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Public Utility Compendium
A SECTION OF THE
( C o m m e r c ia l & F
in a n c ia l
(^
h ronicle
Copyrighted in 1925, according to Act of Congress, by WILLIAM B. DANA COMPANY, in office of Librarian of Congress, Washington, D. 0.
VOL. 121.
NEW YORK, OCTOBER 31 1925.
This publication is issued to replace our former “Electric
Railway” Section.
As the change in name implies, the new publication is much
more comprehensive than the old, both in character and scope.
The “ Public Utility Compendium” is indeed all-embracing. It
is now truly representative of the public utility field. It covers
public utilities of every kind and description. Light and power
companies are now represented, as well as the electrit railways,
and in addition we include water and gas companies and tele
graph, telephone, cable and radio corporations. Such of these
latter as formerly appeared in our “ Railway & Industrial” Com
pendium now find a place in the new publication. Very many
others are given for the first time.
In one particular the change has been forced upon us.
The operation of the electric railways, urban and ipterurban,
is now quite generally combined with the light and power busi
ness, and it is no longer possible to differentiate between the
two. The development has grown out of the wonderful exten
sion in the use of electricity which is the distinctive feature of
recent times. Many small undertakings began by furnishing
electricity for the running of local trolley lines, and then, in
order to promote economy of operation and be able to furnish
electrical energy at reduced cost, entered the light and power
business. The latter grew so fast that the electric railway has
now become subordinate to the larger field of work. The next
step was to unite the local units so that they might serve larger
areas, and out of these undertakings have grown in turn the
big combinations which, by reason of their splendid achieve
ments in electrical development and in serving the advanced
needs of man, are exciting the wonder and the admiration of
the world.
This is a progressive age and the application of electricity
to the varied service of an ever-expanding population constitutes
the foremost exponent of this progress. The field is an enormous
one, the capital already invested in it of huge proportions and
the capital still to be engaged for its growth and development
of even greater magnitude. We shall hope to keep pace with
the development and expansion, and make the “ Public Utility
Compendium” a serviceable medium for furnishing accurate and
up-to-date statements regarding the companies whose resources
and activities are being employed in the prosecution of the work
which is of such inestimable benefit to the country. In the
course of time also it ought to be possible to compile some general
statistics to show the changes from year to year in the ceaseless
flow in this great line of human endeavor.
NO. 3149.
Public U tilities
DETAILED COMPANY REPORTS
This is one of our six Sections or Supplements.
publications, complete only as a whole.
In using the series it is to be remembered that they are inter-dependent
If utilized together, and with the fresh items of news the “ Chronicle” contains
from week to week, the reader will at all times be able to keep fully informed regarding the operations, the finances and
the income of the various companies included.
A full Index showing where each company will be found is given in the closing pages of the book.
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WILLIAM B. DANA COMPANY, Publishers,
Front. Pine and Depeyster Streets, New York.
EXPLANATIONS OF TERMS AND ABBREVIA
TIONS USED.
The following is an explanation of the terms and
abbreviations used on succeeding pages in the pre
sentation of the statements of the different com
panies :
“ STOCK AND BONDS.”— Under these words are shown:
“ Stock.”—The amount of stock authorized immediately
follows the word “ stock,” and against this is the par value
of single shares. For example, “ Stock, $500,000 ($100),”
means stock, total issue authorized by charter or by Act of
Legislature, $500,000, divided into shares o f $100 each;
“f. p.” following the amount given as outstanding means
“full paid.”
“ Pref.” means “preferred stock.” “Pref. 6% cum.” means
preferred stock entitled to dividends of 6% per annum, such
dividends if not paid accumulating, all dividends due and
unpaid to be paid in full for each and every year before the
common stock receives anything. •“ Pref. 6% non-cum.”
means simply that the stock is entitled to 6% per annum if
earned, but that if unearned in any year or not declared, no
claim on the earnings of subsequent years exists for such
year’s dividend. “Div.” means dividend. The last dividend
paid is shown under the column headed “ M aturity”
“ B onds”— “ Mort.” “ mtge.” or “ M.” means mortgage.
“ Consol.” or “ con. M” means consolidated mortgage.
“ Gen. M.” means general mortgage. “ Ref. M.” means re
funding mortgage. “ Coll, tr.’.’ means collateral trust. The
amount next following is the total authorized amount that
can be issued under the mortgage. The denominations in
which the bonds are issued usually follow in parenthesis.
The word “gold” is usually spelled out, but in some instances
is contracted to “g.,” while “ cur.” means currency.
“ Conv.” means convertible into some other form of secu
rity. “ S. f.” means sinking fund, “c.” means coupon; “ c*”
means coupon but may be registered as to principal; “ r”
means fully registered (no coupons) ; “ r*” means registered,
convertible into coupon bonds; “c*&r*” means registerable in
either form and convertible from registered to coupon or the
reverse; and “c*&r” means that registered certificates with
out coupons as well as coupon bonds are outstanding.
“ ($100, &c)” signifies that denominations are $100 and
larger. The letters “p. m.” mean per mile, thus $15,000 p. m.
means that the issue of bonds is restricted to $15,000 for
each mile of track. “ Guar.” means guaranteed, and “guar,
p. & i. (end.)” means guaranteed as to principal and interest,
the guaranty being endorsed on each bond. “ Red.” means
redeemable. “ Trus.” or “tr.” means trustee of the mortgage.
TAX EXEMPTION.— Where there is a provision in bond
or mortgage which would seem to make the interest free
from the Federal income tax) we indicate the fact in black
faced letters— tf meaning tax-free. The Revenue Act of
1924, like the Revenue Act of 1921 and the Revenue Act of
1918, provides, however, that only 2% income tax shall be
deducted at the source and that all further Federal income
taxes shall be met by the recipient of the income. Where
there is no tax covenant we insert the letters ntf, meaning
not tax free, tff means free from normal Federal income
tax up to 4%, though, as already stated, the law allows a
deduction of no more than 2%. Where we have no knowl
edge other than that the company has assumed or is paying
the tax, we insert the letters cpt, which means that company
' pays tax, at least for the present. Only very general differ
entiations like this are possible. Tax exemption features of
mortgages are so varied and diverse that more definite in
formation is out of the question.
“ DATE.”—The date of issue on the face of the bonds is
indicated under the word “ Date.”
“ INTEREST.”— Under this heading is given the rate per
cent yearly of the interest payable on the bonds or (if guar
anteed) of the dividend payable on the stock; also the
months when the interest or dividend is payable; thus
“ 6 J-J” means 6% per annum payable January and July.
Correspondingly“ F-A” is used to mean February and August;
“M-S” means March and September, and so o n ; while “ Q-J”
means quarterly beginning in January, and “ Q-F” quarterly
beginning in February. (The day when the interest pay
ment is due can generally be determined by noticing when
the loans mature, the day of the month there given being in
most cases the same as for one of the interest dates.) “ S.-a.”
means semi-annual.
“ ROAD.”— The word “ track” means in street railway par
lance all tracks, whether main line, siding, switch or second
track. “ Rails are 80-lb. girder” means that each rail weighs
80 pounds to the yard, “ k.w.” means kilowatts, and “ h.p.”
means horsepower.
“k.v.a.” means kilo-volt-amperes.
“ P-A-Y-E cars” means pay-as-you-enter or prepayment cars.
“ Exts., add’ns and impts.” means extensions, additions and
improvements.
“ Auth.” means authority or authorized.
“ Oth. inc.” means other income. “ Cal. year” means calendar
year.
REFERENCES TO “ CHRONICLE.”— This Compendium
or supplement is expressly intended for use in connection
with the investment news and official reports published
from week to week in the “ Chronicle.” Frequent reference
is therefore made to the volume and page of the “ Chronicle”
as (Y. 119, p. 000), where fuller information may be found.
Following also each statement is given a reference to the
latest news item in the “ Chronicle” respecting the company.
As every such item contains a reference to the last preceding
item, the reader can run back at pleasure. Annual reports
are in black-faced figures.
POWER, LIGHT AND RAILW AY
Oct., 1925.]
Our Service extends from
FLORIDA to WASHINGTON
MAINE to CALIFORNIA
H E R E has long been needed a reliable service giving current quotations
T
at regular intervals bn the hundreds of
U N L IS T E D P U B L IC
U T IL IT Y and IN D U S T R IA L BONDS.
M any bankers and dealers in' investment securities admit that our regular
quarterly booklet giving quotations on 2000 ISS UES fills this need.
The scope of our activities in the unlisted market and the character and
extent of our organization and facilities enable us to render dealers an unex
celled brokerage service.
Quotation Booklet Sent to Dealers on Request.
L il l e y . B l iz z a r d & Co.
M EM BERS
P H ILA D ELP H IA
P A C K A R D B LD G
Tel
P H IL A D E L P H IA
• R itten h ouse 2 3 2 4 — R a ce 3 3 8 4
I
STOCK
EXCHAN GE
P H IL A D E L P H I A
NEW YORK
C a n a l 6 4 2 6 - 7 - 8 - 9 - W h ite h a ll 1994
3
4
[V ol. 121.
PUBLIC UTILITIES
Sa fe ty to the I nvestor
Wuilt on Service to the Public
/ f P O P U L A T IO N
o f approxim ately
8,000,000 is supplied with electric light
and power, or other utility service by
the companies we represent. W e have placed
the securities o f these companies in the hands
o f more than 100,000 investors.
Yielding about
7
The safety and steady earning power o f utility
investments are based on the essential nature
o f utility service. A m ong the companies we
represent are
C o m m o n w e a lth E dison C o m p a n y
%
C hicago R ap id T ran sit C o m p a n y
P ublic Service C o m p a n y o f N o rth e rn Illinois
M id d le W e s t U tilities C o m p a n y an d subsidiaries
M id la n d U tilities C o m p a n y a n d subsidiaries
T h e P eoples G as Light a n d C o k e C o m p a n y *
C hicago N o r t h Shore a n d M ilw a u k ee
R ailroad C o m p a n y
Ask for our current list o f 7 °I° utility invest
ments. Cash or monthly deposits.
U t i l i t y S e c u r it ie s
Co m p a n y
72 West Adams Street, C H IC A G O
ST. LOUIS
MILWAUKEE
INDIANAPOLIS
LOUISVILLE
Oct., 1925.]
POWER, LIGHT AND RAILW AY
K ilow att hours
and interest
days
H E distribution o f electric light
and power is effected by great
public utility companies, aided by the
marvels o f modern equipment.
The National City Company dis
tributes high-grade public utility bonds to investors
through its chain o f more than 50 offices in leading cities.
As the income from such bonds is liberal, Interest
Days are doubly welcomed.
Whenever you see public utility bonds offered by this
Company, you may be sure that the issue has been searchingly analyzed before we recommend it as a desirable in
vestment in its class.
T
Offices in more than 50
leading cities throughout
the World
BONDS
SHORT T E R M
NOTES
The National City Company
National City Bank Building, New York
ACCEPTANCES
1X7
E
extend
fa c ilitie s
of
the
our
o r g a n iz a tio n t o th o s e
d e s irin g in fo r m a tio n or
re p o rts o n
w ith
co m p a n ie s
w h ic h
we
are
id e n tifie d .
Electric Bond and
Share Company
(.Incorporated in 1905)
Paid-up Capital and Surplus
$75,000,000
71 B ro a d w a y
N ew Y o r k
5
6
[V ol. 121.
PUBLIC UTILITIES
Record
and
Prospect
Available data show only eight electric utilities in
America with a capitalization of $10,000,000 or over
that have paid dividends without interruption for
25 years or more.
Among these, the Brooklyn Edison Company has to its
credit 102 consecutive quarterly dividend payments, the
last 90 having been at the rate of 8 % per annum.
a
This Company, the only utility supplying electricity to
the Borough of Brooklyn, has doubled its gross revenue
in the last four years and more than trebled it in the
last seven.
During 1924, electric light and power companies through
out the United States increased the total number of
their customers by 15.2%.
Exclusive of its acquisition of 43,000 electrical cus
tomers from the Flatbush Gas Company, Brooklyn
Edison showed a net gain last year equal to 27% — or
nearly twice the average rate of growth of the American
central station industry as a whole.
Brooklyn Edison Company
President
Oct., 1925.]
7
TELEPHONE AND TELEGRAPH
Telephone & Telegraph COS.
UNITED STATES AND FOREIGN
AMERICAN TELEPHONE & TELEGRAPH CO.
O R G A N IZA TIO N .— Owns a large interest, generally a majority interest,
in the capital stock o f the leading local cos. operating under the Bell patents
in the U . S. (V. 107, p. 2100; V. 88, p. 1554); also owns the systemof long
distance telephone lines by which they are united. Pupin patents, V . 72, p.
677; V. 76, p. 332, 596; V. 77, p. 39; V . 92, p. 796, 1312. The major op
erating companies, greatly reduced in number o f late years by consolidation,
have had their shares largely exchanged for stock of Am .T . & T . C o . V .9 7 ,
p . 446.
FIE LD OF OPERATION AND CH ARACTER OF BUSINESS.—
The chief subsidiaries are: Illinois Bell Tel. C o., Cumberland Tel. & Tel.
C o., New Y ork Tel. C o.. Ohio Bell Tel. C o., Mountain States Tel. & Tel.
C o., Bell Tel. Co. o f Pa., Indiana Bell Tel. C o.. Ches. & Pot. Tel. C o.,
Southwestern Bell Tel. C o., Wisconsin Telep. Co., Northwestern Bell Tel.
C o., Cincinnati & Sub. Bell Tel. C o., New England Tel. & Tel. C o.,
Michigan Bell Tel. C o., Southern Bell Tel. & Tel. C o., Southern New
England Telephone C o . and Pacific T el. & T el. C o. V . 112, p . 1033.
Also owns over 98% o f the common stock o f Western Electric C o., Inc.,
New York, manufacturer o f electric and telephone supplies. V. 109, p.
478. Automatic switchboards, extension o f toll cable system, and K ey WestHavana telephone cables. See V . 110, p. 979. In M ar. 1920 formed the
205 Broadway Corp. as a holding company to handle the real estate of the
A . T . & T . Co.
In Sept. 1921 organized the Bell Telephone Securities Co. V . 113, p . 1254.
The company also operates a radio broadcasting station in New York City.
In Sept. 1925 the largest telephone cable in the world, 861 miles, was put
Into service between New York and Chicago. The construction work
required 7 years and the total cost amounted to about $25,000,000. This
cable is only a part o f a comprehensive cable system which in a few years
will link many o f the important centres east o f the Missouri and north of
the Ohio and Potomac rivers. For further details, see V. 121, p. 975, 1787.
BELL SYSTEM .— On Dec. 31 1924 there were 15,906,550 telephones
connected with the Bell System, which owned 11,242,318 and connected with
4,664,232 owned by connecting companies and rural associations. The
capital obligations in the hands of the public Dec. 31 1924 were $1,846,670,777, while the book costs o f the net assets devoted to earning a return on
these outstanding securities amounted to $2,549,000,000. The surplus and
reserve aggregate $678 837,592 Net plant additions during 20 years to
Dec. 31 1924, $1,948,229,900. See annual report in V . 120, p. 1217.
List o f advances to sub. cos. as o f Dec. 31 1924, see V . 120, p. 1879.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
_______ $920,656,400 0 c t ’25,2K %
Stock $1,500,000,000 ($100)_______
Collateral trust mtge ($1,000)) 1899 4 g J-J
78,000,000 July 1 1929
g old ________________c*n tf/O ld Colony Trust C o., Boston, trustee.
Bonds (no longer convertible)) 1906 4 g M-S
2,589,000 M ar 1 1936
($1,000, &c.) g ___ tfc*&r*/OId Colony Trust C o., Boston, trustee.
Convertible bonds
($100,) 1913 4H M -S
1,899,400 Mar 1 1933
& c.)__________________ n tf / Old Colony Trust C o., Boston, trustee.
Sinking fund collateral trust) 1916 5 g J-D
72,446,400 Dec 1 1946
bondis ($100 & c)______gold/Old Colony Trust C o., Boston, trustee.
Sinking fund debenture bonds) 1923 5M g M -N 98,543,700 N ov 1 1943
($100 &c) gold______c*n tf (Bankers Trust Co.. New York, trustee.
Sinking fund debenture bonds/ 1925
5 g J-J
124,359,600 Jan 1 1960
($100, &c, c*; $1,000, &c,r*iCentral Union Trust C o., N . Y ., trustee.
West T & T Co coll tr bonds/ 1902 5 g J-J
9,969,000 Jan 1 1932
(assumed)$10,000,000($500jInterest at Old Colony Trust C o., Boston,
&c) gold____________ c* n tf [ trustee.
Stock.— The authorized capital stock was increased on April 1 1920
from $500,000,000 to $750,000,000, on March 28 1923 to $1,000,000,000,
and to $1,500,000,000 on April 1 1925. As to convertible bonds of 1906
and 1913, see below, and V. 101, p. 1630. V. 92, p. 47, 166, 231,798, 1192.
In M ay 1924 offered to stockholders o f record June 10 1924 additional stock
for subscription at par ($100) in the proportion of one share for each five
shares then held. Payments for the new stock were spread over a period of
eight months, from Aug. 1 1924 to Apr. 1 1925. Compare V. 118, p. 2575.
The London Stock Exchange granted in Aug. 1925 an official quotation to
$24,219,100 additional capital stock, making the total amount listed on
July 24 1925 $915,752,000. V. 121, p. 837.
Collateral Trust Mortgage of 1899 is secured by collateral shown below
(compare V . 92, p. 397). On additional collateral further bonds may
be issued to an amount not exceeding 75% o f the estimated value of collat
eral; and the issue at any time outstanding must not exceed the amount of
the company’s capital stock then paid up. Int. payable in New York,
Boston, London and Amsterdam. V . 69, p. 1195, 1249; V . 70, p. 40;
V. 85, p. 1398: V. 80, p. 999, 1113: V. 92, p. 190, 397; V. 93, p. 347.
These bonds are a direct obligation o f the company and secured by de
posit with trustees o f the following stocks and bonds o f associated cos., par
$121,913,000 (est. value. $118,328,052; V . 105, p. 1710; V. 97. p .4 4 6 ), viz.:
Shares— Collateral Sept. 50 1925/or Coll. Trust 4s of 1899.
Par Value.
310,130 Illinois Bell Telephone C o----------------------------------------- $31,013,009
258.000 Mountain States Telephone & Telegraph C o ------------ 25,800,000
250,000 Southern Bell Tel. & Tel. C o ---------------------------------- 25,000,000
400.000 Michigan Bell Tel. C o ______________________________ 40,000,000
______ Home Long Distance Tel. Co. (San Francisco) 5%
bonds due 1932___________________________________
100,000
The convertible 4s of 1906 ($150,000,000 original issue) are a direct obli
gation of the company but not secured by mortgage. They have been sub
ject to call since March 1 1914 at 105 and were convertible into stock from
March 1 1909 to March 1 1918. See V. 82, p. 394, 571, 699; V. 83, p. 438;
V. 84
"
...............
"
1481
ing is s u e ________________ „ ___ ________
. .
stock. Int. payable in N . Y ., Boston and Amsterdam. V . 101, p. 1630.
The 20-year 4 M % bonds of 1913 were convertible (a) into stock at
120 Mar. 1 1915, to M ar. 1 1925, or (6) into an equal amount of stock upon
payment o f $20 per share. They are redeemable at Sept. 1 1925 and there
after at par. Amount out reduced by conversion from $67,000,000 to
$1,899,400 Sept. 30 1925. Int. payable in N . Y ., Boston and Amsterdam.
Y . 96, p. 204, 364, 792: V. 100. p. 644, 1630; V . 120, p. 1087.
The (closed) $80,000,000 5% 30-year sinking fund collateral trust bonds of
1916 have a sinking fund o f 1% per annum and are redeemable at 105 and
int. Int. payable in New York and Boston. See V. 103, p. 1982, 2081,
2157, 2344; V. 105, p. 1710.
Security for 5% Collateral Trust Bonds of 1916 as of Sept. 30 1925.
$13,620,000 stock of New England Tel. & Tel. Co. (V. 103, p. 498).
43.100.000 com. stock of N . Y . Tel. Co. (Y. 103, p. 1122; V . 102, p. 708).
15.020.000 stock of Southern Bell Tel. & Tel. Co. (V. 102, p . 1986).
17.500.000 stock of Northwestern Bell Tel. Co.
21,590,100 pref. stock of Pacific Tel. & Tel. Co. (V. 102, p. 1883).
1,000,000 bonds Home Long Dist. Tel. Co. o f San Fran. 5 % , due 1932.
The debenture bonds of 1923 are red. all or part at 110 and int. on any
int. date prior to M ay 1 1941; thereafter at 100 and int. A sinking fund
o f $1,000,000 annually is to be set aside in semi-ann. installments beginning
M ay 1 1924, such fund to be used in purchasing debentures of this issue if
obtainable at not exceeding 105% and int.; otherwise to be used for capital
expenditures. Int. payable in N . Y . or Boston. For security, &e..
c ompare V. 117, p. 2112.
The debenture bonds of 1925 are red. all or in part at 110 & int. on any int
date on or prior to July 1 1956; thereafter at 100% & int. A sinking fund
of $1,250,000 annually is to be set aside in equal semi-ann. installments,
beginning July 1 1925, such fund to be used in purchasing debentures of
this issue if obtainable at not exceeding 1 0 2 & int.; otherwise, to be used
for capital expenditures. Int. payable in N. Y . or Boston. In Jan. 1925
$125,000,000 5% debentures were sold by J. P . Morgan & C o., Kuhn,
Loeb & C o., Kidder, Peabody & C o., &c., &c., at 95 & int., to yield over
5.30% . V. 120, p. 207. Listed on N . Y . Stock Exchange in M ay 1925.
V. 120, p. 2547.
7-year 6% conv. gold bonds, due Aug. 1 1925.— In July 1925 there were
of the original issue of $50,000,000 of these bonds, still $2,099,100 out
standing . They matured on A ug.1 1925. The holders of about $1,191,000
failed to exercise their conversion rights. V . 120, p. 3063; V . 121, p. 456,
583, 704.
Western Telep. & Teleg. Co. coll. tr. bonds of 1902 were assumed in Sept1912 and will, on application to trustee, be endorsed with the agreement
to pay prin. and int. Their collateral consists of (stock) $3,900,000 Cin. &
Sub. Bell Tel. C o., $1,700,000 Mountain States Tel. & Tel. C o., $8,070,600
(com.) Wisconsin Tel. Co.; (bonds) $200,000 Home Long Dist. Tel. Co.
o f S. F. 5s, due 1932.
Dividends.— July 1900 to July 1906, incl., 7 H % p. a.; Oct. 1906 to
April 1921, 8% p. a. (Q.-J.). Since July 1921 paid (or declared) 2 H %
quar., increasing the annual rate to 9 % . V. 112, p. 2196.
RE PO RT.— For 1924 in V. 120, p. 1217, showed:
1924.
1923.
1922.
Dividends received_________________ $63,559,326 $54,078,663 $44,972,929
Telephone operating revenue________ 75,513,106 71,840,735 65,324,890
Int. & other rev. from associated cos. 15,010,404 13,371,563 12,509,901
Total____________________
Expenses___________________
.$154,082,836$139,290,961$122,807,720
.. 46,463,473 43,901,043 41,139.280
Net earnings_____________
Interest____________________
Dividends__________________
Carried to reserves_________
$107,619,363 $95,389,918 $81,668,440
16,573,041 13,697.737 15,498,012
.. 70.918,227 63,274,388 52,971,252
5,000,000
.. 3,000,000
3,000,000
$8,199,176
$17,128,094 $15,417,793
Carried to surplus________
LATEST EARNING S.—
Earnings Nine Months Ending Sept. 30.
*1925.
1924.
1923.
Earnings—
$
$
$ ___
Dividends__________ 55,336,631
45,091,017 39,890,945
Interest_____________ 13,479,780
10,720,754 9,408,274
Telep. oper. revenues. 63,079,938 55,370,205 53,379,024
Miscell. revenues____
374,882
323,384
277.509
33,282,388
9,048,160
47,724,196
139,271
Total______________
Expenses, incl. taxes_
_
Deduct interest________
Deduct dividends______
90,194,015
29,133,162
12,188,268
38,499,872
132,271,232 111,505,361 102,955,751
37,148,072 34,349,587 31,952,271
16,080,467 12,444,093 9,747,338
60,318,861 51,962,374 46,770,739
1922.
$
Balance_____________ 18,723,832 12,749,307 14,485,404 10,372,713
* Subject to minor changes when final figures for September are availableIndiana Bell Telephone Co.— Directors approved on April 23 1925 a 1925
budget estimate of $2,500,000 for improvements and betterments, particu
larly for toll lines. V. 120, p. 2400.
_
The authorized capital stock of the Indiana Bell Telephone Co. was
increased from $15,000,000 to $27,000,000, par $100. V. 121, p. .457.
On Oct. 12 1925 the I.-S. C . Commission approved the acquisition by
the Ind. Bell Tel. Co. o f the properties of the Louisville Home Telephone
Co. V. 121, p. 2036.
OFFICERS.— Chairman, H. B. Thayer; Pres., Walter S. Gifford; V .-P .,
David F. Houston; Sec., A . A . Marsters; Treas., H. Blair-Smith; Compt.,
C. A . Heiss.
D IR E C TO RS.— Jas. S. Alexander, Arthur Lyman, H. B. Thayer, Edwin
F. Greene, George F. Baker, Henry S. Howe, Chas. E. Hubbard, John I.
Waterbury, Eugene V. R. Thayer, William A . Gaston, Charles F. Adams,
G. P. Gardner, Philip Stockton, W . Cameron Forbes, David F. Houston,
Walter S. Gifford, George F. Baker Jr., W . W . McClench, Chas. F. Choate
Jr. Offices, 195 Broadway, N . Y ., and 125 Milk St., Boston.— V. 120, p
207, 327, 451, 954, 1087, 1196, 1200, 1217, 1455, 1745, 1880, 2009, 2547,
2682, 3063; V. 121, p. 322, 456, 583, 704, 837, 975, 1226, 1787, 1900.
BELL TELEPHONE CO. OF PENNSYLVANIA (THE).
Controlled by American Telephone & Telegraph Co.
ORGANIZATION.— Organized in 1879. Owns the entire capital stock
of the Diamond State Telephone Co. and the Lehigh Telephone Co. In
1923 acquired the properties of the Pittsburgh & Allegheny Tel. Co. and
the Chartiers Telephone Co. On Dec. 22 1924 the I.-S. C. Comm. auth.
the co. to acquire certain properties of the Lehigh Telephone Co. and the
Lehigh co. to acquire certain properties of the Bell Co. and also auth.
the Bell Co. to acquire control of the Lehigh Telephone Co. by purchase of
capital stock. V. 120, p. 327. Purchased the Tri-State Telephone Co,
in July 1925. V. 121, p. 72, 1787. About plan to sell Erie, Pa., properties
to Mutual Telephone C o., see V. 121, p. 837. Acquired in Sept. 1925
the properties of the Beaver County Telephone Co. and of the Penn State
Telephone Co. V. 121, p. 1787.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Owns and operates a system of exchange and toll lines located in Pennsyl
vania, reaching every part of the State and connecting directly or indirectly
for the interchange o f traffic with all the other companies of the Bell Sys
tem throughout the U. S. and Canada.
8
PUBLIC UTILITIES
STOCK AN D BONDS.—
Date.
Interest. Outstanding. Maturity.
Common $90.000,000________ _____
_________ x$80.000.000 Sept’252%
P ref$20,000,000 6 ^ % cum________
6 H % $19,982,800 Oc t 25 1 ^
1st & ref mortgage series “ B ” } 1923
5 gJ-J
35.000,000 Jan 11948
($100, &c) g ------------ c*& r*/Int. at Bankers Trust C o., N . Y ., Trustee.
Ser C ($1,000, $500, $100 c*\ 1925
5 gA-O 50,000,000 Oct 1 1960
& $1,000. $5,000, $10,000 r)
Cent Dist Tel 1st rotge (ass’d) 1 1913
5 g J-D
9,339,500 Dec 11943
$25,000,000 ($500, &c) gc*/F id elity Title & Tr. C o., Pittsb., trustee.
Pitts & A Tel 1st mtge (guarf 1899
5 gJ-D
1,400,000 Dec 1 1949
p & i), $1,500,000 ($1,00*)-(Maryland Trust C o., Baltimore, trustee.
g o ld ___________________ c* I
x All owned by Amer. Tel. & Tel. Co.
Bonds.— The first & ref. Ser. B bonds are red. as a whole only on and
after Jan. 1 1944 at 100 and int. Free from Penna. State tax. Y. 116.
p. 180. Series “ C ” bonds are red. whole, not part, on or after Oct. 1 1957
upon 60 days notice at 100 and int. Not red. before Oct. 1 1957. Listed
on the N . Y . and Phila. Stock Exchanges. V. 121, p. 1459.
The Central District Tel. 1st s. f . 5s have a sinking fund o f H % per annum
o f the amount o f bonds issued. Are red. at 105. Idt. payable in Pitts
burgh and New York. Closed mortgage.
Pittsburgh & Allegheny Tel. Co. lsi Mtge. 5s are red .At 135. Int. payable
m Pittsburgh and Baltimore. Closed mortgage.
Dividends.— On Com. from 1916 to 1920 at the rate o f 6% per annum.
From 1921 to 1924 paid 8% per annum. In 1925, March, 2% ; June, 2% ;
Sept., 2% .
R EPO RT.— For 1924 showed:
Calendar Years—
1924.
1923.
1922.
