 0 .0 0 0 ($W 0)
...
7 Q -f
*7 0 5 000 N ov ’26 1 ^
1st lli«n & ref ■1052 *erien” ( 1022
flH g'M -8
o 657."' 0 S ep t I 19
1 f$ 1 0 0 . A c ) .................... r*& r*(C en tral U nion Trust C o. N Y . T ru stee
1st M 5 s 1056 series (SI .000. 1026
5 g F-A
1 1 .5 0 0 .0 0 0 A ug 1 1956
$ 5 0 0 . $100c* and SI .000 A ( Interest p a y a b le In N ew Y ork or C h ica g o ,
m u ltip le s r * ) . _
tf I
Stork . — In M a y 1926 increased th e au thorized com m on sto ck from 5 0 .0 0 0
to 100 .0 0 0 no par sh ares, and th e au th orized pref sto ck from $ 1 0 ,0 0 0 ,0 0 0
to $ 1 5 ,0 0 0 ,0 0 0 ($ 1 0 0 ). V 122. p. 2619
T h e 7% cum p ref Is preferred
as to a s se ts and d iv s
('a ll. as a w hole on 50 d ays' n o tice a t 105 and d iv s
or a n y p art th ereo f at 110 and d iv s. T a x exem p t in M a ss. In J u ly 1926
H o w e. Snow & B ertles. Inc.: A. II. Leach & C o ., Inc.: T u ck er. A n th o n y &
C o ., and H ill. Joiner & C o .. In c ., sold $ 3 ,0 0 0 ,0 0 0 a d d itio n a l a t 9 7 H and
d iv s . V. 123. p. 8 1 . N o ad d ition al pref. sto ck m ay b e issued u n less (luring
12 co n se c u tiv e m on th s en d in g w ith in p receding 60 d a y s, n et in com e as d e­
fin ed h as been al least .3 4 tim es aim . d iv . requ irem en t on th e pref. sto ck
O u tstand ing, incl prom ised issm .
A ll o f th e o u tsta n d in g 1st lien & ref. g . bonds 6 4 % series, d u e 1952,
w ere called for p a y m en t S e p t.l 1926 a t 110 and in t. V. 123. p . 579.
A d d itio n a l l si m'Oe. bo id s o f 5% 1956 series or o th er series o f such ten o r
as d irectors m ay f ’o n ti ne to ti n e d eterm in e, m ay be issued a g a in st
Cash or U S o b lig a tio n s or to refund 1st m tge. b on d s o f o th er serjes. and
for 75% o f p erm anent i n p t . , a cq u isitio n s. A c., under certain p ro v isio n s.
B o n d s m ay not be issued 'or i n p t s ., A c ., or to refund at a high er rate o f
Interest 1st m tge. b ond s o f oth er series u nless net earn in g s o f co . and
Its su b sid iaries d urin g 12 c o n secu tiv e m o ith s en d in g w ith in p reced in g 90
(Jays h a v e been at least tw ice an n u al i iterest on all 1st m tg e. b ond s o u t­
sta n d in g . in cl. proposed issue. T h ere is a maintenance and renewal fu n d
o f not less th an 12 4 % a n n u a lly o f th e sum o f th e gross earn in g s derived
from op eration o f co s m ortgaged p rop erties and th e p ro p erties o f its
sub sid iaries: m on eys to be used for («) repairs, renew als and replacem en ts;
(b) extension® or a cq u isitio is. or (r) re le n pt on or p u rch ase and ca n ce la tio n
Of a n y 1st m tg e b ond s. T h e b ond s jare secured by a i a b so lu 'e fiist. m o rtg a g e
on a ll o f th e p erm anent p rop erty, rights and fran ch ises (in cl. after-a cq u ired )
Of th e co . and fu rth er b y p led ge o f all cap ital sto ck s and b ond s at an y
tim e o u tsta n d in g o f th e su b si liaries specified in th e m ortg a g e. N o t to
exceed 3 4 % •‘f th e valu es and earn in gs o f th e p rop erties are ow ned b y th e
sub sid iaries. 5 4 1956 series da'ed
tty. 1 1926 are red. w h o le or part
u p o 30 d a y s n otice at th e follow in g p rices and in t.: On or b efore J u ly 31
1 9 3 . a t 105 less 4 % for each 5-yen r period to and incl J u ly 31 1941;
th ere;,fter less 1 4 for each 5 -y ea r pi rind to am- incl J u ly 31 1951 t.herea fte r to and in cl. Ju ly 31 195.5 at 101: th ereafter at I Oft. C o n n . P a ., and
C a lif 4 m ills. M u . 4 4 - m il ls , !>. o f C 5-m ills and M a ss. 6% ta x es re­
fu n d a b le . L isted on B oston S tock E xch an ge. In J u ly 1926 H o w e. Snow
& B er tles. Inc.: H a lse y . S tu art A C o . Inc.; A . B . L each A C o ., lu c .;
T u ck er, A n th o n y A C o ., and H ill. Join er A C o ., I n c ., sold $ 1 4 ,5 0 0 ,0 0 0
5% go ld 1956 series a t 96 and in t .. to y ield o v er 5 4 %• V . 123 , p . 4 5 3 , 5 7 9 .
E A R N I N G S .— For 12 m o n th s en d ed J u n e 30:
1926.
1925.
G r o ss.......................................................-J
................ ..............$ 5 ,8 1 1 ,3 7 5 $ 4 ,8 5 3 ,8 5 6
O per. exp , re n ta ls, taxes and m a in ten a n ce_______
3 .6 1 0 .7 3 0
2 ,9 8 3 .4 1 9
A v a ila b le for in te r e s t
.........._. „. J . ..........................
2 .2 0 0 .6 4 5
1 ,8 7 0 .4 3 7
O F F I C E R S — l ’rc s.. M artin J. Instill; V .-P s . E . B . N eisw a n g er and W
C . Sharp- S e c .. (! M onger: T r e a s., H . D . J en k in s.— V. 110, p. 3 2 8 . 2285
2 4 0 9 . 3008: V. 120. p 1880; V 121 n 197, 1346. 1907: V . 1 2 2 , p . 1025
2649’ V 123. p 81 453. 5 7 9 . 1502. 1760

O R G A N IZ A T I O N .— lu eo r p . In O ct
1912 in D ela w a re. C o n tr o ls,
th rou gh ow nership o f all the ca p ita l sto ck s (excep t d ire cto rs’ q u a lify in g
shares) and all o u tsta n d in g funded d e b t, tw e lv e p u b lic u tility o p era tin g cos.
On April 21 1026 sto ck h o l lers werp to v o te on in creasin g tn e authorized
p ref err »d stock from $1ft 000 000 to $15 000 000 par $100. V 122. p 1760.
F IE L D O F O P E R A T IO N S 4 NT) H i A R A t ’T R R OF B U S I N E S S —
T h rou gh its co n stitu en t co s. o p era tes p ub lic u tility p ro p erties serv in g 37
co n m u ililies in ea stern T ex a s, and 65 c o m m u n itie s in w estern T e x a s, and
2 5 coTirrtu .ities in O ’ l a h o - a , w ith e le c tr ic ity , g a s, ic e. w a ter or s tr e e t ra il­
w a y serv ice. T o ta l p o p u la tio n serv ed , 2 2 8 .6 5 0 . T h e co m b in ed electric
g ea e ra tiu g ca p a city is 5 0 .0 2 6 k .w .. and th e com b in ed d a ily ic e c a p a c ity ie
1 ,1 7 4 to n s. E le ctric lig h t and p o w er is d istrib u ted o v e r 1 .2 0 0 m iles o f h ig b te.isio n tra n sm issio n lin e s, and g a s is d istrib u ted th ro u g h 2 4 0 m ile s o f g a s
m a in s.
S T O C K A N D HONOR—
Date. Interest. O utstanding. M a tu rity .
C om m on $ 15 .000 Oftft
__________
$7 9 1 9 108
Pref 7%. cum $ 1 5 .0 0 0 .0 0 0 ___ _____
7 Q -J
8 .8 8 7 . 0 0 O c t’2 6
^
1st lien '$ l,) 0 .4 50n A .1 0 0 0 c * l 1912
See tex t
17.4 0 5 ft)
D ec 1 1942
A_*l .000 A mult r*) gold t. (In terest p ayahip in N ew Y ork.
N ote. — P r a ctica lly all o f th e co m m o n sto ck is ow ned or co n tro lled by
M id d le W est U tilitie s C o.
Stork. — O i A pril 21 1926 th e au th orized sto ck w a s in creased fro m $ 1 0 ,0 0 0 .0 0 0 to $ 1 5 ,0 0 0 ,0 0 0 ($ 1 0 0 ). V . 122, p . 2 6 4 8 .
B onds.- O f th e o u tsta n d in g fir«t lien b ond s $ s .4 17 .5 0 0 are 6 s. $ 1 .2 9 5 .2 0 0
6 4 s , and $ 2 ,0 6 5 ,0 0 0 (ofored in Sep t 1925 at 96 and in t to yield 5T4%
hv H alsev Stuart A C o .. I n c .. and A B .L e a e h A C n Inc V 121 p 1675)
a re 5 4 s a rd $ 5 ,5 0 0 ,0 0 0 S eries C a re 5 s. V . 122. p. 8 8 1 . T h e y are secu red
b y a first lien on all o u tsta n d i ig b ond s and c a p ita l s lo c k s (ex cep t d ire cto rs’
q u a lify in g shares) of the sub sid iary co m p a n ies all o f w hich are d ep osited
and pledged with tru stee under th e m tge. N o a d d itio n a l s to ck s or bonds
m ay be issued by th e sub sid iary co m p a n ies u n less d ep o sited a s a d d itio n a l
secu rity under th e 1st lien m tg e. A dd itio n a l 1st lien b o n d s m a y n o t be
issued in ex cess o f 85% o f new co n stru ctio n . A c. and o n ly p rovid ed net
earnings for th e preceding 12 m o n th s h a v e been 1 H a n n u a l in ter est require­
m en ts on (a l all 1st lien b ond s 'incl th o se to lie issu ed ) and on all funded
d eb t o f sub sid iary c o s ., and <li) an nu al d iv id en d s on all m in o rity preferred
stock s o f sub sid iaries. M o rtg a g e p ro v id es for a n n u a l d ep recia tio n fu n d
a m o u n tin g to 2ft? o f b ond s o u tsta n d in g under first lien m tg e to be used
for ex ten sio n s a d d itio n s. A c ., or for th e red em p tio n o f bond s. Are re d ., all
or in part, on any interest d a te on 60 d a y s, n o tice at 105 and Int. C o m p a n y
agrees to reim burse holders, if requ ested w ith in 60 d a y s a fter p a y m en t, for
with P enna. 4 m ill tax.
Int. p a y a b le Ju ne and D ee 1. In M aren 1925
f 1 .2 0 0 .0 0 0 first lien 6s were o f f e r e d bv H a lsey . S tu n rt A C o Inc and A. B .
L each A C o . at 100 and in t. V . 12ft. p. 1584. In F eb 1926 H a lse y . S tu a r t
A C o .. lu c ., and A . B . Leach A C o .. I n c ., offered $ 2 ,5 0 0 ,0 0 0 S eries “ C"
5% at 93 and in t .. to y ield a b o u t 5 .6 5 % . and $ 3 ,0 0 0 ,0 0 0 a d d itio n a l in J u n e
1926 at 96 and in t ., to y ield o v er 5 .3 5 % . V . 1 2. p . 3 6 0 2 .
All of the o u tsta n d in g $ 4 7 4 ,5 0 0 20 year roll (/ 8% notes, due March
t 1941 w ere called for p a y m en t M arch 1 1926 a t 107 4 and in t . V . 122.
p. 881.
E A R N I N G S .— C o n so lid a ted ea rn in g s for ca len d a r years:
1925
1924
1 923.
G ross earns, from u til, o p era tio n s
$ 4 ,8 8 7 006 $ 4 ,0 0 9 ,1 9 1 $ 3 ,2 8 8 ,8 4 8
O per. ex p s. (incl ta x es A d e p r e c .)
3 .2 0 1 .0 0 4 2 .7 1 6 .5 4 0
2 .1 3 3 ,9 8 1

N et earnings from util, o p e ra tio n .. $1,686,003
N on-operating Income (n e t)..... ...........
60.086

$1,292,651
281.157

(3) S O U T H W E S T E R N G A S A N D E L E C T R IC C O .
O R G A N IZ A T I O N .— lu eorp in D elaw are in 1912. In J u ly 1925 th e
M id d le W est U tilities C o. purchased a large block o f th e sto ck o f th e co m ­
p an y. w hich now is controlled b< S outh w estern S ecu rities C o ., a subsidiarv
Of C en tral & S o u th w est U tilitie s C o . V. 121, p . 588. In M a y 1926
acquired th e W aldron (A rk .) E lectric A Pow er C o. V. 122. p . 3 0 8 0 .
F I E L D O F O P E R A T IO N S A M I C H A R A C T E R O F B U S I N E S S .—
S erves 36 com m u n itie s in th e S ta te s o f L ouisiana. A rk an sas. T ex a s and
M ississip p i, in clu d in g th e cities o f S h revep ort. L a.. T ex a r k a n a . T ex a sA rk an sas. and B e a u m o n t. T e x a s, h avin g a com b in ed p op u latio n o f 2 0 8 .4 3 7 .
O w ns and op erates a gas lin e and electric tran sm ission line b etw een S h rev e­
p o rt and T ex a r k a n a , serv ing (h e villages a lo n g th e w ay w ith e lectricity and
g a s. H a s 596 m iles o f g a s m ain s servi g 3 4 .8 0 0 gas cu sto m ers in 28 c o m ­
m u n itie s. S erves 15 co m m u n itie s w ith electric light and p ow er. T o ta l
g en era tin g c a p a c ity . 2 3 .9 0 2 k .w . 85 m iles o f in ter -co n n e ctin g tra n sm is­
sion lin e s. O w ns th e s treet railw ay s y ste m in T ex a r k a n a , and d o es th e ic e
b u sin ess in A shdow n and M e n a . A rk.
Stork Increase .— On J u ly 15 1926 Co. increased th e a u th orized ca p ita l stock
from $ 8 ,5 0 0 ,0 0 0 to $ 1 6 ,0 0 0 ,0 0 0 , v iz .. 7 5 .0 0 0 shares co m m o n , 7 5 ,0 0 0 shares
7% p r e f., and 10,000 sh ares 8% p ref. s to c k . V. 123. p . 7 1 2 .
V STO C K A N D B O N D S —
Date.
Interest. O utstanding. M aturity.
C om m on $ 7 ,5 0 0 ,0 0 0 ($ 1 0 0 ).
........
............ ..
$4 (VO.' 0 0 ..................
P r ef 8% cum $1 000 onn ( « | f t 0 ) ........
....................
736 800 ----------------P r ef 7% cu m * 7 .5 0 0 000 $100) . . .L
7 Q-J
4 .3 4 .0 0 ) A pr ’26 1 H
1st
A
ref
m tge clo se d ) 1912
5 8 g F-A
4 0 4 5 .5 0 0 A ug 1 1932
($ 500 A $1 000) g o ld .
c* (C en tral T ru st C o. o f III.. C h ica g o , tru stee
G en m tg s e r of N ov '22 ($100. f
1922 6 g M -N
4 .1 3 4 .5 0 0 N o v 1 1 9 5 7
$500 A $1,000) g o ld ___c * t f C en tral T r C o. of 111.. C h ica g o , tru stee.
T exarkan a G as A E lectric 1 s t'
1905 5 g J-J
4 4 3 .5 0 0 J u ly 1 1 9 3 0
m tg e clo se d ($500'
. g r * ( l n t at C en tral Tr. C o. o f III. C h ic ., tru stee
Beaum ont. G as Light C o 1st]
1914 6 g .1 D
9 8 1 ,0 0 0 J u n e 1 1944
m tg e closed ($100, $500( C en tral T ru st C o. o f Illin o is, C h ica g o ,
& $ 1 .0 0 0 ) ................. ....... c * l tru stee.
G u lf C ities G as 1st M tg e '
1916 6 g J - J
4 0 0 .0 0 0 J u ly 1 1 9 3 6
closed ($100 A m ultiples)*-*’ In t at C en tral Tr. C o o f III.. C h ic ., tru stee
Stock. — I*ref. 8% cu m is c a ll, on any in t. d ate on 3 0 d a y s' n o tice a t par.
7% cu m . pref. stock is caol w hole or part, on 3ft d a y s' n o tice a t 107 and
d iv . In J u ly 1925 A B. Leach A C o sold $ 1 .8 3 4 .0 0 0 7% c u m . p ref. sto ck
a t 96 and in t. to yield 7 .2 9 % . V 121. p 461.
B onds .— O f th e 1st A Bet. \JtQe. b on d s. $103 ,0 0 0 carry a d d itio n a l 3%
co u p o n s a tta c h e d , th e rem ainder being 5s
Are call, on any in t. d a te at
1 0 2 H A in t. M tg e . p rovid es for sinking fund of $ 7 5 ,0 0 0 per an nu m for
fir st 10 years, com m en cin g O ct. 1 1913. and $50 ,0 0 0 per an n u m . I n t. at
o ffic e o f tru stee and at th e First N a t Bank, N ew Y ork.
Gen. Mtge. 6*. Set of Non 1922. are red. all or in part on a n y in t. d a te on
60 d a y s' uoticp a t 105 A in t d urin g the Tirst 15 years, a t 102 A in t. d urin g
th e n e x t 19 y ea rs, and a t 100 A int d u rin g th e last year. M tg e p rovid es
for im p t. & sinking fund com m en cin g N o v . 1 1923 o f 1% a n n u a lly o f all
g en . m tg e . and u n d erlyin g b o m b o u tsta n d in g . In t p a y a b le a t o ffice of
tr u ste e . C h ica g o , or at C hase N a t Bank. N Y . P enn a. 4 -m ill ta x and
th e th en p resen t M arylan d secu rities tax refunded
in O ct 1922 H . T .
H o ltz A C o ., C en tral T ru st C o o f III C hicago, and H am b leto n A C o .,
N . Y ., sold $ 2 ,5 0 0 ,0 0 0 gen m tg e 6s a t 90. to yield 0% % . V . 115. p. 1 8 4 7 .
Texarkana Gas dfc Elec. Co. 1st 5s are call at 105 A In t. on a n y Int. d a te .
Beaumont Gas Lt. Co 1st 6s are call a l 101 A in t. on an y Int. d a t e . I n t
a t o ffice o f tru stee. C h ica g o , or a t First N a t. B an k , N . Y .
G ulf Cities Gas 1st Mtge. 6s are call at 101 A in t. on a n y in t. d a te .
D ividends. — Are b ein g paid regularly on p ref. On c o m ., 4% paid in 1918In 1919, 6% ; in 1920, 2% ; in 1921. l> *% ; 1922, 1>4% ; 1923, 2>*% ; 19246% : 1925. 6% .
& E A R N I N G S .— F or ca len d a r years;
1925
1924.
1923.
1922.
$ 3 ,7 8 1 ,0 4 3 $ 3 ,3 6 3 ,2 1 3 $ 2 ,5 3 5 ,3 7 4
G ross........................ ..............$ 4 ,0 9 1 ,6 7 8
O p er., m a in t. A ta x e s — 2 ,8 1 2 .9 6 4
2.73 6 ,4 3 1
2 .4 5 2 ,6 6 8
1.893 ,7 5 1

G ross incom e----------------$1,746,088
In te re st on funded d e b t____________
753 445
A m ort, of d e b t disc, and expense___
104.216
D ies, on pref stock paid or a c c ru e d ..
471.406
M inority pref divs San Angelo
M inor, pref. divs. S. A n. W ., L .A P .C o
1,162

$1,573,808 $1,192,760
640.706
532,975
112.787
101.307
368.311
312,726

N e t................................... $1,278,714 $1,044,612
Bond in te re s t__________
630.118
505 885

$910,545
461.543

$641,623
354,134

B alance, su rp lu s_____ y$648.596
$538,727
$449,002
$287,489
x T h e 1923 earnings include th e earnings of th e B eau m o n t G as L ig h t C o.
and th e G ulf C ities G as C o. from J a n . 1 1923 to Ju ly 31 1923, on w hich d a te
th ey were tak en over by th e co m pany.
y Before deduction of $141,123 lo r depreciation, w hich was set u p for
th e first tim e in 1925.
w O F F IC E R S .— P res., Jam e s C . K e n n ed y ; V .-P s., M . T W alk er, D . G .
S k in n er, W . C . Sharp; S e c ., E. H . W ilson; T rea s., H . L . N ich o lson.— V . 117,
p . 1787; V . 121, p . 461. 588; V. 122. p. 1612. 2193; Y . 123, p . 86, 712.
(4)

A M E R IC A N P U B L IC S E R V IC E C O .

S u b sta n tia lly ail of th e common stock is owned b y C en tra l A S outh
W est U tilities C o ., a su b sid iary of M iddle W est U tilities C o. V . 121,
p. 1346.




______

$1,154,867
37.893

______

B alance, s u rp lu s ............... ....................
$115,859
$443,004
$245,752
O F F IC E R S .— C h airm a n , Sam uel rnsull; P re s ., M a rtin J . Insull: V .-P .,
Jam es C . K ennedy; V .-P ., W . C . S harp; Sec., F . A. T a te ; T re a s ., C . O .
H e rm a n n .—V. 119. p. 2527; V. 120. p. 1584. 188ft. 2144; V. 121, p . 1340.
1675; V. 122, p . 881, 1768. 2326. 2648. 3602: V. 123, p . 579.

AMERICAN PUBLIC UTILITIES CO.
Control.— It was announced in S ept. 1924 th a t co n tro l of th e co. had
passed from K elsey. B rew er A Co to Sam uel Insull and associates, the
U nited G as A im provem ent C o ., the M iddle W est U tilities C o. a nd the
M idland U tilities (to through ow nership of th e m a jo rity of th e com .
stock
V. 119. p. 1174.
O R G A N IZ A T IO N . — Incorp. u n d e r laws of D elaw are in J u n e 1912.
C ontrols, through stock ow nership 'h e following ii-ooertles: Albion G as
Eight C o ., A lbion, M ich .. H olland G as C o .. H o lla n d , M ich.: Boise G as L ight
A C oke C o .. Idaho; U tah (la s A C oke C o ., S alt Lake C ity . U tah: C e n tra l
In d ian a Pow er C o .. Indianapolis. In ti., which has as subsidiaries: M erchants
H eat A Light C o.. Indianapolis. L td.; N orthern In d ian a Pow er C o .. Ko­
kom o, L td.; In d ia n a E lectric C o rn ., Indianapolis. I m l.: W abash Valley
E lec tric C o ., C li to n . In ti., C olfax Electric C o. and A ttica E lectric C o .,
A ttic a , In d .; M u lb e rry L ight A Pow er C o ., In d . T o ta l p o p u la tio n served.
646.793.
ST O C K A N D B O N D S—
Date.
Interest
O utstanding. M atu rity.
C om m on $15,000,000 ($100) ______
______
$2,822,400
P riorpref 7% cum >10 000 000
( $ 100 )
___________ __________
7 Q-J
2.870.590 O ct ’26. 1H
P artic g pref cum MO 000 000
( $ 100) .
.
........................................
See text 3.535,-140
See te x t
5 g M -S
Coll tru s t bonds $20,000 0001 1912
456.300 S ept 1 1942
($100. Ac) g o ld _______c * tf f l n t. a t C en tra l T ru s t C o. of 111.. C hicago, tr.
Stork.— T h e stockholders on Feb 19 1923 authorized the creation of tw o
new classes of stock prior pref. and p a rtic pref . into which the $4,465,900
6% pref. slock and its accum ulation of unpaid div s., w hether rep resen ted
by the $310,040 serin or not . m ight be converted (all now c o n v erte d ). T h e
partic. p re f stock is entitled to ciiinul dividends of 4% for th e firs t year
following its d a te of issuance, April I 1923 5% for th e second y e ar, 6%
for the third year and 7ft? for th e fo u rth and each subsequent y e ar. I t ia
also e n titled to an a d ditional 1% in any cal year wherein th e to ta l cash
dividends paid on the com stock shall exceed $6 per sh are. Is re d . a t 105.
P rior pref. is red. a t 110.
All stockholders of record Ju ly 10 1925 w ere given th e rig h t to subscribe
for add itio n al common stock a t $100 per sh are, to th e e x te n t of 30% o f
the num ber of shares of all classes held by them . V. 121. p. 196. 327.
In J a n . 1925 A. B. Leach A O o., N Y and C htcago. and P e a rso n s-T a ft
C o.. C hicago, offered $1,000,000 7% prior pref. a t $92 per sh are, to yield
over 7.60% . V. 120. p 207. *
D ividends.— On 7% p-tor oref. th e la te st dividends w ere 1 % % In O ct.
1925 a nd also in J a n ., A pril, J u ly and O ct. 1926. On p a rtic ip . cum . p re f.,
1M % in O ct. 1925 and 1 % % in each of J a n ., A pril, J u ly a n d O c t. 1926.
Bonds.— C o lla teral tr u s t 5s a re redeem able a t 102.
E A R N IN G S .— F o r fiscal y e ar ended Ju n e 30:
Column " A " Column “ B”
------------- 1924--------------1923.
1922.
G ross e arn s, from o p e r_ . $7,760,632 $8,088,657 $10,508,809 $7,523,240
xO per. expenses A ta x e s. 5.230.351
5.461.582
6.669.988
4,720.604
N e t e arn in g s________ $2,530,281
M iscellaneous incom e___

$2,627,075

$3,838,821

$2,802,630
62,759

G ross incom e________ $2,530,281
y E x p e n s e s ___________
Secy
In te re s t on funded d e b t. 1.321 ,884
M iscellaneous in te r e s t..
125.243
Federal ta x e s ._____ ____
36.043
M iscellaneous deductions
92.409
D ivs. on subsid. pref. s tk
421.392

$2,627,075
See y
1,329.059
126.932
41.133
92.409
421,392

$3,838,821
See y
2,067,437
209.218
63.264
89,361
689.121

$2,865,394
209,736
2,004.501
177,373
See y

$616,149

$720,418

$473,784

R em ainder for deprec.
a nd com pany d i v s ..

$533,307

x T h e re p o rt for 1922 shows "o p e ra tin g expenses” and for 1923 a nd 1924
“ operating expenses and ta x e s." y T he 1922 re p o rt shows "expenses and
Federal ta x e s," the 1923 re p o rt gives Federal taxes sep a ra te ly , a nd th e
1924 re p o rt gives Federal taxes and m iscellaneous charges.
N o te.— C olum n " A " is the earnings of all com panies owned d u rin g th e
period of th e ir ow nership. C olum n " B " includes earnings of H u n tin g to n
a n d A ttic a fro m J u ly 1 1923, alth o u g h th e y w ere a cq u ire d su b sequent to

O c t ., 192G.]

FOTVETC, LTGHT AND RAILWAY

t h a t d a te . T hese a re p a rtly e stim ated as co m p lete Info rm ation ts not
av ailab le. N e ith e r s ta te m e n t includes earnings from th e new W abash
R iv er statio n
EA R N IN G 8 .— For fiscal y ear en d . J u n e 30 1925 (holding co. figures o n ly ):
$663,675
G ross earn in g s_______________________________________________
G ross in co m e________________________________________________
487.668
In te re s t on funded d e b t______________________________________
37.931
O th e r In te re s t___________
13.885
M iscellaneous d e d u ctio n s____________________________________
10.212
N e t in co m e______________
425.640
P rio r preferred d iv id e n d s____ ________________ .._____________
174.571
P a rtic ip a tin g preferred d iv id e n d s____________________________
185.374
B alan ce, s u rp lu s __________________________________________
$65,605
N ote.— T o . has changed its fiscal y e ar to end P e c . 31: fiscal re p o rt u n d e r
new a rran g em en t is to cover cal y ear 1926.
O F F IC E R S .—t'h a irn ia ii. Sam uel Insull; I’re s.. M a rtin J . Insull; V .-P .,
E . V. G rah am Sts1 Rust ace 1 K night- T re a s.. O liver R ' TeCormiolc
G en. C ounsel, P. J Lucev
Office C h iraeo I I I — V. 119. p . 1174: V. 120.
p. 207: V . 121. p . 196. 327. 2036; V. 122. p. 3336.

K E N T U C K Y U T IL IT IE S CO.
A sub sid iary o f M iddle West U tilities Co.. which owns or c ontrols all of

155

F IE L D O F O P E R A T IO N S A N D C H A R A C T E R OK R1TSINESS.—Furnishes electric light and power In th e coal producing te rrito ry centring
a t Earlirigton and Sturgis. In the west K entucky field. Supplies electrU
pow er to th e W est K entucky C oal C o., th e largest coal m ining com pany
In this field; provides th e principal source of power supply for th e tra n sm is­
sion system of K entucky U tilities C o. (part of th e M iddle W est U tilities C o.
system ) serving M adisonville. M organfleld. Princeton. Dawson Spring*
and a d ja ce n t tow ns In K entucky and through its own retail distrib u tio n
system furnishes light and power to Sturgis. C om m ercial Point. E arlirigton,
W heatcroft. and M o rto n 's G ap. K.v. P opulation directly nr Indirectly
served w ith electricity. 50.000. Co also furnishes do nestle w ater su pply
in Sturgis, Earli lgton and M adisonville. w ith com bined population of 14 009
and supplies w ater locallv to th e Louisville & N ashville and Illinois C en tral
railroads.
C o. ow ns 2 steam electric generating p la n ts a t Earlirigton and Sturgis,
K y .. w ith aggregate installed cap acity in excess of 0.400 h . p . . and electric
transm ission and d istrib u tio n system s, also has 2 w ater pum ping plants
w ith storage reservoirs of 600.000.000 gallons cap acity .
ST O C K A N D B O N D S—
Date.
Interest. Outstanding. M aturity.
C ap ital s to c k ________________See above under " C o n tro l."
Bonds.— All of th e o u tsta n d in g 1st m tge. 5 4 %
bonds, series A. dated
Sept. 1 1925, were called for p a y m e n t Sept. 1 1926 a t 103 a n d in t. V.
123, p. 713.

th e com m on sto ck .
MICHIGAN GAS & ELECTRIC CO.
O R G A N IZ A T IO N .— in co rp in K en tu ck y in 1912. As o f M arch 1 1926
Bcouir''d th e en tire cap ital st.»ck w w ' s, > )\ en ’i
IVmv'"t-e-m
C ontrolled by the M iddle W est U tilities (to.
W est K entucky C oal Co. V. 122. p 481. In Ju ly 1926 co. passed control
O R G A IZ T IO N .— Incorp.
1904
of C itizens G as Light C o. of Jackson. T e n n .. by lease to Jackson R y. & H oughtonNC o An ty G as & C oke Cin M ichigan on O ct. th 1 above Fasb . the
u
o. N am e changed to e
e
14
L ig h t C o. V. 123. p. 581.
1917
The. com pany acquired, effective Ja n . 1 1017. th e C o n sta n tin e
F IE L D O F O P E R A T IO N S A N D CTTARAGTER O F B U S IN E S S .— H ydraulic C o. T hree R ivers Light & Pow er C o., T hree R ivers G as C o .,
C o . serves 119 com m unities with one or more classes o f public u tilitv ser­ M illing & Power Co . and the M .rq u e tte C o u n ty G as A Elec. C o ., exclud­
vice. 118 com m unities are supplied w ith electric lig h t and pow er. 17 are ing th e street railw ay fwhieh see below)
«
supplied w ith ice, 10 w ith w ater. 4 with gas and 1 w ith s tre e t railw ay
In Feb. 1925 the co. applied to the M ich. P. U. C om m , for a n th . to Issue
service. T h e com bined population of th e com m unities th u s served is $400,000 com m on sto ck . $218,000 preferred stock and $50,000 bond*
e stim ated to be 221.000. Co. controls th e K entucky H ydro E lectric C o., V. 120. p 829
Which co. owns and operates a 22.500 k.w . hydro-electric generating
STO CK
ND BO
Date. Interest.
O utstanding. M aturity.
statio n , s itu a ted on th e Dix R iver near Lexington. C o. also controls the C om m on $1A600 000 N D S—
.....................
($100)............................................$1 275 000
Old D om inion Pow er C o ., serving 17 com m unities in southw estern Virginia Pref cum $400 000 ($1 0 0 )....................
6%
400 000 A u g '2 6 .1 M
h av in g an estim ated population of 35.000. P lan s to build a new hydro­
lien stock $1,000 000
7%,
859.300 A ug'26, 1 i i
electric statio n on th e K entucky River of an estim ated o u tp u t of 10.000.000 Prior tge & ref Ser "A " ($100..............
I 1923 6 g M -8
1 734 800 Sept 11943
k .w .h . per year. D etails in V. 123. p. 1996. Co. com pleted in 1924 a 1st m
$500 $1 000) g o ld ___ c * tf (C entral T r C o. o f Illinois C hicago, tru ste e .
4 5 ,0 0 0 h .p . steam p la n t on th e C um berland River. 5 miles from Pineville, M Co O & El 1st
$1,000.-1 1910 6 g J -J
'4 5 000 Jan 1 1930
and entered in to a favorable co n tract with the K entucky H ydro-E lectric Co.
000 ($1,000) g o ld ____ c * tfl F irst T ru st & Sav. B ank. C hicago tru ste e .
fo r th e purchase of power from th e 30,000 h .p . hydro-electric statio n on the
Bonds.— T h e 1st m tge. A ref 6s are secured in additio n to th eir lien on t h e
D ix R iver n ear High B ridge. K y. In Aug. 1925 co. purchased th e C lay
L ig h t C o ., serving th e tow ns of C lay and D ixon. K y .. with electric light p roperty by pledge of en tire cap ital stock (w ith exception of d ire c to rs’
and pow er. V. 121, p .5 8 6 . In Sept. 1925 acquired an 8.000 h .p . generating shares) of the M a rq u e tte C o u n ty Elec. R.v. C o. Sufficient are reserved t o
p lan t a t G rah am . K y .. for approx. $1,000,000. V. 121. p. 586. In N ov. retire prior liens and th e b alance for c o rp o ra te purposes. Are callable on
and from Sept. 1 1933 to Sept. 1 1938 a t 105. th e re a fte r prior to Sept. 1
1925 offered to purch ase th e deb en tu res, pref. and com . stock of th e P a d u c ah
1942 a t 102 4 less 4 of I % for each year or frac tio n thereof elapsed after
E lectric C o ., tit b.tuus a t par an a in i. a t 6% to d a le o! sale, the pref.
Stock a t p a r an d 7 % d iv s ., and tno com m on stock a t $60 per share. V 121. Aug 31 1939; ou and a fte r Sept 1 1942 a t p >r
Of the *345.0"0 M a rq u e tte C o u n ty G as A Elec. Co 1st 6s reported o u t­
p. 2402. On Feb. 26 1926 Paducah Electric Co. sold and transferred all
Its p ro p erty to K entucky U tilities Co. V. 122. p 1609. On M arch 1 standing. $139,000 have been assum ed by tlm M a rq u e tte C o u n t Elec. R y.
1926 Kentucky L ig h t# Power Co. sold all its properties and franchises to Co. (see below) which has acquired and ow ns 1 p .rl of the property upon
which the m ortgage is a Hen. Sinking fund of 1% from 1913 to 1915 and
K e n tu ck y U tilities Co. (K en tu ck y L t & I’ow Co. operated a t Dawson
Are callable a t 105 on any in t. d a te .
Springs. Princeton. F u lto n and H ickm an, and supplied electricity to F ulton, 2% th e re a fte r
Princeton and Dawson Springs. Also operated the w ater works and
E A R N IN G S — For calen d ar v e irs :
gupnlied e|eef"l' servioe an-1 i •»' a* " i- k m a e
V !’> . n 1900,
•>
Cross
Intrrrst, Prior Lien <4 Avail, for
A e t after
In Sept. 1926 proposed to b u y th e m unicipal p la n t of H arro d sb u rg , K y.
Income.
cV-r.
Tores.
Pref D rs. C om . D irt.
7 . 123. p . 1382.
$125 O il
1925 _______ $882,095
$213 054
$63,599
$24,444
For description of W est K en tu ck y E lectric Pow er C o. see below .
145.716
216.625
43.154
27.755
C o. also ow ns p ractically all o f th e com m on stock of K e n tu ck y H ydro- 1924 _______ 742.533
1923 _______ 722.713
108.202
189.050
41 194
39.654
E lectric C o.
148.139
1922 _______610.515
94.894
35.44
17,801
ST O C K A N D B O N D S—
Date.
Interest. Outstanding. M aturity.
O F F IC E R S — f.e s
L . E . VI v e rs : V .-P s . W . C . S h a ’-p W . .1. Hod.ikins
C om m on ($100)......................................
...................$ 7 .5 9 ., 00 ........................ and Roy C am pbell- Sec R . E M cK ee A sst. Sec.. B. A. W aindl C hicago,
Q% cum p ref ($100)................................
7.o 0 0 .0 0J J u l y '26 1 ^
6 Q-J
III.; T rea s., J W D enison T hree R ivers M ich
G eneral office T hree
7% pref ju n io r $5,000,000
R ivers, aMich.— V. 118, p. 2581; V. 123, p. 829. 2517; V. 122. p. 2949.
($ 100 ) ............................. ..........................
7%
See te x t
3.250.003
( A i T H E M A R Q U E T T E C O U N T Y E L E C T R IC R A ILW A Y C O .
1st m tge Upu gold ($1,000.
$500. $100. c * ) . . ^ . . . ! !
O rganized with $25,000 c ap ital stock (al of which w ith the exception of
8eries O ___________________ 1922
d
6 g M -N
644.800 M a y
11952 ire c to rs’ shares, is owned by the M ichigan G as & Elec C o.). P ro p erty
Series D ___ ^______________ 1923
6W g M -N
4 2 ! .9 )0 Sept
1 leased to the M ichigan G as & Elec Co u n d ’-r general c o n tra c t which pro­
1948
Series F ...............................
1925
5 4 g A -0
2.009.000 O ct 1 1955 vides for p aym ent of bond in terest, operating expenses and upkeep. T he
S eries G . . . ................................... 1926
5 g F-A
4 000.090 F e b 1 1961
com pany has assum ed $139,000 of th e 1st M bouds of the M a rq u e tte
Series H ____________________ 1926
5 F-A
6.250,000 F eb 1 1961 C ounty G as & E lectric C o.
6%
4 .0 0 0 .0 0 0 ...................
K entucky H y d ro El Co 1st M ............
Stock.— T h e 6% cum. pref stock is red. on 30 d a y s’ notice a t 110 A d iv .s
INTERSTATE PUBLIC SERVICE CO.
Bonds.— T h e 1st M lien bonds are secured by a d irect first m ortgage on
all th e fixed properties, rights and franchises owned by the co., and no
C ontrolled by M iddle W est U tilities C o.
bonds may be issued on acco u n t of th e acquisition of a d d itional pro p erty
O R G A N IZ A T IO N .— Incorp in Indiana S ept. 4 1912 and leased for 999
unless th e m tge. shall be a first lien thereon. F u rth er secured by a first
lien on th e fixed properties, rights and franchises of th e E lectric T ransm is­ years th e Indianapolis C olum bus & S outhern T rac tio n Co. a t a re n ta l of 5%
See th a t ro. below.
sion C o. of Virginia, through th e pledge of all th e 1st tntge. bonds, and all on the capital stock or *90 000 a voar above al! taxes
th e cap ital stock (except d irecto rs' shares) of th e co. now or he re afte r o u t­ H as also acquired th e Franklin W ater, L ight & Pow er C o ., C itizens' Elec.
L t. A I’ow On . Indiana Service C o ., N o rth ern Public Service C o. of In d .,
stan d in g .
All o f th e o u tstan d in g Series ft. due 1941. were called N ov. 15 1926 a t Seym our Public Servil e C o.. Bedford L ight. H eat A I’mv C o., th e N o rth ern
107Vi and in t. All of th e o u tsta n d in g series E , due 1949, w ere called Ind. U tilities Co and the New C astle L t., l i t . & I’ow . C o. V 114. p. 198.
H as also acquired the Jefferson W ater. L t. A H t. C o. V. 116. p. 2637.
N ov. 1 1926 a t 105 and in t. V 123. p 1762.
Series F. dated O ct. 1 1925. is red all or p art a t th e following prices and Form erly controlled through stock ow nership the Louisville & Southern
in t.: T o O ct. 1 1935 a t 105: to O ct. I 1945 a t 103: to O ct. 1 1950 a t 102.4: In d ia n a T rac . C o .. Louisville A N orthern Ry. & Lighting C o., New A lbany
on O ct. I 1950 a t 102 and th e re a fte r a t 102 less
for each full y ear after W ater W orks C o .. C en tral Indiana Lighting Co and U nited G as & ElecSept. 30 1950. A fter Sept. 30 1951 a t p ar. P enn, and C onn. 4 mills, trie C o ., h u t early in 1921 these cos. were m erged w ith the In te rs ta te Pub­
S ep arate statem ent*
M ary lan d 4 4 m ills, D ist. of Col. 5 mills and M ass. 6 6V tax refundable. lic Service C o., as per plan in V. 112. p. 563. 12X3
In te re s t p ay ab le in C hicago and New Y ork. In Dec. 1925 H alsey, S tu a rt of th e Louisville A N orthe n Ry. A Ltg. C o ., th e U nited G as & Elec. C o.
& C o ., In c ., offered $2,000,000 Series F a t 9 8 Vi and in t.. to yield a b o u t and the Louisville A Southern Indiana T rac. C o ., giving history up to tim e
of m erger, will lie found in "E lec . Ry. S u p p " of O ct. 30 1920. As of
5 .6 0 % . V . 121 m 2750
Series O . due Feb. 1 1961 . is red. whole or p a rt on 30 d a y s' notice a t fol­ J a n . I 1923 the co. acquired all p roperty and business of the Indianapolis
lowing prices and in terest at 105 t > ''\>b I 1 9 ‘6 a t 101 to Feb 1 1946; & Louisville T raction R y.. Southern Indiana Power C o., the H ydro-E lec­
a t 103 to F eb . 1 1956: on Feb. 1 1956 a t 1 0 2 4 . less 4 "I for each full year tric Light & Power C o .. H aw ks Electric C o .. W inona Electric L ight A
W ater C o.. M iddlehury E lectric Co and E lectric T ransm ission C o. of
elapsed after J a n . 31 19.56 to Feb 1 I960: on Feb I 1960 and th e re a fte r a t
100. P enn, and Conn 4 mills. M aryland 4 4 mills, D ist. of Col 5 m ills, N o rth e rn In d ian a. S eparate s ta te m e n t show ing history of Indianapolis A
and M ass. 6% taxes refu n d ab le. In Feb. 1926 lialsey , S tu a rt & C o ., Louisville T rac. R y . up to tim e of m erger will be found in "E lec tric R ailw ay”
In c., offered $4,000,000 series G a t 94 4 and in t.. to yield 5 .3 5 % . V. 122. Supplem ent of O ct. 28 1922.
T h e com pany jo in tly w ith th e C entral Illinois Public Service Co. guar­
p. 1310.
antees unconditionally by endorsem ent (a n th $5,000,000, outstan d in g
Series H a re Identical to series G . In Oct. 1926 H alsey, S tu a rt & C o ., $3,000,000) 1st m tge. 7% bonds of the In d ian a H ydro-E lectric Pow er C o. as
In c ., offered $6,250,000 series H a t 97 and in t., to yield 5 .2 0 % . V. to p rin ., int. and sinking fund. V 114. p 306
123, p. 1876, 1996.
In O ct. 1923 purchased the Jeffersonville (In d .) W ater, L ight & Pow er
D ividends.— On 7% ju n io r p re f. sto ck a d iv . o t l% % in M ay , A ug. an d C o. V. 117. p. 1884. C om pare V. 117. p 1063. In O ct. 1924 acquired
all th e outstanding com m on stock of the Indiana Power Co. and ail of th e
N o v . 1926.
physical p ro p e rty of the K nox-Sullivan C ounty Light & Power C o. V.
E A R N IN G S .— F o r calen d ar years:
119.
1624. In
Total ln i . , after Interest,
D iviBalance. Elec. p. t. & W ater N ov. 1924 acquired the electric system of th e L eesburg
L
Co. V 119 p. 2287.
Gross.
Taxes.
#c.
dends.
Surplus
In J a . 1925
the W arsaw G as C
arch
___ $4 561 880
$1 89X 999
$81 ■ 351 $1,055,608
>
$1,040 C ounty n Public acquired Co. and the O oshino.; In M o.. In 1925 th e O range
1925.
Service
Gas C
A pril 1925 the
1924................. 3.671.198
1,581.058
709.397
662.499
209.162 V ernon H ydro-E lectrie Co.
1923................. 2.935.680
1,259.517
606.199
561.932
191.386
n J u ly 1925 a c q u
e
e
w sto w
&
1922................. 2.282.611
881.606
412.9.35
313.350
128.321 C oI., and the Jackson ire d u thty p r o p e r ty of thCo B roV n 121. n W a te r In L ig h t
Co n
Transm
p
Sept.
1921.............
2.109.947
736,968
368.153
299.400
69,415 1925 obtained perm ission to tak e overissionphysical property 586. e In d ia n a
the
of th
Latest Earnings.— F o r 12 m o n th s ended Aug. 31:
Pow er C o. and its subsidiary the Knox & Sullivan C o u n ty L ight A Power
1926.
1925.
C o .; also th e C onsum ers Power C o., operating in so uthw estern In d ia n a .
G ross earnings____________________________________$5,321,700 $4,800,925 V . 121, p . 706, 1461. D uring 1925 also acquired th e M en to n e (Ind.)
O perating expenses, m ain te n an c e and tax es_______ 3.235.393 2,721.852 E lec tric C o. an d th e M unicipal L ighting C o., Loogootee, In d . V . 122,
p . 1455.
N e t before d ep reciatio n................... ................. ............. $2,086,307 $2,079,073
In O ct. 1925 purchased th e John T . Brill T ran sit C o ., o p e ra tin g 10 buses,
•E a rn in g s available fro m controlled com panies____
246.936
220,360 th ereb y elim inating all bus com petition betw een its term inals a t In d ia n a p ­
olis, In d ., and Louisville, K.v. V. 121. p. 1908. In 1926 purchased F rench
T o ta l______ ___________________ _______ ________ $2,333,243 $2,299,433
L ick & W est Baden W ater Light, H eat & Power C o. for, it is s ta te d , $500,• Being earnings available to stock ow nership of th e K entucky H ydro 000. V. 122, p . 3210; also the Shoals U tilities C o. of Shoals, In d .
E lectric C o. and th e Old D om inion Pow er Co. a fte r in te re st on $6,650,000
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
com bined funded d e b t of those com panies and all o th e r prior charges.
C om pany serves 136 In d ia n a cities and tow ns with one or m ore classes of
O F F IC E R S .— C h airm an , Sam uel Insull: P res., H arry Reid; V .-P ., public u tility service and wholesales electricity in 65 ad d itio n a l.
A m ong
Lewis B. H errington: T reas. A Xoc A A. T u ttle ; A u d ., A. M . C ruse. th e m ore im p o rtan t cities served are: G oshen, L ebanon. N ew C astle,
V. 121, p . 586. 1348. 1678. 2402. 2750: V. 122, p . 481, 883, 1310, 1609, O onnersville, A urora. F ranklin, C olum bus. Seym our, B edford, B loom ing­
2495: V. 123, p. 581. 1382. 1762. 1876. 1996.
to n , Shelbyville, Jeffersonville, New A lbany, 'V incennes an d B 'cknell.
P o p u latio n served 324.000. Co. owns and operates 14 electric generating
W E S T K E N T U C K Y E L E C T R IC PO W E R C O .
statio n s w ith a com bined c apacity of 56.975 k .w ., 1.453 miles of high
On Ju n e 1 1926 co. sold all its properties and franchises to K e n tu ck y tension transm ission line, 118 transform er statio n s. 11 artificial gas p lants,
U tilities C o., which before th a t d a te alread y ow ned th e en tire c ap ital sto ck 1 n a tu ra l gas p ro p e rty , 13 city w ater works. 33 m iles of s tre et railw ay and
o f W est K y . El. Pow er C o., which la tte r co. was incorp. in D elaw are 166 m iles of in te ru rb an line. T he in te ru rb an line from Seym our to In d ia n ­
Ju n e 1924. Below we give a d escrip tio n of th e p roperties, &c.
apolis is o p erated u n d e r a 999-year lease, com pleting th e line fro m In d ia n -




156

PUBLIC UTILITIES

apolis to Louisville, reaching m ore th a n 750,000 people. In Ju n e 1924
purch ased 11 m o to r buses to o p erate betw een In d ian ap o lis an d F ran k lin ,
as a n a d ju n c t to its m ain line. A cquired th e Jackson H ighw ay B us Line,
operatin g 14 buses. Also ow ns an d o p erates electric, gas, h e a t a n d w a ter
p ro p erties in a n u m b er o f com m unities.
In 1925 co m p an y issued 30,324 shares of com. stock of no p a r v alu e, in
exchange for 25,992 sh ares of its 6% cUmul. p ref. stock (par $100), on th e
basis of $87 50 a sh are for th e p ref. sto ck an d $75 a share for th e com . stock.
T h e com m on sto ck is ow ned b y th e M id d le W est U tilities C o. V. 120, p.
1586.
STO CK A N D BO ND S—
Date.
Interest. Outstanding. M aturity.
C om m on (no p a r ) ___________ _____
. 33,251 shs. __________
C om m on $7,500,000 ($100)— ____
. $6,310,300 __________
P rio r lien 7 % c u m ___________ _____
9.045.700 J u ly ’26,1%
6 % cum p re f_________________ _____
6,245,500 A ug’26,1 A
P rio r lien 7 % su b scrip tio n s_ _____
_
168,900 __________
P re f 6% cum su b scrip tio n s___ _____
160,000 __________
F ir s t m o rtg ag e & re f series A_ . 1923
6 g F-A
8,551.900 F eb 1 1948
Series “ B ” ________________ 1924
6 A g J-J 2.661.700 J a n 1 1949
Series “C” ________________ 1925
3,384.100 O ct 1 1950
6 A A-O
($100, $500 & $ l,0 0 0 )g -C * .tf U nion T r u s t C o ., In d ian ap o lis, tru s te e .
N ew A lb an y S t R y $250,0001 1902
5 F-A
234,000 A ug 1 1927
($ 1 ,0 0 0 )_________________l i n t , a t U . S. T r u s t C o ., Louisville, tru ste e s.
In d & Louisv T rac R y 1st M f 1912
5 g A-O
810,400 A pr 1 1942
$1,500,000 g ($100, $500 &( In te re s t a t C olonial T ru s t C o ., P ittsb u rg h ,
$ 1 ,0 0 0 )______________ c .tf * l tru s te e .
U n ite d G as & E l Co 1st m tg e f 1902
5 g J-J
509,000 See te x t.
$750,000 ($1,000) go ld --c* -{In t. a t C o n t. & C om m . T r. & S. B ., C hicago,
I tru s te e , a n d a t E lio t N a t. B an k , B oston.
U n ite d G as & E l C o 1st consol [ 1904
5 g J-J
46,000 See te x t,
m tg e $1,500,000 gold ($ 5 0 0 -|In t. a t C o n t. & C om m . T r . & S. B ., C hicago,
a n d $1,000)____________ c* [ tru s te e , or a t E lio t N a t. B an k , B oston.
C en tra l In d ia n a L tg 1st & re f( 1907
5 M -N 1
285,500 M a y 1 1927
$ 2 ,5 0 0 ,0 0 0 ($ 5 0 0 & $ l,0 0 0 )c * /In terest a t C olum bia T r u s t C o ., tru s te e .
Peoples G as E lec tric & H eat-1 ____
5 J -D 1
85,000 J u n e 1 1931
in g fir s t m o rtg a g e ________ J l n t .a t C o n t.& C o m .T .& S .B ., C h ic., tru s te e .
Shelby C o u n ty W a te r, G as & ( 1910
5 M -S 1
187,200 M a r 1 1930
E lec tric fir s t m tg e $500,000{ In t. a t C o n tin e n tal-E q u itab le T itle & T ru st
($100, $500 a n d $ 1,000).
~
. D - C o ., ~ h ilad e lp h ia , tru stee; A . - . O gborn,
P ...................
N ew C astle , I n d ., c o -tru stee.
5%
118,000 A pr 1 1929
F ran k lin W a t L t & Pow 1st M _ ____
100,000 J a n
1 1931
In d ia n a P u b lic Serv Co 1st M _ _______ 5%
1916 6 g M -S
1,945,600 Sept 1 1936
In d ia n a P r & W a t Co 1st s f g
(closed) ($1,000, $500, $100^ In t. a t C o n t. & C om m . T r. & Savs. B k .,
c * .tf)
I C hicag6, T ru stee,
526,200 N ov 1 1944
In d ia n a Pow Co 1st & re f gj 1919
6 g M -N
(closed) ($1,000, $500, $1001 C o n t. & C om m . T r. & Sav. B k ., C nicago,
c * .tf ) ____________________ I an d W m . P . K opf, T ru stees.
In d ia n a Pow Co 1st lien & gen JC o n t. & C om m . T r . & Sav. B k ., Chicago,
m tg e . g. $15,000,000______ 1 T ru stee; W m . P . K opf, C o -trustee.
Series A ________
1921
7 A g M -N 1,250,000 N ov 11941
Series B ___________________ 1922
6 A g M -N 1,175,000 N o v 1 1942
In d ia n a Pow Co 3-yr g n o te s)
1925 5 A g F-A 1,000,000 F e b 1 1928
($1,000, $500)_______ c * .tf \C o n t. & C om m . T r . & Sav. B k ., C hic., T r.
O th er fu n d ed d e b t___________ _____
_________
251,900 ---------------Bonds.— T h e 1st M tg e. & re f. b o n d s, a re secured b y a m o rtg age covering
as a d ire c t lien all fixed p ro p e rty , incl. now ow ned or a fte r acquired.^ T he
m tg e is also a d ire c t lien on th e b alan ce o f th e c o .’s p ro p e rty , su b je c t to
$9,670,759 o u tsta n d in g closed p rio r liens of w hich $2,014,900 will be de­
po sited u n d e r th e m tg e . T h e 999-year lease o f th e In d ian ap o lis, C olum bus
a n d S o u th ern T rac tio n C o. is also pledged u n d e r th e m tg e. U nder the
te rm s of th is lease, as p a r t o f th e re n ta l, th e C o. p a y s th e iy te re s t on the
leased c o .’s closed issue of $973,000 25-yr. 1st m tg e. 6% g. b onds due F eb . 1
1948. A d d itio n al b o n d s of a given series (or oth er series b earing such
ra te s o f in te re s t, d a te o f m a tu rity , & c., & c., as directors m a y determ ine)
m a y b e issued a g ain st th e d ep o sit, p a r for p a r of each on U . S. obligations
or u n d erly in g b o n d s or to re fu n d u n d erly in g bon d s a n d b o n d s o f o th e r series
issued u n d e r th is m tg e. a n d for 75% of new co n stru ctio n , &c. B onds
m a y also b e issued for 75% of ex p en d itu res m ad e for sto ck o f a subsidiary
a n d for ad d itio n s a n d b e tte rm e n ts to its p ro p e rty , a n d to re fu n d its in
deb ted n ess, pro v id ed bon d s secured b y m tg e. u p o n th e p ro p e rty of such
su b sid iary b e pledged in an a m o u n t equal to such b e tte rm e n ts or refunded
in d eb ted n ess, a n d p ro v id ed t h a t th e to ta l a m o u n t of b o n d s issued u n d e r
th e m tg e . in resp ect of a n y su b sid iary to g e th e r w ith all m tg e . indebtedness
of su ch a su b sid iary , o u tsta n d in g in th e h a n d s o f th e pu b lic, does n o t exceed
75% o f th e valu e of its p e rm a n e n t p ro p e rty . B onds issued for new con­
s tru c tio n or acquisitions b y th e co. o r an y su b sid iary , or for th e sto ck of
a n y su b sid iary or to re fu n d th e in d eb ted n ess o f a su b sid iary m a y n o t be
Issued unless n e t earnings of th e co. a n d its subsidiaries, d u ring 12 con­
secutive m o n th s o f th e preceding 14 m o n th s h a v e been a t le a st 1 % on all
o u tsta n d in g (incl. th o se to be issued a n d u n d erly in g b o n d s in th e h a n d of
th e p u b lic ), except a n y b o n d s for w h a t re tire m e n t th e necessary m oneys
h a v e been d eposited. M ain ten a n c e fu n d of 12 A % o f gross earnings.
Series A a re re d . all or in p a r t a t a n y tim e afte r J a n . 31 1928 on 30 d a y s’
notice a t th e following prices a n d accru ed in t. On and fro m F eb . 1 1928
to F e b . 1 1933 a t 105; on a n d fro m F e b . 1 1933 to F eb . 1 1938 a t 104: on
a n d fro m F e b . 1 1938 to F eb . 1 1943 a t 103; on a n d from F e h . 1 1943 to
F e b . 1 1945 a t 102; on a n d from F e b . 1 1945 to F eb . 1 1947 a t 101; on and
a fte r F e b . 1 1947 a t p a r. Series B a re re d ., all o r in p a r t, a t a n y tim e
su b seq u en t to D ec 31 1933, u p o n 30 d a y s ’ n o tic e , a t th e following prices
a n d in te re st; 107 A if redeem ed d u rin g th e fiv e y ears en d . D ec. 31 1938;
105 if redeem ed d u rin g th e fiv e y ears end. D ec. 31 1943, an d if redeem ed
su b se q u e n t to D ec. 31 1943, b u t on o r b efo re D ec. 31 1947, a t 1 0 2 A less
A o f 1% fo r each y e ar or p a r t th e re o f elapsed afte r D ec. 31 1944, a nd if
red eem ed a fte r D ec. 31 1947 a t p a r. T h e co m p an y agrees to reim burse
th e h o ld ers o f th e 1st m tg e. & ref. Series A a n d Series B bon d s if requested
w ith in 60 d a y s a fte r p a y m e n t for th e P e n n a . 4 mills a n d M a ry la n d 4 A
m ills ta x e s a n d fo r th e C onn. a n d D is tric t o f C olum bia p e rso an l p ro p e rty
tax es n o t exceeding 4 m ills p e r $1 p e r a n n u m , a n d for th e M ass, incom e
ta x on th e; n te re s t a n d exceeding 6% o f su ch in t. p e r an n u m . V . 118,
p . 431.
Series C a re re d ., w hole o r p a r t, u p o n 30 d a y s ’ notice a t 105 to O ct. 1
1935; a t 1 0 2 A to O ct. 1 1945; a t 102 on O ct. 1 1945 an d th e re a fte r a t 102
less A % fo r each full y ear elapsed a fte r S ep t. 30 1945, a fte r S ept. 30 1949
a t 100. P e n n . C onn, an d D is tric t o f C o lu m b ia 4 m ills ta x , M ary lan d
4M -m ill ta x a n d M ass, incom e ta x refu n d ab le. In N ov. 1925 H alsey, S tu a rt
& C o .. In c ., A . B . L each & C o ., In c . a n d E . H . R ollins & Sons, offered
$2,825,000 Series C b o n d s a t 97M an d in t., to yield over 5 .7 0 % . V . 121,
p . 2156, 2272.
N ew A lb an y S t. R y . bonds are su b j. to call on a n y in t. d a te a t 105 & in t.
U nissued Louisv. & N o . R y . & L tg . 1st M . bonds can only be issued for
80% o f cost o f p ro p e rty b u ilt o t a cq u ire d . A re su b j. to call a t 105 & in t.
V. 82. p . 868.
Of th e In d . & L ouisv. T ra c . R y . C o. 1st M . 5s re p o rte d as o u tsta n d in g .
$7,200 a re h eld in tre a su ry an d $150,600 are h eld as collateral. Of rem ain ­
ing o u tsta n d in g b o n d s, $650,200 a re fo r im p ts. an d extens. a t 80% of cost.
S u b ject to call on a n y in t. d a te a t 105 a n d in t.
Sinking fu n d o f 2 % p er a n n u m b eg an O ct 1 1917, increased 1 % each year
to a n d including A pril 1 1921. a n d re m a in s now a t 5% p er a n n u m .
$750,000 U nited G as & Elec. C o. 1st consols, a re reserved to re tire a like
a m o u n t of U n ited G as & E lec. C o. 1st 5s, an d all except $46,000 have been
re tired . B o th issues m a tu re serially fro m 1907 to 1942, b u t th e bonds of
1902 m ay be called a t 105 an d in t.; th e new consols, are callable a fte r J u ly 1
1924 a t 105 a n d in t. See V. 79, p . 2458.
Sufficient C en tral In d ia n a L ig h tin g C o. 1st & ref. 5s are reserved to re tire
th e P eople’s G as, E lec. & H tg . C o. 1st 5s.
$25,100 Shelby C o. W ater, G as & E lec. C o. 1st m tg e. 5s a re held in
re a su ry . C all, on an y in te re st d a te a t 102 A a n d in terest.
The In d ia n a Power Co. 3-yr. 5 A % Q- notes, dated Feb. 1 1925, a re re d . all
or p a r t on 30 d a y s’ n o tice a t 101 to F e b . 1 1926; a t 100K to F eb 1 1927;
a fte r F eb . 1 1927 a t 100; in each case w ith in terest. P e n n , a n d C onn.
4-mills a n d M ass. 6% tax es re fu n d a b le . In M a y 1925 H ill, Jo in er & C o.
In c . offered $1,000,000 a t 99 a n d in t., to yield over 5 7 % . V. 120, p . 24001
A
E A R N IN G S .— F o r calen d ar y ears:
G ross, In clu din g

Other Income.
1 9 2 5 ...........................$ 8 ,9 5 4 ,9 5 6 *
1 924....................... 6 ,8 6 0 ,2 9 0
1 9 2 3 ....................... 6 ,4 2 1 ,5 9 5
1 9 2 2 .........
4 ,4 2 4 ,7 4 7

a a fte r d e d u ctin g $248,466
w ere p a id : $584,936 d iv id en d
$385,416 com m on d ividends,
com m on div id en d s w ere p a id




N e t, A fte r
Taxes.

Interest,
Rents, A c .

B alance,
S u rp lu s.

a$2,768,605
$1,650,762 b $ l,117,843
1,898,347
1,062,528
835,818
1,596,417
910,762
685,656
1,118,921
716,076
402.844
re tirem e n t reserv e, b O u t o f th is a m o u n t
on p rio r lien sto ck ; $222,185 p referred an d
leaving a d e fic it for 1925 o f $74,694. N o
in 1922, 1923 a n d 1924. V . 122, p . 1310.

[V ol. 123.

O F F IC E R S .— P re s ., H a rry R eid, In d ia n a p o lis, In d .: V .- P ., E . V an
A rsdel; Sec. & T rea s., W . M arsh all D ale; A u d ., A. D . Jo n e s.— V . 118, p .
85, 311, 341, 550, 1267, 1665, 2042, 2179, 3077; V. 119, p . 197, 693, 1510,
1624, 1952, 2287; V . 120, p. 1202, 1586; V. 121, p 586, 706, 1461, 1908,
2272, 2750; V. 122, p. 1310, 1455, 3210.

INDIANAPOLIS COLUMBUS & SOUTHERN
TRACTION CO.
Lease.— In D ec. 1912 w as leased for 999 y e ars to th e In te r- S ta te P u b lic
Service C o., a subsidiary of th e M iddle W est U tilities C o ., a t a re n ta l o f 5%
on th e cap ital sto ck , or $92,000 a y ear above all tax es. V . 95, p . 680. See
In te r-S ta te P u b lic Service C o. above.
O R G A N IZ A T IO N .— F orm erly th e In dianapolis G reenw ood & F ran k lin
R R ., w hich com pany w as incorporated in In d ia n a in 1895. N am e changed
as above in J a n . 1903.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perates 62.38 m iles of tra c k betw een Indian ap o lis, F ra n k lin a n d C olum bus
and Seym our, of w hich 3.86 m iles Delong to In d . T ra c . & T e rm . C o. S ta n d ­
a rd g au g e. 6 0 ,7 0 ,9 0 an d 10 0 -lb . T r a il. M o stly p riv a te rig h t-o f-w a y . I t
com m ects w ith Indian ap o lis & Louisville E lec . R y ., th u s form ing a th ro u g h
line from Indian ap o lis to Louisville.
ST O C K A N D B O N D S— Date.
Interest. Outstanding. M a tu rity .
Stock $1,840,000________ _______
_________ $1,840,000
See te x t
F irst m tge bonds ($500 a n d / 1923
6 g F-A
973,000 F eb 1 1948
$1,000) gold__________c * tf \F letc h e r-A m e r. N a t. B an k , In d ., tru s te e .
Bonds.— A re call, on a n y in t. d a te u p o n 60 d a y s ’ no tice a t 105 & in t. on
or before F eb . 1 1928; th e re a fte r to F eb . 1 1933 a t 104 & in t.; th e re a fte r
to F eb . 1 1938 a t 103 & in t.: th e re a fte r t t A ug. 1 1946 a t 102 & in t.: a n d
th ereafter a t p a r a n d in t. In t. p a y ab le a t office of tru s te e , In d ia n a p o lis,
or Illinois T r u s t & Savings B an k , C hicago.
E A R N IN G S .— F o r cal. y ear 1925: gross., $680,404; n e t a fte r tax es an d
exp., $300,377; for 1924, gross, $739, 500; n e t a fte r tax es a n d expenses,
$161,000. C al. y ear 1922, gross, $748,450; n e t, a fte r tax es, $244,257. In
1921, gross, $728,098; n e t, a fte r tax es, $236,870.
O F F IC E R S .— P re s .. W m . G . Irw in; V .-P ., L . I . Sweeney; Sec. & T re a s .,
H ugh M iller, all of C olum ous, In d .— V . 115, p . 2905; V . 116, p . 176, 295.

NORTH WEST UTILITIES CO.
Control.— M iddle W est U tilities C o. ow ns th e entire com m on stock.
O R G A N IZ A T IO N .— Inco rp o rated in D elaw are in D ec. 1918. C om pany
owns or controls public u tility operating com panies supplying one or m ore
classes of public u tility service to 197 com m unities in c en tra l e aste rn an d
n o rth e rn W isconsin a n d n o rth e rn M ichigan. T h e subsidiaries of th e com ­
p a n y are: W isconsin Pow er & L ig h t C o. (an d its subsidiary, B eloit W a te r,
G as & Elec. C o .), L ake Superior D istric t Pow er C o., W isconsin R iver Pow .
C o ., S outhern W isconsin Pow er C o ., S outhern W isconsin E lectric C o.
T o tal popu latio n served e stim ate d a t 355,700. V . 122, p . 612.
Stockholders on A pril 21 1926 increased th e a u th . c ap ital sto ck fro m
450,000 shares (150,000 shares prior lien p re f., p a r $100; 150.000 shares p re f.,
p a r $100, a n d 150,000 shs. no p a r com m on) to 550,000 sh s., viz.: 175,000
shs. prior lien p re f., p a r $100; 175,000 shs. p re f., p a r $100, a n d 200,000 no
p a r com m on shares. V. 122, p . 1763, 2652.
ST O C K A N D B O N D S — Date. Interest. O utstanding. M a tu rity.
C om m on 200,000 shs (no p a r ) . ____
_________ 124,353shs __________
P rior h en pref. cum . $17,500,000 ($100)........................ ....................
7
3,900,000 J u ly ’26 1%
8% cum p re f $7,500,000.......................
8
$783,200
....
C um . pref. sto ck $17,500,000
($100j__________________________
7 Q -F
$4,000,000 A u g ’26 1 ^
x All h eld in tre a su ry .
Stock.— T h e 7% cum . pref. stock is p referred as to assets a n d d iv id e n d
over th e com m on sto ck . R ed . on 30 d a y s ’ notice a t 110. L isted on
Chicago Stock E xchange. In J a n . 1926 H ill, Joiner & C o., In c ., T u c k e r,
A nthony & C o ., an d C en tra l S tates Securities C orp. offered $3,000,000
7% cum . p re f. sto ck a t $95 p er share to yield a b o u t 7.3 7 % . V . 122, p .6 1 2 .
E A R N IN G S .— F o r calendar years:
1925.
1924.
In t. a n d divs. re c ’d a n d p ro fit from sale of securs.
$702,368
$614,936
E xpenses_______________________________________
46,417
14,319
N e t earn in g s__________________________________
C oilat. n o te in te re s t_____________________________
O ther in te re s t____________________

$655,951
36,000
7,276

$600,617
43,500
27,341

T o ta l charges_______________ _________________
$43,276
$70,841
N e t incom e_____________________________________
$612,675
$529,776
Consolidated E arnings o f Subsidiaries for Calendar Years.
1925.
1924.
G ross earn in g s___________________________________ $8,944,797 $7,157,011
N e t a fte r deprec., taxes a n d re n ta ls ______________ 2,867,338
2,398,678
M iscell. earnings N . W . U til. C o. (n e t)___________
41,929
299,904
In te re s t a nd a m o rtiz a tio n ________________________ 1,422,983
1,428,309
M in o rity dividends an d pro p o rtio n of s u rp lu s ____
625,494
379,857
P rio r lien divid en d s_____________________________
231,660
166,702
8% preferred divid en d s__________________________
52,214
62,656
7% preferred d iv id en d s__________________________
174,650
81,859
C om bined surplus e arn in g s____________________
$402,266
$579,198
F or earnings of W isconsin River Power Co. see V . 122, p . 1613 u n d e r th is
la tte r com pany.
O F F IC E R S .— C h airm a n , Samuel In sull; P re s ., M a rtin J . Insull; ViceP re s ., E . V . G raham ; Sec., E . J . K n ight; T re a s ., O. E . M cC orm ick.— C .
120, p . 2149; V. 121, p . 459, 1348; V . 122, p . 482, 6 12,1763, 2652, 2949, 3211

WISCONSIN POWER AND LIGHT COMPANY.
Control.— A su b sid iary of N o rth W est U tilities C o., w hich co. is in tu rn
controlled b y M iddle W est U tilities C o.
O R G A N IZ A T IO N .— In c o rp . F e b . 21 1917 in W isconsin. W as know n
as th e E a s te rn W isconsin E lec tric C o. u p to tim e of consolidation in 1924
w ith th e following com panies when n am e w as changed to p re s e n t title .
C om panies consolidated in to th e p re s e n t W ise. Pow . & L t. C o. w ere:
W isconsin P ow er, L ight & H e a t C o ., Janesville E lec tric C o ., B ad g er E lec tric
Service C o ., M in eral P o in t P ublic Service C o ., W isconsin U tilities C o.
a n d M iddle W isconsin Pow er C o. As of A pril 1 1925 acquired th e P o rta g e
A m erican G as C o.; also th e M anitow oc & Sheboygan B us L in e. V . 121,
p. 461. A cquired th e M au sto n E lec tric Service C o. as of M a rc h 1 1925
a nd in A ug. 1925 M a rq u e tte E lec tric C o ., In te ru rb a n E lec tric C o ., T w in
B luffs E lec tric C o ., M onticello & H arrisville L ig h t & Pow er C o ., F a ll
R iver E lectric C o ., C azenovia E lec tric C o ., P rinceton E lectric C o ., O rfordville L ig h t & Pow er C o. a n d th e m unicipal p la n ts a t Lim e R idge a n d D ane.
V. 121, p . 841. In O ct. 1925 th e Southern C ounties Pow er C o. o p e ra te d
b y W ise. P ow . & L t. C o. b o u g h t th e electric lighting sy stem a t B rooklyn,
W ise.— V. 121, p . 1910. In N o v . 1925 purchased th e p ro p e rty o f th e F a ir
w a ter E lectric Pow er & L ig h t C o. V . 121, p . 2523. In 1925 p u rc h a se d
th e en tire c ap ital sto ck of B eloit W a te r, G as & E lectric C o. a n d to o k on
M a y 1 1926 com plete c ontrol o f th is la tte r co. V . 122, p . 484, 2950. In
D ec. 1925 purchased th e en tire o u tsta n d in g pref. a n d com m on sto ck s of
C en tra l W isconsin Pow er C o. an d m erged th e la tte r co. on S ep t. 1926.
V . 123, p. 1635; V. 122, p . 1612. Also b o ught durin g 1925 n um erous o th e r
properties a n d com panies. See enum eration in V . 122, p . 1612. In F e b .
1926 acquired th e C am bridge-A lbion E lectric C o. V . 122, p . 1028, also
a b o u t th e m iddle of 1926 a n u m b er of o th er properties. See V . 122, p.
2801; V. 123, p . 845.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. supplies, w ith o u t c o m petition, dire c tly or in d irectly , electric lig h t a n d
pow er to 225 com m unities s itu a te d in 20 counties of c e n tra l a n d e aste rn
W isconsin a n d including th e cities o f B eloit, F o n d d u L ac, Sheboygan,
Janesville a n d M onroe. T en com m unities a re supplied w ith gas, 3 receive
w a te r, 15 receive stre e t railw ay or in te ru rb a n service, a n d 2 cities a re sup­
plied w ith heating service. P o p u la tio n served, d ire c tly or in d irec tly , ex­
ceeds 600,000. C o. ow ns a n d operates 39 c en tra l electric generating
s ta tio n s, of w hich 12 a re stea m an d 27 a re hydro-electric. 1,373 miles of
in ter-connected high-voltage tra nsm ission lines ra d ia te over a n a rea of
a pprox. 5,000 square m iles, an d a re in ter-co n n ected w ith those of c o .’s
affiliated com panies, th e W isconsin R iver Pow er C o. a n d S outhern W is­
consin Pow er C o ., as well as w ith o th e r com panies’ system s. C o. has 8
artificial gas pro p erties of a to ta l d a ily c ap a c ity o f 3,325,000 cu. f t . Also
owns a n d operates stre e t railw ay system s serving th e cities of F o n d d u L ac,

Oct., 1926.]

POWER, LIGHT AND RAILWAY

O shkosh a n d Sheboygan a n d electric in te ru rb a n lines con n ecting th e C ity of
S heboygan w ith E lk h a rt L a k e a n d th e C ity o f F o n d d u L ac w ith O shkosh
a n d N een ah . Also o p erates 46 buses. V . 118 , p . 2951; V . 119, p . 77, 581.
Franchises.— O perates u n d e r in d e te rm in a te p e rm its a s p ro v id ed b y W is­
consin P u b lic U tilities law , a n d is th u s p ro te c te d fro m c o m p e titio n .
S T O C K A N D B O N D S — D ate.
Interest. O utstanding. M aturity.
C om m on sto ck $7,500,000_________
_________ $6,389,900 ___________
P re fsto c k 7% $7,500,000 c u . ____
Q-M
6 ,9 0 7 ,9 0 0 S e p t’26 I H %
1st & re f M $20,000,000 g \ 1917
5 g M -S
1,019,000 M a r 1 1947
($500 & $1,000) c * _______ /I n te r e s t p ay ab le in M ilw au k ee or N ew Y o rk .
1st lien & re f m tg e ($100 '
$500 & $1,000) g ______ c * tf
2,043,400 D ec 1 1942
Series “ A ” _______________ 1922
6 g J-D
Series “ B ” _______________ 1923
6 H g M - 8 1,182,000 Sept 1 1948
2,235,200 M a y 1 1944
1924
6 g M -N
Series “ C ” _________
li n t , p a y ab le in C hicago o r N ew Y o rk .
Series D ($1,000, $500 $100/ 1925
5 H g J-D
1,200,000 D ec. 1 1955
c* & $1,000 & m u ltip . r) t f 1
Series E ($100, & c.)________ t f 1926
5 g M -N
1,000,000 M a y 1 1956
Underlying Liens—
5 g J -J
1,461,500 J u ly 119 4 6
Sheboygan E lec re f & im p t M \ 1916
g ($1,000 & $500)____c * tf /I n te r e s t p ay ab le in M ilw aukee o r N . Y .
W ise P r L t & H t C o 1st & re f/ 1916 5 g J-D
1,306,000 J u n e 1 1946
M ($100, $500 & $ l,0 0 0 )_ c* (I n t. a t F ir s t W ise. T r . C o ., M ilw aukee, T rus.
Janesville Elec 1st & re f M \ 1915 5 g J - J
608,500 See te x t
$1,000,000 ($500) g _____c * /I n t. a t M erch . & Sav. B k ., Ja n e sv ills, W is.
M in eral P t P S 1st & re f M ._ 1914 6 g J - J
517,400 J a n 1 1934
B eloit W ater G as & E l Co 1 s t / ____
5 M -S
2,000,000 M a r 1 1 937
m tg e s f g o ld_____________ [
O th er u n d erly in g d iv b o n d s .______
_________
288,600 — -------Stock.— P ref. is re d . a t 110 an d d iv s. In O ct. 1924 8,000 sbaro3 w ere
offered by Old C olony T r u s t C o ., B o sto n , a n d P a in e , W ebber & C o ., N. Y .
a t 98 an d d iv s., to yield a b o u t 7 .1 4 % . V . 119. p . 1954.
Bonds.— N o a d d itio n al ls i and refunding bonds, due 1947, m a y be issued
except for pledge for th e 1st lien an d refu n d in g m tg e. In ad d itio n to th e
a m o u n t in th e above ta b le show n as o u tsta n d in g , $7,670,000 are pledged
as secu rity for th e 1st lien an d refu n d in g m ortgage. T h e 1st a n d refunding
m tg e. is a 1st m tge. on im p o rtan t divisions c o n stitu tin g a p p ro x im a te ly
45% o f th e value o f all p ro p e rty ow ned a n d a d irect m tge. on th e rem a in d e r
o f th e p ro p e rty except certain portions su b ject to $6.203,800 closed divisional
m o rtg ag es. C all, a t 105 a n d in t. since M arch 1 1922 on a n y in t. d a te .
Sinking fu n d 1% p e r a n n u m of bonds o u tsta n d in g in 1922 to 1931; 1 J^ % ,
1932 to 1941; 2 % , 1942 to 1946; to be used fo r re tire m e n t of bonds or for
exts. a n d ad d n s. a g ain st w hich no a d d ’l bonds m a y be issued. T ru ste e ,
W isconsin T r u s t C o ., M ilw aukee. V. 104, p . 1145.
T ru ste e for 1st lien and refunding mtge. is C o n tin e n tal & C om m ercial
T ru s t & Savings B an k , C hicago. T hese bonds are secured by a m ortgage
covering as a d irect lien all of th e p ro p e rty rig h ts a n d fran chises of th e co.
(incl. afte r-a c q u ire d ), a n d fu rth e r b y pledge of $7,670,000 1st an d ref.
m tg e. 5% gold bonds, d u e 1947, an d b y pledge th e re a fte r of add itio n al
1st an d refu n d in g bonds as req u ired by th e m ortgage p ro v isio n s.
A d d itio n al bonds o f an y series of such te n o r as d irecto rs fro m tim e to
tim e m a y d eterm in e, m ay be issued (a) p a r for p a r a g ain st cash on U . S.
G o v ern m en t obligations, or ag ain st th e deposit or discharge of underlying
bonds, or to re fu n d , p a y or cancel bonds o f o th er series issued u n d e r th e
m tg e.; (b) for 75% o f new ad d itio n s, & c., a n d (c) for 75% of expenditures
m ad e for th e sto ck o f a su b sid iary , as defined in th e m tge. an d for purchased
p ro p e rty acquired b y such su b sid iary , an d to re fu n d p a r for p a r its in debted
ness p ro v id ed bonds secured b y m tg e. u p o n th e p ro p e rty o f th e subsidiary
shall be pledged in a n a m o u n t equal to all expenditures m ade or indebtedness
discharged in resp ect to su b sid iary , an d pro v id ed also th a t th e to ta l am o u n t
o f 1st lien an d refu n d in g bonds issued in respect o f such su b sid iary , to g e th e r
w ith th e prin cip al a m o u n t o f all m o rtg ag e indebtedness on th e p ro p e rty of
such su b sid iary o u tsta n d in g in h an d s of th e p u b lic (other th a n u n d e rly in g
bonds o f th e co.) does n o t exceed 75% o f th e value of th e p ro p e rty of such
su b sid iary . B onds for purposes (6) a n d (c) or to re fu n d a t a higher ra te
o f in te re st bonds o f o th e r series, m a y n o t b e issued unless n e t earnings of
co. an d its su b sid iary d u rin g 12 consecutive calen d ar m o n th s ending w ithin
preceding 60 days h av e been a t least 1 % tim es a n n u al in te re st on all 1st
lien a n d ref. m tge. bonds (incl. new issue) an d u n derlying bonds of co.
an d subsidiaries o u tsta n d in g in h an d s of th e public. So long as a n y 1st and
ref. m tg e. bonds, due 1947, a re o u tsta n d in g , no ad d itio n al 1st lien a n d
ref. bonds m a y be issued except on acco u n t o f pledge o f uncancelled u n d e r­
lying bonds an d (or) to re tire such 1st a n d ref. bonds, a n d (or) to refund
bonds of oth er series o f 1st lien an d ref. m tge. unless such 1st a n d ref. bonds
are pledged w ith tru ste e .
T h ere is an an n u al maintenance and renewal fu n d of n o t less th a n 10%
of gross operating incom e o f com pany a n d its subsidiaries .
Series “ A ” a re re d . all o r p a r t on an d a fte r D ec. 1 1932 a n d p rio r to
D ec. 1 1937 a t 105 a n d in t., a n d th e re a fte r p rio r to D ec. 1 1942 a t 102A
an d i n t ., less 14 o f 1 % fo r each y e ar o r frac tio n th e re o f elapsed a fte r N o v . 30
1938; on o r a fte r D ec. 1 1941 a t 100 a n d in t.
Series “ B ” a re re d ., all o r in p a rt, a t a n y tim e on 30 d a y s ’ no tice on or
a fte r S ep t. 1 1933 a t th e following prices a n d in t.: on a n d fro m S ept. 1 1933
to S ept. 1 1938 a t 107>£; on a n d fro m S ep t. 1 1938 to S e p t. 1 1943 a t 105;
on a n d from Sept. 1 1943 a t 102 A , less A o f 1% p e r an n u m fo r each year
o r fractio n th e re o f elapsed a fte r A ug. 3 1944; on o r a fte r S ept. 1 1947 at
100. T ax refu n d in P e n n a .. M ass, a n d C onn. V. 117. p . 1461.
Series “ C ” a re re d . all o r in p a r t a t a n y tim e on 30 d a y s ’ notice a t the
following prices a n d in t.: P rio r to M a y 1 1929 a t 105; on a nd fro m M ay 1
1929 to M a y 1 1934 a t 104; on a n d from M ay 1 1934 to M ay 1 1939 a t 103;
th e re a fte r a t A o f 1 % less fo r each succeeding y e ar o r frac tio n th e re o f, to
M a y 1 1943; on a n d fro m M a y 1 1943 to N o v . 1 1943 a t 100 A - on a nd from
,
N o v . 1 1943 a t 100. C o. w ill reim b u rse th e holders of ser. “ C ” b onds, if
re q u e ste d w ith in 60 d a y s a fte r p a y m e n t, for th e P en n , an d C onn. 4 mills
an d M ary la n d 4 A m ills tax es a n d fo r th e D ist. of C olum bia personal
p ro p e rty tax es n o t exceeding 5 m ills p e r $1 p e r an n u m an d fo r th e M ass,
incom e ta x on th e in t. n o t exceeding 6% of such in t. p er a n n u m . In
J u ly 1924, H ill, Jo in e r & C o ., H alsey , S tu a rt & C o ., In c ., an d P aine,
W ebber & C o. offered $2,250,000 1st lien & re f. m tg e. 6% bonds ser. “ C ”
a t 9 6 A a n d in t., to yield a b o u t 6 .3 0 % . V . 119, p. 581.
Series “ D ” a re re d ., w hole o r p a rt, on 30 d a y s ’ Dotice a t th e following
prices a n d in t.; On or before N ov. 30 1935, a t 105; N ov. 30 1945, a t 103;
N o v . 30 1950 a t 102 Ag; N o v . 3o 1954 a t 102; less A % for each full year
elapsed a fte r N o v . 30 1954: a fte r N o v . 30 1954 a t 100. P enn, and C onn.
4 m ills. M a ry la n d 4 A m ills a n d iviass. 6% tax es refu n d ab le. In D ec. 1925
H ill. Jo in er & C o ., In c ., H alsey , S tu a rt & C o ., In c ., a n d P aiu e, W ebber
& C o. offered $1,200,000 a t 9 8 ^ a n d in t.
Series “ E ” a re re d . a ll o r p a r t on 30 d a y s ’ n o tice atthefollow ing prices
a n d in te re st: on or before A p ril 30 1936 a t 105; on or before A pril 30 19,6
a t 103; on or before A pril 30 1951 a t 102>■>; on or before A pril 30 1955 a t
102, less A for each fu ll y e ar elapsed a fte r A pril 30 1951; a fte r A pril 30
1955 a t 100. P e n n , a n d C o n n . 4 m ills a n d M ass. 6% taxes re fu n d a b le .
In Ju n e 1926 H ill, Jo in er & C o ., In c ., H alsey , S tu a rt & C o ., In c ., [and
P ain e, W ebber & C o. offered $1,000,000 5% series E a t 95 a n d in t., to
yield over 5.3 3 % . V . 122, p . 3343.
T h e Sheboygan E lec. re f. & im p t. 5s a re callable a t 105 an d in t. since
J u ly 1 1921 on a n y in t. d a te . Sinking fu n d 1 % p e r a n n . of bonds ou tstan d ng fro m 1920 to 1930; 1 A % 1931 to 1940; 2% 1941 to 1945; to be used for
re tirem e n t of bonds o r fo r extensions a n d a d d itio n s. T ru ste e , W isconsin
T r u s t C o ., M ilw aukee.
T h e W ise. P o w ., L t. & H t. C o. 1st & re f. m tg e . 5s a re re d . on a n y in t.
d a te on 60 d a y s’ n o tice a t 102 a n d in t.
T h e Janesville E lec tric 1st & re f. 5s m a tu re $10,000 an n u ally each J u ly 1
to an d incl. Ju ly 1 1942, $7,000 J u ly 1 1943, $4,000 J u ly 1 1944 a n d $442,000
J u ly 1 1945. C all, all o r in p a r t on 60 d a y s ’ notice a t 102 a n d in t.
T h e M ineral P o in t P u b . S erv . 1st & re f. 6s a re call, on a n y in t. d ate
on 30 d a y s ’ notice a t 105 a n d in t.
D ividends.— D iv s. on p re f. sto ck w ere begun in J u n e 1917.
E A R N IN G S .— F o r c alen d a r y ears:
1925.
1924.
G ross earnings___________________________________ $5,217,228 $4,179,064
O p eratin g expenses_____________________________ x 3 ,290,788
2,628,738
U ncollectible b ills_____________
3,104
8,240
T a x e s . . . ____ _________
301,937
263.020
R e n t for lease of lines an d p la n ts _________________
64,539
54,037
G ross incom e__________________________________$1,556,861
D eductions from gross in c o m e __________________
96,533
In te re s t on funded d e b t__________________________
&96.140
D ividends paid an d accru ed on p referred sto c k ____
339,355
D ividends on com m on s to c k _____________________
428,800
B alan ce carried to s u rp lu s_____________________
x In clu d in g re tirem e n t reserve of $120,579.




$96,033

$1,225,029
132,215
560,755
232,206
173,274
$126,579

157

O F F IC E R S .— P re s ., M a rsn a ll E . Sam psell: V .-P ., G rover C . N e f
Sec. & A sst. T re a s ., L eroy J . C lark ; T rea s. & A sst. Sec., D ouglas Shaw
A u d ., Joseph E . G ra y .— V. 121, p . 461, 841, 1910, 2523, 3132; V . 122,
p . 484, 1028, 1612, 2801, 2950, 3343; V . 123, p . 845, 1535.

CENTRAL PUBLIC SERVICE CO.
O R G A N IZ A T IO N .— In c o rp . in 1925 in D elaw are. Owns all th e com m on
sto ck (except d ire c to rs’ qualifying shares) of th e C en tra l G as & E lectric Co.
w hich la tte r co. controls local su bsidiary o p e ra tin g com panies in various
com m unities in Illinois, W isconsin, In d ia n a , M ichigan,[N ew Y o rk ,[M ain e
an d N ew B runsw ick. Also owns all of th e com m on sto ck (except d ire c to rs’
shares) of th e C en tra l P ublic U tility C o. C o .’s subsidiaries include:
C e n tra l P ublic U tility C o.
H om er E le c tric L ight & Pow er C o.
M ichigan W ater Pow er C o.
H oosier P u b lic U tility Co.
C e n tra l G as & E lec tric C o.
H o u g h to n C o u n ty E lec tric L ight Co.
A lbion E lectric L ig h t & G as C o.
H o u g h to n C o u n ty T rac tio n Co.
A tla n ta E lectric L ig h t & Pow er Co. H u llinger L ig h t & Pow er C o.
A tw ood E lectric L ig h t & Pow er Co. Lincoln W ater & L ig h t C o.
T h e B em ent E lec. L ig h t & P ow . C o. M aine & N ew B runsw ick E lec tr cal
Benzie C o u n ty Pow er C o.
Pow er C o ., L td .
C arleton E lectric C o.
M . & W . L ight & Pow er C o.
C en tra l S tates G as C o.
M t. P u lask i E lec tric L ig h t, H e at &
C onsolidated W ater Co.
Pow er Co.
E a sto n E lectric Co.
P rin ce to n U tilities Co.
Eesley L ight & P ow er C o.
P rin ce to n W ater & L ighting Co.
F o rt K e n t E lectric Co.
R o y al L ight & Pow er Co.
F ree p o rt G as C o.
W est B end H eatin g & L ighting Co.
G ould E lectric C o.
W oodstock E lec. R y . L t. & Pow . Co.
S T O C K A N D B O N D S—
Date.
Interest. Outstanding. M aturity.
C om m on (no p a r ) _________________
________ 180,000 shs. ---------------1st lien & re f bonds $7 d iv .
cum p re f__________________ _____
$7 Q -J
10,000 shs. ---------------Coll tr 6% bds. ser A (closed) / 1925
6 g J-J
$1,464,000 J u ly 11940
$1,000, $500, $ 1 0 0 )--c * tf [In t. a1 S ta n d .T r. & Sav. B k ., C h ic., tru ste e .
3-yr ser A notes $350,000/ 1926
6 A J-J
350,000 J a n . 1 1929
($1,000, $500)________c * tf (In t. al i S ta n d . T r. & Sav. B k ., C h ic., tru ste e
5-year n o te s_________________ 1926
see te x t
198,000 A pril 2 1931
Stock.— In A pril 1926 co. increased its au th o rized com m on c ap ital stock
from 30,000 no p a r shares to 500,000 no p a r shares. In A pril 1926 increased
th e n um ber of o u tsta n d in g com m on shares to 180,000. V. 122, p. 607.
In A pril 1926 reduced its au th o rized preferred sto ck fro m $2,500,000,
p a r $100, to $1,000,000, p a r $100, an d a u th o riz e d th e issuance of 500,000
p referred shares in series w ith o u t p a r value.
$7 Cumulative dividend preferred is preferred as to cum . divs. a n d assets.
C allable whole or p a r t on 60 d a y s ’ notice a t 105 a n d divs. on a n y dividend
d a te . In F e b . 1926 T hom pson, R oss & C o ., In c ., C hicago, offered 7,500
$7 div. series a t $100 a n d divs.
Bonds.— T h e series A 6% coll, trust gold bonds, dated July 1 1925, are1
specifically secured b y deposit of a ll of th e c ap ital stocks o f th e C e n tra
P ublic U tility C o. a n d of th e W isconsin P u b lic U tility C o. (now C en tral
G as & Elec. C o .). R ed. all or p a rt on 30 d a y s ’ notice a t 101 an d in t.
In J u ly 1925 S tanley & B issell’s In c ., C leveland, N ew Y ork a n d C hicago,
offered $700,000 series A a t 95 a n d in t. • V. 121, p . 584. In J a n . 1926
T hom pson, R oss & C o ., C hicago, offered $420,000 add itio n al series A
a t 96 an d in t. Of th e $1,464,000 show n in th e above ta b le as o u tsta n d in g ,
T h e 3-yr. 6 A % secured g. notes, dated Jan. 1 1926 a re a d ire c t obligation
of C e n tra l P u b . Serv. t o . , issued u n d e r a tr u s t ag reem ent, and in addition,
a re specifically secured b y deposit w ith tru s te e of a like p a r v alu e b y deposit
w ith tru s te e of a like p a r v a lu e of 6 A % d eb en tu res of M ichigan W ater
Pow er o., d a te J a n . 1 1926 a n d d ue J a n . 1 1936. A re call, w hole or p a rt,
on an y in t. d a te on 60 d a y s ’ n otice th ro u g h J a n . 1 1927 a t 103; th ro u g h
J a n . 1 1928 a t 102; a fte r J a n . 1 1928 a t 101; in each case w ith in te re s t.
E a rly in 1926 W m. L. Ross A C o ., In c . an d T hom pson R oss & C o ., In c .
C hicago, 111., offered $350,000 a t p a r a n d in t.
T h e 3-yr. notes, due A p r il 2 1931 b e a r in te re st a t 2% fro m A pril 2 1926
to A p ril 2 1929 a n d a t 5% fro m A p ril 2 1929 to m a tu rity . In te re s t payable
sem i-an n u ally A p ril 2 an d Sept. 2.
E A R N IN G S .— C onsolidated earnings of co. a n d subsidiaries for 12 mosen aed M a y 31 1926:
O perating re v e n u e (electric, $1,504,800; gas, $459,888; h e atin g ,
$14,938; railw ay , $209,701; w a ter, $243,948)_______________ $2,433,275
N on-operating re v e n u e _______________________________________
14,579
T o ta l re v e n u e _____________________________________________ $2,447,854
O perating expenses (electric, $836,520; gas, $296,780; heatin g ,
$1,500; railw ay , $141,641; w a te r, $108,807; general, $18,196)- 1,403,444
N e t earnings before in t., deprec. a nd F e d e ra l ta x e s __________ $1,044,410
O F F IC E R S .— P re s ., A . E . P eirce; Y .-P . in charge o f operatio n s, D . C .
M cC lure; V .-P . in charge of finance, R . L . A age; Y .-P ., L ivingston Ross;
T rea s., W . S. M cC oliough; Sec., M . F . F in ley . G en eral office, 209 So.
L a Salle S t., C hicago, 111.
C E N T R A L G A S A N D E L E C T R IC C O .

Controlled b y C e n tra l P ublic Service C o.
O R G A N IZ A T IO N .-—In c o rp . J u ly 25 1925 in D elaw are as W isconsin
P ublic U tility C o. N am e changed to p re s e n t title in M a rc h 1926. Co.
w as form ed to c o n tro l subsidiaries op e ra tin g in m ore th a n 100 com m unities
of Illinois, W isconsin, M ichigan, In d ia n a , N ew Y o rk , M aine a n d N ew
B runsw ick. T h e com panies controlled include M aine P u b lic U tility C o.,
C onsolidated W a te r C o. of S u b u rb an N ew Y o rk , Low er P en in su la Pow er
C o ., H o u ghton C o u n ty E lectric L ight C o ., H o ughton C o u n ty T rac tio n C o.,
W isconsin P u b lic U tility C o. (new c o rp o ra tio n form ed in 1926), H oosier
Public U tility C o ., C e n tra l S tates G as C o ., a n d th e Illinois P ublic U tility
C o. (new c o rp o ra tio n form ed in 1926).
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. is to fu rn ish th ro u g h operatin g p ro p e rtie s, public u tility service in
various com m unities of th e S tates m entioned, above, com prising a popula­
tio n of a pprox. 300,000. T h e sources of n e t revenue of th e pro p erties are
re p o rte d as follows: E lec tric lig h t an d pow er, 67.5 % , gas, 17.5% ; w a ter,
11.5% ; railw ay an d h e a t, 3.5 % ; all of th e p ro p e rties in W isconsin, th e
low er peninsula of M ichigan and in M ain e a n d N ew B runsw ick a re h y d ro ­
electric. P rese n t c ap a c ity of th e electric statio n s equals 26,629 h .p ., of
w hich 12,213 h .p . is hydro-electric; 1,036 miles of transm ission an d dis­
trib u tio n lines. G as p la n ts o f 3,030,000 cu. f t. daily capacity; 73 miles
of gas m ains.
S T O C K A N D BONDS-—
Date.
Interest. O utstanding. M aturity.
_______ xlOO.OOO shs. ___ l ______
C om m on 100,000 shs (no p a r ) - ____
$7 div ser p re f 500,000 shs
(no p a r ) ___________________ _____
$7 Q-M
21,000 shs. __________
$7 div 2d p f 20,000 shs (no p a r ) ____
$7
y l5 ,0 0 0 shs. __________
1st lien coll t r s f 6% ser 1926/ 1926
6 g M -S
$6,500,000 M a r. 1 1946
($1,000, $500 & $100 c * )_ tf [C e n tra l T ru st C o. of 111., C hicago, tru s te e .
3-year 6% n o te s ($1,000,
$500 c * )_________________ t f 1926
6 g M -S
$1,500,000 M a r. 1 1929
F ree p o rt G as C o 1st m o rtg a g e / 1912
5 g M -S
562,000 Sept. 1 1932
$1,000,000 ($1,000 c * ) ._ tf /C e n tr a l T ru s t C o. of 111., C hicago, tru s te e .
x A ll ow ned b y C e n tra l P ublic Service C o. y A ll ow ned b y C e n tra l
P u b lic U tility C o ., w hich, in tu rn , is controlled b y C e n tra l P u b lic Service Co.
Stock.-—T h e $7 d ividend series p re f. stock is e n title d to $100 a nd divs.
in th e e v en t of d issolution o r liq u id atio n , a nd if such dissolution or liq u id a­
tio n is v o lu n ta ry to th e fu r th e r sum o f $5 p e r share; re d . a t 105 a n d div s.,
preferred as to dividends an d assets over a ll o th e r sto ck . N o o th e r class
of stock (other th a n ad d itio n a l shares a n d series of th is p referred stock)
senior to or on a n e q u ality w ith th is issue m a y be c re ated o r au th o rized .
N o share of th is p re fe rred stock (of all series in th e aggregate) m a y be issued
in additio n to 21,000 shares unless consolidated n e t earn in g s for 12 con­
secutive m o n th s o u t of th e preceding 15, a fte r in te re s t charges on all funded
d e b t, equals 2 A tim es a n n u a l p referred dividends on all p re f. sto ck issued
an d to be issued. E a c h share of $7 dividend series p re fe rred sto ck carried
a warrant (non-detachable for one y e a r except a t th e op tio n o f th e com ­
pany) e n titlin g h o ld er fo r a period of 3 y e ars to p u rc h a se one sh are of
com m on stock of C e n tra l P ublic Service C o. a t $10 p e r sh are, if before
M arch 1 1927, $15 p e r sh are during th e n ext succeeding 12 m o n th s a n a
$20 p e r share d u rin g th e subsequent 12 m o n th s ’ period.
In M a rc h 1926 W est & C o ., P hiladelphia; P e a rso n s-T a ft C o ., C hicago,
a nd T hom pson R oss & C o ., In c ., C hicago, offered 21,000 sh ares $7 div,
series p re f. sto ck a t 96 an d divs. E ach sharec arrie d a w a rra n t as explained
above. V . 122, p. 2327.

158

PUBLIC UTILITIES

[V ol. 123.

Bonds.— A d d itio n al 1st Hen coll. Ir. sinking fu n d gold bonds, m ay be issued v erine a nd A llouex, A hm eek and M oh aw k . M ich. T o ta l ta c k operating^
In series, u p to lb°7, o f cost o r v alu e (w hichever is lower) o f after-acquired 32.15 miles; gauge, s ta n d a rd . E q u ip m e n t, m o to rs c ars 25; o th e rs, 16'
physical o p e ra tin g p rn p e ilie s on th e basis of deposit and pledge of 100% Pow er sta tio n located a t H ancock. M ich. C a p a c ity 1.000 k .w . S tatio n
Of th e o u tsta n d ii g c ap ita l stock and funded debt th ereo f (reserving bonds leased to a nd pow er purchased from th e H oughton C o u n ty E lec tric L ig h t
o u t o f th o se o th erw ise issuable for securities not so acquired and deposited) C o. C a r b a rn s and shops a t H ancock a nd LaUTium, M ich . E stim a te d
and also for ro t exceeding 11,°/, cost or value (w hichever is lower) of ext en­ p o p u la tio n served J a n . 1 1926. 40.100.
sions o r b e tte rm e n ts to th e operating physical p ro p erties, provided, how ­
ST O C K A N D B O N D S
D ale.
Interest. O utstanding.
M a tu rity .
ev er, n e t consolidated e a rrin g s (as defined in th e in d en tu re) for a period
_______
$750,000 see te x t
of 12 m o n th s out of preceding 15 m o n th s equal 1 \ tim es a n n u al in terest C om m on $750,000 ($100)__________
6
207.200 see te x t
on all bon d s o u ts ta n d in g and those to be issued. A dditional bonds m ay 6% cum p re f $500,000 ( $ 1 0 0 ) ____
5 g J-J
860.000 J a n 1 1937
also be issued p a r for p a r for refunding p urposes. T h ere is a maintenance 1st consol m tg e ($1,000 a n d / 1908
$500 c ) ............................ ...... t f 1
.
and renewal provision equal to 12 H % of gross operating revenues. T hey
a re a first lien on th e c o n stitu e n t p ro p erties through deposit w ith th e tru ste e
Stock.— P ref. h a s p rio rity as to divid en d s a n d in case o f liq u id a tio n .
of all o u tsta n d in g bonds an d sto ck s of th e operating p ro p erties, excepting C allable a t 110.
$562,000 5% bonds of th e F ree p o rt G as C o ., d ue 10 2 and $787,000 5%
b o n d s o f th e H oughton C o u n ty Klee, l .t C o ., d u e 1027. for th e re tirem e n t
Bonds.— 1st cons. m tge. a re a firs t lien on th e line from W olverine to
of w hich a like a m o u n t of ad d itio n a l bonds is reserved. N o securities M oh aw k . M ich. (5 m iles), a nd on all o th e r p ro p e rty now ow ned or afte r
m ay be issued on any c o n stitu en t property unless pledged directly or q cquired w ere publicly offered in S ept. 1908 a t 92 & in t.
ind irectly un d er the in d e n tu re . In terest payable a t C en tra l T r u s t C o.
D ividends.— P ref. divs. h av e been re g u la rly paid u p to & I n d . 1918.
Of Illinois. C hicago, trustee , or at the <'b ase N a t. H an k . N . Y C ity . I’enn.
and C o n n . 4 mills, M ary lan d 4 M mills) l)|s t of Col anti K entucky 5 mills, In 1919, 3 % . N one since. On com m on 2% on O ct. 1 1909. In 1910 to
,
C alif, and M ichigan 5 mills and M ass, fi'l taxes refundable. Red. whole 1913 a t r a te of 5% p er a n n u m . In 1914, 2 )4 % . N one since.
or p a rt on fit) d a y s' notice at 105 thro u g h M ar I 1981. and th e re a fte r a t
K % less eai h 12 m o n th s, anil in te re st. T h e re is a striking fu n d of I % of
( f )
( T H E )
W
I S C O N S I N
P U B L I C
hig h est prin cip al am ount of bonds of fi% series 1020 th eretofore issued,
O R G A N IZ A T IO N .— Incorp. in W isconsin in 1926 to a c q u ire th e
to be applied sem i-annually to p u n base (and cancellation) of such bonds
a t not exceeding call price and to extent not so applied for oetto rn ien ts p ro p e rty of W est Bend H eating & L ighting C o ., W est B end, W is. E lectric
which m ay not be used as a basis for issue of bonds. In A pril I92fi H . M . pow er an d light is furnished to a d a irying a n d m a n u fa c tu rin g d is tric t 30
B yllesby & C o ., In c ., and W est & C o .. New York; Federal secu rities C o rp ., m iles n o rth w est of M ilw aukee, in c h . W est B end, B a rto n , Y oung A m erica,
P earso n s-T afl C o. and T h o n pson. b o ss & C o .. C hicago, and W . S. H am ­ K olilsville. N ew burg, Saukville, W aubeka. F red o n ia , R andom L a k e and
m ons. Fort la n d . O re., ojjercti $6.500,000 6% series of 1926 a t 98)4 and adjoining te rrito ry , all connected by transm ission line a t W est B end o n th e
M ilw aukee R iver. E n e rg y is g enerated from a com bined hyd ro -electric a nd
ln t., to yield 6.13% . V 122. p. 21SK.
T h e 3-year 6% g. notes, dated M arch 1 1926. a re re d ., w hole or p a r t, on steam pow er p la n t.
th e 1st day o f any c alen d a r mom h aft er 30 d a y s notice at 101H for (he first
Capital Stock.— C om m on, authorized 2.000 shares of $100 p a r v a lu e each.
six m o n th s, and th e re a fte r decreasing
% each succeeding six m onths,
Office.— 209 S
and in te re s t. N o ad d itio n al secured o r unsecured funded d e b t (other th a n W General d , W isconsin. outh La Salle. S t., C hicago, 111. Operating O ffice.—
est B en
1st lien coll. tr. gold bonds) may be issued unless consolidated net earnings
for 12 consecutive out of preceding 15 m o n th s equal 1
tim es a n n u al
in te re st on all funded debt o u tsta n d in g and to be issued. No sinking fund.
( g )
H O U G H T O N
C O U N T Y
E L E C
P rin cip al and in terest p ay ab le at C en tra l T ru st C o. of Illinois, tru ste e ,
S u b s ta n tia lly a ll o f th e p ie f. a n d com m on sto ck s a re ow ned b y C e n tra
C hicago; in terest also at ( 'b ase N atio n al H ank. N . Y C . P e n n a . and C onn.
G as & E lec tric C o.
4 - m ills. M ary lan d 4 Mj-n ills. D ist. of C o. and K e n tu ck y , C alif, and M ich.
5 - m ills, and M ass. 6% taxes refu n d ab le. In A pril 1926 Federal Securities O R G A N IZ A T IO N — Inco rp o rated in M ichigan in A ugust 1902.
C o rp ., H . M . Byllesby & C o .. In c ., W est & C o ., I’eursons-T aft C o. and
T h o m p so n , Boss & C o ., In c .. &c., sold $1,500,000 of th ese notes a t 9 9 )4
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
a nd in t., to yield ab o u t 6 .2 7 % . V. 122. p . 2649.
C om pany does th e e n tire electric lighting business a nd a p o rtion of th e
electric pow er business in H oughton and K eweenaw C ounties, M ich ., Incl.
E A R N IN G S .— C onsolidated earnings for 12 mos. en d . M ay 31 1926 the cities and tow ns of H oughton. H ancock la u riu m . Red J a c k e t. L ake
a re th e sam e as shown ab o v e for C en tra l P u b lic Service C o ., except th a t
Linden. H ubbell. South Range and D ollar B ay. aud th e m ining locations
en eral o p eratin g expense for C en tra l G as & E l. C o. a m o u n ts to $1,607 of A tlantic. Isle R oyale. Q uincy. Osceola, w olverine, Allouez, A hm eek
ag ain st $18,196 for C en tra l P u b lic Service C o .), w'hich leaves a balance of a nd M ohaw k. Pow er statio n a t H oughton 5.100 k . w. E s tim a te d p o p u ­
n e t earn in g s before in t., rieprec. and F ed . tax es of $1.060,999.
lation served J a n . 1 1925. 44.000. F ranchises.- In H oughton an d H ancock
O F F I C E R S .- P r e s .. A. E . Peirce; V .-P s., R. L. A age an d L ivingston expire in 1930: in o th e r cities and tow ns not lim ited in tim e.
Ross; T re a s .. W. S. M cC ullough, and Sec., M . F. Fi .le y . G eneral office,
ST O C K A N D B O N D S—
Dale.
Interest. O utstanding. M a tu rity .
209 So. L a S alle S t.. C hicago, 111.— V.l 122, p . 2188, 2327, 2649.
see te x t
C om m on $1,000,000 ($25)........................................... . $1,000,000
( a )
H O O S I E R
P U B L I C
U
T I L I T Y 6%C non-cuin. pref. $300,000
O .
300.000
see te x t
($25)___________________ _______
6 M -N
Controlled by C en tra l G as a n d E lectric C o.
787 000
Ju ly 1 1927
1st m tge. 25-year gold $1.000- ( 1902
5 g J -J
O R G A N IZ A T IO N .— In co rp . in In d ia n a in 1925, as successor to th e
000 ($1,000 c * )_________ t f \ I n t . a t B oston S. D . & T r . C o ., B oston, t r . .
G reenburg G as & E lectric C o. Is a m erg er o f G reenburg G as & E lectric
Slock.— P referre d stock is receeir.able a t 110 and h a s p rio rity a s to div P
C o ., G reen sb u rg , In d ., P rin ceto n U tili.ies C o ., P rin ce to n . In d ., a nd
d ends a n a in case of liq u id atio n .
C e n tra l S ta te s G as C o ., V incennes, In d . C o. supplies G reenburg, In d . a nd
Bonds.— 1st mtge. '25-uear. 5% gold bonds, due •July 1 1927 a re callable a s
su rro u n d in g te rrito ry w i.h gas an d electricity; P rin ceto n , In d ., w ith gas;
V incennes, In d . is also supplied w ith gas a t re ta il, a n d gas a t w holesale a whole a t 107)4 a n d in t. on an y in t. d a y . T h e re is an im p ro v em e n t fu n d
th ro u g h th e Illinois G as C o. to L aw renceville, Sum m er, B rid g ep o rt a nd of $7,500 p e r an n u m . Legal for M ain e savings banks.
O lney, 111.
E A R N IN G S .— F o r calendar years:
ST O C K A N D B O N D S—
D ate.
Interest. O utstanding. M atu rity.
Bat. A vail,
C om m on 5,000 shs. (no p a r ) . . ____
i ______
x5,000 shs. _________
N et A fter Interest <
% fo r Res.
Gross
1st m tg e 6% gold ($ 1,000,/ 1925
6 J-D
$250,000 Dee 1 1945
Earnings.
T axes.
Retir .&LHeS'
A m ort.
$500 a n d $100 e * )______t f (I n t. a t C e n tra l T r. C o. o f 111., C hicago, tru s t.
$45 922
x$ 108.047
$507 530
$153 969
1925- _ _____ _____ _____
x All ow ned except d ire c to rs' qu alify in g sh ares by C en tra l G as & E lectric
49 109
87.096
51 1 736
136 205
1924......................................
C o.
530 064
132 880
49 952
82.928
Bonds.— All o f th e o u tsta n d in g 1st m tg e . 6% bonds w ere called D ec. 1 1923___________________
548 946
54 390
14 3.4 63
89.073
1922______ ____________
1926 a t 103 & in t. V. 123, p . 1762.
551 694
92.541
63 1 1l
29.130
1921___________________
O F F IC E R S .— P res., A. E . Peirce; V .-P ., R . L. Aage; Sec., M . F .
130 788
55 440
75.348
572 156
1920___________________
Finley; T re; s. W . S. M cC ollough; G en. M g r., E . O. M ac D o n a ld . G en.
139 071
45.754
93,317
453 162
1919___________________
office: 209 So. L a Salle S t., C hicago, 111. O peraiing office: G reensburg,
x Before $18,000 (6% ) pref. and $10,000 (1% ) com m on d iv s.
I n d .— V. 121. p . 3003: V. 122. p. 2190; V. 123. 1762.
O F F IC E R S .— P re s .. A. G . P eirce; V .-P s., R . L . Aage a nd D . C M c­
( b )
( T H E )
M
A I N E
P U B L I C
U
T I LC lure; Sec., M . OF . . F inley; T re a s., W . S. M cC ollough. G en eral office,
I T Y
C
O R G A N IZ A T IO N .— Inco rp . in D elaw are F e b . fi 1926. Will be a m erger 209 So. La S alle S t., C hicago, 111. O perating office, H o u g h to n . M ich— V. 121, p . 2156; V. 122, p . 1309.
of th e following com panies in M ain e an d New B runsw ick:
M ain e & New B runsw ick E lectrical Pow er C o ., L td ., Presque Isle,
M aine; G ould E le c u ic C o .. P resq u e Isle, M aine; E asion Electric C o .,
C E N T R A L P U B L IC U T I L I T Y C O .
E a s to n , M aine; F o rt K e n t E lectric C o ., F o r t K en t, M aine. W oodstock
O R G A N IZ A T IO N .— Incorp. in Illinois in 1925. F o rm erly Illinois
E lec tric R ailw ay . L ig h t & Pow er C o ., W oodstock. N . B .; C arleton E lectric
Public U tility C o. Stocks of all operating subsidiaries form erly held b y co.
C o ., L td ., C arle to n , N . B.
w ere sold to C e n tra l G as A E lectric C o. in April 1926. C o. now ow ns
E lec tric pow er a n d lig h t will be d istrib u te d in, o r wholesaled to , various
tow ns in N o rth e a ste rn M aine an d a d jo in in g te rrito ry in New B runsw ick 4,500 sh ares of th e 5.000 no p a r com m on shares of M ichigan W ater P ow er
C o. (see sta te m e n t below ). C o. also ow ns all of th e 15,000 o u tsta n d in g
from th e c o .'s 11.000 h .p . h ydro-electric p la n t a t T in k er, N . B .
second preferred stock of C en tra l G as & E lectric C o.
Capital Stock.— A uthorized 5,000 sh ares of no p a r v alue.
ST O C K A N D B O N u S — Date.
Interest. O utstanding. M atu rity.
O F F IC E R S .— P res., A. E . Peirce; V .-P ., R . L . Aage; Sec., N . F . F inley;
C om m on 20.000 shs. (no p a r ) ___
______ x20,000 s h s - __________
T re a s ., W . S. M cC ollough.
5-yr serial n o te s ............................1925
6)4 g
$160,000 serially
( c )
( T H E )
L O W
E R
P E N I N S U L A
P x All owned by C e n traOl P. ublic Service C o.
O W
E R
C
O R G A N IZ A T lo N . &c.— In co rp . in 1926 in M ichigan. A m erger of th e
N otes.— T h e 5-yr. 6 )4 % notes, dated Dec. 31 1925 a re d ue serially to
B enzie C o u n ty Pow er C o ., F ra n k fo rt. M ich .; th e M . & W . L ig h t & Pow er
C o ., W ay lan d . M ich.; an d th e Lesley Light & Pow er C o ., Plain w ell, M ich. D ec. 30 1930.
E lectric L ig h t a n d pow er is d is trib u te d from a com bined h ydro-electric
E A R N IN G S .— All earnings of o p e ra tin g subsidiaries form erly ow ned b y
a nd stea m s ta tio n a t Plainw ell to P lainw ell, M a rtin , S helbyville, H opkins. th is co. a re included w ith e a rrin g s of C e n tra l G as & E lectric C o;
H o p k in sb u rg . B rad ley , W ayland, M oline, B yron C en ter and C utlerville.
O F F IC E R S .— P res., A. E. Peirce; V .-P ., R. L. Aage; Sec., M . F . F in ley ;
T h e n o rth e rn h a lf of th is d is tric t is a su b u rb a n residential section of G rand
R ap id s. F ro m a h y uro-eleciric statio n on th e B etsie R iver n ear F ra n k fo rt, T re a s ., W. S. M cC ollough. G eneral office, 209 So. Salle S t.. C hicago, 111M ich ., energy is tra n sm itte d to an d d istrib u te d in F ra n k fo rt. B enzonia,
M IC H IC A N W A T E R PO W E R C O .
B eu lah , C ry sta l L ak e, A lb erta, B ear L ake an d A rcadia.
C apital Stock.— C om m on sto ck a u th o riz e d , 10.000 shares of no p a r value,
Controlled by C e n tra l P ublic Service C o. th ro u g h C e n tra l P ublic U tility
all ow ned b y th e C en tra l G as an d E lectric C o .. C hicago., III.
C o. '
General Office.— 209 S o u th L a Salle S t., C hicago. Operating Office.—
F ra n k fo rt, M ich .
O R G A N IZ A T IO N .— In co rp . in 1925. in M ich ., to c o n stru c t, acq u ire,
ow n and o p e ra te 2 hyd ro -electric d e velopm ents on the T h o rn ea p p le R iver
( d )
I L L I N O I S
P U B L I C
U
T I L I T Y located a t C ascade and A da. a b o u t 10 m iles from G rand R ap id s, M ich .
C O .
O RGA N IZ A T lO N .— In c o rp . in 1926 in Illinois. Will be a m erger o f th e C o. ow ns d irectly all of th e la n d , flow age rights, w ater rig h ts. S ta te rig h ts,
following com panies: A lbion E lec tric L ig h t & Pow er C o ., A lbion, 111.; & c., necessary for th e con stru ctio n an d operation of these m odern p la n ts ,
A tw ood E lectric L ig h t & Pow er C o .. A tw ood, 111.; th e B em ent E lectric which a re to h av e a to ta l installed c a p a c ity of 7.200 h .p . T h e full o u tp u t
L ig h t & Pow er C o ., D em en t. 111.; M l. P ulaski E lectric L ig h t, H e a t & of th ese tw o p la n ts from th e e n tire flow of th e river has been c o n tra c te d for
Pow er C o .. M l. Pulaski. 111.: Lincoln W ater & L ig h t C o ., Lincoln. 111.; b y th e C onsum ers Pow er C o. o f M ichigau for a period of 50 y ears. I t
H om er E lectric L ig h t & Power C o .. H om er. 111.; F ree p o rt G as C o.. F ree p o rt, w as expected th a t th e dam w ould be in o p e ra tio n an d incom e fo r th is to
111.; A tla n ta E lectric L ight & Pow er C o ., A tla n ta , 111.; Royal L ight and com m ence on S ep t. 1 1926.
Pow er C o .. D alav an . 111. a n d H ullinger L ig h t & Pow er C o ., San Jose, 111.
STO C AN
D ate.
Interest. Outstanding. M a tu rity .
E lectric power and lig h t is d istrib u te d in th e ag ricu ltu ral d is tric t lying C om m onK5.000 D B O N D S—_ _____
shs (no p a r ) _
_______
5,000 shs. __________
betw een Springfield an d D anville, incl.) Lincoln. M t. P ulaski, B am ent. 1st m tge s f $600,000 ($1,000,/ 1926
6 g J -J
$600,000 J a n 1 1946
H o m er, Ivesdale, Philo. F a irm o u n t, Jam a ic a , K enney, L a th a m , C h e stn u t,
$500 and $100 c * )______ t f | H an d . T r u s t & Sav. B k .. C hicago. 111., tru s t.
A tw ood a n d , fu rth er so u th , in A lbion a n d B ellm ont. G as a nd w ater a re
also supplied in Lincoln, a n d gas in F ree p o rt, Illinois. Co. o p erates sm all
Bonds.— T h e ls( mtge. s. f . gold bonds, dated Jan. 1 1926 a re secured b y a
s tre e t railw ay system in Lincoln, Illinois,, u n d er lease from th e c ity .
m o rtg ag e on all of co .'s p ro p e rty now owned or h e re afte r a cq u ire d , incl.
C o m p an y is sa il in th e process o f fo rm atio n .
la n d , flow age rights, g enerating p la n ts , transm ission lines, & c., su b jec t
only to a co n tract w ith C onsum ers Pow er C o. and to th e p rio r lien c re ated
( e )
H O U G H T O N
C O U N T Y
T R
A C Tsaid Op ro p e rty by O . te rm s thereof. T his c o n tra c t has been pledged
I
N
C the
on
Receivership.— On N ov. 29 1921, Sam uel B T uell, H ou g h to n , M ich, w as u n d e r th e m tge. T here is an a n n u al sinking fu n d of 1 % of to ta l a m o u n t of
app o in ted Federal receiver to ta k e possession of a n d m anage th e pro p erties bonds issu e d . to be used to purchase o r redeem bonds beginning J a n . 1 1928.
of th e com pany. D uring 1925, th e receiver continued to o p e ra te w ith the T ax exem pt in M ichigan. In te re s t payable in C hicago, 111. or G ra n d
8c. cash fare vvnich w» in in to effect D ec. 9 1920. a n d the weekly tran sferab le R apids, M ich. C all, w hole or p a r t on any in t. d a te on fit) d a y s ’ notice a t
zone p ass which w ent into effect, replacing th e 7c. tick ets, on J u ly 24 1922. 105 & in t. In J a n . 1926 W m. L. Ross & C o .. In c ., and T hom pson Ross &
On Ju ly 1 19^:6, M r. Tuell resigned a s receiver an d was replaced by John C o .. In c ., C hicago, ill. offered $600.0 0 a t 99)4 & in t., to yield over 6 % .
R alp h , H ou g h to n , M ich.
Debentures.— An issue of $350,000 6)4 g. debentures, dated J a n . 1 1926
O R G A N IZ A T IO N . &c.— In co rp . in 1908 in M ichigan as successor to th e and due Ja n . 1 1936, is pledged u n d e r C e n tra l P ublic Service C o. 6 )4 %
H o u g h to n C o u n ty S tree t R ailw ay C o. F ran ch ises giving the rig h t to secured gold notes, d ue J a n . i 1929.
use public s tre e ts expire 1929, 1930, 1932. 1933 and 1938, b u t th e road is
largely on p riv a te rig h t of w ay. E n tire road opened Sept. 1901, connecting
O F F IC E R S .— P re s ., A. E . Peirce; V .-P .. M . F . Finley; S ec., R .r L .
th e cities and tow ns of H o u ghton, H ancock, L au riu m , R ed J a c k e t, L ake A age; T re a s ., W . S. M cC ullough. G en eral office; 209 So. L a Salle S t.,
L in d en a n d H u b b ell, a n d th e m ining lo catio n s of Q uincy, O sceola, W ol­ C hicago, 111.

?




U

T R

T

I L

I C

I T

L

Y

I

O c t ., 1926.]

POWER, LIGHT AND RAILWAY

159

Dellwood P a rk C o ., all of whose stock is held by th e C en tra l Illinois Public
CENTRAL ILLINOIS PUBLIC SERVICE CO.
Service Co.
C o n tro lled by M iddle W est U tilities C o ., wbicb see on a previous page.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
ad.
lie
Chicago city lim
O R G A N IZ A T IO N .— Incorp In Illinois Sept. 1 19211 as a consolidation of A tro lley royons, E x ten d s from Jo of t to th e Line between Jo its, w ith »
branch to L
lia s
tra
fo rm er co. of sa ne nam e (incorp. 1902) and the M iddle W est Pow er C o., cago was form ally opened85 miles 1901. c k . passenger and 16 liet ea ncd C hi­
Sept 25
68
o th r ars.
sb per plan giveu in ’•Electric K ailw ay" Suppleineni of l)ri 27 19211. and
Franchise.— In 1922 the com pany was g ra n te d a 20-year franchise b y
t h e
“ C h ro n icle,' V 117. p 669. 1016
C o n tro ls ihe C en tral Illinois Power
ill
„
C o. and has assum ed as to p rin cip al. Interest and sinking fund th a t com ­ Tow nJ aH ighw aythC om m ission.wasV th o .rizp.d 1062. Illinois P . _ . C om m , te
In
n . 1921 e com pauv
au
e by the
U
p a n y ’s first m ortgage 7"r, bonds
V 114. p 117*
T h e com pany also
issue $1,350,000 pref. stock and $5,000,000 bonds and to purchase th e C hi­
u aran tees jo in tly and severally with th e In te rsta te Public Service Co. cago A Des Plaines Valley Eli'c Ky
V. 112 p.
T h e p ro p e rty of t
1.250.000
1st rntge 7 °7 bonds series " A " and $1,750,000 6% bonds. com pany was acquired as of Ju n e 30 1921 and has 161. m erged in to th e c o .h J a t
,
been
Series " B “ of th e In d ian a H ydro-E lectric Power Co. as to prin., Int. and
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
sinking fund. V 114, p 1104 V I 19. p 1281
Has acquired all th e out,
$2,300,000 - ...................
Com stock $2,300,000 ($100).....................................
stan d in g c ap ital stocks, exeepi d ire c to rs' slutres. of th e Q uincy (I..) G as
P referred s to c k .......................................
..............
1.350.000 - — - - - - - E lec. & H eating Co. and th e C hicago A Jo liet Klee llv V 120, p. 85 209
6 g M -N
1,600.000 M a y 1 1931
On J u n e 27 1925 acquired th e electric light plant a t G a latia. III . and the C hicago A Jo lie t E lec tric R y \ 1901
g $5,000,000 ($1,000) _c*tf j Int a t Illinois T r . A Sav. B k .. C h ic., t r u s t e e
m unicipal p la n t a t Thebes. III. V. 120 p 11:112. In Dec. 1925 applied
6 4 g M -N
400.000 M ay 1 1933
for perm ission to buy p roperties of th e Alvin G rain A E lectric Co. V. 121, Joliet R it general rntge gold! 1898
$400,000 ($1,000 e a c h ) .- tf /F id e lity T ru st C o .. P o rtlan d (M e .), tru ste e .
p. 2749. Also acqidred the W abash U tilities Co. and th e M arshall Ice A
Bonds.— Of th e new $5,000,000 m ortgage. $400,000 a re reserved to r ®th’®
Pow er C o. V. 121. p. 2873. In 1926 acquired a n u m b er of ice p la n ts and
underlying liens. $2,200,000 of the o u tsta n d in g c ap ital stock of the C hi­
electric p ro p erties. V. 122. p. 2797. 3080. 3337- V 123. p. 453.
Increase Authorized Slock.— On Feb. 24 1925 stockholders increased the cago A Joliet E lectric R y.. $1.000.000 of the $1.100.000 stock a nd $1,000,VM (e n tire issue) bonds of th e C hicago & D esplaines Valley E lectric R y. a r e
l
au th o rized no p ar value preferred stock from 200.000 to 250,000 shares
an d th e common stock of no p a r valu e from 200,000 to 250,000 shares. deposited u n d e r this m ortgage as c ollateral se c u rity . E n tire issue of t h e
$2,000,000 gold 5s m ay be called at 105 and in t.
4
V. 122. p . 1167.
T he $400,000 Joliet HR gen rntge. 5s originally fell due in 1918. b u t w e r e
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— extended for 5 years at th e sam e ra te of in t., and again to M ay 1 1933, b u t
D oes an electric light, pow er, w ater, gas. h eat. ice. s tre e t railw ay and
this tim e th e in t. ra te was raised to 6 4 % . T h e extended bonds a re r e d .
In te ru rb an business, supplying electrical energy to 305 com m unities in on an y in t. d a te on 60 d a y s ’ notice at 101 . V I 16. p. 2129.
c en tra l a n d so u th ern Illinois. T hese com m unities have an estim ated popu­
E A R N IN G S .— F or y ear end. Dec. 31 1925: G ross. $898,622: n e t a fte r
la tio n o f 500.000. in a d d itio n to th e supplying o f electrical energy to these taxes. $125,705: fixed charges A e p re e., $189,738; b
$64,033. F o r
C om m unities 10 a re served with gas. 13 with w ater 150 with ice. 6 with y e ar end D ec. 31 1924: G ross d$915,192; n e t a fte ra l.. def.. $69,878: fixed
taxes.
b eatin g , 4 with s tre e t railw ay service, 4 with bus service, an In te ru rb an line charges, d e p re e., A c., $142,536: b a l., d e f., $72,658. 1923. gross. $134,242;
being operated betw een YTattnon and C h arlesto n , 111., and one from Eldo­ n e t a fte
ra d o to C arrie r M ills, and one connecting Jo liet w ith Chicago. T he com­ $2,057. r ta x e s. $175,805; fixed charges, d e p re e., A c.. $173,648: b a l., BUT.,
p an y o p erates over 2 1 5 uiles of hi 'h -ten sio n transm ission lines, 6 centra)
O F F IC E R S .— P re s ., M arsh a l/ E . Sampsell: V .-P s., J . Paul C la y to n a n d
Stations and holds 11 s ta tlo is in reserve, a n d has c o n tra c ts for power from
6 o th e r cen tral statio n s. T o tal av ailab le cap acity , 122.215 k .w .. inc). th e J . R. B lackball; Sec., L eroy J . C lark; Treas., C . E . C rip e.— V. 1 1 6 , P G ran d Tow er p la n t o f 50.000 k .w . initial c ap acity . In 1926 co. had under 2128; V. 120, p. 85.
Construction a new 85-m ile transm ission line from M u d d y R iver Pow er S ta ­
tio n . near H arrisburg in so u th ern Illinois, n o rth to O lney, connecting w ith
ILLINOIS NORTHERN UTILITIES CO.
o th e r system s. V. 122. p. 3451.
C ontrolled by th e M iddle W est U tilities C o ., which see on a previous p a g e .
ST O C K A N D b o n d s —
Date.
Interest. Outstanding
M aturity
C om . stock 250.000 sh ‘no p a r ) ___
__
.
p 7 786shs
O R G A N IZ A T IO N .— Incorp. in Illinois in 1912 and on Ju ly 31 1916
P ref stock $6 cum 250.000 s h s l ____
Q -J
170,725 shs J u l y ’26, *1.50 was consolidated with th e Illinois N o rthern U tilities C o. (incorp. in April
(no p a ri
__________ . . . I
1912). T ri-C ounty Light A Power C o. (V 97 p. 669). and th e F reep o rt
Ry. A L ight Co. (see E lectric R ailw ay’' Section for M ay 1916). V. 103,
6% cum p re f......................... ................................. .............
798.900 __________
p 496. In N ov. 1923 purchased the properties of th e N orthern C ounties
F irst & rer rntge (form er c o .)i 1912
5 F-A
$7.595.out) Aug 1 1952
Pow er C o. V 118. p. 1012. In O ct. 1925 acquired th e light an d power
com pany) gold ($1 0 0 0 ic* tf l In te re st payable in Chicago.
p la n ts in Stew ard a nd Lee 1
11 in Feb. 1926 acquired all properties from
1st & re f rntge (consol co rp )—
On M arch 1 1926
64%
3.850,000 M ay 1 1943 th e C itizens U tility C o. of D urand 111. V 121, p . 1569
Series “ A * .........................................
Series " C ” ......................... c * tf 1924
6 g J -J
8.000.000 Jan
1 1944 acqidred th e M arengo (III.) Public Service C o. V. 123. p 1382.
Series “ D ” ($1,000. $5001 1925
54 JD
4 600 000 Ju n e 1 1950
F IE L D OK O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
and $ 1 0 0 ) ................
Int a t Halsey S tu a rt A Co C hic or N V
O perates gas and electric properties in th e w estern h alf of th e northern p a rt
Series “ E ”
($1,000. $500 11926
5 g M -N
1.230.000 M ay 1 1956 of Illinois adjoining the te rrito ry served by th e Public Service C orp. of N or.
*100. c * )______________ tf )
Illinois an d W iscousin Power A Light C o. Also o p erates 9 m. of tra c k in
S e r i a l n o t e s $ 4 , 8 0 0 .0 0 0 f 1925
4 4 - 5 g Q -J 2.4 0.000
See te x t
F re e p o rt. Has traffic a rra n g e m e n t for 50 years w ith th e R ockford «
($1,000) g o ld ___________ tf j P r in . and in t. a t C hicago and New York
In te ru rb a n Ry Co . allow ing cars of th a t com pany to e n te r F reep o rt.
C o.
( offices of H alsey, S tu a rt A C o .. Inc
serves in to ta l 9 ' cities a nd tow ns, of which 94 w ith electric light and pow er.
Sou 111 Ky & Pow 1st rn tg e.................
5 A-O
698.000 O ct 1 1942 Id w ith gas. T h e electric generating p la n ts have a capacity of approx.
Q uincy G as El & H t C o 5 s .................
5 M -8
2.000.000
1929 35 23.700 k .w .
5.200 k.w hydro-electric):
U n d e rlv in g d iv isio n a l Ponds
.......
..............
3, . 7 nO 1927 to 1942 transm ission (of which as p la n ts have an aggregate 690 miles of high tension
daily c apacity of 1,360.E q u ip tr e t f s & real e s ta te m t g s ___
_________
265.500
.................. 000 c u . ft. lines ow G 159 m iles of gas m ains.
Co
ns
N ote.— Co has jo in tly and severally w ith th e In te r-S ta te Public Service
T o Issue pref shares of no par value. See V. 118. p. 1267.
C o. g u aran teed th e p a y m e n t of principal. In terest and sinking fund of
3.000.000 1st rntge. s. f. gold bonds d u e D ec. 1 1951 of In d ia n a H ydroInterest. O utstanding. M aturity.
ST O C K A N D BO N D S— Dale.
llectric Power C o. V. 122. p. 3451.
$4 185 000
See te x t
_ ___
C om m on s to c k ____ _________ _____
Q-F
3 76 .800 N o v ’26. 1 4
First pref stock 6% c u m __________
Stock.— E n tire com. stock o u tsta n d in g is owned by th e M iddle W est
7.838 -h- Aug 26 1 4
U tilities C o. Pref. stock red. a t $1 10 and accrued divs. H as equal voting Ju n io r p re f $7 ru m no p a r). ___
5 g A-O
7...9,>.000 A pr 11957
First A re f rntge gold______ tf 1912
Dower w ith coin. 10.000 shares pref. were offered in Sept. 1924 by W O.
Langley A C o .. N Y . and Old Colony T ru st C o .. Boston, at $85 per
Underlying Bonds—
sh are and d iv s., to yield 7.0 6 % . V. 119, p 1281. In M ay 1925 W c
199 500 J a n 1 1927
)e K alb C ounty G a s________ 1902
5%
L angley A C o. and Old Colony T ru st C o. sold 7.000 pref. shares a t $88
241 500 June 1 1927
5%
Iterling G as ,V E lectric_______ 1902
p e r sh are and d iv s.. to yield 6.8 0 % . V. 120. p. 2399.
40 000 N o v l5 1952
[Yl-Cn L t A Pr 1st A ref rntge.
1912 6%
140 0 0 0 Nov 1 1935
iYeep Ry A Lt rntge $2,000.-]
1910 5 M -N
Bonds.— T h e 1st A ref bonds (due 1952) are red . a t 105 on any Int. d a te
A dditional bonds m ay be issued under certain restrictio n s
See V 05 p
1744. T h e rntge. securing these bonds covers all p ro p erty owned or afterStock.— In addition to am o u n ts rep o rted o u tsta n d in g . $ ,000 1st pref.
acq u ired . T h e b onds are fu rth e r secured by pledge of over 53% of old 274 shares ju n pref. and $1.06 . .000 c o m . held in tre a s u r y . All th e 2d pref..
Co. s 1st & ref. rntge bonds, which a re a first lien on certa in properties of has been re tired .
th e co. su b ject only to $3,358,500 divisional underlying bonds. V. 103.
onds.— T h e 1st A
tge.
re
whole or p
p . 1887: V . 122, p. 3451
C o n t. & O oinm . T r u s t A Sav. B a n k . C hicago, 60 Bd a y s ’ notice a t 105ref. dmin t. bonds of 1912 aren ts d .,ay be issueda rt, on
an
A dditional am o u
m
(«) to
tru ste e .
refund underlying bonds, tb) in exchange, par for par. for m ortgage d e b t
T h e 1st & ref. rntge. 6% bonds. Series “ C ," a re red all or in p a rt upon
existing a t tim e of acquisition of p roperties acquired in th e fu tu re; tc) for
30 d a y s ’ notice a t th e following prices and int.: To J a n 1 ,1929 ai 1 0 / 4 ,
on and from Ja n . 1 1929 to J a n 1 1939. a t 105: on and from Ian I 1939 e xpenditures m ade in a cquiring fu tu re property to e x te n t of 75% o f cost
thereof. V. 94, p. 1383: V 95. p 1123. In April 1925 H alsey. S tu a rt
to Ja n . 1 1943 a t 102 4 and on and from Jab 1 1943 to m a tu rity , at par
Penn, and Conn 4 mills, th e M aryland 4 4 mills tax D ist. of C olum bia A C o .. In c ., offered $668,000 1st A ref. m tge. 5s a t 90. to yield 5 .7 0 % .
V 120. P 1746. In D ec. 1925 H alsey S tu a rt A C o .. In c ., offered $2,500,000
personal property ta x is not e ceoding 5 mills per $1 per a n n ., and Mass
a t 9 2 4 and in t. to yield over 5 4 % . V 121 . p 3131
incom e tax on int . no t exceeding 6% of snob int per an n u m , refunded
D ividends.— On pref. mow 1st pref.). I 4 % q u a r paid N ov. 1912 to a nd
In t. a t office o f H alsey. S tu a rt A C o ., in c .. in C hicago or New York
In
Including H ay 1926. On com m on 3% was paid in 1923. In 1924. 5% wa»
Ju ly 1924 H alsey. S tu art A C o., in c .. offered $6 000.000 1st rntge A ref
paiiI
In 1925. 5 % .
63< bonds Series “ C " a t 97 and int.. to yield about 6 4 '7
V |] 9 p |96
T h e Is/ mlge. and ref 5 4 % gold bonds Series “ D ” 1925 are re d ., whole
E A R N IN G S .—O f Illinois N orthern U tilities C o .a n d (a) S terling D ixon
or p a rt, upon 30 d a y s ’ notice, to and incl. Ju n e I 1935 a t 105: inch Ju n e I A E a ste rn E lectric K y. for calen d ar years:
1941 a t 103: to and incl Ju n e I 1946 at 102: on Ju n e I 1946 a t 101 4 :
Net. after
In te re st, Preferred
Balance for
th e re a fte r a t 4 % less for each full year elapsed a fte r M ay 31 1946. After
Cross
T o r ’S <Vc. R u ts. A r . D iv id e n d s . C o m m o n . AC.
M ay 31 1949 a t 100. in each case plus lo t
IViin and Conn 4-rnill tax.
$303,731
M ary lan d 4 .4-m ills D istrict of C olum bia 5-mills tax . and the M ass, income 1926*..................... $1.947 632 z$S70.193 $375,998 $190,467
1025____________2.7 3.428 x i 130.91)5
.V-0.426
2 4 1 .8 .0
325.669
ta x n o t exceeding 6% refundable. In Ju n e 1925 H alsev. S tu a rt A Co
966.760
423 109
230.229
sur313.183
In c ., sold $4 690 non at 98 4 and int. to yield A 60%
V 120 t> 3184. 1924 ....................... 2,507 112
1923
855.020
407.057
211.703
sur233.260
In O ct. I 1926 co. ap p 'ie d to Illinois Com m erce C om m ission to issue $4,615,- 1922 ....................... 2.344.643
............. 2 121*.276
7 0 ' 685
106 818
180 363
« u r 1 ll ,4 7 4
900 Series " D . ” V. 123. p. 1995
* E ig h t m os. end. A ug. 31 1926. a T h e S terling D ixon A E a ste rn l i n e
Series ” E ” 5s dated Mau I 1926 are re d ., all or p a rt, on 30 d a y s ’ notice was discontinued in O ct. 1925 by ord er o f Illinois C om m erce C om m ission.
a t following prices and in terest: T hrough April 30 1936 a t 105: through
x A fter d educting o p e ra tin g expenses: $102,057 re tire m e n t reserve, and
April 30 1946 a t 103: th ro u g h April 30 1951 a t 1 0 2 4 : on M ay 1 1951 a t 102.
3
axes
an d th ereafter a t 192 less 4 % for each full year elapsed after April 30 1951 . $ 1 z 2A OOO td e d u ctin g $72,523 re tire m e n t reserve, an d $96,753 taxes.
fter
S ubsequent to April 30 1955 a t 109. Penn, and C onn. 4 mills. M ary lan d
O F F I C E R S .—C h airm a n . Sam uel Insull. I re s., M artin J . lu su ll; V .-P .,
4 4 mills. D ist. of Col. 5-m ills and M ass. 6% taxes refu n dable. In J u n e
926 H alsey. S tu a rt A C o .. In c., offered $1,230,000 Serins " E ” a t 96 a n d E. D . A lexander: Sec. A T re a s ., John II G ulick: A sst. Sec. A A sst. T rea s.,
J A. O ’C onnell A sst. T re a s ., L. E Jacobson; Asst Sec.. E J . K night:
it., to yield 5 .2 5 % . V . 122. p. 345 A ud. J . C . G ra ff.— V. 121, p . 1569 3003. 3131: V. 122. p . 1169: V. 123.
N otes.—T h e serial notes bear 4 4 % in t. to J a n . 1 1926 an d 5% th e re a fte r
T hey m a tu re *100.000 n u a r to and incl. Jan I l'»28
*400.000 were nairi p . 1382.
Off April 1 1925 ami $100,000 on J u ly 1 1925, $400,000 O ct. 1 1925. $400,000
J a n .1926 $100,000 April 1 1926 and $100,000 Ju ly 1 1926. A re re d ., all
1
(THE) TWIN STATE GAS AND ELECTRIC CO.
or in p a rt, a t an y tim e on 10 d a y s ’ notice a t p ar and in t. $1,800,000 w ere
C ontrolled th ro u g h sto ck ow nership by N ational Light, H e at A Pow er
Offered in Ja n . 1925 by H alsey S tu a rt A C o.. Inc. V 120. p . 209.
C o ., a su b sta n tia l m a jo rity of whose com m on stock is ow ned b y New
D ividends.— $1 50 q u a r. is being paid on preferred sto ck .
E ngland Public Service C o ., a su b sid iary o f M iddle W est U tilities C o.
E A R N IN G S .— For calen d ar years:
O R G A N IZ A T IO N .— Incorp. in C on n ecticu t on Aug 26 1906 a nd ac­
Total Rev.
N et after
quired the B rattleboro S treet Ry , th e B rattleboro G as Light. C o ., t h e
Interest,
(Incl. Other Taxes A
Balance,
Dover (la s Light Co (V 83. p. 562). the Bennington E lectric C o and t h e
Incom e).
Depree.
Surplus.
Ac
D iridends.
Hoosick Falls illum inating Co
In O ct. 1913 acquired the S t. Jo h n sb u ry
1925______ *11.626.618 $3,688 326 $1 .997.503 $1 .650 991
$.39,832 Electric Co. and iu April 1914 the C ascade Light A Pow er C o. and th e B erlin
1924............. 8.901.968
2.735.867
1 .9 ,s. 40
1.3 8.831
1 >8.646 Electric Co. In Ju n e 1920 the com pany acquired the pro p erty of t h e
105.8.1 C loutm an G as A Electric Co of Farm ington N II. V. l it), p. 2658. In
*1923........... 8.190.353
2.413.9 >
1 1.314 013
991.057
1922 ............. 6.355.041
1.858 158 1.221 .380
21 I 746 Aug. 1 25 acquired th e Jones A L inseott E lectric C o. of L ancaster, N . H .
422.032
x R epresent earnings an d expenses of th e form er C en tral Illinois Public V. 121 . p. 1103. C o. ow ns all of th e com m on sto ck fo f Berw ick & SalmoD
Service C o. and its sub. cos for th e first 8 m on th s of 1923 a n d of th e consoli­ Falls Elec. C o.
d a te d co rporation and its subsidiaries for th e la st 4 m ou th s of 1923.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O F F IC E R S .—C h airm an of th e Board Samuel Insult Pres M arshall E.
Furnishes gas, electric light and power to Dover, N II . and B ennington
Sam psell: V .-P s.. J . Paul C la y to n and Geo. W. H am ilton: Sec., Leroy J. and B rattleboro, V t., also electric light, ami power to F arm in g to n . R ochester,
C lark ; T reas . C. E Cri'-e: Vud J L <;rav. Office S ri igfi- I d . Ill — Salmon Falls. R olliusford. Som ersw ortb Berlin. M ilan. G orhatn and
V .121, p. 2636, 2749. 2873: V. 122. p. 1 1 6 1307. 2797, 3080, 3337, 3451; H insdale. N . 11., St. Jo h n sb u ry . St. John sb u ry C en ter. I’assum psic,
7 .
V . 1 2 3 . 453. 1995. .
p . 8 1
D anville. W est D anville. N orth B ennington. B ennington C en tre . W est
B rattleboro aud N ew faue. Vt.. Berwick, N orth Berwick S ooth Berwick
(1) C H IC A G O & J O L IE T E L E C T R IC R Y .
and Lebanon, M e., and Hoosick Falls. N . Y
Also o perates buses. Owns
Control.— In Dec. 1924 C en tra l Illinois Public Service C o. a c q u i r ehydro-electric p lan ts a t G orham . B rattleboro. B ennington. St. Jo h n sb u ry ,
d
co n tro l o f th e com pany from th e A m erican E lectric Pow er C o.
Hoosick Falls and M ilton, N. H ., and a steam turb in e p la n t a t D over and
O R G A N IZ A T IO N .— In c o rp o rate d as a consolidation of the C hicago A St Jo h n sb u ry . Vt. President Samuel Insull. in a letter d a te d M arch 25
1916. said: “ All th e principal franchises were granted by th e S ta te Legisla­
Jo lie t R apid T ra n s it C o ., th e Jo liet Street Ry an I th e Jo lie t H R . Is
o p e ra te d by pow er purchased from the Public Sorfice C o. of N o rth ern tu re and have been construed by counsel as p erp etu al."
Increase Slock.—C o. Increased In th e early p a rt of 1926 Its authorized
Illinois. In N ov. lv»05 th e A m erican Railw ays purchased 63 acre* of land
n e a J o lie t, w hich w as co n v erted in to a p a rk . T h is p a rk is ow ned b y
r
t h prior lien sto ck from $3,000,000 to $5,000,000. V. 122, p . 884.
e

f

t

t




160

PUBLIC UTILITIES

Strength

[V ol. 123.

,

P rogress.. ♦
Strongly established industry, min­
ing and agriculture characterize the
305 communities and intervening
rural sections served by the Central
Illinois Public Service Company in
central and southern Illinois. Everwidening extension of economic
activities and constant development
of new lines of production find the
Company ready with power and, in
frequent cases, actively participat­
ing in the industrial progress of the
communities it serves by encourag­
ing the location of industries through
the assurance of reliable and eco­
nomical electric power. Whether
it be service to m anufacturing
activities of unusually wide variety,
the active extension of transmission
lin es to farm s, the provision of
power for irrigation of a pioneer

C

en tr a l

I l l in

Public Service Building




o is

P
>

rice-growing development, the light­
ing of rural roads and city streets,
energizing the great canning in­
dustry which has grown up in the
heart of the corn belt, encouraging
high domestic consumption through
the use of labor-saving appliances,
speeding and economizing the pro­
duction of coal by electricity, or any
of the other uses of power in a fertile
and versatile territory, the services
of Central Illinois Public Service
Company are an important factor
in the economic advancement of a
large area of the state of Illinois.
Strength and progress, stability and
growth, basic essentials of a success­
ful and effective public service, are
present to a high degree in the
Central Illinois Public Service
Company and the territory it serves.

u b l ic
*

Ser
*

v ic e

C

o m pan y

Springfield, Illinois

Oct., 1926.]

POWER, LIGHT AND RAILWAY

161

The serial g. notes are re d ., whole or p a rt, on 30 d a y s’ notice as follows:
S T O C K A N D B O N D S—
Date.
Interest. O utstanding. M a tu rity .
$1,792,900 J u n e ’ -6, 4% $500,000 4}4s, d ue N ov. 1 1926, a t 100 (funds w ere pro v id ed to p a y th e se
C om m on $2,500,000 ($100)_ _____
_
_______
1,552,500 S e p t’26, 1 M notes off a t m a tu rity ); $1,000,000 5s, due N o v . 1 1927, a t 100 >6; $1,500,000
P re f(5 % c u m )$ 2 ,5 0 0 ,0 0 0 ($ 1 0 0 )____
5 Q-M
2 ,4 '9 ,0 0 0 O ct’2 6 ,1 3
^ 5s, due N o v . 1 1928 to a n d incl. O ct. 31 1927, a t 10014\ th e re a fte r a t 100M P rio r lien (7% cum) $5,000,000 ____
7 Q-J
2,005,000 O ct 1 1953 In N o v . 1925 H alsey, S tu a rt & C o ., In c ., sold $3,000,000 as specified a bove
1st & re f M $10,000,000 g o ld / 1913 5 _g A-O,
a t 99 % a n d in t. for th e 1926 a n d 1928 m a tu ritie s a n d a t 100 a n d in t. for
($1,000, $500 & S 1 0 0 )c * c p t'G u a ra n ty T ru s t C o .. N ew Y ork, tru ste e .
•**
1st lien & refdg m tge Series A f 1925
5 /4 K M-S 2,173,300 M ar 1 1945 th e 1927 m a tu rity . V . 121, p . 2402.
O f th e $5,000,000 5% serial g . notes, dated A u g . 1 1926, $1,500,000 m a tu re
($1,000, $500, $100) c * & rtf\B a n k e rs T ru s t C o ., N ew Y ork, tru ste e .
N ov. 1 1929; $1,500,000 N o v . 1 1930 an d $2,000,000 N ov. 1 1931. R ed.
H oosick F alls Illu m in atin g Co / ____
36,000
I9b5
whole or p a r t on 30 d a y s n o tice a t following prices a n d in te re st: P rio r to
$150,000_______________ t f (C olum bia T r u s t C o ., N ew Y o rk, tru ste e .
N o v . 1 1927 a t 1 0 0 on a n d a fte r N ov. 1 1927 to a n d incl. O ct. 31 1928
H oosick F alls E lectric C o / ____
65,000
1930
a t 100H : th e re a fte r a t 100. In A ug. 1926 H alsey, S tu a rt & C o ., In c .,
$75,000________________ t f (O ld C olony T ru s t C o ., B oston, tru ste e .
offered $5,000,000 a t prices ra nging from 98?^ a n d in t. to 9 9 >2 a n d in t.,
B ennington E lectric C o $ 1 7 5 , - / ____
56.500
1935
to yield fro m 5.17% to 5 .3 0 % . V . 123, p . 842.
0 0 0 ____________________ tf/C o lu m b ia T ru s t C o ., N ew Y ork, tru ste e .
D ividends.— A n initial q u a r. div . of 1M % w as p aid on 7% p rio r lien
S t Jo h n sb u ry El Co 1st M_ _tf 1909
5 M -S
80.000 M ar 1 1 929
Berw ick & Salm on P alls E l C o f 1913 5 g A-O
188,000 O ct 1 1953 stock in April 1925 and q u a rte rly since.
E A R N IN G S .— F o r c alen d a r years:
1925.
1924.
1st & re f g ($1,000 c* )_ t f U rg in g B an k -C o l. T r. C o ., N . Y ., tru s te e .
_
Stock.-—T h e p rio r lien 7% sto ck is redeem able, all or in p a rt, since J u ly 1 I n c o mde ________________________________________ $2,985,782 $2,118,717
p
ap p ro p as reserve for c o n tin g
483,779
338,436
1925 a t 110 an d divs. H as equal voting pow er w ith b o th pref. and com. E xte e ns titu res, incl.nd serial. gold n o te s___________ .
214,090
263,176
re on
sto ck if an y d iv . rem ains u n p aid for one y e ar. Is p rio r in lien bo th as to Inividends ploans a p rio r lien a n d preferred sto c k s. .
a id on
1,528,950 1,001,943
assets and earnings to th e 5% p ref. sto ck a n d th e c o m . sto ck . V . 109, p . 79. D
Bonds.— T h e 1st A- ref. mtge. 5% gold bonds, due Oct. 1 1953, a re call, on
B a la n c e ______________________________________
$758,963
$515,162
60 d a y s’ notice a t 105 an d in t. B eginning D ec. 31 1918 an d a n n u ally th e re ­ P ro p o rtio n of su b . cos.’ aggregate u n d istrib u te d
a fte r 5% of gross earnings for preceding y e ar shall be set aside as a reserve
su rp lu s for the y e ar accruing to M id lan d U til. C o.
376,878
374,573
fu n d . In addition to o u tsta n d in g bonds (see ab o v e), $2,173,300 are pledged C om bined su rp lu s earns, of th e co. a nd subsidiaries 1,135,840
889,735
u n d e r 1st lien & ref. 514 s Series A of 1945. M o rtg ag e closed except for issuG ross earnings of the o p e ra tin g subsidiaries in 1925 a m ounted to $18,188,a n c e 'o f ad d itio n al collateral to 1st lien & ref. 5 /f s , series A 1945.
499, a g ain st $12,172,589 in 1924.
T h e 1st lien & ref. mtge. Series A 5}4 % gold bonds are re a . all or p a rt upon
Latest E arnings.— F o r 12 m os. ended J u n e 30 1926, gross e arn , of su b s.,
30 d a y s ’ notice, incl. M a r. 1 1930, a t 105; incl. M a r. 1 1935, a t 104; incl. $19,256,540; e a rn , of subs, accruing to M id i. U t. C o., $2,700,516; o th . in c .,
M a r. 1940, a t 103; incl. Sept. 1 1944, a t 10214, less )4% for each year $727,928; a d m . & m isc. exp. & conting. reserve, $645,315; a v ail, fo r in t.
elapsed afte r P eb . 29 1940; a fte r S ept. 1 1944 a t 100. Secured b y a m o rt­ on fu n d e d d e b t, $2,783,129.
gage plus $2,173,300 1st & ref. m tge. 5% gold bonds due 1953. P e n n , and
O
IC E
of B
uel Insull; P res., Sam
C o n n . 4-mills ta x , M a ry lan d 4 )4 mills ta x and M ass, incom e ta x n o t ex­ J r.; F F.-P ., R.S .—-C hairm an re a s .,o ard , SamM itchell; Sec., W m . Duel In su l
J
G ulick;
eo. F
. B oone;
ceeding 6% refundable. In Ju n e 1925 H ill, Jo in er & C o ., In c ., sold $1,- C o mV t., W . AH . auer.— VT 120, p .G1089, .1203, 1327; V. 121, p . 200, 1101,
p
. S
.
900,000 a t 9 5 H an d in t., yielding over 5 % % • V. 120, p . 3066.
1908, 2402; V. 122, p . 1456, 1917, 2329; V. 123, p . 710, 842, 1113.
D ividends.— 5% yearly h as been p a id reg u larly on p re f. sto ck since 1907.
N O R T H E R N IN D IA N A PU B L IC SERV IC E CO.
D ividends are being regularly p aid on th e 7% p rio r pref. In O ct. 1921
M erger.—
of J u n 3
co. m erged
e rties of
^ o f 1% w as p aid on com m on: sam e ra te reg u larly q u a rte rly since to and In d ia n a Gas As Electrice Co.,1926 com m on an dth e p ro ppreferred th e Northern
&
th e
class
stocks
th e
including O ct. 1922. In D ec. 1922 a sto ck div id en d of 5% was p a id . In la tte r c o m pany to be c o nverted share for share A to com m on a n d of re f.
in
p
1923. 5% stock: 1924, 8% stock: 1925, 8% cash.
sto ck s of N o rth e rn In d . "Pub. Serv. Co. F o r p a rtic u la rs, see V . 122.
E A R N IN G S .— F o r calen d ar y ears (incl. subsidiaries):
p . 1026, 1167, 1170, 3210.
1Q98
1999
1924.
1925.
O R G A N IZ A T IO N .— in c o rp o ra te d In In d ia n a in 1912 as Calumet Gas &
G ross e a rn s ., in c l . m d se . sales . $ 1 ,684,274 $1,532,741 $1,462,324 $1,340,558 Electric Co. C hanged nam e to presen t title in J a n . 1926, V . 122, p. 607.
503,168
492,594 In th e m iddle of 1925 was re p o rte d acquiring th e super-pow er system of th e
583,203
N e t a fte r tax es a n d d e p re c
627,714
24,383
10,838
15,636
M iscellaneous in co m e_______
21,497
Calumet Power Co. a n d also th e properties of th e following com panies:
In d ia n a 1E lectric U tilities C o ., (Indiana properties only), C . F . C ain Pow er
$503,432 & L ig h t C o., H aw k B ros. M illing C o., B ass L ake L ight & Pow er C o .,
$527,551
$598,839
T o ta l in co m e____________ $649,211
I n t., a m o rt, o f b o n d disc.
N evada M ills E lectric C o ., O rland L ight & Pow er C o. V. 120, p. 2940,
254,992
265,926 3184, 3311; V. 121. p . 196, 328. F o r full d etails of plans announced in
244,186
258,100
an d ex p __________________
110,604
73,070 O ct. 1925 for interconnection of a super-pow er system to extend into 7
140,429
P rio r lien d iv id e n d s________
164,623
77,625 S tates, th e construction of a 132,000 v o lt transm ission line betw een M ichigan
77,625
77,625
P referred d iv id e n d s________
77,625
19,793 C ity a n d S outh B end, &c., & c.,see V. 121, p . 2155. Sale of th e M ichigan
133,392
C om m on d iv id e n d s_________
143,432
72,900 p roperties of In d ia n a E lectric U tilities C o. to H illsdale C o u n ty E lectric
77,448
C om m on d iv id en d s, s to c k _
_
______
C o. w as pla n n e d a t th e e nd of 1925. See V . 122, p . 94. In O ct. 1926
$5,431
$3,207
$6,882 def.$5,882
Surp lu s for y e a r_________
p la n n e d to pu rch ase P e ru (In d .) G as C o. an d In d ia n a G as T ra n s p o rt Co.
T o ta l s u rp lu s_______________
85,480
80,049
76,842
69,960 D e tails a n d new financing in V . 123, p . 1877.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Latest E arnings.— F o r 12 m os. e n d . A ug. 31 1926: G ross, $1,823,662
C o. serves 119 com m unities w ith gas or e le ctricity or b o th . T h e te rrito ry
n e t a fte r tax es, $817,104; b o n d in t., & c., $238,998; b alance, $578,106.
th in u
l a
u th ea st
ta b ly th e cities
O F F IC E R S .— P res., W . A . B u tte ric k ; V .-P ., R . J . A ndrus; T rea s., H . L . served includesIn d e n ad Hstriao r, re a ss oC hicago,of C hicago,nn oM ichigan C ityl
ia
a rb
Ea t
W h itin g a d
H a rris; Sec., C . A . F o rre st; A sst. T reas. an d A sst. Sec., J . F . R eilly a n d ofoH am m ond,
B th electricity a nd gas a re supplied to these cities an d to La F a y e tte ,
R . H o w arth . G eneral offices, B o sto n , M ass.— Y . 121, p . 1103; V . 122, V alparaiso, a nd P ly m o u th . G as is supplied to South B end, E lk h a rt,
p . 884, 2498.
F o r t W ayne, L ogansport, C raw fordsville, F ra n k fo rt a n d W abash, a n d a
n u m b er o f o th e r cities. P o p u la tio n served e stim ate d a t 560,000. Elec­
tric custom ers, 59,804; gas, 116,596. I n n o rth w e stern In d ia n a co.’s lines
MIDLAND U T I L I T I E S CO.
a n d gas m ains a re interco n n ected w ith th o se of th e Chicago d is tric t. Co.
Ownership.— T h e C lass B p ref. an d com m on stocks are m ain ly held b y th e owns th e 132,000-volt superpow er transm ission line 55 miles in length from
U nited G as Im p ro v em en t C o ., th e C om m onw ealth E dison C o ., Peoples th e In d iana-Illinois S ta te line to N ew C arlisle, In d ., w here it connects w ith
Gas L ight & C oke C o ., th e P ublic Service C o. o f N o rth e rn Illinois a nd the a n o th e r com pany extending e astw ard to P ittsb u rg h , C leveland, a n d poin ts
in V irginia, W e s t V irginia an d K e n tu ck y . C o. h a s 12 gas p la n ts , to ta
M id d le W est U tilities C o.
cap
25,340,000 cu. f t. H
.
p p ly avail­
O R G A N IZ A T IO N .— In c o rp . in D elaw are J u n e 22 1923. W as originally d aily from a c ityown g enerating sta n a s d121,500 k .wtrapow er suneighboring
an u d
n
organized as th e Public Service In v e stm e n t C o. b u t nam e was changed to able panies.its V. 123, p . 83. 207.tio Suppliesntheer c o tire c t fro mto th e stre e t
com
p re s e n t title A ug. 22 1924. Is a n in v e stm en t co. w hich owns or controls railw ays in G ary , In d . T h e p roperties of th e enalu mpow er er C o. w ere
C
pu b lic u tility com panies in n o rth e rn In d ia n a a n d w estern Ohio. Owns leased on F e b . 2 1925 for 36 years to N o rth e rn In d iaet a Pow & E lectric
or c o n tro ls th e e n tire o u tsta n d in g sto ck of all its subsidiaries w ith th e C o., a n d include a 132,000-volt su b sta tio n (55,000 h .pn aG as e tn a, I n d .,
exception o f one. Of th is su b sid iary 97.63% o f th e o u tsta n d in g com m on th e pow er d istrib u tin g c en tre of n o rth w e stern In d ia n a . .)In t Av . 1925 th e
No
sto ck is owned or controlled.
Owns o r controls p u b lic u tility cos. serving 194 com m unities in n o rth e rn p la n was announced to c o n stru c t a large electric g enerating sta tio n in
M ichigan C ity , In d ., th e first u n it of w hich w ill c o st over $6,500,000,
In d ia n a a n d w estern O hio, w ith a n e stim a te d p o p u la tio n of 850,000. T he an d
A
1927. Tw
.w . tu
su b sid iary com panies sold in 1925 7,516,182.600 cu. f t. of gas a n d 231,- w ere is scheduled for operatio n in In ug. th e m erged oN 30,000 kIn d ia nrb in es
ordered.
. 2519.
c l.
a as
717,159 k .w .h . of electrical en ergy. T h e subsidiaries o f th e co. also fu rn ish & E lec. C o., th eV. 121, pserves 119 com m unities w ith o rth e rne le c tric ity G or
system
gas or
,
local tra n s p o rta tio n service in a n d aro u n d G ary , F t. W ayne, L ogansport, b o th . V . 122, p . 3210.
W a b a sh a n d P e ru , In d .
In A pril 1926 In d ia n a P . S. C om m ission au th o rized co. to issue $1,000,000
Subsidiaries.-—T h e principal public u tility subsidiaries are:
pref. stock. V. 122, p . 2652, 3210; an d in A ug. 1926 to issue $12,500,000
In d ia n a Service Corp (see sep a ra te s ta te m e n t).
40-year 1st & re f. m tg e . 5% b onds. V . 123, p . 1114.
N orthern In d ia n a Public Service Co., form erly Calumet Gas <ft E lec
ST O C K A N D B O N D S—
D ate.
Interest. O utstanding. M atu rity.
V . 122, p . 1024.
C om m on (no p a r ) ___ ______ ______
Chicago South Shore
South Bend UR. operates electri c
m Chicago 6% cum p re f ($100)__________________ _________ 1,356,900 shs ________
6 Q-J
$2,500,000 ___________
to S outh B end. F o r reo rg an izatio n , see Y. 121, p . 45 6 .
7% cum p re f ($100)__________________
7 Q-M
8,900,000 S ept 25, 1%
Kokomo Gas & Fuel Co. furnishes gas service in K okom o, In d .
et G
Public Service Pipe Line Co. o p erates, u n d e r lease, a 10-inch gas line C alufmm tge as & E l.AC o. 1st & 1924 6 g A-O
re
series
$l,000,-j
2,500,000 O ct 1 1954
extending from th e city lim its o f C hicago to K okom o, In d ., a distan ce of
$500, $100__________ c * .tf [I n t. a t C hicago a n d N ew Y ork.
127 miles.
Q rtc D / J1 C\C\f\ d C A d C
,
h
) f\
T
P \sic \
1
AO T
f\
($1,000-$500-$100c*)- 11925£ Cl/ m T T O ^7 A Af\C\ A T . 1 1 1 A /)
West Ohio Gas Co. is th e Ohio m em b er o f th e M idland G roup, serving Series B owned by Midland Utilities Co. 5M g J - J 2,700,000 J u ly 1 1960
x All
L im a and 5 o th er cities of w estern Ohio w ith gas (see sep a ra te s ta te m e n t).
Stock.— T h e 6% pref. stock is p referred as to assets a n d cum ul. dividends
Gary Railways Co. (see sep a ra te s ta te m e n t).
over th e com m on sto ck , is on a p a rity in all resp ects w ith th e 7% p ref. stock
East Chicago Gas Co.
u al
ra te ,
is
In a d d itio n to th e above p u b lic u tility com panies, M id lan d U tilities C o. except as tou a n n1926divid en d S tates an d callable price;an dcall, a t, $107 50 a nd
In
C en tra l
Securities C orp.
C lark W illiam s &
controls In d ia n a By-Product Gas Co., w hich operates a 10,000,000 cu. ft. divs. N ew JY ly
C o.,
ork, offered $2,500,000 6% cum . p re f. a t 9 2 X an d div s., to
A
gas holder in E a s t Chicago, in w hich is sto red su rp lu s gas pu rch ased from the yield a b o u t 6 14% . V . 123, p . 83.
steel p la n ts in th is te rrito ry .
A
P
I n A ug. 1926 co. an n o u n ced p u rc h a se o f C alu m et M o to r C oach Co. of forBonds.— In to ug. 1926 co. a p p lie d 4to In d ia n a & u b lic Service C om m ission
a u th o rity
issue $12,500,000 of 0-year 1st ref. m tge. 5% gold bonds.
H am m o n d , In d ., ru n n in g m o to r coaches to H am m o n d an d b etw een H a m ­
p . 711.
m o n d an d E a s t C hicago, a n d betw een H am m o n d an d C hicago. V. 123, V . T123,Calumet Gas & Electric Co. 1st ref. mtge. bonds, series B, a re secured
he
p . 842.
b y a d ire c t firs t m o rtg ag e on a ll p h ysical (including after-acquired) p ro p ­
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S — e rty of th e com pany. In te re s t p a y ab le a t H alsey, S tu a rt & C o., In c .,
C o .’s oper. subsidiaries serve 194 com m unities in 37 counties, m a in ly in C hicago a n d New Y ork. R e d ., all or p a rt on 30 d a y s ’ notice a t 105 prior
n o rth e rn In d ia n a . E lec, lig h t a n d pow er is fu rn ish ed to 148 com m unities, to J u ly 1 1935; on a nd a fte r J u ly 1 1935 a t 104, less 1 % for each full 5-year
gas to 36 and electric r.ailway o r in te ru rb a n service to 51. P o p u la tio n served period elapsed a fte r J u n e 30 1935; on an d a fte r J u ly 1 1955 a t 100. Co m ­
ap p ro x . 850,000. T o ta l electric c ap a c ity , 160.160 k . w ., incl. 82,580 k . w. pan y refu n d s P e n n . .C o nn , a n d M ary la n d 4-m ills ta x , D is tric t of Colum bia
o b tain ed fro m interco n n ectio n s w ith o th e r public u tility com panies. 14 gas 5-mill ta x an d M ass. 6- m ills ta x . In J u ly 1925 H alsey, S tu a rt & C o ., In c .,
p la n ts of a to ta l c ap acity o f 30,470,000 cu . ft. E lectric tra n sm ission and offered $2,700,000 series B a t 98 )4 an d in t., to yield a b o u t 5 .6 0 % . V .
d istrib u tio n lines, 2,568 miles; gas m ains, 1,712 miles.
121, p. 196.
Stock Increase.— Stockholders on A pril 20 1926 increased th e a u thorized
Series A due Oct. 1 1954, a re callable w hole or p a r t on 30 d a y s notice to
C lass A p ref. stock fro m 100,000 sh s. (par $100) to 150,000 sh s., p a r $100. O ct. 1 1953 a t 107 an d in t. less
% for each full y ear elapsed a fte r S ep t. 30
V . 122, p . 1456, 2329.
1924, and on a n d a fte r O ct. 1 1953 a t 100 a n d in t.
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
E A R N IN G S .— C onsolidated incom e acco u n t for 12 m o n th s en d ed :
C om 400,000 shs (no p a r)__________
_______ 220,000 shs __________
M ar. 31 ’26. Dec. 31 ’25.
P rio r lien stock 7% cum $20,O perating re v e n u e ____________
.$10,244,575 $9,997,118
000,000 ($100)____________ _____
7 Q-J
$14,200,000 O c t ’26, 1 \ i O perating expenses___________
. 5,871,441
5,824,120
P r e f c l A 7% cum $15,000,0001 ____
7% Q-J
11,907,100 J u ly ’26, 1 % R e tire m e n t___________________
455,531
427,959
( $ 100) ______ ________ __________/
U ncollectible o p e ra tin g revenue.
54,628
54,119
P r e f c l B 7% cum $10,000,0001 ____
7%
2,118,244 J u ly ’26. 1 M T a x e s________________________
964,626
869,616
( 100 ) _________________________________ /
Serial gold notes ( $ l,0 0 0 ) - - tf [In t. a t H alsey , S tu a rt & C o ., In c ., C hicago
N e t o perating incom e. .
$2,821,308
___________ $2,898,349
| a n d New Y ork.
O ther incom e. _____
. _ _______ _ ___________
346,201
345,316
1927 s e r ie s ______________ | 1925 5 g M -N
1,000,000 N o v 1 1 927
1928 s e r ie s ______________ I 1925 5 g M -N
1,500,000 N o v 11928
T o ta l incom e .
_
_
_ __________
_
$3,244,550 $3,166,624
5% serial g notes $5,000,000/ 1926
5 g M -N 5,000,000 1929-31
J n te re s t on fu n d e d d e b t
._ ________ 1,242,910
1,226,311
($1,000 c ) _____________ tf [ P r in . & in t. a t H alsey, S tu a rt & C o., In c .,
P erferred dividends
..
___________
773,000
597,257
*
I N ew Y o rk or C hicago.
C om m on dividends
_
_ _
1,196,855
Stock.— P rio r lien 7% cum . sto ck is p referred as to assets over th e o th er
*
B alance to su rplus .
. .
_
_
$146,201
classes o f sto ck . C all a t a n y tim e a fte r J u n e 22 1928 a t $120 p e r share and
* N o t available.
all u n p a id divs. L isted on C hicago Stock E xchange. $12,000,000 offered
O F F IC E R S .— C hairm an of B oard, Sam uel In sull; P re s ., Sam uel In s u ll
in M arch 1925 b y C en tra l S tates Securities C o rp ., N . Y ., an d U tility
J r .; V .-P ., C harles W . C hase; V .-P ., M orse D ell P lain ; T re a s ., G eorge F .
Securities C o ., Chicago, a t 98M an d d iv . V. 120, p . 1327.
C um . Class A Pref. Stock is preferred as to assets a n d dividends over M itch ell; Sec., W . D . Boone; C o m p t., R . K . Scheidt; A u d ., P . A . E rla c h .
C lass B p ref. a n d com m on sto ck s, b u t su b ject to th e p re fe re n tia l rig h ts of — V. 120, p . 1456, 2940, 3184, 3311; V . 121, p . 196, 328, 2155, 2519; V. 122,
th e p rio r lien sto ck . C all, a fte r J u n e 22 1928 a t $110 a n d d ivs. In Sept. p . 607, 1026, 1170, 2652, 3210; V . 123, p . 83, 207, 711, 1114, 1505, 1877;
N O R TH ER N IN D IA N A G A S & E LEC TR IC CO.
1925 U tilities Securities C o ., C hicago, a n d C en tra l S ta te s Securities C o rp .,
M erger.— F o r m erger in to N orthern In d ia n a Public Service Co. see th is
N ew Y o rk , offered $2,500,000 C lass A p ref. a t 97 f la t. L isted on C hicago
Stock E x ch an g e. V. 121, p . 1908.
la tte r co., effective J u n e 3 1926. See V . 122, p . 1026, 3210.




162

PUBLIC UTILITIES

[V ol. 123.

MIDLAND SUBSIDIARIES
SERVE
“THE WORKSHOP OF AMERICA”
The Midland Utilities Company is an investment
company which through stock ownership controls public
utility companies furnishing electric, gas or transporta­
tion service to 194 communities located chiefly in
northern Indiana and western Ohio, with an aggregate
population of 850,000. This territory, because of its
industrial development, has come to be known as “The
Workshop of America.”
Gross earnings of the operating subsidiaries for the
12 month period ending June 30, 1926, totaled $19,256,540.32, compared with $17,641,442.32 for the corres­
ponding period ending June 30, 1925.
Customers served with electricity totaled 84,707 and
those served with gas 144,214 on June 30, 1926. Elec­
tric sales for the 12 month period ending June 30,
1926, were 253,610,259 kilowatt hours, an increase of
18.25 per cent over the preceding similar period. In
addition, 53,437,382 kilowatt hours were supplied
electric railways operated by subsidiaries. Gas sold
in the same period amounted to 8,346,459,000 cubic feet,
which represented an increase of 28.20 per cent over
the preceding 12 month period.
The total investment of the subsidiary companies in
properties as of June 30, 1926, was $89,411,150.11.
Securities of subsidiary companies in the hands of the
public included bonds in the amount of $40,231,593.22
and preferred stock in the amount of $11,454,700.00.
On June 30, 1926, there were 32,424 stockholders
of record of the Midland Utilities Company and its
subsidiaries. These stockholders own Prior Lien, Class
A Preferred, and Preferred stocks of the various com­
panies. The Class B Preferred and Common stocks
of the Midland Utilities Company are mainly held by
The United Gas Improvement Company, Common­
wealth Edison Company, The Peoples Gas Light &
Coke Company, Public Service Company of Northern
Illinois, and Middle West Utilities Company.

M id l a n d U t i l it i e s C o m p a n y




Peoples Gas Building, 122 South Michigan Avenue
CHICAGO

Oct., 1926.]

POWER, LIGHT AND RAILWAY

163

O R G A N I Z A T I l *N —I n c o r p in I n d i a n a in VI- r<-h IOOP a s a c o n s o l i d a t i o n
from th e In d ia n a P . S. C om m ission. C o m p a n y ’s generating s ta tio n in
of several cos. o p eratin g gas and electric properties in n o rth e rn In d ia n a . F t. W ayne has a c a p a c ity of ap p ro x . 41.500 h .p .; 725 transm ission and
Since acquired various o th er properties.
d istrib u tio n lines. Go. serves electric lig h t a nd pow er in F t. W ayne and
C o m p an y ow ns all th e com m on sto ck o f Peru G as C o.
22 sm aller com m unities.
R E C A P IT A L IZ A T IO N .— D uring th e la tte r p a rt of 1925 co. called its
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns a n d o p erates p ro p erties em ployed principally in th e p roduction and entire ou tsta n d in g 7% pref. stock a t p a r. a nd Issued a new 7% pref. class A
sale o f electricity and gas for lig h t, h eat and power. C o. and its associated stock. C onverted th e old $100 par value com . sto ck in to no p a r value
Cos. serve directlv 14 Indiana cnmmunitie-- I - " itb eleetH ritv and 25 with stock on th e basis of 10 new shares for 1 share old.
gas. Also wholesales electricity to tw o additional m u nicipalities. H am ­ V. 121, p. 839.
m ond. W hiting. Indiana H arb o r. E a st C hicago. M ichigan C ity and Lafay­
ST O C K AN D B O N D S —
Date. Interest.
O utstanding.M a tu rity .
e tte are am ong th e principal m a n u factu rin g centres served w ith both C om m on 590.000 shs (no p a r ) . ____
_________ 3 9 < ,7 1 1 sh s.____________
electricity and gas
South B end. F t . W ayne, and th e neighboring industrial P ref cl A $2,790,000 ($100)...
7%
$2,050,000 S ept ’26 1 *A
sections a re supplied with gas. Population served w ith gas e stim ated a t 6% p re f ($100).............................. ...........
6 Q -M
700,000
..............
490.000. with electricity 169 000. 10 gas p lan ts of 23.920 000 cu. ft. aggre- Prior p referen ce.......................................
............ ......
N one
---------------te daily c ap acity . 1.032.63 miles of gas mains. 107.219 gas custom ers, 1st A ref m tge series A ($500/
1920 5 g J - J
7.522 386 J a n 1 1950
electric generating statio n s (steam plants) of 43 350 k .w ., w ith 70,000
and $1,000) g o ld ______c * tflC e n tra l U nion T r u s t C o., N . Y ., tru s te e .
k .w . additional capacity th ro u g h interconnection w ith o th er public u tility A dju stm en t m ortgage b o n d s/
1920 See te x t
4,795.533
2020
cos. 546.27 miles of pole lines: 42.018 custom ers. Electric sales 1925,
(non-rum ) $6,000.000____ 1
146.632.405 k w h
F t W M A B 1st M $400,000/
1905 5 g J - J
173.000 Ju ly 1 1935
In 1924 the co. retired all the C lass " B " prof stock and all th e com . stock
gold ($1.000) guar p A i . t f ) I n t a t G u a r. T r . & S. D C o., P h ila., tru ste e
of $100 par value and issued in exchange com slock o f no par value on the C ar tru s t equip n o te s________ _____
_________
447.500 __________
basis of 10 shares of new no par value common for each existing share of
Stock.— Pref. is preferred as to dividend and assets over com m on sto ck .
common and C lass " B " prof of $100 p ar. C om pare V. 119, p 949.
C allable a t $110 and dividends. T h e 6% p re f. is on a p a rity in all respects
C om pany applied In Sept. 1925 to Ind I* 8 C om m ission fo r a u th o rity
th e 7% pref.
as to dividend ra te
to issue $1,000,000 preferred sto ck . V. 121. p. 1569. In April 1926 a p ­ w ith is call, a t $107stock except In A ug. 1926 U tility a nd callableoprice. 6%
50 & divs.
Securities C ., C hicago,
plied for a u th o rity to issue $3,000,000 C lass “ A" pref. sto ck . V. 122. p . pref.
offered $700,000 6% p re f. sto ck a t $92.50, to yield a b o u t 6 .5 0 % . V.
2652. In Aug. 1926 to issue $4,000,000 1st lien & ref. m tge. gold bonds, 123, p 981.
6% series. V. 123. p. 711. 1114.
Bonds.— In a d d itio n to th e 1st & re f m tge. 5s reported o u tsta n d in g ,
Employees’ Investm ents.— In N ov. 1925 a new su b sid iary , th e M idland
are reserved
retire
m o u n o fu n
in g
Co-operative Investment Co. was organized to handle a new savings and $250,000 in the a m o u nto shown a likeea above t tab le d e rlyu tsta liens. , $238,058
included
t
in th
as o
d in g are held
Inv estm en t p lan for employees with final p ay m en ts in preferred stock of the in the treasu ry . R ed. all or p a rt on a ny int. d a te on 69 d a y s’nnotice a t 102/4
co m p an y . See for details V, 121. p. 2403.
and int. $1,293,000 were offered in S ept. 1924 by A rth u r P erry & C o.,
STO CK \ \ l > B O N D S—
Dale. Interest. O utstanding.
M aturity.
B oston.
Com l,3 7 5 .0 0 0 t hs (no p a r)_ _____ __________ 1,100.000 sbs. J u n e '2 6 20c
_
in t. on a d ju st, m tge. bonds is p ayable sem l-ann. if earned (non-cum .).
C lass A 7"'. prof *21 000.and no in t. stiall be paid unless earned in excess of proper prior charges.
OOftdMoi))
............
7Q J
7 .ooo.000 J u lv ’26. IH
T h e m axim um in t ra te was fixed as follows: for 1920, 3% per a n n .; for
C law B p ref $6,500 000 ($100). ..................................
N one
...................
1923.
year th e re a
1st re f M *|if.d o n nun
1909 5 g A-O
2.155.000 A pr 1 1929 1921, 3% ;m1922 4% , was 5% ; 19241 and each 113. p. 1471.fte r, 6 % . An
ay en
T
$500 A $1,000) gold
c * /C e n tra l T ru st C o. o f Illinois. C hicago, T ru s. initial pe n title dt of 3% re senm aden O ct. th e1921 V. fte r 1923 if th e h e t.holders
will be
to re p
ta tio on
board a
in is not
1st lien & ref M ser M ay 1922' 1922
6 g M -N
7 000.000 M ay 1 1952 earned and paid for a period of tw o years. R ed ., all or in p a rt, a t p a r and
($500 & $1,000) gold c * tf/F id e lity T ru st C o .. P h iladelphia. T ru ste e .
8-yr sec notes ser " A " (« 100. l 1924 51* g J-D 4,500.000 Ju n e 1 1927 int. on any in t. d a te .
■
Ind Service car tru s ts Ser. ’’ A’’ m a tu re $5,000 q u a rte rly . T ri-S ta te Loan
$500 A $ 1.000) gold _c*tf/ First T ru st A Savings B ank, C hicago, T ru s.
A T ru st Co Ser. "B '' m a tu re $12,500 J u n e 1 a nd D ec. 1. I n t. a t First
U nderlyiny /divisional Bonds—
C raw fordsville V A G Co 1st \1 1908 5 g 1-0
106 000 J u n e 1 1928 N ational Bank. Fort W ayue.
Ind ian a Lighting C o 1st M tge 1908 4 g F A
3,018 000 Aug 1 1958
E A R N IN G S .- - For c alen d a r years.
M ich Cit v A V id n rl c o „ p iM io o 't
.
S g \-G
270 900 \ o r I 1033
N et
Interest
Gross
Peru G as Co 1st M g $500,000/ 1909 6 M -N
142.000 N ov 119 5 9
A Autort. Balance.
Revenues.
Revenues. a Expenses.
($1.000 c * ) ....................... tf 1In t. a t C en tral Union T r u s t C o .. N . Y .. T r.
1925_________ $3,869,733 $2.801.549 $ i ,098.184 $719,799 x$ 179,941
673 878
199.623
873.5 1
2 765 92.3
Stock.— C lass "A " pref Is call, after J a n I 1932 at 115 & divs. on any 1924_________ 3 639 424
56-.146
332.497
896.643
2.632.070
dlv. d a le
Ir> Peh 1925 H ayden. Stone A Co. and M iddle W est U tilities 1923................... 3.528.714
220,857
752.803
531.946
2.346.412
Cor^.Qoffered $1,000,000 Class "A " pref a t 9 8 H & d iv .. to yield 7.10% . 1 9 2 2 . .. ............ 3.099.214
I
160.644
451.78?
2.269.915
612.426
1921.................. 2.882.341
a Including taxes a nd re tirem e n t charge.
B onds.— i H ih<- I.it ,V re), mtge. 5s. $7,197,000 a re pledged u n d e r th e
1st lien & ref m tge and th e rem aining $318,000 reserved to re tire u n d e r­
x A fter d e ducting $168,444 dividends.
lying bonds, when Issued must also he pledged un d er 1st lien & ref. m tge.
Lales Earnings.— F o r 12 m os. end. J u n e 30 1926: T o tal revenue, $4,097,Sinking fu n d of I o f o u tsta n d in g bonds provided for.
1st lien A ref mtge bonds are secured by pledge of .$7,197,000 1st ref. 913; n e t a fte r taxes A d e p re c., $1.108,186: in te re st funded d e b t. $734,326:
b alance av ail, for d ividends, $373,860.
m tge. 5s
O F F IC E R S .— C hairm an of th e co m p an y , Sanuel Insull: P res., R o b ert
Series Mag 1922 have sem i-ann sinking fu n d com m encing M arch 1 1932
of a sum equal to
o f 1% o f to ta l am ount of bonds o f th is series o u t­ M . Feustel; V .-P . & T re a s ., H . E. V orderm ark. F o rt W avne: Sec.. F . H .
stan d in g . Are red all or in p art on an y int d a te on 30 d a y s' notice com ­ S ch m id t.— V. 121, p . 74. 839, 2402, 2873; V. 122, p . 348. 1169, V. 123.
m encing Ma.v I 1932. a t 105 and in t. to and loci. M ay 1 1942: th e re a fte r p . 981.
a t 102 t* and in t. prior to m a tu rity
C o. a g r e e s to refund Penna. 4-mills
G A R Y R A IL W A Y S CO.
tax . In M ay 1922 $7,000,000 6"v series of M ay 1922 1st lien A ref. m tge.
bonds were offered by Drexel A C o .. P h ila.. and H alsey. S tu a rt & C o .,
C ontrolled by M idland U tilities C o.
In c .. N Y . at 95 and Ini to yield about 6Aj'7,
V I 14, p 2022.
O R G A N IZ A T IO N .— In co rp . S ept. 26 1917 in V a. as Gary Street Ry. Corp.,
$5,090,000 6 '? series, M arch 1924. a re pledged as secu rity for th e 3-year per reo rg arizatio n plan in V. 106, p. 1230. T h e la tte r co. was reorganized
iec. 5
not es due Ju n e 1 1927
1925
th e G ary Railw
C
In
1925
pro p
Ji’nlps —T t.e 3 , e , r -ii'iiped “ 1< '7 n,lies <er • \ " are ^eenpod by nledve on Aug. 10ary A as alparaiso R y. C ays tho. G ary Aug. o b a rt acquirednth eo. and­
erties of G
V
o ., e
& H
T rac tio C
of $5,000,000 1st lien A ref. m tee bonds 6% series M arch 1924
Are red. th e G ary C onnecting R R.
all or p a rt upon 30 d a y s’ notice a t any tim e prior to Dec. I 1926 a t 101 and
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
In t. a n d on and after Dec. 1 1926 at 100 and int. In Ju ly 1924 $4,500,000
were sold by Drexel A C o., P hila., and H alsey. S tu a rt & C o.. In c .. N . Y ., O perates 72 26 miles in G a ry . H am m ond and Indiana H arbor. Ind. 93
passenger and 14 service cars. In addition 38 m otor coaches are o perated
a t9 9 /£ and in t. to yield a b o u t 5 *4% . V. 119. p. 81
All o f th e o u tstan d in g AO-year 5% 1st A consol, mtge. gold bonds o f the over 9 routes which serve as feeders to th e electric lines.
M ichigan City Gas A Electric Co. . d ated M ay 1 1907. were called for re d e m p ­
Contract with Calumet Gas A Electric Co. (now N orthern [ndiana Public
tion on J a n . 1 1926. For p articu lars see V. 122, p . 95.
Serr. C o.).— G uaranty.— A c o n tra c t d a te d S ept. 6 1917, as am ended,
E A R N IN G S .— F o r c alen d a r years:
provides th a t in consideration of $50,000 in cash, and its g u a ra n ty of the
1925.
1924.
1923.
in te re st on the 20-year d e b en tu re s for a period of five years from O ct. 1
O p eratin g rev en u e__________________$8,501 758 $8 105.950 $7.624.883
1917— extended to O ct. 1 1927— (which g u a ra n ty is secured by deposit
O perating expenses_________________ 5.361 280 5.180.774
5.027.859
of $125,000, the C alu m et G as A E lectric C o. shall have an o p tion for
U ncollectible op eratin g rev en u e_____
46 952
41 785
29.683 five years (extended to O ct. 1 1927) to redeem or pay a t par and in te r­
T ax es____________ _________________
778.654
623.026
512.986 e st all of said d e b en tu re s and thereupon to receive all of th e com m on
stock of th e corporation. T h e Electric C o. is fu rth er to have a renew al for
N e t o p eratin g incom e____________ $2,314,871 $2,260,365 $2,054,356 five years of its c o n tra c t for the furnishing of pow er to (be p roperties, an d ,
O th e r in c o m e .. . . ._ _ ______ __
515.739
296.806
181.858 iu the m eantim e, will control the m anagem ent through a voting tru s t agree­
m ent under which all of the com m on stock of th< corporation is to he d e ­
T o ta l incom e____________________ $2 611 678 $2,776 104 $2,236,214
posited w ith three voting tru ste e s, of whom one shall be a re p re sen ta tiv e of
In te re s t on funded d e b t____________
1.004 642
882 927
766 063 the Old G ary A In te ru rb a u Ry. bondholders and th e o th e r tw o of the
612.0281 1.014.500 C alum et G as A E lectric C o. In case the Electric C o. shall no t cause to be
Preferred dividends declared ________
485.471
C om m on dividends d e clared ________ 1,031.250
929.730/
redeem ed all of the d eb en tu res on or before O ct. 1 1927. or in case it shall
O ther d e d u ctio n s from to ta l in c o m e ..
115.722 d efault on its g u a ra n ty of the p a y m e n t of in t. thereon, then the common
stock of th e C orporation shall be d istrib u te d ra ta b ly am ong the holders of
B alance, su rp lu s______ _____ ____
$339,929 the d ebentures.
$90,315
$351 .419
P ro fit and loss su rp lu s Dec. 31 ______
$804,562
(The C alu m et G as & Electric C o. is an Indiana corp. and secures its
$904,674
$467,138
electric power from various pow er generating sources, selling and dis­
O F F IC E R S .— P res.. Sam uel Insull; V .-Ps., J . T . H utchings, S. E
M u lh o llan d , M orse Dell Plain; V .-P. & A sst to P res.. Sam uel Iusull Jr.: trib u tin g the sam e in com m unities th ro u g h o u t north ern Indiana.)
In April 1924 w as a u thorized by the lu d . P . S. C otntn. to issue $643,000
T re a s ., G eo. F. M itchell; C o m p t., P. A. Erlach; Sec., W. D. Boone.—
V. 121. p . 1569. 2157. 2403; V. 122, p . 95. 1026, 1311, 1456, 2652, 3210; 5% bonds. V. 118. p. 2304.
ST O C K S A N D R O N D S .—
Date.
Interest. O utstanding.
M aturity.
V. 123, p . 711.
_________ 238.122 shs
.................
C om m on 275.000 shs w ithout
IN D IA N A S E R V IC E C O R P O R A T IO N .
par value (stated v a l$ l() ).7.2 %
$178,900 .....................
7.2% pref C lass A $1,075,000
Control.— C ontrolled by th e M idland U tilities C o. V. 120. p . 1089.
($
0 ) ............................................................
O R G AN1 ZATI <>V .— I ucorp in I ndiana on Jan 15 1920 to ta k e over the 7.29f1 0pref C lass B $B75.000
7 .2 %
4 71 .500 ____________
F t. W ayne A N orthern In d ian a T rac. Co. and W abash Valley U tilities Co.
($ 1 0 0 )......................... - .........../
With th e exception of the Lafayette Street Ry. p ro p erty as per plan o u t­ G ary S tre e t Rv Co first m tg e f 1917 5 g A-O
526 500 O ct 1 1937
lined in th is Section of April 24 1920. Formal tran sfer of the property
$2,500,000 ($100. $500 a n d { C e n t. T r u s t C o. of 111. and Askel K . B odwas m ade on April 28 1920. V. I 10. p 2192
T h e F t. W ayne A N orthern
$1 000) __ . . . . . . .
I hold t. tru ste e s.
In d ia n a T rae. Co (for history see “ Electric R ailw ay" Supplement, of April
1st lien A ref m tge gold Series/ 1925
6
F- A
550.000 Aug 15 1945
24 1920) was successor to the Ft. W ayne A W abash Valley T ractio n C o.,
"A " ($1,000. $500. $1()0)| In t. a t H alsey. S tu a rt A C o., In c ., C hicago
which had previously acquired through consolidation or purchase the
c * tf I and N ew Y ork.
following companies:
5Hi% equip tr g c e rtific a te s ' 1925 5/4 ft J -D
350 000
1926-1930
series A ($1.000)________ t f \ l u t . w arran ts p a y ab le in C hisago a n d N . Y .
F t. W ayne M arion A B luffton T r . Co. Logansport R ailw ay C o.
P ref class A su b scrip tio n s____ ___
_______
246 800 ---------------F t. W ayne El. I.t. A Power Co.
Logans Koch. A N or T ra c . Co.
F t. W ayne A Southw . T rac . C o.
W ahash-L ogansport T rac tio n C o.
Stock.— I‘referred stock of both cos. is lim ited to th e a u th . am o u n ts
F t. W ayne T ractio n Co.
W abash R iver T rac tio n C o.
m entioned above. B oth issues a re red. a s a whole a t p a r on 30 d a y s ’ no­
L a fa y e tte A Logans p o rt T rac . C o.
rice. D ividends on th e com m on stock of th e G ary S tree t R y. C o. of In d .
Also ow ns Fo rt W ayne Pow er and W abash Valley U tility C o. Owns are lim ited du rin g th e life o f th e voting tru s t to $100,000 per a n n u m .
a on e-fo u rth interest in th e U nited T rac tio n s C oal C o ., w hich ow ns and
Voting Trust.— All th e com m on stock of G ary S tree t Ry Corp. (except
leases v aluable coal lands to insure th e com pany an a d eq u a te su pply of d ire c to rs’ shares was held under a voting tru s t agreem ent for five years to
coal (see Shirley R ealty C o. of ludiana in V. 104. p. 1805). In M ay 1924 O ct. 1 1922, b u t ag reem en t has been extended to O ct. 1 1927. T ru stees
acquired th e Ft. W ayne A N orthw estern Ry. o p eratin g an tn te ru rb an line are M ortim er N . B uckner. W. D . Boone and C harles W. C hase.
from K endallville, in d ., to F t. W ayne and W aterloo, In d ., and furnishing
Bonds.— R em aining G a ry S t R y. C o. 1st M . bonds ma.v be issued for
light and pow er to tow ns and cities along th e line
Has assum ed $355,000
ad d itio n s, e x t’ns and im p ts. for n o t over 85% of cash c o st of sam e, a n d for
o u tsta n d in g bonds of th a t co. V 118. p. 2704: V 119. p. 693
In J a n . 1926 a c q u ire d . and on Ju ly 26 1926 merged th e M arion & B luffton repaving and tra c k renew als necessitated by public o rders, for n o t m ore
T ra c tio n C o. (see sep a ra te s ta te m e n t), th e B erne E lectric L ight C o ., th e th a n 90% of tb e cash c ost of sam e under certain re stric tio n s. C allable a t
105. In additio n to th e $536,500 o u tsta n d in g , $550,000 a re pledged under
B ry a n t E lectric C o. and th e W ells C o u n ty E lectric C o. V. 122, p . 348.
th e 1st lien A ref. m tge.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U SIN E S S —
T h e Gary Rys. Co Is/ Lien A Ref. Mtge. 6 % Gold Bonds. Series A 1925,
C om pany supplies electric light and power and stre e t railw ay service in
F t. W ayne. In d .. and electrlr light and power also to 22 sm aller com m unities are re d ., whole or p a rt, upon 30 days' notice, incl. Aug 15 1930 a t 107/4;
In th e W abash Valley through central In diana. O perates 242 miles of Incl. Aug. 15 1935, a t 105. after Aug. 15 1935 a t 105 less 4 % for each year
tra c k , 64 m iles city lines and 178 i.te r u rb a n lines con n ectin g F t. W ayne, or p a rt of year a fte r Aug. 14 1935. and afte r Aug. 15 1944 a t 100. Secured
H u n tin g to n , W abash, P eru , L og an sp o rt. Oolphi, La F a y e tte a nd B luffton; by m ortgage and in additio n by deposit w ith tru ste e of $550,000 1st m tge.
also local lines in F t. W ayne, W abash. P e ru and L o g an sp o rt. A t Logans­ bonds of th e com pany. Penna. and C onn. 4-mills tax. M ary lan d 4 /4-m ills
p o rt, P e ru , W ab ash and B luffton connection is m ad e for In d ianapolis over ta x , D ist. of Col. 5-mills tax and M ass, incom e tax up to 6% refundable.
In Aug. 1925 H alsey. S tu a rt & C o .. Iu c ., sold $550,000 a t 96 a n d in t., to
th e tracks, o f In d ia n a U nion T rac tio n C o. In M ay 1906 began th ro u g h
service betw een F t. W ayne and In dianapolis over tra c k s of U nion T rac tio n yield 6*4% .
T h e Gary Rys. Co. 5 /4 % equip, tr. g. certificates,,series A , dated Dec. 1
C o. o f In d ia n a . See V. 82, p. 1101. P o p u latio n served b y c o .’s tra n sp o r­
1925, were issued u n d e r th e so-called “ P hiladelphia P la n " a n d m a tu re
ta tio n lines a p p ro x . 464,446. Owns 174 passenger cars a n d 108 o th e r cars.
ALso o p e ra te s 6 m o to r coaches. O p erates un d er a n in d e te rm in a te p e rm it serially ou D ec. 1 of th e years 1926 to 1930, incl. R e d ., w hole o r p a rt.

r




164

PUBLIC UTILITIES

on 30 d a y s n o tice, a t 101 a n d d iv s. p lu s 1 % for each fu ll y e ar of unexpired
life. P e n n . 4-m ills ta x re fu n d a b le on J a n . 1 1926. H alsey, S tu a rt & Co.
offered $350,000 series A a t p rices to yield a p p ro x . 534-6% , d e p en d e n t upon
m a tu rity d a te . V . 122, p . 213.
E A R N IN G S .— F o r c alen d a r y ears:
1925.
1924.
Passen g ers c a rrie d ___________________
15,597,784 12,527,906
O p eratin g re v e n u e ___________________
$1,204,729
$998,418
O p eratin g expenses__________________
927,692
773,290
O th e r ch arg es, in clu d in g ta x e s ________
88,177
73,813
B ond in te re s t_______________________
73.796
69,523
D iv id e n d s ___________________________
92,632
______
B alan ce, su rp lu s______________________________
$22,432
$81,792
O F F IC E R S .— C h airm an , Sam uel In su ll; P res., C harles W . C hase;
V .-P s., Sam uel In su ll J r . a n d T h o m as J . H am ilto n : Sec., W . D . Boone:
T re a s ., G . F . M itch ell; G en. M g r., T . G . H am ilto n ; C o m p t., W . A. Sauer;
A u d ., F . M . K e m p .— V . 121, p . 74, 457, 839, 977, 2637; V . 122, p . 94,
213, 1169.
(a) G A R Y & V A L P A R A IS O R Y . C O .
I n A ug. 1925 G a ry R y s. C o. acq u ired th e p ro p erties of th e com pany.
O R G A N IZ A T IO N .— In c o rp o rate d in In d ia n a on N o v 19 1917 w ith
au th o rized c ap ita l sto ck o f $10,000 to o p e ra te th e lines o f th e G ary C onnect­
ing R R . a n d th e V alparaiso & N o rth e rn R y ., w hich w ere sold under fore­
closure S ep t. 18 1917. See also V. 112, p . 1977. O p erates th e form er
p ro p e rty u n d e r a 20-year lease an d ow ns a n d o p erates th e la tte r.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
E x ten d s fro m G oodrum th ro u g h W oodville Ju n ctio n to V alparaiso, 8
m iles (ow ned), a n d from W oodville J u n c tio n to G a ry , 16 m iles (leased)—
see a b o v e. T o ta l m ileage o p e ra te d , 24 m iles.
C A P IT A L IZ A T IO N .— On J a n . 31 1922 th e above co m m ittee sold a t
au ctio n th e follow ing securities o f th e G a ry & V alparaiso R y .: (a) $47,000
20-year 6% 1st M . bonds d a te d J a n . 1 1922 [to tal issu ed, $67,000; to ta l
a u th ., $1,000,0001; (6) $78,000 2 0-year 6% a d ju st, incom e M . bonds d a te d
J a n . 1 1922 [to tal a u th ., $78,000]; (c) $70,000 6% n o n -cu m . p re f. stock
[to tal a u th . & o u tsta n d in g , $70,000]; (d) $70,000 com . sto ck [to tal a u th .
an d o u tsta n d in g , $70,0001. V . 114, p . 409. All th e ab o v e securities were
Issued u n d e r a u th . o f In d . P . S. C om m , in p a y m e n t of th e p ro p e rty .
E A R N IN G S .— F o r calen d ar years:
1Q9 X

1O n

G ro ss______________________________
$86,606
$99,744
N e t a fte r ta x e s _____________________
d e f1,344
def3,207
— V . 112, p . 257 1977; V . 114, p . 409; V. 121, p . 457.

1099

$104,993
3,327

PUBLIC SERVICE CO. OF NORTHERN ILLINOIS.

[V ol. 123.

a fte r M a y 1 1965 a t 100. C o. refu n d s P e n n . & C onn. 4 m ills a n d M ass.
6% taxes. A pplication w as to be m ade to list these bonds on C hicago
Stock E xchange. V . 122, p . 1027; V . 123, p . 1252.
Dividends—
1912. 1923. 1914. 1915. No®. 1916 to M a y '25.
On com m on (per cent) 4
4M
5
534 7% p e r a n n . (1M Q --F)
On no p a r v alu e sto ck p a id $1 75 q u a r. A ug. 1 1923 to M a y 1 1925.
On A ug. 1 1925 a q u a r. d iv . of $2 p e r share w as p a id on no p a r com m on
an d 2% on p a r com m on, w hich ra te h a s been m a in ta in e d to d a te . V . 120,
p . 3066.
E A R N IN G S .— F o r calen d ar years:
1925.
1924.
1923.
1922.
T o tal o perating revenue_$20,646,821 $18,003,904 $16,014,342 $13,712,095
10,318,858 9,586,835
8,219,491
O perating expenses_____ 11,010,152
D e p re c ia tio n __________
1,200,000
803,553
730,660
670,660
Taxes & uncoilec. r e v . . . 1,610,404
1,446,271 1,116,174
931,831
N e t operating in co m e. $6,826,264
O ther incom e__________
800,620
T o ta l incom e_________ $7,626,884
In te re s t charges, &c____ 3,480,334
P referred divid en d s____ 1,004,412
C om m on divid en d s_____ 1,710,289

$5,435,222
1,005,229
$6,440,451
3,234,489
671,191
1,452,336

$4,580,673
726,367

$3,891,113
513,021

$5,307,040 $4,404,134
2,872,645
2,568,663
595,272
589,133
1,075,926
799,965

S u rp lu s______________$1,431,849 $1,082,434
$763,197
$446,373
F o r calendar y ear 1921 to ta l operating revenue a m o u n te d to $12,213,315
an d surplus a fte r com m on dividends $275,262.
O F F IC E R S .— C h airm a n , Sam uel In sull; P re s ., B ritto n I . B u d d ; V .-P s.,
Jo h n H . G ulick, Juliu s L . H e ch t, Jo h n G .L earned a n d C h as. W . B radley;
V .-P . & T re a s ., G eorge R . Jones; Sec., J . W . K ehoe; C o m p t., R . S. H olden;
A sst. Sec. & A sst. T re a s ., W . J . W h ite , J . M . N elson, E . E . B rennem an;
A u d ., H . D . H a m m o n d . Office, 72 W . A dam s S t., C hicago.— V . 119, p .
1634, 2880; V. 120, p . 959, 1020, 2159, 3066; V . 121, p . 77, 2039, 3132; V.
122, p . 613, 1027, 1170, 1918; V . 123, p . 1252.

CHICAGO RAPID TRANSIT CO.
Control.— C om m onw ealth E dison C o. ow ns a m a jo rity of th e voting
tru s t c ertificates.
O R G A N IZ A T IO N .— In c o rp . J a n . 9 1924 u n d e r general ra ilro a d law s of
Illinois for a te rm o f 50 years. W as form ed as p e r p la n for th e reo rg an i­
zation o f th e C hicago E lev a te d R ailw ays (o u tlin ed in “ E lec tric R y .” S u p ­
plem ent of O ct. 27 1923) b y consolidation o f th e M etro p o lita n W est Side
E lev ated R y . C o., N o rth w e stern E lev a te d R R . C o. an d S outh Side E le­
v a te d R R . C o. on J a n . 9 1924. a nd on J a n . 31 1924 it a cq u ired title to th e
properties o f th e C hicago & O ak P a rk E lev a te d R R . C o. th ro u g h purchase
a t foreclosure sale. T h e original elevated lines began operation as follows:
T he S outh Side E l. in 1892, th e O ak P a rk E l. in 1893, th e M etro p o lita n
W est Side E l. in 1895 an d th e N o rth w e stern E l. in 1900. F o r sep a ra te
statem e n ts o f these cos. p rio r to consolidation see " E le c tric R y .” S upple­
m ent o f O ct. 27 1923.
Following th e sale on J a n . 5 1924 o f c o llateral pledged u n d e r th e secured
gold notes o f C hicago E lev a te d R ailw ays, th e p la n of reo rg an izatio n (dated
Ju ly 14 1923) w as declared o p e ra tiv e on F e b . 18 1924, a p p ro x . 97% o f th e
secured gold notes an d over 90% o f th e 10-year 6% d e b en tu re s having
been deposited u n d e r th e p la n .
f
U nder th e p la n depositing n o te holders received for each $1,000 o f n o te s
extended to Ju ly 1 1919. th e following securities o f th e C hicago R . T . C o.:
(a) 1st & ref. m tge. gold bonds, Ser. A , 6 % , d u e J u ly 1 1953________ $100
(b) A d ju stm e n t d e b en tu re bonds, d u e J u ly 1 1963___________________ 1,170
(c) T ru s t certific a te s for com m on s to c k _____________________________ 350
W hile depositing n o te holders received for each $1,000 o f n otes n o t so ex­
tended th e following securities of th e C hicago R apid T ra n s it C o.:
(а) 1st & ref. m tge. bonds Series A , 6 % , d ue J u ly 1 1953__________ $100
(б) A d ju stm e n t d e b en tu re bonds d ue J u ly 1 1963__________________ 1,170
D epositing holders of Chicago E lev a te d R y s. 10-year 6% d e b en tu re s
receive for each $100 of d eb en tu res $70 in tr u s t certifs. for com m on stock
of th e C hicago R apid T ra n s it C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e consolidated cos. p rovide ra p id tra n s it facilities for th e c ity o f C hicago
an d th e suburbs of E v a n sto n , W ilm e tte , O ak P a rk , C icero, R iv e r F o re s t.
F o rest P a rk , B erw yn a n d N iles C en ter, w hich h av e a to ta l p o p u la tio n of
approxim ately 3,000,000. Tw o in te ru rb a n lines, th e C hicago A urora &
E lgin R R ., reaching A urora an d E lgin to th e w est, a n d C hicago N o rth
Shore & M ilw aukee R R ., reaching M ilw aukee to th e n o rth , o p e ra te th e ir
tra in s over th e tra c k s of th e co. on a re n ta l basis. R evenue passenger
tra ffic for 1925, exclusive of in te ru rb an tra ffic m entioned a b o v e, w as
216,045,575: in 1924 212,901,024; in 1923 203,953,574. T h e co. o perates
217 m iles of single tra c k , o f w hich 168 miles a re ow ned a n d 49 m iles are
u n d e r lease or c o n tra c t. E q u ip m en t includes 1,203 m o to r, 2 electric
locom otives, 659 coach a n d 42 o th e r cars; to ta l 1906, of w hich 456 a re allsteel c onstruction.
M ileage is largely on its ow n p riv a te rig h t-o f-w ay except w here stre ets
are crossed. Franchises expire betw een 1938 a n d 1957, excepting th e L ake
S treet franchise, w hich ru n s to 1930 a nd 1944
Valuation.— Illinois P . U . O om m .'s v a lu a tio n for ra te -m a k in g
purposes o f o p e ra tin g p ro p e rties as o f J u n e 30 1919______ $86,250,000
Add ns & b e tte rm e n ts to D ec. 31 1925 (less re tire m e n ts )_____ 6,098,626

O R G A N IZ A T IO N .— In c o rp . in Blinois in A ug. 1911 as a consolidation
o f electric lig h t a n d pow er com panies in N o rth e rn Illinois o utside of C hicago,
p e r p la n V . 93, p . 231, viz: N o rth Shore E lectric C o ., E conom y L ig h t &
Pow er C o ., Illinois V alley G as & E lectric C o ., C hicago S u burban L ight &
Pow er C o. an d K an k ak ee G as & E lectric C o. In 1913 v o te d to purchase
th e N o rth w estern G as L ig h t & C oke C o. H as a h alf in te re st in th e W estern
P ublic Service C o. Also ow ns B loom ington, P o n tiac & Jo lie t E l. R y . (see
s ta te m e n t;. In D ec. 1925 applied to Illinois C om m erce C om m ission for
perm ission to p u rch ase th e p ro p erties of th e Chicago S u b u rb an Pow er &
L ig h t C o. V . 121, p . 3132, V. 122, p . 1027.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. serves 224 co m m unities, lo cated in a com pact a rea of Illinois, con­
ta in in g 6,000 sq u are m iles a n d located in 16 counties, h aving a com bined
p o p u latio n according to th e 1920 census o f 1,070,849, excluding th e c ity of
C hicago. E lectric service is ren d ered in 220 com m unities, gas in 65,
w ater in 5 an d h e a t in 4. C o. has 316,758 consum ers. C o .’s W aukegan
steam generating s tatio n has a n u ltim a te c ap acity of a p p ro x. 250,000 k . w.
C o .’s electric transm ission system is interconnected w ith th e transm ission
system s of th e C om m onw ealth Edison C o ., th e N o rth e rn In d ia n a G as &
E lectric C o ., th e C en tral Illinois P u b lic Service C o ., th e Illinois N o rth e rn
U tilities C o ., a n d th e C en tra l Illinois L ig h t Co.
Subscription Rights— D ividend Rates.— See V. 120, p . 2149.
Increase Capital Stock.— O n F eb . 23 1926 stockholders increased th e
au th o rized 7% pref. sto ck fro m $10,000,000 to $17,500,000, p a r $100.
Also ap p ro v ed sale of 10,000 com m on shares a t p a r to em ployees. V.
122, p . 1170.
STO CK AND BO ND S—
D ate.
Interest. O utstanding. M a tu rity .
C om sto ck $15,000,000 ( $ 1 0 0 ) ____
$12,075,000
See te x t
Q-F
C om s tk 200,000 shs (no p a r) - ____
Q -F
143,176 shs
See te x t
P f 6% cum $15,000,000 ( $ 1 0 0 ) ____
Q -F
10,000,000 N o v ’26. 1)4
P f 7% cum $17,500,000 ( $ 1 0 0 ) ____
Q-F
6,357,600 N o v ’26,1 %
F irs t & re f m o rtg ag e ($1,000) ] 1911
5 s A-O
18,926,000 O ct. 1 1956
g o ld _________________ c * .tf/Illin o is M erch a n ts T ru s t Co , C hicago, 111.
F irst lien & re f m tg e Ser “ A ” \1922 514 g J-D 22,250,000 J u n e 1 1962
Series “ B ” ...................................)1924 5 34 g J -J
5,000,000 J u ly 11964
($100, &c) g o ld _ c * & r* .tf j I n t . p ay ab le in C hicago an d N ew Y o rk .
_
Series “ O ” __________________ |1926 5 g M -N
7,500,000 M a y 1 1966
Outstanding Bonds A ssum ed on Properties Purchased {.Pledged V. 102, p . 1254).
STO CK A N D BO ND S—
D ate.
Interest. O utstanding. M aturity.
[Excl. am o u n ts dep o sited u n d e r fir s t & re f. m tge. V . 107, p. 2381.J
N o rth Shore E lec tric 1st & re f\ 1910
5 g A & O $1,676,500 A p r. 1 1940
m tg e call 10714 a ft A p r '2 0 /I n t. a t Illinois T ru s t & Sav. B an k , C hicago.
T o ta l v a lu a
p ro p
E c o n o m y L t& P o w 1st M s f . .
1906 5 g J & D
1.269,000 D ec. 1 1956 M iscellaneous tio n (operating rty (ne rty )______________________ $92,348,626
physical p ro p e
o n -o p eratin g )_____________
2,187,421
K a n k ak e e G as & E l 1st & re f M
1910 5 g M & S
155.300 S ep t. 1 1930
C itiz G as C o (K ank) call 1 0 5 -.
1902 5 g F & A
103,500 F eb . 1 1932
T o ta l v a lu a tio n ____________________________________________$94,536,047
P o n tia c L t. & W a t Co 1st M 5s 1902 __________
47,000 J u ly 1 1927
N o rth w e ste rn G as L t & C o k e] 1898 5 g Q-M
1,747,000 D ec. 1 1928
M u n icip a l Ownership D efeated.— See V. 120, p . 1880. C om pare V. 120.
consol m tge $2,00 0 ,0 0 0 g _ _ /In te re s t a t Central Trust C o ., Chicago.
p. 1 4 5 6 .
C icero G as re f & general m tg e \
1898 5 g J & J
3,365,000 Ju ly 11932
S T O C K A N D B O N D S—
D ate. Interest.
O utstanding. M a tu r ity
$5,000,000 gold g u a r______/In te r e s t a t C e n tra l T ru s t C o ., C hicago.
. C om m on $23,330,500_____
........
...................$20,329,500 ___________
Stock.— N o p a r com m on sto ck h a s equal rig h ts in all respects w ith the
Prior p re f Series A $ 5 ,0 0 0 ,0 0 0 .____
7.8 %
5,000,000 See te x t
com m on sto ck o f $100 p a r v a lu e . C o m p are V. 114, p . 1660. Stockholders
1st & re f M 6% Series d ue 1953 ____
6%
1.600,000
1953
o f reco rd J u ly 3 1925 w ere given th e rig h t to subscribe for new o r a d ditional
634% Ser d ue 1944 ($100,‘ -----1924 631 g J -J 11,212.000 J u ly 1
1944
sh ares o f com m on sto ck (w ith o u t p a r value) a t $100 p e r sh are, in th e ra tio
$500 & $1,000 c* a nd C o n t. & C o m m 'l T r u s t & Sav. B an k , C hi­
o f one new s h are o f com m on sto ck fo r each fiv e shares of stock of a ll classes
cago, tru s te e .
$1,000, $5,000 & $10,000
h eld . V. 121, p . 77.
r*) g old_____________ tf.
See te x t
18,563,000 J u ly 1 1963
Bonds.— T h e fir s t & ref. 5s o f 1911 (n o t lim ited as to am o u n t) cover A d ju stm e n t d e b en tu re bonds _ f 1923
($100, $500 & $1,000)_____[N a tio n a l C ity B an k , N . Y . tru s te e .
‘a fte r-a c q u ire d p ro p e rtie s ,” a n d a re a firs t m tg e. on all p ro p e rty form erly
1898
4 g E-A
10,000,000 A ug. 1 1938
belonging to Illinois V alley G as & E le c tric C o. a n d C hicago S u b u rb an L ight M et W S E l 1st m tge, $10,
000,000 ($1,000) g o ld -.c * tf C en t. T ru s t C o ., N . Y ., a n d G . S h e rm a n ,T r.
& P o w er C o ., a n d a re also secured b y d ep o sit o f $2,114,500 N o rth Shore
I n t. a t C e n t. T r u s t Co , N . Y ., a n d C hicago.
E lec. C o. “ first an d re f.” 5s a n d $428,000 E conom y L ig h t & P ow er C o. first
4 g J-J
4,432,000 J u ly 1 1938
m tg e. 5s a n d $404,000 K a n k ak e e G as & E lec. Co. “ first an d re f .” 5s, M et W S E l ext m tge, $5,000,- 1901
000 ($1,000), gold, re d at- N o rth e rn T r u s t C o ., C hicago, T ru ste e .
$95,500 C itiz en s’ G as C o. fir s t m tg e. 5s an d $8,000 o th e r u nderly in g bonds.
105 on a n y in te re st d a y on In te re s t a t c o m p a n y ’s office in C hicago, or
A d d itio n al b o n ds m a y be issued as follows: A sufficient a m o u n t to re tire
4 w
c
C en
u t
th e o u tsta n d in g u n d e rly in g bonds an d fo r 75% of th e cost of p ro p e rty here­ U nion eek’s no tice_______ " * tf , 1896 tra l5 T rMs-NC o ., N ew Y ork. o v 1 1936
Consol E l series A ”
g
407,000 N
a fte r acq u ired , a n d if m o rtg ag e liens exist th e re o n a t th e tim e of acquisition,
1st m ortgage gold_____c p t t G . Sherm an, V .-P . C en. T r. C o., N . Y ., T r.
bonds m a y also b e issued to th e p a r a m o u n t o f such liens to re fu n d sam e.
N W E I 1st M $25,000,000 red f 1911
---------- x l0 .9 4 8 ,0 0 0 Sept. 1 1941
~
-------5“ g M -S
I n ad d itio n to a m o u n t re p o rte d o u tsta n d in g , $30,289,000 1st & ref. bonds are
as a whole a t 102 & in t on (111. T r. & Sav. B k ., tru s te e , u n d e r m ortgage.
pledged u n d e r first lien a n d ref. m tg e. A re redeem able a t 110 since O ct.
30 d a y s ’ notice ($ l,0 0 0 )c * tf (C entral T r . C o ., N . Y ., tru s te e u n d . su p . M .
1921. V. 93, p . 1607; V. 94, p . 1190, 1321; V. 102, p . 1254.
U nion E l 1st M $5,000,0001 1895 5 g A-O
4,429,000 O ct. 1 1945
T h e first lien and refunding mtge. bonds are seem ed by a first m ortgage
gold ($1,000)_________ c p t l l n t . a t C hase N a tio n a l B an k , N . Y .. and
c o llateral Hen on th e pow er p la n t o f th e W aukegan G enerating C om pany,
I 111. T ru s t & Sav. B an k , C hicago.
th ro u g h pledge o f all th e first m tg e . bon d s a n d all th e cap ital sto ck of Lake S t E l 1st M , $5,000,000 f 1893 5 J - J
1,598.000 J u ly 11928:
th a t co m pany. In a d d itio n , will be secured b y a d ire c t m ortgage lien on
g u a r by N W E l _______ tf ( C o n t. & C om m . T r u s t & Sav. B an k , C hic.,
all p hysical p ro p e rty now o r h e re a fte r ow ned, su b ject only to p rio r lion.
[ a n d C e n tra l T r . C o. o f Illinois, C h ic ., T r.
T h e re a re also deposited u n d e r th e fir s t lien an d ref. m tg e. $30,289,000 ii.’.'ft 5% equip tru s t c e rtific a te s_ _____
_
5%
154,000 1927 to 1929
an d re f. m tg e. 5% gold bo n d s. R edeem able (Series A ), all or p a r t, a t 110 6% equip tru s t c e rtific a te s..... .............
6%
1,109,000 1927 to 1932
an d in t. on o r before J u n e 1 1942; th e re a fte r a n d on o r before Ju n e 1 191 i
x E xclusive of bonds in sinking funds.
a t 107)4 a n d in t.; th e re a fte r an d on o r before D ec. 1 1961 a t 105 an d i n i .,
Stock.— T h e com . sto ck is held in a v o tin g tr u s t of w hich G eo. M . R ey­
a n d th e re a fte r a t 100 a n d in t.; Series “ B ," all o r p a rt, a t 110 & in t. on or
nolds, R . F
nd
e p
before J u ly 1 1944, th e re a fte r an d on or before Ju ly 1 1954, a t 107 34 & in t.; stock. SeriesloydisC linch t a$115Sam uel In su ll a re tru ste e s. a t T he rario r pref.
A, re d . a
p e r share a n d carries divs.
th
te of 65c.
a fte r J u ly 1 1954 a n d on o r before J a n . 1 1964, a t 105 & in t.; an d iftei
o n th
a n
$5,000,000 w as
J a n . 1 1964 a t 100 & in t. In O ct. 1924 $5,000,000 Ser. “ B ” 5 34% bonds m tilityly , or 7.8% o .,nC u ally . a t $100 p er share.offered in M a y 1924 by
U
Securities C
hicago,
w ere offered b y H alsey , S tu a rt & C o ., In c ., a t 96 & in te re st, to yield over
Stock Increase.— On D ec. 9 1926 stockholders a re to v o te on increasing
5 M % . V. 119, p . 1634. Free fro m P e n n ., C onn. & M ass. S ta te tax.
V . 114, p . 2725; V. 116, p. 1061; V. 119, p . 1634. In F eb. 1926 H alsey, th e a u th o riz e d c ap ita l sto ck from $25,330,500 to $30,330,500, th e increase
S tu a rt & C o ., In c . offered $7,500,000 series C , 5% a t 9834 a nd in t., to yield to be p rio r pref. sto ck . P la n s to issue $1,500,000 7.2% p rio r p re f. sto ck .
a b o u t 5 .0 8 % . T h is series C is re d ., all or p a rt, on 30 d a y s’ n otice a t follow­ V. 123, p . 1995.
ing prices a n d in te re st: On or before M a y 1 1936 a t 105; on or before M a y 1
Bonds.— 1st & ref. m tge. gold bonds are secured b y a 1st m tge. on th e
1946 a t 104; on o r before M ay 1 1951 a t 103; on or before M ay 1 1956 a t properties of th e co. acquired fro m th e S outh Side E lev a te d R R ., an d b y
102; o r o r before M ay 1 1961 a t 101; on or before M ay 1 1965 a t 10034; a dire c t m tge. on all o th e r p ro p e rty ow ned by C hicago R . T . C o., subject




Oct., 1926




]

POWER, LIGHT AND RAILWAY

165

rit^ rt Another City of
^'-^1 V R l ^ 150,000 Population
HE territory adjacent
to C hicago is in the
midst of an unprece­
dented era of residential
and industrial growth.

T

Public Service Company of
Northern Illinois — supply­
ing this area with electricity
and gas—added 33,129 new
cu sto m ers during 1925.
This increase in customers
—the largest in the history
of the Company—is equiva­
lent to the number of cus­
tomers served in a city of
150,000 people.
Write for the 1926
Year Book

Public S ervice
C ompany
OF NORTHERN ILLINOIS
General Offices:

72 W. Adams St., Chicago
Serving 6 ,0 0 0 square m iles —
2 3 4 com m unities—w ith
E lectricity or Gas

m
•O'*"

■ as
*

ir

§

166

PUBLIC UTILITIES

[V ol. 123.

to th e Hens o f existing divisional (closed) m ortgages and eq u ip m en t obliga­
Redemotion preferred slock o f former M aine Ca.— All of th e o u tsta n d in g
tions; fu rth er by pledge of $4 100 000 divisional mtge bonds and equipm ent $4,307,800 7% cum . pref stock of th e form er M aine C o. of th e sam e nam e
Obligations. T h e bonds of th e 6 !^% series, d ue 1944. are red. all or in p a rt w as called O ct. 1 1926 a t 10.5 A divs V. 122. p. 2890: V. 123. p. 711.
Or th ro u g h o p eratio n of sink I'd. on any in t. d a te on Ml) d a y s' notice at 10.5
E A R N IN G S .—C onsolidated earnings for 12 mos. end. A pril 30 1926:
If red. on or before Ju ly 1 192.5. th e prem ium d is e a s in g th ereafter a t the G ross earnings d u e l. $336 797 profit realized on sale of certain
ra te o f
of I % for each full year interv en in g betw een .lin e 30 192.5 and the
p ro p e rties)..................................................................................................$33,738,742
d a te o f red em p tio n . T h e 00 agrees to reim burse ow ners in th e respective O perating expenses, m ain ten an ce A ta x e s____________________ 20.805,009
S tates th e following taxes paid in respect to bonds of th is issue T he 4 -mills
N e t earnings before d e p re ciatio n ___________________________ $12,933,733
tax in P enna any securities tax in M aryland not exceeding in the aggregate
45c. on each $100 of assessed value in a n y y ear and any personal property In te re s t A a m o rt, of subsid. cos_________ ____________________ 6.230,870
or exem ption taxes in C onn not exceeding 4-10 of I % of face a m o u n t P ref. d ividends of subsid. cos. and m inority p ro p ortion of su rp lu s 2,243,128
in a n y y ear
In t p ay ab le In N Y and C hicago. T h e m tge provides D eprec. A s. f. reserves on subsidiary c o .'s m o rtg ag e s_________
1,482.405
for a sink fund calling for th e paym ent in cash on J a n 1 and July I of
each y ear beginning Jan I 1929 of an am ount equal to 1 of I °7, of the
$
B la a n c e .......................................................................................................$2,977,330
to ta l ag g reg ate principal am o u n t of 1st A ref m tge bonds Issted and then A nnual in te re st on $15,000,000 30-yr. series “ A " 5 H % d e b e n t.
825,000
O utstanding
M oneys so paid Into th e sink fund are required to he
Utilized first. In th e purchase of 1st & ref m tge bonds at or below the price
B alan ce................................................................................ ........................ $2,152,330
a t which they might he redeem ed and if such bonds are not o btainable,
O F F IC E R S .— P res., C lem ent S tu d e b a k e r J r .; E x e c u tiv e V .-P ., H . L.
by purchase, th e m oneys not to utilized are to be used in the redem ption H anley: V.-l*. In charge of operations. L. E . Fisher. St. Louis; T r e a s ., P . L
and retirem en t of bonds. $30 000 bonds are held in tre a su ry . Penna. Sm ith; Sec.. D . 11. H olm es.— V. 123. p. 843, 1114, 1251.
♦-mills. M aryland 4 K>-mills and Conn 4-mills taxes refundable oh the 6 %
bonds, d u e 1944. $0 500.000 1st & ref. m tge. R'4 0^ series due 1944.
were offered in J u n e 1924 by th e N ational C ity Co. and lialsev S tu a rt &
IL L IN O IS POW ER & L I G H T C O R P O R A T I O N .
C o., In c. , a t 94 H and in t. to yield over 7 . V. 118. p .2 9 4 7
$2,500,000
Controlled by
T rac tio n
No
additional were sold by th e sam e bankers in Oct. 1924 a t 94
ami in t.. L ig h t A Pow er IllinoisSee for deC o ., a d ire c t sulisitli try of ad e rth A m erican
C o.
ta ils of exchange offer m
a t th e tim e.
to yield over 7 % . V. 119. p. 1623. In Dec. 1925 th e N ational C ity Co.
and H alsey. S tu a rt & C o., offered $2,000,000 additional 1st & ref. m tge. V. 117. p. 86.
O R G A N IZ A T IO N .— O rganized early in H)23 in Illinois, is a consolida­
bonds. 6 Vt % series, d u e 1944. a t 95 and in t.. to yield a b o u t 6.9 8 % . V.
tion and m erger of the following com panies:
121. p 3129.
Group (I ), llliniris— Companies Consolidated and Merged into Illinois
A d ju st I>eb. Ronds.— In t. is a cu m u l. fixed charge a t 4% per annum from
July 1 1924 to Dec. 31 1962 and a t 6 % per annum from J a n 1 1963 to Power A Light Corp.
G ra n ite C ity G as L t. A F*uel C o.
J u n e 30 1963. and is p ayable on Ju ly 1 1963 or is pay ab le by in stallm ents on A rgen ta-W arren sb u rg Elec. C o.
any J a n 1 or Ju ly I before as ordered b.v th e hoard of d irectors from net B loom ington A N orm al R y. A L t. Co. H oyieton E lectric C o.
Jacksonville R y. A L t. C o.
Income. A dditional in t. a t 2% per an n u m m u st he paid from n e t incom e, B orden B us C o.
K erens-D onnew aid C oal C o.
A c., for any 12-m onths' period to Dec. 31 1962 w herein th e on. pays any C airo Elec. A T rac tio n C o.
M adison C o u n ty L t. A Pow . Co
cash divs. on its c ap ita l sto ck s of any class n o t en titled to preference divs. as C airo C ity G as Co.
M o nm outh P ublic Service C o.
ordered by th e hoard of d irecto rs from su rp lu s, ^inking fund of $250,000 C ahokia G as A Oil C o.
C en tral Illinois Elec. C o.
M onticello E lectric L ig h t C o.
m u st be a p p ro p ria te d for red em p tio n of these d eb en tu res in any calendar
M ound C ity Light A W ater C o.
year w herein th e 00. pay s an y cash d iv s. on its c ap ital stocks of a ny class not C erro G ordo E lectric C o.
C itizens L ighting C o.
N o rth e rn 111. L ight A T ra c . Co.
en titled to preference divs. as ordered b.v th e board of d irecto rs from surplus
♦Peoples T rac tio n C o.
and in any cal. y ear w herein such cash d ivs. exceed $834.000 th e n th e sinking C iiizens P u re Ice C o.
Peoria R y. C o.
fund m u st be increased to equal 30% of such to tal divs. and m ay he fu rth er C linton G as A E lectric C o.
Increased. D ebentures a re red. on 30 d a y s' notice, a t p ar flat’ to Dec. 31 C onsum ers W ater A L ig h t C o. of Q uincy R y. Co.
M arseilles.
S t. Louis E lectric B ridge C o.
1928. and th e re a fte r a t p ar plus any cum ul. Int. from Jan 1 1929.
S outhern 111. L t. A Pow . C o.
Dividends. — R egular m onthly divs. of 65c. per sh are have been paid on D anville C onsum ers Coal Co.
D anville A E a ste rn 111. R y. C o.
Spring Valley U til. C o.
prior p ref series A stock since Ju ly 1924.
D anville A N o rth e rn R R . C o.
Tw in C ity E lectric C o.
E A R N IN G S .— For calen d ars years:
D anville A S outheastern R y. C o.
T w in C ity L t.. H e at A P r. C o.
Total Rev.
N et after
Rentals,
Prior
D anville S tre e t R y. A L ig h t C o.
U rbana A C ham p aig n R y ., G as A
Unci. Other
Taxes. City
Interest,
Pref.
Pol..
D e ca tu r R y. A L t. C o.
E lectric Co.
Incom e).
Com p.. A c . A m o rt., A c.
Dies.
Surplus, D upo E lectric L ig h t A Pow er C o.
U rb in a L ight, H eat A Pow er Co.
..$ 1 9 .2 8 1 .8 8 8
a$4.314 378
$3.27 .977
$308 530
1925
$731,871 G alesburg R y .. L tg . A P r. C o.
U tility G as Coal Co.
. . 18.775.932
1924
3.608 823
2.8 >7.- 48
74.733
726. 4 2 G alva E lectric L ig h t Co.
W estern Illinois U tiliiies C o.
*1923 . . . 18.146.306
3.786 680
2.634.098
..............
1.152 582
* Peoples T rac tio n C o. properties ta k e n over by G alesburg R y ., Lighting
xl922 . . . 17 404.686
2 952 776
2.937 901
............
14.875
a A fter d ed u ctin g $241,907 credited to retirem en t reserve, x R esults of A Pow er Co.
Vuluation St. Louis Electric Bridge Co. See V. 123, p . 712.
predecessor com panies.
Corn panics Whose Entire .stocks are Owned by the lit. P > A Light Corp.
w
O F F IC E R S .— C h airm an of B oard. Sam uel Insull: P res.. B ritton 1. R udd:
Group (2*. Interurbans.— (D Illinois T ra c tio n , In c ., in to which have been
V .-Ps., R. Floyd C linch. William V. G riffin. B. J. Fallon C has. E. T h om p­ consolidated B loom ington D e ca tu r A C ham paign RR (V 102. p . 65);
son and H al. M . L y ttle; V .-P ., Sec. & T rea s.. W. V. G riffin. G en. M gr.. D anville U rbana A C ham paign Ry (V 106 p 85): Illinois C en tra l T rac tio n
H . A. Jo h n so n ; C o m p t., E dw ard A. Brion; A ud.. T . B. M acR ae.— V. 121. C o (V. 108. p 268). St. Louis Springfield A Peoria Ry (V. 114, p. 522),
p . 838. 1228, 1460. 3129; V. 122. p. 1168: V. 123. p . 1995.
C hicago O ttaw a A Peoria Ry .. and (2) St, Louis E lectric T erm in al R y. Co.
Group (3). Cairo Properties.— C airo A St. Louis R y. Co.
Group (4). N ebraska.—O m aha A Lincoln R y. A L ight C o. Includes
C H I C A G O JU N C T IO N RR.
A shland L t.. Pow A M ill Co.
O R G A N IZ A T IO N .—O rganized iri th e Interest of th e South Side E levated
Group (5), K a n sa s.— U > K ansas P ublic Service Co. (form erly T o p e k a R y.
R R . (since consolidated w ith C hicago R ap. T ran . C o.) to build lines to A L ight C o .), which ow ns en tire c ap ital sto ck of T o p ek a E dison C o .,
connect th a t co m p an y 's track w ith th e Slock Y ards
Only a nom inal T o p e k a R y. C o ., th e p hysical p ro p e rty of A tchison R y ., L ig h t A Pow er C o .,
am ount of stock has been issued ($50,000), which is held in trust for the a nd m ay la te r acquire p ro p e rty of W ichita R y . A L ight C o. Also acquired
S outh Side Elevated (now consolidated with Chicago R ap. T ran C o.) in all th e com m on stock of the K ansas Pow er A L ig h t C o ., w hich co n tro ls th e
case th at com pany should at any tim e wish to absorb it
Is leased to the U nion Pow er C o. See V 118. p 1772. for fur her d e t ils.
South Side Elevated mow C hicago Rapid T ran C o.) for 50 years (with
Group (6). / ana.— Des M oines Electric Light Co. 'form erly Des M oines &
rig h t to purchase at cost w ithin 20 years), rental being interest on bonds, C en tra l Iowa E lectric Go ), m ade op of th e properties of the following form er
taxes. Ac. Franchises a re w ithout lim it
subsidiary com panies: C olfax E lectric Light G o.; Des M oines E lectric C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U SIN E S S — |V . I 14. p 20191; M ontezum a Electric L ight. Power A H eating G o.; New
C onsists of an elevated road (from ju n ctio n with South Side ‘‘L" a t 40th Valley Junctio n W ater A Light C o.: Oskaloosa Light A Fuel C o ., a n d
8tre e t) to th e Stock Y ards, a n d a loop around th e sam e, 3.61 miles. Was O skaloosa T ractio n A Light Co. V. 98. p 839.). T he Des M oines E lectric
L ight Co. controls through stock ow nership th e Oskaloosa A B ixton
com pleted in M ay 1908.
E lectric R y. C o.; M ills C ounty Power Go. (holding com pany only for Iow a
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
Pow er A L ight C o .). Iowa Pow er A L ight C o ., and the Iow a T ransm ission
S to c k ........................................... ...............
..............
See te x t...........................
L ine Co
1st m tg e $2,327,000 g o ld / 1905
4 g M -S
$2,327,000 M ar 1 1945
Group (7) St. L ouis.— Troy A E astern R y. C o ., which controls and
($1 .000) guar p A i _____ c * ' F irst T ru st A Sav. B ank. C hicago tru stee.
o perates S t. Louis T roy A E astern Ry. and S t. Louis Illinois B elt Ry.
Bonds — A re su b jec t to call a t 10.5 and int. In event of consolidation with
Practically all of m e above com panies form erly c o n stitu ted Che Illinois
South Side E levated (now C hicago Rapid T ran . C o.) this issue of bonds is T rac tio n System , for histo ry of which see “ E lec tric R ailw ay" S u pplem ent of
to be re tir e d . V. 80. j>. 871. B onds are guar, p A i . . by C hicago Ju n ctio n
O ct. 28 1922. D irectly owns and op erates o r c o n tro ls electric pow er and
R ys A Union Stock Y ards C o. See V 82. p. 568.
light, gas. h e at and c ity railw ay pro p erties in a large n u m b e r of m unicipali­
O F F IC E R S .— Pres.. A. G . L eonard; V .-P .. H E. Pornnto; Sec.. T h o rn ­ ties in n o rth c en tra l, cen tral and so u th ern Illinois.
In Sept. 1926 acquired th e holdings of B. F . L yons in th e K ew anee (111.)
hill Broom e; T reas. A A sst. Sec., J . W. A ustin; A sst. Sec., J . O . E rickson
P ublic Service C o. V. 123. p. 1762.
A u d ., C . C . C h ace.— V. 87, p. 346.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
and lig
of th e co rp o
recently
N O R T H AM ER ICAN LT. & POW. CO. (D ELAW A RE ). T h e power er p lan h t properties M oines, la ., ratio n ,T including a n ., com com ­
pleted pow
ts near Des
a nd o p ek a. K
prise
Control.—M iddle IVest U tilities Co. a n d The N orth A m erican Co. each electric g enerating statio n s w ith an ag g reg ate c ap acity of 390.820 h . p.
own a s u b sta n tia l in te re st in th e com m on stock.
installed or in process of in sta llatio n , an d d istrib u tin g system s furnishing
O R G A N IZ A T IO N .— Inco rp . in 1926 in D elaw are as a reorganization of electricity w ith o u t com petition to over 239,000 custom ers in a te rrito ry of
N o rth A m erican L ig h t A Pow er C o. (M aine). C o. controls th e en tire m ore th a n 95 ),0 0 population.
T he gas properties have an installed daily generating c apacity o f over
com m on stock of Illinois Pow er A L ig h t C orp. and o f M issouri Pow er A
26,9 5 ,(t00 cu. ft of artificial gas and d istrib u tin g system s serving over
L ig h t C o. V. 123. p. 843.
field hav
latio
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— 84,000 acustom ers in a businessong o th e rsin ge an e stim ated popuU rb an aof
m ore th n 485,000. including am
th cities of D anville,
n ,
C o .’s subsidiaries serve a p o p u latio n o f m ore th a n 1,350.000 in over 520 C ham paign. D e c a tu r. B elleville, E a s t St. Louis, C en tra lia, C lin to n , J a c k ­
m u n icip alities in th e S tates of Illinois. Iow a. M issouri, K ansas and N e b r­ sonville. G alesburg, L a Salle and C airo, 111., a nd 'Is a r-osa lo ■a .
ask a. T h e te rrito ry includes th e c itie so f D ecatur. D anville. B loom ington,
T he city railw ay properties, com prising over 235 miles of tra c k , serve th e
B elleville. G a le s b u rg . C h am p aig n . Jack so n v ille, C airo , G ra n ite C ity , cities of D anville. C ham paign, U rbana, D e ca tu r, Peoria (86,564), C airo,
P e o ria , E a st S t. L ouis. Q uincy. La Salle. C en tra lia, O tta w a a n d U rbana, Quincy (37,478) B loom ington. G alesburg, O ttaw a, Illinois; A tchison,
111.; D es M oines a n d O skaloosa, Io w a; Jefferson C ity . M o berly, M exico, T opeka a nd W ichita (90,465), K ansas, an d O skaloosa, Iow a. B us service
B rookfield, E d in a. Excelsior S prings. K irksville and Boonville. M o.; is furnished also in m o st of these cities.
T o p e k a . A tchison and W ichita. K ansas. Electric g e n eratin g s ta tio n s w ith
T h e eiectric tru n
railro ad com prising
line,
a p re s e n t ag g reg ate c ap acity o f 375.960 h .p . with 77.180 h .p . u n d e r con­ m odern, stan d ard -gkauline railro ad , , Is equipped over 550tom iles of m ainsignal
ge
w ith a u m a tic block
s tru c tio n . A pproxim ately 2.800 m iles o f high-tension transm ission lines system s, rep air shops, car barns and 1,223 freight and passenger cars.
an d o v e r 4,000 m iles o f d istrib u tin g lines serving 271,762 cu sto m ers. A rti­ This system connects th e cities of Peoria, Springfield. B loom ington, D a n ­
ficial gas p la n ts w ith an ag g reg ate d aily c ap acity of 30.020.000 cu. ft. and ville, U rb a n a , C ham paign and D ecatu r w ith E dw ardsville, G ra n ite C ity ,
1,050 miles o f gas m ains serving 90.410 custom ers; 550 m iles of tru n k line M adison, Venice and St. Louis, entering St. Louis over a steel to ll bridge
electric ra ilro ad , connecting C en tra l Illinois with S t. L ouis, and a steam owned by th e corporation in fee, into its own term inal in th e h e a rt of
road o f 45 m ile s e n te rin g E a st S t. L ouis a n d exchanging tra ffic w ith th e St. St. Louis. A nother tru n k line connects the cities of Joliet O tta w a . M ar­
Louis B elt System , and city railw ay s w ith an aggregate of 235 m iles of seilles, P e ru a nd P rin ce to n . A sub sid iary , th e S t. Louis T ro y A E a ste rn
tra c k , an d bus e q u ip m e n t. V. 123, p . 843.
R R ., operates a steam road of 45 m iles, which e nters E a s t S t. L ouis and
exchanges traffic w ith th e S t. Louis B elt System .
ST O C K A N D B O N D S — D ate.
Interest. O utstanding. M aturity.
M o st of th e principal lighting franchises a re unlim ited as to tim e . T h e
C om m on (no p a r ) ___________ _____
_______ 600.000shs. __________
electric ra ilro ad , except in m unicipalities, is a lm ost e n tire ly on p riv a te
$6 cum p re f (no p a r)_________ _____
$6
85.000 s h s ______ ______
30-yr s f g d e b en t series “ A” f 1926
5 ‘$ g J -J $15,000,000 J u ly 1 1956 right-of-w ay.
/
Exchange o f Pref. Stocks for Stocks o f Constituent Cos.— F o r ofTers m ad e to
5 H % ($1,000 A $500 c * )tf(C e n tra l T r u s t Co. o f 111., C hicago, tru ste e .
Bonds.— T h e .30-year sinking fu n d gold debentures series A 5 % . dated stockholders of Illinois T rac tio n C o. an d th e B loom ington A N orm al R y .
July 1 1926. a re re d . on 60 d a y s' n o tice a t 103 A in t. to and incl. J u ly 1 1931. A L t C o .. W estern Rys. A L t. C o. a nd Southern Illinois L t A P ow er C o rp .,
a n d th e re a fte r th e red em p tio n price will decrease
% for each succeeding see under sep a ra te cap tio n s in “ C hronicle" of Ju ly 7 1923. page 86.
Fare Increase.— F or fa re 'in crea se ap p ro v ed on J u ly 13 1925 b y th e C ity
5 -y r. period. A dditional d e b en tu re s m ay be issued provided consolidated
n e t incom e had been a t least
tim es an n u al in terest on all funded d e b t C ouncil of Q uincy, fll., see V. 121, p. 1101.
Pus Service.— In O ct. 1925 it was reported t h a t a bus sy ste m w ould re ­
of th e co. incl., proposed issue. T h e creatio n of additional funded d e b t
(excepting ad d itio n al d e b en tu re s in th e a m o u n t of $5,000,000 which m ay place th e electric line betw een G alesburg-A bingdon, ill. V. 121, p . 1908.
Employee and Customer Ownership o f Pref. Stock.— See V . 122, p. 1309.
be issued ag ain st an equal a m o u n t of ad d itio n al assets) is lim ited to approx.
M aturity.
ST O C K A N D B O N D S—
D a te .’ Interest. O utstanding
85% of additional assets. T h e re is a cum ul. sinking fund beginning Ju ly 1
_______
400.000 sh O ct 26, 50c
1931, o f $150,000 an n u ally , p a y ab le sem i-annually, to be used, a t option C om m on (no p a r)___________ _____
_______
$1,875,300 O c t '2 6 ,1 H
of th e co. to purchase and re tire series “ A " 5 '4 % d eb en tu res and (or) P a rtic preferred 6 % cum ( $ 5 0 ) ____
p u rch ase stocks and (or) o bligations o f th e co n stitu en t or o th er com panies 1st pref 7% cum $33,000,000
33,000,000 O c t'2 6 , 1 M
to be pledged w ith tru ste e . T h e incom e on all d eb en tu res retired or securi­
($100) ............
.........................
Q -J
ties purchased by th e s. f. is to be added to th e sinking fu n d . In te re s t 1st pref 6 % cum $1,500,000
1,500.000 ____. _____
($ 100) ........ .............................................
7 Q -J
p ayable in N ew Y ork or C hicago. P e n n ., C onn. A Calif. 4-mills and
9,674,300 O ct 119 5 3
7 g A-O
M ass. 6% taxes refundable. In Aug. 1926 E. II . Rollins A Sons: M arshall 30-yr sk fd deb (closed) g old/ 1923
($100, $500 A $1.000 c* a n d /C e n tra ] T r u s t C o. of Illinois, C hicago.
F ield: G lore. W ard A C o.; Spencer T rask A C o.; B ly th . W itte r A C o.;
$1.000. $5.000A $ 1 0 M )r* tf l tru ste e .
Illinois M erch an ts T r u s t Co. and J . G. W hite A C o. sold $15,000,000
1st A ref m tge Series " A ” ___ [ 1923
6 g A-O
40,200.000 A pr 1 1953
series “ A " 5 H % a t 94 H A in t.. to yield a b o u t 5.9 0 % . V. 123, p. 843.
Series “ B -’ ........... ................. ( 1924
5 H g J - J 16.000.000 D ec 1 1954
All o f th e o u tsta n d in g 30-f/r. 7% s . f . secured g. nates o f the North A m erican
$ 1 0 0 ,$ 5 0 0 A $ l,0 0 0 c * A $ l,-/H a rris T ru s t A Sav. B an k , C hicago, T rusLight A Power Corp., dated July 1 1924 w ere called fo r p a y m e n t J a n . 1 1927
000.$5,000& $10,000r*) g tf I, te e , a n d M . H . M ac L e a n , c o -tru ste e .
a t 105 A in t. V. 123, p . 1251.




Oct., 1926.]

U nderlying Stocks and Bonds.— T h e to ta l a m o u n t o f u n d e rly in '' pref
sto ck s an d bonds as o f Aug. 31 1 26 was stated to am u n t to $4.23 ),600
u n d erly in g 7% pref. sto ck s, $11,704,810 (closed) divisional bonds and
$7,337,000 bonds o f Iowa Pow er A L D h t C o. and K ansas Pow er & l.ig h t
C o. and subsidiaries. See list h ereu n d er a n d also se p a ra te s ta te m e n ts of
su b sid iary com panies.
Bloomington A N orm al Ry A l.t.—
1st and gen m tge $3 600 000 1011
fi J -J
065 000 .lan 1 1028
gold ($ 1 .0 0 0 ;______c * A r.tf lU l. M erch a n ts T r. C o .. C hicago, tru ste e .
B & N H M
H 1stn tge \ I0..2
fig J -D
200 UOO bine I 1027
$600,000 ($1.000) g s f . c * t f \ I n t . a t 111. M erch a n ts T r . C o ., C h ic ., tru ste e
Bond secured notes . .
_. 1021
7 H % J-J
147.800 J..n 1 1928
Clinton Gas A Electric Co.—
F irst m ortgage 6%
___
1007 6 9 , .1 D
130 000 Nov 30 1937
Galesburg Ry l.tg A Pnw. Co.—
Oonsol ref mtge #5 000 00 n .016 5 a A O
823.500
Oct 1 1034
($1,000) red a t 105__ c * & r)In t. a t Old C olony T r . < o ., B oston.
Bond sec notes guar $750,000 1921 7 M -N
298 900 No* 1 1926
G alesburg R y & U 1st cons
1904 59, J -J
781 000 Ju ly 11934
M adison County Lt A Pow. Co.—
let m tge $1.000.0,#0 ($1 000' ( 1904
5 g J-D
590 000 P e c 1 1936
g o ld _________________ c * t f \ l n t . a t agcy. B ank of M o n tre al, N . Y .,
i C en tral 3 r Cu. of lillt ■*s < hit trustee
Bond secured notes $ 3 0 0 .0 0 0 .. 1921
7 M -N
47.600 Nov 1 1926
Quincy Railway—
First ref $ . .500.000. _____t l .912
59, F-A
5 8 2.000 Feb 1 1932
Jacksonville Ry A Lioht—
Jack Ry A L t 1st cons M $1.-1 1906
5 g J -J
594 000 Jan 1 1931
000.000 gu g ($1,000) c* tf (C en tral T ru st C o .. C hicago trustee
Jacksonv Gas Light & C o k ei 1901
5J J
47.500 Jan 1 1931
C o first m o rtg ag e. ___ n t f l l n t . a t 111. M ercb. T r. C o .. C h ic .. T ru ste e .
Southern Illinois Light A Power—
First m o rtg a g e 6 s ........................... 1913 69, J - I
2.037.100 J a n . 1 193)
First re f M tg e Series “ A " 7 s_ 1921
_
79, J D
3.273 600 P e c . 1 1941
Series ” B ’’...............................
1921 69, F- \
423 000 Aug. 1 1942
Secured n o te s________________ 1923 79, M S
175 000
__
Dn G A E Co 5s ......................... 1907 595 M N
43 000 Nov 1 1937
C ity o f M t Vernon serial 6 s . . . 1«on
6% A-O
12 500 T o 1930
St C lair Co G as A Elec 5s_____ 1909
5 9, M S
1.233 non M ar 1 1969
8 p rin g Val H til Co 1 s t * ref . 1913 6 9 J-D
1,000 000 P e c 1 1943
Le Roy E l L t. Pow & H tg C o f 1922
6 J-f>
88.600 J u n e 1 1942
6s b o n d s_________________ /
Slock.— P referred 69, and 7% stock is en titled to 6% and 79, cum . divs.
before all o th e r stocks o f th e co., provided net earn in g s a re equal to 9%
o r m ore o f th e o u tsta n d in g 6 9 r and 7% cum . pref. stock a fte r interest and
14% m ain ten an ce and depreciation funds. H as equal voting pow er, share
for sh are, w ith every o th e r share of cap ital stock o u tsta n d in g . In case of
in v o lu n ta ry liq u id atio n en titled to $100 plus accrued ai d accum ulated
d iv s.; if v o lu n ta ry , to $105 plus divs. before all o th e r sto cks. A dditional
6% a n d 7% cum . pref. stock over and above th e now authorized am o u n t
m ay be issued to be paid in full, provided com bined net e a r,4 igs of corp.
and its subsi liaries available for pref. divs. for 12 out of preceding 15
m o n th s hav e been a t least tw ice a n n u al 69, and 79, cum . pref. div®.. inch
new issue, and provided assets of th e crop, irici. proceeds front sale of addi­
tio n a l issue, over and above c o .'s u e b ts. are at least $125 per 6 9 and 7%
cum . p ref. sh are (incl. new issue). No o th e r stock equal or superior m ay be
created if upon notice holders of l-5 th of o u tsta n d in g 69, and 79, cum .
p re f. stock o b ject. T h e issuance of a d d itio n al funded debt is also restricted
and in certain cases may be prev en ted by l-5fh o f holders of 69, and 7%
p ref. stock ob jectin g to it. TOiis 6 9 and 7% cum . pref. stock is callable on
60 d a y s ’ notice as a whole o r by lot in am o u n ts o f 5.900 sh ares or Multiples
th ereo f, on an y d iv . d a te , at 105 plus divs. In J u ly 1925 $5,000,000 1st
pref. 7% stock was offered by B ly th , Wit te r A C o ., N. Y .. at 95 A d iv .,
to yield a b o u t 7.3 7 % . V. I 19. p. 197. In Feb. 1926 B ly th . W itter A Co.
offered $2.000,000 1st p ref 7 9 stock a t 10(1 A divs. V. 122. p 1169.
In Ju ly 1926 $1.500.000 1st pref. 69, stock was offered by th e corporation
a t 92. to yield 6.52 9 ,. V. 122. p. 1169. T h e 1st pref. 6% cum . stock
(authorized on Ju ly 14 1926 when th e dividend ra te on 70.000 unissued
1st p ref. shares was changed from 795 to 6 9 . V. 123. p. 842). has th e sam e
rig h ts as th e 7% pref. sto ck , th e only difference being in th e ra te of yield.
Bonds.— T h e first A ro u n d m tge provides for an im p rovem ent fund.
A dditional bonds in excess o f $56,200,000 of any series un d er this m ortgage
m a tu rin g n o t m ore th an 30 years from c e rtific a tio n . and of such tenor (m axi­
m um in terest 7% ) as d irecto rs m ay from tim e to tim e d eterm ine, m ay only
be issued («) approx $1 .650.000 for new a d d itio n s. A c., to th e electric gen­
e ratin g and d istrib u tin g system s; (hi for 75% o f new acquisitions. Ac.:
(c) for refunding purposes
Sinking fund may be established for th e ex­
clusive benefit of one or more p a rtic u la r series. N o ad d itio n al bonds may
be issued unless net earnings before bond in terest for 12 o u t of preceding
15 m o n th s have been 1095 of th e principal a m o u n t or I *4 tim es (w hichever
Is greater) an n u al in terest req u irem en ts on all m tge bonds, incl new issues
In t. p a y . in Chicago or New Y o rk . I’eima . 4 mills and M ar >land 4 9 mills
taxes and C onn and I lis t of C olum bia personal p ro p erty taxes not exceed
tag 4 mills per $1 per an num , and M ass, incom e tax on in t. n o t exceeding
6% of such in t per annum refunded.
Series " A ” 6% bonds are redeem able on any in te re st d a te a t 105 and int
to and incl. O ct. 1 1943, and th e re a fte r at par and in t. plus a prem ium of
% for each year or portion of a year of unexpired term . V 116. p 1532.
Series "B" 5H * are red . on any lo t. d a te at 105 and int. to and incl.
June 1 1945 and th e re a fte r a t p ar and in t plus a prem ium of 1 95, for each
4
y ear or portion of a year of unexpired term . $.5 000,000 Series " B " 514s
were offered in Dec. 1924 by E. H Rollins A Sons, H arris, Forbes A C o..
H alsey. S tu a rt A C o., In c .. A c.. A c., a t 97 and in t.. to vield over .6.70%.
V. 119. p. 2761. In M ay . 1925, H alsey. S tu a rt A C o. sold $5,000,000 at
99)4 a n d in t.. yielding over 5 5095
In Dec 1925 E. II Rollins A Sons,
A c.. & c.. A c., offered $6,000,000 ad d itio n al series B 5 !4 % bonds a t 99 and
In t., to yield over 5.5095,. V. 122. p. 94
T h e 30-year 79, d eb en tu res a re redeem able on a n y interest d a te on
60 d a y s’ notice a t 105 and in t. T b e tru s t in d en tu re provides for th e p ay­
m en t to th e tru ste e of $400,000 each 6 mos during th e life of this issue, the
balance th ereo f rem aining afte r th e p ay m en t of in t. to be used for the re­
tirem ent. of these d e b en tu re bonds by purchase or by call. It is estim ated
th a t- th is sinking fu n d will re tire m ore than 93% of th e e n tire issue a t or
before m a tu rity . In t. payable in N . Y . or Chicago
C o. agrees to reim ­
burse holders for th e P enna. 4-mllls and th e M ary lan d 4 4 -m ills taxes, and
for th e C onn and D ist of C olum bia personal p ro p erty tax not exceeding
4-mills per $1 per an n u m , and for th e M ass, income tax on Int n o t exceed­
ing 6% of such in t per an n u m
V I 16 p 2015
Bloomington A N orm al Ry. A Lt. Co. 1st A gen. mtge. bonds.— I n t. a t
Illinois M erch an ts T ru st C o ., C hicago, and C hase N a tio n a l B an k , New
Y o rk . C a ll., w hole o r p a r t, for sink. fd. a t 102)4 and In t. on any in t.
d a te . A nnual sink. fd . o f 2% o f bonds certified . B onds h eld in sink fd .,
$419,000.
Bloomington A N orm al Ry. Elec. A E lg . Co. 1st mtge.— I n t. a t Illinois
M erch an ts T ru st C o ., C hicago. C all, on any in t. d a te a t 110 and in t.
Sink, fd ., $10,000 a n n u ally , began J u n e 1908. $310,000 a re held In
sink. fd.
Bloomington & N orm al Ry. A LI. 7 9»% gold notes.'— In t. a t C en tra l T ru st
C o. of Illinois, Chicago. C all, a t 103 and in t. Secured by deposit of
$209,000 Bloom ington A N o rm al R y. A L t. Co. 1st A gen. 5s.
Clinton Gas A Electric Co. Is/ mtge.— In t. a t C olonial T ru s t C o ., P h ila­
d elp h ia, I’a . C all, a t 105 and in t. on a n y in t. d a te . Sink. fd. $2,000
a n n u ally . $23,000 a re held in sin k . fd.
Jacksonville Gas Light A Coke Co. Is/ mtge.— In t. a t Illinois M erch an ts
T r u s t C o ., C hicago. C all, on an y In t. d a te a t 103 a n d in t. Sink, fd .,
$12,360 a n n u ally u n til 1929.
Jacksonville Ry. A Lt. Co. Is/ cons.— In t. a t Agency B ank of M o n tre al,
N ew Y o rk . C all, whole o r p a rt a t 105 on any in t. d a te . A nnua] sink. fd.
2% of b onds certified, to be invested in these bonds o r expended for con­
stru c tio n and im provem ents.
M adison County LI. A Pr. Co. Is/ mtge.— In t. at Agency B ank of M ontreal,
N ew Y o rk . C all, whole or p a rt on 4 w eeks’ notice on any i it. d a te a t 105.
A n n u al sink. fd .. of 1 4 % bonds c ertifie d , began O ct. 1 1916.
M adison County LI. A Pr. Co. 7% bond secured gold notes.-—In t. a t C en tra l
T r u s t C o. of Illinois, C hicago. C all, on any in t. d a te a t 103.
Galesburg Ry. A LI. Co. Is/ A cons.— In t. a t Fidelity T ru s t C o ., P o rtla n d .
M e. C all, whole or p a rt on any in t. d a te a t 105.
Galesburg Ry., l.tg. A Pr. Co. io n s. A ref. mtge.— In t. a t Old C olony
T r u s t C o .. B oston. C all, a t 104 and in t. Sink. fd. o f 1 (4 % of bonds
o u tsta n d in g . $400,000 a re pledged u n d e r G alesburg R y .,L tg . \ P r. C o.
7% b onds secured gold notes.
Galesburg Ry., Ltd. A Pr. Co. bond secured gold notes.— In t. a t C en tra l
T r u s t C o. of Illinois, C hicago. C all, on 30 d a y s’ notice a t 103 a nd in t.
Secured by d ep o sit w ith tru ste e of $400,000 G alesburg R y ., L tg . & P r . C o.
cons. & re f. 5s.




167

POWER, LIGHT AND RAILWAY

'.Jitincy Ry. Co. Is/ A ref. mtge.— i n t . at F idelity T r u s t C o .. P o rtla n d , M e,
C all, on any in t. d a te at 105 and in t.
Southern Illinois Lt. A P r. Co. Is/ mtge,.— In t. a t C o n tin e n tal A C om ­
m ercial T r u s t & Savings B ank, C hicago. C .ill. on any in t. d a te a t 106
and lilt. Sink. fd . of 295 <»f bonds o u tsta n d in g to N ov. 1930.
Southern Illinois Lt A Pr Co. 1s' A ref., series 4 . — In t. a t C en tra l
T ru st C o. of lllii o1.». C hicago or F irst N atio n al B an k . New Y ork. C all,
an 60 d a y s’ notice on Dec. 1 1926, or any in t. d a te th e re a fte r a t 107 14 and
In t.. less (4% for each fully expired y ear to m a tu rity . Sink. fd. beginning
Sept. 1 1926 1 ;9, o f.b o n d s o u tsta n d in g (incl underlying bonds).
Southern Illinois l.t. A Pr. Co is/ A r ,f. series B .— In t. paid a t C en tra l
T rust C o. of Illinois. C hicago, or First N a tional B ank, New fo r k . C all,
whole or p a rt upon 60 d a y s’ t.o’ieo on Feb I 1927 or any subsequent in t.
d a te at 1:6 and in t.. less '■■'.9 for each fully expired y ear from an d incl.
Aug. 1 193d. to d a te of m a tu ritv .
United Gas A Pier trie Co Is/ A ref.— In t. a t M ercan tile T r u s t C o.,
St. Louis. C all, whole or p art at 105 and in t.
Ci'y o f M t. Vernon water rnnd cIf.- In t. a t C e n tra l T r u s t C o. of Illinois,
C hicago. Serial retirem ei t of $2,500.
Si. Clair County Gas A Elect, i, Co is/ ions mtge.— In t. a t C e n tra l T ru st
C o. of Illinois. C hicago. C all, a* p a r and int
Southern lllino s LI. A Pr. Co. »• les.— In t. at old N a tional B ank, C en tra lia
111. f a i l , a t p a r and in t. Serial retirem en t of $25,000 tw ice each year,
M arch S and Sept 8.
Spring Valley U tilities Co. 1si A ref.— In t. at B ank of N o rth A m erica,
P h ilad e lp h ia . P a . C all, on any le t. d a te a t 105 and in t.
Leroy Electric L t.. Pr. A 'ltg. Co. is ' A ref.— In t. a t First N a tio n a l B ank,
LeRo.v. 111. C all, w hole or part on a ny in t. d a te a t 105 and in t.
All of th e ou tsfan d i..g Southern Illinois Light A Power Co., series A 7%
1st lien A ref. gold bo ids, d ated Dec. 1 1931, w ere called for p a y m e n t
D ec. 1 1926 a t 107 4 A in t. V. 123. p. 1878.
E A R N IN G S .'—F o r c alen d a r years:
1924.
1923.
1925.
G ross earnings from operation:
E lectric light and pow er_________________
.$15,817,324 $13,871,433 $12,400,996
6.032.489
In te ru rb an lines....... ...................... ....... 6.357 798
6.676.610
C ity railw ay, bus line A b rid g e___ . 4.838.512
4 849.245
5.178.391
G a s ________________________
. 3.191.721
2.973.364
2.722.534
H e a t_________________ ___________
620.363
672.395
685.778
271.392
Ice. w ater and m iscellaneous______
364.790
331,960
Steam railw ay _____________
405.859
.$31,648,399
T o tal earnings____________________ __________ $28,683 702 $27,930,854
1.984.273
Less inter-co. ite m s __________ _____. 2.566.845
1.695.929
$29,081,554 $26,699,429 $26,234,925
O p eratin g expenses_________________. 13.740.832 12.954.016 12.425.385
3.404.549
M ain te n a n ce _______________________ 3.605.980
3.401 .048
Local taxes___________________
. 1.120.505
1.103.214
1.029.796
133.771
Federal ta x e s_________________
4.897
256.148
.$10,609,340
203.445

$9,107 380
500.586

$9,119,047

’ otal incom e___________________ .$10,812,785
In te re st charges. A c_______________ . 5.352.717
Bond discount am o rtiz e d ___________
257.699
Div on pref. stks. (co. A s u b s .)___ . 2 012.688
A ppr. for d e p r., re tire 'ts, re p l., A c. . 2.133.779

$9,607,966
4.975 923
207.024
1.633.721
1.891.680

$9 119.047
4.135 582
220.714
1.358.330
2.000.000

'>'(!> er incom e______________________

B alance__________________________. $1,055,902
. ............
$899,618 $1,404,421
Surplus Jan 1_____________________ . 1.252.139
1.034.958
Add a d ju stm e n ts ......................... ..
17.563
30.537
D ividends paid on com s to c k ..
800.000($1.75)700000 ($1)400.000
S urplus per balance s h e e t___
. $1 508 041 $1.252.139 $1.034.958
O F F IC E R S .— C hairm an F inance C om m ittee and Pres.. C lem ent S tudeb ak er J r.: V .-P .. II. L. H anley V .-P . A G en. M gr., L. E. Fisher: Sec.,
D w ight Holmes: T reas , P. L. Sm ith: O om pt., B. E. B ram ble. — V. 121,
p 1101 1227. 1568. 1908. 3131: V. 122. p. 94. 748. 1169. 1309. 1290.
2375, 2322, 2798 V. 123. p. 842. 1113. 1251. 1762.
P R O P E R T IE S C O N T R O L L E D BY T H E IL L IN O IS PO W . A L T . O O R P .
(1) ILL IN O IS T R A C T IO N . INC.
O R G A N I Z A T I O N .— A merger in i923 o f Bloomington Decatur A Cham
R R. D ujville Uriiaua A Cham B y .. Illinois Central Trac. C o .. S t. Louis
Springfield A Peoria Ry and Chicago Ottawa A Peoria R y.

Bond Issue.— In Dec. 1925 co. applied to Illinois C om m erce Commission
for a u th o rity to issue $1 .009.000 1st A ref. bonds to be pledged under the
Illinois Pow er A Light C orp. 1st A ref. m tge. bonds. V. 122, p. 94.
STO CK A N D B O N D S—
Dale..
Interest. O utstanding. M atu rity
Stuck. — All owned by Illinois Power A L ight C orp.
Under lying Bonds—
Bloomington Decatur A Cham paign—
isr A ref m tge $15,000,000 g |
1910 5 g M -N
1.496.000 N ov 1 1 9 4 0
($ .,0 0 0 coup A $1,000 or( In te re st a t Illinois M erchants T ru s t C o.
mill) ip reg. ■gu pA i.c»& r»tf (C hic.. T rustee or C hase N a t.
B a n k .N . Y.
t'h le Bloom A D ecatur 1st M .
6% A-O
4.000 O ct 1 1936
Illinois Central Traction—
tst m tge. $2,000,000 ($1.000) \
1903 5 g J-D
998.000 Dec 11933
gold, guar —
_ c * tf(In t. at Old C olony T r. C o .. B oston, tru ste e .
St Louis Springfield A Peoria R R .—
1 A ref m tge $15,000,000 g( 1909 5 J-D
st
5.045,000 Dec 11939
($1,000 coup A $1,000 or) Illinois M erch. T ru s t C o., Chicago, T ru stee,
m ultiples re g .)— c*A r*tf (Inieresi lu New Y ork. C hicago or L ondon.
Springfield A N o rth e a ste rn ( 1906 5 g J-D
143.000 Dec 1 1936
T rac tio n 1st m tge $1.500,--! I n t. a t agency B k. of M o n treal, N . Y . C .
uttt) ($1 0(10) g o l d - . , - , c* ( C entral T ru st C o. of Illinois, T ru stee.
Peoria B loom ington A C ham ! 1906 5 g M -N
280.000 Nov 1 1936
T rac 1st M $3,000,000 g o ld /ln t. a t agency B k. of M ontreal, N . Y. G.
($ 1 .0 0 0 )......................,c* t f l C en tral T ru st C o .. C hicago, T ru stee.
Chicago Ottawa A Peoria Ry. Co.—
First, cons A ref m tge. guar I 1907 5 g J -D
149.000 D ec 1 1937
$5,000,000 ($1.000)......... t f (C entral T r u s t Co of Illinois, T ru stee.
Illinois Val 1st M #2.000.000/ 1905
5 g M -S
052.000 Sept 1 1935
g ($500 A $1,000) gu c . t f l l n t . a t Fidelity T r u s t Co . P o rtla n d . M e.
Bloomington I'ecatur A Champaign RR. is/ A ref. mtge.— In t. a t Illinois
M erch a n ts T ru st C o ., C hicago. C all, a t 105 and in t. on any in t. d a te .
Chicago Bloomington A I'e ia tu r Ry. Co. 1st die. mtge.— In t. a t Agency
B ank of M o n tre al, New Y ork. C all, a t 105 and in t. on any in t. d a te .
Illinois Central Traction Co. 1st mtge.— I n t. a t Old C olony T r u s t C o ..
B oston. C all, on a ny in t. d a te upon 60 d a y s ’ notice, a t 107 )-• and in t.
Sink. fd. of 10% of net earnings becam e o p e ra tiv e Dec. 1 1908, b u t n o t to
be less th a n 1 % of bonds o u tsta n d in g . B onds held In sink. fd. $471,000.
Peoria Bloomington A Champaign Trac. Co. 1st mtge. - I n t . a t A gency
B an k of M o n tre al, N ew Y o rk . C all, a t 105 and in t. on a n y in t. d a te
upon 30 d a y s’ notice.
Springfield A Northeastern Trac. Co. 1st mtge.— I n t a t A gency B a n k of
M o n tre al. N ew Y o rk . C all, a t 105 and in t. on an y in t. d a te u p o n 4
w eeks’ notice.
St. Louis Springfield A Peoria RR. Is/ A ref. mtge.— I n t. p aid Illinois
M erch a n ts T ru s t C o ., C hicago. C all, a t 105 on any In t. d a te
Illinois Valley Ry. Co. 1st rrlge.— In t. a t F id elity T r u s t C o ., P o rtla n d ,
M e. C all, a t 105 and in t. on a ny in t. d a te . S ink. fd. 1 )4 % o f bonds
issued. B onds held in sink. fd. $848,000.
Chicago Ottawa A Peoria Ry. Co. 1st mtge.— I n t. a t A gency B an k of
M o n tre al, N . Y .— C all, a t 105 and in t. on an y in t. d a te .
(2) ST . L O U IS ELECTRIC TERM INAL CO.
F o r last s ta te m e n t published see “ P ublic U tility C o m p e n d iu m ” of
N o v . 1 1924.
(3) OM AHA & L IN C O L N R A IL W A Y & L IG H T C O .
Control.— C ap ita l stock all owned b y Illinois Pow er A L ig h t C o rp .
O R G A N IZ A T IO N .— In co rp . in N eb rask a J u ly 8 1913: successor to
N e b ra sk a T rac tio n A Pow er Co. In Ju n e 1924 pu rc h a se d A shland L ig h t,
Pow er & M il). C h a rte r expires in 99 years.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
R oad extends from S outh O m aha to P a pillion, N e b ., passihg th ro u g h
R alsto n . Line operated: Owns 12.52 miles; leased, 5.89 m iles. S ta n d a rd
gauge. R ail, 70 lb s. “ T . ” Also does th e lig h tin g business In R alsto n ,

168

PUBLIC UTILITIES

A sh lan d , L ouisville, P a p illio n , Sp rin g field a n d G re tn a , N e b ra sk a . R ail­
w ay fran ch ise expires in 50 y ears; o th e r franchises in 25 y e ars. T h ree m iles
o f railw ay line a re on p riv a te rig h t-o f-w ay . M o to r p assenger cars, 6;
freig h t cars, 4. Pow er p u rch ased fro m O m aha & C ouncil B luffs S treet
R y . C o. an d O m ah a E lec tric L ig h t & P o w er Co.
S T O C K A N D BONDS-— Date.
Interest. O utstanding. M aturity.
_________
$48,800 __________
C om m on ($100)___________________
P referre d 6% cum ($100)__________
6%
57,500 __________
( 1913
5% A-O
50,000 O ct 1 1938
1st m tg e gold 5s ($1,000)____-| C e n tra l T r u s t C o. o f Illinois, tru s te e . W m .
( T . A b b o tt, c o -tru stee.
Bonds.-—Secured b y first m o rtg ag e on e n tire p ro p e rty . In te re s t a t C en­
tr a l T r u s t C o. o f Illin o is, C hicago. C a ll, a t 105 a n d in t. on a n y in t. d a te
u p o n 60 d a y s ’ n otice.

[V ol. 123.

cessive red u ctio n s on each M a y 1 th e re a fte r of M % . I n t. p a y . in Chicago
an d N ew Y o rk . M . H . M ac L e a n , C o -tru stee. C o n n ., P e n n , and C alif.
4 m ills, D ist. of C ol. 5 m ills, M a ry la n d 4 M m ills ta x a n d M ass. 6% incom e
ta x re fu n d a b le . In J u n e 1925 E . H . R ollins & Sons, & c., & c., offered
$2,100,000 series A 6% b onds a t 100 an d in t. V . 120, p . 2942.
O F F IC E R S .— P re s ., C lem ent S tu d e b a k e r J r .— V . 119, p . 2529; V . 120,
p . 2942.
U N IO N POW ER CO.
Controlled b y K ansas Power & Light Co.
O R G A N IZ A T IO N .— In c o rp . u n d e r K ansas law s in J u ly 1923 to acquire
p ro p e rties of O lathe E lectric L ight & Pow er C o ., Jefferson C o u n ty L ight,
Pow er & Ice C o., V alley F alls a n d G oodland L ig h t & Pow er C o.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Serves B o n ita , B oyle, G oodland, M cL o u th , K a n arad o , N o rto n v ille, Ochel( 4 ) K A N SA S P U B L IC S E R V IC E C O .
tre e , O lathe, Springhill, O skaloosa, V alley F alls an d W inchester, K ansas.
O R G A N IZ A T IO N .— N am e ch an g ed in A pril 1924 fro m Topeka Ry A .
S T O C K A N D B O N D S — Date.
Interest. O utstanding. M aturity.
Light Co., w hich was in co rp . in M ain e a n d owned th e T o p ek a E dison Co, * C o m m o n ---------------------------- --------------------$100,000 __________
(V. 92, p . 730) a n d T o p ek a R y . C o .. T h e K ansas P u b lic Service C o. also ♦ ♦Preferred 7% c u m u la tiv e _ ____ _
_
7%
125,000 __________
to o k title to th e p ro p e rty o f th e A tchison R y ., L ig h t & P o w er C o. (V. 113. 1st m tge gold ser A ($1,000,1 1923
7% M -S
237,000 Sept 1 1938
p . 2184) a n d m a y la te r acq u ire th e p ro p e rty of th e W ich ita R y . & L ig h t Co.
$500, $100)-----------------------/C e n tra l T r . C o. of 111., C hicago, tru ste e .
(V. 118, p . 1270). C o. also p u rc h a se d a ll of th e com m on stock of th e
* All com m on sto ck owmed b y K ansas Pow er & L ight C o. **Pref. stock
K a n sa s Power
Light Co., w hich co n tro ls U nion Pow er Co.
o u tsta n d in g , $125,000, of w hich $66,000 ow ned b y K a n . P ow . & L t. Co.
S T O C K A N D B O N D S—
Date,
Interest.
O utstanding.
M aturity.
Bonds.— S ecured.by 1st m tge. on en tire p ro p e rty of co. In te re s t a t C en­
C ap ital stock— All ow ned b y Illinois Pow er & L ight C orp.
tra l T ru s t C o. of Illinois, C hicago. C all, u p o n 30 d a y s ’ n otice a t 105 a nd
T op R y & L t 1st 1 & re f M $ 7 ,-f 1916
5 g F-A
1,174,200 F eb 11933 in t., less M of 1% for each fu ll y e ar elapsed. S ubsequent to a n d incl.
500,000 g ($100, $500, $1,—i n t , in N . Y ., N ew Y o rk T ru s t C o., T ru ste e S ept. 1 1927. Sinking fu n d of 2% of bonds o u tsta n d in g on th e 1st d a y of
l
000, & c)___________ c*&r* [
J a n . in each of th e years 1926 to 1930 incl.; 2 M % , 1931 to 1934; 3 % , 1935
T o p ek a E d iso n Co m o rtg ag e ! 1905 5 J - J
617,000 Sept 1 193o to 1938.
$1,250,000 ------------------- t f J ln t. a t C o n t.& C o m m .T r.& S .B ., C h ic ., T rus
(5) DES M OINES E LEC TR IC (L IG H T ) CO.
Bonds.— T h e 1st lien and re f. bon d s are secured b y pledge of th e entire
O R G A N IZ A T IO N .— F orm erly D es M oines & C e n tra l Iow a E lectric
c ap ita l stocks a n d , excepting $1,368,000 underlying issues, all th e bonds
o. N am e changed to
o f th e T o p ek a E dison an d T o p ek a R y . C o. $1,949,000 are reserved to C Illinois Pow er & L ig h t p re se n t title in 1924. See for subsidiaries u n d e r
“
C o rp .”
a cq u ire o r re tire un d erly in g bonds, an d rem aining $3,910,000 m a y be issued
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
to th e e x te n t o f 80% o f cost o f ad d itio n s an d im p ts. to th e properties of
th e su b . cos., b u t only w hen a n n u a l n e t earnings are 1 % tim es th e annual P roperties include th e electric lig h t a n d pow er com panies, serving Des
in t. charges, incl. th e bonds proposed an d all u nderlying bonds held by M oines, O skaloosa, C olfax, N ew V alley J u n c tio n , N ew S haron, P rairie
p u b lic. A re re d . all or p a rt, on a n y in t. d a te a t 105 an d in t. Sinking fu n d C ity an d M o n tez u m a a n d th e s tre e t railw ay s in O skaloosa. P o p u la tio n
began A ug. 1 1917 of 1 M % p er a n n . to an d incl. 1929 a n d 1 % th e re a fte r served e stim ate d to be a b o u t 250,000. In D ec. 1925 pu rc h a se d th e lighting
o f th e to ta l a m o u n t of bonds o u tsta n d in g (incl. u n d erly ing bonds), less system s in A ltoona an d M itchellville, Io w a , fro m th e H all E lectric C o. of
a m o u n ts p a id on acco u n t of sinking fu n d req u irem en ts of un derlying m tges. G lidden, P a . V . 121, p . 2873.
$241,800 in m a in t. & deprec. fu n d a n d $37,000 in sinking fu n d .
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M a tu r ity .
All bonds in fu n d are held alive.
T h e Topeka E dison Co. bonds C om stk $2,000,000 ($100)_ All ow ned or controlled by 111. P r. & L t. C o rp .
_
h a v e a sinking fu n d o f $15,000 p er a n n ., pay ab le D ec. 15, $255,000 have D es M & C en t la E l Co sk fd g | 1913 5 & 6 g M -S $1,191,000 Sept 1 1937
been re tire d a n d $68,000 a re h e ld alive in sinking fu n d . B eginning w ith
bonds $10,000,000 ($500 &{In te re s t a t F irst N a tio n a l B ank, N ew Y ork,
th e 2 -y ear period ending M a y 31 1918, a n d d u ring each 2-year period th e re ­
$1,000) red a t 105________ l or th e C en tra l T ru s t Co. of 111., tru ste e .
a fte r, th e re m u s t be set aside for m a in te n an c e an d d ep reciatio n a n am o u n t Des M oines Elec 1st M $5,-( 1908
5 M -N
3,773,000 N o v 1 1938
av erag in g 12% o f th e com bined a n n u a l gross earn in g s o f th e su b sid iary
000,000 ($1,000) s f _____t f (In te re s t a t A m erican T ru s t C o ., B oston.
co m p an ies. V . 104, p . 74.
Bonds.— A d d itional sinking fu n d gold bonds can only be issued for 80%
E A R N IN G S .— Y ear ending D ec. 31 1923, gross, $1,515,637; n e t, $457.- of th e c ost of im provem ents, & c., to th e su b . cos., an d certain o th e r restric­
180; in t., $149,746. In 1922, gross, $1,462,412; n e t, $405,277; in t., $152.- tio n s. A nnual sinking fu n d of 1 K % of bonds o u tsta n d in g began Sept.
1914, $43,500 a re 5s a nd $1,147,500 6s.
796.
D es M oines E lec. C o. 1st M . bonds a re su b je c t to call a fte r N o v . 1 1914
(a) TO PE K A RAILW AY CO. (S u b sid . of K a n sa s P u b . Service C o.). a t 105. Sinking fu n d 1% of bonds N o v . 1 1914-21: I X % 1926-31; 2%
O R G A N IZ A T IO N .— In c o rp . u n d e r general railw ay law s of K ansas in 1931-37. $499,000 re tire d b y sinking fu n d .— V . 120, p . 3186; V . 121,
1892; in 1903 ab so rb ed th e V inewood P a rk R y . an d m ad e a new m tg e. for p . 2401, 2873.
$1,250,000. On Ju n e 4 1903 o b ta in e d a new 30-year franchise, ru n n in g from
(a) IOWA PO W ER & L IG H T CO.
th a t d a te , w ith th e provision th a t $400,000 be expended w ithin 3 years on
th e sy ste m . Also h a s secu red franchises in p e rp e tu ity on c o u n ty roads
Control.— D es M oines E lectric L ig h t C o., a su bsidiary of Illinois Pow er
now o ccu p ied , w ith privilege of hau lin g fre ig h t. C ity agrees never to reduce & L ight C orp. ow ns all of th e com m on stock.
ra te s to w here co m p an y w ill e a rn less th a n 10% on sto c k . T h e c ity is to
O R G A N IZ A T IO N .— O rganized in Iow a.
receive 10% o f earn in g s rem ain in g a fte r 10% h a s been earn ed . U pon
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
ex p iratio n o f franchise c ity h a s th e rig h t to acquire th e p ro p e rty , b u t n o t
C om pany early in 1926 com pleted a nd now o p erates on th e D es M oines R iver
before. V . 76, p . 866, 1302. On Ju n e 26 1916 a u th o riz e d c a p ita l stock
so u th ea st of th e c ity of D es M oines, a m odern steam electric g enerating
w as increased fro m $1,250,000 to $2,250,000. V . 103, p . 62.
sta tio n a n d transm ission lines connecting th e new p la n t w ith th e d istrib u tio n
S T O C K A N D B O N D S—
Date.
Interest. Outstanding. M a tu rity .
system s of th e D es M oines E lectric L ig h t C o. in th e c ity of D es M oines, an d
Stock all ow ned b y K an sas P u b lic Service C o.
w ith its transm ission lines ru n n in g to O skaloosa a n d o th e r com m unities. T h e
F irst m tg e $1,250,000 goldj 1904
5 g J -J
$751,000 J a n 1 1930 first u n it (25,000 k .w .a .) w as p u t in operatio n A ug. 1925, th e second u n it
($1,000)_____________ c t t f \ I n t . a t C o n t.& C o m m .T r.& S .B ., C h ic ., T ru s.
(35,300 k .w .a .) a b o u t D ec. 1925. T h e pow er house is designed for a n u lti­
Bonds.— R em aining bon d s a re reserv ed for 80% o f c o st of new pow er m a te in sta llatio n of 166,200 k .v .a . C o. leased th e p la n t an d lines for
house a n d for b e tte rm e n ts a n d ad d itio n s. S u b ject to call a t 105 a n d in t. 50 years to D es M oines E lectric L ig h t C o. U nder th e te rm s of th e lease
$270,000 h av e been re tire d , a n d $213,000 held aliv e in sinking fu n d . A th e m o nthly re n ta l p a y m e n ts w ill c o n stitu te an operatin g charge of th e
sinking fu n d began J a n . 1 1910, w hich is sufficient to re tire $15,000 per D es M oines E lectric L ig h t C o., w hich assum es all cost of operatio n u nder
th e lease, incl. m aintenance, a n d has to p a y th e general p ro p e rty taxes an d
a n n u m a t 105 a n d in te re st.
insurance on th e leased p ro p e rty . All rig h ts a nd re n ta ls u n d e r th e lease
R O A D .—-Included in T o p ek a R y . & L t. Co. a b o v e.— V . 118, p . 1775; have been assigned to th e tru ste e s u n d e r th e m tge. securing th e 1st m tge.
V. 123, p . 1252.
bonds. T h e re n ta l for th e firs t tw o u n its u n d e r c onstruction is a t th e
fixed ra te of 12% per annum of th e cost of th e p la n t a nd new transm ission
(b) W ICH IT A R A IL R O A D & L IG H T (P art o f K a n sa s P u b . Serv. Co.) lines. T his re n ta l m a y be a d ju ste d a t th e end of 30 years u n d e r certain
O R G A N IZ A T IO N .— C h arte re d M a y 1 1900 for 30 y e ars. S tre e t ra il­ restrictio n s. V. 120, p . 3187.
w ay franchise expires 1933. I n 1910 en tered in to a 20-year c o n tra c t for
STO CK A N D B O ND S—
Date.
Interest. O utstanding. M aturity.
purch ase of pow er fro m K an sas G as & E lec. C o.
C om m on ($10)---------------------- --------------------$800,000 _________
1st p re f 7% c u m u l----------------- -------7
3,000,000 __________
S T O C K A N D B O N D S—
Date.
Interest. Outstanding. M atu rity.
1st m tg e g series A ($1,000,/ 1925
6 g M -N
2,000,000 M a y 1 1955
R ef. & cons M $1,500,000 g - t f 1907
5 g A-O $1,013,000 O ct 1 1932
$500) -------------- --------c * tf (H a rris T r u s t & Savs. B k ., C hicago, T ru stee.
Stock.— O w ned b y Illinois Pow er & L ig h t C orp. I t is proposed th a t th e
Ser “ B ” ($1,000, $500 c*) t f . 1926
5 K g M - N 3,000,000 M a y 1 1956
p ro p e rty o f co. w ill be la te r a cq u ire d b y K ansas P u b lic Service C o.
Stock.— A large p o rtion of th e pref. sto ck w as sold a t p a r u n d e r “ custom er
Bonds.— 1st M . bon d s a re s u b jec t to call a t 105 on 6 m o n th s n o tic e .
ow nership” p lan.
R O A D .— Owns 37 m iles o f tro lley tra c k in W ic h ita, K a n ., including
Bonds.— T h e 1st m tge. gold bonds a re secured by a 1st m tge. on th e e n tire
d o u b le-track bridge over th e A rk an sas R iv er an d extensions to W onderland fixed p ro p e rty of th e com pany (incl. a fte r acquired p ro p e rty ). T h e a m o u n t
P a rk a n d F a ir G rounds; 107 c ars.— V . 118, p . 1270, 1776.
issuable against th e first u n it (see above) is lim ited to $2,600,000 p a r value.
A dditional bonds of a n y series u n d e r th a t m ortgage m a tu rin g n o t m ore th a n
(c) A T C H ISO N R A ILW A Y , L IG H T & POW ER CO.
30 years fro m d a te of each series, a n d bearing such r a te or ra te s of in te re st,
n o t exceeding 7 % , a n d otherw ise of such te n o r as d irectors m a y fro m tim e
M erger.— N ow p a rt o f K a n sa s P u b lic Service C o.
to tim e determ in e, m a y only be issued (a) for refu n d in g purposes; (b) for
O R G A N IZ A T IO N .— Successor in 1895 o f th e A tchison R y ., E lec . L . & P . n o t m ore th a n 75% of new co n stru ctio n , &c.; (c) p a r for p a r a g ain st th e de­
C o . C o n tro ls electric railw ay , lig h tin g a n d gas p ro p e rties o f A tchison.
posit of cash. All bonds of w h a tev e r series shall be eq u ally an d ra ta b ly
secured b y th e m ortgage; except th a t sinking fu n d s m a y be e stablished for
S T O C K A N D B O N D S—
Date.
Interest O utstanding. M atu rity.
th e exclusive benefit of one or m ore p a rtic u la r series. N o ad d itio n a l bonds
Stock— O w ned by K an sas P u b lic Service C o.
m a y be issued unless earnings before bond in te re st for 12 o u t of 15 preceding
F ir s t m tg e $1,500,000______t f 1910
5%
$606,500
N o v 1935 m o n th s have been a t least 1 % tim es an n u al in te re st on all o u tsta n d in g
Bonds.— Sinking fu n d , $10,000 p e r an n u m , p a y ab le N o v . 1: $143,500 bonds, including und erly in g bonds a n d bonds to be issued. A n improve­
m ent fu n d began M a y 1 1926 of 2 K % of cost or value of all p ro p e rty a g ain st
(not in cl. in a m o u n t o u tstan d in g ) held alive in fu n d A ug. 31 1926.
less
fu
R O A D .— O perates 9 m iles o f tra c k . 26 cars.— V . 113, p . 2184; V . 118, w hich bonds have been issued, M a y th e a m o u n t of th e sinking(of n d req u ire­
m e n ts of u nderlying issues.
be used for re tirem e n t
u nderlying
p . 1770.
bonds or o f 1st m tge. bonds) or for renew als, dditions, &c. In te re s t p a y a ­
b le in C hicago or N ew Y ork. C o -tru ste e , M . H . M acL ean . C o n n ., P enn,
(d) K A N SA S PO W ER & L IG H T CO.
m ills
d
O R G A N IZ A T IO N .—O rg an ized in K an sas. Is controlled th ro u g h ow ner­ a n d C alif. 4-m ills ta x , D ist. of C ol.A5 6% ta x , M a ry lanw 4 Mi-mills ta x a nd
n
re d
ship o f its com m on sto ck b y K an sas P u b . Service C o . C o . h as a t T e c u m seh , M ass. n6% ta x re fud d a b le .N o Series1945 a t bonds arein t., . a nhole or p a r t ony60
d a y s ’ otice to a n incl.
v. 1
105 an d
d on each M a 1
K a n ., a m o d ern stea m electric g en eratin g statio n (15,000 k .v .a . in itia l gener­ th e
successive redu
of 1% . In J u n e
. Rol­
a tin g c ap a c ity , u ltim a te in sta llatio n 90,000 k .v .a .), to g e th e r w ith 60 miles linsre a fte r a t&c., &c., offeredctio n s of M series A 6% bonds 1925 E . aHd in t.,
& Sons,
$2,000,000
a t 101 n
tra n sm issio n lines co n n ectin g T ecum seh w ith electric u tilities of K a n . P u b . to yield a b o u t 5 .9 3 % . V . 120, p . 3187.
Service C o. an d subsidiaries a t T o p e k a , A tchison a n d in te rm e d ia te poin ts.
B
dated M ay 1
w hole
60
’
C o .’s p ro p e rty h a s been leased to K an sas P ublic Service C o. for 50 years tic Series n d 5 M s, N o v . 1 1946, 1926, are re d .,t., w ith or p a r t, on red ud a y sn sno­
to
a
an d in
successive
c tio
in
(u n til 1975) u n d e r te rm s p ro v id in g for m o n th ly p a y m e n ts c o n stitu tin g an re dee m pa n incl. on each M a y t1105 re a fte r of
tio price
th e
% . T axes re fu n d a b le as
o p e ra tin g charge o f K a n sa s P u b . S erv . C o ., su b ject to re a d ju stm e n t from u n d e r Series A . In M a y 1926 E . H . R ollins & Sons, H a rris , F o rb es & C o.,
tim e to tim e .
H alsey, S tu a rt & C o ., In c ., Spencer T rask & C o. a n d M arsh a ll Field,
STO CK A N D BO N D S—
D ate.
Interest.
O utstanding. M aturity. G lore, W ar & C o. offered $3,000,000 Series B a t 99 a n d in t., to y ie ld over
C om m on (par $1 0 )------------------------------------$500,000 ---------------- 5 .5 5 % . V . 122, p . 2799.
1st p re f 7% c u m ------------------- --------------------- 1,589,500 ---------------E A R N IN G S .— O f D es M oines E lec tric L ig h t C o. o n ly for c alen d a r years:
1st m tg e gold bon d s ($ 1 ,0 0 0 ,/ 1925
6 g M -N
2,100,000 M a y 1 1955
1925.
1924.
$500) _______________c * .tf (H a rris T ru s t & Savs. B k ., C hicago, T ru ste e .
G ross earn in g s--------------------------------------------------- $3,236,849 $3,021,017
1,657,647
Bonds.— T h e ls i mtge. bonds a re secured by a 1st m tg e. on th e en tire O perating expenses, m a in t. & ta x e s --------------------- 1,755,467
fixed p ro p e rty of th e co. ow ned or a fte r acquired, s u b jec t to underlying
A vailable for fixed charges & d iv id e n d s________ $1,481,382 $1,363,370
b o nds, if a n y , on a fte r acq u ired p ro p e rty . T h e a m o u n t issuable ag ain st
th e in itia l in sta llatio n (see above) is lim ited to $2,100,000. A dditional
O F F IC E R S .— P re s ., C lem en t S tu d eb ak er J r.; V .-P s ., H . L . H an ley ,
b onds o f th is or an y o th e r series m a tu rin g n o t m ore th a n th ir ty years L . E . F ish er an d M . G . Linn; T re a s ., P . L . Sm ith; Sec., D . H . H olm es.—
fro m d a te of each series a n d b earin g such ra te s o f in te re st (m axim um V . 120, p . 3187; V. 122, p . 2799.
7% ) a n d otherw ise o f such te n o r as d irecto rs from tim e to tim e m a y d e te r­
m in e, m a y only be issued (a) for re fu n d in g purposes; (b) for 75% o f new
c o n stru ctio n , & c., o r (c) p a r for p a r a g ain st cash. Sinking fu n d s m a y be
S T A N D A R D G A S & E L E C T R I C CO.
estab lish ed for th e exclusive b e n efit o f one o r m ore p a rtic u la r series. A ddi­
See m ap page 169.
tio n a l b o n d s m a y n o t be issued (except for refu n d in g purposes) unless
A cquisition o f Control o f Standard Power & Light C orp.— On A pril 5 1926
earn in g s ap p licab le to b o n d in te re s t for 12 o u t 15 preceding m o n th s h av e
been a t le a st 1% an n u al in te re s t req u irem en ts o f all o u tsta n d in g m tg e. it w as announced th a t c o . h a d acquired c ontrol of S ta n d a rd Pow er & L ight
b o n d s, incl. un d erly in g b onds a n d those to be issued. A n improvement C o rp . L ad en b u rg , T h a lm a n & C o ., how ever, w ere to re ta in a su b sta n tia l
fu n d began M a y 1 1926 o f 2 M % an n u ally of th e valu e o f all p ro p e rty against in te re s t in S ta n d a rd Pow er & L ig h t C o rp . On A pril 6 S ta n d a rd G as &
w hich bonds h av e been issued, to be used for renew als or re tire m e n t of these E lec tric C o . m ade th e follow ing offers to m in o rity in te re sts of com panies
o r u n d erly in g bonds or for a d d itio n a l co n stru ctio n . Series A is re d . w hole or controlled b y S ta n d a rd Pow er & L ight C o rp ., w hich offers expired M a y 31
p a r t on 60 d a y s ’ notice u p to a n d incl. N o v . 1 1945 a t 105 a n d i n t . , w ith suc­ 1926:




O c r . , 1 9 2 6 .]

PO W ER , L IG H T A N D R A IL W A Y
169




170

PUBLIC UTILITIES

Holders o f—
For Each Share Received—•
P h ilad elp h ia C o . c o m m o n_______ 1 2-5 shs. com . S ta n d . G as. & E lec.
P itts b . U til. C o rp . p re f.(in c l. v .t.c ) % shs. 8% cum . p ref. S ta n d . G . & E l.
or
1-3 shs. com . S ta n d . G . & E lec.
U n ited R y s .I n v . C o, 5% cu m . p fd lK Ish s . 8% cum . S ta n d . G . & E lec .
plu s 1-10 com . S ta n d . G as & E lec,
or
I K sh s. com . S ta n d . G . & E lec.
U n ite d R y s. In v e s t. C o. co m m o n . K shs. com . S ta n d . G . & E lec.
C alif. R y . & P r . C o. p rio r p r e f ..2 shs. 8% cum . p re f. S ta n d . G . & E lec.
or
2 s h s . c o m . S ta n d . G . & E le c .
See for d e ta ils V . 122, p . 2044, a n d th e sep a ra te s ta te m e n ts of abovem en tio n ed com panies.
See for fu r th e r p lan s u n d e r “ S ta n d a rd Pow er & L ig h t C o rp .”
O R G A N IZ A T IO N .— A holding co. incorp. in D elaw are, A pril 28 1910.
A lis t of c o .’s subsidiaries w ill be fo u n d u n d e r “ E a rn in g s” in th is s ta te ­
m e n t.
On J a n . 1 1919 acquired th e pu b lic u tility , &c., business (except th e
ban k in g d e p artm e n t) c f H . M . B yllesby & C o., In c . (now th e Byllesby
E n gineering & M an ag em en t C o rp .;. Y . 108, p . 2335.
On A pril 21 1926 th e au th o rized com . (no par) a n d 6% p ref. ($1 par)
w ere increased each fro m 1,000,000 to 3,000,000 shares. V. 122, p . 2331.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e p re sen t o p erated an d su b sid iary p u b lic u tility com panies fu rn ish
electric pow er a n d lig h t, g as, stea m h e a t, telephone, w a ter or s tre e t railw ay
service in im p o rta n t com m ercial, fin an cial a n d in d u stria l cen tres lo cated in
prosperous sections in 19 S ta te s. T h e com m unities serv ed , num bering
1,217, h av in g a n e stim ate d p o p u la tio n of 5,500,000, include th e cities of
P ittsb u rg h , M in n eap o lis, S t. P a u l, San Francisco, Louisville, O klahom a
C ity , M uskogee, A rd m o re, Sioux F alls, S t. C loud, F a rg o , L a C rosse, E a u
C laire, G reen B ay , O shkosh, Sheboygan, M enom inee, C asp er, M arshfield,
K alispell, M ed fo rd , K la m a th F a lls, P u eb lo , T acom a, San D iego a n d Stockto n . T h e sy stem h as a n aggregate in stalled hydro-electric a n d stea m elec­
tric g e n eratin g c a p a c ity o f 1,483,733 h .p .; in stalled d aily gas m a n u fa c tu r­
ing c ap a c ity of 107,120,000 cu. f t.; a to ta l of 39,735 m iles o f transm ission
a n d d istrib u tio n pole an d u n d erg ro u n d lines, an d connected electric load,
all pu rp o ses, o f 2,316,334 k .w . Serves a p resen t com bined to ta l of 1,458,996 custom ers; a n d for th e 12 m o n th s ended Ju n e 30 1926 h a d a com bined
to ta l electric o u tp u t of 3,363,402,422 k .w .h ., a n d for th e sam e period a to ta l
gas o u tp u t o f 57,061,269,000 cu. f t. C o. also owns a controlling in te re st in
Shaffer Oil & R efining C o. a n d subsidiaries.
Customer Ownership Sales.— See V . 123, p . 3-6.
Outstanding. M a tu rity .
ST O C K A N D B O N D S— Date.
Interest.
1.227,817 shs.
See te x t
C om . 3,000,000 shs. (no p a r ) . ____ $3 Q-J
7% cum p rio r preference $ 5 0 ,-/
$21,000,000 O c t ’26 1M
000,000 ($100)----________ l ------7 Q-J
16,500,000 S e p t ’26 2%
8% cum p re f $ 3 0 .0 0 0 .0 0 0 ($ 5 0 )____
8 Q-M
1 , 000,000 --------------------------------6
6% non-cum $3,000,000 ( $ 1 ) - - -----15,000,000 O ct 1 1935
20-yr 6% g no tes (closed)/ 1915
6 g A-O
($50, & c.)___________ c * tf\ I n t . a t G u a ra n ty T ru st C o ., N . Y ., tru ste e .
7,500,000 F eb 1 1951
6% gold d e b en t ($1,000, 5 0 0 ,/ 1926
6 g F-A
1 0 0 ) _________________ c* tf \C o n t. & C om . T r. & Sav. B k ., C hicago, tru s t.
C o. also g u aran tees $5,142,200 Shaffer Oil & R efining C o. 1st m tge.
6 % b o nds, d u e J u n e 1 1929.
Stock.— T h e 7% cu m u lativ e p rio r preference stock is call, all or in p a r t a t
115 an d d iv s. T h e 6% n o n -cu m u lativ e sto ck h as equal v o tin g rig h ts w ith
th e com m on sto ck . C allable a t p a r. T h e com m on a n d 8% p ref. sto ck are
listed on th e N . Y . Stock E xchange. V. 120, p . 830.
In M a y 1925 H . M . B yllesby & C o ., & c., sold $5,000,000 ad d itio n a l 7%
cu m . p rio r p re f. sto ck a t $100. V . 120, p . 2552. In M arch 1926 th e y sold
$3,000,000 a d d itio n a l 7% cu m . p rio r p re f. sto ck a t 102 (fla t). V . 122,
P 'S to ck h o ld ers of reco rd A ug. 24 1925 w ere given th e rig h t to subscribe
for ad d itio n a l com m on sto ck a t $48 p e r sh are to th e e x te n t o f 1-5 o f th eir
holdings. V . 121, p . 841.
B onds.—T h e 20-year 6% n o tes are re d . a t 103.
T h e 6% gold debentures, due Feb. 1 1951, a re re d ., w hole or p a r t, on 60
d a y s ’ no tice, a t 105 an d in t. on or before F e b . 1 1930, th e re a fte r th e prem ium
decreasing 1 for each 5 y ears or frac tio n th ereo f. N o a d d itio n a l deben­
tu re s o f th is issue or o th e r fu n d ed d e b t of th e co ., of such te n o r as directors
m a y fro m tim e to tim e d eterm in e, m a y be created , except for refunding
pu rp o ses, an d o n ly p ro v id ed n e t rev en u e for 12 consecutive m o n th s has
been a t le a st 2 K tim es a n n u a l in te re st on to ta l fu n d ed d e b t o u tsta n d in g ,
incl. new issue. P rin cip al a n d in te re s t p a y ab le in C hicago a n d N ew Y ork.
P e n n . 4 m ills, M a ry la n d 4 K m ills an d M ass. 6% ta x e s re fu n d a b le . In
F e b . 1926 H . M . B yllesby & C o ., In c ., & c., &c., offered $7,500,000 6%
gold d e b en tu re s, d a te d F e b . 1 1926, a t 9 7 K an d in t., to yield a b o u t 6.2 0 % .
In O cto b er 1926 H . M . B yllesby & C o ., In c ., J an n e y & C o ., H am b leto n
& C o ., In c . a n d F e d e ra l Securities C o rp . sold $7,500,000 a d d itio n a l a t
99 a n d in t. to y ield a b o u t 6 .0 8 % . V . 123, p . 1878.
’13. '1 4 . T 5 . ’16. ’17. ’18. ’19. ’20-’25D ivs. on the 8% Cum . Pref—
1 4 K 6
6 7 K
8 y ’ly .
In c ash _______________________ % 4 0
---------3 N one . . ._ . . .
In 6% s c rip ___________________ % 4 7
T h e d irecto rs on A ug. 19 1919 declared 13% cum . d iv s. on th e 8% cum .
pref. p ay ab le in com . sto ck ($1,532,044) a t p a r, Sept. 15 1919. D ivs. paid
regularly a t th e an n u al ra te since th e n .
On 7% p re f. 1M % Q-— J- is being p aid .
On com . declared in itia l d iv . o f 6 2 K c . a sh are, p a y ab le J u ly 25 1923.
Sam e a m o u n t p a id q u a r. to J a n . 25 1924;.on A pril 25 1924 p a id 75c. q u a r.
a n d sam e a m o u n t p a id re g u la rly q u a r. since to a n d incl. O ct. 1926. In
M a y 1926 d eclared a special d iv id en d (in ad d itio n to th e re g u la r q u a r.
div s. o f 75c. o f $1 a sn are (on basis o f 1-50 sh are for each com m on share
o u tsta n d in g ) p a y a b le in com m on sto ck as follows: 50c. on J u ly 25 to hold­
ers o f reco rd J u n e 30 1926; 25c. on O ct. 25 to holders o f reco rd S ept. 30
1926, a n d 25c. on J a n . 25 1927 to h o ld ers o f reco rd D ec. 31 1926. V . 122,
p . 2801.

H. M. Byllesby

and

Co .

INCORPORATED

Uncerwriters, Wholesalers and Re­
tailers of Investment Securities
—S p e c ia lis ts in Public Utilities.
D i r e c t P r i v a t e W ires —
C h ic a g o -N e w Y o r k - B o s t o n - P h i l a d e l p h i a

CHICAGO

NEW YORK

231 So. La S a lle S t.

I l l B ro a d w a y

B O ST O N
14 S t a te S t.

PH IL A D EL PH IA
S to ck E x ch a n g e B ld g .

D E T R O IT
D im e B a n k B ld g .

M IN N EA PO LIS
M cK n ig h t B ld g .




K A N SA S C IT Y
L a n d B a n k B ld g .

PR O V ID EN C E
T u rk s H ea d B ld g .
ST . PAUL
P io n e er B ld g .

[V ol. 123,

E A R N IN G S .'— F o r C alen d a r years:
xl925
1924
1923
1922
G ross earnings..................... $ 7 ,2 7 0 ,il7 $6,098,532 $5,196,190 $4,759,702
N e t earnings---------------- 7,125,670
5,981,260
5,103,426 4,652,126
In te re s t------------------------- *1,400,884 2,217,290
2,162,596 1,840,704
P referred dividends____ 2,485,369
1,761,298
1,297,711 1,074,965
C om m on divid en d s_____*1,953,366
796,033
397,500
____
A m ort, of d iscount, & c ..
______
______
______
350,000
$1,206,639 $1,245,618 $1,386,457
B alance, s u rp lu s------- $1,286,051
x See V. 122, p . 3918.
* I n t. on fu n d e d d e b t converted in to com . sto ck incl. in com . sto ck divs.
Latest Earnings.— F o r 12 m o n th s ended J u n e 30 1926:
Of S ta n d a rd G as & E lectric C o ., n o t including its p ro p o rtio n of u ndis­
trib u te d earnings of o p e ra te d a n d su b sid iary com panies.
Gross re v e n u e _______________________________________________ $7,868,452
G eneral expenses a n d ta x e s __________________________________
181,916
N e t re v e n u e -----------------------------------------------------------------------$7,736,536
Collectible earnings of com pany for th e 12 m o n th s ended J u n e 30 1926
w ere $7,736,536. T hese collectible earnings a re th e a m o u n ts a c tu a lly re ­
ceived o r in th e process o f collection an d do n o t include a n y incom e fro m
th e c o m pany’s in v e stm en t in Shaffer Oil & R efining C o. com m on stock,
no t S ta n d a rd ’s p ro p o rtio n of u n d is trib u te d earnings of o p e ra te d a n d sub­
sid ia ry com panies, n o r an y incom e from its re c en t large in v e stm en t in th e
securities controlling th e P ittsb u rg h u tility p ro p e rties.
Consolidated Earnings 12 M onths Ended J u n e 30 1926
S ta n d a rd G as & E lectric C o .’s System .
G ross earnings from all sources— O perated public u tility p ro p ­
erties, $144,103,120; oil properties, $19,129,887___________ $163,233,017
O per. expenses, m ain ten an ce a n d taxes— O perated pub lic u til­
ity properties, $83,227,740; oil p roperties, $13,448,034____ 96,675,774
N e t earnings— O perated public u tility pro p erties, $60,875,390; oil properties, $5,681,853___________________________ $66,557,243
In te re s t a n d dividend charges on securities of o p e ra te d an d
sub. cos. now in h a n d s of public, incl. m in o rity in te re s ts ’
pro p o rtio n of u n d istrib u te d earnings________________________ $41,738,054
D epreciation, depletion an d a m o rtiz a tio n ____________________ 14,159,113
B alance of earnings applicable to securities of o p e ra te d an d
subsidiary com panies now ow ned b y co m p an y __________ $10,660,076
O ther incom e of com pany, less expenses, from engineering,
supervision, p ro fits on in v e stm en ts an d o th e r o p e ra tio n s_
_
2,963,235
_
Gross incom e applicable to S ta n d a rd G as & E lectric C o _ $13,623,311
C onsolidated earnings for 12 m o n th s ended Ju n e 30 1926 a p plicable t o
in te re st charges of S ta n d a rd G as & E lectric C o. w ere $13,623,311. T hese
consolidated earnings include $1,370,000 incom e applicable to th e co m p a n y ’s
com m on stock holdings of Shaffer Oil & R efining C o.
Gross and net earnings o f the properties o f the present operated and subsidiary cos.
o f Standard Gas & Electric Co. System for 12 m os. ended June 30 1926.
N e t Earnings
Gross
(before D epr.
and D epl.)
C alifornia Oregon Pow er C o ___________________ $2,475,384
$1,513,740
C oast V alleys G as & E lectric C o _______________
1,154,614
421,626
F o r t S m ith L ight & T rac tio n Co. and subsidiaries 1,391,081
388,278
L ouisville G as & E lec tric C o. and s u b sid ia rie s ..
8,431,689
4,317,730
M a rk e t S tree t R ailw ay C o ____________________
9,925,120
2,076,450
M o u n ta in S tates P ow er C o ____________________
3,054,418
1,151,217
N o rth e rn S ta te s P ow er C o. a nd subsidiaries____ 27,385,922
12,991,659
O klahom a G as & E lectric C o __________________ 10,505,274
3,747,647
P h ilad elp h ia C o. System : D uquesne L ight C o .,
E q u ita b le G as C o. a n d P ittsb u rg h R ys. C o _ . 64,359,286
_
27,185,370
San Diego C onsolidated G as & E lec tric C o _____
5,399,332
2,385,827
S ierra & San F rancisco Pow er C o ________
123,666
177,571
S outhern C olorado Pow er C o ____________
2,377,130
1,024,595
S outhw estern G eneral G as C o _________________
_____
22,853
53,608
W estern S ta te s G as & E lectric C o _____________
3,321,588
1,763,603
W isconsin P ublic Service C o rp ________________
1,761,129
4,247,564
T o ta l_______________________________________ $144,259,581
Less— In te r-co m p an y elim in atio n s_______
156,451

$60,875,390

T o ta l o p erated public u tility com panies_____ $144,103,130 $60,875,390
Shaffer Oil & R efining C o. and subsidiaries__________________ 19,129,887
. 19,129,887
5,681,853
G ra n d to ta l_________________________________$163,233,017 $66,557,243
$163,233,017
* L eased to o th e r in te re sts.
O F F IC E R S .— P re s ., Jo h n J . O ’B rien; 1st V .-P ., R o b e rt J . G raf; V .-P s.,
B. W . L ynch, J . H . B riggs, A lbert S. C um m ins, E . J . M c K a y , F . O .
G ordon, G eo. H . H arries, C . C . Levis; Sec. & T re a s ., M . A . M o rriso n .
C hicago office, 231 So. L a Salle S t.; N ew Y ork office. T rin ity B ldg.—
V. 121. p. 708, 841, 1570, 2275, 2754; V . 122. p . 613, 751, 1764, 1918, 2044,
2331, 2790, 2801, 2950, 3085, 3607; V. 123, p . 326, 712, 1252, 1384, 1878.

C H I C A G O A U R O R A & E L G IN C O R P O R A T I O N .

Control.— In F eb . 1926 T hom as C onw ay J r . a n d associates sold to
Sam uel Insull an d associates th e ir stock holdings, co n stitu tin g a m a jo rity
in te re st, in C hicago A urora & E lgin C orp. V . 122, p . 1308.
O R G A N IZ A T IO N .— A holding co. In c o rp . in D elaw are Ju n e 12 1922 to
tak e title u n d e r th e reorg an izatio n (see p la n in V . 114, p . 736, 1177) of th e
old A u ro ra E lgin & C hicago R R . (for h is to ry see “ E le c tric R ailw ay ” Sup­
plem ent of A pril 29 1922) to c erta in sm all in te re sts an d stocks w hich c an n o t
properly be held b y th e C hicago A u ro ra & E lgin R R .. th e o p e ra tin g co.
Owns th e en tire $9,500,000 (par $100) com m on stock (except d ire c to rs’
qualifying shares) of th e Chicago A urora & E lgin R R ., w hich see below .
S T O C K A N D B O N D S—
D ate.
Interest. Outstanding. M aturity.
______
27,500 shs.
________
C om m on (no p a r) 27,500 s h s . . ____
D ebenture bonds $ 6 ,0 0 0 ,0 0 0 .. 1922
See te x t
$6,000,000 A pril 1 1972
Bonds.— In t. on th e d eb en tu re bonds accrues a t 6% per a n n u m a fte r
June 1924 an d is p a y ab le o u t of th e n e t p ro fits of th e corp. I f th e n e t
income in a n y year is n o t sufficient to p a y in t. a t th e ra te of 6% p e r a n n .,
such in t. rem aining u n p a id is to accrue, an d th e accrued deficiency is p a y ab le
before an y div. m a y be p a id on th e com m on sto ck , b u t fa ilu re to p a y in t.
shall n o t c o n stitu te a d e fa u lt. R ed. a t 102K an d in t. V . 114, p . 736.
1177, 2716; V . 115, p . 1837; V . 122, p . 1308.
(1) C H IC A G O A U R O R A & E L G IN R R .
All th e com m on sto ck of th e co. (except d ire c to rs’ q u a lifying shares) is
held b y th e Chicago A urora & Elgin C o rp ., w hich see above.
O R G A N IZ A T IO N .— In co rp . Feb. 17 1926 in Illin o is a s a consolidation of a
com pany of th e sam e nam e, incorp. M a r. 23 1922 in Illinois a n d Chicago
W estchester & W estern R R . T he old C hicago A urora & E lgin R R . C o.
was organized to ta k e title in reorganization (see p la n in V . 114, p . 736,
1177) to m ost of th e p roperties an d franchises of th e so-called T h ird R ail
D ivision of th e old A urora E lgin & Chicago R R . (for h isto ry , see “E lectric
R ailw ay” Supplem ent of A pril 29 1922).
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A railroad o perated by electricity, w ith 106.75 m iles of tra c k , serving and
connecting C hicago. M ayw ood, B ellw ood, w ith a 1.1 m ile extension south
to R oosevelt R o ad a n d a 2 K -m ile extension so u th w est to M t. C arm el
cem etery; Villa P a rk , A rdm ore, E lm h u rst, W est E lm h u rs t, L o m b ard , G len
E lly n , W h eato n , A urora, E lgin, B a ta v ia , W est C hicago, S t. C harles
a n d G eneva, all in Illinois. T h e business includes passenger, freig h t
a n d express service. Also owns a steam electric g e n eratin g s ta tio n a t
B a ta v ia w ith a n in sta lled g e n eratin g cap a c ity of 16,000 k . v . a ., w hich
tog eth er w ith its principal transm ission e q uipm ent was leased to „the
P u b lic Service Co. of N o rth e rn Illinois u n d e r a c o n tra c t giving th e co.
am ple pow er supply u n d e r favorable te rm s. O perates 75 passenger coaches.
95 freig h t cars a nd 4 electric locom otives.
Wage Agreem ent.— For new 2-year w age a g re em en t, concluded in Ju ly
1925, see V . 121, p . 456.
STO CK AN D BO N D S—
D ate.
Interest. O utstanding. M a tu rity .
_________ $9,500,000 ____________
C om m on ($100)___________________
7% prior p f $10,000,000 ( $ 1 0 0 ) ____
7
$500,000 __________
A E & C R y first m o rtg a g e / 1901
5 g A-O 15
185,000 A p r 15 1941
$3,000,000 ($1,000), gold-jC ont. & C om m . T r . & S av. B k ., C h ic., T ru s.
c a n n o t be called ________ t f (in te re s t p a y ab le in C hicago a n d N ew Y ork.
1st & re f M 6% g s e r A ($1,000,/ 1926
6 g J-J
4,975,000 J a n 1 1951
$500, $100 c* t f ) __________(C e n tra l T r u s t C o .J o f Illinois, tru ste e .
C ar tr u s t certificates, s erial_ 1922
_
6 M -S
282,000 See te x t.

POWER, LIGHT AND RAILWAY

Oct., 1926.]

Bonds.— Of th e A u ro ra E lgin & Chicago R y . b o n d s $1,903,000 are
pledged u n d e r th e 1st & re fu n d in g m ortgage, $911,000 hav e been re tired .
T h e lst<& ref. mtge. 6% g. bonds a re secured by a d ire c t 1st m tge. on the
new 1.1 mile double tra c k extension fro m th e m ain line a t Bellw ood south
to R oosevelt R oad, b y pledge o f $1,903,000 u n d erly in g b o nds, a n d b y a
d ire c t m ortgage lien on all th e c o .’s physical p ro p e rty (incl. after-acquired)
su b jec t only to p rio r lien bonds fro m tim e to tim e o u tsta n d in g . C o. m ay
a n n u ally w ith d raw a t 100 for cash n o t exceeding $50,000 1st m tge. bonds
(pledged u n d e r th is m tg e .). C ash to th e ex te n t of $25,000 arising from
such w ithdraw als shall be used to re tire series A bonds to be purchased
b y th e sinking fu n d a g en t, H alsey , S tu a rt & C o ., In c ., a t n o t exceeding
th e th e n red em p tio n p rice, a n d th e b alance m a y be used a g ain st capital
expenditures, ag ain st w hich no bonds m a y be issued. U pon release of the
1st m tge. co. is to d ep o sit $25,000 an n u ally for re tirem e n t of series A
bonds b y p u rch ase. I f n o t o b tain ab le a t or below red em ption price,
m oneys m a y be used ag ain st c ap ital expenditures. A maintenance fu n d
is p ro v id ed for. A d d itio n al bonds of a n y series m ay be issued (a) against
cash or U . S. obligations, or pledge o r refu n d m en t of un d erlying bonds, or
o th e r series issued u n d e r th is m tg e.; (5) for 75% of new a d d itions, acquisi­
tio n s, & c., provided n e t earnings for 12 o u t of preceding 14 m o n th s have been
a t least tw ice in te re st on all 1st & ref. m tge. bonds (incl. new issue) and
p rio r lien bonds, if an y , o u tsta n d in g . $800,000 ad d itio n a l bonds m ay be
issued a t an y tim e for co rp o rate purposes if co. h a s com plied w ith foregoing
earnings req u irem en t. R ed ., whole or p a rt, on 60 days n otice a t following
prices an d in t.: prior to Ja n . 1 1931 a t 105; J a n . 1 1931 to J a n . 1 1936
a t 104; J a n . 1 1936 to J a n . 1 1941 a t 103; J a n . 1 1941 to J a n . 1 1946 a t
1 0 2 ^ : th e re a fte r less 14 % d u rin g each succeeding y ear to J a n . 1 1950;
on a n d a fte r Ja n . 1 1950 a t 100. P e n n . & C onn. 4-m ills, M ary la n d 4 j/jm ills, D ist. of C olum bia 5-mills a n d M ass. 6% taxes refu n d ab le. In
J a n . 1926, H alsey, S tu a rt & C o ., In c o rp ., offered $5,000,000 6% series A
a t 96 a n d in t., yielding over 6 .3 0 % . V. 122, p . 607.
E q u ip m en t tru s ts m a tu re $23,000 each M arch 1 an d $24,000 each S ep t. 1
to 1932. G irard T r u s t C o ., P h ilad elp h ia, tru s te e .
E A R N IN G S .— F o r calen d ar years:
I n t., Ac.
B al., Sur.
Gross.
N e t. a ft. Tax. Oth. In c .
$212,584
$484,966
1 9 2 5 ... ...$ 2 ,7 0 7 ,6 1 7
$30,445
$667,105
1 9 2 4 --. . . . 2,318,570
227,589
316,602
527,371
16,820
1 9 2 3 ... - . . 2,502,325
8,704
176,224
339,440
x566,960
1 9 2 2 ... — . 2,252,996
126,631
322,104
448,454
281
x E xcluding F ed eral incom e ta x .
O F F IC E R S .— C h airm a n . Sam uel In su ll: P re s .. B ritto n C . B udd; V .-P s.,
R . F lo y d C linch, B ern a rd J . F allo n , E dw in C . F a b e r, Sam uel In su ll J r .,
C harles E . T h o m p so n a n d H a l M . L y tle; Sec. & T re a s ., G eorge R . Jones;
G en. M g r., E d w a rd J . B la ir.— V . 118, p . 1664; Y . 119, p . 1842, 3009; V.
120, p . 209; Y. 121, p . 456, 1345; V . 122, p . 607, 1025, 1168, 1607.

CO M M O N W E AL TH EDISO N CO.
O R G A N IZ A T IO N .— In c o rp . S ep t. 17 1907 as a conso lid ation p e r p lan
In V. 85, p . 162, 724. In 1913 acq u ired (by consolidation) C osm opolitan
E lectric C o. Fran ch ises expire 1947. On M arch 24 1908 th e C hicago
C ity Couneil passed an ordinance providing th a t 3% a n n u ally of th e gross
receipts d u rin g th e life o f th e franchise of th e old C om m onw ealth E lectric
C o. be p a id to th e c ity , an d p roviding th a t th e franchise be extended to
include all o f th e su b sid iary com panies. M axim um ra te w as reduced on
A ug. 1 1923 fro m 9 cents (net) to 8 cents (net).
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e co. h a s n e arly 840,000 cu sto m ers, including th e su rface a n d elevated
railw ays o f C hicago. O u tp u t in 1925 was 3,091,4243)00 k .w .h . T h e co.
owns (th ro u g h s u b sid ia ry com panies) coal rig h ts in o v # 52,000 acres of coal
la n d in Illinois a n d In d ia n a e stim a te d to co n tain over 400,000,000 to n s of
coal, a n d h a s 8 g e n eratin g sta tio n s a n d 92 com m ercial su b -sta tio n s. C raw ­
fo rd A ve. s ta tio n h a s a t p re se n t a n in stalled c a p a c ity o f 236,000 k . w ., to
w hich 192,000 k .w . w ill be a d d e d by m ach in ery now on o rd er. U ltim a te ly
th is s ta tio n is expected to h a v e to ta l ra tin g of 900,000 k .w . or m ore. T h e
p re se n t to ta l g en eratin g a n d sto rag e b a tte ry c a p a c ity o f th e co. is 962,000
jj.w ., or 1,283,000 h .p . P ro p erties in clu d e 11,000 m iles o f overhead con­
d u cto rs, 6,720 m iles o f u n d erg ro u n d co n d u it, 3,000 m iles o f cable. T he

171

e n tire C ity of C hicago, w ith a n e stim ate d p o p u la tio n o f over 3,000,000, is
served p ra c tic ally w ith o u t co m p e titio n .
T h e stockholders on F e b . 24 1925 vo ted to increase th e a u th . c ap ital
stock from $100,000,000 to $125,000,000. V . 120, p . 1088. C om pare
Y. 120, p. 828. Stockholders of record A pril 1 1925 w ere given th e rig h t to
subscribe a t p a r ($100) for ad d itio n a l cap ital stock to th e ex te n t of 12
of th e ir holdings. Y . 120, p . 1457. Stockholders of record J u ly 1 1926
w ere given th e rig h t to su b scrib e on or before A ug. 2 1926 a t $100 p e r share
for ad d itio n a l sto ck e q u al to 12 % of th e ir respective holdings. Subscrip­
tio n s p ayable in fu ll, 4 or 10 in sta llm e n ts. V . 123, p . 3603.
Franchises.— C over th e en tire city of C hicago a n d extend to 1947.
STO CK A N D BO N D S—
Date.
Interest. Outstanding. M a tu rity .
Q— F
$96,748,500 N o v ’20 2%
Stock $125,000,000 ($100)_________
C om m onw ealth Elec 1st m tge 1 1898
5 g M -S
8,000,000 J u n e 1 1943
($1,000) g o ld ________ c * tf/N o rth e r n T ru s t C o ., C hicago, T ru stee.
C om m onw ealth E dison 1st M l 1908
5 g M -S
45,774,000 Ju n e 1 1943
($1,000) g old____________ /N o rth e rn T ru s t C o ., C hicago, tru ste e .
C om m onw ealth E dison 1st M 1908
6 g M -S
6,000,000 Ju n e 1 1943
($1,000) gold ___________ t f N o rth e rn T ru s t C o ., C hicago, tru ste e .
F irst m ortgage coll Series “ A ” 1923
5 g J -J
15,000,000 Ju ly 1 1953
Series “ B ” _______________ 1924
5 g J -D
15,000,000 Ju n e 1 1954
($100. &c) g o ld ____ c*&r* 111. M e rc h a n ts ’ T ru s t C o ., C hicago, tru s te e .
Ser C ($1,000. $500, $100 c* &
$1,000, $5,000, $10,000 z t f 1926
4 H g A-O 15,000,000 A pr 1 1956
Bonds.— A dditional C om m onw ealth 5s of 1908 are issu ab le for n o t ex­
ceeding 75% of cost of extensions a nd im provem ents. R edeem able a t 110
V . 79, p . 214; V . 83, p . 326; V. 85, p . 163; V . 88, p . 55, 103; V . 90, p . 40;
Y . 100, p . 1351, 1440. T h e C om m onw ealth E lec. 1st 5s of 1898 a n d th e
C o m m o n w ealth E dison 1st 5s & 6s of 1908 a re all secured b y th e sam e m tge.
In a d d itio n to a m o u n t o u ts ta n d in g $45,000,000 5s of 1908 a re pledged as
sec u rity for th e 1st m tg e . coll, series A , series B an d series C bonds. I n t.
on all issues p a y ab le in N . Y . an d C hicago..
T h e 1st m tg e . coll, bonds a re issuable in series, w ith such ra te of in t., re ­
dem ption sinking fu n d , &c., as directors shall d eterm ine. T h e y a re secured
by deposit of $45,000,000 1st 5s of 1908, n o t included in th e am o u n ts show n
in th e above ta b le as o u tsta n d in g . Ser. A an d ser. B bonds are call, a t a ny
tim e on 40 d ays notice a t 110 a nd in t. I n t. p ayable in N . Y . an d C hicago.
P e n n a . a nd C onn. 4 m ills ta x a n d M ass, ta x on in t., n o t exceeding 6%
thereof, refu n d ed . V. 117, p . 2775; V . 119, p . 698. Series C a re re d .
whole or p a r t on 40 d ays notice a t 110 an d in t. T h e sam e taxes a re re fu n d ­
able as indicated above for series A an d B . In J a n . 1926 H alsey, S tu a rt &
C o., In c ., offered $15,000,000 series C a t 93 and in t., to yield 4 .9 5 % .
Y. 122, p. 609.
All bonds a re listed on C hicago Stock E xchange
D IV ID E N D S .—
’07. ’08. '09. 1910. ’l l . ’ 12. 13. ’14 to N o v ’26 .,
P e rc e n t_______________6 X 5)4 6 6(Q -F) 7
7 7 X 8 (2% Q .-F .)
V 97. p . 447. 889.
E A R N IN G S .— F o r c alen d a r years:
1922.
1925.
1924
1923.
G ross re v e n u es............ ..$ 5 8 ,6 9 1 ,5 8 4 $53,672,442 $49,136,042 $43,107,956
O perating expenses_____ 31,329,442 28,997,333 27,670,691 25,131,735
U ncollectible oper. r e v . .
177,722
305,001
165,147
339,047
R etire m en t expense____ 4,932,967
3.287,212
3,912,725
4,327,878
T a x e s _________________ 4,500,000
4,375,861
4,230,000
3,400.000
M unicipal com pensation 1,756,268
1,606,230
1,469.585
1,283.883
O perating incom e___ 15,867,906 $14,026,094 $11,675,313 $9,839,978
O ther incom e__________
937,239
728,221
557,270
687,565
T o t a l ________
.$16,805,145 $14,754,315 $12,232,583 $10,527,543
In te re s t on b o n d s_______ 4,544,280
4,089,363
3,052,613
3,048,222
6,230,288
5,389,002
4,602,416
D ividends (8 % )________ 7,202,942
O ther d e d u ct o n s _______ 1,494,079
1,557,033
1,627,853
1,202,947
B alance, su rp lu s_______$3,563,844 $2,877,631 $2,163,115 $1,673,959
P rev.ous su rp lu s________ 15,563,362 12,703,312 10,608,466 x9,083,639
T o t a l ________________$19,127,206 $15,580,943 $12,771,581 $10,757,597
M .sc. deb . or c re d its____
C r.26,380 D r .17,582 D r.68,268 D r.28,345
y O th e r reserves________
______
______
______
120,787
P ro fit & loss, s u rp lu s .$19,153,586 $15,563,361 $12,703,312 $10,608,466
x A fter d e ducting a d ju stm e n t of charges m ade to in v e stm e n t in affiliated
com panies prior to 1922. y O ther reserves, insurance reserve a n d lia b ility
for p ro v id e n t fun d s.

S ound
Securities
Stock

Bonds

T

4100,000,000

$80000000

8%.

T h e a c co m p a n y in g c h a r ts sh o w th e
w e ll-b a la n c ed fin a n c ia l s tr u c tu r e an d
th e w id e m argin over in t e r e s t and
d iv id e n d r eq u ir e m e n ts for a lo n g
p eriod .
A sk for the 1926 Year Book
giving complete financial
and operating details.

m

$

1
—
2
—

480000000

E X P E R IE N C E D in v e sto r s regard th e
—
a s e c u r itie s of th e C om m on w ealth
E d ison C om pan y— w h e th e r b o n d s or
sto c k — as am on g th e very h ig h e s t
grad e p u b lic u t ilit y in v e s tm e n ts.
T h e C om pan y s u p p lie s e s s e n tia l ser ­
v ic e s, p r a c tic a lly w ith o u t c o m p e ti­
tio n , to th e se c o n d la r g e st c ity in th e
U n ite d S t a te s . It is th e la r g e st ste a m
e le c tr ic ity -p r o d u c in g co m p a n y in th e
w o rld .
D iv id en d s h a v e b e e n p aid b y th e
C om p an y an d it s p r in c ip a l p red e­
cesso r u n i n t e r r u p t e d l y f o r 3 7 y e a r s ;
s in c e N ovem ber, 1913, a t th e r a te of

100,0001000

MV DENC s - TIME J EARS

17

$80000 000

$60000000

CAPITAL,

$40 000 000

ilii ill j!
11
it1 1
MliMM1j
Ml1u
W|

cc

<g
1
Ul

COMMONWEALTH EDISON COMPANY
EDISON B U IL D IN G , 72 W E S T ADAMS S T R E E T




C H IC A G O

173

PUBLIC UTILITIES

Latest E arn in g s.— F o r 12 m os. end. S ep t. 30 1926: G ross, $63,786,639:
n e t, a fte r ch arg es, d ep rec. & tax es, $11,799,011.
O F F IC E R S .— P res., Sam uel Insull; V .-P s., L . A. F erguson, J . F . Gil­
c h rist, J . H . G ulick, E . J . D oyle an d E d w ard w . Lloyd; Sec. & A sst. T rea s.,
Jo h n W . E v e rs J r .; T rea s. & A sst. Sec., G eo. W . W illiam son. O ffice, 72
W est A dam s S t., C hicago, ill.— V. 121, p . 2271; V. 122, p . 479, 609, 1025,
1168, 2328, 3603: V . 123, p . 2138.

M IS S IS S IP P I V A L L E Y R A I L W A Y & P O W E R CO.
O R G A N IZ A T IO N .— In c o rp . in D elaw are J u ly 1 1915 to ta k e over the
R o ck Islan d S o u th ern R y . th e Aledo T erm in al R y ., th e R ock Island Alexis
R y . an d th e E d w ard s R iv er Pow er C o. (all form erly o p e ra te d by th e Rock
Isla n d S o u th ern R y .) , as p er p lan o f re a d ju stm e n t in V. 101, p . 449. U nder
th e p lan acq u ired all th e com . a n d p re f. stocks of th ese com panies and
$1,341,200 (o u t of $1,873,200) 1st m tge. bonds of th e R ock Isla n d S outhern
R y . a n d $415,000 Aledo T erm in al R y . 1st m tg e. bonds.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
R u n s n o rth fro m M o n m o u th to a connection w ith th e C hic. R ock Islan d &
P a c . R y . a t M o n m o u th J e t., 31 m iles, and th en ce o p eratin g in to c ity of
R o ck Isla n d , a d istan ce of 22 m iles, ov er line leased for 25 y ears from C . R.
I . & P . R y .. w hich has been electrified. Also 7 m iles from G ilchrist J e t. to
Aledo. T o ta l miles of single tra c k o p e ra te d , 66.29. H as connections for
D a v en p o rt, l a ., M oline and G alesburg, 111. 10 pass., 243 freig h t, 2 express
a n d freig h t, a n d 7 w ork cars; 7 steam locom otives. 75-85-lb. rails. Also
op erates th e pow er house lo cated a t E d w ard s R iver.
D efault— Interest F unding P la n .— H olders o f $532,000 R ock Isla n d S outh­
e rn R y . b o n d s w ere re q u e ste d to exchange th e ir coupons fo r th e 3 years
beginning J u ly 1 1917 fo r bonds o f th e sam e issue, p a r for p a r. V . 1 0 5 ,p .607
Sale o f Collateral.— T h e in te re s t a n d prin cip al due J u n e 1 1917 on the
$266,000 coll, tr u s t n o tes of th e R . I. S o u th ern R y. rem ain in g unp aid , the
$532,000 1st m tg e. 5% bonds of th a t com pany pledged as c o llateral wera
sold a t foreclosure Aug. 27 1917, p resu m ab ly to th e co m m ittee for th e n o te ­
holders. C om pare V . 105, p . 607.
Liquidation o f the Com pany.— We w ere advised th a t th e holdings of th e
com pany p ro b ab ly will be disposed o f and th e com pany dissolved in the
course o f 1926. V. 121, p . 1789. U p to th e tim e of going to press w e did
n o t receive a n y re p o rt as to th e reo rg an izatio n h aving been com pleted.
Sub. Co. Receivership.— In A pril 1920, Ju d g e M a rtin J . W ade appointed
O . N . A b b o tt a n d C. H . B acon receiv ers for th e R ock Islan d Southern
R y . V . 110, p . 1642.
STO CK A N D B O ND S—
Date.
Interest. Outstanding.
Maturity
C om m on sto ck $2,500,000___ ........................
$2,291,060 .......................
P referred sto ck $2,000,000___ ____
1,079.524 ___________
P rio r lien bonds $300,000 l s t f 1915 5 J - J
a b t.175.000
See te x t
refu n d in g m o rtg ag e ($100.1 1915 5 J - J
a b t.800,000 Ju ly 1 1945
& c)____________________ c*( I n t. a t C olum bia T ru st C o ., N . Y ., tru ste e .
Rock Isla n d Southern R y.—
5 g J-J
1.873,200 J a n 11947
1st m tg e $2,500,000 ($100)/ 1908
$500 a n d $1,000) g _____t f \ C e n tra l T r u s t C o ., C hicago, tru s te e .
Bonds.— P rovision is m ad e for th e re tire m e n t of th e p rio r lien bonds out
of th e sinking fu n d or b y th e sale of o th e r bonds, th e bonds ta k e n in ex­
ch an g e for th e old secu rities th e n becom ing an absoltue first lien. A ddi­
tio n al bonds m a y only be issued for b e tte rm e n ts, extensions, & c., under
carefu lly gu ard ed re stric tio n s.
$1,341,200 of th e R . I. S o u th e rn R y . bonds a re ow ned b y th e M ississippi
V alley R y . & Pow er C o.
O F F IC E R S .— P re s ., J . A. H a n ley , D a v en p o rt, Iow a; V .-P ., T . P
G ay lo rd , P ittsb u rg h ; Sec., M . A . W alsh, C lin to n , Io w a.— V . 101, p. 449;
V. 105, p . 607; V . 110, p . 1642; V. 121, p . 1789.

CHICAGO CITY & CONNECTING RYS.
L ism an P la n .— See a b o u t proposed reorg an izatio n “ C hicago Surface
L in es” below .
Ordinance to U nite Surface and Elevated L in es.— See “ C hicago E levated
R ailw ays” below .—
Protective C om mittees.— See u n d e r “ C hicago Surface L ines” below.
O R G A N IZ A T IO N .— A collateral tru s t. Form ed in 1910 u n d e r a tru s t
ag reem en t, to ta k e over th e sto ck of th e C hicago C ity R y ., to g e th e r w ith
th e securities of th e C alu m et & S outh Chicago R y ., th e So u th ern S treet R y .,
th e H am m o n d W hiting & E a s t C hicago R y. a n d th e C hicago & W estern.
T hese p ro p erties com prise approxim ately 517 m iles o f s tre e t railw ay in
so u th ern division o f Chicago a n d v ic in ity . See outline of p lan in V . 90, p .
558, 625. T ru ste e , C hicago T itle & T ru s t C o. V. 99, p . 1527.
Interest. O utstanding. M aturity.
STO CK A N D B O ND S—
Date.
150.000 sh s.
See tex t.
C om p a r t c erts 15*.000 s h a r e s . ____
s-a
250.000 shs.
See te x t
P re f p a rt c e rts 250,000 s h a r e s . ____
s-a
$20,616,000 J a n 1 1927
C oll tr u s t m tg e $22,000,0001 1910
5 A-O
gold sinking fu n d . _c*& r*tf J In t. a t 1st T r.& S .B .,C h ic .,T ru s ., or in N . Y
Participation Certificates.— P referred p a rtic ip a tio n sh ares h a v e no p a r
v a lu e b u t a re e n title d to p re fe re n tia l cum . d iv s. aggregating $4 50; also,
a fte r com . p a rtic . sh ares sh all h av e received $4 in a n y y e ar, th e rem aining
su rp lu s, n o t exceeding in a n y y ear $1,000,000, sh all be p a id ra ta b ly , fs to
pref. an d % to co m ., b u t in no case w ill th e p ref. certfs. be e n title d to m ore
th a n $7 each p e r an n u m ; also h av e p reference upon d istrib u tio n o f tru s t
fund to th e a m o u n t o f $100 each an d a ccu m u lated dividends. L isted on
Chicago Stock E x ch an g e. In J u ly 1918 th e div. d ue on th e pref. p a rtic .
certificates w as d eferred . In 1925 a d iv id en d o f $1 p er sh are w as p a id on
pref. sto ck .
Bonds.— C oupon bonds in denom . o f $1,000; registered bonds $1,000 or
m ultiples. A sink, fu n d o f $105,000 o f bonds p . a. began M ar. 1 1915.
Bonds a re redeem , for th e s. f . , o r as a w hole, a t 105 a n d in t. $1,384,000

S pecialists in th e Securities of

Chicago Rapid Transit Co.
Chicago North Shore & Milwaukee RR.
Chicago Surface Lines

Edwin L . Lobdell & Co.,
E stab lish ed 1888

In vestm en t Securities

209 So. La Salle St., Chicago




Inc.

[V ol. 123,

redeem ed as o f A pr. 1 1926. In case of p u rc h a se of p ro p e rty o f th e C hicago
C ity R y . b y C ity o f C hicago, or te rm in a tio n o f tru s t ag reem en t of J a n . 1
1910, th e n bonds a re redeem able a t p a r an d accrued in t. See V. 90, p . 558,
625. B onds are listed on N . Y. and C hicago stock exchanges. V .94,p.1118
F o r “ L ism an P la n ” R eorganization see “ C hicago Surface L ines" below .
Stocks and Bonds D eposited to Secure the Coll. Trust Bonds.
Stocks (par) .aBonds. p a r)
C hicago C ity R y --------------------------------------- $16,971,900
N one
C alu m et & S outh C hicago R y _______________ *10,000.000
______
S outhern S tree t R y _______
*2,400.000
______
H am m ond W hiting & E a s t C hicago R y _____*1,000.000
*1,000,000 1st
C hicago & W e ste rn _________________________
*72,000
______
T o t a l -----------------------------------------------------$30,443,900
$1,000,000
* E n tire issue.
a U n d er provisions of th e tr u s t m o rtg ag e th ese resp ectiv e issues o f b onds
each a s an e n tire ty m a y be c o nverted in to c a p ita l sto ck of th e resp ectiv e
com panies to a n e q u al a m o u n t.
D ividends.— On p re f. p a rtic . certifs. $2 25 p e r s h are w as paid sem i-ann.
fro m J u n e 1910 to a nd incl. J u ly 1914. In 1915, $2 50. In 1916, $1 75.
In 1917, J a n ., $2 25; J u ly , $1 50. In 1918, J a n ., $1 50. N o n e to F eb .
1925, w hen $1 w as p a id . On com m on p a rtic ip a tin g c tfs., $1 sem i-annually
from J u n e 1910 to a n d incl. J u ly 1912. N one since.
E A R N IN G S .— F o r calen d ar years:
----------------Incom e--Bond
Bond
Other D ivs.on SurpD ivs.
Other.
Gross.
Interest. Redemp. Deduc. Par.Sh. In c .
1925.1.190.514 74.203 1,264.718 1,036,050 105 000 85 281 N o n e 38.386
1924.1.129.514 90,012 1,219.526 1,041,300 105,000 44,468 N o n e 28,758
1923.1.139.514 112,746 1,252,260 1,046,550 105.000 56.666 N one 44,043
1922.1.215.514 76,840 1,292,354 1,051,800 105.000 42.353 N one 93,201
1921.1.290.514 128,474 1,418.988 1.057,050 105,000 48,983 N one207,954
Committee.— C hairm an, B . E . Sunny; S. M . F elton, M elvin A Traylor*
John J . M itchell, Jo h n A. Spoor, E dw ard N . H urley, F ra n k O. W etm ore
and L. A . B usby. V . 110, p . 167; V . 112, p . 253.
O F F IC E R S .— Sec. & T re a s., H . J. T a n sle y .— V. 120, p . 582, 822,
1088; V. 122, p . 479, 1757, 2327.
(1) C H IC A G O C IT Y R A IL W A Y .
Chicago City A Conn. Rys. Collateral Trust ow ns 169,719 shares of th e
c a p ita l stock.
U nified Operation o f Surface L ines.— See “ C hicago Surface L ines” to •
details of u nification ordinance u n d e r w hich th e lines of th is com pany a re
operated jo in tly w ith those of th e C hicago R ailw ays Co. as a single system
under th e control of a jo in t B oard of O peration
O R G A N IZ A T IO N .— In c o rp o rate d in F e b . 1859, and h a s extensive su r­
face road privileges in th e so u th division of C hicago. H as a c o n tra c t ex­
piring J a n . 31 1927 w ith th e C om m onw ealth-E dison C o ., for th e su p p ly o f
its e n tire pow er req u ire m e n ts. T h e ra ilw a y h a s a b an d o n e d its p roducing
p la n ts b u t re ta in s its d istrib u tin g p la n ts .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
(Incl. Southern S t. R y .). C o. owns 335.97 miles of single tra c k , all now
operated by electricity. System covers th e S outh Side of C hicago, extend­
ing from th e cen tre of th e business d is tric t so u th to 7 9 th S t. a n d betw een
the S outh B ranch of th e C hicago R iver and th e L ake.
Ordinances and F ianchises.— On F eb . 4 1907 th e C ity C ouncil passed
ordinances providing for a settle m e n t of th e franchise q u e stio n . T hese
ordinances w ere ap p ro v ed a t th e city election on A pril 2 1907 a n d form ally
accepted b y th e c w n p a n y ’s b o a rd of directo rs on A pril 15 1907. S u it to
s e t aside franchise w as dism issed in A pril 1912. V . 94, p . 1118. A n ex­
ten d ed o u tlin e o f th ese o rdinances, one to th e C hicago C ity R ailw ay C o .,
an d covering th e lines o p e ra te d b y th a t com p an y , a nd th e o th e r to th e C h i­
cago R y s. C o ., a n d covering th e lines of th e form er C hicago U nion T ra c tio n
C o. (now th e C hicago R ailw ays C o .), w as given in Y. 84, p . 1123. T h e v alu e
of th e ta n g ib le a n d in ta n g ib le p ro p e rty of th e C hicago C ity R y . a t d a te of
th e ordinances w as fixed a t $21,000,000. T h e c ity or a n y co m p an y a u ­
thorized by it is given th e rig h t on F eb . 1 or Aug. 1 o f a n y y e a r, on six
m o n th s ’ no tice, to p u rc h a se th e en tire p ro p e rty o f th e tw o sy ste m s, or e ith e r
of th e m , a t th e ir value a t d a te of o rdinance, plu s “ th e c o st of re h a b ilita tio n
a n d extensions, including fa ir allow ances for c o n stru c tio n , p ro fit a nd
b ro k e ra g e .” B u t if th e p ro p e rties a re acq u ired for o p e ra tio n b y a p riv a te
c o rp o ra tio n , for its ow n p ro fit, th e pu rch ase price is to be increased 20%
— b a rrin g th e case o f a p riv a te com pany w hich m ig h t be w illing to tu rn
over to th e c ity all p ro fits above 5% on th e cost of th e in v e stm e n t. T h e
com panies a re lim ited d u rin g th e ir operatio n to a n in te re s t re tu rn o f 5%
upon th e agreed value plu s th e cqst of re h a b ilita tio n an d e x tensions. All
n e t p ro fits above th is a re to be divided on th e basis o f 55% to th e c ity
an d 45% to th e com panies, b u t a d eficit in an y y e ar is to b e m ad e good
o u t of th e p ro fits o f su b seq u en t y e ars. A fte r A pril 15 1910 th e com ­
panies a re req u ire d to s e t aside 6% of th e gross re c eip ts for m a in te n an c e
a n d re p a irs a n d a n ad d itio n a l 8% of th e gross re c eip ts to cover renew als
an d d e p re ciatio n . W hatever p o rtio n of th e tw o fu n d s is n o t used re m a in s
in th e fu n d s a n d passes to th e c ity or its licensee u p o n p u rc h a se . B u t if
th e tw o funds a re n o t sufficient for th e purposes n a m e d , th e com panies
a re obligated to su p p ly ad d itio n a l fu n d s. T h e franchises g ra n te d by th e
ordinances ru n u n til F e b . 1 1927. P u rch a se price o f th e p ro p e rty J a b . 31
1926, $55,819,970.
On J a n . 29 1912 C ity C ouncil passed a n o rdinance p ro v id in g for th e ac­
quisition by C hicago C ity R y . of c ity lines of th e C hicago & S outhern T ra c .
C o. Y . 94, p . 349, 629. T h e la tte r was sold a t foreclosure in F e b . 1912.
T h e lines o u tside th e c ity w ere ta k e n over by th e C hic. & In te ru rb a n R y .
Decision as to Regulations.— See “ C hicago Surface L in e s .”
STO CK A N D BO ND S9
Date.
Interest. O utstanding L a stD ir.,A c .
Stock $18,000,000 ($100)__________ T e x t Q -M 30 $18,000,000 S e p t ’26,1)4
F ir s tm tg e ($1,000) g -c * & r* tf/ 1907
5 g F-A
33,926,000 F e b . 1 1927
/F irs t T r u s t & Sav. B a n k , C hicago, tru s te e .
N otes p a y ab le A pril 1 1926________
_______
786,745 __________
B onds.— T h e re is no lim it to th e a m o u n t of b o nds t h a t m ay b? issued
u n d e r th e above m ortg ag e. U n d er th e C hicago c ity o rd in an ce, in case of
pu rch ase b y th e c ity or its licensee, an d only in such case, th e bonds m ay be
called a s a w hole, for p a y m e n t a t p a r a nd in t., on a ny in t. d a te before m a ­
tu r ity . V . 84, p . 1488. 1550. B onds are listed on C hicago Stock E xchange
V. 98, p . 386. F o r “ L ism an P la n ” of reo rg an izatio n , see “ C hicago Surface
L ines” below.
Protective Committee 1st mtge. 5% g. bonds.— D e fa u lt as to p rin c ip a l a t
m a tu rity expected. See V . 122. p. 1760 and also u n d e r “ C hicago Surface
L ines.” T h e in te re s t due A ug. 1 1926 on deposited b onds w as p a id on th a t
d a te . V . 123, p . 579.
D ividends.— In 1893, 24 % ; 1894-1900, 12% ; in 1901, 1054% ; in 19021909, 9% ; in 1910, 16% ; in 1911, 11 )4 % ; in 1912, 11% ; in 1913, 1 0 'A % ;
in 1914, 9 % ; in 1915, 8 % ; in 1916, 9 H % : in 1917, 8% a nd U % e x tra in
D ec. In 1918, 5 % . In 1919, 5 % . In 1920, 6 % . I n 1921, 6 % . In
1 9 2 2 ,6 % . In 1923, 6 % . In 1924, 6 % . In 1925, 6 % . In 1926, M arc h ,
1 )4 % .
E A R N IN G S .— F o r 12 m o n th s ended Jan. 31:
(C om bined re su lts of th e “ C hicago Surface L ines” u n d e r th e U nification
O rdinance, w hich w en t in to effect F e b . 1 1914):
1926.
1925.
1924.
P ro p o rtio n of residue re c e ip ts_______ $4,863,070 *$4,602,687 *$5,126,167
J o in t, a cc t. exp. in t. on c ap ital in v est.
a n d S outh S t. R y . n e t earn in g s------ 3,521,159
3,668.029 3,852,916
N e t e arn in g s______________________ $1,341,911
C ity ’s p ro p o rtio n (5 5 % )___________
738,051
C o m p a n y ’s p ro p o rtio n (4 5 % )_______
570,950
In te re s t on c ap ita l x ________________ 2,790.302
Incom e fro m o p e ra tio n _____________$3,361,252
O th e r incom e_______________________ def44,820

$934,658 $1,273,250
514,062
700,288
397,464
541,450
2,780.379 2,764,337
$3,177,842 $3,305,786
Cr. 17,526 Cr.83,198

N e t incom e____ _______
$3,316,432
In te re s t on b o n d s___________________ 1,737,425
D ividends (6 % )--------1,080,000

$3,195,369 $3,388,984
1,751,180
1,761,519
1,080,000
1,080,000

B alan c e ..................
$499,007
$364,189
$547,465
* R epresenting 40% of residue re c eip ts.
x T h e “ in te re s t on c a p ita l in v e stm e n t” is t h a t c ertified b y b o a rd of
supervising engineers, a s p ro v id e d b y th e o rdinance o f F e b . 11 1607.