Telephone operating revenue_________ $46,531,023 $41,145,358 $37,223,878
Oper. expenses, maint. & deprec’n ___ 35,437,310 32,352,776 27,764,437
1,642,486
1,424,407
1,759,606
Taxes and uncollectibles_____________
. $9,451,226
. 1,671,990
$7,368,175
1,609.892
$7,699,835
1,272,207
$11,123,217
. 4,602,101
1,035,949
. 5,200,000
$8,978,067
3,704,396
$8,972,042
2,896,604
4,800,000
4,800,000
Balance, surplus-------------------------$285,167
$473,671 $1,275,438
Earnings for quarter ended Sept. 30 1924, in V. 119, p. 2177.
Latest Earnings.— Six months ended June 30—
1925.
1924.
1923.
Telephone operating revenues_______ $25,023,088 $22,472,923 $20,422,475
Telephone operating expenses_______ 17,901,979 17,293,664 15,536,376
Uncollectible operating revenues____
98,400
110,300
103,000
Taxes (including Federal taxes)_____ 1,152,000
736,704
815,300
Operating income_________________ $5,870,708
Non-operating revenues (net)_______
800,910
$4,332,255
808,318
$3,967,799
865,866
Gross income______________________$6,671,619
Rents and miscellaneous deductions. _
643,438
Interest------------------------------------------- 1,800,858
Dividends on Preferred stock_______
634,347
Common dividends_________________ 3,200,000
$5,140,573
572,082
1,580,183
460,954
2,400,000
$4,833,665
355,416
1,495,587
2,400,000
$392,974
$127,353
$582,661
Balance--------------------------------------Earnings for quarter ended March 31 1925 in V. 120, p. 2399.
OFFICERS.— Pres., L. H. Kinnard; V.-Pres. & Gen. M gr., C. I.
Barnard; Sec., J. Heron Crosman Jr.; Treas., C. L. Ritchie. Office,
Philadelphia, Pa.— V. 120, p. 84, 327, 581, 954, 2399; V. 121, p. 72, 704,
837, 1226, 1459, 1787.
[V ol. 121
CUMBERLAND TELEPH. & TELEGRAPH CO., INC.
ORGANIZATION.— Incorp. in Kentucky in 1883. Southern Bell Tele
phone & Telegraph Co. and American Telephone & Telegraph C o. own about
99% of stock. V. 95, p .684 . Acquisition of additional properties author
ized. V. 119, p. 1175. See also V. 120, p . 1201.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Operates under perpetual and exclusive license from American Telephone &
Telegraph Co. through the entire States of Mississippi and Louisiana,
Tennessee and Kentucky. On June 30 1925 owned stations, 389,300,
connecting subsidiary stations, 156,187.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Capital stock $35,000,000 ($100)— $22,897,000 owned by Amer. T . & T .,
and $12,100,500 by Southern Bell T . & T .
First & gen mtge $15,000,000) 1912
5 J-J
$14,969,000 Jan 1 1937
($500 & c ) ------------- c*r*.tf/In t. atlrvin g Bank-Col. T r. C o .,N .Y .,tru s.
Memphis Tel & Tel 1st M (en-) 1906 5 J-J
364,800
1936
dorsed prin & int) ($100&c) /In t. at Union & Plant. B. & T r. Co.,M emph.
Memphis L D Tel 1st M (en-\ 1904 5 J-J
21,000
1934
dorsed prin & int) ($100,& c.)Int. at Union & Plant. B . & Tr.C o., Memph
Louisville Home Tel collateral/ 1910
5 Q-J
414,330
1933
($100, & c.)---------------------- )Int. at U. S. Trust C o., Louisville, K y.
Bonds.— After cancellation o f $12,000,000 o f the $15,000,000 5s of 1912,
the remainder may be called as a whole at 105 and int. on 8 weeks' notice.
The greater part o f the issue was acquired by Amer. Tel. & Tel. Co. and
by it changed for Cumberland stock, which has been canceled. V. 93, p.
1467; V . 94, p. 210, 354.
Dies - 1 ’99. ’00. ’01. ’02-’07. ’08. ’09-’ 12. ’ 13. ’ 14-’20.’ 21. ’22. ’ 23. ’24.
C a sh (% )/ 5 % 6K 6 X 7 yrly. 7 M 8 yrly. 7 6 yrly. . .
2 6H 7
Also 2% in stock of American Tel. & Tel. Co. Sept. 15 1909.
REPORT.— Report for year 1924, in V. 120, p. 828, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Tel. operating revenue..$18,696,111 $16,455,638 $15,650,433 $14,676,976
Net oper. inc. aft. taxes. $3,694,291 $2,808,033 $2,221,994 $1,374,907
Non-operating revenue.
138,144
52,918
82,261
69,754
Gross income________ $3,832,435
Interest, rent, &c______ 1,388,363
$2,860,950
1,539,055
$2,304,255
1,537,129
$1,444,661
1,461,796
Net income__________ $2,444,072
Calendar Years—
1924.
_
______
Other appropriations_
Credits to surplus (net).
______
Sinking fund, &c_______
______
Dividends______________ 1,749,993
$1,321,895
1923.
178,000
Cr.377,995
$767,126
1922.
def$17,135
1921.
1,078,125
411.000
345.000
Surplus______________
$694,079
$443,765
$11,126 def$17,135
Latest Earnings.— 12 months ended June 30 1925: Tel. oper. rev.,
$20,385,407; net oper. income after taxes, $4,146,712: non-oper. rev.,
$182,685; gross income, $4,329,397; interest, rent, &c., $1,590,011; net
income, $2,739,386; dividends, $1,924,993; surplus, $81,393.
OFFICERS.— Pres., B. S. Read; 1st V.-Pres. & Treas., J. M . B. Hoxsey;
V .-P . & Counsel, Hunt Chipley; V .-P ., C. O. Bickelhaupt; Sec. & Asst.
Treas., Addison Maupin; Gen. Aud., C. J. Holditch. Office, Atlanta, Ga.
— V. 119, p. 1175; V. 120, p. 828, 1201; V. 121, p. 1788.
DAKOTA CENTRAL TELEPHONE CO.
ORGAN IZATION .— A Bell sub-licensee organized in South Dakota in
1904.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Owns and operates a system of telephone toll lines and exchanges covering
South Dakota east of the Missouri River (except a small district around
Sioux Falls) and extending into adjacent sections in North Dakota. The
(THE) CHESAPEAKE & POTOMAC TELEPHONE CO. toll lines serve the entire territory without competition, and the cities,
ORGAN IZATION .— Incorp. in N . Y . July 2 1883, succeeding the towns and villages in the territory are served either by the company’s own
National Capital Telephone Co. o f 'Washington, D . C ., and the Telephone exchanges or by locally-owned connecting exchanges from which the com
pany receives the toll business.
Exchange Co. o f Baltimore, M d.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.— Common $3,000,000 ($100)___ ____
______ $1,694,292 O c t ’25, 2%
Operates in territory which includes the district o f Columbia. Stations P f 6% cum $2,000,000 ($100). ____
Q-J
123,950 Oct ’25,
Dec. 31 1924, 115,767 (not including 1,438 service and private line stations). First mtge $2,500,000 ($500
1915
6 g J-D
1,174,500 June 1 1935
Rates and valuation, Y. I l l , p. 899.Increased rates denied.
V.120.P.85.
$1,000) gold___________ c * / Int. at Boston Safe Deposit & Trust Co. ,trus.
Stock.— $38,700 pref. stock in addition to amount outstanding held in
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity
treasury.
Stock $15,000,000------------------------------------- x$13,000,000 __________
Consolidated mortgage $1,-1 1899
5 J-J
1,142,000 July 11929
Bonds.— The first mtge. 6s are redeemable at 107K and int. on any int500,000 ($1,000)---------- c* /In t. at Am. Sec. & Tr. C o., W ash.,D .C ., tr. date. Sinking fund of 1% per annum of the outstanding bonds. In addi"
tion to outstanding bonds, $177,500 held in sinking fund and $11,000 held
x All owned by the American Tel. & Tel. Co.
in treasury. In July 1915 $1,000,000 were offered by Merrill, Oldham &
Bonds.— Red. at 103 and int. on any int. date upon 3 weeks’ notice. C o., Boston. V. 101, p. 290.
Sinking fund 2% annually o f outstanding bonds. $358,000 retired by skg.fd.
Dividends.— Quar. divs. at the rate of 6% per annum paid regularly on
pref. .ince 1904. Quar. divs. paid on com. at the rate o f 6% per annum
EARN INGS.— For calendar years:
from 1904 to Oct. 1 1924, and at the rate of 8% per annum since to and incl.
12 Months Ended Dec. 31—
1924.
1923.
Gross revenues------------------------------------------------------$6,294,903 $6,007,484 Apr. 1925.
EARN ING S.— For years ended Dec. 31:
Operatmg expenses, taxes, &c____________________ 4,871,093 4,638,933
Calendar Years—
1924.
1923.
1922.
Net earnings--------------------------------------------------------- 1,423,810 1,368,551
Interest
96,485
82,233 Total telephone revenue___________ .. $1,143,167 $1,163,939 $1,128,081
$370,585
Dividends (8 % )---------------------------------------------------- 1,040,000
1,040,000 Operating expense________________ ..
$438,247
$422,295
Other appropriations from net income_____
107,049
Current maintenance_____________
165,659
159,344
163,785
Balance for surplus_______________________________
180,276
246,318 Depreciation______________________
207,153
196,145
188,287
T a x e s ____________________________
104,512
87.669
101,274
OFFICERS.— Pres., A. E . Berry; V .-P. & Gen. M gr., Burdett Stryker;
Net telephone earnings__________
$295,258
$264,488
$270,486
Y.-P. & Gen. Aud., Philip O. Coffin; V .-P ., John C. Koons; V .-P ., Samuel Sundry net earnings______________ ..
4.070
5,424
3,323
M . Greer; Sec., D. S. Porter; Treas., Thos. B. Clarkson. Office, 725
Total net earnings______________ ..
13th St., N . W ., Washington, D. C .— V. 120, p. 85.
$299,328
$269,912
$273,809
Deduct interest___________________
72,987
72,448
69,644
Dividends, preferred and common..
142.532
142,980
142,980
Balance for surplus_______________$83,361
$54,484
$61,633
(THE) CHES. & POTOMAC TELEPH. CO. OF VA.
Latest Earnings.-—12 months ended June 30 1925: Total tel revenue,
O RGAN IZATION .— Incorp. in Va. in 1905 as Southern Bell Telephone
and Telegraph Co. o f Virginia. Name changed to the Chesapeake & Po $1,192,019; oper. exp., $371,819; current maintenance, $184,742; deprecia
tion, $211,833; taxes, $108,085; net earnings, $315,540; interest, $74,763;
tomac Telephone Co. o f Virginia in 1912.
pref. and com. divs., $i45,302; balance for surplus, $94,475. For earnings
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.— 8 months ended Aug. 31 1924, see V. 121, p. 1788.
Operates in State o f Virginia. Stations Dec. 31 1924, 108, 662 (not incl.
OFFICERS.— Pres., W . G. Bickelhaupt; V .-P ., C. N . Herreid; Sec.’
49,719 service, connecting, &c.).
B. C. Lamont; Treas., E. E. Ingham; Aud., G. A. Anderson; Gen. M g r.’
W . J. Brazell.— V. 81, p. 157, 616; V. 101, p. 290; V. 120, p. 1881; V. 121,
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
p. 1788.
Stock $10,000,000 ($100)_____ ____
______ x$9,000,000
______
1st mtge $5,000,000 ($100 &c) f 1913 5g M -N
4,562,300 M ay 1 1943
gold----------------------------- c* jIn t. at State & City Bk & Trust C o., RichILLINOIS BELL TELEPHONE CO.
I mond, Va., trustee
x All owned by Amer. Tel. & Tel. Co.
ORGANIZATION.— Incorp. in Hlinois Jan. 14 1881 as the Chicago
Bonds.— Red’ble as a whole, on or after N ov. 1 1918 at 103. Sinking Telephone Co. On Dec. 1 1920 the Chicago Telephone Co. purchased the
fund,
o f 1% semi-annually beginning M ay 1 1914. $437,700 retired telephone plant and property of the Central Union Telephone C o., within
through sink fd. V . 98, p. 765. 915; V. 100, p. 558.
the State of IlUnois, and in view of its wider field of operations the name
of the Chicago Telephone Co. was changed on Dec. 23 1920 to Hlinois
EARN INGS.— For 12 months ended Dec. 31:
Bell Telephone Co. V. I l l , p. 2232, 2427) V. 112, p. 378. Suit seeking to
Calendar Years—
1924.
1923.
void merger of 1920 filed. V. 120, p. 211. American Tel. & Tel. Co. owns
Telephone operating revenues____________ ________$5,165,514 $4,962,931 over 98% of the stock. City of Chicago franchises granted 1907, expiring
Telephone operating expenses____________ ________ 3,587.328
3,397,101 Jan. 8 1929, provides that 3% of gross earnings are to be paid to city an
Uncollectible operating revenues__________ ________
14,285
20,841 nually. Tentative valuation, V. I l l , p. 1854. Rates, V. 120, p. 1326
... ...
476,455
435,160 V. 121, p. 2038. In Sept. 1925 it was reported that directors had so far
during 1925 approved expenditures o f $20,788,427 for new plant and ex
Operating income _____________ ____ ________$1,087,447 $1,109,827 tensions. V. 120, p. 2400, 2815; V . 121, p. 585, 1101, 1569.
Net non-operating income_______________ ________
30,154
18,500
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Total gross income_ __________________ ________$1,117,601 $1,128,32/ Company owns and operates telephone exchanges in Chicago, Alton,
_
Rent and miscellaneous deductions________ ...............
129,003
116,’ 2 Aurora, Champaign, Decatur, Elgin, Evanston, Joliet, Moline, Peoria,
Interest_________________ ______________ ________
319,824
325,582 Quincy, Rockford, Rock Island, Springfield, Waukegan and many other
Dividends_______________________________ ________
591,822 places in Illinois and in Gary, Hammond and other places in Lake County,
675,000
Ind. Operates under license from the American Telep. & Teleg. Co. under
other patents, under which it uses telephones and apparatus.
Balance_______________________________ ________def$6,225
sur$94,741 Bell and the company’s system connection may be had with the long dis
Through
OFFICERS.— Pres., Albert E. Berry; V.-P. & Gen. M gr., Burdett tance lines of the American Telep. & Teleg. Co. and other companies using
Stryker; V .-P . & Gen. Aud., Philip O. Coffin; V .-P ., John C. Koons; Bell telephones throughout the United States and Canada. Number of
V.-P., Samuel M . Greer; Sec., D. S. Porter: Treas., Thos. B. Clarkson. central offices Dec. 31 1924, 255. Number of company owned stations
Office, 725 13th St., N. W ., Washington, D. C — V. 119, p. 1629; V. Dec. 31 1924, 1,058,964. Number of connecting and miscellaneous sta
'20, p. 1585.
tions, 371,158.
Oct., 1925.]
TELEPHONE AND TELEGRAPH
STOCK A N D BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock $80,000,000 ($100)__________
Q -M 31 $70,000,000 S e p t’25,2%
1st & ref mtgeSer “ A " ($100,1 1923
5 g J-D
49,074,200 June 1 1956
&c) gold-----------------c*&r*/First Trust & Savings Bank, Chicago, trustee
Bonds.— The 1st & ref. mtge. Ser. A bonds are red. as a whole only upon
60 days’ notice on June 1 1929 or on any int. date thereafter at the following
prices with accrued int.; if on or prior to Dec. 1 1952 at 105, and if subse
quent to Dec. 1 1952 at par. (For security, sinking fund provisions, &c.,
see V . 116, p. 2772.) Int. payable in New York and Chicago.
Dividends.— For many years 10% yearly; since Dec. 1908 2% quar.
(stock div. Oct. 1908, 20% ); 1909 to Sept. 1925, 8% per annum (Q .-M .).
R E PO RT.— For 1924, in V. 120, p. 702 and 826, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Telephone oper. revenue $55,798,975 $51,635,444 $47,667,284 $44,469,882
Total gross income------- 10,334,489
9,350,773
8,628,893 7,849,120
Rent and miscellaneous.
322,265
248,845
203,229
180,841
In terest----------------------- 2,774,529
2,789,402
2,072,036 2,042,327
D ividen d s----------------- . 5,401,752
4,803,408
4,000,000
3,600,000
Balance, surplus------- $1,835,943
$1,509,118 $2,353,629 $2,025,952
Latest Earnings.— Six months ended June 30 1925: Telephone oper. rev.,
$29,581,455; total gross income, $5,529,747; rent and miscellaneous,
$154,803; interest, $1,333,181; dividends, $2,800,000; bal., sur., $1,241,763.
Officers.— Chairman, B. E. Sunny; Pres., W. R. Abbott; Y .-P . & Gen.
M gr., F. O. Hale; V .-P ., B. S. Garvey; Sec., E. G. Drew; Treas., W . J.
Boyd; Gen. Aud., U. F. Cleveland. Office, Chicago, 111.— V. 120, p. 211,
702, 826, 828, 1089, 1326, 1881,2400, 2815; V. 121, p. 585, 1101, 1569, 2038.
LINCOLN TELEPHONE & TELEGRAPH CO.
A sub-licensee o f the Amer. Tel. & Tel. Co.
O R G A N IZA TIO N .— Incorp. in Nebraska Jan. 2 1909 as a consolidation
of the Lincoln Telephone Co. and its allied toll line, the Western Tele
phone Co.
FIE LD OF OPERATIONS AN D CH A R A C TE R OF BUSINESS.—
Operates a comprehensive physically connected exchange and telephone
system in 22 counties in Nebraska, located south o f the Platte River and
lying east o f the west line o f Adams and Webster counties. Serves the
cities o f Lincoln, Hastings, Beatrice, York, Nebraska City, Fairbury and
a large number o f other small cities and towns. Number of telephones
Dec. 31 1924, 71,374.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $3,500,000 ($100)________
_________ $3,000,025 July’25, 2%
Pref 6% cum $100,000 ($100)..............
6Q-F
25,450 Aug ’25, 1 H
Sp 5% cm p f $7,500,0 00($100)_____
5Q-F
3,175,750 Aug ’25, 1 H
1st mtge $10,000,000 ($500 & l 1916
5-6 g
J-J2.000.000
$1,000) gold___________ c*/Harris Trust & Savs Bk, Chicago, Trustee.
Stock.— The special 5% cum. pref. is non-voting.
Bonds.— 1st mtge. bonds are red. at 103 and int. Of the $2,000,000
outstanding $1,700,000 are 5s and $300,000, are 6s. Additional bonds
may be issued under certain restrictions and may bear interest at not ex
ceeding 6% per annum. Int. payable in New York. In Jan. 1916 a block
of 1st mtge. 5s was offered by N . W . Harris & Co. and Merrill, Oldham &
C o., Boston, at 9 9 /i and interest. V. 102, p. 349. In Mar. 1925 $500,000
1st mtge. 5s were sold by Harris Trust & Savings Bank, Chicago, and
Merrill, Oldham & C o., Boston, at 94 and int. V . 120, p. 1458.
Dividends.— On special 5% pref. paid 5% 1912 to 1922 and 6% 1922 to
and incl. Mar. 1925 (payable Q .-F.). On 6% pref. quar. divs. of 1K %
paid regularly since organization. On com. quar. divs. o f 1 % % were paid
regularly from organization to Oct. 1 1922; 2% paid regularly quar. from
Oct. 1 1922 to and incl. July 1925.
EAR N IN G S.— For years ending Dec. 31:
Calendar Years—
1924.
1923.
1922.
1921.
Exchange revenue______ $1,793,0(1
$1,740,148 $1,688,694 $1,660,956
680,602
Toll revenue__________
702,753
730,780
686,259
Miscell. oper. revenues.
43,164
41,652
42,666
36,747
9
NEW ENGLAND TELEPHONE & TELEGRAPH CO.
O R G A N IZA T IO N — Incorp. in N . Y . Oct. 19 1883. Effective July 1
1921, the company acquired direct control and operation o f the Providence
Telephone Co.
FIE LD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Does a telephone business in Maine, New Hampshire, Vermont, Rhode
Island and Massachusetts. Telephone stations owned June 30 1925,
1,107,397, connecting 85,003; total, 1,192,400. The Amer. Telep. & Teleg.
Co. owns a majority o f the capital stock.
Was granted by the Massachusetts Dept, of P. U. an increase of rates,
averaging more than 20% on various classes of service, effective Aug. 1
1925, which will give the company an additional income of about $8,460,000.
Rate increases granted in Rhode Island will yield approximately $1,060,000.
See V. 121, p. 707, 979, 1227.
Expenditures for new construction to a total amount of $30,054,663 had
been authorized during the year up to the middle of August 1925. V. 121,
p. 1102. Explanation of income tax paid, V. 121, p. 1569.
Rates.— Increase of rates suspended, see V. 121, p. 76.
STOCK AND BONDS.— Date.
Interest. Outstanding.
Maturity.
8 Q— M x$83,025,400ySept’25,l %
Stock $100,000,000 ($100)_________
First mortgage Series “ A ” \ 1922 5 g J-D
35,600,066 June 1 1952
($100 &c) gold____ c*&r*/First Nat. Bank, Boston, trustee.
Bonds$1,000,000 ($1,000) ntf\ 1900 4 J-J
1,000,000 Jan 1 1930
/American Trust Co., Boston, trustee.
Bonds $10,000,000 ($1,000)1 1912 5 g A-O
10,000,000 Oct 1 1932
gold--------------------------- n tf/In t. at Old Colony Trust C o., Boston, trus.
z Note____________________________
_________
820,000 __________
x American Tel. & Tel. Co. owns a majority, y About temporary re
duction of dividend rate from 8% to 4% per annum, in June 1925, see
President’s letter, V. 120, p. 2684; V. 121, p. 979. z Secured by under
lying real estate mortgage.
Bonds.— The first mtge. Series A gold bonds are redeemable as a whole
only on and after June 1 1949 at par and int. Int. payable in New York
and Boston. V. 114, p. 2366.
Debentures.— These are now equally secured with the co.’s 1st 5s o f 1952.
Have no sinking fund and are not subject to call. V. 95, p. 1043.
Divs.\’98-’09. ’ 10. ’ l l .
1912 to June 1920. Sept. '20 to Mar. '25. June&
% / 6 yly. 6 6H 7% yly. (1M % Q.-M .)
2% quar. Sept.’25 1%
R E PO RT.— For 1924, in V. 120, p. 703, 824, showed:
Calendar
Total
Net (after
Balance,
Jan 11946
Year—
Revenue.
Taxes, &c.
Interest.
Dividends.
Surplus.
1924---------- $48,418,279 $7,240,676 $3,508,373 $6,311,048 *$2,578,745
1923---------- 45,027,835
5,841,497
2,647,294
5,318,096 *2,123,893
1922---------- 42,320,747
8,152,617
1,959,449
5,317,886
875,282
1921---------- 37,312,788
6,998,844
1,012,449
5,317,816
668,579
1920______ 34,273,897
6,726,080
588,535
4,984,207 1,153,338
* Deficit.
LATEST EARNING S.— For 9 mos. end. Sept. 30.— Gross, $39,398,344:
(Same period 1924,(.$35,105,306); surplus, after charges, $2,077,609 (1924,
$2,840,910); dirs., $3,321,016 (1924, $4,650,539); surplus, $1,243,407
(1924, $1,809,629).
OFFICERS.— Pres., M att. B. Jones; Treas., John Balch; Sec., Carl F. A.
Siedhof. Office, 50 Oliver St., Boston.— V. 119, p. 1634. 1965, 2073,
2878; V. 120, p. 583, 703, 824, 2269, 2684; V. 121, p. 76, 459, 707, 979,
1102, 1227, 1569, 1909, 2039.
NEW YORK TELEPHONE CO.
ORGANIZATION.— A consolidation in September 1909 o f all the “ Bell”
Total telephone r e v .. $2,538,928 $2,512,580 $2,417,619 $2,378,305 telephone companies operating in State of New York. See V. 91, p. 151,
_
Expenses— Operation_
$708,282
$694,738
$711,145
$780,oOO 157; V. 93, p. 1263. Owns all the stock of the Delaware & Atlantic Teleg.
Current maintenance.
460,085
475,123
433,008
449,873 & Teleph. C o. (V. 96, p. 556). Controls Empire City Subway Co. (V. 92, p.
Depreciation
523.990 1569: V. 93, p. 167, 474, 1263). Total stations in service Dec. 31 1924,
566,368
555,313
540,906
T ax es_____ .
___
153,301 2,250,356. Federal T . & T . system of Buffalo was taken over Mar. 1 1918,
181,000
163,000
175,500
V. 107, p. 86; V. 106, p. 1039; V. 103, p. 1215, 1415. Installation of auto
Total telephone exps. $1,915,735 $1,900,674 $1,848,059 $1,907,904 matic telephone system in N. Y . City in progress; V. 110, p. 1532; V.
Net telephone earnings.
623,193
611,906
569,560
470,401 115, p. 1845; V. 118, p. 3074. New headquarters building V. 118, p. 3074.
Sundry net earnings___
62,581
43,841
24,869 Rate increase upheld, V. 119, p. 587. Application for increase in service
26,030
rates in northern New Jersey denied. V. 120, p. 331. The co. appealed
_
Total net earnings_
$685,774
$655,747
$495,270 and an order for a review of the Commission’s action has been obtained.
$595,590
Deduct interest_______
116,648
103,759 V. 120, p. 704; but see also V. 120, p. 829. Acquired control of the Erie113,850
111,369
Wyoming Telephone Co. in Aug. 1925. V. 121, p. 1348. Rate increase
Balance net profits_
_
$569,126
$484,221
$541,897
$391,511 for Trenton and South New Jersey upheld. See V. 120, p. 3065. Annual
Divs. (Pref. & Common)
411,454
471,990
469,391
390,127 report, 1924, see V. 120, p . 2543, 2684. Expenditures for new construction
to a total amount of $40,190,660 had been authorized since Jan. 1 1925
Balance for surplus_
_
$97,136
$72,506
$72,767
$1,384 up to the end of August 1925. V . 121, p. 76, 1228.
OFFICERS.— Pres., Frank H. Woods; Y .-P ., S. H. Burnham; V .-P .,
STOCK AND BONDS.— Date. Interest. Outstanding.
Maturity.
Thos. C. Woods; Sec. & Treas., C . P. Russell; Gen. M gr., R . E. Mattison; Common $250,000,000 ( $ 1 0 0 ) .____
_______ x$204,692,000
See text
Aud., W . L. Lemon.— V. 115, p. 1329; V. 120, p. 1458; V. 121, p. 1788.
Pref. 6 /£ % cum. $75,000,000
($100)__________________________
Q-J 15
25,000,000 Oct '25
1st & Gen Mtge $75,000,0001 1909
4 J ig M -N 62,582,180 N ov 1 1939
($ & £) gold______c*&r*tf/Farmers’ Loan & Trust C o.. N .Y ., trustee.
MICHIGAN BELL TELEPHONE CO.
R ef mtge Ser “ A ” ($100, & c)( 1921
6 g A-O 49,659,000 Oct 11941
ORGAN IZATION .— Incorp. in M ich. Jan. 30 1904 (V. 75, p. 33, 1034).
gold________________ c*&r*/Bankers Trust C o., New York, trustee.
Amer. Telep. & Teleg. Co. owns practically all o f the stock. The stock Debentures sk. fd. $25,000,-1 1919
6 g F-A
22,343,095 Feb 1 1949
holders in Sept. 1923 voted to change the name o f the co., effective Jan. 1
000 ($100, &c) gold._c*&r*/Guaranty Trust C o., New York, trustee.
1924, to Michigan Bell Telephone Co. (formerly M ich. State Telephone Co.)
Underlying BondsContract with Amer. Tel. & Tel. upheld; rate cut declared invalid. See N Y & Pa T & T 1st M g . _ n t f ____
5 F-A
207.000 Feb 1 1926
V. 119, p. 2179, for details. Applied to the Michigan P. U. Commission
General mortgage gold, . n t f ____
4 M -N
424.000 N ov 1 1929
for an increase in rates. For details see V. 121, p. 979.
Albany Home T Co 1st M g - t t ____
6 J-J
11,000 Jan 1 1927
Tel
STOCK AN D BONDS—
Date.
Interest. Outstanding.
Maturity- Cohoes-Waterf Home______1stf ____
M gold___________
t
6 J-J
11,500 Jan 1 1927
Common $50,000,000 (SI00)______
Q-M 31 $50,000,000
See text
x All owned by American Tel. & Tel. Co.
Detroit River Tel Co 1st Mtge 1 1910
6 M-S
11,000 Sept 11930
assum ed_________________ lint, at Detroit Trust C o., Detroit, trustee.
Bonds.— The “ First & Gen. M tge.” made in 1909 is limited to $75,Valley Home Tel Co 1st Mtge j 1912
5 M -N
114,500 N ov 11932 000,000 (all issued and $11,522,650 retired by sinking fund), having a first
assumed ($100, &c)_______ / Int. at Detroit Trust C o., Detroit, trustee. lien on entire property (including real estated valued at approximately
Citizens Tel Co 1st Mortgage! 1916
5-7 J-D
1,431,100 Dec 11936 $61,461,932) plant, lines, underground conduits, franchises, &c. This
assumed ($100, &c)_______ /Int. at Michigan Tr. C o., Gr. Rapids, trustee mortgage, however, is subject in part to the outstanding mortgage in
On Dec. 31 1924 the co. owed the American Tel. & Tel. Co. $7,015,000 debtedness of bonds listed above, covering properties acquired from other
companies. Issue subject to call in whole, but not in part, at 110 and int.
on demand notes.