Oct., 1926.]

POWER, LIGHT AND RAILWAY

O F F IC E R S .— C h airm a n , E xec. C om m , a n d P r e s ., L . A . B u sb y ; ViceP r e s ., H . B . Flem ing; Sec. & T re a s .. F . D . H o ffm an n ; A u d ., Jo h n J .
D u c k .— V. 120, p . 2141; V . 122, p . 1 7 6 0 ,1911; V. 123, p . 5 7 9,1502.
(2) CALUMET & SO U T H C H IC A G O R AILW AY.
Control.— Chicago C ity & C o n n . R y s. co llateral T r u s t ow ns th e entire
c ap ita l sto ck .
U nified Operation o f Surface L in es.— See “ C hicago Surface L in es” for
d e ta ils o f U nification O rdinance o f 1914. u n d e r w hich th e lines of th is com ­
p a n y a re o p erated jo in tly w ith th o se o f th e C hicago R ailw ays C o . as a
single sy stem u n d e r th e c o n tro l o f a jo in t b oard ofo p e ra tio n .
O R G A N IZ A T IO N .— Is a consolidation form ed in 1908 o f th e C alu m et
E lec tric S treet R y . an d S o u th C hicago C ity R y . in accordance w ith th e
te rm s o f ord in an ce passed by th e C ity aouncil M a rc h 30 1908. Lines
a re located in th e so u th division o f th e C ity o f C hicago. T h e ordinance
g ra n ts franchises u n til F e b . 1 1927 an d provides t h a t th e c ity is to receive
55% o f n e t receip ts a fte r allow ing for o p eratin g expenses, ta x e s a n d de­
p reciatio n a n d 5% on p re sen t value, to g e th e r w ith am o u n ts expended for
im p ro v em en ts a n d ex ten sio n s. U n ificatio n ord in an ce of 1914 establishes
a 5 -cen t fare a n d u n iv ersal tra n sfe rs. C ity m ay p u rc h a se p ro p e rty on
F e b . 1 or A ug. 1 o f a n y y ear u p o n six m o n th s’ notice for p re se n t v alu e,
w hich is fixed a t $5,000,000, plu s a m o u n ts expended for im pro v em en ts,
a d d itio n s a n d extensions, b u t only for m unicipal o p e ra tio n , w here purchase
is m ad e prio r to F e b . 1 1927. W ith an ad d itio n o f 20% in price, c ity m ay
also p u rc h a se for th e p urpose o f tu rn in g p ro p e rty ov er to o th e r p a rtie s (if
p u rch ased for C hicago C ity R y . only 12% ad d itio n al need be p a id ), b u t
th is ad d itio n a l sum need n o t be p aid w here th ese o th e r p a rtie s agree to pay
over to th e city all of th e p ro fits ab o v e 5% on th e p u rch ase price. V. 86,
p . 1223. On J a n . 31 1926 certified v alu e o f p ro p e rty an d a d d itio n s th e re to
was $11,628,885.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns and operates 127.21 miles of tra c k reaching S outh C hicago, P u llm an ,
W est P u llm an , A uburn P a rk , B urnside, Hegewisch an d M a n h a tta n B each
Also extends from Jackson P ark to 106th St. an d th e In d ia n a S ta te Line
along L ake Shore a n d b o th sides o f C alu m et R iv e r. 58 cars; 70, 75, 83 and
85 1b rails
ST O C K A N D B O N D S—
D ale. Interest. O utstanding.
M aturity.
Stock $10,000,000 ($100)__________
_______ $10,000,000 __________
F irst m o rtg ag e re h a b ilita tio n / 1908
5 g F-A
5,458,000 F e b . 1 1927
($1,000) gold no s f.c * & r.tf l i n t , a t F ir s t T r. & Sav. B an k , C h ic ., tru s te e .
N o te s p a y ab le J a n . 31 1926________
_______
33,000 __________
Bonds.— 'T he issue of first m tg e . b o n d s is in d e te rm in a te , a m o u n t to be
lim ited to a m o u n t of new work done on p ro p e rty . T h ey a re s u b jec t to
call a t a n y in t. d a te before Ju ly 1 1912 a t 105 and in t.; th e re a fte r only in case
city shall purch ase p ro p e rty a t p a r and in t. on an y in t. d a te . N o sin k . fund.
F o r p ro te c tiv e co m m ittee a n d p a y m e n t o f in te re st, also “ L ism an P la n ” of
reo rg an izatio n , see u n d e r “ C hicago Surface L in es.” V. 123, p . 579.
E A R N IN G S .-—F o r y e ars ended Ja n . 31;
Bond
D ividends Balance,
* In t. on
Other
Total
C apital.
Incom e.
--------- -------- $Incom7 $280,936 $75,000 $211,441
5 7 3 e. Interest. P aid. Surplus.
6 7
1 9 2 6 ______ $581,344 $13,967
253,618
288,392
50,000
592.009
1 9 2 5 ______ 575,288 Cr 16.721
cr. 196
270,655
1 9 2 4 ______ 572,579
572,775
302,120
162.107
307,409
lo o'ooo
____________________________ 569.516
1 9 2 3 ______ 571,558 def.2.042
R ep resen tin g co m p a n y 's p ro p o rtio n o f 40% o f C hicago Surface Lines'
residue receip ts p u rs u a n t to u n ificatio n o f ord in an ce effective F e b .l 1914.
O F F IC E k s . —P res., L . A. B usby. V .-P .. H. B. Flem ing. Sec. & T rea s.
F . D . H offm an; A u d ., Jo h n J . D u ck .— V. 116, p . 1274; V . 118, p . 1519;
V. 122, p . 1760: V. 123. p . 579.
(3) SO U T H E R N ST R E E T R AILW AY CO.
U nified Operation o f Surface L ines.— See “ C hicago Surface L ines” for
d e ta ils o f U n ificatio n O rd in an ce o f 1914, u n d e r w hich th e lines of th is com ­
p a n y a re o p e ra te d jo in tly w ith th o se o f th e C hicago R ailw ays C o. as a
single system u n d e r th e control of a jo in t bo ard o f o p e ra tio n .
O R G A N IZ A T IO N .— In c o rp o rate d in Illinois as a reo rganization o f th e
C hicago G eneral R y ., w hich w as bid in a t foreclosure sale on S ep t. 30 1907
b y th e So u th ern S tree t R ailw ay C o . V . 85, p . 853. 17 m iles of tra c k s;
29 cars.
C apitalization.— Stock o u tsta n d in g (par $100) $2,400,000. All ow ned b y
C hicago C ity & C o n n . R y s. C o llateral T ru st.
Bonds.— Issued un d er 1st m tg e. of 1909 were from tim e to tim e canceled
and stock issued in exchange. No bonds now o u t.
E A R N IN G S .— In clu d ed in s ta te m e n t of C hicago C ity R y .
O F F IC E R S .— P re s ., L. A . B u sb y ; V .-P ., I I . B . Flem ing; Sec. & T re a s .,
F . D . H offm an; Aud . Jo h n J . D u c k .— V . 91, p . 1631.1712: V. 1 0 7 ,p . 1288;
(4) HAMMOND W H IT IN G & E A ST CHICA G O RAILW AY CO.
All securities are ow ned b y th e C hicago C ity & C o n n ecting R ailw ays.
O R G A N IZ A T IO N .— In co rp . in In d ia n a in J a n . 1910 as successor to
H am m ond W hiting & E a s t C hicago Electric R y . Franchise expires in
1954. Pow er is furnished by th e C alu m et & S outh C hicago R y.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— A
trolley ro ad . Owns 34.20 m iles o f tra c k , extending from S ta te line betw een
Illinois and In d ia n a a t 108th S t., C hicago, to W hiting, E a s t C hicago and
H am m ond in In d ia n a , and o p erates in connection w ith C alu m et & South
C hicago R y . to 63d S t. a n d M ad iso n A v e., in C hicago. S ta n d a rd gauge.
80-lb. T rail.
ST O C K A N D B O N D S — Date.
Interest. Outstanding. M atu rity.
Stock $1,000,000 ($100)___________
_______
$1,000,000 ---------------F irs t m tg e $5,000,000 g o ld / 1910
5 g F-A
1,000,000 F e b . 1 1 9 3 0
($1,000)____________e & r.tf l i n t , a t F irst T r u s t & Sav. B an k , C h ic ., tru s .
Bonds.— S u b ject to call a t 104 an d in te re s t. E . K . B oisot is also tru s te e .
O F F IC E R S .— P re s ., W . A . B usb y ; V .-P . a n d G en. M g r., C harles E .
L aw rence; Sec. an d T re a s., F . D . H offm ann; A u d ., C . N . H a rris.— V . 79,
p. 103.

CHICAGO SURFACE LINES.

F. J . L ism an & Co. Propose to Take Lines Over.'—I n A ug. 1926 F . J . L ism an
A C o. a n d associates su b m itte d p ro p o sals to M a y o r D ev er a n d J . B . M c­
D o n o u g h , C h airm a n o f th e L ocal T ra n s p o rta tio n C o m m ittee of th e C ity
C ouncil, to ta k e ov er a n d o p e ra te th e C hicago surface lines an d m o to r bus
service u n d e r a 20-year franchise.
T h e proposers of th e plan claim t h a t u n d e r its te rm s, reorganization of
th e com panies can be effected without a receivership o r th e g ra n tin g of an
in d e te rm in a te franchise w hich w ould necessitate actio n b y th e Illinois
L e g islatu re. (T he p re sen t franchises expire J a n . 31 1927, coincidentally
w ith th e m a tu rity of large bond issues).
T h e L ism an p la n p ro v id es for co n stru ctio n o f subw ays, extensions an d
additions to present p ro p e rty , u n ificatio n a n d tra n sfe rs w ith th e e levated
lines, extended m o to r b u s service, a n d a service-at-cost fare, n o t exceeding
p re sen t ra te s. A new com pany, to be organized u n d e r th e p la n , w ill create
a fir st mortgage to cover an au th o rized issue o f first m o rtg age b onds, aggre­
g a tin g a b o u t $345,000,000, issuable in th re e series: $50,000,000 series A
5 s, d a te d F eb . 1 1927, due in 20 years, to be sold fo r cash to p rovide fu n d s
for im m ed iate co n stru ctio n an d im provem ents; $95,000,000 series B 5s,
d a te d F eb . 1 1927, d u e in 20 y ears, to be given par fo r par to holders o f present
fir s t mortgage bonds; series C bonds to b e av ailab le a t ra te of $50,000,000 for
each 10-year extension of franchise; o r, in e v en t t h a t an in d e te rm in a te
fran ch ise be g ra n te d a t a la te r d a te , th e e n tire rem aining au th o rized issue
to be a v ailab le a t a n y tim e.
T h e new com pany w ill also c reate a general mortgage d a te d F eb . 1 1927,
ju n io r to ab o v e first m ortgage b o nds, to secure a p p ro x im ately $70,000,000,
o f w hich, ro u g h ly , h a lf shall be series A and h a lf series B, series A being
p referred over series B . T hese general m o rtg ag e bon d s are to be exchanged
fo r ju n io r in te re sts in th e ,e x istin g com panies, insofar as th e c ity purchase
p rice w ill p e rm it. Series A will be 5s a n d ru n 25 years, w ith th e rig h t of
new co m pany to re ta in one-fifth of th e accruing in te re st for th e firs t th re e
y e ars to be used to w ard p a y m e n t o f o rganization expenses. Series B general
m o rtg ag e to m a tu re in th ir ty years an d b ear in te re s t a t ra te of 4_% for firs t
fiv e y e ars, 4 t£ % for th e second fiv e y ears, an d 5% th e re a fte r, w ith rig h t of
new co m pany to re ta in h alf o f th e in te re st of su ch bon d s for th e firs t th re e
y e ars for reo rg an izatio n expenses.
T h e p la n p rovides for a cumulative sinking fu n d applicable to each bond
issue o f th e com pany, sufficient to re tire all such bonds by m a tu rity . Also
p ro v id es th a t each su b seq u en t series of first m o rtg ag e bonds w hich .may
b e issued, sh all h a v e a cu m u lativ e sinking fu n d to re tire th a t series w ithin
th e life o f th e fran ch ise th e n in force, o r in case of an in d e te rm in a te franchise,
w ith in n o t m ore th a n fifty y ears fro m d a te o f issue.
T h e C ity of Chicago, u n d e r th e p la n , m a y a cq u ire th ir ty years hence,
w hen all bonds shall hav e been re tire d b y o p e ra tio n of th e sinking fun d s,
ow nership of th e e n tire tra n s p o rta tio n system s free an d clear of d e b t,
w ith o u t fu rth e r cost.
On th e basis of th e city pu rch ase price th e p re sen t o u tsta n d in g securities
w ill (under th e Lism an plan) receive:
C hicago R y s. 1s t 5s, C nicago C ity R ys. i s t 5s a n d C alu m et & South Chi­
cago 1st 5s w ill receive in p a r new co. 1st m tg e. 20-year 5 s, series B.
Chicago R y s. gen. 5s, series A , w ill receive p a r in new co. m tg e . series A
25-yr. bonds, bearing in t. a t th e ra te o f 4% for 3 y ears an d 5% th e re a fte r.




173

C hicago R y s. series B bonds w ill receive new co. 30-year general m tg e .
series B bonds, w ith in t. th e re o n a t th e ra te of 2% for 3 y ears, 4 % for
2 years th e re a fte r, th e n 4 J£% for 5 -years, a nd 5% u p to 1957.
T h e Chicago C ity R y . stock w ill receive approx, th e c ity p u rc h a se v a lu e
o f a b o u t 118% , half m ore or less payable in new general m tge. series A
bonds an d t..e o th e r h a lf in general m tge. B bonds.
C hicago C ity & C onnecting R y . 5% bonds w ill p re su m ab ly receive th e
proceeds of securitias deposited u n d e r th e ir m tge, w hich is likely to w ork
o u t approx. 50% each in general m tg e . ‘‘A ” an d " B . ”
Chicago C ity & C onnecting pref. sto ck has a c ity pu rch ase value of ap p ro x .
32 % , which i t w ill presum ably receive in general m tg e . “ B ” bonds.
Chicago R y s. p u rch . m oney 5s, being w ithin th e city purchase price, w ill
also receive general m tg e. 5s, dollar for do llar, th e ir proportion o f “ A ”
or “ B ” bonds to be determ ined la te r.
Chicago R ys. a d j. in c . 4s h av e a sm all e q u ity in th e c ity purchase price,
w hich w ould be p a id in new general m tg e. “ B ” bonds.
F u rth e r p a rtic u la rs a b o u t th is p la n an d its possible effects w ill be found in
V. 123, p . 1112, 1249, 1502, 1631, 1761, 1956, 1 995,2137.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
U nder th e title of C hicago Surface L ines, th e p ro p e rties of th e Chicago
R ailw ays C o. a nd th e C hicago C ity R ailw ays C o. a re now being o perated
as a single system u n d e r th e control of a jo in t board o f operatio n in accord­
ance w ith a n agreem ent betw een th e tw o com panies an d th e unification
ordinance w hich becam e effective F eb . 1 1914. W hile u n d e r th e term s of
th is ordinance a n d th e ag reem en t th e ow nership o f th e pro p erties rem ains
e n tirely sep a ra te a n d d is tin c t, th e com bined earnings a re divided upon an
agreed basis. F or th e tw o years ending J a n . 31 1916 th e C hicago R ailw ays
C o. received as its share 59% of th e incom e rem aining a fte r th e p a y m e n t
of a ll o p e ra tin g expenses, including taxes an d m aintenance, th e o th e r
41 % o f th e incom e going to th e Chicago C ity R y . C o ., including th e C alu m et
& S outh C hicago R y . an d th e S outhern S tree t R y ., a n d , beginning w ith
F eb. 1 1916 and u n til th e expiration of its franchise in 1927, th e C hicago
R ailw ays C o. will receive 60% o f th e so-called “ residue re c e ip ts,” a nd th e
C hicago C ity R y . (including th e C alu m et & South C hicago and th e S outh­
ern S treet R y .) 4 0% . T h e p lan provided for a 5-cent fare th ro u g h o u t th e
c ity on su rface lines, also th ro u g h ro uting of cars from one division of th e
c ity to an o th e r. See de ta ils of th e ordinance a n d th e agreem ent for unified
op e ra tio n s u n d e r d a te of D ec. 1 1913 in V. 98, p . 1693. An o rd e r p e rm it­
tin g th e S ta te A tto rn e y to file quo w a rra n to proceedings to question th e
legality o f unification ordinance w as denied in M arch 1915. V. 100, p.1078.
T o tal e quivalent single tra c k (all com panies) as of J a n . 31 1926, 1,074.97
miles; to ta l cars (all com panies), 4,033, of which 3,540 passenger a n d 493
m iscellaneous
Wage increase demanded b y a p p ro x . 14,000 conductors a n d m otorm en in
M a y 1926. V. 122, p . 2649.
Shrinkage in M arket Value o f Securities.— See V. 108, I - 1822.
Proposed Subway System .— See V. 112, p . 61; V. 114, p . 304, 1406, 1532;
V. 115, p . 1631.
Fares.— 7-cent fare upheld in M arch 1926, see V. 122, p . 1760.
M u n ic ip a l Purchase Defeated.— V . 120, p. 1880, 1456.
Sued by City o f Chicago.-—On J u ly 7 1925 C ity of C hicago claim ed $794,000
in te re st d ue from th e tra c tio n fu n d . V. 121. p . 197.
N ew Franchise.— P a rticu la rs a b o u t a new franchise sought b y C hicago a
ra c tio n com panies a t th e expiratio n of th e franchises on Feb. 1 1927, are
given in V. 121, p. 329. In J a n . 1926 com m ittees were form ed to pro te c t
security holders in connection w ith th e franchise situ a tio n .
(a) Chicago Railway 20-year lsi mtge. gold bonds.—A lbert W . H a rris,
C hairm an: C . W . Beall (H arris, F orbes & C o .), New Y ork; B. A . E c k h a rt
(E ck h a rt M illing C o .), H e n ry W . G eorge (M etropolitan Life Insurance
C o .), N ew Y ork; F . H . R aw son (U nion T ru s t C o .). S ecretary, C hester
C orey, 115 W est M onroe S tree t, C hicago. D ep o sitary , H a rris T r u s t &
Savings B an k , C hicago; sub-depositories, N atio n al B an k of C om m erce,
N . Y ., F irst N a t. B an k , B oston, and G irard T r u s t C o ., P h ila. V . 122,
p . 1607, u n d e r heading “ C hicago R ailw ays.”
(&) Same company Series A consolidated mtge. bonds.'—Jo h n E . B lu n t
(V .-Pres. Illinois M erch a n ts B an k s), C hairm an; Jo n n M acom ber (H arris,
F orbes C o .), B oston; W alter B rew ster (R ussell, B rew ster & C o .); A lbert
H . W etten; L . E . Zacher (V .-P res., T rav e le rs’ In su ran ce C o .), H a rtfo rd
(c) Chicago City Ry. and the Calumet & South Chicago Street Ry. 5% 1st
mtge. bonds.— T h e sam e com m ittee was to a c t for b o th issues, b u t each com ­
p a n y ’s bonds w ere to be deposited u n d e r a sep a ra te agreem ent.
F . C . W etm ore, C hairm an; S tanley Field (director Surface Lines); D avid
R . F organ (N atio n al B an k of th e R epublic); C harles H . T h o rn e (form er
P re s ., M ontgom ery W ard & C o .); Jo h n V . F arw ell. Sec., R o b e rt L .
G rinneil, 76 W est M onroe S t., C hicago. D e positary, F ir s t T r u s t & Sav.
B an k , C hicago. V. 122, p . 1760. In te re s t on th e bonds of b o th cos.
deposited u n d e r bondholders p ro te c tiv e ag reem en ts, d ue A ug. 1 1926, w as
to be p a id on th a t d a te . V. 123, p . 579. U rg en t re q u e st by com m ittee to
dep o sit bonds, m ade in S ept. 1926 in view of approaching m a tu rity ,
See V. 123, p . 1502 u n d e r heading “ C hicago C ity R y .” _
(d) Chicago City & Connecting Ry. collateral trust sinking fu n d 5% gold
bonds.— B . E . Sunny, C h airm an ; R ufus C . D awes; C harles D ay (D ay &
Z im m erm an ), N ew Y ork; S. M . F e lto n (P res., C hicago G re a t W estern R R .);
H . H . P o rte r.
,
,
(e) Chicago City Ry. m inority stock interest (to re p re sen t approxim ately
10,000 shares of th e stock of th is com pany now ow ned b y th e C hicago
C ity & C onnecting R ys. c o llateral tr u s t) .— F ra n k W . T h o m as (A. O .
Slaughter & C o .), C hairm an; H . J . M cB irney; Sewell L . A very (U nited
S tates G ypsum C o.); J . H aro ld Selz (Selz, Schw ab & C o .); W . A . W ieboldt,
m e rc h a n t.
,
CO Chicago City & Connecting Rys. collateral trust preferred participation
certificates.—E . L . L obdell, C h airm an ; G . W . B lossom (F . S. Jam e s &
C o.); D onald D eF rees, T . W. G ates, L. E . M yers.
P ro tec tiv e com m ittees to safeguard holders of C hicago R ailw ays C o.
Series B bonds, of w hich th e re are $15,000,000, a nd of incom e and a d ju st­
m e n t m ortgage bonds, of w hich th e re are approxim ately $7,000,000, w ere
being form ed. Y . 122, p . 747. F o r b u lle tin b y W m . H ughes C larke,
opposing th e p la n of th e above com m ittees, see V . 122, p . 1308.
Committee Chicago Rys. Co. cons. mtge. 5% gold bonds Series B.— A ppointed
in M arch 1926 (see V. 122, p . 2039): C h airm a n , A rthur R eynolds: H . G .
B rengle, C . G . B arnham , A rtn u r L ehm an a nd C . H . W orcester. Sec.,
R ic h ara W agner, 20S S. L aSalle S t., C hicago. D epos., C o n t. & C om m L
T r. & Savs. B an k , C hicago. Sub-depos., C h ath am -P h en ix N a t. B an k &
T r . C o ., N . Y . C ity , a n d P h ila. T ru s t C o ., P hiladelphia.
Investm ent o f Surplus Reserve Cash.— See V . 122, p . 3603.

To H olders o f

Chicago Traction Securities
For years we have studied Chicago traction secur­
ities. We are now prepared to give a summary
of the so-called “Lisman Plan” of reorganization.
Also, we have available a few copies of our sixth
annual chart of Chicago Surface Lines securities,
based on 1926 reports
You are invited to call or send for both the sum m ary and the chart
A sk for 7-10

Howe, Quisenberry & Co.,
THE ROOKERY, CHICAGO
P rivate w ire to M essrs. B lak e B ro th ers & Co.
M em bers o f N ew Y ork and B oston Stock E xchanges.

INC.

174

PUBLIC UTILITIES

E A R N IN G S .— Of e n tire sy stem for y ears ending Jan. 31:
jse»
Gross
Operating
Residue
------ Of W hich to-----E arnings.
Expenses. Receipts. Chic.Cy.Ry. Chic. Ry.
1926....................$58,785,881 $46,628,207 $12,157,674 $4,863,070 $7,294,604
1925 ------------- 58,081,678 46,574,960 11,506,718 4,602,687 6,904,034
1924.............„ 57,655,170 44,839,753 12,815,417 5,126,167 7,689,250
1923
56,103,062 44,416,070 11,686,992 4.674,797 7,012,195
1922-------------- 60,343,733 46,516,150 13,827,583 5,531,033 8,296,550
R ev en u e p assengers carried in 12 m o n th s en d ed J a n . 31 1926: 842,201,453: ended J a n . 31 1925: 830,151,540: ended J a n . 31 1924; 824,850,103:
en d ed J a n . 31 1923: 762,629,211
Board o f Operation.— C h airm a n , H e n ry A . B lair; L eo n ard A . B usby,
F . H . R aw so n , W allace H eck m an , B . E . S u nny, H . H . H e ttle r, F ra n k O.
W etm o re. Executive Committee.-—C h airm a n , H en ry A . B lair; L eo n ard A .
B u sb y a n d W allace H eck m an .
O F F IC E R S .— P re s ., H . A . B lair; V .-P res. & G en. M g r., G . A . R ic h ard ­
son; Sec., F . L . H u p p ; T re a s ., M .B . Orde: C o m tp r., C h a rle sH . A llen; A u d ..
W . H . K e n n ed y .— V. 121, p . 197, 329; V. 122, p . 747, 1308, 1760, 1917,
2649, 3603; V. 123, p . 1112, 1249, 1502, 1631, 1956, 1995.

C H I C A G O R A I L W A Y S CO.
U sm a n P lan.— See a b o u t p ro p o sed reorg an izatio n “ C hicago Surface
L in es” above.
U nified Operation o f Surface Lines.— See “ Chicago Surface L ines” for
d e ta ils o f U nification O rdinance o f 1914, u n d e r which th e lines of this
co m p an y a re o p e ra te d jo in tly w ith th o se o f th e Chicago C ity R y . as a
single sy stem u n d e r th e c o n tro l o f a jo in t b o a rd of o p eratio n. As to plan
for u n ificatio n o f surface a n d elev ated lines, see “ Chicago E lev a te d R y s .”
Protective Committee.-—See u n d e r “ C hicago Surface L ines” above. V . 122,
p . 1607, 1917, 2039; V. 123, p . 453.
O R G A N IZ A T IO N .— In c o rp . in Illinois in O ct. 1903 a n d on J a n . 25 1908
acq u ired a t foreclosure sale th e p ro p e rty o f th e old Chicago U nion T rac tio n ,
com prising th e lines o f th e N o rth a n d W est C hicago S tree t R R . T h e p u r­
ch ase was m ad e u n d e r a m odified p la n o f reorganization a n d re a d ju stm en t
d a te d O ct. 15 1907 a n d o u tlin ed in V. 85, p . 1269; see also p . 1576.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C om prises 594.34 m iles of tra c k (including 128 miles of th e form er Chicago
C o n so lid ated T ra c tio n L in es). O per. 2,120 pass, cars, 257 m iscell. cars.
Franchises.— On F e b . 5 1907 th e C ity Council passed ordinances providing
for a s e ttle m e n t o f th e re latio n s betw een th e c ity a n d th e s tre e t railw ay
com panies. V . 84, p . 338, 390. T h e franchises g ran ted by th e ordinance
expire F e b . 1 1927 a n d w ere a p p ro v ed a t th e p o p u lar election held A pril 2
1907. On O ct. 10 1910 su p p lem en tal ordinance was passed expiring F eb .
1 1927, covering lines o f C hicago C onsol. T ra c . p ro p erties. V . 91, p . 1025.
See also u n d e r “ C hicago C ity R y .” above. A v e ry extended outline
w as p rin te d in th e “ C hronicle” of M a y 11 1907, pages 1123, 1124 a n d 1125,
to w hich th e re a d er is referred for d etailed in form ation.
T h e ord in an ce for th e C hicago R y s. C o. provides th a t th e v a lu a tio n of th e
p ro p erties acq u ired shall be deem ed a id co n tl lercd bo be $29,000,000 (the
v alu e fixed b y a b o a rd of e x p ert en g iree s actin g for th e city ) plus $1,779,875
for ex penditures fro m th e d a te of th e v alu atio n on Ju n e 30 1906 to F eb . 1
1907, m ak in g to ta l v a lu a tio n o f p ro p erties as recognized b y ordinance
$30,779,875 as o f F e b . 1 1907. W ith th e expenditures a lre a d y m ad e, th e
v a lu a tio n o f ro a d , eq u ip m en t a n d franchises on J a n . 31 1926 was com puted
a t $94,258,469. F o r fu rth e r provisions of ordinance see “ E lec tric R ail­
w a y ” Su p p lem en t of A pril 26 1924.
Control by Trustees.— T h e tr u s t in d e n tu re securing th e partic ip a tio n
certificates p rovides t h a t u n til A ug. 1 1912 a n d to th e fu ll e x te n t th e re a fte r
w hich m ay b e p e rm itte d b y law u n til all of th e consolidated m ortgage bonds
o f th e co m p an y shall b e fu lly p a id a n d discharged, th e d irectors of th e
co m p an y shall b e elected b y tru ste e s, now consisting ©f M essrs. H arrison
B . R iley, H a lm a n G . P e ttib o n e , A bel D av is, F ra n k G . G ard n er a nd H enry
J . T an sley , an d provision is m ad e in th e tru s t deed securing th e fir s t m tge.
bonds for th e a p p o in tm e n t of a p e rm a n e n t finance co m m ittee, now com­
posed o f M essrs. H e n ry A . B la ir, B . A . E c k h a rt a n d F . H . R aw so n . C h icag o .
Acquisition o f Chicago Consolidated Traction Properties.— On D ec. 27 1910
Ju d g e G rosscup confirm ed th e sale of th e Chicago Consol. T rac . C o. an d its
e ig h t un d erly in g com panies on N o v . 30 1910 to A ndrew C ooke an d th e
sale b y th e la tte r o f all p ro p erties w ithin th e c ity lim its to th e C hicago R ail­
w ays C o. (V. 91, p . 945, 1253, 1511), p u rs u a n t to an ordinance passed
O c t. 10 1910 (placing v a lu a tio n a t $4,021,982), like in te n o r, am en d ato ry
a n d su p p lem en tal to ordinance o f F eb . 11 1907 (V. 91, p . 1025, 1159).
See reo rg an izatio n p la n , V. 90, p . 1613; V . 91, p . 37. T h e lines outside the
c ity w ere acq u ired b y th e C o u n ty T ractio n C o. (now th e C hicago & W est
T ow ns R y .), w hich h a s no connection w ith th e Chicago R ailw ays C o.
O n N o v . 1 1 9 1 0 a d ep o sit ag reem en t w as en tered in to by th e holders of th e
secu rities o f th e C hicago C onsolidated T ractio n a n d its subsidiaries, p ro ­
viding for th e exchange o f th e said securities for Chicago R y s. C o. purchase
m oney 4% to 5% bonds a n d a d ju stm e n t incom e 4% b o nds, b o th d a te d
J a n . 1 1911 a n d m a tu rin g F e b . 1 1927. F o r description of bonds a n d term s
o f exchange, see V . 91, p . 1384, a n d com pare V . 90, p . 1613; V . 91, p . 214.
Settlement o f Yerkes Suit.-—V . 98, p . 1155.
Committee Formed— Seeks Payment o f Back D ivs.— H olders of Series 1
p a rtic . c tfs. on M arch 26 1923 elected a p ro te c tiv e com m ittee in a n effo rt to
o b ta in u n p a id d ivs. on th e certifs. (see b elo w ). T h e co m m ittee consists of;
Jack so n S. S to n e, W . F . P rin d el, H a rry C . E d m o n d s, R o b t. J . D unham
a n d O rville E B abcock. See V . 116, p . 1410. C om pare V . 116, p . 1275
S u it Seeking Payment o f D ivs. D ism issed.— I n J u n e 1923 holders of Series I
certifs. filed s u it ag ain st th e co. in th e U . S. D ist. C o u rt a t C hicago seeking
a y m e n t o f d ivs. a t th e a n n u al r a te o f $8 a sh are w ith accruals on th a t
asis fro m A ug. 1 1917. T h e c ity o f Chicago an d M a rtin J . O ’B rien, C ity
C o m p tro lle r, w ere m ade p a rtie s to th e su it because th e la tte r failed, it is
alleged, to certify th e bonds to w hich th e c o .w a s en title d for extensions of
Its stre e t-c a r system as req u ired b y ordinances. Y. 116, p . 2515; V. 117,
p . 2211. On M arch 22 1924 th is s u it w as decided in fav o r of th e com pany
m th e U . S. D is t. C o u rt. T h is decision w as affirm ed b y U . S. C o u rt of
A ppeals J a n . 14 1925. V . 118, p . 1664. T h e U . S. Suprem e C o u rt also
ru le d a g ain st th e c ertif. holders. V . 120, p . 2145.
M u n ic ip a l Ownership Defeated.— V. 120. p . 1880 d . 1456.
S T O C K A N D B O N D S—
Date.
Interest. Outstanding. M aturity.
_________
See te x t
See te x t
S tock, $100,000___________________
F irst m o rtg ag e (see te x t) ,
f 1907
5 F-A
$62,785,000 F eb 1 1927
($1,000) g o ld_______ e& rtf ( In t. a t H a rris T ru st & Sav. B k ., C hic., T ru s.
I or a t H a rris, Forbes & C o ., N ew Y ork.
Consol m tg e, g o ld ________ t f 1907 5%
See te x t
F e b 1 1927
Bonds Covering City Lines o f Former Chicago Consol. Traction.
P u rch -m o n ey M $6,000,000 g f 1910 5 J - J
4.073,000 F eb 11927
($500 a n d $1,000)____c * tflIllin o is T r. & Sav. B an k , C h ic., T ru stee.
A d ju st inc M $2,500,000 gold! 1910 4 g M a y
2,500,000 F e b 11927
($100&$500) (n o n -cu m )c* tf ( C en tral T ru st Co. of 111., C hicago, T ru stee
Stock.— T h e c ap ital sto ck o f th e com pany, w hich is issued in th e nom inal
a m o u n t of $100,000, h as been m ad e th e su b ject of a tru s t agreem ent, d a te d
A ug. 1 1907 a n d executed J a n . 25 1908, b y an d betw een th e C hicago R ail­
w ays C o. a n d M essrs. A dolphus C . B a rtle tt, C hauncey K eep, C harles H .
H u lb u rd , A lb ert A. Sprague an d C harles G . D awes, as depositaries, and
C en tral T ru s t C o. o f N ew Y o rk as cu sto d ian . U nder th is agreem ent
th e stock serves a s a b asis for th e issue o f th e participation certificates
rep resen tin g in all 265,100 equal p a rts . Series 1 consists of 30,800 p a rts ,
Series 2 of 124,300 p a rts , Series 3 of 6 0 ,0 0 0 p a rts an d Series 4 of 50,000p a rts.
Series 1, 2 an d 3 a re e n title d , in th e o rd er of p rio rity n am ed, to cum ulative
dividends of $8 for each p a rt, beginning w ith y ear ending A ug. 1 1908, an d in
th e d istrib u tio n of cap ital to $100 for each said p a rt. Series 4 is e n titled
to an y rem aining p ro fits or c ap ital d istrib u te d . V . 85, p . 1269.
D ividends on p a rtic ip a tio n certificates Ser. 2 a re lim ited to $4 on each cer­
tifica te so long as m ore th a n 50% of Series C bonds rem ain ou tsta n d in g ,
an d th e re a fte r to $5 p er c ertificate u n til th e rem ainder of Series C bonds
hav e been redeem ed. Series 2, how ever, is e n title d to u n p aid accum ulation
on acco u n t of its $8 p er certificate (beginning w ith th e y e ar ending A ug. 1
1908), b u t only w hen earn ed , a n d a fte r p a y m e n t of all accum ulations of
sinking fu n d a n d of dividends on Series 1.
.
Bonds.— For all issues read opening paragraph “F. L . Lism an & Co.
Propose to Take Lines Over” in s ta te m e n t of “ Chicago Surface L ines” above.
F ir s t m o rtg ag e bon d s a re issued o n ly to p ro v id e fu n d s for re h a b ilita extensions, &c. T h e y m a y be redeem ed a t p a r a n d accrued in te re st
on a n y in te re st d a y . T h e b onds h av e a firs t lien on th e en tire p ro p e rty
rig h ts an d franchises of th e co m pany. T h e au th o rized issue is lim ited to
th e ag g reg ate of th e a m o u n ts a p p ro v ed from tim e to tim e b y th e b o a rd of
supervising engineers. $4,880,000 are held in tre a su ry a n d $2,250,000
are pledged as collateral for b a n k loans. See fu ll p a rtic u la rs of bonds,
p ro p e rty . & c., in V . 86, p . 545; V. 88, p . 1436, 1619; V. 90, p . 302: V . 93,
p . 162. B onds a re listed on N . Y . Stock E x ch . V. 103, p . 238. F o r
p ro te c tiv e co m m ittee a n d expected d e fa u lt on p a y m e n ts o f th e bonds w hen
d u e F eb . 1 1927, see above u n d e r “ P ro tec tiv e C o m m ittees” a n d V. 123,
p . 453. I n J u ly 1926 i t w as re p o rte d th a t ap p licatio n w as to be m ade to list
c ertificates o f d eposit u p o n th e C hicago Stock E xchange a n d for adm ission

g




[V ol. 123,

to u n liste d tra d in g on th e N ew Y ork C u rb M a rk e t. See also u n d e r “ Chicago
Surface L in es.”
T h e consolidated m ortgage b o nds consist of th e following: Series A ,
Issued, $17,403,800 (incl. $700,000 re tire d b y sin k , fd.) of w hich $1,007,200
are in th e tre a su ry a n d can be issued only for acquisition of ad d itio n a l p ro p ­
erty ; a n d Series B , $17,164,475. T h e la st of Ser. C b onds w ere called for
p a y m e n t A ug. 1 1921, being re tire d th ro u g h o peration of sin k . fd . V . 113,
p. 627. $1,895,600 Series A bonds h av e been re tire d . See p a rtic u la rs,
V. 86, p . 1223; V . 93, p . 1724. O f th e rem ain in g Series B b onds, $230,070
are in tre a su ry . B onds of th re e series bore in te re st a t 4% u p to F eb 1 1912;
since, 5 % .
Purchase M oney M tge. a re re d . a t p a r a n d in t. on a n y in t. d a te .
A djustm ent Incom e M tge. b onds a re re d . a t p a r a n d in t. on a n y in t. d a te .
In te re st is p ayable only if earn ed an d is n o t cu m u lativ e. P a y m e n ts of
4% each w ere m ade on M a y 1 in 1913 to 1918, inclusive. N o actio n ta k e n
on M ay 1 1919 an d 1920 in te re st. V . 108, p . 1390; V . 110, p . 1642. In
M ay 1921, how ever, in t. w as again p a id . V . 112, p . 1656. I n t. on a d j.
Inc. bonds for th e y e ar end. J a n . 31 1922 w as p a id M a y 1 1922. V . 114,
p. 1650. I n t. for y ear en d . J a n . 31 1923 w as p a id M a y 1 1923. Y . 116,
p. 1892. I n t. due J a n . 31 1924 was paid M a y 1 1924. I n t. due J a n . 31
1925 w as p a id M a y 1 1925. On M a y 1 1926 th e 4 % a n n u a l in te re st w as to
be p a id . V. 122, p . 2327.
Dividend.-—A n initial dividend of $4 was p a id N o v . 15 1908 on Series 1
particip atio n certificates. On Sept. 1 1909 $8 w as p a id on Series 1 ctfs.
N one to O ct. 1912, w hen $6 w as p a id . In F e b . 1913, $6; M a y , $6; Ju ly , $6;
A ug., $4. In 1914, F e b ., $4; A ug., $8, being full p a y m e n t of all a rre a rs.
Feb. 1915 div . of $4 was p aid Ju n e 5 (V. 100, p . 1671). T h e A ug. 1915
div. of $4 was p aid Sept. 1 1915. In 1916, A ug., $8. In 1917, A ug., $8.
N one since. In F eb. 1914 initial div. of $2 p e r share w as p a id on Series 2.
In 1915, Ju n e $2. In F eb. 1917, $2. N one since.
E A R N IN G S .— T h e a n n u a l re p o rt for y e ar ending J a n . 31 1925 w ill be
fo u n d in V. 120, p . 2141. T h e com bined re su lts o f th e “ C hicago Surface
L ines” fo r th e y e ar end. J a n . 31 1926 were: Gross earnings, $58,785,881;
op e ra tin g expenses, $46,628,207; residue receip ts, $12,157,674. F o r y e ar
en d . J a n . 31 1925 were: G ross, $58,081,678; op e ra tin g expenses, $46,574,960; residue re c eip ts, $11,506,718.
Incom e Account fo r Years Ending J a n . 31.
Share o f
Joint
I n t., 5 % ,
B a l a n c e ,-------- Of W hich to-------Res. R eds. A cct.E xp. on In v .
Divisible. City 55%
Co. 45%
1 9 2 6 ..
.$7,294.604
$70,646 $4,707,592 $2,516,366 $1,384,001 $1,132,365
1 9 2 5 -.. 6,904,031 225,000 4,684,130 1,994,900 1,097,195
897,705
1 9 2 4 - .. 7,689,250 455,000 4,653,654 2,580,596 1,419,328 1,161,268
1 9 2 3 ..
. 7,012,195
360,000 4,630,943 2,021,253 1,111,689 909,564
1922— . 8,296,550 290,000 4,615,862 3,390,688 1,864,878 1,525,809
Incom e Statement (N on-Partnership Account) for Years ending Jan. 31.
1923.
1926.
1925.
1924.
Chicago R ailw ay, 4 5 % .
$1,132,365 $897,705 $1,161,268
$909,563
5% on in v e stm e n t______ 4,707,592
4,684,130
4,653,654
4,630,943
M iscellaneous in te re s t—
198,340
188,311
267,239
249,956
G ross incom e________ $6,038,297
$5,770,147 $6,082,161 $5,790,462
Deduct—
T o tal in te re s t on b o n d s { $4,728,526 $4,752,193 $4,790,899 $4,811,465
In te re st on lo a n s______ \
Sink. fd . reserve accrued
______
250,000
174,036
F e d .in c.ta x on in t.co u p s.
66,000
42,000
67,500
107,000
C orp. exp. & a d ju s t’ts _ .
131,712
182,223
173,280
140,794
N e t inc. for in t., &c
$1,061,548
$777,174
$869,432
$555,285
O F F IC E R S . C h airm an of B oard
P re s ., _H e_n ry_ A . B lair; 1st -V .-P .,
W allace H eckm an; V .-P ., J . E . W ilkie; Sec., F . L / H u p p ; _ re a s ., M- b .
T
O rde.— V. 122, p . 1607, 1912, 1917, 2039, 2327; V. 123, p . 453.

C H IC A G O N O R TH S H O R E & M IL W A U K E E RR . CO.

(See M a p , page 175.)
O R G A N IZ A T IO N .— O rganized in Illinois in 1923 in connection w ith re­
capitalization p la n o f predecessor co. bearing sam e n am e, w hich h a d on
Ju ly 26 1916 acquired th e p roperties of th e C hicago & M ilw aukee E lectric
R R ., sold a t foreclosure M a y 1 1916 (V . 102, p . 1718, 2077). Y. 103, p . 664,
1687. U n d e r te rm s of p la n referred to p a rtic ip a tio n shareholders of th e old
C hicago N o rth Shore & M ilw aukee R R . received securities of th e new co.
in exchange for th e ir p a rtic ip a tio n shares in accordance w ith th e te rm s of
th e tr u s t agreem ent u n d e r w hich th e p a rtic ip a tio n shares w ere issued in
th e following proportion:
Holdings Partii Ipation Shares
6% Pref. Com. Stock
Five-Year
in Old Company (N o Par)—
(P ar$100). (P ar$ 1 0 0 ).
N otes.
1st p referred (Illinois ctfs.) 50,000____
25,000
25.000 $1,250,000
2d p referred (W isconsin ctfs.) 58,000—
20,000
1,434,208
20.000
C o m m o n 6 2 ,000. ----------------------------5,000
____
5,000
- .......... —
T h e p la n also calls for th e creation of a 1st & ref. m tg e . F o r full d etails
of p la n see V . 116, p . 615. 1274; also V. 117, p . 893.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns an d operates th e electric railroad betw een E v a n sto n , 111., a n d M il­
w aukee, W is., w ith a b ra n c h line extending from L ake B luff, 111., to M u n ­
delein, 111., em bracing 94.30 m iles of ro a d a n d 230 m iles single tra c k
e q u iv a len t, including th e new Skokie V alley m ain line w hich was opened
Ju n e 5 1926 an d shortens th e ru n n in g tim e betw een M ilw aukee a n d Chicago
b y 30 m in u tes. F u rth e r d etails in V. 122, p . 3452. H a s o p e ra tin g agree­
m e n t w ith Chicago E lev a te d w hereby tra in s a re ru n over th e e lev ated tra c k s
to 63d St. an d D orchester A ve. in C hicago. Also op erates m o to r coach lines.
221 m otor, com bination, b uffet, tra ile r, baggage an d express cars, and
194 freig h t cars, 18 m aintenance of w ay an d m iscellaneous cars, 5 electric
locom otives a n d 1 w ork m o to r. C o. also ow ns 46 passenger m o to r busses;
12 m erchandise desp atch tra c to rs; 28 m dse, de sp a tc h sem i-trailers; 24
service autom obiles an d 26 service tru c k s, a n d 43 m a in te n an c e of w ay ,
Inspection, gasoline, speeder & h a n d & push cars.
T h e Chicago N o rth Shore & N o rth e rn R R ., a su b sid ia ry , com pleted in
1926 a 5-m ile extension from th e lines of th e Chicago R ap id T ra n s it C o. to
N iles C enter. T o fa c ilita te th e financing of th is extension th e C hicago
N o rth Shore & N o r. R R . w as consolidated w ith th e C hicago N o rth Shore &
M ilw . R R . in O ct. 1924. V. 118, p . 3195; V. 119, p . 692.
Franchises.— Owns rig h t of w ay in W isconsin as fa r as th e c ity lim its of
M ilw aukee; franchise in M ilw aukee expires D ec. 31 1934. Ow ns rig h t of
w ay in Illinois outside of corporate lim its a n d to a considerable e x te n t w ithin
corporate lim its; th e rem ain d er is covered b y m unicipal franchises, several
being p e rp e tu a l.
ST O C K A N D B O N D S— Date.
Interest. O utstanding. M a tu rity .
C om m on $5,000,000 ($100)________
_________ $5,000,000
P rio r lie n 7 % $ l 0 ,000,0 0 0 ($ 1 0 0 )____
_________ 5,648,700 O ct ’26,194
Pref6 % n-cum $5,000,000($ 100)
5.000.
000 O c t ’26. 1M
4 .000.
F irst M $10,000,000 g ($1,-1 ____
1916
_____________
5 g J-J
________ 000 J_ ly 1 1936
, u
000, $500 & $100)___ c * tf(I n te re s t p a y ab le in N . Y . or C hicago.
1st & re f m tg e Ser “A ” ($ 1 0 0 ,1 1925
6 g J-J
9,880,700 J a n 1 1 9 5 5
$500 & $1,000) gold—c * tf (In t. p a y ab le in N . Y . a n d C hicago.
_ --------- $500
.
g A Q 2,750,000 A pril 1 1956
Series B ($1,000, ------ an d . lg 2 6
100c*)_________________ tf
E q u ip m e n t n otes gold ($1,- 1917
15,600
See te x t
6 g J -J
000 a n d $500)_________ c * (In t. a t C hicago N o rth e rn T r. C o ., T ru ste e .
E q u ip notes $500,000 ($500& /
1919 6g F-A 1
211,000
See te x t
$1,000)_______________c * tf(N o rth e rn T ru s t C o., C hicago, T ru ste e .
E q u ip t r ctfs Ser C -l $500,000(
1922 6 g J - J
350,000
See te x t
($100, $500 & $1,000) g —t f (N o rth e rn T r u s t C o ., C hicago, T ru ste e .
E q u ip t r ctfs Ser C -2________ 1922 6%
38,600
See te x t
E q u ip t r ctfs ser D - l ________ 1923 __________
371,200
to 1933
E q u ip t r certifs Ser D -2 ______ _____
_________
46,800 __________
N o n -in te re st bearing 5% notes 1923
_________
2,684,208
1928
Bonds.— T h e 1st M , bonds are secured b y a fir s t lien on all th e p ro p e rty
ow ned an d b y pledge as a d d itio n a l secu rity of th e e n tire c ap ital stock of the
C hicago & M ilw aukee E lectric R y . of W isconsin, w hich ow ns th e te r­
m inal facilities in M ilw aukee. R em aining bonds m a y be issued a t p a r for
n o t exceeding 85% of th e cash cost of b e tte rm e n ts, &c. T h e m o rtg ag e pro­
vides for a m aintenance, replacem ent & d epreciation fu n d of 12% of an n u al
gross incom e for firs t five years, 14% for second 5 y e ars, 16% for th ird
5 years a n d 18% for th e la st 5 y ears, to be expended fo r m a in te n an c e ,
&c., or for re tire m e n t of 1st m tg e . bonds. T h e 1st m tg e . bonds a re call, as a
whole or p a r t on a n y in t. d a te a t 105 a n d in t. C o n tin e n tal & C om m ercial
T ru s t & Savings B an k , C hicago, is tru s te e . V . 103, p . 1031. T h e issue
was closed a t $9,500,000, of w hich $5,500,000 a re d eposited u n d e r 1st an d
ref. m tg e .
T h e 1st & ref. mtge. gold bonds a re secured (a) b y d ire c t 1st m tg e . on th e
im p o rta n t extension from H a rv a rd S t., C hicago, to th e m a in line n ear L ake
B luff, 111., th e firs t section of w hich w as in operatio n in th e m iddle of 1926;
(6) by pledge of $5,500,000 1st m tg e. bonds; (c) by d ire c t m ortgage lien on
th e balance of c o .’s physical p ro p e rty (incl. a fter-acq u ired ) s u b jec t only to
p rio r lien bonds from tim e to tim e o u tsta n d in g . A dd itio n al bonds of an y

Oct., 1926.]




POWEK, LIGHT AND KAILWAY

175

176

PUBLIC UTILITIES

[V ol. 123,

series w ith su ch provisions as au th o rized a t th e tim e o f issuance, m a y be B erw yn, F o rest P a rk , L yons, R iverside, B rookfield. L a G range a n d others,
issued (a) a g ain st cash or U . S. obligations o r pledge o r refu n d m e n t of u n d e r­ having a n e stim ate d popu latio n of over 155,000. Owns 72.13 miles of
lying or su b sid iary b o nds, a n d to p a y o r re fu n d oth er series of 1st & ref. tra c k , o f w hich a b o u t 5 miles leased fo r operatio n b y C hicago R y s. C o.,
m tg e. bonds; (6) for 75% of new a d d itio n s, &c., u n d e r c e rta in provisions. an d o perates an add itio n al 0.95 mile u n d e r long-term lease. Franchises
A d d itio n al bonds Issuable on a c c o u n t o f ex penditures m ade for a d d itio n s or contain no burdensom e re stric tio n s a n d e xtend b eyond 1940. A b out
b e tte rm e n ts o r p u rc h a se d p ro p e rty o f th e co. o r a su b sid ia ry or for th e 10.5 m iles of tra c k on p riv a te right-of-w ay.
re fu n d m e n t a t a h ig h er in t. ra te o f bonds issued u n d e r th e m tg e. o r u p o n
O utstanding. M a tu rity .
STO C A N D BO
Date.
Interest.
th e p ro p e rty o f a su b sid ia ry (except a t or w ith in one y e ar of m a tu rity ) C om m onK$1,000,000 N D S—
$ 1 , 000,000
($100)
or on a cc o u n t o f th e a cq u isitio n o f th e sto ck of a n y su b sid iary , m ay n o t be ls tp r e f (cum) $1,000,000 ( $ 1 0 0 ) ____
See te x t
6%
1 , 000,000
issued unless n e t earnings o f co. a n d its subsidiaries d u rin g 12 consecutive 2d p re fe rred _________________ _____
See te x t
2 1 0 ,0 0 0
8%
calen d ar m o n th s ending w ith in 60 d a y s n e x t preceding d a te o f issuance h av e 1st m ortgage ($100,_____ a n d / 1922
_____ $500
____
1,500,000 J u ly 1 1932
7%
been a t le a st tw ice in te re s t charges on all 1st & ref. m tg e. bon d s th e n issued
$1,000) gold___________ c * /H a rris T r u s t & Sav. B an k , C hicago, T ru ste e
(incl. pro p o sed issues) a n d all p rio r lien an d sub sid iary bonds o u tsta n d in g
Dividends.— On b o th 1st an d 2d pref. stocks being p a id re g u la rly .
in h a n d s o f th e p u b lic. T h ere is a sinking fu n d w ith sem i-ann. p a y m e n ts
E A R N IN G S .— F o r calen d ar years:
e q u al to 3^ % o f p rin c ip a l a m o u n t o f 1st & ref. m tge. a n d u n d erly in g bonds
B al., Surp.
Gross. N et after Taxes. I n t., Ac.
in h a n d s o f th e p u b lic, to be ap p lied to th e pu rch ase an d re tire m e n t of 1st
$198,362
$317,563
$119,201
1925 __________________ $1,348,902
& re f. o r u n d erly in g bonds in th e o rd er nam ed a t o r below re d e m p tio n price,
182,890
288,177
105,287
or if n o t so p u rch asab le, a g ain st c ap ital expenditures w hich m ig h t otherw ise 1924 _______ _____ ______ 1,273,702
182,343
274,032
91,689
h a v e been m ad e th e basis for issuance of a d d itio n a l 1st & ref. m tge. bonds. 1923 ___________________ 1,208,218
158,105
243.601
85,496
A m a in te n an c e a n d renew al reserve of 16% (subject to periodical re -d e te r­ 1922 ___________________ 1,132,427
m in atio n ) o f to ta l o p e ra tin g rev en u e from op eratio n o f p ro p e rties s u b jec t
O F F IC E R S .— C h airm a n , W . J . C um m ings; P re s ., W illard M . M cE w en;
to th e m tg e ., is estab lish ed , to be expended for renew als, &c., or re tire m e n t Sec. & T re a s ., C harles N . H e b n er.— V. 106, p . 1230; V . 107, p . 1384;
o f 1st & re f. m tg e. bonds.
V . I l l , p . 588; V . 121, p . 1345, 2491.
1st & ref. mtge. Ser. “A ” 6s a re re d . all o r in p a rt on an y in t. d a te upon
60 d a y s ’ n o tice a t th e following prices a n d accrued in t.: P rio r to J a n . 1 1935,
E V A N S T O N R A I L W A Y CO.
a t 105; on an d from J a n . 1 1935 to J a n . 1 1940, a t 104; on an d from J a n . 1
1940 to J a n . 1 1945, a t 103; on a n d from J a n . 1 1945 to J a n . 1 1950, a t 102H ;
O R G A N IZ A T IO N .— In c o rp . S e p t. 20 1913 in Illinois to ta k e over th e
th e re a fte r less H o f 1% d u rin g each succeeding year to J a n . 1 1954; an d on lines in E v a n sto n . 111., form erly ow ned b y th e C o u n ty T ra c tio n C o. (now th e
a n d su b se q u e n t to J a n . 1 1954 a t 101. C o. agrees to reim b u rse holders for Chicago & W est Tow ns R y .). Owns $30,000 p a r value sto c k of E v a n sto n
th e P e n n , a n d C o n n . 4-m ills an d M ary lan d 4 M>-mills tax es, a n d for th e Bus C o.
D is t. o f C olum bia personal p ro p e rty tax es n o t exceeding 5 m ills per dollar
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
per a n n u m , a n d for th e M ass, incom e ta x on in t. n o t exceeding 6% of such
In t. p er a n n u m . In D ec. 1924 $7,000,000 1st & ref. Ser. “ A ” 6s w ere L ength of single tra c k , 10.34 m iles. 73 a nd 85-lb. ra il. G auge 4 f t. 834 in .
Franchise.— T h e com pany was g ra n te d a new 20-year franchise.
offered b y H alsey , S tu a rt & C o ., In c ., a n d th e N atio n al C ity C o. a t 98 &
in t., yielding 6 .1 5 % . V . 119, p. 2877. In J u ly 1925 H alsey , S tu a rt &
ST O C K A N D B O N D S—
Date.
Interest.
Outstanding.
M a tu rity .
C o ., In c ., sold $2,950,000 ad d itio n a l bonds.
_______
$500,000 J u ly ’2 6 , 3%
Stock $500,000 ($100)____________
Series B 5 M % , d a te d A pril 1 1926, a re re d ., whole o r p a r t, on 60 d a y s ’ F irst m tg e b ends gold _____c * j 1913
6 g F-A
311,800
1933
notice a t following prices an d in t.; T o A pril 1 1936 a t 105, to A pril 1 1946
R edeem a t 103 a n d in t____\ I n t . a t M erch . L oan & T r. C o ., C h ic., T ru s .
a t 103, to A p ril 1 1951 a t 102)4 , on A pril 1 1951 a t 102 an d th e re a fte r a t 102 G eneral m ortgage b o n d s__________
_______
212,500 ---------------less }/?. % for each fu ll y e a r eiapsed a fte r M arch 31 1951; su b seq u en t to
Bonds.— Sinking fu n d e f 2% of o u tsta n d in g b onds b egan 1917.
M arch 31 1955 a t p a r. P e n n . & C onn. 4-m ills, M d . 4 -m ills, D . of C .
5-m ills, a n d M ass. 6% tax es refu n d ab le. In M ay 1926 H alsey, S tu a rt &
E A R N IN G S .Inter- Balance,
C o ., In c ., a n d th e N a tio n a l C ity C o. offered $1,250,000 series B a t 9 6 'A
Gross'
N et
Expenses,
est.
S u rplus.
a n d in t. to yield a b o u t 5M % • V . 122, p . 2947. T h e sam e b ankers offered
Earnings. Taxes, Ac. E arns.
in O ct. 1926 $1,500,000 a d d itio n a l series B a t 98 H a n d in t. to yield a b o u t xl926 ________
.$224,384 $147,063 $77,321 $20,683 $56,638
31.319
70,450
5 .6 0 % . V . 123, p . 1761.
212,556 101,775
1925 _________ _________ 314.331
89.377
30.282
59,095
T h e eq u ip , no tes of 1917 m a tu re $8,500 s.-a . Ju ly 1 1917 to J a n . 1 1927: 1924 _________ _________ 294,746
205,369
59,812
88.107
28,294
secured by 15 steel passenger cars costing $200,000. R e d ., all o r in p a rt,
188,319
1923 ................... _________ 276,426
27,029
59,031
a t 100K a n d in t. on a n y in t. d a te on 30 d a y s’ notice.
180,117
86,060
_____ _________ 266.177
1922 . .
T h e eq u ip , notes o f 1919 m a tu re $25,000 each F e b . 1 a n d A ug. 1 to
x 8 m o n th s ended A ug. 31 1926.
A ug. 1 1929. R e d ., all o r in p a r t, a t a n y tim e on 30 d a y s’ notice a t 101 & int.
O F F IC E R S .— P re s ., C lem ent C . S m ith, M ilw aukee; V .-P res. & T re a s .,
for all notes h av in g over 5 y ears to ru n , an d a t 100y & in t. fo r notes having C harles F . Speed. E v a n sto n ; V .-Pres. & S ec., H . C . M ac k a y , M ilw aukee.
less th a n 5 y e ars to ru n . Secured b y eq u ip , a t th e ra te of $100 of eq u ip , for —V . 113, p . 2818; V . 114, p . 197, 3338.
n o t in excess o f $70 o f n o tes issued. I n t. in N ew Y o rk o r C hicago. V .109.
p . 887.
T h e e q u ip m e n t tr u s t c ertificates o f 1922, Series “ C - l , ” m a tu re $50,000
COAL BELT E LECTR IC RY.
J u ly 1 1923 to 1932. R edeem able, all or p a rt, on 30 d a y s' notice a t 101
O R G A N IZ A T IO N .— In 1904 passed in to c o n tro l of th e S t. Louis Iro n
a n d d iv . fo r ctfs. h av in g m ore th a n 5 y ears to ru n from d a te of redem p­
tio n a n d a t 100K a n d d iv . for ctfs. h av in g 5 y ears or less to ru n . P en n a. M o u n tain & S o u th ern R y. C o.
4 m ills ta x re fu n d a b le . D iv s. p a y aH e in N . Y . o r C hicago. V . 115, p .8 6 8 .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
E q u ip , t r . c tfs., Ser. “ C -2 ,” m a ti re a n n u ally over 5 years a n d a re a second­ O perates 15.30 m iles of tra c k from M arion to C a rte rv ille a n d H e rrin .
a ry lien on eq u ip m e n t securing S er. “ C - l.”
S ta n d a rd gauge
52 to 70-lb. T ra il.
N ote Issues Redeemed.— On J a n . 23 1925 th e following issues w ere called
C A P IT A L IZ A T IO N .— Stock au th o rized a n d o u tsta n d in g , $300,000; p a r
for p ay m en t;
of sh ares, $100.
(1) All o f th e o u tsta n d in g Series " A ” 10-year secured s. f. gold notes
E A R N IN G S .— F o r y e ar ended D ec. 31 1925, gross $57,780; n e t afte*
d a te d J u n e 1 1920, a t 101 a n d in te re st.
(2) All o f th e o u tsta n d in g Series “ B ” 15-year secured s. f. gold notes taxes, d e f., $42,546. In 1924, gross, $96,996; n e t a fte r taxes, d e f., $48,379*
b a l., d e f., $48,379. In 1923, gross, $141,984; n e t a fte r tax es, d e f., $19,582:
d a te d J u n e 15 1921, a t 105 a n d in te re st.
(3) All o f th e o u tsta n d in g Series “ C ” 3-Y ear secured s. f. gold notes o th er incom e, d r ., $987; b a l., s u r., $20,569.
Latest E arnings.— F o r 8 m os. end. A ug. 31 1926, gross, $34,498; n e t
d a te d A pril 2 1923, a t 10014 an d in te re st.
A ll o f th e o u tsta n d in g 1-year 6% gold n o tes d a te d J u n e 16 1924 were (after ta x e s), d e f., $13,971.
called for p a y m e n t J a n . 8 1925 a t p a r & in t. V . 119, p . 3009; V . 120, p . 85.
O F F IC E R S .— P res., L. W. B aldw in; Sec., F . W . Irla n d : T re a s ., F . M •
D ividends.— On p rio r lien sto ck in 1924 p a id 1% % q u a r.; 1925, 1 M %
H ickm an.
q u a r.; 1926, 1 % % q u a r. An in itia l d iv . o f 1 J4 % was p a id on th e 6% noncum . p re f. s to ck in O ct. 1923. Sam e r a te p a id le g u la rly q u a rte rly since.
G A L E S B U R G & W E S T E R N RR .
ilec. R y .,
Purchase Offer.— In M arch 1925 th e Illinois Pow er & L t. C o rp . offered
M ilw aukee C ity L in es):
Balance, to pu rch ase th e ro a d . V. 120, p . 1746.
D ivi­
Fixed
Total Rev.
N et A fter
Surplus.
dends.
(A ll Sources).
Taxes.
Charges.
W as form erly know n as th e R ock Isla n d Southern R R ., b u t nam e w as
$255,270 changed to p re sen t title in 1919.
$525,360
$1,613,621
1925- -.-$ 7 ,0 8 8 ,8 3 2
$832,991
307,419
X393.301
610,583
19246,259,942
1,311,303
Receiver Discharged.— In 1922, b y agreem ent of all p a rtie s, th e co., w hich
528,598 was ah ead of th e receivership operated by th e R ock Isla n d S o u th ern R y .
y l5 8 ,2 6 7
552,608
1923. - . - 5,983,342
1,239,473
427,927 C o., receiver was dism issed. T h e ro ad is to be o p e ra te d as p a r t of th e
Z90.000
1922. - - - 5,031,242
1,004,711
486.784
319,720 R ock Islan d Southern R y . System , u n d e r th e old lease (see below) an d under
z70,000
1921- - - - 4,519,338
463,013
852,733
x B eing 6% on th e p ref. sto ck a n d 7% on th e prior lien sto ck, y R epre­ its sam e te rm s, th e sam e as if no receivership h a d ta k e n place. I t is ex­
sen ts 3% dividend on th e 6% p ref. stock a n d 1 % % on th e p rio r pref. stock pected th a t b y th e end of 1924 th e com pany will be m erged in to th e R ock
o u tsta n d in g , z R epresents d ividends on th e old stock o u tsta n d in g before Islan d Southern R y . N o fu rth e r info rm atio n received.
financial reorg an izatio n accom plished early in 1923.
O R G A N IZ A T IO N .— In co rp . in 1906 u n d e r Steam R ailro ad A ct o f Illi~
Latest E arnings.— C onsolidated n e t earnings o f co. before d epreciation for nois. O perated b y electricity for passengers a n d steam for freig h t. Fran~
chises in M o n m o u th are for 20 years. W as leased to th e R ock Isla n d S outh­
12 m os. en d . J u ly 31 1926 a m o u n te d to $1,907,162.
O F F IC E R S .— C h airm an o f th e co m p an y , Sam uel Insull; P re s ., B ritto n I . ern Railway (now M ississippi V alley R y . & Pow er C o.) from F eb . 1 1913 to
B u d d ; V .-P s., R . F lo y d C linch, B ern h ard , J . F allo n , C harles E . T hom pson D ec. 31 1913, on w hich d a te lease was canceled (b u t see above).
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
a n d H . M . L y ttle ; Y. -P . & S ec.-T reas.. W . V . G riffin; G en. M g r., Jesse
S. H y a tt.— Y . 120, p . 85, 1585, 3064, 3185; V . 122, p . 1168, 1758, 2649, 16 m iles betw een G alesburg a n d M o n m o u th . 75-lb. ra il. S ta n d a rd gauge.
2947, 3452; V . 123, p . 1 7 6 1 .________ _________
Bondholders' Committee.— W . S. H am m ons, F ra n k S. W ingate an d M . O.
W illiam son. D eposits of bonds w ith th e F id elity T ru s t C o ., P o rtla n d , M e .,
a nd People’s T ru s t & Savings B an k , G alesburg, 111., h av e been called for.
C H I C A G O & I N T E R U R B A N T R A C T I O N CO.
See V. 192, p . 886. Also V . 110, p . 872.
ST O C K A N D B O N D S—
Date.
Interest.
O utstanding. M aturity
Receiver A p p o in ted .— Follow ing d e fa u lt in in t., due Ju ly 1 1922, on 1st
m tg e . 5s, W . W . C raw fo rd w as a p p o in te d receiver for th e co. V . 115, Stock $500,000 ($100)-------------------------------$500,000 -------------- F irs t m ortgage $2,500,000 g / ____
5 g J-J
521,000 J a n 1 1947
p . 2045.
($1,000) red a t 105______c \I n t. a t C on. & C om . T r. & S. B k ., C h ic .,T r .
D efault.— I n t. d u e J u ly 1 1922 on th e 1st m tg e. bonds is in d e fa u lt an d
O F F IC E R S .— P res., L. F . S utton: V .-P ., W ill H a lste d C la rk , Chicago;.
bond h o ld ers h av e b ro u g h t proceedings to foreclose m o rtg ag e. V . 115, p .
Sec. & T re a s., J . W . W alsh; G en. M g r., G eo. W . Q uackenbush, R ock
1729. N o fu rth e r in fo rm atio n .
To D ism antle Road.— C o. filed in J a n . 1926 a p e titio n w ith Illinois C om ­ Isla n d , 111.— V. 110, p . 872, 1643; V. 114, p . 626; V . 120, p . 1740.
m erce C om m ission for perm ission to d ism a n tle its 50-mile electric railw ay.
See “ E lectric R ailw ay J o u rn a l” o f J a n . 23 1926.
T H E E A S T S T . L O U IS & S U B U R B A N CO.
O R G A N IZ A T IO N .— In c o rp . in Illinois F eb . 14 1912 to ta k e over th e
p ro p e rty o f th e C hicago & So u th ern T rac . C o. (sold a t foreclosure) outside
T h e N o rth A m erican C o. ow ns 99.43% of th e com . a n d all th e p re f. stock.
th e c ity lim its, th e lines w ith in th e c ity h av in g been acquired b y C hic. C ity
O R G A N IZ A T IO N .— Incorp. in D elaw are J a n . 7 1914. A holding co,,
R y . V . 94, p . 697.
having acquired title to all th e pro p erties of E a s t S t. Louis & S u b u rb an C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— (incorp. u n d e r th e law s of N . J . Sept. 12 1901).
T h e co. owns all of th e o u tsta n d in g cap ital stock (w ith th e exception o f
C onsists of 50 m iles of line betw een 119th S t. a n d V incennes R o ad , C hicago,
directors’ shares) and bonds, as s ta te d , of th e follow ing com panies. T h e
to K an k ak ee, 111. S ta n d a rd gauge. 70-lb. T rails.
am ounts pledged w ith th e S t. Louis U nion T ru s t C o. a s co lla teral for th e
S T O C K A N D B O N D S—
D ate.
Interest. Outstanding. M a tu rity •
E a st S t. Louis & S u burban C o. coll, tru s t bonds a re also show n:
Stock $1,000,000 ($100)___________
_______
$1,000,000 ----------------------------Stocks-------------------------- Bonds----------F irst m tg e gold ($100, $ 5 0 0 ,/ 1912
5 g J-J
1,816,000 J a n 1 1932
Owned.
Pledged.
Owned.
Pledged.
$1,000) no s f ________ c * t f \ I n t . a t F irs t T r. & Sav. B k ., C hic., T ru ste e
E a st S t. L .& S u b u rb an R y . .$3,850,000 $3,824,300 $4,000,000 $3,834,000
Bonds.— T h e a u th . a m o u n t o f 1st M . bonds is n o t lim ited . B onds are E a s t S t. Louis R y . C o ______ 1,940.000 1.805.500 1,940,000 1,799,000
su b ject to call in whoie or in p a rt, beginning w ith low est n u m b er, a t 102 8 t. L . & E a s t S t. L. E l. R y . .
500,000
499,500
500.000
500,000
on an y in te re st d a y . $80,000 a d d itio n a l b onds have been issued a n d are S t. L . & B elleville E l. R y ___
750.000
750,000
750,000
pledged to secure n o tes.
E a s t S t. L . L ig h t & Pow er C o. 1,200,000
733,000
----------------Alton G ra n ite & S t. Louis
F
E A R N IN G S .-— o r calen d ar years;
T rac tio n C o _____________ 3,189,000
............ 2,318,000
--------N et. xln t.& T a xes.
Balance.
Gross
Expenses.
do 10-yr. 5% gold n o te s.
______
______
100,000
--------1925___________ .$392,870 $410,600 def$17,730 $129,195 def$146,925
126,411 d e f148.237 A lton G as & E lec. C o.—
420.058
d ef 21.825
1924___________ . 398.233
5% p referred s to ck _______
*24,000
------------------------def 87.261
42.855
130,116
382.837
1923....................... _ 425,692
C om m on s to c k __________
575,000
------------------------140,043
d e f129,243
10,801
1922 ..................... - 381.825
371.024
10-year 6% gold n o te s---------------------90.000
--------x I n t. accrued b u t u n p a id .
* B alance of $76,000 owned b y A lton G ra n ite & S t. L T ra c tio n C o.
O F F IC E R S .— R eceiver, W . W . C raw ford: C h airm an of B o ard , Sam uel
In 1925 th e E a s t S t. Louis & S ub u rb an R y . C o. acquired c o n tro l of
In su ll; P re s ., B ritto n I . B udd; V .-P ., E . J . B lair; Sec. & T re a s ., W . W . th e B lue G oose M o to r C oach C o ., operatin g buses b etw een B elleville, 111.,
C raw ford; A u d ., R o b t. A nderson.— V. 110. p . 1972; V. 114, p . 1285; a n d St. Louis, M o. V. 121, p . 3130, a n d th e R ed L ine M o to r C o ., o p e ra tin g
V . 115, p . 1729, 2045; V . 116, p . 1759; V . 118, p . 2178; V . 122, p . 3337.
betw een C ollinsville a nd G reenville. 111.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
T h e above com panies own and o p erate all electric railw ay lines in E a s t St.
C H I C A G O & W E S T T O W N S R Y . CO.
Louis and A lton and in te ru rb an lines to Belleville, E d w ardsville, C ollins­
O R G A N IZ A T IO N .— In c o rp . in Illinois in 1913 as a consolidation of th e ville, C aseyville, O ’F allon, M ary v ille. L ebanon, B rooklyn, V enice, M ad i­
C o u n ty T rac tio n C o. an d th e S u b u rb an R R .
son. G ra n ite C ity and A lton, and th e only electric line across th e E ad»
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— B ridge, connecting E a s t S t. Louis w ith S t. Louis. C ars a re o p erated over
Serves th e com m unities of O ak P a rk , R iv er F o rest, M ayw ood, C icero, this bridge u n d e r a 50-year exclusive c o n tra c t expiring in 1952. Through*




O ct., 1926.]

POWER, LIGHT AND RAILWAY

177

arra n g e m e n t w ith Illinois T rac tio n C o. th e in te ru rb an cars from A lton are Service C o. of Illinois. A dditio n al bonds of series A or a n y o th e r series of
ru n In to th e ir te rm in a l In S t. Louis. F reig h t, p rin cip ally coal, is handled such ten o r as D irectors m a y fro m tim e to tim e determ ine, m a y b e issued
in ad d itio n to passengers on th e lines betw een E a s t St. Louis a nd Belleville. against acquisition of add itio n al securities a n d for cash w hen consolidated
Also do en tire electric lig h tin g an d pow er business In E a s t S t. Louis a nd th e n e t earnings for 12 w ithin preceding 15 m o n th s h a v e been n o t less th a n 3
electric lighting, gas an d pow er business in A lton. T o ta l m ileage o p erated , tim es a n n u al in te re s t on all b o nds o u tsta n d in g (incl. new issue) m a y also
191, o f w hich ow ned, 182 m iles, an d leased, 9 miles. Owns 192 passenger be issued, w ith o u t earnings re stric tio n s, a g ain st th e re tirem e n t of previously
cars, 814 freig h t cars, 43 service a n d express cars, 5 gasoline buses, 2 elec­ issued bonds, unless re tire d th ro u g h sinking fu n d . In d e n tu re provides th a t
w ith re sp ec t to ad d itio n a l series A b o nds or bonds of a n y o th e r series (issued
tric an d 2 steam locom otives. H as tw o pow er statio n s w ith 14,850 k . w .
while a n y series A b o nds are o u tsta n d in g ) m a tu rin g m ore th a n 5 years from
c ap a c ity . H as 95 miles o f h igh-tension transm ission lines. Also h a s con­
tra c ts for pow er w ith U nion E lectric L ig h t & Pow er C o. (M o .). T h e E a s t d a te of issue, provision shall be m ad e for re tire m e n t (a t par) a t or before
S t. Louis L ig h t & Pow er C o. h a s 19,278 electric custo m ers as of J u n e 30 1926. m a tu rity b y sinking fu n d or otherw ise. T h ere is a sem i-annual sinking
Franchises in E a s t S t. Louis, E dw ardsville, C ollinsville an d Belleville fu n d , beginning D ec. 1 1926, o f a p a y m e n t of th e excess of $115,500 over
expire in 1947, 1948 an d 1952. T h e A lton railw ay, electric lig h t a nd pow er the sem i-annual In te re st p a y m e n t, s u b jec t to a d ju stm e n t as series A bonds
franchises expire in 1948; th e A lton gas a n d steam -h eatin g franchises are are increased by ad d itio n a l issues or decreased o th e r th a n thro u g h th e sink­
p erp etu al; G ra n ite C ity an d M ad iso n franchises expire in 1925, B rooklyn In ing fu n d , so t h a t such sinking fu n d shall be sufficient to re itre all of th e
C om pany m a y in stead p u r­
1921.
T h e ln te ru rb a n line to A lton, o u tsid e o f c ity lim its, is nearly all on o u tsta n d in g series A bonds b y m a tu rity
p riv a te right-of-w ay. C o u n ty franchises covering rem ain ing su burban chase bonds for sinking fu n d a t or below red em p tio n price. M oneys to
lines expire u p to to 1948. E lectric lig h t a n d pow er franchises in be applied to re tirem e n t of series A bonds by purchase or call. Series A,
E a s t S t. Louis expire 2007.
d a te d D ec. 1 1925, are redeem , w hole or p a r t on 30 d a y s ’ notice a t 105
A lto n Granite & St. Louis Traction Co. Sold by Receiver.— In M a y 1926 a nd in t. to a nd inch D ec. 1 1936 a n d th e re a fte r a t p a r a n d in t., plus M %
F ed eral Ju d g e Lindley set a n u p se t price o f 11,000,000 for th e sale of th e tor each y ear or p o rtio n of unexpired term . In te re s t p a y ab le in C hicago or
p h y sical p ro p erties o f th e 2 com panies ($180,000 for in te ru rb a n lines, New Y ork. C alif., C onn. & P e n n . 4 m ills, M ary la n d 4)4 m ills, D lst. of
$270,000 for A lton c ity lines, $150,000 for gas p ro p erties a n d $400,000 for C ol. 5 m ills an d M ass. 6% tax es re fu n d a b le . In F e b . 1926 E . H . R ollins
electric p ro p e rties). V. 122, p . 2796. a n d 2797. E a rly 1926 th e various & Sons a nd Spencer, T ra sk & C o. offered $3,000,000 series A a t 99)4 &
p ro p e rties o f th e tw o com panies w ere pu rch ased a t foreclosure sale b y in t., to yield over 6 )4 % . V. 122, p . 885. 3085.
re p re sen ta tiv e s of th e N o rth A m erican C o. for $1,965,000. See also u nder
E A R N IN G S .— C onsolidated incom e a cc o u n t calen d ar y e ar 1925:
“ T h e N o rth A m erican C o .” U n til th is sale is confirm ed no reorganization
G ross revenue incl. o th e r incom e____________________________ $6,047,443
c a n ta k e place.
N e t a fte r m a in t. an d ta x e s___________________________________ 2,572,279
Interest Paym ents.— T h e in te re st d u e F eb . 1 1919 on th e A . G . & S t. L.
T ra c . C o. 1st consol 5s was p a id Id A ug. 1919. T h e in te re st d u e A ug. 1 Bond in te re st, m in o rity p referred divs. & d eprec. W est. U n.
G as & E l. C o _____________________________________________ 1,881,368
1919 was paid F eb . 1 1920. N one p aid since. V. i l l , p . 1751: V. 113,
p . 414. (See under “ Sub-com pany R eceivership" above.)
B alance for in te re s t 6 )4 % coll. tr . b o n d s___________________
$690,911
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M atu rity.
O F F IC E R S .— P re s ., I r a C . C opley; V .-P s., B. P . A lschuler, R . W .
C om m on $10,000,000 ($100)_______
.............. ....................$ 6 , 000,000 ..........................................
D avidson, Geo. K u h n , R . R . S tru n k a n d H . D . Polhem us; T r e a s ., A . E .
l s t p f 6% cum $3,000,000($100)____
_________
See te x t __________
F itk in ; Sec., S. R . Jon es. O ffice, A u ro ra, 111.— V. 122, p . 483, 885, 1172,
P referred $6,000,000 ($i00) \ ____
5%
6,000,000 F e b ’1 8 , ^ %
3085.
5% cu m _________________/
C o llateral tru s t m ortgage $8,- 1902
5
g A-O
8,000,060 A pril 1 1932
W EST ER N U N IT E D G AS & ELECTRIC CO.
000,000 gold ($1,000)-C*tf In te re s t a t S t. Louis U nion T r. C o ., T ru ste e ,
or a t E . W . C la rk & C o ., P h iladelphia.
Control.— All of th e com m on stock is ow ned b y W estern U n ite d C orp.
E a s t S t L L t & Pow 1st M 1910
5 g J-D
1,172,000 J u n e 1 1940
O R G A N IZ A T IO N .— In c o rp . in Illinois in 1925. C o. ow ns in fee th e
g g u ar p & i ($1,000) c * tf I n t. a t M ercantile T r . C o ., S t. L ouis, T ru ste e
properties form erly ow ned b y W estern U nited G as & E lectric C o., S outhern
C h ase N a t. B k .. N . Y ., and a t c o .’s office
Stock.— T h e 5% cum . pref. m ay be exchanged a t an y tim e for 50% of Illinois G as C o. a n d F o x R iver E lectric C o ., a n d all th e sto ck a nd securities
6% cum . pref. an d 50% com . sto ck . T h e 6% p ref. ta k e s precedence both of A urora, E lgin, a n d Fox R iv e r E lec tric C o. (see sep a ra te s tatem e n t)
as to dividends a n d assets over th e 5% pref. and th e com m on sto ck . V . 97, and C oal P ro d u c ts M fg. C o.
p . 1882; Y. 98, p . 304, 155. $3,000,000 com m on sto ck reserved for conver­
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
sion of 5% pref. sto ck .
C o. serves a popu latio n of 401,700 in N o rth e rn Illinois and 100.000 in
Bonds.— C oll, tru s t bon d s a re redeem able on a n y in t. d a y a t 105 an d in t. S outhern Illinois incl. Jo lie t, A urora, Elgin, L a G range, B rookfield, E lm ­
o n fo u r w eeks’ n otice. See V. 76, p . 382. Listed on P h ilad elp h ia, Louis­ h u rs t and several o th e r tow ns an d com m unities, serving all of th e m w ith gas,
ville, S t. Louis a n d C olum bus Stock Exchanges.
A urora, E lgin, W h ea to n , G len E lly n , M u rp h y sb o ro , an d o th e r m uni­
E a s t S t. Louis L ight & Pow er bonds are g u a ra n te ed , p rin cip al and cipalities w ith electric lig h t a n d pow er. A urora w ith steam h e a t, M u rp h y s­
In terest, by endorsem ent by E a s t St. Louis & Sub. C o .: callable a t 105 and
boro w ith w ater a n d th ro u g h a su bsidiary, o p erates a n electric railw ay
ta t. on an y in t. d a te on 30 d a y s’ n otice. A u th . issue u n lim ited, b u t a d d i­ betw een A urora a nd E lgin. T h e electric pow er an d lig h t pro p erties w ith an
tio n al bonds are issuable only for 80% o f th e cost of a d d ’ns a nd im p ts. and installed cap a c ity of 29,892 h .p ., serve, w ith o u t c om petition a b o u t 28,243
th en only w hen n e t earnings are a t le a st l ) i tim es in t. charge on bonds consum ers. T h e gas p ro p e rties, also w ith o u t c o m petition, serve 81,627
o u t as well as those to be issued.
custom ers w ith a d aily sen d -o u t of over 8,500,000 cu. f t., 37 m iles of m ain
E A R N IN G S of o p eratin g com panies fo r calendar years:
line electric ra ilro ad an d 30 m iles c ity railw ays. F o r y e ar ended J u ly 31
Total Rev. (in c l.
N et A fter
A va il, fo r D ep.
1926, electricity pro d u
Other Incom e).
Taxes.
Interest.
D ies. <ft Surp. cu. ft. C om m unitiesced , 55,822,544 k .w .h .; gas p roduced, 3,471,289,000
served, 75.
x l9 2 6 -------------- $4,358,340
$1,064,402
$744,149
$320,253
1925__________ 4,165,761
1,009,546
710,543
299.003
S T O C K A N D B O N D S— D ate.
Interest. O utstanding. M atu rity.
1924___________ 4,110,546
964,630
692,099
272,531 C om m on (no p a r ) ___________ _____
________ 200,000 shs. __________
1923................
4,532,246
1,181.682
642,657
539,025 6)4 cum p re f_________ ________ _
6)4
$6,500,000
...................
1922__________ 4,024,585
1,122,094
634,423
487.671
1st m tge 30-yr 5)4 s g ser A j 1925
5)4 g J-D 22,500,000 D ec 1 1955
1921___________ 3,818,302
1,171,792
654,385
517,407
($1,000, $500 c * )_______ tflB lin o is M erch a n ts T r. C o ., C hicago, tru s te e .
1920__________ 4,368,922
1,405,640
647,272
758,368
Bonds.— The 1st mtge. 30-yr. 5)4 gold bonds, series A , due Dec. 1 1955
x 12 m o n th s ended J u n e 30 1926.
are secured y
t 1st m tge. on all
ow ned b y th e
fee,
O F F IC E R S .-—P res., F . L . D am e; V .-P ., Edw in G ruhl; V .-P ., Louis H . b y pledge ofball dire c e c ap ital sto ck and propertiese b t of C oal P ro dco. inM fg.
of th
funded d
E gan; V .-P ., T h o m as G regory; V .-P ., J . F . F o g a rty ; T re a s ., R o b t Sealy; C o. a n d of A urora, E lgin a nd Fox R iver E lectric C o ., w hich u cts the
Sec., F . H . Piske; A sst. Sec., W . T . G regory; A sst. T re a s., C . D . B urdick. electric railw ay properties. A dditional bonds of series A or o th e row ns of
series
— V. 121, p . 1100, 3003, 3130, 1309, 2948; V. 123, p . 839.
such tenor as D irectors m a y from tim e to tim e determ ine, m ay be issued for
(a) 75% of new a d d itio n s, & c., or (b) p a r for p a r for re funding purposes.
All bonds of w hatever series will ra n k equally except th a t sinking funds m ay
KE W A N E E P U B L I C S E R V I C E CO.
Control.-—C om m on sto ck all ow ned b y N orth A m erican Light & Power Co. be established for th e exclusive b e n efit of one or m ore p a rtic u la r series.
N o add itio n al bonds, except for refu n d in g purposes, m ay be issued unless
O R G A N IZ A T IO N .— O rganized F eb . 29 1924 in Hi. to acquire th e p ro p e r­ earnings applicable to bond in te re st for 12 consecutive m o n th s o u t of
ties of th e Consol. L ight & Pow er C o. a n d th e s tre e t railw ay p ro p e rty in preceding 15 m o n th s, h av e been a t le a st 10% of th e principal am o u n t, or
th e c ity of K ew anee form erly ow ned by the G alesburg & K ew anee E lec. tw ice an n u al in te re st req u irem en ts, w hichever is less, of all funded d e b t
R y . T h e in te ru rb an line betw een K ew anee and G alv a form erly ow ned by n o t ju n io r to these b onds, including b onds to be issued. T h e bonds issuable
th e G alesburg & K ew anee Elec. R y. is now operated by th e c o .’s su bsidiary, u n d e r th e m ortgage, a re u n lim ited as to principal a m o u n t. T h ere is an
th e K ew anee & G alva R y . For h isto ry o f G alesburg & K ew anee E lec. R y
a nnual improvement fu n d of 12)4% of gross o p e ra tin g revenues durin g th e
see “ E lectric R ailw ay ” S upplem ent o f A p r. 26 1924.
for m aintenance,
a n d (or)
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— preceding calendar y e ar, to be expended all or p a r t on 30 d &c., notice a t
for re tirem e n t purposes. Series A is red .
a y s’
T h e electric pro p erties include a generating sta tio n in K ew anee w ith a
incl. D ec. 1 1936 a
a
an d in
plus
c a p a c ity of 4,000 k .w . T h e cities o f K ew anee, Sheffield an d N eponset are 105 an d in t. to ean dor p o rtion of a y e ar n d th e re a fte rrmt. p a r te re s t pt.,y ab le
(4% for each y ar
unexpired te
In
a
co n n ected b y a transm ission line 16 m iles in le n g th . T h e gas properties in C hicago or N ew Y ork. C onn. & P en n . 4 m ills, M a ry lan d 4)4 m ills,
co n sist o f a w ater gas p la n t lo cated in K ew anee, w ith a d aily m a n u fa c tu rin g D ist. of Col. 5 m ills a n d M ass. 6% ta x refu n d ab le. In J a n . 1926, E . H .
c a p a c ity o f 1,000,000 cu. f t., an d w ith ho ld er c a p a c ity o f 350,000 cu. ft. R ollins & Sons a nd H alsey, S tu a rt & C o ., In c ., R . E . W ilsey & C o., In c .,
T h e re a re 67 m iles o f gas m ains. T h e s tre e t railw ay p ro p e rty consists & c., & c., offered $22,500,000 series A a t 99 an d in t., to yield 5.5 5 % . V.
o f ap p ro x im ately 7 m iles of tra c k , lo cated w ith in th e c ity of K ew anee. 122, p . 349, 483, 2801.
T h e in te ru rb a n railro ad is o p erated b y th e K ew anee & G alv a R y ., a sub­
E A R N IN G S .— Of co. a n d su b sid iaries fo r 12 m o n th s ended J u n e 30:
s id ia ry , over its ow n rig h t-o f-w ay . Is 9 miles in le n g th , connecting K e­
1926.
1925.
w anee a n d G alva.
G ross, including o th e r incom e___________________ $6,418,729 $5,703,637
Franchises.— See V. 119, p . 203.
O p e ra tin g expenses, m ain te n an c e a n d ta x e s ______ 3,645,020
3,286,981
S T O C K A N D B O N D S— Date.
Interest. O utstanding. M aturity.
C o m sto ck (no par) 10,000 s h s . ____
_________ 10,000 shs. __________
E a rn in g s fro m o p e ra tio n s_____________________
P ref 7% cum $750,000____________
_________
$350,000 _________ _ A n n u al in te re s t 5)4%, 1st m tge. b o n d s __________ $2,773,709 $2,416,651
1,237,500
1st m tge Ser "A " ($100, $500? 1924
6 g J -J
1,200,000 J u ly 1 1949
422,500
& $1,000) g o ld_______ c * tf (P eoples T r . & S. B . o f A m ., Chic.? tru ste e . A nnual dividends 6 )4 % p re fe rre d s to c k __________
Bonds.— 1st m tge. provides for sin k, fu n d o f a t least 1% of aggregate
B alan c e ______________________________________ $1,113,709
prin cip al a m o u n t o f th e b o n d s, p ay ab le on JaD . 1 of each y ear beginning
O F F IC E R S .— P r e s ., I r a C . C opley; V .-P s., B . P . A lschuler an,d R . W •
1928. Ser. “ A " a re re d ., all or in p a rt, on any in t. d a te on 30 d a y s ’ notice
g V
. E . W altz,
W
u
d
on or before J u ly 1 1934, a t 105 & in t.; th e re a fte r on or before J u ly 1 1939, D avidson; O p eratinSec.,.-P s., .BJones; T re a sG . A . . K F h n ,inR . R . S tru n ku anra ,
H . D , P oihem us;
S. R
. itk
Office, A ro
a t 104 & in t.; th e re a fte r, on or before Ju ly 1 1944, a t 102 & in t., a nd there­ 111.— V. 120, p . 2271; V. 125, p. 2878; V.., 122,Ep . 349, .483, 1313, 2801;
afte r, on or before J a n . 1 1949, a t 100)4 & in t. In t. a t office of tru ste e In
C hicago or E q u itab le T ru s t C o ., N . Y . P enn. 4-mill ta x refundable. In V. 123, p . 713.
Ju ly 1924 Spencer T rask & C o. offered $1,200,000 1st m tge. Ser. “ A ”
(1) A U R O R A ELG IN & F O X RIV ER ELECTRIC CO.
6s a t 95 & in t., yielding over 6 .4 0 % / V. 119, p . 203.
Control.—-C ontrolled b y W estern U nited G as & E lectric C o., a subsidiary
E A R N IN G S .— C onsolidated incom e acco u n t for 12 m os. end. M a y 31:
of W estern U nited C orp. See V. 120, p . 954; V. 122, p . 349.
1926.
1925.
ORG
IO .— In c rp
12
acquired J a n . 1 1924
C ro s s rev en u e___________________________________
$517,120
$467,256 electric A NcIZ A Ta ndNelectrico lig.h tD ec. pow 1921; p erties, form erly know nth e
tio
as
142,235
125,706 the Foxtra ivern division of th e oldandurora er pro & Chicago R R . C o. (for
N e t, a fte r o p eratin g expenses, tax es, &c_________
R
A
Elgin
Fix ed charges, &c_______________________________
77,470
64,262 h isto ry see “ E lec tric R ailw ay” Supplem ent of A pril 29 1922)
D e p reciatio n ____________________________________
40,000
18,000
Preferred div id en d s_____________________________
24,500
12,250
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T he co. furnishes s tre e t c ar service in th e cities of A urora and Elgin a nd
Surp lu s----------------------------------------------------------$265
$31,194 ln te ru rb an electric tra c tio n service from M ontgom ery n o rth to A urora,
O F F IC E R S .-—P res., C lem en t S tu d e b a k e r, J r.; V .-P ., H . L . H anley; N o rth A urora, M ooseheart, B ata v ia , G eneva, S t. C harles, Five Isla n d s,
C olem an, South Elgin, E lgin, D undee to C arpentersville. C om pany oper­
T re a s ., P . L . Sm ith; Sec., D . H . H olm es.
ates bus line se r/ic e betw een A urora a nd Y orkville, touching th e villages
of M ontgom ery an d Oswego. In y ear ended J u ly 31 1926 carrie d 11,819,539
railw ay passengers a n d 128,102 bu s passengers. M iles of tra c k , 66.78.
W E ST E R N U N ITE D C O R P O R A T I O N
U n d er m an ag em en t o f General Engineering and M anagem ent Corporation.
ST O C K A N D B O N D S —
Date.
Interest. O utstanding.
Laturity.
x$2,500,000
O R G A N IZ A T IO N .— O rganized in Illinois in 1913. C o. ow ns all of th e C om m on $2,500,000__________________
-_________ x 2 .500,000 ____________
■common sto ck o f W estern U n ited G as & E lectric C o. (see h ereunder) a n d P ref 7% cum $2,500,000____
7%
x l ,800,000 O ct. 1 1949
50% o f th e com m on sto ck o f W estern P u b lic Service C o. (of Illinois).
1st m o rtg ag e ___________
u st & Savings B an k , C hicago, and
V. 122, p . 483. Subsidiaries of th e W estern U n ited C orp. are: W estern
i
.
. Osgood, C hicago, tru s te e .
U n ite d G as & E lectric C o. (w ith su b s., A urora E lgin & Fox R iver Elec.
xAll ow ned b y W estern U nited C orporation.
■Co. a n d C oal P ro d u c ts M fg. C o.); M id E g y p t G as & Oil C o.; M id E g y p t
P ip e Line C o.; E clipse P o cah o n tas C oal C o.; W estern U n ite d G as & C oal
L A T E S T E A R N IN G S .— F o r 12 m os. ended A ug. 31:
C o .; B la ck W olf C oal & C oke C o. a n d P ier Process C orp.
1925
1924
1J23
ST O C K A N D B O N D S— D ate.
Interest.' O utstanding. M atu rity.
G ross incom e......................................
$1,402,457 $1,315,527 $1,252,527
C lass A com m on (no p a r)_________
________ 60,000 shs. __________
N e t incom e_...............
326.220
292,989
89,237
C lass B com m on (no p a r ) _________
________ 131,250shs. __________
In te re st charges____________________
92.833
50,067
1,371
•6)4 cum p re f_____________________
________ $6,000,000 __________
O ther deductions (incl. F e d . ta x e s)_
_
40.763
24,736
2,072
30-yr 6)4 s f coll tr series A f 1925
6 )4 S J-D
3,000,000 D ec 1 1955
($1,000, $500 c* )_______ tf l T h e B an k o f A m erica, N . Y . C ., tru ste e .
B alance............................................ .........
$192,624
$218,186
$85,794
O F F IC E R S .— P re s ., I . C . C opley: O p e ra tin g V .-P s ., B . E . W altz, B . P .
Bonds.— The 30-yr. 6 )4 % sin k, fu n d collat. trust bonds, series A , due
D ec. 1 1955 are secured b y d ep o sit w ith tru ste e o f 200,000 sh ares (being all A lschuler, R . W . D a v idson, H . D . P olhem us a n d R . R . S tru n k ; Sec S R .
■of th e com m on stock) of W estern U n ited G as & E lectric C o ., of Illinois, Jones; T re a s ., A . E . F itk in . Office, A u ro ra , 111.'— V. 115, p . 2476; V. 116,
a n d 1,250 sh ares, being 50% of th e com m on sto ck o f W estern P ublic p . 2635; V. 117, p . 2888; V . 120, p . 954.




___________

178

PUBLIC UTILITIES
MICHIGAN
D E T R O IT E DISO N CO. (THE).

[V ol. 123

Debentures.— I n t. on all issues of d eb en tu res is p a y ab le a t office of N o rth
A m erican C o., 60 B roadw ay, N . Y . C ity .
F rom 1910 to 1915 issued $9,000,000 6% 10-year conv. d e b en tu re b onds,
call, a t 105, of these $8,864,000 w ere converted in to sto ck , a n d $136,000
w ere paid a t m a tu rity .
T h e d ebentures of 1918 a re convertible betw een J a n . 15 1920 a n d J u ly 15
1927 in to stock, $ for $, an d are s u b jec t to call J a n . 15 1923 to J a n . 15 1926
a t 105; th e re a fte r a t 102 an d in te re s t (b u t still convertible if c alled).
T h e d ebentures of 1919 are conv. betw een F e b . 1 1921 a nd A ug. 1 1928 a t
option of holders in to p a id-up stock of th e sam e p a r v a lu e . C a ll. F e b . 1 1923
to J a n . 31 1927 a t 105 a nd in t., a n d on or a fte r Feb. 1 1927 an d before m a ­
tu rity a t 102 an d in t., on 60 d a y s ’ notice, a nd w hen so called for re d e m p ­
tio n , m ay a t option of holders be c o nverted a t a n y tim e before re d e m p tio n
d a te . V. 107, p . 2379.
T h e d ebentures of 1920 are conv. betw een M a r. 1 1922 an d S e p t. 1 1929in to cap ital sto ck a t p a r. C allable on or a fte r M a r. 1 1924 an d before M a r. I
1928 a t 105 an d in t., a nd on or a fte r M a r. 1 1928 an d before m a tu rity a t
102 and in t. V. 110, p . 264, 973.
T h e d eb en tu res (series of 1932) are conv. a t p a r from D ec. 15 1924 to
Ju n e 15 1932 in to fully p aid shares of th e c ap ital sto ck o f th e co. a n d a re
call. D ec. 15 1924 to D ec. 15 1925 a t a prem ium of 5% ; an d on a n d a fte r D ec.
15 1925 a t a p rem . of 34 of 1% for each y ear to m a tu rity . V . 115, p . 2163.
E a ste rn M ichigan E dison C o. 1st m tge. bonds are callable a t 110. I n t .
p a y ab le a t office of T he N o rth A m erican C o ., 60 B ro ad w ay , N . Y . C ity .
Dividends—
/1909. 1910. 1911-15. 1916 to O ct. 1926
P er c e n t____________________ \ 4
5
7 % y ’rly . 8 y ’rly . (2 % q u .)
E A R N IN G S .— C onsolidated incom e account fo r c a le n d a r y ears;
Gross
N et after
Interest
Other
D ividends. Balance,
Earnings. Taxes, &c. Charges. D educ'ns.
(8% )
Surplus.
1925 -$ 3 8 ,948,782812,609,792 $3,770,160 $1,430,564 $5,471,996 $1,937,072
1924 . 34,163.286 10,265.563 3,794,841 995,538 3,968,480 1,506,704
1923 . 31,724,185 9,359,726 3,866,916 948,598 3,061,548
1,482,664
1922 . 26,408,159 7,169,545 3,556,381 363.197 2,599,278
650,689
1921 . 23,382,898 6,283,836 3,433,665 303,676 2,234,339
312,156
1920 - 21.990.352 4.533.694 2,462,758 875,380 2,201,6 2 7 d fl ,006,071
Latest E arnings.— F o r 12 m os. end. A u g . 31 1926: G ross, $43,535,574;
n e t a fte r tax es, & c., $14,010,484; in te re st charges, $3,734,575; o th e r
d eductions, $1,666,935; dividends (8 % ), $6,042,957; b a l., su rp lu s,
$2,566,017.
O F F IC E R S .— P re s ., Alex. Dow ; V .-P s., A lfred C . M arsh a ll, Jam e s VO xtoby, S arah M . Sheridan an d Jam es F . F o g a rty ; Sec. & A sst. Treas.»
E rederick H . P iske; T rea s. & A sst. Sec.. Sam uel 0 . M u m fo rd , D e tr o itOffices. 60 B ro ad w ay , N . Y ., 2000 Second A ve., D etroit.-—V . 121, p . 329«
1100, 1347, 1676, 1907, 2037; V. 122, p . 212, 475, 748, 2328, 3209, 3338.
3452, 3604 Y. 123, p . 454, 1996.

O R G A N IZ A T IO N .— In c o rp . in N ew Y o rk J a n . 17 1903 a n d on J a n . 29
1903 a d m itte d to do business in M ichigan; owns c ap ita l sto ck o f T h e
E d iso n Illu m in atin g C o. o f D e tro it, P e n in su lar E lectric L ig h t C o ., In c .,
P o r t H u ro n G as & E lec. C o. an d D elray T erm . R R . C o.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
D oes th e e n tire electric lighting a n d in d u stria l pow er business in th e cities
of D e tro it, A nn A rb o r, H a m tra m c k , H ig h lan d P a rk , H ow ell, Lincoln P a rk ,
M arin e C ity , M ary sv ille, M o nroe, M t. C lem ens, P o rt H u ro n , R iver R ouge,
R o y al O ak, F o rd so n , S t. C lair, Y ale a n d Y p silan ti, besides 59 incorpor­
a te d v illages, 96 u n in co rp o rated com m unities a n d ru ra l d istric ts in 119
to w n sh ip s. Also conducts a steam h e atin g business in th e c ity of D e tro it
a n d a gas business in th e c ity o f P o rt H u ro n . Y . 106, p . 707, 1580: V . 109,
p . 1277, 1529. A rea served 4,142 sq u are miles; p o p u latio n estim ated a t
1,800,000. C o. ow ns a n d o p erates 4 steam generating p la n ts , aggregating
503,000 k .w ., an d h a s u n d e r c o n stru ctio n a d d itio n s w hich w ill ad d 130,000
k .w . m o re. Co also ow ns an d o p erates 5 w a te r pow er p la n ts on th e H uron
R iv er w ith a n ag g reg ate c ap a c ity o f 7,900 k .w . (also leases a n d o p e ra te s a
H u ro n R iv er w a te r pow er p la n t o f 950 k .w .); 2,019 m iles o f transm ission
lines (of w hich 761 m iles u n d e rg ro u n d ); 14,090 m iles o f d istrib u tin g lines;
87.2 miles o f gas m ain s a n d 143,055 feet o f steam m ains, o f w hich 33,156
fe e t a re tu n n e l m ain s a n d 109,899 feet surface m ains.
Rights.— F o r offering o f rig h ts to stockholders o f record S e p t. 21 1925. to
subscribe for a d d itio n a l c ap ita l sto ck . See V. 121, p . 1347, 1907. Stock­
holders o f reco rd O ct. 29 1926 w ere offered rig h ts to subscribe a t p a r ($100)
for a d d itio n a l sto ck equal to 10% o f th e ir holdings, p a y ab le in in sta llm e n ts
or in full. V . 123, p . 1996.
Increase Stock.— On F e b . 1 1926 co. increased its au th o rized c ap ita l stock
fro m $85,000,000 to $120,000,000, p a r $100. V . 122, p . 212, 748.
President H its Speculation in Stock.— See Y . 121, p . 1676.
S T O C K A N D B O N D S—
Date. Interest.
Outstanding. M aturity.
Stock $120,000,000 ($100)_________
Q -J
$80,465,500 O ct ’26 2%
1st m tg e $10,000,000 ($1,000)/ 1903 5 g J - J
10,000,000 J a n 11933
gold (closed)___________ c * lG u a ra n ty T ru s t C o ., N . Y ., tru ste e .
1st & re f M $75,000,000 " A ” 1915 5 g M -S
16,665,000 J u ly 1 1940
COMMONWEALTH POWER C O R PO R A T IO N .
Series “ B ” ____________ 1 1915
6 g M -S
18,319,000 J u ly 1 1940
($500, &c) g o ld _____c*&r* IB an k ers T ru s t C o ., N . Y ., tru ste e .
(.See M a p on page 179.)
G en & re f m tg e Ser “ A ” ($500/ 1924 5 g A-O
12,500,000 O ct 1 1949
O R G A N IZ A T IO N .— In co rp . in M aine in M a y 1922. T h ro u g h ow ner­
& $ l,0 0 0 c * & $ l,0 0 0 r* )g t f (B ankers
T ru s t C o ., N ew Y o rk , tru s te e .ship of a m a jo rity of vo tin g stocks th e corp o ratio n controls th e C onsum ers
Series B ($500 & $1,000 c * \ 1924 5 g J-D
$23,000,000 Ju n e 1 1955 Pow er C o. (serving m ore th a n 195 cities a nd tow ns in M ichigan), C en tra l
an d $1,000 r * ) ___________ /B a n k ers T ru s t C o ., N ew Y o rk , tru s te e .
Illinois L ight C o. (serving P eoria an d 48 a d ja c e n t com m unities), Illinois
C onv deb Ser 1928 ($100,&c)c* 1918 7 J - J 15
316,400 J a n 15 1928 Pow er C o. (serving S pringfield, D e K alb a n d Sycam ore an d four n e arb y
Series 1929 ($100, &c) c*_ 1919
_
7 F-A
359,200 F eb l 1929 tow ns), S outhern In d ia n a G as & E lec tric C o. (serving E v a nsville a n d n in e
Ser 1930 ($100 & $1,000) c * . 1920 7 M -S
946,800 M a r 1 1 930 a d ja c e n t com m unities), T h e Ohio E dison C o ., form erly S pringfield L ig h t,
Ser 1932 ($100 & $1,000) c * . 1922 6 J-D
808,300 D ec 15 1932 H e at & Pow er C o. (serving Springfield, M arysville an d U rb a n a , O ., a n d 25
E M ich E d 1st M $ 1 0 ,000,000/ 1906 5 g M -N
4,000,000 N ov 1 1931 a d ja ce n t co m m u n ities), Illinois E le c . P o w . C o . fu rnishing pow er w holesale to
gu ar ($1,000) gold (c lo sed ((E q u itab le T ru st C o ., N . Y . tru ste e .
o th er u tilities, a n d th e Tennessee E lec. P ow . C o ., serving 142 cities a n d
Bonds.— T h e refu n d in g m ortgage of 1915 is for $75,000,000 (in terest to w ns in Tennessee, S o u th ern M ichigan L t. & Pow . C o. serving H udson,
ra te to be fixed a t tim e of issu e ), to r e t’re a t or before m a tu rity th e $10,000,- M orency, R eading an d Jam esville, M ichigan a nd neighboring tow ns, a n d
000 1st M . 5s a n d $4,000,000 E a s t. M ich . Edison C o. 1st M . 5s, a nd to U tilities C oal C o rp . (operating coal m ines in Illin o is, K e n tu ck y a n d W est
p rovide ad d itio n al c ap ital when needed. T h e new tru s t deed, d a te d O ct. 1 V irginia. T h e c o rp o ra tio n also owns a su b sta n tia l a m o u n t of th e p re f.
1924, p rovides th a t th e re shall b e no fu rth e r sale of th e 1st & ref. bonds stock an d bonds of som e of th e above-m entioned cos. A cquisition in J u ly
m a tu rin g in 1940; a n d th a t if a n y of th ese are issued it shall be for th e p u r­ 1925 of the Tennessee Electric Power Co. by exchange of stocks, see V . 120,
pose of being deposited w ith th e tru ste e as a d d itio n al secu rity for th e g e n . & p . 2548. 2683, 2940, 3185, 3313; V . 121,_p. 74, 457. R e c a p ita liz atio n in
ref. bonds. $12,500,000 are pledged as secu rity for th e gen. & ref. m tge. connection th e re w ith , see V. 121, p . 4o7. In 1926 c o rp .’s su b sid ia ry ,
5s, series A . C allable u n til M arch 1 1930 a t 10714. th e n to M arch 1935 a t th e S outhern M ichigan L ig h t & Pow er C o ., pu rch ased th e R av en n a-C o n k lin 105, th e re a fte r, 1 0 2 X \ $13,516,000 a re h eld in tre a su ry . V . 100, p . 2169; M a rn e Pow er 0o., serving th ese villages a nd also E a stm a n v ille , M ich .
A
V. 102, p . 1990; V. 103, p . 2240; V. 105, p . 74; V. 106, p . 2563, 2652; V.
Change in Common Stock.— On Ju n e 23 1925 stockholders a u th o riz e d th e
109, p . 1277, 2360.
issuance of 4 shares of new com . sto ck in exchange for each sh are of p re se n t
G en eral a n d refu n d in g m o rtg ag e b onds a re secured b y a d ire c t m ortgage com . stock. V. 120, p . 3313. H olders of new com . sto ck w ere given th e
on th e e n tire fixed p ro p e rty an d franchises of th e co. a n d a re fu rth e r secured rig h t to subscribe incl. S ept. 15 1925, a t $30 p e r share to a d d itio n a l new
b y pledge o f $12,500,000 first and refunding m ortgage bo n d s. .A d d itio n al com . stock to th e e x te n t of 10% of th e ir holdings. V . 121, p . 74.
bon d s m a y b e issued in series o f such te n o r as D irectors fro m tim e to tim e
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
m a y d e te rm in e , (1) ag ain st d eposit o f an e q u al am o u n t o f th e $13,516,000
1st & ref. m tg e . bond s h eld in tre a su ry ; (2) to re tire a n e q u al a m o u n t of T he c o rporation is engaged prin cip ally in th e p ro d u c tio n a n d sale o f elec­
tric ity a nd gas for lig h t and pow er. O ne or m ore of th ese classes of p u b lic
u n d e rly in g bon d s in h a n d s o f th e public o r o u tsta n d in g p rio r lien bonds or
gen. & ref. m tg e. bon d s th e re to fo re issued; an d (3) for 75% o f new ad d itio n s, service a re rendered to over 431 cities a nd tow ns w ith a p o p u la tio n o f m ore
& c., b u t o n ly w hen earnings (as defined in th e in d en tu re) available for th a n 1,900,000 lo cated in 5 S tates— M ichigan, O hio, In d ia n a , T ennessee
in te re st a n d reserves, in clu d in g d ep reciatio n , fo r 12 consecutive w ithin and Illinois.
preceding 15 m o n th s, h av e b een a t least 1 % tim es a n n u a l in te re st on all
Electric Properties.— T h e electric pro p erties include 59 pow er p la n ts w ith
u n d erly in g , p rio r lien & gen. & re f. b d s . (incl. new issue) o u tsta n d in g in h a n d s installed g enerating c apacity of 765,620 h .p ., 287,480 of w hich is in 35 w ater
o f th e pu b lic. T h e in d e n tu re co n tain s provisions for m o d ification th e re o f power p la n ts a n d th e rem ainder in 24 cen tral stea m p la n ts . E lec tric ity
a n d o f th e rig h ts of th e b o n d h o ld ers in c erta in resp ects, w ith th e assets of with voltage u p to 140,000 is tra n s m itte d over m ore th a n 2,986 m iles of h ig h
th e co. a n d o f th e holders o f n o t less th a n 85% o f th e o u tsta n d in g bonds. tension transm ission lines an d 24,679 m iles of d istrib u tio n lines, serving
Series A 5s a re callab le a t 107M an d in te re st for th e first te n y e ars, a t 105 m ore th a n 416.849 custom ers w ith electric lig h t a n d pow er.
an d in te re s t fo r th e n ex t fiv e y e ars, th e p rem iu m th e re a fte r reducing 14 %
Gas Properties.— T h e gas p ro p e rties include 13 m a n u fa c tu rin g p la n ts w ith
a n n u ally to J4 % fo r th e la st tw o y e ars. L isted on th e N ew Y o rk Stock ra te d daily g enerating c ap acity of 39,840,000 cu. ft. a n d 39 holders w ith
E x ch an g e. V . 120, p. 828. I n O ct. 1924 C offin & B u rr, In c ., H a rris, storage cap acity of 18,443,000 cu. ft. G as is d is trib u te d th ro u g h 1,745
F o rb es & C o ., Spencer T ra sk & C o ., & c., offered $12,500,000 a t 97 'A a nd miles of m ains to m ore th a n 166,368 custom ers.
in te re s t, y ielding a b o u t 5 .1 8 % . V . 119, p . 1847, 1960.
Other Properties.— In ad d itio n , th e p ro p e rties include 11 h e atin g p la n ts
G en. & re f. m tg e . 5s, s e riesB , a re fu rth e r secured by pledge of $12,500,000 w ith 25.8 m iles of stea m an d h o t w a ter m ains, one w a ter p la n t, s tre e t ra il­
1st & re f. m tg e . b o n d s. C all, a t 10734 a n d in t. on o r before Ju n e 1 1935, w ay system s in S pringfield, 111., C h attan o o g a a n d N ashville, T e n n . a nd
th e re a fte r a t 105 an d in t. on or before Ju n e 1 1945, th e p rem ium th e re a fte r E v ansville, In d ., a n d an in te ru rb a n line from E v an sv ille to P a to k a , In d .
red u cin g 34% a n n u ally to 34% for th e la s t tw o y e ars. In J u n e 1925 C oal m ines a re ow ned a n d o p erated in Illinois, K e n tu ck y a n d W est V irginia,
C offin & B u rr, In c ., H arris, F o rb es & C o ., Spencer T ra sk & C o., &c., w hich p rovide in p a r t th e req u irem en ts o f th e electric a n d gas p la n ts .
offered $8,000,000 a t 99 34 an d in te re st yielding over 5 % . In J u n e 1926
Water Poicer Reserves.— I n a d d itio n to large w a ter pow er facilities already
th e sam e b a n k ers incl. B an k ers T r u s t C o ., S ecurity T ru s t C o. a n d F irst
N a t ’l C o. o f D e tro it, In c . offered $15,000,000. A d d itio n al series B 5 % , developed, th e properties include dam sites, flow age la n d s an d rig h ts in
M ichigan a n d Tennessee, th ese holdings aggregating m ore th a n 60,000
d u e 1955 a t 10134 an d in t., to yield over 4 .9 0 % . V. 122, p . 3338. L iste d
acres.
on N ew Y o rk Stock E xchange. V. 122, p . 3604.

D E T R O IT EDISON
An investment in the securities of
The Detroit Edison Company has
behind it the steadily increasing
earning power of a rapidly growing
business that meets a constantly
growing public demand in Detroit
and surrounding territory.
Write for Circular No. 953

Spencer Trask & Co.
25 Broad S tr e e t , N ew York

ALBANY
PROVIDENCE

BOSTON

CHICAGO
PHILADELPHIA

M em b ers N ew Y o rk a n d Chicago Stock Exchanges




Our facilities are exten ded to those who
desire inform ation or rep o rts on th e

Commonwealth Power
Corporation
a n d its su b s id ia r ie s, or a n y o t h e r c o m ­
p a n ie s w i t h w h ic h we are i d e n t if i e d .

HODENPYL HARDY SECURITIES
CORPORATION
14 WALL STR E ET , NEW YO R K
231 SO. LA SALLE ST R E ET , CHICA G O

179
PO W ER , L IG H T A N D R A IL W A Y
Oct., 1926]



Mar. 1926

180

PUBLIC UTILITIES

Electric Growth (Giving Effect to Acquisition of Tennessee Properties.)
Electric Sales
Electric
in K . W . Hours.
Customers.
*1926___________ _____ ________
1,406,637,431
416,849
1925----------------------------------------1,277,370,622
391,960
1924___________________________
1,005,855,275
354,613
1923___________________________
317,116
979,681,008
1922___________________ _____
756,346,913
264,027
1921___________________________
673,736,344
235.934
1920----------------------------------------839,155,945
215,509
♦F or 12 m os. en d ed A ug. 31.

[V ol. 123

Illinois Power Co.— T h e 1st m tge. 5s, ser. “ A ” , a re re d . a t 10734 on any
Int. d a te upon 60 d a y s' notice. Series “ B " 7s a re re d . on a n y in t. d a te
upon 60 d a y s' notice a t 110 u p to a nd incl. D ec. 1 1926, th e re a fte r a t 10734
up to a nd incl. D ec. 1 1931, th e re a fte r a t a prem ium of 1% for each year
or fraction thereof of unexpired life. Ser. “ C ” on a n y in t. d a te upon 60
d a y s’ notice a t 105 an d in t. u p to an d incl. J u n e 1 1928; th e re a fte r a t 104
and in t. u p to and incl. J u n e 1 1932; th e re a fte r a t 103 and in t. u p to and
Incl. J u n e 1 1936: th e re a fte r a t 102 a n d in t. u p to a n d incl. J u n e 1 1940,
an d a t 101 an d in t. th e re a fte r b u t p rio r to a m tu rity . E a rn in g s, see Y.
123, p . 2139.
Dividends Commonw. Pow. Corp.— An initial div . of $1 50 w as p a id A ug. 1
1922 on th e 6% p re f. sto ck an d sam e ra te paid reg u larly q u a rte rly since.
On com m on a n in itia l dividend of $1 p er share w as p aid M a y 1 1924. Sam e
a m o u n t p a id regularly q u a rte rly to a n d incl. N o v . 1924. In F e b . 1925
$1 50 p e r share w as p a id . In M a y an d A ug. 1925 $1 50 p e r sh are w as p a id .
In N ov. 1925 on th e new com m on stock 40c. q u a r. In F e b . 1926 40c. In
M a y 1926 50c. plus an e x tra div . of 1-40 of a sh are of com m on sto ck . In
A ug. 1926. 50c.; in N o v . 1926, 50c. V. 121, p. 1568; V . 122, p . 1761.
E A R N IN G S .— C alendar years (com bined properties).
Gross Earnings—
1925.
1924.
1923.
1922.
E lectric d e p a rtm e n t____$30,188,529 $20,206,447 $18,590,274 $15,317,923
G as d e p a rtm e n t_______ 6,706,283
5,583,025
5,518,016
5,059,428
R ailw ay d e p a r tm e n t-. - 4,746,868
l',563,226
1,647,853
1,639,018
H eating, w a te r, coal and
2,533,184
4,364,621
3,503,748
4,175,011

Gas Sales in c u . f t.; y e a r en d ed A ug. 3 1 1 926, 5,727,257,600; gas custom ers,
166,368.
C om m on sto ck h o ld ers o f re c o rd S ep t. 16 1924 w ere e n title d to subscribe
p ro r a ta to a n in creased issue o f 30,000 sh ares of pref. an d 10,000 shares of
com m on sto ck in blocks o f 3 sh ares p re f. an d 1 sh are com m on fo r $315 per
block, each su ch block to c a rry w ith it optio n w a rra n ts e n titlin g th e holder
to su b sc rib e to 3 a d d it ional sh ares o f c o m . stock a t $100 p e r s h are an v tim e
on o r b efo re N o v . 1 1926. V . 119. p . 1286. See also V . 123, p . 1761.
S T O C K A N D B O N D S—
Date. Interest. Outstanding.
M aturity.
C om m on 2,000,000 shs. (no p a r ) ____
Q -F
x l,1 4 0 ,0 2 7 sh s.
See te x t
P ref$ 5 0 ,000,000 ($100) 6 % c u m ____
6 Q -F
$36,745,100 N o v ’2 6 ,1 )3
25-y 3secured sk fd 6% bonds
l2,500.000gold($100,$500 1922
6 g M -N
8.645.000 M a y 15 1947
; $1,000 c*, a n d $1,000 B an k ers T ru s t C o ., N ew Y o rk , T ru ste e .
$44,174,864 $31,527,709 $30,120,764 $25,520,116
a n d $5,000 r * __________ t f
24,922.566 18,653,230 18,251,549 15,424.572
G enlien& refM 5 % b d s S e r “ A ’ 1922
5%
2.171.000 J u ly 1 1939
G e n lie n & re fM 6% b d s S e r“ B ” 1922
1,049,500 Ju ly 1 1972
6%
$19,252,298 $12,874,479 $11,869,214 $10,095,544
Central Illin o is Light Co.—
Fixed chgs. of su b . cos.,
C e.............. L t 1st, & re f m tg e f 1913 5-6 g A -O
n t 111 ........
---------------------------- -- 9,146,000 A pril 1 1943
incl. In t., a m o rt, of
$15,000,000 ($100, $500,1B an k ers T ru s t C o ., N ew Y o rk , tru ste e .
d e b t, disco u n t & divs.
$ 1 ,0 0 0 _________________ c* 1
on p referred s to c k ___ 10,459,990
5.000,876
6,114,848
5,233,647
6 % preferred) $ 1 0 ,0 0 0 ,0 0 0 /- --------Q -J
5,378,100 O ct ’26, 1H
In t. charges— C om 'w ’th
7 % p re fe rred /
\ .................
Q -J
1,106,200 O ct ’26, 1M
Pow er C o rp _________
1,072,070
889,002
1,042,642
652,759
Southern In d ia n a Gas & Electric Co. (formerly Public U tilities Co.)—
A nnual div. req u irem en ts
P ub lic U tilities C o 1st & re f 1919
6 g J-J
2,753,200 J a n . 1 1929
on p referred s to c k ____ ' 2,189,557
1,512,192
1,440,000
1,440.000
m tg e $15,000,000 ($100. B an k ers T ru s t C o ., N ew Y o rk , tru ste e .
Provision for replace­
$500 & $1,000) g o ld_ c * tf
_
m en ts & d e p re ciatio n . 3,112,903
2,128,470
1,840,972
1,809,226
S ou th ern In d G & E 1st lien & 1922
6 g A -O
1,297,100 O ct 11947
re f m tg e Series “ A ” _______ In te re s t a t N a tio n al C ity B an k , N ew Y ork,
$2,837,089 $2,229,967 $2,311,953
$773,372
($100, $500 & $1,000 c* &
tru ste e .
Latest Earnings.— F o r 12 m os. end. S ept. 30 (after giving effect for th e
$1,000 & $5,000 r*) g o ld ..
fu ll 2-year period to acquisition of T ennessee E lectric Pow er C o.):
So In d G & E 10-yr d eb en tu res 1924
7 J-J
648,400 J a n 1 1934
1926.
1925. a
8 o In d G & E 6 % p f$ 2 ,192,100cm
6 Q-J
2,192,100 O ct '26, 1)3 G ross earnings___________________________________ $48,164,950 $42,267,752
S o ln d G&E 6.6 % p f $5,057,900 . . .
6.6 Q-J
68,500 O c t'26 $1.65 O perating expenses, incl. m ain ten an ce an d ta x e s .. 26,049,941
23,996,471
do do 7% p re f $2,750,000 . . .
7 Q-J
2.576.0 0 O ct '26, 1 8
4
E v a n sv G as & El L t 1st & re f ( 1902
5 J-D
1.090.000 Ju n e 1 1932 *Fixed charges___________________________________ 11,981,044 10,769,494
2,189,682
m o rtg ag e $1,250,000 g o ld !In t. a t C o n t. & C om . T r. & Sav. B k ., C hic., Preferred divid en des______________________________ 2,191,495 3,047,631
R etire m en t re serv ______________________________
3,319,039
($ 1 ,0 0 0 ) - - - - - - - - - _ - - C * _ t f ( tru ste e , or a t F irst N a t. B k ., N ew Y ork
Illinois Pow Co 1st M Ser “ A ” . 1921
5%
3.384.000 Ju n e 1 1933
B alan ce------------------------------------------------------------- $4,623,431 $2,264,474
Series “ B ” ___....................
19217%
1,689,700 D ec. 1 1936
* Includes in te re st, a m o rt, of d e b t d iscount a n d earnings accruing on
Series “ C ” _________________ 1924 6%
869,600 Ju n e 1 1944
of subsidiary com panies.
6% p referred $ 1 ,5 0 0 ,0 0 0 ...............
Q-J
1.500.000 O ct '26, 134 stocks IC E R S .— P res., G eorge E . H a rd y ; V .-P ., B . C . C obb, Jacob
O FF
7% preferred $ 2 ,1 2 5 ,0 0 0 - - ___
Q-J
2.125.000 O ct '26, 1 3
4
H ekm a a nd A. L . Loom is; Sec., G . H . B ourne: T re a s ., G eorge Sprague J r .;
HI Klee Pow Co 1st M sk f d . . 1923
6 A-O
3.399:400 A pr 1 1943 C om p., H . G . K essler. N ew Y ork office, 14 W all S t.—-V. 121, p . 74, 457,
U tilities C oal C o rp 1st M s f ser 1923 7 A-O
875,500
1925-1939 1100. 1568, 1788, 2037, 2636, 3130; V . 122, p . 609, 1761, 2328, 2797, 3604;
C onsum ers Pow er C o________ L isted sep arately fu rth e r below.
V . 123, p . 205, 320, 453, 980, 1250, 1632, 1761, 2138.
T h e O hio E dison C o _________ L isted sep a ra te ly fu rth e r below .
(a) C O N SU M ER S’ POW ER CO.
T h e T enn E lectric P o w er Co _ .L is te d sep arately fu rth e r below.
All th e com m on sto ck is owned b y C om m onw ealth Pow er C o rp .
As o f D ec. 31 1925, 29,003 o p tio n w a rra n ts w ere o u tsta n d in g e n titlin g
O R G A N IZ A 'i IO N .— In c o rp . in M aine in 1910, and in N ov. 1914 m erged
ho ld ers to p u rc h a se 116,012 no p a r com m on shares a t $25 p e r sh are on or
the following 11 com panies (previously controlled b y sto ck ow nership):
befo re N o v . 1 1926. V .123, p . 320, 2138.
Stock.— C om m on an d p ref. shares a re listed on th e B o sto n Stock E xchange. C om m onw . Pow er C o ., G ra n d R apids. M uskegon Pow er C o .. G ra n d R apids
Edison C o ., F lin t E lec . C o ., Saginaw Pow er C o ., B ay C ity P ow er C o .,
V. 119, p . 1629; V. 122, p . 2797.
Bonds.— T u e 25-year secured sinking fu n d 6% bonds d a te d M ay 15 1922 P ontiac P ow er C o ., C onsum ers’ Pow er C o. (M ic h .), E conom y Pow er C o .,
a r e secured b y pledge o f 1,326,301 sh ares com . stock of th e C onsum ers Au Sable E lec tric C o. an d C e n tra l P ow er C o. T his m erger m ad e th e
Pow er C o ., 100,000 sh ares com . of th e C en tra l Illinois L ig h t C o ., 40,000 C onsum ers’ Pow er C o. (of M aine) a n o p e ra tin g c o m pany in stead of a
sh ares com . a n d 16,250 sh ares p ref. sto ck of th e Illinois P aw er C o.; 300,000 holding com pany a n d on J u ly 20 1915 i t was g ra n te d a c ertific a te of a u th o rity
sh ares com . of th e S outhern In d ia n a G as & E lectric C o.: 50,000 shares com. to do business in M ichigan. V. 99, p . 1528, 1597; V . 101, p . 369. In
s to c k o f T h e Ohio E dison C o. All of th e above shares a re w ith o u t p a r value J a n u a ry 1916 acq u ired th e C adillac W a te r & L t. C o. a n d th e electric
w ith th e exception o f th e com . sto ck of Illinois Pow er C o. a n d th e com. p ro p e rty of th e M anistee Pow er & L t. C o. E a rly in 1923 acq u ire d th e
stock of th e T h o rn ap p le G as & E lec. C o ., a nd is reported to h a v e purchased
sto ck s re p re sen t th e e n tire o u tsta n d in g issues of each com pany.
A re r e d . upon 30 d a y s ’ notice all or in p a r t b y lo t a t 105 & in t. on or before also th e p ro p e rty of th e C en tra l M ichigan L t. & Pow er C o a nd th e C itizens
M a y 15 1927, w ith th e call, price reduced 34 o f 1% for each y e ar th e re a fte r. E lectric C o. of B a ttle C reek. In J a n . 1920 th e M ichigan L ig h t C o. was
Sin kin g fu n d begaD A ug. 15 1922. I n t. p a y ab le In N ew Y o rk or Chicago. m erged. V. 110, D. 261. In J a n . 1925 purchased th e p ro p e rty of th e
P e n n a . a n d C onn. 4-mill ta x and M ass, incom e ta x (existing a t tim e of issue) Lansing Fuel & G as C o. T h e com pany serves m ore th a n 195 com m unities
re fu n d e d . V. 114, p. 2246. L isted on New Y ork a n d B osto n sto ck ex­ a nd over 345,000 electric a n d gas custom ers. V. 120. p . 3185.
A cquired in Ju ly 1925 th e p ro p e rty of th e C itizens L ight C o. a n d th e
changes. V . 114, p . 2364; V. 115, p . 649, 1537.
G en. lien & ref. m tge. 5s ser. “ A ” are red . a t 100, Ser. “ B ” re d . a t 105. Spencer E lectric L ig h t & Pow er C o., both of B elding, M ich. V . 121, p . 584.
Also acquired in 1925 a n d consolidated th e gas an d electric lig h t p la n ts a t
In t. p a y ab le a t office o f H o d en p y l, H a rd y & C o ., N . Y . a n d E . W . C lark
& C o ., P h ila . T h e au th o rized a m o u n t of th e general lien & ref. m tge. gold Io n ia , M ich. V. 121, p . 2519. A s of D ec. 1 1925 acquired th e N ew G rand
bon d s is u n lim ited . Sinking fu n d , beginning O ct. 1 1922, p a y ab le q u arterly Ledge G as C o. of G rand Ledge, M ich ., w here th e g e nerating p la n t w as
th e re a fte r, 34 o f 1 % o f th e prin cip al a m o u n t o f Series “ A ' a n d ‘‘B ,” respec­ to be discontinued b y C onsum ers' Pow er C o. V. 121, p . 3130. In A ug.
1926 M ichigan P . U . Comm ission authorized th e co. to acquire th e S outhern
tiv e ly , o u tsta n d in g on such d a te , for th e re tirem e n t o f bonds o f said series.
ig h t &
V. 123,
Central Illin o is Light Co. Securities.— C en tral Lllinois L ig h t bonds are red. M ichigan L t F lin t, Pow er Co. . 123, p . p . 841. T o b u ild 4,000,000 cu. ft.
gas p la n t a
M ich. V
1996.
a t 105 a n d accrued in te re st on 60 d a y s ’ n otice. $6,945,200 b e ar 5% in te r­
F IE
OF O PE
AN
CH
ACT
F B U IN E S S .—
e st a n d $2,200,800 b ear 6 % . R em aining bonds are reserved for acquisi­ Owns L D operates R A T IO N S h t a nD powA Rp ro p eE R Oin G ra S d R apids,
an d
electric lig
d
rties
n
tio n o f new p ro p e rty , a d d itio n s, im p ro v em en ts, &c., u n d e r certa in re stric ­ K alam azoo, Jackson, F lin t, Saginaw , B a y er ity , P o n tia c , L ansing, B attle
C
tio n (V. 99, p . 1132). Sinking fu n d of 34 o f 1% p er a n n u m began A pril 1 C reek, M uskegon, C adillac, Owosso, M an iste e , M arsh a ll, A lbion, C h ar­
1917 o f to ta l a m o u n t of bon d s o f th is issue o u tsta n d in g an d all underlying lo tte , G ra n d Ledge, A llegan, Io n ia , an d a n u m b er of in te rm e d ia te cities
Issues for th e pu rch ase o f th ese bonds (or call a t 105) o r for acquisitions, an d tow ns. H ydro-electric p la n ts have a b o u t 143,220 h .p . a n d steam
im p ro v em en ts, &c. V. 199, p . 1132. Legal in v e stm en t for savings banks p la n ts a b o u t 174,850 h .p . c ap a c ity . T o ta l g enerating c a p a c ity a b o u t
in M ain e, R h o d e Isla n d , N ew H am p sh ire an d V erm ont.
F o r earn in g s o f C en tra l Illinois L ig h t C o ., see V. 120, p . 2940; V . 121, 318,070 h .p .
Th
on
24 1924 to change th e
on
p . 584, 2036, 2155; V. 122, p . 2491, 2797, 3603; V. 123, p . 579, 2132, 2137. from e stockholders v o te d no p Orct.alu e a n d to issue 7 shares com mp a r sto ck
$100 p a r to shares of
a v
of no
com .
Southern In d ia n a Gas A Electric Co. (formerly Public Utilities Co.)— Secur­
each sh are of $100 a r value. T
am n t of pref.
ities.— $1,090,000 1st & ref. M . boDds are reserved to re tire a like a m o u n t of in exchange forfrom $30,000,000 to p$50,000,000. h eF a u th . rth eo udetails see
was increased
o r fu
r
u n d erly in g bonds; $2,492,800 a re pledged u n d er th e 1st lien & ref. m tge
V. 119,
Sept. 1926 M ichigan P . U . om m
A d d itio n al bon d s m ay be issued in series a t different ra te s of interest to issue p. 2069. In 6% pref. sto ck . V. 123, p .C 1502.ission au th o rized co.
$2,000,000
n o t exceeding 6% p e r a n n . to reim b u res th e co. for 75% o f cost of a d d ’ns
ST O C K A N D B O N D S— D ate.
Interest.
O utstanding.
M aturity
e x t's & c ., u n d e r certain restrictio n s. A general reserve fu n d is provided for
________ . 1,326.301 s h s ...............—
u n d e r w hich th e co. m u st expend or dep o sit in th is fund in each calendar year C om m on 2 ,0 0 0 ,0 0 0 shs (no p a r ) ____
Pref $75,000,000 ($100) 6 % c u m ____
6 Q -J
23,226,600 J a n ’2 7 .1 H
an a m o u n t e q u iv alen t to 20% of gross earnings derived from th e railw ay
6.6%
21.0)6 .9 0 0 O ct’2 6 $1.65
p ro p e rties, 15% from th e electric lig h t and pow er, a n d 12% from the P ref 6.6% c u m u la tiv e ________ _____
Preferred stock 7 % c u m u la tiv e ____
7%
3.210 800 J a n ’27, 1%
gas and steam h eatin g p ro p erties a n d o f all o th er incom e, to he expended
1st lien an d re f M $ 3 5,000,-f 1911
5 g J-J
22,254,000 J a n 1 1936
for m ain te n an c e , renew als, e x t's, &c.. and th e purchase and cancellation
000 gold ($1,000)_____c * t f j l n t . a t H a rris T r . & Sav. B k ., C hicago,
of bonds o f th is issue or u n d erly in g bonds. R ed. a t 102 and in t. on any
( tru s te e , o r H a rris, F o rb es & C o ., N . Y .
in t. d a te to and incl. J a n . 1 1924. and th e re a fte r a t 101 an d in t. V . 108.
1st lien & u n ify m tge Ser “ C " ( f 1922
5 g M -N
16.872,700 N o v 1 1952
p . 269, 379. A ll of th e o u ts ta n d in g 1st lien & ref. m tge. g. bo n d s, series “A "
$100, $500 & fl.OOOc *:{N ational C ity B a n k , N . Y ., tru s te e .
734 % , w ere called fo r red em p tio n O ct. 1 1926 a t 104 & in t. V . 123, p . 712.
$1,000, $5,000 & $10,000 r*
T h e 1st lien & ref. 6s ser. “ B ” a re c a ll. on an y in t. d a te on 60 d a y s ’ notice a t
g o l d - . _____ _____ _____ t f (
105 d u rin g th e first 5 y e ars, th e p rem iu m decreasing 1 % each 5 years
Series “ D ” ________________ 1924
514 g M -N 8,232.300 M a y 1 1954
th e re a fte r. A d escrip tio n o f th e 1st lien & ref. ser. “ B ” 6s w ill be found in
5 M -S
2,512,000 M a r 1 1946
V. 116, p . 516. T h e E v a n sv ille G as & E lec. L ight C o. m u st call by lo t a t M ich L ig h t 1st & re f M goldf 1916
($1,000. $500 and $100)_c*lU nion T r u s t C o ., D e tro it, tru s te e .
105 a n d in t. $15,000 a n n u ally fro m J u n e 1 1924 to 1932 incl.; $160,000 h av e
Jackson G as Co m tge $350,-/ 1897 5 A-O
340.000 A pril 1 1937
Seen re tire d . T h e y a re s u b jec t to call a t 105 a n d in te re st.
000 gold ($1,000)----- c * n tf (Illinois T r u s t & S av . B an k , C hicago, tru s te e
K Southern In d ia n a Gas & Electric Co.— In J u n e 1925 th is com pany changed
C o consol tg e
a n 11927
its 'a u th o riz e d c ap ital sto ck from $5,000,000 com m on (par $100) and P ontiac L ight ($1,000)_ m * tf (/I n1902t M5 J - J T r u s t C o .,174.000 Ja p ., tru ste e
$230,000 g
_c
t. a
ich
G rd . R
$5,000,000 preferred (p ar $100) to 500.000 shares of com m on, no p a r value
G rd R ap -M u sk Pow 1st M / 1906 5 M -S
337,000 M a r 1 1931
and $10,000,000 p referred , p a r $100. V 120. p. 3316. O u tstanding
$7,500,000 g o ld _______ t f ( I n t. a t 1st T r.& S .B ., C h ic .,o r 1st N .B ..N .Y .
300,000 com m on sh ares, $2,192,100 6% cum . p ref., $2,576,000 7% a nd Lansing Fuel & G as Co 1st re f
$68,500 6.6% cum . p ref.
In J a n . 1926 acquired th e franchises a nd assets
& e x t. b o n d s______________________
5
258,000 O ct 1 1927
o f E lectric L ig h t C o. o f F t. B ran ch , In d .— V. 122, p . 483. See also V
Ionia G as C o. 1st M _________ _____
6)4
96.000 Ju n e 1 1944
122, p . 2043, 3607; V .J.2 3 , p . 583, 712, 2 1 4 1 ________gH
Stock.— P ref. sto ck is redeem able a t 105 an d accrued d ividends. All
Earnings o f Southern In d ia n a Gas & Electric Co. for Calendar Years.
classes ra n k equally as to assets a nd p rio rity of d ivs. In J a n . 1925 $5,000,1925.
1924.
1923.
1922.
000 6.6% cum . pref. sto ck was offered b y B o n b rig h t & C o ., In c ., a nd
G ross earn in g s______________$2,671,997 $2,654,615 $2,578,764 $2,280.0
H odenpyl, H a rd y & Co. a t 100 & div. V . 120, p. 328.
Op. ex p ., incl. ta x e s & m a in t- 1,612,458 1 630.064 1,626,932 1,494,183
Bonds.— Of 1st lien & ref. bonds, $1,586,000 are reserved to re tire under­
378,992 lying bonds. In ad d itio n to th e a m o u n t reported as o u tsta n d in g $11,160,438,500
433,418
Fixed c h a r g e s ______________
402,464
164,297 000 are pledged under th e 1st lien & unifying bonds. S u b ject to call any
188.803
D iv id en d on p ref. s to c k _____
260,792
217,537
207.000
200,000
200.000 in t. d a y a t 105 a n d in t. Sink, fund of 1% p . a . of bonds o u tsta n d in g
P ro v . for re p lace’ts & d e p re c,
207,000
began J a n . 1 1915. V. 92, p . 465, 526, 1458. U p to A pr. 1 1926 no bonds
$42,566 were held in sinking fu n d .
B a la n c e _________________ $189,283
$161,484
$129,611
T h e 1st lien & unifying bonds are secured b y pledge of $11,160,000 1st
Latest E arn in g s.— F o r 12 m os. ended A ug. 31:
lien & ref. m tge. bonds and $2,512,500 M ichigan L ight C o. 1st & ref. m tge.
1924.
1923.
1926.
1925.
G ross earn in g s______________ $2,820,681 $2,632,035 $2,644,369 $2,497,688 bonds, as well as all th e bonds a nd stocks of th e T h o rn ap p le G as & Elec.
O p. ex p ., incl. tax es & m a in t. 1,654,660 1,598,715 1,666,419 1,608,485 C o. Ser. “ C " 1st lien & unif. m tge. 5s are re d . all or in p a rt on a n y in t.
416,631
438,690
Fix ed ch arg es....................
399,756
411,516 d a te on 30 d a y s’ notice a t 105 on or before N ov. 1 1932: a t 104 th ereafter
207,349
D iv . on p ref. s to ck _________
293,251
247,196
179,061 to and incl. N o v . 1 1937; a t 103 th e re a fte r to a nd Incl. N ov. 1 1942; a t 102
P ro v . for rep lace’ts & d e p re c.
211,298
207,000
204,667
200,000 thereafter to an d incl. N o v . 1 1947, and a t 101 th e re a fte r p rio r to m a tu rity .
Sinking fu n d of n o t less th a n 1 % of all underlying a nd 1st lien & unifying
B a la n c e ______ _____ _____ $261,716
$162,493
$127,244
$99,626 bonds o u tsta n d in g began M ay 1 1923. $808,800 retired by sinking fund
up to A pr. 1 1926. Ser. “ D ” 5 )3s a re red . all or in p a r t on an y in t. d a te
F o r 12 m os. ended Sept. 30 1926, see V. 123, p . 2132.

t




Oct., 1926.]

POWER, LIGHT AND RAILWAY

181

ro a d lines c o n n ec t th e c ity of D e tro it w ith T oledo, O hio, an d w ith F lin t,
A nn A rbor, Jackson a n d P o rt H u ro n a n d o th e r im p o rta n t cities in M ichigan.
H as agreem ent w ith C onsum ers’ Pow er C o. an d D e tro it E dison C o. for th e
purchase of all pow er.
.
.
„ „
_ . ..
On D ec. 31 1924 o p e ra te d 613.8976 m iles of tra c k as follows: D e tro it
j U nited , including W y an d o tte & D e tro it R iver R y ., D e tro it & N o rth w e ste rn ,
; D e tro it & P o n tiac , D e tro it & F lin t, D e tro it A lm ont & N o rth e rn R R .,
. H ighland P a rk & R oyal O ak R R ., 268.5303 m iles; D e tro it & P o r t H u ro n
Shore Line, 148.2944 miles; D e tro it M onroe & T oledo S h o rt Line, 85.2054
. miles: D e tro it Jackson & C hicago R y ., 111.8675 m iles. R ails, 77. 85 a n a
s 98-lb. steel. Does an express service. H as 453 passenger cars. 101 freight
cars, 169 express cars, 105 w ork cars. 3 locom otives, 29 snow plow s, 1,865'
m otors a nd 1,716 tru c k s. T h e re are 3 pow er houses, w ith a com bined1
c ap a c ity of 13,250 k .w ., a n d 14 su b sta tio n s.
D ecision.— F o r decision affecting allocation of bonds see V . 118, p . 1519-.
Bus Service to Supplem ent Interurban Lines Proposed'.— See V . 115, p . 7591
.
D e tro it U nited R ailw ays T ru ck in g C o. organized. V. 119, p. 578. C om ­
p a re V. 117, p. 85. See also V. 119, p . 2063, 2760.
Valuation.— See V. 115, p . 1837: V . 117, p . 85; V . 118. p . 201, 3196.
Financial Reorganization.— Shareholders did n o t su p p o rt a p lan of reor=N e t available for dividends, re ­
ganization as described in d etail in V. 120, p . 3186; V. 1 2 1 p . 74. Fore­
56,111,727 $5,531,718 closure u nder th e m ortgages securing th e defaulted bond issues (see th e
placem ents an d d ep reciatio n ____$7,061,567
1,320,000
1,116,000
P ro v . for rep lacem en t a n d d e p re c ___
1,392,328
1,532,705
1,172,558 enum eration in V. 121, p . 705) was in Ju ly 1925 expected to be begun soon.
P referred dividends_________________ 2,423,349
2,931,242
2,613,268 V. 121, p . 329. 705, 1347.
C om m on div id en d s_________________ 3,061,437
Default on Interest.— In A ug. 1925 th e de fa u lt in in te re st due A ug. 1 1925
B alance, su rp lu s_________________
$184,453
$327,780
$629,892 on th e following issues of th e system w as announced:
D e tro it U nited R y. 2-year 6% 1st m tge. coll, tru s t notes.
Latest E arnings.— F o r 12 m o n th s ended Sept. 30:
D e tro it A lm ont & N o rth . R R . 1st m tge. 6% bonds.
1926.
1925.
1924.
D e tro it Y psilanti A nn A rbor & Jackson R y. 1st consol, m tge. 5% bonds.
G ross earn in g s______________________ $23,330,227 $19,609,525 $18,307,277
D e tro it Jackson & C hicago R y . 1st cons. m tge. 5% bonds. V. 121,p . 705.
O per. exp., incl. taxes & m a in t_____ 12,088,540 10,605,212
9,723,493
In Sept. 1925 th e following pro tectiv e com m ittee was form ed for th e above
Fixed charges_______________________ 2,642,224
2,491,762
2,493,302
D ividend preferred s to c k ____________ 2,801,437
2,183,893
1,431,897 Issues aud th e D e tro it M onroe & Toledo Short Line R y. 5s, d u e 1933, and
Provision for re tirem e n t re serv e _____ 1,506,000
1,338,328
1,269,000 th e D e tro it & P o rt H uron Shore Line R y . 5s due 1950:
Protective Committee.— H enry I I . Sanger, C harles R . D u n n , F ra n k D .
B alan ce__________________________ $4,292,026 $2,990,330 $3,389,585
N icoll, Seabourn R . Livingstone, W illiam G . Lerchen; Sec., C harles R .
O F F IC E R S .—-Pres., B. C . C obb, N ew York; V .-P ., E . W . C lark, P hila. D u n n , P . O. box 1292, D e tro it, M ich.
On Sept. 11 1925 Ju d g e C harles C . Sim ons authorized th e issuance of
V .-P s., Geo. E . H a rd y , T . A. K enney, W . H . B arth o ld , N . Y . C : C. W;
T ip p y , W . W . T e fft, D . E . K a rn , Jackson; T re a s., C . E . Row e, Jackson; $500,000 6% receivers’ certificates, issuance of m ore certificates in th e fu tu re
Sec., R o b t. D av ey , Jackson; C o m p t., H . G . K essler.— V. 121, p. 584, 1100, not to exceed $1,800,000.
T h e com pany also took steps to brin g various subsidiary com panies in to
1347, 2037, 2519, 3130; V. 122, p . 2328, 3203, 3604; V. 123, p. 454, 580,
a recognized receivership of the D . U . R . so as to enable debtors of th e
841, 1502, 1996, 2138.
sub. cos. to bring th e ir claim s dire c tly to th e D . U . R . V . 121, p. 1460.
(b) OHIO ED ISO N CO. (THE)
Committee for 6% 1st mtge. coll, trust s. f . bonds (July 1 1925 coupon de­
All th e com m on sto ck is ow ned b y th e C om m onw ealth Pow er C orp.
faulted).-—C hairm an, T heodore G . Sm ith; W . A . D u rs t, H e n ry Salom on,
O R G A N IZ A T IO N .— In co rp . in Ohio in M arch 1924. a n d as of A pril 1 Julius H . H ia ss , R . W . M a rtin , K a rl TI. B ehr, Sec., C . E . Sigler; A sst,
1924 consolidated w ith th e Springfield (Ohio) L t., H e a t & Pow C o. Fran­ Sec., C en tra l U nion T ru s t C o ., N . Y . C ity; C ounsel, L a rk in , R ath b o n e &
chises extend beyond m a tu rity of bonds.
P e rry , N . Y. C ity . V. 121, p . 2156, 2637. B y order of th e U . S. D istrict
In D ec. 1924 th e co. w as a u th . by th e Ohio P . U . C om m , to issue $250,000 C o u rt for th e E a s te rn D istric t of M ichigan, S outhern D ivision receivers
6.6% p ref. sto ck and $400,000 6% 1st & ref. m tg e. Ser. “ A " bonds due in w ere ordered to p a y holders on a n d a fte r A ug. 2 1926 1834 % of th e principal
1948 a t n o t less th a n 8734% . V. 119. p . 2763. In A ugust 1925 th e co. am o u n t of th e bonds to be deem ed an d ta k e n as on account of th e principal
a p p lied to Ohio P . U . C om m ission for au th o rizatio n to issue $400,000 th e re o f as of A ug. 1 1926. F u rth e r details a re given in V. 123, p. 454.
6, 6% pref. sto ck a n d 2,500 shares no p a r com m on sto ck . V. 121, p . 979.
Fare Increases.— See Y. 121, p . 1568 an d 1676. B us fare increases, see
In S ep t. 1925 th e co. offered $400,000 6.6% p ref. sto ck to th e stockholders V. 121, p . 2037, 2519.
a t p ar and divs. a t th e ra tio of one share for each 15 shares held. V.
Line Abandoned.— In S ept. 1925 Ju d g e Sim ons in th e U . S. D istric t C o u rt
121, p . 1570.
In D ec. 1925 w as au th o rized b y Ohio P. U . Commission to acquire the gran ted th e application of th e receivers to abandon approxim ately 10 m iles
properties of th e In d ian L ake L ig h t & Pow er Co. of R ussell’s P o in t, Ohio, of tra c k betw een Y p silanti a nd Saline. V. 121, p . 1568, 1908.
Interurban Fares.— E ffe ctiv e J a n . 10 1924, th e M ich. P . U . C om m . a u th .
a n d to issue $40,500 preferred sto ck . V . 121, p . 2876.
M aturity. th e com pany to increase th e ra te o f fare on its in te ru rb a n lines approxim ately
ST O C K A N D B O N D S—
D ate.
Interest. O utstanding.
25% . V. 118, p .2 0 1 . C om pare V. 117, p . 2323. See also V. 118, p . 906.
C om s tk 75,000 sh (no p a r)______
. $1,250,000 __________
355.500 D e c ’26 $1.50 V. 119, p. 2645. T h e M ichigan P . U . C om m ission in Ju n e 1925 g ra n te d th e
6%
P re f 6% cum $4,000,000 ( $ 1 0 0 ) ____
1,190,300 D ec 26 $1.65 receivers an increase in fares on all in te ru rb a n lines to 3c. per m ile. V . 120,
Preferred 6.6% c u m u l_______ _____
6 .6 %
P ref 7% cum $1,725,700 ( $ 1 0 0 ___
490,300 D e c '26 $1.75 p. 3186; V. 121, p. 74. T h e co. advanced its basic ra te to 2 34c. only. See
7%
Spring L t H & P gen & re f M , 1913
( ___
_
1,307,000 A pril 1 1933 V. 121, p . 457.
5 A-O
m C
consulting engineers,
e d )I
$5,000,000 ($1,000). R ed ■' n t. a t N . Y . a n d L ondon. M ichigan T ru s t to In M ay 1925 receivers engaged th e A .d L . D ru120, o., 2548, 3186.
assist in th e m anagem ent o f th e ro a . V .
p.
a t 105 an d in te re s t- -C *n tf [ C o ., G ra n d R ap id s, tru s te e .
STO CK AND BO ND S—
Date.
Interest.
O utstanding. M aturity.
Springfield L ight H e at & Pow J 1909
5 F-A
394,000 F eb 1 1929
Q-M
$15,375,000
See te x t.
Stock $15,375,000 ($100)__________
first m ortgage____________ t f 1
1st consol m tge $25,000,000 f 1902
434 g J - J x ll,0 0 0 ,0 0 0 J a n . 1 1932
O hio Edison Co 1st & re f M__ 1923
6%
1948
xlOO.OOO
gold ($1,000)_______ c * c p t]G u a r a n ty T r u s t C o ., N . Y ., T ru ste e . I n t.
x All ow ned by C om m onw ealth Pow er C orp.
I a t A gency B an k of M o n tre al.
Bonds.— Sufficient gen. an d ref. bonds a re reserved to re tire a t o r before
6 g J-J
7,775,000 J u ly 11929
m a tu rity th e o u tsta n d in g 1st M . bo n d s. R em ain d er fo r extensions, en­ 1st M & coll t r s k f d $ 1 0 ,0 0 0 ,-f 1924
000 ($1,000) g o ld ___ c * .tf ] I n t. a t C e n tra l U nion T ru s t C o ., N . Y ., tru s .
largem ents and a d d itio n s a t 85% of cost w ith certa in re stric tio n s. See
1,000,000
See te x t
V. 102. p. 1352. $356,000 1st m tg e. bonds in sinking fu n d .— V . 118, p . G en equip tr u s t ctfs Ser “ A ” J 1924 6 M -N
$1,000,000 ($1,000)_____c * \U n io n T r. C o. an d W ilbur M . B aldw in,
1922, 2530, 2763
[ C lev elan , tru s te e s .
E A R N IN G S .— C alen d ar years:
x Allocated to the “City System” and are to be paid out o f the proceeds of
1923.
1925.
1924.
G ross earn in g s_______________________ $1,564,958 $1,478,103 $1,289,267 ’he sale o f same to the City of Detroit. V. 116, p . 610.
Stock listed on th e N . Y ., M o n tre a l, D e tro it a n d C leve. Stock Exchanges.
662,890
O perating expenses_________________
777,737
746,510
101 ,962
T ax es............................
169.894
143,753
Bonds.— O f th e $25,000,000 first consolidated m ortgage bonds a u thorized,
108,000 $7,005,000 are reserved to re tire und erly in g liens a n d $2,191,000 a re de­
Provision for re tirem e n ts___________
123,oOo
123,000
126,053 posited as collateral for loans. C allable a t 105 an d in te re st on an y in te re st
In t. on fu n d , d e b t and o th er fixed chgs
111,782
114,533
51,056 d a te on 60 d a y s ’ notice. See V . 73, p . 1111; V . 103, p . 320. L isted on
D ividends on preferred s to c k _______
78,551
72,371
N ew Y ork Stock E xchange.
B alance, su rp lu s_________________
$303,994
$277,937,
$239,307
F irst m tge. a nd coll, tr u s t sinking fu n d 5-year 6s a re callable, all, or in
p a rt, only for sinking fu n d on a n y in te re s t d a te on 30 d a y s ’ notice a t 103 and
Latest E arnings.—-For 12 m o n th s ended Sept. 3 0 :
1926.
1925.
1924.
1923.
In terest, to a nd including Ju ly 1 1926, a nd th e re a fte r a t 34 of 1% less for
G ross earn in g s__________ $1,766,672 $1,503,059 $1,532,988 $1,193,021 each 6 m onths elapsed to m a tu rity . M ortgage provides for a n a nnual
O per. ex p ., incl. tax es &
sinking fu n d of $1,500,000 for th e first 3 years of th e life of th e issue and of
m a in te n an c e _________ 1,023,269
919,221
926,176
737,979 $500,000 for th e rem aining 2 y ears, p a y ab le sem i-annually to be applied to
Fixed c h arg es__________
82,526
111,997
139,874
98,233 purchase of bonds a t or below call price or if n o t so obta in a b le to th e redem p­
D iv . p referred s to c k ___
116,590
76,869
71,325
47,468 tion of bonds a t th e call price. T o m eet in p a r t th ese sinking fu n d p ay m en ts
P ro v . for re tire m ’t res_123,000
123,000
119,250
108,000 th e com pany will deposit w ith th e tru s te e $3,000,000 D e tro it U nited R y.
first consol 434s, due 1932, or u nderlying bonds on th e c ity lines. These
B alan ce_____________
$421,287
$271,973
$276,362
$201,341 bonds are deliverable $500,000 sem i-annually to th e C ity of D e tro it, against
P re s ., B . C . C obb, N ew Y ork; V.-&. & G en. M g r., C . I . W eaver, Spring- which th e city has agreed u n d e r th e c o n tra c t of M a r. 10 1922 to pay $500,000
field, Ohio; V .-P ., W . H . B a rth o ld , N ew Y ork; Sec., G . J . K lenk, Spring- cash sem i-annually to w a rd th e deferred purchase price of th e lines w ithin
field, Ohio; C o m p ., H . G . K essler, N ew Y ork. G eneral office, Springfield, th e C ity of D e tro it. T hese p a y m e n ts b y th e c ity assure th e provision of
over h a lf of th e to ta l cash re q u ire m e n ts for th e sinking fu n d . In te re s t p a y ­
O hio.— V . 122, p . 2330; V . 123, p . 582, 2140.
able w ith o u t d e duction for M ichigan tax es. P rese n t P ennsylvania 4-milJ
ta x and presen t C o n n ecticu t a nd M ary lan d S ta te p ro p e rty taxes re fu n d e d .
$9,000,000 w ere sold in J u n e 1924 by D illon, R ead & C o., a t 99 and in te re s t,
DETROIT UNITED RY.
to yield over 6.20% . V. 118, p . 3196; V. 119, p . 942. F o r de fa u lt of in t.,
Receivership.— On M arch 10 1925 S ecurity T r u s t C o., D e tro it and p ro te c tiv e com m ittee a n d p a rtia l p a y m e n t to bondholders, see above in th is
Joseph W . Sim ard w ere a p p o in te d receivers for th e co., on p e titio n of sta te m e n t.
Yellow C oach M fg. C o. V. 120, p . 1325. In A ug. 1925 P resid en t Willis
T h e general e q u ipm ent tr u s t certificates Series “ A ” are due in equal sem i­
C . D u n b a r of th e P h ila. R ap id T ra n . C o. w as nam ed receiver to succeed annual in stallm ents in a n n u al am o u n ts of $140,000 for first 5 years a n d
J . W . Sim ard, w ho h a d resigned. V. 121, p . 1100. See, for a b stra c t of $50,000 for rem aining 5 years. R edeem able as a whole only upon 30 d a y s’
le tte r to stockholders by J . W . S inard, explaining th e reasons for his resigna­ notice a t 10234 a nd divs. P rincipal an d dividends payable in C hicago,
tion as receiver, V. 121, p . 2519.
D etro it a n d C leveland. $1,000,000 w ere offered in N ov. 1924 b y W atling
Receiver fo r Subsidiary.— In O ct. 1925 th e H ighw ay M o to r B us C o ., a Lerchen & C o ., D e tro it, a n d U nion T r u s t C o., C leveland, a t prices to yield
sub sid iary o f th e com pany, w as placed u n d er receivership. T h e receivers from 5% to 6 % , according to m a tu rity . V. 119, p . 2528, 2548, 3186;
are th e sam e as for D e tro it U nited R y . All o th e r subsidiaries w ere to be V . 121, p . 74, 197, 329, 457, 705, 1100, 1347, 1788, 1908.
placed un d er th e sam e receivers. V. 121, p . 1788.
E A R N IN G S .— C onsolidated earnings 6 m onths ended J u n e 30:
T h e People's M o to r Coach C o ., a su b sid iary , acquired th ro u g h its re­
*1925.
1924.
ceivers, th e S tar M o to r C oach Line, o p eratin g 24 coaches. ' V. 121, p . 1788. G ro s s ...................................................
Sale o f City Lines.— F o r p a rtic u la rs reg ard in g sale of th e c o m p a n y ’s city N et after expenses______________________________ $3,587,005 $4,368,194
562,269
586,970
lines to th e c ity of D e tro it see “ E le c tric R ailw ay ” S u p p lem ent of A pril 26 T otal incom e-----------------------------------------------------915,926
1,006,289
1924, an d V. 114, p . 1178, 1764; V. 116, p . 610; V . 117, p . 2889, C om pare Surplus afte r tax es a nd charges__________________
47,590
235,176
V. 114, p. 854, 947.
* O perated J a n . 1 to M a r. 10 b y com pany a nd M a r. 10 to J u n e 30 b y
O R G A N IZ A T IO N .— In c o rp . In M ichigan D ec. 31 1900 a n d to o k over receivers.— V. 121, p . 1908, 2037, 2156, 2519, 2637; V . 123, p . 454.
franchises and p ro p erties o f-th e D e tro it C itizen s’ S tre e t R y ., th e D etro it
D E T R O IT E LEC TR IC .
E lec tric R y ., th e D e tro it F o rt W ayne & Belle Isle a n d th e D e tro it S u burban.
Date.
Interest. O utstanding. M aturity.
V . 72, p . 44, 183.
5 g J-D
x$l,2 5 0 ,0 0 0
1923-1924
L a te r absorbed b y purch ase th e D e tro it & N o rth w e stern R y ., w hich is D e tro it R y 1st M g ($1,000) f 1895
on 56.34 m iles-----------c*&r [In te re s t a t C leveland T r . C o ., T ru ste e .
k now n as th e O rchard L ake division, th e D e tro it & P o n tia c R y ., know n
as th e P o n tiac division, th e W y an d o tte & D e tro it R iv er R y ., know n as the
x Allocated to the “City System ” and are to be paid out o f the proceeds o f
W y an d o tte division, a n d th e D e tro it & F lin t, form erly th e D e tro it R oches­ the sale o f same to the City o f Detroit. V . 116, p . 610.
te r Rom eo & L ake Orion R t., and know n as th e F lin t division.
Bonds.— F irst m ortgage bonds of th e D e tro it R y . n um bered 1 to 600 m a­
Owns en tire cap ital sto ck of th e D e tro it & P o r t H u ro n Shore Line (R apid
in
of
m , beginning
1 1912;
R ailw ay System ); D e tro it M onroe & Toledo S h o rt Line R y . (acquired in tu re berso rder a ndnum bersma ttu$50,000 p e r an n u$550,000 h a v e D ec. re tire d ,
num
601
above a re D ec. 1 1924;
been
F eb . 1906) and th e D e tro it Jack so n & C hicago R y . T h e last-nam ed is a re­
o rganization of th e D e tro it Y p silan ti A nn A rbor & Jack so n R y ., th e Jack- $3,000 are held in tre a su ry an d $194,000 dep o sited as co llateral to loans
son A nn A rbor & D e tro it R y . a n d th e D e tro it P ly m o u th & N orth v ille R y .,
D E TR O IT F O R T W AYNE & BELLE ISL E.
w hich w ere acquired in J a n . 1907. Also owns th e en tire c ap ital stock of
Date.
Interest. O utstanding. M a tu rity ,
th e D e tro it A lm ont & N o rth e rn R R ., w hich it leases for 50 years from 1915, 1st m tge gold $1,200,000( 1898
5 g A-O x $ 1,200,000 A pril 1 1927
a n d g u aran tees an d assum es its bonds as a d ire c t obligation by endorsem ent.
($1,000)-------------------- c* & rlN ew Y ork T r u s t C o ., T ru ste e . S ubject to
I n A ug. 1901 p u rch ased 180 sh ares (all) of th e sto ck o f th e C ity Elsfctric
[ call a t 105 a n d in t. on 60 d a y s ’ notice.
R y . a n d th e P eople’s E lectric lig h t p la n t of W indsor, O n t.
A gents, B an k of M o n tre al, N ew Y o rk ,
In 1922 disposed of its c ity lines in D e tro it (see ab o v e).
x Allocated to the “C ity System ” and are to be paid out of the proceeds of ths
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— ■ale of same to the City of Detroit. V .116, p . 610. $118,000 are deposited a s
p e ra te s a n electric in te ru rb a n an d s tre e t ra ilro ad . T h e in te ru rb a n rail- ' collateral to loans.

on 30 d a y s’ notice d u rin g th e first 10 years a t 105 a n d th e re a fte r a t prices
decreasing 1% every 5 years. V. 118, p. 1778. P e n n a . an d C o n n . 4-m ills
ta x refu n d ab le. T a x ex em p t in M ichigan. V. 115, p. 1842; V . 118.
p . 1778. L isted on N . Y . Stock E xchange. V . 115, p . 2051.
In ad d itio n to th e a m o u n t o f M ich. L ig h t 1st & ref. m tg e. bonds re p o rte d
as o u tsta n d in g , $2,512,500 a re pledged un d er th e 1st lien & unifying bo n d s.
R edeem able a t 105 and in te re st on a n y in te re st d a te on 30 d a y s’ notice;
tax -ex em p t in M ichigan. V. 102, p. 613, 890
Jack so n bonds a re re d . at
110 & in t. P o n tiac L ig h t C o. 5s are red . a t 105 & in t. I n t. on Jackson
G as C o. bonds is p ay ab le a t H odenpyl, H a rd y & C o ., N ew Y o rk .
All issues of C onsum ers Pow er Co. bonds are legal for savings b anks in
M aine, R hode Islan d , N ew H am pshire a n d V erm ont.
Dividends on p re fe rred h av e been p aid reg u larly since o rg an izatio n .
E A R N IN G S .— F o r calen d ar years:
1925.
1924.
1923.
G ross e arn in g s_______________________$20,684,973 $18,328,151 $16,877,422
O per. exp., incl. taxes & m ain ten an ce 11,137,858
9,611,030 9,108,073
Fixed charges_______________________
2,485,548
2,605,394 2,237,631




183

PUBLIC UTILITIES

D E T R O IT & N O R T H W E ST E R N RAILW AY.
Vale. Interest. Outstanding
M aturity.
1st m tg e, *1.000,000. gold/ 1901 7% g M -N $855,000
J a n . 1 1932
(*100. *1,000)_________ c * \In te re s t a t U nion T ru st C o ., D e tro it, T ru s t.
Bonds.— A re g u a r., p . & i., b y D e tro it U nited R y . b y en d o rsem en t.
See V. 73, p . 494. W ere ta k e n u p a t m a tu rity (M ay 1 1921), b u t are
pledged as ex ten d ed bonds w ith lien u n im p aired un d er th e D e tro it U nited
R y . 1st m tg e . coll. 8% bo n d s. See Y. 113, p . 532; V . 121, p . 2307.
D E T R O IT & PO N T IA C RAILW A Y .
D ate. Interest. Outstanding. M aturity.
1 st con m tg e gold ($1,000)/ 1901
4% g J-D
$600,000 Ju n e 1 1926
$ 1 ,1 0 0 ,0 0 0___________c * & r\In t. a t W ash in g to n T r. C o ., N . Y ., T ru ste e .
Bonds.— $500,000 consolidated m tge. 414% bonds w ere reserved to re tire
like a m o u n t o f 1st m tge. bonds; th e la tte r w ere paid off a t m a tu rity F eb. 1
1922. $3,000 are held In tre a su ry a n d $14,000 deposited as collateral to
lo an s. B onds a re su b jec t to call a t 105 a n d in terest on 60 d a y s ’ notice afte r
J u n e 1 1911. P rin cip al an d in te re st o f b o th issues g u a ra n te ed b y D e tro it
U n ite d b y en d o rsem en t.
D E T R O IT & F L IN T RAILW A Y .
T h e D e tro it & F lin t R y . was organized to acquire th e D e tro it R ochester
R om eo & L ak e O rion, to g e th e r w ith th e N o r. D e t. E lec. R y . an d th e D e t.
U tic a & Rom eo R y . T h e consol. M . is a 1st lien on th ese la st tw o p ro p ’ties.
Date.
Interest. Outstanding. M aturity.
D e tro it & F lin t 1st consol M J 1901
5 g F-A
$1,400,000 J a n . 1 1932
g $3,000,000 ($1,000)_ c * \ l n t . a t T r . C o. o f A m erica, N . Y ., T ru ste e .
_
D R R & L O R y 1st m tg e f 1901
7 g J-D
$1,095,000
See te x t,
sinking fu n d , gold ($1,000)1 In t. a t C o n t. & C om m . T r . & Sav. B an k ,
$1,500,000; unissued bonds
C hicago, T ru ste e ; also G u a ra n ty T r u s t C o.
h av e been can celed _____c * [ N ew Y o rk .
Bonds.— B o tn th e D e tro it & F lin t consol, m tg e. 5s a n d th e D . R . R . &
L . O. R y . 1st m tg e. 5s are g u a ra n te ed b y th e D e tro it U n ited R y .; see form
o f g u a ra n ty in V. 76, p . 1300; as “ a d d itio n a l collateral se c u rity " on the
F lin t bonds 1st consol. 4 Yi % bon d s of th e D e tro it U n ited are deposited,
$ for $, w ith th e G u a ra n ty T ru s t C o. of N . Y ., and w ould be available in
th e e v en t of d e fa u lt on th e D e tro it & F lin t bonds. T h e D . & F . cons. 5s
m a tu re d A ug. 1 1921, while tn e D . R . R . & L. O. R y . 1st M . 5s fell due
J u n e 1 1920. B o th th ese issues w ere ta k e n up a t m a tu rity , b u t a re pledged
as e x ten d ed bon d s w ith liens u n im p a ire d u n d e r th e D e tro it U n ite d R y . 1st
M . coll. 8% b o n d s. See V . 113, p . 532.
E A R N IN G S .— F o r calen d ar years:
D e tr o it U n ite d R y ., R a p id R y. S y s ., D e tr o it M onroe & T o le d o S h o rt
L in e R y. a n d D e tr o it J a c k so n & C h ic a g o .
a l9 2 3 .
a l9 2 2 .
1921.
a l9 2 4 .
R ev en u e p assen g ers____ 49,354,117 53,671,114 146,059,466 336,579,071
T ran sfe r passen g ers____ 3,382,125
3,895.242 35,410,287 103,760,082
G ross earn in g s__________ $8,360,036 $8,863,600 $13,184,771 $23,329,068
O p eratin g expenses_____ 7,275,797
7,243,271 10,098,489 19,428,779
N e t earn s, from o p e r. $1,084,239
In c . from o th e r so u rc es.
$692,924
In c . fro m all so u rces____ 1,777.163
In te re s t a n d ta x e s______ b l . 625.779
D iv id e n d s ____________ (3% )460,750
D e p re c'n charged o ff_
_
______
R eserve for ta x e s______
______
R eserve for contingencies
______

$1,620,329
$3,086,282 $3,900,289
$873,583
$1,064,574 $716,224
2,493,911
4,150,856 4,616,513
b l ,630,265
2,222.981 3,351,068
(6 )9 2 1 ,3 5 6 (1 ^ )2 3 0 ,2 7 6 (2)300,000
126', 188
250,000

150.000
250,000

T o ta l d e d u ctio n s____ $2,086,529
$2,551,621 $2,829,445 $4,051,068
$565,445
Su rp lu s in co m e_____ def$309,367 def$57.710 $1,321,411
a T h e D e tro it C ity Lines w ere sold to th e c ity M a y 14 1922 a n d th e
re su lts a re exclusive o f th e C ity Lines a fte r th a t d a te .
b A fter d ed u ctin g $702,710 in 1924 and $732,787 in 1923, being pro p o r­
tio n of in t. received w ith resp ect to balan ce owing b y C ity of D e tro it,
c re d ite d u p o n th e books o f th e com pany to in te re s t on fu n d e d d e b t.
D ividends.— F ir s t d iv id en d of 1% on D e tro it U n ited s to ck w as paid
M arch 1 1901 an d 1% q u a rte rly th e re a fte r u n til A ug. 1 1905, w hen ra te
w as raised to 1 % % q u a rte rly . On N o v . 1 1905, 1M % - In 1906, 5 % . In
1907, F e b ., 114% ; M ay , 114% ; A ug., 114% . N one to M ar. 1911, when
114% was paid; sam e a m o u n t q u a r. to and incl. D ec. 1912. In M arch
1913 to an d incl. M arch 1916, 114% q u a r. In Ju n e 1916 to and incl.
M a r. 1917, 114% . In Ju n e 1917 to and incl. M a r. 1 9 2 1 ,2 % . In J u n e l9 2 1
a sto c k d iv . of 214% was p a id . V. 112, p . 1865. T h e co. also declared
s to c k d ivs. o f 214% each , p a y ab le Sept, and D ec. 1 1921, b u t th e P . U
C om m , refu sed to g ra n t th e co. a u th o rity to issue th e sto ck and in O ct.
1922 th e d irecto rs rescinded th ese divs. T h e divs. had n o t been d istrib u te d .
C o m p a re V. 113, p. 1155, 1359, 1887, 2079, 2405. A cash dividend of
114% was declared p a y ab le D ec. 1 1922. V. 115, p . 1730. In 1923,
M a rc h , 114% ; J u n e , 114% ; S e p t., 114% ; D e c., 134% . I n 1924, M arch,
114% ; J u n e , 1 14% . See Y. 119, p . 323.
O F F IC E R S .— P r e s . , _____________; V .-P ., C has. L au ren d eau ; V .-P .,
S ir T h o m as T a it; V .-P . & G en. M g r., E . J . B urdick: Sec., A. E . P eters,
D e tro it; T re a s ., Jo s. B om pton; A u d ., R . G . Skem an. G eneral offices.
T ra c tio n B ld g ., H ighland P a rk , M ich .— V. 115, p. 1730. 1837. 1941, 2158
2477; V. 116, p . 610, 720; V. 117,, p. 85, 781, 1016, 1347, 1883, 2323, 2889
V . 118, p . 201. 906, 1392, 1519, 2039, 3077, 3196; V. 119, p . 73, 323. 454
578, 810, 942. 1063, 1509, 1843, 2063, 2410, 2528, 2645, 2760; V. 120,
p . 1325, 1585. 1881.
(1) D E T R O IT & PO R T H U R O N SH O RE LINE R Y .
E n tire o u tsta n d in g c ap ital sto ck is now ow ned by th e D e tro it U n ited R y.
O R G A N IZ A T IO N .— In co rp o rated in M ay 1900. Is a consolidation <f
th e R ap id R ailw ay C o ., th e D e tro it M t. Clem ens & M arin e C ity R y. (the
p u rc h a se r o f th e p ro p erties of th e M t. C lem ens & Lakeside T rac tio n C o. and
th e D e tro it & R iv er St. C lair R y .) , th e P o rt H uron St. C lair & M arin e C ity
R y ., th e C onnors C reek & C lin to n R iv er P la n k R oad C o ., a nd th e C ity
E lec tric R y . o f P o r t H u ro n . T h e new co m p an y owns th e c ap ita l sto ck of
e a c h ro a d . Also ow ns th e c a p ita l sto ck ($25,000) o f th e D e tro it & Lake
S t. C lair R y .
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A tro lley ro a d . T h e consolidated com pany o p erates all th e tra c k s in M t.
C lem en s a n d P o r t H u ro n , and th e th ro u g h ro u te from D e tro it to P o rt
H u ro n , ru n n in g th ro u g h M t. C lem ens, New B altim ore, A lgonac, M arine
C ity and S t. C la ir. T o ta l D e tro it & P o rt H u ro n system , 138.2268 m iles.
STO CK AN D BO N D S—
Date.
Interest. Outstanding. M aturity.
$2,000,000 _______ __
Sto ck $2,500,000 ($100).......... .......................... .........
1st m tg e $2,500,000 ($1,000) ( 1900
5 g J-J
2,500,000 J a n 1 1950
cannot be called, go!d-C*&rjUnion T r u s t C o ., D e tro it, T ru ste e .
( in t. a t A m erican E xch
N a t. B an k , N . Y
E A R N IN G S .—N ow in clu d ed in re p o rt o f D e tro it U n ited R y .— V. 77. p
34; V . 84, p . 338.
(2) D E TR O IT MONROE & TOLED O SH O R T LIN E.
O R G A N IZ A T IO N .— In c o rp o rate d in M ichigan on D ec. 11 1902.
I n F eb . 1906 e n tire sto ck w as a cq u ired b y D e t. U n it. R y . V. 82, p . 392
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O p erates 50 m iles o f road from T oledo to D e tro it and 4 miles of road from
M onroe to Lake Erie; com pleted N ov. 5 1904. At Toledo connection is
m ad e w ith th e L ake Shore E lectric R y . for C leveland. Is of steam road
co n stru ctio n , on p riv a te right-of-w ay; s ta n d a rd gauge, laid w ith 70-lb. T
ra ils. T o ta l tra c k , 84.8458 m iles.
STO CK AN D B O ND S—
D ate.
Interest. O utstanding. M atu rity.
S to ck $3,000,000__________________
_______
$2,581,000 __________
1 st m o rtg ag e $3,000,000 g o ld / 1903
5 g J-J
3,000,000 J a n 1 1933
($1,000)________________ c * \U n io n T r u s t C o ., D e tro it, T ru ste e .
Bonds.— In te re s t is p a y ab le in N ew Y o rk . N o sinking fu n d a n d bond
a re n o t su b je c t to call.— V. 107, p . 82; V. 108 ,p. 480.
(3) D E T R O IT JA C K SO N & CHICA G O RY.
O R G A N IZ A T IO N .— A holding co. organized in M ich, in 1907 b y D e tro i'
U n ite d in te re s t to ta k e over th e D e t. Y psil. A nn A rbor & J a c k .R y . , the
J a c k . A nn A rbor & D e t. R y . a n d th e D e t. P ly m . & N o rth v ille R y ., paying
th e re fo r $1,230,000. E n tire sto ck owned b y D e tro it U nited R y
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o m p leted and in o p eratio n from D e tro it (through W ayne and Y psilan ti) to
A nn A rbor and to Jackson; m aking mileage 100 miles, o f w hich 40 miles
ov er p riv a te right-of-w ay. T o tal tra c k , 111.6987 m iles. R ails 70 and
75-lb. T a n d g ird er
D oes a freig h t business.




[V ol. 123

STO CK AN D BO N D S—
D ate.
Interest. O utstanding. la tu rity .
Stock ($100)______________________
_______
$614,000 __________
F irst consol m tge $4,000,000/ 1907
5 g F-A
2,060,000 F eb 1 1937
($1,000) g o ld __________ c * l i n t , a t S ecurity T r u s t C o ., D e tro it, T ru ste e .
1st cons M D e t Y A Ar & J a c k J 1901
5 g F-A
1,610,000 F eb 1 1 9 2 6
$ 2 ,6 0 0 ,0 0 0 ($ 5 e 0 ,$ l,0 0 0 )g c * lln t. a t D e tro it T r u s t C o ., D e tro it, T ru ste e .
D e t Y ps & A nn Ar cons 1st M ( 1899
6 g F-A
330,000 F e b 1 1924
$1,000,000 g ($500 & S I I n t . a t U nion T ru s t C o ., D e tro it, T ru ste e .
OoO) sinking fu n d a n n u a lly /
T h e D e t. Y ps. & A nn A rbor & Jack so n firs t consols c a n n o t be called.
Of th e a m o u n t re p o rte d o u tsta n d in g , $62,500 w ere in th e D e tro it U n ited
tre a su ry on D ec. 31 1923.
Bonds.— B onds of D e t. J a c k . & C hic, are s u b je c t to call on a n y n te re s t
d a y a t 105 and in t. G u a r., p. & i., b y th e D e tro it U n ite d R ys.; enough
bonds are reserv ed to re tire bonded d e b t of th e D e t. Y ps. A nn A rbor & Ja c k .
R y . V. 85, p . 345. O f th e am o u n t re p o rte d o u ts ta n d in g $1,179,000 w ere
on D ec. 31 1923 in th e D e tro it U nited tre a s u ry .— V . 108, p . 1274.
D efault in interest due A ug. 1 1925 on D e tro it Y p silan ti A nn A rbor &
Jack so n R y . 1st cons. m tg e. 5% b o n d s, an d on D e tro it Jac k so n & C hicago
R y . 1st cons. m tge. 5% b o n d s, see u n d e r “ D e tro it U n ite d R y .”
(4) D E T R O IT ALMONT & N O R T H E R N R R .
O R G A N IZ A T IO N .— O rganized u n d e r th e G en eral R ailro a d L aw s of
M ichigan. Is leased for 50 years fro m 1915 to th e D e tro it U n ite d R y .,
w hich ow ns its e n tire c a p ita l sto ck .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
E x ten d s from R om eo th ro u g h A lm ont to Im lay C ity , a b o u t 20 m iles; b u ilt
on p riv a te right-of-w ay; 70 lb . ra ils.
B O N D S—
Date. Interest. O utstanding. M a tu rity .
F irs t m tge gold $2,500,000/ 1915 6 g F-A
$400,000 F e b 1 1940
($1,000 & $500)--------- c * t f l l n t . a t U nion T r. C o ., D e tro it.. & N . Y .
T h e bonds are g u a r, a nd assum ed as a d ire c t obligation, b y e n d o rsem e n t,
by th e D e tro it U nited R y ., w hich, in th e e v e n t of an y new issue of re fu n d ­
ing or general m o rtg ag e bonds being placed on th e D e t. U n. R y . or its su b ­
sidiaries, will reserve sufficient new bonds for th e re tire m e n t of th e a bove
issue a t m a tu rity . R ed. on a nd a fte r F eb . 1 1925 a t 103 a n d in t. R e­
m aining bonds to b e ar r a te of in te re s t as fixed b y th e directo rs w hen issued,
b u t n o t to exceed 6 % . D e fa u lt in in te re s t due A ug. 1 1925, see u n d e r
“ D e tro it U nited R y .”— V . 101, p . 130.

E L E C T R I C R A I L W A Y S E C U R I T IE S CO.
O R G A N IZ A T IO N .— O rganized in M aine J a n . 28,1 9 2 4 an d acquired from
the C om m onw ealth Pow er, R y . & L ig h t C o ., w hich had conveyed to th e
C om m onw ealth Pow er C orp. (see s ta te m e n t on a n o th e r page of th is publica­
tion) all securities representing its electric lig h t, pow er and gas properties,
all of th e C om m onw ealth Pow er, R ailw ay & L ight C o .’s rem aining assets,
consisting for th e m ost p a r t of p roperties engaged solely in th e electric
railw ay business. In exchange therefor th e Securities C o m p an y issued
89.521 y% shares of c ap ital stock (no p a r v a lu e ), w hich, to g e th e r w ith
the com . sto ck o f th e C om m onw ealth Pow er C o rn ., given to th e C om m on­
w ealth Pow er R y. & L ight C o. in exchange for its electric lig h t, pow er &
as pro p erties, was d istrib u te d pro ra ta am ong th e com m on stockolders of th a t co. u pon s u rre n d e r of th e ir stock for cancellation. T he
C om m onw ealth Pow er, R y . & L ight C o. w as dissolved in J a n . 1925.
F o r d istrib u tio n to stockholders of th is co. of shares of stock a nd options
of newly organized U tility Shares Corp., see th is la tte r co. a n d also V. 121,
2520.
T h e E lectric R ailw ay Securities C o. either d irectly or th ro u g h th e U nion
R ailw ay G as & E lectric C o. (of w hich it ow ns p ractically all of th e pref.
and com. stock) controls th e following cos.: R ockford & In te ru rb a n R ail­
w ay C o ., Janesville T rac tio n C o ., M ichigan R ailroad C o ., G rand R ap id s,
H olland & C hicago R ailw ay, M ichigan E lectric R ailw ay C o ., G rand R apids
R ailw ay C o ., Saginaw T ra n s it C o.
STO CK —
Date.
Interest. Outstanding.
M a tu rity .
C a p ita ls tk 90,000 shs (no p ar) ____
________ _ 80,000 shs. ________
P R O P E R T Y , &c.— See sep a ra te sta te m e n ts o f controlled cos. below .
O F F IC E R S .'— P re s ., B . O . C obb; V .-P s., T . A . K en n ey , Ja c o b H ekm a
and A. L . Loom is; C o m p ., H . G . K essler; Sec., G . H . B ourne; T re a s ., G eo,
Sprague J r.; A sst. Sec. & A sst. T rea s., C . A. P e a rso n J r .— V. 118, p . 310,
550, 663, 1772, 2041, 2520.
(1) U N IO N RAILW A Y , G A S & ELECTRIC CO.
P ractically all th e com m on a n d p re f. sto ck is ow ned b y th e E lec tric R ail­
way Securities C o.
O R G A N IZ A T IO N .— In c o rp o rate d in N ew Jersey J u n e 29 1909.
In M ay 1922 all th e electric lig h t, pow er a nd gas p ro p e rties controlled
by th e U nion R y ., G as & Elec. C o. w ere acquired by th e C om m onw ealth
Power C orp. (see on a n o th e r page of this p u b lic a tio n ). T h e com pany
owns p ra c tic ally all th e c ap ital stocks of th e R ockford & In te ru rb a n R y.
C o., Jan esv ille T ra c tio n C o., G ran d R apids R y. C o ., M ichigan Elec.
Ry. C o., M ichigan R R . C o., G rand R apids H olland & C hicago R y. a nd
the Saginaw T ra n s it C o. H olders of U nion R y ., G as & E lec. coll, tr u s t 5%
bonds d ue J u ly 1 1939 on Ju n e 30 1922 w ere offered in exchange gen lien
& ref. bonds of th e C om m onw ealth Pow er C orp. a s p e r offer in V. 115, p.
1C4, 546.
ST O C K A N D B O N D S—
Date.
Interest. Outstanding. M atu rity.
C om m on $6,000,000 ($100)_ _____
_
_________ $6,000,000
See te x t
Springfield R y & L t coll t r M \ 1903
5 g J-D
2 9,000 Ju n e 1 1933
$5,000,000 g ($1,000) _ c * tf/F id e lity & C olum bia T r . C o ., L ouisv., tru s .
S to c k. — O nly $2,300 com m on is ou tsta n d in g in th e h a n d s of th e public;
th e balance is owned by E l. R y. Secur. C o. All of th e o u tsta n d in g pref.
stock of th e co. w as called for redem ption M a r. 1 1926 a t 105 a n d d iv s.
Bonds.— On O ct. 18 1925 a ll of th e o u tsta n d in g coll, t r u s t m tge. gold
bonds of 1909 w ere called for redem ption on J a n . 1 1926 a t 100 a n d in t.
T h e S pringfield R y . & L ight bonds a re call, on 60 d a y s’ notice a t 107 H a nd
in t. In t. is p ayable a t C olum bia T ru st C o., Louisville, a n d a t H o d enpyl.
H ardy & C o ., In c ., N . Y ., a nd E . W . C lark & C o ., P h ila. V . 121, p . 2040.
P R O P E R T Y . &c.— See various controlled cos. liste d sep a ra te ly below .
O F F IC E R S .— P re s ., G . E . H a rd y ; V .-P s., C . M . C la rk , Jac o b H e k m a.
C o m p t., H . G . K essler; Sec., G . H . B ourne, N ew Y ork; T re a s ., G eo,
S prague J r . V . 115, p . 184, 546; V . 119, p . 2181; Y. 121, p . 2040.
(a) R O C K FO RD & IN T E R U R B A N R AILW AY CO.
U nion R y ., G as & Elec. C o. owns all th e com . an d p re f. sto ck .
Receivership.■
—-On F e b . 15 1926 A dam G schw indt, G en. M g r. o f th e R ock­
ford E lectric C o ., w as a p p ointed receiver. V . 122, p . 1171.
Protective Committees Rockford & Interurban Ry. 1st mtge. 5% gold
bonds.— In te re s t in d e fa u lt since O ct. 1 1925. R o b e rt W B aird (C hair­
m an ), F . R. C hesley, W . B. P ric k itt, A rth u r M . H e w itt, L . W . Steeble,
w ith Philip P . E dw ards, Sec., 407 E a s t W a te r S t., M ilw aukee, an d M iller,
M ack & F airchild, counsel. D e p o sita ry , F ir s t W isconsin T r u s t C o .,
M ilw aukee; B ankers T ru stC o ., N ew Y ork, N . Y ., a g e n t for d e p o sitary .
Rockford & Freeport Electric Ry. 1st mtge. 5s—in te re s t in d e fa u lt since
N ov 1 1925. H am ilton A llport, A. K . D o d h o ld t, L . J . D erflinger, w ith
J. C. D avison, Sec., 105 So La Salle S t., C hicago, a n d N ew m an, P oppen-.
husen, Stern & Jo h n sto n , 11 So. La Salle S t., C hicago, counsel. D epositary,
C en tra l T ru s t C o. of Illinois, 125 W est M onroe S t., C hicago. T h e com­
m itte e ad o p te d a p la n for th e sale to T . M . E llis J r . of B eloit, W is. (as p e r
c o n tra c t of sale J u ly 17 1926) of deposited bonds for a consideration in
cash of 23 'A % of face value which a m o u n t, less expenses, if a n y , w as to be
d istrib u te d to holders of certificates of deposit. Y. 123, p . 456.
Rockford Beloit & Janesville Railroad 1st mtge. 5s.— On this issue th e
in te re st due on a nd a fte r A pril 1925 w as d e fa u lte d . C h airm a n , W .
Farson; Aksel K. B o dholdt and O tto Sc’ a d d i Sac., C harles J . H orn
i
counsel, P am & H u rd , 231 So. L a Salle S t., C hicago, 111. D e p o sita ry ,;
C en tral T ru s t Co. of Illinois, 125 West. M onroe S t., C hicago, III. V. 121,
p . 1570, 2877. See also below u n d e r description of bonds.
O R G A N IZ A T IO N .— Incorp. in Illinois in 1899. Owns e n tire ($2,000,000) cap ital stock of the R ockford C ity T rac tio n C o.
F « L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns and operates in te ru rb a n electric railw ay lines extending from R ock­
ford to B elvidere, 111.; from R ockford th ro u g h B eloit to Janesville, W ise.,
and from R ockford to F ree p o rt, 111.; to ta l tra c k a g e, 76 miles. P o p u latio n
served e stim ate d a t 151,000. Owns all th e sto ck of th e R ockford C ity

g

Oct., 1926.]

T ra c tio n C o ., w hich ow ns a n d o p erates 36 miles o f s tre e t railw ay lines in
R o ck fo rd , 111. C o m p an y ow ns and o p erates 76 m iles of in te ru rb a n lines.
H a s 21 m o to r passenger cars, 8 tra ile rs, 6 freig h t cars, 4 service cars a nd
3 m o to r buses. T h e R ockford C ity T ractio n C o. o p erates 36 m iles in
R o ckford, 111., 55 m o to r passengers c ar, 5 service cars a n d 9 m o to r buses,
3 of which are leased. P o p u latio n served estim ated a t 75,000. B us
service w as in a u g u ra te d in S ep t. 1925. V. 121, p . 1228.
M aturity.
S T O C K A N D B O N D S—
Date.
Interest. O utstanding.
C om m on sto c k _______________
_________ x$2,000,000 __________
Preferred sto c k _______________
_________ x 2,000,000 ____________
Rockford & Interurban Ry. Co.
R ockford & In te r-U rb a n l s t f, 1902
_____
5 g A-O a l , 685,500 O ct 1 1 9 3 0
_
m tge gold ($500 & $ 1 ,0 0 0 H ln t. a t F irst N a t. B k ., N . Y ., or a t C ontinen.
$3,000,000 _________ c * n tf I & C om ni’l T r. & Sav. B k ., C hic., tru ste e .
R ockford & F reep o rt 1st m tge | 1903
5
gM -N
6490,000 O ct 1 1930
$750,000 gold gu ar p & i( I n t. a t C o n t. & C om . T r. & Sav. B an k , Chi($1,000 & $500)____ c * n tfI cago, tru ste e .
R ockford Bel & Jan esv ille l s t f 1905
5
g A-O
907,000 O ct 1 1930
m tg e g ($1,000) s f - .c * - tf - jln t. a t C o n t. & C om . T r. & Sav. B k ., C hic.,
---------I tru ste e , or F ir s t N a t. B an k , N ew Y ork.
x All ow ned b y U nion R y ., G as & E lectric Co.
a Includes $51,500 bonds w hich hav e n o t been ex ten d ed, b Includes
$11,500 bonds w hich h av e n o t been extended.
Bonds.—-The R ockford & In te ru rb a n R y . 1st m tge. 5s, due O ct. 1 1922,
w ere extended to O ct. 1 1930. V. 115, p . 1429. T h e $490,000 R ockford &
F ree p o rt E lec. R y . 1st m tg e. 5s, w hich fell d ue M a y 1 1923, w ere also
e x ten d ed to O ct. 1 1930. V. 116, p . 1893. See also V. 117, p . 670, for
c e rta in add itio n al restrictio n s im posed in th e form of a supplem ental
m o rtg ag e a tta c h e d to th e extension agreem ents. F o r p ro te c tiv e com m ittees
& c., see above. $11X 00 1 st m tg e. 5s of th e co. a re ow ned b y th e U nion
R y ., G as & E lectric C o.
Rockford Beloit & Janesville RR. 1st mtge. dated Oct. 1 1905. In te re st
d efaulted on an d a fte r A pril 1925. F o r com m ittee see above. On A pril 24
1926 action on a p e titio n ren d ered b y th e receiver o f th e R ockford a nd
In te ru rb a n R y. C o. to tu rn b ack a n d su rren d er th e p ro p e rty of th e R ockford
B eloit & Janesville R R . C o. was deferred by th e C ircu it C o u rt of W inne­
bago C o u n ty , 111., pending th e in te rv e n tio n in th e proceedings of th e bond­
h o ld ers’ com m ittee of th e R ockford a n d In te ru rb a n R y .
T h e R ockford B eloit & Janesville R R . com m ittee proposed a reorganiza­
tion plan, d a te d M a y 27 1926 to sell th e p ro p erties a t foreclosure to th e
co m m ittee which th e re a fte r is to tra n sfe r th e p ro p erties, &c. to a new com­
p a n y to be organized b y T . M . E llis, J r ., of B eloit, W is. T h e new co.
is to h av e a n a u th . c ap ital sto ck of 7,000 shs. com m on sto ck of no p a r value
a n d 3,000 6% pref. shares ($50 p a r), on which th e first a nnual dividend
is to be p ay ab le one y ear fro m d a te o f issuance. All bondholders who
h av e deposited th e ir b onds an d h av e a p p ro v ed o f th e p la n on or before
J u n e 15 1926 are to receive u n d e r th e p la n 3 shares of p ref. (par $50) a nd
1 sh are com m on (no par) sto ck for each $1,000 prin cip al a m o u n t of bonds
su rre n d e re d for such exchange, which bonds are to be accom panied b y th eir
u n p a id coupons unless th is req u irem en t is jo in tly w aived b y th e com m ittee
a n d M r. E llis. T h e p referred sto ck is to be redeem able a t $52 50 per
sh are a n d divs. on 60 d a y s ’ n otice.
T h e co m m ittee reeom m ends th is p la n believing th a t ab an d o n m en t of
th e p ro p e rty an d its sale for ju n k w ould reduce th e fin al d istrib u tio n to
bondholders to a trifle . F o r fu ll d etails, see V . 122, p . 3342.
In O ct. 1926 it w as re p o rte d th a t a foreclosure order h a d been e n te re d in
th e circu it c o u rt a t R ockford, 111., pro v id in g for th e sale of c o .’s p roperties.
Y . 123, p . 1998.
E A R N IN G S .— F o r y ear ended D ec. 31 1924 (incl. R ockford C ity T rac
C o .), g ross, $936,235; n e t a fte r tax es, $140,717. F o r y e ar ending Aug. 31
1925, gross, $863,972; n e t a fte r tax es. $105.749.— V. 121, p. 1228, 1570.
2877; V . 122, p . 1171, 3085, 3342; V . 123, p . 456, 1998.
(6) JA N ESV ILLE T R A C T IO N CO.
O R G A N IZ A T IO N .— In c o rp o rate d in W isconsin in O ctober 1910.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O w ns a n d o p erates 5 miles of s tre e t railw ay in Jan esv ille, W is. Serving a
p o p u la tio n e stim ate d a t 20,000. 7 m o to r passenger cars, 1 service car.
Also o p erates buses. V. 118, p . 3197.
C A P IT A L IZ A T IO N .— C a p ita l sto ck a u th ., $125,000; o u tsta n d in g , $125,
000. All ow ned by U nion R y ., G as & Elec. C o. B onds, 1st M tg e. 5%
d u e 1941; a u th ., $200,000; o u tsta n d in g , $50,000. All ow ned by U nion R y..
G as & E lec. C c.
D efault o f Interest.— In te re s t on th e c o m p an y ’s bon d s h as been defaulted
since J u ly 1 1924.
E A R N IN G S .— F o r cal. y e ar 1925: G ross, $43,669; n e t, a fte r tax es, $778;
1924, gross, $47,557; n e t, a fte r tax es, $344.— V . 118, p . 3197; V. 120, p . 330.
(c) M ICHIGAN R R .
E n tire cap ital sto ck a n d th e $4,000,000 gen. m tg e. 6% bonds a re owned
b y th e i n io n R y ., G as & E lec. Co.
Receivership.— In 1924 Jo h n F . Collins was ap p o in ted receiver for th e co.
on application of U nion R y ., G as & E lectric C o. V . 119, p . 2064.
O R G A N IZ A T IO N .— In c o rp . A pril 17 1919 in M ichigan an d acquired the
railw ay p ro p erties form erly ow ned by th e M ichigan Railu'ay (for h isto ry , see
“ E lec tric R ailw ay ” Section o f M arch 29 1919).
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns an d o p erates an in te ru rb an electric railw ay 48.52 m iles long, extending
from F lin t th ro u g h Saginaw to B ay C ity , w ith branch to F ran k e n m u th ;
o ne from A llegan to B a ttle C reek, 51.83 miles, a n d a high-speed in te r­
u rb a n line, 58.56 m iles, extending from G ra n d R ap id s to K alam azoo.
36 m o to r pass, cars, 8 tra ile rs, 2 service cars an d 66 freig h t cars.
In O ct. 1925 an in te ru rb a n m o to r bus service was in a u g u ra te d , con­
sistin g o f 14 coaches, ru n n in g p a ra lle l w ith th e electric railw ay lines,
th ro u g h a new su b sid ia ry , th e R a p id T ran sit C o rp . V. 121, p . 1101.
Jitney Legislation.— See V. 113, p . 2819, u n d er c ap tio n “ M ichigan U nited
R ailw ay s.” C o m p are V. 116, p . 935, u n d e r sam e cap tio n .
Interest in D efault.— In te re s t on th e o u tsta n d in g b ond h a s been defaulted
since M ay 1924 w hen th e p rin cip al w as due b u t n o t p aid .
Committee for 1st M tge 6s.— Allen G . H o y t a n d Stan ley A. R ussell of th e
N a t’l C ity C o. an d W m . W . B ride, W ashington, D . C . D ep o sitary , N a t’l
C ity B an k , N . Y .
ST O C K A N D B O N D S —
Date.
Interest. O utstanding. M aturity.
C om m on sto ck $5,000,000_________
_______
$4,000,000 __________
1st M bds $10,000,000 ($ 100,/ 1919
6 g M -N
4,050,000 M ay 1 1924
$500 & $1,000) g o ld _ c * tf (E q u ita b le T r.C o .,N .Y .,& M ich .T r. C o ., tr.
_
G eneral m tge $4,000,000 g o ld . 1919
6%
4,000,000 M a y 1 1924
Bonds.— T h e first m tge. bonds have a n a u th o rized to ta l of $10,000,000,
which m ay be issued in series b earing d ifferen t ra te s of in te re st, b u t n o t to
exceed 6% p er an n u m . In ad d itio n to th e $4,500,000 originally o u ts ta n d ­
ing, $500,000 m ay be issued u n d e r certa in conditions; th e rem aining $5,000,000 m ay be issued for n o t to exceed 75% of a ctu al a n d reaso nable expendi­
tu re s m ade a fte r M ay 1 1919 for ad d itio n s, extensions, &c., u n d e r certain
re stric tio n s. Sinking fu n d will re tire sem i-annually $50,000 of bonds of this
issue, e ith er by p urchase in th e open m a rk e t or by red em p tio n a t 101 and
in t. $450,000 retired by sink. fd. up to April 1 1926. A gen. reserve fund
is alsO pro v id ed under which th e co m p an y m u st eith e r expend an n u ally or
d e p o sit in cash w ith th e New Y ork tru ste e an a m o u n t equal to no t less
th a n 20% of its gross earnings, to be expended for m ain ten an ce, repairs,
rep lacem en ts and renew als, for th e pu rch ase or re tirem e n t of bonds of
th is issue, or for extensions, enlargem ents a n d ad d itio n s. Such expendi­
tu re s for extensions, enlargem ents a n d ad d itio n s shall n o t be used as a
basis for th e issuance of bonds, except as th e general reserve fu n d is reim ­
bu rsed to th e e x te n t o f m oneys used or w ith d raw n th erefro m for such ex­
p e n d itu re s. T his fu n d is d istin c t from and has n a connection w ith th e
sin k in g fu n d . C allable a t 101 and in t. a t a n y tim e on 45 d a y s ’ notice
In t. is p a y ab le in N . Y . T ax -ex em p t in M ichigan.
T h e gen. m tg e. is ju n io r in lien in every resp ect to th e first m tge. V . 108
p. 2022 .
E A R N IN G S .— F o r calen d ar y e ar 1925; G ross, $1,103,453; n e t, after
tax es, $66,264. F o r cal. y ear 1924, gross $1,249,413; n e t. a fte r taxes,
$117,436.
O F F IC E R S .— P re s ., B . C . C obb; V .-P s., J . F . C ollins a n d E . J B echtel
Sec. & T re a s., O. H . D egener. O ffice, Jack so n , M ich .—V . 118, p . 1520,
1773; V . 119, p . 198, 2065; V . 121, p . 1101.




183

POWER, LIGHT AND RAILWAY

(d) M ICHIGAN ELEC TR IC R AILW AY CO.
U nion R y. Gas & Elec. C o. ow ns 97,247 shs. com . sto ck , 444,600 p re f.
“A ” a n d 400,000 pref. “ B ” stock a n d 1,223,300 1st & ref. m tg e ., ser. “ A ,1
5% bonds.
O R G A N IZ A T IO N .— O rganized in M ich, in 1923 an d acquired as per
plan as am ended (see “ E lectric R ailw ay ” Supplem ent of A pril 28 1923 for
o u tline of p la n a n d “ C hronicle” V. 117, p . 553, for a m en d m en ts), for th e
reorganization of th e M ichigan U nited R ailw ays, sold a t foreclosure J u n e 30
1923.
F o r h isto ry of M ichigan U n ite d R y s. see “ E lec tric R ailw ay ” Sup­
plem ent of A pril 28 1923
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— A
th ird rail a n d trolley system . O perates all c ity lines in Jackson, B attle
C reek, K alam azoo a n d L ansing a nd in te ru rb a n lines betw een Jackson,
B attle C reek and K alam azoo, an d betw een Jack so n , Lansing a nd St. Jo h n s,
Lansing a nd Owosso, and C o ru n n a , a n d from Jackson to G rass Lake and
W olf Lake; to ta l o p e ra te d , 258 m iles. P assenger term in al statio n s are loca­
te d in th e m ain business sections of th e cities served. T hrough passenger
service betw een th ese cities a n d D e tro it is m a in ta in e d over th e lines of th e
D e tro it U nited R ailw ay ,s connecting a t Jack so n a n d d ire c t connection w ith
G rand R ap id s is m ad e th ro u g h th e M ichigan R ailroad C o ., likew ise fa st
freig h t service is re n d e re d . P o p u la tio n served e stim ate d over 310,000.
187 passenger m o to r cars, 3 tra ile rs, 27 service an d 44 fre ig h t cars a n d 21
passenger m o to r buses to su p p lem en t c ity railw ay service.
in O ct. 1925 a n in te ru rb a n m otor bus service w as in a u g u ra te d , con­
sisting o f 12 coaches, ru n n in g pa ra lle l w ith electric railw ay lines, through
a new su b sid ia ry , th e S outhern M ichigan T ran sp o rta tio n Co.
In D ec. 1924 th e following p ro te c tiv e com m ittee was form ed in view of
th e probable d e fa u lt in th e p a y m e n t of th e J a n . 1 1925 coupons on th e
1st & ref. m tge. 5% bonds.
T h e J a n . an d J u ly 1925 coupons of th is issue w ere a c tu ally d efau lted .
Committee for 1st c% Ref. M tge. 5s.— C hairm an, W illard V. K ing; Living­
sto n E . Jones, J . P e y to n C la rk , Geo. R . C ottrelle, M arv y n S cudder, N oah
M cD ow ell J r ., W m . F . Ingold. W m . M , Flook, Sidney W . N oyes, B ern ard
C. C obb, Sec.: A rth u r N . H azeltine, A sst. T ru st Officer of Irv in g B ankC olum bia T ru st C o. D epositaries: Irv in g B ank-C olum bia T ru st C o.,
60 B roadw ay, N . Y . C ity; C ap ital T ru st C orp., T em ple B ldg., T o ro n to ,
C anada: Pynchon & C o., 1 D ra p e rs G ardens. T hrogm orton S t., L ondon, E .
C .. E n g ., and In v e stm e n t R egistry, L td ., 6 G rafto n S t., N ew B ond S t.. Lon­
don. W . I . D eposits h av e been called for. V. 119, p . 3010; V. 120, p . 86.
S T O C K A N D B O N D S—
Date.
Interest. O utstanding. M atu rity.
C om m on 100,OOOshares (no p a r ) ____
. 100,000shs
Pref C lass “A ” 5% c u m ______ _____
$6,228,600
*5%
Pref C lass “ B ” 5% n o n - c u m . . ____
400.000
P ref C lass “ O ” 5% n o n - c u m . . ____
. 1,203.800
1st & re f m tge 5% b o n d s_____1923
7,190,500 J a n 1 1948
5%
Jackson Consol T ra c 1st m tg e / 1904
5 „ M -N
„ , ____
. g
790,000 M a y 1 1934
$1,000,000 gold ($100, $ 5 0 0 /In te re s t a t E m p ire T r u s t C o ., N ew Y ork,
a n d $1,000)----------------c * tf [ T ru ste e .
28,000
P a s t d ue
J a c k -B a t C rk T ra c Co 5% b d s . ____
5
Stock.— C lass “ B ” pref. is su b o rd in a te to C lass “ A ” an d C lass “ C ” Is
su b o rd in a te to C lass ‘A ” pref. an d also to C lass “ B ” p re f. T h e Jackson
C onsol. T rac . Oo. bonds a re su b je c t to call on an y in t. d a te a t 105.
Jackson Consolidated Traction First Mortgage Bonds, 1904.— T h e in te re s t
on th is issue has been d e fa u lte d since M a y 1 1925.
R E P O R T .— E arn in g s for cal y e a r 1925: G ross, $2,309,544; n e t, a fte r
taxes, $159,329. F o r cal. y e a r 1924, gross, $2,493,59; n e t, a fte r tax es,
$242,306.— V. 119, p . 75, 198, 3010; V . 120, p . 86; V. 121, p . 1101; V. 123,
p . 581.
(e) G R A N D R A P ID S H O LLA ND & C H ICA G O R Y .
U nion R y . G as & E ec. C o. ow ns all th e p re f., all except $1,600 com .
stock a nd $25,000 of $1,500,000 1st m tg e. 7% bonds.
Receivership.— In J u n e 1924 S tew art H a n ley , of D e tro it, w as a p p o in te d
receiver for th e co. V . 118, p . 3077.
O R G A N IZ A T IO N .— In c o rp . in M ichigan in J u ly 1904 an d is a reorgan­
ization on A ug. 1 1904 of th e G ra n d R apids H olland & L ake M ichigan
R apid R y. See V. 79, p . 627, 1904.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perates 76.40 miles of tra c k from G rand R apids th ro u g h Zeeland and
H olland to M acataw a an d O ttaw a B each, on L ake M ichigan, w here steam er
connection for C hicago is m ad e. P o p u la tio n served is e stim ate d a t 175,000.
18 m otor passenger cars, 2 tra ile rs, 15 fre ig h t a nd 3 service cars.
Franchises in c ity of H olland and village stre ets expire in 1928 to 1930;
rem ainder on p riv a te rights-of-w ay.—
V. 100, p. 140; V. 111. p . 389; V. U 2 ,p . 2537; V. 118, p . 663, 3077.
D efault in Interest.— In te re s t on th e 1st m tge. 7% bonds (principal due
Aug. 1 1924 was n o t paid) was d efau lted since F eb . 1 1924, an d th e following
com m ittee was form ed:
Committee for Or. Rap. H oi. & L . M ich , ls i M tge. 7s.— C hairm an, Stew art
Henley; Jo h n P . C rozer, O has. P . Lineaw eaver, Sidney T . M iller, A . O.
Stellwagon; Sec., E z ra Lockw ood. 1603 D im e Sav. B ank B ldg., D e tro it,
M ich. D epositaries. D e tro it T ru st C o., D e tro it, M ich ., and B an k of
N o rth A m erica & T ru s t C o., P h ila ., P a . V. 118, p . 663. T h e p ro p e rty
of th e railw ay o perating betw een G rand R apids, M ich., an d S augatuck, was
to be sold a t public auction Sept. 9 1926. V. 123, p . 455, 1113.
ST O C K A N D B O N D S—
D ate.
Interest. O utstanding. M aturity.
C om m on $500,000--------------------------------------$487,900 .....................
P ref $850,000 6 % _________________
_________
836,800 __________
1st m tge G rand R apids H oi &! 1900
7 g F-A
1,500,000 A ug 11924
L ake M ich $1,500,000 g o ld !I n t. a t C o n t. & C orn’] T r. &’ Sav. B k ., C hic.,
($500 a nd $1,000)------- n t f { T ru ste e , or a t G u a ra n ty T r u s t C o ., N . Y .
Bonds.— A sinking fu n d is provided of $5,000 p e r an n u m for first 5 years,
$10,000 p er an n u m fo r second 5 years, $15,000 yearly for th ird 5 years and
$25,000 p e r annum for fo u rth 5 years. In a d d itio n to a m o u n t rep o rted as
o u tsta n d in g , $25,000 a re ow ned by th e Union R y. G as & Elec. C o. B onds
are n o t su b jec t to call. T h e y w ere originally 5s and m a tu re d Aug. 1 1920.
E A R N IN G S .— C alendar y ears:
1925.
1924.
1923.
G ross earn in g s_____________________
$316,906
$396,629
$431,644
O perating expenses_________________
333,346
351,559
353,928
N e te a rn in g s ---------------------------------def$16,440
T ax es---------------------------------------------25,780

$45,070
23,155

$77,716
22,135

N e t incom e.
def$42,220
$21,915
$55,581
( / ) G R A N D R A P ID S RAILW AY
All th e com . a nd $500,000 pref. stock and th e $700,000 d e b en tu re 7%
bonds are ow ned by th e U nion R y. G as & E lec. Co.
O R G A N IZ A T IO N , &c.— In c o rp o rate d in M ichigan in A pri 1900 as a
successor com pany to th e C onsolidated S treet R y . On J u n e 12 1922 th e
C ity C om m ission of G ra n d R ap id s, M ich., approved an ordinance g ra n tin g
th e co. a 30-year franchise, w hich p e rm its a 10-cent fare w ith 7 tic k e ts for
50 cents at. least for 3 m onths from the adoption of th e franchise. T h e ra te
will then be increased or decreased in fixed steps. See V. 115, p . 183, for
details. Franchise has been approved by v ote of people. V. 115, p . 1428.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C om pany ow ns a nd o p erates th e stre e t railw ays in G rand R apids, M ich.;
167.94 m iles m easured as single tr a c k . 131 m o to r passenger c a r s , 19 service
cars a nd 10 m o to r buses. P o p u la tio n served e stim ate d a t 154,000. H as
2 p easure p a rk s. &c.
ST O C K A N D B O N D S— Date.
Interest. O utstanding. M atu rity.
Stock com $2,000,000 ( $ 1 0 0 ) - - ____
_________ $2,000,000
See te x t
P ref $2,000,000 cum 5% ( $ 1 0 0 ) ___
Q-F
1,954,000 N o v '18,1—
1st M $5,000,000 ($500 & $1,-1 1924
7 g M -N
3.023.000 M ay 1 1939
000 c* and $1,000 r*) g - .tf/A m e ric a n E xchange N a t. B k., N . Y .t T ru s t.
D ebenture bonds g old ------------ -------7 g M -N
700,000 M ay 1 1940
Bonds.— 1st m tge. bonds are call, all or in p a rt on a ny in t. d a te on 34
d ays’ notice a t 105 and in t. u n til and incl. M ay 1 1927, an d a t 1 % less for
each successive th ree-y ear period th e re a fte r. A sink, fund of 214% p e r
a n n ., payable sem i-ann. will be used to retire bonds by purchase up to
the c u rre n t redem ption prices or, if no t so o btainable, by call a t those
prices. I n t. pay ab le a t office of tru ste e in N . Y . or agency of co. in C hicago
w ithout deduction for M ich, taxes. P en n a. and C onn. 4-mill taxes an d
M ass. 6% incom e ta x re fu n d e d . In A pril 1924 $3,200,000 were sold by
D illon, R ead & C o ., Federal Securities C orp. and Spencer. T rask & C o.
a t 9 9 a nd in t., to yield over 7 % . V. 118, p. 2041. R ed. as a w hole a t
101 and in t. on 4 w eeks' notice. In t. payable in N . Y . C ity or G ra n d
Ranidfi. M ich. T ax-exem pt in M ichigan. V. 108. p . 2122.
T h e 7% deb . bonds a re all ow ned by U nion R y . G as & E lec. C o.

184

PUBLIC UTILITIES

D ividends.— 5% w as re g u la rly p aid on p re f. stock to an d incl. N o v . 1918.
N one since.
E A R N IN G S .— F o r calen d ar years:
x l9 2 6 .
1925.
1924.
Gross (all so u rces)___________________ $1,757,348 $1,738,779 $1,771,332
N e t a fte r ta x e s _____________________
461,594
422,499
534,615
Fixed ch arg es______________________
331,551
324,077
344,728
R etire m en t re serv e _________________
170,918
165,964
144,460
B alan ce__________________________ def$40,875 def$67,542
$45,427
x T w elve m o n th s ended A ug. 31 1926.
O F F IC E R S .—-Pres., B. C . C obb: V .-P . & G en. M g r., L . J . de L a m a rte r;
V .-P ., E . J . B echtel; C o m p ., H . G . Kessler; Sec. & T rea s., W . E . L ivingston.
O ffice. G ra n d R ap id s, M ich .— V. 118, p . 1519, 2041, 3197; V. 119, p . 1394;
V. 121, p . 198; V. 122, p . 1917.
(ff) SA G IN A W T R A N S IT CO.
U nion R y . G as & Elec. C o. ow ns 18,859 shares com . sto ck , $195,000
pref. sto ck a n d $560,000 1st m tg e. 5% bonds.
O R G A N IZ A T IO N .— In c o rp . Sept. 11 1923 in M ichigan a n d acquired
th e p ro p e rty in Saginaw , M ich ., o f th e Saginaw -B ay C ity R y . C o. (for
h isto ry see “ E lectric R ailw ay ” Su p p lem en t of A pril 28 1923), w hich had
discontinued o p eratio n s Aug. 10 1921. F o r th is p ro p e rty th e co. issued
$584,000 1st m tge. bonds, Series “ A ,” 5 % , due J a n . 1 1949; $1,479,000
of 5% cum . pref. sto ck and 18,750 shares of com . sto ck of no p a r value
(as p e r reorg an izatio n p lan in V. 117. p. 326).
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e c o . ow ns a n d o p e ra te s electric railw ay sy stem su p p lem ented b y m o to r
buses in th e C ity o f Saginaw , M ic h ., an d su b u rb s. A pp ro x. 26 m iles of
tra c k . 46 m o to r p assen g er cars, 10 service cars and 25 m o to r buses. P o p ­
u la tio n served e stim ate d a t 70,000. T h e franchise (V. 117, p . 326) ru n s to
Ju n e 25 1938 an d th e C ity of Saginaw h as agreed th a t it will p ro h ib it and
p re v e n t th e o p e ra tio n o f “ jitn e y s ” an d o th e r m o to r vehicles in com petition
w ith th e co. C o m p are, how ever, V . 119, p . 457.
Fare Increase.— See V. 121, p. 1103, 1463.
U pon co m p letio n o f reo rg an izatio n th e co. will be cap italized a p proxi­
m ately as follows:
STO CK AN D BO ND S—
Date.
Interest. O utstanding. M aturity.
_________ 2 0 ,0 0 0 s h s .__________
C om m on 20,000 shs (no p a r ) . . ____
Q— J
$1,479,000 ___________
P re f 5% $1,479,000 cu m ( $ 1 0 0 ) ____
1st m o rtg ag e series " A ” ($500 \ 1924
5 g J-J
1,184,000 J a n . 1 1 9 4 9
an d $1,000) g o ld_____c * tf/C a lla b le a t 102 a n d in t. on 30 d a y s ’ notice.
Stock.— P re f. sto ck h as eq u al v o tin g pow er p er sh are w ith com m on.
R edeem able a t $100 a n d accru ed dividends.
Bonds.— I n t. is p a y ab le a t H arris T ru s t & Savings B an k , C hicago.
In S ep t. 1925 i t w as an n o u n ced th a t fu n d s h a d been dep o sited to p a y th e
coupons d u e J u ly 1 1925 on th e 1st m tge. 5% bonds. T h e in te re s t h a d been
d e fa u lte d on th a t d a te , d u e, i t w as said , larg ely to th e low ra te s in effect
th ereto fo re. V . 121, p . 1463.
O F F IC E R S .— P re s ., T rea s. & G en. M g r., C .S . K ressler; V .-P s., O tto
Sch u p p an d H . V . S in n e tt: Sec., L . F . S w arto u t; A sst. Sec. & A sst. T re a s ..
R . E . S m ith .— Y . 117, p . 1778, 1993; V. 121, p . 1103.
(2) U T IL IT Y SH A R E S C O R P.
O R G A N IZ A T IO N .— O rganized in D elaw are N o v . 17 1925 b y E lectric
R y . Securities C o ., w hich tra n sfe rre d to U tility Shares C o rp . assets (other
th a n railw ay sto ck a n d bonds) to th e v alu e o f $1,440,000, in consideration
of w hich U tility Shares C o rp . issued a n d d istrib u te d to E l. R y . Sec. C o.
shareholders o f reco rd N o v . 25 1925 40,000 shares of its p a rtic . p re f. stock,
80.000 of its com m on sh ares and 80,000 options (expiring D ec. 31 1927) to
p u rch ase com m on sto ck a t $10 p er sh are, ra ta b ly to th e holders of E l. R y .
Sec. C o. o u tsta n d in g 80,000 sh ares o f sto ck , v iz., fZ sh are p a rtic . pref.
sto ck , 1 sh are com m on sto ck a n d 1 o p tio n to each sh are o f E l. R y . Sec. Co.
sto ck . V . 121, p . 2520. F o r an offer b y H od en p y l, H a rd y & C o ., In c .,
a n d o th ers to sell to U til. Shares C o rp . 30,000 shares of C om m onw ealth
Pow er C o rp . com m on sto ck in con sid eratio n o f th e issuance to th e m of
120.000 sh ares o f com m on sto ck a n d a like n u m b e r o f o p tio n s, see V . 121.
p . 2520, 2523, 2878; V . 123, p . 208.
C apitalization—
Authorized. Outstanding.
C om m on (no p a r ) ______________________________500,000 sh s. 200,297 shs.
F irst p referred (no p a r )_____^__________________ 50,000 sh s.
________
P a rtic ip a tin g p re f. (no p a r ) _____________________ 200,000 sh s. 25,000 shs.
________ 199,7o3 shs,
O ptions to b u y com m on s to c k ___________________
Stock.— C om m on sto ck h as fu ll v o tin g pow er. 1st p ref. receives $100 on
disso lu tio n , $105 on red em p tio n a n d $6 cu m . d ivs. T h e p a rtic . p re f. re ­
ceives $20 on d issolution, $22 50 on red em p tio n and d iv s. o f $1 20 (cum u­
lativ e) p er an n u m , a n d if com m on dividends in an y fiscal y e ar exceed 60
cen ts p er sh are, receives a like excess p e r share b u t n o t exceeding a n a d d ’l
40 cents p e r sh are in such year. V. 121, p . 2520.
D ividends.— A n in itia l q u a r. d iv. o f 30c. w as p aid i n M arch 1926 on th e
p a rtic . p ref. sto ck . V. 122, p . 1028. Sam e ra te p aid reg u larly since.
E A R N IN G S .— Incom e acco u n t N o v . 17 1925 to Ju n e 30 1926:
Incom e from d iv id en d s__________________________________________ $64,148
In te re s t in co m e_________________________________________________ 11,356
N e t p ro fit on sales of secu rities___________________________________ 18,758
E xpenses a n d ta x e s____________________________________________$94,262
P a rtic ip a tin g p referred d iv id en d s________________________________
4,605
B alance to s u rp lu s_____________________________________________$68,827
O F F IC E R S .— P re s ., Jac o b H ekm a; C o m p ., H . G. K essler; Sec., E . E .
N elson; T re a s ., O tto B ru n en m eister J r.; A sst. Sec. & A sst. T re a s., O. R .
C o lem an .— V . 122, p . 1028; V. 123, p . 208.

(T HE) U N IT E D L I G H T & P O W E R CO.
(OF M A R Y L A N D .)
(See dap on page 185 )
O R G A N IZ A T IO N .— In c o rp o rate d In M ary lan d N o v . 20 1923 and
acquired all th e assets o f th e U nited L ig h t & R y s. C o. (In co rp. in M aine in
J u ly 1910, p er plan in V. 91, p . 96), su b ject to all m ortgage liens, in d e b te d ­
ness, & c., in exchange for its ow n securities (consisting of C lass A p re f.

[V ol. 123.

stock. C lass B pref. sto ck . C lass A com . stock a nd C lass B com . stock)
which w ere delivered to th e U nited L ight & R ailw ays C o. in p a y m e n t for its
assets.
A cquisition o f Continental Gas & Electric Corp.— C o n tro l of th e C o n tin e n tal
Gas & E lectric C orp. w as acquired in 1925, over 97% of its com m on stock
being held in th e tre a su ry of T h e U nited L ight & R ailw ays C o. (D el.), all
th e com . sto ck of w hich is ow ned b y T h e U nited L ig h t & P ow er C o.
(M a ry la n d ). In O ct. 1924 th e co. h ad already acquired 75.000 of th e
109,057 com m on shares, a nd 35,000 tre a su ry shares of C o n t. G as & E l.
C orp. T h e m a jo rity of th e o u tsta n d in g stock was acquired b y offering th e
holders 1 1-5 C lass “ B ” p re f. sto ck , 1st Series, a nd 1 share C lass “ A ”
com m on stock, for each share of C o n t. Gas & E l. C o rp . A large a m o u n t
of com m on stock of A m er. L ig h t & T rac . C o. a n d D e tro it E d iso n C o. is
also held. V. 121, p . 77.
Owns all of th e pref. and com sto ck (except d ire c to rs’ shares) of th e
following subsidiary com panies:
C adillac (M ich.) G as L ight C o.
L a P o rte (In d .) G as & E lec. C o.
C h attan o o g a (T enn.) G as C o.
M ason C ity & C lear L ake (la .) R R .
C edar R ap id s (Iowa) G as Co.
N o rth w estern M fg .C o .,F t .D o d g e ,l a .
C edar R apids & M ario n C ity R y . C o. O ttu m w a (Iowa) G as C o.
F o rt D odge (la .) G as & E lec. Co.
P eople's G as & E lec. C o ., M ason C ’y
Also controls th e T ri-C ity R ailw ay & L ight C o.
On Sept. 8 1920 T h e U nited L ight & R y s. C o. w as incorp. in D elaw are
w ith a to ta l authorized c ap ita l of $50,000,000. Of th e to ta l a u th . stock,
$25,000,000 is com . and rem ain d er p rio r pref. c um ul. All th e co m ., except
d irectors shares, is owned by 'th e U nited L ig h t & Pow er C o. of M a ry la n d .
T h e 7 % p rio r pref. was sold to th e public com m unities served b y th e su b .
cos. a n d as of D ec. 31 1924 a pprox. $4,128,350 was o u tsta n d in g . In
D ec. 1924, $5,000,000 6y$% p rio r pref. w as sold, proceeds to be used in
th e acq u isitio n of over 75% of th e com . stock of th e C o n tin e n tal G as &
E lectric C orp. b y th e com pany. In Sept. 1925 T h e U nited L . & R ys. C o.
(D el.) applied for a u th o riz a tio n to increase its a u th o riz e d c ap ita l sto ck from
$75,000,000 to $150,000,000, v iz ., 500,000 shares of pref. sto ck (par $100)
an d 1,000,000 shares of com m on stock (par $100). V. 121, p. 1463.
In M ay 1925 th e com pany sold all its holdings in th e G ra n d R ap id s
G ra n d H aven & M uskegon R y . to Sydney L . V au g h an , V ice-Pres. a n d
G en. M g r. of th e ro a d , and o th e r G rand R apids m en. V. 120. p. 2685.
D u rin g 1925 th e U n ite u L ig h t & R ys. C o ., a su b sid iary , a cq u ired 9 8 K %
of th e com m on sto ck of th e Brooklyn Borough Gas Co., serving a p o p u la tio n
of over 250,000. F or details, see V. 121, p . 1229. T h e sam e co. acq u ired
in J u ly 1925 all of th e com m on stock of th e Ohio U tilities Co. (of D el.);
see V . 121, p . 1229. U n ite d L t. & R y s. C o. also controls Ohio & W estern
U tilities C o. a n d R iverside Pow er M fg. C o. In 1925 C o n tin e n tal G as & E l.
C o rp ., one of th e p rin cip al subsidiaries of th e co., acquired p ra c tic ally all of
th e com . sto ck a n d a large am o u n t of th e pref. stock of Lincoln Traction Co.,
an d h a s consolidated th e electric business of th a t co. a n d of th e Lincoln
G as & E lectric L ig h t C o., also owned by th e C o n tin e n tal G as & E lec tric
C o rp ., in a new corporation, th e Lincoln Public Service Co. V . 121, p. 1229.
On O ct. 20 1925 co. p u rch ased th e B lue R iver Pow er C o. of N e b ra sk a , for
over $1,000,000. V . 121, p . 2040.
Am erican States Securities Corp.— F o r organization of th is co. (which
how ever, is n o t controlled b y U nited L t. & P r. C o.) b y F ra n k T . H ulsw it
an d issuance of rig h ts to U nited L t. & P r. C o. stockholders to subscribe
to sto ck of th is new corp., see V. 121, p . 2878, 3006, 3132. Following th e
stock m a rk e t crash of F eb. 1926, M r. H ulsw it resigned as P resid e n t of th e
corp., w hich he reim bursed in p a rt for losses in respect to in v e stm en t (by
canceling holdings w ith an offering value of $3,500,000, see V. 122, p. 2946.
On Ju n e 8 1926 M r. H ulsw it w as re-elected directo r a n d th e n e x t d a y elected
P resid e n t of th e corp. See V. 122, p . 3336, 3080. See also V. 123, p . 80.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e com pany a n d its subsidiaries serve 318 com m unities, including K ansas
C ity , M o ., C olum bus, O ., D a v en p o rt, Iow a C ity , C ed a r R ap id s, O ttu m w a ,
F o rt D odge a n d M ason C ity , Iow a, Lincoln, N e b ., R ock Is la n d a n d M oline,
111., C h attan o o g a , T e n n ., a n d L a P o rte , In d . P o p u la tio n served over
1.750.000. A m ong th e principal com panies controlled a re K an sas C ity
Power & L ig h t C o. a n d th e C olum bus R ailw ay, Pow er & L ig h t C o. (sub­
sidiaries of C o n tin e n tal G as & E lectric C o rp .). T h e T ri-C ity R y . & L t . C o.
an d B rooklyn B orough G as C o.
T h e to ta l electric g enerating cap a c ity of th e system s of th e com pany is
over 375,000 k. w .; th e re a re 2,436 m iles of transm ission lines, over 6,230 m iles
of d istrib u tio n circu its, 19 gas p la n ts w ith 1,115 m iles of m ain s, 368 m iles
of track s; n um ber of passenger a n d freig h t c ars, 450.
T h e C o n tin e n tal p ro p e rties consist of th re e groups: T h e K a n sa s C ity
group, th e C olum bus (Ohio) group a n d th e Iow a a n d N e b ra sk a gro u p .
Transfer Agencies.— Stock tra n sfe r agencies are m ain tain ed in N ew Y ork,
In C hicago a nd in G rand R apids. See V. 97, p . 1358.
On M a r. 3 1926 stockholders changed th e a u th o riz e d c ap ita l sto ck , h e re ­
tofore consisting of 500,000 shs. C lass A p re f., 500,000 shs. C lass B p re f.,
500,000 C lass A com m on a n d 500,000 C lass B com m on, in to 500,000 shs.
C lass A p re f., 500,000 shs. C lass B p re f., 3,500,000 shs. new C lass A com .
and 2,500,000 shs. new C lass B com m on sto ck . 5 shares of new C lass A
and C lass B com m on to be issued for each sh are o u ts ta n d in g . V . 122, p .
1612.
S T O C K A N D B O N D S— Date.
Interest.
Outstanding. M a tu rity .
Com cl A 3,500,000s h s ( n o p a r ) ____
_________ 2,070,505shs See te x t
Com c lB 2 ,5 0 0 ,0 0 0 s h s (n o p a r)____
_________
990,620shs
See te x t
Pref cl A $6 50 cum 500,000
shares (no p a r ) ------------------- -------$6.50 Q-J 157,241 shs O c t’2 6 .$ l 63
Pref cl B $3 50 cum p a rtic
500,000 shs (no p a r ) ___________ _____________ _ 7 6 ,7 0 4 shs O c t’2 6 ,$ l 00
Prior p re f 7 % cum (D elaw C o.)
Ser. “ A ” ________________________
7%
5.289,224 See te x t
Prior p re f 6.36% (D el. C o .)_______
6.36%
3,712,444 ___________
x F irst & re f m tge gold ($100, 1 1912
5 g J -D
11,000,000 J u n e 1 1932
$500 a nd $1,000)_ .c * & r.tf(N e w Y ork T r u s t C o ., N ew Y ork, tru s te e ,
x 1st lien & cons M ser A series f 1922 6 g A-O
11,010,000 A pril 1 1952
of 1924 ($100, $500 &( 1924 5M g A-O
6.996,100 A pril 1 1959
$ 1 ,000c* & $1,000 & m ul. r ( in t. a t N ew Y ork T ru s t C o ., N . Y ., tru s te e ,
x D ebenture bonds Series “ A ” ) 1923 6 g J - J
2,820,000 J a n 1 1973
($100, $500 & $1,000 c* a nd (N ew Y ork T r u s t C ol, N ew Y o rk , tru s te e .
$1,000 & m ultiples r*) g -tf ]
6% g d e b en t ser 1925 ($1,000,/ 1925
6 g M -N
12.500,000 N o v 1 1 9 7 5
$500, $100)_________ c * .tf (T h e N . Y. T r u s t C o., N . Y ., C ., T ru ste e .

T h e U n ite d L ig h t
an d P ow er C om pany

Underwriters of

( all issues)

Public Utility

tions
other information regarding
W E areorpreparedoftothefurnish quota­
the securities
above Company.

and other Securities

Inquiries Invited

H o w e , Snow
Beetles
i n c

120 Broadway

j

.

New York

Chicago
Grand Rapids
Detroit
San Francisco
St. Louis




j

OTIS & CO.
E sta b lish e d 1899

CLEVELAND
New York Chicago Detroit Cincinnati
Columbus
Toledo Akron
Denver
San Francisco
Colorado Springs

185
PO W ER , L IG H T A N D R A IL W A Y
Oct., 1926.]



186

PUBLIC UTILITIES

STO CK A N D BO ND S—
Date.
Interest. Outstanding. M aturity.
D eb 6 ^ % Ser of 1924 ($100,\ 1924
6 % g M -N 6,000,000 M ay 1 1974
$500 & $1,000 c* & $ 1 ,0 0 0 [N ew Y ork T ru s t C o ., N ew Y o rk, tru s te e .
& m u ltip les r*) g o ld _____t f I
N o tes ($500 a n d $1,000) gold') 1925
5 « g M -S 4,873,000 Sept 1 1928
c * .tf JTnt. a t N ew Y ork T ru s t C o ., N . Y ., tru ste e .
C h a tta n o o g a G as firs t m tge f 1907
5 J-J
377,000 J a n 1 1927
$1,500,000 g ($ l,0 0 0 )-C * .tf(In t. a t C o n t. & C om m . T ru s t & Sav. B ank,
l C hicago, tru ste e .
_________ 75,163,250 __________
O th e r divisional secu rities___ _____
x U n . L t. & R y s. C o. (M aine) issues.
Securities Controlled C om panies.— As of J u ly 31 1926 c o .’s controlled com­
panies h a d o u tsta n d in g w ith th e public: F u n d ed d e b t and m ortgages
aggregating $75,540,250; preferred stock, $41,391,934, and m inority hold­
ings of com m on stocks of subsidiaries, $585,710. V. 122, p . 751.
For securities covering railway properties see separate companies below.
Class A Pref. Stock.— C lass A p ref. stockholders are e n title d to receive
a d iv . a t th e ra te of $6 50 p er sh are per a n n u m , pay ab le Q -J. D iv. c u m .,
an d th e stock h as preference in liq u id atio n a n d in d iv s. over all o th er classes
of sto ck . C allable a t $105 p er sh are, and th e holders are e n title d to receive
$100 p er sh are a n d dividends in ev en t of liq u id atio n . In J a n . 1925 35,000
sh ares $6 50 cum . C lass “ A ” p ref. w ere sold by Howe, Snow & B ertles, In c .,
O tis & C o. a n d Peiree, F a ir & C o ., a t $86 per share, to yield over 7.55% .
V. 120, p. 455. In Aug. 1925 th e y sold 30,000 shares a t $94 p e r sh are a nd
d iv ., to yield ov er 6 .9 0 % . V. 121, p . 841.
Class B Pref. Stock.— C lass B p ref. stockholders are e n title d to receive a ,
d iv . a t th e ra te o f $3 50 p er sh are per an n u m , p ayable Q .-J. D iv. shall
be c u m ., a n d in ad d itio n th e sto ck shall p a rtic ip a te to th e ex te n t of 50 cents
per sh are p er a n n u m w henever th e com . stock is p aying d ivs. a t th e ra te
of m ore th a n 28c p er sh are p er a n n u m . H as preference in liq u id a tio n
and divs. over all classes o f com . sto ck .
C allable a t $60 p er share, and
holders shall be e n title d to receive $50 per share an d d iv s. in e v en t of
liq u id atio n .
Common Stock.— T h ere are tw o classes, viz.: C lass A com . stock a nd
class B com . C lass A com . is in all respects sim ilar to class B com ., except
th a t it h as no votin g pow er. B o th listed on C hicago Stock E xchange
V 122, p 1612
Rights.— C om m on sto ck h o ld ers (class A a n d B) o f record J u ly 3 ’25 were
iven th e rig h t to subscribe to an ad d itio n al a m o u n t o f class A stock a t
72 50 p er sh are a t th e ra te o f one sh are C lass A com. sto ck for each 5 shares
o f e ith e r class h eld. F o r fu rth e r p a rtic u la rs, see V. 121, p . 77.
Prior Preferred Stock (Delaware Co.— .T he U nited L ig h t & R ys. (D el.)
p rio r p ref. is redeem able, all or in p a rt, on 60 d a y s’ notice a t 105 and divs.
Is unco n d itio n ally g u aran teed as to p a y m e n t of dividends and liquidation
rice by en d o rsem en t of g u a ra n ty on each sto ck certificate by T h e U nited
right & Pow er C o.
6.36% Prior Pref. Stock (Del. Co.).— T h e sale of 7% p rio r p ref. stock was
w ith d ra w n on M a y 15 1925, a n d a new issue of 6.36% p rio r p ref. stock was
sold. B o th th e 7% a n d 6.36% prio r p ref. stock is sold only th ro u g h th e
U n ite d Pow er Securities C o ., a su b sid iary of th e L t. & Pow er C o. T he
p rio r pref. o f all clasees h as preference over all o th er issues of eith e r preferred
o r com m on stocks of th e Pow er C o. R ed . all or p a rt, on 60 d a y s ’ notice,
a t $105 p er sh are an d divs.
Such o f th e o u tsta n d in g 6M> p rio r p ref. shares, Series 1924, as w ere no t
con v erted in to C lass “ A ” com . stock of th e U n. L t. & Pow . C o. (M a ry la n d ),
w ere called for red em p tio n on N o v . 1 1925, a t $105 a n d d iv s.
Bonds.— In te re s t on firs t an d refu n d in g m ortgage bonds is pay ab le a t
office of tru s te e or C o n tin e n tal & C om m ercial T ru st & Savings B an k , C hi­
cago. M o rtim e r N . B u ck n er is c o -tru ste e . $18,083,400 bonds (not incl. in
am o u n t o u tsta n d in g above) are deposited as secu rity for first lien and con­
so lid ated m o rtg ag e bonds. A dditional bonds m ay be issued for refunding
un d erly in g bonds and for 75% of p a r value of p referred stocks of underlying
com panies red eem ed or pu rch ased , 75% of c o st of b e tte rm e n ts, im prove­
m en ts a n d ad d itio n s, a n d for 75% of c o st of additional p ro p e rty , under
c erta in restrictio n s. R edeem able as a whole or in p a rt on an y in te re st day
a t 1021-2 and in te re s t on 60 d a y s ’ notice. A d ep reciatio n fu n d of 2% on all
bon d s o u t becam e o p erativ e in 1917. See description o f bonds in V. 102,
p . 1898.
T h e first lien and consolidated m ortgage bonds are secured b y pledge of
an equal face a m t of 1st & re f m tge 5s A dditional bonds m ay be
issued u n d e r certain restrictio n s. $77,300 series of 1924 held in tre a su ry .
Series A a re redeem able all or in p a rt a t a n y tim e on 30 d a y s’ notice on or
a fte r A pril 1 1947 u p to A pril 1 1948 a t 103 a n d in te re st. 5}4% series of
1924 are re d ., all or p a rt, on 30 d a y s ’ notice during first 5-year period a t
107 }4, d u rin g second 5-year period a t 105, th ereafter a t 1% less during each
5-year period u n d til M ar. 31 1954; d u rin g th e succeeding 2 % years a t 100 3-2,
an d th e re a fte r a t 100, plu s in t. in each case. In A pr. 192 B o n bright & Co.,
In c ., offered $3,500,000 1st lien & consol M . 5 K % ser. of 1924 a t 90 a nd in t.,
to yield 6.2 0 % . V.118, p. 2180. Pennsylvania S ta te ta x and C onnecticut
S ta te ta x of 4 mills refu n d ed
V 114, p 1536
In J a n . 1926 B onbright
& C o ., In c ., offered $1,400,000 ad d itio n al 1st lien & consol, m tge. gold
bo n d s, 5 M % series o f 1924, a t 9 6 H a n d in t., to yield a b o u t 5 .7 5 % . V. 122,
i
p . 751.
C h attan o o g a G as C o. bon d s h av e a'sin k in g fu n d of $15,000 p e r annum
fro m 1912 to 1926, inclusive, on first $500,000 bonds a n d 2% additional on
an y fu rth e r bonds issued. S u b ject to call a t 105 a n d in te re st. V. 84, p.
805. $11,000 of bonds, n o t included in a m o u n t re p o rte d o u tsta n d in g ,
ow ned by U nited L ight & Pow er Co.
Debentures.■ h e co n v ertib le d e b en tu re 6s due N o v . 1 1926 w ere to be
—T
p a id off and re tired a t m a tu rity
T h e d e b en tu re bonds Series " A ” 6s d u e J a n . 1 1973 are red eem able all or
p a r t on 60 d a y s' notice a t 110 d u rin g first 15 years (ending J a n . 1 1938);
th e re a fte r a t 1 % less d u rin g each succeeding 5-year period to and including
th e 4 5 th year; th e re a fte r a t 1 % less d u rin g each succeeding y ear to and incl.
th e 48th year; and th e re a fte r a t 100 and in t. In te re s t p ay ab le a t agency of
co m p an y in N ew Y ork. P en n sy lv an ia an d C o n n ecticu t 4 mills ta x re fu n d ­
ed . V . 116, p . 177.
T h e 6% g. debentures, series of 1925, due N ov. 1 1975 w ere issued under
a n ag reem en t d ated N o v . 1 1925, which provides th a t gold debentures
m a y be issued in series of such ten o r as th e co. m ay d eterm ine prior to
th e issue th ereo f. N o ad d itio n al d eb en tu res m ay be issued (except for
refu n d in g a n o th e r series, p a r for p a r), unless th e consolidated n e t incom e
has been a t least tw ice an n u al n te re st on all indebtedness of U n. L t. &

f
E

THE UNITED

[V ol. 123,

Pow . C o., including new issue, b u t excluding charges on su bordinate i n ­
debtedness, &c. Co. covenants n o t to issue a n y unsecured obligation
m a tu rin g m ore th a n 5 years from issuance, as long as a n y d eb en tu res are
ou tsta n d in g are re d ., whole or p a rt, on 60 d a y s’ notice a t 110 up to a nd incl.
N ov. 1 1940; th e re a fte r a t 1% less during such succeeding 5 y ear period
u p to and incl. N ov. 1 1970; th e re a fte r a t 1% less each succeeding y ear to
an d incl. N ov. 1 1973; th e re a fte r a t 100; in each case plus in te re st. P enn.
4 mills and M ass. 6% ta x refundable. In te re s t payable a t agency of co.
in N ew Y ork or Chicago. In N ov. 1925 B onbright & C o ., In c ., offered
$12,500,000 g. d eb en t. 6% series of 1925 a t 92 an d in t., to yield a b o u t
6.55% . V. 121, p . 2639.
T h e 6 K % d e b en tu re s Series of 1924 are redeem able, all or in p a r t, on 60
d a y s ’ notice a t 110 during first 15 years (ending M ay 1 1939); th e re a fte r a t
1% less durin g each succeeding 5-year period to and including th e 45th
year; th e re a fte r a t 1% less during each succeeding y e ar to and Incl. th e
48th y e ar, and th e re a fte r a t 100 and in te re s t. C om pany will refu n d P e n n a .
4 mills ta x and th e M ass, incom e ta x , n o t exceeding 6% p e r a n n u m on
incom e derived from th e deb en tu res. In te re s t p ayable a t agency of th e
com pany in N ew Y ork or C hicago. In M ay 1924 B o n b rig h t & C o. offetcd
$1,000,000 6 j 4 % deb s. Series of 1924 a t 95 a nd in t., to yield a b o u t 6 .9 0 % .
V. 118, p . 2574. In N ov. 1924 the sam e b ankers offered $5,000,000 addi­
tional a t 95 and in te re st, to yield over 6.8 5 % . V. 119, p. 2531.
Maintenance and Depreciation F und.— T h e com pany m u s t s e t aside yearly
n o t less th a n 1214% of its gross earnings, a ny p a r t of which n o t a ctu ally
expended in a n y calen d ar year for m ain ten an ce, & c., to be used for exten­
sions, additions, & c., a g ain st which no additional bonds m ay be issued.
N otes.— T he 514 % notes have an n u al sinking fu n d of $750,000 to be used
for purchase of notes of this issue a t n o t to exceed 100 a nd in t. N otes so
purchased to be re tired a nd canceled. A re redeem able, all or in p a rt, on
30 d a y s’ notice a t 10114 during first year, a t 101 du rin g n ext year a nd th e re ­
a fte r a t 100 and in t. C om pany w ill refund P en n sy lv an ia personal p ro p e rty
tax of 4 m ills a nd th e M ass, incom e ta x , n o t exceeding 6% p e r a n n u m on
incom e derived from th e notes. In F eb. 1925 $5,000,000 w ere offered by
B onbright & C o ., In c ., a t 99 an d in t., to yield a b o u t 5 .8 0 % . V. 120, p
1091.
D ividends.— D ivs. a re being p a id reg u larly on p re f. In 1924 fo u r q u a r.
cash divs. of 40c. per sh are were paid on C lass “ A ” & “ B ” com . In 1925,
F e b ., 40c. p e r share; M a y , 45c. p e r share. In A ug. 1925, 50c. p e r sh are.
In N ov. 1925, 60c. p e r sh are. In 1926: F eb. 60c., M a y 60c., J u ly 60c.,
O ct. 60c. In a d d itio n , stock divs. of l-4 0 th of a sh are of class A com .
w ere p aid in M a y an d N o v . 1924 an d M a y an d N o v . 1925 to h o ld ers of
b o th A a n d B com . sto ck . V. 120, p . 1330, 2945; V. 121, p . 1349. On
th e new class A a n d class B com m on stock a q u a r. div. of 12c. in cash an d
l-4 0 th sh are com m on w as p aid in M ay 1926. V. 122, p . 1457. I n A ug.
1926, 12c. In N ov. 1926, 12c. C om pare V. 123, p . 1508.
Resignation Pres. Frank T . H u lsw it.-—See Y. 122, p. 1457, fo r d e ta ils r e ­
garding resignation of P res. F ra n k T . H ulsw it on M a rc h 11 1926 following
th e stock m a rk e t pool crash of th e c o .’s stock.
E A R N IN G S .— F o r c alen d a r years:
Consolidated Profit and Loss Account U nited Light A Railways Co. and
Controlled Companies— Years Ended Dec. 31.
xl9 2 6 .
1925.
1924.
1923.
$
$
$
$
G ross earns, of sub. cos_____40,289,625a36,742,023 11,896,915 12,140,423
O per. exp., incl. m a in t., gen.
.24,000,936 21,729,894 8,027,602 8,255,144
N e t earnings of sub. cos_ .16,288,689 15,012,130
_
I n t. on bonds, notes a nd divs.
3
m in o rity stockholders
. 7,230,743 6,888,043

3,869,313

3,885,278

469,286

593,682

3,400,027
40,327
1,339,557

3,291,596
22,514
832,747

4,779,911

4,146,857

440,495
550,000

426,543
550,056

662,243
119,280

493,712
119,538

165,000

138,750

N e t p ro fit of sub. cos. due3

9,057,946
I n t. a nd divs. receivable__ . 1,000,962
M iscellaneous e arn in g s___ . 2,177,242

8,124,087
406,998
2,553,808

T o ta l gross e a rn s., U n.
'12,236,150 11,084,993
Less gen. exp., incl. taxes
U n. L t. & R ys. C o _______
832,143
697,301
I n t. on 1st & ref. 5% bds (1932)i 550,000
550,000
I n t. on 1st lien & cons. M .
6% bonds (1952), ser. A___'
660,600
660,600
In t. on 6% conv. debs. (1926)i 119,280
119,280
I n t. on 6% deb. bonds, series
A (1973)________________ ’ 167,600
165,750
I n t. on 8% 10-year bondsecured notes (1930) (ri
tire d F eb. 1923)________
I n t. on 7% bond-secured
no tes, series of 1920______
I n t. on 1st lien & cons. 544 %
series of 1924____________
343,020
296,686
390,000
390,000
In t.o n 6 4 4 % d e b s .,s e r.o f 1924
272,485
222,383
I n t. on 544 % 3 J4-yr. g. notes
I n t. on 6% deb s., ser. of 1925
484,125
46,625
I n t. on com m ercial lo a n s ___
445,756
321,638

15,751
140,991
37,718
22,145

LIGHT AND POWER COMPANY
Engineering and Construction
Operation, Management and
Financing

PUBLIC UTILITY COMPANIES
315,492 E lectric C ustom ers

140,134 Gas Custom ers

A ssets in Excess of $260,000,000

THE UNITED LIGHT AND POWER COMPANY



42,880

T o ta l e x p en d itu re s_______ 4,265,009 3,470,263 2,137,872 1,787,233
B alance ____________ _____ 7,971.141 7,614,730 2,642,039 2,359,624
a E arnings fo r 1925 include C o n tin e n ta l G as & E lec tric C o rp . a n d su b ­
sid iary o p e ra tin g com panies.
x Tw elve m o n th s ended J u ly 31 1926, see Y. 123, p . 1879.
O F F IC E R S .— C h airm a n of B o ard , C . S. E a to n , C leveland; P re s .,
R ich ard Schaddelee, G ra n d R apids; V .-P . & G en. M g r., B . J . D en m an ,
D a v en p o rt; V .-P . & G en. C ounsel, W m . C h am berlain; V .-P ., Sec. & T re a s .,
L. H . H einke, G ran d R apids. C o rp o ra te offices, B altim o re, M d .; general
offices, 733 Illinois M erch a n ts B ank B ld g ., C hicago; executive a nd acco u n t­
ing, G ra n d R apids N a tio n a l B ank B ldg., G ra n d R ap id s, M ich ., an d also
C hicago; operatin g offices, D a v en p o rt, Iow a. V. 121, p. 77, 332, 461,
588, 841. 1229, 1349; V. 121, p . 2040, 2405, 2639, 2754, 2878, 3006, 3132;
V. 122, p 95, 751, 884, 1312, 1457, 1612, 2499, 2653, 3212, 3608; V . 123,
p . 208, 713, 1384, 1508, 1879.

Chicago — Davenport — Grand Rapids

Oct., 1926.]

POWER, LIGHT AND RAILWAY

187

Bonds.— General Power
Light Co. 6% sec. gold notes, due J u ly 1 1927
T H E T R I-C IT Y R A IL W A Y & L IG H T CO .
a re call, a t 101 on 30 d a y s’ notice. Secured b y firs t m o rtg ag e on a l ’
In c o rp . in C o n n ecticu t M arch 3i 1906.
properties of co. in K e n tu ck y ; fu rth e r secured by pledge of a ll c a p ita ,
In Ju n e 1912 control was acquired by th e U n ited L ig h t & Pow er Co. stocks of N o rth e rn M ichigan P ublic Service C o., A rizona E dison Co.,1
T ri-C ity R y. & L t. com m on stockholders received in exchange for th eir W estern S tates U tilities C o. a n d S outhern E dison C o. M ichigan S ta te
shares $31 16 2-3 cash, $16 66 2-3 U nited R ys. (now U nited L t. & Pow er) ta x a n d a n y personal p ro p e rty ta x n o t in excess of 5 m ills a n d M assa c h u se tts
6% 1st p ref. a n d $12 50 2d pref. 3% stock. V. 94, p. 768. T h e U nited L t. incom e ta x refu n d ed . In J u ly 1926 $1,500,000 w ere offered a t p a r b y R . E
& Pow er Co. owns $8,920 200 com m on an d $1,568,800 preferred stock.
W ilsey & C o., In c ., a n d T ru e, W ebber & C o., C hicago. V . 123, p . 1205.
T h e Northern M ichigan Public Service Co. 20-year sinking fu n d gold ,series
O R G A N IZ A T IO N .— In co rp . in C onnecticut M arch 31 1906 a n d owns
A , due Oct. 1 1945, a re call, on a n y in t. d a te on 30 d a y s’ notice a t 105 to
a ll th e stock, except d irecto rs’ sh ares, of th e following com panies:
O ct. 1 1940 an d a t 10214 th e re a fte r. Sinking fu n d sufficient to re tire 1%
T ri-C ity R ailw ay Co. o f Iow a
M oline-R ock Isla n d M fg. C o.
a n n u ally of bonds o u tsta n d in g for first 10 years a n d 2% a n n u ally th e re ­
T ri-C ity R ailw ay C o. of Illinois
People’s L ig h t Co.
People’s Pow er Co.
C linton D a v en p o rt & M u scatin e R y . a fte r. Secured b y a 1st m tg e. on e n tire p ro p e rty . A dditional bonds
m a y be issued for 80% of cost or v alu e of ad d itio n s, im provem ents or
Iow a C ity L ig h t & Pow er Co
M u scatin e L ig h tin g Co.
acquisitions pro v id ed n e t earnings equal 1 % tim es in t. charges on bonds
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— ou tsta n d in g an d to be issued. F ree of M ichigan S ta te ta x personal,
C ontrols all gas p la n ts, electric-lighting com panias an d stre e t railw ay lines p ro p e rty ta x of an y S ta te u p to 5 m ills an d M assa c h u se tts incom e ta x .
in th e cities o f D a v en p o rt, Iow a C ity , M uscatine, B etten d o rf an d R ocking­ refu n d ed . In N ov. 1925 $200,000 w ere offered a t 97 b y H a y d en , V an
h am , l a ., a n d R ock Isla n d , M oline, E a s t M oline an d oth er sm aller tow ns in A fte r & C o ., D e tro it; T ru e , W ebber & C o ., C hicago. Y . 121, p . 1347.
Illinois, a n d an in te ru rb an connecting M u scatin e, D a v en p o rt an d C lin to n .
T h e Western States U tilities Co. 1st mtge. s. f . 20-yr. g. 6s, ser. A , dated
O perates over 170 miles o f stan d ard -g au g e tra c k , connecting th e cities of
1925, are
n
on 30 a y s ’
O
t
C lin to n a n d D a v en p o rt, l a ., a n d R ock Islan d , M oline an d E a s t M oline, Oct. 1 nd i 0 2 l . call, on a r.y in t. d a te sinking d fu n d notice to onct. 1 1940 at­
105
A
A nnual
of 1%
111 ., incl an extension to M u scatin e placed in o peration in 1912 an d city stan da g for firs t th e re a fte a n d of 2% for th e n e x t 10 years to rebonds ou
in
10 years
tire bonds.
lines in M uscatine. 80-lb. girder a n d 60 to 75-lb. T rail. P o p u la tio n served
Secured b
m tge.
n
p ro p e rty .
dd itio n al bonds
app ro x im ately 205,000. R ailw ay franchises extend to 1930, 1935 a nd 1951; issued for y a 1st cost or on ee tirea d d itio n s a n dAim provem ents or m a y be
80% of
v
of
electric franchises to 1935 an d 1943, a n d gas franchises to 1929, 1933 & 1943, tio n s provided consolidated alu t earnings sh all equal 1% tim es in t. acquisi­
ne
charges
Tri-City Ry. M a y A bandon.— See le tte r of P resid e n t re g arding financial on bonds o u tsta n d in g a n d co be issued. S ta te taxes u p to 5 m ills, M ichigan
s ta tu s o f co ., & c., in V. 117, p . 1349.
S ta te ta x a n d M assach u setts incom e ta x re fu n d e d . In N o v . 1925 $300,000
Offer to Holders o f Tri-C ity Ry. & Lt. Pref. Stock.— T h e 6% 1st p re f. sto ck ­ w ere offered a t 9 6 % b y T ru e, W ebber & C o., C hicago, a n d H a y d en ,
holders of th e T ri-C ity R y . & L t. C o. have receiv ed an offer fro m th e V an A fte r & C o., D e tro it.
T h e A rizona Edison Co. 1st s. f . g. 6s, ser. A , dated Oct. 1 1925, are call,
U n ited L t. & R y s. C o. (now U n ite d L t. & Pow . C o.) to exchange th e ir pref.
sto ck for U nited L t. & R y s. (now U n ited L t. & Pow . C o.) 6% pref. on th e on an y in t. d a te on 30 d a y s’ notice a t 105 to O ct. 1 1940 a n d th e re a fte r a t
102l . A nnual sinking fu n d , beginning O ct. 1 1926, a t 1% of bonds
A
following basis: E a c h 10 sh ares (p ar $100) of th e 6% p ref. of th e T ri-C ity
o u tsta n d in g in each of th e years 1926-1935, incl., a n d 2% th e re a fte r to
m a y be exchanged for 11 shares (par $100) of th e U n ited L t. & R y s. 6%
purchase or call bonds a t n o t exceeding redem ption price. Secured by
p re f. V . 117, p . 1665. $1,623,200 h as b een so exchanged.
1st m tge. on e ntire physical p ro p e rty , rig h ts and franchises ow ned or a fte rST O C K A N D B O N D S—
Date.
Interest. Outstanding. M aturity.
acquired, except as to liens existing on after-acquired p ro p e rty . A dditional
C om m on $9,000,000 ($100)____
$9,000,000
See text
bonds of th is or o th e r series m a y be issued for refunding bonds of a n y
P ref $3,000,000 6% cum ( $ 1 0 0 ) ____
6 Q -J
3,000,000 O ct '26, 1 H series, for acquiring or refu n d in g indebtedness n o t in excess of 75% of cost
1st & re f m tge $20,000,000 g f 1910
5 g J -J
19,801,000 Ju ly 1 1930 or v alu e of a fter-acquired p ro p e rty a n d for 75% of cost or v alu e of a ddi­
$500& $1,000c*& $l,000r*tf l i n t . a t C en t. U nion T r. C o ., N . Y ., tru stee.
tions, extensions or acquisitions pro v id ed n e t earnings for 12 m o n th s w ithin
Iow a C ity G as & E lec tric / 1909
6 M -N
171,500
See text14 m o n th s preceding equal 1 % tim es in t. charges, on bonds o u tsta n d in g
_
1st m ortgage $400,000_ t f [ I n t . a t Chicago T r. & Sav. B an k , tru ste e
a n d to be issued. B eginning F eb . 28 1927, 12}4% of gross earnings for
preceding y ear is to be set aside a n n u ally for m aintenance, ad d itio n s,
Stock.— P ref. stock is redeem able a t 120 and accum . divs. See V. 82,
extensions a n d d epreciation a g ain st w hich no bonds m ay be issued. All
p. 1213. L isted on M o n tre al, T o ro n to a n d Louisville Stock E xchanges.
S ta te taxes refu n d ed . In F eb . 1926 $2,000,000 w ere offered a t 9 7 )4 by
Bonds.— Of th e 1st & ref. bonds, sufficient are reserved for p rio r liens,
S troud C o., P h iladelphia, a n d T ru e, W ebber & C o., of C hicago. V . 122,
a n d rem ain d er for 85% of cost of a d d itio n s a n d im provem ents. Subject p . 881.
to call a t 105 an d in t. on an y in t. d a te . Sinking fu n d of 114% of bonds
E A R N IN G S .— C onsolidated incom e acco u n t for calendar years;
o u t begins F eb . 1 1924. P en n a. 4-mill ta x refunded on $1,000,000 of these
1925.
1924.
bonds. V. 93, p . 1465: V. 114, p . 855, 949. $15,600,000 of outstan d in g
O perating rev en u es_____________________________ $1,140,727 $1,014,804
1st & ref. bonds are owned by U nited L ig h t & Pow er Co.
718,143
644,938
T h e Iow a C ity G as & Elec. Co. bonds m a tu re serially $4,000 to $9,000 O perating cost, incl. m a in t. & general ta x e s ______
an n u ally from M a y 1 1912 to M ay 1 1927 and $135,000 in 1928. Subject to
N e t earn in g s__________________________________
$422,584
$369,866
call a t 105 and in t. on an y in t. d a te . A dditional bonds m ay be issued for 80%
240,000
240,000
o f cost of extens. & b e tte rm e n ts. $3,500 ow ned by U n ited L t. & Pow er Co. In te re s t on no cos a n d underlying b o n d s__________
D ividends.— F irst d iv . on pref. 1 K % , paid J u ly 1906, an d 114% quar.
$182,584
$129,866
A vailable for deprec., F ed eral tax es, &c_______
since to a n d incl. O ct. 1926. A div. o f 1% was p a id on th e com m on stock
O F F IC E R S .— P res., E . J . C ondon; V .-P ., C arlisle C ondon: Sec., F red .
J a n . 1 1915 (p ractically all of th is sto ck is owned b y U nited L ight & Power
C o. a n d previous disbursem ents w ere n o t m ade p u b lic), a n d q u a r. to and M atthew s: T reas., Lloyd O’C onnell. D irectors: E . J . C ondon, S r., C arlisle
C ondon, F red . M atth ew s. G eneral office, 231 So. La Salle S t., Chicago,
incl. A pr. 1918. In 1919. 5 % . In 1920, O c t., 1% . In 1 9 2 1 ,4 % ; in 1922, 5% .
in 1924, 8 % ; in 1925, 9 % . In 1926: J a n ., 2H % 1 A p ril, 2 X % - V. 120, 111.— V. 121, p. 1347, 2520; V. 122, p . 3081; V. 123, p . 205, 1382,
p . 455. In 1926, p aid 1% in A pril.
O F F IC E R S .— P re s ., B . J . D e n m an , D a v en p o rt: V .-P s., R ichard
S chaddelle, G ra n d R ap id s; H . E . W eeks a n d R . B . M acD onald; G en. M g r., G R A N D R A P I D S G R A N D H A VE N & M U S K E G O N R Y .
R . B . M acD o n ald ; T re a s., L. H . H einkle; Sec., H . E . L ittig .—-V. 114, p .
Receiver.—-Grand R apids T r. C o. a p p o in te d J u ly 29 1926. V . 123, p . 1762.
855, 949, 2826; V . 116, p . 78, 411, 1276, 1761; V . 117, p . 555, 1349, 1665;
Protective Committee .— In te rest due J a n . 1 1926 on th e 5% 25-year gold
V . 120, p . 455; V. 122, p . 2332.
bonds, due July 1 1926, was d e fa u lte d . T h e bonds w ere n o t p a id off a t
m a tu rity .
CEDAR R A PID S & M ARION C IT Y R Y .
Committee.— D . P . A bercom brie, M . B . H olland, E . Sohier W elch,
O R G A N IZ A T IO N .— In c o rp . M a y 1891 in Io w a. Franchise in C edar
Sam uel H . W olcott an d A nth o n y G . Felix. D epositaries: G u a ra n ty T ru st
R ap id s expires 1941 a n d in d e te rm in a te on in te ru rb a n .
C o., N . Y . C ity; S ta te S treet T ru s t C o ., B oston, an d P eople’s Sav. & T r.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns a n d o p erates ro a d 21.94 m iles in le n g th , extending fro m C ed a r R apids, C o., P ittsb u rg h .— V. 122, p. 1761.
Io w a, to M ario n , Iow a, incl. b ra n c h lines in c ity o f C ed ar R apids; second
O R G A N IZ A T IO N .— In c o rp . in M ichigan on M arch 6 1899. In M ay
tra c k , 5.36; sidings, 2.73; to ta l o f all, 30.03 m iles. R ails, 45, 60 and 1925 th e U nited L ight & Pow er C o. (of M d .), w hich heretofore controlled
80-lb. T .
th e co., sold a ll its holdings in it to Sydney L. V aughan, V ice-Pres. & G en.
M gr. of th e ro a d , an d o th e r G ra n d R ap id s m en. V. 120, p . 2683.
S T O C K A N D B O N D S—
D ate.
Interest. O utstanding. M aturity.
Stock $1,000,000 ($100)___________
_________
$650,000 __________
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
1st m ortgages series “A ” _____J 1920
7 J-D
793,000 J u n e 119 3 0 Owns a nd operates an electric road on fenced right-of-w ay, connecting th e
\N e w Y o rk T ru s t C o ., tru s te e .
three cities nam ed in th e title , a distance of 41 miles. E xtends from G ra n d
Bonds.—
-'These bon d s w ere issued in 1920, a t w hich tim e a n issue o f $184,- R ap id s in a northw esterly direction to M uskegon, w ith a branch to Spring
L ake and G rand H aven. C onnects a t G rand H aven w ith G oodrich Line
■000 1st m tg e. 5s d u e in 1931 w ere re tire d .
of steam ers for Chicago a n d C rosby Line of steam ers for M ilw aukee, w hich
are in operation all the year rou n d . T o tal tra c k . 49.67 miles, of which
MASON C IT Y & CLEAR LAKE RAILR O A D CO.
4.74 miles in G rand R apids a nd 3.43 m iles in M uskegon are o p erated u nder
O R G A N IZ A T IO N , &c.— O p erated since Ju ly 1897.
track ag e agreem ent w ith th e G rand R apids R y. and th e M uskegon T ra c . &
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S — L tg . C o. (see V. 113, p . 1674). 70-lb. T ra il. O perates 23 passenger, 15
A tro lley ro a d . Owns right-of-w ay 33 feet wide from M ason C ity to C lear express a nd 7 w ork cars. Also does a freig h t business. Franchises in all tow ns
L a k e . 9 m iles. L en g th o f line w ith in an d betw een th e tw o cities, 18.6 m iles. hrough which it passes extend to 1929; otherw ise p riv a te right-of-w ay.
H an d les all freig h t com ing over M in n . & S t. Louis, C hic. R . I . & P a c ..
S T O C K A N D B O N D S— Date.
Interest. O utstanding. M aturity.
C hicago & N o rth W est, an d C hic. G re a t W est, railw ay s betw een M ason
Stock $1,200,000 ($100)___________
_________ $1,200,000 ____________
C ity an d C lear L ak e. Franchises ru n u n til O ct. 31 1935.
F irst m ortgage $1,500,000/ 1901
5 g J-J
1,500,000 Ju ly 11926
($1,000) gold_________ c * tf ] I n t. a t G u a ra n ty T ru s t C o ., N . Y ., tru ste e .
S T O C K A N D B O N D S .— D ate.
Interest. O utstanding. M aturity.
Stock $1.000,000__________________
_________
$400,000' ________
Stock.— E n tire stock, except directo rs’ shares, deposited under U nited
G eneral m o rtg ag e $ 2 ,500,000/ 1912
6 g J-D
316,000 Ju n e 1 1932 L ight & R ailw ays C o. 1st & ref. m ortgage.
gold ($1,000)-------------- c * tf { ln t. a t F ir s t T r . & Sav. B k ., C hic., tru s te e .
Bonds.— T h e in te re st on o u tsta n d in g bonds was g u aran teed for 5 years
Bonds .— R em aining bonds a re fo r extensions a n d b e tte rm e n ts a t 75% b y th e Security In v e stm e n t Co. of P ittsb u rg h . See V. 76, p . 479. $6,000 of
o f cost, p roviding a n n u al n e t earn in g s a re 1 % tim es in t. c h arg (incl. bonds ou tsta n d in g bonds held b y U nited L ight & R ailw ays Pow er C o.— V. 100,
to be issu e d ). R ed . a t 105 a n d in t. on a n y in t. d a y . S inking fu n d of 2% p . 901, 1672; V. 107, p . 82, 291; V. 108, p. 2022; V. 113, p. 1674; 2613;
p e r an n u m began J u n e 1 1913 to p ro v id e for a d d itio n s an d b e tte rm e n ts V. 115, p. 543; V. 120. p . 2683. D efau tl of in terest, see above.
o r for p u rch ase of b o nds.
G ross earnings for 12 m os. end. M a r. 31 1925 w ere $329,784; n e t Incom e,
$81,8 2 1 .— V . 120, p . 2685; V . 122, p . 1761; V . 123, p. 2 06, 1762.

G E N E R A L P O W E R & L I G H T CO.
O R G A N IZ A T IO N .— In c o rp . in D elaw are J u ly 20 1925 to own directly,
lig h t a n d power p la n ts in C alh o u n , Slaughters, Seebree an d C orydon, K y .,
a n d to o p erate th ro u g h ow nership of th e e n tire c ap ita l stock, except
d ire c to r’s qualifying shares, electric lig h t a n d pow er, gas, w ater an d ice
business of th e following com panies:
Northern M ichigan Public Service Co. serving T rav erse C ity an d sur­
ro u n d in g co m m unity.
Western States U tilities Co. serving W innem ucca, N e v ad a , M organ,
L ittle to n , R ichville, M ilto n a n d P o rtersv ille, U ta h , M ala d C ity , Id a h o ,
C okeville, W yom ing.
A rizona Edison Co. serving B isbee, Low ell, W arre n , D ouglas a n d Y um a,
A rizona; A gua P rieta, M exico.
Southern Edison Co. serving B atesv ille, Sardis a n d Com o, M iss.; Stam ps,
P a n g b u rn , H igginson, Shirley, A u stin , G arn er, Leslie, M cR ae, Beebe,
W ard an d Des Arc.
T o ta l p o p u latio n served 85,000.
E n tire c ap ital stock of above m en tio n ed com panies a re pledged u n d e r
o ne-year n o tes, due J u ly 1 1927, described below .
S T O C K A N D B O N D S—- Date.
Interest. O utstanding. M aturity.
C om m on (no p a r)----------------- --------------------- 100,000shs. _________
7% p referred ($100)-------------- -------7 Q-F
$600,000 M a y Y e .l3
^
1-yr m tg e lien 6% g notes $ l,- f 1926
6 J -J
r ,500,000 J u lv i 1927
500,000 ($1,000, $500 c * ) tf ( I n t. a t G u a ra n ty T r. C o ., N . Y ., T ru stee,
I C tias. I I . P la tn e r, C o -T ru stee.
N o M ichigan P u b Serv Co l s t f
M 20-yr s f g ser A ($1,000.1
1925 6 A-O
200,000 O ct 1 1 9 4 5
$500, $100 c * )_________ t f l in t, a t G u ard ian T r. C o ., D e tro it, T ru stee.
W e ste rn S tates U tilities C of
1st M 20-yr s f ser A b onds!
1925 A-O
300,000 O ct 1 1945
($1,000. $500, $100 c * )_ _ tf (In te re st a t G u a ra n ty T ru s t C o., N ew Y ork.
A rizo n a E dison Co 20-year]
1925 6 A-O
2,000,000 O ct 1 1945
sin k fu n d 1st m tge, ser A .( I n t .a t B k .o f N o .A m .& T r .C o .,P h ila .,T ru s .,
($1,000, $500, $100 c * )_ _ tff Jo h n H . M ason, P h ilad elp h ia, C o-T rustee




E S C A N A B A P O W E R & T R A C T I O N CO.
O R G A N IZ A T IO N .— O rganized as successor to th e E scan ab a T rac tio n
C o ., w hich w as organized in 1909 as a consolidation of th e E sc an a b a E lec tric
S t. R y . a nd E sc an a b a Pow er C o. F o r h isto ry of E scanaba T ra c tio n C o.
see “ E lectric R ailw ay ” S upplem ent of A pril 26 1924. C o n tro ls th e E sca­
n a b a P u lp & P a p e r Co.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
D oes electric lig h t a n d pow er business in E sc an a b a , G ladstone a n d W ells,
M ich. Owns a n d o p erates s tre e t railw ay in E scan ab a an d an in te ru rb a n
ro a d to G ladstone, w hich w as placed in operation in J u ly 1910. Pow er
p la n t c ap a c ity , 10,500 h .p . A new dam on E scan ab a R iv e r, p roviding
3,400 a d d ’l h .p ., w as com pleted J a n . 1 1916. Is allow ed to c a rry freig h t.
Fares Increase.— See V . 121, p . 1788.
ST O C K A N D B O N D S —
Date.
Interest. Outstanding. M a tu rity .
C om m on stock $200,000______ _____
_________
$50,000 __________
P ref $500,000 6% cum ($100)_____
6%
460,000 ___________
E scan ab a T ra c 1st & re f M J 1909
5 J-J
230,000
See te x t
$ 6 0 0 ,0 0 0 g o ld ($ l,0 0 0 )c * c p t)ln t. a t F irs t Sav. & T r u s t C o ., M ilw aukee.
G en & re f m tg e Series “ A ” _ . / 1920 5 g A-O
200,000 A pr. 1 1 9 5 0
Series “ B ” _______________] 1920
6 g A-O
650,300 A pr. 1 1942
($100, $500 & $1,000) g -c * (In t. a t M ich. T r. C o ., G ra n d R ap id s, tru ste e
Bonds.— E scan ab a T rac tio n 1st & ref. bonds m a tu re $10,000 annually
from 1914 to 1933 in c l., rem ain d er in 1934. $372,000 h av e been re tired .
T hey are s u b jec t to call a t 103 an d in t. on an y in t. d a te . M ichigan T ru st
C o., G ra n d R apids, tru ste e . V. 92, p. 1564; V. 103, p. 406.
G en. m tge. bonds Series “ A ” a n d “ B ” are call, a t 105 a n d in t. on an y in t.
d a te on 30 d a y s’ notice. M tg e. p rovides for a n n u al sinking fu n d of 1% .
E A R N IN G S .— F o r calendar y e ar 1924, gross, $312,540; n e t, a fte r taxes,
$148,918; fixed charges, $65,494; d epreciation, $31,201; d ividends, $30,000;
balance, su rplus, $22,223.
O F F IC E R S .— P re s ., J . B . M o ran ; V .-P ., J . K . S ta c k J r .; Sec., H . M .
S tack; T re a s ., M . N . S m ith, all of E sc an a b a .— V. I l l , p . 188; V. 121,p . 1788.

188

PUBLIC UTILITIES

B E N T O N H A R B O R - S T . JOE R Y . & L I G H T CO.
Controlled b y A m erican G as & E lec tric C o.
O R G A N IZ A T IO N .— In c o rp o rate d in M ichigan in J a n . 1906 a n d is a
consolidation of th e B en to n H a rb o r & S t. Jo sep h E lectric R y . & L ig h t C o.
an d th e S t. Jo sep h R iv er T ra c tio n C o.
f* F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O p erates 10.36 m iles o f single tra c k in S t. Jo sep h a n d B en to n H a rb o r, w ith
extensions of 25 m iles th ro u g h E a u C laire to D ow agiac a n d 14.33 m iles to
W aterv liet; also o p erates 5 m iles second tra c k , 5-7 m iles sidings, &c., 60.39
m iles. 60, 70 an d 73-lb. girder a n d T rails. 44 passenger a n d 34 o th e r cars.
S T O C K A N D B O N D S — D ate.
Interest. O utstanding. M a tu rity .
C om m on ($100)____ _________ _____
_________
$800,000 __________
P referre d $400,000 ($100)_________
6 F-A
400,000
See te x t
R efu n d m tg e $2,500,000 g o ld / 1909 5 g M -N
499,500 N o v . 1 1939
($500 a n d $ 1 ,000)_______ c l l n t . a t C o lu m b ia T r. C o ., L o uisv., tru s te e .
1st cons M $1,000,000 g o ld / 1906 5 g M -N
825,000 N o v . 1 1935
($500 an d $1 ,0 0 0 )_______ c \ I n t . a t C olum bia T r. C o ., L o u isv ., tru ste e .
Bonds.— T h e 1st consol, b o n d s a re su b je c t to call on a n y in t. d a y a t 106.
O f th e ref. b o n d s, $1,000,000 a re reserv ed for prior liens.
S D ividends.— P ref. divs. a t r a te of 6% p er an n u m a re bein g p a id .
&
E A R N IN G S .— F o r y ears ending Ju n e 30:
Operating N et(after
Other Interest, P f.D ivs. Balance,
Revenues. Taxes).
Incom e.
&c.
(6 % ). Surplus.
1921__________$753,218 $143,595 $21,669 $94,206 $24,000 $47,058
1920__________ 685,956 171,973
14,980
85,234 24,000
77,719
O F F IC E R S .— P re s ., C h as. M in a ry , B en to n H a rb o r, M ich .; V .-P ., F . A.
B ry an : Sec., C . B . C alv ert; T re a s ., L ee M aso n .— V. 109, p . 1079; V. 114,
p . 2822.




[V ol. 123,

M U S K E G O N T R A C T I O N & L I G H T I N G CO.
A ffiliated w ith A m erican L ig h t & T ra c tio n C o. V . 82, p . 49.
O R G A N IZ A T IO N .— In co rp o rate d in M ichigan on M arch 1 1901, and
is a consolidation of th e s tre e t railw ay , electric lig h t an d gas com panies of
th e c ity of M uskegon, M ich.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns 15 miles of ro ad a nd serves as a term inal for th e G ra n d R apids G ran d
H av en & M uskegon R y ., w hich operates 40 miles of tra c k b etw een p o in ts
indicated in th e title (see V . 113, p . 1675).
S T O C K A N D B O N D S— Date.
Interest. O utstanding. M a tu r ity .
- ..................
$600,000
____
Stock $600,000 ($100)_____________
P referred $100,000 6% c u m . . ____
6
63,000
Seejtexfc
F irst m ortgage $600,000 goldf 1901
5 g M -S . 600,000 M a r. 1 1931
($1,000)________________ t f \ In te re s t a t W yom ing V alley T r u s t C o ..
C allable a t 105___________ l W ilkes-B arre, P a ., tru ste e .
D ividends.— On preferred sto ck 6% cum ulative.
E A R N IN G S .— F o r 12 m o n th s ended A ug. 31:
1926.
1925.
O p erating re v e n u e ______________________________
$616,411
$568,610
N e t operatin g incom e___________________________
116,304
86,187
G ross corp. incom e, incl. o th er incom e___________
131,360
89,630
B ond in te re s t___________________________________
30,000
30,000
70,623
40,149
O ther in te re s t__________________________
N e t incom e___________________________________
$30,737
$19,481
O F F IC E R S .— P res., G eo. Steinw edell; V .-P ., A . P . L a th ro p ; Sec. and
T re a s., G . J . Zorn: V .-P ., Jam e s Law rence; A sst. Sec., A sst. T rea s. & A u d ..
T . M . L eahy; A sst. Sec., F . M . D ennis.— V . 113, p . 1675, 2406, 2 7 2 1 ,2 8 1 9 .

ENGINEERS PUBLIC SERVICE COMPANY

POWER, LIGHT AND RAILWAY

Oct., 1926.]

189

Southern Group o f S tates
POWER, LIGHT AND RAILWAY

VIRGINIA
ENGINEERS’ PUBLIC SERVICE COMPANY.
(See M a p on page 188.)
T h e o p eratio n of th e su b sid iary com panies is supervised b y Stone & W eb­
ster. In c.
C o m p an y owns th e follow ing securities:
Owned by Eng.
N a m e o f Controlled Co.—
Outstanding Shares.
Pub. Serv. Co.
V irginia E lec tric & P o w er C o ____l*C om m on
478,020 shs. 469,074 shs.
\ P referre d
104,870 shs.
179 shs.
K ey W est E lec tric C o ___________ /*C o m m o n
5,000 shs.
5,000 shs.
(♦ P referred
3,500 shs.
__________
(♦Com m on
87,890 shs.
85,516 shs.
E a s te rn T ex as E lec tric C o. (D e l.).] *Preferred 21,171 shs.
__________
(xC onv. n o tes $3,497,600
$3,238,100
E l P aso E lec tric C o. (D e l.)______J*C om m on
58,024 shs.
51,762 shs.
*Preferred 25,940 shs.
__________
♦C om m on
25,000 shs.
24,574 shs.

!

♦P referred
10,000 shs.
__________
♦ see “ tu re 14,523 shs.
5,500 ” of
F o r h is to ry o f acquisitions, &c., D eb en P ublic U tility C om pendium shs.
41,041 shs.
22,884 shs.
M a y 1 1926 an d com p are also V. ♦C om m.on
120, p 3313: V . 121, p . 1160- v . 122,
♦P 2948.
referred
3,211 shs.
__________
p . * V oting sto1309, x Pace2040, e2190, v ertib le in to com m on stock.
347, 1169, ck , 1608, v a lu , co n
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h ro u g h its subsidiaries fu rn ish es electric lig h t a n d pow er to a pop u latio n
o f 1,082,600, tra n s p o rta tio n service to 858,200 an d gas service to a popula­
tio n o f 225,900; in V irginia, N o rth C aro lin a , F lo rid a , T exas, L ouisiana,
C o lo rad o , W yom ing, N e b ra sk a , M isso u ri, N ew M exico, G eorgia a n d th e
R epublic o f M exico. In ad d itio n , th e se com panies do a n ice a n d refrig­
e ra tin g business, fu rn ish w a ter a n d s te a m h eatin g service an d o p e ra te to ll
bridges. A ggregate cap a c ity of electric gen eratin g statio n s of system ,
279,040 h .p .; 3,572 m iles o f tra n sm issio n a n d d istrib u tio n lines; stre e t a nd
in te ru rb a n railw ay s, 416 m iles of eq u iv alen t single tra c k . O perating rev ­
enues fo r 1925 were derived: 56% fro m electric lig h t a n d pow er; 34% fro m
tra n s p o rta tio n (including bus); 5% fro m gas; 5% fro m m iscellaneous, incl.
w a ter, ice, stea m h e a t an d (or) brid g e to lls.
Stock Increase.— On M ay 17 1926 th e a u th o rized no p a r, com m on stock
was increased from 1,000,000 to 1,500,000 shares. V. 122, p . 2948.
S T O C K A N D B O N D S—
Date.
Interest. Outstanding. M aturity.
C om m on 1,500,000 shs (no p a r ) ____
_________ 778,500 s h s __________
P ref 400,000 shs (no p a r)__________
$7 Q-J 296,621 shs O ct’2 6 ,$ lM
Bonds of subsidiaries & securi­
ties of leased c o m p an y__________
_______
44,949,500 __________
P ref stock of subsidiaries__________
_______
19,690,700 __________
B al. of assets for com . stock of
subs in han d s of p u b lic__________
_______
2,009,283 __________
C o u p o n notes subs, co s______ _____
_________
5,961,500 __________
U n p aid b u t u n d e rw ritten b al.
on allo tm e n t price o f allo t­
m e n t certificates__________ _____
1,079,000 __________
x In clu d es $2,175,000 bon d s of Virginia R y . & Pow . C o., $620,000 bonds
o f N orfolk & P o rtsm o u th T rac tio n C o. a n d $75,000 bonds of S avannah
E lectric Co. h eld in sinking fu n d , uncancelled.
Stock.— P ref. sto ck h as no voting rig h ts except in case of dividend de fa u lt,
&c. E n title d to $100 a n d d iv . in case of in v o lu n ta ry , a n d $110 a nd div . in
case of v o lu n ta ry dissolution. In J u n e 1925 Stone & W ebster, In c ., B lair
& C o .. In c ., Brow n B ro th ers & C o. an d B lodget & C o. offered a t $100
200,000 shares in the form of a llo tm e n t certificates, each share carrying
H com m on sh are. A pplication was to be m ade to list th e m on N . Y . Stock
E xchange. Pref. a n d com m on listed on B oston Stock E xchange. V . 120,
p . 3313; V. 121, p . 74.
D ividends.— An in itial q u a r. d iv . o f $1 75 w as p aid in O ct. 192o on the
p ref. stock. V. 121, p . 1461, an d regularly since.
E A R N IN G S ..—x C onsolidated earnings for 12 m os. ended A u g 31 1926:
G ross earnings______________________________________________ $25,450,928
N e t after m ain ten an ce & ta x e s_______________________________
9,734,411
In te re s t, am o rtizatio n & re n ta ls_____________________________ 3,147,403
M in o rity preferred div id en d s________________________________
1,325,892
M in o rity p ro p o rtio n o f su rp lu s______________________________
240,332
P referred divs. E n g . P u b . Serv. C o______:___________________ 2,085,776
A vailable for com m on d iv s. & reserv es_____________________ $2,935,008
x Includes earnings of above subsidiaries for fu ll 12 m os. period an d a
fu ll y e a r’s dividend on E n g . P ublic Service C o. preferred sto ck used in
acquisition of these subsidiary stocks an d also e stim ate d o peratin g expenses
for fu ll 12 m os. V . 122, p . 2649.
O F F IC E R S .— P res., C . W. K ellogg.— V. 120, p . 3313; V . 121, p . 74.
1461, 1676, 2520, 2873: V. 122, p . 347, 1169, 1309, 1608, 2040, 2190, 2649,
2798, 2948, 3 081,3209, 3605; V. 123, p . 580, 842, 1250, 1382, 1762, 1875.
V IR G IN IA ELECTRIC & POW ER CO.
E n g in eers’ Public Service C o. owns a large m a jo rity o f th e com m on stock.
M anagem ent.-—Since J u ly 1 1925 Stone & W eb ster, Inc..—V . 120, p. 2685,
3067; V. 121, p . 201.
O R G A N IZ A T IO N .— In c o rp . Ju n e 29 1909 in V irginia as Virginia R ail­
w ay & Pow er C o ., an d acquired on its o rganization th e pro p erties of Vir­
g in ia P assenger & Pow er C o. N am e changea to p re se n t title as th e re su lt
o f th e m erger of S p o ttsy lv an ia Pow er C o. in to V irginia R ailw ay & Pow er
C o ., effective O ct. 27 1925. In J u ly 1911, th e V irginia R ailw ay & Pow er
C o. acquired b y consolidation th e N orfolk & P o rtsm o u th T rac tio n C o.,
a n d as a re su lt th e re o f acquired a n d assum ed th e lease of th e N orfolk
R ailw ay & L ig h t C o. fo r 99 y ears fro m Ju n e 1 1906. In 1914 acquired
th e e n tire c ap ital stock o f V irginia C aro lin a P ow er C o ., a n d in 1916, th ro u g h
m erg er an d consolidation acq u ired a il th e p ro p e rty a n d franchises of R ich­
m o n d R ailw ay & V iaduct C o. I n 1917 p u rc h a se d th e e q u ipm ent and
tra c k s o f N o rfo lk an d O cean View R ailw ay C o. o u tsid e of th e C ity of
N o rfo lk , to O cean View. On O ct. 27 1925 acquired b y m erger th e S p o tt­
sy lv an ia P o w er C o ., a n d as a re su lt th ereo f also acq u ired th e p ro p e rties of




th e R oanoke R ap id s Pow er C o. a nd th e R oanoke R iv e r D evelopm ent C o.,
b o th N o rth C aro lin a co rp o ratio n s, a n d th e p ro p e rties o f th e W illiam sburg
Pow er C o ., a V irginia co rp o ra tio n , a ll of w hich pro p erties h a d been ac­
q u ired b y p u rc h a se b y th e S p o ttsy lv a n ia Pow er C o. p rio r to said m erger.
On Sept. 15 1925 also acquired co n tro l th ro u g h sto ck ow nership of the
R ichm ond R ap id T ra n s it C o rp . As of D ec. 31 1925 acquired th e gre a te r
p a r t of th e bus o perations in th e C ity of N orfolk, w hich h a d , p rio r to
J u ly 1925, been o p e ra te d b y in d ep en d en t op erato rs. V. 89, p . 44, 105;
V. 93, p . 106; V. 103, p . 407; V. 118, p. 2181; V. 121, p. 1463, 1910; V. 122,
p. 2654.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. now’ owns o r con tro ls th ro u g h lease o r sto ck ow nership th e electric
lig h t a n d pow er an d electric railw ay business in R ichm ond, N orfolk, P o rts ­
m o u th a nd P e te rsb u rg , V a., th e bus business in R ichm ond, and th e g re a te r
p a r t of th e b u s business in N o rfo lk , V a., th e electric lig h t and pow er busi­
ness in Suffolk a n d H opew ell, V a., and surro u n d in g te rrito ry , th e electric
lig h t an d pow er business in W illiam sburg a n d F redericksburg, V a., an d in
YVeldon, H alifax a n d R oanoke R apids, N . C a r. an d vicinity, a n d th e
gas business in N o rfo lk , V a. an d v icinity. C o. a nd its subsidiaries ow n
electric generating statio n s of over 155,000 h .p .; over 1,600 miles of tra n s ­
m ission an d d istrib u tio n lines, 245 m iles of e quivalent single tra c k of stre et
a n d in te ru rb a n railw ays; 596 c ars, incl. 227 one-m an safety cars; 143 busses;
3 gas p la n ts , 3,500,000 cu. ft. d a ily c ap a c ity . In a d d itio n , ow n rig h ts for
fo r h ydro-electric developm ents of over 65,000 h .p . u ltim a te cap acity .
Co. also ow ns over 80% of th e c a p ita l stock of Sabine C ollieries C orp.
V. 121, p . 2275.
E s tim a te d population served, tra n s p o rta tio n , 481,400; electricl ig h t and
pow er. 560,500; gas, 180,400.
Franchises.■ In Richm ond lig h t a n d pow er franchises expire in 1927,
—
1928 a nd 1931, railw ay in 1926, 1930 a nd 1932. In N orfolk, P etersburg
and H opew ell lig h t a nd pow er p e rp e tu a l. R ailw ay: P etersburg, perpetual;
N orfolk expire 1930, 1940 a nd 1941. In P o rtsm o u th , lig h t and pow er,
1927 a nd 1932. In Suffolk, lig h t and pow er in 1945. In Fredericksburg,
lig h t and pow er in 1940; in A shland, 1935; in W illiam sburg, 1946; in W eldon
a n d R oanoke R apids, N . C ., in J 933; in F ran k lin , B oykins a nd H olland,
V a., and in H alifax, Seaboard and Jack so n , N . C ., in 1955. In te ru rb a n
franchise betw een R ichm ond an d P e te rsb u rg expires in 1941 w ith rig h t of
renew al for 40-year period. G as franchise in N orfolk p e rp e tu a l.
In M ay 1923 th e co. tra n sfe rre d to its su b sid iary , th e P o rtsm o u th (V a.)
T ran sit C o ., its tra c tio n p ro p e rties in P o rtsm o u th . See V . 116, p . 2390.
for fu rth e r d e ta ils. See also V . 119, p . 326.
Valuation o f City Gas Co.— See V. 110, p. 1416; V. 112, p . 259.
F or rep ro d u ctio n value as fixed b y Stone & W ebster, see V. I l l , .p 494,
1473. F or v a lu a tio n of R ichm ond lines b y S tone & W eb ster, see V. 112, p .
1743. V aluation of P . U . C om m , in V. I l l , p . 1473. T aylor-C ooke v a lu a ­
tion w ill be found in V. I l l , p . 2425. See also V. I l l , p . 2326; V. 112, p .
637, 654, 1400, 2085; V. 113, p . 72. N ew v a lu a tio n by V a. C orp. C om m ,
will be found in V. 114, p . 2361. F o r v a lu a tio n of N orfolk s tre e t railw ay
division seeW . 117, p . 2544.
Value o f Old Richmond Passenger & Power Co. Deb. Bonds.— See V. 114,
p. 2581.
Fares.— See “ E lectric R ailw ay” Supplem ent o f A pril 26 1924. F a re in­
crease g ra n te d b y Virginia C orporation Commission; see V . 121, p . 980;
V . 123, p . 1879.
Bus Service.-—-For acquisition of bus lines a n d pu rch ase of 36 buses, oper­
atin g a t N orfolk, V a., see V. 121, p . 588, 980. B us rig h ts upheld in N o r­
folk, V a., see V . 121, p . 2639.
D ecision.— For ru lin g of Suprem e C o u rt of A ppeals in Sept. 1922 th a t
rig h t to fix s tre e t car fares is v ested solely in th e S ta te C orp. C om m ., see
V. 115, p. 1534.
N ew Rates.— A new schedule of lighting ra te s w as accepted a t th e end of
1925. expected to result in a m aterial increase in th e use of c u rre n t In re ­
frigerators, electric stoves, & c., V. 121, p . 2405.
U nified Trolley and Bus Transportation in Portsmouth, V a .— See V. 123,
p . 1253.
D ate. Interest. Outstanding. M aturity.
ST O C K A N D B O N D S —
_________ 478,020 shs D ec ’26, $3
C om 480,000 shs (no p a r)_____ . _
7 Q-M $9,758,300
See tex t
7% c. p. $15,000,000 ($ 1 0 0 )-.- ______
_______
408,900 __________
6% p re fe rred ______________ ____
3,000.000 O ct 1 1955
1st & re f m tge gold Series A f 1925 5 g A-O
$1,000, $500 c* _________ t f \ C hase N a t. B k. of th e C ity of N . Y ., tru ste e
5 g J -J
13,359,000 Ju ly 1 1934
V irginia R y & P r 1st & re f M / 1909
g ($1,000)______________c*l I n t. a t E q u ita b le T r. C o ., N . V ., tru ste e .
N orfolk & P o rtsm 1st m tg e j 1906
5 g J-D
7,169.000 Ju n e 1 1936
$8,009,000 ($1,000) g o ld --) In t. a t C om m ercial T r u s t C o ., P h ila ., T ru s.
5 g M -S
478,000 M ar 1 1929
N orfolk & A tlantic T e rm 1st J 1899
m tg e $500,000 g o ld ________1In te re s t a t Alex B row n & Sons, B altim ore.
Stock.— T h e 7% cum . p re f. stock Is non-voting except In case of de fa u lt
of dividend, &c. Is pref. over th e com m on stock as to divs. a nd as to
$100 assets plu s divs. in case of in v o lu n ta ry and $110 plus divs. in case of
v o lu n ta ry liq u id a tio n . R e d ., w hole or p a rt, a t $110 per snare an d divs.
a fte r 3 yrs. from d a te of issue. A pplication w as to be m ade to list th is pref.
stock on th e N . Y. Stock E xchange. In N ov. 1925 Stone & W ebster,
In c ., B lair & C o ., In c ., B row n B rothers & C o. a nd B lodget & C o. offered
$5,000,000 to $102 50 per share. V. 121, p . 2275.
Bonds.— $466,000 V a. R y . & P r. C o. 1st & ref. bonds are in tre a su ry a nd
rem ainder are reserved for fu tu re im p ts., subject to certain restrictio n s.
Sinking fu n d f i % sem l-ann. of bonds o u t from 1914 to 1919 a nd Vi % sem i­
annually th e re a fte r; $2,121,000, n o t incl. in a m o u n t re p o rte d o u tsta n d in g ,
held in sinking fu n d . B onds a re su b jec t to call a t 105 a n d in ter­
e st. V. 92, p. 1212. L isted on N ew Y ork, P h ila. a n d B altim ore
Stock Exchanges. V . 94, p . 125; V. 96. p . 1425; V. 100. p . 557. Stone &
W ebster, In c ., B lodget & Co. a n d B lair & C o., In c ., sold in Ju n e 1925
$2,660,000 a t 98M a n d in t. V. 120, p . 2067.
U nissued N orfolk & P o rtsm o u th 1st S i. bonds of 1906 m a y be issued for
acquisitions, extens. a n d im p ts ., b u t n o t over $500,000 in a n y one y e ar.
A sinking fu n d of K % p e r a n n u m of o u tsta n d in g bonds began J u n e 1 1916,
w hich is to be invested in th e bonds; $619.000. n o t included in a m o u n t
re p o rte d o u tsta n d in g , held in sinking fu n d J u n e 1925. $211,000 in
tre a su ry . A re su b j. to call a t 110 a nd in t. on an y in t. d a te u p o n 60 d a y s ’
notice. B onds a re listed on P h ila ., B oston, B alt, a n d P itts b u rg h Stock
Exchanges. V. 83, p . 492. In F eb . 1925 $500,000 N o rf. & P o rts . T ra c .
1st m tge. 5s w ere offered b y P a in e , W ebber & C o. a t 95.75 a n d in t., to
yield 5.5 0 % . V . 120, p . 706. Stone & W ebster, In c ., B lodget & Co.
a nd B lair & C o., In c ., sold in J u n e 1925 $486,000 a t 9 8 a n d in t. V. 120,
p . 3067.
T he Virg. El. & Pow. Co. 1st A ref. M . g. bonds are d irect obligations of
th e co. su pplem ental to th e 1st & ref. m tge. in d e n tu re of S p ottsylvania
Pow er C o., d a te d O ct. 1 1925, a nd are secured by a dire c t 1st m tge. on
electric light a nd pow er properties w hich have been v alued a t su b sta n tia lly
m ore th a n th e principal a m o u n t of these bonds a nd a 1st lien b y pledge
on all th e c ap ital stock (except directo rs’ qualif. shares) of V irginia-C arolina

190

PUBLIC UTILITIES

Pow er C o ., w hich ow ns v a lu ab le rig h ts for fu rth e r hydro-electric develop­
m en ts. A re also secured (subject to th e lien of divisional m tge. bonds o u t­
stan d in g ) b y a lien on all of th e o th e r fixed p hysical p ro p erties a nd franchises
ow ned by th e co., including its lease of N orfolk R y. & L t. Co. properties.
A dditional bonds are issuable, w ith in lim its as to m axim um a m o u n t, for
75% of a d d itio n a l p ro p e rty , or for n e t earnings for 12 w ith in 15 preceding
m o n th s h av e been a t le a st tw ice a n n u al in te re st charges on all bonds o u t­
stan d in g (incl. those to be issued a n d divisional a n d un d erlying bonds.
T h e y m a y be issued in one o r m ore series, w ith v ary in g in te re st ra te s,
&c., &c. A re call., as a whole a t an y tim e, or in p a rt on an y in te re st d a te ,
a t th e following ra te s a n d accrued in terest: U p to a n d incl. O ct. 1 1935
a t 105; O ct. 1 1940 a t 104; O ct. 1 1945 a t 103; O ct. 1 1950 a t 102; O ct. 1 1953
P e n n a . 4 m ills ta x ,
a t 101; O ct. 1 1954 a t 1003^; th e re a fte r a t 100K .
M ass. 3-m ills ta x an d M a ry lan d 4 K -m ills ta x refu n d ab le. I n N ov. 1925
Stone & Webster, In c ., Blair & Co., In c ., Brown Brothers & Co. an d Blodget
& Co. offered $3,000,000 5% series A, due O ct. 1 1955, a t 9234 an d in t.,
to yield 5 .5 0 % . Y. 121, p . 2639.
D ividends.— On p re f. first d iv .— 134% — p a id Ju ly 1 1910. I n 1911,
1912 an d 1913, 5 % . In 1914, 534% - In 1915 to a n d incl. 1918, 6% per
a n n . J a n . 1919 d iv . of 3% p a id on Ju ly 20 1919. N one to J a n . 1921, w hen
6% (p ay ab le in p re f. sto ck ) w as p a id . V. I l l , p. 2042. In 1922, J a n .,
6% (p ay ab le in p re f. sto ck ). V. 114, p . 80. In D ec. 1922 a d iv . of 6%
w as d eclared , p a y ab le in cash (3% in J a n . a n d 3% in Ju ly 1923). V . 115,
p . 2906. In 1924, J a n ., 134% ; A p ril, 134% ; J u ly , 134% ; O c t., 134% . In
1925, J a n ., 134% : A p ril, 134% ; J u ly , 134% : O ct., 1 34% . On com m on,
fir s t d iv id en d — 1% — p a id O ct. 1911. In 1912, 2 % . In 1913 to 1917,
inclusive. 3 % . A pril 1918 dividend o m itte d (V. 106, p . 11271: O ct. 1918
div id en d o f 3% w as m ad e p ay ab le in stock o f Old D om inion Iro n & Steel
C o rp . V . 107, p . 1288. N one till S ep t. 1925, w hen a d iv id end of 6% was
declared, h a lf o f wnich w as p aid S e p t. 29 1925 to holders o f record S ept. 22,
an d th e rem ain in g 3% to b e p a id D ec. 15 1925 to holders o f reco rd O ct. 31
1925. V . 121 , p . 1463.
E A R N IN G S .-—C onsol, earn in g s for cal. y ears:
1925.
1924.
T o ta l e a r n in g s _______________________________ $12,143,976 $11,539,196
O p eratin g expenses, m ain te n an c e a n d ta x e s______ 7,011,536
6,805,560

[V ol. 123.

a t le a st 3 tim es a n n . d iv . re q u ire m e n ts on en tire issued an d o u ts ta n d in g pref.
sto ck , incl. proposed issue. N o. pref. sto ck e n title d to c u m . divs. a t a ra te
exceeding $8 p e r a n n . an d no p rio r c ap ita l sto ck of a n y class m a y be created
if holders of 1-3 or m ore of o u tsta n d in g pref. sto ck o b je c t th e re to . P ref.
sto ck is non-voting an d h a s no rig h t to subscribe to a n y issue of c a p ita l stock
of co. or for a n y issue of securities convertible in to c ap ita l sto ck . V. 123,
p . 208. 7% series is p referred as to cum . divs. R ed ., all or p a r t, on a n y
div. d a te on 30 d a y s ’ no tice a t 107 an d divs. E n title d to re d e m p tio n price
in v o lu n ta ry liq u id atio n or 100 a n d divs. in in v o lu n ta ry liq u id a tio n . In
J u ly 1926 A . E . F itk in & C o. a n d S troud & C o ., In c , sold $1,000,000 7 %
series a t 97 a n d in t., to yield a b o u t 7 .2 5 % . V. 123, P . 208, 584.
Bonds.-—-The ls i mtge. & ref. 20-year 514 % gold bonds series A a re secured
b y a d ire c t 1st m tg e . on th e electric pow er an d lig h t an d gas p ro p e rties o f th e
com pany a n d c o n stitu te a direct lien on th e rem ain d er of th e m erged
properties su b ject to $3,400,000 divisional bonds. A re fu rth e r secured
b y pledge of over 93 % of th e com m on stock an d 70% o f th e p referred stock
of N ew port N ew s an d H a m p to n R ailw ay G as an d E lectric C o. a n d 100%
of C harlottesville & A lbem arle R y . C o. com m on sto ck . A dditional b onds
m a y be issued (a) for refunding purposes, (b) for 75% of b e tte rm e n t a n d
a d ditions, provided consolidated n e t earnings for 12 o u t of preceding 15
m o n th s have been n o t less th a n tw ice a n n u al in te re s t on, or 10% of, p rin ­
cipal am o u n t of, w hichever is less, underlying a n d 1st m tg e. a n d ref. b onds
(incl. new issue) o u tsta n d in g . T here is a maintenance and sinking fu n d
providing th a t com pany an d its subsidiaries shall expend n o t less th a n
1213 % of th e ir electric an d gas an d 25% of th e ir s tre e t railw ay gross oper­
a tin g revenues or m aintenance, re tirem e n t of divisional bonds a n d series
A bonds issued u n d e r th is m ortgage, a nd a d d itions a n d b e tte rm e n ts a g ain st
which no bonds m a y be issued. F rom such fu n d a n a m o u n t a n n u ally
equal to 1 M % of such gross operating revenue or 1 % of p rin cip al a m o u n t
of series A o u tsta n d in g , w hichever is less, is to be used for p u rc h a se an d
re tirem e n t of series A bonds a t n o t exceeding redem ption price. R ed . on
th e 1st of a n y m o n th on 30 d a y s’ notice, whole or p a rt, a t 105 a n d in t.,
reducing 14% for each y ear elapsed from J a n . 31 1926 u p to m a tu rity .
C onn., P e n n , a n d C alif. 4-m ill, M ary lan d 413-mill, D ist. of C olum bia 5m ill and M ass. 6% taxes refundable. In F eb . 1926 E . H . R ollins & Sons,
&c.. &c., &c., offered $11,500,000 series A , due F e b . 1 1946 a t 97 a n d in t.,
N e t earn in g s___________________________________ $5,132,440 $4,733,636 to yield a b o u t 5.75% .
Fixed ch arg es___________________________________ 1,512,203
1,427,308
T h e 20-year 6% s. f . gold debentures, due Feb. 1 1946 h a v e a sinking fu n d
P referred d iv id en d s_____________________________
718,878
581,544 of $50,000 to be re tire d every six m o n th s beginning F e b . 1 1927. I f u p o n
717,018
____
C om m on d iv id en d s_____________________________
notice as provided in th e tru s t a g re em en t, th e holders of 1-3 of o u ts ta n d in g
N e t charges to reserves a n d su rp lu s____________
129,689
322,488 d eb en tu res ob ject th e re to , co. m a y n o t issue any a d d itio n a l bonds, n o te s or
R etire m en t r e s e r v e _____________________________
1,756,633
1,659,413 o th e r obligations p a y ab le m ore th a n 12 m o n th s from d a te o f issu an ce
Sinking fu n d ch arg es____________________________
322,185
304,080 thereof, o th e r th a n (1) purchase m oney obligations, (2) 1st & re f. m tg e .
D eficit R ich m o n d R apid T r. C o rp _______________
87,517
______ bonds, an d (3) underly in g bonds to be deposited u n d e r 1st & re f. m tg e .
R ed . on 1st of a n y m o n th , on 30 d a y s ’ notice, w hole or p a r t, a t 105 & in t.
B alance, su rp lu s____ ______________________ xdef.$131,683
$438,804 reducing M % for each y ear elapsed from J a n . 31 1926 u p to m a tu rity .
x Before a special cre d it A $2,798,191 m ad e to su rp lu s, w hich leaves a In te re s t p a y ab le in N ew Y ork or P h ilad elp h ia, C o n n ., P e n n , a n d C alif.
surplus balance of $2,686,508.
4 m ills, M ary la n d 413 m ills, D ist. of C ol. 5 m ills an d M ass. 6% ta x e s
O F F IC E R S .— P res., L uke C . B radley: V ice-Presidents, W . E . W ood a nd re fu n d a b le . T h e following am o u n ts a re exchangeable in to class A com m on
J . F . M cL aughlin; T rea s., H en ry B . Saw yer; Sec., W illiam T . Craw ford: sto ck of N ational Public Service Corp., w ith a cash a d ju stm e n t of in te re s t on
C o m p t., G . B . W illiam s. Office, 149 B ro ad w ay , N . Y . C ity .— Y. 121, p . th e d e b en tu re s an d dividends on th e said sto ck a t th e r a te of $1.60 p . a .,
201, 588, 709, 980, 1229, 1463, 1910, 2158, 2275, 2405, 2528, 2639; V. 122, as follows:
D u rin g 12 m os. ended A pril 30 1927 n o t exceeding $500,000 a t th e r a te of
p . 1313, 2499, 2654, 3213; V. 123, p . 1253, 1635, 1879.
40 class A shares for each $1,000 p rin cip al a m o u n t of deb en tu res.
D u rin g 12 m os. ended A pril 1928 n o t exceeding $500,000 a t r a te of 35
(1) N O R FO L K R Y . & L IG H T .
Lease.— W as leased on J u n e 1 1906 to N orfolk & P o rtsm o u th T ra c tio n Co. class A shares for each $1,000 d eb en tu res.
D uring 12 m os. ended A pril 1929 n o t exceeding $500,000 a t ra te of 30
(since co n so lid ated w ith V irginia R y . & Pow er C o.) for 99 years, re n ta l
$1,000
tu
being (in a d d itio n to all fixed ch arg es), $16,500 each J u n e 1 and D ec. 1 class A shares for each re only d eb en e res. efit of holders firs t p re sen tin g
A bove privileges in u
to
fro m J u n e 1 1906 to J u n e 1 1907, inclusive, an d increasing to $49,500 s. a. debentim es for exchange before said th a teb e n
d
s.
on D ec. 1 1912 a n d th e re a fte r. V. 82, p . 1323.
In A pril 1926 E . H . R ollins & Sons, & c., & c., offered $5,000,000 a t 96>3
O R G A N IZ A T IO N .— In c o rp . in V a. N o v . 2 1899 as a conso lidation of th e & in t., to yield a b o u t 6 .3 0 % . V . 122, p . 2332.
following: N o rfo lk S tree t R R ., N o rfo lk & O cean View R y ., V irginia Elec.
D ividends.—
C o. a n d B erkeley L ig h t & Pow er Co. Owns en tire sto ck of th e N orfolk 1926. V. 122,On. 7% pref. an initial q u a r. div . of l% % in J u ly a n d O ct.
p 3085.
L ig h t, H e a t & P o w er C o. Also ow ns 4,011 shares o u t of 5,000 shares of th e
E A R N IN G S .—-Consolidated earnings calendar years 1925:
sto ck o f th e C ity G as C o. o f N orfolk, rem ain in g shares, 989, ow ned b y V ir­
ginia R y . & P ow . C o. On A ug. 30 1904 th e C ity G as C o. pu rch ased th e G ross_______________________________________________________ $4,557,786
B erkeley G as C o. V . 79, p . 968. Stock is listed on P h iladelphia and O perating expenses, incl. p rio r charges of subsidiaries________ 2,894,468
an d B altim o re sto ck exchanges. S tree t railw ay franchises expire in 1914,
N e t before in te re s t________________________________ _______ $1,663,318
except a sm all p o rtio n of m ileage in N orfolk, w hich expires in 1934. E lec­
tric lig h t franchise expires in 1930.
Latest E arnings.— For y ear ended J u ly 31 1926, gross, $4,632,806; o p e r.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— exp., incl. p rio r charges o f su b s., $2,583,673; n e t, before in t., $2,049,133.
T h e co m p a n y c o n tro ls th e s tre e t railw ay , electric lig h tin g and pow er
O F F IC E R S .— P res., A . E . F itk in ; V .-P s., R . W . D a v id so n , A . H .
business o f th e c ity o f N orfolk an d owns a line o f railw ay to W illoughby Spit G rim sley, H . D . Polhem us, F . W . K ing a n d M . J . O ’C onnell; Sec., S. R .
an d co n n ects w ith ste a m e r to Old P o in t C o m fo rt.
Jones; T rea s., W . E . Shaw J r. Offices, C h arlo tte sv ille, V a ., a n d N ew
Y o rk C ity , 165 B ro a d w ay .— V. 122, p . 1313, 1765, 2332, 3085; V. 123,
STO CK A N D BO N D S—
D ate.
Interest. O utstanding. M aturity.
Sto ck $1,650,000 ($25)______________
6 J-D $1,650,000 D e c ’26, 3% p . 86, 208, 594.
V irginia E lectric C o. 1st m tg e f 1898 5 A-O
10,000 A pril 1 1928
$500,000 gold ($1,000)____l i n t . a t U . S. M tg e. & T r. C o ., N . Y ., T ru ste e
N o rfo lk S tree t 1st cons m tg e f 1898 5 g J - J
695,000 J a n 1 1944
$1,040,000 gold ($1,000)- c l l n t . a tM e rc . T r. & D ep . Co , B a lt., T ru ste e . NEWPORT NEWS & HAMPTON RAILWAY, GAS &
N o rfo lk R y & L t 1st cons M J 1899 5 g M -N
2,104,000 N o v 1 1949
ELECTRIC CO.
$4,000,000 g ($1,000) s f - C * \ln t. a t In te rn a t. T r . C o ., B altim ore, T ru s.
Control.— V irginia Public Service Co., a su b sid iary of N a tio n a l P u b lic
Bonds.— O f th e N o rfo lk R y . & L ig h t first consol, m tg e. $1,050,000 is re­ C orp. owns a b o u t 93% of th e com m on stock a n d a b o u t 70% of th e p re ­
served to re tire u n d erly in g bo n d s. Sinking fu n d began N o v . 1 1909, and ferred stock o f N e w p o rt N ew s & H a m p to n R y ., G as & E lec. C o.
p ro v id es for th e p u rch ase of 1% of o u tsta n d in g bonds each y e ar a t 110 or
A
A T IO .— T e
organized in 1914 as
consoli­
less. See V . 70, p . 584. $778,000 of bonds n o t re p o rte d o u tsta n d in g held d a O RnGof N IZ N ew p.NN ew sh & com panyRwas& E lec . C o ., C itiz en s’th e ., L ig h t
th e
O P
R
in sin k in g fu n d or b y tru s te e D ec. 31 1924, $312,000 N o rfo lk S tree t R R . & tio er C o., H a m p to n R o ad sld rat. tioy . C o ., N e w p o rt N ew s G as yC o. a n d
Pow
T c n
bon d s n o t re p o rte d o u tsta n d in g also in sinking fund or in h a n d s of tru s te e th e H a m p to n P hoebus & F o r t M onroe G as C orp. In 1919 a cq u ire d th e
as of D ec. 31 1924.
p
C o.
O F F IC E R S .— P re s ., T h o m as S. W heelw right; V -P s., T . N o rm a n Jones p roree rty a nd p la n t of th e P ho eb u s C oal & ,Ice.6 8 7 an d issued in connection
w ith
ll
Subsidiaries
N
J r . a n d F . S itterd in g ; Sec. & T re a s ., G . B. W illiam s.— V . 82, p . 1323; thoert N ew s$67,000 7% pref.., stock. V .RIapid pT ra n s. it C o., H a m p to are: owew ­
p
D istilled Ice C o C itizens’
n T
ing
V. 106. p . 925.
C o., C itizens’ A ppliance C orp. a n d R ailw ay H om e C orp.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C om pany provides electric lig h t a n d pow er, railw ay , gas a n d ice service
V I R G I N I A P U B L I C S E R V IC E CO.
in th e cities of N e w p o rt N ew s, P hoebus, H a m p to n , Old P o in t an d contiguous
Control.— T h e en tire com m on stock is owned b y N a tio n a l Public Service te rrito ry . 52 eq u iv a len t m iles of single tra c k of electric railw ay s. T o ta l
Corp.
c a p a c ity of electric g enerating sta tio n s 19,500 h .p . P o p u la tio n served
M anagem ent.— G eneral E ngineering & M an ag em en t C o rp .
approx. 67,000. T here a re 10,282 electric an d 6,685 gas custom ers. P as­
O R G A N IZ A T IO N .— In c o rp o rate d in 1926 in V irginia. A cquired by sengers carried for y ear end. J u ly 31 1926, railw ay , 10,555,813; bus, 640,949.
m erger th e p ro p erties form erly ow ned b y A lexandria L ig h t & Pow er C o.. E lec tric ity generated, 45,251,800 k .w .h . G as p roduced, 252,031,000 c u .ft.
Franchises.— F o r electric lig h t a n d pow er, p e rp e tu a l; for s tre e t ra ilw a y s,
V irginia N o rth e rn Pow er C o ., V irginia-W estern Pow er C o ., V irginia C en tra l
P o w er & L ig h t C o ., a n d Southside V irginia Pow er Co. Owns 93% of th e p ra c tic ally none expires before 1944. G as franchises in N e w p o rt N ew s a re
com m on a n d a b o u t 70% o f th e pref. sto ck of th e N ew p o rt N ew s & H a m p to n p e rp e tu a l, s u b jec t to rig h t of pu rc h a se of p ro p e rty b y c ity (for 6 m o n th s in
R y . G as & E lec. C o. a n d 100% o f th e com m on stock of C h arlo ttesv ille & 1927); in H a m p to n , gas franchise expires in 1936. In te ru r b a n lines larg ely
on p riv a te rig h t of w ay.
A lbem arle R y . C o. a n d V irginia N o rth e rn Ice C orp.
T h e H a m p to n & L angley Field R y . w as incorp. in V irginia in F e b . 1917
T h e Southside V irginia Pow er C o. of South B oston, V a., referred to
ab o v e, p u rc h a se d a n d m erged in th e early p a r t of 1926 th e P ie d m o n t Pow er w ith $25,000 c a p ita l (increased in O ct. 1917 to $100,000), to bu ild a line
3.1 m iles long betw een th e p o in ts n a m e d . T h e c o . ow ns a o n e -th ird in te re s t
C o rp ., a n d a n u m b e r o f o th e r u tilities an d p la n ts. See V . 122, p . 1309,
in th is line.
u n d e r h ead in g “ F itk in U tilities, In c .” See also V . 122, p . 1765.
STO CK A N D B O ND S—
D ate.
Interest.
O utstanding.
M a tu rity .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
_
_______
$2,800,000
See te x t
T h e te rrito ry serv ed includes 150 com m unities w ith a to ta l p o p u la tio n of C om m on $4,000,000 ($100)_ _____
7 Q -J
1 ,5 0 0 ,0 0 0 0 c t’ 26,1 M %
over 251,000, in clu d in g N e w p o rt N ew s, H a m p to n a n d environs, A lexandria, P f 7% cum on $ 4 ,0 0 0 ,0 0 0 ($ 1 0 0 )____
1st & re f M $7,500,000 g($100f 1914 5 g J - J
3,744,500 J a n 1 1944
W arre n to n , C h arlo tte sv ille, S ta u n to n , C lifton Forge, an d on th e so u th
$500 an d $1,000)------c * tf (M a ry la n d T r u s t C o. o f B altim o re , T ru ste e .
E m p o ria, S outh B oston a n d in te rm e d ia te com m unities. S tree t railw ays are
N ew port N ew s A O ldPt. By. & E L —
o p erated in N e w p o rt N ew s a n d C h arlo ttesv ille, w ith a n aggregate track ag e
5 g M -N
900,000 N o v 1 1938
o f 56 e q u iv a len t m iles of single tra c k . T h e electric system includes generate F irst m ortgage $900,000 g o ld / 1898
($1,000 e a c h )________ c * tf [ I n te r e s t a t A lex. B row n & Sons, B a lt., M d .
in g statio n s o f a to ta l in stalled c ap a c ity of 59,755 h .p ., o f w hich 8 ,9 3 5 h .p . is
5 g M -S
38,000 M a r 1 1941
h y d ro -electric, an d 506 m iles o f h igh-tension transm ission lines serving G eneral m tg e $4,000,000 gold 1901
($1,000 e a c h )__________ c * j l n t . a t A lex. B row n & Sons, B altim o re , M d .
43,502 consum ers. T h e gas p ro p e rties include generating p la n ts w ith an
I or a t c o m p a n y ’s agency in N ew Y ork.
aggregate daily cap a c ity of 3 ,500,000,'cu. ft. a n d 86 miles of gas m ains serving
5 g M -N
52,000 M a y 1 1940
6,685 custom ers. Ice p la n ts h a v e a n ag g reg ate c ap acity o f 291 to n s per F irs t m tg e C itiz en s’ R y L & P | 1900
$800,000 ($1,000) g o ld ..c * (M a r y la n d T r u s t C o ., B altim o re , T ru ste e .
d a y . E lectric o u tp u t, y e ar en d ed J u ly 31 1936: 108,005,389 k .w .h ., gas
G u a ra n tee d prin c ip a l & in t. [in te re s t a t A lex. B row n & Sons, B altim o re .
o u tp u t, 252,031,000 cu. f t. Passen g ers carried d u ring y e ar ended J u ly 31
4H J-J
46,500 J a n 1 1930
1926, 11,681,975. F o r a se p a ra te d escrip tio n of co n stitu en t com panies, see H a m p to n R o ad s T ra c 1st M ._ 1905
V . 122, p . 1313.
Stock.-—T h e p re f. sto ck is re d . all o r p a r t a fte r 3 y e ars fro m issuance on
an y d iv . d a te on 30 d a y s ’ no tice a t 110 a n d d iv s. V . 114, p . 2824. Is
ST O C K A N D B O N D S—• Date.
Interest. Outstanding.
M aturity.
listed on N . Y. Stock Exchange. V . 115, p . 2159. C om . is also listed on
_________ 300.000shs __________
C om m on (no par) ($100)__________
N . Y. Stock E x change. V . 116, p . 936.
7% cum p re f ($100)_________ _____
7 Q -J
$3,000,000 See te x t
x D ivisional 1st m tg e _________ _____
5
3,400,000
_____
Bonds.— O f th e firs t a n d re f. b o n d s, $1,036,500 a re re serv ed fo r p rio r
1st m tg e . & ref. 20-year 5V2 % [ 1926 5 H g F-A 11,500,000 F eb . 1 1946 liens as a bove, $1,030,500 a re in tre a su ry a n d th e re m a in d e r a re for im p ts .
gold, series A ($l,00C H T he N ew Y ork T ru st C o ., N ew Y ork, a n d extensions. B onds su b je c t to call a t 105 an d in t. on a n y in t. d a y upo n
$500c *)________________ t f [ tru s te e .
one m o n th ’s n o tic e . I n t . p a y ab le a t A lexander B row n & Sons, B altim o re ,
20-years s f d e b e n t ($ 1 ,0 0 0 ,/ 1926 6 g F-A
5,000,000 F e b 1 1946 or c o m p a n y ’s agency in N . Y. T h e M ary la n d T r . C o ., B a lt., is tru s te e o f
$500 c * )------------------------t f | P h ilad elp h ia T r u s t C o ., tru s te e .
b o th th e first a n d general m ortgages of th e N e w p o rt N ew s & O ld P o in t
x In clu d es $1,400,000 deferred in terest bearing bonds, w hich b ear a n n u al R y. & E lectric.
in te re s t o f 2 l % beginning J a n . 1 1927, 5% J a n . 1 1928 a n d m a tu re J a n . 1
A
T h e N e w p o rt N ew s & O ld P o in t bonds of 1898 a re s u b je c t to call a t
1929.
110 on an y in te re s t d a y a t 60 d a y s ’ notice.
Stock.-—C o .s c h a rte r pro v id es for th e issuance of $15,000,000 cum . pref.
T h e C itizens’ R y . L ig h t & P ow er C o. b onds a re s u b je c t to call a t 110
sto ck in one o r m ore series. T h e rem ain in g $12,000,000 cum . pref. stock on an y in te re s t d a y on 60 d a y s ’ notice.
m a y b e issued in series w ith d e fin ite d iv. ra te s a n d red em p tion prices, p ro ­
R em aining N e w p o rt N ew s & Old P o in t R y . & E l. gen. M . 5s, C itizens
v id ed su rp lu s n e t earnings before deprec. am o rtiz. an d incom e or p rofits R y. L . & P . 1st M . 5s, a n d H a m p to n R oads T ra c 1st M . 4 J4>s a re deposited
tax es, for 12 consecutive w ith in preceding 15 calendar m o n th s h av e been u n d e r th e N ew p o rt N ew s & H a m p to n R y ., G as & E lec. 1st & re f. m tge.




POWER, LIGHT AND RAILWAY

Oct., 1926.]

D ividends.— D ivs. on th e 6% p re f. sto ck w ere p aid reg u larly from o rg a n ­
izatio n of co. to Ju ly 1917, w hen th e pref. stock w as m ad e 7% cum . and
d iv s. a t th a t ra te hav e been p a id reg u larly since. A d iv . of 3% on th e com .
sto ck w as p aid Ju ly 1 1916; in 1917, M a y , 5% : in 1918, M a y , 6 % ; in 1919,
M a y , 5% ; in 1920, 5 % ; in 1922, N o v ., 1M % ; in 1923, F e b ., 1 H % , a nd
sam e ra te reg u larly q u a rte rly sin c e .
E A R N IN G S .— F o r calen d ar years:
Gross
N et (after
Other
Interest,
Balance for
Earnings.
Taxes).
Incom e.
Rents. &c. Deprec., &c.
$640,247
$3,562
$248,516
$395,293
1924_______ $1,987,214
1923_______ 2,100,048
641,829
3,199
254,188
390,840
1922_______ 2,086,228
667,461
15,757
294,057
389,161
L atest E a r n in g s . — F o r y ear ended J u ly 31 1926, gross, $2,052,900; n e t
(after ta x e s), $807,258.
O F F IC E R S .— P re s ., A . E . F itk in ; V ice-P res., C . D . P o rter; Sec., S. R ;
Jones; T rea s., W . E . Shaw J r. G eneral office, N ew p o rt N ew s, V a. M ai
address. H a m p to n , V a., a n d N ew Y o rk C ity (165 B ro a d w ay ).— V . 120, p.
703, 2148; V. 121, p . 586; V . 122, p . 481, 1310; V. 123, p . 1114.

CHARLOTTESVILLE & ALBEMARLE RAILWAY.
C ontrol. — Subsidiary o f Virginia P u b lic Service C o ., w hich is in tu rn con­

tro lled b y N a tio n a l P ublic Service Co.
C o. was form erly a su b sid iary of Virginia W estern Pow er C o., w hich was
m erged w ith Virginia P ublic Service Co.
M anagem ent.- —G eneral E n gineering & M an ag em en t C o rp.
In 1923 en tire p ro p e rty was pu rch ased b y th e V irginia-W estern Pow er C o .,
C lifton Forge, V a. T h e railw ay p ro p e rty was la te r conveyed back to th e
C harlottesville & A lbem arle R y . C o ., w hich now o p erates it s u b jec t to
1st m tg e . o f Virginia W estern Pow er Co.
O R G A N IZ A T IO N .— O rganized in V irginia an d form ed b y an agreem ent
o f consolidation d a te d N o v . 24 1913 betw een th e R ed lan d Pow er C orpora­
tio n a n d th e C h arlo ttesv ille & A lbem arle R y . On Ju ly 1 1925 th e N atio n al
P ublic Service C orp. acquired th e co. V . 121, p . 1788.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o m p an y does th e s tre e t railw ay business in C h arlo ttesville. M iles of
tra c k , 3.57; s ta n d a rd gauge. R ails, 83 an d 97-lb. g ird er an d 50-lb. T .
10 cars. 1 su b -statio n . Passengers carried in y ear ended J u ly 31 1926,
1,126,162.
S T O C K A N D B O N D S — D a te.
In te re st.
O u tsta n d in g . M a tu r ity .
C om m on sto ck $500,000 ( $ 1 0 0 ) ____
_______
*$364,600
See te x t
P re f s tk 7 % c u m $ 2 0 0 ,0 0 0 ($ 1 0 0 )___
Q -M
300
See te x t
* All ow ned b y V irginia W estern P o w er C o.
D ividends.— D iv id en d s a t th e ra te o f 7% per a n n u m a re being p a id on
p ref. sto ck . On com m on first div id en d of 2% a n d 1% extra p aid in June
1916. In D ec. 1916 p a id 2 )4 % . In 1917, J u n e , 234% ; D e c., 2% . In
1918, D ec., 1 % . In 1919, 5 % . N one to D ec. 1920, when 3% was p aid
In 1921, J u n e, 3% : D ec., 4% . In 1922, J u n e . 4 % ; D ec., 5% and 1 % e x tra
V. 116, p . 175. In 1923. M arch , 2 )4 % . and sam e ra te p aid regularly
q u a rte rly since. N o com m on d ividends in 1925.
E A R N IN G S .— F o r calen d ar years:
G ross.

1925_____________$56,997
1924___________
61,230
x l9 2 3 __________ 180,217
1922----------------- 259,955
1921.........
236,557

N e t.

$4,673
3,125
77,403
134,639
117,395

Other In c . C harges. P r e f. D iv . S u r v iv e .

$302
15,048
11,510
3,065
1,426

______
______
38,713
36,012
37,634

$1,595
6.557
10,937
8,589
8,589

$3,380
11,616
39,263
93,104
72,598

x F o r perio d fro m J u ly 1 1923 to D ec. 31 1924, railw ay revenue only
is in clu d ed .
L atest E a r n in g s . — F o r y e ar ended J u ly 31 1926, gross a n d o th er inc.,
$56,873; n e t, $5,594; fixed charges, d iv s., d ep rec., &c., $200; b a l., $5,394.
O F F IC E R S .— P res., A . H . G rim sley; V .-P ., F . W . K ing; Exec. V .-P.,
A. E . F itk in ; T rea s., W . E . Shaw J r.; Sec., S. R . Jo n es.— V. 116, p . 175,
720, 2515; V. 117, p . 438, 781 V . 121, p . 1788.

OLD DOMINION POWER CO.
Controlled b y M id d le W est U tilitie s Co.

O R G A N IZ A T IO N .— In co rp . in V irginia.
o f Old D om inion Ice C o rp .

Owns th e en tire c ap ital stock

F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o m p an y owns a n d o p erates pu b lic u tility p ro p erties supplying 17 com­
m u n ities in V irginia, including th e cities a n d tow ns of N o rto n , Big Stone
G ap, A pp alach ia, P e n n in g to n G ap an d C o eburn, w ith electric lig h t a nd
pow er service. In ad d itio n co. sells energy a t w holesale to 14 com m unities
a n d supplies larg e q u a n titie s of electrical pow er to 30 coal corporations
o p eratin g in So u th w estern V irginia. C om bined p o p u latio n served d irectly
o r in d irec tly estim ated a t 35,000. A rtificial ice is also supplied to 7
com m unities b y Old D om inion Ice C o rp .
C o. owns and o p erates 2 steam electric gen eratin g statio n s of a com bined
cap acity of 22,000 h .p .; th e y a re in ter-co n n ected w ith th e 40,000 h .p . steam
p la n t of th e K e n tu ck y U tilities C o. n e a r Pineville, K y ., and w ith th e new
30,000 h .p . D ix R iv er hyd ro -electric pow er sta tio n of K e n tu ck y H y d ro E lectric C o. T h ro u g h its c o n tra c ts for p u rch ase of electrical energy, co.
is enabled to sup p ly th e increasing dem ands for pow er. C o. h a s 138
miles of high voltage tran sm issio n lines of w hich 18 m iles a re of steel tow er
con stru ctio n . 2 m odern artificia l ice p la n ts a t A p p alachia an d N o rto n ,
V a., hav e a com bined cap a c ity of 60 to n s p e r d a y a n d storage cap acity
o f 2,000 to n s of ice. V. 122, p . 3084.
ST O C K A N D B O N D S — D a te.
In te re st. O u tsta n d in g . M a tu r ity .
C om m on (no p a r ) ___________ _____
_________ 30,000 shs.
________
$7 div series p re f (no p a r ) _________
$7
7,000 shs
________
1st m ortgage 5s gold series A / 1926
5 M -N
$2,650,000 M a y 15 ’51
($100, & c)_____________ tf] L is te d on C hicago Stock Exchange.
Bonds.- —T h e 1st m tge. 5% b onds a re secured b y a first m tge. on a ll of
th e p ro p e rty , rig h ts and franchises of th e co. (w ith certa in exceptions as
n o ted in th e m tg e.), incl. after-acq u ired p ro p erties, su b ject to underlying
b o nds, if a n y . A dditional bonds o f series A or o th e r series of such ten o r as
d irecto rs m ay from tim e to tim e determ ine, m a y b e issued (a) ag ain st
cash or U . S. G overnm ent obligations or for refu n d in g purposes; (b) for
75% o f new ad d itio n s, acquisitions, &c., u n d e r certa in restrictio n s. Bonds
issued on account of new add itio n s a n d acquisitions o r to re fu n d a t a higher
ra te o f in te re st bonds o f o th e r series issued u n d e r th e m tge. or to refu n d
th e in d eb ted n ess of a su b sid iary , m ay n o t be issued unless n e t earnings of
co. a n d its subsidiaries d uring 12 consecutive calen d ar m o n th s ending w ithin
preceding 60 days, hav e been a t least 1 Vi an n u al in te re st on all 1st m tge.
p rio r lien a n d u n d erly in g bonds ou tsta n d in g in h a n d s of th e public, including
pro p o sed issue. T h ere is a n a n n u al m a in te n a n ce a n d renew al fu n d beginning
w ith 1927, of n o t less th a n 8% of gross earnings d erived fro m o peration of
c o .’s m o rtg ag ed p ro p erties a n d th e p ro p erties of its subsidiaries. F u n d s
m a y also b e used for red em p tio n o r p u rch ase a n d can cellation of 1st m tge.
o r u n d erly in g b o n d s . ________ ____________ __________ ____ __
°“ S erie sT /fT d a ted M a y " 15’ 1926,""a” red'.7 wholeT5r~part"'^"on 30daysiY iotioe
a t following p rices a n d in terest: T h ro u g h M ay 14 1931 a t 105; th ro u g h
M a y 14 1936 a t 103; th ro u g h M a y 14 1941 a t 102; th ro u g h M a y 14 1946
a t 101; th ro u g h M a y 14 1950 a t 100M; a fte r M a y 14 1950 a t 100. In te re s t
p a y a b le in N ew Y ork or C hicago. P e n n , a n d C onn. 4 m ills an d M ass.
6% tax es re fu n d a b le . In M a y 1926 H ill, Jo in er & C o ., In c ., a n d H alsey,
S tu a rt & C o ., In c ., offered $2,500,000 series A a t 94 an d in t., to yield
a b o u t 5 .4 5 % . V . 122, p . 3084.




191

E A R N IN G S .— E a rn in g s (incl. Old D om inion Ice C o rp .), fo r 12 m os.
ended M a rc h 31 1926:
G ross earnings (including m erchandise sale s)_________________
$907,213
O per. exp., m a in t., tax es & d e p re ciatio n _____________________
519,161
N e t earn in g s______________________________________________
A nnual in te re st 1st m tge. b o n d s______________________________

$388,052
125,000

B alan c e ___________________________________________________
$263,052
O F F IC E R S .—-Pres., H a rry R eid; V .-P .. L. B. H errington; Sec. & T re a s.,
A . A . T u ttle ; A sst. Sec. & A sst. T rea s., B . K . Y ewell: A ud., A . M . C ruse.
Offices, 312 S outh F o u rth S t., Louisville, Ivy.— V. 118, p . 2834; V . 122, p .
3084, 3341.

WEST VIRGINIA
APPALACHIAN ELECTRIC POWER CO.
C ontrol.— A m e r ic a n Gas & E lectric Co. is to ow n all com m on stock except

d ire c to rs’ qualifying shares a n d th e 6% n ote, due on or before A pr. 1 1929.
S u p ervised (as to finances) b y E lectric B o n d & S h a re Co.
O R G A N IZ A T IO N .— O rganized M arch 4 1926 in V irginia, to acquire
th ro u g h m erger or conveyance, a nd th e re a fte r own a n d operate th e electric
p roperties in w estern V irginia an d w estern W est V irginia, form erly
ow ned b y A ppalachian Pow er C o., A ppalachian Pow er & L ight Co. (prop­
erties form erly ow ned b y T h e V irginian Pow er C o.), C en tra l V irginia
Pow er C o., C onsolidated Pow er & L ight C o., D u n b a r L ight & Pow er C o.,
In te rs ta te Pow er C o ., K an aw h a V alley Pow er C o ., K e n tu ck y E lectric
Pow er C orp. (form erly K e n tu ck y & W est V irginia Pow er C o ., In c .), L ynch­
bu rg T rac tio n & L ight C o ., N ew R iver D evelopm ent C o ., R oanoke R ail­
w ay & E lectric C o ., R oanoke T rac tio n & L ig h t C o ., S t. A lbans E lec tric
Pow er & L ight C o ., W est V irginia W ater & E lectric C o. In J u ly 1926
acquired th e properties of th e G ate C ity L ig h t & Pow er C o. V . 123,
p. 708.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. is to supply, d irectly or in d irectly , electric pow er a nd lig h t to 208 com­
m unities in V irginia and W est V irginia. K e n tu ck y E lectric Pow er C orp.
(all of whose securities a re to be ow ned b y A ppal. E l. Pow . C orp.) is to
acquire, in ad d itio n to its p re sen t K e n tu ck y properties, th e electric p ro p ­
erties in K e n tu ck y ow ned b y B oyd C o u n ty E lectric C o. an d I n te rs ta te
Pow er C o., and is to supply pow er an d lig h t, d irectly or in d irec tly , to
44 com m unities in eastern K e n tu ck y .
P rincipal cities to be served include H u n tin g to n , L ogan an d B luefield,
W est V irginia, an d R oanoke an d P ulaski, V irginia, a nd (by K en tu ck y
E l. Pow . C orp.) A shland, H a za rd a n d Pikeville, K y . T o tal com m unities
to be served 252; popu latio n over 650,000. Co. also is to acquire a n d
operate gas p la n ts in L ynchburg, V a., a n d is to control, d irectly or in­
d irectly , th e com panies ow ning a n d o perating stre e t railw ay properties
serving R oanoke a n d L ynchburg, V a. an d th e ir suburbs, a nd also th e stre e t
railw ay lines in H u n tin g to n , W . V a., a n d A shland. K y ., and in te ru rb a n
railw ay betw een these 2 com m unities an d extending to Iro n to n , C oal
G rove an d H anging R ock, Ohio.
T o tal generating cap acity electric statio n s, 253,836 k . w ., of w hich
31,636 hydro-electric; u n d e r constru ctio n , 86,250 k . w .; 1,838 miles of
transm ission lines an d 339 m iles under construction; 1,059 m iles of dis­
trib u tio n lines; gas p la n ts of 1,000,000 cu. ft. d aily capacity; holder capa­
city , 750,000 cu. ft.; 48 m iles of gas m ains; consum ers, electric pow er a nd
lig h t, 79,482; gas, 4,500. All th e electric pow er a n d lig h t properties of th e
system are inter-connected an d th is sy stem in th e 3 S tates of V irginia,
W est V irginia an d K e n tu ck y is in ter-co n n ected w ith th e high voltage lines
of o th er subsidiaries of A m erican G as & E lec tric C o. in O hio, In d ia n a a n d
M ichigan.
U pon com pletion of contem p lated financing th e capitalizatio n is to be
as follows:
ST O C K A N D B O N D S .
Date.
Interest. O utstanding.
M aturity,
C om . 6.000,000 shs. (no p a r ) . ____
_______ 5,000,000 shs. ___________
$7 cum pfd 400,000 shs (no p a r ) ___
$7
225,000 s h s . __________
$6 cum pfd 100,000 shs (no p a r ; ____
$6
N one
__________
2nd p re f $7 cum 100,000 shs
(no p a r ) ________________________
$7
100,000 shs. __________
U nderlying divisional b o n d s. _ ___
_________ $23,991,000 __________
1st a n d re f m tge 5% series o ff 1926
5 g M -N 35,000,000 M ay 1 1956
1956 ($1,000 r*, $500 c .i B an k ers T ru st C o., N . Y . C ity an d B . W .
$1,000 a nd $5,000 r ) ___ t f (
Jones, N . Y . C ity , tru stees.
A ppalachian Pow C o 6 % d e b e n . ____
6g
4,000,000
2024
6% n o te to A m G as & E l Co
due on or before A pr 1 1 9 2 9 . ____
_________
5,000,000 ---------------Bonds.- —T h e Isi & ref. m tg e. bonds are secured b y a direct m tg e . on th e
en tire physical p ro p e rties of th e co., su b jec t, as to portions thereof, to
certain underlying divisional bonds o u tsta n d in g w ith th e public in th e
a m o u n t of $23,991,000 a n d issued u n d e r in d e n tu re s to be closed by p ro ­
visions of th e M ortgage as to issuance of add itio n al bonds to th e public.
A re fu rth e r secured by pledge u n d e r th e m ortgage of all bonds a nd stock of
K e n tu ck y E lectric Pow er C orp. to be o u tsta n d in g . T h e p roperties on
w hich these bonds are secured b y first m ortgge or first lien (through
pledge of collateral) include steam electric generating statio n s w ith an
aggregate installed c ap acity of 104,000 kilo w a tts a nd 643 m iles of tra n s ­
m ission lines.
T h e m ortgage provides for issuance of bonds in series of such tenor as
d irectors m ay determ ine.
A dditional bonds of th e 5% series of 1956, or o th e r series, m ay be issued
(a) for refunding an e qual principal am o u n t of bonds of a ny series, or
underlying or prior lien bonds, b o th as defined in th e m ortgage; (5) for cash;
(c) to n o t exceeding 75% of th e cost, or fair value, w hichever is less, of
p ro p e rty additions, as defined in th e m ortgage to th e p roperties of th e
com pany and (or) its subsidiaries; a nd (d) against th e properties as existing
on A lay 10 1926, to a to ta l of n o t exceeding $7,500,000 principal a m o u n t of
bonds. U nder th e term s of th e m ortgage “ subsidiary com pany” shall in­
clude K en tu ck y E lectric Pow er C orp o ratio n and a ny o th er com pany all of
w hose bonds, except as defined in th e m ortgage, a nd all of w hose sto ck ,
except directo rs’ shares, shall be owned b y th e com pany a nd pledged
u n d e r th e m ortgage. N o bonds m ay be issued against p ro p e rty of a su b ­
sidiary com pany unless n o t less th a n an equal principal am o u n t of m ortgage
bonds of said subsidiary com pany are sim ultaneously pledged w ith
tru ste e .
A dditional B onds m ay n o t be issued, except for refunding purposes,
unless consolidated n e t earnings of th e co. a nd its subsidiaries for 12 con­
secutive m onths w ithin 15 calendar m onths preceding d a te of th e applica­
tio n have been a t le a st tw ice a n n u al in te re st requirem ents on (or 12% of
th e principal a m o u n t of) all bonds issued and ou tsta n d in g u n d e r th e m tg e .,
including those proposed to be issued, a nd on all underlying a n d p rio r
lien bonds, as defined in th e m ortgage, of th e co. a nd its subsidiaries.
N o t m ore th a n 20% of such n e t earnings shall consist in th e aggregate of
(a) n e t non-operating incom e; a nd (6) n e t incom e derived fro m p roperties
n o t d irectly su b jec t to th e lien of th e m ortgage or to th e lien o f a subsidiary
com pany m ortgage all bonds ou tsta n d in g u n d e r w hich a re ow ned b y th e
co. a n d pledged u n d e r th e m ortgage.
B onds of th e 5% series of 1956 c ontain th e following clause; “ W ith th e
consent of th e co. a nd to the ex te n t p e rm itte d b y an d as provided in th e
m tg e .. th e term s an d provisions of th e m tge. or of an y in stru m e n ts sup p le­
m e n ta l th e re to m a y be m odified or altered b y th e a ffirm ativ e v o te of a t
least 85% in a m o u n t of th e bonds th e n o u tsta n d in g , pro v id ed how ever
th a t no m oaification or a lte ra tio n shall be m ade in an y of th e provisions of
th is bond or in th e unconditional prom ise of th e com pany to p a y p rin cip al
and in te re st hereof in th e am o u n ts a nd a t th e fixed or d eterm in ab le tim es
a nd in th e m anner as set fo rth h e re in .” A re re d ., w hole or p a rt, on 30
d a y s ’ notice to a nd incl. M a y 1 1931 a t 105; to a nd incl. M a y 1 1935 a t
104)£; to a nd incl. M a y 1 1940 a t 104; th e re a fte r a t V , % less each succeed­
a
ing y ear to a nd incl. M a y 1 1954, a nd th e re a fte r to m a tu rity , a t 100)£:
plus in te re st in each case. P en n . 4 m ills ta x refu n d ab le. In A pril 1926
B onbright & C o ., In c ., H a rris, Forbes & C o ., T u c k e r, A n th o n y & C o.,
C offin & B u rr, A . B . L each & C o., In c ., W . C . L angley & C o ., th e Old
C olony C orp. an d Jackson & C u rtis, offered $35,000,000 5% series of 1956
a t 97 a nd in t., to yield 5 .2 0 % . V . 122, p . 2490.

193

PUBLIC UTILITIES

W E A R N IN G S .,— F o r 12 m o n th s ended F e b . 28 1926, d erived fro m prop­
erties ow ned o r to b e ow ned b y jA p p a la ch ia n E lectric Pow er C o. a n d K en­
tu c k y E lec tric Pow er C o rp .:
G ross e arn in g s______________________________________________ $15,380,631
O p eratin g expenses, m ain te n an c e a n d ta x e s __________________ 7,474,502
N e t earn in g s________________________________________________ $7,906,129
A n n u al in te re s t req u irem en ts on
U n d erly in g d ivisional bon d s held b y p u b lic _____ $1,249,550
$35,000,000 1st & re f. m tg e . b o n d s_____________ 1,750,000 2,999.550
A vailable fo r o th e r charges, renew . & rep lac. re s ., d iv s., &c___$4,906,579
C h airm a n o f B o a r d :................. V. 122, p . 2490, 2797; V . 123, p . 708.
W A PP A LA C H IA N POW ER CO.

Control.— C o n tro lled b y Appalachian Electric Power Co. since A pril 1926
(V. 122, p . 2491), previously a d irect su b sid iary of A m erican G as & Elec­
tric . C o. th ro u g h A p p alach ian S ecurities, w hich exchanged its 1st p re f.,
p re f. a n d com m on sto ck for th e 1st p re f., p re f. an d com . sto ck of th e
A p p alach ian Pow er C o. F o r te rm s o f proposed consolidation of th e A ppa­
lach ian Securities C o rp . w ith th e A m erican G as & E lectric C o. see V . 120,
p . 451
O R G A N IZ A T IO N .— In c o rp o rate d in V irginia in M a y 1911. In Ju ly
1926 co. offered $2,750,000 for th e city ow ned gas a n d electric w orks of
D a n v ille , V a., th e D a n v ille C ity C ouncil h a s agreed to th e sale b u t in
O cto b er 1926 c ity re feren d u m w as to be h eld on th e m a tte r. C o. asked
fo r a 3 0 -y ear fran ch ise. V . 123, p . 579, 1501.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
F urnishes electric lig h t an d pow er, d irectly o r in d irectly , to 43 com m unities
in a n in d u stria l an d coal m ining d is tric t in Virginia a n d W est V irginia,
hav in g a p o p u latio n e stim ate d a t over 400,000. F iv e coal fields, am ong
th e m th e P o cah o n tas an d C linchfield d istric ts, are supplied w ith pow er by
th e co m pany. C o m p an y also n u m b ers am ong its custom ers diverse m a n u ­
factu rin g en terp rises, several m unicipalities an d oth er u tility com panies,
including th a t serving th e c ity of R o anoke. Storage reserv o ir possibilities
an d undeveloped w ater pow er sites aggregating over 70,000 k . w . on the
N ew R iv er a re controlled b y th e co m pany, which h as th u s fa r installed
25,000 k . w . in tw o h y dro-electric p la n ts . In add itio n to th e hydro-electric
developm ents, p ro p e rty includes a 58,750 k . w . steam s ta tio n a n d 886 miles
o f high tension tran sm issio n line.
Interest. Outstanjng.
M aturity.
ST O C K A N D B O N D S —
Date.
_______
60.000 shs __________
C om m on 60,000 shs (no p a r ) . . ____
7 Q -F
$2,775,200 N ov ’25, l h
1st p f 7% cu $7,500,000(1100/______
7 Q -J 15
3,706,000 O c t ’25. W
P re f 7% cum $4,000,000 ( $ 1 0 0 ) ____
_______________ ___
5 g J-D
11,887,000 J u n e 1 1941
F irs t m tge $25,000,000 ( $ 1,-1 ____
1911
000) gold__________ c * & r* /ln t. a t C o n t. & C om m . T r. & S. B .,C h ic .,tr
G eneral m o rtg ag e $ 6 ,0 0 0 ,0 0 0 f 1921
7 F-A
See te x t A ug 1 1936
callable a t 105 an d in te r- (In t. a t N ew Y ork T ru st C o ., N . Y ., trustee;
e s t_______________________ l F red erick J . H orne, c o -tru stee.
15-year sec’d bd s $5,000,0001 1921 7 g F-A
2,500,000 A ug 1 1936
($100. $500 & $1,000) g c * tf J ln t. a t N ew Y ork T ru st C o ., N . Y ., tru ste e .
D eb Ser “ A ” ($100. $500
1924
6 g J-J
4,000,000 Ju ly 1 2024
$1,000 c* & $1,000 & m u l-/ C en tral U nion T ru st C o ., N ew Y ork, tru ste e ,
tip les r*) g o ld __________ t f l
Stock.— F irst p re f. is callable a t 112 a n d d iv . P ref. is also redeem able
a t 112 & d iv .
Bonds.— First Mortgage 5s a re callable a t 105 & in t. on a n y in t. d a te on
30 d a y s’ no tice. M o rtg ag e provides for a n u al sinking fu n d p ay m en ts on
S ep t. 1 of each y ear, com m encing Sept. 1 1916, of cash e q u ivalent to the
following p ercen tag es o f th e to ta l a m o u n t of bonds o u tsta n d in g a t th e tim e
of p ay m en t: 1916 to 1920, b o th in cl., 1% ; 1921 to 1925, b o th in c l., 1 H %;
1926 to 1930, b o th in cl., 2 % ; 1931 to 1940, b o th incl.. 2 ^ % . M oneys in
th is fu n d are to b e used for th e re tirem e n t a n d cancellation o f b o n d s , either
b y purch ase or call a t n o t exceeding 105 a n d in t.
In N o v . 1923 B o n b rig h t & C o ., In c ., H a rris, Forbes & C o ., a n d C offin &
B u rr, In c ., offered $826,000 first m tg e . 5s, a t 90>4 a n d in te re st to yield
over 5 .8 5 % . V . 117, p . 2436.
E n tire $6,000,000 issue of general mortgage 7s pledged as security for the
15-year 7% secured bonds.
15-year secured 7% bonds a re n o t su b jec t to call. Are secured b y pledge
of $6,000,000 gen. m tg e . 7s. P e n n a . 4 mills ta x refu n d ed . In Sept. 1921
$2,500,000 15-year secured 7% bonds w ere offered by B o n b rig h t & Co.,
W . C . L angley & C o ., N . Y .; P ain e, W ebber & C o., B o sto n , a n d M ontgom ­
e ry & C o ., P h ila ., a t 90 an d in te re st, to yield 8.15.% V . 113, p . 1254.
6% d e b en tu re s. Series “ A ,” are redeem able, all or in p a rt, on a n y interest
d a te on 30 d a y s ’ notice on an d a fte r Ju ly 1 1929 a n d up to an d including
J u ly 1 2019 a t 110 a n d in t.; a n d th e re a fte r a t p a r a n d in t. P e n n a . 4 mills
ta x refu n d ed . In J u n e 1924 $4,000,000 w ere offered b y B o n b rig h t & C o.,
In c ., T u c k e r, A n th o n y & C o ., an d Jack so n & C u rtis, a t 87
an d in te re st
to yield a b o u t 6 .8 6 % . V . 118, p . 3201.
E A R N IN G S .— F o r calen d ar years:
1923.
1924.
$3,434,228
O p eratin g rev e n u e _____$3,661,349
O p eratin g expenses_____ 1,751,092
1,796,239

1922.
$2,949,602
1,556,128

1921.
$2,487,607
1,381.896

O p eratin g incom e____$1,910,256
O th e r incom e (in te re s t).
136,778

$1,637,990
22,933

$1,393,474
24,363

$1,105,710
20,342

T o ta l incom e_________ $2,047,034

$1,660,923
$656,109
67,922
325,000
53,110

$1,417,837
$638,624
57,960
250,000
3.750

$1,126,052
$675,556
61,760
250,000

136,684
259,420

70,938
64,855

33.867

I n t e r e s t __________________

A m o rt, o f disc. & ex p _
_
D ep rec. re serv e ________
C o m m ’n s ,& c .,ls tp f .s tk .
P ro f, o n saleo fo fficeb ld g .
1st p re f. sto ck d iv s_____
D iv s. p re fe rred s to c k _
_

$890,038

82,725
350,000
36,575
0 .2 0 ,9 7 6
206,606
259.420

$104,869
$331,710
B alan ce, su rp lu s_____
$242,646
$162,678
O F F IC E R S .— P r e s . , ______________ ; V .-P ., O . N . M ason; V .-P ., H . S.
R eynolds; Sec. & T re a s., L . W . O sborne.— V . 119, p . 1284, 2758; V . 120.
p . 451, 2940; V . 122, p . 2491; V . 123, p . 579, 1501.
A P P A L A C H IA N P O W E R & L IG H T C O .
Control.— C ontrolled since A pril 1926 (V. 122, p . 2491, 2797) b y A p p a ­
lachian Electric Power Co., a su b sid iary of A m erican G as & E lec. C o. See
also V. 120, p . 706.
O R G A N IZ A T IO N .— O rganized S ep t. 25 1912 in M a ssa c h u se tts as
V irginian Pow er C o. C h an g ed n am e to p re se n t title in F eb . 1926. Owns
th e e n tire c ap ita l sto ck o f th e K a n aw h a Valley Pow er C o. a n d all th e
o u tsta n d in g bonds a n d c a p ita l sto ck o f th e P o rtsm o u th P ublic Service C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
H a s c o n stru cted a m o d ern steam -p o w er sta tio n a t C ab in C reek J u n c tio n ,
W . V a., an d a com prehensive d is trib u tin g sy stem on steel to w ers a n d poles
supp ly in g electric pow er in th e K an aw h a-N ew R iv er C oal D is tric ts of th a t
S ta te . Owns o r c o n tro ls th re e alrg e pow er sites on N ew R iv e r, lo c a ted a t
B luestone, R ichm ond F alls a n d H aw ks N e st, W . V a ., a n d se v e ia l o th e r
sm aller w a te r pow er sites also along th e N ew R iv e r.
D ate.
Interest. O utstanding. M aturity.
S T O C K A N D B O N D S—
_________ 50,000 sh s. __________
C om m on 150,000 shs (no p a r ) . ____
$ 1 ,200,000 __________
P f 6% n -c $5,000,000 ($100)_. _______ ______
P rio r p re f 250,000 shs Ser “ A ”
*7
39 5nn Che:
$7 cu (no p a r ) ----------------5 g J-D
$ 5 > 6 8 ,0 0 0 .Dec." l ‘ l942
V irginian Pow Co 1st & co ll/ 1912
tr u s t m tg e $15,000,000/ N ew Y o rk T r u s t C o ., N ew Y o rk , tru s te e .
($1,000) g c* & r* ________ t f [
Stock.— P rio r p re f. Series A is e n title d to p re fe re n tia l cu m . div s. a t th e
ra te of $7 p e r s h are p e r an n u m b efo re a n y d iv . is p a id on th e p rc L stock
o r th e com . sto ck , is s u b jec t to red em p tio n a t $110 p e r sh are, is e n title d in
disso lu tio n , & c., to $110 p e r sh are before an y d istrib u tio n to th e holders of
th e p re f. o r com . sto ck , a n d is e n title d to th e b en efit o f sinking fu n d .




[ V o l . 123,

B onds.— T o tal a u th o riz e d issue o f fir s t m o rtg ag e bonds— $15,000,000;
o u tsta n d in g , $5,925,000; in sinking fu n d , $465,000; re serv ed fo r extensions,
b e tte rm e n ts, a cquisitions, & c., u n d e r re stric tio n s, $8,209,000.
C allable a t 105 a n d in te re s t. Sinking fu n d of 1% o f o u ts ta n d in g bonds
provided fo r. In te re s t p a y ab le in N ew Y o rk a n d L ondon.
All o f th e o u tsta n d in g V irginian Pow er C o. 1st lien & re f. m tg e . gold
bonds, series A , due J a n . 1 1954, w ere called for p a y m e n t A pril 1 1926 a t
105 a n d in t. V . 122, p . 1307.
E A R N IN G S .— F o r calendar years:
1923
1922
1921
1920
G ro sse a rn in g s---------------- $2,631,615 $1,962,123 $1,790,074 $1,410,748
O per. expenses a n d tax es $1,611,334 $1,115,841 $1,061,056 $1,023,362
320,144
318,265
286,593
234,436
In te re s t on b o n d s______
O th e r in te re s t_________
128,840
112,028
124,529
108,010
R enew als & c o n tin g ’c ie s.
216,000
216,000
133,333
______
A m ortization of d e b t dis­
c o u n t a n d expenses_
_
146,166
133,098
89,342
______
B alance, s u rp lu s ..........
$209,131
$66,891
$95,221
$44,940
O F F IC E R S .— ---------------------- , P res.; J . E . H a rsh , R . E . B u rg e r an d
Lloyd R obinson, V .-P re s.; G . B . M o ir, T rea s.; P a u l W . F ish e r, Sec.
S ecretary ’s office, 62 C ed a r S t., N ew Y o rk .—-V. 120, p . 333, 455, 706;
V. 121, p 3132; V . 122, p . 1307,2 4 9 1 ,2 7 9 7 .
C O N SO L ID A T E D PO W ER & L IG H T CO.
Control.— C ontrolled by A m erican E lectric Pow er C o. u p to 1926, when
c ontrol w as tra n sfe rre d to A ppalachian Electric Power Co. V . 122, p . 2492.
O R G A N IZ A T IO N .— In c o rp . in F e b . 1923 as successor to C onsolidated
L ig h t H e a t & Pow er C o. (V. 104, p . 75). A cquired a ll th e com . stock
e q u ity held b y th e A m erican R y s. (now A m er. E lec . P r . C o.) in th e follow­
ing cos.: Ohio V alley E lec tric R y ., Iro n to n E lec. C o ., B oyd C o u n ty E lec.
C o ., L y n ch b u rg T rac . & L t. C o ., R oanoke T ra c . & L t. C o. T h e pro p er­
ties of th e co. an d th o se of its subsidiaries w hich a re o p e ra te d in V irginia
a n d “ est V irginia, w ere tra n sfe rre d to A p palachian E lec tric P ow er C o. in
W
1926.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o m p an y a nd subsidiaries ow n and o p e ra te th e en tire electric pow er a nd
light business in H u n tin g to n , W . V a., a nd L y n ch b u rg , V a., an d all th e
electric pow er a nd lig h t business in R oanoke, V a., as well as th e gas a nd
electric pow er an d railw ay business in L y n ch b u rg . C os. ow n an d o p erate
th e electric railw ay business in R oanoke, th e electric railw ay uusiness in
H untin g to n a n d surrounding com m unities, an d th e e n tire electric lig h t
and pow er a nd railw ay business in Iro n to n , O hio, A shland an d C a tle tts b u rg .
K y . and th e in te rm e d ia te te rrito ry . P o p u la tio n served is in excess o f
220 000.
S T O C K A N D B O N D S — Date. Interest. O utstanding.
M a tu rity .
C o n 100,000 shs (no p a r ) _________
_______ 100,000 shs __________
7% cum p re f $5,000,000 ( $ 1 0 0 ) ____
7 Q -F
$3,091,000 F e b ’2 6 ,lM
Stock. —U p to A pril 1926 A m erican G as & E l. C o. h a d acq u ired $2,000,000
of th e pref. sto ck w hich was to be canceled a n d th e b alance (of $3,091,000
o u tsta n d in g pref. stock) w as e ither to be redeem ed or exchanged th ro u g h
A m erican G as & E lec tric C o.
D ividend.— On F eb . 1 1926 a d ividend o f 1% % w as declared cm p re fe rre d .
E A R N IN G S .— F o r calen d ar years (incl. subsidiaries):
xl9 2 5 .
1924.
1923.
1922.
O perating re v e n u es_____ $4,556,251 $6,215 756 $5,964,188 $5,164,154
O per. exp. an d ta x e s____ 2,804,070
3,822,751
3,940,251
3,388,090
N e t op e ra tin g revenue $1,752,181
_
_
45,690
O ther in c o m e _

$2,393,000
60,039

$2,023,937
114,192

$1,776,064
72,274

Gross incom e________ $1,797,871
In te re s t on fu n d e d d e b t.
557,594
O ther in t., a m o rtiz ., & c.
60,312

$2,453,044
838,308
64,221

$2,138,129
760.108
83,482

$1,848,338
458,837
83,508

T o tal ded u ctio n s_____

$617,906

$902,529

$843,590

$542,345

B alance_____________ $1,179,965
D epreciation reserves_
_
345,590

$1,550,514
429,196

$1,294,539
389,075

$1,305,993
253,058

N e t incom e_________
Preferred divid en d s____

$1,121,318
164,104

$905,464
67,840

$1,052,935
20,748

$834,375
142,499

B al.for res.& com .divs.
$957,214
$691,876
$837,624 $1,032,187
x E ig h t m o n th s ended A ug. 31 1925.
L Y N C H B U R G T R A C T IO N & L IG H T CO.
Control.—-Form erly controlled b y C onsolidated Pow er & L ig h t C o. In
1926 control w as tra n sfe rre d to A p palachian E lec tric Pow er C o. V . 122,
p . 2490.
O R G A N IZ A T IO N .— In c o rp . in V irginia, an d is a consolidation on M a y
1 1901 of th e L y n ch b u rg E lectric R y . & L ight, th e L y n c h b u rg & R iv e rm o n t
S t. R y . (franchise perp etu al) a nd th e L y nchburg G as C o.
Owns all th e s to ck of th e L y n ch b u rg W ater Pow er C o ., a n d h a s assum ed
the $500,000 1st m tge. 5% bonds of th a t com pany. In J u n e 1925 a cq u ired
the p ro p e rty of th e A m herst (V a.) L ight & Pow er C o. V. 120, p . 3314.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C om prises all th e s tre e t railw ays, gas w orks an d electric lig h t p la n ts of
L ynchburg a n d hy d ra u lic pow er developm ent a t R eusens, V a. Owns an d
operates 19.8 m iles of tra c k in city and suburbs, 60 to 100-lb. T a n d girder
rails. S ta n d a rd gauge. O perates 39 pass, cars, 3 o th e r; 1 sw eeper. Owns
R iverm ont P a r k .
STO CK A N D BO ND S—
Date. Interest.
O utstanding. M a tu rity .
Stock $1,000,000 ($50)______ _____
J-D
$750,000 See te x t
F irst m tge $1,000,000 sink fd / 1901 5 g M -N
657,000 M a y 1 1931
($1,000) gold_______c * n tf \R e a l E s ta te T ru s t C o., P h ilad elp h ia, T ru ste e
L ynchourg G as Co first m o rt-/ 1900 5 M -S
111,000 G a r. 1 1930
gage $250,000__________ t f t i n t a t R eal E s ta te T ru s t C o ., P h ila ., T r u s t.
L ynchburg W ater Pow er first j 1902 5
389,000 Ju ly 1 1932
m ortgage $500,000____n t f (R eal E s ta te T ru s t C o ., P h ilad elp h ia, T ru ste e
Bonds.— O f th e 1st m tg e . bonds, $111,000 are reserved to re tire b o n d s of
like a m o u n t of L ynchburg G as C o. due 1930. an d of w hich no m ore are to be
issued. Sinking fu n d of 1% p er an n u m becam e o p erativ e in 1906, w hich
was increased in 1916 to 1 H % . E n tire issue can be called a t a n y tim e .
E A R N IN G S .— F o r y e a r end. D ec. 31 1924, gross, $1,093,578; n e t, a fte r
taxes, $522,268; in t., d e p re c., &c., $278,073: b a l., s u r., $244,195.
Latest Earnings.— F o r 8 m os. end. A ug. 31 1925: G ross, $718,456; n e t,
a fte r taxes, $320,373: in t., d ep rec., & c., $187,918; b a l., s u rp ., $132,455.
ROA N O K E T R A C T IO N & L IG H T CO.
Control.— Sam e as L y n ch b u rg T rac . & L ight C o. a bove. V . 122, p . 2498.
O R G A N IZ A T IO N .— A holding co. In c o rp . in V a. J u ly 28 1908. Owns
the R oanoke W a te r Pow er C o., th e B edford Pow er C o ., th e Jam e s R iver
W ater Pow er C o. a nd th e R oanoke H e a t, L ig h t & Pow er C o ., a n d controls,
through ow nership of all th e c ap ital sto ck , th e R oanoke R ailw ay & E lec. C o.
V. 87, p . 1089, 1160.
ST O C K A N D B O N D S— Date.
Interest. O utstanding. M atu rity
Stock $2,000,000 ($100)________ ________ _______ $1,000,000 ................... ..
F irst m ortgage a n d c o llateral f 1908
5 g F-A
2,081.000 A ug 1 1 9 5 8
tru s t $3,000,000 ($l,006)-{Int. a t B ioren & C o ., P h iia ., or B altim ore
g o ld ------------------------ c * n tf | T ru s t C o ., B altim ore, tru s te e .
Bonds.— $750,000 bonds are seserved to re tire a like a m o u n t of bonds’of
th e R oanoke R y . & E lec. C o. B onds are su b je c t to call on a n y in t. d a y .a t
105 and in t. Sinking fund of 1% of o u tsta n d in g bonds, p a y ab le F eb. 1
1919 to 1928; 114% th e re a fte r.— V. 115, p . 309; V. 117, p . 88; V . 122, p .
2498; V. 123, p. 583.
(c) R O A N O K E R A IL W A Y & E L E C T R IC CO-.
Control.— Sam e as L y n ch b u rg T rac . & L ight C o. a bove. V . 122, p . 2498
O R G A N IZ A T IO N .—-T he R oanoke S tre e t R y. a nd th e R oanoke E lectric
L ig h t & Pow er w ere b o th sold a t foreclosure Aug. 1 1899. T h e presen t
com pany was in c o rp o ra te d in V irginia. Franchises expire in 1935 an d some
are p e rp e tu a l.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Does all lighting a nd railw ay business in a n d a b o u t R oanoke, Salem and
V inton. O perates in R oanoke, also extensions to Salem a nd V inton, V a .,
a to ta l of 33.2 miles of tra c k . A bout 53 passenger c ars, 4 o th e r c ars. 50,
60 a nd 72-lb ra il.

O ct., 1926.]

S TO C K AN D BONDS—
D a te.
In terest.
O utstan din g. M a tu rity .
J -D
$500,000
See text
S to c k $500,000 ($100).......... .................
First consolidated mortgage/ 1903
5 g F -A
578,000 Feb 1 1953
$750,000 ($1,000) g s f .c * t f \ ln t . at Real Estate T r . C o ., P h ila ., trustee.
B on ds.— S inking fu n d was 1 % of outstanding bonds annually payable
eb. 1 to 1920; now, 13 4 % .
E A R N I N G S . — F o r year ending D ec. 31 1924, gross, $1,434,884; net
after taxes, $602,573; in t., deprec., & c.. $226,462; bal., sur., $376,110
L atest E a rn in g s.— 8 mos. end. A u g . 31 1925: Gross, $350,870; net, after
taxes. $350,870; net, after in t ., deprec., & c., $225,872.
K E N T U C K Y E L E C T R IC P O W ER CO R P .
M an agem en t.— Stuart, James & Cooke, In c ., of N e w Y o r k , consulting
engineers.
O R G A N I Z A T I O N .-— In corp. Ja n u a ry 1926 in Delaware. F orm e rly
K e n tu ck y & W est V irginia Power C o .. In c . Furnishes electric light and
power to the m unicipality of N o rton ville, K y ., and to the principal plant
of the N o rto n Coal M in in g C o . at N o rton ville. U po n completion of
additions and improvements under construction corp. proposes to supply
electric light and power to the entire group of mines of the N o rto n Coal
M in in g C o ., one of the largest producers of coal in the State; other im ­
portant industries and mines in western K en tuck y centring at N o rton ville,
and various municipalities in this section. I t was stated that the electric
light and power load, under contract or assured upon completion of addi­
tions, incl. transmission lines, w ould absorb the estimated output of the
new plant.
C o rp . owns an integrated group of properties, incl. a m ine-m outh power
plant, extensive coal deposits and water reserves. A new u n it containing
a 6,250-kva. Westinghouse turbine, w ith provision for extension to 62,500
k v a ., is being added to the present power station at N o rton ville, giving
corp. a total generating capacity of 9,350 k va. T h e new modern plant
under construction is situated at the m outh of the principal mine of the
N o rto n Coal M in in g C o ., which under a 30-year contract agrees to deliver
coal directly to the power plant conveyors, eliminating rail transportation
and handling charges, thereby insuring a very low1 fuel cost. Fuel re­
quirements are further protected b y the corp.’s direct ownership of large
coal reserves. V . 122, p . 3337.
In terest. O utstan din g. M a tu r ity .
S TO C K A N D BONDS—
D a te.
Capital stock (no p a r )_____________
________
10,000 shs. ___________
$7 cum pref 10,000shs (no p a r ) ____
$7
x 857 shs ___________
ls tm tg e . series A 6 % ($1,000./ 1926
6 g J -J
$1,100,000 Jan 11951
$500c*)__________________ tf(B a ltim o re T ru s t C o ., Baltim ore, Trustee
10-yr 634% convert g debensI 1926
634 g J -D
£400,000 June 1 1936
($1,000, $500 c * )_______ tf/ In t . at C e n tu ry T r . C o ., Baltim ore, trustee,
1 or payable in N e w Y o rk .
x 4,571 additional pref. shares are held b y trustee for conversion of deben­
tures. T h e pref. stock is entitled to $7 divs. per annum , cum ulative from
J u ly 1 1927.
B o n d s.— Additional 1st m tge. bonds m a y be issued in series A bonds or
other series. T h e y are secured b y a first mortgage on the entire (incl.
after-acquired) fixed assets of the corp.
S in kin g F u n d an d Im provem en t F u n d .— A m inim um ro y a lty of 5c. a ton
on all coal mined from the mortgaged property is payable to the trustee for
the purchase or redemption of bonds. Comm encing Ja n . 1 1928 the cor­
poration agrees to pay annually to the trustee a sum equal to 2 % of the
aggregate principal am ount of series A bonds outstanding at the date of
each such paym ent, said payments to constitute a series A im p t. fund.
T h is fund m a y be used to reimburse the corporation for additions and
betterments w hich m ay not serve as a basis for the issue of additional bonds.
Series A are red. on 30 days’ notice, whole or part b y lot, to and incl.
Ja n . 1 1931 at 10334 and in t., the prem ium thereafter decreasing at the
rate of 34 % for each ensuing 5-year period to a final call price of 10134
and in t. during the last 5-year period, preceding m a tu rity. Penn, and
C o n n . 4-m ills, M d . 4 34-mills. D . of C . 5-m ills and M ass. 6 % taxes refundable
In June 1926 H am bleton & C o .; the Baltim ore T r u s t C o ., and Biddle &
H e n ry offered $1,100,000 series A 6 % at 99 and in t., to yield about 6 .0 5 % .
V . 122, p. 3337.
T h e ld - y r . 6 1 4 % convert, debentures are convertible into pref. stock at
any time prior to m a tu rity unless called for previous redemption, in which
event conversion m ay be made at any time prior to 10 days before redemp­
tion. Conversion at face value of debentures and value of pref. stock at
$87,50 per share, w ith adjustment of in t. and divs.
Red. on 30 days
notice, whole or part, by lot at 102 34 and int. Penn, and Conn. 4-m ills,
M a ryla n d 434-mills, K en tuck y and D is t. of C o l. 5-mills and Mass 6 % taxes
refundable. In O ct. 1926 Ham bleton & C o ., Biddle & H e n ry and Brow n
& C o ., P h ila., sold $400,000 at 99 and in t., to yield about 6 .6 2 % . V . 123,
p . 1876.
E A R N I N G S . — U p o n completion of the plant under construction, net
earnings available for bond in t., taxes and depreciation were estimated
to run at the rate of $200,000 per annum .
O F F I C E R S .— Chairm an of the Board, M on ro B . Lanier; Pres., E zra
B . W h itm a n .— Y . 122, p. 2495, 3337, 3453; V . 123, p . 1876.

MONONGAHELA W EST PEN N PUB L IC SERVICE CO.
C ontrol.— Th e W est Penn E lectric Co. (a subsidiary of A m e rica n W ater
W orks & E lectric C o., I n c .,) controls Monongahela West Penn Public
Service C o . through ownership directory, or through a subsidiary, of over
9 8 % of the outstanding common stock.
O R G A N I Z A T I O N . — Organized In W . V a. on M a y 17 1912 as the M o n ­
ongahela V alley Tra ctio n C o ., name changed (V . 112, p . 2083) to M on on­
gahela Power & R y . on M a y 11 1921, bu t early in 1923 name was changed
once more to present title. V . 116, p. 61o. Is a consolidation of Fairm ont
& Clarksburg T ra c . C o ., Fairm ont & Northern Tra c . C o . and Clarksburg &
Weston Elec. C o . On Dec. 15 1915 acquhed the Fairm ont Gas C o . V . 101.
p. 1465. N o v . 1 1916 acquired Consumers L ig h t C o . O n A p ril 1 1917
absorbed b y merger the Fairm ont & M anington R R . C o . O n June 30
1917 acquired control of the Kanawha Tra ction & Electric C o . (now
known as the Parkersburg-M arietta Divisions, (which see below) and now
owns its entire outstanding common and pref. stocks. V . 105, p. 290.
In A u g . 1923 the co. purchased of the Central Utilities C o . the light and
power properties located at Sutten, W . V a . C o . acquired during 1925
the Brooke Electric C o ., West Virginia and M a ryla n d Power C o ., Parsons
Electric C o ., West Virginia Public Service C o ., St. M a r y ’s Power & L ig h t
C o ., and the West M a ryla n d Power C o . V . 121, p . 586. In Sept. 1926
acquired the electric properties of Weston (W . V a .) Electric L ig h t, Power
& W ater C o ., serving Weston and v icinity. V . 123, p. 1763.
C on solidation .— Consolidation of W est Virginia Ohio and M arylan d
properties of the West Penn System into the Monongahela W est Penn
Public Service Co . See V . 120 p . 703.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e physical property owned b y co. and its subsidiary cos. as of D ec. 31
1925 included 178-25 miles of single track, standard gauge; 105 motor pas­
senger cars, 28 express and freight cars, 3 electric locomotives and 17 other
cars; 7 electric generating stations having an installed generating capacity
of 60,340 k . w .; 87 sub-stations having a transformer capacity of 61,232
k . w ., and 529 pole miles of high-tension transmission lines, 3.31 miles of
33,000-volt construction, 165,89 miles of 66,000 volt construction and
359.81 miles of 25,000 volt construction) exclusive of low-tension dis­
tribution lines. Co . also controls 9,644 acres of gas territory, of which
it is operating in 4,400 acres, there being 114 producing gas wells owned
and leased. T h e gathering and distribution system comprises 212 miles
of pipe lines. Also owns an oil absorption gasoline plant having a daily
capacity of 3,000 gallons and a gas producer plant in F airm ont. F ra n ­
chises in Fairm ont are perpetual. In other cities and towns extend for
50 years, the shortest expiring in 1952. Interurban lines on private rig h tof-w ay. F ranchises over county roads and bridges in M arion and Harrison
counties are perpetual. T h e Monongahela Transport C o . operates buses.
S TO C K A N D BONDS—
D a te.
In terest. O u tsta n d in g . M a tu r ity ■
Q -J
$9,573,825 O ct'18. \ \ i
Com m on $15,000,000 ($25).................
Pref.7 % c um .$1 0,69 6,9 25(825 )____
7 Q -J
5,945,000 O c t '2 6 ,1 ^
Pref 6 % cum $4,303,075 ($25)______
6%
20,250 ---------------------




193

POWEB, LIGHT AND RAILWAY

S TO C K A N D BO NDS—
D a te .
In terest. O u tsta n d in g .
M a tu r ity .
M o n Vail T r a c 1st &, ref mtge [ 1912
5 J -D
3,747,000 June 1 1942
$15,000,000 gold ($500 and/Fidelity T ru s t C o ., Baltim ore, trustee. I n ­
t i ,000)__________c*&i *.tf l terest payable in N ew Y o rk .
1st lien & ref M ser B ($100,/ 1923 534 g F - A $14,171,000 Fob 1 1953
$500, $1,000 c*. $1,000 &< Interest in N e w Y o rk and Chicago,
multiples r*) g__________ tf [
F a irm & Clarksb 1st M $2,-/ 1903
5 g A -O
2,500,000 O ct 1 1938
500,000.
g ($ 1 .0 0 0 )_ .c * n tf j In t . at G ua ra nty T r u s t C o ., N . Y . . Trustee,
Stock.— Pref. stock is listed on the Baltim ore Stock Exchange. V . 122.
p . 2041.
B on ds.— O f the M o n . V alley T r a c . 1st (& ref.) bonds, $2,500,000 are
reserved to retire piior liens, $6,478,500 are deposited under the first lien
and ref. bonds, and remainder are for additions and extensions under
certain restrictions. Redeemable at 105 and in t. on any in t. date. See
V . 102, p . 1346; V . 94, p. 1508.
T h e outstanding first lien & ref. 6s, Series “ A , ” were redeemed on A u g . 1
1925 at 10134 and in t. V . 120, P- 3188. T h e 1st lien
ref. m tge. 534%
bonds. Series “ B ,” dated Feb. 1 1923, are further secured b y pledge of $6,478,500 1st & ref. m tge. bonds, due 1942, and b y pledge of $673,000 sub
co. bonds. T h e y are red., whole or part, upon 30 days’ notice, incl. Feb. 1
17)43, at 105 and in t., and at 34 less each year thereafter. Penn, andConn. 4 mills tax, M a ryla n d 434 mills tax and M ass. 6 % tax refundable.
Halsey, Stuart & C o ., In c ., & c., & c., sold in A u g . 1925 $13,200,000 at 98
and in t., yielding about 5 .6 5 % . V . 121, p . 706. Listed on Boston Stock
Exchange. V . 121, p . 839.
D ivid en d s.— In itia l d iv . of 43 34 cents was paid on 7 % pref. stock on
O ct. 1 1923. Same rate paid regularly quar. since.
E A R N I N G S . — F o r calendar years:
1925.
Gross (all sources)_____________________ $7,126,363
N e t after m aint., taxes & rentals____ 2,491,859
Renew., replac. & depletion_________
287,067
Interest & am ort_____________________ 1,368,500
N e tin c o m e -_____ __________________
Pref divs......................................................
x N o t stated.

$836,292
389,779

1924.
1923.
$5,671,124 $5,236,496
2,083,863
1,911,227
145,161
51,196
1,189,930
1,048,122
$748,772
364,414

$811,909
x

O F F I C E R S . — Pres.. G . M . Alexander: V .-P . & Tre a s ., R . B . Keating:
V .-P ., C . P . Billings; V .-P . & Gen. M g r ., J . D . W hittem ore; Sec. & Asst.
Tre a s ., S. E . M ille r.— V . 117, p. 554, 1236, 1462; V . 11 8 ,p. 551, 2305,
2825; V . 119, p . 942: V . 120. p . 703, 1747, 3188; V . 121, p. 586, 706, 839;
V . 122, p . 2041, 2496; V . 123, p . 1763.

(1) KANAW HA T R A C T IO N & ELEC TR IC CO.
Controlled b y Monongahela W est Penn Public Service C o . (see above).
O R G A N I Z A T I O N . — Incorp. A p ril 20 1915 and on June 7 1915 absorbed
by consolidation the Parkersburg M arietta & Interurban R y ., which was
incorp. in 1902 in W . V a ., and purchased the properties of the Parkersburg
Gas, Electric L ig h t & Street R y ., Parkersburg Interurban R y . and M arietta
Electric C o ., and on J u ly 1 1911 the properties of the M uskingum Tra ctio n
C o . F ranchises perpetual or for long periods. Guarantees the mortgage
bonds of the Parkersburg & South Side Bridge C o . C o . owns the entire
outstanding common stock ($245,500) of M arietta and Parkersburg Bridge
Co.
S TO C K A N D BONDS—
D a te .
In terest. O utstan din g. M a tu rity
Com m on stock $1,500,0 0 0 ($ 2 5 )____
__________ $1,100,000 _____________
Pref stock $1,500,000 6 % c u m ) ____
Q -J
1.078,500
See text
(par $2 5)----------------------------------1st & ref M $5,000,000 gold/
($100, $500 & $ l,0 0 0 ).c * tf
Series “ A ” ________________ \ 1916
5 g F -A
1,700,000 A u g 11936
Series “ B ” ______ _________
1916
7%
673,000 A u g 11936
(In t . at F id e lity T r u s t C o ., Baltim ore. M d .
Parkersb G E L & St R y 1st/ 1898
5 g M -S
148,000 M a r 1 1938
M ($500 & $1,000)___c * .tf (I n t . at M e rc . T r u s t & D e p . C o ., B a lt., trus.
Parkersburg-M arietta & In t/ 1902
5 A -O
540,000 A p r 1 1942
R y cons mtge ($1,000) c * .tf (In t . at U nion T r . & D e p . C o ., P a rk'g, W .V a .
Parkersb & In te r-U rb a n R y/ 1901
5 F -A
10,600 A u g 1 1941
first mtge ($1,000)______ c * (In t . at U nion T . & D . C o ., Parkersb., W . Va.
Ohio R iv , Bridge & F e rry C o f 1902
5g
350,000 Jan 1 1942
1st m g $4O0,0OO (closed) . . ( C o n t . & C o m . T r . & Sav. B k ., C h ic .,111., tru .
Parkersburg & South Bridge/ 1907
6g
150,000 June 1 1937
C o 1st m g $180,OOO(closed) (U n . T r . & D e p . C o ., Parkersburg, W . V a ., t r.
Stock.— Preferred stock I s cum ulative from J u ly 1 1916, A ll of the out­
standing com. and pref. stock is owned b y the Monongahela W est Penn
Public Service C o .
B onds.— T h e First & Refunding bonds are Issuable In series as the com "
pany’s needs require. Series " A ” is in the auth. am ount of $2,000,000,
of which $1,700,000 were issued in A p ril 1917 to retire the $1,100,000 2-year
5 % notes due June 15 1917, and $150,000 M arietta Electric C o . bonds paid
A p ril 1 1917, and for extensions, &c. $50,100 owned b y Monongahela
west Penn Public Service C o . E n tire $673,066 Series “ B ” 7s are owned
by Monongahela W est Penn Public Service C o . and deposited under
Monongahela Valley T r a c . C o . gen. m tge. Provision is also made for re­
funding other underlying bonds at or before m a tu rity. T h e bonds are sub­
ject to call on any int. date at 105. F id elity T ru s t C o . and Van Lear Black
of Baltim ore are trustees.
Parkersburg Gas Electric L ig h t & Street R y . first mtge. 5s are callable
at par and interest.
Parkersburg-M arietta & In te r-U rb a n R y . cons. 5s are redeemable at par
and interest. Geo. F . Frederick and Ben j. T . Neal, trustee.
Parkersburg & In te r-U rb a n R y . first 5s are callable at par and interest.
$190,000 have been canceled.
D ivid en d s.— D iv s . of 134 % quar. on pref. stock were begun O ct. 1 1915.
E A R N I N G S . — Included in Monongahela W est Penn Public Service C o .
(see above).
O F F I C E R S . — Pres., G . M . Alexander; V .-P ., C . P . Billings; Tre a s ..
R . B . Keating; Sec. & Asst. Tre a s ., 8. E . M ille r; Asst. Sec., G . E . M u rrie .
— V . 104, p- 1145, 1702; V . 105, p . 1522; V . 110, p . 561.

C H A R L E S TO N IN T E R U R B A N R AILROAD.
O R G A N I Z A T I O N . — In corp. in 1909 w ith $100,000 capital stock which
was increased on N o v . 10 1914 to $1,500,000 in part for the purchase of
the Charleston Tra ctio n C o ., a line from St. Albans to South Charleston,
taken o\ er as of that date, and in pa rt as a stock d ividen d, all earnings since
incorporation having gone into extensions and betterments.
In A u g . 1923 purchased the entire outstanding stock of the Kanaw ha
Valley Tra ctio n C o . and has assumed that com pany’s 1st mtge bonds.
V . 117, p. 893. Th e co. also owns entire capital stock of the Charleston &
D unbar Tra ctio n C o ., which co. it had form erly leased. V . 114, p . 197.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Operates (incl. D u n b a r line mileage) 51 miles of track between St. Albans
and Cabin Creek. Line is to be extended to M on tgom ery, about 10 miles
further on. 70, 80 and 100-lb. T and 122-lb. grooved rail. Standard gauge.
70 passenger cars, 3 freight cars and 4 work cars. Power is obtained from
the Virginian Power C o . under long-term contract. F ranchise of the
Traction C o . in the city of Charleston expires in 1956; interurban lines are
operated almost entirely on private rights-of-way.
S TO C K A N D BONDS—
D a te.
In terest.
O u tsta n d in g .
M a tu r ity
Com m on $1,500,000 ($100)_________
________
$1,500,000
See text
Preferred $1,500,000 ($100)_______
Q— J
385,600
...............
1st M (closed) collateral bonds/1922 7 g M -S
687,500 M a r 1 1937
($500 and $1,000)____ c * t f lln t . at Safe Deposit & T r . C o ., B a lt., T r u s .
K a n Val T r 1st M $2,000,000/ 1906 5 g J - J
1,000,000 Ja n 1 1946
($1,000) gold c -----------------t f '.In t. at F id e lity T r u s t C o ., P h ila ., Trustee.
Charleston-D unbar T r 1st M l 1913
6 g J -D
286,000 Jun e 1 1933
$500,000 ($500) g o ld ..c .t f jC e n tr a l T r u s t C o ., Charleston T r u s t C o .,
( Charleston, W . V a .
Stock.— Pref. stock participates equally in additional divs. in any year
after $6 per share has been paid on common. V . 118, p . 2571.
B on ds.— Paym ent of p rin . and in t. of the Kanawha V al. T r a c . C o . bonds
has been assumed b y the Charleston Interurban R R , $1,000,000 of the
bonds have been deposited as security for the 1st M . coll. 7 % bonds of the
Charleston Interurban R R .

194

PUBLIC UTILITIES

T h e Charleston In terurba n R y . 1st coll, bonds are secured b y deposit of
$1,000,000 1st M . 5s due 1946 (assumed) of the Kanawha V a l. T r a c . Co.
A re red. during the first 10 years, all or in pa rt, at 107)4 and in t., on any
in t. date on 60 days’ notice; after M a r . 1 1932 are red. at 105 and in t.,
the prem ium decreasing 1 % per ann, each year thereafter to m aturity.
$62,500 retired b y sin kin g fu n d up to Sept. 16 1924. M a ryla n d and Penna
taxes refunded. V . 114, p . 946.
In t. on C harleston-D unbar T r a c . C o . 1st 6s is payable at Kanawha
National B a n k , W . Y a .
D iv id e n d s .— O n common paid 2 % in 1920. In 19 1, 2 % : In 1922, 2 %
in 1923, 3 % . In 1924, 3 % .
E A R N IN G S —
Gross
In terest,
B alance.
E arn in gs.
N e t.
& c.
S u rp lu s.
1923............... ................. .........$975,628
$322,820
$131,666
$191,154
1922--------------------------------------952,352
304,778
127,171
177,607
O F F I C E R S .— Chairm an of Board W . A . M acCorkle; Pres., F . M .
Staunton; Sec. & Tre as., A . M . H il l;'V .-P . & Gen. M g r ., I . N . S m ith.—
V . I l l , p. 791; V . 113, p. 291; V . 114. p. 197, 946; V . 117, p . 893, 2211:
V . 118, p . 201, 1771, 2571; Y . ”20, p . ’ 325.

KENTUCKY
K E N T U C K Y H Y D R O -E L E C T R IC CO.
Controlled b y M id d le W est U tilitie s Co.
O R G A N I Z A T I O N , & c.— In corp. in Delaware. Is engaged in the genera­
tion, transmission and sale of electrical energy. Owns and operates a
22,500 k .w . modern hydro-electric power station on the D ix R ive r, about
20 miles Southwest of Lexington. C o .’s 95 miles of 66,000 v o lt double
circuit steel tower transmission lines are interconnected w ith the systems
of the Interstate Public Service C o ., the Louisville Gas & Electric C o .,
the Lexington Utilities C o . and K e n tu c k y Utilities C o . F o r fuller details,
see V . 121, p . 2874. C o m p a n y’s system w ill also be connected w ith the
lines of the Central Illinois Public Service C o ., another subsidiary of
M id d le W est Utilities C o .
U nd er the terms of a contract w ith M id d le West Utilities C o ., this latter
com pany for a period of at least 20 years from Jan . 1 1923 is to cause a
sufficient am ount of electrical energy to be purchased at rates sufficient
to pay all operating expenses, maintenance, taxes, interest charges, sinking
fun d, &c.
S TO C K A N D BONDS—
D a te .
In terest. O u tsta n d in g . M a tu rity .
Co m m on 100,000 shs (no p a r ) . ____
________
67,000 shs. ___________
7 % cum pf $10,000,000 ($ 1 0 0 )____
7 Q -M
$4,244,500 Sept’26, 1M
1st M 6s $5,000,000ser A ($1,-/ 1924
6 g J -D
4,000,000 June 1 1949
000, $500, $100)------------ c*tf li n t , payable at N e w Y o r k or Chicago.
S tock.— T h e 7 % cu m . p ref. stock is preferred as to assets and cum . divs.
M id d le W est Utilities C o . and K e n tu c k y Utilities C o . have jo in tly and
severally guaranteed the paym ent of dividends to D ec. 31 1928 on the
outstanding preferred stock. R ed. on 30 days’ notice at 110 and divs.
Listed on Chicago Stock Exchange. V . 121, p . 2874.
B o n d s.— T h e 1st m tge. 6s bon ds, due Ju n e 1 1949, are red. all or pa rt on
30 days’ notice at the following prices and in t. to June 1 1929 at 105; on
and from June 1 1929 to June 1 1934 at 104; to June 1 1939 at 103; to
June 1 1944 at 102 ; on June 1 1944 at 102; thereafter at 102 less )4 % for
each full year elapsed after M a y 31 1944. Subsequent to M a y 31 1948
at 100. In June 1924, Halsey, Stuart & C o ., In c ., offered $4,000,000
series A at 94 and in t., to yield nearly 6 ) 4 % . V . 118, p . 3085.
E A R N I N G S . — F o r calendar year 1925:
Operating revenues--------------------------------------------------------------------------------------$361,040
N e t after taxes__________________________________________________
154,655
Non-operating incom e__________________________________________
x394,940
Gross incom e____________________________________________________
549,595
Fixed charges___________________________________________________
249,576
A djustm en t prior years_________________________________________
C r .49,491
Pref. d iv s ., $256,194; less divs. rec. from guarantors, $231,747.
24,447
Balance_______________________________________________________
$325,063
x In clud in g $394,890 interest during construction.
O F F I C E R S . — C hairm an, Samuel Insull; Pres., M a rtin J . In s u ll.; V .-P s .,
L . B . Herrington and H a rry Reid; Treas. & Sec., A . A . T u tt le .— V . 118,
p . 3085; V . 120, p. 2268; V . 121, p . 2874; V . 122, p . 2329.

IN T E R N A T IO N A L U T IL IT IE S C OR PO R A T IO N .
O R G A N I Z A T I O N . — A holding company incorp. in M a ryla n d , O ct. 8
1924. Controls through stock ownership, or contracts for purchase of
stock, a group of public u tility properties operating in four States and in
Canada, and serving 55 communities, w ith a combined population of over
1,100,000. Companies controlled are (a) Canadian Utilities, L t d ., E d m o n ­
ton, C a n .; (b ) Gas Production & Transportation, L t d ., Calgary, C a n.;
(c) K e n tu ck y Securities C o rp ., Lexington, K y .; (d) Buffalo & E rie R y . C o .,
Fredonia, N . Y . ; (e) Coffeyville Gas & Fuel C o ., Coffeyville, K a n .; (/) Can­
adian Western N a tu ra l Gas, L ig h t, H eat & Power C o ., L t d ., C a lg a ry,
C a n .; (g) Northwestern U tilities, L td . V . 121, p . 199, 706. In M arch
1926 acquired the Nanaim o L t . & P r. C o ., L td . V . 122, p . 1762. On
M a y 18 1926 the sale b y corp. of its holdings in the Southwestern U tilities
C o rp . and the Southwestern Public Service C o rp . which operate in Kansas
C it y and Oklahoma to U nion Gas C o rp . was announced. In M a y 1926
acquired the electric light and power plant at Vegreville, about 70 miles
east of Edm o n to n , A lbe rta, C a n . V . 122, p . 2948.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e subsidiaries serve w ith electric light and power the entire requirements
of N anaim o, B . C ., Canada, Lexington, K y . , and through wholesale con­
tracts serve Georgetown, Versailles, Winchester, Paris, Fra nk fort and 7

International Utilities
Corporation
and

Underlying Securities
B ought

—

Sold—Q uoted

CHANDLER & CO., Inc.
120 Broadway
NEW YORK, N. Y.




Franklin Bank Bldg.
PHILADELPHIA, PA.

[V ol. 123

other communities in K e n tu ck y. T h e y furnish gas to the cities of Calgary,
Edm on to n, Lethbridge and 11 other communities in the Province of A lberta,
C a n .; conduct the ice and cold storage business in Lexington, Nicholasville,
and Georgetown, K y .; do the entire street railw ay business in Lexington
and Fra nkfort, K y . , and operate a high-speed freight and passenger electric
railw ay running from Buffalo, N . Y . , through the towns of Lackawanna,
D u n k irk , Fredonia and Westfield, N . Y . , Northeast, P a ., and 20 other
communities in N e w Y o rk and Pennsylvania to the c ity of E rie , Pa.
T h e operating statistics of subsidiaries for the year ended M a y 31 1926
were as follows: Electric output, 42,897,905 k .w .h .; gas output for cal.
year 1925, 4,143,964,000 cu. ft.; ice manufactured, 41,746 tons; total gas
and electric customers, 42,890; estimated gas reserves, 110,000,000,000
cu. ft.
Segregation o f O il R ig h ts.— I n A u g . 1925 it was reported tha t the corp.
had taken steps to segregate its oil rights in the V ik ing gas field of Canada
through the organization of a subsidiary, the P rin ceton P etroleu m C o. F o r
more particulars, see V . 121, p . 1101.
N e w a cq u isitio n s being negotiated in C a n a d a .— See V . 121, p . 978.
C on tract.— In A u g . 1925 it became known tha t the corp., through its
Calgary subsidiary, the Canadian Western N a tu ra l Gas, L ig h t, H e a t &
Power C o ., L t d ., had entered into a contract w ith the R oyalite Oils, L td .
(a subsidiary of the Im perial O il C o . of C a nada), whereby a large am ount
of gas from the Tu rn e r V alley field is made available for consumption in
Calgary upon an unusually favorable basis. See V . 121, p . 978.
S TO C K A N D BO NDS—
D a te.
In terest. O u tsta n d in g . M a tu r ity .
________xl33,762 shs. J u ly ’26,87)4
C l A com 500,000 shs (no p a r ) ____
C l B com 500,000 shs (no p a r ) . ____
________y508,562 shs. ____________
$7 cum p f 100,000 shs (no p a r ) . ____
$7 Q -F
29,728 shs N o v ’2 6 $ l.75
x Regular divs. at the rate of $3 50 per share per annum have been paid
on the class A stock since incorporation, y Including class B stock reserved
against outstanding rights to subscribe to such stock.
T h e com pany has no funded debt other than that of its subsidiaries.
Stock.— T h e pref. stock is preferred as to assets ($100 per share) and divs.
Is call, all or part on 60 days’ notice at 115 and divs. C o rp . covenants to
set aside on or before Jan . 31 1926 and on or before Jan . 31 of each year
thereafter a sin k in g fu n d at the rate of $2 50 per share per annum from
the date of issue of this cum ul. pref. stock. In addition to this paym ent,
the corp. covenants to set aside a sum equal to 2 0 % of the net earnings
available in each year for divs. on the class B stock, which sum shall be set
aside on or before Jan . 31 1926 and on or before Ja n . 31 of each year there­
after. Proceeds of this sin k in g fu n d are to be used to retire cum ul. pref.
stock b y purchase or redemption. I t is believed that the proceeds from the
sinking fund provisions w ill be sufficient to retire at least one-half of this
cum ul. pref. stock w ith in 10 years. In J u ly 1925, Chandler & C o ., In c .,
R . E . W ilsey & C o ., In c ., and G . G . Barrett & C o ., In c ., offered 25,000
shares cum . $7 pref. stock at $95, to yield 7 .3 6 % .
Stock Purchase W a rra n ts.— Each share of cum ul. pref. stock carries one
stock purchase w arrant entitling the holder thereof to purchase one share of
International Utilities C o rp . class B stock during the period J u ly 1 1925
to J u ly 1 1926, both dates included, at $10 per share, thereafter to and incl.
J u ly 1 1927 at $12 50 per share, thereafter to and incl. J u ly 1 1928 at $15
per share, and thereafter to and incl. J u ly 1 1930 at $20 per share.
E A R N I N G S . — -Consolidated earnings of corp. and subsid. operating
companies (inter-co items eliminated) for calendar year 1925:
Gross, including other income__________________________________ $5,811,672
Oper. exp., m a in t., all taxes and m in ority in t. in surp. earnings. 3,389,001
N e t earnings____________________________________________________$2,422,671
Funded debt, interest and discount expenses___________________
916,914
Other interest___________________________________________________
133,117
Pref. divs. on subsid. cos. stock in hands of pu blic______________
147,428
Depreciation____________________________________________________
219,439
471,598
xDepletion and amortization reserve____________________________
N e t surplus earnings__________________________________________
$534,175
x T h e amounts deducted for depletion ($298,300) and am ortization of
properties ($173,298) are used either for retirement of bonded indebtedness
senior to the capital stocks of subsidiary companies or used for capital
expenditures. D u rin g 1925, $346,211 was used to retire bonds or deposited
w ith trustees for bond redemption.
L atest E arnings.-— Cbnsol. earnings for 12 mos. ended A u g . 31 1926:
Gross, all sources, $4,649,898;-net after m a in t., local and F ed. taxes,
depletion, pref. divs. on oper. cos. and m in o rity stock interests, $3,894,397;
in t. and disc., $848,387; profit on invest., $442,202; deprec. and am ortiz. of
prop erty, $290,614; avail, for dividends, $902,088.
O F F I C E R S . — Chairm an of Board and Pres., P . M . Chandler; V .-P s .,
T . A . M c A u le y , F . W . Bacon, E . H . W ands, J . R . D unlap J r . and H unter
C . Phelan; Sec., A . Studley H a rt; Tre a s ., H . W illiam s J r .— -Offices, 120
Broadw ay, N e w Y o rk C it y .— V . 121, p. 199, 706, 978, 1701, 2156, 3003
V . 122, p . 213, 1026, 1762, 2495, 2948; V . 123, p . 1762, 2138.

K E N T U C K Y S E C U R IT IE S C O R P O R A T IO N .
C on trol.— Th ro u g h ownership of a m a jo rity of the stock controlled b y
In tern a tio n a l U tilitie s C orp.
O R G A N I Z A T I O N . — A holding co. In c o rp . in V irginia on Ja n . 23 1911
(V . 92, p . 322) as successor to the Lexington & Interurban R y s . C o . plan in
V . 92, p . 461. Controls through stock ownership the K e n tu c k y Tra c tio n &
Te rm in a l C o ., Lexington U tilities C o . and Lexington Ice . C o .
Also
controls K e n tu c k y Coach C o ., In c . In 1923 acquired the plan and business
of the R oyal Springs Ice & Storage C o . of Georgetown, K y . V . 116, p . 1533.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
of the R oyal Springs Ice & Storage C o . of Georgetown, K y . V . 116, p . 1533.
Constituent cos. operate 89.33 miles of track. 44 passenger c ity cars, 12
interurban cars, l4 freight and service cars; total 70, cars. 7 passenger
coaches and 1 tru ck . T h e y do the electric light and power, gas, .treet
railw a y and ice business of Lexington. Also operate c ity lines in F ra nk fort
and lines radiating from Lexington to Georgetown, Paris, Nicholasville,
Versailles and from Fra nk fort to Versailles. 71.36 miles of gas m ains.
4 ice plants of daily m anufacturing capacity of 235 tons.
S TO C K A N D BONDS—
D a te .
In terest.
O u tsta n d in g .
M a tu r ity .
Com m on $2,500,000 ($100)_______ _________ — $2,052,287
See text
Pref $2,500,000 ($100) 6 % 1
c u m u la tive ________________ \ ____
Q— J 15
2,348,898 O c t ’26,114 %
S lock.— B o th com . and pref. are listed on P hila. and Louisville stock
exchanges. Pref. is also listed on Cincinnati Stock Exchange. Pref.
stock is redeemable at par and accum. d iv . In J u ly 1917 holders of both
common and pref. stock were given the right to subscribe pro rata on or
before A u g . 15 1917 for the remaining pref. stock at 82)4 and accrued divs.
from J u ly 1 1917. V . 105, p .3 8 9 . As of Ja n . 4 1922, $320,380 of the pref.
stock remained unsold and the stockholders voted to sell the stock or
exchange same for the outstanding pref. d iv . scrip certifs. T h e holders of
pref. and com. stock were given the privilege of subscribing for $169,280 6 %
cum. pref. stock to the am ount of 4 % of their holdings of pref. and com.
stock as of record F eb. 4, at $70 per share. Stockholders exercising rig h t of
subscription were given right to deliver in full or partial paym ent of same
pref. stock d iv. scrip certfs. at 8 0 % of their face value (all outstanding
scrip was called for paym ent O ct. 2 1922)
V . 114. p 409.
D iv id e n d s .— in itia l d iv . on pref., 1 ) 4 % , paid J u ly 15 1913; same rate
quar. to and incl. J u ly 1916; in O ct. 1916 paid 1 )4 % and )4 of 1 % extra
acct. of accumulations. In Ja n . 1917, 1 )4 % and 1 % extra, paying up all
accumulations; A p ril 1917, 1 ) 4 % , and same rate quar. to and in cl. J u ly
1918; none to O ct. 1919, when 1)4 % was paid (V 109, p 1273)
I n 1920,
6 % . In A p ril 1920 a scrip d iv . of 6 % was also paid, clearing up all back
dividends. V . 110, p . 1526. I n 1921, 6 % . Same rate since to and incl.
O c t. 1926. A n initial d iv . of 1 % was paid on com . on O c t. 2 1922. Same
rate paid regularly quar. to and incl. J u ly 1924. In O c t. 1924 1 M % was
paid, and same rate paid regularly quar. since to and incl. O c t. 1926.
E A R N I N G S . — O f combined properties (K e n . T r a c . & T e rm . C o and
Lex. U t il. C o .) for 12 m o s. en d. J u n e 30:
Gross
N et
Other S in k . F u n d ,
B ond
B alance,
E a rn in g s. E a rn in g s. In co m e. T axes, & c. I n te r e s t. S u rp lu s.
1925 _______$1,717,551
$893,933 $89,813
$491,962--------- $491,784
1924 ____
1,673,707
826,171
84,236
461,952--------448,455
1923 ______ 1,551,715
707,842
96,589
432,455--------371,977
1922 ______ 1,457,818
676,774
91,424
430,186--------338,013
L atest E a rn in g s.-— F o r 12 mos. end. A u g . 31 1926; Gross, $1,921,807;
net, $806,879; other income, $42,239; bond in t. and am ortiz. of bond disc.,
$403,218; balance, $445,900.
O F F I C E R S . — P . M . C handler; V . - P . , F . W . Bacon; Sec., H . D .
B row n J r .; Tre a s ., H . W illiam s J r . — V . 117, p . 1661; V . 119, p . 1395, 1733,
2174. 2411; V . 121, p . 1902; V . 122, p . 213 3082.

POWER, LIGHT AND RAILWAY

O c t ., 1926.]
( 1 )

K

E

N

T U

C

K

Y

T R

A

C

T I O

N

&

O R G A N I Z A T I O N . — Incorporated in K en tuck y on M a y 18 1911 as a con­
solidation of the Lexington R y ., Bluegrass T r a c . C o . and Central K en tuck y
T r a c . C o . V . 92, p . 1436. T h e entire stock is owned b y Lexington Utilities
C o . F ranchises perpetual.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Operates 89.33 miles of track, comprising all street railways in and about
Lexington, 16.02 miles; Fra nkfort, 5.64 miles; interurban lines radiating
from Lexington to Versailles, Georgetown, Paris, F rankfort and Nicholasvilles, 65.87 miles; sidings and spurs, 1.8 miles. 50 to 80 lb . rails. Stand­
ard gauge. Owns 44 passenger c ity cars and 12 interurban passenger cars.
14 freight and service cars; total, 70 cars.
S TO C K A N D BONDS—
D a te .
In terest. O u tstan din g .
M a tu r ity .
Stock $2,500,000 ($100)____________
________
$2,093,400 ___________
F irs t & ref m tge $7,500,000 g/ 1911 5 g F - A
1,966,000 Feb. 1 1956
($1,000) guar p & i
c * .t f lin t , at Commercial T ru s t C o ., Phila.,trustee
Lex R y first mtge $1,500,000/ 1899 5 g J - D
872,000 June 1 1949
gold ($1,000)_________c*.tf li n t , at Continental T r . C o ., Baltim ore, trus
Blue Grass 1st mtge $700,000/ 1904 5 g M -S
194,000 M a r 1 1934
gold ($500 & $ l,0 0 0 )-c * r.tf li n t , at Cleveland T r . C o ., Cleveland, trustee
C a r trust notes________________ ______
7%
8,596 Feb 20 1927
E q u ip trust certifs Series “ A ” / 1923 6 g A -O
112,000
See text
($500 and $1,000) gold____ (Security T ru s t C o ., Lexington, K y . , trustee.
B on ds.— O f the first & ref. bonds. $1,188,000 are reserved to retire
prior liens and for extensions, improvements, & c., at not exceeding
9 0 % of cost under certain restrictions. T h e y are redeemable as a whole
on Feb. 1 1914 or on any interest day thereafter, or in part for sinking
fund on any interest day after N o v . 1 1921 at 105 and interest. Bonds
are guaranteed, prin. & in t., b y end. b y the K en tuck y Securities Co rp .
S in kin g fu n d y2 % per annum of bonds outstanding, 1921 to 1930; 1 % 1931 to
1950. V . 92, p. 1564. As of O ct. 1 1926 $1,534,000had been retired and
canceled b y operation of the sinking fun d. V . I l l , p . 1083. T h e bonds
are listed on the Phila. Stock Exchange. V . 94. p . 1119. S in kin g fu n d
retires 1 % of Lexington R y . bonds annually; $455,000 were held in s. f.
A u g . 31 1926. T h e equipment trust certifs., Series “ A , ” are due $8,000
semi-annually O ct. 1 and A p ril 1 to and including A p ril 1 1933. Dividends
payable in Lexington, K y . , or N e w Y o rk C it y . K e n tu ck y 4 mills tax
refunded. V . 116, p . 1649.
O F F I C E R S .'— Pres., P . M . Chandler; V .-P ., F . W . Bacon; V . - P . &
Gen. M g r ., J . P . Pope; Sec., H . W illiam s, J r ., Lexington; Tre a s ., J . W .
Stoll, Lexington.— V . 114, p. 79; V . 116, p. 1649, 2766; V . 117, p . 670, 1663.
(2) L E X I N G T O N U T I L I T I E S C O .
O R G A N I Z A T I O N , & c.— In corp. in K y . on June 5 1909. H as assumed
the paym ent of p rin . and in t. of $532,500 Lexington R y . C o . 1st m tge. 5s.
V . 109, p . 1370.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
C o m p an y supplies w ithout competition electric light and power to Lexing­
ton, K y . Also owns the electric distribution systems in 2 nearby towns
and under wholesale contracts w ith other u tility companies, supplies power
to numerous communities w ith in a 40-mile radius of Lexington, including
F ra nk fort, the capital of K e n tu c k y. Th ro u g h subsidiary cos. controls the
ice and cold storage business in Lexington and Georgetown and the urban
and interurban railways operating in this territory. Population served
225,000. C o . owns a steam generating station of 10,500 k .w ., 595 miles
transmission and distribution lines, & c. Leases 91 miles gas mains to
Ce ntral K e n tu ck y N a tu ra l Gas C o . 2 ice plants w ith annual output of
over 42,000 tons. L ig h t and power fra n c h ise s expire in 1936. Gas and ice
fra n ch ises are perpetual.
S TO C K A N D BONDS—
D a te .
In terest. O utstan din g.
M a tu rity .
Com m on $100,000 ($ 1 )------------ ■ ■All owned b y K en tuck y Securities C o rp .—
6 A % cum pref ($100)-----------6 A Q -M
$1,802,100 ___________
Firstm tg e & re fb o n d sS e r“ A ” [ 1919
6 g A -O
f
(A p ril 1 1929
Series “ B ” ________________ I 1921
•$3,024,450 /A p ril 1 1936
f
6 g A -O
(
(O ct 1 1946
/ 1921
6 g A -O
U n l’td $50, $100/ $500, ST.000
gold__________________ c*.tf /Commercial T ru s t C o ., P h ila., P a ., trustee.
S tock.— -The 6M % cu m . p ref. stock is preferred as to cum . divs. and assets
over any other stock of the co. Red. whole or part, on 60 days’ notice at
107 A and divs. En title d to $107 M per share and divs. in case of volu ntary
or involuntary dissolution. Has full voting privileges share for share w ith
the common stock. A dditional pref. stock (after the first $2,000,000 issued)
m a y only be issued when for 12 out of preceding 15 months have been at
east 2y? times annual dividend requirements of outstanding pref. stock,
ncl. new issue. C o . w ill not create any issue of stock having prio rity or
equality w ith this pref. stock. O n D ec. 1925, Bonbright & C o ., In c .,
offered $1,500,000 0 A % cum . pref. stock at $93 and d ivs., to yield about
7 % . V . 121, p . 3003.
B on ds.— A re secured b y a first m tge. on the power house and high-tension
lines and a direct mortgage on the balance of the property owned, subject
to the lien of bonds issued under the Lexington R y . C o . m tge., of which
one-half have been assumed b y K en tuck y Tra c . & T e r m . C o ., leaving only
$538,500 outstanding underlying bonds to be paid b y L e x. U t il. C o . A d d ’l
bonds m ay be issued (a) in exchange of prior lien bonds of any property
now owned; (6) for 8 0 % of acquisitions, & c.; (c) in exchange for bonds of
other cos., or (d) for capital stock of present subsid. cos.; (e) to take up
bonds of any series issued under the m tge. F o r purposes (6), (c) and (d)
only when combined net earnings of Lex. U t il. Cos. and properties to be
acquired are equal to interest on bonds under this m tge. exchanged for
underlying bonds of its present subsid. cos. and double interest on all other
bonds outstanding, incl. new issue. A ll bonds issued under this m tge. to
stand on a pa rity as to lien. O ther series m ay be of such tenor, but not ex­
ceeding 6 % interest, as directors m ay from time to tim e determine. Series
“ A red. all or in pa rt on any in t. date on 60 days notice at 101 and in t.
Ser. “ B ” callable, all or part, on a ny in t. date on 60 days’ notice at 102 y and
in t. Ser. “ B ” bonds have sin kin g fu n d equal to 2 % of am ount outstanding
to be used for permanent add’ns, exts., & c., or for purchase of bonds at not
exceeding 1 0 2 'A & in t. Ser. “ C ” red. all or in part on any in t. date on 60
days’ notice at 102 A & int. Ser. “ C ” have annual sin kin g fu n d of 1A % of
full am ount of Ser. “ C ” bonds outstanding from O ct. 1 1926 to O ct. 1 1935,
and thereafter to m atu rity of 2 % per annum . State taxes not exceeding
the present rates of 6 % on income in M ass., $.0045 in M d ., $.004 in K y . ,
and $.004 in Penn., w ill be refunded. In t . payable at trustee in Phila.
or agency of company in N e w Y o rk . V . 109, p. 1370: V . 113, p. 855, 966,
V . 115, p . 2386; V . 117, p . 1671. Chandler & C o ., In c ., and R . E . W ilsey
& C o ., In c ., sold $653,000 Series “ C ” in J u ly 1925 at 99 and in t., yielding
over 6 % . V . 121, p . 458.
E A R N I N G S . — F o r calendar years:
1925.
1924.
Operating revenues and other incom e_____________ $1,348,990 $1,230,870
Operating expenses, maintenance, & c____________
575,523
553,095
N e t before depreciation.
Interest and amortization.

$773,467
240,862

$677,775
226,789

N e t earnings____________________________________
$532,605
$450,986
O F F I C E R S .— Pres., P . M . Chandler; V .-P s ., F . W . Bacon, E . H .
W ands; Sec., H W illiam s, J r .; Tre a s ., J . W . Stoll.-— V . 121, p . 3003;
V . 122, p . 1310; V . 123, p . 324.
(3) L E X I N G T O N I C E C O .
O R G A N I Z A T I O N . — Incorp. M a y 1 1917. Stock authorized $100,000;
outstanding $100,000 of which $25,000 is owned b y K en tuck y Securities
C o rp ., and $75,000 b y Lexington Utilities C o . M ade a 50-year lease of
plant and business of Consumers’ Ice & C o ld Storage C o . of Lexington.
Acquired R o yal Springs Ice C o . of Georgetown, K y . . on lease basis. Has
entered into contract w ith Lexington Utilities Co . for sale of that com pany’s
ice output.

P A D U C A H E L E C T R I C CO.
A s of Feb. 26 1926 this co. sold all its properties to K en tu ck y U tilitie s C o.,
and called in all its bonds. F o r history, & c., see “ Public U t ilit y C o m ­
pe n d iu m " of O ct. 31 1925. V . 122, p . 1611.

L O U IS V I L L E G A S & E L E C T R I C CO. (DEL.).
C on trol.— Standard gas and Electric C o . owns 148,580 shares of the out
standing, class B common stock.
M a n a g e m en t.— Byllesby Engineering & Management C o rp ., whose entire
capital stock is owned b y Standard Gas & Electric Co.




195

A
T E O RR G M N I IZ A T I A N L. — A Cholding co., incorp. in Delaware, F eb. 17 1913.
N O
O .

Owns over 9 0 % of the common stock of Louisville Gas & Ele ctric C o .
(K e n tu c k y ), and the entire stock (except directors shares) of Louisville
H yd ro -E le c tric C o ., K en tuck y Pipe Line C o ., K entucky Coke C o ., and
M adison L ig h t & Power C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
C o m p an y’s system serves electric power and light and natural and m anu­
factured gas in the C it y of Louisville and neighboring communities.
Population served over 359,865. T h e Waterside Station has an installed
electric generating capacity of approxim ately 124,000 h .p . C o .’s sub­
sidiary, the Louisville H yd ro -E le c tric Co. is constructing a water power
development of an ultim ate capacity of 135,000 h .p . to be completed in
1929, on the Ohio R ive r at Louisville. F o r particulars, see Y . 121, p . 1348;
V . 122, p . 1026 under heading “ Louisville H yd ro -E le c tric C o .” T h e system
has its own coal properties, insuring an adequate and convenient source of
fuel supply; 75,902 electric customers, over 807 miles of high tension
transmission and distribution lines. Gas plants of 22,000,000 cu. ft. total
daily m fg. capacity serve 67,257 gas customers b y means of 899 miles of
gas mains. V . 120, p. 2815.
S TO C K A N D BONDS—
D a te.
In terest. O u tsta n d in g . M a tu r ity .
Class A common 800,000 shs.J
(no p a r)___________________ / _____
See text 501,880 shs. See text
Class B common 500,000 shs.J
(no p a r)___________________ \ ____
_________ 257,956 shs. See text
Stock.— C lass A com m on stock is preferred as to each quar. (M a rc h , & c.)
d iv . at the annual rate of $1.50 over class B common stock, and after class
B common has received the same dividend per share, class A and class B
stock participate equally and ratably share for share, up to an additional
annual rate of 50c. per share, and thereafter class A is entitled to dividends
in the ratio of 25c. per share for each $1 per share paid on class B . Class A
is preferred to $25 per share in distribution of assets over class B , and after
class B has received the same am ount per share, class A and B participate
equally and ratably, share for share, in distribution of assets. Class A is
call, at $32.50 per share. Class A common listed on N . Y . and Chicago
Stock Exchanges. In M a y 1925, H . M . Byllesby & C o ., In c . offered 450,000
class A shares at $26 per share. V . 120, p . 2815; Y . 122, p . 94.
D iv id e n d s .— In Sept. 1925 an initial quar. d iv . was paid of 43 M c. on
class A stock. Same am ount paid in D ec. 1925 and M a rc h , June and
Sept. 1926. V . 121, p . 1101. O n class B common an initial quar. d iv . of
4 3 M e. in Sept. 1925. Same am ount paid in D ec. 1925 and M a rc h , June
and Sept. 1926. V . 121, p . 1101.
O F F I C E R S . — Pres., Joh n J . O Brien; V .-P re s ., T . B . W ilson, James B .
B ro w n . H alfo rd Erickson, D . T . F ly n n , B . W . L y n c h , M . A . M orrison,
E . J . M c K a y and F . C . Gordon; V . - P . in charge of operation, L . S. Streng;
S ec.-Treas., J . J . M c K e n n a . Offices, Chicago, 111., and Louisville, K y .
— V . 120, p . 1326,2012, 2815; V . 121, p . 200,458, 1101, 1227,2273; V . 122,
p . 94.
L O U IS V IL L E G A S & E L E C T R IC C O . (K Y .).
C on trol.— O ver 9 0 % of the common stock is owned b y Delaware co.
of the same name, see above.
O R G A N I Z A T I O N . — Incorp. in K en tuck y J u ly 2 1913 as a consolidation
of Louisville Gas C o ., Louisville Lig h ting Co. and K en tuck y H eating C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
See above under Delaware C o .
Increase C a p ita l Stock.— O n June 25 1925 the authorized capital stock was
increased from $36,000,000 to $45,000,000, consisting of 250,000 pref.
shares (par $100), 150,000 class A common (par $100), and 500,000 class B
common (par $10). Y . 121, p . 200.
S TO C K A N D BONDS—
D a te .
In terest. O utstan din g. M a tu r ity .
_________ $10,324,300 ___________
Com m on $11,000,000_______________
11,739,700 ___________
C u m .p re f. $25,000,000_____________
6-7
1,170,000 A p ril 1 1953
Louisville Ligh ting Co 1st/ 1903
5 g A -O
m 5 % (closed) $4,000,000/In t . at F id elity & Colum bia T r u s t C o .,
($1,000 c *)_____________ tf i Louisville, K y ., trustee.
1st & ref mtge $150,000,000/
series A ($1,000, 500,100 c* { 1922
5 g M -N
18,805,000 N o v 1 1952
___________________________ tf/Trustee, see series B .
/ 1924 5 A g M - N
3,000,000 M a y 1 1954
Series B ($1,000, 500 c * ).t f (H arris T r . & Savs. B ank, Chicago, trustee.
6s sink fund g debent $10,-/ 1922
6 g A -O
4,950,300 O ct 1 1937
000,000 series A ($1,000,/ Continental & Comm ercial T ru s t & Savings
500, 100 c * )____________ t f ( B a n k , Chicago, trustee.
1942
136,000
M a d L t & R y 1st M 6 % g b d s . ____
6%
B on ds.— In addition to the $1,172,000 L o u isville L ightin g Co. 1st m tge.
5 % bonds, due A p r il 1 1953, shown in the above table as outstanding,
$1,924,000 are pledged as collateral to Louisville Gas and Electric C o . 1st
and ref. 5s. A re non-callable.
Th e 1st
ref. m tge. bonds are secured b y a 1st mortgage on the physical
property of the c o ., subject only to the lien of $1,172,000 Louisville Lighting
Co . 1st m tge. 5s. A re further secured b y pledge w ith trustee of all mortgage
obligations and stock (except directors’ shares) of affiliated companies.
Series B are red. to and incl. M a y 1 1934 at 105 and in t., thereafter at M %
less each year to m a tu rity. In M a y 1924 H arris, Forbes & C o ., G ua ra nty
C o . of N . Y . , E . H . Rollins & Sons and H . M . Byllesby & C o ., In c. offered
$3,000,000 series B at 95M and in t., to yield about 5 .8 0 % . V . 118, p . 2312.
Th e 6s sin k , fu n d gold debentures bonds, series A , due Oct. 1 1937 are call,
whole or part, on 30 days’ notice on or before O ct. 1 1927 at 105; O ct. 1 1932
at 102; O ct. 1 1936 at 101; thereafter at 100; plus interest in each case.
Th e re is a sin k in g fu n d which commenced A p ril 1 1925, payable semi­
annually, of 3 % per annum of am ount outstanding to purchase bonds at or
below redemption price, otherwise bonds to be called.
F o r various references to this co., see Y . 120, p . 1326; V . 121, p . 200,
458, 586.
E A R N I N G S . — F o r calendar years;
1925.
1924.
1923.
Gross__________________________________ $7,903,899 $7,258,637 $6,475,824
N e t (after m aint. and taxes)_________ 4,092,030
3,553,480 3,220,392
Interest______________________________
1,308,701
1,161,108
962,552
Preferred dividends__________________
1,016,409
1,138,080
993,088
Balance for retirement reserve, am ort.---------------------- ---------------------- --------------------- and common dividends________surp.$1,766,920
$1,254,292 $1,264,752
L a test E a r n in g s .— F o r 12 mos. end. J u ly 31 1926: Gross, $8,372,638
(against $7,430,586 12 mos. end. J u ly 31 1925); net, after oper. exp.,
m aint. and taxes, but before deprec., $4,304,106 (against $3,824,399).
O F F I C E R S . — See Delaware C o . above.-— V . 122, p . 94, 2496.

L O U IS V I L L E R A I L W A Y CO.
O R G A N I Z A T I O N . — In c o rp . In K e n tu c k y on Ja n . 22 1867 and owns all
the street railways in the C it y of Louisville and its suburbs. In Sept. 1922
the co. commenced operating under an “ adjusted franchise” for which it
exchanged its equity in long-term franchises w ith the C it y of Louisville.
Th e “ adjusted franchise” containing variable-rate and sliding-scale-ofdividend provisions, runs for 20 years. T h e rights of the bondholders in
the long-term franchises are said not to be affected b y the present operat­
ing arrangement.
H oldin g C om pan y D isso lved .— See “ Electric R a ilw a y” Supplem ent of
A p ril 26 1924.
T h e Louisville & Interurban R R . has been organized in the interest of
the Louisville R y . to construct a system of urban and interurban lines. N o
securities have been issued except $4,000,000 stock (increased to that
am ount in Febru ary 1913) to Louisville R y . C o . In Ja n . 1911 Louis­
ville & Interurban R R . acquired the Louisville & Eastern R R . (all of whose
bonds, construction notes, receivers’ certificates, & c., and about all the
stock, was owned b y Louisville & In te ru rb a n ), sold at foreclosure Ja n u a ry 3
1911. V . 92, p . 59, 262.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e Louisville R y . C o . owns 172.76 miles of track on 80 miles of streets
and 9.86 miles in yards, & c.; 3.52 miles are outside c ity lim its; all is electric.
Affords entrance into Louisville for the Interstate Public Service C o . T h e
Louisville & Interurban owns 105.57 miles of track in Jefferson C o u n ty ,
Incl. extensions to L a Grange and to Shelbyville, in O ldham and Shelby
counties. Th ro u g h the K e n tu ck y Carriers, In c ., a subsidiary, the co.
operates buses. V . 117, p . 86.
V a lu a tio n .— See V . U 2 p *49
Fare In c re a se d .-— Effective F eb. 1 1926, co. was granted a straight 7-cent
fare, w hich, it was declared, w ould probably increase co.’s earnings from
$300,000 to $500,000 annually. See “ Electrical R ailw a y Jo u rn a l” of
Feb 6 1926.

1£6

PUBLIC UTILITIES

S TO C K A N D BONDS—
D a te .
In terest. O u tstan din g . M a tu r ity .
________ $8,232,600
See text
Com m on $8,500,000__________ ______
Pref 5 % cum $3,500,000____ _______
A&O
3.500,000
See text
Louisville R y gen mtge goldl 1910
5 g F -A
4,035.000 Feb 1 1950
$20,000,000 ($ 1 ,0 0 0 ).-c * tf fInterest payable in Louisville.
Louisville R y cons mtge gold I 1890 5 g J J
6,000,000 J u ly 1 1930
$6,000,000 (listed N Y )c * t f j In t. at National Bank of Commerce, N . Y . ;
f F id e lity-C o l. T r . C o ., Louisville, trustee.
Louisville R y 2d mtge $2,-/ 1900 4 H g M -S
2,000,000 M a r 1 1940
000,000 gold ($1,000)___tf (Interest payable in Louisville.
N o t e s ________________________ 1923
6%
1,000.000 June 1 1926
C a r trust ctfs ser “ A ” _____tf 1 1923
6 F -A
264,000
See text
/Fidelity & C o l. T r . C o ., Louisville, trustee.
C a r trust certificates Series) 1924
6%
207.000
See text
“ B ” ($1,000) gold_________/Fidelity & C o l. T r . C o ., Louisville, trustee.
B on ds.— $8,000,000 of the gen. m tge. bonds of 1910 are reserved to retire
prior liens; the remainder is for extensions and improvements. Bonds are
not subject to call. Fidelity-C olu m b ia T ru s t C o ., Louisville, trustee.
C a r trust certificates Ser. “ A ” are due $33,000 each Feb. 1 to and incl.
Feb. 1 1933. C ar trust certificates Series “ B ” are due semi-ann. to Jan . 1
1934. Y . 118, p. 85.
D ivid en d s.— 5 % was paid on pref. stock to and incl. O ct. 1918
Non*
to A p ril 1923, when 244% was paid. In J u ly 1923, 2 / 3 % ; O ct. 1923, 2 ) 3 % ;
D ec. 1923, 2 ) 3 % . In Feb. 1924, 5 % was paid, representing a regular d iv .
of 1H % and 394 % on account of back divs. In A p ril 1924. 2 X % , leaving
accumulations on these shares of 1 0 % . V . 118, p. 1773. In O ct. 1924,
5 % was paid on account of back divs. V . 119, p. 1733. O n Feb. 15 1925
paid 5 % , clearing up all deferred divs. V . 120, p. 703. In O ^t. 1925, 2 ) 3 % .
and 2)3 % regularly semi-ann. since. 4 % was paid on the old T raction com.
stock up to time of dissolution. D iv s . of 1 )3 % each were paid on R a ilw a y
com. in Ja n ., A p r il and J u ly 1918. O ct. d iv . omitted (V . 107, p . 1385).
None since u n til O c t. 1926, $2. V . 123, p . 1762.
E A R N I N G S .-— F o r calendar years:
In terest &
Balance,
Other
Gross
N et
S u rp lu s.
Tares.
Revenue
E arn in gs.
Incom e.
$99,070 $1,085,116 $480,557
$1,466,603
1925 ___________ $4,429,116
535,394
1924 -----------------4,449,678 1,453.706
1,056.843
138,531
489.542
165,072
1,042,874
1923 ----------------------- 4,445.866
1,367,344
504,979
1,011,401
1922 ----------------------- 4,542,818
1,352.585
163,795
290.593
1921 ----------------------- 4.469,502
1,195,779
96,762
1,001,948
O F F I C E R S .— Chairm an of the Board, T . J . M in a ry ; Pres., James P
Barnes; V .-P . & Gen. M g r ., F . H . M ille r; V .-P ., Sam ’l Riddle; Sec. &
Tre a s ., Samuel G . Boyle; Gen. A u d ., F . E . Belleville.-— V . 120, p . 703, 1586;
V . 123, p . 83, 1762.

CINCINNATI NEWPORT & COVINGTON LIGHT &
TRACTION CO.
O R G A N I Z A T I O N . — Incorporated under the laws of N e w Jersey on
M arch 11 1902 and pm-chased all the stock of the U nion L ig h t, H eat &
Power Co. of Covington and of the Cincinnati N ew port & Covington R a il­
w a y . V . 74, p. 576. T h e latter was organized in 1892 to bu y up and con­
solidate all the roads on the K en tuck y side of the river opposite Cincinnati.
P rior to J u ly 1 1922 the South Covington & Cincinnati St. R y . C o ., a
K y . corp. (form erly one of the constituent cos. of the Cine. New port & C o v.
R y . C o ., an Ohio corp.) acquired direct ownership of ail the street railway
properties form erly owned b y the Cine. Newport & C o v . R y . C o . and its
subsidiaries (except the Cine. C o v . & Ros-edale R y . C o . and the Cine.
C o v . & Erlanger R y . C o ., whose stock it acquired) and changed its name to
the Cincinnati N e w port & Covington R y . Co .
L ease.— T h e U nion L t ., H t . & Power C o . and the Cine. N e w p. & C o v.
R y . (both controlled through stock ownership b y the Cine. N e w p . & C o v.
L t . & T r . ) were leased from A p r. 1 1907 to Colum bia Gas & Electric Co .
(incorporated in O hio) for 45 years. T h e lessee guarantees interest on bonds
and 4 ) 3 % per annum on pref. stock. O n common, divs. are to be 3 % for
first year, increasing )3 % each year un til 6 % is reached, which is to be the
rate thereafter. See Y . 84, p . 449, 930; also terms in V . 84, p. 1489, under
Colum bia Gas & Electric. Under agreement ratified in J u ly 1915 the extons,
and add’ns to Union L t ., H t . & P . Co.'s property are to be paid for b y the
issue of new 50-year 5 % bonds (see below) instead of b y sale of stock of the
Cincinnati co. as provided under the old agreement. V . 101, p. 694. Th e co.
leases jo in tly with the Western Union Telegraph Co . for a period of from 20
to 30 years the Dixie T e rm . Bldgs., which opened for service on O ct. 22 1921.
T h e controlled C in . C o v . & Erlanger St. R y ., which was incorp. Sept. 1899
w ith $250,000 stock (shares $50) to build an extension to Erlanger, 7 %
miles (about 3 m . completed), has been leased to the Colum bia Gas & Elec
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .— A
trolley road. Connects Cincinnati, Covington, New port, Bellevue, D ayton ,
C lifto n , Southgate, F o rt Th o m a s, F o rt M itchell, West Covington and
L u d lo w . T o ta l in operation, 69 miles. U nion L ig h t, H eat & lo w e r C o .
serves the same municipalities w ith gas, electricity and water.
M o d ific a tio n o f A greem en t w ith Col. Gas & Elec. Co. P rop o sed .— See Y
114. p . 737.
S TO C K A N D BONDS—
D ate.
In terest. O utstan din g. M a tu rity .
Q -J
Com m on $5,000,000 ($100)_________
$5,000,000 O c t '26, 1)3
P f 4 ) 3 % n -c $5,000,000 ($ 1 0 0 ) ____
4,500,000 O c t '26. 1)3
4)3 Q
-J
U n derlyin g Bonds—
So C o v & C in cons M $500,000/ 1892
6 g J -J
150,000 Jan 1 1932
gold ($500, $ 1 ,0 0 0 )_______ (C ovington Sav Bank & T ru s t C o , trustee.
C in cin n a ti N ew port
Covington Ry—
1st and ref m ort. $7,500,000. 1922 6 g J . J
3,740,000 J u ly 1 1947
($500 and $1,000)____ c * .tf\ In t. at Central T ru s t C o ., C in e ., trustee.
U n io n L ight, H eat
Power C o.—
F irs t mortgage $5,000,000/ 1924
6 g F -A 1 5 2,470,000 A u g 15 1949
($100, $500 and $1,000)/In t. at U nion Savings Ban k & T ru s t C o .,
_______
go ld_______________ c* & r.tf ( C in e ., trustee, or at Bankers T r . C o ., N . Y .
G uaranteed Bonds—
Lick ing R ive r B r Co 1st m tgel 1914
5 M -S
130,100
1939
$185,000 guar (see text) s f t
Bonds.— T h e C . N . & C . R y . 1st & ref. 6 % bonds are guaranteed (p . & i.)
b y C o lum bia Gas & Electric C o . A re callable during first 5 years ending
w ith J u ly 1927 at 107)3, and during each 5-year interval thereafter at
1 )3 % less un til J u ly 1 1947. D u rin g second 5 years ending J u ly 1932,
106. D u rin g th ird 5 years ending J u ly 1937, 104)3. D u rin g fourth
5 years ending J u ly 1942. 103. D u rin g fifth 5 years ending J u ly 1947,
101)3. V . 115, p . 182. T h e U nion L ig h t, H eat & t ower C o . 1st m tge. 6 %
bonds are a first lien on the co.’s property. Additional bonds of this issue
m ay be issued for 8 5 % of the cost of additions and im pts. under certain
restrictions. T h e Colum bia Gas & Elec. C o . guar., p . & L , the 1st M .
bonds of the U nion L t ., H t . & Pow . C o . Compare V . 110, p. 368. Licking
R ive r bonds are guaranteed b y Colum bia Gas & Elec. C o . and the South
Covington & C in . St. R y .
D iv id e n d s .— O n pref. 4 ) 3 % is being paid (1 )3 % q u a r.). O n com­
mon stock first d iv . of % % was paid J u ly 15 1907 and % % O ct. 15 1907. In
1908, 3 ) 3 % ; in 1909, 3 X % \ in 1910, 4 ) 3 % ; in 1911, 4 ) 3 % ; in 1912, 5 ) 3 % ;
in 1913, 5 ? 3 % ; in 1914 and since, 6 % per annum.
E A R N I N G S .— T h e fixed rentals paid to Cincinnati N e w port & Covington
L ig h t & Tra c . C o . by Co lum bia Gas & Electric C o . under the lease constitute
the sole earnings (which do not vary) of C . N . & C. L t . & T r . C o .
O F F I C E R S .— Pres., James M . H u tto n ; V .-P ., Louis J . H auck ; Sec. &
Tre a s ., G e o rg e M . A b b o tt.— V . 110, p . 871; V . l l l . P - 1660; V . 112, p . 1616,
2189; V . 114, p. 737, 2716; V . 115, p . 182, 988, 1099; V . 120, p . 955.

TENNESSEE
K E N T U C K Y -T E N N E S S E E L I G H T & P O W E R CO.
Controlled b y A ssociated Electric C o., Kentucky-Tennessee-Indiana group.
O R G A N I Z A T I O N . — Form ed N o v . 1 1923 b y consolidation of K entucky
Public Service C o ., organized in 1912, and Kentucky-Tennessee L ig h t &
Power C o ., organized in 1922. Owns electric and (or) gas properties in
Bow ling Green, Frankfort and Adam s, in Tennessee. In 1924 co. acquired
13 m unicipal electric plants located in Obion, Trim b le , R utherford, D y e r,




[V ol. 123

K enton, M a rtin , Greenfield, Bradford, Dresden, Cleason, Sharon, Mason
H a ll and New bern, all in Tennessee, and in June 1925 acquired by purchase
utilities in M ayfie ld , H ardinsburg, Hawesville, Lewisport and C loverpo rt,
all in K en tuck y, incl. an ice plant at Cloverport and a water plant at
Hawesville. In 1926 acquired utilities in M c K e n zie , T e n n ., and M u rra y ,
K y . A ll the properties are to be interconnected b y transmission lines.
T h e gas distributing system in Frankfort is leased to the F ra nk fort Ken­
tucky N a tu ra l Gas C o .; serves more than 30,000 consumers in 60 com­
munities having a population of approx. 160,000. Controls Ohio R iver
Power Co. (see separate statement elsewhere in this p u blication), which pur­
chased in 1926 the m unicipal water and light plants at T e ll C it y , and C a n nelton, In d .
S TO C K A N D BO ND S—
D a te.
Interest. O u tsta n d in g . M a tu rity .
__________ $1,611,100 -----------------------Com m on $3,000,000 ($100)_________
1st & ref ($1,000, $500 c * )-t f / 1924
6 g M -N
128,000 M a v 1 1954
(In t . at Bankers T ru s t C o ., N . Y . , Tru s te e .1;
?
K en tuck y Pub Serv C o 1st g ] 1916
5 g F -A
976,500 Feb 1 1941
($1,000, $500, $100 c * )-_ t f (In t .a t Fid elity-P h ila . T r .C o .,P h ila ., trustee.
. B on ds.— Additional 1st & ref. 6s gold bonds m ay be issued for acquisition
or retirement of prior liens, in exchange for bonds of another series, and for
8 0 % cost of im provem ents, if net earns, for 12 consecutive of preceding 15
months equal at least twice annual interest on bonds outstanding and to be
issued. Secured b y a direct mortgage on all co.’s property subject to $410,350 purchase money notes and $976,500 K en tuck y P ub . Service C o . 1st 5s
of 1941. A dd itio na lly secured by pledge of $551,900 K y . P u b . Serv. Co .
1st 5s of 1941. A m ainten ance an d renew al fu n d amounts to 10 % of gross
operating revenues, but is subject to change b y arbitration. C a ll, at 107)3
to M a y 1 1925; thereafter less 33% annually to M a y 1 1931, and thereafter
less ) 3 % annually to m a tu rity. Penn, and Conn. State taxes and Mass,
income tax refundable. Issued, $3,536,600; in treasury, $3,408,600; out­
standing, $128,000.
T h e K en tu ck y P u blic Service Co. 1st gold 5s, dated Feb. 1 1941, are secured
b y a first closed mortgage on entire property of the former K e n tu c k y Public
Service C o . H ave a sin k in g fu n d of 1 % per annum to purchase or call bonds
at not exceeding call price; bonds so acquired to be canceled. C a ll. at 102)3
& int. on any int. date on 30 days’ notice. O f the authorized am ount, there
were issued as of J u ly 31 1926 $1,667,300; outstanding, $976,500; retired
b y sinking fund, $138,900; and $551,900 pledged under $1,258,600 K e n tu ck y
Tennessee L ig h t & Power C o . 1st & ref. 6s, 1954. Penn. State tax refunded
These bonds were offered at 96 in A p ril 1916 b y M on tg om ery, Clothier &
T y le r, Philadelphia.
E A R N I N G S . — F o r 12 months ended J u ly 31 1926:
G r o s s __________________________________________________
$1,482,181
N e t after operating expenses and taxes__________________________
567,158
D epreciatio n_____________________
92,696
285,215
Interest charges, & c______________________________________________
N e t income___:_________________________________________________

$189,247

T E N N E SS E E E A S T E R N E L E C T R I C CO.
O R G A N I Z A T I O N . — Incorp. in 1912 in Massachusetts.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Com pany does the entire electric lighting and commercial power business
in Johnson C it y , Jonesboro, Greeneville and several adjacent communities
in northeastern Tennessee. Population over 60,000. Com pany owns a
hydro-electric plant on the Nolichucky R iver about 35 miles southwest
of Johnson C it y of 16,000 h .p ., and a 5,000 h .p . steam station near John­
son C it y . Th ro u g h ownership of the entire outstanding capital stock of
the Johnson C it y Tra ction Co rp . Co . controls and operates the local street
railw ay (6 miles) in Johnson C it y . V . 121, p. 332.
V a lu a tio n .— In A u g . 1926 Tennessee State R R . & P . U . Commission
placed a valuation for rate-m aking purposes of $2,500,000 on the properties
of the co., the value of the depreciable property being placed at $1,750,000.
V . 123, p . 1115..
Stock In crea se.— In A p ril 1926 co. increased its authorized $7 no par
pref. stock b y the addition of 6,000 shares and issued 1,600 no par common
shares. V . 122, p . 2498.
S TO C K A N D BONDS—
D a te.
In terest. O utstan din g. M a tu r ity .
________
15,000 shs. J u ly '26 $1
Com m on, 15,000 shs (no p a r ). ____
6 % cum pref__________________ ____
6
$600,000 S e p t '26 1)3
$7 cum pref (no p a r )_________ ____
$7
5,105 shs. S e p t '26 1M
1st (closed) mtge. 5 % ($1,000/ 1913
5 g F -A
$2,017,000 F eb. 1 1943
and $500)_____________ c*tf \ In t. at American T ru s t C o ., Boston, trustee.
Ref mtge g series A ($1,000/ 1925
6 g M -N
400,000 M a y 1 1955
and $500)_____________ ctf\ First N a t ’l B ank, Boston, trustee.
B onds.— In addition to the $2,017,000 1st mtge. 5 % gold bonds, due
Feb. 1 1943, shown as outstanding, $117,000 have been purchased and can­
celed b y the improvement fund.
Th e ref. m tge. gold bonds series A , dated M a y 1 1925, are callable u p to
and incl. N o v . 1 1945 at 105 and in t., the prem ium reducing )3 % per
annum thereafter. A n annual sin kin g fu n d of 1 % of all ref. m tge. bonds
outstanding commences on J u ly 1 1928 and is to be used exclusively for
retirement and cancellation of these bonds through purchase or call. In
J u ly 1925 Coffin & B u rr, In c ., Boston, etc., etc. offered $400,000 series A
at 98 and int. to yield 6 .1 5 % . V . 121, p. 332.
D iv id e n d s . - —Dividends on the pref. stock have been paid continuously
since organization and on the common $4 was paid in 1922, 1923, 1924 and
1925.
E A R N I N G S . — F o r calendar years;
F ixed
Gross
N e t a fte r M a in t.
B alan ce.
E a rn in g s.
C harges.
an d Taxes.
$155,676
1925_______________ $497,212
$265,714
$110,038
147,572
1924_______________ 449,547
99,978
247,550
138,977
1923_______________ 431.036
79,718
218,695
— V . 122, p. 332, 2498; V . 123 p . 1115.

TE N N E SS E E E L E C T R I C P O W E R CO.
A subsidiary of C om m onw ealth Pow er C o rp ., which co. acquired control of
T h e Te n n . Elec. Power C o . through exchange of stocks in J u ly 1925. V .
120 p . 2552,2685.
O R G A N I Z A T I O N . — Incorp. in M arylan d M a y 27 1922, and in accord­
ance with plan outlined in V . 114, p. 1653, 2117, has acquired all the assets
of the Tennessee R ailw ay, L ig h t & Power C o . (for history see “ Ele ctric
R ailw a y” Supplement of A p ril 29 1922) and now controls:
(а) Th ro u g h direct ownership, property and rights of Chattanooga &
Tennessee R ive r Power C o ., embracing the Hales B a r hydro-electric
station, with an installed capacity of 64,240 h. p . on the Tennessee R iv e r,
and duplicate high tension steel tower transmission lines to Chattanooga.
(б) Th ro u g h direct ownership, all the property and rights of the T e n ­
nessee Power C o ., incl. 3 nydro-electric stations w ith an aggregate installed
capacity of 89,780 h. p ., a steam station of 20,100 h. p . capacity, and an
extensive system of transmission lines.
(c) Th ro u g h direct ownership, all the property and rights of the Ch a t­
tanooga R y . & L t . C o ., incl. an electric light and power distribution system
together w ith the c ity railw ay lines in Chattanooga.
(d) T h e entire issued and outstanding common stock, over 9 5 % of the
outstanding pref. stock, and $4,872,500 bonds of Nashville R y . & L ig h t
C o ., which owns a 64,000 h . p. steam station and operates w ithout competi­
tion an electric light and power distribution system and electric railways in
and around Nashville.
In addition the com pany owns and has pledged under its first ref. mtge.
the following bonds of the above companies:
O utstan din g in Owned an d
H a n d s o f P u blic. Pledged.
Tennessee Power C o . 1st 5s, 1962_________________ $2,256,000 $10,045,000
Chattanooga R y . & L ig h t 1st & ref. 5s, 1956____
610,000
3,697,000
Chattanooga R ys . 1st cons. 5s, 1956____________
1,702,500
341,000
Lookout M ountain R y . 1st 6s, 1956____________
______
389,000
Nashville R y . & Light ref. & ext. 5s, 1958______
2,604,500
4,872,500
To ta l owned arid pledged____________________________________ $19,341,500
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
T h e controlled properties serve practically the entire central and eastern
portions of Tennessee, extending nearly 200 miles from east to west and 100
miles from north to south, incl. Nashville, Chattanooga, K noxville (whole­
sale) and other cities, w ith an estimated population of over 450,000.
Th e electric generating stations of the system have an installed capacity
equal to 283,000 h . p ., of which 144,260 h . p. is in water power plants.

POWER, LIGHT AND RAILWAY

Oct., 1926.]

I n J u ly 1924 acquired the properties and franchises of the Cum berland
Power C o ., M a ryv ille Ligh ting C o ., M adisonville L ig h t & Power C o .,
Lenoir C it y L ig h t & Power C o . and the electric power properties of the
L o n g M fg . and Tellico R iver L um ber cos. V . 119, p . 199, 2180. I n 1926
co. purchased for $410,000 the H a rrim an (T e n n .) m unicipal ligh t and
water plant. V . 123, p. 845.
F ranchise.— See V . 118, p . 1912.
M erger U ph eld.— On Feb. 14 1924 Chancellor James B . New m an of P a rt
I I , Davison C o u n ty (T e n n .) Chancery C o u rt, handed down a decision in
favor of the co. in suits brought against it, alleging that the recent consoli­
dation was in violation of the State’s A n ti-T ru s t L a w . V . 118, p . 908.
See also V . 120, p . 584. Com pare V . 115, p . 309, 989.
Stock, c%c., A p p ro ved .— In J u ly 1926 Tennessee R R . & P . U . Commission
authorized co. to issue 44.000 common shares and to accept in pa rt pay­
m ent therefor not more than 20,000 shares 2d pref. stock; to issue 5,000
shares of 6 % 1st pref. stock, $3,500,000 1st & ref. gold bonds, 5 % series,
due 1956. and to purchase from Nashville R y . & L ig h t C o . at par and int.
$1,626,500 of that corp.’s ref. & ext. mtge. 50-year 5 % g. bonds and to
pledge same under 1st & ref. m tg e. g . bonds of Tennessee Electric Power C o .,
also to buy of Nashville R y . & L t . C o . at par $262,000 of that corp.'s 6 %
notes due on or before J u ly 1 1958. V . 123, p . 712.
R igh ts.— Com m on stockholders of record June 25 1926 were given the
right to subscribe on or before J u ly 9 1926 for 44,000 additional common
shares at $70 per share pro rata, permitting stockholders to purchase
2 8 .2 0 % of their holdings, w ith option to pay either (1) in cash or N e w
Y o r k or Chattanooga exchange; (2) in 2d pref. stock at $85 per share flat,
or (3) part in such pref. stock and the balance in cash or N . Y . or C h a tt.
exchange. Y . 123, p. 456.
In terest. O utstan din g. M a tu r ity .
S TO C K A N D BONDS—
D a te.
________ 200,000 shs. --------------------C o m 200,000shares (no p a r ) - $8,345,400 J a n '26, I K
7 Q -J
1st pref 7 % cum ($100)______
x.5,454,3 )0 J a n '26, I K
1st pref 6 % cum ($100)______
6
x3,342,700 Ja n ’26 $1.80
F irs t pref 7 2 0 % c u m u la tiv e .7 .2 0 %
30,000shs. N o v ’26$l .50
2d pref $6 per y r n-cum (n o par)
24,786,500 June 1 1947
6 g J -D
1st & ref mtge Ser “ A ” ($100, 1922
&c (g o ld )__________ c*& r*tf J ln t. at Na tion al C it y Bank, N . Y . , trustee
5 % ser ($1,000, $500 c * & $10,-/ 1926
5 g J -D
3,500,000 June 1 1956
000, $5,000, $1,000 r * )___tfjP e n n a . 4-m ills tax refundable.
10-year debentures ($500 and) 1923
65$ A -O
891,oOO Oct 1 1933
$1.000)_______________c*.tf Jlnt,. at National C i t y Bank. N . Y . , trustee.
15-year sinking fund deben-f 1924 65$ g J - D
902,000 June 1 1939
tures ($500 & $ l,0 0 0 )-C * tf\ In t. at N a t. C it y Ban k , N . Y . , trustee.
Office building bonds__________
55$
175,000 Ja n . 7 1929
x Including subscriptions on partial paym ent plan.
S tock.— T h e first pref. 7 % stock is red. as a whole but not in part on any
d iv . date on 60 days’ notice at 110 and divs. A ll classes of first pref. stock
are of equal rank and divs. are cum . I n J u ly 1924 Bonbright & C o ., In c .,
offered at 94 & d iv s ., to yield over 7 .4 0 % , $1,000,000 7 % cum . 1st pref.
V . 119, p . 457. 2d pref. is non-cum . and is entitled to divs. not exceeding
$6 per annum as declared.
Bonds.— T h e first & ref. mtge. bonds are secured b y (a) a direct 1st mtge.
on the 54,000 h .p . Hales B a r H yd ro -E le c tric station, the new 54,000 h .p .
steam station at that site, transmission lines, substations and certain parts
of the distribution system in Chattanooga; (6) a direct mtge. on the entire
remaining physical property of the co., subject to $4,767,500 divisional
lien bonds in hands of the public; (c) pledge of $10,045,000 Tennessee
Power C o . 1st 5s, $3,697,000 C h a tt. R y . & L t . 1st & ref. 5s; $341,000
Chattanooga R ys. 1st cons. 5s, and $4,872,500 N a sh v. R y . & L t . ref. &
ext. 5s, and an aggregate of over 9 8 % of outstanding stocks of Nash­
ville R ailw a y & L ig h t C o . Series A 6s are redeemable, all or part,
on any in t. date upon 30 days’ notice at 1075$ on or before June 1 1932; at
105 from D ec. 1 1932 to June 1 1942, inclusive, and thereafter at par, plus a
prem ium of 1 % for each whole year between date of redemption and
m a tu rity. S in kin g fu n d began M a rc h 1 1923., $1,204,600 acquired and
canceled b y sink. fd. Penna. 4 mills tax refunded. V . 114, p . 2471.
Listed on N . Y . Stock Exchange.— V . 115, p. 2687; V . 120, p. 1587. $3,000000 were offered in D ec. 1924 b y Na tion al C it y C o ., Bonbright & C o .,
In c ., H alsey, Stuart & C o ., In c ., & c., & c., at 99)$ and in t ., yielding 6 .4 0 % .
— V . 119, p . 3011.
5 % series, dated Ju n e 1 1926, are red., all or part, at option of co. or for
the sinking fund, on 30 days notice, at 105 on or before June 1 1952, and at
100 thereafter. In June 1926 the N ational C ity C o .. Bonbright & C o .,
In c ., and H odenpyl H a rd y Securities C o rp . sold $3,500,000 5 % series at
98 and in t., to yield 5 .1 5 % . V . 122, p . 3607.
T h e 10-year 65 $% debs, are redeemable, all or in part, on the first
day of any m onth on 30 days’ notice at 100 and int. S in kin g fu n d provides
for the paym ent in cash to the trustee of $50,000 in each of the first three
years; $75,000 in each of the next 3 years, and $100,000 in each of the last
4 years of the life of this issue, to be used to purchase debenture bonds at or
below the redemption price. Com pany w ill reimburse to owners resident
in the respective States, upon proper application, the following taxes: Th e
4 mills tax in Penna., any personal property taxes in M arylan d not exceeding
4 5$ mills on each $1 of assessed value in any year, and any personal property
or exemption tax in Co nn , not exceeding 4 -1 0 % of principal in any year.
V . 117, p. 2111.
T h e 15-year 65$ % debs, have a sin kin g fu n d of $50,000 each year, payable
in semi-annual installments. A re red. all or in part on the first day of
any m onth on 30 days’ notice at 100 & in t. Penna., M a ryla n d and Co nn ,
tax refunded. In June 1924 $l,O60,OOO 15-year 65 $% sinking fund debs,
were offered b y N a t. C it y C o . and Bonbright & C o ., In c ., at 97 & in t., to
yield 6 .8 0 % . V . 118, p. 2825.
D ivid en d s.— A n initial d iv . of 1 K % was paid O c t. 1922 on 7 % 1st pref.
stock. Same rate paid regularly quar. since. A n initial d iv . of 15 $%
was paid O ct. 1922 on 6 % 1st preferred. Same rate paid regularly quar.
since. A d iv . of $1 80 on Ja n . 1 1924 on 7 .2 % 1st pref. and regularly
quarterly since. A n initial d iv. of $1 50 was paid A u g . 1 1924 on the noncum . 2d pref. stock and same rate paid regularly quar. since.

%

E A R N I N G S .— F o r calendar years:
1924.
1925.
Gross earnings--------------------------------------------$11,482,263 $9,570,783
O per. exp., incl. taxes and m a in t________________ 6,395,878
5,077,943
Fixed charges________________________
2,225,033
1,941,067
D iv s . on 1st pref. stock and N ash. R y .
& L t . C o . pref. stock not owned_______________ 940,010
773,646
D e p re c ia tio n _____ _______________
905,222
845,958
Balance____________________________ $1,016,120
Latest E arnin gs.— -For 12 mos. ended Sept. 30:

$932,169

1923.
$9,121,250
4,942,862
1,740,493
700,422
827,146

V alu ation — Rate of R eturn , & c.— In Ja n . 1921 the Penna. P . U . C o m m ,
fixed the valuation of the co.’s property at $13,200,000 and agreed to allow
the co. a m inim um return of 65 $% and a m axim um of 75$ % upon this
valuation. F o r further details see V . 112, p . 162. Com pare V . I l l , p . 1852.
S TO C K A N D BONDS—
D a te.
In terest.
O u tstan din g.
M a tu rity.
____________ $4,000,000
See text
Com m on $ 4 ,0 0 0 ,0 0 0 .--($ 1 0 0 )____
Pref 5 % com $2.500,000f$100)
_ 1Q-J
2.500.000
See text
M c G & M t V Horse R R 1st/ 1887 6 J - J
485,000 J u ly 1 1937
mtge 2nd ser ($ l,0 0 0 ).c n t f (N ashville T r . C o ., Nashville, T e n n ., T ru s t.
Nastiv R y & L t consol M g l 1903
5 g J -J
3,029.000 J u ly 1 1953
(closed) ($ 1 ,0 0 0 )--- -C * tf I Interest at G u a ra n ty T r u s t C o .. N . Y . , T r u s .
Nash R y & L t ref & ext m tge f 1908
5 g J -J
2 604,500 J u ly 1 1958
$15,OhO,000
($500
a n c L In t. at G ua ra nty T ru s t C o ., N . Y . , Trustee.
$1,000) gold__________ c*tf ( or at Nashville T ru s t C o .. Nashville.
B on ds.— In t. on 2nd series of M c G a vock & M t . Vernon Horse R R . bonds
Is payable at F o u rth & First N a t. B ank, Nashville, and N . Y . fiscal agent.
T h e Nashv. R y . & L t . consols of 1903 are subj. to call on any in t. date on
30 days’ notice at 1071$ and int. S in kin g fu n d $30,000 per annum com­
menced June 30 1913, h ut only if com pany has a surplus above charges and
d iv . on pref. stock: bonds to be kept alive in sinking fun d. $581,000 not
incl. in am ount outstanding held in sinking fund.
O f the refunding and extension bonds, $4,014,000 are reserved for prior
liens and remainder m ay be issued at the rate of $1,000 for each $1,250
expended for future improvements and equipment, not over $700,000
to be issued in any calendar year and subject to certain other conditions.
Bonds can not be called. $4,872 500 are owned b y the Tennessee Electric
Power C o . and pledged under that c o .’s 1st & ref. mtge. Ser. “ A ” 6 % bonds.
$3 :0 ,000 not incl. in am ount reported outstanding are held alive in sinking
fund. Sin kin g fu n d of K of 1 % of outstanding bonds began J u ly 1 1918,
bonds in sinking fund being kept alive. See particulars of bonds, property,
& c.. in V. 87, p. 272.
D iv id e n d s.— T h e first d iv . on pref. stock— 2 5 $ % — was paid Ja n . 1 1905,
then 2 5$% sem i-annually to J u ly 1910. In O c t. 1910 changed to q uarterly
and paid 1 5 f % , and same am ount quar. to and incl. Jan . 1920. N o ne to
Sept. 1922, when 13 % % was paid, clearing up all back dividends. Y . 115,
n . 1533. Q uar. divs. of 154% paid regularly since. C o m . stock is all owned
b y the Tennessee Electric Power C o .
E A R N I N G S . — A re included in the figures given for the Tennessee
Electric Power Co.
O F F I C E R S . — Pres., B . C . E d g a r; V .-P . & Gen. M g r ., J . P . W . B row n ;
Sec. & Tre a s ., B . F . M a n n in g — V . 114, p. 1654; V . 115, p . 1533: V . 116,
p , 1893; V . 117, p . 208; V . 119, p. 2762; V . 120, p. 87; V . 123, p . 1763.
(2) C H A T T A N O O G A R A I L W A Y & L I G H T C O .
C o m p an y only has nominal existence, as former property has been con­
veyed to the Tennessee E lectric Power Co .
O R G A N I Z A T I O N . — Incorporated in Tennessee on J u ly 29 1909 as a
consolidation of the Chattanooga Railways C o . and Chattanooga Electric
C o ., per plan V . 88, p . 1497. V . 89, p . 285. Owns entire capital stock of
Lookout M oun tain R y . C o .
S TO C K A N D BONDS—
D a te .
In terest. O u tstan din g. M a tu r ity .
Com m on $3,000,000 ($100)___
$3,000,000 ___________
Pref $2,000,000 5 % cum ($100) ____
2 000.000
Q -J
First and refunding m ortgage1 1909
610,000 M a y . ______
„
5 g M -N
_______
. . 1 1956
$15,000,000 g ($1,000).c * tf/ in t. at F id elity T r u s t C o ., P h ila., trustee.
C h a tt R ys 1st cons mtge, seel 1906
5 g M -N
1,726,500 M a y 1 1956
text ($500 & $1,000) g .c * t f / ln t . at Com m ercial T r u s t C o ., P h ila., trustee
Stock.— Pref. shares equally w ith com . after com. has received 5 % .
B onds.— Th e $3,000,000 Chattanooga R ys. mtge. has been closed; call­
able any int. date at 107 and int. on 3 m os.’ notice
$341,000 (not incl.
in am t. outstanding) are owned b y the Tennessee Electric Power C o . and
are pledged under that co.’s 1st & ref. mtge. ser..“ A ” 6s and $121,500 have
been canceled b y sinking fu n d .
O f the 1st & ref. bonds, $3,697,000 are owned b y the Tennessee Elec. Pow .
C o . and pledged by that co. under its 1st & ref. m tge. 6 % bonds, series “ A . ”
N o skg. fd .; call, at 105 and in t. on any in t. date on 60 days’ notice. In t .
payable at H odenpyl, H a rd y & C o . and at office of trustee. V . 89, p . 846.

,

( a )

L

O

O

K

O

U

T

M

O

U

N

T A

- .................

I N

R

Y

.

O R G A N I Z A T I O N . — Owns electric line on top of Lookout M o u n ta in
and, through stock ownership, controls the Lookout Incline C o . (whose
stock and bonds are deposited under the com pany’s m ortgage). Stock
all owned b y the Chattanooga R ailw a y & L ig h t C o . Private rig h t-o f-w ay
except short piece of track on which fra n c h ise expires in 1926.
S TO C K A N D BONQS—
D a te .
In terest. O utstan din g. M a tu rity .
Stock ($500,000).................................. __________
$500,000 ___________
1st mtge ($2,000,000 ($1,000)1 1913
6 g M -N
389,000 M a y 1 1956
g o ld -----------------------------------c*tf/Philadelphia T r u s t C o ., Phila., Trustee.
B on ds.— Lookout M t n . R y . bonds are red. at 105 and in t. on any in t.
date on 60 days’ notice. $1,611,000 reserved for im pts.. & c., at 8 5 % of
cost of same. Bonds outstanding are owned b y the Tennessee Elec. Power
C o . and are pledged under that co.’s 1st & ref. mtge. ser. “ A ” 6s. Interest
payable at offices of E . W . C la rk & C o ., P h ila., and H odenpyl, H a rd y &
C o ., N e w Y o rk .
(3) T E N N E S S E E P O W E R C O .
Stock all owned b y the Tennessee Elec. Power C o . C o . has only nominal
existence as former property has been conveyed to Te n n . E l. Pow . Co .
O R G A N I Z A T I O N . — Incorp. in Tennessee on A p ril 24 1912 as a consoli­
dation of the Eastern Tennessee Power C o . and Great Falls Power C o .;
has also acquired the property form erly belonging to Sweetwater Elec. L t .
C o ., Cleveland (T e n n .) E l. L t . C o ., Sparta Elec. L ig h t & Power C o . and
A . & T . Power C o . F ran ch ises.— -Th e co.’s power plants are owned in fee
and its transmission lines are on private right of w ay and therefore not
subject to franchise lim itations. Franchises of distribution companies
are favorable.
S TO C K A N D BONDS—
D a te .
In terest. O utstan din g. M a tu rity .
Stock $20,000,000 ($100)_____ — -All owned b y Te n n . Elec. Power C o .—
F irs t mtge $50,000,000 gold) 1912
5 g M -N
$2,256,000 M a y 1 1962
guar p & i ($ 1 ,0 0 0 )-_c * n tf/ In t. at Bankers T ru s t C o ., N . Y . , Trustee.
B on ds.— -O f the remaining bonds, $10,045,000 are owned b y 1’he Tennessee
Electric Power C o . and are pledged under that co.'s 1st & ref. mtge. 6s,
ser. “ A . ” S in kin g fu n d , 1 % per ann. of bonds out, began M a y 1 1917; to
be used for extraordinary renewals, replacements or additions, enlargements
and extensions; also for cancellation of bonds. $36,000 in sinking fund.
Red. in whole or in part at 1075$ and in t. on 12 weeks’ notice. See V . 95,
p. 549. F . N . B . Close, N . Y . , is also trustee.

$910,327

1926.
1925.
Gross earnings_____________________________________ $11,922,885 $10,959,238
O per. exp., incl. taxes and maintenance____________ 6,461,230 6,085,748
Fixed chirges (see no te)___________________________
2,232,434 2,186,271
Dividends on 1st preferred stock___________________
1,043,072
880,239
Provision for retirement reserve____________________
915,245
889,542
B a la n ce _________________________________________$1,270,903
$917,439
N o te .— Includes dividends on Nashville R y . & L ig h t C o . pref. stock
no t owned b y Tennessee Electric Power C o . V . 123, p. 1115.
O F F I C E R S .— Pres., B . C . Cobb; V .-P s ., B . C . Edg ar J . C . G u ild J r .,
and T . A . Kenney; Sec. & Treas., B . F . M anning; Gen. M g r ., B . C . Edgar!
C o m p ., H . G . Kessler.— V . 121, p. 461, 1103, 1571. 2040, 2639, 3132, 2045,
3212, 3607; V . 123, p. 456, 583, 712, 845, 1115.
(1) N A S H V I L L E R A I L W A Y & L I G H T C O ,
A ll the com. and over 9 5 % of the pref. stock is owned b y the Tennessee
Electric Power C o ., $4,872,500 ref. & ext. 5s are also held b y the Tennessee
Electric Power Co .
O R G A N I Z A T I O N . — Incorporated in Tennessee on June 26 1903. Is a
reorganization of the Nashville R ailw ay C o ., sold under foreclosure of the
latter’s first consol, mtge. T h e Nashville R y . was a consolidation in 1900
of the Nashville Street R ailw ay, the Nashville & Suburban and the C iti­
zens’ R apid Tra n s it. T h e Nashville R y . & L ig h t C o . has absorbed the
Cum berland Electric L ig h t & Power C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S —
Does practically all the street railw ay and commercial lighting and power
business in Nashville. Operates 107 miles of single track. Has 188 passen­
ger and 15 work cars. Hydro-electric power is obtained from the Tennessee
Power C o ., which operates this company's steam plants of 64,000 h . p .
capacity as reserve. F ranchises perpetual; those covering the principal
railw ay lines contain a provision giving the c ity the righ t to purchase after




197

K N O X V I L L E P O W E R & L I G H T CO.
Operations supervised b y Electric B ond and Share C o .
N ational Power & L ig h t C o . (see on another page) owns the entire
common stock.
O R G A N I Z A T I O N . — Incorporated in Tennessee on A u g . 7 1905 as a con­
solidation of the Knoxville Tra ctio n C o . and the Knoxville Electric L ig h t &
Power C o . Form erly known as Knoxville R y . & L t . C o ., but name
changed to present title during 1922.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Does all the street railw ay and all municipal and commercial electric power
and light business in K noxville and serves various nearby communities.
O n June 30 1926 owned 53 miles of track; standard gauge; 70-lb. and over
T and girder rail. Has 79 passenger cars and 5 other cars; total, 84.
Power station (held in reserve) has 6,800 k .w . capacity. Also owns two
amusement parks.
F ranchises are perpetual, except as to 15$ miles of street ra ilw a y, which
latter ru n un til N o v . 28 1946.
Has long-term contract w ith Tennessee Power C o . for the purchase of
electric power.
V alu ation .— F o r details of valuation filed w ith the P . U . C o m m , in
Jan. 1921 see V . 112, p. 258.
S TO C K A N D BONDS—
D a te .
In terest. O u tsta n d in g . M a tu rity .
-------------------------- $2,200,000 _____________
Com m on $5,000,000 ($100)—
Pref $5,000,000 cum ($100)----------------7 Q -F
1,550,000 N o v ’26$1.75
K noxville R y & L t Co ref & f 1911 5 J - D
3,248,000 June 1 1946
ext mtge $10,000,000($500{Int. at G u a ra n ty T r u s t C o ., N . Y . , Trustee,
and $1,000)_________c * c p t(
K noxville T ra c 1st M $850,-1 1898 5 g A -O
780,000 A p ril 1 1938
000 g tax-free ($ l,0 0 0 )--c * / In t. at Baltim ore T r u s t C o ., B a lt., Trustee.
Stuck.— Pref. has equal voting power w itn com . R ed. at 110 and divs.
In M a y 1924 $500,000 pref. was offered b y W . C . Langley & C o ., N . Y . ,
and O ld Co lonv T r u s t C o ., Boston, at 98 and d iv ., yielding about 7 .1 4 % .
V . 118, p . 2572. In Ja n . 1925 the same bankers offered an additional
$500,000 pref. stock at 99 and d iv ., to yield over 7 % . V . 120, p . 330.

C

O

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198

PUBLIC UTILITIES

B on ds.— O f the ref. & ext. m tge. $780,000 are reserved for K noxville
Tra ctio n 1st 5s and $5,297,000 are reserved for 8 0 % of cost of extens.,
add’ns, im p ts., & c ., under conservative restrictions. Bonds are red. as a
whole, b u t not in part, at 105 and in t. on 60 days’ notice, or m ay be pur­
chased in open m arket at a price to net not less than 4 % . A nn ual sin k ­
in g fu n d began O c t. 1 1915 equal to
of 1 % of total am ount of bonds out.
$229,000 held alive in sinking fund and $446,000 in treasury D ec. 31 1925.
T h e K noxville Tra ctio n C o . first mortgage bonds are not subject to call.
$70,000 have been canceled.
D iv id e n d s .— A n initial d iv . of 1 M % was paid on pref. stock in N o v . 1922.
and at the same rate regularly q u a r. since. A ll the com . stock except direc­
tors’ shares being owned b y Na tion al Power A, L ig h t C o .
E A R N I N G S . — E o r calendar years:
Gross
W et (after
Interest,
S u rp lu s for
Incom e.
Taxes).
& c.
R en ew .,& c.
1925 ___________________ .$2,491,229
$782,042
$216,765
$565,277
1924
2,359,145
701,365
238,381
462,984
1923 _________
2,219,243
695,549
236.747
458,802
1922 ____________________ 2,022,258
579,653
235.341
344.31?
L atest E a rn in g s.— F o r 12 mos. ended J u ly 31:
1926.
1925.
Gross________________________________________________ $2,555,623 $2,423,546
N e t, aft. expenses & taxes, inch other income____
763,313
776,931
Interest, & c ________________________________________
219,724
222,883
Preferred dividend_________________________________
108,500
84,288
$435,089
$469,760
Balance_________________________________________
O F F I C E R S .— Pres., C . H . H a rv e y: V .-P s ., W . S. Shields, R . H . Sm ith
and E . W . H ill; Sec., C . A . Briggs; Tre a s ., A . C . R a y .— V . 118, p . 2572;
V . 120, p . 330, 2012; V . 122, p. 2 3 2 9 .

N A T IO N A L P O W E R & L I G H T CO.
Operations supervised b y E lectric Bond & Share Co.
O R G A N I Z A T I O N .-— In corp. in N e w Jersey D ec. 7 1925 as a consolida­
tion of the old Na tion al Power & L ig h t C o . (incorp. D ec. 1921 in N e w Jersey;
for history, see “ Public U t ilit y Com pendium ” of O ct. 31 1925) and U nited
Investors Securities C o . (incorp. N o v . 2 1925 in N e w Jersey).
T h e latter
com pany had acquired more than 9 0 % of the common stock of Carolina
Power & L ig h t C o . b y exchange of common stocks on a share for share
basis. T h e exchange of stocks of the new and old National Power & L ig h t
C o . took place on a 15 to 1 basis, 1,844,070 new com pany shares having
been exchanged for 122,938 old com pany shares. F o r more particulars
see V . 122, p . 480.
F o r merger of a num ber of subsidiary companies into new Carolina
Power & L ig h t C o ., see V . 122, p . 1456.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e subsidiary companies supply public u tility service in 201 communities
(electric power and light in 199, street railway service in 21 and gas in 12
communities) in Arkansas, Alabam a, N o rth Carolina, South Carolina,
Texas and Tennessee. T o ta l population served estimated at over 1,163,000.
A m ong the principal cities served are L ittle Rock, A rk .; Birm ingham , A la .;
Raleigh and Asheville, N , C .; Cheraw and Florence, S. C .; H ouston, T e x .,
and Jackson, K noxville and M em phis, Te n n .
P rop erty owned or leased and operated b y the subsidiaries include electric
generating plants w ith a total capacity of 239,636 kw . plus 88,000 kw . under
construction, 1,962 miles high-voltage transmission lines, of which 415
miles are steel-tower lines, and 3,812 miles of distribution lines. 233 miles
of additional transmission lines were under construction. D a ily capacity of
gas plants 15,116,000 cu. ft.; gas holder capacity 15,226,000 cu. ft.; 792
miles of gas mains, 20 miles of water mains, 417 miles of street and interurban railw ay tracks.

[V ol. 123,

xl926.
1925.
1924.
Gross earnings of subsidiaries________ $31,640,117 $29,800,043 $26,648,996
N e t earnings of subsidiaries__________ 12,291,060 11,535,545
9,949,565
Gross earnings of co., incl. bal. from
operations of subsid. cos. applicable
to N a t. P ow . & L t . C o . (after
renewal and replacement reserve). _ 5,149,057
4,640,270
3,904,970
Expenses Na tion al Pow . & L t . C o _______________ 74,864 85,607
165,007
Interest N ational Pow . & L t . C o ________________ 653,202
653,525
700,101
Preferred dividends__________________
556,252
279,650
272,562
Com m on dividends__________________
875,162
732,471
549,401
Balance____________________________ $2,989,577 $2,889,017 $2,217,899
x 12 mos. end. June 30 1926.
O F F I C E R S . — Chairm an of the Board, S. Z . M itzch e ll; Pres., H . C .
Abell; V .-P s , E W . H ill and F . B . O dium ; Sec., E . P . Summerson; Tre a s .,
A . C . R ay; C o m p t., A . E . Sm ith. Offices: Jersey C it y . N . J . ; N . Y . office,
71 B roadw ay.— V . 121, p. 2875; Y . 122, p. 480, 749, 1456, 2 3 2 2800;
9 ,
V . 123, p . 325, 581, 982, 1634.

MEMPHIS P O W E R & L I G H T CO.
Controlled b y National Power & L ig h t C o ., which owns the entire com.
stock. Operations supervised b y Electric B ond & Share Co .
O R G A N I Z A T I O N . — Incorporated D ec. 16 1922 in N e w Jersey. To o k
over property form erly owned and operated b y the M em phis Gas & Electric
C o . (sold at receiver’s sale— V . 115, p .2 2 7 6 ). W as authorized in June 1925
to purchase the South M em phis L ig h t & Tra ctio n C o . and the South
M em phis L and C o . power plants. V . 120, p . 3187.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Does the entire central station power and light and the entire gas business in
M em phis, T e n n ., and certain suburbs. Population served estimated at
200,000. C om pany owns all the capital stock, except directors’ qualifying
shares, of the M em phis Street R y . (see below), and it supplies at wholesale
all the current used b y that com pany.
Property of com pany includes electric generating plants having a com­
bined installed generating capacity of 54,000 k .w .; 570 miles of transmission
and distributing lines; a water gas plant having a daily capacity of 8,000,000
cu. f t., and 259 miles of gas mains.
S T O C K A N D B O N D S .—
D a te.
In terest. O u tsta n d in g . M a tu r ity .
________ 400,000 shs ___________
Com m on 400,000 shs (no p a r ) . ____
Pref $7 cum 75,000 shs(no p a r ) ____
$7 Q -J
30,000 shs O c t’26,$1.75
First & ref mtge Series “ A ” - - (
1923 5 g J - J
$7,500,000 Ja n 1 1948
Series “ B ” ________________ /
1923 6 g J - J
2,000,000 Jan 1 1948
($500 Sc $1,000 c* and $1,-1 Central U nion T ru s t C o ., N e w Y o rk , trustee.
000 & $5,000 r*) gold— tf {
Equitable Gas L ig h t first m tg t
1899 5 g M - N
1,250,000 M a y 1 1929
($500 and $1,000)_______ c )In t . at E quitable T ru s t C o ., N . Y . , trustee.
M em phis L t & Power 1st M \
1901 5 g J - J
532,000 Ja n 1 1931
($1,000)_________________ c* tin t, at N a t ’l Bank of Comm erce, N . Y . , and
( N o rth e rn T r u s t C o ., Chicago.
Stock.— Pref. is redeemable on any dividend date on 30 days’ notice after
Ja n . 1 1926 at $110 per share and dividends. In Ja n . 1925 10,000 shares
pref. were offered b y O ld Colony T r u s t C o ., Boston, at 99 and dividend.
V . 120, p . 211.
B on ds.— F irst a n d R efunding M tg e. Series “ A ” 5s are redeemable all or in
part at any time on four weeks’ notice at 105 and interest on or before Ja n . 1
1928; thereafter at 104 and int. through Ja n . 1 1933; thereafter at 103 and
int. through Ja n . 1 1938; thereafter at 102 and int. through Ja n . 1 1943;
thereafter at 101 and interest through Ja n . 1 1946, and thereatfer at 100 and
interest. Pennsylvania 4 m ill tax refundable. $5,500,000 were offered in
Jan . 1923 b y G u a ra n ty C o . of N e w Y o rk and H arris, Forbes & C o ., at
89 H and interest, to yield about 5 .8 0 % . V . 116, p. 418. T h e same
bankers, in A p ril 1924, offered $1,000,000 at 91 and interest, to yield about
5 .7 0 % . V . 118, p . 1672. A n additional $1,000,000 was also offered b y
the same bankers in D ec. 1924 at 96 and interest, to yield 5 .3 0 % . V . 119,
p . 3009.
F irst a n d R efunding M tg e. Series B 6s are redeemable, all or in part,
on four weeks’ notice at any tim e on or before Ja n . 1 1928 at 106 and inter­
est; thereafter at 105 and interest less % of 1 % for each year or fraction
thereof elapsed subsequent to Ja n . 1 1929. Penna. 4 m ill tax refundable.
$2,000,000 were offered in June 1923 b y G ua ra nty C o . of N e w Y o r k and
H arris, Forbes & C o . at 9 9 K and interest, to yield over 6 % . V . 116, p . 2890.
D iv id e n d s .— D ividends on pref. paid regularly ( Q . - J . ) since issuance.
E A R N I N G S . — Calendar years:
1924.
1925.
1923.
Gross ea rnings-_
---------$4,630,480 $4,401,122 $3,951,588
Operating expenses, including taxe s._ 2,576,310
2,671,177
2,520,913

In terest. O utstan din g. M a tu rity .
S TO C K A N D B O N D S—
D a te.
_______ 2,545,815 shs
see text
C o m 3,000,000 shs (no p a r ) . . ____
$7 cum p f 150,000 shs(no p a r ) . ____
$7 Q -J
140,298 shs O ct' 26 l h
$6
N one
___________
$6 cum pf 100,000 shs(no p a r ) . ____
6 g F -A
$9,500,000 A u g 1 2026
6 % g debent ser “ A ” ($1,000,/ 1926
$500 & $100 c* and $1,000-1 Central U nion T r . C o ., N . Y . C it y , trustee.
& $10,000 r * )___________ tf j
F o r funded debt of subsidiary companies, see under separate headings.
S tock.— T h e $7 pref. and $6 pref. stock rank equally and are preferred as
to cum ulative dividends and assets ($100 and divs,) over the common stock,
which has the sole voting power. T h e $7 pref. and $6 pref. are red., whole
or part, after 3 years from issue, at $110 and divs. on 30 days’ notice. In
F eb. 1926 O ld C o lon y T ru s t C o ., & c ., & c., offered 100,000 additional $7
d iv . cum . pref. stock at $100 and divs. V . 122, p. 749.
B on ds.— A ll of the outstanding 50-year 7 % incom e bonds due Jan . 1 1972,
N e t earnings. . $2,054,170 $1,729,945 $1,430,675
were called Sept. 1 1926 at 105 & int. V . 123, p. 581.
262,872
156,761
129,765
O ther income____ ____
_____ __
A dditio nal gold debentures m ay be issued in series of such tenor as Directors
m a y, from tim e to tim e, determine, provided (except for refunding purposes)
T o ta l in c o m e ----------------- - —
- $2,317,042 $1,886,706 $1,560,440
net income for 12 consecutive w ithin preceding 15 calendar months, has Interest on b o n d s __________
521,265
422,934
_____
584,137
been not less than twice annual interest on all indebtedness of the co. incl.
Other interest and deductions . - 13,141
161,908
84,005
proposed issue. T h e 6 % , series “A ” , dated A u g . 2 1926 are red. whole or Dividends on preferred stock _____
200,094
78,930
70,000
pa rt on 30 days’ notice at 110 through A ug. 1 2010; at 105 through A u g . 1 Renewal and replacement reserve___
341,249
479,706
419,820
1920, and thereafter at par; in each case w ith interest. Penn. 4-m ills tax,
refundable. In A u g . 1926 O ld C o lon y C o rp .; W . C . Langley & C o .; B o n S u rp lu s ____________________________ $1,039,564
$704,983
$642,252
brigh t & C o ., In c .; Tu ck e r, A n th o n y & C o ., In c .; Jackson & Curtis; Hale,
L atest E a rn in g s.— F o r 12 months ended J u ly 31:
W aters & C o .; and Toerge & Schiffer offered $9,500,000 6 % series “ A ”
1926.
1925.
at 98 & in t ., to yield over 6 .1 0 % . V . 123, p . 982.
Gross______________________________________________ $4,922,277 $4,436,045
2,361,838
2,102,830
D iv id e n d s .— F o r a record of dividends paid b y old National Power & N e t, after taxes, including other income___________
600,964
579,337
L ig h t C o ., see “ Public U t ilit y Com pendium ” of O c t. 31 1925. O n the ! Interest, & c ________________________________________
207,670
140,743
com mon of the new com pany an initial dividend of 10c. was paid in M a rch Preferred dividends_______________________________
1926, which is equivalent to $1 50, which was previously paid on the
Balance_________ ________________________________ $1,553,204
$1,382,750
common shares of the old com pany. V . 122, p. 480. In Sept, and Dec.
1926 paid 20c.
O F F I C E R S . — Chairm an, H . C . Abell; Pres., T . H . Tu tw ile r; V . - P . ,
E A R N I N G S . — Prelim inary statement of combined earnings (of old E . W . H ill; V .-P ., L . H . Parkhurst; Sec, & Asst. Tre a s ., L . L e M a y .
N a tion al P o w . & L t . C o . and the Carolina group of properties now owned V . 119, p. 3009; V . 120, p . 211, 2816, 3187; V . 122, p. 2329.
or controlled b y present National Pow . & L ig h t C o .) for calendar years: ^
M EM PHIS ST R E E T RA ILW A Y CO.

N
ational Pow & Light
er
C pany
om
P re s e n t O u t s t a n d i n g C a p ita liza tio n

6% Debentures, Series A, due 2026----- $9,500,000
$7 Preferred, no par value shares------140,298
Common, no par value shares_______ 2,545,815

Information on Request

T

ucker , A nthony

& Co.

120 Broadway, New York
Boston




New Bedford

Rochester
Syracuse
Manchester, N . H .

Operations supervised b y Electric Bond & Share C o .
Control form erly held b y the American Cities C o . was later acquired in
b y the M em phis Power & L ig h t C o ., which is in turn controlled b y the
N ational Power & L ig h t C o ., which acquired certain properties form erly
controlled b y the Am erican Cities C o . and other properties.
O R G A N I Z A T I O N . — Chartered in Tennessee on M a rc h 28 1895 and con­
solidated w ith the Citizens’ S t., East E n d S t., C it y & Suburban and M e m ­
phis & Raleigh Springs lines; fra n ch ises ru n u n til N o v . 1945.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Owns and operates the entire street railw ay business of the c ity of M em phis,
T e n n ., and w ith its subsidiary, the M em phis and Lake V ie w R y . C o .,
! serves certain suburbs. Estim ated population of 190,000. Owns 145
| miles of track. Rails, 60 to 80-lb. T . 60 to 109-lb. girder. 295 passenger
| and 33 miscellaneous cars.
Fares a n d R a tes.— See V . 119, p. 198. W age increases as of A p ril 1
1926 granted, compare V . 123, p . 842.
M a tu rity .
In terest. O u tsta n d in g .
1 S TO C K A N D BONDS—
D a te.
See text
x$2,500,000
Com m on $2,500,000 ($100)—
____
Preferred $2,500,000 5 % cum/
x2 ,500,000 See text
($100) red at 110 & accr d i v s l -------8,195,000 J u ly 1 1945
5 g J -J
Cons mortgage $10,000,000/ 1905
gold (see text) closed .c*& r\In t. at C e n t. U n io n T r u s t C o . N . Y . , T r u s .
Equipm ent tru st____________ J 1923
6 J -D
274,000 D ec. 1 1925
------------t G ua ra nty T r . C o ., N . Y . , T r u s . to D e c . 1 ’33
x A ll pref. and com. stock except directors’ shares, owned b y M em phis
Power & L ig h t Co .
B on ds.— T h e consol. M . bonds are in denom. of $1,000 coupon and $10,000 registered. Are not subject to call, sin kin g fu n d $25,000 per annum
1910-14; $30,000, 1915-19; $35,000, 1920-24; $40,000, 1925-29, and $50,000,
1930-45. See V . 82. p. 628. 1496. $894,000 held alive in sinking fund
mtge. closed. $272,000 held b y com pany.
E q u ip , tru st certifs. mature $35,000 each D ec. 1 through 1932 and $29,000
Dec. 1 1933. A re call, as a whole, but not in part at 103 and d iv . for certifs.
m aturing more than 5 years after date of such anticipated paym ent, and
at a premium of
of 1 % for each year or fraction thereof of unexpired
life in the case of certifs. m aturing 5 years or less after date of such antici­
pated paym ent. $344,000 were offered in D ec. 1923 b y H arris, Forbes &
C o . at prices to yield from 6 .3 0 % to 6 .0 0 % , according to m a tu rity.

D iv id e n d s.— O n pref. stock 5 % was paid from issuance up to and including
D ec. 1914. In 1915, none. In 1916, D ec., 2 K % . In 1917, June, 2 K % .
Stock now all owned b y M em phis Power & L ig h t C o . and no divs. are re­
ported .
E A R N I N G S . — F o r calendar years
1922.
1923.
1924.
1925.
$3,014,674 $3,154,526 $3,149,147
Gross earnings__________$2,927,966
2,041,149
O per. expenses & taxes__ 1,986,176
2,121,690
2,189,370
N e t earnings----------------O ther income___________

$941,790
3,396

$892,984
3,628

$965,156
9.478

$1,107,998
4,049

T o ta l income_________
Interest on bonds-----------O ther in t. & deductions.
D iv s . on preferred stock.
Renewal & replace’t res.

$945,186
447,899
26,562
200,000
256,469

$896,612
454,195
8,890
125,000
277,125

$974,634
480,043
30,206
100,000
228,932

$1,112,047
566,553
69,071

Surplus_______________
$14,256
$31,402
$135,453
L atest E a rn in g s.— F o r 12 months ended Ju ly 31:
1926.
Gross________________________________________________$2,987,853
N e t, after taxes, including other income___________
972,048
Interest, & c________________________________________
476,267

$227,718

248,705

1925.
$2,918,206
929,419
471,360

Balance_________________________________________
$495,781
$458,059
O F F I C E R S .— Chairm an, 11. C . Abell; Pres., Thos. H . Tu tw ile r; V .-P s .,
E . W . Ford, E . W . H ill, F . A . Reid; Sec., L . L e M a y .— V . 119, p. 198;
V . 122, p. 2329; V . 123, p. 842.

UNION T R A C T I O N CO.
O R G A N I Z A T I O N . — In corp. in Tennessee on O ct. 12 1917, as successor
to the N ashville-Gallatin Interurban R y ., sold at foreclosure Sept. 25 1917.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Operates 27.05 miles of rack between Nashville and Gallatin, entering
Nashville over tracks of tashville R y . & L ig h t C o . (4.4 m iles). 70-lb. T
rails. Standard gauge. N
D a te .
In terest. O utstan din g. M a tu r ity .
S TO C K A N D BONDS
______
_______
$300,000 ___________
Stock $300,000 ($ 1 0 0 ).-6 g J -D
300,000 D ec 11947
F irs t M . ($300,000). gold f 1917
($ 5 0 0 )___________ c*& r.cp t\N ash ville T ru s t C o ., Trustee.
B on ds.— A re callable on any interest date at 105.
E A R N I N G S . — -For calendar years:
N e t, after
Interest,
B alance for
Taxes.
A c.
D e p r ..& c .
Gross.
1923_______________________ $193,290
$47,580
$30,996
$17,097
x35,191
x24,497
10,682
1922............................................ 180,616
1921............................................ 173,616
36,563
18,971
17,592
32,182
19,315
10,682
1920........................................... 180,661
x Taxes included in interest in 1922.
E A R N I N G S 1925: Gross revenue, $142,189; taxes, $6,300; interest,
$18,000. F o r 1924: Gross, $172,519; taxes, $8,400; interest, $18,000.
N o further details received.
O F F I C E R S .— Pres., John A . Bell; Sec., A . J . Anderson; Tre a s ., H a rry
Berry; G en. M g r ., A . J . Anderson.— V . 105. p . 1618, 1709.

NORTH CAROLINA
CAROLINA POW ER & L IG H T CO.
Supervised b y E lectric Bond an d Share Co.
C ontrol. — A su b sid iary o f N a tio n a l Pow er A L ight Co.
O R G A N IZ A T IO N .— In c o rp . in 1926 b y m erger a n d consolidation of
C aro lin a Pow er & L ig h t C o. (incorp. F e b . 19 1908 in N o rth C arolina, see
h isto ry , &c. “ P u b lic LTtility C o m p en d u im ” of O ct. 31 19251. A sheville
Pow er & L ig h t C o ., Pigeon R iv er Pow er C o., C arolina Pow er C o ., a nd
Y ad k in R iver Pow er Co. (See “ P u b lic U tility C o m pendium ” of O ct. 31
1925.' I n Sept. 1926 p u rch ased th e m unicipally ow ned W arren to n E lectric
L ig h t Co. a n d arran g ed to b u y th e m unicipal .lighting p la n ts a t L ittle to n ,
N o rlin a an d B ladenboro, N o. C aro . V . 123, p . 1381.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e system fu rn ish es electric pow er an d lig h t in 136 com m unities in N o rth
C arolina an d South C arolina, including R aliegh, A sheville, G oldsboro,
H enderson, Oxford, Sanford a n d R ockingham , N o. C aro ., a nd C heraw ,
Florence, M ario n an d D arlin g to n , So. C aro ., a n d also supplies the stre e t
railw ay a n d gas service in R aleigh a n d Asheville an d th e gas service in
D u rh a m . T o tal p o p u latio n served e stim ated to exceed 332,000. P ro p ­
erties include electric p la n ts w ith an in stalled generating cap acity of
89,565 k . w . A n ad d itio n al 34,000 k .w . is p u rch ased u n d e r c o n tra c t
from o th e r com panies. Of th is 123,565 k .w . aggregate available pow er
su p p ly 57% is hydro-electric. 1,367 m iles of high-tension transm ission
lines a n d 1,250 miles of d istrib u tin g lines. M o d ern gas p la n ts in R aleigh,
D u rh a m an d A sheville of an ag g reg ate daily c a p a c ity of 2,070,000 cu. ft.
H o ld er cap a c ity 740,000 cu . f t. 33 m iles of tra c k in R aleigh a n d A sheville.
T h e co n stru ctio n of tw o new hy d ro -electric p la n ts is c o n te m p lated , one on
th e Y ad k in R iv er, n ear N orw ood o f 63,000 k .w . in itia l an d 85,000 k .w .
u ltim a te cap acity ; th e o th e r on th e Pigeon R iver a b o u t 35 miles n o rth w e st
of A sheville, to be know n as th e W aterv ille p la n t, of 50,000 k .w . in itia l and
75,000 k .w . u ltim a te c ap a c ity . V. 122, p . 1453, 1607.
S T O C K A N D B O N D S—- D a te .
In terest. O u tsta n d in g . M a tu rity .
C om m on (no p a r ) ----------------- ------------------- 2 ,5 0 0 ,0 0 0 s h s __________
7% cum p re f (no p a r ) ______f ____
_______ 111,857 shs O c t’26 $1 75
(Irv in g B k .-C o l. T ru s t C o ., N ew Y ork, tru s t.
$6 p re f (no p a r ____________________
$6
15,036 shs. O c t’26 $1 50
1st & re f m g 5% ser of 1956/ 1926
5 g A-O $18,000,000 A pr 1 1956
($1,000 c* r* , $500 c*, $1 ,-j I n te re s t p a y ab le in N ew Y o rk C ity .
000, $5,000, &c. r ) ______t f \
Y a d k in

R iv e r P o w e r C o

1 st/

1911

5 g A -O

7 ,5 0 0 , 0 0 0 A p r

1 1941

(closed) m 5% g ($1,000 & ' I n t. a t Old C olony T r . C o ., B o ston, tru s te e .
$5,000 c* & r ) __________ t f l
B on ds. — T h e ls i A ref. m tge. gold bonds are secured b y a 1st m tg e . on
s u b sta n tia lly all o f th e physical p ro p erties form erly b y C arolina Pow er &
L ig h t C o. (old c o .), A sheville Pow er & L ig h t C o ., Pigeon R iv er Pow er C o.
a n d C arolina Pow er C o . a t th e d a te o f m erger a n d consolidation in to (new)
C arolina Pow er & L ig h t C o ., a n d also b y a d irect m o rtg ag e on th e physical
p ro p e rty of th e Y ad k in R iv er Pow er C o ., su b ject to $7,500,000 1st (closed)
m tg e. bonds. A dditional bon d s in series o f such te n o r as D irectors m ay,
from tim e to tim e, d eterm ine, m a y be issued for refu n d in g purposes, a n d for
n o t exceeding 75% of cost or fair valu e w hichever is less, of p e rm a n e n t im ­
pro v em en ts or add itio n s m ade or acq u ired su b seq u en t to A pril 10 1926, less
th e prin cip al a m o u n t of a n y prio r liens th ereo n , or for cash deposited w ith
tru ste e , o r $4,000,000 ag ain st p ro p e rty as existed A pril 10 1926. N o a d d ’l
bon d s m ay , how ever, be issued except for refu n d in g purposes, unless n e t
earnings h av e been a t least tw ice a c tu a l in te re st re q u irem en ts on, or 12%
of p rin cip al a m o u n t of all un d erly in g bonds an d p rio r liens a nd 1st pref.
m tg e . bonds, o u tstan d in g , including new issue. R e d ., w hole or p a rt,
on 30 d a y s ’ n otice, a t 105 up to a n d in cl. A pril 1 1936, a t K % less each
succeeding y ear u p to an d incl. A pril 1 1954, an d th e re a fte r a t 100 plus
in te re s t in each case. P e n n . 4 m ills ta x re fu n d a b le . In M arch 1926 W . C .
L an g ley & C o ., B o n b rig h t & C o ., In c ., a n d Old C olony C orp. offered
$18,000,000 5% series of 1956 a t 9 7 % a n d in t., to yield a b o u t 5.1 5 % .
V. 122, p . 1607; V. 123, p . 1631.
Y a d k in River Power Co. lsl (closed ) M tg e. 5% g . bonds, due A p r il 1 1941
are call, as a whole on a n y in t. d a te o r in p a rt for im p ro v em en t fu n d a t 105
a n d in t. on 4 weeks n otice, all bonds th u s acquired to be cancelled. T he
im p ro v em en t fu n d , which com m enced in 1916, call, for I K % 1926 to 1930,
a n d 2% 1931 to 1940 incl.
Bonds to be C alled. — In M arch 1926 it w as an n o u n ced th a t th e following
issues w ere to be called in th e n e ar fu tu re (for d escrip tio n see “ P ublic
U tility C om pendium of O ct. 31 1925): $3,480,000 (old) C arolina Pow . &
L ig h t C o. 1st m tge. 5% g. bonds, due A ug. 1 1938. (W ere called A ug. 1
1926 a t 105 a n d in t. V. 123, p . 453.)
$4,800,000 (old) C arolina Pow er & L ig h t C o. 1st & re f. m tg e . g. b onds,
6% series o f 1953; called M a y 15 1926 a t 105 and in t. V . 122, p . 2038.
$1,220,000 A sheville P o w ’ & L ig h t C o. 1st m tg e . 5% g. bo n ds, d ue A pril
1 942.




199

POWER, LIGHT AND RAILWAY

O ct., 1926.]

$899,400 N o rth Carolina Electrical Power C o . 1st & ref. m tge. 5 % g.
bonds, due O ct. 1 1940.
$127,000 W . T . W eaver P ow . C o . 1st m tge. 5 % g. bonds, due J u ly 1
1930.
A ll of the outstanding A sh eville Pow er A L ig h t Co. 1st m tge. 5 % b on ds, due
A p r il 1 1942 were called for paym ent A p ril 1 1926 at 105 and in t. V . 122,
p . 1024.
E A R N I N G S . — O f constituent companies (inter-co. items elim inated),
for calendar years:
N e t A f te r
Bond
Gross In co m e. M a in t.& T a x e s .
In terest.
B alance.
$949,538
1925_______
$2,315,530
$7,243,001
$3,265,068
1924_______
5,961,229
1,928,228
2,842,805
914,577
1923_______
2,382,498
757,659
1,624,839
5,156,465
1922_______
4,310,226
627,659
1,209,237
1,836,743
1921_______
625,979
3,805,464
1,623,582
997,603
L atest E a rn in g s.— F o r year ended J u ly 31 1926: Gross,
,678,425; net
after taxes, $3,321,623; other income, $323,501; fixed charges, & c., $1,221,662; ba l., $2,423,462. F o r year ended J u ly 31 1925: Gross, $6,434,696;
net after taxes, $2,855,544; other income, $261,537; fixed charges, &c.,
$1,125,239; balance. $1,991,842.
O F F I C E R S . — Chairm an of Board, S. Z. M itchell; Pres., B . S. Germ an;
V .-P . & Gen. M g r ., P . A . T ille ry ; V .-P .s ., C . S. W alters, W m . Darbee and
E . W . H ill; Sec., E . P . Summerson; Treas., A . C . R a y .— V . 121, p. 3002;
V . 122, p. 1607, 1453, 2038; V . 123, p. 453, 1249, 1381, 1631.

T ID E W A T E R P O W E R CO.
C ontrol.— Controlled b y National Public Service C o rp . (see on another
page).
O R G A N I Z A T I O N . — Chartered Feb. 1907 in N o rth Carolina. In A p ril
1917 acquired all the property of the Consolidated R y s ., L ig h t & Power C o .,
form erly controlled b y stock ownership and leased. In O ct. 1922 acquired
the St. Petersburg Lig h ting C o . and the Clearwater Lig h ting C o ., which
cos. were consolidated into the Pinellas C o u n ty Power Co . in M a y 1923.
In Jan . 1924 purchased the municipal electric light system in W arsaw,
N . C . V . 118, p . 204. In J u ly 1924 the Pinellas C o u n ty Power C o .
acquired control of the Ta rp o n Springs Elec. & Ice C o . V . 119, p. 581.
Has also acquired the m unicipal electric light system in W hiteville, N . O .
and Burgan, N . C . t and electric and ice property in Chadbourne. N . O .
C o . also controls Com m onwealth L ig h t & Power C o . In Sept. 1926 it was
announced that co. was to acquire all of the physical property of Florida
Power C o rp . and the entire capital stock of W est Florida Power C o . V .
123, p. 1507. Recently the Florida Power C o rp . acquired all the assets and
property of the Central Florida Power & L ig h t Co . and in turn all its assets
and property were acquired b y the Pinellas C o u n ty Power C o ., the above
companies merging w ith the Pineallas C o u n ty Power C o ., which also
recently acquired the W est Florida Power Co .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Co . furnishes electric light and power, gas and street railw ay service in
W ilm ington, N o . C a ro., and vic in ity (population about 71,500) and through
its subsidiary, the Pinellas C o u n ty Power C o ., all the commercial electric
light and power business in St. Petersburg, Clearwater, Ta rp o n Springs and
other communities in Florida. T h e properties of T id e W ater Power Co .
include street railway utilities in W ilm ington, N o . Ca ro., and a short inter­
urban line to W rightsville Beach. Electric plant of 14,950 h .p ., rebuilt in
1924; 217 miles high-tension transmission lines. Coal and water, gas plant
w ith 66 miles of gas mains. Street and interurban railw ay includes 33.43
miles of track; 42 passenger and 13 freight cars.
Pinellas C o u n ty Power C o . owns a superpower steam plant of 31,850 h .p .
capacity in St. Petersburg, a hydro-electric plant near Dunnellon of 5,525
h .p . and other small plants of 1,350 h .p . A new steam power plant is
being erected at Inglis w ith a present capacity of 32,500 h .p . and an ultim ate
capacity of 125,000 h .p . Pinellas C o u n ty Power C o ., upon acquisition b y
Tid e W ater Power C o . of certain Florida public utilities (see above) was
to serve electric light and power to a territory in Florida extending from
St. Petersburg northw ard along the W est Coast and through Central
Florida to the Georgia State line; population 243,000; 330 miles of trans­
mission lines. V . 123, p . 1507.
C o m p a n y’s fra n ch ises are w ith o ut time lim it and the railw ay franchise
is exclusive un til 1937.
S TO C K A N D BO N D S—
D a te.
In terest. O u tsta n d in g . M a tu r ity .
Com m on, 50,000 shs__________ ______
- 32,313 shs.
7 % pref (prior issue) $100____ ______
7 mo
$5,500
7 % ser cum pref ($100)______ ______
7
1,985,000
8 % ser pref ($100)___________ ______
8
2,490,200
6 % pref $2,000,000 ($100)_________
6
None
Consolidated R ys , L t & Pow ( 1902
5 g J -J
295,250
C o 1st M tg e g (closed) ($50,(Interest at Safe Deposit & T ru s t C o .,
$100, $500, $1000)_______ c [ Baltim ore, M d ., trustee.
First lien & ref mtge Ser “ A ” \ 1922
6 g A -O
_________
___
„
4,360,500 O ct . 1„ 1942
($500 & $1,000) g o ld ._ c * .tf jln t . at N e w Y o rk T ru s t C o ., N . Y . , trustee.
Ser “ B ” ($500, $1000) g _c*tff 1925 5 K A -O
2,550,500 A p r 1 1945
(In t . at N ew Y o rk T ru s t C o ., N . Y . , trustee.
Ser “ C ” ($1,000, $ 5 0 0 c * ).„ tf. 1926 5 g F A
3,750,000 A u g 11929
Gen lien 20-yr g $2,500,000J 1926 6 F - A
2,500,000 A u g 1 1946
(closed) ($1,000, $500c*)tf (T h e B a n k of Am erica, N ew Y o rk , Trustee.
Pinellas Co Power C o pref
7 % cum $ 2 ,8 0 0 ,0 0 0 ...($ 5 0 )____
7
1,401,300 ____________
Stock.— T h e 7 % ser. pref. stock is preferred as to assets and divs. Red.
on 30 days’ notice, whole or pa rt, at 115 and divs. In O ct. 1926 Stroud
& C o ., Eastm an, D illon & C o . and A . E . F itk in & C o . sold $1,500,000 7 %
ser. pref. at 9 7 K and divs. V . 123, p. 1878.
B o n d s.— Th e first lien & ref. mtge. series A are additionally secured
b y pledge of $4,255,000 Pinellas C o . Power C o . 1st mtge. bonds and
all the common stock of that com pany. S in kin g fu n d of 1 % per annum
of all bonds certified under mortgage commences Dec. 1 1924. Call­
able on and after O ct. 1 1927, as a whole or in part at 10 7K and interest
through A p ril 1 1928, and at K of 1 % less during each succeeding year to
m a tu rity. C o . agrees to refund M ass. State income tax not in excess of
6 K % and the Penn., M d . and Co nn . 4-m ills tax. V . 115, p . 2268. In
June 1924 $1,070,500 additional were offered b y H em ph ill, Noyes & C o .
Stroud & C o ., In c ., & c., & c., at 97K and In t., to yield over 6 .2 0 % . V . 118.
p. 3080.
Series B are call, for sinking fund only, incl. A p ril ] 1927 at 105; there­
after, whole or part, incl. O ct. 1 1940 at 105; incl. A p ril 1 1941 at 104;
thereafter at successive reductions of 1 % on each A p ril 1 to m a t u r it y in
each case wdth interest. Retired b y sinking fund $13,900. Mass, income
tax up to 6 K % , Penn, and Co nn . 4 mills tax and M a ryla n d 4 K mills tax
refundable. Coffin & B u rr, In c ., sold in A u g . 1925 $791,000 at 98 K and
in t., yielding about 5 % % . A t the same price H em phill, Noyes & C o .;
Coffin & B u rr, In c .; Stroud & C o ., In c ,, and Otis & Co. sold $1,000,000
additional series B 5 K % bonds in D ec. 1925. V . 122, p . 95.
Series C , due A u g . 1 1929, are red. on 6 weeks’ notice as a whole or for
sinking fund purposes on the first day of any m onth, or in part on any int.
date at 102K incl. J u ly 31 1927; at 101K incl. J u ly 31 1928 and thereafter
prior to m a tu rity at 1 0 0 K ; in each case w ith interest. Penn, and Co nn ,
^nd Calif. 4 mills, M a ryla n d 4 K mills and Mass. 6 % taxes refundab e.
In Sept. 1926 H em ph ill, Noyes & C o ., E . H . Rollins & Sons, Coffin &
B u ^ % In c - ’ stroud & C o ., In c ., and Otis & Co . offered $3,750,000 series C
at 9 8 % and in t., to yield about 5 .4 5 % . V . 123, p . 1507.
T h e 7 % debenture bonds are red ., all or part, on 6 weeks’ notice up to
and m cl. O ct. 1 1927 at 110 and in t., the redemption price decreasing 1 %
for each year thereafter.
In Sept. 1926 it was announced that the 7 % debentures were soon to be
retired. V . 123, p . 1507.
Consolidated R ys ., L ig h t & Power C o . bonds have a sinking fund of
1%, of bonds outstanding from J u ly 1 1904 to 1914; I K % to 1924, and 2 %
thereafter. F u n d to be invested in bonds at not exceeding 105 and in t.,
b u t b°nds arc not subject to call. $304,750 bonds were retired but are
held alive m sinking fund.
T h e 20-year general lien bonds are secured b y a general lien on all properties
plants, buildings, structures, erections and constructions of co now or
hereafter owned and further, on all securities now and hereafter deposited
as security for the 1st lien & ref. mtge. bonds. These bonds are subject
to that general lien only to the 1st lien & ref. mtge. and underlying mtge.
outstanding. A dditional 1st lien & ref. mtge. bonds of co. m a y be issued
under the conservative restrictions as set forth in that m tge. Indenture
provides that, in the event the present 1st lien & ref. mtge. is satisfied and
canceled, co. m ay create a new 1st lien mtge. or a new 1st m tge. provided
these bonds shall rank pari passu w ith the bonds secured b y such new mtge
Th e re is a sin k in g fu n d beginning A u g . 1 1928, sufficient to retire $25,000
bonds each year up to m a tu rity. A m ainten ance and im provem ent fu n d
is provided under terms of which co. and its subsidiaries shall expend-not
less than 2 5 % of street railw a y gross operating revenue, 10% of gas "and

_____

200

PUBLIC UTILITIES

[V ol. 123,

124$% of electric and all other public u tility gross operating revenue on otherwise such investments as trustee deems proper. V . 88, p . 1252. $66,000
maintenance, retirement of bonds of this issue and senior bonds, and have been retired.
additions and betterments against which no equal or senior bonds m a y be
A sin k in g fu n d of 1 % on the Greenville Carolina Power C o bonds began
issued. A bove percentages subject to periodical re-determination. Certain
M a y 1 1910.
modifications (under restrictions specified in the m tge.) in the mtge. m ay
E A R N I N G S . — F o r calendar years:
be made w ith assent of co. and of holders of not less than 75 % of outstanding
Gross.
I\lei i< i n n s . D enrec.
Bond In t.
B a l.. Sur.
bonds, not incl. bonds owned b y co.
1924 ________$5,430,913 $2,065,824
$495,512
$495,760 $1,074,551
T h e y are red. on 1st of any m onth, on 30 days’ notice, whole or p a rt at 1923................ 4,548,009
1.510,556
317.829
307.416
885,312
103 and int. on or before J u ly 1 1936; at 102 and int. on or before J u ly 1 1922---------------- 4,083,925 1,339,982
240,000
297,560
802,422
1941; at 101 and int. on or before J u ly 1 1946. C o n n ., Penn, and Calif.
O F F I C E R S . — Pres., E . C . M arshall; V .-P ., A . V . H a rrill; Sec., W . C .
4 m ills, M a ryla n d 4 4$ mills, K en tuck y 5 mills and Mass. 6 % taxes re­
fundable. In O ct. 1926 E . H . Rollins & Sons, Stroud & C o ., In c ., and Parker; Asst. Sec., L . H . Adam s; Tre a s ., D . G . Calder; Asst. Tre a s ., R . E .
Otis & C o . offered $2,500,000 at 9834 and in t., to yield over 6 % . V . 123, L . G rah am .— V . 117, p. 1348, 2544; V . 118, p . 1775; V . 119, p . 2065;
V . 121, p 708, 2754.
p . 1998.
D iv id e n d s.— In 1908 and 1909, 6 % ; thereafter to Ja n . 1 1913 5 % per
annum was paid on pref. (3 4 % m onth ly, om itting Jan . and J u ly ). On
Ja n . 1 1913 began paying 6 % per ann. (3 4 % each m o n th ), which was con­
N O R T H CAROLINA PU B L IC SE RV IC E CO.
tinued to and incl. l>ec. 1921. when dividend rate was increased to 7 % . In
C on trol.— I n F eb. 1924 the General Gas & E lectric C o rp . (see on another
1922 rate was increased to 8 % . Since divs. have been paid at the rate of
page) acquired control of the co. V . 118, p . 664.
8 % per ann. (payable 1st of each m o n th ). N o w cum ulative a't that rate.
M a n a g em en t b y the W . S. Barstow M g t . Assn., In c ., of N e w Y o r k C it y .
O n com ., first d iv ., 2 % , paid A p ril 1910; O c t., 2 % ; in 1911, 6 % ; in 1912,
A p ril, 3 % ; O c t., 3 % and 1 % extra; and divs. at the rate of 7 % per ann.
O R G A N I Z A T I O N . — Incorp. in 1924 in N o rth Carolina to acquire all the
(3 3 4 % sem i-ann.) were paid regularly to and incl. A p ril 1918. In O ct.
properties, rights, franchises and other assets of the N o rth Carolina Public
1918 234 % (add’l 1 % due was paid M a y 1 1919). In A p ril 1919, 334 % was Service Co . Chartered in N o rth Carolina in 1909. T h e predecessor co.
paid. Same rate has been paid regularly to and incl. A p ril 1923. D ivs. of purchased the Greensboro Elec. Co. and Greensboro Gas C o ., the electric
$3 50 per ann. now being paid (payable 1st of each m onth ).
light plant of the H ig h Point Elec. P r. Co . and the street r y . system in H igh
O peratin g S ta tistics fo r 12 m os. en d. J u ly 31 1926:
Point. In 1913 built gas plant and distributing system in H ig h Point.
In 1911 acquired m ajority of the stock of Salisbury & Spencer R y . C o .
N o rth C arolin a.
F lo r id a .
Electric output (k .w .h .)...........
22,397,700
50,947,622 which co. it also leases for 50 years. V . 93, p. 1324. In June 1924 purchased
Gas output (1,000 cu. f t . ) __________________
133,530
______
outright all the property of the Piedmont Pow . & L t. C o ., operating in
Transmission lines (m iles)____________________
217
288 Gibsonville, E lo n Cottage, Burlington, Graham . H a w R iver. M ebane and
R ailw ay passengers carried__________________
2,997,599
_____
adjacent te rrito ry in N o rth Carolina. In 1926 acquired the property of
Com m unities served________________________
54
45
W in sto n -S a lem G as Co. V . 118, p . 2825. C o . also owns the entire capital
Electric consumers___________________________
8,551
21,960 stock of Greensboro Bus C o .
Gas consumers______________________________
3,129
_____ F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S . —
E A R N I N G S . — C alendar years:
C o . supplies electric light and power service in Greensboro, B u rlin gton,
1925
1924
1923
1922
Salisbury and other im portant industrial communities in central N o rth
Gross (incl. other in c .)__ $1,727,786 $1,947,710 $1,634|938 $1,544,071 Carolina, including M ebane, Lake Latha m , H a w R iv e r, G rah am , S um m er688,860
1,062,473
918,312
872,641 field, Sedgefield, Sum ner, E fla n d , W hitsett, Glen Raven, E lo n College,
Operating expenses_____
E a rn s. T a r p . Spgs. D iv .
Gibsonville, F o u r M ile , Alamance. W hite Oaks, H am to w n, Battle G roun d,
prior to acquisition
______ D ed . 11,632
______
______
Pomona, G u ilfo rd College, Vandalia, Pleasant Garden, Jam estown, O ak­
dale, Archdale, T r in it y , Spencer and East Spencer. It sells electric power
N e t earns, from oper___$1,038,926
$ 73,604
$716,627
$671,430 at wholesale for distribution in H igh Point. 70 miles of high-tension trans­
B on din te re st___________
$327,007
$238,211
$212,419
$122,003 mission lines and 689 miles of distribution lines carry current purchased
D ebenture interest_____
102,1.77
103,600
105,000
26,250 from the Southern Power C o . to light and power consumers. C o . supplies
O ther interest__________
8,176
13,983
5,340
10,651 gas in Greensboro, H ig h Point. W inston-Salem , Salisbury and suburban
Federal taxes___________
______
______
33,479
49,647 te rrito ry, and street railw ay service (25 miles in total) in Greensboro, H ig h
Preferred dividends____
185,258
112,811
83,503
63,339 Point and Salisbury. C o . owns 4 gas plants w ith an aggregate daily ca­
Co m m on dividends_____
42,000
51,000
42,000
42,000 pa city of 2,490,000 cu. ft., and holders of 708,000 cu. ft. storage capacity.
Depreciation____________
157,560
138,379
134,485
79,024 Coke is sold as a by-prod uct. 229 miles gas mains.
A m o rt.o f debt disc.& exp
60,171
57,645
______
______
Population served w ith electric service, 130,000; transportation service,
116,000; gas service, 95,000. Greensboro, the centre, has a population of
Balance, surplus_____
$155,877
$157,975
$100,400
$278,517 60,000 w ith in a 50-mile radius.
C on solidated E a rn in g s for Y e a r E n ded J u ly 31 1926: Gross, $3,424,8341
D ecisio n .— F o r decision holding tha t the Southern Pow er C o . could not
net from operations, $1,907,683; fixed charges, deprec., & c., $1,263,143,
refuse to sell electric current to the co. for re-sale, see V . 115, p. 309. See
and balance, surplus, $644,540.
also V . 115, p. 2390, under caption “ Southern Power C o ."
O F F I C E R S .,— Pres., A . E . F itk in ; Y .-P .s , R aym ond H u n t, J . V .
R ailw a y service in Concord, N . C . . abandoned in Sept. 1925. V . 121,
Grainger, T . R . C ru m le y, W . L . B ryd e and F . A . M atthes; Sec. & Tre a s ., p . 1348. Ownership of this line passed on D ec. 7 1925 to the C it y of C o n ­
T . B . W illa rd ; G e n . M g r ., R . H u n t . - Y . 121, p. 201, 708, 3005; V . 122, cord , N o . C a r ., as c o . had failed to pay paving assessments. V . 121, p .3005.
p . 95; V . 123, p . 326, 845, 983, 1507, 1878, 1998.
S TO C K A N D BONDS—
D a te .
In terest. O u tsta n d in g . M a tu r ity .
Com 100,000 shs (no p a r)____ ______
_________ 30.020 shs. . . .
_____
Pref 100,000 shs (no par) c u m . ____ $7 Q -M
22,262 shs Sept '26, 1 f i
S O U T H E R N POWER CO.
1st & ref m (now 1st) (closed) f 1909
5 A -O
- $2,290,000 A p ril 1 1904
($100, $500 & $1,000 c*) \Interest at Eq uitab le T ru s t C o ., N e w Y o r k ,
O R G A N I Z A T I O N . — Organized in N e w Jersey in 1905.
& r* .tf i trustee.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .,—
1st & ref m 5 % gold series due) 1926
5 g J -J
3,125,000 J u ly 11956
Co m p an y distributes power from its own generating stations as well as
1956($1,000,$500,$ 1OOr*) tf \P rin . & in t. at Seaboard N a t. B k ., N . Y . ,
purchased from other companies in the western part of South Carolina and
central N o rth Carolina. Am ong the companies owned or controlled are: W inston-Salem Gas Co 1st M J 1912
5 g J -J
500,000 J u ly 11932
Catawba Power C o . and Great Falls Power C o . of N . J . I n D ec. 1925
5 % G .B . ($500,0 0 0 -$ l,000) (U n io n T r u s t C o .& C h a r le s R . D u n n , trustees
acquired control of the Southern Public Utilities C o .— V . 121, p . 2754. Salisb & Spen R y 1st M gold/ 1905
5 g M -N
831,000 M a y 1 1945
Co m p an y was reported in Sept. 1925 building a new 80,000 h .p . steam
$1,000,000 ($1,000)___c * t f jln t . at M ichigan T ru s t C o ., G ran d R apids,
electric generating plant to create a reserve power supply to prevent further
( trustee, or Equitable T r u s t C o ., N . Y .
possibility of curtailing power to users during drought periods. V . 121,
Stock.— Pref. stock is call, as a whole (but not in part) an y d iv . date
p . 1463.
on 30 days notice at $110 per share & divs. W henever any 4 quar.
S TO C K A N D BONDS—
D ate.
divs. on the pref. shall be in default, pref stockholders shall be entitled
In terest. O utstan din g. M a tu r ity .
Com m on $5,000,000 ($100)_________
__________ $4,800,000 _____________
to vote. V . 118, p. 1136.
7 % cum pf $10,000,000 ($ 1 0 0 )____
7
6,000,000 ................ ..
B on ds.— 1st & ref. m tge., due A p ril 1 1934 (now 1st m tg e .), see V . 88’
F irs t mortgage $10,000,000/ 1910
5 g M -S
7,000,000 M a r 1 1930 p . 1128; V . 104, p . 2343. $122,800 have been canceled for account of sink"
($1,000)_______________ c * tf\ln t. at Farm ers’ Loan & T r . C o ., N . Y . C .,t r .
ing fund, $1,052,900 are held in treasury. S ub j. to call on any in t. date a®
Cataw ba Power C o . g mtge tf f 1903
6 g J -D
480,000 June 1 1933 105 and in t. on three weeks’ notice. S in kin a fu n d of 1 % per annum of gross
\ ln t. at Equitable T ru s t C o ., N . Y . C . , trus. income J u ly 1915 to 1919; 14$% J u ly 1920-24, and 2 % 1925 to 1929; thereO fficers.— Pres., George C . A llen, N e w Y o rk , N . Y . — V . 119, p . 2412; after 3 % of gross earnings.
V . 121, p . 1463, 2275, 2754.
A ll of the outstanding $800,000 ls l lien A ref. m tge. 64$ % gold bonds.
S eries A , due Feb. 1 1944, were called for pa ym en t A u g . 1 1926 at 107 A
SO U T H E R N PU B L IC U T IL IT IE S CO.
and int. V . 123, p . 455.
A ll of the outstanding ls l lien A ref. m tge. 6 % gold bonds, Series B , due
In D ec. 1925 control was acquired b y the Southern Power C o . V . 121,
M a y 1 1954, were called N o v . 1 1926 at 105 and in t. V . 123, p . 711.
p . 2754.
T h e ls l A ref. m tg e. 5 % gold bonds, series due 1956, are secured b y a direct
O R G A N I Z A T I O N . — Incorp. in J u ly 1913 in M aine as a consolidation
of the Charlotte Electric R y ., Charlotte Gas & Electric C o . and Charlotte 1st mtge. on a substantial portion of co.'s property and b y a direct mtge.
Power C o . (these three forming prior to Jan . 1 1911, the Charlotte Electric on its remaining property, subject only to $2,790,000 bonds the refunding
R y ., L ig h t & Power C o ., which company issued the bonds shown in the of which is provided for b y the mortgage. In addition, $1.052,900 of such
table.— See “ Electric R y .” Sec. for M a y 1915); Greenville (S. C .) Gas & underlying bonds are pledged as further security in addition to more than
Electric L ig h t & Power C o .; Greenville Tra ction C o .; Greenville Carolina 9 2 % of the common stock of Salisbury & Spencer R y . C o . Additional bonds
Power C o .; Fries M fg . & Power C o ., W inston-Salem , N . C .; W inston-Salem m ay be issued in series of such tenor as directors m ay prescribe, for (a)
7 0 % , 7 5 % and 8 0 % , respectively, of new additions, improvements, & c.,
Power C o .; Anderson (S. C .) W ater, L ig h t & Power C o ., Chester (S. C .)
Power C o ., Thom asville (N . C .) Power C o ., Greer (S. C .) L ig h t & Power provided earnings applicable to bond interest for any 12 consecutive w ithin
C o ., Th o rn to n L ig h t & Power C o ., (H ick o ry , N . C .) and C it y of Reidsville preceding 14 calendar months have been at least 1 H . 1M and twice, respec­
L ig h t & Power Plant, Reidsville, N . C . T h e Charlotte Elec. R y . in M a y tiv e ly, annual interest charges of the co. Additional bonds m a y also be
1915, through an amendment to its charter, reduced its capital stock from issued for refunding purposes. Th e re is an annual sin k in g a n d im p ro vem en t
f u n d , beginning J u ly 1 1928 and on each J u ly 1 thereafter, of 1 % of series
$1,250,000 to $1,000.
due 1956 outstanding, moneys to be used for purchase or redemption of
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Operates 70 miles of street railway; 60. 70 and 90-lb. T and girder rails; series due 1956 bonds or for additions or betterments. Series due 1956
gauge, 4 ft. 84$ inch. Also operates bus line. Power and light p rim a ry lines are red., whole or pa rt, on 30 days’ notice through J u ly 1 1941 at 105 and
1955
in t., and thereafter at 100
int.
aggregating 1,644 miles and serving 16 communities; 2 gas plants, serving in t.; through J u ly 1option at 102 A and trustees, or at the National and k of
of holder at
Ban
C harlotte and Greenville w ith 87.5 miles of mains; water plant serving A n ­ Interest payable at
derson w ith 26 miles of mains. Leases Savannah Power C o .’s plant near the Republic, of Chicago. Penn, and Co nn . 4 m ills, M a ryla n d 4 Vi m ills,
Calif. 5 mills and Mass. 6 % taxes refundable. In J u ly 1926 A . C . A lly n
Anderson; capacity, 3,000 h .p . T o ta l capacity of plants operated 24,000 h .p .
& C o ., In c ., Pynchon & Co . and A . B . Leach & C o ., In c ., offered $3,125,of which 19,000 h .p . is hydro-electric generation. In D ec. 1923 a new h ydro­
electric plant situated at M oun tain Island, with an installed capacity of 000 series due 1956 at 944$ and in t., to yield over 5 .3 7 % . V . 123, p . 455.
T h e W in sto n -S a lem Gas Co. 1st m tge. 5 % gold bonds are call, at 102 A and
80.000 h .p ., was purchased. Also has favorable contract with Southern
Power C o . for the purchase of additional power. In Feb. 1926 was reported in t. N o sinking fund provisions. Secured b y a first m tge. on properly
owned b y W inston-Salem Gas Co
to plan to replace its electric railw a y line to N o rth Anderson w ith bus ser­ form erly $1,000,000 Salisbury & Spencer R y .. C o . 1st m tge. 5s outstanding,
O f the
vice. See “ Ele ctric R a ilw a y Jo u rn a l” of F eb. 27 1926.
$169,000 are deposited under the N o rth Carolina Public Service C o . 1st
F ranchises w ith one m inor exception are either unlim ited in tim e or run lien & ref. mtge. A re guar., p rin . and in t., b y the N o rth Carolina Public
beyond J u ly 1943.
Service C o . R ed. at 105 and in t. on 6 weeks’ notice.
A ll of the outstanding Piedm ont Power & L ig h t C o .’s 1st m tge. 6 %
E lectric C urrent Rate Reduced in A u g u st 1925.— See V . 121, p . 708.
bonds dated M a y 1 1919 were called for paym ent N o v . 1 1926 at 105
S TO C K A N D BO NDS—
D a te .
In terest. O utstan din g. M a tu r ity .
and int. Likewise the 7 % bonds, also dated M a y 1 1919 were called,
Stock $15,000,000 ($100)___________
________ $10,827,500 ___________
however, at 103 and int. F ro m and aft J u ly 31 1926 the privilege to
1st & ref M $30,000,000 gold? 1913
5 g J -J
8.487,000 J u ly 1 1943 convert the 7 % into 6 % bonds terminated. V . 123, p . 711.
($1,000,$5,000,& c.)c*& r*.tf \ In t. at F arm ers’ L . & T r . C o ., N . Y . , Trustee
T h e 7 % 1st M tg e . bonds of Piedmont Power & L ig h t C o . are identical
U nderlyin g Bonds—
with the 6s, except that on M a rch 15 1921 an additional interest indenture
Ch a r Elec R y , L & P 1st M ( 1899
5 g J -J
282,000 J u ly 1 1929 was executed b y the co. to Em pire T r u s t C o . as trustee agreeing to pay
$500,000g ($1,000) s f c * n t f iln t . at M erc. T r . & D e p . C o ., B a lt., Trustee
1 % additional in t. on certain add’l bonds to be issued. A re red. at 103.
C h a r Elec R y , L & P ref & ext f 1906
5 A -O
419,000 A p ril 1 1936
M $2,000,000g ($ l,0 0 0 )c* tf li n t , at M e rc . T r . & D e p . C o ., B a lt., Trustee
D ivid en d s.— D iv . of 2 % paid on pref. stock Ja n . 1918; J u ly 1918, 2 % ;
Fries M fg & P 1st M gold/ 1900 5 g J - J
437,000 Jan 1 1940 Jan. 1919. 2 4 $ % ; J u ly 1919, 2 4 $ % ; Jan . 1920. 3 % ; J u ly 1920. 3 % ; Ja n .
($1,000) optional at 110___\ In t. at Equitable T r . C o ., N . Y . , trustee.
1 9 2 1 .3 % ; J u ly 1 9 2 1 ,3 % ; Ja n . 1922. 3 % : J u ly 1922, 3 % . I n 1923, Ja n . 3 % ;
W inston-Salem Power C o ____ ______
________
46,000 Ja n 1 1936 in 1924, $7 per share per annum . In 1925, $7.
Bonds o f Controlled, A c ., Cos.—
E A R N I N G S . - — F o r 12 months ended:—
Greenv-Caro Power 1st M g j 1905
5 g M -N
230,000 M a y 1 1935
N e t. a ft. Taxes. In terest,& c . B a l.,S u r.
G ross.
($1,000) ________________ t f \ In t . at O ld Colony T r . C o ., Boston, trustee.
$641,039
$292,328
$348,711
B on ds.— O f the 1st and ref. bonds, $1,567,500 are reserved for prior liens; A u g . 31 1926__________$1,985,475
626,348
293,063
333.285
Feb. 28 1926_________ 1,890,365
remainder issuable for 7 0 % of cost of extensions and acquisition of other
562,666
273,668
288,998
Feb. 28 1925_________ 1,743,600
properties. Redeemable, in whole or in part, at 105 and interest.
451,294
200,140
251,154
D ec. 31 1923___________ 1,419,148
T h e Charlotte Electric R y ., L t . & Pow . 1st M . bonds have a sin k in g f u n d .
351,634
189,886
161,749
operative since J u ly 1 1900. of 1 % of bonds out; to be invested in bonds D ec. 31 1922_________ 1,233,987
O F F I C E R S . — Pres., W . S. Barstow; V .-P s ., W . Buchsbaum , C . B .
drawn b y lot at 1074$ and in t., if not obtainable at lower figure in open
H ole, R . L . Peterman and L . H . T y n g ; Sec., C . N . W ilson; Tre a s ., J . P .
m arket. $88,000 have been canceled.
T h e ref. & ext. mtge. bonds have a sin kin g fu n d , operative A p ril 1907, of Cam pbell; Gen. M g r ., K . K . G a rre tt.— V . 121, p . 200, 1348, 3005; V . 122,
1 % of bonds issued, for purchase of bonds at 107/4 and i n t .,if obtainable; p . 2330; Y . 123, p . 325, 455, 711.




Oct., 1926.]

POWER, LIGHT AND RAILWAY

PIEDMONT & N O R T H E R N RAILW AY.
O R G A N I Z A T I O N . — Incorp. on Feb. 24 1911 in South Carolina, and on
or about J u ly 1 1914 took over the properties of the Piedmont Tra ctio n Co.
and the Greenville Spartanburg & Anderson R y . Co.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns and operates 2 3 A miles from Charlotte to Gastonia, 89.90 miles:
l
from Spartanburg to Greenwood, So. C a ro ., with branches from Belton to
Anderson, 11.30 miles, and from Belm ont Junction to Belm ont, 3.19 miles
(opened M arch 1 1916), total mileage of track operated, incl. spurs and sid­
ing," and 11 75 miles operated under contract. 210.20 Equipm ent consists
of 32 passenger cars, 283 freight cars, 25 ballast cars, 2 express cars, 10
caboose cars, 4 misc. cars, 15 work cars and 17 electric locomotives.
S TO C K A N D BO N D S—
D a te.
In terest. O utstan din g. M a tu rity .
________
$8,584,600 Jun e’ 25 1 %
Stock $15,000,000 ($100__________
F irs t mortgage $50,000,000/ 1914
5 g J -J
6,277,700 J u ly 1 1954
Series A auth $10,000,000!Interest at Farm ers’ Loan & T r u s t C o .,
($ 1,000 c* & $1,000. $5,0001
N . Y . , trustee.
&m ultiplesof$5.000r) c* n tf l
Stock.— $1,415,400 additional stock is held in treasury.
In Sept. 1925 Hornblower & Weeks offered a block of 1st mtge. series A
5 % bonds at 90 and in t., to yield 5 .7 0 % . V . 121, p . 1463.
E A R N I N G S . — F o r calendar years:
Gross.
N e t.a ft.T a x .
Other I n c .
D edu ctio n .
B a l., S ur.
1925_______ $2,504,129
$781,318
$104,524
$330,382
$555,460
1 9 2.............. 2,250,298
4
642.060
104,067
329,456
416,671
827.014
96.274
327,225
596,073
1 9 2_______ 2,446,119
3
1 9 2 2
1,989,818
646.175
70,876
331.205
385,846
O F F I C E R S .— Pres., W . S. Lee; V .-P ., G . G . A lle n, N e w Y o r k , N . Y . ;
V .-P . & Gen. M g r ., E . Thom ason: V .-P . & Tre a s ., N . A . Cocke; Sec.. J . C .
M cG ow an ; A u d ., E . B . H a rd in , all of Charlotte except where a different
address is stated.— V . 119, p . 2228; V . 120, p . 705; V . 121, p . 1463.

C H A R L E S T O N CONSOL. RAILW A Y & L IG H T IN G CO.
O R G A N I Z A T I O N . — Incorporated in South Carolina on M a y 20 1910
Leases for a period of 99 years from Ja n . 1 1910 the Charleston Cons. R y .,
Gas & Elec. Co . Lease guar. 6 % on pref. and 4 % to Ju ly 1 1911, 5 % to
Jan. 1 1913 and 6 % thereafter on com. stock: also int. on outstanding
bonds of the C h a r. Cons. R y ., Gas & Elec. Co. and Charleston C it y R y .
Co.
S TO C K —
P a r.
A u th o rized . O u tstan din g. D iv id e n d s.
C o m m o n ______________________ $50
$3,000,000 $1,500,000
N one.
Preferred______________________
50
1,500.000
500,000
None.
O F F I C E R S .— Pres., P . H . Gadsden; V .-P re s ., Stuart Cooper; V .-P re s .,
Lewis Lillie; V .-P re s., James T . Hutchings; Sec., G . W . C u rra n ; Tre a s .,
I . W . M o rris .— V . 110, p . 1642; V . 113, p . 530; V . 115, p. 987.

(1) C H A R LESTO N C O N SO L ID A T E D R Y ., G AS & ELEC. CO.
O R G A N I Z A T I O N . — Organized Feb. 21 1899 as a consolidation of the
Charleston C it y R y . and Charleston & Seashore R R . under special A c t of
So. C aro. Legislature, granting perpetual charter and gas & elec.light powers
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns 36.55 miles of electric road in Charleston. T h e company has con­
solidated its two power stations; both railw ay and light and power divisions
are being operated from same station.
F ranchise expires 1947. C o . owns the capital stock of the Charleston
Gas L ig h t C o . ($698,150) and the Charleston-Edison L ig h t & Power C o .
($100,000), and thus controls the whole field of light and transportation
In Charleston. V . 92, p. 880.
S TO C K A N D BONDS—
D a te .
In terest. O u tstan din g . M a tu rity .
Stock common $ 5 ,0 0 0 ,0 0 0 ($ 5 0 )____
Q -J
$4,996,750 See text
Q -J
500,000 See text
P ref 6 % cum $500,000 ($ 5 0 )________
Charleston C it y first mtge\ 1898 6 g J - J
658,000 Jan 1 1938
($1,000) $850,000 go ld _ctf/In t. at M e rc . T r . & S. D . C o ., Baltim ore.
Consol mtge gold $2,500,0001 1899
5 g M -S
1,719,000 M a r 1 1999
coupon ($1,000)______ *ctf/Interest at Baltim ore T r u s t C o .. Trustee.
Holders can also collect coupons at Carolina Savings Bank and People’s
F irs t N a t. Ban k , Charleston, if presented before the 10th of the m onth.
B o n d s — O f the consolidated 5s, $658,000 are reserved to retire a like
am ount of C it y Railway 1st 5s.
Charleston C it y first mortgage bonds were originally 5s and matured
Ja n . 1 1923, but were extended to Ja n . 1 1938 at 6 % . T h e extended
bonds have a sin kin g fu nd of $7,350 per annum , which began Ja n . 1 1924
for the purchase or redemption of said bonds at 105 and interest. Are
callable as a whole or for sinking fund purposes at any interest period
on 4 weeks’ notice at 105 and int , and ar exchangeable at holders’ option
at any time up to Jan. 1 1938 par for par, with int. adjustment for Charles­
ton Consol. R y . Gas & Elec. 5s. due M arch 1 1999. V . 115, p. 2266.
D iv id e n d s.— See dividends guaranteed under lease above.
E A R N I N G S . — F o r calendar years:
1925.
1924.
1923.
N e t operating revenue_______________
$465,457
$467,191
$466,571
Fixed charges________________________
125.533
126.153
126,892
N e t ------------------------------------------------------------

$339,924.

$341,038

$339,679

O F F I C E R S .— Pres., Philip H . Gadsden, P h ila., P a .; V . - P . , B . A .
Hagood; Sec. & Tre as., Chas. J Bendt; Asst. Sec.-Treas., M . C . C . Tessier,
Charleston. Offices, N o . 141 M eeting S t., Charleston.— V . 112, p . 371.
848; V . 115, p . 2266; V . 122, p . 2327.

B R O A D R IVE R POWER CO.
Control.— General Gas
E lectric C orp. owns the entire outstanding
common stock.
M a n a g em en t.— W . S. Barstow M anagement Association, In c .,
O R G A N I Z A T I O N . Incorporated in South Carolina in J u ly 1924.
Acquired the entire outstanding stock of the Colum bia R y ., Gas & Electric
C o ., which owned or controlled all the common stock of T h e P arr Shoals
Power C o . and Colum bia Gas L ig h t C o . As of J u ly 1 1925 acquired the
property of these companies, except the street railw ay property, which is
continued as the Colum bia R y ., Gas & Electric C o .
F o r history, & c., of Colum bia R y ., Gas & Electric C o ., see “ Public
U t ilit y Com pendium ” of O ct. 31 1925.
In June 1926 acquired the Enoree (S. C .) Power C o ., operating a 1,500
h .p . generating plant and supplying electricity to the towns of Fountain
In n , Simpsonville, Owens and G re y C o u rt. V . 123, p. 322.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Co m p an y supplies electric light and power service in Colum bia, the capital
of South Carolina, and other communities in the central section of the State,
incl. E a u Claire, New Brookland, Cayce, Lexington, Leesville, Batesburg,
Ridge Spring, Johnston, Tre n to n , W a rd , A rden, M onetta, Pomaria,
C h a pin, L ittle M ountain and Peak. Also furnishes the electricity dis­
tributed in Winnsboro and R idgeway, S. C ., and supplies power to the
South Carolina Gas & Electric C o ., an affiliated co. of Spartanburg, S. C
C o . also furnishes gas in the c ity and suburbs of C o lu m b ia .
C o m p a n y’s system embraces steam and hydro-electric generating sta­
tions w ith a total installed capacity of 69,185 k .w ., incl. 42,500 k .w . present
installed capacity of the new steam power plant at Parr Shoals, which has
an ultim ate capacity of 65,000 k .w . Controls valuable sites for additional
hydro-electric stations of at least 50,000 k .w . potential capacity. Gas
plant at Colum bia, 1,500,000 cu. ft. daily capacity; 3 holders of combined
capacity of 860,000 cu. ft.; 66 miles of gas mains. C o . has 244 miles electric
transmission and 262 electric distribution lines. T o ta l population supplied
w ith electricity, 102,000; with gas, 60,000. Customers as of A u g . 1926:
Electric, 10,129; gas, 4,108.




301

S TO C K A N D BO ND 3—
D a le.
Interest. O u tsta n d in g . M a tu r ity .
C o n m o n $10,000,000 ( $ 1 0 0 ) - - ____
$2,400,000
________
7 % cum . pref. $10,000,000
2,952.600
See text
($100)_____ _________ _____________
7 Q -F
P arr Shoals Power C o . 1st/ 1912
5 g A -O
3, KIO.OOO A p ril l 1952
mtge. (closed) s. f. gold-!Irving B ank-Colum bia T ru s t C o ., N ew Y o rk ,
$3,000,000 ($1,000c*)___tf l
trustee.
Colum bia Ry.-, G . & E l. C o . (1911
5 g J -J
2,876,000
J u ly 1 1936
1st mtge. gold (closed) •Irv in g B an k-Co lum bia T ru s t C o ., N e w Y o rk .
!
$7,500,000 ($1,000-500c*)tf ( trustee.
Col Gas L ig h t Co 10-yr 7s gf 1920
7 g M -N
322.600 M a y 1 1930
$400,000 (closed) ($1,000--!T . J . Robertson, Burnell Sloan and J . E .
5 0 0 -1 0 0 )__________________ ( M athew s, Colum bia, S. C . , Trustees.
Broad R ive r Power Co 1st &/ 1924
5 g M -S
4,985,000 Sept. 1 1954
r e f M 5 % g s e r “ A ” ($1,000-1 Interest payable in N e w Vork and Chicago.
500-100c* $1,000 & m ul r t f I
Broad R iver Power Co 10-yr [ 1924
6 A g M - N 1,471,000 N o v . 1 1934
6>£s secured s f g $1,500,--! Interest payable in N e w Y o rk or Chicago.
000 ($1,000-500-100)- - c * t f [
Stock.— T h e 7 % cu m . p ref. stock is preferred as to assets and cum .
dividends over the common stock. Call at 110 and divs. Mass, income
tax not exceeding 6 % and Penna. personal property tax not exceeding 40c.
per share refundable. In N o v . 1924 W est & C o ., Pynchon & C o . and
Jackson & Cu rtis offered $1,250,000 at 93 A and d i v ., to yield about 7 .4 8 % .
In J u ly 1925 the same bankers offered $1,400,000 additional at 95 and divs.,
to yield about 7 .3 7 % . V . 119, p. 2284; V . 121, p . 196.
B on ds.— T h e Parr Shoals Pow er Co. ls£ m tge. sin k in g fu n d 5 % gold bonds,
due A p r il 1 1952, are call, on 60 days' notice at 105 and int. In t. payable
at National Park Bank, N . Y . C it y . S in kin g fu n d sem i-annually Ja n . 1
and J u ly 1 of
% of issued am ount. T h e am ount of $3,000,000 shown
as outstanding incl. $344,000 of bonds in sinking fund.
Th e C olum bia R a ilw a y, Gas
E lectric Co. 1st m tge. 5 % gold bonds, due
J u ly 1 1936, are call., all or part, on 60 days’ notice at 105 and in t. There
is a sin k in g fu n d of 1 % annually of outstanding bonds.
T h e Broad River Power Co. ls£ <% ref. m tge. bonds are secured b y a direct
1st mortgage on the Parr Shoals steam generating station on approx. 70
miles of steel tower 110.000 volt transmission lines, & c., and all afteracquired additions, & c. Additional bonds of series “ A ” or other series of
such tenor as directors m ay. from time to time, determine m ay be issued
for refunding purposes or against the deposit of cash or for refunding
an equal principal am t. of divisional mtge. bonds or for 7 0 % , 7 5 % or 8 0 % ,
respectively, of new additions, & c ., provided gross income for 12 consecutive
out of preceding 14 m onths has been at least 1 A , 1 A or 2 times, respectively,
annual interest charges on all outstanding 1st & ref. and underlying bonds,
incl. new issue. M a y also be issued for 7 5 % of cost of acquisition of stock
of a subsidiary com pany, additions. & c., to property of subsidiaries, &c.,
& c., provided total am ount of bonds issued under the mtge. in respect of
any subsidiary together with all funded debt of such a subsidiary does not
exceed 7 5 % of its permanent property. Th e re is a sin k in g an d im provem ent
fu n d on Sept. 1 1926 and each Sept. 1 thereafter of 2 % of series “ A ” bonds
outstanding. M oneys m ay be used to purchase or redeem series " A ” bonds
thereafter to be canceled or for improvements, &c. A m aintenance and
d epreciation fu n d commencing Sept. 1 1926 is to receive on each Sept. 1
a sum equal to 10A % of gross operating revenue from electric operation
and 7 A % o f such revenue from gas operation, funds to be used for mainte­
nance. &c., to purchase or redeem these bonds or underlying bonds. R ed .,
whole or part, on 30 days’ notice at 105 and int. to and incl. D ec. 31 1934,
the premium decreasing \4 % during each calendar year thereafter. Penn,
and Conn. 4 mills, M arylan d 4 A mills, D is t. of C o l 5 mills and Mass. 6 %
taxes refundable. In Jan. 1926 Halsey, Stuart & C o ., In c ., and Pynchon
& Co. offered $2,500,000 series “ A ” 5 % at 92 and in t.. to yie!d over 5 .5 5 % .
V . 122, p. 746. In A p ril 1926 they sold $1,485,000 additional series A
at same price (V . 122, p. 2326) and in Sept. 1926 $1,000,000 additional series
A at 9 3 A and in t., to yield over 5 .4 5 % . V . 123, p. 1631.
T h e Broad River Pow er Co. 10-y r . 6 A % secured sin k in g fu n d gold bonds,
due N o v. 1 1934, are secured b y direct mtge. on all property (incl. afteracquired) subject to the lien of the 1st & ref. m tge. and underlying divisional
mtges. A n annual sin k in g fu n d beginning M a y 1 1926 of $30,000 and a
like am ount each M a y 1 and N o v . 1 thereafter will retire and cancel the
bonds through purchase sem i-annually up to and including the prevailing
call price, otherwise b y lot at such price. Redeemable, all or part, on
30 days’ notice at the following prices and interest; to and incl. N o v . 1
1925 at 105; thereafter decreasing A for each expired year or part thereof
to and incl. N o v . 1 1933 and thereafter at 100. Penn, and Conn. 4 mills,
M a ryla n d 4 A mills, D is t. of C o l. 5 mills and M ass. 6 % taxes refundable.
C o . pays normal income tax of 2 % . Listed on Boston Stock Exchange.
In Jan . 1925 Halsey, Stuart & C o ., In c ., and Pynchon & C o . offered $1,500,000 at 100 and int. V . 120, p . 85.
D I V I D E N D S . — O n pref. latest d iv . paid, 1 H % in Feb. 1926. Same
d iv . since to and incl. N o v . 1926.
E A R N I N G S . — F o r calendar year 1925 (incl. earnings of gas and electric
properties acquired as of J u ly 1 1925 from the date of acquisition o n ly ):
Gross, $895,615; net, after deprec. & taxes, $369,546; other income, $718,471; total income. $1,088,017; fixed charges, $347,994; pref. divs., $133,034;
balance, $606,989.
L atest E a rn in g s.— F o r 12 mos. ended A u g . 31 1926: Oper. re v ., $2,033,154; oper. expen., m aint. & taxes, $1,085,293; oper. income, incl.
other inc., $1,097,573; fixed charges, & c., $627,386; pref. d ivs., $186,674;
net income, $283,513.
O F F I C E R S . — Pres., W . S. Barstow; V .-P s ., Lucien H . T y n g , W . Buchsbaum and R . L . Peterman; Sec., C . N . W ilson, and Tre a s ., J . P . Cam pbell;
Gen. M g r ., F . K . W oodring.— Y . 121, p . 72, 196, 1346, 1459; V . 122, p .
607, 746, 2326, 2649; V . 123, p . 322, 1631.

(T H E ) S O U T H CAR OLIN A GAS & ELECTRIC CO.
C ontrol.— General Gas & iSIec. C o rp . (see on another page) acquired
control of the co. early in J u ly 1924. V . 119, p. 1954. C o . controls the
Spartanburg Bus C o .
O R G A N I Z A T I O N . — In corp. in M a ryla n d Sept. 23 1922 as successor to
South Carolina L t . Pow . & R ys. C o . (for history see “ Electric R ailw a y”
Supplement of O ct. 28 1922) as per plan outlined in V . 115, p. 760.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Supplies electric light and power service to the city of Spartanburg and other
im portant communities in northern South Carolina. To ta l generating
capacity, 10,800 k .w .; 101 miles of high-tension transmission lines, and 419
miles of distribution lines. Supplies gas service in Spartanburg. T h e
gas plant in Spartanburg has a daily capacity of 360,000 cu. ft. T w o gas
holders give the com pany 250,000 cu. ft. storage capacity and it has 36
miles of gas mains in Spartanburg. Owns the capital stock of the Spartan­
burg Bus C o ., and in connection w ith the latter com pany furnishes m otor
bus and street car service in Spartanburg and suburban territory. Th e re
are 21 miles of track in the street railw ay system. A new high tension,
steel-tower line, connecting Spartanburg w ith Broad R iver Power C o .
system centring in C olum bia, S. C . , was compleetd and placed into opera­
tion in 1925.
O peration s.— O n June 22 1923 the So. C a r. R R . C o m m . auth. the co. to
discontinue operations w ithin the city lim its of Spartanburg, effective
Ju ly 21 1923. Buses are to be used inside the city lim its and will connect
with the interurban cars which the co. will continue to operate. V .
117, p. v8. On Jan . 14 1924, however, the South Carolina Supreme C o u rt
handed down a decision ordering the company to resume service in Spar­
tanburg. V . 118, p. 432.
S TO C K A N D BO NDS—
D a te .
In terest. O u tsta n d in g . M a tu rity .
__________ $1,196,300 _____________
Com m on $1,250,000 ($100)_________
1st pref $2,000,000 cum ($ 1 0 0 )____
7%
See text ___________
2d pref $1,000,000 cum ( $ 1 0 0 ) - ____
6%
628,900 ____________
Ctfs of indebtedness (red at opt of co)
N one
402,920 ___________
Ctfs of indebtedness__________ ______
N one
69,521 Jan 2 1928
1st mtge $5,000,000 ($1,000)1 1922
6 g M -S 15 3,628,000 Sept 15 1942
g o ld ---------------------------------- c*tf /New Y o rk T r u s t C o ., N . Y . , Trustee.
10-yr mtge bonds $650,0001 1922
6 g J - D 15
644,000 Dec 15 1932
($1,000) gold_______ c* n tf (Am erican Exchange N a t. B k ., N . Y . , T r u s t.
Stock.’ Neither of the pref. stocks carry voting powers; 1st pref. is re­
—
served for the conversion of 10-yr. 6 % conv. mtge. bonds.
C ertificates of Indebtedn ess.— Bear no interest.
B on ds.— T h e 1st mtge. 6s have annual sin kin g fu nd commencing Jan . 1
1929. equal to 1 % of rhp bonds outstanding.
\ r e call on any int data
I at 105 and int. upon 30 days’ notice. In t . payable at the N e w Y o r k T ru s t
' C o ., N . Y . C it y . $72,000 are held in treasury.

202

PUBLIC UTILITIES

T h e 10-year conv. mtge. 6s are convertible into first preferred 7 % stock
at any time prior to m aturity on the basis of 11 shares of stock for each
*1.000 prin._ amount of bonds so converted. Oa!l. all or part at any tim e
at par and in t. upon 30 days’ notice. In t . payable at the Am erican E x
change-Pacific N a tion al Ban k , N . Y . C it y . $6,000 are held in treasury
E A R N I N G S . — Incom e account calendar year 1925: T o ta l revenue, $967,“
488; net income, $107,934; fixed charges, $299,804 ;net deficit, $191,870]
year 1924: Operating revenue, $888,393; oper. income, $272,501; tota1
income, $284,682; bond interest, $256,310; other in t ., $12,860; miscell.
charges, $297; net in c ., $15,215.
L atest E a rn in g s.— F o r 12 mos. end. A u g . 31 1926: O per. re v ., $1,040,335;
oper. exp. and taxes, $860,925; oper. income (incl. other incom e), $180,172;
fixed charges, & c., $318,084; net income, def., $137,912.
O F F I C E R S . — Pres., W . S. Barstow; V .-P s ., Lucien H . T y n g , W . Buchsbaum , R . L . Peterman and Issaac Andrews; Sec. C . N . W ilson; Tre a s .,
J . P . Cam pbell.— V . 117, p. 88; V . 118, p . 432; V . 119, p . 1954.

C HA R L E S TO N -IS LE OF PALMS T R A C T IO N CO.
W e understand that this road which was placed under receivership early,
in 1924 (see for history, & c., Public U t ilit y Com pendium ” of O c t. 31“
1925) and which had been discontinued since F eb. 21 1924, has been dis­
mantled and the receiver discharged. See V . 122, p . 212, under “ E lectric
R ailw a y Lin es.”

GEORGIA
A T H E N S (GA.) RAILW A Y & ELECTRIC CO.
C ontrol.— C o ., form erly a subsidiary of Cities Service Power & L ig h t C o .,
was sold in June 1926 to Southeastern Power & Light Co.
O R G A N I Z A T I O N . — Incorp. in Georgia on A p ril 1 1910. Purchased
Athens Electric R y . C o . Leased for 99 years from M a y 1 1911 the James
W h ite Power plant. V . 90, p. 1101, 1423.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Hydro-electric stations at M itch ell’s Bridge, Tallassee Shoals and Barnett
Shoals (James W h ite power plan t); steam station in Athens. Owns and
operates entire street railw ay, electric light and power systems in Athens.
Wholesales energy at Jefferson, G a. Population served, over 22,000.
Owns 8.93 miles of track. Standard gauge 60-lb. A . S. O . E . , 7 0 -lb .T rails.
15 m otor passenger and 2 m otor work cars; 2 other cars; 4 power plants,
7,850 k . w . capacity. Franchise unlim ited in time. •
S TO C K A N D BONDS—
D ate.
Interest. O utstanding.
Stock com $750,000 ($ 1 0 0 )--! ____
$750,000
Stock pref (5 % cum ) $300,000/
($ 100) .
300,000 Oct 23. 1 H
Q -J
First & ref M $2,000,000 gold! 1910
5 g J -J
330,000 J u ly 1 1950
sink fund ($1,000)— c * c p t/In t. at Farm ers’ Loan & T r . C o . , N . Y . , trus.
Gen mtge & coll trust Ser “ A ” I 1921
8%
139,900 June 1 1936
$3,500,000_______________tf/Colonial T ru s t C o ., Philadelphia, trustee.
Athens Electric R ailw ay first/ 1901
6 g A -O
388,000 O ct 1 1931
mortgage $400,000 ($1,000) { Interest at T itle Guar. & T ru s t C o ., A tla nta,
go ld_________________c * .c p t( trustee, or O ld Colony T ru s t C o ., Boston.
Stock.— Preferred stock is redeemable at 105.
B on ds.— O f the first and ref. bonds, $388,000 are reserved to retire under­
lyin g bonds, $179,000 are pledged to secure the gen. mtge. & coll, trust
Series “ A ” 8s and $996,000 for acquisitions and improvements at 7 5 % o f
cost, but only when net earnings are 1J4 times interest on all bonds out and
those to be issued
$50,000 are in treasury. $55,000 have been retired.
S in kin g fu n d of 1 % beganin 1915. Bonds are subject to call at 110. Y . 93,
p. 665.
T h e gen. m tge. and coll, trust 8 % bonds, Series “ A , ” have a sinking fund
which w ill retire 9 0 % of these bonds b y m aturity. A re callable on a 6 %
basis. T a x refund in Pennsylvania, M a ryla n d and D istrict of Colum bia
V . 113, p . 70.
O f the Athens Electric R y . first m tge., entire issue, but no lesser Part,
m ay be called at 106 and interest. See V . 73, p 1311.
D ivid en d s.— O n pref., 6 % per annum in 1904 and 1905, 5 )£ % in 1906,
6 % 1907 to 1910. 5 % in 1911 and to and including O ct. 1925. Dividends
on common stock are no longer reported as Cities Service Power & L ig h t
C o . owns 99 .8 % of same.
Offices, Athens, Ga.-— V . 120, p. 700.
O F F I C E R S .-— P r e s .,_______;____

COLUMBUS ELECTRIC & POWER CO.
U nd er executive m anagem ent of Stone &, W ebster, I n c .—
O R G A N I Z A T I O N .-— In corp. in Georgia in 1922 as a consolidation of
the former subsidiary companies of the Columbus Electric C o ., v iz .:
Colum bus R R ., Colum bus Power C o ., and the Gas L ig h t C o . of Colum bus,
G a ., as per plan outlined in V . 114, p . 1406. F o r history of Colum bus
Electric C o . up to time of this consolidation, see “ Electric R a ilw a y”
Supplement of A p ril 29 1922. C o . owns and controls Colum bus Tra n s ­
portation C o . and owns the capital stock of South Georgia Power C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S —
Does the entire electric railw ay, bus, electric, Ugh ting, gas and power busi­
ness of Colum bus and vic in ity and the adjoining towns of Phoenix C it y and
G ira rd , and a wholesale power business in Newnan, Hogansville, Lagrange,
Lanette, Trim b le , G ran tville , M oreland and West Poin t. Including the
properties of Georgia-Alabam a Power C o ., co. serves a total population of
over 170,000. 25.3 miles of equivalent single track, of which 5 miles
leased to Seaboard A ir Lin e un til 1952. 22 cars, 2 steam locomotives
(leased to S. A . L . R y .) . Standard gauge. 13 buses. Co . controls 3
hydro-electric hydro-electric plants at Colum bus, Goat R ock and B a rtle tt’s
F e rry of a combined capacity of 86,800 h .p .; has steam relay stations of
16,600 h .p . Also purchases power. Gas output 1925, 117,646,000 cu. ft.
54.51 miles of gas mains; 13,153 gas meters. Principal franchises perpetual.
T h e freight lines are leased to the Seaboard A ir Line R y . for 50 years from
O ct. 17 1901 at a rental of $7,500 per annum.
Principal fran ch ises are not lim ited in tim e.
A cq u isitio n s.— F o r particulars about the purchase of the Georgia- Alabam a
Power C o . and the South Georgia Public Service C o ., both operating in
Southwestern Georgia, see V . 121, p . 1100; V . 121, p . 1347. Stockholders
were to vote on O ct. 5 1925 on this proposition and a recapitalization plan,
details of which are given in V . 121, p . 1347.
In Sept. 1925 the Alabam a P . S. Commission authorized the com pany
to issue $571,300 2d pref 7 % cum . stock and $1,750,000 com. stock.
V . 121, p. 1460. In June 1926 co. applied to Georgia P . S. Commission
for permission to issue $2,000,000 3 -y r. 5 % gold coupon notes. V . 122,
p. 1337.
Increase Stock.— O n Sept. 16 1926 co. (a) increased the authorized capital
stock from $9,750,000 to $11,750,000, the $2,000,000 of increased stock to
consist of 6 f t % pref. stock series C , redeemable at 110; and (6) approved a
change in the common stock from 52,000 shares (par $100), into 262,500
no par shares, 5 new shares to be issued in exchange for every $100 par
share. V . 123, p . 1761.
S TO C K A N D BONDS—
D ate.
In terest. O utstan din g.
M a tu rity
_______
Com m on 262,500 shs (no p a r ) . ____
262,500 shs O ct ’26 214
Ser B cum pref________________ ______
7
3,745,100 O ct'26, 1 % %
2d pref 7 % cum $2,000,000________
7
695,200 O c t’26, 1 % %
1st & ref M 6 g ser A _________ / 1922
6 g J -D
1,413,500 June 1 1947
Series “ B ” ____ _______ J 1924
5 g M -N
4,000,000 N o v 1 1954
($100, & c .), gold___c*& r.tf (In t. at O ld Colony T ru s t C o ., Boston, trustee
3-year notes ($1,000) gold) 1924
5 g J -D
2,000,000 Dec 1 1927
c*.tf/Interest payable in N ew Y o rk or Boston,
Three-year 5s gold notes \ 1925
notes/
5 g M -N
2,500,000 N o v 11928
($ 1 ,0 0 0 )______________c *.tf(In terest pavable in Boston or N e w Y o rk .
3-year notes ($ l,0 0 0 c * )...t f ( 1926
5 g J -D
2,000,000 June 1 1929
\Int. payable in Boston or N e w Y o rk .
Colum bus Power first m tge / 1906
5 g A -O
3,461,000 A p ril 1 1936
$4,000,000 gold g u a rc* tf {I n t . at C om m onw . T ru s t C o ., Boston, T r u s .
South Georgia Power C o n o n - / ____
N one
424,000
1930
interest bearing notes_____ {Guaranteed b y C o l. Elec. & Power C o .
2d pref stock subscriptions____ _____
_______
59,700 ___________




[V ol. 123.

Stock.— First preferred conv, into common, share for share, at any tim e
Redeemable at 120. V . 115, p . 72.
T h e 7 % cu m . p ref. stock, series B , is red. at 115 and divs. Is preferred
as to divs. and in case of liquidation. In Jan . 1926 Stone & W ebster, In c .,
Estabrook & C o . and Parkinson & B u rr, offered $2,500,000 7 % cum . pref.
series B at 100 fla t. V . 122, p . 347.
B on ds.— Series “ A ” are callable, all or part, on any interest date after
June 1 1932 up to and including June 1 1937, at 105, and thereafter decreas­
ing M of 1 % each year to 101 for year ending June 1 1945, and at 100 there­
after (plus interest). A sin k in g fu n d of 2 % per annum of the total amount
of Series “ A ” bonds issued commenced N o v . 1 1923. V . 114, p . 2823.
$57,700 canceled b y sinking fund up to D ec. 31 1925.
Series “ B ” have annual cash sin k in g fu n d equal to l f t % of the principal
am ount of Series “ B ” outstanding at the time of the sinking fund paym ent
(first paym ent N o v . 1 1926) to be applied b y trustee to purchase of Series
“ B ” bonds at not exceeding 100 and interest. I f bonds are not so pu r­
chasable the balance shall be applied either to the purchase of underlying
bonds at not exceeding 100 and interest or to reimburse the com pany for
7 5 % of the cost or fair value, whichever is less, of additional property
acquired against which no bonds m ay be issued. A re callable, all or in part,
on any interest date at 105 up to and including N o v . 1 1944, and thereafter
decreasing )4 of 1 % for each year to N o v . 1 1953, plus interest in each case.
Interest payable in N ew Y o rk or Boston, $2,000,000 Series “ B ” 5s were sold
in Dec. 1924 b y Estabrook & C o ., Stone & Webster, In c ., N . Y . , and
Parkinson & G u rr, Boston, at 92 and interest, to yield 5 .5 5 % . V . 119, p .
2644. In J u ly 1925 they sold $2,000,000 additional bonds of this series
at 95)4 and in t ., to yield 5 .3 0 % . V . 120, p . 3064; V . 121, p . 73.
T h e Colum bus Power C o . bonds are callable as a whole (or in pa rt for
sinking fund) at 110 and int. on any int. day. A sin k in g fu n d of 1 % of
bonds out began A p ril 1 1912. $496,000 purchased for sinking fund and
canceled.
N o tes.— T h e 3-year 5 % notes, due D ec. 1 1927, are callable asa whole on
June 1 1925 and D ec. 1 1925 at 101)4: June 1 1926 at 101; D ec. 1 1926 at
100)4, and June 1 1927 at 100, plus interest in each case. In D ec. 1924
$2,000,000 3-year 5 % notes were offered b y Estabrook & C o ., Stone &
W ebster, In c ., N . Y . , and Parkinson & B u rr, Boston, at 99)4 and in t. to
yield 5)4% • V . 119, p . 2644.
T h e 3-yea r 5 % gold notes, due N o t. 1 1928, are callable as a whole on M a y 1
1926 and N o v . 1 1926 at 101)4; M a y 1 1927 at 101; N o v . 1 1927 at 100)4
and M a y 1 1928 at 100; plus interest in each case. In Ja n . 1926 Estabrook
& C o ., Stone & Webster, In c ., and Parkinson & B u rr offered $2,500,000
at 98.80 and in t., to yield 5 .4 5 % . V . 122, p . 212.
T h e 3 -yr. 5 % gold n otes, d ated Ju ne 1 1926, are call, as a whole on or before
June 1 1927 at 101)4; on D ec. 1 1927 at 101; on Jun e 1 1928 at 100)4, and,
on D ec. 1 1928 at 100, plus interest in each case. In J u ly 1926 E§tabrook
& C o ., Stone & W ebster, In c ., and Parkinson & B u r r offered $2,000,000 of
hese notes at 99)4 and in t., to yield 5 .0 5 % . V . 123, p . 81.
D iv id e n d s.— D ividends on 1st pref. and 2d. pref. are being paid regularly
A n initial dividend of $2 per share was paid on common stock in October
1923. V . 115, p . 1428. In 1923, J a n ., 2 % : A p ril, 2 % ; J u ly , 2 % ; O c t.,
2 % . In 1924, Ja n ., 2 ) 4 % ; A p r ., 2 ) 4 % ; J u ly , 2 % ; O c t., 2 ) 4 % . In 1925.
Ja n ., 2 ) 4 % ; A p r .. 2 ) 4 % ; J u ly , 2 ) 4 % ; O c t., 2 ) 4 % . In 1926, 1 0 % .
E A R N I N G S . — F o r calendar years:
C ross
N e t,
F ixed
B a l. fo r R es.
E a rn in g s.
A fte r Taxes.
C harges. R etirem .& D iv.
x$749,504
$263,034
$486,470
1925____________ $2,753,510
1924----------------------- 2,326.800
1,056,816
268,373
788,442
1923----------------------- 2,240,190
1,144,454
271,772
872,682
x T h e operating expenses during 1925 were stated to be considerably
higher than other years on account of the lowest flow of river in over 20
years, which necessitated heavy expenditures for purchase of power and
generation b y steam.
L a test E a rn in g s.— F o r 12 mos. ended J u ly 31 (co. and sub. cos.):
1926.
1925.
Gross earnings______________________________________ $3,358,774 $2,513,229
N e t after taxes____________________________________
1,297,941
1,007,989
578,643
263,945
Interest and am ortization charges_________________
Available for reserve, retirem ent and divs______
$719,298
$744,044
O F F I C E R S . — Chairm an of the Board, G . G u m b y Jordan; Pres., H e n ry
G . Bradlee; V .-P ., R . M . H ardin g, D onald C . Barnes and H a r r y H . H u n ts ;
Sec., W m . T . Crawford: Tre as.. H e n ry B . Sawyer; G en. M g rs ., Stone &
Webster, In c ., Boston; Local M anager, R . M . H a rd in g .— V . 121, p . 73,
1100, 1347, 1460, 2271; V . 122, p . 212, 347, 1308, 3337; V . 123, p . 81, 841,
980, 1761.

S

O

U

T H

G

E

O

R

G

I A

P

O

W

E

R

C

O

.

A subsidiary of C olum bus (C a .) E lectric A Pow er C o.
O R G A N I Z A T I O N . — Organized in 1925 b y Colum bus (G a .) Electric
& Power Co . to purchase the properties of the Georgia-Alabam a Power C o .
and its subsidiary, the South Georgia Public Service C o . V . 122, p . 215, 884.
Acquisition of a num ber of Georgia properties in 1926, see V . 123, p . 1384.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o . and its subsidiaries serve 19 cities and towns in southwestern Georgia,
including A lb a n y , Cordele, Americus, T ifto n , Pelham and F o rt Gaines.
To ta l capacity of plants (steam and hydro-electric) is approx. 14,750 h .p .;
population served about 50,000. V . 122, p . 215.

( a )

G

E

O

R

G

I A

- A

L

A

B

A

M

A

P

O

W

E

R

O R G A N I Z A T I O N . — Incorp. under N o rth Carolina laws in 1918 and
acquired the properties of the Colum bia Power C o . and A lb a n y P ow er*
M fg . C o . Co m p an y controls the South Georgia Public Service C o . through
stock ownership. In Ja n . 1926 the South Georgia Power C o ., a subsidiary
of Colum bus Electric & Power C o ., acquired the properties of the com pany.
V . 122, p . 882.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
T h e com pany owns and operates three hydro-electric plants and a steam
auxiliary; one hydro-electric plant on the Muckafoonee Creek near the c ity
of A lb a n y , G a .; one near F o rt Gaines, G a .; and one on the F lin t R iv e r
near A lb a n y , G a . T h e steam auxiliary is also located in A lb a n y . T h e
com pany serves electric light and power in A lb a n y , Pelham , F o r t Gaines,
and wholesale power to Am ericus, Cordele, Tifto n and Valdosta, the prin­
cipal cities in southwest Georgia. Does the gas business in Americus
and an ice business in T ifto n and M ontezum a. T h e property located in
Alabam a form erly owned b y the com pany was sold the la tte r pa rt of 1924
to the Alabam a Power Co .
S TO C K A N D BONDS—
D a te.
In terest. O utstan din g. M a tu r ity .
Com m on $3,000,000 ($100)________
- ............
$850,000
8 % cum pa rt pref $1,000,000
893.500 ___________
8%
( $ 100 ) ---------------------------------------------------------------F irs t & ref s f g $5,000,000/ 1922
760.500 Feb 1 1957
6 f t F -A
($1,000, $500 c * )_______ t f l l n t . at M ercantile T r . & D e p . C o . of B a lt.
Americus L tg C o 1st M 2 0 -y r{ 1917
6 g A -O
236,000 A p r 1 1937
gold $500,000___________ tf / In t . at Penn. C o . for In s . on Lives & G ra n t[ ing Annuities, Philadelphia, trustee.
Stock.— Pref. stock is non-callable. Is preferred as to assets. After
pref. and com . stocks have received 8 % d iv ., both classes share equally in
any further dividend for that year.
B on ds.— T h e 1st r e f. sin k in g fu n d gold bonds 6 M s, due F eb. 1 1957, are
callable, whole or part, at 105 and in t. on 60 days’ notice, S in k in g f u n d ,
1 % from F eb. 1 1927. In treasury, $1,739,500. Outstanding, $760,500.
T h e general m ortgage bonds, due Feb. 1 1941, carried in te re s ta t8 % for
three years from Feb. 1 1922, cum ulative, b u t payable o n ly from net income
applicable to surplus; after Feb. 1 1925 carries interest at 6 % and 2 %
additional if earned. A re callable at 103 and interest. I n connection w ith
the sale of the properties to South Georgia Power C o . in Ja n . 1926,the
holders of each $1,000 gen. mtge. bond, due F eb 1 1941, was to receive
$802 66 in cash plus a small additional sum to be determined later. V . 122,
p . 882.
A m e ricu s L ig h tin g C o. F irst M ortgage 5 s .— O f this issue $12,000 are can­
celled b y sinking fun d. S in k in g fu n d 1 % of bonds outstanding 1926-1927;
l f i % , 1928-1932; 2 % thereafter; payable F e b . 1. Callable whole or part
for sinking fund at 105 and in t. on an y in t. d a y. Assumed b y South
Georgia Pow er C o .
E A R N I N G S . — Incom e account calendar years:
1924.
1923.
Gross earnings___________________________________________$407,208 $326,184
Operating expenses and taxes___________________________ 159,039 143,388
N e t earnings.

$248,169

$182,796

C

O

M

P

A

N

Oct., 1926.]

POWER, LIGHT AND RAILWAY

203

reduced b y H of 1 % commencing O c t. 1 1944, w ith a like additional
G E O R G IA RAILW A Y & POW ER CO.
reduction commencing on Occ. 1 of each year thereafter u n til m a tu rity;
in each case w ith accrued in t. Penna. 4 mills tax refunded, & c. V . 113,
Control.— In Ja n . 1926 Southeastern Power & Light Co. acquired a sub­
P 1772; V . 114, p. 1765; V . 116, p . 1177. $3,000,000 30-year gen. m tge.
stantial m ajority of the common b y exchange of 1.633 shares cum . part,
pref. stock 1 no par com..share Southeastern Power & L ig h t C o . for each 6 % bonds “ Series of 1924” were offered b y Drexel & C o ., Phila., in June
1924 at 98 and in t., to yield about 6 .1 5 % . V . 118, p . 2825.
Georgia R y . & Power C o . com. share. See Y . 122, p. 480, 610. Th e
T h e A tlanta W ater & Elec. Power bonds are subject to call at 105. T h e
exchange of securities was effected through Georgia Securities C o rp ., a com­
pany especially organized for this purpose. In M a rch 1926 already more Issue was originally for $1,500,000 but has been closed at $1,400,000. S in k ,
fu n d Ja n . 1 1908 to Ja n . 1 1917 in c l., $5,000 per ann.; thereafter until
than 229,000 shares had been deposited. See Y . 122, p . 1608,12040.
m a tu rity $10,000 per ann. See V . 102, p . 1540. $223,000 in sink. fund.
O R G A N I Z A T I O N . — In c o rp . in Georgia on O c t. 16 1911 to take oyer
E q u ip , trust notes Ser. “ A ” are due 10 % annually. Ser. “ B ” m ature
the following properties (V . 93, p . 1191, 1725)'
$14,000 semi-ann. each O ct. and A p r . 1 to A p r . 1929 and $13,000 O c t. 1
A tla nta H y d ro -E le c . Power C o .
I Inter-State Power C o .
1929 and A p r 1 1930. Ser. " C ” m ature $10,000 A p r. 30 and O c t. 31
Atlanta W ater & E le c. Power C o .
Savannah R ive r Power C o .
to O ct. 31 1924, thereafter $10,000 on each O ct. 31 and $9,000 on each
Georgia Power C o .
I South Carolina Power C o .
A p ril 30 to A p ril 30 1932. Series “ D ” m ature $11,000 Jan . 31 and J u ly 31
to J u ly 31 1926, and thereafter $10,000 each Jan . 31 and J u ly 31 to J u ly
In Ja n . 1917 the com pany acquired all the interests of the F ra nk lin L ig h t
& P ow . C o ., Broad R iv . P ow . C o . and the J . B . M c C ra ry C o . at H artw ell, 31 1933. Series “ E ” m ature $22,000 June 1 and D ec. 1 to Dec. 1 1932, and
G a . As of Jan . 1 1924 acquired the property of the W offord Shoals thereafter $21,000 June 1 and D ec. 1 to June 1 1935.
L ig h t & Power C o . V . 118, p . 794. In M a y 1924 acquired the prop­
D iv id e n d s.— O n M a r. 1 1923 an initial d iv . of 1 % was paid on the com.
erty of the Panola L ig h t & Power C o . V . 118, p . 2437.
stock. D ividends at the same rate have been paid regularly since.
Also leases the Georgia R ailw a y & Electric C o . (see below).
E A R N I N G S . — O f co. and leased and subs. cos. (includes inter-co
In M a y 1925 the com pany organized a new subsidiary, the E a st Georgia
charges) for calendar years:
P ow er C o., w ith an authorized capitalization of $5,000,000. T h e new com­
Gross
N e t (after
Other I n t ., R entals,
B a la n ce,
pany will operate between Augusta and Toccoa, G a . V . 120, p . 2400.
E a rn in g s.
T axes).
In co m e. Sk. F d s ., & c.
S u rp lu s.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
-- - - - - 1925_________ $17,424,855 $5,470,658 $1,051,642 $3,995,101 $2,527,199
C o m p an y and its subsidiary and leased companies serve w ithout competi­
1924............
16,179,766 y 5 ,314,099
686,483
-----------------*3,525,854
2,474,72*
tion 40 municipalities (including the C it y of A tla n ta ), in the northern por­
1923_________ 16,006,929 y 4 ,820,065 553,107 x2,936,933
2,436,238
tion of Georgia w ith electric light and power, and, in addition, supply
1 9 2 2 --........... 14,449.497
4,366,964
417,190 *2,867,110
1.917,044
current to 32 municipalities which in t u rn distribute it w ithin their respec­
1921............
14.080.904
4,687.343
350,921
3,060,133
1,978,132
tive borders. Population served, 760,000. C om pany operates under a
x E xcl. sinking fund deductions, y After deduction of gas depreciation.
999-year lease the properties of the Georgia R y . & Elec. C o . and the A tla nta
Passengers carried in 1924, 93,873,056, against 97,209.828 in 1923.
Gas L ig h t C o ., which own and control the electric light and power, gas,
street railway and steam heat business in th e 'C ity of A tla nta and v icinity.
O F F I C E R S . — Chairm an of Board, H . M . Atkinson; Pres., P . 8. A rk .
U nder the terms of lease the lessee pays the fixed charges, dividends on the wright; V .-P . & Gen. M g r ., W . H . Ta y lo r; V .-P . & Exec. E n g ., O . G .
stocks of the lessor and maintains the property.
Adsit; V .-P ., G . W . Brine; V .-P . & O per. M g r ., F . L . B utler; Tre as.,
F o u r of the six developments on the Ta llu la h and Tu ga lo rivers are com I. S. M itchell J r . - A u d ., F . A . B rin e - Sec.. W . H . W rig h t. General offices.
leted and in operation, and have an aggregate installed capacity of 263,500 Ele ctric & Gas B ld g ., A tla n ta .— V . 121, p . 1100, 1788, 2520, 2637; V . 122.
. p . T h e total capacity of the six developments w ill be 280,000 h . p ., with p . 480, 1608, 2040, 2328; V . 123, p . 1762.
an estimated average annual output of 531,000,000 k . w . h . U ltim ate
(1) G E O R G I A R Y . & E L E C T R I C C O .
storage capacity of the six reservoirs, 7,912.000,000 cu. ft. of water, equiv­
alent to 121,490,000 k . w . h ., at the six generating stations. C o m p an y has
L ea se.— O n Ja n . 30 1912 the stockholders of the Georgia R y . & Elec Co
additional hydro-electric generating capacity of 28,500 h . p . at M organ approved the 999-year lease from Jan . 1 1912 to the Georgia R y . & Power
Falls, and at D unlap on the Chattahoochee R iver and other locations.
C o ., which provides that the latter com pany guarantee all the fixed charges
C om pany also owns land and water rights for an additional capacity of
Pref- stock and divs. of 8 % on com. stock, the holder of each
approxim ately 285,000 h . p . 1,150 miles of transmission lines inter-connect $100 com. having received as additional consideration for the lease $3 1214
the stations. C om pany also interchanges power with six other m ajor power m n ltr,pr,eS i£ ndJ , 125 in 2d pref. stock of Georgia R y . & Power C o . V . 94
companies, incl. affiliated ones in Alabam a, Georgia, Tennessee, N o rth
p . 982, 1119. T h e shares of the A tla nta Gas L ig h t C o . and of the A tla nta
Carolina and South Carolina. T h e properties of the Georgia R y . & E l. Co.
N orthern R y . are not included in the premises demised under the lease
and A tla nta Gas L ig h t, operated under lease, include 2 steam electric gener­
but the lessor assigned and transferred to the lessee, for and during the term
ating stations of 30,800 h .p ., operated as reserves, and a distribution system of the lease, the income arising from any and all of the said shares.
serving'48,349 customers in A tla n ta and v icintiy. A tla nta Gas L t . Co. has
1. O K G A N i Z A ’I d G N . - I n c o r p . in Georgia on Ja n . 28 1902 and on A p ril 1
396 miles of gas mains serving 38,273 customers; 220 miles of street railw ay.
1902 took over the A tla nta R y . & Power C o ., the A tla n ta R ap . T r a n . Co
C o m p an y leases the East Georgia Power C o ., which b u ilt the 110,000 the Georgia Ele ctric L ig h t C o . and the A tla n ta Steam C o . B y terms of the
volt transmission line (105 miles) connecting the Georgia R y . & Power
Perm itting consolidation, the com pany paid the c ity of A tla nta
System w ith the Augusta-Aiken R y . & Elec. C o rn , system at Augusta, Ga.
$50,000 m cash and agreed to pay a tax
1
for first
Owns all the stock of the A tla nta Coach C o ., which owns 15 modern gas- years. 2 % for the next 20 years and 3 % on gross receipts of p %397 727 3
thereafter. V 74
electric drive coaches supplementing the street railway service.
r ranchises for the greater pa rt perpetual; others, 50 years from A u g . 1899.
F ranchisee.— T h e water powers, all on non-navigable streams, are owned
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S —
In fee. T h e transmission lines are practically all on private rights of w ay
railw
electric light,
owned b y the com pany. T h e street railway franchises, except 20 miles of Interests of A tla nta and a y,lto n C o u n ty . gas, power and steam heating
Fu
Owns 220 miles of track
track along less im portant routes, are w ithout time lim it, as are the electric
(single-track basis)
70, 80 and 90-lb. rails. 411 passenger and 43 other
power and light and gas franchises. V . 121, p . 2520.
cars. 2 power stations.
V alu ation .— See V . 115, i>. 73; V. 119, p. 74.
1903
acquired the entire capital stock ($600,000 6 % pref. and
E xtension V oting T ru st.— In A u g . 1925 the management requested tha tth e
' 9 i f ’®25 com .) o f the A tla nta Gas L ig h t C o ., comprising the gas business
voting trust agreement of 1912 be extended. S e e V . 121, p . 1100.
of Atlanta and vic in ity, b y exchange of stock, $ for $. V . 76 d 1406.
E a s t Georgia Power Co.— Th is subsidiary applied in October 1925 to the A lso owns entire capital stock of the A tla nta N o rth ern R y .
Georgia P . S. Commission for au th ority to issue 10,000 shares of pref. stock
S TO C K A N D BO NDS—
D a te.
In terest. O u tsta n d in g . M a tu rity .
(par $100) and 1,000 shares of common stock (par $100). These issues
Q -F
--------- -were subscribed for b y the Georgia R y . & Power C o ., which took the lease Com m on ($100)_______________ ______
$8,514,600 M a y ’26, 2
Preferred 5 % non-cum ulative 1 ______
5 Q -J
of the East Georgia Power C o . (subject to approval of the Commission)
2,400,000
See text
$2,400,000 (par $100)_____ /
covering 104.6 miles of electric transmission and distribution. V . 121 p
R ef & im p mtge $20,000,0001 1909
5 g J -J
1788.
8,040,000 „ „ „ x 1949
Jan 1
gold ($1,000)--------------------- c * jIn t. at A m e r. T r u s t C o ., Boston, Trustee
S TO C K A N D BONDS—
D a te.
In terest. O utstan din g. M a tu rity
First cons mtge $11,000,0001 1902
5 g J -J
5,360,000 Ja n 11932
Com m on $25,000,000 ( $ 1 0 0 ) - - ____
-------------$25,000,000 Sept ’26 ,1 %
a
slnk fund ($1,000) --C * / In t . at O ld Co lo n y T ru s t C o ., Boston. T ru s t
1stp f $3,900,000 8 % cu m ($ 1 0 0 )____
8 Q -J
3,900,000 J u l y ’26, 2 %
A tla nta Street Railroad first f 1890
6 g J -J
225,000 J u ly 1 1930
1st pref 7 % cum “ Ser of 1924”
mortgage gold (par $ l,0 0 0 )-)ln t. payable in N . Y . at F o u rth N a t. Bank
( $ 100 ) _________________________________
7 Q -J
2,500,000 J u ly ’26, 1 %
... „
—, _— —
, , „ ( C e ntral T r u s t C o ., N . Y . , Trustee.
1st p f 7 % cum “ Ser of 1925”
K,? ,ls^ ons M
1899
5 g J -J
1,700,000 Jan 11939
7 Q -J
( $ 100 ) ---------------------------------------------------------------------4.000. 000
500,000
g ($1,000 ea ch ).-c* -( In t . payable in N . Y . at N . Y . T ru s t C o . and
First pref 7 % cum “ Ser 1926” ! ____
7 Q -J
4.000. 000
n
■ r-i
, a„
.
at M e rc . T r . & D e p . C o . of B a lt., Trustee.
$5,000,000________________ /
G Tor ?!rmEnAA
C £ . ls * M L 1900
5 g J -J
1,350,000 J u ly 1 1930
1st & ref mtge $30,000,000 g\ 1914
5 g A -O
25,854,000
See text
$2,000,000 gold subject to! Interest at O ld Co lony T ru s t C o Boston
See text sinking fu n d ____c* /I n t . at F id e lity T r u s t C o ., P h ila ., Tru s te e .
call at 105---------------------------- c*l Trustee.
Gen mtge Series of 1921_____f 1921
7 g M -N
4,000,000 N o v 1 1941 A tla n ta G a s -L ig h t Co 1st M | 1897
5 g J -D
1,150,000 June 1 1947
Series of 1922------------------------1 1922
6 g A -O
3,500,000 A p r
11947
$1,150,000 g ($ 1,00 0)— c* (Interest at N e w Y o rk T ru s t C o ., Trustee, or
Series of 1923------------------------1923
6 g M -S
3,000.000 M a r 11948
. ,
„
l Bank of Scotland, London, England.
Series of 1924-............ ...........( 1924
6 g A -O
3,000,000 A p r
11954 A tla n ta G a s -L ig h t ref & im p t J 1920
6 A -O
1,917,000 1970
($500
$1,000)--------c*tf (In t . at Bankers T ru s t C o ., N . Y
Trustee.
$5,000,000 call at 106 & in t (In t . at G ira rd T r u s t C o ., Philadelphia.
Atlanta W ater & E l P 1st M j 1903
5 J -J
1,400,000 Jan 1 1943
Stock.— In O c t. 1902 both pref. and com stock were listed on Boston
(closed) g ($ 1 ,0 0 0 )--C * c p t/ In t. at Colum bia T r u s t C o ., N . Y . , Trustee.
E q u ip trust notes Series “ A __ 1919
30,000 Seetext Stock E x c h . V . 75, p . 849. T h e y are also listed on the Louisville E xch .
E q u ip trust notes Series “ B ” -_ 1920
100,000 Seetext Also owns entire capital stock of the A tla nta N o rth e rn R y .
E q u ip tr s notes Series “ C ” _ - 1922
114,000 Seetext
B o n d s.— O f the $11,000,000 Georgia R ailw a y & Ele ctric C om pany bonds
E q u ip trust ctfs Series “ D ” ........................................
129.000Seetext
(Closed m tge.) of 1902, $3,850,000 are reserved to retire underlying liensE q u ip trust certifs Series “ E ” . ____
_______
391,000 ___________
balance has been retired. R ed. on any in t. date at 110 and in t. A sin kin g
Stock.-— T h e first pref. 6% stock was retired as of O ct. 1 1922. C um . fir s t fu n d became operative in 1907, which retires $10,000 of bonds each year
p ref. stock is preferred as to its specified dividends over any other class of from 1907 to 1911, inclusive; $25,000 per annum from 1912 to 1916 Inclu­
stock in receiver in volu ntary dissolution or liquidation $115, involuntary sive, and $50,000 per annum thereafter. See V . 74, p. 629 727.
A sin k in g fu n d of $6 60 per $1,000 bond on the A tla nta Gas L t . C o . 1st
$100, plus dividends, before any other class of stock. Red. on or after
Jan . 1 1938 at $115 plus d iv. Has no voting power except in cases of default m tge. 5s is operative: $448,000 bonds in fund.
$107,000 A tla nta Gas L ig h t ref. & im p t. 6s held in sinking fun d. See
of dividends, &c. Has no pre-em ption right to subscribe for any issue of
capital stock of the com pany. Additional series m ay be issued only for also V . 121, p . 1907.
A tla nta Consol. S t. R y . bonds are red. as a whole at 1 0 7 H . b u t $25,000
cash and at not less than par, and only when all accrued first pref. cum .
divs. h a v e been paid and provided net earnings for 12 out of 14 preceding In Ja n . of each year for sinking fund at 105.
O f the ref. & im p t. m tge. bonds, $11,230,000 are reserved to retire
months have been at least twice annual dividend requirements on all 1st
pref. stock including that to be issued. Proceeds to be applied only for Prior liens (including the $400,000 A tla n ta N o rth ern bonds and $1 150,000 A tla n ta Gas L ig h t Co . 1st M tg e . bonds), and remainder for ex­
acquiring at cost property to be owned or leased b y the com pany. In
J u ly 1924 Estabrook & C o . and Putnam & C o . offered 2,500.000 1st tensions and im provem ents up to 7 5 % of actual cost. Bonds are subject
to call on 50 days’ notice at 105 and in t. M tg e . provides for retirement
pref. 7 % stock “ Series of 1924,” at 95, yielding about 7 .3 7 % . V . 119 p
through sin k , fu n d of 1 % of bonds outstanding O ct. 1 each year. $730 000
74,1624. In A p ril 1925 Estabrook & C o ., N . Y . and Boston; Putnam & C o
H artford, Co nn ., and M arshall Field, Glore, W a rd & C o ., N e w Y o rk and retired by sinking fund. In D ec. 1924 Drexel & C o ., P h ila., sold $3,151 000
Chicago, offered $4,000,000 at 98 flat, yielding about 7 .1 5 % . In N o v . 1925 refk ^ A lm:pt- mtge. 5s at 90)4 and in t., to yield about 5 J £ % . V . i l 9
p. 2760.
’
Estabrook & C o ., Putnam & C o ., and M arshall Field, Glore, W a rd & C9
sold $4,000,000 7 % cum . pref. series 1926, at par (flat). V . 121, p . 2520.
D iv id e n d s.— D ividends are now paid under lease (see a b ove). F o r record
B on ds.— O f the $30,000,000 1st & ref. m tge. bonds, $1,367,000 are of dividends paid prior to lease, see this section for Ja n u a ry 1917.
reserved to retire p rio r liens, $13,500,000 are pledged as security for the
E A R N I N G S . — Included in report of Georgia R y . & Power C o . above.
gen. m tge. bonds, and balance is for future additions, & c. under pro­
O F F I C E R S . — Pres., J . C . H allm a n; V .-P ., Jas. D . Robinson; Sec. &
tective restrictions. Subject to call at 105 and in t. after 56 days’ notice.
Treas., W . H . W rig h t.— V . 117, p . 1017; V . 119, p.2 760 ; V . 120,p . 1326.
Bonds are callable for sinking fund at same rates and dates
A nnual
sin k in g fu n d payments are as follows: 1919 to 1924, $75,000; 1925 to
(a) A T L A N T A N O R T H E R N R Y . ( C O .
1928, $100,000; 1929 to 1953. $125,000; $931,000 held in sink. fd . (incl in
O R G A N I Z A T I O N . — E n tire stock is owned b y the Georgia R ailw a y &
am ount outstdg.) Sept. 1 1925. Coupon bonds $1,000 or £205 15s’ 3d
Electric C o ., which guarantees the bonds.
and $500 or £102 17s. 7d.
T h e gen. m tge. bonds, in addition to being a general mortgage on
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S —
the entire property, including the lease and power contract w ith the A trolley road. Operates 18 miles of track from A tla n ta to M arietta 15 2
Georgia R y . & Electric C o ., are further secured b y deposit of an equal miles, which are owned and m ostly on private rig h t-o f-w a y. H as arrange­
am ount of 1st & ref. 5s, due A p ril 1 1954. A dditional gen. m tge. bonds ment w ith Georgia R ailw a y & Electric C o . for terminals and trackage rights
m a y be issued under certain restrictions provided same are secured b y a into the c ity of A tla n ta . Standard gauge; 10 cars, 2 trailers. Commenced
like am ount of 1st & ref. 5s. Series of 1921 7s are redeemable all or in operation J u ly 17 1905.
pa rt on the 1st day of any m onth on four weeks’ notice at 107 K & in t to
Court D e c isio n .— In A u g . 1925 the Supreme C o u rt of Georgia denied an
and incl. N o v . 1 1924; thereafter to and incl. N o v . 1 1931 at 105 & in t • injunction to compel the com pany to resume service between A tla nta and
and thereafter at ^ of 1 % less premium each year to m a tu rity. Series of M arietta. M eanwhile the co. had resumed operations on this line
See
1922 6s are redeemable, all or part, on first day of any m onth on four weeks’ for particulars V . 121, p . 1099, 1787.
'
notice at 107 H and int. to and incl. A p r . 1 1932, thereafter at 105 and int
F are In crea se.— In Sept. 1925 fare increases averaging 2 0 % were granted
to and incl. A p r . 1 1937; thereafter at M of 1 % less premium each year to by the G a . P . S. Com m ission. V . 121. p . 1346.
granted
and incl. A p r. 1 1945, and thereafter at a premium of H o f 1 % prior to
m a tu rity. Series of 1923 6s are red. all or in part on any in t. date on
nnnD B O N D S —
D a te In terest. O u tstan din g, .fu tu rity .
4 weeks’ notice at 10714 and in t. to and incl. M a r . 1 1933; thereafter at
105 and In t. to and incl. M a r . 1 1938; thereafter at M of 1 % less premium First mortgage $400,000 guarl 1904
5 g J -J
400,000 J u lv ‘ l " i 954
each year to and incl. M a r . 1 1946. and thereafter at a prem ium of
of
($500 and $1,000) go ld__c* /ln t. at O ld C o lon y T r . C o ., Boston, Trusteel
1 % prior to m aturity. Series of 1924 6s are red ., all or part, on an y int
B o n d s.— A re g u a r., p . & i., b y end., b y the G a. R y . & Ele c. C o
date on 4 weeks' notice at a premium of 7 H % to and incl. A p r 1 1934: ject to call on any int. date at 110 and in t. A sin k in g fu n d of $5,000 Aresub^
per ann
thereafter at a premium of 5 % to and incl. A p r . 1 1944; said prem ium to be began in 1909; $137,000 bonds are held alive in sink. fun d. V 79 p 680*

g




204

PUBLIC UTILITIES

E A R N I N G S . — F o r calendar years:
G ross.
N e t.
T axes. I n t ., A c .
B alance.
1925------------------------------------- $210,982
$32,652
$7,886 $40,480 def$15,714
1 9 2 4 -.......................... ......... 247.659 45.071
8.008 30,813
sur.6.750
1923------------------------------------ 245.783
41.479
7,895
27.731
sur 5 .8 5 3
44,235
7,890 26.750
sur.9 595
1922------------------------------------- 244.511
1921------------------------------------- 255,714
53 173
6.592 26 766
sur. 19.815
— V . 119, p . 680: V . 102, p. 1435: V . 120, p . 451, 700: V . 121, p . 1099,
1346, 1787.

A U G U S T A -A IK E N

RAILW A Y

& ELECTRIC

CORP.

O R G A N I Z A T I O N . — Chartered In M a rc h 1906 under laws of South
Carolina as Augusta & Colum bia R y . C o .; name changed to above in A p ril
1911 and is a consolidation of the following companies:
A ugusta-Aiken R y . & Elec. C o .
I Augusta R y . & Elec. C o .
A ugusta & Aiken R y . C o .
| N o rth Augusta Elec. & Im p t. C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E It O F B U S IN E S S .—
Owns and operates entire railway systems of Augusta, G a ., and N o rth
Augusta, S. C ., and a line from Augusta to Aiken. S. C . Also furnishes en­
tire electric light and power service in Augusta and its suburbs and owns
valuable real estate in central part of Augusta. Owns and operates 55.7
miles of track, of which 30 06 m. are c ity lines and 25.1 miles interurban
between Augusta and Aiken, 60 to 100-lb. T rails. Standard gauge. Owns
Lake View Park on Lake Olmstead. R ailw ay fran ch ise in Augusta expires
1939: electric-lighting franchise runs until 1939 or longer. Interurban d iv i­
sion is on private right-of-w ay. V . 92, p. 1177,. In N o v . 1925 was reported
to plan supplementing its railway service between Augusta and Aiken, G a .,
w ith buses. V . 121, p. 2270.
Also owns the $500,000 com . stock of Georgia-Carolina Power C o . and
guarantees p rin . and in t. and sinking fund on the Georgia-Carolina Power
C o 1st mtge. 5s.
O n June 17 stockholders approved (a) acquisition b y Georgia Carolina
Power C o ., a subsidiary of the common stock of the Georgia-Carolina
Electric C o .; (b) acquisition b y the latter co. of the assets of Carolina
L ig h t & Power C o . (S. C .) , various transmission lines and distribution
Bystems in Georgia, and a portion of the transmission line erected b y the
Georgia R y . & Power C o . connecting with the Stevens Creek plane of the
latter. V . 123, p. 453.
S TO C K A N D BONDS—
D a te.
In terest. O utstan din g. M a tu rity .
Com m on $2,250,000 ($100)_________
________
$2,250,000 ___________
P r e f 6 % cum $2,250,000 ($ 1 0 0 )____
Q -M
2.250.000
See text.
Sink fd bds $7,500,000 gold/ 1910
5 g J -D
2.891.000 Dec 1 1935
($ 1,00 0)_________ -c * & r* tf/C e n t. Union T r . C o ., New Y o rk , Trustee.
Coupon notes_________________ 19/9
6% _
|70o,775/Dec 1 1935
Coupon notes_________________ 1922
6 J -D
ID e c 1 1935
Augusta R y & Elec 1st M g| 1900
5 g J -D
"757.000 June 1 1940
$1,000,000 ($1,000). - C * n t f li n t , at M e r. T r . & D ep. C o., B a lt., Trustee.
G a -C a ro Pow 1st M $5 ,0 0 0 .-( 1912
5 J -J
3,409,000 J u ly 1 1952
000 g ($500 and $1 .000). _ - \
g u a r__________________ c*tf (C e n t. Union T ru s t C o ., New Y o rk . Trustee.
B on ds.— O f the $7,500,000 sink. fd. bonds, $576,000 are in treasury,
$14,000 are deposited with the trustees for the bondholders and $169,000
In sinking fund (not incl. in am ount reported outstanding): $785,000 are re­
served to retire Augusta R y . & Electric bonds and balance is for additions,
& c. Subject to call as a whole (or in part for sinking fund) at 105 and
In t. on any in t. da y on 30 days’ notice. Interest is payable at Redmond
& C o ., N e w Y o rk . S in kin g fu n d began in 1916, providing for paym ent of
§25,000 per ann. 1st 5 years, increasing to $40,000, $50,000 and $65,000
for each successive period of 5 years until m aturity of bds. V . 92, p . 1177.
Augusta K y . & Elec, bonds can be called in 10, 20 or 30 years from date
at 105 and in t. on 6 m onths’ notice: sin kin g fu n d of J4 of 1 % began June 1
1905 for 15 years, 1 % for next 10 years and 2 % for remaining 10 years.
$243,000 (not incl. in am t. outstanding) is held in skg. fd.
T h e two issues of coupon notes represent unpaid int. for a period of 5
years on the 1st m tge. skg. fd. 5 % bonds, the coupons being funded into
Int .-bearing notes. B oth these note issues originally matured June 1 1924
and bore into, at 5 % . but have been exchanged for 6% gold notes m aturing
D ec. 1 1935. V . 118. p. 2436; V . 119, p. 322. Compare V . 109, p. 1079.
T h e G a .-C a ro Pow. bonds are subject to call as a whole, or in part, for
sinking fund at 105 and int. $2 1,000 have been retired by sink. fund.
S in kin g fu n d began in 1918 and will be sufficient to retire all the bonds at
m a tu rity. T h e y are guar., p ., i. & -s. f., by Augusta-Aiken R y . & Elec.
Co ' r ,
v . 95, p. 179. $600,000 additional bonds were offered in Sept.
1925 bv Redmond & C o ., J . G . W hite & C o . and J . & W . Seligman & Co.
D iv id e n d s.— In itial dividend oh preferred— 1 )3 % — paid D ec. 30 1911:
same rate quarterly to and incl. June 1914. None since.
E A R N I N G S . — F o r calendar years:
1925.
1924.
1923.
$1,271,555 $1,217,429 $1,227,625
Operating expenses and taxes.
8 ;4, 86
724,997
731,655

[V ol. 123.

any future M ic h , income tax not in excess of 4 % refundable. In J u ly 1926
Redmond & C o . and J . G . W h ite & C o ., In c ., sold $1,500,000 of these notes
at 100 and int. V . 123, p. 205.
O F F I C E R S . — Pres., Joseph K . Choate; Y .-P s ., John H o a r, F . B . H en­
derson, F . B . C u lle y and D aniel Schub; Sec. & Tre a s ., D . H . Th o m a s.— V . 123, p . 205, 324.

GEO RG IA L IG H T , POWER & R A IL W A Y S CO.
Controlled by Southeastern P ow er A L ig h t Co.
O K O A N I Z A T I O N I s a voluntary association formed under M assa­
chusetts laws in Sept. 1911. Has acquired all the com . stock of M acon R y .
& L ig h t C o ., all the com . and pref. stocks of M acon Gas C o ., $3,797 000 of
the $4,000,000 stock of the C e ntral Georgia Pow er C o ., the entire capital
stock of the C e ntral Georgia Transm ission C o ., and the entire capital stock
of the Georgia Public Service C o rp .
Also $448,000 (entire issue) 1st m tge.
7 % bonds of M acon Gas Co .an d $1,019,000 (entire issue) 1st m tge.bonds of
Central Georgia Transm ission C o Also owns $2,133,594 6 % construction
notes of its constituent companies issued for new construction, &c.
See for 90-day option on all common stock at $80 per share, V . 121,
p . 1227.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Th ro u g h controlled companies operates entire electric railw a y and gas
business in M acon; furnishes electric light and power in M aco n , M onticello,
F orsyth, Barnesville, G riffin . Jackson, Jonesboro, B ib b . Th om aston and
H am pton , G a .; also sells electricity to the u tility com pany operating in
Atlanta.
S TO C K A N D BO ND S—
D a le .
In te re st. O u tsta n d in g .
M a tu r ity .
Com m on $8,000,000 ($ 100) - . - ____
________
$7,660,000 ___________
Pref $2,000,000 6 % n -c ($100) ____ Q -J
500.000 O c t ’26 I K
First lien sk fd $6,500.0001 1911 5 M -S
3,570 000 Sept 1 1941
gold f$l 000) _ __
c * A r [N e w Y o rk T r u s t C o ., N e w V e rk . trustee.
3 -y r notes $2,500,000 ($1,000)/ 1924
6 g J -D
2.500.000 Dec 11927
gold___________________ c*tf (I n t . at N ew Y o rk T r u s t C o ., N . Y . , trustee.
Stock.— Pref. shares are call, at 110. Are listed on Pittsburgh and Boston
Stock Exchanges. Com m on listed on the Pittsburgh, Chicago and London
Stock Exchanges.
B on ds.— O f the first lien s. f. gold 5s of 1911, ?5.033,000 have been
issued, of which $923,000 retired b y sink, fd ., leaving $3,570,000 outstanding
in hands of public; in treasury, $540,000. Sin kin g f u n d . $75,000 an n., 1921
to 1925, and $100,000 ann. 1926 to 1940. Bonds are secured by deposit of
practically all cue securities owned by G a . L t . , Power & K ys . A re red.
at 105 and int. on any int. date on 30 days notice. P rin . and in t. payable
at N . Y . T r u s t C o ., N . Y . , or Ban k of Scotland, Lond on . V . 93, p. 1532.
Bonds are listed on Chicago, Pittsburgh and London stock exchanges.
T h e 3 -y r. 6 % notes are red. all or in part on any int. date on 30 days'
notice at 101 during first year, at 100K during second year, and thereafter
at par to m aturity, plus int. in each case. Penna. 4-m ills tax, C o nn . 4-mills
tax and Mass. 6 % income tax refundable. $2,500,000 were sold in Dec.
1924 by A . B . Leach & C o ., In c.: Paine, Webber & C o ., and Punchon &
C o . at 99)3 and in t., to yield about 6 .2 0 % . V . 119, p. 2760.
D iv id e n d s.— O n preferred, have been paid as follows: Ja n . 1 1913 to
Ja n . 1 1915, 1 )3 % q uar.: then none until O ct. 1 1917, when 1 ) 3 % was
paid: same am ount paid quarterly' to O ct. 1926
E A R N I N G S . — T h e combined results of the com pany and its subsidiaries.
w ith inter-com pany items eliminated, for the calendar years were:
G ross.
N e t (after S u b .C o .In t. I n t.
D eg ree.
x B al.
E a rn in g s. Taxes.) an d D iv s. C harges. A Res.
S u rp lu s.
1925________ $2,047,475 $536,355 $210,772 $295,128 $162.000def$131,545
1924________ 1,951,774 919.212
217,781 265,230 177,000
121,108
1 9 2 3 ____________ i , 9 1 6 , 0 0 7 9 2 9 .8 9 8
2 1 9 ,9 0 5
2 6 8 ,1 1 7 1 6 5 .0 0 0
266,189
1922________ 1,681,421 698 206
218,549 276,108 126,000
77,549
x Before $30,000 annual preferred dividend requirements.
O F F I C E R S . — -Pres., H . A . M cW h orte r; V .-P .. J . S. Sutherland; Paul W .
Fisher, Sec. & Tre as.; H . B . H ardw ick, Asst. Sec. & Asst. Tre as.— V . 1 2 0 ,
p . 2 4 0 0V ., ;121, p . 198, 1227; V . 122, p. 1761, 2650; V . 123, p . 324.

( l j

M

A

C

O

N

R

A

I L

W

A

Y

&

L

I G

H

T

E n tire common stock is owned by Georgia L t . , Power & R ys .
O R G A N I Z A T I O N . — Incorporated in Georgia on O c t. 23 1902 b y the
Railways & L ig h t C o . of America as a consolidation of the M acon Consoli­
dated Street R v „ the M acon Electric L ig h t & R y .. the N o rth & South
M acon Street R y . and the M etropolitan Street R y . C o . supplies electric*
light, power and railway service to the C it y of M acon, Georgia, which has a
population estimated at 60,000. T h e city ordinance perm itting the consoli­
dation. passed on Sept. 16 1902, granted a 50-year fra n c h ise . F o r terms,
see V . 75, p. 733.
S TO C K A N D BO N D S—
D a te .
In te re st.
O u tsta n d in g .
M a tu r ity .
Com m on $1,600,000 ($ 100) ----------------- --------------$900 000 ___________
Pref $300,000 ($100) 6 % c u m ______
6 A -O
300 000
See text
Macon R y & L t 1st cons m tgel 1903 5 g J - J
959,000 Ja n 1 1953
g $1,000,000 ($ 1,00 0)_c*tf f I n t . at E quitable T r . C o ., N . Y . , trustee.
$376,519
$492,432
$495,970
Macon Elec L t & R y 1st m tgel 1899 6 g J - J
42.500 Ja n 1 1929
In t . on G a .-C a ro . Pow . C o . 1st mtge.
$100,000 f$5001 gold_c*tf lin t , at Equitable T r . C o .. N . Y . , trustee.
5 % bonds and other requirements
B o n d s.— M acon R y . & L t . 1st consols are secured b y a direct mortgage
under oper. agreement J u ly 1 1912168.850
189.996
168,850
on the entire property of the Macon R y . & L ig h t C o ., subject to only
Balance----------------------------------------------------$18 ,5 3
$323,582
$327,120 $42,500 1st closed mtge. 6s. Except for the refunding of this small under­
In t . on A u g . R y . & E l. C o . 1st 5s____
38,468
40.746 lying issue, the m tge. is closed. T h e y are subject to call on any intreest
39.588
In t . on A ug.-A ik e n R y . & E l. C o rp . 5s
144,550
144,550 date at 110 and in i. $41,000 bonds, $12,300 c o m . and s ib ,400 pref. stock
144,550
ylnterest on gold notes_______________
43,182
40,316
36.138 are held by Savannah T r u s t C o . to retire the $42,500 M acon Ele c. L t . &
O ther interest________________________
258
R y . bonds rem aining out. See V . 76, p . 212.
A m ortization , discount. & c__________
506
4,009
1,860
D ivid en d s.— 6% per annum has been paid s.-a. on pref., 1903 to A p ril
1926, inclusive.
def$ 0.441
$95,119
$103,826
R O A D .— Owns and operates about 34.4 miles of track, all of w h i c h h a s
y T h is re p r e s e n ts in t . o n th e c o .’s 5 % n o te s w h ich w ere issu e d in connec­
been re-laid with 70 -lb . rails. 55 cars.
tion w ith the plan under which the holders of the c o .’s 1st M . bonds agreed
E A R N I N G S . — F o r calendar years:
to forego the in t. due thereon for a definite period. See V . 109, p . 1079;
Gross
N e t (a ft. D ep r.
I n t. on
B alance,
V . 118, p. 2436: V . 119. p. 322.
E a rn in g s.
A T a x .).
B on ds, Ac,
S u rp lu s.
$201,867
$117,439
O F F I C E R S .— Pres., F . Q . B ro w n ; V .-P ., J . K . Choate; V . - P . , Sec. & 1925_________________ $881,845
$84,428
1924_________________ 917.672
156.996
114,561
T r e a s ., „D . H . Thom as; Asst. Sec. & Tre a s ., M . H . Hendee; Gen. M g r .,
42,436
212.056
126,107
85.949
F . B . C u lle y: M g rs ., the J . G . W h ite M g t . C o rp .— V . 120, p . 2682; V . 121, 1923_________________ 924.946
p .2270; V . 123, p . 453, 708.
O F F I C E R S . — Pres., P . S. A rk w righ t; V .-P . & Gen. M g r ., L . A . M ag ra n;
V .-P
G E O R G I A - C A R O L I N A
E L E C T R I C Sec., ., OL . E. S. Houser.—Sec. I l l Asst. 1083; V . 113,F ra nk Jones; Treas. & Asst.
C W . . D ru re ; V . & , p . Treas., R . p . 960; V . 117, 1555.
Control.-— -All of the common stock is owned b y Georgia-Carolina Power
(2) M A C O N G A S C O .
C o ., a subsidiary of A u g u sta -A ik en R y. A E lectric Corp.
O R G A N I Z A T I O N . — In corp. in G a . in 1852. W as form erly M acon G a .
O R G A N I Z A T I O N .-— In corp. in Delaware to acquire (a) a 110,000-volt
L t. & W ater C o ., but in O ct. 1911 transferred its water plant to the city
transmission line extending 45 miles from the hydro-electric plant of the
Georgia-Carolina Power C o . at Stevens Creek, near Augusta, G a ., to the and changed name to present title. Controls entire gas business of M acon,
Broad R ive r, where connection is made w ith the line of the Georgia R y . & A ll the outstanding stock and bonds of the M acon Gas C o . are owned b y
Power C o . T h e latter co. is a part of the Southeastern Power & L ig h t C o . G a . L t . , Power & R ys . There are also outstanding $448,000 1st m tge.
system, and is in tu rn connected w ith other power companies whose lines bonds deposited w ith N . Y . T r u s t Go.
E A R N I N G S . — F o r calendar years:
extend over a large part of the area of the Southeastern States; (6) the prop­
Gross
N e t (a ft. D e p r .
I n t. on
B alance,
erties form erly owned b y Carolina L ig h t & Power C o ., incl. the generating
E a rn in g s.
A T a x .).
B onds.
S u rp lu s.
plants and distribution systems at Aiken, S. C ., and 68 miles of transmission
1925________________ $299,364
lines to W illiston, M c C o rm ic k and Edgef eld, S. C .; (c) 215 miles of trans­
$71,433
$32,501
$38,936
317.535
74,690
30.783
43.908
mission line, p a rtly completed and p a rtly under construction, connecting 1924.......................
312.645
the Augusta-Aiken R y . & Electric C o rp . system w ith Washington, U nion 1923.........................
84.675
30.349
54.326
Has 2 gas holders and over 54 miles of mains, &c. O u tp u t now exceeds
P oin t, H arlem , W arrenton, W rens, Louisville and other communities
w ith in a 60-mile radius in Georgia, together w ith distributing systems in 2,000,000 cu. ft. per annum .— V . 93, p . 942, 1537; V . 99, p . 1455.
this territory, the generating plants form erly owned b y the municipalities
(3 ) C E N T R A L G E O R G I A P O W E R C O .
of W arrenton and Louisville, and the generating plant at H arlem .
Georgia L t . , Power & Rys owns $3,798 600 stock
A ll of these properties were to be operated b y the Augusta-Aiken R y . &
O R G A N I Z A T I O N . — In corp. in G a . on M arch 4 1907 as B ib b P ow . C o .
Ele ctric C o rp . under an agreement b y which the latter covenants to pay all
and in T^u 1°08 eh-»n<red n in 'P to n^esent title R pron oiiw T ™ p ] l u l l .
operating expenses, maintenance, taxes, fixed charges and preferred divi­
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
dends of Georgia-Carolina Electric C o . V . 123, p . 205.
Owns hydro-electric piant w ith a capacity of 24,000 electric horse power on
Ocmulgee R ive r, near Jackson. Transmission lines extend to M acon,
S TO C K A N D BONDS—
D a te.
In terest. O utstanding. M a tu r ity .
Fo rsyth . Jackson, B ib b , Barnesville Thom aston and G riffin , connecting at
Comm on-— A ll owned b y Georgia-Carolina Power Co.
the last-named point w ith the line of the Central Georgia Transmission Co.
7 % preferred--------------------------------------------7%
$150,000 ___________
(whose entire capital stock and bonds are owned b y G a L t . , Power & R y s .),
1st mtge 6 % notes $2,000,0001 1926
6 g J -D
1,500,000 June 1 1929
running to H am pton , Jonesboro, M onticello and A tla nta. To ta l length of
($1,000 c * )_____________ tf (I n t . at Irv in g B k .-C o l. T r . C o ., N . Y . , truste.
transmission lines (incl. Cent. G a . Tra n s . C o .), 145 miles. Central Georgia
B o n d s.— T h e 1st m tde. 6 % notes dated Ju ne 1 1926 are secured b y a direct
1st mtge. on substantially all of the property (incl. after-acquired) of the Transmission C o . completed a transmission line 64 miles in length to connect
with the co. operating in Colum bus, G a .— V . 93, p . 1536, 1670; V . 121,
com pany. U ncon dition ally guaranteed (p. & i .), jo intly and severally, by
the Augusta-Aiken R y . & Electric C o rp . and the Georgia-Carolina Power p. 838, 1460.
S TO C K A N D B O N D S—
D a te .
In terest.
O u tsta n d in g .
M a tu rity
C o . Additional notes (up to $2,000,000) m ay be issued for 8 0 % of addi­
$4,000,000 --------------------tional property, improvements, &c. Red. all or part on the 1st day of any Stock $4,000,000____________________ ________
m onth on 60 days notice at 101 and in t., through June 1 1927, 100K and
M tge $3,000,000 g ($1,000, f 1908 5 M - N
2,595,200 M a y 1 1938
tnt. through June 1 1928, and at 100 and int. thereafter. Penn, and Conn.
$500 & $100, or £ e q u iv -jE m p ire T r u s t C o ., N e w Y o r k , trustee
4-m iils. M a ry la n d 4 )£ -m il Is, D is t. of C o l. 5-m ills, Mass. 6 % taxes, and 1 a l e n t )_______________c*&r* i




C

O

.

Oct., 1926.]

POWER, LIGHT AND RAILWAY

205

and St. Augustine on the east coast; F o rt M ye rs, Punta G ord a, Arcadia
and Bradenton in the western pa rt, and Okeechobee, Sanford, Palalka
and L iv e O ak in central and northern parts of the State. Co m p an y also
owns gas works and distributing systems in M ia m i, D aytona Beach, Lake­
land and Palatka, and ice manufacturing plants in M ia m i, Daytona Beach,
St. Augustine, W est Palm Beach, Pensacola and 15 other cities. Other
subsidiary companies distribute water in M iam i and Stuart, while the
M ia m i Beach R y . C o . operates its own lines in M iam i Beach and under
30-year agreements a co-ordinated electric street railway and motor coach
transportation system in M ia m i, owned b y the city of M ia m i. T o ta l
permanent population served estimated at 455,000.
C om pany owns and operates electric generating stations w ith a total
S A V A N N A H ELECTRIC & POW ER CO.
Installed generating capacity of 7 6 ,0 5 1 k .w .: 1,820 miles of transmission
U nder executive m anagem ent of Stone & W ebster, In c .
and distribution lines serving more than 95,950 electric consumers. C o .
Control.— In A p ril 1926 Engineers' Pu blic Service Co. offered 3 shares is building two new electric stations, one on the St. Johns River near San­
Engineers’ common for each share Savannah coftimon (V . 122, p . 1608, ford for an initial installation of 20,000 k .w . and an ultim ate capacity of
2190), and now owns over 9 7 % of the common stock and a portion of the 100.000 k .w ., and one on the N ew River near F o rt Lauderdale of an initial
installation of 50,000 k . w ., and ultim ate capacity of 150,000 k . w . Y . 122,
debenture stock.
O R G A N I Z A T I O N . — In corp. in G a . A u g . 12 1921 to acquire all the p . 1608. C o . owns gas works of a total daily capacity of 9 ,‘‘50,000 cu. ft.;
properties formerly owned or controlled b y the Savannah Electric C o . holder capacity, 2,140,000 cu. ft.; 233 miles of gas mains; 13,400 gas con­
(for history see “ Electric R a ilw a y” Supplement of A pril 30 1921) as per sumers; yearly output over 919,400,000 cu. ft. 20 ice plants have an ag­
plan outlined in V . 113, p . 184. T h e new co. took over the properties gregate daily m anufacturing capacity in excess of 2,000 tons.
D am ao" by H u rrica n e in S ept. 1926 on ly S lig h t.— See V . 123, p . 1633.
effective N o . 1 1921. V . 113, p . 2081. In 1923 took over the property
S TO C K An d B O N D S —
D a te .
Interest. O utstanding.. M a tu rity .
form erly owned b y the Savannah Lig h ting C o . V . 117, .p. 88. F ranchises
Com 5.000.000 shs (no p a r ) _ _ ____
________ 2,500,000 shs --------------------for both street railway and electric-lighting plant are perpetual.
$7 cum pf 500.000 shs (no p a r)_______
$7 Q -J
99.970 shs --------------------F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S —
p
) ____
$6
None
--------------------Does all the electric light and power business and the entire electric rail­ $6 cum pref 500.000 shs(noa ra) r . ____
2d pref 100.000 shs (no p
.
__________ 50.000 shs --------------------w ay business in the c ity of Savannah and suburbs. Area served about 35
5 % ser. due 1954 ( $ ! , - 1926
5g
Jan 1
square miles. Population served, 90,000. Operates 102 passenger cars 1st M g $500. $100 c: $1,000, ( Bankers TruJ -tJ C o .,$42,000,000and Th e 1954
000.
s
N . Y . C .:
F la .
over 62.6 miles of track, including both city and suburban service, and in
$5,000 r: $1,000 c & r)___t f I N a t. Bk of Jacksonville. F lorida. Trustees
addition operates buses in Savannah
C o . has 3 steam power plants w ith a
Stock.— Th e $7 cum . pref. stock is preferred as to assets ($100 and d ivs.)
total capacity of 24,500 h. p ., incl. the Riverside Station of 17,400 h.p.
ul.
2d pref.
150 miles of transmission and distribution pole lines, and an underground and cumand divs. over n -vo tin g .and common stocks. R e d ., whole or pa rt,
at $110
divs. N o
system in the business district occupies 13 miles of street.
B onds.— T h e 1st m tge. gold bonds are secured b y a direct first mortgage
1 On O ct. 7 stockholders voted (1) to change from the 25,000 $100 par on the entire physical property of the com pany. Additional bonds m ay
common shares into 100,000 no par shares, to be exchanged for the old in
tenor as
to time m ay
the ratio of 4 new for 1 old; (2) an increase in authorized common stock from be issued in series of suchof the 5 % directors from time other series mdeter­
series due 1954, or
ay be
100,000 to 200,000 no par shares; (3) an increase in the 1st pref. or deben­ mine. Additional bonds
(b for 7 5 %
ture stock from $1,800,000 to $2,300,000: (4) the sale of all or any part of issued, (a) for refunding purposes or for cash:for )refunding of additions, &c.
m
purposes, unless
the new $500,000 1st pref. or debenture stock, and the additional 100,000 A dditional bonds 12 ay not be issued, except
net earnings for
out of preceding 15 months have been at least twice
common shares. V . 123, p. 1383, 1878.
annual interest requirements on (or 12 % of principal amount of) all funded
S TO C K A N D BONDS—
D a te .
In terest. O u tsta n d in g . M a tu r ity .
debt of the com pany, including new issue. T h e indenture restricts the
________
Com m on $2,500,000 ($100)_________
$2,500,000
meaning of “ net earnings” and contains certain provisions for modifica­
Pref 6 % cum after O ct 1 1926
tion or alteration of the indenture. Redeemable, whole or part, upon
$ 1 , 000,000 ( $ 100) _____________________________ _
1,000,000 O c t '26, 3 %
30 days’ notice at 105 during the first 5 years, at M % less each such succeed­
Debenture stk ser “ A ” 8 %
ing year up to and incl. D ec. 31 1949, and thereafter at 100 in each case w ith
cum $1,300,000 ($100)___________
8%
1,300,000 O ct ’26, 2 %
interest. Penn. 4 mills tax refundable. In Jan . 1926 Bonbright & C o .,
Ser B 7 y2 % cum $500,000
In c ., & c., & c., offered $30,000,000 5 % series, due Jan . 1 1954. at 93)4 and
( $ 100 ) --------------------------------------------------------------7^ %
163,000 ___________
in t., to yield 5 .4 5 % . V . 122, p. 347. In J u ly 1926 Bonbright & C o .,
1,717,500 Oct 1 1941 In c .. H a rris , Forbes & C o ., O ld Colony C o fp ., J . G . W hite & C o ., In c .,
lst& ref M ser “ A ” $2,500,000 f 1921 734 g A -O
($100, $500 & $ 1,000)jCom m onw ealth T r u s t C o ., Boston, Trustee, and Tu c k e r, A n th o n y & C o . offered $12,000,000 5 % series, due 1954 at
g o ld _______________ c*& r*tf I
95 and in t., to yield about 5 .3 5 % . Y . 123, p 205.
Ser “ B ” ($1,000, $500 c * ) - - - / 1925
6 g A -O
$1,200,000 A p r 11945
E A R N I N G S .'— F o r 12 months ended J u ly 31:
1Atla ntic N a t. Bank of Boston, Trustee.
1926.
1925.
Sav Elec 1st cons mtge $ 3 ,-f 1902
5 g J -J
2.072,000 Ja n 1 1952
$12,446,023 $7,465,052
Gross__________________
500,000 gold ($1,000 and \ In t . at Am erican T r u s t C o ., Boston, Trustee. Operating expenses and taxes_____________________
7,468,784
4.460,114
$500)
c * tf(
N e t _________________________________________________ 4,977,239
3,004,938
Sav T h u n & Isle of H 1st M ) 1897
4 Q -J
1.000,000 J u ly 1 1947
O F F I C E R S . — Pres., S. R . In ch ; V .-P s .rE . W . H ill, L . H . Parkhurst;
g ($1,000) $ l,2 5 0 ,0 0 0 .c * n tf/ In t. at C e ntral T r u s t C o ., N e w Y o rk , T r u s t.
V .-P . & Gen. M g r , Joe H H ill; Sec., E . P . Summerson; Tre a s ., A . C .
C a r trust certificates__________ ______
__________
32,258
1926-1928
R a y V . 119, p.
120, p. 1100, 2873; V 122,
3 -y r coupon notes $1,700,000/ 1926
5 g J -D
1,700,000 June 1 1929 2649,—3338, 3605; 2410; V .p. 205, 454, 981. 1382,. 1633, p. 347, 1608, 2040,
V . 123,
1996.
($1,000 c * )_____________ tf [T h e Chase N a t. B k . of N . Y . , trustee.
Deben stock (7 )4 % ) subscr’s . . ____
__________
65,010 _________
Slock.— T h e 6 % pref. stock is call, at 120 and is cum . after O c t. 1 1926.
Debenture stock m ay be issued from time to time in series which m ay
F LO RIDA PU B L IC SERVICE CO.
bear different d iv . rates and red. price and carry a sink, fund but w ill be
Controlled b y G eneral Gas & E lectric C orp.
entitled to the same preferences and priorities. Ser. “ B ” 7 ) 4 % pref. is
red. at $110 per share. V . 119, p . 1283.
M a n a g em en t.— T h e W . S . B arstow M g t. A s s n ., I n c ., N e w Y o r k C it y .
O R G A N I Z A T I O N . — In corp. in Florida in M a y 1908 as the D eLand
B on ds.— Th e 1st & ref. bonds. Series “ A , ” m ay be issued in different
series from tim e to time under certain restrictions. Ca ll, all or part on any Electric L ig h t, Power & Ice C o . Has acquired the properties of Orlando
int. date after O ct. 1 1931, during 1932 at 105 and thereafter decreasing Public Service C o ., Orlando Gas C o ., Florida Ice & Power C o . and Eustis
M of 1 % in each year to 101 in 1940, and at 100 in 1941. S inking fu n d o f Lig h t & W ater C o . and a number of other companies. In J u ly 1926 pu r­
2 % per annum on the total am ount of Series “ A ” bonds issued, commenced chased the m unicipal power plant at U m a tilla , F la . V . 123, p. 709.
N o v . 1 1923, w ill retire bonds at 105 up to and incl. O ct. 1 1932 and there­
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
after at call price. $32,500 bonds in sinking fund cancelled up to D ec. 31 C o . supplies electric light and power to a section of Florida extending about
1925. In t. payable in N e w Y o rk , Boston and Chicago. V . 113, p . 1575.
180 miles from Seville on the north to Lake Stearns on the south. 58 com­
T h e 1st & ref. mtge. 6 % gold bonds. Series “ B , ” due A p ril 1 1945. are munities are served w ith electric light and power at retail, incl. D e L and ,
call., whole or part, incl. A p ril 1 1929. at 105: incl. A p ril 1 1933 at 104; Sanford, Eustis, 'i avares, Apopka, D avenp ort. Haines C it y , Lake Wales,
incl. A p ril 1 1937 at 103: incl. A p ril 1 1941 at 102; incl. A p ril 1 1944 at 101; Frostproof and A vo n P a rk . In addition electricity is supplied at whole­
thereafter at par. plus int. in each case. Sinking fu n d of 1 M % per annum, sale for distribution in M t . D ora and W inter P a rk . I t also supplies gas in
first paym ent A p ril 1 1926. Stone. & Webster In c ., and Lee, Higginson
Orlando and water and ice in other of these communities. Electric generat­
& Co . sold in M a y 1925 $1,200,000 at 98 and in t., to yield 6 .1 5 % . V . 120, ing capacity of the system, 8,476 k .w . A t Enterprise on Lake M onroe, a
p. 2818.
new steam plan of 100,000 h .p . ultim ate capacity is under construction, the
O f the Savannah Elec. C o . 1st cons, bonds, $1,353,000 have been canceled first 20.000 h .p . unit of which was put into operation in A u g . 1926; 301
Callable in whole (or in part for sinking fund) at 110 and interest on any miles of transmission and 538 miles of distribution lines. W ater gas plant
Interest date. T h e co. binds itself to apply at least $20,000 per annum,
at Orlando of 1,700,000 cu. ft. daily capacity; 2 gas-bolders of .aggregate
beginning 1906. towards improvements or extensions or in the purchase of capacity of 400,000 cu. ft.; 77 miles of gas mains. Population served ■with
bonds. $75,000 are in sinking fund of Savannah E l. & Pow . C o . 1st electricity, or gas, 81,000. F o r details of new construction, see V . 123,
mtge. 1, serias A , bends.
p. 42.
O f the Savannah Thu nd erbolt & Isle of H ope R y . bonds, $250,000 have
S TO C K A N D BO N D S—
D a te.
Interest. O utstan din g. M a tu rity .
been canceled. Sin kin g fu n d 2 % per annum began Jan . 1 1918.
__________ 40,000 shs. ___________
T h e 3-year 5 % gold coupon notes, dated June 1 1926, are callable, whole or Com stock 100.000 shs (no p a r ) ____
__________ $1,041,: 00 O ct ’26 1 H
pa rt, on 30 days’ notice; prior to June 1 1927, at 101; prior to June 1 1928, Pref 7 % c u m $5,000,000 ($ 1 0 0 )____
1st M Ser A __________ _____
1924
6M g F - A 1,550.000 Feb 1 1949
at 1 0 0 M , and on June 1 1928 and to m a tu rity at 100; in each case with int.
Series B ($100, $500 a n d ) 1925
6 g A -O
2,667,000 A p ril 1 1955
In June 1926 Stone & Webster, In c ., B la ir & C o ., In c ., B row n Bros. & Co.
$1,000) gold_______________/Int. at Florida N a t. Ban k . Jack so nv., trustee
and Blodget & C o ., In c ., sold $1,700,000 at 99 M and in t., to yield over
10-Y e a r sec bonds $550,000/ 1924
7 g F -A
550,000 Feb. 1 1934
6 ) 4 % . V . 122, p. 3342.
$1,000, $500 & $100 c * )_ tf\ In t. payable at Jacksonville, C h ic. & N . Y .
E A R N I N G S . — F o r calendar years:
1st mtge bonds on acquired
G ross.
N et,a ft.T a x es. I n t .<% A m o rt.
B a l., Sur.
properties_________________________
__________
60,000 ___________
1925
$1,959,671
$708,790
$369,596
$339,194
B onds.— ' h e ls( m tg e. bonds are secured b y a direct 1st. mtge. on all the
T
1924...
................ 1,904,043
721,671
373,770
347.901 fixed property of the co., subject on ly to $60,000 principal amount of divi­
1923
. . . 1,774,881
623,701
330,725
292,976 sional bonds outstanding on a small portion of the property. Additional
1922
1,603,092
580,109
284,066
296,043 bonds of series A or other series m ay be issued from time to time for 7 0 % ,
L atest E arn in gs.— F o r 12 months ended J u ly 31:
7 5 % , 8 0 % respect, of new acquisitions, additions, & c., provided that
1926.
1925.
earnings for 12 consecutive w h h in 14 calendar months have been at least
G ro ss e a rn in g s -----------------------------------------------------------------------$2,129,821 $1,900,305 1 )4 , 1 H , 2 times respect, annual interest charges of the com pany.
N e t after taxes-------------------------------------------------------------------788,723
700,977
1st m tge. 614s. series A . are call., all or pa rt, on any date to and incl,
Interest and am ortization charges_________________
367.318
375,197 Feb. 1 1925 at 1 0 7 % , and in each succeeding year thereafter to and i n c l .
Feb. 1 1931 at 1 0 5 )4 % , and in each succeeding year thereafter to and i n c l .
Available for reserve, retirements & d iv id e n d s ..
$421,405
$325,780
Feb. 1 1937, at 10 4 % , and in each succeeding year thereafter to and incl
O F F I C E R S .— Chairm an, George J . Baldwin; Pres., H ow ard C . Foss; Feb. 1 1943 at 1 0 2 )4 % , and each succeeding year thereafter to and i n c l .
A ug. 1 1948 at 101% of the principal am ount thereof and in t., and there­
▼.-P ., D onald C . Barnes and H . H . H u n t; Sec., P . R . Flem ing; Treas.,
H . B . Sawyer. Under m gt. of Stone & Webster, inc. M g r .: H ow ard C . after at the principal am ount thereof and accrued int. thereon.
Foss, Pres.— V . 120, p. 1748, 2270, 3066, 2818; V . 122, p. 1312, 1611,
1st m tge. 6s Series B are call., all or part, at 105, incl. A p ril 1 1931, at 104
2331, 3342; V . 123, p. 1252, 1383, 1878.
incl. A p ril 1 1937; at 103 incl. A p r . 1 1943; at 102 incl. A p r. 1 1949; at 101
incl. A p r . 1 1954, and on O ct. 1 1954 at par and in t. Listed on Boston
Stock Exchange. Sinking fund A p ril 1 1931 and annually thereafter, 2 %
of series B bonds outstanding at tim e of paym ent. Penn, and C o nn . 4
m ills, M a ryla n d 4)4 m ills, M ass. 6 % taxes refundable. $611,000 are held
in treasury. Th e re is a sin k in g an d im provem ent fu n d for series B bonds,
providing that co. shall pay to trustee on A p ril 1 1931 and on A p ril 1 each
year thereafter to and incl. A p ril 1 1954, 2 % of principal am ount of series B
bonds outstanding to be used for any purpose for which bonds could be
issued under the mtge. or for purchase and redemption of series B bonds.
C o . has the right to surrender series B bonds instead of cash. In M a y
FLORIDA POWER & L IG H T CO. •
1926 A . C . A lly n & C o . offered $1,766,000 series B bonds at 98 and in t.,
Controlled b y A m erican Power & Light C o., which owns all of the ou t­
to yield about 6 .1 5 % . V . 122, p. 2649. In A u g . 1926 A . C . A lly n & C o .,
standing common and 2d pref. stocks.
N e w Y o r k , and H arpe r & Tu rn e r, Philadelphia, offered $969,000 additional
Supervised b y Electric Bond & Share Co .
series B at 100 and in t. V . 123, p . 1112, 1502.
O R G A N I Z A T I O N . — Organized in Florida D ec. 28 1925 to acquire the
10-year 7 % secured bonds are callable, all or any pa rt, on any in t. data
properties of M ia m i Elec. L t . & Pow . C o ., M ia m i Gas C o ., M ia m i Beach
to and incl. Feb. 1 1925 at 10 5 % , and on each succeeding Feb. 1 at a
Electric C o ., Southern Utilities C o . (for history, & c., see “ Public U tility
premmm decreasing )4 of 1 % in and for each succeeding 12 months period
Co m pendium ” of O ct. 31 1925), D aytona Public Service C o ., Orm ond
ending on Feb. 1 so that on Feb. 1 1933 such bonds m ay be redeemed at a
S upply C o ., Lakeland Gas C o ., St. Johns Electric C o . and Southern
H olding C o . and other properties. Com pany also owns the stock of the premium of 10 1 % , and thereafter at the principal am ount thereof and
companies distributing water in M ia m i and Stuart, and T h e M ia m i Beach accrued interest thereon.
R y . C o . In M arch 1926 acquired for $1,250,000 the public utilities of
E A R N I N G S . — F o r calendar year 1925:
C o ra l Gables, Florida, incl. ligh t, water and the Flagler and R apid Tra n s it Operating revenue________________________________________________$1,059,358
street car systems. V . 122, p. 2040. In 1926 purchased the local m unici­
281,108
Operating income_______________________________________________
pal light plant at Punnel], F la .— V . 123, p. 1382, 1996.
oth er income____________________________________________________
43,496
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
To ta l income______________________________________________ I I .I I
324,604
C o m p an y supplies electric power and light service in 87 communities in To ta l deductions from income__________________________________
243.637
F lorida, including M ia m i, M ia m i Beach, Coral Gables, F o rt Lauderdale, Provision for dividend on preferred stock______ _______________
47,109
Palm Beach, W est-Palm Beach, Stuart, Titusville, D aytona Beach, Orm ond
Balance of net income___________________________________________
33,858
B on ds.— In t. on bonds is payable at office of A . B . Leach & C o ., In c .,
N . Y . , or Bank of Scotland, London. Subject to call at 105 and int. for
sinking fund or any or all at com pany’s option on any in t. da v. Sin kin g
fu n d of 1 % of bonds out began in 1913. V . 88, p . 1199. $378,200 bonds
in si nPir>»r fund
E A R N I N G S . — F o r calendar years:
G ross.
N e t a ft. Tax.
B d. J n t., & c.
S u rp lu s.
1 9 2 5 .............
$1,064,008
$261,893
$225,217
$36,676
1 9 2 4 ...................
910,687
374.174
205,885
168,289
1923....................
841,086
481.407
208,493
272.914




FLORIDA

206

PUBLIC UTILITIES

L atest E a rn in g s.— F o r 12 months ended A u g . 31 1926: Operating re v.,
$1,514,435; operating income, $511,295; total income (incl. other incom e),
$640,913; fixed charge, preferred dividends, & c., $450,450; net, $190,463.
O F F I C E R S . — Pres., W . S. Barstow , V .-P ., Lucien H . T y n g ; V .-P .
W m . Buchsbaum ; V .-P ., R . A . Jones; Tre as., J . P . Cam pbell; Sec., C . 1
ST.
W ilson.— V . 120, p . 1326, 1881; V . 121, p . 457; V . 122, p . 1608, 2328,
2649; V . 123, p . 709, 842, 1112, 1502.

GE N ER A L PU B L IC U T IL IT IE S CO.
(See M a p on p a g e 207.)
C ontrol a n d M a n a g em en t.— C o . and its subsidiaries are managed b y
D a y & Z im m erm a n , I n c ., Philadelphia, who control the co. through owner­
ship of its common stock. V . 122, p.. 2650.
O R G A N I Z A T I O N . — In corp. A p ril 1 1926 in Florida as successor to
South Florida Ice C o ., incorp. Ja n . 4 1926. Controls Consolidated Power
& L ig h t C o . of South D akota, Southwestern Public Service C o ., the Dakota
Pow er C o ., G u lf Public Service C o ., Nebraska Lig h t & Power C o . and
Gothenburg L ig h t & Power C o . V . 122, p . 2650.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o m p an y operates directly or through its subsidiaries a group of electric,
ice and water properties in 68 cities and towns located in F lorida, Louisiana,
Texas, N e w M exico, Arizona, Nebraska and South D akota. T h e total
capacity of the electric plants is 24,345 k .v .a .; ice plants, 931 tons daily
capacity. Com m unities served w ith electricity, 54; population served,
175,000; 26,534 customers. Comm unities served w ith water, 6; popula­
tion, 45,000; 8,255 customers. Com m unities served w ith ice, 28; popula­
tion served, 250,000. C o . w ithout its subsidiaries operates or has under
construction 7 ice plants (2 in M ia m i and one in each of Cocoanut Grove,
M ia m i Beach, Homestead, Florida C it y and W est Palm Beach), serving a
permanent population estimated at over 200,000. Also does a cold stor­
age business at several of its plants.
See separate statements for subsidiary companies.
S TO C K A N D BONDS—
D a te .
In terest. O u tstan din g. M a tu rity .
Com m on 500,000 shs (no par) _______
__________ 400,000 s h s ___________
$ 7 c u m p f 200,000shs ( n o p a r ) - ____
$7 Q -J
23,187 s h s ___________
1st mtge & coll tr 6 ^ s gold (Listed on Boston Stock Exchange.
Series A ($1,000, $500, $100 1926
6 K A -0
$6,800,000 A p ril 1 1956
c * )------------------------------------------1 f L
Stock.— T h e $7 cu m . p re f. is red. at 110 and divs.; its liquidation price is
110 and divs. Application was made to list this stock on the Boston Stock
E lch an ge. Mass. 6 % income taxes refunded to the extent permitted b y
law . In J u ly 1926 H ow e, Snow & Bertles, In c ., R . E . W ilsey & C o ., In c .,
W arren A . T y s o n & C o ., In c ., and H . L . Nason & C o ., In c ., offered 18,240
$7 cum ulative preferred shares at 96 and divs. ,V . 123, p . 580. $7 cum.
pref. stock in excess of 22,500 shares m ay not be issued unless surplus in­
come before depreciation, amortization and income or profits taxes, for 12
consecutive w ithin preceding 15 calendar months have been at least 2 A
times annual dividend requirements on entire amount of pref. stock out­
standing, including proposed issue. N o prior preferred stock m ay be au­
thorized or issued w ithout the consent of 7 5 % of outstanding pref. stock.
Th e re are also other restrictions lim iting the issuance of stocks of equal rank
or the reduction of the dividend rate, the cumulation thereof, &c. Is non­
votin g unless dividends am ounting to $3 50 per share are i n arrears, in
which event pref. stockholders in the aggregate are entitled to A of total
num ber of votes which all other stocks are entitled to cast in the aggregate.
B on ds.— T h e 1st m tge. & colldt. tru st 634 % gold bonds are secured b y an
absolute 1st m tge. on properties h aving an appraised value of $3,500,000,
and by pledge of 1st mtge. bonds, secured obligations and stocks of subsidi­
a ry companies. In addition to $6,300,000 sold in M a y 1926, $500,000
additional bonds are available for general corporate purposes. Additional
bonds (in excess of $6,800,000) m ay be issued under restrictions of the mtge.
(a) for refunding purposes, (b) for 7 5 % of new additions, acquisitions, & c.,
provided consolidated net earnings of co. and its subsidiaries for 12 consecu­
tive w ith in preceding 15 calendar months have been at least 1 % times
cnnual interest on all subsidiary and 1st m tg. & coll, trust bonds outstand­
ing in hands of public, incl. proposed issue, and when such earnings, after
deducting interest on subsidiary bonds in hands of public, for such period,
have been at least twice annual interest on all 1st mtge. & coll, trust bonds
outstanding, incl. proposed issue. Trustees are: Central U nion T r u s t C o .,
N e w Y o r k , and Central Farm ers’ T r u s t C o ., West Palm Beach, F la .
Th e re is a sin k in g an d im provem ent fu n d for Series A bonds, providing that
over the life of Series A bonds co. m ust expend, beginning 1927, progres­
sively, as provided in the indenture, an amount equal to the aggregate prin­
cipal am ount of Series A bonds ever issued, for retirement of Series A bonds
or for purposes for which bonds are issuable under the indenture, but in
respect of which no additional bonds have been or m ay be issued. Series A
are red. on 1st day of any m onth upon 30 days’ notice, all or part, at 105 and
in t., reducing on 1st day of A p ril 1936 and each A p ril thereafter H % to
m a tu rity. Interest payable in N e w Y o rk , Chicago or Philadelphia. Conn.
Penn, and Ca lif. 4-m ills, M a ryla n d 4 (4 mills, D is t. of C o l. 5-m ills and Mass.
6 % income taxes refundable. In M a y 1928 H ow e, Snow & Bertles, In c .,
and R . E . W ilsey & C o ., In c ., offered $6,300,000 Series A at 98 and in t .,
to yield 6 .6 5 % . V . 122, p . 2650.
E A R N I N G S . — Consolidated earnings for calendar year 1925:
Gross earnings___________________________________________________$3,699,178
O per. exp., m aint. & taxes (not incl. Federal)_________________
2,233,434
N e t earnings_________________________________________________ $1,465,744
A nn ual int. & d iv. requirement on bonds & pref. stocks of sub­
sidiaries outstanding___________ ______________________________
465,531

[V ol. 123,

KEY W EST ELECTRIC CO.
U n d e r executive m an agem en t of Stone & W ebster, I n c .
Controlled b y Engineers P u b . Serv. C o . V . 121, p. 2874.
O R G A N I Z A T I O N . — In corp. in N e w Jersey in 1898 and does entire elec,
r y . and electric light and power business in K e y WTest, F la .; also owns
fra n ch ises for m anufacture of gas. F ranchise expires 1997. I n Jun e 1906
was acquired b y Stone & Webster of Boston and re-capitalized as below.
V . 82, p . 1496. Public Service Investm ent C o . owns $374,100 common
stock and $287,800 preferred stock.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o . does the transportation and electric lighting and power business in
K e y W est. Estim ated population served, 14,000. Franchises expire
1997. T h e trolley service in K e y West was discontinued on June 30 1926
and replaced b y bus service. V . 123, p . 1996. Power station capacity,
1,670 k .w .
S TO C K A N D BONDS—
D a te .
In terest. O u tsta n d in g . M a tu r ity .
Com m on 5,000 shs (no p a r )_________
__________ 5,000 shs
___________
7 % cum pref Ser A $350,0001
($ 1 0 0 )--------------------------------------- / --------7 Q -M
350,000 - .......... .........
Pref $350,000 ($100) 6 % cum ______
Q -M
350,000
.............. ..
F irs t mortgage $1,000,0001 1906
5 g F -A
559,000 A u g 11956
g o ld _____________________ t f / In t . at State Street T r u s t C o ., Boston, T r .
B on ds.— A re subj. to call as a whole or in pa rt for s. f. at 105 and in t. at
any tim e. A s in k , fu n d of 1 % of bonds out began D ec. 1 1907, if earned;
on D ec. 1 1912 became obligatory. $94,000 canceled.
E A R N I N G S . — -For calendar years:
Gross
" N e t A fte r
In terest &
A va ila b le fo r
E a rn in g s.
Taxes.
A m o r tiza tio n . R es., R etire.
& D iv s.
1925____ ----------$267,857
$102,429
$30,314
$72,115
1924____ _____ 241,747
95,419
30,008
65,411
1923____ _____ 245,125
95,138
30,625
64,513
1922____ _____ 248,696
90,343
31,116
59,227
1921____ _____ 263,667
76,214
53,183
23,031
96,126
1920____ _____ 260,003
72,646
23,480
1919____ _____ 227,260
79,510
24,887
54,623
1918____ ____ 202,873
84,364
24,260
60,104
50,829
1917____ _____ 146,087
26,792
24.037
1916____ _____ 116,372
38,825
24,555
14,270
O F F I C E R S . — P r e s .,___________
— V . 82, p . 1496; V . 94, p . 1508=
V . 121, p . 2329; V . 123, p . 1996.

PENSACOLA ELECTRIC CO.
C ontrol.— In F eb. 1925 the Southeastern Power & L t . C o . acquired control
ol the co., which had been under receivership since Ja n . 26 1920. V . 110.
p 465; V . 120, p . 958.
O R G A N I Z A T I O N . — Incorporated in M aine on J u ly 6 1906. and Is suc­
cessor to the Pensacola Electric Te rm ina l C o . Owns the securities of the
h scambia C o u n ty Electric L ig h t & Power C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R .O F B U S IN E S S .—
Does all the street railway and (through the Escambia C o u n ty E le c. L t . &
lo w e r C o .) the entire electric lighting and power business of Pensacola.
Operates 24.49 miles of track, 0.62 mile trackage; standard gauge: 29 motor
and 7 trail passenger cars and 11 other cars. Power station has 2,800 k .w .
capacity. R ailw ay fra n ch ise expires in 1933; lighting fra n c h ise perpetual.
S TO C K A N D BONDS—
D a te .
In terest.
O u tsta n d in g . M a tu r ity .
__________
$800,000 ___________
Com m on $1,050,000 ($100)_________
Pref $500,000 ($100) 6 % c u m ______
J -D 1
300,000 See text
1st mtge $1,500,000 g o ld . - t f l 1906 5 g F - A
1,129,000 A u g 11931
/In t. at O ld Colony T r . C o ., Boston, Trustee.
Coupon notes $500,000 gold! 1919 7 g J - J
281,900 Jan 1 1921
($100, $500 & $ 1 ,0 0 0 )-C * tf/ In t. at O ld Colony T r . C o .. Boston, Trustee.
Stock.— T h e preferred stock is redeemable at 115.
B i r d s .— $159,000 are reserved for additions and improvements at 8 0 %
of c >tt. A sin k in g fu n d of 1 Ai % per annum of bonds outstanding began
D ec.
1907, first five payments were waivable, but became a fixed charge
on D - .1 1912. Bonds subject to call as a whole at an y tim e at 105 and
in t., and in part for sinking fund on ly. V . 83, p . 156; $212,000 have been
canceled. Coupon notes are callable as a whole at 101 and in t. on 30 days'
notice
$218,100 are in treasury.
D iv id e n d s.— F irs t d iv ., of 3 % , was paid on pref. June 1 1 9 0 7 a n d 3 % wa
paid Dec . 2 1907. In 1908, June, dividend passed because of strike on com­
p a n y ’s nes. N one to D ec. 1909, when 3 % regular and 3 % extra on
accoun of accumulation were paid. M a rch 1910 paid another 3 % on
account of accumulations; June 1910 3 % regular and 3 % extra, paying up
all accumulations; D e c ., 3 % . In 1911, 1912 and 1913, 6 % . I n 1914,
June, 3 % . None to June 1916, when 3 % was pa id . In D ec. 1916, 3 %
and I A % extra account of accumulations. In 1917, 6 % . In 1918, 6 % .
D ividends in arrears, 1 6 K % .
E A R N I N G S . — F o r calendar years:
G ross. N e t (after T a x ). In terest. S in k .F u n d s.
S u rp lu s.
x l 9 1 9 ______ $543,592
$102,274
$100,485
______
$1,789
1 9 1 8 _______ 506,050
145,668
87,067
______
58,601
x N o later figures available.
O F F I C E R S . — Pres., Geo. J . B aldw in , N . Y . ; V . - P . , Chas. F . W . W e tterer; Sec., Geo. A . Peirce; Tre a s ., H e n ry B . Sawyer; M anagers, Stone &
Webster M g t . Assn., Boston, M ass.— V . 112, p . 373, 653; V . 115, p . 2581;
V . 117, p . 2654; V . 118, p . 552; V . 120, p . 958.

B a la n c e ______________________________________________________ $1,000,213
Annual in t., $6,300,000 1st mtge. & coll. tr. 6 A s _____________
409,500
A vailable for deprec., Fed. taxes and dividends_____________

$590,713

O F F I C E R S . — Pres., F , W . Woodcock; V .-P ., M ilw ard O liver; Sec.,
C . A . M c C lu re . Executive offices, 1600 W a ln u t S t., Philadelphia, P a .—
V . 122, p . 2650; V . 123, p. 82, 324.

G eneral P u b lic U tilities
C om pany
( all issues)

E are prepared to furnish quota­
tions or other information regarding
the securities of the above • Company.

W

Inquiries Invited

H o w e , Snow
& Bertles IN C .
120 Broadway

New York

Chicago
Grand Rapids
Detroit
San Francisco
St. Louis




TAMPA ELECTRIC CO.
U nder executive m anagem ent of Stone & W ebster, In c .
O R G A N I Z A T I O N . — Incorp. in Florida on O ct. 31 1899. In A p ril 1913
purchased the Ta m p a & Sulphur Springs Tra ctio n at foreclosure sale.

G en eral Public Utilities
C o m p an y
Q u o t a t i o n s a n d i n f o r m a t i o n re g a r d in g t h e s e c u r it i e s o f t h e
a b o v e C o m p a n y a n d o t h e r s in t h e E le c tr ic L i g h t a n d P o w e r
fie ld , in w h ic h w e s p e c ia liz e , w ill b e g la d ly s u p p l ie d o n r e q u e s t

We I n v i t e E n q u ir i e s

R. E. WILSEY & COMPANY
In c o rp o ra te d

In vestm en t S ecu rities
F irst N a t io n a l B a n k B u il d in g
C HICAGO

O ct., 1926.]

POWER, LIGHT AND RAILWAY

207

GENERAL PUBLIC UTILITIES COMPANY




A Public Service Organization furnishing Electric Light
and Power, Ice and W ater Service through a group o f
Properties operating in 68 rapidly growing cities and
towns, strategically located in Louisiana, Texas, New
Mexico, Arizona, Florida, Nebraska and South Dakota
12
The communities in which QENERAL PUBLIC UTILITIES COMPANY
operates are supported hy a wide diversity o f industrial activity, including:
Sugar, Rice, Cotton, Lumbering, O il and Natural Qas, Agriculture, Truck
Farming, Mining, Car Icing, Stock Raising, Poultry, Dairy Products, Flour
Milling, M eat Packing, and a wide variety o f manufacturing and general
business a ctiv ity

U N D E R

T H E

M A N A G E M E N T

OF

DAY & Z I M M E R M A N N
IN C O R P O R A T E D

208

PUBLIC UTILITIES

[V ol. 123,

R ec a p ita liza tio n .— O n A p ril 6 1926 stockholders approved exchanging
D iv id e n d s.— Paid 1 K % quar. on pref. to M a y 1915; in A u g . ’15 paid % %
the 62,107 common shares (par $100), authorized and outstanding, for and same rate quar. to and incl. N o v . 1916. F eb. 1917 d iv . passed (V . 104,
310,535 no par shares; to increase the authorized number of common p. 361). None since. On old Electric C o . com . 6 % ann. from A u g . 1 1905
shares to 465.802, and to offer the 155,267 additional shares at $20 to to A u g . 1 1910, when rate was increased to 7 % and same am ount paid to
common stockholders in ratio of 1 new for each 2 no par common shares held;
Feb. 1911. O n new Traction C o . com . initial d iv .— 1 M % — -paid in M a y
to create an authorized issue of $1,000,000 par value series A 7 % cum . pref.
1911; same rate quar. to and including N o v . 1914. N o ne since.
stock w ith voting rights; and to amend the charter so as to permit co. to
E A R N I N G S . — Earnings for calendar years;
engage in ice and refrigeration, water and bus transportation business.
N et
Interest B al.A vail.,for
V . 122, p. 1457.
Gross
a fte r
A A m o r - Res've, R etir.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
E a rn in g s.
Taxes.
tiza tio n .
a n d D iv s .
Does the entire electric railw ay, electric lighting and power business in
$1,332,633 $470,855 $191,210
$279,645
1925_________
Ta m p a and owns the stock of Plant C ity Public Service C o ., which does the 1924_______________
1,101,477
315,692
190,370
125.322
entire electric lighting and power business and a portion of the ice business 1923________ i _______________ 1,037,630
308.384
189,783
118,601
in P lant C it y , of W inter H aven W ater, Ice & L ig h t C o ., which does the 1922_________________________ 1,046,777
302.589
179,412
123,177
entire electric lighting and power and water business and part of the ice 1921___
1,087.348
210.730
178,825
31,905
business in W inter H aven, and of Dade C ity Utilities C o ., which does 1920_________________________ 1,055,203
139,430
173.749
def.34,319
the entire electric lighting and power and ice business in D ade C ity .
1919_________________________ 1,024,527
95,383
174,444 def.79,061
Operates 55.13 miles of equivalent single track. Standard gauge, 150 1918_____
945,569
235,902
175,825
60,077
passenger, 15 other cars; 22 buses. Owns 2 amusement parks. Has 2
L atest E a rn in g s.— F o r 12 months ended A u g . 31:
steam power stations of a total capacity of 24,485 k .w , and hydro-electric
Gross.
N e t.
S u r. a ft. Chges.
station with 600 k .w . capacity. F ranchises or Ta m p a Electric Co , expires 1926____________ _______.$1,584,732
$587,023
$393,942
999 years from 1899. In Port Ta m p a street railway and electric light and
379,218
257.005
power franchises expire in 1954. In W inter H aven water and electric 1925____________________ 1,208,231
O F F I C E R S . — Pres., D onald C . Barnes; V .-P s ., H a rry L . H a rd in g and
light and power franchises expire in 2002. In Plant C it y electric light,
heat and power franchise expires in 1946. In Dade C it y electric light and Charles F . W . W etterer: Tre as., H e n ry B . Sawyer; Clerk , W m . T . Craw ford;
power franchise expires in 1953, Pasco C o unty in 2023, other territory G en. M g rs ., Stone & Webster In c .; M g r ., J . P . Ingle, Jacksonville, F la .—
V . 116, p . 1893; Y . 121, p . 457, 1677.
unlim ited. Estimated population served: Railway, 135,000; light and
power, 153.900. $283,800 stock is held by the Public Service Invest. Co.
On Sept. 30 1925 stockholders increased the authorized capital stock to
$6,210,700. par $100. T h e 12,421 additional shares were to be offered to
stockholders at $100. in the ratio of one new share for every four held.
V . 121, p. 1680.
S TO C K A N D BONDS—
D a te .
In terest. O u tstan din g . M a tu rity .
Com m on 465,802 shs (no p a r )_______
Q -F
457,253 shs See text.
--------------N one
--------------------7 % cum pref ser A $ 1 ,0 0 0 ,0 0 0 --------1st mtge $2,000,000 ($1,000/ 1908
5 g J -D
898,500 June 1 1933
and $500) gold_______ c*tf (I n t . at A m e r. T ru s t C o .. Boston. Trustee.
S O U T H E A S T E R N POWER & L IG H T CO.
P lant C it y P ub Serv C o 1st M _ 1922
5
126,000 Ja n 1 1942
O R G A N I Z A T I O N . — Incorp. in M aine in Sept. 1924. H as acquired
B on ds.— Callable as a whole (or in part for sink, fd .) at 105 and int. at from the Alabam a T r a c ., L t . & P r. C o ., L td . (for history see “ Public U t il­
any tim e. $173,500 are in treasury. S in k, fu n d of 1 % of bonds out­
ity ” Com pendium of N o v . 1 1924). all the assets of that com pany, includ­
standing yearly, payable A u g . 1; $158,000 in sinking fund canceled.
ing all the 187.510 shares of com. stock and all the $12,170,000 100-year
D iv id e n d s.— 5 % sem i-annually for several years up to N o v . 1907, when debenture certificates of the Alabama Power C o . (see statement below ),
a d iv . of 2 % was paid. In 1908. 7 % ; in 1909, 7 % ; in 1910, 8 % ; in 1911 and all the outstanding securities of the D rifton C o a l.C o . See V .119, p .
2075
and since, 10 % to Feb. 1926. O n new no par stock 50c. in M a y 1926.
Com pany owns or controls among other holdings: Alabam a Power C o .,
In A u g . *926 6 2 ^ c .
G u lf Electric C o ., Georgia R y . & Power C o .. Georgia L ig h t. Power & R y s .,
E A R N I N G S . — F o r Calendar Years:
Interstate Utilities C o rp ., Rom e R y . & L ig h t C o .. Athens Gas L ig h t &
A v a il, fo r
Fuel C o ., Athens R y . & Electric C o . and Mississippi Power C o . O n Sept.
R es., R etir.
Gross
N e t A fte r
In terd st
22 1925 stockholders increased the authorized number of no-par-value
& D ivs.
E arn s.
Tax
& A m ount
$1,352,562 shares from 600,000 to 6 .600,000, viz.M O O ,000 pref. and 3,500.000 com m on,
$1,409,961
$57,399
1925........... ................. $3,326,891
948,219 5 new common shares to be issued for each common share held. V . 121,
55,286
2,350.676
1,003.505
1924_______________
857,962 p. 1570, 1909. Stockholders also approved the merger of the co. and the
65 862
2.146.820
923,824
1923 ______________
Southern Power Securities C o rp . Y . 121, p . 841, 980, 1570. As of Sept. 1
691,206
1,809,252
743.781
52,575
1922_________ ______
635,884 1926 purchased Rom e R y. & Light C o. V . 123, p . 1252, 1384. In Sept.
688.379
1,715,904
52,495
1921_____ _________
506.196 1926 organized under Georgia laws the G eorgia Pow er C o ., which was to
52.499
558,695
1,473,630
1920_____ _________
452.579 issue 2,000,000 shares of no par capital stock and is to own and operate all
507.574
54,995
1,269.248
1919................. ...........
390.616 Georgia public utilities of Southeastern Power & L ig h t C o ., incl. Georgia
51,654
442,270
1,062,546
1 9 1 8 . . . ............ .........
390.802 R y . & P r. C o ., Georgia R y . & Elec. C o ., Athens, R y . Sc Elec. C o ., Athens
1,001.311
437,772
46,970
1917_____ _________
395,795 Gas L ig h t & Fuel C o ., Rome R y . & Elec. C o ., Georgia U t il. C o ., Georgia
43,573
967,086
439,368
1916_______________
Southern P r. C o . and M illedgeville L tg . C o . Acquired in 1926 Interstate
Latest E a rn in g s.—-F o r x2 months ended J u ly 31
U tilities C o rp . V . 123, p. 1635. In A u g . 1926 purchased the entire
1925.
1926.
outstanding common stock of Interstate Utilities C o . V . 123, p . 983.
$4,416,373 $2,785,740
Gross earnings.
On Feb. 19 1926 the authorized number of non-par shars was increased,
1,209.518 from 3,600.000 to 4,850,000, v iz .: 850,000 pref. and 4,000,000 com. shares1,707,320
N e t. after taxes
53.867
81,084
Interest and am ortization charges_
_
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Th ro u g h its subsidiaries co. furnishes electric power and light to practically
Available for reserve, retirement and dividends. $1,626,236 $1,155,651
the entire State of Alabam a, serving about 83 cities and towns, incl. M o n t ­
O F F I C E R S . — Pres., Te te r O . K nigh t; V . P ., Donald C . Barnes; Treas., gomery, M obile, Birm ingham (wholesale) and the entire Birm ingham
H e n ry B . Sawyer; Sec., W m . T , Crawford; Gen. M g rs ., Stone & Webster, industrial region; to 20 communities in eastern and southern Mississippi,
In c .; M g r ., Thom as J . H anlon, J r .— -V. 121, p . 1680; V . 122, p . 1312, 1457, incl. M eridian, Laurel, Hattiesburg. G u lfp o rt and the entire Mississippi
2331; V . 123, p . 583, 1252.
G u lf Coast; to W est F lorida, incl. Pensacola and Panama C ity ; and directly
or indirectly to 72 municipalities in northern Georgia, incl. the c ity of
A tla n ta . Also supplies all the street railw ay business in M on tgom ery,
Anniston, Tuscaloosa, Gadsden, Sheffield, H untsville and A tla nta, and
J A CK SO N VIL L E T R A C T IO N CO.
the gas business in M ontgom ery, Tuscaloosa. Anniston, Selma, D ecatur
U nd er executive m anagem ent of Stone & W ebster, Inc.
and A lb a n y in Alabam a, M eridian and Hattiesburg in Mississippi, and
R eceivership E n ded.— O n Sept. 1 1925 the receivership, which had lasted A tla nta in Georgia. C o . also controls the Southeastern Fuel C o ., which
from O ct. 30 1919— V . 109, p. 1700— was ended and the property restored owns 12,000 acres of coal lands near Birm ingham , A la . T h e system controls
to the com pany. For full details of the plan for adjustment of the affairs or leases 806,540 h .p ., of which 510.200 h .p . is hydro-electric.
of the com pany, dated A ug. 12 1925, which was declared operative, we
On J u ly 14 1926 stockholders increased the authorized capital stock from
refer to V . 121, p . 1677. Below we have treated the capitalization as it 4.850.000 no par shares (100.000 $7 cum . pref., 100,000 $6 cum . pref.,
w ill be after complete execution of the plan
650.000 particip. pref. and 4,000,000 common shares) to 7,000,000 no par
O R G A N I Z A T I O N . — Is a re-incorporation in Mass, in M a rch 1911 (V .92
shares, to consist of 750,000 $7 cum . pref., 250,000 $6 cum . pref., 1,000,000
p . 881) of the Jacksonville Elec. C o ., which was a consolidation of the Jack ­ particip. pref. and $5,000,000 common shares. V . 123, p . 326.
sonville St. R y . C o ., the M ain St. R R . C o . and the Jacksonville Elec. L t. Co.
S TO C K A N D BONDS—
D a te.
In terest. O u tstan din g. M a tu r ity .
Stock of old com pany was exchanged, share for share, for stock of new co.
Co m . 5 000,000 shares(no p a r ) ____
________2,022,97o shs ____________
Pf, $7 cum . 750,000 shs(no p a r ) ____
$7 Q -J
100,000 shs See text
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
$6
N o ne ___________
Does entire electric railway business in Jacksonville. Operates 60.33 miles $6 pref 2,50,000 shares_______________
426.093 shs
see text
of equivalent single track: trackage, 2.68. Has 122 cars. Gauge 5 feet. P a rt p f 1,600,000 this (no p a r ) ____
6 g M -S $39,738,909 Sept 1 2025
Power plant capacity, 2,400 k .w . Co . also purchases power from the city 6 % gold debs Ser A ($1,000, f 1925
$500, $100 c*; $1,000 and( Irv in g B an k-Co lum bia T ru s t C o ., N e w Y o rk ,
of Jacksonville. Population served estimated at 142.000. Railw ay fra n ­
$10,000 r* ..................... ...... t f [ Trustee.
chise expires in 1932. $350,000 com. stock is held b y Public Service Invest­
O ption warrants to purchase
m ent C o .
common stock at $50_______ ______
__________ 473,378 wrts
T h e co. being unable to refinance the $750,000 6 % notes due M a r . 1 1919,
the following protective committee was formed and has issued a call for
Stock.— In M arch 1926 Bonbright & C o ., In c ., offered 80.000 additional
the deposit of these notes. A sufficient m ajority of the noteholders have $7 cum . pref. shares at $98 50 and in t., to yield about 7 .1 0 % . V . 122, p .
assented to the deposit agreement to insure the success of this measure.
1918. T h e 7 % cum . pref. stock is non-voting except in certain cases. Is
V . 108, p . 1275. In A p ril 1920 we were informed that over 9 5 % of the pref. as to assets ($100) and cum . divs. over common stock. R e d ., whole
or part, on 30 days' notice at $110 and divs.
notes had been deposited.
Additional gold debentures m ay be issued in series of such tenor as co.
F ranchise.— T h e principal franchise of the company in the C it y of Jack­
sonville expires in 1932. Efforts will be made to secure a new franchise m ay from time to time determine, however, only when net income applic­
able to interest charges of Southeastern Power & L ig h t C o . for 12 consecu­
satisfactory as to terms and conditions. V . 121, p. 1677.
tive within preceding 15 calendar months have been not less than twice
V a lu a tio n .— See V . I l l , p . 2140.
annual interest charges on all indebtedness of the co., incl. new issue. T h e
In J u ly 1925 was granted permission to abandon its 3 -m ile line to 6 % gold debentures, Series A , are red., all or part, upon 30 days’ notice,
including M a rch 1 2020, at 110 and in t.; thereafter at par and in t. Penn.
C a m p Johnston. V . 121, p. 457.
4-mills tax, Mass, income tax up to 6 % refundable. Interest payable in
S TO C K A N D BONDS—
D a te .
In terest.
O utstan din g. M a tu r ity .
N ew Y o rk . Bonbright & C o ., In c ., sold in A ug. 1925 $10,000,000 at 96 VS
Com m on $1,500,000 ($100)_______
__________ $1,000,000
See text
and in t. W arrants in the ratio of 10 warrants to each $1,000 debenture
P ref 6 % cum $ 1 ,0 0 0 ,0 0 0 ($ 1 0 0 )____
6 Q -F
500,000
See text
were attached, entitling the holder to
F irs t consol mtge $5,000,0001 1911
5 M -S
912,500 M a r 1 1931 new common stock at any time at $50 purchase one .share of the proposed
per share. V 121, p . 841. F o r ex­
($500 and $1,000)____ c * tf/ In t. at State Street T r u s t C o ., Boston, T ru s .
or conversion of A la m a T
C
td 1st
Jacksonv Elec 1st M (as-f 1902
5 g M -N
1,245,000 M a y 1 1927 change5 % bonds, due M arch b a 1962, ra ctio n , Light <% Power. & o.,t .LC o., 6 %
mtge.
1
into Southeastern Pow
L
.
sumed) g o ld($l ,0 0 0 )c * .n tf fIn t. at Am erican Tru s t C o ., Boston, Trustee.
“A ”
to purchase common stock of
10-year 5 % gold notes_______
1925
5 g M -S
1,367,900 Sept. 1 1935 g. debentures, Series L t . , C owith warrants p. 841, 980, 1787.
Southeastern Pow. &
., see V . 121,
($ 1 ,0 0 0 -5 0 0 -1 0 0 r )____________ In t. at A tl. N a t ’l B k . of Boston, Trustee.
In D ec. 1925 H ornblow er & Weeks offered a block of $3,00.000 Series’ *A "
Receiver’s car tr ctfs__________ . . . .
- _______
125,994 Pay.serially
6 % at 91 and in t., to yield 6 .6 0 % . V . 121, p . 2274: V . 122. p . 1312. I n
Par lien oblig held b y C it y of
June 1926 Bonbright & Co. sold $12,500,000 additional 6 % series A a t
Jackso nville________________ ______
________
132,423 P a y. serially
95 and int. to yield over 6 .3 0 % . V . 122, p . 3455.
Stock.— $100,000 common stock not reported outstanding held in treasury
D iv id e n d s.— -On the particip. pref. stock, regular quarterly dividends of
Non-taxable in Massachusetts.
$1 have been paid since issue, 1926. V . 122, p. 3212. O n preferred,
B tm ds.— O f the 1st consol, bonds, $1,245,000 are reserved to retire Jack­ q uarterly dividends of $1 75 per share have been paid regularly since issued
sonville Elec. 1st M . and $2,667,000 are for additions and improvements in 1925. In 1926: A p r il, $1 75; J u ly , $1 75; O c t., $1 75.
at 8 0 % of cost. Subject to call on any int. date as a whole or in pa rt
EA
for sin kin g fu n d at 105 and int. F u tu re issues of these bonds m ay bear Gross R N I N G S . — F o r calendar year 1925:
revenue___________________________________________________ $17,661,870
Viterest at a lower rate than 5 % if so determined by the directors. S in kin g
jh n d , 1 % per annum of bonds out began M a r . 1 1917. V . 92, p . 1564. Operating expenses, maintenance and taxes_____________________ 8,635,776
$119,000 in sinking fund canceled and $56,500 in treasury.
N e t earnings__________________________________________________ $9,026,094
Jacksonville Elec. C o . bonds are subject to call as a whole at 105 and int.
Interest and dividends on subsidiary securities_________________
4,029,880
on an y in t. date. A sin k in g fu n d of 1 % annually of bonds out commenced
M a y 1 1907, which m ay be used for extensions and improvem ents or in
Balance accruing to S. P . & L t . C o __________________________ $4,996,214
purchase of bonds. $5 000 bonds have been canceled.
of S. P . & L
The 10-year 5 % gold notes. 1925. were issued under the reorganization plan In t . on funded debt of S. P . & L t . C o ________________ $1,280,473 1,490,773
O ther prior charges
t . C o ________________
210,300
of A u g . 12 1925. Holders of unsecured bank debt ($213,000) and 6 % un­
secured coupon notes due M arch 1 1919 ($750,000), which w ith accrued and
• $3,505,441
unpaid interest amounted to $1,368,992 on Sept. 1 1925. were to receive
131,817
the new notes to the full face value of the overdue notes plus accrued Preferred stock dividend of S. P , & L t . C o _____________________
interest. Am ounts for less than $100 w-ould be paid in cash. V . 121 ,p.l677 .
Balance to surplus____________________________________________ $3,373,624
U nd er the same plan $112,500 Jacksonville Traction C o . 1st cons. mtge.
O F F I C E R S . — Pres., Thom as W . M a rtin ; V .-P s ., Lawrence M acfarlane,
bonds, 1911, would be given to holders of $90,000 secured notes of D uval
C o u n ty Tra ctio n C o . (as collateral for which they had been held b y them W . J . Henderson, E . A . Yates, F . P . Cum m ings; Tre a s ., W . J . Henderson
heretofore) upon surrender of their notes for cancellation and waiver of the Sec., S. A . D aw ley; C o m p t., R . M . M acLetchie.— V . 122, p . 483, 613,
1171, 1312, 1918, 3212, 3455; V . 123, p. 207, 326, 983, 1252, 1384, 1635.
unpaid interest on the old notes. V . 121, p. 1677.




ALABAMA

POWER, LIGHT AND RAILWAY

Oct., 1926.]

ALA BAM A POW ER CO.
Controlled b y Southeastern Power & L ig h t Oo
O R G A N I Z A T I O N , & c.— Incorp. In 1906 in Alabam a. In Ja n . 1923
acquired the properties of the M ontgom ery L ig h t & Tra ctio n C o ., M o n t­
gomery Lig h t & W ater Power C o ., and the Power Transmission C o . V .
116, p . 178, 938. O n Jan . 16 1925 acquired the electric lighting and street
railw ay system of the Sheffield C o . V . 119, p. 3007; V . 120, p . 451.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Serves, directly or at wholesale, practically all the urban population and
Industrial power requirements in a tertitory comprising the northern tw o thirds of Alabam a, including the im portant Birm ingham industrial district,
and supplies power at wholesale to a group of associated cos. form ing a
compact and continuous group of power and light properties, serving
practically the entire State of Alabam a, Eastern Mississippi, West Florida
and the larger part of the State of Georgia, incl. the C it y of A tla n ta .
Present aggregate installed generating capacity, 418,600 h .p ., of which
approx, two-thirds is hydro-electric. M o re than 3,000 miles of trans­
mission lines. A n additional hydro-electric plant, M a rtin D a m , to have
an ultim ate capacity of 180,000 h. p ., had in O ct. 1926 tw o units of 45,000
h . p . each in test operation and the entire installed capacity of 135,000 h . p.
Is to be completed about Jan. 1 1927. V . 123, p. 1381. F urnish under
contract all the current used b y the Birm ingham Elec. C o . in Greater
Birm ingham and Bessemer, and all the current used b y the local public
service cos. in Alexander C ity , Cordova, Opelika, L a Fayette and Piedm ont.
Also serves under contract a num ber of large industrial power consumers.
Com pare also V . 116, p. 517.
V alu ation .— V . 116, p . 2639.
M uscle Shoals B id, headed b y Alabam a Power C o ., see V . 122, p . 2490.
Agreem ent w ith W ar D e p t.— In J u ly 1926 co. signed an agreement w ith
the W a r D ept, whereby co. agrees to take power developed at W ilson D a m
at Muscle Shoals at higher rates than the previous year. V . 123, p. 578.
S T O C K A N D B O N D S .—
D a te.
O utstanding
M a tu rity
. - 391,020shs
_________
Com m on 600,000 shs (no par) - ____
Pref. $7 cum . 390,000 shares
(no p a r)___________________________
$7
173,183 shs. O c t’26, 1 %
Pref $6 cum 200,000 shs (no p a r ) ____
$6 Q -J
32,262 shs Oct ’26, 1 %
7 % cum pref $1,000,000 ($ 1 0 0 )____
7
$435,200 O c t’26, 1M
2020
Incom e deb ctfs $ 1 3 ,0 0 0 ,0 0 0 --____
__________ 12.170.000
1st mtge. $100,000,000 sink.) 1916
5 g M -S
10.221.000 M a r 1 1946
fund ($1,000) g o ld _____ c*/United States T ru s t C o ., N . Y . , trustee.
1st mtge lien & ref ($500, & c.)
1921 6 g J - D
21,000,000 June 1 1951
17,700.000 June 1 1951
goid ------------------------------ c*&r* { 1921 5 g J -D
1926 ' 5 g M - N
6,000,000 N o v 1 1956
(U . S. M tg e . & Tru s t C o ., N Y .. Trustee.
Selma Ligh ting C o . 1st m tge.) 1902
5 g J -D
238.000 June 1 1932
(closed) gold ($500, & c .)___/In t. at W est E n d T r u s t C o ., Philadelphia.
M ontgom ery L t . & W . P . 1st! 1903 5 g J - J
525,900 Jan 11943
cons gold red at 105_______ (In t . at N e w Y o rk T r u s t C o ., N ew Y o rk .
M ontgom ery L ig h t & Pow er) 1898
5 g M -S
24,000 Sept 1 1947
1st mtge gold_____________ /Int. at H arris, Forbes & C o ., N e w Y o rk .
Stock.— -Com. stock is all owned b y Southeastern Power & L ig h t Co .
Pref. is pref. as to assets and divs. Has equal voting power w ith common
stock. R ed. at $105.
B on ds.— O f the auth. issue of $100,000,000 1st M . 5 % bonds of the A la ­
bama Power C o ., $43,761,000 on A u g . 31 1926 had been certified b y the
trustee, of which $10,221,000 is in the hands of the public, $238,000 reserved
to retire Selma L tg . C o .’s 1st 5s, due 1932; no add'l bonds to be issued except
for deposit and pledge under indenture securing 1st M tg e. Lien & Ref.
bonds, and $33,302,000 are so pledged. A re callable at 105 since 1921.
T h e 1st mtge. lien & ref. gold bonds are secured b y a general mtge. on
the entire property of the co. and b y the pledge of $33,302,000 1st mtge.
5 % bonds and $1,276,000 (closed mtges.) underlying divisional bonds.
N o additional 1st mtge. bonds m ay be issued except for pledge as further
security for the 1st m tge. lien & ref. bonds. A dditional 1st m tge. lien &
ref. bonds m ay be issued (1) against deposit of a like am ount of additional
1st m tge. bonds due 1946, (2) after the exhaustion or m aturity of the 1st
m tge. bonds for 8 0 % of new construction, (3) for refunding purposes; in
all cases provided that net earnings for 12 out of preceding 14 months have
been at least twice annual interest charges on all bonds outstanding (incl.
those to be issued). A n im provem ent a n d sin kin g fu n d is provided which
w ill receive the following percentages of the aggregate of all outstanding
1st m tge. 5 % bonds due 1946 and all outstanding 1st m tge. lien & ref. bonds
In excess of the am ount of 1st m tge. 5 % bonds due 1946 pledged thereunder:
1922-1925 incl., % % ; to 1931 incl., l % ; t o 1945 incl., l % % ; t o 1950, 1 % %
(in the latter case of all 1st mtge. lien & ref. gold bonds outstanding). T h e y
are callable, all or part, at 105 and interest to and including June 1 1932,
and thereafter at a premium reducing % % per annum . V . 112, p. 2644,
2751; V . 116, p . 517. In A p ril 1925 $3,000,000 first mortgage lien and
refunding bonds, 5 % series, dated D ec. 1 1922, were offered b y H arris,
Forbes & C o . and Coffin & B u rr, In c ., at 9 4 % and in t., to yield about
5 .4 0 % . V . 120, p . 1879. In O ct. 1925 the same bankers offered $5,000,000
5 % series due 1951 at 9 5 % and in t., yielding 5 .3 0 % . V . 121, p . 1787. In
Feb. 1926 H arris, Forbes & C o . offered $5,000,000 additional 5 % series,
da ed D ec. 1 1922, due June 1 1951, a 98 and in t., to yield over 5 .1 4 % .
V . 122, p. 1024.
5 % series due 1956 ($1,000 and $500 c*; $1,000 and multiples r*, tf)
are call, whole or part on any int. date on 30 days’ notice at 102% through
N o v . 1 1932, at 102 through N o v . 1 1938; at 101% through N o v . l 1944;
at 101 through N o v . 1 1950 and thereafter at 1 0 0 % , plus interest in each
case. In O c t. 1926 H arris, Forbes & C o . and Coffin & B u rr, In c. offered
$6j000,000 5 % series, due 1956 at 9 8 % & in t., to yield about 5 .1 0 % .
T h e $12,170,000 income debentures are all owned by Southeastern Power
& L t . C o ., and are a non-foreclosable security having a contingent interest
in the balance available after the paym ent of Pref. stock divs. T h e y repre­
sent part of the original investment in the property over and above that
represented b y the outstanding bonded debt.
E A R N I N G S .— Consolidated earnings calendar years:
1925.
1924.
1923.
1922.
N e t oper. re v ., less dis­
counts, & c ___________ $11,589,419 $8,823,389 $7,863,294 $5,745,321
Operating expenses_____
5,818,918 4,490.026
4,278,222 2,994,600
N e t earns?, from o p e r. $5,770,5P?
Other income___________
134,698

$4,333,363
172,432

$3,585,072
257,258

$2,750,721
242,707

Gross income-----------------$5,905,199 $4,505,795 $3,842,330 $2,993,428.
In t . on bond debt (n e t).
1,596,597
1,696,003
1,069,303
627,315
D e p r., am ort., rents, & c.
1.488,883
454,160
1,034,214
885,195
Pref. stock d iv id e n d s .-1,044,523
711,215
340,884
78,073
In t . on 100-yr. gold deb.
certificates___________
851,900
851,900
851,900
829,238
Transferred to P . & L $923,296
$792,518
$546,029
$573,607
L atest E arn in gs.— F o r 12 mos. end. J u ly 3 l 1926: Gross, $12,851,039;
net, incl. other income, $10,100,576.
O F F I C E R S .— Pres., Th o s. W . M a rtin , Birm ingham , A la .— -V. 121, p .
327, 1226, 3 2 2 1567, 1787; V . 122, p . 1024, 2 3 2 2490, 3331: V . 123, p .
,
6 ,
578, 1381.

M

I S

S

I S

S

I P

P

I

P

O

W

E

R

C

O

.

Controlled b y Southeastern Power & L ig h t C o .
O R G A N I Z A T I O N , &c.— Organized in M aine.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Supplies electric service to a population of more than 100,000 in 29 cities
and towns in eastern Mississippi, incl. M eridian, Laurel and Hattiesburg;
transportation and gas service in two of these. Acquired several existing
public utilities. Aggregate generating capacity, 25,000 k .v .a . M iles of
tra ck, 18
T w o gas plants w ith 44 miles of mains. C o . is constructing
a large hydro-electric development on the Tennessee R ive r in the north­
eastern corner of Mississippi.
F ran ch ises.— M unicipal franchises (except one) terminate at various
times between 1926 and 1950.
S TO C K A N D BONDS—
D ate.
Interest. O utstan din g. M a tu rity .
Com m on 400,000 shs (no p a r ) . ____
__________ 400,000 s h s ___________
1st pref cum $7 100,000 shs
____
$7
25,000 s h s ____________
2d pref $7 non-cum 20,000 shs - ____
$7
5.000 s h s ___________
First & refdg mtge 5 % Series/ 1925
5 g M -S
$5,750,000 Sept 1 1955
($1,000, $500 c*, & $5,000,(N e w Y o rk Tru s t C o ., N ew Y o rk , Trustee.
$1,000 r * ) ______________ tff
Underlying divisional b o n d s..(clo s e d )___________
788.0Q0 ___________




209

B on ds.— ' h e 1st & ref. m tge. 5 % series goid bonds due 1955 are secured
T
b y a direct 1st m tge. on im portant electric properties, incl. those serving the
G u lf Coast territory and b y a mortgage on the balance of the properties
operated subject to underlying issues (m aturing from 1928 to 1952), aggre­
gating $778, ,00. Additional bonds of this or other series m ay be issued
only (a) for refunding purposes, (b) for not more than 8 0 % of new con­
struction before June 15 1935 or (c) not more than 7 5 % of new construction
after June 15 1935, and on ly (except for refunding purposes) rpovided net
earnings for 12 consecutive months out of 15 preceding months have been
at least twice the annual interest requirements, or twice 6 % of all out­
standing underlying or prior lien bonds and all boncte (incl. the proposed
ones) outstanding under this mortgage. T h e mortgage contains a mainten­
ance and renewal clause. Call on 6 weeks’ notice, incl. Sept. 1 1936 at 105
and in t., thereafter at a prem ium reducing % % per annum . Penn. 4 -m ill
tax, M ass, income tax up to 6 % refundable. In A u g . 1925 H arris, Forbes
& C o . and Coffin & B u rr, In c ., sold $4,000,000 at 9 2 % and in t., to yield
over 5 % % . V . 121. p. 979. 1102. Listed on Boston Stock Exchange.
V . 121, p . 1102; V . 122, p. 883. In M a y 1926 H a rris , Forbes & C o . and
Coffin & B u rr, In c ., offered $1,750,000 additional 5 % series due 1955 at
95 and in t., to yield over 5 .3 3 % . V . 122, p. 2799; Y . 123, p . 982.
E A R N I N G S . — F o r calendar years:
Gross
N e t (after
In terest A
B alan ce,
E a rn in g s
O per. E x p en .) P ref. D iv s .
S u rp lu s.
1925- - ..................... ..
$1,933,085
$877,503
$480,207
$397,296
O F F I C E R S . — Pres., B . E . Eaton . Office, G u lfp o rt, M iss.— V . 122,
p . 2329, 2799; V . 123, p. 982.
R OM E R A IL W A Y & L IG H T C O .
C ontrol.— As of Sept. 1 1926 co. was acquired b y Southeastern Power &
L ig h t C o . Operated under su p ervisio n of Georgia R y . & Power C o . V .
123 p 1383
O R G A N I Z A T I O N . — Incorp. in Georgia on N o v . 30 1906 as successor
to the C it y Electric R y . V . 83, p. 1591.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Furnishes light and power to city and private individuals. Operates 12.1
miles of street railw ay line in Rome, G a ., incl. extensions to Lindale and
W est Rome. Standard gauge; 90-lb. girder and 80-lb. T rails. Also
complete and well-equipped electric lighting system. H as contract for
power w ith Georgia R y . & Power C o . F ranchises expire in 1985; street
railw ay franchises practically exclusive. In 1916 canceled the old first and
consol, mortgages and made a new first mortgage as shown below:
S TO C K A N D BO N D S—
D a te.
In terest. O u tsta n d in g . M a tu r ity .
Com m on $1,000,000 ($ 1 0 0 )-..............
Q -J
$650,000
See text
Q -M
100,000
See text
Pref $100,000 ($100) 7 % c u m . ____
F irs t mtge $3,000,000 gold/ 1916
5 g A -O
850,000 A p ril 1 1946
($500 and $1,000)___c * .c p t/ In t. at Spencer Tra sk & C o ., N e w Y o rk , or
/ F id e lity & Colum bia T r . C o ., Louisville.
B on ds.— Redeemable in whole or part at 105 and in t. on any in t. date on
60 days’ notice. S in kin g f u n d , 1 % of outstanding bonds annually, began
O ct. 1 1917, for retirement of bonds at not exceeding 105 and interest, or
investment in new properties, & c.. against which no bonds m ay be issued
Rem aining $2,150,000 are reserved for not exceeding 8 0 % of cost or fair
value of additional property or equipment, or additions, extensions, im ­
provements, & c., under conservative restrictions. V . 103, p 61.
D ivid en d s.— O n common in 1909, 2 % 1910, 1 % 1911. 3 % 1912, 6 % .
1913. 5 % . In 1914 and to and including J u ly i917, 1 % quar. none to
J u ly 1 1919. In 1919, 2 % was paid. In 1920, 4 % regular and 3 % deferred.
In 1921, 4 % . In 1922 to 1925, inclusive, dividends were being paid at the
rate of 4 % per annum. D ividends on preferred stock were begun in Sept
1916 and have been paid regularly since.
E A R N I N G S . — F o r calendar years:
iq o r;
1 Q94 .
1Q93
1999
1991
Gross_________________$314,637 $296,045 $292,142 $269,202 $274 467
N e t. aft.exp. & taxes. 87.045
79,881
94,934
50,742
59,817
O F F I C E R S . — Pres., P . S. A rk w righ t; V .-P s ., W . H . T a y lo r and C . A .
Collier; Treas., I . S. M itch ell, J r .; Sec., W . H . W rig h t, A tla n ta , Georgia.—
V . 108, p . 172; V . 115, p . 2159; V . 123, p . 1252, 1383.

MONTGOMERY L IG H T & T R A C T IO N CO.
In Feb. 1923 the properties of the co. were taken over by the
Alabama Power C o ., all bonds having been retired prior to that time and
the stock reduced to the nominal am ount of 20 shares. F o r history see
“ Public U t ilit y ” Com pendium of N o v . 1 1924.

MOBILE L IG H T & R AIL R O A D.
O R G A N I Z A T I O N . — A consolidation on Sept. 1 1901 of the M obile L ig h t
& Railroad and the M obile Street R R .; the fra n ch ises of both companies
were extended on Sept. 12 1901 to M arch 12 1955. See V . 73, p. 616.
In J u ly 1906 the M obile Illum inating Co . purchased the electric-light
plant of the company and under contract of purchase pays to the M obile
L t . & R R . 70 semi-annual payments of $11,464.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
A trolley road. Owns 56.98 miles of track in M obile and extensions to
Magazine Poin t, Spring H ill and W histler.
S TO C K A N D BONDS—
D a te.
In terest. O utstan din g. M a tu r ity .
Stock $2,250,000 fpar $ 1 0 0 )-- ___________ _______ $2,250,000
See text
First mtge gold ($1,000)- n t f ] 1897
5 g J -J
271.000 J u ly 11937
\Int. at Farm ers’ Loan & T ru s t C o ., N . Y .
Consolidated mortgage, gold) 1901
5 g M -S
1,001,000 Sept 1 1941
($1.000) $2,250,000___c*tf/interest at N e w Y o rk T ru s t C o ., N . Y . , T ru s
B on ds.— O f the $2,250,000 mortgage, $700,000 are reserved for prior liens,
$183,000 have been canceled, $245,000 certified, balance, $272,000, uncer­
tified. $1-8,000 first mtge. M obile L ig h t & R R . C o . bonds have been
retired and $1,000 are in treasury.
E A R N I N G S . — F o r calendar years:
Gross
N et (after
Fixed
B alan ce,.
E a rn in g s.
T axes).
Charges.
S u rplu s
xl9 2 6 ____________ $554,434
$133,651
$51,381
$82,270
1925_____________ 726,533
86,970
68,127
18,843
1924____________ - 738,013
41,969
65,075
def23,107
1923......
808.933
86,351
74,762
11,589
1922_____________ 820.014
36.923
82,584
def45,66I
x F o r 9 months’ period Jan. 1 to Sept. 30.
D iv id e n d s.— In itial dividend— % % A u g . 1 1909; in 1910, % % ; in 1911
2 % % ; in 1912, 1 % % ; In 1913, 2 % ; in 1914, 3 % ; in 1915, 2 % ; in 1916, 3 %
in 1917, 2 % ; in 1918, A p ril, 1 % ; June, 1 % ; A u g ., 3 % . In 1919, Sept.,
1 % . In 1920, Sept., 1 % . In 1921, 2 % . In 1922, 1 % .
O F F I C E R S . — Pres., J . H . W ilson: V .-P . & Gen. M g r ., F . F . Rossman;
Sec. & A u d ., A im er G . F a y ; Tre a s .. F . H . Peters.— Y . I l 3 , p. 1675; V . 114,
p . 306; V . 115, p . 183, 1632, 2794; V . 116, p . 2129; V . 118, p . 664, 2305.

B IR M ING HA M ELECTRIC CO.
Supervised b y Electric B ond and Share Co .
Controlled b y National Power & L ig h t C o . (see on another page).
O R G A N I Z A T I O N . — Incorp. M a r. 25 1924 in Alabam a for perpetual
duration. Acquired at receiver’s sale the operating properties of the B ir­
m ingham R y ., L ig h t & Power C o . (for history see "E le c tric R a ilw a y”
Supplement of A p ril 26 1924), together w ith properties of the Bessemer
Gas C o ., Norwood Street R y . and Birm ingham -Tidew ater R y . C o . (for
history see “ Electric R ailw a y” Supplement of A p ril 26 1924). $781,000
first mtge. 5 % bonds of the Birm ingham R y . & Elec. C o ., which matured
J u ly 1 1924 were paid, principal and accrued interest. V . 118, p. 1663.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns and operates the entire street railway, gas, electric power and light
and steam heat business of Birm ingham and all the principal nearby cities
and towns, including Brighton, Bessemer, Boyles, Fairfield, Ta rra n t C it y ,
Inglenook, Edgewood and Irondale; an interurban line, about 31.235 miles
of which is in operation, from East Lake to Ensley and P ra tt C it y , does the
c ity lighting in Birm ingham , Bessemer, Fairfield and B righ to n. To ta l
population served, over 275,p00.
Operates approximately 17.> miles of single track in cities of Birm ingham ,
Bessemer and in Jefferson C o u n ty . Standard gauge. A ll but 6 miles
70 to 100 lb. T and girder rails. Owns 318 passenger, 74 service cars.
Installed electric generating capacity, 11,700 k .w . H as 837 miles of trans­
mission and distribution lines. Has gas plant of a capacity of 4,870,000
per day, gas holders, storage capacity 9,386,000 cu. ft.; 359 miles of mains.
F ranchises covering gas, electric power and light business and street railway
lines are, w ith some unim portant exceptions, stated to be perpetual. Has
a contract w ith the Alabam a Power C o . b y which the latter furnishes
electricity for operating the railways and also for light and power service in
Birm ingham . U nder this contract the com pany’s steam station is held as
a reserve plant. V . 98. p . 1691.

210

PUBLIC UTILITIES

S TO C K A N D BO NDS—
D a te.
Interest. O utstan din g. M a tu r ity .
C o m 1 000,000 shs (no p a r ) _ „ ____
________ 800,000 shs ___________
Pref 75,000 shs (no par) $7 c u m -------$7 Q J
43,553 shs O c t’26,$1.75
Flr,stA - r™ :VI
o
due 1954! 1924
6 g A -O
$8,000,000 O ct 1 1954
(c* $500 & $1,000, and $1 , - 1Central U nion Tru s t C o ., N e w Y o r k , trustee.
000 r* ) gold_____________ tf>
^ , g.n
,e
re f( 1904
4 « g A -0
8,546,000 A p r 1 195*
$10,000,000 gold ($ l,00 0)c*j In t . at Canal-Com m ercial T r . & Sav. B k .,
„ .
.
L N e w O rl., trus., or at N . Y . T r . C o ., N . Y .
Stock.— Pref. is red. at $110 per share and divs. In D ec. 1924 the Old
C o lon y T ru s t C o ., Boston, W . C . Langley & C o ., Spencer Tra sk & C o .
and Jackson & Curtis offered 20,000 shares pref. at $98 per share and d iv .,
to yield 7 .1 4 % . Y . 120, p . 84.
B on ds.— F irs t & ref. mtge. 6 % series due 1954 are redeemable, all ori n
pa rt, on any interest date on six weeks’ notice through O ct. 1 1928 at 105
and interest; thereafter through O ct. 1 1933 at 10434 and in t.; thereafter
through O ct. 1 1938 at 104 and interest; and thereafter at 103 M and interest
less
of 1 % for each full year elapsed subsequent to M a rch 1 1939. In ter­
est payable in New Y o rk C it y . Pennsylvania 4 mills tax refunded. $8,000,000 first & ref. mtge. 6 % series due 1954 were offered in A p ril 1924 by
a syndicate headed b y H arris, Forbes & C o ., at 9734 and interest, to yield
6 .1 8 % . V . 118, p. 2040.
O f the Birm ingham B y ., L ig h t & Power gen. mtge. of 1904, no more bonds
can be issued. S in kin g fu n d of 34 of 1 % of bonds out began A u g . 1 1924.
T h e bonds are subject to call at 105 and interest on any interest day on
60 days’ notice.
D iv id e n d s.— O n the pref. an initial quart, d iv . of $1.75 was paid J u ly
1 1924 and regularly since.
E A R N I N G S . — F o r calendar years:
1925.
1924.
1923.
1922.
Gross earns, from oper. _ $8,603,013 $7,854,660
$7,122,569 $6,138,158
O per. exp., incl. t a x e s ... 5,713,034
5,273,202
4,802,591
4,405,590

[V ol. 123,

between Laurel and E llisville; total, 16 miles. Owns a pleasure park
between Laurel and E llisville. F ranchises in Laurel extend to 1943 (se«
a ^ e ^ T ^ n g , p . 1064); in E 'isville to M a rc h 1937.
S TO C K A N D BONDS—
D a te.
In terest. O u tsta n d in g . M a tu rity .
Com m on stock________________ ______
__________
$425,000 ___________
Preferred stock, 6 % __________ ______
__________
75,000 ___________
First mortgage $500,000 gold 1 1911
6 g J -J
435,000 J u ly 11936
($1,000) --------------------------c * tf/In t. at F id e lity T r u s t C o ., N . Y . , Trustee,
Serial notes $200.000_________ 1924 6 %
100,000
See text
Laurel E l P & L t Co m tge____ ______
__________
65!000 ___________
B on ds.— Rem aining $65,000 1st M . bonds are reserved to retire under­
lying bonds. N o t subject to call.
T h e 6 % notes are due serially from Sept. 1 1929 to Sept. 1 1934. V . 119,
p. 1172.
E A R N I N G S . — F o r calendar years;
------------------------------- Y e a rs E n d in g D ec. 31-------------------------------E a rn in g s—
1923.
1922.
1921.
1920.
1919.
G r o s s ------------------------------$242,393 $229,364 $213,222 $204,976 $188,024
110,214
104,409
97,252
81,070
63,068
N e t . . ............ _
O F F I C E R S . — P r e s . ,_________ _____ — V . 105, p. 1802; V . 107, p . 501:
V . 119, p . 1064, 1172.