V. 89, p.
Bonds.— Citizens Tel Co. 1st Mtge. provides for sinking fund of 1% per on any M . & N . Mtge. provides annual sinking fund, of 1% . 95, p. 548,
p.
1510;
annum of bonds outstanding. Of the amount outstanding $300,000 carry 849, 924, 1351; V. 90, V. 773; V. 91, p. 131; V. 94, p. in N . V. ., Boston.
753; V. 102, p. 1815;
103, p. 1122. Int. payable
Y
2% extra int. Remainder are 5s. Call, on any int. date on 60 days’ London and Amsterdam.
notice at 102 and interest.
The $50,000,000 refunding mtge. Series A bonds are redeemable as a
Dividends.— A div. o f 1 it % on the common stock was paid Mar. 30 1923;
on or after Oct.
1931 at
this being the first payment since Sept. 1914; June 29 1923 paid 1 H % . whole onlyof company in N . 1 . City. 105 and int. Int. payable at office
or agency
Y
Further dividends not reported.
Mtge. covers all the real estate and telephone plant and appurtenances e
EARN IN G S.— For years ended Dec. 31:
the company in State o f New York now or hereafter owned; also securities of
Calendar Years—
1924.
1923.
1922.
1921.
a book value of $29,151,630, including controlling interest in stocks, as well
Telephone oper. r e v s ...$24,444,567 $21,128,906 $18,113,277 $16,788,184 as stocks, bonds and other securities of other corporations (except those
Telephone oper. exp____ 17,042,566 14,890,797 12,638,794 12,416,968 operating telephone properties in New Jersey and Connecticut) now or
hereafter owned, subject to indebtedness aggregating $63,986,180, o f which
Net teleph. oper. revs. $7,402,001 $6,238,109 $5,474,483 $4,371,216 $63,332,180 constitute the company’s 1st & gen. mtge. 4Ms, due 1939.
Uncollectible oper. revs.
$114,337
$174,718
$126,833 The mortgage is to secure ratably with the bonds issuable thereunder (incl.
$119,044
1,016,946 Series A bonds), the outstanding $22,610,400 30-year sinking fund 6%
T a x es_________________ 2,135,335
1,555,967
1,341,190
debentures due 1949 (see V. 108, p. 176).
Operating income____$5,152,329
$4,563,098 $3,958,574 $3,227,436
Mortgage provides
at rate
143,456
89,789 quarterly, beginning t or sinking fund payments to trusteeused in or $250,000
Net non-oper. revenues.
126,478
107,207
Jan. 1 1922. such payments to be
purchasing
Ser. A bonds if obtainable at not exceeding 102K and int. V. 113, p. 2191.
Total gross income___$5,278,807
$4,670,305 $4,102,030 $3,317,225
The $25,000,000 6% debentures sold in Jan. 1919 are to be secured by
186,872
185,221
Rent & misc. deductions
216,430
199,670
Interest deductions_____ 1,322,868
1,620,442
1,961,270
1,813,089 any new mortgage ratably with any other indebtedness secured thereon.
Since Oct. 1 1921 equally secured with ref. mtge. series A, noted above.
D ividen ds_____________ 2,625,060
780,000
1,322,000
The sinking fund to which $375,000 must be paid annually will, it is said,
Other appropriations___ ________
629,329
1,337,219
with interest on the amounts retired, suffice to redeem the entire issue by
Balance, surplus_____$1,120,509
$190,974
$544,559 $1,318,915 maturity. V. 108, p. 176, 274. Reacquired to Dec. 31 1924 and held
alive in sinking fund, $2,389,600. Are call, all or in part on any int. date
OFFICERS.— Pres., Franz C. Kuhn; V .-P ., Dudley E. Waters; V.-P
on 60 days’ notice at 110 and int. Int. payable at office of Treasurer of
&JGen. M gr., George M . Welch; Sec. & Treas., W . I. Mizner; Gen. A u d .’ company in New York City.
H. J. Booth. Office, 1365 Cass Ave., Detroit.— V. 119, p. 2179, 2411’
Dividends.— From 1910 to and incl. 1924 paid 2% quar. on common stock-.
3010; V. 120, p. 211. 582. 703, 1203; V. 121, p. 979, 1569.
10
[V ol. 121
PUBLIC UTILITIES
R E PO RT.—
Cal.
Gross
Net after
Other
Interest
Balance,
Year. Earnings. Taxes, &c. Income.
Charges. Dividends. Surplus.
S
S
$
$
$
$
1924—141,338,231 17,691,917 6,913,217 9,674,422 17,968,881df3038,169
1923—124,858.684 16,744,119 9,637.234 8,390,850 17,573,941
416.562
1922.-109,612,620 13.873.822 11,739,184 8,643.174 16,816,091
153,741
1921— 99,608,262 11,404,519 9,988,517 8,148,493 12,841,247 403,296
1920.. 87,906,465 5.483,026 6,681,549 6,094,502 12,000,000df5929.927
Annual Report 1924.— See V . 120, p. 2543, 2684.
OFFICERS.— Chairman, Howard F. Thurber; Pres., James S. M cCulloh; Treas., Walter Brown; Sec., Waldron Hoppins: General Auditor,
J. S. Wiley. New York office, 15 Dey St.— V. 120, p. 704, 829, 2012,
2543, 2684, 3065; V. 121, p. 76, 708, 1228, 1348, 1678, 1789.
NORTHWESTERN BELL TELEPHONE CO.
ORGAN IZATION .— The co. is successor of several important companies
o f the Bell Telephone system operating a comprehensive net-work of lines.
In Iowa, Nebraska, Minnesota. South Dakota and North Dakota. Amer.
Tel. & Tel. Co. owns the entire 865,000,000 outstanding stock. V . 112,
p. 264. Valuation, V. 113, p. 1060.
In March 1925 the stockholders increased the auth. capital stock from
860,000,000 to $65,000,000 and 822,850,000 add’l com. stock was issued
at par. V. 120, p. 1460.
STOCK AN D BONDS—
Date.
Interest. Outstanding.
Maturity.
8tock, 865,000,000 (8100)________ ___________—x$65,000,000 ...................
x All owned by American Tel. & Tel. Co.
Bonds.— The 1st mtge. 20-year 7s, series “ A ,” dated Jan. 15 1921, were
called for payment Feb. 1 1925 at 107H and int. at the New York Trust
C o., 100 Broadway, N . Y . City. V . 119, p. 2530. Compare V . 112,
p. 264, 379.
R E PO RT.— For calendar year 1924 showed;
1924.
1923.
Gross_________________________________________ .824,111,726 823,223,939
Operating income______________________________ , 5,512,864 5,296.446
Other income__________________________________ , 1,040,717
952,721
Rent, &c______________________________________
329,476
309.603
Bond interest__________________________________ . 2,098,434 2,100,000
Other Interest__________________________________
88,873
91.916
Net income_________ _________________________ 84,036,798
Dividends______________________________________
3,372,000
83,717,648
2,529,000
Balance, surplus______________________________
8664,798 81,218,648
Latest Earnings.— 12 mos, end. June 30 1925: Gross, $25,007,678; net,
85,147,842; divs., $4,250,500; bah, sur., $1,035,342.
OFFICERS.— Pres., W . B. T . Belt; V.-P. & Gen. M gr., A . A . Lowman,
V .-P ., Guy H. Pratt: Sec., C. E. Hail: Treas., J. R . MacDonald. Office;
Des Moines, Iowa.— V. 118, p. 2711; V. 119, p. 2530; V. 120, p .5 8 3 ,1460.
OHIO BELL TELEPHONE CO.
All the common stock except directors’ qualifying shares and over $16,000,000 o f the pref. owned by American Telephone & Telegraph Co.
O RGAN IZATION .— Incorp. in Ohio Sept. 20 1921 as a merger and con
solidation of the Ohio Bell Telephone Co. (incorp. 1880) and the Ohio State
Telephone Co. (incorp. 19140 On Dec. 31 1921 purchased all the Ohio
properties o f the Chesapeake & Potomac Telephone Co. of West Virginia,
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Part o f the Bell system. C o .’s property embraces telephone exchanges in
all o f the large cities in Ohio, except Cincinnati, and its extensive system
o f toll lines extends throughout most o f the State.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $50,000,000 ($100)...................................x$28.500,000 __________
P f 7% cum.50,000,000 ($ 1 0 0 )-----7% Q
28,216,000 Oct’25, I K
1st mortgage notes-----------------------5J4%
85,000
See text
Ohio State Telephone cons &1
ref mtge Series “ A ” --------- } 1914
5 g J-J
609,000 July 1 1944
Series " B ” -----------------------| 1914
5 g J-J
4,786,000 July 11944
($100, &c) sk fd gold.c*&r*J Bankers Trust C o., New York, trustee.
U 8 Tel Co 1st mtge ($1,000) 1 1899 7 g J-J
2,155.000 July 1 1941
gold------------------------------c*/Cleveland Trust C o., Cleve., O.. trustee.
Cuyahoga Tel Co 1st rntge)
1899 7 g J-J
2,676,000 July 1 1941
($1,000) gold---------------- c*/U nion Trust C o., Cleveland, O., trustee.
Independent Tel Co 1st m tge.
1906 5 g J-D
20,000 Dec. 1 1926
x All except directors’ shares owned by Amer. Tel. & Tel. Co.
Stock.— Pref. is red., all or in part, on any div. date on 30 days’ notice
at 105 and dividends.
Mortgage Notes.— The 6% mtge. notes (payable at any time) are secured
by land and building at 104 N . Third St., Columbus, O.
The 6% mtge. notes due N ov. 10 1926 are secured by certain land located
on Huron Road, Cleveland, Ohio.
Bonds.— Ohio State Tel. cons. & ref. mtge. 5s, Ser. “ A ” and Ser. “ B ,”
are call, on any int. date as a whole or in lots o f $500,000 at 105 and int.;
also red. at 102 and int. if moneys from sale o f released property are applied,
and at 100 and int. for sinking fund purposes. Semi-ann. sinking fund of
K o f 1 % o f aggregate amount o f bonds issued under this m tge. provided fo r .
United States Tel. 1st Mtge. bonds were originally 5s and matured Jan. 1
1919, but have been extended to July 1 1941 at 7% . Call, as a whole, but
but not in part, on and after July 1 1926 at 103M and int.
Cuyahoga Tel. Co. 1st Mtge. bonds were orginially 5s and matured Jan. 1
1919, but have been extended to July 1 1941 at 7% . Call, as a whole,
but not in part, on and after July 1 1926 at 103K and int.
Independent Tel. Co. lsf Mtge. 5s are call, on any int. date at 105 and int.
Dividends.— On pref., 1 K % paid regularly (Q.-J.).
EARN ING S.— For year ending Dec. 31:
Calendar Years—
1924.
1923.
1922.
Telephone operating revenues_______$26,773,788 $24,685,134 $22,956,375
Telephone operating expenses_______ 19,592,735 18,425,914 16,721,485
Taxes assignable to operations.
$7,181,053
$222,000
2,219,515
$6,259,220
$201,561
2,177,886
$6,234,890
$251,973
2,129,590
Net non-operating income____
$4,739,538
286,893
$3,879,773
371,241
$3,853,327
216,404
$5,026,432
$497,192
1.461,191
$4,251,014
$428,684
1,296,498
$4,069,731
$355,720
1,203,406
155,197
1,975,786
855,000
1,975,772
285,000
Total gross income_______
Rent and miscellaneous______
Bond interest, &c___________
Reserves____________________
Miscellaneous appropriations.
Employees benefit fund______
Preferred dividends__________
Common dividends__________
22,705
142.212
1,975,772
$237,263
$237,425
$242,355
OFFICERS.— Pres., O. P. Cooper; V .-P . & Gen. M gr., Randolph Eide;
V .-P. & Gen. Aud., John Uprichard; Sec. & Treas., C. L. McNaughton;
Asst. Sec., E. J. Farrell.— V. 118, p. 1783; V. 120, p. 1328; V. 121, p. 1790.
PACIFIC TELEPHONE & TELEGRAPH CO. (THE).
ORGAN IZATION .— Incorp. in Calif. Dec. 31 1906. V. 84, p. 54, 163.
Stations Dec. 31 1923, 1,269,339. In March 1912 purchased the Bay Cities
Home Telep. Co. for $985,000 cash, $1,300,000 Pac. Tel. & Tel. stock and
$7,080,000 Home Long Distance Telep. Co. bonds guar, by the Pacific
Tel. & Tel. Co. V. 95, p. 180, 1406; V. 96, p. 207, 291. In 1917 was auth.
to purchase pref. stock v. t. c. o f U. S. Long Distance T . & T . Co. V. 105,
p. 1314. 1807. In M ay 1918 purchase o f San Diego Home Telep. Co. for
$650,000 was pending. V. 106, p. 2014. During 1920 acquired the proper
ties of the Golconda Telephone & Power C o., Utah Nevada & Idaho Telep.
Co. and the Nevada Cons. Tel. & Tel. Co. During 1922 purchased the
telephone property o f the Mason Valley Tel. & Tel. Co. As to Southern
California Telep. C o., see V. 102, p. 1441, 1631: V. 103, p. 1986; V. 106, p.
1692; V. 120, p. 212. As o f Dec. 31 1924 there were 1,387,557 telephones
connected to the system, o f which 1,109,728 were co. stations. About
plans to acquire theJVlutual Telephone Co., Tillamook, Ore., see V. 120,
p. 3315.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
________ x$53,000,000 See text.
Common $53,000,000 ( $ 1 0 0 ) ..____
Pref 6% cum$82,000,000(8100)____
6 Q-J 15 x82.000.000 O c t '25, U4
1st mtge $35,000,000 ($1,000.1 1907 5 g J-J
32,442,000 Jan 2 1937
&c) gold__________ c*&r*tf (Mercantile Tr. C o., San Francisco,
Ref mtge Series “ A ” ($100,{ 1922” ^ g ^ M -N
25,000,000 M ay 1 1952
&c) gold_________ c*&r*tf/Bank of California, N . A ., San Francisco.
Home Long Distance Tel C of 1912 5 J-J
6,978,000 Jan 2 1932
1st mtge assumed ($1,000) ( Int. at Nat. City Bank, N . Y ., and Anglogold ___________________ tfl California Trust C o., San Francisco.
Home Tel& Tel Co, Spokane, f 1906
5 g M -N15 3,000,000 M ay 15 ’36
1st mtge sk fd $200, &c)( Title Ins. & Trust C o., Los Angeles, Calif.,
g o ld __________________ c*tfl trustee.
Southern Calif Telep Co 1st & f 1917
5 g M -N
6,293,000 M ay 1 1947
ref $12,000,000 ($1,000)(Pacific-Southwest Trust & Savings Bank,
g old _______________________I Los Angeles, Calif.,trustee.
Home Tel & Tel Co, Los Ang, ( 1902 5 g J-J
1,254,000 Jan 1 1933
1st mtge ($1,000) gold—n tf (Int. at Nat. City Bank, N . Y ., also payable
I in Los Angeles.
Home Tel & Tel, Los Angeles,! 1905
5 J-J
552,000 July 11945
1st & ref_________________ /
x American Tel. & Tel. Co. owns a majority.
Bonds.— First & collateral trust 5s of 1907 have a sinking fund which
commenced in 1912 and will retire about 30% by maturity. Red. at 110.
Int. payable at U. S. Aitge. & Trust C o., N . Y ., and in San Francisco.
V. 88, p. 825; V. 90, p. 854; V. 91, p. 720: V. 92, p. 1569; V. 93. p. 349, 412;
V. 95, p. 180; V . 97. p. 954; V. 98, p. 309, 391.
The ref. mtge. 5% gold bonds Series A are red. as a whole only on M ay 1
1932, or on any int. date thereafter, at the following prices with int., if on
or prior to M ay 1 1942, at 107H: if subsequent to May 1 1942 and on or
prior to M ay 1 1949, at 105; and if subsequent to May 1 1949, at 100.
Mtge. will provide for sinking fund payments to a trustee at the rate o f
$125,000 semi-annually beginning N ov. 1 1922, such payments to be used
In purchasing Series A bonds, if obtainable at not exceeding 100 and int.
int. payable in N . Y . and San Francisco. V. 114, p. 2022.
Home Long Distance Tel. 1st 5s are guar. prin. & int. by the Pacific
Tel. & Tel. Co. Are red. as a whole, but not in part, at 105 & int. Mtge.
provides for sinking fund.
Home Tel. & Tel. Co. of Spokane 1st Mtge. 5s are guar. prin. & int. by
the Pacific Tel. & Tel. Co. Red. all or in part on any int. date on 60 days'
notice.
Southern California Telephone Co. 1st & ref. mtge. of 1917 guar. prin.
& int. by Pacific Tel. & Tel. Co. Call, at 105 & int. Mtge. provides for
sinking fund. See V. 108, p. 486: V. 112, p. 569.
Home Tel. & Tel., Los Angeles, 1st mtge. 5s are not subject to call.
Mtge. provides for sinking fund of 2% o f bonds outstanding. V . 83, p.
216.
Home Tel. & Tel., Los Angeles, 1st & ref. 5s are call, at 105 & int. Sink
ing fund 2 % .
Dividends.—-On pref. paid regularly. On com. an initial quar. div. of
1K % was paid on M ay 29 and June 30 1925. 1K % was paid on Sept. 30
1925. No definite dividend rate has been fixed for the common stock.
V. 121,p. 1228.
R E PO R T .— For years ended Dec. 31:
Calendar Years—
1924.
1923.
1922.
1921.
Operating revenues_____ $57,860,649 $51,755,565 $46,577,858 $40,576,457
Operating expenses_____ 43,204,551 40,184,831 35,827.109 31,437,292
Net revenue.. _____ $14,656,098 $11,570,734 $10,750,750 $9,139,165
Deduct— Uncoil, op. rev.
205,9001
451,000
209,000
3,121,912/ 2,800,704
Taxes assign, to oper. 4,144,190
3,573.367
$6,338,460
726,231
Operating income___ $10,060,907
Non-operating incom e..
940,120
$7,788,367
1,094,918
$7,422,938
1,036,591
Gross in c o m e _____ _$11,001,027
Less— Rent & misc. chgs.. 3,625,414
Bond interest _______ 2,267,846
Other interest_______
606,900
Pref. dividends (6 % )_
_ 4,357.500
$8,883,284
549.217
3,672.501
1,121.991
3,420,000
$8,459,529 $7,064,692
490,982)
3,259,892
3,944,058
908.502
1.920,000
2,670,000
Balance, surplus_____
$143,367
$119,574 $1,130,152 $1,200,643
For earnings quarter ended June 30 1925, see V. 121, p. 331.
OFFICERS.-—Chairman, _________________ ; Pres., H. D . Pillsbury;
V .-P ., A . H. Griswold; Sec., Theo. V. Halsey; Treas., Geo. J. Petty.
Office, San Francisco, Calif.— V . 118, p. 2712; V . 119, p. 1852; V . 120,
p. 88, 331, 705, 829, 958. 1090, 1204, 1328, 1748, 3375; V. 121, p. 331,
459, 1228.
SOUTHERN BELL TELEPHONE & TELEGRAPH CO.
ORGANIZATION.— Incorp. in New York in Dec. 1879.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Controls Bell telephone system in southeast coast section of United States,
including North Carolina, South Carolina, Georgia, Alabama and Florida.
Also owns $17,248,400 Cumberland Telephone & Telegraph Co. o f Ken
tucky stock, operating in Kentucky, Tennessee. Mississippi, Louisiana, &c.
Acquired the properties of the Fort Lauderdale Telephone Co. in Aug. 1925.
V. 121, p. 1103.
STOCK AND BONDS.— Date.
Interest.
Outstanding.
Maturity.
Stock $50,000,000 ($100)__________
_______ x$45,000,000 See text
First mortgage sinking fund! 1911 5 g J-J
15,571,500 Jan 1 1941
($500 &c) gold____c*& r*tfflnt. at Bankers Trust C o., N . Y ., trustee.
x All owned by American Teleg. & Tel. Co.
Bonds.— Authorized issue, $50,000 000; after $21,400,000 have been
issued, the remainder ($28,600,000) can only be issued to an amount not ex
ceeding the cash paid in on further issues of stock, provided that, during the
previous year, the company shall have earned net at least twice the interest
charge of all bonds outstanding during the previous year. A sinking fund
of 1 % of bonds issued will be used yearly to cancel bonds if purchasable at
or under par. Call, as a whole but not in part at 105 and int. T o O ct. 1
1925 $2,428,500 of the $18,000,000 issued had been canceled. V . 91, p.
1714; V. 95, p. 684, 893, 1212; V. 107, p. 2295.
South Atlantic Telephone & Telegraph Co.-—All of the outstanding 1st
Mtge. 20-yr. 6% gold bonds dated Jan. 1 1918 were called for payment
July 1 at 105 and int. at the Irving Bank-Columbia Trust C o., 60 Broad
way, N. Y . City. V. 120, p. 2685.
Dividends.— 6% yearly 1906 to 1922; in 1923, 7 K%\ in 1924, 8 % .
R E PO RT.— For 1924 showed:
Calender Years—
1924.
1923. 1922.
1921.
Operating revenue_____ $18,098,388 $16,660,252 $15,476,008 $14,249,745
Operating income______ 4,502,967
4,117.973
3,540,520 2,329.876
Gross income___________ 6,002,139
5,453,196
4,174,017 2,524.560
Rent and miscellaneous.
$452,270
$435,141
$146,507
$396,112
Other approp’ns, &c_
_
________
236,904
167,203
________
Interest______________
964,162
1,269,248
1,643,447 1.408,280
D ividen ds_____________ 3,600,000
2,925,000
1,800,000 1,800.000
B alance____________ sur$985,707 sur$586,904 sur$116,860df$l,079,832
Latest Earnings.— For 12 months ended June 30 1925: Operating revenue,
$19,473,231; operating income, $5,007,384; gross income, $6,390,001;
rent and misc. charges, $487,419; interest, $992,523; dividends, $3,600,000;
balance, surplus, $1,310,059.
OFFICERS.— Pres., B. S. Read; 1st V .-P . & Treas., J. M . B. Hoxey;
V .-P. & Counsel, Hunt Chipley; V .-P ., C. O. Bickelhaupt; Sec., Addison
Maupin. Office, Atlanta, Ga.— V. 118, p. 3089; V. 120, p. 2685; V. 121,
p. 1103, 1790.
(THE) SOUTHERN NEW ENGLAND TELEPHONE CO.
ORGANIZATION.— Incorp. in Conn, in 1882. American Tel. & Tel.
C o. owns about 33 1-3% of the stock outstanding.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Holds license from American Telephone & Telegraph C o. to operate as
part of the Bell Telephone System in the entire State o f Connecticut, with
the exception of the Town of Greenwich and the Village of Pawcatuck.
Oct., 1925.]
11
TELEPHONE AND TELEGKAPH
STOCK AN D BONDS.—
Date.
Interest. Outstanding. Maturity.
Stock $30,000,000 ($100)____ ______ 8 Q— J x$24,000,000 O c t ’25, 2%
1,000,000 Dec 1 1948
First mortgage ($500 &c) 1 1898 5 J-D
g o ld --------------------------------- /T he Union & New Haven Trust O o., New
Haven, trustee.
x Amer. Tel. & Tel. Co. owns about 33 1-3% of the stock outstanding.
Stock.— Stockholders were given the right to subscri be up to July 1 1925
for 30,000 shares of additional capital stock for cash at par ($100) on the
basis o f one for every seven shares then held. V. 120, p. 2685.
Bonds.— Int. o f 1st 5s is payable at Merchants Nat. Bank, New Haven,
Conn. •
Dividends.— Dividend rate has been as follows: From Jan. 1883 to
Oct. 1888 averaged 6% p. a.; July 15 1891 to Jan. 15 1912 at rate of 6%
p. a.; increased to 7% p. a. with div. o f April 15 1912, and to 8% p. a.
Oct. 15 1920.
1921.
1922.
EAR N IN G S,— Cal. Yrs. 1924.
1923.
Total revenues_________ $10,040,350 $9,211,314 $8,383,985 $7,780,747
Net earnings.................... 2,141,488 1,876,137
1,619.448
1,474,968
184,341
In terest________________
161,171
186,177
189,796
Empl. appropriation___
100,000
100,000
Dividend appropriations 1,678,000
1,316,704
1,196,794
1,440,000
$202,317
$149,960
$112,948
$93,833
Balance, surplus_____
Earnings 6 Months Ended June 30 1925.— Gross, $5,392,780: net earnings,
$1,161,858: interest, $148,363: dividends, $840,000; balance, surplus,
$173,495.
OFFICERS.— Pres., James T . Moran; V.-P. & Gen. M gr., Harry O
Knight: Sec. & Treas., Charles B. Doolittle. Office, 157 Church St.
New Haven, Conn.— Y. 119, p. 84; V. 120, p. 706, 2685; V. 121, p. 1790.
SOUTHWESTERN BELL TELEPHONE CO.
O RGAN IZATION .— Incorp. in Missouri in 1882. Also owns over 90%
of the capital stock o f The Dallas Telephone Co. The I.-S. C. Commission
on March 15 1924 authorized the company to acquire control o f the Kansas
City Telephone Co. by purchase o f capital stock. V. 118, p. 1531. In
creased rates applied for. V. 119, p. 2412. The Missouri P. S. Commis
sion authorized in Sept. 1925 the Joplin Home Telephone Co. to sell all its
property to the Southwestern Bell Tel. Co. Y. 121, p. 1349. Transfer
of the franchise o f the Dallas Telephone Co. approved by the City Com
mission o f Dallas, Texas, on Sept. 28 1925. V. 121, p. 1790.
FIE LD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Owns and operates the properties o f the Bell Telephone System throughout
the States o f Missouri, Kansas, Arkansas, Oklahoma and Texas.
STOCK AN D BONDS—
Date.
Interest. Outstanding.
Maturity.
Common $100,000,000 ($ 1 0 0 ) .____
________ x$75,000,000 __________
P f7 % cum $100,000,000($100)____
7 Q-J
21,775,100 O c t’25 1H
First & ref mortgage Series A 1 1924
5 g F-A 49,741,700 Feb 1 1954
($100, &c) gold._c*& r*ntf/ Guaranty Trust C o., N . Y ., Trustee.
x All owned by American Tel. & Tel. Co.
Stock.— Pref. stock is red., all or part, at 105 to and incl. April 1 1925;
110 thereafter to and incl. April 1 1930. and thereafter at 115.
Of the pref. stock, $45,000,000 has been authorized for issuance and
approved by the P . S. Commission. Of this amount, $5,795,000 was used
for the conversion o f a like amount o f the 5-year 7% conv. gold notes,
which were called for red. April 1 1923. Of the remainder, $11,762,800
have been sold and $4,217,300 issued for acquisition of telephone property.
Bonds.— The amount o f bonds authorized to be issued under the 1st &
ref. mtge. will be limited so that the amount thereof at any time outstanding,
when added to the then outstanding prior bonded debt as defined in the
mtge., shall not exceed twice the amount o f the then outstanding capital
stock. Bonds will be issuable under the mtge. to refund the existing under
lying obligations and any bonds or other obligations which may hereafter
become underlying debt through the purchase of property subject to debt.
Subject to the above limitation in amount, bonds will also be issuable for
acquisition o f add’l property necessary or useful in connection with the
tess o f the co. (incl. stocks, bonds and securities o f other corporations)
'or betterments; but if at any time the amount o f outstanding bonds
i by this mtge., when added to the prior bonded debt (if any) of the
all exceed the amount o f the then outstanding capital stock, add'l
ill be issuable for not exceeding 75% of the expenditures for such
, operty and betterments. After $25,000,000 o f bonds have been
. on account o f the acquisition o f stock or unsecured obligations of
jr corporations, or in respect o f additions to their property where not
cured by first mortgage, bonds may not be issued for such purposes in
xcess o f one-third of the amount o f bonds issued on account of additional
property and then outstanding.
The mtge. provides for sink, fund payments to a trustee at the rate of
$500,000 a year, payable semi-ann. beginning Aug. 1 1924, such payments
to be usfed in purchasing ser. A bonds, if obtainable at not exceeding par
and int., otherwise to be used for capital expenditures with respect to
property to be covered by the lien of the mtge.
The ser. A bonds are red. as a whole only upon 60 days’ notice, on Feb. 1
1934, or on any int. date thereafter, at the following prices with accrued int.
if on or prior to Aug. 1 1950 at 105, and if subsequent to Aug. 1 1950 at
par. Int. payable in New York and St. Louis. V. 118, p. 562.
Dividends.— Divs. at rate o f 7% per ann. paid regularly on pref.
R E PO RT.—
Earnings (of the Southwestern Bell System Properties Now Owned), Cal. Years.
Gross Rev.
xNet Earn.
Int. Chges.
Net Income.
1924 ............... $47,159,629
$11,968,986
$2,859,390
$9,109,596
1923 — ......... 43,887,812
11,221,789
1,922,111
9,299,678
10,636.735
1922 .............. 40,015.490
3,618,069
7,018,666
1921________ 37,388,394
8,652,675
3,658,932
4,993,743
1920 ------------ 34,066.796
6,846,301
2,795,504
4,050.797
x Net earnings after deducting operating expenses, incl. charges for
depreciation, taxes, rentals and miscellaneous income charges.
Latest Earnings.— 6 mos. end. June 30 1925: Net after taxes, interest,
&c.. $5,350,295 (same period in 1924, $4,267,561). V. 121, p. 1103.