G U L F P O R T & M IS S IS SIPP I COAST T R A C T IO N CO.

Sale.— In D ec. 1924 it was reported that the Mississippi Power C o . had
acquired the com pany’s properties, rights, privileges and franchises.
V . 120, p . 86. W e were inform ed, however, that on Ja n . 1 1925 the com­
pany disposed of its electric light and power generating plan t and distribu­
tion systems serving G ulfport, Biloxi and Pass Christian, b u t still owns and
N e t earnings---------------------- $2,889,979 $2,581,458 $2,319,987 $1,732,568
operates the railw a y system serving these towns. T h e vendee, (whose
T o ta l incom e------------------- $2,920,384 $2,598,750
name was not stated) assumed all outstanding obligations (see “ Public
Interest on bonds------------869,334
848,789
N o t available.
Utilities Com pendium ’’ of M a y 2 1925) of the com pany, including its
O ther in t. & deductions.
34,075
82,834
funded debt. A ll bonds were retired and a new issue of 5-year 6 % gold
227.859
105,000
D iv s . on Pref. stock____
notes created.
Renewal & replace’t res.
691,401
598,512
O R G A N I Z A T I O N . — In corp. in Mississippi in 1905. Consolidation Of
the Biloxi Electric R y . & Power C o . and the G ulfpo rt D evelopm ent C o .
Balance for surplus___ $1,097,715
$963,615
L atest E a rn in g s.— F o r 12 months ended J u ly 31:
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
1926.
1925.
Operates 13 miles of track from G ulfport to Biloxi and 13.20 miles from
G ro s s -----------------------------------------------------------------------------------------$9,155,728 $8,206,580 G ulfport to Pass Christian; also 6.63 m . of track in Biloxi: total, 32.83 m .
N e t after taxes,incl. other income_________________ 3,201,673
2,747,380 over which on ly freight is hauled. Passengers now carried b y bus Lines
Interest, & c__________________________
906,348
905,003 operated b y Mississippi Power C o .
Preferred dividends_______________________________
270,022
173,250
S TO C K A N D BO NDS—
D a le.
In terest. O utstan din g. M a tu r ity .
Stock________________________________
________
$100,000 ___________
Balan ce_________________________ _______________$2,025,303 $1,669,127
6 % gold notes________________ 1925
6%
300,000 Ja n 1 1930
O F F I C E R S .— P r e s .,__________ ____ ; V .-P ., E . W . H ill; V .-P . & Gen.
O F F I C E R S . — Pres., J . M . B a rry; V . - P . , B . G . E a to n ; Sec., L a m a r
M g r ., J . S. Pevear; Sec. & Treas. J . P . Ross.— V . 122, p . 2326.
Aldridge; Tre a s ., R o b t. M . M acLetchie.— V . 105, p . 290; V . I l l , p . 588;
V . 118, p. 3077; V . 120, p. 86.

MISSISSIPPI
T H E M IS S IS SIP P I POWER & L IG H T CO.

LOUISIANA

Controlled by E lectric Pow er & L igh t C orp. S upervised by E lectric Bond &
Share Co.
AMERICAN U T IL IT IE S CO. (DEL.).
O R G A N I Z A T I O N . — Organized in M a ryla n d in A p ril 1923 and acquired
and merged the Delta L ig h t & Tra ctio n C o ., Jackson (M iss.) Public Service
O R G A N I Z A T I O N . — Incorp. in Delaware in 1925 for the purpose of
C o . (for history see “ Electric R ailw a y” Supplement of A p ril 26 1924;. acquiring, operating and financing public u tility companies. Owns the
Vicksburg (M iss.) L ig h t & Tra ction C o . (for history see “ Electric R ailw a y” entire capital stock (except directors’ shares) and bonds of the Louisiana
Supplement of A p r 26 1924) and Colum bus (M iss.) R y . L ig h t & Power C o . Public Utilities C o ., In c ., the Arkansas General U tilities C o . and 4 4 .4 %
C o . acquired in the middle of 1926 the plant of the Panola Electric L ig h t of the common capital stock of the Mansfield L ig h t & Power C o . V . 121,
& Power C o . at Sardis, M iss. Y . 123, p . 843.
p . 2872. Th ro u g h a new subsidiary, M isso u ri G eneral U tilitie s C o . , acquired
in 1926 the electric light and power properties in St. Genevieve, St. M a ry s ,
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Furnishes w ithout competition the entire electric light and power service P erryville and Bloom field, M o . V . 122, p . 2037, 2947.
in Jackson, Vicksburg, Colum bus, Greenville, and in 50 smaller com­
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
munities in Mississippi; the gas service in Jackson and Colum bus, and the
C o . through its subsidiaries supplies w ithout competition electric light and
electric railw ay sendee in Jackson, Vicksburg and Colum bus. Also power in M organ C ity , Covington , A bita Springs, Slidell, M andeville,
furnishes electric light and power at wholesale and retail at Tu pelo and the Franklinton, Oakdale, D eR idder and Leesville, L a ., and W arren, A rk .
entire electric light and power service directly in several adjacent com­ Ice is supplied in all of the above (except M andeville, D eR idder and W arren)
munities. Owns electric generating stations w ith an aggregate installed and also in Pearl C it y and Berwick, L a ., and Smackover and E l D orado,
capacity of approxim ately 17,183 k .w ., 321 miles of high-tension trans­ A rk . W ater is supplied without competition in Leesville, L a ., and Sm ackmission lines and 348 miles of electric distributing systems covering the over and W arren, A rk . Aggregate population served over 109,000. M an s­
various communities served. Plants are located at Jackson, Vicksburg,
field L ig h t & Power Co . supplies without competition electric light and power
Greenville, Colum bus and Tupelo. Co. also owns the gas plants and gas to an estimated population of about 6,000 V . 121, p. 2872.
distributing systems in Jackson and Colum bus. T h e electric railway
S TO C K A N D BONDS—
D a te.
In terest. O u tsta n d in g .
M a tu rity .
D a te.
In terest. O u tstan din g.
system comp; is s 25 miles of single track equivalent and an auxiliary bus
service. C o . sjrvas over 19,500 electric consumers and over 2,000 gas Com m on 150,000 shs (no par)
(v t c ) ----------------------------------------consumers. Population served estimated at 142,000.
$7 Q - M
xl4,000 shs
C u m pref 50,000 shares______
S T U C K A N D it>• C)~>—
D a te. Interest.
O utstan din g. M a tu rity .
6 g J -D
1,871,000
1st lien & ref gold ser A 6 % j 1925
____
__
_________ :
Com m on stock (no p a r )______ ______
__________ 21.000 shs ___________
($1,000-$500)_________ c*tf \Th e Penn C o . for Ins. on Lives,& c., P h ila .,tr
Preferred stock (no p a r )______ ______
__________ 10,754 shs O ct '25, $2
x T h e full amounts w ill not be outstanding u n til the allotment pries
1st & r f M sk fd s t “ A " l 1923
6)4 g J - D $1,223,000 June 1 1943
($100) is paid in full.
($100. $500 & $1 0 )0) gc*tf J In i. at G ua ra nty Tru s t C o ., N . Y . , Trustee.
Stock.— T h e $7 cum . pref. stock is preferred as to cum ulative dividends
Jackson P S Co 1st M ser Iris 1919
See text
1,355,000 O ct I 1934 and assets ($100 and divs. in case of dissolution or liquidation). R e d ., all
($100 $500 & $1 .OOOi. .
c|Chicago Tru s t C o ., Chicago, Trustee.
or part, on 30 days’ notice at $110 and divs. Dividends payable at Penn.
Vicksburg LI & T r Co 1st M g
1912 5-7 J-.T
1,001,000 J u ly 1 1932 C o . for Ins. on Lives & G ranting Annuities, Phila. In D ec. 1925 Parsley
($500 and $ 1 ,0 0 0 ) ____at Central T r . Co . o f 111., C h ic ., Trustee.
Bros. & C o . and Paul & C o ., Phila., offered 14,000 shares at $100 and divs
Vicksburg L t & T r C o d l» bds
1920 6 M -S
265,000 M a r 1 1930 V . 121, p. 2872. Allotm ent certificates were to be listed on Philadelphia
$400,000 gold C$1 0 )0 1 c*tf (1 o f. at Central T r . Co . of 111., C h ic ., Trustee.
Stock Exchange. Paym ent was to be made in installments of $50 and divs.
Colum bus R y L t tc Pr 1st M
1907 6 g J - J
300,000 J u ly 1 1937 on or before Jan. 1 1926 and additional payments b y call not to exceed $10
($500 & $ 1,000) g >ld _____ e ( \1 ercantile T ru s t & D e p . C o ., B a lt., Trustee
per share, the holder having the right to pay the entire unpaid balance.
Bonds — 1st & ref mtge. ser. “ A ” 6 )4 % bonds are red. all or in part W hen the full price has been paid, holders of allotment certificates w ill be
on any int. date on 30 days' notice at 105 and int. As a sin k in g fund, for entitled to 1 share $7 cum. pref. stock and 1 share of common stock voting
the purchase or redemption of series “ A ” bonds at not exceeding 105, co. trust certificates, if the voting trust is then in force, otherwise one share
w ill covenant to pay to the trustee on or before June 1 1926 and each year of common stock. If the $50 additional payments have not been called in
thereafter up to and incl. June 1 1934, a sum equal to 1 % of the aggregate full on or before Dec. 1 1928, nevertheless the common stock v .t.c . or com­
principal am ount of ser. “ A ” bonds outstanding on the preceding last day mon stock shall be delivered to allotment certificate holders. V . 121, p.2872.
In addition to the 35,000 no par com m on shares (v .t .c .), 14,000 shares
of A p ril, and on or before June 1 1935, and each year thereafter up to and
incl. June 1 1942, a sum equal to 1 )4 % of the aggregate principal amount •additional are reserved in connection w ith the $7 d iv . cum. pref. stock when
of ser. “ A ” bonds outstanding on the preceding last day of A p ril. Co . issued or for issuance after D ec. 1 1928 to holders of paid up allotm ent
has agreed to refund Penna. and Conn, personal property taxes not exceed­ certificates. T h e purchasers of above 35,000 common stock (v .t .c .) re­
ceived option warrants to subscribe to an equal additional am ount of v .t.c .
ing 4 mills per annum , and Mass, income tax not exceeding 6 % per annum
on income derived from the bonds. In N o v . 1923 $1,200,000 1st & ref. or common stock as follows: O n or before Jan . 2 1927 at $12 per share; on
mtge. ser. “ A ” 6)4s were offered b y W . C . Langley & C o . and Joh n N icker­ or before Jan . 2 1928 at $15; on or before Jan. 2 1929 at $18.
son & C o ., N . Y . , at 94)4 and in t., to yield 7 % . V . 117, p . 2212.
B on ds.— T h e 1st lien & ref. gold bonds are secured b y pledge of all of the
The Jackson P u b. S e n . 1st M tg e . bonds bore !nt. at the rate of 5 % up to outstanding 1st M . bonds (in excess of $1,250,000 and constituting the sole
funded debt of the issuing companies), and all of the capital stock, except
A p ril 1 1922; since, at 6 % . A sin kin g fu n d of an m ount equal to 4 4 %
of outstanding bonds is provided for beginning J u ly 1 1 4 to be applied directors’ qualifying shares, of Louisiana Public U tilities C o ., In c ., and
to the purchase or redemption of these bonds at not over 102 and int. Are Arkansas General Utilities Co . A dditional bonds of series “ A ” or other
callable at 102 and int. on any in t. date on 40 days’ notice. In t . payable series of such tenor as co. m ay decide m ay be issued (a) to refund 1st lien &
ref. bonds of another series, and (b) upon deposit w ith trustee of at least an
in N e w Y o rk and Chicago.
O f the Vicksburg L t. & T rac. 1st M tg e. bonds outstanding $763,000 are 5s equal principal amount of mortgage bonds of any subsidiary, b u t o n ly when
and $238,000 are 5s w ith 2 % interest coupons added. Redeemable at annual interest upon all deposited bonds together w ith all other income ap­
plicable to dividends for 12 out of preceding 14 months has been at least
105 and int. on any in t. date. V . 95, p. 49.
1M times annual interest on bonds issued incl. new issue. R ed., whole or
Vicksburg L t & T rac. debentures are redeemable at 101 and in t. on any part, on 30 days’ notice on any interest date during 1926 at 105 and int. and
Int. date. See V . 96, p . 488.
thereafter at \ i % less for each succeeding year except that during 1945 they
C olum bus R y. L t. & P ow . Co. 1st 6s are red. at 105.
w ill be red. at 100 and int. C o . refunds any personal property or income
O F F I C E R S .— Pres.. H . C . Couch: V .-P . & Gen. M g r ., C . P . Couch taxes imposed on either the principal or interest other than inheritance, gift
or succession taxes in Penna., C o n n ., M a ryla n d , M ass, and D is t. of Col.
V.
-P s ., J . L . Longino, H . C . A bell, and E . W . H ill; Sec., L . G arrett; Treas.,
W . E . Baker.— V . 118, p . 2042, 2437; V . 119, p . 455, 579, 2762; V . 121, p. to an am ount not exceeding the personal property or income tax in effect
on Dec. 1 1925 in the several States and the personal property tax in effect
1102; V . 123, p .8 4 3 .
in D is t. of Col. on the same date, also certain taxes in M aine . In Jan.
1926 J . G . W h ite & C o ., In c ., Parsly Bros. 8c C o . and Stroud & C o ., In c .,
offered $1,250,000 series A 6 % bonds at 97)4 and in t., to yield 6 .2 2 % .
LAUREL L IG H T & RAILW AY CO.
V . 122, p. 478. In June 1926 J . G . W h ite & C o ., In c ., Parsley Bros. & C o .
¥ e were informed that co. had been purchased b y M is s is s ip p i Pow er Co. and Paul & C o . sold $621,000 additional Series A 6 % at 98 and in t., to
yield 6 .1 8 % . V . 122, p . 3336, 3451.
N o further particulars available.
E A R N I N G S . — Consol, earnings of co. & subs, for 12 mos. end. A u g .r31
O R G A N I Z A T I O N . — In corp. in M iss
1926: Gross (incl. other incom e), $923,201; net after oper. exp., m aint. &
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
taxes (except Federal) & c., $346,975; interest on 1st lien & ref. bonds,
Owns and operates the lighting, power and street railw ay system in the
cities of Laurel and Ellisville, M iss., and an electric interurban railway $112,260; bal. for deprec.. F ed. taxes, d iv s ., & c., $234,715.
O F F I C E R S . — Pres., Samuel W . Flem ing J r .— V . 121, p . 2872; V . 122.
between the tw o cities. T h e lines outside the cities and 2 miles in Laurel
are on private rig h t-o f-w ay. Comprises 6)4 miles in Laurel and 9)4 miles p . 478, 2037, 2947, 3336, 3451; V . 123, p. 2136.




O ct., 1926.]

G U L F P U B L IC SERVICE CO.
Controlled b y C on solidated Power & Light Co. o f South D a k o ta , which in
tu rn is controlled b y General Public Utilities C o ., whose stock is owned in
tu rn by D a y & Z im m erm a n n , In c.
O R G A N I Z A T I O N . — In corp. in Delaware A u g . 8 1925.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
C o . owns and operates 2 groups of public utility properties in Louisiana and
northeastern Texas, serving electric light and power, ice and water in 25
communities w ith approx. 85,000 inhabitants. Electricity for light and
power is supplied to 17 communities with a total population of 44,500.
T h e Louisiana group comprises Glenm ora, Breaux Bridge, Jeanerette, Pat­
terson, Berwick, V ivian , Jena, W infield, Cotton Valley, O il C it y and M o o ringsport, the Texas group Jacksonville, Rush, Tro u p , Frankston, K em p
and M abank. To ta l installed electric generating capacity of co.’s plants is
3,599 k .w . C o . also owns and operates several ice plants. V . 121, p . 2272.
S TO C K A N D BOND S—
D a te .
In terest. O utstan din g. M a tu rity .
Com m on (no p a r )____________ ______
__________
3,000 shs --------------------7 % cum pref $1,000,000____________
__________
None
1st M 20-yr s f g series “ A ” f 1925
6 g A -O
$1,500,000 O ct. 1 1945
($1,000-500-100)______ c * t f (ln t . at G uaranty T r . C o . of N . Y . , trustee.
1-year notes__________________ ______
__________
800,000 --------------------B onds.— Th e 1st M . 20-yr. sin kin g fu n d gold bonds series “A ," due Oct. 1
1945, are secured b y a direct 1st mtge. on all the physical properties of the
co. Additional bonds in one or more series of such tenor as m ay be deter­
mined as new series are created m ay be issued for 80 % of new_ construction
or acquisitions, provided net earnings of the co. and its subsidiaries are 1M
times annual interest charges on all outstanding bonds, incl. new issue.
A sin kin g fu n d , commencing O ct. 1 1927, is provided of 1 % of m axim um
amount of bonds outstanding at any time during the 1st 5 years preceding,
2 % during the next 10 years, and 2 ) 4 % during the last 3 years. R ed .,
whole or part, on 60 days’ notice to and incl. O ct. 1 1940 at 105 and in t.,
thereafter at 102 and int. Personal property taxes of any State, under any
present law, not in excess of 5 mills, M ichigan 5-mills and Mass. 6 % tax
refundable. In N o v . 1925 Ca m p , Tho rne & C o ., In c ., Chicago, offered
$1,500,000 series “ A ” at 97)4 and in t., to yield 6 .2 2 % . V . 121, p . 2272.
O F F I C E R S .— Pres., J . C . H ix . M an agem en t, D a y & Zim m erm an, In c.
— V . 121, p. 2272, 2650.

NEW ORLEANS PU B L IC SERV IC E IN C.
C ontrol.— Controlled b y Electric Power & L ig h t Co rp .
O R G A N I Z A T I O N . — Came into existence Sept. 27 1922 a s merger of
a
the N ew Orleans Public Service. In c ., the N ew Orleans R y . & L t . C o .,
the N e w Orleans & Carrollton R R ., L t . & P r. C o ., the N e w Orleans &
Pontchartrain R R . C o . and the Orleans R R . C o ., and subsequently ac­
quired the physical properties of St. Charles Street R R . C o .. N e w Orleans
Gas L ig h t C o ., N e w Orleans C it y R R . C o ., Consumers Ele ctric L ig h t &
Power C o . and Citizens L ig h t & Power C o ., In c . V . 121, p . 2521. N e w
Orleans Public Service, In c ., was incorp. A u g . 18 1922 under the laws of
Louisiana as per plan of reorg. outlined in this Section of O c t. 28 1922.
N o te .— T h e only change in the name of the new N e w Orleans Public
Service, In c ., is the dropping of tne comma between the words Service
and In c .
N ew Orleans Public Service In c . controls the following companies:
Owned by
A m o u n t N . O. P . S.
S TO C K S—
Issu ed .
Railways Realty C o _________________________________
$3,000
$2,500
Jefferson & Lake Pontchartrain R y . C o ___________
100,000
99.300
M erger o f Sub. C os.— I n D ec. 1923 the St. Charles St. R R . and the N e w
Orleans Gas L ig h t C o . were merged into the parent co. V . 117, p . 2213.
See also V . 119, p . 1844.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e co. operates all the plants generating electric energy for commercial
power and light in the c ity of N e w Orleans, the entire gas m anufacturing
and distributing properties, and the street railw ay system of 212 miles.
Population served estimated at 430,000. Properties owned include (1) elec­
tric generating stations w ith aggregate installed capacity of 91,700 k . w .,
and 1,813 miles of electric transmission and distributing systems; (2) gas
works w ith a manufacturing capacity of 22,124,000 cu. ft. per da y, holder
capacity of 7,580,000 cu. ft., and 549 miles of mains; (3) and 212 miles of
street railw ay track and 787 cars, including 223 double-truck cars of modern
design. 77,400 electric and 64,600 gas consumers. Street railw ay passen­
gers carried 12 months ended Jan . 31 1926, 145,729,000.
A greem en t w ith C ity.— F o r particulars see “ Electric R ailw a y” Supplement
of A p ril 26 1924.
To O perate B uses.— See V . 118, p. 1911.
Interest. O utstan din g. M a tu rity
S TO C K A N D BONDS—
D ate.
7 i0 ..>15 shs.
Sec text
Com m on stock (no p a r)______
79.177 shs. O ct '26$ 1 .75
Pref. stock 7 % cum . 150,000, —
$7 Q -J
shs. (no p a r )______________
5 g A -O
12,000.000 O ct 1 1952
1st & ref M series “ A ” ______
1922
5 g J -D
5 000.000 June I 1955
Ser B ($1,000, $500 c* and \ 1925
Chase National Bank. New V rk tmstee.
13 136.900 J u ly 1 1935
1922
4 4 g J -J
N e w Y o rk T ru s t C o ., New Y o rk , trustee.
scrip 5s gold___________ c*tf J
6 % r -D
4.776 300 N o v 1 1949
1922
Income bonds 6 % cum ser “ A
6 54 N ov 1 1919
1922
6% J D
1899
5 F -A
1.379.50.) Feb 1 1933
and scrip of $50) gold_c*tf (
($500 and $1,000)_____ n t f l l n t . at W h itn e y C e nt. N a t . B ank, N ew O rl
Canal & Claib R R cons mtge/ 1896
6 g M -N
664,000 M a y 1 1916
$800,000 ($500 & $1,000) _ - \ ln t. at W h itn e y C e nt. N a t . Ban k , New Orl
Edison Elec of N O 1st M l 1899
5 J -J
2,040,000 Jan 2 1929
($1,000) s f $2,500,000 c*tf 11nt. at American T ru s t C o ., Boston Trustee?
M erch E l L t & P r Co 1st m tge/ 1899
5 g J -J
300,000 J u ly 1 1929
$ 5 0 0 ,0 0 0 gold ( $ 5 0 0 ) - - C * t f (In t . at M erch. L oan & Tru s t C o ., C h ic., T ru s .
N O C it y gen m tg $ 3 , 2 5 0 , 0 0 0 / 1 8 9 9
5 g J -J
3 ,2 0 0 , 0 0 0 June 1 1 9 4 3
gold ($1,000)__________ c*tf ( lilt, at Interstate T r . & B k g . C o ., N e w O rl.
■ Fid elity & C o l. Tru s t C o ., Louisville, T r u s .
f
N ew Orleans C it y & Lake 1st/ 1893 5 g J - J
2,205,000 Jan 1 1943
mtge for $5,000,000 gold/Subject to call for sinking fund at 110.
($500 and $1,000)____ c*tf |Fid elity & Col. Tru s t C o ., Louisville, Trustee.
|Int. at Interstate T r . & B kg. C o ., N e w O rl.
N O Power-house 1st mtge/ 1901
5 g J -J
200,000 J u ly 1 1943
gold $200,000 ($1,000) _ c t f /Fid elity & C o l. T ru s t C o ., Louisville, Trustee.
lin t , at Interstate T r . & B kg. C o ., N e w O rl.
St Charles St 1st M $600,000/ 1902 4 g J - J
375.000 Jan 1 1952
($1,000) gold________ c n tf/ In t. at W liitn e y-C e n t. N a t. B k ., N ew O rl.
R ys Realty Co 1st mtge$400,-/ 1916
6 Q -M
20,500 M a r 11931
000________________________ |Hibernia Bank & T ru s t C o .. Trustee.
Consum E l L t & P r Co 1st M f 1911
5 J -J
1,885,000 Ja n 1 1936
25-rs g $2,500,000 ($ 5 0 0 iln t. at Irv in g B k .-C o iu m b ia T r . C o ., N . Y .
and $100)---------------------------------[ C it y , trustee.
Stock.— Th e $7 pref. is non-voting stock. Is entitled to $100 per share
and dividends in case of liquidation. Red. as a whole at $110 per share and
dividends. In Dec. 1924 the Old Colony Tru s t C o ., Boston, and Bonbright
& C o ., In c ., N e w Y o rk , offered 22,000 shares of pref. stock at $97 per share
and dividend. V . 119, p . 2647. In M arch 1926 co. offered 32,000 shares
7 % pref. stock (par $100) at par to its customers and employees, payable
on the installm ent plan. V . 122, p . 1762.
_ B on ds.— Th e first & ref. mtge. 5s (Series A ) are redeemable, all or part, on
six weeks' notice, at 105 and int. on or before O ct. 1 1927; at 104 and in t. in
the next five years; at 103 and int. in the next five; at 102 and int. in the
next five; at 101 and int. in next five, and at 100)4 and int. thereafter prior
to m a tu rity.
T h e first and ref. mtge. 5 % gold bonds. Series B , due June 1 1955, are
redeemable, all or part, on six weeks’ notice, incl. June 1 1930, at 105; in
the next five years at 104; at 103 in the next five; at 102 in the next five; at
101 in the next five; and at 100)4 thereafter; in each case w ith interest.
Interest payable in New Y o rk and N ew Orleans. Penna. 4 m ill tax refund­
able; D illo n , Read & C o . sold in June 1925, $5,000,000 at 95)4 and int.,
to yield 5 .3 7 % . V . 120, p. 3065. B o th series listed on N e w Y o rk Stock
Exchange. V . 121, p . 1102.
T h e gen. lien 4)4 % bonds are call, all or in part at any tim e, on 6 weeks'
notice at 105 and in t. In t . payable in N . Y . and N e w Orleans. $1,650,000
were offered b y Jackson & C u rtis, O ld Colony T r u s t C o . and Tu c k e r, A n ­
tho ny & C o . in A u g . 1924 at 86)4 & in t., to yield about 6)4% • V . 119.
p . 943.




311

POWER, LIGHT AND RAILWAY

T h e 6 % cum . income bonds m aturing N o v . 1 1949 are secured b y direct
mortgage lien or through pledge of collateral on the entire property of the
com pany, subject to $42,630,800 of prior lien bonds. T h e y are designated,
respectively, Ser. A and Ser. B (Ser. A to be payable in U . S. dollars and
Ser. B payable prin. and int. in French francs). T h e Irv in g Bank & T ru s t
C o ., N . Y . , is coupon-paying agent. Series A ($1,000, $500, $100 c* tf) are
red ., whole or pa rt, on four weeks’ notice at 100 and int. H ibernia Bank
& T ru s t C o ., N e w Orleans, L a ., is trustee. In M a y 1926 H ale, W aters
& C o . offered $500,000 Series A at 95)4 fla t, to yield 6.6 5 % (the price was
equivalent to 9 2 )4 ). V . 122, p. 2949
On the N ew Orleans & Carrollton consolidated bonds, $30,000 per annum
Is payable to a sin k in g fu n d .
A sin k in g fu n d of $30,000 per annum is provided for the redemption of th*
N . O . C it y & Lake R R . bonds.
T h e M erchants’ Ele c. C o . bonds are subject to call at 102 and In t. at
any time.
T h e St. Charles St. R R . bonds are not sub. to call.
Edison Elec. C o . of N . O . bonds have sin k in g fu n d of 1 % per annum
of bonds out.
A sin k in g fu n d of $15,000 annually, since Ja n . 1 1920, is provided for
the redemption of Canal & C la ib . 6 % bonds.
D ivid en d s.— -In D ec. 1923 a d iv . of $8 per share was declared on the com.
stock of $100 par, payable in common. V . 117, p . 2770. In Sept. 1924
stock was changed to no par value and 4 shares of no par common exchanged
for each old share of $100 par. D iv s . subsequently paid equivalent to $2 25
per annum , based on present no par stock.
E A R N I N G S . '— F o r calendar years:
1925.
1924.
1923.
Gross earnings from operation______ $15,575,437 $14,870,840 $14,407,601
Operating expenses and taxes________ 10.271,182 10,036,508
9,804,116
- - $5,304,255
176,607

$4,834,332
150,643

$4,603,485
152,094

T o ta l income
-.
___
-.
$5,480,862
Interest on bonds . _
--2,155.488
O ther interest and deductions____
137,684
X
D ividends on preferred stock___

$4,984,975
2,065,099
121,508
374,089

$4,755,579
2,103,293
100,763
299,160

N e t earnings________
O ther income
-.

- ._

Balance____________________________ x$3,187,690 $2,424,279 $2,252,357
x Preferred dividends not stated. Balance of $3,817,690 is before d iv i­
dends and also before $1,416,000 renewal and replacement reserve.
L a test E a rn in g s.— F o r 12 months ending June 30:
1926.
9125.
G ro s s _____________ _________ ______________________ $17,169,108 $15,853,808
N e t after taxes,incl. other income_________________
6,287,020
5,565,711
interest, & c_________________________________________ 2,531,910
2,320,240
428,243
300,093
Preferred dividends________________________________
B alan ce___________ ________ _____________________ $3,326,867 $2,945,378
O F F I C E R S . — Chairm an of Boa rd, R . S. H echt; Pres., H . B . Flowers;
V .-P s ., E . W . H ill, W . C . Lang and A . B . Paterson; Sec., J . H . D e Grange
C o m p t., A . B . M c C o a rd ; Tre a s ., E . T . C o lto n .— V . 118, p . 794, 1911,2042,
1573; V . 119, p. 325, 943, 1510, 1844, 1952, 2647; Y . 120, p . 1459, 1881.
3065; V . 121, p. 200, 1102, 2039, 2521; V . 122, p . 1762; V . 122, p . 1762.
2329, 2949; V . 123. p . 325.

LAKE C HA RLES R Y ., L IG H T & W A T E R -W O R K S CO.
Sold in A u g . 1 1924 to the Lake Charles Elec. C o ., In c ., which w a s .
in turn acquired b y the Eastern Texas Ele c. C o . (w hich see). F o r history
of Lake Charles R y ., L t . & W ater Works C o ., see “ E lectric R ailw a y
Supplement of A p ril 26 1924.

B A T O N R O U G E ELEC TR IC CO.
U nder the executive management of Stone & W ebster. In c .
C on trol.— I n M a y 1926 co. came under control of Engineers Public
Service Co . V . 122, p . 2947.
O R G A N I Z A T I O N , &c — Organized in Louisiana.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Does entire electric railw ay, electric lighting, power and gas business in
Baton Rouge, the capital of Louisiana and the electric lighting and power
business in P ort Allen, L a . Operates 6.37 miles of track in form of a
single belt through Baton Rouge, 21 cars; standard gauge miles of equivalent
single track, 9.75; 3 buses. Power station at Baton Rouge, L a ., capacity
6,500 k. w . Gas output, 1925, 109,994,400 cu. ft.; 41,254 miles gas mains;
2,843 gas meters. Electric light and power fran ch ises expire in 1988 and
2023 principal railway franchise in 1973 and 2022; gas franchises in 1942
and 2023. Estimated population served: railw ay, 40,000: electric light and
power, 46,900: gas, 30,500.
in M a y 1925 co. changed the authorized common stock from 8,000 shares,
par $100, to 65,000 shares of no par value, at the ratio of 4 new shares for
each old share. Also decided to eliminate the then authorized $250,000
6"/, pref. stock (par $100) and to provide in lieu thereof an issue of pref.
s’ ock in series A . B , &c. A n issue of $425,000 Series A was approved,
paving 7 % div. (cum ulative) and redeemable at 115. V . 121, p . 1099.
S TO C K A N D BONDS—
D a te .
In terest. O utstan din g. M a tu r ity ,
Co umon 65.000 shs (no p a r ) . . ____
________
41.041 shs.
See text
Pref cum ser \ 7 7 $425,000 ____
,
7 Q -M
$341,600 Sept 26 1M
1st m* ,o
ooo 000 series A f 1924
5 A g J -D
990,000 June 1 1954
(Stop <S">on % $1,00 0)_c*tf/Int. at O ld C o lon y T r u s t C o ., Boston, trustee
Pref stock subscriptions______ _____
________
43,900 ___________
s t i’-k.— Pref stock is preferred as to cum . 7 % divs. and assets. Red.
at 115. Par value $100.
R o n ’s .— 1st M tge. bonds outstanding at any time is not to exceed $15,'
000 000 and to m ature not later than Jan. 1 2000. Additional bonds of
series A or ether series m ay be issued only under the carefully guarded
restricti >ns of the mortgage. 5 4 s ser. A are red. as a whole (or in part for
sinkin r fund) on 30 days, notice at 105 & int. prior to June 1 1944, reducing
A of 1 % for each year thereafter to 100 & int. on and after June 1 1953,
S in kin g fu n d payable Jan. 1 of 1 % per ann. of ser. A outstanding, to be
applied to purchase of bonds of this series at not exceeding 100 & int.
$1,000,000 ser. A bonds were offered in June 1924 b y Blodget & Co. and
Stone & Webster, In c ., at 93 & in t., to yield over 6 % . Y . 118, p. 2940.
$10,000 are cancelled b y sinking fund.
D iv id e n d s.— In itial d iv . of 2 % on com. paid Dec. 1915. In 1916 7 % .
In 1917, 8 % . In 1918, 8 % . In 1919, 8 % . In 1920, 8 % . In 1921, 9 % .
In 1922, 1 0 % . In 1923, 1 0 % . In 1924, 1 0 % . In June 1925, 5 % . On
the new (no par) common stock, in Sept. 1925 and since 62 A c .
E A R N I N G S . — F o r calendar years:
B al. A v a il, for
N e t after
In terest A R eserves,R etir.
Gross.
Taxes.
A m o rt.
an d D iv s.
1 9 2 5 - - . ...................... .$799,614
$271,630
$71,712
$199,918
1 9 2 4 - - - _____
707,106
250,465
51.808
198,657
1923_________________ 634,003
.213,079
30,055
183,024
1922_________________ 585,104
206,901
43,970
162,931
L atest E a rn in g s.— F o r 12 mos. end. J u ly 31:
1926.
1925.
Gross earnings________________________________
$904,996
$748,451
N e t after taxes_________________________________
329,056
268,567
Interest & am ortization________________________
70,548
67,732
A va il, for res. retir. & divs______________________
$258,508
$200,835
O F F I C E R S . — Pres., H a r r y H . H u n t; V .-P s ., E d w . Godchaux: Sec.,
V ictor D . Vickery; Tre as., H e n ry B . Sawyer; Gen. M g rs ., Stone & W ebster,
In c .; M g r ., A lve r D ix o n .— V . 101, p. 1806; V . 104, p. 1488; V . 110, p. 76;
V . 113, p. 2404: V 116. p. 74; V 118, p. 2946. 3075; V . 121, p. 584, 1099;
V . 122, p. 1307, 2947; V . 123, p . 1249.

S H R E V E P O R T R AIL W A YS CO.
O R G A N I Z A T I O N . — Successor of the Shreveport Tra ction C o ., the fran­
chises and properties of which com pany were purchased in J u ly 1914 b y the
Shreveport R a ilw ays Co . Shreveport T r a c . C o ., in tu rn , succeeded the
Shreveport Belt R y . C o . and Shreveport C it y R R ., chartered in 1870, and
purchased the H ighland Park T r a c . C o . and the Shreveport C it y Suburban
R y.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns and operates entire street railway system in c ity of Shreveport.

212

PUBLIC UTILITIES

Operates 35 miles of track; 60, 70 and 80-lb. rail.
Owns and operates
its own power plant. 10 single-truck and 31 double-truck pass. cars. 14
one-man cars, 1 work car and 2 miscellaneous cars.
F ranchises.— In 1912 all franchises of the company were extended until
1954. A ll franchises are free from burdensome restrictions,
f S TO C K A N D BO N D S—
D a te.
Interest. O u tstan din a. M a tu rity .
Stock $2.000.000___________________
_______
$1,053,600 J a n ’23. 3 %
Preferred $200,000___________ ______
________ ___________
___________
1st M ser gold bds $3,000,000/ 1914 5 g J -J
670,000
See text
($100, $500 & $1,000) c*tf (I n t . at H ibernia B k . & T r . C o ., N . O ., trust.
B on ds.— Redeemable at 103 and interest. T h e $800,000 bonds issued
m ature in annual installments as follows (par value $1,000, except for
$50,000 of $500 bonds and $20,000 of $100 bonds due in 1944) $10,000
1918 and 1919; $15,000 1920 and 1921; $20,000 1922 to 1927; $25,000
1928 to 1932; $30,000 1933 to 1937; $25,000 1938 to 1942; $20,000 1943;
$210,000 1944. T h e remaining $2,200,000 w ill fall due annually as follows
(par $1,000, except $100,000 of $500 bonds and $80,000 of $100 bonds
due in 1944); $5,000 1925 to 1937; $15,000 1938 to 1942; $20,000 1943,
and $2,040,000 in 1944. $130,000 redeemed to A p r . 1 1925. These remain­
ing $2,200,000 bonds m ay be certified and issued from tim e to time for
im provem ents, extensions, additions, & c ., under certain restrictions.
(V . 99, p . 199).
E A R N I N G S .— F o r calendar years:
In te re st.
S u rp lu s.
N e t.
G ross.
$58,723
def$4,089
$54,634
1925________________ _____ $633,519
42,859
def7,049
1 9 2 4 ._____ _________ _____ 650.191
35,810
40,210
25,044
65,254
1923________________ _____ 650,866
40,699
52.654
1922------------------------------ _____ 629,421
93,353
118, p. 1521; V . 120, p.
— V . 115, p. 2794: V. 116, p. 1412: V . 117, p. 209:
455.

ARKANSAS
FED E R A L L IG H T & TR A C T IO N CO.
O R G A N I Z A T I O N . — Incorporated in 1910 in N e w Y o rk . Holds a con­
trolling interest in the following companies operating gas, electric lighting,
steam heat, ice and traction properties located in cities mentioned in titles.
Albuquerque ( N . M . ) Gas & E l . C o . N e w Brunswick (S t. Joh n , N . B .)
Power C o .
T h e Belen W ater & L ig h t Co.
Centra] Arkansas R y . & L t . C o rp ., N e w M exico Power Co .
Rawlins (W y o .) Elec. E t . & Fuel C o .
H o t Springs, A rk .
Sheridan (W y o .) C o u n ty Elec. C o .
H o t Springs Street R y . C o .
Springfield (M o .) R y . & L ig h t C o .
H o t Springs W ater C o .
Springfield (M o .) Gas & E le c. C o .
Citizens’ Electric C o .
Springfield (M o .) Tra ctio n C o .
Consumers’ Gas C o .
Trin id a d (C o l.) E l.T ra n s m .,R y .& G a s
D em ing ( N . M . ) Ice & Elec. C o .
G ra ys H arbo r R y . & L t . C o ., A b e r­ Tucson (A r iz .) Gas, Ele c. L ig h t &
Power C o .
deen, W ash. (V . 86, p . 420).
Las Vegas ( N . M . ) L t . & Power Co. Tucson (A riz .) Rapid Tra n s it C o .
W illapa Elec. C o . (R aym ond , W ash.)
Las Vegas (N . M . ) Tra n s it C o .
F ed. L t . & T r a c t . C o . owns the entire capital stock and all the underlying
bonds of all of the above 22 companies, except the $1,489,300 pref. stock
and $1,659,000 1st lien bonds of the Central Arkansas R y . & L t . C o rp .;,
$923,30 ) pref. stock and $3,000,000 notes of the Springfield R y . & L t . C o .
and $100 par value of bonds and $81,050 stock of Tucson R apid Tra n s it
See description and properties in V . 90, p . 1490. Also owns $1,821,000
bonds, $1,000,000 1st pref. and $350,000 2nd pref. stock of N e w Brunswick
Pow er C o . In Feb. 1926 co. purchased the Santa Fe W ater & L ig h t C o . of
S a n t a F e , N which c Mo since was merged into N ew Mexico Power C o
.
.e x . ,
V . 122, p. 1309.
Change in C a p ita l Stock.— In A p ril 1925 the authorized common stock
w a changed from 85,000 no par shares to 1,000.000 shares of $15 par value
s
F o r each old share five new shares (par $15) were given. V . 120, p. 2400
T h e preferred stock was changed from $100 par to no par, share for share.
V .120, p. 2267, 2550.

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C o m p an y controls public u tility properties furnishing electric light and
power, gas or traction facilities in 15 communities in the States of New
M exico, Arizona, W yo m in g, W ashington, Colorado, Missouri and Arkansas.
8TO C K A N D BONDS—
D a te.
Interest. O u tstan din a.
M a tu rity .
C o m m $15,000,000 ($ 15)_________
o n
_______
$6,079,436 See text.
Pref 155,000 shs (no p a r )_____ ______
$6 Q -M
39,374 shs. See text.
First lien s f M $50,000,0001 1912
5 M -S
3,328,000 M a r 1 1942
gold $500 & $1,000)____ c*JColum bia T ru s t C o .. N V .. trustee.
Stamped 6 s ............................... 1912
6 M -S
3,482.000 M a r 1 1942
Stamped 5s__________________ 1912
5 M -S
1,329,000 M a r 1 1942
3 0 -y r deb bonds Ser ” B ’’ $5.-\ 1924
6 g J -D
2,500,000 Dec 1 1954
500,000 ($500 & $1,000) g / In t. at N e w Y o rk T ru s t C o ., N . Y . , trustee.
c*&r*.t? I.
Stock.— Com m on and pref. stocks are listed on N . Y . Stock Exchange.
B on ds.— O f the first lien sinking fund mtge. $3,238,000 are unstamped
5s, $3,482,000 stamped 6s, $1,329,000 stamped 5s; $1,486,000 have been
retired b y sinking fund. T h e stamped 6s are all or an y part red. on
a n y int. date on 30 days’ notice at 105 up to and incl. M a rch 1 1932: at
104 thereafter to and incl, M arch 1 1935, and thereafter at 102. V . 114,
p . 197. 305. T h e remaining first lien sinking fund bonds are issuable for
Im provements, betterments and acquisitions under certain restrictions.
$1,401,000 retired by sinking fund. Red. as a whole but not in part at 102
and int.
Annual sin kin g fu n d of 1 14% of bonds out M arch 1 1913 to
M arch 1 1923; 2 % , 1923 to 1933: 2 > S % , 1933 to m aturity. Paym ents for
redemption of bonds if purchasable at or below 102 and in t., otherwise to
be invested in new property subject to the mortgage. See V . 94, p. 910.
559. Funds m ay also be used for improvements. See V . 114. p . 305: V 96,
p . 284. T h e stamped 5s are call., whole or part, on any int. date after
12 weeks’ notice at 102 and in t. Penna. 4 mills tax refunded. In O ct. 1926
Lee. Higginson & C o ., W h ite , W eld & C o ., Bodell & C o . and W est & Co.
offered $1,329,000 stamped 5s at 95 14 and in t., to yield about 5 .4 0 % .
V . 123, p. 2138.
T h e 3 0 -Y ear Series "B” 6 % D ebentures are redeemable, all or in part,
any interest date on 60 days’ notice at 105 on or before Dec. 1 1941, there­
after at 100 to m a tu rity; in every case plus interest. Penna. and Conn.
4 mills and M ass. income tax refundable. $2,500,000 series B 6 % debenture
londs were sold in D ec. 1924 b y Bodell & C o ., N . Y . , and Boston, at 91 and
Interest, yielding 6 .7 0 % . V . 119, p . 2877. Listed on N e w Y o rk Stock

[V ol. 123.

(1) C E N T R A L A R K A N S A S R Y . & L I G H T C O R P O R A T I O N .
On M a rch 1 1913 was taken over b y Federal L ig h t & Tra c tio n C o .,
which owns entire common stock.
O R G A N I Z A T I O N . — Incorp. F eb. 19 1913 in V irginia, taking over the
H o t Springs W ater C o . and other properties.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Through its constituent companies does entire water, street railw a y, gas,
electric light and power business in H o t Springs, A rk ., and vic in ity. Has
contract with city of H o t Springs for street lighting. Operates 13 miles
of track; 60-lb. rails. 39 passenger cars.
F ra n ch ises.— Street railw a y expires in 1954, and exclusive as to streets
occupied until that date. W ater, exclusive, extended 25 years from O c t. 1
1924. Electric light and power expires 1933. Artificial gas, unlim ited as to
tim e. Also has natural gas franchise, expiring in 1931. Should supply of
natural gas fail, com pany w ill revert to artificial gas franchise.
S TO C K A N D BO ND S—
D a te .
In terest. O u tsta n d in g . M a tu rity .
Com m on $2,500,000__________ _____
________
$2,500,000 ___________
Pref cum $1,500,000__________ ______
7 Q -M
1,500,000
See text
F irs t lien $7,000,000 ($1,000,/ 1913
5 g M -S
1,659,000 M a r 11928
$500 and $100) gold____c * \ln t. at Colum bia T r u s t C o ., N . Y . , trustee.
Stock.— Pref. is redeemable at 110 and accrued d iv . D ividends are guar,
b y Federal L t . & T r a c . C o ., b y endorsement. A dditional pref. stock m ay
be issued under conservative restrictions. V . 96, p . 715.
B on ds.— $4,475,000 1st lien bonds are reserved for additions and im prove­
ments and m ay be issued for 8 0 % of cost of additions, extens. and im pts.
when net earnings are double the int. charges on bonds out, incl. those pro­
posed to be issued. Sink, fun d, which began Ja n . 1915, will retire at least
2 0 % of entire issue b y m a tu rity. $863,000 in sinking fu n d . A ll bonds
subject to call on any interest date at 102.
D iv id e n d s.— F irs t d iv . on pref.— 1 % % — paid June 2 1913; l % % has)been
paid quar. since.
E A R N I N G S . — Combined earnings of constituent cos. for cal. years
B al. Before
Interest
C h arges. M a in t ,& D iv s .
G ro ss.
N e t.
$283,072
$382,053
$98,981
x l9 2 6 __________
89,789
244,607
1925___________ . . . 1,000,901
334,396
211,508
1 9 24.................... . . .
938,219
298,381
86,873
291,954
1923___________
887,019
87,781
204,173
1922___________ . . .
90,809
211,268
856,311
302,077
x 12 months ended J u ly 31 1926.
,
O F F I C E R S . - -P re s ., E . N . Sanderson; V .-P . & Tre a s ., J . D u n h ill: Sec..
H y . G . To w nsend.— V . 116, p . 175; V . 118, p . 201; V . 120, p . 328; Y . 122,
p. 1168.
(2) S P R I N G F I E L D (M O .) R Y . & L I G H T C O .
As of M a r . 1 1911 entire stock was acquired b y F e d . L ig h t & T r a c . C e .
O R G A N I Z A T I O N . — In corp. in M aine in N o v . 1905.
Owns entire
capital stocks of the Springfield Tra ction C o . and the Springfield Gas & Elec­
tric C o . T h e Kickapoo Tra n s it C o . is also pa rt of system. Electric light
fra n ch ise perpetual; gas fra n ch ise expires in 1929; street railw ay fra n ch ise
in 1944 and steam heating fra n ch ise m 1936.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E 8 S .—
Does entire traction, gas, electric light and power business of c ity . Also
does steam heating. Operates 23 miles of track; 49 pass, cars and 1 1
w o r k
cars, 60, 70 and 80-lb. T rails. Power station capacity, 9,800 k .w . Also h a s
contract with O za rk Power & W ater C o . for purchase of 2,875 k .w .
1924 entered into a new 5-year street-lighting contract w ith c ity.
S TO C K A N D BO N D S—
D a te.
In te re st. O u tsta n d in g . M a tu rity .
Com m on stock $1,600,000____ _____
_______
$1,100,000 ___________
Preferred $2,000,000 c u m __________
7 Q -J
1,001,200 O c t ’26, LH
Stock.— Preferred stock is red. at 115 and accrued dividend.
D ivid en d s.— In itial d iv .— 1 % — on pref. stock paid A p ril 1
1 9 1 5 ;
s a m
rate quar. since.
E A R N I N G S . — F o r calendar years;
F ixed C h g s. &
B alance,
Total
N e t after
R even ue.
T a x es.
P ref. D iv s .
S u r p lu s .
$184,228
$348,5 9 «
$532,818
xl926 ___________ $1,401,492
192,799
3 3 8 ,2 9 *
1925______________ 1,377,487
531.097
155,785
3 2 8 ,2 9 8
1924..............
1,327.389
484.083
3 3 9 .4 4 9
1923______________ 1,315,730
469,489
130,040
2 1 9 ,8 6 4
1922.................
1,223,914
325,639
105,775
x 12 mos. end. A u g . 31 1926.
C VH . 116, Rp . 1051, 1178; V . 117,O p. F 1348;B V,U 118, I p N 1269; V S. 1 . 2— 0 .
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1 2 0 5 .
2498.

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Federal L ig h t & Tra ctio n C o . owns all the outstanding stocks and bonds.
O R G A N I Z A T I O N . — Incorp. in Colorado on A u g . 7 1911 as successor to
Colo. R y ., L t . & Pow . C o ., sold at foreclosure A u g . 2 1911. V . 93, pi 409.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Supplies electricity to mines and cities of Las Anim as and Huerfano
Counties, C o lo. Controls the entire gas and electric light business of T r in i­
dad, Colo. Power plant capacity, 16,250 k .v .a . Gas and electric fr a n ­
chises run from 16 years to perpetuity.
Power C on tract.— Has a contract to supply the St. Louis R ock y M t n . &
Pacific Coal C o . w ith power. V . 99, p . 1912. Also has a contract w ith the
Colorado Fuel & Iro n Co .
Effective M arch 12 1922, the company was authorized to abandon service
on certain lines (V . 114. p . 1065), and, effective Sept. 15 1923, oo. w a a
auth. to abandon all local and interurban railw ay service. V . 117, p . 1237.
Com pare V . 116, p . 2517.— V . 116, p. 2517; V . 117, p . 1237.

F O R T SMITH L IG H T & T R A C T IO N CO.

Standard Gas & Electric C o ., a holding com pany under the control of
H . M . Byllesby & C o ., Chicago, 111., owns $950,000 com ., $881,500 pref.
stock, $645,000 1st M . bonds, and all the $1,100,000 2d M . 8s of the co.
C o . controls, through stock ownership, M is s is s ip p i Valley Pow er C o .,
operating in M u lb e rry and O zark, A rk ., and v icinity.
O R G A N I Z A T I O N . — In corp. in Arkansas on A p ril 13 1903 as a consoli­
dation of the F t . Sm ith -V a n Buren L ig h t & Tra n s it C o . and the F t . Sm ith
Tra ctio n , L ig h t & Power C o . Owns all physical property, contracts, right*
and franchises of Van Buren F u e l & L ig h t C o . (now dissolved).
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns and operates the electric-light, gas and street railw ay properties in the
c ity, and the electric-light and gas business of V an Buren; operates an interurban line between F t. Sm ith and V an Buren. Owns and operates 33 miles
of track on 12 streets in F o rt Sm ith and suburbs. Standard gauge, 60 -lb .
and 80-lb. T rail. 55 cars. Also gas works for distributing natural and arti­
E x c h a n g e .
ficial gas (artificial gas plant is held in reserve) w ith 160 miles of mains,
D u tu e n d s .— O n pref.— 1 1 4 % — paid quarterly from Sept. 1910 to and and electric power and lighting plant— generating capacity, 8,643 h .p.
Including Sept. 1914. None to D ec. 1921, when 42 % was paid in 6 % pref
and pole line of about 324 miles. In 1917 contracted to supply electricity
stock and \ ) 4 % in cash, clearing up all accumulations. V . 114, p . 947
to two public service corporations which supply towns, villages and coal
Q uar. divs. of 1 M % paid regularly since to and incl. M a r . 1926. In June mines to the south and east of Fort Sm ith. Operates under indeterminate
1925 on the new no par pref. stock a quar. div. of $1 50, and quarterly perm it having surrendered all franchises in 1919.
thereafter to Sept. 1926. O n com. initial divs. of 75c. a share in cash and
Track R em oval.— In June 1925 the Arkansas Railroad Commission refused
75c. a share in 6 % cum . pref. stock were paid in A p ril 1923. Like divs. to authorize the rem oval of certain traexs. See V . 121, p. 3314.
were paid in J u ly and O ct. 1923 and Jan . 1924. In A p ril 1924 $1 was paid
S TO C K A N D BO NDS—
D a te .
In terest. O u tsta n d in g . M a tu rity .
in cash and 75c. in 6 % cum . pref. V . 118, p. 663. L ik e dividends have
________
$950,000 ___________
been paid regularly quarterly since to and incl. A p ril 1925. In J u ly and Com m on ($100)_____________________
Q -J 15
1,460,000
See text
O ct. 1925 on the new $15 par common stock a quar. cash d iv . of 20c. plus Pref ($100) 7 % c u m ------------------- ----------5 g M -S
2,949,000 M a r 1 1936
15c. (1 % ) payable in common stock. V . 120, p. 2400; V . 112, p . 705. F irs t mortgage $8,000,000 g/ 1911
s f ($500 and $1,000)____ c * jln t. at Illinois T r u s t & Savings B a n k , C h ic .,
Similar dividends were paid in 1926, Ja n ., A p ril, J u ly and O ct.
I Trustee, or at agency of c o .in N . Y . or Bos.
E A R N I N G S . — Consolidated earnings for cal. years (of co. and sub. cos.,
Second mtge. $2,500,000____tf 1921
8 M -S
1,100,000 Sept 1 1931
excluding N e w Brunsw ick Power C o ., inter-co. items eliminated):
M iss V al P r Co 1st M g 6 % f ______
6% g
400,000
1947
B alance,
N e t, A fte r I n t..D isc . & M in .F ed L .& T .
Gross
Series A ___________________ (G u a r. (p. i. & s. f .)b y F t . Sm ith L . & T . C o .
Revenue.
S u r p lu s .
Taxes.
P ref. D iv id e n d s. D iv id 'd s .
Gold notes 6 % series A ____ _______
6%
g
50,000
1932
$965,421
1926 x ___ $6,352,735
$2,419,581
,454,160
Stock.— Pref. stock is red. at any time after 3 years from issue at 110
2,203,636
905,319
7 7 9 J1 5
519,202
1925____ 5,888,708
659,835
2,161,586
873,964
627,788 and accrued dividend.
1924____ 5,665.828
B on ds.— Remaining 1st M . bonds can only be issued for 7 5 % of cost of
502,575
2,084,941
953,446
628,920
1923______5,510,877
250,500
657,166 additions, impts. and extensions under certain restrictions. See V . 92, p .
820,674
1922______5,012,490
1,728,340
956 Subj. to call as a whole or in part on any int. day on 30 days’ notice at
x 12 mos. end. A u g . 30 1926. y N o t stated. zBefore Fed. L . & T . divs.
105 and int. Cash sin k , fu n d of 1 % yearly 1914 and 1915, \' A % yearly
O F F I C E R S .— -Pres., E d w in N . Sanderson; 1st V .-P '., Francis Blossom; 1916 to 1918, 2 % yearly 1919 to 1923 and such ratable amounts thereafter
2d V .-P ., Jas. S. Dennis; V .-P . & Gen. M g r ., C . H . Nichols; Treas. & Sec., as b y J u ly 1 1935 will make total sink, fund 4 0 % of bonds certified. V . 92.
J . D u n h ill; Asst. Sec. & Asst. Tre a s ., R ichm ond T a lb o t.— V . 121, p. 705, p .9 5 6 . $915,000 have been retired.
2d mtge. 8s were call, at 105 and in t. on or before Sept. 1 1922; Vi % lea*
1347, 1568, 2271, 3130; V . 122, p . 748, 1169, 1309, 1608, 1761, 2649,
int. each year since. C o n tin ’l & Co n u a ’l T r u s t & Savs. B a n k , trustee.
2948, 3605; V . 123, p . 709, 1382, 1633, 2138.




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T R

I C

O ct., 1926.]

POWER, LIGHT AND RAILWAY

D ivid en d s.— Pref. is cum . from Ja n . 1 1912. 1st d iv . on pref.— 13 4 % —
paid A p ril 15 1910; J u ly , 13 4% ; O c t., 124% and 124 % quar. to and includ­
ing A p ril 1913; none since.
E A R N I N G S .— F o r calendar years (of Mississippi Valley Power C o .):
G ross.
N e t. a ft. T ax. I n t.C h g s.(N e t)
B alance.
$335,660
1925___________ - . -$1,262,722
$343,327
sur.$7.667
1924___________ _____ 1,207,069
322,465
302,370
def.20.095
337,371
303.209
sur.34,161
1923___________ _____ 1,159,945
L atest E a rn in g s.— F o r 12 mos. end. Ju ly 31 1926; Gross, $1,269,537
(against $1,081,587 during 12 mos. end. J u ly 31 1925); net after oper. exp.,
m aint. & taxes, but before depreciation, $306,608 (against $256,449).
O F F I C E R S .— Pres., John J . O 'B rie n; V .-P s ., Robert J . G ran t; V .-P . &
M g r ., R ob t. C . Co ffy; Sec., A u d . & Treas., D a n R ya n; Gen. M g rs .,
Byllesby E n g . & M g t . C o rp ., Chicago.— -V. 112, p . 257; V . 113, p . 730,
1155; V . 114, p. 2359, 2468; V . 117, p . 1347, 2212; V . 118, p. 2437; V . 119,
p. 10 6 4 ;V . 121, p. 3314.

A R K A N S A S POWER & L IG H T CO.
Controlled b y E lectric Pow er A Light Corporation.
O R G A N I Z A T I O N . — In corp. in 1926 in Arkansas to acquire and merge
Arkansas L ig h t & Power C o ., Arkansas Central Power C o ., Pine Bluffs C o .,
and East Arkansas Power & L ig h t C o ., and other miscellaneous properties.
V . 123, p. 1872.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Upon completion of the proposed acquisitions company w ill supply electric
power and light service to a large area of Arkansas over an inter-connected
system of transmission lines. A m ong the approximately 100 comunities
that will be served are L ittle Rock, Pine Bluff. Arkadelphia, Bauxite, N e w ­
port, Russellville, Cam den, E l DoTado, Stuttgart, M agnolia, W yn ne and
Searcy. Electric railway service w ill also be supplied in Pine B lu ff and
L ittle Rock and water service will also be supplied in Pine B lu ff and Little
Rock and water service in a number of communities .and company w ill also
do an ice business in several of the communities.
Practically all the electric properties to be owned b y company are already
interconnected or soon will be interconnected b y 838 miles of high voltage
transmission lines. T h e transmission system is also interconnected w ith
that of the Louisiana Power C o ., which owns the Sterlington steam electric
generating station in the M onroe natural gas field at Sterlington, L a .
Th rou gh this interconnection with the system of the Louisiana Power C o .,
com pany’s electric property w ill also be interconnected b y transmission
lines with the properties of the Mississippi Power & L ig h t C o . T h e Louisi­
ana Power Co . and the Mississippi Power & L ig h t Co . are also subsidiaries
of the Electric Pow er & L ig h t Corporation. V . 123, p. 1872.
C A P I T A L I Z A T I O N . — Co m p an y has an authorized capital of 1,300,000
shares of common stock, 150,000 shares of $7 pref. stock and 100,000 shares
of $6 pref. stock, all w ithout par value.
I t was intended to offer holders of $7 pref. stock of Arkansas L ig h t &
Power C o ., Arkansas Central Power C o . and Pine B luff C o ., to exchange
their stock, share for share, for $7 pref. stock of Arkansas Power & L ig h t
C o , V . 123, p . 1872,

A R K A N S A S CENTRAL POW ER CO.
Controlled by E lectric Power A Light C orp. Supervised by E lectric Bond
A Share Co.
P roposed M erger in to A rk a n sa s Power * Light Co. an d Exchange o f P ref.
Stocks.— See this latter co.’s statement above. V . 123, p . 1872.
O R G A N I Z A T I O N . — Incorp. A pril 10 1923 and acquired the physical
property formerly owned and operated by the L ittle Rock R y . & Elec. C o .
(for history of which see “ Electric R a ilw a y" Supplement of O c t. 28 1922).
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Does the entire commercial electric power and light and street railway
business in L ittle Rock; also providing all electricity commercially distrib
uted, directly and indirectly, in N o rth Little Rock, where street railway
service is also supplied. Operates 44 miles of electric railw ay. Electric
property includes steam electric generating capacity of 19,900 k .w ., 24 miles
of transmission lines and 171 miles of distributing system. Rails, 70 lb.
and over. Passenger cars owned, 100: other cars, 6: total, 106. Operates
Forest Park, located about 6 miles from the centre of the c ity. Population
served estimated at 92,000. R ailw a y fran ch ise extends to Sept. 28 1951;
lighting franchise unlimited in time.
V alu a tio n .— See V 112, p . 162.
S TO C K A N D BO ND S—
D a te .
In terest. O u tstan din g.
M a tu rity
_______ *150,000shs.
___________
Com 150,000shs (no p a r)_____ ______
Pref 20,000 shs/no p a r/ $7 ciim . . . .
$7 Q -J
11,355 shs. O c t’26 .$l,75
Little Rock R y & Ele ctric! 1903
5 g A -O
1,007,000 A p ril 1 1933
1st mtge (clo ed) gold]Interest at Canal-Com m ercial T ru s t &
($1,000) ________________c*
-Savings B ank,- N e-w Orleans, trustee.
Little Rock R y & Electric 1908
6 g A -O
1,018,500 A p ril 1 1938
refdg & extension mtge In t. at Bank of Commerce & T r u s t C o .,
(closed) ($500 and $1,M em phis, Trustee, or G ua ra nty T ru s t
000) gold_______________ c*
C o .. N . Y .
M ortgage notes payable_____
........
...................
75,000 ___________
♦All com. stock outstanding, except directors’ shares, owned b y Electric
Power & L ig h t C o .
Stock.— Pref. stock is red., all or In part, on any in t. date on 30 days’
notice at $110 and accrued divs. Prer. over the com. as to assets up to
$100 per share. Pref. has equal voting power with common stock. In
N o v . 1924 5,000 shares pref. were offered b y W . C . Langley & C o ., N . Y . ,
and Old Colony T ru s t C o ., Boston, at $98 a share & divs., to yield about
7 .1 4 % . Y . 119, p . 2284.
B on ds.— A ll of the outstanding 1st lien & ref. mtge. 6 % bonds due A p ril 1
1948 were called for paym ent O ct. 1 1926 at 105 & in t. V . 123, p . 1249.
L ittle Rock R y. A E lec. Co. 1st m tge. bonds are red., whole or part, on
60 days' notice at 107)4 and in t. S in kin g fu n d of 44 of 1 % of outstanding
bonds, 1908 to 1917, 1 % thereafter. M a y be used to retire bonds at not
more than 107)4. $379,000 held in sinking fund and $614,000 pledged.
T h e L ittle Rock Ry. A Elec. ref. & ext. bonds cannot be called. A sin k in g
fu n d of 44 of 1 % on outstanding bonds, which began A u g . 1 1913, m ay be
Invested in these bonds at not higher than a 4 44 % basis or used to reimburse
co. for property additions. Bonds to be kept alive in fund. $169,500
held in sinking fund and $1,812,000 pledged. V . 87, p. 414.
D iv id e n d s .— A n initial d iv . of $1 75 per share was paid on pref. stock In
J u ly 1923. Same am ount paid quarterly since.
E A R N I N G S .— F o r calendar years:
N e t, after
Other
B alance,
I n t ., A c .
G ross.
Taxes.
Incom e.
S u rp lu s.
$916,952
$6,727
$339,175
1925_________ $2,202,535
$584,504
1924_________ $2,125,798
811,046
10,808
313.005
508.849
1923_________ 2,057,458
724,714
7,502
276,658
455,558
1922------------------ 1,951.643
692.983
21.334
261.127
453,190
L a test E arn in gs.— F o r 12 months ended J u ly 31:
1926.
1925.
G ro ss______________________________
$2,264,599 $2,119,036
N e t after taxes, incl. other income.
971,149
845,629
Interest, & c________________________
340,034
333,744
Preferred dividends_______________
72,583
70,000

213

installed capacity of 17,859 k w ., including the first of a series of h yd ro­
electric developments on the Ouachita R iv e r, which has recently begun
operation. T o ta l population served 116,000.
S TO C K A N D BONDS—
D a te .
In terest. O u tstan din g. la t u r it y .
Com m on 100,000 shs (no p a r ) . ____
__________ 38,000 shs ___________
Pref 80,000 shs (no p a r )______ ______
$7 Q -J
40,947 shs A p r ’2 6 $ l -75
Stock.— Pref. has full voting power. Pref. shares are entitled to a pay­
ment of $100 per share upon dissolution or liquidation before any distribu­
tion m ay be made to the common stock. Pref. is not redeemable. 7,000
shares pref. were offered in M arch 1925 b y John Nickerson & C o . and
Eastm an, D illon & C o . at $96 per share and d iv .. to yield about 7 .3 0 % .
V . 120. p. 1201A ll of the outstanding 1st lien A ref. m tge. s . f . gold bonds, 6 % series due
M a rch 1 1954, were called for paym ent Sept. 1 1926 at 105 and int.
A ll of the outstanding 1st m tge. 30-yr. s. f . gold bonds due Oct. 1 1945 were
called O ct. 1 1926 at 105 and in t. V . 123, p . 708.
E A R N I N G S . — F o r 12 months ended A u g . 31:
1926.
1925.
Gross earnings from operation______________________ $2,779,031 $1,926,194
Operating expenses and taxes______________________
1,479.069
1,208.943
N e t earnings from operation_______________________ $1,299.962
$717,251
Other income______________________________________
147,651
190.103
To ta l income________________________________________ $1,447,613
$907,354
433,462
Interest on bonds__________________________________
309.559
O ther interest and deductions_____________________
161,228
61.688
Dividends on preferred stock______________________
286,629
224.687
B alan ce-----------------------------------------------------------------------------$566,294
$311,420
O F F I C E R S . — Pres., H . C . Couch; V .-P . & Gen. M g r ., J . L . Longinol
V .-P ., J . Nichol; Sec., L . G arrett; Tre as., W . E . Baker.— -V . 119, p . 2408.
2758; V . 120, p . 1087, 1201, 3184; V . 123, p . 708, 1872.
T H E P IN E B L U F F C O .
Controlled by the Arkansas L ig h t & Power C o ., which in turn Is controlled
by E l Pow . & L t . C o rp . V . 108, p. 1512.
Under supervision of Electric Bond & Share C o .
O R G A N I Z A T I O N . — Incorp. M a r. 16 1912 in Arkansas.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns and operates the electric light and power, street railway and water
supply properties in Pine Bluff. Generating station of 11.450 k. w.
capacity, 73 miles transmission lines: water pumping station with 2 triple­
expansion service pumps of 4,000,000 gallons capacity each, and two
1,500 g. p. m . m otor driven centrifugal sewer pumps; 5 wells, said to be
over 800 ft. deep: 2 concrete reservoirs of over 3.000.000 gallons capacity;
96 miles of pole lines, incl. the street railway distributing system, and
5.484 electric consumers. 55 miles of water mains, serving 4,830 con­
sumers’ water meters, and 356 fire hydrants; street railway w ith 10 8 miles
of equivalent single-track of 70-lb. T rail: 14 “ pav-enter’’ cars. F ranchises
for street railway and electric light system extend to '95 1; water franchise
to 1947. subject to the c ity ’s rig h t to purchase at 5-year intervals.
S TO C K A N D BO ND S—
D a te .
In terest.
O u tsta n d in g .
M a tu r ity ,
Com stock $1,000,000 ($100)_______
________
$993,000
See text
Pref 7 % cum $1,000,000 ( $ 1 0 0 ) -------Q -J
1.000.000 O c t ’26, 1 U
F irs t mtge $2,000,000 gold/ 1912 5-6 g J - J
1,799.000 Jan 1 1942
($1,000)------------------- c * & r* .tf l i n t , in N . Y . N e w Y o rk T ru s t C o ., Trustee.
Preferred Stock.— Pref. as to prin. and d iv .; red. at 115 on 60 days’ notice.
A sum equal to 15% of gross earnings must be applied to renewals & replace­
ments before paying com. stock divs. and a reserve is to be built from this
charge up to $132,799. Pref. stockholders have full voting power. See
V . 103, p . 1119, 1413.
Borids.-$1.121,000 of outs’ding bonds bear 6 % in t.; $678,000 5 % . F urth e r
bonds may be issued only up to 8 5 % of cash cost of im pts., add’ns or exts.,
bnder restrictions. Callable at 105 and int. on any int. date. S nking
fu nd of 1 % annually of bond® out Jan 1 1915 to 1924; 1 44% 1925 to 1934
and 2 % thereafter. $201,000 retired through sinking fund. $560,000 of
the outstanding bonds are registered as tax-exem pt in N . Y . State under
the Secured D e b t T a x L a w . V . 102, p. 976.
D iv id e n d s.— Q uarterly d iv . of 194% on pref. stock were paid from M arch
1917 to and incl. Ja n . 1918. A p ril, 1 ) 4 % ; J u ly , 1 > 4 % . In 1919, Ja n .,
1 )4 % ; and since at same rate to and incl. 'O c t. 1925. O n com. paid
5 % in^ 1914’ In 19,15> 4 % : 1916- 5 ) 4 % : 1917, 3 % ; 1918, 3 % ; 1919,
1%
N o report made any longer, as entire com . stock is owned by A rk .
L t . & Pow . C o .
E A R N I N G S . - — F o r calendar years:
G ross.
N e t.
F ixed Chos. B a l., S u r.
1925____________- ___$950,991
$257,529
$90,086
$167,443
1924........ ............. ------------------- 919,731
331.020
109,788
221,232
1923___________ ------------------- 876.028
355,190
109,255
245,935
1922______
----------------- 832,441
329,706
107,729
221,976
L a test E a rn in g s.— F o r 12 months ended A u g . 31:
1926.
1925.
Gross earnings from operation_____________________
$856,734
$943,908
Operating expenses and taxes______________________
575,209
663,541
N e t earnings from operation_______________________
$281,525
$280,367
Other income________________________ .____________
5,655
8 ,0 0 2
T o ta l income_______________________________________
$287,180
$288,369
Interest on b o n d __________________________________
101,727
102.121
Other interest and deductions_____________________
11,711
10,032
Dividends on preferred stock______________________
70,000
69,895
B alan ce-----------------------------------------------------------------------------$103,742
$106,321
O F F I C E R S . — Pres., H . O . Couch; V . - I ’s., J . L . Longino, L . Nichol,
H . C . Abell and E . \V . H ill; Sec., L . Garrett; Tre a s ., W . E . Baker.— ■
V . 120, p. 2013; V . 122, p . 214; V . 123, p . 1878.

TEXAS
G A L V E S T O N -H O U S T O N ELECTRIC CO.

Operating companies are under the executive m anagem ent of Stone A
W ebster, I n c .
O R G A N I Z A T I O N . — A holding co. Incorp. in M aine on M a y 8 1907.
Controls through ownership of stock the Galveston Electric C o . and the
Houston Elec. C o . Also owns stock of Galveston-Houston Elec. R y . C o .,
and guarantees its bonds, p rin ., int. and sinking fund. On M arch 1 1926
co.’s subsidiary, Galveston Elec. C o ., purchased the properties of Brush
Electric C o ., a subsidiary of Cities Service Power & L ig h t C o . T h is acqui­
sition had for its ultim ate purpose the consolidation of the two electric light
and power systems in Galveston, T e x . V . 121. p. 2873; V . 122, p . 1309.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Controlled cos. do the entire electric railway and part of the electric lighting
and power business in Galveston and the entire electric railw ay and bus
business in Houston. Operate interurban road between Galveston and
B alan ce___________________________________ •____
_
$558,532
$441,885 Houston, 50 miles. Operates 172.24 miles single track; trackage, 3.92;
standard gauge; 310 passenger cars, 5 trailers. 19 other cars, 21 buses.
O F F I C E R S .— Chairm an, H . C . Abell; Pres., D . H . Cantrell; V .-P s .,
T h e 3 power stations at Galveston, Houston and League C it y , T e x ., have
E . W . H ill and F . A . Reid; V .-P . & Gen. M g r ., G . G . G riffith ; V .-P . & a combined capacity of 6.582 k .w . F ranchises expire in Galveston in 1950,
Tre a s ., A . Brizzolara; Sec. & Asst. Treas., W . J . T h a rp .— V . 116, p . 2005; in Houston 1951. T h e interurban is on private rig h t-o f-w ay. Estim ated
V . 118, p . 3194; V . 119, p . 2284; V . 120, p . 2399; V . 122, p . 2326; V . 123, population served: railw ay, 251,000; light and power, 52,400.
p. 1249, 1872.
$500,000 com. stock is owned b y Public Service Investm ent C o .
V a lu a tio n .— See V . I l l , p . 2140; also V . 112, p . 849.
S T O C K A N D B O N DS—
D a te .
In te re st.
O u tstan din g L a s tD iv .A c .
A R K A N S A S L IG H T & POW ER CO.
Com m on $5,000,000 ($ 1 0 0 ).-............
M -S 15
$3,988,000
See text
Controlled b y Electric Power & L ig h t C o rp (see statement on another ’ Pref $4.000,000 6 % cum ($100) . . .
M -S 15
3,000,000 S e p t’2 6 .3 %
page)
Brush E l C o 5s $5,000,000/ 1912
5 A -O
1,339,000 A p r 1 1952
Under supervision of Electric B ond & Share C o .
($1,000.$500.$250,$100c*)tf (Bankers T ru s t C o .. N . V . . Trustee.
5 g M -N
1.1 0,000 M a v 1 1940
Proposed M erger an d Exchange o f Preferred Stocks.— See Arkansas Power & G a lv Electric 1st M $2,500. f 1905
000 gold ($1.000)---------c*tf 11nt. at Old Colony T ru s t C o .. Boston. T r u s L ig h t C o . above. V . 123, p . 1872.
( tee, or at com pany’s agency in New Y o rk .
O R G A N I Z A T I O N . — In corp. in Arkansas in Sept. 1914. Controls the G a lv-H o u s E l R y 1st M $5,-1 1909
5 g A -O
2.586.500 Oct. 1 1954
Pine B lu ff C o . (see statement below).
000,000 g guar ($1.000-500/Interest at O ld Colony T ru s t C o .. Boston,
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
$5,000-1,000 & m u lti-j
Trustee.
pies of $1,000 r ) _________ tfj
Owns or controls 21 steam and hydro-electric generating stations w ith an




*514

PUBLIC UTILITIES

S TO C K A N D BO ND S—
D a te.
M a tu r ity .
In terest. O utstan din g.
Hous E l C o 1st M Series A / 1925
6 g J -D
$4,894,000 June 1 1935
($1,000, $500, $100 c * )__tft First National B ank, Boston, Trustee.
Secured gold notes, series A / 1926
6 )4 J - D
2,000,000 June 1 1931
($1,000 c * )--------------------------tf (A tla n tic Na tion al Bank of Boston, Trustee.
2-yr 7 % g coupon $1,200,000/ 1925 7 g J - D
1,200,000 June 1 1927
($1,000 c * )-------------------------------(A tla n tic National Bank of Boston, Trustee.
__________
205,426 ___________
C a r trust certificates__________ _____
Stock.— Pref. Is callable at 120 and accumulated d iv . B oth pref. and
com. are listed on Boston Stock Exchange.
B on ds.— T h e 2-year 7 % g. coupon notes, due Ju n e 1 1927, are call, as a
Whole on 30 days’ notice, prior to June 1 1926 at 101, on or before D ec. 1
1926 at 1 0 0 K , and thereafter at 100, in each case w ith interest.
T h e secured gold notes series A 6 ) 4 % are the direct obligation of the co.
anu secured by pledge of $1,900,000 gen. mtge. 6 14% bonds of Galveston
Elec. C o ., $1,600,000 gen. mtge. 6 14% bonds of Galveston-Houston Elec.
R y . C o . and $350,000 gen. mtge. 6 'A % bonds of Houston Electric C o .,
being the entire amount of such bonds outstanding. A n y additional gen.
m tge. bonds issued b y any one of the three operating cos. must be pledged
under the indenture securing these notes. T h e pledged gen. mtge. bonds of
each co. were to be dated June 1 1926, to m ature June 1 1931, and to be
secured b y a lien on substantially all the physical property (incl. afteracquiied) of that co. (less about 2 miles of line on the Galveston Causeway
In the case of Galveston-Houston Ele c. R y . C o .), subject to $9,801,000
underlying 1st mtge. bonds in hands of public.
T h e balance of the authorized $5,000,000 notes m ay be issued to refund,
par for p a r, the $1,200,000 2-year 7 % g. notes, due June 1 1927, and against
deposit of additional gen. mtge. 6 '4 % bonds; $500,000 notes being issuable
to the fu ll par value of deposited bonds and the remainder to 7 5 % of such par
value. N o 1st mtge. bonds of subsidiaries m ay be issued against property
constructed from the proceeds of the notes unless pledged to secure these
notes. C a ll, on 30 days’ notice as a whole at any time or in part on any
Int. date at 104 and in t. on or before Dec. 1 1926, decreasing V i% each 6
months thereafter to 100 and in t., after June 1 1930. Principal and int.
payable in Boston, N e w Y o r k and Chicago. In M a y 1926 Lee, Higginson
& C o ., Estabrook & C o ., Parkinson & B u r r and Stone & W ebster, In c .,
offered $2,000,000 6 * 4 % series A at 97.72 and in t., to yield about 7 % .
V . 122, p. 3081.
Galveston E lectric C o.— O f the bonds, $1,026,000 reserved for additions
and improvements at 8 0 % of cost and $356,000 have been canceled. A
lin k in g fu n d o f 1 14% of bonds certified began J u ly 1 1906. Callable as a
whole or in part for sinking fund on any int. date at 110 and in t. on 30
days’ notice. See V . 81, p . 975.
G alveston-H ouston E lectric R y .— O f the remaining bonds, $26,000 are
held in trust for benefit of co. and $2,000,000 are reserved for acquisitions
and im pts.; $388,000 have been canceled. Denom . coupon, $500 and $1,000
registered, $1,000 and $5,000. Subj. to call on any int. day in whole, or In
p a rt for sinking fund, at 105 and int. S inking fu n d of 1% of bonds to 1944;
thereafter \ ) 4 % - F irs t five payments waivable. Bonds are guar., p rin.,
In t. and sinking fund, b y G a lv .-H o u s . Ele c. C o . See V . 90, p. 697.
H ou ston E lectric Co.— T h e 1st M . Series A 6 % gold bonds, due June 1
1935, are call., whole at any tim e, or in part on any int. date at 102 during
the first 2 years, decreasing \4 % every two years to par during the last two
years, plus in t. in each case. In t. payable in Boston, N e w Y o rk and C h i­
cago . S in kin g fu n d of 2 % per annum to be used to purchase or call Series A
bonds. I n June 1925 Lee, Higginson & C o . sold $5,000,000 at 94 '4 and
in t., to yield about 6 .8 0 % . In addition to the bonds shown in the above
table as outstanding, $35,700 are held in treasury.
C a p ita liza tio n o f H ou ston E lectric Co.
Com m on stock___________________________________________________ $5,000,000
First mortgage 6 % Series A bonds_____________________________ 5,000,000
Equipm ent trust certificates_____________________________
349,381
— V . 120, p . 2941, 3064.
D iv id e n d s.— O n com mon, 1 14% semi-ann. from Sept. 1909 to and incl.
M a r. 1912, am ount then increased and paid 2 % in Sept. 1912. In M a r.
1913 increased to 2 1 3 % , in Sept, to 3 % and in M a r . 1914 to 3 1 4 % , Sept.,
3 H % - In 1915, M a r ., 3 ) ^ % . Sept. 1915 d iv . omitted (Y . 101, p . 845).
R TN GS —
o c a le n d a r v e a r s :
E A R N I N G S . — F o r calendar years:
B al. A v a il, fo r
Interest &
N e t A fte r
Gross
A m o r tiza t '1 R es.R etir.& D iv.
Taxes.
E arn in gs.
$372,481
$631,654
$1,004,135
1925________ -$3,938,934
476,425
1,010,779
534,354
1924_______ . 3,832,085
187.797
493.711
681.508
1923_______ . 3,317.846
213,679
464.194
677,873
1922________ . 3.317,580
492,343
426,637
918,980
1921_______ . 3,679,867
704,448
422,057
1,126.505
1920_______ - 3,808,953
404,294
414,722
819,016
1919_______ - 3,095.151
490,897
350,185
841,082
1918_______ . 2,691,332
372,047
331,203
703.250
1917_______ . 2,088,122
386,975
708,732
321,757
1916_______ . 1,944,840
L atest E a rn in g s.— O f co. and sub. cos. for 12 months ended J u ly 31:
1925.
1926.
13,945,080
Gross earnings______________________________________ $4,230,335
1,038,352
1,151,492
N e t, after taxes___________________________________
O ther income______________________________________
8,166
579,219
Interest and am ortization_________________________
730,848

[ V ol . 123.

I bonds after being held in reserve for a limited period during which they m ay
; be applied for operating charges, interest, sinking fund requirements and
| pref. stock dividends for such period, or for payment of such common d iv i! dends as co.’s bankers shall perm it, or for new additions to be covered by
this mortgage. A ll s. f. moneys to be used for purchase or call of bonds by
lot. R ed., whole or part, on 30 days' notice at 105 and in t. on or before
Jan . 1 1927, the prem ium decreasing thereafter b y 1 % for each year expired
after date of issue. C o . refunds all State personal property and income taxes
and the D ist. of C o l. 5-mills tax. In Jan. 1926 Ta y lo r, E w a rt & C o ., In c .,
P . W . Chapm an & C o ., In c ., and Caldwell & C o . offered $5,700,000 at 98
and in t., to yield about 7 % . T h e holder of each $1,000 was entitled to
purchase at any time prior to N o v . 1 1930 a unit of 15 shares no par common
stock at $5 per share. Holders of $500 bonds were given a proportionte
purchase privilege. V . 122, p. 347, 3605. $250,000 have been retired.
O F F I C E R S . — Pres., W . L . M o o d y J r ., Galveston. Te x .; V .-P . & Tre a s .,
W . L . M o o d y I I I , Galveston, Te x .; Gen. M g r ., O . R . Seagraves.— Y . 122,
p . 347, 610, 1309, 2040, 2948, 3210, 3605, V . 123, p . 1633.

AMERICAN POWER & L IG H T CO.

Operations supervised b y Electric Bond and Share C o .
O R G A N I Z A T I O N . — Incorporated in M aine Sept. 20 1909.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S —
Owns practically all the com. stock (and in some cases various amounts of
preferred and second preferred stocks as well as certain indebtedness) of
cos. supplying directly or indirectly a total of 599 communities in 11 states
nam ely, Arizona, F lorida, Idaho, Iow a, Kansas, M inesota, Nebraska,
Oregon, Texas, W ashington and Wisconsin w ith electric power and light
and (or) gas, water and other public u tility service. O f the total communi­
ties $72 are served w ith electric power and light. To ta l population served
estimated at 2,749,000. T h e system owns and operates electric generating
stations of 515,155 k .w . capacity; 6,111 miles of transmission and 8,338
miles of distributing lines. Gas works of 50,513,000 daily capacity; gas
holders of 19,484,000 capacity. 16 miles of track plus 31 miles leased. 2,609
miles of gas and 435 miles of water mains. T o ta l num ber of consumers,
all services 687,294. A m ong the principal properties are the following:
(а) Kansas Gas & Electric C o ., supplying electric power and light
service in W ichita, Pittsburg and N ew ton, K a n ., and in 58 other com muni­
ties in Kansas. Population, 220,000.
(б) Pacific Power & L ig h t C o ., see statement below.
(c) Portland Gas & Coke C o ., supplying gas service in P ortland, O re.,
and 20 adjacent communities. Population, 363,000.
id ) Nebraska Power C o ., supplying substantially all the commercial and
municipal electric power and light service in O m aha, N e b ., and, through a
subsidiary, all the electric power and light and gas service in Council
Bluffs. Iow a. Population, 249,000.
(e)
Minnesota Pow . & L t . C o ., supplying, directly or indirectly, D u lu th ,
Chisholm , Evele th , Brainerd. Cloquet and L ittle Falls, M in n .; Superior,
W is., and 90 other communities in im portant iron m ining and agricultural
districts in the northern part of Minnesota. Population, 326,000.
(/) Florida Power & L ig h t C o ., supplying public u tility service in 102
communities in Florida, including M ia m i, M ia m i Beach, Coral Gables,
St. Augustine, Palatka, Sanford, Bradentown, Palm Beach, W est Palm
Beach and D aytona; population served, 455,000. V . 119, p . 2283. Th is
co. is building two new large steam electric generating stations. Details in
V . 121, p. 2873. See separate statement.
(0) Southwestern Power & L ig h t C o . See separate statement below.
(h) Central Arizona L t . & Pow . C o ., serving w ith electric power and light
and gas Phoenix, A riz ., and adjoining territory. Population, approxi­
m ately 44,000. V . 119, p . 2283.
(1) Northwestern Electric C o . supplies electric power and light service
in Portland, Ore., and Vancouver, W ash., and suburbs adjacent to these
cities. Population, 328,000.
Superior W ater, L ig h t and Power C o . serving a 42,000 population in
Superior. W is ., was acquired in Sept. 1925. See V . 119, p . 1628; V . 12*.
p . 1349.
S TO C K A N D BONDS—
D a te.
In terest. O utstan din g. M a tu rity .
Com 2,300,000 shs (no p a r)________
.......... .. x l ,687,168 sh
See tex1
Pref $6 cum 500,000 shs (no
p a r )---------------------------------------------------------$6 Q -J
238,100j5h O c t’26 $1.50
Deb bds A m er 6 % series duel
6 g M -S $45,912,400 M a r 1 2016
M a r 1 2016 ($100, $500 & ) 1916
$l,000c* and $l,000r*) g__j in t . at Bankers T ru s t C o ., N . Y . , trustee,
x In c l. scrip equivalent to 1,2 :2 shares of no par value issued for fractional
shares in connection w ith the paym ent of stock dividends.
Stock.— Pref. is red at 115 and divs. on any d iv. date. Pref. as to assets
($100) and cum . divs. Each share of common and pref. stock is entitled
to one vote. Com m on is listed on N . Y . Stock Exchange.
F unded D ebt S u b sid ia ry C os.— As of D ec. 31 1925 the total funded debt
of co.’s subsidiaries, outstanding in hands of the public, amounted to
$152,803,900.
D ebenture B on ds.— A m e rica n 6 % series due M a r . 1 2016. N o additional
bonds m ay be issued unless net income is at least 214 times annual interest
on all outstanding indebtedness of the co., including debentures to be issued.
Red. as a whole on any in t. date on 30 days’ notice at 110 and in t. Penna.
4-m ills tax refunded.
O ption W a rra n ts.— Th e re are authorized option warrants as of Sept. 14
Available for reserve, retirement & d iv id e n d s ..
$428,810
$459,133
1925, issued and to be issued, entitling the registered holders thereof to
O F F I C E R S . — Pres., Alex. F . Crichton; V .-P s ., E . Ennalls Berl and subscribe, at any tim e on or before M a r. 1 1931, at $10 per share, to an
E . M . H arrig an: Sec. & Tre a s ., H e n ry T . Graham ; Gen. M g rs ., Stone & aggregate of 873,100 shares of the com. stock. A n y of the co.’s debenture
bonds now outstanding w ill be accepted b y the co. at their principal amounts
Webster, In c .— V . 120, p . 2941, Y . 121, p . 197, 2873; V . 122, p . 1309,
in lieu of cash paym ent for shares of com. stock of no par value subscribed
3081; V . 123, p. 1250.
_
to in exercise of the rights given b y these option warrants. C o . w ill pay in
cash interest on debentures so applied, accrued to the date of delivery of
same to it.
In A u g . 1924 Bonbright & C o ., In c ., offered $5,000,000 deben­
H O U S T O N G U L F GA S CO.
tures A m e r. 6 % series and again in O ct. 1924 an add’l $5,000,000 at 94)4
O R G A N I Z A T I O N , — Organized in 1925.
and in t., to yield 6 .3 5 % . V . 119, p. 1956. In M a rch 1925 Bonbright & C o .,
inc., offered $8,000,000 at 9 5 4 and in t., to yield 6 ) 4 % . V . 120, p . 1200,
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
C o . supplies under contract w ith natural gas the entire gas requirements 1324. In Sept. 1925 Bonbright & C o ., In c ., offered $5,000,000 additional
bonds at 96 and in t., to yield 6 ) 4 % . V . 121, p . 1458. In A p ril 1926
of the H ouston Gas & Fuel C o ., which serves the city of H ouston, T e x .,
w ith gas. Also furnishes a large part of the fuel requirements of the Houston $10,000,000 additional at 98 and in t., to yield over 6 .1 0 % . Y . 122, p . 2326.
D ivid en d s.— O n the pref. stock regular dividends of 1 14% quarterly
Lig h ting & Pow er C o ., also Sinclair Ref. C o . and in addition serves certain,
suburbs of H ouston, and supplies the demands of im portant industrial since Jan . 1910. Since 1924 on the new, no par stock, regularly each
users. C o . owns or controls through lease or contracts, approx. 100,000 quarter $1.50. O n the common of $100 par value 1%, quar. from M arch
1913 to Dec. 1921; 1922, 7 % ; 1923, 1 0 % ; 1924, 2 ) 4 % quar. to Sept. 1 1924.
acres of gas lands in south central Texas. T h e pipe line system of the co.
is about 154 miles in extent and the practical capacity of the line into On the no par value com. a cash d iv . of 25c. was paid in D ec. 1924. In
Houston is 51,000,000 cu. ft. of gas per da y. T h e total population supplied 1925 paid 25c. quar. In 1926, M a rc h 25c., June 25c., Sept. 25c. E x tra
w ith natural gas purchased from the co. is estimated to be approx. 240.000. divs. of 1-50 of a share were paid semi-annually since D ec. 1 1924 up to
and incl. J u ly 1926 and Dec. 1925. V . 119, p . 2283.
V . 122, p. 3417. Large contract w ith Sinclair Ref. C o . for 6.000,000 cu. ft.
E A R N I N G S . — F o r calendar years:
ga= daily: m in im um taking 20,000,000 cu. ft. See V . 122. p. 2040, 2948.
1925.
1924.
1923.
Com pletion of large new gas well in Refugio area in Sept. 1926, see V . 123,
Gross earnings of subsidiaries______ $50,519,120 $42 078 837 $31,7.iV),862
p . 1633
N e t ear iin«-fi of subsidiaries________
22 813 173 17.562 926 12.948.297
j STU C K A N D BONDS—
D a te.
In terest.
O utstanding. M a tu rity .
iM lesl E a rn in g s.— O f co. and subs, for 12 mos. end. June 30:
Com m on 500.000 shs (no p a r )..................................._x500.000 shs..........................
1926.
1925.
7 % cum ser A $2.500 .00 0($ 100 )____
7 Q -M
$1 .OOn.OOO ---------------Gross earnings of subsidiaries_____________________$56,029,311 $59.5 9,129
1st M 6 4 % s f gold $5,700,-/ 1926
6 4 g J -J
5. 50.000 Jan 1 1031
N e t earnings of subsidiaries________________________ 24,806,096 22,813,173
000 ($1,000-500).
c * trC h a t.P h e n ix N a t. B k . & T r . Co . N . Y .trus.
Gross earnings of Am er. P. & L . Co . and undistrib.
x Includes shares held by trustee of 1st mtge. 6 4 ^ sinking fund gold
income of subs. cos. applic. to Am er. P . & . L
bonds for delivery upon the exercise of stock purchase privilege.
C o . after depreciation.__________________________ 12.021.704 10.766,692
S o.rk.— Com m on stock listed on Pittsburgh Stock Exchange. V . 122. Expensds’American Power & L ig h t C o ___________
441.973
443,481
Interest & discounts of Am er. Pow. & L t . C o ____ 2.289,689
1,912.451
p. 1309.
T h e 7 % cu m . p ref. (assets and divs .) slock, series A , is call, on 3weeks
Preferred dividends American Power & L ig h t C o . _
1,404,383 1.356.820
notice at 107. Beginning Jan . 1 1931 and each 3 months thereafter co. Com m on dividends American Power & L ig h t C o . .
2.274.767 2.223.296
is to set aside $50,000 ($200,000 per annum ) for the purchase or call of
this pref. stock. T h is sinking fui.d to apply to series A on ly. In June
Com m on undistributed income_________________ $5,610,901
$4,830,644
1926 Goddard & C o . and M oore, T eonard & L y r ch sold $1.000.000 series A
■
O F F I C E R S . — Pros., C . E Groosbeck" V .-P s .. A . S. Grenier. S. K . Inch
w ith common stock purchase privilege, in blocks of 1 share 7 % pref. and and E . W . H ill: Sec . F,. P. Summcrson' Tre as., A C R av: C o m p t., A . K.
2 shares of no par common stock at 100 per block. V . 122, p 3210.
Sm ith. V . 121, p. 1346. 1458. 2 0 3 5 ,
2401; V . 122, p. 346, 1 4 5 2320.
3 ,
Application was to be made for listing of this pref. stock on Pittsburgh 2490, 2648, 2797; V . 123, p. 1248.
Stock Exchange.
Comm on Stock Purchase P rivilege.— H olders, of each share 7 % cum . pref.
*tock, series A , is entitled to purchase 5 shares no par valve common stock
PAC IFIC POWER & L IG H T CO.
at the follow irg prices: durii g 1926 at $9 j>er fhare, durii g 1927 at $10.
r 9 2 8 "'$ ii;''i9 2 9 , r i 2 ; 1930 $13 and thereafter for a period of 5 years at | ^ ^ e x ^ ^
° ° ' OW” 8
COmm°“
2d pref
$15. V . 122, p . 32 U •
__
_ _ _________ _____ _
______ ____
U nd er supervision of Electric Bond & Share C o .
B on ds.— T h e 1si rntyr. 6 4 % sin kin a fu nd gold bonds, dated J a n . 1 1926,
O R G A N I Z A T I O N . — Organized in M aine June 16 1910. In Jan . 1926
arc secured b y a closed 1st mtge. on all fixed assets of the co.. subject only
to the usual farm mortgages on leased lands. C o . is to pay to a sinking fu n d purchased Deschutes Power C o ., the Enterprise Electric C o of Oregon
Commencing M a v 1 1926 monthly a minimum of $50,000 and in addition at and the Orangeville Electric L ig h t & Power C o . of Idaho. These three
half yearly Intervals 2 5 % of net earnings to be applied to the retirement of companies were to be owned by Inland Power A L ig h t C o ., a holding corp
these bonds. A ll surplus earnings also are to be applied to the retirement of operated b y Pacific Power & L ig h t C o . V . 122. p . 482.




O ct., 1926.]

POWEB, LIGHT AND RAILWAY

215

F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
L a test E a rn in g s.— O f co. and subs, for 12 mos. ended J u ly 31:
C o . serves a total of 75 communities, v iz ., 75 w ith electric power and light,
1926.
1925.’ ""'
incl. 9 supplied at wholesale, manufactured gas to 6 and water to 5. To ta l Gross earnings all subsidiaries_____________________$14,866,275 $13,778,992
population served 143,000. Th e communities served are located in the B a l. after all expenses, appl. to S. P . & L . C o ______
5,628,133
5,091,807
States of Oregon, Washington and Idaho. Electric light and power and Expenses of S. P . & L . C o ________________________
137,147 ____ y 4 ,0 8 0
gas are supplied in Astoria and Pendleton, O re., W alla W alla, W ash.,
B alan ce______ ______
$5,490,986 $4,957,727
and Lewiston, Idaho, electric power and light, gas and water to Y a k im a , T o ta l interest______________________________________
982,043
759,913
W ash.; electric power and light and water to Kennewick and Prosser, W ash., Preferred dividends________________________________
581,036
507,582
and Clarkston. Electric light and power is wholesaled to Athena, Echo,
B alan ce------------------------------------------------------------------------------ $3,927,907 $3,690,232
Grass Valley, Herm iston, M o ro , Stanfield, Um atilla, Wasco and W eston,
Oregon.
O F F I C E R S .-— Chairm an of Boa rd, C . E . Groesbeck; Pres., A . S. Grenier;
Co . owns electric generating plants of a total generating capacity of 35,550 V .-P s ., F ra n k Stillm an J r and E . W . H ill; Sec., E . P . Summerson; Tre as.,
k .w .; 701 m . of high-voltage transmission lines and 1,055 miles of electric A . C . R a y .
distributing system. In 1925 completed a 110.000-volt transmission line
S u p ervisio n .— V . 119, p . 1406, 2180; V . 120, p . 830, 2013; V . 122, p . 2331.
from Hanford, on the co.’s Y a k im a-W alla Walla transmission system, to
TE X A S POW ER & L IG H T CO .
Ta un to n , where it connects w ith the transmission system of the W ashington
W ater Power C o ., w ith which co. power is interchanged. C o . owns gas
O R G A N I Z A T I O N . — Incorporated in 1912 in Texas.
plants of a daily capacity of 1,460,000 cu. ft.; holder capacity, 638.000 cu.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
ft.; 137 miles of gas main and 130 miles of water mains. Electric consumers
C om pany does the entire commercial electric power and light business in
as of June 30 1926, 44,135; gas, 7,390; water, 8,663.
165 communities, incl. W aco, Denison, Sherman, Paris, Cleburne, T y le r,
S TO C K A N D BONDS—
D a te .
Interest.
O u tstan din g. M a tu rity .
Palestine, Te m p le , Gainesville, B ro w n ^o o d and Waxahachie; also supplies
Com m on $7,000,000 ($100)_________
__________ $6,100,000 _____________ at wholesale electrical energy for the electric power and light cos. in Corsi­
7 % cum pref $4,500 ,00 0(1 100 )____
7
5,784,200 N o V 2 6 I H
cana and Te rre ll and 20 other communities. Does the gas business in
2 d p f 7 % cum $2,500,0 0 0 ($ 1 0 0 )____
7 Q -F
190,000
........... aco and Paris. T o ta l population served is in excess of 393,000. Electric
W
1st & ref M 5 % g $30,000,000 f
generating stations, 25,422 k .w . capacity; 1,755 miles of electric transmis­
$1,000 c* and $1,000 and] 1910 5 g F -A
9,119,000 A u g . 1 1930 sion lines (of which 95 miles are carried on poles of Texas Electric R y .),
multiples r (for intern’l United States M ortgage & T ru s t C o ., N ew 1,260 miles of electric distribution lines. Generating station output (incl.
series, see te xt)_________t f [ Y o r k C it y , trustee.
power purchased) for 12 months ended June 30 1926. 282,670,000 k .w .h .
Stock.— T h e 7 % cum . p ref. stock is preferred as to 7 % cum . divs. and Gas works, 1,774,000 cu. ft.'d a ily capacity; gas holders, 497,000 cu. ft.;
gas mains, 145 miles; total gas sendout, 12 months ended June 30 1926,
assets over 2d pref. and common stocks.
Bonds.-— $1,250,000 1st an d ref. m tge. bonds, in addition to the $9,119,000 1,059,533,000 cu. f t ., of which 1,031,019,000 natural gas and 28,514,000
shown as outstanding, are held in treasury'under the 1st lien and'general manufactured gas.
mortgage. Callable as a whole on 4 weeks’ notice at 104 and interest
S TO C K A N D BO N D S—
D a te.
In terest. O u tsta n d in g . M a tu r ity .
during 1926, at 103 and interest during 1927, at 102 and interest during Com m on ($ 2 0 )------------- --------------------------------------------- $10,000,000 __________
1928, and 101 and interest from Ja n . 1 1929 to J u ly 31 1930 incl. Th e re is an 7 % cum pref ($ 1 0 0 )._ _ _ _ _ _ _ _ . . . .
7 Q -F
6,500,000 N o v ’26 1 U
International series of denominations corresponding w ith the $1,000 bonds 1st mtge g 5s $30,000,000/ 1912
5 J -D
15,005,000 June 1 1937
as follows; £205 4s. 2d., M .4,200, fr. 5,175 and f l.2,480; corresponding
($l,O0O c * )--------------------------t f l i n t , at Bankers T r u s t C o ., N . Y . , Trustee
with $5,000 bonds: f 1,026 0s. 10d., M . 21,000, fr. 25,875, and fl. 12,400). 6 % g deb ser A ($1.000, $500, / 1922
6 J -J
2,000,000 J u ly 1 2022
Interest payable at trustee’s office in N e w Y o rk or the international series
$100c*; $1,000, $5,000 r ) t f (E q uita ble T r u s t C o . of N . Y . , Trustee.
in London, Berlin, Paris and Amsterdam at the fixed rates of exchange.
Stock.— Pref. stock is callable at 115 & in t. and has preference as to assets.
Listed on N e w Y o rk Stock Exchange.
B onds.— Rem aining 1st mtge. 5s go ld bonds are issuable from time to
A ll of the outstanding 1st lien a n d gen. m tge. 8 % g. bonds, series A , due
A u g . 1 1930, were called Sept. 1 1926 at 103 and in t. V . 123,p . 711,1878. time for 8 0 % of permanent additions, _& c., provided net earnings for 12
consecutive w ith in preceding 14 months have been at least twice interest
E A R N I N G S .— F o r calendar years:
on all bonds outstanding, incl. proposed issue. Callable as a whole at 105
1925.
1924.
1923.
1922.
& int. on any in t. date, or b y sinking fund b y lot, at any time on 6 weeks’
Gross earns, from o p e r .. $3,545,421 $3,181,736 $3,127,068 $3,007,058 notice at same rate. Th e re is a sinking fund which began in 1915 and w hich
O per. exp., incl. ta x e s .. 2,009,701
1,758,254
1,642,088
1,616,496 at the present time amounts to 2 % per annum , payable each June 1 to 1936,
to retire and cancel bonds or to be used for extensions, &c. These bonds
N e t earns, from oper. $1,535,720 $1,423,482 $1,484,980 $1,390,562 are a first lien on all properties, rights and franchises of c o ., incl. those afterO ther incom e___________
17,693
26,848
22,748
33,216 acquired.
T h e 6 % gold debentures, due J u ly 1 2022, are not redeemable prior to
T o ta l incom e__________ $1,553,413
$1,450,330 $1,507,728 $1,423,778 J u ly 1 1947. O n and after that date and to and incl. D ec. 31 2016, they
Interest on bonds_______
555,950
555,950
555,950
555,948 are red. whole or p a rt upon 30 days’ notice, at 110 and in t.; thereafter at
O ther in t. & deductions.
229,633
176,928
133,823
112,774 par and int. A dditional debentures m ay be issued in series of such tenor
390,095
339,514
312,676
292,245 as co. m ay from time to time determine, provided net income before interest
D iv s . on pref. stock____
Renew & replace, res___
350,000
260,000
320,000
200,000 has been not less than twice annual interest on all indebtedness of co., incl.
new issue. In case of dissolution or liquidation of co. they m ay become
Balance, surplus_____
$27,735
$117,938
$185,279
$262,811
due and payable during the first 95 years at 110; thereafter at 100
L atest E a rn in g s.— F o r 12 months ended A u g . 31:
E A R N I N G S . — F o r calendar years:
1926.
1925.
1925.
1923.
1922.
Gross earnings______________________________________ $3,726,463 $3,341,391
$5,604,125 $4,918,148
N e t after taxes, incl. and other income___________
1,717,604
1,443,247 Gross earnings___________ $6,898,306
3,322,535
2,960,404
Interest, & c ________________________________________
802,513
776,403 Operating exp. & taxes._ 4,026,540
Preferred dividends________________________________
404,519
376,426
N e t earnings from oper $2,871,766
$2,281,590 $1,957,744
Other income____________
139,951
54,709
70,928
Balance__________________________________________
$510,572
$290,418
To ta l income_________$3,0117717
$2,336,299 $2,028,672
O F F I C E R S .-— Cha irm an of Boa rd, S. Z . M itch ell; Pres., G u y W . Ta lb o t; Bond interest___________
854,972
630,250
674,052
V .-P . & Gen. M g r ., Lewis A . M c A rth u r; V .-P s ., John A . Laing, E d w a rd
Other interest & de duct.
126,055
75,597
91,884
Cookingham , F ra n k Stillm an J r ., A . S. Grenier, E . W . H ill;S ec. & Tre as., Preferred dividends____
441,389
314,874
283,063
C . W . P la tt.— V . 120, p . 2270; V . 121, p . 1463; V . 122, p .4 8 2 , 2330, V . 123, Renewal & replace’t res.
350,000
300,000
100,000
p. 711, 1878.
Balance -------------------- . $1,239,301 $1,355,669 $1,015,578
$879,673
N o te .— O f 1925 earnings 9 1 % was derived from electric power and
light, 9 % from gas.
S O U T H W E S T E R N POWER & L IG H T CO.
Operations supervised b y Electric B on d and Share Co.
L atest E a rn in g s.-— F o r 12 months ended J u ly 31:
Controlled b y Am erican Power & L ig h t Co . (see above), which owns the
1926.
1925.
entire common stock except directors’ shitres.
Gross earnings______________________________________ $7,234,157 $6,624,322
3 003 258
O R G A N I Z A T I O N .-— In corp. in M aine J u ly 30 1912. Controls the Texas N e t after taxes, incl.'other income____________ _
2,990,311
-------------------------------------------------------------L 0 10^887
Power & L ig h t Co . through ownership of all its common stock, except Interest &c
931,928
455,000
directors’ shares; the" F o rt W o rth Pow . & L t . C o . through ownership of Preferred dividends____________ ____________________
423,889
more than 9 3 % of its common stock; and the following cos. through owner­
Balance--------------------------------------------------------------------------------- $1,537,371 $1,634,494
ship of all their outstanding securities, except directors’ shares: E l Paso Gas
O F F I C E R S . — C hairm an of Board, W . B . Head; Pres., C . E . Calder
C o ., Sweet W ater Ice & Cold Storage C o ., Paris Tra n s it C o ., International
Elec. C o ., Galveston Gas C o ., W ich ita Falls Elec. C o ., W est Texas Elec. V .-P . & Gen. M g r ., J . W . Carpenter; V .-P s ., A . S. Grenier, E . W . H ill
C o ., Eagle Pass W ater C o ., O il Cities Electric C o ., O il Belt Power C o . and C . E . Groesbeck; Sec. & Tre a s ., J . E . V an H o rn . Offices, Dallas Te x —
V . 122, p. 3212; V . 123, p . 1507.
Texas Public Utilities Co .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Controlled cos. furnish a diversified public u tility service in 228 communities,
H O U S T O N L I G H T IN G & POWER CO.
including m any im portant cities, among them F t . W o rth , E l Paso, G a l­
Controlled b y the N ational Power & L ig h t C o . (see on another page),
veston, W aco, Denison and W ichita Falls, Texas. T o ta l population served
is in excess of 914,000. T h e system controls electric generating stations of which owns the entire common stock. U n d e r supervision of E lectric Bond &
a capacity of 130,237 k .w . (plus 20,000 k .w . under construction); 2,553 Share C o .
miles of transmission lines, 2,465 miles of distributing lines, gas works of
O R G A N I Z A T I O N . — In corp. in Texas Ja n . 8 1906 and took over the
9.003,000 cu. ft. daily capacity, gas holders of 3,407,000 cu. ft. capacity, 360 busmess of the (old) Houston L ig h tin g & Power C o .
miles of gas mains. 24 miles of water mains and 5 miles of street railw ay.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
F ran ch ises.— O n ly one of the franchises under which the sub. cos. operate
expires prior to 1935, while most of them do not expire until 1950 or later and C o . serves without competition electric power and light to 27 communities
(incl. 2 served at wholesale), including the C it y of H ouston, Texas. Popu­
some of them are unlimited in tim e. T h e y are, it is stated, generally ample
lation served estimated to exceed 220,000. C o .’s steam electric stations
in their provisions and free from burdensome restrictions.
have an installed generating capacity of 73,076 k .w ., incl. the initial in­
S TO C K A N D BONDS—
D a te.
In terest.
O utstan din g. M a tu rity .
stallation of 40,000 k .w . of the Deepwater station which is pa rtially built
Com m on stock ($100)------------------------------------------ $15,125,000 ---------------------- for an ultim ate installation of 180,000 k .w . A n additional 25 000 k w
Pref stock 7 % cum ($100)------------------7%
8,387,000 Sept’2 6 ,1 ^
unit is under construction. As at M a rc h 31 1926. 57,204 electric consumers
1st lien 30 -yr bds ($100, $500/ 1913
5 g J -D
10,797,000 June 1 1943 1,076 miles transmission and distribution lines; 58 miles additional trans­
& $1,000) gold______ c*&r* (Bankers T ru s t C o ., N . Y . , trustee.
mission lines under construction.
6 % gold deb ser A ($100, $500)
F ranchises are perpetual or ru n to 1972.
& $1,000c* and $1,000
1922
6 g M -S
5,000,000 M a r 1 2023
S T O C K A NTD B O N D S —
D a te.
In terest. O utstanding. M a tu rity .
$5,000r*) gold..... ............. - - ) I n t . at Central U nion T r . C o ., N . Y . , trus.
Com m on 200 000 shs. (no p a r ) ____
________
200 OOlshs
Stock.— Pref. is red. at 115 and divs.
7 % cum preferred----- , ________ ______
7
$3 000 000 Au°-’26 " l 3g
B on ds.— 1st lien 30-year bonds are secured b y deposit w ith the trustee of
5 g A -O
2,403^00 Ap? 1 1931
all outstanding stocks, except directors' qualifying shares, and bonds of 10 1st mtge $5,000,000 ($1,000) f 1911
.
- — - - - - - - 7 - - - - - --C * 1 W h itn e y C e nt. T r . & S .B k .,N e w O rl..T ru s t.
»uh . cos. These deposited bonds are secured b v 1st mtges. on the properties
1st lien & ref mtge ($109 $500 |
of the respective sub. cos. N o add I stocks or bonds of these sub cos may
& $1,000 c* & $1,000 r*)
be issued unless they are deposited with the trustee of the mtge. T h e 1st
g - ' l d ____________________ t f j
lien bonds are additionally secured bv pledge with the trustee of all the com.
2Pr!PS‘. £ ” ..........................— 1 lft23
‘
5 (? M -S
4.000.000 M a r 11953
Stock, except directors' qualifying shares, of Texas Power & lig h t O n. and
Series R ------------ ------------1023
6 g A -O
2 900.000 O ct 1 1Q53
more than 93
of the outstanding com. stock of F t. W o th Power ft Light
Series “ C ” . _ ................... ...... 1 1924
5 ' 4 e M - S 2 000.000 M a r 1 19.54
C o . Red. as a whole (or in part for sink, fund) on any int. date at 105 and
IG u a ra n ty T ru st O n. V V . T ru stee.
Int. upon at least 6 w.eeks' notice.
Sfecl---— -On .Tan. 8 stoekholders changed the authorized common stock
Debentures — N ot red. prior to M a r. 1 1047; on and after that date and
from 30.000 shares ($100 par) to 200.000 shares no par value- 5 uo par shares
Qp to and Incl. Sept I 2016 are red as a whole or in lots of not less than
f l OOO OOP on anv Int date on 30 (lavs' notice at ||0 and int.: thereafter were exchanged for each old. $100 par. share. V . 122. p. 489.
Bonds — T h e 1st mtge 5s are red. at 105 and int at anv Int. period on
lit par and int
C o . will refund I’enna. 4 mills tax. in Feb. 1925 Bon6 weeks notice: callable by lot
Sinking fund or I % of bonds outstanding
bright A C o ., In c., offered $2,000,000 at 9 1 X and in t., to yield 6.5 5 %
began I illy I 1015
$407 000 have been retired. $ 2 .100.000 are pledged as
V . 120. p. 830.
security for the 1st lien A ref mtge. bonds.
E A R N I N G S . — For Calendar Years:
The 1st lien & ref. mtge. bonds are secured b y nledge of $2,100,000 1st
1925.
1924.
1923.
1922.
mtge. 5s due April 1 1931, and all property rights aud f'a n c’iises except
Gross earnings.................$3,762,193 $2,852,094 $2,549,754 $2,441,850
o r o o e r * - ' s-v-oificnIIe exempt, now owned nr h e - e a f r e r a e q - ii r e d sqbiect
Expenses.............................
31.569
27.708
36 370
31.604
to $4 .50.3.000 underlying bonds. Additional bonds m av be issued in series
of such tenor as Directors m ay. from time to time determine for 8 9 % of
»r N e t earnings............ . . $ 3 . 7 3 0 624 $2,835,286 $2,513,384 $2,407,246
permanent additions. &c.. subsequent to Dec. 31 1922. or for cash deposited
Interest and disets_____
941.548
964.416
870.654
1.285,623 with trustee provided net earnings for 12 consecutive w ithin the precedin*
months have been equal to at least twice the annual interest requireN e t income........ ........... $2,789,076 $1,870,870 $1,642,730 $1,120,623
ments on (or. at option of com pany, to 12% of principal am ount of) all
Less Pref. divs. paid____
542.212
409.990
307 090
307.090 outstanding bonds inci. new issue and all unn'edged underlying and prior
hen bonds ft obligations. Modification of the mtce. requires consent of
B a l a n c e . . . . ................. $2.246 851 $1,469,883 $1335,640
$813,533
the co. and the affirm ative vote of at 'east 8 ' % (or 9 9 % in certain cases)
E arnings o f S u bsidiaries for C alendar Years-.
in amount of bonds outstanding not incl. bonds owned by tne co Th e re is
1925.
1924.
1923.
1922.
a m aintenance an d renew al fu nd to which is to be paid on or before A pril j
Gross earn, of all subsid.
of each year beginning A pril 1 1924 an am ount equal to at least 4 % of
cos......................... ...........$13.828 675 $12,617,472 $11,161,374 $9,855,586
aggregate principal am ount of all underlying, prior den and 1st lien ft ref
N e t. after taxes of all
bonds outstanding at close of preceding calendar vear less actual expendi­
subsid. eos_____ _____
6.790.920 1^5.960,877j Jl 5,220.025
4.728,688
tures for m aint., & c. during such year, to be used for expenditures for




216

PUBLIC UTILITIES

further m a in t.. &c. and any unused balance for retirement of 1st lien &
ref. m tge. bonds and any such balance amounting to $50,000 or over
remaining after 36 months to be so used. Series “ A ” are redeemable, all
or pa rt on 4 weeks’ notice at 105 and interest on or before M arch 1 1928 and
at 1 % less for each 5-year period thereafter, to and including M a rc h 1
1948; at 100)5 and interest thereafter to and including M a rch 1 1950
and thereafter at par. $1,000,000 Series “ A ” were offered in J u ly 1924
b y H alsey, Stuart & C o ., In c., at 9114 and interest, yielding 5 -6 0 %
V . 119, p . 331. In M a y 1926 the same bankers offered $1.000,000 additional
series “ A ” 5 % at 9914 and int. V . 121, p . 2948: V . 123, p. 842
Series
“ B ” redeemable, all or in part, at any time on 4 weeks’ notice at the follow­
ing prices together with accrued interest: O n or before O c t. t 1928 at 106:
thereafter at 1 % less for each 5-year period to and inch O c t. 1 1948; there­
after to and inch A p ril 1 1952 at 101; thereafter to and incl. O c t. 1 1952 at
100)4: and thereafter at the principal am ount. Series “ C ” red. all or in
pa rt on 4 weeks’ notice at any time at the following prices, together with
in t. O n or before Peb. 28 1929, at 105: thereafter at 1 % less for each 5year period to and inch Peb. 28 1949; thereafter to and inch Feb. 28 1951
at 100)4. and thereafter at the principal am ount. Penna. 4 m ill tax
refundable. Listed on Boston Stock Exchange. V . 117, p 2000.
E A R N I N G S . — F o r calendar years:
1925.
1924.
1923.
1922.
Gross earns, from oper__ $3,904,927 $3,107,064 $2,552,'l53 $2,096,997
O per. exp., inch ta xe s.. 2,231,301
1,824,015
1.662,228
1.383,456

[ V ol . 123,

Interurban C o . having been acquired. V . 99, p . 121, 122. Also do the elec­
tric light and power business in A rlington, H andley and G rand Prairie,
T e x . Enters Dallas over its own tracks. See V . 89. p . 411. Sub. cos. oper­
ate 176.22 miles of single equivalent track, standard gauge; 265 pass., 17
trailer and 12 other cars. Estim ated population served: railw a y, 420,700;
light and power, 12,200. In J u ly 1916 completed an 1,800-ft. viaduct
over the steam roads entering Union D epot in Dallas. Power station has
capacity of 10,800 k .w .; also purchases power from the Dallas Power
& L ig h t C o . Has leased for 20 years from D ec. 17 1915 the terminal
facilities of the Dallas Interurban Term inal Association, which see under
Dallas R y . C o . on another page. In 1917 leased (w ith the rig h t to purchase
for $2,000,000) the Oak C liff line to the Dallas R y . at an annual rental of
$115,000 for first 3 years, $120,000 for fourth year, $125,000 for fifth year,
$135,000 for sixth year and $150,000 thereafter.
Principal fra n ch ises of N orthern Texas Tra ctio n C o . in F o rt W o rth expire
in 1973; in Dallas in 1937: in Arlington in 1951: others about 1950. Has
private righ t-o f-w ay outside of cities. Ta rra n t C o u n ty Tra ctio n C o . in
F o rt W orth and Cleburne expire in 1936: between these cities has private
righ t-o f-w ay except in towns, & c., in wnich cases its rights expire in 1961.
V . 92, p . 1243. Road was completed in A ug. 1912 and began operations in
Sept. 1912. F ranchise in Arlington expires in 1949.
S TO C K A N D BOND S—
D a te.
In terest. O u tsta n d in g .L a stD iv. ,& c .
Com m on $5,000,000 ($100)_________
Q -M
$3,150,000
See text
Pref 6 % n-c $5,000,000 ,$100)______
M & S
4,000,000 S e p t ’2 6 ,3 %
Coll trust M $10,000,000 gold) 1910
5 g J -J
3,231,000 Jan 11940
N e t earns, from oper. $1,673,626 $1,283,049
$889,925
$713,541
sink fund (see text)c*& r*tf\Int. at A tl. N a t. B an k of Boston, Trustee.
Other income___________
18,952
39,709
51,002
423
5-year notes $750,000 ($100,1 1923
7 g M -S
500,000 M a r 1 1928
$500 & $1,000) gold c _____ /Int. at Farmers & M ech. B k ., F t . W o rth , T r .
T o ta l incom e__________ $1,692,578 $1,322,758
$940,927
$713,964
N o iTe x Trac 1st M $2,500,000 f 1903
5 g J -J
2,500,000 Jan 11933
Interest on bonds______
500,150
437,901
204,483
120,150
($1,000) gold— no sinking! In t. at the U nion T r u s t C o ., C le v e ., Trustee,
Other in t. and deduc’n s .
78,820
58,709
44,180
37,970
f u n d ---------------------------------- c*tf [ or at Chase N a t. Ban k , N e w Y o r k .
C a r trust certificates__________ _____
__________
39,533 ___________
Balance______________ $1,113,608
$826,148
$692,264
$555,844
Stock.— Th e pref. stock is redeemable at 110. V . 94, p . 1449. Both
D iv s . on pref. stock____
199,405
139,968
91,097
19,979
classes of stock are listed on the Boston Stock Exchange.
B onds.— O f the coll, trust bonds, $2 500,000 are reserved to retire N o rth ­
Balance______________
$914,203
$686,180
$601,167
$535,865
Renewal & replace’t res. 464,753
327,386
238,981
194,207 ern Texas Tra ction 1st M . bonds; $529,000 have been retired. Coupon
bonds are in denom. of $1,000; registered bonds, $1,000, $5,000 and $10,000.
Balance for surplus___
$449,450
$358,794
$362,186
$341,658 Callable as a whole or in part for sink, fund only at 105 and in t. on any
int. date. S in k in g fu n d of 1 % of bonds out began N o v . 1 1911. Bonds
Latest E a rn in g s.— F o r 12 mos. end. J u ly o l:
are secured b y deposit of all the stock of the N o rth . Texas T r a c . C o . V . 90,
1926.
1925.
p. 373, 1239.
Gross earnings______________________________________ $4,325,194 $3,546,460
T h e Northern Texas Traction. Co . bonds are subject to call as a whole
N e t after taxes (inch other incom e)________________ i , 936,071
1,499,618 on any interest day at 105 and interest.
Interest. & c________________
589,166
565,342
N o te s .-— e 5-year 7 % notes are call, as a whole at any tim e prior to
Th
Preferred dividends_______________________________
210,000
181,873 M a r. 1 1925 at 101 & in t., thereafter to M a r . 1 1927 at 100)5 & in t.; there­
after to m aturity at 100 and int.
Balance__________________________________________ $1,136,905
$752,403
D I V I D E N D S . — First d iv . on pref. (1 % ) paid M a rch 1 1906 and 2 %
Sept. 1 1906: since, 6 % per annum . First dividend on common stock,
O F F I C E R S .— Pres., E d w in B . Parker; V .-P . & Gen. M g r ., S. R . Bertron
J r .; V .-P ., A. S. Grenier: V .-P .. R . B . Feagin: V .-P .. E . W . H ill; Sec. & 2 % , paid Sept. 1 1909; in 1910, 5 ) 4 % ; in 1911 and 1912, 6 % ; in 1913.
Tre a s ., R . S. D a u n o y.— V . 120, p . 2012; V . 122, p . 480, 2328, 2948, 3081; 6 ) 4 % ; in 1914, 7 % ; in 1915, 4 H % ; in 1916 and 1917, 4 % . In 1918. 6 % :
in 1919. 4 % ; from 1920 to Sept. 1 19 l5 incl., at the rate of 8 % per annum;
V . 123. p . 842.
on D ec. 1 1925 1 % quar. V . 121, p . 2521. In 1926 paid 1 % in M a rc h .
E A R N I N G S . — F o r calendar years (combined companies):
Gross
N e t A fte r I n t . & A m o rt.less A v a il, fo r R es.,
DALLAS POW ER & L IG H T CO.
E a rn in g s.
Taxes.
N o n -O p er. I n c ,
R e tir .& D iv s .
Supervised b y Electric B ond & Share C o .
1925---------------------- $2,458,273
$624,248
x$196,360
$427,888
C on trol.— Controlled by Electric Power & L ig h t C o rp .
1924--------------------- 2,706,003
793,383
xl88,065
605,318
O R G A N I Z A T I O N . — Incorp. in Texas on Sept. 22 1917 to take over and
1 9 2 3 . . . -------------- 2,901.132
838,638
182,579
656,059
operate the power and light properties of the Dallas Electric L ig h t & Power
1922................— 3,069,517
906,431
172,111
734.320
C o . form erly controlled b y Dallas Electric C o . (See "Ele c tric R ailw a y”
1,137,179
182,081
955,098
1921--------------------- 3,538,729
Supplement for Sept. 1917) under the franchise approved b y the citizens of 1920--------------------- 3,951,650
1,299,262
183,520
1,115,742
Dallas at an election held A p ril 3 1917 and formally accepted on Sept. 27 1919--------------------- 3,387,854
1,237,937
184.433
1,053,504
1917. T h e railway properties of the Dallas Flee. L . & P . C o . were taken over 1918--------------------- 2,929,760
1,045,927
187.347
858,580
b y the Dallas R y . C o ., which see on another page. V . 105, p. 1423
1,136,450
284,152
852,298
1917--------------------- 2,582,113
1916---------------------- 1,930.321
773,243
310.445
462.798
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
x N on-operating income consists of $150,000 rent of O ak C liff property.
Does substantially all the electric power and light business in Dallas,
T h e amounts of income from this source for previous years are included in
serving a population of about 250,000.
F ran ch ise.— For terms of franchise under which the com pany operates the figures stated for “ Interest & A m o rt, less N o n-O pe ratin g Incom e.”
see “ Electric R ailw a y Supplement” of O c t. 28 1922. See also V . 123, p.
L atest E a rn in g s.— F o r 12 mos. ended J u ly 31 (of co. and subsid. ces.):
1761.
1926
1925
Gross earnings----------------------------------------------------------------------- $2,501,533 $2,557,355
S TO C K A N D BONDS—
D a te.
In terest. O utstan din g. M a tu rity .
N e t after taxes--------------------------------------------------------------------663,233
692.880
C o m stock $2,500,000 ($20)________
_________ $2,500,000 ___________
Rental of O ak C liff p ro p e rty-------------------------150,000
150,000
Pref stk $3,500,000 cum ($ 1 0 0 )____
3.500.000 N o v ’26, 1H
7 % Q -F
813,233
842,880
B a la n c e .-------------------------------------------------------------------------------1st M ($500 & $1,000) g_ _r*tf
Interest and am ortization__________________________
353,953
342,348
Series “ A ” _______________
1919
6.000.
000 J u ly 1 1949
6 g J -J
Series “ B ” _______________
1919
1.100.000 J u ly 1 1949
7)5 g J - J
Available for reserve, retirements and d ividends.
$459,280
$500,532
Series “ C ” _______________
1922
3.000.
000 J u ly 1 1952
5g
J -J
O
Series “ D ” _______________
1924
1.000.
000 Ja n . 1 1954 F F I C E R S . — Pres., Alex. F . Crichton; V .-P s ., E . Ennalls B erl and
5 X g J -J
E . M . H arrigan: Sec. & Treas., H e n ry T . G raham ; G en . M g rs .. Stone &
O ld C o lon y T r u s t C o ., Boston, trustee.
Webster, In c .; M g r . of Operating Co s., W alte r H . B u rk e .— V . 112, p . 2521;
Stock.— Preferred stock is redeemable at 110 and accrued interest.
B on ds.— A re issuable in series m aturing not earlier than J u ly 1 1949 V . 122, p . 1311; V . 123, p . 1251.
nor later than J u ly 1 1962, and bearing such rates of int. and red. upon such
terms as m ay be determined by the board of directors. Additional bonds
EL PASO ELECTRIC CO.
m ay be issued to the extent of 8 0 % of the cost of exts., betterments and
Control.— In M a rch 1926 E ngineers P u b lic Service Co. offered to common
im pts. under certain conditions. Otherwise the authorized issue is not
stockholders of E l Paso E l. C o . % $7 pref. and 1 share common Engineers
lim ited as to am ount.
T h e series “ A ” bonds are red., all or in pa rt, on 30 days’ notice at 107)5 Public Service C o . for each common share E l Paso Electric C o . V . 122, p .
and in t. up to and incl. J u ly 1 1924; 106)5 and in t. through J u ly 1 1929, 1169.
O R G A N I Z A T I O N . — Organized in Delaware in 1924, and through owner105)5 and in t. through J u ly 1 1934; 104 )5 and ot. through J u ly 1 1939,
ship of the E l Paso Electric Co . (N . J . c o r p .), acquired the securities of the
103 and in t. through J u ly 1 1948: 101 and int .hereafter.
Series “ B ” are call, all or in part on and after Ju ly 1 1930 on 30 days’ E ! Paso Electric R y ., E l Paso & Juarez Tra ctio n Co . and R io Grande Valley
notice at 107)5 and in t. to and incl. Ja n . 1 1935: 106 and in t. to and incl. Tra ctio n C o ., and direct ownership of the securities of the Mesilla V alley
Ja n . 1 1940; 104 and int. to and incl. Jan . 1 1945: 103 and in t. to and incl. Electric C o . Controls the E l Paso Electric C o . of Texas.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S I N E S S .—
Jan . 1 1947; 102 and int. to and incl. Jan . 1 1948; 101 and int. thereafter.
Series “ C ” are call., all or in part, on any int. date on 4 weeks’ notice at D o es th e en tire electric ra ilw a y , electric lig h tin g and p ow er b u sin ess in
105 and int..on or before J u ly 1 1927; thereafter through J u ly 1 1932 at 104 E l P a so , T e x ., an d Ju arez, M e x ., o p erates tw o to ll b rid ges across th e R io
and in t.; through J u ly 1 1937 at 103 and in t., through J u ly 1 1942 at 102 G rande a t E l P a so an d ow ns an electric ra ilw a y a nd b u s lin e b etw een E l Paso
and in t.: through J u ly 1 1947 at 101 and in t., and thereafter, but prior to an d V sle ta . 53.28 m iles of e q u iv a le n t sin gle track ; stan d ard gau ge: 93
m a tu rity, at 100)4 and int. V . 115, p . 1843. In O ct. 1926 Lee Higginson p assen ger cars a n d 6 oth er cars. A lso d o es e n tir e e lectric lig h tin g and p ow er
b u sin ess in L as C ru ces, N . M e x . P ow er s ta tio n h a s c a p a c ity o f
& C o ., H arris, Forbes & C o ., and Coffin & B u rr, In c ., offered $2,000,000 o ?
3 1 ,5 0 0 k .w . M iles of eq u iv a le n t sin gle track (su b . c o s .) . 5 2 .9 0 . E s tim a te d
additional 5 % series “ C , ” at 100 & int. V . .2 3 , p . 1761.
Series “ D ” are call., all or in part, on 4 weeks' notice at 104 and in t. up to p o p u la tio n serv ed , ra ilw a y , 120.100: lig h t an d p ow er, 136,300. F ranchises
and incl. Ja n . 1 1929; 103 and in t. through Jan . 1 1934:102 and in t. through m E l P a so exp ire in 1951 an d 1952, in L a s C ruces 1949. R a ilw a y fran ch ise
Ja n . 1 1939; 101 and int. through Ja n . 1 1944, and 100 4 and in t. thereafter. in Juarez exp ires in 1988. In teru rb an a lm o st en tir ely on p r iv a te r ig h t-o fA nn ual sin k in g and im p t. fund for all series beginning 1924 of 1 )4 % of the
S TO C K A N D BO NDS—
D a te.
Interest.
O u tstan din g. M a tu r ity .
total am ount of bonds issued. In t . is payable in Poston and N e w Y o rk .
Q -M 15 58,024shs. M a r .’26$l .25
Com m on 58,282 shs (no p a r)________
D iv id e n d s .— 1 % % bas been paid on the pref. stock regularly quarterly Pref 7 % cum Ser A $3,000,from date of issuance to and including N o v . 1926.
Q -J 15
000 ($100)________________________
$2,508,300 J u l y .’2 6 ,1 H
Pref 6 % non-cum Ser B $349,E A R N I N G S . — F o r calendar years:
Interest,
Balance,
400 ($100)---------------------------------------------Q -J 15
Gross
N e t after
Other
107,900 J u l y .’26 1 H
& c.
S u rp lu s.
E l Paso E l C o (T e x ) 1st M t g l 1925
5 g D -J
__________ _________ 1950
E a rn in g s.
Taxes.
Incom e.
$3,000,000 June 1
$571,425 $1,302.082
1925_______ $3,663,753
$1,859,734
$13,773
? 2 ? A )! J a'2 P 2& #500)- - - c *lState Street T r u s t C o ., Boston, trustee.
551,611
($100, $500 & $1,000) - C * . t f (G u a ra n ty T r u s t C o ., N e w Y o r k , Trustee.
880,346
1924_______ 3,274,523
1,423,975
7,982
1923_______ 3,078,961
1,183,780
17,416
453,488
Stock. Series “ A ” and “ B ” have like preferences as to both assets and
747,708
1922_______ 2,770,050
644,861 earnmgs, except as to dividend rate and the cum ulative provision of Series
1,026,331
18,548
400,018
,°eFPtef. does not carry subscription rights to increases in
Latest E a rn in g s.— F o r 12 mos. end. J u ly 31:
c°;u,-stock. ^ S3r
^ pref. is red. at 115. In Jan . 1925 $1,500,000 Ser.
1926.
1925.
rA
pre/ - was offered b y Stone & Webster, In c ., at 103, to yield 6 .8 0 % .
$3,884,865 $3,447 487 ,V • , i p. 453.
Gross earnings_____________________
liU
j
1,945.742
N e t after taxes (incl. other income)
1,735.637
Series “ B ” 6 % non-cum . pref. stock carries subscription rights to in ­
585,536
569,605
Interest, & c_______________________
creases in com. stock (convertible at any tim e prior to J u ly 1 1927 into
204,099
Preferred dividends_______________
244,708
Series A , share for share. R ed. at 110.
B on ds.— ' h e 1st mtge. gold bonds, series A , dated June 1 1925, are red,
T
Balance_____________________________________ . . . . $1,115,498
$961,933
as a whole at any time andi n part upon 30 days’ notice at 105 to and incl.
O F F I C E R S .— Chairm an, W . B . Head; Pres., C . E . Calder; V .-P s .,
D ec. 1 l 930’ at. 104
and ln c l- D ec- 1 1934, at 103 to and incl. D ec. 1 1938,
H . L . Seay, A . S. Grenier and E . W . H ill; V .-P . & Gen. M g r ., C . W . D avis;
at 102 to and incl. D ec. 1 1942, at 101 to and incl. D ec. 1 1946, at 100M
Sec. & Tre a s ., J . B . W alk er.— V . 117. p. 898. 1466; V . H 9 , p . 2760, 2877; to and incl. D ec. 1 1947, at 100)5 to and incl. D ec. 1 1948, at 100)4 to and
V . 120, p . x457, 3064; V . 122, p . 3337; V . 123, p . 1761.
IncJ - D ec- 1 1949; thereafter at pa r. In t . payable in N e w Y o rk , Boston
^Fcago; Penna. 4-m ills tax refundable. In .Tune 1925 G u a ra n ty C o .
o{. N - Y - a n d Stone & Webster, In c ., sold $3,000,000 at 95)5 and in t .. to
N O R T H E R N T E X A S ELECTRIC CO.
yield o-oU vo- V . ±20, p . 3313.
Operating cos. are under executive management of Stone c% W ebster, I n c .
E A R N I N G S . — F o r calendar years:
S.—
Gross
O f the common stock, $500,000 is owned b y P u b . Service In vest. C o .
N e t a fter
I n t.
A m o r t.
B al. A v a il, for
E a rn in g .
Taxes.
less Oth In c.
s . R etir N D ie s.
O R G A N I Z A T I O N . — A holding co. In corp. in M aine N o v . 16 1905 and
1925 .......... $2,552,617
$908,911
$190 321
owns the entire stock and participating bonds of the N o rth ern Texas Trac­
$718,590
1924 ---------- 2,434,371
851.880
214 771
637.109
tion C o., the capital stock of the Ta rra n t C o u n ty Tra c C o (name changed
1923 ---------- 2.407.468
887 191
201.972
682.219
from F t . W o rth Southern Tra ctio n C o . in 1914) and the A rlington L ig h t
1922 _____ 2,290.8)1
851.832
209.108
642.724
fc Power C o .
1921 ---------- 2.2 i ). 105
698.1 >9
158.319
539.850
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
1920 - - 1.9.31.621
601.459
113.482
490,977
C o .’s subsidiaries do all the electric-railway business in Fort W o -th and
1919 . . . . 1.5'1.676
452.113
91.367
361,046
operate an interurban line between that city and Dallas 35 miles: operate a 1918 ---------- 1. 157.633
387.332
79.693
307,629
line between F o rt W o rth and Cleburne. T e r . . 31 miles It is proposed to ex­
1917 _____ 1.383.525
481.755
64 .628
417,127
tend the line from Cleburne to D enton , the rights of the F o rt W orth -D en to n
1916 .......... 1,110,718
452,154
59.128
393,029




L atest E arnings.-— F o r 12 months ended J u ly 31:
^ 1926.
Gross earnings_____ :.______________________________$2,690,128
N e t after taxes____________________________________
1,007,637
Interest on construction___________________________
______
B alan ce___________________________________________
1,007,637
Interest and amortization charges_________________
164,382

1925.
$2,493,035
862,960
C r .25,817
888,777
239,140

Available for reserves, retirements & dividends. _
$843,255
$649,637
O F F I C E R S .— Pres., Alex. F . Crichton: V .-P ., E . Ennallis Berl and E . M .
H arrigan; Sec. & Tre a s ., H e n ry T . Graham : V .-P ., Joseph Rem ick; V .-P .,
Jason C . Leighton: Tre a s ., H e n ry B . Sawyer; Sec., W m . T . Craw ford:
Gen. M g rs ., Stone & Webster Ivlgt. Assn..— V . 120, p . 453, 3313: V . 122,
p. 1168, 1309, 2040; V . 123, p . 1250.

E A S T E R N T E X A S ELECTRIC CO.
Operating companies are under the executive m anagem ent of Stone &
W ebster, I n c .
Control.— On Feb. 27 1926 Engineers Public Service C o . had acquired
92 .44% of the common stock and convertible notes through exchange of
securities. See Engineers Public Service Co .
O R G A N I Z A T I O N . — Incorp. in Delaware in 1924 and acquired the stock
of the Eastern Texas Electric Co . o f T exas., a consolidation (in 1918) of the
Jefferson C o unty Tra ction C o ., Beaum ont Electric L ig h t & Power C o .,
Port A rth u r Light & Power C o ., and Beaumont Tra ctio n Co . V . 118, p.
2303. Controls through stock ownership the Port A rth u r Ice & Re­
frigerating C o . In 1924 acquired the outstanding stock and guaranteed
the first mtge. bonds of the Lake Charles Electric C o ., In c. (now Louisiana
Ele ctric C o ., In c .; V . 123, p. 18761. V . 119. p. 1281; V . 107, p. 695.
In J u ly 1925 was reported planning the acquisition of the Orange (T e x .)
Ice, Light & Water C o . V . 121, p. 457. In A u g . 1925 acquired control
of the Western Public Service C o ., a Colorado com pany, operating in
Colorado, Missouri, Nebraska, Texas and W yom ing. Also took over
through its new subsidiary, the G u lf States Utilities C o ., the u tility
properties in Orange. Te x
V . 121, p. 1227.
T h e controlled operating companies as of D ec. 31 1925 are Louisiana
Electric C o ., In c ., G u lf States Utilities C o ., Western Public Service C o .,
M oun d C it y Electric L ig h t & Ice C o . and Ta rk io Electric and W ater C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Does the entire electric light and power business in Beaumont and Port
A rth u r, the entire electric railway business in Beaumont and operates an
interurban electric railway beyween Beaumont and Port A rth u r, a distance
of 20 miles. Combined capacity of power s a ions a Beaum ont, Orange
and Port A rth u r, T e x ., and Lake Charles, L a ., 34,361 k .w .; power is also
supplied to Port A rth u r Tra ction C o . C o . also does, without competition,
the ice, water and electric lighting and power business in Orange, T e x ., and
vicinity and electric lighting and power, street railw ay, gas, water and ice
business in Lake Charles, L a . Also does an ice, water, steam heating
and-or electric lighting and power business in more than 70 other towns
and cities located in W yo m in g, Texas, Colorado, Nebraska and M issouri.
M iles of equivalent single track 39 94; trackage. 1.92; standard gauge;
68 passenger, 6 trailers and 11 otner ca.s
Gas outDUt 1925, 65,327,517
cu. ft.; 22.9 miles of gas mains and 1,525 gas meters. Population served:
railw ay, 110,600; light and power, 235,800; gas, 15,000.

Stock.— T h e 1st pref. eum. stock is preferred as to assets and dividends
over all other classes of stock. In case of dissolution (voluntary or invo lunto ry) is entitled to 107 3^ and divs.
In A u g ., 1925, G . E . Barrett & C o ., In c . sold 5,000 additional shares or
1st pref. cum . stock at $96 and d iv ., to yield about 7 .2 9 % . »V . 121, p . 980.
B on ds.— A dditional 1st m tge. bonds of Series “ A ” or other series m ay be
issued only under the carefully guarded restrictions of the mortgage. T h e
principal am ount at any one time not to exceed $100,000,000 and no bonds
to be sold under this m tge. after A p ril 1 1925. 1st m tge. g. Series “ A ” bonds
due A p ril 1 1950, are secured b y 1st m tge, lien on all fixed properties subject
only to prior lines on after acquired property, and b y pledgefof the capital
stock of Ta rk io E l . & W ater C o . and the M oun d C it y E l. L t . & Ice C o . and
b y deposit w ith the trustees of notes covering indebtedness to the c o . for
which the co. w ill covenant to exchange 1st m tge. obligations of afore­
mentioned two companies. F u rth e r bonds of this Series or subsequent Series
m a y not be issued in principal amounts greater than 7 5 % of the cost or par
value of new construction, & c ., and only provided that earnings applicable
to bond interest for any 12 consecutive months of the preceding 15 months
shall have been not less than twice the aggregate annual interest require­
ments of prior lien obligations and 1st m tge. bonds then outstanding, incl.
those proposed to be issued, are red. whole at any tim e, or part upon 60
days' notice at 107 A incl. A p ril 1 1929; at 105 incl. A p ril 1 1934; at 103 incl.
A p ril 1 1930: at 102 incl. A p ril 1 1944; at 101. incl. A p ril 1 1949; and there­
after at 100: in each case w ith interest. Principal & in t. pa y. at Denver,
N e w Y o rk & Chicago. Penn. & C o nn . 4-m ills tax, Iow a 6-m ills tax, M a ry ­
land 4 K -m ills tax. M ass. 6 % tax and C a l. 4-m ills tax refundable. In M a y
1925, W . A . H arrim an & C o ., In c ., & c., & c., sold $4,200,000, Series " A ”
bonds, at 98 and in t., to yield 6 .1 5 % .— V . 120, p . 2552. $68,000 Series “ A ”
are held in treasury.
A ll of the outstanding 1st m tge. 30-y r . 6 % Q■ bonds of the Interm o u n ta in
R y. L t.
Row. C o., dated A ug. 1 1912 were redeemei on A u g . 1 1925 at
105 and in t.— V . 120, p. 3189.
A ll of the outstanding lsl m tge.
p rio r lien 6 % 2 0 -yr. g. bonds of the
Interm o u n ta in R y. Light & Power C o., M isso u ri-T e x a s System,, dated Jan . 1
1917, were redeemed on J u ly 1 1924, at 103 and in t.— V . 120, p. 2685.
T h e 10- y r .. 6 J ^ % gold debent. (S eries “ A ” ), due A p r il 1 1935. are call, as
a whole at any tim e or in part on any interest date on 60 days’ notice on or
before A p ril 1 1928 at 103, A pril 1 1931 at 102. A p ril 1 1934 at 101; there­
after at 100. in each case with interest. Additional debent, of Series “ A ”
or other Series m ay only be issued under the carefully guarded restrictions
of the indenture. T h e y are convertible at any. tim e at the will of the holder
into first preferred stock at 100. with adjustm ent of in t. and divs. Th e re is
a sin k in g fu n d , beginning A p ril 1, 1928 and annually thereafter to and incl.
A pril 1, 1931, of an am ount sufficient to redeem on the next following
interest date 2 % , and on A p ril 1 1932 to 1934, incl., 2 A % of the largest
aggregate am ount of Series “ A ” debentures which, prior to such pavm ent,
have been outstanding. In t. payable at International T ru s t C o ., D enver,
Trustee, Central U nion T ru s t C o ., N e w Y o r k , and the Continental and
Commercial National Ban k of Chicago........ ...............................
....................
E A R N I N G S . — F o r 12 mos. and Feb. 28 1925 (incl. earnings of properties
acquired during the period): gross, $1,724,770: net after m aint. & taxes
(not incl. Federal taxes), ,$642,809: annual interest & depreciation, $482,760;
1st pref. dividends, $47,397; balance, $112,652.
O F F I C E R S . — Pres., E . C . Van Diest. M anagem ent: Stone & Webste*,
Tnc.— V . l i q p . 3012. 2412; V . 120, p . 2552,2685. 3189; V . 121, p . 841, 980,
3006; V . 122, p . 3343.

G

S T O O K 8 A N D B O N D S .— D a te. In terest.
O utstan din g.
M a tu rity .
Com m on 125,000 shs (no p a r ) . ____
________
70,602 shs A p r 26,$1.25
Pref 7 % cum Ser “ A ” $2.500,7 % Q -J
2,137,800 See text
000 ($100)________________
3-year 5 % gold notes ($1,000)) 1925 5 g F -A
4,000,000 A ug 1 1928
c*.tf/F irst National Bank of Boston, trustee,
5 -y r conv 5 A s coupon notes/ 1925
5 A g J -D
3, i97,6(J0 D ec. 1 1930
($1,000-500-100 c * )-----------------\N . E . T ru s t C o ., Boston, Trustee.
Beaumont Tra ction 1st M tge/ 1903 5 g A -O
200,000 A pril 1 1943
$600,000 (call at 105)___tf \Int. at Interstate T r . & Ban k . C o ., trustee.
Stock.-— Pref. stock is preferred as to assets and dividends; is callable
at 110. $50,000 held in trust for benefit of com pany (in addition to am ount
shown above).
___ _____ _ ___
B on ds.— A ll of the outstanding E a st Texas E l. Co. (Texas) 1st m tge. gold
bonds, dated N o v . 1 1912, were called N o v . 1 1926 at 105 and in t. V . 123,
p . 1875.
The Three-year 5 % gold notes, dated A u g . 1 1925, are callable as a whole,
incl. Feb. 1 1926, at 101 A . reducing
each interest date to 100 on
Feb. 1 1928, plus interest in each case. Interest payable in Boston, New
Y o rk and Chicago. In A ug. 1925 Stone & Webster, In c ., sold $4,000,000
at 983£ and interest, to yield 5 .4 5 % . V . 121, p. 585.
T h e 5-year 5 A % convert, g. coupon n otes, due D ec. 3 1930, are callable, as
a whole at any time or in part on any interest date on 30 days’ notice prior
to June 1 1928 at 102 A , reducing A % each interest date to 100 on June 1
1930; in each case with interest. A re convertible at option of holders at
any time on or before 10th day prior to m aturity or call date, if called, into
common stock on basis of 1 share common plus $5 cash for each $100 note,
subject to adjustment of dividends and interest.
$400,000 Beaumont Tra ction first mtge. bonds are held b y Eastern Texas
Electric Co . Redeemable, all or in part, at 105 and interest.
A ll of the outstanding Lake Charles Electric C o ., In c ., 1st m tge. 5 A $ ,
Series A , were called N o v . 1 1926 at 105 and in t. V . 123, p. 1876.
D ivid en d s.— 7 % is being paid on pref. stock. In Ja n . 1925, 3 A % : J u ly
1925, 'SA% ', O c t., 1M % : same rate quar. since. O n common, $1 25 quar.
is being paid.
E A R N I N G S . — F o r calendar years:
G ross.
N ( t( a f t.T a x .) O th .In c. I n t.& A m o r t. S k.F d .
S u rp lu s.
1925 ____ $3,459,367
$1,086,179 $12,379 $107,795
$680,182
1924 ____ 2,361,301
865.831
600
224,663
641,768
1923 -------- 2,067,155
778,986
22,400
221,280
580,106
L atest E a rn in g s.— F o r 12 months ended J u ly 31 (for co. and subsid. cos.):
1926.
1925.
Gross earnings___________________________
$5,010,403 $2,525,350
N e t after taxes________________
1,563,933
812,537
Interest on construction___________________________Cr. 156,079
_____ _
B a la n c e .........................
1,720,012
812,536
xD eductions------------------------------567,001
184,298
In teres t and a m or tiz a tio n c h a r g e s ___________________

3 8 6 ,9 3 5

E

S

T E

R

N

P

U

B

L

I C

S

E

R

V

L

F

S

T A

T E

S

U

T

I L

I T

I E

S

C

I C

E

C

S TO C K A N D BONDS—
D a te .
In terest. O u tstan din g. M a tu rity .
Com m on $1,000,000 ( $ 1 0 0 ) - - ____
________
$700,000 ___________
1st pref cum $5,000,000 ($ 1 0 0 )____
7 Q -M
677.100 ....................
2nd pref cum $1,000,000 ($ 1 0 0 )____
7
652.528 ___________
1st mtge g Ser " A ” ($1,000/ 1925
6 g A -O
4.331.000 A p ril 1 1950
5 0 0 )---------------------------------- c*tf lln te rn ’l T ru s t Co . D enver, C o l., trustee.
D ebent g. Series “ A ” ($1,000
5 0 0 )----------------------------------------------- 1925
6 A S A -O
1,044,000
1935

O

.

S T O C K A N D B O N D S .—
D a te .
In terest. O utstan din g. M a tu rity .
Com m on (no p a r)____________ ______
________ x2 80 ,0 00 sh s.___________
1st mtge & ref gold series A f 1926
5 g M -S
$9,000,000 Sept 1 1956
($1,000 & $500 c * )______ tf \T h e Chase N a t ’l B k . of the C it y o f N . Y . , t r .
N otes_______________________________
________
x3 ,500,000 ......................
x A ll owned b y Eastern Texas Electric C o .
B onds.— Th e 1st m tge. & ref. gold bonds are secured by a direct first
mortgage on all of the fixed property, together w ith franchises, rights and
permits in connection therewith, now owned b y co., and b y a direct lien on
all fixed public utility property hereafter acquired, as defined in the m ort­
gage indenture, subject only to such liens as m ay exist on after acquired
property at the time of acquisition.
Issu e o f A d d itio n a l B on ds.— -Th e total authorized issue lim ited to $200,000.000 at any one time issued and outstanding. Under the provisions of
the mortgage indenture additional bonds m ay be issued in series on sub­
stantially the following bases: (a) T o the extent of 70 % of the cost or
value, whichever is less, of additional property as defined in the indenture,
charged to fixed property accounts after August 31 1926, wheresoever

17,452

In A u g . 1925, the Eastern Texas E lectric Co. o f D e l. acquired control of
the co. V . 121, p. 841.
O R G A N I Z A T I O N . — Incorp. under the laws of Colorado. Owns and
operate®, directly or through subsidiaries, public service properties in over
65 cities and towns in the States of Colorado, W yom ing,Nebraska,M issour
and Texas. Properties are owned directly by the company w ith the excep­
tion of tw o which are owned b y subsidiaries, the entire issues of Capital
stock of which are owned. Com pany serves over 22,000 customers, it is
stated, in growing communities having an aggregate population in excess
of 135,000. T h e services rendered comprise electric power and light, water,
steam heating and ice.
T h e properties include 23 modern central station power plants, together
w ith electric distribution systems and over 378 miles of high tension trans­
mission lines; also 22 ice plants and 7 water plants. A t L a Ju n ta , Co lo.,
com pany owns and operates a large and well equipped ice plant west of the
Mississippi R ive r; this plant supplies ice to the Atchison To peka & Santa
Fe R y . for refrigerator car and passenger service.




U

C ontrol.— A ll of co.’s stock (except directors qualifying shares) is owped
b y Eastern Texas Electric C o . (of D e l.), a subsidiary of Engineers Public
Service Co.
Executive M a n a g em en t.— Stone & Webster, In c .
O R G A N I Z A T I O N . — Incorp. in Texas A ug. 25 1925. In itia lly purchased
the electric light and power, ice and refrigerating, and water properties in
Orange, Texas and v icinity. In 1926 acquired from Eastern Texas Electric
C o . the electric light and power properties in Beaum ont and Port A rth u r
and vicinity. Also acquired from Louisiana Electric C o ., In c ., the electric,
gas, water and (or) ice business at Lake Charles, Jennings and vicinity,
in Louisiana. Also added various other utilities to its system.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e combined properties serve 20 communities. T h e population served
is approx. 144.000.
Co . owns steam power plants with an installed capacity of 45,150 k .w .
T h e most im portant of these, is the Neches power station, w ith an initial
capacity of 21,000 k .w ., on the Neches R ive r near Beaum ont. F o r the 12
months end. A u g . 31 1926, the electrical output of the properties was
93,563,000 k .w . h. Th e re are 320 miles of high tension transmission lines
interconnecting all parts of the system and extending into adjacent territory
and 425 miles of distribution system. T h e gas plant at Lake Charles has a
daily capacity of 840,000 cu. ft.; present annual production is 77,330,0 )0
cu. ft. C o m p an y’s ice and refrigeration plants in P ort A rth u r, Orange,
Silsbee, Lake Charles and Jennings are of 390 tons daily capacity. Th e
water works in Orange and Lake Charles have a daily capacity of 10,973,000
gallons. V . 123, p. 1875, 1996.

A v a il, for reserves, retirements & dividends____
$766,076
$610,786
x Interest, amortization charges and dividends on securities of under­
lying companies held by public.
O F F I C E R S .— Pres., Alex. F . Crichton; V .-P ., E . Ennallis Berl and E . M .
H arrigan; Sec. & Tre as., H e n ry T . G rah am . Gen. M g rs ., Stone & Webster
In c .; M g r ., J . D . H oltzclaw .— V . 121, p . 457, 585, 838, 1227, 2749; V . 122,
p. 347, 1309; V . 123, p. 1250, 1875.

W

217

POWEK, LIGHT AND RAILWAY

O ct ., 1926.]

W estern P u b lic Service
C om pany
O

.

( all issues)

E are
furnish quota­
tions or other information regarding
Wsecuritiesprepared toabove Company.
the
of the
Inquiries Invited

H o w e , S n ow
& BERTLES .
in c

120 Broadway

New York

Chicago
Grand Rapids
Detroit
San Francisco
St. Louis

PUBLIC UTILITIES

218

situated, less the am ount of any refundable debt constituting a lien thereon;
provided, however, that the net earnings of the com pany for 12 consecutive
calendar months w ithin 15 calendar months preceding the application
therefor are at least equal to twice the annual interest charges on all bonds
issued or about to be issued under the mortgage, plus any outstanding
refundable or other prior lien debt, (b) T o refund, principal am ount for
principal am ount, bonds of any series issued under the indenture, (c)
T o refund, principal am ount for principal am ount, bonds, notes or other
evidences of indebtedness described as refundable debt in the indenture
secured b y mortgage or other lien upon additional property at the time of
its acquisition, provided that such debt does not exceed 7 0 % of cost or value,
whichever is less, of the additional property subject thereto, (d ) F o r an
equal am ount of cash deposited with the trustee withdrawable b y the
com pany in lieu of the issue of bonds only under the conservative provisions
of the mortgage indenture.
Series “A " 5s, dated S ept. 1 1926 are call, as a whole at any tim e or in
part on any in t. date on 30 days' notice at 105 prior to Sept. 1 1936; on Sept.
1 1936 and through A ug. 31 1941 at 104; through A u g . 31 1946 at 103;
through A u g . 31 1951 at 102; through A ug. 31 1952 at 10134; through
A u g . 31 1953 at 101 through A u g . 31 1954 at 10034 and on Sept. 1 1954
and thereafter to m aturity at 100; plus interest in each case. Interest
payable in N e w Y o r k , Boston and Chicago. Penn. 4 m ills tax refunded.
In O ct. 1926 Stone & Webster, In c . B la ir & C o ., In c . B row n Brothers &
C o . and Blodget & C o . sold $9,000,000 series “ A ” at 96 & in t. to yield
over 5 M %• V . 123, p . 1875.
L E A R N I N G S . — O f constituent properties for 12 months end. A u g . 31
1926: Gross, $2,930,132' net after oper. exp., m aint. & taxes (other than
Federal taxes), $1,165,214 annual interest requirements on co.’s bonds,
$450,000 balance, $715,214.
O F F I C E R S .— Pres., C . F . W . W etterer. Office, Beaum ont, Texas.—
V . 123, p . 1875, 1996.

A U S T IN S T R E E T RAILW AY.
t o

O

R G A N I Z
t h e A u s t i n

A T I O N . —
I n c o r p o r a t e d
E lFeranchisei c e x R p i y r e. s I n
c t r
1 9 4 2 .

in

F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A trolley ro a d . Operates 23 miles of track. 55 and 72-lb. rails: 43 cars
S TO C K A N D BONDS—
D a te .
In terest. O u tstan din g . M a tu rity .
________
$560,000 See text.
Com m on $750,000 ( $ 1 0 0 ) . ______
Pref $500,000 ($100) 6 % n -c ________
________
250,000 See text.
First & ref m tg $1,500,000/ 1911
5 g J -J
519,000 Jan 1 1936
gold ($1,000) _______ c * tf\ In t. at Equitable T ru s t C o ., N . Y . , trustee.
B on ds.— $714,000 1st & ref. bonds are reserved for additions, &c. Th e y
are subject to call on any in t. date at 10234- A nnual sinking fund of 2 %
of bonds out began in 1915 V . 92, p. 185; V . 93, p . 1461. $267,000 (not
Included in am ount reported outstanding) in sinking fund A p r . 1 1925.
D iv id e n d s .— O n pref. were paid regularly at the rate of 6 % per annum
until 1914; 3 % was paid in 1915, 6 % in 1916 and 6 % in 1917. None since.
O n common at rate of 4 % regularly u n til 1915; 2 % was paid in 1915; none
n 1916; in 1917, 2 % . N o ne since.
E A R N I N G S . — F o r year ending D ec. 31, 1925 gross, $295,405; operating
expenses, $210,946; taxes-, $14,980; bond in t. and deprec., $80,713; deficit,
$11,234. In 1924, gross, $313,423; net, $95,688; taxes, $16,970; bond, int.
& deprec., $82,512; sink, fd ., $15,720; bal., def., $19,514. In 1923, gross,
$328,926; net, $97,454; taxes, $16,927; bond in t., deprec., & c., $85,267;
sink, fund, $15,720; b a l., def., $20,460.
O F F I C E R S .— Pres. & Gen. M g r ., J . F . Springfield V .-P ., G u y P .
Gannett; Sec., D . A . Bush, A ustin, T e x . Asst. Sec. & Tre a s ., G . E .
M acom ber, Augusta, M e .— V . 93, p . 526, 1461, 1531 V . 110, p . 2487;
V . 112, p . 1517 V . 115, p . 1099, V . 117, p. 438 V . 120, p. 327 V . 122,
p. 478.

DALLAS RAILW AY & TERMIN AL CO.

[V ol. 123,

year for maintenance, repairs, renewals and replacements, or for permanent
additions as provided in the mortgage. M oneys m ay be w ithdraw n for
further maintenance expenses, additions, &c. A n y unused balance m ay
be used for retirement of 1st m tge. bonds, and any such balance amounting
to $50,000 or over rem aining after 36 months shall be so used.
6 % series, due 1951 are red., whole or part, on 30 days’ notice before
J u ly 1 1931 at 106 and in t., and at a premium decreasing 1 % each 4-year
period thereafter, the bonds being red. at 100% on and after J u ly 1 1950.
In J u ly 1926 Tu ck e r, A n th o n y & C o .; Halsey, Stuart & C o ., In c .; Old
Colony C o rp ., and W . C . Langley & Co. sold $5,000,000 6 % series due
1951 at 9634 and in t ., to yield over 6 .2 5 % . V . 123, p . 454, 580. Listed
on Boston Stock Exchange.
The bonds an d notes described below were to be redeem ed soon after issuan ce
in J u ly 1926 o f $5,000,000 ls i m tge. 6 % series bonds due 1951. V . 123, p.454
N o te s .— T h e secured 7 % notes, Series “ A , ” originally m atured June 15
1920, but have been extended to “ on or before D ec. 1 1927.” Redeemable
at par and interest.
T h e Dallas Ele ctric Te rm ina l notes which m atured Ja n . 1 1921 bore
6 % interest, but have been extended at 7 % .
C a r trust certificates are secured on 30 double-end centre-exit entrance
cars. P rin . am ount of $9,165 63 payable m onthly. R ed. on an y m a tu rity
date w ith a discount at the rate of 6 % per annum from the date of such pay­
ment to the respective m a tu rity dates.
D iv id e n d s .— O n preferred have been paid since 1921. O n common cash
dividends were paid in 1925 am ounting to $7.24 a share.
E A R N I N G S . — F o r calendar years:

v p e r . Ej j up.

.

,

G ross. T axes& R entals.
N e t.
1925____________________________________ $3,429,298 $2,578,079
$851,219
1924____________________________________ 3,322,215
2,547.246
774,969
1923________________________________. . . 3,330,425
2,632,349
698,076
1922____________________________________ 3,270,827
2,532,958
737,869
O F F I C E R S . — Pres., J . W . Carpenter; V .-P s ., J . C . D u k e , E . W . H ill,
A . S. Grenier and C . B . H u m p h re y ; V .-P . & Gen. M g r ., R ichard M e rriT e x a s
o n J
3
1 8
a s
u c c a o -;
wether; Sec.-Treas., a J . n B .. Walker.-—1 V1. 116, p . s 1411; e V . s 117, p . 85, 552;
V . 119, p. 941, 3009; V . 120, p . 1457, 3064; V . 121, p. 1907; V . 122, p . 2798:
V . 123, p . 454, 580, 841.

T E X A S ELECTRIC R AILW AY.
O R G A N I Z A T I O N . — In corp. in Texas Ju ly 5 1916 and is a consolida­
tion of the Texas Tra ctio n C o . and Southern Tra ctio n C o . (see V . 104, p
362, 560).
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Has a modern high-speed electric interurban railw a y system serving a num ­
ber of cities and towns in Texas in and adjacent to the “ Black W a x y B e lt,"
Including Dallas, W aco, Denison, Sherman, Corsicana, Waxahachie and
M c K in n e y . Also owns and operates the local street railw ay systems in all
of these cities except D allas. Present estimated population connected and
served, 435 000. Owns and operates interurban lines between Dallas and
Denison, 80.10 miles; Dallas and W aco, 97.58 miles; Dallas and Corsi­
cana, 60.04 miles (incl. 2d main track, sidings and turnouts, 17.04 miles);
local lines in Sherman, Denison. M c K in n e y , W aco, Corsicana and W axa­
hachie, T e x ., incl. sidings, &c., 35.87 miles; total, 273.59 miles (incl. 8.81
miles of tra ck, being entrance into Dallas, leased). Gauge, 4 ft. 8 A in.
70-80-lb. “ T ” rail. 60 interurban passenger. 66 c ity passenger, 26 express
and baggage and 42 w ork, & c., cars; total, 194; 15 sub-stations. Leases
generating plant to Texas Power & L ig h t C o ., from which it purchases
power under contract, expiring at same time as lease. Leases for 20 years
from D ec. 17 1915 the terminal facilities of the Dallas R y . In terurba n lines
are located on private righG of-w ay; city franchises are satisfactory, and,
in the opinion of counsel, w ith two unim portant exceptions, extend well
beyond 1947. Enters Dallas over tracks of the Dallas R y . C o . under long­
term contract.

S TO C K A N D B O ND S—
D a te.
In terest. O utstan din g. M a tu r ity .
C o m stock $6,000,000 ( $ 1 0 0 ) . ____
_______________________ $6,000,000 S e p t '25 1%
l s t p f 7 % cum $3,660 ,00 0($ 100____
Q -J
1,712,000 A p r '26, 1%
2d pref stock $3 ,0 0 0 ,0 0 0 ($ 1 0 0 )____
Q -F
3,000,000 F e b '26, 1M
1st & ref M tg e gold ($500 &/ 1917
5 g J -J
5,571,000 Ja n 11947
$ 1 ,0 0 0 )_____________ c* n tf [H arris T ru s t & Sav. B an k , Chicago, T ru s .
C o n v debentures $3,000,000/ 1917
6 g J -J
1,348,500 Ja n 11942
($1,000 and $500)____c* & r\In t. at St. Louis U n . T r . C o ., tru s., or N . Y .
Texas Tra ctio n 1st M sink fd/ 1907
5 g J -J
1,157,000 Ja n 11937
$3,000,000 ($1,000)gc*& rtf\Int. at O ld C o lon y T r u s t C o ., Boston, T ru s .
Den & Sher first mortgage,/ 1902
5 J -J
57,000 J u ly 1 1927
$350,000 ($1,000)_____ c*tf (In t . at Illinois T r . & Sav. B k ., C h ic ., Tru s .
First and refunding m o rtg a g e _____
6%
*500,000 ___________
* H eld in treasury.
Preferred Stock.— $600,000 1st pref. stock is held in treasury. R ed. on
any d iv . date after Ja n . 1 1922 at IO T A and d iv . on 30 days' notice. T h e 2d
pref. stock is callable on any d iv . date on 3 days’ notice at 107 A and d iv .
O n Sept. 30 1917 purchased the Dallas Interurban Te rm ina l Associa­
B on ds.— Additional 1st & ref. bonds m ay be issued for on ly 7 5 % of the
tion, which has a modern fireproof eight-story passenger terminal and
cost of extensions, & c., provided net earnings are twice the total annual
office building in the business district of Dallas, and assumed its notes.
interest charge, including bonds applied for. In addition to ordinary re­
T h e term inal facilities have been leased for 20 years to the three interurbaD
serves for personal injuries and damages, $75,000 bonds are provided usable
lines entering Dallas. T h e terminal was opened for service Sept. 1 1916.
for this sole purpose. Provision is also made for refunding underlying bonds.
O n D ec. 1 1920 took over the Standard Tra ction C o .
A special trust fund for m aint. and renewals is provided out of gross earn­
Fare increase in D allas, T e x ., in effect A p ril 15 1926. V . 121, p . 1907; ings as follows: 1917, 1 1 % ; 1918, 1 2 % ; 1919, 1 3 % : 1920, 1 4 % ; 1921 and
V . 122, p . 2798.
thereafter, 1 5 % . A n y part not so used m ay be expended for exts., & c.,
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S —
or for the redemption of any outstanding bonds. Y e a rly since A p ril 1 1121,
Operates 113.64 miles of track in the C it y of Dallasrand suburbs, including cash equal to 1 % of the first and refunding 5s and underlying bonds out­
30.19 leased O ak C liff lines. C o . has 296 cars incl. 52 leased and ordered standing on the previous D ec. 31, less am ount of paym ents to underlying
30 new m odern cars. Population served 250,000.
sinking funds during preceding year, to be deposited, usable for exten­
T h e entire power requirements of the co. are purchased from Dallas sions, & c., against which no first & ref. 5s shall be issued, or for the retire­
Power & L ig h t C o ., which is also controlled b y Electric Power & L ig h t
ment of 1st & ref. or underlying bonds. T h e 1st & ref. 5s are red. on any
C o rp . and also supplies the entire electric power and light requirements of int. date up to and incl. Ja n . 1 1942 at 105 and in t.: thereafter at 102 A and
I } colitis
in t. O f the amount reported outstanding $52,000 are held in treasury.
F ranchise.-— F o r terms of franchise under which it operates see “ Electric In t . is payable in Chicago and N e w Y o rk . See offering in V . 106, p . 397.
R a ilw a y Supplem ent” of O ct. 28 1922. U nder the franchise which is inde­
T h e debs, are callable on any int. date since Ja n . 1 1922 on 30 days'
terminate as to tim e, the C it y of Dallas has the right after A p r il 3 1927 to notice at 102 A and in t.; convertible since Jan . 1 1922 into 7 % cum . 1st pref.
purchase the property then operated thereunder at 105% of the then stock, par for par, w ith adjustment of in t. and divs. See also V . 113,
existing prop erty value, or the property m ay be acquired b y a licensee p. 1157; V . 114, p. 199.
named b y the c ity at 11 0 % of such value. V . 123, p. 454.
T h e Texas Tra ctio n 1st 5s can be called at 110 & accrued interest on
any int. date upon 30 days’ notice
$14,000 (not incl. in am ount reported
S TO C K A N D BONDS—
D a te .
In terest.
O u tstan din g. M a tu rity .
outstanding) are deposited under 1st & ref. mtge. of the Texas Electric
________
$3,250,000
See text
C o m m on, ($ 1 0 0 )_____________ ______
R ailw ay C o . A sin k in g fu n d of 5 % of gross earnings beran J u ly 1 1912.
Preferred $500,000 7 % ($100).
7-Q F
1,500,000 See le t
to be used in the purchase of bonds: $995,000 held in sinking fund as of
1st mtge g 6 % series, due 1951 / 1926 6 g J - J
5.000.000 J u ly 1 1951 A u g . 31 1926, not incl. in am ount outstanding above.
($1,000, $500 & $100 <•*) tf [Principal & i..t. payable in N . Y . or Boston.
D en & nber 1st M . bonds aie suojeci lo can since Ju ly 1 1917 at 105
Secured notes Series “ A " $1 .-I ldlt> 7'7,
1,000.000
See text.
and interest on four weeks' notice. A sin k in g fu n d began J u ly I 1905 at
109.000 gold ____________ /Equitable T r u s t C o ., N e w Y o rk , trustee.
2 % per annum of bunds out until 1913, when amount payable became 3 %
Unsecured notes ________ ___ 1917
6%
2.529,869
See text.
per annum until 1917; from l° 'x to 1922, incl.. 4 % per annum ; 1923 to
Dallas Elec Co Te rm M tg e .5-/
1916 7 J -J 1
759.000 Jan 11921
1mm in«‘i 5 ,T ner -inn inv « 39 ePO i->
in " f.i-H
inr- in amount
year notes $1,090.000____cl Interest at State Street T r u s t C o ., trustee.
outstanding above $3,000 cancelled. $ u ,0 0 0 held in treasury.
O ar trust certificates__________ ____
____
See text
D ivid en d s.— D ivs. on the first pref. stock were begun G e t 1. 1917.
Slock.— Pref. stock is e ititle d to 7 % cum . divs. thereafter. Red. at 110 Dividends of 1:,4 % quarterly on the 2d pref. stock were begun N o v . 1 1917.
and divs. o.i 60 days' notice.
On com. A of 1 % was paid in M a r.. June, Sept., and Dec. 1920. In
T h e pref. stock is preferred as to assets & dividends over common stock; M arch 1921 1 % was paid and same rate paid regularly quar. since to and
entitled to $100 it divs. in case of liquidation.
incl. Sept. 1925.
Bonds.— Additional 1st m tge. bonds of 6 % series due 1951. or other series
E A R N I N G S . — For calendar years:
Of such tenor as directors may from time to time determine, may be issued
1924.
1923.
1922.
19zo.
(a) for acquisition or retirement of bonds of any series or p -i >r lien bonds Gross earnings___________ $2,362,114 $2,794,636 $2,980,475 $2,706,995
on after-acquired properties: ( b) for cash deposited with trustee: (c) f >r O p . exp., taxes & m a in t- 1.524.615
1.747.501
1,691,415
1.651,527
6 5 % of new additi >us (d) against the property as of M a y 31 1926 to a total
of not exceeding $5)9.1)90 bo ids. Except for refunding purposes m ay not
N e t earnings_________
$837,499 $1,103,221 $1,232,975 $1,055,467
be issued unless net earnings for 12 consecutive within preceding 15 calendar A d d int. on deposits, &C586
1.629
810
2,397
months have been at least 2 '4 times annual interest on all prior liens w ith
the public and on all 1st mtge. bonds outstanding, incl. proposed issue.
To ta l net earnings____
$838,085 $1,104,061 $1,234,604 $1,057,865
T h e y are secured by a direct first mortgage on all co.'s property and equip­ D ed u ct— In t. on 5 % bd s. f
(337.588
337.600
m ent. incl. the terminal building owned at time of issuance or after-acquired,
In t. on 6 % debs_____ |
426,322
( 98,899
428,169
117,86$
subject to prior lien bonds, if an y, on after-ac mired property. Th e
S undry int. charges.. (
5.173
5.389
mortgage contains provisi ms perm itting the m xlification or alteration
D iv s . on 7 % 1st pref stk
119,635
109.761
84.328
62,689
thereof with the assent of h ilders of 8 5 % of outstanding bonds not incl.
D ivs. on 7 % 2d pf. s tk _ .
210.000
210.000
210.000
210.000
bonds owned bv th • co., provided that nothing shall perm it extension of Com m on divs. ( 4 % ) ______
120.000
240.000
240.000
210,000
m a tu rity, reduction in rate of interest, or any other modification in the D isct. on bds. purchased
-A _
_
terms of paym ent of such interest, without the consent of the holder thereof.
Res've f ir renewals, & c .
100.000
100,000
100.000
100,000
C c . is to pay on A p u l 1 of each year, beginning 1927. to a m ainten ance M is . deb. & cred___'___ C r .47,6i:>
5
2.5,000
a n d renewal fu n d an am ount equivalent to 15 % of gross operating revenues
i or the preceding calendar year, less actual expenditures during any such
$15,681
Balance, deficit______
$90,247
$8,870
$1.58,125

Control.— Controlled b y Electric Power & L ig h t Co rp . through ownership
of more than 9 2 % of the common stock.
U nd er supervision of E lectric Bond & Share Co.
O R G A N I Z A T I O N . — In corp. in Texas on Sept. 22 1917 as D a lla s
R ailw ay Co. to take over and operate the electric railway properties form erly
owned b y the Dallas Elec. L t . & Pow . Co . (see Dallas Electric C o . in this
Section for Sept. 1917) under the “ service-at-cost” franchise approved b y
the citizens of Dallas at an election held A p ril 3 1917. Form al acceptance
of the franchise was filed Sept. 27 1917. V . 105, p . 1419. N a m e changed to
present title A u g . 2 1926. V . 123, p . 544, 841.
T h e com pany leases w ith the right to purchase for $2,000,000, the Oak
C liff lines of the Northern Texas Tra ctio n C o . at an annual rental increasing
from $115,000 for the first three years to $150,000 the seventh year and
thereafter. C o . has the right to purchase the property at any tim e after
Ja n . 1 1940 and p rio r to 1953; in certain circumstances option m a y be




O c t ., 1926.]

POWER, LIGHT AND RAILWAY

W O F F I C E R S . — Chairm an of the board, N . A . M c M illa n : Pres., Jack
Beall; V .-P . & Sec., Jas. P . Griffin; A u d . & Asst. Sec., D . "W. M ilo n J r .;
Asst. Sec., C . P . M c A n liff.— V . 112, p. 563. 2644: Y . 113, p . .84. 844, 1157,
V . 114, p . 199, 855, 1767, V . 117, p . 555; V . 118, p. 665, 2043. 2706; V . 120,
p . 3 3 V1. 6122, p. 2193.
;

T E X A S -L O U IS IA N A POWER CO.
O R G A N I Z A T I O N . — In c o rp . in Delaware J u ly 29 1925. Acquired
properties previously owned and operated b y the Continental Gas L ig h t &
Power Co . and Southwestern Gas L ig h t & Power C o ., as well as 14 other
properties. T h e properties are located in Texas, New M exico and Louisiana
V . 122, p . 613. 751.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Co . furnishes electricity to 49, gas to 4, water to 3 and ice to 9 communities
(the latter in combination w ith electric p la n ts ). In addition it owns and
operates ice places at Gainesville and H ouston, Texas. Co . owns 19 electric
generating plants w ith a combined capacity of over 6,200 h .p . and has under
construction additional insta'lation of 2.800 h.p. Operates approx. 480
miles of nigh-tension and distributing lines. In addition, power equivalent
to about 780 n .p . is purchased at various pionts from the Texas Power &
L ig h t C o . V . 122, p . 613.
S TO C K A N D BO N D S—
D a te.
In terest. O utstan din g. M a tu rity .
Com m on 30,000 shs (no p a r ) . . ____
__________ 20 000 shs ___________
C u m pref $5,000,000 ($ 100)_________
7 Q -J
8850,000 _____________
1st mtge 20-yr 6 % g ser “ A ” f 1926
6 g J -J
3,250,000 Jan. 1 1946
($1,000-500-100)______ c*tf (C entral T ru s t Co . of 111., Chicago, trustee.
Stock.— Th e 7 % cum . pref. stock has preference over common stock as to
assets and dividends. F u lly paid and non-assessable and red. on 30 days’
notice at $107 and divs. Has voting power share for share w ith common
stock if preferred dividends are in default to extent of 7 % . N o shares of
stock having p riority over 7 % cum . pref. shall be created nor shall any
amendment be made to the charter or by-laws of co. diminishing the rights
of holders of 7 % cum. pref. without the affirm ative vote or written consent
of two-thirds of outstanding 7 % cum . pref. stock. Additional 7 % cum.
pref. stock m ay be issued if net earnings after all expenses and interest on
funded debt for 12 calendar months ending not more than 2 months next
preceding shall have amounted to at least 2 l times annual dividend re­
A
quirements on the 7 % c u m . pref. stock then outstanding and then proposed
to be issued. Th e dividend is free of normal Federal income tax and presen
Mass, income, M arylan d securities, and Pennsylvania presonal property
taxes are refundable upon application w ith in 60 days. In June 1926
R . E . W ilsey & G o., In c ., Chicago, and Frederick Peirce & C o ., Philadel­
phia, offered $850,000 7 % cum . pref. stock at 95 and divs., to yield about
7 .3 7 % . V . 122, p . 3607.
B on ds.— Th e 1st m tge. 20-yr. 6 % gold bonds, dated J a n . 1 1926. are secured
b y a direct 1st mtge. on all of the fixed property owned b y the co. A dd i­
tional bonds m ay be issued of series “ A ” or other series for refunding pur­
poses and for 8 0 % of new additions, & c., provided net earnings for 12 months
ended w ithin 90 days immediately prior to the application for the new bonds
have been at least twice annual bond interest, incl. new issue. Co . cove­
nants to pay to trustee annually 13 14% of gross operating revenues less
expenditures during such year on unfunded improvements, &c. Moneys
m ay be used for retirement of 1st mtge. bonds at or below redemption price,
or, at option of co., for extensions, improvements, & c., against which no
additional bonds m ay be issued, or for maintenance, repairs, &c. R ed.,
whole or part, on 30 days’ notice at 105 and int. on or before Jan. 1 1931,
A t 104 and in t. to and incl. Jan . 1 1936, at 102.50 and int. to and incl. Jan . 1
1941; thereafter at 101 and int. to and incl. Ju ly 1 1945. Penn., Ca lif.,
Conn, and Kansas 4-mills, M a ryla n d 4 14 -mills, D ist. of Co l., K entucky and
M ichigan 5-mills, Virginia 5 -milIs and Mass. 6 % taxes refundable. In
Jan. 1926 P . W . Chapm an & C o ., In c ., & c., &c., offered $3,250,000 series
“ A " at 99 and in t., to yield over 6 % . V . 122, p. 613.
E A R N I N G S . — Consolidated earnings for 12 mos. ended A p ril 30:
1926.
1925.
Gross earnings-------------------------------------------------------------------- $1,140,428 $1,000,175
Oper. exps., m cl. maintenance and general taxe s..
677,529
601,639
$462,899
$398,536
N e t earnings-------------------------------------------------------------------O F F I C E R S .— Pres., A . P . B arrett; Sec., Richard S. M orris; Treas.,
A . D . M c N a b ; General offices, F o rt W o rth C lub B ld g ., F o rt W o rth , Texas.
— V . 122, p. 613, 751, 3607.

SA N A N T O N IO PU B L IC SERVICE CO.
Affiliated w ith Am erican L ig h t & Tra ctio n C o .
O R G A N I Z A T I O N . — Incorp. in Texas J u ly 6 1917 to take over and
operate the properties of the San Antonio Gas & Electric C o . and the San
Antonio Tra ction Co.
See for intended issuance of $3,000,000 8 % pref. stock V . 120, p . 3316.
C a p ita l Stock In creased.— In June 1925 stockholders increased the author­
ized capital stock from $7,000,000 to $10,000,000. V . 120, p . 2944.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns and operates 90 miles of single track in city of San Antonio; 175 cars
and 38 buses




319

S TO C K A N D BONDS—
D a le. Interest. O utstanding. M a tu rity .
Com m on ($100)______________ ______
_______
$5,500,000 ___________
Preferred 8 % ________________ _______
8%
3,000.000 ___________
Preferred 7 % _________________ ____
7%
394,700
_______
1st mtge & ref ser “ A ” ($100. 1922
6 g J -J
5.550 000 Jan 11952
$500 & $1,000)_______ c*tf Interest payable in N ew Y o rk .
San Antonio T ra c (closed) I 1908
5 M -S
984,000 Sept 1 1949
1st mortgage gold_______ | N ew Y o rk T ru s t C o ., trustee.
San Antonio Gas & Electric, 1908
5 M -S
984.000 Sept 1 1949
(closed) 1st M g ($500) c*tf Interest at N e w Y o rk T ru s t C o ., trustee.
B onds.— Th e issuance of add’l 1st & ref. mtge. 6s is restricted b y provi­
sions of mtge. Ser. “ A ” red. all or in part on any int. date upon 60 days'
notice at 110 from Jan. 1 1932 up to and incl. Jan. 1 1942, and at 105 there­
after to m aturity, plus int. Penna. 4-m ill tax refundable. V . 113, p. 2819.
Listed on N . Y . Stock Exchange. V . 116, p. 936; V . 119, p. 199.
B oth the San Antonio Tra ctio n bonds and the San A ntonio Gas & Elec,
bonds were issued to retire underlying bonds. V . 88, p . 687. Gas & Elec,
bonds are redeemable at 105 and in t. on 6 weeks’ notice. See V . 101, p.851.,
E A R N I N G S . — F o r calendar years:
Gross (in cl.
N e t,
Bond
Other
Balance,
O th .I n c .) .
a ft. T ax.
Interest.
In terest.
S urplus.
1925------------- $5,147,323
$1,309,519
$413,457
$31,902
.$846,160
1924_______ 4,621,530
1,112,983
422,969
45,152
644,862
1923_______ 4,232,759 921,738
326.400
38,243
557,095
1922------------- 4,358,682
839,467
336,303
Cr .7,285
510,448
L a test E a rn in g s.— F o r 12 mos. ended A u g . 31:
1926.
1925.
G ro s s _______________________________________________ $5,635,134 $4,891,316
N e t, after taxes___________________________________
1,367,239
1,221,185
431,573
431,445
Bond interest_____________________________________
Other interest_____________________________________
25,876
31,292
B alan ce____________________________________________
$909,790
$758,448
O F F I C E R S . — -Pres., W . B . T u ttle ; V .-P ., Alason P . Lathro p; V .-P . &
Gen. M g r ., E . H . K ifer; V .-P ., James Lawrence; Sec. & Tre a s ., R . C . Jones.
— V . 120, p . 1091, 2944, 3316; V . 121, p . 979.

NEW MEXICO
S O U T H W E S T E R N PU B L IC SE RV IC E CO.
A subsidiary of C onsolidated Pow er & Light Co. o f South D a k o ta , which iD
tu rn is controlled b y General Public U tilities C o ., whose stock is in turn
owned by D a y & Z im m erm an n , I n c . V . 122, p . 2653.
O R G A N I Z A T I O N . — Organized in M aine in June 1925.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
C o . operates 3 groups of public u tility properties, serving w ithout competi­
tion a number of communities in N e w M exico, Arizona and Texas. Electric
light and power is furnished in A m arillo, T e x .; Roswell, Carlsbad and
Artesia, N . M e x ., and Flagstaff, Holbrook and Winslow, A riz . W ater is
supplied in A m arillo and Carlsbad, gas in Roswell, ice in Roswell, Artesia,
Holbrook and W inslow, and steam heat in Flagstaff. Population served
about 60,000. Co . owns 8 central generating (1 hydro-electric) stations with
installed capacity of 10,825 h .p ., and 254 miles of transmission and distribut­
ing lines. M ore than 10,000,000 k .w . hours were generated in 1924. Cos’.
water supply consists of 89
miles of mains through which 400,000,000
gallons were pumped in 1924. T h e gas plant at Rosewell has a daily output
of 200,000 cu. ft., a holder capacity for 80,000 cu. ft. and more than 10 m iles
of distributing mains.
S TO C K A N D BO N D S—
D a te.
In terest.
O ^itstanding. M a tu rity .
Com m on (no p a r)----------------------------------------------------- 500,000shs. __________ _
6 % cum pref $309,600 ( $ 5 0 ) . . ____
6
$103,200
lst
?0rYr s f 6 % g bonds? 1925
6 g J -J
3,727,000 J u ly 1 1945
ser A ($1,000-500-100) c *tf (I n t . at G ua ra nty T r . C o . of N . Y . , trustee.
B onds.— T h e Is! M . bonds, series A , dated J u ly 1 1925, are secured b y a
direct 1st mtge. on all the physical properties of the co. Additional bonds
in one or more series of varying tenor as directors m ay from time to time
determine m ay be issued for 8 0 % of new acquisitions provided net earnings
of the co. and its subsidiaries (incl. such new subsidiary) are 1 K times
annual interest charges on all outstanding bonds, incl. those to be issued.
A sin k in g fu n d provides for retirement annually, commencing J u ly 1 1927
of 1 % of the m axim um amount of bonds outstanding at any time during
the first 5 years, 2 % during the next 10 years and 2 'A % during the last
3 Wears.
C o . has no other funded debt than the above series “ A ” bonds.
Series “ A ” is red., whole or part, on 60 days’ notice to and incl. J u ly 1
1940 at 105 and in t., thereafter at 102 and int. Personal property taxes
up to 5 mills in any State and Mass. 6 % tax refundable. In J u ly 1925
Pearsons-Taft C o . and P . W . Chapm an & C o ., In c ., offered $3,500,000
series “ A ” at 99 and in t., to yield 6 .1 0 % . V . 121, p. 77.
O F F I C E R S . — Pres., Carl M . E in h a rt.— V . 121, p. 77, 332, 1570' V . 122
P. 2653.

220

PUBLIC UTILITIES

[ V ol . 123,

West ern a n d Pac i f i c
POWER, LIGHT AND RAILWAY

C o .’s steam generating stations have an installed capacity'of 376,900 k .w .
T h e tw o 35,000 k .w . units at the A vo n power plant started operation in
A u g . 1926. As of June 30 1926 the system had 261,848 electric customers.

WISCONSIN
N O R T H AMERICAN EDISON CO.
C on trol.— The N orth A m e rica n Co. owns all of the common stock, except
directors’ qualifying shares.
O R G A N I Z A T I O N . — Incorp. M arch 25 1922 under the laws of Delaware.
In A p ril 1922 the co. acquired from Th e North American C o . the entire
outstanding com . stock of Union Electric L t . & Pow . C o . of St. Louis.
(see on another page). I t also acquired from other interests more than
7 7 % of the com. stock of the Cleveland Elec. Ilium . C o . O n O ct. 1 1923
it acquired the interests in all the companies formerly owned b y the
Wisconsin Edison C o ., Inc. (for history see “ Electric Rail vay” Supple­
ment of O ct. 27 1923), and in D ec. 1924 acquired from T h e N o rth American
C o . its interest in Wisconsin Tra ctio n , Light,, H eat & Power C o . and
Wisconsin ’Electric Power C o . In D ec. 1924 acquired from the N o rth
American C o . its interest in Peninsular Power C o . In Ja n . 1926 acquired
control of Iro n M oun tain L ig h t & Power C o .'(Ir o n M o u n ta in ,’M ic h .) and
Niagara L ig h t & Power C o / (N ia g a ra , W is .).
T h e subsidiaries of the co. operate in territories including im portant indus­
trial centers w ith a total population estimated to exceed 3,800,000.
In crease C a p ita l Stock.— In O ct. 1925 the capital stock was increased from
400,000 to 1,000,000 shares (no p a r ), consisting of 500,000 pref. and 500,000
common shares.— V . 121, p . 2039.
M a tu r ity .
O u tstan din g .
S T O C K A N D B O N D S .—
D a te. In terest.
385.000 shs.
Co m . 500,000 shares (no p a r ) . -------- --------------Pref 500.000 shares (no p a r ) - _ ____
$6 Q -M 200.000 shs.
Secured sink fd bonds ($500 [
& $1,000) gold__________ (C e n tra l U nion T ru s t C o . N . Y . , Trustee.
3.056.000 M a r 15 1952
Series A ___________________
1922 6 g M -S 15
Series B ___________________ I 1922 6)4 g M -S 1
7.710.000 Sept 1 1948
Stock.— T h e pref. stock is preferred as to dividends and in case of liqui­
dation is entitled to $100 per share and d iv . Red. at any tim e, all or part,
upon 30 days’ notice, at $105 and d iv . Listed on t h e N . Y . Stock Exchange.
In O c t. 1925 D illo n Read & C o . offered 200,000 $6 cum . pref. stock at $97
and d iv s ., to yield about 6 .1 8 % . V . 121, p. 1789; V . 122, p . 1611.
B on ds.— T h e secured sink. fd. bonds Ser “ A ” < “ B ” are secured b y
&
pledge w ith trustee of:
$10,940,100 (6 5.79 % of total outstanding) of the com . stock of Cleveland
Electric Illum inating Co .
564,800shs. (no par value) (6 7 .9 3 % of total outstanding) of the com . stock
of Union Electric L ig h t & Power Co . of St. Louis.
$10,648,000 (56 0 4 % of total outstanding) of the com . stock of M ilwaukee
Electric R ailw ay & L ig h t Co .
1,900,000 (5 4.29 % of total outstanding) of the capital stock of W is­
consin Electric Power Co .
2,000,000 (5 0.00 % of total outstanding) of the common stock of W is ­
consin Gas & Electric Co.
Both Series “ A ” and Series “ B ” bonds have a seml-annua 1 k , fu n d for
sin
the retirement of 2 % yearly. $700,000 Ser. “ A ” and $80,000 Ser. “ B ”
retired through sink. fund. Ser. “ A ” are call, all or in part on any in t. date
at 107)4 and int. on Sept. 15 1922 w ith the call price reduced )4 of 1 %
each year thereafter. Listed on N . Y . Stock Exchange.
Ser. “ B ” are call, all or in part b y lot on any int. date to and in c l. Sept. 1
1924 at 106 and in t. with call price reduced M of 1 % each year thereafter.
Listed on N . Y . Stock Exchange.
D iv id e n d s .— A n initial quar. d iv . of $1 50 was paid on the no par pref.
stock in D ec. 1925 and q uarterly since then to June 1926.
E A R N I N G S . — F o r calendar years:
*1926.
1925.
1924.
xl923 .
Gross earnings__________$77,319,099 $72,563,287 $66,315,448 $42,222,401
O per. exp. and taxes___ 45,410,660 43,628,874 40,957,074 24,615,904
N e t oper. incom e_$ 31,908,439
$28,934,414 $25,358,375 $17,606,497
Interest charges__ 8,973,135
9,023,896
7.970,539 5,021,053
Pref. d iv . of sub. c o s ...
3,408,740
2,852,019
2,275.319
1,182,174
M in o rity interest_ 1,244,036
1,212,492
1,130,237
961,072
divs. and surplus___$18,282,528 $15,846,006 $13,982,289 $10,442,198

x Properties acquired in O ct. 1923 included for three m onths only.
* 12 M on th s ended June 30 1926.
O F F I C E R S .— Chairm an of Board, F ra n k L . Dam e; Pres., E d w in G ru h l,
V .-P ., J . F . F o g a rty; Tre a s ., R o b t. Sealy; Sec., F . H . Piske.— V . 121,
p. 1102, 1789, 2039, 2157, 2403, 2875, 3005; V . 122, p . 1611, 2330, 2800,
V . 123, p . 983.

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Controlled b y N o rth Am erican Edison C o .
F O R G A N I Z A T I O N . — In corp. Sept. 29 1892 in O hio. I n A u g . 1925
Durchased the Chesterland (O .) L ig h t & Power C o . O ther acquisitions
are the West Claridon L t . & P ow . C o ., the Thom pson L t . & P w . C o ., the
M iddlefield Electric L ig h t C o ., the Burton Public Service C o ., and the
m unicipal electric light plants in Chardon and Conneaut (all O h io ). V . 121,
p . 977. T h e A vo n R R . incorp. in 1925 and whose stock is all owned b y T h e
Cleveland Elec. Iliu m . C o ., has acquired part of the railw ay lines from the
Lake Shore Electric C o ., furnishing direct connection w ith several im por­
tant railway systems. V . 121. p . 1676. In Ja n . 1926 co. acquired the elec­
tric light and power properties of the Cleveland Painesville & Eastern R R .
T h e purchase included the properties of the United L ig h t & Power C o .
(of O h io ). V . 122, p . 609. In M a rc h 1926 acquired the G ran d R ive r
Electric L ig h t & Power C o ., the Suburban Utilities C o ., the Northeastern
Ohio Power & L ig h t C o . and the m unicipal light and power plant of Co n­
neaut, O .— V . 122, p. 2189. In M a y 1926 purchased certain electric prop­
erties in Ashtabula C o u n ty , O . V . 122, p . 3080.
F F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Operates in Cleveland and adjacent Industrial and suburban territory,
serving w ith electric light and power a total estimated population of over
1,200,000. Also supplies steam for heating purposes. Street lighting Is
furnished to 20 municipalities and current for domestic and commercial
purposes to 87 communities comprising Cleveland and suburbs. Also
furnishes power to the Cleveland street railway system.




S TO C K AN D BONDS—
D a te.
In terest.
O u tsta n d in g .
M a tu r ity
Com m on $19,200,000 ($100)_______
__________ $16,629,800O c t '26 2 ) 4 %
P re f6 % cum serof 1892-97($100) . . .
6 Q -P
800,000June 26 I X %
Preferred 6 % cum auth 1923
$40,000,000 ($100)_______________
6 Q -M
15.281,700June’26 1 H %
18.500,000 A p r. 1 1939
1st Mortgage $30,000,0001 1909
5 g A -O
($500 and $1,000) go ld . _c* (Citizens Savings & T r u s t C o ., Cleveland,
l and Acosta Nichols, N ew Y o r k , trustee.
Gen. M ortgage $30,000.0001 1924
5 g M -N
11,500.000 N o v . 1 1954
Ser " A ” ($1,000) g.c*___tf/G u a ra n ty T ru s t C o . of N . Y . , trustee.
Series B ________________________ 1926 5 g A -O
10,000.000 O c t. 1 1961
20-year deb bonds $5,000,0001 1921
7 g F -A
5,000,000 A ug. 1 1941
($1,000) gold__________ c*tf/"Union Tru s t C o ., Cleveland, trustee.
Stock.— 6 % pref.. auth. 1923, Is red., all or In pa rt, on any d iv . date upon
30 days’ notice at $110 and d iv ., and in case of liquidation is entitled to
$110 per share and divs. before any distribution is made to the holders of
common stock. 20,000 shares 6 % pref., auth 1923, were offered in M arch
1925 bv Th e Union T ru s t C o ., Cleveland; H ayd e n , M ille r & C o ., &o», & c .,
at $103 30 per share. Y . 120, p . 1456.
B onds.— $11,500,000 lsf M tg e. 5s are pledged as security for the Gen.
M tge. 5s, Ser. “ A . ” Ca ll, at 10714 and int. on A p ril 1 1924 and on any
Int. date thereafter at a price decreasing at the rate of )4 of 1 % yearly to
m aturity. In t. payable in N ew Y o rk and Cleveland. $4,000,000 were
offered in N o v . 1917 by Spencer Tra sk & C o . and the N ational C it y C o .
of New Y o rk at 90 and int. V . 105, p. 2186.
Gen. M tg e . 5s are secured b y direct mtge. lien on entire fixed prop erty of
co., incl. after acquired property, subject to $18,500,000 1st mtge. bonds.
Gen. mtge. provides for pu rchase fu n d equal to 1 % per annum of all series
A bonds then outstanding, to be available semi-ann. to purchase series A
bonds if obtainable during the succeeding 6 mos. at or below 100 and in t.,
any unexpended balance reverting to the co.’s general funds. A re c a ll.,
all or pa rt, b y lot at any time at 105 and int. Penna. 4 -m ill tax refund­
able. $11,500,000 gen. mtge. 5 % series A were sold b y D illo n , Read & C o .
in N o v . 1924 at 100 and int. V . 119, p. 2409. In O ct. 1926 D illo n , Read
& C o . sold at 102/4 and in t., to yield about 4 .8 5 % $10,000,000 (entire
authorized am ount of series B ) 5 % series B . V . 123, p. 1873A dditional gen. m tge. bonds m ay be issued in series of such terms as
m ay, from time to tim e, be determined, for refunding 1st m tge. bonds
and gen. mtge. bonds theretofore issued, and for 8 0 % of im provem ents, & c.,
provided net earnings for 12 consecutive months have been at least twice
annual interest on all gen. mtge. and 1st mtge. bonds then outstanding,
incl. proposed issue. Certain terms and provisions of the m tge. m a y be
modified w ith consent of holders of not less than 8 0 % of outstanding bonds.
20-year 7 % debentures have sin k in g fu n d of 2 ) 4 % per annum of the total
amount of bonds issued for their purchase in the open m arket, if obtainabla
up to 100 and int. C a ll., or in pa rt, on any int. date on and after A u g . I
1931; at 105 and int. during first year, redemption price decreasing 34 of
1 % for each year thereafter. Penna. 4-m ill tax refunded. In t. payable
at office of D illo n , Read & C o ., N . Y . $5,000,000 were sold in J u ly 1921
by D illo n , Read & C o ., N . Y . , at 95 and in t., to net about 7)4 %• V . 113,
p. 539.
D iv id e n d s.— Preferred dividends paid since issuance. O n common divi­
dends were paid continuously since 1902. Since 1920 at rate of 10 % per
annum.
E A R N I N G S . '— F o r calendar years:
*1926.
1925.
1924.
1923.
Gross earnings________
$20,053,939 $18,229,295 $17,519,169
Operating expense_____ . 10,988.416 10.306.815
9,548,740
9,435,714
N e t oper. revenue___ .$10,097,620
Non-operating revenue
564,749

$9,747,124
725,897

$8,680,555
223,420

$8,083,455
193,123

Gross income_______ -$10,662,369 $10,473,021
T o ta l deductions______ - 4,587.634
4,490,427
D ividen ds_____________ . 2,627,847
2,621,912

$8,903,975
3.718.173
2,048,520

$8,276,578
4,004,157
2,220,740

Surplus---------------------------- $3,446,888 $3,360,682
*12 m onths ended June 30 1926.1

$3,137,282

$2,051,680

O F F I C E R S . — Chairm an of Board, F . L . D am e; Pres. & Gen. M g r .,
R obt. Lindsav; V.-Pres. & Tre a s ., Chas. W . M ills : Sec., E . G . C ra w fo rd .
— V . 119. p . 2409; V . 120. p . 209, 582. 1456, 2010; V . 121. p. 977. 1099, 1676.
2636; V . 122, p . 609, 747, 2189, 2948, 3080; V . 123, p . 579, 709, 841, 1873.

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E n tire common stock (except directors' qualifying shares) is owned b y
the N o rth American Edison C o .
O R G A N I Z A T I O N . — Incorp. in Wisconsin as successor of M ilw aukee
Street R y . C o . Ja n . 30 1896, per plan in V . 60, p . 1069. O n F e b . 11 1919

U acquired N the operating G u tility property ( of H E M ilw aukee L ig h t, H eat
M
I
A T I N
C O .
T the
)

& Tra ctio n C o . (for history, see “ Electric R ailw ay Supplement” of
M arch 29 1919), subject to that com pany’s $5,000,000 1st mortgage 5s,
due 1929, and $4,500,000 general m tge. bonds, due N o v . 1 1958. V . 109,
p. 72. Com pare V . 106, p. 919: V . 108, p. 171. In A p ril 1917 acquired
the electric u tility of the Comm onwealth Power C o . and the heating u tility
of the Continental Realty C o . V . 106, p. 919. In 1921 the co. acquired
the property of the N o rth M ilwaukee Light & Power C o . In 1922 acquired
control of M ilwaukee N o rth ern R y . and early in 1923 acquired the plant
and holdings of the Dousman (W is .) Electric L ig h t & Power C o . V . 116,
p. 1050. In Sept. 1923 acquired the electric lighting and power interests
of the Honey Creek Electric L ig h t C o . V . 117, p. 1236. In 1925 acquired
from N o rth American Edison C o ., control of W ells Power C o ., whose-prop­
erties have been operated under lease since 1921 b y T h e M ilwaukee Electric
R y . & L ig h t C o . V . 123, p . 1251.
Leases the plant of the Wisconsin Ele ctric Power C o . and guarantees
paym ent of principal and interest on that co.’s 1st m tge. bonds. V . I l l ,
p . 1566; V 118, p .6 6 4 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Embraces practically all the street railway lines in the city of M ilwaukee.
Th e c o . besides its street railway system, owns and operates an electric light
and power system and a central-station, steam-heat system in Milwaukee
serving a pdpu'ation now est. at 921.69 . D ies an extensive street and
(jiterurban railway and electric light and power business serving South
Milwaukee, C u d a h y , Racine, Kenosha. W auwatosa. N o rth M ilwaukee,
Whitefish B a y , Fox P o in t, West A llis, W aukesha, Pewaukee, H a r lL n d ,

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Oct., 1926.]

POWER, LIGHT AND RAILWAY

221

B on ds.— Rem aining bonds m ay be issued only when net earnings are
Qconomowoc, W atertow n, St. M artin s, Muskego Lakes, M ukw onago,
twice in t. charges, incl. bonds to be issued, at not exceeding 7 5 % of cost
East T r o y , W aterford, Rochester and Burlington. To ta l track owned
419.28 and 1.90 miles leased. Steam power plants have an aggregate of extensions, additions, & c., provided net earnings for preceding year have
capacity of 205.700 k .w ., including 160,000 k .w . from Wisconsin Electric been at least twice interest oa all bonds outstanding, incl. new issue.
Power C o ., hydro-electric capacity and 15,000 k .w . purchased power. $1,500,000 offered in M a rch 1911 at par and int. Subject to call at 105
I , 809 miles transmission wires overhead and 237 miles cable underground; and in t. V . 92, p. 725.
D ividen ds.-— O n 7 % pref. paid regularly from J u ly 1 1924.
I I , 418 miles overhead wires and .535 miles distribution cable underground.
As of June 30 1926 176,364 electric customers. Owns 15 miles of steamE A R N I N G S . — F o r calendar years:
mains; 861 passengers cars, 124 buses owned.
D ep r. &
G ross. E x p . & Tax.
N e t.
Interest.
Bus O peration .— O n M a y 10 1923 the co., through its subsidiary, the
D iv s .
S u rp .
Wisconsin M otor Bus Lines, commenced the operation of buses, bu ilt by x l9 2 6 _________ $656,644 $477,269 $179,375 $86,850 $42,000 $50,525
1925-------------------- 622,526
449,003
173,523
86,850
the F ifth Avenue Coach C o . A 10-cent fare is charged. V . 116, p . 2388
42.000
44,673
Th e railway franchises and the electric-light and power franchises are
1924__________ 635,489
449,971
185,518
89,439
51,597
44,482
unlimited In time.
1923-------------------- 614,738
423,440
191,298
90,112
60.000
41,186
386,998
212,228
93,619
O n A u g . 17 1925 com pany substituted bus service on its W hitefish B a y - 1922__________ 599,226
60.000
58,609
x Tw e lve months ended June 30 1926.
Fox Point suburban lines. V . 121, p. 1101.
O F F I C E R S . — Pres., S. B . W a y ; V . - P . , R . H . Pinkley; Sec. & Tre as.,
V alu ation .— In Sept. 1917 the Wise. R R . C om m , submitted its report
F . J . Boehm; Asst. Sec., Chas. R . B ra d b u rn ; Asst. Tre a s ., A . J . B o h l.—
on the valuation of the physical properties of the M ilwaukee Elec. R y .
V . 115, p. 1532; V . 119, p. 198, 455.
& L t . Co. and Milwaukee L t ., H t . & T r a c . C o ., showing a reproduction
cost for both properties as of Jan . 1 1914 of $37,319,297. V . 105, p. 1309.
Q n the basis of the valuation of Jan. 1 1914, plus subsequent capital expen­
(3) U N I O N E L E C T R I C L I G H T & P O W E R C O .
ditures, the estimated reproduction cost of the companies as of June 30
Controlled b y N o rth Am erican Edison C o . which owns all the common
1926 was $78,258,870 (exclusive of $2,545,804 of materials and supplies on stock except directors’ qualifying shares.
h an d). V . 112, p . 2083.
O R G A N I Z A T I O N . — A reorganization in N o v . 1922 and acquired all
Fare*.— See “ Electric R ailw a y” Section of O ct. 28. 1922.
the properties and business of its predecessor, which bore the same name as
In crease C a p ita l Stock.— O n D ec. 21 1925 stockholders increased the auth­ per plan in V . 115, p . 1218. In A u g . 1923 the prop erty of the Western
orized pref. stock from $20,000,000 to $40,000,000, to consist of $4,500,000 Power & L ig h t C o . was acquired from the L ig h t & Developm ent C o . of
6 % pref. stock and $35,500,000 of pref. stock, issue of 1921. Also increased St. Louis, together w ith the controlling interests in the Cupples Station,
the authorized common stock from $20,000,000 to $40,000,000. and changed L ig h t, H eat & Power C o and St. Charles Electric L ig h t & Power C o . In
the par value of the common stock from $100 to $20 per share. V . 121, 1924 obtained control of the L ig h t & Developm ent C o . of St. Louis. Owns
p . 2637; V . 122, p . 94.
the entire capital stock (except directors' shares) of the U nion Colliery C o .,
which owns approx. 3,200 acres of coal lands located at D uq u o in , 111.,
S TO C K A N D BONDS—
D ate.
In terest. O utstan din g. M a tu rity .
about 75 miles from St. Louis. In D ec. 1925 co. acquired from the N o rth
Am erican C o . control of Mississippi R iv e r Power C o . and Central M is­
Com m on stock $40,000,000
sissippi Valley Electric Properties, the latter controlling K eokuk Electric
par $20)-----------------------------------------------________ $19,000,000 .............. ..
C o ., F o rt M adison Electric C o . and Dallas C it y L ig h t C o . V . 121, p . 3005;
Preferred
stock
$4,500,000
V . 122, p . 215.
6 % cum par $100)_________ ____
6 Q -F
4,500.000 N o v '26,
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
7 Q -M
10,512,348
See text
Pref 7 % cum ($100)__________ ____
Does the m ajor portion of the electric light and power and steam heating
R ef & ext M $20,000,000 gold f 1906 4 M g J - J
6,728,000 Jan 11931
business in the city of St. Louis and the electric light and power business
($1,000) closed c*_________{ Equitable T ru s t C o ., N e w Y o rk , trustee.
in 79 communities in the counties of St. Louis, Fra n k lin . Jefferson and
In t. at co’s office, 60 Broadw ay, N . Y .
St. Francois, serving a population estimated at approx. 1,200.000. N u m ­
Gen & ref mtge $90,000.0001 1911
5 J -D
5.817,000 Dec 1 1931 ber of consumers, 237,583. T h e co. controls through stock ownership
gold ($1,000) Ser “ A ” c* tf/in t. at N . Y . Bankers T r . C o ., N . Y . , trus.
the Mississippi R ive r Power C o ., which owns the hydro-electric plant at
K eokuk, Iowa, w ith an installed capacity of 111,200 k .w . In St. Louis co.
R ef & 1st M ($500 & $1,000)/ 1921
5 g J -D
14,321,£00 June 1 1961
owns the Ashley steam plant of 122,000 k .w . Co . has 17 sub-stations in c ity
gc* Series B _____________ tf;C e n tra l U n io n T ru s t C o ., N . Y . , trustee.
of St. Louis and 10 sub-stations outside c ity, and in addition owns the
10-yr 6 )$ % notes ser " D " \
Page A ve . sub-station located outside the c ity lim its, which has a capacity
1.000,000 _________________
1923
6)4 g F -A
993.900 A ug 1 1933
of 60,000 k .w . and affords the means of transforming the hydro-electric
6 % notes due 1931 $2,000,000. 1926 6
100,000 Jan 11931
power purchased from the Mississippi R ive r Power C o . to voltage suitable
for local distribution and for delivery to the U nited Railways C o . of St.
*M ilw L t H & T r C o 1st M g\ 1899 5 g M - N
5,000,000 M a y 1 1929
gu $5,000,000 ($1,000) g .c * / In t. at Equitable T r u s t C o ., N . Y . , trustee. Louis. Co m p an y has contracts (the principal one for 99 years) for the
purchase of power from the hydro-electric plant of the Mississippi R iver
Wis E l P r Co 1st M s e r“ A ” l 1924 5 g F -A
8’640,000 Feb 1 1954
Power C o . C o m p an y also owns its own coal m ine.
($500&$1,000) gup& l_c*tf/Central U nion Tru s t C o ., N . Y . t trustee.
Principal fran ch ises are perpetual, except in “ Underground D is tric t,"
* Issued and issuable.
In which territory they expire in 1940.
Leases the plant of the Union Electric L ig h t & Power C o . of Illinois,
Stock.— F o r authorized amounts of pref. stock see above under “ Increase
C a p ita l S tock.’ T h e 6 % pref. stock has full voting rights. W as originally situated on the east bank of the Mississippi, at Cahokia, 111., which is
non-cum ., but was made cum . in 1921 (Y . 112, p. 2414). T h e 7 % pref. stock directly across the river from St. Louis. See separate statement of that co.
below. Th is makes the total capacity available to Union Electric L ig h t
is also cum ., but has not voting rights except in default of dividends. T h e
& Power C o . (M issouri) 327,000 k .w .
7 % pref. is redeemable at 105 and divs. T h e entire outstanding 8 % pref.
stock was called M arch 1 1926 at 103. Y . 112, p . 1978, 2414.
S T O C K A N D B O N D S .—
D ate
In terest. O u tstan din g. M a tu r ity .
B on ds.— O f the ref. & ext. bonds, $6,500,000 are reserved for prior liens Com m on, 975,000 shs (no p a r ) ____
x975.000 shs .................
and $6,772,000 are deposited as collateral to gen. & ref. mtge. bonds.
6 Q -J
$3,926,200 .....................
Bonds are subject to call since Ja n . 1 1916 at 108 and in t. N o sink. fd. 6 % cum pref ($100)___________ ______
Bee V . 81. p. 1724, 1792; V . 84, p. 508.
Preferred, 7 % non-cum , $25,000,000 ( $ 100) ________________________
7 Q -J
9,000,000
See text
G en . & ref. mtge. falls due D ec. 1 1931, except that in certain events the
m a t u r i t y
d be 1951. w B i ol l n d s
a t e
o f“ A s” ea r r i eredeemable o n
s
a n 1st mtge closed ($1,000)1 1902
y
5 g M -S
6,200,000 Sept 1 1932
I n t e r datet s i n c Deec. 1 1916 at 105 & i n t . , 6 o ne e k s n o $13,228,000
e s
w
t ic e .
g o l d __________________ c*tf/Mississippi Valley T r u s t C o .. St. L . . trustee.
a r e reserved for prior liens; $13,243 000 pledged under ref & 1 s t mtge., Ref & ext mtge $50,000,0001 1908
5 g M -N
11,026,000 M a y 1 1933
and,$480,000 are pledged under the 5 % notes of 1916. $2,000 are held in
($1,000) gold_________c*tf/Bankers T r . C o .,N .Y .& B re c k e n rid g e Jones,
treasury. Additional bonds issued under this mortgage must be pledged
1 St. Louis, trustee,
under ref. & 1st mtge. N o sinking fund. See V . 93, p. 1787. Bonds listed
5 g J -D
4,975,000 Dec 1 1954
o n N ew Y o rk Stock Exchange. $6,772,000 ref. & ext. bonds pledged as Gen mtge Ser “ A ” ($1,000)1 1924
g o ld -----------------------------------c*tf/Bankers T r . C o ., N . Y . . & Festus J . W ade.tr.
collateral for the gen. & ref. bonds.
Missouri Edison Elec C o 1st! 1897
5 g F -A
3,168,000 A u g 1 1927
T h e ref. & 1st mtge. bonds will be a first lien on the entire property
cons mtge ($1,000) g .c * tf/ Irv in g Ban k -C o lum bia T r u s t C o .,N .Y .,t r u s .
b y Dec. 1 1931. F o r full description of security, & c., of this issue see
V. 112, p . 2083; V . 115, p . 1631. C o . has covenanted to make this a 1st
x A ll except directors’ shares owned b y N o rth American Edison C o .
mtge. by D ec. 1 1931. Additional bonds may be issued only at par to and 564,8)0 shares are pledged under that co’s 30-year 6 % and 25-year
refund a like amount of underlying bonds or bonds of this issue and for 6 )£ % secured bonds. Ser. “ A ” and Ser. “ B ” , dated M a rch 15 1922.
8 0 % of the cost of additions and improvements under certain restrictions.
Stock.— T h e 6 % pref. cum . stock is preferred as to assets and dividends
A sin kin g fu nd retires 1 % per annum, if obtainable at or under par and int.
Series “ B are red. all or part by lot on any U t . date to and incl. June 1 and call, at 103 and divs. E xe m p t from personal property and State income
in
Feb
1927 at 10434 and in t., w ith the redemption price reduced % of 1 % during taxes G . M issouri and exempt from normal Federal income6tax. In pref
1926
H.
St.
each 2-year period thereafter. A ll of the outstanding 6 % series C , due stock at 100 W alker & C o ., 122, Louis, offered $4,000,000 % cum .
per share. V .
p . 751.
Sept. 1 1953, were called Sept. 1 1926 at 104)4 and int. V . 123, p . 710.
B o n d s.— In t. on 1st m tge. 5s payable at Mississippi V alley T r u s t C o .,
Series B are listed on N . Y . Stock Exchange. V . 115, p. 2379; V . 116, p.
721; V . 117, p . 1017, 2212. In addition to amount of Series B shown in the St. Louis, trustee, and at office of the N o rth Am erican C o ., N . Y . Listed
on N e w Y o rk Stock Exchange.
above table as outstanding, $20,600 are held in treasury.
O f the balance of the ref. and ext. 5s, $10,000,000 are reserved to retire
T h e M ilw . L t . & T r . C o . 1st M . bonds m ay be called at 110 on any int.
underlying liens $5,000,000 are pledged under the gen. m tge., Ser. “ A , ” 5s,,
date. T h e y are guar., prin. and in t., b y endorsement, b y the M ilwaukee
and remainder for exts. and im pts. at 8 5 % of cost under certain restrictions.
Elec. R y . & L ig h t C o . (V . 86, p. 1042). Income tax withheld at the source C a ll, at 110 and int. upon 6 weeks' notice. In t . at office of N o rth American
at the rate of 4 % when owned b y a foreign corporation.
C o ., N . Y . C it y . Listed on N e w Y o rk Stock Exchange.
T h e Wisconsin Electric Power C o . 1st mtge. 5 % bonds ser. “ A ” are
Gen. m tge., Ser. “ A , ” 5s are secured b y pledge of $5,000,000 ref. and ext.
guaranteed principal and int. b y the M ilwaukee Elec. R y . & L t . C o . A
mtge. bonds. A
bonds
purchase fu n d to retire 2 % per annum of all ser. “ A ” bonds, if obtainable of 8 0 % of cash d d ’l gen. m tge. and imm ay be issued for principal amount
cost of
property under
at or below par & int. is provided for
A re red. all or in part by lot on 30 certain restrictions. A readd’ns all or inpts. rtto mortgaged at 105 and int.
call,
pa at any time
days’ notice on any int. date to and incl. Feb. 1 1925 and 105 & in t., with
Purchase fu n d of 1 % per annum of all Ser. “ A , ” bonds then outstanding
the redemption price reduced )4 of 1 % during each 3 year period therafter
available semi-annually to purchase Ser. “ A ” bonds if obtainable at or
Penna 4-m ill tax refunded. V . 118, p. 664.' F o r earnings of Wisconsin
below par and in t., any unexpended balance reverts to the co. In t . at
Electric Power Co . for 12 mos. end June 30 1926, see V . 123, p . 713, 845.
60 Broadw ay, N . Y . C it y . Penna. 4 mills tax refundable. $5,000,000
D ivid en d s.— Regular quarterly dividends of 134 % have been paid on the gen. m tge. 5s, Ser. “ A , ” were sold in D ec. 1924 b y D illo n , Read & C o .,
6 % pref. since 1900. Regular quar. divs. on the 7 % pref. have been paid
Harris, Forbes & C o . and Spencer Tra s k & C o . at 99 and in t., to yield
since issue, June 1 1922. O n common since 1903 at rates averaging 8 %
about 5 .0 7 % . V . 119, p . 2764.
per annum.
M is so u r i E d iso n E lec. 1st cons. 5s have been assumed b y U nion Elec. L t .
& Power C o . $3,400,000 issued, of which $232,000 have been retired. In t .
E A R N I N G S . — -for Calendar years:
payable at N ational Ban k of Commerce, N . Y . , or St. Louis, M o , Listed
T otal
O per. E xp.
N et
on St. Louis Stock Exchange.
R v e n u e D e p r .& Taxes Interest
Incom e
D ivid en d s.— Q uar. divs. of 1 J £ % paid regularly ( Q .-J .) on preferred.
xl926 __________________ $25,769,332 $19,178,854 $3,026,807 $3,563,671
1925____________________ 24,350,328 18,423,452
3,088,044
2,838,832
E A R N I N G S . — F o r calendar years;
1924_____________________ 22,812,796 17,553,584 2,933,490
2,325,722
Taxes
B a l. fo r
x 12 months ended June 30 1926.
Gross
O perating
(Reserve
N e t Other
F ixed
D ep rec.,
Earnings 12 months ended A ug. 31 1926, see V . 123, p . 1876.
E a rn in g s. E xpen ses. C re d it). E a rn in g s. Incom e. C harges. D iv s .,& c .
$
$
$
$
$
$
$
O F F I C E R S .— Pres, and Gen. M g r ., S. B . W a y ; V .-P ., E d w in G ru h l;
1926*16,967,268 9,578,820 1,713,914 5,674,534 857,983 1,375,276 5,157.241
V .-P ., Charles F . Pfister; V .-P ., F . W . Doloittle; V .-P ., W m . A . Jackson, 19z5yl6,154,159 9,082,015 1,739,791 5,332,353 800,989 l,3b6,442 4,766,900
John Anderson; V .-P . & Asst. Gen. M g r ., G . W . Van Derzee; Sec. & Tre as.,
1924yl5,380,8018,587,656 1,593,711 5,199,434 693,120 1,168,069 4,724,485
F . J . Boehm.— V . 121, p. 1101, 2156, 2637; V . 122, p . 94, 611, 833, 1170,
1923x14,020,021 6,682,152 1,468,345 5,869,524 567,132 1,109,418 5,327,238
2799, 2949; V . 123, p . 710, 843, 1251, 1382, 1876.
1922.11,960.028 5,820,319 1,361,374 4,778,335 313,775 1,149.853 3,942,257
1921.10,695,424 5,413,349 1,177,390 4,104,685 282,707 1,266,775 3,120.617
1920. 9,882,232 5,773,434 927,649 3.181,149 323,417
1,162,143 2,342.423
(a ) M I L W A U K E E N O R T H E R N R A I L W A Y .
1919- 8,153.407 4,692,774 754.092 2,706,541 227.545
1,128,980 1,805,106
C ontrol.— Controlled by Th e M ilwaukee Electric R y . & L ig h t C o . Com
* 12 months ended June 30 1926.
pare V . 115, p. 436.
x Includes Cuppies Station L ig h t, H eat & Power C o ., Cape GlrardeauO R G A N I Z A T I O N . — In corp. in Wisconsin O ct. 21 1905 to construct a Jackson Interurban R y . C o ., Iro n C o u n ty Electric L ig h t & Power C o .,
line m a inly on private right-o f-w ay from M ilwaukee to Sheboygan, W is.
St. Charles Electric L ig h t & Power C o ., from A u g . 1 1923.
T h e section from M ilwaukee to P o rt Washington, 30 miles, was put in
y Includes Cupples Station L ig h t, H eat & Power C o . and S t. Charles
operation in O ct. 1907, anc^to Sheboygan, 57 miles, in Sept. 1908. Stand­
Electric L ig h t & Power C o .
ard gauge; rail, 70-b.; 23 cars. A ll franchises were superseded b y perpetual
O F F I C E R S . — Pres., Louis H . Ega n; V .-P s ., F ra n k J . Boehm , F . L .
rights under indeterminate permits in 1919 and the rates of are are now
Dam e; Sec., H erm ann Spoehrer; Tre as. & Asst. Sec., J . L . G a n z.— V . 119,
solely w ithin the jurisdiction of the Wisconsin R R . Commission. Enters p. 2076. 2764; V . 120. p. 213. 2552; V . 121, p. 1103, 1790,2158,2639.3005;
Sheboygan over tracks of Wisconsin Power & L ig h t Co . under perpetual
V . 122, p . 215, 751, 1312,2590; V . 123, p. 712, 845.
contract.
(a) M IS S IS S IP P I R I V E R P O W E R C O .
STO C K A N D BONDS—
D a te.
In terest. O utstan din g. M a tu r ity .
C ontrolled b y U nion Electric Lig h t& Power C o . (M iss o u ri), which owned
Com m on $1,600,000 ($20)----------------------------------------$1,600,000 --------------------as of June 30 1926 $15,592,200 of the common stock. See also V . 121, p,
Pref 7 % cum $ 1 .400 ,00 0($ 100 )____
7 Q -M
600,000
See text
1789, 2157, 2273, 2403.
1st mtge $4,000,000 gold/ 1911
5 A -O
1,737,000 A p r 11931
O R G A N I Z A T I O N . — Incorp. in M aine A u g . 3 1910,
($500 and $1,000)_____ c tf\ In t. at First Wisconsin T r . C o ., M ilw ., trus.




222

PUBLIC UTILITIES

F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w d ? .and operates a hydro-electric plant located on the Mississippi R iver
at K eokuk, Iow a, and H am ilto n, 111., of a capacity of 111,200 k. w . includ­
ing auxiliary apparatus. T h e com pany furnishes over a transmission sys­
tem owned directly or through its subsidiary, the M is so u r i T ra n sm issio n
C o., in excess of 170,000 h. p. to St. Louis, East St. Louis, A lto n , H annibal,
Q uincy, B u rlin gto n , F o rt M adison. Keokuk and numerous smaller cities
and towns in the States of Iow a, Illinois and M issouri. Its transmission
and distribution system serves a territory of 14,000 miles. Population
served, over 1,250,000. Approxim ately 7 2 % of the total electricity gen­
erated is sold to public u tility companies. Union Electric L ig h t & Power
C o ., St. Louis, M o ,, a subsidiary of T h e N o rth American C o ., being the
largest of this group. Com pany has 29 wholesale power consumers, 13 of
which supply energy in the form of light and power or heat to the general
public.
S TO C K A N D BONDS—
D a te.
Interest. O u tstan din g. M a tu r ity .
Com m on $16,000,000 ($100)_______
__________ $16,000,000 ___________
Pref 6 % cum $8,841,000($100) ____
6 Q -J
8,234,475 O c t ’26, 1 H
1st mtge $25,000,000 ($100, f 1911
5 g J -J
18,059.700 Ja n 11951
$500 & $1,000 c* & $1,000.(O ld Co lony T ru s t C o ., Boston, trustee.
& $5,000 r*) g o ld _______ t f I
15-yr debentures $5,000,000/ 1920
7 g M -N
2.575,700 N o v 1 1935
($100, $500 & $1,000) g c * tf (I n t . at State Street T r . C o ., Boston, trustee.
Stock.— Pref. is red. at 115 and is pref. as to divs. in case of liquidation.
B on ds.— 1st M tg e. 5s are call, as a whole (or in part for sink, funds) at
105 & in t. on any in t. date. S in kin g fu n d of 1 % per annum of bonds
outstanding on Sept. 1 preceding, payable Jan. 1. $2,406,100 in sinking
fund cancelled as of D ec. 31 1924. In t. payable at office of trustee and the
Canadian Ban k of Comm erce, To ro n to , Canada, and London, E nglan d.
15-Y e a r D ebenture 7s are call, all or in part on any in t. date prior to
N o v . 1 1925 at 103; N o v . 1 1925 to O ct. 31 1930 at 102; N o v . 1 1930 to
O ct. 31 1934 at 101; N o v . 1 1934 to m a tu rity at 100; in any case w ith ac­
crued int. S in kin g fu n d to and incl. Sept. 1 1926, 3 % ; Sept. 1 1927 to
& incl. Sept. 1 1934 , 4 % ; of debentures certified, payable annually Sept. 1
$421,500 in sink, fund cancelled up to D ec. 31 1924.
D iv id e n d s.— In A p ril 1921 all accumulated dividends (37 A % ) on the 6 %
cum. pref. stock were paid; 1 A % has been paid regularly since.
E A R N I N G S . — F o r calendar years:
A vaiV le fo r
*
N e t after
D e p r ., &c.
Taxes.
In terest.
G ross.
1926x . .
. . . ____ $3,423,563
$2,623,317 $1,122,413 $1,500,904
1,277,083
1,158,576
1925_______________ ____ 3,290,485
2,435,659
1924_______________ ____ 3,191,911
1,183,828
2,367,473
1,183,645
1,052,299
1923_______________ ____ 3,017,583
1,201,946
2,254,245
1922_______________ ____ 2,906,667
1,230,474
914,578
2,145,052
1921_______________ ____ 2,742.621
781,986
2,022,503
1,240,517
x 12 months ended June 30 1926.

O F F I C E R S . — Same as for Central Mississippi Valley E lectric Properties
(see above).— V . 98, p. 73; V . 99. p. 467; V . 106, p . 396; V . 116, p.t76:
V . 120, p . 2683, 2943; V . 122, p . 2495.

(4 )

C

E

N

T

R

A

L

M

I S

S

I S

S

I P

P

I

V

A

U n io n E lectric L igh t & Pow er Co. ( M is so u r i) owns 7,448 shares of the
common stock. V . 121, p . 1907, 2403 (under “ N o rth A m . C o .” ) , 2271.
O R G A N I Z A T I O N . — Form ed In Illinois b y a trust agreement datec
Dee. 12 1913, under which there are deposited with trustees all the cam m ot
■tock of the K eokuk Electric C o . (see below) and all the capital stocks of
F o rt M adison Ele c. C o . and Dallas C it y L ig h t Co .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Th e subsidiary companies do the entire electric railw ay, electric lighting,
power and gas business in K e o k u k , l a ., the entire electric lighting and power
business in F o rt M adison, Iow a, and Dallas C it y , 111.; the entire electric
railw ay and lighting business in H am ilto n and W arsaw, 111., and operate a
c ity railw a y in Keokuk and an interurban electric railw ay between K eokuk,
H am ilto n and W arsaw (largely on leased lines). M iles of equivalent single
track, 6.42; trackage rights, 6.14 miles; standard gauge: cars, 14 passenger
and 2 others. T o ta l number of electric customers for the 3 companies as of
June 30 1926 are 9,407. A ll power is purchased from the Mississippi R iver
Power C o . Population served b y the utilities of the subsidiary companies
Is 34,700.
F ra n ch ises.— T h e electric railw ay and elec, lighting and gas franchises in
Keokuk expire in 1948; the gas franchise in 1928. T h e electric lighting
franchise in H am ilton expires in 1948; the important railway franchise in
1943; the lighting franchise in Warsaw in 1948. T h e electric lighting
franchises in F o rt M adison and Dallas <’itv expire in 1938.
C a p ita liza tio n .— Stock, auth. and outstanding
Com m on, 7,500 shares
(no par value) 6 % cum . pref. stock (par $100— red. at 110), $750,000.
N o bonds.
D iv id e n d s.— On the 6 % cum pref.. 1 A % quar from M a rc h 1914 to and
lncl. D ec. 1 1917: no te t b n v a ft«r until M arch 1 1922. ' hen regular quar.
payments of 1 A % were paid up and since regularly to June 1926.
E A R N I N G S . - — F o r calendar .tears:
I n t. a n d
*Pr>frrr>d
P a l. Before
N et A fh r
A m o r t. D ir id , n Is-. D ep r & Res.
G ross.
Taxes.
$021,451
$197,256
1925_______
$43,645
$60,000
$93,011
38.825
60.000
62.004
1924-----------------------690,388
160.829
40.222
60.000
62,245
1923------------------------571,115
162.467
1922______
547.933
167.520
44.164
6 0 .(0 0
63.356
1921______
521,020
150.9-11
44,392
15.000
91,549
34.402
15.000
89,991
1920_____________
490,983
139,393
* Includes $15,000 dividends on K eokuk Electric C o . pref. stock.
O F F I C E R S . — Pres., L . H Egan; V .-P s ., F 4 Br ebrn and F.d— jn G ruh l;
Sec., H . Spoehrer; Treas., J . L . Ganz;— V . 98, p. 72, 610; V . 121, p . 1907,
2271, 2491.
( S u b s id ia r y ) K
E O K U K
E L E C T R I C
C O .
Controlled b y Central Mississippi V alley Electric Properties, which owns
ail of the common stock.
O R G A N I Z A T I O N . — In corp. in 111. on D ec. 5 1911 as successor to the
Keokuk E le c. R y . & Pow . C o . K eokuk Gas & Elec. C o .; H am ilto n L t .
& Power C o . and K eokuk & Western Illinois Electric C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Does the entire electric railw a y, electric lighting, power and gas business
in K eokuk, Iow a; the entire electric railw ay and electric lighting business in
Ham ilton and W arsaw, 111., and operates an interurban electric railway
between K eokuk, H am ilto n and W arsaw (largely on leased lines). See also
Central M iss. Valley Elec. Properties above. Co. supplies 5,445 electric
customers as of June 30 1926.
F ran ch ises.— See C e n t. M iss. V alley E le c. Properties above.
S TO C K A N D BONDS—
D a te .
In terest. O u tstan din g. M a tu rity .
Q -F
$650,000
_________
Com m on $650,000 ($100)____ __ __Pref $250,000 ($100) 6 % cum ______
Q -F
250,000
See text
1st mtge g, Series A ($1,000,7 1925
6 g M -N
$700,000 M a y 1 1945
$500, $100)___________c*tf (Chicago T r u s t C o ., Chicago, trustee.
Stock.— Com m on stock is all owned b y C e nt. M iss. V a il. Elec. Properties.
Pref. stock is red. at 110. B oth classes of stock are non-taxable in Illin o is .
B on ds.— The 1st m tge. 6 % gold bonds, Series A , dated M a y 1 1925, are red.,
whole or part, on 30 days’ notice incl. M a y 1 1935 at 105, reducing A %
each year thereafter to 100 on and after M a y 1 1944, plus int. in each case.
In M a y 1 1925, Stone & W ebster, In c . sold $700,000 at 98 and in t., to yield
about 6 .1 5 % .
D ivid en d s on pref. stock are being paid regularly
E A R N I N G S .-— F o r calendar years;
A v a il, fo r D e p .,
N e t A fte r
G ross.
T a x e s.
In terest.
D iv .,& c .
$158,652
xl926 __________ _______
$443,232
$46,215
$112,437
135,941
1925....................... _______
433,434
44.835
91,106
1924 ___________ _______
423,522
109,213
40,476
68,738
40,253
70,771
1 9 2 3 ..................... _______
413,175
111,023
19 2 2 ..................... _______
388,421
120,395
4,067
76,328
1921____________ --------------373.851
444,201
59,572
103,773
19 2 0 -.................... _______
356.842
99.316
31,137
68,179
x 12 months ended June 30 1926.




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F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Does entire gas business in Racine, Kenosha, South M ilw aukee, Cu d a h y,
W atertown and Waukesha; the entire electric light, power and street rail­
w ay business in Kenosha and the electric light and power business in over
40 municipalities in W ise, including W atertow n , B u rlin gton, Wraukesha,
Campbellsport, E de n, Iro n Ridge, Lom ira, Theresa, Corliss, U n io n G rove,
Grafton, Jackson, Menominee Falls, Thiensville. Gas plants at Racine,
etc., aggregate daily capacity (coal, water and g a s), 3,870,000 cu. ft. Miles
of single tra ck, 7.85; miles gas mains, 324.2. As of June 30 1926, 28,827
electric and 33,828 gas customers. Ele ctric light and power business
in Kenosha is done under indeterminate permits. F ranchise for street
railw ay is indeterminate; the com pany has the rig h t to conduct its gas
business either under an indeterminate perm it or under the special “ per­
petual and exclusive” franchises originally granted.
S TO C K A N D BONDS—
D a te .
In te re st. O u tsta n d in g . M a tu r ity .
C o m stock $6,000,000 ($20)_______
________
$4,000,000 - .................
Pref cum $15,000,000 ( $ 1 0 0 ) . ______
7%
4,500,000
-------------F irs t mortgage gold ($1,000, f 1912
5 g J -D
4,857,500 June 1 1952
$500 & $100)____________ c * /ln t. payable at office of co. in N . Y . , H arris
1 T r u s t & Savings B a n k , Chicago, Trustee.
Convertible notes Series , , C ” _ ______
7%
92,000 J u ly 1 1930
O onv notes $100,000 ser " D ” __ 1923
6%
100,000 J u ly 11933
tVaukesha Gas & Elec. 1st M _ 1909 5 %
6 0 0 ,0 0 0 Ja n 11 959
B a rk R ive r E l L t & P r 1st M . ____
6%
500 ___________
D ivid en d s on pref. are being paid regularly.
B o n d s.— Additional W is. Gas & Elec. 1st M . bonds m ay be issued only
for 8 0 % of cash cost of permanent im pts., & c.. when the annual net earnings
are 1 'A times the in t. charge, incl. bonds to be issued. Bonds red. at 105
and in t. since June 1 1917. In N o v . 1924 $1,100,000 were offered b y H arris,
Forbes & C o . and Spencer Tra s k & C o . at 97 A and in t., to yield over
5 .1 5 % . V . 119, p. 2934.
T h e convert, notes are convert, into 7 % pref. stock at par.
E A R N I N G S . — F o r calendar years:
1925.
1924.
xl926.
Operating revenues..
, . _____ $5,259,016 $4,962,872 $4,515,211
Operating expenses.. . .
_ _ . 3,227,259
3,022,776
2,877,516
Ta x e s ..
_______
____
442,018
399,855
311,238
N e t operating revenues___
Non-operating revenues
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____
37,185

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$1,540,241
•71,735

$1,326,457
57,151

P R O P E R T I E S .
$1,626,924 $1,611,976 $1,383,608

Interest charges.

275,601

302,863

312,753

A v a il, for deprec., divs. & surplus. _ $1,351,323 $1,299,223 $1,080,745
x Tw elve months ended June 30 1926.
O F F I C E R S . — Pres., S. B . W a y ; V .-P ., D . E . Callender and E d w in G ruh l;
Sec.-Treas., F . J . Boehm .— V . 121, p . 1104, 2640, 2878; V . 122, p . 95.
1313, 2950; V . 123, p . 713, 845.
(5) W I S C O N S I N T R A C T I O N , L I G H T , H E A T & P O W E R C O .
N o rth Am erican Edison C o . owns all of the com mon stock
O R G A N I Z A T I O N . — Incorp. in Wisconsin M a r . 24 1900 w ith a nom inal
capital of $10,000 since increased to $1,000,000), for the purpose of uniting
certain properties in the F o x R ive r V alley. Secured control o f th e Fox
R ive r V alley E lectric R y . and the Appleton Ele ctric L ig h t & Power C o.,
and has consolidated them . In Sept. 1904 purchased entire capital stock
of the Fox R ive r Valley Gas & Electric C o . See V . 79, p . 787, 1267. I n
1924 acquired Star Electric L ig h t, H eat & Power C o ., the In t e r -C ity B us Co.
and the Badger U t ilit y C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Owns 21.32 miles of track, connecting Neenah, Menasha, A ppleton a n d
Kaukauna, incl., 6 miles operated locally in the city of A ppleton. 14
m otor cars, 1 snow plow. Also furnishes electric light and power to 55
communities and gas to Appleton, Neenah and M enasha. As of June 30
1926 has 11,323 electric customers and 7,569 gas customers.
S TO C K A N D BONDS—
D a te.
In te re st. O u tsta n d in g .
M a tu rity .
Co m stock $2,000,000 ( $ 2 0 ) - - ____
Q -J
$2,000,000
See text
C u m . pref. $ 1 , 0 0 0 , 0 0 0 ( $ 1 0 0 )
7 Q -M
338,354 ---------------------------F irs t mtge ($3,000,000) $ l , - f 1901 5 & 7 'A J - J
3,000,000 J u ly 1 1931
000 gold no sink fu n d ___c * \ln t. at F irs t W ise. T r . C o ., M ilw ., Trustee.
B onds.— E n tire issue of 1st M tg e . bonds m ay be called on an y interest
date at 110 and int. $1,500,000 of this issue originally outstanding bore in t.
at 5 % , but in 1921 an additional $1,500,000 was issued under a supplem ental
indenture providing for additional interest coupons at the rate of 2 A % per
annum
T h e indenture provides that these coupons shall share equally i n
any future lien which m ay be placed on the prop erty. A sin k in g fu n d o f
$33,000 annually began June 30 1922, and provides for the redem ption o f
these bonds. V . 113, p. 1055.
D ivid en d s.— D ividends on 7% pref. stock paid regularly as due since
issuance.
E A R N I N G S . — F o r calendar years:
Gross
O per. E x p .
N et
Other
In *B alE a rn in o s.
ta x e s . E a rn in g s. In co m e, terest.
ance.
x l9 2 6 _________ $1,900,481 $1,197,848 $702,633 $26,861 $243,820 $485,674
1925__________ 1,823,022 11134,712 688,310 25,951 218,585 495,676
19 2 4 -............
1,611,805
973,439 638,366
9,103 213,607 433,862
1923__________ 1,602,036 1,102,183 499,853 14,510 207,601 306,762
1922__________ 1,467,837
960,687 507,150 11,018 215,321 302,847
1921__________ 1,275,956
817,391 458,565 11,567 192,430 277,702
1920__________ 1,194,839 1,003,976 190,863 17,463
136,931 71,395
* Balance available for denrcc.. divs. and surnlus.
x Tw elve months ended June 30 1926.
O F F I C E R S . — Pres., S. B . W a y ; V .-P . & .G e n . M g r ., A . K . E llis ; V .-P .,
E d w in G ru h l; Sec. & Tre a s ., F . J . Boehm .— V . 121, p . 462, 2158.
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C ontrol.— N o rth Am erican Edison C o . owns all of the com mon stock,
except directors’ aualifying shares.
O R G A N I Z A T I O N . — Succeeded, on Sept. 23 1912 the Racine Gas L ig h t
C o ., incorp. in F eb. 1867, and acquired the Kenosha Gas & Ele ctric C o . and
Kenosha Electric R y . H as since acquired the F o rt Atkinson transmission
line of the M ilw aukee L ig h t, H eat & T r a c t. C o ., the W atertow n Gas &
Elec. C o ., the Burlington Elec. Light & Power C o ., the W aukesha Gas &
Elec. C o . and the W hitew ater Electric L ig h t C o . V . 122, p . 95.

O F F I C E R S .— Pres., L . H . Ega n; V .-P s ., F , J . Boehm and E d w in G ru h l;
Treas., Robert Sealy; Sec., H . Spoehrer; Gen. M g r .. L . E . Dickinson.—
V . 121, p . 330, 706, 1678, 1789, 1909, 2157, 2273, 2751; V . 122, p . 2496;
V . 123, p . 1876.

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C ontrol.— T h e N o rth A m e rica n E d iso n Co. owns all of the common stock
O R G A N I Z A T I O N . — Incorporated M a y 9 1911 in W isconsin.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Supplies power to 54 customers, including m unicipal lighting companies
supplying light and power to 17 communities in Wisconsin and M ich iga n,
including Iro n R ive r, Iro n M oun tain, A lph a, N o rw a y , Lorette, Am asa,
Powers and Spalding, M ic h ., and Niagara and Florence, W is ., w ith a popu­
lation of approximately 35,000. Property consists of power plants, flowage
land, transmission and distribution rig h t-o f-w ay, 4 hydro-electric plants,
auxiliary steam plant, 5 prim a ry sub-stations, 35 secondary sub-stations,
120 miles of transmission lines and 125 miles of secondary lines. Th e com­
pany owns and operates 6 generatnig stations located in M ichigan and
Wisconsin w ith total capacity of 18,650 k .w .
S TO C K A N D BONDS—
D a ie . In terest.
O u tsta n d in g .M a tu rity .
Com m on $1,500,000__________ ______
__________ x$l,200,000 ---------------------Pref 7 % $3,000,000 ($100)_______
7
1,650,000
------------First serial gold 6s $1,000,000/
1912 6 g M - N
504,000 N o v . 1 1937
($500, $1,000)__________ c*\Int. at F irs t T r . tc Sav. B k ., Chicago, Tru s .
Serial gold notes 8 % ser “ A ” J
1921 8 g J - D
250,000 June 1 1931
($500, $1,000)__________ c* \In t. payable at office of co., M adison, W is,
x N o rth American Edison C o . owns all of the com. stk.
Stock.— Pref. stock is subject to call at par and accrued divs. after June 1
1927, has no voting righ t and is non-participating. D ividends are being
paid at the rate of 7 % .
B on ds.— T h e 1st seria l gold 6s are due serially each N o v . 1 to N o v . 1 1937.
Subject to call on any in t. date at 102 A and in t. in reverse of numerical
order. A first lien on entire property. Unissued bonds reserved for im ­
provements and additions at not exceeding 7 5 % of cost. C o . pays normal

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POWER, LIGHT AND RAILWAY

incom e tax not exceeding 2 % . T h e 8 % seria l gold notes of series “ A ” are
due annually June 1 1926 to 1931 incl. A direct obligation of the co., b u t
not secured b y mortgage. Indenture does not contain tax free covenant.
E A R N I N G S . — F o r calendar years:
D iv iS u rp lu s
Gross
N e t (a ft .E x p en s .,
In fo r Y e a r.
den ds.
E arn in gs. T axes& D eprec.) terest .

xl926_ _______$803,579
$324,342
1 9 2 5 .. - - - - - - - 693,388
248,687
1924_____615,970
260,735
1 9 2 3 -- - - - 598,789
215,381
1 9 2 2 .. _______ 477,195
216,777
1 9 2 1 .- _______ 371 044
157,033
1 9 2 0 -- - - .
- - 350,352
208,994
1 919-- _______ 259,018
130,554
1 9 1 8 .. _______ 230.199
128,931
1917_ ............... 223,435
137.456
1 9 1 6 -. ............. 189.090
123.904
x 12 m o n th s ended J u n e 30 1926.

$81,426
81,894
82,732
75,964
73,720
33,604
33,960
30,285
23,201
24,940
19.093

$175,500
115,500
180,274
171,955
147.739
146,680
139,257
111,996
93,193
81.818
83,327

$67,416
61.293
def2,271
def32,538
def4,682
def23,251
35,777
d e fl 1,727
12,537
27,668
21,484

O F F I C E R S .— Pres., S. B . W a y ; V .-P ., A . K . Ellis; Sec. & Tre a s ., F . J .
Boehm; Asst. Sec. A Asst. Tre a s ., E . H . B ayle y. General office, M adison,
Wis.

N O R T H E R N ELECTRIC CO. (W ISC.).
Controlled through stock ownership b y N orthern P a p e r M ills of Green
B ay, W ise.
O R G A N I Z A T I O N . — Incorp. in Wisconsin.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o . owns approximately 70 miles of 132,000-volt steel tower transmission
line, running north from the mills of the Northern Paper M ills at Green
B a y which is to connect upon completion of a 9-mile addition to the line
w ith its 2 hydro-electric power plants which are being developed on the
Menominee R ive r. T h e aggregate installed capacity of the 2 plants is to
be about 22,600 h .p . T h e entire output from one plant has been contracted
for b y the M ilwaukee Electric R ailw ay & L ig h t C o . and is to be delivered
over the transmission line of the Wisconsin Gas & E l. C o . (both of these
companies are controlled b y N o rth American Edison C o ., a subsidiary of the
ZJorth American C o .). T h e other plant and half of the transmission line
has been leased to N o rth ern Paper M ills . V . 123, p . 983.
B O N D S .—
D a te .
In terest.
O utstan din g. M a tu r ity .
3 -y r 6 % 1st (closed) mtge $3,- f 1926 6 g J - J
$3,000,000 J u ly 1 1929
000,000($1,000 & $500c*)tf (M innesota Loan & T r . C o . Minneapolis, trus
B on ds.— T h e 3 -Y e a r 6 % 1st M tg e. bonds, dated J u ly 1 1926 are secured b y
a direct (closed) first mortgage on all of co.’s physical property and rights
(incl. after-acquired property, & c .), subject only to lease w ith Wisconsin
Gas & Electric C o . for space on one-half of tower line which is expected to
produce a rental of about $21,000 per year. As additional security, the
contract and leases referred to above are pledged under the mtge. A ll
payments made under the above contract and leases are to be paid direct
to trustee, to be held as security for these bonds and used only in paying
operating expenses, taxes and maintenance of the mortgaged properties,
bond interest, and in retiring bonds through purchase or call in accordance
w ith provisions of the sin kin g fu n d .
T h e bonds are red., all or part, at any time, on 30 days’ notice at follow­
ing prices & in t .; on or before June 30 1927 at 103; to & incl. June 30 1928
at 102; to & incl. Dec. 31 1928 at 101; on and subsequent to Jan. 1 1929
at 100. Interest payable in Chicago, N e w Y o rk or Minneapolis. Penn. &
Co nn . 4-m ills, M a ryla n d 4 M -m ills, D is t. of C o l. 5-mills and Mass. 6 %
taxes refundable. In A u g . 1926 Halsey, Stuart & C o ., In c ., N e w Y o rk ,
the Minnesota Loan & T ru s t C o ., Minneapolis, and the Second W ard
Securities C o ., M ilwaukee, offered $3,000,000 of these bonds at 99 & in t.,
to yield about 6 .3 8 % . V . 123, p. 983. T h e y are guaranteed ( p r. & in t.)
b y N orthern P aper M ills , a Wisconsin corp., organized in 1901, manufactur­
ing tissue papers and specialties and owning a modern paper m ill of 100
tons daily capacity, together w ith sulphite and ground wood pulp mills in
Green B a y , W ise.; in addition owns valuable tim ber and pulp wood reserves
in Ontario and M ichigan. V . 123, p . 983.
E a rn in g s.— N e t earnings before depreciation, it is estimated, w ill be in
excess of $360,000.
O F F I C E R S .— Pres., Judson G . Rosebush; V .-P ., E arle M u rra y ; Sec.,
A . R . Burton ; Tre as., W . P . W agner. Offices, Green B a y , Wise.-— V . 123,
p. 983.

CONSOT . W ATER POW. CO. (W IS. R A P ID S , W I S . )
Controlled b y Consolidated W ater Power & Paper Co .
O R G A N I Z A T I O N . — Incorp. in Wisconsin in 1926 as a public u tility to
succeed Oneida Power C o . Acquired from Consolidated W ater Power &
Paper C o . es? tia lly all of the water power and hydro-electric properties,
including necessary water a d flo'~are rights, located at Wisconsin Rapids
and B iro n, and a transr ission line from Biron to Wisconsin Rapids. V . 122.
p . 2797.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Including properties t bo c u ir d from Consolidated W ater Power &
Paper C o ., co. p'v srn f e ’ w terpow ^r pr parties having a total installed
capacity of 34 210 h r . A t h : ater power developed at Stevens Point is
used for the g e n e -ti n o ele :t-ic ity while that at Wisconsin Rapids and
Biron is used in p 1’ t for le : i ie generation and in p-i-t f ir the direct opera­
tion of pulp g d d in g ma ; lin e-y located in the buildings of the Consol.
W ater Power C o ., o it owned and operated bv the Consol. W ater Power
& Paper C o . T h th-ee p-np^-ties are connected bv 2 0 ’4 miles of 44,000volt transmissi n linos. Co. entered into contracts to supply power to the
C ity of Wisconsin Rapids through its W ater W orks A Ligh ting Commission,
and to Consol. W ater Power & I’ap w Co . Th e W ater Works & Lig h ting
Commission of Wisconsin Rapids d->es p-acticullv all the electric business
in that city and through its distributing system se-ves a population of 8,500
and has 2,704 connected meters. V . 122. p. 2797.
S TO C K A N D BONDS—
D a te.
Interest. O u tstan din g . M a tu rity .
_______
$1,000,000 ___________
Com m on_________________ ____ ______
1st m 5 ^ % gold ser of 1926/ 1926 5 A g M - N
2.009,000 M a y 1 1946
($1,000, $500 & $100 c * )tf 1First Wisconsin T r . C o ., M ilwaukee, trustee.
Bonds.— Th e $2,000,000 1st m tge. 5 14% (l- bonds, series o f 1926, were
issued to purchase the Wisconsin Rapids and Biron properties from Consol.
Water Power & Paper Co . Th e re is a sin kin g fu n d beginning N o v . 1 1927
and annually thereafter to retire b y call or purchase series of 1926 bonds
equal to at least 1 A % of the m axim um amount of such bonds at any tim e
outstanding. Co. m ay anticipate sink, fund requirements b y depositing
either cash or bonds w ith trustee and receive credit for future years.
C a ll., all or part on 30 days’ notice at 103 to and incl. M a y 1 1932, at
102 to & incl. M a y 1 1938, at 101 to & incl. M a y 1 1944 and thereafter at
par Interest payable at trustee’s office in M ilwaukee, or at office of First
National Bank of Wisconsin R apids. In M a y 1926 F irs t Wisconsin C o .,
Milwaukee, and F irs t National B ank. Wisconsin Rapids, offered $2,000,000
5 A % series of 1926 at 100 & in t. V . 122, p . 2797.
O F F I C E R S .-— Pres., Stanton W . M ead; V .-P ., Isaac P . W itter; Sec. &
Tre a s ., E . B . Bedford. Offices, Wisconsin Rapids, W is.— V . 122, p, 2797.

W IS C O N S IN VALLEY E LEC TR IC CO.
O R G A N I Z A T I O N . — Incorp. A u g . 28 1906 in Wisconsin, as the Wausau
Street R R . In D ec. 1915 name was changed to present title. In 1915
purchased the M e rrill R y . & Power C o . and the Lindauer Pulp & Paper
C o .’s plant in M e rrill. In N o v . 1916 purchased the property of the Stevens
Point Lig h ting C o . and Stevens Point Power C o . In J u ly 1922 purchased
the property of the Tom ahaw k L ig h t. Telephone & Tm pt. C o ., Tom a
hawk, W is.. but sold these telephone properties in 1926. In D ec. 1924
acquired the plant and holdings of the Rhinelander (W is.) L ig h t & Power
C o . V . 119, p . 2881. In Sept. 1925 acquired the Waupaca Electric Ser­
vice & R ailw ay C o . and previously the independent plant at A ntigo, Wis.
V . 121, p . 1349. C o . owns all of the outstanding common stock of the
Wisconsin V alley Power Co .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
Furnishes electric light and power in the upper Wisconsin R ive r V alley dis­
trict of Wisconsin, including Wausau, Stevens Point, M e rrill, To m a ­
hawk and contiguous territory, and owns and operates an interurban
street railw a y of 9 )4 miles of track between Wausau and Rothschild; also
a gas plant at Stevens Point. Owns hydro-electric generating plants at
Wausau, M e rrill, To m a h aw k and Stevens Point and auxiliary steam gen­
erating plants at Wausau. A new hydro-electric station on Wisconsin
R iv e r no rth of the city of M e rrill was extended to To m a h aw k and from
there to connect w ith Wisconsin Valley Power C o . lines of the Rhinelander




333

D ivision. 9.494 miles of track; 20 passenger and 2 other cars; 2 snow
plows. T o ta l population served, 80,000. T o ta l installed generating ca­
pacity, 19,678 k .v .a ., of which 16,865 k .v .a . is hydro-electric. Also owns
3 water power sites on the Wisconsin R ive r which can be developed to a
combined capacity of about 50,000 k .v .a . C o .’s system is inter-cpnnected
w ith Wisconsin V alley Power C o . , Consol. W ater Power C o . and w ith paper
m ills operating their own hydro-electric powers. F ranchises extend to 1940.
D a te .
In terest. O utstan din g. M a tu rity .
S TO C K A N D BONDS—
C om m on $1,250,000_______
$1,250,000 .....................
7 % cum pref $1,200,000_____
1, 200,000 _________________
1,952,000 M a y 1 1942
5 M -N
1917
First & R ef M $15,000,0001 1917
1,000,000 M a y 1 1942
MA M - N
($100, $500 & $ l,0 0 0 )c * ___In t . at F irs t N a t. B k ., M ilw ., or Wisconsin
( V a l. T r . C o ., Wausau, Trustee.
B o n d s.— Additional bonds m ay be issued for 8 0 % of cost of improvements,
when net earnings are twice interest charges, including bonds to be issued.
12 A % of gross earnings is to ap ply to maintenance, any portion so used to
be added to sin k in g f u n d , which amounts to 1 % annually of bonds out­
standing. Redeemable at 102 and in t. on any in t. date. In J u ly 1926
F irs t Wisconsin C o ., M ilw aukee, W ise., offered $800,000 additional 1st
mtge. 5 % bonds at 100 and in t. V . 123, p. 326.
E A R N I N G S . - — F o r calendar years:
G ross.
N e t.
D ep rec. I n t.,T a x .,& c . D iv s .
B a t., Sur
1925______ $1,122,561 $687,265 $145,943 $261,019 $207,332 $72,971
590,490
145,000
216,276
202,152
27,062
1924_______ 1,002,473
1923............ 965,625
528,909
125,000
186,909
201,800
15,200
1922------------- 873,465
508,236
125,000
174.896
201.726
6.614
L atest E arnings.-— F o r 8 m os. ended A u g . 31:
1926.
1925.
Operating revenues_________________________
$774,618
$681,462
O per. exp., deprec. & taxes (except Fed. inc. t a x ) . .
495,539
442,712
N e t, incl. other income________________________
$295,845
$245,187
Fixed charges_______________________________
115,335
99,562
Federal income ta x _______________________________________23,706
17,816
Preferred dividend_____________
56,000
55,999
Com m on dividends__________________
125,000
123,333
B alan ce_____________________________________ def$224,196
def$51,523
N e t surplus close of period__________________
$84,857
$57,464
O F F I C E R S . — Pres., C . C . Yaw kuy; V .-P ., B F . Wilson; Tre a s ., C . S,
Gilbert; G en. M g r . & Sec., H arold L . Geisse.— V 104 o. 2013. 2553: V .
108, p. 482; V . 109, p . 2441; V i 118, p . 909; V. 119, p . 2881; V . 112, p . 1349;
V . 121, p . 1349; V . 122, p . 2194; V . 123, p . 326.

W IS C O N S IN S E C U R IT IE S CO.
O R G A N I Z A T I O N . — In corp. in Wise. A u g . 4 1911 at F irs t W is. Securi­
ties C o . w ith capital of $1,000. N a m e changed to Wisconsin Securities
C o . N o v . 22 1911.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .
— A financing, underw riting and holding com pany. Th ro u g h ownership
of about 3 8 % of pref. and com . stock of M arine Securities C o ., owns about
38 % of the com . and pref. stock of the Baltim ore D r y Docks & Ship
Building C o . of Baltim ore, M d . Owns large interest in Wisconsin R y .,
L t . & P r . C o . a t L a Crosse, W is ., and W inon a, M in n .; owns stocks and
bonds of various corporations.
S TO C K A N D BONDS—
D a te .
In terest. O u tsta n d in g .
M a tu rity .
Stock $2,000,000____________________
__________ $2,000,000
See text
N o tes.— A ll of the outstanding 5-year 6 % collateral trust notes, due
M arch L 1929, were redeemed on Sept. 18 1925, at 102 and in t. V . 121, p .
461.
O F F I C E R S . — Pres., Clem ent C . Sm ith; V .-P s ., H ow a rd Greene, Geo.
P. M ille r and Ludin gto n Patton; Sec. & Tre a s ., H . C . M a c k a y .— V . 100,
p. 1924; V . 104, p. 75; V . 107, p . 503; V . 115, p . 184, 438, 1534; V . 117.
p. 209; V . 118, p . 1394; V . 121, p. 461.

W IS C O N S IN P U B L IC SE RV IC E C O R PO R A T IO N .
M a n a g em en t b y B yllesby E n gin eerin g & M a n a g em en t C orp.
Controlled b y S tan dard Gas A E lectric Co.
O R G A N I Z A T I O N . — In corp. in Wisconsin in 1922 as a consolidation of
Wisconsin Public Service C o . (for history see “ Electric R ailw a y” Supp. of
A pril 29 1922), Oshkosh Gas L ig h t C o ., Sheboygan Gas L ig h t C o ., Calum et
Service C o ., Peninsular Service C o ., M anitow oc & N o rth ern Tra ctio n Co.
and certain other connected properties. Owns all the bonds and over 99 %
of the capital stock of the Menominee & M arinette L ig h t & Tra ctio n Co,
See about consolidation of certain subsidiaries w ith the parent system in
Jan. 1926. V . 122, p . 752.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Physical property incl. 12 (of which 9 hydro-electric) electric generating
plants, aggregate installed normal capacity of 67,091 h .p .; 447 miles of 3phase high-tension transmission lines; also distribution lines. Gas propphase high-tension transmission lines and 630 miles of electric distribution
lines. Gas properties include 4 gas m anufacturing plants, combined daily
capacity 7,010,000 cu. f t., and 360 miles of gas mains. Com bined holder
capacity, 3,208,000 cu. ft. Furnishes electric light and power to Oshkosh,
Green B a y , M arinette, M enominee (M ic h .), C h ilto n , B rillio n . Sells elec­
tric power in lots of 40 h .p . or over in M anitow oc and T w o Rivers, and 25
h .p . or over in Kewaunee, A lgom a and Sturgeon B a y . Sells electric
power to m unicipal plants at T w o Rivers, Kewaunee, Algom a, Sturgeon
Bay N e w Holstein and K aukauna. Furnishes gas to Sheboygan, K ohler,
Sheboygan Falls, P lym outh , Oshkosh, Green B a y , DePere, M arinette and
Menominee (M i c h .). Owns hydro-electric plants at H igh Falls on the Peshtigo R iver, Ingalls on M enominee R iv . and DePere on the Fox R iver; steam
plants at M anitow oc, Oshkosh and Green B a y . Furnishes city street rail­
way service in Green B a y , M enitowoc, M arinette and Menominee (M ic h .).
Interurban lines connecting Green B a y with Kaukauna and connecting
M anitowoc and T w o R ivers. A total of 122 communities is served, situated
in 11 counties of northeastern Wisconsin and Menominee C o u n ty , M ich .
T o ta l population served approx. 335,000.
S TO C K A N D BO NDS—
D a te.
In terest. O utstan din g.
M a tu rity .
Com m on $3,000,000__________ ____
__________ $2,650,000
__________
7 % cum pref ser A $5,500,000- ____
7%
3,634,500 S e p t’2 6 ,1M
6 % preferred_________________ ______
6 %„
9 0 ,2 0 0 _____________
6 A % cum pref ser B ($100)
____
6J^ Q -M
1,850,000 Sept ’26, 1 A
1st lien & ref M tg e Ser “ A ” . . ' 1922 6 g A -O
6,792,000 O ct. 1 1952
Series “ B ” ________________
1925 5 A S J - J
4,438,000 Jan . I 1958
$15,000,000 ($100, $500 & Interest in N e w Y o rk , Chicago and M il$1,000) gold__________ c * .tf
W ise Pub S erv Co 1st M & ref i 1912 5 g J -J
2,438,000 Jan 1 1942
$15,000,000 g ($ l,0 0 0 )c * .tf! In t. at Wisconsin T r C o ., M ilwaukee, trust
Green B ay G & E 1st & ref M
1905 5 g M - N
407,000 M a y 1 1935
$ 7 5 0 ,0 0 0 void < $ l , 0 0 0 ) _ - C * / l n t . at Wisconsin T r . C o .. M ilwaukee, trust
Sheboygan Gas L ig h t C o _____ ______
5%
$250,000 J u ly 1 1931
Stock.-— Pref. stock is .preferred as to assets and dividends over the com­
mon stock, Series B 6 A % cum . ranking equally w ith 7 % cum . Series A .
Series B 6 A % is red. all or pa rt at 105 and divs. In J u ly 1926 M o rris F .
Fox & C o ., M ilwaukee, W ise., offered $1,850,000 6 A % cum . pref. Series B
at $100 per share flat. V . 123, p . 457. T h e 6 % pref. ranks equally with
the other pref. stocks.
B on ds.— ' h e 1st lien & ref. mtge. bonds, in addition to being a first lien
T
on part of the com pany’s properties, are secured b y pledge of all the out­
standing bonds and over 9 9 % of the capital stock of the M enominee &
M arinette L ig h t & T r a c . C o ., and $1,308,000 (not included in the amount
shown in above table as outstanding) Wisconsin Public Service C o . 1st
mtge. 5s. Maintenance, depreciation and improvem ent fund equal to
12A % of gross earnings annually provided for. A dditional bonds of this
or other series of such tenor as directors from time to time m ay determine
m ay be issued against cash, & c., or to refund bonds of other series issued
under this m tge., or for 7 5 % of new additions, & c., provided (w ith the ex­
ception of $250,000 par value) net earnings of the co. during 12 out of pre­
ceding 15 months have been at least twice interest on all 1st lien & ref. mtge.
gold bonds, incl. new issue and on all underlying bonds outstanding. Penna
and Co nn , personal 4 mills tax and M ass, income tax on the interest not
exceeding 6 % refunded.
Series “ A ” 6s are red ., all or part, any time on 60 days’ notice at 107 A and
int. on or before Sept. 30 1932; at 105 and in t. O ct. 1 1932 to and incl. Sept.
30 1942; and thereafter at 105 less A of 1 % during each year to m aturity.
V . 115, p . 1634.
Series “ B ” 5 A s are re d ., all or in pa rt, on 60 days’ notice at the following
prices and in t.: O n or before D ec, 31 1932 at 106A < on and after Ja n . 1 1933

224

PUBLIC UTILITIES

to and incl. D ec. 31 1942 at 105, and at 105 less A of 1 % during each year
thereafter to and incl. D ec. 31 1951; on and after Jan . 1 1952 to and incl.
D ec. 31 1952 at 100 A , and on and after Jan . 31 1953 at 100. $483,000
held in treasury of co. In M a rc h 1925 $500,000 were offered b y Halsey,
Stuart & C o ., In c ., F irs t Wisconsin C o . and Blodget & C o . at 97 and in t.,
to yield 5 .7 0 % . V . 120, p . 1330. In Jan . 1926 H . M . Byllesby & C o ., In c .,
and H alsey, Stuart & C o ., In c ., offered $3,938,000 additional series “ B ”
bonds at 99 and in t., to yield over 5 .5 5 % . V . 122, p. 215.
W is. Public Service Co. 1st & ref. 5s are subject to call on any in t. day at
105 and in t. Rem aining bonds are for acquisitions and to retire underlying
bonds under certain restrictions. See V . 94, p . 1697. $1,308,000 are pledged
under the W is. P u b . Serv. C o tp . 1st lien & ref. mtge. 6s, Series “ A . ” S in k,
fu nd of 2 % on bonds outstanding began in 1917.
T h e Green B a y Gas & Elec, bonds are subject to call at 105 antil 1924;
thereafter at par; $130,000 canceled. $228,000 are pledged as addi'ional
security under the W ise. P . S. C o . 1st M . & ref. bonds.
D iv id e n d s .— O p 6 A % cum . pref. an initial quar. d iv . of $1 62 in Sept.
1926. Regular quar. divs. are being paid on 7 % cum. pref. stock.
E A R N I N G S . — F o r calendar years:
1925.
1924.
Gross earnings-------------------------------------------------------------------- $3,980,289
$3,654,352
Operating expenses, maintenance and raxes______
2,452,499
2,305,135
N e t earnings----------------------------------------------------------------------- $1,527,790 $1,349,217
Fixed charges----------------------------------------------------------------------684,397
598,138
Preferred dividends__________________________________
219,878
147,000
B a l. for retire, res., com. d iv s ., am ort. & surplus
$623,515
$604,079
L atest E a rn in g s.— F o r 12 months ended J u ly 31 1926: Gross, $4,280,000
(against $3,822,766 during 12 months ended J u ly 31 1925); net after oper.
expenses, maintenance and taxes, but before depreciation, $1,759,508
(against $1,586,422).
O F F I C E R S .— Pres., H alford Erickson; V .-P s .. C . R . Phenicle, J . P .
Pulliam , Robert J . G ra f and E . J . M c K a y ; Sec., N . A . M orrison; Tre a s .,
C . E . Kohlhepp; Gen. M g r ., J . P . Pulliam , M ilwaukee.— V . 115, p. 75,
1322, 1534, 1634; V . 116, p. 517, 937: V . 117, p. 1994; V . 118, p. 1013;
V . 119, p. 2289: V . 120, p. 960, 1330, 1588, 2685; V . 121, p. 202, 332;
V . 122, p . 215, 752, 2500; V . 123, p. 457. 983-

M IS S IS SIP P I VALLEY PU B L IC SERVICE CO.
O R G A N I Z A T I O N . — In corp. in Wisconsin in Jan . 1913 as W iscon sin
R y .,L t . A P ow . C o., and has acquired and now owns in fee all the property
form erly belonging to the L a Crosse W ater Power C o ., the La Crosse C it y
R y . and the W inona (M in n .) R y . & L ig h t C o . Nam e changed to present
title Ja n . 1 1926. V . 121, p . 3006.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Does electric-light and power business in W inona, Rollingstone, Minnesota
C it y , M innieska, A ltu ra , M in n ., and Fountain C it y , Onalaska, E ttric k ,
H olm en and Melrose, W is ., wholesale power to the cities of Black River
Falls, Trempealean and Galesville, W is ., and Inter-State Power C o . , operat­
ing in M innesota., and operates street railways in W inona and L a Crosse,
24 miles of tra ck. Owns hydro-electric plant at H atfield, W is ., w ith trans­
mission lines to L a Crosse and W inona, at whidh cities it also has reserve
plants.
S TO C K A N D BONDS—
D a te .
In te re st. O u tstan din g . M a tu rity .
Com m on $1,230,000__________ ______
________
$1,219,900 ___________
W is R y , L t & P r C o 1st & ref/ 1913
5 F -A
2,225,000 Feb. 1 1933
M $10,000,000($l,000)gc*tf (F irs t T r u s t C o ., M ilwaukee, Trustee.
La Crosse C it y R y 1st M / 1909
5 g J -J
220,000 J u ly 1 1929
(closed mtge) $1,000)____ c (I n t . at Wisconsin T r . C o ., M ilw ., Trustee.
B o n d s.— T h e m tge. of the W is . R y ., L t. A P o w . Co. lxl A ref. m tge. 5 %
bonds, due Feb. 1 1933, provides that $2,225,000 m ay be issued at par
for corporate purposes of the com pany. Bonds in addition to the
$2,225,000 m ay be issued as follows
$220,000 to retire L a Crosse C it y
bonds and $75,000 to retire a like am ount of bonds which m ay be issued for
certain additional property; remaining bonds are issuable at par (a) to
redeem at par any underlying bonds or any m tge. debt existing against
any property acquired, not exceeding, however, at par, the reasonable
value of such property: and (6) for not exceeding 7 5 % of cost of an y addi­
tional property, w ith certain restrictions. Bonds red. on any in t. date at
105 and in t. S in kin g fu n d , 2 % per annum , began in 1918. In t . payable
at office of trustee, or at office of com pany or at its N ew Y o rk agency.
E A R N I N G S .— F or calen dar years:
G ross. N e t. afte r T axes.
In terest.
D e p re c ., A c
1925_______________ $825,436
$326,115
$140,031
$186,083
1924_______________ 801,290
296.016
140.464
155.551
1923.............................. 785.251
278,100
136,681
141,419
1922_______________ 755,319
250,573
141,869
108 704
1921___________
751.557
261,874
149.881
111,993
O F F I C E R S .— Pres., Clem ent O . Sm ith; V .-P ., Sec. & G en . M g r ., J . P .
Pulliam ; V .-P s ., R . M . H ow a rd , How ard Greene; Tre as., H . C . M ack ay,
Operations are directed from President’s office in Milwaukee in connection
w ith operations of the Wisconsin Public Service C o rp . and other public
u tility properties.— V . 112, p. 746; V . 116, p. 1052; V . 121, p. 3004.

MADISON (WIS.) GAS & ELECTRIC CO.
Affiliated w ith the Am erican L ig h t & Tra ctio n C o .
O R G A N I Z A T I O N . — Incorporated in Wisconsin in 1896.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
C o . supplies gas and electric light and power without competition in city of
M adison, the capital of Wisconsin, and adjoining territory, serving a popu­
lation of approx. 60,000. C o . owns an electric generating plant of $15,000
k .w . rated capacity. Receives also hydro-electric energy up to 7,500 k .w .
from the Wisconsin R ive r Power C o . under a favorable contract, expiring
in 1940. Owns a gas plant of approx. 7,500,000 cu. ft. productive capacity
per da y, and an auxiliary coal gas plant of 720,000 cu. ft. 119.83 miles
of gas mains; 154 miles electric pole lines.
S TO C K A N D BONDS—
D a te.
In terest.
O utstan din g. M a tu rity .
Com m on $1,000,000 ($ 1 0 0 )-.___________ _________ $2,000,000 ........................
6 H s cum pref $1,000,0 0 0 ($ 1 0 0 )____
6A
500.000 ____________
1st & ref M 5s g $3,000,000/ 1910
5 g A -O
463,500 O ct. 1 1940
($1,000)_______________ c*tf (Bankers T ru s t C o ., N . Y . C it y , trustee.
Gen & ref M 5s g series 1925] 1925
5 g M -N
2,200,000 N o v . 1 1950
($1,000-500)__________ c*tf (F irs t Wisconsin Tru s t C o ., M ilwaukee, trus.
B onds.— T h e 1st A ref. M . 5s gold bonds, dated Oct. 1 1910, are call, at
110 and int.
T h e gen. & ref. M . 5 % g. bonds, series 1925, due N ov. 1 1950, are secured
b y a direct mortgage lien on the entire property incl. after-acquired, subject
only to a closed issue of $463,500 1st ref. M . 5 % bonds, due 1940. T h e trust
indenture authorizes an initial issue of $2,800,000 series 1925. Additional
bonds m ay be issued in series for (a) refunding of underlying bonds or bonds
o fother series, (b) for 8 0 % of new construction, & c., made after Ja n . 1 1926.
In N o v . 1925 First Wisconsin C o ., M ilwaukee, and M arshall Field, Glore,
W ard & C o ., New Y o rk , offered $2,200,000 series 1925, at 98.60 and in t.,
to yield 5 .1 0 % .—
E A R N I N G S . — F o r 12 months ended A u g . 31:
1926
1925
Gross___________________________
$1:697,131 $1,525,065
N e t, after expenses and taxes_____________________
606,676
542,685
B ond interest______________________________________
110,814
47,175
O ther interest______________________________________
4,788
46,407
Balances___________________________________________
491,074
449,103
O F F I C E R S .— Pres., A . P . Lathro p; V .-P ./ & Gen. M g r ., Joh n St. John;
V .-P . & Asst. Tre a s ., James Lawrence; Sec. & Tre as., L . II . Boutel
Consulting E n g ., W . C . Beckjord; Asst. Sec. & Asst. A u d ., Thom as M .
Leah y. Address of C o ., M adison, W is .— -V. 121, p. 2273.

PEOPLES L IG H T & POW ER CORP.
M an agem en t.— W . B . Foshay Co .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Th ro u g h its subsidiaries, corp. supplies public u tility service in Wisconsin,
M innesota, Iow a, W ashington, Oregon, Arizona and V erm o nt. Certain
California properties also were to be acquired and to bemerged into People's
California H yd ro -E le c tric C o rp .; see below. V . 123, p. 582. Sale of elec­
tric ity is the m ain source of revenue and the electric properties are for the
greater part hydro-electric systems. Population served in excess of 170,000.
A description of the various constituent companies is given below ,




[V ol. 123.

T h e system’s electrical properties consist of 20 power plants of a total
capacity of 9.690 h .p ., of w hich 13 stations of 7,200 h .p . are hydro-electric.
A new 2,000 h .p . hydro-electric station is under construction.
T h e prop­
erties also include power sites for a further hydro-electric development of
11,000 h .p . O ver 530 miles of transmission and distributing lines.
Gas
plants total over 350,000 cu. ft. daily capacity; 24 miles of gas mains.
A bou t 40 miles of water mains and 8,200,000 gallons daily pum ping capacity.
As of June 1 1926 11,877 electric consumers, 3,010 water and 2,440 gas con­
sumers. V . 122, p . 84.
S TO C K A N D BONDS—
D a te.
In terest. O u tsta n d in g . M a tu r ity .
_______ - 16,000 shs
“ A ” com, 100,000 shs (no p a r ) ____
See text
“ B ” com, 100,000 shs (no p a r ) ____
_______ . 36.000 shs
7 % cum pref $5,000,000_____ _____
7
$700,000
_______________ly 1 1941
1st lien 5 A % g series of 1941 / 1926
5A J -J
3,500,000 J u ________
($ l,00 0-$5 00)----------------------c * (T h e Equitable T r u s t C o . of N . Y . , trustee.
Convert 5 K % serial g notes/ 1926
5 'A J - D
1,650,000
Serially
$1,650,000 ($1,000 c ) _____ (Law yers T ru s t C o ., N . Y . , trustee.
Stock.— Class “ A ” common is privileged to vote if at any tim e dividends
are not paid at the rate of $1 per share per year. D irectors m ay declare
dividends on Class “ A ” common w ithout doing so on Class “ B ” com mon.
Otherwise Class “ A " participates equally w ith Class “ B ” stock.
In J u ly 1926 W . B . Foshay C o ., In c ., offered 16,000 shares of Class “ A "
common and 4,000 pref. shares in units of 4 shares of Class “ A ” common
w ith 1 share of preferred at $200 per unit. V . 122, p . 84.
Pref. stock is preferred as to assets and cum ulative dividends.
B o n d s.— 'The 1st lien 5 A, % gold bonds are secured b y pledge of all of the
outstanding bonds and capital stock except directors’ qualifying shares,
of corporation’s constituent companies, including all of the 1st m tge. bonds
of the constituent companies which latter bonds equal in aggregate prin­
cipal am ount the aggregate am ount of 1st lien bonds issued b y corp. A n y
additional bonds or stocks which m ay be issued b y constituent companies
in the future shall likewise be pledged under the indenture.
A dditional 1st lien bonds m a y be issued to refund an equal am ount of
bonds of future constituent companies or to refund bonds of different series
issued under the trust indenture, and m a y also be issued for 7 0 % -of addi­
tions, extensions and acquisitions.
A re red. on any interest date on 30 days’ notice to and incl. Ja n . 1 1931
at 105; to and incl. Ja n . 1 1936 at 103; to and incl. Ja n . 1 1939 at 102; to
and incl. Ja n . 1 1940 at 101; thereafter at par; in each case w ith interest.
Interest payable w ithout deduction of any Federal income tax not in excess
of 1 A % - M in n . 3-m ills, Penn., C o n n ., Kansas and Calif, taxes 4-m ills,
M a ry la n d -4K -m ills , K en tuck y and D is t. of C o l. 5-m ills, V irginia 5>S-mill8
and Mass. 6 % taxes refundable.
In J u ly 1926 G . L . O hrstrom & C o .
offered $3,500,000 series of 1941 at 94J4 and in t., to yield about 6 .0 5 % .
V . 122, p. 84.
Th e re is a m a inten ance an d im provem ent fu n d equal to 12 A % of gross
earnings of the electric and gas properties, 1 0 % of gross earnings of the
water properties and 2 0 % of gross earnings derived from electric railw ay
service, to be expended for improvements, additions, &c.
N o te s .— T h e convert. 5 A % se ria l g. notes, dated J u n e 15 1926, are direct
obligations of the corp. T h e y are due serially from D ec. 15 1926 to and
including June 15 1928. N o additional secured or unsecured funded
indebtedness other than first lien bonds m ay be created unless the com­
bined net earnings of corporation for 12 consecutive out of preceding 15 calen­
dar months have been at least 1A times annual interest on all funded debt
outstanding and then to be issued. Convert, up to m atu rity date, unless
sooner called for redem ption, and, if so called, then up to redemption date,
into 7 % cum . pref. stock at the rate of 10 pref. shares for each $1,000 note
w ith adjustment of dividends and interest. R e d ., all or part, on 60 days'
notice at par and in t., plus a prem ium of A % for each 6 m onths or fraction
thereof of the unexpired life of the notes so redeemed. P rin . and in t. pay­
able in N e w Y o rk C it y w ithout deduction of any Federal income tax not in
excess of 1 A % - M in n . 3-m ills, Penn., C o n n ., K a n . & Calif. 4-m ills.
M a ryla n d 4 ((-m ills , K y . , D is t. of C o l. and M ic h . 5-m ills, Va. 5 A mills
and Mass. 6 % taxes refundable. In J u ly 1926 G . L . O hrstrom & C o ., In c .,
sold $1,650,000 of these notes at prices ranging from 99.11 to 100, to yield
from 5 A % to 6 % , according to m a tu rity. E ach $1,000 note carried a
detachable w a rra n t extending to the m atu rity of the note to pu rchase 10
shares of class “ A ” com m on stock at $25 per share. A ll cash received by
corp. through the exercise of stock purchase warrants is to be applied t «
the retirement of these notes. V . 123, p . 325,1763.
D iv id e n d s .— O n class “ A ” common dividends at the rate of $2 per annum
were paid. In Sept. 1926 it was announced that the rate was to be increased
to $2 40 per annum , payable m onth ly 20c. V . 123, p . 1635.
E A R N I N G S . — Consolidated earnings of corp. and its subsidiaries for
12 m onths ended:
M a r . 31 ’26. D ec. 31 ’25. D ec. 31 ’24.
Gross earnings_______________________ $1,084,874 $1,052,317 $1,029,45#
O per. exp., m aint. and taxes other
than Federal income ta x __________
611,986
594,369
584,949
N et earnings_______________________
In t . required on senior securities____
Pref. dividend requirements_________

$472,888
283,250
49,000

$457,948
283,250
49,000

$444,507
283,259
49,000

Available for reserves, retirements
and common dividends__________
A nn ual d iv . requirements on 16,000
class “ A ” shares at $2 per a n n u m ..

$140,638

$125,698

$112,257

32,000

Balance___________________________ _
$108,638
In d e x .— V . 122, p. 2562, 2800, 3455; V . 123, p . 84, 207, 325, 582, 1115,
1635, 1763, 1997.

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Is successor to the W est Coast Power C o ., a Delaware corp., which fur*
nishes electric service w ithout competition to a group of towns and citie’
in the States of W ashington and Oregon, incl. Reedsport, G ardiner, W es”
G ardiner, Florence, Glenada, Cushm an, W aldp ort, To led o, Newport^
Y a q u in a , Clatskanie, Clatskanie Junction, W esport, Q uincy, Cascad”
Locks and B urns in Oregon; Shelton, Cathlam et, Stevenson, Chinook
llwaco, Long Beach, Sea View , Ocean Park, N ahco tta, South Bend, Break
ers, N e w to n, Tio g a , Centerville, Shelburne, H o lm an , in the State of W ash
ington; also South Bend, W ash ., where corp. serves over 8 0 % of the total
service. Population served, 38,000.

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A Wisconsin corp.; furnishes electric service w ithout com petition to 41
communities (37 of w hich are inter-connected) approxim ately 65 miles from
M inneapolis. Owns 5 modern hydro-electric plants, and in addition has
an interchange power contract w ith the N o rth ern States Power C o . P rop­
erties include valuable undeveloped hydro-electric sites, on one of which
a 2,000 h .p . plant is under construction; also supplies water at wholesale to
the c ity of H u rle y . V . 122, p . 2801; V . 123, p . 326, 1115.
B o n d s.— A ll of the outstanding 1st m tge. g. b on ds, dated J u n e 1 1924,
o f W iscon sin H ydro-E lectric Co. (now Peoples Wisconsin H yd ro -E le c tric
C o rp .) were called for paym ent D ec. 1 1926 at 105 and in t. at Minnesota
Loan & T ru s t C o ., trustee, M inneapolis, M in n . V . 123, p . 1115.

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In corp. in M innesota as successor to Bem idji Gas C o ., Crookston Gas Co .
and Henderson L ig h t & Power C o . Owns the gas plants at B em idji and
Crookston. M in n ., and also the electric properties at Henderson and New
A u b u rn , M in n ., serving these communities w ith o ut com petition.

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In corp. in Iow a to succeed Iowa C it y W aterworks C o . Supplies, w ithout
competition, water to Iowa C it y , la ., under a franchise expiring in 1949.

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In corp. in Arizona to succeed Globe L ig h t & Power C o . Serves elec­
tric ity and gas w ithout competition to Globe, A riz ., and electricity to $
adjacent communities.

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T h is co. is to be organized as a consolidation of A lturas L ig h t & Power
C o ., F o rt Bragg L ig h t & Power C o . and Mendocino L ig h t & Power C o ., all
operating in northern Ca lifornia. T h e ir acquisition b y W . B . Foshay Co.
was announced on J u ly 28 1926. V . 123, p . 582.

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In corp. in V erm ont to succeed Vergennes Electric C o . Serves, without
competition, 7 communities in the vic in ity of Burlin gton, V t ., w ith electric
ight and power. C o . also controls B urlington Tra ctio n Co .

R

M

POWER, LIGHT AND RAILWAY

O ct., 1926.]

B U R L IN G T O N T R A C T IO N C O .
Control.— On Ju n e 14 1926 th e sale of th e co. to g e th e r w ith th e M ilita ry
P o st S treet R y . a n d th e V ergennes E lectric C o. to th e W. B. Forshay Co.
o f Minneapolis was re p o rte d . T h e y w ere m erged in to a new com pany,
th e People's Vermont Hydro-Electric Co. which is ow ned by th e People's
Light & Power Corp., organized b y th e Fo rsh ay in te re sts. V . 122, p . 3451.
O R G A N IZ A T IO N .— In c o rp o rate d in V erm ont.
F IE L D OF O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. serves, w ith o u t co m p etitio n , s tre e t railw ay service to B u rlin g to n ,
W inooski, C olchester, E ssex a n d E ssex Ju n ctio n . 16.89 m iles of track;
S3 cars.
ST O C K A N D B O N D S—
D a te .
In terest. O u tstan din g. M a tu r ity .
Stock $400,000 (par $ 1 0 0 )............. ..
Q-F
$200,000 A ug’25, 1 >4
5%
350,000 J u ly 1 1942
1st & ref. $500,000________ t f 1912
B on ds. — All of th e o u tsta n d in g Is! and. ref. mtge. 5% gold bonds due July 1
1942 w ere called for p a y m e n t Tan. 1 1927 a t 105 and in t. V . 123, P. 1112.
D ivid en d s. — Previous to 1903, 4% yearly .
From 1903 to 1912, 6%
yearly. In 1912, 1913 and 1914, 8 % . In 1915, F e b ., 2 % ; M ay , 2\4%:
and sam e ra te q u a r. to and incl. N o v . 1921. In A ug. 1922, l'A % was p a id ,
N ov. 1922, l l i % , a n d sam e ra te p a id reg u larly q u a r. since to an d incl.
Aug. 1 1925.
E A R N IN G S .— F o r calen d ar years:
Cross.

N e t.

Charges.

D ivs.

S u r. or D ef.

d ef.$8,763
1925.............— -$186,429
$32,737
$17,500
$24,000
1924-------------- 202.538
39.059
17.500
24.000
d e f.2,440
1 9 2 3 ..............
219.956
41,810
17,500
24,000
s u r.310
s u r.2,700
1 9 2 2 ..............
206,007
41,200
17,500
21,000
Latest Earnings. —F o r 12 m o n th s ended Aug. 31 1928: Gross $195,352:
n e t a fte r tax es, $43,002; in te re s t, $16,500; d ividends, none; b alance for
surp lu s a n d d ep reciatio n , $26,502.
O F F IC E R S .— V. 94, p .1 1 8 5 ; V . 109, p .6 7 6 , 981; V . 112,. 161; V . 122,
p. 3451; V. 123, p . 1112.

235

P ref. sto ck d iv id e n d s .._ 3,398,853
2,899,442
2,161,775 1,841.534
C om m on stock d ividends b l ,294,156
614,307
493,600
493,600
A p p ro p ’n for d ep rec’n — 1,100,000
1,000,000
650,000
550,000
______
______
350,000
325,000
A m o rt, of d e b t dis. & exp
B alance, s u rp lu s _____
$205,768 $660,043
$580,324
$259,526
Surplus J a n . 1_________ 3,083.601
2.423.558
1 84 3 234
1 .58'; 7r>7
T o ta l su rp lu s D ec. 3 1 . $3,289,368 $3,083,601 $2 ,423.0 08 $ i.8uo,234
a T h e co. on its books h a s ch arg ed against c ap ita l su rplus arising fro m
a p p ra isa l th e un am o rtized b ond discount a nd expease a t D ec. 31, a nd accord­
ingly no charge has been m ade above for th e p o rtio n of such d iscount a nd
expense applicable to th e y e ars 1924 a n d 1925.
b Incl. in t. on gold notes con v erted in to com m on stock.
Latest Earnings.— O f N o rth e rn S tates P ow er C o. system fo r 12 m os.
ended J u ly 31:
1926.
1925.
G ross earain g s__________________________________ $25,358,942 $21,328,393
O per. exp., m a in t. a n d tax es, excl. d e p re c _______ 12,988,074 11,019,971
N e t e arn in g s---------------------------------------------------$12,370,868 $L0,308,422
N on -o p eratin g re v e n u e ______________________________ 229,040 ____ 78,618
T o ta l n e t rev e n u e ______ :._____________________ $12,599,908 $10,387,040
O F F IC E R S .— P re s ., Jo h n J . O ’B rien; 1st V .-P ., R o b t. J . G raf; Sec. &
A sst. T re a s., M . A. M orrison; T re a s., J . J . M o lv n eau x .— V. 120, p .
2267; V. 121, p . 459, 840; V . 122, p . 482, 1027, 2496, 2652, 2790.
(1 )

NORTHERN

S T A T E S P O W E R C O . (O F M I N N E S O T A ).

O R G A N IZ A T IO N .— T his o p e ra tin g com pany (form erly C onsum ers’
P ow er C o.) w as in c o rp o ra te d in M in n eso ta on J u n e 16 1909. V. 102,
p. 980. I t owns all tne pro p erties form erly com prising C onsum ers' Pow er
C o. sy stem , d ire c tly o r tn ro u g h ow nership of all securities except $6,897,000
first (closed) m ortgage bonds of T h e M inneapolis G eneral E lec tric C o., and
except d ire c to rs' qualifying sh ares. In 1920 acquired co n tro l of O ttum w a
R y. & L ight C ies. In O ct. 1923 purchased from th e P illsb u ry F lo u r M ills
Co. th e p rn p e rte s a n d pow er rig h ts a t S t. A nth o n y F alls on th e M ississippi
R iver a t M inneapolis. See V. 117, p. 1896. In Aug. 1924 purchased th e
S t. C loud Public Service C o. and sub. cos. V. 119. p, 703. In 1925 sold
MADISON RAILWAYS CO.
its O ttum w a properties. D uring the la tte r p a rt of 1925 acquired control of
O R G A N IZ A T IO N .— Successor in M ay 1916 to th e S o u th ern W isconsin th e St. P a u l G as L ight Co. p roperties, w hich co. did a b o u t <0% of th e elec­
R y ., for sta te m e n t o f w hich see th is Section for M ay 1916. O perates under tric lig h t a nd pow er an d all th e gas business in th e city of S t. P a u l, M in n .
(V. 121, p. 2274), so th a t a fte r consolidation of the properties th e e ntire
“ in d e te rm in a te p e rm it” from th e S ta te .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— gas an d electric service in S t. P a u l cam e u nder th e control of N o rth S tates
121,
2875.
1926 purchased th e Jim F alls H ydroOwns 20 miles of stan d ard -g au g e tra c k , incl. lines in M adison, an d extension Pow er Co.la V. from p. hippew a In F eb. Co. V. 122, p . 1311.
C
Pow er
to F a ir O aks, Elm side, L ake P a rk C em etery an d S outh M ad iso n . O perates E lectric p n t
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
2 bu s lines in th e c ity a n d s u b u rb s.
Supplies electric light and pow er to 505 com m unities in M in n ., N o . D a k .,
S T O C K A N D B O N D S—
D a te .
In terest. O u ttstan din g . M a tu rity .
is.,
ith gas,
h e a t­
Com stock $600,000 ($ 1 0 0 )--- - - ......................
__ So. D a k ., W tre 111. a n d Iow a; 23 com m unities w service. 7 w ith steam unities
$350,000
ith s
t
ith
m
P re f sto ck $350,000__________ -----F-A
185,265 Ju ly'26,1 % ing, 7 winclude eMrailw ays a n d S1 w P a utelephoneater, S t. CT h e com a rib a u lt,
inneapolis, t.
loud, F
1st m tg e $1,500,000 g ($500/ 1916 5 g M -N
938,500 M a y 1 1936 serveda to , H utchinson, Pipestone a nd l, MS tillw
M an k
ontevideo, M inn ; G ra n d F o rk s,
a n d $1 .0 0 0 )_________ c * tf\ I n t. a t W isconsin T r . C o ., M ilw ., T ru ste e .
Fargo a nd M in o t, N o . D a k .: Sioux F alls, So. D a k ., a n d th e zinc m ining
Coll tru s t serial debs ($500 & 1 1924 7 g M -S
75,000 See te x t.
$1,000) g o l d ________c * .tf j In t. a t C en t. W is. T r. C o ., M ad ison, tru ste e . d istric t in a nd aro u n d G alena, 111., and P la tte v ille , W is. P o p u la tio n served
(e st.), 1,390.000. In
1925
installed
♦E q u ip m en t n o te s___________ ...................................
132,180
..... p la n ts of a g enerating cD ec.c ity of th e system.p h a d nd th e steahydro-electrio
ap a
147,208 h ., a
m generating
* $2,000 p a y ab le m o n th ly .
p la n ts of 300,354 h .p . Also owns or controls undeveloped w ater pow ers.
Bonds. — A dditional 1st m tge. bon d s m ay be issued for extensions, a d d i­ C o .’s gas p la n ts have a com bined daily generating cap acity of 20,594,000
tions, &c., for 80% o f cost un d er co n serv ativ e re stric tio n s. $150,000 are cu. f t., holder c ap acity of 7,670,000 cu. ft. a nd m ore th a n 972 m ilesf m ains.
pledged as sec u rity for th e coll, tr u s t serial 7% d eb en tu res. In ad d itio n to
N ew developm ent plans, V. 116, p . 84; V . 118, p . 1021.
to $938,500 o u tsta n d in g in h a n d s o f public, $169,000 a re held in tre a su ry .
STO CK A N D B O N D S—
D a te .
In terest.
O u tsta n d in g . M a tu rity .
R ed . a t 10214 a n d in t. on an y in t. d a te on 60 d a y s ’ n otice. A sinking a nd
Im p ro v em en t fu n d o f 1 A % Per a n n u m o f bonds o u tsta n d in g b egan M a y 1 C ap ital s to c k ------------------------ All ow ned b y N o r. S tates Pow . C o. of D el.
F irst & re f m tge $100,000,000) 1916
5& 6gA -0 $34,053,000 A p r. 1 1941
1919 for red em p tio n o f bonds or im p ro v em en ts, &c.
($500 &c.) g o ld ---------c * & r/G u a ra n ty T ru s t C o ., N ew Y ork, tru s te e .
T h e 7% coll, tru s t serial d eb en tu res a re secured by d ep o sit of $150,000
6 g M -N
14.126,500 N o v . 1 1948
1st m tge. 58. Are re d ., all or in p a rt, on a n y in t. d a te on 30 d a y s ’ notice First lien & gen. m tg e . Series! 1923
“ A ” ($500 &c) g - C * & r . t f / In te re s t p a y ab le in N ew Y ork a n d C hicago.
a t a p rem iu m o f
o f 1 % for each y ear or fractio n o f a y e ar betw een red.
5H g J -D
8,500,000 D ec. 1 1950
d a te a n d m a tu rity . M a tu re $10,000 each M a r. 1 an d S ep t. 1, a n d $15,000 Ser “ B ” ($1,000-500 c* a n d / 1925
$1,000-5,000-10,000 r ) . . t f ! l n t . pay ab le in N ew Y ork a nd C hicago.
on M a r. 1 1929.
C onvertible notes ($100 &c.) ( 1923
6 4 g M -N 6.097.300 N o v . 1 1933
E A R N IN G S .— F o r 12 m o n th s ended A p r il 1;
g o ld ------------ -------------c * .tf /G u a r a n ty T r u s t C o ., New Y ork, tru s te e .
iq ofi
in 0 4
1Q91
1Q99
N otes gold ($100 &c.) free ) 1924
6 4 g M -N 4,705,900 N o v . 1 1933
R ec e ip ts......................
$407,201
$4f7,016
$417,602
$419,462
from Penn S ta te ta x _ c * .tf/G u a ra n ty T r u s t C o ., N ew Y o rk , tru s te e .
E xpenses an d ta x e s------295,132
305.713
296,723
303.463 5 4 s
g notes $7,500,000/ 1925
5 4 g J-D
7,500,000 D ec. 1 1940
45,625
44,732
44,702
43,875
In te re s t on b o n d s............
($1,000-500-100 c * )_____tf /G u a r a n ty T ru s t C o. of N . Y ., T rustee.
In te re s t on n o te s--------6,737
7,070
11,440
16,715 M inneapolis G en Elec 1st M ! 1904
5 g J-D
6 964,000 D ec. 1 1934
(S I.000) gold
c * . t f f aT t n t C olony T ru st C o.. R o s t ofrn s.
Old
n
B alan ce--------------------$59,707
$59,501
$64,737
$55,409
T o tal o u tsta n d in g divisional bonds o f th e oo. w ere re p o rte d as $26,647,600,
E a rn in g s for calen d ar y e ar 1925: T o ta l receip ts, $429,529; n e t, a fte r
B onds. A c . — F irst & ref. m tg e . (V. 102, p . 1630) is lim ited to $100,000,000
tax es, $121,537; b ond an d n o te in te re s t, $60,217; o th e r in te re s t a n d divi­ oonds, of which in D ec. 1924 $34,053,000 (of which $7,492,500 a re 6s)
dends, $13,988; b alan ce, $47,332.
outstanding; redeem ed a n d canceled, $7,000 5s a nd $7,500 6s; th e rem ain d er
D ivid en d s. — Paid regularly serni-ann. (F .-A .) since issued. In F e b . 1924
m ay be issued (a) for n o t over 75% of th e c ost of p e rm a n e n t extensions a nd
a bonus o f 1 % w as paid on th e p re f. sto ck . V. 118, p . 431.
additions, when n e t earnings a re tw ice th e an n u al bond in te re st charge,
O F F IC E R S .— P res., F . W . M ontgom ery; V .-P ., D u d ley M ontgom ery; including bonds applied for; o r (6) to re tire an equal a m o u n t of M inn. G en.
T re a s., W arren M ontgom ery; Sec., H u g h M ontgom ery; S u p t., D . M o n t­ Elec. C o. bonds. A re callable a t 105 u n til 1936 and th e re a fte r a t 102 4 ,
gom ery.— V. 117, p . 1017; V. 118, p . 4 3 1 , 1268; V. 120, p . 331; V. 121, p.458. In te re s t p ayable in N ew Y ork an d C hicago. See V . 104, p . 264; V . 105, p .
76; V. 106, p. 1131. 2564; V. 102, p . 1441; V . 108, p . 585; V . 109, p . 1371;
V. 112, p . 1523.
T h e 1st lien & gen. m tge. gold bonds a re secured by a jo in t m ortgage and
pledge of N o rth ern S tates Pow er Co. a nd N o rth e rn S tates Securities C orp.
T his m ortgage, subject to th e 1st & ref. m tge. is a dire c t m tge. on a ll th e
physical p ro p e rty of th e co. and a dire c t lien upon certain bonds an d stocks
of subsidiaries of th e co. pledged u n d e r th a t m ortgage. T h e y are fu rth e r
secured by pledge of $13,470,000 1st & ref. m . bonds (not included In a m t.
shown in th e above tab le as outstan d in g ) of N o rth e rn S tates Pow . Co.
(M innesota), all of th e $2,500,000 com m on stock (except directo rs’ shares),
$4,189,800 pref. stock a n d $2,090,000 m tge. bonds of N o rth . S t. Pow . Co.
NORTHERN STATES POWER Co. (OF DEL.)
(W isconsin) a nd all of th e cap ital stock (except directo rs’ shares) an d all
of th e 1st m tge. bonds of S t. A ntn o n y Falls W a te r Pow . C o. a nd M inne­
Controlled b y S ta n d a rd G as & E lectric Co.
apolis M ill Co. A dditional bonds (of th is or o th er series of such tenor as
O R G A N IZ A T IO N .— In c o rp o rate d in D elaw are on D ec. 23 1909 (V 90m ay be determ ined m a y be issued (a) for refunding purposes, (b) for 75%
p. 1299; V. 91, p . 467. 592). A h olding co m p an y organized by I I . M
of new construction, &c., provided n e t earnings for 12 m onths have been
B yllesby & C o ., C hicago.
Owns th e e n tire c ap ita l sto ck , except d ire c to rs ’ qualifying sh ares, of a t least 1M tim es a nnual in te re st (incl. new issue) and m inority pref. d iv .
N o rth e rn S tates P o w er C o. o f M in n eso ta , w hich see below . Also controls charges. A special tru st fu n d requires th a t a t least 1 2 4 % of gross earnings
N o rth e rn S tates Pow er C o. of W isconsin (form erly W isconsin-M innesota is expended or s e t aside for repairs, &c. T his percentage is adju stab le under
certain restrictions. O ut of th is fu n d or w ith o th er m oneys a t least 1%
Light S Pow er C o .). See s ta te m e n t o f th a t com pany fu r th e r below .
t
an n u ally of th e series “ A ” bonds will be purchased (or redeem ed) and can­
Increase P ref. Stock. — On F eb . 15 1926 stockholders increased th e a u th ­ celled. T he bonds of series “ A ” a re redeem able on a ny in t. d a te u n til a nd
orized pref. stock fro m $50,000,000 to $150,000,000, p a r $100. th e $100,- incl. N ov. 1 1938 a t 105 and in t., th e p rem ium decreasing 4 % each calendar
000,000 ad d itio n al stock to be issued in series a t a cu m u lativ e dividend ra te y ear thereafter, th e bonds being red . in 1947 an d on M ay 1 1948 a t 1 0 0 4
of n o t exceeding 7 % . V . 122, p . 1027.
a nd in t. Free from P en n . S ta te ta x . V. 117. p. 2550. Series “ B” are red .
ST O C K A N D B O N D S —
D a te.
In terest. O utstan din g.
M a tu rity.
to and incl. D ec. 1 1940 a t 105 and in t., th e prem ium decreasing 4 % each
Com $50,000,000 ($100) C1"A” ____
Q-F
$17,658,200 N o v ’26,2% calendar y ear th e re a fte r, th e bonds being redeem able in 1949 a nd on Ju n e 1
C om m on class “ B ” 10,000,000
1950 a t 1 0 0 4 a nd in t. H a rris T ru s t & Savings B ank, Chicago, a nd M u r­
sh are ($ 1 0 )____________________
-------------- 5,000,000 M a y ’26,20c doch H . M acL ean, tru stees. In D ec. 1925 H arris, Forbes & C o., G u a r­
P f 7% cum $ 1 5 0 ,0 0 0 ,0 0 0 ($ 1 0 0 )____
7 Q-J 20
51,256,700 O ct ’26, 1 % a n ty Co. of N . Y . a nd H . M . B yllesby & C o., In c ., sold $8,500,000 series
Preferred 6 % ________________ _____
“B ” a t
------------------------------- 63,065,100 __________ 100 and in t. V. 121, p . 2875.
T he convertible 6 4 % gold notes of 1923 a re redeem able, all o r p a rt, on o r
Stock. — Pref. stock is pref. ov er com m on sto ck s as to assets ($100 & divs.)
before N o v . 1 1924 a t 105 an d in t., and th e re a fte r a t 105 a nd in t., less 4 of
a nd cum . d ivs. 6% p re f. a n d 7% p re f. ra n k eq u ally .
1 % for each y e ar or fractio n th e re o f elapsed su b ject to N ov. 1 1924. C on­
Comm on C lass B (created on J u ly 10 1924— see V . 118, p . 3087; V . 119, ve rtib le a t a ny tim e a fte r J a n . 1 1924. and on o r before J a n . 1 1929, in to
p. 205) ra n k s a fte r p ref. sto ck an d class A sto ck as to assets. Shares w ith com . stock of N o rth e rn S ta te s P ow er C o. (D elaw are) as c o n stitu te d a t tim e
class A com m on in dividends a fte r all 7% pref. d iv s. h av e been p a id , in of conversion, on th e basis of $100 in notes plus $3 50 in cash for one sh a re
th e ra tio o f 10c. on each class B com m on sh are for each $1 p a id on th e of stock of $100 p a r value, w ith a d ju stm e n t of in te re st and d ividends.
class A com m on shares.
Proceeds were used to redeem th e en tire issue fo $7,805,000 10-year n o te s,
O n pref. 1% % paid q u a r.) V. 102, p . 1543). An in itial 114% w as paid due A pril 1 1926, a n d to reim burse th e com pany in p a r t fo r e xpenditures
on com m on stock Ju ly 20 1916: O ct. 20, 114%: J a n . 1917 to J a n . 1918, incurred for ad d itio n s, extensions a nd b e tte rm e n ts. In te re s t payable In
1 H % q u a r.: th e n none u n til Feb. 1922, when 4% was p a id (V. 113, p. 2623); New Y ork and C hicago. F re e from P e n n . S ta te ta x . V . 117, p . 2331.
M ay 1 1922 to N ov. 1926 p a id 2% q u a r.
T he 6 4 % gold notes o f 1924 a re redeem able, a ll o r p a r t, on N o v . 1 1924
a t 105 a n d in te re s t, a n d a t 105 a n d in te re s t less 4 of 1% fo r each y e ar o r
E A R N IN G S .— F o r calen d ar years:
fraction th e re o f elapsed th e re a fte r. In te re s t p ayable in N ew Y o rk a nd
G ross Earnings- —
1925.
1924.
1923.
1922.
C hicago. Free from P e n n . S ta te ta x . V . 118, p . 2448.
E lec tric d e p a rtm e n t___ $19,080,733 $17,420,097 $13,684,365 $12,144,909
T h e 5 4 % 0- notes, dated D ec. 1 1925, are re d ., w hole or p a rt, on 60 d a y s’
G as d e p a rtm e n t_______
1,507,191
1,444,226
714,870
671,557
notice on or before D ec. 1 1930 a t 105 a nd in t., th e prem ium th e re a fte r
S team d e p a rtm e n t_____
693,331
727,050
667,270
639.055
S tre e t railw ay d e p t_____
356,231
496,857
333,919
341.204 decreasing 4 % for each y e ar a fractio n . In t. pay ab le in N ew Y ork and
T elep . a n d w a te r d e p ts .
107,382
93,981
89,366
85,194 C hicago. P enn. 4-mills and M ass. 6% ta x refundable. In D ec. 1925
G u a ra n ty Co. of N . Y ., H . M . Byllesby & C o., In c ., a nd Spencer T rask
T o ta l gross earnings-_$21,744,869 $20,227,211 $15,489,791 $13,881,919 & Co. offered $7,500,000 a t 96 an d in t., to yield over 5.9 0 % . V .121, p.3005.
V . 122, p . 2949.
O p eratin g expenses_____$8,361,024
$7,767,606 $6,686,994 $6,037,793
M inneapolis G en. E lec . 1st 5s a re redeem able a t 110. V . 95, p . 180.
M a in ten a n c e __________
1,481,637
1,411,452
992,253
919,782
T a x e s_________________
1,644,933
1,630,837
1,229,552 1,143,247
E A R N IN G S .— F o r calen d ar years:
W ith d raw als from ta x &
1925.
1924.
1923.
1922.
e q u alizatio n oper. re s . 0 3 3 7 ,0 0 0
______
______
______ G ross ...............
$21,441,445 $19,512,070 $14,823,416 $13,243,646
N e t_______
10,486,475
9,177,864
6,405,550
5,622,014
N e t earn in g s................ -$10,594,275 $9,417,316 $6,580,992 $5,781,092 I n t e r e s t ________
4,662,888
4,029,072
2,190,517
2,173,944
In te re s t charges (n e t)___ 4,595,498
4,243,524
2,345,292 2,311,432 P referred d iv id e n d s___
3,398,853
2,899,442
2,158,845
1,832,670
B a la n c e * ______________ 2,424,734
2,249.350
2,056,187
1,615,400
N e t in co m e----------------a$5,998,777 a$5,173,792 $4,235,699 $3,469,660
* A vailable for re tire m e n t reserves, com m on dividends an d su rp lu s.




MINNESOTA

226

PUBLIC UTILITIES

L atest E a rn in g s.— Of D elaw are C o. an d subsidiaries for 12 m os. end.

[V ol. 123,

m ortgage, to the G re a t N o rth e rn P ow er C o .’s p ro p e rty m ad e subsequent
to N o v . 22 1923.
N o bonds in ad d itio n to th o se of th e above 5% a n d 6% series m ay
be issued, except for refunding purposes, unless a n n u a l n e t earnings shall
have been a t le a st equal to e ith e r (1) tw ice th e a c tu a l a n n u a l in te re st
requirem ents on, or (2) 12% of th e principal a m o u n t of a n y underlying
N e t earn in g s_________________________________ $10,584,599 $8,967,322
or p rio r lien bonds w hich m a y be ou tsta n d in g a n d all bonds issued a n d o u t­
N o n -o p eratin g re v e n u e _________________________
851,948
428,047 stan d in g u n d e r th e m ortgage, including those proposed to be issued. N o t
more th a n 15% of such n e t earnings shall consist in th e ag g reg ate of n e t
T o ta l n e t re v e n u e _____________________________$11,436,547 $9,395,369
non-operating Income an d (or) n e t incom e derived from leased properties
O F F IC E R S .— P re s ., Jo h n J . O ’B rien; 1st V .-P ., R o b ert J . G raf, C hicago; a nd (or) properties n o t d irectly su b ject to th e lien of th e m ortg age.
6% ser. d ue 1950 a re red . on an y in t. d a te on 60 d a y s’ notice a t 106 and
V .-P .-G en . M g r., R . F . P a c k , M inneapolis; Y .-P . (in charge of operations),
H . H . Jo n es, M inneapolis; T rea s., T. J . M olyneaux, M inneapolis; Sec., ta t. to an d incl. M a y 1 1927, th e re a fte r a t a prem ium decreasing 34% per
M . A . M o rriso n . N ew York office, T rin ity B ldg.; C hicago office. 231 annum , th e bonds being re d . a t 10034 a n d in t. on a n d a fte r N o v . 1 1949.
S outh L a Salle S t.— V. 121, p . 2274, 2875, 3005; V. 122, p . 1027, 1311, Co. agrees to refu n d P e n n a . 4-mills ta x . $8,300,000 w ere offered in N ov.
1923 b y H arris, Forbes & C o., T ucker, A nthony & C o., B o n b rig h t & C o.,
2496, 2652, 2949; V . 123, p . 711, 1251, 1877.
In c ., an d C offin & B u rr, In c ., a t 9754 a n d in t., to yield over 6.15% .
N O R T H E R N
S T A T E S
P O W
E R
C O V.. 117, p . F 2330. InI Ju nCe 1924 Nth e S samp bankers offered a n a d d ’l $4,000,000
O
W
S
O
I N .
a t 100 an d in t. V . 118, p . 2958.
C ontrolled b y N o rth e rn S tates Pow er C o. o f D e l., a su b sid iary o f S tan d ard
T h e 1st & re f. m tge. gold bonds 5% Series due 1955 a re re d . on 60 d a y s'
G as & E lec tric C o.
In J u ly 1923 control o f th e co m p an y , form erly held b y th e Am erican notice a t 105 incl. D ec. 1 1934; a t 104 incl. D ec. 1 1939; a t 103 incl. D ec. 1
P ublic U tilities C o ., w as acq u ired b y H . M . B yllesby & C o. V . 117, p . 327. 1944; a t 102 incl. D ec. 1 1949; a t 101 incl. D ec. 1 1952; a t 10054 incl. D ec. 1
1953; th e re a fte r a t 10034: in each case w ith in t. P en n . 4-m ills ta x re fu n d a ­
O R G A N IZ A T IO N .— In co rp . in W isconsin D ec. 2 1901 as th e L a C rosse ble. In M a y 1925 H arris, Forbes & C o., & c., sold $3,500,000 a t 97 a n d in t.,
G as & E lec. C o. (successor to th e L a C rosse G as L ight C o ., th e L a Crosse to yield a b o u t 5.2 0 % . V. 120. p . 2816. In D ec. 1925 H a rris, F orbes &
B ru sh E l. L t. & Pow er Co. a n d th e E dison L t. & Pow er C o .). On Ju n e 24 C o., &c., &c., offered $3,000,000 ad d itio n a l 5% series, d u e 1955, a t 9634
1914 changed nam e to W isconsin M in n eso ta L ight & Pow er C o., b u t in an d in t., to yield a b o u t 5 .2 3 % . V. 121, p . 3131: V . 122, p . 1610.
1923 nam e w as again changed to p resen t title . In 1914 m erged th e C h ip ­
E A R N IN G S .— F o r calen d ar years:
pew a V alley R y ., L t. & Pow er Co. (incorp. in W isconsin in 1898) a n d th e
Earns, for 12 Mos. End. Dec. 31—
1925.
1924.
1923.
C hippew a V alley C o n stru ctio n C o. In 1914 acquired th e p ro p e rty of th e
$2,970,686 $2,252,397
W inona Gas L ight & Coke C o ., R ed W ing G as L ight & Pow er C o., M inne- G ross earnings from o p e ra tio n _______ $3,705,348
O perating expenses an d t a x e s . : _____ 1,791,4:09
1,658,546
1,353,770
eota-W isconsin Pow er C o ., E a u C laire Gas L ight Co. an d N eillsville E lectric
C o. V. 99, p . 1758. In J u ly 1917 p u rch ased th e p ro p e rty of th e B loom er
N e t earnings from operation
$1,913,939 $1,312,140
$898,627
(W is.) E lectric L ig ht & Pow er C o. V . 105, p . 296.
O ther incom e________________
845.278
848,7/5
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns a n d o p erates electric lig h t an d pow er, s tre e t a n d in te ru rb a n railw ay,
T o ta l incom e_____________________ $2,762,714 $2,157,418
g a s dom estic w a ter, a n d h o t w a te r h e atin g p roperties in E a u C laire, La In te re s t on b o n d s___________________
,
836,056
640,667
C rosse, C hippew a, M enom inee, S p a rta . T o m ah and V iro q ua, W is., and O ther in te re st an d d e d u ctio n s_______
318,047
281,778
W inona, W ab a sh a, L ak e C ity , T w in C ities a n d R ed W ing, M in n . Owns D ividends on preferred s to c k ________
471,469
281,461
a n d o p erates 24 m iles o f electric railw ay , in cl. in te ru rb a n line on p riv a te D ividends on 2d preferred s to c k _____
455,000
455,000
right-of-w ay betw een E a u C laire a n d C hippew a F alls an d local lines in those R enew al an d rep lacem en t re serv e___
200,000
200,000
cities. P re s e n t ra te d c a p a c ity o f c o .’s h ydro-electric an d ste a m p la n ts
ap p ro x im ates 82,794 h . p . U ltim a te developm ent, 150,000 h . p . Owns
B alance, s u rp lu s_________________
$482,142
$298,512
over 883 m iles o f high-tension tran sm issio n lines. Also ow ns a n d operates
L atest E a rn in g s. — F o r 12 m o n th s ended A ug. 31:
g a sp ro p e rties in L a C rosse. O p erates u n d e r an in d e te rm in a te p e rm it
1926.
1925.
ra n te d b y th e W isconsin R R . C om m , a n d is p ro tected a g ain st com petition
Gross earnings fro m o p e ra tio n ___________________ $3,816,546 $3,517,093
y a n y o th e r p u b lic u tility doing a sim ilar business.
et a
e s_________________________________
1,994.124
1,722,727
I n J u n e 1922 leased th e p ro p e rty o f th e C hippew a Pow er C o. for a period N ther fte r ta x e___________________________________ 1,036,321
O
incom
823,736
o f 30 years; in J a n . 1926 p u rch ased th ese p ro p erties.
T o ta l incom e_____________________________________ $3,030,445 $2,546,463
S T O C K A N D B O N D S—
D a le.
In terest. O utstan din g. M a tu rity .
B ond in te re s t__________________________
1,013,833
781,750
C om m on, $5,000,000______________
_________ $2,500,000 ___________
O ther in te re st a nd d e d u ctio n s___________________
282,153
312,485
P ref, $5,000,000 (7% c u m )________
Q-M 1
5,000,000 S ept. ’2 5 ,1 *
4 P referred divid en d s_____________________________
543,883
399,946
1st & re f M , $20,000,000 gold) 1914 5-8 g M -N 10,549,000 M ay 1 1944
($500&$1,000) c*)$l ,000) r*J In te re s t p ay ab le in N ew Y ork or Chicago.
B alan c e ______________________________________ $1,190,576
$1,052,282
R ed a fte r M ay 1 1919 a t (H arris T ru st & Sav. B an k , C hicago, tru ste e ;
O F F IC E R S .— P re s ., C . E . G roesbeck; V .-P .. D . F . M cG ee; V .-P .,
105 an d in te re s t________ J A lb ert W . H a rris C o., tru ste e .
tC. W . H ill; V .-P ., A . W . H a rtm a n ; V .-P. & G en. M g r., W . 3. R o b ertson;
Gen & re f m tg e Series “ A ” ) 1922 5-7 g J - J
3,096,000 J a n . 1 1947 Sec. & T rea s., W . S. H odgson. Office, D u lu th , M in n .— V . 121, p . 2038.
Series B_:_________________ i ____
_________
450,000 ---------------- 3131; V . 122, p . 2329.
$100, $500 & $ 1 ,0 0 0 ) - C * t f ) In te re s t in N ew Y ork or C hicago.
Stock.— P ref. sto ck is p ref. as to assets a n d d ividends. A dditional prefstock m ay be issued only u nder co n serv ativ e restrictio n s. T h e p re f. stock
TWIN CITY RAPID TRANSIT.
m ay elect a m a jo rity of th e d irecto rs w henever four consecutive q u a rte rly
O R G A N IZ A T IO N .— A holding com pany. O rganized u n d e r law s of
dividends rem ain u n p a id o r th e p ro p e rty is show n to be inefficiently m an­
S ta te of N ew Jersey J u n e 3 1891 a nd by v irtu e of its sto ck ow nership of
aged o r d ep leted . See V. 99, p . 54; V. 106, p . 1797.
underlying cos.
C
th e t.
ity R y . C o .,
B on ds. — O f th e 1st & re f. b o n d s o f 1914, $1,111,000 c a rry , in a d d itio n to th e M inneapolistoLw it, M inneapolis St. R y .R yo., C o. S n dP a u leC M inneapolis
M
th e re g u la r 5% in te re s t, ad d itio n a l 3% in te re st coupons. V . 113, p . 1889. & St. P a u l S u b u rbyndale . &Co.)innetonka th e .en tire a tre eT h
R
controls
s
railw ay
Escrow bon d s can be issued to re tire p rio r liens and for 75% of cost of of M inneapolis, St. ana u l,R Stillw ater a n d lines to Excelsior,t T o n k a B system
P
ay a n d
extensions an d ad d itio n s (provided $250,000 is expended for extensions,
eephaven a t L ake M in n eto a.
1906 absorbed e
& c.. w ith o u t th e issue of b o n d s), b u t only as reg ard s th e fir s t $2,750,000 D y. (R obbinsdale line) an d n ke S t.InLouis P a rk line.thV. N o rth . Side S treet
th
83, p 1472. In
bonds, in case th e an n u al n e t earnings a re 1 }4 tim es th e to ta l in t. charge, R
1905 articles
incorporation
to
e
e h rte
incl. bon d s ap p lied for; b alan ce m a y b e issued w hen n e t is 1 % tim es in t. p e rp e tu a l. V of80, p . 1914. C were am ended so as th e m akin th ity cMao to r
.
o. also owns stock of
Tw C
r
Charge. V . 98, p . 1995. Sin kin g fu n d p a y ab le on th e basis of th e following
1163.
p ercentages o f th e bonds o u tsta n d in g , in clu d in g un d erly ing bonds: 1% B us C o. V . 122, p . B ecause of a decision of th e Suprem e C o u rt holding
New Subsidiaries.—
yearly to 1928, I X % 1929 to 1938, a n d 2% 1939 to 1943, e ith e r to re tire th a t su b u rb a n lines, as railw ays, a re am enable to th e M innesota 5% gross
bonds or for extensions a n d a d d itio n s.
A d d itio n al gen. & re f. m tg e. ser. “ A ” b o n d s a n d b o n d s o f o th e r series earnings ata x , it w as decided in M arch 1910 to in c o rp o ra te T h e M inneapolis
P u
rb
RR
$1,000,000
a n d b earin g su ch ra te s o f in t. as m ay b e d e te rm in e d by th e b o a rd of d irectors & nSt. 1911; l dS ub uliman was . also increasedstock, increased to .$3,000,000 In
to $10,000,000.
p.
are issuable u n d e r c e rta in re stric tio n s. S in kin g fu n d p ro v id es for p a y m e n ts J ah e. M in n etoe b ta & it hite B ear N a vigation C o. $250,000 V 92, an d 187).
T
nk
W
stock)
T he
a m o u n tin g to X o f 1% o f ser. “ A ” b o n d s o u tsta n d in g , fro m J a n . 1 1927 to R ap id T ran sit R eal E s ta te C o rp ., $15,000 sto ck , a n d to rearran g e m atter*
J a n . 1 1937: s o f 1% fro m J a n . 1 1937 to J a n . 1 1942, a n d 1% each year so th a t th e su b u rb a n lines, th e steam er lines a n d th e hotels, p a rk s, &c., of
4
th e re a fte r to m a tu rity . A re re d . a ll or p a r t on 30 d a y s’ n o tice on a n y in t. th e com pany m ight be h a ndled separately for ta x a tio n a n d accoim ting p u r­
d a te on an d a fte r J a n . 1 1932, a t 110 d u rin g th a t y e ar a n d a t 1% less per poses. V . 90. p . 850. In Aug. 1924 acquired th e T w in C ity M o to r Bus
cal. y e a r d u rin g each y e a r to an d incl. 1937, an d a t 1 0 4 X on J a n . 1 1938, C o ., In c ., w hich is now o perated as a su bsidiary. V. 119, p . 695. In
a n d y%% less p e r cal. y e ar d u rin g each y e ar th e re a fte r, a n d on J u ly l 1946. D ec. 1925 p u rch ased th e B row n B us Lines a n d G reen B us Lines, th e re b y
a t 100, p lu s in t. in each case. T ax re fu n d in P e n n a ., M ass, a n d C onn
o btaining co n tro l of a ll in te ru rb a n a n d su b u rb a n bus lines w ithin a rad iu s
V. 114, p . 412.
of 15 m iles of th e T w in C ities except those w hich o p e ra te over long ro u tes.
D ividen ds. — In itia l d iv . on p ref. sto ck o f 154% p aid S ep t. 1 1914: sam e
V. 121, p . 2878. In N o v . 1925 co. b o u g h t th e A m erican A uto T ra n s it C o.
ra te q u a r. since.
a n d th e K enney B us C o., w ith 53 buses, for $280,000, th e re b y acquiring
O F F IC E R S .— P re s ., Jo h n J . O ’B rien: V .-P s ., R . F . P a c k a n d H alford a second ro u te b etw een th e T w in C ities. See “ E lectric R ailw ay J o u rn a l”
E ric k s o n — V . 118, p . 1522, 1776.
of D ec. 5 1925.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
On D ec. 31 1925 com prised 499.12 m iles sin g le-track e q u iv a len t, including
MINNESOTA POWER & LIGHT CO.
four in te ru rb a n lines connecting th e business cen tres o f M inneapolis a n d
C o n tro lle d b y A m erican Pow er & L ig h t C o ., w hich ow ns th e entire S t. P a u l, a n in te ru rb a n line of 22 m iles connecting S t. P a u l a n d S tillw ater,
o u tsta n d in g com . an d 2 d p ref. stocks, except d irecto rs’ sh ares, a nd all th e an d lines to L ake M in n e to n k a . S ta n d a rd gauge. On th e p rin cip al stre ets
o u tsta n d in g 7% n o tes, d u e 1933.
of th e cities, 90-lb. T rail w ith w elded jo in ts. T h e com pany leases w ater
O p eratio n s supervised h y E lectric B ond & Share C o.
power a t S t. A nth o n y F alls (cap acity 22,000 h. p . ) , w hich pow er is now used
O R G A N IZ A T IO N .— In c o rp . in 1906. F orm erly know n as th e D u lu th In conjunction w ith pow er generated a t new stea m pow er p la n t to ru n th e
Edison E lec. C o. b u t nam e was changed to p resen t title in 1923. In en tire railw ay system in b o th cities. See V . 64, p . 704.
F ranchises. — In 1921 th e com panies surrendered th e existing franchise*
1923 th e co. acq u ired th e p ro p e rty of th e M innesota U tilities C o. (V. 116.
and now operate u nder in d eterm in ate p erm its. V . 112, p . 1979, 2191, 2538.
p . 419), G en eral L ig h t & Pow er C o. a n d a n u m b er of o th e r com panies.
Valuation o f M in n ea p o lis Street h y . — F o r re p o rts on v a lu a tio n of p ro p e rty
Owns e n tire c a p ita l sto ck , except d irecto rs’ shares, of G re a t N o rth e rn Pow er
C o. (V. 114, p . 311) an d o p erates p ro p erties of th a t co m pany u n d e r lease. In connection w ith franchise m a tte rs, see V. 105. p 1523, 2185: V . 106
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— p . 716; V. 108. p .3 8 0 , 683: V. 114, p. 1892; V. 121, p . 1102. See also V. 122,
1163.
D oes, d ire c tly o r in d irectly , th e en tire com m ercial electric pow er an d light p. Valuation o f S t. Pau l C ity R y. — F o r detailed v a luation o f th is p ro p e rty ,
business in n o rth e rn M in n eso ta, serving 97 com m unities, including D u lu th ,
258; V . 122, p .
C h isholm , E v e le th , E ly , C lo q u et, B rain erd , L ittle Falls a n d Superior, W is. see V. 112, p . of M in n e a p o lis 1163. R y. R em oved.— See V . 112, p . 1866.
D ebt Limit
Street
T h e te rrito ry served com prises a p o p u la tio n e stim ated a t 326,000, an d in­
M erger o f St. P a u l and M in n ea p o lis Street Car S ystem s P rop o sed . — See
cludes th e M esa b a, V erm ilion a n d C u y u n a iron ranges. P ro p e rty now
ow ned or o p e ra te d u n d e r lease b y th e co. includes electric generating p la n ts V. 115, p . 2794.
F are D ecisio n . — See V. 121, p . 1680; also V. 121, p . 2405: V. 122, p. 95.
having a to ta l c ap a c ity o f 108,115 k . w ., o f which a b o u t 87% is hydro-elec­
B us fares ad v an c e d , see V. 121, p . 2878. On D ec. 22 1925 th e M in n e ­
tric: 1,055 m iles o f h ig h -v o ltag e tran sm issio n lines and 739 m iles of electric
so ta R R . & W arehouse C om m ission ordered a ra te of 8c. cash for c o .’s tro l­
d istrib u tin g sy stem .
ley lines a n d six tok en s for 40 cents, effective J a n . 1 1926, allow ed a 7 H %
STOCK A N D BO ND S—
D a te.
Interest. O utstan din g. M a tu r ity .
re tu rn on th e fair v alu e (exclusive of M inneapolis & S t. P a u l S uburban
C om m on $20,000,000 ($10)________
________ x$20,000,000 ___________
R y. an
M o to r B us C
at
M in­
P r e7% c u m $ ll,2 4 8 ,0 0 0 ($ 1 0 0 )____
f
7 Q -J
8,376,600 O ct 26 1 5 < % neapolisd S of T w in . C ity $16,196,090 for o.), PfixedC ity $26,787,228 nfor 1925.
treet R y an d
S t. a u l
R y . as of J a . 1
P r e 6% cum $ 2 5 2 ,0 0 0 ($ 1 0 0 )........
f
245,000 O ct 26 154 % See a n n u al re p o rt, V. 122, p . 1163.
2 d p f7 % cum $ 8 ,5 0 0 ,0 0 0 ($ 1 0 0 )____
_________ x6,500,000 O ct 26 154 %
W age Increase.- — See for details of 4% w age increases, effective N o v . 16
1 s & re f M 6% ser d u e 19501
t
($500 & $1,000 c * & $1,000,1 1923
6 g M -N
12,300,000 N ov 1 1 9 5 0 1925, V. 121, p. 2754.
ST O C K A N D B O N D S—
D a te.
Interest. O u tstan din g. M a tu rity .
$500 & m u lt r*) g o ld ____t f llrv .B k .-C o l.T r.C o ,N Y. & Geo E W arre n ,T .
1 s & re f m tg e gold 5% Series f 1925 5 g J-D
t
6,500,000 J u n e 1 1955 T w in C ity R a p id T ra n sit —
6 Q -J
$22,000,000 See te x t
Com $22,000,000 ($100)_________
($1,000, $500 c*, $5,000
Irv in g B ank-C olum bia T ru s t C o., N ew York,
P re f cum $3,000,000 ($100)- 1895
7 Q -J
3,000,000 O ct ’26, 1*4
$1,000 r * ) _ _ _ _ _ _ _ i _ a n d G eorget E . W arren, T ru stees.
_ _ _ _ _
f
M in n ea p o lis Street R a ilw a y C o . —
■
N otes____________ _____ ___________
7%
x3,400,000
1933
lstc o n M g $ 5 ,0 0 0 ,0 0 0 -C * c p t 1889
5%
A ug 15 1928
x All th e n o tes, 2 d. p ref. a n d com . sto ck s, except d ire c to rs’ shares, are
1st M coll hX % notes _ u a ri„ 1924
____
g
___
See te x t
5,000,000 A ug 151928
ow ned b y A m erican Pow er & L ig h t C o.
($500& $1,000) gold _ c * tfjF a rm e rs ’ L oan & T ru s t C o ., N . Y ., tru ste e .
Stock.— 7% p ref. is re d . a t 110 & d iv s. I n O ct. 1924 $2,200,000 7%
10-yr gold notes, $5,900,000— All ow ned b y T w in C ity R ap id T ra n sit C o .
p ref. was sold b y T u ck er, A n th o n y & C o. a n d B o n b rig h t & C o ., In c ., a t St. P a u l C ity R a ilw a y C o . —
F irs t m tge on real e sta te a n d ) 1882
6 g A-O
224,000 A pril 1 1934
98 & d iv ., to yield 7 .1 4 % . V. 119, p . 1964.
horse-car fran c h ise _ c p t/E x c h a n g e a b le a t 105 for first consolidated.
_
B on ds. — A d d ’l 1st & ref. m tg e. b onds o f th e above series, o r of o th e r series,
F irst consol m tg e g o ld ,_c p t
1884 6 g A-O
456,000 O ct. 1 1934
w hich shall hav e such ra te s o f in te re s t as co. m ay determ ine, m a y be issued
C able con gold (see te x t) c p t 1887 5 g J - J 15
3,708,000 J a n . 151937
for th e purpose o f refu n d in g a n e q u al a m o u n t o f prior lien bonds or bonds
10-yr gold notes, $1,700,000— All owned b y T w in C ity R ap id T ra n sit C o .
o f a n y series issued u n d e r th e m o rtg ag e, o r for n o t m ore th a n 75% of th e
M in n ea p o lis & St. Pau l Suburban R y . —
cost o f new ad d itio n s, &c.
10-yr gold notes, $2,250,000— All ow ned b y Tw in C ity R ap id T ra n sit C o .
In th e e v en t o f th e acq u isitio n of p ro p e rty o f G reat N o rth e rn Pow er Co
th ere shall be issuable: (a) ag ain st th e p ro p e rty in M in n eso ta, as it existed M in n ea p o lis Street A S t. P a u l C ity R y . —
J o in t con m tge $10,000,0001 1903
5 g A-O
10,000,000 O ct. 1 1928
on N o v . 22 1923, a to ta l of n o t exceeding $11,120,000 bonds less th e principal
($1,000) gu p & i--C * c p tfC e n tra l T ru st C o. of N ew Y ork, tru ste e .
a m o u n t of all obligations th e n o u tsta n d in g secured by lien on th e p ro p e rty
All bonds are for $1,000 each, a nd w ith th e exception of th e jo in t issue o f
acq u ired ($7,751,000 1st— closed— M tg e. 5% bonds, d u e F e b . 1 1935, now
o u tsta n d in g w ith th e public); (b) a d d ’l bonds for n o t m ore th a n 75% of th e 1903, in te re st is p a y ab le a t F a rm e rs’ L oan & T ru s t C o., N ow Y ork.
cost o r fa ir v alu e, w hichever is less, o f p ro p e rty add itio n s as defined in th e
Stock.— L isted on N ew Y ork Stock E xchange.
J u ly 31:

1926.
1925.
Gross earn in g s_________________________________ $22,192,823 $18,361,444
O per. ex p ., m a in t. & tax es, excluding d e p re ciatio n . 11,608,224
9,394,122

g




227

POWER, LIGHT AND RAILWAY

O ct ., 1926.]

B on ds .— T h e M in n ea p o lis Street R ailw ay Co. jo in tly an d severally w ith th e
M inneapolis Lyndale & M in n eto n k a B y . C o., issued $5,000,000 5% 30-year
1st m tg e. an d 1st consol, m tge. gold bonds, due originally J a n . 15 1919.
W ere extended to J a n . 15 1922 an d ag ain to J a n . 15 1925. V. 113, p . 1983.
A gain extended to A ug. 15 1928 an d pledged as secu rity for th e 1st m tge.
co ll. 5y$% notes. T h ey are secured b y th e sam e m tge. as th e old 5s a nd
a re un co n d itio n ally g u a ra n te ed , p rin . a n d in t., b y th e T w in C ity T ra n s it
C o. See s tatem e n t to N . Y . Stock E xchange in Ju n e 1895. V. 60, p . 1149.
1st m tg e. coll. 5 H % n o tes are g u a r., p rin . and in t., b y T w in C ity K apid
T ra n s it C o. a n d are secured by deposit w ith tru ste e o f $5,000,000 1st cons
ex ten d ed bonds of 1889. I n t. on n o tes is p ay ab le M . & N . in N . Y . (except
t h a t th e la st coupon will be for 34£ m o n th s' in t. an d will b e p ay ab le A ug. 15
1928. $5,000,000 were sold in O ct. 1924 b y D illon, R ead & C o. a t 100 &
h it. V . 119, p . 1844.
T h e St. P au l C ity R ailw ay Co. h a s issued $3,708,000 5% 50-year cable con­
solidated bonds, a n d m ay issue $680,000 now held b y th e F a rm e rs’ L oan &
T r u s t C o., tru ste e , to redeem th e $680,000 prio r lien bonds; lim it fixed by
th is m tge. is $4,388,000, a n d no fu rth e r underlying bonds can be p u t o u t.
V. 77, p . 2281. P a rt of these cable consols $1,138,000) is g u ar. p . & i.)
b y end. o f Tw in C ity R ap id T ra n sit Co. See sta te m e n t to N . Y . Stock
E xchange in Ju n e 1895. V. 60, p . 1150. Of th e 1st consols m tge. of th e St.
P a u l C ity , $224,000 are held b y th e F a rm e rs’ Loan & T ru s t C o. to be ex­
ch an g ed for th e $224,000 first m ortgage bonds.
T h e M in n ea p o lis Street Ry. < S t. P au l C ity Ry. consolidated m ortgage of
&
1903 is a jo in t issue of th e M inneapolis S treet R y . an d th e S t. P a u l C ity R y.
G u a ra n tee d , p rincipal a n d in te re st, b y endorsem ent, b y T w in C ity R apid
T ra n s it C o. See V. 77, p . 2281 an d 2340.
D ivid en d s. — On p ref. is p aying 7 % p e r an n u m . F irst d iv. of 1 % w as paid
on th e com m on stock in A ug. 1899; in 1900, 3% ; in 1901, 4 % ; 1902 to 1908
in c l., 5% p er an n .; 1909, 5K% ; 1910 to 1917 inch, 6% p e r ann. In 1918,
2 % ; 1919, 2 H % ; 1920, 3% ; 1921, 2 % ; 1922, 4% ; 1923, 6 % . In 1924 . 4 % .
In 1925, 4 % . In A pril 1926 sto ck was p u t on a 5% a n n u al dividend basis,
p a y ab le q u a rte rly . P a id in 1926, A pril, 1 M % J u ly , 1H% O ct., 1 H % .
V . 122, p . 1457.
E A R N IN G S .— F o r calen d ar years:
1925.
1924.
1923.
1922.
R ev en u e pass, c a r rie d ..200,783,106 209,202,818 221,542,298 226,543,924
T ran sfe r p ass, c a r r ie d .. 72,814,559 74,698,853 80,477,866 81,331,285
R ec ts. fro m tra n s p o rt’n_$12,269.156 $12,593,799 $13,351,233 $13,659,955
R ec ts. fro m o th . sources
293,828
211,832
228,814
181,934

T o ta l re c eip ts_______$12,562,984 $12,805,631 $13,580,047 $13,841,889
O p eratin g expenses____
9,234,089
9,185,928
9,537,841
9,914,324
N e t e arn in g s_________ $3,328,895 $3,619,703 $4,042,206
In te re s t, tax es, &c_____$2,283,092 $2,341,951
$2,463,694
M iscellaneous d e b i t s . . .
8,375
8,744
8,444
D iv s. on p re f. sto ck (7% )
210,000
210,000
210,000
D iv s. on com . sto k .._ (4 % )8 8 0 ,0 0 0 (4)880,000 (6)1,320,000

$3,927,565
$2,346,180
16,183
210,000
(4)880,000

MESABA RAILWAY CO.
R eceiversh ip. — On M a r. 8 1924 O scar M itch ell, D u lu th , M in n ., and

Jam es C . C h e s tn u t, M cA lester, O k la., w ere ap p o in ted receivers fo r th e Co.
O R G A N IZ A T IO N .— In co rp . J u n e 27 1914 in M assach u setts as a reor­
g anization of th e M esaba E lectric R y . C o. of M aine and th e M esaba R y.
C o. of M in n eso ta. I t acquired all th e p ro p e rty of those tw o com panies
and assum ed th e ir obligations.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perates th e passenger a nd freig h t electric ro a d on th e M esaba Iro n R ange,
M in n ., connecting th e tow ns of H ib bing, C hisholm , B uhl M ou n tain Iro n ,
V irginia, E v e le th a n d G ilb e rt. T o ta l m ileage, 38.80. R oad is on p riv a te
ight-of-w ay except in tow ns, w ith stea m ro a d c o n stru ctio n . P laced in
operatio n M arch 1 1913.
D efa u lt, & c . — T h e co. d e fa u lte d on J a n . 1 1924 in m aking th e p ay m en t
due to th e sink, fu n d pro v id ed u n d e r th e firs t m tg e ., a nd also d efaulted in
th e p a y m e n t of th e in t. coupon due M a r. 1 1924 on th e 1st m tg e. bonds.
T h e following p ro te c tiv e co m m ittee has been form ed:
C om m ittee fo r F irst M ta e. 5s.— C h airm a n , O . N . M ason; A rth u r V.
M orton, J . S. N ew bold, H en ry P . V aux; Sec., L. W . O sborne, 31 N assau
8 t., N . Y . C ity . D e p o sita ry , P e n n a . C o. for In s u r. on Lives & G ranting
A nnuities, P h ila ., P a . D eposits h av e been called for. V. 118, p . 431.
E n gin eers’ R eport. — F or re p o rt on p ro p e rty by D ay & Z im m erm ann, In c .,
see V . 118, p . 431.
In terest. O u tstan din g. M a tu rity .
S T O C K A N D B O N D S—
D a te.
_____________________ $1,575,000
..................
_
C om m on $2,500,000 ($100)_ _____
_____________________ 685,000
__________
P f $1,250,000 ($100) 7% ( c u m ) -----5 g M -S
1,211,000 M a r 1 1932
M esaba R y 1st M $2,500,000/ 1912
gold ($1,000) sink fu n d .c * tf l i n t , a t A m erican T r u s t C o ., B oston, tru ste e .
6%
370,000 M a r 1 1931
Incom e b o n d s________________ _____
B on ds. — $272,000 in sin k in g f u n d . R em aining bonds are reserved fo j
Subject to call as a whole or in p a rt
fu tu re a d ditions, im provem ents, &c.
for sin k in g fu n d a t 105 a n d in te re st, S in kin g f u n d , 2 /4 % of to ta l bond®
certified, began J a n . 1 1917.
E A R N IN G S .— F o r calen d ar years:
G ross.

xvei (u jier m m u m i . .
T axes). S in k .F d ..& c .

B alance.

def. $88,980
1925...........................................$195,577
$10,545
$99,525
def 103,818
1924_____________________ 183,154
def4,293
99,525
def35,256
1923___________
262,449
64.269
99,525
def35,004
1922___________
257,769
66,693
101,697
O F F IC E R S .— P re s ., O . M itchell: V .-P ., C lem en t R . F ord; Sec., Agnes
C arm o d y ; T rea s., L . E . F lin t; A u d ., J . O. B ergeson; C le rk , L . E . F lin t;
A sst. Sec., R . H aydock; G en. M g r., L . W . H a y es.— V. 118, p . 431.

MINNEAPOLIS NORTHFIELD & SOUTHERN RY.

O R G A N IZ A T IO N .— In co rp . in S outh D a k o ta in J u ly 1918 to ta k e over
the p ro p e rty of th e M inneapolis S t. P a u l R ochester & D u b u q u e Electric
B alan ce, s u rp lu s_____def$52,573
$179,009
$40,067
$475,2 0 l' T rac . C o. (“ D an P a tc h ” line) sold a t au ctio n J u ly 29 1918.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O F F IC E R S .— P res., H o race L o w ry ;'V .-P s ., E . W . D ecker a n d T . JOn
.
M cG ill V .-P. & Sec., A . M . R o b ertso n ; T re a s., E . A . C rosby C om p.- On A ug. 7 1918 wase licensed for business in M in n eso ta.e cVto 107, p . 1004.
N ov.
pany
operation of th
u ff
D . J . Strouse.— V . 121, p . 709, 1102, 1680, 2158, 2405, 2754, 2878 V Ju n ctio n 19 1918 th com u n ctioresum ed thence to M inneapolis. from A uto
to Luce Line J
n a nd
C om pare
122, p . 95, 613; 1163, 2653, 3343; Y . 123, p . 712.
V. 107, p . 1192. O p erates a to ta l of 124 m iles (incl. ow ned lines o perated
M inneapolis to N o rth field , 56 miles; tra c k a g e rig h ts, N orth field to F a ri­
b a u lt, 15 m iles, a n d N o rth field to R a n d o lp h , 9 m iles, a n d F a rib a u lt to M an ­
k a to , 44 m iles).
DULUTH-SUPERIOR TRACTION.
C A P IT A L IZ A T IO N .— A uthorized c ap ita l sto ck , $1,000,000 com . and
O R G A N IZ A T IO N .— In c o rp . in C o n n ecticu t in 1897. Owns all of th e $500,000 pref.; o u tsta n d in g , $307,600 com . a n d $44,800 pref.; p a r value of
co m . sto ck of D u lu th S tree t R y ., L akeside S treet R y . an d Superior R apid shares, $100.
T ra n s it. T h e co rp o rate existence of th e D u lu th S tree t R y . is m ain tain ed ,
E A R N IN G S .— F or cal. y ear 1925, gross, $776,625; n e t a fte r taxes,
b u t all of its sto ck ($2,000,000 a u th o rized , $1,800,000 o u tstanding) is held
by th e D u lu th -S u p erio r T rac tio n . T his la tte r com pany h as no bonded d e b t. $147,875; 1924, gross, $618,524; n e t a fte r tax es, &c., $69,727. In 1923,
T h e D u lu th S treet R y . was organized u n d e r A ct o f M in n esota a pproved gross, $690,875; n e t a fte r tax es, $93,524.
N ov. 17 1881 an d possesses “ an exclusive fran ch ise” w hich ru n s u n til 1931.
O F F IC E R S .— P re s ., H . E . Pence; V .-P ., A . D . W alker; V .-P ., J . H .
See decision w ith reg ard to franchises in Superior in V . 80, p . 1911. On E llison; T rea s., F . C . M alcolm son; Sec., W . R . S te p h e n s.— V . 107, p . 697,
D ec. 18 1918 th e com pany su rren d ered its franchises to o p erate in Superior 1004, 1192.
a n d in 1921 its D u lu th franchise; th e sy stem now being o p erated on th e
In d eterm in ate p e rm it basis u n d e r w hich th e S tate, in stead o f city officials,
has ju risd ictio n over th e co. V . 107, p . 2476. See also V. 112, p . 2082. On
Sept. 1 1917 th e D u lu th St. R y . acq u ired th e 33^-mile line of th e P a rk P o in t
T rac tio n Co. of D u lu th , M in n . V. 105, p . 180. T h e D u lu th -S u perior B ridge
betw een D u lu th , M in n ., an d Superior, W is., is used b y th e railw ay b u t is a
sep arate co rporation, and has issued 1st M . bonds for $650,000 a nd 2d M .
bonds for $300,000— see bridge item s. V. 63, p. 310, 504.
In Sept. 1925
th e D u lu th S tree t C o ., a su b sid iary , acquired th e B row n B us Line of
Superior, W is. V . 121, p . 1227.
IOWA SOUTHERN UTILITIES CO.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Change
C ontrol. —
ov.
G eorge
B echtel pu rch
A tro lley ro a d . T h e sy stem em braces a b o u t 109.73 miles of tra c k and trolling inin re st in th e In N form1923 held by M .av id G . F isher.ased th e con­
te
co.
erly
D
V.
Includes all th e lines in D u lu th a n d Superior. 150 passenger a n d 21 o th e r 2440. C om pare V . 108. p . 1940, 2245. In J u ly 1925 acquired 117, p.
control
c a rs. Also o p erates buses.
of th e O ttu m w a (Iowa) T rac tio n C o. V . 121, p . 459. In D ec. 1925 th e
V alu ation .— See V. 110, p . 1748; V . 115, p . 435; V . 117, p . 1461. V alua­ O ttu m w a (Iowa) voters a p proved a 25-year franchise to su p p ly th e m unici­
tio n o f o p eratin g p ro p e rty in Superior, W is., given in Y . 116, p . 2993.
p a lity w ith electric pow er, stre e t-c a r an d steam h e a t service. V. 122, p . 94.
F ares.— S traig h t 6c. fa re u p h e ld . V. 121, p . 2037.
O R G A N IZ A T IO N .— O rganized in D elaw are in 1923. In M arch 1923
com pany purchased all of th e p h ysical assets of th e Io w a Southern U tilitie s
ST O C K A N D B O N D S— D a te.
In terest. O utstan din g. M a tu rity .
C o., a corporation organized in M ain e in 1905 u n d e r th e nam e of th e Center­
C om m on, $3,500,000 ( $ 1 0 0 ) - . ____
Q -J
$3,500,000
See te x t
ville L ig h t
T raction Co. T h e co. la te r acquired all of th e properties
P ref4 % cum , $1,500,000 ( $ 1 0 0 ) ____
Q -J
1,500.000 O c t ’26, 1%
D u lu th St R y M , $2,500,000,1 1900
5 g M -N
2,500,000 M ay 1 1930 of th e Centerville A lb ia < %Southern R y. C o. In 1923 com pany m erged t h e
p ro p e rty of th e Southern Io w a E lectric Co. A cquired Iow a p roperties of t h e
gold ,$1,000)__________ c * /In t. a t C en tral T ru s t C o., N . Y ., tru ste e .
D u l St R y gen M , $2,5 0 0 ,0 0 0 ,\ 1910
5 M -N
1,085,000 M a y 1 1930 U n io n Pow er & Light C o. in D ec. 1923. In A ug. 1924 com pany leased
Pow er C o., located in G rinnell, agreeing
gold ($1,000) skg fund_-C*JInt. at Central Trust C o ., N . Y ., trustee. th e p ro p e rty of Io w a L ig h t, H ea t
to pu rch ase th e sam e w henever a satisfa c to ry release can be o b tained from
Stock. — B o th com . a n d pref. are listed on N . Y. Stock E xch. V. 90, p . 848. th e m ortgage. In A ug. 1924 purchased th e properties of U n ited U tilities
B on ds. — T h e m tg e. o f 1900 covers all th e mileage of th e D u lu th S treet R y ., C orp. for a b o u t $4,000,000. On J a n . 1 1925 purchased th e p ro p e rty of t h e
th e p ro p e rty o f th e Lakeside S t. R y . a n d of th e Superior R ap id T ran sit B urlington R y.
Light Co. a n d su b sequently m erged th e Io w a Gas c%E lec. Co.
h aving first been conveyed to th e D u lu th Street R y.
On J a n . 1 1926 com pany acquired th e G rinned p ro p e rty from th e Iow a
The general mortgage bonds are subject to call on any interest day at L ig n t, H e a t & Pow er C o., w hich h ad been previously leased. On Ju n e 1
105 and interest. $181,000 are held in treasury and $384,000 have been 1925 th e O ttu m w a p ro p e rty of th e N o rtn e rn S tates Pow er C o. was purcanceled. Remaining bonds m ay be issued for additions, extensions, &c.
cnased a nd also th e stre e t srilw ay in O ttum w a. Iow a, o perated b y th e
T l-W
under conservative restrictions. T hey are guaranteed, principal and inter­ O t s . m n r , T?
e s by Duluth-Superior Traction Co. S inking fu n d o f 24£% per annum o
t
bonds out began M ay 1913. E xem pt from personal tax in M innesota.
V. 90, p. 1296; V. 91, p . 276; V . 92, p . 186; V. 104, p . 1044.
D ivid en d s. — On th e p referred sto ck 4% p er a n n u m from J a n . 1901 to and
lncl. April 1921. N one to Oct-. 2 1922, when 2% was p a id , being 1% each
for th e q u arters ending Ju n e 30 1921 and Sept. 30 1921. V. 115. p . 1210.
I n Ja n . 1923 th ree divs. o f 1% each w ere paid for th e q u a rte rs ending D ec. 31
1921, M arch 31 1922 and Ju n e 30 1922. V. 115, p . 2378. In A pril 1923
tw o divs. of 1% each for q u a rte rs ending Sent. 30 a n d D ec. 31 1922 were
p aid . V. 116, p . 1049. In J u ly 1923 tw o divs. of 1% each w ere paid for
of
q u a rte rs ending M ar. 31 1923 an d Ju n e 30 1923. V. 116, p . 2636. In
O ct. 1923 1% was p a id . In 1924. J a n .. 1% ; A p ril, 1% ; Ju ly , 1% ; O ct. 1924
dividend deferred (see V . 119, p . 1509). In J a n . 1925 1% was paid; in
A pril 1925 2% w as p aid (representing 1% for la st q u a rte r of 1924 a n d 1%
for first q u a rte r of 1924). In Ju ly 1925, 1% ; in O ct. 1925, 1 % . V . 120,
p . 1325, 3064; V . 121, p . 1347. In 1926, J a n ., 1% ; A pril, 1 % . On
com m on, first dividend— 1% — O ct. 1909. Sam e a m o u n t q u a rte rly to
a n d including Ju ly 1910; in O ctober 1910, I H % , Sam e a m o u n t q u a r­
te rly to an d including A pril 1913. In Ju ly 1913 red u ced to 1% (V.
96, p . 1772); sam e a m o u n t q u a rte rly to a n d including J a n . 1915; A pril
V S
d iv id en d o m itte d (V. 100, p . 900); p a y m e n ts changed to sem i-annual
basis a n d a dividend of 1 % paid Ju ly 1915 (V . 100, p . 1437). N one to O c t. 1
1917, w hen 1% was p aid. Same ra te q u a r. to a n d incl. O ct. 1 1918. N one
C ir c u la r s d e s c rib in g these
to J a n . 1924, w hen 1% was p a id . V. 117, p. 2432. N one since.
a n d oth er so u n d u tility
E A R N IN G S .— F o r calen d ar years:
bo n d s se n t on requ est.
O perating N et (after
Other
D edu cD iv iB alance,

IOWA

BONDS

Iowa Southern Utilities Co,
1st Mtge. 6s due 1933
1st
Rf. 6s due 1943
1st & Rf. 5 2 due 1950

&

Revenue.