OFFICERS.— Pres., E. D . Nims; V .-P ., A. B. Elias; V .-P ., T . D .
Bowen; V .-P., Jas. F. Noble; Treas., R . A. Nickerson; Sec., J. P. Crowley.
Office, 314 North Broadway, St. Louis, M o.— V. 118, p. 3209; V . 119, p.
2412; V. 120, p. 830, 2270; V. 121, p. 1103, 1349, 1790.
98, yielding over 5.13% . V. 120, p. 581. $5,000,000 additional bonds
of this series were offered in Oct. 1925 by the same bankers at 99 and int.
to yield over 5.05% . V . 121, p. 1907.
Dividends.— Divs. at the rate o f 8% per annum paid continuously from
Jan. 1 1891.
EARN ING S.— For years ended Dec. 31:
Calendar Years—
1924.
1923.
1922.
1921.
Telephone revenues___ $24,208,411 $22,225,714 $20,245,823 $18,830,721
Exp. maint.,depr.& taxes 19,907,942 18,044,455 16,484,983 16,720,937
Net telephone earnings $4,300,469
Sundry net earnings____
719,482
$4,181,258
695,876
$3,760,840
208,472
$2,109,784
166,637
Total net earnings____$5,019,951
Deduct interest________ 1,252,855
Dividends (8 % )_____ 3,215,039
Employees’ benefit fund
______
$4,877,135 $3,969,312 $2,276,421
1,067,176
1,035,644
1,168,800
3,135,921 2,457,740
1,883,630
2O0.0OO
-----------------
Balance to surplus.. .
$552,057
$474,038
$475,928 def$776,009
OFFICERS.— Pres., C. F. Sise; V .-P ., J. E. Macpherson; V .-P ., K . J.
Dunston; Sec.-Treas., W . H. Black; Gen. M gr., P. A. McFarlane; Compt.,
E. Palm.— V. 119, p. 2067, 2758; V. 120, p. 327, 581, 954, 1088, 1201,
2144; V. 121, p. 1787, 1907.
TRI-STATE TELEPHONE & TELEGRAPH CO.
ORGANIZATION.— Incorp. in Maine in 1903.
FIELD OF OPERATIONS A N D C H ARACTER OF BUSINESS.—
Owns and operates without competition a telephone exchange and toll
system in 38 counties in southern Minnesota. Principal cities served are
St. Paul, Winona, Faribault, Owatonna, Austin, Albert Lea and Red Wing.
Through an agreement with the Northwestern Bell Telephone C o., the toll
and long-distance lines of the Bell system are available for all subscribers
of the company.
STOCK A N D BONDS—
Date. Interest. Outstanding. Maturity.
Common $5,000,000 ($10)________ _______ _____ $4,519,000 D e c .’24, 4%
Pref 6% cum $10,000,000($10)____ 6 Q-M
5,728 890Mar.’25.1 ks %
1st & ref mtge Ser “ A ” ($100,/ 1922 5H g M -N 4.750,000 M ay 1 1942
$500 & $1,000) gold_ c*tf (Harris Tr. & Sav. Bank, Chicago, trustee.
_
Twin City Tel 1st mtge ($101,/ 1901 5 g J-J
497,000
See text
$500 & $1,000) gold______c(Central Trust Co. of 111., Chicago, trustee.
Stock.— Pref. is call, all or in part at 110 & int. on 60 days’ notice.
Bonds.— 1st & Ref. Mtge. Ser. “ A ” 53^s are red. on any int. date from
M ay 1 1932 to & incl. M ay 1 1933 at 105 & int., thereafter decreasing
% eoch 12 months. Int. payable at office of Harris Trust & Sav. Bank,
Chicago, Capital Trust & Savings Bank, St. Paul and at Harris, Forbes &
C o., N. Y . Penna. 4-mill tax refunded. In M ay 1922 Harris, Forbes &
Co. offered $4,500,000 1st & ref. mtge. Ser. “ A ” 5>£s at 102)^ & int., to
yield about 5.30% . V. 114, p. 2250. An additional $250,000 Ser. “ A ”
5/jjS were sold in July 1924 at 102.05.
Twin City Tel. 1st Mtge. 5s are guar. prin. & int. by Tri-State Tel. &
Tel. Co. $40,000 were due July 1 1925 and $497,000 mature July 1 1926.
Call, at 105 & int. on any int. date. Int. at office of trustee, Chicago,
and at Kountze Bros., New York.
Dividends—
’03 to ’08.
’09 to ’15.
’16 t o ’21.
’22 t o ’24.
Preferred____________
6%
6%
6%
6%
None
x6%
None
8%
C om m on___________
x In 1912, in addition to the regular dividend of 6% on common a stock
div. of $400,000 (equal to 10% on the outstanding com.) was paid.
EARNING S.— For calendar years:
1922.
Calendar Years—
1924.
1923.
Telephone operating r e v e n u e .._____ $4,874,051 $4,686,068 $4,323,659
2,935,518
Telephone oper. exp. (incl. deprec.)__ 3,174,592
3,148,853
_
Net revenues_ ________ __ . - . $1,699,459
15,031
Uncollectible operating revenue.
Taxes assigned to o p e r a tio n s .._____
356,793
$1,537,215
7,503
274,238
$1,388,141
28,105
218,689
Operating income________________ $1,327,636
Non-operating incom e..
_ _
112,795
$1,255,473
126,547
$1,141,348
157,367
Gross income. _________________ $1,440,431
Deduct— Rents, &c . . __________
$170,511
Interest for funded debt _________
284,946
Other interest _____ __ _________
12,024
Amort, of debt discount & exp., &c.
5,713
$1,382,021
$193,821
285,000
12,157
6,198
$1,298,716
$163,448
416,394
16,830
11,070
$884,846
327,633
361,520
$690,972
191,568
361,520
Net income____
. ___________
Preferred dividends (6 % )________ __
Common dividends (8 % )___________
$967,237
327,817
361,520
B alan ce.............................................
$277,900
$195,693
$137,884
OFFICERS.— Pres. & Gen. M gr., G. W . Robinson; V .-P ., J. H. Lock
hart; V .-P ., E. P. Wells; Sec. & Asst. Treas., C. B. Randall; Gen. Aud.,
A. C. Cragg.— V. 118, p. 1678: V. 120, p. 1587.
(THE) WESTERN UNION TELEGRAPH CO,, INC.
ORGANIZATION.— Organized under the laws of New York State on
April 2 1851 and present name adopted in 1856.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Since incorporation the company has. acquired and controls by purchase,
lease or stock ownership, some 535 telegraph corporations and properties,
of which about 57 corporations maintain their corporate identity and
organizations. V. 97, p. 1903; V. 98, p. 301, 392, 615, 1076, 1998.
On Dec. 31 1924 the capital stock of subsidiary cos. not owned by the
Western Union Telegraph Co. aggregated at par value only $1,771,675, viz.:
Companies controlled by perpetual leases, $1,341,875; companies controlled
by stock ownership, $429,800. The bonds o f subsidiary cos. assumed or
guaranteed Dec. 31 1924 (see table below) aggregated $6,500,000, o f which
$3,143,000 were held in W . U. treasury; balance, $3,357,000.
The “ deferred non-int. bearing liabilities,” as shown in balance sheet of
Dec. 31 1924, “ in respect o f proceeds of sales o f securities and other proper
ties held under leases for terms expiring in 1981 and 2010 from cos. in
which the W . U. Co. has, for the most part, a controlling int., payable only
THE BELL TELEPHONE CO. OF CANADA.
on the termination of the leases,” aggregated $12,987,953.
ORGAN IZATION .— Incorp. in 1880 by Act o f the Parliament o f the
Judgment of $2,000,000 for Louisville c% Nashville RR. for Rentals.—
Dominion o f Canada.
See V. 121, p. 1464.
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS.—
STOCK A N D BONDS—
Date.
Interest. Outstanding.
Maturity.
Owns and operates the principal telephone system in the Provinces of Quebec Stock $100,000,000 ($100)_________
7 Q-J
$99,786,727 O c t’25,1)4
and Ontario, covering a territory o f 831,837 square miles and serving Coll tr bonds ($1,000)-c * n tf( 1888
5 J-J
8,637,000 Jan 11938
5,500,000 population, including Montreal and Toronto, the largest cities
/Bankers Trust C o., N . Y ., Trustee.
in Canada; and Ottawa and Quebec, the capitals o f the Dominion and Fund & real est M $20,000,-1 1900
4/^gM -N 20,000,000 M ay 1 1950
Province of Quebec, respectively. Co. stations, Dec. 31 1924, 536,848;
000 ($1,000 &c) g -.c& rntf/F arm ers’ Loan & Trust C o., N .Y ., Trustee.
connecting and miscell, stations, 126,409; total stations, 663,257.
15-year bonds $15,000,000) 1921
6K g F-A 15,000,000 Aug 1 1936
In Oct. 1925 a public offering o f $5,000,000 1st mtge. 5% gold bonds
($500 &c) gold-_c*&r*ntf/Chase National Bank, N . Y ., Trustee.
was expected in the near future. See V. 121, p. 1787.
Mutual Un Tel Co 1st M (ext)) ____
5 g M -N
1,857,000 M ay 1 1941
guar p & i ($1,000)------ntf/C entral Union Trust C o., N . Y ., Trustee.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
4H J-J
1,500,000 Jan 11934
_________ $48,657,000
Oct’25,$2 Northwest Tel Co 1st M ( e x t ) ) -----Cap stock, $75,000,000 ( $ 1 0 0 ) .____
guar p & i ($500)------- n tf /Equitable Trust C o., N . Y ., Trustee.
1st M ser “ A ” $30,000,000/
Bonds.— On Dec. 31 1914 the following stocks (par value) were pledged
($500& S1,000 c * & $ l ,000, { 1925
5 g M-S
30,000,000 Mar 1 1955
for the collateral trust bonds: Gold & Stock Telegraph, $1,111,800; Inter
$5,000 & $10,000 r*) g ____(The Royal Trust C o.. Montreal, Trustee.
national Ocean Tel., $1,961,500; N . Y . Mutual Tel., $2,387,700; Maine
Stock.— Listed on the Montreal and the Toronto Stock Exchanges.
Telegraph C o., $111,000; Washington & New Orleans Teleg. C o., $30,000,
Bonds.— 1st Mtge. Ser. " A ,” limited to $30,000,000. Additional bonds and bonds. Mutual Tel. 6s, $3,143,000. Int. at office of Treasurer, 195
Issuable under certain restrictions. Subsequent series may be of such Broadway. New York City.
denominations, bear such int. rates, have such dates o f maturity and
Int. on the funding and real estate 4K s payable at the office of Treasurer,
callable prices and be payable at such place or places and in such currency 195 Broadway, N . Y . City. V. 70, p. 384, 1203; V. 71. p. 750; V . 74,
or currencies, and may have such tax provisions, sinking fund provisions, p. 785; V. 78, p. 1451; V . 80, p. 226; V . 97, p. 1827.
convertible privileges or other provisions, not inconsistent with the terms
Int. on the 15-year 6}4% bonds payable at office of Treasurer, 195
of this mortgage, as may be determined by the board o f directors at the Broadway, New York City.
time o f issue.
The Mutual Union Tel. Co. 1st 5s were originally 6s and matured M ay 1
Ser. “ A ” 5s are not call, prior to 1940. Call, on any int. date on 60 days’ 1911, but have been extended for 30 years at 5 % . Guar. prin. & int. by
notice at the following prices, plus accrued int.: 105 during the years Western Union. Int. payable at office of Treasurer, 195 Bway., N . Y .
1940 to 1951, incl., and at par during the years 1952 to 1954, incl. Prin.
The Northwestern Tel. 1st 4H s, originally matured in 1904 but have
& int. payable in U. S. gold coin at the Agency o f the Bank o f Montreal, been extended to 1934. Guar. prin. & int. by Western Union. Int. pay
In N . Y ., or, at the option o f the holder, in Canadian gold coin at the able at office of Treasurer, 195 Broadway, New York City.
Bank o f Montreal, Montreal or Toronto. In Jan. 1925 Lee, Higginson
Dividends—
I ’08. ’09-’13. ’14. ’15. ’ 16. ’ 17. ’ 18. 1919— O ct.’25.
& C o., Royal Securities Corp., Ltd., and Harris, Forbes & Co. sold $25,- Regular.....................%
1 3 yrly 3M 4M 5 5% 6H 7 yrly.(lM Q .J )
000,000 ($10,000,000 o f which were placed in the Canadian market) at Extra---------------------% l2 H s t -------- . . . . H
1
1 _____ •
________
12
PUBLIC UTILITIES
R E PO R T .— For 1924, in V . 120, p . 1581, 1627, showed:
„ , „ „
1924.
1923.
1922.
Calendar Years—
$
$
$
Gross operating revenue-.................... 112,861,555 111,733,560 105,447,748
Net operating revenue--------------------- 13,279,999 14,020,846 13,796,473
Income from loans and investments.. 2,374,008
1,894,910
1,668,557
[V ol. 121,
INTERNATIONAL TELEPHONE & TELEGRAPH
CORPORATION.
ORGANIZATION.— Incorporated under laws o f Maryland June 16 1920.
Subsidiary and associated companies are the Cuban Telephone C o., Porto
Rico Telephone C o., Cuban-American Tel. & Tel. C o., and Compania
Telefonica Nacional de Espana (V. 119, p. 1849, 1963; V. 120, p. 453, 1586).
N e t in c o m e .....................
15,654,007
15,915,756 15,465,030 In April 1925 acquired a substantial interest in the Compagnie des Telephones
Disbursements—
Thomson-Houston in France (V. 120, p. 3314; V. 121, p. 927). Acquired in
Bond interest---------------------------------- 2,317,325
2,306,850 2,306,850 1925 all the capital stock of the International Western Electric Co., Inc. (a
Appropriated for ocean cable develop. 1,000,000
2,000,000 2,000,000 subsidiary o f Western Electric Co.) and a controlling interest in the Mexican
Cash dividends (7 % )_______________ 6,982,929
6,982,797 6,982,694 Telephone & Telegraph Co. (V. 121, p. 977, 1677). In Oct. 1925 the Inter
Adjustments (net)-------------------------- - D r.188,432Cr.334,060 De&.384,641
national Western Elec. C o., Inc., was given the new name of International
Standard Electric Corp. V. 121, p. 2038.
Balance, surplus_________________ 5,165,321
4,960,169
3,790,845
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Results for Nine Months Ended Sept. 30 {Sept. 1925 Estimated).
The business of the corporation, in accordance with the terms of its charter,
1925.
1924.
1923.
1922.
is to carry on a general telephone, telegraph, cable and wireless business,
Gross revenues (includ’g
the
dividends & interest).$94,141,130 $84,861,418 $84,719,297 $78,783,925 and businesses incidental thereto inState States, Territories or dependencies
of the United States, except the
o f Maryland, and specifically to
M aint., repairs & reserve
transact such business in Cuba, Porto Rico and other islands of the West
for depreciation______ $14,768,045 $14,279,405 $13,592,663 $12,694,523
Indies, Mexico, Central America and South America, as well as in other
Oth. oper. exp. (incl. rent
o f leased lines & taxes) 66,075,541 59,336,583 59,276,399 54,885,421 foreign countries. record Feb. 24 1925 were given the right to subscribe on
Stockholders of
Int. on bonded debt____ 1,752,054
1,734,075
1,731,392
1,730,137 or before April 1 1925 to 89,975 additional shares of capital stock (par
at $83 a share. V. 120, p. 829, 1586. Stockholders
Net income_________ $11,545,490 $9,511,355 $10,118,843 $9,473,844 $100) given the right to subscribe, incl. Oct. 1 1925, to of record Sept. 15
were
99.953 shares of
Miles of Miles o f N o. of
Receipts.
Profits.
capital stock at par ($100) in the proportion of one new for each three shares
Year— Poles,&c. Wire, &c. Offices. Messages.
$
$
held, payable in full or by installments. V. 121, p. 1227.
1876------------ 73,532
183,832 7,072 18,729,567 10,034,984 3,399,510
The capital stock was increased from $50,000,000 to $100,000,000 in
1893________ 189,936 769,201 21,078 66,591,858 24,978,443 7,496,037 Sept. 1925. V. 121, p. 1227.
1916________ 208,474 1,625,862 25,234 N ot stated 63,621,601 14,893,679
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity1920------------ 214,233 1,447,105 24,881 N ot stated 121,473,686 14,634,972 Stock $100,000,000 ($100)_________
6 Q-J
$41,242,900 O c t .’25,IK
1923 ______ 214,318 1,528,583 24,678 N ot stated 113,628.470 15,915.756 Convertible gold deben bonds) 1925
5M M-S 25,000,000 Sept. 1 1945
1924 ----------214,431 1,562.499 24,478 Not stated 115,235,563 15,654,007
($500 and $1,000)_____ c*/National City Bank of New York, trustee.
D IR E C TO RS.— Newcomb Carlton (Pres.), Oliver Ames, 'William Vin
Bonds of Subsidiary Companies—
cent Astor, Henry A . Bishop, Chauncey M . Depew, R . S. Lovett, Donald Cuban Telphone Co 1st mtge\ 1911
5 J-J
3,688,544 Jan 1 1951
G. Geddes, Chauncey Keep, Paul M . Warburg, Henry Tatnall, Howard
(£20, & c.)---------------------c */In t. at Equitable Trust C o., N . Y ., trustee.
Elliott, Geo. W . Davison, Charles B. Seger, Edwin G. Merrill, Henry Cuban Telephone Co first lien) 1921
7K M-S
4,272,147 Sept. 1 1941
W . deForest, William Fahnestock, Percy A . Rockefeller, William K. Van
andrefunding ($100, & c.)c*/Int. at National City Bank, N . Y ., trustee.
derbilt, Mortimer L. Schiff, William H. Truesdale and Albert H. Wiggin. Porto Rico Telephone Co. 1st) 1914
6 J-D
875,100 Dec. 1 1944
Sec. is Andrew F. Burleigh; Treas., G. K. Huntington. Office, 195 Broad
mtge ($100, & c.)---------- c*/Interest at Royal Bank of Canada.
way, New York.— V. 119. p. 1520, 2289, 2534, 2764; V. 120, p. 333. 455,
Bonds.— ' he 20-year 5 K % conv. gold deb. bonds Sept. 1 1925 are con
T
960, 1581, 1627, 1750, 1883, 2014; V. 121, p. 332, 1464, 1910.
vertible at the option of the holder on March 1 1926, or at any time there
after, prior to Sept. 1 1935 (or, if called for earlier redemption, until and
including such redemption date) into common stock at the rate of $125 prin
cipal amount of bonds for $100 par value of stock. Redeemable, at the
AMERICAN TELEGRAPH & CABLE CO.
upon 60
ORGAN IZATION .— Owns two cables between Nova Scotia and Eng option o f the corporation, in wholeincl. Sept. days’ notice, at 105 and int.,
104
1 1930J at 103
incl.
land. Leased until 1932 to Western Union, which pays rental of 5% on incl. Sept. 1 1930; at incl. and int.;1941; at 101%, incl. Sept. and int..100%
Sept. 1 1940; at 102,
Sept. 1
1 1942;
outstanding stock.
thereafter until maturity. Interest payable at New York. J. P. Morgan
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
& Co., &c., sold in Aug. 1925 $25,000,000 at 99 and interest, to yield over
Stock $14,000,000 ($100)__________ 5 Q-M
$14,000,000 Sept’25 I K
5.58%. V. 121, p .9 7 7 .
— V . 117, p. 2656.
The Cuban Telephone Co. 1st mtge. 5s are redeemable at 105 on any in
terest date. $4,696,430 pledged as security for first lien & ref. 7K s.
Sinking fund, 1% per annum. Interest payable in New York, London,
NEW YORK MUTUAL TELEGRAPH
Paris and Havana.
ORGAN IZATION .— Successor to the Mutual Union Telegraph Co.
The Cuban Telephone Co. first lien & ref. 7K s are secured by pledge
The stock carries dividends o f 6% per annum under a lease for 99 years of $4,696,430 first mtge. 5% bonds. Mortgage provides for semi-annual
from Feb. 15 1883 (with privilege o f renewal for 999 years from 1883) to sinking fund o f 1% . Redeemable, all or in part, on any interest date on
Western Union Telegraph.
30 days’ notice at 107K and interest, between Sept. 1 1931 and Sept. 1
1936, both inclusive, and at 105 and interest thereafter to maturity.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
The Porto Rico Telephone Co. first mtge. 6s are redeemable, all or in part,
Stock $2,500,000____________ _____
6%
$2,500,000
See text
Mutual Union Tel 1st 5s_____See descrip, under W . U. T . C o., Inc., above through sinking fund at 105 and interest. Mortgage provides for sinking
fund of 1% from 1918 to 1920, 1 K % , 1921 to 1925, and 2% from 1926 to
— V . 96, p. 108.
maturity.
Stockholders o f the Int. Tel. & Tel. Corp. were to vote on Sept. 3 192
on empowering the directors to authorize the issuance from time to time c
NORTHWESTERN TELEGRAPH.
88,754 additional shares of
stock
for
Owns 10,000 miles o f wire and is leased for 99 years from July 1 1881 to not exceeding outstanding mortgage bondscapital Cubanin exchange Co a*'
of the
Telephone
Western Union, which guarantees dividends at 6% on $2,500,000 stock and all o f the
Porto Rico Telephone Co. at $100 of stock for not less than $100 of V
(par $50) and principal and interest on bonds.
V. 121, p. 977.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Dividends.— Initial dividend o f 1 K % was paid in Oct. 1920; t
Stock $2,500,000 ($50)_____________
6 J-J
$2,500,000 July’25$l .50 Oct. 1925 paid 1 K % quar.
1st mtge guar prin & int (seel 1904
4K g J-J
1,500.000 Jan 1 1934
RE PO RT.— For 1924, in V . 120, p. 2815, showed;
1 Q 94
1 Q 9g
text) gold ($500)_________ /Equitable Trust C o., N . Y ., trustee.
Calendar Years—
— V. 106. p. 710.
Operating revenues________________ . $5,841,161 $4,415,638 $3,8.
Non-operating revenues___________ - 1,240,152
287,596
36.
SOUTHERN & ATLANTIC TELEGRAPH CO.
ORGANIZATION.— Leased to Western Union for 999 years from Oct. 1
1876 (which at last accounts owned $390,975 o f the $949,050 stock) and
stock guaranteed by rental 5 % , payable A . & O.
FIELD OF OPERATIONS.— Company owns 3,778 miles o f telegraph
wires running from Washington, D . C ., south and west through the States
o f Virginia, North Carolina, South Carolina, Georgia, Alabama and Florida,
and reaching such important cities as Richmond, Charleston, Charlotte,
Savannah, Atlanta, Augusta, Montgomery, Jacksonville, M obile, &c.—
V.|120, p. 332.
ALL AMERICA CABLES, INC.
O R GAN IZATION .— Incorp. in N . Y . Feb. 1 1881 as Central and South
American Telegraph Co. but name changed to All America Cables, Inc.,
Mar. 10 1920. Owns the entire outstanding stock o f the Mexican Tele
graph Co.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.— The
co. in conjunction with the Mexican Telegraph Co. owns, maintains and
operates lines of cables and connecting land lines extending from tbe City of
New York to the Canal Zone, touching at Santiago, Cuba, Santo Domingo
and the Island of Porto Rico, thence southward through the South Ameri
can republics on the west coast o f South America to the Argentine Republic,
thence through Uruguay, connecting with Montevideo to Santos and
R io de Janeiro, in the Republic o f Brazil, also from the Argentine by
direct cable to Rio de Janeiro, Brazil; and also extending from the City of
Galveston in the State o f Texas, and from the City o f New Orleans in the
State o f Louisiana, through the Republic o f Mexico and the republics of
Central America and connecting with the cables of the said companies in
the Panama Canal Zone and South America. The All America Cable
system comprises over 28,000 nautical miles o f cables and land lines.
Opening of own offices in cities o f Guatemala and San Salvador, see V.
120, p. 3184.
STOCK—Date. Interest.
Outstanding.
Last Div.
_______ $26,892,760 A p r .’25,IK
Common $40,000,000 ($100)______
N o funded debt.
Stock.— Divs. payable at 89 Broad St., N . Y . City.
Dividends.!’98.-15. 1916. ’ 17. ’ 18. ’ 19. ’ 20-’22. ’23-’24
1925
Cash % . . ) ’ 6 yrly. 6&3ex. 6
6 6K 7 yrly. 6 6 Apr July&Oct 1K
In stock.— 1890, 20% ; 1907, 25% ; 1917, 46%; 1922, 20%.
R EPO RT.— For 1924, in V . 120, p. 1579, 1637, showed;
Cal. Year— Total Inc. N etincom e. War Tax. Dividends. Bal. Surp.
1924_________ ________ $4,054,636 $465,598 $1,679,603 $1,909,435
1923__________ 7,330,951
3,343,148
391,116 1,611,697
1,340,335
3,820,923
440,576 1,451,206
1,929,141
1922__________ 7,929,867
1921__________ 8,867,229
4,672,124
660,000 1,548,999 *1,706,795
5,010,696
950,000 1,545,790
2,514,906
1920__________ 9,664,901
* After deducting $756,330 inventory adjustment.
Latest Earnings.— Three months ended March 31 1925 and 1924 in V. 120,
p. 1584; 3 mos. and 6 mos. ended June 30, V. 120, p. 3184.
OFFICERS.— Chairman. W . Emlen Roosevelt; Pres., John L. Merrill;
Treas., Frank K . Warren; Sec., Henry de la Montagne Jr.; Comp., G. Lin
coln Jost. Office, 89 Broad St., New York.— V. 119, p. 1397. 2283, 2875;
V. 120, p. 84, 1579, 1584, 1637, 3184: V. 121, p. 1458.
COMMERCIAL UNION TELEGRAPH CO.
ORGA N IZA TIO N .— Postal Telegraph Cable C o. guarantees 6% (J. & J.
on stock.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $500,000 ($25) .........................
6 J-J
$500,000
See text
$4,703,234
$1,870,036
592,892
579,141
______
[ 56,532
) 120,000
{ 20,583
966,067
$4,215,51.
$1,758,740
620,441
522,758
Balance, surplus_________________ $1,840,589
$497,983
Profit and loss surplus______________$2,980,772
$1,140,183
Latest Earnings.— For six months ended June 30:
1925.
Operating revenues_____________________________ $3,043,595
Non-operating revenues_________________________
337,723
$216,090
$626,109
Total gross earnings____________ . $7,081,313
Maintenance, taxes, &c____________ - $2,340,842
Interest, amortization, &c__________
676,485
680,413
Depreciation______________________
Sundry deductions________________
26,254
Dividends, prior s to c k ____________
213,358
Preferred divs. Cuba Telep. C o_____
Preferred divs. Porto Rico Telep____
Common dividends________________
1,303,372
Total revenues_________________________________$3,381,318
Operating expenses_____________________________
1,391,273
Interest deductions_____________________________
341,627
Depreciation____________________________________
380,853
Preferred dividends and minority interest in surplus
net income of subsidiaries_____________________
163,237
64,478
120,000
20,667
892,339
1924.
$2,602,386
177,536
$2,779,922
1,085,118
307,038
304,344
106,602
Balance, surplus______________________________ $1,104,328
$976,820
OFFICERS.-—Pres., Sosthenes Behn; Y.-P. & Treas., Henry B. Orde;
V .-P ., Orestes Ferrara and Carlos T . Parraga, Havana; Sec., Logan N .
Rock. Offices, 41 Broad St., New York, and Havana, Cuba.— V . 119, p.
2646; V. 120, p. 453, 829, 956, 1586, 2012, 2146, 2683, 2815, 3314; V . 121,
p. 977, 1227, 1788, 2038.
(THE) MACKAY COMPANIES.
ORGANIZATION.— A voluntary association formed under trust deed
of Dec. 19 1903 and managed by 10 trustees, elected annually. Present
trustees are: Clarence H. Mackay, F. L. Polk, M . W . Blackmar, Charles
H. Sabin, Lewis L. Clarke, William J. Deegan, Morton S. Paton, John
-'’ oldhammer (New York), Charles R . Hosmer (Montreal), Sir Thomas
kinner (London, England).
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS —
Owns entire $25,000,000 stock of Commercial Cable C o. and the entire
capital of the Postal Telegraph system: also capital stock in other cable,
telegraph and telephone companies in United States, Canada and Europe.
See V . 84, p. 448; V. 85, p. 407; Y . 86, p. 476; V . 89, p. 848. Rights of
stock, V. 84, p. 870. Govt, valuation in 1918, V . 106, p. 1465, 1581. In
Jan. 1922 the company announced the completion of a contract with the
German Atlantic Cable Co. for a direct cable from this country to Germany.
V. 114, p. 312. See also V . 119, p. 1847. A new transatlantic cable of
the heaviest type ever laid was completed between New York and Havre,
France, via Canso, Nova Scotia, and the Azores Islands, during 1923.
In Aug. 1922 entered into a cable alliance with All America Cables, Inc.
V . 115, p. 1106. In Sept. 1922 entered into an agreement with Radio Corp.
o f America. V . 115, p. 1329.
On July 31 1919 the Government surrendered control of all the telegraph
cable and telephone lines held by it. V . 108, p. 1775, 1825, 1940, 2123,
2438, 2532; V . 109, p. 482. As to Government demands, see V . 109, p.
1992; V. 110, p. 870, 1936; V . 112, p. 854. Under I.-S. C. Comm, juris
diction, V . I l l , p. 595.