T axes).

In com e,

tio n s.

den ds.

S u r .o r D e f .

1925_________$1,943,494 $226,186 $32,070 $188,432 $75,000 d ef. $5,176
1924............... 1,789,402
190,030 25.360 173,385
45,000 def. 2,996
1923------------- 1,904,607 268.627 28,731 174,247 125 ,0 0 0 .d ef.
1,889
1 9 2 2 . ............ 1,784.774 262,919 26,973 175.278
75,000 su r. 39,614
I n 1925 carried 30,638,092 rev en u e passengers a n d 5,309,085 tra n sfe r
passengers; in 1924, 29,204,374 rev en u e passengers a n d 5,104,670 tra n sfe r
passengers; in 1923 31,343,815 re v e n u e p assengers a n d 5,354,872 tra n s fe r
p assen g ers.
O F F IC E R S .— C h airm an o f th e b o a rd , A. E . Ames; P res., A . M . R o b e rt­
son; V .-P . & G en. M g r., H e rb e rt W arren: Sec. & T rea s., S. L. R eichert;
A u d ., W . P . D w y er.— V. 121, p . 1347; V. 122, p . 1308, 1454, 2798.




H oagland, A

l l u m

&

(

0.

Established 1909 — Incorporated

14 S. La Salle St.

CHICAGO

34 Pine St.
NEW YORK

22$

PUBLIC UTILITIES

F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. owns a n d o p erates 8 steam cen tral pow er statio n s, fu rn ishing, w ithout
co m p etitio n , electric lig h t a n d pow er a t wholesale and retail to 125 tow ns
and cities: also has a very a d v an tag eo u s c o n tra c t for th e purchase of
electrical energy g en erated a t th e K eokuk D am . C o. owns and operates
th e electric in te ru rb a n railw ay connecting C enterville, M y stic and Albia
a n d th e s tre e t railw ay system s in O ttu m w a and B u rlin g to n . Of th e net
earnings 81.01 % is deriv ed from electric light, and pow er business, 7 44%
from railw ay a n d 11.55% from gas a n d steam h e at. Co. serves southern
Iow a so u th of D es M oines a n d w est of B u rlin g to n . A m ong th e cities
served a re C enterville, A lbia, M y stic, N u m a, B razil, C in c in n ati. E xline.
M o u lto n , B lakesburg, R a th b u m , A llerton, Leon, D e ca tu r C ity , Leroy,
G ard en G rove, H u m esto n , D erb y , V an W ert, W eldon, M t. A yr, D iagonal
Shannon C ity , C learfirle, Lenox, B lockton, B en to n . M alloy, R edding,
C resto n , N ew to n , C h arito n , R ussell, Lacona, L ucas, M u rra y , T ru ro .
Osceola, B u rlin g to n , O ttu m w a, W apello, M o rn in g Sun, C olum bus Ju n ctio n .
W ash in g to n , M t. P le a sa n t, Sigourney, an d L am o n i. T h e population
served is e stim ated a t 200,000. M iles of g a sm a in s, 124. G a sm e te rs, 9,452
E lec tric m eters, 46.329.
S T O C K A N D B O N D S—
D a te.
Interest. O utstan din g.
M a tu rity .
C om m on sto ck 50,000 s h a r e s . . ____
_________ 10,000 shs. __________
P ref sto ck 7% cum . $5,000,000
7 Q-J
($100)--------------------------------------$4,350,000 .............. ..
1st & re f m tge (D elaw are co f
Series of 1923 ($100, $5001 1923
6 g F-A
1.502.000 F eb 11943
and $1,000) g o ld _____ c * tf I
Series of 1925 ($1,000, $50 0 / 1925
546 g J -J $5,605,900 J u ly 1 1950
a n d $ 1 0 0 )____________ c * tf(N o rth e rn T r u s t Co , C hicago, tru s te e .
B url R y & L t Co 1st M s f gold 1912 5 g M -S
1.607.000 M a r 1 1932
Iow a Gas & Elec Co 1st M ___ 1916
6 J -J
742,300 Ju ly 1 1934
Iow a Gas & Elec 1st & re f m tg e 1923 6 A-O
169,000 A pr 1 1948
S outhern Iow a Elec 1st m t g e . . ____
6
333,200 __________
_______
Serial n o te s_______________________
1 . 100.000 _____________
Stock. — P ref. is re d . all or in p a r t on a n y d iv . d a te on 30 d a y s' notice a t
115 a n d d iv s. In J a n . 1925 $1,000,000 7% pref. sto ck w as offered by W . C.
Langley & C o ., N . Y ., a t 93 43 and d iv ., to yield a b o u t 7 .4 9 % . V. 120, p.
330. In A pril 1925 th e sam e b an k ers offered an ad d itio n al $1,000,000 7 %
pref. sto ck a t 95 a n d d iv ., to yield 7 .3 6 % . V. 120. p. 2012.
T h e 1st A ref. m ortgage gold bonds a re secured by a d ire c t 1st m tg e . on th e
cen tral pow er statio n s and d istrib u tio n system s a t O ttum w a C reston,
G rinnell an d L am o n i, th e gas p ro p e rty a t B u rlin g to n , a n d th e d istrib u tio n
sy stem s a t 18 com m unities, to g e th e r w ith tran sm issio n lines connecting
C re sto n w ith M o u n t A y r a n d C h a rito n a n d A llerton; also, by m tge. on re­
m ain d er o f p ro p erties s u b jec t to $4,327,000 divisional bonds. A dditional
b o n d s m a y be issued for 80 % of new acquisitions pro v id ed n e t earnings for 12
o u t o f preceding 15 m o n th s h a v e been n o t less th a n 1 M tim es in t. charges on
all o u tsta n d in g bonds, in ch new issue. M ay also be issued a g ain st c an ­
cellation o f u n d erly ing d ivisional b onds an d ag ain st d ep o sit of 1st m tge.
bonds of a n y electric lig h t & pow er co ., pro v id ed a m a jo rity of th e v o tin g
stock is dep o sited w ith tru s te e a n d th e d ep reciated sound v alu e of such
p ro p e rty is n o t less th a n 125% o f th e bonds to be issued. T h e re is a
m ainten ance an d im provem ent fu n d , w hich com m enced M arch 1 1924, of
17% a n n u ally o f gross in te ru rb a n railw ay earnings an d 7% of rem aining
gross earnings.
A depreciation fu n d of 5% of gross earnings each y e a r beg an M arch 1 1923
an d is to b e set aside before p a y m e n t of a n y com m on sto ck d iv id en d . T he
1st & re f. m tg e. 6% ser. 1923 are re d . on a n y in t. d a te a t 10743 a nd in t. to
in t. to J a n . 1 1928; 105 to J u ly 1 1933, a n d 10243 th e re a fte r. I n t. p ayable
in N . Y . o r C hicago. V. 116. p . 1768.
The f ir s t an d refu n din g m ortgage 543 % gold bonds. Series 1925, a re redeem ­
ab le on 30 d a y s ’ n o tice, in ch Ju ly 1 1931, a t 105; incl. J u ly 1 1941 a t 10243;
Incl. Ju ly 1 1948 a t 101; th e re a fte r a t p a r plu s in te re st in each case. In te re s t
pay ab le in N ew Y o rk an d C hicago. P e n n . 4 mills ta x refu n d ab le. Listed
on C hicago Stock E xch an g e. V . 121, p . 457. In Ju ly 1925 H oagland,
Allum & C o ., In c ., an d W . C . L an g ley & C o : sold $3,000,000 a t 9743 and
In terest, to yield a b o u t 5 .7 0 % . In J a n . 1926, $1,000,000 ad d itio n al series
o f 1925 w as offered a t 97 a n d in t. to yield over 5 .7 0 % . V. 122. p . 610
In J u ly 1926 th e sam e b a n k ers offered $1,100,000 ad d itio n al 543% bonds.
Series o f 1925, a t 9743 an d in t., to yield a b o u t 5 .7 % . V . 123, p. 324.
S in kin g F u n d s. — U n d er Iow a G as & E l. 1st m tge. 1 % of g re a te st am ount
o fb o n d s in excess o f $225,000 o u tsta n d in g d uring preceding calen d ar year.
B u rlin g to n R y . & L t. C o. bon d s 5% o f gross earnings. S outhern Iow a
E lec. C o. 1st m o rtg . 1 % of av erag e p rin cip al a m o u n t of bon d s ou tsta n d in g
du rin g preced in g calen d ar y e ar.
E A R N IN G S .— F o r calen d ar years:

[V ol. 123.

cities a n d in C ed ar Falls. In ad d itio n co. supplies electric energy, Under con­
tra c t expiring in 1934, to N o rth e a ste rn Iow a P o w , C o. T h e c o .'s electric
generating e q uipm ent will consist of four hydro-electric plan ts, four m ain
steam g enerating sta tio n s a nd four auxiliary steam g enerating sta tio n s,
having a to ta l c ap acity o f 26,481 k. w ., w ith a d e q u a te boiler and steam
tu rb in e facilities. T h e hydro-electric generating p la n ts are located a t
H um boldt, R u tla n d , C harles C ity and N a sh u a , and th e principal steam
statio n s are a t W aterloo, C harles C ity . E agle G rove and S pirit L ake.
Has 500 m iles of high tension transm ission lines. T h e gas m an u factu rin g
p lants a t W aterloo a nd E agle G rove have a daily ra te d production cap acity
of 3,444,000 cu. f t., d istrib u te d by m eans of 170 m iles of gas m ains.
ST O C K A N D B O N D S —
D a te.
In terest. O u tsta n d in g .
d a tu rity .
C om m on (no p a r ) ___________ _____
________ . 40,000 shs. _________ F irst p re f 7 % c u m ___________ _____
7
$1,124,900 __________
2d pref 7 % cu m ___________________
7
x l . 247,800 __________
1st M Ser “ A ” ($500 & $1,-1 1924
6 g M -N
6.500,000 N o v 1 1944
000) go ld ____________ c * tf/C e n tra l T ru s t C o. of Illinois, C hicago, T ru s.
C onv gen m tge Ser “ A ” ($5001 1924
7 g M -N
1,000,000 N ov 1 1934
& $1,000) gold_______ c * tf i C en tra l T ru s t C o. of Illinois, C hicago, T ru s.
x All ow ned b y th e A m erican G as Co.
B onds. — T h e 1st M tg e. 6s Ser. “ A ” a re re d . all or in p a r t on a n y in t.
d a te on 45 d a y s ’ notice a t 105 and in t. up to and incl. N o v . 1 1934, th is
prem ium of 5% of th e principal decreasing a t th e r a te of 4^ of 1 % of th e
principal on each M ay 1 th e re a fte r. M tge. provides for m a in t., renew al
and sin k , fu n d of 10% of gross op e ra tin g revenue an n u ally
P rin a nd in t.
p ayable in New Y ork, C hicago or P hiladelphia. L isted on C hicago Stock
Exchange. P e n n a . 4-mill ta x . C onn. 4-mill ta x , M ary lan d 4 46-mill ta x
and M ass. 6% incom e tax refu n d ab le. In N ov. 1924 A. C . A llyn & C o .,
In c ., and Stroud & C o.. In c ., sold $6,500,000 1st M tg e. 6s S er. " A ” a t 100
and in t. V. 119. p . 2285.
T h e conv. gen. mtge. Ser. “ A ” 7s are re d . all or in p a r t on an y in t. d a te
on 45 d a y s ’ notice a t 105 and in t. u p to and incl. N ov. 1 1929, th is prem ium
of 5% of th e principal decreasing a t th e r a te of 1 % of th e principal on each
M ay 1 th e re a fte r. P rin . and in t. pay ab le a t N ew Y o rk , C hicago, or
P hiladelphia. L isted on C hicago Stock E xchange, P e n n a . 4-m ili ta x .
C onn. 4-mill ta x , M ary lan d 446-mill ta x and M ass. 6% incom e ta x refu n d ­
able. In N ov. 1924 A. C . Allyn & C o ., In c ., a nd S troud & C o ., In c ., so ld
$1,000,000 7% conv. gen. m tge. 7s Ser. “ A ” a t 1 0 0 an d in t. V 119. p. 2409.
D ivid en d s. — D ivs. a t th e r a te of 7% p e r a n n u m a re being p a id reg u larly
on p referred.
E A R N IN G S .— F or calendar years:
1925.
1924.
G ross earnings__________________________________ $2,208,840 $1,957,810
O perating expenses, &c ________________________ 1,335.981 1,168,486
N e t__________________ _______ ________________
Fixed charges___________________________________

$872,860
460.000

$789,324
460.000

B alance, s u rp lu s______________________________
$412,860
$329,324
O F F IC E R S .— P re s ., D on M . Sterns, F t . D odge, Iow a; V .-P s., Georg®
A . N eal, S. P . C u rtis , H . M . B lake a nd J . C . Low ry; Sec., H . B . M ay n a rd ;
T re a s., J B . Tow nsend 3 d .— V . 119, p . 2285, 2409; V . 120, p . 828; V . 122,
p . 2189; V. 123, p . 1381, 1760.

CENTRAL STATES ELECTRIC CO.
M a n a g em en t. — T h e m an ag em en t is id e n tic al w ith th a t of th e Iow a R y .

& L ig h t C orp. and Iow a E lectric Co.
O R G A N IZ A T IO N .— In c o rp . in Iow a on A pril 10 1915 as Io w a F alls
Electric Co
N am e changed in 1925 to p re sen t title.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. a nd its su b sid ia ry , Io w a E lectric Service C o., serve m ore th a n 70 cities
a nd tow ns w ith electric lig h t an d pow er, including Iow a F alls, D ow s, B elm ond, G a rn e r, L a P o rte , A rm strong, B ritt, E ld o ra , R olfe, L one R ock,
Iow a, and W elcom e. M inn
Serves w ater in L a P o rte Iow a, gas in Iow a
Falls, K noxville a nd Oelwein, and h e a tin g in Iow a F alls an d B r itt, Iow a.
A gas p la n t is u n d e r constru ctio n a t F a irm o u n t, M in n . C o. ow ns and
operates steam -electric g enerating p la n ts a t Iow a F alls, B r itt a nd A rm ­
strong, a n d reserve p la n ts a t G arner a n d E ldora; 77 m iles transm ission lines.
ST O C K A N D B O N D S —
D a te. In terest
Outstanding. M a tu rity .
Gross.
N e t. after Taxes.
B o n d .& c..In t. D ividen ds. B a l..S u r.
$814,083
See te x t
1 9 2 5 --$ 3 ,123,880
$1,316,517
$796,438
x$285.010
$235,069 C om m on $1,200,000 ( $ 1 0 0 ) - . - ________ ________
7% cum p re f $1,000,000___
7
423,585 See te x t
1924_ 1,133,441
_
423,731
233,557
63.889
126.285
6 g M -S
1,349,000 M a r. 1 1950
19 2 3 ---1 .0 0 9 ,4 8 6
409,254
155.242
75,352
178,660 1st M & re f g ($1,000-500-100) / 1925
series “ A ” ____________c * tf (C hicago T itle & T r . C o. & Abel D avis, tr u s ’s
1922 -.-$ 8 4 4 ,4 0 5
284.318
148.697
66,274
69,347
Iow a Falls El Co 1st M g $3.-1 1922
6 g J -D
590.000 J u n e 1 1937
x Preferred d iv s. $225 010: com m on $60,000
000.000($1.000-500-100) c * tf (H arris T r u s t & Sav. B an k , C hicago, tru ste e .
L atest E a rn in g s. — F o r 12 m os. ended Aug. 31 1926: G ross, $3,529,667;
1916 6 g M -N
283,000 M ay 1 1936
s e t a fte r tax es, $1,522,647; d ep reciatio n , $175,000; b o n d in te re st, &c., Iow a R iv L & P C o. 1st M s f
g $350,000 ($1,000)___c * t f l i n t , a t M inneapolis T r . C o ., M in n ea p ., tru s .
$825,552; preferred div id en d s, $290,701; b alan ce, $231,394.
O F F IC E R S .— P res., Geo. M . B echtel; V .-P ., J . Ross Lee; V .-P .. P rank
B onds. — T h e 1st M . A ref. 6% g. bonds series “ A ,” du e M a rch 1 1950, a re
8. P a y n e ; Sec., H . R . B echtel; T reas. & G en. M g r.. E . F . B ulm ahn; A nd., call., whole or p a r t, on 30 d a y s’ notice to a n d incl. M arch 1 1930 a t 105;
E . L . S h u tts. Office, C en terv ille, Io w a .— V. 120, p . 330, 2012, 2147; incl. M arch 1 1935 a t 104: incl. M arch 1 1940 a t 103: incl. M arch 1 1945 a t
T . 121, p . 459; V. 122, p . 94, 610; V. 123, p. 83, 324.
102; in c l M arch 1 1949 a t 101. a n d no prem ium if redeem ed on Sept. 1 1949.
T h e a u th o riz a tio n is u nlim ited. A dditional bonds m ay be issued for 80%
of new co n stru ctio n , & c., provided n e t earnings for 12 ou t of preceding
ALBIA LIGHT & RAILWAY CO.
15 m onths h av e been a t le a st 1 % tim es a n n u al charges on all funded d e b t,
O R G A N IZ A T IO N .— In co rp . in D elaw are Ju n e 1916 as a reorganization incl. new issue. A sin k in g fu n d beginning M a y 1 1926 will receive an n u ally
of th e S o u th ern Iow a R . & L ig h t C o ., as p er p lan in V . 103, p . 939. C o. on or before M ay 1 an a m o u n t equal to 12% of th e gross consolidated
ab an d o n ed a n d d ism an tled its in te ru rb an lines in 1923 an d 1925.
earnings, to be used for m aintenance, & c., and th e purchase from tim e to
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— tim e of these bonds a t no t exceeding p a r. T h e bonds are secured b y a 1st
D oes th e lig h t, h e a t, pow er a n d gas business o f A lbia, H o cking, H ite m a n m tge. on all the pro p erties, rig h ts, franchises, p ro fits an d issues of C en tra l
an d c o m m u n ity , serving a p o p u la tio n of 15,000. C o. ow ns .81 miles lines S tates E lectric C o. a n d Iow a E lectric Service C o rp ., su b jec t to $873,006
en tire ly w ith in th e c ity lim its of A lbia, w hich are leased to Iow a S outhern underlying bonds.
In A pril 1925 E m ery , Peck & R ockw ood, C hicago, offered $460,000
U tilities C o. Also su p p lies pow er for th e operation of 12 miles of th e
Io w a S o u th e rn U tilities C o. N ew pow er u n its and 22 m iles of transm ission Series A a t 99 a n d in t., to yield a b o u t 6.0 8 % . V. 121, p . 838.
T h e Io w a Falls E lectric Co. 1st M . 6% gold bonds due Ju ne 1 1937 a re se­
lin es w ere p laced in o p e ra tio n M arch 15 1918, w ith co n tra c ts to furnish
pow er for 4 larg e coal m ines a n d th e m ining com m unities lo cated a t these cured b y a 1st m tge. on all th e pro p erties of Iow a F alls Elec. C o. T h e issue
m ines. F ranchises expire in 1942. D iscontinued in J u n e 1925 service is now closed. T h e re is a sin k in g fu n d of a t le a st 1% per a n n u m of o u t­
stan d in g a m o u n t, p a y ab le eith e r in cash or principal a m o u n t of b o n d s, on
betw een A lbia a n d H ittm a n , Io w a. V . 120, p . 3310.
th e 1st d ay of Ju n e a n d of D ec. in each year. C o. h a s o p tion to discharge
ST O C K A N D B O N D S—
D a te.
In terest. O utstan din g. M a tu rity .
its s. f. obligations to th e e x te n t of 46 thereof b y th e a p p ro p ria tio n of ex­
Com stock $400,000 ($100)________
_________
$400,000 __________
p e n d itu re s for m aintenance, &c. R ed. on 60 d a y s ’ notice a t 105 a n d in t,
P re f6 % n o n -c u m $ 1 0 0 ,0 0 0 ($ 1 0 )____
Q-F
100.000
See text ess 46 % for each y ear fully expired from a n d incl. D ec. 1 1926 to redem p1st M $500,000 gold ($1,0001 1916
5 g J-J
500,000
1941 ion d a te .
a n d $100)________ c & r_ c p t/In t. a t E m p ire T ru s t C o., N . Y ., tru ste e .
Iow a River Lt. A Pow er Co. 1st M . sin k in g fu n d 6% gold bonds du e M a y 1
B onds. — Of th e bonds re p o rte d o u tsta n d in g , $100,000 w ere issued to cover
1936 are secured b y a 1st m tge. on th e en tire p ro p e rty of Iow a R iv er L ig h t
new extensions. N o sin k in g fu n d a n d n o t su b ject to call.
& Pow er C o. T h e issue is now closed. T h ere is a sin k in g f u n d , pay ab le
D ivid en d s. — Q u arterly d ividends of 146% on pref. sto ck were p a id from
on th e 1st d ay of M ay in each y ear from 1917 to 1926. of 105% of th e p a r
Aug. 1 1917 to an d incl. M ay 1918. N one since.
value of 1 46 % of all certified bonds, w ith a m inim um of $3,000 for each p a y ­
E A R N IN G S .— F o r calen d ar years:
m en t. F rom 1927 to 1935 105% of 246% w ith a m inim um p a y m e n t each
1925
1924
1923
1922.
y ear of $5,000, or co. m ay deliver to tru ste e bonds p u rc h a se d a t n o t exceed­
G ross e arn in g s_________
$131,033
$147,954
$152,029
$143,978
ing 105. T ru ste e is to pu rch ase from tim e to tim e bonds a t n o t m ore th a n
O p er.ex p .,d ep r. & ta x e s .
105,614
124,094
138,738
123,196 105 and in t.
D ivid en d s. — On th e com m on 746% w as p a id in 1916 a n d 1917; 4 % i n
N e t earn in g s..................
$25,419
$23,860
$13,291
$20,782
Fixed ch arg es............. ..
27,941
28,833
28,384
24,099 1918, 1919, 1920 a n d 1921; 6% in 1922; 7% in 1923; 746% in 1924: in 1925
a t th e ra te of 8% per a n n u m . In 1923 an e x tra d ividend of 8% w as paid
D e f ic it.....................— .
x$2,522
$4,973
$15,093
$3,317 in ad d itio n to th e 7% on th e pref. a re being p a id re g u la rly .
x D oes n o t include loss on acco u n t of ab an d o n m en t of lines, viz. of
E A R N IN G S .— F o r calendar years (figures include a cq u ired p roperties
H ocking Line in 1923, $14,639 a n d of H item an Line in 1925, $43,217.
only for periods du rin g w hich th e y w ere ow ned a n d o p erated as a p a r t of
O F F IC E R S .— P re s ., J . R . Lee; V .-P .. E . F . B ulm ahn; S ec.-T reas., H . R . th e s y ste m );
Oper. Exp.
Net After
B echtel. O ffice. C en terv ille. Io w a .— V . 105. p . 496; V . 120, P. 3310.
Gross.
A Taxes.
Interest.
. Interest.
1 9 2 5 - - .................... _______$586,771
$391.867
$92,704
$102,200
CENTRAL IOWA POWER & LIGHT CO.
1924______ _____ _______ 344,892
50,071
225,633
69.188
187,761
45,302
85,626
C ontrolled b y th e U n ited G as Im p ro v em en t Co. th ro u g h A m erican G as 1 9 2 3 - - . ................... .............. 318,689
1922_____ _____ _ .............. 267,308
40.671
57,832
168,805
C o.
1 9 2 1 . . ............ ......... _______ 268,494
178,114
54,024
36,356
O R G A N IZ A T IO N .— In c o rp . in D elaw are O ct. 29 1924. Owns and
25,084
184,539
35,432
operates th e electric lig h t a n d gas p ro p erties form erly owned a nd operated 1920_____________ ______ 245,055
L a test E a rn in g s. — F o r 12 m o n th s ended J u ly 31:
by th e C itizens G as & E lectric C o. (V. 105, d . 1106), C ed ar V alley E lectric
O per. E x p .
C o. (V. 100, p . 1755). N o rth e rn Iow a G as & Elec. C o. (V. 114, p. 2477),
G ross.
& Taxes.
In terest.
B alance.
G ru n d y C en ter (la .) E lec. C o. (V. 120, p . 828), H a m p to n G as C o., an d o th e r
1926...........................$703,616
$460,483
$105,983
$137,150
sm all com panies. V . 123, p . 1381, 1760.
1925____________ 435,314
300,701
71,424
63,189
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
F urnishes w ith o u t co m p etitio n electric lig h t a n d pow er in 47 com m unities
O F F IC E R S .— P res. W illiam G . Dows; V .-P . & G en. M g r., Jo h n A.
In c en tra l a n d n o rth e rn Iow a, including th e cities of W aterloo, H a m p to n , R eed; V .-P s., Isaac B . S m ith an d C harles H . Foy; Sec.-T reas., C . S. W ood­
C h arles C ity , E ag le G rove, C larion, G ru n d y C en tre and H u m b o ld t. C o. w ard; G en. A u d ., C arl B . M yers; G en. S u p t., R a y In g h a m . G eneral
also m a n u fa c tu re s gas in W aterloo and E ag le G ro v e a n d d istrib u te s it in th ese office, C edar R ap id s, Io w a ,— V , 122, p . 2327,




CENTRAL STATES POWER & LIGHT CORP.
O R G A N IZ A T IO N .— Organized In D elaw are in Ja n . 1925. Owns over
97% of th e common stock of th e N o rth e a ste rn Iow a Pow er G o., a nd all the
com m on stock of th e N eb rask a Electric Pow er Co. of N eb rask a th e C en tral
Lite ht A Pow er Co of N orth D a k o ta, th e S outheast M isoonrl Public Qorvioe
C o. o f M issouri, th e A rkansas P ublic Service Co. o f A rkansas and M issouri
E lec tric Pow er Co. of M arsh field , M o . Co. also owns 50% o f th e com m on
sto ck of M issouri Pow er & D evelopm ent C o. of W illow Springs, M o., the
H aw keye S ta te Pow er Co. o f Iow a (V. 121, p . 3 2 8 ', a n d th e Lone S ta r
S ta te Pow er C o., Texas. V. 122, p . 479. W ere sold b y co. in 1926.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o m p a n y ’s subsidiaries su p p ly alm o st exclusively electricity for lig h t and
pow er to 150 com m unities in Iow a. N eb rask a M i s s o u r i N o rth D ak o ta
an d A rkansas. T h ey o p e ra te , except in one in stan ce, w ith o u t com petition
an d serve a p o p u latio n of ap p ro x im ately 200,000. G enerating p la n ts
10.600 h .p ., of w hich over 43% hy d ro -electric. A pprox. 2,000 high-tension
tran sm issio n lines. C o. also supplies ice in a n u m b er of com m unities a nd
ow ns a n d operates th e w ater w orks in H a rrisb u rg , A rk ., a n d Puxico, M o.
V . 122, p . 346. See also V. 121, p . 328.
S T O C K A N D B O N D S— Date.
Interest. Outstanding. Maturity.
C om m on (no p a r)___________ _____
_________ 5.000 shs. __________
7% cum p re f--------------------------------7
$619,400 ___________
6-yr 6% secured g ($1,000,? 1925
6 g M -N
800 000 M ay 1 1930
$500 & $ 1 0 0 ) ____ •___c * tf (A m erican T ru s t C o., D a v en p o rt, la ., tru ste e
F irs t coll lien 20-yr 6% g o ld / 1925
6 g J-D
1.600.000 Dec 1 1945
($1,000 & $500)_____ c * tf \ A m erican T ru s t C o., D a v en p o rt, l a ., tru ste e
D ivisional bonds in hands or
p u b lic _____________________ _____
_________ x2.035,500 ____________
5 H and 6% notes of su b s_________
600.000 __________
P re f stk sub in hands of p u b l i c ____
1,068,800 __________
x $1,000,000 add itio n al are pledged u n d e r th e 1st collat. lien 6% gold
bonds, due Dec. 1 1945.
Bonds.— T h e 5 -yr. 6% secured gold bonds, dated day 1 1925 are red. on
60 d a y s' notice a t 100 and in t. plus
% for each y ear or portion thereof
elapsing betw een d a te o f redem ption a n d m a tu rity of bonds redeem ed.
In te re s t payable in N ew Y ork. C hicago a n d D av en p o rt. C onn. 4 mills
a n d M ass. 6% taxes refu n d ab le. In Ju ly 1926, Priester-Q uail & C undy
In c ., D av en p o rt, Iow a and Bodell & C o ., P rovidence, offered $500,000
a t 100 and in t. V 121. p. 328.
T h e 20-yr. 6% first coll lien gold bonds, dated Dec. 1 1925 are secured by
deposit and pledge with tru ste e of like principal am o u n t and in terest ra te
of th e 1st m ortgage nr prior m ortgage bonds of subsidiary com panies
A dditional bonds are issuable u p o n pledge o f sub. co s.’ bonds only w hen
such s u b sid ia ry ’s bonds were issued fe r n o t exceeding 80% of ccst of ex­
tensions and ad d itio n s. N o su b sid ia ry bonds m ay be deposited and
pledged unless n e t earnings o f su ch su b sid ia ry have been a t least tw ice its
an n u al bond in te re st charges. N o a d d itio n a l bonds o f a n y su b sid iary m ay
be sold except to C en tra l S ta te s Pow er & L ig h t C orp. R ed. all or p a rt
on 60 d a y s’ notice on or before D ec. 1 1925 a t 105 a n d in te re st, th e re ­
a fte r decreasing
% for each y ear or p o rtio n th ereo f to elapse betw een
d a te of redem ption a n d m a tu rity d a te of bonds redeem ed. An annual
sinking fund com m ences Dec. 1 1926 and is to retire 1 % of all outstan d in g
bonds each year up to and incl. 1935, an d 2% th e re a fte r. In te re st payable
in N ew Y ork, C hicago and D av en p o rt. In Ja n . 1926 B ainbridge & R yan,
D . D obbins & C o ., New York: and T
’riester, Quail & C u n d y , In c ., D aven­
p o rt Iow a, o ff e r e d ® .000 000 a t 90 and in t to yield o v e r R%.
1
V 122.
p . 346. In J u ly 1926, P riester, Q uail & C u ndy, In c ., o f D a v en p o rt a n d
C hicago; B ainbridge & R v an , N ew Y ork, a n d W y an t & C o ., of C hicago,
offered $600,000 a d d itio n a l bonds.
E A R N IN G S .— Of com pany and su b sid iaries (inter-co. item s elim inated)
for 12 m o n th s ended M a y 31 1926:
G ross earnings_______________________________________________$1,190,803
645,149
O p eratin g expenses, m ain ten an ce a n d ta x e s ___________________
N e t earn in g s______________________________________________
In te re s t re q u ire m e n ts________________________________________

x$545,654
217,950

B a l a n c e . . . _________ _____________________________________
$327,704
x Does n o t include p ro fits o f p a re n t co m p an y from o th e r sources aggregat­
ing a b o u t $275,000.
O F F IC E R S .— P res., T . J . W aish; V .-P ., W . C . T eg tm ey er.— Y . 121,
p. 328: V . 122, p . 346, 479.

IOWA RAILWAY & LIGHT CORP.
O R G A N IZ A T IO N .— In c o rp . in Iow a M ay 25.1925 for th e p u rp o se of ta k
In g o v er th e assets a n d business o f th e Iowa Ry. & Light Co., th e Boone G as
C o. (V. 1 2 1 ,p .7 2 ) .th e W apsie Pow er & L ig h t C o ., th e Jefferson E lectric Co.
a n d o th e r u tilities. In Ju ly 1925 p u rch ased th e c ap ital sto ck of th e Iowa
P u b lic Service C o. (V. 121, p. 457), a n d acq u ired th e M ad rid L ight & Power
C o. (V. 121, p . 586).
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o rp o ra tio n owns o r co n tro ls and o p e ra te s w ith o u t com petition th e electric
pow er a n d light p lan ts in C ed ar R apids, M arshalltow n, Boone, Perry,
M ario n , N ev ad a, Jefferson an d Coon R apids; th e gas p la n ts a t Ames, M ar­
sh allto w n , N ev ad a a n d Boone; th e h eatin g p roperties in C edar Rapids,
M ario n , Boone and P erry; a high-fp-ade in te ru rb a n electric railroad over 43
m iles in length betw een C ed ar R apids and M o u n t Vernon and C edar R apids
a n d Iow a C ity : a n d th e local s tre e t railw ay s in M arsh allto w n . B oone and a
p o rtio n of C ed ar R ap id s. C o m p an y also o p erates busses. I t also ow ns
un d ev elo p ed w ater pow er sites cap ab le o f developing a n n u ally 111 ,000.000
k .n .h. T h e electric pow er and lig h t p la n ts hav e a ra te d c a p a c ity of 48.385
k .w ., all of which are connected w ith each o th er an d w ith th e cen tres of
d istrib u tio n by a com prehensive system of high-tension transm ission lines
ag gregating 650 m iles. P o p u latio n serv ed , ap p ro x im a te ly 140.000.
Franchises.— E lec tric and gas p ro p erties a re operated u n d er franchises of
vario u s m a tu rities. C o rp o ra tio n 's in te ru rb a n lines a re located on p riv a te
rights-of-w ay ex cep t for sh o rt d istan ces, w ithin th e term in al cities. In th e
opinion o f counsel th e g en eral fran ch ise situ a tio n is satisfa c to ry .
STO C K A N D BON DS—

D a te .

I n te r e s t.

O u ts ta n d i n g .

M a tu r ity .

C om m on $20,000.000______________
________ $8,500,000 __________
% cum pref. $15,000,000___ _____
7 Q -J
5,957,579 See te x t
G old n o te s __________________ _____
_______
355,059 ---------------Io w a Ry & L t Co 1st & re f M f 1912
5 7-8 M -S 8,072.000 S ept 1 1932
(now 1st) $10,000,000 gold] H arris T r u s t & Sav. B an k , C hicago, tru ste e .
($500 and $1.000)___ c * .tf l
F irst a n d refunding m o rtg ag e / 1925
5 H ? M -N 4,000,000 O ct 1 1945
($1,000, $500)_______c * .tf (H arris T r u s t & Sav. B an k , C hicago, tru ste e .
Stock.— All of th e o u tsta n d in g pref. sto ck o f th e Iow a R y . & L ight C o.
w as called for red em p tio n on S ep t. 30 1925 a t 102 H a n d d iv s. V. 121, p .
1569.
Bonds.— T h e first and refunding mortgage 5 H % . 1925, a re redeem able,
Incl. N ov. 1 1935 a t 105 and in te re st, a n d th e re a fte r w ith successive reduc­
tio n s in th e p rem iu m of *4 % p er a n n u m , th e bonds being redeem able,
how ever, on M ay 1 1945 a t 100 l a n d in te re s t. In te re s t pay ab le in Chicago
A
a n d N ew Y ork. P enn. 4 mills tax re fu n d a b le . In O ct. 1925 H arris, Forbes
& C o ., offered $4,000,000 a t 99 an d in te re st, to yield a b o u t 5.5 8 % . V.
121, p .1 6 7 7 . T h e bonds are issued by th e co rp o ratio n u n d e r a jo in t m o rt­
gage of th e co rporation and of th e Iowa R y. & L ight C o. U pon th e re tire ­
m e n t in 1932 of th e $8,072,000 Iow a R y. & L ig h t Co. first & ref. 5s in1932, th e Iowa R y. & Light C orp. 1st & ref. m tge. 1925 bonds w ill be se­
c u red by a first m ortgage on all th e p ro p erties.
$500,000 Iowa Railway A light Co. first refunding 5% bonds, due 1932,
b e ar in te re s t a t 7% a n d $1,000,000 bear in te re st a t 8 % . T h e rem ain d er
a re 5s. T h e original in d e n tu re provided for in te re st a t 5 % . T h e extra
in te re s t coupons a re secured by a general m ortgage on th e p ro p e rty su b ject
to th e firs t an d refu n d in g an d u n d erly in g m ortgages. T h e bonds w ith
th e 2% ex tra in terest em p o n s are redeem able on a n y in te re st d a te u p to
M arch 1 1928 a t 108, and decreasing 1% each year th e re a fte r to M arch 1
1932. Y . 112, p .8 4 9 . M o rtg ag e now closed. T h e 5s a re su b jec t to call on
a n y in te re s t d a te a t 103 and in te re s t. T h e 7s are red em ab le on a ny in te re st
d a te since M arch 1 1923 an d to a n d including M arch 1 1928 a t 108%
an d th e re a fte r a t 1% less each y ear ended M arch 1, to and incl. 1932
T h e 8s are red. on Any in t. d a te since M ar. 1 1923. in a n d to and incl M ay 1
1928 a t 108, a n d th e re a fte r a t 1£% less each y ear ended M arch 1 to and
incl 1932
Sinking fund 1% p er an n u m of bonds o u t. M ar. 1 1916 to 1921.
1922 to 1926, 2 % ; 1927 to 1 9 3 1 .3 % . Sinking fu n d is used for redem ption
of bonds or for extensions and b e tte rm e n ts. V. 99, p . 750; V. 112, p . 849;
V 113. p . 71 V. 121, n . 74. 457. 586. 1569, 1677.
Dividends.— A re being p a id reg u larly on preferred sto ck .

7




229

POWER, LIGHT AND RAILWAY

O ct., 1926.]

E A R N IN G S .— F o r calen d ar year:

Gross.

Net Aft.Taxes. Interest.

$1,706,455
1925 ___________________ $4,164,387
Latest Earnings.— F o r 12 m os. end. J u ly 31:

Gross.

Net After
Taxes.

Surplus.

$610,900 $1,095,555

Interest.

Surplus.

1926 _____
$4,376,063
$1,919,059
$705,048 $1,214,011
1925__________________
3,821,806
1,447,040
512,926
934,114
O F F IC E R S .— P re s ., W illiam G . Dow s; V .-P s ., Isa ac B . Sm ith a n d John
A. R eed: Tren = Tsaae B . Sm ith- Sec.. C . S. W oodw ard; G en. A u d ., C arl
B . M eyers. O ffices, C edar R ap id s, Iow a.

INTERSTATE POWER COMPANY.
C ontrolled b y U tilities Pow er & L ig h t C orp. T h is la tte r co. w as reported
in J a n . 1926 to be ta k in g step s for th e a cquisition of ad d itio n a l sto ck of
In te rs ta te Pow er C o. V. 122, p . 348.
O R G A N IZ A T IO N .— In c o rp . in D elaw are A pril 18 1925. V. 120, p.
2400. Owns all th e o u tsta n d in g secu rities of th e W isconsin com pany o f th e
sam e n a m e and all th e o u tsta n d in g com . sto ck and 933 shares of pref. stock
of th e D u b u q u e E lectric C o. (see s e p a ra te s ta te m e n t below ). Also ow ns th e
en tire o u tsta n d in g com m on stocks of T ri-S ta te U tilities C o. a nd M innesota
E lectric D is trib u tin g C o. V. 122, p . 3082. T h rough M innesota E lectric
D istrib u tin g Co. also c ontrols Peoples L ight & Pow er C o., In te rn a tio n a l
P ublic Service C o rp ., B em idji E lec tric & M fg. C o ., R ed R iv e r Valley
Pow er C o. and M innesota E le c tric L ig h t & Pow er C o. V. 122, p . 3606.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. d ire c tly or th ro u g h its su b sid ia ry a nd controlled com panies furnishes
electric lig h t a nd pow er to 327 cities a n d com m unities in M innesota, Iow a,
W isconsin, N o rth D a k o ta , S outh D a k o ta a nd N eb rask a and to one each in
O klahom a an d Illinois. In a d d itio n supplies gas to 6 cities a nd steam to 1;
also operates a stre e t railw ay an d bus service in D u buque a n d v ic in ity .
P o p u latio n served approx. 450,000. C ustom ers over 66,000. T o ta l a nual
o u tp u t 84,000,000 k .w .h . T he system controls 23 steam electric generating
p la n ts, 14 hydro-electric p la n ts; aggregate c apacity 48,505 k.w . 6 gas
p la n ts, 1 steam heatin g p la n t. 184 electric su b -statio n s and 3,908 m iles of
transm ission lines a nd a com plete system of d istrib u tin g lines. V. 122,
p . 3082. P rac tic a lly all th e p ro p e rties of th e system are inter-connected
and steps h av e been ta k e n to connect new ly acq u ired properties w ith th e
existing system .
Co. has co n tracts for th e purchase of pow er. Including c o n tra c t w ith t h e
N orthern S tates Pow er C o. for power supply a t several points in M innesota
and w ith th e W isconsin R y., L t. & Power C o. in M innesota, a nd w ith t h e
In te rs ta te L ight & Pow er C o. in W isconsin.
ST O C K A N D B O N D S—
Date. Interest. Outstanding. Maturity.
C om m on 125,000 shs (no p a r ) . ____
_________ 125,000 s h s __________
Pref $7 div 200,000 shs (no p a r ) ____
$7 Q -J
55,000 shs O c t’26$l 75
1st m tg e g Ser A & B 6 % __________
_________ $11.200,00 > Ju ly 11944
_________ 2,500.000 J u ly 1 1934
G en m tge 7% $3,500,000__________
Stock.— P ref. stock is preferred as to $100 assets a nd $7 cum . divs. In
case of v o lu n ta ry liq u id atio n or dissolution, to $115 per sh are. R ed .,
whole or p a rt, upon 30 d a y s’ notice a t $115 per share plus d iv . P ynchon
Co , W est & C o. and W S. H am m ons & C o. sold in M av 1925 30.000
shares a t 95 p er share, to yield a b o u t 7 .3 7 % . T h e y sold a t th e sam e price,
15,000 a d d itio n a l shares in Ju n e 1926. V. 122, p . 3606.
Bonds.— T he ls l mtge. 6% gold bonds are secured by a d ire c t 1st m tg e.
on all th e properties a nd franchises of th e co. in M innesota and Iow a and
b y pledge of all 1st m tge. bonds and th e e n tire o u tsta n d in g sto ck of In te r­
s ta te Power Co. of W isconsin, which owns th e W isconsin properties.
A dditional bonds m ay be issued in series bearing th e sam e or d ifferen t rates
of in te re st (not above 8 % ), d a te s, m a tu ritie s (not earlier th a n J u ly 1 1944,
so long as a n y series “ A " bonds are o u tsta n d in g ), redem ption provisions,
&c., as m ay from tim e to tim e be determ ined b y directors. A dditional
bonds m ay be issued (1) for 80% of a cquisitions or a d d itions a fte r J u ly 1
1924 (in excess of those m ade th e basis of th e $11,250,000 series “ A " and
series “ B ” o u tsta n d in g ), provided th a t w here p e rm a n e n t a dditions are
acquired subject to a n y p rio r liens, an equal principal a m o u n t of bonds is
to be w ithheld for certificatio n as th e p rio r liens are satisfied: (2) upon
pledge of like a m o u n t of 1st m tge. bonds of su b sid iary com panies or (3)
upon deposit of m oneys equal to th e ir p rin cip al a m o u n t w ith tru ste e s
su b jec t to being ta k e n dow n for th e above purposes in lieu of bonds: provided
(except in th e case of bonds w ithheld ag ain st p rio r liens consolidated net
earnings for 12 consecutive w ithin preceding 15 m o n th s have been a t least
tw ice a nnual In terest req u irem en ts of all 1st m tge. bonds (incl. new issue)
a nd all prior lien bonds o u tsta n d in g . T he a m o u n t of p rio r liens against
such a d ditional properties is lim ited to 1-3 of th e sum of all bonds previously
o u tsta n d in g under th is m tge. plus all th e n o u tsta n d in g prior lien bonds.
Bonds m ay also be certified to retire a like a m o u n t of 1st m tge. bonds
previously issued. T here is a maintenance fund and renewal and replace­
ment fund of respectively 8% a nd 5% of gross o perating earnings less a ctu al
expenditures. Unused balances m ay be used for a cquisitions, &c., or to
re tire 1st m tge. bonds. Series B, d a te d J u ly 1 1924 a nd d ue J u ly 1 1944,
are in denom inations of $1,000, $500 a n d $100 c*, and $25,000, $10,000
$5,000 and $1,000 r* tf . T ru ste e , th e P ennsylvania Co. for In urance on
Lives & G ran tin g A nnuities, Philadelphia. In te re st a t 6% p a r an n u m ,
payable J a n . and Ju ly 1 a t th e C hase N a tio n a l B ank, N ew Y ork, or
C o n tin e n tal & C om m ercial T ru s t & Savings B an k , Chicago. R ed. whole
or p a rt on 60 d ay s' notice, incl. Ju ly 1 1934 a t 105, incl. J u ly 1 1937 a t
104: incl. Ju ly 1 1940 a t 103; incl. J u ly 1 1943 a t 102; th e re a fte r a t 101;
plus in t. in each case. P enn. & C onn. 4-m ills ta x . M ass, incom e ta x up to
6 % , New H am pshire incom e ta x up to 3 % , a nd sim ilar ta x in M aine
refundable. In M ay 1925 W est & C o., Spencer T rask & C o ., Federal
Securities C orp. a nd W . S. H am m ons & Co. sold $2,500,000 a t 99 an d in t.,
to yield a b o u t 6.10% . V. 120, p. 2268. In M ay 1926 the sam e bankers
a n d Pynchon & Co. offered $2,700,000 a d d itio n a l series “ B ” 6% a t 100
& in t. V. 122, p. 3082; V. 119, p . 1176, 1963, 264
V. 120, p . 2268,
2400, 2941, 2815.
E A R N IN G S .— (Of properties w hich w ere to be owned b y co. a nd its
subsidiary a nd controlled com panies upon issuance of $2,700,000 a d ditional
1st m tg e. bonds in M a y 1926) for calendar years:
1925.
1924.
1923.
G ross earnings_____________________ $5,217,301 $4,989,092 $4,618,456
O per. expenses, m a in t. & taxes (excl.
o f F ed. taxes), in t. on bonds of
subsids. & controlled cos. & m inor­
ity pref. div. req u irem en ts________ 3,405,531
3,340,584 3,318,645
N e t before deprec. & F ed . taxes__ $1,811,770 $1,648,508 $1,299,811
A nnual in t. 1st m tge. ser. “ A ” & “ B ”
847,000
______
______
O F F IC E R S .— P res., H . L . C larke.— V. 119, p. 1176, 1963, 2646; V . 120,
p. 2268, 2400, 2941, 2815; V. 122, p . 348, 2191, 3082, 3606; V. 123, p . 581.

DUBUQUE ELECTRIC CO.
Control.— E n tire c ap ital stock ow ned by In te rs ta te Pow er C o. (see a b o v e ).
O R G A N IZ A T IO N .— O rganized In D elaw are Ju n e 3 1916 an d acquired
the Uninn E lectric C o. of D n h u a u e (see “ Elec. R y .” Section for M a y 19161.
Owns E a s t D u buque E lec tric C o ., serving E a s t D u b u q u e, 111. an d th e
E a s te rn Iow a E lectric C o.
%
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Does th e entire electric lighting, pow er and stre e t railw ay business in D u ­
buque and vicinity. Pow er statio n w ith 26.090 h. p. g enerating c ap a c ity ,
a b o u t 220 miles of transm ission and d istrib u tin g lines; 20.7 miles of tra c k
in city a nd su b u rb s, s u b sta n tia lly all 70-lb. rail; 85 cars. Franchises extend
to 1947. Also sells pow er to th e E astern Iow a E lectric C o. (controlled
through stock ow nership), serving 8 com m unities w ithin easy transm ission
distance of D ubu q u e.
B us service in a u g u ra te d in J u ly 1925; to ta l n u m b e r of buses, 7.
ST O C K A N D B O N D S—
Date. Interest. Outstanding. Maturity.
Com stock $2,000,000 ($100)_______
_______
$682,000 ............ .........
Pref 6% cum $2,000,000 ( $ 1 0 0 ) ___
Q-M
800,900
See te x t
1st M tge. $30,000,000 Ser off 1923
6 g A-O
3,200,000 A pril 1 1942
April 1923 ($100 & $500) 1In te rn a tio n a l T r u s t C o ., B oston, tru s te e .
g o l d _________________c * tfl
Stock.— P ref. stock is callable a t 110 a n d divs. a n d has equal vo tin g power
w ith com m on. V . 103, p . 410.
Bonds.—A dditional 1st M tg e. b onds m a y be issued for a d d itio n s and
acquisitions u n d e r certa in re stric tio n s. T h e co. c ovenants to expend or
set aside for m ain ten an ce, renew als or replacem ents 8% of th e gross oper­
a tin g revenue. C all., all or p a rt, b y lo t a t 107>3 a n d in t. durin g 1924;
w ith red u ctio n ctf prem ium s
o f 1% each y e ar th e re a fte r th ro u g h 1935;

230

PUBLIC UTILITIES

th e re a fte r on a n y d a te p rio r to m a tu rity a t 101 an d In t. I n t. p a y ab le I d
N . Y . or B o sto n . M ass, a n d N ew H am pshire Incom e ta x e s in effect at
tim e o f issuance a n d P e n n a . a n d C o n n . 4-mills p ro p e rty tax es refu n d ed
V. 116, p . 2636.
Dividends on p re f. sto ck h av e been p a id reg u larly fro m d a te of o rg a n iz a t’n
E A R N IN G S .— F o r calen d ar years:
1925.
1924.
1923.
1922.
G r o s s _________________ $1,254^486 $1,215^541 $1,185]315 $1,067471
N e t, a fte r ta x e s & d e p r_ .
503,840
406,095
400,148
355,332
O F F IC E R S .— P re s ., H . L . C larke: V .-P s., J. N . C an a v a n , H . C . O rton
an d O . E . K oegel; T re a s., H . L . C larke; Sec., W . A . H o rn e r.— V . 114, p.
1062; V . 116, p . 822, 1275, 2128, 2516, 2636; V . 117, p . 85; V . 118, p.
1012; V . 119, p . 2063; V . 121, p . 1227; V . 122, p. 2189. •

A

(THE) OTTUMWA RAILWAY & LIGHT CO.

l th e com m on stock ow ned by N o rth e rn S tates Pow er C o. (M in n .).
l

Sale of Company's Properties.— T h e c o .’s electric an d stea m h eatin g p ro p ­
erties w ere ta k e n over for o p eratio n b y th e Northern States Power Co. of
N. J. a n d th e Ottumwa Traction Co., w as incorp. in D elaw are J a n . 7 1924

to ta k e over th e s tre e t railw ay p ro p e rties. V. 118, p . 1136. F o r histo ry
of th e O ttu m w a R y . & L t. C o ., see “ E lectric R ailw ay ” S upplem ent of
April 26 1924.

SIOUX CITY GAS & ELECTRIC CO.
A ffiliated w ith th e U n ited G as Im p ro v em en t Co.
O R G A N IZ A T IO N . &c.— In c o rp o rate d in Iow a in 1901.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
D id all th e gas as well as a p o rtio n o f th e electric lig h t an d pow er business in
Sioux C ity , Io w a u p to 1922. On N o v . 2 1922 acq u ired th e electric gen­
e ratin g p la n t a n d d istrib u tio n sy stem form erly ow ned b y th e Sioux C ity
Service C o ., th u s placin g th e en tire lig h t an d pow er an d gas business in the
c ity o f Sioux C ity u n d e r th e ow nership an d m an ag em en t o f th e Sioux C ity
G as & E lectric C o. C o m p ay fu rn ish es electric energy a t w holesale to th e
Iow a L ig h t, H e a t & Pow er C o ., w hich s e rie s a larg e te rrito ry in w estern
and n o rth e rn Iow a.
T h e Sioux C ity G as & E le c tric C o. ow ns s u b sta n tia lly all o f th e o u ts ta n d ­
ing c ap ital sto ck of th e Sioux C ity Service C o. (see below ), w hich la tte r
co m p an y co n tin u es to ow n a n d o p erate th e stre e t ra ilw a y a n d heatin g
business in Sioux C ity .
Capital stock increased. See V . 121, p . 331.
Exchange Offer.— In O ct. 1922 holders o f Sioux C ity Service 1st & Ref.
M tge. 5s were offered in exchange for th e ir bonds new S iour C ity G as &
E lectric C o. 1st M tg e. 6% gold bonds. Series A. m a tu rin g Sept. 1 1947, on
a basis of exchange a t p a r an d in t. for th e Service C o. 1st & R ef. 5s and
99 H a n d in t. for th e G as & E lec tric C o. new 1st 6s.
S T O C K A N D B O N D S .— Date.
Interest. Outstanding. Maturity.
Com m on stock *8.000,000-------------------- $5 800,000 ----------------Preferred $6,000,000 7% series------------------4,717,000
-------------1st m tg e ser “ A ” ___________ | 1922
6 g M -S
3,500,000 S ept 1 1947
6 g F-A
2.550,000 F eb. 11949
Series “ B ” _______________} 1924
Series “ C ” ________________ 1925 5 H g F-A
2,300,000 Feb 1 1950
($100,$500& $1,000) g -c * tf j I n t. p ay ab le in N . Y . o r C hicago.
G u a ra n tee d b o n d s, see h ereu n d er.
Stock.— In J u n e 1925, B ly th , W itte r & Oo. sold $3,000,000 a d ditional
7% cum . p ref. sto ck a t 100 a n d d iv . V. 120, p. 3066. T h e pref. sto ck is
call, all or p a r t, on 30 to 60 d a y s’ n o tice a t 110 and d iv s ., a fte r N o v .l 1927.
Bonds.— P e n n a . 4-mills ta x , C onn. 4-m ills tax an d M ass, incom e ta x on
in t. n o t exceeding 6% p er an n u m refu n d ed . Series “ A ” are re d . all or p a rt
on 60 d a y s’ notice on Sept. 1 1932 and th ereafter to Sept. 1 1936 a t 107K
and in t.; th e re a fte r to S ept. 1 1941 a t 105 and in t.; th e re a fte r to M ar. 1
1946 a t 102H a n d in t., a n d th e re a fte r a t 100 and in t. A nnual sinking fund
H o f 1% of bonds of Series “ A ” o u tsta n d in g com m ences M a y 1 1927.
Series “ A ” b onds are red . for sinking fu n d purposes from Sept. 1 1927 to
and incl. Sept. 1 1932 a t 107H an d in t., an d th e re a fte r a t th e th e n existing
red em p tio n p rice.
Series “ B ' .are re d . all or in p a r t u p o n 60 days notice on F e b . 1 1934 and
th e re a fte r on o r p rio r to F e b . 1 1938 a t 107 H and in t., a n d th e re a fte r on or
pri<r to F e b . 1 1943 a t 105 a n d in t., a n d th e re a fte r on o r p rio r to A ug. 1
1947 a t 102H an d in t., a n d th e re a fte r a t 100 and in t. A n n u al sinking fund
o f H o f 1% o f th e to ta l a m o u n t o f Series “ B ” bon d s o u tsta n d in g . Series
“ B ” b o n d s are re d . for sinking fu n d purposes e ith er b y call from F e b . 1 1929
to a n d in c l. F e b . 1 1934 a t 10714 a n d in t., and th e re a fte r a t th e existing
re d e m p tio n prices, or b y pu rch ase in th e m a rk e t a t o r below said redem ption
prices.
Ser. “ C ” a re re d . all or in p a r t on 60 d a y s’ notice on F eb . 1 1935, and
th e re a fte r on- or p rio r to F e b . 1 1938 a t 105 and in t., a n d th e re a fte r on or
prio r to F eb . 1 1943, a t 103 a n d in t., an d th ereafter on or prior to A ug. 1
1947 a t 101 a n d in t., a n d th e re a fte r a t 100 a n d in t., are also re d . for sink,
fu n d p urposes, e ith er b y call fro m O ct. 1 1928, to a n d incl. F e b . 1 1935, a t
105 an d in t., a n d th e re a fte r a t th e existing red em p tio n prices, as above set
fo rth , o r b y pu rch ase in th e m a rk e t a t or below said red em ption prices.
A nnual sink, fund of 14 of 1% o f Ser. “ C ” bonds o u tsta n d in g commences
O ct. 1 1928. $2,300,000 Ser. " G ” 514s were sold in F eb . 1925 b y H alsey,
S tu a rt & C o ., In c ., a t 97 a n d in t., yielding a b o u t 5 .7 5 % . V. 120. p . 1090.
Guaranty.—C o m p an y g u aran tees (principal, t(e re s t a n d sinking fund)
$1,350,000 Sioux C ity Service C o. first m tg e. gold bo n d s, 6% series, due
1951. Y . 122, p . 482.
E A R N IN G S .— F o r calen d ar years:
1925.
1924.
Gross earn in g s___________________________________$2,642,123 $2,653,476
O perating expenses, in clu d in g tax es & d ep rec ___
1,689,343
1,752,987
N e t e arn in g s_________________________________

$952,780

Interest d e d u c t i o n s ________________________

43 0 ,8 8 8

$900,489
414,538

N e t in co m e__________________________________
$521,892
$485,951
O F F IC E R S .— P res. & G en. M g r., W . J . B ertke; V .-P s., Lewis Lillie,
P . H . G adsden, J . T . H u tc h in g s an d F . J . R utledge; Sec., R . B . Searing;
T rea s., I . W . M o rris.— V . 121, p . 331; V . 122, p . 482, 1918.

( 1 )

S

I O

U

X

C

I T

Y

S

E

R

V

I C

E

C

O

.

T h e e n tire c a p ita l sto ck is ow ned b y Sioux C ity G as & E lectric C o .,
w hich see above.
O R G A N IZ A T IO N , &C.— In c o rp o rate d on Ju n e 7 1905 in N ew Jerse y .
In M arch 1909 increased c ap ita l fro m $250,000 to $2,000,000, in ord er to
acquire stock of Sioux C ity T rac tio n C o. V. 88, p . 1129. Franchise ru n s
for 25 years fro m F eb . 1926. F o r d e ta ils of franchise see “ E lectric R ailw ay
Jo u rn a l” o f J a n . 16 1926.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perates all s tre e t railw ay lines in Sioux C ity an d sells stea m h e a t for
com m ercial p u rposes. O p erates over 51 m iles of tra c k (of w hich 7 m iles
on p riv a te rig h t-o f-w a y ). 60 a n d 80-lb. ra ils. 81 c ars. On N o v . 2 1922
th e c o .’s electric g en eratin g p la n t a n d d istrib u tio n sy stem w ere acquired
b y th e Sioux C ity G as & E lectric C o ., w hich owns su b sta n tia lly all th e c o .’s
cap ital sto ck . V . 115, p . 2268.
Offer to Bondholders.— F o r offer to exchange bonds o f Sioux C ity G as &
E lectric C o. for F irst & R ef. M tg e . 5s, due J a n . 1 1928, see th a t com pany
above, a n d V . 115, p . 183», 3455.
ST O C K A N D B O N D S—
Date.
Interest. Outstanding. Maturity.
Stock $2,000,000 ($100)___________
_______
$2,000,000 ---------------1st M g bds 6% ser, due 1951 1 1926
6 g J-J
1,350,000 J a n 2 1951
($1,000, $500, $100)_ c * tf\G u a r.(p . i. & s f .) b y Sioux C ity G . & E l. Co.
_
Bonds.— T h e ls( mtge. gold bonds, 6% series, due 1951, a re red . all or
p a rt on 30 d a y s’ notice a t following prices an d in terest to an d incl. J a n . 1
1936 a t 103, a n d th e re a fte r a t l% _less for each 5-year period. T here is
a sem i-annual sinking fund, beginning J a n . 2 1927 of 2% p er an n u m of
bonds o u tsta n d in g , to be used to pu rch ase bonds a t or below redem ption
price, otherw ise to be called a t such a price. All such bonds to be cancelled.
P en n . & C onn. 4 m ills an d M ass. 6% taxes refundable. In te re s t payable
in N ew Y o rk a n d Chicago. In Ja n . 1 1926, H alsey, S tu a rt & C o., In c .,
offered $1,350,000 6% series, due 1951, a t 99 a n d in t., to yield 6.08% .
V. 122, p . 482, 3455.
E A R N IN G S .— F o r calendar years:
1925.
1924.
1923.
G ross earn in g s_____________________ $1,000,523 $1,092,906 $1,141,056
O perating expenses, tax es a n d in te re st
910,270
1,046,061
1,086,926
N e t earn in g s_____________________
$90,253
$46,845
$54,130
O F F IC E R S .— P re s ., E . L . K irk ; V .-P . & G en. M g r., W m . J . B ertke;
Sec. & T re a s ., J . H . R ic k e r.— V. 115, p . 1839, 2268; V . l2 2 , p . 482.




[V ol. 123.

DES MOINES CITY RAILWAY CO.
In M arch 1911 N . W . H a rris of C hicago acquired p ra c tic a lly all th e
stock n o t previously ow ned b y him of th e D es M oines C ity R y . C o. a n d
of its allied c o rp o ra tio n , th e In te r-U rb a n R y . C o. (now D es M oines &
C en tra l Iow a R R .). V . 92, p . 794. See also V . 113, p . 847.
O R G A N IZ A T IO N .— A consolidation in 1893 of th e D es M oines S t. R R .
C o. a nd th e D es M oines S u burban R y . C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A tro lley ro ad . O perates 99 m iles of track . 35 to 129-lb. ra ils. 156
passenger, 36 service c ars. Is au th o rized to c a rry fre ig h t.
Franchise.— A new 25-year franchise w as g ra n te d a t a n election on N o v . 28
1921, providing for service-at-cost, &c. F or fu ll de ta ils see V . 114, p . 1764.
Valuation.— See V . I l l , p . 2140.
Fares Increased.— E ffective O ct. 1 1925 fares w ere in creased . F o r m ore
p a rtic u la rs see V . 121, p . 1676.
Employees Lose Wage Claim.— See V. 123, p . 1762,
S T O C K A N D B O N D S — Date.
Interest. Outstanding. Maturity.
C om m on $3,000,000 ($100)_ _____
_
_______
$1,055,000 ___________
P ref 7% cum ul $1,500,000________
_______
1,787,200
See te x t
D es M oines C ity R y gen a n d / 1916 5 J - J
4,811,000 J a n 1 1936
re f m tge $15,000,000 g o ld -. (H a rris T ru s t & Sav. B an k , C hicago, tru s te e .
5-year d e b en tu re s___________ 1922 7 A-O
618,000 A p r 1 1927
Stock.— P ref. carries sam e voting pow ers as com . C all, all o r in p a rt
on an y div . d a te a t 107 H an d divs. V. 106, p . 2010.
Bonds.— R em aining bonds m a y only be issued for 80% of ex p en d , f o r
perm , e x ts., enlargem ents a n d ad d n s. u n d e r co n se rv a tiv e re stric tio n s.
Bonds a re re d . on a n y in t. d a te a t 105 an d in t. M tg e . provides for an
a nnual e x penditure, beginning w ith 1919, of 20% of gross earnings f o r
m a in t., re p a irs an d renew als for exts. an d a d d n s. for w hich no b onds m a y
be issued, or for th e purchase or re tire m e n t of o u ts ta n d in g b o n d s. V . 102.
p. 975. D ebentures are red . a t 100 a n d in t. In ad d itio n to $4,651,000
ou tsta n d in g bonds, $1,241,000 are held in tre a su ry .
Dividends.— P ref divs. a re being p aid re g u la rly .
E A R N IN G S .— F o r c alen d a r y e a r 1925: T o ta l revenues, $2,345,038: n e t,
after taxes, $651,861; in terest, &c., $332,351; d epreciation, $217,000:
pref. div s., $120,625; deficit, $18,115.
Latest Earnings.— F o r 12 m o n th s ended J u ly 31 1926: G ross, $2,378,402;
n e t, a fte r tax es a n d d epreciation, $483,386; in te re s t, & c., $331,204; p re f.
div s., $124,631; b alan ce for-stabilizing fu n d , $27,551.
O F F IC E R S .— P re s ., F . C . C ham bers; V .-P ., M . H . M acL ean ; Sec.*
O. H . B ernd; T re a s ., E . B . B ieghler.— V . 121, p . 1676; V. 122, p . 2039
V. 123, p . 1762.

DES MOINES & CENTRAL IOWA RAILROAD.
O R G A N IZ A T IO N .— In c o rp o rate d in Iow a to c o n stru c t a sy ste m o f
Interurban ro a d s connecting w ith Des M oines. W as know n as th e In te rurban R ailw ay C o. up to F eb . 1922. w hen nam e w as changed to p re s e n t
title . V. 114, p . 738.
T h e $250,000 6% debentures w hich fell due J a n . 1 1923 w ere not retired
at m a tu rity b u t are being carried along peuding an extension o f th e loan.
The Secretary sta te s th a t “ these debentures are very closely h e ld and are
!n friendly h a n d s. I t is a n tic ip ated th a t th e holders w ill co-operate with
the co. in its endeavor to w ork th e s itu a tio n o u t.” V. 116, p . 295.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
An electric fre ig h t a n d passenger railw ay . O perates 99 m iles of tra c k
(incl. sidings), connecting D es M oines a n d C olfax, D es M oines an d P e rry ,
w ith b ra n c h to W oodw ard. S ta n d a rd gauge; 60 and 70-lb. T ra il. 10 p a ss.,
m otor cars, 1 pass, coach, 7 locom otives a nd 203 m isc. fre ig h t a n d w ork cars.
ST O C K A N D B O N D S— Date. Interest. Outstanding.
Maturity.
Stock, $1,200,000 ($100)__________
_________ $1,160,000 -----------------1st M tge bonds $2,500,0001 1921
7 H A-O
562,500 April 1 1931
R ed a t 102 a nd in te r e s t.- /H a r r is T ru s t & Sav. B an k , C hicago, Trustee
D ebentures, $350,000 ($1,0001 1913
6 J-J
250,000 Jan. 1 1923
a nd $5001____________ n t f j l n t . a t H arris T r . & Sav. B k ., C h ic., Trustee
Bonds.— In ad d itio n to th e $562,500 1st M tg e. 7 H e re p o rte d outstanding,
$795,000 a re pledged as security for a G overnm ent loan of $633,500 a t 6%
and $71,000 ad d itio n a l are deposited as c o llateral for a n o th e r loan; a d d i­
tional bonds to th e a m o u n t of $100,000 m a y be issued for fu ll c ost of exten­
sions, a d d itio n s an d b e tte rm e n ts u n d e r c erta in re stric tio n s, a n d re m a in d e r
m ay be issued for 75% of such cost. A re redeem able a t 102 H a n d in t. on
any in t. d a te . C om pare V. 112, p . 1617, 2531.
D eb en tu res are redeem able on an y in t. d a te a t 101 a n d in t.
E A R N IN G S .— F or 12 m onths ended J a n . 31 1926, gross, $569,358; net
after taxes (available for in t., deprec., a m o rtiz ., & c .), $92,847; bond in t.
and in t. on G o v t, loan, $80,198: balance, su rp lu s. $12,649.
Latest Earnings.-—F o r 12 m onths ended J u ly 31 1926: G ross, $547,957;
n e t, a fte r tax es (def.), $4,925; in te re s t, $80,198; b a l., d e f., $85,123.
O F F IC E R S .-—P re s ., F . C . C ham bers; V .-P s .. H . A . B en jam in and
M . II . M acL ean; Sec., O. H . B ernd; T re a s ., E . B . B eighler.— V . 114, p . 738::
V. 116, p . 295.

CLINTON STREET RAILWAY.
O R G A N IZ A T IO N .— In c o rp . in Iow a F e b . 4 1891. U n d e r its c h a rte r
the com pany is a u th o riz e d to c o n d u ct a s tre e t railw ay , lig h t, pow er an d
heating business. Franchise covering m ain s tre e t of th e c ity is p e rp e tu a l;
others expire 1935 a n d 1938.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A bout 16 m . o f single-track equ iv alen t an d 32 sin g le -tru c k c ars. C u rre n t is
purchased fro m th e C lin to n G as & E lec. C o. In te ru r b a n cars fro m D a v en ­
p o rt e n te r to cen tre of c ity over th e c o .’s tra c k s u n d e r tra ffic a g re em en t.
S T O C K A N D B O N D S— Date.
Interest. Outstanding. Maturity.
Stock $1,000,000 ($100)___________
_______
$596,600
See te x t
F ir s t m o r t g a g e $ 4 0 0 ,0 0 0 g o l d )

1906

5 g A -O

4 0 0 ,0 0 0

M a r 1 1926

($1,000)________________c * /I n t. a t Illinois T r . & Sav. B k ., C h ic., tru s te e .

Bonds.— C allable a t 105 a n d in t. on a n y in t. d a te on 90 d a y s’ n o tic e .

A

supplem ental m ortgage provides th a t beginning A pril 1 1918 a fu n d of 2%
of th e bonds o u tsta n d in g or re tire d b y th is fu n d be estab lish ed to be used
for renew als, b e tte rm e n ts, &c., or for th e pu rch ase of b onds u p to 105 a n d
in te re st. V . 104, p . 862.
These 1st m tge. bonds w ere due M arch 1 1926, b u t were not paid off.
V. 122, p. 1308. 1608.
Dividends.— P a id 6% dividends from 1907 to 1913, inclusive (except 5% in1912) . In 1913 th e stockholders ad v an ced a su b sta n tia l sum for co n stru c­
tion, & c., a n d w aived dividends while th is sum was being p a id o u t of e arn ­
ings; $41,400 w as so p a id in 1916.
E A R N IN G 8 .— F o r y e ar ending D ec. 31 1923, gross, $221,582: n e t, a fte r
taxes, $72,532. In 1922, gross, $226,101; n e t, a fte r tax es, $68,878.
O F F IC E R S .— P re s ., R . O. L angan; V .-P ., G eo. T . B ak er; Sec., A . L .
Schuyler: T rea s.. C . C . C oan; G en. M g r.. B ern ard B oh n so n .— V .112,p . 1 0 2 4 .
V. 122, p . 1308, 1608.

WATERLOO CEDAR FALLS & NORTHERN RAILWAY
New Control.— On O ct. 27 1923 co n tro l of th e co. passed in to th e hands
of th e 1st m tg e. bondholders p ro te c tiv e co m m ittee (see below) b y the
transfer to th e com m ittee of 21,700 shares o u t of a to ta l of 2 3.330H shares
of com . stock o u tsta n d in g . F or s ta te m e n t o f co m m ittee regarding th e
p ro p e rty and its possibilities see V. 117, p . 2214, also V . 122, p . 1208.
O R G A N IZ A T IO N .— In c o rp . in Iow a in 1895 as W aterloo & C edar Falls
R ap. T ran sit; n am e changed to above in 1904 b y am ending a rticles of incorp.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
l ine opened betw een W aterloo an d C edar R ap id s S ep t. 13 1914. Con-,
nects a t C ed a r R ap id s, l a ., w ith th e C hic. & N . W . R y ., C . R . I . & P . R y.
a n d C hic. M ilw . & S t. P a u l R y . Owns a n d o p e ra te s a line on p riv a te
right-of-w ay fro m W averly to C ed ar R ap id s, 83 m iles, w ith a b ra n c h from
W aterloo to C ed a r F alls an d N o rm a l, 9 m iles, a n d a b e lt line o f 7 m iles
around W aterloo. Also ow ns an d operates u n d e r satisfa c to ry franchises,
23 m iles of railw ay in th e cities of W aterloo a n d C ed ar Falls; to ta l tra c k ,
138.69m iles. H a s jo in t traffic agreem ents w ith th e C hic. & N o rth W estern,
C . M . & S t. P ., C hic. G t. W e st., Illinois C en t, a n d th e C . R . I . & P ac.
railroads for inte rc h a n g e of freig h t, passenger, m ail an d express business.
60, 75 a n d 85-lb. T ra ils, 51 passenger c ars a n d 8 buses, 4 baggage an d
express a n d 130 freig h t cars, 8 electric engines, a n d necessary w ork cars,
snow plow s, sw eepers, &c. V. 105, p . 2186.
Interest.— T h e J u ly 11918 a n d J a n . 11919 in t. d ue on th e c o .’s b e n d s was
n o t m e t w hen due, b u t has since b e en p a id . C oupons due J u ly 1 1 9 and
1 9
J a n . 1 1920 w ere e x tended 4 years b y scrip certific a te s issued. S ubsequent
in te re st p aid w hen d u e u p to J u ly 1 1921. N one p a id since. J a n . 1 9 2 in t.
2
having been d e fa u lte d , th e following c o m m ittee w as form ed;

POWER, LIGHT AND RAILWAY

Oct., 1926 ]

Committeefor First Mtge. 5s.-—C h airm a n , E d w a rd V . K ane; A . B . C o n an t,
A rth u r V. M o rto n , J . C . N eff a n d R . E . W ilsey; Sec., H e n ry J . L u rk er,
1421 C h e stn u t S t., P h ila ., P a . V . 117, p . 1463. C om pare V. 114. p . 1763
D epositaries: P en n a. C o. for In s. on Lives & G ran tin g A nnuities, 517 C h est­
n u t S t., P h ila ., P a ., a n d F irs t T ru s t & Savings B an k , 56 W . M onroe S t.,
C hicago, 111. D epo sits hav e been called for. U p to J u n e 15 1924 a b out
90% o f th e 1st m tg e. bonds o u tsta n d in g h a d b een d ep o sited . V. 115, p
2794; V . 116, p . 1277; V . 117, p . 1463, 1993, 2214; V. 118, p . 3199.
New Mortgage.— T h e co m p an y filed for record a gen. m tg e . to th e F irst
T r u s t & Sav. B an k , C hicago, a n d M . T ray lo r, C hicago, tru ste e s, to secure
a n issue o f $15,000,000 gold bonds d a te d M ay 1 1920, due M a y 1 1950, b u t
su b jec t to prio r redem p tio n . T h e issue was created for refu n d in g purposes.
$2,200,000 are held in tre a su ry . F o r fu rth e r details see V . I l l , p . 794.
On A ug. 20 1921 th e co m p an y was a u th . (1) to issue $2,200,000 gen.
m tg e . 7% bonds for pledge w ith th e U . 8. as collateral secu rity for $1,845,000
In loans from th e U . 8 .; (2) to issue an d sell a t p a r for cash $700,000 com m on
stock; a n d (3) to issue lease w a rra n ts o r notes ag gregating $132,159, in con­
n ectio n w ith th e pro c u re m e n t of eq u ip m e n t. Y . 113, p . 962.
ST O C K A N D B O N D S—
Date.
Interest. Outstanding. Maturity.
C om m on ($100) $3,335,000________
$2,333,050 __________
P ref sto ck $1,665,000 c u m ___ _____
6%
664,000
See te x t
F irst m tg e gold $6,000,000/ 1910
5 g J -J
5,773,000 J a n 1 1940
($1,000)_____________c * .tf ( I n t. a t F irs t T r. & Sav. B k ., C h ic., tru s te e .
Second m ortgage (closed)___ _____
2,200,000 ---------------G eneral m ortgage $15,000,000 1920
_______
See te x t M a y 1 1950
4-year scrip __________________ _____
_______
See te x t
__________
C ar tru s t n o te s_______________
2,470 __________
Bonds.— R em aining bonds can be issued a t 8 2 A % o f c o st of extensions.
Su b ject to call upo n 60 d a y s’ notice a t 105 an d in t. A n n u al sinking fund of
7% o f bonds o u t began w ith fiscal y ear ending D ec. 31 1912. Louis B oisot
Is also tru ste e .
C ar tru s t notes m a tu re in sm all am o u n ts over a period o f y e ars. Y . 90.
p . 850, 915; V . 93, p . 528, 591.
Dividends.— 6% p er a n n u m w as p a id on p ref. sto ck fro m 1913 to 1916,
Inclusive; 1917 dividends deferred (V. 106, p. 398). N o n e since.
E A R N IN G S .— F o r c alen d a r y ears:
1925.
1924.
1923.
1922.
1921.
Gross_______________ $827,353 $860,308 $896,104 $841,217 $857,457
N e t (after ta x e s)____
28,288
29,093
29,059
61,692
33,039
O F F IC E R S .— P res. & G en. M g r., C . M . C heney; V .-P ., C .D . Cass'*
F .-P ., R . E . W ilsey; Sec. & T re a s., J . B. K now les.— V. 115, p . 2794; V116, p . 517, 937, 1277, 1412, 1762; V. 117, p . 1463, 1665, 1993, 22141
V. 118, p . 3199; V. 122, p . 1028.

NEBRASKA
NEBRASKA POWER Qp.
Control.— American Power & Light Co. owns a m a jo rity of th e com m on

stock.
O R G A N IZ A T IO N .—O rganized in M ain e A p ril 23 1917 to succeed th e
O m aha E lec tric L ig h t & Pow er Co. Owns th e e n tire c ap ital sto ck , except
d ire c to rs’ shares, of C itizens Gas & E lectric Co. o f Council Bluffs.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. does su b sta n tia lly th e e n tire electric pow er a n d lig h t business in th e
C ity o f O m aha a n d su b u rb s. E stim a te d p o p u latio n , 210,000. T h rough
its su b sid iary . C itizens Gas & E lec tric C o. of C ouncil B luffs, supplies th e
en tire com m ercial an d m u n icip al electric pow er a n d lig h t and gas service
n C ouncil B lu ff s, Iow a; estim ated p o p u la tio n , 39,000. C o. owns electric
gen eratin g statio n s o f a to ta l c ap a c ity of 73,000 k .w .; 91 miles of tra n sm is­
sion a n d 602 m iles o f d istrib u tio n lines. O u tp u t 12 m os. ended J u n e 30
1926: 180,275,400 k .w .-h rs.; electric consum ers, 55,860.
ST O C K A N D B O N D S—• Date. Interest. Outstanding. Maturity.
C om m on $6,000,000 (no p a r ) . ___
_______ 1,000,000 s h s . __________
7% cum p f $10,000,000 ( $ 1 0 0 ) ____
7 Q-M
$5,700,000
See te x t
F irst m o rtg ag e---------------------- G u a ra n ty T r. Co. & F . J .H . S u tto n ,N . y , T r.
5 sse rA ($ 5 0 0 , $1,000,& c .)tf 1919
5 g J-D
8,600,000 Ju n e 1 1949
6 sse rB ($ 5 0 0 , $1,000,& c .)tf 1919
6 g J-D
1,950,000 Ju n e 1 1949
6% g deb series A ($500,/ 1922
6 g M -S
3,500,000 Sept 1 2022
$1,000, & c.)----------------- t f \ U . S. M tg e. & T r. C o., N . Y . C ity , T ru stee
Stock.— Of th e o u tsta n d in g $5,700,000 7% p ref. sto ck $5,200,000 is in
hands of th e p u b lic. T h e 7% cum. pref. is preferred as to assets a n d
cum . divs.; is red . a t 110 & divs.
Bonds.— 1st mtge. bonds a re Secured b y a fir s t m ortgage on th e e n tire
physical p ro p e rty , rig h ts a n d franchises of th e co. A dd itional 1st m tge.
bonds m ay be issued in series o f v a ry in g ten o r, b u t all bonds shall be
due Ju n e 1 1949. A d d itio n al bonds m ay be issued for 80% of a d d itio n s,
&c., pro v id ed n e t earnings for 12 consecutive w ith in preceding 15 m onths
have been no less th a n tw ice a n n u al in te re st on all p rio r lien an d 1st m tge.
bonds, incl. proposed issue. T o an improvement and sinking fund w hich
began Ju n e 1 1924, co. h as to p a y an n u ally th e following am ounts: Ju n e 1
1924 to 1928 in cl., 1% ; Ju n e 1 1929 to a n d incl. 1948, l l % of all 1st
A
m tge. bonds o u tsta n d in g . M oneys to be used for new acquisitions, &c.,
o r for purch ase a n d c an cellatio n o f 1st m tge. bonds.
5% series A are callable on 4 w eeks’ notice a t 105 an d in t. to an d incl.
Ju n e 1 1939 a n d th e re a fte r a t 102 l an d in t. In Feb. 1925 H arris, Forbes
A
& Co. a n d C offin & B u rr, In c ., offered $2,000,000 ad d itio n al 5% series A
a t 98A a n d in t., y ielding a b o u t 5 .1 1 % . V. 120, p . 829.
6% series B a re callable on 4 w eeks’ notice a t 105 an d in t. on a n y in te re st
d a te to a n d incl. Ju n e 1 1935 an d th e re a fte r a t 102
a n d in te re st.
T he 6% g. debentures, series A, dated Sept. 1 1922, are n o t red . prior
to Sept. 1 1947. On a n d a fte r Sept. 1 1947 a re re d ., whole or p a rt, on
30 d a y s’ n otice a t 110 a n d in t.: th e re a fte r a t p a r an d in t. A dditional
d eb en tu res m ay be issued fro m tim e to tim e in series of such te n o r as co.
m ay determ ine prio r to issue thereof, b u t only pro v id ed n e t incom e applicable
to in te re st charges for 12 consecutive w ith in preceding 15 calendar m onths
hav e been n o t less th a n tw ice all a n n u al in te re st charges, incl. in t. on
proposed d ebentures.
Dividends.— R egular q u a r. dividends of $1 75 hav e been p a id on th e
7% cum . pref. stock since issuance in 1917.
E A R N IN G S .— F o r calen d ar years:
„
1925.
1924.
1923.
1922.
G ross earns, from oper__ $4,165,173 $3,939,010 $3,807,567 $3,503,765
O per. ex p ., incl. ta x e s ,. 2,183,855
2,107,858
2,174,883
2,159,316
N e t earn s, fro m o p e r. $1,981,318
O th er incom e--------------226,100

$1,831,152
144,445

T o ta l incom e-------------- $2,207,418
In te re s t on b o n d s--------740,053
O th er in t, & d e d u ctio n s,
77,906
D ivs. on pref. sto c k ___
358,069
Renew . & replace, r e s . ,
300,000

$1,975,597
632,000
-45,002
335,747
300,000

$1,632,684
78,070

$1,344,446
75,082

$1,710,754 $1,419,528
607,000
529,060
50,830
91,553
280,000
218,750
300,000
150,000

B alance, su rp lu s------$731,390
$662,848
$472,924
Earnings.— F o r 12 m o n th s ended J u ly 31:
„
1926.
Gross -------------------------------------------------------------$4,293,449
N e t, a fte r expenses a n d tax es, incl. o th e r in c o m e ,, 2,241 J 89
In te re st, &c., p re f. d iv id en d s____________________ 1,196,955

$430,165
1925.
$4,068,968
2,178,214
1,126,604

B alan c e ----------------------------------------------------------$1,044,234 $1,051,610
O F F IC E R S .— P res., W alter W . H ead: V .-P . & G en. M g r., J . E . D av id ­
son; V .-P ., E . W . H ill; V .-P ., A . S. G renier; Sec. & T rea s., S. E . Schw eitzer.
— V. 120, p . 829, 2684; V. 122, p . 3340.
C IT IZ E N S G A S & E L E C T R IC C O . O F C O U N C IL B L U F F S .
Control.— N eb rask a Pow er C o. owns th e en tire c ap ital stock except
d ire c to rs’ shares.
O R G A N IZ A T IO N .— In co rp o rated in N ew Jersey in 1900.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Co. supplies th e e n tire electric pow er an d lig h t a n d gas service in Council
Bluffs, Iow a; p o p u latio n served is e stim ated a t 39,000. C om pany buys
all its electrical energy fro m N eb rask a Pow er C o. C o. owns 17 m iles of




331

electric transm ission a n d 123 m iles of electric d istrib u tio n lines .a C ap a c ity
of gas p la n ts, 2,800,000 cu. ft.; of gas holders, 300,000 cu. ft.; gas se n t o u t
fo r 12 m o n th s ended J u n e 30 1926, 258,253,000 cu. ft.: 93 m iles of gas m ains.
T o ta l consum ers, 19,302 (11,076 electric a n d 8,226 gas).
ST O C K A N D B O N D S—■ Date.
Interest. Outstanding. Maturity.
C ap ital s to c k $500,000 ( $ 1 0 0 ) - ___
_______
$500,000 __________
C ouncil Bluffs G & E Co 1st? 1898
5 M -N
139,000 N ov 1 1928
M $300,000 ($1,0 0 0 c )_ _ n tf (In t. a t N ew Y ork T ru st C o., T rustee
Bonds.—-The Council Bluffs Gas & Electric Co. 1st mtge. bonds have a
sinking fu n d of $5,000 p e r an n u m .
E A R N IN G S .— F o r calendar years:
1925.
1924.
1923.
1922.
G ross earn in g s_________
$826,125
$784,462
$752,083
$711,817
O per. exp. & ta x e s _____
625,828
627,157
597,998
564,281
N e t e arn in g s________
O ther incom e__________

$200,297
11,884

T o ta l incom e________
B ond in te re s t__________
O ther in t. & d e d u c tio n s.
R enew . & replace, re s _
_

$212,181
15,763
68,784
40,000

$157,305
10,051
$167,366
28,513
32,766
30,000

$154,085
95
$154,180
28,908
14,627
30,000

$147,536
95
$147,631
29,309
10,331
30,000

B alance, s u rp lu s_____
$87,634
$76,077
$80,645
$77,991
Note.— Gross earnings 1925 w ere derived 63% from sale of electric power
an d lig h t a n d 37% fro m gas sales.
O F F IC E R S .—-Pres., F . F . E verest; V .-P . & G en. M g r., J . E . D avidson
V .-P ., A . S. G renier; Sec. & T re a s ., S. E . Schw eitzer.

OMAHA & COUNCIL BLUFFS STREET RAILWAY.
O R G A N IZ A T IO N .— In c o rp . in N e b ra sk a . Owns lines form erly oper­
a te d by O m aha S t. R y . C o.; leases th e O m aha & C ouncil B luffs R y . & B ridge
C o. in C ouncil B luffs, Iow a, u n til 1947, to g e th e r w ith its bridge over M is­
souri R iver, re n ta l being $60,000 p er a n n u m , in a d d itio n to all fixed charges.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A tro lley ro a d . O perates 162.62 miles of tra c k , em bracing all th e stre e t
railw ays in O m aha, N e b ., an d in C ouncil B luffs, l a . , including th e O m aha
and C ouncil Bluffs b ridge.
Litigation.— A n am ended p e titio n seeking a c o u rt decree ordering th e
com pany to tu rn over to th e c ity its en tire s tre e t railw ay p ro p e rty in
O m aha was filed in J a n . 1918 b y C orporation C ounsel L a m b e rt. A ju d g ­
m en t for th e c o m pany’s earnings since J a n . 1917 was also ask e d . T he
action was based on th e provision of th e franchise g ra n te d th e O m aha
H orse C ar C o. (this com p an y 's predecessor), b y w hich its p ro p e rty w as to
re v e rt to th e c ity on J a n . 1 1917. V . 106, p . 86. A ru lin g has been
handed down b y th e c o u rt w hich holds t h a t th e rig h t of reversion does h o t
extend to an y p a r t of th e p re sen t p ro p e rty of th e O m aha & C ouncil B luffs .Ry,
Fares.— See “ E lec tric R ailw ay ” S u pplem ent of O ct. 28 1922, also V . i 19,
p. 455, 1065, 1282, 1510.
Tax Belief or Higher Fares Sought.— See V. 119, p . 1510. On Ju n e 10
1925 w as g ra n te d b y th e N e b ra sk a R y . C om m ission a n increase in fares
estim ated to bring a n n u ally betw een $311,000 a n d $367,000 m ore revenue.
V. 120, p . 3315.
ST O C K A N D B O N D S—
Date.
Interest. Outstanding., Maturity.
C om m on $10,000,000 ( $ 1 0 0 ) - . ____
$5,000,000
See te x t
P ref 5% cum fro m J a n 1 1 9 0 4 1 ____
5 Q -J
4,000,000 See te x t
$5,000,000 ($100)________
First cons m tge $10,000,000 g ( 1902 5 g J - J
9,056,000 J a n 1 1928
($1,000) no sink fu n c L c * .tf/In te r e s t a t G u a ra n ty T r u s t C o., N ew Y ork,
Stock.— $5,000,000 com . an d $1,000,000 pref. sto ck a re s e t aside for
additions and im provem ents.
Bonds.— Of th e firs t consols. $944,000 ow ned an d in tre a su ry .
Dividends.— F irst d ividend on p re f. sto ck , 1 M % . w as p a id A pril 1 1904,
a n d sam e am o u n t q u a r. to a n d incl. J u ly 1918. N o n e to O ct. 1919, when
2A% w as p a id . In D ec. 1919, 2H % ■ In 1920, A pril 2 14%: J u ly , 14£% ;
O c t., 114%'. D ec., 1 H % - i n 1925, M a r ., J u n e , Sept, a n d D ec. p a id 1 / |% .
In 1926, A pril, 1J^% ; J u ly , 114%: O ct., 1 H % . On com m on, firs t d iv .,
2 % , p a id J u ly 1907. In 1908rto 1911, 4% p e r a n n . In 1912 /1 9 1 3 a n d
1 9 1 4 ,5 % . I n 1915, 4 A % - In 1916 an d 1917, 4 % . I n 1918, J a n . a nd
A pril, 1% . N one since.
E A R N IN G S .— F o r calen d ar years:

Gross Net after Other Rentals, Pref.
Earmngs. Taxes. Inc. Int., &c. D ies.

P. & L.
Adjusts.

Balamce,
Surplus.

1925____4,055,705 955,182 15,079 627,907 <1200,000 0 3 5 ,5 0 1 177,855
1924____4,341,473 981,261 22,894 633,921 a200,000 0 1 2 5 ,7 4 8 295,982
1923____4,498,411 934,890 36,441 637,490 a200,000
Dr21 133,820
1922____4,568,521 880,313 42,140 637,480 6350,000 Cr54,453 defl0,574
a 5% . b S % % .
O F F IC E R S .— P re s ., W . A . Sm ith; V .-P ., F . P . H a m ilto n ; V .-P . & Gen
M gr., R . A. Leussler; Sec. & A u d ., W . G . N icholson; T re a s., A . S. W idepor,
Asst. G en. M g r., F . S. W elty .— V . 108, p . 2122; V. 109, p . 371, 677, 1987;
V. 110- p- 360. 1643: V. H i , p . 1084, 1279; V. 112, p . 1144: V. 113, p . 1361.
1675; V. 120, p . 3315.
(1) OM AHA & C O U N C IL B L U F F S R A IL W A Y & B R ID G E .
O R G A N IZ A T IO N .— In c o rp . in Iow a in 1902. Is leased to th e O m aha
& C ouncil Bluffs S tree t R y . F o r te rm s of lease, see s ta te m e n t of th e la tte r
above. Owns e n tire c ap ital sto ck of th e O m aha C ouncil Bluffs & Suburban
R y. a nd th e L ake M an a w a & M a n h a tta n B each R y . L ake M anaW a S
c
M a n h a tta n B each has no fu n d e d d e b t.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
An electric ro a d . C om prises 32.12 m iles of tra c k , including th e trackage
of th e O m aha C ouncil B luffs & S u b u rb an R y . a nd th e L ake M anaw a &
M a n h a tta n B each R y ., em bracing th e en tire s tre e t railw ays of Council
Bluffs. Also owns bridge betw een O m aha a n d C ouncil B luffs over t h e
M issouri R iv er. Franchises ru n u n til 1946.
STO CK A N D BO ND S—
Date.
Interest. Outstanding. Maturity.
C om m on $1,500,000 ( $ 1 0 0 ) - - - ____
_______
$1,500,000 __________
P re f 4% cum from F eb 1 19071 ____
F-A
1,500,000 A u g ’26 ,2 %
$1,500,000 ($100)________ J
F irst consol m tge $2,000,0001 1902
5 J*-J
1,808,000 J a n 1 1928
($1,000) gold________c * .tf /I n te r e s t a t C en tra l T ru s t C o ., N . Y ., tru ste e .
Bonds.— O f th e new firs t consolidated m tge. for $2,000,000, $192,000 are
reserved for im p ro v em en t . V . 89, p . 1234, 1281; V. 94, p . 1119.
Dividends.— D ividends h a v e been regularly p aid on pref. sto ck since 1902.
O F F IC E R S .— P re s ., G eo. S. W right; V .-P ., F . F . E v e re st; S e c .. C . T .
S tew art; T re a s., B . P . W ic k h am .— V . 113, p . 1675; V . 119, p . 455, 1065,
1282, 1510.

THE LINCOLN TRACTION CO.
Control.— C ontrolled b y th e Continental Gas & Elec. Corp., a subsidiary

of U nited L ight & Pow er C o. (M d .). V. 119, p . 1625, 1953; V. 121, p . 1227.
Lincoln G as & E lectro c L ig h t C o ., a n o th e r su b sid iary of C o n tin e n ta l G as
& E lec. C orp. w as to be consolidated w ith th e pro p erties of L incoln T rac tio n
C o. in a new com p an y , th e Lincoln Rubber Service Co. as w as anno u n ced in
D ec. 1925.
O R G A N IZ A T IO N — In c o rp o rate d in N e b ra sk a in 1909. Is a consoli­
d a tion of th e old Lincoln T rac tio n and th e C itizens’ R y . C o. V. 88, p . 506.
H olders of th e old Lincoln pref. stock ($700,000) received 110 in th e new
bonds. H olders of th e old Lincoln com. ($330,000) received, for e very sh are
of old, tw o shares of new pref. a nd four shares of new com m on. H olders
of C itizens’ R y . stock ($415,000) received 100% in new pref. an d 80% in
new com m on. Owns Lincoln H e a t, L ig h t & Pow er C o ., w hich sells electric
iight a nd pow er a nd stea m h e a t.
F IE L D O F O P E R A T IO N S .— Owns 49.46 m iles of tra c k .
Valuation.— See V. 117, p . 2769.
S T O C K A N D B O N D S — Date.
Interest. Outstanding. Maturity.
C om m on $2,000,000 ($100)________
_______
$1,652,000 D e e ’16, 1 %
Pref $2,000,000 ($100) 6% c u m ____
Q -F
1,578,000 M a y ’2 4 , 1 A
1st m ortgage $1,500,000 gold) 1909
5 g J-J
t 1,200,000 M a r 1 1939
($1,000)_____________ c & r.tf/In te r e s t a t N ew Y ork T r u s t C o ., tru s te e .
5-year c o llateral n o te s ________ 1924
614%
225,000
See te x t
Bonds.— R em aining bonds a re pledged to secure th e 5-year 6A% col­
la te ra l n o te s. S ubj. to call a t 110.

232

PUBLIC UTILITIES

Notes.— T h e coll. 6 H % n o tes are secured by $300,000 1st m tge. 5s
Are due $15,000 Feb. 1 each y e ar and $165,000 due Feb. 1 1929.
Dividends.— 1 H % paid q u a r. on pref. from M ay 1 1909 to N ov. 1 1917,
tael. F eb . 1918 div passed D ivs. on pref. resum ed in F eb . 1923 (a t which
tim e a sto ck d iv o f 30% was paid for back d iv s.). and paid reg ularly since
to and incl. M a y 1924. On com m on. 2% paid Sept. 1912, 1 % paid M arch 15
1914 and 1% p aid S ep t. 1 1914. In 1915. 3 % ; In 1916. 5%
E A R N IN G S .— F o r cal. years:
Gross.

Net.

Int. &Taxes.

Balance

1923 .........................
$1,061,446
$288,547
$159,104
$129,443
1922 ______
1.119,316
313.440
169.102
144.338
1 9 2 1 ....................................
1.157.659
286.526
177.587
108.939
Latest Earnings.— F o r 12 m o n th s ended D ec. 31 1924, gross, $934,302;
net. before taxes, $237,146.
O F F IC E R S .— P res., W . E . Sharp; V .-P ., C . N . C hubb; Sec. & T re a s .,
L . H . H einke; G en. S u p t., E . R . H ein y .— Y. 117, p. 2769; V. 119, p . 1625,
1733, 1953; V. 121, p . 1227.

OMAHA LIN COLN & BEATRICE RAILW AY.
O R G A N IZ A T IO N , &c.— Seven m iles fro m Lincoln to B eth an y H eights
Is com pleted a n d in o p eratio n . Of th e 7 m iles ju s t m en tio n ed , % of a m ile
Is an extension into th e m ain business centre o f U n iv ersity Place. On this
la tte r com pany w as to in a u g u ra te a bus service in th e fall o f 1926. V. 123,
p . 1763. S ta n d a rd gauge. 70-lb. T ra il. Franchises 99 y ears a n d p e r­
p e tu a l.
C A P IT A L IZ A T IO N .— Stock a u th ., $2,250,000 ($100): o u tsta n d in g .
$200,000. In Dec. 1916 th e N e b ra sk a R R . C om m . a u th . th e com pany to
Issue $2,000,000 com m on a n d $500,000 pref. stock and $2,500,000 bonds
for t h e c o m p l e t i o n o f t h e lin e f r o m O m a h a t o L in c o ln b u t n o t in clu d in g - th e
extension to B eatrice. N o bonds, ho w ev er, hav e ever been issued. O f th e
c ap ital sto ck $20,000 com m on an d $15,000 preferred sto ck w ere issued.
E A R N IN G S .— F o r calen d ar y e a r 1925 incom e from all sources am o u n ted
to $43,291; loss a fte r tax es, $521. Eigures for 1924 were n o t received. F o r
calen d ar y ear 1923, gross, $42,051; n e t, a fte r taxes, loss, $3,540.
) OF K l('E R S .— P res., H arvey M usser; Sec.. J . O. M usser; T rea s. & Gen
M gr J M B ram lette. Office, 231 N o r t h 1 4 th 'Jt.. L incoln.— V . 103.
p. 844; V . 104, p . 73; V. 108, p . 1275; V . 123, p . 1763.

NORTH DAKOTA
C ENTRAL W EST P UB L IC SERVICE CO.
Control.— T h e m a n a g em e n t an d o p eratio n of co m p a n y ’s p ro p e rties are
u n d e r th e d irectio n o f \V. N . A lb ertso n , w ho ow ns a m a jo rity of th e com m on
sto ck o f th e co m p an y .
““ O R G A N IZ A T IO N .— O rganized in 1926.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns th ro u g h subsidiaries 20 estab lish ed an d form erly in d e p e n d en tly oper­
a te d pu b lic u tility p ro p erties in Iow a, S outh D a k o ta, N o rth D a k o ta a nd
N e b ra sk a , serv in g , p ra c tic ally w ith o u t c o m p etitio n , a p o p u la tio n in excess
of 50.000. In clu d ed in th is te rrito ry are such m u nicipalities as Jam estow n,
N . D .; C olum bus a n d N orfolk, N e b .; an d R ap id C ity , S. D . C om pany
m a n u fa c tu re s all o f th e gas a n d a p o rtio n of th e electricity w hich it dis­
trib u te s , th e b alan ce o f electrical energy being purchased u n d e r favorable
c o n tra c ts. C o m p a n y 's gross business is derived ap p ro x im ately from th e
follow ing sources; E lec tric , 52% ; g as, 38 % ; telep h o n e, 1 0 % . V . 123, p .
323, 709. _ ____________
'
_
•
“ STO CK A N D B O ND S—
Date"™" InterestT' Outstanding7 ” Maturity.
C om m on 105,000 shs (no p ar) _ _____
— '_____ 105,000 shs ___________
7 % cum p re f $ 1. 000,000 C $ 1 0 0 )-----7
$290,000 __________
1-yr 5l % g n o tes $2,000,000/ 1926
A
5 1 g J - J 1,550,000 J u n e 3 0 1927
4
($500-1,000 c ) __________ tf [I n t. a t F irs t T r. & Sav. B an k . C hicago, tru s .
Notes.— C o. c o v en a n ts n o t to p e rm it an y su b sid iary to in cu r a n y c u rre n t
in d e b te d n ess except to th e co. in excess o f c u rre n t assets, or c re ate or incur
a n y fu n d ed in d eb ted n ess or a n y indebtedness secured b y m o rtgage of its
p ro p e rty , except in d eb ted n ess evidenced by securities which a re to be fo rth ­
w ith d e p o sited u n d er th e tru s t ag reem en t of th e 5 H % 1-year g. notes.
T h ese n o tes a re re d ., all or p a r t, on 30 d a y s ’ notice a t 100 Y u n til J a n . 1
1927, a n d th e re a fte r u n til m a tu rity a t 100 Y . plus in t. in each case. In
J u ly 1926 A B . Leach & C o ., In c ., a n d C arm a n , Fox & S nider, In c ., offered
$1,550,000 o f th ese notes a t 100 an d in t. V. 123, p . 3 2 3 .^ ^ ^
mm* ~ *
* * x m~
"“ e a R N IN G S .-—F or 12 m o n th s en d ed M arch 13 1926:
G ross e arn in g s__________________________________________________ $370,590
O p e ra tin g expenses, ta x e s a n d m a in te n an c e _____________________ 197,910
N e t earn in g s, av ailab le for d ep reciatio n a n d in te re s t___________$172,680
A n n u al in te re s t on 1-year n o te s __________________________________ 82,250
B a la n c e _______________________________________________________ $90,430
O F F IC E R S .— P re s ., W . N . A lb e rtso n .— V. 123, p . 323, 709.

O T T E R T AIL POW ER CO. OF DELAWARE.^___
r" O R G A N IZ A T IO N .— In c o rp . in D elaw are A pril 1 1926 to hold entire
com m on sto ck a n d such of th e p re f. sto ck of Otter Tail Power Co. (Minn.)
a s it m ay hav e acquired.
________
____
P* ST O C K A N D B O N D S— ~w
.DateT™ InterestT~Outstanding."'Maturity.
jtCom 30,000 shs (no p a r)_________ $7 50 Q-M
16,468 shs ____________
$7 cum [30,000 shs (no p a r ) _ _____
_
$6-7 Q -J
$6 cum /
x See description below u n d e r “ S to c k .”

30,000 shs

BONDS & N O TES
In form ation on Request

BON D DEPARTM ENT

Minneapolis Trust Company




M in n e a p o lis , M in n .

Stock.— T h e $6 cum. pref. a n d $7 cum. pref. stocks have equal preference
as to assets and divs. C all, on a ny d iv . d a te a t $100 per share. Convertible
in to M innesota co. 's stock in case of dissolution of D elaw are co. Sole voting
pow er te sts w ith founders’ sh ares, except in case of liquidation.
Of above 16,468 common shares, 6,400 shares are founders’ com m on stock
(which has sole voting power) a n d 10,068 are special com m on stock.
8,000 special com m on shares were offered a t $125 in M arch 1926 by W ellsD ickey C o. a n d K alm an & C o., M inneapolis, M in n ., pay ab le in 3 install­
m ents; 50% A pril 1 1926, 25% Aug. 1 1926, 25% D ec. 1 1926. D elivery
was to be m ade in th e form of tran sferab le 6% in t. bearing certificates of
O tte r T ail Pow er C o ., which a re to be exchanged D ec. 1 1926 for special
com m on stock a t ra te of one share for $125 p a r value of 6% certific a te s.
O F F I C E R S — P res., V. A. W right; V .-P . & G en. M g r., C . S. K ennedy;
V .-P . & T re a s., Sam uel P . A dam s; Sec., W . L . H a tc h , F e rg u s F a lls, M in n .
Office, F ergus F alls. M in n .
O T T E R T A IL P O W E R C O . (M IN N E S O T A ).
O R G A N IZ A T IO N , &c.—-Incorp. J u ly 3 1907 in M in n eso ta to furnish
electric pow er. S ubsequently purchased p ro p e rty of W estern E lec tric C o.
of Jam estow n, N o. D a k . In A pril 1925 pu rch ased p ro p e rties in N o rth
D a k o ta form erly ow ned a n d o perated by th e M idw est Pow er C o. of S t.
P a u l. Owns 6 steam p la n ts of 5,200 h .p . an d 4 w ater pow er dam s of 5,000
k.w . w ith all necessary flow age rig h ts, a nd 1,200 m iles of tra nsm ission lines.
H ydro-electric pow er p la n ts a t T ap lin G orge, D a y to n H ollow , H o o t L ake
and Fergus F alls, M in n . A 3,000 k.w . steam p la n t a t F ergus F a lls, and.
operates u n d e r lease Pisgah p la n t, 750 k.w . P o p u la tio n serv ed , 100,000.
H as co n tract w ith 163 cities and villages in M in n eso ta , N o rth D a k o ta a nd
S outh D a k o ta. O u tp u t (k.w .h.) for years ended D ec. 31 1922, 17,205,957
1923, 21,029.517; 1924, 23,675,775; 1925, 29,153,076.
ST O C K A N D B O N D S — Date.
Interest. Outstanding. Maturity.
See te x t
_______
$320,000
F o u n d e rs’ com $500,000 ( $ 5 0 ) . ____
Special com ($600,000 ($50)_______
_______
91,700
See te x t
7% cum p re f $1,000,000 ($ 1 0 0 ) ____
7 Q -J
739.500
6% cum p re f $2,000,000 ( $ 1 0 0 ) ____
6 Q -J
1,015,400
1st & re f 6s (closed) ($1,000,/ 1913
6 A-O
1,009,000 A pril 1 1933
$500, $200-C)_________ n t f [N orthw est T ru st C o ., S t. P a u l, M in n ., tru s .
G en & re f 6 Ms series C ______ [ 1924
65^ A-O
800.000 A pril 1 1939
5V£s series D _____________ j 1925
MA J -J
1.200,000 J a n 1 1945
($1,000, $500c*)________ tf(N o rth w e st T ru st C o ., S t. P a u l, M in n ., tru s .
Stock.— T h e founders’, as well as th e special common sto ck , a re entirely
owned by O tte r T ail Pow er C o. of D elaw are. T h e y ra n k e qually except
th a t special has no v oting pow er. D ivs. p aid : 1920, 8 % ; 1921 to 1923
incl.. 9% ; 1924 a n d 1925. 12% .
T he 7% cum. pref. has equal preference as to assets an d divs. as th e 6%
pref. C all, a t p a r on a n y div. d a te on 60 d ay s' notice. E n title d to p a r in
liq u id atio n . N o sinking fu n d provision. R egular divs. p aid q u a rte rly .
N o additional pref. m ay be issued th a t w ould reduce n e t assets below $100
per share of pref. an d in arriving a t net assets th e p ro p e rty value is n o t to
exceed 4.A tim es gross earnings. $100,000 6% cum . pref. was offered a t
92 in Ju ly 1926 by K alm an C o. and W ells-D ickey C o ., M inneapolis.
Bonds.— T h e ls( eft ref. (now ls() gold 6s. dated April 1 1913 are call, on
an y in t. d a te a t 102. Sinking fu n d 1% an n u ally began A pril 1 1915. Se­
cured by a 1st (closed) m ortgage on en tire p ro p e rty . $1,200,000 w ere
offered a t p a r in J a n . 1925 by W ells-D ickey C o., M inneapolis.
A dditional gen. eft reft bonds m ay be issued in series of such te n o r as
directors m ay decide, for 70% of p e rm anent extensions, & c., provided, how­
ever, net earnings before depreciation for 12 consective m o n th s preceding
equal tw ice in te re st on all bonds ou tsta n d in g in c l. underlying issues a n d pro­
posed issue, or 1A tim es in te re st a fte r depreciation.
6 H s, series C are n o t call, until April 1 1933. C all, th e re a fte r a t 100.
A nnual sinking fund of 1% of bonds o u tsta n d n ig to retire bonds or im prove
p ro p e rty . In ad d itio n , depreciation reserve fund of 4% a n n u ally of all
bonds ou tsta n d in g an d used to provide for renew als a n d replacem ents, &c.,
ag ain st which no bonds m ay be issued.
Series C 6 H s, dated April 1 1924 are n o t callable u n til A pril 1 1933; call,
th e re a fte r a t 100. In A pril 1924 W ells-D ickey C o ., M inneapolis, offered
$400,000 a t 9914 an d $175,000 a t p a r in Ju n e 1924.
Series D 5 K s , dated Jan. 1 1925 are equally secured w ith series C . C all,
on an y in t. d a te on 60 d a y s ’ notice a t 103 to J a n 1 1930; th e re a fte r a t
Yi % less for each year or p a rt to J a n . 1 1944; th e re a fte r a t p a r. $1,200,000
series D were offered in A pril 1925 a t 100 by W ells-D ickey C o., M inneapolis
T ru st C o ., a nd J . F . Lowe C o ., In c ., M inneapolis, M in n .
T h e 6% g. notes due June 1 1930 w ere re tired a t 102 in 1926 a t M erch an ts
T ru st & Savings B an k , S t. P a u l.
E A R N IN G S .— F o r calendar years:
1925.
1924.
1923.
1922.
Gross earnings_________ $1,283,723
$832,053
$618,917
$531,449
O perating exp. & ta x e s ..
640.402
446,824
315,802
259,281
N e t earnings________
O ther incom e__________

$643,321
23,831

$385,229
42,472

T o tal incom e________
Fixed charges_________
D ep reciatio n ___________

$667,152
215,317
205,417

$427,701
139,765
135,244

$303,115
9,334
$312,449
96,077
114,796

$272,168
11,015
$283,183
90,344
95,714

B alance...........................
$246,418
$152,692
$101,576
$97,125
O F F IC E R S .— P re s ., V ernon A . W right: V .-P . & G en M g r., C . S.
K ennedy; Sec. & A u d ., W . L H a tch ; T re a s ., S. P . A dam s; A sst. Sec.,
F re d . L effler. Office, F ergus F alls, M in n .—-V. 120, p . 2021, 2402, 2817,
3065.

N O R T H E R N ST A T E S POWER CO.— FARGO-M OORHEAD D IV IS IO N (ST R EE T R AILW AY).
T his com pany is p a rt of N o rth e rn S ta te s Pow er C o. of M in n eso ta .
E arnings a re included in la tte r co m p a n y ’s figures.

__________

OTTER TAIL POWER CO.

115 S o u t h F ift h S treet

[V ol. 123.

SOUTH DAKOTA
C ON SOL ID AT E D POWER & L IG H T CO. OF SO. D A K .
Controlled th ro u g h ow nership of $1,996,800 of co m p a n y ’s com m on sto ck
and b u t $300 of th e pref. stock, by General Public Utilities Co., w hose com ­
m on stock is ow ned by Day <ft Zimmermann, Inc. V. 122, p . 2649.
O R G A N IZ A T IO N .— In co rp . M arch 10 1908 in M aine.
F IE L D OF O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Co. owns and o p erates d irectly or th ro u g h subsidiaries. 14 lig h t a nd power
plants w ith to ta l installed c ap a c ity , 23,454 h . p. serving 30 prosperous
and grow ing com m unities in South D a k o ta , N e b ra sk a . K a n sa s. T exas.
New M exico a nd A rizona. A ggregate population over 150.000. Subsidi­
aries are: Southwestern Public Service Co. (see se p a ra te s ta te m e n t), Gulf
Public Serviee Co. (see sep a ra te s ta te m e n t), N e b ra sk a L ight & Pow er C o.,
G othenburg L ight & Pow er C o. a nd D a k o ta Pow er C o.
ST O C K A*JD B O N D S—
Date.
Interest. Outstanding. Maturity.
_________ $2,000,000 -----------------Com m on stock ($100)________ _____
Preferred 6% cum ($100)__________
Q-M
795.000 ---------------1st m tge $5.0uu,000 ($1,000)1 1910 5-6 g J-D
1,531,000 Ju n e 1 1929
gold sinking fu n d _______ c * /I n t. a t Old C olony T ru s t C o., B oston, tru s t.
1-year m tge lien notes ($500 & l 1925
6 g F-A
1,900.000 Aug 1 1926
$1 non) gold
o*tf J In t. a t G u a ra n ty T ru st Cn N. Y . tru ste e .
D a k o ta P ow er Co 1st m tg e
____
6
341,750
1938
D a k o ta Pow er Co gen m tg e . ____
7
424,250
1943
N e b ra sk a L t & P r i st m tg e _ _____
_
6
300,000
1934
Bonds.— 1st m tge. 5s have sinking fund since 1913 of 1% per an n u m of
a m o u n t o u tsta n d in g . C allable on an y in t. d a te a t n o t exceeding 105. Of
a m o u n t show n above as o u tsta n d in g , $36,000 carries a n ad d itio n a l 1%
in te re s t coupon (to tal in te re s t, 6% ); all th e o th e r bonds a re 5s.
The 1-year m tge. lien notes are fu rth er secured by deposit with tru ste e of
dll the com . sto ck of th e Southw estern Public Service C o., N ebraska Light
& Pow er C o. a nd D a k o ta Pow er C o., a nd n o t less th a n 2-3 of th e pref. stock
of Southw estern Public Service C o. Are callable a t 101 a n d In t. on 30 d a y s’
notice. In A ug. 1925 $1,900,000 were sold a t 100 an d in t. b y PearsonsT a ft C o. a n d W est & C o. V . 121, p . 838.

O ct:, 1926.]

233

POWER, LIGHT AND RAILWAY

E A R N I N G S .— Earnings statem ent 12 months ended M a y 31 1924:
Gross earnings_________________________________________________________ $399,426
Operating expenses, including taxes and maintenance____________
198.931
Interest on bonds outstanding June 30 1924_______________________
127.725
B a la n c e _____________________________________________________________
Note interest__________________________________________________________

$72,770
21.000

B a la n c e _____________________________________________________________
$51,770
O F F IC E R S .— Pres., C . N . M ason: V .-P .. N . E . Franklin: V .- P . & Gen
Mgr . Lee Rover-Sec S Trpas M . M . W heeler.— V . 119. p . 4 60, 6 98, 3008 :
r
V. 121, p. 838; V . 122, p. 2649 .

Debentures.— 6 % debentures Ser. " A ” are red. on and after Sept. 1 1947
and prior to Sept. 1 2017 all or in part at any time on 30 days' notice at
110 and int.; thereafter at par and int. Penna. 4 mills tax refunded.
$3 ,0 0 0 ,0 0 0 were o ffe r e d in Sept. 1922 by Bonbright & C o . at 9 0(4 and in t.,
to yield over 6 .6 0 %
V 115. p 1436.
D iv i d e n d s .— Paid regularly on pref. since issuance In 1910.
E A R N I N G S .— For calendar years:
1925.
'
1924.
1923.
1922.
Gross earnings from oper $5 ,2 1 9 ,4 8 3 $ 5 ,651,591 $ 5 ,558,121 $ 5 ,111,157
Oper. exp ., incl. t a x e s .. 3 .3 1 2 .9 7 0
3 ,9 6 7 .9 9 2
3 ,9 8 8 .2 4 4
3,373,411
N e t earns, from op er. $ 1 ,9 0 6 ,5 1 3
Other Income____________
249.871

$ 1 ,6 8 3 ,5 9 9
3 75.309

Total incom e___________ $2,15 6 ,3 8 4
$2.0 5 8 908
Interest on bonds_______
1,020.000
1 .020.000
Other int. & deductions.
129.568
117.682

KANSAS

$1 ,5 6 9 ,8 7 7
2 01.290

$ 1 ,737,746
31.942

$1 ,7 7 1 ,1 6 7
91 5 ,5 0 0
7 3,662

$1,76 9 ,6 8 8
652.748
145.196

B a la n c e ................ ......... $ 1 ,0 0 6 ,8 1 6
D iv s. on preferred stock .
364.846

$782 ,00 5
2 7 5.019

$971,744
184,529

Balance................. ............
R en ew .& replac. res____

KANSAS ELECTRIC POWER CO.

$ 921 ,22 6
3 5 4.337
$566 ,88 9
2 00.000

$ 506 ,98 6
2 0 0.000

$787,215
200.000

$ 641 ,97 0
3 50.000

C ontrolled by National Electric Pover Co. V. 121, p . 329.
R a la n c e fo r s u r p lu s
$ 291,970
$ 3 6 6 ,8 8 9
$ 3 0 6 ,9 8 6
$ 5 8 7 ,2 1 5
O perated u n d e r th e general supervision and m an ag em en t of E lectric
L a te s t E a r n i n g s .— For 12 m os. ended A u g. 31:
M an ag em en t & E ngineering C orp. of N ew Y ork.
1926
1925
O R G A N IZ A T IO N .— Inco rp . in K ansas on Ju n e 16 1922 as successor to G ross_____________________________________
$ 4 ,4 7 6 ,3 6 8 $5 ,6 1 2 ,5 1 0
th e 'K a n s a s E lectric U tilities C o. (incorp. in K ansas S ept. 1915). which N e t after expenses, taxes.Including other Incom e. 2 ,1 2 9 .4 8 0
2,1 5 6 .5 1 2
acquired th e p ro p e rty of th e Law rence R y . & Light C o ., th e E m poria R y. Interest, & c., preferred dividends___________________ 1,5 3 1 .2 2 9
1,528.646
& L ight C o. and th e Parsons Ry & Light Co. In 1922 th e K ansas E lec tric
Balance______________________________________________
598.251
627,866
Pow er P o . acquired th e p ro p erties of th e L eavenw orth Light H eat &
O F F IC E R S .— Pres., H . P. W right; V .-P s .. L. O . Ripley. A . S. Grenier,
P o w er C o. an d B o n n er Springs E lectric & M fg. C o. In 1926 acquired pro p ­
and E. W . Hill; Sec.. Chas H Sm yth; T reas., P . F . G ow ; G en. M g r. Sc
e rty o f E a ste rn K ansas P o w er C o. Owns 90% of e n tire c ap ital stock of
O hio E lectric Pow er C o ., which h as acq u ired th e p ro p e rty of th e M iam i Asst. Sec dt Asst. T reas.. H S Sladen — V 1 18. p. 1528; V . 119, p . 2529;
V alley E lectric C o. an d U nion C ity (Ohio) E lec tric C o ., a n d e n tire c ap ital V . 120, p . 2268; V . 122, p . 2329 V . 123, p . 7 10.
sto ck of U nion C ity (In d .) E lec tric C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
ARKANSAS VALLEY INTERURBAN RAILWAY.
Supplies electric lig h t, pow er and s tre e t railw ay tra n s p o rta tio n to th e cities
O R G A N I Z A T I O N .— Incorp. in Kansas in 1903.
o f L eavenw orth. L aw rence. Em poria C ouncil G rove and Parsons K an.
co n d u cts th e gas business in L eavenw orth an d a bu s system in E m p o ria ,
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S IN E S S .—
and serves w ith o u t com petition an e stim ated p o p u lation of 145.000. Owns and operates an interurban electric railroad from W ichita to Newton
T hro u g h its subsidiaries th e co. supplies electric lig h t a nd pow er to 45 ind Hutchinson, K a n . Owns and operates 60 miles single-track equivalent:
com m unities in In d ia n a an d O hio. Francises expire in 1938. 1940, 1952, ■standard gauge: 70, 80 and 85-lb . rail. Also operates under contract 2(3
19 7. S tree t railw ay in Parsons was ab andoned in 1918. N u m b e r of con­ rules in Hutchinson. Power is purchased from Kansas Gas & Electric C o .
sum ers, including subsidiaries. 32.011 electric, 4.721 gas. M iles of tra n s ­ and United W ater. Gas & Electric C o . Has long-term franchises in corp.
mission lines, 399: of d istrib u tin g lines, 1.467 miles. Pow er p la n t c ap a c ity , limits, most important extending beyond 2000: rest on private right-of-w ay.
27.700 k .v .a . Tw o principal pow er p la n ts and 5 reserves. T o tal k .w .h .
STOCK A N D B ON DS—
D a te .
I n te r e s t . O u ts ta n d in g . M a t u r i t y .
o u tp u t, 68,045,720 for 12 m os. end Aug. 31 1926. S u b station cap acity ,
________
$ 1 ,5 0 0 ,0 0 0 ____________
29,422 k .v .a . N u m b e r of s tre e t lights, subsidiaries. 4.592. M iles of gas Common stock $ 2 ,1 0 0 ,0 0 0 ____ ______
Preferred 6 % cum $ 1 . 5 0 0 . 0 0 0 . ____
________
49 9 .9 0 0 ____________
m ains, 66. N u m b e r of com m unities served (including subsidiaries), 98.
First mtge $ 3 ,000,000 gold) 1916
5 g J -D
6 8 5 ,2 0 0 D ec 1 1930
ST O C K A N D B O N D S—
Date. Interest. Outstanding. Maturity.
($1,000. $500. $100) ,c * .c p t (Interest payable in N ew York or Chicago.
C om m on (no p a r ) ___________ _____
_______
52,500 shs. A ug. 26 50c.
S to c k .— Pref. stock is redeemable $10,000 per ann : $100 ,10 0 has been red.
P ref 7% $5,000,000 cum ( $ 1 0 0 ) ___
7 Q -J
$1,854,500 O ct ’26, 1 H
B o n d s .— $100 ,00 0 may be issued for up to 5 0 % o f cash cost of im prove'ts,
f i r s t m tg e $25,000,000 ($100. A m . E x ch . P a c .N a t. B k ., of N .Y ., tru s te e .
add'ns or extens.. remaining $2 ,0 0 0 ,0 0 0 for 7 5 % o f such cost under restric­
$500 & $1,000) g ._ c* & r* tf <
in fu
cer­
tions. Callable
Series A __________
1922 6 g J-D
3.000.000 J u n e 1 1937 tified began Dec.at1 103 and int. S i n k or gcalln d of 2 % annually o f bonds ,80 0
1919 to purchase
bonds at 10.3 A int. $214
Series o f 1943____________
1923 6 g J-D
1.500.000 J u n e 1 1943
bonds were held
Series of 1951____________ l 1926
5 g J-D
1,000 ,000 Ju n e 1 1951 Trust & Savings in sinking fund April 1 1925. Continental & Commercial
Bank. Chicago, trustee.
Stock.—-Pref. sto ck is redeem able, a ll or p a rt, u p o n 30 d a y s’ notice a t 115
E A R N I N G S .—-For calendar year 1925: Gross, $362 ,25 0: net, after taxes
a n d div d en d s. V . 115, p . 1539.
but before depreciation, $97,579 : depreciation. $69,200 . -For calendar year
Bonds.— T h e 1st m tge. bonds are secured by a d irect first m ortgage on all 1924, gross, $371,679; net, after taxes but before depreciation, $97,578 :
c o .’s p ro p erty : in a d d itio n all o u tsta n d in g c ap ital stocks of sub. cos. (except depreciation, $ 69,132 . In 1923. gross. $449 ,73 8; net, after taxes but before
d irecto rs’ shares) a re pledged u n d er th e m ortgage. Series A bonds lim ited depreciation, $127,436: depreciation. $68,848.
to $3,000,000: all o th er series m ay only be issued for no m ore th a n 89% of
O F F IC E R S .— Pres.. George Theis, Jr., W ichita: V .-P s ., C . H . Sm yth
th e cost price or fair v alu e o f new p ro p e rty , ad d itio n s, &c., provided net and W . E . Brown; G en. M g r., R . B . C am pbell; G en. A u d ., A sst. Sec.earnings are a t least tw ice an n u al in te re s t on all 1st m tge. bonds o u tsta n d in g , T reas., C . Basse.— V . 115, p . 182.
in c l. new issue. 8% of gross o per. rev . to be expended or set aside a n n u ally
for m ain ten an ce or for renew als a n d replacem ents to th e p roperties. Series
A. dated June 1 1922, a re n o t su b jec t to call. F irst m tg e. bonds, series of
COMMUNITY POWER & LIGHT CO.
1943, are re d ., all or in p a rt, on a n y in t. d a te on 3 w eeks’ notice a t 105 and
O R G A N I Z A T I O N .— Incorporated in Illinois in April 1922. Owns entire
tn t. Pen n a. a n d C onn. 4-mi!!s tax refu n d ed . V. 117, p. 1468. 5% Series outstanding com . stocks, except directors' qualifying shares, and all the out­
o f 1951, dated June 1 1926. are re d ., w hole or p a rt, on 3 w eek’s notice a t standing bonds of the Missouri Utilities C o ., the Arkansas Utilities C o .,
105 to an d incl. Ju n e 1 1936. a t (£ % 'ess each succeeding y ear to a n d Incl.
Ju n e 1 1949, a n d th ereafter a t p a r plu s in t. in each case. Penna. and C onn. the ( fommuuity .Power A Light C o. o f Texas, Kansas Utilities Co . and Texas
Utilities C o . V 120, p. 2548.
4-m ills a n d M d. 4 3^-mill.s taxes refu n d ab le. In Aug. 1926 W . C . Langley debt o f New M exico Utilities C o .Owns also the capital stock and floating
& C o., B o n b rig h t & C o., In c ., a n d A C. Allyn & C o., In c ., offered $1,000,F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
000 5% series of 195 l a t 96 an d in t.. to yield a b o u t 5 .3 0 % . V. 123, p . 1503. Through its subsidiaries, the com pany serves more than 132 communitlea
Dividends.— An initial div of 1(4% was paid on th e pref. stock in Jan ., located in five States— Missouri, Arkansas, Texas, New M exico and K ansas.
1923 and divs. a t sam e ra te have been paid reg. q u a r. since to a nd incl
The co .'s subsidiaries serve a population of approximately 2 82.000 . Electric
O ct. 1926. On com m on div id en d s a t th e ra te o f 7 % per a n n u m were paid light and power Is furnished to 124 communities centred around and includ­
to D ec. 1924; in 1925. $8 33 was p aid.
ing Cape Girardfsiu, Poplar Bluff. Charleston, Eldon and California, in
Missouri; Helena Kid Paragould. in Arkansas: M exia, Plainview. Lubbock
E A R N IN G S .— C onsolidated earnings for calen d ar years:

and Marlin in Texas, and Fort Scott. K an. Gas service is furnished to
53,000 population, including three of the communities above mentioned
and Colum bia, M o ., while ice service is furnished to over 130.000 popula­
tion. W ater service is also furnished in 4 communities, and steam neat in
one. The power plants have a total installed generating capacity o f 2 4 ,0 0 0
N e t earnings__________
$ 838 ,57 8
$677,807
$596 ,09 6
$497,178
k. w.
Fixed ch arges...............
3 10.353
281.958
2 2 2.935
187.970
Am ortiz’n , discount, & c .
45.791
44 .7 3 6
38,558
17.170
S T O C K A N D B O N D S .—
D a te .
O u ts ta n d in g .
M a tu r ity .
I n te r e s t .
Com stock $3,00 0 ,0 0 0 ( $ 1 0 )___ ______
$ 2 ,0 9 0 ,0 0 0
See text
Balance for d ivs., & c $482 ,43 4
$351 ,11 3
$334 ,60 3
$292,038
1st pf 7 % c u m $ 5 .0 0 0 ,0 0 0 ($ 1 0 0 )____
7 Q -F
4 .0 0 3 .0 0 0
See text
Preferred dividends_____
9 9.794
81,4 3 0
7 0.000
9,751
2d pf 8 % cum partic$2,000,000 ____
1 ,257.600 D ec ’26 2 %
Com m on dividends______
100,000
8 4.000
7 9.000
_____
1st M coll tr bonds ser ‘ ‘A ” ( 1922
~ 7($g ~ A -0
500.000 Apr 1 1942
Series " B " (closed)________
1923
925.000 Jan 1 1938
6 ($ g J-J
Surplus------------------------$282 ,64 0
$185,683
$185 ,60 3
$282,287
Series " C ” ) (closed). . . ____
1923
6 (3 g A-O 2.7 0 0 .0 0 0 O ct 1 1933
Series “ D ” __________________
1925
4 .0 0 0 .0 0 0 Jan 1 1950
6 g J-J
O F F IC E R S .— Pres., Albert Em anuel, N .Y . C ity : V .- P ., Victor Em anuel.
Series “ E ” ___________________ 1925
1 250,000 D ec 1 1955
5(3 g J-D
N . Y . C ity : V .- P ., W illett R . Porter: V .- P ., T . T . Parker; V .- P ., W . R.
($100, & c.) gold_____ c * .t f lin t , at Liberty Central T r. C o .,S t.L o u ls.tru t
Sullivan: Sec., R . F . Rice Lawrence. K an .: T reas., C . B . Zeigler, N . Y :
Kan Util and Missouri Util C ol
C ity.— V . 118, p . 438, 1019: V . 121, p. 3 2 9 , 2495: V . 123, p . 1503.
7 % cum pref stock__________f _____
7
4 3 8 ,1 0 0 ____________
S to c k .— 7 % cum . pref. is preferred as to 7 % cum . divs. and assets over
2d pref. and com . stocks. T h e 2d 8 % cum . pref. partic. stock is preferred
as to 8 % cum . divs. over the common stock, and after cash divs. o f 6 %
Controlled by American Power & Light C o.
Operations supervised by Electric Bond and Share C o.
1925.
1924.
Gross earnings__________ $ 2 ,4 0 8 ,7 5 6 $2,161,461
Oper. expenses & t a x e s -1.570.178
1,483.654

1923.
$1 ,8 5 7 ,5 1 0
1.261.414

1922.
$ 1 ,576,269
1,079,091

KANSAS GAS & ELECTRIC CO.

O R G A N I Z A T I O N .— Incorp. in W est Virginia D ec. I I 1909. In July
1926 co. purchased from the C ity of Burns. K a n ., its electric system and
obtained a long term franchise; also purchased the plant o f E lk C ity in
southeastern Kansas. V . 123, p. 710.
F IE L D OF O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Controls and, without com petition, operates entire commercial electric
light and power business in the cities of W ichita, Pittsburg and Newton
K a n ., and the entire commercial electric light and power business in Arkan­
sas C ity , Independence, Eldorado, Cherryvale and other cities in Kansas
Total number of cities and towns served 61: population over 220 000
generating stations of a combined cap acity of 50,740 kw .; 820 miles electric
transmission lines: 758 miles o f electric distributing lines. In 1925 sold its
gas properties to subsidiaries o f the Cities Service C o . V . 119,p . 2529 .
STOCK AN D BON DS—
D a te .
I n te r e s t .
O u ts ta n d in g .
la tu r itu .
Com m on $10,000 ,000 ( $ 1 0 0 ) .. .................... ............ x $ 3 ,0 00,000 ............. .........
Pref 7 % cu m $10,000,000($100) ------7 Q-J
6 ,5 5 7 .3 0 0 O ct’2 6 1 ^ %
1st M tg e Ser “ A ” ($500 andl 1922
6 g M -S
14 ,0 0 0 .0 0 0 M ar 1 1952
$1,000) gold______c * & r * .t f f Guaranty Trust C o ., N ew York, Trustee.
Debentures Series “ A ” ($100,
1922
6 g M -S
3 ,0 0 0 ,0 0 0 Sept 1 2022
$500 & $ 1,000 c* and $1,~ Central Union Trust C o ., N ew Y o rk,
000 & $ 5,000 r*) g _______t f
Trustee.
x All owned by American
ower & Light C o.
S to c k .— Pref. is call.on any div. date at 115 and dividends.
B o n d s .— 1st M tg e. Ser. “ A " 6s have annual s i n k i n g f u n d since Jan. 1 1925
to purchase Ser. “ A ” bonds if offered at or under par and accrued int. of
1 ( 3 % of the amount outstanding on the preceding D ec. 31 up to and incl.
Jan. 1 1937, and thereafter of 2 % of such amount. Are red., all or in part
on any int. day on 4 weeks' notice at 107 (3 and int. to and incl. M ar. 1 1927':
at 106 and int. to and incl M ar. 1 1932; at 104(3 and int. to and incl.
M a r. 1 1937; at 103 and int. to and incl. M a r. 1 1942; at 1 0 1 and int. to
and incl. M ar. 1 1950, and thereafter at 100(4 and int.
Penna. 4-m ill tax
refunded.
In M ar. 1922 $8 ,0 0 0 ,0 0 0 were s o ld at 96(4 and in t.. to yield
over 6 (£ % , by Dillon, Read & C o ., N . Y . V. 114, p. 953. $ 4 .0 0 0 000
additional were sold by the same bankers in June 1923 at 95(4 and int
to jd e ld about 6 .3 5 % . V . 116, p , 2395.




Ba u er , P ond & V

i v ia n

Investment Securities
Specializing in the

Underwriting and distribution of

PUBLIC U T IL IT Y
AND
IN D U ST R IA L S E C U R IT IE S
40 Exchange Place
New York City

234

PUBLIC UTILITIES

have been p a id on th e com m on sto ck in a n y calen d ar y e ar, p a rtic ip a te s
w ith th e com m on in a n y a d d itio n a l cash dividends, b u t n o t in excess of
2% declared in such y e a r. T h e 1st pref. sto ck is redeem able, all or in p a rt,
on a n y d iv id en d d a te on 30 d a y s ’ n o tice a t 110 and d iv s. T h e 2d p re f. is
red . as a w hole o n ly on 30 d a y s ’ n o tice a t 110 a n d d iv . In J a n . 1925
S I >000,000 7% 1st p re f. sto ck w as offered b y Spencer T rask & C o ., N . Y .,
a n d W h ita k er & C o ., S t. L ouis, a t 94 a n d d iv ., to yield a b o u t 7 .4 5 % . V .
120, p . 328. I n M a y 1925 th e y sold $750,000 7% 1st p re f. sto ck a t 95 a nd
d iv ., to yield ap p ro x im ately 7 .4 0 % . V . 120, p . 2548. In O ct. 1925
Spencer T ra s k & C o. a n d W h ita k er & C o. offered $750,000 a d d itio n a l 1st
p ref. a t $97 a n d d iv ., to yield a b o u t 7 .2 0 % , an d $250,000 8% cum . p a rtic .
p ref. sto ck a t p a r a n d d iv . L isted on Chicago Stock E x ch ange. V . 121,
p . 2155. In A p ril 1926, W h ita k er & C o ., Spencer T ra s k & C o. a n d W m . L.
Ross & C o. offered $750,000 ad d itio n a l 1st p ref. a t $98 50 a n d d iv s., to
yield a b o u t 7 .1 % .
Bonds.— First Mtge. Coll. Tr. S. F. Gold Bonds.— T h e agreem ent of
assig n m en t a n d pledge p rovides for th e issuance o f bon d s in series w ith
In te re st ra te s , m a tu rity d a te s, red em p tio n provisions and o th e r term s and
conditions to be determ ined from tim e to tim e as new series are c re ated .
A l bon d s issued u n d e r th e m ortgage a re o f equal lien, irrespective o f w hether
l
th e y a re p a r t of th e series " A ,” “ B ,” “ C ” or “ D ” bonds or o th e r series issued
la te r. A dditional bonds m ay be certified only a t p a r for n o t exceeding
80% o f th e cash c o st o f o r fair value o f p erm an en t ad d itio n s a n d extensions
to p ro p e rties o f subsidiaries a n d th e n only when n e t earnings as defined
In th e ag reem en t for th e 12 m o n th s preceding shall h av e been a t least tw ice
In te re st charges on all o u tsta n d in g bonds, including th o se to be certified.
P e n n a . 4 m ills ta x a n d M ass, incom e ta x on in te re st n o t exceeding 6% of
su ch in te re st p e r an n u m re fu n d e d . In te re s t p ayable a t G u a ra n ty T ru st
C o ., N . Y .; a t C e n tra l T ru s t C o. of Illinois, C hicago, or L ib erty C en tral
T r u s t C o ., S t. L ouis, tru s te e .
T h e series " A ” bonds are callable, as a w hole or in p a r t, a t 110 an d in t
d u rin g th e y e ar 1927, th e red em p tio n price th ereafter being reduced Yi %
p e r an n u m u n til it is 105. w hich ra te prevails th e re a fte r u n til m a tu rity .
Series “ B ” bonds a re callable, as a whole or in p a rt, a t 105 a nd in t. u p to
J a n . 1 1928, red em p tio n price th e re a fte r being reduced Y % per a n n u m .
Series “ C ” bonds a re callable, in whole or in p a rt, a t 105 and in t. up to
O ct. 1 1928, th e red em p tio n price th e re a fte r being reduced 1 % p er an n u m .
Series “ D ” b onds hav e sinking fund of 2% of Series “ D ” bonds annually
com m encing J a n . 1 1926. A re redeem able, all or in p a r t, on a n y in te re st
d a te , on 60 d a y s ’ no tice, as follows: On or before J a n . 1 1930 a t 105 a n d in t.
a fte r J a n . 1 1930 a n d on o r before J a n . 1 1935 a t 104 a n d interest; after
J a n . 1 1935 a n d on or before J a n . 1 1940, a t 103 and in terest; afte r J a n . 1;
1940, a n d on or before J a n . 1 1945, a t 102 an d in terest; a fte r J a n . 1 1945
and on o r before J a n . 1 1949 a t 101 an d in teres ; after J a n . 1 1949 a t 100 and
In terest. In J a n . 1925 Spencer T rask & C o ., N . Y ., W m . L. Ross & C o .,
In c ., C hicago, & c., & c., sold $2,250,000 Series “ D ” 6s a t 97 a nd in te re s t, to
yield a b o u t 6 Y.%. V. 120, p . 451. In M ay 1925 th e y sold $1,750,000
additional a t 98 a n d In t., to yield a b o u t 6 .1 5 % . V. 120, p . 2548.
Series “ E ” a re re d . all or p a r t on 60 d a y s ’ notice a t 105 & in t. p rio r to
D ec. 1 1930 a n d th e re a fte r a t Y % less for each succeeding y e ar u n til D ec.
1945, an d on or a fte r D ec. 1945 a t 101 & in t. P e n n . 4-m ills an d M ass.
6% tax es re fu n d a b le . In A pril 1926 Spencer, T rask & C o ., & c., &c. offered
$1,250,000 series “ E ” a t 95M & in t. to yield a b o u t 5 .8 0 % . V . 122, p . 2328.
Dividends.— On 1st p ref. in fu ll to d a te . On 2d pref. in fu ll to d a te .
P a id sto ck d iv . on com . of 10% Sept. 1 1924 a n d 25% A p ril 15 1926.
E A R N IN G S .— F o r calen d ar years;
1925.
1924.
G ross re v e n u es__________________________________$3,522,531 $2,854,307
O per. expenses, m a in t., tax es an d in su ra n ce ______ 2,150,633 1,752,125
N e t e arn in g s__________________________________$1,371,898 $1,102,182
Latest Earnings.— *For 12 m os. end. A ug. 31 (inch N ew M exico U tilities
C o.— affiliate d co.):
1926.
1925.
G ross revenues (com pany an d sub sid iary companies) _$3,827,110 $3,243,441
G ross rev en u es N ew M exico U tilities C o ___________
130,449
3,642
T o ta l gross re v e n u e -------------------------------------------- $3,957,559 $3,247,083
O perating expenses, incl. tax es (co. an d subsid. cos.)_ 2,427,943 1,876,436
O per. ex p ., tax es & in t., N ew M exico U tilities C o_
_
118,662
4,810
T o ta l o p eratin g expenses------------------------------------$2,546,605 $1,881,246
N e t e arn in g s------- --------------------------------------------- $1,410,954 $1,365,837
* In cl. earn s, accruing to p rio r ow ners in p a rt only, o th ers n o t available.
O F F IC E R S .— P re s ., D . A . B elden; V .-P ., E . J . C ostigan, F . E . W ebster;
Sec., W a lte r H . T im m ; T re a s., F . E . W ebster; G en. A u d ., W m . J . G olds­
w o rth y . Office, P la n te rs B ld g ., S t. Louis, M o .— V . 121, p . 2155, 2401
V. 122, p . 748, 1168, 2328, 2492.

JOPLIN & PITTSBURG RAILWAYS.

[V ol. 123,

ST O C K A N D B O N D S—
Date. Interest. Outstanding. Maturity.
Stock com m on $5,000,000_________
_______
$3,300,000
P ref. rig h ts $2,000,0Q0 6%
800,000 __________
cum from A pril 1 1916__________
_______
1,750,000 M a r 1 1936
F irst m ortgage $5,000,000 (1 9 1 0 _ 5 g M -S
($500 a n d $1,000) g__c* tf-jH arris T ru st & Sav. B k C hic., & S t. L.
I XTn T r C/O T rustees
G eneral m ortgage $1,050,000/ 1913
7 A-O
1,050,000 M a r 1 1930
($500 an d $1,000)_____c * tf (C e n tra l T r. C o. of Illinois, C hicago, T ru ste e .
Stock.— Pref. rig h ts a re 6% cum ulative from A pril 1 1916 a n d also share iD
earnings a fte r com m on has received 6 % . $95,600 have been re tire d .
Bonds.— R em aining first m tge. bonds are reserved for extensions an d
additions a t 80% of cost, b u t only w hen previous y e a r’s n e t earnings are
tw ice in te re st on bonds o u t a n d to be issued. $278,500 form erly held in
tre a su ry , canceled. N o sinking fu n d . In te re s t is p a y ab le a t H a rris T ru st
& Savings B an k , C hicago, H a rris, F orbes & C o ., N ew Y o rk , or an y of th e
offices of E . H . R ollins & Sons. V. 9®, p . 914. G eneral m ortgage bonds
w ere issued in exchange for d eb en tu res of 1910. T h ey originally bore
in te re st a t 6% an d m a tu re d A pril 1 1920, b u t have been e xtended for th re e
years a t 7% an d again for seven years to M a rc h 1 1930 a t 7 % . E x ten d e d
bonds are callable a t 100 an d in te re st on a n y in te re s t d a te . V . 116, p . 1411.
No sinking fu n d . In te re s t is pay ab le a t H a rris T ru s t & Savings B an k , C hi­
cago, H arris, Forbes & C o., N . Y ., or a n y of th e offices of E . H . R ollins &
Sons. V. 90, p . 914. G eneral m tge. bonds w ere issued in exchange for de­
bentures of 1910. T h ey originally bore in t. a t 6% a n d m a tu re d A pril 1 1920,
b u t have been extended for 3 years a t 7% an d again for 7 y e ars to M a r. 1
1930 a t 7 % . E xtended bonds are call, a t 100 & in t. on a n y in t. d a te .
V. 116. p . 1411.
E A R N IN G S .— F o r calendar years:

Gross. Net (aft. Taxes). Bondlnt.

Balance.

1925....................... ...........$444,997 def.$18,175
x
___________
1924_________________ 522,529
12,640
x l6 1,000
def. 148,360
1923_________________ 621,926
80,561
y l7 4 ,7 3 0
def. 94.169
193,881
161,000
su r. 32.881
1922_________________ 708,169
1921_________________ 781,345
169,848
161,000
s u r. 8,848
x N o bond in te re st p aid durin g 1924 an d 1925. See a b o v e, y Including
a m o rtiz a tio n of bond disco u n t, &c. ($13,730).
O F F IC E R S .— R eceiver, M . H . M acL ean; G en. M g r. for receiver,
J . F . L ayng;A sst. to R eceiver, L . V. Bower; A u d ., T . P . E y e sto n e . Office
of R eceiver, 111 W . M onroe S t., C hicago, 111. O perating h e ad q u a rte rs,
P ittsb u rg , K a n .— V . 109, p . 2357; V. I l 0 , p . 1289; V. I l l , p . 1183; V.
116, p . 1411; V. 117, p . 670; V. 118, p . 1267; V. 119, p . 1510.

KANSAS CITY LEAVENWORTH & WESTERN
RAILWAY CO.
O R G A N IZ A T IO N .— F orm erly K ansas C ity-W estern R ailw ay C o ., for
history of which see “ E lectric R ailw ay” Supplem ent of A pril 30 1921.
F reig h t term inals in K ansas C ity , K a n ., an d L eavenw orth, K a n .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— An
electric ro a d . Owns an d operates 40.06 m iles of ro a d , of w hich 6 Y miles
a re w ithin th e c ity of L e a venw orth (trolley service in L eaven w orth d is­
c o n tinued in F eb . 1925, b u t b u s service s u b s titu te d th ro u g h su b sid iary ,
com p an y .— V. 120, p . 1203) a n d 6 m iles w ith in th e lim its of K ansas C ity
K ansas. E n te rs K ansas C ity , M o ., over tra c k s of th e K ansas C ity R ail­
w ays C o. F re ig h t term in als to K ansas C ity , K a n ., a n d L eav en w o rth ,
K a n . C o. also o p erates bu s service th ro u g h a su b sid iary co. in L eaven­
w o rth , K ansas; electric service on c e rta in b ra n c h lines w ith in c ity having
been d iscontinued in F eb . 1925.
Fare increase in A ug. 1925. See V . 121, p . 586.
ST O C K A N D B O N D S —
Date. Interest. Outstanding. Maturity.
Stock $1,250,000__________________
_______
$1,015,800 ---------------Bonds first m ortgage $1,-1 1920
5%
912,600 J u ly 1 1940
250,000_________________ t i n t , a t C leveland T ru s t C o., C leveland, O.
E A R N IN G S /— F o r c alen d a r years:
1924.
1923.
1922.
xl925.
$361,161
$417,845
$448,515
G r o s s _________________
$276,884
46,285
87,527
86,880
N e t a fte r ta x e s ________
35,061
45,955
46,580
46,880
In te re s t on b o n d s______
45,630
330
40,947
40,000
N e t incom e___________ def.10,569
x N o t including earnings of subsidiary bus co. in L e a venw orth C ity .
Latest Earnings.— F o r 8 m os. ended A ug. 31 1926 (x): G ross, $187,291;
n e t afte r taxes, $32,438; b o n d in te re s t, $31,000; n e t incom e, $1,338.
x See n o te above.
O F F IC E R S .— P res. & G en. M g r., C . F . H olm es; V .-P ., W . H . H olm es;
T reas. & G en. C ounsel, M cC ab e M oore; Sec. & A u d ., C . G o elitzer. G en­
e ra l office, K an sas C ity , K a n .— V . 120, p . 1203; V . 121, p . 586.

THE UNION TRACTION CO.

Receivership.— In 1924 M . H . M acL ean o f C hicago was ap p o in ted re
ceiv er fo r th e c o ., succeeding K a rl D . K leinm . C o m p are V . 118, p. 1267
Foreclosure Sale.— On M arch 14 1925 th e p ro p e rty w as sold for $350,000
u n d e r decree of th e Fed eral C o u rt to M . H . M acL ean a n d C . C o rey , repre­
sen tin g th e F ir s t M tg e. b o n d h o ld ers’ p ro te c tiv e com m ittee.
O R G A N IZ A T IO N .— In c o rp o rate d Ju n e 10 1907 in M issouri. Took
over th e P ittsb u rg R ailw ay & L ig h t C o. a n d th e Joplin & P ittsb u rg S treet
R R . V . 85, p . 469. T h e P ittsb u rg R y . & L ight Co. w as in co rp o rated in
K ansas in 1905 as a consolidation of th e P ittsb u rg R R . an d th e P ittsb u rg
L ig h t & Pow er Co. In 1910 absorbed th e P ittsb u rg & K an sas C ity R y .
Franchises in tow ns th ro u g h w hich ro a d ru n s v a ry from 30 to 50 years
a n d som e a re p e rp e tu a l. P riv a te right-of-w ay outside of cities a nd tow ns.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns a n d o p e ra te s 105.48 m iles of tra c k , em bracing som e local s tre e t ra il­
w ay lines in Jo p lin , M o ., a n d all in P itts b u rg , K a n ., a n d in te ru rb a n lines
connecting th e tw o cities, an d also P ittsb u rg , w ith F ro n te n a c , D u n k irk ,
R ad ley , F ra n k lin , A rm a, C row eburg, M u lb erry , G ira rd , C herokee,
M in eral, W eir C ity , Scam m on a n d C olum bus. Also h as line extending
in to th e L aw ton-W aco zinc fields. 1Y m iles. 50 to 70-lb. rails.
Interest in Default.— I n t. due M a r. 1 1924 on th e 1st m tg e . 5s w as still
u n p a id in A p r. 1925. V . 119, p . 1510.

O R G A N IZ A T IO N .— In co rp o rate d Sept. 28 1906 in K an sas. I n D ec.
1916 was g ra n te d a p e rm it to do business in O klahom a. Franchises expire
1957. R oad is on p riv a te rig h t of w ay except in C offeyville, Independence,
C herry vale an d P arsons.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perates 90 m iles of ro a d , of w hich 9Y m iles in C offeyville, 7 m iles in In ­
dependence, an d 50Y miles of in te ru rb a n ro a d betw een C offeyville, In ­
dependence, C h erry v a le an d P a rso n s, K a n sa s, a n d N o w ata, O kla. 70-lb.
T rails.
ST O C K A N D B O N D S— Date.
Interest. Outstanding. Maturity.
_______
$500,000
See te x t.
Stock $500,000____________________
F irst m tge $1,000,000 g o ld / 1907
5 J-J
941,000 J a n 1 1937
$1,000) sinking fu n d ___ tflW a rr e n (P a.) T r u s t C o., T ru stee.
Bonds.— 1st M . bonds a re red . a n n . b y lo t a t 105 a n d in te re st since J a n .
1912, th ro u g h s. f.; $59,000 h av e been re tire d . S. f. of 10% of n e t earnings
annually began in 1911. In t. a t N a t. C ity B k ., N . Y .; C om m ercial N a t.
B ank, C hic., a n d T rad esm en ’s N a t. B an k . P h ila. See V . 88, p . 1003.
Dividends.— A d iv . of 6% was p a id d u rin g th e fiscal y ear end. J u n e 30 ’13.
E A R N IN G S .— F o r y ear ending D ec. 31 1920, gross, $561,055; n e t, a fte r
taxes, $9,892; in te re s t on bonds, & c., $64,757; deficit, $54,865.
O F F IC E R S .— P re s ., H . A . Siggins; Sec., L . L . F rancis; T re a s ., L . O .
S m ith .— V . 109, p . 2264; V . I l l , p . 2424; V . 113, p . 1773.

Community Power and Light
Company

COLORADO

We specialize in the securities
of this rapidly growing com­
pany and invite inquiries.

Write for Circular No. 952.

Spencer Trask & Co.
25 Broad Street, New York
A LB AN Y
PRO VID EN CE

BOSTON

CHICAGO
PH ILADELPHIA

M em b ers N ew Y o rk a n d Chicago Stock Exchanges




SOUTHERN COLORADO POWER CO.
S ta n d a rd G as & E lectric C o. ow ns $405,000 firs t p re f. a n d $75,000
C lass “ B ” com m on stock.
O R G A N IZ A T IO N .— In co rp . in C olorado on N o v . 14 1911 as T h e A r­
kansas V alley R y ., L t. & Pow . C o., b u t nam e w as changed to p re s e n t title
in M a y 1922. V. 114, p . 2117. I n M a y 1925 co. acq u ire d p ro p e rties of
th e A rkansas V alley E lec tric C o ., w hich serves th e c ity of F lorence, C olo.,
a n d th e adjoining tow ns of R ockville, C oal C reek an d W illiam sburg, and
to w hich co. S o u th ern C olorado h a d a lre a d y w holesaled electric energy for
a n u m b e r of y e ars. V. 122, p . 3212.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns a n d op erates th e s tre e t railw ay system in P u eb lo an d also has large
electric lighting an d pow er business in P ueblo, C an o n C ity , C ripple C reek,
L a .J u n ta a n d o th e r a d ja c e n t tow ns. Owns 32 m iles of tra c k , all in c ity of
P ueblo. G auge, 4 f t. 65, 72, 75, 90-lb. ra il. 50 c ars, o f w hich 42 are
m otors. H as a hydro-electric pow er p la n t a t S kaguay, on B eaver C reek,
near V ictor; steam -electric pow er houses in C an o n C ity a n d P ueblo; in­
stalled c ap a c ity , 33,300 h . p . H as 359 m iles of tra n sm issio n a n d 4 3 3 miles
d istrib u tin g pole lines.
R ailw ay franchises expire in 1940 in P u eb lo a nd
In 1953 in P ueblo C o u n ty , an d electric lig h t franchises in 1936.
On J u ly 15 1925 stockholders a u th o riz e d th e re-classification of th e c ap ital
stock as follows: T h e 40,000 a u th o riz e d shares of 7% cum . pref. sto ck to
rem ain; 250,000 shares C lass “ A ” com m on (par $25), an d 200,000. shares
C lass “ B ” com m on sto ck , no p a r v a lu e . E a c h share of th e o u tsta n d in g 8%
second pref. sto ck (par $100) to be con v erted in to fo u r shares C lass “ A ’
com m on (par $25). E a c h share of p re sen t com m on sto ck (no par) to be con­
v e rte d in to one s h a re C lass “ B ” com m on sto ck , no p a r v a lu e . V . 121, p .
77, 331.

O ct., 1926.]

POWER, LIGHT AND RAILWAY

ST O C K A N D B O N D S—
Date. Interest. Outstandinq.
Maturity.
C om C lass A $6,250,000 ( $ 2 5 ) . ____
_______ 110,000 shs. N o v ’26,50c,
C om Cl B 200,000 shs (no p a r ) ____
_______
75,000 shs.
________
P re f $400,000 ($100) 7% c u _______
Q-M 15 $3,816,400 Sept ’26,1 %
1st m tge ser “ A ” $50,000,000 f 1922
6 g J -J
6,893,000 J u ly 1 1947
$100, $500 & $1,000) g c * tf \C o n t’l & C o m ’l T r. & S. B k ., C hic., T ru ste e .
Stock.— Class “ A ” com m on h a s p reference over C lass “ B ” com m on as to
q u a rte rly dividends a t th e ra te o f $3 p e r a n n u m . A fter C lass “ A ” has re ­
ceived a q u a rte rly div id en d a t th e sam e ra te , C lass “ B ” com m on shall be
en title d to dividends for such q u a rte rly period a t th e ra te of $2 p er a n n u m .
A ny fu rth e r dividends to b e p a id eq u ally ra ta b ly , sh are for sh are, on Class
“ A ” a n d “ B ” com m on sto ck . C lass “ A ” has p reference as to assets to
$27 50 p e r sh are, a n d a fte r p a y m e n t of $27 50 on th e C lass “ B ” com m on, a
like sum shall be p a id on th e C lass “ B ” shares. A ny fu rth e r d istrib u tio n s
to be divided equally, sh are for sh are, to “ A ” a n d “ B ” com m on. C lass " A ”
com m on is redeem able, all or p a rt, a t $35 p er sh are an d is n on-voting. In
A ug. 1925 H . M . B yllesby & C o. a n d L ad en b u rg , T h a lm a n n & C o. sold
110,000 shares C lass “ A ” com m on a t $27 50 p er sh are. V . 121, p . 587.
Bonds.— T h e 1st m tge. gold bonds are a first lien on th e en tire (incl
after-acquired) p ro p e rty of th e co. T h e 1st m tge. 6s, Ser. A, a re red. all or
p a rt on 30 d a y s’ notice on o r before J u ly 1 1933, a t 107 H , an d th e re a fte r a t
A of 1% less for each succeeding year, p lu s in t. M tg e. provides sem i-ann.
sinking fund com m encing J u ly 1 1925 equal to a 2% p er a n n . basis on to ta l
Ser. A bonds o u tstan d in g a t respective d ates o f p a y m e n t, including an y
underlying bonds th e n o u tsta n d in g on p ro p e rty h e reafter acquired by the
co ., which sinking fu n d will be cred ited w ith a n y sim ilar p a y m e n ts required
to be m ad e on such un d erly in g b o n d s. I n t . p ay ab le in N . Y . a nd C hicago.
P e n n a . 4-m ill ta x re fu n d e d . V . 115, p . 554. L isted on N . Y . Stock E x ­
change. V. 116, p . 1906; V. 117, p . 1463, 2139. $493,000 a d d itional Ser. A
bonds w ere listed in Ja n . 1926. V . 122, p . 349.
Dividends.— On first p re f., 1%% q u a r. from Ju n e 1912 to S ep t. 1926.
On C lass “ A ” com m on an in itia l d iv . o f 50c. in N o v . 1925. V. 121, p . 2040.
In 1926, $2.
E A R N IN G S .— F o r c alen d a r years:

Gross.

Opsr. Exp.,
Maint.&Tax.

Interest.

Pref.
Divs.

xBalance.

$207,208
$360,424
1 9 2 5 _________$2,338,641
$1,347,651 *$423,358
192 4 ________ 2,199,771
1,296,543
610,779
169.478
122,972
192 3 ________ 1,958,958
1,193,752
597,929
155,744
11,533
1 9 2 2------------- 1,839,460
1,126,664
458,260
145.478
109,057
* E lim in atin g in terest on fu n d ed d e b t retired b y com m on sto ck , x A vail­
able for re tirem e n t reserves, 2d p ref. a n d com . divs. and surplus.
Latest Earnings.— F o r U m os. en d ed J u ly 31:
1926.
1925.
G ross e arn in g s_________________________________ $2,362,426 $2,317,434
O per. exps., m a in t. an d tax es, excl. d e p re c ia tio n ,- 1,335,333
1,346,642

N e t earn in g s__________________________________$1,027,093
$970,792
O F F IC E R S .— P re s ., Jo h n J . O ’B rien; V .-P s., F . C . G ordon, W . N . C lark,
R o b ert J . G raf, B . W . L y n ch , G eo. H . H arries, E . J . M cK a y an d C .M . G ailm ard J r .; G en. M g r., W . N . C lark ; T re a s., M . A . M orrison; Sec., H e rb e rt
List: G en. M g rs., B yllesby E n g . & M g t. C o rp ., C hicago, 111.-—V. 117, p.
2433; V. 118. m 1666; V. 120, p . 2013; V . 121, p . 77, 331, 587, 2040; V.
122, p . 349, 2498, 3212.

DENVER TRAM W AY CORPORATION .
O R G A N IZ A T IO N .— In c o rp . on J u n e 23 1925 to succeed D enver T ra m ­
w ay C o ., sold a t foreclosure as p er reo rg an izatio n p lan o f D en v er & N o rth ­
w estern R y . a n d D e n v er T ra m w a y C o ., d a te d A pril 15 1925. See for
d escrip tio n of old com panies a n d for d etails of ab o v e reo rg an izatio n p la n ,
“ P u b lic U tility C o m p en d iu m ” o f O ct. 31 1925, u n d e r “ D enver T ram w ay
S y ste m .” Also V . 120, p . 2548. U n d er th e p la n each shareholder of
D en v er & N o rth w e stern R y . w as assessed $10 p er sh are a n d received
th erefo r $10 pref. sto ck a n d 1 s h are com . sto ck D en v er T ram w a y C orp.
E a c h sh areh o ld er D en v er T ram w a y C o. w as assessed $6 an d received
th e re fo r $6 p ref. an d 3-5 sh are com . D en v er T ram w a y C orp. V . 120, p.
2267; V . 121, p . 1568.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o rp o ratio n ow ns an d o p erates th e e n tire s tre e t railw ay sy stem of th e city
o f D en v er. C olo., consisting of 199.52 m iles o f electric lines w ithin th e city
lim its an d 48.95 miles of electric railw ay betw een D en v er a nd neighboring
to w n s, or a to ta l of 248.47 m iles, to g e th e r w ith a pow er p la n t, u sb sta tio n s,
te rm in a ls, &c. 247 m o to r p assenger c ars, 120 tra ile rs, 7 electric locomo­
tiv es, 168 freig h t cars an d 90 m iscellaneous cars. All fre ig h t equipm ent
leased to D en v er & In te r-M o u n ta in R R . C o. C e n tra l g e nerating p la n t,
30,000 k . w . cap acity .
ST O C K A N D B O N D S—
Date. Interest. Outstanding. Maturity.
C om m on (no p a r)__________
____
_______
61,241 shs. __________
7% (5% cum ) p re f ($100) —
____
7 Q -J
$10,416,400 O c t ’26, 1M
G eneral & refu n d in g Series “ A 1925 5
6,443,500 J u ly 1 1950
D env C ity T ram purchase 1899
6 g A -0
2,000,000 A pr 1 1927
m oney m tg e g $2,000,000 In t. a t C en tral T ru st C o., N . Y ., T ru stee,
($500 an d $1,000)___ c * tf
a n d in D enver (see text above).
D en v Cons T ra m cons m tge 1893
5 g A-O
1,167,000 O ct 1 1933
$4,000,000 g o ld_______ n t f I n t . a t B k rs T r . C o ., N .Y ., T ru ste e , & in D e n v .
D en v T r Pow 1st im p t m tge 1903
6 g A-O
598,000 A pr 1 1927
$1,500,000 g ($1,000) guar In t. a t In te m a t. T r. C o., D enver, T rustee,
prin cip al an d in te re s t_ tf
_
or G u a ra n ty T ru s t C o., N ew Y ork.
D en v T r T erm 1st m tge $1,- 1910
5 g M -S
655,000 See te x t
500,000 g ($100 & $1,000). In te re s t a t B ankers T ru s t C o ., N . Y ., T ru s­
g u a r p rin & in t _______ c * tf [ tee, a n d in D enver.
Stock.— T h e preferred stock is preferred as to dividends u p to 7% per a n ­
n u m , of w hich th e first 5% is cu m u lativ e, w h eth er earned or n o t, a nd the
rem aining 2% c u m u lativ e only w hen earned in an y y ear b u t n o t paid.
Preferred as to assets u p to th e p a r v alu e plus dividends a t th e ra te of 7 %
per an n u m . H as fu ll v o tin g pow er a t all tim es an d sole voting pow er in
th e election of directors w henever, an d as long as, an y a ccum ulated divi­
dends are in a rrears for one y ear or m ore. R ed ., w hole or p a rt, a t p a r and
divs. a t th e ra te of 7% p e r an n u m .
Bonds.— T h e gen. & ref. 5% bonds, Series A, due July 1 1950, are secured
by a first m ortgage on th e en tire p ro p erties o f th e corp. su b ject to th e m o rt­
gages securing th e u nderlying b o nds. Are fu rth e r secured by pledge of
$2,670,000 D enver Consol. T ram w ay C o. 1st consol, m tge. 40-vear 5% gold
bonds d u e O ct. 1 1933, a n d b y all th e c ap ital sto ck except qualifying direc­
to rs ’ shares a n d all th e first m tg e . n o tes of th e D en v er & In te rm o u n ta in
R R . C o. A d d itio n al bonds o f th is o r a n y o th er series o f such te n o r as direc­
to rs from tim e to tim e m a y d eterm in e, m a y be issued for refu n d in g purposes
a n d for 75% of new co n stru ctio n , &c.
T h e D enver C ity T ram w ay Co. pu rch ase m oney m tge. 6% bonds origi­
n a lly m a tu re d A pril 1 1919 a n d bore in t. a t 5 % , b u t were extended to A pril 1
1924 and again to A pril 1 1927 a t 6 % .
T h e D enver T ram w ay Pow er C o. 1st im p t. m tg e. bon d s originally m a ­
tu re d A pril 1 1923 a n d bore in t. a t 5 % , b u t w ere extended for 1 y e ar to
A pril 1 1924 a t 6 % . V . 116, p. 1176. T h is issue w as again e xtended, this
tim e for 3 y ears, to A pril 1 1927, a t 6 % . V . 118, p . 1267. C om pare
V . 118, p . 1135. Sinking fund o f $50,000 p e r a n n u m , to re tire bonds a t
105 a n d in t., com m enced in 1908, a n d $902,000 hav e been re tire d . In t.
p ay ab le in N . Y . a n d D en v er. T h e rem aining D en v er T ram . T e rm . Co.
bon d s are for im p ts. T h ey m a tu re $60,000 an n u ally Sept. 1 1916 to 1940.
R ed . as a whole on a n y in t. d ay a t 105 a n d in t. on 30 d ay s notice. Y . 98,
p . 1156.
F o r p a y m e n t of in te re st accrued on D enver C ity T ram w ay 1st & ref.
s. f. m tg e. bonds of N ov. 1 1908, o u t of foreclosure proceeds, see V. 122,
p . 882.
Dividend...— On th e pref. stock an initial div id en d of 1 fi % w as p aid in
O ct. 1925, an d re g u la rly q u a r. since, incl. O ct. 1926. V . 121, p . 3003.
O F F IC E R S .— C hairm an of B oard, C . B oettcher; P res., E rn e s t Stenger;
V .-P ., S. M . P erry; V .-P. & G en. M g r., H . S. R obertson; T rea s., H . J.
A lexander; Sec. & A u d ., W m . A . D oty.-—V. 121, p . 197, 457, 705, 838,
1100, 1460, 1568,'3003; V. 122, p . 479, 748, 882, 2039.
D E N V E R & IN T E R -M O U N T A IN R R .
O R G A N IZ A T IO N .— In co rp o rated in C olorado a b o u t O ct. 29 1907 as
In te r-M o u n ta in R y ., b u t on A pril 2 1909 changed its nam e to present title .
P riv a te rig h t of w ay. Franchises in D enver and G olden are perpetual.
H a s freig h t tra ffic agreem ents w ith D enver T ram w ay Co. a nd arran g e­
m e n ts for in terch an g e o f tra n sfe rs on D en v er C ity lines; also c o n tra c t for
use o f T ram w ay C o .’s tra c k s in en terin g D enver.
S T O C K A N D B O N D S— Date.
Interest.
Outstanding. Maturity.
Stock $1,000,000 ($100)___________
_________ $1,000,000 ____________
F ir s t m o rtg ag e n o te s-------------- -------5%
496.500
1938




235

T he notes w ere issued in lieu of $500,000 1st m tge. 5s due 1938, which
w ere cancelled and cre m a ted N o v . 1 1917.
B o th stock (except d ire c to rs’ shares) an d notes are deposited under
D enver T ram w ay C orp. gen. & ref. m tge. See V. 107, p . 82; V . I l l , p.1852.

COLORADO SPRINGS & INTERURBAN RAILWAY.
O R G A N IZ A T IO N .— In c o rp . in A ug. 1902 a s a consolidation of th e C olo­
ra d o Springs R ap id T ra n s it R y . a n d th e C olorado Springs & S uburban R y .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns 41 % m iles of tra c k . In 1919 ad d ed 35 one-m an cars to its eq u ip m en t.
C A P IT A L IZ A T IO N .— T h e consolidated com pany has issued $1,500,000
sto ck , of w hich $500,000 5% p re f.; bonds ($1,000 5% M . S., due S ept. 1932.
C en tra l T ru s t C o ., N . Y ., tru ste e ) a u th . a n d issued, $1,500,000.
E A R N IN G S .— F o r cal. y e a r 1925; T o ta l re v e n u e, $430,735; n e t a fte r
in te re st a n d tax es, $16,663. F o r cal. y e a r 1924, gross, $440,888; n e t a fte r
tax es, $10,135. I n 1923, gross, $476,381; n e t a fte r ta x e s, $910. I n 1922,
gross, $505,943; n e t a fte r tax es, d e f., $2,305.
O F F IC E R S .— P res., D . P . S trickler; V .-P ., W . Lennox; Sec. and T reas.;
W m . Lloyd; A sst. Sec. & A sst. T re a s., H . L . S tu b b s.— V . I l l , p . 188, 4 9 2 ,
1566; V . 114, p . 2468; V . 118, p . 1134, 1267, 3195; V . 120, p . 701.

MISSOURI
UNITED RAILWAYS CO. OF ST. LOUIS.
Is controlled b y N o rth A m erican C o. o f N ew Y o rk .
Receivership & Reorganization Plan.— Since A pril 12 1919 co. h a s been
in th e h a n d s of a receiver. V. 108, p . 1823, 2331. A p la n of reorganization
d a te d O ct. 1 1924, w as a d o p te d b y th e reo rg an izatio n com m ittee a n d
a p p ro v e d b y a n u m b e r of th e v a rio u s security h olders’ p ro te c tiv e com­
m ittees. F o r th e v ario u s com m ittees a n d de ta ils of th e p lan w e refer to
“ P ublic U tility C o m p en d iu m ” of M a y 2 1925 a n d V . 119, p . 2531.
New Company Formed.— On J a n . 16 1926 th e reorganization com m ittee
form ed a new co., th e St. Louis Public Service Co., w hich w as to purchase
the stre et railw ay pro p erties a t foreclosure. See for nam es of incorporators
V. 122, p . 483.
In F eb. 1926 receiver W ells e n tered in to c o n tra c t w ith th e reorganization
com m ittee, w hereby $4,200,000 of receiver’s certificates w ould be p aid in
full in cash ($2,300,000 b y receiver a nd $1,900,000 b y com m ittee), a nd
$4,100,000 underlying bonds w ere to be exchanged for gen. 4% bonds.
V. 122, p . 1028. T ru ste e was ordered to issue to th e com m ittee $6,000,000
add itio n al bonds for $4,100,000 u nderlying bonds an d $1,900,000 cash.
T he unissued $3,700,000 gen. 4s w ere to be cancelled. V . 122, p . 1172.
All of th e o u tsta n d in g series B receiver’s certificates w ere called for p ay­
m ent on A pril 1 1926 a t 100A an d in t. See V. 122, p . 1313, 1612.
Rights.— On or before M a y 1 1926 pref. stockholders w ere given th e
th e rig h t to subscribe for new com . sto ck of S t. Louis P ublic Service C o.
(th e new co., see above in this s tatem e n t) a t $12 50 p e r share on th e basis
of 1A shares of such new com . sto ck for each share of pref. held. Subscrip­
tio n s pay ab le in in sta llm e n ts. See p a rtic u la rs in V . 122, p . 1918.
H olders of St. Louis Transit Co. Impt. 20 - Yr. 5% Gold Bonds, Due Oct. 1
1924, w ere given th e rig h t to subscribe for new com . sto ck of St. Louis
Public Service Co. a t $12 50 on th e basis of 10 shares of such new com . stock
for each $1,000 bonds held. Subscriptions on or before M a y 1 1926 a nd
payable in in stallm ents. V. 122, p . 1919. I n t. on th e above S t. Louis
T ran sit Co. im p t. 5% gold bonds to A pril 1 1926 w as to be p a id . F u n d s
for th a t in t. were pro v id ed b y receiver. V. 122, p. 2045. See also V . 122,
p . 2949. L is te d on N ew Y ork Stock E xchange.
H olders of com m on stock w ho h ad deposited then- sto ck u n d e r th e p lan
an d agreem ent d a te d O ct. 1 1924, w ere given th e rig h t to subscribe on or
before J u ly 15 1926, a t $12 50 p e r share for new com . sto ck (if, as a nd w hen
issued) of S t. Louis P ublic Serv. C o. th e re to fo re offered to b u t n o t sub­
scribed for b y holders of pref. sto ck of U n ite d R y s. C o. V . 123, p . 208,
713. T h e rig h t to pu rch ase w as on th e basis of 1-10 of a share for each 1A
shares represented b y subscription receipts. V . 122, p . 3455.
O R G A N IZ A T IO N .— In c o rp o ra te d in M issouri on M arch 11 1898 as th e
C en tra l T rac tio n C o ., b u t changed its n am e to a bove on J u ly 10 1899.
On D ec. 31 1906 a bsorbed th e St. L ouis & S u b u rb an R y ., giving its pref,
stock, sh are for sh are, fo r th e sto ck of t h a t com pany. T h e U n ite d R y s.
gu aran tees th e $4,500,000 gen. m tge. bonds of th e St. L. & Sub. R y. See
V. 83, p . 39; V . 84, p . 105. In 1908 a cq u ired a controlling in te re s t in th e
M issouri E lectric C o ., successor to th e S t. L ouis S t. C harles & W estern
R R ., w hich w as sold a t foreclosure in J u ly 1905. F o r receivership a nd
reorganization see above.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e U nited R ailw ays C o. com prises all th e s tre e t c ar lines in operation i n
S t. Louis, except Illinois T rac tio n sy stem operating o u t of S t. Louis in to
Illinois. On D ec. 31 1925 ow ned to ta l of 462.88 m iles of tra c k (including
the S t. Louis & S u b u rb an ), of w hich 347.28 miles are in th e c ity and 115.60
miles are co u n ty tra c k . H as 1 ,6Q4 passenger cars, 2 special cars, 2 express
cars, 7 snowplows a nd 35 snow sw eepers, 3 electric locom otives a n a 166
service cars of various k in d s. T o ta l, 1,819. T h e com pany w as originally
leased to th e S t. Louis T ra n s it C o ., b u t u n d e r a re a d ju stm e n t arranged i n
O ct. 1904 by M essrs. B row n B ros. & C o. (V. 79, p. 1333), th e lease was
canceled a nd th e $17,264,300 sto ck of th a t com pany n e arly all exchanged
for voting tru ste e s’ certificates for com m on stock of th e U nited R ailw ays C o .
on th e basis of $500 T ra n s it sto ck for $200 v o ting tru s te e s ’ certificates.
Voting tr u s t has expired an d com . sto ck h a s been issued for tru s t certificates.
U nder th is p lan th e $20,000,000 re fu n d , a n d im p t. m tge. bonds of th e
St. L ouis T ra n s it C o ., of w hich $8,000,000 h a s been issued, w ere cancelled,
a nd in th eir place th e sam e com pany issued $10,000,000 of 5% im p ro v em en t
bonds g u a r, b y th e U n ite d R ys. C o. of St. Louis, th is g u a ra n ty being
secured b y a m o rtg ag e on all of t h a t co m p an y ’s p ro p e rty n e x t in ra n k to
th a t of its general m tg e. T hese im p ro v em e n t b onds a re now th e only
o u tsta n d in g secu rity of th e T r a n s it C o.

United Railways Co.
of St. Louis
Quotations and specific information
regarding all issues of the above
Company v/ill be furnished gladly
upon request.
We I n v i t e I n q u i r i e s

MARK C. STEINBERG & CO.
M em b e rs N ew Y o rk S to c k E x c h a n g e
C h ic a g o S to c k E x c h a n g e
S t. L o u is S to c k E x c h a n g e

300 N. Broadway, St. Louis, Mo.

236

PUBLIC UTILITIES

Power.—Pow er is p a rtly p u rch ased fro m th e U nion E lectric L ig h t &
Pow er C o. (successor to th e M ississippi R iver Pow er D istrib u tin g C o .).
See V. I l l , p . lb 6 2 ; also, V . 112 , p. 2529.
valuutim, &c.— T h e M issouri P . S. Com m ission in a decision handed
down on J u n e 4 1923, fo u n d th e value of all p ro p e rty o f th e com payn exctusive ot its su b sid ia ry , th e M issouri E lectric R R . C o ., as o f J a n . 1 i91Q
to be *52,838,11 0 , and fixed th e value o f th e M issouri E lectric R R . C o. as
o f J a n 1 1919 a t $781,949. T h e v alu atio n fixed by th e C om m ission was
accepted by all in te re sted .
_ Decisions.— On Feb J b 1917 the Missouri Supreme Court held that the
P. 8 . C om m , had no auth to compel the company to extend Its tracks oc
Streets on which It held no franchises.
Also held void two sections of the
City charter conferring upon the city the power to regulate Its public utilities

fare Situation.— Stp “ E lec tric R ailw ay" Supplem ent of A pr 26 1 024
s o u g h t b y R eceiver W ells in Ju n e 1 9 2 6 .
See V . 1 2 2 . p 3 3 4 3 ’
City Purchase Plan.— See V. 118, p . 2181.
Bus Operations.— See V. 119, p . 1627.

F a re increase

C A P IT A L IZ A T IO N .— T h e following show th e secu rities t h a t w ill be
o u ts ta n d in g a fte r th e proposed re a d ju stm e n ts u n d e r th e above-m entioned
reo rg an izatio n plan of O ct. 1 1924 h av e been com pleted:
ST O C K A N D B O N D S— Date.
Interest. Outstanding. Maturity.
Com m on
...
— ............................
............... 343,645 shs. A u g '26 50c.
P referre d Series A -------------------------$7
53,845 shs.
G en 1st m tge $42,000,000 1899
4 g J-J
36 ,3 0 0 ,0 0 0 July 1 1934
($1,000) g o ld_________ c * tf In t. at St. Louis Union Trust C o ., trustee,
C a n n o t be called.
or at Bankers Trust C o ., N ew Y o rk.
F irst m tge 5s s f g (to be issued
by a new su b u rb a n su b co_ 1924
4,500,000 J u ly 1 1934
Bonds.— Of th e $45,000|P00 general firs t m o rtg ag e bonds originally
au th o rized . $3,000,000, which h a d been previously reserved for th e purpose
o f retirin g bonds of th e S t. L ouis & S u b u rb an system , in case of purchase
have been canceled, m aking th e to ta l au th o rized issue now $42,000,000, of
which $9,768,000 are reserved for th e re tirem e n t of underlying liens. In
Aug. 1919 $1,932,000 bonds o f th is issue w hich w ere owned b y th e com pany
were ordered canceled by th e Federal C o u rt. V. 111, p . 787. T h e bonds
are secured by all th e stocks of th e c o n stitu en t com panies, and by direct
m ortgage lien upon th e ir p ro p e rty and franchises. In 1903 th e general
m ortgage bonds w ere listed on th e N ew York a n d P hiladelphia stock ex­
changes (see V. 76. p . 980; V. 89, p. 995), and in April 1906 th e S t. Louis
T ra n s it C o. im p ro v em en t bonds were listed on th e New Y ork Stock Excb.
Inte est Advanced y P otective Committees.— T h e J a n . 1 1924 in te re st on
th e first gen. m tg e. 4s w as ad v an ced by th e th ree p ro tectiv e com m ittees for
th is issue.
V. 118, p . 204.
U p to M ay 1925 the c o m m ittee h a d n o t
v e t been reim b u rsed by th e receiver. T h e Ju ly 1 1924 coupon w as p aid
b y th e receiver on D ec. 31 1924, to g e th e r w ith In terest on each coupon a t
6% p e r an n u m . T h e c o m m ittee for th e S t. Louis T ra n s it C o. 20-year 5%
im p ro v em en t bonds advanced to such o f its depositors as so desired th e
a m o u n t o f in te re st d u e a n d in d e fa u lt A pril 1 1924 on those bonds, and
a n n o u n cem en t has been m ade th a t, should O ct. 1 1924 In terest be d efaulted,
th e co m m ittee will ad v an ce sam e to depositing bondholders. V. 118. p
3667: V. 119. p . 1511. In te re s t ad v an ced b y P ro tectiv e C o m m ittee paid
F eb . 15 1926 by order of c o u rt. On M ay 20 1926 Fed eral Ju d g e F aris a t
S t. L ouis, M o ., g ran ted a u th o rity to R olla W ells, receiver, to p a v th e
sem i-annual in te re st, due J u ly 1 1926, on th ese bonds. V. 122, p . 2950.
Bonds Called.— T h e following bonds w ere called for p a y m e n t A pril 1 1926
b y c o u rt order:
(1) Compton Heights Union Depot A Merchants Terminal RR. 1st mtge. g.
bonds, extended to Oct. 1 1923, g u a ra n te ed b y U n . R ys. o f S t. Louis, incl. 6%
In te re st O ct. 1 1923 to April 1 1926.
(2) Cass Avenui
Fair Grounds Ry. 1st mtge. g. bonds, extended to Oct. 1
1923 and g u a ra n te ed b y U n . R y s. C o. of S t. L o u is., incl. 6% in te re s t O ct. 1
1923 to A pril 1 1926.
(3) Linnell Ry. 1st mtge. g. bonds, extended to Oct. 1 1923, g u a r, b y U n.
E y s . C o. of S t. L ouis, Incl. 8% in te re st O ct. 1 1923 to A pril 1 1926.
P a y m e n t for all th ree issues a t M ercan tile T ru st C o ., S t. Louis or
(except for C o m p to n H eights b o n d s), a t B an k ers T ru s t C o ., N ew Y o rk .
See V. 122. p. 1612.
E A R N IN G S .— F o r calen d ar years:
1925
1924
1923
1922
R ev . from tra n s p o rt'n _ -$ 1 8 ,669,776 $19,288,744 $20,220 765 $19,740,118
R ev . from o th e r ry . oper.
224,799
226.532
232.680
223,438
G ross oper. r e v e n u e ..$18.894,575 $19,515,276 $20,453,445 $19,903,555
O per. exp. (incl. d e p r.) . 14,684,077 15,093,195 15,123.183 14,895.508
Surp lu s over op er. exp. $4,210,498
T a x e s . . . ............................ 1.810,701

$4,422,080
1,772,134

$5,330,262
1,832,603

$5,068,047
1,845.723

In co m e fro m o p e r 'n .. $2,399,797
In c . from o th e r so u rces.
285,450

$2,649,946
287,870

$3,497,659
225,701

$3,222,325
202,831

G ross Incom e (less oper.
expenses and taxes) $2,685,247
D ed u ctio n s from incom e 2.892.515

$2,937,816
2.907,939

$3,723,360
2,913,615

$3,425,155
2,912,063

S u rp lu s ............................ def$207.268
$29 8 /7
$809,745
$513,092
1Q9?
Passengers Carried—
1925.
1924.
1923.
R ev en u e p assengers____270.105,400 279.222,520 292,671,781 286.076,475
T ran sfe r passengers____145.698,764 149.555.651 155.343,193 152,261,868
T o ta l p assengers..........415.804,164 428,778,171 448,014,974 438,338,343
Latest Earnings.— For 8 m os. p eriod, J a n . 1 to Aug. 31 1926: G ross,
$12,496,158, n e t, a fte r expenses & tax es, $1,579,742: o th er incom e, $144,282;
d ed u ctio n s fro m incom e, $1,830,513: b alan ce, def., $106,489.
O F F IC E R S .— R eceiver, R olla W ells; G en. M g r. for R eceiver, A lbert T .
P e rk in s .
Corporate Officals.— P re s ., A . L . Shapleigh; V .-P ., J . S heppard Sm ith;
Sec. & T re a s .. F ra n k A. G annon; G en. C ounsel. H . 8. P rie st. D irectors;
J . S h ep p ard S m ith , F ra n k A. G a n n o n , f i. S. Priest, A. C . B row n, A . L.
Shapleigh, F . O . W atts, A. J . Siegel. Jo h n F . D ulles. J . K . N ew m an,
R ic h ard M cC ulloch and M o rto n J o u rd a n .— V. 117, p. 1557. 2214; V. 118,
p . 86. 204, 909, 1269, 1393, 1521, 1662, 1667. 1775, 2 1 8 1 ,3199; V. 119, p.
326, 1511, 1627, 1735, 2181. 2523, 2531. 2880, 3012; V. 120, p . 960. 2818.
J . 121, p . 190: V. 122, p . 483, 1028, 1172, 1313, 1612, 1919. 2045. 2194,
2950, 3343, 3456: V. 123, p . 208, 713.
(1) M IS S O U R I E L E C T R IC R R .
C o n tro lle d b y U n ited R y s. C o . o f S t. Louis.
Receivership.— See U n ite d R ailw ays C o. a b o v e.
O R G A N IZ A T IO N — In c o rp . In J u ly 1908 in M issouri an d took over
p ro p e rty o f S t. Louis St. C h arles & W estern R R ., sold a t foreclosure sale
Ju ly 24 1905. on b e h alf o f a sy n d ica te .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C om pany o p erates a b o u t 20 m iles of tra c k betw een S t. Louis a n d S t. C h arles.
G auge, 4 ft. 10 in .; 60 to 100-lb. T ra il.
C A P IT A L IZ A T IO N .— Stock, $1,000,000, all o u tsta n d in g . A $1,000,000 m tge. has been m ade to M e rca n tile T r u s t C o. of S t. Louis, as tru s te e ,
of which $700,000 a re o u tsta n d in g .
O F F IC E R S .— P re s ., R ic h ard M cC ulloch.— V . 87. p . 226, 480, 1366.

[V ol. 123.

C o. a n d to dissolve th e form er. See V. 122, p . 3340, u n d e r h ead in g “ N e ­
b ra sk a G as & E lec tric C o .”
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e subsidiaries serve w ith electric lig h t a nd pow er; K ansas C ity , M o .;
C olum bus, O . ; Lincoln. '
B ra n ^ en . Mamt'-.ua. and o v c 2 0 0 cities and
com m unities in low s* N e b ra sk a a nd M isso u riith ey fu rn ish gas to Lincoln,
N e b ., B ran d o n , M an ito b a, a n a five o th er ciues. du 1 he en tire s tre e t railw ay
business in C olum bus, O ., and a steam heating business in re stric te d dis­
tricts in K ansas C ity and C olum bus. T h e corporation d erives over 80% of
Its net revenue through the sale of electricity. Its subsidiaries have 230,918
custom ers, a nd serve a to ta l population of a pproxim ately 1.099.000.
Kansas City Group.— See K ansas C ity Power & L ight Ci> below
Columbus. Ohio, Group.— See sep a ra te s ta te m e n t of C olum bus R y ., Pow er
& Light Co. on a n o th e r page
Iowa and Nebraska Group.— C orporation, through its subsidiaries, serves
elec, light and pow er to r-v e- 200 a d ja c e n t cities and com m unities all in te r­
connected by transm ission lines, in Iow a, N ebraska and M issouri. P ro p er­
ties o perated from L incoln. N e b ., as a c en tre have a to ta l steam c a p a c ity
of 28.335 k . w. a nd hydro-electric c apacity of 6,185 k w. P o p u la tio n
served in th is te rrito ry is over 242.000. a nd th e subsidiaries have over
68,000 custom ers
An o rder refusing th e com pany perm ission to sell stock in M issouri was
issued A pril 18 1924 by th e “ blue sk y " office of th e M issouri S ta te Finance
D e p artm e n t, b u t on A ug. 11 1925 th eir ord ers w ere overruled . V. 121, p.
977
S T O C K A N D B O N D S—
Date. Interest. Outstanding.
Maturity.
C om m on 350.000 shs (no p a r ) . ____ Q— J
178,4 2 shs.
See te x t
Prior preference 7%
cum
$20,000,000 ($100)............................ 7 Q—J
$11 798.790
See te x t
P artic p re f $20.000.000 ($ 100)............ See te x t
“
See te x t
5,50 »,400
Coll tr bonds conv Ser “ A " \ 1924 7 g F-A
-6., 0 F e b 1 1954
($100, & c)----------------i* tf/C le v e la n d T ru s t C o .. C leveland, tru ste e .
R efunding Series “ A " ($1001 1922 6 A-O
5.4 ! ,200 A pr 1 1947
& c ) ------------------------ c*& r*/lnt. payable in N . Y .. C hicago or C leveland,
F irst lien collateral tr u s t! 1912 5 g M -N
3,8 9.400 N ov 1 1927
($100 &c) g o ld --------------c*/U n io n T ru s t C o ., C leveland, tru ste e .
Secured 6 M 85 bonds, Ser “ A " I 1924
i
6 ^ g A - 0 11,700.000 O ct 1 1964
($100.$500&$1,000)g _ c * .tf|C le v e la n d T ru s t C o .. C leveland, tru ste e .
Stock.— Prior pref. is call, all o rln p a rt on any div. d a te on 90 d a y s' notice,
a t 110 and dlvs. P ayable In case of liquidation a t 110 and divs. In
O ct. 1924 $4,000,000 7% prior pref. was sold by O tis & C o.; How e, Snow &
B ertles, Iu c ., and Peirce. Fair & C o. a t 92 per share and d iv ., to yield
7.61% . V. 119. d . 2069.
T h e p a rtic . prer. is e n titled to 6% cum . divs. a nd p a rtic ip a te s u p to an
a d ditional 2 % . Is red. a t 110.
Bonds.— T h e coll tru s t 7% gold bonds, series " A ," are conv. into
partic. pref. stock, a t the ra te of $100 par value of such stock and $10 cash
for each $100 principal a m o u n t of bonds so converted. Red. all or p a rt
on any in t. d a te upon 30 d ays notice, on or before Peb. 1 1927 a t 102, on or
before Feb. 1 1929 a t 105, on or before Feb 1 1934 at 104, on or before F eb. 1
1939 a t 103. o d or before Feb 1 1944 a t 102, on or before Feb. 1 1949 a t
101, th e re a fte r a t par (and in t. in each case). In t. payable in N . Y .,
C hicago or C leveland. Free from l ’enna. S ta te tax
T he 6% refunding bonds, ser " A ," are red a t \07H to A pril 1 1932;
a t 105 th ereafter to April 1 1942, and a t 102 th e re a fte r.
T h e 1st lien & coll. tr . 5s are call, a t 105 & in t. on any in t. d a te . In t.
payable in C leveland and New Y ork.
T h e secured 6 H % gold bonds. Series A, due O ct. 1 1964 ($20,000,000 au­
th o rized ), are secured by pledge of stocks of certain controlled com panies.
Of th e rem aining Series ‘A " bonds au th o rized , $2,1 ub.lO Oare reserved
to re fu n d a like a h io u n t of C on tin en tal G as <c Elec. C orp. c o llateral tr u s t 7s,
S
d ue 1954.
T h e rem aining a u th e rw ed m ay be sold a nd th e proceeds
used to reim burse th e com pany for not to exceed 75%, of th e purchase
price of securities of controlled com panies. T he tru s t Indenture pro­
vides for an annual sinking fund paym ent for the retirem en t of this issue
com m encing O ctober 1 1926. equal to 1% of the m axim um principal
am o u n t o u tsta n d in g (less bonds retired through sale of pledged c ollateral),
a t any tim e preceding such p ay m en t durin g th e first 8 years; 2% d u riu g th e
next 25 years; and 2 % during th ■last 5 years. R edeem able, all or p a rt,
on any in te re st d a te , upon 30 d a y s' notice, on or before O ct. 1 1959. a t 105
and interest: th e re a fte r a t 100 and in te re st. In O ct. 1924 $11,700,000
Series “ A ” 6 H s w ere sold by O tis & C o .. H ow e, Snow & B ertles, I n c ., Peirce,
Fair & C o ., a nd J . G . W hite & C o ., In c ., a t 99 a n d in te re s t, to yield over
6 .5 5 % .— V. 119, p. 1738
Dividends.— T h e d irectors have declared th e following d ividends for th e
year 1926 on th e various classes of stock; (1) Prior preference stock, regular
div. of $1 75 per share q u a rte rly .; '2 ' participating preferred, a regular div.
of $1 50 per share q u arterly and an extra div. of 50c. p e r share q u a rte rly :
(3) on th e 6% p re f. sto ck , 1 ^ %; (4) common, $1 10 per share in cash q u a r­
te rly . T h e above q u a rte rly divs. w'ere all p a id , including O ct. 1 1926.
V . 122, p . 1608; V . 123, p . 1381.
E A R N IN G S .— F o r calendar years:
x l9 2 6 .
1925.
1924.
G ross, all sources.......................................$25,903,124 $23,812,480 $21,977,163
O per. ex p ., m a in t. & all ta x e s -............ 14,181,182 12,914,272 12,500,110
N e t e a rn in g s..................................
$11,721,942 $12,898,208 $9,477,053
In te re s t a n d div s., subsidiary cos____ 4,001,907
3,617,213
N ot
---------------- — —— —— A vailable.
G ross incom e, holding co m p a n y _______$7,717,035 $7,280,995
B ond in te re st, &c__________________
1,488,718
1,662,769
P ref. divs. (7% p rio r p re f., 6% pref. &
6-8% p a rtic . p re f.)_______________
1,198,118
1,064,234
A vail, for d ep r. & com . d iv s______ $5,030,199 $4,553,992
x 12 m onths ended J u ly 31 1926. F o r 12 m os. end. A ug. 31 1926, s e e
V. 123, p . 1873.
O F F IC E R S .—C hairm an of th e B o ard , C . S. E a to n , C leveland; P res.,
R ichard Schaddelee; V .-P s., B . J . D en m an , L . H . H einke, T . J . W eber
an d F . K . George; T re a s ., B . J . Olsen; Sec., L. H . H einke. G eneral offices.
G ran d R apids, M ich .— V. 119, p . 1738, 1847, 2069, 2528, 2759: V . 120,
p . 210, 1202, 2011, 2683, 3064; V. 121, p . 329, 705, 977, 1227, 1347, 2271,
2749; V . 122, p . 212, 1608. 2649, 3080, 3604; Y . 123, p . 205. 709, 841, 1381,
1873.

Continental Gas & Electric
* Corporation
( all issuesl

E are prepared to furnish q u o ta­
tions or other inform ation reg ard in g
the securities of the above Com pany.

W

CONTINENTAL GAS & ELECTRIC CORP.
Control.— C ontrolled by U n ited L ig h t & R y s. C o. (D el.), all of th e Issued
com m on stock of which is ow ned b y th e U n ite d L ig h t & Pow er C o. (M a ry 'd ).
O R G A N IZ A T IO N .— A holding co m p an y . In co rp . in D elaw are N ov. 16
1912. C ontrols a group o f electric pow er and lig h t com panies operatin g in
5 S tates a n d in C an a d a an d serving over 200 com m unities. T h e com panies
controlled are as follows: (a) K an sas C ity Pow er & L ight C o ., K an sas C ity
M o. [through acquisition o f co n tro l of K an sas C ity Pow er Securities C o rp .|;
sea s ta te m e n t belo v; (b) N eb rask a G as & E lectric C o.; (c) C an a d a G as &
E lectric O orp.. B randon, M an .; (d) C olum bus R y ., L ight & Pow er C o..
C olum bus, O. [see sta te m e n t on a n o th e r page]: (e) Iow a Service C o.; (/) L in ­
coln Public Service C o. an d Lincoln T rac tio n C o ., Lincoln, N eb.: (g) M ary ­
ville E lectric L ig h t & Pow er C o.; (h) H avelock (N eb.) E lec tric L ig h t C o.
H a s also acq u ired th e Lincoln (N eb.) T rac tio n C o. (V. 119, p . 1630; see
s ta te m e n t on a su b seq u en t p ag e).
I t w as an nounced in D ec. 1925 th a t th 8 Lincoln G as & E lectric L ig h t C o.
w as to be consolidated w ith th e electric p ro p erties of Lincoln T rac tio n C o.
fn a new co., th e Lincoln P ublic Service C o. V. 121, p . 2749.
In J u n e 1926 N eb rask a R y . C om m ission g ran ted co. a u th o rity to m erge
B lue R iv er Pow er C o rp . (purchased in 1926) w ith N eb rask a G as & E lectric




Inquiries Invited

H o w e , Sn o w
< l BERT l ES .
S
in c

120

Broadway

New York

Chicago
Grand Rapids
Detroit
San Francisco
St, Louis

O ct ., 1926.]

POWER, LIGHT AND RAILWAY

INLAND POWER & LIGHT CORP.
Management.— C o rp o ra tio n ’s o p e ra tin g subsidiaries a re to b e u nder
.supervision o f General Engineering & Management Corp.
O R G A N IZ A T IO N , &c.— O rganized in 1926 in V irginia to acquire all in t.
o f C om m onw ealth L t. & P r. C o. a n d In te rs ta te E lectric C orp. (see below ).
V . 122, p . 2328. All obligations a n d sto ck of th e In te rs ta te E lec tric C orp.
a re to be re tire d , a n d all obligations of th e C om m onw ealth L t. & P r . C o. are
likewise to be re tired , except th e C om m onw ealth L t. & Pow . C o. refunding
and unifying bonds as secu rity for which 100.000 shares class A com m on
sto ck a n d all of class B com m on sto ck of In lan d Pow er & L ight C orp. are
to be pledged and deposited. In lan d Power & L ight C orp. is to cause the
physical p ro p erties of th e K ansas subsidiaries to be transferred by con­
solidation or otherw ise to th e new K ansas C o ., a n d is to cause sim ilar
steps to be ta k e n in th e S tates o f M ichigan. A rkansas, M issouri a n d T exas,
to th e end th a t in each S ta te , so far as p erm itted by law , th e re will be one
principal com pany which will own all. or su b stan tially all, of th e p roperties
in th a t S ta te by d ire c t or sto ck ow nership. These several S ta te operating
com panies are then to be refinanced principally th ro u g h th e issuance of
1st m tge. bonds of long term a n d relativ ely low in terest ra te , a nd all existing
indebtedness of th e various C om m onw ealth L t. & Pow . C o. and In te rs ta te
E lectric C orp. subsidiaries which is of early m a tu rity or w hich bears in terest
a t a high ra te , is to be re tired . T h e plan an d agreem ent for exchange of
securities w as d a te d A pril 1 1926. V. 122, p . 2494, 3339.

Securities of Inland Power & Light Corp. and Subsidiaries upon Completion
of Financing.
Com m on class A (no p a r ) __________________________________ 100,000 shs.
C om m on class B (no p a r ) __________________________________ 100.000 shs.
7% cum . p ref. stock (in h an d s of p u b lic )____________________
$511,700
1 0 -Y r.6 % 1st coll. tr . s. f. gold bonds series A , due M a r. 1 1926
1.745,500
15-Y r. 6% series B. due M ay 1 1941________________________
2.941.700
1.472.900
7% Sinking Fund d eb en tu res series A. due Ju n e 1 1935______
Funded d e b t subsid. cos. (in h an d s of p u b lic )_______________
8.230.700
Preferred stock subsid. cos. (in h an d s o f p u b lic )_____________
382,200
Note.— All com m on sto ck of su b sid . cos. is to be ow ned, d ire c tly or in­
directly by In lan d Pow . & L t. C orp.
7% Cumulative Preferred Stock.— A uthorized a m o u n t n o t to exceed
$10,000,000. E n title d to cum . divs. a t ra te o f 7% p er a n n u m a n d no m ore.
R ed. all or p a rt on a n y d iv. d a te a t 107 a n d divs. On an y liq u id atio n ,
dissolution or w inding u p en title d to receive 107 a n d d iv. C o. shall n o t,
if holders o f o n e -th ird or m ore of o u tsta n d in g p re f. sto ck o b ject th e re to
(1) increase au th o rized a m o u n t so th a t it will exceed $10,000,000; or (2)
c re ate a n y o th e r sto ck o r class of sto ck h av in g p rio rity ov er, or on a p a rity
w ith , th e p ref. sto ck , eith er as to earnings o r assets. E x c e p t as required
b y law , p ref. sto ck shall h av e no v o tin g pow er unless div idends a m ounting
to 7 % th ereo n shall hav e accru ed an d be u n p a id , or unless th e re shall have
occurred som e d e fa u lt in th e o b serv atio n o f an y o f th e above provisions.
V. 122, p . 2494.
Class A Common Stock.— A u th o rized , 300,000 shares (no p a r), of which
100,000 shares are to be issued to th e C om m onw ealth com pany and b y it
ledged and deposited as sec u rity for its refu n d in g and unifying bonds.
iem aining 200,000 are to be reserved to be issued from tim e to tim e for such
purposes a n d for such considerations as d irecto rs m ay d eterm ine.
Su b ject to th e rig h ts of th e p ref. sto ck , class A com . is (a> E n title d to
p rio rity as to divs. to th e ex te n t o f $1 20 per sh are p er an n u m over th e class
B com . sto ck , a n d such d iv s. a t th e ra te o f $1 20 p er sh are will be cum u lativ e
to th e ex te n t earned in an y calen d ar y ear.; (b) R ed ., all or p a r t, a t $20
p er sh are an d divs on th e sh ares re d . a t ra te of $1 20 per share per a n n u m
to th e ex te n t earned b u t u npaid; (c) E n title d to p rio rity in liquidation or
dissolution over th e classs B com . sto ck , u p to $20 p er share plus divs. a t
ra te of $1 20 p e r share p er a n n u m to th e ex te n t earned b u t u n p a id on th e
class A com . sto ck . C lass A com . is non-voting. Class B com. stock.—-All
to be issued to C om m onw ealth co. a n d by it pledged a n d deposited as p a rt
secu rity for Its refu n d in g and unifying bonds. C lass B sto ck has fu ll voting
pow er (except as ab o v e sta te d u n d e r p ref. s to c k ).
Collateral Trust Bonds.—-To be issued in one o r m ore series. A uthorized
issue u n lim ited or lim ited as m anagers m ay fix. Series A bonds d ated
M arch 1 1926, d u e M arch 1 1936. Series B bonds d a te d M a y 1 1926, due
M ay 1 1941. I n t. p a y ab le w ith o u t deduction for a n y norm al Federal
incom e ta x n o t exceeding 2 % . C o n n . 4 mills ta x , P en n a. 4 m ills ta x , M ary ­
la n d 4 4 mills ta x , C alif, personal p ro p e rty ta x u p to 4 m ills, D istric t of
C olum bia 5 mills ta x an d M ass, incom e ta x on in t, n o t exceeding 6% o f such
in t. p er an n u m re fu n d e d . R ed. on first d a y of a n y m o n th on 30 days
notice; series A bonds a t 102 4 a n d in t., red u cin g 4 of 1% for each y ear
elapsed fro m April 30 1926, a n d series B bon d s a t 105 a nd in t. p rio r to
M ay 1 1931, reducing 4 of 1 % for each year elapsed fro m A pril 30 1930.
Series A a n d series B bonds e n titled to benefit of a sinking fu n d u n d o 1
term s of which 2% o f th e larg est principal a m o u n t of bonds of said tw o
series a t a n y tim e o u tsta n d in g , is to be retired each y ear s ta rtin g in 1928.
T h e re are to be pledged and d eposited, u n d e r th e in d e n tu re securing these
bonds, all com m on stock (except d irecto rs’ qualifying sh a re s), of th e new
K an sas co m pany, th e new M ich ig an com pany, th e A rkansas-M issouri
co m p an y and th e new T exas co m pany.
7% Debentures.—-A uthorized issue lim ited to $25,000,000 a t a n y one
tim e o u tsta n d in g . Series A, d a te d Ju n e 1 1926, due J u n e 1 1935. In t.
p ay ab le w ith o u t deduction for a n y norm al Federal incom e ta x n o t exceeding
2 % . C o n n . 4 m ills ta x , P e n n a . 4 m ills ta x , M ary lan d 44 m ills ta x , C alif,
personal p ro p e rty tax u p to 4 m ills. D istric t of C olum bia 5 mills ta x and
M ass, incom e ta x on in t. n o t exceeding 6% o f such in t. p e r a n n u m refunded.
R ed. on first d a y o f a n y m o n th on 30 d a y s’ notice a t 104 an d in t., reducing
4 of 1 % for each y ear elapsed fro m A pril .30 1926. Series A e n title d to
b en efit o f a sinking fu n d u n d e r te rm s of which 2% of th e larg est principal
a m o u n t o f series A d eb en tu res a t a n y tim e o u tsta n d in g is to be re tired
each y e ar s ta rtin g in 1927.
S E C U R IT IE S O F O P E R A T IN G C O M P A N IE S .

S

337

T h e operations of th e com panies will c o ntinue to b e supervised and
m anaged by G eneral Engineering & M anagem ent C orp.
E A R N IN G S .— O f In la n d P ow er & L ight C o rp . a nd subsidiaries for cal­
e n d a r y ear 1925:
O perating revenue and o th e r incom e__________________________ $2,940,559
N e t a fte r m aintenance, local taxes, &c________________________ 1.193.379
A nnual in terest and dividend requirem ents subsid. cos-------------531,919
B alan ce____________________________________________________
A nnual in t. req u irem en ts on $1,745,500 10-yr. a nd $2,941,700
15-yr. 1st coll. t r . bonds, and on $1,472,900 7% d e b e n tu re s,.
A nnual div . req u irem en ts on $511,700 7% cum . pref. s to ck -------

$661,460
384,336
35,819

A vailable for m an ag em en t fees, d epree., a m o rt.. A c ________ $241,305
Note.-—G eneral E ngineering & M an a g e m e n t C o rp . h a s agreed to su b ­
o rd in a te th e ir m an ag em en t fees, to th e e x te n t th e y a re chargeable a gainst
earnings to th e n rio r p a y m e n t b y th e com panies of b ond in te re st a n d p re f.
sto ck d iv id e n d s: V . 122, p . 2494, 2328, 2494, 3210, 3339.

(THE) COMMONWEALTH LIGHT & POWER CO.
Controlled'b y Tide Water Power Co., w hich ow ns 22,329 shares (81.9% )
of th e com m on sto ck o u tsta n d in g .
T he operating com panies are u n d e r supervision of General Engineering
& Management Corporation.

Offer by Inland Power & Light Corp. to exchange securities and proposed
re tirem e n t of ou tsta n d in g fun d ed d e b t. See under " In la n d Pow er & l i g h t
C o rp .” above.
O R G A N IZ A T IO N .— In co rp . in M ary lan d in 1916. C o m p an y controls
th e follow'ng public u tility operating com panies; K ansas Power C o ., Phillips
C o u n ty (K an .) Light & Pow er Oo., U nited L ight & Po ver C o. (K a n .),
T he C en tra l K ansas P ublic Service C o. (form erlv W eber E lectric Power
C o .), L ib eral (K a n .) L ig h t, Ic e & P ow er C o ., M issouri E lec tric , G as &
W a te r C o ., M ichigan U n ite d L ig h t & Pow er C o ., W h ite R iv e r P ow er Oo.
(M ic h .). B oyne R iver P ow er C o. (M ich.). B oyne C ity E lec tric C o. J D a lh a rt
(Texas) Ice & E le c tric C o .. D a lh a r t (T ex.) W ater C o .. C om pany also owns
approxim ately 96.5% c f th e com . an d 92% of th e pref. stock of In te rs ta te
E lectric C o rp . (see h e re u n d er).
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h ro u g h its su b sid iary organizations, incl. In te rs ta te E lec. C o. and su b s.,
com pany furnishes a diversified public u tility service to 245 com m unities
in M ichigan, M isso u ri, K an sas, A rkansas a n a T exas. P o p u latio n served,
a p p ro x im a te ly '226,000. T h e con tro lled com panies o p erate w ith o u t com ­
p e titio n in th e ir vario u s fields. F o r y e a r ended J u ly 31 1926: E lectrical
p ro d u c tio n , 60.271,808 k .w .h .; ice m ade, 54,879 to n s. E lec tric consum ers,
37,692 a n d 1,677 gas consum ers.
S T O C K A N D B O N D S— Date.
Interest. Outstanding. Maturity.
C om m on $10,000,000 ($100)_______
_______
$2,723,800 __________
7% cum pref $5,000,000 ( $ 1 0 0 ) ____
7
56.400 .....................
8ecs of sub cos (inci In te rs ta te
Elec C orp & its s u b s id ia rie s )____
_______
9,471,800 __________
1st lien & ref g bonds ($1,000, i 1917
6 g M -N
2,941,700 N ov 1 1947
$5 0 0 .$ 1 0 0 c* ) ________ tf/G u a ra n ty T ru st C o. of New Y ork, trustee.
1-yr 6 % s e c g n o te s $2,000,000 1 1926
6 A-O
2,000,000 O ct. 11927
$1,000 & $500 c ) _______ t f (G u a ra n ty T r u s t C o. of N . Y ., tru ste e .
_______
J.639.884 _______ ___
R efunaing & unifying b o n d s . ____
Boruts.— T h e firs lien and refunding gold bonds, due Nov. 1 1947. are
secured upon all of co m p an y ’s assets, su b ject to o u tsta n d in g obligations of
subsidiary com panies, also by pledge of approxim ately 9 6 .5 ^ of th e com .
and 92% of the pref stocks of In te rs ta te Electric C orp. A dditional bonds
m ay be issued (1 > a t 85% of additional properties. (2' a t 80% of p e rm a n e n t
im provem ents and extensions; ,3) p a r for p a r for bonds o u tsta n d in g a t tim e
of purchase of properties, in all cases provided net earnings for previous
year were a t least ] "4 tim es an n u al interest requirem ents on ou tsta n d in g
bonds, including those proposed to be issued. A sinking fund began
Dec. 31 1922. of 1% of outstan d in g bonds from 1922 to 1926: 1 4 % from
1927 to 1931: 1 4 % from 1932 to 1936; \% % from 1937 to 1941, and 2%
from 1942 to 1946, to be used to re tire bonds or for p e rm a n e n t im prove­
m ents
C allable as a whole only a t 105 and in te re st. In addition to
am o u n t shown in th e above ta b le as o u tsta n d in g $750,000 bonds are deposi­
ted as collateral for th e 2-year secured gold notes
Note.-—In O ct. 1926 R . E . W ilsey & Oo. an d P e a rso n s-T a ft C o ., C hicago,
sold $2,000,000 1 -y r. no tes, d a te d O ct 1 1926 a t 100 a nd in t. V. 123,
p . 1995. T h e y a re secured b y $1,500,000 1st lien 6% bonds a nd $542,000
notes of su b sid iary o p e ra tin g com panies.
E A R N IN G S .-—C onsolidated incom e acco u n t, incl. all subsidiaries, for
y e a r ended Ju ly 31 1926:
G ross, including o th e r incom e________________________________ $2,941.014
N e t earnings a fte r ta x e s _____________________________________
1,177,209
In te re s t and p rio r charges of su b s ____________________________
672,207
In te re s t (p a re n t c o m p a n y )___________________________________
354,490
B alan ce___________________________________________________
$150,512
O F F IC E R S .— P re s ., G . A . W illiam s; V .-P s,, A . E . F itk in , H . D . P olh e m u s, R . R . S tru n k and C . A . Fees; T re a s ., W . E . Shaw J r .; Sec., S. R .
Jones. Office, 165 B ro a d w ay , N ew Y o rk C ity , N . Y .— V. 122, p . 2328,
2492, 3209. 3603; V. 123, p . 82, 323, 1761, 1995.

K A N SA S P O W E R C O .
O R G A N IZ A T IO N , &C.— In c o rp . in 1909 as th e C oncordia Electric
L ight Co
C ontrols Phillips C o u n ty L ight & Pow er C o. C om pany and its
subsidiary supply electric lig h t and’ power to Concordia and Philiipsburg,
K a n ., and 45 additional com m unities. 339 m iles of transm ission lines.
New Kansas Company.
C om pany also supplies ice to W ashington. C o m p an y 's generating p lan ts
N ew 1st m tg e. 20-year gold bonds, d ue 1946, n o t to exceed 6%
in in te re st ra te an d n o t to exceed in prin cip al a m o u n t------------ $3,750,000 aggregate 5.650 k . w.
New Michigan Company.
B O N D S—
Date. Interest. Outstanding. Maturity.
M ichigan P u b lic Service C o .— 1st m tge. 6 4 % gold bonds,
10-year sinking fund gold d e -( 1923 7 g A-O
$990,100 O ct 1 1933
series A , due A pril 1 1943_________________________________
b e n tu re s$ l ,000.000 ($1.0001 New Y ork T r u s t C o., New Y ork, tru ste e .
$490,500
N ew 1st m tg e. a n d ref. 20-year gold bonds, due 1946, n o t to
$5,000. $100 c * )________t f (P r. & in t. gu. by C om m onw . P . & L. C orp.
exceed 6% in in t. ra te an d n o t to exceed in prin cip al a m o u n t-- 1,250,000
Bonds.— T h e tr u s t ag reem en t of th e 10--year sinking luvd gold debenture
Arkansas-Missouri Subsidiaries.
bonds, due Oct. 1 1933, p rohibits o th er issues prior or equal th e re to w ithout
A rkansas-M issouri Pow er C o .—
retiring this issue. T h e ad d itio n a l $500 000 bonds m ay be issued only for
1st m tge. 5% 30-year sin k in g fu n d gold b o n d s, due J a n . 1 1953$32,000 80% of a d ditional acquisitions, provided n e t earnings during 12 consecutive
1st m tge. 6% 30-year sinking fu n d gold bo n d s, d u e J a n . 1 1953. 1,564,100 w ithin preceding 15 m onths have been a t least twice in terest on all bonds
1st m tge. 7% 30-year sin k in g fu n d gold b o nds, d u e J a n . 1 1953444,100 ou tstan d in g , including new issue.
T h e re is a sinking fund payable on or
10-year 6 4 % gold d e b en tu re s, d u e M a y 1 1935______________
500,000 before Aug. ] 5 in each of th e years 1925 to i 928. of 1 % of m axim um a m o u n t
P referred sto ck ____________________________________________
382,200 of bonds a t any tim e o u tsta n d in g , and of ] 4 % In each of th e years 1929 to
T ren to n G as & E lectric C o.—
1932. both inclusive. U nconditionally guaranteed (p. A i.> by endorse­
10-year 6 4 % sink. fd . gold d eb en tu res, d u e O ct. 1 1935_____
450,000 m en t b y C om m onw ealth L ight & Pow er C o. R edeem able, w hole or p a r t,
on 30 d a y s’ notice, a t 105 and in te re st to and including O ct. 1 1926. a n a a t
Exchange of Securities.
105 a nd Interest to and including O ct. 1 1926, and a t 4 % less In each y e a r
T h e p lan provides (1) t h a t each $100 C om m onw ealth L ig h t & Pow er th e re a fte r to O ct. 1 1932.
Oo. 1st m tge. 6% bond due N ov. 1 1947 [M ay 1 1926. coupon detached]
O F F IC E R S .— P re s ., C . A . Fees; V .-P ., R . R . S tru n k ; T re a s., A . E . F it­
will receive $100 In lan d Power & L ight C orp. 1st coll, tru s t 6% bond due kin; Sec., H . P . Sm yth; A sst. Sec. & T rea s., S. R . Jones. Office, C oncordia,
M ay 1 1941 and $7 50 cum ul. 7% pref. stock; (2) th a t each $100 In te rs ta te K an .
E lectric C orp. 1st lien 6% bond d u e M arch 1 1933 will receive $100 Inland
Pow er & L ight C orp. 1st coll, tru s t 6% bond d u e M arch 1 1936 an d $7 50
IN T E R S T A T E E L E C T R IC C O R P O R A T IO N .
cum ul. 7% p ref. stock; (3) th a t each $100 In te rsta te Electric C orp deben­
Offer by
Light
exchange
an
tu re 7% d u e Ju n e 1 1932 (June 1 1926, coupon d etach ed ) will receive $100 retirem ent Inland Power g funded Corp. to See under securitiesPowd proposed
of o
“ In la n d
er & Light
In lan d Pow er & L ight C orp. d eb en tu re 7% due Ju n e 1 1935 a nd $7.50 C o rp .” above. u tsta n d in p. 2329, d e b t.
V. 122,
2495.
c u m u lativ e 7% preferred stock; (4) th a t each $100 p a r value 7% pref.
Control.— C
ealth L ight
stock In te rs ta te El. Corp. (other th a n shares owned by C om m onw ealth com m on and om m onwth e preferred & Pow er C o. ow ns a p p r. 98 5 % o f th e
93% of
stock.
L t. & Pow . C o.) will receive $100 p a r 7% cum . pref. stock of Inland Pow.
Management.— G eneral E ngineering & M an ag em en t C orp.
& L t. C orp. plus a cash settlem en t of accrued divs.; (5) th a t each $100 par
value common shares n o t owned by C om m onw ealth L t. & Pow. Co.] will
O R G A N IZ A T IO N .— In co rp . in V irginia, J a n . 1913. C o m p an y con­
receive $100 p a r value 7 % cum . p re f. stock of It,lam! C o. T im e fo r deposit trols and operates A rkansas-iviissouri Pow er C o ., M ichigan Public Service
o f securities w as extended u n til close of business J u ly 15 1926. V. 122, C o ., A rkansas P ublic Service C o., E lk E lectric C e ., G rayling E lectric C o.,
p . 3210: a n d la te r o t to O ct. 1 1926. V. 123, p . 324. A gain extended to Electric Service C o. (K ansas), G re a t B enu (K an .) W ater & E lectric C o.,
a n d in c D ec. 1 1926. V. 123, p. 1762.
H olsington (K a n .). E lectric & Ice C o., T ren to n (M o .), G as & E lectric C o.,
E m p ire T ru st G o., 120 B ro ad w ay , N ew Y ork, h as been nam ed as Peoples G as & E lec tric C o. (M o.).
d ep o sitary under th e p lan . C o n tin en tal & C om m ercial T ru st & Savings
B an k , C hicago, 111., and B ank of Jtaly . Los Angeles, C alif., as sub-deposi­
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
taries, and A. E. Fitk in & C o., 165 B roadw ay, N . Y . C ity as m anagers.
T hrough its subsidiaries furnishes a diversified public u tility service In
W hen th e plan is consum m ated, all common stock of th e operating M ichigan, M issouri, A rkansas, K ansas and T exas. T h e principal a ctiv ity
com panies presently controlled by C om m onw ealth Light & Pow er Co. and of th e co. is th e m an u factu re and distrib u tio n of electrical energy. C o.
In te rs ta te E lectric C orp. will be deposited to secure th e 1st collateral tru st also operates w a te r, gas an d ice com panies. V . 120, p . 2147. F o r year
gold bonds (of w hich th e re will be several series) of In lan d Pow er & Light I ended J u ly 31 1926: C ap a c ity o f p la n t, 15,483 h .p .; transm ission lines, 886
C o rp .
miles; electric p ro d u ctio n , 27,043.653 k .w .h .; gas o u tp u t, 37,947 m .c.f.;




238

Ice m an u factu red , 33,778 to n s. C onsum ers, electric, 20,184; gas, 1,677,
a n d w a ter, 1,268. P o p u la tio n served, 129,400.
ST O C K A N D B O N D S—
Date. Interest. Outstanding. Maturity.
C om m on $1,000,000 ($100)_ _____
_
_______
81,000,000 __________
C u m p f 7% $1,500,000 ($100)............
7 Q-M
1,077,100 .......................
Securities o f subsid cos_______ _____
_______
2,401,600 __________
1st lien 6% coll s f gold $ 2 ,-f 1913 6 g M -S
1,784,500 M a r 1 1933
000,000 (closed) ($1,000— n t . a t T h e E q u itab le T ru s t C o., N ew Y ork,
|l
500 c * )_________________ t f l T ru ste e .
10-year 7% d eb $ 1 ,500,000/ 1922 7 J-D
1,472,900 D ec 1 1932
($1,000-$500-$100 c * )_ tf /T h e N e w Y ork T ru st C o .,N . Y . C ., T ru ste e .
_
Bonds.— T h e ls l lien 6% coll. s. f. gold bonds, dated March 1. 1913, are
secured b y th e assets o f su b sid iary com panies whose sto ck is deposited
th e re u n d e r. T h ere is a sinking fund o f 1 A % o f a m o u n t of o u tsta n d in g
bon d s D ec. 31 1921 to 1925; 2 % , D ec. 31 1926 to 1929; 3% D ec. 31 1930to
1932, all d a te s inclusive. C allable, whole b u t n o t p a rt, a t 102 an d in t.
$155,500 h a v e been re tired b y sinking fu n d , $100,000 reserved to re tire
un d erly in g b o n d s. In A pril 1925 M ew Y o rk E m p ire C o ., In c ., a nd B ever­
ley B ogert & C o ., offered th ese bonds a t 91H, to yield over 6.35% .
$27,000 10-year 7% debentures dated Dec. i 1922, w ere re tired b y sinking
fu n d . Y . 119, p . 2529; V. 120, p . 2147. T h ey are redeem able, whole or
p a rt, to an d including D ec. 1 1925 a t 105 and in t., and 1 % less on Ju n e 1 in
each of th e y ears 1926, 1928 and 1930
P e n n a ., M ary lan d a n d C onn. 4 m ills
an d M ass. 6 % taxes refu n d ab le. A . E . F itk in & C o. offered in O ct. 1924
a certa m a m o u n t of th ese bonds.
O F F IC E R S .— P res., G . A. W illiam s; V .-P ., A . E . F itk in ; T re a s., W . E .
Shaw J r.; A sst. T rea s., R . W . D av id so n ; Sec., S. R . Jo n es.— V. 122, p .
2329, 2495, 3210; V. 123, p . 324, 1762.

( a )

[V ol. 123,

PUBLIC UTILITIES

A

R

K

A

N

S

A

S

- M

I S

S

O

U

R

I

P

O

Controlled th ro u g h sto ck ow nership b y In te rs ta te E lectric C orp.

W

E

O R G A N IZ A T IO N .— In co rp . in A rkansas in 1923. In J u ly 1926 to o k
over th e m unicipal sy ste m an d p la n t a t M asto n , M o. V. 123, p . 708. In
A ug. 1926 A rkansas R R . C om m ission a u th o rized th e co. to issue $600,000
6% bonds, $500,000 7% p ref. sto ck an d $375,000 6 'A % 10-year gold bonds
in connection w ith th e p u rch ase o f th e pow er p la n ts a t O sceola, Luxora a nd
P ig g o tt, A rk ., P o p lar B lu ff, M o ., an d a dozen oth er p ro p erties in M issouri
and A rk an sas. V . 123, p . 840.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Furnishes w ith o u t c o m p etitio n electric lig h t a n d pow er to 7,653 custom ers
(exclusive of to w n s served w holesale) th ro u g h its 201 m iles of transm ission
lines, in 32 com m unities w ith a n aggregate p o p u latio n in excess of 57,000,
lo cated in th e so u th ea st sectio n o f M issouri a n d in th e neighboring n o rth ­
east section o f A rkansas, an d extending n o rth in to M issouri. T h e aggre­
g a te p la n t c ap a c ity is 6,300 h .p ., p rin cip ally hydro-electric, a nd Diesel
engine g en eratio n . T h e ag g reg ate d a ily c ap acity of th e various a rtificia l
ice p la n ts is over 130 to n s. V . 120, p . 3063. F o r y ear ended Ju ly 31 1926;
E lectric o u tp u t, 10,196,914 k .w .h .; ice m ad e, 19,876 to n s.
S T O C K A N D B O N D S—
Date. Interest. Outstanding. Maturity.
C om m on 60,000 shs. (no p a r ) . ____
_______
60,000 shs. __________
7% cum p re f $1,000,000________ . . .
7
$382,200 __________
1st M 3 0 -y r s f g $ 5 ,0 0 0 .0 0 0 ../ 1923 5-6-7 g J -J *2,040,300 J a n 1 1953
($1,00(P$500-$100 c * )_ tf\ S t. Louis U nion T ru st C o ., S t. L ., T ru ste e .
_
10-yr 6 H % K deb $5,000,000/ 1925 6 H g M -N
500,000 M ay 1 1935
($1,000-$500-$100 c * )_ tf\N e w Y ork T ru s t C o ., N . Y . C ity , T ru ste e .
_
* 5 % , $32,000: 6 % , $1,564,200; 7 % . $444,100.
Bonds— T h e lst-A f. 5-6-7% 30-year s. / . gold bonds, due J a n . 1 1953, are
red. a t p a r an d in t., p lu s a p rem . equal to a n n u al in t. (5-6-7% ). C onn.,
M ass, an d P e n n a . tax es refu n d ab le. In Ju n e 1925 A . E . F itk in & C o.,
B everley, B o g art & C o. an d R . E . W ilsey & C o., In c ., offered $800,000 a ddi­
tio n a l 1st M . b onds a t 95/£ and in t., to yield over 6.35% . V . 120, p . 3063.
A sinking fund is p ro v id ed of 1 % d u rin g 1925 to 1934 incl.; IV>%, 1935-1944,
in cl., a n d 2% for each y ear th e re a fte r u n til m a tu rity .
T h e 10-year 6 K % gold debentures, due May 1 1935, a re re d ., all or p a rt, a t
105 to a n d incl. M a y 1 1928, th e red em p tio n price decreasing M % annually
>
to 102 a n d in t. P e n n a . 4 m ills, D ist. o f Col. 5 m ills. C onn. 4 m ills, M ary ­
la n d 444 m ills, C alif. 4 m ills an d M ass. 6% ta x refundable. In Ju n e 1925
A . E . F itk in & C o ., &c., &c., offered $500,000 of these deb entures a t 9644
an d in t., to yield over 7 % . V. 120, p . 3184.
E A R N IN G S .— F o r calen d ar y ear 1925: G ross, $1,421,997; n e t a fte r oper­
a tin g expenses, $534,922; o th e r incom e, $81,870; to ta l, incom e, $616,792;
in te re st, $360,893; n e t earnings, $255,899.
O F F IC E R S .— P res, a n d T rea s., A . E . F itk in ; V .-P ., R . R . Strunk;
Sec., P . E . C ooley. Office, B ly th ev ille, A rk.
Management.— G eneral E ngineering & M an ag em en t C o rp.— V . 118, p .
3082, 2707; Y . 120, p . 3063, 3184, 3001; V . 123, p . 708, 840, 1112.

K ansas C ity , M o. H as a c o n tra c t w ith th e m u n ic ip a lity of K ansas C ity ,
M o., to su pply electric energy for operatio n of th e c ity ’s p u m p in g statio n .
V 118, p. 2188. Also operates a n electric lig h t a n d pow er business in
C arroll, C h arito n a n d H ow ard counties, M o ., C ass C o u n ty , M o ., Saline
C o u n ty , M o ., P e ttis C o u n ty , M o ., M iam i C o u n ty , K a n ., F ra n k lin C o u n ty ,
K a n ., D ouglas C o u n ty , K an .; an d has coal rig h ts in a b o u t 9,000 acres of
coal, lands. Owns 4 electric g enerating s ta tio n s, aggregate in sta lled n o rm al
cap a c ity o f 153,475 k .w ., a n d 54 su b sta tio n s w ith tra n sfo rm e r c ap a c ity of
over 157,890 k .v .a . H as 496 m iles of high-tension tra nsm ission lines, 398
m iles of u n derground cable a nd 2,613 m iles of low -tension d is trib u tin g lines;
118,799 m eters; steam h e atin g p la n ts w hich g enerated in 1925 890,000,000
pounds of steam , an d coal rig h ts in 9,083 acres of valu ab le coal iands in
M issouri. O f th e installed cap acity 132,500 k .w . is a t N o rth e a st pow er
p la n t in K ansas C ity , M o . T his p la n t has an u ltim a te c a p a c ity of 240,000
k .w . T o ta l p o p u la tio n served, 575,000.
Valuation.— See V. 115, p . 443; V. 117, p . 1468.
ST O C K A N D B O N D S— Date.
Interest. Outstanding. Maturity.
C om 350,000 shares (no par) - ______
_______ 250,000 shs. S e p t ’26, $1
1st p re f Ser “ A ” 250,000 shares
(no p a r ) ___________________ _____
$7 Q -J
110,000 shs O ct ’26 $1.75
_______
N one _________ P a rtic p re f 100,000 shs (no p a r ) ____
Eirst m ortgage Series “ A ” l 1922
5 g M -S $25,000,000 S ep t. 1 1952
Gee te x t) gold__________ tf f C o n t’li : C om m . T r. & S B k. C h ic., tru ste e .
6
500,000 __________
N o te s p a y a b le _______________ _____
M o rtg a g es___________________ 1921
5
150,000
1931
Stock.— F irst pref. stock is e n titled to cum . divs. of $7 per share p e r annum .
Preferred as to assets (to e x te n t of $100 per share) and divs. R edeem able,
all or p a rt, a t $115 and d iv ., upon 60 days’ notice. V 115. p . 443
Listed
on N ew Y ork Stock E xchange a nd C hicago Stock E xchange. V. 116, p.
418, 1185.O .
R Bonds.— T he 1st m tg e. bonds are issuable in series u n d e r c erta in re stric ­
C
tions for 75% of th e cost of p e rm a n e n t im p ts., &c. An a n n u a l m ain te n an c e
an d depreciation fu n d o f 12 44 % of gross earnings is p ro v id ed f o r. A n annual
im provem ent fu n d of 1 % of th e am o u n t of th is issue o u ts ta n d in g beginning
A p r. 1 1927 is also provided for, th is fu n d to be ap p lied to p e rm a n e n t im p ts .,
a d ditions, &c., or to th e re tirem e n t of o u tsta n d in g bonds of th is issue.
Series “ A ” are issued in th e following denom s. c*$100, $500 & $1,000;
r $1,000, $5,000, $10,000 a n d $25,000; redeem able, all or in p a rt, on 60 days
notice, on or before S ept. 1 1946. a t 105 an d in t.; th e re a fte r on or before
Sept. 1 1950 a t 10244 a n d in t., an d th e re a fte r a t 100 a n d in t. P e n n . 4 mills
ta x refu n d ed . In t. p a y ab le in N ew Y ork or C hicago. V. 115, p . 1328.
L isted on N . Y . Stock E xchange a n d C hicago Stock E x ch an g e. In J a n .
1925 $2,000,000 1st m tg e . 5s, series “ A ” were offered b y G u a ra n ty C o. of
N . Y .; B onb rig h t & C o., In c .; H alsey, S tu a rt & C o ., In c ., a n d O tis & Co.
a t 97 an d in t., to yield over 5 .2 0 % . V. 120. p . 702.
Dividends.— A n in itial dividend of $1 75 w as p aid on fir s t p re f. stock
Series “ A ” in O ct. 1922. Sam e ra te p aid re g u la rly q u a r. sin ce.D iv s. a t
th e ra te of $4 p er share p er an n u m w ere p aid on th e com . sto ck . In 1925
a t th e ra te of $6 40 per a n n u m .
E A R N IN G S .— For calendar years:

Gross.

Net aft.tax. Oth. Inc.

Int.

& c.

Depr.,

& c.

Bal.,

Sur.

1925 -$10,031,314 $5,203,444 $130,987 $1,379,795 $1,358,002 $2 596,634
1924 . .
9,395,369 4,612,658 103.372 1,250.335 1,057,346 2,408,349
1923 - - 8,739,633 4,230,163 122.352 1,110,388 1,118,951 2,123,176
1922 - - 7.768.488 3.564.428 118.840 1.202.826
865,006 1,615,435
Latest Earnings.— F o r 12 m os. end. Sept. 30 1926:

Gross.

Net After
Taxes.

Fixed
Charges.

Balance,
Surplus.

1926 __________________$10,631,540 $5,556,206 $1,245,806 $4,310,400
1925 __________________ 9,978,734 5,119.615
1,153,308 3.966,307
O F F IC E R S .— P res., Joseph F . P o rte r; V .-P . & Sec., C . C . Sm ith: V .-P s.,
John H. B ovard, F red S. D ew ey. A. E. B ettis. E dw in Jo w e tt a nd O . F .
Fasley; T rea s., R . J . C lark; A ud. a nd A sst. Sec. & A sst. T rea s., H . C . D av is.
G en. offices, 1330 G rand A ve., K ansas C ity , M o .— V. 120. p . 702, 1320,
344, 1881; V . 122, p . 1446, 1436.

MISSOURI POWER & LIGHT CO.
Control.— C ontrolled b y N o rth A m erican L ig h t & Pow er C o.

O R G A N IZ A T IO N .— O rganized in M issouri. In A ug. 1925 th e co. sold
its O klahom a, Illinois a nd K ansas pro p erties for $5,175,000. V . 121, p .
1462. F o r purchase of m u n icip al electric p la n t of C lin to n , M o ., in D ec.
1925, see V. 122, p . 213.
On Ju iv 24 1925 stockholders increased th e a u th o riz e d pref. sto ck from
$2,000,000 to $3,200,000 ($100 p a r). V . 121, d . 979. On N o v . 3 1925
th e y increased th e au th o rized com m on stock from 40,000 shares of no
p a r value to 60.000 shares, and th e au th o rise d m-ef shock from $3,200,000
( b ) M
I C H I G A N
P U B L I C
S E R V I C E to $5,700,000 (par $100). V . 121, p . 1227, 1462, 2403.
C O .
F IE
S AN
CT
OF
IN
S .—
Merger.—-For proposed m erger o f co. w ith a n u m b er o f o th e r cos. in to Owns L D O F O P E R A T IO Npow er Dn dC H AhR Agas,E Re atin g ,B U S ter,E Stre et
a nd operates electric
a
lig t,
h
wa
s
a new co. n am ed Michigan United Light & Power Co., see V . 123, p . 83.
railw ay an d ice properties in over 100 cities a n d tow ns in M issouri, serving
O R G A N IZ A T IO N , &C.— In c o rp . in M ichigan Ju ly 1896. C o m p an y a p o pulation e stim ate d a t 135,000. T h e M issouri pro p erties include
supplies electric lig h t an d pow er to C heboygan an d th ro u g h 260 m iles of Jefferson C ity , M oberly, K irksville, B ooneville, M exico. B rookfield,
tran sm issio n lines 28 o th e r com m unities in M ichigan; also supplies w a ter in Excelsior Springs, H u n tsv ille a nd C en tra lia. T h e pow er a nd lig h t p roper­
G ay lo rd . C o m p an y ’s gen eratin g p la n ts to ta l 3,060 h .p . F o r y e ar ended ties of th e co. com prise steam electric generating sta tio n s w ith an aggregate
Ju ly 31 1926, electricity p ro d u ced , 2,632,270 k .w .h .
Installed c ap acity of 21,250 h . p ., together w ith 686 miles of transm ission
lines, and d istrib u tin g system s in th e com m unities serv ed . G as service is
S T O C K A N D B O N D S .—
Dale. Interest. Outstanding. Maturity.
supplied to B oonville, Jefferson C ity , M oberly, M exico an d Excelsior
C o m m o n $200,000___________ — All ow ned b y In te rs ta te E lectric C o rp .—
F ir s t m o rtg ag es Series " A ” ________
644
$495,000 A pr 1 1943 Springs, M o.
ST O C K A N D B O N D S —
Date. Interest. Outstanding. Maturity.
Notes.— T h e one-year votes a re redeem able, whole or p a rt, on 15 d ays
_________ 35,000 shs. --------------notice a t 101 an d in t. P e n n . 4 m ill, C alif. 4 m d l, D ist. o f C olum . 5 m ill C om m on 60,000 shs. (no p a r ) . ____
and M ass. 6% tax es refu n d ab le.
P re f s t k 7% $5,700,000 ($100)______
_______
$2,865,000 O c t’2 6 ,$ l.75
5MI g M -S 6,500,000 S ept 1 1955
O F F IC E R S .— P res., E . A . W rig h t; V .-P s., R . R . S tru n k , a n d W . A. 1st m tge g Series A ($1,000,/ 1925
$500, $100 c* )_________ tf\C e n tra l T ru s t C o. of 111., C hicago, T ru ste e .
W adsw orth; T re a s., A . E . F itk in ; Sec., C. F . Cook; A sst. Sec. a n d T re a s.,
1st
Series A,
are
ays notice, all or
S. R . Jo n es. Office. C heboygan, M ich .— V. 121, p . 75; V. 123, p . 83, 1762. p aT h eincl. mtge. g. bonds, t 105 a nd 1925, w ithre d . on 60 dreductions of 1%
rt,
S ept. 1 1950 a
in t.,
successive
during each y ear th e re a fte r. T h e m ortgage provides for th e issuance of ad d i­
tional bonds of «uch m a tu rity a n d bearing such ra te s of i n t . a nd otherw ise of
KANSAS CITY POWER SECURITIES CORP.
such tenor as d irectors m ay from tim e to tim e determ in e. Such a d ditional
bonds, how
issued
n t exceeding in
v alu e 80%
Control.— In J a n . 1924 th e C o n tin e n tal G as & E lectric C o rp . acquired of th e cash ever, m a y be valu e, only (1) for is oless, of a d d itioface extensions,
c ost or fa ir
w hichever
n s,
c o n tro l o f th e co m p an y . V . 118, p . 550. C om pare V . 11?, p . 2323. im provem ents or new acquisitions to be subjected to th e lien of th e m o rtg ag e ,
S u b sta n tia lly all o f th e p ref. an d com . stocks are owned b y C o n tin e n tal either d irectly or th ro u g h pledge of securities a nd of p erm an en t im prove­
G as & E lec tric C o rp .
m ents, ad d itio n s or b e tte rm e n ts to p roperties th u s sub jected to th e lien
O R G A N IZ A T IO N .— In c o rp . in Illinois on M arch 8 1921. Owns all the thereof, provided th a t a n n u al n e t earnings shall have been n o t less th a n 1 %
com m on sto ck o f K an sas C ity Pow er & L t. C o. See th a t co m pany below .
tim es th e a nnual in te re st charges on all bonds including th e bonds requested
C A P IT A L S T O C K .— A u th ., 65,000 shares com m on a n d 50,000 shares to be certified an d on all indebtedness secured b y a lien or liens p rio r to th e
p ref. (no p a r v a lu e ). O u tstan d in g , 65,000 com . shares a n d 40,000 pref. lien of th e m ortgage securing these bonds if a n y , or (2) to re fu n d u nderlying
sh ares. T h e p re f. sh ares c a rry a p reference o f $5 p er sh are p er an n u m , bonds if a ny; or (3) for th e refunding of bonds of o th e r series.
T h e deed of tru s t provides for th e p a y m e n t to th e tru s te e a n n u ally of a
c u m ., p a y ab le q u a r. a n d in case o f dissolution or liq u id atio n of th e com pany,
to th e e x te n t o f $100 p er sh are a n d all u n p aid , accrued a n d accruing div i­ sum equal to 25% of gross operatin g revenues derived from c ity railw ays
an d 12'A % fro m o th e r u tility p roperties durin g th e preceding c alen d a r year
dends th ereo n .
less th e am o u n t expended for m ain ten an ce a nd to satisfy th e sinking fund
Dividends.— On p re f., $1 25 p e r sh are was p a id A pril 1 1921 a n d sam e requirem ents of u nderlying bonds if a n y . F u n d s so d e posited shall b e
am o u n t h as been p a id reg u larly q u a r. since. A d iv . o f $2 per share was em ployed eith e r for th e re tire m e n t of underlying bonds if a n y or first
paid on th e com . sto ck in D ec. 1922, a n d since a q u ar. d iv . of $2 has been m ortgage bonds or for renew als an d replacem ents or for a d d itio n s, im p ro v e ­
regularly paid.
m ents or acquisitions w hich shall n o t be m ade th e basis for th e c ertification
E A R N IN G S .— C om pany derives a ll its rev en u es from th e com m on sto ck of a d d itio n a l bonds. T h e above percentages are su b je c t to periodical re ­
d e te rm in a tio n .
of K ansas C ity Pow er & L ig h t C o.
In te re s t p a y ab le in C hicago or N ew Y o rk . C o n n ., P e n n a ., C alif. 4-mill
O F F IC E R S .— P res., Jo sep h F . P o rte r; V .-P re s., R ichard Schadellee;
Sec., C h ester C . Sm ith; T re a s ., L . H . H ein k e.— V. 117, p . 2323; V. 118, ta x , D is tric t of C olum bia 5-mill ta x , M a ry la n d 4 Ml-mill ta x a n d M ass
6%, ta x refu n d ab le.
p .202, 550. 1260.
In O ct. 1925 E . H . R ollins & Sons, &c., &c., sold $6,500,000 a t 9 8 A a nd
in t., to yield 5.6 0 % . V. 121, p . 1789.
K A N SA S C IT Y P O W E R & L I G H T C O .
All of th e Excelsior Springs Water Gas
Elec. Co. 1st mtge. 6% 20-yr. g.
All th e com m on sto ck ow ned b y K an sas C ity Pow er Securities C o rp ., In bonds, dated June 1 1912 w ere called for re d e m p tio n a t 103 a n d in t. on
D ec. 1 1925. V . 121, p . 2401.
tu rn controlled b y th e C o n tin e n tal G as & E lectric C orp.
E A R N IN G S — For Calendar Years—
1925.
1924.
O R G A N IZ A T IO N .— O rganized in M issouri J u ly 29 1922 as a consolida­
tio n o f th e old K ansas C ity Pow er a n d L ig h t C o. (for h isto ry see “ E lectric G ross earn in g s__________________________________ $2,255,646 $2,009,382
1,269,685
R ailw ay ” S upplem ent of A pril 29 1922) a n d C arro ll C o u n ty E lectric C o. O perating expenses, m ain te n an c e an d ta x e s ______ 1,366,419
V. 115, p . 443.
B alance for in t.. b ond d iscount a nd d iv id e n d s ..
$889,227
$739,697
E lectric lighting a n d pow er franchises in M issouri a n d in K ansas are, w ith
ERS
tu d eb ak er
., H .
,
m in o r exceptions, p e rp e tu a l. Steam h e atin g franchises in M issouri run L. O F F ICish er .— P res., C lem entr.; ST re a s ., P . LJ r.; V .-PSec., D . L . . H a n lyes.
E. F
and P . A. P e ttit J
. Sm ith;
H H olm
for a period o f 30 y ears fro m 1905. T h e co m p an y owns th e e n tire capital
sto ck o f th e E dison E lectric L t. & Pow . C o ., th e S ta n d a rd E lec. L t. C o., — V . 119, p . 948, 1072; V. 120, p . 582, 829: V. 121, p . 706, 840, 979, 1227,
1462, 1678, 1789, 1909, 2403; V . 122, p . 213, 2329.
th e K an sas C ity E lectrical W ire Subw ay C o ., K an sas C ity H e atin g C o.,
K an sas C ity P . & L t. A ppliance C o., K an sas C ity L t. & Pow er C o., K ansas
C ity E lectric R y . C o ., K ansas C ity E lectric L ig h t C o ., th e S outhw est C ities
In v e stm e n t C o. an d th e E lectric T ru ck C o. of K an sas C ity , M o.
ST. LOUIS & ST. CHARLES BRIDGE CO.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O R G A N IZ A T IO N .— In c o rp . on D ec. 22 1908 as successor to th e S t
C o n tro ls th e electric lig h tin g an d pow er business in K ansas C ity , M o ., and
furnishes electrical energy in W y an d o tte a n d John so n C ounties, K a n ., and C harles & S t. Louis C o u n ty B ridge C o ., w hose p ro p e rty was bid in a t fo re­
Jack so n , P la tte a n d C lay C ounties, M o ., a n d furnishes steam h e a t to closure sale on F e b . 29 1908 for th e bondholders a t $300,000. V . 86, p . 669




Oct., 1926.]

F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
B ridge across M issouri R iv e r, 2,700 ft. long, betw een C ity of S t. C harles
anfl S t. Louis C o u n ty , was opened A p ril 22 1904. T h e M issouri E lectric
pays th e B ridge C o. 5c. for each passenger crossing th e b rid ge.
S T O C K A N D B O N D S — Date.
Interest. Outstanding. Maturity.
Stock 1562,500 ($100)______ _______
_________
$560,850 __________
1st m ortgage $300,000 ($500) 1 1909
5 g J-J
141,500 J a n . 1 1 929
g o ld ___________________ c* /A m erican T r u s t C o ., tru s te e .
Bonds.— S ubject to call a t 105.
O F F I C E R S — P res., C . D . Bolin; Sec. & T re a s ., W . V . D e la h u n t —
V. 86, p . 669; V . 87, p . 227; V . 88, p . 56.

UNION ELECTRIC LIGHT & POWER CO. OF ILL.
Control.— T h e North American Co. ow ns all th e com m on sto ck except
d ire c to rs’ qualify in g shares.
Lease.— C o m p an y ’s p la n t is leased to U nion E lectric L ig h t & Pow er C o.
(M o .). See s ta te m e n t elsew here in th is p u b lic a tio n . T h e lease provides
for re n ta ls w hich include tax es, d ep rec. of n early 3 % , a n d a fixed re tu rn
based on c ap ital ex p en d itu res.
In accordance w ith th e accounting procedure prescribed b y th e M issouri
P . S. C om m ., th e re n ta ls a re a d ed u ctio r from o p eratin g incom e of U nion
E lectric L ight & Pow er C o. (of M issouri), pay ab le before d eterm in atio n of
n e t incom e applicable to th a t co m p a n y ’s fixed charges.
O R G A N IZ A T IO N .-—In c o rp . J a n . 10 1923 in Illinois sa th e C ahokia
Pow er C o. (nam e changed to p re sen t title in J u ly 1923), to assum e th e
ow nership a n d control of th e steam pow er p la n t u n d e r construction a t
C ah o k ia, 111., directly across th e M ississippi fro m S t. Louis. T his p la n t,
co n stru cted to m eet th e pow er req u irem en ts o f th e S t. Louis d istric t, has
been leased to U nion E lectric L ig h t & Pow er Co. (M isso u ri). F or te rm s of
lease, see above u n d er “ L ease.” P la n t is located on th e east b a n k of the
riv e r. T his statio n is designed to o p e ra te en tirely on p ulverized coal for
fuel. Is designed for th e u ltim a te c ap a c ity of 350,000 k .w . T h e fir s t four
u n its are now in o peratio n a n d h a v e a c ap a c ity of 145,000 k .w .; th e fifth
an d six th u n its will be housed in th e th ird section, now u n d e r co n stru ctio n .
D ate.
Interest. Outsatnding. Maturity.
S T O C K A N D B O N D S—
C om m on $13,000,000 ($20)_ ____
_
_______
$5,010,000 __________
6 Q -J
5.498,900
See te x t
P f 6% cum $25,000,000 ($100) ____
F irst m tg e Ser “A ” ($1,000) \ 1924
5H g J-J
9,375,000 J a n 1 1954
g o ld_________________ c * .tf f E q u ita b le T ru st C o ., N ew Y o rk , tru ste e .
Stock.— P referred has equal votin g rig h ts, share for sh are, w ith th e com .
sto ck , a n d is free fro m all p ro p e rty tax es in M issouri an d Illinois.
* Bonds.— F irst m tg e . Series “A ” b onds have a sem i-annual sinking fund
■
t o re tire $7,500,000 Series “ A ” bonds p rio r to m a tu rity th ro u g h redem ption
o f24$ % p er an n u m b y purchase in th e m a rk e t a t or below 100 a nd in te re st,
o r if n o t so o b ta in a b le, by call a t th a t price. A re callable, all or in p a rt,
o n 30 say s’ notice on a n y in te re st d a te to a n d including J a n . 1 1925, a t
105 an d in te re st, w ith successive red u ctio n s in red em p tio n price of % of
1 % d u rin g each th re e y e ars’ period th e re a fte r. P e n n a . 4 mills ta x re fu n d e d .
L isted on N ew Y ork Stock E x ch an g e. V . 120, p . 1091. In J a n . 1924
$10,000,000 w ere sold b y D illon, R ead & C o ., H arris, Forbes & C o ., and
Spencer T rask S C o. a t 95% an d in te re s t, to yield 5 .8 0 % . V . 118, p . 442.
c
Dividendsi— On p ref. a re being p a id reg u larly .
E A R N IN G S .— F o r calen d ar years:
Gross.

Net after
Taxes.

Interest.

Avail, for Depr.,
Divs., &c.

$833,520
$1,595,673
1926x__________ $2,436,870
$2,429,193
$793,502
$1,444,536
1925___________ $2,247,672
$2,238,038
1924___________ 1,715,136
1,708,892
802,212
906,680
x 12 m o n th s en d ed J u n e 30 1926.
O F F IC E R S .— P res., Louis H . E g an ; V .-P ., F . J . Boehm ; V .-P ., E dw in
G ruhl; V .-P ., J . F . F o g a rty ; Sec. & T re a s ., H . Spoehrer.— V . 118. p.
442; V. 120, p . 1091; V. 121, p . 2158, 2754; V. 122, p . 2498; V . 123, p . 72.

KANSAS CITY CLAY COUNTY & ST. JOSEPH
RAILWAY CO.
O R G A N IZ A T IO N .— In c o rp . In M issouri in 1911 u n d e r a 200-year c h a r­
ie r. In J a n . 1913 th e line from K an sas C ity to Excelsior Springs, M o ., was
opened, and on M a y 5 1913 opened for operation its line betw een K a n sa i
C ity an d S t. Jo sep h , 52% m iles. V . 96, p . 1423.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perates 51.9 m iles betw een K an sas C ity a n d S t. Jo sep h , M o ., a n d 27.7
m iles betw een K an sas C ity an d Excelsior Springs, M o .; to ta l, 77.61 miles.
70 a n d 80-lb. T rail; s tan d a rd gauge. Passenger eq u ip m en t, 26 cars
5 exp. m o to r cars, 20 express tra ile rs, 10 o th er cars a n d 1 A m erican elec­
tric d itch er, 2 electric locom otives. Also handles freig h t.
T h e term in al service to K ansas C ity for th e Q uincy O m aha & K an . C ity
R R . (C. B . & Q, system ) was discontinued V . 99, p . 1910.
Valuation.— On J a n . 15 1920 th e P . S. C om m ission fixed th e value of a l
th e p ro p e rty as o f J u ly 31 1917 a t $4,800,000. V. 110. p . 562.
Freight Terminal.— T h e K a n . C ity In te ru rb a n F reig h t T erm . C o. was in­
corp. in F eb . 1917 to provide facilities in th e city for han d ling in te ru rb a n
freig h t an d express m a tte r. Stock a u th . a n d issued, $100,000; bonds a u th .
$100,000, of w hich $62,500 o u tsta n d in g . T h e sto ck o f th e co. is ow ned by
Interests associated w ith th e K ansas C ity C lay C o u n ty & S t. Joseph R y .
a n d th e K ansas C ity K aw Valley & W estern R y . T h e te rm in a l was opened
O ct. 10 1917. R o b t. P . W oods is P res.; J . F . H olm an, V .-P res.; E . S. Bige­
low, Sec. & T reas.
ST O C K A N D B O N D S—
Date. Interest. Outstanding. Maturity.
$2,450,000
See te x t
Com $6,000,000 ($100)___________
Pref 7% cum $7,000,000__________
7%
1,550,000 J a n ’26, 1 %
1 s t m tge $10,000,000 ($ l,- f 1911 5 g M -S
3,050,000 Sept 11941
000 gold s f red a t 105 after-j E q u itab le T r. C o ., N . Y ., a n d J . F . D ow nSept 1 1915__________ c * tf t ing, K a n . C ity , T ru s. In t. pay ab le N . Y .
Bonds.— U nissued bonds can only be issued for 80% of th e cost of p e r­
m anent a d d ’ns a n d exts. u n d e r certa in restrictio n s. Sinking fund of 1 % %
of bonds certified began Sept. 1 1917.
Dividends.— On 7% pref. 1 % % , p a id reg u larly q u a r. On com m on: In
1914, 2 % % paid; 1915, Ju n e, 1%%. In 1916, 4 % % . In 1917, 2 % % .
In 1918, 2 % % . In 1 9 1 9 ,2 % % . I n 1 9 2 0 ,2 % % . In 1921, 3 3-16% . In

1 9 2 2 ,

1

%

%

.

EA R N IN G S.-—F o r calen d ar years:

Gross.

Net,aft.Tax.

Interest,&c. Dividends.

Balance.

$108,500 def$39,674
1925_______ $874,416
$232,360
$163,534
164,660
108.500
12,706
1924_______
977,881
285,866
1923_______ 1,235,041
371,904
163,493
108.500
99,911
1 9 2............ - 1,212,292
2
371,274
163,309
109,250
98,715
155,872
127.500
41,193
1921_______ 1,186,707
324,565
O F F IC E R S .— C h airm an o f B o ard & P re s ., Allen G . H o y t: V .-P . & GenM g r., R . P . W oods; Sec. & T re a s., W . S. T u ley .— V . 119, p . 1172; V . 121,
p . 1348; V. 123, p . 1382.

KANSAS CITY PUBLIC SERVICE CO.
r O R G A N IZ A T IO N .— In co rp . in M issouri J u n e 16 1925 to succeed as per
reo rg an izatio n p la n o f Ju n e 1 1925, th e K an sas C ity R ailw ay C o ., sold a t
foreclosure J a n . 4 1926. T h e receivership o f th is la tte r com pany ended
O ct. 16 1926. F o r ab o v e reorg an izatio n p lan an d h isto ry , &c., of K ansas
C ity R ailw ays, see “ P u b lic U tility C o m pendium ” o f M a y 1 1926. V. 120,
p .:2942; V. 122, p . 2651; V. 123, p . 1996.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O w ns a n d o p erates en tire s tre e t railw ay sy stem a n d also a n u m b er of bus
lines serving K ansas C ity a n d In d ependence, M o ., K an sas C ity a n d R osed ale, K a n ., a n d Jack so n C o u n ty , M o .; p o p u la tio n served, a b o u t 600,000.
O ver 317 m iles of single-track eq u iv a len t, a b o u t 75% p av ed ; rem ain d er on
brid g es or p riv a te right-of-w ay. One pow er h o u se, c a p a c ity 60,000 k .w .,
an d 13 su b sta tio n s. A pproxim ately 800 m o to r cars a n d tra ile rs in ad d itio n
to w ork cars. A pproxim ately 100 buses.
Franchises.— A 12-year extension o f th e franchise o f predecessor com pany
w as g ra n te d on Sept. 27 1926 b y th e C ity C ouncil o f K an sas C ity , M o .,
w h ereb y th is franchise b ecam e a 30-year g ra n t to te rm in a lte J a n . 1 1956.
V. 123, p . 1996, 2139. T h e fa re was fixed a t 15 tic k e ts for $1, m aking a
fa re o f 6 2-3 cents.




339

POWER, LIGHT AND RAILWAY

STO CK A N D B O N D S—
Date.
Interest. xOutstanding. Maturity.
_______ 182,645 shs ______
C om m on (no p a r ) ___________ _____
$7 p re fe rred _________________ _____
$7
83,364 shs ______
F ir s t m o rtg ag e _______________ 1926
6g
y$12,465,200
1956
x T h e am o u n ts show n a bove re p re se n t th e am o u n ts w hich will be o u t­
stan d in g u p o n com pletion of th e exchange of securities as p e r reorganization
p la n , y W ere to be issued in one block sh o rtly , according to re p o rts re­
ceived before going to press.
Stock.— T h e p re f. sto ck v o te s equally w ith com m on stock an d is redeem ­
able a t 107% .
Bonds.— I t w as re p o rte d th a t th e firs t m tg e . b onds w ere to be issued a nd
sold a t “ a little b e tte r ” th a n 90 cen ts on th e dollar.
E A R N IN G S .— F o r calen d ar years (or predecessor co.):
1925.
1924.
1923.
1922.
R evenue passengers_____ 124,698,142 128,310,928 135,097,194 136,076,541
T ransfer passengers____ 65,390,339 66,969,205 68,678,524 68,191,873
T o ta l oper. rev en u e_____x$9,967,579 $10,024,230 $10,514,735 $10,661,754
N e t operating re v e n u e .. 1,523,776
1,545,741
2,012,623
1,910,711
N e t a fte r ta x e s _________ 1,012,339
1,057,043
1,538,245
1,377,118
M iscellaneous incom e
.
7,085
10,878
11,929
14,134
Gross incom e ______ $1,019,424
C ity ’s sh are ___________
______

$1,067,921
______

$1,550,174
______

$1,391,252
______

C o m p an y ’s sh are ____$1,019,424 $1,067,921
M isc. non-op. inc.— C o .
243,210
188,509

$1,550,174
162,068

$1,391,252
99,274

G ross incom e— C o . . . $1,262,634
T o ta l d e ductions_______ 1,915,682

$1,712,242
1,900,126

$1,490,526
1,909,031

$1,256,430
1,903,188

N e t incom e_________ def$653,048 def$646,758 def$187,884 def$418,505
x Inclu d es $189,621 m o to r coach operating revenue.

Note.— T h e to ta l o p e ra tin g expenses a n d taxes for 1925 a m o u n te d to

$8,955,241 a n d in 1924 to $8,967,187 as m a y be c alcu lated fro m above
a n n u al earnings of predecessor co., ta k e n from th e receiver’s re p o rt. These
operatin g expenses include, it is s ta te d , a n n u a l charges of $1,200,000 on
acco u n t of personal in ju ry a n d p ro p e rty dam age claim s, a n d $120,000 on
a cc o u n t of receiver’s a n d legal expenses. T hese tw o item s, aggregating
$1,320,000 per an n u m , re p re sen t a n a p p ro p ria tio n of $110,000 each m o n th
fro m N ov. 1 1921 charged to operatin g expenses. A dju stin g th ese a n d
o th e r sim ilar item s to th e a c tu a l expenditures, gross incom e fo r 1925 w as
$1,975,244 an d for 1924 $1,911,926. D educting fro m these la tte r figures
th e revenue received fro m in te re st on secu rity ow ned, th e fin a l a d ju sted
gross incom e for 1925 am o u n ts to $1,751,850 a nd for 1924 $1,730,476.
Earnings as based on new securities (of K ansas C ity P u b lic Service C o.)
for calendar years 1925:
A d justed gross incom e________________________________________ $1,751,850
In te re s t req u irem en ts on 1st m tg e . 6% b o n d s__________________
747,912
A pplicable to p referred s to c k _______________________________ $1,003,938
A nnual dividends on 83,364 $7 preferred sh ares________________
583,548
B alance a fte r preferred d iv id e n d s___________________________ $420,390
O F F IC E R S .— P res., W illiam G . W oolfolk.— V . 121, p . 1788; V. 123, p .
1996, 2139.

KANSAS CITY KAW VALLEY & WESTERN RY.

Receivership.— In J u ly 1924 H a rry C . Job es, K ansas C ity , was appointed
receiver for th e co. by th e U . S. D is tric t C o u rt in K ansas. V . 119, p . 578.
O R G A N IZ A T IO N .— In c o rp . in K ansas J u ly 28 1909.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e line betw een K ansas C ity an d B onner Springs w as placed in operation
Ju ly 20 1914, a nd fro m B onner Springs to Law rence, K a n ., on J u n e 1 1916;
to ta l m iles tra c k o p e ra te d , 40-693. G auge, 4 ft. 8% in.; 70-lb. T rail.
10 passenger cars; 2 electric locom otives; 4 express and baggage, 8 box and
1 4 d u m p c a rs. T h e ro a d as pro jected will extend to T o p ek a, 26 miles beyond
L aw rence. C onnection is m ad e w ith th e s tre e t railw ay sy ste m of K ansas
C ity . D ire c t freig h t connection a t K ansas C ity w ith C . R . I. & P . R y .,
K . C .-S . R y . an d K . C . T e rm in al R y . A t B onner Springs w ith U . P . R R .
and A . T . & S. F . R R . T ra c k connection a t L aw rence w ith U . P . R R .
Franchise in L aw rence e xtends to 1946.
Kansas City Interurban Freight Terminal.— See K a n . C ity C lay C ounty
& St. Joseph R y. above.
Default, cfee.— T h e co. being u n ab le to m e e t th e p rin cip al o f th e $1,070,000
1st m tge 6s (Aug. 1 1924 in t. p a id , how ever) a n d th e $528,500 gen. m tge.
6s, d u e Aug. 1 1924. th e following p ro te c tiv e c o m m ittee was form ed:
Committee for 1st Mtge. 6s.— C h airm a n , G eo. W . Y ork; C hanning Folsom ,
J . Z. M iller J r ., A lfred R . H o rr, Jam e s B . H a rv e y ; Sec., T hos. F . M aw er,
317 C uyahoga B ldg., C lev elan d , O. D e p o sita ry , C leveland T ru s t C o .,
C leveland; su b -d e p o sita ry . N ew E n g lan d N a t’l B ank, K ansas C ity , M o.
V. 119, p . 693. D eposits have been called for. V. 119, p . 2761; V. 120,p . 1089.
Foreclosure.— See V . 121, p . 978, a b o u t foreclosure proceedings held in
abeyance pen d in g a law s u it a g a in st J . J . H eim , w hich was s e ttle d in A ug.
1925.
ST O C K A N D B O N D S—
Date. Interest. Outstanding. Maturity.
Stock, $1,500,000 ($100)__________
_________
$740,500 __________
1st M $2,500,000 gold ($100/ 1914
6 g F-A
1,070,000 A ug 1 1924
$500 a nd $1,000)____c * tf 11nt. a t F irst T r. & Sav. B k ., C hicago, T ru st.
G en m tge, $812,500 go ld ____J 1914
6 g F-A
528,500 A ug 11924
(I n t. a t C om . T r. C o., K a n . C ity , M o ., T ru s.
Bonds.— T he issuance of fir s t m tg e . bonds for th e c o n stru ctio n of the
road is lim ited to $20,000 per m ile; ad d itio n a l bonds m ay only be issued
for 90% of cost of im p ro v em en ts, b e tte rm e n ts, a d d itions a nd extensions,
under conservative restrictio n s. R ed ., all or p a rt, a t 101 and in t. on a n y
in t. d a te on 60 d a y s ’ notice. $212,500 gen. m tge. bonds (incl. in am o u n t
o u tsta n d in g ) a re held in tre a su ry .
T h e gen. m tg e. bonds a re lim ited to $12,500 p e r mile; callable a t 101
a n d in t. V. 102, p. 1625; V . 104, p . 452.
E A R N IN G S .— F or c alen d a r years:
Gross. Net.aft.Tax. Oth. Inc. Bond.Int.

Deprec• Bal.,Surp.

X
$9,673
$54,713 def$44,279
1 9 2 5 ... . $366,845
$761
1 9 2 4 ... - - - 375,528
38,782
$48,453
54,423
def61,297
2,797
1 9 2 3 -.. - - - 461,819
82,470
53,578
def447
127,905
7,696
1 9 2 2 .-- - . - 468,903
156,827
D r248
82,470
52,789 sur21,318
x In te re s t d e fa u lte d , see above.
O F F IC E R S .— P res., K . D . K lem m , K ansas C ity , M o.; V .-P . A G en.
;
M g r., W . R . T aylor; Sec. & T re a s.. W . E . B arn h art; A ud., E . J . O ’B rien.
Office, 511 N ew Jerse y A ve., K ansas C ity , K a n .— V. 110, p . 1289; V. 112,
p. 744; V. 118, p. 1910, 2948; V. 119, p . 578, 693, 2529, 2761; V. 120, p . 1089.
V. 121, p . 978.

THE MISSOURI & KANSAS RAILWAY CO.
O R G A N IZ A T IO N .— P reviously know n as Missouri & Kansas Interurban
Railway.— In c o rp . in K ansas under G eneral R ailroad L aw . K now n as
“ S tran g L in e .” In 1909 receiver a p p ointed th e previous y e a r w as dis­
charged, an d old com pany resum ed control. V. 86, p . 1467; V . 89, p . 1281.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perates 20 m iles of ro a d from K ansas C ity th ro u g h Southridge, M orrison
R idge, M ilburn Place, O verland P a rk an d L enexa to O lath e. E n te rs
K ansas C ity over tra c k s of th e K ansas C ity R y s. 70-lb. ra ils. H a s 10
cars, including passenger a n d freig h t. M o tive pow er changed fro m S tran g
gasoline cars to e le ctricity in 1908. V. 87, p . 614. H as p riv a te rig h t-o fw ay a b o u t 80 feet wide from K ansas C ity to O lathe.
ST O C K A N D B O N D S —
Date. Interest. Outstanding. Maturity.
tto ck $1,000,000 ($100)...................
...............
$1,000,000 ............ .........
First m tge gold ($1,000)_____c 1919
6 J -J
500,000
1934
Second m ortgage $300,000 f 1919
6 J -J
155,000 Ju ly 1 1934
( $ 1 ,0 0 0 ) _________________ / i n t . a t F id e lity N a tio n a l B ank & T r u s t C o.,
I K ansas C ity , M o ., T ru ste e .
E A R N IN G S .— F o r calen d ar y e ar 1925, gross $162,640; n e t. $46,723;
for 1924, gross $152,237; n e t, $45,037.
In 1923, gross, $159,480; n e t,
$45,211'. In 1922, gross, $162,377; n e t, $44,309.
O F F IC E R S .— P res., H enry O . Flow er; V .-R .. L ester W . H all; V .-P . &
G en. M gr., T hos. Riley; See. & T re a s ., A . D . R ider; A u d ., E . H . S tair.
G eneral offices. O verland P a rk . K a n .— V. 87, p . 614; V. 89, p . 1281: V. 109.
D. 4 7 7 .

240

[V ol. 123.

PUBLIC UTILITIES

SOUTHWEST MISSOURI RAILROAD CO.

Receiver.— On S ep t. 14 1926 F . C . W all over a n d H arriso n C . R ogers
(both o f Jo p lin ) w ere ap p o in ted receivers. I t was sta te d th a t in te re s t on
bonds h a d n o t been p a id for y ears. V. 123, p . 2141.
O R G A N IZ A T IO N .— O rganized u n d er th e general ra ilro ad law s of
M issouri, an d on S ep t. 1 1906 acquired th e Southw est M issouri E lectric
R y . and th e W ebb C ity N o rth e rn E lectric R R .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O p erates 91 m iles of tra c k connecting C arth ag e, C arte rv ille , W ebb C ity ,
P ro sp e rity , P o rto R ico, D uenw eg-O ronogo, N eck C ity , Purcell, A lba,
Jo p lin . Villa H eig h ts a n d C hitw ood, all in M issouri, and G alena in K ansas.
An extension to B ax ter Springs, K a n .. 9 miles, was com pleted Feb 21 1918
and to P ich er, O kla., on Ju n e 10 1918. In Sept. 1926 authorized by
M issouri P . S. Com m ission to discontinue its s tre e t car service from
D u q u esn e to D uenw ig in Jasp e r C o u n ty , M o. V. 123, p . 1763.
ST O C K A N D B O N D S—
Date. Interest. Outstanding. Maturity.
Stock $5,000,000____________ _____
_________ $3,500,000 See“ e a rn s.’’
G eneral a n d refunding m o rt-f 1906
5 g M -S
1,027,000 Sept 1 1931
gage $5,000,000 gold ($1 .H in t, a t H arrisb u rg (P a.) T ru st C o., T ru stee.
0 0 0 ) ___________________ t f l or N a tio n al B ank o f C om m erce, N . Y.
W ebb C ity N o rth e rn m tg e f 1905
5 g M -S
200,000
Sept 1923
$200,000 g o ld ________ c * tf 11nt. a t Safe D ep. & T r. C o., P itts ., T ru stee.
Southw est M issouri E lectric I 1903
6 g M -S
1,150,000 Sept 1 1928
R y refu n d in g a n d e x te n -jH a rrisb u rg T ru st C o., H a rrisb ., P a ., T ru ste e
sion m tge $1,500,000. _ tf (in t. p ayable a t N a t. B k. of C o m m erce.N .Y .
B on ds. — Of th e $5,000,000 gen. & ref. bonds. $1.350.000 are reserved ror
rio r liens a n d $2,623,000 for im p ts. and exts. T h e $1,150,000 Southw est
lissouri E lectric R y . ref. & ext. m tg e. 5s, due Sept. 1 1923, were extended
to S ep t. 1 1928 a t 6 % . b u t a re su b ject to call all or in p a rt by lo t on any
in t. d a te on 30 d a y s' n o tice a t 100 & in t. T h e extended bonds have a
sinking fund and a re secured by gen. & ref. m tg e. 5% bonds of th e RR. co.
on th e basis of $1,150 to each $1,000 of th e extended bonds, and th e la tte r
m ay be exchanged for th ese gen. & re f bonds in th e sam e ra tio under
conditions set fo rth in V. 117, p . 1348. See above u n d e r “ R eceiv er.”
E A R N IN G S .— F o r y e ars ended A ug. 31:

K

Gross Net (after Interest Renewals
Earnings. Taxes).
Charges. & Bett's.

1 9 1............ .$953,876 $356,013
9
1 9 1_______ 741.727 245,981
8
1 9 1_______ 747,820 333,861
7

Balance.
Dividends. Surplus.

$128,330
.................................... - $227,683
125,388
______
________
120.593
114,536
69.462 (2% )70.000
79.863
O F F IC E R S .— P res., ____________ ______ ______ ; V .-P ., E . Z. W allover, H a rrisb u rg , P a .; Sec., G eo. W . Reily; T reas., W . E . M cM echan
— V. 93, p . 752; V . 106, p . 716: V . 117, p . 1018, 1848; V . 123, p . 1763,
2141.

OKLAHOMA
ELECTRIC PUBLIC SERVICE CO.
O R G A N IZ A T IO N .’—In c o rp . in 1925 in D elaw are. C o. c ontrols O kla­
hom a U tilities C o ., N o rth B altim o re Service C o. and th e Southw est P ipe
L ine C o. O n S e p t. 1 1926 to o k ov er Toledo Bowling G reen & S outhern
T rac tio n C o. V . 123, p . 881. As of O ct. 1 1926 ow ned $891,500 Toledo
B ow ling G reen & So u th ern T rac tio n C o. 1st consol, m tg e. 6% 20-year
bonds a n d $419,250 T oledo & F in d lay R y . C o. 1st m tg e. 5% 25-year
gold b o nds.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. serves, w ith o u t co m p etitio n , d irectly th ro u g h its subsidiaries, electric
lig h t and pow er fro m its own g en eratin g statio n s to 18 d ifferent com m unities
in Ohio a n d O klahom a. T h e te rrito ry served includes th e tow ns of B airdstow n, B loom dale, C y g n et, F in d lay , G alatea, H am m onsburg, J e rry C ity ,
M cC o m b , M erm ill, M o rtim e r, N o rth B altim o re, R udolph and V an B uren.
V. 123, p . 841. T w o ad d itio n al com m unities in O klahom a w ere to be sup­
plied w ith n a tu r a l gas and one c ity in Ohio, F in d lay , w as to be supplied
w ith stea m h e a t as well as electric lig h t and pow er. P o p u la tio n served w ith
electric lig h t, pow er and gas ap p ro x . 65,000. A subsidiary furnishes electric
railw ay service in F in d lay and o p erates a p ro fitab le freig h t a nd passenger
service betw een F in d lay and T oledo, O . T h e sources of n e t revenue of th e
p ro p e rties a re electric lig h t and pow er 7 7 .5 % , gas 1 1 .8% , railw ays a nd
steam h e atin g 10.7% .
T h e com bined electric pow er statio n cap acity is 18,425 h .p . F o r th e y e ar
ended A p ril 30 1926 th e to ta l o u tp u t w as 22,466,000 k .w .h . and to ta l gas
o u tp u t w as 460,000,000 cu. f t.; 8,016 electric, 3,307 gas a n d 192 steam h e a t­
ing cu sto m ers.
S T O C K A N D B O N D S—
Date. Interest. Outstanding.Maturity.
C om m on (no p a r ) ___________ _____
________ 20,000 shs __________
7% p re f ($100)____________________
7
$500,000 __________
15-yr 6% sec g—
G u a ra n ty T ru st C o. of N . Y ., tru ste e .
Ser “ A ($1,000-500 c * ) .t f 1926 6 g A-O
700,000 A pril 1 1947
Ser “ B ($1,000-500 c * ) .t f 1926 6 g F-A
2,000,000 A ug. 1 1941
3 - y r 6 % g n o t e s __________ ______ 6
450,000
____
3 -y r 6% g n o tes ($1,000-/ 1926 6 g F-A
900,000 A ug. 1 1929
500 c * )________________ t f \P r . & in t. a t G u a r. T r. C o. o f N . Y ., tru s te e .
B onds of subsidiaries_________ _____
________
x678,000 __________
x O f th is a m o u n t $192,000 a re 5% bon d s and $486,000 6% bonds.
Bonds.— T h e 15-yr. 6% secured g. bonds a re th e d irect obligation of th e
co. a n a a re ad d itio n ally secured by pledge of all of th e c ap ital stocks of sub­
sid iary com panies, w ith one exception (of w hich 90% of th e c ap ital stocks
is so p le d g e d ), an d a ll of th e o u tsta n d in g bonds of th e sub sidiary com panies
w ith th e exception of $6 8,000 p a r v alu e in h a n d s of th e p u b lic . A dditional
bonds m a y b e issued only w hen n e t earnings as defined in th e in d e n tu re
a re eq u al to tw ice a n n u a l in te re st req u irem en ts on all bon d s of th e co., incl.
th o se to b e issued. N o m o rtg ag e lien m ay be created on an y of th e pro p ­
erties o f su b sid iary com panies as defined in th e in d e n tu re in excess of th e
cost of ad d itio n s an d b e tte rm e n ts to its p ro p erties m ade su bsequent to th e
d a te of th e ir acquisition.
Series “ A , dated April 1 1926, a re re d ., all o r p a rt, on 30 d a y s notice
a t 103 th ro u g h A p ril 1 1931; a t 102 th ro u g h A pril 1 1936; a t 101 th ro u g h
A p ril 1 1940, a n d th e re a fte r a t 100; in each case w ith in te re st. P en n , a nd
C o n n . 4-m ills a n d M ass. 6% tax es refu n d ab le. In A pril 1926 S tan ley &
Bissel, In c ., offered $700,000 series “A a t 96 a n d in t., to yield over 6.4 0 % .
V . 122, p . 2040.
Series “B, dated Aug. 1 1926, a re re d ., w hole o r p a rt, on 30 d ays notice
a t 103 th ro u g h A ug. 1 1931; a t 102 th ro u g h A ug. 1 1936; a t 101 thro u g h
A ug. 1 1940; th e re a fte r a t 100: in each case w ith in terest. P ersonal p ro p e rty
ta x of an y S ta te u n d e r an y p re se n t (Aug. 1 1926) law n o t in excess of 5 m ills
in a n y case, an d M ass. 6% ta x refu n d ab le. In Aug. 1926 R E . W ilsey &
C o ., In c ., S tan ley & Bissel], In c ., and H e n ry D . Lindsley C o ., In c ., offered
$2,000,000 series “ B ’ a t 98 and in t., to yield over 6 .20% . V . 123, p . 841.
Notes.'—T h e 3-year 6% g. notes, dated Aug. 1 1926, a re re d ., w hole or p a rt,
on 30 d ay s notice a t 101 a n d in t. up to F eb . 1 1929; a t 100 a nd in t. on
F eb . 1 1929 and th e re a fte r. In A ug. 1926 R . E . W ilsey & C o ., In c ., S ta n ­
ley & B issell, In c ., and H e n ry D . Lindsley & C o ., In c ., offered $900,000
of th ese n o tes a t 99 a n d in t., to yield ov er 6 .3 5 % . V. 123, p . 841.
E A R N IN G S .-—O f co. a n d subsidiaries for 12 m os. ended A pril 30 1926:
G ross earnings________________________________________________ $! .184.297
O perating expenses, m ain en an ce, tax es a n d p rio r charges______
787,026
N e t e arn in g s_______________________________________________ $397,271
A n n u al in te re st req u irem en ts on all o u tsta n d in g bonds of com ­
p a n y , including th is issue___________________________________
162,000
B alance____________________________________________________
A n n u al in t. re q u irem en ts on o u tsta n d in g n o te s________________

$235,271
8 1,000

B alance____________________________________________________ $154,271
O F F IC E R S .— P re s ., R . A . P r a tt; V .-P ., R . R . M allard; Sec., E . F .
N olting; T re a s ., R . A . P r a tt. A ddress of co m pany, 29 So. L a Salle S t.,
C hicago, 111.— V. 122, p . 2040, 2649: V. 123, p . 841, 981.

OKLAHOMA GAS & ELECTRIC CO.
Controlled b y S ta n d a rd G as A Electric C o.
O R G A N IZ A T IO N .— In c o rp . in O klahom a in 1902. In 1926 purchased
p ro p erties o f th e C onsum ers L ig h t & Pow er C o. a t D u ra n t, A rdm ore,
Wilson an d su rro un d in g co m m unities. In M ay 1926 o b t ined c ontrol of
th e p ro p erties o f U n ite d Pow er C o. an d C h an d ler E lectric C o ., serving 14




com m unities in O klahom a. V. 122, p . 2949. On A ug. 10 1926 th e citizens
of M a rie tta , O k la., confirm ed th e sale of M a rie tta L t. & W a t. C o. to
O kla. G as & E l. C o. V . 123, p . 1383.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Serves electricity or n a tu ra l gas to 27 cities and tow ns, including O klahom a
C ity , El Reno. E n id , D ru m rig h t, S apulpa, M uskogee, Shaw nee and A da.
E stim ated population over 479.000. Electric pow er sources of th e p ro p er­
ties include g enerating statio n s a t O klahom a C ity , M uskogee a nd B yng, w ith
reserve statio n s in a num ber of o th e r com m unities. T o tal generating ca­
pacity of all p lan ts now aggregates 88,360 h. p. T h e R iver B an k pow er
sta tio n , located on th e A rkansas River near M uskogee, w ith initial cap a c ity
of 30,000 h . p ., a nd th e Horse Shoe Lake p la n t, n ear O klahom a C ity ,
having initial c ap a c ity of 20,000 h. p ., were placed in operatio n d u rin g 1924.
A new 26 500 h . p . u n it to th e Horse Shoe L ake p la n t is expected to be
placed in o peration la te in 1926. H as m ore th a n 1,176 m iles of in te r­
connected high-tension transm ission lines. O perating s ta tistic s w ere as
follows fo r th e calen d ar years:
June 30
1926.
1925. 1924.
1923.
1922. 1921. 1920.
E lectric custom ers 80,352 69,391 64,573 60,342 47,472 41,152 35,485
K ilow . connected
load, all p u r p . . 157,588
145,051 124,730 111.670 83,961 70,455 59,837
M iles of pole lin e s. 2,577
2,204 2,045
1,903 1,148
986
937
G as c u s to m e r s ... 49,879
44,305 41,050 39,019 348405 32,862 30,150
M iles of gas m ains
718
553
532
490
431
416
422
T h e stockholders voted M ay 14 1925 (1) on a u th o riz in g th e creatio n of
bonded indebtedness of th e oo. to th e am o u n t of $300,000,000 a t a n y one
tim e outstan d in g ; (2) on a u tb . th e directors to fix th e te rm s a n d secu rity
upon a nd w ith which such bonded indebtedness shall be c re ated ; a n d (3)
on a u th . th e increase of th e capital stock to $35,000,000 by changing th e
a u th . pref. stock from $10,000,000 to $25,000,000. V . 120, p . 2013.
ST O C K A N D B O N D S .— Date.
Interest. Outstanding. Maturity.
C om m on $10,000,000 ($100)..................................... *$7,500,000 ________
P ref7% cum $10.000.000($100) ___
7 Q-M 15 11,40 ,500 S ept '26.1 H
1st M Ser “ A " ($500 & $1,000c*/ 1925 5 g M -S
27.500.000 M a r 1 1950
a nd $1,000, $5,000 a n d {C ontinental & C om m ercial T r u s t & Sav.
$10,000 r*) g o ld ------------ t f l B ank, C hicago, T ru ste e .
D ebentures ($100. $500 a n d / 1925 6 g M -S
9,500,000 M a r 1 1940
$1,000) g o ld ...................c * tf lC o n t. & C om m ’l T r . & Sav. B k ., C h i., T ru s.
*$4,500,000 o u tsta n d in g a nd $3,000,000 cash su b sc rip tio n fo r o th er
com m on stock.
Stock.— Pref. is red . a t 125 a nd divs. on 60 d a v s’ notice.
Bonds.— 1st m tge. provides for th e issuance th e re u n d e r of a d d 'l bonds of
Series “ A ," or of o th e r series of such dates, m a tu ritie s, in te re st ra te s, re ­
dem ption a nd o th er provisions as m ay be determ ined by th e directo rs.
A dd'l bonds m ay be issued for 75% of th e cost of a d d 'n s an d e x t. to th e
properties of th e co. and its subsidiaries, incl. w ithin th e lim itation in th e
m ortgage th e acquisition of subsidiaries u nder certain restrictio n s. A d d !
bonds m ay also be issued for th e refunding of underlying bonds, w ithin th e
lim itation in th e m ortgage, or of bonds of o th e r series under th e m ortgage.
M tge. provides th a t while Ser. "A " bonds rem ain o u tsta n d in g an a m o u n t
equal to a t least 12)4% of th e gross earnings, as defined in th e m ortgage,
will be expended a fte r M arch 1 1925 for (1) m ain ten an ce, repairs, renew als
and replacem ents, or, to th e ex te n t not so expended or pending such ex­
pen d itu re. (2) for extensions and a d d itions n o t used as a basis for th e
Issuance of bonds, or (3) for th e retirem en t of bonds.
1st m tge. Ser. “ A " 5s a re red. on any in t. d a te until a nd incl. M ar. 1 1930
a t 105 a nd in t., th e prem ium decreasing 1% each 5 years th e re a fte r, th e
bonds being red. on S ept. 1 1949 a t 100Hi a nd in t. C o. agrees to refu n d
the Penn. 4-mills ta x , th e C onn. 4-mills tax, th e M ary lan d Securities ta x
not exceeding 414 mills, and the M ass, income tax no t exceeding 6 % .
$23,500,000 Ser. “ A '' 5s were sold in M ar. 1925 by H. M . Byllesby & C o .,
Spencer T rask & C o ., E . H . Rollins & Sons an d Federal Securities C orp.
a t 95 an d in t., to yield over 5 .3 6 % . V . 120, p . 1328. In M arch 1926 thp
sam e bankers and H arris, F orbes & C o. offered $4,000,000 a d d itio n a l “ A "
bonds a t 95 an d in t., to yield over 5.3 7 % . V . 122. p . 1763.
Debentures.— T h e 6% debentures due Mar. 1 1940 a re red . a t a n y tim e
during first 5 years a t 105: during next 5 years a t 10214, a nd th e prem ium
decreasing 14% for each year th ereafter, plus in t. in each case. In t. pay­
able in New York a ad Chicago. C o. agrees to refund th e P enna. personal
property tax not exceeding 4 mills, th e C on n ecticu t personal property
tax not exceeding 4 mills, th e M aryland securities tax not exceeding
414 mills and th e M ass, income tax not exceeding 6 % . $8,000,000 6%
debentures were sold in M arch 1925 by H . M . Byllesby & C o ., Spencer
T rask & C o ., E . H . Hollins & Sons and Federal Securities C orp. a t 9814
a n d in t., to yield over 6 .1 5 % . V. 120. p. 1587. In M a rc h 1926 th e sam e
ban k ers sold $1,500,000 a d ditional 6% g. d e b en tu re s of 1925 a t 9814 a nd
in t., to yield over 6 .1 5 % . V . 122, p . 1918.
E A R N IN G S .— F o r calendar years:
1925.
1924.
1923.
1922.
G ross e arnings----------------$8,978,554 $7,963,683 $7,075,436 $5,736,912
O per. exp., m a in t. & ta x . 5,788.956
5,384,871
4,848,056
4,263,991
I n t e r e s t ---------------------1,831.228
1.634.092
1,113,454
872,414
P referred d iv id en d s-----665,613
511,006
456,700
336,959
B al. for d e p re c., com ­
m on dividends, &c_
$692,757
$433,715
$657,226
Latest Earnings .— F o r 12 m o n th s ended J u ly 31:
1926.
G ross earnings___________ _____ ________________ $10,570,084
O per. e x p ., m a in t. a n d taxes, excl. d e p re c ia tio n .. 6,797,507

$263,548
1925.
$9,369,222
6,136,657

N e t earnings--------------------------------------------------- $3,772,577 $3,232,565
Note.— T h e a bove figures include for th e full period pro p erties now in
th e system .
O F F IC E R S .— P re s ., John J. O ’Brien; V .-P s., R o b ert J . G raf, O . M .
G ailm ard J r ., B. W . L ynch, E . J . M cK ay , F . C . G ordon, C . C . Levis;
V .-P . & G en. M g r., J . F . Owens; Sec. & T rea s., W . R. E m erso n .— V. 120,
p. 1328, 1460, 1587, 1882, 2013, 2402, 3315; V. 121, p . 331, 708. 2039;
V. 122, p . 1763, 1918, 2949; V. 123. p. 1383.
.

SOUTHWEST POWER CO.
C ontrolled b y National Electric Power Co. V . 121, p . 332.
Properties o perated under th e general supervision and m a n a g em e n t of
E lectric M anagem ent & Engineering C orp. of N ew Y ork.
O R G A N IZ A T IO N .— Incorp. in D elaw are April 23 1924 an d acquired
th e properties of C oal D istric t Pow er C o. and C hoctaw Pow er & L ight
C o. S ubsequently acquired all th e properties of S o uthw estern U tilities C o .,
F ay ettev ille G as & E lectric C o ., R ogers L ight & W ater C o ., S pringdale
L ight & Power C o. a nd In te r C o u n ty Pow er & L ight C o. Also ow ns th e
en tire c ap ital stock a nd bonds of th e P ittsb u rg C o u n ty R y . C o. V. 121, p ,
331.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
P ro p erties located in O klahom a and A rkansas. G e n eratin g c ap acity of th e
system , 16.350 k .v .a . M iles of transm ission lines, 228. M iles of d is tri­
bution lines. 854. Substation c a p a c ity . 25.618 k .v .a . Serves w ith electric
light& pow er M cA lester. Alva and H artsh o rn e, O k la., F a y e tte v ille . R ogers,
Springdale, E ureka Springs, H arrison, Boonesville and H u n tin g to n , A rk.,
and 38 o th e r com m unities in these S tates. In a d d itio n , supplies electricity
a t wholesale to th e Public Service Co. of O klahom a for retail d istrib u tio n in
A toka, C oalgate. Lehigh and Phillips, O kla.: o p e ra te s ice p la n ts in E ureka
Springs and H arrison, A rk. T hrough a su b sid ia ry , th e P ittsb u rg C o u n ty
R y. C o., s tre e t railw ay service is furnished in M cA lester and in te ru rb an
and freig h t service to K rebs. H artshorne and H aileyville, O kla., th e com ­
pany also operates th e w ater p la n t and d istrib u tio n system n th e C ity of
Rogers. A rk. T o tal population served. 75 000. E lec tric o u tp u t for y ear
ended Aug. 31 1926. 24.439.219 k .w .h E lectric lig h t a n d pow er consum ers,
12.542, of which 98 are large users of pow er. 1,070 w ater consum ers.
ST O C K A N D B O N D S—
Date.
Inierest. Outstanding. Maturity.
Com 25,000 shs. stock (no p a r ) ___
_________ 21.000 shs. __________
Pref 7% cum $5.000.000($100) ___
7% Q-J
$1.07 >,40 ) O ct ’26 1 M
1st m ortgage series “ A " ___ f 1924
6)4 g M -N 2.100.000 M ay 1 1944
Series “ B ''_____________ -{ 1924
6 g M -N
1.600,000 M ay 1 1944
($100,$500& $1,000)g .c * tf S eaboard N a tio n a l B an k , N . Y ., tru ste e .
In te r C ounty Pow & L t 1st M 1924
6 g J -J
118,000 Ju ly 1 1944
assum ed ($100, $500 & { ln t. a t th e C olonia T r u s t C o ., P h ila.,
$1,000) g o ld ________ c * tf 1 T ru ste e .
Stock.— Pref. is red . all or in p a rt on a ny div . d a te on 30 d a y s ’ notice a t
$110 and divs. In Sept. 1924 C u rtis, Stephenson & C o ., B oston, offered'
$500,000 7% c u m . p re f. a t 92>4 & in t., yielding 7 .5 7 % . V . 119, p . 1511.

O ct ., 1926.]

POWER, LIGHT AND RAILWAY

Bonds.— In t. on 1st M tg e. bonds is pay ab le in N . Y. or C hicago. Penna.
4-mill ta x , C o n n . 4-mill ta x , M ary lan d 4)$-m ill ta x a n d M ass. 6% Income
ta x refu n d ab le. Are ad d itio n ally secu red by pledge o f all P itts b u rg C ounty
R y . C o. sto ck a n d bonds.
Inter County Pow. & Lt. Co. Is! Mtge. 6s assum ed by S o uthw est Pow er
C o. Are call., all or in p a rt, on an y in t. d a te on 30 d a y s' notice a t 105
a n d in t. Sink, fund of 1 )£ % a n n u ally com m ences J u ly 1 1926. P e n n a .
4-m ill ta x an d M a ry lan d 4 H -m ill tax refu n d ab le. •
ls i mortgage gold bonds a re secured by a d irect first m o rtg age on all th e
fixed p ro p e rty of th e co. s u b jec t to $1 8.000 underlying bo nds. F u rth e r
secured by pledge o f all o u tsta n d in g bonds and stock (less d ire c to rs’ shares)
of P ittsb u rg C o u n ty R y . C o. A dditional 1st m tge. bonds of series of such
ten o r as d irecto rs from tim e to tim e m ay determ in e, m ay be issued for 80%
(75% resp.) of new acquisitions, &c.. provided n et earnings applicable to
bond in te re st for 12 o u t of preceding 15 m onths h av e been tw ice (154 tim es
resp.) an n u al in te re st on all 1st m tge. bonds o u tsta n d in g , incl. new issue
and p rio r lien bonds. M ay also be issued a g ain st cash and a g ain st deposit
of P itts b . C o. R y . C o. bonds, and for refunding purposes.
Series “A" 6 Vis have a n n u al sinking fund of 1 % of Ser. " A ” bonds o u t­
stan d in g com m encing M ay 1 1926. Are re d ., all or in p a rt, on a ny in t.
d a te on 30 d a y s' notice to and incl. M ay 1 1929 a t 107)3 a nd in t., this
prem ium of 7 )3 % of th e principal decreasing a t th e ra te of )£ % of th e p rin ­
cipal on each M ay 1 th e re a fte r to and incl M ay 1 1943, and a t 100 and int.
on N o v . 1 1943. In M ay 1924 $2,100,000 Ser. “ A ” 6 )3 s w ere offered by
A. C . A llyn & C o .. A rth u r P erry & C o. and W est & C o. a t 9 7 a nd in t.,
to yield over 654% . V. 118, p. 2574.
Series “ B” 6s have a n n u al sinking fund o f 1 % of Ser. “ B ” bonds o u ts ta n d ­
ing com m encing N ov. 1 1926. R ed ., all or p a rt, on any in t. d a te on 30
d ay s' notice a t 105 and in t. to and incl. N ov. 1 1925. th is prem ium of 5%
of th e prin cip al decreasing a t th e ra te of 34 % of th e principal on each N ov.
th e re a fte r. In J a n . 1925 $1,000,000 Ser. “ B " 6s w ere offered by A. C .
Allyn & C o ., In c ., A rth u r P erry & C o. and West. & Co. a t 9514 and in t.
to yield over 6.4 0 % . V. 120, p. 332. In F eb . 1926 th e y offered $200,000
series B 6 % . d u e M ay 1 1944. a t 100 an d in t. V . 122, p . 1171.
E A R N IN G S .— F o r calen d ar years:
1925
*1924.
1923.
1922.
1921.
G ross rev en u e________ $1,079,580 $1.000.i,55 $694,154 $648.631 $739,232
O per. exp. an d ta x e s ..
635.115
595.301 426.594 419.368 474.560

341

OKLAHOMA RAILWAY CO.
Receivership.— On D ec. 27 1924 Geo. A. H enshaw and Jo h n W . S hartel

w ere appointed receivers for the com pany by Judge F. E. K ennam er in the
U. S. D istric t C o u rt on application of the bondholders. V. 120. p. 331.
C om pare V. 119. p . 1396. In M ay 1 1926 G . T . L aekey was a p p o in te d
receiver to fill th e vacancy caused by th e d e a th of Jo h n W . S hortel. V . 122,
p . 2652.
O R G A N IZ A T IO N .— Inco rp o rated In O klahom a on J u n e 14 1904 under
th e nam e of O klahom a C ity R y. C o. On S ept. 21 1907 nam e changed to
O klahom a R y. C o., increasing c h a rte r pow ers so as to co n stitu te bo th an
u rb a n and in te ru rb an road w ith all th e powers of a steam railroad corpora­
tion and of a lighting and pow er c o .. and increased stock from $1 .000,000 to
$3,000,000. On A pr. 1 1911 purchased O klahom a C ity & S uburban R y.
and on Aug. 1 1911 purchased th e El Reno In te ru rb a n R y. and th e c ity lines
and franchises in El Reno. T h e O klahom a R y. also ow ns th e G u th rie C ity
R y . and th e N o. C an ad ian Valley R y. In 191 1 increased stock from $2,000,000 com . and $1,000,000 pref. to $10,000,000 com. and $5,000,000 pref.
A bout tw o-thirds of road on p riv a te right-of-w ay (incl. 28 miles of tra c k
w ithin c ity ); O klahom a C ity f anc.hise perp etu al, su b jec t to rig h t of city
to purchase pro p erty on J a n . 31 1932 or a t end of any 15-year period th e re ­
afte r. El R eno franchise expires 1933: o th er franchises p erp etu al. In
A pril 1926 receivers purchased th e p ro p e rty of th e old S t. Louis, El R eno
a nd W estern R y. in E l R eno, to be used as a freig h t te rm in u s b y th e O kla­
hom a R y. V. 122. p . 2652.
T he G uthrie-E dm ond E lectric R y . was incorp. in D ec. 1915 w ith $500,000
cap ital to build the extension from E dm ond to G u th rie , 15 m iles, placed in
operation Ju ly 20 1916.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perates 140,068 miles of tra c k , com prising th e s tre e t railw ay system s in
G u th rie (5.5 miles) and O klahom a C ity (64 miles), a nd th e in te ru rb a n lines
to El R eno (placed in operation D ec. 3 1911). N orm an (placed in operation
N ov. 15 1913) and E dm ond (placed in operation M av 28 1911). 150 pas­
senger cars of various types, city a nd in teru rb an : 57 service cars, freig h t
cars and electric locom otives. Also operates a num ber of bus lines. Pow er
p la n t has 12 960 k.w . c ap a c ity . Also ow ns v alu ab le te rm in a l s ta tio n in
O klahom a C ity and o th er p ro p e rty .
Fares.— See V. 119, p. 1734.
ST O C K A N D B O N D S —
Date. Interest. Outstanding. Maturity.
N e t oper. re v e n u e .. $444,465 $404,854 $267,560 $229,263 $264,672
........ .
$3,800,000 ...................
Bond in te re s t________
208.767
147.857
84.758
83.739
80.801 C o m m o n $ 1 0 0 0 0 OOfl ($ 1 0 0 ) ..........
P a rtic p re f $5,000,000 ($100)
5% c u m ________________________
_______
..............................
1.795.900 J a n '1 2 ,lX %
B a la n c e ___________ $235,698
$256,997 $182,802 $145,524 $183,871
5 g J-J
347.000 J a n 11938
Preferred d iv id e n d s ...
65.986
26,218
20.450
24.050
52.937 First and refunding m tge( 1907
$ 2 ,5 0 0 ,0 0 0 ($ 1 ,0 0 0 ) go ld c * \ In t a t Safe D ep & T r . C o .. P ittsb ., T ru ste e .
5 g J -J
4.253.000 J a n 11941
S u r p lu s ----------------- $169,712
$230,779 $162,325 $121,474 $130,934 First & ref m tge $12.000.000 1 1911
gold ($1.000)__________ c* In t. a t M ississippi Valley T r. C o ., S t. L ouis,
Latest Earnings.— F o r 12 m os. ended Aug. 31 1926, G ross, $1,167,210:
T ru
or
n et, a fte r expense & taxes, $458,291; bond in t. an d p ref. d iv s., $304,462; funior M tg bonds ($1,000)_cf 1916 ste e J-J H arris T r & Sav. B k ., C hic.
6
290.000
See te x t.
b al., su rp ., $153,829.
Red a t 101
and Interest) In t a t Miss Vail. T r. C o. S t. Tktuis., T r.
* Includes com panies acq u ired as of J a n . 1 1925: F a y e tte v ille G as & B ond-secured notes series H ( 1921
8 g J -J 1
825.000 J a n . 1 1 9 2 8
E lectric C o ., R ogers L ig h t & W a te r C o ., Springdale L ight & Pow er C o.,
$825 000 ($100 $500 and) In te re s t a t M ississippi V alley T r u s t C o.,
In te r C o u n ty P o w er & L ig h t C o ., Southw estern U tilities C o.
$1,000) call, a t 103 a nd in t. ( S t Louis, tru ste e .
5 D ec. 31
100.000 J a n 1 1 928
O F F IC E R S .— P res., A lb ert E m an u el; V .-P s., V ictor E m an u el, P . B. N o te p a y ab le ________________ 1918
Shaw , W . R . P o rte r, A. E . B u rn s and G . K . Skow; T re a s., C . B. Zeigler:
Ronds.— Of the 1st & refunding bonds of 1911. $347,000 are reserved to
Sec.. D . L. M cD a n ie l.— V . 1 1 8 p 2439: v . 119, p 589 1511: V. 129. p
etire underlying bonds: rem aining bonds can be issued a t not exceeding
88, 332, 455; V. 121, p . 332, 2039; V . 122. p . 1171, 2498; V . 123, p . 1507.
10 0 7 of cost of extensions enlargem ents and add ition s unde* certa in r e ­
strictions
Subject to call a t 105 and in te re st on a n y in te re st d a te . V . 92,
p . 1110. $680,000 are pledged as security for th e 8% notes d ue J a n 1
1928. N o sinking fund, b u t bonds have a renew al fu n d of 2% p er annum
SOUTHWESTERN LIGHT & POWER CO.
on bonds ou t.
Control.— A m a jo rity o f th e com m on sto ck is ow ned b y Central and
T he first and refunding m ortgage of 1907 Is lim ited under th e term s of the
Southwest Utilities Co.
1st & refunding m ortgage of 1911 to $2,500,000. of which $2,153,000 are
O R G A N IZ A T IO N .— In co rp . Feb. 18 1925 for th e purpose of ta k in g over deposited as add itio n al security for 1st & ref 5s of 1911 and $347,000 are
all th e assets and p ro p erty of Southw estern C ities Ele< trie C o ., which o u t. C all, on 60 d a y s’ notice a t 110 and in t. N o sinking fu n d .
T he jun io r m ortgage bonds m a tu re $15,000 s.-a. from J a n . 1 1918 to
was effected by exchange of securities. C o. purchased in A pril 1926 all
th e O klahom a p ro p erties o f In lan d U tilities C o ., serving 19 com m unities, J u ly 1 1925 and $260,000 were due. b u t n o t paid on J a n . 1 1926. T h e y are
incl. H o b a rt, E lec. C ity a n d S h a ttu c k . V. 122, p . 2498. In M a y 1926 secured by a lien on th e e ntire p ro p e rty su b ject to $4,000,000 u nderlying
th e citizens of Lone W olf, O kla. vo ted to sell th e m unicipal electric p la n t bonds, and also cover th e extension from E dm ond to G u th rie , s u b jec t to a
a n d g ra n t a franchise to Southw estern L ight & Pow er C o. V. 122. p . 3456. construction lien of $450,000. E xem pt from all general taxes in O klahom a.
In J u ly 1926 co. acq u ired th e p ro p erties of Lewis Ice C o. of Frederick, V. 102, p . 1987.
T he secured 8% notes, due J a n . 1 1928 are secured by (a) $680,000 1st
O kla. V. 123, p . 845.
5s of th
O
5s; (c)
Lawsuit.— For p articu lars of law suit filed J a n . 13 1926 by a bondholder £ ref uthrie-Ee com pany: (b) $120,000tgeu th rie Ry 1st M tge. conv. a$500,)00 G
dm ond Elec Ry 1st M
5s
T he notes are
t any
of Southw estern C ities E lectric C o. to in v alid ate th e above tran sfer of
before
call
& ref b o nds a t th e ra te of 80, against
p roperties, see V. 122, p . 483. In M arch 1926 purchased th e ice p la n t a t dm e for th e m a tu rity o r112. in to 1st 563
note. V
p 373.
Snyder, O kla., a n d th ro u g h c o .'s su b sid iary , th e Southw . G as & Fuel C o., ’00
Dividends.— On pref 1st d iv .— 5 % — p a id J a n . 1909 a n d 1 )4 % q u a r.
th e gas p ro p erties in D u n can an d M arlow , O kla. V . 122, p. 2043.'
to and incl Jan 1912
N one since
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
E A R N IN G S .— F or calen d ar years:
C o. serves a to ta l o f 49 com m unities in w estern O klahom a, hav in g a to ta l
Gross
A’el fnfterr ill
(after Other Interest, Balance,
Revenue
estim ated p o p u latio n of 96,440, w ith electricity, gas an d ice. T h e com bined
Earnings.
Tares). Income.Disc't. Ac. Surp. Passengers.
electric gen eratin g cap acity am o u n ts to , 12.052 k .w ., an d th e to ta l daily 1925 ____ $1,733,303 $337,470 $ 1i .046
$370,016 def$20.531 11,337,879
ice m aking c ap acity is 336 to n s. E lec tric ity is d istrib u te d to th e different 1921. ___
1.719.411 444.169 13.264 370.690
86.743 12,240,030
com m unities th ro u g h 544 m iles of inter-connqpting tran sm ission lines.
1923
N o t available.
ST O C K A N D B O N D S—
Date.
Interest. Outstanding. Maturity.
1922. _____1.978.827
622.588
6.437 351.823
274.202 22.750,696
$ 1 ,2 0 0 ,0 0 0 ($ 1 0 0 ) ___________
. $1,200,000
see te x t
192! .
2.114.571 665.940
313.992 23.417,650
6.934 35.1.882
C o m c lassB 2 5 ,000shs(no p ar) —
. 1 ; , t l 4 shs O c t’ 6*d 50
IC E
R eceivers. G
A.
nd G . T . ackey;
$6 cum p re f 25,000 shs (no p ari
$6~Q-J ” 11.000 shs ()ct'2 5 $ 1 .50 R . OJF FE dw R S .— Sec. & A sst. eo. per. H enshaw . aT . L ackey:L T re a s., V .-PJ.,
.
ards;
O
M g r.. G
E. .
6 _ M-S
____
, 1925
. g
$3,100,000 M ar 1 1937 R
eneral
C
Ill,
$5,000,000 ($1,000, $500, In t. a t th e N . Y . T ru st C o.. N . Y . C .. T ru st. p .eichart: A ud., W . Cp. . Jones. G V . 116.offices O klahom ap. ity .— V.. 119,
693. 1183: V. 112.
373. 563:
p. 1178: V. 117.
1993: V
$100) ____________ —c* tf I
Stock.— T h e $6 cum. pref. slock is preferred as to assets ($100 plus divs.) p . 1396, 1734; V. 120, p . 331; V. 121. p. 1679; V. 122, p . 2042, 2652.
and cum . divs. over th e com m on stocks. R ed., whole or p a rt, a t $110
a n d divs. on 30 d a y s’ n otice. N o votin g pow er, unless dividends for one
y ear are in d e fa u lt, w hen it h a s equal voting pow er p er share w ith class
KANSAS-OKLAHOMA GAS CO.
“B ” com m on. In Ju ly 1925 Ames, Em erich & C o ., K elley, D ra y to n &
C onverse, an d H a m b leto n & Co. offered 9,000 cum . p ref. shares a t 82)4
All of the com m on sto ck , except d irecto rs' shares, is ow ned b y C iti* I
a n d d iv s., to yield 7 .2 7 % . V. 121, p . 332.
Service Co.
Class A com m on sto ck is listed on B oston Stock E xchange. C lass A
com m on has second preference as to assets a n d dividends (par & divs.) p. O R G A N IZ A T IO N .— Inco rp o rated In D elaw are A ug. 1 1925.— V. 121,
978.
e n title d to non-cum . d iv s. of 3% in 1925; 4% in 1926 an d 5% in *927;
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
beginning J a n . 1 1928 dividends are c u m u lativ e a t ra te of 6% no voting
power. N o m ortgage or o th e r lien, except p u rc h . m oney m ortgages, m ay Owns approxim ately 130 miles of pipe line connecting w ith the main tru n k
be created w itn o u t consent o f a m a jo rity of class A an d B com m on stocks. lines of E m pire N a tu ra l Gas C o. and K ansas N atural G as C o. T hese lines
form w ith th e existing main tru n k lines direct routes, for th e tra n sp o rta tio n
Class B has sole v o tin g pow er except as n o ted u n d er p ref. stock.
m arkets
a
Bonds.— T h e 1st mtge. coll, lien 6% gold bonds, series A. dated March l of gas to the im p o rta n t prim arily in K ansas, O klahomte a nd M issouri.
properties are
operated as In r-sta
n
1925, are secured by a first m ortgage on all th e electric an d ice properties C om pany's tu ra l gas.— com pany does not produce,teneither tra n s p o rta tioIn
for
retails, gas
ow ned or controlled by th e co. in O klahom a a n d by pledge of all th e bonds linescities na
th e
supplied. T h e te rrito ry , supplied a t wholesale by th e com bined
a n d stocks of th e Q uanah Light & Ice Co. (Texas) and th e Southw estern system , o f which com pany is a p a rt, includes K ansas C ity , W ic h ita, H u t­
G as & Fuel Co. Bonds o f a n y series, other th au series A, may be Issued chinson and T o p ek a. K ansas; Joplin and K ansas C ity . M issouri, a n d
bearing various rates of in te re st and of d ifferen t m atu rities, not earlier over 130 o th e r com m unities in K ansas. O klahom a and M issouri. T h e whole
th a n M arch 1 1937, a n d otherw ise of such ten o r as directors m ay prescribe,
13 com
m ay be issued for 80% of im provem ents, &c., providing th a t earnings system consists ofthe su p pressor statio n s and approxim ately 3 ,0 0 0 miles
carrying
applicable to bond in terest for 12 o u t of preceding 15 m onths have been of m ain, p. 706. 839. 978. p ly of gas to a population e stim ated a t 1 ,2 5 0 ,0 0 0 .
n o t less th a n twice in terest on all bonds o u tstan d in g including underlying V. 121.
and proposed issues. I f issued for im provem ents, &c., to properties of
ST O C K A N D B O N D S—
D a le.
Interest.' O utstan din g. M a tu rity .
sub. cos., bonds of th e su b . cos. to th e ex ten t o f 125% of th e bonds issued Com 10,000 shares (no p a r ) . . ____
_________ 10,000 sh s. __________
u n d e r th is m tge. shall be pledged under this m tge. T here is a maintenance 3-year 6% 1st m tge. pipe lin e (
renewal and replacement fund of a t least 12)4% of gross operating revenues
gold $2,000,000 ($1,000-1 1925
6 g F-A
$2,000,000 A ug. 1 1928
less expenditures during preceding year on unfunded im provem ents. &c.
$500) . c * _______________tf (
M oneys to be used for re tirem e n t of these bonds a t or below redem ption
Bonds.— T h e 3 -year, 6% Is* mtge. p ip e line gold bonds, du e A u g . 1 1928,
price, or for im provem ents, &c., or for m ain ten an ce, &c. R ed. on 30
on th pipe lines a nd all o
d a y s' notice on or before M arch 1 1932, a t 105 and in t., th e prem ium are secured by a direct 1st mIortgage lien pany, e fu rth e r by pledge of th er
the
decreasing th ereafter l % in each succeeding year or fraction thereof until p roperty (incl. after-acquired of the com
lease aud agreem ent under which the pipe lines of th e com pany are leased
M arch 1 1936; th ereafter a t 100 and in t. Penn, and C onn. 4 mills, M aryland
by
pire
G as
ansas
tu l
4)4 mills, D istrict of C olum bia 5 mills, Rhode Island 4 mills and M ass. jointly and severally e n t Emthese N atural w ith C o. and Kfor p ayN aen traof Gas
of
bonds,
provision
m
net
6% tax refundable. In Feb. 1925 Ames. Em erich & C o ., K elley. D ray to n C o. until th e re tirem
& C onverse, and H am bleton & Co. offered $2,100,000 series A bonds a t am ounts sufficient to m eet interest on th e bonds and to provide for th e
retirem
of $500,000 prior to m tu
. The
97)4 an d in t., to yield 6.3 0 % . V. 120, p. 1090. In Ja n . 1926 th e sam e sinking en t through the sinking fundthrough H alsey, S tu a rt a& rity., In c .,
fund begins Aug. 1 1926,
Co
bankers ■■ffered $1,000,000 additional a t 100 and in t. V. 122. p . 215.
purchase
e
Dividends.— On th e $6 cum . pref. stock an initial d istrib u tio n of $2 per and operates q u a rte rly through call by lot upt to and incl. thed . prevailing
redem ption price, otherw ise by
a such price. R
w hole or
sh are was m ade in July 1925 coveriug accrued divs. for 4 m onths. la
O ct. 1925 a regular q u a r. div. of $1 50 was paid and regularly q u a r. since. p a rt, on 30 d ay s' notice a t th e following prices and in t.: to and incl. A ug. 1
In te r­
V. 121, p . 1463. On class A com m on an initial dividend of 1)4% was 1926 a t 101 13; Aug. 1 1927. a t 100 4 ; th e re a fte r to m a tu rity a t 100.
&C
In c
and t co
y
p aid J u ly 6 1925; D ec. 20 1925, 1 )4 % . On class B com m on no dividends est payable a t H alsey. S tu a rt and o..onn. .,4 in C hicago,and Maass. m p anta’s
office in New Y ork. P e rn ,
C
mills ta x
6%
x
w ere p a id to J u ly 1 1926. V. 120, p. 3316.
refundable. In A ug. 1925 H alsey, S tu a rt & C o., In c ., offered $2,000,000
O F F IC E R S .— P res., Earl R . E rnsberger; V .-P ., W . C . Sharp; T rea s., a t 100 a nd in t.. V. 121, p . 706.839.. Listed on B oston Stock Exchange.
O . E . M cC orm ick: Sec.. H . J . Ludwig; A sst. Sec. & A sst. T rea s., L . D . V. 121. p. 978.
H a rris. Offices, B raniff B ldg., O klahom a C ity , O kla.; F ro st N a t’l B an k
O F F I C E R S — P re s ., H e n ry L . D o h e rty ; V .-P s., H . P . S tra ig h t a nd
B ld g ., San A ntonio, Texas; 72 W. M onroe S t., C hicago, I d .— V. 120,
p . 1091, 1748. 3316; V. 121. p . 201, 332. 461, 1103, 1463, 1570; V. 122, F . C . Browm; Sec., C . E . M u rra y ; T re a s ., D . W . H a rris .— V . 121, p . 706,
p . 215, 483, 1312, 2043, 2498, 3456; V . 123, p . 326. 845.
839 978.




242

PUBLIC UTILITIES

[Y ou 123.

MUSKOGEE ELECTRIC TRACTION CO.

A bout issuance of 50,000 ad d itio n a l com m on shares, see V . 121, p . 3005,

O R G A N IZ A T IO N .— In c o rp . in 1904 in In d ia n T e rrito ry . In O ct. 19l2
acquired th e P eo p le’s E lec tric R y ., w hich h as been m erged. Franchises
are un lim ited as to tim e.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A tro lle y ro ad . O p erates city lines, 16.13 miles, a n d in te ru rb a n and
su b u rb a n , 15.13; to ta l, 31.26 m iles. S tan d ard gauge. 70 an d 60-lb. T rail.
24 passenger cars, 2 m iscellaneous cars an d 2 electric locom otives. Also
owns an am u sem en t p a rk on A rkansas R iver a b o u t 5 miles from M uskogee.
Right of Purchase by City.— T h e c ity h a s th e rig h t to p u rch ase all th e com ­
p an y s p ro p e rty w ith in c ity lim its in 1934 a n d a t th e end of every 15-year
period th e re a fte r, a t a price d eterm in ab le b y a rb itratio n , b u t in case of
such p u rc h a se th e bon d s m u st be e ith er paid off or assum ed by th e city ,
a n d in th e la tte r e v en t th e com pany m u st be allowed to o p erate its cars
from su b u rb a n or in te ru rb a n p o in ts to th e cen tre of th e city on a rental
basis. See V. 95, p . 1331.
H a s long-tim e pow er c o n tra c t w ith th e M uskogee G as & E l. C o.
S T O C K A N D B O N D S—
Date. Interest. Outstanding. Maturity.
Q-M
$500,000 See te x t
Stock $500,000 ($100)------------------F irst m tg e $5,000,000 sin k in g / 1912 5 g M -N
593,000 M a y 1 1934
fu n d gold ($1,000)-------- c * |I tit. a t E q u ita b le T r. C o ., N . Y ., T ru stee.
Bonds.— R em aining bonds m ay be issued for a d d itio n s an d b e tte rm e n ts
a t 80% o fjcost, w ith certain re stric tio n s. S u b ject to call as a w hole or in
p a r t a t 105 a n d in t. on an y in t. d a y on 3 w eeks’ n otice. Sem i-ann. sink­
ing fund began J a n . 1 1914 o f H o f 1% of all bonds o u tsta n d in g . V. 95.
p . 1331.
Dividends.— 1908, 5 % ; 1909, 6 % : 1910. 7 % : 1911, 8 % ; 1912, 7>4% :
1 9 1 3 ,1 )4 % . N one since.
E A R N IN G S .— F o r calen d ar years:
Gross.
Net.
Bond Int. A Tax. Bal., Surp.
1924....................... $206,686
$41,134
$39,104
$2,030
1 9 2 3 . . ................. 226,394
45,727
39,512
6,215
1922 ----------------- 222,007
40,792
38.007
2,785
O F F I C E R S — P re s ., Louis K . H y d e; V .-P ., R . D . Benson; Sec. & T rea s.,
D . Q. B row n; G en. M g r., J . G . P h illip s.— V . 118, p. 311; V. 120, p . 331;
V. 121, p .2 0 0 .

Gas Rales Reduced.— R educed in San F rancisco J u n e 1 1925. V. 120, p.
2944. In J a n . 1926 th e C ity A tto rn e y of San F rancisco a d vised th e C ity
Supervisors to accept a com prom ise offered b y th e co. to th e C ity of San
Francisco to clear u p r a te litig a tio n hanging fire since 1915. C o. offered to
refund $990,000 to consum ers o u t of a disp u ted $1,940,000. F o r p a rtic u la rs
see, V. 122, p . 214.
Financing of Melones Dam Hydro-Electric Power Development.— See for
p a rtic u la rs a b o u t th is dam a n d th e financing of it, V . 121, p . 459, 587.
Sued for Fire Liability.— In S ept. 1925 th e com pany w as m ad e d e fe n d a n t
in 630 su its filed b y 60 insurance com panies to recover ap p ro x im ately
$4,000,000 in connection w ith th e g re a t B erkeley fire of 1923. V. 121, p.
1570.
Change Par Value Capital Stock.— Stockholders v o te d O ct. 11 1926 on
(a) changing th e p a r value of com m on an d pref. stocks from $100 to $25,
a n d on approving th e issue of 4 new shares for each share h eld.; (6) elim inating
from th e presen t au th o rized stock $100,000 p a r value of original p re f., a nd
increase correspondingly th e au th o rized 1st pref. scock; (c) au th o riz in g
directo rs to issue a n d sell to em ployees $2,500,000 1st pref. 6% sto ck and
$2,500,000 com m on sto ck . V . 123, p . 325, 1114, 1997.
ST O C K A N D B O N D S .— Date.
Interest. Outstanding.
Maturity.
C om m on $80,000,000 ($25).
x$52,286,015 O c t ’26 2%
Q -J
1st p re f 6% cum $79,900,000
( $ 2 5 ) -------------------------------------------------6 Q -F
x S l, 163,232 A ug ’2 6 1 )4
1st & re f m tge Series A _______ / 1920
7 g J-D
10,720,000 D ec 1 1940
Series B ___ ____________ 1921
6 g J-D
20,000,000 D ec 1 1941
Series C _________________ -I 1922
5 H g J -D 45.000.000 D ec 1 1952
Series D _________________ j 1925
5 g J-D
20,000,000 J u n e 1 1955
($500 &c) gold____c * & r* .tf IM ercan tile T r u s t C o ., San F rancisco, and
I N a tio n a l C ity B an k , N ew Y ork, tru ste e s.
G en & re f M ($150,000,000)/ 1911
5 g J-J
35,797,000 J a n 1 1942
gold sinking fu n d (see{B ankers T r . C o ., N . Y ., a n d O . E llinghouse,
te x t) _____________ c* & r* tf I tru s te e s . I n t . in N . Y . o r San F rancisco.
C al G as & Elec C o rp gen M & I 1903
5 g M -S
2,789,000 M c h 1 1933
coll t r $10,000,000 gold {In te rest a t M erca n tile T r u s t C o ., San F ra n ($1,000) sinking fu n d _ c * tf
cisco, tru s te e .
C alif G as & Elec C o rp u n ify ’g 1907
5 g M -N
16,251,000 N o v 1 1937
an d refunding m ortgage! W ells F argo B an k a n d U nion T r u s t C o ., San
$45,000,000 g o ld ____c & r.tf] F ra n ., tru s te e . I n t a t office of co m p a n y ,
San. F ra n ., or B ankers T r u s t C o ., N . Y
B ay C ounties P ow er C o 1st M f 1900
5 g M -S
602,000 S e p t 1 1930
$2,250,000 ($1,000)_ tf{ In te re s t a t M erca n tile T r u s t C o ., San F ra n _
( cisco, tr u s te e ,o r B ankers T ru s t C o ., N . Y .
Second m tge $750,000 g o ld / 1901
6 g A-O
208,000 A pril 1 1931
($1,000)---------------------tf - jln t. a t W ells F argo B an k a nd U nion T r u s t
I C o ., San F rancisco, tru s te e .
N e v ad a C o E lec 1st M . . n t f 1898
6 A-O
56,000 O ct 1 1 9 2 8
Y u b a Elec Pow er 1st M . n t f 1899
6 J-D
168,000 J u n e 1 1929
C al C e n tra l G as & E lec C o / 1901
,
5 g F-A
j i
364,000 A ug 1 1931
1st m tg e $1,000,000 g o ld ] In te re s t a t M ercan tile T r u s t C o ., San F ra n ($1,000) sink fu n d _____n t f I cisco, tru s te e .
S acram ento E lec G as & R y / 1897
5 g M -N
1,497,000 N o v 1 1927
1st m$2,500,000 gold { in te re s t a t M erca n tile T r u s t C o ., San F ra n .,
tge
( $ l , 0 0 0 ) - . - '. J - - - l - . - C n tf ) o r G u a ra n ty T r u s t C o ., N ew Y o rk .
S ta n d a rd E lec C o 1st M $ 5 ,-/ 1899
5 g M -S
1,591,900 S ept 1 1939
000,000 guar p & i b y l i n t , a t M ercan tile T r u s t C o ., San F r a n ., tru s
C al G as & Elec C o r p . n t f [ tee, a n d C rocker N a t. B k ., San F rancisco.
B lue L akes W a te r 1st m tg e ) 1893
6 M -S 15
713,000 M a r 15 1938
$5,000,000__________n t f / I n t . paid in N . Y ., San F r a n , a n d L ondon.
U nited G as & Elec C o 1st M ( 1902
5 g J -J
856,000 J u ly 1 1932
$2,000,0 0 0 g ($ l,0 0 0 )s f.c * tf/M e rc a n tile T r u s t C o ., San F r a n ., tru s te e .
Valley C ounties P ow er C o / 1902
5 g M -N
1,250,000 M a y 1 1930
firs t m o rtg ag e $2,500,0 0 0 { In te rest a t M ercan tile T r u s t C o ., San F ra n ,
gold ($1,000) sink f u n d . _ tf / tru s te e , o r a t U . S. M tg e . & T r . C o ., N . Y .
C e n t C al El C o m tg e $5,000,-) 1902
5 g M -N
See te x t
M a y 1 1933
000 gold ($1,000)_______ t f \ I n t . a t E q u ita b le T ru s t C o .. N ew Y o rk . tru s .
S u b u rb an L ig h t & P ow er / 1908
6 F-A
220,500 A ug 1 1938
m tg e ($500). N o sin k in g ■I n t. a t office of co m p an y . T h e O akland
(
f u n d _________________ c * tf I B an k , O ak lan d , tru s te e .
C alif Tel & L t 1st m tge (a s-/ 1913
6 g A-O
737,600 A pril 1 1943
sum ed) ($100. &c) g o ld_.c* I In t. a t M erc. T ru s t C o .. San F r .. tru ste e
San F ra n G & E l gen M $ 1 0 ,-/ 1903
4 H g M -N 5,997,000 N o v 1 1933
000,000 gold ($1,000 e a c h )] In t. a t W ells F arg o B an k a n d U nion T ru s t
M
t f / C o ., San F rancisco, tru s te e .
Pacific G as Im p ro v em en t m tg f 1900
4 g Q -M
248,COO S e p t 1 1930
gold ($1,000 each) sinking]{In t. a t W ells F arg o B an k a n d U nion T ru s t
fu n d __________________ n t f
C o ., San F rancisco,
M u tu a l E lec tric L ig h t Co l 1904
5 J-D
121,000 J u n e 1 1934
fir s t m o rtg ag e ($1,000). c t f ( In t. a t M ercan tile T r u s t C o ., San F r a n ., or
/U n ite d S tates M tg e . & T r u s t C o ., N . Y .
M etro p G as C o rp ($500).c * tf f 1911
5 J-D
993,000 D ec 11941
Sinking fu n d $25,000 p er j I n t. a t office of co m p a n y . M erca n tile T ru st
annum .
I C o ., San F rancisco, tru s te e .
Oroville L t & P ow er C o 1st) 1902
6 F-A
1,500 F e b 1 1927
M $50,000 ($500)_______ c /C a lif. Safe D ep . & T r . C o .. San F r ., tru s te e .
N o rth e rn C alifornia P ow er 1st f 1902
5 g J -D
403.000 J u n e 1 1932
m tg e ($1,000) go ld _ c * .tfjW e lls F argo B an k a n d U nion T r u s t C o.,
_
( San F rancisco, tru s te e .
R efunding & consol m tg e f 1908
5 g J-D
3,963,000 D ec 1 1948
$10,000,000 ($1,000) gold] W ells F argo B an k an d U nion T r u s t C o.,
sinking fu n d --------- c * .tf / San F rancisco, tru s te e .
B a ttle C reek P ow er C o 1st m t g ____
61.000 F e b 2 1936
5%
K esw ick Elec Pow C o 1st m t g e ____
13.000 J u n e 1 1931
5%
Guaranteed Bonds of Northern Calif. Power Co.—
S acra V alley Pow 1st m tg e ) 1909
6 M -N
117,300 M a y 1 1929
($500 & c)------------ n t f / I n t . a t A nglo-C alif. T r . C o ., San F r ., tru s te e .
F irst a nd re fu n d in g m tg e ) 1911
6 J-J
441,000 J u ly 11941
($1,000)___________ t f (A nglo-C alifornia T r . C o .. San F r ., tru s te e .
x Inclu d es stock subscribed for b u t n o t fu lly p a id a n d issued.
Stock.— In J u ly 1914 th e issuance o f th e initial $12,500,000 1st p re f. stock
for Im provem ents, extensions, re fu n d in g , & c., w as a u th o riz e d . T h e old
pref. sto ck ($10,000,000 a u th . an d ou tstan d in g ) becam e 2d p re f. a n d th<
a u th . a m o u n t of com . was reduced from $150,000,000 to $100,000,000. V.
98, p. 1846; V. 99, p . 121. T he 2d pref. sto ck was conv. in to 102H % o f 1st
p re f. an d has been all th u s re tire d . In J a n . 1926 co. began o v e r-th e -c o u n te r
sales of $2.5O0,OOO 6% pref. sto ck a t 97, to yield 6.1 8 % . V . 121. p . 3005:
V. 122, p . 214. On J u ly 29 1926, co-advariced th e o v e r-th e -c o u n te r price
of its first p referred stock to $106 per share. V. 123, p . 844.
T h e stockholders D ec. 12 1921 ap p ro v ed th e reclassification o f th e $160,000,000 au th o rized c ap ita l sto ck as follows: $79,900,000 1st p re f. sto ck (in­
creased from $50,000,000), $100,000 original p re f. sto ck (decreased from
$10,000,000), an d $80,000,000 com m on sto ck (decreased fro m $100,000,000). V . 113, p . 2623.
C om m on sto ck to th e a m o u n t of $31,696,867 in ad d itio n to t h a t re p o rte d
o u tsta n d in g is ow ned b y su b sid iary com panies.
C om m on stockholders of record F eb . 23 1926 w ere given th e rig h t to su b ­
scribe to th e e x te n t o£JJ0% of th e ir holdings to a d d itio n a l com m on stock
a t $100 p e r sh are. F u tu re c ap ital req u irem en ts w ere to be financed in th e
a p p ro x im a te ra tio of 50% from bond sales, 25% from p re f. sto ck sales and
25% from offerings of com m on stock to com m on sto ck h o ld ers. V . 121,
p . 2876. R ig h ts to th e above sugscriptions expired M a r. 31 1926 for com ­
m on stockholders residing outside of th e U . S., C an a d a a n d M exico, th e
e xpiration d a te w as fixed a t M ay 1 1926. S ubscriptions w ere p a y a b le in
fu ll or in 2 e q u al in sta llm e n ts of $50 each, p a y ab le M a r. 31 a n d M a y 1.
v . Uhh p. 1027. C om m on stock is listed on N . Y . Stock E x ch an g e.
Donds.— T h e 1st & re f. m tg e . gold bonds a re a d ire c t fir s t m o rtg ag e on the
e n tire p ro p e rties (inch th e new P it R iv e r pow er p la n ts a n d high-tension
transm ission line) of th e M t. S hasta P ow er C o rp . w hich join ed w ith the
Pacific G as & E lec. C o. in execution of th e m o rtg ag e . Also a d ire c t m ortpage on th e e n tire p ro p e rties of th e co. now ow ned an d h e re a fte r acquired
s u b jec t to th e p rio r liens of underlying m ortg ag es. As a d d itio n a l sec u rity ,
com pany agrees to secure fro m tim e to tim e th e c ertific a tio n of all gen. & ref.
m tge. bonds w hich i t m a y issue an d will pledge th e sam e u n d e r th e new m tge.
As of M arch 31 1926, $59,600,000 gen. & , ref. m tg e. bonds h av e been
pledged under th is m ortgage.
M ortgage provides fo r a sem i-ann. sinking fund of
% of all ou tsta n d in g
bonds of co. a fte r d eduction of u n d erly in g sinking fu n d p a y m e n ts to be u til­
ized in th e acquisition a n d re d e m p tio n o r re tire m e n t of 1st & re f. M . bonds.
A large fu n d is also p ro v id e d a n n u a lly fo r th e m a in te n an c e a n d replace­
m e n t of th e p ro p e rtie s .
Ser. A bonds a re re d . a t 110 a n d in t. on o r before D ec. 1 1930 an d a t 105
a n d in t. th e re a fte r. S er. B bonds a re n o n -c a lla b le . S er. C bonds a re re d .
on a n y in t. d a te a t 105 a n d in t. V . I l l , p . 2528; V . 113, p . 2318; V.

SHAWNEE-TECUMSEH TRACTION CO.
O R G A N IZ A T IO N .— In c o rp o rate d

in

O klahom a on

Franchises a re p e rp e tu a l a n d exclusive for 25 y ears.

F eb .

13

1906.

F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perates 10 m iles o f tra c k in Shaw nee a n d betw een Shaw nee an d T ecum seh.
S ta n d a rd gauge. 60 an d 70-lb. T ra il.
S T O C K A N D B O N D S—
Date. Interest. Outstanding. Maturity.
Stock $500,000 ($100)____________ _ _______
$500,000 _________
F irst m o rtg ag e $1,000,0001 1906
5 g J-D
300,000 J u n e 1926
($1,000) g o id ----------------c * J In t. a t E q u ita b le T ru s t C o ., N . Y ., tru ste e
Bonds.— C an b e called in 1916 a t 105. N o sinking fu n d .1 These bonds
?
were n o t p a id w hen d u e J u n e 1 1926, n o r extended. T h e y are, how ever,
all owned b y th e sy n d icate w hich b u ilt th e ro a d a n d still ow ns its stock, so
th e re is no liklihood o f foreclosure proceedings being in s titu te d . V . 122,
p . 3212.
E A R N IN G S .— F o r calen d ar years:
1924.
1923.
1922.
G ro ss....................... .....................................
$36,526
$44,906
$58,722
O perating expenses_________________
38,346
[ 42,556
49.844
N e t.................. ..........................................
In te re st a n d ta x e s__________________

def$ l ,820
1 ,988

$2,350
16,189

$8,878
17,181

B alan ce..................................................... def$17,808 def$13,839
def$8,30I
O F F IC E R S .— P res. A T rea s.. Im iis K . H yde; G en. M g r., J . G . P h illip s
Sec., Geo. L . W eb b .— V . 122, p . 3212.

CALIFORNIA
PACIFIC GAS AND ELECTRIC CO.
(See Map on page 243.)
O R G A N IZ A T IO N .— In c o rp o rate d in C alifornia O ct. 10 1905 as a con­
solidation. In O ct. 1919 p u rc h a se d th e p ro p e rties an d s u b sta n tia lly all of
th e $10,000,000 c ap ita l sto ck o f th e N o rth e rn C alifornia Pow er C o. C on­
so lid a ted a t $34 p e r share.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns a n d o p erates extensive p ro p e rties em ployed in th e p ro d u ctio n an d sale
o f e le ctricity a n d gas fo r lig h t, h e a t a n d pow er, a b o u t 60% of its revenues
being d eriv ed fro m e le ctricity a n d a b o u t 35% fro m g as. I t also owns
and o p erates th e e n tire s tre e t ra ilw a y sy stem of S acram en to, 44 miles of
tra c k , a n d is engaged in th e sale o f stea m fo r h e atin g an d o f w a te r fo r irrig a ­
tion a n d dom estic p u rposes, d eriv in g ap p ro x im ately 5% o f its revenue from
these a n d o th e r less im p o rta n t a ctiv itie s. All th e p ro p erties ow ned in fee
ex cep t th o se of th e M t. S h a sta Pow er C o rp . an d C alifornia T elephone &
L ig h t C o. (of w hich th e com pany owns th e en tire o u tsta n d in g stock) a nd
those leased fro m th e Sierra & San Francisco Pow er Co. a n d Y u b a R iver
Pow er C o.
T h e o p eratio n s o f th e com pany ex ten d in to 38 counties of cen tral and
n o rth e rn C alifornia, h av in g a n area o f 59,000 sq u are m iles an d an estim ated
p resen t p o p u la tio n of over 2,200,000. T h e business field em braces th e im­
p o rta n t San Francisco B ay section an d th e fertile Sacram ento an d San
Jo q au in v alley s. T h e com pany serves eight o f th e tw elve larg est cities in
C alifornia.
A t th e close o f 1925 th e c o m p an y o p e ra te d 28 h y d ro -electric generating
p la n ts h a v in g an ag g reg ate in sta llatio n of 534,819 h . p ., fo u r m odern steam
tu rb in e e lectric p la n ts w ith a n ag g reg ate in sta llatio n o f 190.349 h . p ., also
263 su b sta tio n s a n d over 12,600 m iles of transm ission and d istrib u tio n lines
w ith a connected load of 1,498,878 h. p. A new s tatio n was opened in
Aug. 1925, ad d in g 108,580 h. p . to th e to ta l in stalled c ap acity, m ak in g th e
to ta l hydro-electric c ap a c ity 534,819 h . p .
T h e gas d e p a rtm e n t includes 16 m a n u fa c tu rin g p la n ts w ith an aggregate
c ap acity of 110 648.000 cu b ic feet p e r d a y a n d 4,108 miles of m ains.
I n D ec. 1919 leased fo r 15 y e ars th e p ro p erties o f th e Sierra & San F ra n ­
cisco Pow er C o. V . 109, p . 2362. I n N o v . 1925 applied to C alifornia R R .
C om m ission for a u th o rity to p u rch ase a n d o p erate th e M iddle Y u b a H ydroE lectric C o ., N e v ad a C o u n ty , C alif. V . 121, p . 2521. In D ec. 1925
applied for a u th o rity to p u rch ase th e S acram ento G as Co. fro m E . H .
R ollins & Sons, th e re b y elim in atin g th e gas com petition in S acram ento, C alif
F o r fu rth e r d etails, see V . 121, p . 3132. In Aug. 1926 co. com pleted nego­
tia tio n s for th e pu rch ase of S acram en to G as C o., which furnishes gas in
Sacram ento a n d L odi, Calif. V. 123, p. 1114. A cquisition in 1926 of th e
B ell E lectric C o ., w hich h a d b een selling a n d d istrib u tin g ele ctricity in
A ub u rn , C alif., a n d v icin ity . V . 123, p . 1383.
Franchises in s u b sta n tia lly all of th e cities a n d tow ns served, i t is claim ed,
are p e rp e tu a l, th e U . S. Suprem e C o u rt on A pril 6 1914 h aving ruled th a t
all franchises of public service co rp o ratio n s w ith in th e S ta te of C alifornia
o b ta in e d p rio r to O ct. 10 1911 w ere o f p e rp e tu a l d u ra tio n an d could n o t be
altered .
75-cent gas ra te in San F rancisco held v alid b y U . S. D istric t C o u rt b u t
reversed b y U S. Suprem e C o u rt J u n e 2 1924. C om pany collected a t
85-cent ra te du rin g y ears in litig atio n . See Y. 109, p . 2444. R ates, Y . 113,
p . 195, 499; V . 113, p . 77. 967; V. 115, p . 655; V. 118, p . 916; V . 118, p . 2959;
V. 120, p . 1089. Proposed acquisition o f d istrib u tin g system b y city of San
F rancisco, V . 117, p . 1563. R efusal o f co m p an y to sell, V . 117, p . 1786.
On F e b . 11 1925 th e stockholders ap p ro v ed a n increase in th e authorized
bonded d e b t from $160,000,000 to $250,000,000. V . 120, p . 958. C om ­
p are V. 120, p . 88.
In M arch 1925 th e co m pany was au th o rized by th e C alif. R R . C om m , to
Issue $14,399,000 gen. & ref. 5% b onds to b e dep o sited w ith th e tru ste e s
u n d e r its fir s t an d re fu n d in g m o rtg ag e. V . 120, p . 1460. C om pare V. 120,
p . 1204. In M ay 1925 to issue on or before M arch 30 1926 a t n o t less th a n
$104 p e r sh are, 23,570 com m on shares (p ar $100). V . 120, p . 2270. In
D ec. 1925 to Issue a n d sell $2,500,000 o f 6% p re f. sto ck . V . 121, p . 3132.




O ct., 1926.]