For Annual Report 1924, see President’s letter, V. 120, p . 2545. Revi
sion of rates to France and Poland, see V . 121, p. 458.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
$41,380,400 Oct ’25, I K
Common $50,000,000 ( $ 1 0 0 ) - - ____
Q-J
Preferred 4% cum $50,000,000
)
50,000,000 Oct ’25. 1%
($100)-------------------------------------- / 4 Q-J
Stock.— Preferred is redeemable at 106.
Oct., 1925.]
13
TELEPHONE AND TELEGEAPH
Dividends—
I '07-10. ’ 10-’ 16. ’ 17. ’ 18-’22. ’23. ’24&’25.
On common_______________% \ 4 y ’rly 5 y ’rly 5% 6 y ’rly 7&10ext. 7
R E PO RT.— For calendar year 1924, in V. 120, p. 957, showed:
-------- Year Ended-------- 11 Jos.End. Year End.
Dec. 31 ’24. Dec. 31 '23. Dec. 31 ’22. Feb. 1 ’22.
$4,898,664 a$8,623,181 $4,309,253
Receipts__________$4,787,286
Oper. exp., Fed. tax., &c
173,955
292,489
164,272
82,771
Dividends paid_
_ 4,601,561
4,596,502
8,439,248
4,180,341
Balance, surplus_____
$11,770
$9,573
$19,661
Review and forecast o f earnings 1925, see Y . 121, p. 1101.
$46,141
a Includes $4,138,040 received from the accumulated reserves of sub
sidiary companies.
(The policy o f the Mackay Companies is to obtain from the subordinate
companies only enough money to meet the divs. o f the Mackay Company
shares, all surplus earnings being left in the treasuries o f the subordinate
companies for extensions and the development of the business and the in
crease o f reserves.)
OFFICERS.— Pres., Clarence H. Mackay: V .-P . & Sec., W m. J. Deegan.
Treas., Milton W . Blackmar. Offices, 100 State St., Boston, and 253
Broadway, New York.— V. 119, p. 1402; V . 120. p. 957, 2545; Y. 121, p.
458, 1101, 1569.
PENINSULAR TELEPHONE CO.
O R GAN IZATION .— Incorp. in Florida in 1901. In Oct. 1923 acquired
the property o f the West Coast Telephone Co. of St. Petersburg, Fla.
FIE LD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Owns and operates, without competition, the central station telephone
systems in Tampa, St. Petersburg, Port Tampa and 16 surrounding cities
and towns, all o f which are connected by toll lines o f the co. The toll lines
extend to 11 other nearby cities and towns o f South Florida. Connections
are made with the long-distance lines o f the American Tel. & Tel. Co.
under contract. Population served, including St. Petersburg, over 294,000.
On Dec. 31 1924 operated 32,931 telephones.
STOCK A N D BONDS—
Date.
InterestOutstanding. Maturity.
Common ($100)___________________
_______
$1,500,000 O c t’25,lM
Pref 7% cumul Ser A ($100)_______
_______
2,000,000 July’25.154
1st Mtge Series A ___________ \ 1914 6 g J-J
853,500 Jan 1 1943
118,900 Jan 1 1931
Series B __________________ I 1914 6 g J-J
($100 & $1,000) gold____c * iln t. at Irv. Bk.-Col. Tr. C o., N . Y ., trustee.
10-yr. conv. deb bds Ser A / 1924 OVi g A-O
1,250,000 Apr 1 1934
($500 & $1,000) gold._c*tf\lnt. at Bankers Trust C o., N . Y ., trustee
West Coast Tel 1st M Ser A . _ ____
8%
100,000
1942
Total capital stock authorized (pref. and common) is $5,000,000.
Stock.— Pref. is red. all or in part on any div. date on 60 days’ notice at
110 & divs. In N ov. 1923 $300,000 7% cumul. pref. Series A was offered by
Coggeshall & Hicks, N . Y ., at 100 & div., and $1,250,000 in April 1925,
also at 100 and div. V . 120, p. 2270; Y. 117, p. 2002.
Bonds.— 1st Mtge. 6s, Series A and Series B are call, on any int. date on
4 weeks’ notice at 105 and int. $141,500 Series A and $131,100 SerieS B.
not ini. in amount outstanding, have been purchased by the sinking fund
$220,000 1st Mtge. Series A 6s were sold m Nov. 1921 by Coggeshall &
Hicks, N . Y ., at 87 and int. to yield over 7.20%. V. 113, p. 2192.
10-year conv. deb. 6H % bonds, Sreies A, will be convertible into common
stock at the option of the bondholder after March 31 1926 and before April 1
1931 on the following basis: The first $450,000 principal amount of deb
bonds to be presented for conversion will be converted on the basis of ten
shares o f stock for each $1,000 bond, the next $450,000 on the basis of 9>£
shares for each $1,000 bond, and the next $350,000 on the basis of 9 shares
for each $1,000 bond. Are red. all or in part on anjr int. date on and after
Oct. 1 1926 upon 30 days’ notice at 105 up to and incl. April 1 1929, and
thereafter at 100 plus
o f 1 % for each full year or fraction thereof prior to
maturity. $1,250,000 Series A 614% conv. debentures were sold m June
1924 by Coggeshall & Hicks and Bodell & C o., N . Y ., at 98 and int., to
yield over 6 M %• V. 118, p. 2835.
Dividends—
f ’ 15. ’ 16. ’ 17. ’ 18. ’ 19. ’20. ’21. ’22. ’23. ’24. ’25.
_
3
4
6
6
6
6
6^ 7
7 7
On common, cash_ %\ 2
On common stock___% [ _ _
_ _ __ __
5
10
. . 20
EARNINGS.— For 12 months ended Dec. 31:
Cal. Years— 1924.
Cal. Years— 1924.
1923.
1923.
Gross revs_ $1,161,653
_
$852,058 Bond&oth.int. $74,647
$62,897
Oper. expenses 416,076
285,168 Pref. stk. divs.
51,518
25,998
Maintenance. 293,208
194,733 Res’ve for dep.
200,454
171,390
N e t_________
452,369
372,158 Balance, surp.
125,750
111,872
For earnings 12 mos. ended Feb. 28 1925, see V. 120, p. 2270.
OFFICERS.— Pres. & Gen. M gr., W . G. Brorein; V .-P. & Sec., C. D
Brorein; Treas., O. E. Dunan.— V. 118, p. 2835; V. 120, p. 2270, 3315.
RADIO CORPORATION OF AMERICA.
ORGANIZATION.— Incorp. in Oct. 1919. Has contracted to use the
patented radio, &c., devices belonging to the General Electric Co.; also
acquired all the property o f the Marconi Wireless Telegraph Co. o f America
(except its manufacturing plant, which was sold to the General Electric
C o.), its claims against U. S. Government and claims against individuals
on infringements account. V . 109, p. 1704. The plan was ratified by the
stockholders of the Marconi Wireless Telegraph Co. of America on N ov. 20
1919 and the latter company was dissolved.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
The following international radio communication circuits are operated:
(1) Great Britain, (2) Norway, (3) Germany, (4) France, (5) Italy, (6) Po
land, (7) Japan, (8) Hawaii, (9) Hawaii-Japan, (10) Argentina, (11) Sweden.
(12) Indo-China. In N ov. 1924 the Philippine Legislature granted to
corporation a concession for the erection of a trans-oceanic station at
Manila. V. 120, p. 2679.
Operates broadcasting stations in N . Y . City and Washington, D. O. The
new transoceanic communication station of the co. at Rocky Point, L. I.,
said to be the most powerful in the world, was opened for public use on
Nov. 5 1921. V. 113, p. 2087, 2625. Other transoceanic communication
stations are located at Riverhead, L. I.; Chatham and Marion, Mass.;
New Brunswick and Tuckerton, N . J.; Bolinas and Marshall, Calif., and
Kahuku and Koko Head, Hawaii. The co. owns and operates a number
of marine coastal radio stations for communication with ships at sea, the
marine station at Chatham, Mass., being the most powerful marine station
on the Atlantic Coast.
In Sept. 1922 entered into an agreement with the Postal Telegraph Cable
Co. for use of the latter’s land line system all over the United States for the
collection and delivery of trans-Atlantic radio messages. V. 115, p. 1331.
Interest in Federal Telegraph Co. of Delaware. V. 115, p. 1435.
Announced in Aug. 1921 that the co. had acquired control of all the coastal
stations of the International Radio Telegraph Co. V. 113, p. 1061, 1162.
The Federal Trade Commission, in a complaint issued Jan. 28 1924,
charged monopoly in radio apparatus and communication. Compare
V. 118, p. 515.
Introduction of new radiotrons and rectrons, seeV . 121,p. 1103. Annual
report 1924, V. 120, p. 2679.
STOCK AND BONDS—
Date.
Interest
Outstanding. Maturity.
Common 1,500,000shs (n o p a r )____
_________ l,155,400shs. __________
Pref stock 7% cum Ser r‘A ”
$25,000,000 ($50)----------------------7 Q-J
$19,779,870 Oct '25, 1H
Stock.— The stockholders on M ay 6 1924 amended the charter o f the cor
poration so as to reduce the number of shares of auth. pref. stock from 5,000,"
000 (par $5) to 500,000 (par $50) and the auth. no par value common stock
from 7,500,000 to 1.500,000 shares. The pref. stock will be known as “ A ”
pref. stock, for which the old pref. will be exchangeable at 10 shares for on*
share of the new stock, and to exchange the old common stock at the ratio of
5 shares for one share of the new or “ A ” common stock. The “ A ” pref. stock
will be entitled to receive 7% divs.. payable quarterly, cumulative from
Jan. 1 1924. The “ A ” common stock and the “ A ” preferred are listed on
the New York Stock Exchange.
RE PO RT.— For 1924, in V . 120, p. 594, 1090, showed:
Calendar Years—
1924.
1923.
1922.
Gross sales________________________ $50,747,202 $22,465,091 $11,286,489
From transoceanic communication__
3,358,584
3,191,559
2,914,283
From marine service________________
742,345
738,140
630,084
Total gross incom e.--------- ----------- $54,848,131 $26,394,790 $14,830,857
Deduct— Gen. oper. & admin, exp.,
depreciation and cost of sales_____ 45,838,398 21,833,040 12.126,465
Balance__________________________ $9,009,733 $4,561,750 $2,704,392
493,709
176,024
270,188
Other income______________________
Net income________________________ $9,503,442 $4,737,774 $2,974,580
Applied as Follows:
Reserve for amortization of patents..
$989,907
$931,460 $2,480,576
Reserve for Federal tax_____________ 1,100,000
270,000
500,000
Propor’n of organiz’n exp. written o ff.
275,000
224,004
277,805
Amount written off for losses, &c____x l ,356,357
Reserve against foreign investment-.
414,236
Amt. written off constr., goodwill, &c.
626,699
Reserve for preferred dividend______ 1,384,591
1,384,591
Transferred to surplus--------------------- 3,356,651
1,643,918
x Including (1) $768,513 written off on account of ascertained losses sus
tained on investments in associated and subsidiary companies taken over
from the Marconi Wireless Telegraph Co. of America, and (2) $587,844 set
aside for reserve against account due by Marconi Wireless Telegraph Co.
of America.
Loses Lawsuit.— Co. has to pay $6,600 for non-delivery of a wireless
message. V. 121, p. 1790.
LATEST EARN ING S.—
-------- Quarter Ended-------- 6 Mos. End.
June 30 ’25. Alar. 31 ’25. June 30 ’25.
Gross income from sales, &c. (incl.
other income)____________________ $4,584,466 $15,229,923 $19,814,389
x Expenses_________________________
4,975,519 13,301,594 18,277,113
Net profit________________________def$391,053 $1,928,329 $1,537,277
x General oper. & admin, exp., deprec., cost of sales, patent amort.,
est. Federal taxes and accrued reserve for year end adjustments. V. 120,
p. 2270; V. 121, p. 460.
ANNUAL REPORT 1924.— See V. 120, p. 2679.
OFFICERS.— Chairman, Owen D . Young; Pres., James G. Harbord;
V.-P. & Gen. M gr., David Sarnoff; V .-P. & Gen. Attorney, W m, Brown;
Sec., Lewis MacConnach; Treas., Geo. S. De Sousa.— Y . 119, p. 1517,2074.
2298; V . 120, p. 594, 1090, 2679, 2270; V. 121, p. 460, 1103, 1790.
W e Specialize in
Peninsular Telephone
Edward B. Smith & Co.
5 Nassau Street
(Florida)
1411 Chestnut St.
NEW YORK
Company
PHILADELPHIA
ALL ISSUES
C
oggesh all
&
H icks
Members New York Stock Exchange
128 B RO AD W AY
NEW Y O R K
14
[V ol. 121,
PUBLIC UTILITIES
Gas and Water Companies
LOCATED IN UNITED STATES
CONSOLIDATED GAS CO. OF NEW YORK.
ORGAN IZATION .— Organized N ov. 11 1884 as a consolidation, and
in 1899-1900 secured control o f all the other gas cos. and of all the electric
lighting- properties in x /- -Manhattan, N .- -Y . City. -Y. 78, p-. 105, 1964; Y. 79,
...
- V. p7l05, 629;*V. 83, p. 1414; V . 84,'p. 219; - - 86, p. 282;
92, p. 257; V. 97,
p. 240,.301; V. 112, jp. 165. Stock holdings Dec. 31 1917, V. 107, p. 600.
Franchise t a x a t i o n , '102, p. 253. The N . Y . P. S. Comm, in Aug. 1922
granted the New York Mutual Gas Light Co. permission to transfer its
plant and system to the Consolidated Gas C o. for $9,012,275. V. 114,
p. 2725: V. 115, p. 190. 995. 1216.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.— The
co. directly and through its subsidiaries does practically the entire gas and
electric light and power business in the boroughs o f Manhattan, Bronx
and Queens, and in Westchester County.
In 1906 a law was passed reducing the price in New York City to 80 cents
per 1,000 cu. ft., beginning M ay 1 1906, except in outlying districts.
V. 82, p. 572, 807, 931; V. 90, p. 301. In Jan. 1909 the U. S. Supreme
Court held 80-cent feature o f law to be valid until given a fair trial. In
Jan. 1919 the company brought suit to have the 80 cent rate declared con
fiscatory. Final report declaring the 80-cent rate confiscatory was handed
down by Special Master Abraham S. Gilbert in May 1920. A temporary
injunction restraining the authorities from enforcing the 80-cent rate was
handed down on June 29 1920. V. I l l , p. 76. Federal Judge Learned
Hand on Aug. 4 1920 and Judge Julius M . Mayer in April 1921 handed down
decisions upholding in nearly all respects the recommendations of Special
Master A . S. Gilbert in the case of the company to the effect that the 80-cent
gas law was confiscatory. V. I l l , p. 592; V. 112, p. 162d.
The company, acting on a decree signed on Feb. 28 1921, by Federal Judge
Hand refusing the application o f the State and city officials that the court
fix a definite rate for the continuation o f the supply o f gas after March 1.
announced that the rate for gas would be increased from $1.20 to $1.50 per
1,000 cu. ft., effective March 1 1921. Beginning Aug. 1 1921 it was
announced rates would be reduced to $1.25 and beginning Oct. 1 1922 the
rate was further reduced to $1.15. V. 115, p. 1104.
The U. S. Supreme Court in a unanimous decision handed down March 6
1922 held that the 80-cent gas law o f 1906 is confiscatory. The Supreme
Court also rendered a similar decision In the case of the New York & Queens
Gas Co. and the Kings County Lighting C o., holding in their case that
the $1 rate of 1916 was also confiscatory.
The Court also ordered that all impounded funds be promptly released
to the gas companies subject only to deductions of such costs as are clearly
assessable to the prevailing party. The case was remanded back to the
lower court for further proceedings in conformity with the decree. [The
full text of the decision is given in V . 114, p . 1023.)
In future, according to the decision, the N . Y . P . S. Commission shall
fix rates that are not confiscatory and that are in conformity with the
Court’s decision. V. 114, p. 1023, 1067. Compare V. 119, p. 2877
V. 120, p. 329.
Adoption of B. T . U. standard, V. 115, p. 1104; V. 116, p. 520.
James G. Graham, special master, appointed by the Federal District
Court to hear the action brought by the Consolidated Gas Co. of N. Y .,
N . Y . & Queens Gas Co. and by the Bronx Gas & Elec. Co. against the P. S.
Commission and A tt’y-Gen. Carl Sherman in Jan., June 1924 and in July
handed down an opinion in which he holds that the $1 gas law passed by the
New York State Legislature at the 1923 session is unconstitutional and con
fiscatory as applied to the plaintiff companies. V. 118, p. 440. Opinion
o f special master upheld by Federal Court. V. 120, p. 2145.
On Aug. 21 1925 bought the Academy o f Music Bldg, on Irving Place,
New York City. V. 121, p. 1460.
STOCK A N D BONDS.— Date.
Interest. Outstanding. Maturity.
Stock, 3,600,000 shs (no par)-----------Q-M 15
3,600,000shs. Sept ’25 $1.25
Partic pf 6% cum $15,000,000
($50) — - - _____________________
Q-F
$15,000,000 Nov ’25 1 ^
20-yr debentures ($500
1925
5J4 g F-A 50,000,000 Feb 1 1945
$1 000 c* & $1,000, $5,000{Int. at National City Bank, New York,
& $10,000 r) gold-------------- 1 trustee.
Bonds of Companies Controlled—
N Y Ed-N Y G & E L H & P\ 1898 5 g J-D
15,000,000 Dec 11948
1st M tge $15,000,000 ($1,-1
_
^
m
000) g
________ c*& rllnt at Guaranty Trust Co, N Y , Trustee
N Y Ed 1st lien & ref ser “ A ” _ [ 1921 6H A-O
30,000,000 Oct 11941
Series “ B ” _______________ { 1924 5 g A-O
30,000,000 Oct 11944
($500. & c)__________ c*&r*IInt. at National City Bank, N. Y ., Trustee
Purch money mtge $21,000,-1 1899 g g F-A
20,888,000 Feb 1 1949
000 ($1,000) gold_______ c * fln t at Central Union Trust Co, N Y , Trus
Edison Elec 111 N Y 1st cons) 1898
5 g J-J
2,188,000 July 1 1995
M $15,000,000($l,000)g-C*/Int at Guaranty Trust Co, N Y , Trustee
United Elec Lt & P o w C o i 1921 6H A-O
30,000,000 Oct 11996
1st mtge_________________ lint, at National City Bank, N . Y ., Trustee
New Amster’m lstTcons $20,-1 1898
5 g J-J
10,635,000 Jan 1 1948
000,000 ($1,000 &c) g.c*&r/Central Union Trust C o., N . Y ., Trustee
Bonds Assumed by New Amst. G. Co.—
__
_______
. „„„„
Equit G Lt cons (now 1 s t ) ! ____
5 g M-S
3,500,000 Mar 1 1932
M ($1 000) gold________ Jlnt. at Central Union Trust C o., N . Y ., Tr
N Y & E River Gas 1st
1894
5 g J-J
3,500,000 Jan 1 1944
($1 000) gold _______ c * /ln t. at Guaranty Trust C o., N . Y ., Trustee
1 s t 'cons M $5,000,0001 1895
5 g J-J
1,500,000 Jan 11945
($1 000) gold______ c*/Irving Bank-Columbia Tr. C o., Trustee
Cent Un Gas guarp & i N1 1898
5 g J-J
3,500,000 July 1 1927
Y & E Riv ($1,000)_c*/Central Union Trust C o., N . Y ., Trustee
Standard Gas Lt 1st M $1,-1 1890
5 g M -N
1,195,000 M ay 1 1930
500 000 ($1,000) gold___ c /ln t . at Bankers Trust Co., N . Y ., Trustee
Westch Ltg lst M assumed! 1900 5 g J-D
8,528,000 Dec 1 1950
$10 000 000 ($1,000) g -.c * /I n t . at Equitable Trust Co., N. Y ., Trustee
N Y & W L gen M $10,000.-1 1904
4 g J-J
10,000,000 July 1 2004
000 guar p & i ($1,000) g-C* Jlnt. at Central Union Trust C o., N . Y ., Tr.
Debentures$2,500,000|uar\ 1904
’5 g J-J . 2,500,000 July 1 1954
mrin & int ($1,000) g o l d ... /Int. at Central Union Trust C o., N . Y ., Trus
N oriV estch ester Ltg Co 1st l 1905
5 g J-D
618,000 June 1 1955
cons$1,000,0 00($l,000)gc*/ln t. at Equitable Trust Co. N . Y . Trustee
Sing Sing Elec Ltg bonds_ 1896
_
5 F-A
25,000 Feb 1 1926
Peekskill Ltg & R R .— See further below—
„
N Y & Queens El Lt & P lstl 1900 5 g F-A
2,350,000 Aug 1 1930
M $2,500,000($l,000)g_c* jln t. at Central Union Tr. Co. N . Y ., Trus
N Y & Q Gas Co 1st & gen M l 1904 5 g F-A
816,000
4
$1,000,000 gold..........._ .c * /In t. at Mech. & Metals Nat. Bk., N . Y .. Tr.
Stock, &c.— The preferred stock will participate in any distribution of
earnings above $4 per share per annum on the no par value common stock,
at the rate o f 1% per annum for each $1 o f additional dividend above $4
per share per annum paid on the no par value common stock. Compare
V . 115, p. 2271: V . 116. p. 181.
Debentures.— The 20-year 5}4% debentures are red. all or in part at any
time upon 30 days’ notice at 106 to & incl. Feb. 1 1930; at 105 thereafter
to & incl. Feb. 1 1935; at 103H thereafter to & incl. Feb. 1 1940, and there
after to maturity at 1013^ plus int. to date of redemption. In Feb. 1925
$50,000,000 were sold by the National City C o., N . Y ., at par & int. V.
120, p. 701. Listed on New York Stock Exchange in July 1925. V. 121,
p. 197.
Bonds.— For additional details o f various bond issues see under separate
companies listed below.
Dividends—
/ ’06. ’07-'09. ’ 10. ’ 11-’ 14. ’ 15. '16-’21. ’22. ’23.
On common___________ %\ 5 4 yearly 4K 6 y ’rly 6H 7 y ’rly 7H $5
On new stock of no par value Mar. 15 1924 paid $1 25 and same amount
regularly quar. since to and incl. Sept. 1925. Initial div. on pref. stock
of 1H % paid M ay 15 1923; same amount paid quar. to N ov. 1 1925.
R E P O R T — For 1924. in Y. 120, p. 577, showed:
Combined Earnings Statement (Incl. Subs. & A ffil. Cos.) Calendar Years.
1924.
1923.
Gas sales (1,000 cu. f t .)__________________________ 41,612,084 41,448,992
Electricity sold (k. w. h .)________________________1661106123 1543732692
Gross earns., incl. misc. op. & non-op. revenue_ $126,459,961$123,741,998
_
Oper. & non-oper. exp., incl. retirem’t exp. & taxes 90,963,272 87,933,228
Net earnings__________________________________ $35,496,689 $35,808,770
7,521,772 7,555,521
Interest on funded and unfunded debt___________
Surplus earnings_______________________________ $27,974,917 $28,253,250
Divs. paid Consol. Gas C o.’s common stock_______$17,933,442 $14,883,785
Preferred stock________________________________ 1,001,970
508,153
Dividends paid on affiliated c o .’s stock___________
40,681
47,813
Balance carried to surplus account______________ $8,998,823 $12,813,499
OFFICERS.— Pres., George B. Cortelyou; V.-Pres’s, Walter R . Addicks,
C . G. M . Thomas, H. M . Brundage, G. E . Woods and O. H. Fogg; Sec.,
H. O. Davidson; Treas., Benjamin Whiteley; Asst. Sec., F. H. Nickerson,
F. R . Barnitz and G. M . Carbonell; Asst. Treas., J. R . Fenniman, M . M .
Graham and W . C. Phelps. Trustees: Percy A . Rockefeller, Geo. F.
Baker, Lewis B. Gawtry, Samuel Sloan, Moses Taylor, W . R . Addicks,
Donald G. Geddes, N . F. Brady, Geo. B . Cortelyou, J. A . Garver, Jas. N .
Jarvie, John D . Ryan, Louis M . Greer and J. D . Ryan. Office, 130 East
15th St., New York.— V . 119, p. 2285, 2759, 2877; Y . 120, p. 210, 329,
577, 582, 701, 828, 2145; V . 121, p. 197, 329.
CONTROLLED COM PANIES.
(1) NEW AMSTERDAM GAS CO.
Incorporated N ov. 1 1897 and consolidated N . Y . & East River and
Eq. Gas Light, per plan V . 66, p. 133.
SECURITIES.—-The stock authorized is $13,000,000 o f com. stock.
$10,000,000 of 5% pref., cumulative. Par, $100. The Consolidated Gas
Co. owns $12,161,800 com. and $8,997,500 pref. stock. Int. on New
Amst. Gas 1st cons. mtge. 5s of 1898 is payable at National City Bank,
N . Y . V. 70, p. 897, 948, 1052, 1197, 1252; V . 80, p. 1855, 2224
Cal.Year. Gross.
Net.
Other Inc.
Int., &c.
Bal.sur.or de
1924
$5,870,783 $1,248,713
$25,127 $1,741,685 def$467,845
1923 ______ 6.148,112
1,564,893
30,464
1,760,757
defl65,400
1922 ______ 6,292,193
1,881,254
31.104
1,763,159
surl49,199
19 21 _____ 5,866,186
777,689
103,871
1.753.118
def871,558
1920 ______ 4,735,932
233,024
94,250
1,631,365 d e fl,304,091
(2) NEW YORK EDISON CO.
Organized M ay 1 1901 as a consolidation o f the N . Y . Gas & Elec. Light
Heat & Power Co. and the Edison Elec. nium. C o. of N . Y . Owns large
power plant located on 1st AVe., between 38th and 40th streets. V. 69,
p. 704; V. 68, p. 1025; V. 70, p. 283, 482; V. 80, p. 1915; V. 84, p. 219.
Capital stock outstanding Dec. 31 1923, 2,014.826 shares common, no par,
owned by Consolidated Gas Co. of New York. V. 90, p. 562, 773; V. 91,
p. 1516; V. 92, p. 191; V. 97, p. 301, 448, 1464.— V. 114, p. 529.
New Generating Station.— The new East River electric generating station,
now under construction, will cost approx. $50,000,000, will have a capacity
o f 700,000 k.w. and be the largest o f its kind in the world. For further
details see V. 120, p. 3065.
Bonds.— The first 5s of 1898 ($15,000,000) were secured by a first lien
on the company’s power plant and other property owned and pledge of
various securities; list, see V. 68, p. 773, 824, 1025; V. 76, p. 268. The 4s
of 1899 are secured by a purchase-money lien on the former Edison Electric
Ilium, property, subject to bonds of 1890 and 1895 and b y h second mortgage
lien on the remaining property. V. 72, p. 939, 1038; V. 81, p. 35. Real
estate mortgages, $524,412.
The first lien & ref. mtge. Ser. A G14% bonds due 1941 are red. on and
after Oct. A 1936 at 105. Secured by deposit of a new issue of $30,000,000
1st mtge. 0M % bonds due in 1996 of United Electric Light & Power Co.
and over 99.99% of the capital stock of that company (aggregating $5,295,900). Also secured by direct mortgage, subject to prior liens, on entire
property now or hereafter owned. Auth. issue unlimited. Series with same
or different interest rates, dates, &c., may be issued. V . 113, p. 2410.
1st lien & ref. mtge. Ser. B 5s due 1944 are red. on 60 days’ notice on any
int. date at 105 to & incl. Oct. 1 1943; at 104 thereafter to & incl. Oct. 1
1936; at 103 thereafter to & incl. Oct. 1 1939; at 102 thereafter to & incl.
Oct. 1 1941, and thereafter prior to maturity at 101. In Feb. 1925 the
National City Co. sold $30,000,000 at par & int. V. 120, p. 703, 829.
REPO RT for year ending Dec. 31 1924 showed:
Cal
Operating Net, after
Other Int., ReDividends Balance,
Years. Revenues. Taxes, &c. Income, serves, &c.
Paid.
Surplus.
S
$
%
$
$
$
1924 ..53,494,241 19,996,537 3,797.243 10,946,415 10,074.130 2,743,235
1923 _50,496,493 19,378,174 4,640,068 9,456,641 10,074,130 4,487,471
1922
44,842,306 14,879,485 4,022,723 9,173.651 8,520,423 1,208,130
1921
42,736,349 13,582,846 2,138,832 5,391,925 5,163,856 5,165,896
1920___ 33,806,849 8,494,043 1,935,961 4,195,705 4,677,428 1.556,871
— V. 119, p. 81, 2648; V. 120, p. 703, 829, 3065; V. 121, p. 840, 979.
(3) STANDARD GAS LIGHT CO.
Organized in 1886. Owns 202 miles of gas pipes north of 13th St., New
York
The Consolidated Gas Co. owns $4,799,800 of the $4,955,700 com
mon and $4,102,100 of the $4,293,600 preferred.
Dividends— f’02-’05. ’06. ’07-’09. ’ 10. ’l l . ’ 12-T6. ’ 17. ’ 18-’22. ’23. ’24Common ( % ) .{ 6 yrly. 134
0
2
4 3 yrly. J iN o n e
3
Preferred ( % ) l 6 y r l y . 6
6
6
6 6 yrly. 3 None
5 4%
In 1917, June, % % on com. and 3% on pref.; none thereafter to Jan. 2
1923, when 3% was paid on pref. and 3% on com. In 1924. 4% was paid
on preferred.