POWEE, LIGHT AND E AIL WAY

343

116, p . 624. Series “ D ” bon d s a re redeem able, all or p a rt, u pon 60 d a y s ’
no tice, a t 105 a n d in t. before J u n e 1 1950, th e re a fte r a t 100 a nd in t. On
M ay 1925 th e N a tio n a l C ity C o ., & c., & c., sold $10,000,000 Series D bonds
a t 9534 a n d in t.. to yield over 5 .3 0 % . V. 120. p . 2 8 t7 . In April 1926 th e
sam e b an k ers offered $10,000,000 a d d itio n al series D 5 % , due 1955. a t
9834 a n d in t.. to yield a b o u t 5 .1 0 % . V. 122, p . 2330, 2497; V. 123. p. 1114.
L isted on San F rancisco Stock an d B ond E xchange. V . 121, p . 1348.
Of the $150,000,000 gen. at ref. niege. bonus, the unissueu portion Is re­
served to retire underlying bonds, and for future additions, betterm ents and
improvements at 90% o f cost under certain restrictions. $1,000,000 are in
treasury, of which $875,000 deposited as security for surety bond in rate
cases; $815,000 have been canceled by sinking fund. $25,000 held alive in
sinking fund. $ 59,600,000 are pledged under the first and refunding
mortgage. D enom .: Coupon, $1,000; registered, $1,000. $5,000 and
$10,000. In t. also payable in London. Berlin, ATrst 'rdam, Paris and
Geneva at £5.2.9. 105 marks, 62 guilders or 129-50 francs, respectively.
Red. as a whole (but not in part) Jan. 1 1937 on any int. date thereafter at
par and int.; also red. at 105 and int. on any int. date on 60 days’ notice
In blocks of not less Jhan $500,000- Sinking fund of 1 % p. a. of face amount
of all underlying bonds and bonds of this issue. See V. 94, p. 351. V . 103,
p . 1211: V 105. p. 1523; V. 107, p. 1837, 2477; V. 108, p. 79, 2144.
California Gas & Electric Co p. Unifying and. liefunding Mortgage 5%
Bonds of 1907 a re a lien upon all th e p ro p e rty a n d franchises of th e California
G as & E lectric C o rn , now owned or h ereafter acquired. V. 86, p . 1158
T h ey a re also a lien (through a su p p lem en tary m tge. executed by th e Pacific
as & Electric C o .), prior to th e bond issues o f th e Pacific G as & E lectric
o , upon all th e p ro p erties o f th a t com pany except the properties of the
San Francisco Gas & E lectric C o ., b u t includes the p ro p e rties of th e C ali­
fornia C en tra! G as & E lectric C o ., Fresno G as & E lectric L ighting C o.,
and th e Vallejo G as C o ., su b jec t, how ever, to underlying m ortgages of the
C alifornia C en tra l G as & E lec. T h e bonds w ere issued under four heads—
“ A ,” ’’B ,” “ C ” and “ D .” Series “ A ” am o u n ts to $30,282,000, of which
$8,203,000 were issued to re tire an equal a m o u n t of underlying bonds
w hich have been dep o sited u n d e r th is m ortgage. Series “ B ” am o u n ts to
$3,055,000 and w ere issued a t 90 to refu n d existing obligations. Series " C ”
and “ D ” aggregate $11,663,000, $9,255,000 of w hich were issued. M o rt­
gage has been closed to fu rth er issue. V .8 6 ,p 980. T h e bonds are subject
to call a t 110 and in t. upon an y in t. d a te a fte r N o v . 1 1912 upon 60 days'
n otice. V. 88. p. 1199. T h e issuance of a d d itio n al underlying bonds is
prohibited by term s of m ortgage. An ag reem en t was executed J a n . 21 1908
providing th a t all C alifornia G as & Elec. gen. m tge. and coll, tru s t bond­
holders d epositing bonds w ith M ercan tile T ru s t C o. o f San F rancisco would
be en titled to receive an equal a m o u n t o f unifying a n d refunding bonds, and
in a d d itio n an a m o u n t of com m on stock of th e Pacific Gas & E lec, equal to
25% of bonds so deposited. V. 86, p . 980. $4,492,000 gen. m tge. an d coll,
tru s t bonds w ere so dep o sited . A greem ent expired Feb 1 1909. T h e mtge.
p rovides th a t a sinking fund be created and m aintained as follows: 1912 to
1916 in cl., $450,000 per an n u m ; 1917 to 1921 in cl., $550,000 per annum ; 1922
to 1926 in cl., $700.000 per an n u m ; 1927 to 1936 in cl., $900,000 per annum
T h is sinking fund will be applied as far as necessary tow ard m aking the
sinking fund p ay m en ts required by underlying m ortgages, and th e balance to
th e p u rch ase for th e s i n k i n g fund of th e bonds issued under th e new m ortgage
$4,150,000 unifying a n d ref. bonds are held in sinking fund: $112,000 in
tre a su ry o f Pacific G as *i Electric C o. B onds are listed on New Y ork Stock
E xchange. V. 90, p. 1677: V. 93. p. 1191: V. 95. p. 1332.
California Gas & Electric Corp. $10,000,000 General Mortgage and Collateral
Trust Bonds are s u b jec t to call on a n y in t. d a te a t 110 and in t. on four w eeks’
n otice. $4,492,000 were deposited under th e unifying and refunding m tge.
Sinking fund for 5 y ears, beginning M ar. 1 1904, $150,000 per an n u m ; from
1909 to 1913, $200,000 per an n u m ; 1914 to 1918.250,000 per annum ; 1919 to
1923, $300,000 per an n u m ; 1924 to 1928. $350,000 per annum ; 1929 to 1933,
$400,000 per a n n u m . T h e said sinking fund will provide for the sinking
funds of th e B ay C ounties Pow er C o ., C alifornia C en tral G as & E lectric C o..
Sacram ento Elec. G as & R y. C o. a n d Valley C ounties Pow er C o ., and is to
be used in itially in redeem ing th e bonds of the constituent companies, th e re­
m ainder for th e new $10,000,000 issue. T h e bonds redeem ed shall be kept
alive and bear in t. except w here th e m ortgages o f th e c o n stitu en t com panies
p rovide for th eir cancellation; in th e e v en t of th e purchase of a ny of the gen.
m tge. and coll, tru s t $10,000,000 bonds, these also are to be k ept alive; b u t
should a n y o f th e la tte r be called for p a y m e n t a t 110. th e bonds so called are
to be canceled. $2, 93,000 of th is an d $1,030,000 of underlying issues are
now alive in th is sinking fu n d . T h e gen. m tge. and coll, tru s t bonds are
secured by d eposit (now secured by physical p ro p erties of these com panies
which hav e been deeded to th e co rp o ratio n ) of p ractically all th e c a p ita ’
stocks o f th e sub sid iary com panies, nam ely, all or th e 36.000 shares of Bay
C ounties Pow er C o .; all of th e 15,000 shares C alif. C en t. G as & Elec. C o.; all
o f th e 30,000 shares o f O akland G as L ight & H e at C o .; all of 18,584
sh ares o f S acram ento Elec. G as & R y. C o .; all of th e 4,898 shares of Fresno
G as & E l. L t. C o .; all o f th e 50,000 shares of th e S tan d ard Elec. C o.; all of
th e 22,286 shares of th e U nited G as & Elec. C o ., a n d all of th e 1.000 shares of
stock o f th e Vallejo G as C o.; also 39,999 o u t o f 40,000 shares o f South Y uba
W ater C o. sto ck . In ad d itio n , th e B ay C ounties Pow er Co .owns th e entire
2,500.000 sto ck of th e Valley C o u n ties Pow er C o. and th e U nited G as &
llec. C o. ow ns th e $1,000,000 sto ck o f th e San M ateo Pow er Co
Bay Counties Power Co. $2,250,000 First Mortgage Bonds.— $350,000 are
reserved to retire $179,000 Y uba E lectric Pow er bonds and $171,000
N ev ad a E lectric Pow er bonds. A sinking fund on th e first 5s of 1 % of
o u tsta n d in g bonds per an n u m com m enced in 1905 and ra n until J u n e 1
1910, on w hich d a te a n d for four years th e re a fte r 1 X % of bonds o u t; on
J u n e 1 1 9 l5 a n d for four years th ereafter 2% of bonds o u t: on Ju n e 1 1920
an d for four y ears th e re a fte r 2)4 % o f bonds o u t; on Ju n e 1 1925 a n d th e re ­
a fte r 3% of bon d s o u tsta n d in g . $1,412,000 of th is issue alive in sinking
fu n d a n d $12,000 held in tre a su ry of com pany. T h e 2d 6s a re su b je c t t<>
call a t a n y tim e a t 105. $186,000 a re held in a sinking fu n d a n d $3,000
held in tre a su ry . $353,000 w ere redeem ed as of A pril 1 1926.
California Central Gas C Electric Co. First Mortgage Bonds.— A sinking
k
fund o f 2% o f bonds o u tsta n d in g com m enced on Aug. 1 1902, b u t bonds
are n o t s u b je c t to call. $634,000 b o n d s a re in sinking fu n d . $2,000 in
tre a su ry .
Sacramento Electric, Gas & Ry. Co. Bonds.— $485,000 bonds have been re­
tire d . $437,000 alive in sinking fund and $81,000 held in tre a su ry of
Pacific G as & E lectric C o. B y term s o f a supplem ental m ortgage, th e right
to call ail o r a n y of th e bonds a t 103 has been rescinded: b u t this does not
affect th e right, to retire bonds as follows: From 1902 to 1906, Inclusive
$5,000 p er a n n u m ; 1907 to 1911, inclusive, $10,000 per an n u m ; 1912 to
1916. inclusive, $20,000 per an n u m ; 1917 to 1921. inclusive, $30,000 per
annum ; 1922 to 1926. inclusive, $40,000. T o ta l. $525,000.
Slanrlnrrt Electric Co of California First Mortgage Bonds.— T h ey are
g u aran teed by C alifo rn ia G as & E lectric C o rp . by endorsem ent. $2,599,000
w e r re tired under unifying a n d ref. m tge. o f C alifornia Gas & Elec. C o rn .,
e
7 5 4 ,100 a re aliv e in sinking fu n d . $1,000 held in treasu ry of Pacific G as &
llectric C o ., and $2,000 a re deposited u n d er general and refunding m tge.
Of B lue Lakes W ater P rst m tge. bonds $10,000 are In sinking fund.
United Gas & Electric Co.— Bonds.'—I n t. Is pay ab le a t C rocker N a t. B ank,
San Francisco, or M ercan tile T r u s t C o .. New Y ork. A sinking fund began
Ju ly 1 1907 of 2% of bonds o u tsta n d in g for th e first 5 years: 3% th e next 5
years; 4% th e next 5 years; 5% th e n e x t 5 years, and 6% per a n n u m th e re ­
after. $1,0 5,000 hav e been canceled by sinking fund, $97,000 held alive
in sinking fund an d $12,000 held in tre a su ry o f Pacific Gas & E lectric C o.
Bonds are n o t subject to call.
Valley Counties Power Co. Bonds a re n o t su b jec t to call. Are g u aran teed ,
rincipal and in te re st, by B ay C o u n ties Pow er C o. Listed on San Francisco
lock E xchange in Ju n e 1905. V. 80. p . 2625. C om m encing N ov. 1 1905,
an d on N ov. 1 for each succeeding fo u r years, 1 % of aggregate a m o u n t of
bonds issued and o u tsta n d in g is p ay ab le to sinking fund: com m encing N o v . 1
1910 and for succeeding four years, 154% : com m encing w ith N ov. 1 1915.
and for succeeding four y ears. 2 % ; com m encing w ith N ov. 1 1920 and for
succeeding four years, 2 )4 % ; com m encing w ith N o v . 1 1925 and for suc­
ceeding four years, 3 % . $1,233,000 bonds now held in sinking funds and
$17 000 held in treasu ry o f Pacific G as & E lectric C o.
Central California Electric Co.— $848,000 are deposited under unifying
and refunding mortgage, and $1,000 un d er general ami refunding m ortgage;
$1,000 in treasu ry o f Pacific G as & E lectric C o. C allable a t 110 and in t.
Suburban Light & Power Co.— $29,500 held alive in allied com panies'
sinking funds.
San Francisco Gas & Electric Co. General Mortgage Bonds N os. 1 to 4,000,
Inclusive, are subject to call $100,000 yearly N ov I a t 105. by lot, beginning
N o v . 1 1906. $2,000 000 h av e been canceled, $243,000 a re held alive in
sinking fu n d s o f allied cos. an d $105,000 re tired u n d e r gen. & ref. m tg e.
M o rtg ag e closed; no m ore bonds can be issued for an y p urpose.
Pacific Gas Improvement Co. m ortgage has a sinking fuud of $20,000 an n u ­
a l l y $672 '*00 h av e been canceled $321 .ono retired under gen A ref m tge.
.
Mutual Electric Light Co. Bonds h aving sinking fund of 2 )4 % per annum
o f bonds issued a n d o u t; $116,000 h av e been canceled a n d $12,000 a re held
in sin k in g jfu n d .

8

t

t

E




[V ol. 123.

PUBLIC UTILITIES

Metropolitan Gas Corp. bonds a re red. a t p a r and Int. on a ny in t. d a te .
Sinking fund $25,000 yearly ;$47.500 in sinking fund and $326,000 have been
Oioville Light & Power Co. First Mortgage 6% Sinking Fund Bonds.—
$44,500 are held in sinking fund.
Calif. Tel. & Lt. 1st 6s a re red . a t 107)4.
Northern California Power Co. Frst 5s have sinking fund of 3 )4 % o fgross

canceled.

earnings first 6 years, 4% next 10 years, and 4 )4 % la st 14 y ears. Infc.
payable a t office of tru ste e In San Francisco and a t C orn E xchange N a tio n a l
B ank, New Y ork. T h e ref. & cons. 5s are call, a t 110. In t. a t office o f
com pany in San Francisco and a t U . S. M tge. & T r u s t C o ., N ew Y ork.
Sacramento Valley Power Co. First 6s are call, a t 105 and in t. T h e 1 st &
ref. 6s are also call, a t 105 & in t. In t. on la tte r payable a t office of com ­
pany in San Francisco and U . S. M tg e. & T ru st C o ., New Y ork.
Sacramento Gas Co.— $535,100 first m tge. 6% bonds o u ts ta n d in g called
for redem ption O ct. 1 1926 a t 103.
Sinking Funds.— T o tal cash and bonds in all sinking funds of P acific G as
& E lectric C o. and subsidiary com panies D ec. 31 1925. $22 906.756.
D IV S .—
’l l . ’12. ’13. ’14. ’15. 16. ’17. •18. •19-21. ■22. •23. ’24. •25.
_
O rig.(2d)pf% 6
6 _
6
6
6
6
6
6
6
6
6
6
New 1 P %
6
6
6
6 6
6
6
6
6
IX
Com in stk % 50s
2
2 __ •
6
do in cash % -_
8 8
5
5
6
2 X -- _ 3 X 5 te x t
D ividends on com m on stock w ere resum ed A pril 21 1919 a fte r an in te rv a l
of 1 )4 years, w ith p a y m e n t of 1)4% ; to O ct. 1922 paid 1 J4% q u a r.; J a n .
1923 to O ct. 1923, paid 1 !4 % q u a r.; J a n . 1924 to O ct 1926 paid 2% q u a r.
Also paid 2% in com. stock in Feb. 1922. and 2% in com . stock to holders
of record D ec. 30 1922. On th e 1st pref. sto ck $1 50 q u a r. h a s been p aid
re g u la rly since issue in 1914.
E A R N IN G S .— F or c alen d a r ye ars;
1925.
1924.
1923.
Gross operating rev e n u e ___________ ..$ 4 7 .7 2 9 .0 7 9 $44,451 .’586 $39,321,535
Deduct— O per. & a dm in, e x p e n s e s..
20.289.476 20.944.947 15 584.323
T a x e s__________________________
4.495.600
3.922.678
4.029.887
M a in te n a n c e _____________________ 3,529.129
2.946.463
3,442,979
U ncollectible acco u n ts & c asu a ltie s.
584.507
389.008
436,221
CO

S44

T o ta l d e d u ctio n s_______________ $28 898.712 $28,203,096 $23,493,410
N e t earnings from o p e ra tio n ________ 18.830.367 16.248.490 15,828.125
Add— M iscellaneous incom e________
337.818
483.833
650,207
T o tal n e t incom e_________________ $19,168,185 $16 732.323 $16,478,332
B ond a n d o th e r in te re s t_____________ 7.078.183
6.262.264
6.165,817
B alan c e __________________________ $12,090,002
B ond disco u n t an d expense_________
430.654

10.470.059 $10,312,515
384.293
331,464

B alan c e __________________________ $11,659,348 $10,085,766
R eserve for d e p re ciatio n _____________ 3.807.991
3.057.417

$9,981,051
3,224.757

S u rp lu s__________________________ $7,851,357
D ividends p a id on p re f. sto ck (6 % )_ 3.265.534

$7.028 349
3.244.608

$6,756,294
3,103,847

B alan c e __________________________ $4,585,923
C ash d ividends p a id on com m on stock 3.624,337

$3,783,741
3.040.123

$3,652,447
2.310,498

$743,618

$1,341,949

B alan c e __________________________

$961,586

Number of Consumers Served for Calendar Years.
IQOi^
1Q
*>4
1
iC o
to
iq o i
G a s . . ...................3 8 7 .7 0 7
E l e c tr ic ity _______405.779
W a t e r . . . ................ 19.602
S te a m ............ 610

365.396 343.690
378.751 347,955
18.864
17,810
606
579

316.268
311.615
16.985
542

1Q90
297.270 286,542
285.206 266,132
16,162
16,234
475
451

T o ta l........ ...........813.698 763.617 710.034 645.410 599.113 569,359
O F F IC E R S .— P res., W . E . C reed; V .-Pres. & G en. M g r., F ra n k A .
Leach J r.; V .-Pres. & T rea s., A. F . H ockenbeam er; V .-Pres. & Sec., D . H .
Foote: A sst. Sec. & A sst. T re a s.. C has. L B a rre tt. Office. 245 M a rk e t S t..
San F rancisco, C alif.— V. 121, p . 76. 200, 459. 587. 840. 1348, 1570, 1679,
2403. 2521. 2752. 2876. 3005, 3132; V. 122, p. 214, 612, 1027, 1170, 2 3 2 1 ,
2330, 2 3 6 2497, 2949; V. 123. p. 325. 711, 844, 1114, 1383, 1997.
2 ,

PACIFIC LIGHTING CORP.
O R G A N IZ A T IO N .— In c o rp . In C alifornia on M ay 21 1907. Is th e
successor of th e Pacific L ighting C o ., which was form ed in 1886 to acquire
a n d own gas a n d electric com panies in C alifornia. B esides o th e r holdings,
th e c o rp . owns e n tire coni, sto ck of Los Angeles G as & Elec. C o rp . a n d over
98% of Los Angeles S u b u rb an G as C o rp ., w hich la tte r co. in tu r n ow ns all
of th e com m on sto ck of S o u th ern C ounties G as C o. of C alif. C o. also
has large holdings of th e com m on stock of Pacific G as & E lectric C o rp . an d
o th e r u tilities in C alifornia. In J a n . 1926 acquired M ad e ra G as C o. a nd
T u rlo c k G as C o. V . 112, p . 612.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
See sep a ra te s ta te m e n ts of th e Los A ngeles G as & E lec tric C o rp . and
S o u th e rn C o unties G as C o.
Increase of Capital Stock.— On D ec. 28 1925 stock h o ld ers increased th e
c ap ita l sto ck fro m $20,000,000 ($10,000,000 5% pref. a n d $10,000,000
com m on) to $100,000,000 ($5,000,000 5% p re f., $25,000,000 6% pref.
an d $70,000,000 com m on sto ck , all p a r $100). V . 121. p 2274, 2876;
V. 122, p . 95. H olders of 5% pref. stock w ere p e rm itte d to exchange th e ir
shares for 6% pref. sto ck b y p a y m e n t of $10 p e r sh are.
ST O C K A N D B O N D S—
Date. Interest. Outstanding.
Maturity.
See te x t
C om m on $70,000,000 ($100)_______
_______ $10,250,000
437 700 N ov ’26. 1 H
Pref 5% cum $ 5 ,0 0 0 .0 0 0 (1 1 0 0 )____
5 Q-F 15
6% p re f $25.000,000 ($100)________
6 Q-J
9,562.300 __________
4.000 000 F eb 1 1946
Sec bonds $6,000,000 ($500 &\ 1925
6 g F-A
$1,000) g o ld _________ c * tf (M e rc an tile T r u s t C o. o f C alif.. T ru ste e .
Stock.— T h e 6% pref. stock is p referred as to dividend" a n d assets. R ed .
a t 105 on 60 d a y s' notice. A pplication was to be m ade to lis t th is stock
on th e San F rancisco Stock & B ond E xchange. In J a n . 1926 B o n d &
G oodw in & T u c k e r, In c ., & c., &c., offered 50,000 6% p re f. sh ares (par
$100) a t 96 p e r sh are an d d iv s., to yield 6 M % . V . 122, p. 482. 612.
$4,162,000 6% pref. sto ck Is reserved for conversion of 5% p re f. sto ck .
Bonas.— T h e secured 6% bonds a re secured by deposit of 80.000 shares
of th e com . stock of Los Angeles Gas & Elec. C o rp . R ed. on a n y in t. d a te
on 60 d a y s ’ notice on or before Feb. 1 1930 a t 103 'A and th e re a fte r less X
of 1% for each expired 6 m onths. Sem i-ann. sink fund of $120,000 In
cash or bonds a t p a r com m ences Feb. 1 1926. In J a n . 1925 B ond, G oodw in
& T u ck er, In c ., B ly th , W itte r & C o. and M ercan tile Securities C o. of
C alif, sold a t 100 & in t. $4,000,000 6% secured bonds. V. 120. p . 583.
Dividends.— A sto ck dividend of 10% w as p a id in D ec. 1922; a stock
dividend of 80% w as p a id on com m on in D ec. 1924. V. 119, p . 2648. In
F eb . 1926 a q u a r. d iv . of 4% w as p a id , a g ain st 2 X % q u a rtre ly in 1925.
V. 122, p . 612. A q u a r. div . of 4% w as p a id re g u la rly since, cinluding
N o v . 1926.
E A R N IN G S .— F o r calendar years (consolidated incom e a cc o u n t);
Inclu d in g Pacific L ighting O orp., Los Angeles G as & E le c tric C o rp ., and
xS outhern C ounties G as C o.]

Total
Revenue.

Oper. Exp..
Taxes, Int.,
Devrec.,&c.

Pref.
Dividends.

Common
Dividends.

Balance,
Surplus.

1925--$21,948,161 $19,023,927 (5% )$208.100 (10% )$949,998 $1.767.136
1924- - 16.204,334 13.567.740 (5% )208,100 (16% )S44.800 1,583,694
1923- _ 12,849.632 10.977.217 (5% )208.100 (14X )765.479
898,836
1 9 2 2 .. 12,037.727 10.398.408 (5 % )2 0 8 .100 (14% )672 000
759,219
1 9 2 1 -. 9,841.705
8,933.571 (5% )208,100 (14% )672,000
28,034
x S outhern C ounties G as C o., llm o n th s of 1925 only.
O F F IC E R S .— P re s ., C . O. G . M iller; V .-P ., A. Schilling, V .-P ., F . W .
V an Sicklen: V .-P .. B ernard W . Ford; V .-P . & T re a s ., R. W . M iller; Sec ,
A . T . W ilson. Offices, 722 In su ra n c e E xchange B uilding, 433 C alifornia
S tre e t, San F rancisco.— V. 120. p . 583, 1328; V. 121, p . 2274, 2876; V .-122,
p . 95, 482, 612, 1170. 1611.
(1) L O S A N G E L E S G A S & E L E C T R IC C O R P O R A T IO N .
O R G A N IZ A T IO N .— In c o rp . in C alif, in J u n e 1909. C ontrolled by
P acific L ighting C orp. (see s ta te m e n t ab o v e).
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C arries on a large gas an d electric business in Los A ngeles a n d c ontrols a l

Oct., 1926.]

POWEE, LIGHT AND EAILWAY

345

Surplus pow er is in terch an g ed w ith th e S o u th ern C alifornia E dison C o.
of th e gas business o f P a sad e n a . S outh P a sad e n a . M o n terey P a rk , Al­
h a m b ra , San G a b iie l, San M arin o , H u n tin g to n P a rk a n d H a w th o rn e , th ro u g h physical connections a t C olton a n d S an B ernardino. T h e system
to g e th e r w ith a p o rtio n o f th e gas business of Inglew ood, V ernon, C ulver also tra n s a c ts a general teleg rap h a n d telephone business, op e ra tin g 650
m iles of line p aralleling th e pow er system . In a d d itio n , i t o p erates an
C ity , M ay w o o d , an d o th e r su b u rb a n d istricts.
T h e gas d e p a rtm e n t has a g en eratin g c a p a c ity o f 87,750,000 cu. ft. per extensive ice m a n u fa c tu rin g business in so uthern C alifornia.
T h e system h a s 1,671 m iles of high-tension transm ission lines, o f w hich
24 h o u rs, holders w ith a c ap a c ity of a b o u t 69,270,000 cu. ft. an d 2,653
m iles of m ains: th e electric d e p a rtm e n t h a s a g en eratin g c a p a c ity of over 238 consist of a double circu it th re e ph a se 140,000 v o lt steel tow er line.
145,000 h . p . , 1,230 m iles of pole lines an d 53 m iles of u n d erg ro u n d conduits. T h e rem aining transm ission lines cover 83 m iles of 140,000 v o lt single
c irc u it w ooden a n d steel pole lines, 332 m iles of 88,000 v o lt single circu it
In ad d itio n th e co rp o ratio n h a s extensive holdings o f real e sta te .
Increase Bonded Debt.-— In J a n . 1926 stockholders increased th e authorized w ooden pole lines, 317 m iles of 55,000 v o lt single c irc u it w ooden pole lines.
bonded d e b t from $75,000,000 to $150,000,000. V. 122, p . 748. In A ug. 16 m iles of 33,000 v o lt double a n d single c irc u it steel pole lines, 481 m iles of
1926 co m p an y an n o u n ced th a t i t plan n ed to issue $10,000,000 of 5% double an d single circu it, 33,000 v o lt w ooden pole lines, a n d 204 m iles of
double a n d single c irc u it, 17,000 a n d 11,000 v o lt w ooden pole lines. In
first & gen. re f. m tg e . gold b o n d s. V . 123, p . 842.
a d d itio n , th ere a re 808 m iles of w ooden pole d istrib u tio n lines of 6,600
ST O C K A N D B O N D S— Dale.
Interest. Outstandina. Maturity
volts a n d u n d e r. V . 122, p . 3453.
C om m on, $30,000,000 ($100)______
_________ $12,500,000 __________
Slock.— P ref. sto ck is e n title d to c u m u la tiv e d ividends a t ra te of 7 % , a nd
P f 6% cum $30,000,000($100)______
6 Q -F
18,873,900 A u g ’26, I X
G en. & ref. m tge:
in the e v en t of liq u id a tio n , has p reference over com m on stock to p a r a n d
Series " B " ______J _______
1921
7 g J-D
3,500.000 J u n e 1 1931 accrued dividends
Series “ C ” _______________ 1921
7 g J-D
1,500,000 Ju n e 1 1931
Bonds to be Called.— T h e proceeds from th e sale in J u n e 1926 of th e $23,Series “ D ” _______________ 1922
6 g M -S
1,937,500 M ar 11942 000,000 1st tr u s t m tge. g. b o n d s., series of 1956 a n d $3,000,000 15-yr.
Series “ E ” _______________ 1922
5 A s J-D
,
4.999.500 Ju n e 1 1947 d eb en tu res w as to b e used to re tire th e following b onds (incl. all of th e
Series " F ” ________________ 1923
5)6 g M -S
3.809,000 M ar 1 1943 o u tsta n d in g 1st lien 6% g. bonds, series ” B ” d a te d O ct. 1 1920, d u e O ct. 1
Series “ G ” _______________ 1923
6 g M -S
4,000.000 M ar 11942 1950, w hich w
called O
1 1926 a t
in t. V .
582); full
Series “ H ” _______________ 1924
6 g M -S
7.545.000 M a r 11942 p a rtic u la rs a b oere w hose re dct. p tio n d a te s103 d&prices w ere123, p . in V. 123,
ut
em
an
given
Series “ I ” ________________ 1924
5)6 g A-O 10,817,500 O ct 1 1949 p . 843.
$75,000,000 ($500 & $1,000) ' M ercan tile T ru st C o. of C alif., San F ran ., &
g o l d ________________ c * tff
Security T r. & Sav. B k ., Los A ng.. T rus.
S T O C K A N D B O N D S —- Date.
Interest. Outstanding. Maturity.
1st & re f m tg e (closed) $1,- ( 1909
5 g M -S
5.047,000 S ept 1 1939 C om m on $25,000,000 ($100)_______
_______
$8,588,300 __________
000) g o ld _______________ c* (W ells F argo B k. & U nion T r . C o ., San F ra n ., 7% cum p f $25,000,000 ( $ 1 0 0 ) ____
7 Q -F
9,449,400 N o v ’26 1H
ls ttru s tm tg e $ 5 0 ,6 0 0 ,0 0 0 3O -(In tern ’l T r u s t C o ., D e n v er, C olo., tru ste e ,
[ a n d H arris T r. & S. B ., C h i., T ru ste e .
Los A ngeles G & E Co gen M / 1904
5 g J -J
1,993.000 Ju ly 1 1934
y r 5% g ser of 1956($1,000,1 1926
5 g A-O
23,000,000 A pril 1 1956
(closed) ($1,000) g o ld ----- c (W ells Fargo Bk. & U n. T r. C o.. S. F ., T ru s.
$500 & $100 c* a n d $1,000 In te re s t a t tru ste e or B an k ers T r u s t C o.,
Los Angeles E lec Co 1st M J 1902
& m ul tiples r *)_________ t f I N ew Y o rk .
5 g J -J
482.000 J a n 1 1928
(closed) ($1,000) g o ld ___ c ( in t . a t Wells F a rg o B k .& U n .T .C o .,S . F .,T r .
15-yr d eb en tu res $3,000,000/ 1926
6 g J-J
3,000,000 J u ly 1 1941
($1,000 c * )_______________ (T h e I n te rn ’l T r. C o ., D en v er, C olo., tru ste e .
Bonds.— G en. & ref m tge. p rovides for sink, fund of \%% of bonded
6 g J -J
$9,311,800 J a n 1 1946
Indebtedness, less a d d itio n s to sinking fu n d of u n d erly ing m ortgages, F irs t lien ser “A ” $15,000,000/ 1916
($100, &c.) g o ld ____c*& r*\ In te rn a tio n a l T ru s t C o ., D en v er, C olo., tru s .
a n n u ally . In t. is p a y ab le in N ew Y ork, San Francisco a n d Los A ngeles.
E x e m p t from personal p ro p e rty ta x in C alifornia.
Closed Mortgage Issues—
Series “B” 7s a re redeem able all or in p a rt upon 90 d a y s’ notice N evada-C alif Pow er C o fir s t) 1907 6 g A-O a l , 298,000 A p r. 1 1927
(.$1,000) g o ld __________ c*lIn te rn a tio n a l T r u s t C o., D en v er, C olo., tru s .
as follows: Ju n e 1 1926, 105; Ju n e 1 1927, 104 A- Ju n e 1 1928, 104; Ju n e 1
6 g J -J
b l,7 7 4 ,5 0 0 S ep t. 1 1936
1929, 103)4; Ju n e 1 1930. 103 & in t. in Ju n e 1921, B ond & G oodw in & S outhern Sierras Pow er Co 1st \ 1911
($500, &c.) g o ld ________ c * / In te rn a tio n a l T r u s t C o ., D en v er, C olo., tru s .
T u ck er, In c ., San Francisco, sold $3,500,000 a t 97 t6 & in t., to yield over
a $490,000 a d d itio n a l ow ned by N evada-C alif. E lec. C o rp . an d s u b . cos.
7 .3 5 % . V. 112, p . 2755. In A ug. 1926 co m p an y announced it w as soon
b $712,500 add itio n al ow ned by N evada-C alif. E lec. C o rp and su b . cos.
to re tire all of th e o u ts ta n d in g series B bonds. V. 123, p . 842.
Bonds.— T h e 6% first lien gold bonds. Series “ A " an d ’’B ” (V. 102, p .
Series “ C ” 7s are redeem able all or in p a rt upon 90 d a y s’ notice as
follows: Ju n e 1 1926. 105, Ju n e 1 1927. 104)4; Ju n e 1 1928, 104; J u n e 1 2171; V.103, p.1035) on D ec. 31, 1925 were secured by deposit of $20,065 000
1929, 103)4; J u n e 1 1930. 103. In Sept. 1921 Bond & G oodw in & T ucker. bonds on th e p ro p e rties, of which $7,132,000 h a v e a first lien; also by
In c ., San Francisco; Bond & G oodwin and B ly th , W itte r & C o ., N . Y ., $17,802,400 (over 99% ) of th e ir sto ck . V. 109, p. 780, 1077; V . 107, p.
1290, 1196; V. 186, p . 195.
offered $1,500,000 a t 99 & in t., to yield over 7 )4 % . V. 113, p . 1477.
Of th e $15,000,000 Series “ A ” bonds a u th o riz e d , $10,851,600 h av e beeK
T o b e re tire d soon, sam e as series B above. V. 123, p . 842.
Issued: redeem ed and canceled, $1,509,830, reserved to re tire first m ortgage
Series “D ” 6s are non-callable before M arch 1 1932 a nd then only
Upon 90 d a y s ’ notice a t 110 a n d in terest, less 1% each year th ereafter. bonds of the N evada-C alifornia Pow er t'o . and th e S outhern Sierras Pow er
B ond & G oodwin & T u ck er, In c., and M ercan tile Securities C o., San C o., $4,058,000. C o rp o ra tio n agrees to p a y norm al Federal incom e ta x
not exceeding 1 % a nd reim burse ta x p a y er th is am o u n t upon req u est, w here
Francisco, in A pril 1922 sold $2,000,000 a t 100 & in t. V. 114, p . 1541.
exem ption is n o t claim ed. Series A bonds a re callable, all or in p a rt, on
Series“ E ” 5As are non-callable before Ju n e 1 1932 and then only a ny in te re st d a te on 60 d a y s’ notice a t 103 a nd in te re st. In te re s t payable
upon 90 d a y s’ n otice a t 107)4 an d interest; less Jf
of 1% each y ear th e re ­ D enver and N ew Y ork. F or th e purpose of creatin g and m aintaining a
in
a fte r. Bond & G oodwin & T u ck er and M ercan tile Securities C o ., San fund to be know n as th e "R edem ption F u n d ,” th e corporation covenants an d
Francisco, Sec..offered in Ju n e 1922 $ 5 ,0 0 0 ,0 0 0 a t 96)4 & in t. V. 115, p . 80
agrees th a t w ithin 30 d ays a fte r Feb. 1 a nd A ug. 1 of each year, beginning
Series “F" 5)4* are redeem able for first five years upon 90 d a y s ’ notice 1921, it shall deposit sem i-annually w ith th e tru s te e a sum a t least equal to
a t 107)4 & in t., less )4 of 1 % for each year th e re a fte r. In M arch 1923 % of 1% of all F irst Lien Series A bonds then o u tsta n d in g . T h e m oneys in
Bond & Goodwin & T u ck er, M ercan tile Securities C o ., of C alif., &c., & c., this fu n d shall be applied by the tru s te e in purchasing bonds of Series “ A ” a t
offered $4,000,000 a t 97 % & in t., to yield a b o u t 5 .7 0 % . V. 116, p . 1186.
the low est price o b ta in a b le, b u t n o t exceeding 103 an d in te re s t, ail bonds so
T o be re tire d soon, sam e as series B above. V. 123, p . 842.
purchased or redeem ed to be canceled.
O f the $15,000,000 Series " B ” bonds au th o riz e d , $8 804,000 a re o u ts ta n d ­
Series “G” 6* are non-callable before M arch 1 1932 a n d th e n only
upon 90 d a y ’s n otice a t 110 a n d in te re st, less 1% each year th e re a fte r. In ing in h ands of public. B onds of Ser. “ B ” and each subsequent series m ay
A ug. 1923 Bond & G oodw in & T u cker, in c ., E. H . Kollins & Sous, &c., be issued for n o t exceeding 80% of the actu al cost of a d d itions to properties
.
when n e t earnings of the corporation, incl. com bined net earns, of its subsid.
& c., offered $4,000,000 a t 99)4 & in t.. to yield over 6 % . V. 117, p . 900.
of 12 consecutive calendar m onths
the 14 consecutive
Series “H " 6s are non-callable before M arch 1 1932, a nd then only cos., for amperiod im m ediately preceding such issue, o u t ofbe equal to a t least
calendar onths
shall
upon 90 d a y s ’ notice a t 110 a n d in terest, less 1% each y ear th e re a fte r. In
1 % tim es th e in te re st re quirem ents on all o u tsta n d in g bonds a nd those pro ­
J a n . 1924 Bond & G oodwin A T u ck er, In c ., M ercan tile Securities C o. of posed to be issued. W hen all Series “ A ” bonds h av e been redeem ed, p ro ­
C alif., &c., & c., sold $8,000,000 a t 99 & in t., to yield over 6 .0 5 % . V . 118, portion of n e t earnings to in te re st charges shall be reduced to 1H tim es
p .317.
such in te re s t req u ire m e n ts. Series " B ” bonds a re callable, all o r in p a r t,
Series “I ” 5 )4 s a re redeem able u p o n 90 d a y s ’ notice on O ct 1 of a n y y ear on a n y in t. d a te on 60 d a y s ’ notice, a t 103 and frit In te re st payable in
u n til a n d including 1939 on 90 d a y s ’ n o d ee a t 105 a n d in te re s t, th e prem ium
D enver a nd New Y ork. In D ec. 1924 $1,300,000 Ser. “ B " 6s w ere sold
th e re a fte r decreasing )4 o f 1% p e r a n n u m . In O ct. 1924 B ond & G oodw in by Spencer T rask & C o ., B ly th , W itter & C o ., N . Y ., &c., &c., a t 98 and
& T u c k e r, In c ., M ercan tile Securities C o. o f C alifornia, & c., & c., sold in t., to yield a b o u t 6.15% - V. 119. p . 2647. F or th e purpose of creating
$6,000,000 a t 96)4 a n d in te re s t, to yield over 5 .7 5 % . V. 119, p . 1963. In and m aintaining a fu n d to be know n as th e “ R edem ption F u n d ,” th e cor­
J u n e 1925 th ey sola $2,952,000 a d d itio n a l a t 100 a n d in te re s t. V. 120, p . poration c ovenants a nd agrees th a t w ithin 30 d ays a fte r Sept. 1 1925 it shall
2816. In F e b . 1926 co m p an y issued $2,500,000 a d d itio n a l series I bonds deposit a sum a t le a st equal to 1% of th e aggregate principal a m o u n t of
a n d sold th e m to Pacific L ig h tin g C o rp ., San F rancisco. V. 122, p . 1455.
all F irst Lien Series " B ” bonds th e n ou tstan d in g , and w ithin 30 days
1st < ref. mtge. 5s are call, a t 105 & in t. on an y in t. d a te . M tg e. provides a fte r M arch 1 and Sept. 1 of each year th e re a fte r it shall deposit w ith th e
Jc
for a n n u al sink, fund of 2 % , lass a d d itio n s to sinking fu n d of underlying tru ste e a sum a t least equal to M of 1% of all F irst Lien Series " B ” bonds
m ortgages, i n t . p a y ab le a t offices of tru ste e s a n d a t N a tio n a l B an k of then ou tsta n d in g . T h e m oneys in th is fund shall be applied by th e tru ste e
a t th e option o f th e corporation in purchasing th e bonds of Series “ B " a t
C o m m erce, N . Y.
low
le b t no
103 and in t., or for investm ent
Los Angeles Gas & Elec. Co. gen. mtge. 5s hav e sink, fund of $35,000 th epermest priceeobtaineabts orunew tpexceeding of the corporation or an under­
in
anent b tte rm n
roperties
a n n u ally .
lying com pany. All b o nds so pu rc h a se d o r redeem ed to be canceled.
T n e Los Angeles Elec. Co. 1st mtge. 5s a re c all, a t p a r p lu s a p rem ium of S ecurity sam e a s for Serices “A ” above.
)4 of 1 % fo r each un expired y e a r before 1928. M tg e. p ro v id es fo r sinking
The au th o rized $1,500,000 c o nvertible d e b en tu re s, d ue A pril 1 1926, w ere
fund o f $10,000 p e r a n n u m .
callable a t 105 and in t. u n til A pril 1 1919 an d since a t 102 a nd in t., an d w ere
convertible u n til A pril 1 1919 in to p re f. sto ck in th e ra tio $150 pref. stock
E A R N IN G S .— For Calendar Years:
a nd $100 deb en tu res. W ere d ue A pril 1 1926, b u t extended to A pril 1 1927
Gross
Net after
Bond
Available a t th e sam e ra te of in te re st.
Earnings.
Taxes.
Deprec.
Interest.
for Divs.
N evada-C alif.
o.
m tg e .
id es
1 9 2 5 .. ____$17,049,593 $7,200,604 $1,682,910 $2,549,146 $2,968,548 callable a t 105 a nPow er CIn tefir s t p ayablep ro vNew for sinking fund. A re
d in t.
re s t
in
Y ork a nd D e n v er.
1 9 2 4 .. ------ 16,056,722
6.610.118
1.338.870
2,157.713
3,113,535
S o u th ern Sierras P ow er C o. 1st 6s, due S ept. 1 1936. All bonds of this
1 9 2 3 .. ------12,717,442
4,829.307
1.100.819
1.579,478
2,149,010 issue w ere called J a n . 1 1927 a t 105 an d in t. V. 123, p. 2141.
1 9 2 2 .. ------11.915.365
3.849.929
886,127
1,170,637
1,793,165
A dditional first trust mtge. bonds m a y be issued in series of such te n o r as
O F F IC E R S .— C h airm an o f B o ard , W . B . C line; P re s ., W m . B aurhyte- d irectors m a y from tim e to tim e determ in e, except th a t all bonds o f w h a t­
1st V .-P . & G en. M g r., A . B . D ay ; 2d V .-P ., C. S. Vance; V .-P . & T re a s., ever series shall be eq u ally a n d ra ta b ly secured by th e m tge. while sinking
W . E . H o u g h to n ; Sec., T . P . M cC rea; A sst. Sec., F . E . Seaver; A sst. funds m a y be established for th e exclusive be n efit of one or m ore p a rtic u la r
T re a s ., H . L . P h elp s.— V. 120, p . 703, 2816; V. 121, p . 1227, 1788; V. 122, series. A dditional b o nds m a y be issued (1) p a r for p a r to re fu n d series of
p . 748, 1170, 1455, 2041; V . 123, p . 842, 1251.
1956; (2) for 80% for new a d d itio n s, a cquisitions, &c., provided n e t earnings
of corp. an d its und erly in g com panies for 12 consecutive w ithin preceding
14 calen d ar m o n th s h a v e been a t le a st 1 % tim es a nnual in te re st re q u ire ­
m en ts
all o u tsta n d in g b onds incl.
T hey
secured b y
NEVADA CALIFORNIA ELECTRIC CORP. (THE). pledge on all o u tsta n d in g bonds of theproposed issue. panies,areaking them
of
subsidiary com
m
{See Map on page 246.)
in effect a firs t m o rtg ag e on all th e fixed p roperties of th e sy stem . T h e
O R G A N IZ A T IO N .—^Incorporated in D elaw are on D ec. 12 1914. Owns following b onds h a v e been deposited w ith tru stee:
all th e o u tsta n d in g c ap ital sto ck s, except d ire c to rs’ qualify ing shares a n d T h e S outhern Sierras Pow er C o. 1st m tge. 6% b o n d s______ -$11,297 000
all th e bonds of N ev ad a-C alifo rn ia Pow er C o ., S outhern Sierras Pow er Co
T h e N evada-C alifornia Pow er C o. 1st m tge. 6% b o n d s_______ 7 ,1 8 4 !000
In te rs ta te T elegraph C o ., H illside W ater C o ., C ain C o ., Im p e rial Ice & T h e Im p erial Ice & D evelopm ent C o. 1st m tge. 6% b o n d s ,. _ 2^399 000
D ev elo p m en t Co.
C ain C o. 1st m tge. 6% b o n d s________________________________
1,591,000
’384 000
Stockholders on A pril 13 1926 increased th e cap ital sto ck from $10,000,000 In te rs ta te T elegraph C o. 1st m tge. 6% b onds_________ ____ __
pref. a n d $20,000,000 com m on (par $100) to $25,000,000 pref. a n d $25,- H illside W ater C o. 1st m tg e . 6% b o n d s____________________ I I
695 000
000,000 com m on stock (par $100). V. 122, p . 1762, 2192
T o ta l 1st m tg e . b o n d s p ledged____________________________ $23,550,000
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e system is engaged in g en eratin g h y d ro -electric pow er on th e eastern
In ad d itio n a to ta l of $16,455,800 p a r v a lu e (99% or over) of th e capital
slope of th e Sierra N ev ad a M o u n tain s an d in tra n sm ittin g su ch pow er over stocks of th e su bsidiary cos. w as to be deposited a s fu rth e r secu rity . No
a n extensive transm ission sy stem , extending th ro u g h o u t southw estern bonds m a y be sold or disposed of b y a n y u n d erly in g co. unless acquired
N e v ad a an d th e en tire e astern section o f C alifornia fro m th e m iddle of th e fo rth w ith b y N e vada-C alifornia E lectric C orp. a n d pledged u n d e r th e 1st
S ta te so u th to th e M exican line.
tru s t m tge.
Owns a n d o p erates 11 h y d ro -electric p la n ts h av in g a to ta l installed
Series of 1956 h a s a red em p tio n fu n d , to w hich is p a y a b le on or before
g en eratin g cap acity of 93,420 h . p ., to g eth er w ith su p p lem en ta ry steam an d M a y 1 an d N o v . 1 of each of th e years 1927 to 1931, in c l., a sum equal
gas p la n ts which bring th e to ta l gen eratin g c ap acity up to 106,620 h . p .
to or gre a te r th a n )4 % of aggregate p rin cip al a m o u n t of this series o u ts ta n d ­
T h e m ain hydro-electric p la n ts are located in C alifornia, on Biship C reek, ing in h a n d s of p u blic 2 m o n th s p rio r to such d a te s, a nd on or before M a y 1
in In y o C o u n ty , an d on Owens R iv er, a n d L eevining, R u sh a nd M ill C reeks a n d N o v . 1 in each y ear th e re a fte r % % of su ch a m o u n t. M oneys to be
in M ono C o u n ty . T h e Bishop C reek w a ter, by m eans of connecting pipe used eith e r (a) for pu rch ase an d (or) red em p tio n o f bonds of th is series a t
lines, passes consecutively th ro u g h fiv e g en eratin g p la n ts (aggregating or below . C all price; or (b) for in v e stm en t in o r p a y m e n t for p ro p e rty of
43,520 h . p . generating cap a c ity ). B o th th e B ishop C reek a n d the M ono crop, or u nderlying com panies, a g ain st w hich no bonds of corp. m a y be
C o u n ty w ater sheds a re s itu a te d well u p in th e Sierra N e v ad a M o u n tain s c ertified. A re re d ., all or p a r t on an y in te re s t d a te , u p o n 60 d a y s ’ notice,
w here th e deep w in ter snows fu rn ish n a tu ra l reservoirs which th e sum m er a t 102)£ & in t. to & incl. A pril 1 1954; th e re a fte r a t 100 & in t., all bonds
su n m elts, causing th e w ater to ru n dow n in to th e im po u n ding reservoirs so redeem ed to be concelled. In J u n e 1926 Spencer T ra sk & C o ., B ly th ,
a n d th en ce through th e pow er p la n ts . A s a re s u lt of a n im p o rta n t c o n tra c t W itte r & C o ., N ew Y ork, a nd In te rn a tio n a l T r u s t C o ., B o ettch e r & Co ’
b etw een th e Southern Sierras Pow er C o ., a su b sid iary co m pany, a n d the an d U nited S ta te s N a tio n a l C o ., D enver, sold $23,000,000 series of 1950
San Diego C onsolidated G as & E lectric C o ., executed in 1924, a tie line a t 95)6 & in t., to yield a b o u t 5 .3 0 % . V. 122, p . 3453.
m ak in g physical connection o f p ro p erties o f th e tw o com panies h a s been
T h e 15-yr. 6% g. debentures, due July 1 1941 a re re d . whole o r p a r t, on
co m pleted, an d h a s been in co n tin u o u s use since A ug. 1924 in helping to 60 d a y s ’ notice, a t 102)6 & in t. th ro u g h Ju ly 1 1934; th e prem iu m decreas­
m e e t req u irem en ts in Im p erial Valley. T h is tie line p ro v id es a n add itio n al ing X % for each y e ar th e re a fte r to a n d incl. Ju ly 1 1938; th e re a fte r a t 100
A
12,500 h . p . s ta n d b y c ap a c ity service for th e so u th ern p a r t of th e system & in t., all d e b en tu re s so redeem ed to be cancelled. In A ug. 1926 Spencer,
a n d also p e rm its th e sale o f su rp lu s pow er to th e San Diego com pany.
T ra sk & C o.; B ly th , W itte r & C o ., N ew Y ork; th e In te rn a tio n a l T r u s t C o.




346

PUBLIC UTILITIES

[V ol. 123.

TH E NEVADA-CALIFORNIA ELECTRIC CORPORATION
G ENERATING & TRAN SM ISSIO N SY ST E M
U N D E R LY IN G & A LLIED C O M PA N IES

Come! to forth tMti




Oct., 1926.]

POWER, LIGHT AND RAILWAY

247

ST O C K A N D B O N D S—
Date. Interest.Outstanding.
Maturity.
Pacific L t & Pow Co 1st m tg e l 1902 5 g J -J
5,903,000 Ju ly 1 1942
($1,000) gold sink f d . .c * t f [U nion T ru s t C o ., San F rancisco, tru ste e .
Pacific L t& Pow er Corp 1 s t 1 9 1 1
5 g M -S
6,070.000 Sept 11951
re f m tge ($1,000) gold_ tf f U . S. M tg e . & T ru s t C o ., N . Y ., tru ste e .
_
M t W hitney Pow er & Elec 1st) 1909 6 g A-O
3.2 18,000 O ct 11939
m tge gold sinking fu n d ____/B a n k ers T r u s t C o ., New Y ork, tru ste e .
S anta B arb ara G as & E lec 1st) 1916
5 g J-J
700,700 Ju ly 1 1941
m tge serial g o ld __________ 1Pacific-S outh w T r . & S. B k .. Los A ., tru s t.
Note.— Stock subscribed for b u t n o t fully p a id in: C om m on, $3,664,825;
pref. series A, $301,200; Series B , $4,416,075.
In Ju ly 1926 C alifornia R R . C om m ission au th o rized th e co. to issue on or
before Ju n e 30 1927 400,000 shares of its Series B p re f. sto ck , p a r $25.
V . 123, p. 712.
All classes of sto ck h av e e qual v o tin g pow er. O riginal pref. receives 5%
cum . divs. before an y o th e r class of sto ck . T he pref. stock is divided in to
4 classes as in d ic a ted in th e above ta b le , series A , B , C a n d D , a nd receives,
a fte r all cum . divs. on th e original pref. for all previous years have been
T o tal incom e___________________________________ $2,538,085 $2,163,099 p a id , respectively, 7, 6, 5 M an d 5% an d no m ore. E xcept as to div. ra te ,
D ep reciatio n ____________________________________
490.530
444,191 no distin ctio n or preference exists am ong said 4 series of pref. stock. The
In te re s t_________________________________________ 1,276,783
1,149,730 pref. dividends a re c u m ulative and payable before com m on sto ck receives
A m ortization of b o n d d isco u n t a n d expense______
103,323
98,573 a n y divs. O riginal pref. is en title d to p a rtic ip a te in a n y d istrib u tio n of
M iscellaneous d ed u ctio n s________________________
2,812
2,879 su rplus or n e t p ro fits to pref. sto ck to th e ex te n t t h a t such d istrib u tio n
M iscellaneous a d ju stm e n ts (n e t)_________________
CM2,501
Cr82,114 shall, as to a n y series of pref. stock, be gre a te r th a n 5% and such rig h t of
is
u
A
nd
sto
have
B alan ce______________________________________
$677,129
$549,840 p a rtic ip a tio nsuch cu ms.,lativ e. on fter original pref. adivs.pref. to 7ck , 6 % ,
received all
div
com m
stock is e n title d to
up
%
Latest Earnings.— F o r 12 m os. end. July 31:
514% or 5 % , respectively, provided an y pref. sto ck , series A , B , C , or D ,
1926.
1925.
respectively, is o u tsta n d in g . A ny balance is th e n applicable to p ay m en t
G ross e arn in g s_________.-_________________________$4,871,784 $4,789,524
fu
r divs.
e r share
original
stock.
2,237,395 of As rth e assets, equally ppref. is eupon d to p a r pref. an d com m on all o th er
N e t a fte r tax es & uncoil, a c c ts __________________ 2,628,852
to
original
n
an
before
O th er incom e (n e t)______________________________
71,433
48,684 stocks. T h e re a fte r, pref. receives title a nd divs.; dthdivs. fte r com m on re­
par
e re a
D ep areciatio n ____________________________________
529,394
475,984 ceives
if a n y
is left, sam
I n t., a m o rt. & m iscell. d e d u ctio n s________________ 1,373,079
1,307,825 holderspar; original balancend com m on e is to be d istrib u te d ra ta b ly to th e
of
pref. a
stock.
stocks m a y be increased
a o
B alan ce______________________________________
$797,812
$502,270 a t T he pref. of th e en tire subscribed or or dim inished b y ck vofte representing
least
cap ital sto
th e
Note.— H olton In te r-U rb a n R ailw ay Co. was an added subsidiary for tin series of2-3 sto ck a re re d ., all or in issued,a t $28 75 an d divs. c o rp . All
pref.
p a rt
D ivs. on
en tire y ear of 1924, w hile for th e y ear 1925 it is included for only th e first th e pref. stock shall also be cu m u lativ e, a nd shall be payable before any
six m on th s of th e y ear.
divs. on th e com m on sto ck shall be paid or set a p a rt.
O F F IC E R S .—P re s ., E . S. K assler: V .-P ., A rth u r B . W est: V .-P . &
T he com m on sto ck is listed on N ew Y ork Stock E xchange.
T re a s., L aw rence C . P h ip p s J r .: Sec., W . S. Fisher: C o m p ., W . C Sim m ons
stock
in
a y 1924. V. 118,
O ffice, 613 Symes B ld g ., D e n v er, Colo.— V. 120, p . 2148: V . 121, p . 2038; p . $10,000,000 6% series B pref. itio n a l was offeredM a yM1925.
2316, 1924. $10,000,000 a d d
offered in
V. 122, p . 1762. 2192. 3340, 3453: V. 123, p . 582, 711, 843, 1382.
In D ec. 1924 $10,000,066 7% series A pref. was offered to stockholders
a t $102 p er share, p ayable in cash, or a t $103 p e r share payable in install­
m en ts. V. 119, p . 2880.
SOUTHERN CALIFORNIA EDISON CO.
Bonds.— In N ov. l923 $12,500,000 ref. m tge. gold bonds, series of 6s, due
iSse Mi.p, page 248.)
1943, were issued: a fu rth e r $14,000,000 was sold In M arch 1924. R ed. on
O R G A N IZ A T IO N .— In c o rp . in C alif. Ju ly 1909 as a reincorporation of any in t. d a te a t 105 an d in t. u n til a nd incl. 1933. th e prem ium th e re a fte r
T h e Edison E lectric C o. o f Los Angeles. On M a y 26 1917 purchased the decreasing 14 % p e r an n u m , th e bonds being re d . April 1 1943 a t 100 an d in t.
In t. payable in N ew Y ork. C hicago a nd Los Angeles.
p hysical p ro p e rty o f th e P ac ific L ight & Pow er C o rp ., to g e th e r w ith the
T h e ref. m tge. bonds a re secured b y a dire c t m tge. on th e en tire C ali­
controlling in te re sts in o th e r sm aller com panies, retirin g $5,000,000 of
fornia p ro p e rty of th e com pany su b jec t only to th e underlying bonds, for
P acific L ig h t & Pow er C o rp . 1st & ref. 5s. V . 103, p . 2244: V . 104. p . 2239
In O ct. 1921 th is co m p an y to o k ov er all o f th e p ro p erties of th e S ants th e re tire m e n t of w hich bonds of th is issue are reserved. C o .’s 7% deben­
tu re s a re equally a n d ra ta b ly secured w ith th e ref. m tge. bonds.
B arb ara E lec tric C o ., assinning all o f th e o u tsta n d in g liabilities of th a t co
A dditional bonds m ay be issued for only 75% of expenditures for a d d . and
As o f J u ly 1 1920 took over all o f th e p roperties of M t. W h itn ey Power
ext. to the c /s
provided a n al n e t
least
& E lec. C o ., assum ing all of th e o u tsta n d in g d e b ts an d liabilities of th a t equal to 1%o timproperties, all ref. m tgne. ubonds, earnings have been a t to be
es in t. on
incl. those proposed
co m p an y . In D ec. 1917 p u rc h a se d th e p ro p erties of th e V en tu ra C ounty
issued, a nd on all bonds for re tire m e n t of w hich ref. m tge. bonds are reserved.
Pow er C o. V . 106, p . 1365: V. 83, p . 1124. P u rch a se of Shaver Lake
B onds m ay be issued in v arious series w ith such m atu rities, rates of in t.,
p ro p e rty , V. 108. p . 2335: V. 109. p . 278.
In th e early p a rt of 1919 co. sold its S an ta B arb ara a n d V en tu ra gas p ro p ­ redem ption fe a tu re s. & c.. as m ay be determ ined from tim e to tim e.
Special Trust Fund.— A d equate provision for depreciation a nd renew als of
erties to Southern C ounties G as C o ., a n d proceeds w ere used in th e purchase
the p ro p e rty has been m ade in th e m tg e . b y m eans of a special tru s t fund
o f S a n ta B arb ara G as & E lec. C o . bon d s a n d to p ay for ad d itio n s to pro p erty
which m ay be Increased or decreased b y agreem ent betw een th e tru ste e a nd
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
the co. T his fund m ay be w ithdraw n for cost of e x t. & a d d ’ns a g ain st w hich
T h e consolidated co. o p erates a com prehensive sy stem for th e generation
no ref. m tge. bonds shall be issued, for renew als and re p la c e'ts. or a t option
transm ission a n d d istrib u tio n of electric energy, o p eratin g th ro u g h o u t S outh
of co. for re tire m e n t o f re f. m tg e. or u nderlying b onds. Y . 117, p . 1898.
e ra C alifornia a n d in San Jo aq u in V alley, em bracing 360 cities a nd tow ns and
Series of 5s, due 1951, a re re d . a t 105 a n d in t. u n til a n d incl. 1941, th e
covering a n a rea of over 55,000 sq . miles, h av in g a p o p u la tio n of over prem ium th e re a fte r decreasing J4 % p e r a n n u m , th e bonds being redeem able
2,500,000. T h is sy stem , w ith th e controlled com panies, included in Aug
J a n . 1 1951 a t 100 an d in t. In t. p ayable in N ew Y ork. Chicago or Los
1926. (a) 20 hydro-electric g en eratin g p la n ts, w ith an aggregate capacity Angeles. E xem pt fro m personal p ro p e rty tax es in C alifornia. In June
of 465.700 h. p . an d 4 steam g en eratin g p la n ts w ith an aggregate capacity
1926, H arris, F orbes & C o ., E . H . R ollins & Sons an d C offin & B u rr, In c .,
of 350.500 h . p ., or a to ta l c ap a c ity of 816,200 h . p ., incl. th e hydro-electric offered $40,000,000 series of 5s, d ue 1951, a t 98.4 a n d in t., to yield 5.10% .
d evelopm ent a t Big C reek; (6) undeveloped h y dro-electric developm ents V. 122, p. 3342.
sufficient to increase th e w a ter pow er p la n ts to an u ltim a te c ap acity of
O f gen. & ref. m tge. bonds of 1917 o u tsta n d in g , $10,000,000 are 5s,
1,428,500 h . p .; (c) 234 su b -statio n s a n d 10,000 m iles of transm ission and an d $10,225,000 a re 5 4 s . A ll of th e o u tsta n d in g $33,919,100 6% bonds w ere
d istrib u tio n lines.
called for redem ption A ug. 1 1926. T h e 5s were call, a t 101.25 during
C o. also owns th e e n tire c a p ita l sto ck ($1,000,000 p a r $100) of San 1926, prem ium decreasing M % each y e ar th e re a fte r. T h e 5 4 s are red . a t
Jo aq u in & E a s te rn R R . C o ., w hich o p erates 61.58 m iles of ste a m railw ay 105 an d in t. to an d incl. 19.33, prem ium decreasing 4 % per a n n u m th e re ­
fro m E l P rad o in Fresno C o u n ty to C ascade, p rim arily for serving S outhern a fte r. In t. p ayable in N . Y ., C hicago a n d Los Angeles.
C alifornia E dsion C o .’s B ig C reek hy d ro -electric developm ent; 9 locom otives
G en. m tge. 5s of 1909 are red . a t 105. I n t. pay ab le in N . Y ., Los An­
9 passenger cars an d 23 freig h t cars. Co. also owns th e en tire $500,000 geles and C hicago. See V . 89, p. 1599, 1673: V . 91, p . 1517; V . 92, p . 1705;
($100) sto ck of S a n ta B arb ara & S u b u rb an R y . C o ., o peratin g a stre e t V . 93. p. 1538, 1671.
railw ay in th e c ity of S an ta B a rb ara; tra c k a g e, 9 m iles, 19 sta n d a rd elec­
Pacific L t. & Pow . Corp. 1st & re f. 5s are call, as a w hole (or in p a r t by
tric a lly equ ip p ed cars, 3 w ork cars, 1 locom otive an d 10 buses. C o. in lot for sink, fund) a t 105 an d in t. I n t. pay ab le in Los Angeles a nd N . Y .
ad d itio n owns th e en tire sto ck ($400,500) o f Shaver L ake L um ber Co. a nd
M t. W hitney Pow . & E lec. C o. 1st 6s are red. a t 110 and in t. to April
o f E dison Securities Co. ($500, p a r $100).
1930: 1% less per an n . th e re a fte r. Sink, fund 1% per a n n . of bonds o u t­
T h e city of Los Angeles on M ay 16 1922 to o k over th e d istrib u tin g p ro p ­ stan d in g . I n t. payable in N ew Y ork a nd San F rancisco.
erties w ith in its boundaries u n d er purchase c o n tra c t, by w hich com pany wat
S a n ta B arb ara G as & E lec. 1st m tg e . 6s m a tu re $10,000 per a n n . each
paid $12,044,000. T h e c ity has also agreed to pu rch ase a t wholesale all
July 1. Sink, fund 1 % of bonds o u tsta n d in g in excess of $1,000.000. C all,
electric pow er it m ay require n o t generated from its a q u ed u c t. T h e powera t 103 a nd in t. on an y in t. d a te .
purchase c o n tra c t is to co n tin u e 30 years, unless canceled b y vote of citizen*
Debentures.— T h e d e b en tu re s of 1919 share equally in th e secu rity of the
afte r 10 years. (C om pare V. 113. p. 1780. 738: V. 114. p 956.)
new m tge. m ade, th e lien o f w hich is ju n io r to th a t of th e gen. & ref. pitge.
Rights.— E a c h p re f. an d com m on sto ck h o ld er of reco rd J u ly 31 1923 had o f J u l y l l 9 1 7 . T h e y are re d . a t c o .’s o p tion as follows: On th e 15th of any
th e rig h t to s bscribe on o r before A ug. 15 a t p a r ($100) for 50,000 shares m o n th a fte r 60 d a y s ’ notice to viz.: F eb. 1 1926 to J u ly 15 1927, 102: last
o f p ref. sto ck a t th e r a te o f 1 sh are for every 10 sh ares of sto ck ow ned. six m o n th s, 101 w ith in t. in each case. A re due $1,000,000 y early to J a n . 15
V. 117, p . 336. P ref. an d com m on stockholders of record M a y 15 1925 were 1928. I n t. in N . Y . an d Los A ngeles. V. 108, p . 486.
given th e rig h t to p u rch ase a t $92 a n d in th e ra tio o f 1 share fo r each 8
Dividends.— On original pref. p aid 5% (Q .-J. 15) to J a n . 15 1914: April
sh ares h eld , new series B .pref. sto ck . V . 120, p . 2270. P ref. a n d com m on
1914 to Ju ly 1916, 1 4 % q u a r.: O ct. 1916 to J a n . 1921, 1 4 % q u a r.; April
sto ck h o ld ers of reco rd D ec. 15 1925 w ere given th e rig h t to subscribe on or
1921 to Tuly 1926, 2% q u a r. P ref. series A 7% a nnually ( 1 4 % Q .-M .)
before J a n . 15 1926 to new series B 6% p ref. sto ck a t $96 p e r sh are, a t th e
Dec. 1922 to and incl. O ct. 1926. Pref. series B 6% a nnually ( 1 4 %
r a te of 1-10 o f th e ir holdings. V. 121, p . 2753.
Q .-M .) Ju n e 1924 to and incl. S ept. 1926. On com m on, 5% yearly ( 1 4 %
New Transmission Line.— On S ep t, i i925 th e co m p an y began construe
Q .-F. 15) from M ay 1910 to N ov. 1913 incl.; Feb. 1914 to Aug. 1916, 6%
tion of th e th ird 220,000-volt tran sm issio n line, covering a distance of 250 yearly ( 1 4 % Q --F .); N ov. 1916 to N ov. 1920, 1 4 % q u a r.; F eb. 1921 to
miles, a t a cost of ap p ro x im ately $11,000,000. V. 121, p . 1570.
N o v , 1 9 26,2% q u a r. (See V. 1 1 9 ,p . 1853.)
Budget for 1926.— See V. 121. p 2040
E A R N IN G S .—-For calendar years:
Change of Stock.— On Sept. 7 1923 stockholders increased th e a u thorized
x l9 2 6 .
1925.
1924.
1923.
c ap ital sto ck from $100,000,000 ($4,000,000 5% cum . original pref., System o u tp u t (k.w .h.) .2110778722 1998856,927 1687886,208 1548896,120
$36,000,000 p ref. sto ck , an d $ 60 , 000,000 com m on stock) to th e to ta l aggre­ D elivered to consum ers:
g ate am o u n t o f $250,000,000, to consist o f $4,000,000 original p re f.,
L ighting (k .w .h )_____ 163,942,109 143,913,806 119,086,532 99,358,552
$121,000,000 p re f. a n d $125,660,000 common sto ck . On M a rc h 10 1926
Pow er (k .w .h .)______ 1495445465 1414346,773 1234867,015 1080783,640
stockholders reclassified th e o u tsta n d in g c ap ita l sto ck , 4 shares of $25 p a r C onnected load m e te r s ..
______
327,070
294,557
247,953
to be issued for each $100 p a r sh are. V. 122, p . 750, 1764. T h ey also C onnected load h .p _____ 1,397,638
1,237,598
1,003,485
899,950
reclassified th e au th o rized c ap ital stock as follows: O riginal p re f., $4,Results—■
000,000; series A 7% p re f., $30,000,000; series B 6% p re f., $50,000,000; Gross earnings_________ $25,991,285 $24,322,6S0 $20,973,563 $19,824,959
series C 5 K % p re f., $20,000,000; series D 5% p re f., $21,000,000; com m on, *Oper. & m a in t. exp___
9,195,691
8,271,704 12,993,779
8:847,792
$125,000,000.
earningsRights.—-Each original p re f., p re f. or com m on sto ck holder of record I n N e t ivs., &c., received $16,795,594 $16,0 >0,9/6 $7,979,784 $10,977,167
t., d
663,245
509,722
415,936
386,201
O ct. 26 1926 was given th e rig h t to su b scrib e on o r before N ov. 30 1926 fo r
G ross incom e________ $17,658,8 39 $16,560,698 $ 8 ,3 9 5 ,/20 $11,363,368
new series B 6% p ref. ($25) a t $24 25 a sh are a t r a te of 1 share for e very
In t. on bonds & d e b en s. 6,379,469
6,422,500
6,308,555
4,974,648
12 shares of s t jc k ow ned. V. 123, p . 1878.
M iscellaneous in te re s t. .
367,453
321,243
279,894
415,721
ST O C K A N D B O N D S—
Date. Interest. Outstanding. Maturity.
$47,532,572 N ov ’26, 2% C onstruction account . . 0 7 9 1 .0 9 4 C r l,305.685 C r2,009.011 Cr2,359.314
Q -F
C om m on $125,000,000 ($25)_______
Bond d iscount, re n t of
O riginal p re f 5% cum & p a rtic
^
*^9 n?Q
leased p la n t, &c______
386.340
4,000.000 J n ly '26, 2%
$4,000,000 ($25)-----------------------Q-J
P ref Series “ A ” 7%
cum
B alan ce-------------------- $11,116,6/1 $ 1 0 ,/io,o3o &>,t
« ,,jo j,^ 4
$30,000,000 ($25)..............................
7 Q-M
25,036,675 S e p t’2 6 ,l$ 4
Previous su rp lu s_______
1,465,913
3,393,008
2,786,891
P ro fit from p rop, s a le s ..
______
______
______
P re f Series “ B " 6%
cum
31,998.150 Sept ‘26 1 H W ithdraw als from con­
$50,000,000 ($25)............ ..................
6 Q M
tingency reserves pro­
P re f Series “ C " 5 }4% cum
N one __________
vided in ad v an ce for
$20,000,000 ($25)............ ..................
5H%
P ref Series " D .” 5%
cum
low w ater c o n d itio n s ..
______
1,581,191
______
N one
$21.000 000 ( $ 2 5 ) . . ............ .............
5
S ubscriptions common s to c k . _ ____
_______
4,105,900
T o ta l________________A vailable $12,206,798 $8,412,249 $10,756,165
R eserve for depreciation
*3,400,758
2,000,000
2,005,635
S ubscriptions p re f s to c k --------------------------4.630,825
26.ooo.oou
O ct. I 1943
Refunding mortgage bonds ( 1 9 2 3
6 g A- O
R eserve for contingencies
______
______
810.000
($100. &c) gold_ c * & r* .tfl H arris T ru st & Sav. B an k . C hicago & Pacific
_
Ser. A pref. divs. ( 7 % ) ..
1,545,632
772,516
510,715
' 8 nn th w T r S Sav BW I .os \ trust<s«.
c
Ser. B pref. divs. ( 6 % ) ..
782,642
299,627
____
Original pref. divs. (8% )
320,000
320,000
320,000
Series of 5s, due 1951 ($1,000, f 1926
5 g J-J
40,000,000 J u ly 1 1951
2d pref. divs. (5 % )_____
______
______
______
500c* & $1,000, $5,000,1
1 0 , 000r * )_____________ tf l
C om m on divs. (8 % )-----3,761,372
3,661,950
3,469,121
G en & ret m tge of 1917 $136.-11917 5 & 5l4 F-A 20.225,000 F eb 1 1944 M iscell. a d ju stm e n ts _
_
D r24,795
0 1 0 7 ,7 5 7 D /247,685
000.000 (*100 3cc)gc*& rtff [H arris T ru st & Sav. B an k , C hicago, tru stee
T o ta l p ro fit & loss s u r .
$2,371,601 $1,465,913 $3,393,009
D eb en tu res $ 8 ,000,000 ($ 10 0 .1 1919
7 g J -J 15
1,96 >.000 T o Jan 15 '28
&c) g o ld ___________ c * .tf f (B ankers T ru st C o ., New V ork. tru ste e .
* Includes taxes o f $1,970,334 in 1925, $1,680,120 in 1924 and $1,899,594
in 1923.
underlying Divisional Rond Issues—
x 12 m o n th s ended Aug. 31 1926.
80 C al E d gen m tze $30,000.-1 1909
5 g J -J
13.360.000 N ov 11939
Earnings 9 Months Ended Sept. 30 1926 In Y. 123, p . 2141.
000 ($1,000) g o ld _______ tf / H a r r is T ru s t & Sav. B an k , C hicago, tru s te e .

B o ettch er & C o. a n d U n ited S ta te s N a tio n a l C o.,- D en ver, C o lo ., sold
$3,000,000 15-yr. g. d e b en t, a t 99 & in t., to yield a b o u t 6 .1 0 % . V. 123,
p . 711.
Dividends.— D ivs. on pref. hav e been paid as follows: 1915. 2% : 1916,
3 J* % ; 1917, 5 M % ; 1918.
1923, 7 % : 1924. 7 % . a n d a ll c u rre n t divs.
a t 7% p er an n . for 1925 p a id in fu ll. In 1926 paid 7 % . On D ec. 31 1923
$2,034,744 25 w as tra n sfe rre d fro m su rp lu s to c ap ital a cc t. a n d add itio n al
p ref. sto ck w as issued an d d istrib u te d am ong th e p ref. sto ckholders, w hich
was req u ired to be p a id to th e pref. stockholders because of th e ir rig h ts of
preference. T h e sto ck so d istrib u te d p a id u p all rig h ts o f th e pref. stock­
holders previously u n satisfied .
E A R N IN G S .— F o r calen d ar years:
1925.
1924.
G ross earnings__________________________________$4,874,442 $4,498,840
N e t a fte r taxes an d uncollectible acc o u n ts _______ 2,483,978
2,109,367
54,107
53.732
N on-operating incom e (n e t)_____________________

{




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PUBLIC UTILITIES

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DEVELOPMENT

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hydro E lectric Generating Plants

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Steam E le ctric G enerating P la n ts

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S u b S tatio n s

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S u b S ta tio n s & D is tric t O ffice s

( I Steam Electric Generating Plants & District Offices
220,000 Volt Transmission Lines
VENICE

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STATISTICS

INDSAY

as of December 31, 1925
WEN*>

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% 6,723 employees; over 90% of perma-

fTERVILLE

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Transm ission Lines

------- Proposed 220,000 Volt Transmission Line

iVj nent employees are stockholders.

% & "« • La/te Basin

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'LANCASTER

$11,414,469 wages paid during 1925.
80,269 stockholders, 90 % of whom live
in the territory served.
55.000 square miles of territory served
in ten counties, including 360 cities
and towns in Central and Southern
California, with a population of approx­
imately 2,500,000.
577.000 consumers served including
250.000 supplied indirectly in certain
municipalities where energy is delivered
wholesale.
729,100 horsepower generating capacity
in twenty-three hydro electric an d steam
plants.
1,558,260,579 kilowatt hours sold in
1925 with a maximum simultaneous
demand of 530,697 horsepower.
e 1,237,598 horsepower connected load
of which 197,471 horsepower is for agri­
cultural purposes; 649,473 horsepower
railway and industrial uses; 71,853 horse­
power for electric cooking and heating;
318,801 horsepower for lighting

SAN T A
BARBARA,
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POWER, LIGHT AND KAILWAY

O ct ., 1926.]

O F F IC E R S .— P res., Jo h n B. M iller; Senior V .-P ., W . A. B rackenridge;
V .-P. & G en. M g r., R . H . B allard; V .-P ., G eorge C . W ard: V .-P ., S M .
K en n ed y : V .-P., W . L. P ercey; T re a s ., E . G . M iller: Sec., C lifton P eters;
C o m p t., D . M . T r o tt: V .-P . & G en. C ounsel, R o y V. R ep p y . Office,
E dison B ldg., Los A n-eles, C alif.— V. 121, p. 201, 708, 1570, 1680, U'09,
2040, 2158, 2753; V. 122, p . 750, 1028, 1764, 2322, 2369, 2498, 3085, 3342.
— V . 123, p . 326, 456. 712, 1878, 2141.

STO CK A N D BO ND S—
Date.
1st ref M $150,000,000 Ser A . f 1919
Series C . - . . ’. . . l ________ I 1922
Series D . ................................. 1925
($100 &c) g o ld _______ c*. tf (B ankers
5-year 534 gold notes ($1,000.) 1925
$ 5 0 0 - c ) ________________tf{

Interest. Outstanding.
6 g M -S
5. 39.800
6 g F-A
5.8 9 600
534 8 F-A 8,690.000
T ru s t C o ., N ew Y ork,
534 M -N
4,000,000

Maturity.

M ar I 1949
F e b 1 1952
F eb 1 1 9 5 5
tru ste e .
N ov 2 1930

Underlying Bonds on Properties Absorbed by Merger—
G re a t W est Pow Co 1st M l 1906
5 g J -J
17,662,000 J u ly 1 1 9 4 6
$25,000,000 ($1,000) g c • tf)B a n k e rs T ru s t C o ., New Y ork, tru ste e .
C ity Elec Co San F ran 1st M l 1907
5 g J -J
1,138.000 Ju ly 1 1937
C ontrolled by T h e N o rth A m erican Co.
$5,000,000 gu ($1,000) g _ tf jA nglo-C alifornia T r u s t C o., San F ra n ., tru s.
O R G A N IZ A T IO N .— In c o rp .in N Y J u n e 5 1915 as successor to 'a New C entral O akland L t & Pow C ol 1909
5 M -N
48.000 M ay 11939
1st M ($1 000) g o ld ______J ln t. a t F irst Federal T r. C o.. San F r., tru ste e
Jersey co. of sim ilar n am e. A holding co. w hich ow ns all of th e ju tstan d in g com m on sto ck o f th e G re a t W estern Pow er C o. of C alif, (see C onsum ers L t & Pow Co genl 1908
6 A-O 15
68.000 A pr 15 1933
m tge ($1,000) gold ______li n t , a t M ercan tile T ru s t C o .. San F r .. tru ste e
below) and C alifornia E lectric G en eratin g Co. E arly in 1925 acquired
control o f th e San Jo aq u in L ig h t & Pow er C o rp . W estern Pow er C orp. C ons Elec Co gen M $2,500,-1 1915
5 g J-D
’ 1,533.750 Ju n e 1 1955
000 ($100 &c) g u a r g o ld .n tf f In t. a t B ankers T r. C o ., N . Y .; also in S. P r.
now owns $347,000 o u t o f $350,000 o u tsta n d in g ($1,000,000 a u th o riz e d ,
Held under Slock Control and Lease—
p a r $100) c ap ital stock o f Fresno City Water Co.p.. which co. supplies
w ater to F resno, C alif., u n d e r a p erp etu al franchise; storage cap acity , C alif Elec G en Co p re f stock
235,000 gallons: over 1, 17,357 ft. o f m ains; 17,515 consum ers on >u e 0
gu $2,500.000 6% cum ($ 1 0 0 )____
6 Q -J
2.500.000 See te x t
5 g M -S
800,000 S e p t 11948
192 >. W estern Pow er C o rp . also ow ns all th e ($1,000,000) com . stock a nd Cal El Gen Co 1st M S er'*A ” 1 1908
$1,500,000 g u a r p & i ($1 .-{C entral U nion T ru s t C o ., N ew Y ork, tru s te e
all th e $500 o u tsta n d in g (a u th . $1.000,000) pref. stock of Midland Counties
Public Service Corp., in c o rp 'ra te d 1914 in C alifornia, a nd furnishing
000) go ld _______________t f 1
electric lig h t a n d pow er, w hich !s p u rchased from San Jo aq u in L t. & Low. C o ..
x All owned by W estern Pow er C orp o ratio n ,
In fo u r counties in central C alifornia: included in th e te rrito ry served are
y N o t including $732,135 subscriptions.
C oalinga, San M iguel, Paso Robles, S a n ta M aria, A rroyo G ran d e and
Stock.— T h e pref. sto ck is non-assessable b y specific co v en a n t, is preferred
San Luis Obispo. I t also supplies w a ter in Paso Robles, a nd A rroyo
as to assets in liq u id a tio n , is e n title d to cu m u lativ e dividends a t ra te o f 7%
G ran d e. 11,7 4 , electric lig h t and pow er and 241 w a ter custom ers on
per a n n u m , p a y ab le Q .-J ., a n d is su b jec t to call, all or in p a rt, a t 105 a nd
J u n e 30 192 ■
.
T u p pref. stock Series
> carries dividends
In O ct. 1925 The N o rth A m erican C o. acquired th e W estern Pow er C orp. dividends upon 60 d a y s ’ notice.
on th e basis of 1 If shares N o rth A m erican com m on for one share of W estern t th e ra te of 6% p er annum ; otherw ise th e re is no distinction or priority
Pow er com m on, w ith a cash a lte rn a tiv e o f $75. V . 121, p . 1229. See as betw een th e pref. stock and th e pref. stock Series A, th e n e t effect of th e
reclassification on M ar. 23 1925 (when 300.000 shares of pref. stock were
<]d etails also a b o u t th e exchange o f stocks. V. 121, p. 1681.
150.000 shares
pref.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— reclassified into being m erely to of pref. stock a nd 150,000 shares ofshares
Series A stock)
low er th e dividend ra te on 150.000
T h e o p eratin g subsidiaries of th e corp. serv e a p o pulation of a b o u t 1,400.000 of th e c o .’s pref. stock from 7% to 6% p e r an n u m . P ref. is listed on San
In 24 counties in C a lifjrn ia , and an area of 7 .8 '0 sq . m iles. E lectric F rancisco Stock & B ond Exchange.
generating statio n s: installed c ap a c ity , hydro-electric, 280,4 7 h p ., and
In Ju ly 1926 co. advanced th e ice of its 6% pref. sto ck for over-thesteam . 115, H6 h . p .; to ta l, 95.513 h . p. T h e com bined h y d r >-electric co u n ter sales from $95 to $96 p e r share (the issue w as originally offered in
p ro p erties a re susceptible o f dev elo p m en t to a to ta l of a b o u t 1,500,000 1925 a t $92. V . 123, p . 581.
h . p .; 108 su b -statio n s: 1.964 m iles high-tension transm ission lines: 7,8 0
Bonds, c%e.— T he G re a t W estern Pow er Oo. of O alif. 1st & ref. m tg e. of
m iles of d istrib u tin g lines. In a d d itio n to electric service, steam service
Is supplied in certain cities and also a larg e a m o u n t of stored w a ter is sold 1919 is for $150,000,000, a nd is secured on the hydro-electric g enerating
statio n on th e Feather R iver a t C aribou and by deposit of certa in securities.
in b u lk for irrig a tio n , a fte r h aving been u sea for gen erating electricity.
In te
on ail
le
New
B
ST O C K A N D B O N D S—
Date.
Interest. Outstanding.
Maturity. ciscore st P enna. series pay abandinM ass, Y ork, e oston, C hicagot and San F ra n ­
4-mill tax
incom tax on in t. n o exceeding 6%
C om m on 3 0 0 ,000shs. (no par) . ____
_________ 219 ->0 Lshs
. . ______ of such in te re st per annum refunded on Series “ D .” M o rtg ag e provides for
P ref 7% cum '$ 100 ) ___
7 Q -J 15 $9 655,380 O c t ’26 1 H sinking fund of 134% of bonds o u tsta n d in g , com m encing 1923.
M id Cos P S C o rp gen re f M U nion B an k & T r. C o .. Los Angeles, tru ste e .
Series A are call, a t 103 to Feb. 28 1939. a t 102 thereafter to Feb. 28 1948,
g $5.000,000_____________
a n d p a r th e re a fte r to m a tu rity . $169,209 deposited with tru ste e . (Com­
Series “ A ’_______________
1921
7)4 g
$1,254,000 Sept 1 1956 p a re offering in V. 108. p 2126). V. 108. p. M 27: V. 109 p . 1706.
Series “ B ” _______________
1922
6 g
385,000 S ept 1 1952
All of the o u tsta n d in g Series " S ’" bonds were redeem ed on Aug. 1 1925.
M id Cos G & E l C o 1st M s f 1912 6 g
2 4,000 J a n 1 1932
Series C
g $1.000.000_____________ P a c . Southw . T r. & S. B k .. Los A ngeles, trus. w ith tru steare callable a t 106 an d in t. on a ny in t. d a te . $130,400 deposited
e.
Fresno C ity W at C orp 1st & U nion B an k & T r. C o ., Los Angeles, tru ste e .
Series D are red. on th e first day of a ny m onth on 60 d a y s’ notice a t 10214
re f M g $5,000,000________
and in t. to and incl. Feb. 1 1935 and th ereafter a t p a r and in t. plus a
Series “ A " _______________ • 1921
6 J^g
$400,000 N ov 1 1956
prem ium of 34% for each y ear or portion t e-eof of u e x p re d te rm . In
Series “ B ” _______________
1922
514 g
150,000 N ov 1 1956
Feb. 1925 $1,500,000 series D 5J4s were offered by E. H . Rollins & Sons,
Series “ C ” _______________ . 1924
6 g
400.000 F eb 1 1959
B o n b rig h t & Co. Peirce. F a ir & C o., a id Lee. H igeinson & Co. a t 9734
Fresno C ity W ater C o 1st M / 1906
5 g
1 0.000 J a n 1 1946
in t., to
In Ju
y
$3.500.000_________ . \ M erc. T r. C o. of C al.. San F ra n ., tru s te e . and itional ayield 5H%. n t . V. 120, p .a956. t 5.57%n e 1925 th ep . sold $6,300,000
t 0.09 and i
. to yield b o u
. V 120.
2941. Issued,
30-yr sec debs Series A ($500/ 1924
6 H K J-D 5 ,7 .5 ,0 0 0 Dec 11954 a d d
$10,700,000. of w hich $110,000 on deposit w ith tru ste e . $1,200,000 held
& $1,000) g o ld________ c * ’ B an k o f A merica. N . Y ., tru ste e .
t f
in tre a su ry and $700,000 owned b y W estern Pow er C orp.
Stock.— T h e stockholders voted N ov. 27 1923 to reclassify th e then
T he $5,000,000 6% convertible d eb en tu res were convertible from N o v . 1
o u tsta n a in g 6% cu m . p ref. stock to 7% cum . p ref. in settlem e n t of 13%
1917 to N ov 1 1920. inclusive, a t 100 and in t., into G re a t W estern Power
accu m u lated divs. H olders of th e old 6% stock received new 7% stock Co of C alifornia 7% cum . pref. stock ip ir value $100) a t $95 par share a nd
(cum . fro m O ct. 1 1923) in exchange p a r for p a r. P ref. stock is listed divs.; had th u s been reduced to $1 177.600. See V. 101, p 1889. 2147, and
on San Francisco Stock & Bond Exchange. V. 117, p . 1788. Increase in offer to W estern Pow er C o. stockholders. V 101. p. 1890; V. 105. p. 493.
cap italizatio n . See V. 120, p . 213.
Are callable a t 101 and in t. on four w eeks’ notice. I n t. in N ew Y ork and
Debentures.— T h e 30-year 6 H % series A d eb en tu res are secured by deposit San Francisco
T h e 5-year 5 34% Qold notes, dated Nov. 2 1925. a re re d . on 30 d a y s ’
of all th e o u tstan d in g com . sto ck ($27,500,000) o f G re a t W estern Power
C o. of Calif, and by a m ajo rity of the o u tstan d in g com . stock of th e San aotice at p ar, in t. and a prem ium of 34 of 1 % for each year or portion
Jo aq u in L ight & Power C o rp . T h e tru s t in d en tu re provides for equal thereof of unexpired te rm . M ass. 6% ta x , P en n a. a nd C alif. 4-mill tax
sem i-ann. p ay m en ts of $230,000 to th e tru ste e beginning Ju n e 1 1925. This refundable. In O ct. 1925 Lee. Higginson & C o. offered $4,000,000 a t 99
sum is to be applied first to th e p a y m e n t of in t. on all the o u tsta n d in g series A and in t.. to yield over 5 .7 0 % . V. 121. p. 2037.
d eb en tu res and th e balance to th e re tirem e n t of series A debentures by pu r­
Underlying Bonds (Bonds of Properties Merged in Parent Company).
chase in th e open m a rk e t or by call, w hich is estim ated to retire th e entire
Co. first m tge. 5s of
al
issue a t or before m a tu rity . A re red. on th e first day of a ny m onth on 60 a u Great Western Power J p n e 30 1926 located 1906 authorized $25,000,000. by
th e
as follows: $19,662,000 held
d a y s’ notice a t 105 and in t. to and incl. Dec. 1 1935, and thereafter a t par publicn tic a te d , and on
(including $567,000 pledged under C alifornia Electric G enerating C o.
and in t. plus a prem ium of H % for each year or portion thereof of unexpired
bearing
term . I n t p ayable in N ew Y ork, C hicago and San Francisco. C orp. agrees m ortgagennot g a m u in te renst). $2,318,000 retired through sinking fund (1 %
d in
t an
beginning Ju ly 1 1916): and $2,798,000
to reim burse holders o f these d eb en tu res if requested w ithin 60 days after of ou tstaunder firsto &nref. mu allyof 1919 and $ 22.000 held in tre a su ry . V.
pledged
tge.
p ay m en t for th e Pen n a. 4-mill tax and for th e M ass. Income tax on int. not
108. p.
p. 1703. T h e
com stock
C alifornia
exceeding 6% o f such in t. per a n n u m . In Dec. 1924 E . H . Rollins & Sons Electric 2127: V. 109. o. is deposited $5,000,000 first . m tge. of allable on
G enerating
and B o n b rig h t & C o ., In c ., offered $6,000,000 3 '-year 634 % debentures any in te re st d a te on C d a y s ’ notice a under ath e in t. In te re s tCpay ab lei n
90
t 106 nd
series A a t 9834 and in t., to yield over 6 .6 0 % . V. 119, p. 2881.
New Y ork. B oston. San F rancisco and L ondon. V. 91, p. 1163: V. 92. p .
Dividends.— In itial pref. d iv . o f 1% p aid A pril 1916 and sam e ra te 1438: V. 89 p. 1283.
reg u larly to O ct. 15 1919, when 1 34% q u a r. was paid am . since to and
City Electric Co. of San Francisco— f irs t rnrge. 6% bonds g u a r. p rin . and
Incl. O ct. 15 1923. On J a n . 15 1921 a t r a te o f 7% per a n n u m an d sam e In t. V . 92, p. 883
On J u n e 30 1926, $1,387,000 were o u tsta n d in g , in­
ra te paid to a ate.
cluding $1 .U 8 .0 0 0 held by public, a nd $2,561,000 “ pledged under first &
ref. m tg e ." of 1919. M ortgage provides for sinking fund. $688,000 retired
E A R N IN G S .— C onsolidated earnings for calen d ar years:
Bal. before through sinking fu n d . Are callable a t 105 and in t. on an y in t d a te on 60
d a y s’ notice. V. 108. p. 2127; V. 93, p 668; V 96. p 1843; V. 100. p . 1440.
Gmss
Net after
Other
Deduc­
Deprec.
Central Oakland Light fi Power 1st. 5s have sinking fund of 134 % . C allable
Earnings.
Tares.
Income.
tions.
A Divs.
Assumed by G re a t W estern Pow er Co
x l9 2 6 ------------ $18,014,733 $10,489,956 $351,873 $7,296 660 $3,536,169 a t 105
Consumers Light & P o w e r Co general mortgage 6s.— M ortgage provides for
1925-------------- 17,182.317
9,879,257 384.411
3.030.864
7 232.804
1924-------------- 7.599.664
4,532.159
52,509
3,383,098
1,201,570 sinking fund. A ssum ed-by G re a t W estern Power Co.
Consolidated Electric general mortgage 5s.— G u a r., prin. and in t., by G reat
x 12 m o n th s ended Ju n e 30 1926.
W estern Power Co. Sinking
bonds ou
O F F IC E R S .— C h airm an B o ard o f D irecto rs. F ra n k L . D am e; P re s ., payable in New Y ork and San fund 1% of $1.5-33.750tsta n d in g . ofIn te re s t
Francisco.
hands
H . P . W i'son; V .-P ., W . H . Spaulding: V.-P.', Edw in G ruhl: V .-P ., F . W . $5 600 held in tre a su ry , $350,350 pledged under G re a in W est. Powpublic;
er C o,
D o o little: T rea s., R o b e rt Sealy; Sec., Frederick H . P iske.— V . 121, p . 1st m tge. an d $134,800 retired through sinking fund. t
1229, 1349, 1464, 1681, 2158, 2640; V . 122, p . 2500, 2950.

WESTERN POWER CORPORATION.

G

R

E

A

T

W

E

S

T E

R

N

P

O

W

E

R

O R G A N IZ A T IO N .— In c o rp . in C alifornia N o v . 23 1915. a n d . as of
Ju n e 1 1919, p u rch ased , su b jec t to existing m ortgages, th e properties of
old G re a t W estern Power C o. (incorp. in 1906). C ity E lectric C o. and
C onsolidated E lectric C o. Subseq u en tly purchased p ro p erties of U niversal
G as
E lectric C o. Owns all o f th e o u tsta n d in g com . stock of C alifornia
E lectric G enerating C o. C o. also ow ns s u b sta n tia lly all of th e shares of
th e W estern C anal C o. F o r c o n tra c t w ith and in terest in Feather Rivet
Pou-er Co., see u n d er th is la tte r co. Proposed acquisition in 1926 of N a p a
V alley E lectric C o., see V. 122, p . 2798.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. furnishes electric lig h t and pow er service in 41 cities and tow ns in
c en tra l C alifornia, incl. San F rancisco, O akland, S acram ento, B erkeley,
A lam eda and R ichm ond, and supplies stea m h eatin g service in San F ra n ­
cisco and O akland. T e rrito ry served m ore th a n 2.000 sq. miles w ith a
p o p u latio n in excess of 1,100,000. G enerating statio n s: H ydro-electric
p la n t on n o rth fork of F e a th e r R iver (“ Big B end" statio n ) of 87,000 h . p.
cap acity ; on th e sam e riv er (“ C a rib o u ” statio n ) of 88,000 h. p ., which
c ap a c ity can be increased to 176,000 h . p.; steam statio n s in O akland and
San Francisco. 29,000 h . p . - steam p la n t in O akland leased from C ali­
fo rn ia E lec tric G enerating C o. of 14,000 h . p. 535 miles of transm ission
lines; 2,200 m iles of u n derground a n d overhead d istrib u tio n lines: also
extensive steam service d istrib u tio n system s in dow ntow n districts of San
F rancisco a n d O ak lan d . F o u r subm arine cables, th ree o f which a re 4 miles
in len g th and 1 n early 7 miles, are o p erated u n d e r San F rancisco B ay.
W hen all th e pow er sites are utilized a b o u t 890.000 h .p . will be developed.
On A ug. 14 1926 th e B righton M erced tie.line connecting co’s system w ith
th a t o f San Jo aq u in L t. & P r. C orp. was p u t in o p e ra tio n . See also s ta te ­
m e n t o f “ T h e N o rth A m erican C o ." V 123, p . 981.
In S ep t. 1925 th e C alif R R . C om m , g ran ted a u th o rity to issue $1.000,000
7% cum . pref. a n d $2,000,000 6% cum . p re f. sto ck . V . 121, p . 1100. 1461.
V. 122, p . 1025.
In O ct. 1925 co. w as au th o rized to issue $1,000,000 1st & re f. m tge.
514% gold bonds, series “ A ," an a $4,000,000 5-year 534% gold notes.
V. 121, p . 2156. In M arch 1926 *o Issue $2,000,000 6% cum . pref. stock.
V. 122, p . 1608.
STO CK AN D B O N D S —
Date.
Interest. Outstanding Maturity.
C om m on $30,000,000 ($100)............ ........................ x$27.500.000 ___________
P f i% cum $15,000,000 ($100) ____
Q -J
12,778.010 .....................
Sot A p re f 6% $ 1 5 ,0 0 0 ,0 0 0 - - ____ __________
see te x t
__________




C

Leased and Controlled Properly.

O California Electric A L I F OCo.— Leased A to . G re a t W estern Pow er C o .,
.
O F
C Generating
R N I
which owns th e $5,000,000 com . stock and pays 6% on th e pref. sto ck
($ 2,500,000); all new out (divs. cumulative at 6 % from Jan. 1 1912 and
guaranteed by G re a t W estern Pow . C o.); callable a t 105 & divs.: 1st m tge.
&u»h-.rizud $5,000 000. issued g u a r, hv G reat W estern Power C o. (V. 88,
p . 688: V. 89, p . 472) $1,200,000 series A. of which $395,000 on d ep o sit
w ith tru ste e and $5,000 held by G re a t W estern. Sinking fund, series A,
$28,000 per an n u m . C allable a t 105 and in t on 60 days notice. In t. in
N ew Y ork and San F rancisco. N o series B issued.
E A R N IN G S .— F o r c alen d a r years:
1925.
1924.
1923.
O perating re v e n u es_________________ $7 928 250 $7,599,664
$7,123,970
O perating expenses_________________ 2.577.739
2.880,281
2.345.517
P ro fit from o p e ra tio n s___________ $5,350 510
O th e r incom e c re d its_______________
77.294

$4,719,384
95.079

$4,778,453
110.299

G ross incom e______________________$5,427,805
In te re s t on notes an d a c c o u n ts______
55.118
R en tals and leases__________________
246,110
R enew als and rep lacem en ts_________
547 742
A m ortization of bond disc, a n d e x p s.
136.932
F ederal ta x e s____________________ _
124.800
Provision for doub tfu l acc o u n ts_____
116.270
M iscellaneous charges______________
64.438
In te re s t on fu n d e d d e b t____________
2,520.341

$4,814,463
19.992
278 482
528 018
121,438
109.200
12.133
24.892
2.521.042

$4,888,752
17,133
281.084
502.4.53
119.144
165.000
7.707
8.899
2.471.418

N e t incom e for y e a r________
P referred d iv id e n d ___________

$1,199,267
516.238

$1,315,915
461.468

$1,616,053
741.325

B alance, s u rp lu s-------------------------$874,728
$683,029
$854,447
O F F IC E R S .— G uy C . E a rl. P res.; H . P . W ilson. V .-P .; J . B . B la c k ’
V .-P .; W . H . S paulding, Sec.; R o b e rt Sealv. T rea s., N ew Y ork. N ew
Y ork office. 60 B ro ad w ay .— V. 121, p . 977, 1100. 1348, 1461, 2037, 2156;
V. 122, p . 1025, 1608, 2798, 3210; V. 123, p . 581, 981.
SAN JO A QU IN L IG H T & PO W ER C OR PO R A T IO N .
Control.— E arly in 1925 th e W estern Pow er C orp. acquired co n tro l of
the co. (V. 119, p. 2880), and now ow ns th e controlling m a jo rity of th e
com m on stock an d 7% pref. stock, C lass A.

250

PUBLIC UTILITIES

O R G A N IZ A T IO N .— In c o rp o rate d in C alifornia on Ju ly 19,1910 as a con­
solidation o f th e San Jo aq u in L ig h t & Pow er C o., th e Pow er T ra n s it & L ight
C o . (Bakersfield) a n d th e M erced Palls G as & E lectric C o. A bsorbed the
Selm a W ater W orks, M ad era W ater W orks, M ad era L t. & Pow . C o ., Lemm ore L t. & Pow er C orp. a n d B akersfield G as & E lec. L t. C o. T h e M id lan d
C ounties P u b lic Service C o rp o ratio n (Y. 98, p . 1849), controlled by sam e
In terest, pu rch ases all of its pow er from th e San Jo aq u in L ight & Pow er
C o rp o ratio n . Franchises in cities a re p erp etu al; outside of cities, w ith two
exceptions, ex ten d bey o n d 1950. A b o u t one-half th e to ta l le n g th of
transm ission lines is on p riv a te right-of-w ay.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Supplies electricity for lighting, pow er a n d pum ping purposes th ro u g h o u t
10 counties, 7 o f which are in th e San Jo aq u in Valley, including th e cities
of M erced , M ad e ra , Fresno, Selm a, H anford. B akersfield, Sanger, D inuba,
and a b o u t 150 tow ns and sm all cities: population served, in excess of 300,000.
D istrib u te s gas in B akersfield, M erced a n d Selma. O perates a s tre e t rail­
w ay sy stem in B akersfield an d furnishes w ater for dom estic purposes in
Selma a n d M ad e ra . T h e co m p an y ow ns pow er p la n ts w ith 187,533 h .p .,
o p erates 6,792 miles o f transm ission a n d d istrib u tio n lines, 48 su b sta tio n s.
R eservoir c ap a c ity , 51,000 acre feet; 184 m iles of gas m ains a n d 19 miles of
w ater m ain s. O perates 1046 miles s tre e t railw ay tra c k in B akersfield,
supp lem en ted by au to m o b ile bu s lines in outlying te rrito ry . 67,283 elec­
tric custom ers as o f J u n e 30 1926.
I n M a y 1926 corp. o b tain ed final p re m its from th e S ta te of C alifornia
for w ater pow er rig h ts along th e K ings R iver a n d trib u ta rie s in C alifornia
for a n extensive w a te r pow er d ev elo p m en t p ro ject, p a rtia lly a lread y under
co n stru ctio n . U ltim a te d ev elopm ent, 9 pow er houses, 1 4 'd a m s, 500,000
h .p . gen eratin g c ap a c ity . T o tal h ead , 7.290 f t. V. 122, p . 3085.
T h e B rig h to n -M erced tie line connecting co rp .’s sy stem w ith t h a t of
G re a t W estern Pow er Co. w as p u t in o p eratio n on A ug. 14 1926. V. 122,
p . 3085; V. 123, p . 981.
In F eb . 1924 th e co. was a u th . to am en d its articles o f in c o rporation, to
provide for $18,500,000 7% Series “ A ” cum . pref. sto ck a n d $6,500,000
of Series “ B ” 6% p ref. sto ck , a n d to issue n o t exceeding $6,500,000 of
«er. “ A ” 7% p re f stock in exchange for a like a m o u n t of ser. “ B ” 6%
p ref. I t w as re p o rte d t h a t holders of th e o u tsta n d in g $6,500,000 6% cum .
pref., on which th e re w as a n accu m u latio n o f $17 50, w ere to receive in
ad d itio n to th e privilege o f exchange for ser. A stock, a cash d iv . of $4 50.
V. 118, p . 795, 908. C om pare V. 118, p . 312.
In M arch 1925 th e co. was a u th . by th e C alif. R R . C om m , to issue a t
n o t less th a n 95, $1,000,000 7% cum . p rio r p ref. V . 120. p . 1461. C om pare
Y. 120, p . 1205. In N o v . 1925 applied to C alifornia R R . C om m ission for
a u th o rity to issue 5.000 shares o f 7% pref. stock. V. 121, p. 2522.
ST O C K A N D B O N D S—
D ate.
Interest. Outstanding. Maturity
C om m on $50,000,000 ($100).......................................$11.000 000 _______
..
P rior p ref $25,000 000 7 % c u m . ____
Q-M 15
11,702,689
See te x t
P ref ser “ A ” $ 1 8 ,5 0 0 ,0 0 0 1 ____
Q-M 15
6,438,700
See te x t
($100) 7% c u m ___________ f
P ref ser “ B ” $ 6 ,5 0 0 .0 0 0 1 ____
________
61,300
See te x t
($100) 6% c u m ___________)
6% prio r p re f 8pr A $50,000,-1
0 0 ( $ 1 0 0 ) - ..____
0
f _____
6%
538,700 ............ .........
_______
520,000 __________
C ap ital sto ck su b scrip tio n s_________
1st & ref m tge $25,000,000 g l 1910
5-6 F-A
22,228,000 Aug 1 1951
($1,000) sink fu n d .c * & r* tf (E q u it. T r. C o ., N . Y .. tru s : in t. in N . Y
U nify & ref m tge $150,000.-]
1921 7 M -S 1
7,000,000 See tex t
000 ($ 5 0 0 & $1 ,0 0 0 )c* & r* tf(E q u itab le T ru st C o., N . Y ., tru ste e .
Series “ B ” ................................ ) 1922 6 g M -S
9.633.000 M a r 1 1952
Series “ G ” ..............................) 1924 6 g M -N
1.500.000 M ay 1 1954
San Jo aq u in L &P Co 1st M l 1905 5 J -D
2,269,000 J u n e 1 1945
$3,000.OOOsf ($ l,0 0 0 )c * n tf 1R edeem able a t 110 a n d in te re s t.
Stock.— On D ec 30 1926 stockholders reclassified th e a u thorized issue of
$75 .000,000 7% prio r p ref. sto ck in to tw o claases o f p rio r pref. sto ck , v iz.:
$25,000,000 o f 7% p rio r pref. a n d $50,000,000 o f 6% p rio r pref. V. 122. p.

7 5 0 .

[V ol. 123.

of 205.000,000 k .w .h . E n erg y will be stepped-up to 240,000 volts for
transm ission purposes. T h e c onstruction c o n tra c t (co n tract price n o t to
exceed $7,691,889) calls for com pletion on or before D ec. 31 1927. For
m ore details see V . 121, p . 2637.
C om pany has entered into a purchase c o n tra c t w ith th e G re a t W estern
Pow er Co. of C alifornia u nder th e term s of which th e la tte r com pany agrees
to purchase th e e ntire o u tp u t of th e B ucks C reek p la n t a t a 63% p la n t factor,
a t th e fla t ra te of 4 mills per k .w .h . a n d , th ro u g h such pow er purchase,
will becom e th e ow ner of th e p la n t a nd all app u rten an ces a n d w ater rights
in 35 years from tim e o f com pletion. T his c o n tra c t ru n s for a period of
35 years from th e d a te of com pletion of th e p roject.
ST O C K A N D B O N D S—
Date. Interest. Outstanding. Maturity.
C om m on $1,000,000 ($100)_ _____
_
_________
$194,100 _______ _
C lass A cum p re f $ 1 ,0 0 0 ,0 0 0 ] ____
7%
266,400 __________
( $ 100 ) _______________________ t

C lass B cum p re f $ 2 ,0 0 0 ,0 0 0 ] ____
( $ 100 ) _________________________ /

7%

1,000,000

1st (closed) m tg e 6s se ria l] 19 5
6 g J -J
5,500,000
1 99-1963
gold bonds ($1,000, $ 500)(P acific-S outhw est T r u s t & Savings B an k ,
c * tf [ Los A ngeles, tru s te e .
Bonds.— T h e ls ( (closed) mtge. 6s serial gold bonds, dated Nov. 1 1925, are
secured b y a d ire c t 1st closed m tge. on all th e p ro p e rty com prising the
B ucks C reek D evelopm ent, and by th e assignm ent to th e tru ste e of all the
rights and in terest in and to th e pow er c o n tra c t w ith G re a t W estern Pow er
Co. of C alif., and of all of th e com pany’s w ater rig h ts, p e rm its and licenses,
a p p u rte n a n t to th e above developm ent. P a y m e n ts for pow er ta k e n by
th e G reat W estern Pow er C o. of C alif, are to be m ade q u a rte rly directly
to tru ste e who shall a p ply th e funds th u s received first tow ards th e p ay m en t
of operating expenses a n d taxes and th e n tow ards th e sinking fund. T he
m a tu rities ru n from J a n . 1 1929 beginning w ith $49,000 to J a n . 1 1963,
when a p a y m e n t of $361,000 will com plete th e re tirem e n t of th e en tire issue.
C o. has deposited w ith tru ste e a com pletion bond a n d a m aterial an d labor
bond in the aggregate a m o u n t of $6,850,000 g u a ranteeing com pletion of
th e above-m entioned p ro je c t. A special reserve fund has been provided
u nder which co. has to set aside o u t of its earnings a nd m a in ta in w ith
tru ste e a fu n d of $500,000 for th e protectio n of principal a n d in te re s t of
these bonds, which fu n d , should it have to be draw n u pon, co. shall restore
im m ediately. R ed ., all or p a rt, on 60 d a y s’ notice, a t 100 a n d in t., plus a
prem ium of 46 % for each unexpired year of fractio n thereof, b u t not
exceeding 5 % . I f redeem ed in p a rt, co. will call for p a y m e n t bonds of the
la st m a tu rity o u tsta n d in g a t prem ium s as s tated above. In te re s t payable
a t tru s te e ’s office in Los Angeles, or a t B ankers T ru s t C o ., N . Y. C ity.
P rincipal payable a t tru s te e ’s. E xem pt from personal p ro p e rty ta x in
C alifornia. In N ov. 1925 T ru st Securities C o., Los Angeles; E . H . Rollins
& Sons, Peirce, F a ir & C o., N ew Y ork, a nd W illiam R . S ta a ts C o.. Los
Angeles, & c., & c., sold $5,500,000 a t 100 a nd in t. V . 121, p . 2637: Y. 122,
p . ^649.
O F F IC E R S .-—P re s ., K a rl B rehm e; V .-P & T re a s ., L a rs Jorgenson;
Sec., C u lb e rt W . F a rie s .—V . 121, p . 1676, 2637,2520, 2750; V. 172, p . 2649.

WESTERN STATES GAS & ELECTRIC CO. OF DEL.
(C ontrolled b y S ta n d a rd G as & E lec tric C o.)
O R G A N IZ A T IO N .— A holding co. in co rp . in D elaw are M a r. 24 1911.
Owns $2,125,000 of th e p re f. an d all except d ire c to rs ’ qualifying shares
of th e com m on stock of th e W estern S tates G as & E lec tric C o. of C alifornia.
(See s e p a ra te s ta te m e n t below .)
C om pany applied in N ov. 1925 to C alifornia R ailroad C om m ission for
a u th o rity to Issue, a t p a r, $750,000 7% pref. sto ck . V. 121, p . 2523.
STO CK A N D BO ND S—
Date.
Interest. Outstanding. Maturity
C om m on $5,000,000 ($100)
____
_______ x$3,503,000 M a y '23, 46
P re f 7% c u m $10,000,000 ($ 1 0 0 ) ____
7 Q -J15
2,125,000 O c t '2 6 . 1 H

T h e p rio r p ref. a n d p rio r pref. series “ A ” stocks are preferred as to assets
a n d 7% and 6% div id en d s, resp ectiv ely , and th e preferred h a s preference
x M a jo rity ow ned b y S ta n d a rd G as & E lec tric C o.
as to assets a n d dividends over com m on. B oth classes of p re f. sto ck are
Stock.— P ref. sto ck is re d . a t 115 a nd dividends.
listed on San Francisco Stock a n d B ond Exchange an d Los Angeles Stock
Dividends.— On p re f., 7% p e r a n n u m since in c o rp o ra tio n . O n com m on
Exchange.
(N o. 1). A ug. 15 1915 to M a y 15 1923, 2% p . a . (46% Q .-F .)
Bonds.— Of th e first an d refu n d in g b o n d s of 1910 re p o rte d o u tsta n d in g ,
O F F IC E R S .— P re s ., Jo h n J . O ’B rien; V .-P s., R o b ert J . G ra f a n d F . C .
$1,500,000 ($1,109,000 held b y p u b lic, $11,000 repurchased b y the coma n y , $371,000 on d eposit w ith tru s te e , a n d $9,000 held b y tru s te e u n d e r G ordon; Sec. & T re a s ., M . A . M orrison.'— V . 118, p . 2206; V. 120, p . 455:
ec.
1, A ct 9) a re Series A 6s; $799,000 a re Series B b earin g 5% a n a $2,125,-V. 121, p . 2523, 2640.
000 a re Series B b earin g 6 % . an d $17,804,000 are Series C 6s. $2,772,000
(1 )
W
E S T E R N
S T A T E S
G A S
&
E
1st & re f. m tg e. bonds a re reserv ed to re tire p rio r liens (incl. $244,000 held
in o r fo r sinking fu n d s); $7,612,000 Series C are pledged u n d e r th e unifying
O R G A N IZ A T IO N .— In c o rp . in C alif, in N o v . 1910 as a consolidation.
& re fu n d in g m tg e. Ser. A 7% an d Ser. B 6% bonds. Series A callable a t
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
102H , o th e rs a t 105. T a x ex em p t in C alifornia. F irst & ref. m tge. con­
in , C o
ta in s sinking fund provisions called for p ay m en ts of 2 % o f o u tsta n d in g bonds O perates in H u m b o ld t, San Jo aq u46,860 n tra .,C o sta a n d a d ja c e n t counties
ity ,
h .p
hydro-electric; 35,470
a n n u ally (to b e used p a rtly for b e tte rm e n ts a n d ad d itio n s an d p a rtly for in.pC alifornia. In sta lle d c ap a cer p la n ts, 11,390 hincl. Also m a n u fa c tu re s and
., a n d steam -o p erated
red em p tio n o f b o n d s. Series A bonds h aving preference over o th e r series) h istrib u te s gas in S tocktonpow E u re k a . V . 105, p ..p .
d
an d
723. R a te s, V . 107,p.1389
fro m 1915 to 1919, an d fro m 2 46 % a n n u ally of bonus o u t from A ug. 1925 to
ST O C K A N D B O N D S — Date.
Interest. Outstanding. Maturity.
1929, in c l., to 4H % a n n u ally fro m A ug. 1945 to 1949, incl. V .9 1 ,p . 1332.
B y a su p p lem en ta ry m o rtg ag e, holders o f Series B 5s w ere p e rm itte d to C om m on $5,000,000 ($ 1 0 0 ).......................... - ............. x$3,981,500 _____ _____
7 Q -J
6,653,500 A p ’25, IK
r
exchange th e m fo r Series B 6s u p o n p a y m e n t of $100 p e r bon d u p to M ay P ref 7% cum $10,000,000($100)____
1st & re f m ortgage (closed)] 1911 5 g J -D
3,332,500 J u n e 1 1941
31 1917.
gold ($500, & c)_______ c * t f / I n t . a t G ira rd T r u s t C o ., P h ila ., tru ste e .
Of th e $7,400,000 o u tsta n d in g Series “ A " 7% unifying an d refunding
8,850,000 M a r 11947
m tg e. b o nds, $400,000 m a tu re M a r. 1 1926, while th e rem aining $7,000,000 1st & unify m tge $100,000,000] 1922 6 g M -S
Ser ” A ” ($500,&c) gold c * tf /B a n k of C alifornia, N . A ., San F ra n ., tru ste e
are d u e M ar. 1 1951. A d d itio n al bonds are issuable u n d er certain re stric ­
15-year notes Series “ A ” ] 1922 6 g A-O
5,000,000 O ct 1 1937
tio n s for 75% o f c o st o f new c o n stru ctio n , &c. Sinking fund on unifying and
($100, &c) gold_______ c * tf/U n io n T r u s t C o ., San F rancisco, tru s te e .
refu n d in g bon d s com m ences M a r. 1 1927 of 2% of th e la rg e st a m o u n t of
bonds th e n o u tsta n d in g , plus any which m ay subseq u ently be issued,
x A ll, except d ire c to rs ' sh ares ow ned by W estern S tates G as & Elec.
including all u n d erly in g a n d divisional bonds. T h e bonds, d ue 1951, are C o. of D elaw are (see a b o v e ).
redeem able on a ny in te re s t d a te on 30 d a y s ’ notice a t 10743 a nd in terest
to an d inclu d in g M a r. 1 1931 a n d a t 105 a n d in te re st th e re a fte r.
Bonds.— First & Ref. (.nowfirst) M. 5% Bonds.— R ed . th ro u g h sin k , fund
T h e u n ify in g an d refu n d in g m tge. bonds, Series “ B ,” are n o t su b jec t to o p eratio n s, $2,523,500. In addition to a m o u n t re p o rte d o u tsta n d in g .
call. V. 114. p. 1652. In te re s t p ayable a t office of tru ste e . New York. $1,724,000 a re deposited as secu rity for th e 1st & unify, bonds. N o a d d ’J
W ells F a rg o B an k a n d U nion T r u s t C o ., San F rancisco, an d U nion B an k & bonds m a y be issued except w hen th e a n n u al n e t earnings a re tw ice th e in t.
on all bonds o u tsta n d in g an d c o n te m p lated , an d th e n only fo r 75% of cost
T ru s t C o .. Los A ngeles. V . 112, p . 1025.
T h e u n ifying an d refu n d in g m tg e. bonds. Series “ C ,” a re callable, all or in of e x ts. & im p ts . Sem i-ann. sink, fund a fte r Ju n e 1919, 1K% of bonds
p a rt, a t 105 a n d in te re st on a n y in te re st d a te on 30 d a y s ’ notice to M ay 1 issued. A re call, on an y in t. d a te a t 105 an d in t. V . 102, p . 1544; V . 109
1934, a n d th e re a fte r a t a p rem iu m of 44 of 1% for each y ear or unexpired p- 1468.
fractio n th ereo f. T ax -ex em p t in C alifornia. In te re st p ayable a t office of
T h e 1st & unified m tg e. ($100,000,000 a u th .) provides for an a n n u a l sink,
tru ste e in N ew Y ork , W ells F arg o B an k & U nion T ru st C o. of San Francisco fund com m encing M a r. 1 1928 in an am o u n t equal to 2% of to ta l o u ts ta n d ­
a n d th e U nion B an k & T ru st C o. o f Los Angeles. $1,500,000 unifying and ing bonds, incl. und erly in g bonds. T h e ser. A bonds a re re d ., all o r p a r t, on
refunding m tge. 6% bonds, Series “ C ,” were offered by Peirce, F a ir & C o., o r before M a r. 1 1932 a t 10746; th e re a fte r a t 46 of 1% less each y e a r, plus
B ly th , W itte r & C o ., & c., in M ay 1924. a t 9943 and in te re st, yielding over in t. M ortgage will p e rm it th e issue of a d d ’l bonds in series, of such d a te s,
6 % . V. 118. p. 2706.
m a tu rities, in t. ra te s an d redem ption provisions as m a y be d ete rm in e d by
Of th e San J o a q u in L ig h t & Pow er C o ., 1st 5s, $50,000 on deposit w ith the d ire c to rs. N o bonds of a m a tu rity p rio r to th a t of S er. “ A ” b onds m ay
tru s te e , $731,000 re tire d b y sinking fu n d and $7,000 ow ned b y co.
he issued while a n y bonds of S er. “ A ” a re o u tsta n d in g . I n t . p a y ab le in
Dividends— Paid 443% on pref. stock in 1912, in 1913, 6% . in 1914. 3%
New Y ork a n d San F rancisco. V . 114, p . 1073.
none to June 1917, when 143% was paid; 143% quar. since. In Mar
T h e $5,000,000 15-year n o te s, due 1937, a re p a r t of an a u th . issue of
1924, 443% was paid on account of accumulations. Since reclassification $20,000,000, call, as a whole o r p a r t on 30 d a y s ’ no tice to a n d incl. O ct. 1
of pref. stock in March 1924, dividends have heen paid regularly, 7% on 1927 a t 105, th e re a fte r to O ct. 1 1932 a t 10246, a nd th e re a fte r a t 100 plus
8eries A and 6% on Series B . N one on common.
Int. N o a d d ’l m tge. (except purchase m oney m tges.) shall be placed upon
the p ro p e rty of th e c o . unless these notes shall be secured eq ually and ra ta b ly
E A R N IN G S .— F o r c alen d a r years;
Gross
Net
Int. Charges
Avail for with the o th e r obligations secured by such m tge. T h e rem aining notes m ay
Earnings. after Taxes.
A Deprec.
Dividends. be issued in series, bearing in t. a t such ra te and re d . a t such price as m ay be
$7,949,286
$4,565,151
$3,057,734
$1,507,417 determ ined b y th e directo rs of th e co. A d d ’l n o te s m ay be issued only when
1925 ....................
1924 - _____
7.581,300
3,260,355
2,926,362
333,993 net earnings for 12 consecutive m o n th s ending n o t m o re th a n 60 days p rio r
to application for issuance of p o te s have been equal to a t least 1 46 tim es the
1923 _____________ 7.037.651
4.082,107
2,630,778
1,451,311
1922 _____________ 6.561.126
3.769.226
2.548,311
1,220,913 annual in t. charges on all bonds of th e co th e n o u tsta n d in g an d on all these
notes then o u tsta n d in g , incl. those a b o u t to be issued, or for the purpose
Latest Earnings.— F o r 12 m o n th s ended J u n e 30 1926: G ross, $8,478,775; of retirin g n otes of o th e r series. I n t. p ayable i n N . Y . a n d S a n F rancisco.
n e t a fte r taxes, $4,919,641; in t. charges a n d d ep rec., $3,035,726; av ail, for V 115. p .1 9 5 4 .
d iv s., su rp lu s, $1,883.915.
E A R N IN G S .— F o r c alen d a r years:
O F F IC E R S -—P res., A. G . W ishon; V .-P . & G en M g r., A. E m ory
Balance,
Gios»
a et a] it/
Interest
Preferred
W ishon; V .-P ., F . W . D o olittle; Sec. & A sst. T rea s.. W . K . G urley; T reas.
Ear nin gs
Tares
Charges
Dividends.
Surntvs.
& C o m p .. E rn st F . B eh r.— V. 121, p . 841, 2522, 2877; V. 122. p . 750, 2043,
$280,746
1925_____$3,240,057
$1,650,986 $1,006,071
$364,169
3085; V. 123, p . 983, 1763.
247,714
1924____ 3.246.113
1.456.706
930.555
278.438
264,876
1923 . . . 2.98-1.671
1,052.738
554.960
232.902
242.855
1922
2.697.384
921.530
464.707
213.969
FEATHER RIVER POWER CO. (CALIF.).
Latest Earnings.— F o r 12 m o n th s ended J u ly 31:
1925.
1926.
O R G A N IZ A T IO N .— A California co rp n ratio n , organized to develop
Its valuable w ater rights on th e w aterw ays trib u ta ry to the N o rth Fork G ross e arn in g s__________________________________ $3,339,345
$3,213,655
1.714,011
•Of th e F e a th e r River in Plum as C o u n ty . C alif.
O per. ex p ., m a in t. an d tax es, excl. d ep rec’n ______ 1,555.762
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
N e t earn in g s__________________________________$1,783,583 $1,499,644
C om pany has under construction th e Bucks Creek D evelopm ent, which will
O F F I C E R S — P re s ., Jo h n J . O ’B rien; V .-P s., R o b e rt J . G ra f. Sam uel
harn ess th e w aters of Bucks C reek, M ilk Ranch Creek and Grizzly Creek,
all of which flow into th e N o rth Fork of th e Feath er R iver. T h e in­ K a h n , H . H . Jones, A llen L . C hickering an d F . C . G ordon; S ec.-T reas.,
stalled gen eratin g c ap acity of th e pow er house will be 40.000 k. w. (two B . F . W allin g to n , J r .; M g r., H . H . Jon es.— V. 120, p . 2013, 3067; V. 121.
u n its o f 20,000 k . w . each), cap ab le of producing a m ean a n n u al o u tp u t p . 2640; V . 122, p . 2500, 3456.

E




L

E

C

T R

SIERRA & SAN FRANCISCO POWER CO.
Stock is owned b y S ta n d a rd Pow er & L ig h t C orp. (see ab o ve).
O R G A N IZ A T IO N .— In c o rp o rate d in C alifornia on M ay 29 1909 a nd on
S e p t. 1 1909 to o k over th e Stan islau s E lec. Pow . C o. a n d th e T uolum ne
W ater Pow er C o ., b o th foreclosed p e r p lan in Y . 88, p . 235, 569, 1005, 1066.
H as c o n tra c t exten d in g to 1954 w ith M a rk e t S t. R y. of San F ra n , to supply
pow er to th a t co m pany. In O ct. 1917 pu rch ased th e L aG range division
of th e Y osem ite Pow er C o. V. 105, p . 1528.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
H as 3 hydro-electric g en eratin g p la n ts w ith an installed c ap a c ity of a b o u t
#0,000 h . p ., an au x iliary stea m p la n t of a b o u t 36,000 h. p .: to ta l installed
g en eratin g c ap acity a b o u t 96,000 h . p .; 1,070 miles tran sm ission a nd
d istrib u tio n lines.
Lease.— On D ec. 31 1919 a c o n tra c t was n eg o tiated w ith th e Pacific G as
S E lectric C o ., u n d e r w hich th e o p e ra tin g p ro p erties of Sierra & San F ra n ­
c
cisco Pow er C o. w ere leased for a period of 15 years w ith th e u n d e rstan d in g
th a t a rran g em en ts w ould be m ade by P acific G as & E lectric C o., to finance
necessary a d d itio n s b o th in g en eratin g an d d istrib u tin g eq u ip m en t b y th e
sale o f S ierra & San F rancisco Pow er C o. bonds if feasible an d otherw ise b y
th e use of Pacific G as & E lectric C o. c re d it. T h e in te re st obligations u n d e rl
b o th th e Sierra C o .’s T ru st In d e n tu re s are g u a ra n te ed in effect b y P acific
G as S E lectric C o. d u rin g th e life of th e lease an d in a d d itio n th e Sierra Co.
c
receives a re n ta l of $50,000 p e r a n n . for th e first tw o y ears, $100,000 for
th e th ir d y e ar a n d $150,000 p e r an n u m for each y ear th e re a fte r. V . I l l ,
p . 1478. In accordance w ith term s of lease th e C alif. R R . C om m . a u th . th e
co. in J u ly 1921 to deliver to th e P acific G as & E lec. C o. $1,000,000 1st
m tge. bonds previously app ro v ed b y th e C om m . T h e bonds w ere applied
for th e re p a y m e n t of m oney ad v an ced o r to be ad v an ced b y th e Pacific
G as S E lec. C o. for exts. and b e tte rm e n ts to th e c o .’s p ro p e rties. V. 113,
c
p . 426. T h e proceeds of $2,000,000 ad d itio n a l 1st m tg e. b onds h av e been
sim ilarly p aid a n d applied.
S T O C K A N D B O N D S — Date.
Interest. Outstanding. Maturity.
Stock $20,000,000 ($100)_________
_______ $20,000,000 ---------------1st M $30,000,000 g ($1,000, / 1909 5 g F-A
10,500,000 A ug 1 1949
$5,000, & c)_______ c* & r*tf l i n t , a t U .S .M tg e .& T r. C o ., N . Y ., T ru ste e .
2 d m tg e S e r A & B $9,500,0001 1909 5-6 J - J
9,500,000 J a n 1 1 944
($ 1 ,0 0 0 ) _______________c * \C o lu m b ia T r u s t C o ., N ew Y o rk, T ru ste e .
Bonds.— F irst m tg e. bonds are su b je c t to call on a n y in t. d a te a t 110 and
In t. T h e rem ain in g bonds m ay be issued a t 80% o f c o st of extensions and
a d d 'n s, pro v id ed n e t earnings for p revious 12 m os. shall equal tw ice in t.
ch arg e on all o u tsta n d in g bonds, incl. th o se to be issued. V. 91. p . 157.
T h e bonds are listed on th e N ew Y o rk Stock E xchange.
Second m tg e. consists o f Series “ A ” $1,000,000, a t 6 % , an d Series “ B ”
$8,500,000 (incl. $44,000 Series “ B ” in tre a su ry ) a t 5 % .
O F F IC E R S .— P res., Jo h n J . O ’B rien; V .-P s., R o b ert J . G ra f, Sam uel
K a h n , A llen L . C hickering an d B . W. L y n ch ; Sec., A lm a L. Ferguson;
T r e a s ., B . B . S tith .— V. 113, p . 426; V . 116, p . 714, 3006; V. 119, p . 464,
705. 821, 1180; V . 121, p . 2639.

COAST VALLEYS GAS & ELECTRIC CO.
K C o n t r o l .— In N o v . 1923 the Standard Gas & Elec. C o . acquired contro
o f the co. through the purchase o f all the outstanding com . stock. V
118, p . 2442 . Com pare V . 117, p . 2326 .
O R G A N I Z A T I O N .— Incorporated on M arch 20 1912 in California.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Does entire electric and gas business in M onterey, Salinas and Pacific Grove;
also owns water system o f Salinas and electric distributing lines in Salinas
Valley and electric and water system at K ing C ity . Purchases m ost o f the
electric energy which it distributes from Pacific Gas & Electric C o ., lessee
of Sierra & San Francisco Power C o . On D ec. 31 1922 acquired the
electric light and power properties o f the D el M onte Light & Power C o .
Compare V . 115, p . 2162.
V a l u a tio n .— In N o v . 1922 engineers appraised the reproduction new cost
of the property at $2,93 2 ,7 2 5
Com pare V 111, p 2524
In O ct. 1925 co. applied for authority to issue $1 ,0 0 0 .0 0 0 Series “ B ” 7 %
cum . pref. stock. V . 121, p . 1907; V . 123, p . 1761.

ST O C K A N D B O N D S —

Date.

Interest. Outstanding. Maturity.

C om m on $3 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) -- ---------------$3,000,000 D e c .'2 5 3 %
Pref 6 % cum $500 ,00 0 ($100)
Series
433,400 O c t'2 6 .1 H %
Pref 7 % cum Ser “ B ” (S100)__ ------7 Q -J
815,500 O c t'2 6 ,1 3 %
4
First M
$10,0 0 0 ,0 0 0 gold / 1912
6 g M -S 1,866,000 M a r 1 1 952
($1,000) ann sk fd of 1 % ] In te re s t a t M ercan tile T ru s t C o ., San F ra n .,
of bonds out beg M ar ’ 18 c * \ T ru ste e , or U . S. M tg e. & T r. C o ., N . Y .
S to c k .— 6 % pref Ser. “ A ” red. at 110. 7 % pref. Series “ B ” red. at
110 and d iv. In Sept. 1924 H unter, D ulin & C o ., Los Angeles o ffe r e d
$250 ,00 0 7 % pref. at par and dividends. V . 119, p . 1285.
B o n d s .— Bonds are redeemable, all or any, on any int. date at 105 and int.
$134 ,00 0 (not incl. in am t. outstanding) are held in s. f. V . 9 4 , p. 1249.

Iendar years:
1925.
$1,057,925
O per.exp.,m aint.& taxes
676,476
In te re s t________________
101,334
Preferred d iv id e n d s___
52,715

1924.
$886,504
593.173
95,223
31,537

1923.
$792,496
500,768
85,784
27,778

1922.
$668,245
472,854
85.226
25,888

B al. for re tire , re s.,
com . d iv s., am o rtiz .
a n d su rp lu s_______
$227,400
$166,571
$178,166
$84,276
O F F IC E R S .— P re s ., J . J . O ’B rien; V .-P ., J . F . P o llard , R . J . G raf,
H . L . Jac k m a n an d Allen L. C hickering; Sec., E . N . H offm ann; T re a s.,
P . S. G eorge.— V. 113, p . 1364, 2618; V. 115, p . 441, 2162: V. 116, p . 2770;
V. 121, p . 1907, 2161; V . 122, p . 2189; V . 123, p . 1761, 2237.

SAN DIEGO CONSOL. GAS & ELEC. CO. (CALIF.).
Controlled by Standard Gas & Electric Co.
Management.— B yllesby E n gineering & M an ag em en t C orp.

O R G A N IZ A T IO N .'—In c o rp . in C alifornia A pril 6 1905.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. o p erates, w ith o u t co m p etitio n , th e electric pow er an d lig h t a n d gas
business in th e c ity of San D iego, C a l., an d v ic in ity . P o p u latio n served
over 195,000. C o .’s electric g en eratin g statio n s h av e a to ta l cap a c ity of
4 1 ,5 4 0 h .p . G a s p la n ts o f 15,650,000 cu. ft. daily cap acity . Y. 1 2 2 ,p .3211.
ST O C K A N D B O N D S —
Date. Interest. Outstanding. Maturity.
C om m on $10,000,000 ($ 1 0 0 ).______
________ $3,032,500 _ _
7% cum p re f $ 1 0 ,0 0 0 ,0 0 0 ($ 1 0 0 )___
7 Q -J
6,292,500 _____1st & re f m ortgage t f —
H a rris T r u s t & Sav. B k ., C hicago, a n d B ank
o f C al. N a t. A ssn., San F ra n ., tru ste e s.
Series “ A ” ($1,000-500 c*)__
1921 6
gM -S 2.750.000 M a r. 1 1939
Series “ B ” ($1,000-500 c * )-1921 5
g M -S 4,000,000 M ar. 1 1947
Series “ C ” ($1,000-500 c * )-1921 6
g M -S 1.438.000 M a r. 1 1947
1st (closed) m ortgage ( $ l,- f
1909 5
g M -S 5,680,000- M ar. 1 1939
000 c* )------------------------- t f / I n t . a t H a rris T r & Sav. B k ., C hicago, a nd
Los Angeles T r. C o ., tru stees.
Bonds.— T h e 1st & ref. mtge. bonds a re secured b y a d irect m ortgage on
all th e p ro p e rty , rig h ts a n d franchises o f th e co., su b jec t only to th e lien
o f $5,680,000 1st (closed) m tg e. b o n d s. A re a d d itio n ally secured b y a d irect
1st m tg e. on a 10.933 h .p electric gen eratin g statio n acq u ired in 1921 by
a su b sid iary . Addi ional bonds m ay be issued for refu n d in g purposes or
for 75% o f new ad d itio n s, &c., p ro v id ed n e t earnings for preceding 12
m o n th s hav e been a t least 1 % tim es a n n u al in te re st charge on all bonds
o u tsta n d in g , incl. u nderlying bond and proposed issue. T h ere is a special
trust fund o f an n u ally 2% of to ta l p a r valu e of b onds o u tsta n d in g (incl.
u n d erly in g bonds) to be used for p e rm a n e n t extensions, &c., o r for red em p ­
tio n o f 1st & ref. m tge. bonds.
Series “A " 6s. due March 1 1939, a re call, a t 105 and in t. p rio r to M arch 1
1926: a t 104 and in t. p rio r to M arch 1 1929; a t 103 and in t. prio r to M arch 1
1932; a t 102 and in t. p rio r to M arch 1 1935; a t 101 a n d in t. p rio r to S ept. 1

Series “ B” 5s, due March 1 1947, a re red . on 30 d a y s’ notice a t th e fol­

low ing p rices and in terest: On nr before M arch 1 1927 a t 105: u n til M arch 1
1932 a t 104: u n iil M arch 1 1937 a t 103; un+il M arch 1 1912 a t 102; until
S ep t. 1 1946 a t 101. In J u n e 1926 H a rris, Forbes & C o ., B ly th , W itte r &
C o ..a n d H . M . B yllesby & C o .. In c ., offered $2,500,000 addi.iona] series
B a t 9 8 l and in t., to yield over 5 .1 0 % . V. 122, p . 3211. E x e m p t from
A
personal p ro p e rty taxes in C alifornia. A pplication w as m ade to certify these




251

POWER, LIGHT AND RAILWAY

O ct., 1926.]

ad d itio n a l bonds as legal in v e stm en t fo r savings b a n k s in C alifornia in th e
sam e m an n er as previous issues o f these bonds.
a ,T h e 1st (closed) mtge. 5s, due March 1 1939, a re call, a t 105 a n d in t.
E A R N IN G S .— F o r c a le n d a r years:
Gross.
Net Earns.
Interest. Pref.Divs.
x Balance
1 9 2 5 -. $5,381,701
$2,260,767
$633,537
$440,475
$1,186,755
1924-_
4,710,808
1,925,847
565,365
422,336
938,146
1923._
3,802,599
1,503,238
445,826
334,740
722,672
1 9 2 2 -.
3,771,526
1,254,313
338,367
227,226
688,720
1 9 2 1 -. 3,814,918
1,109,481
N o t av ailab le
1 9 2 0 .. 2,661,045
883,427
N o t available
x B efore d e p re ciatio n , a m o rtiz a tio n , d ividends a n d s u rp lu s .
Latest Earnings.— F o r 12 m o u th s e nded J u ly 31:
1926.
1925.
$5,398,627
Gross e arn in g s__________________________________ $5,433,043
O per. exp., m a in t. & tax es, excl. d e p re c ’n _______ 3,014,808
3,198,693
N e t earn in g s__________________________________$2,418,235 $2,199,934
O F F IC E R S .— C h airm a n of B o ard , Jo h n J . O ’B rien; P re s ., R o b e rt J .
G raf; V .-P s., G eo. H . H a rrie s, F . C . G o rdon, F . W . S tearn s, A llen L .
C hickering, L . M . K la u b er, E . J . M c K a y , H . H . Jon es, W . F . R ab e r;
T rea s. & Sec., M . B . Fow ler; M g r., W . F . R a b e r.— V. 122, p . 1764, 2801,
3211.

COAST COUNTIES GAS & ELECTRIC CO.
O R G A N I Z A T I O N .— Organized in California on M a r. 20 1912 and has
acquired the Coast Counties Light & Pow . C o ., Big Creek Light & Pow . C o.
and San Benito Light & Power C o ., Gilroy Gas W orks and Contra Costa
Gas C o ., also the entire capital stock of the Union Trac. C o . (Santa C ruz).
Franchises in municipalities perpetual; county fr a n c h i s e s on highways until
1946 to 1959.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Has one hydro-electric and two steam plants; combined capacity, 3 ,0 0 0 h. p .;
140 miles transmission lines and 600 miles distribution lines. Gas plants
in Santa Cruz, W atsonville, Hollister, Gilroy and Pittsburg.
On March 25 1926 co. increased its authorized capital stock from $ 4 ,0 0 0 ,000 (20,000 shs. 1st pref., 10,000 shs. 2nd pref. and 10.000 common shs.) to
$7,000,000, the increase being 30,0 0 0 shs. of 1st pref. stock, par $100.
Also was authorized to issue 5 ,000 shs. 1st pref. stock. V . 122, p . 1168.
1608.
STOCK A N D BO N D S—
D a te .
I n t e r e s t . O u ts ta n d in g .
fu tu r ity .

C om m on $1,000,000_________ _____
1 s tpf $5,000,000 6 % c u m ($ 1 0 0 )____
2nd p re f $1,000,000 6% c u m . ____

_______

C o n tra C o sta G a s___________ _____

_______

Q -M

Q uar.

$1,000,000 ---------------2,387,600 See text
1,000,000
----------

Coast Counties L & P 1st M / 1906
5 g F -A
7 5 1 ,0J0 Aug 1 1946
$1 ,0 0 0 ,0 0 0 g ($ 1 ,0 0 0 )-C * tf\ ln t. at M ercantile T r . Co , San Fran. Trus.
Big Crk Lt&Pow ls tM $ 3 3 9 .0 0 0 t f . . .
4%
25 4 .0 0 0 M a y 1 1947
San Ben Lt& Pow ls tM $ 1 5 0 ,0 0 0 t f
6%
13 1 .0 0 0 Sept 1 1950

225,500

----------------

S to c k .— Th e 1st pref. stock is red. all or part at par and divs. V . 116, p.
2261.
Bonds.— $ 7,328 cash held in sink, fund of Coast Counties Light S Power.
c
Callable 107
and int. on any int. date.
Annual cumul. s i n k i n g f u n d
of 1 % o f bonds out. began June 30 1911. $ 219 ,00 0 held in sink. fund. V .
95, p. 681.
Sinking fund on Big Creek L t. Sc Pr. bonds, $3 ,6 0 0 per ann., began M a r. 30
1908; $ 8 5,000 bonds and $15,234 cash in sinking fund.
Sinking fund on San Benito Light S Power bond* o f 1 % of bonds out
c
began June 30 1915. $ 19,000 bonds and $ 3 ,2 8 0 cash in fund.
Dividends.— 6 % per annum is being paid on first pref. stock. On the
original (N o v. 2nd) pref. stock 2 % was paid in 1922: 3 % in 1922 and 1923.
After 4 % payments, the rate was increased in Feb. 1926 to 6 % per annum.

E A R N IN G S .— F o r c alen d a r y e ars (not including U nion T ra c . C o .):

Gross.

Net (aft.Tax.). Int..&c.

Devroc n. Bal Surv.

$167,932
$89,725
$143,369 x$234,838
1925 _______ $1,389,896
1924 ________ 1,217,405
371,135
90,154
126.160
154,820
378,462
93,175
104.379
180,909
1923 ............. 1,034,188
1 9 2 2 _______
841,804
285,272
84.174
63,289
137.809
265.237
83.956
56.703
124.578
1 9 2 1 _______
748,270
x B efore d educting in 1925 $97,236 for first p re f. div s. a nd $40,000 for
second pref. divs.
Latest Earnings.— F o r 12 m o n th s ended A ug. 31 1926: G ross, $1,574,655;
n e t, a fte r taxes, $530,168; in te re s t, & c., $92,087: b alan ce before deprecia­
tio n , $438,081.
O F F IC E R S .— P re s ., S. W aldo C olem an; 1st V .-P ., J . D . G ra n t; 2d V .-P .,
W m . T . J e te r; Sec. & T re a s ., W alker W. K a m m .— V. 121, p . 2037; V . 122.
p . 1068, 2327, 2948; V. 123, p . 1112.
(1) U N IO N T R A C T I O N C O .
Controlled by the C oast Counties Gas & Electric C e.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Operates 13 miles auto bus line in Santa Cruz and vicinity.
A t a meeting of the bondholders of the Union Traction C o. in A u g. 1915
a bondholders’ protective com m ittee was appointed to Investigate the con­
dition of that corporation. V . 101, p. 616, 846
A majority of the bond­
holders have signed an agreement, without surrender of any foreclosure
rights, to the effect that property is to be managed as heretofore and cou­
pons to be paid as earned. One coupon was paid Sept. 30 1919 and another
Sept. 1 1920. N one since.
In 1925 the co. was authorized to abandon all rail service and substitute
bus service.
B ON DS—
D a te .
I n t e r e s t . O u ts ta n d in g .
ia tu r ity .
Union Trac Co 1st M $ 7 5 0 ,-/ 1905
5%
6 07,000 Feb 1 1935
000 gold ( $ l,0 0 0 ).c & r n tf\ In t. at Union T r . C o ., San F ran., Trustee.
Bonds.— The bonds have a sink, f u n d from 1910 to 1915 of H % of bonds
ou t.; from 1915 to 1920 1 % of bonds ou t., and from 1920 to m aturity 2 %
of bonds out; said fund to be used to redeem the bonds. Are subject to
call at 110 and int. $100 ,00 0 bonds are reserved for betterments and
extensions. $43,000 have been retired.

E A R N IN G S .— F o r calen d ar years:
1925.
1924.
1923.
G ross___________________ def$50.829
$68,700
$73,555
N e t (after ta x e s)_______
17,824
5.866
6,185
I n t e r e s t _______________
31.831
30,786
D e p re c ia tio n __________
22,890
28,062
B a la n c e ______________ def$72.545 def$52.982
Latest Earnings.-—F o r 12 m o n th s ended A ug. 31 1926: G ross,
n e t, a fte r taxes, d e f., $9,301; in te re s t, $32,683; depreciation,
b a l., d e f., $60,776.— V. 119, p . 1066, 1397.

1922,
$84,432
16,140

$43,186;
$18,792:

CALIFORNIA RAILWAY & POWER CO.
All th e com m on a n d preferred stock issued is ow ned b y th e U nited R ys
In v e s tm e n t C o. which is controlled b y S tan d ard Pow er & L ight C o., which
la tte r co. in tu rn is jo in tly controlled by S ta n d a rd G as & E lectric C o. and
L adenburg, T h alm an n & Co.
Offer by Standard Gas & Electric Co.— On A pril 6 1926 S ta n d a rd G as &
E lec. Co. offered p rio r preference stockholders of Col. R y Pow . C o. the
following exchange of securities to be m ade on or before M ay 31 1926;
for each 7% prior pref. stock C at. R y. & Pow . C o. either 2 shares 8% cum .
pref. stock nr 2 shares of com m on stock, both of S ta n d . G as & E l. Co.
See V. 122, p . 2036 , 2038 , 3080.
O R G A N IZ A T IO N .— in co rp . in D elaw are on D ec. 18 1912. Owns
th e e ntire o u tsta n d in g s t o c k s (except d ire c to r's qualifying s h ire s) of th e
San F rancisco Elec. R ys. T h e com pany, tog eth er w ith th e U n ited R ail­
w ays In v estm en t C o., owns $6,000,000 com ., $3,825,000 pref. a n d $2,350,000 2d pref stocks of the M a rk e t S treet R y. F orm erly heid en tire cap ital
stock of the Sierra & San F rancisco Power C o ., b u t in J u ly 1924 sold Its
holdings in th a t com pany to H M . Byllesby & C o
V. 119, p. 692. C o m ­

pare V. 119 p. 454

Offer to Holders of Prior Preference Stock.— See V . 119. p . 72, 454.
STO CK —
Authorized. Outstanding. Last Div.
C om m on s to c k ................................. .........$40,000,000 $40,000 000
..............
P ref stock. 7% onm ., ree. a t $ 115. 6.874.400
6 874 400 J u n e ’14.2%
P rio r preference 7% c u m u la tiv e ____ 5,000.000
1.300.000 See >ext
Stock — Prior pref. stock Is redeem able a t $115 a share except th e first
$3,000,000, which will be re tire d , w hen earnings a re sufficient th e re fo r.

252

PUBLIC UTILITIES

th ro u g h a c u m u la tiv e sin k in g fund $100,000 yearly on J a n u a ry 1 1914 to
1917 and $260,000 an n u ally theieaft. r. $100,000 was redeem ed in cash
J a n . 2 1914 (V. 97, p . 1820, 1662) a n d $100,000 J a n . 2 1915 (V 100, p. 53)
N one redeem ed since. A dditional prio r pref. stock m ay be issued only for
ad d itio n s, b e tte rm e n ts, acquisition.'- &c. “ m ortgage or o th e r incum brance
Vo
m ay be c re ated th a t does n o t p rovioe for th e can cellatio n of all prior pref
Stock th e n o u tsta n d in g . V. 96, p. 61.
E A R N IN G S .— F o r c alen d a r years:

[V ol. 123.

m outh an d L ankershim . T o ta l m iles o p e ra te d , single tra c k , 1,160.64, o f
which 705 10 miles m ain tra c k , 310.05 miles second a n d o th e r m ain tra c k
and 145.49 m iles of sidings a n d tu rn o u ts. S ta n d a rd gauge. Owns and
operates a to ta l of 1,463 cars an d locom otives a n d 125 buses a n d o perates
under lease 2,514 cars of all kinds. Pow er p u rc h a ed from S o u th ern C ali­
fornia I'.dison Cos
T he Los Angeles M otor B us C o. was organized by th e Pacific E lectric
Ry. a nd th e Los A ngeles R y . in Feb. 1923. V. 116, p . 936. See also
V 119, p. 694.
Total
Net
Precious
T 'n l f o r P r . P r e f .
Total
Report about Unification of All Street Railway Lines in Los Angeles.— See
Inc.
Income.
Surplus.
D ie s .
D iv s .
Surplus.
1925___ $69,720
$51,319
$9,689
su r$ 6 1 .008 under “ Los A ngeles R ailw ay C o rp ,” p ara g ra p h u n d e r title “ R eorganization
l*roposed."
______
sur .9.689
1924___ 33,092
18.040
def. 8,351
STO CK AN D B O ND S—
Date. Interest. Outstanding. Maturity.
1923____ 2.486 d e f.9,000
s u r .15,648
______
s u r.6,649
_______ $34,000,000 __________
______
s u r .15,648 Stock $100,000,000 ($100)_________
1 9 2 2 --2,853 d ef .9,709
s u r.25.358
$100,000,000?
M -S
e p 1 1961
Dividends.— F irst div. on prio r pref. sto ck — 1 H % — p aid April 1 1913- First re f m tget________ c * - tf l i n1911t U .5S. M tg e. &32.080.000 . SY. t ru ste e
gold see te x
t, a
T r C o ., N
T
sam e r a te q u a rte rly to a n d incl. Ju ly 1916 In O ct. 1916 p a id only 1%
Pac El Ry 1st m tg e $10,0 0 0 .-/
1902 5 g J -J
8.204.000 J a n 1 1 9 4 2
N o n e since. V. 105, p. 1416. In S ept. 1913 a d iv id en d of 3H% was
000 gold ($1,000)___ c .n t f (I n t. a t W ells Fargo & U n. T r. C o., S. F r ., tr.
paid on th e preferred sto ck . In Ju n e 1914 2% w as paid.
Los Ang & P as El R y M $ 1 ,-/
1898 5 g J -J
628,000 J a n 1 1928
O F F IC E R S .— P res., M ason B. Starring: V .-P .. R o b ert J . G raf; V .-P ,
000,000 g guar ($1,000) c * /ln t. a t 111 T r. & Sav. B k ., C h ic ., T ru ste e .
P . M . R o sen th al; T re a s ., M . A . M orrison: Sec. & A sst. T re a s ., P M .
C an be called a t 105__ n t f | or a t C hase N a t. B an k . N ew Y ork.
H oskins; A sst. Sec., C . H . M a n n .— V. 120, p . 1324; V . 122, p . 1760, 2036, O nt & San A nt H eights 1st M (
1910 6 F-A
173.000 Feb 1 1 935
2038, 3080.
$1,000,000 ($1,000) s f - n t f l l n t a t Southern T r . C o .. Los A ng., T ru ste e .
PasC & O M t. L 1st M $500,0001 1900
4 g J D
480 000 J u n e 1 1930
( 1 )
M
A R K E T
S T R E E T
R A I L W
A Y
gold ($ 1
.n tf
t, a
ells F argo & U n. T r. C o., S .F r., tr.
$6,000,006 co m .. $3,825,000 pref. and $2,350,000 2d p ref. sto ck of th e Cal Pacific,0 0 0 )-._____c * gold li n1901 t W 5 g J -J
Ry 1st m tg e
f
478,000 Ju ly 1 1941
co. is owned by th e C alif R y . & Pow. C o. a n d th e U nited R ys. In v e s t. Co
($1,000) g u a r_______ c . n t f l i n t , a t C o .'s office in N . Y . & C h a s e N a t. B k.
O R G A N IZ A T IO N .— O rganized in C alif, on O ct. 14 1893 as a consolida­ Los A ngeles-Pacific RR first j 1898
5 J-D
10,000 J u n e 10 1928
tio n o f 11 co rp o ratio n s o p e ra tin g stre e t railro ad s in th e c ity and c o u n ty of m ort gold $1.000,000c* _ n tf Sint. a tC itiz . T r. & S. B k ., Los A ng., T ru ste e
San F ran cisco . On M ar. 18 1902 all th e assets were sold a nd conveyed to
Los A ng-Pac RR 1st con m tg e [
1901 5 A-O
1,462,000 A pr 1 1931
th e U n ited R R s. o f San Francisco, which o perated said s tre e t railroads
$1,500,000 g ($1,000) - - n t f J In t. a t C rocker N a t. B an k , San F rancisco.
to g eth er w ith o th e r s tre e t ra ilro ad s purchased by it up to April 1921. when
Los Ang H er B & Red 1st M 1902 5 g M -N
74.000 M ay 1 1942
th ro u g h reo rg an izatio n a n d foreclosure proceedings th e M a rk e t S t. R y. re
$500,000 gold ($1,000) . n t f (T itle Ins. & T r. C o ., Los A ng., T ru ste e .
acquired all th e assets and p ro p erties of th e U nited R R s. and now operates Los Ang Pac R R of C alif ^ irst 1903 5 g M -S
2,071,000 Sept 1 1943
sam e. R eo rg an izatio n was carried o u t in accordance w ith term s of plan
a nd ref m tge $5,000.0001 In t. a t Los A ngeles T r. & Sav. B k ., T r ., or a t
outlined in “ E lectric R ailw ay " S upplem ent of April 30 1921. where history
gold ($1,000) s f ___ c * _ n tf j U. S. M tge. & T r u s t C o ., N . Y ., C o-T rus.
of U n ited R R s. u p co tim e of reorganization will also be fo u n d . See also Los Angeles Pacific Co g e n / 1906 5 g J - J
900.000 J a n 2 1946
V. 112, p . 2093. T h e co. ow ns th e following stocks:
consol m tg e $12,500,0 0 0 /In t. a t W ells F argo & U n. T r . C o., S. F r., tr.,
Name
Pat Vat Auth
Issued. Owned by Co
gold ($1,000) sinking fund | or a t F a rm e rs ’ & M erch . N a t. B an k . Los.
B utter S t. R y C o _________ ______ $100 $2,000,000 $2,000,000 $1.999.501
c * . n t f 1 Angeles, or C hase N a t. B an k , N ew Y ork.
South San F ra n . R R . S Pow . C o .. 100
t
100.000
13.500
13.00C Los A ng-Pac C o 1st re f m tg e / 1910 4 g J -J 8.298,000
J a n 1 1950
G ough S t. R R . C o ................ ............. 100
60.000
60.000
59.700
$20,000,000 g ($1,000) c * .tf (W ells F argo & U nion T r. C o ., San F ra n .,tru s
San F ra n . & San M a te o E lec. R _ 100 1,000.000 1,000.000
y
999.500 Los Ang & R edondo 1st m tg e / 1902
5 g J -J
391 000 J a n 15 1932
S u tr o R R C o _____________ ______
10
10.000
23.108
23.075
$500,000 g ($1,0 0 0 )-C * .n tf l i n t , a t W ells F argo & U nion T r. C o., San F r.,
M etro p o litan R y. C o ___________
100 1.000,000 1,000.000
999 400
I tru s ., and R R . co's office in N . Y . C ity.
Leases th e G ough S treet R R . C o .'s sy stem , which Includes th e lluet
San B ern ard Vail T ra c 1st M / 1901 5 A-O
44.000 O ct 11931
form erly owned by th e San F rancisco Elec. Rys. (conveyed to th e form ei
gold $250,000______c * - n tf ( T itle Ins. & T r. C o ., Los A ng., T ru ste e .
th ro u g h reorganization proceedings). T h e balance o f th e p ro p e rty o f Sat
San B ernardino Valley T r 1 st/ 1903
5 g M -S
505.000 S ept 11933
Francisco Elec. R ys. (consisting o f pow er house and rolling s to c k ' Is now
& re f m tge $1,000.000 gold/ In t. a t Los A ng. T r . & S. B k. of C a l., T ru ste e
sink fu n d ($1,0 0 0 )c* & r.n tf 1
owned b y M ark e t S treet R y. C o. San Francisco E l. R y s. w as to be dis­
R edlands S t R y 1st M go ld / 1901
5 M -S
27,000 S ep t 1 1931
incorporated in th e course of 1926.
$150,000 ____________ n tf / T i t l e In s. & T r. C o ., Los A ng., T ru ste e .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
( In t. a t F irst N a t. B an k . R edlands, C al.
O perates s tre e t railw ays in th e city and county of San F rancisco and in
5 J -J
33.000 Ju ly 1 193T
San M ate o C o u n ty , C alif. T o tal mileage, 274 miles, of which 17.59 R edlands C en tra l R y 1st M / 1907
gold $500,000 ($1.000) . n t f (I n t. a t Los A ng. T r . & S. B. of C a l., Trust**.
miles leased. T h e tra c k s in San Francisco are p a rtly electric and partly
cable; th e line in San M ateo C o u n ty is an in teru rb an road extending from
B O N D S .— Pacific Elec. Ry. 1st ref. mtge. a re to p rovide fu n d s to ret*
San F rancisco to th e city of San M ateo
Rails. 38 to 141-lb. T and girder underlying bonds; also for acquisitions a nd for c o rp o ra te p urposes. B onds to
bear in te re st a t such r a te or ra te s as m ay be fixed a t tim e of issue b y dire«H as 768 passenger cars. In Sept. 1925 in au g u rated a bus service.
Franchises.— In a re p o rt by H askins & Sells, a cc o u n ta n ts, it was sta te d to rs. no t exceeding, how ever, 5% per an n u m . T h e bonds a re issued in
“th a t ou t of th e to ta l original mileage of 228.95 miles, th e franchises for series. Series “ A " being th e only series issued. D enom . Series " A " $1,000
11.5431 miles only expire prior to 1929; all o th ers b etw een th a t y e ar and — o th er series, $1,000, $500 and $100. Sinking fund $10,000 per year.
Series “ A" is s u b jec t to call from S ept. 1 1916 a t 110 and in t. O th e r series
1952."
Municipal Ownership Voted.— On N ov. 2 1920 th e people of San FraD
su b jec t to call since S ept. 1 1916 a t price to be fixed by board of d ire c to rs
d sco v o ted in fav o r of a proposition to am end th e c ity c h a rte r in such form
Pacific Elec. Ry. l.vf Mtge.— A sufficient a m o u n t is reserved to re tire
as to enable it to acq u ire tra c tio n p ro p erties, to be p aid for o u t of earnings. prior issues. Sinking fund is $5,000. per a n n u m , com m encing J a n . 1
For d e ta ils see V. I l l p. 1950.
1907. for 5 years; th e n $10,000 per annum to J a n 1 1917: $15,000 per
In A pril 1922 neg o tiatio n s for purch ase b y th e c ity w ere u n d e r w ay. annum to J a n . 1 1922; $20,000 per annum to J a n . 1 1927; $25,000 per
For fu rth e r p a rtic u la rs as to c ity p urchase plans, see V. 113, p. 2819; V. annum to J a n . 1 1932; $30,000 per annum to J a n . 1 1937 an d $35,000 a n n u ­
114, p . 522, 1179, 1533; V. 115, p. 759, 2159. In M arch 1923 th e com pany ally th e re a fte r, said sinking fund to be used in pu rch ase of th e b o n d s.b u t
set a te n ta tiv e v a lu a tio n o f $48.000,000on its p ro p e rty . V. 1 1 6 .p. 1533. See fund m ay be invested in o th e r securities if bonds c a n n o t be o b ta in e d a t p a r,
also Y. 120, p . 2401; V. 121, p. 979. In Sept. '25 a p etitio n for a referendum
Los Angeles & Pasadena 1st Mtge.— Bonds bear th e g u a ra n ty of th e Los
____proposal to h av e th e c ity acq u ire th e p roperties <of th e com pany for
on a p r
$36,500,000 was rep o rted to h a v e had m ore th a n 27,000 sig n atu res, in d icat­ Angeles R y. by end. Sink fund of $10,500 per year o u t of n e t e arn s, from
Dec. 1 1908 to a n d incl. 1926: callable a t 105 on any in t. d a te .
ing th a t th e proposal w ere to be voted upon a t th e n ext election. V. 121.
Pasadena A Mt. Lowe bonds a re guar. p. & i. by b o th Los A ngeles R y .
p. 1462. Supervisors of th e M a rk e t S treet R y. p u rch ase com m ittee, how­
ever, unanim ously condem ned the proposed sale. V. 121, p . 1788. On and Los Angeles & P asad en a Elec. R y. A sinking fund for those bonds be­
gan 10 years from d a te of bonds of $5,000 p e r a n n . for first 5 years, $7,500
N ov. 3 1925 voters rejected th e p ro ject. V. 121, p . 2273.
per a n n . for second 5 years, $10,000 p er a n n . for n ext 5 years a n d $12,500
V a l u a tio n . — See V 118 p 202
per annum for rem aining 5 years. R ed. a t 104 and in te re st.
On M ar. 13 1924 th e stockholders a u th . an extension o f th e b ond debt
California Pacific Ry. 1st Mtge. is for no s ta te d a u th o riz e d a m o u n t, b u t
lim it to $40,000,000
V 118. p 1392
Wage Increases.—-Increases to talin g $220,000 p e r y ear w ere g ra n te d , to is lim ited to $20/000 per m ile of com pleted tra c k . N o sinking funds a nd
bonds c an n o t be called. G u ar. p.& i. by Los Ang. T ra c . C o.; see V. 75, p . 76.
be effective F e b . 21 and M arch 1 1926. F o r details see V. 122, p . 1170.
o .. Los
T ste
Interest. Outstanding. Maturity T itle In su ran ce & T r u s t C1st Mtge.Angeles,on runy e . t. d a te a t 105 a nd in t.
ST O C K A N D B O N D S—
D a te
Los Angeles-Pacific RR.
— R ed.
a
in
_______ $10,647,400 .......... ........... Sinking fund began J u n e 10 1908 until Ju n e 10 1926, $10,500 p e r year o u t
Com sto ck $10,700,000 ( $ 1 0 0 ) - -----P rio r preference 6% cum
of net incom e only. I n t. also pay ab le a t Illinois T r . & Sav. B an k , C h ic.,
$11,750,000 ($100)_____________
6%
11,618.500 J a n '24, 1H
cind 0 hnsG
B link ^ y
6%
4,986,850
---------------P ref 6% cum $5,000,000 ( $ 1 0 0 ) -----Los Angeles-Pacific RR. 1st Cons. ftge.— N o t callable. Sinking fund
_______
4,673,700 ..................... began April 1 1911 and retires $10,500 a nnually (out of net earn s, only) to
2d p f 6% n-c $4,700,000 ( $ 1 0 0 ) -----_________________________________
7 g Q -J
12,329,000 A pr 1 1 940 and incl. April 1 1929. C itizens’ T ru s t & Sav. B an k , Los A ngeles, tru ste e .
1st M s k f d $15,000,000 ($500 1924
& $ l,0 0 0 c* $ l,0 0 0 r) g t f \W ells-Fargo B k. & U n . T r . C o., San F ., T r.
Los Angeles Hermosa Beach A Red. Ry. 1st Mtge.— In t. p ayable a t C rocker
Stock.— All class&s listed on N . Y . Stock E xch. a n d on San Francisco N a t. B ank. San F ra n . Sink, fund began M ay 1 1913 a n d re tires $10,500
Stock a n d Bond E xch. B o th th e prior preference a n d th e preferred stock per ann. (out of n e t incom e onlv) to and incl. M ay 1 1942. N o t callable.
Is cum . 2d p re f., how ever, is non-cum . All classes of sto ck have equal
Los Angeles.Pacific RR 1st A Ref. 4lge.— Sufficient bonds are reserved to
v o tin g pow er. T h e re is no provision for red em p tio n or conversion of sto ck . retire prior liens. A Sinking fund began In 1908. to w hich $50,000 per ann.
Bonds.— $2,000,000 unissued 1st m tge. 7% bonds a u th . m ay be issued for is p ayable first 5 vears, $60,000 per ann. n ext 5 years, $70,000 per ann.
75% o f th e cash cost o f a d d ’ns, e x ts., im p ts. and b e tte rm e n ts to the m o rt­ next 5 vears, $80,000 yearlv following 5 years, $90,000 p e r ann. next 5 years.
gaged p ro p e rty u n d er c erta in restrictio n s. $37,000 of th e a m o u n t show n in $100,000 yearly following 5 years and $150,000 per a n n . th e re a fte r. N o t
ab o v e ta b le as o u tsta n d in g , a re held in tre a su ry . A re call, all or in p a rt by s u b jec t to call. , .
, .
, , .
lot on a n y in t. d a te on 30 d a y s ’ notice a t 10714 & in t., on or before A pr. 1
Los Angeles Pacific Co. Consol, bonds have a sink. fu n d . 1911 to 1915,
1926, an d th e re a fte r a t prices decreasing 14 % each y ear to m a tu rity . $10,000 per a n n .; 1916 to 1920. $15,000 per a n n .: 1921 to 1925, $40,000
A q u a r. sink, fund Is provided for to purchase bonds in th e m a rk e t a t or an n .: 1926 to 1930. $75,000 per a n n .: 1931 to 1944. $80,000 a n n ., a n d 1945
below th e th e n c u rre n t red em p tio n price or. if no t so o b ta in a b le, to call to 1946. $90,000 per a n n . Of th e $12,500,000 a u th ., $5,000,000 a re r e ­
bonds a t th a t p rice. In t. p ayable in San Francisco, C alif., and a t the served for prior liens. B onds are no t callable.
office o f L ad en b u rg , T h alm an n & C o ., N . Y ., fiscal agents. C om pany
Los Angeles Pacific Co. 1st Ref. Mtge.— Subject to call as a whole or in
agrees to pay all C alifornia taxes a n d to refund th e Pen na. 4-m ills tax
p a rt on a nd a fte r J a n . 1 1915 on a ny in t. d a te a t 105 a nd in t. on 3 m o n th s’
V. 118, p . 202. L isted on New York Stock E xchange, V. 118, p . 2042.
notice. In te re s t pay ab le a t com pany’s office or agency in N ew Y ork.
Dividends.— A n I n it ia l d i v id e n d o f $1 5 0 per *h a re w a s p a id o n t h e 6*55 Sinking fund of $5,000 p er an n u m began in 1910. G u a r., p . & i., b y S outhern
prior preferred stock A p r. 1 1922. R egular q u ar. d iv s. o f 114 % p aid to Pacific 0 o
a n dincl. J a n . 1924. A p r. 1924 d iv . d eferred . V. 118, p . 1268.
Riverside A Arlington Ry. 1st Mtge.— N o t callable. Sink, fund began
E A R N IN G S .— F o r calen d ar years.
Sept. 5 1900 as follows: A fter p ay m en t of exps. a n d in t. th e e n tire n e t in­
Oper. Rev. Net.aft.Tax. Oth. Inc. Int.,Dep..Ac.
Bal., Sur come and entire n e t proceeds from sale of p ro p e rty applicable u n d e r tru s t
1925_____ $9,902,768
$2,227,960
$51,062
$1,586,886
$692,136 deed to be set aside each year to and incl. 1904: in 1905 a nd th e re a fte r until
1924_____ 9.852.360
2.199,152
36.559
863.518
1.372.193 all bonds are paid, 75% of net incom e an d proceeds from sale of p ro p e rty .
1923........... 9.809,393
2.356.045
74.554
1,235.032
1,195.567
Redlands St. Ry. ls( Mtge. 5% Bonds.— $50,000 a re reserved for the
Latest Earnings.— F o r 7 m o n th s ended Ju ly 31:
previous issue of 6% bonds. N o sinking funds a n d bonds are n o t callable.
Fixed
Balance,
\'et After
Redlands Central Ry. 1st Mtge.— Sinking fund began J u ly 1 1912 a n d retires
Charges.
Surplus. $1.000 per annum to Ju ly 1 1917. $2,000 next 5 years. $3,000 p er a n n u m folG ro s s .
Taxes.
$509,301
$545,490
1 9 2 6 ___________ ______ $5,688,839 $1,054,791
owing 5 years. $4 000 next 5 vears and $5,000 following 5 yrs. N o t callable.
564,393
669,976 ' Los Angeles A Redondo 1st Mtge.— Sinking fund retires $10,000 p er annum
1925 ...................................
5,660.553
1,234,369
x In clu d es o th e r incom e.
o u t of surplus and n e t earnings. B onds are n o t redeem able.
O F F IC E R S .— P r e s .,_____________; V .-P & G en. M g r., Sam uel Ivahn;
San Bernardino Valley Traction 1st Mtge. bonds a re su b jec t to call a t 105.
V .-P s., George B. W illc u tt, H alfo rd E rickson and W in. M . A b b o tt; Sec., In t. pavable a t F irst N a t. B an k , R edlands, a n d a t F ir s t N a t. B an k ,
George B . W illcu tt; A sst. Sec., E . M . M assey and M . A. M orrison; T re a s .,
A . M . D ah ler. O ffice, 58 S u tte r S t., San Francisco, C alif.—-V. 121.
San Bernadino Valley Trac. 1st A ref. Mtge. bonds are re d . a t 105. Sink,
p . 997, 1462, 1788, 2402; V. 122, p . 611, 1170, 1912; V. 123, p . 581.
fund retires a t 105 a nd in t. 12 bonds during 1913-15 incl.") durin g 1916 pays
off 13 bonds; d u rin g 1917 14 bonds; du rin g 1918-27 p a y s off 25 bonds yrly.
during 1928-30 37 bonds y rly.; 1931 and 1932 38 bonds each year.
PACIFIC ELECTRIC RAILWAY.
Ontario A San Ant. Heights 1st Mtge. bonds are red . a t 101 a n d in t. Sink.
All th e stock except d irecto rs' shares Is controlled by S outhern Pacific Co. fund 1914 a nd following 4 years 1% of o u tsta n d in g bonds, 2% th e re a fte r.
O R G A N IZ A T IO N . — Incorp. in C alifornia on Sept. 1 1911 as a merger
E A R N IN G S .— F o r calendar vears:
of th e following subsidiaries of th e S outhern Pacific C o. (V. 93. p. 667):
I n te r e s t ,
B a la n c e ,
O ther
Gross
N e t (a fte r
Pacific E lectric R y.
San B ernardino Valley T rac tio n C o.
Income.
R e n ts , A c .
D e fic it.
T a xes).
E a r n in g s
Los Angeles In te ru rb an Ry.
R ed lan d s C en tral R y.
1 925 ______ $19.514.325 $2,356 ->82 $ 5 3 0 3 5 6 $2 938,375 def. $42.4.38
Los Angeles & R edondo R y.
San B ernardino In te ru rb a n R y .
4.598.700 def. 592,185
3.714,351
292.163
1924............ 20.729.483
R iverside & A rlington R y.
Los Angeles Pacific C o.
4.349,129 sur. 330,915
216.292
4,463,752
D u rin g 1912 acquired th e rig h t of w ay au d all rail lines an d e q u ip m e n t 1923 ______ 21.641 .554
4,216,411 def. 575,989
98.215
3.542,207
of th e Pacific Electric Land Co. a n d p u rchased th e p ro p e rty of th e O ntario 1 922 ______ 18,307.733
104.382
4,096,439 def. 799.634
3,192,423
1 9 2 1 ______ 17,096.117
& San A ntonio H eights R R .
O F F IC E R S .— P res.. P a u l Shoup. San Francisco; V .-P. & G en. M
g r . .
S u b w a y F r a n c h is e . — See V. 116, p. 2389.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— D W P o n tiu s: V .-P ., F ra n k K a rr; Sec. & A u d ., L . A . L ovell, A sst. Sec..
O perates an in te ru rb a n electric railw ay system centering a t Los A ngeles, E L . Y oung, Los Angeles: T re a s., M . S. W ade G eneral offices, P acific
extending in to th e counties of Los Angeles, San B ern ardino, Riverside E lectric B ldg.. Los A ngeles.— V. 113, p . 850. 1364, 1675. 1888. 2080; V,
and O range, and serves th e cities of Pasadena. San B ernardino. R iver­ 114 p . 79, 855: V . 115, p . 988, 1100. 1321, 1533, 1838. 2581: V. 116, p .
side, C o lto n , R edlands, P o m ona, O n tario . S an ta A na, Long B each, Co­ 9.36 2389 2884; V . 117. p . 554, 1018. 1664: V . 119, p . 198, 694, 943, 1173;
ro n a, V enice, O cean P a rk , S a n ta M onica, R edondo, San F ern a n d o , Owens- V . 120, p . 705, 3315; V. 122, p . 2330, 3341.




353

POWER, LIGHT AND RAILWAY

O ct ., 1926.]

LOS ANGELES RAILWAY CORPORATION.

KEY SYSTEM TRANSIT CO.

T h e en tire $20,000,000 sto ck , except d irecto rs' qualifying shares, owned
by M r. H . E . H u n tin g to n , a n d . along w ith certain am o u n ts of d ifferen t
bond issues of th is com pany a n d th e P acific E lectric R y . (w hich see), is
pledged a s security for th e H u n tin g to n L an d & Im p ro v em en t c ollateral
tru s t issue— see V. 98, p . 527.
O R G A N IZ A T IO N .— In co rp o rated in Calif, on N ov. 7 1910 as successor
to Los Angeles R ailw ay Co. Owns e n tire $5,000,000 stock of th e C ity R y.
of Los Angeles, in co rp o rated in D ec. 1910 to build new lines for th e cor­
p o ra tio n . V. 91, p . 1766.
T h e Los Angeles M o to r B us C o. w as organized in F e b ru a ry 1923 b y th e
Los A ngeles R y. an d th e Pacific E lec tric R y . V 116, p 935.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
H as acquired all th e c ity narrow -gauge lines owned b y Pacific Electric
R ailw ay and Los Angeles In te ru rb a n R ailw ay, and those portions of
Los Angeles & R edondo R y. and C alifornia-P acific R y. C o. lying north
of an east-and-w est line ru n n in g th ro u g h H aw th o rn e an d A thens, thus
com prising all th e s tre e t railw ay business o f Los Angeles. V. 91, p. 1386.
C om prises 402 92 m iles of tra c k ; 60. 72. 87 an d 116-lb. rails. Owns and
co n tro ls 1,251 passenger cars, of which 998 a re of P-A- Y -E ty p e , 183 centre.
70 B irney Safety a n d 117 work cars. &c.: to ta l 1.368 cars. H as favorable
ow er c o n tra c t w ith th e S outhern C alifornia Edison C o.; th e c u rre n t being
is trib u te d through th e c o rp o ratio n 's own transm ission system . Has
16 su b -statio n s. M ore th a n 85 miles of tra c k is on p riv a te right-of-w ay
All m ain line an d p ractically all dow n-tow n line franchises extend b e ­
yond 1940.
Valuation.— V. 110, p . 167.
Reorganization Proposed— Consolidation. Ac .— See V. 119, p . 579. On
N o v . 3 a jo in t B oard of Engineers filed w ith th e C alifornia R R . C om m ission
an d th e Los Angeles B oard of Public U tilities and T ra n sp o rta tio n a re p o rt
recom m ending u n ificatio n eith e r by city ow nership or as a second choice,
th e ta k in g over of th e Los Angeles railw ay p ro p erties b y th e Pacific E lectric
R y . C o. U nification w ould em brace th e Los Angeles R y . C orp. s tre e t ry .
lines in Los Angeles a n d th e local lines only of th e Pacific E lectric R y . Co.
F o r m ore d etails see V. 121, p . 2521.
S T O C K A N D B O N D S—
Date.
Interest. Outstanding. Maturity.
Stock $20.000,000_________________
_________ $20,000,000 __________
Los Angeles Ry Corp 1st & re f f
1910 5 g J-D
14,880,000 D ec 1 1 9 4 0
M $20,000,000 g ($1,000)]P acific S o u th w est T r u s t & Savings B ank,
sinking fu n d ___________ c* 1 tru ste e .
Los A ng Co R y M $5,000,-1
1899 5 g A-O
4,722,000 O ct 1 1938
000 gold ($1,000 e a c h )_ _ c * lin t. a t U nion T ru s t C o ., San F ra n ., C al ., T r.
Los Angeles T rac 1st cons M \
1898 5 g J-D
250.000 D ec 1 1938
gold $250,000 ($1,000)___ / S t. Louis U nion T r. C o ., S t. Louis, T ru stee.
C ity R y o f Los Angelas 1st M |
1911 5 F-A
,5000.000 F eb 1 1941
$5,000,000 ($1,000) gold c * f ln t.a t P a c .S .W .T r.& S .B k .,L o s.A ., tru ste e .
Bonds.— In t. on 1st & ref. M . bonds is p ay ab le a t office of tru ste e
B ankers T ru s t C o ., N ew Y ork, a n d by a rra n g e m e n t a t A nglo & L o n d o n P aris N a t. B an k , San F ra n . Bonds a re n o t su b j to call. B onds h a v e sinkfund o f $10,000 p er m o n th (incl. s. f. on underlying bonds) to be invested in
first an d ref. bonds a t 105 an d in t., o r in app ro v ed securities; first & ref.
bonds p u rch ased for s. f. to be k e p t alive. $2 431.000 bonds a re held in
sink, fu n d as o f Ju n e 30 1926. V. 92, p . 262; V. 94, p. 1383; V. 95, p . 1273.
On 30 d a y s ’ n o tice in t. m a y be m ad e p a y ab le a t th e N a tio n a l C ity B an k ,
N ew Y ork.
I n t. on th e Los Angeles T rac . issue p a id a t C hase N a t. B an k . N . Y .
$487,000 Los Angeles R y. C o. m tg e. bon d s in sinking fu n d as of J u n e 30
1926 a n d $278,000 canceled.
C ity R y . Co of Los A ngeles 1st m tg e. bonds have a sinking fund of 2%
per a n n u m o f principal am o u n ts o f bonds o u tsta n d in g , w hich began J a n . 1
1916. $1,237,000 bonds in sinking fu n d J u n e 30 1926.
E A R N IN G S .— F o r calen d ar years:

O R G A N IZ A T IO N .— In c o rp . in C alif, on J u n e 2 1923 a n d acquired th e
properties of th e San Francisco-O akland T erm inal R y. as per p lan of re ­
organization outlined in “ E lectric R ailw ay” Supplem ent of A pr. 26 1924.
For h isto ry of San Francisco-O akland T erm inal R y. see “ E lectric R ailw ay"
Supplem ent of A pr. 26 1924. Owns all th e sto ck , except qualifying direc­
to rs ’ shares, of th e K ey System S ecurities C o.
Key System Securities Co.— Incorp. in C alifornia Ju n e 21 1923 as successor
of th e O akland R ys. C ap ital sto ck a u th ., $2,600,000; o u tsta n d in g , $2,600,000. All ow ned b y K ey System T ra n s it C o.
Wage Increases aw ard ed in D ec. 1925, see V . 121, p . 2874.
Fare Increases.— F o r te m p o ra ry fare increases g ra n te d in J a n . 1926 for
certain of c o .’s lines, see V. 122, p . 213.
Bond Issue.— C o. applied in J a n . 1926 to C alifornia R R . C om m ission for
perm ission to issue $2,509,000 514% 1st m tge. bonds. Y. 122, p. 611.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns a nd operates a n electric s tre e t railw ay a nd in te ru rb an system in O ak­
land, B erkeley, A lam eda, R ichm ond a nd o th er cities on th e eastern shore of
San F rancisco B ay, extending from R ichm ond to H ay w ard , a nd a n in te r­
urban ferry system betw een these cities a nd th e c ity of San Francisco. C al.
T o tal tra c k , 265.32 m iles. E q u ip m en t, 509 passenger cars, 25 m otor
coaches. 97 w ork a nd m is c ., 3 electric locom otives and 5 ferry b o a ts. P o p u ­
lation served, over 450.000. Passeoge-s carried in 1925, 95.106,344
revenue passengers a nd a to ta l of 116,674,582 rev en u e an d free tran sfer
passengers. C o. also operates buses.
Franchises covering over 90% of th e track ag e o p erated e xtend beyond
the life of bonds a nd no franchise m atu res prior to 1933
ST O C K A N D B O N D S— Date.
Interest Outstanding. Maturity.
_______
C om m on ____________________ _____
$3,262,500 __________
Preferred 7 % cum ulative
3.732.100 ............ .........
7%
Prior p re f 7 % cum ulative
5.909.200 __________
7%
1st m tge $10,000,000 ser “ A " / 1923
,
6 J -J
2.494.000 Ju ly 1 1938
($500 & $1,000) sk fd . c * tf 1O akland B ank, O akland. C alif., tru ste e .
1925
6 g J -J
500 000 J u ly 1 1938
1925
2,500,000 J u ly 1 1938
5)4 S
G en & re f m tge $20,000,000— f
Series “ A ” _______________ I 1923
_ _
6 g J-J
1.355.600 J u ly 1 1938
Series 1 --------------------------- { 1923
1923
7.585.200 Ju ly 1 1938
5 g J -J
I n t. a t M erc. Tr,
of C a lif., San F ., tru s t.
1923
2.500.000 Ju ly 1 1933
6%
tr u s t n o tes---------------------- ( I n t g u ar, by K ey System T ra n s it C o.
E q u ip tr gold ctfs $1,700,000/ 1926
5 ‘^ A - O
1,700,000
1927-32
$1,000 c * )______________t f | In t. a t M ercantile T ru s t C o. of C alif, tru ste e .
Bonds.— F irst m tg e. bonds a re fu rth e r secured by pledge of sto ck s of K ey
System Sec. Co. Are re d ., all or p a rt, on a ny in t. d a te on 60 d a y s' notice, a t
par a nd in t., plus a prem ium of M of 1 % for each year or portion thereof
of unexpired te rm . M ortgage provides for sinking fund. In t. payable
a t O akland B ank. O akland. C alif., tru ste e , a nd N atio n al C ity B ank,
New Y ork. $2,500,000 offered in M arch 1924 by a syn d icate of bankers
headed by E . H . R ollins & Sons a t 99>3 & in t. V. 118. p 1135. $500,000
1st m tg e. Series B were issued in N ov. 1925 to p ay off th e o u tsta n d in g
balance of th e E a s t O akland R y. 1st m tge. bonds ($299,000). a nd th e O ak
land & H ayw ard R y. C o. 1st m tge. bonds ($236.000). V 121, p . 2402. In
F eb. 1926 E . H . R ollins & Sons. N a tio n a l C ity C o. of C alif.. &c., & c., of­
fered $2,500,000 Series C 5)4% gold bonds, dated Oct. 1 1925. due July 1 1938,
a t 9 7 \4 a nd in t., to yield 5.78% . V. 122, p. 883, 1026. Series C is re d . all
or p a r t on 60 d a y s’ notice a t 102 and in t. on or before J a n . 1 1931, th e re a fte r
a t 100 and in t.. plu s M % for each y e ar or portion of unexpired te rm . E x­
e m p t from Calif, personal p ro p e rty ta x . In te re s t p a y ab le in O akland, C al­
ifornia, a nd N ew Y ork.
G en. & ref. m tge. bonds a re re d ., all or in p a r t, on a n y in t. d a te on 60
d a y s’ notice a t p a r and in t. plus a prem ium of 2 % . In April 1924 B ly th ,
W itte r & Co. offered $1,118,000 gen. & ref. m tge. Ser. 1 5s a t 78 & in t.,
to yield 7.75% . V. 118. p. 1772.
T he K ey System Securities Co. coll, tru s t notes are g u ar, as to p a y m e n t of
in te re st only by th e K ey System T ra n sit Co. a nd a re secured by dep o sit of
$1,628,000 prior p ref.. $1,628,000 pref and $250,009 com. stocks of th a t
com pany (not included in am o u n ts o u tsta n d in g ), an d $952,000 com . stock
included in th e a m o u n t o u tsta n d in g .
T h e 514% equipment trust gold certificates, dated April 1 1926 a re issued
u n d e r th e “ P hiladelphia P la n .” R ed. as a whole or in p a r t, in reverse
o rder of m a tu rity , on 60 d a y s ’ n otice on an y dividend d a te a t 102 an d divs
C alif, personal p ro p e rty ta x u p to 5 mills re fu n d a b le . T h ey m a tu re in
th e following a m ounts: $175,000 on each A pril 1 1927, 1928 a n d 1929;
$150,000 on each A pril 1 1930 an d 1931, a nd $125,000 on each A pril 1 1932
to 1938, incl. In M ay 1926 M ercan tile Securities C o. of Calif. &c., &c.,
offered $1,700,000 a t prices ranging from 97.01 an d divs. to 100.48 an d d iv s .,
to yield from 5% to 5 .8 5 % . V . 122, p. 2651.
E A R N IN G S .— F or calendar yea.rs (prior to 1923) a re for predecessor cos.)

S

Gross.

21926----------------- $6,140,258
x l9 2 5 --------------- 12,354,534
*1924--------------- 12,845,948
*1923--------------- 12,698.978
192 2 ----------------- 11.249,737
1 9 2 1 . .......... .1 0 ,2 4 1 ,0 1 1

*Expenses.

Net.

Int.,Tax.&S.F

$4,243,107 $1,897,151 $1,305,105
8,500.486 3,854,048 2,700.775
8,227,814 4,618,134 2,607,113
7.763,228 4.935 750 2,547,079
6,646,205 4,603,532 2,478,532
7,316,897 2,924,114 2.023,021

O F F IC E R S .—-Pres., H . E . H u n tin g to n ; V .-P . a n d G en. M g r., G . J .
K u h rts ; Sec. & T re a s., C . A . H en d erso n .— V. 121, p . 2521, 3131; Y. 122,
p. 3 4 5 3 .

SAN FRANCISCO-SACRAMENTO RAILROAD CO.
O R G A N IZ A T IO N .— In co rp . in C alif, la te in 1919 as successor to th “
O ak lan d A ntioch & E a ste rn R R ., sold a t foreclosure on J a n . 26 1920 a s
per p la n o f reorganization outlin ed in th e “ E lectric R ailw ay ” S upplem ent
of N o v . 15 1919, in which issue th e h isto ry o f th e predecessor co. will also
be fo u n d . F o r changes in reorganization p lan see V . 110, p . 78. C ontrols
th ro u g h sto ck ow nership O akland & A ntioch R y . (34.12 miles betw een th e
po in ts nam ed ). H as a traffic agreem ent w ith th e A tchison T opeka &
S a n ta F e R y. u n d er w hich th e la tte r reach es Sacram ento and p oints beyond.
In J a n . 1926 m ade a c o n tra c t w ith th e W estern Pacific R R . an d Sacram ento
N o rth e rn R y . (electric) ow ned b y W estern P acific R R ., for construction
by S acram ento N o rth e rn R y ., o f a 13-mile bran ch line from Lisbon thro u g h
th e H olland d istric t, th is b ran ch to be leased to San Francisco-Sacram ento
on th e basis o f 6% of c o st. V . 122, p . 884.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
87.18 miles m ain line in o p e ra tio n . 2d tra c k , sidings, &c., 11.31 miles;
to ta l, 98 49 miles. Owns 6 su b -statio n s, w arehouses, shops, storehouses,
office buildings, freig h t statio n s, tic k e t statio n s. &c. E q u ip m ent consists
of 38 passenger coaches, o f w hich 20 a re m o to r eq u ipped, 6 steel locom o­
tiv es, 66 freig h t cars, 3 cabooses an d 14 co n stru ctio n an d w ork cars. Pow er
is fu rn ish ed b y th e G re a t W estern Pow er C o. un d er c o n tra c t.
Franchises.— P rac tic a lly th e en tire m ileage of th e ro ad is located on p riv a te
rig h t of w ay. W e u n d e rstan d th a t w here franchises are req u ired, th e y con­
ta in no burdensom e restrictio n s, an d ex ten d from 1946 to 1964, th e sh o rte st
covering only a b o u t 5 miles, expiring in 1941.
ST O C K A N D BON DS—

D a te .

I n te r e s t .

Outstanding. Maturity.

C om m on $6,550,000 ($100)_ _____
_
________ . $6,242,955
P ref $1,500,000 cum ($ 1 0 0 )...............
7%
1,242,711
See te x t
1st m tg e serial $3,000,000) 1920
6 g J-J 1
_______
____ x t
788.000
See te
($1,000) gold--------------c * tf (U nion T ru s t C o ., San F rancisco, T ru ste e .
Stock.— P referred sto ck is callable a t a n y tim e a t 110.
Bonds.—A re secured b y a 1st m tge. on th e en tire p ro p e rty . Escrow bonds
($1,960,000) can only be issued for 75% o f th e c ap ital a n d reasonable cash
ex penditures for p erm an en t exts. a n d a d d ’ns to th e p ro p e rty , u nder certain
conditions. I f a n y o f th e escrow bonds a re issued, th e bonds so issued shall
m a tu re n o t la te r th a n J a n . 1 1940, and n o t earlier th a n th e la st m a tu rity
of th e p re sen t issue o u tsta n d in g . T h e $788,000 now o u tsta n d in g m a tu re
$42,000 an n u ally to J a n . 1 1940. C all, all o r in p a rt by lot (last m aturities
first) a t io 2 and in t. on a n y in t. d a te . In t. p ay ab le in Chicago or San
F rancisco. T ax exem pt in C alifornia. V. 110. p . 466. In F eb. 1926 co.
offered holders of th e o u tsta n d in g $788,000 6% bon d s to exchange these
a g ain st new 6 )4% bonds a n d $20 in cash for each $1,000 6% b ond. T h e
au th o riz e d a m o u n t of bonds to b e red u ced from $3,000,000 to $2,000,000.
$988,000 new 6 K % bonds to be issued. $200,000 o f w hich w ere to be ta k e n
by W estern Pacific R R . T h e offer was m ad e for th e pu rp o se of safeguard­
ing a tra c k a g e agreem ent w ith th e W estern Pacific R R . (see above) from
a n y d an g er of cancellation th ro u g h foreclosure of San F rancisco-Sacram ento
bo nds. V . 122, p . 884.
Dividends.— An initial d iv . of $3.50 was p aid on tn e pref. stock on Ju ly 15
1920. V . 110, p . 2658. In O ct. 1920 $1 75 was p a id . Sam e a m o u n t was
p aid reg u larly q u a rte rly to a n d including Ju ly 1923. N o n e p a id since.
V. 117, p. 1557.
E A R N IN G S .— F o r calendar years:

Gross
Earnings.

Net (after Other
Leasr
Taxes). Income. Rentals.

Int. & Balance,
Miscell. Surplus.

1925_______ $975,388
$54,045
$3,149
--------- $57,010
$183
1 9 2 4_______
990,549
93,118
5.627
--------55,987
42,758
1 9 2 3 _______ 1,032 952
83.722
8.193
36.21.5
- ..........
55.700
1922_______ 1,103.877
151.302
9.327
______
49.077
111,552
1921_______ 1,169,684
148.268
17,251
--------56,338
109,183
1920.............. 1,309.621
253.945
25.715
--------81,525
198,135
O F F IC E R S .— P res.. W alter A rnstein; V .-P . & G en. M g r., H . A . M itch*
ell: Sec., H . J . S u th erlan d ; T re a s., S. P . W estin g to n . Office, 306 H o b a rt
B ld g ., San F rancisco, C alif.— Y . 120, p . 2149; Y. 122, p. 884.




Gross
Earnings.

Net (after
Taxes).

Other
Income

Interest,
&c. (Net).

Balance,
Sur. or Def.

1925 ..........-.-$ 7 ,2 8 9 ,8 7 1
$967,450 $211.560
$824,896
$354,114
1924------------ 7.448.885
1,310.203 134.060
822,736
621.527
1923 ------------ 7,357.432
1,410.920
20.264
1,014.306 s u r.416.878
1922------------ 7.052.215
1.437.188
23.322
1.054.617 su r .405,893
1921 ------------ 6.994.473
xl,7 5 3 .6 0 4
21.743 x l,726.049
sur.49,297
1 9 2 0 ............... 6.704.001
935.731 125.969
1,128.264
def.66,563
x D epreciation included In in te re st, & c.. in 1921, while in o th e r y e a n
it is included in operatin g expenses.
O F F IC E R S .— P res., C . O. G . M iller; V .-P .s ., W . W . G a rth w a ite and
W . R . A lberger; Sec. & T re a s ., F . W . F rost: A sst, to P r e s ., C . C . V argas;
G en. M g r., G eo. H . H arris; A ud., F ra n k S m ith.— V . 121, p . 2402, 2874;
V. 122, p . 213, 611, 883, 1026, 2495. 2651.

PETALUMA & SANTA ROSA RAILROAD.
O R G A N IZ A T IO N .— In co rp o rated in C alifornia on A ug. 23 1918 as suc­
cessor to th e P etalum a & S a n ta Rosa Ry. in accordance w ith reorganization
p lan outlined in “ E lectric R ailw ay” S upplem ent of S ept. 29 1918.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perates from P e ta lu m a thro u g h S ebastopol to S a n ta R osa, w ith branched
S ebastopol to F orestville and L ib erty to Tw o R ocks. M iles ro a d , 38.01;
sidings, & c., 9.89; to ta l, 47.90. C onnects a t P e ta lu m a w ith steam ers for
San F rancisco. Owns stea m e rs “ G old” a n d “ P e ta lu m a .” S ta n d a rd
gauge. 70-Ib. T rails.
S T O C K A N D B O N D S—
Date.
Interest. Outstanding. Maturity.
Com stock $1,000,000 ($100)-- - ....................... .........
$770,700
See tex t
P ref cum $250,000 ($ 1 0 0 )-.............. ..
6%
127,800
See te x t
1st m tge 25-yr $750,000 ($100) 1918
5 )4 g M -S
602,800 S ept 1 1943
& $1,000) gold------------ c & r/F irs t F ederal T ru s t C o., San F rancisco, T r.
Stock.— T h e com m on stock is deposited w ith th e F irst F ederal T r u s t C o.
for 7 years under proxy agreem ent: pref. stockholders h av e th e rig h t to
elect a m ajo rity of directors in case of no n -p ay m en t of the! rdividends.
Preferred stock is redeem able a t p a r.
Bonds.—C allable a t 105 for sinking fu n d . $18,000 re tire d a n d $89,600
reacquired a nd held alive. T h e m tge. provides th a t earnings ordinarily
applicable to com. divs. shall be apportioned as follows
(1) I f earnings ju stify a n d conditions p e rm it, a div. of 2 H % shall be paid
on com sto ck . (2) A ny a m o u n t rem aining a fte r such p a y m e n t shall be
d is trib u te d 50% to com m on stockholders, 25% to a tr u s t fu n d to retire
1st M . bonds, a nd 25% to re tire preferred sharas. R em aining unissued
bonds are reserved for c o n stru c tio n . In t. payable in N ew Y ork & San F ran .
Dividends.— On pref. stock are being paid reg u larly . 1% w as p a id on
th e com . stock in 1919. In 1920, 1% ; in 1921, 1% ; in 1922, M a y , 1% ;
N o v ., 1% ; in 1923, 3<4%. In 1924. 4 % . In 1925, 4 % .
E A R N IN G S .—-For calen d ar years:
Gross.
Net.
Other Inc. Chgs.A Taxes. Bal. , Sur.
1925 _______ $535,572
$134,785
$7,472
$59,953
$82,304
1924 _______ $565,554
$155,421
$22,755
$64,500
$113,670
1923 ............ 601,502
160.617
10 496
72.898
98,215
1922 - - - - - - - ddU, « UG
X
XJUXJ .............. 559.705
lilb.'tlBI
139.406 I Tt , I 14,192
XJ
UU.OlKI
|Z
J
66.866 OU , I86.732
279,962 railw ay passengers carried in 1925, a g ain st 368,852 in 1924,
and 455.961 in 1923. 230.316 to n s of freig h t in 1925, 249,176 to n s in
1924 an d 262,519 in 1923.
O F F IC E R S .— P res. & G en. M g r., E . H . M aggard; V .-P ., T hos. M aclay;
T re a s ., Geo. P . M cN ear; Sec., R . W . W ise; A u d ., H . W . von E m ste r.—
V. 107, p . 697, 906, 1193, 1580, 1670.

254

PUBLIC UTILITIES
FRESNO TRACTION CO.

In 1910 S o u th ern P acific assum ed c o n tro l an d ow ns all th e stock excep*.
d lre c to rs’ sh ares.
O R G A N IZ A T IO N .— In c o rp . in C al. S ep t. 22 1903. Leases th e F resno
C ity R y . P u rch ases pow er from San Jo aq u in L ig h t & Pow er C o. In Feb.
1922 th e co m p an y was g ra n te d a 50-year franchise by th e F resno C ity C oun­
cil. T h e o rd in an ce gives th e c ity th e rig h t to p u rch ase th e ro a d a t ten-year
in te rv a ls, p a y m e n t to b e based on value o f th e p ro p e rty a t tim e th e optioB
is exercised. V. 114, p . 78, 2115; V. 115. p . 73.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— A
tro lley ro a d . M ileage o p erated (incl. 7.35 m iles leased from F resno C ity
R y .). 49.80 miles. Also owns 8.69 m iles of sin g le-track o p erated by
S o u th ern P acific C o. S ta n d a rd gauge, 75-lb. T ra il. 30 electric m otor
passenger, 3 w ork cars.
ST O C K A N D B O N D S—
Date.
Interest. Outstanding. Maturity.
Stock $5,000,000 ($100)___________
_______
$5,000,000 __________
F ir s t_ m ortgage $5 000,0001 1904
5 J-J
642,010 Ju ly 1 1944
($1,000) g o ld------------ c . n t f / I n t . a t U nion T ru st C o .. San F r a n ., T ru ste e .
Bona .— Fresno T rac . 1st M . bon d s hav e a sinking fu n d com m encing in
1909 o f $2,500 p er an n u m for firs t 5 years a n d increasing $2,500 per a n n u m
for each 5-year period th e re a fte r to $17,500 per a n n u m fro m 1939 to 1943.
E A R N IN G S .— In clu d in g Fresno C ity R y . for calen d ar years:

Gross
Earnings.

Net (after
faxes).

Other
Income.

Interest,
Rentals, Sic.

Balance,
Deficit.

1 9 2 5 .--------- $345,872
def$4.057
$10,416
x$52,783
def.$46,424
1924________ 366.699
def6,173
9,912
xl5 0 ,5 2 8
defl4 6 ,7 8 9
1923------------ 430.441
61.553
10.013
137.159
def.65.593
192 2 ...........
428.386
88,828
10,093
126,537
def.27,617
54,937
11,224
121.986
def.55,825
1921 ----------- 403,865
x R en ts, & c., p a y ab le.
O F F IC E R S .— P re s ., W . F . H errin , San Francisco; V .-P ., P a u l Shoup;
Sec., G . L . K ing, San Francisco; G en . M g r., F . W . W eb ster, Fresno;
T re a s ., M . S . W ad e , Los A ngeles; A ss t. Sec. & A u d ., L . A . L o v ell, F resn o .—
V. 107, p . 1192; V . 114, p . 78. 2115; V . 115, p. 73; V . 116. p . 2388.

Oth. Inc. Deductions. Bal.Surp

1925_________$1,608,502
$96,789
$79,034
$453,225 def$277,402
1924.............
1.482.832
162.298
58,058
314,003
93,647
1923.................. 1,374,908
130,080
37,143
247,486 d e f .80,262
1922________ 1,379.490
211,162
31,861
211,706
31,317
O F F IC E R S .— P re s ., W . H . H en n am ; Sec., F ra n k J . B elcher J r .; T rea s.,
L ane D . W ebber; G en . C ounsel, R ead G . D ilw orth; A u d ., H . D . H u ff.—
V. 119, p . 326; V. 120, p . 2402; V . 122, p . 2913.

CALIFORNIA STREET CABLE.
O R G A N IZ A T IO N .— C h arte re d F e b . 8 1877. A n n u al m eeting th e th ird
W ednesday in J a n u a ry . Franchise expires in F eb . 1929.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
O p erates 11 m iles of tra c k on 5 H m iles o f stre et.
S T O C K A N D B O N D S— D a te .
Interest. Outstanding. Maturity.
Stock (p a r $100)____________ _____
M o n th ly $1,000,000
See text
F irst m o rtg ag e $384,000 ($ l,- f 1915
6 g J-J
46,000
Serially
000) red 1st 5 y rs a t 105.{ I n t. a t office of co m p an y . U nion T r u s t Co
th e re a fte r a t 103_________ 1 of San F rancisco, T ru ste e .
Bonds.— $384,000 bonds w ere issued to re tire $900,000 b onds d ue J a n . 1
1915 (of w hich $516,000 were in tre a su ry , leaving $384,000 to be refunded)
The new b o n d s are d u e in 12 a n n u al in sta llm e n ts beginning J a n . 1 1916 and
ending J a n . 1 1927 $338 000 h av e been re tired . N o . of bonds which
m a tu re d in 1921 30, th e rem ain d er m a tu re successively th e re a fte r, 32. 33.
37. 39 a n d in 1927, 46
V. 99. p . 1831, 1672, 1596.
Dividends.— W ere 50 cen ts m o n th ly , b u t in Aug. 1902 w ere increased to
75 cen ts m o n th ly , a n d in N o v . 1904 to 90 cen ts m o n th ly . On a cc o u n t of
e arth q u a k e a n d fire, no d iv id en d s w ere p aid from A pril 1906 to S ept. 1908,
w hen dividends w ere resu m ed a t 50 cen ts p er sh are u p to M a y 1909, w hen
60c. p e r sh are w as paid ; sam e r a te m o n th ly since.
E A R N IN G S .— F o r c alen d a r years:

Gross. Net, after Taxes. Oth.Inc.

Deductions.

Surplus.

$10,322
$108,491
$94,711
$24,102
1925 ...............$556,198
1924 ..............
556,024
76,516
29,169
10.433
95,252
10,169
1923 ................ 559,341
116,919
21,269
128.019
1922 ________ 546.312
119,962
19.626
13.791
125.797
1 9 2 1 _______ 547.054
97.759
18.713
13.380
103,092
O F F IC E R S .— P res., J a s . W . H arris; V .-P ., A . H . P ay son; 2d V .-P .,
S. W aldo C olem an; Sec., G eo. A . H are; T rea s., W ells F argo B an k and
U nion T r u s t C o. o f San Francisco; A u d ., C h as. P . Stone; S u p t., J . T .
M cG hee. O ffice, 1061 H y d e S t., San F rancisco, C alif.— V. 99, p . 1831,
1616.

SACRAMENTO NORTHERN RAILWAY.
T h e W estern Pacific R R . C o rp . (see “ R ailw ay and In d u s tria l” Section)
in 1921 acq u ired a b o u t 99% of b o th sto ck an d bonds of th e old S acram ento
N o rth e rn R R . (see ‘‘P ublic U tilities C om pendium ” of O ct. 31 1925), V.
121, p . 460, an d now owns all of th e sto ck of Sacram ento N o rth e rn Railway
a n d 99.46% of th e o u tsta n d in g 1st m tg e. bon d s o f th e S acram ento N o rth ­
e rn R R ., assum ed b y S acram en to N o rth e rn R y . V. 112, p . 1400; V . 121,
p . 460.
O R G A N IZ A T IO N .— In co rp . in C alifornia a n d on N o v . 5 1925 pu rch ased
th e p ro p erties of Sacram ento N o rth e rn R R . for $730,000 a n d assum ed all
o f its bonded an d o th e r indebtedness.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T o ta l tra c k o p erated 218.92 m iles. C onnects C hico, O roville, M arysville,
S acram en to , Y uba C ity , C olusa, M erid ia n a n d W o odland. Also connects
Suisun a n d V acaville in Solano C o u n ty .




Capitalization.— C om m on $1,000,000 (par $100)_________ ___$1,000,000
Sacr. N o r. R R . 1st M . 5% 20-yr. bonds [assum ed b y Sacr. N o r.
R y.] all on equal footing except as to in te re s t p a y m e n ts.
D a te d J u ly 1 1917. D enom . $1,000, $500 a n d $100; in te re s t
p a y ab le sem i-an n u ally . T o ta l $5,224,373, viz.:
C lass “ A ” bonds, call, a t 102, a fixed charge fro m J u ly 1 1917..$ 1 ,9 0 8 ,8 1 2
C lass “ B ” bonds, call, a t p a r, a fixed charge from J u ly 1 1 9 1 9 -904.270
♦Class “ C ” bonds, call, a t p a r, a fixed charge from Ju ly 1 1922. 1,205,646
♦Class “ D ” bonds, call, a t p a r, a fixed charge fro m Ju ly 1 1927. 1,205,646
* P rio r to d a te s n am ed , “ C ” a n d “ D "b o n d s w ill re ceiv e in te re s t only to
e x te n t of n e t earnings.
A sufficient n u m b e r of C lass “ A ” bonds was sold to p ro v id e for purposes
necessary to th e reo rg an izatio n p la n .
Voting Trust.—-All of th e c ap ita l sto ck of S acram ento N o rth e rn R R . is
deposited w ith th e U nion T r u s t C o. of San F rancisco u n d e r a vo tin g tru s t
ag reem ent, such tr u s t to c o ntinue u n til all th e bonds of th e new corpora­
tion shall be pay in g th e full fixed in te re s t of 5% per y e ar, b u t n o t longer
th a n J u ly 1 1927. See V . 104, p . 1489.
E A R N IN G S .— F o r calendar years (of Sac. N o r. R R .):
Gross
Revenue.

Interest,
Sic.

Balance,
Sur. or Def.

Sacr. North. Ry.

Total.

Net, after Other
Tax & Depr. Income.

$14,852
$31,537
$257,238 def.$210,849
145.488
37,124
262,173
d ef. 79,561
d ef. 50,030
149,125
25,743
224,899
calendar y ear 1925:
Jan. 1-Nov. 4 ’25. Nov. 5-Dec. 31 ’25.
1925

1924 ____$1,403,281
1923 ____ 1,592,247
1922 ------ 1,608,301
Latest Earnings.— F o r

Sacr. North. RR.

O perating rev e n u e _______ $1,235,301
$267,354
$1,502,655
1,178,974
O perating expenses_____
973,294
205,680
81,926
T a x e s __________________
68,181
13,745
N e t operating incom e_
_
193,826
47,929
241,755
47,647
O ther incom e__________
41,636
6,011
T o ta l incom e__________
235,462
53,940
289,402
B ond in te re s t__________
167,447
34,023
201,470
O ther incom e charges_
_
44,171
870
45,041
N e t incom e_____________
23,844
19,047
42,891
O F F IC E R S .— P res. G eorge F . D etrick; V .-P . & T re a s ., C harles E lsey;
Sec. & A u d ., J . R . P a rk e . H ead office, M ills B ld g ., San F ran cisco .— V.
114, p . 2360; V . 116, p . 2994: V. 117, p. 209: V . 118, p . 552; V . 121, p. 460.

PENINSULAR RAILWAY.

SAN DIEGO ELECTRIC RAILWAY.
O R G A N IZ A T IO N , &c.— V egan o p eratio n in 1892 a n d in M a rc h 1898
purchased C itizen s’ T rac tio n C o. a t foreclosure sale. In 1905 sold its elec­
tric pow er business to th e U nited L ig h t, Fuel & Pow er C o. V. 81, p . 559.
On D ec. 30 1920 C om m , sold th e pow er house and p la n t to th e San Diego
C ons. G as & Elec. C o. C o m p are V. 112, p . 63. In 1908 p u rc h a se d the
electric line o f th e C oronado R R . In 1909 acquired th e S outh P a rk &
E a s t Side R y . In Sept. 1922 th e C alif. R R . C om m , ap p ro v ed th e purchase
by th e co. o f th e p roperties o f th e P o in t Lom a R R .; th e co. to issue in
p ay m en t $100,000 cap ital stock a t p a r an d in a d d itio n to p a y $30,000 in
cash. T h e P o in t Lom a R R . was form erly operated by th e co. u nder lease.
V. 115, p . 870, 2478. On F eb . 4 1924 th e C alif. R R . C om m a p p ro v e d the
purchase b y th e co. o f th e p ro p erties of th e B ay Shore R R . C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
An electric railw ay tra n s p o rta tio n sy stem , su p p lem en ted b y m o to r coach
service. Ow ns a n d o p erates electric sy stem in San D iego a n d v ic inity
aggregating 95.394 m iles o f tra c k , including 33.254 miles of second tra c k
and 1.778 m iles o f sidings. O perates a d d itio n al m ileage in C hula V ista a nd
C oronado over 10.995 m iles o f tra c k leased from th e San D iego & A rizona
R y. C o. S ta n d a rd gauge, 75-lb. a n d 93-lb. T rail a n d 114-lb. girder rail.
Owns 147 passenger, 28 c o n stru ctio n an d work cars an d 33 freig h t cars,
also 10 p assen g er m o to r coaches.
Bus Operations.— See V. 116, p . 2390; V. 119, p . 326.
ST O C K A N D B O N D S—
Date.
Interest. Outstanding. Maturity
$4,298,000 __________
Stock $5.000.000___________ _________________
G u ar eq tr ctfs ser " A ” ($5001 1923
6 A-O
641,000
See te x t
an d $1,000)____________ c * /F ir s t T r u s t & Savs. B k ., San D iego, T ru ste e .
Bonds.— T h e 6% equip, tr u s t c ertificates. Series “ A ,” a re g u a ra n te ed u n ­
cond itio n ally p rin . an d divs. jo in tly an d severally by en d o rsem ent of th e
San Diego E lectric R y . a n d J . D . a n d A. B . Spreckels Securities C o ., th e
la tte r o f w hich is th e ow ner o f th e en tire c ap ital stock a n d fu n d e d obligations
o f th e form er co. These ctfs. m a tu re in an n u al in stallm en ts O ct. 1 1925
to O ct. 1 1934. in cl.. are ex em p t fro m personal p ro p e rty ta x In C alifornia.
D ivs. p ay ab le a t office of tru ste e or a t Anglo & L o n d o n -P aris N a t. B an k ,
San F rancisco. C alif. V. 117. p . 2771.
E A R N IN G S .— F o r calen d ar years:

Gross. Net.aft.Taxes.

[V ol. 123.

E n tire sto ck , ex cep t d ire c to rs’ shares, is ow ned b y S o u th e rn Pacific C o.
O R G A N IZ A T IO N .— In c o rp o ra te d in C alifornia Ju n e 30 1909 as a con­
solidation of various electric railw ays in w hich th e S o u th ern P acific is in te r­
ested, nam ely, th e P en in su lar R R ., S a n ta C la ra In te r-U rb a n R R . (V. 83,
p. 380; V. 87, p . 545), a n d th e San Jose-L os G atos In te ru r b a n R y . (V . 76,
p . 1409; V . 89, p . 104.)
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perates 59.56 miles of firs t m ain tra c k , 9.34 miles second tra c k a n d 6.85
miles of sidings, tu rn o u ts , &c.; to ta l, 75.75 m iles.
Also owns 16.68 miles
first m ain tra c k , leased to Southern Pacific C o ., an d 1.26 miles m ain tra c k
o perated by San Jose R ailro ad s. Serves San Jose, S a ra to g a , Los G a to s,
C am pbell, C u p ertin o , M o n ta V ista, M ayfield a n d P alo A lto, all in S a n ta
C lara C o u n ty . S ta n d a rd gauge. 60 a n d 70-lb., m o stly T ra il. 36 electric
m o to r cars (incl. 2 express an d 5 w ork), 2 tra il c ars, 9 fre ig h t tra in cars
a n d 5 electric lo com otives.
STO CK AN D BO N D S—
Date.
Interest. Outstanding. Maturity.
S to c k $12,000,000 ($ 1 0 0 )-.............................. ............... $12,000,000 .....................

Gross
Net (after
Earnings.
Taxes).

Other
Interest,
Income. Rents,Ac.

Balance.
Deficit.

1925................. .. -.-$ 2 5 3 ,8 9 2 def$68,117 $41,912
x$5,302
def$31,507
1924__________ . . . 273,165
def81,706
41,609 x429,849
def469,947
1923__________
311,712
d e f377,737
d efl6 ,8 9 6
40,294
401,135
1922__________ .. 328,205
def360,258
def20,233
38,615
378.641
1921__________ . . . 344,302
d e f18,120
35,968
380,384
362,536
1920__________ . . . 354,417
16,878
334.643
323.717
34.04S
x R en ts, &c., p a y ab le.
O F F IC E R S .— P re s ., P a u l S houp, San F rancisco; V .-P . & G en . M g r.,
F . E . C h ap in , San Jose; Sec., G . L . K ing, San F rancisco; T re a s ., M . S.
W ade, Los Angeles; A sst. Sec. & A u d ., L . A . L ovell, Los A ngeles; A sst.
Sec., D . E . E w ing, San F rancisco.— V . 114, p . 2241; V . 116, p . 516;
V . 118, p . 1912.

SAN FRANCISCO NAPA & CALISTOGA RAILWAY.
O R G A N IZ A T IO N .— In c o rp . N o v . 10 1911 in C alifornia as successor to
th e San F ra n . V allejo & N a p a V alley R R ., sold a t foreclosure on O ct. 30
1911. V . 93, p . 1535. Also a cq u ired th e V allejo B enicia & N a p a Valley
R R . H as a 20-year traffic agreem ent w ith M onticello SS. C o ., providing
for d aily schedule of a t least six ro u n d trip s b etw een V allejo a n d San F ra n .
P urchases pow er from G re a t W estern Pow er C o. u n d e r c o n tra c t. Franchise
ru n s to 1952 or la te r.
F IE L D OF O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C om prises 46 miles of tra c k , extending from Vallejo to N a p a , to C alistoga,
of which 30 m iles on p riv a te right-of-w ay, 12.39 m iles on s tre e ts o r high­
w ays an d 3.32 m iles sidings; s ta n d a rd gauge. Owns 37 acres o f la n d .
Including w a ter fro n t in V allejo. C om m enced operatio n of freig h t service
in to M are Isla n d N a v y Y ard S ept. 20 1920 over a b ra n c h of 3,900 feet
add itio n al m ain line a n d over M a re Islan d G ov ern m en t C ausew ay a nd
T ran sfe r Y a rd on M are Isla n d , th e la tte r hav in g a cap acity of 75 c ars.
All tra n s c o n tin e n ta l freig h t will he re afte r m ove over th is ro u te for M are
Isla n d . I n 1920 com pleted a 75-car in te rc h a n g e y a rd a t N a p a Ju n c tio n ,
7 m iles from M are Island, w here fre ig h t for th e N a v y Y a rd w ill be in te r­
changed w ith th e S. P . C o.
STOCK AN D BONDS—
Date. Interest. Outstanding. Maturity.
gtock $ 2 ,0 0 0 ,0 0 0 _____________________
________
$731 ,70 0 ____________
1st M $ 1 ,000,000 gold ($100( 1911
6 J -D
4 7 8 ,0 0 0 D ec 1 1936
$500 & $1,000) callable at) In t. at M ercantile T r . C o ., San F ran ., T r u s.,
105 & int. on any int day c* l or at office of E . H . Rollins & Sons, N . Y .
Debentures— unsecured non-1 1911
5%
599,100
D ec 1 1936
foreclosable $61 0 ,0 0 0 ______J
B o n d s . — $36,000 firs t m tg e. bonds a re held in tre a s u ry , $ 1 19,000 a re In
sinking fu n d an d rem ain d er a re reserved fo r ad d itio n s a n d extensions at

75 % of cost u n d e r c erta in re s tric tio n s . A nnual sinking fund o f 1 % of bonds
o u t began in 1914. V . 93, p. 1535.
$10,900 5% d ebentures a re held in tre a s u ry .
E A R N IN G S .— F o r calendar years:

Gross.

Net (aft.tax).

Int.,Ac.

Surplus.

$76,383
$71,819
$4,564
1925_________ ________ $250,634
70,508
75,788
1924................... ................... 297,416
d ef .5,280
106,131
80,392
25,739
1 9 2 3 . .. ............ ................... 316,410
67,361
1922_________ ................... 306,134
88,872
21,511
O F F IC E R S .— P res., Ja s. Irv in e, San F ra n .; Sec. & T re a s ., E . M . P r ce.
San F ra n .; V .-P . & G en. M g r., C . E . B row n, N a p a .— V . 119. p . 1734.

SAN JOSE RAILROADS.
S o u th e rn Pacific C o. owns en tire sto c k except d ire c to rs’ sh ares.
O R G A N IZ A T IO N .— In c o rp . in C alifornia D ec. 23 1909 as successor to
San Jose R y. C o. V. 90, p . 1297. P ro p ertie s of San Jose & S a n ta C lara
C o u n ty R R . C o. p u rc h a se d b y San Jose R R s. M a r. 15 1912.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A tro lley ro a d . Owns 29.35 m iles firs t tra c k , 14.17 m iles second tra c k , 2.05
miles sidings an d tu rn o u ts; to ta l, 45.57 miles; serving cities of San Jose and
S a n ta C la ra an d c o u n try a d ja c e n t th e re to . S ta n d a rd gauge. 28 electric
m o to r a n d 3 tr a ile r cars; 3 autom obiles fo r passenger service, 2 ser vice cars.
S T O C K A N D B O N D S — Date.
Interest. Outstanding. Maturity.
Stock $5,000,000 ($100)___________
_________ $5,000,000 -----------------1st m ortgage $1,500,000 gold) 1910
5 g J-J
1,257,000 J a n 1 1 9 5 5
($1,000) s in k in g fu n d ____t f J ln t. a t M e rca n tile T r u s t C o ., S. F ., T ru ste e .
San Jose & S a n ta C la ra Co f 1906
4H A-O
863,000 A pril 1 1946
R R 1st & re f M $1,500,000)In t. a t W ells F arg o & U n. T r . C o., San F r ,,
($1,000) gold_________ c * tf[ tru s te e .
Bonds.— T h e San Jose & S a n ta C la ra C o. R R . bonds a re su b je c t to call
a t l l O a n d i n t . Sinking fund o f 1 % of o u ts ta n d in g bonds began A pr. 1 1911.
F ir s t M . bonds a re su b je c t to follow ing sinking fu n d provisions: J a n . 1 1915
to 1939, in c l., $10,000 p e r year; 1940-44, in c l., $20,000 p e r year; 1945-49,

POWER, LIGHT AND RAILWAY

O ct., 1926.]

$30,000 p e r year; 1950-54, $40,000 p e r y ear; or th ese bon d s m ay be deliv­
ered to tru s te e in lieu th ereo f.
E A R N IN G S .— F o r calen d ar years;
G ro ss.

Net.

Other Tnc. Int.,Rent, Ac. Bal., Deficit.

def. $84,286
$107,207
1 9 2 5 _____ --$389,551
$21,091
$1,830
def. 201,895
2,031
233,260
1 9 2 4 _____
29,334
390,641
def. 174,398
1 9 2 3 _____ - - 419.749
222,133
45,526
2,209
d ef. 129,150
1 9 2 2_____ - 430,119
214,223
82,973
2,100
d ef. 151,289
206,644
1 9 2 1 .......... - - 410,772
53,706
1,649
O F F IC E R S .— P res., W m . F . H errin ; V .-P ., P au l Shoup; V .-P . & G en.
M g r., F . E . C hapm an; Sec., G . L . K ing: A sst. Sec. & A u d ., L . A. Lovell;
A sst. Sec., D . P . Ewing; T rea s., M . S. W ad e.— V . 90, n . 1297; V. 92, p.
1033; V . 104, p. 560; V. 107, p . 604.

CENTRAL CALIFORNIA TRACTION CO.
O R G A N IZ A T IO N .— O rganized in C alifornia in A ug. 1905 to c o n stru c t
an in te ru rb a n sy stem of electric ro ad s for passengers a n d freig h t in th e cen­
tra l valleys of C alifornia. R o ad o p erates over p riv a te right-of-w ay.
except in th e cities. Franchises in all th e cities of th e sy ste m ru n for 50
y ears. An ad d itio n al freig h t an d passenger franchise w as aw ard ed com­
p a n y in M ay 1909 for C ity of S acram en to . An assessm ent of $5 a share
was called for p a y m e n t F eb . 20 1908. V. 86, p . 667. In J a n . 1918 a n o th e r
assessm ent of $5 per sh are was levied on b o th classes o f sto ck , d e linquent
F eb . 25 1918, to p ro v id e ad d itio n al eq u ip m en t, im p ro v e tra c k a g e and
re sto re th e c o m p an y ’s c re d it by red u cin g floatin'? d e b t. T h e necessity for
th is actio n was ascribed to years of u n p ro fita b le o p eratio n due to jitn e y
co m p etitio n , w hich is now re g u la te d . See V. 106, p . 497.
In A ug. 1925 th e S outhern Pacific C o. ap p lied to th e I.-S . C . C om m ission
for a u th o rity to acq u ire co n tro l of th e co m pany b y exchange of stocks and
b o nds. F o r p a rtic u la rs see V. 121, p . 1099.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
An electric ro ad . O perates in th e c ity of Stockton a n d an in te ru rb a n line
from S tockton th ro u g h Lodi to S acram en to . T o tal tra c k o p e ra te d , 70.8
m iles. C om pany carries A m erican R ailw ay express m a tte r.
Lease.— T h e C al. R R . C om m , in M arch 1915 a u th o rized th e com pany to
lease its lines in S to ck to n to th e S to ck to n E lec. R R . a t a re n ta l of $12,500
a y ear for first 3 years, and $15,000 y early for next 35 y rs. V. 100, p. 1167.
Plan to Reduce Interest, Ac.-—In 1917 holders of th e 1st M . 5s signed an
ag reem en t reducing th e in t. ra te fro m 5% to 2% for th e y ears 1917, 1918
a n d 1919 a n d w aiving d e fa u lt in in t. a n d also th e sinking fu n d provision.
C o m p are V. 106, p . 497. A n o th er ag reem en t u n d e r sam e conditions
expired O ct. 1 1922. A new ag reem en t has been m ad e w hereby b ond­
holders agree to a cc e p t 2A% in ste a d o f 5% for 1923, 1924 a n d 1925.
STO CK AND B O N D S—
Date.
Interest. Outstanding. laturity.
C om m on $3,000,000 ($100)________
_________
$290,300 __________
P ref $ 1 ,000,000($100)6% c u m ______
_________
792,800 __________
F irst m o rtg ag e $1,500,000/ 1906
5 g A-O
1,471,000 A pril 1 1936
($1,000) gold sin k f u n d . . t f (I n t. a t U nion T ru st C o. of San F ra n ., T ru s t.
Stock.— $2,928,000 com . sto ck was issued, b u t in 1923 this was reduced
to $1,083,100, due to assessm ent o f $5 p e r sh a re . D elin q u en ts sold o u t and
bid in by co m pany.
Bonus.— Sinking fund on firs t m o rtg ag e bonds h as been m odified so
as to p ro v id e $15,000 p er y e ar for 8 years com m encing 1924, $30,000 for
th e n e x t tw o y ears a n d $340,000 for 1 y e a r. B onds a re re d . on a n y in t
d a y a t 105 a n d in t. on 60 d a y s ’ n otice.
E A R N IN G S .— F o r calen d ar years:

Gross.

Net, after Taxes. Int.,Ac. Bal.. Surn.

1925.................................
$608,993
$94,728
$69,873
$24,855
1924_______________________ 613.626
73,970
______
______
1923_______________________ 632.091
102,803
69,366
33.437
1922---------------585,283
108,053
68,436
39.617
O F F IC E R S .— P res., H . Fleishhacker; V .-P s., M . F le ish h a ck e r, G eo. AY.
Peltier a n d A . A nderson; Sec. & T re a s ., A . N . B aldw in; G en. M g r., F . AY.
AYebster. Office, 9 M ain S t., San F ran cisco .— V . 107, p . 401; V . 121, p.
1099.

STOCKTON ELECTRIC RAILROAD.
O R G A N IZ A T IO N ,— In c o rp . D ec. 31 1891 in C alifornia. S o u th ern P a c .
C o. owns th e en tire $500,000 s to ck ex cep t d ire c to rs’ sh ares. N o bonds
o u tstan d in g .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perates 27 92 miles of tra c k . S ta n d a rd gauge. 28 cars.
Lease.— F o r lease o f th e C e n tra l C alifo rn ia T rac tio n C o .’s lines in Stockto n , see t h a t com pany above.
E A R N IN G S .— F o r calen d ar y ears:
Gross.
Other Inc. Rents, Ac
Net.
Bal., Sur.
1925 _____$311,762
$23,107
$3,003
$7,960
$18,150
1924 ------- 311,931
26,370
4,375
8,080
22,665
1923 _____ 335,484
31.072
4,161
7,001
28,232
1922 _____ 342,368
49,143
2,324
7,050
44.417
1921 _____ 346.596
42.151
4,604
37.601
9,154
O F F IC E R S .— P res., P a u l Shoup; Sec., G . L . K ing; T rea s., M . S. W ade;
A sst. Sec., D . P . Ew ing; A sst. Sec. & A u d .. L . A . L ovell. Office, Los
Angeles, C alif.— V . 108, p . 80; V . I l l , p . 1370.

TIDEWATER SOUTHERN RAILWAY CO.
O R G A N IZ A T IO N .— In c o rp . in C alifornia on M a r. 11 1912, succeeding
the T id ew ater & S o u th ern R R . (V. 93, p . 1790) a n d R idew ater & S outhern
T ran sit R y .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Line com pleted a n d in o p eratio n Sto ck to n to H ilm a r, 52.1 miles; also
branch line M an teca Ju n ctio n to M an te c a , 6.6 m iles, a n d H a tch to T u rlock,
8.5 m iles. T o tal m ileage o p e ra te d , 65.2 m iles.
. ST O C K A N D B O N D S—
Date. Interest. Outstanding. Maturity.
----------$1,178,902 __________
Com m on $4,750,000---------------------F irst m ortgage $ 4 ,000,000/ 1912
5 g A -0 1 5
466.500 A pr 15 1942
gold $500 a n d $1 ,0 0 0 )-_ tf (Union T ru st C o., San Francisco, tru ste e .
Bonds.— F irst m tge. bonds are su b jec t to call a t 103 on 30 d a y s’ notice.
Sinking fund 2 % o f bonds o u t O c t. 15 1916 to O c t. 15 1921, and 3 % of bonds
o u t O ct. 15 1921 to O ct. 15 1941, w hich w ill retire bonds a t m a tu rity .
E A R N IN G S .— F o r calen d ar y ears—
1924.
1923.
G ross------------------------------ ----------------------- -------------- $239,341
$242,668
N e t. a fte r ta x e s___________________________________ 37,665
41,386
O F F IC E R S .— P res. & T rea s., C has. E lsey; V .-P ., B . A. Bearce; Sec.,
W . G . B ru en .— V. 106, p . 1345; V. 107, p . 1580; V. 112, p . 1400.

OREGON
CALIFORNIA-OREGON POWER CO.

Control.— S ta n d a rd G as & E lectric C o. h as a controlling in te re st in this
co m p an y . See V. 121, p. 2271, 2401: V . 122, p . 93, 746.
O R G A N IZ A T IO N .— In co rp . in C alif. O ct. 16 1920. successor to fC a lifornia-O regon Pow er Co. (per p lan in V. I l l , p. 75, 1664). In N ov. 1925
an a rra n g e m e n t was effected w ith H . M . B yllesby & C o. of Chicago for the
consolidation of th e Calif .-Oregon P ow . C o. th ro u g h exchange of stock
w ith California Power Corp., incorp. Ja n . 1926 in C alifornia w ith an a u th o r­
ized cap ital sto ck of $3,000,000, to acq u ire th e stock of C alif .-Oregon
Pow er Co. P res., Sam uel K ah n .
V. 122, p . 881, th e new co. to be con­
tro lled b y th e B yllesby in terests. T h e C zlif.-O regon Pow er C o. is con­
tin u e d , how ever, in its p resen t co rp o rate form . V . 121, p . 2271, 2401;
V. 122, p . 881.
F IE L D O F O P E R A T IO N S A N D ” C H A R A C T E R O F B U S IN E S S .—
Owns a n d o p erates a sy stem for th e g en eratio n , tran sm issio n an d d istrib u
tio n of electricity for power and lighting purposes, serving w ithout co m p eti­
tio n 44 com m unities in O regon a n d n o rth e rn C alifornia, including M edford,
G ra n ts P ass, R oseburg a n d K lam ath Falls, O re., an d D unsm uir and
Y rek a, C alif. C o. also furnishes th e dom estic w a ter sup p ly for K la m a th
Falls an d R oseburg, O re., an d D unsm uir, C alif. P o p u latio n d irectly
served is e stim ate d to exceed 84.000.
Owns a n d o p erates electric gen eratin g statio n s o f a to ta l com bined in­
stalled c ap a c ity of 76,605 h .p ., 717 m iles o f high-tension tran sm ission lines




255

a n d 801 miles of d istrib u tio n circuits. T h e largest generating p la n t, Copco
N o. 1, on th e K la m a th R iv er, has a c ap a c ity of 33,500 h .p . T h e h y d ro ­
electric p la n t, know n as Copco N o. 2, w as com pleted a n d p u t in operatio n in
1925, an d has a c ap a c ity of 40,000 h .p . T h e en tire o u tp u t of C opco N o. 2
has been co n tra c ted for b y th e P acific G as & E lectric C o. for a period of
25 years.
In O ct. 1925 th e C alif. R R . C om m , a u th o riz e d th e com pany to issue
$1,000,000 6% pref. sto ck . Y. 121, p . 1788. On N ov. 24 1925, stock­
holders increased th e au th o rized fun d ed d e b t from $12,000,000 to $50,000,000. V. 121, p . 2036, 2636. In D ec. 1925 C alifornia R R . C om m is­
sion authorized th e issuance of $2,187,300 Series B 5 A % 1st & ref. bonds
due 1946, a n d also of $3,000,000 series A 5 )4 % gen. & ref. bonds due 1946,
proceeds to be used to refu n d 7A % bonds, &c. V . 122, p . 93.
S T O C K A N D B O N D S—
Date.
Interest. Outstanding. Maturity.
________ $4,411,100
C om m on, $7,500,000 ( $ 1 0 0 ) - - ____
x4,411,231 J ’ly ’2 6 .1 ^ %
P f7 % cum , $7,500,000 ($100)______
7 Q -J 30
1st & re f M $10,000,000 Serf
6 g F-A
4,484,300 F eb 1 1942
Ser “ B ” __________________ ] 1921
Ser “ C ” . _ ________________ 1921
5 ^ g F -A
2,553,500 F eb 119 5 5
($100, $500 & $ l,0 0 0 )g c * tf (M ercantile T ru s t C o ., San F rancisco. T ru s t
R ogue R iver Elec prior lien M \ 1907
5 g J-J
554,000 J u ly 119 3 7
($500 & $1,000) gold____c * f ln t. a t G u a ra n ty T r u s t C o., N . Y ., T ru stee.
C alif-O re Pow Co gen & re f/ 1926
5A F-A
3,000,000 F eb 1 1946
($100, & c.)_______________[
x Including subscriptions.
Bonds.— 1st & ref. m tge. provides for an a n n u al sinking fund equa to
2% of th e face a m o u n t of (1) all bonds of th is issue o u tsta n d in g and n o t
previously called; a nd (2) all underlying bonds o u tsta n d in g . O ne-third of
all sum s of m oney paid in to th e sinking fu n d is applied by th e tru s te e for th e
purchase or redem ption of bonds secured by this m ortgage; an d th e rem ain­
ing tw o -th ird s is held in tr u s t by th e tru s te e a nd m ay be w ithdraw n from
tim e to tim e by th e co. for ad d itio n s a nd b e tte rm e n ts m ade, provided
such expenditures m ay n o t be used as th e basis for th e issuance of a d d itional
bonds. In t. p ayable a t office of tru s te e in San F rancisco, H arris T ru st
& Savings B ank, C hicago, a n d th e N a tio n a l C ity B an k , N ew Y ork.
All of th e o u tsta n d in g Series “ A ” w ere redeem ed; 7As w ere redeem ed
F eb . 1 1926 a t 110 a n d in te re st. V . 122, p . 881.
Series “B” 6s are call, all or in p a r t on a ny in t. d a te on 60 d a y s ’ notic*
a t 107 A and in t. u p to a nd incl. F eb. 1 1927, a n d th e re a fte r a t a prem ium
equal to A % for each full y ear or frac tio n thereof, of unexpired te rm of th e
bonds. In F eb. 1922 M ercan tile T r u s t C o., San Francisco; E . H . R ollins
& Sons, N a tio n a l C ity C o. a n d H arris T ru s t & Savs. B ank offered $1,000,000
a t 93 A and in t., yielding a b o u t 6 .6 0 % . V. 114, p . 630. In Sept. 1923.
E . H . Rollins & Sons, H a rris, F orbes & C o., &c., &c., offered an a d ditional
$1,000,000 a t 9 9 A an d in t. V. 117, p. 1351. In J u n e 1924, $2,500,000
w ere offered b y E . H . R ollins & Sons, H a rris, Forbes & C o. a n d M ercantile
Securities C o. of C alif, a t 9 9 A an d in t., to yield a b o u t 6 .0 5 % . V . 1 1 8 ,
p . 2828.
Series “ C ” 6 As a re re d . on a n y in t. d a te a t 100 & in t. plus a p rem iu m of
1-10 of 1 % for each y e ar or fra c tio n of y e ar of unexpired te rm . $2,000,000
w ere offered'in M a r. 1925 b y E . H . R ollins & Sons, H a rris, F orbes & C o .,
N . Y ., a n d M ercan tile S ecurities C o. of C alif, a t 97 A & in t., to yield ab o u t
5.6 7 % . V. 120, p . 1324.
26-year conv. debentures w ere called for p a y m e n t M a y 1 1925 a n d have
been elim inated from ta b le above. V. 120, p . 1324.
Rogue River Elec, prior lien 5s a re call, a t 105 a nd in t. on an y in t. d a te
Klamath Power Co. w ere redeem ed in 1926.
E A R N IN G S .— F o r calen d ar years:
1923.
1925.
1924.
G ross earn in g s_______________________ $2,167,990 $1,699,764 $1,370,545
70,415
Deduct— M ain ten an ce_______________
111,086
84,793
O peration a n d a d m in is tra tio n _____
493.252
434,910
375,425
138,221
T axes____________________________
218,211
166,077
10,542
R eserve for d o u b tfu l a cc o u n ts___
14,882
13,109
273,691
B ond and o th er in te re s t__________
497,549
314,785
194,513
P referred dividends_______________
264,549
223,908
B alan ce________________________
$568,460
$462,182
$307,738'
Previous s u rp lu s____________________
358,425
195,146
144,175
$451,913
$926,885
$657,328
T o ta l____________________________
238,242
D epreciation on p la n t & e q u ip m e n t269,019
219,429
A m o rt, of d e b t d iscount & e x p e n s e ..
46,162
33,911
18,523
Federal an d S tates tax es, 1923______
33,166
37,364
M iscellaneous deductions__________
3 6 ,0 1 9 _______ 8,200
P ro fit a nd loss s u rp lu s___________
$542,528
$358,425
$195,146
Latest Earnings.—'For 12 m o n th s ended J u ly 31 1926: G ross, $2,496,516
(against $1,858,715 for 12 m os. ended J u ly 31 1925): n e t, a fte r oper. exo.,
m a in t. a n d taxes, b u t before depreciation, $1,512,150 (against $1,085,953).
O F F IC E R S .— P res., Jo h n J . O ’B rien; 1st V .-P . & G en. M g r., P e rry O.
C raw ford; V .-P ., H . H . Jones; Sec., D arw in C . T y ree .— V . 120, p . 1201.
1324, 122S. 127S: V. 121, p . 1788, 2036, 2271, 2401, 2636; V . 122, p . 93,
746, 881, 2327: V . 123, p . 1381.

MOUNTAIN STATES POWER CO.
Controlled b y S ta n d a rd G as & E lectric Co.
Management.— B yllesby E ngineering a n d M an ag em en t C orp.

O R G A N IZ A T IO N .-—O rgan, in 19l7 in D elaw are to succeed N o rth e rn
Idaho & M o n tan a Pow er C o ., sold a t foreclosure sale N ov. 22 1917. In
Dec. 1925 purchased th e electric a n d w a ter p la n t a t L ibby, M o n t.; electric
properties of th e C o ast Pow er C o. a t Tillam ook a nd su rro u n d in g com­
m unities in O regon, a n d th e N a tro n a Pow er C o. a t C asp a r, YVyo., and
electric pro p erties a t D ouglas, W yo. V . 122, p . 94.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C om pany owns a nd operates five groups of u tilities in O regon, W ashington,
M o n tan a, W yom ing a nd Id a h o . C o m p a n y ’s system furnishes w ithout
com petition, public u tility services to 79 com m unities w ith a com bined
polulation e stim ated over 289,000. T o tal installed electric generating capa­
city m ore th a n 29,598 h .p ., of w hich 5,601 h .p . hydro-electric. Also
purchases under favorable c o n tra c ts steam an d hydro-electric energy, which
include a co n tract with T h e C alifornia Oregon Pow er Co. expiring in 1952,
for th e purchase of 16,000 hydro-electric h .p ., w hich as needed m ay be
increased to 24,000 h .p . T h e electric transm ission a nd distrib u tio n system s
aggregate 980 m iles of pole lines; to ta l daily m an u factu rin g c apacity of gas
p lants 6,330,000 cu. ft.; 438 miles of gas m ains. Furnishes electric power
a nd light, gas, w ater, steam or telephone service to 60,657 custom ers.
Increase Stock.— Stockholders on Sept. 30 1920 increased th e authorized
pref. stock fro m $5,000,000 to $15,000,000 an d th e com m on stock from
200,000 to 500,000 no p a r shares. V. 123, p . 1504, 1763.
STO CK AND B O ND S—
Date. Interest. Outstanding. Maturity.
C om m on (no p a r ) ___________ _____
________ 130,000shs. F e b '26 $1
7% cum pref ($ 100) ________________
7
$3,23L,500 O c t’26 1M.
1st m tge g bonds 5% series A / 1918 5 g J -J
1,787,000 J a n 1 1938
$1,000, 500, 100. 50 c * - n tf l i n t , a t Illinois T ru s t & Sav. B k ., C hicago, tr .
6% series B ($1,000, 5 0 0 J 1918 6 g J -J
7,759,000 J a n 1 1938
100 c* )_________________ tf\lllin o is M erch. T ru s t C o., C hicago, tru ste e .
Divisional b o nds____________ _____
________
27,500 __________
Conv 6% gold notes ( $ l,0 0 0 j 1925 6 g M -N
1,111,000 N o v 1 1935
500, 100 c*)___________ tf l C o n t. & C om . T r. & Sav. B k ., C hicago, tru s.
C onv 7% gold notes ($1,000,/ 1923 7 g J -J
496,700 J u ly 1 1938
500, 100 c * )___________ t f \C o n t. & C om . T ru st & Sav. B k ., C hicago, tr.
Stock.— Pref. stock Ls red . a t 110.
Bonds.— T he 5% series A gold bonds, due J a n . 1 1938 w ere originally
Issued as “ first and refunding m ortgage” bonds.
T h e ls i mtge. gold bonds a re secured b y a 1st m tge. on th e en tire p ro p e rty
of th e co. d irectly ow ned. T h e to ta l authorized a m o u n t is $15,000,000.
A dditional bonds m a y be issued for 75% of new c onstruction, &c., provided
net earnings for 12 consecutive m onths o u t of 14 m o n th s preceding have
been a t least tw ice th e a n n u al in te re st charges on all o u tsta n d in g bonds
(incl. those to be issued an d underlying bonds), or for refu n d in g such
underlying bonds. In te re s t m a y n o t exceed 6 % . R ed. w hole or p a rt,
on 30 d a y s ’ notice a t 105 to a nd incl. J a n . 1 1933, th e re a fte r a t 102 A ,
plus in t. in each case. P en n . & C onn. 4-m ills, M ary lan d 414-mills ta x and
M ass. 6% ta x refundable. In A pril 1925 $2,000,000 series B w ere offered
a t 100 a nd in t. A n a d d itio n a l issue of $1,100,000 bonds of B series were
offered a t 100 a n d in t. in A pril 1926.
T he conv. 6% gold notes, due N ov. 1 1935. are p a r t of an authorized
Issue of notes, n o t to exceed in th e aggregate $10,000,000. T h e tru s t agree­
m ent perm its th e issue of notes in series a n d of such te n o r as directors m ay
d eterm ine. T h e conv. 6% gold notes, due Nov. 1935 are co n v ., a t o p tion of
holder, prior to m a tu rity or earlier re d e m p tio n thereof, in to pref. sto ck on
th e basis of $100 principal of notes for $100 p a r v alu e of stock w ith a d ju st­
m ent of in t. an d divs. N o m ortgage (except, p u rc h . m oney m ortgages)

256

PUBLIC UTILITIES

o th e r th a n th e p resen t m ortgages and fu tu re m ortgages p roviding for the
Issuance of bonds for n o t m ore th a n 75% o f th e cost or value of th e pro p erty
secured th e re b y , shall be placed upon th e p ro p erty o f th e co. unless these
notes shall be eoualiy and ra ta b ly secured th ereby. N o a d d itional funded
d e b t m ay be created unless (a) Det earnings for 12 o u t of 15 preceding
m o n th s have been a t least 1 4$ tim es an n u al in te re st on th e to ta l funded
d e b t incl. th a t to be issued, or (b) th e co. shall th ereu p o n execute and
deliver a general m tg e. on all its p ro p erty under which these notes shall be
secured in p rio rity to such additional funded d ebt. A semi a n n u al sinking
fund, com m encing M ay 1 1926. of 2% per annum of to ta l outstan d in g
no tes o f th is issue is to purchase notes a t n o t exceeding 101 and in t. such
no tes to be canceled. R ed. on or before N ov. 1 1927 a t 104; N ov. 1 1929 a t
103; N o v . 1 1931 a t 102; N ov. 1 1933 a t 101; N ov. 1 1934 a t 100 4$ and
th e re a fte r a t 100 in each case plus in te re st. In te re st p ay ab le in N ew Y ork
a n d C hicago. P en n , a n d C onn. 4-mills ta x , M ary lan d 4 4$-mills tax and
M ass. 6% ta x refundable. In N o v . 1925 B ly th , W itte r & C o. offered
$1,250,000 conv. 6% gold notes, d u e N o v . 1 1935 a t 9 8 Yt an d in t., to yield
6 .2 0 % . V. 121. p. 2751. 3131.
T h e conv. 7% gold notes, due Ju ly 1 1938 are conv. in to pref. stock on the
sam e term s as th e 6% notes (see ab ove). A dditional bonds restricted as
ab o v e. Call, whole or p a rt, on 30 d a y s’ notice to and incl. Ju ly 1 1928 at
103; J u ly 1 1933 a t 102; Ju ly 1 1937 a t 101; J a n . 1 1938 a t 100H : and
th e re a fte r a t 100, plus in t. in each case.
Dividends.— On th e com m on $1 was paid in Peb. 1924; Feb. 1925: Feb.
1926. V. 122, p. 213. On pref. paid 1M % in J a n . an d O c t. 1926.
E A R N IN G S .— F o r c alen d a r years:

Gross.

Oper. Exp.,
Maint ,&Tnx.

Interest.

Pref.
Dies.

xBalance.

1925.................$ 2 ,6 7 6 ,5 1 8
$1,718,949
$540,431
$157,578
$259,560
1924-------------- 2.178.177
1,467,281
350.124
151,599
209.173
1923-------------- 2.049.278
1.413.942
253,283
166.365
215.688
x A v ailable for re tire m e n t reserve, a m o rt., com . d iv .s & su rp lu s.
Latest Earnings.— F o r 12 m os. ended Ju ly 31:
1926.
1925.
G ross earn in g s__________________________________ $3,060,659 $2,998,703
O per. ex p ., m a in t. & tax es, excl. d ep rec________ 1,906,397
1,953,227
N e t earn in g s_________________________________ $1,154,262 $1,045,476
Note.— T h e a b o v e fig u res include for th e fu ll period all p ro p erties now in
th e system .
O F F IC E R S .— P r e s ., Jo h n J . O ’B rien: V .-P s., R o b ert J . G raf, C . M .
B rew er, F . C . G o rdon, R . J . M cK a y an d P a trick Sullivan; Sec. & T re a s .,
M . A . M o rriso n .— V . 122, p . 94, 213, 2496: V. 123, p . 1540, 1763.

PORTLAND ELECTRIC POWER CO.

O R G A N IZ A T IO N .— In c o rp . in Oregon Ju n e 29 1906. W as form erly
know n as th e P o rtla n d R y ., L ight & Pow er C o., b u t nam e was changed to
p resen t title in A pril 1924. C ontrols th ro u g h stock ow nership th e Wil
la m e tte Valley Southern R v. C o. and Y am hill E lectric C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Supplies electric lig h t and pow er in P o rtlan d and nearly 70 o th e r com m uni­
ties in w estern O regon. D oes th e gas business in Salem and operates city
a n d in te ru rb a n railw ay lines in P o rtla n d an d a d ja ce n t te rrito ry . P opula­
tio n serv ed , ap p ro x im ately 400.000
O perates a to ta l of 349.6 m iles of
single tra c k (of w hich 302.7 m iles ow ned, 35 m iles controlled through
stock ow nership a n d 11.09 m iles owned b y o u tsid e in te re sts). Owns
573 passenger cars, 44 tra ile rs, 470 freig h t cars, 5 express a n d 125 w ork cars
16 electric locom otives. T h e W illam ette Valley So u th ern R y . C o. owns
6 cars and 1 locom otive. Also operates 18 buses. W a te r pow er p la n ts
have a cap acity of 105,536 h .p .: reserve steam p la n ts, 48,927 h .p . c apacity.
T o tal c ap a c ity , 154,463 h .p . T h e new hydro-electric s tatio n on th e upper
C lack am as R iv er has an in stalled c ap acity of 35,000 h .p ., and an u ltim a te
c ap a c ity o f 105.000 h .p . H as 678 miles of high-tension transm ission and
d istrib u tio n lines. Owns a 9-story fireproof building in business centre
o f P o rtla n d used for its offices, th e only park and am u sem ent resort near
P o rtlan d : also real esta te in P o rtla n d suitable for term inals. Railw ay
franchises in P o rtla n d expire in 1932 and 1933. In Aug. 1923 a new 50
y ear franchise was g ran ted th e com pany by th e city o f V ancouver, W asn
V. 117, p. 782. L ig h t and pow er franchises in P o rtla n d and Salem are
p erp etu al: in V ancouver th e y expire in 1927. Mas franchise to carry
freig h t in O regon C ity , expiring in 1926. In D ec. 1916 o b tained a franchise
to o p e ra te ov er th e new bridge connecting P o rtla n d . O re., and V ancouver.
W ash. O ne-half th e pro fits are to go to C lark and M u ltn o m ah C ounties,
by w hom th e bridge was b u ilt. T h e c o m p an y ’s transm ission lines and a
large p a r t of th e in te ru rb an railw ay are on p riv a te right-of-w ay.
Favorable Decision.— Ju d g e H arris in the Suprem e C o u rt a t Salem In M ay
1916 held void th e ordinance requiring a ta x o f 3% on gross earnings V . 96.
p. 1157). V. 102 p. 1718.
Valuation.— T h e Oregon P . U . C om m , on April 30 1917 placed th e v a lu a ­
tion of th e c o m p an y ’s p ro p erty as of Dec. 31 1916 for rate-m ak in g purposes
a t $46,862 972. or a b o u t $14,000,000 less thaD th e co m p any's valuation
See V. 104, p . 1900. and com pare V. 10.3. p. 61. See also V. 118 p .2 5 7 3 .
Preferred Stockholders Win Suit.— A ction o f directors in declaring a special
d iv . on th e 2d p ref. (non-cumulative) sto ck , pay ab le o u t o f earnings for the
years 1920, 1921.1923, previously w ith h eld , upheld. See V. 121. p 460
New Bus and Car Lines.— T h e C ity C ouncil of P o rtla n d approved In
Julv 1925 tw o franchises for bus and car lines. V 121. p . 460.
Franchises Approved.— T h e C ity Council o f P o rtla n d . O re., granted the
com pany on S ep t. 16 1925 tw o franchises, one for bu s lines an d th e other
for c o n stru ctio n o f stre e t car lines. B o th franchises, like m o st of th e other
franchises o f th e co ., expire in 1932. V. 121. p. 1570ST O C K A N D B O N D S —
Date. Interest. Outstanding. Maturity.
$15,000.0001
See text
Com m on $25,000,000 $ 1 0 0 ) . . ____
Q-M
75% paid /
6.798,700 O c t '26 1 H
Prior p re f cum $10.000.000— ____
7 Q-J
6.250 000 O ct 26 1 M
1st p ref $ 1 0 .0 0 0 .0 0 0 cu m ($ 1 0 0 ).____
6%
x 2 ,6 ’ 9,700 __________
>
1st p referred 7 .2 % ($100)
____
7.2%
5.000.000 S e p t ’26 1 4$
2d p re f do non-cum ( $ 1 0 0 ) ____
6%
P o rtlan d R y . L t & Pow 1st &f 1912
5 g F-A
11.310.300 Feb 1 1942
re f m tg e $75,000,000 g o ld \In t a t Fid elity T r . C o ., P h ila .. tru ste e ; Lee.
Higginson & Co.. B oston: H igginson&Co.
see te x t) ________ c*& r*.tf
London. E n g ., and C olum bia T r.C o .,N .Y
P o rtld R y L t & P r 1st lien & 1921
74$ g M -N 4,208,000 M ay 1 1946
re f M series A ____________
1922
6 g M -N
12,129,600 M a y 1 1947
m o o , &c.)' go[d.V-c"*&r.tf In t. a t N a t. C ity B an k , N . Y ., tru s te e .
S e r C 5Hs ($1,000, $500, 1926
54$ g M - N 3,750,000 M a y 1 1951
$100c* and $10,000, $5,000,
$ l,0 0 0 r* )_______________t f (Issued b y P o rtla n d E lec tric Pow er C o.
P o rtlan d R y first & refunding I 1905
5 g M -N
6,425,000 N ov 1 1930
m ortgage $10,000,000 g o ld !In te re st a t office of R edm ond & C o ., N . Y.
($1,000) sinking fu n d .c * .tf I New Y ork T ru st C o ., tru ste e .
C ity & Sub cons (now 1st) M / 1900
4 g J-D
1,290,000 Ju n e 1 1930
($1,000) gold (closed) .c .c p t li n t , a t Secur. Sav. & T r. C o., P o r t’d .tru stee .
P o rtlan d Gen Elec first m tg e / 1905
5 g J -J
7,146.000 Ju ly 1 1935
(see tex t) gold ($1 000) c * tfi In te re s t a t H arris, Forbes & C o., N ew Y ork.
M t. H ood R y & Pow 1st m tg e / 1907
5 g J -J
See te x t
J a n 2 1937
$6,000,000 g ($ l OOO^s f.c * .n tf (U nion T ru s t C o ., San Francisco, tru ste e .
W illiam Vail So R y 1st M . n t f f 1914
6 g F-A
676 800 F e b 1 1939
$3,000,000 ($100 $500 a n d iln t. a t C o n t. & Com m . T r. & S. B k ., C hic..
$1 000) g u p . i & s f c * .n tf ( tru ste e or in P o rt, or 1st N a t. B k ., N . Y.
x Includes $329,800 sto ck subscribed for on in stallm en t plan.
Stock.— T h e stockholders on M ay 14 1915 approved th e p lan by which
th e y surrendered 20% of th eir holdings in th e then existing stock v$25,000.
000. 75% paid ), paying a t th e sam e tim e $25 in cash for each share so
surrendered, and received therefo r pref. stock, share for share, one-half
>$2,500,000) 6% cum . first p ref. and th e o th er h alf 6% non-cum . 2d pref
T h e $5,000,000 stock surrendered in connection with th e plan was can­
celed. Stockholders of record F eb . 1 1917 were given an o p p o rtu n ity to
c o n v ert a fu rth er $5,000,000 com m on in to 1st and 2d p ref. stock on the
sam e term s, which was accordingly done. T h e first pref. stock issued in
1915 is cum ulative from J a n . 1 1916 th a t issued in 1917 is cum ulative from
April 1 1917 and will receive no divs. until all accum ulations on th e first
$2 500.000 shall hav e been paid th e re a fte r all first pref. stock will be treated
alike, V. 104. p. 1146. (See also V. 91. p. 1328: V. 95. p. 1274). 2d
p ref. stock is non-cum . C om is listed on th e B oston, C olum bus and
Louisville stock exchanges. V . 116, p . 1533 Preferred stocks are preferred
as to divs. and assets and red. a t p a r. P rio r pref. serif's “ A” red . as a whole
a t 105 and divs. on any d iv. d a te on 60 d a y s’ notice. In !uly 1924 N ational
C ity C o. offered $1.000.000 7% cum prio r pref. series “ A " a t 984$ and div ..
to yield 7 .1 0 % . V 119, p 199.
Bonds.— Of th e rem aining Portland R y ., Light & Pow t 1st & ref. M . 5s
unissued. $17 813.000 are reserved for prior liens an d $12,183,000 a re for
ad d itio n s, im provem ents, &c. D enom inations: o , pon bonds, $1,000.
$500 an d $100; registered bonds. $1,000. $5,000. $10,000 and $50,000.




[V ol. 123.

P rincipal and in te re st also payable in sterling, francs or guilders a t fixed
ra te s of exchange. C allable as a whole a t 105 and in t. since F eb. 1 1922
on sixty d a y s’ notice. C um u lativ e sinking fund 1% a n n u ally 1915 to
1926. incl.: 1 4$ % 1927 to 1941. incl.. on to ta l a m o u n t issued. B onds in
sinking fund to be k e p t alive and in t. added to fu n d . C onvertible a t any
tim e a t holder’s option in to capital stock a t a price equal to th e a m o u n t
paid in on such stock, plus $10 prem ium per $ 10 0 share. See V. 94. p. 631.
Bonds are listed on New Y ork Stock Exchange: $20 136.000 are pledged un­
der first lien & ref. m tge. a nd $4,867,700 a re held in sinking fu n d , $121,000
have been cancelled.
A dditional first iien & ref. m tge. bonds m a y be issued in d ifferen t series
u nder certain restrictio n s. A re additio n ally secured by pledge of $20,-136,000 first & ref. m tge. 5s. A sinking fund requiring cash p a y m e n ts of a t
least $225,000 sem i-ann. began Sept. 1 1921. Series A bonds are red. all or
p a rt on any int. d a te on 30 d a y s’ notice a fte r M ay 1 1931 a t 105 and in t. to
M ay 1 1941: th e re a fte r a t 103 and int. Series B a re re d ., all or in p a rt, on
anv in t. d a te on 30 d a y s’ notice a t 105 & in t. to and incl. M ay 1 1942 and
a t 102 4$ th e re a fte r b u t prior to m a tu rity . $230,800 1st lien & ref. ser. B
are held in tre a su ry . In M ay 1924 N ational C ity C o. and H alsey, S tu a rt
& C o., In c ., offered $3,500,000 1st lien & ref. m tge. 6% bonds ser. B a t 94
and in t., to yield over 6 4$%. V. 118. p. 2573. In Sept. 1925 th e y offered
$500,000 series B a t 99 and in t., to yield 6.08% . V. 121. p. 1463. Penn.
4 mill tax refunded. V. 112. p. 2084. Of th e $12,629,600 series B bonds
shown in th e above ta b le as o u tstanding. $4,908,410 are o u tsta n d in g in the
form er nam e of the co., P ortland R y. L ight & Power, th e balance of $7.721,200 in th e present nam e, P o rtlan d E lectric Pow er C o. L isted on N . Y .
Stock E xchange. V. 122, p. 1764. Series C 5 Vs, issued by Portland
Electric Power Co. and dated May 1 1926. a re re d ., all or p a r t, a t o p tion of
co. or for sinking fu n d on 30 d a y s’ notice a t 105 th ro u g h M a y 1 1936; a t
104 through M ay 1 1941: a t 103 through M a y 1 1946: a t 102 th ro u g h M a y 1
1948, a nd a t 100 th e re a fte r. P en n a. and C onn 4-mills taxes refundable.
In June 1926 th e N ational C ity Co. and H alsev, S tu a rt & C o ., In c ., offered
a t 97 and in t., to yield over 5 .7 0 0- , $3,750,000 series C . V . 122, p . 3454.
7
T h e P ortland R v. 1st & ref. M . has been closed a t $8 523.000. A sinking
fund began in 1907: th e a m o u n t was $25,000 per annum (payable N ov. 1)
from 1907 to 1909 incl.: $40,000 per annum from 1910 to 1919 incl.. a nd $60,000 per annum from 1920 to m a tu rity of bonds: these p ay m en ts are based on
an original a m o u n t outstan d in g of $5,982,000 [but see V. 113. p . 5331, in­
creasing proportio n ately as additional bonds w ere issued: said funds to be
invested in th e bonds a t no t m ore th a n 105 and in t.. a t which price bonds
can be called for th e purpose. Bonds are to be k e p t alive and bear in te re st.
Red. a t 105 and in t. on any in t. d a te upon 60 d a y s’ notice. $2,093,000
are in sinking fu n d . See V. 81. p. 1437. T h e bonds are listed on th e New
Y ork, Louisville and Phila. stock exchanges. V. 82. p. 806 V. 83. p . 1471.
T h e authorized am o u n t of Portland G eneral E lectric C o. m ortgage was
originally for $10,000,000. b u t m ortgage has been closed a t $8,000,000.
$854,000 retired by sinking fu n d . Bonds are subject to call as a whole a t
107 Vi a nd in te re st on four weeks’ notice. A sinking fund of 1 % per annum
of bonds o u t com m enced M ay 1 1915. B ankers T ru s t C o., N ew Y ork,
trustee. T hey are listed on th e N ew Y ork Stock Exchange. V. 92, p . 1437.
$5,000,000 of M t. Hood R y. & Pow er bonds are deposited as collateral
under P ortland R y ., Light & Pow er notes. Sinking fund began J a n . 1 9 1 2 ,
1% to Jan . 1916 incl.: 1 H% 1917 to 1921; 1 4 $ 1922 to 1926; IH % 1 9 2 7
%
to 1931; 2% 1932 to 1938.
W illam ette Valley Southern 1st M . bonds are unconditionally g u aran teed
,as to principal, in te re st and sinking fund) by P o rtlan d R y ., L ight & Pow er
Co. R em aining $2 250.000 issuable only under certa in restrictio n s. Sink­
ing fund of 1 % of bonds outstan d in g 1917 to 1923: 14$% 1924 to 1 9 3 1 ,
and 2% 1932 to 1938. $73,200 retired by sinking fu n d . C om pany agrees
to refund 1% of incom e ta x . R edeem ab.e a t 103 a nd in t. on a n y in t. d a t e
on 60 d a y s’ notice. V. 98. p. 1001: V. 100. p . 57.
Dividends.—On prior pref. an Initial q u a r div. w a spaid In J u ly 1 9 2 2 .
In O ct. 1922 1 % % paid. Same ra te q u a r. since to and incl. O c t. 1 9 2 6 .
An Initial div. of 7 4 $ % on th e 1st pref stock w as paid In Ju ly 1 9 2 1 , c o v e r i n g
accum ulated divs. on th a t Issue from Jan , 1 1916 to April 1 1917. V .
1 1 2 ,
p . 2643. On O ct. 1 1921 a cash div. on 2% was paid on t h e
1 s t p r e f .,
together w ith a stock div. of 25% (payable In 1st pref. stock) o n
a c c o u n t
o f accum ulated divs. In 1922. J u ly , 1 4 $ O ct., 14$% . and s a m e
% ;
r a t e
q u a r. since to an d incl. O ct. 1926. On 2d p re f. an initial div . of 1 4$% was
paid in Dec. 1923. D ividends a t sam e ra te paid regularly q u a r. since.
On old com . q u a r div. of 1% paid Ju ly , 1 4$ %: O ct .1 4 $ % . N o d iv s. h a v e
been paid on th e 2d p re f stock, w hich, how ever, is non-cu m u lativ e. O n
old com . q u a r div . or 1 % paid from Sept. 1909 to J a n . 1910, in cl. I n i t i a l
d iv .—$1 on new stock as a djusted per pian V 91, p 1328. w as p aid M
a r . I
1911; sam e a m o u n t q u a r. to and incl S ept. l9 l2 : D ec. 1912. $ 1 M
In 1913. M ar., J u n e and S ep t., $1 H each. Tn D ec. ra te was reduced a n d
II was paid (see V 97, p. 1824). In 1914,M
a r c h u n e , $1 ;1. N oneslnce.
J , $
E A R N IN G S .—-For calendar years:

Gross
Earnings.

Exp.. Depr.
Net
and Taxes. Earnings.

1925_____ $11,045,063 $7,199,636 $3,845,427
1924 ____ 10.841.617
7.145,544 3,696.07,3
Latest Earnings.— F o r 12 m os. end Sept. 30:

Gross.

Interest,
<%
c.

Balance,
Surplus.

Fixed
Charges.

Balance,
Surplus.

$2,589,928 $1,255,499
2,351.075
1,344,998

Net after
Taxes.

1 9 2 6 .....................................$11,526,632 $4,597,691 $2,475,495 $2,122,196
1925 ...................................... 10.961,090
4.386,913 2,444,006
1,942,907
O F F IC E R S .— P re s ., Franklin T . G riffith: V .-P s., 0 . B . C oldw ell,
Portland: E . W . C lark a nd H . L. C lark , P h ila.; Sec. a nd T re a s ., G . Li.
Estabrook. P h ila.; Sec. & Asst. T rea s., W . L. L am ont and R . W . S hephard:
Asst. Sec., Cassius R . P eck .— V. 116. p . 2406. 2994; V. 117, p . 782, 1463.
1664. 1886. 1993. 2111. 2654; V.118. p. 665. 795. 1666, 1774, 2180. 2573:
V. 119, p . 199 , 2288, 28(79; V. 120, p . 705 1587. 2402: V. 121, p . 460, 587.
1463, 2404; V. 122, p . 1457, 1764. 2331, 3211, 3341, 3454.

OREGON ELECTRIC RAILWAY.

Spokane P o rtla n d & S e a ttle R y. owns e n tire com m on sto ck .
O R G A N IZ A T IO N .— Incorp. In O regon on M ay 14 1906.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Does no s tre e t railw ay business. O perates P o rtla n d to E ugene, 1 2 2 . 3 3
miles; G arden H om e to F o rest G rove, 19.45 miles; W est W oodburn t o W
o o
bu rn , 2.31 miles; G ray to C orvallis, 5.20 miles; O renco to Bow ers J u n c t i o
5.05 miles; tra c k a g e rig h ts, 1.70 miles; to ta l miles of ro a d , 156.04 m i l e * :
2d tra c k , 7.87 miles; sidings, tu rn o u ts, & c., 39.49; to ta l tra c k a g e , 2 0 3 . 4 6
miles. S ta n d a rd gauge. 70-lb. T rail. Principally on p riv a te r i g h t - o
w ay. H as a c o n tra c t for pow er (extending to 1938, w ith p r i v i l e g ree­ o
newal for 25 years) w ith P o rtla n d E lectric Pow er C o.
Interest Payment D elayed In te re s t due M ay 1 1923 on th e 1st m tge.
5% bonds was n o t paid until Ju n e 1 1923. V. 116. p . 2516. C om pare
V. 116, p . 2007. N ov. 1 1923 in t. has been p a id . V . 118, p . 311. S u b ­
seq u e n t in te re st paid w hen due.
ST O C K A N D B O N D S—
Date. Interest. Outstanding. Maturity.
C om m on $5,000 000 ($100)________
_______
$1,950,000 ---------------Pref $5,000,000 ($100) 6% c u m ____
6 F-A
200,000 I n 1914, 6%
Deferred stock $400,000 C $ 1 0 0 )___
_______
380.000 -------------- ,
First m ortgage $10,000.000\ 1908
5 g M -N
2,000,000 M a y 1 1933
($1,000) gold______c * & r.tf(In t. a t Irv in g B k.-C ol. T r. C o ., N . Y ., t r u s t
Bonds.— $8,000,000 rem aining bonds reserved for p e rm a n e n t extensions
and im provem ents a t 80% of cost. B onds a re s u b jec t to call a s a whole
or in p a rt a t 107 and in terest on a n y in terest d a y .
Dividends.— On pref. in 1911. 1912, 1913 a n d 1914, 6 % . N o n e since.
E A R N IN G S .— F or calendar years:

Gross.

Net. aft. Tax Other Inc.

Int., &c.

Deficit.

$298
$611,639
$835,455
1925 ______ $1,027,990
def.$224,114
823.818
1,564
592,760
1924 ______ 1,056.259 def. 232.620
754.514
5,980
576.211
1923
1.089.696
d e f.184.292
703,983
6,834
570.291
1922
1.139,285
d e f.140.525
___
O F F IC E R S .— P re s ., W . F . T u rn er; Sec. & C o m p t., R o b t. Crosbief
T rea s., Jo h n E . M ang; G en. M g r., A. J . D a v id so n .— V . 114, p . 2013*,
V. 116, p . 2007. 2516: V. 117. p . 2543; V 118. p. 311.

WASHINGTON
PUGET SOUND POWER & LIGHT CO.

U nder executive m an ag em en t of Slone & Webster, Inc
O R G A N IZ A T IO N .— W as form erly know n as th e P u g e t Sound T ra c tio n ,
Light & Pow er C o. N am e changed to presen t title early in 1920. In c o rn .
J a n . 2 1912 in M aine per plan in V. 94, p. 124 (re-incorp. in M ass, on J u ly 9
1912), a nd has purchased and consolidated th e properties form erly owned
by th e S eattle E lectric C o ., P acific C oast Pow er C o ., P u g e t Sound Pow er

d n ,
f f

Oct., 1926.]

P O W E R , L IG H T A N D R A IL W A Y

G o ., S eattle-T aco m a Pow er Go. an d W hatcom C o u n ty R y. & L t. Go. Also
ow ns m ost of th e stock o f th e P u g e t Sound Electric R y ., th e P acific T ractio n
G o ., W estern W ashington Pow er C o ., D iam ond Ice & Storage C o ., and all
th e cap ital stock of th e Pacific N o rth w e st T ractio n C o ., w hich in tu rn owns
th e cap ital stock of th e P u g e t Sound In te rn a tio n a l R y. & Pow er C o ., lessee
o f E v e re tt R y ., L ig h t & W ater C o. E a rly in 1923 acquired th e W ashington
C o ast U tilities and th e N o rth C o ast Pow er Co. V. 116. p . 296. 1051. In
Feb 1923 th e P u g e t Sound Pow er & L ig h t Securities C o ., a su bsidiary, w as
Incorporated to han d le th e d istrib u tio n and sale of th e co m ., pref. and prior
preference stock o f th e p a re n t com pany in th e Pacific N o rth w e st te rrito ry .
V. 116. p . 936. In Dec. 1924 acquired th e W ashington Pow er. L ight &
W ater Go. of A nacortes. W ash. V. 120, p. 88
On D ec. 1 1925 acquired
from th e N o rth w estern Pow er & M fg C o. a b o u t 90 m iles of transm ission
line a n d o th er electric lig h t and pow er p roperties in th e O lym pic P eninsula,
W ash ., adding C h allam , Jefferson a n d K itsop counties to th e 15 w estern
a n d cen tral W ashington counties in which th e co m p an y a lread y o perated.
V. 121, p. 2404. On J a n . 2 1926 co m p an y acquired th e d istrib u tio n system
an d o th er electric p ro p erties o f th e N o rth Pacific Public Service C o ., also
acquired th e high tension transm ission line o f th e N o rth w estern Pow er M fg.
Co. a n d th e d istrib u tin g system and tw o pow er sites on th e D ungeness
R iv er from th e Sequin Light & Pow er C o. V. 121, p . 3005.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T hro u g h ow nership or co ntrol, does th e g reater p a rt of the com m ercial
electric lig h tin g and pow er business in th e P u g e t Sound d istric t in w esternW ashington, including th e cities of S ea ttle , T acom a, B ellingham and E ver­
e tt, O lym pia, C hehalis and W enatchee: does su b sta n tia lly all the electric
s tre e t a n d in te ru rb a n railw ay business in th e P u g e t Sound d is tric t, except is
S eattle. E stim ated p o p u latio n , 600.000. Serves 6 counties an d 147 com ­
m u n ities betw een th e C an ad ian b o u n d a ry and O lym pia w ith lig h t and
pow er. D irectly , o r thro u g h its subsidiaries, it owns an d operates w ater
pow er an d steam pow er p la n ts, with a to ta l electric gen erating c ap a c ity of
229,890 h . p ., of w hich 185,180 h . p. h y dro-electric. Also ow ns or controls
ad d itio n al undeveloped w ater pow er sites w ith a c ap a c ity of m ore th a n
100,000 h . p . O perates th e s tre e t railw ays in B ellingham a n d . thro u g h its
subsidiaries in T acom a an d E v e re tt, also th e in te ru rb a n electric railroads
betw een T aco m a and Seattle, betw een S e a ttle a n d R en to n , betw een T acom a
a n d P u y a llu p , betw een E v e re tt and S ea ttle , betw een E v e re tt a nd Snohom
ish, and betw een B ellingham , M o u n t V ernon and Sedro-W oolley, a to ta l of
over 286 miles of tra c k . Does th e en tire gas business o f B ellingham and
th e e n tire steam h e a t d istrib u tin g business of S eattle. Also purchases
power (B ellingham D ivision) from W estern C an ad a Pow er C o. S tre e t and
In teru rb an railw ays, 271 9 miles, eq u iv a len t single tra c k . 22 m iles track
ago. As of D ec. 31 1925 th e to ta l e q u iv alen t single tra c k of th e operated
s tre e t railw ays w as s ta te d to b e 147 m iles, an d in te ru rb a n rail an d bus
ro u te s covered 610 m iles. G auge, electric, s tan d a rd ; cable. 3 ft. 6 in. and
3 ft. 246 passenger m oto rs cars, 8 trailers. 8 cable grip cars; freig h t, mail
an d m iscellaneous cars, m o to r 17, tra ile rs 244; 11 locom otives, 67 a uto
stages and buses. G as o u tp u t 1925, 90.280,400 cu . ft. 70.4 m iles of gas
m ains; 3,791 gas m eters.
P rin cip al franchises expire as follows: In S eattle electric lighting and
pow er, 1952. In T aco m a, railw ay , 1939: pow er, 1930. In B ellingham ,
railw ay , 1941 (m inor railw ay, 1934): lig h t and pow er, 1940; gas, 1941. In
E v e re tt, railw ay , in 1944, 1947 a n d 1950: electric lig h t and pow er in 1950:
in O lym pia electric lig h t a n d pow er. 1937 and 1939; railw ay in 1940. In
C hehalis lig h t a n d pow er in 1961. In W enatchee electric lig h t an d power
in 1950, gas in 1957. O th er prin cip al franchises u p to 1972. In te ru rb a n s
chiefly on p riv a te rig h t of w ay.
Sale o f City Railway System to Seattle.— In April 1919 $15,000,000 5%
u tility bonds o f th e city of S eattle were delivered to th e co. a nd th e co .'s
stre e t railw ay p ro p e rty , w ithin th e c ity lim its, was conveyed to th e city
which now ow ns and o p erates sam e. T h e bonds have been deposited w ith
th e tru stees of th e m ortgages secu rin g certain of th e c o .'s bonds and notes
In s u b stitu tio n for th e p ro p e rty sold. T hey are a charge upon th e gross
earnings o f th e en tire railw ay system o f th e c ity , superior to all charges
except in te re st a n d a m o rtizatio n o f some $650,000 of prior bonds of a likp
c h arac te r. V. 108. p. 1391. 2630; V 109. p. 371; V. 110, p. 971.
Decision Bearing on Payment of Prin. and In t. of St. Ry. Bonds.— See
V. 112. p. 2191: V. 113, p. 418: V. 114. p. 1064. See also V. 116, p. 1761
V. 117, p. 895.
Tax D ecision.--S e e V. 119, p . 812. 1173: V. 121. p . 2274. In April 1926
final decision was reached in a law su it a b o u t p a y m e n t of tax es for 1919
betw een co. and C ity of Seattle. T h e C ity was ordered to re fu n d to th e
co. over $500,000, rep resen tin g % of th e 1919 stre e t railw ay taxes, paid
by co. in fu ll un d er p ro te s t. F o r p a rtic u la rs com pare V. 122, p . 2652. 3341.
ST O C K AND B O N D S—
Date.
Interest. O v tsta n a in o .
M irnrh
C om m on 202,829 shs (no p a r ) _ ____
Q -J 15
202,829 shs
See te x t
Pr io r prof *in .n n o.i MI () i . J K I O i . ____
7 O-i 15 $10 Orxi.iMK) O ct '26. 1 >
4
P f $6 cum 200,000 shs (no p ar) ___
Q -J 15
18 OH, shs O ct '26. I k
1st & ref m tge ser “ A ” ($5001 1924
5 H g J-D $28,500,000 Ju n e 1 1949

& $ 1 ,0 0 0 c* & $ 1 ,0 0 0 & (O ld C o lo n y T ru st C o ., B o sto n . T ru stee
$ 1 0 ,0 0 0 r*) g ___________ t f l
S eries “ B ” __________________ t f 1926
5 g
5 0 0 0 ,0 0 0 F eb 1 1931
5 - yr gold n otes ($100, $500 & / 1925
6 g F-A
3 ,0 0 0 ,0 0 0 Feb 1 1 9 3 0
$ 1 .0 0 0 ) g o ld __________ _ _c* 1 In t. a t S e a ttle N a t. B a n k . S e a ttle , tru stee.
6- yr 6% g cou p n o tes $ 2 .0 0 0 .- f 1925 6 g F-A
1 ,3 5 0 ,0 0 0 A ug 1 1930
0 0 0 ($ 1 ,0 0 0 , $ 5 0 0 . $100 c * )_ I n t. a t T h e S e a ttle N a t'l B an k , S e a ttle , trus.
P acific C oast P ow er i» t m tg e,
1911) 5 M -»
3,990,01)0 M ar. I i9i>
$ 1 0 ,0 0 0 ,0 0 0 gold ($1,000)1 Int at Harris Tr & S . Bk . C h ic .. t r u s .. or a
C * & r 'closed m n p 'a a g e). _
I Harris Forhes & C o .. Inc N Y or B o s'
Twin C ity L t & T rac 1st M l
1910
6
J-J 1
179,000 Jan 1 1935
$ 5 0 0 ,0 0 0 (sk fd $ 8 ,0 0 0 p a) (In t. a t G u aran ty T ru st C o. N Y . T ru stee
W ash C oast G ill 1st M $ 2 .-(
1916 6 M -S
1,823.8 0 0 S ep t 1 1941
0 0 0 .0 0 0 call a t 105 & i n t ..( M a r in e N a tio n a l B an k S e a ttle , tru stee.
S e a ttle E lec Go 1st M * 5 ,uoo,-j
191)0 5 g F-A
2 .5 7 8 .0 0 0 F eb . I l93t
0 0 0 ($ 1 ,0 0 0 ) gold . . c * n t f ( Int a t Boston Safe D ep .4 T r. C o ., tru stet
do con s & ref $ 2 5 ,000.0001
1907
5
g
F-A 4 .9 4 1 .0 0 0
($1,000) g o ld ______ c * & r tf(ln t a t Old C olon y T r. t o .. B oston tru stee
P u g Sd Pow 1st M $4 ,0 0 0 ,0 0 0 1 1903
5 g J-D
2 .4 1 2 .0 0 0 Ju ne 1 193gold ($1 000) g u a r ._ c * t f ( i n t a t Old C olon y T rusi n o ., B o sto n , trust
_
S e a ttle -E v erett m tg e $5,000.-1
1909 5 M -S
2 5 0 0 000 M ar 1 1931
000 g ($ 1 ,000. & e .). c * & r tf(I n t a t Old C olon y T ru s t <’o .. B o s to n , tru stet
P ug Sd El 1st con s M $ 5 ,5 0 0 .-(
1903
5
g
F-A 2 .5 6 4 .000
0 0 0 gold ($ 1 ,0 0 0 )_____ c * tf l I n t. at Old C olon y T rust C o . R oston trustei
T acom a R y& P 1st M g i $ l , - i
1899
5
g
A-O 1 .2 3 6 .0 0 0
0 0 0 )$ 1 ,500.001 n ot red c*n tf I Int at Old C olon y T r. C „ ., B o sto n , tru stee
W hatcom C o R y & L t 1st M f 1905
5 g M -N
1 .2 8 3 .0 0 0 N o v 1 1935
$ 2 ,5 0 0 ,0 0 0 gold ($1,000) t f ' l n t a t Old O o'ony T r. C o .. B o sto n tru st, e

Stock.— In ad d itio n to th e am o u n ts of com . and pref. stock reported
o u tsta n d in g above, th e re are n o n -in teresu b earin g receipts for $4,620 com.
sto ck exchangeable a t p a r for sto ck certificates. P rio r pref. is redeem able at
110. P ref. stock is redeem able a t 125. Pref. sto ck is preferred as to divs.
a n d assets, s u b jec t to th e rig h ts of p rio r pref. sto ck as to pref. divs. and
assets. $1,466,800 com . sto ck is owned by P ublic Service In v e s tm e n t Co.
B o th classes o f sto ck a re n o n -tax ab le in M assach u setts.
N otes.— T h e o u tsta n d in g $850,000 8% gold n o tes, due S ept. 1 1926, were
called for p a y m e n t Sept. 1 1925
H olders w ere given th e o p tion to exchange
th eir n o tes for pref. sto ck a t 86 fla t or for 6% gold notes, d a te d A ug. 1
1925, d u e Aug 1 1930. In m aking th is exchange th e com pany allow ed
10114 for th e 1926 n o tes. V. 121. p. 1103.
T h e 5-year notes due Feb. 1 1930 are red . on an y in t. d a te on 45 d a y s ’
notice p rio r to A ug. 1 1926 a t 103: th e re a fte r decreasing 44% sem i-ann. to
100 on Aug. 1 1929. In F eb . 1925 $3,000,000 were sold by B ly th , W itte r &
C o .; B ond & G oodwin & T u ck er, In c .; S e a ttle N a t. B ank. & c., & c., a t
100 and in t. V. 120. p . 705.
T h e 5-year 6% gold coupon notes, dated A u g . 1 1925, a re callable as a
whole on an y in te re st d a te on 45 d a y s ’ notice p rio r to or on F e b . 1 1927, at
103, decreasing (4% on each sem i-annual p a y m e n t d a te to 100 on F e b . 1
1930, in each case w ith in te re st.
Bonds — T h e 1st & ref. m tg e. 5)4 % bonds ser. “ A ,” in ad d itio n to being
a 1st m tg e. on certain p ortions of th e p ro p e rty , are fu rth e r secured by a
d ire c t first lien on $10,835,000 " C ity o f Seattle M unicipal R y . 5% bonds of
1919," m a tu rin g serially. 1st & ref. m tge. calls for an n u al sinking fu n d
(first p a y m e n t Sept. 1 1926) p ay ab le in cash or bonds equal to 1)4% of
ag g reg ate a m o u n t o f bonds (inch 1st & ref. m tge. and underlying bonds)
in th e h an d s of th e public, on th e m ortgaged p ro p e rty . A ny p aym ents of
sinking fu n d s on underlying bonds will be credited tow ard th e above sink
fu n d . T h e cash rem ainder will be applied to pu rch ase 1st & re f. m tge.
bon d s o f an y series, a t n o t exceeding p a r and in t., or if bonds n o t so purchasable, to th e cost o f th e value or additions to th e m ortgaged property
or re d u c tio n o f bonded d e b t. Are red. on a n y in t. d a te on 30 d a y s ’ notice
p rio r to and incl. Ju n e 1 1929 a t 105: th ereafter decreasing
annually
t o . 100 on D ec. 1 1918. In t. p ay ab le in B oston, N ew Y ork and C hicago.
In Ju n e 1924 Lee, H igginson & C o ., H arris, F o rb es & C o. a n d E stab ro o k




357

& C o. o ffe r e d a t 9 6 X. a nd in t., yielding a b o u t 5M % , $20,000,000 1st & ref.
m tg e. 5 )4 % bonds, ser. " A .” V. 118, p . 2950. $5,000,000 a d d itio n a l
were o ffe r e d by th e sam e b ankers in Sept. 1924 a t 97 and in t., to yield
a b o u t 5 .7 0 % . V . 119, p. 1396. In M ay 1925 th e y offered $3,500,000 a t
100 a nd in t. V 120. p. 2817
Series B 1st & re f. m tge. 5% gold bonds, d u e F e b . 1 1931 a re re d . on
30 d a y s’ notice a t 102 on A ug. 1 1926, decreasing J4 % each 6 m o n th s th e re ­
after to p a r on A u p 1 1930. In A pril 1926 Lee, H igginson & C o ., H a rris,
F orbes & C o. a nd E sta b ro o k & C o. offered $5,000,000 series B a t 99)4 and
in te re st to yield over 5.1 0 % . V. 122. p . 2331.
P a c ific C o a st P o w e r C o . — T h e 1st m tge. 30-year 5% gold b onds, due
M arch 1 1940. h a v e been assum ed by P u g e t Sound Pow er & L ig h t C o.
C allable w hole or p a r t a t 105 a nd in t. T h e m ortgage is closed. $10,000
h av e been canceled.
S e a ttle E le c tr ic C o . — S i n k i n g F u n d . — On 1st M ., 1 % of bonds outstan d in g ;
$2,422,000 bonds w ere held by th e tru ste e s n o t canceled J u ’y 31 1926; call­
able a s a whole or in p a rt for sink, fund on any in t. d a te a t 110 & in t. T h e
consol. & ref. m tge. bonds can be called in a m o u n ts no t less th a n $500,00p.
and in sm aller am o u n ts for sink, fund purposes a t 105 & in t. on a ny in t. d a te .
S in k i n g f u n d o f 1 % per a n n u m s ta rte d O ct. 1 1909: $1,6 !0.000 of th e bonds
are held by tru ste e for sinking fu n d , $1,344,000 a re cancelled and $5,181,000
reserved to re tire u nderlying b onds. V. 85. p. 222; V. 92, p . 189. B oth
m ortgages are closed.
T w i n C ity L ig h t & T r a c tio n C o . —$58,000 1st m tg e. 25-year 6 % sinking fu n d
bonds, due J a n . 1 1935, a re held in tre a su ry ; $105,000 h av e been cancelled.
T h ere is a sinking fund of $8,000 per a n n u m . T h ey h av e been assum ed
by P u g e t Sound Pow er & L ight C o.
W a s h in g to n C o a st U t i l i t i e s . — $48,900 1st m tge. 6% sinking fu n d gold
bonds, due Sept. 1 1941, a re held in tre a su ry ; $77,600 h a v e been cancelled.
Assumed by P u g e t Sound Pow er & L ight C o. C all, w hole or p a r t a t 105
and in t. T h ere is a sinking fund of 2% p e r an n u m , pay ab le J u n e 1, of
bonds o u tsta n d in g , including tre a su ry bonds.
P u g e t S o u n d P o w e r C o . — M ortgage is closed B o th p rin . a nd In t., as well
as sinking fund p ay m en ts, a re g u a r, by th e S eattle E lec tric C o. C an be ex­
changed for S eattle E lectric consol, and ref. 5% bonds, p a r for p a r. A
s in k i n g f u n d of 1 % per a n n u m of bonds o u tsta n d in g com m enced M arch 1
1906; $863,000 have been canceled. S ubject to call as a w hole (or in p a rt
for sinking fund) a t 110 and in te re st on a ny in te re st day.
Seattle-Everett bonds a re a d ire c t obligation of th e S eattle E lectric C o ., b u t
Puget Sound Pow er & L ig h t C o. has assum ed th e obligations of th e S eattle
Electric C o. w ith respect to th ese bonds. Pacific N o rth w e st T rac tio n C o.
has agreed to pay p rin cip al, in te re st and sinking fund p a y m e n ts on these
bonds a nd has m ortgaged its e n tire properties as security. T h e m ortgage
Is closed. A s i n k i n g f u n d of 1 % of a m o u n t of bonds o u t began M arch
1 1914. $600,000 n o t included in am o u n t rep o rted o u tsta n d in g a re h eld in
sinking fu n d uncanceled o r a re held in tre a su ry
B onds a re callable as a
whole o r in p a r t fo r sinking fu n d a t 105 a nd in t. See V . 88, p . 1062; V . 92,
p . 1244.
P u g e t S o u n d E le c tr ic R y . — O f th e first consol, m tge. $1,236,000 a re reserved
to re tire a like a m o u n t of T acom a R y. & Pow er C o. bonds an d $1,610,000
have been canceled. C allable as a w hole on any in t. d a te a t 110 & in t. A
s in k i n g f u n d of 1% of bonds certified, plu s 5% p e r a n n u m on bonds p u r­
chased for sinking fu n d began on J a n . 1 1907. Sufficient of consol, and
refunding bonds are reserved for underlying bonds, th e rem ainder is issuable
a t 80% of cost for a d d itio n s a nd im provem ents. M ortgage is closed.
T a c o m a R a ilw a y & P o w e r C o . — $264,000 are held by P u g e t Sound Electric
Co. A re n o t s u b jec t to call.
P a c ific T r a c tio n C o . — $500,000 w ere issued to re tire a like am o u n t o f old
f i r s t m o rtg a g e b o n d s e n tire $500,000 now in tre a su ry .
R em aining bonds re ­
served for fu tu re ad d itio n s and im provem ents, under restrictions. S ubject
to call a t 105 and in t. a t a n y tim e . S i n k i n g f u n d o f 1 % of bonds o utstan d in g
began J a n . 1 1914. B onds a re g u a r., p . i. & sink, fund by P u g e t Sd. E l. R y.
W h a tc o m C o u n ty R y . & L ig h t C o . — C allable as a whole on any in t. d a te a t
105 a nd in t. S i n k i n g f u n d of 1 % per a n n u m o f bonds o u tsta n d in g , if earned,
com m enced N o v . 1 1906: on N ov. 1 1911 becam e obligato ry. $481,000
bonds h a v e been cancelled. M o rtg ag e is closed. A ssum ed b y P u g e t
Sound Pow er & L ig h t C o.
Dividends.— An initial div . of 1 54 % was paid on th e 7% p rio r pref. stock
in April 1922. D ividends a t th e sam e ra te have been paid regularly q u a r­
terly since. On th e 6% pref. 1)4% q u a r. from organization to A pril 1915.
In Ju ly 1915 paid only H % , sam e ra te q u a r. to a n d incl. J a n . 1918. N one
to Ju ly 1919, w hen % % w as p a id . Sam e ra te paid q u a r. to Ju ly 1921,
when 1 )4% w as p a id . V. 112, p. 2643. Sam e ra te q u a r. to a nd including
O ct 1925. In F eb. 1922 th e d irectors declared a sto ck dividend of 20%
payable in 7% p rio r preference stock a t p a r. in a d ju stm e n t of b alance of
dividends a ccum ulated on th e pref. stock a fte r th e p a y m e n t of an extra
cash dividend of $2 50 on th e u n stam p ed and 25 cents p e r share on the
stam ped stock. V. 114, p. 739.
On com . first d iv .— 1% — p aid A pril 1912; J u ly , 1% ; O c t., 1% . In
1913, 4 % . In 1914, J a n ., 1% ; A pril, 1% ; J u ly , 1% . O ctober dividend
passed (V. 99, p. 895): none to J u ly 1922, w hen 1% w as p a id . In O ct.
1922. 1% . In 1923, J a n .. 1% ; A pril, 1% ; J u ly , 1% : O c t., 1% . In 1924.
J a n ., 1% ; A pril, 1% ; J u ly , 1% : O c t., $1, and $1 a u a r. since, incl. A pril
1926. T h e J u ly 1926 dividend w as passed. F o r exp lan atio n of th e reasons
given b y th e co., see V. 123, p. 85.
E A R N IN G S .— F o r c alen d a r years (including subsidiary cos.);
A vail, for
In t. & A m ort.
Res., Relir.
Gross
N et A fter
Less N onE arnings.
Taxes.
Oper-Income.
cfe D ivs.
$2,677,217
1925_____ ..-$ 1 2 ,8 4 2 ,2 7 5
$4,862,760
a $ 2 ,185.543
1924_____ . . . 12.539.869
b l .976,262
2.606,797
4,583.059
2,987,402
1923_____ . . . 12.424.708
1,882,012
4,869,414
1922_____ . . . 10.477.610
4,378.584
1,736,633
2,641,951
2,358,892
1921_____ . . . 10.038,544
1,796,359
4,155,251
1,888.102
2,418,445
1920_____ . . . 10,000.430
4,306.547
1919........... . . . 9,770,666
1,936,167
1,349.797
3,285.964
2,422,552
1,551,857
1918_____ . . . 11,774,780
3.974,409
A ug
192)
1,621,782
1,979,061
1917_____ . . . 1 9.454,861
3,600.843
1,860,376
1,126.000
1916_____ . . . 8,107,371
2,986.376
a O ther incom e, $590,342; in te re st and a m o rt., $2,775,844. b O ther
incom e, $631,992; in te re st an d a m o rt., $2,608,254.
Latest E arnings.■ F o r 12 m os. ended J u ly 31 (of co. an d subsid. cos_.):
—
1926.
1925.
Feb
11937
G ross earnings_________________________________ $13,178,692 $12,623,529
N e t a fte r ta x e s _________________________________
5,140,229
4,721,912
April from C
Incom e 1 192s ity of S e a ttle U tilities b o n d s _______
566,046
607,696
In te re s t a n d a m o rtiz a tio n ________________________ 3,063,130 2,692,920
A vail, fo r reserves, re tire m e n ts & d iv id e n d s___ $2,643,145 $2,636,688
O F F IC E R S .— C h airm a n of B o ard , Frederick S. P r a tt; P res., W. W .
Leonard; V .-P ., W . H . M c G ra th and D onald C . B arnes; C lerk, W illiam T .
C raw ford; Sec., Jam e s B . H ow e, S eattle; T re a s., H enry B. Saw yer; G en.
M g r., Stone V W eb ste r, In c .— V. 121, p . 1103, 2274, 2404, 3005; V. 122,
p . 1312, 2331, 3341; V . 123, p . 85, 1252.

THE WASHINGTON WATER POWER CO.
O R G A N IZ A T IO N .— C h artered in W ashington M arch 13 1889 for 50
years. Owns all th e p ro p e rty form erly belonging to th e following cos.:
Big B end L ight & Pow er C o ., Edison E lectric Illum inating C o ., P o st Falls
W ater Pow er C o ., Spokane C o u n ty E lectric Co.
Owns th e en tire cap ital stock of th e Idaho-W ashington L ig h t & Pow er
C o. a nd th e S t. M aries L ight & Power C o ., acquired J u ly 1 1913. V. 97,
p.523. T h e Shoshone C o u n ty Pow er C o. organized M a y 26 1917, and
S pokane C en tra l H eating C o ., acquired M ay 2 1919, and In te rm o u n tain
Pow er C o ., acquired J u ly 1 1922, and th e O kanogan V alley Pow er C o.,
acquired J a n . 1 1923.
T h e s tre e t railw ay properties of T h e W ashington W a te r Pow er C o. and
those of th e S pokane C ity R ys. C o. were sold on J u n e 30 1922 to Spokane
U nited R ys. (see below ), th u s consolidating these com peting s tre e t railw ays
in a new corporation in which th e W ashington W a te r Pow er C o. ow ns a
controlling in te re st.
In Ju n e 1925 purchased th e N ine M ile hydro-electric p la n t w ith a n in­
stalled generating c ap a c ity of 16.000 h . d .. from th e Spokane & E a ste rn
R y. & Pow er C o. F o r a term of years power for th e op e ra tio n of the
Spok. & E a s t. R y . & Pow er C o .’s ry . system will be fu rn ish e d . V . 120,
p. 3316.
D uring 1925 acquired th e C helan E lectric C o ., a su bsidiary of G reat
N o rth e rn R y ., ow ning a pow er site, on th e C helan R iver in c en tra l W ashing­
ton a nd certa in storage rig h ts on L ake C helan. C o. in ten d s to build a
p la n t of an in itia l cap acity of 30,000 h .p . to be placed in operation in 1927
and an u ltim a te c ap a c ity of 120,000 h .p . U nder c o n tra c t co. is to provide
th e electric pow er necessary for th e fu tu re electrification of th e G re a t
N o rth e rn R y. betw een W enatchee, W ashington, a n d T ro y , M o n t., w hen
a nd if u n d e rta k e n . See. V. 122, p 1172.

258

P U B L IC

F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns all th e w ater pow er on th e Spokane R iver a t S pokane, W ash.; also at
Long L ak e, L ittle F alls an d N in e M ile, W ash ., an d P o s t F alls, Id a h o .
On C olum bia R iv er a t K e ttle F alls, W ash. Owns h y d ra u lic pow er p la n ts
w ith ra te d c a p a c ity as follows: 11,800 h .p . in M onroe S t. p la n t, Spokane;
13,400 h .p . in U p p er F alls p la n t, Spokane, com pleted in 1922; 15,000 h .p .
a t P o s t F alls, Id a h o ; 32,800 h .p . a t L ittle F alls, W ash .; 94,000 h .p . a t Long
L ak e, W ash .; 4,300 h .p . on Sim ilkam een R iv er n ear O roville, W ash.; to ta l,
incl. th e N in e M ile p la n t (see ab ove), 187,300 h .p .; 59 su b -statio n s. Owns
and o p erates 1,264 m iles o f h igh-tension tra n sm issio n lines a n d 1,273 m iles
o f service lines.
O p erates electric lig h t a n d pow er d istrib u tin g system s in p a r t of Spokane,
A lbion, A lm ira, B elm o n t, B rew ster, B rid g ep o rt, C olfax, C re sto n , C olton,
D a v e n p o rt, D iam o nd , E n d ic o tt, E lb e rto n , E p h ra ta , F a rm in g to n , G ovan
G arfield, H a rtlin e , H a rrin g to n , Jo h n so n , K ru p p , L ak e C helan, L a ta h ,
L in d , M ansfield., N ep p el, O akesdale, O dessa, O kanogan, O m ak, O roville,
P alo u se, P a te ro s, P u llm an , Q uincy, R itzville, R eard an , R iverside, R ock­
ford, S t. Jo h n , S prague, S tratfo rd , Spangle, T ekoa, T o n a sk et, W ilson C reek,
U n io n to w n , W ilbur, in W ashington an d Genesee, M oscow , O sborne
an d S t. M aries in Id ah o ; also supplies pow er for o p eratio n of o th er
com panies a t C heney. C la rk sto n , Coulee C ity , F airfield, L a C rosse,
M ed ical L ake, N e w p o rt, S tep to e In W ashington, a n d C oeur d ’Alene,
H arriso n , J u lia e tta , K ellogg, K en d rick , Lew iston, P o st Falls, R a th d ru m ,
P lu m m er, T ro y , W allace a n d W ard n er in Id ah o : also furnishes an d d is­
trib u te s pow er for m ining a n d sm elting purposes in th e C oeur d ’Alene
d is tric t or Id a h o .
In N o v . 1917 en tered in to a c o n tra c t w ith th e In te r m o u n tain Pow er Co
to fu rn ish pow er for th e o p eratio n of the tra in s o f th e C hicago M ilw aukee
S t. P a u l R y . C o. over th e electrified section o f its ro ad on th e western
extension over th e C ascade M o u n tain s. C o. began supp ly in g pow er for use
of th e ra ilro ad in th e sum m er o f 1919.
F r a n c h i s e s . — F o r electric lig h tin g an d pow er in Spokane ru n to J u n e 1 1944
In sm aller tow ns vario u s le n g th s, u p to 50 years.
Acquisition o f K ettle Falls Power S ite.— In 1921 acq u ired pow er site on
th e C olum bia R iv er a t K e ttle F alls, W ash ., and on Ju ly 26 1922 was
g ran ted p relim in ary p e rm it b y th e Fed eral Pow er C om m ission for the
construction o f th e p la n t.
On M a rc h 8 1926 sto ck h o ld ers increased th e c ap ital sto ck fro m $35,000,000
to $40,000,000, p a r $100, th e $5,000,000 increase being p re f. stock rof a
dividend ra te n o t to exceed 7% p e r an n u m .
Stockholders o f reco rd A pril 6 1925 w ere given th e rig h t to subscribe a t
p a r on or before J u n e 1 1925 to new c ap ital s t ck in th e ra tio of one new
for each existing 10 sh ares.— V . 120, p . 1749.
S T O C K A N D B O N D S — D ate.
Interest. O utstanding. M aturity.
C om $35,000,000 ($100) _____ ____
Q -J
$25,133,200 O c t '26 2%
6% cu m p re f $5,000,000 ( $ 1 0 0 ) ____
6M Q-M
2,058,500 See te x t.
1st consol m tg e an d co llateral ( 1899 5 g J - J
214,000 J u ly 1 1929
t r u s t , $ 2 ,0 0 0 ,0 0 0 , g o ld ]In te re st a t F a rm e rs’ L oan & T ru s t C o.,
($1,000) (closed)_____c.*&r I N ew Y o rk , successor tru ste e .
1st re f m tg e. $15,000,000 g / 1909 5 J - J
5,251,000 J u ly 1 1939
($1,000) (closed) c*&r* c p t \ I n t . a t F a rm e rs’ L . & T r. C o ., N . Y ., tru s te e
G en m tg e ser A $10,000,000/ 1926 5 g J-D
5,000,000 J u n e 1 1956
($ 1 ,000)______________c * tf (C e n tra l U nion T ru st C o. o f N . Y ., tru ste e .
30-year d e b e n tu re s ___________ 1909 3-4-5 M -N
1,400,000 M a y 1 1939
S to c k .' — P ref. sto ck is p re fe rred as to cum ul. divs. a n d assets. W as sold
to custo m ers on in sta llm e n t p la n .
Bonds.— S inking fu n d o f 2% p e r a n n u m o f 1st ref. m tg e. b onds o u t. began
S ept. 1909 fo r p u rc h a se o f bon d s a t n o t exceeding 110 an d in t., b u t bonds
c an n o t b e d raw n . B onds a re re d . as a w hole a t option of co. a t 110 a nd in t.
V. 88, p . 54, 1003. B onds a re listed on N . Y . Stock E x ch an ge. Y. 89, p.
1544; V . 104, p . 1900, 2120. T h e gen. mtge. bonds a re secured b y a direct
m tge. on th e e n tire p ro p e rty o f th e co. (except certa in p ro p e rty n o t required
for successful o p e ra tio n ), su b ject to $5,493,000 closed p rio r liens, a nd in
ad d itio n b y pledge o f th e en tire o u tsta n d in g cap . sto ck of th e c o .’s w hollyow ned subs. So long as an y gen. m tg e. b o n d s are o u tsta n d in g no a d d ’l
m tge. in d eb ted n ess o r ad d itio n a l sto ck issues o f w holly-ow ned subsidiaries
m ay be m ad e unless pledged u n d e r th e gen. m tg e. In ad d itio n to th e
au th o rized $10,000,000 series A 5% bo n d s, ad d itio n al bon d s m a y be issued
(a) $5,739,000 fo r re tirin g p rio r liens of th e W ashington W ater Pow er Co.
a n d O kanogan V alley Pow er C o ., a w holly-ow ned subsidiary; a n d (b)
$9,261,000 p ro v id e d n e t earnings o f th e co. fo r 12 consecutive o u t of p re ­
ceding 15 m o n th s h a v e n o t been less th a n tw ice a n n u al in te re s t on aggre­
g ate fu n d e d d e b t, incl. new issue. B onds ad d itio n al to above $25,000,000
m ay be issued fo r 75% o f a d d itio n s, &c., su b ject to foregoing earnings
p rovision. R ed . as a w hole on 80 d a y s ’ notice a t 105 an d in t. on or before
Ju n e 1 1931 an d a t 1% less fo r each 5 y e a r period th e re a fte r, b u t a t n o t
less th a n 10014 a n d in t. A p p licatio n fo r listing on th e N . Y . S to c k rE x change w as to be m ad e. I n M a y 1926 W hite, W eld A C o. sold $5,000,000
series A 5% a t 10014 a n d in t., y ielding 4 .9 5 % . V. 122, p . 3085.
C o. offered to holders of 2-yr. 6% notes, due Feb. 2 1926, to extend them
a t 5% p e r a n n u m to J u n e 2 1926, a t w hich tim e co. in te n d e d to issue 5%
general m tg e. b o n d s. All n o teh o ld ers n o t availing them selves of th is offer
w ere p a id in fu ll a t m a tu rity . V. 122, p . 215. $1,380,500 w ere offered
for extension a t 5% to J u n e 2 1926.
Dividends.-—O n 614% p ref. a n in itia l q u a r. d iv . of l b % in S ept. 1926
A
was p a id . On com m on in 1900, 3 % ; 1901, 4 )4 % ; 1902, 5 )4 % ; years
1903 a n d 1904, 6% each; 1905 to 1909, 7% each; 1910 to 1913, 8% each:
1914, 7 )4 % ; 1915, 5 H % ; 1916, 4 M % ; 1917 a n d 1918, 4% each; 1919,
4 )4 % ; 1920, 6 )4 % ; 1921, 7 % ; 1922 to 1926, in cl., each 8 % .
E A R N IN G S .'— F o r calen d ar years:
Gross.
N et, a ft. Tax. I n t., &c.
D ividends. B al.,Sur.
1925___________ $5,807,432 $3,444,152 $1,585,077 $1,704,238 $154,837
1924___________ 5,299,927
3,094,159
1,427,418
1,625,560 41,181
1923___________ 5,087,336
2,957,840
1,340.814
1.575,106 41.920
Latest E arnings.— F o rt9 m o n th s ended Sept. 30;
1926.
1925.
1924.
1923.
G ross re v e n u e ___________$4,446,688 $4,186,363 $3,885,475 $3,707,762
O p eratin g expenses_____ 1,343,000
1,217,004
1,152,846
1,101,797
T axes (incl. incom e ta x ) .
529,664
505,605
484,586
493,450
I n te re s t_______________
414,659
513,058
450,189
459,578
P ro fit A loss, p rio r y e ars. C r.13,799
C r.2,312 r D r. 15,370
Cr. 1,167
N e t e arn s, a v ail, for
d iv s. a n d re tir. e x p . $2,173,163 $1,953,008 $1,782,484 $1,654,105
O F F IC E R S .— P re s ., D . L . H u n tin g to n ; C h airm an o f E xec. C om m , and
V ,-P .. W . J . C . W akefield: V .-P . & G en. M g r.. M . W . B irk e tt: Sec. &
T rea s., V. G . Shinkle; A u d ., W . F . M iller.— V. 121, p . 77, 332, 1229,
1910 , 2754; V . 122, p . 215, 885, 1172, 2332, 3085; V. 123, p . 456, 713,
1253, 1998.

SPOKANE & EASTERN RAILWAY & POWER CO.

O R G A N IZ A T IO N .— In c o rp o rate d in W ashington J a n . 3 1920. T he
p ro p erty of th e Spokane & In la n d E m p ire R R . C o. was p u rchased a t fore­
closure sale on N o v . 1 1919 b y G eorge H . T ay lo r, rep resenting th e bond­
holders’ p ro te c tiv e c o m m ittee, n am ed below . (For h isto ry of Spokane
& In la n d E m p ire R R . see “ E lectric R ailw ay ” Supplem ent of A pril 24
1920.) M r. T a y lo r th e n tra n sfe rre d th e stre e t railw ay lines a nd pas­
senger a n d freig h t term in als in Spokane, th e hydro-electric sta tio n know n
as th e N in e M ile Pow er P la n t an d th e electrically equipped in te ru rb an
line fro m Spokane to C o eu r d ’Alene C ity an d H ay d en L ake, Id a h o ,
to th e Spokane a n d E a s te rn R y . & Pow er C o ., receiving in p a y m e n t therefor
th e e n tire o u tsta n d in g c a p ita l sto ck o f $3,000,000, th e e n tire o u tsta n d in g
a n d au th o rized issue of $3,000,000 first a n d gen. m tg e. 5% 5-yr. gold bonds
d a te d F e b . 1 1920 an d th e d em an d n o tes for $150,000 b earing in t. a t 6% .
T hese securities h av e all been tra n sfe rre d to th e co m m ittee a n d a re held
for th e b en efit of th e dep o sitin g b ondholders. On Ju ly 1 1925 sold the
N ine-M ile h ydro-electric p la n t a n d su b sta tio n A in Spokane to th e W ash­
in g to n W a te r Pow er C o ., also $525,000 com m on a n d $330,000 p re f. stock
o f Spokane U n ited R y s.— V . 120, p . 3316.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
In te ru rb a n line has passenger te rm in a l a n d office building in S pokane. T he
line to C o eu r d ’Alene C ity a n d H a y d en L ak e includes 53.114 m iles m ain
tra c k , 16.854 m iles second a n d 22.128 m iles y a rd a n d sidings. E q u ip m en t
consists o f 4 locom otives, 35 passenger, 145 freig h t, 9 w ork cars.
Committee for Spokane & In la n d Em pire RR. 1st & Ref. \d. 5s.— C h airm a n ,
A lb ert W . H arris; E . D . A lder, C h ester A. C ook, H olm es F o rsy th , Jo h n C.
P a rtrid g e ; Sec., C h ester C orey, 202 H a rris T ru st B ld g ., C hicago, 111.
D e p o sitary : F irs t T r u s t & Savings B an k , C hicago, 111. Y . 109, p . 1367. A t
la st a cco u n ts $3,627,000 o u t of a to ta l o u tsta n d in g issue of $3,668,000 h a d
been deposited.
M u n icip al lig h tin g franchise in Spokane expires in 1945.
Consolidation o f Street Railway Properties.— T h e stre e t railw ay system
owned b y th e co. w as tra n sfe rre d on Ju ly 1 1922 to th e Spokane U n ited R y s .,
which also acquired th e s tre e t railw ays ow ned b y th e W ashington W ater




[V ol. 123,

U T IL IT IE S

Pow er C o. Securities of th e Spokane U nited R y s. accepted in p a y m e n t for
th e p ro p e rty tra n sfe rre d . See “ Sponane U nited R y s. below .
T h e 1st m tge. 5s, w hich m a tu re d F eb . 1 1925, h a d n o t been p a id u p to
A pril 1 1925, n o r h a d a n y provision been m ade u p to t h a t tim e fo r exten­
sion. I n t. accrues a t 5 % .
ST O C K A N D B O N D S — Date.
Interest. O utstanding. M aturity.
Stock $3,000,000 ($100)___________
_________ $3,000,000 ____________
1st m tg e bonds $3,000,000/ 1920 6 F-A 1
788,523 F e b . 1 1925
($1,000)____________ c & rtf l i n t . a t H a rris T r. & Sav. B k ., C hicago, tru s t.
C d ’A & S 1st M $500,000 g / 1903
5 g J-J
442,000 J a n . 1 1929
($100, $500 & $ l,0 0 0 ) .c * tf \I n t. a t T itle G u ar. & T r . C o ., N . Y ., tru s te e .
Bonds.— T h e 1st m tg e. bonds w ere extended. N o f u r th e r p a rtic u la rs
available. On th e C oeur d ’A lene & Spokane R y . b onds a sinking fu n d of
5% of n e t earnings is p ro v id e d . B onds a re su b jec t to call a t 105 an d in t.
E A R N IN G S .— C alendar years;
B al.,Sur.
Calendar Year—
Gross.
N et aft. Tax.
Interest.
$18,580
1925____________
-$585,830
$148,083
$129,503
d e f.16,704
1924___________ ________ 730,874
„ 70,425
187,129
53,429
1923_____
777,825
241,938
187,828
114,291
1922..................
798,028
302.990
188.700
O F F IC E R S .— P re s ., M . H . M acL ean; V .-P ., J . W . E sm ond; A sst. G en.
M g r., W . P . Jo h n sto n ; T re a s., O. K . R esum ; Sec. & A u d ., W . F . C hasse.
— V . 116, p . 948, 2360 V. 115, p . 545, 1839; V . 120, p . 3316.
(1) IN L A N D E M P IR E R A IL R O A D C O ,
O R G A N IZ A T IO N .— In co rp . in W ash, J a n . 3 1920. T h e p ro p e rty of th e
Spokane & In la n d E m p ire R R . C o. w as purchased a t foreclosure sale on
N ov. 1 1919 b y G eorge H . T a y lo r. F o r h isto ry , see “ E lec tric R ailw ay ” Sec­
tio n for A p r. 24 1920 M r. T a y lo r th e n tran sferred th e so-called In la n d D ivi­
sion to th e In la n d E m p ire R R . C o ., receiving in p a y m e n t th e re fo r th e entire
o u tsta n d in g c ap ital stock of $1,000,000 a nd th e e n tire o u tsta n d in g a nd a u th .
issue of $1,000,000 1st m tge. 5% 5-yr. gold bonds, d a te d F e b . 1 1920. These
securities h av e all been tra n sfe rre d to th e com m ittee for th e Spokane & In ­
land E m p ire R R . 1st & ref. m tge. 5s (see S pokane & E a s te rn R y . & Pow er
C o. above) an d a re held for th e b enefit of th e depositing b o ndholders.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns a nd operates 125.718 miles m ain tra c k and. 19.670 m iles y a rd a nd
sidings. E x ten d s from T e rm in al J u n c tio n , w hich is a t th e o u tsk irts of
Spokane, to C olfax, W ash ., a n d M oscow , Id a h o . E q u ip m e n t consists of
9 locom otives, 19 passenger, 142 freig h t, 9 w ork cars.
E A R N IN G S .— F o r calen d ar years:
1925.
1924.
1923.
1922.
G r o s s _________________
$477,919
$493,336
$466,956
$492,240
N e t, a fte r ta x e s ________ def86,067
def84,538 d e fl47,500 defl06,987
77,913
72,410
60,256
53,460
I n t e r e s t _______________
B alance, d e fic it_________ d e fl63,980
156,948
207,827
160,646
O F F IC E R S .— P re s ., M . H . M acL ean; A sst. G en. M g r., W . P . Joh n sto n ;
Sec. & A u d ., W . F . C hasse; T re a s ., O. K . R esum .— Y . I l l , p . 2228; V . 112,
p. 849.

SPOKANE UNITED RAILWAYS.
O R G A N IZ A T IO N .— C h arte re d in W ashington M a y 5 1922 for 50 y ears.
Acquired b y pu rch ase th e s tre e t railw ay system s in Spokane ow ned b y th e
W ashington W ater Pow er C o. and th e Spokane C ity R ailw ays C o ., w hich
com panies ow ned all of th e p ro p e rty form erly belonging to th e following
com panies; C ity P a rk T ra n s it C o ., F alls C ity L an d & Im p ro v em en t C o .,
A rlington H eights M o to r R y . C o ., Ross P a rk S tree t R y . C o ., Spokane C able
R y. C o ., Spokane E lectric R y . C o ., Spokane S tree t R y . C o ., S pokane T ra c ­
tion C o. Franchises for s tre e t railw ay ru n for 25 years from Ju ly 1 1922.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
System consists of 110.5 m iles o f tra c k , occupying 73.989 miles of stre ets
S tandard gauge, 60 to 70-lb. T rails a nd 99 to 108-lb. g irder.
C A P IT A L IZ A T IO N .— C om m on sto ck , $1,500,000 (par $100); 7% p re f.
sto ck , $2,000,000 (p a r $100); f ir s t m tge. bonds, $1,942,000.
E A R N IN G S .-—F o r calen d ar y e a rs1925.
1924.
1923.
G ross______________________________ $1,317,197 $1,386,600 $1,489,865
N e t, a fte r ta x e s ____________________
150,550
214,574
212,494
Latest Earnings.— F o r 8 m os. end. A ug. 31 1926: G ross, $904,831, a nd
n e t, a fte r ta x e s, $89,579.
O F F IC E R S .— P re s ., D . L . H u n tin g to n ; V .-P . & G en. M g r., M . W .
B irkett; Sec.-T reas., V . G . Shinkle; A u d ., W . F . M iller.— V . 115, p . 545.

SEATTLE & RAINIER VALLEY RAILWAY CO.
Possible Purchase by City.— F o r te rm s upon w hich co. w ould be willing
co sell its stre e t railw ay p ro p e rty to th e city of S e a ttle see th is section of
A pril 24 1920. In A ug. 1924 i t was re p o rte d th a t th e S e a ttle C ity Council
had agreed to e n te r in to negotiations w ith th e com pany looking to w a rd the
purchase of th e c o m p a n y ’s lines. V . 119, p . 812. In D ec. 1925 th e C ity
C ouncil offered $1,200,000. V . 121, p . 3132.
O R G A N IZ A T IO N .— In co rp . in D el. on J u n e 8 1916 as successor to th e
Seattle R en to n & Southern R y ., w hich w as bid in a t foreclosure sale on
M ay 12 1916 b y A tto rn e y Jo h n C . H iggins, rep resen tin g th e bondholders
(there w ere $825,000 1st 5s outstan d in g ) a n d com m on claim an ts u n d e r th e
plan of reorganization. V. 102, p . 2078.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
24.863 m iles of tra c k , from S eattle to C olum bia C ity , H illm an, R ainier
B each a nd R enton. R ails, 60, 70 and 75-lb. T . S ta n d a rd gauge. 34 passen­
ger cars, 21 freig h t cars, 2 locom otives a n d 1 line c ar.
C A P IT A L IZ A T IO N .— H as $250,000 com . sto ck a nd $110,000 p re f.
stock (par $100) a u thorized a n d o u tsta n d in g . Also has o u tsta n d in g
$484,000 6% first m tge. bonds, $577,500 5% gen. m tge. bonds an d $400,000
6% incom e m ortgage bonds.
E A R N IN G S .— F o r calen d ar years:
1925.
1924.
1923.
1922.
G r o s s _________________
$403,394
$426,596
$460,610
$508,543
N e t___________________
115,123
127,062,
157,890
165,713
O F F IC E R S .— P re s ., M arsh a ll E . Sam psell, C hicago; V .-P ., & G en. M g r
W alter M . B row n: Sec. & A sst. T re a s ., L eroy J . C lark; T rea s. & A sst. Sec.,
P . C . E ic h h o rn .— V . 120, p . 1748; V . 121, p . 3132.

MONTANA
MONTANA POWER CO. (THE).

O R G A N IZ A T IO N .— In c o rp . in N ew Jersey D ec. 12 1912 as a consolida­
tion, p e r p la n V . 95, p . 1334. C o. ow ns th e e n tire c ap ita l sto ck (except
d ire c to rs’ shares) of G re a t F alls Pow er C o., T hom pson F alls Pow er C o .,
M o n ta n a R eservoir & Irrig a tio n C o .. G re a t F alls W a te r Pow er & T ow nsite
C o. an d D eer Lodge E lec tric C o. In S ept. 1926 th e citizens of Glasgow,
M o n t., decided to sell th e ir m unicipal pow er p la n t to M o n ta n a P ow er Co.
V . 123, p . 1763.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Supplies to large m ines, sm elters an d electro-chem ical p la n ts , various cities,
&c., a n d h a s c o n tra c ts to fu rn ish electric pow er for o p e ra tio n of 438 m iles of
m ain line of C hicago M ilw . & S t. P a u l R y . betw een H a rlo w to n , M o n t.,
and A very, Id a ., now in op e ra tio n . V . 104, p . 1040.
T o tal com pleted c a p a c ity of p la n ts D ec. 31 1925, 227,000 k . w ., a n d 7,850
k . w . reserve c a p a c ity .
ST O C K A N D B O N D S .— Date.
Interest. O utstanding. M aturity.
C om m on $75,000,000 ($100)_______
Q -J
$49,633,300
See te x t
P re f 7% cum $25,000,000($100)_____
7 Q -J
9,784.600 O ct ’2 6 , 1 U
F irst & re f m tg e $75,000,0001
1913 5 g J - J
25,086,800 J u ly 1 1943
Ser“ A ” ($100,& c)goldc*& r*/lnt. a t G u a ra n ty T r u s t C o ., N . Y ., tru ste e .
B u tte E lec & Pow er 1st m tg e l 1901
5 g J-D
3,532,000
See te x t
($1,000) g o ld )________ c * tf J ln t. a t U . S. M tg e. & T r. C o ., N . Y ., tru ste e .
M o n ta n a Pow er T ransm ission [ 1903 5 g F-A
436,500 A ug 11933
1st M (closed) g u a r ($500,j l n t . a t U . S. M tg e . & T r u s t C o ., N . Y .,
&c) gold ________________ t f ( tru s te e .
M adison R iver Pow 1st m tg e l
1905 5 g F-A
1,735,000 F eb 1 1935
(closed) guar ($1,006) g . _ t f J ln t. a t U . S. M tg e. & T r . C o ., N . Y ., tru s te e .
G re a t F alls Pow Co 1st m tg e l 1911
5 g M -N
2,998,000 M ay 1 1940
$15,000,000 ($1,000) g . c * t f j l n t . a t B an k ers T r u s t C o ., N . Y ., tru s te e .

O ct ., 1926.]

259

P O W E R , L IG H T A N D R A IL W A Y

Stock.— P ref. is re d . a t 120. B o th classes of stock are listed on th e N ew
Y o rk Stock E xchange.
F o r sale of sto ck on in sta llm e n t p la n to th e people o f M o n ta n a , see Y. 123,
p . 710.
Bonds.— T h e 1st & ref. 5s ($75,000,000 a u th . issue) are now a first lien on
a b o u t 76% of th e p resen t developed pow er p la n ts, 63% of th e p re sen t tra n s ­
m ission lines a n d 80% of th e u n d ev elo p ed w ater pow ers. A re fu rth e r
secu red b y pledge of $7,051,000 G re a t F alls Pow er C o. 1st m tg e. 5s.
a n d $3,409,000 Thom pson F alls Pow er C om pany first m o rtg age 5% b onds.
O f th e au th o rized bon d s (a) $9,284,500 reserved to re tire , p a r for p a r.
all o u tsta n d in g un derlying bonds; (b) rem ain d er issuable only w hen n e t e arn ­
ings are 1 % tim es th e e n tire b o n d in t. charges, in cl. in t. on bonds sought
to be issued, a n d then only for 80% of th e cash cost a n d fair value of a d d i­
tio n s, extensions or im p ts. C u m . sink, fu n d began in 1918. V. 98, p . 455
240, 159; V . 100, p . 646, 816, 984, 1514: V. 103, p . 1985; V. 106, p . 1039,
1342, 2014; V . 107, p . 2293, 2372. M tg e. provides for sinking fu n d of
H o f 1% a n n u ally , 1918 to 1922, in c l., a n d lU .% a n n u ally , 1923 to 1943
in c l., o f bonds o u tsta n d in g , in cl. su b . cos., an d underlying b onds. In
ad d itio n to a m o u n t rep o rted o u tsta n d in g , $1 398,200 are held in sink, fund
uncanceled and $2,257,000 are h eld in tre a su ry available for sale. C all, all
o r in p a r t on any in t. d a te since Ju ly 1918 a t 105 an d in t. L isted on
N . Y . Stock E xchange. V. 119, p . 2762.
B u tte E lec. & Pow er C o. 1st 5s m a tu re $25,000 y e arly to 1930 in c l.,
$229,000 on Ju n e 1 1931, balance in 1951. Sinking fu n d s provide for p a y ­
m e n t o f one-half of th e bonds th a t m a tu re in 1931 a n d on e-fourth of all th e
bon d s th a t m a tu re in 1951. V . 80, p. 713; V . 73, p . 139; V . 92, p . 1441;
V . 88, p . 1623. $1,093,000 w ere re tired a n d cancelled.
M adison R iver g u aran teed bonds are g u a r., p rin . an d in t., b y B u tte
E lec. & Pow . C o. A re call, a t 105 and in t. on an y in t. d a te . M tg e. p ro ­
vides for sinking fund-, see V . 81. p . 615. 1045: V. 84, p . 511; V . 87, p. 1482’
V . 90, p . 113. $812,000 hav e been re tire d and cancelled.
T ransm ission 5s are g u ar. p rin . and in t. by B u tte E lec. & Pow er C o.
C all, a t 105 & in t. M tg e. provides for sinking fu n d . See V. 81, p 615.
Y . 69, p . 1251. $197,590 hav e been re tired and canceled.
O f th e G reat F alls 5s of 1911, $2,998,000 are in h an d s of public, 2,002.000,
aliv e in sink, fu n d , a n d $7,051,000 are pledged u n d er 1st & re f. m tg e. of
1 9 1 3 , as will be an y fu rth e r issues o f th e $15,000,000 a u th o rized. Sinking
fu n d , 1% p er an n . C all, a t 107 >*. See V . 101, p . 1631; V. 94, p . 985, 914.
D ividends.— D ividends paid on p ref. in full to O ct. 1925. On com ­
m on, A pril 1913 to O ct. 1915, 14% q u a r.; J a n . an d A pril 1916, % % \ Ju ly
d iv . w as increased to 1% ; O ct. 1916, 1% ; 1917, J a n . an d A pril, 1% ; Ju ly ,
114% ; an d 25 cen ts e x tra to aid R ed Cross co n trib u tio n s. O ct. 1917 to
J u ly 1919. 114% q u a r.; O ct. 1919 to A pr. 1923 paid % of \% q u a r.: Ju ly
1923 to J a n . 1926 p a id 1% q u a r. In 1926, A p ril, 114% ; J u ly , 114%;
O c t., 114% - V . 122, p . 1170.
E A R N IN G S .— F o r calen d ar y ears:
Gross
N et, after
Interest, Pref.D ivs. Common
Balance,
E arnings.
Taxes.
D epr.,& c. (7 % p .a .) D ividends. Surplus.
1925 --$8,572,241 $5,466,642 $2,103,262 $684,922 $1,985,332 x$693,126
1924 . 8.032,201 4,972,241 2,061,008 684,922 1,985,332
240.979
1923 — 8,169.210 5,074.639 2.006,887
684,922 1,861,249
521,581
1922 „
7,356,239 4,525,373 2,088,505 677,684 1,488 999
270.185
1921 — 6.106,384 3,612,216 2.048,222
677,026 1.451.499 def564,531
1920
7.928,087 5,116.349 2.058.625 677.026 1,354.724 1,025,972
x D oes n o t in clu de $161,360 re fu n d of ta x e s, & c., ap p licable to previous
y e a rs .
Latest E arnings.— F o r 8 m o n th s ended A ug. 31 1926: G ross, $5,935,992;
op er. exp. & ta x e s (F ed eral incom e ta x e stim ate d ) ,$2,085,783; n e t, a fte r
ta x e s, $3,850,209; in t.., bond disc. & d ep rec., $1,417,624; balance for div s.
&C., $2,432,585.
O F F IC E R S .— P res., Jo h n D . R y an ; V .-P . & G en. M g r., F ra n k M . K err;
V .-P ., Fred erick S trauss; Sec. & T re a s ., J . F . D enison. Office, 25 B road­
w ay, N ew Y o rk .— V . 119, p . 702, 1964. 2762: V. 120. p . 212. 829. 1881,
2148; V. 121, p . 200, 459, 707; V. 122, p . 213, 1170, 2329; V. 123, p . 206,
455, 710, 1763.

ta n a . U pon com pletion of th e tra n sm issio n sy ste m , all p ro p e rties w ill be
in te rc o n n e cte d a n d service will be av ailab le to ap p ro x im a te ly 25 m ore tow ns.
L ig h t a n d pow er is fu rn ish e d th e c ity of W illiston, N . D ., a t w holesale.
S team h e atin g service is also supplied in th e c ity of G lendive, M o n t. V . 122,
p . 2799.
STO CK A N D BO N D S—
D ate.
Interest. Outstanding. M aturity.
________ 18,432 shs
C om m on 25,000 shs (no p a r ) . . ____
P re f $1,000,000 ($100)____________
________
$261,400
1st m tg e ($1,000-500 c * j— t f J 1926
7>'A g A-O 1,500,000 A pril 1 1945
(I n t. a t M in n eso ta L n. & T r . C o ., M in n ., tr .
Bonds.— T h e 1st mtge. bonds, dated A p r il 1 1926, a re secured b y a dire c t
1st m tg e . on th e e n tire p ro p e rties ow ned b y co. on A pril 1 1926, s u b jec t to
a $47,520 encum brance on a sm all p o rtio n o f th e p ro p e rty . As ad d itio n a l
sec u rity all of th e com m on sto ck of E a s te rn M o n ta n a L ig h t & Pow er C o .,
to g e th e r w ith a lease of its p ro p e rties to th is c o ., a re pledged w ith tru s te e .
C all., all or p a r t, on a n y in te re s t d a te on 30 d a y s ’ n otice a t p a r an d a p re ­
m ium o f M % for each 6 m o n th s of u n expired m a tu rity . In M a y 1926
M in n eso ta L oan & T r u s t C o ., M in n eap o lis, a n d Second W ard Securities
C o ., M ilw aukee, offered $1,500,000 of th e se b onds a t 99 % a n d in t., to yield
,
a b o u t 5 .6 0 % . V. 122, p . 2799.
E A R N IN G S .— F o r 12 m o n th s en d ed M arch 31 1926G ross earn in g s__________________________________________________ $379,354
O p eratin g expenses, m a in te n an c e a n d ta x e s _____________________ 249,155
N e t earn in g s_________________________________________________ $130,199
Incom e from leased p ro p e rty ____________________________________ 22,118
T o ta l n e t earnings before d e p re ciatio n a n d F e d e ra l ta x e s ______ $152,317
O F F IC E R S .— D irecto rs: C . C . Y aw key, B en A lexander, B row n K a tze n b a ch , H . L . G eisse, A . P . W oodson, W au sa u , W is., a n d R . M . H e sk e ttj
M inneapolis, M in n . P re s ., C . C . Y aw k ey .— V . 122, p . 2799.

B U T T E ELEC TR IC RAILW AY.

O R G A N IZ A T IO N .— T his com pany was incorp. in W est V irginia in
D ec. 1899 as successor of th e B u tte C onsolidated R y ., sold a t foreclosure.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perates 39.0857 m iles o f tra c k . 56, 60, 80, 85 a n d 90-lb. T ra ils. 61
passenger and 4 w ork cars.
All th e o u tsta n d in g 1st M tg e. 5s, due M arch 1 1925, were p a id off a t
m a tu rity . V. 120, p . 1088.
ST O C K A N D B O N D S —
Dale.
Interest. O utstanding.
M aturity.
Stock $1,000,000 (par $100)_______
M -N
x $ l,000,000 O c t.'0 6 ,2 %
x All owned b y W . A . C lark .
D ividends.— In 1905, 4 % ; in 1906, M ay , 2 % ; O c t., 2 % ; none since.
E A R N IN G S .— F o r cal. y e ar 1924, gross, $504,103: n e t a fte r taxes,
$20,748. In 1923, gross, $545,163; n e t a fte r taxes, $13,059. In 1922,
$529,784.
O F F IC E R S .— P res., W . A . C la rk , B u tte ; V .-P ., W . A. C lark J r.; Sec. &
T rea s., J . II . A nderson, 20 E xchange Place, N . Y .— V. 108, p . 1822:
V. 109. p . 676; V. 110, p . 2657; V. I l l , p . 73; V. 113, p . 530; V. 120, p . 1088

IDAHO
BOISE VALLEY T R A C T IO N CO.

O perations supervised b y E lectric Bond & Share Co.
C ontrolled th ro u g h stock ow nership by th e Idaho Pow er C o. (V. 104, p .
1 MS I. all of w hose com m on stock except d ire c to rs’ shares is in tu rn ow ned
T H E HELENA L IG H T & RAILW AY CO.
b y th e Pow er S ecurities C o rp ., a su b sid ia ry of E lec tric P r . & L t. C orp.
Protective Committees.— In A ug. 1925 th e following com m ittees w ere form ed
Id a h
C also ow
10-year 5% otes of
to p ro te c t th e in te re sts of holders o f th e $878,000 1st m tg e. bonds which T h e pany.o Pow er rao.tio n comns all th e $750,000 all th e ra ilw n y p ro p eth e
com
T he T c
pany owns in fee
a
rty
were due Sept. 1 1925, b u t for th e p a y m e n t of th e p rin cip al of w hich the of th e old Id a h o R y ., L ig h t & Pow er Co. except th e B oise R R . C o., L td .
com pany h ad no fu n d s av ailab le.
ar
V 113,
959).
Committee 1st mtge. 5% 20-yr. g. bonds.— R . "Walter Leigh, C hairm an; (now th e B oise S tree t aC bill C o. c om plaint,p .filed on S ept. 23 1925, tru stees
Receiver Sought.— ln
of
C . N . M ason, A. F . B eringer; Sec., L . W . O sborne, 31 N assau S tree t, New for th e Boise
1946, p e
Y o rk C ity ; Sim pson, T h a c h e r & B a rtle tt, 62 C ed ar S t., N ew Y ork C ity, a p p o in tm e n t of& In te ru rb a n d 1st m tg e . 5s, d ue m ortgage.titio n e d for th e
a receiver an foreclosure of th e
counsel. D epositaries: Irv in g B ank-C olum bia T r u s t C o ., 60 B roadw ay,
In te re s t on th e above issue w as d efaulted on A pril 1 1923.— V. 121, p . 1907.
N ew Y ork; B arclay ’s B an k , L td ., 168 Fen ch u rch S t., L ondon, E ng.:
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A m sterdam sche B ank, A m sterd am , H o llan d .
Committee 5% Preferred and Common Stock.— J . H . P ard ee, C hairm an; 72 miles single-track e q u iv a len t of in te ru rb a n lines.
P . G . Gossler, H . C. H opson; Sec., C . A . D o u g h erty , 33 L ib erty S t., New T h ere rem ains o u tsta n d in g a g st. th e p ro p e rty th e following issue of bonds.
Y o rk C ity . D epositaries: N a tio n a l B a n k of C om m erce, 31 N a ssau S t.,
BO ND S—
Date.
Interest. O utstanding. M aturity.
N ew Y o rk . V . 121, p . 1100.
Boise & In t 1st M $5,000,000/ 1906
5 g A-O
$964,000
1946
Foreclosure.— In N o v . 1925 th e Irv in g B an k-C olum bia T ru s t C o ., New
g ($ l,0 0 0 )s f& s u b to c a ll.c & rlln t. a t C olonial T ru s t C o ., P itts b ., tru s te e .
Y o rk , filed su it a t G re a t F alls to foreclose th e first m tg e. 5s. A . T . Schultz 10-year m ortgage n o te s______ 1915
5 F-A 24
*750,000 A ug 24 1925
was a p p o in te d receiver for th e co m p an y on N o v . 2 1925. V . 121, p . 2637.
* N ot p a id a t m a tu rity a n d now being carried as p a st d u e obligation.
O R G A N IZ A T IO N .— In c o rp . in C o n n ec tic u t on S ep t. 21 1905 as successor N o in te re st was p a id since J a n . 1 1925.
to th e H elena L ig h t & T rac tio n C o. V . 81, p . 1043. R ailw ay franchise
1922.
E A R N S .— C a l. Y rs .—
1924.
1923.
1925.
expires A pril 4 1926. E lectric an d gas franchises a re p e rp e tu a l. In 1925 G ross earn s, from o p e r ..
$340,051
$246,619
$250,627
$296,101
th e electric d e p a rtm e n t c o n trib u te d 65% o f to ta l gross incom e a n d 90%
311,632
258,989
252,296
O per. ex p ., incl. ta x e s ..
281,830
o f n e t o p eratin g incom e
N e t earn s, from oper.. def$5,677
$28,419
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
def$8,362
$14,271
545
3,156
C om prises th e en tire electric lig h t, gas an d s tre e t railw ay p roperties in the
17
c ity o f H elena, M o n t. O p erates 18.52 m iles o f m ain tra c k ; 18 passenger
T o ta l incom e . . _
_ def$5,660
def$8,362
$14,816
$31,575
cars, 3 m iscellaneous c ars. C o m p an y purchases its pow er for b o th electric
x85,700
x85.700
x85.700
85,880
an d railw ay d e p a rtm e n ts. T h e gas d e p a rtm e n t m akes w a ter gas, has 28.74 I n t. on bonds an d n o te s.
O ther in t. & d e d u ctio n s.
17.001
15,385
16.047
10,101
miles of 3-inch e q u iv a len t p ipe a n d a ho ld er of 140,000 cu . ft. c ap a c ity .
R enew al & re p la c ’t r e s . .
6,140
6,140
6,140
6,140
S T O C K A N D B O N D S— Date.
Interest. O utstanding. M aturity.
C o m m o n $900,000 ($100)__________
_________
$900,000 F e b .T 8 ,1 %
$114,501
$115,587
$93,071
$70,546
B alance, d e fic it______
P re f $600,000 5% cum ($ 1 0 0 )______
5 Q -F
600,000 N o v .’18,l>4
x T his represents 12 m o n th s in te re s t on $750,000 10-Y ear F irs t M tg e. 5%
F irst m ortgage $1,500,000/ 1905
5 g M -S
878,000 Sept. 1 1925
In te
y.
F irst
tg
gold ($1,000)__________ c * l l n t . a t Irv in g B ank-C ol. T r. C o ., N . Y ., tru s n o te s and $964,000 Boiseth& formru rb a n Rhas C o., L td ., since JMn .le. 5%
e
er issue
been paid
a
1925,
Stock.— Of th e a m o u n ts rep o rted o u tsta n d in g $339,000 com . a n d $226,000 bonds. No interest on
a n d in te re s t on th e la tte r issue w as d e fa u lte d A p ril 1 1923.
pref. are held b y a tru ste e for b en efit o f th e com pany.
O F F IC E R S .— P res., E . W . D ew ey; V .-P s ., D . F . M cG ee a n d W . R Bonds.— T h e 1st M . bonds a re su b ject to call a t 105 a n d in t.; $141,000 are
reserved for extens. a n d im p ts. a t 85% of cost. A sinking fu n d of 1 % per P u tn a m ; Sec., A. J . P riest; T re a s., A . E . Jan sse n .— V . 116, p . 1759; V . 114>
a n n . of bonds o u t com m enced J u n e 1 1908 and was increased to 2% %
n . 1650; V. 115, p. 2476; V. 116, p . 1759; V. 120, p . 2267, 3064; V. 121
p er an n u m Ju n e 1 1918; said fu n d to be used in re tirem e n t of bonds a t not p . 1907; V. 122, p . 2648.
higher th a n 105 and in t. See V. 81, p . 1550. $465,000 have been retired;
$16,000 held in tre a su ry . L isted on A m sterd am Stock E xchange.
D ividends.— 5% p er an n u m in q u a rte rly in stallm en ts w as p aid on pref.
sto ck to a n d incl. Sept. 1918. N one since. F irst d iv . on com ., 1% , paid
O ct. 31 1906. In 1907, 3 % . In 1909, 3 % . In 1910, 4 % . In 1911 and
1912, 5 % . In 1913, 2 H % . In 1916, 1 % . In 1917, 2 % . In Feb.
1918, 1 % . N one since.
E A R N IN G S .— F o r calen d ar years:
Cal. Year—
Gross.
after Taxes. B d s.,& c. Renew .Reserve. Surplus.
ELECTRIC POW ER & L IG H T C O R PO R A T IO N .
$46,772
$33,975
$29,273
1925 . . --------------$376,403
$110,020
95.600
45,891
33,975
15,734
1924 - - ................... 372,091
O perations supervised b y E lec tric B ond & Share Co.
29,563
1923
_________ 395.430
108,455
44,917
33,975
M aine early
to o k
46,462 of O R G A N IZ A T IO N .— In c o rp . in isto ry see ‘‘P in 1925; tility ”over th e assets
1922 . . _________ 408,312
126.372
33,075
46,835
e U
C orp. (for
C om
28,271 of th ov. ta h Securitiesnow holds a h sta n tia l m ublic U of all of th e pendium
109,726
32,642
1921 - - _________ 384,600
48,813
N
1 1924), an d
sub
a jo rity
common
O F F IC E R S .— P re s ., J . H . Pard ee; V .-P s., J . K . C h o ate, A . C oppell, stocks (and in some cases v a ry in g am ounts of pref. an d 2d p re f. stocks as
R . B . M arc h a n t; Sec. & T re a s., T . W . M o ffat; A sst. Sec., C . A . D o ugherty: well as certain indebtedness) of N ew O rleans P ublic Service In c .. D allas
A sst. T re a s ., H . B . B row n: A sst. Sec. & A sst. T re a s ., A . B . Sibley; G en. Pow er & L ig h t C o., D a lla s R ailw ay & T erm inal C o., Pow er Securities C orp.
M g r., A . T . Schultz. O perated un d er th e general m an ag em ent of T h e J . G.
(which owns all th e com . stock a nd certain o th e r securities of Id a h o Pow er
W h ite M g t. C o rp ., N . Y . C ity . P rin cip al office, 33 L ib erty S t., N . Y . C ity . C o.), A rk. C en tra l Pow . C o ., A rk. L t. & Pow . C®., M iss. Pow . & L t. C o .,
— V. 107, p . 181; Y. 110, p . 2657; V . 112, p. 2305; V . 113, p. 2311; V . 116. L ouisiana Pow . & L t. C o., C entral Louisiana Pow . C o., L ouisiana P ow . C o .,
p. 515; V . 117, p . 86, 893: V. 118, p . 550, 2948; V . 119, p . 2529; V . 120, p
Texas In te ru rb a n R y ., In te r-C ity T erm inal R y . C o., S outh N ew O rleans
1458; V . 121, p . 1100, 2637; V. 122, p . 2190.
L t. & T rac . C o. a n d th e W est N ew Orl. L t. & T r. C o. A ssets of U ta h Se­
curities C orp. acquired consisted of all o u tsta n d in g 2d pref. a n d com . stock
except d ire c to rs’ shares of U ta h P r. & L t. C o. On J u ly 7 1925 com pleted
MONTANA-DAKOTA POWER CO.
acquisition of p ro p e rties of Southern Pow . & L t. C o. V. 121, p . 197. See
O R G A N IZ A T IO N .— In c o rp . in 1926 as a consolidation of th e Jennison for exchange of stock u n d e r “ Southern P ow . & L t. C o ." V. 120, p . 2551.
L ig h t & Pow er C o ., Scobey U tility C o ., P len ty w o o d E lec tric C o ., U n ite d
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
P o w er C o ., L iste ru d P o w er C o ., W illiston L ig h t, H e a t & C oal C o. a n d a T h e com pany furnishes dire c tly or in d irectly, electric pow er an d lig h t a nd
n u m b er o f o th e r p ro p e rties o p e ra tin g in e aste rn M o n ta n a a n d w estern (or) gas, electric railw ay a n d o th e r public u tility service to 434 com m uniN o rth D a k o ta .
ities w ith a w ide in d u stria l an d geographical d iversification, lo c a ted in
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— A rkansas, M ississippi, L ouisiana, T exas, U ta h , C olorado, Id a h o , W yom ing,
C o. w ith its su b sid iary , th e Eastern M ontana Light & Power Co., ow ns a n d N e v ad a a nd Oregon, hav in g an aggregate p o pulation estim ated a t approxi­
o p e ra te s 4 m o d ern stea m g en eratin g s ta tio n s h a v in g an in sta lled cap a c ity m ately 1,653,000. T h e operatin g com panies ow n electric g enerating p la n ts
o f 6,000 h .p . (in th e G lendive p la n t, 2,500 k .w .a . a d d itio n a l c a p a c ity being of an aggregate installed c ap a c ity of 486,269 k . w .; 12,397 m iles of electric
In sta lle d ), to g e th e r w ith 334 m iles o f tran sm issio n lines, and has u n d e r transm ission and d istrib u tin g lines; gas w orks of 23,714,000 cu .ft. daily
e o n stru ctio n 166 m iles of ad d itio n a l tran sm issio n lines. E lec tric light a nd capacity; 704 miles of s tre et an d in te ru rb a n railw ay lines. T h e principal
pow er islbeing d istrib u te d a t re ta il to 35 tow ns in N o rth D a k o ta a n d M on­ operating com panies follow:




UTAH

360

P U B L IC

U T IL IT IE S

(1) N ev Ur leu n. Publii Service, Inc. t net- s ta te m e n t on a n o th e r page).
*
(2) D allas Power & Light Co. a n d D allas Ry. A Term inal Co. (see s tatem e n ts
cm a n o th e r p a g e ).
(3) Vtah Power A Light Co (see s ta te m e n t on a u o th e r p ag e).
(4) Idaho Power Co. (th e su b sid iary o f Pow er Securities C o rp .) supplies
th e e n tire electric pow er and lig h t service in an extensiv e section of southern
an d c en tra l Id a h o and eastern O regon, including th e cities of B oise, Tw in
F alls, P o catello , C aldw ell and N a m p a, and through its su b sid iary , N evada
Pow er C o ., In th e m ining d is tric t a d ja c e n t to Jarb id g e, N e v .. w ith a p opu­
la tio n in excess o f 150,000. F o r earnings 1925. see V. 122, p . 3606. T he
Boise V alley T rac tio n C o ., a n o th e r subsidiary, o p erates a n in te ru rb a n
railw ay b etw een Boise a n d C aldw ell.
(5) Texas Interurban Ry. o p erates a high-speed freig h t an d passenger ra il­
w ay b etw een D allas and D en to n and D allas and T e rrell, over 66 m iles
of tra c k . P o p u latio n served, 270,000.
(6) A rk a n sa s Light A Power Co and The Pine B lu ff Co. (see sep a ra te
s ta te m e n ts ). A rkansas Power A Light Co. form ed to m erge th e se a n d o th er
pro p erties. See sep arate s ta te m e n t. V . 123, p . 1875.
(7) A rkansas Cent)at Pawn Co. (see sep a ra te s ta te m e n t).
(8) M ississip p i Power A Light Co. (see sep a ra te s ta te m e n t).
T h e original au th o rized cap ital of th e com pany consisted of 500,000 shares
of 1st P re f., 120,000 shares of 2d P re f., Series A , a n d 2,400,000 shares of
C om m on sto ck .
On J u n e 29 1925 th e a u th o rized c ap ital stock w as increased to 4,020,000
shares w ith o u t p a r v alu e, d ivided as follows. (See V . 120, p . 3313; V. 121.
p. 74.)
S T O C K A N D B O N D S — D ate.
Interest. O utstanding. M a tu rity .
aO ption w arran ts to p u r com ______
_________
763.048 shs
C om m on 3,000,000 shs (no p a r ) ____
_________ 1 .6 2 6 ,0 6 l shs
1st p re f 800.000 shs (no p a r)_______
$7 Q -J
416.931 O ct'26.$1.75
2 d p fS e r A 120.000 shs(no p a r ) ______ $7
110,841 shs A ug’26,$1.75
2d p f SerAA 100 OOOsh (no p a r ) ___
_________
________ __________
a O p tio n w a rra n ts e n title holder to purchase an equal n u m b e r of shares
of com . stock a t $25 per sh are.
Stock.— Each sharp o f 2d p ref. stock Series A , w hen accom panied b y four
o p tio n w a rra n ts will be accepted a t $100 in p ay m en t for fo u r com . stock in
lieu o f cash . A ll th e 2d p re f. sto ck series A and th e 364,560 o p tion w a rra n ts
were originally p urchased by Electric Bond & Share C o. T he unissued
portion o f p ref. $7 cum . stock is represented by a llo tm e n t c ertifs. P ay­
m ents o f th e balance o f th e allo tm e n t price ($100 o f which $40 were originally
paid in) a re to b e called for a t in te rv a ls o f n o t less th a n 180 days, and no
single call to be for m ore th a n 10% o f th e allo tm en t p rice. N o call shall be
m ade before 1926. P u rch asers h av e th e o p tion, how ever, to a n tic ip ate
pay m e n t in whole o r in p a r t an d upon full p ay m en t to receive certificates
for th e p referred sto ck so paid for. and in ad d itio n )4 sh are of com m on
sto ck for each share o f p referred stock so received. T o all p aym ents
m u st b e added p ro p o rtio n a te accrued dividends. Preferred as to divi­
den d s a n d assets over th e 2d preferred and com m on stocks a nd entitled
in case o f liq u id a tio n , to $100 p er sh are and diva. R ed. all or p a r t upon 30
d a y s' n o tice a t $110 p e r sh are and d iv . Each sh are e n title s bolder to one
vote. In M arch 1925 B otib rlg h t & C o .. In c ., sold 400.000 sh ares $7 curaul
pref. a t 100 a n d d iv . (Initial p a y m e n t of $40 per sh are, p lu s divs. on am ount
paid) each sh are o f pref. carry in g , when tu lly p a id , M sh are of com . stock
V. 120, p . 1457.
Second p ref. sto ck Ser. “ AA” ran k s p ari passu w ith 2d p re f. sto ck Ser. “ A ”
V. 121, p . 74.
Preferred and com m on stocks and preferred allo tm en t c ertificates listed
on N . Y . Stock E xchange. V. 120. p. 1881. $7 cum . p re f. stock listed
on N . Y . Stock Exchange. V. 120 p. 2814.
E A R N IN G S .— C onsolidated earnings for calendar years:
1925.
1924.
G ross earnings o f subsidiaries___________ .*
________$44,614,878 $41,452.378
N et earnings of subsidiaries_____________________ 26.197,017 25.026,829
G ross earn s, o f E l. P r. & L t. C o rp ., incl. b a l. from
oper. o f subs, applicable to E l. P r. & L t. C orp.
a fte r renew al & replac. a p p ro p . of $3,637,068-In te re s t and expenses___________________________
P referred d iv id e n d s_____________________________
Second p re fe rred d iv id en d s_____________________

$18,417,861 $16,425,549
4,360,543
439,523
1,676.881
608.226

C om bined u n d istrib u te d incom e______________ $1,635,913
O F F IC E R S .— C h airm an o f B oard. S. Z. M itchell; P re s ., C . E . G roesbeck; V .-P s.. H . C . A bell. A . S. G renier. D . F . M cG ee a n d E . W H ill;
Sec., E . P . Sum m erson; T re a s ., A . C . R a y .— V. 120. p . 1326, 1457. 1881.
2550, 2814, 3064, 3313; V . 121, p . 74, 197. 457, 1347, 1568; V . 122, p . 2493;
V. 123, p . 1875.

UTAH POWtK & LIGHT CO.

O p eratio n s supervised by E lectric Bond & Share Co.
C ontrolled th ro u g h ow nership of all th e o u tsta n d in g com m on and 2d pref.
stocks, except d ire c to rs' sh ares, by E lectric Pow er & L ig h t C o rp ., w hich see
above.
O R G A N IZ A T IO N .— In co rp . in M aine Sept. 6 1912. C h a rte r unlim ited
Owns all th e bonds and c ap ital sto ck , except d irecto rs’ sh ares, of W estern
Colo. Pow er C o. and all th e sto ck , except d irecto rs' sh ares, o f U ta h L t. &
T rac . C o. Leases for 99 years from J a n . 11915 th e elec, pow er and light and
g as properties of th e la tte r and g uarantee.' pro and m t its $12,471 000
pub licly ow ned 1st & ref. 5s, d u e 1944. and $1,401,000 1st m tge. coll. 8%
bo n d s. In F eb . 1924 th e co m panv to o k over th e p ro p e rty o f th e E vanston
CVVyo.) E lectric L ig h t C o. V. 118. p . 909. In Ju ly 1924 p urchased th e
pow er p la n t a n d franchise o f th e W arm Springs Pow er Co. V. l 19, p . 326.
In D ec. 1925 acq u ired th e p ro p erties of th e V ernal (U tah) L ig h t C o. and
ob tain ed a 50-yr. franchise from th e C ity Council o f V ernal. V . 121, p .
2754. Also p u rch ased th e steam electric p la n t a n d d istrib u tio n system
of th e G reen R iv er (W yo.) E lectric L t. & P r. C o. V . 121, p . 3132.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
W ith its controlled cos. o p erates in an extensive te rrito ry in U ta h , south
e a s te rn Id a h o , W yom ing a n d southw estern Colorado, serving m ore th a n 211
com m unities, incl S alt L ake C ity , Ogden, Provo, L ogan, P a rk C ity,
A m erican F o rk , E u re k a , B righam an d Lehi, U tah ; Idaho Falls, R exburg,
P resto n , and M o n tp elier. Id ah o , and D u ran g o , T»lluride, M o ntrose, O uray
and D e lta , C olo.; to ta l popu latio n served estim ated a t 386,000. Supplies
pow er to th e B am berger E lectric R R C o .. Salt L ake & U ta h R R ., th e
U ta h -Id a h o C en tral R R . and S alt Lake G arfield & W estern R R . C o ., and
nu m ero u s in d u stria l enterprises. G en eratin g cap acity of th e com pany,
to g e th e r w ith th e W estern C olorado Pow er C o ., owned and leased, hydro­
electric, 168,402 k. w .; stea m , 38,290-k. w. Physical p ro p e rty incl. 1,992
m iles of h ig h -v o ltag e transm ission low er and pole lines a n d 2.632 miles of
electric d istrib u tin g sy stem ; gas holder c ap a c ity . 2411,000 cul ft.; gas m ains
42 m iles. G as an d electric c u sto m ers 97.771; g en eratin g sta tio n o u tp u t
12 m os. end. J u n e 30 1926, 822,475,000 k. w. h .; artifical gas o u tp u t
103,519.000 cu. ft.
Franchises are satisfa c to ry . In S alt L ake C ity franchise extends to
1955; In O gden to 1965; P ro v o , 1940: Logan, 1936: B ingham . 1953: Lehi
1962, and in P resto n , 1956. O th er less im p o rta n t franchises expire at
various d ates.
R a tes— V. I l l , p . 1662; V. 118, p . 3080
ST O C K A N D B O N D S —
Date.
Interest. Outstanding. M aturity.
C om m on stock ($35,000,000)..................................... $30,000,000 ----------------P f stk 7% c u m \$ 3 0 ,0 0 0 ,0 0 0 / ____
7 Q -J
21.056,400 O c t '26. 1 ’
4
2d p re f s to ck _ /
_
\ ____
1,000,000 O c t '26, 1 94
1st m tge ($100,000,000) go ld ) 1914 5 g F-A
25,847,000 Feb. 1 1944
($ 1 ,0 0 0 )____________ c * & rfG u a ra n ty T ru s t C o ., N ew Y ork, tru ste e
ls tlie n & g e n M ($ l 0 0 0 g ).c * tf\ 1921 6 g F-A
5,500,000 F eb. 1 1944
Series o f “ 6s due 1944"______/G u a ra n ty T r u s t C o ., N ew Y o rk , tru ste e
Series o f “ 7s due 1941"_______ 1921
7 g J -J
500,000 J a n . 11941
D eb bonds ser “ A ” ($100, ( 1922 6 g M -N
5,000,000 M a y 1 1922
$500 & $1,000 c* and $1,0001 C en tra l U nion T ru st C o ., tru ste e .
& $5,000 r*) g o ld_______ tf l
Stock.— 7% c u m u lativ e 1st pref. stock is redeem able a t 115 a nd accrued
dividends. T h e second preferred sto ck as a whole or in p a rt m ay cease
to be su b o rd in ate to th e preferred stock upon vote o f th e d irectors, w hen
ever n e t earnings for tw elve consecutive m o n th s w ithin th e fourteen m onths
Im m ediately preceding a n y ap p licatio n a re 2V£ tim es th e d iv . requirem ents
on th e p ref. stock th e n o u tsta n d in g , and th e ad d itio n al p ref. stock to be
issued in exchange for th e 2d pref. sto ck . $6,837,000 of th e 2d pref. stock
had been exchanged for th e first pref. stock as of Aug. 31 1925.
Bonds.— $6,000,000 are pledged under th e 1st lien & gen. m tge bonds
Series “ 7s d ue 1941" and Series “ 6s due 1944” ). leaving $25,847,000 outst'n®
In h an d s of public
R em aining bonds m ay be issued a t p a r only for 80% of
cost o f p e rm a n e n t im p ts., ex tens, or a d d itio n s w hen an n u al n e t earn s, are




[ V ol . 123.

tw ice th e in t. on bonds o u tsta n d in g and those proposed to be issued. Series
“ 6s due 1944” re d . a t 105 an d in t. on an y in t. d a te on 4 w eeks’ notice.
Sinking fu n d of th e 1st m tge. 5s began D ec. 31 1916 as follows: 1916 to
1918, 1% of bonds o u t; 1919 to 1932, 2 % ; 1934 to 1943, 2 )4 % . L iste d on
N . Y . Stock E xchange. V . 109, p. 688.
T h e 1st lien a nd general m ortgage series “ 7s d u e 1941” are secured by
pledge of $500,000 1st M . 5s. R ed. on 4 weeks' notice in blocks o f n o t less
th a n $250,000 a t 107J-S & in t. to & incl. J a n . 1 1924; a t 105 & in t. to a nd
‘ncl. J a n . 1 1931; a nd a t a prem ium of u, % >ess each y e ar th e re a fte r to
m a tu rity . V. 112 p. 478. T he first lien and gen. M tg e. serial “ 6s. due
1944," are secured b y a pledge of a n equal a m t. of 1st M . 5s. A re redeem a­
ble on four w eeks’ notice in blocks of n o t less th a n $250,000 a t 105 a n d in t. to
and incl. Feb. 1 1927; at 104 and int th e re a fte r to and incl. F eb . 1 1932; at
103 and in t. th e re a fte r to and incl. Feb. 1 1937: a nd th e re a fte r a t a prem ium
decreasing each year to 100H and in t. d u rin g th e la st y e ar p rio r to m a tu rity .
V. 113, p . 2081.
T h e 6% d e b en tu re b onds, ser. " A ,” are re d . a fte r M a y 1 1947 and u p to
and incl. O ct. 31 2016, all or p a rt, a t any tim e on 60 d a y s ’ no tice a t 110 and
Int.; th e re a fte r a t p a r and in t. P enna 4 mills ta x re fu n d e d . V 114, p .2 0 1 4 .
Dividends.— 7% is being paid on 1st pref. and 2d pref. s tic k s .
E A R N IN G S .— F o r calendar years (incl. W estern C olo. P ow er C o.):
Balance,
Bond In t. Other In t.
Gross
N et (after
Other
(N et).
Surplus.
YearEarnings.
Taxes). Income. A Disrt.
1925
___________$9,854,500 $5,006,289 $364,067 $1,957,350 $181,995 $3,231,011
1924
___________ 9,331.444 4.615.422 386,140 1.957,350 173,346 2.870,866
1923. - - 8,543.405
4.290.033 183,749
1.854 933 194.532 2,424.317
7.125.090
3.512.748 203.761
1.574.919 288.854 1,852.736
1 922..
Latest E arnings.— F o r years ended J u n e 30 (incl. W estern C olo. P o w . C o.):
Gross
N et (A fter
Other
Bond In t.. B al., Before
E arnings.
Taxes).
Incom e. A c .. Deduct. D ividends.
1926
_$10,206,212 $5,205,501 $429,472 $2,127,598 $3,507,375
_ 9,551,121 4,798,950
379.120
2,139,655
3,038,415
1925
E A R N IN G S .— o m b in ed earnings (inter-co. item s elim inated) of co. and
-C
W estern C olorado P ow er C o. and U ta h L ig h t & T rac tio n C o ., for calendar
years:
Balance
N et after
Gross (A ll
Interest,
Surplus.
D ividends.
Etc.
Sources). raxes A Dear.
$5,483,827 $2,989,014 $1,429,629 $1,065,184
1925 ___ $11,690,171
918.764
1.212.945
5.121.387
2.989,678
1 9 2 4 .. ____ 11.237.218
1.084,767
599.365
2,910.309
4.594.441
1923 . . ____ 10,284,659
1.003,332
225.040
2,705,707
1922 ------ 9,006,571
3,934.079
O F F IC E R S .— C h airm a n of th e B oard, S. Z. M itchell; P re s ., L . H an
c h ett: V .-P . & G en. M gr . D . C . G reen; V .-P a n d G en. C ounsel Jo h n F
M aclane; V .-P. E W . Hill: V .-P S. R inch V. P D F M cG ee Sec.
& T rea s., G eo. B . T h o m a s.— V. 120, p . 2271, 2402, 3066; V . 121. p . 2754,
3132.
(1) U T A H L I G H T & T R A C T I O N C O .

O perations supervised by E lectric Bond & S hare C o.
C o ntrolled b y U ta h Pow er & L ig h t Co.
O R G A N IZ A T IO N .—Incorporated under th e law s o f U ta h S e p t. 18 1914.
T he com pany is a consolidation of th e U ta h L ig h t & R ailw ay C o. a nd
th e S alt Lake L ight & T ra c . C o. (see those com panies on page 116 of th e
Sept. 1914 “ E lectric R y. Section")
T h e U ta h Pow er & L ight C o. ow ns
all th e stock of this com pany except d irectors' shares an d h a s leased for
99 years from J a n . 1 1915 th e electric pow er and lig h t and gas pro p erties,
4 hydro-electric a n d one steam p la n t w ith a to ta l c a p a c ity of 28.300 k .w .,
a n d a gas p la n t in O gden w ith 600.000 cu. ft. d aily c a p a c ity ., leaving only
th e tra c tio n p ro p e rty to be d ire c tly o p e ra te d . V. 100. p . 734. Franchise
in S alt L ake C ity expires in 1955.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns and operates 144 m iles of tra c k , incl. double tra c k , sidings, & c., con­
necting S alt L ake C ity , S andy, M idvale. M u rra y H olliday and B ou n tifu l.
H as 208 passenger an d service cars. T o te a r u p 7}4 m iles of tra c k betw een
C enterville an d S alt L ake C ity , a nd replace tro lle y b y b u s service. V. 123,
p . 2142.
Valuation.— In F e b . 1920 th e U ta h P . U . C om m , placed a v alu e o f $8,468,278 on th a t p a r t of th e c o .’s p ro p e rty used in its s tre e t railw ay business.
$1.401.000 C onsol Ry & P-we- • -i vt.ge w , Due Jm v i 1921 * ere paid
off a t m a tu rity (except for a $ 1,000 bond still o u tsta n d in g , for w hich cash
has been deposited since July 1921 to pay sam e off), b u t a re k e p t alive and
pledged under th e $1,401,000 1st m tge. coll. 8s. V 113, p 72.
To Operate B u se s— In O ct. 1923 th e com pany was a u th . b y th e U tah
P. U . C om m , to o p e ra te a crosstow n bus line to connect w ith its street-car
lines
V. 117 p 1887
ST O C K A N D B O N D S— Date.
Interest. O utstanding. M aturity.
-------------- $1,150,875 -----------------C apital stock $10.000.000----- -------F irst & ref M (au th a m t u n -( 1914
5 g A-O
12.471.300 O ct. 1 1944
lim ited) ($1,000. $500 a n d /I n t. a t B ankers T r u s t C o ., N ew Y ork.
$100) red a t 105 & in tg s f _c* l tru ste e .
1st M coll bonds $1,401,000/ 1921
8 g J-J 1
1.401.000 J a n . 1 1934
($500 and $1,000) g o ld .c * tf 1U . S. M ortgage & T r u s t C o ., tru s te e .
U tah L ight & Rv consol 1904
5 gJ J
486.000 J a n . 2 1934
m ortgage ($10,000,000 g o ld /I n t. a t 71 B roadw ay, N ew Y ork.
($1.000)________________c*
E q u itab le T r u s t C o ., N . Y ., tru s te e .
U tah L ig h t & Pow er p rio ri 1900
5 g J -J
746,000 J a n . 1 1930
lien $750,000 gold ($1.-1 I n t a t 71 B roadw ay.
000)
........................... c * tf [C entral U nion T ru st C o ., N . Y „ tru s te e .
U tah L ight & Pow er consol/ 1900
4 g J -J
1,113,000 J a n . 1 1 9 3 0
m ortgage $4,500,000 g o ld )I n t a t 71 B roadw ay.
($500)
..........................c * tf (E q u ita b le T ru s t C o ., N . Y ., tru s te e .
Bonds.— Sufficient 1st & ref. bonds of 1914 a re reserved to provide for
underlying liens (all closed issues). $300 incl. in a m t. o u tsta n d in g ow ned
by U tah Pow er & L t. C o. Present issue know n a s Series “ A " bonds.
G u a ra n tee d , principal and in te re st, by U ta h Power & L ight C o. Sinking
fund of 1% of o u tsta n d in g bonds from 1917 to 1919; 2% 1920 to 1934;
214% 1935 to 1943. Sinking fund m ay be used to redeem bonds a t n o t
m ore th a n 105 or to reim burse th e co. for cash cost of add itio n al p ro p erties,
&c. Listed on N ew Y ork Stock E xchange. V. 115. p. 2380.
T h e first m ortgage collateral 8s, in addition to being a lien on certa in
properties (see Y . 113, p . 961). a re secured by a pledge of $1,401.000 U ta h
L ight & R y. cons. M . 5s; a re also g u a r., p rin . & in t., by U ta h Pow er & L ig h t
C o. N o t su b jec t to call prior to J a n . 1 1927; th e re a fte r redeem able, all or
p a rt, on 30 d a y s' notice, as follows D uring 1927 a t 106; d u rin g 1928 a t 105;
during 1929 a t 104; during 1930 a t 103 H ; during 1931 a t 103: d u rin g 1932
a t 10214: du rin g 1933 a t 102. In te re s t p ayable in C hicago or N ew Y ork.
Pprm s. ivaniK 4 m ills tax refunded
V . 113, p . 961
E A R N IN G S .— F o r calendar years:
I n t. Chgs., B al., Sur.
Gross
N et. after
Other
or D ef.
A c.
Earnings.
Taxes.
In co m e.
-------------..
$1,841,060 $393,750 $560,080 $965,026 def$l 1,196
1925
d e f 14.160
924 .522
373 607
536.755
1924
______ 1.852.762
901.342
def 15.187
390.157
495.998
1923.......................... 1.857.747
480.570
382.796
888,217
def24,851
1 9 2 2 ........................... 1 .9 7 9 .3 7 9
Latest E a rnings.— F or vears ended Ju ly 31:
Gross
N et, after
Other In t.C h g s., Balance, Sur.
Earnings.
Taxes.
Incom e.
A c.
Deficit.
1926 __________ $1.826 498 $362,075 $602,598 $980,232 def.$15.559
1925 . .............. . . . 1.865.036
414.377
522,383
946,771 def. 10,011
O F F IC E R S .— C hairm an of th e board and P res.. E . O . H ow ard; V .-P s.,
O. J . Salisbury, D . F . M cG ee. D . C . G reen and S. R . Inch; Sec. & T re a s .,
G eo. B . T h o m as.— V . 120, p . 2402 , 2 271 , 3066; V. 122, p . 2331; V. 123,.
p . 2142.
_________________

SALT LAKE & U TA H R AIL R O A D.
Receivership.— T he com pany w as placed in receivership on J u ly 24 1925.
R eceivers, H e n ry T . M oore (V .-P .) a n d D . P . A bercrom bie J r ., B oston.
V. 121 p. 1228.
O R G A N IZ A T IO N .— Incorp. in M aine in 1912. Owns 50% o f th e
$150,000 stock (a u th . $1,000,000) of th e S alt L ake T erm inal C o. (V 101,
p. 1371), th e o th er 50% being ow ned by th e B am berger E lectric R R . T h e
T erm inal C o. is o perated b y these tw o com panies u n d e r a 50-year lease
m F lE L D ° OFCO P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Road was form ally opened betw een S alt L ake C ity an d Provo Aug. 1 1914,
although tra in s were placed in operation Ju ly 24 1914. Line was extended
from Provo to Springville in th e fall of 1915 an d on to Spanish F ork and
Payson in J a n . a nd M ay 1916. B ra n ch from G ranger to M agna, a distance
of a b o u t 9 m iles, was com pleted O ct. 10 1917. O perates from S alt Lake
C ity so u th to P ayson, a b o u t 67 m iles, and a b ra n c h line from G ranger to
M agna (ab o u t 9 m iles); also a b o u t 1 mile of single tra c k of the S alt L ake
T erm in al C o. tra c k s in S alt L ake C ity a n d a b o u t 2 m iles of single tra c k

O ct., 1926.]

P O W E R , L IG H T A N D R A I L W A Y

261

s tre e t railw ay in Provo. 75 a n d 85-lb. rail; s tan d a rd gauge. 17 passenger
Stock.— T h e 1st pref. stock is cum . a t 6% and is e n title d a fte r 6% has
cars. 1 com bination gas m o to r c ar, 6 electric locom otives. 3 express a nd 130 been p a id on th e com m on a n d before a n y ad d itio n a l p a y m e n t can be m ade
freig h t cars and 11 service cars. Pow er is purchased un d er long-tim e con­ on th e com m on to ah e x tra 2%
tr a c t from U ta h Pow er & L ight C o. Franchises en te n d to 1960 in U tah
Bonds.—Are callable on a ny in
to an d
1935 a t
C o u n ty an d in Provo, to 1962 in Salt Lake C ity and C o u n ty , to 2010 in th ereafter a t 102 *4 ■ Sinking fu n t. d a te% of th eincl. J a n . 2 prin c ip a l105.oan d
d of 1
aggregate
am unt
Lehi C ity , A merican F ork and P leasan t G rove, and to 2012 in Springville, yearly from 1925 to 1939.
Spanish Fork a n d Payson; rem ain d er on p riv a te right-of-w ay.
Loans by United States.— T h ree loans aggregating S I .000,000 h av e been
E A R N IN G S .-—F o r c alen d a r years;
m ade to th e com pany by th e U . S. G o v t, un d er Sec. 210. T ra n sp o rta tio n
Operating Rev.
Oper. E xp.
Taxes. Oper. Income.
A ct. 1920, as am ended. $127,400 of this a m o u n t was paid back prior to 1925________________ $785,270
$535,268
$65,726
$184,278
J a n . 1 1925; $15,700 becam e d ue Ju ly 27 1925; $172,600 m atu res periodically 1924________________ 768,839
530.010
73.412
165,397
to 1935; $700,000 m atu res Ju ly 7 1936; th is $830,300 loan bearing in t. 1923________________ 838,501
524.863
72,624
241,013
In S ept. 1925 receivers ap p lied to th e U tah P. S. C om m ission for perm is­ 1922___________
821,685 513,660
70.532
237,492
sion to op erate a b u s line fro m S alt L ak e C ity to M ag n a a n d th e G arfield
O F F IC E R S .— P re s ., Joseph Scow croft; Sec. & T re a s ., R oyal Eccles;
sm elter. V. 121, p. 1349.
G en. M g r., P . H . M ulcahv: A ud., E . L. M o rris.— V. 108. p . 975; V . 112,
ST O C K A N D B O N D S— D ate.
Interest. O utstandina.
M aturity.
p . 654; V. 121, p . 837; V. 122, p . 2194; V. 123, p . 1879, 2142.
C om stock $3,000,000 ($ 1 0 0 )-__________ ________ $3,000,000 ____________
1st p ref 7% cum $3.000,000..............
7%
628,900
_____
P ref 7% cum $2,000,000 ( $ 1 0 0 ) ___
_________
1.400.000 __________
1st m tge $10,000,000 gold f 1914 6 g A-O 1,460,900
A pril 1 1944
($1,000, $500 & $ 1 0 0 ) - c * tf |ln t. a t F irst N a t. B an k , N . Y ., or C o n t. &
R edeem able a t 102 a n d in t. ( C om . T r . & Sav. B an k , C hicago, tru ste e .
S alt L ake T erm Co 1st m tg e f 1915 6 g J D
632,900 J u n e 1 1935
$1,000,000 gold ($ 1 ,0 0 0 ,(In t. a t B ankers T ru s t C o ., N . Y ., or In te r$500 a n d $100)_______c * tf [ national T r u s t C o ., D en v er, tru ste e .
E q u ip m en t tru s t certific a te s/ 1920 7 M -N
68,000
See te x t
($500 an d $1.000)___ c * tff (I n t. a t N o rth e rn T ru s t C o ., C hicago, tru ste e .
SIERRA PACIFIC ELECTRIC CO.
E q u ip m en t n o te s____________ 1920
6 Q-F
8,102 __________
T h e operating com panies a re u n d e r executive m anagement of Stone &
Bonds.— R em aining bonds m ay be issued only u n d e r certain restrictio n s.
T h e $1,460,900 bonds o u tsta n d in g b ear 6% in terest; rem ain der will b ear Webster. Inc.
such ra te s n o t exceeding 6% as m ay be fixed a t tim e of issue. Sinking fu n d
O G
o rp o rate d in M aine in
of 1% o f bonds o u t 1919 to 1923, 1 H % 1924 to 1933 and 2% 1934 to 1943. th e Rap A N IZ A T IO N .— In cruckee R iver Pow er C o. J u ly 1909. Owns all
c ital stock of th e T
All bonds m ay be called a t 102 an d in t. a n d replaced by a like a m o u n t
bearing a lower ra te . V. 100, p. 230.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e S alt Lake T erm , bonds are unconditionally g u a r., p . & L, jo in tly and T hrough its sub. cos. does th e e n tire e lectric lighting an d pow er business
Severally, by th e S alt Lake & U ta h R R . an d S alt Lake & Ogden R y. (now in th e cities and tow ns of Reno. S parks, C arson C ity , Virginia C ity , a nd
B am berger E lectric R R .). C allable on a n y in t. d a te on 35 d a y s’ notice a t Y erington, N ev ., an d furnishes pow er in th e surro u n d in g m ining d istric ts of
102 a n d in t. Sinking fund 1 % o f bonds issued from 1920 to 1924: 1 H % in w estern N evada. Also does e n tire gas business in Reno, S parks a nd C arson
1925-29, a n d 2% in 1930-34. A dditional bonds m ay be issued for 75% of C ity , a nd supplies w ater for dom estic purposes in Reno a n d Sparks. E sti­
cost o f new p ro p erty or for e x ts. a n d im p ts. For d escrip tio n o f bonds and m a te d p o pulation served; electric light a nd pow er, 25,200: gas, 18,500.
p ro p e rty , see V. 101, p. 1371.
H as 5 pow er statio n s located on T ru ck ee R iver betw een Reno, N ev . and
T h e eq u ip m en t tru s t certificates are secured on 60 cars which cost approxi
F lo risto n , C alif., to ta l c ap acity . 8.600 k. w.; 2,618 gas m eters an d 49.54
m atelv $86,000. T h ey m a tu re sem i-annually to 1930. V . 110, p . 2388.
m iles of gas m ains: 72.7 miles of w ater m ains. C o .’s system is connected
E A R N IN G S .— F o r calen d ar years:
w ith th e lines of Pacific G as & E lectric Co.
1924
1923
1922
1921
1920.
Franchises.— E lectric lighting a nd pow er franchise in R eno a nd Sparks
G ross rev e n u e _______ $706,643 $878,641 $753,797 $793,754 $876,948
O per. expenses & tax es 573,191 583,620
526.278 586,792
621,652 expires in 1954, in C arson C ity in 1947, in Y erington in 1957. G as franchise
in S parks expires in 1955, a nd w a ter franchise in 2004. O th e r im p o rta n t
N et av ail, for in t.& d iv $ l33 452 $295,021 $227,519 $206,962 $255,296 franchises no t lim ited in tim e.
O F F IC E R S .— P res., W . C . O rem ; V .-P ., H enry l. M oore; V .-P ., M ark
ST O C K A N D B O N D S—
Interest. O utstanding. M atu rity.
T . M cK ee; Sec. & T re a s., F . M . Orem; A u d ., C . M . O sborn.— V . i l l , p. C om m on $8,000,000 ($100)_ Date.
_ ..............................
$8,000,000 N o v ’26 50c.
2230. V. 112, p. 2307, 2643; V. 113, p. 629, 732, 1054, 2313; V. 121. p. 1228. P ref 6% cum $3, 700.000 ($100) ____
6 Q -F
3,500 000 N o v 20 1 >4
1349.
N o n -in terest bearing n o te s____ ____
_________
365,000
1930
3-yr 5% g coupon notes ($ l,-f 1926
5 g J-J
400.000 J u ly 1 1929
000 c * ) - - - ............................t f \ S ta te S tree t T r u s t C o ., B oston, M ass., T rus.
BAMBERGER ELECTRIC RAILROAD.
Assum ed by Truckee River Power Co.—
O R G A N IZ A T IO N .— In co rp . in U ta h as th e S alt Lake & Ogden R y.
6 g A-O
114,000 A pr 1 1932
N am e changed to p resent title in Sept. 1917. Owns 50% of th e stock of the N e v ad a Pr L t & W at Dt. m tgel 1902
$300,000 gold (closed) - . - ( in t. a t M ercan tile T ru s tC o ., San F ra n ., tru s
S alt Lake T erm inal C o. and w ith th e S alt Lake & U ta h R R ., w hich owns
6 g J -J
295.000 Ju ly 1 1944
th e o th e r 50% of sto ck , o p erates th e p ro p e rty under a 50-year lease. These R eno Pr L t & W at 1 s t.-..ns M l 1904
$750,000 gold (c lo s e d )----- ( I n t. a t M ercan tile T r. C o.. San F ra n ., tru s .
tw o com panies jo in tly and severally gu ar, its 1st m tg e. b o nds,
& i
See u n d e r S alt Lake & U ta h R R . and in V 101. p. 1371
Stock.— Pref. stock is pref. as to divs. in case of liq u id atio n . R ed. a t 115.
F IE L D OF O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Bonds.— B oth issues of bonds have been assum ed by T ruckee R iver Pow er
O perates a high-speed in te ru rb an railw ay , 3 5 miles, betw een S alt Lake C o ., all th e c ap ital stock of which is owned by th e Seirra Pacific E lectric
C ity and Ogden: to ta l tra c k a g e, 73 miles. 18 m o to r cam 4 electric loco­ C o. T he Nevada Pow., Lt. N Wat. 1st \Ilge. 6s a re call, all or in p a rt (also
m otives and 1 work c ar. N ew term inal in Ogden for use of th is co. a n d the in p a rt for sink, funds) a t 106 and in t., decreasing to 1003 prior to ma­
4
U tah -Id ah o C en tral R R . w as com pleted J a n . 1 1915. New term inal a t S alt tu rity . Sink, fu n d 2 % per an n u m of bonds issued (excl. bonds called or
Lake C ity for use of th is co m p an y a n d th e S alt Lake & U ta h R R . C o. was cancelled) through 1926 and 3% th e re a fte r, payable April 1. As of D ec. 31
com pleted J a n . 1 1924. Pow er is purchased from th e U ta h Pow er & Light 1925. $114,000 held in sink, fund not cancelled an d $72,000 in sink, fund
C o. On M ay 28 1910 began o p e ra tin g cars by electricity; prior to th a t d a te cancelled (not incl. in a m o u n t o u tsta n d in g ).
road was o perated b y stea m . S h o rtest of franchises expires in 1955.
Reno Pow., Lt.
Wat. 1st Cons. Mtge,. 6s a re call, all or In p a r t (also In
P ractically en tire mileage is on p riv a te right-of-w ay.
p a rt for sink, fund) a t 110 and in t., decreasing to 1001$ prior to m a tu rity .
ST O C K A N D B O N D S— D ate.
Interest. Outstanding. M aturity.
Sink, fu n d 1.4% per a u n . of bonds issued (excl. bonds called or cancelled)
C om m on $1,000,000_________ _____
_________ $1,000,000 ____________ thro u g h 1933 and 1.7% th e re a fte r, p ayable April 1. On Dec. 31 1925
P ref $500,000 (6% n o n -cu m )..............
...................
500.000 __________
$155,000 were held in sinking fu n d n o t cancelled. $114,000 are reserved to
F irst m ortgage $2,000,000/ 1909
5 g F-A
1,500.000 F eb. 119 3 4 re tire underlying bonds.
gold ($1.000)__________ c * ) I n t. a t H a rris T r. & Sav. B k .. C hic., tru ste e .
Notes.— T he 3-year 5% gold notes, dated J uly 1 1926, are call, as a whole
Bonds.— F irst m ortgage bonds a re s u b jec t to call a t 105 an d in t. on a nd
t any
y
a nd
1927 t 101
to a n d incl.
a fte r F eb . 1 1914. R em aining bonds can be issued u n d e r certain re stric ­ a a n . 1 tim e on 30 d atos’anotice to Ju ly incl. Ju ly t 11003$.a a nd th e re a fte r prior
J
1928 a t 101:
nd incl.
1 1928 a
tions for extensions a n d ad d itio n s.
to m a tu rity a t 100; plus in t. in each case. In J u ly 1926 Stone & W ebster,
E A R N IN G S .— F o r calen d ar years:
In c ., offered $400,000 of these notes a t 99.73 a nd in t. V. 123, p. 844.
1925.
1924.
1923.
1922.
D ividends.— Q u arterlv dividends of 1 V$% (Q .-F .) a re being paid on pref.
G ross__________________
$583,575
$562,000
$610,004
$577,681
stock. On com m on an initial guar div. of 50c. was declared, payable
N e t. a fte r ta x e s________
94 823
39,907
101,989
120.085
O F F IC E R S .—-Pres., Ju lia n M . B am berger; V .-P ., Alonzo B . Irvine: Sec., M ap 1 1926. In A ug. a nd N o v . 1926 declared 50c. V . 122, p . 1611.
J . B . B ean ; T rea s., Sim on B am berger; A u d ., H . L . B alser.— V. 102, p .2 1 6 7 .
E A R N IN G S .— F o r c alen d a r years:
Interest A vail, for Res.
Cioss
N et after
E arnings.
Taxes.
& A m ort. Retir. & Diva.
UTAH-IDAHO CENTRAL RAILROAD.
$54,418
$483,700
$429,282
Receivership.— In O ct. 1926 P . H . M u lcah y , G en. M g r., w as a p p o in te d 1925......................... _S1.136.857
442.527
72,834
1 9 2 4 -............... .. . 1,094.187
369.693
receiver. V. 123. p . 1 8 '9 .
487,820
63,355
424,466
O R G A N IZ A T IO N .— In co rp . in U ta h O ct. 17 1914 as th e Ogden Logan 1923 ___________ . 1,023,638
910.378
422,578
65,370
357.208
St Id a h o R R . as a consolidation of th e Ogden R apid T ra n s it C o. an d the 1922____________ 872,729
398,995
75.009
1921........................ .
323.986
Logan R ap id T ra n s it C o. N am e changed to p resen t title on J a n . 1 1918
339.718
72.449
779,244
267.269
1 9 2 0 -............. ......... On April 8 1919 th is co. and th e C ache Valley R R . were consolidated
681.891
302.139
71.229
1919............. ...........
230.910
C o m p are V 108 n 975
721.297
366.537
62,903
303.634
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— 1918____________ .
681.891
363.437
62.956
300.481
O perates 117.11 miles o f railw ay connecting Ogden, B righam C ity , W ells- 1917......................... 584,961
66.043
335.951
269,908
ville Logan. U ta h , and P resto n . Id ah o . Pow er is purchased from the 1916____________ U ta h P o w er & L ig h t C o. T o rep lace s tre e t c a r line in L ogan, U ta h , b y
Latest Earnings.— O f co. a n d su b . cos. for 12 m os. end. J u ly 31:
buses, see V. 123, p . 2142.
1926.
1925.
A term in al in O gden for th e use o f th is com pany a n d th e S alt L ake & G ross e a rn in g s.- . $1,176,223 $1,134,900
O gden K y. was com pleted J a n . 1 1915.
O
650.763
684.969
D isposal of City Traction L in es.— On J a n . 1 1920 all c ity tra c tio n lines of N perating expenses and ta x e s_____
earn in g .
525.460
449.931
th e com pany were sold to th e U ta h R ap id T ra n s it C o. for 9.000 shares Ine t re s t and s. m ortization charges .
te
a
42.891
67.146
com m on stock o f th e T ractio n C o ., an d th e assu m p tio n by th a t com pany
Of $1,000,000 principal a m o u n t o f o u tsta n d in g fu n d ed d e b t.
B alance for re s., re tirem e n t & d iv id e n d s_______
$482,659
$382,785
ST O C K A N D B O N D S— Date.
Interest. Outstanding. M aturity.
O F F IC E R S .—P res., A lexander F. C richton: V .-P ., E . Ennalls Berl.
_________
$814,640 ---------------C om m on stk $3,000,000 ( $ 1 0 ) ____
Sec. & T rea s., H enrv T . G rah am . U nder m anagem ent of Stone & W ebster,
1st p re f cum $3,000,000 ( $ 1 0 ) ___
See te x t
858.450 .....................
1st & re f m tge $4,000,000/ 1920
6 g J -J 2
3,733,000_Jan . 2 1940 In c .: M gr. of O perating C os., G eorge A. C am pbell, R eno, N e v .— V . 120,
p . 2684, 3316; V . 122, p . 1312, 161i; V. .2 3 , p . 844, *252.
($100, $500 & $1,000) g --C * \O g d en Savings B an k , O gden, U ta h , tru ste e .




NEVADA

263

P U B L IC

[V ol. 123.

U T IL IT IE S

Territories—Possessions—
Foreign
POWER, LIGHT AND RAILWAY

HAWAII
HONOLULU RAPID TRANSIT CO., LTD.
O R G A N IZ A T IO N .— In c o rp . in H aw aii A ug. 30 1898. In 1903 p u r­
chased th e H aw aiian T ram w ay s C o. In F eb . 1922 o b tain ed a new franchise,
In d eterm in ate in c h a ra c te r, w hich p rovides th a t th e re shall be p aid to th e
C ity a n d C o u n ty o f H onolulu a n n u ally 2 X % of its gross revenue from
A
railw ay o p e ra tio n . W e u n d e rsta n d th a t th is obligation h a s b een suspended
for 4 y ears; no fu r th e r p a rtic u la rs on h a n d . T h e ra te of fa re to be fixed
fro m tim e to tim e as necessity req u ires, w ith th e a p p ro v a l of th e P . U .
C om m ission o f H aw aii.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A tro lley ro a d . O p erates 37.042 m iles of tra c k . G auge, 4 ft.; 70, 85,
108, 122-lb. ra ils. 70 v estib u led m o to r cars (incl. 7 P A Y E cars) a n d 16
freig h t a n d service cars. C a p a c ity o f g en erato rs, 1,900 k . w.
S T O C K .— A u th ., $3,000,000. an d o u tstan d in g (par $20). $2,500,000
D iv id en d s p a y ab le Q .-M . 31. In 1925 p a id a to ta l of 7% div idends.
All preferred sto ck w as co n v erted in to com m on in 1913.
E A R N IN G S .— F o r c alen d a r years:
Balance.
Gross
N et
In t., Taxes,
Surplus.
Earnings.
Earns. Deprec.. &c.
D ies.
sur.$18,445
1925 _______ $1,074,484
$365,767
$172,322 $175,000
su r. 21,550
1 9 2 4 ________ 1,014,349
300,419
203,869
75,000
def. 33,585
1923 _______
988,928
370,220
213,801
190,000
su r. 35,548
989,521
386,765
x l9 1 ,2 1 7
160,000
1922 _______
d e f.101,576
1 9 2 1 ________
960,992
325,003
266,579
160,000
def. 139,602
1920 _______
861,342
281,314
260,916
160,000
x D oes n o t include c ap ital sto ck , sinking fu n d reserve.
O F F IC E R S .— C h airm a n o f B d ., L . T . Peck; P re s ., A . L . C astle; 1st
V .-P ., L . A . T h u rsto n ; 2d V .-P ., W . F . D illingham ; dec., S. N . C astle;
T re a s ., C . H . A th e rto n ; M g r., H . S. Jo h n so n .— V .120, p . 2146; V. 122, p.
2 0 4 0 ;V . 123, p . 83.

u n til 1917; now 1% o f bonds o u tsta n d in g . T h e fu n d is to be in v ested in
th e bonds a t n o t m ore th a n 105 a n d in t., a t w hich p ric e th e y a re s u b j. to
call for th e p urpose. Are re d . as a whole a t 105 a n d in t. on or a fte r M ar. 1
1928. V .8 2 , p .2 1 8 . B onds a re listed on N .Y . Stock E xchange. $1,234,000
are in h ands o f tru s te e for sink, fund; $3,000 held b y tru s te e s in lieu of
m ortgaged p ro p e rty sold.
*
(a) M AN ILA SU B U R B A N R Y S . C O .
BO ND S—
Date.
Interest. Outstanding. M a tu rity .
F irst m ortgage $2,500,000/ 1906
5 g M -S
$182,000 S e p t. 1 1946
gold ($1,000)__________ c * \N e w Y ork T r u s t C o ., tru s te e .
Bonds .--— ssum ed b y th e M anila E lectric C o. a n d are g u a r., p . & i.,
A
b y th e M anila E lectric C orp. (now Assoc. I n t ’l E lec. C orp.) a re s u b jec t to
call a fte r S ept. 1 1928 a n d to purchase for sink, fu n d since S ept. 1 1911
a t n o t to exceed 105 an d in t. a t w hich price bonds can be d raw n b y lo t.
See V. 80, p . 220. $110,000 are held in sink, fu n d an d n o t incl. in o u t­
standing a m o u n t as above. $82,000 h av e been re tu rn e d and cancelled a n d
$276,000 (not incl. in a m o u n t outstan d in g ) a re held in tre a su ry .— V. 113,
p . 2614; V. 121, p . 458, 586.

MEXICO
MEXICAN UTILITIES CO.

O R G A N IZ A T IO N .— A holding co., incorp. A pril 27 1925 in M ain e ,
p u rs u a n t to a p la n d a te d J a n . 15 1925, fo r th e p urpose of a cquiring th e
o u tsta n d in g stocks o f Guanajuato Power & Electric Co. a n d Central M exico
Light & Power Co. C o. acquired, in exchange for its p re f. sto ck , m ore th a n
99 A % o f th e p re f. a n d com m on stocks o f G u a n a ju a to Pow er & E lectric C o.
an d of th e pref. stock of C en tra l M exico L ig h t & Pow er C o ., w hose com m on
stock is ow ned b y G u a n a ju a to Pow er & E lectric C o. V. 122, p . 3340.
ST O C K A N D B O N D S—
Date.
Interest. Outstanding. M a tu rity .
C om m on 250,000 shs (no p a r ) .
. 35,000 shs __________
$7 cum p re f 50,000 shs (no par)
$7
30,809 shs J u ly ’26 $3 50
$1,550,000 M a y 1 1955
30-yr coll g $25,000,000 8%1| 1925
8 g
series “ A ” ________________ J
6 g A-O
1.110.000 O ct. 1 1932
f
G u a n aju a to P r & E l 1st M 6 % J 1902
d ue 1932 ($1,000 c * )___ t f 1lin t, a t U . S. M tge.. & T r . C o ., N .Y .C ., tru s .
6 g J-J
C en tra l M exico L t & P r C o / 1910
1.531.000 J a n . 1 1940
1st m tg e 6 % ___________ t f \ Old C olony T r u s t C o ., B oston, tru s te e .
6 g J-J
700,000
Serially
M ichoacan P r Co 1st M 6% 1907
($1,000-500-100 c * )_____t f \ I n t . a t Old C ol. T r . C o ., B oston, tr . to 1933
THE ASSOCIATED INTERNATIONAL ELECTRIC
D ividends.— On th e $7 cum . pref. on in itia l sem i-annual div . o f $3 50
w as p a id in J a n . 1926. In J u ly 1926 $3 50.
CORPORATION.
Controlled b y Associated Gas < Electric Co.
&
E A R N IN G S .— Of M exican U tilities C o ., G u a n a ju a to Pow er & E lectric
O R G A N IZ A T IO N .-—In c o rp . in C o n n ecticu t O ct. 6 1925.
In O ct. 1926 C o. a n d sub. cos. for calendar y e ar 1925 (M exican revenue a n d expenses
acq u ired all assets o f th e M a n ila Electric Corp. (for h isto ry , A c ., see “ P ublic converted a t r a te of tw o pesos to th e d o lla r):
U tility C o m pendium ” o f M ay 11926). F o r term s o f exchange in to A ssociated G ross revenue— Pow er a n d lig h t____________________ $1,458,612
G as & E lec. C o. securities offered M an ila E lec. C orp. stockholders, see
M iscellaneous______________________
10,192
V . 123, p . 1504. F o r a p revious offer (in J u ly 1925) m ade M an ila Elec.
--------------- $1,468,804
C orp. stockholders, see P u b lic U tility C om pendium ” o f M ay 1 1926, also M ain ten an ce an d d e p re ciatio n ________________________________
277,649
V . 120, p . 2401, 2816; V. 121, p . 458, 1101.
O p eratio n , a d m in is tra tio n a n d g e n e ra l________________________
527,302
T a x e s ________________________________________________________
81,054
STO CK A N D BO ND S—
O utstanding. D ividend.
_______
10,693 shs. See te x t
C om 70,000 shs (no p a r ) _____ _____
O p erating incom e__________________________________________ $582,799
E A R N IN G S .— C onsol, earn in g s (or predecessor co.) for c alen d a r years: In te re s t e arn ed a n d disco u n t on bonds red eem ed _______________
33,567
A et after Replace. &
Bal.
Interest.
D ivs.
Taxes.
Renew.
Gross.
$616,366
G ross incom e__________________________________________
____$3,855,659 $2,028,411 $240,000 $446,423 $665,000 $676,988 In te re s t on fu n d e d d e b t a n d a m o rtiz a tio n o f b o n d discount.
1925
261,445
_ 3,725,898 1,838,801 240,000 474.751 595,000 529,050
1924
1923 . . ___ 3,571,861 1,751,352 240,000 450.613 559,970 500,769
N e t com bined incom e fo r y e a r ______________________________ $354,921
1922 . - ___ 3,584,121 1,644,765 108,000 473,118 400,000 663,647 A pplicable to G u a n a ju a to Pow er & E lectric Co. a n d su b . cos.
Latest E a rn in g s.— F o r 12 m os. end. J u n e 30 1926: G ross, $3,951,128
(n et a fte r dedu ctin g expenses of organization o f M exican
n e t a fte r ta x e s, $2,101,537; in t., $477,072; balance, $1,624,465.
U tilities C o. a n d special charges to s u rp lu s )_________________
237,015
O F F IC E R S .— P re s ., Jo h n H . Pard ee; V .-P s., Joseph K . C h o ate, J . S.
N e t incom e of M exican U tilities C o _ . _____________________ $117,906
_
M an g e , H . C . H o p so n , S. J . M agee, J . O. R ockw ell a n d Jo h n M . D aly;
107,632
T re a s. & A sst. Sec., T . W . M o ffat; Sec., J . G . Law rence. O p erated u n d e r P referre d dividends d eclared __________________________________
m a n a g em e n t o f J . G . W h ite M g t. C o rp ., N ew Y o rk .— V. 121, p . 3001;
S u rp lu s ____________________________________________________
$10,274
V . 1 2 3 ,p . 1501.
O F F IC E R S .— P re s ., Irv in g W . B onbright; V .-P s ., O rlando B . W illcox,
M A N ILA E L E C T R IC C O .
A ll o u ts ta n d in g com m on s to ck except d ire c to rs’ shares is ow ned by G eorge H . H ow ard a n d L. P . H am m ond; Sec. & T re a s ., S. E . A llen; A sst.
Sec. & A sst. T re a s., J . H . P . R itte r; G en. M g r., F . L . G ilm ore, G u a n a ju a to ,
A ssociated In te rn a tio n a l E lec tric C orp.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— M exico. O ffices, 165 B roadw ay, N . Y . C ity .— V. 122, p . 3340, 3453.
Besides doing th e s tre e t railw ay business, supplies lig h t a n d pow er for
p riv a te , m unicipal an d G o v e rn m e n t u se. O perates 52 m iles of tra c k (in­
cluding M an ila S u b u rb an R y s. C o.) in th e c ity a n d su b u rb s. 70-lb. T a nd
92-lb. g ird er ra ils. Owns 45 single a n d 114 double-truck passenger cars and
14 service c ars. S team g e n eratin g s ta tio n o f 29,500 k .w . in stalled c ap acity
in N o v . 1924. M u n icip ality m a y acq u ire ra ilro ad p ro p e rty a fte r 25 years
on a v a lu a tio n fixed b y n e t earn in g s, th e Suprem e C o u rt of th e Islands
being referee.
1st < ref. mtge. g. bonds, 7% series, due M a y 1 1942.— All of tn e o u t­
%
stan d in g bonds o f th is 7% series w ere called for p a y m e n t a t 115 a n d in t.
PONCE ELECTRIC CO.
on Ju n e 4 1926. V . 122, p . 2651. T h is w as done a fte r A ssociated G as &
E lectric C o. h a d m ade an offer o f exchange in to its own securities, see
U nder executive m anagement of Stone
Webster, In c .
Offer to holders o f 1st A ref. mtge. g. bonds 5% Series.— In M arch 1926
O R G A N IZ A T IO N .— O rganized in P o rto R ico a n d on F e b . 1 1920 took
Assoc. G as & E l. C o. offered to holders o f M an ila E l. C o. 5% 1st & ref. over th e p ro p e rty form erly controlled th ro u g h sto ck ow nership b y th e
bonds to exchange th ese bonds for $7 d iv . series pref. sto ck Assoc. G as & P once E lectric C o. (a N ew Jerse y c o rp o ra tio n ).
E l. C o. on th e basis o f 105 for th e bonds a n d $100 for th e p re f. sto ck , or
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
in stead $6 50 d iv. series p re f. sto ck Assoc. C o. w ith f i share com m on
a n d th e rig h t to purch ase an a d d itio n a l share o f com m on sto ck , w ith a d j. O perates th e railw ay betw een P once a n d th e P la y a (P o rt) a n d does th e
o f divs. a n d in t., su b ject to w ith d raw al w ith o u t notice a fte r 30 day s. e n tire lighting a n d pow er business of Ponce an d th e P la y a . O p erates 5.61
V. 122, p . 1762. W e u n d e rstan d t h a t u p to th e tim e o f going to press a miles of equ iv alen t single tra c k ; 0.77 m . of tra c k a g e; 12 cars; gauge, 1 m e tre .
sm all a m o u n t o f bonds h a d been tu rn e d in a n d th a t a p p ro x . $233,000 were Also ow ns an d op erates 2 buses. P ow er s ta tio n h a s 2,050 k .w . c ap a c ity .
R ailw ay franchise expires in 1961, electric lig h t franchise in 1963. E s ti­
still in h a n d s of th e public.
m a te d p o p u la tio n served, ra ilw a y , 45,500; lig h t, 47,500.
S T O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity
C o m m o n _________________ All ow ned b y T h e Assoc. In te rn a t. E le c . C orp.
Interest. O utstanding.
Maturity.
S T O C K A N D B O N D S — Date.
1 st & re f M 5% ser d u e 1946_______
5 % ____
_ 233,000 S e p t. 1 1946 C om sto ck $1,000,000 ($100)--------_________
$500,000
5 g M -S
3,687,000 M ar 1 1953 P re f $1,000,000 c u m _______________
M an ila E lec R R & L tg C orp f 1903
7% Q -J
400,000
1st lien a n d coll t r $5,000,-{ I n t. a t E q u ita b le T ru s t C o ., N . Y ., tru s te e .
Stock.— P ref. sto ck is re d . a t 103, a n d p re f. as to 7% cum . div . an d assets000 gold ($1,000)_______ c*l
Bonds.— T h e M an ila E lec. R R . & L tg . C o rp . 1st lien & coll. m tg e . bonds B efore a com m on d ividend is p aid in a n y y e ar, provision m u s t b e m ade for
th e re tire m e n t of 1% of p re f. sto ck o u tsta n d in g on J a n . 1 of such y e ar.
h a v e a sin k, fu n d of A % o f bonds o u tstan d in g ; began M a r. 1 1908 an d ra n

PHILIPPINE ISLANDS




PORTO RICO

Oct., 1926]

PO W E R , L IG H T

E A R N IN G S .- -F or calen d ar y ears (com bined com panies):
Surplus.
Gross.
N et after Tax.
In t.
Sinking Fd.
$114,633
1925______________ $331,843
$115,616
$983
103.049
1924...........
309,270
105,853
2,804
92,218
1923_____________ 287,335
98,456
6,238
74,960
1922........
280,881
80.071
5,110
71,469
1921______________ 276,722
71,480
11
O F F IC E R S .— P res., H a rry T . E d g ar; V .-P s., M . L . Sperry a n d Lewis A.
K een; T rea s., H en ry B . Saw yer; Sec., V ictor D . V ickery; G en. M g rs., Stone
& W eb ster, In c .; M g r., Lew is A . K een .— V . 74, p . 268, 478.

PORTO RICO RAILWAYS CO., LTD.
O R G A N IZ A T IO N .— In c o rp o rate d in C an a d a O ct. 1906 an d has acquired
th e San Ju a n L ig h t & T ra n s it C o. an d P o rto R ico Pow er & L ig h t C o. and
C ag u as T ram w ay C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o n tro ls all th e electric railw ay , electric lig h t an d pow er business of San
J u a n , San T u rce a n d R io P ied ras; also controls e n tire lighting system s in
cities of C om erio, B ay am o n , C a ta n o , C aro lin a, C ag u as, R io G ran d e,
F a ja rd o , H u m acao, Y abucoa, G u ra b o , Ju n co s a n d o th e r tow ns in e ast end
of islan d . O perates from San Ju a n to R io P ied ras, 9 m iles, electric.
S ta n d a rd gauge. An extension of 18 m iles to C ag u as, w hich is being oper­
a te d b y steam , m e tre gauge, was co m pleted in 1908. I ts lighting franchises
in San J u a n an d San T u rce a re p e rp e tu a l. T h e C om erio W a te r Pow er
a n d C aguas T ram w ay franchises a re for 99 years from 1906. T h e s tre e t
railw ay franchise ru n s u n til 1959. A n express service w as in a u g u ra te d in
1908 in conjunction w ith P o rto R ico E x p ress Co.
Contract.— H as a 5-year stre et-lig h tin g c o n tra c t w ith th e c ity of San
J u a n a n d w ith a b o u t 30 o th e r tow ns for various periods.
I n J u n e 1922 th e c ap ita l sto ck w as in creased fro m $4,000,000 to $5,000,000. V. 115, p . 183. N o fu rth e r a ctio n ta k e n u p to O ct. 1 1925.
S T O C K A N D B O N D S— Date.
Interest. O utstanding. M aturity.
Q -J
$3,000,000 J a n ’22, 1%
C om m on sto ck $3,000,000_________
P r e f $ 1,000,000 ($100) 7% c u m ____
Q -J
1,000,000 O ct ’2 6 , 1 U
F irst m o rtg ag e $ 3 ,0 0 0 ,0 0 0 (1 9 0 6
5 M -N
2,208,000 N o v . 1 1930
($500) g o ld _______________l i n t , a t M o n tre al T ru s t C o., tru s te e , M on( tre a l an d H alifax, or B an k of N o v a Scotia.
R efunding general m ortgage j 1912
5 M -N
1,289,667 M a y 1 1962
£1,500,000 (£100)______c * jln t. in L ondon, M o n tre al a n d T oronto;
( M o n tre al T r u s t C o ., tru ste e .
Bonds.— F irst m o rtg ag e bon d s a re su b je c t to call a t 105. Sinking fu n d
of 1 % of bonds issued plu s one y e a r’s in te re s t on canceled bonds began
N o v . 1908. $728,500 bonds canceled. F irst m o rtg ag e bonds are listed
on M o n tre a l a n d T o ro n to Stock E x changes.
O f re f. g en. m tg e . bonds £466,800 a re reserved fo r 1st m tg e . bonds and
$792,000 a re in tre a su ry ; rem a in d e r fo r fu tu re req u irem en ts u n d e r re stric ­
tio n s. S u b ject to call as a w hole o r for cum . sinking fu n d (1% of bonds
ou t beginning in 1937) a t 105 an d in t. V . 94, p . 1566. A re liste d on
L ondon Stock E x ch an g e.
D ividends.— F irs t d iv . on p re f., 1 % % , p a id J a n . 10 1910, an d sam e
am o u n t q u a rte rly since to a n d including O c t. 1926. O n c o m ., l s t d i v ., 1% ,
p a id O ct. 1911. In 1912 an d 1913, 4 % . In 1914, J a n ., 1% ; A pril, 1% ;
J u ly , 1 % . N o n e to Ju ly 1920, w hen 1% was p a id . In O c t., 1 % . In
1921, 4 % . In 1922, J a n ., 1 % . N o n e since.
E A R N IN G S .— F o r calen d ar y ears:
Grass.
Net.
Oth.Hev. Interest.P ref .Div. Com.Div. Surplus.
1925 . . ________ x$371,710 $12,251 $177,529 $70,000 - .y$136,432
1924 . . _________ X404.388 16,484 180,600 70,000
........... 170,272
1923 . . 1,324,798 433,354 13,967 183,504 70,000
........... 193,816
_____
274,469
1922 . . 1,330,446 516,839 13,905 186,275 70,000
1921 . . 1,332,486 465,715 42,877 188,920 70,000 $120,000 129,672
x A fter p roviding for d ep reciatio n , y Before a p p ro p ria tio n of $25,000 for
office site reserve an d $8,000 incom e ta x reserve.
O F F IC E R S .— C h airm an , W . D . Ross; P res. & G en. M g r., C. C. Giles;
V .-P ., L . M . W ood; Sec., T . A. Spoor- C o m p ., G . B rew er. Office, T oronto,
C a n .— V. 102, p . 1163' V. 104. p . 765; V . 106, p . 1901; V. 110. p. 1166, 2568;
V. 115, p. 183; V. 116, p . 1650; V. 118, p . 1774; V. 120, p. 1882; V. 122, p.
2042.

BOLIVIA
BOLIVIAN POWER CO., LTD.
O R G A N IZA TIO N .-—In co rp . u n d e r th e N o v a Scotia C om panies A ct to
acquire from th e B olivian G eneral E n terp rise, L td . (incorp. in 1903 u n d e r
th e law s o f G reat B ritain ) th e lig h t, pow er, tra m w a y an d telephone u n d e r­
tak in g s w hich since 1910 h av e been o p e ra te d in L a P a z , th e principal c ity
o f B olivia, serving a p o p u latio n o f 110,000.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o .’s p ro p e rty includes a m odern hydro-electric p la n t located on th e o u t­
sk irts o f th e city , su b statio n s, d istrib u tio n system , &c.; 9 % miles (single
tra c k ) tra m w a y sy stem , 17 electric cars an d 10 trailers; telephone system ,
car b arn s, rep air shops, &c.
fra n ch ise s.— Concessions fro m th e m u n icip ality o f L a P az h av e been ex­
ten d ed u n til 1950 an d include th e en tire public lighting of th e C ity of La
P az. C o. h as preference over a n y o th e r offer th a t m ay b e m ade on expira­
tio n of p re sen t c o n tra c ts. Failin g such ag reem en t, th e w a ter pow er, pipe
line, d am and pow er house will in 1950 re v e rt to th e m u n icipality; th e pow er
house eq u ip m en t, electric lighting a n d pow er d istrib u tio n system , tra m ­
w ays a n d telephone system s, how ever, rem aining th e p ro p e rty of th e co.
V. 121, p . 976.
STOCK A N D B O N D S—
D a te .
I n te r e s t.
O u ts ta n d in g .
M a tu r ity .
C om m on____________________ _____
_________ $3,000,000 ____________
20-yr 1st M series A ($1,000, 1 1925
8 A-O
1,600,000 A pril 1 1945
$400 c* )__________ ________ (M o n tre a l T ru st C o ., tru ste e .
Bonds.— Of th e 20-yr. 1st mtge. Series A bonds due A p ril 1 1945, $400,000
m ay b e issued in ad d itio n to th e $1,600,000 issued in 1925, to th e ex te n t of
80% o f new im provem ents an d ad d itio n s. F u rth e r bonds of an y series
m a y be issued ran k in g equally w ith Series A , of such te n o r as co. m ay deter­
m ine, for 80% of new ad d itio n s, & c., p ro v id ed n e t earnings for th e preced­
ing fiscal y ear h av e been a t least 1 'A tim es in terest on bonds ou tstan d in g ,
including new issue. An a n n u al cu m u lativ e sinking fu n d of 1 % of issued
bonds, com m encing D ec. 1 1928, will redeem Series A bonds b y purchase
in th e open m a rk e t or call a t n o t exceeding red em p tio n prices. R ed. all or
p a r t on 60 d a y s’ notice a t 107 u n til D ec. 1 1930; a t 105 u n til D ec. 1 1935;
a t 103 u n til D ec. 1 1940; a t 101 th e re a fte r; in each case w ith in te re st
P rin .
an d in t p ay ab le in C an ad ian gold coin a t R oyal B an k o f C an a d a , M o n treal,
o r, a t o p tio n o f holder, in U . S. gold a t agency R o y al B ank of C an a d a ,
N ew Y o rk , or in sterling a t th e ra te o f $4 86 2-3 a t R o y al B an k of C an a d a ,
L ondon, E n g . In Aug. 1925 R oyal Securities C o rp ., L td ., M o n treal,
offered $1,600,000 Series A a t 100 a n d in t. V. 121, p . 976.

CANADA
CONSUMERS GAS CO.
O R G A N IZ A T IO N .— In c o rp . in M arch 1848 b y Special A ct of th e O ntario
L e g islatu re.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e co m p an y serves th e C ity of T o ro n to a n d th e tow nships of Y ork, E toibcoke, V aughan, M ark h am an d Scarboro. P o p u la tio n served, a p proxi­
m a te ly 575,000; 147,102 m eters.




AND

263

R A IL W A Y

Stockholders of record J a n . 31 1925 w ere given th e rig h t to subscribe for
$2,000,000 a d d ’l com . stock a t $140 p e r share, in th e ra tio of one new share
or each 4 shares h eld. V. 120, p . 828. Stockholders of record M a y 15
1926 w ere given th e rig h t to subscribe for $2,000,000 a d d itio n a l com m on
stock a t $150 p e r share, in th e ra tio of one new for each 5 shares held.
ST O C K A N D B O N D S—
D ate.
Interest. Outstanding
Last D iv.
Stock $12,000,000 ($100)__________
Q -J
$12,000,000
O ct 2H
N o funded d e b t.
Stock.— D ivs. a re lim ited to 10% p e r a n n . V. 120, p . 2267. $2,000,000
a d d itio n a l w as offered to stockholders of record M a y 15 1926 a t $150 per
share on basis of 1 new fo r each 5 shares h e ld . R ig h ts expired J u ly 2 1926.
V. 122, p . 2492.
E A R N IN G S .— F o r y e ars ended Sept. 30:
. r j ju y . ir u .,i\ ,c n c L u .

D u ittf u o ,

Gross.
A Taxes. &Res.Fds.
D ivs.
Surplus.
1925______________$6,655,556 $5,072,422 $710,281 $895,176 *$22,323
1924_____________ 6,655,336
5,212,505
634,235
798,741
9,855
1923_____________ 6,883,354
5,498,649
599,588
689,253
95,863
1922_____________ 6,813,940
5,335,666
757,961
600,000
120,312
1921-------------------- 7,214,882
5,673,949
959,595
581,337
N one
* D eficit.
D ividends.— 10% p er a n n u m (payable Q .-J.) p a id since 1874.
O F F IC E R S .— P re s ., A . W . A ustin; V .-P ., F . Le M . G ra se tt, M . D „
Sec., J . J . A rm strong; G en. M g r.. A rth u r H e w itt.— V. 118. p . 436: V. 119;
p . 2281; V. 120, p . 701, 828, 2267; V. 121, p . 2519, 2636; V . 122, p . 2328,
2492.

DUKE-PRICE POWER CO., LTD.
Control.— T h e c a p ita l sto c k is ow ned as follows: 53 1-3% b y A lum inum
C o. of A m erica, 20% by th e Shaw inigan W ater & Pow er C o. a n d 26 2-3%
b y th e D uke-P rice in te re sts.
O R G A N IZ A T IO N .— A Q uebec co rp o ratio n , organized in 1924 b y th e
la te Jam es B . D uke a n d Sir W illiam P rice a n d th e ir associates to ta k e over
th e large hydro-electric pow er p ro je c t a t Isle M aligne on th e Saguenay
R iv er in th e P rovince of Q uebec. Follow ing th e d e a th of Jam es B. D uke
in 1925, th e A lum inum C o. of A m erica acquired 53 1-3% of th e capital
stock an d th e Shaw inigan W ater & Pow er C o. 20% , w hile th e rem aining
26 2-3% w ere re ta in e d b y th e D u k e -P rice in te re sts.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e installed c a p a c ity of c o .’s h ydro-electric p la n t a t Isle M aligne on th e
S aguenay R iver in Q uebec consists of 10 u n its aggregating 450,000 h .p .
incl. 2 u n its w hich w ere to be com pleted in 1926. T h e u ltim a te capacity
is 540,000 h .p . T h e p la n t uses L a k e S t. Jo h n as a storage reservoir.
C o. h a s firm c o n tra c ts for sale of 330,000 h .p . as follows:
Company—
A m o u n t.
Period.
A lum inum C o. of C a n a d a * _______________________100,000 h .p .
50 years
T h e Shaw inigan W ater & P ow er C o ______________ 100,000 h .p .
50 years
P rice B rothers & C o., L td ________________________/40,000 h .p .
50 years
(60,000 h .p .
10 years
25 years
P o r t A lfred P u lp & P a p e r C o rp __________________ 30,000 h .p .
*A11 of w hose stock is ow ned a n d th e d ue perform ance of w hose co n tract
is g u a ra n te ed b y A lum inum Co. of A m erica. See V. 122, p . 2493, for des­
crip tio n of c o n tra c tin g com panies, &c.
STO CK A N D BO N D S—
Date.
Interest. O utstanding. M aturity.
C om m on (no p a r ) ___________ _____
________ 210,000 shs ___________
1st m ortgage sinking fu n d f 1926
6 M -N
$37,000,000 M ay 1 1966
gold $50,000,000 series “ A ” •{U nion T r u s t C o., P ittsb u rg h , a n d N a tional
($1,000 c )______________t f ( T r u s t C o ., L td ., M o n tre al, tru ste e s.
Bonds.— T h e rem aining $13,000,000 1st m tge. bonds m a y be issued either
as series “ A ” bonds or in o th e r series w ith v ary in g in te re st ra te s n o t ex­
ceeding 6% a n d m a tu rity d a te s n o t earlier th a n M a y 1 1966. E x c e p t for
a p rin cip al a m o u n t n o t exceeding $3,000,000, w hich m a y be issued for 75%
of new acquisitions w ith o u t earnings restrictio n s, a d d itio n a l bonds m a y he
issued only for n o t m ore th a n 75% of a d d itio n a l physical p ro p e rty subjected
to th e m tge. as a d ire c t 1st lien an d provided n e t earnings for 12 consecu­
tiv e o u t of preceding 15 m o n th s h a v e been a t le a st 1 l tim es a n n u al in te re st
A
on all bonds, incl. proposed issue. W ith th e assen t of th e holders of a t
le a st 80% of th e o u tsta n d in g b onds (not incl. a n y bonds ow ned b y th e co.),
a n d w ith consent of th e U nion T r u s t C o. of P ittsb u rg h , th e A m erican tru s ­
tee, m odifications of th e m ortgage m a y be m ade, how ever, n o t to extend
beyond th e m a tu rity of a n y b o n d , n o r to reduce th e p rin cip al or r a te of
in te re st, no r to m odify th e te rm s of p a y m e n t of p rin cip al and in te re st, nor
allow ing th e creation of a n y lien ran k in g p rio r to or on a p a rity w ith th e
lien of th e m tge. on th e p ro p e rty specifically subjected th e re to . A ny m a­
te ria l a lte ra tio n in th e pow er c o n tra c ts m a y be m ad e only w ith th e assent
of 80% of o u tsta n d in g bonds (not incl. bonds in tre a s u r y ), and w ith consent
of th e A m erican tru ste e . H ow ever, no a lte ra tio n m a y reduce th e revenue
from such c o n tra c ts or p re judicially affect th e rig h ts of th e co. an d -o r th e
bondholders. T h ere is a cum ulative sinking fu n d calculated to re tire by
m a tu rity a t least A of th e to ta l a m o u n t of all series “ A ” bonds, p ay m en ts
to be m ade in cash an n u ally on each Sept. 1 beginning in 1929 a nd to consist
of (a)
% of to ta l p rin cip al a m o u n t of series “ A ” bonds issued, (5) th e
in te re st which w ould h av e accrued to th e preceding M a y 1 on all bonds
th ereto fo re re tired b y th e sinking fu n d , such in te re s t to be calculated for
one y e ar on all bonds re tire d b y a n y sinking fu n d p a y m e n t o th e r th a n th a t
preceding a n d fo r 6 m o n th s on all b onds re tire d b y such la s t preceding
sinking fu n d p a y m e n t, a n d (c) such fu rth e r sum , if a n y , as shall be sufficient
to re tire b y m a tu rity a t le a st one-half of to ta l a m o u n t of series “ A ” bonds
issued. P a y m e n ts to be applied b y A m erican tru s te e to pu rch ase of bonds
a t or below redem ption price an d -o r to th e e x te n t of th e unexhausted
m oneys, to redem ption of bonds b y lo t on th e n e x t succeeding N ov. 1.
R ed. as a whole on th e 1st d a y of a n y m o n th on 60 d a y s ’ notice, or in p a rt
fo r th e sinking fu n d on a n y N o v . 1 (beginning 1929) on 30 d a y s’ notice a t
106 a n d in t. on or before M a y 1 1931, a nd a t % % less for each 5-year period
or frac tio n th ereo f elapsed th e re a fte r to a n d incl. M a y 1 1961, and a t 101
a n d in t. th e re a fte r to m a tu rity . P e n n . 4-m ill ta x refundable. P rincipal
an d in te re st pay ab le a t o p tion of holder in N ew Y ork, P ittsb u rg h or M on­
tre a l in U . S. gold on A pril 1926. T h e U nion T r u s t C o. of P ittsb u rg h ,
G u a ra n ty C o. of N . Y ., B ankers T r u s t C o., Lee, H igginson & C o., A ldred
& C o., B row n B rothers & C o ., M arsh all F ield, G lore, W ard & C o., New
Y ork, a n d M ellon N a tio n a l B an k , P ittsb u rg h , offered a t 100 a n d in t. $37,000,000 6% series “ A .” L isted on B oston Stock Exchange. V. 122, p.2649.
A pplication w as m ade to lis t th ese bonds also on th e N ew Y ork Stock E x­
change. V. 122, p. 2493. All of th e o u tsta n d in g $12,000,000 1st m tge.
g. bonds, 6% series d ue 1949. w ere called fo r redem ption J u ly 1 1926 a t
1 0 7 an d in t. V . 122, p . 2948.
E A R N IN G S .— P a y m e n ts req u ired b y th e 50-year co n tra c ts a m o u n t to
$2,055,000 in 1927, $2,330,000 in 1928, $2,605,000 in 1929 a nd $2,880,000
in 1930 a n d a n n u allv th e re a fte r. P a y m e n ts on th e 25-year a n d 10-year
co n tra c ts aggregate $ 855,000 p e r a n n u m a d ditional. C o .’s to ta l expenses,
excl. of in te re st, w ere e stim ate d a t less th a n $225,000 in 1927 a n d less th a n
$275,000 p e r a n n u m b y 1930.
O F F IC E R S .— P re s ., A rth u r V .D a v is.— V. 122, p . 2039, 2493, 2649,2948

NOVA SCOTIA TRAMWAYS & POWER CO., LTD.
O R G A N IZ A T IO N .— In c o rp . in N o v a S cotia in 1914 a n d in J a n . 1917
acquired (a) th e pro p erties an d franchises of th e H alifax E lec tric T ram w ay
C o .. L t d ., com prising all s tre e t ra ilw a y s, com m ercial electric lig h t an d pow er
and gas p roperties in H alifax: a nd (b) w a te r pow er rig h ts, la n d s, & c., on
th e G aspereaux R iv e r, 55 m iles fro m H alifax, cap a b le of a hydro-electric
developm ent of a p p ro x im a te ly 12,000 h. p .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
23.32 miles of s tre e t ra ilw a y , single-track e q u iv a len t. S ta n d a rd gauge;
60-lb. T a n d 80-lb. g irder ra ils. 16 passenger cars; 31 B irn ey sa fe ty cars;
6 sw eepers, 5 m iscellaneous cars, &c. 6,000 k . w . co n tra c ted from Provin­
cial H ydro D evelopm ent; lighting an d pow er d istrib u tio n system : stan d -b y
pow er house of 6,200 k . w . c apacity; gas p la n t, w ith a b o u t 41.39 m iles of
pipe line.
Franchises, in opinion of counsel, are p e rp e tu a l.
S T O C K A N D B O N D S —- Date.
Interest. O utstanding. M a tu rity *
Com sto ck $3,500,000 ($100)______
_______
$2,510,000 ---------------P f 6% cum $2,500,000 ($100)______
J-J 2
2,078,800 J u ly ’19, 3%
1st M $10,000,000 gold $ or £( 1916
5 g J-D
2,250,000 D ec 1 1 9 4 6
($1,000 an d $500)_ c * . t f \ I n t . in N ew Y o rk , M o n tre a l a n d L ondon.
_
G en m tg e Ser “ A ” ($500 a n d ] 1922
7 g A-O
1,468,000 A pr 1 1952
$1,000) g o ld ___________ c * \E a s te r n T r u s t C o ., tru s te e .

264

P U B L IC

Stock.— D ivs. on pref. p ay ab le w ith o u t ded u ctio n for a n y taxes im posed
b y an y ta x in g a u th o rity in C an a d a . T h e stock was offered in J a n . 1917 in
blocks o f 10 shares o f pref. an d 3 sh ares com m on stock for $1,000. V. 104,
p . 164.
Bonds.— R em ain in g bonds m a y be issued up to 75% o f co st of acquisition
or im p r’ts (except th a t no bonds m ay be issued ag ain st th e c o st of th e new
gas p la n t) a n d only when n e t earnings a re double th e 1st M . in te re st
charges, including bonds to be issued. A nnual sinking fu n d or im p t. fu n d of
1% o f bon d s o u t began D ec. 1917, for a d d 'n s or im p ts., or for redem ption
of b o n d s. C allab le, all or p a rt, for sinking fund, a t 105 a n d in t. on a ny
in t. d a te on 60 d a y s' notice. In t. p ay ab le w ith o u t d e d u ctio n for C an ad ian
taxes or U . S. F ed eral tax es. Fixed exchange ra te , $4 86 2-3 p er £ sterling.
T ru ste e s, U nion T r u s t C o. of N . Y. and R oyal T ru st C o .. M o n tre al.
T h e gen m tg e. 7% bonds, S eries" A ." a re callable as a whole only (except
for sinking fund) on a n y in terest d a te on 60 d a y s' notice up to and including
A pril 1 1932 a t 110 an d in t.; th e re a fte r to and incl. A pril 1 1942 a t 105 and
In t. th e re a fte r to an d including April 1 1947 a t \02Vi a n d in t.; th e re a fte r
a t 100 and in t. $2,250,000 a re reserved for prior liens. A nnual sinking
fu n d o f 1 % com m enced in 1924 and is sufficient to re tire over $1.000,000 of
this issue before m a tu rity . In te re st is payable in C an ad ian gold coin a t
H alifax, S t. Jo h n , M o n treal. T o ro n to . W innipeg or V ancouver; or a t New
York In U . 8. gold coin
V. 114. p. 1891.
D ividends.— A div id en d of 3% was p aid on p ref. sto ck in J u ly 1917 th e
D ec. 1917 div id en d being d e ferred . In 1918, 6 % . In 1919, 6 % . In 1920
J a n . d iv . o m itte d . V. 110. p. 167.
E A R N IN G S .— O f N o v a Scotia T ram w a y & Pow er C o ., L td ., for cal. yrs.
1925.
1924.
1293.
1922
G ross e a rn in g s.....................$1,344,099 $1,299,371 $1,393,980 $1,419,471
O p eratin g expenses_____
852,728
916,935
964,146
987,676
T a x e s..................................
106,642
105,302
112,136
111,109
B ond & coupon in te re s t.
215,558
216,713
217,497
193,863
S undry in te re s t________
1,368
1,228
538
5,802
A m o rt, o f d t. disc. & exp.
______
______
______
7,984
B al. for re s., d iv s., &c.
$167,803
$59,194
$99,663
$113,038
O F F IC E R S .— P /e s ., W . H . C o v ert; V .-P ., W . C . P itfie ld ; M g r., W . H .
M u n ro ; Sec., C ecil J . H ayes: T re a s ., A. W . W en tzell.— V. 109, p . 270;
V . 110, p . 167, 2388; V. 114, p . 1408, 1766, 1891; V . 116, p . 2131; V. 118,
p . 2573; V. 120, p . 2149; V. 122. p 2041.

LAURENTIDE POWER CO., LTD.
C ontrolled b y L a u re n tid e C o ., L td .
O R G A N IZ A T IO N .— O rganized in C an a d a in 1915 to ta k e over from
th e L au ren tid e C o ., L td ., all o f its p ro p e rty and p la n t necessary for th e
d ev elo p m en t of th e w ater pow er of th e S t. M aurice R iv er a t G rand M ere,
Province of Q uebec.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O w ns in fee sim ple a n d o p erates a hydro-electric d ev elo p m ent on th e S t.
M au rice R iv er a t G rand M ere. Quebec. C an ., h aving a n u ltim a te g enerat­
ing c ap acity of 180.000 electrical horse pow er, o f which 161,000 is now in­
stalled and in o p eratio n . C o. has co n tra c ts w ith th e L au ren tid e C o.,
L td ., a n d th e Shaw inigan W ater & Pow er C o. for sale o f p ra c tic ally all th e
p o w rr generated
ST O C K A N D B O N D S—
Date. Interest.
O utstanding. M aturity.
Com m on $10,500,000 ($ 1 0 0 ).. ___
Q-J 15
$10,500,000 O c t '26 1 l4
1st m tg e $7,500,000 ($ 1 ,0 0 0 )\ 1916 5 g J -J
6.8 >9, 00 J a n 1 1946
g o ld ___________________ c*( R oyal T ru st C o ., M o n treal. T ru ste e .
G en m tge Ser “ A ” $2,000.0001 1925 5 ^ g J - J
1,509 750 J a n 1 1 9 4 6
($500 & $1,000) g o ld ___ c* | Royal T ru s t C o .. M o n treal, T ru ste e .
Stock.— $7,200,000 com . stock is ow ned by L au ren tid e C o ., L td .
Bonds.— 1st M tge. 5s hav e sinking fu n d since J a n . 1 1920 of a sum equal
to 1% o f th e p a r value of all bonds issued, an d in ad d itio n a sura equal to
th e a n n u al in te re st upon all bonds purchased or redeem ed by th e sinking
fu n d . T h e sinking fund is to be applied to th e p urchase or bonds a t or
u n d er 105% & in t.. or to th e redem ption o f bonds by draw ings a t 105 &
in t., an d will redeem app ro x im ately Vi th e en tire issue of bonds before
m a tu rity . A re callable all or in p a rt on 90 d a y s' notice for sinking fund a t
105 & in t. I n t. p ay ab le a t office of tru ste e in M ontreal a n d a t B ankers
T ru s t C o ., N . Y . $7,500,000 were offered in Sept. 1916 by A ldred & C o.,
N . Y.; Stone & W ebster, N . Y .. B oston a n d C hicago, a n d C hase & C o.,
B oston, a t 90 & in t.. yielding a b o u t 5 .7 0 % . V . 103. p . 1035.
Gen. M tge. 5 Vis Ser. " A " a re g u ar, as to p rin . & in t. by endorsem ent by
th e L a u re n tid e C o ., L td .
Sinking fu n d provided for com m encing J a n . 1
1926 of 1% a n n u ally of bonds issued, plus th e in t. on bonds redeem ed
th ro u g h o p eratio n of th is sinking fu n d . T h e bonds are d a te d F eb. 1 1925
a n d th e first coupon will m a tu re Ju ly 1 1925 and will be for th e 5 m os.'
period from Feb. 1. Are red. as a whole, or in p a rt for sinking fund p u r­
poses, on a n y in t. d a te on 3 m os.' notice a t 101 & in t. P rin . an d in t. p ay­
able a t B an k of M o n treal. M o n treal. T o ro n to . O ttaw a or Q uebec. $1,525,000 were offered in Feb. 1925 by H anson Bros, a n d A ldred & C o ., L td .,
M o n treal, a t 99 & in t.. to yield 5 .6 0 % . V. 120. p. 703.
D ividends.— An initial d iv . of 1% was paid on com m on in April 1919 and
sam e ra te paid regularly q u a r. to a n d incl. J a n . 1922. In A pril 1922 lV i%
was paid a n d sam e ra te p aid reg u larly q u a r. since.
E A R N IN G S .— F o r calen d ar years:
Expenses, Interest & M isc.Chgs.
Balance,
Total
Deprec. & Sinking < Conting.
&
Dividends. Surplus.
F und.
Taxes.
F und A c .
Revenue.
$525,000 def$3,870
$413,249
$566,033
1 9 25-$1.500,412
19,564
$60,000
525.000
1924- 1,480,863
307.585
568.714
525.000 def58.764
x67,458
311.537
572,591
1923- 1,417,822
56,606
525.000
199,367
568,057
1922. 1,349,030
13,318
24.868
420.000
______________
228,096
551,279
_____
1921- 1,237,561
x T h is a m o u n t is m ade up from a c red it of $60,000 to c o n tingent fu n d a nd
$127 458 settle m e n t o f incom e taxes, w ater ren tals 1918 1922.
O F F IC E R S .— P res., F . A. S abbaton: V .-P .. Ju lian C . Sm ith: Sec., W m .
F . R obinson; T re a s ., Louis A rm strong; A sst.-Sec., F . E . M cN a lly .—
V . 120, p . 582, 703, 1326; V. 122, p . 748, 1026.

DOMINION POWER

& TRANSMISSION CO., LTD.

Control.— In Ju ly 1925 It was re p o rte d th a t N e sb itt, T hom pson & C o.
h ad secured co n tro l o f th e co m p an y . V . 121, p . 329.
O R G A N IZ A T IO N .— ln c o rp . in C an a d a on J a n . I I 1907. C ontrols
and o p e ra te s th e following p ro p erties.
H a m ilto n C a ta r a c t P .. L t. & T r . C o. H a m . G rim sby & B eam sville R y .,
H a m . E lec. L t. & Pow er C o.
H am ilto n R ad ial E lec. R y ..
D u n d a s E lectric C o .,
B ra n tfo rd & H am ilto n E lec. R y .,
L incoln E lec. L t. & P ow er C o .,
H am ilto n S tre e t R y ..
H am ilto n & D u n d as S t. R y . (dis­ W estern C ounties E lec tric C o .,
H am iltion T e rm in al C o.
co n tin u ed ; V . 118. p. 2303).
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o n tro ls 33 miles o f single tra c k in H am ilton and 86 miles of in te ru rb an
lines, and also supplies lig h t and pow er to H am ilto n , B ra n tfo rd , S t. C a th ­
arines a n d In tervening te rrito ry . Likewise ow ns a 50.400 h. p . hydro­
e le ctric s ta tio n . Also has in o p eratio n a steam generating s tatio n w ith a
p re sen t cap acity of 26.600 h. p. an d an u ltim a te c ap acity of 80,000 h . p .
A b o u t th e a b an d o n m en t o f certa in lines, see V. 121, p . 1100.
N ew Franchise H am ilton Street Ry.— In O ct. 1925 D om . P ow . & T ran sm .
C o .. L td ., su b m itted to th e C ity o f H am ilto n . O n t.. .new franchise pro­
posal for th e H a m ilto n S tree t R y ., p a rtic u la rs of w hich a re given in V.
121. p. 2156. E n d o rsed by citizens of H a m ilto n in M a y 1926. V . 122,
p . 2493, 2948.
ST O C K A N D B O N D S—
D ate.
Interest. O utstanding. M aturity.
$7,700,000 Sept 24, 1%
----------O rd in ary $10,000,000 ($100)----------4.239.000 O c t '26. 1M
P ref. cum $10,000,000 ( $ 1 0 0 ) -----7 Q-J
5.582.000
See te x t
1st m o rtg ag e
$25,000,0001 1907
5 g A-O
.... .
($1,000) g o ld -.................c * tf 1H arris T r. & Savs. B k. of C hicago, T ru ste e .
(N a t. T r u s t C o ., L td ., T o ro n to , C a n ., tru s t.
H a m C a t P L & T r C o, L td , f 1903
5 A-O
1,654,000 A pril 1 1943
1st & re f M $5,000,000 gold In t. in H a m ilto n & N . Y. N a t T r u s t C o .,
( $ 1 ,0 0 0 )___________ c * n tf ( L td ., T o ro n to , tru ste e . C allable a t 110 &
1 in t. beginning April 1 1923.
H a m E lec L t & C a t Pow l s t f 1899
5 g A-O
544,000 O ct 1 1929
m o rtg ag e gold ($1,000) n o t j l n t . p a y ab le in N . Y . or H am ilton N a tio n a l
c a l l a b l e ______________c * tf( T r u s t C o .. T o ro n to , T ru ste e .
H a m ilto n S tre e t Ry 1st m tg e . 1898 4 Vi J-D
240.000 D ec 22 1928
H a m G rim s & B E l R y 1st M _ . 1895 5 M -N
150,000
1933




[ V ol. 123.

U T IL IT IE S

Stock.— In N o v . 1924 N e sb itt, T hom son & C o ., L td ., offered a block of
2,500 shares of 7% cum . pref. a t $99 p e r sh are. B 119, p . 2178.
Bonds.— O f th e $25,000,000 m ortgage, $10,000,000 m ay be issued, w ith
th e a p p ro v a l of th e tru s te e , for n o t exceeding 80% of cash cost of extensions
and ad d itio n s, a nd the re m a in d e r for n o t exceeding 75 % . Since A pril 1
1917 th e en tire o u tsta n d in g issue, b u t n o t a ny p a rt th ereo f, c a n be called
a t \07V i and in te re st on a ny coupon d a te on 60 d a y s’ notice. T h e bonds
m atu re$ 6 0 ,0 0 0 a n n u ally from A pril 1 1914 to 1921 a n d $130,000 an n u ally
from A pril 1 1922 to 1931, and th e rem ain d er a re d ue A pril 1 1932.
T h ey are secured by all th e p ro p e rty ow ned th ro u g h d e p o sit of stock
and bonds w ith tru s te e , &c.
D ividends.— On th e preference sto ck 6% w as p a id in 1907; in 1908, 3%
was p a id . In D ec. 1908 it w as decided to om it div . on b o th classes of p re f.
stock; see V. 87, p. 1478. N one to J a n . 1911. w hen 3 V i% was p aid ; J u ly ,
3 Vi %; also paid in D ec. 1911 div . d ue J a n . 1909. 3% In 1912, J a n ., 3 Vi %',
J u ly , 3V i% : A ug., 3% (due Ju n e 1909). In 1913. J a n ., 3 V i% . A div .
of 6V i% w as paid F eb. 15 1913 in full of arre.irs: J u lv . 3 V i% . I n 1914
and since, 7% per a n n . (now being paid 1 14 % Q .-J.). In itial d iv . on com .
2 % , paid Ju n e 1916; D ec., 2 % . In S ept. 1917 paid q u a r. d iv . o f I % and
sam e ra te paid q u a rte rly to Sept. 1920. N one to M arch 1924, w hen 1%
was p aid. In Sept 1924 1% was paid.
E A R N IN G S .— Including subsidiary com panies, fo r c alen d a r years:
N et after
Interest
M a in t.
A Bad
Surplus.
D ivs.
Deprec.
A Taxes.
Debts.
Gross.
$931,140 $430,777 $354.058 $296,730 ief$150,125
1925-$3,120,509
def402,440
352.812
415.759
820.597
454.466
1924- 3,132,438
d efl6 ,6 7 8
258.837
464.114
339.086
1923. 3,361.335 1.045.359
26,168
258.837
256.884
1922. 3,163.724 1,012.339
470.450
..... ............_
oas.. Jam os
O F F IC E R S .— Pres . W E ____ V -P .,. <'vro* A Birge;
Phi-i:
D ixon; A u d ., C . S. S cott; Sec., G eo. D . F e a rm a n .— V. 116. p . 515,
941; V. 118. p. 431. 1910. 2303- V. I 19 p. 217s; V. 120, p . 2011; V . 121,
p . 197, 329, 1100; V. 122, p . 2039; V. 123. p . 709.

EAST KOOTENAY POWER CO., LTD.
O R G A N IZ A T IO N .— ln c o rp . in 1922 under th e C om panies A ct of
C anada as successor to th e B ritish C olum bia & A lberta Pow er C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C ontrols rights for pow er developm ent in s o u th ea ste rn B ritish C olum bia.
Supplies th e principal coal mines in th e C row 's N est Pass a n d th e S ullivan
M ine a nd c o n ce n trato r of th e C onsolidated M ining & S m elting C o. o f
;
C an a d a , L td ., near K im berley. Owns a nd operates tw o hydro-electric
developm ents on th e Bull a nd Elk rivers, trib u ta rie s of th e K ootenay R iver,
situ a te d in so u th eastern B ritish C olum bia w ith a to ta l installed cap a c ity
of 22,200 h . p . T h a t on th e Bull R iver, under a gross head of 275 f t.,
develops 7,200 h. p ., and th a t on th e Elk R iver, under a gross head of
190 f t., 15.000 h . p
Also owns a transm ission system com prising 250
miles d u p licate transm ission lines of 66,000-vi lt single-circuit line serving
ou td o o r transform er sta tio n s w ith a p re sen t installed c a p a c ity of 16,3 >0 k .w .
C o. has u n d e r con stru ctio n a 5,000 h .p . steam p la n t a t S entinel, A lb erta.
Capital Increase.-—C o. increased i i J u ly 1926 th e au th o rized 7% p re f.
sto ck fro m $750,000 ($100) to $5,000,000 ($100) a n d th e no p a r com m on
stock from 30,000 to 50,000 shares. V. 123, p. 324.
ST O C K A N D B O N D S—
D ate.
Interest. O utstanding. M a tu rity .
C om m on 0.000 shs (no p a r ) . . ____
_________ 30,000 shs ---------------Pref 7% cum $ 5 ,0 0 0 ,0 0 0 ($ 1 0 0 )____
Q-M 15
$750,000 S ept'26 1?i
1st M s f $5,000,000 ($1,000) I 1922
7 g A-O
2.281.000 A p r 1 1942
g o l d .____________________ (M o n treal T ru st C o ., tru ste e .
Stock.— D ivs. on pref. stock accrue from A ug. 1 1924. D ivs. free from th e
norm al incom e ta x . In Ju ly 1924 $750,000 7% pref. was offered by N e sb itt,
T hom son & C o ., M o n tre al, a t 9 7 Vi and div s. V. 119, p. 584.
Bonds.— F irst m ortgage provides for sinking fu n d , p a y ab le to tru s te e , of
1 % of bonds o u tsta n d in g com m encing N o v . 1 1925 to N o v . 1 1941. A re
red . as a whole a t 110 a n d in t. upon 90 d a y s' notice. I n t. p a y ab le a t th e
agency of th e R oyal B an k of C an a d a in N ew Y o rk , or a t R oyal B an k of
C an a d a , M o n tre al or T o ro n to . $2,000,000 1st m tg e. 7s w ere offered in
M ay 1922 b y N e sb itt, T hom son & C o ., M o n tre al, a n d Jo sep h E . K im ball
& C o .. B oston, a t 9 7 \ i and in t., to yield 7 Vi %■ V . 114, p . 2019.
IHvidends.-—On p re f. paid 1 Vi % in D ec. 1925 a n d 1 l x % in each of
/
M arc h , J u n e & S ept. 19-6.
E A R N IN G S .— C om bined earnings for 12 m os. en d . Aug. 31:
1926.
1925.
G ross revenues, a ll sources______________________
$388,175
$360,084
O per. ex p ., m aiiit. & ta x e s ---------------------------------99.132
79,512
N e te a rm n g s ____________________________________
289.043
280,572
In te re s t_________________________________________
17o .957
171.970
P referred d iv id e n d s______________________________
52,500
52,500
$56,102
$60,586
S u rp lu s_____________________________________
E arnings.— F o r 12 m o n th s ended M arch 31:
Total
N et A fter Taxes
Preferred
Balance,
Revenue.
& Deprec.
Interest.
D ividends.
Surplus.
1926
$377,809
$227,397
$174,119
$52,500
$778
1925
322,422
193.856
153,241
34,625
5.990
O F F IC E R S .— P res., A . J . N e sb itt: V .-P .. Sec. & T re a s ., K . S. B arnes;
G en. M g r., A . B . S anborn.— V. 119, p . 584; V . 121, p . 838, 3605: V .
123, p . 324.

GATINEAU POWER CO.
Control.— Co. is a wholly owned su bsidiary o f International Paper Co.
O R G A N IZ A T IO N .— lncorp. in Q uebec. C an a d a , in 1926.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Co owns in fee or h >lds th ro u g h long-term G overnm ent leaseholds w ater
pow er sites in th e P rovince of Quebec, C an ., w ith an aggregate p o te n tia l
cap acity in excess of 700.000 h .p . C o. is u n d e rta k in g a d e velopm ent p ro ­
gram calling for com pletion by th e fall of 1928 of four h ydro-electric p la n ts
w ith a n initial aggregate installed generating c ap a c ity of 397.500 h .p . of
w hich 373,500 h .p . is on th e G a tineau R iver, w hich enters th e O tta w a R iver
from th e n o rth in th e v ic inity of th e c ity of O tta w a. Tw o of th e develop­
m ents w ith over h a lf of th e initial cap acity lie w ithin 7 m iles of th a t c ity .
T h e K ipaw a p la n t a t th e o u tle t of Lake K ipaw a, Q ue., is alm o st com pleted
u p to a c ap a c ity of 24.000 h .p . T h e Chelsea a nd Farm ers p la n ts on th e
G a tineau R iver a re to be com pleted up to th e ir in itia l in sta lled capacities
of 131 000 h .p . an d 92,500 h .p .. respectively, early in 1927. C o n stru ctio n
work on th e fo u rth developm ent, th e P augan p la n t, was to be s ta r te d in
th e fall of 1926 and to be in operation by th e fall of 1928 w ith a c ap acity
of 150 000 h .p . A storage dam is being c o n stru cted a t B itobi R apids, 90
m iles above th e P au g an p la n t, which will create a sto ra g e reservoir of 107
sq m iles an d a c apacity of 82.000.000.000 cu. ft. T h is reservoir w hich is
to becom e th e p ro p e rty of th e Province of Quebec an d o p e ra te d by th e
Quebec Stream s C om m ission, will equalize th e flow of th e G a tin e a u R iver.
T h e th re e pow er p lan ts on th e G atineau R iver h av e been designed to p e rm it
th e com p arativ ely inexpensive additio n of an aggregate of o v er 100,000 h .p .
add itio n al w hen th e w a ter sto rag e facilities a re in creased, m aking a to ta l
Ca?fnder t h e t e n m s o f a°3(>year c o n tra c t w ith th e H y d ro -E lectric Pow er
C om m ission of O ntario, th e C om m ission is to purchase 80,000 h .p . of elec­
tric energy du rin g th e 12 m onths beginning O ct. 1 1928, th e a m o u n t increas­
ing annually th e re a fte r to a m axim um of 260.000 h .p . d u rin g th e 12 m onths
beginning O ct. 1 1931, which ra te is continued th ro u g h o u t th e life of th e
C° In 'a d d itio n , C anadian In te rn a tio n a l P a p e r C o. is to pu rch ase u nder a
30-vear c o n tra c t a m inim um of 74,000 h .p . per a n n u m , a nd th e C anada
C em ent C o., L td ., has co n tra c ted to purchase 3,000 h .p . p e r annum for a n
initial period of 15 years from O ct. 1 1930. s u b jec t to renew al. V. 123, p.454.
ST O C K A N D B O N D S— Date.
Interest. O utstanding. M aturity.
C om m on (no par)
--------------------------- *25'000 000 --------- I I I I
1st m tge1 g o l d V ^ series’dueTThe" R oyal T ru s t Co.’. M ontreal tru s te e .
1 1956S($ 1.000c*r* & $500 c*( 1926
5 J-D
*37-£00,000 Ju n e l 1956
& $5,000. $10,000 & m u l- jln t. in U . S. gold in N . Y . & B oston, in
t i d e s r * ) ______________ t f l C anadian gold in M ontreal & T oronto.
6% s f gold d eb en tu res d u e l 1926
6 J-D
12.500.000 Ju n e 15 41
1941 ($1.000 500 c * )___ tf (M o n tre a l T ru s t C o., tru s te e .
x Includes $1 “ 500.000 issued and held In escrow
Bonds — T he Is/ mtae. gold bimds 5% series, due 1956. a re secured b y a
d ire c t 1st m tge. and hypothec on all properties p resently to be ow ned b y
co. C ertain of th e transm ission lines m ay be ow ned by a su b sid iary , al

O ct., Iij26.]

P O W E R , L IG H T A N D R A IL W A Y

o f th e securities of w hich are to b e pledged u n d er th e tr u s t d eed. N o funded
d e b t in a d d itio n to th e $37,500,000 1st m tge. g. bonds a n d $12,500,000 6%
gold d eb en tu res is issu ab le ag ain st th e existing d ev elo p m en t u p to th e in itia l
c ap a c ity o f 397,500 h .p . o f th e P a u g a n , C helsea, F a rm e rs an d K ipaw a
p la n ts . A d d ’l bon d s o f 5% series, d u e 1956, o r of o th e r series of such te n o r
as d irecto rs m ay d eterm in e, m a y b e issued (a) fo r re fu n d in g a n e qual prin ci­
p a l a m t. o f 1st m tg e. o f an y series, o r (6) for 75% o f a d d ’ns, incl. securities of
o th e r co rp o ratio n s su p p ly in g o r tra n s m ittin g elec, pow er, b u t only w hen n e t
earn s, for 12 consecutive o u t o f preceding 15 cal. m o n th s (t9g ether w ith 80%
o f estim ated fu tu re n e t earnings fro m c o n tra c ts as define in th e tr u s t deed)
hav e been a t least tw ice a n n u al in te re st on all 1st m tg e. bonds o u tsta n d in g ,
incl. proposed issue. N o t m ore th a n 15% of aggregate a m o u n t of 1st m tge.
bonds issued o th er th a n for refunding m ay be issued in con n ection w ith th e
fu tu re acquisition o f securities of such o th er co rp o ratio n s, a n d th e n only
upon pledge o f all 1st m tg e bonds of such o th e r co rp o rations w hich shall
be a t least equal in face a m o u n t to th e bonds so issued; a n d th e bonds so
issued shall n o t exceed 75% of th e p ro p e rty o f su ch o th e r corporations.
T h e tru s t deed provides for th e m odification or a lte ra tio n thereof or of a ny
supplem ental in d e n tu re , w ith th e assen t of holders o f from 50% to 75%
(depending upon th e p ercen tag e, if a n y , opposed th ereto ) of aggregate
p rin cip al a m o u n t of bonds, b u t does n o t p e rm it extension of m a tu rity or
re d u c tio n of in te re st ra te , or a n y o th e r m odification in term s of p ay m e n t
o f such in te re st, w ith o u t th e consent of th e holder thereof, or a n y change
in th e lien of th e tru s t deed w ith resp ect to th e p ro p e rty covered th e re b y .
T h ere is a n annual sinking fu n d , p ay ab le in cash or bonds, com m encing
D ec. 1 1927, equal to )4% o f th e g reatest aggregate p rin cipal a m o u n t of
1st m tg e. b onds a t an y tim e o u tsta n d in g . B onds acq u ired b y sinking fu n d
a re to be cancelled fo rth w ith .
5% series, due 1956, are red . on an y in te re st d a te on 30 d a y s’ notice a t
105 th ro u g h Ju n e 1 1936; a t 104 th ro u g h Ju n e 1 1941; a t 103 th ro u g h Ju n e 1
1946; a t 102 th ro u g h Ju n e 1 1951; an d th e re a fte r an d p rio r to m a tu rity a t
101; in all cases w ith in te re st. P en n . 4 m ills ta x refundable. In Ju ly 1926
B an k ers T ru st C o ., H a rris, Forbes & C o., Lee, H igginson & C o ., B lair &
C o ., In c ., T h e U nion T ru st Co. o f P ittsb u rg h , C o n tin e n tal & C om m ercial
T r u s t & Savings B an k , Chicago; H alsey , S tu a rt & C o., In c ., an d R edm ond
& Co. sold a t 94 an d in t., to yield over 5 .4 0 % , $25,000,000 5% series,
due 1956. V. 123, p . 454.
., , J
^
Guaranty o f Completion.— A d eposit sufficient to p ro v id e funds for th e
com pletion of th e p ro g ram u p to th e in itia l cap acity of 397,500 h .p . is to be
held in escrow, su b jec t to w ith d raw al as expenditures are m ade, a n d is to
be com posed largely o f cash an d th e b alance o f $12,500,000 1st m tg e. bonds,
In te rn a tio n a l P a p e r C o. agreeing to fin d pu rch asers for these bonds as
ad d itio n al cash is req u ired , an d g u aran teein g to p rovide a n y a d d itional
fu n d s w hich m a y be necessary for com pletion of th e in itia l developm ent
p ro g ram .
.
,
N ote.— International Paper Co. w ith its subsidiaries is th e la rg e st m anu­
fa c tu re r of p a p er in th e w orld a n d one o f th e larg est holders of w a ter pow ers
in N o rth A m erica. U pon com pletion of th e p re sen t d evelopm ent p ro g ram
o f G a tin e au Pow er C o ., I . P . C o. w ith its w holly ow ned subsidiaries, will
h av e developed w a ter pow ers w ith a to ta l in stalled cap acity of a lm ost
600.000 h .p . (500,000 h .p . hydro-electric a n d 100,000 h .p . hydraulic),
capable of being increased th ro u g h fu rth e r d evelopm ent a n d th ro u g h th e
u tiliz a tio n o f undeveloped sites to a b o u t 1,400,000 h .p . V . 123, p . 454.
Debentures.— T h e 6% sin kin g fu n d gold debentures, due 1941, w ere to be
listed on th e B o sto n Stock E x c h ., a n d hav e a cu m u lativ e sem i-annual sinking
fu n d p a y ab le in cash on d eb en tu res a t c u rre n t red em p tio n price, beginning
Ju n e 15 1927, e stim ate d to re tire well over 40% p rio r to m a tu rity . R ed .,
all or p a rt, on 30 d a y s’ notice a t 105 to and incl. Ju n e 15 1931, a n d th e re ­
a fte r a t )4 % less each succeeding y ear plus in te re s t in all cases. P e n n . 4
m ills ta x re fu n d a b le . In Ju ly 1926 B ankers T r u s t C o ., H a rris, Forbes &
C o ., Lee, H igginson & C o ., B lair & C o., In c ., T h e U nion T ru s t Co. of
P ittsb u rg h , C o n tin e n tal & C om m ercial T ru st & Savings B an k , C hicago,
H alsey, S tu a rt & C o ., In c. ,an d R edm ond & C o. sold $12,500,000 a t 99)4
a n d in te re s t, to yield 6.0 5 % . V . 123, p . 580.
E S T IM A T E D E A R N IN G S .— N e t earnings fro m th e C helsea, F arm ers
an d K ip aw a p la n ts av ailab le for in te re st a n d reserves, even before com­
p letio n o f th e P a u g a n p la n t, w ill, it is e stim ate d , be a b o u t 1.7 tim es a n n u al
in te re st on $25,000,000 1st m tg e . gold bonds. U pon com pletion of all four
pow er p la n ts an d th e delivery of th e u ltim a te a m o u n t of pow er u n d e r th e
c o n tra c t w ith th e H y d ro -E lectric Pow er C om m ission o f O n tario, it is esti­
m a te d th a t n e t earnings w ill be a lm o st 3 tim es an n u al in te re s t on $37,500,000
1st m tg e. 5% bo n d s. V . 123, p . 454.
O F F IC E R S .— P re s ., A . R . G ra u stein ; V .-P ., J . B . W h ite; G en. M g r.,
G . G ordon G ale; T re a s ., O w en Shepherd; Sec., F . G . Sim ons; A u d ., B . O.
B ooth. P rin cip al office: 355 B eav er H a ll S q u are, M o n tre a l.— V. 123,
p . 454, 580.

THE GREAT LAKES POWER CO., LTD.
O P E R A T IO N .— T h e o p eratio n o f th e p ro p e rty is u n d e r th e m an ag em en t
of th e M id d le W est U tilities C o.
O R G A N IZ A T IO N .— In c o rp . in O n tario M ay 18 1916. Owns a ll th e
sto ck of th e In te rn a tio n a l T ra n s it C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns in fee an d o p erates a h y d ro -electric p la n t a t S au lt S te. M arie, O n t.
P rese n t c ap a c ity 39,200 h .p . T h e Pro v in ce o f O n tario h as g ra n te d th e
co. th e rig h t in p e rp e tu ity , w ith o u t re n ta l o r o th e r charges, to th e use of
20.000 cu . f t. p e r second o f p rim ary o r co ntinuous w ater on th e C an ad ian
side o f th e S t. M a ry ’s R iv er. T h e In te rn a tio n a l T ra n s it C o. (co. owns
all th e stock) o p erates a s tre e t railw ay system in S au lt S te. M arie, O n t.,
a n d th e ferry service betw een S a u lt S te. M arie, O n t., a n d S a u lt S te. M arie,
M ich .
STO CK A N D B O ND S—
D ate.
Interest. Outstanding. M a tu rity .
See te x t
$1,991,400
C om m on, $2,000,000 ( $ 1 0 0 ) - - ____
See te x t
P ref 7 % cum $600,000 ($ 100)______
Q-M
600,000
See te x t
1st M serial $3,000,000 gold) 1916
6 M -N
2.460,000
($1,000-$500-$100) _-C *& r*JInt. a t S ta te S t. T r . C o ., B o ston, M ass., T r.
Stock.— D iv s. on p re f. sto ck a re p ay ab le in U . S. fu n d s a t th e C o n tin e n tal
& C om m ercial B an k , C hicago. In Ju n e 1924 A . E . A m es & C o. offered
a block of 7% p re f. sto ck a t 9 7 14 a n d d iv s. V . 118, p . 3084.
Bonds.— T h e 1st m tg e . serial bon d s m a tu re a n n u ally on M ay 1 as follows:
1927, $90,000; 1928 to 1930, in c l., $100,000; 1931 a n d 1932, $110,000;
1933, $120,000; 1934, $130,000 an d increasing $10,000 each y e a r th e re a fte r
to 1944. H o n . F red e ric k Stone, S au lt Ste. M arie, co -tru stee. C all, as a
w hole on a n y in t. d a y before M ay 1 1935 a t a 5% incom e basis a nd th e re ­
a fte r a t a 4 )£ % incom e basis
In M ay 1916 E sta b ro o k & C o ., N . Y .
an d B o sto n , sold a t p a r a n d in t. $1,000,000 1st m tg e. serial 6% bonds.
V. 102, p . 1814. In O ct. 1921 E sta b ro o k & C o. offered a block o f $125,000
1st m tg e. serial 6s a t 91 a n d in t., yielding 6 .7 5 % . V. 113, p . 1580.
Dividends.— Since 1916 on p re f. sto ck a t 7% ra te . On com m on a t th e
ra te of 4% p e r a n n u m since 1921.
E A R N IN G S .— F o r calen d ar years:
Operating
Fixed
Gross
N e t A va il.
Expenses.
Charges. fo r P f. Stk.
Incom e.
$207,161
1925 -----------------------$601,367
$154,557
$239,649
163,446
162,267
259,324
1924 ________________
585,037
1923 -----------------------577,488
162,019
169,563
245,905
1922 _______ _____
542,338
152,614
172,784
216,939
1 9 2 1 ________________
511,791
117,041
188,855
205,895
76.609
150,401
234,810
1920 ________________
461,820
194.554
412,856
78,619
139,683
1 9 1 9 _______________
379,517
62,440
103,071
214,006
1 9 1 8 -----------------------O F F I C E R S — Pres. , Sam uel Insull; V .-P ., M a rtin J . Insull; V -P., Jo h n
A . M cP h ail; Sec.-T reas., O liver E . M cC orm ick; G en. M g r., A . E . P icker­
ing; A sst. Secs., E u sta c e J . K n ig h t a n d J . M . M cN e il.— V . 118, p . 3084.

INTERNATIONAL POWER CO., LTD.
O R G A N IZ A T IO N .— In c o rp . in C an a d a in 1926 to acq u ire as a holding
o r o p e ra tin g com pany d irectly or th ro u g h subsidiaries, equities in or control
o f pow er or p u b lic u tility u n d e rta k in g s . C o . h as acq u ired all th e securities
o f th e V enezuela Pow er C o ., L td ., a n d a m a jo rity o f th e stock of th e San
Salv ad o r E lectric L ig h t C o ., th e N ew foundland L ig h t & Pow er C o ., L td .,
th e B olivian Pow er C o ., L td ., a n d 81% o f th e o u tsta n d in g 5% 1st m tge.
b o n d s a n d a controlling in te re st in th e com m on sto ck o f th e D em erara
E lec tric C o ., L td . V . 122, p . 1310.
S T O C K A N D B O N D S—
D ate.
Interest. Outstanding. M aturity.
C om m on 150,000 shs. (no p a r ) ____
________ 100,000 shs. __________
7% cum p re f $8,000,000 ( $ 1 0 0 ) ____
7 Q -J
$4,000,000 .....................
6% c o n v e rt 2nd p f $ 2 ,0 0 0 ,0 0 0 -____
6
2,000,000 __________
F u n d e d d e b t_________________
N o p a rtic u la rs av ailable.




265

Stock.— T h e lsJ pref. sto ck is p referred as to 7% cum . divs. an d as to
assets u p to 105 p er sh are. C all, all or p a rt on 60 d a y s ’ notice a t 105 an d
div s. D ividends p a y ab le in U . S. gold in N ew Y ork or a t c o .’s office in
M o n tre al, C an . In M a rc h 1926, G . E . B a r re tt & C o ., In c ., N ew Y o rk ,
a n d R o y al Securities C o rp ., L td ., M o n tre al, offered $4,000,000 1st 7%
cum . p re f. sto ck a t 9 8 14 an d d iv . to yield a b o u t 7 .1 6 % . E a c h sh are 1st
p re f. sto ck w as accom panied b y one com m on sh are. Y . 122, p . 1310, 1609.
T h e 2nd pref. sto ck is e n title d to $6 divs. per a n n u m c u m u la tiv e from
M arch 1 1927. N o dividends m a y be p aid on th e 2nd pref. or com m on
stocks should 1st pref. d iv . b e in a rre a rs. T h e 2nd pref. sto ck m a y a t
op tio n of holder be exchanged for com m on sto ck on th e basis of 4 shares of
no p a r v alu e com m on sto ck for each share of 2nd p re f. stock.
All of th e 2nd p re f. sto ck is h eld b y R o y al Securities C o rp ., L td . an d
a sso c iates.
A pplication w as to be m ade to lis t th e common sto ck on th e M o n tre al
a n d T o ro n to , a n d B oston Stock E xchanges. V . 122, p . 1310.
E A R N IN G S .— C om bined earnings of controlled com panies for calendar
years:
1922.
x l9 2 5 .
1924.
1923.
G ross e arn in g s----------------$1,872,906 $1,709,142 $1,641,068 $1,537,004
699,514
N e t a fte r m a in t. charges
885,961
790,354
756,659
I n t e r e s t _______________
399,276
______
______
A vail, for p re f. divs re v s.
486,685
______
______
x One m o n th in p a r t e stim ate d .
O F F IC E R S .— P re s ., T . W . K illam (P res. C alg ary P ow er Co L td .)
V . 122, p . 1310, 1609.

KAMINISTIQUIA POWER CO., LTD.
O R G A N IZ A T IO N .— In c o rp . in C anada a t th e end of 1925. A cquired
th e u n d e rta k in g an d franchises of a co. of sim ilar nam e, w hich in S e p t. 1925
w as purchased b y th e F o rt W illiam P a p e r C o., th e old stockholders re ­
ceiving $145 per share for th e ir stock ($95 in cash a nd th e b alance in 7%
cum . pref. sto ck of th e new c o .). F o r th e reasons for th e change of organi­
zation, see V . 121, p . 1462.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
C o. ow ns an d operates a t K akabeka Falls, on th e K a m in istiq u ia R iver in
th e Province of O ntario, a b o u t 19 m iles from th e C ity of F o rt W illiam , a
com plete h ydro-electric developm ent of a ra te d c ap a c ity of 35,000 h .p .
T h e e n tire o u tp u t of th e p la n t was s ta te d to h av e been disposed of on
fav o rab le te rm s to th e prin c ip a l in d u stria l pow er users in th e C ity of
F o rt W illiam .
Francises.— E lectric franchise in C ity of F o rt W illiam is p e rp e tu a l.
ST O C K A N D B O N D S —
Date.
Interest.
O utstanding.
M a tu rity .
C lass A com m on (non-voting)
30,750 shares (no p a r)______ _____
_______
30,750 shs. A ug’26 62)4c
Class B com m on (v o tin g )_________
_______
9,250 shs. A ug’26 62)4c
7 % c u m re d p f$ 1 ,2 5 0 ,0 0 0 ($ 1 0 0 )____
7
$1,250,000 A ug’2 6 \% %
1st M 534s sink f d g Series A / 1925 5 b g M -N
2,026,500 N o v i 1950
($1,000-$500 c * ) _________ (M o n tre a l T ru s t C o., T ru stee.
R eg & deb s to c k ------------------- -------------------£200,000 __________
Bonds.— T h e 1st m ortgage bonds a re lim ited to $5,000,000, or its e q u iv a le n t in sterling, a t th e fixed ra te of $4 86 2-3. T h ey are secured b y a
1st m ortgage a n d charge on all th e c o .’s assets, p re sen t a n d fu tu re , specific
as to all fixed assets, an d b y w ay of a flo a tin g charge as to all o th e r assets.
A dditional bonds o f sam e or o th e r series or as d e b en tu re sto ck m a y be
issued for 75% of new co n stru ctio n , provided n e t earnings for th e preceding
2 years have been n o t less th a n 1 )4 tim es in te re st on all bonds an d (or)
d e b en t, stock th e n o u tsta n d in g , incl. new issue. A n a n n u al sinking fu n d
of n o t less th a n 1% of bonds a n d d e b en t, sto ck , Series A, o u tsta n d in g ,
a n d com m encing N o v . 1 1926, will be used for purchase in th e open m a rk e t
of bonds (or d e b en t, stock) a t or below redem ption price, otherw ise will be
called by lo t a t such price. R e d ., w hole or p a rt, on 60 d a y s’ notice a t 104
to N ov. 1 1935; a t 103 to N ov. 1 1940; a t 102 to N o v . 1 1945, an d a t 101
th e re a fte r; in each case w ith in t. P rin . a n d in t. payable a t option of holder,
in C an ad ian gold coin a t R oyal B an k of C an. in M o n tre al o r T o ro n to , or
in U . S. gold coin a t th e agency of th e R oyal B an k of C an. in N ew Y ork,
or in gold coin of th e K ingdom of G re a t B rita in a t th e R oyal B an k of C a n .,
L ondon, E n g ., a t th e ra te of $4 86 2-3. In N ov. 1925 W ood, G u n d y &
C o. a n d Societe de P lacem en ts d u C an a d a , M o n tre al, offered a t 99 a nd
in t., to yield a b o u t 5 .5 7 % , $2,026,500 1st M . 5 )4 % sin k , fu n d gold bonds,
Series A. V . 121, p . 2402.
O F F IC E R S .— C hairm an of B d. of D ir., George H . M ead; P re s ., G eorge
G ray; V .-P ., W . N . H u rlb u t; T re a s ., W . S tru th e rs; Sec., J . G . G ibson;
Sec.’s office, 707 B an k of H a m ilto n B ld g ., T o ro n to , C a n .— V. 120, p . 330:
V. 121, p . 1462, 1678, 2402.

LONDON STREET RAILWAY CO.
O R G A N IZ A T IO N .— In c o rp . u n d e r law s o f C an a d a in 1873. Franchise
expires 1925, a t w hich tim e , or a n y fifth y ear th e re a fte r, c ity h a s rig h t to
purchase th e p ro p e rty (except S pringbank line) on a n a rb itra tio n basis,
by giving one y e a r’s notice in a dvance.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A tro lley ro a d . O perates 36.10 miles of tra c k . S ta n d a rd gauge. 56,
73, 75 an d 80-lb. T a n d g irder ra il. 62 m o to r cars, also o p e ra te s busses.
H as c o n tra c t for pow er w ith th e O n tario H y d ro -E le ctric Pow er C om ­
m ission.
City Purchase Proposal Defeated.— See V . 116, p . 1411.
S T O C K A N D B O N D S—
D ate.
Interest. O utstanding. M aturity.
Stock $750,000 ($40)______________
J-J
$637,480 See te x t
F irst m ortgage $750,000 g o ld / 1896
6 g M -S
475.000 M a r 8 1930
( $ 1 ,0 0 0 ) _______________c * \T o ro n to G eneral T ru s ts C o ., tru ste e .
Bonds.— F irs t m tg e . bonds originally m a tu re d M arch 8 1925 and bore
Interest a t 5% b u t w ere extended Sor five years to M arch 8 1930 a t 6 % .
T he rem aining $30,000 can only be issued for 66 2-3% of actu al cost of
additions a nd extensions, w hen n e t earnings are equal to 10% of all bonds
ou t, including those to be issued; b u t to ta l d e b t m u st n o t exceed $20,000
per m ile of single tra c k . V. 78, p. 2384. In te re s t is payable a t the C an a ­
dian B an k of C om m erce, T o ro n to . In each of th e ten years preceding
m a tu rity 5% of bonds shall be draw n by lo t a nd redeem ed a t p a r on 40
d a y s’ notice. $243,000 have been re tired . $3,000 held In treasu ry .
D ividends.— In 1901 8% was paid; in 1902, 8 % ; 6% in 1903, 1904, 1905
and 1906. In 1907 dividends o m itte d on a cc o u n t of s trik e
In 1908 to
1915, Inclusive, 6% per a n n u m . In 1916, J a n ., 3% (cash); J u ly , 3% (in
stock). In 1917, J a n ., 3% (cash); J u ly , 3% (in sto ck ). N one to D e c.
1922, w hen 2 14% w as p a id . ^ In 1923, 5% w as p a id . N one in 1924.
E A R N IN G S .— F o r calen d ar y ears:
1924.
1925.
1922.
1923.
G ross e arn in g s_________
$665,302
$628,918
$693,411
$594,584
O perating expenses------572,082
529,011
546,364
494,986
In te re s t a n d ta x e s ______
45,418
43,201
37,087
34,621
D e p re c ia tio n __________
38,125
38,091
37,364
35,423
D om inion incom e t a x _
_
1,513
4,712
3,743
2,893
D iv id e n d s _____________
(5% )31,874 (2)4)15,937
B alance, su rp lu s _____
$14,851
$10,292
$33,903
$10,724
O F F IC E R S .— P re s ., C h as. C u rrie, C leveland, O .; V .-P re s., R . G . Iv e y ,
M gr. & Sec.-T reas., L . T a it, L ondon, O n t.— V. 106, p . 607, 2345; V . 108,
p . 878; V. 110, p . 2076, 2568; V. 112, p . 1399; V. 114, p . 306; V . 105, p . 183;
V . 116, p . 1411; V . 118, p . 1773; V . 120, p . 2147; V . 122, p . 2040.

MARITIME TELEGRAPH & TELEPHONE CO., LTD.
O R G A N IZ A T IO N .— In co rp . in N . S ., A pril 1910 as a consolidation of
a n u m b er of telephone com panies. Owns a n d o p e ra te s w ith o u t com peti­
tio n , th e telephone system in th e P rovince o f N o v a S cotia, an d c ontrols
th e telephone business in P rince E d w a rd Isla n d . C o m p a n y ’s lines connect
w ith th e N ew B runsw ick T elephone C o .'s sy stem a n d i t h a s o th e r connec­
tions u n d e r favorable agreem ents for long d ista n ce business. T o ta l p opu­
la tio n served over 500,000. 33,076 telephones in 1925. V . 121, p . 3004.
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
C om m on $1,000,000 ($10).............. ..
- .................
$850,000 J u l ’2 6 ,1)4%
6% c m p f s e r A $ l,000,000 ( $ 1 0 ) ____
6 Q -J
1,000.000 J u l ’2 6 ,1)4%
7% c m p fse rB $ 2 ,0 0 0 ,0 0 0 ( $ 1 0 ) ____
7 Q -J
1,500,000 J u l ’26,1 H %
F irst m tge $1,500,000 (closed) I 1911
6 g J-J
1,500,000 J u ly 1 1941
6s g ($500 & $100)_____c * \E a s te rn T r . C o ., M o n tre a l & H alifax, tru ste e
R ef a nd gen m tg e 5s g series A f 1926
5 g J-J
1,000,000 J a n 1 1956
$1,500,000 ($1,000 a n d ( I n t. a t E a s te rn T r u s t C o ., H alifax , M on$500)________________
c*( tre a l, T o ro n to , tru s te e .

266

P U B L IC

[ V o l . 123.

U T IL IT IE S

Bonds.— T h e ref. and g<n mtge. o% gold bonds, series A , dated Jan. 1 1 9 2 6 ,are
secured b y a d ire c t m tg e on th e e n tire p ro p e rty o f th e com p an y , incl.
after-acq u ired , su b je c t to h e firs t m tg e b o n d s, d u e in 1941, th e m ortgage
securing w hich is closed
A d d itio n al b o n d s in a d d itio n to series A m a y
b e issued to re fu n d b o n d s o f a n y series o u tsta n d in g u n d e r th is m ortgage
o r to re tire u n d erly in g b o n d s an d for 75 % o f fu tu re a d d itio n s, & c., p ro v id e d
n e t earnings for 12 o u t o f preceding 14 m o n th s hav e been n o t less th a n
1 H tim es a n n u a l in te re s t on all b o n d s o u tsta n d in g , incl. new issue. In
no e v e n t m a y b o n d s u n d e r this m tg e. b e o u tsta n d in g to a n a m o u n t exceed­
ing tw ice th e a m o u n t o f th e p aid u p c ap ita l sto ck of th e co m p any. C allable
as a w hole o n ly on 60 d a y s' n o tice a t th e following prices an d in te re s t on
a n y in te re s t d a te : incl. th e y ear 1930 a t 105: 1940 a t 104: 1945 a t 103; 1950
a t 102: 1954 a t 101: th e re a fte r a t 100. In D ec. 1925 R oyal Securities C orn.
L td ., M o n tre a l, offered $1,000,000 a t 9 5 H a n d in t. to yield a b o u t 5.3 0 % .
V . 121, p . 3004.
All o f th e o u tsta n d in g $1,000,000 ref. m tg e. 7% gold b o nds, series A ,
d u e D ec. 1 1945 w ere called for p a y m e n t on D ec. 1 1925 a t 106 a n d in t.
V. 121, p . 1678.
O F F IC E R S .—M a n . D ir., J . H . W infield: G en. M g r., W . H . H ayes;
C o m p t., C . A . B . B ullock: S e c .-T re a s., T . N . G oudge.— V. 115, p . 2275;
V. 121, p . 1678, 3004.

E a rn in g s in 1921 a m o u n te d to $13,289,964 gross a nd $975,056 b alance,
s u rp lu s .
O F F IC E R S .— P res., Sir H e rb e rt S. H o lt; V .-P ., J . S. N orris: Sec. A
T rea s., C . S. Bagg; A sst. Sec. & T re a s ., G . R . W hatley, M o n tre a l.—
Y . 118, p . 3206; V . 119, p . 2530; V . 120, p . 582, 2269; V . 122, p . 611, 2652;
V . 123, p . 325, 581, 711, 1382, 1634, 1763, 1876, 2139.
Q U E B E C -N E W E N G L A N D H Y D R O -E L E C T R IC C O R P .
O R G A N IZ A T IO N .— In c o rp . in Q uebec in 1908 as S a ra g u a y E le c tric &
W ater C o. N am e changed in 1912 to M o n tre al P u b lic Service C o rp .,
an d in 1923 to presen t title . C o ntrol of th e co. was sold b y U n ite d Securi­
ties, L td ., to M o n tre al L ig h t, H e a t & Pow er C onsol’d on F eb . 24 1926.
C o. d istrib u te s electric pow er developed b y C an a d ia n L t. A Pow . C o. in
im p o rta n t sections of M o n tre al.
C o .’s c ap ital sto ck w as reduced fro m $5,000,000 to $350,000 on M a y 18
1925. $2,968,000 o u tsta n d in g 5% 1st & ref. m tg e . b o nds of M o n tre al
P u b lic Service C o rp ., due S ept. 1 1942, h av e been assum ed b y M o n tre al
L ig h t, H e a t & Pow er C onsolidated. Y . 1 1 8 ,p . 3207; V . 119, p . 589, 704
821; V. 120, p . 2551, 2684; V . 122, p . 2652.
M O NTREAL L IG H T , H EA T & P O W E R C O .

O R G A N IZ A T IO N .— In c o rp . in M a r . 1901 u n d e r special A c t o f Quebec
L eg islatu re.
F
S AND C H A RA CTER OF B
E S S .—
O R G A N IZ A T IO N .— In c o rp . in C a n a d a in 1916 as C ivic In v e s tm e n t & C o. IE L D O F O P E R A T IO N hydro-electric g en eratin g s ta tio nU S INL achine
or its subsidiaries own
s at
In d u stria l C o ., nam e being changed as above in 1918. Owns over 99%
apids a
Soulanges on
L aw
an a t
th e
o f th e sto ck o f b o th th e M o n tre a l L ig h t, H e a t & Pow er C o. (which see R ichelieun d iver, hav in g th e S t.bined rence R iver ap ad ity C h am b ly on .p .,
R
a com
installed c
c
of 45,000 h
below) a n d C ed ars R ap id s M fg. & Pow er C o. (V. 106, p . 823); operates R
a stea m auxiliary s
n of
. U
fav
le
th e ir p ro p erties u n d e r leases ru n n in g for 98 y ears fro m A ug. 1 1916, assum ­ a n d renew able co n tra c ts ta tion tre al 25,000 h .p a t A n d e r er C o rabn d long-term
and
Mo
L ig
H
P
o. a
p a re
ing all th e ir fixed charges a n d p ay in g dividends a t fixed ra te s on th e ir com pany control all th e electric pow er h t, n se itte d ow th e C ity o f its o n tren t
m
al
c ap ital sto ck . On F eb . 24 1926 p u rc h a se d fro m U n ited S ecurities, L td . b y th e Shaw inigan W ater A Pow er C o.traA lso, th ro to h a su b sid iaM , M on­
ry
all o f its holdings o f com m on sh ares in th e Q uebec-N ew E n g lan d H y d ro - tre a l G as C o. does th e e n tire artificial gas business u g th e C ity of M o n tre al
of
E lectric C o rp ., a n d acq u ired th e re b y th e business a n d u n d e rta k in g of th a t a n d su b u rb a n m unicipalities. P ro p erties h av e a g e n erta tin g c a p a c ity of
co. P a y m e n t is to ex ten d over a perio d o f 30 years fro m A ug. 1 1924 a nd 29,000,000 cu. f t. p e r d a y . A m ong th e o th e r m ore im p o rta n t su bsidiary
is to consist o f a n a n n u al su m of $400,000. V. 122, p. 2652.
re
M o n al
L
On J u ly 26 1926 stockholders^ a p p ro v ed th e plan (a) to c o n v ert each cos. aL th e R oyal E lectric C o ., th e L n d treo ., A nS t.P aw rence L ig h t A Pow er
R
u
C
a d
o u tsta n d in g or issued sh are of c ap ita l sto ck in to one 6% cu m ul. redeem able C o ., er achine V. apids .H y d raV lic & p . a380; V. 103, p .rovincial L ig h t, H e a t A
C o.
p 216; .
p ref. sh are of $50 p a r v alu e a n d 3 com m on shares w ith o u t p a r v alu e, a nd Pow 1916 C ivic 83, e s tm e n t & 88, u s tria l C o. (now M238. a l L ig h t, H e a t &
In
In v
In d
o n tre
(b) to su b d iv id e a n d co n v ert each un issu ed sh are of c ap ita l stock into
C onsolidated— see
u
$75,000,000
6 com m on shares w ith o u t p a r v alu e. V . 123, p . 581. I t w as s ta te d th a t Pow er o riz e d c ap ita l sto cka b o v e ), form ed fo r th e p3 rp o se w ith ares fo r each
of au th
in $100 sh ares, offered of th ese sh
on th e new com m on sh ares a $2 p e r a n n u m dividend ra te w ould be in­ $100 of th e $18,709,400 cap ita l sto ck o f M o n tre a l L t ., H t. & P ow . C o. shares
a u g u ra te d , to g e th e r w ith th e $3 p e r sh are on th e new 6% p re f. which a n d p a r fo r p a r fo r th e $8,900,000 sto ck o f th e C ed a rs R ap id s C o. T he
m eans a d isb u rsem en t of $9 p e r sh are on th e old $100 p a r v alu e stock as new co. has issued $64,683,900 o f its sto ck a n d leases th e tw o p ro p e rties fo r
co m p ared w ith $8 o r 8% p rev io u sly . V . 123, p . 711. Sale of p re f. stock 98 y e ars, g u a ra n te ein g all fixed charges, A c., a n d 8% p . a . on all sto ck of
to cu sto m ers, see V . 123, p . 1382.
M o n tre al C o. a n d 3% on a ll C ed ars R ap id s sto ck n o t exchanged on A ug. 1
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— 1916. See V. 102, p . 2169. R a te increase, A c., in A p ril 1918. V . 106, p . 1799
D irectly or th ro u g h its subsidiaries or asso ciated cos., does all th e gas busi­ C ed ars R ap id s T ransm ission C o ., V . 107, p . 1104.
ness, su b sta n tia lly all th e dom estic m unicipal an d com m ercial electric light
STO CK A N D B O N D S—
D ate.
Interest. O utstanding.
M aturity.
an d pow er gen eratin g a n d d istrib u tin g business, an d has a v ery im p o rta n t
$22,000,000 ( $ 1 0 0 ) - ..............
Q -F
$18,800,000 N o v .'2 6 ,2 %
in te re st in th e s tre e t railw ay sy ste m , o f G re a ter M o n treal, em bracing a S tock,coll t r m tg e $7,500,0001 1902
1st &
4 H g J-J
6,326,000 J a n . 1 1932
c o m m u n ity o f over 1,028,000 p o p u latio n .
($1,000) g o ld ----------------c * /R o y a l T r u s t C o ., M o n tre a l, tru s te e .
Cedars Rapids M fg. & Power Co., incorp. in 1904 in C an a d a , ow ns a hydro­
5 g A-O
2,874,000 A pril 1 1933
electric g en eratin g s ta tio n a t C ed ars R ap id s on th e S t. Law rence R iver, L achine m ortg ag e, $4,000,000) 1903
($1,000) g o ld __________ c * / R o y al T r u s t C o ., M o n tre a l, tru s te e .
a b o u t 30 m iles ab o v e M o n tre al, w ith a to ta l in stalled c ap a c ity , fro m 1$
5 g M -S
1,182,000 Sept 1 1948
u n its , of 220,000 h .p . W ater rig h ts a re in p e rp e tu ity a n d a re derived from P ro v in cial L t, H t & P ow O o\ 1906
1st M , gu p & i ($ A £) g o ld /N a t’l T r u s t J3 o ., L t d ., M o n tre a l, tru s te e .
c o n tra c ts w ith th e G o vernm ent of th e D om inion o f C an a d a a n d w ith th e
\
g J
Ja
11
P ro v in ce o f Q uebec. T h e C edars R ap id s C o ., in ad d itio n to its c o n tra c t C ed a rs R a p M fg & Pow 1st M /M1913 a l5T r u - J C o .,14,849,900 trun .te e . 9 5 3
$15,000,000 ($500, Ac) g c *
o n tre
st
M o n tre a l,
s
w ith M o n tre al L ig h t, H e a t A Pow er C o ., h as co n tra c ts for 75,000 h .p .,
Stock.— A m a jo rity of th e sto ck o u tsta n d in g h a s been exchanged fo r sto ck
w ith th e A lu m in u m C o. o f A m erica.
M ontreal Tram ways Contract.—-Jointly w ith th e Shaw inigan W ater & of th e M o n tre a l L t ., H t. & P ow . C o nsolidated, w hich see a b o v e. T h a t
Pow er C o ., th e co m p an y controls U n ited Securities, L td ., w hich th ro u g h com pany g u aran tees 8 % p e r a n n u m on all sto ck unexchanged o f th a old
sto ck ow nership c o n tro ls M o n tre al T ram w ay s C o ., which owns a n d o perates, Pow er C o.
Bonds.— 1st & coll. t r . bonds a re secured b y stocks of contro lled cos., &c.
u n d er fav o rab le lo n g -term c o n tra c t w ith th e c ity of M o n tre al, th e stre e t
railw ay sy stem in th e c ity a n d in th e s u b u rb a n m u nicipalities on th e Island A re call, as a w hole, b u t n o t in p a r t, a t 105 a n d in t. I n t. p a y ab le In
M o n tre al
N
d
O
L achine division
$399,000
of M o n tre al, em b racin g 275 eq u iv alen t m iles o f single tra c k . M o n tre al reserved toa n dtireew Yq ufk . a m ofu thteof u n d e r lying bondsbonds $42,000 a rea re
re
a n e al
n
and
in
T ram w ay s C o. is a larg e consum er o f electric pow er, pu rch asing 45,000 h .p .
th e tre a s u r y . S in k , fu n d of 1% p . a . of bonds o u tsta n d in g . C all, as a
a n n u ally fro m th e co m p an y a n d its subsidiaries.
w hole, b u t n o t In p a r t, a t 105 an d in t. on a n y in t .d a te . I n t . p a y ab le in
S T O C K A N D B O N D S—- Date.
Interest. O utstanding. M aturity.
M o n tre al a n d N ew Y o rk . L ist o f u n d e rly in g b onds a n d descrip tio n of
C om m on 2,558,163 shs (no p a r ) ____
_______ 2,021,837 shs. See te x t.
m ortgages, V . 74, p . 580; V . 75, p . 238; V . 76, p . 923.
2 5 - y r s f 1st re f & coll t r g b d s f 1926
5 g A-O $30,000,000 O ct. 11951
T h e $1,182,000 P ro v in cial L t., H t. & P ow . 5s a re g u a ra n te e d , p . A L , by
$75,000,000 ser A ($1,000 J M o n tre al T ru st C o ., M o n tre al, tru ste e .
M o n tre al L t., H t. A P ow . C o. S in k , fu n d 1% p-. a ., 1911 to 1928, and
$500 c* & $1,000 A m u lt r) _ \
1 1-3% p . a . th e re a fte r. C all, a t 105 a n d in t. on a n y in t. d a te . I n t.
B onds of su b cos held b y public
pay ab le in N . Y ., M o n tre a l a n d L ondon. V . 88. p . 380.
(to be clo sed )___________________
_________ 26,680,700 __________
C edars R apids M fg. A P ow . C o. 1st 5s ($15,000,000 a u th .) w ere redeem ­
M in o rity com m on shares o f
able on o r before J a n . 1 1922 a t 105; since a t 110 a n d in t. S in k , fu n d 1%
sub. cos. a t p a r _________________
_________
304,672 __________
p . a . com m encing J a n . 1 1924. R e d ., all o r in p a r t, a t 110 a n d in t. I n t .
Stock.— T h e en tire o u tsta n d in g preferred sto ck w as to be redeem ed N o v . 1 payable in N . Y . (in U . S. gold coin), M o n tre a l a n d L ondon (a t $4 86 2-3
1926 a t 50 a n d d iv s. V. 123, p . 1876.
to £1). V . 103, p . 323; V . 102, p . 1812.
Bonds.— T h e 1st ref. and coll. tr. g. bonds c o n stitu te th e only fu n d e d
D ividends.\ ’07. ’08. ’09. ’10. ’l l . ’12. ’13. ’14. ’15. ’16. 1917 to N o v .’26
d e b t of co. T h e bonds a re secured b y a first specific m o rtg age a n d charge P e r c e n t . . . / 5
6
6
7
8
9
10 10 10 10 2 % q u a r. (Q-F)
on: (1) all th e real an d im m ovable p ro p erties o f th e com pany; (2) th e follow­
O F F IC E R S .— P re s ., Sir H e r b e r ts . H o lt; V .-P ., J . S. N o rris; S ec.-T reas,,
ing securities a n d shares o f su b sid iary an d (or) associated cos.: (a) O ver 99%
of th e issued c ap ita l sto ck o f M o n tre al L ig h t, H e a t & Pow er C o.; (6) over C . S. Bagg; A sst. Sec. A T re a s ., G . R . W h atley , M o n tre a l.— V . I l l , p . 698.
99% of th e issued c ap ital sto ck of C ed ars R ap id s M fg. & Pow er C o.; (c) cer­
ta in b onds a n d sh ares o f th e above an d o th e r su b . cos.; (d) $1,290,787 of
$5,126,172 p a r valu e issued com m on shares a n d $150,000 of $5,125,372
MONTREAL TRAMWAYS & POWER CO., LTD.
p a r valu e o f issued pref. sh ares of U n ite d S ecurities, L td .; (3) th e o perating
Control.— In J u ly
announced t h a th
L td
agreem ents o f th e co m p an y w ith M o n tre al L ig h t, H e a t A Pow er C o. a nd had acquired co n tro l1924 lt w as pany. V. 119,t p . e U n ite do S ecurities, to c k.­
of th com
F r offer
C ed ars R ap id s M fg. & Pow er C o.; (4) th e pow er co n tra c ts w ith th e Shaw ini­ holders to exchange sharesefor sto ck of holding com 694. see V. 118,to . s3198.
pany
p
gan W ater & Pow er C o. h e rein after m en tio n ed . A re ad d itio n a lly secured
by th e flo a tin g charges o f tb e tru s t deed covering all co .’s assets n o t covered See also V . 119, p . 1733.
O R G A N IZ A T IO N .— A holding c om pany. In c o rp . in L ondon, E n g ., in
by th e specific charge. T h e specific an d flo a tin g charges cover all of c o .’s
in te re st in assets acq u ired a fte r th e execution of th e tru s t deed. T h e tru s t 1908, a n d controls th e following: M o n tre al T ram w a y s C o ., C an a d ia n L ight
deed p rovides for an a n n u al cu m u lativ e sinking fu n d com m encing O ct. 1 A Pow er C o. a n d M o n tre al H y d ro -E lectric C o ., L td .
M o n tre al T ram w ay s C o. a n d C an . L t. A Pow er C o. stockholders received
1927 for th e exclusive re tirem e n t o f b onds of series A , sufficient to redeem
l ^ i shares of M o n t. T ra m . A Pow er C o. sto ck for each share of th e ir stock.
b y m a tu rity o n e -th ird o f b onds o f series A .
A d d itio n al bonds of series A or o f a n y o th e r series m ay b e issued («) p a r V . 94, p . 417, 207.
for p a r, to re fu n d , acq u ire or re tire bonds or o th e r secured obligations of
Suit Brought by N ew Directors against Trustees and Old Directors.— See.
p re sen t o r fu tu r e su b sid iary cos. o u tsta n d in g in th e h a n d s of th e public, V. 118, p. 1911, 3078; Y. 119, p . 75.
or to re fu n d bonds o f o th er series; (b) n o t exceeding $5,000,000 principal
Suits Filed by Company against Quebec-New E ngland Hydro-Electric Corp.
a m o u n t for c a p ita l ex penditures on existing fixed assets of, or th e acquisition
of new fixed assets for, th e com pany or a n y su b sid iary co.; or for th e acquisi­ — V. 119, p . 811tio n o f a d d itio n a l securities a n d (or) sh ares as defined in th e tru s t deed.
Interest. Outstanding. M atu rity.
(c)
T h e rem ain in g au th o rized p rin cip al a m o u n t of th e bonds m a y be ST O C K A N D B O N D S— D ate.
_______ $17,578,330 ............ .........
issued o n ly to th e ex te n t o f 75% o f c ap ita l im p ro v em en ts or ad d itio n s to Stock $20,002,000 ($ 1 0 0 )_________
th e p ro p e rties o f th e co. a n d (or) a n y sub sid iary c o ., or o f a d d itio n a l securi­
ties a n d (or) sh ares o f a co m p an y a t le a st 51% o f th e v o tin g c ap ital stock
of w hich is, o r w ill b e u p o n pledge o f such a d d itio n a l securities a n d (or)
shares, specifically pledged u n d e r th e tr u s t d eed .
N o a d d itio n a l bon d s m ay be issued u n d e r (6) an d (c) above unless n e t
earnings, as defin ed in th e tru s t d eed, o f co. a n d a n y sub sid iary co. or cos.
a t least 51 % o f th e v o tin g c ap ita l sto ck of w hich is pledged u nder th e tru s t
deed for a n y 12 consecutive calen d ar m o n th s o u t o f th e 16 preceding calen­
d a r m o n th s h av e been n o t less th a n 1
tim es a n n u al in te re st on all 1st
ref. a n d coll, tr u s t b o n d s o f co. to b e o u tsta n d in g a fte r th e proposed addi­
tio n al issue, a n d , on u n d e r lying su b sid iary bo n d s.
5% Series A a re re d . w hole or p a r t on an y in t. d a te on 60 d a y s’ notice
a t 105 a n d in t. on o r before O ct. 1 1931, a n d th e re a fte r a t 1% less for
each 5 su b seq u en t y ears, or fra c tio n thereof." P rin . a n d in t. p a y ab le in
C an ad ian gold a t th e R o y al B a n k o f C a n a d a , in M o n tre al an d T o ro n to , or
in U . 8 . gold a t agency o f th e R o y al B a n k o f C an a d a , N ew Y ork, or a t
th e sam e b a n k ’s office in L o n d o n , E n g ., a t r a te o f $4.86 2-3 to th e pound
sterling. Legal in v e stm en t for life in su ran ce com panies in C an a d a . In
O ct. 1926 W ood, G u n d y & C o ., In c .; A ld red A C o ., a n d H arris, Forbes &
C o ., sold $30,000,000 series A a t 99M a n d in t., to yield over 5.03% .V . 123,
p. 1876.
D ividends.— N o v . 15 1916 to N o v . 15 1919, 4 % p er an n u m (Q .-F . 1% );
Aug. 1919 to N o v . 1922, 1 H % q u a r.; F e b . 1923 to N o v . 1923, 1*4% q u a r.;
F eb . 1924 to F e b . 1925, 1 % % q u a r.; M a y to N o v . 1925, 2% q u a r. Sam e
ra te since, to a n incl. J u ly 1926. A ll th e aforem entioned dividends were
p aid on th e old $100 p a r sto ck . O n th e new no p a r com m on 50c. w as de­
clared p ay ab le N o v . 15 1926.
E A R N IN G S .— F o r calen d ar years:
1925.
1924.
1923.
1922.
G ro sse a rn in g s__________ $18,348,806 $17,394,091 $16,140,960 $14,431,323
E xpenses a n d ta x e s_____ 8,623,899
7,984,489 x 7,113,960 6,504,717
D e p re c ia tio n __________ 1,834,881
1,739,409
1,614,096
1,443,133
Fixed c h arg es................... 1,213,650
1,209,778
1,211,654
1,124,786
D iv id en d s p a id _________ 4,256,639
3,770,642
3,231,767 2,690,397
D iv id en d s a c c ru e d ...........
862,452
754,261
754,041
646,070
in su ra n c e re serv e ______
______
150,000
______
______
Pension f u n d ___________
20,000
20,000
20,000
20,000

MONTREAL LIGHT, HEAT & POWER CONSOL’D.

A LD RED & CO.
40 Wall Street
NEW YORK

B alan ce, s u rp lu s_____$1,537,286
x N o t including incom e ta x .




$1,765,508

$2,195,442

$1,912,220

O ct ., 1926.]

P O W E R , L IG H T A N D R A IL W A Y

267

E A R N IN G S .— F o r 12 m o n th s en d ed N o v . 30 1925: In co m e from securi­
O F F IC E R S .— P res. & M an a g in g D ir., J u lia n C . So***: .V .-P . & Gen
ties, $344,620; In te re st, $271,318; general & m iscell. e x p ., $22,660; loss on M g r., C ol. J . E . H utcheson; S e c .-T re a s., P a tric k D u b e o .— v . 120, p . 957
sale o f securities, d isco u n t on bon d s a n d re fu n d in g e x p ., & c., $746,042; 1203, 1327, 1747, 3065; V . 121, p 2032, 2038; V . 122. vr. 348, 2041,11292.
d e fic it, $695,400.
V . 123, p . 1996.
Bonds.— T h e 5-year 6% coll, tr u s t bon d s d u e M a r. 1 1929 w ere called
fo r p a y m e n t A pril 1 1925 a t 101 & in t.— V . 120, p . 1747; V. 107, p. 2294;
(2) C A N A D IA N L IG H T & P O W E R C O ., L T D ,
V . 108, p . 269, 784; V . 116, p . 935; V. 117, p . 87; V . 118, p . 202, 551. 1012,
O R G A N IZ A T IO N .— In c o rp . in C an a d a on J u n e 2 1904. See descrip*1666, 1773, 1911, 2179, 3078, 3198; V . 119, p . 75, 694, 811, 1625, 1733;
tion of com pany’s developm ents in \ . 91, p . 591, an d V . 89, p . 848. H as
V . 120, p . 82, 1747.
th e p e rp e tu a l rig h t to d is trib u te a nd sell pow er a n d lig h t in M o n tre al and
O F F IC E R S .— P re s ., J u lia n C . Sm ith; V .-P ., H o n . L o m e C . W ebster
several a d ja ce n t counties. D istrib u tio n system in M o n tre al has been ta k e n
8 e c.-T reas. for C an a d a , H . H . H a y d o n .— V . 120, p . 1747; V . 107, p . 2294
over by th e Q uebec-N ew E n g lan d H y d ro -E lectric C o rp ., form erly the
(1) M O N T R E A L TR A M W A Y S C O .
M o n tre al P ublic Service C orp.
O R G A N IZ A T IO N .— C h arte re d M arch 24 1911 in Q uebec, C a n ., and
5s ue
te re
due
a cq u ire d b y m erger th e M o n tre a l S tre e t R y ., M o n tre al P a rk & Isla n d R y . Ju Protective Committee 1st Metge. lte d ,Dth e July 1 1949.— T h e ein comst ittee
ly 1 1925
in g
d
following ro te c tiv
a n d M o n tre al T erm in al C o. (V. 93, p . 871, 1324), th e la s t tw o com panies was form ed: havm iltobeen ell, fa uhairm an; A . D e S. pM endes, F u rmmn S.
Ha
n P
C
a
being subsidiaries to th e M o n tre al S tre e t R y . V. 93, p . 1022, 1106.
H ow son, Sec., H . R . Sw eet, 39 B roadw ay, N . Y . C ity . D e positary,
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S ..— A m erican T r u s t C o ., 135 B roadw ay, N . Y . C ity . V . 121, p . 1099. For
O w ns an d co n tro ls en tire s tre e t railw ay sy ste m in M o n tre al and Isla n d of reco n stru ctio n p la n , see V . 122, p . 346.
M o n tre al, except a b o u t a m ile o fin te ru rb a n line en te rin g th e c ity . O perates
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
292.677 miles of tra c k . T h e c o m p an y ’s stea m pow er p la n t is to be enlarged
fro m 10,000 h . p . to 60,000 h ..p . V. 102, p . 345. In 1904 c o n tra c t was Owns a new a nd m odern hydro-electric p la n t a t S t. T im othee, 28 m iles from
M ontreal; p re sen t d e velopm ent a b o u t 20,000 h . p . U ltim a te d e velopm ent,
m ad e w ith th e M o n tre al L ig h t, H e a t & P o w er Co. for a su p p ly of pow er.
fr a n c h ise .— F o r te rm s of 35-year franchise signed J a n . 28 1918, see 75,000 h .p . C o. also owns a n d operates over its ow n right-of-w ay a tra n s ­
“ E lec tric R ailw ay ” Su p p lem en t of A pril 26 1924. See also V. 106, p . 607. m ission line from its p la n t to M o n tre al.
T h e c o n tra c t w ith th e C ity of M o n tre al provides th a t fares shall be ad­
C apital Stock.— In M a y 1925 th e a u th o riz e d c ap ita l sto ck (p a r $100) was
ju s te d fro m tim e to tim e so th a t th e co m p an y receives a n a nnual re tu rn red u ced from $7,000,000 to $600,000. H olders received one sh are in ex­
(after all o p eratin g expenses, m ain ten an ce an d renew al fu n d p a y m e n ts) of a t change for each 10 shares h eld. V . 120, p . 2814. In J a n ., 1926 sh are ­
le a st 6% on th e c ap ital value o f th e c o m p an y ’s p ro p e rty as fixed th ro u g h th e holders increased th e a u th o riz e d com m on sto ck from $600,000 to $3,325,000.
fran ch ise c o n tra c t. A fter th e co m p an y receives th e s tip u la ted allow ances, On J a n . 27 1926 1st m tg e . 40-yr. 5% gold bondholders a p p ro v e d a p la n to
based on ap p raised c ap ital values, th e C ity o f M o n tre al receives $500,000 as exchange 60 % of th e ir b ond holdings for new 5 % bonds a n d 40 % fo r com ­
a n a n n u al re n ta l a n d a stip u la ted percen tag e o f su rp lu s earnings. V. 121, m on sto ck , a n e x tra d ividend of 4 % in com m on stock to ta k e th e p lace of
p . 2038.
accrued in te re s t. V . 122, p . 746. U pon delivery of th e ir old b onds on or
Bus Service.— In A ug. 1925 in a u g u ra te d bu s services in M o n tre al and before A pril 1 1926 holders w ere e n title d to receive for every $100 bonds
su b u rb s. V . 121, p . 2038.
(a) $60 new bonds of th e sam e issue bearing in te re s t as a n d from J a n . 1
Fiscal Y ea r.— In O ctober it was decided to change th e fiscal y e ar, form erly 1926 an d (6) $40 in com m on shares. In ad d itio n w ere to receive in lieu
J u ly 1-June 30, to th e calen d ar y e ar. V . 121, p . 2032.
of cancelled in te re s t on a d d itio n a l $4 com m on stock fo r each $100 bonds
In M arch 1925 $17,650,000 of 5% d e b en tu re s sto ck w as re tire d th ro u g h held, such exchange a n d conversion to be effective as of J a n . 1 1926. See
th e issue o f $17,826,500 gen. & re f. m tg e . 5s series A . D e b en tu re sto ck for fu r th e r p a rtic u la rs V . 122, p . 1607.
holders w ere offered $101 series A gen. & re f. m tg e . 5s for each $100 of
S T O C K A N D B O N D S— Date.
Interest. O utstanding. M aturity.
d e b en tu re s t o c k .. V. 120, p . 1203.
Rights.— Stockholders o f reco rd O ct. 15 1926 w ere given th e rig h t to Stock $3,325,000 ($100)___________
_________ $3,324,800 ____________
subscribe for 10,000 a d d itio n a l shares of c ap ital sto ck (par $100) a t $125 F irst m ortgage closed ($500/ 1926
5 J -J
3,299/700 Ju ly 1 1949
on basis o f one new for each 4 shares h e ld : P ay a b le in 3 in stallm en ts.
a n d $ 1 ,0 0 0 )______________(R o y al Trust C o ., C an a d a , Trustee.
V. 123, p . 1996.
Bonds.— T h e old C an . L t. & Pow . C o. 1st m tge. bonds w ere issued in
S T O C K A N D B O N D S—
D ate.
Interest. O utstanding. M aturity.
1909 to a n a m o u n t of $6,500,000. T h e in te re st d ue J u ly 1 1925 on these
Stock com m on ($100)________ _____
_______
$4,000,000
See te x t
w as d e faulted an a ro te c tiv e com m
1st & re f m tg e $25,000,000 g / 1911
5 J-J
21,351,000 J u ly 1 1941 bondsbondholders ap p rod ed pa reorganizationittee w as form ed. mOn J a n . 27
1926
v
w hereby th e
bonds
(S500&S1.000) P a y in L o n -(H a rris T r . & Sav. B k ., C h ic., T ru ste e , N a t. o u tsta n d in g a t th a t tim e to th e a m o u n t of $5,499,500 w ere1st tge. to $3,reduced
don p&i in £ = $ 4 86 2-3-C*( T r . C o ., L td ., M o n tre al, C o -T ru stee.
am unt
w as closed. T h e
nd
G en & re f M Ser A $1 00,000,\ 1925
5 g A-O
17,826,500 A pr 1 1955 299,700, a t whichalso ow ereth e m ortgage T he sinking fu n d sinking fuu n tsand
o th e r provisions
am ended.
now am o
to
000($100,$ 5 0 0 & $ l,0 0 0 )g .c* /M o n tre a l T r u s t C o ., M o n tre al, tru s te e .
)4
of th e
bonds, p
1926,
1 % p r annum
Ser B $5,000,000 ($1,000,1 1925
5 g A-O
2.500,000 A pr 1 1955 th e% a fte r, new m encing aJy ab le1 on or beforee J u ly 1bonds a n d call., ewhole or
re
com
u ly
1927. T h new
a re
$500, $100)____________ c * /M o n tre a l T ru s t C o ., M o n tre al, tru s te e .
p a rt, a t 101 & in t. V . 122, p . 3603.— V. 120, p . 2683; Y . 121, p . 72, 1099;
M o rtg a g es___________________ _____
_________
145,843 ______
V. 122, p . 346, 746, 1607, 3603.
B onds.— R em aining 1st & re f. bon d s a re for extensions an d a d d itio n s a t
n o t exceeding 75% o f c o st u n d e r c e rta in re stric tio n s. R ed . as e n tire issue
(b u t n o t a n y p a rt) a t 105 a n d in t. on a n y in t. d a te . I n t . p a y ab le in N . Y .,
UNITED SECURITIES, LTD.
C hicago, M o n tre al a n d L o n d o n . V . 93, p . 1463. L iste d on th e N . Y .
(Y. 97, p . 1025), M o n tre a l a n d L o n d o n sto ck exchanges.
M o n tre a l L ig h t, H e a t & P ow er C onsolidated a n d Shaw inigan W ater &
In ad d itio n to a m o u n t show n in ab o v e ta b le as o u tsta n d in g , $1,750,000 P ow er C o. ow n a su b sta n tia l a m o u n t of co. s p re f. a n d com m on stocks.
are deposited w ith tru s te e for general an d refunding m o rtg age bonds.
In D ec. 1924 $3,266,000 1st & ref. 5s w ere sold b y H a rris, Forbes & C o.,
O R G A N IZ A T IO N .'—A holding co. In c o rp . in Q uebec J u n e 14 1924
New Y o rk , an d H o lt, G u n d y & C o ., M o n tre al, a t 95 a n d in t., yielding over for th e p rin cip al p u rp o se of acq u irin g th e com m on shares of th e QuebecN ew E n g lan d H y d ro -E lectric C o rp ., th e C an a d ia n L ig h t & P ow er C o. and
5 .4 5 % . V . 119, p . 2762.
G en. & ref. m tg e. series A 5s hav e sin k, fu n d of $25,000 p er a n n u m from th e M o n tre a l T ram w ay s & P ow er C o ., L td . V . 118, p . 3210.
April 1 1928 to A pril 1 1933; $40,000 p e r an n u m fro m A pril 1 1934 u n til
U n d e r d a te of F e b . 24 1926 co. en tered in to an agreem ent to sell to
A pril 1 1938, a n d $50,000 p e r a n n u m th e re a fte r u n til m a tu rity . A re re d . all M o n tre a l L ig h t, H e a t & P ow er C onsolidated a ll of c o .’s holdings of com­
or in p a r t on a n y in t. d a te on 60 d a y s ’ n o tice a t 104 an d in t. u p to A pril 1 m on shares in th e Q uebec-N ew E n g lan d H y d ro -E lectric C o rp ., thereby
1930; a t 103 an d in t. d u rin g th e n e x t te n years; a t 102 a n d in t. d u rin g th e tu rn in g over to th e p u rc h a se r th e business an d u n d e rta k in g of th a t co.,
n e x t te n years, a n d a t 100>6 a n d in t. th e re a fte r to m a tu rity . P rin . a n d in t. to g e th e r w ith its revenues. T h e p u rc h a se r (i. e. M o n tre a l L t., H e a t &
p a y ab le in gold in N ew Y ork an d M o n tre a l, a n d in London in sterlin g a t th e Pow er C onsol.) assum ed th e lia b ility of th e $2,968,000 5% 1st m tge. bonds,
fixed ra te of $4 866 to th e p o u n d . In M arch 1925 A ldred & C o.; M insch, d ue 1942, of Q uebec-N ew E n g lan d H y d ro -E lectric C orp. P a y m e n t for this
M onell & C o ., In c ., & c., & c., sold $7,000,000 g en. & re f. m tg e . series A sto ck is to extend over a p eriod of 30 years from A ug. 1 1924 an d to consist
5s a t 88 a n d in te re st, yielding over 5 .8 5 % . V . 120, p . 1203. Series B are of a
n n u a sum of
ited Securities, L td
to s e t aside
redeem able on th e sam e d a te an d a t th e sam e prices as Series A . $2,500,000 suchn aan n u all proceeds$400,000u Uln a m o u n t of $71,372 ., isbe deposited from
an ann a
to
w ith
Series B w ere offered in O ct. 1925 a t 93M a n d in t., to yield over 5 .4 0 % , by M o n tre al T r u s t C o ., a s tru s te e , to c o n stitu te a sinking fu n d sufficient to
A ldred & C o ., & c., &c. V. 121, p . 2038. Series A a n d B listed on N . Y . re tire b y redem ption a t 105% w ithin 30 years th e en tire 6% pref. stock
Stock E xchange. V. 122, p . 348, 2192.
T h e general a n d refunding m ortgage sinking fu n d gold bonds are secured o u tsta n d in g of U n ited Securities L td . V . 122, p . 2653.
by d ire c t m ortgage on th e en tire p ro p e rty o f th e co m p an y (including a fte rS T O C K A N D B O N D S—
D ate.
Interest. O utstanding. M a tu rity .
acquired p ro p e rty ), su b ject only to th e first a n d refu n d in g m ortgage. A d­ C om m on ($100)_____________ _____
________ $5,126,172 ____________
d itio n al bonds m a y n o t be issued for m ore th a n 75% o f cost o f new con­ 6% cum p re f ($100)_______________
6 Q -J
5,125,372 __________
s tru c tio n .
Stock.— T h e to ta l au th o rized c ap ita l stock is $20,000,000 divided in to
D ividends.— In A pril 1913 a n in te rim d iv . o f 5% was declared on th e 200,000 shares of $100 each.
p aid -u p com m on c ap ital sto ck . A q u a r. d iv . of 2 )4 % w as p aid A ug. 1913
T h e 6% cum . pref. sto ck is non-voting a nd p re fe rred as to cum . divs.
(V. 96, p . 1840), an d 2 )4 % q u a r. to a n d incl. M ay 1918. In D ec. 1919 a
d iv . o f 2 1 4 % for th e second q u a rte r of 1918 w as p a id . See V . 109, p . 2440. an d assets. The M ontreal Light, H eat & Power Consolidated and the ShaIn 1920. M a r ., 2 )4 % : J u n e, 2 )4 % : S e p t., 2 )4 % : N o v ., 2 )4 % . I n 1921, winiQan Water & Power Co. have agreed to jointly and in equal am ounts fu rn ish
United Securities, L td., w ith fu n d s necessary to pay the dividends at the rate
1 0 % . I n 1922, M a r ., 2 )4 % , clearing u p all a rre a rs on th e sto ck .— V . 114,
p . 1180. In A ug. 1922, 2 )4 % w as p a id , a n d dividends a t sam e r a te , p aid of 6% per annum on a m axim um o f $5,125,372 pref. stock should the earnings
o f United Securities, L td ., be insufficient to do so. T his obligation is irrevo­
re g u la rly , q u a r. since to & in cl. O ct. 1926.
cable du rin g th e w hole of th e p eriod during w hich all or a n y of th e pref.
shares a re o u tsta n d in g . R e d ., w hole or p a r t, on 30 d ays notice a t 105 and
Statement o f Operations Under N ew Contract— Years ending J u n e 30.
divs. In N ov. 1924 A ldred & C o ., N ew Y o rk , M o n tre al an d L ondon, &c.,
1925
1924
1923
1922
G ross re c eip ts____$12,476,567
$12,463,799 $12,056,355 $11,712,525 &c., offered $2,500,000 6% cum . p re f. sto ck a t 103 a n d d iv s., to yield
O per. expenses an d tax es
6,323,001
6,246,890
6,099,993
5,769,403 over 5 .8 0 % . V. 119, p . 2533.
O p eratin g p ro fits ______
50,684
48.555
48,305
47,960
E A R N IN G S .— F ro m d a te of incorp. (June 14 1924) to M arch 31 1926'
M ain ten a n c e, &c_ 2,577,260
2,579,780 2,492,793
2,579,200 In sta llm e n ts received fro m M . L . H . & P . C o. (see te x t) ________ $666,666
A pplicable to c a p ita l----------------------------------------------------------- ------ 248,496
B alan c e ________
$3,525,622 $3,588,574 $3,415,264 $3,315,962
Allowance d u e com pany:
B
I n t. on c ap ital v a lu e .. 2,177,178
2,177,178
2,177,178
2,177,178 In tealan c e _____________________________________________________ .$418,169
re s t fro m loans $398,056; fro m bonds, $23,469_____________ 421,525
In te re s t on a d d itio n s_
_
277,667
175,919
164,973
145,684
I n t. 6% on w orking c a p ’l
5,707
5,351
2,530
6,596
T o ta l rev e n u e ___
$839,694
Financing expenses_____
181,431
181,431
181,431
181,431 G eneral expense___
. 88,235
In te re s t___________
. 137,623
B alance, su rp lu s_____
$883,638 $1,048,695
$889,152
$805,073
P referred dividends.
520,050
P ay ab le w hen earned;
C ity re n ta l__________
$500,000
$500,000
$500,000
$500,000
S urplus before F e d e ra l incom e ta x ____________________________ $93,787
C o n tin g en cy reserv e---------------------41,598
117,125
O F F IC E R S .— P re s ., Ju lia n C . Sm ith; V .-P ., J . S. M orris; Sec. & T re a s .,
S urplus_____________
$383,638
$548,695
$347,554
$187,948 J . W ilson; A sst. Sec. & A sst. T re a s ., H . H . H a y d o n .— V. 118, p . 3210;
Incom e and Company’s Profit and Loss Statement for Years Ended June 30. V . 119, p . 706, 1747, 2533, 2653.
1924-25.
1923-24.
1922-23.
1921-22.
A llow ance from c o n tra c t $2,460,552 $2,358,448 $2,392,986 $2,377,418
O p eratin g p ro fit______/
/
48,555
----------------O th e r re v e n u e ________ (
1 1 6 .3 8 9 1
42,172
37,239
64,061
NIAGARA ST. CATHARINES & TORONTO RAILWAY
Is o p erated b y th e C an a d ia n N a tio n a l R ailw ays.
G ross rev en u e________ $2,576,941 $2,449,175 $2,430,225 $2,441,479
In te re s t on b o n d s______ 1,283,881
994,139
990,856
1,043,100
O R G A N IZ A T IO N .— In c o rp o rate d in C an a d a in 1899. A consolidation
In te re s t on d e b e n tu re s ..
661,875
882,500
874,352
857,500 of th e N ia g ara C en tra l R y ., th e N iag ara Falls W esley P a rk & C lifton T ram ­
O th e r expenses________
7,390
8,982
16,983
16,875 w ay C o. a nd th e P o rt D alhousie S t. C ath a rin e ’s & T h o ro ld E lec tric S tree t
R y. Franchise p e rp e tu a l. Owns a nd o perates N ia g ara S t. C a th a rin e ’s
N e t in co m e_________
$623,794
$563,554
$548,034
$524,004 & T o ro n to N a v ig atio n C o.; also tra n sp o rts freight.
D iv id e n d s__________ (10% )$400,000(10)$400,0G 0(10)$399,948(10)$397,432
• F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns a nd operates 62.66 miles of tra c k . R u n s from P o r t D alhousie,
S u rp lu s for y e a r______
$223,794
$163,554
$148,086
$126,572
on L ake O ntario, passing th ro u g h S t. C a th a rin e 's, M e rritto n , T horold
T o ta l su rp lu s__________
$892,547
$668,753
$592,979
$844,893
and N iagara Falls, O n t., to Falls View, O n t. H as a n extension of 18.53 m iles
Operations Under the Contract for 6 M onths Ended Dec 31 1925.
$6,305,492 from T horold th ro u g h F o n th ill an d W elland to P o r t C olborne; also a n ex­
G ross re v e n u e _________________________ ____ __________
O p e ra tin g expenses a n d ta x e s ---------------- _____________________ 3,052,441 tension of 12.2 m iles from S t. C a th a rin e ’s to N iag ara-o n -th e-L ak e. M ain
26,606 line is laid w ith 80-lb. ra il. 48 passenger cars, 8 electric locom otives,
O p e ra tin g p ro f it_______________________ _____________________
1,599,543 3 electric snow plow s, 5 m iscellaneous cars a n d also 4 c inder c ars. Also
M a in te n a n c e a n d ren ew als-------------------- _____________________
operates tw o stea m e rs. Perm ission to b uild several extensions h a s been
$1,626,901 g ra n te d b y th e D om inion P a rlia m e n t.
N e t e arn in g s___________
S hareholders v o te d 1910 to m ake a n issue of 2d m tg e . b o n d s a t r a te of
D u e co m p an y :
1,088,589 $10,000 p e r m ile to N a t. T r . C o ., L td ., T o ro n to , tru s te e . V . 90, p . 5 4 ,1 2 9 6 .
In te re s t on c a p ita l value
In M arch 1924 C ity of N iagara F alls passed a b y law g ra n tin g th e com ­
195,862
In te re s t on a d d itio n s----1,734 pan y a 15-year service-at-cost franchise. C ity to have o ption o f purehase
6% on w orking c a p i ta l..
a t end of th a t period or franchise renew able for 5-year periods. F a re , 7 c ts.
90,716
F in a n c in g expenses-------250,000 In A ug. 1925 a sim ilar b y-law fo r a 10-year service-at-cost franchise was
C ity r e n ta l_____________
passed in S t. C atharines.
Fare Increase g ra n te d on c e rta in lines in M arch 1926. See V . 122, p . 161 0
$1,626,901




268

P U B L IC

[V ol. 123.

U T I L IT I E S

S T O C K A N D B O N D S— Date.
Interest. O utstanding. M atu rity.
Stock $1,000,000____________ _____
_________
$925,000
Railway F irst M o rtg ag e gold f 1899
5 g M -N
1,098,000 N ov 1 1929
($1,000) ($1,000 or £2051 I n t. a t C an ad ian B an k of C om m erce, To9s. 8 d .)------------ -------- . . c *
ro n to , an d B ank of S co tlan d, L ondon.
[N atio n al T ru s t C o ., L td ., T o ro n to , T ru ste e
_________
N one
Second m o rtg ag e____________ 1910
N av ig atio n Co F irst m o rt-f 1903
5 g M -N
__
N o v 1 1929
gage $200,000 ($1,000, o r l l n t .a t C an . B an k o f C o m ..T o ro n to & N .Y
£205 9s. 8 d.) g o ld -----------c* [N atio n al T ru st C o ., L td ., T o ro n to , T ru stee,
Bonds.— Of th e Railway bonds $20,000 p er m ile is au th o rized a n d issued.
See Y. 82, p . 869. T h e N avigation bonds are g u a ra n te ed b y th e R ailw ay,
p . & i., b y en d o rsem en t. N e ith e r issue is su b ject to call.
O F F IC E R S .— P res., Sir H en ry W o rth T h o rn to n ; V .-P .. G erard R u e l •
V . -P ., D . E . G allow ay; Sec., R . P , O rm sby, M o n treal;
M g r., E.
W . O liver, T o ro n to .— V. I l l , p . 294, 1370: V . 113, p . 2505; V . 114.
p. 307, 1064; V. 119, p . 325; V . 120, p . 958; V. 122, p . 1610.

POWER CORP. OF CANADA, LTD.
O R G A N IZ A T IO N .— O rganized in C anada to acq u ire an d hold securities
o f electric pow er a n d lig h t com panies, and to o p erate an d m anage a nd a c t
as fiscal a g en ts for electric pow er a n d lig h t properties, a n d to deal in o th er
securities. C o m p an y acq u ired a controlling in te re st in C an ad a N o rth e rn
Pow er C o rp ’n , L td ., O tta w a-M o n trea l Power C o ., L td ., O ttaw a & H ull
Pow er C o ., L td . (which controls O ttaw a R iver Pow er C o., L td .). Also
owns a s u b sta n tia l in te re st in E a s t K o o ten ay Pow er C o ., L td ., Southern
C an ad a Pow er C o ., L td ., W innipeg E lectric C o ., D o m inion Pow er &
T ransm ission C o. a n d M an ito b a Pow er C o., L td . C om pany is p rim arily
in terested in th e a cq u isitio n an d developm ent of hydro-electric a n d public
u tility com panies, b u t also supervises th e m anagem ent of an y properties
it controls an d u n d ertak es th e m anagem ent of o th er p ro perties as well.
V. 120, p . 3315.
F IE L D O F O P E R A T IO N S .— T h e p roperties w hich com pany controls
or in w hich it holds a su b sta n tia l in te re st, are situ a te d in Q uebec, O ntario,
M an ito b a an d B ritish C olum bia, hav e an installed c ap acity of over 300,000
h .p . w ith a n u ltim a te c ap a c ity of 600,000 h .p . a n d serve a popu latio n of
over 1,000,000. V . 120, p . 3315.
C A P IT A L ST O C K —
Date.
D iv. Rate. O utstanding. Latest D iv.
C om m on, 250,000 shs. (no p a r ) ____
_________ 100,000shs .....................
6% cum . 1st p ref. $5,000,000
($100)---------------------------------------6 Q-J
$2,500,000 O c t ’26 1)4
6%
non-cum . p a r t.
pref.
$5,000,000 ($50)________________
_________ 2,500,000 __________
Stock.— T h e 6% cum . 1st pref. stock is preferred as to dividends a n d assets
over th e non-cum . p a rtic . p ref. an d com m on stocks. R e d ., on 30 d a y s’
n otice, a t 110 a n d d iv . In Ju n e 1925 N e sb itt, Thom son & C o., L td .,
M o n tre al, sold $2,500,000 6% cum . 1st pref. a t p a r. E a c h 10 shares 1st
p ref. carried a bonus o f 5 shares no p a r com m on sto ck . Y . 120, p . 3315.
O F F IC E R S .— Directors-. J . B . W o o d y att, A . W . M cL im ont, N . A .
T im m ins, P . A . T hom son, A . J . N e sb itt, J . M . R o b ertso n , J . R . M oodie,
K . S. B arn es, (Sec.).— V. 120, p . 3315; V. 121, p . 1679.

CANADA NORTHERN POWER CORP., LTD.
Controlled by Power Corp. o f Canada, Ltd.
O R G A N IZ A T IO N .— In co rp . in C an a d a for th e p u rp o se , am ong oth ers,
of holding th e securities o f pu b lic u tility com panies. C ontrols through
sto ck ow nership N o rth e rn C an a d a Pow er, L td ., N o rth e rn O ntario L ight
& Pow er C o ., a n d P o rcu p in e Pow er & T elephone C o ., L td . V. 119, p.
2877; V . 122, p . 2947.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e com panies controlled b y C an a d a N o rth e rn Pow er C o rp ., L td ., own
a n d o p e ra te 7 hy d ro -electric p la n ts , 2 air-com pressing p la n ts, th e electric
lig h tin g system s in th e tow ns o f C o b alt, H a iley b u ry , N ew L iskeard, K irk­
la n d L ak e, T im m ins, S outh P o rcu p in e, E n g leh a rt an d th e telephone system s
in T im m ins an d S o u th P o rcu p in e. P rep a ra tio n s a re being m ade to serve
th e proposed new tow n o f N o ra n d a , in th e R ou y n m ining field in n o rth e rn
Quebec. T h ro u g h its subsidiaries, co. also ow ns a p u lp m ill of a daily
c ap a c ity o f 42 to n s of gro u n d wood p u lp , an d a 50-square-m ile tim b er lim it.
T h e h y d ro -electric p la n ts a re s itu a te d on th e M a tta g a m i, M o n tre al a nd
M a ta b itc h o u a n riv ers in O ntario a n d on th e Q uinze (O ttaw a) R iver in Q ue­
bec. C om bined c ap a c ity 76,500 h .p .; u ltim a te c ap acity a b o u t 116,000
h .p . A pproxim ately 400 m iles o f high-tension tran sm issio n lines, w ith 50
ad d itio n a l m iles to serve th e R o u y n d istric t u n d e r co n stru ctio n . C om ­
p le te d istrib u tio n system s in th e cities served. T h ere a re also 29 m iles of
steel p ip e line for d istrib u tin g com pressed air. V. 122, p . 3336.
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M a tu rity .
C om m on 75,000 shares (no p a r ) ____
_________ 42,607 s h s __________
7% cum p re f $7,500,000___________
7 Q-J
$4, 7 >,200 __________
15-yr s f coll t r u s t ($ 1,000,/ 1926
6)4 M -N
2,500,000 M a y 1 1941
$500, $100, c* & r ) ________ [M o n tre a l T r u s t C o ., tru ste e .
Stock.— T h e p ref. sto ck is non-voting except in case of d e fa u lt in p a y m e n t
o f fo u r consecutive q u a rte rly dividends. R ed. all o r p a rt a t 110 a nd divs.
In D ec. 1924 N e sb itt, T hom pson & C o ., L td ., M o n tre al, offered $3,500,000
a t 99 an d d iv s., to yield over 7 % , c arry in g a b o n u s of 3 shares of no -p ar
com m on sto ck w ith each 10 sh ares preferred. V . 119, p . 3008.
Bonds.— T h e 6)4 % 15-yr. s. f . coll. tr. bonds dated M a y 1 1926 are secured
by d ep o sit w ith tru s te e o f $1,000,000 7 )4 % 5-year d e b en tu re n otes of
N o rth e rn C an a d a Pow er, L t d ., 41,000 shares o u t o f a to ta l of 45,850 shares
o u tsta n d in g com m on sto ck o f N o rth e rn O ntario L ig h t & Pow er C o ., L td .,
a n d th e en tire 30,000 sh ares o f stock of P orcupine Pow er & T elephone C o .,
L td . C o. co v en an ts to eith er d ep o sit security of equal m a rk e t value or to
re tire b o n d s o f th is issue w ith fu n d s so received in th e e v en t of a ny collateral
being re tire d . R ed. whole or p a r t on 30 d a y s’ n otice a t 105 & in t. to a nd
incl. M a y 1 1931, a fte r w hich d a te th e redem ption price decreases )4 % each
y e a r u n til m a tu rity . P rin cip al a n d in te re st p ay ab le a t p a r a t holders’
o p tio n a t a n y b ra n c h of th e R o y al B an k of C anada in C an a d a , o r a t agency
o f b a n k in N ew Y ork C ity in U . S. gold coin, or in sterling a t b ran ch of th e
b a n k in L ondon, E n g ., a t fixed ra te o f $4 86 2-3 p er £ sterling w ith o u t de­
d u ctio n for a n y p re se n t or fu tu re C an ad ian taxes save a n y incom e taxes im ­
posed in C an a d a on its resid en ts. In J u n e 1926 N e sb itt, T hom pson & C o .,
L td ., offered $2,500,000 a t 100 & in t. V. 122, p . 3336. T h ere is an a nnual
sinking fu n d su fficien t to redeem o n e-th ird of th is issue b y m a tu rity , th e
first p a y m e n t to b e m ad e M a y 1 1930.
E A R N IN G S .— O f c o n stitu e n t cos. for calendar y e ar 1925: N e t a fte r all
u nderlying charges, m in o rity sto ck in te re st a n d expenses o f C an a d a N o rth ­
ern Pow er C o rp ., L td ., b u t before depreciation a n d incom e ta x , $766,546.
O F F IC E R S .— P re s ., A . J . N e sb itt; V .-P ., J . B . W o o d y att; S ec.-T reas.,
K . S. B arn es, all of M o n tre a l, C a n .— V . 119, p . 2877, 3008; V . 120, p .
209, 3312; V. 122, p . 2947, 3336.

o th er assets of th e co. An annual sinking fu n d , com m encing D ec. 1 1927,
provides for a p a y m e n t of 1 )4 % for 10 years an d 2% for th e rem aining 8
years of th e to ta l a m o u n t of all series A bonds issued, to g e th e r w ith a sum
equal to th e in te re st on th e bonds redeem ed from tim e to tim e . I f n o t
available a t or below callable price, bonds will be called a t 103 and in t.
H a lf of series A will have been re tired by sinking fu n d by m a tu rity . T he
balance of th e a u thorized bonds m ay be issued as d e b en tu re stock and (or)
bonds, in such currencies an d series a n d a t such ra te s of in te re st, m a tu rity
d a te s, &c., &c., as directors m ay determ ine. A dditional bonds m ay only
be issued for 75% of new construction, &c., provided net earnings for 12 out
of 14 preceding m onths, are a t least 1 % tim es in te re st on bonds ou tsta n d in g
a nd those to be issued. P rincipal an d in te re st p a y ab le a t T h e B ank of
T oronto or a t th e N atio n al B ank of Com m erce in N . Y . C ity in U . S. gold
coin, or in sterling a t the M idland B an k , L td ., L ondon, E n g lan d , a t 4.86 2-3
to th e £. Free from all C anadian tax es except incom e tax im posed on
residents of C an ad a. R ed ., whole or p a rt, on 60 d a y s' notice a t 103 and
in t. In N ov. 1925 N e sb itt, T hom son & C o., L td ., a n d D om inion Securities
C o rp ., L td ., M o n tre al, offered $6,000,000 series A bonds a t 100 an d in t.
V. 121, p . 2403, 2521.
All of th e o u tsta n d in g 1st mtge. 6)4 % bonds due 1938 w ere called J a n . 1
1926 a t 103 & in t. V. 122, p . 3341.
E A R N IN G S .— F o r calendar years;
1924.
1925.
$934,860
T o ta l re v e n u e __________________________________ $1,032,613
751,608
N e t, afte r m ain ten an ce and ta x e s_______________
708,158
348,335
In te re s t_____________________________________ . . .
386,610
317,850
D e p re cia tio n ____________________________________
274,364
B alan c e ____ _______
$47,184
$85,423
S ettlem en t of law s u it___________________________
$575,000
-----P rem ium a nd b alance of disc, on bonds re d e em ed .
189,407
--------M iscellaneous a d ju stm en ts (n e t)_________________
______ D r. 127,246
D iv id e n d s_______________________________________
225,000
-----B alan ce_______________________________________def$942,224 def$41,823
O F F IC E R S .— P re s ., A. J . N e sb itt; V .-P ., J . B . W o o d y att; S ec.-T reas.,
K . S. B arnes; G en. M g r., O. G . A llan .— V . 119, p . 3010; V. 121, p . 2403,
2521; V. 122, p . 2041, 2192, 3341.

NORTHERN ONTARIO LIGHT & POWER CO., LTD.
Controlled b y Canada N orthern Power Corp., Ltd. V. 122, p . 2449, 3341.
In A pril 1926 N e sb itt, T hom son & C o ., L td ., M o n tre a l offered $75 p er
com m on share of th e co. V . 122, p . 2496.
O R G A N IZ A T IO N .— In c o rp . in O n tario , C an a d a , in F e b . 1911.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns a n d operates a n electric lig h t a n d pow er system serving th e silver
m ining te rrito ry centering a ro u n d C o b alt, th e Porcupine a n d th e K irk lan d
L ake gold m ining d istric ts in th e P rovince of O n ta rio . C o. also d istrib u te s
com pressed a ir for pow er in th e C o b alt m ines a n d owns a n d o p erates a
4 0-ton-per-day pu lp mill a t H ailey b u ry . C o m p an y ow ns a n d o p erates 3
h y dro-electric p la n ts w ith a com bined c ap a c ity of 21,600 h .p .; 1 h y d ra u lic
air com pressor p la n t of 4,000 h .p .; 2 electrically driven com pressed air
p la n ts w ith a com bined c ap a c ity of 4,000 h .p .; 180 miles of 44,000-volt a n d
3034 m iles of 11,000-volt transm ission lines; 9 m iles 20-inch steel pipe line
a nd 20 m iles 12-inch a n d sm aller pipe lines for d istrib u tio n of com pressed a ir.
Storage reservoirs of a c ap a c ity of 15 b illion cu. f t. on th e M o n tre a l and
M a ta b itc h o u a n rivers.
ST O C K A N D B O N D S— Date.
Interest.
O utstanding. M a tu rity .
C om m on $5,000,000 ( $ 1 0 0 ) . ____
-----$4,585,000 J u ly ’26, $1
J -J2 5
2,400,000 J u l y ’26, $3
P re f 6% cum $2,500,000 ($100)
6 g J-J
5,250,000 J a n 1 1946
6% s f g s e____________________ 1926
r 1926 ($1,000, $5001
c * & $ l,000,$50000,$10,0 0 0 r)./T o ro n to G eneral T ru sts C o rp ., tru s te e .
Stock.— P re f. is conv. in to com . sh are for share a t op tio n of th e holders.
Bonds.— All of th e o u tsta n d in g firs t m tg e. 20-year gold bo n d s, d u e A pril
1931, w ere called for p a y m e n t on J u ly 1 1926 a t par an d in t. V . 121, p.2875
V. 122, p . 2652.
T h e 6% sinking fu n d gold bonds. Series o f 1926, due Jan. 1 1946, a re se­
cured b y a first m o rtg ag e on th e p ro p e rties, franchises, leaseholds of th e
com pany, including those a fte r-a c q u ire d . A d d itional b onds m ay be issued
in series of such te n o r as com pany m a y from tim e to tim e d eterm ine: (a)
for refunding purposes; (6) for 75% of im p ro v em en ts, & c., pro v id ed n e t
earnings or 12 o u t of preceding 15 m o n th s a re a t le a st tw o tim es a n n u al
in te re st charges on all first m ortgage bonds o u tsta n d in g , including new issue.
R edeem able, w hole or p a rt on 30 d a y s’ notice a t 105 d u rin g th e first te n
years; th e re a fte r a t 34 % less each succeeding y e a r u p to an d including
J a n . 1 1944; th e re a fte r a t 100; p lu s in te re s t in each case. P rin cip al a n d in­
te re st p ayable in U . S. gold a t B an k ers T r u s t C o. N Y C ity , or in C an a­
d ian dollars in T o ro n to , O n t ; or in £ a t th e r a te of $4 86 2-3 a t th e office
or agency of th e com pany in L ondon, E n g . C om pany p ays in te re s t w ith o u t
d e d in tio n for an y C an a d ia n taxes. In J a n . 1926 B o n b rig h t & C o ., In c .,
W . C L angley & C o. offered $5,250,000 Series of 1926 a t 100 a n d in te re s t.
V. 122. d . 214.
D ividends.— O n N o v . 20 1925 a n in itia l d ividend of 1% q u a rte rly w as
p a id on th e com m on stock. V . 121, p . 2039. Q uar. divs. of 1% reg u larly
since incl. J u ly 1926.
E A R N IN G S .— F o r calen d ar years:
1925.
1924.
1923.
1922.
G ross inc. (all sources)._ $1,389,851 $1,327,753 $1,113,134
$886,522
u p e r a tiiig exp en ses, incl
m u.

m a in t., tax es, &c____
B ond in te re s t__________
E xchange charges, &c__

535,429
300,390
2,848

567,136
285,473
7,380

P ro fit for y e a r_______
Previous surplus (ad .)__
Pulpw ood in v . (ad .) _
_

$551,184
475,007
Cr.26,807

$467,764
568,603
Cr. 11,960

T o ta l su rp lu s_________ $1,052,998
$1,047,427
Preferred d iv id e n d s____
142,968
357,420
T ran sfe rred to re serv es.
240,000
215,000
P ro fit an d loss su rplus

x$670,030

$475,007

x B efore $45,322 com m on sto ck divid en d .

362,001
270,3§0
5,312

285,709
270,390
13,325

$475,430
546.639
______

$317,098
569,383
______

$1,022,069
214,452
239,000

$886,481

$568,617

$586,481

-----300,000

O F F IC E R S .— P re s ., A . J . N e sb itt; V .-P s., J . B . W o o d y a tt; Sec. &
T re a s., K . S. B arnes.— V. 118, p . 1146, 3087, 3206; V. 120, p . 1204; V. 121,
p . 2039,2875; V. 122, p . 214, 2041, 2496, 2652, 2949,3341; V . 123, p . 711.

OTTAWA TRACTION CO., LTD.

O R G A N IZ A T IO N .— A holding co. In c o rp . O c t. 23 1913, a n d acquired
NORTHERN CANADA POWER, LTD.
$1,860,100 of th e sto ck of th e O tta w a E le c tric R y .
Controlled b y Canada N orthern Power Corp., Ltd.
ST O C K A N D B O N D S—
D ate.
Interest. O utstanding. M aturity,.
O R G A N IZ A T IO N .— O rganized in 1911 for th e p urpose o f supplying Stock $10,000,000 ($ 1 0 0 )..................
Q -J
$5,581,500
See te x t
power to th e gold m ines in n o rth e rn O ntario.
F irs t m tge & coll t r s f g Ser A \ 1925
5 H g J-D 3,000,000 July 1 1955
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
($1,000, $500, $100)____c * /R o y a l T r u s t C o., M o n tre al, tru ste e .
U nder leases fro m th e Provinces o f O ntario a n d Q uebec, com pany a n d its
Bonds.— T he
tr u s t sinking
gold
A
subsidiaries control 4 h y d ro -electric pow er sites h aving a n u ltim a te c apacity w ill be fu rth e r first m tge. & coll, pledge of allfu n d 5% tsta n dbonds. Series nd,
secured
e
th o
in bonds
o f 90,000 h .p . w hich h av e been developed, a n d a n installed c ap a c ity of 18,605 shares of th e o ub y thd in g c a p ita l sto ck e of uO ttaw a g lectric a y.
tsta n
E
R
50,000 h .p . T h ree of th ese p la n ts a re located on th e M a tta g a m i R iver, Sinking fu n d 1 H % p e r a n n u m , com m encing J a n . 1 1927. A re redeem able,
O n t., th e fo u rth on th e Quinze R iv er in Q uebec. C om pany ow ns 240 miles
a
including u
105; less
high-tension transim ission lines. A new transm ission line to th e R ouyn all or p a rt, on 30 dr, y s ’dnotice,J u ly 1 1950Ja tly a1 1930 a t case w ith 1% each
years th e re a
an
fte
p r;
in
st.
M in in g field w as to b e co m pleted in N o v . 1926. C o. w as re p o rte d in A pril five re s t p ayable ftet B an ka of r o n tre al in M o n tre in eachro n to , O ttawte reS t.
In te
a
M
al, T o
a,
1925 to h a v e co n tra c ted to lease th e assets a n d u n d e rta k in g of G re a t Jo h n , H alifax, W innipeg a n d V ancouver in C an a d ia n gold coin or its
N o rth e rn Pow er C o rp ., L td ., for a perio d o f 20 y ears from M a y 1 1926. equiv alen t, o r a t th e agency of th e B an k of M o n tre al, N ew Y ork, in U . S.
See V. 122, p . 2192.
goin coin or eq u iv a len t, or a t th e B an k of M o n tre al, L ondon, E n g ., a t the
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M atu rity.
ra te of $4 86 2-3 to £1. In J u n e 1925 th e R oyal Securities, L td ., M on­
___ _____ $6,000,000 Ju ly '26, H
C om m on $6,000,000 ($100)________
tre a l, sold $3,000,000 a t 101 a n d in te re st, to yield 5.4 0 % . V. 121, p . 76.
1st m tg e. 6% 20-year sinking (1925
6 g J-D
6,000,000
D ec. 1 1945
D
iv .—
1
sam
fu n d $15,00,000 series A (T o ro n to G eneral T ru sts C o rp ., T oro n to , w ithividends.— F irs t ndu a ry , 1% — p a id e J u ly r a te1914; % . e ra te q u a r. since
1% e x tra in J a
m aking y arly
of 5
($l,000-$500-$100c*&r) . . . [ tru ste e .
7 )4 % d eb en tu re n o te s_______ 1925
7)4
1,000,000
1930
O F F IC E R S .— P re s ., T . A hearn; V .-P ., F . D . B urpee; Sec. & T reaa.
Bonds.— T h e 1st mtge. 20-year 6% s . f . bonds, due Dec. 1 1945, a re secured G. L . Snelling.— V . 107, p . 803; V . 109. p . 2263; V . I l l , p . 2521; V . 113'
by a 1st m tg e. on all th e c o .’s fixed assets an d p roperties, an d on all bonds, p . 2614; V . 114, p . 627, 1180; V . 117, p . 2654; V . 119, p . 2763; V. 121, p . 76*
debentures a n d shares, incl. after-acquired, a n d a flo atin g charge on all 2876.




P O W E R , L IG H T A N D R

O ct ., 1926.]
(1) O T T A W A E L E C T R IC R Y .

O R G A N IZ A T IO N .— In co rp o rated in 1894. Is a consolidation of the
O tta w a C ity Passenger R y . a n d th e O tta w a E lectric S tree t R y .
B orrow ing pow ers of co m pany increased b y bill o f P a rlia m e n t. See
V . 120, p . 2402.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
A tro lley ro a d . O perates 58 m iles o f tra c k in c ity , an d to H u ll, R ockliffe,
B ritan n ia-o n -th e-B ay a n d G o v ern m en t E x p erim en tal F a rm . H as a park
o f 60 acres a t B ritan n ia-o n -th e-B ay . S ta n d a rd gauge. R ails 72, 80, 82,
94 an d 115-lb. T an d g ird er. Also o p erates buses.
On J a n . 7 1924 th e citizens of O ttaw a v o ted to g ra n t th e co. a new
ra n c h ise . F o r d etails see V. 118, p . 311. See also V . 119, p . 2763.
Valuation.— In N o v . 1921 th e H yd ro -E lec. Pow er C om m , of O n t. set a
v a lu a tio n of $4,110,922 on th e co m p a n y ’s line a n d eq u ip m en t in O n tario .
V. 113, p . 2313.
S T O C K A N D B O N D S— ■ Date.
Interest. Outstanding. M aturity.
Stock $4,000,000 ($100)___________
Q -J
$1,877,200
See text;
_
_______ x$3,000,000 __________
F ir s t m ortgage 5 M % bon d s_ _____
x T h e en tire bond issue deposited as sec u rity for first m tg e. an d collateral
tr u s t bonds o f O ttaw a T rac tio n C o ., L td .
D ividends.— From 1893 to 1905, 8% p er an n u m ; in 1905, 2% e x tra .
1906 to 1911, in c l., 12% p . a .; in 1912, 16M % ; since to a n d in c l. 1923, 15% .
E A R N IN G S .— F o r calen d ar years:
Gross
N et
Interest, Conting. D ividends Balance,
Earnings. Earnings. Taxes,&c. Account.
(15% )
Surplus
1918x____ $1,323,830 $477,010 $117,182 $60,000 $281,580 $18,086
1 917_____ 1,240,627 535,289
125,623 110,000
281,580
18,248
Passengers carried in 1918, 29,723,068, a g ain st 29,347,692 in 1917.
t x N o la te r figures published.
O F F IC E R S .— Sam e as for Traction Co.— Y. 114, p . 307, 2718; V. 115, p
183, 2379; V. 116, p . 411; Y. 118, p . 311; V. 119, p . 1396, 2763; V . 120, p.
2402.

QUEBEC POWER CO.
C ontrolled by Shaw inigan W ater & Pow er C o.
O R G A N IZ A T IO N .— In c o rp . in C a n a d a . W as form erly know n as the
P ublic Service C orp. of Q uebec. In 1923 acquired sto ck control of the
Quebec R ailw ay, L ig h t, H e a t & Pow er C o ., L td . (which see below ). In
J a n . 1926 acquired co n tro l of th e L a u re n tia n Pow er C o ., L td ., w hich com ­
p a n y ow ned a p la n t o f 18,000 h . p on th e S t. M au rice R iv e r ,3 5 m iles fro m
Q uebec, Can- V. 122, p . 482.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T o g eth er w ith controlled com panies handles th e e n tire lig h t a n d power
business, u rb a n s tre e t railw ay an d gas business of th e C ity of Q uebec and
th e su rro u n d in g in d u stria l d istric t, serv in g a p o p u latio n of a b o u t 225,000.
C o. a n d subs, own 3 hydro-electric p la n ts w ith in stalled g en erating capacity
of 31,000 h. p.: a steam statio n of 3,300 h. p. c ap a c ity , a nd 381 miles of
transm ission a n d d istrib u tio n lines: o p erates a gas p ro d u ctio n a n d d istrib u ­
tio n service w ith a c a p a c ity o f 1,000,000 cu. ft. o f gas p e r d a y , a s tre e t ra il­
w ay in Quebec C ity an d su b u rb s, an d an electrically equ ip p ed railro ad from
Quebec to S t. Jo ach im .
T h e cos. p u rch ase ad d itio n a l energy fro m th e Shaw inigan W ater & Pow er
C o. a n d th e L a u re n tia n Pow er C o ., L td ., u n d er lo n g -term c o n tra c ts.
ST O C K A N D B O N D S —
Date.
Interest. Outstanding
M aturity.
C om m on $6,000,000 ($100)_ _____
_
_________ $3,999,150 See te x t.
P re f7 % cum $4,000,000 ( $ 1 0 0 ) ____
_________ 3,542,350 O ct 26.1 M%
1st M tg e $20,000,000 Ser “ A ” f 1923
6 g A-O
3,540,000 O ct 1 1953
($100, $500 & $1,000) g .-C * \N a t. T ru s t C o ., L td ., M o n tre al, tru s te e .
6% Sterling d e b en tu re s t o c k .. 1923
6%
£300,000 __________
Stock.— A ld red & C o ., L td ., M o n tre al, sold in Ju n e 1925 $1,000,000
a d d itio n a l 7% cum . p re f. sto ck a t $105, to y ield 6 .6 7 % . V. 121, p . 77.
Bonds.— A dditionally secured b y pledge of c o llateral as follows;
$3,000,000 5% Consol. M tg e. bonds of Quebec R y ., L ig h t, H e a t & Pow er
C o ., L td ., d u e 1939, o f a to ta l a u th o rized issue of $10,000,000.
2,950,000 5% 30-Y r. Inc. bonds of Q uebec R y ., L ig h t, H e a t & Pow er C o..
L td ., due 1951, o f a to ta l a m o u n t o u tsta n d in g of $3,307,200.
85,000 shares C om m on sto ck ($100 each) o f Q uebec R y ., L ig h t, H e a t
& Pow er C o ., L td ., of a to ta l issue of 100,000 shares.
A re re d . all or in p a r t on an y in t. d a te on 60 d a y s’ notice a t 110 & in t.
up to O ct. 1 1928; a t 107M & in t. u p to O ct. 1 1939; a t 105 & in t. to O ct. 1
1943; a t 102 M & in t- u p to O ct. 1 1948, a n d a t 101 th e re a fte r u n til m a tu rity .
M tg e. provides for a sinking fu n d com m encing O ct. 1 1930 of $25,000 per
a n n u m to be increased O ct. 1 1935 to $40,000 p e r a n n u m a n d O ct. 1 1940 to
$50,000 p e r an n u m . In t. p ay ab le a t th e R oyal B an k of C an a d a , M o n t­
real, in C an ad ian gold coin, or a t th e B an k of M a n h a tta n C o., N . Y ., in
U . S. gold coin. In O ct. 1923 A ldred & C o. a n d M insch, M onell & C o .,
In c ., N . Y ., offered $3,540,000 1st M tg e. Ser. “ A ” 6s a t 95 & in t., to yield
a b o u t 6 % % . T hese bonds w ere offered sim ultaneously in M o n tre al and
N ew Y ork a n d a t a b o u t th e sam e tim e £300,000 6% d e b en tu re stock issued
u n d e r th e sam e m tg e . w as offered in L o n d o n . V. 117, p . 1897.
D ividends.— On J a n . 15 1924 an in itia l d iv . o f 4% w as p aid on com m onIn A pril 1925, 1 H % w as p aid ; J u ly , 1 M % : O ct., 1M % - In 1926, Jan 1 M % ; A p ril, 1H % -, J u ly , 1 M % ; in O ct. 1926, 1M % - V . 123, p . 1383.
E A R N IN G S .— C alen d a r years:
1925.
1924.
1923.
G ross incom e from all sources________ $1,046,944
$908,471
$544,900
O per. a n d m ain ten an ce expense_____
236,444
230,284
238.296
G eneral in te re s t____________________
______
______
50,748
In t. on bonds an d d e b en tu re s_______
300,000
300,000
50.156
D e p re c ia tio n ______________________
60,000
30,000
24.000
D iv s.— P u b . Ser. C orp. of Q ue. s to ck ______
______
40.000
D ividends on preferred s to c k ________
207,666
156,185
76.494
D ividends on com m on s to c k ________
198,608
157,352
S u rp lu s ________________________ Add su rp lu s from p revious y e a r______

$44,226
36,006

$34,649
1,357

$80,232

$36,006
............

A

Y

________

On A pril 15 1925 shareholders reduced th e au th o rized c ap ital from
$10,000,000 to $2,500,000 b y reducing th e p a r value of shares from $100
to $25 each. V . 120, p . 1748.
ST O C K A N D B O N D S— D ate.
Interest. O utstanding. M aturity.
Q -J 15$2,500,000 J a n l5 12,1%
Stock $2,500,000 ($ 2 5 '____________
C onsolidated m ortgage $ 1 0 ,-f 1909 5 g J-D
10,000,000 D ec 11939
000,000 g ($100, $500 a n d ) I n t. a t M o n tre al T ru s t C o., M o n t., tru s te e ,
$ 1 ,0 0 0 )__________________ I B an k o f S cotland, L ondon, E n g lan d .
G eneral m o rtg ag e_______ 1924
7%
1,818,000
1939
Q uebec-Jacques C a rtie r Pow'f 1901 5 J-D
849,000 D ec 1 1941
1st re f $1,000,000 ($1,000)(T ru s t C o. Of A m erica, N . Y ., tru s te e .
gold; in te re st in N Y ____c* ( In te re s t a t co m p an y ’s office, Quebec.
Incom e b o n d s_____________________
5%
3,307,225 S ept 1 1951
Bonds.— C onsol, m tge. 5s of 1909 are re d . a t 105 a n d in t. on a ny in t. day$849,000 of th e consol, bonds a re reserved to re tire underlying bonds.
D iv id e n d s— In itia l d iv .— 1% — p a id A pril 15 1911; J u ly , 1% ; O c t., 1% .
In 1912, J a n ., 1% ; none since.
E A R N IN G S .— C alen d ar years:
,
„ , ,
Fixed
B a l.fo r
Gross.
N et.
Charges.
D e p r., &c.
1925 .............
$3,243,123
$1,048,136
SS16.895
$231,241
1924.....................
3,133,806
977,314
712,643
264,672
1923____________ 2.973.004
748.651
583.283
165.368
O F F IC E R S .— P re s ., J . O . Sm ith; V .-P ., H . M u rra y ; G en. M g r., J . E .
T an g u a y ; Sec., J a s . W ilson; T re a s ., W . S. H a r t.— V. 114, p . 948, 1409.
1649, 1652; V. 115, p . 544, 760, 1732; V. 116, p . 1761,2389; V. 117, p . 555.
670, 1347, 2433; V . 118, p . 204, 1666, 2706, 2950; V . 120, p . 1748, 2944.
V . 122, p . 2043.

ST. MAURICE POWER CO., LTD.
C ontrolled b y Shaw inigan W ater & Pow er Co.
O R G A N IZ A T IO N .— In c o rp . A pril 29 1921 u n d e r th e C om panies A c t!
C an a d a . *
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Form ed for th e purpose of developing th e w ater pow er form ed b y the
G res F alls, G abelle a n d Forges R ap id s, on th e S t. M aurice R iver, a b o u t
6 m iles below Shaw inigan F alls. Q uebec. P la n t will h av e an ultim a te
c ap a c ity of over 150.000 h . p . O peration com m enced in 1925; co. sells th e
pow er u n d e r c o n tra c t to the Shaw inigan VVater & Pow er C o.
_
L aw suit.—In M arch 1925 th e C o u rt of A ppeals ren d ered a u nanim ous
ju d g m e n t in fav o r of th e co. w ith reg ard to a claim filed ag ain st th e co. by
U n ite d M fg. C o. for c erta in rig h ts on the S t. M au rice R i/e r a t D es Forges
a nd L a G abelle. C la im an t has appealed to vhe P riv y C ouncil. Decision
expected early in th e spring of 1926.
ST O C K A N D B O N D S— Date.
Interest. O utstanding. M aturity.
_________ $7,200,000 -----------------C ap ital stock $8,000,000 ($100) ___
6M g F-A 9,026,600 F e b . 1 1953
1st m tge $12,000,000 ($100, f 1923
$500 & $1,000) g o ld _____c* In t. in U . S. gold coin a t B an k of th e M anI h a tta n C o ., N . Y ., or in C anadian funds
[ a t R oyal B k. of C a n ., M o n tre al or T or.
Sterling d eb en tu re 6 J i % / 1923
6M %
£200,000 ---------------s to c k -------------------------------(In te re s t p ayable in L ondon, E n g lan d .
Bonds.— T he 1st m tge. 6 Ms a re re d . all or in p a r t on an y in t. d a te on 60
d a y s’ notice a t 110 & in t. u p to Feb. 1 1928; a t 107M & in t. during next
11 years; a t 105 during n e x t 4 years; a t 102 M during next 5 years; a nd a t
101 th ereafter to m a tu rity . M tg e. provides for sinking fu n d of $50,000
per an n u m from F eb . 1 1930 to 1934 ; $75,000 per an n u m from F eb. 1 1935
to 1939, and $100,000 per an n u m there a fte r to m a tu rity . M ontreal T ru st
C o., M o n treal, tru ste e . In F e b . 1923 A ldred & C o. a nd M insch, M onell &
C o., In c ., N .Y ., sold $9,026,600 1st M tg e. 6M s a t 9 9 M & in t., to yield a b out
6.55% .
These bonds w ere offered sim ultaneously in N . Y M ontreal and
P aris and a t th e sam e tim e £200,000 6 M % d ebenture stock w as sold in
London by Aldred * C o.. L td . V. 116. p . 626 730
E A R N IN G S .— F o r 1925: T o ta l rev en u e, $807,387; oper. exp., m a in t.,
rep airs, taxes, &c.. $99,307; re n ta ls & in t., $696,724; contingency reserve,
$1 j ,000; balance, su rp lu s, $356. V . 122, p.^1611.
O F F IC E R S .— C h airm an , J . E . A ldred; P re s ., Ju lia n C . Sm ith; V .-P .,
H ow ard M u rra y ; T re a s ., W . S. H a rt; Sec., J a s . W ilson.— V . 118, p . 2836;
V. 120, p . 3316 V . 122, p . 1611.

SHAWINIGAN WATER & POWER CO. (THE).
(See M a p on Page 270.)
O R G A N IZ A T IO N .— In c o rp . J a n . 15 1898 in Quebec.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Owns or controls w a ter pow ers in th e Province of Q uebec of 770,000 h m .,
of w hich 520,000 h .p . is developed a n d 257,000 h .p . undeveloped. D e­
veloped pow er includes 126,500 h .p . p u rch ased u n d e r long-tim e c o n tra c t
from L a u re n tid e Pow er C o ., L td ., a n d undeveloped pow er includes 100,000
h .p . c o n tra c te d to be pu rc h a se d from D u k e-P rice Pow er C o ., L td ., in
each of w hich com panies co. h a s a su b sta n tia l sto ck in t. C o. ow ns a b o u t
1,700 m iles of transm ission lines, of w hich a b o u t 700 m iles a re h igh tension,
incl. lines to M o n tre al an d c ity of Quebec; h a s u n d e r co n stru ctio n an
a d d itio n a l 300 m iles of high tension lines for pow er to be received from D ukeP rice developm ent, an d furnishes electricity to m ore th a n 200 com m unities,
com prising su b sta n tia lly all th e larger cities a n d m an u fa c tu rin g d istric ts
in th e P rovince of Quebec; to ta l p o p u la tio n of te rrito ry served is a b o u t
1,750,000. V. 123, p . 1383. C o n tra c t w ith L a u re n tid e Pow . C o ., L td .,
V. 103, p . 1035. C o. also p u rch ases u n d e r a long te rm c o n tra c t, all of
th e pow er generated b y th e S t. M au rice Pow er C o., L td . O pened in 1925
a new m odern term inal sta tio n in M o n tre a l, C an . A uxiliary cos., &c.,
V. 106, p . 303; V. 116, p . 955, 2398; V. 117, p . 2443; V. 119, p . 1518. Also
c ontrols various sub. m fg. an d d istrib u tin g com panies. V. 122, p . 1018.
J o in t gu a ra n te e of 6% pref. sto ck of U n ite d Securities, L td . V . 118,
p . 3208; V. 119, p. 2531.
Stockholders o f record O ct. 15 1925 w ere given th e rig h t to subscribe,
incl. D ec. 28 1925, to sto ck a t $100 p e r sh are on th e basis of one share of
new stock for each 20 shares h eld. V. 121, p . 1680. S tockholders of
record Sept. 10 1926 w ere given th e rig h t to subscribe to 25,000 shares
of new stock a t $150 a share in th e ra tio of one new share for each 10 held.
V. 123, p . 1115, 1252.

$161,357

______

I L W

$64,396
96.961

T o ta l____________________________
D iv . o f 10% on P . S. C orp. o f Quebec
s to c k , p aid in p referred sto c k ______

A

160,000

S u rp lu s__________________________
*$80,232
*$36,006
$1,357
* S ubject to incom e ta x .
O F F IC E R S .— P res.. Ju lia n C . Sm ith; V .-P ., H o w ard M u rra y ; T reas.W . S. H a rt; Sec., Ja s. W ilson; G en. M g r., J . G . G an g u ay . G eneral offices,
co rn er C row n a n d S t. Joseph S ts., Q uebec, C an .— V. 119, p . 1180, 3011;
V. 120, p . 2013; V. 121, p . 77, 460; V. 122, p . 482, 2043; V . 123, p . 1383.
Q U E B E C R A IL W A Y , L I G H T , H E A T & P O W E R C O ., L T D .
Control.— C ontrolled by th e Quebec Power Co., w hich ow ns a m a jo rity
o f th e c a p ita l stock.
O R G A N IZ A T IO N .— In co rp o rated in C an a d a on N o v . 19 1909 as a con
so lid atio n o f th e following p ro p erties (V. 89, p . 1598):
Q uebec R y ., L ig h t & Pow er C o.
I Quebec Jacq u es C a rtie r E lectric C o.
Q uebec G as C o.
C an a d ia n E lec tric L ig ht C o.
F ro n te n a c G as C o.
| Quebec C o u n ty R ailw ay C o.
In 1923 th e Quebec Pow er Co. acq u ired co n tro l o f th e co m p an y . See for
p a rtic u la rs a b o u t th e exchange, te rm s, &c., V. 116, p . 2389; V. 117, p . 555,
670, 1347.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T hese com panies do an electric lig h t and pow er, gas a n d s tre e t railw ay
business in Q uebec a n d surrounding parishes. Owns 26.95 m iles c ity tra c k
an d 33.50 m iles in te ru rb an ; 56 and 70-lb. rails; gauge, 4 ft. 8 M in . H as j
c o n tra c t w ith th e S tadacona H y d rau lic C o. for su p p ly of pow er. V. 94, |
p . 1449.
Purchase by Government.— F o r p a rtic u la rs reg ard in g purch ase of certain
lines b y D om inion G overnm ent, see “ E lectric R ailw ay ” S upplem ent of
A pril 26 1924.
In J a n . 1924 th e shareholders ra tifie d a by-law a u th o rizin g th e creation
and issue o f $7,500,000 gen. m tge. bonds, w hich it is un d erstood w ill n o t
be sold to th e public, b u t w ill be used for collateral. V. 118, p . 204.




ALDRED & CO.
40 Wall Street
NEW YORK

[ V ol . 123.

P U B L IC U T IL IT IE S
270



Oct., 1926.]

271

P O W E R , L IG H T A N D R A IL W A Y

O F F IC E R S .— P res. & G en. M g r., J a s . B . W oodyatt; Y .-P ., J. M .
ST O C K A N D B O N D S— Date.
Interest. O utstanding.
M aturity.
Stock $40,000,000 ($100)__________
Q -J 10
$25,000,000
See te xR obertson; Sec. & T re a s ., L . C . H askell. G eneral office, 330 C oristine
t
1 st cons m tge gclosed ($500,1 1904 5 g J-D
3,622,000 J a n 1 1934 B ldg., M o n tre al, Q ue.— V . 121, p . 1680, 1909, 2877; V. 122, p . 95, 2043.
&c) g o ld_______ ______ _ c* /R o y al T r u s t C o ., M o n tre al, T ru ste e .
S H E R B R O O K E R A IL W A Y & P O W E R C O .
1st & re f m tge $50,000,000 M o n tre al T ru s t C o ., M o n tre al, T ru ste e .
Series “ A ” ($100, &c) g ____ 1919 5 A g J - J
6,000,000 J a n 1 1950
Control.— As of M arch 1 19)7 th e S outhern C an a d a Pow er C o ., L td .,
Series “ B ” g o ld __________
5.334.000 J u ly 1 1950 acquired m ore th a n 10,000 shares of th e c o .’s stock on th e basis of 4 shares
1921
6 g J-J
Series “ C ” ($500, &c) g .c * 1921
5.998.000 J u ly 1 1950 of Sherbrooke R y . & Pow er C o. stock for 1 share S o uthern C an a d a Pow er
6 g J -J
Series “ D ’‘
1 . 886.000
__ 1924
SA g
C o. 6% preference sto ck , c u m u la tiv e from J a n . 1920 (V. 104, p . 74), and
Series “ E ” _______________ { 1925
5 g A-O
4,000,000 O ct 1 1955 now owns $1,110,700 of th e o u tsta n d in g sto ck .
Stock.— See for com m on sto ck sold on cu stom er-ow nership p la n , Y
O R G A N IZ A T IO N .— In c o rp . in 1910 in Q uebec, C a n ., as successor to
1 2 1 ,p . 201.
S
y . In u ly 1911
th e E
ow nships
Bonds.— F irst consol. 5s ($5,000,000), all issued b u t $1,262,000 in tre a su ry th e Sherbrooke thtree ttaR ste ad EJlec. C o. acquiredp . 230.a ste rn T owns th e
Elec. C o. a nd
S n
Also
a n d sinking fu n d . M tg e. p ro v id es for sinking fu n d o f 1 % . C all, a t 110. Lennoxville L ig h te & Pow er C o. In 1913V. 93,
acquired th e B urroughs Falls
I n t. p ay ab le in N . Y ., L ondon o r M o n tre al. V. 79, p . 274.
ontrols
d
in A yers
T h e $50,000,000 ls i & ref. mtge. b o n d s of 1919 m a y be issued in series Pow erQC o ., w hich cp . 1824. th e electric lig h t anth epow er business E lec. C o .,
C liff, ue. V . 97,
In 1914 acquired
In te rn a tio n a l
w ith d ifferen t in te re st ra te s n o t exceeding 6% a n d m a tu ritie s n o t la te r th a n doing th e electric lig h t an d pow er business in D e rb y L ine, V t., a n d in
J a n . 1974, for th e following pin-poses (V. 109, p . 584): (a) Series A 5 A %
1915 acquired
e lighting an
&
chiefly to refu n d fo rth w ith $5,476,261 p e rp e tu a l consol, d e b en tu re stock, W aterville a n d th o m p to n , Q ue.d pow er business of G eo. G ale < Sons in
C
$6,000,000; (6) to re tire 1st M . bon d s o f 1904 a t or before m a tu rity , $5,F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
500,000: (c) issuable for c ap ital ex penditures p ro v id ed all of th e $4,500,000
convertible notes shall hav e been co n v erted in to sto ck or p a id from proceeds C o ntrols m a jo r p a r t of th e electric lig h t a n d pow er business in th e d istric t
o f th ese bonds, $8,500,000: (d) reserv ed for 80% o f fu tu re a d d itio n s, &c., betw een Sherbrooke a n d th e In te rn a tio n a l B o u n d ary . O w ns 10 miles
$30,000,000. A sinking fu n d o f 1% p e r a n n u m (first p a y m e n t D ec. 31 of tra c k in Sherbrooke, including 3-mile extension to Lennoxville. S ta n d a rd
1922) on all o u tsta n d in g 1st ref. m tge. bonds w ill be used to re tire b o nds by gauge, 70-lb. T ra il. 14 passenger cars; 3 m iscellaneous. C o. ow ns w a ter
pu rch ase a t n o t exceeding th e calling prices, or b y call if n o t so purchasable. pow er rig h ts on th e M agog R iv er in C ity of Sherbrooke, w ith a d e velopm ent
T h e ser. A bonds are re d . a t a p rem . o f 10% p rio r to J a n . 1 1930: 5% th ere­ of 4,000 h .p .
a fte r a n d prio r to J a n . 1 1940, a n d 3% th e re a fte r a n d p rio r to J a n . 1 1950.
Franchise in S herbrooke is for 40 years from 1910, exem pting p ro p e rty
I n t. p ay ab le in N . Y ., L ondon o r M o n tre al. Ser. B call, or all in p a rt from ta x a tio n for firs t 20 y e ars. A t end of 20 y e ars c ity m a y purchase
a fte r J u ly 1 1926, or a t a n y tim e for sin k , fu n d , a t 105 d urin g th e first 14 s tre e t railw ay p ro p e rty . C onsol, m tge. 5s w ere offered w ith a 40% stock
y ears, 104 d u rin g th e n ex t 5 years, 103 d u rin g th e n ex t 5 y e ars, 102 durin g bonus. V. 91, p . 95; Y. 93, p . 590; V. 94, p . 1120.
th e n ex t 3 y ears an d 101 th e re a fte r, p lu s accrued in t. in each case. I n t.
ST
D ate.
Interest.
O utstanding. M aturity.
p a y ab le in N . Y . an d M o n tre al. T h e ser. C bon d s d a te d J a n . 1 1921 are StockO C K A N D B O N D S —
($100)___________
_______
$1,127,000 ---------------call, all or p a r t afte r J u ly 1 1926, o r a t a n y tim e for th e sink, fu n d , a t 105 1st M $1,500,000 g old_______ f 1910
$1,500,000
5 g J -J
1,098,000 J u ly 1 1 9 4 0
d u rin g th e first 14 y ears, 104 d u rin g th e n ex t 5 y ears, 103 d u rin g th e n ext
s f ($500 or £ e q u ivalent) _ tf (M ontreal T r u s t C o ., M o n tre al, T ru ste e .
5 y e ars, 102 d u rin g th e n e x t 3 y e ars a n d 101 th e re a fte r, p lus in t. In t.
2d m tge $1,000,000 ($ 1 ,0 0 0 )-/ 1922
6%
100,000 J u n e 30 '27
p a y ab le in N . Y . an d M o n tre al. V . 112, p . 940. Series E 5 % , dated
(M essrs. P a re n t & T aschereau, Q uebec, T ru s.
Oct. 1 1925, a re call, a t 105 on or before O ct. 1 1940; a t 104 on or before
S
R y 1st M . t f 1897
g J-J
O ct. 1 1945: a t 103 on o r before O ct. 1 1950; a t 102 on or before O ct. 1 1953; Sherbrooke Oftree t aining Sherbrooke R y .5 & Pow . 1st m100,000 .Tune 30 ’27
Bonds.—
rem
th e re a fte r a t 101 p rio r to m a tu rity ; p lu s in t. in each case. P rio r to O ct. 1 a re to re tire Sher. S t. R y . b o nds a n d $252,500 h a v e tge. bonds, $100,000
ed
d
1931, th is series is call, a s a w hole o n ly , except for sinking fu n d ; th e re a fte r canceled. I n t. a t a n y b ra n c h of th e C an a d ia n B anbeen redeem erceanin
C
call, w hole or p a r t. In S ep t. 1926 B row n B ro th e rs & C o ., Lee, H igginson C an a d a , or a t N a tio n a l B an k of S cotland, L ondon, E n gk of edom ma whole
.
6 C o ., Alex. B row n & Sons an d Jack so n & C u rtis offered $3,000,000 a t 105 a n d in t. on a n y in t. d a y , or in p a rt for sinking fu n d .. R u m .as
C
sink, fu n d
ad d itio n a l series E 5% a t 102A a n d in t., to yield over 4 .8 0 % . V. 123,
p . 1383. Note: T h e am o u n ts show n in th e above ta b le as o u tsta n d in g of 1% began J u ly 1 1916. L isted on London Stock E xchange. F irst
publicly offered in J u ly 1910 a t 95 an d in t.
include a to ta l o f $711,500 redeem ed a n d canceled by sinking fu n d .
Of th e rem aining Sherbrooke R y . & Pow er 2d m tge. b onds, $500,00
D ividends.— I ’07. '0 8 . '09. TO. ' l l . T 2 . T 3 . T 4 . T 5 . T 6 . to J u ly '25- a re deposited as co llateral secu rity for loans.
P e r c e n t-----------\ 2
4
4
4
5 5A
6
6 6A
7 (lM q u a r.)
E A R N IN G S .— F o r 12 m os. ended June 30:
On O ct. 10 1925 a q u a r. d iv . o f 2% w as p a id , placing th e issue on a n 8%
Total
N et
Bond
Other W ritten Office Balance,
p er a n n u m basis, co m p ared w ith 7% prev io u sly . V . 121, p . 1463. P a id
Incom e. Revenue. Interest. Interest. Off. & c .,E x p . Surp.
q u a r. on 8% basis to a n d incl. O ct. 1926.
x l 9 2 0 _______$268,358 $75,128 $53,952 $21,124
$26
---$26
E A R N IN G S .— F o r calen d ar years:
1919 ------------ 260.165 70,339 54.963 15.025
313
------38
1Q 99
1923.
1925.
1924.
x N o la te r av ailab le.
G ross e a rn s ., all so u rces. $6,702,034 $5,741,079 $5,110,539 $4,629,642
O F F IC E R S .— P res. & G en. M g r., J . B . W o odyatt; V .-P ., Sec., T reas
N e t earn in g s__________ 3,700,157
3,320,551
3,170,893
2,953,061
1.274,652
B ond in te re s t, &c______ 1,334,538
1,189,333
1,155,778 & P u rc h . A g t., L . C . H ask ell.— Y. 101, p . 924; V . 103, p . 1668; V. 104,
1,400,000 p . 74, 664; V. 112, p . 1025; V. 114, p . 7767.
D ividends (7 % )_______ 1,676,250
1,400.000
1,400,000
$690,089
$645,899
$581,560
$397,283
B alance, s u rp lu s_____
Previous su rp lu s______ (adj.)308,158(adj.)229,070(adj.)159,253(adj.)145,594
T o ta l-----------------------D epreciation re serv e _
_
R eserve & sinking fu n d O th er reserv es_________

$998,247
350,000
50,000
25,000

$874,969
350,000
50,000
25,000

$740,813
350,000
50,000
25,000

$542,877
200,000
50,000
25,000

T o ta l su rp lu s D ec. 31- x$573,246
x$449,969
x$315,813
x$267,877
x Surplus; s u b jec t to d ed u ctio n for incom e ta x .
F o r calen d ar y e ar 1921 gross w as $4,224,046 a n d to ta l su rp lu s a fte r 7%
d ividends, deprec. & re s ., b u t before incom e ta x reserve, $155 046.
O F F IC E R S .— Pres.JPJ.^E .^A ldred; V .-P s., H o w ard M u rra y a n d Ju lian
O . Sm ith; G en. M g r..^ Ju lia n C . Sm ith; T re a s., W - S. H a rt; Sec., Jam es
W ilson. Office, Pow er B ld g ., M o n tre al.— V . 119, p . 1518, 2288, 2412,
2531; V . 120, p . 959, 1082; V. 121. p . 2 0 1 ,1 4 6 3 , 1680; 2522; V. 122, p . 1018;
V. 123, p . 1115, 1252, 1383.

SOUTHERN CANADA POWER CO., LTD.
O R G A N IZ A T IO N .— In c o rp . A ug. 18 1913 in C an a d a , a nd acquired th e
p ro p erties, &c., of S outh Shore Pow er & P a p e r C o ., L td ., L a C om pagnie
d e G az, E lectricite & P o uvoir de S t. H y acin tn e, an d th e S t. Jo h n s E lectric
L ig h t C o. Subsequently acquired a n u m b er of o th er p ro p erties.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. supplies a c tu a lly w ith o u t co m p etitio n electric lig h t a n d pow er to 74
tow ns a n d m unicipalities in an a rea of over 6,000 sq. m iles so u th of th e St.
L aw rence R iv er a n d to th e in te rn a tio n a l b o u n d a ry , w ith a p o p u la tio n of
over 500,000. C o. h as 18,385 custom ers, of w hich 600 a re pow er users.
C o. co n tro ls 20 pow er sites, which a t fu ll dev elo p m en t w ill gen erate over
200.000 h .p .; to ta l p re sen t d ev elopm ent, 58,772 h .p . L arg est p la n t,
36.000 h .p ., a t H em m ings F alls, on th e S t. Fran cis R iv er, com pleted in
J u ly 1925. C o. ow ns 327 miles o f d istrib u tio n lines a n d 337 m iles of hightension lines. C o. h as a 15-year c o n tra c t w ith Shaw inigan W ater & Pow er
C o . for th e sale to it of 10,000 h .p .; also h a s a reciprocal c o n tra c t w ith
M o n tre al L t., H t. & Pow er C onso lid ated for th e p u rch ase an d sale of
energy for em ergency service. C o. owns a n d operates 22 re ta il stores for
sale of appliances, &c. C o. controls over 98% of th e sto ck of S herbrooke
R y . & Pow er C o. (See h e re u n d er.)
ST O C K A N D B O N D S— Dale.
Interest. Outstanding.
M aturity
C om m on 100,000 shs (no p a r ) . ____
_______
50,000 shs. M a y '26, $1

6% cum partic pref $19,000,000

($ 1 0 0 )______________________ _
6 Q -Jan . $4,696,100 See te x t
1st M 30-yr g(x) $50,000,000/ 1925
5 g A-O
6,000,000 O ct 1 1955
ser A ($1,000, $500, $100c*) (M o n treal T r u s t C o ., M o n tre al, Q ue., tru ste e
x B alance m ay b e issu ed as d e b en tu re sto ck an d (or) bonds, in such
currencies a n d series, a n d m a y be p ay ab le in su ch places, m a tu re a t such
d a te s, b ear su ch ra te s o f in te re st, a n d c a rry su ch sinking fu n d provisions
a n d red em p tio n prices a s th e d irecto rs m ay .d eterm ine a t th e tim e of issue;
O f th e unissued bonds $ 5,000,000 can be issued for th e cost of—a n d th e
b alance for 75% of th e c o st of—extensions a n d a d d itio n s to p ro p e rty and
p la n t o f th e co m p an y p ro v id ed in all cases t h a t th e a n n u a l n e t earnings are
e q u iv alen t to 1 % tim es th e in te re s t req u irem en ts o f th e bonds o u tsta n d in g
an d those to be issued.
Stock Increase.— 10,000 ad d itio n a l com m on shares were to be offered to
com m on stockholders o f reco rd A pril 30 J926,’on or before J u n e 30 1926, a t
$80 on th e basis of one new sh are for each fiv e h e ld . Y. 122, p . 2043.
Stock.— P ref. sto ck is p re fe rred as to assets an d 6% cum . divs. N o
voting pow er except in e v en t of 4 q u a r. d iv s. in a rre a rs. A fter com m on
receives $6, shares eq u ally w ith com m on in an y fu rth e r d istrib u tio n of
dividends u p to 7 % . C om m on listed on M o n tre a l S tk . E x ch .; p referred
q u o te d in U nlisted D e p t, o f sam e exchange.
Bonds.— T h e 1st m tg e. 30-year bonds are d a te d O ct. 1925. P rin c ip a
a n d in t. p a y . a t C an ad ian B an k o f C om m erce in C an a d a a n d New York C ity
a n d in L ondon, E n g ., a t fixed r a te o f $4 86 2-3 to th e £ sterling. R ed . all
o r p a rt on 60 d ay s n otice a t 102 A a n d in t.
In O ct. 1925 N esb itt, T hom son & C o ., L td ., M o n tre al, &c., sold $6,000,000 Series A bonds a t 97 a n d in t., yielding 5 .2 0 % . V . 120, p . 2685; V.
121, p . 1680.
Sale o f Pref. Stock.— T he sale to custo m ers o f 10,653 ad d itio n a l shares of
6% pref. sto ck (not included in th e a m o u n t show n as o u tsta n d in g in th e
above ta b le ) on O ct. 12 1925’was re p o rte d . V . 121, p . 1909.
D ividends.— On th e p re f. sto ck 1 A % was p a id in A p ril 1920 an d re gularly
since. On com m on in itial d iv . of $1 in N o v . 1923; $1 M ay 1924; $1 N o v .
1924; in 1925, $1 in M ay a n d $1 in N o v . In 1926, M a y , $1.
E A R N IN G S .— Incom e acct. (incl. subs.) for y ears en d. S ept. 30 (all
n ter-co . charges elim inated):
Gross {incl. O p .E xp .,T a x.,
Other In c .). D eprec., Ac. Interest.
D ividends.
Surplus.
1925........... $1,213,665
$627,484
$269,305
$327,089 def.$10,213
1924---------- 1,150,863
600,234
270,958
279,088 su r.
583
1923--------953,970
527,858
275,057
82,160 su r. 68,895

1922---------

843,565




796,647

306,847

19,911 Ldef.279,840

CAPE BRETON ELECTRIC CO., LTD.
U n d er th e executive management of Stone Si W ebster, In c .
O R G A N IZ A T IO N .— In c o rp . in N ova Scotia. Owns c ap ital sto ck a nd
$220,000 of th e $368,000 o u tsta n d in g 1st m tg e. bonds of th e Sydney Sc
G lace B ay R y . C o ., L td ., a n in te ru rb a n line 19 miles in le ngth betw een
Sydney a n d G lace B ay , w hich is o p erated u n d e r lease for 99 years from
J a n . 1 1911. G u a r, p a y m e n t of said c o .’s bonds, p rin cip al, in te re s t and
sinking fu n d .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
D oes th e en tire electric ra ilw a y a nd lighting business in S ydney; th e e ntire
electric lighting business in N o rth S ydney, th e ferry business betw een
S ydney an d N o rth S ydney, a n d operates an in te ru rb a n line betw een N o rth
Sydney a nd Sydney M ines. C ape B reto n E lec. C o .. 1 2 .8 4 miles; Sydney
6 G lace B ay , 19.36 m iles to ta l, 32.2 m iles. (A forem entioned figures are
those for e q u iv a len t single tra c k .) G auge, 4 f t. 8 A in- 22 passenger a nd
7 o th e r cars. Pow er s ta tio n s h av e 1,975 k . w . c a p a c ity . C o. also p u r­
chases pow er. C o. ow ns $220,000 of th e $351,000 o u ts ta n d in g 1st m tge
onds an d t h e c a p ita l sto ck of t h e S ydney & G lace B a y R y . C o ., L td ., w hose
in te ru rb a n line is o p e ra te d u n d e r lease for 99 y e ars from J a n . 1 1911, and
gu a ra n te es th is c o .’s b onds a s to p rin ., in t. & sink. fu n d . Also ow ns th e
c a p ita l sto ck o f Sydney M in es E lec tric C o., L td ., an d o p erates t h a t c o .’s
electric lighting a n d pow er business in Sydney M ines, N o v a Scotia, u n d e r
lease for 8 8 A y e ars fro m J u ly 1921. E s tim a te d p o p u la tio n served:
railw ay , 57,300 electric lig h t a n d pow er, 39,200. F ranchises expire 1931
a n d 1932.
Interest.
O utstanding. M aturity.
ST O C K A N D B O N D S —
Date.
M -N
$1,125,000 N ov T 9 , 1A
C om m on $1,125,000 ( $ 1 0 0 ) - - ____
M -N
314,000 M a y ’26,3%
P re f 6% $500,000 ($100).
5 J-J
1,096,000 J a n 1 1 932
F irst m ortgage $1,500,000/ 1902
gold .
-C -n tf (I n t. a t S ta te S t. T r. C o., B oston, T ru ste e .
Sydney & G lace B ay 1st M / 1902
5 J -J
131,000 J u ly 1 1932
$500,000 g u a ra n te e d -C .n tf (I n t. a t R oyal T ru s t C o ., M o n tre al, T ru ste e .
Stock.— Preferred sto ck is redeem able a t 120. C ap ital stock a u th . by
c h arte r, $2,000,000. Of th e unissued p o rtio n as m uch m a y be preferred as
th e stockholders determ ine.
Bonds.— O f th e 1st m tg e. b o n d s, $2,000 canceled for im p t. fu n d . Im p t.
und of 1% of bonds issued.
R ed . a t 105 an d in t. on a ny in t. d a te .
O f th e Sydney & G lace B a y 1st m tg e. bonds, $89,000 have been canceled
b y sink, fu n d $220,000 held b y C ape B re to n E lec. C o.
R ed. as a whole a t
110 a nd in t. on an y in t. d a te . Sinking fu n d of 1% p er an n u m .
Dividends.— 6% y e arly (M .-N . 1) on p re f. stock. On com ., 1st d iv .,
1 A % , paid N ov. 1910; in 1911, 4 % ; in 1912, 4% & 1% extra; in 1913 and
1914, 6 % . In 1915 a n d incl. N o v . 1 1919, 3 % . N one since.
E A R N IN G S .— F o r c alen d a r y ears:
N et after
Bal. A v a il, for
u ru ss.

i a xes.

xruei esc. n e s ., nexu e . oc

D ividends.
1925 _____________________ $567,914
$92,840
$69,073
$23,767
1924______________________ 662,906
127,330
68,408
58,922
1923______________________ 701,214
92,651
67,781
24,870
1922______________________ 626,238
73,554
67,196
6,358
1921__________________
694,596 111,388
68,769
42,619
1920______________________ 652,007
99,105
67,678
31,427
1919______________________ 583,023
127,991
64,368
63,623
1918________________
513,005 120,596
63,147
57,449
Latest Earnings.— F o r 12 m os. end. J u ly 31 (incl. leased p ro p e rty ):
1926.
1925.
G ross earn in g s__________________________________
$588,721
$585,395
N e t a fte r ta x e s __________________________________
109,627
82,484
In te re s t_________________________________________
69,042
68,788
A vailable for reserves, re tirem e n t a n d d iv id e n d s.
$40,585
$13,696
O F F IC E R S .— P re s ., A . S tu a rt P r a tt; V .-P ., F red erick S. P r a tt; Sec.,
V ictor D . V ickery; T re a s., II . B . Saw yer; G en. M g rs., Stone & W eb ste r,
In c ., B oston M g r., M o n telle C . S m ith.— V . 120, p . 2010; Y. 122, p . 1307;
V. 123, p . 1249.

THE TORONTO RAILWAY.
T h e com pany’s pro p erties having been sold to th e c ity o f T o ro n to , the
stockholders voted on D ec. 1 1924 to w ind u p th e co m p a n y ’s affairs an d dis­
trib u te its assets. D ouglas H . M cD ougall w as a p p o in te d a s liq u id a to r.
F o r s ta te m e n t of liq u id a tio n to stockholders see V . 119, p . 3011. T h e
liq u id a to r anno u n ced in S ept. 1925 th a t a n in sta llm e n t o f $4 p e r sh are w ould
be m ade th ro u g h th e N a tio n a l T r u s t C o ., L td ., b ringing th e to ta l d isb u rse ­
m e n t u p to $114 p e r sh are. V . 121, p . 1228.

WINNIPEG ELECTRIC CO.
O R G A N IZ A T IO N .— In c o rp . in M an ito b a in 1904 a n d Is a consolidation
of th e W innipeg E lectric S t. R y . a n d th e W innipeg G eneral Pow er Co.
W as know n as W innipeg E lectric R y . u p to M ay 1P24, w hen nam e was
changed to p re sen t title . V . 118, p . 2574. C ontrols Sk-bnrha » id

212

P U B L IC

T ra n s it C o ., W innipeg Selkirk & L ak e W innipeg R y . an d M an ito b a Pow er
C o ., a n d g u a ra n te es b o n d s o f th o se co m panies, p rin . a n d in t. Y . 86, p .
1346 V . 101, p . 1466.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. ow ns a n d o p e ra te s an extensive electric lig h t, pow er a n d ra ilw a y , a nd
gas sy stem serv in g G re a ter W innipeg an d contig u o u s te rrito ry , hav in g a
p o p u la tio n e stim ate d to exceed 282,000. C o. ow ns a m o d ern 29,000 h. p.
hydro -electric pow er p la n t on th e W innipeg R iv e r a t P in aw a a steam
p la n t in th e C ity of W innipeg o f 12,000 h . p . 116 m iles of high-tension tra n s ­
m ission lines, lo c a ted p ra c tic ally th e e n tire d ista n ce on a 100-foot right-ofw ay ow ned in fee. Ow ns a com prehensive d istrib u tio n sy stem , to g e th e r
w ith su b -statio n s. C o. also ow ns or co n tro ls 180.46 miles o f tra c k , to g e th e r
w ith am p le s u p p ly o f car e q u ip m e n t, c ar b a rn s, &c., a n d a K oppers b y ­
p ro d u c t coke oven gas p la n t w hich, to g e th e r -with th e original in sta llatio n ,
h a s a d aily c a p a c ity o f 2,500,000 cu. f t. 129 m iles of gas m ain s. O w ns a
m od ern 12-story office b uilding in th e b usiness cen tre of W innipeg an d a
large am u se m e n t p a rk . T h e C ity of W innipeg ow ns a h y d ro -electric pow er
p la n t w hich also serves th e C ity o f W innipeg. Franchises e ith e r p e rp e tu a l
or fo r long term s, a n d s tre e t railw ay fran ch ies is exclusive in W innipeg u n til
19 i7 an d in S t. B oniface u n til 1943. C ity o f W innipeg m a y p u rc h a se th e
p ro p e rty in 1927 u p o n six m o n th s ’ n o tice a t its physical v a lu a tio n (includ­
ing cost o f p av in g done b y c o m p a n y ), to be determ in ed b y a rb itra tio n ; a fte r
1927 c ity m a y exercise rig h t to p u rc h a se a t th e end o f each succeeding 5-year
period on one y e a r’s no tice. See also V . 112, p . 746. F o r pro posed new
franch ise ag reem en t see V. 115, p . 2479.
Valuation.— See V. 109, p . 2264; V. 110, p . 1417.
ST O C K A N D B O N D S— Date.
Interest. Outstanding. M aturity.
C o m sto ck $11,000,000 ($100)______
Q -J
$11,000,000
See te x t
P re erred $3,000,000 $100 c u m ____
7% Q -J
3,000,000 O ct ’2 6 . 1 ^
F ir rt refunding M $5,0 0 0 ,0 0 0 / 1905 5 g J -J
4,421,000 J a n 2 1935
gold sink fu n d ($ i,0 0 0 )--C * \In t. a t B an k o f M o n treal, M o n tre al & N . Y .
5%
4,380,000
1954
R efu n d in g m tg e (£900.000)________
30-year re f m tg e ($100, $5001 1924 6 A-O
7,000,000 O ct 2 1954
a n d $ 1 ,000)_________ c * .tf /P r in . an d in t. p ay ab le a t B an k o f M o n treal,
1 in N ew Y ork C ity , and C an ad a.
W in E l S t R y m tg e $ 1 ,0 0 0 ,-/ 1898 5 g J -J
579,000 J a n 1 1927
000 ($500)________________ /In te r e s t a t B an k o f M o n tre al, M o n tre al.
Stock.— P ref. sto ck is preferred as to assets a n d dividends a n d h a s voting
pow er. V . I l l , p . 2326, 2522.
Bonds.— O f th e $5,000,000 first refunding bonds, $579,000 are reserved to
re tire th e first 5s. T h e R o y al T ru s t C o ., M o n treal, is tru s te e . A re n o t
su b jec t to call, b u t 1 )4 % of bonds o u tsta n d in g is p ay ab le to a sinking fu n d
from 1915 to 1924, inclusive, a n d 2% fro m 1925 to 1934, inclusive. See
V . 79, p . 2698.
Refunding Mortgage 5s.— On M a r. 17 1924 holders of th e 4 )4 % p erp etu al
d e b en tu re sto ck v o te d in favor o f a su p p lem en tal tru s t deed providing th a t
th e in te re st on th e sto ck be increased fro m 4)4 % to 5% fro m A pril 2 1924.
a n d th a t th e sto ck be rep ay ab le on A pril 2 1954. T he d eb en tu re stock
(refunding m o rtg ag e 5s) a n d th e regunding m ortgage 6s now ra n k p a ri passu.
V . 118, p . 1270; V. 119, p. 1066, 1174, 1735, 2181.
R efunding m ortgage 6s are callable on 90 d a y s’ notice a t 105 a nd in t. on
a n y in t. d a te . C o m p an y agrees to refu n d P e n n a . and C onn. S ta te ta x u p
to 4 m ills. In N o v . 1924 Kissel, K in n ic u tt & C o ., Spencer T rask & C o.,
E . H . R ollins & Sons, N . Y ., a n d N e sb itt, T h om son & C o ., L td ., M o n tre al,
offered $6,000,000 ref. m tge. 6s a t 9 4 Vi a n d in t., to yield over 6.40% .
V. 119, p . 2181. In D ec. 1925 $1,000,000 a d d itio n a l 6s b o n d s w ere issued
a t 965-6 a n d in t.
D ividends.— On p re f. \'ii% q u a r. h as been reg u larly p a id . P a id 2 )4%
q u a r. on com . fro m A pr. 1908 to A p r. 1911. In Ju ly ra te w as increased to
3% q u a r., w hich a m o u n t was p aid to an d incl. J a n . 1915; in A pril, Ju ly
an d O ct. 1915, 2 )4 % each. In 1916, J a n ., 2 % . N one to F eb . 1 1925,
w hen 1% w as p a id . V . 119, p . 2881. In A ug. 1925, 1 % . V .1 2 1 . p , 7 8 .
In 1926, F e b ., 1% ; A u g ., 1 % .
E A R N IN G S .— F o r calen d ar years:
Gross.
N et.
Charges.Pref. D ivs.
B al., Sur.
1925 ______ $5,369,270
$2,067,366
$1,619,811 • $210,000 $237,555
1,888,013
x l , 713,396
210,000
def35,382
1924 _______ 5,267,510
1,942,221
1,484,193
210,000
248,028
1923 --------- 5,408,113
1922 ---------- 5,517.078
1,990,362
1,451,047
210,000
329,315
1921 ---------- 5,579.430
2,020.050
1.472,162
182.367
365.522
x In clu d es “ b alan ce o f pow er c o n tra c t” M an ito b a Pow er C o ., L td .,
$279,692.
R ev en u e p assengers carrie d in 1925, 55,096,000; in 1924, 55,078,000,
a g ain st 58,253,356 in 1923, 60,399,419 in 1922, 61,515,325 in 1921 a n d 65,248,840 in 1920.
O F F IC E R S .— P re s ., J . W . M cL im o n t; V .-P ., W . R . B aw lf, W innipeg
Sec.. L aw rence P a lk ; T re a s., J . S. M ackenzie; C o m p t., W . E . B lo d g e tt.—
V . 120, p . 89, 1205, 2150; V. 121, p . 78; V. 122, p . 752, 2332.
(1) S U B U R B A N R A PID T R A N S IT CO.
O R G A N IZ A T IO N .— O rganized in 1902 in M a n ito b a. C h a rte r gives
com pany rig h t to o p erate th e telep h o n e a n d teleg rap h lines an d to dispose of
electric lig h t, h e a t an d pow er. Franchise, 35 y ears from 1902 a n d is exclus­
iv e . W innipeg E lectric C o. co n tro ls ro a d th ro u g h ow nership of sto ck .
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
E m braces 21.78 m iles of tra c k from W innipeg to H eadingly on th e n o rth
side of A ssiniboine R iv er a n d bey o n d th e C ity P a rk on th e so u th side of
river.
S T O C K A N D B O N D S— Date.
Interest. Outstanding. M atu rity.
Stock $100,000____________________
_________
See te x t
__________
F irs t m ortgage ($1,000) g .c * f 1908
5 F-A
$500,000 J a n 31 1938
G u a ra n tee d , p rin cip al a n d {R oyal T r u s t C o ., M o n treal, T ru ste e ,
in te re s t b y W innipeg Elec- In te re s t a t B an k o f M o n tre al, M o n tre al,
trie C o.
I T o ro n to . N ew Y o rk or L ondon, E n g lan d .
Bonds.— A d d itio n al bon d s m a y b e issued a t r a te o f n o t exceeding $ 2 0 ,0 0 0
p e r m ile a d d itio n a l ro a d b u ilt.
E A R N IN G S .— F o r calen d ar years:
Gross.
N e t.
Charges.
Surplus.
1925 __________ ________
$49,739 d ef .$23,341
$260,879
$26,398
45,176 def.28,742
1924 __________ -----------16,434
253,013
def.3,117
40,142
1923 __________ ________
37,025
281,890
su r .4,2 38
1922 __________ ________
278,885
44,048
39,810
(2) W IN N IP E G SE L K IR K & LAKE W IN N IPE G R A ILW A Y .
O R G A N IZ A T IO N .— In c o rp . b y A ct of M an ito b a L egislature w ith pow er
to do a steam or electric ra ilw a y a n d a lig h tin g an d pow er business. C on­
trolled th ro u g h ow nership o f $490,000 o f its $500,000 sto ck b y th e W innipeg
E lectric C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
O perates a lin e fro m W innipeg on w est side o f R ed R iver to Selkirk, 22)4
m iles, w ith a b ra n c h on p riv a te rig h t-o f-w ay fro m M id d lech u rch to Stone­
w all, 1714 miles (placed in o p e ra tio n J a n . 1 1915); to ta l m ileage o p e ra te d ,
41.32 m iles. 6 m o to r an d 27 m iscellaneous cars. Franchises rim to 1939
and 1942.
H as c o n tra c ts w ith Selkirk to su p p ly pow er for m unicipal purposes a nd
w ith Stonew all to do a general lig h t a n d pow er business.
Interest. Outstanding. M atu rity
B O ND S—
Date.
1st m tg e g o ld _____________________
5 J -J
$50,000 J u ly 2 1933
Bonds.— G u a ra n tee d , p rin . a n d in t. (endorsem ent) b y th e W innipeg
E lectric C o.
E A R N IN G S .— F o r calen d ar y ears:
Gross.
N e t.
Charges.
D eficit.
1925
$238,607
$44,393
$83,117
$38,724
1924
230,213
54,166
90,202
36,036
1923 ___________
259,875
67,993
85,838
17,845
1922
266,923
72,789
91,579
18,790
(3) M A N ITO B A P O W E R C O ., L T D .
Control.— W innipeg Electric Co. ow ns over 60% o f th e com m on stock.
O R G A N IZ A T IO N .— In co rp . in C an a d a .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o m p an y ow ns a n d o p erates a m o d ern hy d ro -electric p la n t a t G re a t F alls
on th e W innipeg R iv er w ith an u ltim a te c ap a c ity of 200,000 h .p . Tw o u n its
of 28,000 h .p . each , w ere com pleted in 1923. A th ird u n it, now being
installed , w ill increase th e to ta l c ap a c ity to 84,000 h .p . C o. also ow ns a
high-tension steel-tow er tran sm issio n line w'hich is connected writh th e m ain
transm issio n sy ste m o f th e W innipeg E lec tric C o. V . 122, p . 748.
ST O C K A N D B O N D S— Date.
Interest. O utstanding. M a tu rity .
C om m on 100,000 shs. (no p a r ) ____
________ 100,000shs. _________
1st m tg e 5 J^ % s f gold ser A / 1926 5)4 g J - J $10,000,000 J a n 1 1951
($1,000, 500, $100 c* & r ) t f [M o n treal T ru s t C o ., M o n treal tru ste e .




[V ol. 123.

U T IL IT IE S

Bonds.-—T h e 1st mtge. 5 )4 % sinking fu n d gold bonds, series A , due J a n . 1
1951 a re secured b y a 1st m tge. lien u p o n c o .’s hydro-electric pow er p la n t
a n d transm ission lines, an d b y pledge of sto ck of th e W innipeg R iver R y.
C o ., on 13)4 miles of s ta n d a rd gauge steam ra ilro ad . F u rth e r secured b y a
pow er c o n tra c t w ith , a n d guaranteed b o th as to principal an d in te re s t, by
the W innipeg Electric Co. Also secured b y a 10-year pow er c o n tra c t w ith
th e M an ito b a P u lp & P a p e r C o ., L td . for all pow er to be used a t its new
p u lp an d p a p er m ill, w ith a ra te d c ap a c ity of 250 to n s, w hich in 1926 w as
being erected a t F o rt A lexander, 15 miles from G re a t F alls. C o. m a y issue
$2,500,000 a d d itio n a l bonds equal to b u t n o t exceeding 80% of ad d itio n s,
& c., b u t fu rth e r bonds m a y only b e issued for 80% of ad d itio n s, &c.,
provided n e t earnings, a fte r sinking fu n d are 1)4 tim es in te re s t charges on
all bonds issued, incl. new issue. T h e re is an a n n u al sinking and improve­
m ent fu n d , beginning J a n . 1 1931, of 1% of all series A b onds o u tsta n d in g ,
for th e p u rch ase or redem ption of these b onds a t n o t exceeding 105 a n d in t.
An additional sinking fu n d provides for a p a y m e n t, beginning J a n . 1 1934,
of 1 % of all o u tsta n d in g series A b onds, for th e p u rc h a se or re d e m p tio n o f
these bonds a t n o t to exceed 105 a n d in t., or for p e rm a n e n t a d d itio n s, & c.,
w hich could otherw ise be m ade th e basis for issuance of a d d itio n a l b o n d s
u n d e r this m ortgage. C all, on 90 d a y s ’ notice a t 105 a n d in t. on an y
in te re st d a te . P rin cip al & in te re st p a y ab le in N ew Y ork a t th e agency o f
th e B an k of M o n tre al in U . S. gold; in L ondon a t th e sam e b a n k ’s agency a t
p a r of exchange; or, a t holders op tio n , in M o n tre a l, T o ro n to , or W innipeg,
C an a d a . U S. resid en ts free of C an a d ia n taxes. P e n n . & C o n n . 4 m ills
taxes refundable. In F eb. 1926, K issel, K in n ic u tt & C o ., & c., &c. offered
$10,000,000 series A bonds a t 96 and in t., to yield a b o u t 5.80% ; 1st m tg e
7% sink, fund gold bonds, d u e 1941, w hich w ere called for p a y m e n t M a y 1
1926 a t 105 a n d in t., w ere accepted a t 107% f la t on or a b o u t M arch S
1926 in p a y m e n t for these b onds. B . 122, p . 748.
E A R N IN G S .— F o r calen d ar year:
Gross.
N e t.
Fixed Chgs.
Balance.
1925
$666,053
$541,588
$538,825
$2,763
O F F IC E R S .— P r e s ., A . W . M cL im o n t; V .- P ., W . R . B aw lf.— V . 122.
p . 748.

CUBA
AMERICAN & FOREIGN POWER COMPANY INC.
O perations supervised b y E lec tric B ond a n d Share C o.
O R G A N IZ A T IO N .— A holdinv co m p an y . O rganized u n d e r law s of
M aine D ec. 19 1923. On Ju n e 30 1926 E lectric B ond & Share C o. pu rch ased
th e com m on stock of H avana Electric & U tilities Co.; it w as expected th a t a t
som e la te r tim e E lectric B ond & S hare C o. w ould tra n sfe r a ll its holdings
in th e H a v a n a situ a tio n to A m erican & Foreign Pow er C o., In c . V . 123,
p . 82.
F o r a cquisition b y C u b an U tilities C o. of th e electric railw ay system s in
Santiago an d C am aguey previously c ontrolled b y subsidiaries of A m erican
& F oreign Pow er C o., In c ., see u n d e r “ H a v a n a E le c tric & U tilities C o .’
below .
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
Ow ns securities controlling p u blic u tility p ro p e rties o p e ra tin g in C u b a.
P a n a m a , G u a tem ala a n d E c u a d o r. A to ta l of 100 com m unities a re supplied
w ith electric pow er a n d lig h t, telephone or o th e r services. In a d d itio n , th e
su b sid iary com panies o p e ra te in a n um ber of su b u rb a n a nd outly in g dis­
tric ts , m aking th e e stim ate d to ta l p o p u la tio n served in excess of 946,000.
T h e com pany ow ns a controlling in te re s t, d ire c tly or in d irec tly , in th e fol­
low ing su b sid iary com panies:
A m erican & Foreign Power Company In c ., & Subsidiary C om panies.
T h e corporation owns d ire c tly or in d irec tly th e controlling in te re s t in t h e
following com panies as indicated:
H eld by A m e r .&
Capital Stock F o r.P r.C o .,In c.,
Company—
O utstanding, or its Subs. Cos.
S p re f.50,000 sh s.
50,000 sh s.
C om pania C u b an a de E le c tric id a d , Inc._-{2d pf. 60,000 sh s.
60,000 shs.
1
2,000,011 shs. 2,000,011 sh s.
C om pania E lec tric a de Sagua la G ran d e,
S. A ------------------------------------------------100,000
100,000
C om pania E lec tric id a d de C a rd e n a s , S . A .
1,400,000
1,400,000C om pania E lectrica de C ienfuegos, S. A__
300,000
300,000
C om pania de Servicios P ublicos “ M ad ra z o ,” S. A ___________________________
pref.500,000
500,000
C om pania E lec tric a de A lum brado y T ra c .
de S a n tia g o ----------------------------------------2,000,000
2,000,000
C om pania E lec tric a O riente, S. A _______
752,500
752,500
C om pania C u b an a de E lec tric id a d , S. A . .
2,306,000
2,306,000
C om pania C u b an a de H ielo, S. A ________
100,000
100,000
C om pania de Servicios P ublicos de M a t a n z a s _______________________________
3,000,000
2,738,200
C om pania H ydroelectrica de M a ta n z a s ,/
p re f.200,000
200,000
S. A _ _____
_
l
800,000
800,000
C am aguey E lectric C o m p an y , S. A _____ /
pref. 1,500,000
1,500,000

t

2 , 000,000

2 , 000,000

G u a n tan a m o E lec tric C o ________________ /
p re f.400,000
388,600
1
400.000
400,000
O riente In te ru rb a n E lec tric C o .,’I n c ------/
p re f.150,000
68,500
\
57,700
57,700
J
p re f .750,000
688,220
E m p resa G u a tem alte c a de E lec tric id a d , )2d p re f.1,200,000
1,200,000
1
50,000 shs.
50,000 shs.
E m p re sa de L uz i F u e rz a E le c tric a ______ /
1,143 s h s .
1,133 s h s .
1
453 shs.
449 sh s.
P a n a m a Pow er & L ig h t C o rp o ra tio n ____/ pref. 1,500,000
1,345,100
\
200,000 sh s.
195,401 shs.
C om pania P a n a m e n a de F u e rz a y L
u
z
10, 000 sh s.
7,500 shs.
1
70,000 shs.
67,500 sh s.
C om pania P a n a m e n a de T elefonos_______/
p re f.100,000
100,000
1
250,000
250,000
1,500,000
1,500,000
P a n a m a E lec tric C o m p a n y --------------------ST O C K A N D B O N D S —
Date.
Interest. O utstanding. M a tu rity .
C om m on 1,500,000shs (no p a r ) ____
_______ x 9 4 3 ,9 8 8 s h s .__________
$ 7 c u m p f 900,000shs ( n o p a r ) . ____
$7 Q -J
362,605shs O c t ’2 6 $ 1 .7 5
2d p re f $7 cum 120,000 shs (no
p a r ) ______________________ _____
$7
114,019 s h s ___________
x Inclu d in g shares held b y B an k ers T r u s t C o. to be delivered to su b ­
scribers a g ain st fu ll-p aid su b scriptions to 400,000 p re f. sh ares.
Preferred Stock Allotm ent Certificates.— T hese certificates h a v e been sold
a t th e a llo tm e n t price of $96 p e r sh a re , of w hich 25% has been called u pon
allo tm e n ts aggregating 400,000 shares of P referre d sto c k a n d 400,000
shares of C om m on sto ck , an d th e re m a in in g 75% m a y be called by th e
c o rp o ra tio n for p a y m e n t a t in te rv a ls of n o t less th a n fo u r m o n th s , no
single call to be for m ore th a n 10% o f said a llo tm e n t p rice. H olders h av e
th e rig h t to a n tic ip a te p a y m e n t in full a t a n y tim e .
U pon p a y m e n t in full of th e a llo tm e n t price of $96 a sh a re , allo tm e n t
certific a te holders a re e n title d to receive d efin itiv e certific a te s for th e n u m ­
b e r of full-paid shares of p referred stock called for b y th e several allo tm e n t
c ertificates, to g e th e r w ith definitive certificates for a like n u m b e r of fullp aid shares of com m on stock of th e co rp o ra tio n , w ith o u t nom in al or p a r v a l.
D ividends.-—-An in itia l dividend of $1 75 q u a rte rly on th e preferred
stock w as p aid A pril 1 1924. Same a m o u n t p a id re g u la rly q u a r. since to
a nd including O ct. 1 1926.
E A R N IN G S .— L a te s t av ailab le figures:
Consolidated Earnings 12 M os. Ended June 30 1925 (inter-co. item s elim i­
n a te d ) .— Subsidiary cos.: G ross, $7,857,880; n e t o p e ra tin g re v e n u e, $3,347,974; to ta l incom e, $3,719,398; n e t earnings (incl. A m . & F o r. P r. C o .,
In c ., incom e from o u tside sources) applicable to A m . & F o r. P r. C o ., In c .,
$3,335,573; pref. div s. A m . & F o r. P r . C o ., In c ., $1,855,194; 2d pref. d iv s.,
$818,713; consol, b alance a p plicable to renew als, rep lacem en ts, reservesan d com m on d iv s ., $661,666.
O F F IC E R S /—-S. Z. M itch ell, P res.; H . W . C a tlin , W m . D arbee, C . E ,
| G roesbeck and E . W. H ill, V .-P s.; A . E . S m ith, C om p.; E . P . Sum m erson,
Sec.; A . C . R av . T reas. Office. 71 B roadw ay. N . Y . C ity , N . Y .— V. l2 0 ,
1 p . 84, 1324, 3181; V. 121, p. 2035, 3129; V. 123, p . 80.

O ct ., 1926.]

P O W E R , L IG H T A N D R A IL W A Y

HAVANA ELECTRIC & UTILITIES CO.
C on trolled b y E lectric B o n d & Share C o. (V . 121, p . 3 1 3 0 ), w h ich la tte r
•co. p u rch ased on J u n e 30 1926 th e com m on sto ck from th e v o tin g tru stees
a t $33 per share, w h ereb y th e v o tin g tr u st w as a u to m a tic a lly term in a te d .
$31 50 per share w as to be d istrib u ted to h old ers o f v o tin g tr u s t ce rtific a tes.
I t w as exp ected th a t a t som e la te r tim e E lectric B o n d & Share C o . w a s to
tran sfer a ll its h old in gs (in cl. a m a jo rity o f the preferen ce sto ck ) t o A m eri­
c a n & F oreign P ow er C o ., I n c . V . 123, p . 83.
O R G A N IZ A T IO N ".— O rganized in M a in e in th e la tte r p a rt o f 1 925 as
per re a d ju stm en t p la n o f th e o ld H avana Electric Railway, Light t% Power
Co., d eta ils o f w hich are g iven in V . 121, p . 1461, an d u nd er th e o ld c o .’s
n am e in " P u b lic U tility C o m p e n d iu m ” o f O ct. 31 1925. S ee a lso V . 121,
p . 3003; V . 122, p . 7 4 8 . T h e o ld H a v a n a E lectric R y ., L ig h t & P o w er
O o ._w as in corp . in N e w J er sey on M arch 26 1912, ab sorb in g t h e C om p an ia d e G ras y E lectricid a d d e la H a b a n a (G as & E le ctric C o . o f H a v a n a ),
to a cq u ire an d h o ld th e sto c k s o f th e H a v a n a E le ctric R y . per p lan in
V . 9 4 , p . 7 6 7 . On M a y 15 1913 a p lan for th e m erger o f th e p ro p erties
w as ap p roved b y th e stock h old ers o f th e H a v a n a E le c . R y ., L . & P . C o .
T h e H a v a n a E le ctric R y . stock h old ers ap p roved th e p lan on M a y 27 1913
an d o n J u n e 18 1913 articles o f co n so lid a tio n w ere file d . V . 9 6 , p . 1840.
T o d a te a ll p ref. sh ares an d 7 4 ,8 9 4 (o u t o f 7 5 ,0 0 0 ) sh ares co m m o n sto c k
o f th e H a v a n a E le c . R y . h a v e b een d ep o sited for ex ch a n g e o f s ecu rities o f
n ew c o m p a n y . T h e H a v a n a E le c . R y . ow ned e n tir e $ 1 0 0 ,0 0 0 sto c k o f th e
In su lar R y . C o. In A u g. 1926 th e electric r a ilw a y p rop erties w ere sep ­
arated an d reorganized in to a n ew c o ., H a v a n a E le c tr ic R y . C o .; see b elo w .
G as an d electric franchises p erp etu al.

See for financial statem e n ts o f old a n d new co m p an y , Y . 121, p . 1455.
C o. ow ns su b sta n tia lly a ll th e stocks o f th e new H avana Electric R y ., Light
& Power Co., w hich w as form ed in J u ly 1926 as a consolidation of C u b an
U tilities C o. an d th e old H a v an a E lec tric R y ., L ig h t & Pow er C o. C u b a n
U tilities C o. prev io u sly h a d acquired electric ry . system s in S antiago an d
C am ag u ey from subsidiary in terests o f A m erican & Foreign Pow er C o.,
In c ., o p eratin g in C u b a, a n d in ad d itio n owned m ore th a n 86% of tn e p re ­
ferred sto ck a n d m ore th a n 98% o f th e com m on sto ck o f th e old H a v an a
R y ., L t. & Pow er C o. U nder th e ag reem en t o f m erger, holders of shares
o f old H a v an a E l. R y ., L t. & Pow er C o. o th er th a n C u b an U tilities Co.
w ere to receive for each p ref. share old co ., one sh are 6% p ref. stock of con­
so lid ated co., a n d for each com m on sh are old co. 2 p re f shares of consoli­
d a te d co. E a c h share o f 2d pref. a n d com m on sto ck of C u b an U tilities
C o. o u tsta n d in g a n d n o t ow ned b y one o f th e m erging cos. w as to rem ain
o u tsta n d in g , w hile a ll sto ck o f eith e r o f th e tw o co rp o rations w hich w as
ow ned b y th e o th e r p a rty w as to be canceled. Y. 123, p . 581.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. c o n tro ls th e electric pow er an d lig h t a n d gas p ro p erties in H a v a n a , C uba
ST O C K A N D B O N D S—
Date.
Interest. Outstanding. M aturity.
C om m on (no p a r ) ___________ _____
_________ 578,985 shs __________
•6% cum 1st p re f $ 2 1 ,0 0 0 ,0 0 0 1 ____
6
$20,196,900 N o v 26, $3
($100)------------------------------J
C u m p re f stock (no p a r)______ _____
$5
294,665 shs
see te x t
Gas & Electric Co. Issues—
G old m o rtg ag e _______________1904
6%
3,997,904 J u n e 1 1954
‘English bon d s” (£ 1 5 0 ,0 0 0 ).. 1906
5%
70,567
1942
Stock.— F irst preferred stock h a s p rio rity as to 6% cu m . dividends p e r an­
n u m ov er th e p reference a n d com m on sto c k s, a n d in case o f liq u id atio n or
disso lu tio n is e n title d to $115 p e r sh are a n d d iv id en d s. H a s no vo tin g
pow er except u n d e r certa in specified circu m stan ces.
Preference stock is e n title d in p rio rity to th e com m on sto ck to dividends
a t th e ra te o f $5 p er an n u m and to $100 per sh are a n d dividends in case
o f liq u id atio n or dissolution. T h e dividends a re c u m u lativ e from a n d a fte r
N o v . 15 1926. R edeem able, all o r p a r t, a t $100 an d d ividends. N o voting
pow er except in certa in cases.
Common stock h a s exclusive v o tin g rig h ts.
Bonds.— All o f th e o u tsta n d in g H avana Electric R y., Lt. & Power Co. gen.
m tg e. 5% s. f. g. b o nds, d u e S ep t. 1 1954, w ere called for p a y m e n t O ct. 1
1926 a t 105 a n d in t. V . 123, p . 1251.
D ividends.— D iv id en d s on p re f. sto ck w ere b egun in N o v . 1912. An
in itial sem i-annual d iv . o f $3 w as p a id on th e 6% cum . p ref. sto ck in M a y
1926. In N o v . 1926, $3. V. 122, p . 2040. A n in itia l d iv . on th e com m on
sto ck — 2 J £ % — w as p a id in N o v . 1912. In 1913, 5 H % : in 1914, 5 % ; in
1915, 5 ^ % ; in 1916, 6 % ; in 1917, 6 % ; in 1918, 6% ; in 1919, 6 % ; in 1920,
6 % ; in 1921, 6 % ;in 1922, 6 % ;in 1923, 6 % ;in 1924, 6 % ;in 1925, M ay , 3 % .
N o v ., 3 % . A foresaid d iv s. a p p ly to th e form er H a v an a E lec. R y ., L t. &
Pow . C o. On th e cum . pref. sto ck declared a n in itial a n n u al div . of $5,
p a y ab le N o v . 15 1926 o f reco rd O ct. 22. V. 123, p . 1875.
E A R N IN G S .— F o r calen d ar y e ars (of old Havana Elec. R y ., L t. & Pr. Co.):
Gross
N et (after Other
Fixed
Pref. & D epr. & B al.,
Earnings.
Taxes.
In c . Charges. Com. D ivs. Cont. Res. Sur.

373

divs. u p o n 30 d a y s ’ no tice. E a c h sh are is e n title d to one v o te . N o class
of sto ck p rio r over th e p re fe rred sto ck a s to dividends or assets m a y be
c re ated w ith o u t th e c o nsent of a t le a st tw o -th ird s of th e holders of th e
preferred sto ck p re se n t a n d v o tin g a t th e m eeting a t w hich th e c re atio n of
such class o f sto ck is considered. T h e w ritten c onsent of th e holders of a t
le a st tw o -th ird s of th e p referred sto ck th e n o u tsta n d in g o r th e a ffirm a tiv e
v o te of th e holders of tw o -th ird s of th e shares o f preferred sto ck p re se n t a t
th e m eeting a t w hich such v o te is c a s t, is req u ire d for sale of a ll of th e
p ro p e rty , franchises or privileges of th e c o m p a n y , consolidation or m erger
w ith a n y o th e r c o rp o ra tio n , tra n s fe r of all of its p ro p e rty or franchises to a
new c o rp o ra tio n , execution a n d delivery o f a n y m ortgage creating a lien on
a n y of co m p a n y ’s p ro p e rty , or th e creatio n of an y fu n d e d d e b t o th e r th a n
d e b en tu re s issuable u n d e r th e te rm s o f th e d e b en tu re agreem ent d a te d
S ep t. 1 1926, p u rc h a se m oney m ortgages, or a cquisition of p ro p e rty su b ject
to m o rtg ag e. T h e re is a sinking fu n d of $100,000 a n n u a lly , to be set a p a r t,
a n d p a y ab le in J a n u a ry , beginning in 1932, o u t of su rp lu s or n e t p ro fits for
th e p u rch ase of preferred sto ck a t or below p a r an d d iv id en d s. All sto ck so
pu rc h a se d or acquired for th e sinking fu n d to be cancelled. In A ug u st 1926
Speyer & C o., J . & W . Seligm an & C o ., H em phil, N oyes & C o ., a n d O tis
& C o. offered $5,000,000 6% cum . pref. sto ck , each s h are c arry in g 6-10 of
a sh are of com m on sto ck a t $100 a n d dividends.
C om m on sto ck a n d p referred sto ck w ere to be listed on N ew Y o rk Stock
E xchange. V . 123, p . 981.
Bonds.— In a d d itio n to th e $6,746,170 o u tsta n d in g H avana Electric R y. Co.
C
predecessor company) consolidated (first closed) mortgage 5% gold bonds, due
Feb. 1 1952, $1,195,941 a re held alive in tre a su ry . A sinking fu n d , com ­
m enced J a n . 1 1906. B onds m a y be called for sinking fu n d a t 105 a n d in t.,
a n d e n tire issue can be redeem ed on six m o n th s ’ n o tice a t 105 a n d in t.
L isted on N ew Y o rk S tock E xchange. Y. 74, p . 1251; V . 86, p . 918.
D ebentures.— A d d itional d eb en tu res m a y be issued only p ro v id ed n e t
earnings fo r 12 consecutive w ith in preceding 15 m o n th s h a v e been a t le a st
2)4 tim es a n n u al in te re s t charges on th e d e b t of th e com pany, inclu d in g th e
proposed d e b en tu re s. A re redeem able, a ll or p a r t, on 30 d a y s ’ notice, a t
103)4 an d in t. P rincipal a n d in te re st p a y ab le in N ew Y ork or H a v a n a in
U . S. gold. In A ug. 1926 Speyer & C o., J . & W . Seligm an & C o ., H em p­
hill, N oyes & C o., a n d O tis & C o., offered $5,500,000 25-year 514% gold
d eb en tu res a t 92 a n d i n t . , to yield 6 H % . E a c h d e b en tu re carried a tra n s ­
ferable subscription w a rra n t e n titlin g th e holder to subscribe p rio r to
S ept. 1 1951 for 23 shares of com m on stock a t $45 p e r sh are a n d to te n d e r
d eb en tu res in lieu of cash a t 103 K % of th e ir p rin c ip a l am o u n t, w ith a d ju s t­
m e n t for accrued in te re s t. V. 123, p . 981.
E A R N IN G S .— Of th e lines acquired b y com pany for calen d ar years:
0 7 uoo

iv e t

Revenue.
and Taxes. Earnings.
1925_________________________________ $6,967,054 $5,085,926 $1,881,128
1924-------------------------------------------------- 6,640,897
4,589,801 2,051,096
1923_________________________________ 6.541,941
4,231,951 2,309,990
1922_________________________________ 6,385,179
4,153,862 2,231,317
1921_________________________________ 6,645,581
4,777,133
1,868,448
5,747^.22
3,962,626
1,785,096
1920_____
O F F IC E R S .— P re s ., F r a n k S te in h a rt.— V . 123, p . 981, 1875.

BRAZIL
BRAZILIAN TRACTION, LIGHT & POWER CO., LTD.

O R G A N IZ A T IO N .— In c o rp . J u ly 12 1912 in C an a d a w ith $120,000,000
($100) a u th . stock a n d has acquired th ro u g h exchange of its stock for stock
of th e newly acquired com panies (on basis show n in V. 95, p . 175) th e Rio
de Jan e iro T ram w ay , L ight & Pow er C o ., Sao P a u lo T ram w ay , L ig h t &
Pow er C o. an d Sao P a u lo E lec. C o ., an d th ro u g h th e first-n am ed com pany
controls en tire c ap ita l sto ck of B razilian T elephone C o., form erly th e
R io de Jan eiro & Sao P a u lo T elephone C o.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e com bined cos. ow n hyd ro -electric developm ents w ith a to ta l in sta lled
g enerating c a p a c ity of 220,000 h .p ., w hich is capable of being increased to
400,000 h . p ., an d ow n a n d o p e ra te 424.81 m iles of tra c k in Rio de Ja n e iro
a n d v ic in ity an d San P a u lo . 1,718 passenger c ars, 287 freig h t and service
cars; 7 buses. Supplies lig h t a n d pow er to R io de Jan e iro a n d v ic in ity a nd
San P aulo an d neighboring tow ns. Owns 1,299.32 m iles electric tra n s ­
m ission lines a n d 9,425.84 m iles o f d istrib u tio n lines; 792.69 m iles of gas
m ains. P o p u la tio n served w ith electric pow er a n d lig h t a pprox. 2,703,905;
w ith gas, a pprox. 1,660,000; w ith telephone service, 6,500,000.
1925.15,309,372 7,242,061 409$692 1,063,957 2,155,363 x 3 ,8 ls,0 8 7 584$346
Statistics o f Combined Companies fo r Calendar Years.
1924-14,357,901 6,924,316 339,686 1,088,950 2,155,214 3,240,638 779,200
1922.
1924.
1923.
1925.
1923-13,458,064 6,886,723 396,270 1,117,166 2,155,226 3,350,368 660,233
414.53
M iles of tra c k _________
424.81
419.79
416.83
1922.12,910,707 6,601,739 189,053 1,087,007 2,155,263 2,900,000 648,522
M iles r u n ______________ 46,484,275 46,120,480 46,197,145 44,618,420
x In cl. $380,576 a m o rt, o f disc, a n d provision for sinking fu n d , &c.
P assengers c arrie d _____ 526,240,551 498,242,281 479,527,034 454,486,999
Latest E arnings (of H a v an a Elec. R y ., L t. & P r. C o.) for 6 m os. end. K .w . h o u rs sold________ 479,540,843 483,240,843 468,211,051 426,918,516
Ju n e 30;
152,580
T o ta l consum ers lt. & p r.
185,853
175,397
164,188
1926.
1925.
G as sold (cu. m e te rs )_ 71,019,515
_
65,043,651 59,457,174 57,143,781
G ro ss____________________________________________ $7,651,792 $7,585,665 G as consum ers_________
36,965
44,136
40,328
37,824
N e t a fte r tax es, in clu d in g o th e r in co m e__________ 3,957,830
3,908,6 ,1 N o . of telephones in o p 71,514
81,752
77,977
74,359
Fix ed c h arg es___________________________________
527,862
538,034
M aturity.
Interest. O utstanding.
STO CK AN D N O T E S.
Date.
B alan ce, s u rp lu s_________________________________ 3,429,968
3,370,647
See te x t.
O rdinary $110,000,000_______ _____
Q-M $106,587,900
6 Q -J
10,000,000 O ct '26. 1 14
O F F IC E R S .— C h airm a n , S. Z. M itch ell; P re s ., F ra n k S te in h a rt; V .-P s., P f 6% cum $10,000,000 ( $ 1 0 0 ) ____
H e n ry W . C a tlin , C . E . G roesbeck, E . W . H ill, S. R . In c h , N . Y . C .;
Stock.— T h e pref. stock is convertible in to com . stck a t a n y tim e on basis
A ntonio San M ig u el a n d D ionisco V elasco, H a v a n a , C u b a; Sec. & T re a s., of 1 1-5 shares pref. sto ck for 1 share of com m on. V . 96, p . 1421. P ref.
H . K raem er, N . Y . ag en cy , 14 W all S t.— V. 121, p . 1461, 1455, 1908, 2520, stock listed on L ondon a n d T o ro n to sto ck exchanges. C om m on stock
3003, 3130; V. 122, p . 748, 2040, 2328 , 2798, 3081, 3338; V. 123, p . 83, listed on T o ro n to , M o n tre al, B elfast, B russels an d L ondon stock exchanges.
581, 842, 1875.
V. 97, p . 363
D ividends.— 6% is being p a id on th e p re f. sto ck . F irst div . on com .—
HAVANA ELECTRIC RAILWAY CO.
1 ^ % — p aid N o v . 15 1912. In 1913 a n d 1914, 6 % . In 1915 an d 1916,
4 % . In 1917,
In
t. 1922 1% w
n a t sam ra te
Control.— H a v a n a E lec tric & U tilities C o. h a s a s u b sta n tia l in te re s t in p a id regularly q M arch , 1 % . to a S epincluding D ec.as p a id aInd 1926, Mearch ,
u a rte rly since
nd
1925.
th e com m on sto ck .
1 /4 % : Ju n e , 1 M %; S e p t., 1 H % : D e c., l f i % O R G A N IZ A T IO N .— In c o rp . in M ain e A ug. 11 1926 to acquire th e s tre e t
E A R N IN G S .— F o r calen d ar years:
railw ays th ereto fo re ow ned b y H a v a n a E lectric R y ., L ig h t & Pow er C o.,
Total In c .
Pref. D ivs.
Ordinary D ivs. B al.. Sur.
C am aguey E lec tric C o ., S. A ., an d by Santiago E lec tric Light& T rac tio n 1925— -$8,848,594 Charges.
$593,308
$600,000
$4,263,266 $3,392,020
C o. (C om pania E lec tric a d e A lu m b rad o y T raccio n d e Santiago) a n d all 1924___ 8,249,521
6 10,604
600,000
4 ,262,788 x 2,776,129
o f th e sto ck , except d ire c to rs’ q u alify in g shares, o f In su la r R ailw ay C o., 1923— 7,5 1 0 ,4 5 9
580,494
( 6 % )6 0 0 ,0 0 0
( 4 % ) 4 ,262,477
2,067,488
which owns an d o p erates a line fro m H a v a n a to a n d w ithin th e tow n of 1922— 7,8 7 2 ,9 6 1
1,0 2 0 ,9 9 3
(6 % )6 0 0 ,0 0 0
(2 % )2 ,1 3 1 .5 1 1
4.1 2 0 ,4 5 7
M arian ao .
1921— . 4 ,5 3 7 ,7 1 5 1 ,3 0 0 ,0 3 3
(6 % )6 0 0 ,0 0 0 ............................
2 ,6 3 7 ,6 8 2
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— 1920—
7 ,2 4 3 ,4 4 3 1 .2 4 8 .3 2 0 ( 6 % )6 0 0 .0 0 0 .........................
5 .3 9 5 .1 2 2
C o m p an y owns a n d o p erates th e s tre e t railw ay s in H a v a n a , C am aguey an d
x B efore tra n sfe r o f $3,000,000 to general reserve acco u n t.
Santiago, th e th re e m o st im p o rta n t cities o f C u b a, w ith a n a g g re g ate of
Combined Earnings o f Company and Subsidiaries for Calendar Years.
a b o u t 600,000 in h a b ita n ts. T h e sy stem includes a to ta l of a b o u t 128 m iles
1925.
1924.
1923.
1922.
o f railw ay (single tra c k m easu rem en t, v iz., 107.6 miles in H a v a n a an d G ross (incl. m isc. r e v .) -$31,281,820 $27,013,068 $24,272,396 $25,624,442
M arian a o , 8.6 m iles in C am ag u ey , 11.8 m iles in S an tiag o . C om pany owns N e t____________________ 17,527,506 16,719,773 15,419,964 16,417,251
ov er 640 passenger cars, to g e th e r w ith car b a rn s, re p a ir shops, &c. Fran­ Fixed chgs., d e p r’n a n d
chises ru n to 1958 or a f te r . C o m p an y is assured of a n am p le an d d ependable
sinking fu n d su b . c o s. x 9 ,199,067 x8,948,633 x8,702,023
8,994,354
su p p ly o f pow er th ro u g h fav o rab le long te rm c o n tra c ts w ith th e com panies
fu rn ish in g electric service to th e cities o f H a v a n a , C am aguey a n d S antiago.
B al. re v ., to B . T . L .
Passengers carried diming 1925, 136,000,000 (121,625,500 in H a v a n a a n d
& P . C o ., L t d _____$8,328,439
$7,771,140 $6,717,941 $7,422,897
M arian a o , 8,600,000 in Santiago a n d 5,500,000 in C am aguey.
In te re s t received, &c_
_
520,155
478,381
792,518
450,064
S T O C K A N D B O N D S—
D ate.
Interest. O utstanding. M atu rity.
G en. ex p ., in t. & a m o r t.
593,308
610,604
580,494
1,020,993
C om m on 326,500 shs (no p a r ) . ____
_______ 200,000 shs ---------------- N e t re v . B . T . L . & P .
6% cum p re f $5,000,000 ($ 1 0 0 ) ____
See te x t $5,000,000 ..................
C o ., L t d ____________
8,255,286
7,638,917
6,929,965
6,851,968
H a v a n a E l R y Co (predecessor ( 1902
5 g F -A
6,746,170 F eb 1 1952
x G eneral expenses w ere included in operatin g expenses a n d , th erefo re, no
com pany) cons first (closed) ( C en tra l T ru s t C o ., N ew Y o rk, tru s te e ,
longer a p p ea r u n d e r fixed charges, &c.
m tg e 5% gold ($1,000c*&r) (
ER
re s
s
25-year 5M % gold d eb en tu re s! 1926
5 M M -S
5,500,000 S ept 1 1951 R .O F F IC rowS .— Piller., L Sir A lexander M ackenzie; , V .-PR ., PE . R . W ood, .
C. B
n, M
ash, H . M alcolm H u b b a rd E . . eacock, A . W
($ l,0 0 0 c * )_____ - _______ tf /C e n tr a l U nion T r u s t C o. of N . Y ., tru ste e .
K . B illings, a n d H . H . C ouzens; Sec., J . M . S m ith, T o ro n to ; T re a s ., A . W .
"W arr a n ts to subscribe for co m .
A dam s. H ead office, 357 B ay S t., T o ro n to , C a n .— V. 116, p . 294; V. 117,
sto ck s h s _________________ _____ _______ 126,500 shs
__________
p . 81, 205: V. 119, p . 454, 691; V 121. p . 193, 1907; V . 122, p . 346; V.
Stock.— T h e subscription warrants a re tra n sfe ra b le a n d e n title holders to 123, p . 705.
su b scrib e in th e aggregate for 126,500 shares of com m on stock a t a n y tim e
(1) R IO DE JA N E IR O TR AM ., LT. & PO W ER C O ., L T D .
p rio r to S ept. 1 1951, a t $45 p er sh are, an d to ten d er th e 25-year 5 14%
O R G A N IZ A T IO N .— Inco rp o rated u n d e r th e law s o f C an a d a in Ju n e
d e b en tu re s in lieu of cash a t 103 M % o f th e ir p rin c ip a l a m o u n t w ith a d ju s t­
1904. P urchased th e Rio de Janeiro G as C o. a nd th re e s tre e t railw ay pro p ­
m e n t o f in te re st.
T h e preferred stock is p referred as to dividends cu m u lativ e from Sept. 1 erties (the V illa Isabel T ram w ay C o ., th e Sao C h ristovao T ram w a y C o. a n d
1926. D ividends are p ay ab le Q - M ., except th a t th e firs t dividend covering th e C arris U rbanos T ram w ay C o .). Owns or controls e n tire $5,000,000
six m o n th s is to be p ay ab le M arch 1 1927. I t also p referred as to assets c ap ital stock of th e B razilian T elephone C o ., form erly th e R io de Jan eiro Sc
u p to an a m o u n t of $100 a n d d ivs. R edeem able, w hole or p a rt, a t $110 and i Sao P aulo T elephone C o. (incorp. in C an a d a in 1914 to c a rry o u t th e p la n .




374

P U B L IC

U T IL IT IE S

delayed b y th e w a r, o f acq u irin g , consolidating an d developing th e telephone
enterp rises). T h e la tte r co. h a s an a u th . issue o f $12,500,000 6% 30-year
1st m tg e. gold bon d s ($7,500,000 h eld b y th e B razilian T rac tio n , L ig h t &
Pow er C o ., L td ., b alan ce in tre a s u r y ), a n d h a s acquired th e properties a nd
business o f th e In te ru rb a n T elephone C o. o f B razil, C o m p anhia de Tele­
phones In te re sta d o ae s, C o m p an h ia T elephonica do E sta d o de Sao P aulo,
C o m p an h ia R ede Telephonica B ra g an tin a a n d B razilianische E lec tric ita ts
G esellschaft. T h e T ram w a y , L ig h t & Pow er C o. also owns 2 w ater-pow er
p la n ts an d a n electric lig h t an d pow er p la n t. I n 1909 p u rch ased control of
th e F erro C arril do Ja rd im B otanico (V. 88, p . 883) an d consolidated it w ith
th e T ram w a y , L ig h t & Pow er C o. u n d e r an op eratin g c o n tra c t. H as also ac­
qu ired th e Jacarep ag u a tra m w a y lines (11 m iles). T h e gas a n d p u b lic electric
lig h tin g franchises expire. 1945, electric lig h tin g p riv a te , p e rp e tu a l; gas
fran ch ise being exclusive u n til 1945 a n d electric lig h t u n til 1945, w ith a
m onopoly for p u b lic lig h tin g u n til 1945. T elephone franchise in R io de
Jan e iro expires 1990 an d is exclusive u n til 1950; th e o th e r telephone fra n ­
chises a re p e rp e tu a l o r for long periods an d a re m ain ly exclusive. See
V. 83, p . 214. R io de Jan eiro T ram w a y concessions w ere extended in
1907 u n til 1970 a n d give exclusive privileges u n til 1940 in v e ry large area
of c ity . Franchises for d istrib u tio n o f electric energy for lighting an d
pow er service w ere also ex ten d ed to 1990. Concession to develop pow er
is p e rp e tu a l. B o th stocks a n d b o n d s a re listed on th e L o ndon, B russels
a n d T o ro n to sto ck exchanges. V. 93, p . 528; Y. 86, p . 1044; V. 88, p . 507.
In A pril 1909, second m o rtg ag e b o n d s w ere listed on th e L ondon Stock
Exchange. Y. 88, p . 883. See d escription of p ro p e rty in V. 87, p . 97.
On D ec. 8 1911 stockholders v o te d to increase a u th . sto ck fro m $40,000,000
to $50,000,000, o f w hich $5,000,000 w as offered to stockholders— one new
for eig h t old (V. 93, p . 1669, 1463).
Date. Interest.
Outstanding. M aturity.
ST O C K A N D B O N D S —
Q -F
$45,000,000 6N o v .’17,14/
Stock $50,000,000 ($100)____ ____
F irst m o rtg ag e $25,000,000 1905
5 g J-J
25,000,000 J a n 1 1935
($100, $500 a n d $1,000) I n t. p a y ab le in T o ro n to , N . Y . an d London.
N a tio n a l T ru st C o., L t d ., T o ro n to ,tru stee.
g o ld --------------------------------Second m ortgages bonds (£5,- 1908
5 A-O
23,288,496 A pril 1958
266,000) (£100 a n d fr . 500) N a tio n a l T r u s t C o ., L td ., T o ro n to , tru ste e .
I n t. a t C an . B ank o f C o m ., L ondon, a nd
in T o ro n to , C an a d a , P a ris a nd Brussels.
1911
5 J-J
£1,400,000 J u ly 1 1951
Jard im B otanico T ram w ay N a t. T r u s t C o ., L td ., T o ro n to , C a n .,tru ste e .
I n t. a t offices of C an. B an k of C om m erce
first m o rtg ag e £1,400,000
in L o n d o n , N ew Y ork a n d T o ro n to .
(£ 1 0 0 )__________________ c
b Less B ritish incom e ta x .
Bonds.— A sinking fu n d on 1st M . o f 1% p e r a n n . o f bon d s o u t began in
1910.
T h e 2d M . d eb s, are su b je c t to call on 3 m o s.’ notice as a w hole or any
p a rt a t 105; also s u b jec t to sinking fu n d draw ings, w hich began th e y ear
ending A pril 1 1918; £480,693 re tired by sinking fund.
J a rd im B otanico 1st M . bon d s are re d . a t 1024$ a n d in t. on 3 m o s.’ no­
tice. Sinking fu n d began in 1912. B onds a re listed on L ondon Stock
E xchange. V. 93, p . 1786. R io d e Jan e iro T ra m ., L ig h t & Pow er C o .,
L td ., u n d e rta k e s to p u t aside sem i-an n u ally a sum su fficient to m eet in t.
a n d sinking fu n d on Ja rd im B otanico bonds; V. 93, p . 528.
D ividends.— F irst d iv ., 1 % , p a id N o v . 1909; in 1910, 4 4 $ % . In 1911
a n d to a n d including N o v . 1917, 5% p e r a n n u m . N o n e since.
E A R N IN G S .— E arn in g s a re now included in th e B razilian T rac tio n ,
L ig h t & P o w er C o. s ta te m e n t.
O F F IC E R S .— P res., Sir A lexander M ackenzie; V .-P s ., E . R . W ood,
M iller L ash , R . C . B row n, H . M alcolm H u b b a rd , R . M . H orne-P ayne,
A. W . K . B illings a n d H . H . Couzens; Sec., J . M . Sm ith ; T re a s., A . W .
A dam s; G en. M g r., C . A. Sylvester. M ain office. 357 B a y S t., T o ro n to .—
Y. 94, p . 1247, 1764; V. 96. p . 1298.
(2) TH E SAO PA U LO T R A M ., L IG H T & POW ER C O ., L TD .
O R G A N IZ A T IO N .— Incorp- in th e P rovince of O n ta rio , C a n a d a , in

[V ol. 123.

C o. is expanding its p la n ts to a to ta l c a p a c ity of 400,000 k .w . Owns
6,600 miles of d istrib u tio n lines. C u rre n t is supplied for dom estic use as
w ell as for th e local s tre e t an d u n d erg ro u n d ra ilro ad a n d for num erous
in d u s tria l p la n ts in th e c ity a nd v ic in ity . Sales in 1924 over 462,000,000
k .w .h ., fo r 1925 over 662,000,000 k .w .h . 358,669 custom ers a t th e close
of 1925.
T h e G as C o. (see above) supplies gas for dom estic a n d in d u stria l use,
an d owns p la n ts of over 64,000,000 cu. f t. d aily c ap a c ity . Sales in 1924
a b o u t 11,200,000,000 cu. f t., a nd in 1925 a b o u t 13,800,000,000 cu. ft.
Rates.— T h e C ity of B erlin (w hich ow ns all th e sto ck o f b o th com panies)
h a s agreed to ra te s for b o th services sufficient to cover o p e ra tin g expenses,
re n ta l (8% of gross), depreciation, in te re st a n d a m o rtiz a tio n of loans, and
to p rovide w orking c ap ital.
N O T E S SO LD IN U . S. A .
N O TES—
Date. Interest. O utstanding .M a tu rity .
B erlin C ity E lectric C o. 6 4 $ % / 1926
64$ F -A
$3,000,000
1928-1929
notes $3,000,000 ($1,0 0 0 )c * \ln t. in U .S . gold a t H a llg a rte n & C o ., N ..Y .C .
$1,000,000 of th e above no tes, d a te d F eb . 1 1926, is due F e b . 1 1928, a nd
$2,000,000 F eb . 1 1929. C all., all or p a rt, on 6 m o n th s' notice, a t p a r and
in t., w ith a prem ium of 4$ % for each unexpired y e ar or frac tio n thereof.
P rincipal a nd in t. p ayable free from all p re sen t o r fu tu re G erm an taxes.
U nconditionally guaranteed as to p a y m e n t of p rin cip al an d in te re st by
endorsem ent b y Berlin City Gas Co. (B erliner S taed tisch e G asw erke A .-G .).
In F eb . 1926 H a llg a rte n & C o ., &c., &c., offered $3,000,000 64$ % n otes a t
99 an d in t., to yield over 7% for th e 1928 m a tu rity an d a t 984$ a n d in t.
to yield over 7% for th e 1929 m a tu rity . V . 122, p . 881, 1760.
Funded D ebt.— T h e gas co. has no fu n d e d d e b t, b u t th e electric co. In
1925 secured a loan in E u ro p e of 30.000,000 Swiss fran cs (about $6,000,000)
due in 1940, th e proceeds of the E u ro p ean loan an d of th is loan being used
only in th e c onstruction of ad d itio n a l generating c ap a c ity . T h e E u ropean
loan is th e obligation of th e electric co. a n d n o t secured b y m ortgage.
Taxes.—-The electric co. h a s agreed th a t if d u rin g th e life of th is loan lt
shall pledge a n y of its revenues as security for a n y o th e r lo a n , th ese n otes
shall be equally a nd ra ta b ly secured th e re u n d e r.
Dawes P lan.— N e ith e r of th e com panies is d ire c tly liable for p a y m e n t
u n d e r th e D aw es p la n , b u t each shares w ith th e o th e r d e p artm e n ts of th e
C ity of B erlin in th e legal obligations for th e execution of th e p la n . T h is
obligation for th e en tire c ity for th e y e a r ending in S ept. 1926 a m ounted
to $475,000 an d increases to a m axim um a n n u al p a y m e n t in 1928 of $1,150,000. T his to ta l is, how ever, divided am ong som e 75 d e p a rtm e n ts, incl.
such incom e producing a ctivities as w aterw orks, tra m w a y s , subw ays, h a rb o r
w orks, w arehouses, m a rk e ts ., &c., in a p ro p o rtio n n o t y e t d eterm in ed .—
See also V. 122, p . 746, 881, 1760.

C O N SO L ID AT E D H Y D R O -E L E C T R IC W O R K S OF
U P P E R W U ER T TE M B ER G .
(B ezir k sverb a n d O b e r s c h w a b i s c h e E le c tr iz it a e ts w e r k e .)

O R G A N IZ A T IO N .— C om pany Is a public corporation organized by
certain counties of W u erttem b erg for th e purpose of furnishing th e te rrito ry
of such counties w ith a n a d eq u a te supply of electric c u rre n t. V. 122, p . 747.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. is one of th e la rg e st hydro-electric enterprises in G erm any, serving a
te rrito ry of over 2,500 square m iles an d a popu latio n of approxim ately
500,000. C om m unities served 700, custom ers a b o u t 55,000. T h e te rrito ry
served com prises a b o u t one-third of W u ertte m b erg . C o. ow ns an d operates
2 large hydro-electric p la n ts, a steam p la n t an d several sm aller pow er
p lants; during 1924 over 82% of th e electrical o u tp u t w as g e n erated by
hydro-electric p la n ts. V . 122, p . 747.
Franchises .— C o. has th e sole rig h t in th e com m unities w hich i t serves, to
d istrib u te and sell, w ith o u t com petition, electric pow er; it also has rig h t
to fix ra te s th a t in su re successful operatio n . V . 122, p . 747.
B O ND S—
Date.
Interest.
Outstanding. M aturity.
1899.
1st m tg e 30-yr sink fu n d go ld / 1926
7 g J-J
$4,000,000 J a n 15 1956
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
$5,000,000 ($1,000, 500 c*)\A m erican T r u s t C o., N . Y . O ., tru ste e .
Owns a n extensive sy stem o f electric ro a d s a n d electric lig h tin g and pow er
Bonds.— T h e 1st mtge. 30-yr. sink, fu n d gold bonds, dated J a n . 15 1926
business in Sao P a u lo , B razil. C o m p an y h a s secured a concession for dis­ a re secured b y a 1st m tg e. on all of th e c o .’s hydro-electric p la n ts, including
trib u tio n of lig h t a n d pow er in m u n ic ip a lity of Sao B ern ard o , S a n ta A m aro th e p la n ts to be b u ilt, a nd also certa in o th e r add itio n al p roperties
a n d o th e r neighboring m u nicipalities.
In ad d itio n , 15 (counties in W u erttem b erg (for nam es, see V . 122, p .
747), are jo in tly a n d severally liable for th e p a y m e n t of principal and in te re st
ST O C K A N D B O N D S—
Date.
Interest. Outstanding. M aturity.
Stock $10,000,000 ($100)____________
Q-F $10,000,000 6Nov.’17,2 4$ of th is lo a n . B onds co n stitu te a p rim ary obligation of those c o u n tie s, pay ab le
d e tu a l
M -S 2
3,999,996 P e rp irectly from ta x a tio n in th e e v en t th a t revenues of th e c o . should ever be in a d ­
P e rp e tu a l consol d e b e n t u r e / ____
e q u ate. 14 of th e above counties h a d no o th e r fu n d e d d e b t a t th e beginning of
sto ck issued F eb 1911______ (In te re s t p ay ab le in L ondon a n d T oronto.
F irst m o rtg ag e $6,000,000 / 1900
5 g J-D
$6,000,000 J u n e 1 '29 1926. Co. covenants t h a t as long as any of these bonds a re o u tsta n d in g , it will
n o t in itia te or p e rm it ra te s w hich w ould be insufficient to produce an n u a l net
gold ($500)____________ c * (N a tio n a l T ru st C o ., L td ., T o ro n to , tru ste e .
earnings equal to a t le a st 14$ tim es in te re st a n d sinking fu n d on all of its
b Less B ritish incom e tax .
Stock.— P e rp e tu a l d eb en tu re sto ck is redeem able a t 105 on 6 m o n th s, o u tsta n d in g fu n d e d d e b t. R ed. all or p a r t, except for sinking fu n d on 30
n otice. T ru ste e s a re B ritish E m p ire T ru s t C o ., L td ., L ondon, a nd N a ­ d a y s ’ notice, on an y in te re st d a te beginning J a n . 15 1931 as follows; a t
tio n al T r u s t C o ., L td ., T o ro n to . Stock is listed on L ondon Stock E xchange. 102 on or a fte r J a n . 15 1931; a t 101 on or a fte r J a n . 15 1936; a t 100 on or
a fte r J a n . 15 1941. P rin cip al & in te re st p a y ab le a t W . A. H a rrim a n & C o.,
V. 94, p , 1250.
Bonds.— In te re s t is p a y ab le a t t h n C an a d ia n B an k of C om m erce in Lon­ In c ., N . Y . C ., in U . S. gold w ith o u t d eduction for an y p a st, p re sen t or
d o n , E n g ., a n d N a tio n a l T ru s t C o ., L td ., T o ro n to , O nt. N o sinking fund, fu tu re taxes levied b y or w ithin th e G erm an R eich. In F eb. 1926 W . A.
a n d bonds are n o t su b jec t to call. L isted on London a n d T oro n to Stock H a rrim a n & C o., In c . offered a t 93 a n d in t., to yield 7.60% $4,000,000 of
these bonds. B . 122, p . 609, 747.
E xchange. V .8 1 , p . 614.
E A R N IN G S .— H ave never show n a deficit. All earnings a re regularly
D ividends.— In 1902, 3 % % \in 1903, 5 4 /% ; in 1904, 74$% : in 1905, 8 % ;
in 1906, 8 % ; in 1907, 844% ; in 1908, 944% ; in 1909 to 1911 in c l., 10% ; in rein v ested in th e p ro p e rty , com pany being a public enterprise, n o t d is­
1912, J a n ., 24$% ; A pril, 24$% ; J u ly , 24$% ; O c t., p a id 5-6% for m o n th trib u tin g dividends. E arn in g s for calendar years:
1925,
1924.
of J u ly 1912, in accordance w ith p la n of am alg am atio n ; N o v ., 24$% .
In 1913 a n d since to a n d including N o v . 1917, 10% p e r a n n u m . N one G ross operating rev en u e_________________________ $1,345,710 $1,121,078
O perating expenses & m a in te n an c e _______________
555,720
555,720
since.
E A R N IN G S .— In clu d ed in th e B razilian T rac tio n s ta te m e n t.
N e t before depreciation & in te re s t_____________
$789,990
$703,638
O F F IC E R S .— P re s ., Sir A lexander M ackenzie; V .-P s., E . R . W ood,
O F F IC
of
e c
affairs
of 82
M iller L a sh , R . C . B row n, A . W . K . B illings a n d H . H . Couzens; Sec., m em bers EaR S .-—C o n tro lof Athm in o .’s tio n of re stsmin a n A ssem bly bodies
n d a B o ard
d
istra
36
em bers. B o th
J . M . S m ith, b o th of T o ro n to ; T re a s., A . W . A dam s; G en. M g r., D r. E .
consist of re p re s e n ta tiv e citizens fro m th e counties in te re sted . P re s .,
de Souza.— V . 94, p . 1764; V. 95, p . 681; V . 112, p . 746; V. 115, p . 1839.
B aro n von Stauffenberg. Offices: B iberbach A . D . R iss, W u erttem b erg .
(S) SAO PA ULO ELECTRIC C O ., L TD .
G erm an y .— V. 122, p . 609, 747; V. 123, p . 1761.
O R G A N IZ A T IO N , &c.— In c o rp . in 1908. H as acquired w a ter pow ers
an d fran ch ises for th e u tiliz a tio n a n d sale o f electric pow er th ro u g h th e S tate
E LEC TR IC POW ER CORP.
of Sao P a u lo .
(E lek tro w erk e A k t ie n g e s e lls c h a f t . )
S T O C K A N D B O N D S—
Date. Interest. Outstanding. M aturity.
Stock $ 1 0 ,0 0 0 ,0 0 0 -________________
_______
$5,000,000 ---------------Controlled b y U n ite d In d u s tria l C orp. (“ V iag” ), w hich ow ns th e entlr®
F irst m tg e £2,000,000 (£ 5 0 0 ,/ 1912 5 J - J
9,733,333 J a n 1 1962 c ap ital stock. T h e entire stock of Yiag is ow ned b y th e German Government£100, £ 2 0 )_______________ (N a tio n a l T r u s t C o ., L td ., o f T o ro n to .tru stee
O R G A N IZ A T IO N .— T h rough th e m erger of various com panies in 1921.
Bonds.— R edeem , b y a sinking fu n d since 1922 in annual draw ings a t p a r, corp. a tta in e d m a jo r im portance a n d now supplies electric pow er w ith in a
or m ay be redeem ed a t 103 a t a n y tim e on six m o n th s’ n otice, or a t p a r on te rrito ry hav in g a popu latio n of over 16.000,000.
v o lu n ta ry liq u id a tio n o r am alg am atio n w ith a n o th e r co m pany. T h e B ra­
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
zilian T ra c ., L . & P . C o. agrees to set aside s.-a. o u t of th e gross earnings o f C orp. supplies pow er entirely a t w holesale, over 60% of its o u tp u t being
th e Sao P a u lo E lec. C o. a su m suffiicent to m eet th e in t. an d sinking fu n d , sold to d istrib u tin g system s serving th e P rovince of B ran d en b u rg , incl. th e
an d in case th e earnings sho u ld be in sufficient, to m eet th e sam e from its own C ity of B erlin, th e Province of Saxony, th e F ree S ta te of A n h a lt a n d th e
revenues. In te re s t p a y ab le in L ondon, N ew Y o rk , T o ro n to, a t C an ad ian F ree S ta te of Saxony. In th is m an n er corp. supplies a b o u t 75% of th e cu r­
B ank o f C om m erce o r its agencies. L isted on London Stock E xchange. re n t consum ed b y th e C ity of B erlin.
Y. 95. p . 1043; V. 96, p . 65.
C o rp .’s p ro p e rties include 3 large m odern pow er p la n ts w ith a to ta l
in sta lled c a p a c ity of 312,000 k .w ., a n d a p p ro x . 628 m iles o f 110,000-volt
O F F IC E R S .— Same as th e Sao P a u lo T ra m ., L t. & P o w . C o., L td .
transm ission lines. These lines, w ith connecting 110,000-volt lines owned
b y various d istrib u tin g com panies served, form a to ta l inter-connected
110,000-volt system of over 1,200 m iles of lines. I ts 3 large steam p la n ts
are a d ja c e n t to extensive lignite coal fields ow ned b y i t a n d e stim ate d to be
sufficient to furnish its entire fuel supply for m ore th a n 50 y e ars. 70,000
k .w . ad d itio n a l c ap a c ity are being in sta lled a n d w ere expected to be com­
pleted early in 1926. C o rp .’s transm ission lines a re also being extended
in to th e P rovince of Silesia. V . 120, p . 1457; V . 121, p . 1568.
Relation to Dawes Plan.— C o. b y reason of G o v t, ow nership (through Viag)
of all of its c ap ital stock, is now ,exem pt from th e op e ra tio n of th e so-called
D aw es P la n . T h e G erm an G o v t., how ever, in o rder to equalize th e re p a ra ­
B ER LIN C IT Y ELECTRIC CO.
tions b u rd e n , requires th e com pany to m a k e c erta in a n n u a l p ay m en ts,
e stim ate d as n o t exceeding $150,000, w hich a re unsecured an d correspond
(B erliner S t a e d t i s c h e E le k tr iz it a e ts w e r k e A .G.)
to th e a n al charges for in te re t a n d a
O R G A N IZ A T IO N . — B erliner S taed tisch e E lectrizitaetsw erke A .-G ., in da m o u n td ebentures n uhich w ould be im poseds u pon itsm o rtiz a tio nif of D awes
u stria
w
roperties privately
a n d B erliner Staedtische G asw erke A .-G ., w hich la tte r com pany gu a ra n te es in ned. lV. 120, p . 1457.
u nder-m entioned n ote issue of B erliner S taed tisch e E letrizitaetsw erke A .-G ., ow
STO CK A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
were organized by th e C ity of B erlin, G erm an y , in 1923, for th e purpose of
________ x$14,285,714 ---------------sep arately o p eratin g th e electrical a n d gas w orks form erly o p erated b y th e C om m on $14,285,714______________
64$ g M -S 7,500,000 M ar 1 1950
c ity , all th e stock of b o th com panies being ow ned by th e C ity of B erlin. 1st M sinking fu n d gold $ 2 5 ,-f 1925
000,000 64$% series due D eutsche T re u h a n d G esellschaft, B erlin,
T h e first in sta llatio n of electrical w orks w as m ad e in 1884, a nd of gas w orks
1950 ($1,000, $500 c * )____I G erm any, tru ste e ; H a rris T ru s t & Savs.
In 1825.
. ( B an k , C hicago, 111., co-trustee.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
x All
l C
(V
B erlin h as a p o p u latio n o f ap p ro x . 4,000,000. T h e electric com pany n rin g e n owmed b y U n ite d In d u striaiag”orp. See ereinigte In d u strie u n te rn e h A ktiengesellschaft, or “ V
).
above.
supplies a b o u t 80% a n d th e gas co m p an y (B erliner S taedtische G asw erke,
Bonds.— T h e 1st M . s. f . gold bonds dated M arch 1 1925 are secured b y a
A .-G . see above) a b o u t 75% o f th e to ta l co nsum ption of th e c ity in th e ir
dire c t 1st m tge. on all th e fixed properties of th e co., incl. those afterresp ectiv e fields. T h e electric co m p an y o p erates p la n ts o f over 205,000
k .w . cap a c ity an d also purchases a s u b sta n tia l a m o u n t of a d d itional c u rre n t. a< quired. In additio n these bonds are g u a ra n te ed as to principal, interest




GERMANY

O ct., 1926.]

a n d sinking fu n d b y "V iag ” (see ab o v e). A dditional bonds or th is or
o th e r series of such ten o r as corp. m a y determ ine m a y be issued (a) $2,500,000 (or eq u iv alen t in o th e r currency) ag ain st th e m o rtg ag ed p ro p e rty as it
existed on M arch 1 1925; (6) $15,000,000 (or eq u iv a len t in o th er currency)
for 50% o f cost o f new c o n stru ctio n , & c., pro v id ed n e t earnings for 12
o u t o f 15 preceding m o n th s hav e been a t le a st 3 tim es a n n u a l in te re st
req u irem en ts on all bonds o u tsta n d in g , incl. those to be issued. A sinking
fu n d beginning A pril 1 1930 re tires each year 2V£ % of th e to ta l a m o u n t of
bon d s of Series d u e 1950, w hich hav e been issued. B onds acquired by
th e sinking fu n d will be cancelled. C all., whole or p a rt, on 60 d a y s’ notice
a t 100 a n d in t. P rin cip al a n d in t. p ay ab le a t c o -tru stee’s office in C hicago,
111., in U . S. gold coin. L isted on N . Y . Stock E xchange. In M arch
1925 H arris, Forbes & C o ., Lee, H igginson < C o. a n d B row n B ros. & C o.
fc
sold $5,000,000 614% series d u e 1950 a t 87 and in t., to yield over 7.67% .
In Sept. 1925 th e sam e b ankers offered $2,500,000 ad d itio n al bonds of the
sam e series a t 87 an d in t., to yield over 7.6 8 % . V . 120, p . 1326, 1457;
V. 121, p. 1568; V. 122, p . 1168.
E A R N IN G S .— N e t earnings a fte r c u rre n t m ain ten an ce, expenditures
and taxes, b u t before d epreciation for 12 m o n th s ended Ju n e 30 1925 were
s ta te d to h av e been $3,525,046.
E L E C T R IC A L O U T P U T .— In 12 m onths ended Ju n e 30 1925: 1,510,280.000 k . w . h.; in calendar y ear 1924, 1,410,210,000 k . w. h.; in 1923,
1.293.097.000 k. w. h.; in 1922, 1,311,774,000 k . w. h .; in 1921, 1,019,505,000 k . w. h .; in 1920, 769,793,000 k. w. h.
O F F IC E R S .— M anaging D irecto rs (“ V o rstan d ” ): H erm an n Jahncke,
Erich B lock, D r. Georg Bolzani, A lfons P eucker, D r. G eorg R otzoll, O skar
A rlt. Offices, B erlin, G erm an y .— V. 120, p. 1326, 1457; V. 121, p . 1568;
V. 122, p . 1168.

HAM BURG ELECTRIC CO.
(H a m b u r g is c h e E le c tr iz ita e ts-W e r k e , A k t ie n g e s e ll­
schaft)
Controlled b y th e F ree S ta te of H a m b u rg , which holds a b o u t 27% of th e
com m on sto ck a n d also one p re f. sh are w ith special votin g pow ers, giving
th e F ree S ta te th e m a jo rity o f v o tes in a n y m eeting o f stockholders.
O R G A N IZ A T IO N .— Fou n d ed in 1894 as a sto ck co m p an y w ith a c ap ita l
of 6,000,000 m a rk s. In 1915 th e F ree S ta te o f H am b u rg b ecam e a stock­
ho ld er in th e co m p an y a n d furnished c ap ital e q u al to th a t a lre a d y o u t­
stan d in g , or 22,000,000 m ark s. Business is th e p ro d u ctio n and d istrib u tio n
o f electric energy for lig h t a n d pow er in th e Free S ta te of H am b u rg , includ­
ing th e C ity o f H am b u rg , w hich h as a p o p u latio n o f 1,075,000. Co. also
has th e rig h t to d is trib u te lig h t an d pow er outside th e lim its o f th e Free
S ta te o f H am b u rg a n d c u rre n t is th u s sold in larg e am o u n ts. In ad d itio n
co. h a s exclusive rig h t to fu rn ish pow er to th e s tre e t railw ays in H am burg
u n d e r fav o rab le c o n tra c ts.
C o. ow ns an d o p erates a larg e g en eratin g p la n t in T iefstack w ith a cap acity
of 87,000 k . w ., or 118,207 h . p ., an d 3 sm aller gen eratin g statio n s. T he
to ta l p re sen t in stalled c a p a c ity am o u n ts to 100,800 k. w ., o r 136,957 h . p.
In ad d itio n to these in sta llatio n s, co. is building a new pow er sta tio n in
N eu h o f of a c ap a c ity of a b o u t 150,000 k w. I t is expected t h a t th is p la n t
will com e in to p a rtia l o p eratio n in th e sp rin g o f 1926. U pon its fin al com
pletion co. will h av e a to ta l in stalled c ap a c ity o f a b o u t 232,350 k . w ., oi
abc,ut310,000 h . p . Owns a n d op erates 6 tran sfo rm in g statio n s a n d 24 sub
statio n s. 1,185 m iles of u n d erg ro u n d cable line, containing 2,555 m iles
o f se p a ra te cable, an d 329 miles o f overhead line. M eters in stalled increased
from 133,750 on J u n e 30 1924 to 173,605 on J u n e 30 1925. C om pany
holds a 50% in te re st in Fernheizw erk H am b u rg G M B H (H am burg
Steam H e atin g C o .), a n d also in Strom versorgung W ilhelm sburg G M B H
(W ilhelm sburg Pow er C o .).
Relationship to Dawes Plan.— C o .’s obligations u n d e r th e D aw es p lan to ta '
$1,963,195. O ne-half of th is a m o u n t is in th e form of a negotiable obliga­
tio n w hich can be sold ab ro a d , w hile o n e-h alf is non-negotiable a nd has been
deposited w ith th e B an k for D eu tsch e In d u strie-O b lig atio n en , in B erlin.
T h e in te re st charges on this d e b t a re as follows: F o r th e y e ar ending A ug. 31
1926, $49,160; for th e y ear ending A ug. 31 1927, $98,275; for each year
th e re a fte r, $117,792. C o. h a s a c o n tin g en t liab ility on acco u n t of the
purchase of th e N eu h o f p ro p e rty , a g ain st which th e re is a D aw es lien in th e
m axim um a m o u n t of $21,500, w hich th e vendors h av e agreed to p a y when
due. V. 121, p . 2272.
ST O C K A N D B O N D S—- Date.
Interest. O utstanding. M atu rity
C om m on (100 gold m ks p a r )
____
_________ $15,708,000 _________
Preferred (v o tin g )___________ _____
_________
x2,031 _________
10-yr skg fu n d ext. gold d e b en tJ 1925
7 g M -N
4,000,000 N ov 1 1935
($1,000, $500 c * )_________ (N ew Y ork T r u s t C o ., tru ste e .
x All ow ned b y th e F ree S ta te of H am b u rg . See u n d e r “ C o n tro l.” above.
Bonds.— T h e 10-yr. s. / . external gold debentures dated N ov. 1 1925 a re th e
co .’s only o u tsta n d in g fu n d e d d e b t w ith th e exception o f $81,395 deben­
tu re s a n d m ortgages, for which reserves hav e been set u p , a n d th e obliga­
tions (to talin g $1,963,195) u n d er th e D aw es P la n . See above. As long
as a n y of these d eb en tu res are o u tsta n d in g , co. will n o t (a) m ortgage or
pledge a n y of its p ro p erties except for th e obligations u n d e r th e D aw es P la n ,
unless these d eb en tu res a re given p rio rity as to security; (6) issue a n y a d d i­
tional deb en tu res or o th er funded obligations (1) unless n e t earnings for 12
consecutive in 15 preceding m o n th s hav e exceeded 3 l tim es a nnual in t. on
A
all obligations o u tstan d in g , incl. th o se to be issued; (2) which will cause its
Indebtedness to exceed 60% of th e d ep reciated v alu e o f its p la n ts , or cause
Its fu n d ed indebtedness to exceed th e p a r a m o u n t of its share c a p ita l. B e­
ginning N ov. 1 1926, a sinking fu n d will re tire sem i-annually $100,000 of
this issue eith er b y delivery to th e fiscal ag en t or by red em p tion b y lo t a t
100. R e d ., whole b u t n o t p a r t, on 60 d a y s ’ notice, on N ov. 1 1930 or any
In terest d a te th e re a fte r a t 103 an d in t. P rin cip al, in terest a n d sinking fu n d
pay ab le a t In te rn a tio n a l A cceptance B an k , In c ., in U. S. gold, w ithout
ded u ctio n for a n y p a st, p re sen t or fu tu re taxes or d u ties levied b y or w ithin
th e G erm an Reich or th e F ree S ta te of H am b u rg . In N ov. 1925 M arshall
Field, G lore, W ard & C o. a n d B ly th , W itte r & C o. offered $4,000,000 a t
95>4 an d in t., to yield over 7 .6 5 % . Y. 121, p 2272
E A R N IN G S .— F o r y e ar ended J u n e 30 1925: G ross, $7,583,802; oper.
ex p ., incl. H am b u rg S ta te ro y a lty , $3,599,145; n e t p ro fit, $3,984,657;
Dawes lien charges, $117,792; in te re s t, $280,000; d ep reciatio n, $999,600;
balance for incom e ta x , divs. and Ham burg State participation, $ 2 ,5 8 7 ,2 6 5 .
T o tal sales of electricity in k . w . h . (years ended Ju n e 30): 1923, 145,348 ,231 k . w . h .; 1924, 137,645,284 k . w. h .; 1925, 194,662,653 k. w . h.
O F F IC E R S .— P res. B o ard of D irectors, M ax Schram m ; M anaging
D irecto r, A lb ert B a n n w a rth .— V . 121, p . 2272.

LEIPZIG OVERLAND POWER COMPANIE S.
(L a n d k ra ftw erk e L eip zig A k t i e n g e s e lls c h a f t in K u lk ­
w i t z a n d E nergie A k t ie n g e s e lls c h a f t Leipzig.)
L EIPZIG OVERLAND ELECTRIC POW ER CO. (L an d k raftw erk e
L eip zig A k tie n g e s e llsc h a ft in K u lk w itz .)
Control.— Over 73% of co .'s cap ital sto ck is ow ned d ire c tly or in d irectly
b y F ree S ta te of Saxony a n d by th e vario u s m u n icip alities served.
Organization & .— In co rp . in 1923 o com bine u n d e r one m anagem ent
th e o p e ra tio n of sev eral electric lig h t and pow er com panies and gas com pan­
ies. C o rp . ope ates various p ro p erties, including 9 gas p la n ts and also elec­
tric a n d gas d istrib u tio n system s w hich it leases u n d e r ad v an tag eo u s con­
tra c ts ; in a d d itio n it furnishes m an ag em en t to o th e r u tility com panies. F o r
th e y e a r ended Ju n e 30 1926 ap p ro x im ately 72% o f corp. s gross operating
rev en u e w as derived fro m electric lig h t and pow re an d 28% from gas.
C o. also ow ns 671 m iles of high a n d m edium tension transm ission lines
a n d 610 m iles o f low tension lines. A p o rtio n o f th is system form s a ring
tran sm issio n line a ro u n d th e city of Leipzig. C o. h as 8 su b statio n s a n d 324
tra n sfo rm e r statio n s w ith a to ta l tran sfo rm er c ap a c ity of 48,270 k .v .a .
C o. o b ta in s its en tire fuel supply from a n electrically o p erated lignite coal
m ine s itu a te d im m ediately a d ja ce n t to its pow er p la n t, th e coal being tra n s ­
ferred d ire c tly to th e boilers by continuous conveyors. T h e m ine is oper­
a te d by th e c o .’s w holly-ow ned su b sid iary , Leipziger B raunkohlenw erke
A ktiengesellschaft in K ulkw itz. T h e p ro p erties w hich th e coal co. owns
in fee or to w hich i t has m ining rig h ts a re estim ated to be sufficient a t th e
p re se n t r a te o f p ro d u ctio n for m ore th a n 60 y ears. V . 123, p . 1503.
Sales o f Electric Current in K .W .H ., Years Ended June 30.
1 9 1 7 .. ............27.355.000 1921-.............-35,890,000 1925 ________61,586,000
1918- ............32,183,000 1922 ______ 49,278,000 1926 ________64,892,000
.
191 9 - ______29,518,000 1923 ______ 56,789,000
.
192 0 - ______33,108,000 1924 ______ 54,735,000
.




375

P O W E R , L IG H T A N D R A IL W A Y

L EIPZ IG PU B L IC SE R V IC E C O R P. (E n ergie A k tie n g e s e llsc h a ft,
L eip zig .)
Control.— 74% of c o rp .’s c ap ita l sto ck is ow ned d irectly or in d irectly by
th e vario u s m unicipalities served.
Organization, &c.-—In c o rp . in 1923 to com bined u n d e r one m anagem ent
th e operatio n of several electric lig h t a n d pow er com panies an d gas com­
panies. C o rp . operates v ario u s p ro p e rties, including 9 gas p la n ts a n d also
electric a n d gas d istrib u tio n system s, w hich it leases u n d e r adv an tag eo u s
c o n tra c ts; in a d d itio n , it fu rnishes m an ag em en t to o th e r u tility com panies.
F o r th e y e a r ended J u n e 30 1926 a pprox. 72% of c o rp .’s gross operating
revenue w as derived from electric lig h t and pow er a nd 28% from gas.
Sales o f Eelectric
Sales o f Oat
Year Ended June 30—
Current in K .W .H .* in Cubic Feet.
1924 ____________________________________ 23,000,000
253,000,000
28,000,000
336,409,000
1925 ___
1926 ___
34.000,000
363.000.000
♦Included in sales o f Leipzig O verland E lectric Pow er C o.
F I E L D O F O P E R A T IO N S O F L E IP Z IG O V E R L A N D P O W E R
C O M P A N IE S .— T h e tw o com panies serve dire c tly or in d irec tly a highly
developed in d u stria l an d ag ricu ltu ral te rrito ry o f ap p ro x . 2,900 sq . miles
located in th e F ree S ta te of Saxony an d P russia. P o p u latio n a b o u t 1,000,000 (1925). T h e te rrito ry com pletely su rro u n d s a n d includes certa in por­
tions of th e c ity of Leipzig, w hich is th e fifth larg est c ity an d one of th e m ost
im p o rta n t com m ercial cen tres in G e rm a n y . T h e tw o com panies together
have a pproxim ately 112,000 custom ers.
Leipzig O verland Pow er cos. serve im m ediately a d ja c e n t te rrito rie s and
a re p a rtia lly u n d e r th e sam e ow nership. Leipzig P ublic Service C orp. p u r­
chases p ractically a ll of its electrical energy irorn Leipzig Overland^ E lectric
Pow er C o.; it also leases th e properties of a neighboring u tility co. in which
Leipzig O verland E lec. P r . C o. ow ns a s u b sta n tia l in te re st. V . 123, p . 1503.
L EIPZ IG OV ER LA N D PO W ER COM PANIES 20 YEAR 6M% S . F.
M ORTG AG E GO LD B O N D S.
Authorized A m o u n t, & c.— D ate.
Interest. O utstanding. M atu rity.
20-year sinking iu n d m ortgage f 1926 6 34 g M -N $3,000,000 M a y 1 1946
$5,000,000 ($1,000 c * )____1A m erican T ru s t C o ., 14. Y .C . , a n d A llgem ’e
l D eutsche C re d it-A n sta lt, Leipzig, tru ste e s.
D escription o f Above Bonds.— A re th e dire c t, jo in t an d several obligation
of Leipzig O verland E lectric Pow er C o. an d Leipzig Public Service C orp.
a n d secured by a m ortgage, su b jec t only to D aw es p a y m e n ts, on su b sta n ­
tially all th e real p ro p e rty of th e first-nam ed c o m p a n y , in c l. its pow er p la n t,
and additions w hich w ere to be c o nstructed from p o rtio n of proceeds of
$3,000,000 issue of 20-year s. f. m tge. bonds. Leipzig O verland E lectric
Pow er C o. covenants to tra n sfe r to Allgemeine D eutsche C re d it-A n sta lt,
Leipzig, th e G erm an tru ste e , its en tire transm ission system (in so fa r as
said system is no t included in th e p ro p e rty covered b y th e m ortgage) to
be held in tru s t as ad d itio n a l security for these bonds.
As fu rth e r security, Leipzig O verland Elec. P r. C o. pledged w ith G erm an
tru ste e all of th e c ap ita l stock of Leipziger B raunkohlenw erke A ktiengesell­
s ch a ft in K ulkw itz. Leipzig O verland E lectric Pow er C o. c oven ants th a t,
w ith th e exception of D aw es p a y m e n ts, certain revalorized m ortgages o u t­
stan d in g n o t in excess of $40,000 and purchase m oney obligations, th e coal
com pany, as long as th ese bonds a re o u tsta n d in g , w ill n o t c reate a ny m o rt­
gage indebtedness upon a n y of its p ro p e rty w ith o u t securing th ese bonds by
a lien prior to th a t o f said in d ebtedness.
A n a d d itio n a l $2,000,000 m ay be issued for 50% of new properties an d (or)
ad d itio n s, b e tte rm e n ts an d im provem ents w hich a re to be placed u nder the
m ortgage, and th e n only if th e com bined aggregate n e t earnings of th e com­
panies (as defined in th e tr u s t agreem ent) for 12 consecutive o u t of preceding
15 calendar m o n th s have been a t le a st 1J4 tim es th e an n u al in te re st and
sinking fund charges on th e ir en tire fun d ed d e b t th e n o u tsta n d in g , in­
cluding th e bonds to be issued.
T h ere is a sem i-annual sinking fu n d beginning N o v . 1 1926 sufficient to
re tire th e entire issue b y m a tu rity . In lieu of cash com panies m ay deliver,
a t th e ir face value, o u tsta n d in g bonds oi th is issue. Sinking fu n d m oneys are
to be used for re tire m e n t of bonds b y sem i-annual draw ings a t 100.
N otes.— U nder th e In d u s tria l C harges A ct of 1924 (D aw es P lan ) the
com panies have issued d e b en tu re s in a c ap ita l sum of $623,370.
U nder th e R evalorization Law of Ju ly 16 1925 Leipzig O verland Elec. P r,
C o. m ay be called on to issue certa in revalorization notes, th e in te re st on
a n d redem ption of which only becom e p ayable in an y y e ar in which the
dividends on th e o rd in a ry shares of th a t com pany exceed 6 % . Such interest
a n d redem ption charges c a n n o t in a n y year exceed $4,708.
These bonds are re d ., except for sinking fund, on an y in t. d a te beginning
M a y 1 1931, as a whole or p a rt, on 60 d a y s’ notice, a t 101 on or afte r M ay 1
1931 to a n d incl. A pril 30 1936; a t 100 th e re a fte r. P rin . a n d in t. payable
in N ew Y ork C ity a t W . A . H a rrim a n & C o ., In c ., in U . S. gold, w ith o u t
deduction for a ny p a st, p re sen t or fu tu re taxes levied b y or w ithin the
G erm an R eich. L isted on B oston Stock E xchange. In S ept. 1926 W . A.
H arrim an & C o., In c ., a n d In te rn a tio n a l A cceptance B an k , In c ., sold
$3,000,000 of these bonds a t 9 2 14 an d in t., to yield a b o u t 7 .2 0 % . V . 123,
p . 1503.
E A R N IN G S .— C om bined earnings of th e tw o com panies (inter-com pany
item s elim inated) for 12 m o n th s ended Ju n e 30:
x l9 2 6 .
1925.
12 m o n th s ended Ju n e 30:
G ross re v e n u es___________________________________ $2,841,478 $2,539,639
O perating expenses, incl. m ain ten an ce, taxes a nd
e stim ate d m axim um D aw es charges____________ 1,812,244
1,713,033
N e t earnings available for in te re st, deprec., & c ._ $ l,029,234
$826,606
x Includes estim ated earnings for A pril, M ay an d Ju n e 1926.
N o te .— Conversions from G erm an to U n ite d S ta te s currency have been
m ade a t th e ra te of $ 0 .2 3 8 = o n e gold m a rk .
O F F IC E R S .— M anaging D irecto r L a n d k raftw erk e Leipzig A ktiengesell
sch a ft in K ulkw itz, O tto C redner; M anaging D irector E nergieA ktiengesellsc h a ft Leipzig, H a n s S ch u h .— V . 123, p . 1382, 1503.

MANNHEIM
(G rossk raftw erk

&

P A L A TIN A TE

ELEC.

COMPANIES.

M an n h eim A k tie n g e s e lls c h a ft a n d P falzw erke
A k tie n g e s e llsc h a ft)
O R G A N IZ A T IO N .— T h e above tw o com panies su pply electric power
a nd lig h t, one to th e te rrito ry in an d a b o u t th e C ity of M annueim in the
S ta te of B aden, a nd th e o th e r in th e neighboring P a la tin a te D istric t in the
F ree S ta te of B av a ria. T h e to ta l p o p ulation served d irectly a n d indirectly
by b o th com panies aggregates a p p ro x . 1,162,000. V. 123, p . 206.
MANNHEIM ELEC TR IC CO. (G rossk raftw erk M annh eim A k tie n ­
g e s e lls c h a ft).
O rganized in 1921 b y th e C ity of M an n h eim , th e P a la tin a te E lectric C o .,
in Ludw igshafen am R hein, th e B aden W orks (B adische L andeselektrizitaetsversorgungs A . G .) in K arlsruhe, a n d th e N eckar C anal C o. (N eckar
A ktiengesellschaft) in S tu ttg a r t, a n d began operations in th e la tte r p a r t of
1923. C o. supplies, u n d e r c o n tra c ts, th e en tire req u irem en ts of electric
pow er and lig h t of th e C ity of M annheim , sub sta n tia lly th e en tire re q u ire ­
m en ts of th e R heinau W orks (K raftw erk R heinau A. G .), w hich d istrib u te s
pow er a n d lig h t in te rrito ry a d ja c e n t to th e C ity of M an n h e im , a n d a t least
a th ird of th e req u irem en ts of th e P a la tin a te E lectric C o. P o p u la tio n of
th e C ity of M annheim 242,000 of th e near-by te rrito ry served b y R heinau
W orks a b o u t 140.000. T h e life of these c o n tra c ts extends beyond 1941
except th e c o n tra c t w ith th e R heinau W orks which is te rm in a b le b y either
p a rty on A pril 1 1940. C o .’s m odern c en tra l generating p la n t has a c apacity
of 37,500 k .w . an d is located on th e R hine. T h e c ap a c ity is being increased
b y a 20,000 k .w . u n it to be followed by y e t a n o th e r u n it of like c ap a c ity .
Co.Is p roperties include Switch and tran sfo rm er facilities for d livery of
electric energy to th e lines o f its custom ers a t v oltages of 20,000 an d 100.000.
C u rre n t delivered in fiscal y e ar ended M arch 31 1925 over 95,000,000 k .w .h .I
i ry e a r ended M arch 31 1926 approx. 130,000,000 k .w .h . V. 123, p . 206.
Bein a w holesale producer ordy C o. requires no special g ra n ts or rig h ts
for th e transm ission of c u rre n t. C o .’s com m on stock of 2,000,000 R .M . p a r
value is all owned b y th e original organizing gro u p . C o. h a s also 186,000
R .M . cum . pref. sto ck o u tsta n d in g .
PALA TIN A TE ELECTRIC CO. (P fa lzw erk e A k tie n g e s e llsc h a ft).
O rganized in 1912 b y th e P a la tin a te d is tric t of th e F ree S ta te of B av a ria,
certain of th e cities and com m unities w ithin th e d is tric t a n d th e R hine
E lectric C o. (R heinische E lek trizitae ts A .G .) of M an n h eim . M ore th a n
70% of c o .’s c ap ital sto ck of 9,000 000 R eichsm arks p a r v a lu e is ow ned
b y th e P a la tin a te an d certain P a la tin a te m unicipalities. F o r its principal
sources of su p p ly co. utilizes th e M annheim E lec tric C o. a nd th e K raftw erk
H o m burg A .G . in th e neighboring Saar d istric t, in which i t owns 48% of th e
c ap ital stock. C o. also m a in ta in s high tension connections w ith th e B aden

276

P U B L IC U T I L I T I E S

W orks an d w ith th e R hine-H essen E lectric W orks (E lek trizitaetsw erk
R hein-H essen A .G .). C o. h a s over 60,000 custom ers in cl. 268 cities a n d
com m u n ities w hich p u rc h a se c u rre n t a t w holesale for re d istrib u tio n to local
consum ers. C o. d istrib u te s d ire c tly to consum ers in 325 cities a n d com ­
m u n ities. T o ta l p o p u la tio n in 1925 of te rrito ry reached b o th d ire c tly an d
In d irectly a b o u t 780,000. C u rre n t delivered in calen d ar y e ar 1924 over
37,500,000 k .w .h ., in 1925 a b o u t 50,900,000 k .w .h . C o n nected load
increased fro m 79,000 k .w . a t th e end o f 1924 to 91.000 k .w . a t end of
1925. C o .'s p ro p e rties include a g en eratin g p la n t o f 6,000 k .w . in L u d w igshafen a m R hein; a larg e a d m in istra tio n building; tw o co n v erter an d
fiv e sw itch s tatio n s; a 100,000-volt tra n sfo rm e r s tatio n for receiving, a n d
570 tra n sfo rm e r statio n s for delivering c u rre n t: a b o u t 974 m iles of high te n ­
sionlines (of w hich 66.5 m iles a re 100,000-volt a n d 848 m ilas 20,000-volt)
a n d 323 local d istrib u tio n sy stem s. C o. ow ns in ad d itio n to its shares in th e
M an n h eim E lec tric C o ., 48% of th e c ap ital sto ck of th e K raftw erk H om burg
p la n t, (20,000 k .w .) in th e Saar d is tric t a n d th e en tire c ap ita l of a sm all
electric co m p an y . C o .’s franchises g ra n te d b y th e S ta te o f B av a ria a n d by
each o f th e 29 co u n tias in to w hich th e P a la tin a te D istric t is d iv ided, extend
bey o n d 1941 a n d give i t su b sta n tia l m onopoly rig h ts, u p to th e y e ar 1939,
for tra n sm issio n o f c u rre n t in 25 o u t o f such 29 counties.
M A N N H E IM A N D P A L A T IN A T E E L E C T R IC C O M P A N IE S 15Y E A R 7% S IN K IN G F U N D M O R T G A G E G O LD B O N D S .—
A uthorized A m o u n t,
D enom ination, A c .
Date. Interest.
O utstanding. M aturity.
$3,000,000 ($1,000 & $500 c*) 1926 7 g J-D
$3,000,000 J u n e 1 1941
Description o f Bonds.— T h e a b o v e M annheim and Palatinate Electric
Companies 15-yr. 7 % s. f . mtge. g. bonds, dated June 1 1926 a re th e dire c t
jo in t a n d sev eral ob lig atio n s o f b o th com panies (whose d escription is given
a b o v e ). a n d a re secured b y tw o m o rtg ag es each in th e gold m a rk eq u iv a len t
of o ne-half th e p rin c ip a l a m o u n t o f bonds o u tstan d in g . O ne of th e ir
m ortgages covers th e p la n t o f th e M an n h eim E lectric C o ., a nd th e o th er
th e p la n t a n d ad m in istra tio n building of th e P a la tin a te E lec tric C o. its
100,000-volt tra n sfo rm e r s ta tio n a t M un d en h eim , to g e th e r w ith sw itch
statio n s, high ten sio n lines an d c erta in tran sfo rm ers. T h e re is a lien of
eq u al ra n k to th e se bonds on th e p ro p e rty of M an n h eim E lec tric C o. in
th e estim ated a p p ro x im a te a m o u n t o f $610,135, while th e D aw es charges,
based on assessm ents as o f th e d a te o f issue of th is loan w ere s ta te d a t $515,240 a n d $65,120 p rin c ip a l a m o u n t for P a la tin a te E lectric C o. a n d M an n h eim
E lectric C o ., resp ectiv ely . A d d itio n al liens upo n a n y of th e p ro p e rty
securing th e se b o nds, ran k in g eq u ally w ith th ese m ortgages m a y be c re ated
b y e ith e r o f th e tw o com panies, p ro v id ed th a t th e to ta l o f th e a m o u n t of
th is m o rtg ag e, o f a ll p rio r o r eq u ally ra n k in g liens a n d of proposed lien less
cash deposited u n d e r th e in d e n tu re , does n o t exceed l th e th e n appraised
A
fa ir v alu e o f su ch p ro p e rty a n d th a t n e t earnings ap p licab le to in te re st
charges, as defined in th e in d e n tu re , of th e com pany in q u estio n, du rin g its
n ex t preceding fiscal y e ar, h a v e been a t le a st 1 % tim es m axim um an n u al
In terest a n d am o rtiz a tio n charges, on a ll indebtedness of su ch com pany to
be o u tsta n d in g a fte r th e creatio n o f such ad d itio n al lien. T h e re a re to be
a n n u a l sinking fu n d p a y m e n ts (first p a y m e n t 1931, la st p a y m e n t 1940)
sufficient to re tire 40% of th e to ta l of th is issue before m a tu rity , to be used
for th e red em p tio n of bonds a t p a r, com m encing Ju n e 1 1931. C om panies
m ay te n d e r bonds a t p a r fo r can cellatio n in lien of m ak in g cash p a y m e n ts.
A re re d . as a w hole b u t n o t in p a r t (except for sinking fu n d) on Ju n e 1
1931 o r an y in te re st d a te th e re a fte r a t p a r an d accrued in te re s t. P rin cip al
& in t. p a y ab le a t office o f A . G . B ecker & C o ., C hicago, o r of In te rn a tio n a l
A cceptance Securities & T r u s t C o ., N ew Y o rk , w ith o u t d ed u ctio n fo r a ny
tax es o r charges, p a s t, p re sen t o r fu tu re levied b y G erm an ta x in g a u th o ritie s.
F irst T r u s t & Savings B an k , C hicago, A m erican tru ste e ; D eu tsche W arenG reu h an d A ktiengesellschaft, H a m b u rg , G erm an tru s te e . I n J u ly 1926
A . G . B ecker & C o .; W. A . H a rrim a n & C o ., In c .; an d M a rsh a ll F ield,
G lore W ard & C o ., sold $3,000,000 of these bonds a t 9 6 H & in t., to yield
7 .4 0 % . P a r t o f th e issue h a d been w ith d raw n for sale in G erm an y . Seventw elfth s o f th e proceeds o f th e loan w as to b e allocated to th e M an n h eim
E lec tric C o . a n d w as to b e used p a rtly fo r new a d d itio n s, &c.. p a rtly for
re tire m e n t o f c o .’s rev alo rized d e b t ra n k in g p rio r to th e m tge. upo n its
p ro p e rty securing th e b o nds. T h e rem ain d er was to b e allo cated to P a la ­
tin a te E lec tric C o. fo r extension o f th e tran sm issio n sy stem , &c. V . 123,
p . 206. L isted on B osto n Stock E xchange
E A R N IN G S .— C om bined earn in g s of M an n h eim E le c tric C o. a n d P a la ­
tin a te E lec tric C o. for c alen d a r y e a r 1925 (a):
G ross earnings, incl. m isc. incom e___________________________ $2,378,716
O per. expenses, in cl. m a in t., tax es n o t based on p ro fits, &c____ 1,595,178

[V ol. 123,

sinking fu n d beginning D ec. 1 1926 sufficient to re tire th e e n tire issue b y
m a tu rity . I n lieu of such p a y m e n ts co. m a y d eliver, a t th e ir p a r valu e,
o u tsta n d in g b onds o f th is issue. M oneys to b e used fo r re d e m p tio n of
bonds b y sem i-annual draw ings a t 100 a n d in t. C allable w hole or p a r t
b y lo t on 30 d a y s ’ no tice on or a fte r J u n e 1 1931 to a n d incl. M a y 31 1936
a t 105 a n d in t.; th e re a fte r to a n d incl M a y 31 1941 a t 104 a n d in t.; th e re ­
a fte r a n d p rio r to m a tu rity a t 103 a n d in t. I n t. p a y ab le w ith o u t d ed u ctio n
for a n y p a r t, p re se n t or fu tu re ta x e s or d u tie s levied b y or w ith in th e
G erm an R eich, or a n y o f its c om ponent S ta te s. T h e N ew Y ork T r u s t C o .,
tru s te e ; B erliner H andels-G esellschaft K om m an d it-G esellsch aft A u f A k tie n ,
B erlin, c o -tru ste e . I n J u ly 1926 P . W . C h ap m an & C o .. In c ., a n d A . M .
L a m p o rt & C o ., In c ., sold $1,250,000 1st (closed) m tg e . 7% s. f. gold bonds
a t 97)4. a n d in t., to yield a b o u t 7 H % . V . 123, p . 582, 983.
E A R N IN G S .— F o r c alen d a r y e a r 1925:
G ross earn in g s, &c___________________________________________$1,125,034
O per. e x p ., m a in t. & tax es, o th e r th a n n e t p ro fits, ta x e s, & c.,
chargeable to o p e ra tio n (in cl. e stim a te d m ax im u m charges u n ­
d e r D aw es p la n )___________________________________________
827,170
N e t earnings av ailab le for b ond in te re s t___________________
A nnual in te re s t, $1,250,000 1st m tg e . b o n d s_________________

$297,864
87,500

A vailable for d e p re ciatio n , div id en d s, &c___________________
$210,364
O F F IC E R S .— M an ag in g directors: A lb e rt T eschem acher an d P h ilip p
S tu m p en . O ffices, R egensburg, B av a ria, G e rm a n y .— V . 123, p . 582, 983.

R H IN E -W E S T P H A L IA ELECTRIC PO W E R CORP.
(R h e in is c h - W e s t f a e l is c h e s E le k tr i z it a e ts w e r k A k tie n G e s e ll s c h a f t .)

O R G A N IZ A T IO N .-—O rganized u n d e r th e law s of th e G erm an R eich a nd
of th e F ree S ta te of P ru ssia on J u n e 24 1898. W ith its su bsidiary cos.,
com prises th e largest electric lig h t and pow er system in E u ro p e w ith re sp ec t
to p ro p e rty value, earnings, cap acity of pow er statio n s an d n u m b e r of
custom ers served. Serves over 250,000 in d u stria l an d resid en tial custom ers
in a te rrito ry of n early 6,000 sq. m iles, a nd includes a large p a r t of th e
R hineland, extending from th e N e th erla n d s fro n tie r on th e n o rth a nd w est,
in to th e Province of W estphalia on th e e ast, an d so u th to th e R iver A hr.
T his area includes th e R u h r D istric t, th e m o st im p o rta n t in d u stria l section
of G erm any. T h e com m unities e ntirely supplied b y th e system h av e a
p o p ulation of approxim ately 4,000,000 an d include th e cities of E ssen,
M uehlheim -R uhr, G elsenkirchen, C refeld, M u enchen-G ladbacb, W esel,
O snabrueck, R em scheid, Solingen and N euss. In addition corp. furnishes
electric energy to large portions of th e cities of Cologne, D uesseldorf,_D uis­
bu rg andO berhausen, a nd to th e extensive p la n ts of th e la rg e st inland
h a rb o r of E u rope a t R u h ro rt.
T h e system includes 9 electric generating statio n s w ith a n aggregate
cap acity of 630,000 h .p . T h e principal sta tio n , th e G oldenberg p la n t, is
one of th e larg est an d m ost m odern in th e w orld, an d h a s a c ap a c ity of 390,000 h .p . I ts equipm ent includes four 67,000 h .p . stea m -tu rb o u n its installed
during th e p a s t 2 years. T h e transm ission and d istrib u tio n system s com prise
over 630 miles of 110,000 v o lt steel tow er lines an d 8,250 m iles of m edium
a nd low voltage lines w hich su pply a pproxim ately 350,000 electric m eters.
T h e above figures do n o t include th e m any a ffiliated electric com panies of
whose stocks su b sta n tia l a m o u n ts a re ow ned. T h e electric o u tp u t for th e
fiscal y e ar ended J u n e 30 1925 w as 1,239,000,000 k .w . hours.
T h e fuel for c o rp .’s pow er statio n s is o b tain ed a lm ost e n tirely fro m h a rd
coal and lignite m ines ow ned b y subsidiary cos. a nd located u n d e r or im m edi­
a te ly adjoining th e statio n s. T h e h a rd coal m ines, estim ated to co n tain
75.000. 000 to n s (of 2,000 p ounds), are being m ined a t th e ra te o f 1,400,000
tons a year. T h e lignite m ines a re e stim ated to co n tain 450,000,000 to n s,
a nd th e pow er statio n s of th e c o rp ., w hich a re designed to b u rn th is fuel
efficiently, consum e a p p r. 4,000,000 to n s a y e ar. In th e second h a lf of
1925 corp. acquired a h a lf in te re st in a com pany, located in th e c en tra l p a r t
of G erm any, w hich ow ns a n electric d istrib u tio n system a nd lignite m ines
having a b o u t 160,000,000 to n s of fuel recoverable b y th e open p it m e th o d .
C orp. h a s u n d e r c onstruction or in c ontem plation a num ber of extensions
to its transm ission system , including a line 300 miles in le n g th (150 miles
now nearing com pletion) to connect w ith h ydro-electric pow er developm ents
in southern G erm any
T hese new high tension lines w ill be o p erated
initially a t 230,000 volts b u t are designed for a n even higher pressure.
C o rp . also ow ns a m odern coke oven p la n t w hich supplies gas a t w holesale
C o m b in ed n e t earnings before d ep reciatio n , available for in t.
$783,538 to th e C ity of E ssen, a nd a high pressure gas tra nsm ission sy stem w ith 150
(a) D ecem ber earnings for M an n h eim E lec tric C o. e stim ate d b y i t. T h e m iles of pipe lines, th ro u g h w hich w ere delivered durin g th e p a s t fiscal y e a r,
above figures o f earnings a re a fte r elim ination of in ter-co m p an y item s a nd 2.400.000. 000 cu. ft. of gas o b tained from neighboring coke oven p la n ts .
d e d u ctio n o f e stim ate d m ax im u m charges p ay ab le b y th e com panies u n d e r C o rp . also owns th e en tire c ap ital stock of tw o relativ ely sm all electric
th e D aw es P la n (w hich m ax im u m charges w ill go in to effect in th e y e ar railw ay com panies, an d operates u n d e r lease several m unicipally ow ned
lines.
ending D ec. 31 1928).
Control.— T h e various m unicipalities a nd provinces served, to g e th e r w ith
O F F IC E R S .-—M an ag in g D ire c to r o f G rosskraftw erk M an n h eim A .G .,
D r. F ritz M arg u erre . M an ag in g D irecto rs o f Pfalzw erke A ktiengesells- th e S ta te of P russia a nd th e G erm an R eich, ow n a su b sta n tia l m a jo rity of
sch a ft, D r. B ay e r a n d D r. H o berg. Offices, M an n h eim , G e rm a n y .— V. c o rp .’s stock. V . 121, p . 2404
123, p . 122, 206.
ST O C K A N D B O N D S —
Date.
Interest. O utstanding. M a tu rity .
B earer stock $32,285,714 (p a r/
400 R eich sm ark )_________ \ ____
$30,266,000 ---------------R eg s tk (par 20 R e i c h s m a r k ) .____
1,047,619 ---------------OBERPFALZ ELECTRIC POWER CORP.
D irect m tge g 7% series $40 ,-/ 1925
7 g M -N
10,000,000 N o v 1 1950
(O b erp fa lzw erk e A k tie n g e s e lls c h a f t fu e r E le k tr iz ita e ts v e r s o r g u n g )
000,000 ($1,000, 500 c * )_ IN atio n al C ity B an k o f N .Y ., tru ste e .
_
- D a rm stae d te r und N a tio n a l B an k K om m anI
Control.— T h e O berpfalz d is tric t as well as th e to w n s a n d com m unitie.
( ditgesellshaft a u f A ktien, co-trustee.
served a re m a jo rity sto ck h o ld ers o f th e com pany.
b
---------------O R G A N IZ A T IO N .— O rganized in 1908 a s B ayerische U eb erlan d zen trale U nsecured d eh een tu re s_________7% gold bonds, series 1,113,422 secured b y a
Bonds -—T
1925 re
A ktiengesellschaft in Ib e n th a n n . C h an g ed its n a m e to p re se n t title in dire c t m tge. on directo mortgage properties of th e corp. a n d a its subsidiaries,
th e perating
1923. V . 123, p . 582.
subject only to th e a n n u al charges on acco u n t of in te re st a nd a m ortization
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— on $7,875,300 face a m o u n t of in d u stria l d eb en tu res w hich corp. an d its
C o m p a n y fu rn ish es th e te rrito ry o f th e O berpfalz w ith electric c u rre n t. subsidiaries h av e issued and deposited w ith th e In d u stria l D ebentures B an k
The Oberpfalz is a densely populated section in northeastern Bavaria,
(B ank fuer D eutsche Industrie-O bligationen) in accordance w ith th e soco vered b y a n extensive n e t o f ra ilro ad s connecting i t w ith centra] an d called “ D aw es P la n .” A dditional bonds m ay be issued to an aggregate of
n o rth e rn G e rm a n y . T h e R iv e r N a a b , a larg e trib u ta r y to th e D a n u b e, $30,000,000, from tim e to tim e, of o th e r series of such te n o r as corp. m ay
ex ten d s th ro u g h o u t th is w hole sectio n . A rea, 3,789 sq . m iles; p o p u la tio n , determ ine provided n e t earnings for 12 consecutive m o n th s h a v e been n o t
629,000. P rin cip al cities serv ed a re R egensburg, A m berg, A uerbach, less th a n 3 tim es a n n u al in te re st on all bonds ou tsta n d in g (incl. th o se to be
B eilngries, B erch in g , B u rg len g en feld , C h am , E rb en d o rf, E sch en b ach , offered a nd th e m axim um a n n u al fixed charges on th e in d u stria l d eb en tu res
G rafen w o eh r, H e m au , H irsc h au , K e m n a th , N a b b u rg , N e u m a rk t, N eun- th e n o u tsta n d in g , provided th a t a fte r th e issuance of $10,000,000 of such
b u rg v .w ., N e u s ta d t a .W .N ., N e u s ta d t a .K ., P freim d , P le y ste in , P re ssa th , a d d itio n a l bonds against th e p re sen t properties m ortgaged as sec u rity for
R o etz, S chw andorf, Sulzbach, V elberg, V ilseck, W ald m u en chen, W eiden th e d irect m ortgage gold bonds, fu rth e r am o u n ts m a y only b e issued for
a n d 1,200 sm aller co m m u n ities. Y . 123, p . 582.
n o t exceeding 50% of th e cost of p ro p e rty , & c., w hich shall be m ortgaged
T h e sy ste m ow ns one larg e m o d ern steam electric g en eratin g p la n t a t or pledged in a ddition to th e presen t p roperties m ortgaged. T h e tr u s t
Ponholz a n d th e tw o hy d ro -electric p la n ts P freim d talsp erre an d T anzm uehle in d e n tu re provides for re tirem e n t fu n d sufficient to re tire, a t 100 a n d in t ,
on th e N a a b R iv e r. C om bined c a p a c ity o f c o .’s p ro p e rties is a pprox. $400,000 of bonds, in each of years 1926 a n d 1927; $200,000, in each of
17,200 k .w . U p o n co m p letio n o f c erta in c o n te m p lated extensions th e years 1928 to 1931, incl ; $300,000 in each of years 1932 to 1935, incl.;
cap a c ity w ill b e v e ry co n sid erab ly in creased .
$400,000, in each of years 1936 to 1942, incl.; $500,000, in each o f years
In ad d itio n to its g e n eratin g p la n ts , th e co m p an y en tered in to a n agree­ 1943 to 1946, incl., a nd $600,000, in each of years 1947 to 1950, inclusive;
m e n t w ith th e B ay ern w erk e (B a v aria n W orks) w hich h av e a c a p a c ity of p a y m e n ts in to th e fund to be m ade to th e tru s te e in sem i-annual in stalm en ts
a b o u t 200,000 k .w ., secu rin g th e sole d istrib u tin g rig h ts in th e O berpfalz on M arch 1 a nd Sept 1 in each y e ar, an d eith e r in cash o r, in bonds of th e
u n til S ep t. 30 1950, a n d m a in ta in s for th is p urpose one p rin c ip a l su b ­ 7% series due 1950, a t th e ir face v alu e. A ny cash deposited w ith th e
s ta tio n in R eg en sb u rg o f 10,000 k v a . a n d one p rin cip al s u b sta tio n in tru ste e shall be applied to th e purchase of bonds of th e 7% series d ue 1950,
if obta in a b le in th e open m a rk e t a t or below 100 a n d in t.; p ro v id ed , th a t a ny
A m berg o f 10,000 k v a .
T h e coal used for th e stea m electric g en eratin g p la n t is m ined a t th e cash rem aining unexpended afte r 6 m o n th s from th e d a te o f th e deposit
a d jo in in g coal m ine “ H a id h o f," w hich belongs to co. a n d h as a coal reserve thereof, m ay be applied, to th e purchase of bonds in th e open m a rk e t a t
o f 4,500,000 to n s, e stim ate d su fficien t for a t least 25 y e ars' o p e ra tio n . prices above 100 a nd in t.; an d provided, fu rth e r, t h a t, if, a t a n y tim e th e
T h e coal is co n d u cted fro m th e m in e by m eans of a n a u to m a tic conveyor unexpended balance of a n y m oneys on deposit in th e re tire m e n t fu n d shall
a m o u n t to $500,000 or m ore, an y excess over $500,000 m a y be re tu rn e d to
sy ste m d irectly to th e boiler house
T h e tra n sm issio n sy ste m consists o f over 77 m iles o f high ten sio n lines of th e corporation u pon its w ritten re q u e st th e re fo r, a n d no fu rth e r deposit
35,000 v o lts, carried on s tru c tu ra l steel tow ers; over 1,100 m iles o f 6,000 need be m ade u n til such unexpended balance shall h a v e been reduced below
v o lt, 10,000 v o lt a n d 20,000 v o lt tra n sm issio n lines a n d over 930 m iles of $500,000 by th e purchase of bonds. R ed. as a w hole only on 60 d a y s’
low v o ltag e lines; 950 tra n sfo rm e r a n d tw o sw itching statio n s a n d a n ex­ notice a t 105 and in t. before N o v . 1 1935 an d a t 102 a n d in t. on or after
ten siv e d istrib u tio n sy ste m reach in g 40,000 custom ers w ho consum ed over N o v . 1 1935, b u t p rio r to m a tu rity . Free from an y p a st, presen t or fu tu re
taxes or d uties levied b y or w ithin th e G erm an R eich. P rincipal an d in t.
30 m illion k .w .h . in 1925.
Franchises.— U n d er th e te rm s o f its fran ch ises co. h a s th e rig h t to use p ayable a t N a tio n a l C ity B ank in N ew Y ork in U . S. gold coin, or. a t option
B av a rian S ta te p ro p e rty for its tran sm issio n lines an d h as th e exclusive of holders a t th e L ondon office o f th e N a tio n a l C ity B an k of N . Y . in
rig h t, w ith sm all local ex ceptions, to fu rn ish electric c u rre n t to th e com ­ p o u n d sterling, or a t th e R o tte rd a m sc h e B ankvereeniging, A m sterdam ,
m u n ities serv ed a n d to ch arg e ra te s th a t w ill in su re successful financial N e th erla n d s, in guilders, in each case a t th e th e n c u rre n t buying ra te of
sucn b a n k for sight exchange on N ew Y o rk . I n N o v . 1925 N a tio n a l C ity
o p e ra tio n s. V . 123, p . 582.
C o. sold $10,000,000 series, d a te d N o v . 2 1925, a t 94 a n d in t , to yeld
STO CK A N D B O N D S—
D ate.
Interest. O utstanding. M aturity.
C om m on $3,613,095_______________
_________ $1,025,976 ........................ over 7 .5 0 % . V. 121, p . 2404. L isted on N . Y . S tock E xchange. V . 122,
1st (closed) m tg e 7% s f g S I ,- / 1926
7 g J -D
1,250,000 J u n e 1 1946 p . 3084.
ARN
250.000 ($1,000, $500 c*) - - (G u a r.(p .,i.& s.f.)by A.E.G. (G en.E l. C o., Ger) forEFiscalIN G S .— Consolidated Incom e Account o f Corp. and its Subsidiaries
Year Ending June 30:
B onds.—T h e ls« mtge. 7% s . f . gold bonds, dated Ju n e 1 1926, a re secured
Gross {Incl. Oper. E x p ., M a in t.
Bal. Before
by a d ire c t first (closed) m tg e. on an d b y a tra n sfe r in th e n a tu re of sec u rity
Other Incom e).
& Taxes.
D epreciation.
Dividends.
o f all c o .’s fixed p ro p e rty incl. all p ro p e rty which w as to be a cq u ired or
$16,563,957
$3,862,574
$3,839,693
c o n stru cted o u t of th e proceeds o f th is issu e, su b ject only to p rio r charges 1925________ $24,266,224
O F F IC E R S .— B oard o f M a n a g e m e n t (V orstand): E . H enke, C . H old,
u n d e r th e D aw es p la n e stim a te d as n o t exceeding $533,971 p rin cip al a m o u n t.
In a d d itio n a re u n co n d itio n ally g u aran teed b y en d o rsem en t b y A . E . G. W . K ern , A . K oepchen a n d A . T h iel, all of Essen; O. P lassm an n , D uessel(Allgem eine Elektrizitaets Gesellschaft). T h e re is a s em i-a n n u al, c u m u la tiv e dorf, a n d G . W egge, Koeln.-—V. 121, p . 2804; V. 122, p. 3084.