Oct., 1925.]
15
GAS AND WATER
Year—
Gross.
Net.
Interest. Dividends.
Balance.
1924
$3,102,778 $216,227
$68,519 $171,744 def. $24,036
1923
- 3.347.511
482,918
71,391
363,351 sur. 48,176
1922
3,440,252
662,769
104.432
____ sur. 558,337
19 21.......
3,348,685
177,060
151,308
____ sur. 25,751
1920
2,476,660 df332,559
89,110
____ def. 421,669
1919..........
2.161,934 df30,810
84,239
None
def. 115,050
Office. 130 East 15th St.. New York.— V. 94, p. 1630; V. 100, p. 1253.
Dividend on pref., 2 H % ,p a id Dec. 1 1904; 1907 to 1911,5%; 1911, 4 K % ;
1912 to 1920, 4% ; 1921-23, 5% . V. 92, p. 1439; V . 100, p. 1253.
R E PO R T .— For calendar years:
Balance.
Interest. Dividends.
Year—
Gross.
Net.
1924_______ $8,498,465 $2,956,603 $382,268 $647,000 sur .$1,927,335
sur.1,415.693
1923_______ 6,971,390 2,334,838
272,145
647,000
sur.841,420
499,533
230,500
1922_______ 5,536,855 1,571.453
sur,576,442
1921_______ 4,502,913 1,268.057
632,240
59,375
sur.235,307
1920_______ 3,535,690
718,558
433,251
50,000
(4) UNITED ELECTRIC LIGHT & POWER CO.
—V. 117, p. 2441.
Practically all o f the outstanding stock is owned by New York Edison
OFFICERS.— Pres., _______________: Vice-Pres., H. L. Snyder and
Co.— V. 116, p. 526; V. 120, p. 584; V. 121, p. 841.
L. A. Coleman; Sec., J. R. Malone; Treas., Frank C. Gordon.— V. 92, p.
Income Account 12 Months Ended Dec. 31 1924.
1439; V. 100, p. 1253; V. 117, p. 2441; V . 121, p. 459.
Gross earnings, all sources___________________________________$13,418,379
(10) NEW YORK & QUEENS GAS CO.
Expenses, operating and non-operating______________________
7,828,128
Interest on funded debt______________________________________ 1,950,000
Supplies Flushihg, College Point, Whitestone, Bayside, Douglaston
798,826 and Little Neck, N. Y . Stock, $600,000. The Consolidated Gas Co. owns
Interest on floating debt and miscellaneous charges__________
Dividends paid______________________________________________
844,428 all the outstanding stock, which it acquired under order of P. S. Comm,
Adjustment o f accounts o f previous years (net credit)________
57,388 dated May 1913. V. 96, p. 1493. The first and general mortgage 5s are
red. at 110. For calendar year 1924, gross, $688,160 (exclusive of $238,868
Balance____________________________________________________ $2,054,386 charged for sales of gas in excess of $1 rate); net oper. deficit, $30,496
Credit balance, Dec. 31 1923_________________________________
6,098,353 deductions, $149,913; bal., def., $180,409. Pres., M . Taylor; V.-P.& M gr.,
8,152,738 M . H. Spear; Sec., H. S. Romaine; Treas., H. C. Davidson. Office, Gas &
Credit balance, Dec. 31 1924_________________________________
Electric Bldg., Flushing, N . Y .— V . 118, p. 3087.
(5) CENTRAL UNION GAS CO.
See Y. 100, p. 1253; V. 107, p. 600.
(6) NORTHERN UNION GAS CO.
AMERICAN LIGHT & TRACTION CO.
See Y. 100, p. 1253; V. 107, p. 600.
ORGANIZATION.— Incorp.
M ay 13 1901.
p.
(7) WESTCHESTER LIGHTING CO. (N. Y. & Westchester Light Co.) 987; V. 73, p. 235, and V. 75, p.in N. J.Owns practically V. 72,the 724, 871,
343.
all of
common
Supplies gas and electricity in Westchester County north of New York stock of the following companies:
City. See V. 71, p. 1023, 1175. The Consolidated Gas Co. owns the
Milwaukee Gas Light C o., Grand Rapids (Mich.) Gas Light Co., Madison
$12,500,000 (application to increase filed— V. 120, p. 1461) capital stock. (Wis.) Gas & Elec. C o., St. Joseph (M o.) Gas C o., St. Paul (M inn.),
See V. 79, p. 160, 217, 594, 1706. In 1909 permission was obtained to Gas Light Co. (V. 106, p. 2759); Binghamton (N . Y .) Gas W orks, Detroit
purchase the $804,000 Northern Westchester Lighting Co. stock, all the City Gas C o., St. Croix Power C o., Somerset, Wis.; San Antonio P. S. Co.
$500,000 PeeksKill Light & R R . com. stock and 50% of the pref. stock. (V. 105. p. 390V Muskegon (Mich ) Trac. & Ltg. C o.. South St Paul Gas
V,. 87, p. 617; V. 89, p. 108, 1486; V. 96, p. 731.
& Elec. Co. The Comal Power C o., a subsidiary, is constructing a new
Bonds.— New York & Westchester Lighting $10,000,000 gen. mtge. bonds, $3,000,000 steam electric generating plant near New Braunfels, Texas.
subject to call at par and int. (V. 79, p. 1706, 1957), are guaranteed, prin. V. 121, p. 196. Rate increase by St. Joseph Gas Co. upheld. V . 121, p.
and int., by the Consolidated Gas C o., as are also the $2,500,000 of 5% 583.
debentures. V. 88, p. 1623; V. 92, p. 123, 265; V. 98, p. 389. The 5%
STOCK AND BONDS.—
Date. Interest. Outstanding. Div. Payable
debentures are red. at 110. The underlying bonds not shown in the table Common $40,000,000 ($100)_______
______ $34,784,000
N o v ’2 51M %
above (Westchester 5s being reserved to retire N. Y . & Suburban 5s) ire."
Pf 6% cum $25,000,000 ($ 1 0 0 ).____ 6 Q-F
14,236,200 N ov ’2 5 .1 ^ %
Bonds (V. 81, p. 1609)—
Interest. Outstanding.
Maturity. DIVS. (% ) f ’05. ’06. ’07. '08. '09. ’ 10.T1-T 9. '20. 1921 to *F eb'25.
9
913 10 yly. 7% 4 yly. (Q-F)
New York & Suburban Gas 1st M tge) 5 g M-S
a$212,000 Mar 1 1949 ♦Com.(cash)( 314 4H 5)4 6)4
♦do (stock) ( . .
.. ..
. . 12)4 10 10 yly. 8)4 4 yly. (Q-F)
gold guar p & i by Am Gas C o_ JSubj. to call at 105&int.since Mar. 1’09
_
Hudson River Gas & Elec 1st M .n t f 5 M & N
b250,000 M ay 1 1929
* In M ay, Aug. and N ov. 1925 a quarterly cash dividend of 1% % was
White Plains Lighting 1st M _____ntf 5 J & D
335,000 June 1 1938 paid on common. Previously quarterly dividends of 1% in cash and 1%
a V. 68 p. 474; V. 70, p. 844. b V. 68. p. 824; V. 70, p. 844.
in stock were paid. V . 120, p. 1879.
Pref. divs. have been paid regularly since organization.
R E PO RT for year 1924: Gross, $9,262,340; net, $3,112,792; other inc.,
$134,610; int. $1,676,857; bal., $1,570,545. In 1923, gross, $8,620,411;
RE PO RT.— For 1924, in V. 120. p. 697. showed:
net, $2,754,214; other inc., $138,363; charges, $1,545,897; bal., sur.,
Calendar Years—
1924.
1923.
1922.
1921.
$1,351,680.— V. 120, p. 1461.
Earns, on stocks of sub.
companies owned____$4,097,361 $3,624,924 $3,636,335 $2,985,532
(8a) NORTHERN WESTCHESTER (N. Y.) LIGHTING CO.
Miscellaneous earnings. 1,148,913
885,746
1,276.201
1,293,345
ORGAN IZATION .— Incorp. in New York May 1905 as a consolidation
of companies operating in Ossining, Croton, Briarcliff Manor, &c., in West
Gross earnings________ $5,246,274 $4,510,670 $4,912,536 $4,278,877
chester County, N. Y . (V. 81, p. 268). The entire capital stock, $804,000, Expenses and taxes_____
418,558
301,016
529.986
407.975
is owned by the Westcnester Lighting Co.
Int. & disct. on 6% notes
180,611
300,611
330,000
360,000
Bonds.— Authorized first consols, $1,000,000; balance unissued is reserved
for additions, &c. Are callable at 105. V. 89, p. 1486.
Balance, surplus_____$4,647,104 $3,909,043 $4,052,550 $3,510,902
Previous surplus_______ 10,977,787 10,338,927
9.462,317
9,036,336
(9) NEW YORK & QUEENS ELECTRIC LIGHT & POWER CO.
Supplies Borough o f Queens outside o f Rockaway. See V. 72, p. 1039.
Total surplus_______ .$15,624,891 $14,247,970 $13,514,867 $12,547,238
$854,172
$854,172
$854,172
$854,172
The capital stock was increased in Dec. 1922 from $2,500,000 to $9,600,- Preferred dividends____
1,208.006
1,160.884
1,115.374
000. Of the additional $7,100,000 stock (all common), $3,700,000 was Common cash dividends 1,257,210
1,208,006
1.160.884
1,115,374
turned over to the Consolidated Gas Co. in liquidation o f advances. The Stk. divs. on com. s t k .. 1,257,210
balance o f the new stock was exchanged, par for par, for the outstanding
Surplus and reserve..$12,256,299 $10,977,786 $10,338,927 $9,462,317
$3,400,000 10-year 7% debentures (owned by Consolidated Gas C o.).
American Light & Traction
Company
Controlling, through its ownership of stock,
Public Utilities Properties
in the following communities
St. Joseph, Missouri
Madison, Wisconsin
West Allis, Wisconsin
Wauwatosa, Wisconsin
Milwaukee, Wisconsin
San Antonio, Texas
Muskegon, Michigan
South St. Paul, Minnesota
Detroit, Michigan
St. Paul, Minnesota
Grand Rapids, Michigan
Binghamton, New York
Serves a population in excess o f 2 ,8 0 0 ,0 0 0
American Light & Traction Company
120 Broadway
-
-
-
-
-
New York
16
PUBLIC UTILITIES
LATEST EARN INGS.— 12 months ended Sept. 30:
1925.
1924.
Gross, all companies____________________________$35,060,412 $32,309,478
Net for American Light & Tr. C o_______________ 6,785,441
4,580,052
Preferred dividends___________________________ 854,172
854,172
Balance, surplus______________________________ $5,931,269
$3,725,880
OFFICERS.— Pres., Alanson P. Lathrop; V .-P ., W . F. Douthirt; Y.-P.
Treas. & Sec., James Lawrence; Asst. Sec.-Treas. & Aud., T . M . Leahy;
Asst. Sec.-Treas., F . M . Dennis; Asst. Sec.-Teas., R . B. Martin. New
York office, 120 Broadway.— V. 119, p. 1736, 177. 2283; V . 120, p.
207, 697, 1088, 1455, 1879; V. 121, p. 196, 583, 704, 2035.
THE BIRMINGHAM WATER WORKS CO.
Entire common stock owned by American Water Works & Electric Co
Inc.
ORGAN IZATION .— Incorp. in Alabama in 1885.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Supplies the city of Birmingham, Ala., and suburbs with water for domestic
and public use without competition to a population of o ver 238,000. Dining
1923 sold 5,198,355 gallons. 505 miles mains, 1,219 hydrants.
Purchas_ by the City.— Under the contract now in effect between the city
and the company, the city has an option to purchase the properties of the
company at any time upon six months’ notice at a “ basis price” as of
Jan. 1 1921, plus the cost o f additions and extensions made subsequent
thereto, which on Aug. 31 1924 was $9,152,315.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $1,829,700 ($100)________
_______ x$l,829,700 ---------------Pref cum $6,200,000_______________
-----1,700,000 __________
First mtge Series “ A ” ($100,1 1924
5% g A -0 5,500,000 Oct 1 1954
$500 & $1,000) g g u -.c * .t f (United States Mtge. & Trust C o., N.Y.,trus.
x AH owned by American Water Works & Electric Co.
Bonds.-—Additional 1st Mtge. bonds may be issued under certain restric
tions. Series “ A ” are guar., prin. and int., by American Water Works &
Electric C o., Inc. Are redeemable, all or in part, upon four weeks’ notice
to and including Oct. 1 1929, at 105 and int.; thereafter to and including
Oct. 1 1934 at 103 and int.; thereafter to and including Oct. 1 1939 at 102
and int.; thereafter to and including Oct. 1 1949 at 101 and interest; and
thereafter at 100 and interest. In the event the city purchases the com
pany’s property and pays the full purchase price thereof in cash, the bonds
will be declared due and payable at 100 and interest. Reimbursement of
the Peuna. and Conn. 4 mills tax, Maryland 4 % mills tax and Mass, income
tax not in excess of 6 % % to holders upon proper and timely application.
Interest payable in New York City or Chicago. $5,500,000 Series “ A ”
5% s were sold in Oct. 1924 by P. W. Chapman & C o., Inc., Halsey, Stuart
& C o., Inc., and H. M . Payson & C o., at 99% and interest, to yield over
5 % % . V. 119, p. 2067.
EARN ING S.— For 12 months ended Aug. 31 1924 and calendar years
1923 and 1222:
12 Months Ended—
Aug. 31 '24. Dec. 31 ’23. Dec. 31’22.
Gross revenue_____________________ $1,174,371 $1,108,029 $1,007,585
Operating expenses, maint. and taxes
411,298
400,488
394,228
Net earnings_______________- _____
$763,072
$707,541
$613,286
OFFICERS.— Pres., J. C . Adams; Y .-P. & Treas., H. H. Horner; V.-P..
D. M . Watt; Sec., T . T. Davis.— V. 119, p. 2067; V. 120. p. 328, 1456.
BRIDGEPORT HYDRAULIC CO.
ORGANIZATION.— Incorporated in Connecticut in 1857.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Supplies water to Bridgeport, Stratford, Fairfield, Southport and parts of
Shelton and Trumbull in Connecticut, under a franchise which is both per
petual and exclusive, existing by special Acts o f the Legislature of Conn.
Co. serves a population of about 175,000. Owns the Shelton Water Co.
and the Westport Water Co. Property includes 17 reservoirs with a stor
age capacity of nine billion gallons, 2 pumping stations, 12,643 acres of
land and 307 miles of mains, serving about 23,000 customers.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Stock $10,000,000 ($100)__________
_______
$6,000,000
See text
1st M Ser A ($500 & $l,000c*\ 1924
5 g J-D
5,000,000 June 1 1944
& $1,000 & mult r*)g_-tfjB ridgeport Trust Co., trustee.
Bonds.— In addition to the $5,000,000 1st mtge.Series' ‘ A " 5s outstanding
$1,000,000 of bonds of other series can be issued against property owned on
April 1 1924 and additional bonds can be issued only for not exceeding
66 2 3% of the cost or fair value (whichever is less) of add’l property or
impts., on which this mortgage is a first mortgage. Total issue of bonds is
further restricted by the c o .’s charter, which requires that bonds shall not be
issued to an aggregate amount exceeding one-half the fair value of the c o .’s
property and rights as they exist at the time action is taken by the co. to
create such issue and as evidenced by a certificate endorsed on each bond by
the commissioners of the co. appointed by the General Assembly in the
State of Connecticut. Series “ A 5s are call, as a whole at any time or in
part on any int. date on 30 days’ notice, at 105 and int. up to and incl. June 1
1934; thereafter decreasing % % annually to 101 after June 1 1941. Int.
payable in New York and Bridgeport. Exempt from Conn. State tax. In
M ay 1924 $5,000,000 1st mtge. Ser. “ A ” 5s were offered by Lee, Higginson
& C o.; Estabrook & Co.; Hincks tiros. & C o., &c., &c., at 100 and int.
V. 118, p. 2184.
Westport Water Co.— All of the outstanding 1st Consol. M tge. 5% 30-yr.
gold bonds o f the Westport Water Co. were called for payment Aug. 1 1925
at 105 and int. at the Union & New Haven Trust Co., New Haven, Conn.
V. 121, p. 72.
Dividends.— Divs. of 8% per annum have been paid since July 1903.
EARN IN G S.—-For years ended Dec. 31:
Net Inc.
Int. Chges.
Gross Inc.
Balance.
Calendar Years-—
$682,162
$235,876
$446,286
1924 ________ __ _____$1,120,675
673,848
228,182
445.666
1923 ___________ ______ 1,069,449
846.722
511,298
219,792
291.506
1922 — ................. ______
789.839
454,424
208,464
245.960
1921___________ ______
OFFICERS.— Chairman o f Board, De Ver H. Warner; Pres., Samue P
Senior; V.-P. & Treas.. Albert E . Lavery; Sec., F. C. Brother ton.— V 118
p. 21 84;V. 121, p. 72.
BROOKLYN BOROUGH GAS CO.
ORGAN IZATION .— Incorp. in New York in 1898. Has franchises in
terms exclusive and of unlimited duration. In Aug. 1925 Frank T . Hulswit
of the United Light & Power Co. acquired control o f the company on his
own account. 98% % of the common stock was acquired at $107 50 a
share. V. 121, p. 196, 837, 1226.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Serves gas to the 31st Ward of the Borough of Brooklyn, which includes
Coney Island, Sheepshead Bay, Manhattan Beach and Brighton Beach.
Owns a modern water gas plant. Daily capacity 7,000,000 cu. ft. An
other unit now being installed which when completed will increase the
daily capacity to 10,500,000 cu. ft. About 181.55 miles o f mains; 38,193
meters.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Com stock 50,000 shs (no p a r ) . -----Q-J 10
40,000 shs O ct’25,
6 % % Partic pref $500,000
($50) cum.........................................
Q-J
$492,100 O c t '25 1%
First mtge $500,000 (closed) ( 1908
5 g M-S
297,000 Mar 1 1931
($1,000) gold_______ c.n tt/In t. at Title Gu. & Tr. Co., N. Y ., trustee.
Gen & ref mtge Ser “ A ” ($5001 1923
6 g A-O
1,300,000 Apr 1 1963
& $1,000 c* & $1,000 r*) g tf/In t. at Title Gu. & Tr. C o., N . Y ., trustee.
Bonds.— In addition to first mtge. 5s reported as outstanding $203,000
are held in treasury.
[V ol. 121.
The gen. & ref. mtge. 6s Series “ A ” are callable on any interest date upon
60 days’ notice at 110 up to and including April 1 1943: thereafter at 107%
up to and including April 1 1953, and thereafter at 105 less % of 1% for
each full year which elapses subsequent to M ay 31 1953, in every case plus
accrued interest. Company will refund the Penn. 4 mills tax and Conn,
personal property tax not exceeding 4 mills per $1 per annum. In April
1923 Bodell & Co., N . Y ., brought out $1,000,000 of this issue at 98% and
interest, to yield 6.10% . V . 116, p. 1765.
Dividends.— In 1913, 3% ; 1914 to 1916 incl., 6% ; 1921, 6% ; 1922, 7 % % .
In 1923, divs. 50c. a share quar. were paid and divs. of same amount paid
regularly quar. since to and incl. Oct. 1925.
EARN ING S.—
1924.
1923.
1922.
Amount of gas sold (1,000 cu. f t .) ____ 1,173,588
1,080,363
922,621
Total receipts from.sale of gas_______ $1,513,119 $1,389,914 $1,224,568
Operating expenses_________________
971,415
934,032
836,441
Net earnings from operations______
Other income_______________________
Deducting fixed charges, viz., int. on
bond, debt, taxes, retirem’t exp_
Income tax (estimated)_____________
$541,704
44,182
$455,883
46,417
$388,127
37,066
$585,886
$502,300
$425,193
215,856
228,036
213,269
$370,029
47,446
$274,264
34,076
$211,924
26,298
Surplus for the year at $1 30 r a te ..
$322,583
$240,188
$185,626
Rate reserve________________________
$348,701
$191,964
OFFICERS.— Pres., Frank T . Hulswit; V .-P ., & Gen. M gr., Mary E.
Dillon; V .-P . Walter G. de Berg; Sec. & Treas., Clayton E . Platt.— V.
120, p. 1585, 1745, 2010; V. 121, p. 196. 837, 1226.
BROOKLYN UNION GAS CO. SYSTEM (THE).
ORGANIZATION.— Incorp. in N . Y. Sept. 7 1895, per plan V. 61
p. 831, and V. 62, p. 1141; V. 64, p. 887; V. 80, p. 1854. For properties
owned and controlled, see V. 109, p. 2359. Sale of Flatbush Gas Co. electric
properties to Brooklyn Edison Co., Inc., see V. 119, p. 2284. The P. S.
Comm, in Oct. 1922 adopted an order changing the candle power standard
to a standard of 537 B. T. U. per cu. ft. In M ay 1923 the New York State
Legislature passed the $1 gas law and increased the standard of gas to 650
B . T . U. per cu. ft. The co. has started proceedings to declare the $1 gas
law unconstitutional. Final report of Special Master filed March 21 1925
declares $1 gas law to be confiscatory and unconstitutional. V . 120, p.
1585. Compare V. 120, p. 85. Judge Marcus B. Campbell, in the Federal
Court in Brooklyn, June 24 1925 approved the Special Master’s report.
It is expected the case will be carried to the U. S. Supreme Court.— V . 120,
p . 3311; V. 121, p. 704.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock, 600,000 shrs (no par) ____ _______ 483,016 shs Oct '25. $1
1st cons Mtge $15,000,000/
1895 5g M -N
$14,736,000 M ay 1 1945
($1,000) gold______ c*n tf (Guaranty Trust C o., N. V ., trustee
1st lien & ref mtge Ser “ A ” \ 1922 6g M -N
6,000,000 M ay 1 1947
($500, &c) gold__ c*& r*tf/Int at N at’l City Bank, N . Y .
10-year convert debentures f
1922 7 M -N
1,169,500 M ay 1 1932
($100 &c)________________ (Int. at Nat'l City Bank, N. Y.
Debs conv on & after Nov 1(
1919 7 M -N
258,700 N ov 1 1929
1924 into stock ($100 & c )-./I n t. at Chase Nat’l Bank, N . Y .
Citizens Gas Lt cons Mtge\
1890 5 F-A
264,000 Feb 1 1940
($ 1 ,0 0 0 )--_______________ /In t. at Peoples Trust C o., Bklyn, N . Y .
Bonds.— Int. on 1st cons. M tge. 5s of 1895 is payable at Chase N at’
Bank, N . Y .
The debenture bonds of 1922 are convertible into capital stock since N o v . 1
1924 on the basis of two shares of stock of no par value for each $100 deben
tures. V. 114, p. 2017, 2245, 2363. 2473; V. 117, p. 2437. Up to Dec. 31
1924, $4,409,500 had been converted.
The 10-year debentures of 1919 are convertible into stock, at holders
option, since November 1 1924 on the basis of two shares of stock of no par
value for each $100 o f debentures. V. 109. p. 1528, 1082; V. 108, p. 1391;
V . 117, p. 2437. Up to Dec. 31 1924, $1,741,300 had been converted.
Late Divs.— 1909-11. 1912 to 1917. 1918. 1919. 1920-21. 1922. 1923.
Per cent_____ 6 yrly. 6 & 2 ext. yrly. 6
6
None
4
8
Paid in 1924: Jan. 2 ,2 % ; Apr. 1, $1 per share on new stock o f no par val.
July 1, $1 per share, Oct. 1, $1 per share. In 1925, Jan., Apr., July & Oct.,
$1 per share quar.
R E PO RT.— For 1924 showed:
1924.
1923.
1922.
Gross earnings..______ _____________ $20,236,590 $21,989,601 $21,543,233
Net after taxes______________________ 1,629,521
3,449,145 4,898,252
Fixed charges._____________________
1,756,079
1,787,882
1,543,273
Dividends__________________________
1,513,763
1,440,000 1,080,000
Surplus_____ _____
def947,057
730,491 2,732,558
In 1923, because of litigation over new rate statute, income of $1,345,046
is held in suspense and not incl. in above figures. Income in suspense for
1924 is $2,875,945.
OFFICERS.— Pres., James H. Join-dan; V.-Pres., A . F. Staniford’
V.-Pres., C. E. Paige; Sec., Henry E .'M cGowan; Treas., E. R . ChapmanOffice, 176 Remsen St., Brooklyn, N . Y .— V. 119, p . 2284, 2876; V. 120.
p. 85, 701, 1585, 1875, 3311; V. 121, p. 704.
CITIZENS GAS CO. OF INDIANAPOLIS.
ORGANIZATION.— Incorp. in Indiana in M ay 1906. Leases the
property of the Indianapolis Gas Co. (see separate statement below) for
99 years.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Controls without competition the entire gas business of Indianapolis.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock v t c $2,000,000 ($25)________
_________ $2,000,000
Sept ’25 3
Pref 7% cum $1,000,000 ($ 1 0 0 )____
_________
1,000,000 Sept’25 1%
1st & ref mtge $10,000,000f 1912
5 g J-J
3,382,000 July 1 1942
($500 & $1,000) gold____c*j Int. at Bankers Trust C o., N . Y ., and Union
l Trust C o., Indianapolis, Trustees
Stock.— Both classes of stock are listed on the Indianapolis Stock Ex"
change. V. 116, p. 2012. Galvin L. Payne & Co. made in M ay 1925,
on behalf of a client, an offer for voting trust certificates at $160 on each
$100 par value, providing 40,000 shares were offered and deposited with
the Fletcher American National Bank on or before June 9 1925. This price
is $26 higher than the Indianapolis Stock Exchange bid price of M ay 13
1925 of $134 on each $100 par value of stock. V. 120, p. 2814.
Bonds.— 1st & Ref. Mtge. 5s are call, at 108 & int. on any int. date on 30
days’ notice. Mtge. provides for sinking fund of % of 1% per annum in
1915 and 1916 and % of 1% per annum' thereafter. $479,000 not incl.
in amount reported outstanding held in sinking fund. $277,000 are in
treasury, and $650,000 which were pledged under Gen. & Ref. Mtge. 7s,
redeemed on M ay 1 1925, are soon to be released by trustee for gen. & ref.
mtge.
Gen. & Ref. Mtge. 7s.— All outstanding gen. & ref. mtge. 7s were called
for payment May 1 1925.
Dividends.— Two divs. of 1% % each were paid on com. Jan. 1 1911.
In Mar. 1911, 3% ; Sept. 1911, 3 % . In 1912, M ar., 3 % % ; Sept., 3 % % .
In 1913, Mar., 3 % % ; Sept., 3 % % . In 1914, Mar., 3 % % ; Sept., 3 % % .
In 1915, M ar., 3 % % ; Sept., 3 % % . In Mar. 1916, 5% was paid and divs.
at same rate were paid regularly semi-annually to and incl. Mar. 1921.
None to Mar. 1924, when 3% was paid. In Aug. and Dec. 1924 divs. of
3% were paid. In 1925, M ar., June and Sept., 3 % .
Common stockholders in July 1925 were advised that the Milburn ByProducts Coal C o., controlled by this company, would be prepared to pay,
on or after July 10 1925, the face value of the “ accrued dividend certifi
cates” issued by the Citizens Gas Co. of Ind.. on proper endorsement to
the Millburn By-Products Coal Co. The total amount of this scrip out
standing was $125,250, or $2.62% per share on the 50,000 shares of common
stock issued prior to July 1 1915, to which the above "accrued dividend
certificates” apply. See V. 121, p. 197.
EARN INGS.— For year ended Dec. 31 1924:
$5,798,436
Total earnings___________________________________
1,985,299
N e t____________________________________________
366,687
Deduct— T a x e s______ ___________________________
440,055
Depreciation_________________________________
719,584
Fixed charges________________________________
458,973
Balance, surplus______________________________
OFFICERS.— Pres., John R . Welch: V .-P ., C. L. Kirk: Sec., F. G. Rastenburg; Treas., G. A . Efroymson.-—V . 119, p. 328: V. 120, p. 209; V . 120,
p. 2814: V. 121, p. 197, 329.
(a) INDIANAPOLIS GAS CO.
ORGAN IZATION .— Incorp. in Indiana in 1890. Was leased to the
Citizens Gas Co. o f Indianapolis in Oct. 1913 for 99 years. Under terms
of the lease that company guarantees int. on the Indianapolis Gas Co. 1st
Mtge. 5s, their refunding at maturity and 6% divs. on the company’s
$2,000,000 capital stock.
STOCK A N D BONDS—
Date. Interest.
Outstanding. Maturity.
Stock $2,000,000 ($50)____________
6 J-J
$2,000,000
See text
1st mtge $7,500,000 ($1,000)/ 1902 5 g A-O
5,628,000 Oct 1 1952
g o ld ___________________ c*(Int. at Equitable Trust C o., N . Y ., trustee.
Stock.— Divs. are guar, by Citizens Gas Co. of Indianapolis under terms
of lease (see text above).
Bonds.— Interest and refunding o f 1st mtge. 5s at maturity guaranteed by
Citizens Gas Co. o f Indianapolis. In April 1915 Blodget & C o., Boston
& N . Y ., offered a block o f 1st mtge. 5s at 96 & int. V. 100, p. 1514. In
July 1916 the same bankers offered a block at 97/4 & int., yielding about
5.15%. V. 103, p. 148.
Dividends.— Paid regularly semi-ann. (J. & J.) under terms of lease.
OFFICERS.— Pres., Wm. G. Irwin: V .-P ., Fred C. Dickson: Sec., Wm.
J. Yule: Treas., Arthur V. Brown.— Y. 119, p. 332.
CONSOLIDATED WATER CO. OF UTICA, N. Y.
ORGA N IZA TIO N .— Incorp. in N . Y . in N ov. 1899 as a consolidation
Franchtse perpetual.
FIE LD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Controls practically all the available sources of water supply for the city
of Utica and adjacent towns. 246 miles of mains and 18,546 meters.
Date.
Interest. Outstanding Maturity.
STOCK A N D BONDS—
$2,436,100 Sept ’25, I V
Common $2,500,000 ($100)_
_
7 Q -F
600.000 Aug ’25, 1M
1st p f 7%cum$2,500,000($100)
563,900 Sept ’25, 1H
N-cum 5% pf$l,000,000($100)
4,000,000
1965
1st ref 5 J^s Ser A ___________ f 1925
5V
500.000 Apr 1 1960
Series B
5 V A-O
. 1925
($1,000 & $500 c * )______ [Citizens’ Trust Co., Utica, N. Y ., trustee.
Stock.— The 5% non-cum. pref. is convertible, share for share, into com.
Bonds.— The 1st ref. mtge. 5 V gold bonds, Series B, are red. at 103 and
int., all or part upon 60 days’ notice. Interest payable at Citizens’ Trust
C o., Utica, N . Y ., and the agency o f the co. in New York. A sinking fund
of 1 % per annum for Series A and B is provided. Mohawk Valley Invest
ment Co. sold in July 1925 $500,000 at prices to yield about 5.45% . For
further particulars and contemplated issuance of $4,000,000 1st ref. mtge.
5 V % bonds, 1965, Series A, to retire the outstanding 5% issues, see V. 121,
p. 74.
’ 13. ’ 14. ’ 15. ’ 16. ’ 17. ’ 18. ’ 19- ’24.
D IV ID E N D S.—
f ’ 10. ’ l l . ’
7
7
7 7 % yiy
First preferred__________j
5
5
5 5 % yly
5
5
5
P referred______________
5
5
2
3
4
Common______________ ( ___
1
1 -5 6 % yly
EA R N IN G S.—
1922
1921
1923.
1924.
$738,263
$670,416
$663,985
Operating revenue_____
$735,695
194,221
190,506
186,290
182,293
Operating expenses_____
Net operating revenue
T axes_________________
$553,402
95,417
$544,041
102,000
$479,910
98,351
$477,694
88,918
Operating income____
Miscellaneous income_
_
$457,985
7,640
$442,041
9,428
$381,558
16.479
$388,776
24,148
Gross corp. income_
_
Deductions from income
$465,625
200,000
$451,470
200,323
$398,037
208,027
$412,924
225,538
$190,010
Net corporate income.
$265,625
$251,146
$187,3.35
Latest Earnings.— 6 mos. end. June 30 1925: Operating revenues, $375 208; net after taxes, $216,824: gross income, $220,822; net income, $107,297.
OFFICERS.— Pres., F. C. Hopkins; V .-P., R. W. Bacot; V.-P. C. R.
Dewey; Sec., P. A. Sittig; Treas., H. B. Miles.— V. 118, p. 1017; V. 121,
p. 74, 1788.
DETROIT CITY GAS CO.
ORGANIZATION.— Organized in March 1898. The Detroit C ity
Council decided not to exercise the right to purchase the property of the
company at the expiration of the latter’s franchises Oct. 31 1923. The
American Light & Traction Co. owns practically all o f the stock. V. 82. p.
283, 989. On Aug. 1 1913 acquired the physical property of Detroit &
Suburban Gas Co., subject to $930,000 20-year 5s due Dec. 1 1928. V. 97,
p. 731.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Owns all the gas properties in Detroit, Mich. Rates, V. 117, p. 2217, 2438;
V. 118, p. 1916. 2185; V. 119, p. 202, 584. Rates upheld. V. 120,p. 3313.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
_______
$9,507,880 ---------------Stock $15,000,000 ($100)__________
Pref 8% cum $5,000,000------- -------------------------- ---------------First mtge Series “ A ” ($100,1 1922
6 g J-J
13,500,000 July 1 1947
&c) gold_________ c*&r*.tf /Int. at office o f Amer. Lt. & Tr. C o., N. Y.
Detroit & Suburban Gas Co.1 1908
5 g J-D
930,000 Dec. 1 1928
first mtge ($1,000) gold--C*JInt. at Citizens’ Sav. & Trust C o., Cleve.,0.
Stock.— The stockholders in April 1921 authorized the issuance of
$5,000,000 8% cumulative preferred stock. V. 112, p. 1870.
Bonds.— The first mtge. Series A 6% bonds are redeemable, all or part,
at 107V to and including July 1 1932; at 105 thereafter to and incl. July 1
1942; at 101 thereafter to and incl. July 1 1946, and after July 1 1946 and
prior to July 1 1947 at par and int. V. 115, p. 187. Pennsylvania 4 mills
tax refunded.
Detroit & Suburban Gas Co. 1st mtge. 5s are redeemable at 103 and int.
OFFICERS.— Pres., Alanson P. Lathrop; V.-P. & Gen. M gr., Chas. W ,
Bennett; Sec. & Treas., Chas. S. Ritter. Office, Detroit, Mich.— V. 119,
p. 202, 584: V. 120, p. 3313.
EAST BAY WATER CO.
ORGANIZATION.— Formed N ov. 13 1916 in California.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Engaged in the production, distribution and sale o f water for domestic and
industrial purposes. The territory served includes the cities of Oakland,
Berkeley, Alameda, Piedmont, Emeryville, Albany and San Leandro,
in Alameda County, and Richmond and El Cerrito in Contra Costa County,
Calif. Combined population estimated at 460,000.
Interest. Outstanding. Maturity.
STOCK AND BONDS—
Date.
_________
$ 100,000 __________
Common $500,000 ($100)_____ _____
Q-J 15
7,568,800 Oct’25, I V
Class " A ” pref 6% cu m u lativ e!____
$10,000,000 ($100)---------- J
Q-J 15
2,987,200 Oct ’25,1V %
Class “ B ” pref 6% n o n -c u m u /____
$5,000,000 ($100)_________I
5 V g J-J
9,347,300 Jan 1 1946
1st mtge $15,000,000 ($1,000)/ 1916
g o ld ___________________ c*[ Int. at Wells Fargo Bank and Union Trust
l Co., Trustee.
Unifying & refunding mtge—
Unif & ref mtge Ser " A ” ($100
7 V g M-S 2,480,500 Sept 1 1936
1921
$500 & $1,000)_________
6 g M-S
2,976,500 Mar 1 1942
Ser “ B ” ($500 & $1 ,000)--- 1922
6 g M-S
2,000,000 Mar 1 1944
Ser “ C ” ($500 & $1,000) - - - 1924
6 g M-S
3,000,000 Mar 1 1955
Ser “ D ” ($500 & $1,000)-- 1925
$50,000,000 gold_____c*tf Int. at Mercnatile Tr. Co.. San Fr., trustee.
5 V g F-A 1,000,000 Feb 1 1928
3-year notes ($1,000) g o ld .tf 1925
; Int. at American Bank, San Fran., trustee.
17
GAS AND WATEK
Oct., 1925.]
Bonds.— 1st Mtge. 5 V s are call, at 105 & int. Mtge. provides for sinking
fund of 1% of outstandiig bonds each Jan. 1 1922 to 1925, incl.; since
1H % annually. $4,932,100 in addition to amount reported outstanding
are deposited under the unifying & ref. mtge.
Unifying & ref. mtge. bonds are secured by deposit of $4,932,100 1st
mtge. 5 V s.
Ser. “ A " 7 V s are red. at 105 on any int. date. $2,500,000 were offered
in July 1921 by Cyrus Peirce & Co. and Blyth, Witter & C o., San Fran
cisco, at 100 and int. V. 113, p. 540.
Ser. “ B” 6s are red. all or in part on any int. date on 60 days’ notice at
110. In M ay 1922, $3,000,000 were offered in M ay 1922 by Blyth, Witter
& Co. and Cyrus Peirce & Co. at 102 & int. V. 114, p. 2246.
Ser. “ C" 6s are callable all or in part on any int. date on 60 days’ notice
at 105. $2,000,000 were offered in March 1924 by Blyth, Witter & Co.
at 99V & int., yielding over 6 % . V . 118, p. 1141.
Ser. “ D ” 6s are red. all or part on any int. date on 60 days’ notice at 105
and int., provided, however, that in case of the sale to or other acquisition
of the co. s properties by any public corporation, the co. may at its option
and upon like notice redeem these bonds as a whole at 103 & int. In Feb.
1925, $3,000,000'were offered by Blyth, Witter & C o., Peirce, Fair & Co.,
Mercantile Securities Co. of Calif, and American Securities Co. at 101V &
int. V . 120, p. 955.
The 3-year 5 V % notes are red. as a whole only on any int. date on 30
days’ notice at 101 & int. up to and incl. Feb. 1 1926, thereafter at 100V
& int. up to and incl. Feb. 1 1927, and thereafter at 100 & int. $1,000,000
were offered in Feb. 1925 b y Blyth, Witter & C o., Peirce, Fair & Co.,
Mercantile Securities Co. of Calif, and American Securities Co. at 100 & int.
V. 120, p. 955.
EARN ING S.— For ye:ars ended Dec. 31:
Calendar Years—1924.
1923.
1922.
1921.
_
Gross oper. revenues_ $3,478,811 $3,202,441 $2,887,160 $2,526,184
Oper. exp., taxes, depr_. 1,812,161
1,597,059
1,453,590
1,307,775
Non-oper. rev. (net)___
$1,666,650
19,622
$1,605,382
9,776
$1,433,570
25,786
$1,218,409
28,961
Interest________________
Class “ A ” pref. divs____
Class “ B ” pref. divs____
Federal income tax_____
$1,686,272
961,648
444,208
149,360
50,349
$1,615,158
919,354
404,516
149,360
52,184
$1,459,356
894,219
387,016
112,020
50,033
$1,247,370
813,733
320,669
(See x)
Net to surplus_______
$70,707
$89,743
$16,068
$112,968
x Federal income tax included, year 1921, as deduction from gross
operating revenue.
OFFICERS.— Pres., Edwin O. Edgerton; V .-P . & Gen. M gr., G. H.
Wilhelm; 1st V .-P ., J. Y . Eccleston; 2d V .-P ., R . M . Fitzgerald; Sec. &
Treas., S. M . Marks.— V . 120, p. 828, 955., 1746, 2146.
EMPIRE GAS & FUEL CO. (DELAWARE).
Controlled by Cities Service Co.
ORG A N IZA TIO N .— Incorp. in Delaware June 1919. The following are
some of the subsidiary cos.: Empire Refining C o., Empire Gasoline C o.,
Empire Gas & Pipe Line C o., Empire Natural Gas C o., Empire Petroleum
C o., Indian Territory Illuminating Oil Co., and Cities Service Oil Co. (D el.).
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Produces high-grade refinable crude oil and also owns and operates a natural
gas system. Its oil properties are located in the Mid-Continent field in
Kansas, Oklahoma and Texas, and the natural gas business is conducted
principally in Kansas, Oklahoma and Missouri. Its business combines
the four essentials which constitute a complete unit in the oil industry,
namely, production, transportation, refining and marketing, and the natural
gas operations include production and trunk line distribution to numerous
markets. The co.’s reserves of oil and gas lands are among the largest
under any single management in America.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $75,000,000------------ All owned by Cities Service Co.
Pref 8% cum $500,000,000
non-voting ($100)---------------------8% x$30,494,950
___________
1st & coll trust mtge (closed) f 1916 6 g M -N
1,450,000 M ay 1 1926
guar ($500, &c) gold-c*\Bankers Trust
Co., New York, trustee.
lst&refcv$50,OOO.OOOSer“ A ” 1922 7 V g M -N 39,087,800 M ay 1 1937
Ser “ B ” $10,000.000--------- -11923 7 g M -N
4,869,100 M ay 1 1926
Ser “ C” $10,000,000------------7V
3,823,000 M ay 1 1937
($100, &c) gold------- c*&r* [Bankers Trust C o., New York, trustee.
Empire Refining Co 1st mtge I 1917 6 g F-A
784,000 Feb. 11927
& coll tr ($500, &c) guar(Guaranty Trust C o., New York, trustee,
prin, int & skg fd, gold___ l
x Of the amount outstanding a majority owned by Cities Service Co.
Bonds.— The 1st mtge. & coll, trust 6s are guar., p. & i., and skg. fund
by Cities Service Co. Semi-ann. skg. fund (M . & N.) retires over $1,700,000 annually. Red., all or part, until M ay 1 1923 at 103 and int., and
thereafter until maturity at 104 and int. V. 102, p. 1542.
The 1st & ref. conv. bonds Ser. “ A ” (V. 114, p. 1895) are red., all or part,
at 115 & int. during first year, and thereafter at 115 & int. less 1% for each
expired year from date of issue, but at par last six months.
Conv. into the 8% cum. pref. stock on the basis of the prevailing skg.
fund call price for the bonds and par for the pref. stock, with adjustment
for interest and dividends.
Co. obligates itself to maintain a minimum sinking fund for Ser. “ A
bonds, operating through Halsey, Stuart & C o., Inc., the amount of which
i f calculated to retire about 60% of the series by maturity, the skg. fund
operating quarterly, beginning Aug. 1 1922, through the purchase of bonds
in the market or by call by lot at 107V and int. during first year, less
V % for each expired year from date of issue, but at par last six months.
The Ser. “ B " bonds are red., all or part, at 1023^ and int. less V % for
each expired 6 months from and incl. M ay 1 1923. Conv. par for par with
adjustment for int., at any time up to 30 days prior to maturity or redemp
tion (except by skg. fund) into 1st & ref. conv. 7 V % bonds, Ser. “ C ,” hav
ing same maturity date. conv. privilege. &c., as outstanding Ser. “ A ” bonds.
Interest is payable in New York and Chicago.
The co. will provide a sinking fund to retire these Ser. “ B ” bonds at the
rate of 4 % of the issue annually by the purchase of bonds in the market up
to and incl. the prevailing call price or by call by lot at such call price.
Co. further will provide a purchase fund available to purchase at not exceed
ing par and int. bonds at rate of 6% of issue annually, such purchase fund to
be applicable from time to time in discretion of Halsey, Stuart & C o., Inc.
Interest payable in New York and Chicago.
These bonds, in opinion of counsel, are secured (subject to existing and
future pledges of oil in storage, purchase money and existing liens on prop
erty hereafter acquired) by a 1st mtge. on a part of the properties and, upon
retirement of $2,784,000 divisional bonds due 1926 to 1932 (mortgages
closed), by a 1st mtge. on all the properties now owned or hereafter acquired
by the parent co., and by a first lien upon all of the stocks of the subsidi
aries owned by the co. V. 114, p. 1895.
The Empire Refining Co. 1st mtge. & coll. tr. skg. fund 6s are guar.,
prin., int. & skg. fund, by Empire Gas & Fuel C o.,skg. fund retires over
$1,000,000 annually. These 6s are call, at 104 till Feb. 1921; then till
Feb. 1 1924 at 106; thereafter at 108. V. 104, p. 365.
EARNINGS.—-For 12 mos. ended April 30 1925, showed: Gross,
$48,351,612; net, $10,948,677; other income, $434,994;
total
net
earnings, $11,383,671; fixed charges, $6,601,577; net to pref. stock and
reserves ,$4,782,094.
OFFICERS.— Pres., Henry L. Doherty, New York.— V. 119, p. 1740,
2877; V. 120, p. 1326, 1585, 3186; V. 121, p. 197, 1460, 1788.
GAS & BY-PRODUCTS CO.
ORGANIZATION.— Incorp. in Delaware. Controls and operates the
following companies: Dallas Gas Corp. (owning all of the com. stocks of the
Dallas Gas Co. and County Gas Co., Dallas, Tex.); Natural Gas Producing
Co. of Louisiana; Excelsior Pipeline Co.; Morehouse Natural Gas Co., Inc.,
Bastrop, La.; Panola Oil & Gas C o., Panola County, Tex.; and the U. S.
Carbon C o., Bastrop, La.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Through subsidiaries, distributes gas to the city of Dallas and its environs,
serving a population of 248,000. Also produces and distributes natural
gas from the Monroe field in northern Louisiana. Has 555.409 miles of dis
tributing mains and 53,855 meters in service. The company also, through
subsidiaries, owns a pipe line and gas distributing organization and a carbon
black manufacturing company.
.
18
[V ol. 121,
PUBLIC UTILITIES
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $10,000,000 ($100)----------------$7,438,500 __________
Pref 7% cum $6,300,000($100)____7 Q-J
[2,700,000 ____________
First lien coll $3,000,000($1001 1924
7 g J-J
3,000,000 Jan 1 1939
$500 and $1,000) g old .c*.tf/N ew York Trust C o., N . Y ., trustee.
Stock.— Pref. is callable, all or in part, at any time at 110 and dividends.
Bonds.— First lien collateral 7s are secured by the pledge of the first mtge.
7% demand bonds of the following-named companies, which in effect make
these First Lien Coll. 7% bonds a direct first mortgage on the properties of
each: Natural Gas Producing Corp. of Louisiana, $1,953,500 (total, $2,000,000): Excelsior Pipeline C o., $500,000: Morehouse Natural Gas C o., Inc.,
$25,000; Panola Oil & Gas C o., $400,000; U. S. Carbon C o., $500,000
In addition to the foregoing, these bonds are secured by a deposit of all
(except directors’ shares) of the com. stocks o f the Dallas Gas Corp., Excel
sior Pipeline C o., Morehouse Natural Gas Co., Inc., U. S. Carbon Co.,
Panola Oil & Gas Co., and over 97% of the com. stock o f the Natural Gas
Producing Co. of Louisiana. Are convertible into 7% cum. pref. stock on
the basis of 12 shares of pref. stock for each $1,000 face value of the bonds.
Are redeemable on the first day of any month on 30 days notice at 107 Yi and
int. to and including Jan. 1 1929; 105 and int. after Jan. 1 1929, and on or
before Jan. 1 1935; thereafter at a premium becoming 1% less each year to
101 and int. during the last year of life. $3,000,000 were offered in April
1924 by Gladney & Watson, New Orleans, at 96Y and dividend, to yield
over 7.40% (with 50% bonus in com. stock). V. 118, p. 1916.
E A R N IN G S.— Preliminary earnings for the 12 months ended Dec. 31:
1924.
1923.
Gross earnings___________________________________$4,237,312 $3,299,028
Oper. exp., maint., taxes and prior fixed charges_ 3,663,948
_
2,840,353
RE PO RT.— For years ended Dec. 31:
1921.
Cal. Years—
1924.
1923.
1922.
Gas made (1,000 cu. ft .) . 1,503,654 1,461.159 1,296,120
1,248,638
1,113,926
Gas sold & used(M .cu.ft)
1,414,717 1,349,647 1,162,035
Gross income____________$1,689,654 $1,617,095 $1,412,156 $1,421,037
1,138.582
Total expenditures_____ 1,245,975
1,302,412 1,108,329
282,454
Earnings_______________
443,679
314.683
303.827
Dividends paid________
220,000
200.000
200,000
200,000
Appliances sold________
3,539
2,909
8,284
2.579
Unaccounted for gas____
5.91%
7.64%
10.31%
10.80%
OFFICERS.— Pres., E . B . Bennett; V .-P ., F. R . Cooley; V .-P. & Gen.
M gr., E. E. Eysenbach; Sec. & Treas., John A . McArthur.— V. 118, p. 913;
V. 120, p. 453.
INDIANAPOLIS WATER WORKS SECURITIES CO.
ORGANIZATION.— Incorporated in Delaware Dec. 30 1912. Owns
practically the entire $5,000,000 com. stock of the Indianapolis Water Co.
(see statement below).
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
$ 2 , 000,000
Common $2,000,000 ($100)_
1.500.000 Oct ’25,3)
7 A-O
P f 7% cum $2,500,000 ($100)
2.500.000 Jan 1 194S
_________________ ($1,000) 1913
6 g A-O
Coll trust $2,500,000________ , \____
gold___________________ c*/In t. at Pa. Co. for Ins. on L., &c., Phila., trus.
Stock.— Pref. is redeemable at 105 and divs. on any div. date on 30 days
notice.
Bonds.— The coll, trust 6s are secured by deposit of practically entire
$5,000,000 com. stock of Indianapolis Water Co. Sinking fund is provided
N et earnings___________________________________ $573,364
$458,675 for. Callable, all or in part, for sinking fund at 102>4 & int. on any int.
date.
Annual interest on first lien bonds________________ $210,000
OFFICERS.— Pres., C .
OFFICERS.— Pres., H. D . Walbridge; V .-P ., F. P. Hepburn; V .-P ., Lang; Sec., C. H. Weak.—H. Geist; V .-P ., H . S. Schutt; Treas., H. A
V. 96, p. 139, 422.
F. E. Haag; V .-P ., H. C. Morris; Sec., L. A. W ood; Treas., A. E. Wal
(1) INDIANAPOLIS WATER CO.
bridge.— V. 118, p. 1399, 1916.
Practically entire com. stock is owned by the Indianapolis Water Works
Securities Co. (see above).
,
ORGANIZATION.— Incorporated in Indiana in 1881.
HACKENSACK WATER CO.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Supplies water to Indianapolis, Ind. Company obtains its supply of water
O RGAN IZATION .— Incorporated under laws o f New Jersey in 1869
from the White River, supplemented by Fall Creek and approximately
FIE LD OF OPERATIONS A N D CH ARACTER OF BUSINESS — 64 driven wells.
Supplies water to 51 cities and towns in Hudson and Bergen counties, New
Rates.— V. 120, p. 330.
Jersey. Miles o f mains, 643.
In Oct. 1925 the Indiana P. S. Comm, authorized the co. to change its
STOCKS AN D BONDS— Date. Interest.
Outstanding.
Maturity. $5,000,000 com. stock, par $50, into 500,000 shares of com. stock of no
Common $6,000,000 ($25)_________
J-D
$5,125,000 Ju n e'25 3% par value. V. 120, p. 828; V . 121, p. 2036.
7 J-D
2,375,000 June ’25 3 Y
Pref 7% cum $4,000,000 ($25)______
STOCK AND BONDS.—
Date.
Interest. Outstanding. Maturity.
1st mtge $6,000,000 ($1,000)1 1902 4 g J-J
4,750,000 July 1 1952
Com 500,000 shs (no par)_________
_________ x500,000 s h s .--------------gold______________________/Hudson Trust C o., Hoboken, N . J., trustee.
1st & ref mtge $10,000,0001 1910 4)4 S J-J
3,781,000 July 1 1940
Debenture bonds series o f 1936
($1,000) gold__________ c*/In t. at Bankers Trust C o., N . Y ., trustee.
($100 &c) gold__________ c tf 1921
7 g J-D
2,000,000 Dec. 15 1936
First iien & ref mtge ($500 &\ 1923 5)4 g M-S 5,286,000 Mar 1 1953
Stock — 7 % preferred stock is cumulative and participating
Redeemable
$1,000) gold___________ c*/In t. at Fidelity Trust C o., Phila., trustee.
at 110 after three years from date of issue. On June 3 1925 stockholders
x Practically all owned by Indianapolis Water Works Securities Co.
increased the capital stock by authorizing an issue of $6,000,000 7% cum.
Bonds.— First & ref. mtge. 4K s are callable
pref., class “ A ,” stock, o f which about $1,150,000 would be sold to customers date. $4,712,000 are pledged as security for at 104 and int. on any int.
the first lien & ref. mtge.
and employees at $25 and $350,000 to stockholders. In Oct. it was reported
that $1,000,000 had already been subscribed for. V. 121, p. 2038. An- 5 3^s. Albert Baker, Indianapolis, co-trustee.
First lien
mtge. 5)4s are
deposit of $4,712,000 first &
This stock will be redeemable at 104 after 3 years from date of issue. ref. mtge. 4& ref. Redeemable, allsecured byon any interest date on four
)4s.
or part,
V . 120, p. 2941; V. 121, p. 1460.
weeks’ notice, at 105 & int. to and including March 1 1933; thereafter at
Bonds — 1st Mtge 5s are call at 105 and int The 7 % gold debenture 102)4 & int. to and including March 1 1943; thereafter at 101 & int. prior to
bonds o f 1936 are red as a whole at 105)4 on or before June 15 1929; at 104 maturity. Company agrees to reimburse holders resident in Penna. for the
to June 15 1931; at 103 to June 15 1933; at 102 to June 15 1935, and at 101 4 mills tax. In March 1923 Drexel & C o., Phila., and Brown Bros. & C o.,
to June 15 1936. V. 113, p. 2726.
N. Y ., offered $4,500,000 at 96 & int., to yield about 5.80% . V . 116, pDividends.— On pref., 3)4% s.-a. to June 1925. On com ., 3)4% s.-a. 1185, 1282.
from Dec. 1917 to Dec. 1920; June 1921 div. passed: Dec. 1921 paid 3 % EARNING S.—-For years ended D ec. 31:
Dec. 1922, 4 % ; June 1923, 3% ; Dec. 1923, 3% ; June 1924, 3 % ; Dec.
1921.
1922.
1923.
1924.
1924, 3% ; June 1925, 3% .
$1,840,971 $1,696,564 $1,550,306
Operating revenues_____$2,141,953
479,942
436,080
535,724
Operating expenses_____
611,446
EARN IN G S.— For calendar year 1924:
245,784
311,464
338,800
Taxes assigned to oper__
421,722
Gross earnings_______________________________________________ $2,285,897
83,158
87,206
89,610
138,749
1,549,175 Depreciation__________
Operating expenses, taxes and depreciation___________________
817,952
785,284
876,837
Net operating income___
970,036
22,661
28,034
25,531
27,728
N et earnings______________________________________________
$736,722 Non-operating incom e..
807,945
902,368
845,986
997,764
Other income________________________________________________
15,708 Net earnings__________
285,847
384,619
285,743
Interest_________
432,601
1,436
1,702
1,327
2,898
Total income______________________________________________
$752,430 Penn. State tax refund _ _
6,274
6,300
18,401
20,372
Bond interest________________________________________________
$330,000 Amort, of bond discount
1,502
3,774
1,807
Cr.539
Other interest, amortization, &c_____________________________
40,052 Miscell. deductions_____
39,015
Federal income tax-----------------------------370,052
Net corporate income.
$542,232
$493,872
$550,809$473,871
LATEST EARN ING S.— For 12 mos. end. Aug. 31 1925: Operating
Balance available for dividends____________________________
$382,378
OFFICERS.— Pres., Robert W . de Forest; V.-Ps., Hamilton F . Kean revenues, $2,280,014; net after taxes, &c., $1,104,869; other income,
and Henry L. de Forest; Sec. & Treas., Earle Talbot.— V. 120, p. 2146, $28,825; interest, amort., &c., $478,463; bal., sur., $655,232.
OFFICERS.— Pres., C . H. Geist; V .-P ., H . S. Schutt; Treas., H . A .
2268, 2815, 2941, 3314; V . 121, p. 585, 1460, 2038.
Lang; Sec., F. C. Jordan; Gen. M gr., C. E . Davis.— V . 119, p. 1741;
V. 120, p. 86, 330, 828, 2400; V. 121, p. 2038.
HARTFORD CITY GAS LIGHT CO.
ORGANIZATION.— Incorp, in Conn, in May 1848.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Does the entire gas business in Hartford, West Hartford, East Hartford
Fire District, Wethersfield and Manchester, Conn. Also sells gas to the
company which supplies Windsor Locks, Thompsonville and Enfield. Has
249 miles o f mains; 45,205 meters. Franchises are stated to be unlimited
as to time.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common stock ($25)________ _____
_______
$2,250,000 S ept’25,50c
Preferred 8% ($25)________________
8%
750.000 S ep t’25.50c
1st mtge $1,000,000 ($1,000)) 1905
4 g J-J
750,000 July 11935
g o ld ___________________ c*/In t. at Hartford-Connecticut Trust C o.,
I Hartford, trustee.
The Dallas Gas Company
First Mortgage 6s. due 1941
County Gas Company
First Mortgage 6s. due 1941
Gas and By-Products Company
First Lien Collateral 7s. due 19 39
7 % Cumulative Prefer, ed Stock
Common Stock
KANSAS CITY GAS CO.
Controlled by Cities Service Co.
O R GAN IZATION .— Incorp. in Missouri in 1906. In 1920 purchased
the property of the Kansas City, M o ., Gas Co.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
The company supplies natural gas in Kansas City, M o., where it operates
without competition, serving an estimated population o f over 350,000 per
sons . Property includes gas holders with an aggregate capacity o f 7,000,000
cu. ft., regulator stations, pumping apparatus and a distributing system
with 561 miles of high and low pressure mains.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Common stock ($100)--------------------—- - - - $312,500 — ------------1st pref 6% cum ($100)--------- -------Q-J
4,217,000 ---------------2d pref non-cum ($100)--------- -----------------1,600,000 ---------------1st mtge Ser “ A ” ($500
1922
6 g F-A
2,500,000 Feb 1 1942
$1,000 c* and $1,000, $5,-/I n t. at National City Bank, N . Y ., and
000 & $10,000 r*) g _____tf l Commerce T r . C o., Kansas City, M o.,trus
Stock.— Common stock entitled to dividends prior to 2d pref.
Bonds.— The first mtge. 6s, Series “ A ,” are non-redeemable prior to ma
turity. Penna. 4-mill tax refunded. In Feb. 1922 National C ity Co.
offered $2,500,000 at 97H & int., yielding over 6.20% . V . 114, p. 634.