O ct., 1926.]

P O W E R , L IG H T A N D R A IL W A Y

217

o u tsta n d in g on F eb . 1 1935, either b y delivery to th e tru s te e of b o nds by
the com pany, or by red em p tio n thereof by lo t a t 100.
L isted on th e N ew Y ork Stock E xchange.
T h e gen. & ref. mtge. bonds are unconditionally guaranteed by the Free
State o f Saxony as to p rin cip al a n d in te re s t b y e ndorsem ent on each bond.
Control.— C ontrolled th ro u g h stock ow nership by: G erm an C on tin en tal T h e y a re secured b y d ire c t m ortgages on th e o p e ra tin g p ro p e rties of co.
G as C o. of D essau, 48% : Province of Sachsen-A nhalt, 29% : E lectric Pow er a nd E lectric Pow er W orks of W est Saxony, s u b jec t only to th e charges
C o rp . o f G erm any (owned b y T h e R eich ), 20% ; F ree S ta te of A nh alt, 3 % . securing less th a n $825,000 in d u s tria l d e b en tu re s issued u n d e r th e “ D aw es
O R G A N IZ A T IO N .— C om pany was form ed in 1917 an d provides elec­ P la n ,” a n d to $15,442,501 closed m ortgages on th e p ro p e rty . A dditional
tric ity for lig h t an d pow er purposes to th e cities of D essau, H a lb ersta d t, gen. & ref. b o nds m a y be issued: $15,000,000 a g ain st a cq uisition or re tire ­
M ag d eb u rg , G oethen, B ern b u rg , Z ierbst, O schersleben, lo cated in th e m e n t of o u tsta n d in g 1st m tge. bonds, a n d $20,000,000 for 50% of cost of
P rovince of Sachsen, th e Free S ta te of A n h alt, a n d p a rts of th e Free S tate fixed p ro p e rty of co. or its c o n stitu e n t cos. (or for th e c ost of stocks o f a
o f B raunschw eig a n d T h u erin g en , situ a ted in th e m iddle of G erm any. c o n stitu e n t co. ow ning fixed p ro p e rty ), acquired a fte r M a y 1 1926, w hich
A rea served 7,700 sq u are miles; p o p u latio n a b o u t 3,500,000. C om pany fixed p ro p e rty shall be m o rtg ag ed as sec u rity for th e gen. & ref. m tge.
wholesales pow er to several large p o ta sh works an d 6 a g ricu ltu ral co-opera­ g u ar. g. b onds, pro v id ed n e t earnings a fte r operatin g expenses, m aintenance
tiv e corporations in G erm an y . H as a p a r t ow nership in th e M ansfelder an d taxes for 12 consecutive calen d ar m o n th s h a v e been n o t less th a n tw ice
a n n u a l in t. on all u n d erly in g bonds in h a n d s of th e public a n d all gen. &
B ergrevier, A .-G ., E lectric R y.
C om pany owns a n d o p erates a pow er p la n t a t Gross K a y n a d irectly re f. m tg e . b onds o u tsta n d in g , incl. proposed issue, an d th e m axim um
ad jo in in g large coal m ines w hich u n d e r c o n tra c t u n til 1957 su pply all th e a n n u al fixed charges on a n y in d u stria l d e b en tu re s. “ C o n stitu e n t cos.”
fuel req u irem en ts a t p referen tial prices. In sta lle d gen erating c apacity a re those of w hose stocks a t le a st 90 % is ow ned b y th e co. a n d w hose p ro p er­
24,000 k .w . (is to be increased to 75,000 k .w . w ith in th e n ext few years); ties a re m ortgaged a s sec u rity for th e gen. & ref. m tge. bonds. A dditional
is connected th ro u g h high tension transm ission lines w ith th e large pow er bonds m a y be issued in series, from tim e to tim e, of such te n o r as co. m ay
com panies in g reater B erlin a n d o th e r im p o rtan t cities. 325 m iles of determ ine. A sem i-annual sinking fu n d is to begin F e b . 1 1930, calculated
transm ission lines. A dditional electricity is p u rch ased a t w holesale from to re tire , p rio r to m a tu rity , m ore th a n 60% of 6)4 % series, d ue 1951. In
th e E lectric Pow er C orp. of G erm any (owned by T h e R eich), th e C oncordia th e case of each new series a sinking fu n d is to be c re ated to re tire n o t less
A. E . G ., th e B raunschw eig C oal C o. a n d th e B u ck au C hem ical W orks. th a n h a lf of aggregate p rin cip al a m o u n t o f th e bonds of such series issued.
6 )4 % series, due 1951, a re r e d ., all or p a r t, a t o ption o f co. or b y th e sinking
V. 122, p . 749.
fu n d on an y in t. d a te , on 30 d a y s ’ n otice a t 100. P rin cip al, in te re st a nd
N O TES—
Date.
Interest. O utstanding. M atu rity.
sinking fu n d p a y a b le in N ew Y o rk C ity in U . S. gold a t tru s te e ’s office
E x tern , serial g. coupon notes f 1926
6)4 g J - J
$750,000
See te x t
or eith e r in L ondon, E n g lan d , in p o u n d s sterling, a t th e c ity office of
$1,000,000 ($ l,0 0 0 c )______•jlnt. a t C en tral U nion T ru st C o. of N . Y . tr .
N a tio n a l C ity B an k of N . Y .; or in A m sterd am , N e th erla n d s, in guilders,
N otes.— T h e external 6 )4 % serial gold coupon notes, dated Jan. 1 1926, a t N ederlandsche H a n d e l-M a a tsc h a p p ij, M endelssohn & C o ., or Pierson
m a tu re $250,000 on Ju ly 1 1926; $250,000 J a n . 1 1927; $250,000 Ju ly 1 1927, & C o.; in each case a t th e th e n c u rre n t b u y in g ra te for sig h t exchange on
a n d $250,000 J a n . 1 1928. These no tes a re d ire c t obligations of th e A nhalt N ew Y ork, w ith o u t d e duction for a n y p a r t, p re se n t or fu tu re taxes or d u ties
C o. C om pany co v en an ts th a t n eith er it nor a n y o f its subsidiaries will levied b y or w ith in th e G erm an R eich or a n y of its com ponent S tates.
c reate a n y m ortgage u p o n a n y o f its p ro p erties (incl. sto cks ow ned of su b ­ T h e N a tio n a l C ity C o. a n d Lee, H igginson & C o. sold in J u ly 1926 $15,000,sid iary com panies) w ith o u t equally a n d ra ta b ly securing these notes. 000 6 14% series, due 1951, a t 91)4 a n d in t., to yield 7.2 4 % . T he en tire
Guaranteed jo in tly and severally by endorsem ent o f th e G erm an C o n tinental issue am o u n ted to $15,000,000, o f w hich, how ever, $4,000,000 h a d been
G as Co. of D essau, a n d th e Lower R hine L ight & Pow er C o. of R h e y d t. w ith d raw n for offering in v arious E u ro p ea n m a rk e ts, incl. $2,000,000 to
In F eb . 1926 F . J . Lism an & Co. offered a t prices to yield 6.2 5 % , 6.50% , be placed in th e N e th erla n d s b y a n A m sterdam group com posed of N eder­
7% o r 7 .2 5 % , according to m a tu rity , $1,000,000 of these no tes. V . 122, landsche H a n d el-M a a tsc h a p p ij, M endelssohn & C o. a n d Pierson & Co.
p. 749.
V. 123, p . 85.
G U A R A N T O R C O M P A N IE S .— T h e German Continental Gas Co. o f
E A R N IN G S .— Of co. and Electric Pr. Works o f West Saxony for cal. y rs .:
D essau, founded in 1855 a n d controlling 88 electric lig h t, pow er a nd gas
1925.
1924.
com panies, &c. In 1918 purchased th e Im perial C o n tin e n tal G as A ss'n,
a n E nglish concern, w hich before th e g re a t w ar was in terested in th e G reater G ross earns, (incl. n o n -o p eratin g incom e)________ $9,167,562 $7,160,684
4,060,216
B erlin G as W orks an d o th e r sim ilar en terp rises. C om p any’s system now O per. ex p ., m a in t. & tax es (excl. incom e ta x e s ) .. 5,093,991
serves a b o u t 500 cities a n d villages, a n d d ire c tly controls lignite m ines,
N e t-----------------------------------------------------------------$4,073,571 $3,100,468
electric" lig h t, power a n d gas eq u ip m en t p la n ts, ru b b e r, benzol, chem ical,
dye an d a sp h a lt w orks, &c. C om pany is free of m ortgage d e b t.
N o te .— A nnual in te re s t re q u ire m e n ts on gen. & re f. an d u nderlying
T h e Lower Rhine Light & Power Co. o f Rheydt serves th e d is tric t s itu a ted b o nds a n d e stim ate d m axim um fixed charges on In d u s tria l debentures
betw een Cologne, A achen an d D uesseldorf, owns a steam generating p la n t, w ere s ta te d to aggregate $2,140,000. N e t earnings of pro p erties su b jec t
to 1st m tge. bonds for y e a r 1925 w ere $3,334,992; a n n u al in t. on 1st m tge
3 gas p la n ts , gas holders, & c., &c.— V. 122, p . 749.
b onds an d und erly in g obligations aggregate $1,090,000.
Currency.— T h ro u g h o u t th e above description conversions in to U . S.
currency h a v e been m ad e a t th e r a te of 4.2 m a rk s to th e dollar.
SA X O N PU B L IC W O R K S , INC.
O F F IC E R S .—-R ichard H ille, H e rm a n n M u ller, F riedrich W oehrle.
( A k t i e n g e s e ll s c h a f t S a e c h s i s c h e W erke).
ad q u
O R G A N IZ A T IO N .— O rganized in D resden, G erm an y , N o v . 13 1923 u n ­ H e 2193;arters, D resden, G e rm a n y .— V .120, p . 706, 3189, 3316; V. 122,
p.
V. 123, p . 85.
d er th e law s of th e G erm an R eich a n d th e F ree S ta te of Saxony. Since its
o rg an izatio n all of th e c ap ital sto ck o f th e co m p an y h as been a n d still is
ow ned b y th e F ree S ta te o f S axony. A t th e tim e of its o rganization th e
co m p an y to o k over fro m th e F ree S ta te o f Saxony all o f th e electric pow er
SIL E SIA ELECTRIC CORP.
p la n ts a n d coal m ines ow ned a n d o p erated b y th e S ta te since 1917, as well
as certain sto ck in te re sts in sim ilar en terp rises w hich h a d been acquired
(E le c t r iz ita e ts w e r k S c h le s ie n A k tie n g e s e lls c h a f t .)
b y th e S ta te . C o. co n tro ls E lec tric Pow er W orks of W est Saxony.
F O PE
A
H
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .— C F IE L D Oelectric R A T IO N S lig N D Cn A R A C T E R O F B U SeIN E S S .—
supplies
in a
Province
C o m p an y is p rim arily engaged in th e gen eratio n of electric energy th ro u g h ofo.Silesia, incl. th e pow er a n d of h t reslau extensive section of thP opu latio n
counties
B
an d W aldenburg.
stea m pow er p la n ts, a n d its transm ission a n d d istrib u tio n th ro u g h o u t th e reached d irectly e stim ate d a t a b o u t 750,000, a n d in d irectly a to ta l of over
S ta te o f Saxony a n d in certa in a d ja c e n t te rrito rie s. T h e te rrito ry served 2 , 1 0 0 , 0 0 0 .
h as a to ta l p o p u latio n o f over 5,000,000, w ith a n ag g reg ate a rea of a b o u t
C o .'s business consists alm o st en tire ly in th e g eneration of e lectricity by
6,950 sq u are m iles, a n d includes D resd en , w ith a p o p u la tio n o f a b o u t
a nd th
u tio n
608,000, an d Leipzig w ith a p o p u latio n of 608,000. T h e p re sen t electric stea m in 3 pow er p la n ts a m o u ne transm issionthan d gd istribw idely of its own
electricity, plus a sm all
t p
ro u h o u t
diversified
gen eratin g p la n ts o f th e co. h av e a c ap a c ity o f 327,000 h .p . (incl. 133,000 in d u stria l a n d a g ric u ltu ra l d istric u rch ased , e southw estern division of the
ts. In th
h .p . in process of in sta llatio n ). T h e pow er is delivered th ro u g h a tra n s ­ te rrito ry th e co. conducts its electric business plu s a sm all b u t profitable
m ission an d d istrib u tio n sy stem , including 1,782 m iles of h igh tension lines. electric railw ay line, th ro u g h operatio n of all th e p ro p e rty a n d business of
O f th e foregoing, over 264 m iles a re 100,000-volt lines o f steel tow er con­ its subsidiary, Low er-Silesian E lectric & R y . C o rp ., know n as N eukag. C o.
s tru c tio n . V. 120, p . 706.
ow ns over 88% of th e sto ck of N eukag.
Electrical Output (Current Delivered in K ilow att H o u rs).
A m ong c o .’s 57,000 electric custom ers a re included th re e im p o rta n t a d ja ­
1917
_36,375,159 11920_______ 77,230,933 11923-----------292.134,244 c en t u tility system s, 14 com m unities a n d 448 co-operative associations which
pu rch ase pow er fro m th e co. a t wholesale for re d istrib u tio n th ro u g h th eir
1918 _______ 66,564,910 1921............. .144,431,33311924----------- 356,681.574
ow n system s to m a n y th o u sa n d ad d itio n a l custom ers.
1919 _______ 60,846,63911922 ________243,249.29611925_______486,681,704
M
be
in e
Silesia
Coal.— C o m p an y 's coal fields cover a n ag g reg ate a rea of a pproxim ately th a t ore th a n 1,050 com m unities are to tly , fo u n d th ethco 38pcounties ofer. In
are supplied, d irectly or in d irec
w ith
m an y ’s pow
83.000 acres. M o st of th e coal is of th e so-called “ brow n c o al” or lignite
c h arac te r. A lthough th is coal in its raw s ta te has a re la tiv e ly low heatin g a rea this te rrito ry h a s over 8,050 sq u are m iles. V. 122, p . 750
c o n te n t as com pared w ith th e b est grades o f A m erican b itu m in o u s coal, it
ST O C K A N D B O N D S —
D ate.
Interest. O utstanding. M atu rity.
c an be ex tra c ted a t an ex trem ely low c o st th ro u g h th e sy stem of open surface C om m on____________________ _____
_________ $5,952,381
w orkings (which p e rm its th e use o f co n tin u o u s b u c k e t dredging a n d o th er Special v o ting p re fe rred ______ _____
_________
71,428
labor-saving m a c h in ery ), inasm u ch a s th e av erag e d e p th of surfaces before Sinking fu n d m ortgage go ld f 1926
6)4 g F-A 4,000,000 F eb 1 1946
reaching th e coal s tra ta is only 8 to 16 y a rd s, below w hich th e coal s tra ta
6 )4 % series d ue 1946 $ 1 5 T reuhand-V ereinigung A ktiengesellschaft.
ex ten d for a fu rth e r d e p th o f 20 to 60 y a rd s . C onseq u ently th e coal can
000,000 ($1,000, $500 c*)-{ B erlin, G erm any, tru ste e ; H a rris T r u s t &
be delivered to th e co m p an y ’s a d ja c e n t electric p la n ts a t a n extrem ely low
l Savs. B an k , C hicago, 111., co-trustee.
c o st p er u n it o f h e atin g v alu e.
Bonds.—
sinking
mortgage gold bonds 6
T h e o u tp u t o f brow n coal fro m th e m ines ow ned h a s increased from secured b y T h e c t 1st mfu n d on su b sta n tia lly all th)4 % series due 1946 a re
dire
tge.
e
p roperties
676.000 to n s (of 2,000 lbs. each) in 1917 to over 2,000,000 to ns in 1925. Over after-acquired) of th e co. a n d of N eu k ag (see above),fixedjec t only to (incl.
su b
p rio r
tw o -th ird s o f th e o u tp u t is used in th e co m p a n y ’s pow er p la n ts a n d th e
th e D aw es
, estim ated
tim of issuance
b alan ce is eith e r sold to in d u stria l custom ers in its raw s ta te or is com pressed charges u n d e r $1,297,714, P la ncip al a m o u na t a n d eto underlyingof bonds a s
p rin
t,
m ortgages
in b riq u e tte form (th ereb y increasing its h eatin g v alu e n early th re e tim es by n o t exceeding
of a pprox. $90,000 for the discharge of w
4m
s from
te
th e elim ination o f excess m oisture) a n d re ta ile d to local custom ers in th e issue of these b onds provision h a s been hich w ithinaxim o n th a nnual d aaw of
m ade. M
um
D es
su rro u n d in g te rrito ry .
n t exceeding $80,000.
rem
$11,000,000
T h ro u g h m ore th a n 1,900 borings th e c o m p an y ’s brow n coal reserves have charges estim ated a a s be oissued in series of such T h eo r as aining tim e to tim e
(or
m y
ten
from
been reliably estab lish ed b y in d ep en d en t ex p erts a t over 3,700,000,000 m a yequivalent) ined, for 50% of new c o n stru ctio n , &c., provided n e t earn­
be determ
to n s, of w hich over 3,200,000,000 to n s can b e e x tra c ted th ro u g h th e above ings for 12 consecutive o u t o f preceding 15 m o n th s h a v e been a t le a st 3 tim es
described m e th o d o f open w orkings.
a n n u al in te re st req u irem en ts on all sinking fu n d m ortgage bonds o u tsta n d ­
D ate.
Interest. Outstanding. M aturity.
STOCK A N D B O N D S—
ing, incl. new issue. A n a n n u a l sinking fund com m encing F eb. 1 1927 is
____
_______
20,000shs. __________
C om m on Series “A ” _______
calculated to re tire a t le a st 50% of 6 )4% series d ue 1946 a t or before m a tu r­
____
_______
20,000shs. ---------------- ity , w ith provision for increased sinking fu n d p a y m e n ts u n d e r certain
C om m on Series “ B ” _______
______„ ___ _______ _
7 g F-A $15,000,000 F e b 1 1945 conditions. C o. m a y te n d e r bonds for cancellation in lieu of m aking cash
F irst m tg e 20-yr s f 7% guar] ____
1925
ex t. L oan g coup bd s ($15,-}N a tio n a l C ity B an k o f N ew Y o rk , tru s te e .
p a y m e n ts in to th e sinking fu n d . C all, b y lo t, w hole or p a r t, on 60 d ay s'
000,000 ($1,000 & $500) -c*j
notice a t 100 a n d in t. P rin . a n d in t. a re pay ab le a t H a rris, F o rb es &
G en & ref gu ar g $50,000,000} 1926
6 )4 g M -N 15,000,000 M a y 1 1951 C o ., N . Y . C ity , or a t c o -tru ste e s’ office in C hicago, in U . S. gold w ith o u t
614% series due 1951 ($1,-1 N a tio n a l C ity B an k of N . Y ., T ru ste e .
deduction for an y G erm an taxes. In F eb. 1926 H arris, F o rb es & C o.
000, $500 c * )____________ (D eu tsch e B an k , B erlin, C o-tru stee.
offered $4,000,000 6 )4 % series d ue 1946 a t 8 7 % an d in t., to yield 7 M %
■•
O th er long te rm d e b t________ ( ____
_________
$442,501 ------------ . . . V. 122, p . 750. L iste d on B oston Stock E xchange.
Stock.— T h e 20,000 sh ares com m on series A a n d 20,000 com m on series
B shares hav e a n ag g reg ate p a r valu e of 40,000,000 m ark s ($9,523,809).
E A R N IN G S .— F o r 12 m o n th s ended:
In Sept. 1926 we w ere inform ed th a t th e S ta te expected sh o rtly to purchase
Oct. 31 '25. Dec. 31 ’24
60,000,000 m ark s ($14,285,714) p a r v alu e ad d itio n a l sto ck , 25% to be G ross earnings, &c______________________________ $2,967,727
$2,664,805
O per. exps., m a in t., taxes, & c., chargeable to oper.
in itially p aid in.
..............
Bonds.— T h e 1st m tg e. 20-year b o n d s, in a d d itio n to being u n c o nditionally
(incl. est. m axim um charges u n d e r D aw es P la n ), x l ,851,254 1,724,010
guaranteed by the Free State o f Saxony as to p rin cip al a n d in te re st b y endorse­
m e n t on each b o nd, a re secured b y a d ire c t 1st m tg e. u n d e r G erm an law
N e t earnings available for b ond in te re s t________ $1,116,473
$940,795
on s u b sta n tia lly all of th e real p ro p e rty of th e c o ., now ow ned or he re afte r A nnual in te re st on $4,000,000 6)4 % b onds_______
260,000 __________
a cq u ired w ith th e proceeds o f th e bo n d s, incl. th e electric pow er p la n ts
a n d coal m ining rig h ts, su b jec t, as to certa in re la tiv e ly u n im p o rta n t p a rts
B alance available for depreciation, dividends, &c $856,473 ____„ ____
o f th e p ro p e rty , to liens ag g reg atin g less th a n $643,000 an d on certain
x T he D aw es charges did n o t begin to accrue u n til S ep t. 1 1925.
re c en tly acquired p ro p e rty , to th e charges securing ap p ro x im ately $262,000
“ D aw es D e b en tu res” existing a t tim e p ro p erties w ere acq u ired. Inasm uch p . O F F IC E R S .— M anaging D irectors, O. O liven an d R . W olfes.— V. 122,
750.
a s all o f th e stock o f th e co. is ow ned b y th e S ta te of Saxony, th e co. is n o t
re q u ire d u n d e r th e In d u stria l C h arg es Law (In d u strie-B elastungs-G esetz,
A ug. 30 1924) to issue either negotiable or non-negotiable d eb en tu res u n d e r
S T E T T IN PUBLIC U T IL IT IE S CO.
th e so-called “ D aw es P la n .” In accordance w ith a n o th e r law w hich effects
(O e ffe n tlic h e W e rk b etrieb e der S t a d t S t e t t in , G . m . b . H .)
a fu rth e r in te rn a l d istrib u tio n w ith in G erm an y of th e b u rd e n of th e socalled “ D aw es d e b en tu re s,” th e co. w ill be re q u ire d to m ake certa in annual
Control.— T h e e n tire c ap ita l sto ck is ow ned b y th e C ity of S te ttin ,
p a y m e n ts, th e a m o u n t o f w hich, i t w as s ta te d , w ill n o t exceed $57,000 p . a. G erm any.
T h e bonds are redeem able as a w hole on F e b . 1 1930 or th e re a fte r p rio r
O R G A N IZ A T IO N .— O rganized in M arch 1926. C o n tro ls all th e u tility
to F eb . 1 1935 a t 105, an d on or a fte r F e b . 1 1935 a t 100. P rin cip al, in te re s t
a n d sinking fu n d p ayable in N ew Y ork C ity in U nited S tates gold coin of com panies su p plying th e C ity of S te ttin , G e rm a n y th e c ap ita l a n d la rg e st
th e p re sen t s tan d a rd of w eight an d fineness, w ith o u t ded u ction for an y p a st, c ity of th e P ro v in ce of P o m e ra n ia , p o p u la tio n over 258,600, w ith electric
p re se n t or fu tu re taxes or du ties levied by or w ith in th e G erm an R eich or th e lig h t an d pow er, gas, tra m w a y an d w a ter service. O ne o f th e se u tility
com panies— S te ttin P ow er C o rp .— also su p p lie s, in d ir e c tly . electrical energy
F ree S ta te of Saxony, a t N a tio n a l C ity B an k o f N ew Y ork, tru ste e .
n several a d ja c e n t c ounties w hich h a v e a to ta l p o p u la tio n of a p p ro x im a te ly
Sinking F u n d — B eginning A ug. 1 1935 a sinking fu n d will o p erate to
re tire sem i-annually l-2 0 th o f th e principal a m o u n t of bonds of this issue 550.000. T hese u tility com panies are:

S A C H S E N -A N H A L T ELECTRIC CO. O FH AL L E (SAALE)
( E le k t r iz ita e ts w e r k e S a c h s e n - A n h a l t , A .G ., in Halle
(S a a le).




278

P U B L IC

% o f Total Capital
K in d o f
N ow Owned by Stettn
C om pany.
Service Rendered, tin Pub. U tilities Co.
8 te ttin Pow er C o rp _____________ E lec tric g en eratin g
a66 2-3%
S te ttin E lectric C o rp ____________ E lec tric d istrib u tin g
b 60.0
S te ttin T ram w a y s C o rp _________ E lec tric tra m w a y
b63.5
C ity G as & W a te r C o rp _________G as an d w a ter
100.0
S te ttin H a rb o r & E lec. C o ______ E lectric d istrib u tin g
100.0
a B alan ce ow ned in p a rt b y P ro v in ce of P o m eran ia a n d in p a r t b y th re e
'in tie s , b B alan ce ow ned by p u b lic.
' F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T h e electric g en eratin g p ro p e rties, all o f which are ow ned by S te ttin Pow er
C orp. co n sist o f 2 pow er sta tio n s w ith a com bined p resen t in stalled c ap a c ity
o f 48,800 k .w ., w hich is being increased to a to ta l c a p a c ity of 74,400 k .w .
D u rin g 1925 co m p an y sold over 82,000,000 k .w .h . of e le ctricity , all a t
w holesale to a few large cu sto m ers. A su b sta n tia l p a rt o f th e a m o u n t is
sold u n d e r long te rm c o n tra c ts for re d istrib u tio n to m a n y th o u sa n d ad d i­
tio n a l consum ers th ro u g h o u t th e several a d ja c e n t counties ab ove referred to .
T h e 2 electric d istrib u tin g subsidiaries pu rch ase th e ir e n tire electrical
re q u ire m e n ts from S te ttin Pow er C o rp ., and d istrib u te electricity th ro u g h ­
o u t th e C ity o f S te ttin to over 54,000 cu sto m ers. For th e 12 m o n th s ended
D ec. 31 1925 th e ir com bined sales a m o u n te d to over 14,000,000 k .w .h .
T h e S te ttin T ram w a y C o rp . w ith 44 m iles of tra c k (single tra c k equiv­
alent! does th e e n tire electric railw ay b usiness o f S te ttin a n d c erta in a d ja ce n t
s u b u rb a n com m unities.
T h e gas a n d w a ter p ro p erties a re o p e ra te d b y one su b sid ia ry an d serve
th e e n tire c ity . A m o d ern gas g en eratin g p la n t is to be co m pleted in th e
Fall o f 1926 w ith a c ap a c ity o f 2,100,000 cubic feet p er d a y of coal gas,
and w ill ta k e over a large p a rt of th e load o f th e existing g e nerating p la n t.
Over 40,500 gas cu sto m ers, in clu d in g th o se served in several a d ja c e n t
co m m u n ities. W a te r cu sto m ers, 6.235.
Franchise Rights.— C o m p an y , to g e th e r w ith its su b sid iary operatin g
com panies, h as satisfa c to ry exclusive concession c o n tra c ts which cover
th e o p eratio n o f each of th e p ro p e rties in th e C ity of S te ttin an d expire
In 1956. V. 122, p . 3212.
STO CK A N D B O ND S—
D ate.
Interest. Outstanding. M aturity
C ap ital s to c k ________________ All ow ned b y C ity o f S te ttin .
1st (closed) m tg e s f 7% g o ld / 1926
7 g A-O
S3,000.000 A pril 1 1946
$3,000,000) ($ 1 ,00 0 )____c * ( L isted on B oston Stock E x change.
Bonus.— 'T h e 1st m tg e . s. f. 7% gold b o nds, d ated A pril 1 1926 are se­
cured b y a d ire c t first (closed) m o rtg ag e or deed of tru s t on su b sta n tia lly
all th e fixed p ro p e rties (incl. a fte r acquired) o f th e o p e ra tin g subsidiaries
of th e co ., su b jec t w ith resp ect to one o f th e sub sid iary p ro p e rties to prior
charges u n d e r th e D aw es P la n e stim ate d a t n o t exceeding $250,000 principal
a m o u n t. T h e ag g reg ate m axim um an n u al charges u n d er th e D aw es P ian
an d th e G erm an Law s en ac te d to c a rry th e D aw es Plan in to effect, for
all th e o p e ra tin g subsidiaries a re -estim ated a t n o t exceeding $54,100.
T h e re is a sinking fu n d com m encing J a n . 15 1927 sufficient to re tire 2 %
of th e en; ire a m o u n t o f th e issue a n n u ally , or 50% by m a tu rity . C om pany
m ay in a n y y e ar, a t its o p tio n , increase th e sinking fu n d p a y m e n ts to an
a m o u n t su fficien t to re tire n o t to exceed 5% o f th e issue. P a y m e n t to
be a p p lied to p u rc h a se of bon d s a t or below p a r and in t. otherw ise to call
by lo t a t p a r a n d in t. C o. m ay te n d e r bonds for c an cellation in lieu of
m aking cash p a y m e n ts. A re re d . for sinking fu n d a t 100 an d in t. on any
in te re st d a te . C allab le, w hole o r p a r t, b y lo t on a n y in te re s t d a te on
6 w eeks’ n o tic e , including A pril 1 1931 a t 102 Vi a n d in te re s t a nd th e re ­
a fte r a t 100 and in te re s t. D eu tsch e T reu h a n d G esellschaft, B erlin,
tru ste e ; H a rris T ru st & Savings B an k , C hicago, co tru ste e . Principal
a n d in te re s t p a y ab le in N ew Y ork or C hicago. In Ju n e 1926 H a rris, Forbes
& C o. an d R edm ond & C o. offered $3,000,000 a t 94)4 an d in t, to yield
a b o u t 7 .5 5 % . V . 122, p . 3212.
E A R N IN G S .— F o r calen d ar y e ar 1925:
G ross earn in g s, in cl. n o n -o p er. in co m e_________________________$4,258,370
O p eratin g expenses, m a in t., tax es, & c., ch arg eab le to o p eratio n
(incl. e stim a te d m ax im u m charges u n d e r Da-wes P la n )--------- 2,605,940
N e t e a rn in g s_______________________________________________ $1,652,430
A n n u al in te re s t on $3,000,000 b o n d s__________________________
210,000
B alan ce b efo re d e p re ciatio n , &c____________________________ $1,442,430
O F F IC E R S .— M an ag in g D ire c to rs, D r. X a v e r M ay e r a n d W ilhelm
D u h m er.— V. 122, p . 3212.

U N T E R E L B E POW ER & L IG H T CO.
( E le k t r ic ita e ts w e r k U n t e r e lb e , A k t ie n g e s e lls c h a f t )
Control.— C e .’s e n tire c ap ita l sto ck (20,000 000 R . M . p a r value) is owned
by th e C ity o f A ltona.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. supplies electric pow er an d lig h t w ith o u t co m p etitio n in th e C ity of
A lto n a an d c e rta in n e arb y d istric ts. In ad d itio n , in 1926 it acquired from
th e C ity o f A lto n a th e gas a n d w a ter p ro p e rties (exclusive of old adm inis­
tra tio n building) w hich su p p ly th e e n tire req u irem en ts of th e c ity a n d p a rt
of th e su rro u n d in g te rrito ry . T hese gas an d w a te r p ro p erties w ill continue
to be o p erated as hereto fo re th ro u g h A lto n a G as * W ater C o. (A ltonaer
G as-u n d T asserw erke G . m . b . H .) , a ll o f w hose c ap ital stock has been
V
a cq u ired b y th e U n terelb e Pow er & L ig h t C o. from th e city . T h e to ta l
p o p u latio n th u s served d ire c tly and in d irectly b y th e co m pany w ith elec­
tric ity , gas a n d w a te r is ap p ro x im ately 260,000. Sales of electric c u rre n t,
a b o u t 37,996,000 k .w .h . in 1924 a n d 44,612,000 k .w .h . in 1925. M ore th a n
h a lf th e c u rre n t sold in 1925 w as delivered to in d u stria l users. Sales of gas
In 1924 and 1925 w ere in excess of 741,000,000 cu. f t. and 831,000,000 cu. f t.,
respectively.
T h e electric p ro p erties consist o f a p la n t h av in g an in sta lled turbo-gener­
a to r c ap a c ity o f 26,000 k .w ., to g e th e r w ith high-tension lines for tra n s ­
m ission o f c u rre n t to o u tly in g d istric ts and a d istrib u tio n netw o rk w ithin
th e c ity p ro v id in g for a to ta l connected load of in excess 60,000 k .w . New
p la n t to be co n stru cted will brin g to ta l gen eratin g c ap acity to 60,000 k .w .,
as well as e x ten d th e transm ission a n d d istrib u tio n system to care for th e
ra p id ly increasing d em an d in th e te rrito ry served.
T h e gas a n d w a ter p ro p erties d irectly ow ned b y co. a n d o p erated th ro u g h
Its w holly ow ned su b sid iary consist o f (a) gas generating facilities capable
o f p ro d u cin g d aily a to ta l of 3,500,000 cu. ft. o f coal gas (w ith b y -p ro d u cts),
an d d elivering gas to consum ers th ro u g h a b o u t 47,000 m eters; a n d (b) a
w ater filtra tio n , c e n tra l p u m p in g a n d su p p ly p la n t serving consum er
th ro u g h a b o u t 13,000 m eters. C o. e ith e r ow ns o r has th e exlcusive
rig h t to use gas a n d w a te r d istrib u tin g system s a p p u rte n a n t to these p la n ts.
Franchises.— In c ity o f A lto n a, exclusive franchises g ra n te d b y th e city
an d exten d in g bey o n d 1941.
STO CK A N D BO N D S—
Date. Interest. Outstanding. M aturity.
_________ 20,000,000 R .M _______
C a p ita l s to c k ________________ _____
15-year 7% sinking fu n d gold 1926 7 A-O
$2,500,000 O ct 1 1941
$4,000,000 ($1,000, $500 c * {F irst T r . & Sav. B k ., C hicago, A m erican
tru ste e ; D eu tsch e W aren -F resshand, A .G .
H am b u rg , G erm an tru ste e .
B onds.— T h e 15-yr. 7% s . f . mtge. gold bonds, dated Oct. 1 1926, are secured
by i. d ire c t m ortgage in th e gold m a rk eq u iv alen t of a t least th e principal
a m o u n t of bon d s o u tsta n d in g on c o .’s electric lig h t and pow er p roperties,
; i gas g en eratin g p la n ts a n d its w a te r filtra tio n , cen tral pum ping and sup­
p ly p la n t. T h is m ortgage is a first m o rtg ag e on c o .’s electric light a nd pow er
p ro p erties a n d a d irect m o rtg ag e on th e gas an d w ater p ro perties, subject
to a rep u rch ase rig h t w ith resp ect to th e w ater w orks p ro p e rty effective
only if th e p ro p e rty ceases to b e used as a w a ter w o rk s, an d to a p rio r lien
In th e m axim um a m o u n t of $140,476. T h is lien secures a d e b t of th e C ity
o f A ltona w hich w as n o t assum ed b y co. and th e city has indem nified co.
ag ain st any liab ility for in te re st o r prin cip al thereon.
As co. is m unicipally ow ned, it is n o t su b ject to a c ap ital charge under
th e D aw es P la n . H ow ever, in accordance w ith th e laws of th e G erm an
R eich, en acted to p u t th e I aw es Plan in to effect, co. is obligated to m ake
a n n u al p a y m e n ts w hich w ere e stim ate d a t a m axim um o f a b o u t $35,000
p er y o ar.

T h ere is a sinking fu n d for th e re tire m e n t b y p urchase o r call a t 100 and
in t. o f $100.000 o f bonds on o r before A pril 1 1929. and a sim ilar a m o u n t
d u rin g each six m o n th s' period th e re a fte r. I t w ill be sufficient to re tire
$2,500,000 before m a tu rity . In event of fu tu re issuance of $1,500,000
ad d itio n al bonds, su ch sem i-annual sinking fu n d is to be increased by
$60,000 o f bonds. T h e a d d itio n al $1,500,000 m a y be issued only a fte r im­
p ro v e m e n ts o r extensions h av e been m ade to th e m ortgaged p ro p e rty h a v ­
ing a cost o r fair v alu e (w hichever is low er) o f a t least th e am o u n t of th e p ro ­
ceeds o f th e original $2,500,000 issue, p lu s $2,000,000. provided net earn­
in g s o f co. as defined in th e in d e n tu re , a fte r in terest charges b u t before
d e p re ciatio n a n d ro y a ltie s, d u rin g each o f th e tw o fiscal y ears im m ediately




[V ol. 123,

U T IL IT IE S

preceding such issue sh all h av e been a t le a st 3 tim es th e m axim um a n n u al
in te re st re quirem ents on th e to ta l authorized issue of $4,000,000. Such
ad d itio n a l bonds m ay also be issued upo n deposit of cash w ith th e (G erm an)
tru s te e , w hich s h all su bsequently be rep ay ab le to co. in th e m a n n e r to be
provided in th e in d e n tu re securing th e bonds.
T h ey a re r e d ., w hole b u t n o t in p a r t (except fo r sinking fu n d ), on a n y in t.
d a te on 60 d a y s ’ notice, a t 103 and in t. C a ll, fo r sinking fu n d a t 100 &
in t. P rin . a nd in t. p a y ab le in U. S. gold a t A . G . B ecker & C o ., C hicago
or N ew Y o rk , w ith o u t d eduction for a n y taxes or charges, p a s t, p re se n t or
fu tu re , levied by G erm an taxing a u th o ritie s. In O ct. 1926 A . G . B ecker
& C o. offered $2,500,000 a t 99% & in t., to yield a b o u t 7 .0 8 % . V . 123,
p . 2142.
E A R N IN G S .— C om bined earnings of p ro p e rties ow ned a n d o perated
by co. a n d its sub sid iary , A ltona G as & W a te r C o ., for cal. y e a r 1925:
G ross earnings, including m iscellaneous incom e_________________ $3,262,229
O per. exps., incl. m a in t., taxes no t based on p ro fits, charges
u n d e r D aw es P la n , &c_____________________________________ 1,826,020
A vailable for in te re s t, depreciation, ro y a ltie s, *&c__________ $1,436,203
* T he city has covenanted to su b o rd in a te ro y a lty charges accruing to it
for franchises held by th e co. to c u rre n t in te re s t and sinking fu n d charges
on th e 15-year m tge. bonds.
Latest Earnings .— F o r 6 m o n th s ended J u n e 30 1926 n e t earnings avail­
able for in t., d e p re c., ro y alties, & c., w ere $893,612.
N ote.-—All conversions have been m ad e a t th e r a te of 4.2 R eichsm arks,
or 4.2 gold m ark s to th e dollar.
O F F IC E R S .— M anaging D irector, H e rr M ilich.— Y. 123, p . 2142.

W E STP H AL IA U N IT E D ELECTRIC PO W E R CORP.
(V erein igte E le k tr iz it a e ts w e r k e W e s t f a le n G. m. b. H.)
O R G A N IZ A T IO N , C H A R A C T E R O F B U S IN E S S , &c.— O rganized
M a rc h 1 1923 as D o rtm u n d e r u n d V erb an d s-E lek trizitaetsw erk , G . m . b . H .
N am e changed to p re sen t title J a n . 1 1925. C o rp . is a m unicipal e n te r­
p rise a nd supplies by fa r th e gre a te r p a r t of a ll electricity used in one of fore­
m ost industrial sections of E urope, serving d irectly m ore th a n 138,000
consum ers, a nd supplying a t w holesale m ost of th e pow er requirem ents of
local distrib u tin g system s which in th e aggregate supply electricity to over
160.000 additional consum ers. Also furnishes gas to m ore th a n 19.500
consum ers in 22 com m unities
T h e te rrito ry served em braces a n a re a of
over 4.255 square miles in w estern G erm any, including m ost of th e very
highly industrialized distric ts in th e E m s, Lippe a nd R u h r R iver valleys,
an d having a presen t population e stim ated a t 2,900,000.
T h e system includes 4 large m odern steam electric generating p la n ts w ith
an aggregate installed generating c apacity of 160,000 k .w .; a transm ission
system consisting of over 390 circuit m iles of 50.000 volt an d 100.000 volt
transm ission lines, carried on steel tow ers; 951 circuit m iles of 10,000 a n d
25.000 volt transm ission lines, a nd 817 miles of underground cable; 14
principal su bstations containing 91,000 k v a . of transform ers, 874 tra n s ­
form er a nd sw itching statio n s containing over 250,000 k v a . of transform ers;
an d an extensive d istrib u tio n system reaching over 138,000 custom ers in
241 com m unities and including m ore th a n 1,516 circuit m iles of overhead
conductors and 653 m iles of underground cables.
In ad d itio n , corporation operates a hydro-electric p la n t having an
installed c ap acity of 6,000 k .w . under a lease extending to 1948 from R u h r
Valley .Stream C ontrol A ssociation (R uhrtalsperre-V erein). Pow er is
also purchased a t wholesale on very favorable te rm s u n d e r con tracts w ith
various coal m ining com panies operating w ithin th e te rrito ry served. These
co n tracts add approxim ately 39,000 k.w . to th e pow er resources of the
W estphalia U nited System . V. 121, p . 2640.
Control.— P ractically all o f th e c ap ital stock is ow ned b y m unicipalities
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
_________ M ks.40,000,000________
com m on M ks. 40,000,000__________
1st m tge. sinking fund g o ld fl9 2 5
6)4 g J-D $7,500,000 D ec. 1 1950
series due 1950 $25,000,0001 D eutsche T reuhand-G esellschaft, B erlin,
($l,000-$500c*)__________
G erm any, tru ste e .
(H arris T r. & Sav. B k ., C hicago, 111., co-trus.
Bonds.— T h e 1st mtge. s. f . gold bonds series due 1950 a re secured b y d irect
first m ortgages on all of th e m ore im p o rtan t fixed p ro p e rty of th e system
including th e four large m odern pow er p la n ts, and after-acquired properties.
A dditional bonds of this or o th er series, of such ten o r as com pany m ay
determ ine, m ay be issued for 50% of new c onstruction. & c., pro v id ed n e t
earnings for 12 o u t of preceding 15 m onths have been a t le a st 3 tim es a n n u al
in te re s t on all bonds issued, incl. those proposed to be issued. U nder th e
“ D aw es P la n " a nd th e G erm an laws enacted to c arry th is p lan in to effect
corporation has to m ake a n n u al p ay m en ts estim ated n o t to exceed $75,000,
a portion of w hich is secured in accordance w ith th e so-called In d u stria l
C harges Law of A ug. 30 1924. A progressively increasing a n n u al sinking
fu n d , com m encing A ug. 1 1931 will re tire th e e n tire series a t or before
m a tu rity . C om pany has option to ten d er bonds for cancellation in lieu
of m aking cash p a y m e n ts in to th e sinking fu n d . C all., whole or p a r t by
lo t, on 60 d a y s ’ notice, a t 100 an d in t. L isten on N . Y . an d B oston Stock
E x ch an g es. P rin cip al p a y ab le a t Speyer & C o ., N ew Y o rk . I n t. p ayable
a t Speyer & C o. a nd c o -tru ste e ’s office in C hicago in U . S. gold coin w ith o u t
d e duction for an y G erm an taxes. In N o v . 1925 Speyer & C o. an d H a rris ,
F o rb es & C o. offered a t 87 J4 an d i n t . , to yield 7 .6 2 % , $7,500,000 series due
1950. V . 1 2 1 ,p . 2640.
E A R N IN G S .-—F o r periods as in d ic a te d (in m arks):
x6 M as. E nd. Cal. Year
J u n e 3 0 '2 6 .
1925.
Sales of electric c u rre n t__________________________ 13,191,581 26,468,979
Sales of g a s________
304,956
886,779
M iscellaneous___________________________________
602,218
329,445
T o ta l rev e n u e ________________________________ 14,098,755
O per., adm in. & general expenses_______________ 7,230,358

27,685,203
14,454,158

N e t p ro fit____________________________________ 6,868,397 13,231,045
C oncession fees____________________
1,100,000
2,205,571
D ep reciatio n ____________________________________ y l ,886,077 y 6 ,985,140
In te re s t-------------------------------------------------------------- 1,327,420
821,318
Business franchise ta x ___________________________
252,000
344,900
z N et e arnings------------------------------------------------ 2,302,900
2,874,116
x S ubject to a d ju stm e n ts a t end of fiscal y e ar.
y T h e a m o u n t of d epreciation charged for th e y e ar ended D ec. 31 1925
w as m uch g re a te r th a n th e a m o u n t as calcu lated a t n o rm a l ra te s. P ra c ­
tic a lly th e w hole of th e b alance of th e su rp lu s.a cc o u n t has th u s been tra n s ­
ferred to d epreciation reserve, w hich a t D ec. 31 1925 am o u n ted to M . 38,500,000. T h e d epreciation for th e six m o n th s ended Ju n e 30 1926 h a s been
calcu lated a t norm al ra te s.
z W estphalia U n ited E lectric C o rp . is n o t su b ject to incom e ta x , as it is
a m unicipal e nterprise
O F F IC E R S .— M a n . D ir., M . K ro n e a n d L r . Fisher.-—V . 121, p . 2640
V. 123, p . 1998.

FRANCE
IN T E R N A T IO N A L POW ER S E C U R I T I E S CORP.
O R G A N IZ A T IO N .— Incorp. in 1923 in D elaw are as Ita lia n Pow er C o.,
to acquire selected securities and obligations of leading electric light a n a
pow er com panies in th e U . S. or foreign countries. N a m e changed to
present title in N ov. 1924. V. 119, p . 2287.
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
C om m on $5.000,000-....................... __
................. $1,000,000 __________
C ollateral tru s t series B g o ld / 1924 6)4 g J -D
4.000.000 D ec 1 1954
($1,000 c * )_______________(B ankers T ru s t C o ., N . Y . C ., tru ste e .
/ 1925 6)4 J -D
10.000,000 Dec 1 1955
Secured gold S e rC ($1,000 c * ) \I n t. a t B ankers T r . C o ., N ew Y ork, tru stee.
I 1926 7 g J -J
5.000.000 J a n 1 1936
Secured gold ser D ($1,000 c*) (B ankers T ru s t C o ., N . Y . C .. tru ste e .
Slock.— T h e authorized stock w as increased on O ct. 26 1925 from $2,000,000 to So,000.000. V. 121. p. 2156. T h e balance of $4,000,000 of the
authorized stock has been subscribed for, b u t n o t p a id . T h e balance pay­
able is su b ject to call.

O ct ., 1926.]

PO W E R , L IG H T

AND

R A IL W A Y

279

D ividends.— Co. h as m ain tain ed a dividend policy of 6% p er a n n u m since
inception. L a st d iv. p aid , 3% in A pril 1926.
BO N D S SE C U R E D B Y IN V E S T M E N T S I N F R A N C E .
The coll, trust gold bonds, series B, dated Dec. 1 1924 are secured by $4,000,000 634% external gold bonds o f U nion d ’ E lectricite, P a ris, France.
T h e y are red . all or p a rt on 60 d a y s' notice a t 107 a n d in t. on or before
D ec. 1 1929; 105 a n d in t. on or before D ec. 1 1930; th e p rem ium decreasing
}4% an n u ally th e re a fte r u n til J u n e 1 1935. On a n d a fte r J u n e 1 1935
redem ption p rice, rem ain s a t 102)4 a n d In t. A n a n n u ally increasing
T YR O L H Y D R O -E L E C T R IC PO W E R CO.
sinking fu n d , com m encing in 1930 will re tire th e en tire issue b y m a tu rity .
C o. reserves th e rig h t to redeem bonds b y lot for th is sinking fu n d a t 100
(Tiroler W a ss e r k r a ftw e r k e A k t i e n g e s e lls c h a f t )
and in t. on D ec. 1 o f a n y y e ar, beginning w ith D ec. 1 1930. A fixed schedule
(“ T iw a g ” ).
rovides for th e re tirem e n t of $25,000 in 1930; th e in sta llm e n t is increased
y $15,000 in each of th e years, from 1931 to 1934 in cl., by $10,000 in each
G A N IZ A
know
“T
was
o f th e years from 1935 to 1949 in cl.. and by $5,000 in each of th e years forO Re purpose T IO N .— C om pany generallyer of thn asta te iw ag”ro l, Aforme
th
of developing th e w ater pow
e S
of y
ustria,
from 1950-1954 Incl., th e 1954 in sta lm en t being $260,000. In D ec. 1924 a n d of supplying electric pow er to In n sb ru c k a n d o th er citiesTan d industries
A ldred & C o ., &c., &c., offered $4,000,000 6)4 % coll, tr.g o ld bonds, series in T y ro l, and in a d ja c e n t Southern B av a ria a n d N o rth e rn Ita ly , as well as
B a t 93 54 and in t., to yield a b o u t 7 % . V. 119, p . 2645.
to th e A ustrian F ed eral R ailw ays.
T h e $4,000,000 30-yr. 6)4 % ex term gold bonds of th e U nion d ' E lectricite
Th “T
has
exclusive franchise for six
years to develop
m a tu re D ec. 1 1954 a n d ra n k equally w ith 195,823,500 francs in te rn a l obliga­ w atere powiw ag” th is San te n o t developed a t to e timty of its org an izatio n .all
er of
ta
e
tio n s issued an d o u tsta n d in g in F ran ce. Co. (th e “ U n. d ’E l.” ) c o venants
to secure th ese bonds equally a n d ra ta b ly w ith an y obligations secured by
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
an y new m tg e. lien or charge which m ay be placed on th e c o .’s pro p erties or U pon form ation th e “ T iw ag” acquired from th e C ity of In n sb ru cx the
revenues. A dditional bonds m ay be issued for 80% of ad d itional p roperties w orld-fam ous “ A chensee” (L ake A chen); three large pleasure steam ers;
a n d im p ro v em en ts a n d provided n e t earnings a re a t least 1 )4 tim es in te re st th re e hotels; 41 )4 % of th e sto ck of th e Jenbach-A chensee R y (connecting
on all bonds, incl. new issue. P rin . an d in t. p a y ab le in U . S. gold coin, A chensee w ith th e A u strian F ed eral R ailw ays a t Jen b a c h S tatio n ); a d d i­
w ith o u t d ed u ctio n for an y F rench tax es.
tio n a l ground for “ T iw ag” buildings, to g e th e r w ith num erous privileges,
such as th e rig h ts of n a v ig a tio n , fishing, h u n tin g , running th e h otels, &c.
U nion d’ Electricite, Paris, France.
F o r a m ore com plete descrip tio n , see V. 120, p . 2270. A 20-year c o n tra c t
O rganized in 1919. Supplies th ro u g h 7 d istrib u tin g com panies, a b o u t w ith th e A u strian Federal R ailw ays calls for 24,000 h . p . energy per annum
90% o f th e electric pow er in th e in d u stria l te rrito ry su rrounding P a ris to be supplied for th e ra ilw a y lines e ast a n d so u th of the c ity . T h e “ A chen­
w ithin a rad iu s o f 30 miles. W ith in P a ris pro p er supplies th e g re a te r p a rt see” pow er house, w hich is u n d e r co n stru ctio n , will have an Installed
of th e electric tra c tio n lines, one-half of th e pow er of th e N ord-S ud subw ay cap a c ity of 100.000 h . p . T h e firs t u n it of 60,000 h . p . is to be com pleted
system , th e term in als and electrified lines of th e Paris-O rleans a nd th e E t a t b y Ja n u a ry 1928. T h e C ity of In n sb ru c k has g u a ra n te ed a m inim um
railro ad s, th e term in als of th e P a ris-L y o n s-M ed iterran ean E R . a n d certain purchase of energy of $420,000. T h is c o n tra c t ru n s for 60 y e a rs . F u rth e r­
w ater com panies, to g eth er w ith a num ber o f large p u rch asers of pow er under m ore, pow er is to be supplied to p a rts of a d ja c e n t B av aria a n d N o rth ern
iecial c o n tra c ts. O utside o f P aris, also supplies th e electrified lines of th e Ita ly . V . 120. p 2270
t a t R y. sy stem , p a rt of th e Paris-O rleans R R . a n d m ost of th e su b u rb a n
B
D ate.
Interest. O utstanding. M aturity.
tractio n lines, w a ter com panies, &c. C o .’s p lan ts include th e G ennevilliers C omO N D 8— 3 0 ,0 0 0 ,0 0 0 ,0 0 0 1 ____
_______ oK 30,000,000,000
m on oK
statio n (present in stalled c ap acity 240,000 k .w ., u ltim a te 390,000 k .w .);
(par olv 10,000)----------------/
th e V itry p la n t (90,000 k .w .) a n d tw o su p p lem en tary p la n ts. Is con­ 1st M (closed) 30-yr s f gold (1925
7)4 g M -N $3,000,000 M ay i 1955
stru c tin g tw o new p la n ts o f resp. 400,000 and 40,000 k .w . c ap a c ity . 174
($1,000 a nd $500)---------c *(N ew Y ork T r u s t Cot., N ew Y ork C ity , tru s t
miles und erg ro u nd , 100 miles overhead transm ission cables.
B o n d s — T h e first m tge. 30-year sinking fu n d gold bonds a re secured by
C o .’s cap italizatio n h a s been increased since 1919 from 25,000,000 to
a first m ortgage on th e p ro p e rty of th e com pany w itn all fu tu re im prove­
200,000,000 fran cs (par 250 fran cs).
m en ts th ereo n . U nconditionally g u a ra n te ed , jo in tly a n d severally, as to
F o r fu rth e r p a rtic u la rs, see V . 119, p . 2646.
principal, sinking fu n d a n d in te re st, by endorsem ent on each bond, by the
B O N D S SE C U R E D B Y IN V E S T M E N T S I N I T A L Y .
S ta te of T y rol a n d th e c ity of In n sb ru c k . R edeem able by a cum ulative
T h e 6)4 % Secured gold bonds, series C, dated Dec. 1 1925 a re secured b y a sinking fu n d of 1)4% per a n n u m , com m encing M a y 1 1928, b y pu rch ase in
th e m a rk e t or draw ings u p to M ay 1 1933 a t 105; up to M a y 1 1938 a t 103'
closed first m o rtg ag e of $10,000,000 on all of th e 6 hydro-electric p la n ts,
th e re a fte r a t p a r. N o t callable before M ay 1 1928. C allable as a whole on
to talin g 127,000 h .p . in stalled cap acity , of th e Edison G eneral Ita lia n
E lectric C o. U pon th e re tirem e n t of ap p r. 1-3 of th is series C , th e P allan - 60 d a y s’ notice. M ay 1 1928-1931 a t 105; M a y 1 1931-1934 a t 103; th ereafter
zeno p la n t will be released fro m th e m ortgage a n d re tu rn e d to th e E dison a t p a r . P rincipal an d in te re s t p ayable in U . S. gold a t tru s te e ’s office and
G eneral Ita lia n E lectric C o. free a n d clear of a n y charge u n d e r th e m tge. F . J . L ism an & C o ., in N ew Y o rk , a n d in V ienna a t th e N iederoesterreichideed. U pon re tirem e n t o f a p p r. 2-3 th e Rovesca p la n t w ill be released, sche E scom pte-G esellschaft, th e A llgem eine O esterreichische B odenkreditwhile th e C alusco an d V igevano p la n ts w ere to be released u pon com pletion A n sta lt, an d th e O esterreichische C re d it-A n sta lt fu r H an d el u n d G ew erbe.
In M a y 1925 F . J . L ism an & C o ., B ak e r, K ellogg & C o ., In c ., M organ,
o f a p p r. 16,000 h .p . o f ad d itio n a l generating c ap a c ity in th e R ovesca p la n t.
T h e sem i-annual sinking fu n d p ay m en ts w ere to s ta r t on th e 1st in te re st L iverm ore & C o ., a n d A . M . L a m p o rt & C o ., In c ., offered $3,000,000 a t
d a te , a n d a re to increase from $56,000 to th e fin al p a y m e n t of $370,000, 96)4 a n d in te re s t. V . 120, p . 2270. L iste d on N . Y . Stock E xchange.
p ay ab le in cash o r bonds o f th is issue a t p a r. I f n o t available a t p a r, bonds V . 122, p . 349.
will be d raw n b y lo t a t p a r. B onds acquired for th e sinking fu n d , are to be
O F F IC E R S .— P re s ., D r. A n to n E d e r; V .-P s ., D r. E rn e s t M osing, D r.
cancelled. C all, (except for sinking fu n d ) as a whole only on 60 d a y s ’ H e rrm a n n O ppenheim er, D r. H a n s Peer a n d M a rtin R apoldi; G en. M g r..
notice a t 107 a n d in t. th ro u g h D ec. 1 1930; a t 105 a n d in t. th ro u g h D ec. 1 E ric h H eller.— V. 120, p . 2270; V . 122, p . 349.
1935; th e prem iu m th e re a fte r decreasing )4 % to 102 )4 a n d in t. du rin g 1940;
th e re a fte r, p rio r to m a tu rity a t 102)4 an d in t. In D ec. 1925 A ldred Sc C o.
& c., & c., sold $10,000,000 series C , d u e D ec. 1 1955 a t 93)4 a n d in t., to
yield 7 % . V . 121, p . 2873. L isted on B oston Stock E x change. V . 121,
p . 3003.
Societa Generate Ita lia n a Edison di Electricita (Edison General Italian
Electric Co., M ila n ).
O rganized in 1884 in Ita ly . A holding a n d o p eratin g com pany; furnishes
p ractically th e e n tire electric pow er req u irem en ts in th e C ity of M ilan a nd
See u n d e r “ F R A N C E ”— “ In te rn a tio n a l P ow er Securities C o rp .”
adjoining su b u rb a n d istric ts a n d a su b sta n tia l p o rtio n of th e lig h tin g busi­
ness in th e c ity a s w ell. T h e sy ste m h a s an aggregate gen erating c ap a c ity
of over 770,000 h .p . (over 79% h ydro-electric) an d h a d , in 1924, a n o u tp u t
o f over 1,414,000,000 k .w . h rs. T h e u ltim a te c ap acity w ill be 1,060,000
h .p . V. 121, p . 2750. Serves a p o p u latio n o f a p p r. 12,000,000 in th e
In d u strial d is tric t o f n o rth w estern Ita ly , including a large p a r t of th e
v alley of th e “ P o ” R iver. T h e te rrito ry em braces p ra c tic ally all th e pro­
vinces of L o m b ard y , E m ilia an d L iguria a n d a large p a rt of P iedm ont.
In clu d es th e C ity o f M ilan, B ologna, B rescia, N o v a ra , P a rm a , Reggio.
M o d en a. A lessandria, C rem ona, C uneo, M an to v a , &c., an d also th e seaports
of G enoa, Spezia a n d Savona. F o r fu rth e r p a rtic u la rs a n d d escrip tio n of
subsidiaries, see V. 121, p . 2873.
S A U D A FALLS CO., LTD.
T h e 6 p la n ts o f th e co. referred to above u n d e r th e description of th e
( A k ti e s e ls k a b e t S a u d e f a l d e n e .)
6 J4 % sec . gold b o n d s, series C , of In te rn a tio n a l Pow er Securities C o rp . a re th e
following: P ad ern o p la n t (16,900 h .p .), R o b b iate p la n t (37,000 h .p .),
A su bsidiary of U nion Carbide Si Carbon Corp.
C alusco p la n t (6,000 h .p .) all on th e A dda R iver, th e V igevano p la n t
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
(6,800 h .p .) on th e Ticino R iver, th e Pallanzeno (36,200 h .p .) a n d Rovesca
(24,100 h .p .) p la n ts on th e O vesca R iv er, to ta l of th e 6 p la n ts 127,000 h.p; O rganized in 1913 for th e purpose of developing an d re g u la tin g th e w ater
ower resources of Storelven (G re a t R iver) in th e d is tric t of R ogoland,
T h e aggregate cap acity of th e co. p ro p e r is 174,000 (73% hydro-el.) h .p ..
'o r w ay, for w hich it holds concessions from th e N orw egian G overnm ent
56 m iles transm ission a n d 473 miles d istrib u tio n lines. See also V . 121,
extending to 1979, w hen th e e n tire pow er d e velopm ent, incl. pow er
p . 2873, u n d e r “ E d iso n G eneral Ita lia n E lectric C o .”
houses, &c., re v e rts to an d becom es th e p ro p e rty of th e N orw egian G overn­
E arn in g s w ere as follows: 1920, gross 38,026,206 Lire; n e t before depre­
m e n t. C o. ow ns w ater pow er rig h ts of th e riv e r course and its trib u ta ry
ciations 19,741,877 Lire; 1921, gross 45,925,929 Lire, n e t before deprec.
regulation lakes a n d d rainage a rea sufficient for th e developm ent of approxi­
25,580,432 Lire; 1922, gross 50,265,974 L ire, n e t before deprec. 22,365,473
m a te ly 130,000 continuous h .p ., of w hich, in th e tw o existing pow er p lants
Lire; 1923, gross 65,973,651 Lire, n e t before deprec. 37,005,139 Lire; 1924,
of th e co. having an installed c ap a c ity of 60,000 h .p ., 47,000 h .p . is already
gross, 74,614,817 L ire, n e t before deprec. 38,308,064 Lire.
Redemption Bonds Ita lia n Power Co. {predecessor o f In te rn ’l Power Secu­ developed.
42,000
h .p . of th e developed pow er is now purchased u n d e r a pow er agree­
rities Corp. A ll of th e o u tsta n d in g 5-yr. 6J4 coll, tr u s t gold bonds, series A,
d a te d O ct. 1 1923 of Ita lia n Pow er C o. w ere called for p a y m e n t on J a n . 25 m e n t b y a n o th e r subsidiary of th e U nion C arbide & C arbon C orp , viz..
E lectric F urnace P ro d u cts C o., L td ., w hich is engaged principally in the
1926 a t 101)4 a n d in t. Y . 122, p . 94.
T h e 10-yr. 7% secured gold bonds, series D , dated Jan. 1 1926 a re a d ire c t m an u fa c tu re of ferro-m anganese. T h e balance of th e developed power is
obligation of In te rn ’l Pow er Securities C orp. a n d specifically secured by sold wholesale u n d e r co n tra c ts to th e m unlcip allity of H augesund and several
pledge of $5,000,000 o f Societa Italiana per il Gas (Italian G as C o.) an d 3 of neighboring com m unities. E lectric F u rn ac e Products C o., L td ., has also
Its m o st im p o rta n t subsidiaries, Societa Torinese In d u stria G as ed E le ttri- co n tra c ted to ta k e 42,000 h .p . ad d itio n a l as soon as available.
C o. has ow nership of flow age an d o th e r regulation rights, in th e drainage
c ita, Societa “ G as e C oke M ilan o ” a n d Societa Ita lia n a P ro d o tti E splodenti.
A dditionally secured b y pledge o f certain shares of som e of th e c o ntracting area on which it has its concessions, on a n area of approx. 65,000 acres, and
a n d o th er allied o p eratin g com panies. An a n n u a l sinking fu n d , sta rtin g in additio n th e re to i t ow ns a b o u t 195 acres a t a nd in th e vicinity of th e sea
Ja n . 1 1927, p ay ab le in U . S. gold is to re tire m ore th a n 1-3 of th e original a t S auda, of w hich a b o u t 130 acres a re leased to E lectric F urnace P roducts
Issue of $5,000,000 by m a tu rity , progressively increasing from an initial C o., L td ., u n d e r th e pow er a g re em en t. V. 121, p . 2040.
p ay m en t of $100,000 to th e fin a l p a y m e n t o f $350,000 p ay ab le in cash or
B O N D S—
D ate.
Interest. Outstanding. M atu rity.
bonds of th is issue a t p a r. B onds m a y be p u rch ased o r draw n by lo t a t 1st M s f g Ser “ A ” $10,000,-/ 1925
5 g A-O
$3,969,000 O ct 1 1 955
redem ption prices a n d are to be cancelled. R ed. w hole o r p a rt, on 30 d a y s’
000 ($1,000, $500)____c * .tf (C e n tra l U nion T ru st C o.. N . Y . C ., T ru ste e .
notice a t 105 on or before J u ly 1 1930; a t 102)4 on or before J u ly 1 1932;
Bonds.—
m tg
5%
fund
are
and th ereafter a t 101; in each case w ith in te re st. P rin cip al & in te re st p a y ­ secured by T h e 1st tg e. e . all thsinking assets gold ebonds, Ser. " A ,” L td .,
first m
e fixed
of th S auda F alls C o.,
able in N ew Y ork in U . S . gold. In F eb . 1926 A ldred & C o ., H arris, Forbes now ow ned aor h e re afte r on
acquired,
ject to th e
s of th e pow er
& C o ., a n d B ankers T ru s t C o ., offered $5,000,000 7% series D , d ue J a n 1 m e n t w hich is to be pledged u n d e rsu be m ortgage,termth e existing co nagree­
th
to
tra c ts
1936 a t 100 a n d in t. E a c h $1,000 bond w as accom panied b y a stock
delivery of
pu rch ase w a rra n t to p u rch ase 20 sh ares (par 100 lire each) of th e sto ck of for th e m e ntioned. pow er to com m unities, to th e G overnm ental concessions
above
th e Societa Ita lia n a p er il G as on th e following prices p e r share:
A
is pro v id
m encing A
1926,
420 Lire if subscribed for a fte r M arch 1 1926 an d p rio r to J a n . 1 1927 th e resinking fund% of th e ed , com a m o u n t of pril 1 “ A ” ba n d sem i-annually
a
M
Ser.
onds
430 L ire ............................ ”
D ec. 31 1926 ..................... J a n . 1 1928 issued fte r of sum equal to largest i-annual in te re st accrued on a t an y tim e
plus a
th e sem
Ser. “
440 L ire ”
”
”
”
D ec. 31 1927 ”
”
” J a n . 1 1929 bonds theretofore acquired through th e sinking fu n d . P a y mall ts are A ”
en
to
450 L ire ”
”
”
”
D ec. 31 1928 ..................... J a n . 1 1930
be applied to th e purchase of Ser. “ A ” bonds if obta in a b le a t no t exceeding
460 L ire ”
D ec. 31 1929 ........................J a n . 1 1931 th e redem ption price, otherw ise to th e red em p tio n a t th e re d . price. By
Societa Italiana per il Gas, Torino (Ita lia n Gas Co., T u rin ).
m a tu rity approx. 90% will th u s have been re tire d .
O rganized in 1838 to m a n u fa c tu re a n d d istrib u te gas in th e C ity of T u rin , . T h e bonds are g u a ra n te ed unconditionally b y e ndorsem ent as to p rin .
b u t now a n operating a n d holding co. Owns a n d o p erates 3 gas p la n ts an d an d in t. a nd sinking fu n d p a y m e n ts by U nion C arbide & C arb o n C orp.
co n tro ls th ro u g h stock ow nership 8 o th e r gas com panies, supplying in all 28 P rin . a nd in t. p a y ab le in U. S. gold a t tru s te e ’s office w ith o u t d e duction tor
cities a n d tow ns w ith a to ta l p o p u latio n of a b o u t 2,500,000 incl., M ilan, a ny N orw egian taxes p re sen t or fu tu re . R ed. whole a t an y tim e, or p a rt
T u rin , Florence, Venice, C arra ra , N o v ara, C rem ona, B ergam o, L ivorno, on a ny in t. d a te on 30 d a y s ’ notice a t 107)4 on or before O ct. 1 1945, a t
S avona a n d A lessandria. C ontrols also a com pany, o p erating a large by­ 105 before O ct. 1 1950 and th e re a fte r a t 102)4: in each case w ith in t. In
p ro d u c t coke oven p la n t n ear Savona, a n d th ro u g h a n o th e r subsidiary, O ct. 1925 B lair & C o., In c ., W hite, W eld A C o. and T h e H errick C o. sold
o p erates a large coke oven p la n t near Venice supplying m etallurgical coke $4,000,000 a t 98 and in t., to yield over 5Vfc%. V 121, p . 2040.
in th a t vicinity a n d produces gas for th e operation of glass w orks. O ther
A R N IN
su b sid iary com panies o p erate p lan ts producing dyes, drugs a nd o th e r forEcalendar G S .— U nion C arbide & C arb o n C orp. an d subsidiaries earnings
years;
chem icals. T h e 3 m ost im p o rta n t subsidiaries a re m en tio n ed in th e above
H
#-■
1925.
1924.
1923.
1922.
bond d escrip tio n . V. 122, p . 748, 882.
N e t, a f te r - a ll charges,
O F F IC E R S (of International Power Securities C orp.).— P re s ., J . G .
incl. in t., divs. o n p re f.
A ldred; V .-P ., H ow ard M u rra y ; T re a s., Jo sep h W alw orth; Sec., E . V.
stk . of su b s., depr.„&
illm e r.— V . 119, p. 2645: V . 121, p . 2156. 2750. 2873. 3003; V. 122. p.
F ed . t a x e s . . _ ...............$20,021,327 $16 771 312 $16 204 414 $ 1 1 7 1 6 111
— V. 121 p . 2040.
748. 882.

AUSTRIA

g

g




ITALY

NORW AY

S

280

P U B L IC

U T IL IT IE S

DENMARK
C O P E N H A G E N T E L E P H O N E CO.
( K j o b e n h a v n s T e le fo n A k tie s e ls k a b .)

_ _ _ _ _ _

O R G A N IZ A T IO N .— E stab lish ed in 1882. O perates u n d e r a n exclusive
20-year concession g ra n te d b y th e D an ish G o v ern m en t in J u ly 1919 u n d e r
th e te rm s o f w hich co m p an y p rovides telephone service w ith o u t com petition
on th e Islan d s of A m ager an d Z ealand, w hich include th e C ity of C openha­
g en . T h e te rrito ry served h as a p o p u latio n estim ated a t 1,320,000. As of
J a n . 1 1925 135,000 subscribers, o f w hich 101,000 in C openhagen an d
su b u rb s.
Ownership.— T h e G o vernm ent owns K r. 9,000,000 of th e K r. 50,000,000
c ap ital stock of th e com pany a n d has th e rig h t to purchase h alf of an y fu tu re
sto ck issued. U pon th e expiration of th e present concession in 1939, th e
G o v ern m en t h as th e rig h t to b u y , on one y e a r’s n otice, a t th e ra te of K r . 125
for each K r. 100 share, all or p a r t o f th e sto ck of th e co m pany th e n o u t
stan d in g . I f only p a rt of such sto ck is to be p u rch ased , th e shares are to
be d ra w n b y lo t. In case th e G o v ern m en t does n o t pu rchase all of th e
sto ck b y 1939, th e concession w ill au to m atically be extended for 5 years
m ore, a t th e end of which period th e G overnm ent ag ain h as th e rig h t to
p u rch ase th e stock as above, th is process to be re p e ated u n til all of th e
sto ck h as been p u rchased.
T h e operations of th e co m pany are closely supervised b y th e G overn­
m e n t of th e K ingdom o f D e n m ark . F o r d etails see V . 120, p . 2145.
C o m p an y ’s p la n t a n d e q u ip m en t a re m odern. A larg e p a r t of its equip­
m e n t, p a rtic u la rly th a t for its a u to m a tic cen trals, h a s been p u rc h a se d in
th e U . S. A considerable p a r t of c o m p an y ’s lines is u n d e rg ro u n d . In
th e a rea served by th e com pany th e developm ent is a b o u t 10 telephones
p e r 100 in h a b ita n ts.
S T O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
C o m m o n____________________ _____
_______ K r50,000,000 ___________
25-Y ear s f external 6% gold f 1925
6 g A-O $2,000,000 A pril 15 '50
($1,000)___________________(G u a ra n ty T ru st Co. of N . Y ., P a y in g A gent
O th e r fu n d ed d e b t___________ _____
_______ K rl5 ,3 6 6 ,6 6 6 ___________
R eal e sta te m tg es_ : ________ _____
_
_______ K r 2,054,201 ___________
Bonds.— T h e 25-year sinking fu n d external 6% gold bonds, due A p r il 15,
1950 are secured b y a 1st m tg e . on all fixed assets o f th e com pany a n d b y
a 1st m tg e . on th e p ro p erties of each of th e subsidiary com panies. T hey
ra n k eq u ally w ith c o m p an y ’s o u tsta n d in g k ro n o r b o n d s, equ iv alen t in
1925 to a b o u t $3,000,000, b earin g 4 % a n d 5% coupons, none of which is
secured b y m ortgage. T h e M in iste r of P ublic W orks officially, agrees th a t
if th e G o vernm ent of D e n m ark sho u ld pu rch ase all or su b sta n tia lly all of
th e sto ck or assets of th e com pany, th e G o v t, will th e re u p o n red eem , or
g u a ra n te e th e p a y m e n t o f th e p rin c ip a l a n d in te re st o f all of these bonds
o u ts ta n d in g .
R edeem able all or p a r t a t p a r a n d in te re s t on 60 d a y s ’ no tice. P rin cip al
a n d in te re st p ay ab le in U . S. gold coin in N ew Y ork a t th e office of th e
p ay in g a g en t. Sinking fu n d , com m encing in 1930, of $100,000 p e r a n n u m ,
sufficient to re tire en tire issue b y m a tu rity ; to operate by p u rch ase a t n o t
exceeding 100% or a n n u al red em p tio n b y lo t a t 100% , firs t re d e m p tio n to
ta k e p lace A pril 15 1931. In A pril 1925 G u a ra n ty C o. an d D illon, R ead
& C o. sold $2,000,000 a t 9954 a n d in t. L isted on N . Y . Stock E xchange.
V . 120, p . 2145; V. 121, p . 3130; V . 122, p . 212.
E A R N IN G S .— E arnings Calendar Years (D anish K rone):
D epre- Int.dk. Com. Incom e
N et
Gross
N et
Revenues.
Revenues.
ciation. m issions. Taxes.
Incom e.
1920
2 0,989,923 7,657,437 1,951,625 196,450 150,676 5,358,684
2 4,080,491 9,442,036 2,649,947 484,307 470,542 5,837,237
1921
1922
2 3,449,464 8,407,131 2,439,836 666,979 462,289 4,838,026
2 4,424.901 9,429,124 3,228,292 669,060 202,331 5,329,439
1923
1924
2 5,638,962 11,956,571 4,132,381 768,568 263,287 6,792,333
1925
2 7,398,591 12,651,035 4,637,002 853,306 530,072 6,630,655
Offices,
O F F IC E R S .— M an ag in g D ire c to r, F red erick Jo h an n se n .
C o p en h ag en , D en m ark . V . 120, p . 2145; V. 121, p . 3130; V . 122, p . 212.

JAPAN
G R EAT C ON SOLID ATED ELECTRIC POW ER CO., LTD
(D aido D e n r y o k u K a b u s h ik i K a ish a .)

[V ol. 123

have equalled a t le a st tw ice to ta l a n n u a l in te re st re q u ire m e n ts on to ta l
funded d e b t to be th e n o u tsta n d in g . C all., all or p a rt, on 30 d a y s ’ notice
a t 100 an d in te re st.
A sinking fu n d is p ro v id ed , available sem i-annually, sufficient to re tire
$300,000 bonds p er a n n u m for th e first 10 years an d $700,000 p er annum
th e re a fte r, to b u y bonds if a vailable a t n o t exceeding 100 a n d in t.; in so fa r
n o t available, to be called by lo t a t t h a t price. Is calcu lated to re tire th e
entire issue by m a tu rity . P rincipal and in t. p ayable in N ew Y ork a t th e
office of D illo n , R ead & C o ., fiscal a g e n ts . in U . S . gold coin (o r, a t th e option
of th e holder, in L ondon in sterlin g a t $4 8665 p e r £) w ith o u t d e duction for
a n y Jap a n e se taxes, w hen h eld b y n on-residents of J a p a n . C en tra l U nion
T r u s t C o., o f N . Y ., countersigning a g en t (for tru s te e , see ta b le above).
In J u ly 1925 D illion, R ead & C o. sold $13,500,000 a t 86 a n d in t. to yield
over 7 M % to m a tu rity .
E A R N IN G S .— F o r 12 m os. ended:
Gross
Oper. E x p ., N e t Oper.
Other
N e t before
E arnings. M a in t.& Taxes. E arns.
Incom e. In t. & D epr.
M a y 31 1925--S 4,915.625 $2,460,288 $2,455,338 $403,360 *$2,858,698
N o v 30 1 9 2 4 .. 3,931,587 1,582,458
2,349,128
426,677
2,775,805
M a y 31 1 9 2 4 -. 3,673,292 1,836,998
1,836,293
327,638
2,163,932
N ov 30 1 9 2 3 .. 1,981,363 1,039,244
942,133
405,627
1,347,765
M a y 31 1923-1 1,447,330
566,417
880,910
204,888
1,085,800
*In ad d itio n th e com pany realized d u rin g th is period $464,972 p ro fit
from sale of re a l e sta te n o t useful in its business.
Latest Earnings — F o r 6 m os. ended (in Y e n ):
M ay 31 1926. N ov. 30 1925,
G ross operatin g earn in g s____________________ y e n l3 ,313,7 5 1 y e n ll,725,005
O per. exp., m a in t. & ta x e s ____________________
4,932,050 3,949,964
8,381,701 7,775,045
N e t oper. earnings____________________________
O ther incom e__________________________________
1,279,964
782,732
N e t before in t. & d e p re c _______________________
9,661,665 8,557,777
In te re s t_______________________________________
2,731,685 2,824,176
B alan ce__________________________________ yen 6,929,980 yen 5,733,601
O F F IC E R S .—-Pres., M om osuke F ukuzaw a; V .-P ., J iro M asu d a ; Sec ,
S. M oroh. H ead office: T okyo, J a p a n .— V . 121, p . 198, 2750; V . 122,
p . 2 1 3 ;V . 123, p . 206.

T O H O ELECTRIC PO W E R CO., LTD.
(T oh o D en r y o k u K a b u s h ik i K a ish a .)
O R G A N IZ A T IO N .— Inco rp o rated in its p re sen t form J u n e 1922.
R epresents a consolidation of num erous predecessor com panies (some o f
w hich began operations as early as 1889) w hich for m a n y years h a d been
prim arily engaged in th e d istrib u tio n of electric lig h t a nd pow er. N e x t to
Tokyo E lectric L ig h t C o., L td ., th e larg est re ta il d istrib u to r of electric
energy in J a p a n .
F IE L D O F O P E R A T O N S A N D C H A R A C T E R O F B U S IN E S S .—
D irectly or in d irectly com pany supplies, p ra c tic ally w ith o u t c o m petition,
electric lig h t a n d pow er to m ore th a n 5,500,000 people in a te rrito ry o f
approx. 4,000 sq u are m iles. C om pany operates m ainly in tw o d istin c t
areas, th e K ansai m a n u fa c tu rin g d istric t in a n d aro u n d N agoya, G ifu, N a ra
a n d T oyohashi, in c en tra l J a p a n , an d th e in d u stria lly im p o rta n t K yushu
d istric t in an d aro u n d Shim onoseki, F u k u o k a a n d N ag asak i, in so uthern
Ja p a n . T hese d istric ts c o n stitu te tw o of th e m o st im p o rta n t com m ercial
a n d in d u stria l sections of J a p a n .
C om pany generates an d purchases pow er for d is trib u tio n . T h e g e n e ra t­
ing statio n s now ow ned or u n d e r co n stru ctio n h a v e a to ta l c a p a c ity of
149,593 k.w . C om pany also controls a n a d d itio n a l 10S,500 k .w . u n d e r
favorable c o n tra c ts, largely w ith closely affiliated com panies. O ther p ro p ­
e rty ow ned or u n d e r constru ctio n includes su b sta tio n s w ith a to ta l c ap a c ity
of 450,020 k v a . a n d m ore th a n 9,200 ro u te m iles of transm ission a n d dis­
trib u tio n lines, as w ell as m a n y valu ab le w ater pow er sites, principally on
th e T e n ry u R iver, w hich co. p la n s to develop. C o. has u n d e r constru ctio n
40,000 k .w . a d d itio n a l generating c ap a c ity (incl. a second 35,000 k.w .
u n it in its new N agoya steam statio n ); 51,000 k v a . tra n sfo rm e r sta tio n s a n d
approx. 95 ro u te m iles of transm ission an d d istrib u tio n lines. A s is u su al
w ith Jap a n e se electric d istrib u tin g com panies, co. also o ften ow ns th e
fixtures a n d appliances used b y its custom ers, in som ew hat th e sam e w ay
a s telephones a re ow ned by th e telephone com panies in th e U n ite d S ta te s.
In a d d itio n , co. ow ns all of th e shares of th e T oho Securities C o ., w hich
h a s in v estm en ts in 18 u tility an d o th e r com panies, 8 of w hich a re controlled
b y sto ck ow nership. A m ong th e com panies so controlled is th e T oho G as
C o ., w hich does th e e n tire gas business in N a g o y a. A n o th e r su b sta n tia l
in v e stm en t consists of sto ck of th e G re a t C onsolidated E lec tric Pow er C o.
(D A ID O ). C o. also engages in coal gas m a n u fa c tu rin g a n d electric ra ilw a y
business as well as in real e sta te a n d fo restry u n d e rta k in g s deriving a b o u t
6% of its gross earnings from these a n d o th e r m iscellaneous o p e ra tin g
a ctivities.
C om pany's system has 916,775 lighting an d 28,761 pow er custom ers.
V . 120, p . 1329.
Franchises.— Concessions for w ater rig h ts a n d licenses for th e generation
an d sale of pow er in J a p a n are g ra n te d u n d e r th e a u th o rity of th e Im p erial
G overnm ent, wHich has general supervisory pow er over such com panies
a n d reserves th e in h e re n t rig h t to extend or revoke such g ra n ts u n d e r cer­
ta in conditions. All im p o rta n t franchises of th e com pany extend beyond
1955.
ST O C K A N D B O N D S—
Date.
Interest. O utstanding. M aturity.
C om m on $69,910,600 ($25)_ _____
_
________ x$60,506,356 __________
1st m tge. (K ansai D ivision) f 1925
7 g M -S
14,375,000 M a r .15 1955
f- 7% gold, series A {M itsui B an k , L td ., T okyo, tru ste e .
$30,000,000 ($1,000-$500) - I
5% sterling d e b en t g u a r b y

F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
C o. w as organized in 1920 to con so lid ated th e p ro p e rties o f v arious p red e­
cessor co rp o ratio n s engaged p rim arily in th e p ro d u ctio n a n d transm ission
o f electric pow er. In less th a n fiv e y e ars its g en eratin g c ap acity has
increased f om 25,800 k . w . to 255,300 k . w . a n d it is to -d a y one o f th e
tw o la rg e st pro d u cers o f electric pow er in J a p a n . Co. is p rim arily a w hole­
saler o f pow er, selling its o u tp u t for th e m o st p a r t u n d e r long te rm co n tra c ts
to large in d u s tria l consum ers, in te r u rb a n a n d stre e t railw ays, a n d to re ta il
system s d istrib u tin g lig h t a n d pow er in th e cities o f Tokio, Y okoham a,
O sak a, N ag o y a, K y o to , N a ra an d m an y o th e r cities a n d tow ns. T he
te rrito ry served has a p o p u la tio n o f over 20,000,000. P rin cipal custom ers:
T o k io E lec. L t. C o ., L td .; Toho Elec. Pow C o ., L td .; U jigaw a E lec. Pow .
C o ., L td ., an d th e m u n icip ally ow ned electric lighting a n d s tre e t railw ay
B rit T reasu ry u nd er T rad e
sy stem serv in g th e C ity o f O saka. C o. owns o r controls w ater pow er con­
F acilities A ct $1,460,000________
1,459,950
1945
cessions fo r 569,161 k . w . Owns 13 g en eratin g p la n ts w ith a to ta l c apacity 3-yr g n otes ($1,000 c * )_____f 1926
6 J-J
10,000,000 J u ly 15 1929
\ P r . & in t. a t G ty . T ru s t C o. of N .Y ., tru s te e .
o f 270,040 k . w . (169,540 k . w. h y d ro -electric and 100,500 k . w . steam
g en eratin g c a p a c ity ), 24 su b -statio n s an d 624 miles high-tension tra n s ­ D e b en tu res issued in Jap a n :
8% d e b e n tu re s____________ __
8
1929
m ission lin e s.
2,750,000
Franchises a n d concessions a re a ll g ra n te d b y th e Im p e rial Jap an ese Gov­
7% d e b e n tu re s____________ ___
7
1932
5,000,000
e rn m e n t, w hich h a s given assu ran ce th a t in th e e v en t of G overnm ent
7% custom er ow nership deb .
7
1,487,500
1936
p u rc h a se th e rig h ts o f bond h o ld ers w ill receive due recognition.
6.2% c u s t’er ow nership d e b . _
6.2
1,700,000
1935
E ndorsem ents on behalf of
S T O C K A N D B O N D S — Date.
Interest. Outstanding. M aturity.
allied cos________________ __
. . . 2,420,000 .
C o m m o n ____________________ _____
_______ y e n ll2 ,9 6 3 ,0 0 0 __________
1st m tg e 7% s f gold ser “ A ” / 1924
7 F-A
$14,000,000 A ug 1 1944
x N o t including $9,404,244 subscriptions, to be called on or before
($1,000 a n d $500 c )______ [In d u stria l B k . of Ja p a n , L td ., T okio, tru s . D ec. 31 1926.
[C en t. U n . T r . o f N . Y ., C o u ntersign. A gent.
Bonds.— T he 1st mtge. s. f . 7% gold bonds, series A , due M arch 15 1955,
ls t& g e n M s f g b o n d s ( $ l , 0001 1925
6 K g J - J 13,200,000 J u ly 1 1950
are secured b y a first m tge. lien supplem ented b y assignm ents, a n d covering
an d $500)_______________c l In d u s tria l B k . o f J a p a n , L td ., T okio, tru s .
all of th e co. p ro p e rty in th e K ansai division incl. all a fte r-a c q u ire d p ro p e rty
D e b en tu re b o n d s____________ _____
_______ y e n l7 ,1.50,000 O ct 1 1929
in th a t division.
D e b en tu re b o n d s------------------- ------------------yenlO ,000.000 Ju n e 1 5 ’30
60
assets of th e c o .
Bonds.— T h e 1st mtge. 7% s. f . gold bonds, series “A " a re listed on N ew an These properties co n stitu te nover ith % of th e to ta lcp h ysical of
d include generating statio
w
an installed ap a c
.,
Y o rk Stock E x ch an g e. T h e y a re secured b y closed first m tge. lien c re ated su b sta tio n s w ith a to ta l o p e rastin g c ap a c ity of 225,730 ityv a ., 78,813 pk.'wx .
k
and
u n d e r th e law s o f J a p a n on th e 3 new est a n d m o st im p o rta n t of c o .’s hy d ro ­ 4,735 m iles of transm ission a n d d istrib u tio n lines. T h e y c o n stitu teaa p ro ­
com
electric p ro p erties w ith au x iliary stea m reserv e p la n t, su b statio n s a nd tra n s ­ p le te operatin g system serving m ore th a n 556,000 cu sto m ers, in th e im por­
m ission lines. T h e m o rtg ag ed p ro p e rties h av e a hydro-electric c a p a c ity of ta n t K a n sa i m an u factu rin g d is tric t, cen trin g a ro u n d th e im p o rta n t c ity of
106,700 k .w . a n d can b e o p e ra te d as a com plete a n d in d ep en d en t u n it
goy
cap ab le of delivering its e n tire o u tp u t to th e O saka d istric t an d to th e N aT h e a. perial Jap an ese G overnm ent has consented to th e m ortgaging of
Im
T o k y o E lectric L ight C o for th e T o k yo-Y okoham a d istric t. T h e y h av e a
to secure
a s given
assurance th a t
sinking fu n d sufficient to re tire e n tire issue b y sem i-annual call b y lo t on these properties purchased these ebonds a ndGho v ern m enformbal m unicipalities,
if properties are
by
t or y
in te re st d a te s a t 100 & in t. N o n -callab le except for sinking fu n d during th e rig h ts of th e bondholders th Im perial
will be safeguarded.
first 10 y e ars, th e re a fte r call, as a w hole or in p a rt on a n y in t. d a te a fte r
F ranchises, licenses, w a ter rig h ts a n d pow er c o n tra c ts c an n o t be m o rt­
30 d a v s’ no tice, a t 100 & in t. P rin cip al & in t. p ay ab le in N ew Y ork a t gaged in Ja p a n . A sinking fu n d is to re tire a t le a st $125,000 p a r value of
D illon, R ead & C o. in U . S. gold, or a t o p tio n of holder in L ondon, E n g . a t
each 6
prior
15 1930
t,
ra te o f $4.8665 p er £ sterling w ith o u t ded u ctio n for a n y Jap an ese taxes bonds call by m onths a r a ndto M arch S ept. 15 b y purchase in th e open m a rk e r­
t at p
in
1930 a nd each succeeding in te
■when held b y o th er chan resid en ts of J a p a n . In Ju ly 1924 D illon, R ead & or bya te th e relofte r th e sinkingt.; on is to re tire o n e -fiftieth of th e bonds o u t­
est d
a
fu n d
C o. a n d G u a ra n ty C o. of N Y . sold $15,000,000 series “ A ” a t 913^ & in t., standing as of M arch 15 1930 th ro u g h call b y lo t a t 100% a n d in te re s t.
to yield 7.85% to la te st red em p tio n d a te . V . 119, p . 330,
entire
w hole
T h e 1st & gen. mtge. 614% s. f. g. bo n d s, d a te d J u ly 1 1925, a re secured T h u s th e60 d a $15,000,000 will be re tired b y m a tu rity . C a ll., le in N or
t 100 n in t. P rincipal n in
a y ab
b y a closed first m ortgage lien on p ro p erties w hich com prise a n in te g ra l p a rt, on G u a rayns’ notice t aCo. ofaN d Y ., fiscal a g en t, aindU . t. pgold coin, orew
ty ru
S.
in
p a rt of th e c o .’s sy stem an d include gen eratin g p la n ts h a v in g a to ta l Y ork a t a t $4,8665Tto s e £, w ith.o u t d eduction for a n y Jap an ese taxes for
London
th
c a p a c ity o f 136 1,000 k . w ., su b -statio n s o f 194,400 k . v . a . to ta l cap acity , non-residents of Ja p a n . L isted on N ew Y ork Stock E xchange. In M arch
a n d 396 miles of high-tension transm ission lines. A re fu r th e r secured by 1925 G u a ra n ty C o. of N ew Y ork, Lee, H igginson & C o ., an d H arris, Forbes
closed m o rtg ag e lien on a d d itio n al p ro p e rties (stated to re p re sen t a cost less & C o. offered $15,000,000 series A bonds a t 9 0 K a n d in t., to yield 7.8 0 % .
d ep rec. o f $37,063,367), s u b jec t only to th e lien o f th e m ortgage securing V . 120, p . 1329. L isted on N . Y . Stock E xchange. V . 122, p . 349.
th e c o .’s series A bon d s (closed issue). N o a d d itio n al indebtedness m a y be
N otes.— T h e 3-yr. 6% g. notes, dated J u ly 15 1926 a re c all., a ll or p a r t, on
c re ated if th e to ta l ind eb ted n ess th is secured w ould exceed 50% of th e cost
less deprec. o r a p p re ciate d valu e, w hichever is less, of th e to ta l properties an y in te re s t d a te , on 45 d a y s ’ notice, a t p a r a n d in t. P rin . a n d in t. are
securing such indebtedness, a n d pro v id ed n e t earnings a fte r deprec., p a y ab le in U . S. gold a t tru s te e ’s office in N ew Y ork C ity or a t its principal
av ailab le for in te re st, for 12 consecutive m o n th s of th e preceding 18 m onths, L ondon office in sterling a t th e r a te of $4.8665, w ith o u t deduction for a n y




O ct., 1926.]

Jap an ese taxes, p re sen t or fu tu re , w hen held b y n o n -resid en ts of J a p a n I n J u ly 1926 G u a ra n ty Co. o f N . Y ., Lee, H igginson & C o ., an d H arrisF orbes & C o ., sold $10,000,000 of th ese notes a t 98M a n d in t.. to yield
over 6.6 5 % . V. 123, p . 326.
Dividends.— D ividends (now being p aid a t th e ra te of 12% per a nnum )
have been paid a t th e ra te of n o t less th a n 8% p er a n n u m on stock of th e
com p an y d u rin g th e la st 10 y ears. F o r th e 6 m o n th s en d ed O ct. 31 1925,
a t th e ra te of 12% p er a n n u m .
E A R N IN G S .— F o r 12 m o n th s ended O ct. 31 (tran sla te d in to dollars a t
45 cents p er yen):
Over. E x p ., M a in t., yBalance for
Gross.
Taxes and Deprec.
Interest.
x l9 2 6 ___________________ $18,489,442
$12,306,829
$8,8i0,772
1925____________________
i7 ,9 i0 ,6 0 8
n , 963,389
8.501,693
1924____________________
17,128,499
11,273,975
8,386,175
1 9 2 3 . .. ...............................
15,507,793
10,025,068
7,453,462
x 12 M o n th s ended A pril 30 1926.
y In clu d es o th er incom e.
O F F IC E R S .— P res., Y . Ita m i; V .-P . & G en . M g r., Y . M atsu n a g a;
B usiness M g r., T . T a n a k a ; T rea s., Y . T ak eo k a; M g r. o f Foreign R elations
an d F inancial A dviser, Shun Suzuki. Offices, T o k y o K aijo B ld g ., T o k y o ,
J a p a n .— V . 120. p . 980, 1329; V. 122, p . 349 , 884; V. 123, p . 326.

UJIGA W A ELECTRIC POW ER CO., LTD.
(U jiga w a D e n k i K a b u s h ik i K a ish a .)
O R G A N IZ A T IO N .— In co rp . in 1906; is one o f th e larger an d older
hydro-electric pow er com panies in J a p a n , a n d one o f th e th re e larg est
pow er retailin g com panies in th e c o u n try .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .—
T e rrito ry served, d irectly or th ro u g h m unicipal o r o th e r d istrib u to rs,
is in c en tra l J a p a n , h as 188 cities, to w n s an d villages, a n d includes 3 of
J a p a n ’s m o st im p o rta n t cities: O saka, larg est m an u factu rin g c ity , popula­
tio n over 1,425,000; K obe, la rg e st p o rt c ity , 724,000, a n d K y o to , form er
c ap ital, 680,000. I t includes th e chief in d u stria l d istric t o f J a p a n . T o tal
p o p u latio n served ov er 7,000,000.
C o. owns 17 electric pow er p la n ts, h y dro-electric an d s tea m , o f 157,019
h . p . c ap a c ity . In c lu d in g pow er p u rch ased u n d e r c o n tra c t fro m affiliated
an d o th e r com panies, it controls a to ta l o f 262,000 h . p . Sales in 1924,
over 540,000,000 k .w .h .
S T O C K A N D B O N D S— D ate.
Interest.
O utstanding. M aturity.
C o m m o n ____________________ _____
_______ x$26,032,944 ____________
F irst m o rtg ag e 7% sink fu n d [ 1925
7 g M -S
13,550,500 M a r 15 1945
gold bonds $14,OOO.OOOUndustrial B k. o f J a p a n , L td ., T okio, T ru s.
_
($1,000, $500) (closed)_ c [Old C ol. T r. C o ., B o st., C o u ntersigning A gt.
D e b en tu res__________________ _____
_______ x l 1,703,000 __________
x C o n v erte d in to dollars a t p a rity o f exchange.
Bonds.— T h e Is! mtge. 7% sin k, fu n d gold bonds, d a te d M arch 15 1925, are
secured b y a closed 1st m tg e . on all th e fixed p ro p e rty ow ned b y th e co.,
including transm ission a n d d istrib u tio n lines. Proceeds of th e issue w ere
used to re tire th e existing fu n d e d in d eb ted n ess a n d for a d d itio n s to p ro p e rty
a n d w orking c ap ital. T h e m tg e. p rovides th a t p ro p e rty afte r-a c q u ire d
c o n stitu tin g a d d itio n s, extensions o r im p ro v em en ts to th e m ortgaged
p ro p e rty , shall be su b jected to th is m ortgage, a n d th a t o th e r a fte r- acquired
p ro p e rties m a y be su b jected to o th e r m ortgages for n o t to exceed 50% of
cost or rep ro d u ctio n value, w hichever is less, a fte r d ed u ctin g all depreciation,
and only w hen n e t earnings for 12 o u t o f 15 m o n th s im m ed iately preceding
sh all be a t le a st tw ice in te re st charges on to ta l fu n d ed d e b t, incl. th e ad d i­
tio n a l d e b t th e n to be c re ated , a n d to ta l p ro p e rty , a t cost o r re p ro d u c tio n
v alu e (w hichever is less), a fte r d ed u ctin g all d ep reciatio n , sh all be a t le a st
tw ice th e to ta l m o rtg ag e d e b t th e n to be o u tsta n d in g .
A sinking fu n d is pro v id ed p a y ab le q u a rte rly in U . S. gold to Lee, H iggin­
son & C o ., fiscal ag en ts, a t th e a n n u a l ra te o f a t le a st 2% o f th e to ta l
auth o rized issue in each o f th e first five years, a t least 4% in each of th e next
ten y ears, an d a t least 5% in each o f th e la st five years p rio r to m a tu rity ;
th e first q u a r. p a y m e n t w as to be m ad e M a y 1 1925. Is to be used to
pu rch ase bonds in th e open m a rk e t u p to th e call price o r to call bonds,
& n o t so o b tain ab le. B onds so p u rch ased o r called will be canceled. T h e
sink, fu n d will be sufficient to re tire a t least $10,500,000 o f th ese bonds
(75% o f to ta l issue) a t or before m a tu rity . C o. has th e rig h t, a t its op tio n ,
a t a n y tim e to m ake ad d itio n al p a y m e n ts to th e sinking fu n d .
T h e bon d s are call., whole o r p a r t, on a n y in te re st d a te , a n d in w hole a t
o th e r tim es, a t 100 a n d in t. on 30 d ay s n otice. P rin cip al an d in t. payable
in U . S. gold a t Lee, H igginson & C o ., fiscal ag en ts, in B o sto n , N ew Y ork
a nd Chicago (or a t h o ld er’s optio n in London in sterlihg a t $4 8665 to th e £),
w ith o u t ded u ctio n for an y Jap a n e se tax es. I t was expected th a t applica­
tio n w ould be m ade to list th ese bonds on th e N ew Y o rk Stock E xchange.
In M arch 1925 Lee, H igginson & C o ., &c., & c., offered $14,000,000 a t 91
an d in t., to yield over 7 .9 0 % . V . 120, p. 1748; V. 122, p . 884.




381

P O W E R , L IG H T A N D R A IL W A Y
E A R N IN G S .— F o r 6 m o n th s periods ended:
Incom e from o p e ra tio n _______________ $6,278,500
O ther incom e_______________________
460,182
O perating expenses, taxes, &c______ 3,830,925
I n te re s t____________________________
1,161,840
D ep re cia tio n _______________________
174,300
Special reserv es____________________
260,454
D iv id e n d s__________________________ 1,301,647

Sept. 30’25. M a r. 31’25.
$5,392,433 $5,074,411
462,031
434,557
3,093,171
3,082,917
1,020,964
681,409
174,300
174,300260,454
260,454
1,301,647
1,301,647

B alan c e ---------------------------------------$9,516
$3,928
$8,243
O F F IC E R S .—P r e s ., Y asushige H ay ash i; M an ag in g D ire c to r, Senzaburo
K ageyam a; Sec. & T re a s.. K u n ljiro K ish i.— V. 120, p . 1748; V . 122, p.
884, 2193; V . 123, p . 1998, 2142.

T O K Y O ELEC TR IC L IG H T CO., LTD.
(T o k yo D e n t o K a b u s h ik i K a ish a .)
O R G A N IZ A T IO N .— E sta b lish ed in J u ly 1886; is th e la rg e st electric
pow er a n d lig h t com pany in J a p a n a n d one of th e la rg e st in th e w orld.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .
C o. operates, re ta il a n d w holesale, w ith in a n a rea of a pprox. 9,375 sq u are
m iles, extending across th e p rin cip al islan d of th e E m p ire a n d in c lu d in g
T o k y o , th e c ap ita l a n d la rg e st c ity , Y okoham a, a n d o th e r im p o rta n t
in d u stria l a n d com m ercial c en tre s. T o ta l p o p u la tio n served 9,000,000.
T h e c o .’s p ro p e rty , b y reason of its w ide geographical d istrib u tio n , suffered
dam age in th e e arth q u a k e of S ept. 1923 to th e e x te n t, i t is s ta te d , of only
a b o u t 10% of its b ook value. B y fa r th e g re a te r p a r t of th e dam age h a s
been re p a ire d , th e new e q u ip m e n t being in m a n y cases of larger c ap a c ity
an d m ore efficient d e sig n . C o . ow ns 53 hydro-electric p la n ts w ith an aggre­
g a te c ap a c ity of 297,802 k . w . a n d tw o steam pow er p la n ts w ith a to ta l
c ap a c ity of 19,700 k . w . C o. h a s 25 p rim a ry an d 105 secondary su b sta ­
tio n s, a p p r. 1,458 m iles of aerial a nd 160 m iles of underg ro u n d transm ission
lines an d 6,798 miles d istrib u tio n lines, of w hich 387 m iles u n d erg ro u n d .
In ad d itio n to its own g enerating c ap a c ity , co. has c o n tra c ts on fa v o ra b le
te rm s for 190,500 k . w . a d d itio n a l o u tp u t. C o. ow ns 3 coal gas p la n ts in
th e cities of Y okosuka, M aeb ash i an d T a k a sa k i, w ith a com bined c a p a c ity
of a p p r. 346,000 cu. f t. p er d a y , a nd 2 single-track (3 f t. 6 in . gauge) elec­
tric tra m w a y system s in a n d a b o u t th e cities of K a m ak u ra a n d M ae b a sh i.
A ggregate len g th , 36 miles; 56 passenger, 29 m iscellaneous c ars. C o. is
increasing its c a p a c ity b y m ore th a n 125,000 k . w .
Franchises and W ater Rights.— A re all g ra n te d u n d e r th e a u th o rity of
th e Im perial G o v e rn m e n t, w hich h a s general supervisory pow er over electric
com panies an d reserves th e sovereign rig h t to extend or rev o k e u n d e r
c erta in conditions g ra n ts m ad e to such com panies.
S T O C K A N D B O N D S — Date.
Interest. O utstanding. M a tu rity .
C o m m o n ----------------------------------------------$172,768,000
________
3-yr 6% g n o te s $24,000,000/ 1925 6 F-A
24,000,000 A ug 1 1928
($1,000 c )------------------------ (G u a ra n ty T r u s t C o. of N .Y ., T ru ste e .
6% sterling b o nds ( u n s e c u r e d ) ____
6
17,519,000
1948
D e b en tu res (issued in J a p a n ) _ ____
_________ 27,875,000 __________
N otes.— T h e 3-year 6% g. n o te s, d a te d A ug. 1 1925, a re issued u n d e r a n
in d e n tu re w hich p rovides th a t so long as a n y of th e n otes a re o u ts ta n d in g
th e co. shall n o t pledge or m o rtg ag e a n y of its assets (except b y purchasem oney m o rtg ag e s), a n d shall n o t a t a n y tim e increase its to ta l o u tsta n d in g
fu n d e d d e b t to an a m o u n t exceeding 2-3 of its p a id -in c ap ital stock. R ed.
w hole or p a r t, upon 45 d a y s ’ n otice a t p a r a n d in t. P rin . & in t. p a y ab le
a t tru s te e ’s office in N ew Y o rk in U . S. gold (or a t th e option of th e holder,
in L ondon in sterlin g a t $4.8665 p e r £); w ith o u t deduction for a n y J a p a n e se
tax es, p re sen t or fu tu re , w hen held b y n on-residents of J a p a n . L iste d on
th e N ew Y ork Stock E xchange. In A ug. 1925 G u a ra n ty C o. o f N . Y .,
D illon, R ead & C o ., L ee, H igginson & C o. a n d H arris, F orbes & C o. offered
$24,000,000 a t 98% an d in t., to yield over 6 .4 0 % . V . 121, p . 709, 1463;
V . 122, p . 349.
D ividends.— I t w as s ta te d th a t th e co. never failed to p a y a div. in an y
of th e 39 years of its existence, a n d for th e p a s t 25 years h a s p a id 8% or
m ore in each y e ar, th e divs. in th e 12 m os. end. M a y 31 1925 a m o u n tin g
to 1 0 % % , 12 m os. e n d . M a y 31 1926, 11% .
E A R N IN G S .— F o r 12 m o n th s ended M a y 31 (converted fro m y en Z~
dollars a t $.48):
^
1926.
1925.
G ross rev e n u e ............. ...................................
$31,988,175 $26,857,482
O perating expenses---------------------------------------------- 13,662,273 11,993,148
T a x e s . . . ----------------------------------------------------------- 2,020,794 1,742,108
D e p re cia tio n --------------------------------------------------------- 1,536,000 1,288,800
O perating incom e---------------------------------O ther incom e-------------------------------------------------

$14,769,108 $11,833,426
2,851,977 1,892,437

G ross incom e---------------------------------------I n te re s t-------------------------------------------------------

$17,621,085 $13,725,863
3,867,932 2,225,654

N e t incom e-------------- ----------- ---------- --------- ...$ 1 3 ,7 5 3 ,1 5 3 $11,500,209
O F F IC E R S .— P re s .. K . K am be; V .-P ., S. W akaw o. Offices, T okyo
J a p a n .— V . 121, p . 709, 1463; V . 122, p . 349, 613, 2950.

P U B L IC

383




U T IL IT IE S

ORGANIZATION
HIRTY-SEVEN YEARS of investment ex­
perience, nation-wide contact with financial
conditions through offices in principal cities, and
a thoroughly trained personnel enable A. B.
Leach & Co., Inc. particularly well to assist in­
vestors and institutions in the careful selection of
high grade Government, Municipal, Railroad,
Public Utility and Industrial securities best suited
to their requirements.

T

The facilities of this organization, systematically
developed to render dependable service, are al­
ways available to banks, institutions and individual
investors through the following offices:

William Street, New York City
South La Salle Street, Chicago
Boston
Philadelphia
Providence
New Haven
Scranton
Buffalo
Rochester
Albany
Cleveland
Detroit
Grand Rapids

Milwaukee
St. Louis
Kansas City
Minneapolis
Wichita
San Francisco
Los Angeles
Seattle
Portland.
Spokane
Tacoma

P rivate Wire C onnections to P rin cipal C ities

A. B. Leach & Co., Inc
Investment Securities

[V ol. 123.

I N D E X T O C O M P A N IE S

O ct., 1926.]

P age.

A
A dam s to w n & M ohnsville E le ctric R y.— See
R e a d in g T r a n sit C o _______________________ 115
A d iro n d a ck E lec. P ow . C orp.— See A d ir o n ­
d a c k Pow er & L ig h t C o rp _________________ 66
A d iro n d a ck P ow er & L ig h t C o rp ______________ 66
A fto n -W in d so r L t., H t. & Pr. C o.— See
B in g h a m to n L t., H t. & Pr. C o _____________ 64
A kron W a d sw o rth & W estern R y.— S ee N or
t h e m O h io P ow er & L ig h t C o _____________ 136
A k tie n g e s e lls c h a ft S a e c h s isc h e W erk e. See
S a x o n P u b lic W orks, I n c __________________ 277
A k tie s e lsk a b e t S a u d e fa ld e n e .
S ee S a u d a
F a lls C o ., L td ............................................
279
A labam a Pow er C o___________________________ 209
A labam a T ra c ., L t. & Pow . C o. S ee S o u th ­
e a ste r n P o w . & L t. C o .____________________ 208
A labam a T r a c tio n , L ig h t & Pow er C o., L td .—
S ee S o u th e a ste r n P ow er & L ig h t C o ______ 208
A lb a n y R y.— See U n ite d T ra c tio n (A lb any)
83
A lb ia L ig h t & R a i l w a y . ____________________ 228
A ll A m erica C a b les, I n c _______________________13
A lle g h e n y & B ellev u e— See F ed era l S tr e e t &
P le a s a n t V a lle y _____________________________106
A lle g h e n y B ellev u e & P erry sv ille R v ________ 107
A lle g h e n y P itts . C oal C o.— S ee W est P e n n
P ow er C o___________________________________ 110
A lle g h e n y S tr e e t— S ee F ed era l S tr e e t & P le a s ­
a n t V a lle y __________________________________ 106
A lle g h e n y T r a c tio n __________________________ 107
A lle g h e n y V a lley S t. R y .— See W est P e n n .R y sllO
A lle n to w n & K u t z t o w n .— See A lle n to w n &
R e a d in g T ra c tio n C o _______________________ 119
A lle n to w n & R e a d in g T r a c tio n C o___________119
A lle n to w n & S la t in g to n .— See L e h ig h V a lley
T r a n s it_____________________________________ 111
A llia n ce G a s & P o w er C o.— S ee O h io P u b lic
S ervice C o___________________________________ 60
A lton G r a n ite & S t. L o u is T ra c tio n C o.— See
E a st S t. L o u is & S u b u r b a n C o____________176
A lton R a ilw a y , G a s & E le ctric L ig h t.— See
E a st S t. L o u is & S u b u r b a n C o ____________176
A lton R a ilw a y & I llu m in a tin g C o.— S ee E a st
S t. L o u is & S u b u r b a n C o_________________ 176
A lto o n a & L o g a n V a lley E le ctric R y ________ 101
A m erican C itie s C o.— See N a t. P o w . & L ig h t. 198
A m erican D istr ic t T eleg ra p h C o____________ 13
A m erican E le ctric P ow er C o ________________ 100
A m erican & F o reig n Pow er C o ., I n c ________ 272
A m erican G a s C o ______________________________ 33
A m erican G as & E le ctric C o _________________ 134
A m erican L ig h t & T ra c tio n C o_______________ 55
A m erican L ig h tin g C o.— S ee G eorgia-A labam a Pow er C o ____________________________ 202
A m erican P ow er & L ig h t C o ______ __________214
A m erican P u b lic S ervice C o___________
154
A m erican P u b lic U t ilit ie s ____________________ 154
A m erican S ta te s S e c u r itie s C orp.— See U n ite d id
L ig h t & Pow er C o __________________________ 3.84
A m erican S u p er-P o w er C o rp __________________ 56
A m erican T eleg r a p h & C ab le C o______________13
A m erican T e le p h o n e & T eleg r a p h C o_______ 7
A m erican U tilitie s C o ________________________ 210
A m erican W ater-W orks & E le c tr ic C o_______ 108
A m esb ury & H a m p to n .— S e e M a ssa c h u se tts
N o r th e a ste r n S tr e e t R y ____________________ 39
A n a c o stia & P o to m a c R iver R R .— S ee W ash ­
in g t o n R a ilw a y & E le c tr ic _________________ 129
A n d ro sco g g in E le ctric C o____________________ 38
A n d ro sco g g in & K e n n e b e c R y _______________ 38
A n d ro sco g g in W ater Pow er C o_______________ 54
A n n a p o lis & C h esa p ea k e B ay P o w . C o.— See
W ash . B a lt. & A n n a p . E lec. R R . C o ______ 128
A n n a p o lis P u b lic U tilitie s C o.— See W ashin g t o n B a ltim o re & A n n a p o lis ____________128
A n n a p o lis S h o rt L in e.— See W a sh in g to n B a l­
tim o re $ A n n a p o lis E lectric R R ___________128
A p p a la ch ia n E lectric Pow er C o ______________ 191
A p p a la ch ia n Pow er C o_____________
lg2
A p p a la ch ia n Pow er & L ig h t C o ______________ I92
A rdm ore (P a.) S tre e t R y ______________________ 107
A rizo n a E d iso n C o.— See G e n . Pr. & L t. C o ..187
A rk a n sa s C en tra l Pow er C o _________________ 213
A rk a n sa s L ig h t & P ow er C o _________________ 213
A rk a n sa s M issouri Pow er C o _________________ 238
A r k a n sa s Pow er & L ig h t C o __________________ 213
A rk a n sa s V a lley In te r u r b a n R y___________
233
A r k a n sa w W ater C o___________________________ 35
A sb u ry P ark & Sea G irt R R .— See E a stern
N ew J e rse y P ow er C o_______________________98
A sh ev ille P o w er & L ig h t C o.— See C a ro lin a
P ow er & L ig h t C o __________________________ I99
A sh la n d G a s & E le ctric C o.— See O h io P u b lic
Serv ice C o ___________________________________ 60
A sso c ia te d E lectric C o_________________________71
A ss o c ia te d G a s & E le ctric Co. (a lso m a p )____70
A ss o c ia te d in t e r n a t io n a l E lectric C o rp ______ 262
A ss o c ia te d P e n n sy lv a n ia C orp_______________ 113
A ss o c ia te d T e le p h o n e C o.— See A sso c ia te d
^ T e le p h o n e U tilitie s C o____________________ 14
A sso c ia te d T e le p h o n e U tilitie s C o _____________14
A th e n s E le c tr ic R y .— Sae A th e n s R a ilw a y &
E le c tr ic C o_____ _________________
292




P a g e.
A tc h is o n R a ilw a y , L ig h t &P o w e r ___________ 168
A th e n s R ailw a y & E le ctric C o _______________202
A tla n ta C o n so l. S tr e e t R R .— See G eorgia
R a ilw a y & E le c tr ic _________________________203
A tla n ta G as L ig h t C o.— See G eorgia R ailw a y
& E le c tr ic _________________________________ 2 03
A tla n ta N o r th e r n R y.— S ee G eorgia R ailw a y
& E lectric C o______________________________ 203
A tla n ta S tr e e t R R .— See G eorgia R ailw a y &
E lectric C o_________________________________203
A tla n ta W ater & E le ctric Pow er C o.— See
G eorgia R ailw a y & Pow er C o ______________ 203
A tla n tic A ven u e R R .— See B ro o k ly n M a n h a t­
ta n T ra n sit C o r p o r a tio n _____________________81
A tla n tic C ity G as C o __________________________ 22
A tla n tic C ity & O cean C ity C o.— See A tla n tic
C ity & Sh ore C o __________________________ 99
A tla n tic C ity & O cean C ity R R .— See A tla n ­
tic C ity & S h o re C o _________________________ 99
A tla n tic C ity & S h o re C o ____________________ 99
A tla n tic C ity & S h ore R R .— See A tla n tic C ity
& S h o re C o __________________________________ 99
A tla n tic C o a st E le ctric L ig h t C o.— See E a st­
ern N ew Jersey Pow er C o __________________ 98
A tla n tic C oast E le ctric R y.— S ee E astern N ew
J ersey P ow er C o ____________________________ 98
A tla n tic S h o re L in e R y.— See Y ork U til. Co__ 39
_
A tla n tic S h ore R y.— See Y ork U tilitie s C o_ 39
A tla n tic & S u b u r b a n R y.— See A tla n tic C ity
& S h o re C o__________________________________ 99
A u b u rn G as C o.— See E m pire G as & E lec. C o . 64
A u b u rn & N o r th e r n E le ctric R R .— See Em­
p ire S ta te R ailroad C o r p o r a t io n .._________ 92
A u b u rn & S y r a c u se E le ctric R R ______
92
A u g u s ta & A ik en R y.— S ee A u g u sta -A ik e n
R a ilw a y & E le c tr ic _________________________ 204
A u g u sta -A ik e n R a ilw a y & E le ctric C orp____204
A u g u s ta (M e.) H a llo w e ll & G a rd in er R R .—
S ee A n d r o sco g g in & K e n n e b e c R y _________ 38
A u g u s ta (G a.) R a ilw a y & E le c tr ic C o.— See
A u g u s ta -A ik e n R a ilw a y & E le ctric C orp. .204
A u g u sta W in th r o p & G ard in er R y.— See
A n d r o sco g g in & K e n n e b e c R y ______________ 38
A urora E lgin & C h ic a g o .— S ee C h ica g o A u ­
rora & E lgin R .R -----------------------------------------170
A urora E lgin & F ox R iver E le ctric C o ________ 177
A u s tin (T exas) S tr e e t R y ____________________ 218

B
B a ltim o re & A n n a p o lis S h o r t L in e— S ee
W a sh . B a lt. & A n n a p o lis E le c tr ic R R ______ 128
B a ltim o re C a to n sv ille & E llic o tt’s M ills P a ss.
R R .— S ee U n ite d R ys. & E le ctric C o_______ 127
B a ltim o re E le ctric C o.— S ee C o n s. G as E lec.
L ig h t & P ow er C o __________________________ 125
B a ltim o re H a le th o r p e & E lk rid ge R y.— See
M aryland E le ctric R y s______________________127
B a ltim o re & N o r th e r n E le c tr ic R y.— See
U n ite d R y s. & E lec. C o ____________________ 127
B a lt. S p arrow s P o in t & C h e sa p ea k e R y.— See
M aryland E le c. R y s. C o ____________________ 127
B a ltim o re T erm . C o.— S ee W ash . B a lt. & A n . 128
B a ltim o re T r a c tio n — S ee U n ite d R ys. & E le c .127
B a ltim o re & W a s h in g to n T r a n sit— S ee W ash ­
in g to n & M aryland R y ______________________128
B am berger E le ctric R R _______________________261
38
B a n g o r H yd r o -E le c tr ic C o ________
B a n g o r & N a z a re th T r a n sit C o _______________ 122
B a n g o r P ow er C o.— See B an gor H yd ro-E lec­
tr ic Co'______________________________________ 38
B a n g o r R ailw a y & E le ctric C o.— S ee B an gor
H y d ro -E lectric C o ___________________________ 38
Bar H arbor E le c tr ic L ig h t C o.— See B an gor
H y d r o -E le c tr ic C o ___________________________ 38
Bar H arbor & U n io n R iver P ow er C o.— See
B a n g o r H yd r o -E le c tr ic C o __________________ 38
B arre & M on tp elier T ra c. & P ow .— S ee M on t­
p elier & B arre L ig h t & P o w e r _______________ 40
B a r tle sv ille G as & E le c tr ic ____________________ 59
B a th & B ru n sw ick L t. & Pr. C o.— S ee C e n tr a l
M aine P ow er C o ____________________________ 151
B a th S t. R y.— S ee A n d r o sco g . & K e n n e b . R y. 38
B a to n R o u g e E le ctric C o ____________________ 211
B a ttle C reek Pow er C o.— See P a c ific G as &
E lec. C o ____________________________________ 242
B ay C ity G as C o.— See C on su m ers Pow er C o .180
B ay C o u n tie s Pow er C o.— S ee P a c ific G as &
E le ctric C o ________________________________ 242
B a y S ta te S tre e t R y .— See E astern M a ssa c h u ­
s e t t s S tre e t Ry. C o __________________________ 44
B ea u m o n t G as L igh t C o.— See S o u th w e ste r n
G as & E lectric C o __________________________ 154
B ea u m o n t T rac. C o.— S ee E ast T exas E le c .-.2 1 7
B eaver V alley T r a c tio n _______________________108
B ello w s F alls P ow .— S ee N ew Eng. P ow . A s s n . 54
B ell T e le p h o n e Co. of C a n a d a ________________ 12
B ell T e le p h o n e C o. o f P a _____________________
8
B ella ire S o u th W est. T rac. C o.— S ee W h e e l­
in g T r a c tio n _______________________________ 110
B e lo it W ater G as & E le ctric C o.— See W is­
c o n s in P ow er & L ig h t C o__________________ 156
’ B e lt L in e R y. C o r p .. ____. . . . . . . . . . ___. . . 81

283

P age.
B en A von & E m sw orth S tr e e t R y ------------------- 107
B e n n in g to n E le c. C o.— See T w in S t a te G as
& E le c tr ic __________________________________ 159
B e n n in g to n W ater P ow . C o.— S e e T w in S ta te
G as & E lec. C o _____________________________ 159
B e n to n H arb or-S t. J oe R y. & L ig h tin g --------- 188
B erea P ip e L in e C o.— S ee O h io P u b lic Serv.C o 60
B ergen T u r n p ik e C o___________________________ 96
B erk sh ire P ow er C o.— S ee C o n n . P ow er C o---- 50
B erk sh ire S tr e e t R y ___________________________ 44
B erlin C ity E le ctric C o ---------------------------------- 274
B erlin er
S ta e d tis c h e
E le k tr iz ita e tsw e r k e
A .-G .— See B er lin C ity E lectric C o -------------274
B everly & D an vers— S ee E a stern M ass. S tr e e t
R ailw a y C o __________________________________44
B ezirk sverb an d O b e r sc h w a b isc h e E lectrizita tsw e r k e — See C o n so l. H yd ro-E lec. W ks.
of U pper W e rtte m b e r g _____________________ 274
B id d efo rd & S a co R a ilr o a d ___________________ 39
B ig C reek L t. & P o w .— S e e C o a st C o u n tie s
G as & E le ctric C o __________________________ 251
B in g h a m to n L est. & U n io n — S ee B in g . R y ---- 86
B in g h a m to n L t., H t. & P ow er C o .------------------64
B in g h a m to n R ailw a y C o _______________________86
B ird sb oro S t. R y.— S ee R e a d in g T r.C o ____. . . 1 1 5
B irm in gh am E le ctric C o ______________________209
B irm in gh am E n sley & B essem er R y.— S ee
B irm in gh am E le ctric C o ___________________ 209
B irm in gh am K n oxville & A lle n to w n T ra c ­
t io n — S ee P itts b . & B irm in gh am T r a c ------- 107
B irm in gh am R ailw a y & E le ctric — S e e B ir­
m in g h a m E le ctric C o _______________________ 209
B irm in gh am R y., L t. & P ow er— S e e B irm ­
in g h a m E le ctric C o _________________________ 209
B ir m in g h a m -T id e w a te r R y. C o.— S ee B irm .
E le ctric C o _________________________________209
B irm in g h a m W ater W orks C o_________________ 18
B la c k sto n e V a lle y G as & E le ctric C o -------------- 48
B le ec k e r S t. & F u lto n F erry R R .---------------- 80
B lo o m field S tr e e t— S ee P itts b . T rac. S y s t e m .108
B lo o m in g to n D e ca tu r & C h am p aign R R .—
S ee I llin o is T r a c tio n , I n c __________________ 167
B lo o m in g to n & N orm al R y ., E l. & H e a tin g
C o.— S ee 111. P ow er & L t. C orp _____________166
B lo o m in g to n & N orm al R y. & L t. C o.— S ee
111. P ow er & L t. C orp _______________________i
B lu e G rass T rac. C o.— See K y. T rac. & T erm . 195
B lu e L ak es W ater C o.— S ee P a c ific G as &
E le c tr ic C o ________________________________ 242
B lu e R id ge T ra n s. C o.— S ee P otom ac E d ison
C o ........................
126
B o ise & In te r u r b a n R y.— S e e B o ise V alley
T r a c tio n C o _______________________________ 259
B o ise V alley T r a c tio n C o ____________ . . . . ___ 259
B o liv ia n Pow er C o., L td _____________________ 263
B o rd en to w n E le ctric C o ________________
94
B o sto n & C h e lsea R R _________________
44
B o sto n C o n so lid a te d G as C o__________________ 25
B o sto n E lev a ted R y ___________________________ 43
B o sto n M il. & B ro c k .— S ee E a ster n M a ssa c h u ­
s e t t s S tr e e t R a ilw a y C o ______________
44
B o sto n & N o r th e r n S t . R y.— S ee E a ster n
M ass. S tr e e t R ailw a y C o _______
44
B o sto n & R evere E le ctric S t. R y ______________44
B o sto n S u b u r b a n E le c tr ic C o s.— S e e S u b u r ­
b a n E le c tr ic S e c u r itie s C o __________________ 46
B o sto n & W o rcester E le ctric C o m p a n ie s_____46
B o sto n & W orcester S tr e e t R y ________________ 46
B o y er sto w n & P o tts to w n S t. R y.— S ee R ead ­
in g T r a n s it C o _____________________________ 115
B ra in tr e e S t. R y.— S ee E a stern M ass. S tr e e t
R y. C o _______________________________________ 44
B ra in tr e e & W ey m o u th S t. R y.— S ee E astern
M ass. S tr e e t R y. C o _________________________44
B ran ford W ater C o.— See N ew H av. W at. C o . 26
B ra z ilia n T r a c tio n , L ig h t & P o w er__________ 273
B rid ge O p e r a tin g C o.— See B k ly n . M. T . C o .. 81
B rid g ep o rt H y d r a u lic C o ____________________ 18
B rid g e p o r t (C o n n .) T r a c .— See C o n n . R y. &
L ig h tin g C o _______________________________ 51
B r id g e to n E le c .— S ee Am. E lec. P ow . C o _____101
B r id g e to n & M ilv. T r.— See Am. E lec. P o w . C o.101
B risto l & P la in v ille E le c tr ic ____________________50
B road R ip p le N a ta to r iu m — S ee U n io n T ra c­
tio n Co. o f I n d ia n a _________________________ 145
B road R ip p le T r a c tio n _______________________ 145
B road River Pow er C o ________________________ 201
B road w ay & 7 th A ve. R R ______________________80
B road w ay S u rface R R .— See N . Y . R y s ________ 79
B ro c k to n B rid gew ater & T a u n to n S t. R y .—
See E astern M a ssa c h u se tts S tr e e t R y. C o .. 44
B ro c k to n & E ast B rid g e w a ter S t. R y .— S ee
E astern M a ssa c h u se tts S tr e e t R y. C o _______ 44
B ro ck to n & P ly m o u th S tr e e t R y .— S ee
P ly m o u th & B ro c k to n S tr e e t R y _________
47
B rock ton S tr e e t R y .— See E a ster n M a ssa c h u ­
s e t t s S tr e e t R y. C o __________________________ 44
B ronx T ra c tio n C o ____________________________ 81
B rook lyn B a th & W est E nd R R .— S ee B. M. T_ 81
B rook lyn B o ro u g h G as C o ___________________ 18
B rook lyn & B rig h t. B e a c h — See B k ly n . M. T . 81
B rook lyn C ity & N e w to w n R R .— S ee B. M. T . 81
B rook lyn C ity R R _____________________________ T8
B ro o k ly n C r o ssto w n R R -—-See B k ly n . M. T _ . 81

284:
P age
B ro o k ly n E d iso n C o., I n c ____________________ 69
B ro o k ly n H e ig h ts R R .— See B ro o k ly n M. T . . 81
B ro o k ly n -M a n h a tta n T r a n sit C o r p o r a tio n .. 81

I N D E X TO C O M P A N IE S

[V ol. 123.
Page.

C en tra l Iow a Pow er & L ig h t C o____________ 228 C i n c i n n a t i N e w p o r t & C o v in g t o n L t .& T r .C o _ l9 6
C en tra l M aine P ow er C o_____________________ 151 C i n c i n n a t i N e w p o r t & C o v in g t o n R y .— S e e
C e n tr a l M exico L t. & P ow . C o.— See M exican
C in n . N e w p o r t & C o v in g t o n L t . & T r a c . C o .196
B r o o k ly n & N o . R iv e r R R .— S e e T h ir d A v e . R y . 80
U tilitie s C o __________ ______________________262 C in c in n a t i S t r e e t R y . C o _____________________ 137
B r o o k ly n Q u e e n s C o u n t y & S u b u r b a n R R — 83 C en tra l M ississip p i V a lley E lectric P r o p erties 222 C in c in n a t i T r a c t io n C o .— S e e C in n . S t .
B r o o k ly n R a p id T r a n s it — S e e B r o o k ly n M a n ­
R y . C o __________________________________________137
C en tra l N ew Y ork G as & E lec.— See Empire
h a t t a n T r a n s i t C o r p o r a t io n ________________ 81
G as & E lec. C o _____________________________ 64 C in n i m in s o n E le c t r ic L ig h t P o w e r & H e a t in g
B r o o k ly n U n i o n E le v .— S e e N . Y . R a p . T r a n . . 83 C e n tr a l N ew Y ork S o u th e r n R R . C orp.— See
C o . o f R iv e r t o n N . J . __________________________ 9 4
B r o o k ly n U n i o n G a s C o _________________________ 18
I th a c a T r a c tio n C o r p o r a tio n _______________ 87 C it ie s S e r v ic e C o ________________________________ 66
B r o w n s v ille A v e n u e S t r e e t R y .— S e e P i t t s . &
C e n tr a l O a k la n d L ig h t & P ow er C o.— See
C it ie s S e r v ic e P o w e r & L ig h t C o _______________ 58
B ir m . T r a c t io n C o ____________________________ 107
G r e a t W ester n P ow er C o. o f C a lifo r n ia ___ 249 C i t i z e n s ’ E le c t r ic S t . R y .— S e e M a s s a c h u s e t t s
B r u n s w ic k T r a c .— S e e P u b lic S e r v ic e R y _____ 95
C e n tr a l O h io G as C o.— See O h io P u b . S. C o . 60
N o r t h e a s t e r n S t r e e t R y ______________________ 3 9
B u c k s C o u n t y I n t e r u r b a n R y .— S e e P e n n ­
C e n tr a l P a ssen g er R y .— See C e n tr a l T r a c tio n l0 7 C it iz e n s G a s C o .— S e e P u b . S e r . C o . o f N o r .
s y lv a n ia - N e w J e r s e y R y ______________________ 122 C e n tr a l P ow er & L t. C o_______________________153
I l l _______________
.1 6 4
B u f f a lo B e l le v u e & L a n c a s t e r R y .— S e e I n t e r ­
C en tra l P u b lic S ervice C o .___________________ 157 C it iz e n s G a s C o . o f I n d i a n a p o l i s _______________ 19
n a t i o n a l R y _____________________________________ 84 C e n tr a l P u b lic U tility C o_____________________158 C it iz e n s G a s & E le c . C o . o f C o u n c i l B l u f f s . . 231
B u f f a lo & E r ie R y ________________________________ 86 C e n tr a l R y.— S ee U n ite d R a ilw a y s & E le c tr ic l2 7 C it iz e n s G a s L ig h t C o .— S e e B r o o k ly n U n io n
B u f f a lo G e n e r a l E le c t r ic C o ____________________ 68 C en tra l & S o u th w e s t U tilitie s C o ____________153
G a s C o ________________________________________ 18
B u f f a lo & L a k e E r ie T r a c t io n C o .— S e e B u f ­
C en tra l S ta te s E le ctric C o _________________ ,..2 2 8 C it iz e n s L ig h t i n g C o .— S e e 111. P o w . & L t .
f a l o & E r ie R y _________________________________ 86 C e n tr a l S t a te s E le ctric C orp _________________ 74
C o r p ___________________________________________ 166
B u f f a lo & L o c k p o r t S t . R y .— S e e I n t e r . R y ._ 84 C e n tr a l S ta te s P ow er & L ig h t C orp_________ 229 C i t i z e n s ’ P a s s . R y ., N o r r is t o w n — S e e S c h u y l ­
B u f f a lo N ia g a r a & E a s t e r n P o w . C o r p _________ 68 C e n tr a l S ta te s U tilitie s C o___________________ 35
k ill V a lle y T r a c t i o n __________________________ 115
B u f f a lo & N ia g a r a F a l ls E le c t r ic R y .— S e e
C e n tr a l T r a c tio n ______________________________107 C i t i z e n s ’ P a s s e n g e r R y . ( P h i l a . ) _______________ 118
I n t e r n a t i o n a l R a ilw a y ________________________84 C e n tr a l L lnion G as C o.— See C o n s. G as C o.
C it iz e n s R R . L t . & P o w . C o .— S e e C e n t r a l
B u f f a lo R y .— S e e I n t e r n a t i o n a l R a ilw a y _____ 84
o f N . Y ______ ________________________
H u d s o n G a s & E le c . C o ______________________ 7 0
16
B u f f a lo S o u t h . R y .— S e e E r ie C o . T r a c . C o r p . 87 C e n tr a l W e st P u b lic S ervice C o ______________ 232 C i t i z e n s ’ R y ., L . & P . C o .— S e e N e w p . N e w s
B u f f a lo T o n a w a n d a & N ia g a r a F a l ls E le c t r ic
C h a m b ersb u rg & G e tty s b u r g E le ctric R y _ 119
_
& H a m p . R y ., G . & E . C o ____________________ 190
R R .— S e e I n t e r n a t i o n a l R a i l w a y ___________ 84 C h a m b ersb u rg G r e e n c a s tle & W a y n esb o ro S t.
C i t i z e n s ’ S t r e e t R y . ( I n d ia n a p o li s , I n d . ) — S e e
B u f f a lo T r a c t io n — S e e I n t e r n a t i o n a l R y _____ 84
R y .— S ee P o to m a c E d ison C o_______________ 127
I n d i a n a p o li s S t r e e t R y ______________________ 145
B u f f a lo & W illia m s v ille E le c t r ic R y ___________ 87 C h a rlero i & W est S id e R y.— See P it t s . &
C i t i z e n s ’ S t r e e t R y . ( M u n c ie , I n d . ) — S e e
B u r li n g t o n C o u n t y R y .— S e e B u r l. C o . T r a n . 99
C h a r i. S t. R y ______________________________ 107
U n io n T r a c t io n o f I n d i a n a __________________145
B u r li n g t o n C o u n t y T r a n s it C o __________________99 C h a r le sto n C ity R y .— See C h a r le sto n C o n so l­
C it iz e n s T e l. C o .— S e e M ic h ig a n B e ll T e l. C o . 1 0
B u r li n g t o n (V t.) T r a c t i o n _____________________ 225
id a te d R a ilw a y , G as & E le ctric C o ________ 201 C i t i z e n s ’ T r a c t i o n _______________________________ 107
B u t le r R a ilw a y s C o _____________ _______________ 119 C h a r le sto n C o n s o lid a te d R y ., G as & E l e c . . .201 C i t i z e n s ’ T r a c t io n C o ., O il C i t y _______________ 1 2 0
B u t t e E le c t r ic & P o w e r C o .— S e e M o n ta n a
C h a r le sto n C o n so l. R y. & L ig h tin g C o______ 201 C it y E le c . C o . (S a n F r a n c is c o ) — S e e G r e a t
P o w e r C o _________________________________
258 a r le sto n D u n b a r T rac. C o.— S ee C h a r le s­
Ch
W e s t e r n P o w e r C o . o f C a lif o r n i a ___________ 2 4 9
B u t t e E le c t r ic R y _______________________________ 259
to n I n te r . R R _______________________________193 C it y & E lm G r o v e R R . C o .— S e e W h e e lin g
P u b lic S e r v ic e C o ____________________________ 1 1 5
C h a r le sto n I n te r u r b a n R R __________________ 193
C h a r le sto n -I sle o f P alm s T r a c tio n ___________202 C it y G a s C o .— S e e V a . E le c . & P r . C o _________ 189
C h a r lo tte E lec. R y .— See S o u th e r n P u b . U t il.200 C it y L ig h t & T r a c t io n C o . ( S e d a lia , M o .)____ 59
C it y R a ilw a y ( D a y t o n , O h io ) C o ______________ 1 4 0
C h a r lo tte E le ctric R y ., L ig h t & P ow er C o.—
C a d illa c G a s L ig h t C o .— S e e U n i t e d L ig h t &
See S o u th e r n P u b lic U tilitie s C o___________200 C it y R y . o f L o s A n g .— S e e L o s A n g . R y . C o r p .2 5 3
P o w e r C o ______________________________________ 184 C h a r lo tte s v ille & A lb em arle R y ______________ 191 C it y & S u b u r b a n R y .— S e e P o r t . E le c . P o w .
256
C a la is (M e.) S t r e e t R a ilw a y _____________________ 39 C h a tta n o o g a E lec. R y .— S ee C h a tt. R y. & Lt_197
C o ___________
C a lif o r n ia C e n t r a l G a s & E le c . C o .— S e e P a ­
C it y & S u b u r b a n R y .— S e e W a s h . R y . & E l . . 1 2 9
C h a tta n o o g a G as C o.— S ee U n ite d L ig h t &
c i f i c G a s & E le c . C o __________________________ 242
P ow er C o___________________________________ 184 C la ir t o n S t r e e t R y ______________________________1 0 8
C a lif o r n ia
E le c t r ic
G e n e r a t in g
C o .— S e e
C h a tta n o o g a R a ilw a y & L ig h t_______________ 197 C le v e la n d B e r e a E ly r ia & O b e r lin R y .— S e e
C le v e la n d S o u t h w e s t e r n R y . & L t _________ 1 4 0
G r e a t W e s t e r n P o w . C o . o f C a l i f ___________ 249 C h a tta n o o g a R ys. C o.— See C h a tt. R y. & Lt_197
C a lif o r n ia G a s & E le c . C o r p .— S e e P a c if ic
C h a u ta u q u a T r a c tio n C o ______________________90 C le v e la n d & C h a g r in F a l ls R y ________________ 1 4 0
G a s & E le c . C o _______________________________ 242 C h e sa p ea k e & P o to m a c T ele. C o_____________ 8 C le v e la n d & E a s t e r n T r a c t i o n ________________ 1 4 0
C a lif o r n ia O r e g o n P o w e r C o ___________________255 C h e sa p ea k e & P o to m a c T ele. Co. o f V a ______ 8 C le v e la n d E le c t r ic I l lu m in a t in g C o ____________2 2 0
C a lif o r n i a P a c if ic R v .— S e e P a c . E le c . R y ___252 C h e ster C o u n ty P u b lic S ervice C o.— See
C le v e la n d E le c t r ic R y .-—S e e C le v e la n d R y ___1 3 6
C a lif o r n i a P o w e r C o r p .— S e e C a l.-O r e . P o w .
P h ila . S u b . G a s & E lec. C o . . ______________ 103 C le v e la n d & E ly r ia R R .— S e e C le v e la n d
C o ____ ______
.2 5 5 C h e ster D arby & P h ila .— S ee W il. & C h e s. T r.101
S o u t h w e s t e r n R y . & L t _______________________1 4 0
C le v e la n d E ly r ia & W e s t e r n — S e e C le v e la n d
C a lif o r n i a R y . & P o w e r _________________________251 C h e ster & E d d y sto n e — See W ilm in g to n &
S o u t h w e s t e r n R y . & L t _______________________1 4 0
C a lif o r n i a S t r e e t C a b le _________________________254
P h ila d e lp h ia T r a c tio n C o__________________ 101
C le v e la n d & E rie R y . C o _____________________
121
C a lif o r n i a T e l e p h o n e & L t. C o .— S e e P a c if ic
C h e ster & M edia E lec. R y .— See W il. & C h e s­
G a s & E le c . C o ________________________________ 242
te r T r a c tio n ________________________________ 101 C le v e la n d P a i n e s v i lle & A s h t a b u l a R R .— S e e
C a lu m e t G a s & E le c .— S e e N o r t h e r n I n d .
C le v e la n d P a in e s v . & E a s t e r n R R __________ 140
C h e ster & P h ila d e lp h ia R y __________________ 117
P u b . S e r v . C o _________________________________ 161 C h e ster S tr e e t R y.— See W il. & C h es. T r a c .-lO l C le v e la n d P a i n e s v i lle & E a s t e r n R R __________ 140'
C a lu m e t & S o u t h C h ic a g o R y __________________173 C h e ster T r a c tio n — See W il. & C h e s. T rac. C olO l C le v e la n d R y . C o ________________________________136
C a m d e n G l o u c e s t e r & W o o d b u r y R y __________ 96 C h ic a g o A urora & E lgin C orp________________ 170 C le v e la n d S o u t h w e s t e r n & C o lu m b u s R y .—
S e e C le v e la n d & S o u t h w e s t e r n C o _________ 1 4 0
C a m d e n H o r s e R R .— S e e C a m d e n & S u b u r b a n 96 C h ic a g o A urora & E lg in R R __________________ 170
C a m d e n I n t e r - S t a t e R y .— S e e O h i o V a l. E l. R y .1 0 1 C h ic. B loom . & D e c a tu r R y.— See 111. T r., I n c .167 C le v e la n d & S o u t h w e s t e r n C o _________________140
C le v e la n d S o u t h w e s t e r n R y . & L t . C o ________ 140
C a m d e n & S u b u r b a n R y ________________________96 C h ic a g o B y-P rod. C oke C o.— S ee P e o p le ’s
C a n a d a N o r t h e r n P o w e r C o r p ., L t d __________ 268
G a s L ig h t & C oke C o ________________________ 28 C le v e la n d & S o u t h w e s t e r n T r a c t io n C o .— S e e
C le v e la n d S o u t h w e s t e r n R y . & L t _________1 4 0
C a n a d ia n L ig h t & P o w e r ______________________ 267 C h ic a g o C ity & C o n n e c tin g R a ilw a y s _______ 172
C h ic a g o C ity R a ilw a y ________________________ 172 C lin t o n G a s & E l. C o .— S e e III. P o w . & L t .
C a n a l & C la ib o r n e R R .— S e e N . O . P u b lic
C o r p ____________________________________________166
S e r v ic e , I n c ____________________________________211 C h ic a g o C o n so l. T r a c tio n — See C h ic a g o R y s.1 7 4
C a n a n d a ig u a EL L t. & R R .— S e e R o c h e s t e r
C lin t o n S t r e e t R y _______________________________ 2 3 0
C h ic a g o E levated R a ilw a y s— S ee C h ic a g o
G a s & E le c t r ic C o r p __________________________ 67
R a p id T r a n sit C o __________________________ 164 C o a l B e lt E le c t r ic R y . C o ______________________ 176
C o a s t C it ie s R y ___________________________________98
C a n t o n - A k r o n C o n s . R y ________________________136 C h ic a g o G as L ig h t & C oke C o.— S ee P e o p le ’s
C a n t o n - A k r o n R y .— S e e C a n .-A k r . C o n s . R y .1 3 6
G as L ig h t & C oke C o ________________________ 28 C o a s t C o u n t ie s G a s & E le c t r ic C o ____________ 251
C a n t o n - M a s s illo n E le c t r ic R y .— S e e C a n t o n C o a s t C o u n t ie s L ig h t & P o w e r C o .— S e e C o a s t
C h ic a g o & I llin o is W estern R R .— See P e o p les
C o u n t ie s G a s & E le c t r ic _____________________ 2 5 1
A k r o n C o n s . R y _______________________________136
G as L t. & C o k e _____________________________ 28
C a n t o n - N e w P h il a d e lp h ia R y .— S e e C a n t o n C h ica g o & In te r u r b a n T r a c tio n _____________ 176 C o a s t V a lle y s G a s & E le c t r ic C o ______________ 251
A k r o n C o n s . R y _______________________________ 136 C h ic a g o & J o lie t E le c tr ic R y _________________ 159 C o e u r d ’A le n e & S p o k a n e R y .— S e e S p o k a n e
& E a s t e r n R y . & P o w e r C o __________________2 5 8
C a p e B r e t o n E le c t r ic C o _______________________ 271 C h ic a g o J u n c t io n R R ________________________ 166
C o h o e s P o w e r & L ig h t C o r p ____________________ 66C a p i t a l T r a c t i o n ________________________________ 129 C h ic a g o L ake S h ore & S o u th B en d R y .S ee
_
C h ica g o S o u th S h ore & S o u th B en d R y _ 148 C o h o e s R y .— S e e U n i t e d T r a c t io n C o . (N . Y .) 7 9
C a r b o n T r a n s i t C o .— S e e M a u c h C h u n k &
C o h o e s - W a r t e r f . H o m e T e l . C o .— S e e N . Y .
L e h i g h t o n T r a n s it C o ________________________122 C h ic a g o M otor C oach C o____________ : ______ 77
T e l e p h o n e C o ___________________________________1 0
C a r b o n d a le R y .— S e e S c r a n t o n R y ____________101 C h ica g o N o r th S h ore & M ilw au k ee R R .— See
C a r o lin a P o w e r & L ig h t C o ____________________ 199
a lso M ap____________________________________ 174 C o lo n ia l G a s & E le c t r ic C o _____________________ 4 8
C o lo r a d o P o w e r C o .— S e e P u b . S e r . C o . o f
C a t a r a c t P o w e r & C o n d u it C o .— S e e B u f f a lo
C h ic a g o & O ak P ark E levated R y .— S ee C hi
C o lo r a d o ________________________________________ 61
ca g o R ap id T r a n s it________________________ 164
G e n e r a l E le c t r ic C o __________________________ 68
C o lo r a d o S p r in g s & I n t e r u r b a n R y __________ 235
C a t a w b a P o w . C o .— S e e S o u t h e r n P o w . C o . .2 0 0 C h ic a g o O tta w a & P eoria R y.— S ee I llin o is
C o lu m b ia C a n a l C o .— B r o a d R iv e r P o w e r C o .
T r a c tio n , I n c _______________________________167
C a t h e r in e & B a in b r id g e S t r e e t s R y ____________117
C a t s k ill P o w e r C o r p .— S e e R o c k la n d L t . &
C h ic a g o R a ilw a y s C o _________________________ 174 C o lu m b ia E le c . L t . , H t . & P o w e r — S e e L a n .
C o . R y . & L t ______________________ ____________113
P o w e r C o _______________________________________ 91 C h ic a g o R apid T r a n sit C o___________________ 164
C a y u g a L a k e E l. R y .— S e e I t h a c a T r a c t i o n . . 87 C h ica g o S o u th B en d & N o r th e r n In d . R y .. l 4 6 C o lu m b ia (S . C .) E le c . S t . R y ., L ig h t & P o w .
— S e e B r o a d R iv e r P o w e r C o ________________ 201
C h ic a g o S o u th S h o re & S o u th B en d R y _____148
C e d a r R a p id s M fg . & P o w r .— S e e M o n tr e a l
173 C o lu m b ia G a s C o .— S e e L a n c a s t e r C o u n t y
L t ., H t . & P o w . C o ___________________________ 266 C h ica g o S u rfa ce L in e s _________________
R y . & L i g h t ___________________________________113
C e d a r R a p id s & M a r io n C it y R y _______________ 187 C h ic a g o & W est T o w n s R y ___________________ 176
C e n tr a l A r k a n s a s R y . & L ig h t C o r p _________ 212 C h ica g o & W e st.— See C h ic. C ity & C on . R y s .172 C o lu m b ia G a s & E le c t r ic C o ___________________ 1 3 0
C o lu m b ia G a s L ig h t C o .— S e e B r o a d R iv e r
C h r is tia n a & C o a te sv ille S tr e e t R y.— See
C e n t r a l C a lif o r n ia E le c t r ic .— -See P a c if ic G a s
P o w e r C o ______________________________________ 2 0 l
L a n c a ster Co. R y. & L t. C o ________________ 113
& E le c . C o ____________________________
242
C e n t r a l C a lif o r n ia T r a c t io n C o _______________ 255 C h r isto p h e r & T e n th S ts. R R ._________________80 C o lu m b ia & M o n t o u r E le c . C o .— S e e P a . P o w .
& L t . C o __________ ___________________ _________ 112
C e n t r a l C r o s s t o w n R R .— S e e N e w Y o r k R y s . 79 C icero G as C o.— See P u b . Ser. of N or. I ll____164
C o lu m b ia R y .— S e e W a s h . R y . & E le c . C o ___129
C in c in n a ti C o v in g to n & E rla n g e r.— See C in ­
C e n t r a l D is t r ic t T e le C o .— S e e T h e B e ll T e l­
C o lu m b ia (S . C .) R y ., G a s & E le c . C o .— S e e
c in n a t i N ew p ort & C o v in g to n _____________196
e p h o n e C o . o f P a ______________________________ 8
B r o a d R iv e r P o w e r C o _______________________ 201
C in c in n a ti & D a y to n T r a c tio n Co.-—S ee C in n .
C e n t r a l E le c t r ic C o .— S e e S o m e r s e t U n i o n &
H a m ilto n & D a y to n R y. C o________________ 138 C o lu m b ia R y ., G a s & E le c . S e c u r i t ie s C o .—
M id d le se x L ig h t in g C o -------------------------------------- 95
S e e B r o a d R iv e r P o w e r C o __________________ 2 0 l
C e n t r a l G a s & E le c t r ic C o _____________________ 157 C in c in n a ti G as & E le ctric C o ________________ 131
C o lu m b u s B u c k e y e L a k e & N e w a r k T r a c t io n
C e n t r a l G e o r g ia P o w e r C o _____________________ 204 C in c in n a ti G as T r a n sp o r ta tio n C o.— See
— S e e S o u t h e r n O h io P u b . S e r v _____________1 3 9
C e n t r a l H u d s o n G a s & E le c . C o ________________ 70
C o lu m b ia G as & E le ctric C o_______________ 130
C e n t r a l I lli n o i s L t . C o .— S e e C o m m o n w e a lth
C in c in n a ti G e o r g eto w n & P o r ts m o u th R R .140 C o lu m b u s D e la w a r e & M a r io n E le c . C o _______135
P o w e r C o r p ____________________________________178 C in c in n a ti H a m ilto n & D a y to n C orp ________ 138 C o lu m b u s D e la w a r e & M a r io n E le c . R R .— S e e
C o l. D e la w a r e & M a r io n E le c . C o __________ 135
C e n t . I l l i n o i s P r . C o .— S e e C e n t . 111. P . S . C o . 159 C in c in n a ti H a m ilto n & D a y to n R y _________ 138
C o lu m b u s D e la w a r e & M a r io n R y .— S e e C o ­
C e n t r a l I l l i n o i s P u b lic S e r v ic e C o _____________159 C in c in n a ti & H a m ilto n T ra c tio n C o.— See
lu m b u s D e la w a r e & M a r io n E le c t r ic C o ___135
C in . S tr e e t R y. C o _________________________ 137
C e n t r a l I n d i a n a G a s C o _______________________ 25
C e n t r a l I n d i a n a L t g .— S e e I n t e r - S t a t e P u b lic
C in c in n a ti L a w ren ceb u rg & A ur. E lec. St.R R 140 C o lu m b u s E d . C o .— S e e C o l. R y ., P . & L . C o .1 3 5
C o lu m b u s (G a .) E le c t r ic C o .— S e e C o lu m b u s
S e r v ic e C o _________________________
155 C in c in n a ti M ilford & B la n c h e ste r T r a c tio n —
E le c t r ic & P o w e r C o __________________________ 2 0 2
S ee C in n . G e o r g eto w n & P o r ts m o u th R R ..1 4 0
C e n t r a l I n d i a n a P o w . C o ______________________ 143




Oct., 1926.]
P age.
C o lu m b u s E le ctric & P ow er C o ______________202
C o lu m b u s G a s C o.— See O h io F u e l S u p p ly C o. 26
C o lu m b u s G rove C ity & S o u th w e s te r n R y .—
S ee I n d ia n a C o lu m b u s & E a ste r n _________ 139
C o lu m b u s & In te r u r b a n T erm in a l C o _______ 140
C o lu m b u s L o n d o n & S p r in g fie ld R y .— S ee
I n d ia n a C o lu m b u s & E a ste r n ______________139
C o lu m b u s M arion & B u c y ru s R y. C o .................142
C o lu m b u s N ew A lb a n y & J o h n s to w n T ra c.
C o.— S ee C o lu m b u s R y ., P ow er & L ig h t_ 135
_
C o lu m b u s N ew ark & Z a n e sv ille E lec. R y .—
See S o u th e r n O h io P u b . Serv______________ 139
C o lu m b u s & N in th A ve. R R .__________________ 80
C o lu m b u s Pow er C o.— See C o lu m b u s E lec.
& P ow er C o ________________________________ 201
C o lu m b u s (G a.) R R .— S ee C o lu m b u s E lec. &
P ow er C o ___________________________________201
C o lu m b u s R y.— S ee C olum . R y ., P. & L. C o ..135
C o lu m b u s R y ., L ig h t & Pow er— S ee M iss.
P ow er & L ig h t C o__________________________ 210
C o lu m b u s R y ., P ow er & L ig h t C o____________135
C o lu m b u s S t. R y.— See C ol. R y ., P o w . & Lt__135
C o lu m b u s T r a c tio n C o.— See C ol. R y. P o w .
& L ig h t C o______________________________ ^.135
C om m ercial U n io n T eleg r a p h C o_____________14
C om m o n w ea lth E d iso n C o___________________ 171
C om m o n w ea lth E l. C o.— See C o m m o n w ea lth
E d iso n C o __________________________________171
C om m o n w ea lth L ig h t & P ow er C o __________ 237
C o m m o n w ea lth P ow er C o.— See C om m on ­
w e a lth P ow er C orp_________________________ 178
C om m o n w ea lth P o w . CorD. (see a lso m a p )_ 178
_
C o m m o n w ea lth T e le p h o n e C o________________ 14
C o m m o n w ea lth U tilitie s C orp.— S e e L o u isi­
a n a Ice & U tilitie s , I n c ______________________36
C o m m u n ity P ow er & L ig h t C o_______________ 233
C o m m u n ity W ater Serv ice C o _________________ 22
C o n e sto g a R e a lty C o .— S e e L a n c a ste r C o u n ty
R y. & L ig h t C o ____________________________ 113
C o n e sto g a T r a c tio n — S ee L an . C o. R y. & L t.113
C o n e y Isla n d & B ro o k ly n R R ________________ 83
C o n e y Isla n d & G r a v e s e n d ____________________83
C o n n e c tic u t C o m p a n y ________________________51
C o n n e c tic u t E le ctric S erv ice C o ______________ 49
C o n n e c tic u t G as & C oke S e c u r itie s C o.— See
N ew H aven G as L ig h t C o ___________________ 26
C o n n e c tic u t L ig h t & P ow er C o _______________ 49
C o n n e c tic u t L ig h tin g & Pr.— S ee C o n n e c ti6* c u t R y. & L ig h tin g C o ._____________________51
C o n n e c tic u t P ow er C o ________________________ 50
C o n n e c tic u t R y. & L ig h tin g _________________ 51
C o n n e c tic u t R iver P o w . C o.— S ee N ew E ng.
P ow er A s s o c ia tio n ___________________________54
C o n n e llsv ille S u b u r b a n S tr e e t R y .— See W est
J&Penn R a ilw a y s C o _________________________ 110
C o n sh o h o c k e n G as & W ater C o.— S ee P h ila .
S u b . W ater C o______________________________ 24
C o n sh o h o c k e n R y.— See S c h u y lk ill V a l. T r a c ll5
C o n so lid a te d E le ctric C o.— S ee G rea t W e st­
ern Pow er C o. o f C a lif_____________________ 249
C o n so lid a ted G as Co. o f N . Y ________________ 16
C o n so lid a ted G as Co. o f P itts b u r g h ________ 105
C o n so lid a ted G a s, E le ctric L ig h t & Pow er
Co. o f B a ltim o re ___________________________ 125
C o n so l. H ydro-E lec. W orks o f U pper W uert-*
te m b e r g ____________________________________ 274
C o n so lid a ted L ig h tin g C o.— See M o n tp elier
& B arre L ig h t & P ow er C o_________________ 40
C o n s o lid a te d P ow er & L ig h t C o _____________192
C o n s o lid a te d Pow er & L t. C o. o f S o . D a k __ 232
C o n so lid a te d R a ilw a y C o.— S ee C o n n . C o .. 51
C o n s o lid a te d R y s., L t. & P o w .— See T id e ­
w a ter P ow er C o ____________________________ 199
C o n so l. R y. & P o w .— See U ta h L t. & Tr__260
C o n s o lid a te d S c h u y lk ill G a s C o.— S ee P h ila .
S u b . G a s & E lec. C o _______________________ 103
C o n s. S ecu r. & In v. C o.— See D e n . T ram . C o .2 3 5
C o n . S u b . S t. R y.— S ee W est P e n n R ys. C o .1 1 0
C o n s o lid a te d T r a c tio n o f N ew J e r s e y ________ 96
C o n so lid a te d T ra c tio n o f P itts b u r g h , P a ___ 107
C o n so lid a te d W ater C o, o f U tic a (N . Y .) _____ 19
C o n so lid a ted W ater P ow er C o _______________ 223
C on su m ers’ E lec. C o.— S ee G r e a t W estern
Pow er C o. o f C a lif__________________________ 249
C o n su m e r s’ El. L t. & P o w . C o. (N . O.)
— S ee N ew O rlea n s P u b lic S erv ., I n c ______ 211
C o n su m ers’ G as C o.— S ee P e o p le s G a s L ig h t
& C oke C o __________________________________28
C on su m ers G as C o. (O n ta r io )_______________ 2 63
C on su m ers' L ig h t, H e a t & P o w er C o.— See
P u b . Serv. E lec. & G a s C o __________________ 94
C o n su m e r s’ L ig h t & P ow er C o.— See G rea t
W estern Pow er Co. o f C a lif_______________ 249
C o n su m e r s’ Pow er C o________________________ 180
C o n su m e r s’ W ater & L ig h t C o.— See 111. Pow .
& L ig h t C orp______________________________ 166
C o n tin e n ta l G a s & E lec. C o r p . _____________ 236
C o n tin e n ta l P a ssen g er R y ___________________ 118
C o n tra C o sta G as— See C o a st C o u n tie s G as
& E lec. C o ______________
251
C o p e n h a g e n T e le p h o n e C o _________________ 280
C o r n in g & P a in te d P o st S tre e t R y ____________87
C orry -D ea v itt-F ro st E lectric C o.— S ee M o n t­
p e lie r & Barre L t. & Pow . C o_______________ 40
C o r tla n d C o u n ty T r a c tio n __________________ 74
C o u n c il B lu ffs G as & E lec. C o.—S e e C itiz e n s
G a s & E lec, o f C o u n c il B lu ffs ______________ 231
C o u n t y G a s C o ______________________________ 19
C raw ford C o u n ty R ys. C o.— S ee N o r th w .
E lec. S e r v ___________________________________ 114
C ra w fo rd sv ille W at. & G a s C o .— See N o rth ern
In d . G a s & E le ctric C o ____________________ 161
C r o ssto w n S t. R y. (B u ffa lo )— See In te r . R y . 84




385

I N D E X TO C O M P A N IE S
P a g e.
C ro ssto w n S t .— S ee C o lu m b u s R y ., Pr. & •
135
L t. C o . . . _____
C u b a n T e le p h o n e C o.— See I n te r n a tio n a l
T el. & T el. C orp ____________________________ 14
C u m b erlan d C o u n ty P ow er & L ig h t C o____37
C u m b erlan d T el. & T el. C o., I n c _____________
8
C u m b erla n d V a lle y L t. & P o w . C o.— See
M e tr o p o lita n E d iso n C o ___________________62
C u m b erlan d & W e ster n p o rt E lec. R y. C o .. 69
C u m b erlan d & W e ste r n p o r t T r a n s it C o.— See
59
C um b er. & W e ster n p . E lec. R y _______
C u y a h o g a T e le p h o n e C o.— S ee O h io B ell
T e le p h o n e C o________________________________11

D
Dai&o D e n r y o k u K a b u sh ik i K a ish a — See
G rea t C o n so lid a te d E lec. P ow . C o ., L td _ 280
_
r'a k o ..a C e n tr a l T e le p h o n e C o _______________ 9
D a k o ta P ow er C o.— S e e C o n so l. P ow . & L t.
C o. o f S o. D a k o ta __________________________ 232
D a lla s E le ctric T erm .— S ee D a lla s R y. &
T erm in al C o_______________________________ 218
D a lla s G as C o.— S ee C o u n ty G as C o _______ 19
D a lla s P ow er & L ig h t C o ____________________ 216
D a lla s R ailw a y C o.— S ee D a lla s R y. & T erm .
.2 1 8
C o _______
D a lla s R a ilw a y & T erm in a l C o _______________ 218
D a n b u ry (C o n n .) & B e th e l S tr e e t R y ________ 52
D a n b u ry P ow er & T r a n sp o r t C o.— S ee D a n ­
b u ry & B e th e l S t . R y _______________________ 52
D a n v ille U rb an a & C h a m p a ig n R y.— S ee III.
T ra c ., I n c __________________________________ 167
D arby M edia & C h e ster R y.— S ee P h ila . R . T .116
D arby & Y e a d o n S t. R y ______________________117
D a y to n C o v in g to n & P iq u a T r a c tio n ________ 141
D a y to n G as C o.— S ee D a y to n Pr. & L t. C o . .131
D a y to n L ig h tin g C o.— S ee D a y to n P ow . &
L ig h t C o ____________________________________ 131
D a y to n & N o r th e r n T r a c tio n C o.— S ee
In d ia n a C o lu m b u s & E a ste r n ______________ 139
D a y to n P ow er & L ig h t C o ___________________ 131
D a y to n & S o ld ie r s ’ H om e R R .— See C ity Ry_140
D a y to n S p r in g fie ld & U rb an a E le ctric R y.—
S ee In d . C olu m . & E a ste r n ________________ 139
D a y to n S p r in g fie ld & X e n ia S o u th e r n .— S ee
D a y to n -X e n ia R y __________________________ 141
D a y to n (O.) S tr e e t R y.— S ee C ity R y _______ 140
D a y to n T r a c tio n — S e e C in n . H am il. & D a y to n
R y. C o________________ , . .......................................138
D a y to n & T roy E le c tr ic ______________________141
D a y to n & W ester n T r a c tio n _________________ 141
D a y to n -X e n ia R y ____________________________ 141
D e ca tu r R ailw a y & L ig h t C o.— S ee 111. P ow .
& L ig h t C orp_______________________________166
D e ca tu r T rac. & E lec.— See 111. P ow . &
L ig h t C orp_________________________________ 166
D e fia n c e G as & E lec. C o.— S ee T o le d o E d ison
59
C o__________
De K alb C o u n ty G as C o.— See 111. N o. U til. C o l59
D elaw are C o u n ty & P h ila d e lp h ia E lec. Ry__102
D ela w a re G as L ig h t C o.— S ee M etro p o lita n
E d iso n C o _________________________________ 62
D e n iso n & S h erm an R y.— S ee T exas E lec. R y .2 1 8
D enver C ity T ram w ay — S ee D e n . T ram .
C orp________________________________________ 235
D enver C o n s.T ra m .— S ee D en ver T ram . C orp .235
D enver G as & E le c.— S ee P u b lic Service C o.
o f C o lo _____________________________________ 61
D enver & I n te r -M o u n ta in ___________________ 235
D en ver & N o r th w e ste r n R y .— S e e D enver
T ram . C o r p ________________________________ 235
D enver T ram w ay C o r p ______________________ 235
D enver T ram w ay P o w , C o.— S ee D enver
T ram w ay C o r p ____________________________ 235
D enver T ram w ay T er m in a ls C o.— S ee D enver
T ram w ay C orp _____________________________ 235
D epew & L ake E rie W ater C o.— S ee W estern
N . Y . W ater C o ............................................................ 35
D epew & L a n c a ste r R y. C orp _________________ 87
D erb y G as & E le ctric C orp ___________________ 97
D es M oines & C e n tr a l Iow a E le ctric C o.— See
D es M oines E le ctric C o ____________________ 168
D es M oines, C e n tr a l Iow a R R ________________ 230
D es M oines C ity R y _________________________ 230
D es M oines E le ctric C o ______________________ 168
D es M oines G as C o __________________________ 19
D e tr o it A lm o n t & N o r th e r n R R _____________ 182
D e tr o it C ity G as C o__________________________ 19
D e tr o it E d ison C o____________________________ 178
D e tr o it E le c tr ic _______________________________ 181
D e tr o it & F lin t R y ___________________________ 182
D e tr o it F o r t W ayn e & B elle Isle R y _________ 181
D e tr q it & H ig h la n d Park R R .— See D e tr o it
U n ite d R y __________________________________ 181
D e tr o it J a c k so n & C h ic a g o __________________ 182
D e tr o it & L ake S t. C lair R y.— See D e tr o it &
P o r t H u ron S h o re L in e R y ________________ 182
D e tr o it M onroe & T o le d o S h o rt L in e R y _____182
D e tr o it & N o r th w e ste r n R y ____ _____________ 182
D e tr o it & P o n tia c R y ________________________ 182
D e tr o it & P ort H u ro n S h o re L in e ____________ 182
D e tr o it R iver T e l. C o.— See M ich ig a n B ell
T el. C o ______________________________________ 10
D e tr o it R o c h e ste r R om eo & L ake O rion .
— See D e tr o it U n ite d R y ___________________ 181
D e tr o it & S u b u r b a n G as C o.— S ee D e tr o it
C ity G as C o_______________________________ 19
D e tr o it U n ite d R y ____________________________ 181
D e tr o it Y p s ila n ti A n n A rbor & J a c k so n R y.—
S ee D e tr o it J a c k so n & C h ic. R y ___________182
D ig h to n S o m erset & S w a n se a S t. R y .— See
E a stern M a ss a c h u s e tts S tr e e t R y. C o _____44

P ag*.
D iilsb u r g L t. H t. & P o w . C o.— S ee M etrop.
E d iso n C o __________________________________ 62
D o m in io n P ow er & T ra n sm issio n C o ________ 264
D over S o m er sw o r th & R o c h e ste r S t. R y _ _ 40
_
D o y le sto w n & W illow G rove R y______________117
D ry D o ck E a st B road w ay & B a tte r y R R _____ 81
D u b u q u e E le c tr ic C o ________ ________________ 229
D u k e-P rice P ow er C o., L td __________________ 263
D u lu th S tr e e t R y .— S e e D u lu th -S u p e r io r T r.2 2 7
227
D u lu th -S u p e r io r T r a c tio n _______________
D u q u e s n e L ig h t C o _________________________ .105
D u q u e s n e T r a c tio n _________________________ .1 0 7
D u rh am P u b lic Service C o ____________________ 59
D u rh am T r a c tio n C o.— S e e D u rh am P u b lic
Service C o _______________
59

E
E ast B a y W ater C o ____________________________ 20
E a st J e rse y S t. R y.— S ee P u b lic Service R y . . 95
E a st K o o te n a y P ow er C o., L td _______________ 264
E a st M cK eesp ort S tr e e t R y __________________ 107
E ast M ich ig a n E d iso n C o.— S e e D e tr o it E d i­
so n C o ______________________________________ 178
E a st M iddlesex S tr e e t R y _____________________ 44
E a st N ew ark G as L ig h t________________________ 94
E a st O a k la n d R y.— S ee K ey S y ste m T r a n s it .253
E ast P e n n E le ctric C o ________________________ 112
E a st R e a d in g E lec. R y.— S ee R e a d in g T r a c . . 115
E a st S t. L o u is L ig h t & P ow er C o.— S e e E a st
S t. L o u is & S u b u r b a n C o__________________ 176
E a st S t. L o u is & S u b u r b a n C o ------- -------------- 176
E a st S id e T r a c tio n C o.— S ee N . Y . S t a te R y s . 84
E a ster n M a ssa c h u se tts S tr e e t R y. C o ._____ 44
E a ster n N ew J ersey P ow er C o _________________ 98
E a ster n N ew Y ork U tilitie s C orp ______________ 66
E a ster n P e n n sy lv a n ia P ow er & R y.— S ee
E a st P e n n E le ctric C o ______________________112
E a stern S h ore G as & E lec. C o. (D e l.)_______ 126
E a ster n S t a te s P ow er C o r p .___________________42
E a ster n T ex a s E le ctric C o ___________________ 217
E a ster n W isco n sin E le c tr ic C o.— S e e W isco n ­
s in P ow er & L ig h t C o ______________________156
E a sto n C o n s o lid a te d E le ctric C o _____________ 112
E a sto n G as W orks. — S ee M etrop. E d iso n
C o __________________
62
E a sto n Palm er & B e th le h e m E le c. R y.— See
E a sto n C o n so lid a te d E le c tr ic ______________ 112
E a sto n & S o u th B e th le h e m T r a n s. C o.— S ee
E a sto n C o n s o lid a te d E le ctric C o ---------------- 112
E con om y L ig h t & P ow er C o.— S ee P u b lic
S ervice C orp. o f N o r th e r n I llin o is -------------164
E d iso n E lec. C o.— S ee L an . C o. R y. & L t— 113
E d ison E lec. Iliu m . C o. o f B o s t o n _____________41
E d iso n E lec. Iliu m . C o. of B r o c k to n __________ 41
E d iso n E le c. Iliu m . C o.— S ee B ro o k ly n E d i­
so n C o __________________________
69
E d ison E lec. Iliu m . C o. (N . Y .).— S e e C o n ­
s o lid a te d G as C o. of N ew Y ork ______________ 16
E d iso n E lec. Iliu m .— S e e P a te r so n & P a ssa ic
G as & E le c tr ic ______________________________ 94
E d iso n E le ctric of N ew O r le a n s— S ee N ew Or­
le a n s P u b lic S erv ice, I n c __________________ 211
E d iso n G e n . I ta lia n E lec. C o .—S e e I n te r n a t.
P ow er S e c u r itie s C orp______________________278
E ig h th A v en u e R R ____________________________ 85
El P a so E le ctric C o ___________________________ 216
E le ctric B o n d & S h a re C o _____________________ 61
E le ctric C o. o f N ew J e r s e y ____________________1 0 l
E le c tr ic In v e sto r s , I n c ________________________ 70
E le c tr ic P ow er C orp. (G erm a n y )_____________ 274
E le ctric P ow er & L ig h t C o r p _________________259
E le c tr ic P u b lic S erv ice C o ___________________ 240
E le ctric R a ilw a y S e c u r itie s C o _______________ 182
E le ctric T r a c tio n (P h ila d e lp h ia . P a .) ----------- 118
E le c tr ic a l S e c u r itie s C orp ___________________ 62
E le k tr iz ita e ts w e r k S c h le s ie n A k tie n g e s e lls c h a ft— S ee S ile s ia E lec. C orp _____________277
E le k tr iz ita e ts w e r k e S a c h s e n -A n h a lt— See
S a c h s e n -A n h a lt E lec. C o. o f H a lle _ ______ 277
_
E le k tr iz ita e ts w e r k U n te r e lb e , A. G .— See
U n te r e lb e P ow . & L t. C o__________________ 278
E lgin A u rora & S o u th e r n T r a c tio n — S e e
C h ic a g o A urora & E lgin C orp____. . . . ____ 170
E liz a b e th P la in fie ld & C e n tr a l Jersey — S ee
P u b lic Service R y ___________________________ 95
E liz a b e th & R a r ita n R iver S tr e e t R y .— S ee
P u b lic Service R y ______________
95
E liz a b e th & T r e n to n R R ______________________ 97
E liz a b e th to w n & F lo rin S tr e e t R y.— S e e L a n ­
c a ste r C o u n ty R y. & L ig h t C o _____________ 113
E lm ira W ater, L ig h t & R a ilr o a d ______________ 65
E lyria G r a fto n & S o u th e r n — S e e C le v ela n d
S o u th W estern R y. & L ig h t_______________ 140
E lyria & O b erlin — S ee C le v ela n d S o u t h w e s t ­
ern R y. & L ig h t_____________________________140
E m pire D is tr ic t E le c tr ic C o_____________
61
Empire G as an d E lec. C o _______________________ 64
Umpire G as & F u el C o _ ______________________ 20
_
Em pire P a ssen g er R y _________________________ 118
E m pire P ow er C orp. o f N . Y ___________________64
E m pire R e fin in g C o.— S e e E m pire G a s &
F u el C o. (D e l.)______________________________20
Em pire S t a te R ailro a d C o r p o r a tio n ___________92
Em pire W ater & P ow er C o .— S e e U n ite d
G as & E le c tr ic C o ___________________________ 65
E n ergie A k tie n g e s e lls c h a f t L eip z ig — S ee L ei­
p z ig O verlan d P ow er C o s__________________ 275
E n g in e e r s P u b lic Service Co (See m a p )______ 189
E n g lew o o d G as & E le ctric — S e e G as & E le c ­
tr ic C o. of B ergen C o u n t y __________________ 95
E p h ra ta & A d a m sto w n R y.— S ee L a n c a ste r
C o u n ty R y. & L ig h t C o _____________________113

286
P ageE q u ita b le G a s C o.— S ee P h ila d e lp h ia C o ____ 104
E q u ita b le G as & E lec. C o. of U tic a — See
U tic a G a s & E lec. C o ______________________ 66
E q u ita b le G a s L ig h t C o.— See M em phis P ow .
& L t. C o_______
.1 9 8
Erie C o u n ty T r a c tio n C o r p o r a tio n ____________87
Erie E le c tr ic M otor C o.— S ee E rie R y s. C o ------87
Erie R a ilw a y s C o __________________________
87
Erie R a p id T r a n sit C o.— See Erie R y s. C o ____87
Erie & S u b u r b a n R y .—-See E rie R y s. C o ______ 87
Erie T r a c tio n — S ee N orw . E lec. Serv. C o. o f
P a _________________________
114
E scan a b a (M ich.) P ow er & T r a c tio n C o ______ 187
E ssex & H u d so n G a s C o ___t.___________________ 94
E v a n sto n R a ilw a y ____________________________ 176
E van sv ille & E a st. E lec. R y.— S ee E v a n sv ille
& O h io V a lle y R y __________________________ 147
E van sv ille E le ctric R y .— S ee C o m m o n w ea lth
P ow er C o r p o r a tio n _________________________ 178
E va n sv ille G a s & E le ctric C o.— S ee C om m on­
w e a lth P ow er C o r p o r a tio n _________________ 178
E van sv ille H e n d e r so n & O w en sb o ro — See
E v a n sv ille & O . V a lley R y _________________ 147
E v an sv ille L ig h t C o.— S ee C o m m o n w ea lth
P ow er C o r p o r a tio n _________________________ 178
E van sv ille & M t. V ern o n E le c tr ic R y .— See
E va n sv ille & O h io V a lle y R y _______________ 147
E van sv ille & O h io V a lle y R y _________________ 147
E van sv ille & P r in c e to n T r a c tio n C o.— See
C o m m o n w ea lth P ow er C o rp _______________ 178
E van sv ille P u b lic Serv ice C o .— S e e C om m on­
w e a lth P o w er C o rp _________________________ 178
E v an sv ille & S o u th e r n I n d ia n a T r a c tio n Co.
— S ee C o m m o n w ea lth P ow er C o rp ________ 178
E van sv ille S u b u r b a n & N e w b u r g h R y _______ 147
E van sv ille T erm in a l R y .— S ee E v a n sv ille &
O h io V a lley R y. C o _________________________ 147
E verett R y. & E le ctric — S ee P u g e t S o u n d
P ow er & L ig h t C o __________________________ 256
E verett R y. L ig h t & W ater C o.— See P u g e t
S o u n d P ow er & L ig h t C o__________________ 256
E xcelsior S p rin g s W ater, G as & E le c.—-See
Mo. P o w . & L t. C o __________________________ 238

F
Fair H a v en & W e stv ille R R .— S ee C o n n . C o .. 61
F a irm o n t & C la rk sb u rg T ra c. C o.— See Mon o n g a h e la W e st P e n n P u b lie S e r v ic e ____ 193
F a irm o u n t Park & H a d d in g to n P a ss. R y .—
S ee H e sto n v ille M a n tu a & F a ir m o u n t____l 18
F a irm o u n t Park T r a n sit C o__________________ 123
F all R iver E le ctric L ig h t C o __________________ 41
F a r m in g to n S tr e e t R y .— See C o n n . C o _______ 51
F e a th e r R iver P ow er C o. (C a lif.)____________ 250
F ed era l L ig h t & T r a c tio n C o_________________ 212
F ed eral S tr e e t & P le a s a n t V a lley R y __________106
F ed era l W a ter Serv ice C orp. (see m a p )______ 31
F e d e r a te d U tilitie s , I n c _______________________ 20
F e lic ity & B e th e l R R .— S ee C in . G e o r g eto w n
& P o r ts m o u th ______________________________140
F ifth A ve. B u s S e c u r itie s C o rp ________________77
F ifth A ve. C o a ch C o ___________________________77
F in d la y S tr e e t R y .— See T o le d o B o w lin g
G reen & S o u th e r n T r a c tio n _______________ 142
F ish k ill E le ctric R y ___________________________ 87
F itc h b u r g & L eo m in ste r S tr e e t R y ____________46
F lin t G a s C o.— See C o n su m ers P ow er C o ____ 180
F lorid a P ow er & L ig h t C o___________________ 205
F lorid a P u b lic S ervice C o____________________ 205
F lu s h in g & C o lleg e P o in t E l. R y .— See N . Y .
& Q u e e n s C o u n ty ___________________________ 90
F o r t P it t T r a c tio n — S ee C o n so l. T ra c. (P itts .)1 07
F o r t S m ith L ig h t & T r a c tio n C o . . ___________212
F ort W ayn e & D e ca tu r T r a c tio n C o _________ 147
F ort W a y n e M arion & B lu ffto n R y. C o.—
S ee I n d ia n a S ervice C orp__________________ 163
F ort W a y n e & N o r th e r n I n d ia n a T r a c tio n —
S ee I n d ia n a S ervice C orp__________________ 163
F ort W a y n e P o w er C o.— S ee In d ia n a Service
C o r p ________________________________________163
F ort W a y n e T r a c tio n C o.— See I n d ia n a Ser­
vice C o rp ___________________________________ 163
F ort W ayne V an W ert & Lim a T ra c tio n C o ___ 138
F ort W ayne & W a b a sh V a lley T rac. C o.— See
I n d ia n a S ervice C o rp _______________________ 163
F o rty -seco n d S t. & G ra n d S t. F erry R R _______ 80
F o rty -seco n d S t. M a n h a t. & S t. N ic h . A v e.R y . 81
F osto ria (O.) & F rem o n t R y __________________ 141
F ram ingham S o u th b o r o & M arlboro S tr e e t
R y.— See B o sto n & W o rcester S tr e e t R y ____ 46
F ram ingham U n io n S tr e e t R y .— S ee B o sto n
& W orcester S tr e e t R y ______________
46
F ran k ford & S o u th w a r k P h ila . C ity P a ss. R y.118
F ran k fo rd T a co n y & H o lm esb u rg R y ________ 123
F r a n k lin W ater, L ig h t & P o w e r —S ee In te r S t a te P u b lic S erv ice________________________ 155
F rederick G as & E le ctric C o.— S ee P o to m a c
E d iso n C o __________________________________ 126
F red erick & M id d leto w n R R .— See P o to m a c
E d iso n C o__________________________________ 126
F red erick R R .— See P o to m a c E d iso n C o _____ 126
F reep o rt G as C o.— S ee C e n tr a l G as & E lec.
C o ________________
157
F reep o rt R y. & L t. C o.— See 111. N or. U til. C o .159
F reep o rt R y ., L ig h t & P ow er C o.— See III.
N or. U tilitie s C o___________________________ 159
F r e sn o C ity R y .— See F r e sn o T ra c tio n C o____ 254
F resn o C ity W ater C orp.— S ee W estern P ow .
C orp _____________________
249
F resn o T r a c tio n C o__________________________ 254
F ries Mfg. & P o w . C o.— S ee S o . P u b . U til. C o. 200




[ V o l . 123,

I N D E X TO C O M P A N IE S
P a g e.
F r o n t & 5 th S t. R y.— See R ead. T r. C o .______ 115
F r o n tie r C o r p o r a tio n ________________________ 76
F r o stb u rg E ck h a r d t & C u m b erlan d E lec. R y.
— See C u m b erlan d & W e ster n p o rt El. Ry__ 59
F r o stb u rg I llu m in a tin g & Mfg. C o.— S ee P o­
to m a c E d ison C o ___________________________ 126
F u lto n C o u n ty G as & E le c.— S ee M ohaw k
H u d so n P ow . C o rp _________________________ 65

G
G a le sb u r g G as & E lec. C o.— S ee 111. P ow er &
L ig h t C orp _________________________________ 166
G a lesb u rg R y., L tg. & P ow . C o.— S ee 111. P ow .
& L ig h t C orp _______________________________166
G a lesb u rg & W estern R R _____________________176
G a lv e sto n E lec. C o.— See G alv. H o u s. E l. C o. 213
G a lv e sto n H o u s to n E le ctric C o ______________ 213
G a lv e sto n H o u s to n E lec. R y.— S ee G a lv e sto n
H o u s to n E le ctric C o ________________________ 213
G ary C o n n e c t. R y s.— S e e G ary R ys. C o ______ 163
G ary & I n te r u r . R y.— S ee G ary R ys. C o _____163
G ary R a ilw a y s C o ____________________________ 163
G ary S tr e e t R y.— See G ary R ys. C o ___________163
G ary S tr e e t R y. C orp.— See G ary R ys. C o ___ 163
G ary & V a lp a r a iso ___________________________ 164
G as & B y -P r o d u cts C o _______________________ 21
G as & E le ctric Co. of B ergen C o u n ty _________ 95
G as L ig h t C o. o f A u gu sta,—See S o u th e r n G as
& P ow er C o rp _______________________________ 30
G as L ig h t C o. o f N ew B r u n s w ic k _____________95
G as U tilitie s C o., I n c __________________________23
G a tin e a u Pow er C o __________________________ 264
G en eral G as & E le ctric C orp _________________ 62
G en eral P ow er & L ig h t C o ___________________ 187
G en eral P u b lic S ervice C orp __________________ 45
G en era l P u b lic U tilitie s C o. (see m a p )______ 206
G eneva S e n e c a F a lls & A u b u rn RR. C o., I n c . 87
G eo rg eto w n R o w ley & Ip sw ic h — See E astern
M ass. S tr e e t R y _____________________________ 44
G eo rg eto w n & T e n n a lly to w n R y.— See W ash .
R y. & E le c .....................................................................129
G eorgia-A labam a P ow er C o __________________ 202
G e o rg ia -C arolin a E le ctric C o ________________ 204
G eorgia C arolin a I n v e st. C o.— See A u g u s ta
A iken R y. & E lec. C orp____________________ 204
G eorgia C aro lin a P ow er C o.— See A u g u s ta
A ik en R y. & E lec. C orp____________________ 204
_
G eorgia E lec. L t. C o.— See G a. R y. & E le c _ 203
G eorgia L ig h t, Pow er & R y s_________________ 204
G eorgia P ow er C o.— S ee S o u th e a s te r n Pow er
& L ig h t C o _________________________________ 208
G eorgia R ailw a y & E le ctric C o _______________ 203
G eorgia R ailw a y & P ow er C o ________________ 203
G erm a n to w n P a ssen g er R y __________________ 118
G le n s F a lls S a n d y H ill & F t. E dw ard S tr e e t
R R .— See H u d so n V alley R y ________________ 84
G lob e S tr e e t R y.— See E a stern M ass. S t. R y _ . 44
G lo e c este r E ssex & B everly— S ee E a stern
M ass. S tr e e t R y _____________________________ 44
G lo u ce ste r & R o c k p o r t— S ee E a stern M ass.
S tr e e t R y ____________________________________ 44
G lo u ce ste r S tr e e t R y.— See E a stern M ass.
S tr e e t R y ____________________________________ 44
G o u g h S tr e e t R y.— See M arket S tr e e t R y ____252
G ra fto n C o u n ty E lec. L ig h t & Pow er C o.—
S ee N ew E n g la n d P ow er A s s n ______________ 54
G rand R a p id s E d iso n C o.— See C on su m ers
P ow er C o __________________ _________________ 180
G rand R a p id s G rand H aven & M u sk egon R y.187
G rand R a p id s H o lla n d & C h ic a g o R y ----------- 183
G rand R a p id s H o lla n d & L ake M ich igan R y.
— S ee G rand R ap id s H o lla n d & C h ic . R ys__183
G rand R ap id s-M u sk egon P ow er C o.— See
C o n su m e r s’ Pow er C o _________ _____________ 180
G rand R a p id s R a ilw a y _______________________ 183
G rays H arbor R ailw ay & L ig h t C o.— See F e d ­
eral L ig h t & T ra c tio n C o __________________ 212
G reat C o n so lid a te d E lec. P ow . C o., L t d --------- 280
G reat F a lls P ow er C om p an y— See M on tan a
P o w er_______________________________________ 258
G reat L ak es P ow er C o., L td . (T h e )-------------- 265
G reat S o u th B ay W ater C o .— S ee S o u th B ay
C o n so l. W ater C o. (M e.)____________________ 33
G reat W estern P ow er C o. of C a lifo r n ia --------249
G reen B ay G as & E le ctric C o.— See W isco n ­
sin P u b lic S ervice C o r p o r a tio n ____________223
G reen M t. P ow . C o.— S ee M on tp . & Barre
L t. & P ow . C o ______________________________ 40
G reen e & C o a te s S tr e e ts , P h ila d e lp h ia , P a ss­
e n g er R y ___________________________________ 118
G reen v ille-C arolin a P ow er C o.— S ee S o u th e r n
P u b lic U tilitie s C o _________________________ 200
G r een v ille (S. C.) T r a c tio n C o.— S ee S o u th ­
ern P u b lic U tilitie s C o ____________________ 200
G reen w ich T ram w ay Co..— See C o n n e c tic u t
C o ___________________________________
51
G r e en w ich W ater C o __________________________ 21
G reen w ich W ater & G as C o __________________ 2 l
G ro ssk ra ftw erk M an n h eim A .G .— ee M ann­
-S
h eim a nd P a la tin a te E lec. C o ______________ 275
G ro to n & S t o n in g t o n T r a c tio n C o _ *------------52
_
G u a n a ju a to Pow er & E le ctric C o.— S ee M exi­
ca n U tilitie s C o ____________________________ 262
G u lf C itie s G as C o.— See S o u th w e s te r n G as
& E le ctric C o _______________________________154
G u lf C o a st P ow er C o.— S ee C e n tr a l P ow er &
L ig h t C o _____________________________
153
G u lf P u b lic S ervice C o _______________________211
G u lf S ta te s U tilitie s C o ______________________ 217
G u lfp o r t & M ississip p i C o a st T r a c tio n C o _ 210
_
G u th rie-E d m o n d R y.— See O klah om a R y _ 241
_

P age

H
H a c k e n sa ck G as & E le c tr ic C o.— S e e G as &.
E le ctric C o. o f B erg en C o u n t y _____________95
H a c k e n sa ck G as L ig h t C o.— S e e G as & E le c ­
tr ic C o. o f B erg en C o u n t y _________________ 95
H a c k e n sa ck W ater C o ________________
21
H a g e r sto w n & B o o n sb o r o R y .— S e e P o to m a c
E d iso n C o __________________________________ 126
H a g e r sto w n & F red erick R y .— S ee P o to m a c
E d ison C o __________________________________ 126
H a g e r sto w n & M yersville R y .— S e e P o to m a c
E d iso n C o ______________ I __________________ 126
H a g e r sto w n & N o r th e r n R y .— S ee P o to m a c
E d iso n C o __________________________________ 126
H a g e r sto w n R y .— S e e P o to m a c E d iso n C o ---- 126
H alifax E le ctric T ram w ay.— S e e N ova S c o tia
T ram w ays & P ow er C o _____________________263
H am b urg E le ctric C o _________________________ 275
H am b u r g isc h e E le c tr ic ita e ts-W e r k e A k tien g e s e lls c h a ft— S e e H am b urg E le ctric C o ____275
H a m ilto n , C a n ., P o w er, L ig h t & T ra c. C o.—
S ee D o m in io n P ow er & T r a n sm issio n C o ---- 264
H a m ilto n E lecric L ig h t & P ow er C o.— See
D o m in io n P ow er & T r a n sm issio n C o --------- 264
H a m ilto n G rim sb y & B e a n sv ille R y .— S ee
D o m in io n P ow er & T r a n sm issio n C o ______ 264
H a m ilto n S tr e e t R y .— S ee D o m in io n P ow er &
T r a n sp o r ta tio n C o_________________________ 264
H am m ond W h itin g & E a st C h ic a g o R y --------- 173
H a m p to n & L a n g le y F ield R y.— S ee N ew p o rt
N ew s & H a m p to n R y., G as & E lec. C o ------ 190
H a m p to n R o a d s T ra c tio n C o.— S ee N ew p ort
N ew s & H a m p to n R y ., G as & E le ctric C o_-190
H an over & M cS h errystow n S t r e e t R y.— S e e
M etrop . E d iso n C o __________________________ 62
H an over P ow er C o.— S ee M etrop. E d iso n C o . 62
H arrisb u rg L ig h t, H e a t & P ow er.— S e e H ar­
r isb u r g L ig h t & P o w e r ____________________ 113
H arrisb u rg L ig h t & P ow er C o _______________ 113
H arrisb u rg & M ec h a n ic sb u rg E le ctric R y.—
See V a lle y R a ilw a y s C o ___________________ 113
H arrisb u rg R a ilw a y s _________________________ 122
H artford C ity G as L ig h t C o __________________ 2?
H artford E le c tr ic L ig h t C o _____________________50
H artford M a n c h e ster & R o c k v ille T ram w ay,
— S ee C o n n e c tic u t C o ____________
51
H artford & S p r in g fie ld C o a ch C o _____________ 52
H artford & S p r in g fie ld S tr e e t R y _____________ 54
H artford S tr e e t R y .— S ee C o n n e c tic u t C o ---- 51
H arw ood E le ctric C o.— S ee P a . P o w . & L t. C o .112
H avan a E le ctric R y. C o _______________________ 273
H avana E lectric R y ., L ig h t & P ow er C o.— S ee
H avan a E le c. & U tilitie s C o -----------------273
H a v a n a E le ctric & U tilitie s C o ----------------------- 273
H averh ill & A n d o v er.— S ee E a ste r n M assa­
c h u s e t t s S tr e e t R a ilw a y C o _________________ 44
H av erh ill G e o r g eto w n & D a n v .— S ee E a ste r n
M a ss a c h u s e tts S tr e e t R a ilw a y C o ___________44
H a z le to n A u to -B u s C o________________________ 121
H e le n a L ig h t & R a ilw a y C o --------------25f
H e n d e r so n T r a c tio n C o ______________________ 141
H erkim er C o u n ty L t. & P o w . C o.— S e e U tic a
G as & E le c. C o _____________________________ 66
H e sto n v ille M an tu a & F a ir m o u n t P a s s . R R --1 1 8
H olyok e S tr e e t R y ____________________________ 47
H om e L on g D is ta n c e T e le p h o n e C o.— S ee
P a c ific T e le p h o n e & T eleg r a p h C o --------- 11
H om e T e le p h o n e & T eleg r a p h C o.— S ee
P a c ific T e le p h o n e & T ele g r a p h C o------------- 11
H o n o lu lu R a p id T r a n sit C o., L td ---------------- 262
H o o sa c V alley S tr e e t R a ilw a y .— See B erk sh ire
S tr e e t R y ____________________________________ 44
H o o sick F a lls E le ctric C o.— S ee T w in S ta te s
G as & E le ctric C o __________________________ 159
H o o sic k F a lls I llu m in a tin g C o.— S e e T w in
S ta te s G as & E le ctric C o __________________ 159
H o o sick F a lls R R .— S ee V erm on t C o m p a n y .- 40
H oosier P u b lic U tility C o --------------------------------158
H or n e ll E le ctric C o.— See N ew Y ork C e n tr a l
E le c tr ic C orp ________________________________ 64
H o u g h to n C o u n ty E le ctric L ig h t C o ------------- 158
H o u g h to n C o u n ty G as & C oke C o.— S ee
M ich igan G as & E le ctric C o ----------------------- 155
H o u g h to n C o u n ty G as & E le c tr ic .— S ee
M ich ig a n G as & E le ctric C o ----------------------- 155
H o u g h to n C o u n ty T r a c tio n C o ______________ 158
H o u s to n E le ctric C o.— S ee G a lv e sto n -H o u sto n E le ctric C o ____________________________ 213
H o u s to n G as & F u el C o _______________________ 65
H o u s to n G u lf G as C o ________________________ 214
H o u s to n L ig h tin g & P ow er C o _______________ 215
H u d so n C o u n ty G as C o _______________________ 94
H u d so n R iver & E a ster n T r a c tio n C o ________ 91
H u d so n R iver T r a c tio n C o.— S ee N ew J e rse y
& H u d so n R iver R a ilw a y & F erry C o ------- 96
H u d so n V alley R a ilw a y _______________________ 84
H u n tin g t o n D evelop . & G as C o.— S ee C olu m ­
b ia G as & E lec. C o _________________________ 130
H u n tin g d o n V a lle y L ig h t & P ow er C o.— S ee
P h ila d e lp h ia S u b u r b a n G as & E le ctric C o.103
H y d r a u lic P ow er C o.— S e e N ia gara F all#
Pow er C o ____________________
68

I
Id a h o Pow er C o.— S ee E le c. P o w . & L t. C orp.259
I llin o is B ell T e le p h o n e C o __________________ 9
I llin o is C e n tr a l T r a c tio n C o.— S ee I llin o is
T r a c tio n , I n c ______________________________ 167
I llin o is E le ctric P ow er— S ee C om m on w ealth
P ow er C o r p _________________________________ 178

O ct., 1926.]

I N D E X TO C O M P A N IE S

P age.
I llin o is N o r th e r n U tilitie s C o ________________ 159
I llin o is P ow er C o.— S ee C o m m o n w ea lth P ow .
C o r p _______________________________________ _178
I llin o is P o w er & L ig h t C o r p ._________________166
I llin o is P u b lic U tility C o _____________________158
I llin o is T r a c tio n , I n c _________________________ 167
I llin o is V a lley R y. C o.— S ee I llin o is T ra c­
tio n , I n c ___________________________________ 167
I n d e p e n d e n t T e le p h o n e C o.— See O h io -B ell
T e le p h o n e C o ______________________________ 11
In d ia n a C o lu m b u s & E a stern T ra c tio n C o ..l3 9
In d ia n a C o n su m ers G as & B y -P r o d u cts C o._147
In d ia n a E le ctric C o rp ______ - ________________ 142
In d ia n a G as U tilitie s C o ______________________ 28
In d ia n a L ig h tin g C o.— See N or. In d . G as
& E le ctric C o ______________________________ 161
I n d ia n a & M ich ig a n E le ctric C o _____________ 143
In d ia n a N a tu r a l G a s & O il C o.— See P e o p le ’s
G as L ig h t & C oke C o______________________ 28
In d ia n a N o rth ern T ra c tio n C o.— S ee U n io n
T r a c tio n C o. o f I n d ia n a ___________________ 145
I n d ia n a P ow er C o.— See I n te r s ta te P u b lic
S er v ic e C o __________________________________ 155
I n d ia n a P ow er & W ater C o.— S ee I n te r s ta te
P u b lic Serv ice C o __________________________ 155
In d ia n a P u b lic Service— See In te r -S ta te P u b ­
lic S e r v ic e __________________________________155
In d ia n a R y.— S ee C h ic a g o S o u th B en d &
N o rth ern I n d ia n a R y _______________________146
In d ia n a R y s. & L ig h t (K o k o m o ).—’S ee N o r th ­
ern In d . Pow . C o __________________________ 143
In d ia n a S ervice C orp_________________________ 163
In d ia n a U n io n T ra c tio n C o.— See U n io n
T ra c tio n C o. o f I n d ia n a ___________________ 145
In d ia n a p o lis & C in c in n a ti T r a c tio n C o _____147
In d ia n a p o lis C oal T rac. C o.— S ee T erre H a u te
In d . & E a ste r n _____________________________ 144
In d ia n a p o lis C o lu m b u s & S o u th e r n T rac. C o .156
In d ia n a p . C raw ford sv. & D an v. E lec. R y ___ 145
I n d ia n a p o lis & E a stern R ys. C o.— See T erre
H a u te In d . & E a stern T ra c tio n C o ________ 144
I n d ia n a p o lis G a s C o .— See C itiz e n s G as C o.
of I n d _______________________________________ 19
In d ia n a p . & G r e en fie ld R apid T r a n sit— See
T erre H a u te In d ia n a p . & E a st. T rac. C O -.144
I n d ia n a p o lis L ig h t & H e a t C o _______________ 144
In d ia n a p o lis & L o u isv ille T ra c. R y .— See
In te r -S ta te P u b lic Service C o ______________155
In d ia n a p . & M a rtin sv ille R apid T r a n sit C o_.145
I n d ia n a p o lis N e w c a stle & E a stern T rac. C o ..l4 6
In d ia n a p . N e w c a stle & T o led o E l. R y.— See
In d . N ew c. & E aster. T rac. C o _____________ 146
In d ia n a p o lis N o rth ern T r a c tio n C o.— See
U n io n T ra c tio n C o. o f I n d _________________ 145
I n d ia n a p o lis & N o r th w e ster n T r a c tio n C o . -144
I n d ia n a p o lis Pow er & L ig h t C o rp ____________143
In d . S h elb y v ille & S o u th e a ste r n T rac. C o.—
S ee In d . & C in . T ra c tio n C o _______________ 147
In d ia n a p o lis & S o u th e a ste r n T r a c tio n C o.—
S ee In d . & C in e . T r a c tio n _________________ 147
I n d ia n a p o lis S tr e e t R y ____________
145
In d ia n a p o lis T rac. & T erm . C o.— See I n d ia n ­
a p o lis S tr e e t R y ____________________________ 145
I n d ia n a p o lis W ater C o ________________________23
I n d ia n a p o lis W ater W orks S e c u r itie s C o ____ 23
I n la n d E m pire R R . C o ______________________ 258
I n la n d P ow er & L ig h t C o rp __________________ 237
I n te r b o r o u g h R apid T r a n sit C o______________ 77
In te r -C o u n ty P o w . & L t.— S ee S o u th w e st
Pow . C o ____________________________________ 240
In te r -M o u n ta in R y.— S ee D enver & In terM o u n ta in R R ______________________________ 235
I n te r n a tio n a l P ow er C o., L td _______________ 265
I n te r n a tio n a l P ow er S e c u r itie s C orp________ 278
I n te r n a tio n a l R y _____________________________ 84
I n te r n a tio n a l T elep . & T eleg . C o rp __________ 14
I n te r n a t. T rac. C o.— See I n te r n a tio n a l Ry__ 84
I n te r n a tio n a l U tilitie s C o rp _________________ 194
I n te r s ta t e E le ctric C orp______________________237
I n te r s ta te Pow er C o __________________________ 229
In te r -S ta te P u b lic Service C o ________________ 155
I n te r -S ta te R ys. C o __________________________ 123
I n te r s ta t e S tr e e t R y. C o __________ I
__________ 46
Io n ia G a s C o.— See C o n su m ers P ow er C o ___ 180
Iow a C ity G as & E lec. C o.— See T ri-C ity Ry.
& L ig h t C o _________________________________187
Iow a C ity L t. & Pow . C o.— See T ri-C ity Ry.
& L ig h t C o _________________________________187
Iow a F a lls E lec. C o * See C e n tr a l S ta te s
—
E le c tr ic C o _________________________________228
Io w a P ow er & L ig h t C o_______________________ 168
Io w a R iver L t. & Pr. C o.— See C e n tr a l S ta te s
E le c tr ic C o _________________________________ 228
Iow a R y. & L ig h t C orp_______________________ 229
Iow a S o u th e r n U tilitie s C o __________________ 227
I ta lia n P ow er C o.— See I n te r n a t. P ow .
S e c u r . C o rp _________________________________278
I th a c a S tr e e t R y.— See Ith a c a T rac. C o rp _ 87
_
I th a c a T r a c tio n C orp_______________________ 87

J

Page.
J a c k so n v ille R y. & L ig h t C o.— S ee III. P ow er
& L ig h t C orp ______________________________ 166
J a c k so n v ille (F la .) T r a c tio n C o______________ 208
Jam a ica & B rook lyn R R .— See B.-M. T _______ 81
J a m a ica W ater S u p p ly C o______________________24
J a m e sto w n S tr e e t R y _________________________ 90
J a n e sv ille E lec. C o.— S ee W is. Pow . & L t. C o .1 5 6
J a n e s v ille (W is.) T r a c tio n C o ________________ 183
J a rd in B o ta n ic o T ram w ay— See B ra z ilia n
T ra c ., L ig h t & P ow er C o __________________ 273
J e ffe r so n & L ake P o n tc h a r tr a in R y. C o.— See
N ew O rlea n s P u b lic S er v ic e ________________ 211
J e n k in to w n C h e lte n h a m G as C o.— See P h ila .
S u b . G a s & E lec. C o _______________________ 103
J e rse y C e n tr a l P ow er & L ig h t C o _____________ 99
J ersey C ity & B ergen R R .— See C on s. T r. C o . 96
J ersey C ity H arrison & K earn ey R y. C o.—
See C o n so lid a te d T r a c tio n o f N ew J e r s e y .- 96
J ersey C ity H ob. & P a t.— See P u b . Serv. Ry__ 95
J o h n sto w n P ass. R y.— See J o h n sto w n TraC-122
J o h n sto w n T ra c tio n C o ______________________ 122
J o lie t R R .— See C h ic. & J o lie t E le ctric R y _ 159
_
J o p lin & P itts b u r g R y. C o ___________________ 234

K
K a m in istiq u ia P ow er C o., L td _______________ 265
K a n a w h a T ra c tio n & E le c tr ic C o ____________193
K a n a w h a V alley T r a c tio n C o.— See C h a r le s­
to n In te r u r b a n R R _________________________ 193
K a n k a k ee G a s & E lec. C o.— S ee P u b . Service
C o. o f N o r th e r n I llin o is ___________________ 164
K a n sa s C ity C lay C o u n ty & S t. J o s e p h _____239
K a n sa s C ity G as C o ___________________________ 23
K a n sa s C ity K aw V a lle y & W estern K y _____ 239
K a n sa s C ity L ea v e n w o r th & W estern R y ____234
K a n sa s C ity L ig h t & P ow er C o.— See K an sas
C ity Pow er & L ig h t C o ____________________ 238
a n sa s C ity P ow er & L ig h t C o ______________ 238
K a n sa s C ity P ow er S e c u r itie s ________________ 238
K a n sa s C ity P u b lic Service C o ______________ 239
K a n sa s C ity R y s. C o.—-See K a n . C ity P u b .
Serv. C o ____________________________________ 239
K a n sa s C ity -W estern R y.— See K a n s a s C ity
L ea v e n w o r th & W estern R y _______________ 234
K a n sa s E le ctric Pow er C o___________________ 233
K a n sa s E le ctric U tilitie s C o.— S ee K an sas
E le ctric P ow er C o _____________________ - ___233
K a n sa s G as & E le ctric C o ___________________ 233
K a n sa s'O k la h o m a G as C o___________________ 241
K a n sa s P ow er C o_____________________________ 237
K a n sa s P ow er & L ig h t C o___________________ 168
K a n sa s P u b lic S ervice C o____________________168
K e n o sh a E lec. R y.— See W is. G as & E lec. C o .222
K e n tu c k y E lectric Pow er C orp_______________ 193
K e n tu c k y H y d ro -E lectric C o _________________ 194
K e n tu c k y L ig h t & P ow er C o.— See K e n tu c k y
U tilitie s C o_________________________________ 155
K e n tu c k y P u b . Serv. C o.— S ee K e n tu c k y T e n n . L t. & P ow . C o _______________________ 196
K e n tu c k y S e c u r itie s C o r p ____________________194
K e n tu c k y -T e n n e ss e e L t. & P ow . C o _________ 196
K e n tu c k y T ra c tio n & T erm in al C o __________ 195
K e n tu c k y U tilitie s C o________________________ 155
K eo k u k (Iow a) E le ctric C o __________________ 222
K eo k u k E lec. R y. & P o w .— See K eo k u k E l.
C o_______
222
K esw ick E le ctric P ow . C o.— S ee P a c ific G as
& E lec. C o __________________________________ 242
K ew a n ee P u b lic Service C o __________________ 177
K ey S y stem S e c u r itie s C o.— See K ey S ystem
T r a n sit C o __________________________________ 253
K ey S y stem T r a n sit C o_______________________253
K ey W est E le c tr ic C o ________________________ 206
K e y sto n e P ow er C orp________________________ 111
K e y sto n e 'P o w e r & L ig h t C o _________________ 111
K e y sto n e T e le p h o n e C o. of P h ila _____________ 9
K in g s Co. E lev.— See N . Y . R ap id T r a n s it_ 83
_
K in g s C o u n ty E lec. L ig h t & P ow . C o.— See
B ro o k ly n E d ison C o., I n c __________________ 69
K in g s C o u n ty G as & Iliu m .— See K in g s
C o u n ty L ig h tin g C o _______________________ 75
K in g s C o u n ty L ig h tin g C o __________________ 75
K in g sb rid g e R y ______________________________ 81
K in g sto n C ity R R .— See K in g sto n C on s. R R . 90
K in g sto n C o n s o lid a te d R R ___________________ 90
K in g sto n G as & E le ctric C o.— S ee U n ite d
H u d so n E le c tr ic _____________________________ 70
K it ta n n in g & Ford C ity — See W est P e n n R y sllO
K jo b e n h a v n s T e le fo n A k tiese lsk a b .— S ee C o­
p e n h a g e n T e le p h o n e C o ___________________ 280
K n o x v ille P ow er & L ig h t C o _________________ 197
K n o x v ille R y. & L t. C o.— See K n o x v ille
P ow er & L ig h t C o__________________________ 197
K n o x v ille T r a c tio n — See K n ox. P ow er & L t.
C o . . . ____________
197
K u tz to w n & F le e tw o o d S tre e t R y.— See
A lle n to w n & R e a d in g T rac. C o ____________ 119

L

J a c k so n C o n so lid a ted T ra c tio n C o.— See
M ich ig a n E le ctric R y. C o __________________ 183 La C rosse C ity R y.— S ee M iss V al. P u b . Serv_224
J a c k so n G a s C o.— See C onsum ers P ow . Co__180 La P o r te & M ich. C ity R y.— See C h ic. S. B.
& N or. In d . R y ____________________________ 146
J a c k so n (M iss.) L t. & T rac. C o.— See M iss.
P ow er & L ig h t C o __________________________ 210 L a ck a . & W yo. V a il. R ap. T r. C o.— See
J a c k so n (M iss.) P u b lic Service C o.— See
S c r a n to n & W ilk es-B arre T ia c _____________ 124
M iss. P ow er & L ig h t C o ___________________ 210 L a cled e G as L ig h t C o_________________________ 23
L a co n ia S tr e e t R y.—-See L a co n ia T r a n s it C o . 40
J a c k s o n v ille (F la .) E lec. C o.— See J a ck so n v .
T r a c tio n C o _______________________________ 208 L a co n ia T r a n s it C o ____________________________ 40
J a c k so n v ille G a s, L ig h t & C oke C o.— See
L ake C h a r le s E le ctric C o.— See E a ster n
I llin o is P ow er & L ig h t C o rp _______________ 166
T ex a s E le c __________________________________ 217




387
P ag*.
L ak e C h a rles R y. L ig h t & W ater W ork s------211
L ake E rie T rac C o.— See B u ff. & E rie Ry__ 86
L ak e R o la n d E le v a te d — See U n ite d R ys. &
E le c tr ic C o. o f B a ltim o r e __________________ 127
L ak e S h o re E le ctric (C le v e la n d )--------------------137
L ak e S h o re P ow er C o__________________________ 60
L ake S tr e e t E le v a te d R R .— See C h ic a g o
R ap id T r a n s it C o __________________________ 164
L a k e sid e R y ., M ah an oy C ity , P a .— See
S c h u y lk ill T r a c tio n ________________________ 122
L a n c a ste r C ity R R .— See L a n . C o. R y. &
L ig h t C o ____________________________________ 113
L a n c a ste r & C o lu m b ia — S ee L a n e . C o. R y.
& L ig h t______________________
-113
L a n c a ste r C o u n ty R y. & L t. C o--------------------113
L a n c a ste r & E a st. R y .— See L a n e. C o. R y.
& L ig h t_____________________________
113
L a n c a ste r G as L ig h t & F u el C o.— S ee L an ­
c a ste r C o u n ty R y. & L ig h t C o_____________ 113
L a n c a ste r M ec h a n ic sb u rg & N ew H o lla n d —
See L a n e . C o. R y. & L t. C o________________ 113
L a n c a ste r
P e te r sb u r g
& M anheim — See
L a n c a ste r C o. R y. & L t. C o _______________ 113
L a n c a ste r & Q u arryvill* S tr e e t R y.— See
L a n c a ste r C o. R y. & L t. C o ----------------------- 113
L a n c a ste r & R o c k y p r in g s R y .— See L an ­
c a ste r Co. R y. & L t. C o ___________________ 113
L a n c a ste r T rac. C o.— See L a n e . C o. R y. & L t-113
L a n c a ste r & Y ork F u r n a c e S tr e e t R y ----------- 122
L a n c a ste r W illow S t. L am . & S tr a s. R y .— .
S ee L a n c a ste r C o. R y. & L t. C o ---------------- 113
L a n d k ra ftw er k e L eip z ig A . G . in K u lk w itz .—
S ee L eip zig O verlan d P ow er C o s ---------------- 275
L a n s in g F u el & G as C o.— S e e C on su m ers
P ow er C o ___________________________________ 180
L a u rel E le ctric P ow er & L ig h t C o.— S ee
L au rel L ig h t & R y. C o _____________________ 210
L au rel L ig h t & R a ilw a y C o _________________ 210
L a u r e n tid e P ow er C o., L t d __________________ 264
L aw ren ce G as & E le c tr ic C o __________________ 42
L a w ren ce & R e a d in g — S ee E a ster n M assa­
c h u s e t t s S tr e e t R y. C o _____________________44
L eb a n o n V a lle y S t. R y _______
116
L e h ig h N a v ig a tio n E le ctric C o.— S ee P e n n a .
P ow er & L ig h t C o__________________________ 112
L e h ig h P ow er S e c u r itie s C o r p o r a tio n _______ 111
L e h ig h T e le p h o n e C o.— S ee B ell T e le p h o n e
C o. o f P a _____________________________ _—
8
L e h ig h T r a c tio n ______________________________121
L e h ig h V al. T r a c .— See L eh ig h V al. T ra n . C o .I ll
L e h ig h V a lle y L t. & P ow . C o.— S ee L eh ig h
P ow er S e c u r itie s C orp ______________________H I
L e h ig h V a lle y T r a n sit C o _________________ ..1 1 1
L eip z ig O verlan d E le ctric Pow er C o _________ 275
L eip z ig O verlan d Pow er C o m p a n ie s__________275
L eip z ig P u b lic S ervice C o rp __________________ 276
L eo m in ste r S h ir le y & A yer S t. R y.— S ee
F itc h b u r g & L eo m in ste r S tr e e t R y _________ 46
L ew isb u rg M ilton & W a ts o n to w n P a ss. R y.122
L e w is to n & A u b u rn E lec. L t. C o.— S ee
A n d r o sco g g in E le ctric C o __________________ 38
L e w is to n A u g u s ta & W a te r v ille S t. R y .— S ee
A n d r o sco g g in & K e n n e b e c R y ______________ 38
L e w is to n B r u n sw ic k & B a th S t. R y .— See
A n d r o sco g g in & K e n n e b e c R y ______________ 38
L e w is to n C o n n e c tin g B rid ge— S ee I n t. R y -- 84
L e w is to n & Y o u n g s to w n F r o n tie r R y ----------- 69
L ew isto w n & R e e d sv ille E le c tr ic R y __________121
L e x in g to n Ice C o_____________________________ 193
L ex in g to n & In te r u r b a n R y s.— S ee K e n tu c k y
S e c u r itie s C o r p o r a tio n _____________________ 194
L e x in g to n R y .— S ee K e n tu c k y T ra c. & T e r m .195
L e x in g to n U tilitie s C o ________________________ 195
L ic k in g R iver Br. C o.— S ee C in . N ew . & C ov.196
L im a C ity S tr e e t R a ilw a y C o ________________ 141
L im a F in d la y & T o le d o — S ee W est. O h io R y.141
L im a— T o le d o R ailro a d C o __________________ 141
L in c o ln T e le p h o n e & T eleg r a p h C o . . ______ 9
L in c o ln (N eb .) T r a c tio n _____________________ 231
L ittle R ock R y. & E lec. C o.— See A rk an sas
C e n tr a l P ow er C o __________________________ 213
L iv in g s to n N iagara P ow . C o.— See N iagara
L ock p ort & O n ta rio P ow er C o ______________69
L o ck p o r t G as & E le c tr ic — See U n ite d G as
& E le ctric C o________________________________65
L o ck p o rt L ig h t, H e a t & P ow er— S ee U n ite d
G a s & E le ctric -C o ___________________________ 65
L o g a n L ig h t & P ow er C o.— See A lto o n a &
L o g a n V a lle y E le c tr ic R y __________________ 101
L om bard & S o u th S tr e e t P a sse n g e r R y .—
S ee F ran k ford & S o u th w a r k P h ila . C ity
P a sse n g e r R y _______________________________118
L o n a c o n in g M idland & F r o stb u rg R y .— See
C u m b erlan d & W e ste r n p o r t________________ 59
L o n d o n (C anad a) S tr e e t R y _________________ 265
L o n e S ta r S ta te Pow er C o ____________________ 25
L on g Isla n d C o n so l. E le ctric a l C o s ____________90
L on g Isla n d E le ctric R y .— See L o n g Isla n d
C on s. E lec. C o s______________________________90
L on g Isla n d L ig h tin g C o . ____________________ 75
L on g Isla n d T ra c .— See B k ly n . M an. T r a n s it . 81
L o n g Isla n d W ater C o r p o r a tio n ______________ 24
L o o k o u t M tn. R y .— See C h a tt. R y. & L t. C o.197
L oraie & C leve. R R .— S ee L ak e S h o r e E l.
R y ..................................................
.137
L o rain S tr e e t R R ______________________________137
L o rain & C levelan d R y .— S ee L ak e S h o re
E le ctric R y _________________________________ 137
L os A n g e le s E lec. C o.— S ee L os A n g e le s G as
& E le c . C orp ________________________________ 244
L os A n g e le s G as & E le c tr ic C o.— S e e L os
A n g e le s G as & E le c tr ic C o r p o r a tio n ______ 244
L os A n g e le s G as & E le c tr ic C o r p . . . . ________ 244

288
Page.
Los Angeles Hermosa Beach & Redondo— See
Pacific Electric Ry_________________________ 252
Los Angeles Pacific Co.— See Pac. Elec. R y..252
_
Los Angeles Pac. RR.— See Pac. Elec. Ry_ 252
Los Angeles & Pasadena Elec., Ry.— See Pa­
cific Electric Ry____________________________ 252
Los Angeles Ry.— See Los Angeles Ry. Corp.253
Los Angeles Ry. Corp_______________________ 253
Los Angeles & Redondo Ry.— See Pacific
Electric Ry_________________________ _______ 252
Los Angeles Suburban Gas Corp______________ 24
Los Angeles Trac.— See Los Ang. Ry. Corp.253
Louisiana Ice & Utilities, Inc_________________ 36
Louisville Gas & Elec. Co. of D e l..__________ 195
Louisville Gas & Elec. Co. of Ky______ ______ 195
Louisville Home Tel. Co.— See Cumberland
Tel. & Tel. Co., Inc________________________ 8
Louisville & Interurban Ry.— See Louisville
Railway__________________________ _________ 19 5
Louisville Lighting Co.— See Louisv. Gas &
Elec. Co. of Ky............................................
195
Louisville & Nor. Ry. & Ltg. Co.— See InterState Public Service Co_____________________155
Louisville Railway Company_____________
195
Lowell Electric Light Corp. (The)____________42
Lowell & Fitchburg Street Ry_________________ 47
Lowell Lawrence & Haver.— See Eastern
Massachusetts Street Ry. Co________________ 44
Lower Peninsular Power Co__________________ 158
Lykens Valley Lt. & Pow.— See East Penn.
Electric Co_________________________________ 112
Lynchburg Gas Co.— See Lynchburg Trac. &
Light Co____________________________ - ______ 192
Lynchburg Trac. & Light_____________________192
Lynchburg Water Power Co.— See Lynch­
burg Traction & Light Co_________________ 192
Lynn & Boston RR.— See Eastern Massa­
chusetts Street Ry. Co___________________ - 44

P a g e.
M eriden H orse R R .— S ee C o n n e c tic u t C o _____ 51
M esaba R a ilw a y ______________________________ 227
M etrop. C r o ssto w n R R .— See N ew Y ork R y s . 79
M etropolitan, E d iso n C o _____________________ 62
M etro p o lita n E le c tr ic C o.— S ee M etro p o lita n
E d iso n C o __________________________________ 62
M etro p o lita n G a s C o.— See P a c ific G as &
E le ctric C o_________________________________ 242
M etro p o lita n G a s & E lec. C o _________________ 25
M etro p o lita n P ow er C o.— S ee M etrop . E di­
so n C o________________________________________62
M etro p o lita n R R .— See W ash . R y. & E le c ____ 129
M etro p o lita n R y .— See M arket S tr e e t R y ____ 252
M etro p o lita n W est S id e E lev. R y. (C h icago)
— See C h ic a g o R ap id T r a n s it______________ 164
M exican T e le p h o n e & T eleg r a p h .Co___________14
M exican U tilitie s C o__________________________ 262
M ich ig a n B ell T e le p h o n e C o__________________ 10
M ich ig a n C ity G as & E le c.— See N o r th e r n
In d . G as & E lec. C o ________________________ 161
M ich ig a n C ity & N o r th e r n In d ia n a G as C o.—
S ee N o r th e r n In d . G as & E le c ______________ 161
M ich ig a n C ity T r a c tio n C o.— See C h ic a g o
S o u th B en d & N o r th e r n I n d ia n a ___________146
M ich ig a n E le c tr ic R a ilw a y C o________________ 183
M ich ig a n F ed eral U tilitie s C orp.— S ee F e d ­
era l U tilitie s , I n c __________________________ 20
M ich ig a n F u el & L ig h t C o ___________________ 21
M ich ig a n G as & E le ctric C o __________________ 155
M ich ig a n L ig h t C o.— S ee C on su m ers P ow . C o .180
M ich ig a n P u b lic Service C o __________________ 238
M ich ig a n R a i l r o a d __________________________ 183
M ich ig a n R ailw a y — See M ich ig a n R ailroad__183
M ich ig a n T r a c tio n — S ee M ich. [Elec.] R y s___ 183
M ich ig a n U n ite d R ys. C o.— See M ich igan
E le ctric R ailw a y C o ________________________ 183
M ich ig a n W ater Pow er C o ____________________158
M ich o a ca n P ow er C o.—-See M exican U tilitie s
C o____________ ______ ________ •______________262
Mid C r o ssto w n R a ilw a y C o___________________ 81
M iddle W e st U tilitie s C o. (also m a p )________ 148
M iddleb . W areham & B u z za r d ’s B ay S t. R y.—
Mackay Companies____________________________ 14
S ee N ew B ed ford & O n se t S tr e e t R y ________ 47
Macon Electric & Ry.— See Macon Ry. &
M iddlesex & B o sto n S tr e e t R y ________________ 46
Light Co____________________________________ 204 M iddlesex E le c tr ic L ig h t & P ow er C o.— See
Macon Gas Co.________________________________204
P u b lic S ervice E le ctric & G a s ______________ 94
Macon Ry. & Light Co.______________________ 204 M iddlesex & S o m er set T r a c tio n — See P u b lic
S ervice R y ___________________________________ 95
Madison County Light & Power Co.— See 111.
Power & Light Corp________________________ 166 M id d letow n (C o n n .) S t. R y.— See C o n n . C o ._ 51
Madison Gas & Electric Co___________________ 224 M idland U tilitie s C o_________________________ 161
Madison (Wis.) Railways Company__________ 225 M idlan d C o u n tie s G as & E lectric C o.— See
Madison River Power Co.— See Montana
W ester n P ow er C o r p o r a tio n _______________ 249
Power Co___________________________________ 258 M idw ay G as C o________________________________30
Maine Public Utility Co______________________ 158 M ifflin G as & E lec. C o .—See P e n n C e n tr a l
Malone Light & Power Co.— See The Power
L ig h t & P ow er C o __________________________ 120
Corp. of N. Y ______________
76 M ilford A ttle b o r o & W o o n so c k e t S t. R y ____45
Manchester Traction, Light & Power Co.—M ilford H o llis to n & F ram in gh am S tr e e t R y.—
See Pub. Serv. Co. of New Hampshire--------- 39
See M ilford & U xbridge S tr e e t R y ____________47
Manhattan Bridge (N. Y.) 3 Cent Line----------- 86 M ilford & U xbridge S tr e e t R y _________________ 47
Manhattan Elevated Co.— See Manhattan Ry. 79 M illvale E tn a & S h a rp sb u rg S tr e e t R y.— See
Manhattan & Queens Traction Corporation. 90
A lle g h e n y T r a c tio n ________________________ 107
Manhattan Railway___________________________ 79 M illv ille T r a c tio n _____________________________ 99
Manila Electric Co___________________________ 262 M ilw au k ee E le c tr ic R a ilw a y & L ig h t________ 220
Manila Electric Corp.— See Associated In­
M ilw a u k ee G as L ig h t C o _______________________ 23
ternational Electric Corp__________________ 262 M ilw a u k ee L ig h t, H e a t & T r a c tio n .— S ee M il­
Manila Electric RR. & Lighting Corp.— See
w a u k e e E le ctric R a ilw a y & L ig h t_________ 220
Manila Electric Corp_______________________ 262 M ilw au k ee N o r th e r n R y ______________________221
Manila Suburban Rys________________________ 262 M ilw aukee S treet R y.— See M ilw au k ee E le c ­
Manitoba Power Co., Ltd_____________________272
tr ic R ailw a y & L ig h t_______________________220
Mannheim Electric Co,— See Mannheim &
M ineral P o in t P u b lic Service C o.— See W is­
Palatinate Electric Cos_____________________275
c o n s in Pow er & L ig h t C o_________________ 157
Mannheim & Palatinate Electric Cos_______ 275 M in n e a p o lis G as L ig h t C o ____________________ 25
Manufacturers Light & Heat Co______________ 26 M in n ea p o lis G en era l E lec. C o.— S ee N o r th e r n
Marion Bluffton & East. Trac. Co.— See
S ta te s P ow er C o. (M in n .)________
225
Marion & Bluffton Traction Co____________ 146 M in n ea p olis N o r th field & S o u th e r n _________ 227
Marion & Bluffton Traction Co______________ 146 M in n ea p olis & S t. P a u l S u b .— S ee T w in C ity
Marion City Ry.— See Union Trac. of Ind_ 145
_
R ap id T r a n s it______________________ .______ 226
Maritime Telegraph & Telephone Co., Ltd_ 265 M in n ea p o lis S tr e e t R y.— See T w in C ity R ap id
_
Market St. El. Pass. Ry.— See Philadelphia
T r a n s it_____________________________________ 226
Rapid Transit_____________________________ 116 M in n ea p o lis S tr e e t & S t. P a u l C ity R ailw a y .
Market Street Railway________________________ 252
— S ee T w in C ity R apid T r a n s it____________226
Marlboro & Westboro Street Ry.— See Worces­
M in n e so ta G en era l E le ctric .— See N o r th e r n
ter Cons. Street Ry_________________________ 45
S ta te s P ow er Co. o f M in n e so ta ____________225
Marquette County Gas & Elec. Co.— See
M in n e so ta P ow er & L ig h t C o ________________ 226
Michigan Gas & Electric___________________155 M ississip p i P ow er C o _________________________ 209
Marquette County Electric Railway Co______ 155 M ississip p i Pow er & L ig h t C o ________________ 210
Maryland Electric Rys________________________ 127 M ississip p i R iver P ow er C o__________________ 221
Mason City & Clear Lake RR_________________187 M ississip p i V alley P ow er C o,— See F o r t S m ith
Massachusetts Elec. Companies— See Eastern
L ig h t & T r a c tio n C o _______________________212
Massachusetts Street Ry. Co________________ 44 M ississip p i V a lle y P u b lic Service C o ________ 224
Massachusetts Gas Companies________________ 24 M ississip p i V a lle y R a ilw a y & P o w er C o______ 172
Massachusetts Lighting Companies___________41 M issouri E d is o n E lec. C o.— See U n io n E lec.
Massachusetts Northeastern Street Ry_______ 39
L ig h t & P ow er C o __________________________ 221
Massillon Elec. & Gas Co.— See Ohio Public
M issouri E le ctric R a ilr o a d ___________________ 236
Service Co___________________________________ 60 M issouri & K a n sa s In te r u r b a n R y.— S ee
Mauch Chunk & Lehighton Transit Co.— See
M issouri & K a n sa s R y. C o ________________ 239
Mauch Chunk (Pa.) Transit Co____________122 M issouri & K a n sa s R y. C o ___________________ 239
Mauch Chunk (Pa.) Transit Co______________ 122 M issouri P ow er & L ig h t C o _________________ 238
McGavock & Mt. Vernon Horse RR.— See
M obile G as C o _________________________________ 25
Nashville Ry. & Light_________ . ___________197 M obile L ig h t & R a ilr o a d _____________________209
Memphis Light & Power Co.— See Memphis
M ohaw k H u d so n P ow er C o r p o r a tio n _________ 65
Power & Light Co_________________________ 198 M ohaw k V a lle y C o _____________________________67
Memphis Long Distance Tele. Co.— See Cum­
M o n cto n T ram w ays, E le c tr ic ity & G as C o.,
berland Tel. & Tel. Co., Inc_______________ 8
L td .— See P a .G a s & E lec. C o ______________ 102
Memphis Power & Light Co_________________ 198 M o n m ou th C o n s o lid a te d W ater C o____________22
Memphis Street Ry__________________________ 198 M o n o n g a h ela L ig h t & P ow er.— See D u q u e s n e
Memphis Tel. & Tel. See Cumberland Tel.
L ig h t C o____________________________________ 105
& Tel. Co., Inc___________________________ ,_8
M o n o n g a h ela P ow er & R y. C o.— See M on on ­
Mercer Co. Traction— See Trenton Street Ry.100
g a h e la W est P e n n P u b lic S e r v ic e ___________193
Merchants’ Electric Light— See New Orleans
M o n o n g a h ela S tr e e t R a ilw a y ________________ 108
Public Service_____________________________ 211 M o n o n g a h ela V a lle y T ra c tio n C o.— See Mo­
Meriden Southington & Co mpounce Tram­
n o n g a h e la W est P e n n P u b lic S e r v ic e _____193
way— See Connecticut Co_________________ 51 M o n o n g a h ela W est P e n n P u b lic Service C o . . 193




[ V o l . 123,

I N D E X TO C O M P A N IE S

M

P ag*.
M on ta n a -D a k o ta P ow er C o __________________ 259
M o n ta n a P ow er C o ___________________________ 258
M on tan a P ow er T ra n sm issio n C o.— See M on­
ta n a P ow er C o _____________________________ 258
M ontgom ery C o u n ty P a sse n g e r R y.— See
S c h u y lk ill V a lle y T r a c tio n ________________ 115
M ontgom ery L ig h t & P ow er C o.— S ee A la­
bam a P ow er C o ____________________________ 209
M ontgom ery L ig h t & T r a c tio n C o __________ 209
M ontgom ery L ig h t & W ater P ow er C o.— See
A labam a P ow er C o _________________________ 209
M on tp elier & B arre L ig h t & P o w e r ___________40
M ontreal L ig h t, H e a t & P ow er C o __________ 266
M ontreal L ig h t, H e a t & P ow er C o n s o lid a t e d .266
M on treal P u b lic S er v ic e C o r p o r a tio n — S ee
Q u eb ec-N ew E n g la n d H y d r o -E le c tr ic C orp .266
M ontreal S tr e e t R y.— S ee M on treal T ram ­
w a y s ________________________________________ 267
M ontreal T ram w ays C o _______________________267
M ontreal T ram w ays & P ow er C o _____________266
M oravia E le c tr ic L ig h t, H e a t & P ow er.—S e e
N ew Y ork S t a te G as & E le c tr ic C orp _______ 72
M orn in gsid e E le c tr ic S tr e e t R y ______________ 108
M orris C o u n ty T r a c tio n C o ___________________ 99
M t. H ood R a ilw a y & P ow er C o.— S ee P o r tla n d
E le ctric P ow er C o __________________________ 256
M t. O liver I n c lin e P la n e R y.— S ee P . & B .
T r a c tio n S y s te m ___________________________ 107
M t. T om R R .— S ee H o ly o k e S tr e e t R y ________ 47
M t. W a s h in g to n S tr e e t R y ____________________106
M t. W h itn e y P ow er & E le c tr ic C o.— S ee
S o u th e r n C a lifo r n ia E d iso n C o ____________247
M o u n ta in S t a te s P ow er C o __________________ 255
M uncie G a s & E lec. C o.— S ee R o c h e ste r
G as & E le c. C orp____________________________ 67
M uncie H artford & F ort W ayn e T r a c tio n C o.
— See U n io n T r a c tio n C o. o f I n d ia n a ______ 145
M uncie & P o r tla n d T ra c tio n C o_____________ 146
M uncie & U n io n C ity T ra c tio n C o.— See
U n io n T r a c tio n C o. o f I n d ia n a ____________145
M u n icip a l G as C o. (N ew Y o r k )________________ 65
M u n icip al G as C o. (T e x a s)___________________ 25
M u n icip al Service C o _________________________ 120
M uskegon T r a c tio n & L ig h tin g C o___________188
M uskogee E le ctric T r a c tio n C o ______________ 242
M u tu al E le ctric L ig h t C o.— See P a c ific G as
& E le ctric C o_______________________________242
M u tu al F u el G as C o.— See P e o p le ’s G as
L ig h t & C oke C o____________________________ 28
M u tu a l T e le p h o n e C o. (E rie, P a .) _____________ 12
M u tu al U n io n T eleg r a p h C o.— S ee W e ster n
U n io n T eleg r a p h C o., I n c __________________ 13
M ystic S te a m sh ip C o.— See M ass. G a s C o s . . 24
M ystic V alley S tr e e t R y.— S ee E a ster n M assa­
c h u s e tts R ailw a y C o ________________________ 44

N
N a r r a g a n se tt E le c tr ic L ig h tin g C o______
49
N a sh u a S tr e e t R a ilw a y ______________________ 40
N a sh v ille & E d g e fie ld R R .— See N a sh v ille
R ailw a y & L ig h t C o ________________________ 197
N a sh v ille R a ilw a y & L ig h t C o _______________ 197
N a sh v ille S tr e e t R y.— See N a sh v ille R a ilw a y
& L ig h t C o_________________________________ 197
N assau E le ctric R a ilr o a d ______________________83
N a ssa u L ig h t & P ow er— S ee L o n g Isl.L tg .C o _ 75
N a tio n a l E le c tr ic P ow er C o ___________________ 37
N a tio n a l F u el G as C o _________________________ 26
N a tio n a l L ig h t, H e a t & P o w er C o _________.1 5 3
N a tio n a l P ow er & L ig h t C o __________________ 198
N a tio n a l P u b lic Service C o r p o r a tio n _________ 98
N a z a r e th I llu in a tin g G as C o.— S ee M etrop .
E d iso n C o ___________________________________ 62
N eb ra sk a L ig h t & P ow er C o.— S ee C o n s o li­
d a te d P ow er & L ig h t C o. o f S o u th D a k o ta .2 3 2
N eb ra sk a P ow er C o______________________. ___ 231
N evada C alifo rn ia E lec. C orp. (a lso m a p )____245
N evad a-C aliforn ia Pow er C o.— S e e N evad aC a lifo r n ia E le ctric C o r p o r a tio n ____________245
N evada C o u n ty E le ctric P ow er.— S ee P a c ific
G a s & E le ctric C o __________________________ 242
N evada R ow er L t. & W ater C o.— S e e S ierra
P a c ific E lec. C o____________________________ 261
N eversin k M o u n ta in R y.— S ee R e a d in g T r a n ­
s it C o_______________________________________115
N ew A lb a n y S tr e e t R y.— S ee I n te r -S ta te P u b ­
lic Service C o_________
155
N ew A lb a n y W ater-W orks.— S ee I n te r -S ta te
P u b lic Service C o__________________________ 155
N ew A m sterd am G a s C o ._______________________ 16
N ew B ed ford G as & E d iso n L t. C o ____________42
N ew B ed ford M id d leb u ry & B r o c k to n .— See
E astern M a ss a c h u s e tts S tr e e t R y. C o--------- 44
N ew B ed ford & O n se t S tr e e t R y --------------------- 47
New B ru n sw ick L ig h t, H e a t & P ow er C o ------95
N ew C a stle E le c tr ic C o.— S ee P e n n sy lv a n ia
O h io E le ctric C o ___________________________ 133
N ew E n g la n d I n v e stm e n t & S e c u r ity C o ______ 45
N ew E n g la n d P o w er A s s o c ia tio n _____________ 54
N ew E n g la n d P ow er C o.— S ee N ew E n g la n d
P ow er A s s o c ia tio n _____________________ . . . . 54
N ew E n g la n d P u b lic S ervice C o______________ 151
N ew E n g la n d T e le p h o n e & T eleg r a p h C o ------10
N ew H am p sh ire E le c tr ic R a ilw a y s ____________ 39
N ew H aven & C e n tr . S t. R y .— See C o n n . C o . 51
N ew H a v en G as L ig h t C o_____________________ 26
N ew H aven S h o re L in e R a ilw a y _______________52
N ew H aven S tr e e t R y.— S ee C o n n e c tic u t C o . 51
N ew H a v en W ater C o _________________________ 26
N ew Jersey & H u d so n R iver R y. & F erry ------96
N ew J e r se y P ow er & L ig h t C o _______________ 96

Oct., 1926.]
P age.
N e w J e r s e y & P e n n s y lv a n ia T r a c t io n .— S e e
T r e n t o n - P r in c e t o n T r a c t io n C o ____________ 100
N e w J e r s e y T r a c t io n .— S e e C o n s o l. T r a c . S y s_ 96
N e w J e r s e y W a te r C o _________________________ 22
N e w L o n d o n G a s & E le c . C o .— S e e C o n n .
P o w e r C o _______________________________________ 50
N e w L o n d o n S t r e e t R y .—-S ee C o n n e c t i c u t C o . 51
N e w M ilfo r d P o w e r C o .— S e e C o n n . L t .
& P o w e r C o ____________________________________ 49
N e w O r le a n s & C a r r o llto n R R ., L t. & P o w e r
C o .— S e e N e w O r le a n s P u b lic S e r v ic e _______211
N e w O r le a n s C it y & L a k e R R .— S e e N e w
O r le a n s P u b lic S e r v ic e ______________________ 211
N e w O r le a n s C it y R R .— S e e N e w O r le a n s
P u b lic S e r v ic e , I n c ___________________________ 211
N e w O r le a n s G a s L ig h t C o .— S e e N e w O r le a n s
P u b lic S e r v i c e ________________________________211
N e w O r le a n s & P o n t . R R .— S e e N e w O r le a n s
P u b lic S e r v ic e ________________________________211
N e w O r le a n s P u b lic S e r v ic e , I n c ______________211
N e w O r le a n s T r a c . C o .— S e e N e w O r le a n s
P u b lic S e r v ic e ________________________________211
N e w W illia m s b u r g & F l a t b u s h R R .— S e e
B r o o k ly n M a n h a t t a n T r a n s i t ________________ 81
N e w Y o r k C e n t r a l E le c t r ic C o r p o r a t io n _____ 64
N e w Y o r k C ity I n t e r b o r o u g h R y . C o ___________ 81
N . i . C o n s . R R .— S e e N . Y . R a p . T r a n . C o r p . 83
N e w Y o r k & E a s t R iv e r G a s C o .— S e e C o n s .
G a s C o . o f N e w Y o r k __________________________ 16
N e w Y o r k E d is o n C o .— S e e C o n s . G a s C o . o f
N e w Y o r k _______________________________________ 16
N e w Y o r k G a s & E le c . L t ., H t . & P r .— S e e
C o n s . G a s C o . o f N e w Y o r k ___________________ 16
N e w Y o r k & H a r le m R R ____ 1___________________ 86
N e w Y o r k & L o n g I s la n d T r a c t io n — S e e L o n g
I s la n d C o n s . E le c . C o s _________________________ 90
N e w Y o r k M u n ic ip a l R y . C o r p .— S e e N e w
Y o r k R a p id T r a n s it C o r p _____________________ 83
N e w Y o r k M u tu a l T e le g r a p h C o __________ , ___ 13
N . Y . N . H . & H a r tfo r d R y . ( t r o l le y l i n e s ) ____ 50
N e w Y o r k & N o r t h S h o r e T r a c . ( R o s l y n ) _____ 91
N e w Y o r k & Q u e e n s C o u n t y R y (L . I . C i t y ) . . 90
N e w Y o r k & Q u e e n s E le c . L t . & P o w e r .— S e e
C o n s . G a s C o . o f N e w Y o r k ___________________ 16
N e w Y o r k & Q u e e n s G a s C o __________________ 17
N ew Y o r k & P o r t C h e s t e r R y .— S e e N e w Y o r k
W e s t c h e s t e r & B o s t o n _________________________ 52
N e w Y o r k R a ilw a y s C o r p _______________________ 79
N e w Y o r k R a p id T r a n s it C o r p __________________83
N e w Y o r k & R ic h m o n d G a s C o ________________ 18
N e w Y o r k & S ta m fo r d R y ________________________51
N e w Y o r k S t a t e G a s & E le c . C o r p _____________ 72
N e w Y o r k S t a t e R a ilw a y s ________________________84
N e w Y o r k S te a m C o r p _________________________ 76
N e w Y o r k T e l e p h o n e C o _________________________10
N e w Y o r k T r a n s p o r t a t io n C o ___________________77
N e w Y o r k W e s t c h e s t e r & B o s t o n R y __________ 52
N e w Y o r k & W e s t c h e s t e r L t. C o .— S e e C o n s .
G a s C o . o f N e w Y o r k ________________________ 16
N e w a r k C o n s o li d a te d G a s C o _________________ 94
N e w a r k G a s C o .— S e e N e w a r k C o n s o lid a te d
G a s ____________________________________________ 94
N e w a r k P a s s e n g e r R y .— S e e C o n s o lid a te d
T r a c t io n C o __________________________________ 96
N ew ark
P la n k
R o a d .— S e e
C o n s o lid a te d
T r a c t io n o f N e w J e r s e y ____________________ 96
N e w b u r g E le c t r ic R y .— S e e O r a n g e C o u n t y
T r a c t io n ________________________________________ 91
N e w b u r g & O r a n g e L a k e R R .— S e e O r a n g e
C o u n t y T r a c t io n _______________________________91
N e w p o r t E le c t r ic C o r p ___________________________ 48
N e w p o r t I liu m .— S e e N e w p o r t E le c . C o r p _____ 48
N e w p o r t & F a ll R iv e r S t r e e t R y .— S e e N e w ­
p o r t E le c t r ic C o r p ______________________________48
N e w p o r t N e w s & H a m p to n R y ., G a s & E le c .
C o ---------------------------------------------------------------------- 190
N e w p o r t N e w s & O ld P o i n t R y . & E le c .— S e e
N e w p o r t N e w s & H a m p . R y ., G . & E l. C o . . 190
N e w p o r t S t . R y .— S e e N e w p o r t E le c . C o r p ____ 48
N ia g a r a F a lls P a r k & R iv e r — S e e I n t e r n a ­
t i o n a l R y _______________________________________ 84
N ia g a r a F a l ls P o w e r C o __________________________ 68
N ia g a r a F a l ls & S u s p e n s io n B r id g e R y .— S e e
I n t e r n a t io n a l R y _____________________________ 84
N ia g a r a F a lls W h ir lp o o l & N o r t h e r n R y .— S e e
I n t e r n a t io n a l R y _________________
84
N ia g a r a G o r g e R R _________________
69
N ia g a r a L o c k p o r t & O n ta r io P o w e r C o ________ 69
N ia g a r a S t . C a t h a r in e s & T o r o n t o R y ________ 267
N i n t h A v e n u e R R ________________________________ 85
N o b l e s v ill e H e a t, L ig h t & P o w e r C o .— S e e
N o r t h e r n I n d i a n a P o w e r C o ________________ 143
N o r f o lk & A t l a n t i c T e r m .— S e e V a . E le c . &
P o w e r C o ______________________________________ 189
N o r f o lk & P o r t s m o u t h T r a c . C o .— S e e V a .
E le c t r ic & P o w e r C o _________________________189
N o r f o lk (V a .) R y . & L i g h t ..........................
190
N o r f o lk S t r e e t R R .— S e e N o r f. R y . & L t. C o . .1 9 0
N o r r is t o w n P a s s . R y .— S e e S c h u y l k ill V a lle y
T r a c t i o n _______________________________________ 115
N o r t h A m e r ic a n C o _____________________________ 72
N o r t h A m e r ic a n E d is o n C o ____________________ 220
N o r t h A m e r ic a n L ig h t & P o w e r ______________ 166
N o r t h A m e r ic a n U t i l i t y S e c u r i t ie s C o r p _____ 74
N o r t h B o s t o n L i g h t i n g P r o p e r t ie s _____________43
N o r t h C a r o lin a E le c t r ic P o w e r — S e e C a r o lin a
P o w e r & L ig h t C o ____________________________ 199
N o r t h C a r o lin a P u b lic S e r v ic e C o _____________2 0 0
N o r t h H u d s o n C o u n t y R y .— S e e P u b lic S e r ­
v ic e R y __________________________________________95
N o r t h H u d s o n L ig h t , H e a t & P o w e r C o .— S e e
P u b lic S e r v ic e E le c . & G a s C o _______________ 94
N o r t h J e r s e y S t . R y .— S e e P u b lic S e r v ic e R y . 95




INDEX TO COMPANIES
P age.
N o r t h M o u n t a in W a te r S u p p ly C o .— S e e
S p r in g B r o o k W a t e r S u p p ly C o ______________ 3 0
N o r t h P e n n P o w e r C o . (M e.)— S e e N o r t h e r n
P e n n s y lv a n ia P o w e r C o _____________________ 116
N o r t h R iv e r R y .— S e e H u d s o n V a lle y R y ____ 84
N o r th S h o r e E le c t r ic C o .— S e e P u b l i c S e r v ic e
C o . o f N o r t h e r n I l l i n o i s _____________________ 164
N o r t h W e s t U t i l i t i e s C o ________________________156
N o r t h a m p t o n S t r e e t R y _______________________ 47
N o r t h a m p t o n T r a c . C o . ( E a s t o n , P a .) — S e e
N o r t h a m p t o n T r a n s it C o ____________________ 119
N o r t h a m p t o n T r a n s it C o ______________________ 119
N o r t h e a s t e r n P o w e r C o r p _____________________ 76
N o r t h e r n C a lif o r n ia P o w e r C o .— S e e P a c if ic
G a s & E le c t r ic C o ____________________________ 242
N o r t h e r n C a m b r ia R y . C o _____________________ 123
N o r t h e r n C a n a d a P o w e r C o ., L t d _____________268
N o r th e r n C e n t r a l G a s C o .— S e e P a . P o w e r &
L ig h t C o ______________________________________ 112
N o r t h e r n C o n n e c t i c u t P o w e r C o _____________ 52
N o r t h e r n E le c t r ic C o . ( W is .) ___________________223
N o r th e r n E le c t r ic S t . R y . ( S c r a n t o n ) — S e e
S c r a n t o n M o n t. & B in g . R R _________________ 86
N o r t h e r n I l l i n o i s L ig h t & T r a c . C o .— S e e 111.
P o w e r & L ig h t C o r p __________________________ 166
N o r t h e r n I n d i a n a G a s & E le c . C o _____________161
N o r t h e r n I n d i a n a P o w e r C o ___________________ 143
N o r t h e r n I n d i a n a P u b lic S e r v ic e C o _________ 161
N o r th e r n I n d i a n a R y .— S e e C h ic a g o S o u t h
B e n d & N o r t h e r n I n d i a n a R y _______________ 146
N o r t h e r n M a r y la n d P o w e r C o .— S e e S o u t h e r n
P a . P o w e r C o _________________________________ 125
N o r t h e r n M ic h ig a n P u b lic S e r v ic e C o .— S e e
G e n e r a l P o w e r & L ig h t C o __________________187
N o r t h e r n N e w Y o r k U t i l i t i e s , I n c ______________ 76
N o r t h e r n O h io P o w e r C o _______________________135
N o r t h e r n O h io P o w e r & L ig h t C o _____________ 136
N o r t h e r n O h io T e l e p h o n e C o . S e e O h io
B e ll T e l e p h o n e C o _____________________________ 11
N o r t h e r n O h io T r a c t io n & L ig h t C o .— S e e
N o r t h e r n O h io P o w e r & L t . C o ______________ 136
N o r t h e r n O n t a r io L ig h t & P o w e r C o ., L t d . .2 6 8
N o r t h e r n P e n n s y lv a n ia P o w e r C o _____________ 116
N o r t h e r n S t a t e s P o w e r C o .— F a r g o & M o o r­
h e a d D iv is io n _________________________________ 232
N o r th e r n S t a t e s P o w e r C o . ( o f D e l . ) __________ 225
N o r t h e r n S t a t e s P o w e r C o . ( o f M i n n .) _______225
N o r t h e r n S t a t e s P o w e r C o . o f W is c o n s in _____ 226
N o r t h e r n T e x a s E le c t r ic C o ___________________216
N o r t h e r n T e x a s T r a c .— S e e N o r . T e x a s E le c .2 1 6
N o r t h e r n U n io n G a s C o _______________________ 17
N o r t h e r n V ir g in ia P o w . C o .— S e e P o t o m a c
E d is o n C o _____________________________________ 126
N o r t h e r n W e s t c h e s t e r L t g . C o .— S e e C o n s .
G a s C o . o f N e w Y o r k ________________________ 16
N o r t h u m b e r la n d C o u n t y G a s & E le c . C o .—
S e e P a . P o w e r & L ig h t C o ___________________ 112
N o r t h w e s t e r n B e ll T e l e p h o n e C o _______________ 11
N o r t h w e s t e r n E le c t r ic S e r v ic e C o . o f P e n n a .- 1 1 4
N o r t h w e s t e r n E le v a t e d ( C h ic a g o ) — S e e C h i­
c a g o R a p id T r a n s i t ___________________________ 164
N o r t h w e s t e r n G a s L ig h t & C o k e — S e e P u b .
S e r v . C o . o f N o r t h . I l l i n o i s ___________________ 164
N o r t h w e s t e r n T e le g r a p h C o __________________ 13
N o r t h w e s t e r n T e l e p h o n e C o .— S e e W e s t e r n
U n i o n T e le g r a p h C o ., I n c ____________________ 13
N o r w ic h S t . R y .— S e e C o n n . C o ________________ 51
N o v a S c o t ia T r a m . & P o w . C o ., L t d _________ 263

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O m a h a & C o u n c i l B lu f f s R y . & B r i d g e _______231
O m a h a & C o u n c i l B lu f f s S t r e e t R y __________ 231
O m a h a & L in c o l n R y . & L ig h t C o _____________167
O m a h a L in c o l n & B e a t r ic e R a ilw a y C o _______232
O m n ib u s C o r p ____________________________________ V f
O n t a r io L ig h t & T r a c .— S e e N . Y . S t a t e R y s . 84
O n t a r i o & S a n A n t o n io H e ig h t s — S e e P a c if ic
E le c t r ic R y ___________________________________ 252
O r a n g e C o u n t y P u b . S e r v . C o r p .— S e e R o c k l.
L ig h t & P o w e r C o ______________________________91
O r a n g e C o u n t y T r a c t io n C o ____________________91
O r a n g e & P a s s a ic V a lle y R y ____________________ 96
O r e g o n E le c t r ic R y _____________________________ 256
O r o v ille L ig h t & P o w e r C o .— S e e P a c if ic
G a s & E le c t r ic C o ____________________________ 242
O s w e g o R iv e r P o w e r C o r p _____________________ 77
O t t a w a (C a n a d a ) E le c t r ic R y _________________ 269
O t t a w a T r a c t io n C o ., L t d _____________________ 268
O t t e r T a il P o w e r C o . o f D e l ____________________232
O t t e r T a il P o w e r C o . o f M in n _________________ 232
O t t u m w a y R a ilw a y & L ig h t C o _______________ 2 3 0
O w e g o L ig h t & P o w e r C o .— S e e B in g , L t . H t .
& P o w . C o ______________________________________ 64
O w e n s b o r o C it y R R ____________________________ 147
O x fo r d E le c t r ic C o .— S e e C e n t r a l M a in e P o w .
C o . .......................................................................................... 151

P

P a c if ic C o a s t P o w e r C o .— S e e P u g e t S o u n d
P o w e r & L ig h t C o ____________________________ 256
P a c if ic E le c t r ic R y _____________________________ 252
P a c if ic G a s & E le c t r ic C o . (a ls o m a p ) _________ 242
P a c if ic G a s I m p t .— S e e P a c if ic G a s & E l. C o _ 2 4 2
P a c if ic L ig h t & P o w e r C o .— S e e S o u t h e r n
C a lif o r n ia E d is o n C o _________________________2 4 7
P a c if ic L i g h t i n g C o r p __________________________ 244
P a c if ic P o w e r s & L ig h t C o _____________________ 214
P a c if ic T e l e p h o n e & T e le g r a p h C o _____________11
P a c if ic T r a c t io n C o .— S e e P u g e t S o u n d P o w .
& L ig h t C o ___________________________________ 256
P a d u c a h E le c t r ic C o ___________________________ 195
P a l a t i n a t e E le c . C o .— S e e M a n n h e im a n d
P a l a t i n a t e E le c . C o s ___________________ . . . 2 7 5
P a n H a n d le T r a c . C o .— S e e W e s t P e n n R y s _ . H 0
P a r k e r s b u r g G a s , E le c . L t . & S t . R y .— S e e
K a n a w h a T r a c t io n & E le c t r ic C o __________ 193
P a r k e r s b u r g M a r ie t t a & I n t e r u r b a n R y .— S e e
K a n a w h a T r a c t io n & E le c t r ic C o __________ 193
P a r k e r s b u r g & S o u t h B r id g e C o .— S e e K a n ­
a w h a T r a c . & E le c . C o ______________________193
P a r r S h o a l s P o w e r C o .— S e e B r o a d R iv e r P o w .
C o ___________________
201
P a s a d e n a & M t. L o w e R y .— S e e P a c . E l. R y _ .2 5 2
P a s s a ic G a s L ig h t C o .— S e e P a t e r s o n & P a s ­
s a ic G a s & E le c t r ic C o ________________________ 94
P a s s a ic L ig h t in g C o .— S e e P a t e r s o n & P a s ­
s a ic G a s & E le c t r ic C o _________________________9 4
P a s s a ic & N e w a r k E l. T r .— S e e C o n s . T r a c .C o . 96
P a t e r s o n & P a s s a ic G a s & E le c t r ic C o _________ 94
P a t e r s o n R a ilw a y — S e e P u b lic S e r v ic e R y ___95'
P a t e r s o n & S t a t e L in e T r a c t io n C o ___________ 96
P a w t u c k e t E le c . C o .— S e e B la c k s t o n e V a lle y
G a s & E le c t r ic C o ______________________________48
P a w t u c k e t G a s C o .— S e e B la c k s t o n e V a lle y
G a s & E le c t r ic C o ____________________________ 48
P a w t u c k e t S t . R y .— S e e U n i t e d E le c . R y s ___49
P e e k s k il l L ig h t in g & R a ilr o a d __________________74
P e lh a m P a r k & C it y I s l a n d _____________________ 81
P e n i n s u la r P o w e r C o ___________________________ 222
P e n i n s u la r R a ilw a y _____________________________2 5 4
P e n i n s u la r T e l e p h o n e C o ______________________ 15
O a k d a le & M c D o n a ld S t . R y .— S e e W e s t P e n n
R y s ----------110 P e n n C e n t r a l L ig h t & P o w . C o ________________ 120
O a k la n d & A n t i o c h — S e e S a n F r .- S a c r a . R R .2 5 3 P e n n C e n t r a l L ig h t & P o w e r C o r p .— S e e P e n n
C e n t r a l L ig h t & P o w e r C o _ __________________120
O a k la n d & H a y w a r d R y .— S e e K e y S y s te m
T r a n s it C o _____________________________________ 253 P e n n M o to r C o .— S e e E a s t o n C o n s . E le c . C o _ 1 1 2
O a k la n d R y s .— S e e K e y S y s t e m T r a n s it C o . .2 5 3 P e n n - O h io E d is o n C o ___________________________ 133
O a k w o o d S t r e e t R y . C o _________________________ 141 P e n n P u b lic S e r v ic e C o r p _____________________ 114
O b e r p fa lz E le c t r ic P o w e r C o r p ________________ 276 P e n n S t r e e t P a s s e n g e r R y . ( P i t t s b u r g h ) .—
S e e C i t i z e n s ’ T r a c t i o n _______________________ 107
O e f f e n t l ic h e W e r k b e t r ie b e d e r S t a d t S t e t t i n
— S e e S t e t t i n P u b . U t l . C o ___________________277 P e n n s y lv a n ia E d is o n C o .— S e e M e tr o p . E d i­
s o n C o ________________________________________ 62
O g d e n G a s C o .— S e e P e o p l e ’s G a s L t . & C o k e
Co
______
28 P e n n s y lv a n ia E le c t r ic C o r p .— S e e P u b . U t i l .
C v m p e n d iu m o f M a y 1 1926.
O h io B e ll T e l e p h o n e C o _______________________ 11
P e n n s y lv a n ia G a s & E le c t r ic C o _______________102
O h io C o u n t y F u e l C o .— S e e W e s t P e n n P o w .
C o _________________________
. . 1 1 0 P e n n s y lv a n ia G a s & E le c t r ic C o r p ____________102
O h io E d is o n C o _________________________________ 181 P e n n s y lv a n ia L i g h t i n g C o .— S e e P a . P o w . &
L t . C o _______________________
112
O h io E le c t r ic P o w e r C o _________________________139
O h io F u e l C o r p _________________________________ 26 P e n n s y lv a n ia & M a h o n in g V a lle y R y . C o .
— S e e P e n n s y lv a n ia - O h io E le c t r ic C o _____ 133
O h io F u e l S u p p ly C o ___________________________ 26
P e n n s y lv a n ia - N e w J e r s e y R a ilw a y C o ________ 122
O h io G a s & E le c .— S e e C o lu m b ia G a s &
133
E le c t r ic C o ____________________________________130 P e n n s y lv a n ia - O h i o E le c t r ic C o ________
O h io P o w e r C o __________________________________ 134 P e n n s y lv a n ia - O h io P o w e r & L i g h t ____________133
134
O h io P u b lic S e r v ic e C o ________________________ 60 P e n n s y lv a n ia P o w e r C o ____________
P e n n s y lv a n ia P o w e r & L i g h t ________________ 112
O h io R iv e r B r id g e & F e r r y C o .— S e e K a n a w h a
T r a c . & E le c . C o ______________________________ 193 P e n n s y lv a n ia W a te r & P o w e r C o ______________ 114
O h io R iv e r E d is o n C o __________________________ 133 P e n s a c o la E le c t r ic C o __________________________ 2 0 6
P e o p l e ’s E le v a t in g C o ___________________________ 96
O h io R iv e r E le c t r ic R y . & P o w e r — S e e O h io
R iv e r P o w e r C o _______________________________135 P e o p le s G a s C o . (N . J . ) __________________________ 2 7
O h io R iv e r P o w e r C o ___________________________ 135 P e o p l e ’s G a s & E le c t r ic C o . (M a so n C it y ) .—
S e e U n i t e d L ig h t & P o w e r C o _______________ 184
O h io S t a t e T e l e p h o n e C o .— S e e O h io B e ll
T e l e p h o n e C o _________________________________ 11 P e o p l e ’s G a s , E le c t r ic & H e a t i n g .— S e e I n t e r S t a t e P u b lic S e r v ic e C o ______________________ 155
O h io T r a c t io n C o _______________________________ 136
O h io V a lle y E le c t r ic R y _______________________ 101 P e o p le s G a s L ig h t & C o k e C o ___________________2 8
O k la h o m a G a s & E le c t r ic C o _________________ 240 P e o p l e ’s I n c a n d e s c e n t L ig h t C o .— S e e N o r t h ­
w e s t e r n E le c t r ic S e r v ic e C o __________________114
O k la h o m a N a t u r a l G a s C o r p __________________ 17
O k la h o m a R a ilw a y C o __________________________ 241 P e o p le s A r iz o n a G a s & E le c t r ic C o r p _________ 224
O ld D o m in io n P o w e r C o ________________________191 P e o p le s C a lif o r n i a H y d r o - E le c t r ic C o r p _____ 224
O le a n B r a d f o r d & S a la m a n c a R y _______________ 91 P e o p le s G a s & E le c t r ic C o . o f O s w e g o — S e e
O s w e g o R iv e r P o w e r C o r p ____________________ 77
O le a n E le c . L t . & P o w . C o .— S e e N ia g a r a
L o c k p o r t & O n t a r io P o w . C o _______________ 69 P e o p l e s H y d r o - E le c t r ic V e r m o n t C o r p _______ 22 4
O le y V a lle y R y .— S e e R e a d in g T r . C o _________115 P e o p l e s I o w a C it y W a t e r w o r k s C o r p _________2 i

o

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P e o p le s L i g h t & P o w e r C o i'p __________________ 224
P e o p le s L i g h t , H e a t & P o w . C o .— S e e M e tr o p .
E d is o n C o _______________________________________62
P e o p le s M in n e s o t a G a s & E l e c t r i c C o r p _____ 224
P e o p le s W e s t C o a s t H y d r o - E le c t r ic C o r p ____ 224
P e o p le s W is e . H y d r o - E le c t r ic C o r p ___________ 224
P e o p l e ’s P a s s e n g e r R y __________________________ 118
P e o p l e ’s R y . ( D a y t o n , O .) _____________________ 100
P e o p l e ’s R y ., W il m in g t o n , D e l.— S e e W il­
m in g t o n & P h il a d e lp h ia T r a c t io n C o _____ 101
P e o p l e ’s S t r e e t R y .— S e e S c r a n t o n R y _______101
P e o p l e ’s S t r e e t R y . (W e s t N e w b u r y , M a s s .),—
S e e E a s t e r n M a s s a c h u s e t t s S t r e e t R y . C o .) 44
P e o p l e ’s T r a c t io n ( P h il a d e lp h i a , P a . ) ________ 118
P e o r ia B lo o m i n g t o n & C h a m p a ig n T r a c t io n
C o .— S e e I l l i n o i s T r a c t io n , I n c _____________ 167
P e o r ia L in c o l n & S p r in g f ie ld R y .— S e e I l l i ­
n o i s T r a c t io n , I n c ____________________________ 167
P e o r ia (111.) W a te r W o r k s C o ____________________22
P e r r y S t r e e t P a s s e n g e r R y .— S e e F e d e r a l
S t r e e t & P l e a s a n t V a lle y R y ________________ 106
P e t a lu m a & S a n t a R o s a R R ___________________253
P f a lz w e r k e A k t i e n g e s e ll s c h a f t — S e e M a n n ­
h e im & P a l a t i n a t e E le c t r ic C o s _____________275
P h il a d e lp h ia C ity P a s s e n g e r R y ______________ 118
P h il a d e lp h ia C o . ( P i t t s b u r g h , P a . ) ___________ 104
P h il a d e lp h ia & D a r b y R y ______________________ 118
P h il a d e lp h ia & E a s t o n T r a n s it C o ____________119
P h il a d e lp h ia E le c t r ic C o ______________________ 102
P h il a d e lp h ia E le c t r ic P o w e r C o _______________ 103
P h il a d e lp h ia & G r a y ’s F e r r y P a s s e n g e r R y _ .1 1 8
P h il a d e lp h ia & G a r r e t t f o r d S t . R y . C o .— S e e
P h il a d e lp h ia & W e s t C h e s t e r T r a c t i o n ____ 123
P h il a d e lp h ia R a ilw a y s C o _____________________ 124
P h il a d e lp h ia R a p id T r a n s it C o _______________ 116
P h il a d e lp h ia S u b u r b a n C o u n t ie s G a s &
E le c t r ic C o ____________________________________103
P h il a d e lp h ia S u b u r b a n G a s & E le c t r ic C o . _ 103
P h il a d e lp h ia S u b u r b a n W a te r C o ______________ 24
P h il a d e lp h ia T r a c t i o n __________________________ 118
P h il a d e lp h ia & W e s t C h e s t e r T r a c t i o n _______123
P h il a d e lp h ia & W e s te r n R y ___________________124
P h il a d e lp h ia & W illo w G r o v e S t r e e t R y _____ 119
P ie d m o n t & N o r t h e r n R a ilw a y _______________ 201
P ie d m o n t P o w e r & L ig h t C o .— S e e N o . C a r o .
P u b lic S e r v ic e C o ., I n c ______________________ 200
P i g e o n R iv e r P o w e r C o .— S e e C a r o l. P o w . &
L ig h t C o _______________________________________ 199
P i n e B lu f f (A r k .) C o ___________________________ 213
P i n e lla s C o u n t y P o w . Co.,— S e e T id e W a te r
P o w e r C o ______________________________________ 199
P it c a ir n & W ilm e r d in g S t r e e t R y .— S e e M on o n g a h e la S t r e e t R y __________________________ 108
P i t t s b u r g h A lle g h e n y & M a n c h e s t e r T r a c t io n
— S e e U n i t e d T r a c t io n C o . o f P i t t s b u r g h . . 106
P i t t s b u r g h & A lle g h e n y T il e C o ,— S e e B e ll
T e l e p h o n e C o . o f P a __________________________ 8
P i t t s b u r g h & B e a v e r S t r e e t R y ________________ 108
P i t t s b u r g h & B ir m in g h a m P a s s e n g e r R y .—
S e e P i t t s b u r g h & B ir m in g h a m T r a c t i o n ___ 107
P i t t s b u r g h & B ir m in g h a m T r a c t i o n _________ 107
P i t t s b u r g h B u t le r & H a r m o n y C o n s o li d a te d
R a ilw a y & P o w e r C o _________________________124
P i t t s b u r g h C a n o n s b u r g & W a s h i n g t o n R y .,1 0 6
P i t t s b u r g h & C h a r le r o i S t r e e t R y _____________107
P i t t s . C o u n t y R y .— S e e S o u t h w e s t P r . C o . . 240
P i t t s b u r g h C r a f t o n & M a n s fie ld S t r e e t R y .—
— S e e P i t t s b u r g h R a ilw a y s C o ______________ 105
P i t t s . H a r m o n y B u t le r & N e w C a s t le S t . R y . . l 2 4
P i t t s b u r g h I n c l i n e P l a n e ______________________ 107
P i t t s b u r g h M ars & B u t le r R y _________________ 124
P i t t s b u r g h M c K e e s p o r t & C o n n e l ls v ill e R y .
— S e e W e s t P e n n . R y s . C o ___________________110
P i t t s b u r g h M c K e e s p o r t & G r e e n s b u r g R y .—
S e e W e s t P e n n . R a ilw a y s C o ________________ 110
P i t t s b u r g h R a ilw a y s C o . ______________________ 105
P i t t s b u r g T r a c t i o n _____________________________ 108
P i t t s b u r g h U t i l i t i e s C o r p o r a t io n _____________104
P i t t s b u r g h & W e s t E n d P a s s e n g e r R y .— S e e
P i t t s b u r g h R a ilw a y s C o _____________________ 105
P i t t s . & W e s t V a . G a s C o .— S e e P h il a . C o ____ 104
P i t t s f i e l d (M a ss.) E le c t r ic S t r e e t R y .— S e e
B e r k s h ir e S t r e e t R y ___________________________ 44
P i t t s t o n S t r e e t C ar— S e e W ilk e s b a r r e & W y o ­
m in g V a lle y T r a c t io n S y s t e m _______________ 125
P l a in f ie l d G a s & E le c t r ic C o .— S e e S o m e r s e t
U n i o n & M id d le s e x L i g h t i n g _________________ 95
P l a in f ie l d S t . R y .— S e e P u b lic S e r v ic e R y ____ 95
P ly m o u t h & B r o c k t o n S t r e e t R y _______________ 47
P o la n d S t . R y .— S e e P e n n a .- O h io E le c . C o . .1 3 3
P o n c e E le c t r ic C o _______________________________ 262
P o n t ia c L ig h t C o .— S e e C o n s u m e r P o w e r C o . 180
P o n t ia c L ig h t & W a te r C o .— S e e P u b . S e r v .
C o . o f N o r . I l l ________________________________ 164
P o r t C h e s t e r W a te r W o r k s — S e e G r e e n w ic h !
W a te r C o _______________________________________ 21
P o r t R ic h m o n d & B e r g e n P t . F e r r y — S e e
C o n s o li d a te d T r a c t i o n _______________________ 96
P o r t la n d & C a p e E liz . R y .— S e e P o r t la n d R R . 38
P o r t la n d E le c . P o w e r C o _______________________ 256
P o r t la n d G a s C o .— S e e P o r t la n d G a s & C o k e
C o _________________________
29
P o r t la n d G a s & C o k e C o _______
29
P o r t la n d G e n e r a l E le c t r ic C o .— S e e P o r t la n d
E le c t r ic P o w e r C o ____________________________ 256
P o r t la n d L ig h t in g & P o w e r — S e e C u m b e r ­
la n d C o u n t y P o w e r & L ig h t C o ____________ 37
P o r t la n d (M e.) R R ________________________________38
P o r t la n d R y . C o .— S e e P o r t la n d E le c . P r . C o . 256
P o r t la n d R y ., L ig h t & P o w e r C o .— S e e P o r t ­
l a n d E le c t r ic P o w e r C o _____________________ 256
P o r t la n d & Y a r m o u t h E le c . R y .— S e e P o r t .R R 38
P o r to R ic o T e l e p h o n e C o .— S e e I n t e r n a t i o n a l
T e l e p h o n e & T e le g r a p h C o r p __________
14




INDEX TO COMPANIES
P age.
P o r t o R ic o R y s . C o ., L im i t e d _________________ 263
P o to m a c E d is o n C o ______________________________126
P o t o m a c E le c . P w r . C o ._________________________ 129
P o t o m a c P u b lic S e r v ic e C o .— S e e P o t o m a c
E d is o n C o _____________________________________ 126
P o t t s v il le & R e a d in g R y .— S e e E a s t P e n n .
E le c t r ic C o ____________________________________112
P o t t s v il le U n i o n T r a c t io n — S e e E a s t P e n n .
E le c t r ic C o ____________________________________112
P o u g h k e e p s i e C it y & W a p p in g e r F a l ls E le c .
R y .— S e e P o u g h . & W a p p in g e r s F a l ls R y . . 91
P o u g h k e e p s i e & W a p p in g e r s F a l ls R y _________ 91
P o w e r C o r p . o f C a n a d a , L t d ___________________268
P o w e r C o r p . o f N e w Y o r k ( T h e ) _______________ 76
P r in c e t o n L ig h t , H e a t & P o w e r C o .— -See
P u b lic S e r v . E le c . & G a s _____________________ 94
P r o v id e n c e G a s C o _______________________________27
P r o v id e n c e & T a u n t o n S t . R y .— S e e E a s t e r n
M a s s a c h u s e t t s S t . R y . C o ____________________44
P r o v in c ia l L ig h t , H e a t & P o w e r — S e e M o n ­
t r e a l L ig h t , H e a t & P o w e r C o ______________ 266
P u b lic S e r v ic e B u ild i n g C o .— S e e C o n s . G a s
E le c t r ic L ig h t & P o w e r C o ___________________125
P u b lic S e r v ic e C o . o f C o lo r a d o _________________ 61
P u b lic S e r v ic e C o . o f I n d .— S e e I n t e r s t a t e
P u b lic S e r v ic e C o ____________________________ 155
P u b lic S e r v ic e C o . o f N e w H a m p s h ir e __________ 39
P u b lic S e r v ic e C o . o f N o r t h e r n 111____________164
P u b lic S e r v ic e C o . o f O k la h o m a _______________ 153
P u b lic S e r v ic e C o r p . o f N . J . (S e e m a p , p a g e s
8 8 -8 9 )____________________
93
P u b lic S e r v ic e E le c t r ic C o .— S e e P u b lic
S e r v ic e E le c t r ic & G a s C o ____________________ 94
P u b lic S e r v ic e E le c t r ic & G a s C o ______________ 94
P u b lic S e r v ic e E le c t r ic P o w e r C o ______________ 94
P u b lic S e r v ic e G a s C o .— S e e P u b . S e r v ic e
E le c t r ic & G a s C o ____________________________ 94
P u b lic S e r v ic e N e w a r k T e r m . R y .— S e e P u b ­
li c S e r v ic e C o r p . o f N . J ______________________ 93
P u b lic S e r v ic e P ip e L in e C o .—-S ee M id la n d
U t i l i t i e s _______________________________________ 161
P u b lic S e r v ic e R R ________________________________ 97
P u b lic S e r v ic e R y . ( w it h m a p )_________________ 95
P u b lic S e r v ic e T r a n s p o r t a t io n C o _____________ 97
P u b lic U t i l i t i e s C o .— S e e C o m m o n w . P o w e r
C o r p ------------------------------------------------------------------- 178
P u b lic W o r k s C o .— S e e B a n g o r H y d r o - E le c .
C o ------------------------------------------------------------------------- 38
P u g e t E le c t r ic R y .— S e e P u g e t S o u n d P o w e r
& L ig h t C o ____________________________________256
P u g e t S o u n d P o w e r C o .— S e e P u g e t S o u n d
P o w e r & L i g h t ________________________________ 256
P u g e t S o u n d P o w e r & L ig h t C o ______________ 256
P u g e t S o u n d T r a c t io n , L ig h t & P o w e r C o .—
S e e P u g e t S o u n d P o w e r & L ig h t C o _______2 5 6
P u t n a m & W e s t c h e s t e r T r a c t io n C o __________ 91

Q
Q u e b e c -.I a c q u e s C a r t ie r E le c .— S e e Q u e b e c
R y . L t . H t . & P o w e r _______________________ 269
Q u e b e c -M o n t m o r e n c y R y .— S e e Q u e b e c R y .,
L ig h t , H e a t & P o w e r C o .. L t d _____________ 269
Q u e b e c -N e w E n g la n d H y d r o - E le c t r ic C o r p . .2 6 6
Q u e b e c P o w e r C o ______________________________ 269
Q u e b e c R y ., L ig h t , H e a t & P o w e r ___________ 269
Q u e b e c & S a g u e n a y R y .— S e e Q u e b e c R y .,
L ig h t , H e a t & P o w e r C o _____________________ 269
Q u e e n s B o r o u g h E le c . L t . & P o w .— S e e
Q u e e n s B o r o . G a s & E le c t r ic _______________ 75
Q u e e n s B o r o u g h G a s & E le c t r ic C o _________ 75
Q u e e n s R y . C o .— S e e N e w Y o r k & Q u . C o . R y . 9 0
Q u in c y (111.) H o r s e R y . & C a r r y in g — S e e
Q u in c y R y .— S e e 111. P o w e r & L t . C o rp _ _ 1 6 6
Q u in c y R y .— S e e 111. P o w e r & L t . C o r p ____ 166

R
R a d io C o r p o r a t io n o f A m e r ic a __________________15
R a ilw a y & L ig h t S e c u r i t ie s C o _________________ 42
R a ilw a y s R e a lt y C o .— S e e N e w O r le a n s P u b ­
li c S e r v ic e , I n c _______________________________ 211
R a p id T r a n s it S e c u r i t y C o .— S e e B . M. T _____ 81
R a p id T r a n s it S t . R y . o f t h e C it y o f N e w a r k —
S e e C o n s o l. T r a c . C o _______________________ 96
R e a d in g C it y P a s s e n g e r R y .— S e e R e a d in g T r.115
R e a d in g & S o u t h w e s t e r n R y .— S e e R e a d in g
T r a n s it C o ____________________________________ 115
R e a d in g & T e m p le E le c t r ic R y .— S e e R e a d in g
T r a c t io n _____________________________ ___________115
R e a d in g T r a c t io n _______________________________ 115
R e a d in g T r a n s it C o m p a n y _____________________ 115
R e d la n d s C e n t r a l R y .— S e e P a c . E le c . R y ____ 252
R e d la n d s S t . R y .— S e e P a c . E le c . R y _______252
R e n o P o w e r , L ig h t & W a t e r C o .— S e e S ie r r a
P a c if ic E le c t r ic C o ___________________________ 261
R e p u b lic R y . & L ig h t C o _____________________ 131
R h e in is c h - W e s t p h a e l is c h e s
E le k t r iz i t a e t iw e r k A k t i e n G e s e l l s c h a f t — S e e R h in e - W e s t p h a l ia E le c . P o w . C o r p ________________________276
R h i n e - W e s t p h a li a E le c . P o w . C o r p ___________ 276
R h o d e I s l a n d P u b lic S e r v ic e C o ________________ 48
R ic h la n d P u b lic S e r v ic e C o .— S e e O h io P u b ­
l i c S e r v ic e C o _________________________________ 60
R ic h m o n d L ig h t & R R . C o ____________________ 75
R id g e A v e n u e P a s s e n g e r R y ___________________ 119
R id g e w o o d G a s C o _____________________________ 94
R io d e J a n e ir o T r a m w a y L ig h t & P o w e r ___ 273
R iv e r s id e & A r li n g t o n R y .— S e e P a c . E l. R y .2 5 2
R iv e r s id e T r a c t i o n _______________________________ 96
R o a n o k e G a s L ig h t C o __________________________ 27

[V ol. 123,
P age.
R o a n o k e R a ilw a y & E l e c t r i c __________________192
R o a n o k e T r a c t io n & L ig h t C o ________________ 192
R o a n o k e W a t e r W o r k s C o ____________________ 27
R o c h e s t e r C it y & B r i g h t o n — S e e N . Y .
S t a t e R y s _____________________
84
R o c h e s t e r E le c . R y .— S e e N . Y . S t a t e R y s ._ 84
R o c h e s t e r G a s & E le c t r ic C o r p ________________ 67
R o c h e s t e r & L a k e O n t a r io W a t e r C o ____ - ____ 28
R o c h e s t e r L o c k p o r t & B u f f a lo R y _____________91
R o c h e s t e r R y .— S e e N . Y . S t a t e R y s __________ 84
R o c h e s t e r R y . & L ig h t — S e e N . Y . S t a t e R y s . 84
R o c h e s t e r & S o d u s B a y R y .— S e e N . Y . S t a t e
R y s ______________________________________________84
R o c h e s t e r & S u b u r b a n R y .— S e e N . Y . S t a t e
R y s _________________________________________
84
R o c h e s t e r & S y r a c u s e R R ______________________ 91
R o c h e s t e r T e l e p h o n e C o r p o r a t io n _____________11
R o c k I s l a n d S o u t h e r n R a ilr o a d — S e e G a le s ­
b u r g & W e s t e r n R R __________________________ 176
R o c k I s l a n d S o u t h e r n R a ilw a y — S e e M iss.
V a lle y R y . & P o w e r C o ______________________ 172
R o c k fo r d
B e lo it
& J a n e s v ill e
R R .— S e e
R o c k f . & I n t e r u r b a n R y _____________________ 182
R o c k fo r d
& F r e e p o r t E le c t r ic R y .— S e e
R o c k f o r d & I n t e r u r b a n R y __________________182
R o c k fo r d & I n t e r u r b a n R y ____________________182
R o c k la n d E le c t r ic C o .— S e e R o c k la n d L f .
& P o w e r C o _____________________________________ 91
R o c k la n d L ig h t & P o w e r C o ____________________ 9 l
R o c k v ille B r o a d B r o o k & E a s t W in d s o r S t .
R y .— S e e H a r t f o r d & S p r in g f ie ld S t . R y _ . 54
R o g u e R iv e r E le c t r ic C o . S e e C a lif o r n ia O r e g o n P o w e r C o ____________________________ 255
R o la n d P a r k E le c t r ic & W a t e r C o .— S e e C o n s .
G a s E le c . L t . & P o w e r C o ___________________ 125
R o m e (G a .) R a ilw a y & L ig h t C o ______________ 209
R o x b o r o u g h C h e s t n u t H ill & N o r r is t o w n R y . l l S
R u t l a n d C it y E le c . C o .— S e e R u t l a n d R y .,
L ig h t & P o w e r C o ______________________________4 0
R u t l a n d R a ilw a y , L ig h t & P o w e r ______________ 4 0
R u t l a n d S t . R y .— S e e R u t l a n d R y ., L ig h t
& P o w e r C o ___________________________________ 40

s
S a c h s e n - A n h a lt E le c . C o . o f H a lle ( S a a le ) .2 7 7
S a c r a m e n t o E le c t r ic , G a s & R a ilw a y .— S e e
P a c if ic G a s & E le c t r ic C o ___________________ 242
S a c r a m e n t o N o r t h e r n R R _____________________ 254
S a c r a m e n t o V a lle y P o w . C o .— S e e P a c if ic
G a s & E le c t r ic C o ____________________________ 242
S a g in a w - B a y C it y R y .— S e e S a g in a w T r a n s it
C o ________________
184
S a g in a w T r a n s it C o _____________________________184
S a g in a w V a l. T r a c .— S e e S a g in a w T r a n s . C o . 184
S t . C h a r le s S t . R R .— S e e N e w O r l. P u b . S e r v .2 1 1
S t . C la ir G a s & E le c .— S e e 111. P r . & L t . C o r p . 166
S t . J o h n s b u r y E le c . C o .— S e e T w in S t a t e s
G a s & E le c t r ic C o _____________________________159
S t . J o s e p h R y ., L t . , H t . & P r . (M o .) __________ 59
S t . L o u is C o u n t y G a s C o ________________________28
S t . L o u is C o u n t y W a t e r C o _____________________ 22
S t . L o u is D e c a t u r & C h a m p . R y .— S e e
III. T r a c t i o n , I n c ___________________________ 167
S t . L o u is E le c . T e r m . R y .— S e e 111. T r a c . I n c . 167
S t . L o u is & N o r t h e a s t e r n R y .— S e e S t . L o u is
S p r in g f ie l d & P e o r ia — S e e 111. T r a c ., I n c _ _ 1 6 7
S t . L o u is P u b lic S e r v ic e C o .— S e e U n i t e d
R a ilw a y s C o . o f S t . L o u is ___________________235
S t . L o u is R R .— S e e U n i t e d R y s . C o __________ 235
S t . L o u is & S t . C h a r le s B r id g e C o . __________ 238
S t . L o u is S t . C h a r le s & W e s t e r n R R .— S e e
M is s o u r i E le c t r ic R R _________________________2 3 6
S t . L o u is & S p r in g . R y .— S e e 111. T r a c ., I n c _ .1 6 7
S t . L o u is S p r in g f ie ld & P e o r ia R R .— S e e
I lli n o i s T r a c t io n , I n c _________________________ 167
S t . L o u is & S u b u r b a n R y .— S e e U n i t e d R y s .
C o .............................................................................................235
S t . L o u is T r a n s it — S e e U n i t e d R y s ______ ____ 235
S t . M a r y s P o w e r & L ig h t C o .— S e e M o n o n g a h e la W e s t P e n n P u b lic S e r v ic e C o _________ 193
S t . M a u r ic e P o w e r C o ., L t d ____________________269
S t . P a u l C it y R y .— S e e T w in C it y R r a p . T r a n . 226
S a le m & P e n n s g r o v e T r a c t io n C o ______________ 99
S a lis b u r y & S p e n c e r R y .— S e e N o r t h C a r o .
P u b lic S e r v ic e C o _____________________________200
S a lm o n R iv e r P o w e r C o .— S e e N ia g a r a L o c k P o r t & O n t a r io P o w e r C o _____________________ 69
S a l t L a k e & O g . R y .— S e e B a m b e r g e r E l. R R .2 6 1
S a lt L a k e T e r m in a l C o .— S e e S a l t L a k e &
U t a h R R . ....................................................
S a lt L a k e & U t a h R R __________________________ 260
S a lt R iv e r V a lle y W a t e r U s e r s ’ A s s n __________ 27
S a n A n t o n io G a s & E le c t r ic — S e e S a n A n ­
t o n i o P u b lic S e r v ic e C o __________________
219
S a n A n t o n io P u b lic S e r v ic e C o ________________ 219
S a n A n t o n io T r a c t io n — S e e S a n A n t o n io
P u b lic S e r v ic e C o ____________________________ 219
S a n B e n it o L ig h t & P o w e r C o .— S e e C o a s t
C o u n t ie s G a s & E le c . C o ____________________251
S a n B e r n a r d in o V a le y T r a c . C o .— S e e P a c .
E le c .R y _____ ______
.2 5 2
S a n D ie g o C o n s o li d a t e d G a s & E le c t r ic C o . .2 5 1
S a n D ie g o E le c t r ic R y __________________________ 254
S a n F r a n c is c o E le c . R y s .— S e e M a r k e t S t . R y .2 5 2
S a n F r a n c is c o G a s & E le c t r ic — S e e P a c if ic
G a s & E le c t r ic C o ____________________________ 242
S a n F r a n . N a p a & C a lis t o g a R y _______________ 2 5 4
S a n F r a n c is c o O a k la n d & S a n J o s e C o n s . R y .
— S e e K e y S y s t e m T r a n s it C o _______________ 253
San
F r a n c is c o O a k la n d T e r m . R y s .— S e e
K e y S y s t e m T r a n s it C o ______________________ 2 5 3

269

Page
S a n F r a n c is c o S a c r a m e n t o R R _______________ 253
S a n F r a n c is c o & S a n M a te o E le c t r ic — S ee
M a r k e t S t r e e t R y ______________________
252
S a n J o a q u i n L ig h t & P o w e r C o r p ____________ 249
S a n J o a q u i n P o w e r C o .— S e e S a n J o a q u in
L ig h t & P o w e r C o r p __________________________ 249
S a n J o s e & A lu m R o c k R y .— S e e S a n J o s e
R R s ____________
254
S a n J o s e L o s C a t o s I n t e r u r b a n R y .— S e e
P e n i n s u la r R y ________________________________254
S a n J o s e R R s ___________________________________ 254
S a n J o s e & S a n t a C la r a R R .— S e e S a n J o s e
R R s ____________
254
S a n J o s e S h o r t L in e R y .— S e e K e y S y s te m
T r a n s it C o ____________________________________ 253
S a n R a m o n V a lle y R R .— S e e S a n F r a n c is c o
S a c r a m e n t o R R ______________________________ 253
S a n d u s k y F r e m o n t & S o u t h e r n R y __________ 137
S a n d u s k y G a s & E le c t r ic C o .— S e e O h io P u b ­
l i c S e r v ic e C o ________________________________ 60
S a n t a B a r b a r a G a s & E l. C o .— S e e S o u t h e r n
C a lif. E d is o n C o _____________________________ 247
S a o P a u lo E le c t r ic C o ., L t d ____________________274
S a o P a u lo T r a m ., L t. & P o w e r C o ., L t d _____ 274
S a r a t o g a T r a c t io n — S e e H u d s o n V a lle y R y__ 84
S a u d a F a l ls C o ., L t d ___________________________279
S a v a n n a h E le c t r ic C o .— S e e S a v a n n a h E le c .
t r i e & P o w e r C o ______________________________ 205
S a v a n n a h E le c t r ic & P o w e r C o _______________ 205
S a v a n n a h R iv e r P o w e r C o .— S e e G e o r g ia R y.
& P o w e r C o ___________________________________ 203
S a v a n n a h T h u n d e r b o l t & I s le o f H o p e R y .—
S e e S a v a n n a h E le c t r ic & P o w e r C o ________205
S a x o n P u b lic W o r k s , I n c ______________________ 277
S a y r e E le c t r ic C o .— S e e N o r t h e r n P a . P o w .C o .1 1 6
S c h e n e c t a d y R y __________________________________ 85
S c h u y l k ill G a s & E le c t r ic C o .— S e e P a . P o w .
& L t . C o _______________________________________ 112
S c h u y l k ill R y . C o _______________________________122
S c h u y l k ill T r a c t io n (G ir a r d v ille , P a .) ________ 122
S c h u y l k ill V a lle y T r a c t i o n _____________________115
S c io t o V a lle y R y . & P o w e r C o ________________ 138
S c io t o V a lle y T r a c . C o .— S e e S c io t o V a lle y
R y . & P o w e r C o _______________________________138
S c r a n t o n & B in g h a m t o n R R .— S e e S c r a n t o n
M o n tr o s e & B in g . R R _________________________86
S c r a n t o n & B in g h a m t o n T r a c . C o .— S ee
S c r a n t o n M o n tr o s e & B in g . R R ______________86
S c r a n t o n D u n m o r e & M o. T k .— S e e S c r a n t o n
R y ---------------------------------------------------------------------- 101
S c r a n t o n & C a r b . T r a c .— S e e S c r a n t o n R y .,1 0 1
S c r a n t o n M o n tr o s e & B in g h a m t o n R R ________ 86
S c r a n t o n P a s s . R y .— S e e S c r a n t o n R y _______101
S c r a n t o n & P i t t s t o n T r .— S e e S c r a n t o n R y__101




291

INDEX TO COMPANIES

Oct., 1926.]

P age.
S c r a n t o n R y _____________________________________ 101
S c r a n t o n T r a c t io n — S e e S c r a n t o n R y ________ 101
S c r a n t o n & W ilk e s B a r r e T r a c t io n ____________124
S e a t t l e E le c t r ic C o .— S e e P u g e t S o u n d P o w e r
& L ig h t C o ___________________________________ 256
S e a t t l e E v e r e t t T r a c . C o .— S e e P u g e t S o u n d
P o w e r & L ig h t C o ____________________________ 256
S e a t t l e L i g h t i n g C o _____________________________ 29
S e a t t l e R y .— S e e P u g e t S o u n d P o w . & L t . C o .2 5 6
S e a t t le & R a n ie r V a lle y R y ____________________ 258
S e c o n d A v e. R R . (N e w Y o r k ) __________________ 85
S e c o n d A v e n u e T r a c t io n — S e e U n i t e d T r a c ­
t io n o f P i t t s b u r g h ___________________________ 106
S e c o n d & T h ir d S t r e e t s P a s s e n g e r R y _______119
S e lm a L t g . C o .— S e e A la b a m a P o w e r C o _____ 209
S e v e n t e e n t h & N i n e t e e n t h S t s . P a s s . R y ____ 119
S e v e n t e e n t h S t r e e t I n c lin e P la n e C o _________ 108
S h a m o k in & M t. C a r m e l T r a n s it C o __________ 124
S h a w in i g a n W a t e r & P o w . C o . (a ls o s e e m a p ) . 269
S h a w n e e T e c u m s e h T r a c t io n C o ______________ 242
S h e b o y g a n E le c t r ic C o .— S e e W is c o n s in P o w .
& L ig h t ________________________________________ 156
S h e b o y g a n G a s L ig h t C o .— S e e W is. S e c . C o . 223
S h e b o y g a n R y . & E le c .— S e e W is c o n s in P o w .
& L ig h t _______________________________________ 156
S h e lb y C o . W a te r , G a s & E le c .— S e e I n t e r S t a t e P u b lic S e r v ic e C o ______________________ 155
S h e r b r o o k e (Q u e .) R y . & P o w e r ______________271
S h e r b r o o k e S t . R y .— S e e S h e r b r o o k e R y . &
P o w e r C o ______________________________________ 271
S h o r e L in e E le c t r ic R R ________________________ 52
S h r e v e p o r t R y s . C o ____________________________ 211
S id n e y E le c t r ic C o .— S e e O h io E le c . P o w . C o _139
S ie r r a P a c if ic E le c t r ic C o ______________________ 261
S ie r r a & S a n F r a n c is c o P o w e r C o _____________251
S ile s i a E le c t r ic C o r p o r a t io n ___________________277
S io u x C it y G a s & E le c t r ic _____________________ 2 3 0
S io u x C ity S e r v ic e C o __________________________ 2 3 0
S io u x C it y T r a c t io n — S e e S io u x C it y S e r .
C o ______________________________________________ 230
S ix t h A v e. R R ____________________________________80
S l a t e B e l t T r a n s i t C o .— S e e B a n g o r & N a z a ­
r e t h T r a n s it C o _______________________________ 122
S n y d e r A v e . S t . R y .— S e e P h il a . R a p . T r a n . .1 1 6
S o c ie t a G e n e r a t e I t a lia n a E d is o n d i E le tt r i c i t a — S e e I n t e r n a t i o n a l P o w e r S e c u r i­
t i e s C o r p o r a t io n ______________________________278
S o m e r s e t L ig h t in g C o .— S e e S o m e r s e t U n i o n
& M id d le se x L ig h t in g C o _____________________ 95
S o m e r s e t U n i o n & M id d le se x L ig h t in g C o _____ 95
S o u t h B a y C o n s o li d a t e d W a t e r C o ., I n c _______33
S o u t h B e n d & S o u t h M ic h ig a n R y .— S e e
S o u t h e r n M ic h ig a n R y ______________________ 146
S o u t h B r o o k ly n R . R . ____________________________ 83

Page.
S o u t h B e t h le h e m E le c t r ic L ig h t C o .— S e e
P e n n s y lv a n ia P o w e r & L ig h t C o ___________ 112
S o u t h C a r o lin a G a s & E le c t r ic ________________ 201
S o u t h C a r o lin a L ig h t , P o w e r & R y s .— S e e
S o u t h C a r o lin a G a s & E le c t r ic --------------------- 201
S o u t h C o v in g t o n & C in e . S t . R y .— S e e C in ­
c i n n a t i N e w p o r t & C o v in g t o n R y --------------- 190
S o u t h G e o r g ia P o w e r C o .— S e e C o lu m b u s
E le c t r ic & P o w e r C o ______________________
202
S o u t h J e r s e y G a s , E le c t r ic & T r a c t io n -------------- 95
S o u t h O r a n g e & M a p le w o o d T r a c t io n ----------------96
S o u t h S h o r e & B o s t o n S t . R y .— S e e E a s t e r n
M a ss. S t r e e t R y . C o ___________________________ 44
S o u t h S id e E le v a t e d R R ., C h ic a g o — S e e C h i­
c a g o R a p id T r a n s it ___________________________ 164
S o u t h S id e P a s s e n g e r R y .— S e e P i t t s . &
B ir m . T r a c _____________________________________107
S o u t h W e s t M iss o u r i E le c t r ic R y .— S e e S o u t h
W e s t M iss o u r i R R ____________________________ 246
S o u t h e a s t e r n P o w e r & L ig h t C o ______________ 208
S o u t h e r n & A t l a n t i c T e le g r a p h C o _____________13
S o u t h e r n B e ll T e l e p h o n e & T e le g r a p h C o ------------ 8
S o u t h e r n B o u le v a r d R R .— S e e U n i o n R y .
o f N . Y . C i t y _______________
81
S o u t h e r n C a lif o r n ia E d is o n C o . (a ls o m a p ) - - 2 4 7
S o u t h e r n C a lif o r n ia G a s C o ____________________ 29
S o u t h e r n C a lif o r n ia T e l e p h o n e C o .— S e e
P a c if ic T e l. & T e l. C o _______________________ 11
S o u t h e r n C a n a d a P o w e r C o ., L t d _____________271
S o u t h e r n C it ie s U t i l i t i e s C o ___________________114
S o u t h e r n C o lo r a d o P o w e r C o _________________ 234
S o u t h e r n C o u n t ie s G a s C o . o f C a lif ___________ 24
S o u t h e r n E d is o n C o .— S e e G e n e r a l P o w e r &
L ig h t C o _______________________________________ 187
S o u t h e r n G a s C o ________________________________ 17
S o u t h e r n G a s & P o w e r C o r p o r a t io n ___________ 30
S o u t h e r n I c e a n d U t i l i t i e s C o . __________________30
S o u t h e r n I lli n o i s L ig h t & P o w e r — S e e I lli n o i s
P o w e r & L ig h t C o r p __________________________ 166
S o u t h e r n 111. P r .& L t .— S e e 111. P r .& L t.C o r p _ 1 6 6
S o u t h e r n I l l i n o i s R y . & P o w e r C o .— S e e C e n ­
t r a l I lli n o i s P u b lic S e r v ic e C o _______________ 159
S o u t h e r n I n d i a n a G a s & E le c t r ic — S e e C o m ­
m o n w e a lt h P o w e r C o r p ______________________ 178
S o u t h e r n I n d . P o w e r — S e e I n t e r - S t a t e P u b lic
S e r v i c e ________________________________________ 155
S o u t h e r n M ic h ig a n R y ________________________ 146
S o u t h e r n N e w E n g la n d T e le p h o n e C o ______ - 12
S o u t h e r n N e w Y o r k P o w e r & R y . C o r p ________87
S o u t h e r n O h io E le c t r ic C o ___________________. . 1 3 9
S o u t h e r n O h io P u b . S e r v . C o . o f Z a n e s v ill e .- 1 3 9
S o u t h e r n P e n n s y lv a n ia P o w e r C o _____________125
S o u t h e r n P e n n s y lv a n ia T r a c t io n C o _________ 102
S o u t h e r n P o w e r C o _____________________________200

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292

INDEX TO COMPANIES

Page.
S o u t h e r n P u b lic U t i l i t i e s C o ___________________200
S o u t h e r n S ie r r a s P o w e r C o .— S e e N e v a d a C a l­
if o r n ia E le c t r ic C o r p _________________________245
S o u t h e r n S t r e e t R y ____________________________ 173
S o u t h e r n T r a c t io n — S e e P i t t s b u r g h R y s ____ 105
S o u t h e r n U t i l i t i e s C o .— S e e F lo r id a P o w e r
& L ig h t C o ____________________________________205
S o u t h w e s t M is s o u r i E le c .— S e e S o u t h w e s t
M o. R R ________________________________________ 240
S o u t h w e s t M is s o u r i R R . C o ___________________240
S o u t h w e s t P o w e r C o ___________________________ 240
S o u t h w e s t U t i l i t y I c e C o ________________________36
S o u t h w e s t e r n B e ll T e l e p h o n e C o _____________ 12
S o u t h w e s t e r n G a s & E le c C o . . _______________ 154
S o u t h w e s t e r n L ig h t & P o w e r C o ______________ 241
S o u t h w e s t e r n P o w e r & L ig h t C o ______________ 215
S o u t h w e s t e r n P u b lic S e r v ic e C o ______________ 219
S p o k a n e & E a s t e r n R y . & P o w e r C o __________ 258
S p o k a n e & I n l a n d E m p ire R y .— S e e S p o k a n e
& E a s t e r n R y . & P o w e r C o __________________ 258
S p o k a n e T e r m in a l C o .— S e e S p o k a n e & E a s t ­
e r n R y . & P o w e r C o __________________________258
S p o k a n e T r a c t io n C o .— S e e S p o k a n e U n i t e d
R y s . C o ________________________________________ 258
S p o k a n e U n i t e d R a ilw a y s _____________________ 258
S p r in g B r o o k W a te r S u p p ly C o _______________ 30
S p r in g R iv e r P o w e r C o .— S e e C it ie s S e r v ic e
P o w e r & L ig h t C o ______________________________58
S p r in g V a lle y W a te r C o . (S a n F r a n c is c o ,C a l.) 30
S p r in g f ie ld & E a s t. S t . R y .— S e e S p r in g f ie ld
S t r e e t R a ilw a y .
____________________________ 45
S p r in g f ie l d L ig h t , H e a t & P o w e r C o .— S e e
T h e O h io E d is o n C o __________________________ 181
S p r in g f ie ld & N o r t h e a s t e r n T r a c . C o .— S e e
I lli n o i s T r a c t io n , I n c _________________________167
S p r in g f ie ld (O h io ) R a ilw a y ____________________ 101
S p r in g f ie ld R a ilw a y C o s .— S e e N e w E n g la n d
I n v e s t m e n t S e c u r i t ie s C o _____________________ 45
S p r in g f ie ld (111.) R y . & L ig h t C o .— S e e U n i o n
R a ilw a y , G a s & E le c t r ic _____________________ 182
S p r in g f ie ld (M o.) R a ilw a y & L ig h t C o _________ 212
S p r in g f ie ld (M a ss.) S t r e e t R y ___________________45
S p r in g f ie ld T e r m in a l R y . C o ____________________ 41
S p r in g f ie l d & X e n ia R a ilw a y ________________ 142
S t a f f o r d S p g s . S t . R y .— S e e C o n n e c t ic u t C o . 51
S t a m fo r d S t r e e t R R .— S e e C o n n e c t ic u t C o ___51
S t a n d a r d E le c . C o .— S e e P a c if ic G a s & E l. C o_242
S t a n d a r d G a s & E le c . C o . (a ls o m a p )_________ 168
S t a n d a r d G a s L ig h t C o .— S e e C o n s . G a s C o .
o f N e w Y o r k __________________________________ 16
S t a n d a r d P o w e r & L ig h t C o r p ________________ 103
S t a r k E le c t r ic R R _______________________________137
S t a t e n I s la n d E d is o n C o r p _____________________ 74
S t a t e n I s la n d M id la n d R y _____________________ 92




[V ol. 123.

P age.
S t e in w a y R y .— S e e N . Y . & Q u e e n s C o . R y ___9 0
S t e r lin g G a s & E le c . C o .— S e e I lli n o i s N o r t h ­
e r n U t i l i t i e s C o _______________________________159
S t e t t i n P u b lic U t i l i t i e s C o _____________________ 277
S t e u b . E a s t L iv e r p . & B e a v . V a lle y T r a c ____ 140
S t e u b e n v i lle M in g o & O h io V a lle y T r a c t io n —
S e e W h e e lin g T r a c t i o n ______________________ 110
S t e u b e n v i lle W e lls b u r g & W e ir t o n R y . C o .—
S e e W e s t P e n n R y s . C o ______________________ 110
S t e u b e n v i lle & W h e e lin g T r a c t io n C o .— S e e
W h e e lin g T r a c t io n ___________________________ 110
S t ill w a t e r & M e c h a n ic v ille — S e e H u d s o n V a l.
R y ________________________________
84
S t o c k t o n E le c t r ic R R ___________________________ 255
S u b u r b a n E le c t r ic S e c u r i t ie s C o _______________ 46
S u b u r b a n G a s C o .— S e e P h i l a . S u b . G a s &
E le c . C o ____________________________ __________ 103
S u b u r b a n L ig h t & P o w e r C o .— S e e P a c if ic
G a s & E le c t r ic C o ____________________________ 242
S u b u r b a n L ig h t & P o w e r C o . ( O h io ) _________ 138
S u b u r b a n R a p id T r a n s it C o . ( W in n ip e g ) ____ 272
S u b u r b a n R a p . T r a n . S t . R y ., P i t t s b u r g h , P a -1 0 8
S u lliv a n C o u n t y L t . & P o w . C o r p .— S e e
N . Y . S t a t e G a s & E le c . C o r p ________________ 72
S u s q u e h a n n a C o u n t y L ig h t & P o w e r C o .—
S e e P e n n s y lv a n ia P o w e r & L ig h t C o ________112
S u s q u e h a n n a P o w e r C o .— S e e P h il a d e lp h ia
E le c t r ic P o w e r C o ____________________________ 103
S u tr o R R .— S e e M a r k e t S t r e e t R y _____________252
S u t t e r S t r e e t R y .— S e e M a r k e t S t . R y ________ 252
S y d n e y & G la c e B a y R y . C o .— S e e C a p e B r e ­
t o n E le c t r ic C o ________________________________ 271
S y r a c u s e & E a s t e r n R R ________________________ 92
S y r a c u s e G a s C o .— S e e S y r a c u s e L ig h t in g
C o ., I n c _______________________________________ 67
S y r a c u s e L a k e S h o r e & N o r . R R .— S e e E m ­
p ir e S t a t e R R . C o r p __________________________ 92
S y r a c u s e L i g h t i n g C o.-—S e e S y r a c u s e L i g h t ­
in g C o ., I n c ___________________________________ 67
S y r a c u s e L i g h t i n g C o ., I n c _____________________ 67
S y r a c u s e N o r t h e r n E le c t r ic R y ________________ 92
S y r a c u s e R a p . T r a n . R y .— S e e N .Y .S t a t e R y s . 84
S y r a c u s e & S u b u r b a n R R .— S e e S y r a c u s e &
E a s te r n R R _____________________________________ 92

T
T acom a R y. & P ow er— S ee P u g e t S o u n d
P o w e r & L ig h t C o ____________________________ 256
T a m p a E le c t r ic C o _____________________________ 206
T a r r y t o w n W h it e P l a in s & M a m a r o n e c k R y .
— S e e S h o r e L in e E le c t r ic R R _______________ 52
T e n n e s s e e E a s t e r n E le c t r ic C o ________________ 196
T e n n e s s e e E le c t r ic P o w e r C o __________________ 196

P age.
T e n n e s s e e P o w e r C o ____________________________ 197
T e r r e H a u t e E le c t r ic C o .— S e e T e r r e H a u t e
T r a c t io n & L i g h t ____________________________ 144
T e r r e H a u t e I n d i a n a p . & E a s t e r n T r a c . C o . .1 4 4
T e r r e H a u t e T r a c t io n & L ig h t C o -------------------- 144
T e r r e H a u t e & W e s t e r n R y . C o .--------------------144
T e x a r k a n a G a s & E le c . C o .— S e e S o u t h ­
w e s t e r n G a s & E le c . C o _____________________ 154
T e x a s E le c t r ic R a ilw a y _________________________ 218
T e x a s I n t e r u r b a n R y .— S e e E le c . P o w . &
L t . C o r p _______________________________________ 259
T e x a s - L o u is ia n a P o w e r C o _____________________ 219
T e x a s P o w e r & L i g h t C o _______________________ 215
T e x a s T r a c t io n C o .— S e e T e x a s E le c t r ic R y . . 2 1 8
T h ir d A v e n u e R y . (N e w Y o r k ) __________________80
T h ir t e e n t h & F i f t e e n t h S t r e e t s P a s s . R y ---------119
T h ir t y f o u r t h S t r e e t C r o s s t o w n R y --------------80
T h r e e R iv e r s G a s C o .— S e e M ic h ig a n G a s &
E le c t r ic C o ____________________________________155
T id e w a t e r P o w e r C o _____________________________19®
T id e w a t e r S o u t h e r n R a ilw a y __________________255
T ir o le r W a s s e r k r a f t w e r k e A k t i e n g e s e l l s c h a f t
— S e e T y r o l H y d r o - E le c t r ic P o w e r C o -----------2 7 9
T iw a g .— S e e T y r o l H y d r o - E le c . P o w . C o ------ 279
T oho
D enryoku
K a b u s h ik i
K a ish a — S ee
T o h o E le c t r ic P o w e r C o ., L t d ------------------------280
T o h o E le c t r ic P o w e r C o ., L t d __________________2 8 0
T o k y o D e n t o K a b u s h i k i K a i s h a .— S e e T o k y o
E le c t r ic L t . C o ., L t d __________________________ 281
T o k y o E le c t r ic L ig h t C o ., L t d ------------------------- 281
T o le d o B o w lin g G r e e n & S o u t h e r n T r a c t i o n . 142
T o le d o E d is o n C o _______________________________ 5 9
T o le d o F a y e t t e & W e s t e r n — S e e T o le d o T r a c ­
t io n , L ig h t & P o w e r __________________________ 5 9
T o le d o & F i n d la y S t r e e t R y .— S e e T o le d o
B o w lin g G r e e n & S o u t h e r n ________________ 142
T o le d o F o s t o r ia & F i n d la y ____________________ 142
T o le d o F r e m o n t & N o r w a lk S t r e e t R y .— S e e
L a k e S h o r e E le c t r ic __________________________ 137
T o le d o G a s , E le c t r ic & H e a t in g C o .— S e e
T o le d o E d is o n C o ____________________________ 59
T o le d o G a s L ig h t & C o k e C o .— S e e T o le d o
T r a c t io n , L ig h t & P o w e r C o _________________ 59
T o le d o H e a t & L ig h t C o .— S e e T o le d o T r a c ­
t i o n , L ig h t & P o w e r C o ___________________
59
T o le d o & I n d i a n a R a ilr o a d _____________________ 60
T o le d o & I n d i a n a T r a c t io n C o .— S e e T o le d o
& I n d i a n a R R . C o ______________________________60
T o le d o O t t a w a B e a c h & N o r . R y -------- -------------- 59
T o le d o R a ilw a y s & L ig h t C o .— S e e T o le d o
T r a c t io n , L ig h t & P o w e r C o _________________ 59
T o le d o T r a c t io n , L ig h t & P o w e r _______________ 59
T o le d o & W e s t e r n R y .— S e e T o le d o T r a c ­
t i o n , L ig h t & P o w e r C o ______________________ 59

Bonds fo r Investm ent
We own and offer a comprehensive list of carefully selected
Government, Municipal, Railroad and Public Utility
Bonds which we recommend for investment. We shall be
pleased to send descriptive circulars to investors on
request.

Harris, Forbes

&

Pine Street, Corner William
NEW Y O R K

Co.

293

INDEX TO COMPANIES

Oct., 1926.]
Page
T o n a w a n d a E le c t r ic RR — S e j I n t e r n a t . R y_ 84
T o n a w a n d a S t r e e t B P e - S e e i n t e r n a t . R y__ 84
T o p e k a E d is o n C o . ' ■ S e j K a n s a s P u b lic
S e r v ic e C o ---- ---------. . - ________________________168
T o p e k a R a il' f - - ■r . _ _________________________ 168
T o p e k a R a ilw a y & L ig h t C o .— S e e K a n s a s
P u b lic S e r v ic e C o ____________________________ 168
T o r o n t o E le c . L t .— S e e T o r o n t o R y ________ 271
T o r o n t o P o w e r C o .— S e e T o r o n t o R y ________ 271
T o r o n t o (C a n a d a ) R a ilw a y ____________________ 271
T o r o n t o & Y o r k R a d ia l R y .— S e e T o r o n t o
R y . (C a n a d a ) _________________________________ 271
T o r r in g t o n & W in . S t . R y .— Se^1C o n n . C o ._ 51
T o w n o f H e m p s te a d G a s & E le c t r ic L ig h t
C o .— S e e Q u e e n s B o r o . G a s & E le c . C o ___75
T r a p p e & L im e r ic k E le c t r ic S t . R y ___________ 116
T r e n t o n B r is t o l & P h il a d e lp h ia S t r e e t R y ___123
T r e n t o n C it y B r id g e C o .— S e e T r e n t o n P r in c e t o n T r a c t io n C o ______________________ 100
T r e n t o n G a s & E le c t r ic .— S e e S o . J e r s e y G a s ,
E le c t r ic & T r a c t io n ___________________________ 95
T r e n t o n H a m . & E w in g — S e e T r e n t o n S t . R y .1 0 0
T r e n t o n & M ercer C o u n t y T r a c t io n C o r p ____ 100
T r e n t o n P a s s e n g e r R y .— S e e T r e n t o n &
M ercer C o u n t y T r a c t io n C o r p ______________ 100
T r e n t o n P e n n in g t o n & H o p e w e ll S t r e e t R y .
— S e e T r e n t o n S t r e e t R y ____________________ 100
T r e n t o n P r in c e t o n T r a c t io n C o _______________ 100
T r e n t o n (N . J .) S t r e e t R y ______________________ 100
T r i C it y R y .— S e e T r i C it y R y . & L ig h t C o . . 187
T r i C ity R a ilw a y & L ig h t C o _________________ 187
T r i C o u n t y L ig h t & P o w e r C o .— S e e I lli n o i s
N o r th e r n U t i l i t i e s C o _______________________ 159
T r in id a d E le c . T r a n s m . R y . & G a s ___________ 212
T r i - S t a t e T e ie p . & T e le g . C o ___________________12
T r o y C it y R y .— S e e U n i t e d T r a c . ( A lb a n y ) __83
T r o y H i ll P a s s e n g e r R y .— S e e F e d e r a l S t . &
P l e a s a n t V a lle y P . R y _______________________ 106
T r u m b u ll P u b lic S e r v ic e C o .— S e e O h io P u b ­
li c S e r v ic e C o __________________________________ 60
T u c s o n R a p id T r a n s it — S e e F e d l . L t . & T r a c .2 1 2
T u r n e r s F a l ls P o w e r & E le c . C o _______________ 43
T w eV ity s e c o n d S t . & A ll. A v e . P a s s . R y _____ 117
T w e n t y t h ir d S t r e e t R y _________________________80
T w in C it y L ig h t & T r a c t io n C o .— S e e P u g e t
S o u n d P o w e r & L ig h t C o ____________________ 256
T w in C it y R a p id T r a n s it ______________________ 2 2 6
T w i n S t a t e G a s & E le c t r ic _____________________ 159
T y r o l H y d r o - E le c t r ic P o w e r C o _______________ 279

u
U j ig a w a
D enki
K ab u shak i
K a i s h a .— S e e
U j ig a w a E le c . P o w . C o ., L t d . _______________281

P age.
.2 8 1
U jig a w a E le c . P o w . C o ., L t d _______________
U n io n C a r b id e & C a r b o n C o r p .— S e e S a u d a
F a l ls C o ., L t d ____
279
U n i o n C o n s o li d a t e d E le v a t e d R y .— S e e C h i­
c a g o R a p id T r a n s it ___________________________ 164
U n i o n d ’E le c t r ic it e — S e e I n t e r n a t i o n a l P o w e r
S e c u r i t ie s C o r p o r a t io n ______________________ 278
U n i o n E le c t r ic L ig h t & P o w e r C o _____________ 221
U n io n E le c t r ic L ig h t & P o w e r C o . o f III_____ 239
U n io n E le v a t e d R R .— S e e C h ic a g o R a p . T r a n . 164
U n io n G a s C o . (M c K e e s p o r t)— S e e P h il a . C o . 104
U n i o n G a s C o r p . ( I n d e p e n d e n c e , K a n . ) _____ 28
U n io n L ig h t , H e a t & P o w e r C o .— S e e C in ­
c i n n a t i N e w p o r t & C o v in g t o n ______________ 196
U n io n L o o p — S e e C h ic a g o R a p id T r a n s it C o . 164
U n io n P a s s e n g e r R y ____________________________ 119
U n i o n P o w e r C o _________________________________168
U n io n R y ., G a s & E le c t r ic _____________________ 182
81
U n io n R y . o f N e w Y o r k C i t y __________
U n io n R y .— S e e W ilm in g t o n & C h e s t e r T r a c .101
U n io n S t r e e t R y . (N e w B e d f o r d , M a s s .)________ 47
U n io n T r a c t io n C o . ( C a lif o r n i a ) ______________ 251
U n i o n T r a c t io n C o . ( C o f f e y v ille , K a n . ) _______2 3 4
U n io n T r a c t io n C o . o f I n d i a n a _______________ 145
U n i o n T r a c t io n C o . ( N a s h v il le , T e n n . ) _______199
U n io n T r a c t io n ( P h il a d e lp h i a , P a . ) __________ 117
U n io n U t i l i t i e s C o .— S e e W . V a . U t i l i t i e s C o . 115
U n i o n W a t e r S e r v ic e C o _________________________ 31
U n i t e d E le c . C o . (M d .)— S e e C o n s . G a s E le c .
L ig h t & P o w e r C o ____________________________ 125
U n i t e d E le c t r ic C o . o f N . J .— S e e P u b . S e r v .
E le c t r ic & G a s _________ j _____________________ 94
U n i t e d E le c t r ic L ig h t C o ________________________43
U n i t e d E le c t r ic L ig h t & P o w e r C o .— S e e
C o n s . G a s C o . o f N . Y _______________________ 16
U n i t e d E le c t r ic P o w e r C o .—-S ee R h o d e I s la n d
P u b lic S e r v ic e C o ________
48
U n i t e d E le c t r ic R y s C o ________________________ 49
U n it e d F u e l G a s C o .—-S ee C o l. G a s & E l. C o _ 1 3 0
U n it e d G a s & E le c . C o .— S e e I n t e r - S t a t e
P u b lic S e r v ic e C o ____________________________ 155
U n i t e d G a s & E le c . C o ( L it c h f i e ld ) — S e e
I l l i n o i s P o w e r & L ig h t C o r p ________________ 166
U n it e d G a s & E le c t r ic C o . (N e w J e r s e y ) _____ 65
U n it e d G a s & E le c . C o .— S e e P a c if ic G a s &
E le c t r ic C o ___________________________________ 242
U n i t e d G a s & E le c t r ic C o r p ____________________ 64
U n it e d G a s I m p r o v e m e n t C o __________________ 31
U n i t e d H u d s o n E le c t r ic C o r p o r a t io n __________ 70
U n it e d L ig h t & P o w e r C o . ( a ls o m a p ) ________184
U n i t e d L ig h t & R y s ., G r a n d R a p id s ( w it h
m a p )— S e e U n i t e d L ig h t & P o w e r C o _______184
U n it e d P o w e r & T r a n s p o r t a t io n ______________ 123
U n it e d R y s . C o . ( S t . L o u is ) ___________________235

Page
U n it e d R y s . & E l. C o . o f B a lt im o r e ____________127
U n it e d R y s . I n v e s t m e n t C o . (S a n F r a n c is c o ) . 104
U . S . T e l e p h o n e C o .— S e e O h io B e ll T e l. C o . . 11
U n i t e d S e c u r i t i e s , L t d _________________________ 2 6 7
U n i t e d S t . R y . o f C e n t . N . J .— S e e P u b . S e r .
R y _____________________
95
U n it e d T r a c t io n C o ( A l b a n y ) __________________83
U n it e d T r a c t io n ( P i t t s b u r g h ) _________________ 106
U n it e d T r a c t io n ( R e a d in g , P a .) — S e e R e a d in g
T r a n s it C o ____________________________________115
U n t e r e lb e P o w e r & L ig h t C o __________________ 278
U p h a m G a s C o ____________________________________33
U p p e r H u d s o n E le c t r ic & R a ilr o a d C o .— S e e
U n i t e d H u d s o n E le c t r ic C o r p o r a t io n ________ 70
U r b a n a B e l le f o n t a in e & N o r t h e r n R y .— S e e
I n d i a n a C o lu m b u s & E a s t e r n ______________ 139
U r b a n a & C h a m p a ig n R y . G a s & E le c . C o .—
S e e I lli n o i s P o w e r & L ig h t C o r p ___________ 166
U r b a n a L t ., H e a t & P o w e r C o .— S e e I lli n o i s
P o w e r & L ig h t C o r p __________________________ 166
U t a h - I d a h o C e n t r a l R R _______________________ 261
U t a h L t . & P o w .— S e e U t a h L t . & T r a c . C o . . 260
U t a h L t . & R y . C o .— S e e U t a h L t . & T r a c ___260
U t a h L ig h t & T r a c t io n _________________________260
U t a h P o w e r & L i g h t ____________________________2 60
U t a h S e c u r i t i e s C o r p .— S e e E le c t r ic P o w e r
& L ig h t C o r p _________________________________ 259
U t ic a B e lt L in e S t . R R .— S e e N . Y . S t a t e R y s . 84
U t ic a E le c t r ic L ig h t & P o w e r C o .— S e e U t ic a
G a s & E le c t r ic C o ________________________ . . . 66
U t ic a G a s & E le c . C o .___________________________ 66
U t ic a & M o h a w k V a lle y R y .— S e e N . Y .
S t a t e R y s _______________________________________ 84
U t i l i t i e s P o w e r & L ig h t C o r p ____ ______________ 97
U t i l i t y S h a r e s C o r p o r a t io n ____________________ 184
U x b r id g e & B la c k s t o n e S t . R y .— S e e W o r c e s ­
t e r C o n s . S t . R y ._______________________________45

V
V a lle y C o u n t ie s P o w e r C o .— S e e P a c if ic G a s
& E le c t r ic C o _________________________________ 242
V a lle y H o m e T e l e p h o n e C o .— S e e M ic h ig a n
B e ll T e l e p h o n e C o ____________________________ 10
V a lle y R y s _______________________________________ 113
V a lle y T r a c t io n C o .— S e e V a lle y R y s _________113
V a n B r u n t S t r e e t & E rie B a s in R R __________ 86
V e r e i n ig t e E le c t r iz it a e t w e r k e W e s t f a le n G .M .
C .H .— S e e
W e s t p h a l ia
U n ite d
E le c t r ic
P o w e r C o r p o r a t io n ___________________________ 278
V e r m o n t C o _______________________________________ 40
V e r m o n t H y d r o - E le c t r ic C o __________________153
V e r m o n t P o w e r & L ig h t in g C o .— S e e M o n t­
p e lie r & B a r r e L ig h t & P o w e r C o __________ 40

G r a h a m , P a r s o n s & Co.
PH ILA D ELPH IA

NEW YORK

INVESTMENT SECURITIES
D eal in a n d P u rch a se Issu e s o f

MUNICIPAL BONDS
a n d B o n d s a n d N o te s o f

RAILROADS, PUBLIC UTILITIES, and INDUSTRIAL CORPORATIONS




of

ESTABLISHED VALUE

294

INDEX TO COMPANIES

Page.
V e r s a ille s T r a c t io n C o .— S e e W e s t P e n n R a il­
w a y s C o _______________________________________ 110
V ic k s b u r g L ig h t & T r a c t io n C o .— S e e M iss.
P o w e r & L ig h t C o _____ _______________________210
V in c e n n e s E le c t r ic R y . C o _____________________ 148
V ir g in ia E le c . C o .— S e e N o r fo lk R y . & L t ____ 190
V ir g in ia E le c t r ic & P o w e r C o _________________ 189
V ir g in ia P a s s e n g e r & P o w e r C o .— S e e V ir ­
g i n i a E le c t r ic & P o w e r C o ___________________189
V ir g in ia P u b lic S e r v ic e C o _____________________ 190
V ir g in ia R a ilw a y & P o w e r C o .— S e e V ir g in ia
E le c t r ic & P o w e r C o __________________________ 189
V ir g i n i a n P o w e r C o .— S e e A p p a la c h i a n P o w e r
& L ig h t C o ____________________________________ 192

w
W a b a s h R iv e r T r a c t io n C o .— S e e I n d i a n a
S e r v ic e C o r p __________________________________.163
W a ld e n & O r a n g e L a k e— S e e O r a n g e C o u n t y
T r a c t io n _____________________
91
W a r r e n & J a m e s t o w n S t . R y .— S e e N ia g .
L o c k p . & O n t . P o w . C o ______________________ 69
W a s h . A le x a n d r ia & M t. V e r n o n R y .— S e e
W a s h in g to n - V ir g in ia R y ____________________ 128
W a s h . A r li n g t o n & F a lls C h u r c h R y .— S e e
W a s h in g to n - V r ig in ia R y ____________________ 128
W a s h in g to n B a ltim o r e & A n n a p o li s E le c t r ic
R R _____________
.1 2 8
W a s h in g to n & C a n o n s b u r g R y . C o __________ 106
W a s h in g to n
C o a st
U t i l i t i e s .— S e e
P uget
S o u n d P o w e r & L ig h t C o ____________________ 266
W a s h in g to n E le c . S t . R y .— S e e W a s h . &
C a n o n s b u r g R y _______________________________106
W a s h i n g to n G a s L ig h t C o ______________________ 35
W a s h in g to n & G le n E c h o R R .— S e e W a s h i n g ­
t o n R y . & E le c t r ic ___________________________ 129
W a s h in g to n (D . C .) I n t e r u r b a n R y .— S e e
W a s h i n g t o n R y . & E le c t r ic __________________129
W a s h in g to n & M a r y la n d R y ___________________128
W a s h in g to n & O ld D o m in io n _________________ 129
W a s h in g to n R y . & E le c t r ic C o ________________ 129
W a s h . & R o c k . R y .— S e e W a s h . R y . & E l e c . . 129
W a s h in g to n U t i l i t i e s C o _______________________ 128
W a s h in g to n - V ir g in ia R y . C o ___________________128
W a s h in g to n W a te r P o w e r , S p o k a n e __________ 257
W a s h . W o o d s id e & F o r e s t G le n R y . & P o w e r
C o .— S e e W a s h i n g to n R y . & E le c t r ic _______129
W a te r b u r y L ig h t & P o w . C o .— S e e M o n tp e lie r
& B a r r e L ig h t & P o w e r C o ____________________40
W a te r lo o C e d a r F a l ls & N o r th e r n R y ________230
W a te r v ille F a ir fie ld & O a k la n d R y _____________39
W a te r v ille & O a k la n d S t . R y .— S e e W a te r v ille
F a ir f ie ld & O a k la n d R y ______________________ 39

[V ol. 123.

P age.
W a te r v lie t T u r n p ik e & R a ilr o a d — S e e U n i t e d
T r a c t io n ( A lb a n y ) _____________________________ 8 3
W a u k e s h a G a s & E le c . C o .— S e e W is c o n s in
G a s & E le c t r ic C o ____________________________ 222
W a y n e W a te r W o r k s C o .— S e e P h il a d e lp h ia
S u b u r b a n W a te r C o ___________________________ 24
W ea v e r (W . T .) P o w e r C o .— S e e C a r o lin a
P o w e r & L ig h t C o ____________________________ 199
W e b b C it y N o r t h e r n E le c . R y .— S e e S o u t h ­
w e s t M iss o u r i R R ____________________________ 2 4 0
W e b s te r & D u d le y — S e e W o r e . C o n s . S t . R y _ . 45
W e e h a w k e n C o n t r a c t in g C o .— S e e P u b lic
S e r v ic e E le c t r ic & G a s _______________________ 94
W e lls E le c .L ig h t & P o w e r — S e e C u m b e r la n d
C o u n t y P o w e r & L ig h t C o ____________________ 37
W e s t C hestesr L ig h t in g C o .— S e e C o n s . G a s
C o . o f N . Y ________________
16
W e s t C h e s t e r S t r e e t R y ________________________ 125
W e s t C o a s t T e l e p h o n e C o .— S e e P e n i n s u la r
T e l. C o _____ ________
15
W est E n d S t r e e t R y .— S e e B o s t o n E l e v a t e d . . 43
W e s t E n d T r a c t io n , P i t t s b u r g h , P a .— S e e
P i t t s b u r g h R a ilw a y s C o _____________________ 105
W e s t K e n t u c k y E le c t r ic P o w e r C o ___________ 155
W e s t L ib e r t y S t r e e t R y .— S e e P i t t s b u r g h &
B ir m in g h a m T r a c t i o n ________________________107
W e s t L ib e r t y & S u b . S t . — S e e P i t t s . R y s ____ 105
W e s t O h io G a s C o ________________________________ 35
W e s t P e n n C o __________________________________ 110
W e s t P e n n E le c t r ic C o ________________________ 109
W e s t P e n n M o n o n g a h e la _____________________ 111
W e s t P e n n P o w e r C o _________________________ 110
W e s t P e n n R a ilw a y s C o ______________________ 110
W e s t P e n n T r a c t io n — S e e W e s t P e n n R y s ____ 110
W e s t P e n n T r a c t io n & W a te r P o w e r C o .—
S e e W e s t P e n n C o ____________________________ 110
W e s t P h il a d e lp h ia P a s s e n g e r R y ______________ 119
W e s t R o x b u r y & R o s l in d a le S t r e e t R y .— S e e
E a s t e r n M a s s a c h u s e t t s S t r e e t R y . C o ________ 14
W e s t S h o r e R a ilw a y ___________________________ 51
W e s t S id e R R .— S e e E lm ir a W a te r , L t . & R R . 65
W e s t T e l e p h o n e & T e le g r a p h C o .— S e e A m e r ­
ic a n T e l . & T e l . C o ___________________________ 7
W e s t V ir g in ia T r a c . & E le c . C o .— S e e W e s t
V ir g in ia U t i l i t i e s C o _______________________ 115
W e s t V ir g in ia U t ili t ie s C o _____________________ 115
W e s t V ir g in ia W a t e r S e r v ic e C o ________________ 31
W e s t c h e s t e r E le c t r ic — S e e U n i o n R y . (N . Y .) 81
W e s t c h e s t e r S t r e e t R R .— S e e W e s t c h e s t e r
S t r e e t T r a n s p . C o r p __________________________ 81
W e s t c h e s t e r S t r e e t T r a n s p o r t . C o r p __________ 81
W e s te r n
M a ssa c h u se tts
S tr e e t
R y .— 'See
S p r in g f ie l d S t r e e t R y _________________________45
e s t e r n N e w Y o r k W a te r C o ___________________35

Page.
W e s t e r n N e w Y o r k & P e n n s y lv a n ia T r a c . C o .
— S e e O le a n B r a d fo r d & S a la m a n c a R y ------ 91
W e s t e r n O h io R a ilr o a d _________________________ 141
W e s t e r n O h io R y .— S e e W e s t . O h io R R ---- . . . 1 4 1
W e s t e r n P o w e r C o r p ___________________________ 249
W e s t e r n P u b lic S e r v ic e C o ____________________ 217
W e s t e r n S t a t e G a s & E le c , C o . o f C a l i f ______ 250
W e s t e r n S t a t e s G a s & E le c . C o . o f D e la w a r e .2 5 0
W e s t e r n S t a t e s U t i l i t i e s C o .— S e e G e n e r a l
P o w . & L t . C o _________________________________ 187
W e s t e r n U n i o n T e l e g r a p h C o ., I n c _____________13
W e s t e r n U n i t e d C o r p ___________________________ 177
W e s t e r n U n i t e d G a s & E le c t r ic C o ___________ 177
W e s t e r n p o r t & L a n a c o n in g — S e e C u m b . &
59
W e s t e r n p o r t E le c t r ic R y _______________
W e s t m o r e la n d C o u n t y R y _____________________ 120
W e s t p h a l ia U n i t e d E le c t r ic P o w e r C o r p _____ 278
W h a t c o m C o u n t y , R y . & L t .— S e e P u g e t
S o u n d P o w e r & L ig h t C o ____________________ 256
W h e e lin g B r id g e C o .— S e e W h e e l in g T r a c . C o llO
W h e e lin g & E lm G r o v e R R .— S e e W h e e l in g
P u b lic S e r v ic e C o ____________________________ 115
W h e e lin g P u b lic S e r v ic e C o ___________________ 115
W h e e lin g (W . V a .) T r a c t io n C o _______________ 110
W ic h it a R R . & L i g h t _______________
.1 6 8
W ilk e s -B a r r e D a lla s & H a r v e y ’s L a k e R y ------ 125
W ilk e s B a r r e & E a s t S id e R y .— S e e W ilk e s B a r r e R y s . C o ________________________________ 125
W ilk e s - B a r r e G a s & E le c t r ic C o .— S e e P e n n ­
s y lv a n ia P o w e r & L i g h t _____________________ 112
W ilk e s -B a r r e & H a z e lt o n R R ___________________ 121
W ilk e s -B a r r e & H a z e lt o n R a ilw a y ____________121
W ilk e s -B a r r e & K i n g s t o n — S e e W ilk e s - B a r r e
R a ilw a y s C o __________________________________ 125
W ilk e s -B a r r e R y . C o r p _________________________ 123
W ilk e s -B a r r e R a ilw a y s C o _____________________ 125
W ilk e s -B a r r e & S u r b u r b a n — S e e W ilk e s - B a r r e
& W y o m in g V a lle y T r a c t i o n ________________ 125
121
W ilk e s -B a r r e T e r m in a l R R ____________
W ilk e s -B a r r e & W y o m in g V a lle y T r a c t i o n ___125
W ilk in s b u r g & E a s t P i t t s b u r g h S t . R y .— S e e
M o n o n g a h e la S t r e e t R y . C o __________________108
W ilk in s b u r g & V e r o n a S t r e e t R y .— S e e M o n ­
o n g a h e la S t r e e t R y . C o _____________________ 108
W illa m e t t e F a lls E le c t r ic R y .— S e e P o r t la n d
E le c t r ic P o w e r C o ____________________________ 2 5 6
W illia m e t t e V a lle y S o u t h e r n R y .— S e e P o r t ­
la n d E le c t r ic P o w e r C o ______________________ 2 5 6
W illia m s b u r g P o w e r P l a n t C o r p _______________ 8 3
W illia m s p o r t G a s C o .— S e e P e n n s y lv a n ia
P o w e r & L ig h t C o ____________________________ 112
W illim a n t ic T r a c t io n C o .— S e e C o n n . C o ____ 51
W ilm in g t o n & C h e s t e r T r a c t io n C o __________ 101
W ilm in g t o n C it y E le c t r ic C o ____ ______________ 102

IRedm &€o.
ond
Underwrite Entire Bond Issues of Street Railway, Electric Light,
Power and other Public Utility Properties.

High-Grade

Investment

Securities

Members New York and Philadelphia Stock Exchanges
33 Pine Street
NEW Y O R K




Baltimore

Broad & Sansom Sts.
PHILADELPHIA
W ashington

Albany

295

INDEX TO COMPANIES

Oct., 1926.]
P age.
W ilm in g t o n & C h r is t ia n a T u r n p ik e C o .— S e e
U n i t e d P o w e r & T r a n s . C o _________________ 123
W ilm in g t o n (D e l.) C it y R y .— S e e W ilm in g t o n
& C h e s t e r T r a c t i o n _________________________ 101
W ilm in g t o n & E d g e m o r e — S e e W ilm . & C h e s ­
t e r T r a c t i o n _______________________________ 101
W ilm in g t o n G a s C o _________________________ 35
W ilm in g t o n & G r e a t V a lle y T u r n p ik e C o .—
S e e U n i t e d P o w e r & T r a n s . C o ______________ 123
W ilm in g t o n L ig h t & P o w e r — S e e W ilm in g t o n
& P h il a d e lp h ia T r a c t io n C o ________________ 101
W ilm in g t o n N e w c a s t le & D e la w a r e C it y — S e e
W ilm in g t o n & P h il a d e lp h ia T r a c t io n C o . .1 0 1
W ilm in g t o n & P h il a d e lp h ia T r a c t i o n _____ 101
W ilm in g t o n & P h il a d e lp h ia T u r n p ik e — S e e
U n i t e d P o w e r & T r a n s . C 6 _________________ 123
W ilm in g t o n S o u t h e r n T r a c t io n C o .— S e e W il­
m in g t o n & P h il a d e lp h ia T r a c t io n C o _____ 101
W in c h e s t e r A v e . R y .— S e e C o n n . C o __________ 51
W in d s o r L o c k s T r a c t io n C o .— S e e H a r tfo r d
& S p r in g f ie l d S t r e e t R y ______________________ 54
W in n ip e g E le c t r ic C o ___________________________ 271
W in n ip e g E le c . R y .— W e e W in n ip e g E le c . C o .271
W in n ip e g E le c t r ic S t r e e t R y .— S e e W in n ip e g
E le c t r ic C o ___________________________________ 271
W in n ip e g S e lk ir k & L a k e W in n ip e g R y _____ 272
W in n is im m e t R R _______________________________ 44
W in o n a R a ilr o a d C o ___________________________ 148
W in n o n a S e r v ic e C o .— S e e W in o n a R R . C o .
W in s t o n - S a le m G a s C o .— S e e N o . C a r o lin a
P u b lic S e r v ic e C o ____________________________ 200
W in s t o n - S a le m P o w . C o .— S e e S o . P u b . U t i l .2 0 0

Page.
W is c o n s in E le c t r ic P o w e r C o .— S e e M ilw a u ­
k e e E le c t r ic R y . & L ig h t C o _________________ 220
W is c o n s in E le c t r ic R y .— S e e W is e . P o w e r &
L ig h t C o ______________________________________ .1 5 6
W is c o n s in G a s & E le c t r ic C o ___________________222
W is c o n s in
H y d r o - E le c . C o .— S e e P e o p le s
W is e . H y d r o - E le c . C o r p ______________________ 224
W is c o n s in - M in n e s o t a L ig h t & P o w e r C o .— S e e
N o r t h e r n S t a t e s P o w e r C o . o f W is e _________ 226
W is c o n s in P o w e r & L ig h t C o ___________________ 156
W is c o n s in P u b lic S e r v ic e C o .— S e e W is c o n s in
P u b lic S e r v ic e C o r p __________________________ 223
W is c o n s in P u b lic S e r v ic e C o r p ________________ 223
158
W is c o n s in P u b lic U t i l i t y C o ______________
W is c o n s in R a ilw a y , L ig h t & P o w e r C o .— S e e
M is s is s ip p i V a lle y P u b lic S e r v ic e C o ________224
W is c o n s in S e c u r i t ie s C o ________________________223
W is c o n s in T r a c t io n L ig h t H e a t & P o w e r ____ 222
W is c o n s in V a lle y E le c t r ic C o ___________________223
W o o d h a v e n W a t e r S u p p ly C o _________________ 31
W o o n s o c k e t E le c . M a c h in e & P o w .— S e e
B la c k s t o n e V a lle y G a s & E le c . C o ___________ 48
W o r c e s te r & C o n n . E a s t . R y .— S e e C o n n . C o . 51
W o r c e s te r & C lin t o n S t . R y .— S e e W o r c e s t e r
C o n s . S t r e e t R y ________________________________ 45
W o r c e s te r C o n s o li d a t e d S t r e e t R y ________
45
W o r c e s te r & H o ld e n S t r e e t R y .— S e e N e w
E n g la n d I n v e s t . & S e c . C o ____________________ 45
W o r c e s te r & M a r lb o r o u g h S t r e e t R y .— S e e
N e w E n g . I n v e s t . & S e c . C o ______ ____________45
W o r c e s te r & S o u t h b r i d g e S t r e e t R y .— S e e
W o r c e s te r C o n s . S t r e e t R y ___________________45

P age.
W o r c e s t e r & W e b s t e r S t r e e t R y .— S e e N e w
E n g . I n v e s t . & S e c . C o _______________________ 48
W o r o n o c o S t . R y .— S e e N e w E n g . I n v e s t . &
S e c . C o __________________________________________48
W y a n d o t t e C o u n t y G a s C o ________________

Y
Y a d k in R iv e r P o w e r C o .— S e e C a r o lin a P o w e r
& L ig h t C o ____________________________________199
Y o n k e r s R a ilr o a d ________________________________ 81
Y o r k H a v e n W a te r & P o w e r — S e e M e tr o p o li­
t a n E d is o n C o __________________________________ 62
Y o r k R a ilw a y s .: _________________________________ 121
Y o r k U t i l i t i e s C o _________________________________ 39
Y o u n g s t o w n & O h io R iv e r R R ________________ 142
Y o u n g s t o w n & S o u t h e r n R y .— S e e Y o u n g s ­
t o w n & S u b u r b a n R y ______________________
142
Y o u n g s t o w n & S u b u r b a n R y ___________________142
Y u b a E le c . P o w e r C o .— S e e P a c if ic G a s &
E le c t r ic C o r p _________________________________ 242

z
Z a n e s v ill e E le c t r ic C o .— S e e S o u t h e r n O h io
P u b lic S e r v i c e ________________________________ 139
Z a n e s v ille E le c t r ic R y .— S e e S o u t h e r n O h io
P u b lic S e r v i c e ________________________________ 189
Z a n e s v ille R a ilw a y , L ig h t & P o w e r C o .— S e e
S o u t h e r n O h io P u b lic S e r v i c e ______________ 139

____________

.. .......

Kelley, Drayton. & Converse
Members of the New Y ork S tock Exchange

Underwriters and Distributors
of

Public Utility Bonds
New Y ork City
40 Exchange Place

Philadelphia, Pa.
Packard Building

Uptown Offices— New York City
50 East 42nd Street
16 East 53rd Street

Specializing in the Underwriting and
Distribution of Securities of

Electric Light and Power
Companies
P YN C H O N &, C O .
111 B R O A D W A Y

NEW Y O R K

Uptow n O ffice: M adison A venue an d 43rd S tre e t

CHICAGO




MILWAUKEE

ATLANTA

LONDON

LIVERPOOL

......................3

58

396

INDEX TO STATES AND SUB DIVISIONS

[V ol. 123.

Index to States and Sub-divisions
For Alphabetical Index to Companies see pages 283 to 295

Page No.
TELEPH ONE & TELEG R APH

G AS AND

W ATER

C O M P A N I E S ( U n it e d S t a t e s a n d F o r e i g n ) ________

7

C O M P A N I E S ( U n it e d S t a t e s ) ______________________ ________ 16

P O W E R , L IG H T & R A IL W A Y C O M P A N IE S :
Page No.

NEW E N G L A N D S T A T E S —

W E ST E R N AND P A C IF IC S T A T E S —

Page No.

Maine __

________ 37

W isc o n sin ___

New H am pshire

________ 39

M in n e so ta .

________ 225

V erm ont

_______ _ 40

I o w a __

________ 227

________ 220

________ 231

M assach u setts

________ 41

N ebraska

R hode Islan d __

________ 48

N orth D a k o ta _____

C o n n e c t ic u t ..

________ 49

S o u th D ak ota

________ 232

K an sas.

________ 233

MIDDLE AN D M IDDLE W E STE R N S T A T E S —
New Y o rk

________ 55

New J e r s e y _____

________ 93

P en n sylva n ia

________ 100

M aryland

_______ 125

D istrict o f C o lu m b ia ___

__ ________ 128

O h io ___

________ 130

In d ian a

________ 142

Illin o is .

________ 148

M ichigan

________ 178

_

_________ 232

...

C o l o r a d o ___ _

________ 234

M issouri

________ 235

____

________ 240

O k la h o m a __
C a lifo rn ia

________ 242

_

O re g o n _____

..

W a s h in g to n .

________ 255

__

________ 256

___

M o n ta n a ____ _
Id a h o _______

________ 258

____
___

. ________ 259

.

U tah

________ 259

N ev ad a ___

________261

_ _ __

T E R R IT O R IE S — P O SS E SS IO N S --F O R E IG N —
SO U TH E R N G R O U P O F S T A T E S —

H aw aii . . .

_ _

.

________ 262
_ ________ 262

V irgin ia _

________ 189

P h ilip p in e Is la n d s _______

W est V ir g in ia ___

________ 191

Mexico _

K e n tu c k y ______

________ 194

P orto R ic o .

T e n n e sse e . ____

________ 196

B o liv ia ____

________ 263

__

....................262

___

________ 262

__

N orth C a r o lin a __

________ 199

C a n a d a _______

________ 263

S o u th C aro lin a _
_

________ 201

Cuba.

________ 272

G e o r g ia ..

________ 202

B r a z il_______ _ _ ________ ________ 273

F lo r id a ..

________ 205

G e rm a n y ______

_ ______ ________ 274
_

A la b a m a .

________ 208

F ra n c e ______

________ 278

M ississippi______

________ 210

A u s tr ia ________ ____ _ .

________ 279

L o u isian a

________ 210

I t a ly __________ _______ . _ ________ 279

A rk an sa s.

________ 212

N o rw ay____________ _

________ 279

T e x a s ..

________ 213

D en m ark _______ ___

________ 280

____ ___ 219

J a p a n ______ ___ _______ _ . ________ 280

New M exico. .




_ _

. ..

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First National Bank

Q uick to serve

June SO 1926.

S t a t e m e n t at C lo se o f B u s i n e s s

A

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$ 7 , 3 1 6 , 1 3 0 . 3 3
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PR O M P T A T T E N T IO N G IV E N T O C O L L E C T IO N S

THE

HANOVER

N A T IO N A L

BANK

OF THE CITY OF NEW YORK
E S T A B L IS H E D 1851

CAPITAL, $5,000,000

SURPLUS & PROFITS, $26,000,000
A C T S AS

TRUSTEE, EXECUTOR, ETC.
INQUIRIES INVf TED REGARDING SERVICE
IN E V E R Y F I D U C I A R Y
CAPACITY

SAFE DEPOSIT& TRUST CO.
OF BALTIMORE
C hartered 1864

O rganized 1867

SIXTY-EIGHT YEARS
BANKING EXPERIENCE

Capital $1,200,000 Surplus & Profits Over $4,000,000
Acts as Trustee of Corporation Mortgages, Fiscal
Agent for Corporations and Individuals, Transfer
Agent and Registrar. Depositary under plans of
reorganization.
Acts as Executor, Administrator, Guardian,
Trustee, Receiver, Attorney and Agent, being
especially organized for careful management and
settlement of estates of every character.

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Tradesmens National Bank The Anglo & London Paris National Bank
OF SAN FRAN CISCO
At the Close of Business June 3 0 1 9 2 6 .

Philadelphia, Pa.
Report of Condition at the Close of Business June 3 0 1 9 2 6 .
R E SO U R C E S—
L o a n s a n d I n v e s t m e n t s ____________________________ $ 1 8 ,5 3 0 ,7 8 2 .6 3
C u s t o m e r s ’ L ia b il it y u n d e r L e t t e r s o f C r e d it a n d
A c c e p t a n c e s ____ . . . . . . . . . . . . . . . . . _______
5 ,1 0 5 ,2 5 5 .8 6
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E x c h a n g e s fo r C le a r in g H o u s e _____________________ 1 ,6 3 4 ,4 5 0 .9 5
C a s h a n d R e s e r v e _____________________ ____ _____ . . .
1 ,6 2 0 ,2 3 5 .4 7
A c c r u e d I n t e r e s t ___________________________________
2 6 ,8 2 5 .9 6
$ 2 9 ,8 2 1 ,8 3 1 .4 6
L IA B IL IT IE S —
C a p i t a l ______ __________________________
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6 7 ,6 9 9 .4 3
C ir c u l a t io n __________________________________________
4 9 1 ,7 5 0 .0 0
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A c c e p t a n c e s o f O t h e r B a n k s S o ld _____ ___________
3 6 4 ,0 3 6 .3 2
D e p o s i t s ______________________________________________ 1 9 ,5 2 9 ,3 5 4 .1 8
$ 2 9 ,8 2 1 ,8 3 1 .4 6
O F F IC E R S
H O W A R D A . L O E B , President
H . D . M c C a r t h y , Vice-President
E . W I L L I A M S . Vi«>-President & Cashier
S. E . G U G G E N H E I M , Vice-President
H O W A R D E . D E I L Y , Assistant Cashier
J . M . F R I Z Z E L L , Assistant Cashier
C L Y D E F . B R O W N . Assistant Cashier




R ESO U R C ES—
D ue from Federal Reserve Ban k , Cash and Sight
Exchange___________________________________________ $26,507,325.29
U . S. Bonds and Tre asury Certificates______________ 15,259,183.10
Bonds and Securities________________________________
7,369,219.39
240,000.00
Stock in Federal Reserve B a n k _____________________
Banking House, Vaults and Fixtures________________
2,655,268.40
D ue from U . S. Treasurer, 6 % Redem ption F u n d . .
205,000.00
Customers' L ia b ility a|c Acceptances_______________
6,357,926.46
Loans and D iscounts________________________________ 68,567,829.47
Interest Accrued— and other Assets_________________
689,395.91
$127,751,148.02
L IA B IL IT IE S —
Capital Stock________________________________________
$5,000,000.00
Surplus and Undivided Profits______________________
4,103,370.61
Unearned D iscount__________________________________
119,931.12
C ircula tion___________________________________________
4,100,000.00
Bills Payable w ith Federal Reserve B a n k ----------------------3,100,000.00
Acceptances sold Federal Reserve B an k w ith our
endorsement_______________________________________
200,000.00
O ther Lia b ilitie s................................
1,477.625.97
Bonds Borrow e d____________________________________
2,500,000.00
L ia b ility a|c Acceptances executed for custom ers..
6,729,045.16
Deposits_____________________________________________ 100,421,175.16
$127,751,148.02
Contingent L ia b ility a |c Letters of Cre dit issued but
not yet drawn against_____________ $10,161,989.61
D IR E C T O R S
RO BER T DOLLAR
S IG . ST E R N
A. W . FO STER
K . R. K IN G S B U R Y
J . J . M ACK
C H A S. C. MOORE
J. C . M cK IN S T R Y
M. F L E I S H H A C K E R
C. F. H U N T
R . D . R O B B I N S , J r.
M. M E Y E R F E L D , J r .
ADOLFO STAH L
W A LTER E. B U C K
H E R B E R T F L E I® W H A C K E R
WM. F. H U M P H R E Y
PAUL SH O U P
W . E . W IL C O X
M O SES A. G U N S T

T H E FRA N K LIN -FO U RTH
STREET N A T IO N A L BANK
of Philadelphia has ample facilities
to meet all your requirem ents
and solicits your business.
Capital, Surplus and Profits over $24,000,000