EARNING S.— For years ended Dec. 31:
Calendar Years—
1924.
1923.
1922.
Operating revenue_________________ - $4,001,084 $4,039,232 $3,663,464
Operating expenses, incl. taxes______ 3,288,753
3,266,836
2,905,538
Non-operating revenue.
$712,330
156.633
$772,395
159,366
$757,925
139,738
$931,762
$897,664
Gross income____________________
$868,963
206,700
206,700
Less amt. res. for replace. & renewals.
210,800
148,419
188.146
Less first mortgage interest_________
146,985
576,643
502.817
Net income_________________________
511,178
318,020
318,020
Dividends paid____________________
414,020
184,797
258,623
Surplus____________________________
97,158
OFFICERS.— Pres., Geo. E . Nicholson; V .-P . & Gen. M gr., C . W .
Green; Treas., J. M . Kemper; Sec., M . J. Barry.— V . 119, p . 586.
LACLEDE GAS LIGHT CO.
Pask & Walbridge
Fourteen Wall Street
New York City
Controlled by Laclede Gas and Electric Co.
ORGAN IZATION .— Incorp. in 1857 and in 1889 secured control o f all
the other gas companies in St. Louis. Operates under perpetual franchises.
In June 1909 the $7,400,000 common stock held by the North American
Co. was sold to a syndicate. V . 88. p. 1563; V . 76, p. 545, 922; V . 78, p.
1273; V. 80, p. 1000. On M ay 1 1924 a majority of the com. stock was
acquired by the Laclede Gas Light and Electric Co.
The Missouri P. S. Commission in Feb. 1923 directed the company to
make a reduction of 5 cents per 1,000 cu. ft. in its gas rates, which at that
date were $1 05, 95 cents and 85 cents for various quantities used. V . 116,
p. 944.
Oct., 1925.]
GAS AND WATER
New company to be formed to acquire electric system o f company and its
-subsidiaries in order to facilitate financing, see V. 121, p. 1678.
STOCK AN D BONDS.— Date.
Interest. Outstanding.
Maturity
Q— M
$10,700,000 Sept’25, 2%
Common $37,500,000 (S100)_______
Pref 5% cum $2,500,000 ($ 1 0 0 )____
6 J-D
2,500,000 Sept’24, 2 K
R ef & ext mtge $20,000,0001 1904 5 g A-O
10,000,000 April 1 1934
($1,000) gold_________c*tf /Bankers Trust C o., N . Y ., and Miss. Valley
Trust C o., St. Louis, trustees.
1st mtge coll & ref Series " C ” \ 1923
5K g F-A 17,500,000 Feb 1 1953
($100, &c) gold___ c*&r*tf f Tnt. payable in New York and St, Louis.
/in t. payable in New York & St. Louis.
5M F-A
$3,000,000 Aug 11935
5 K % g notes ($1,000)_____tf( 1925
\Guar. Trust Co. of N . Y ., trustee.
Bonds.— Ref. & exten. 5s o f 1904 ($20,000,000 auth. issue). In addi
tion to $10,000,000 reported outstanding, $10,000,000 are pledged to secure
the 1st mtge. coll. & ref. bonds. Listed on the New Y ork and St. Louis
stock exchanges. See V. 78, p. 1273, 1395; V. 79, p. 1644; V . 80, p. 470;
V. 83, p. 1169; V. 91, p. 1331; V. 92, p. 666; V. 93, p. 1195.
The first mtge. collateral & refunding bonds o f 1919 (V. 108, p. 273)
must at no time exceed the auth. issue o f capital stock as from time to time
fixed; they are issuable in series with such maturities, interest rates and re
demption and conversion rights as may be determined for each series.
The Series C bonds are red., all or part, as follows: Prior to Feb. 1 1933,
at 105; on and from Feb. 1 1933 to Feb. 1 1943, at 103; on Feb. 1 1943 and
thereafter, at 102, except during last 6 months, when bonds will be red. at
100. Free from Penna. State tax. V. 116, p. 184.
Additional amounts o f the bonds may be issued as follows: (1) T o refund
a like amount o f refunding & extension mtge. bonds due April 1 1934,
$10,000,000; (2) for general corporate purposes, $3,000,000; (3) for perma
nent impts., &c., or new property for not exceeding 80% o f cash cost, pro
vided net earnings are not less than 1 % times the annual interest charge on
all bonds, including those applied for; or (4) instead the company may, at
Its option, issue bonds at 75% o f cost when net earnings are not less than
I K times interest charges.
The 10-yr. 5 K % g. notes, 1925, are redeemable at the option of the
company in whole or in part, on any interest date after 30 days’ notice, at
101 % and int., incl. Aug. 1 1930, thereafter at par & int. Interest payable
in New York and St. Louis. Penn. 4-mill tax refundable. Guaranty Co. of
N . Y ., Union Trust Co. of Pittsburgh, W . A. Harriman & Co., Inc. and
Halsey, Stuart & Co., Inc., sold in Aug. 1925, $3,000,000 at 98K and int.,
to yield about 5.70% .— V. 121, p. 839.
Company applied to Missouri P. S. Commission for authority to issue
$3,000,000 20-yr. 6% g. notes (callable at not more than 104) to be sold
at not less than 94 M, to finance improvements and extensions. This
supersedes the petition o f Oct. 1924 to sell $3,000,000 Common stock.—
V. 121, p. 75.
Paid in 1925: March, June and Sept. 15, 2% quar.
LATE DIVS. 1 T 1-T6. T7. '18. T9. ’20-’21. ’22. 1923.
1924.
7 1% None 5K 7&7extra 7K&1 extr.
Comm on_______ / 7 y ’rly. 17
Also paid 10% extra in stock in 1911.
R E PO RT.— For calendar year 1924, in V. 120, p. 829, 957 showed:
Year—
Gross.
Net.
Interest. Pref.Din. Com.Dir. Bal.,Sur.
1924____ $8,146,866 $3,340,019 $1,573,083 $125,000
$882,750 $759,186
1923____ 7,984,350 3,345,556 1,584,643 125,000 1,498,000 137,912
1922____ 7,869,188 2,796,907 1,707,262 125,000
561,750 402,896
1921____ 7,137,481 1,536,196 1,740,141 125,000
*328,945
* Deficit.
OFFICERS.— Chairman of Board, Chas. A. Munroe: Pres. Geo. B.
Evans; V .-P. & Gen. M gr., G. B. Evans; V.-P. & Sec., W. H. Whitton;
Treas., W . S. Dodd. Office, Eleventh & Olive Sts., St. Louis, M o.—
V. 119, p. 1963, 2287 ,2411, 2647; V. 120, p. 331, 829, 957; V . 121, p. 75,
329, 839, 1678.
LOS ANGELES SUBURBAN GAS CORPORATION.
ORGAN IZATION .— Incorp. in Dalaware Apr. 9 1923. Owns 14,989
shares (being entire amount except 11 directors’ qualifying shares) of the
outstanding com. stock of the Southern Counties Gas Co. of Calif, (see
below) and $1,250,000 1st Mtge. 6% bonds and 20,000 shares of com.
stock (being the entire outstanding bonded debt and capital stock) of the
Industrial Fuel Supply Co.
CH ARACTER OF BUSINESS.— A holding company.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common 43,000 shs (no p a r ) . . ____
_________ 54,000 shs
See text
1st lien coll tr $4,000,0001 1923
7 g M-S
$3,810,000 Mar 11938
($100, $500 & $1,000) {Central Trust Co. o f Illinois, Chicago,
g o l d _________________ c * tf[ trustee.
Bonds.— 1st lien coll, trust bonds are secured through pledge of all the
outstanding 1st mtge. bonds and capital stock, by first lien upon the fixed
properties o f the Industrial Fuel Supply Co. and by pledge of the entire
common capital stock, less directors qualifying shares, o f Southern Coun
ties Gas Co. o f California. Sinking fund is provided for under indenture
which obligates the co. to pay to the trustee semi-annually, first payment
to be made Sept. 1 1923, an amount equivalent to $400,000 annually, such
payments to be used as far as necessary to pay int. and the balance to retire
bonds either by purchase in the open market or call at not exceeding the
redemption price. Red. all or in part on any int. date up to and incl.
Sept. 1 1927 at 105 & int., the premium decreasing K o f 1% on each Mar. 1
thereafter until a redemption price o f 101 & int. is reached, which continues
to maturity. Penna. and Conn. 4-mill tax and Maryland securities tax
and Mass, income tax not in excess of 6% refunded. In April 1923 $4,000,000 were offered by Central Trust Co. o f Illinois, H. T. Holtz & Co., Chi
cago, and Hambleton & C o., N . Y ., at 100 & int.
Dividends.— Regular quar. divs. o f 75c. per share (payable Q.-J.) paid
since organization.
OFFICERS.— Pres., C. O. G. Miller; V .-P ., A. Schilling, Charles H.
Dickey and Bernard W . Ford; Sec. & Treas., R. W . Miller.— V . 116, p.1769.
SOUTHERN COUNTIES GAS CO. OF CALIFORNIA.
Controlled by Los Angeles Suburban Gas Corp.
O RGAN IZATION .— Organized in 1911 to acquire the properties and
business of predecessor cos. engaged in distributing gas for domestic and
industrial purposes in Orange and Los Angeles counties. Subsequently
acquired other properties.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Territory served includes 46 communities and towns in Los Angeles, Santa
Barbara, San Bernardino, Orange and Ventura counties. Has 407.72 miles
o f high pressure transmission mains and 1582.83 miles of distribution mains.
Has 13 holders; storage capacity, 3,480,000 cu. ft.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common, $12,500,000 ($100). ................._........... $1,500,000 ____________
Pref, 8% cum $1,250,000($100)____
_________
1,250,000 O c t .’25 2%
Pref 7% cum $11,250,000($100)____
_________ 1,250,000 O c t .’25 1 M
1st Mtge $10,000,000 ($100,1 1916
5K g M -N 8,312,000 M ay 1 193o
$500 & $1,000) g old-_c*tffIn t. at Central Tr. Co. of 111., Chicago and
1 Pac.-Southw. Tr. & S. Bk., Los Ang., Tr.
10-year conv coll tr $l,000.-[ 1920
8 g J-D
469,900 Dec 1 1930
000 ($100, $500 & $1,000).c l Int. at Pac.-Southwest Tr. & Savs. Bk., Los
[ Ang., & Cent. Tr. Co. o f 111.. Chic., I1L
Bonds — 1st mtge 5K s have sink, fund equal to 2% o f the outstanding
bonds. Are call, at 102K and int. on any int. date. In June 1916 E. H.
Rollins & Sons and Powell, Garard & Co. offered $2,500,000 1st mtge. 5K s
at par and int. V. 102, p. 2081. In March 1922, Girvin & Miller, Inc.,
and Blyth, Witter & Co., San Francisco, offered at 90 and int., to yield about
6.60% $400,000 1st mtge. 5K s. V. 114, p. 956. In Sept. 1922 $340,000
were offered by Blyth, Witter & C o., N . Y ., &c., at 95K and int., yielding
about 6% . V. 115, p. 1218. In June 1923 Blyth, Witter & Co., E. H,
Rollins & Sons and First Securities Co. offered $1,000,000 at 92K and int.,
yielding about 6 K % . V. 116, p. 3007. In Sept. 1923 Blyth, Witter &
C o., E. H. Rollins & Sons and First Securities Co. offered $800,000 at 92K
and int. V. 117, p. 1471.
The 10-year conv. coll. tr. 8s are conv. into 1st mtge. 5K s at par for 85
or the first 5 years, and par for 90 for the last 5 years. Secured by deposit
19
of 1st mtge. 5K s equal in amount to 131.25% of the par value of coll. tr. 8s.
are call, on any int. date at 102. $400,000 were offered in Dec. 1920 by
Gervin & Miller, San Francisco. V. I l l , p. 2431.
EARNINGS.— For years end. Dec. 31:
Calendar Years—
1924.
1923.
Gas earnings____________________________________$5,204,081
$5,710,445
Miscellaneous income___________________________
59,438
94,422
Total income___________________________________ $5,263,519
Operating expenses_____________________________ 3,084,968
Taxes, including Federal income taxes___________
536,409
Depreciation____________________________________
380,170
597,332
Bond and miscellaneous interest, &c____________
Preferred dividends (8 % )________________________
lOO,000
Common dividends (1 4 % )______________________
210,000
$5,804,867
3,888,020
520,457
350,610
548,437
99,182
2lO,000
Balance, surplus______________________________
$354,639 $188,161
Profit and loss, surplus_______________________ _
1,387,335 1,212,402
Latest Earnings.— For 12 months ended Aug. 31 1925:
Gas earnings_________________________________________________ $5,027,915
Total income__________________________________________________$5,016,497
Operating expenses_____________________________________________ 3,019,245
Taxes, including Federal income taxes________________________
495,000
Depreciation__________________________________________________
383,095
Bond and miscellaneous interest, &c_________________________
569,124
Preferred dividends (8 % )_____________________________________
100,000
Preferred dividends (7 % )_____________________________________
11,785
Common dividends (14% )_____________________________________
210,000
Balance, su rplus.._________________________________________ $222,248
Profit and loss, surplus_______________________________________ $1,632,201
OFFICERS.— Pres. & Gen. M gr., F. R . Bain; V .-P ., A. Schilling:
V. P. & M gr., F. S, Wade; V .-P ., C. H. Dickey; V .-P ., A. S. Bradford;
Sec. & Aud., Walter S. McFarland; Treas., T. H. Dudley.— V. 119, p. 2763;
V. 120, p. 1882.
LONG ISLAND WATER CORPORATION.
Controlled by Associated Gas & Electric Co.
O R GAN IZATION .— In 1925, incorporated in New York as a successor
to the Queens County Water C o., which was incorporated in 1884. Com
pany serves a rapidly growing section of the City of New York, and a large
territory adjacent to the city, including, among others, Lynbrook, Valley
Stream, add the closely connected towns of Lawrence, Cedarhurst, W oodmere and Hewlett. Company’s pumping and distributing system, con
sisting o f a large number of wells, 2 pumping stations and approximately
260 miles of mains, supplies one and a half billion gallons annually to this
rapidly growing territory. In Aug. 1925 merged the Roosevelt (N. Y.)
Water Power & Light Co. V. 121, p. 1101.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common (no par)___________ _____
_______
20,000 shs. ---------------First pref (pref value)________ _____
_______
$532,000 ---------------Second pref (pref value)_ \ -------_ -------------437,000 ---------------First mtge gold ($1,000).* c .tfj 1925
5K gM -N
3,006,000 M ay 1 1955
\Int. at Guaranty Trust C o., N. Y ., trustee.
Bonds.— 'The first mtge. goldbonds, due M ay 1 '1955, are secured by a
direct first mortgage on the entire physical properties o f the company.
Additional bonds (other than for refunding purposes, par for par) may be
issued only to the extent o f 80% o f the net expenditures for permanent
extensions, enlargement and additions after M ay 1 1925, o f and to the
properties, provided net earnings for twelve consecutive calendar months
o f the fifteen months immediately preceding shall have been equal to at least
1% times annual interest charges on all first mortgage bonds outstanding,
and for the issuance of which application is then made. Redeemable, all
or part, on the first day o f any month upon 60 days’ notice at 105 on or
before M ay 1 1956, and thereafter at a premium decreasing 1 % every twelve
months until maturity, plus interest in each case. Penn, and Conn. 4 mills
taxes and the Mass, income tax o f 6% refunded. In M ay 1925 Marshall
Field and Glore, Ward & C o., sold $3,000,000 at 98K and int., to yield
5.60% . V. 120, p. 2401.
-----------------May 31---------—— Cal. Year
EARNING S.— Years ended— 1922.
1923.
1924.
1924.
Gross revenues_________________ $452,332 $492,330 $527,071 $567,857
Oper. exp., maint. & taxes (except
207,069
223,909
226,737
Federal income tax)__________ 201,780
$250,552 $285,261 $303,162
Interest on total mortgage debt______________________________
$341,120
165,000
Balance available for depreciation. Federal income taxes, & c._
— V. 120, p. 2401; V. 121, p. 706, 1101.
$176,120
MASSACHUSETTS GAS COMPANIES.
ORGANIZATION.— A voluntary association formed in October 1902,
per plan in V. 74, p. 1311. The Massachusetts Gas Cos. own $16,247,600
of the $16,259,600 stock of Boston Consol. Gas Co.; also the $25,500,000
capital stock of the New England Fuel & Transportation Co. (see V. 109,
p. 1705), $1,268,000 stock of Citizens GasLt. Co. of Quincy .Mass., 71,269 K
shares of stock of Beacon Oil C o., &c. V. 100, p. 1575,1690; V. 108, p. 274.
Effective June 30 1917 the New England Fuel & Transportation Co. (of
M ass.), whose capital stock is all owned by the Massachusetts Gas Cos.,
took over all the property of the New England Gas & Coke C o., Boston
Tow Boat Co. and Federal Coal & Coke Co.; and the capital stock and all
the property of New England Coal & Coke Co. (except business of purchas
ing and selling coal). Early in 1924 acquired the entire capital stock of the
Mystic Steamship Co. V. 105, p. 2189, 2003, 613; V. 104, p. 2122; V. 99,
p. 1455; V. 93, p. 232.
The New England M fg. C o., the munition co. (in process of liquidation)
retired during 1920 2,225 shares at $100 per share, leaving outstanding
275 shares of which 130K shares are held by Massachusetts Gas Cos.
Beacon Oil C o. was organized early in 1919 with a capital of $2,500,000 to
enable the Massachusetts Gas C o.’s owning stock control to enter the„oil
refining business. V. l68, p. 2334: V. 112, p. 476.
The M ystic Iron Works, Everett, Mass., owned by the Kew England
Fuel & Transportation Co. in turn controlled by the Mass. Gas Cos., in
creased in Aug. 1925 its capital stock from $2,000,000 to $3,000,000,
authorizing 10,000 additional shares to be sold for cash at $100 par. V. 121,
p. 979.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Boston Consol. Gas Co. operates gas generating plants at Everett, Com
mercial Point, Calf Pasture, Allston, &c. Gas is sold and distributed
for consumption in Boston and suburbs.
STOCK AND BONDS.—
Date. Interest.
Outstanding.
Maturity.
Common $25,000,000 ($100) _
Q-F
$25,000,000 N o v '25 1 K
Pref. 4% cum. $25,000,600
($100)__________________________
4 J-D
25,000,000 June ’24 2%
Sinking fund bonds ($1,000)1 1909
4 K g J-J
3,341,000 Jan 1 1929
gold______________c*&rntf Jlnt. at Old Colony Trust Co., Boston, trustee
Debentures gold ($1,000) red)
1911 4 K g J - J
4,000,000 Dec 11931
at 105________________ n tf/I n t. at Old Colony Trust Co., Boston, trustee
Coup gold notes ($1,000, &c)l
1924 5 g A-O 15 5,000,000 Apr 15 1927
Call at 100_______________/in t . at Old Colony Trust C o., Boston, trustee
Bonds.— The $6,000,000 4 Ks of 1909 have a sinking fund of $120,000 per
annum for first 5 years and $180,000 thereafter. No mortgage or pledge of
assets can be made without equally securing the bonds. Are red. at 105.
V. 88, p. 104, 161. Debentures, see V. 93, p. 1671; V. 94, p. 283. Threeyear gold notes, V. 118, p. 2050.
Dividends.— 1'07-'10. ’ 11-'12.’ 13. ,14-’ 16. ’ 17 .’ 18-’20. ’21."22.!’23. ’2 4 .’25
On common % )3 yrly 4 yrly. 4K
5
6K
7 6K 5
5
5 5
RE PO RT.— For 1924, in V. 120, p. 2147, showed:
Calendar
Total
Int., &c.. Preferred
Common
Balance,
Years—
Income.
Charges.
Dividends. Dividends. Sur. or Def.
1924_________ $3,143,097 $767,780 $1,000,000 $1,250,000 sur$125,317
1923_________ 3,438,782
618,465
1,000,000
1,250.000
sur570.317
1922...........
2,947,983
641,655
1,000,000
1,250.000
sur56,328
1921...........
2,970,267
691,775
1,000,000
1,541,666
def263,175
1920.............- 3,474,946
620,466
1,000.000
1,750,000
surl04,480
20
[V ol. 121.
PUBLIC UTILITIES
For earnings three months ended March 31 1925, see V . 120, p. 2267.
For six months ended June 30 1925, see V . 121, p. 458.
Latest Earnings.— Combined net earnings available for divs. of sub. cos.:
For 9 mos. end. Sept. 30 1925: Sub. gas cos., $997,268 (against $861,381
in 1924); commercial cos. (not incl. Beacon Oil C o.), $1,059,738 (against
$985,746 in 1924). Total, $2,057,006 ($1,847,127 in 1924).
OFFICERS.— Pres., James L. Richards; V .-P ., R . Grant; Sec., A . S.
Bull; Treas., E. N . Wrightington. Office, Minot Bldg., Boston.
TRUSTEES.— Robt. Winsor, Chairman; Charles F. Adams, Leverett
Saltonstall, Joseph B. Russell, Frederic E . Snow, Edwin S. Webster,
James L. Richards, H. Wendell Endicott, E. M . Richards, Robert Grant.
— V. 120, p. 454, 2267; V. 121, p. 458, 979, 2038.
METROPOLITAN GAS & ELECTRIC CO.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
A holding company. Controls, among other companies, the Central
Indiana Gas Co. and Mobile Gas Co. (see separate statements below).
Also controls M t. Clemens Gas Light Co.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $6,000,000 ($10)_________
_______
$3,999,580
See text
Pref 6% non-partic. $6,000,000
($100)------------ ----------- ------------ ----------2,295,300
See text
No funded debt.
Dividends.—-On preferred regular dividends at rate of 6% per annum
paid. On com. (dividends prior to 1917 not available) paid 3% in 1917;
in 1918, 1% ; none to 1924, when 4% was paid; 1925, 1% each euqrter for
the first three quarters.
OFFICERS.— Pres., Rufus C. Dawes; V .-P . & Treas., R . Warner; Sec..
H. B . H u rd — V. 102. p. 2258, 2345.
(1) CENTRAL INDIANA GAS CO.
Controlled by Metropolitan Gas & Electric Co.
O RGAN IZATION .— Incorporated Feb. 7 1888 in Indiana.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Supplies manufactured and natural gas in the east-central part of Indiana
and operates in Grant, Blackford, Madison and Delaware counties, Ind.
The company distributes natural gas from West Virginia fields through its
artificial gas distributing system.
STOCK AN D BONDS—
Date. Interest.
Outstanding. Maturity.
_______
$5,000,000 __________
Common $5,000,000 ($100)________
Pref 7% cum $1,900,000___
7%
356,500 __________
Pref 8% cum $1,412,900 ( $ 2 5 )____
_______
100,000 __________
First mtge $5,000,000 ($1,-/
1911 5 g M-S
2,302,000 Sept 1 1931
000) gold sink fund--C*.tf Jlnt. at Cont. & Comm. Tr.& S.B., Chic,trus.
Debenture $1,000,000 ($100,/
1915 6 g M -N
475,000 N ov 1 1925
$500 and $1,000)_________ JInt. at Central Trust Co. of 111., Chic., trus.
Bonds.— The first mtge. 5s are redeemable at 102 and int. on any int.
date. Mortgage provides for annual sinking fund to retire bonds beginning
Jan. 15 1917 of a sum in cash equal to 2 % o f all bonds certified. Frank H.
Jones, co-trustee. Penna. 4-mill personal property tax refunded. In June
1916 $2,100,000 first mtge. 5s were offered by E. H. Rollins & Sons and
A. B. Leach & C o., New York and Chicago, at 94M & int. V. 102, p. 2256.
The debenture 6s are redeemable at 101 and interest on any interest date.
We were advised that these debentures would be paid o ff on the maturity
date, N ov. 1 1925.
Dividends.— Arrears on 7% pref. paid up in 1917. Regular divs. on 8%
and 7% pref. paid since. On com. 1% was paid in 1917. In 1920, 2% :
in 1921, \% % \in 1922, 2% ; in 1923, 2% ; in 1924, 2 % ; in 1925, y % each
quarter for the first three quarters.
Earnings.— For years ended Dec. 31:
Calendar Years—
1924.
1923.
1922.
G r o s s ..____________________________ $1,395,560 $1,464,794 $1,344,173
Net, after taxes____________________
367,615
355,697
334,344
Bond interest______________________
147,314
149,827
151,384
Balance, surplus___________________
220,301
205,870
182,960
OFFICERS.— Pres., J. H. Maxon; V .-P ., H. R. Maxon; Treas., F. B.
Tracey; Sec., Geo. W . Cromer.— V. 116, p. 2641.
(2) MOBILE GAS CO.
Controlled by Metropolitan Gas & Electric Co.
ORGAN IZATION .— Was established in 1834. In Oct. 1925 Alabama
P. S. Comm, granted issuance o f $185,000 additional series A bonds.
V. 121, p. 2038.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Company does, without competition, the entire gas business in the city of
Mobile and suburbs.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common 6,000 shares (no p a r ) ____
_______
6,000 shs. __________
Pref 8% cum $1,000,000__________
_______
$500,000 __________
1st mtge Ser “ A ” $5,000,0001 1921 7 g J-D
1,475,500 Dec 1 1951
($500 & $1,000) gold._c*.tf/C entral Trust Co. of Illinois, Chicago, trust.
Bonds.— The first mtge. Series “ A ” 7s are redeemable on any int. date
at 110 and int. up to and including Dec. 1 1926, and thereafter up to ma
turity at 105 and int. Interest payable at First National Bank, N . Y ., or at
office of trustee, Chicago. I n N o v .l9 2 3 H .T . Holtz & C o ., Chicago, offered
$725,000 Series “ A ” 7s at 100 and interest. V . 117, p . 2331.
Dividends.— Regular dividends are being paid on pref. stock. No divi
dends have been paid on present common.
EARN INGS.— For years ended Dec. 31:
Calendar Years—
1924.
1923.
1922.
Gross______________________________
$481,221
$468,480
$469,190
Net, after taxes...............
168,186
167,108
135,849
Bond interest______________________
100,730
104,496
97,518
Balance, surplus___________________
67,456
62,612
38,331
OFFICERS.— Pres., R . C. Qawes; V .-P . & Treas., R . Warner; Sec.
H. B. Hurd.— V. 118, p. 1529, 2313; V. 121, p. 2038.
MINNEAPOLIS GAS LIGHT CO.
United Gas Improvement Co. owns one-half of the common stock.
Receivers Discharged.— On Oct. 9 1924 C. T . Jaffray and A . T . Rand
were discharged as receivers for the company by order o f the U. S. District
Court. V. 119, p. 2072.
Gas Rate Cut 2c. to 93c. per 1,000 cu. ft. V. 121, p. 1569.
O R G A N IZA TIO N .— Incorporated in 1870 in Minnesota.
FIELD OF OPERATIONS A N D C H ARACTER OF BUSINESS.—
Furnishes gas without competition to the city o f Minneapolis. Property
includes a coal and water gas manufacturing plant with a daily capacity of
17,000,000 cu. ft., four holders with a capacity o f over 8,700,000 cu. ft., and
704 miles o f mains serving 112,302 customers.
STOCK AN D
BONDS— Date. Interest.
Outstanding Maturity.
Common $2,500,000 ($50)-----------------------$2,199,800 Oct ’252%
Preferred 7 % _____ $1,000,000
7 Q-M
474,900 ---------------First gen mtge $10,000,0001 1903 5 g M-S
5,219,000 Feb 1 1930
($1,000) gold__________ c* /In t. at Equitable Trust C o., N . Y ., trustee.
Secured notes ($500 & $1,000)\ 1924 6 g F-A
2,000,000 Feb 1 1930
gold_________________ c*.tf/M innesota Loan & Tr. C o., Minneap.. trus.
Stock.— Auth. amount o f pref. is $2,500,000. M ay be issued in series
and the different series may bear different div. rates. Has no voting power
except whenever four full quar. divs. are in arrears and until all defaulted
divs. have been paid in full. The 7% pref. stock is red. all or in part on
any div. date at 110 and divs. V. 120, p. 2012.
Bonds.— The first gen. mtge. 5s are callable on any interest date at 105 and
interest. A supplemental mortgage provides for the annual payment of
$147,000 to the trustee to redeem these bonds at 102y and int. $2,200,000
are deposited as security for the $2,000,000 6% secured notes. In March
1910 E ..H . Rollins & Sons, Chicago, offered $3,000,000 first gen. mtge. 5s
at a price to net 5% income. V. 90, p. 631.
Notes.— Are secured by deposit o f $2,200,000 first gen. mtge. 5s. Addi
tional notes may be issued for 100-110-ths o f first gen. mtge. bonds so
deposited. Redeemable, all or part, on any int. date on 30 days’ notice at
102 H and int. up to F eb .-l 1925, with successive reductions of y of 1%
of the principal on each Aug. 1 to Aug. 1 1929, on which latter date the
notes are redeemable at 100 and int. Penna. 4 mills tax, Conn. 4 mills tax.
District o f Columbia and Maryland 4 y mills tax and Mass. 6% income
tax refunded. In Sept. 1924 E . H. Rollins & Sons, N . Y .; Minnesota Loan
& Trust Co. and Minneapolis Trust Co. offered $2,000,000 secured 6% notes
at 100 and int. V 119, p. 1403.
EARNING S.— For 12 months ended Dec. 31;
Calendar Years—
1924.
1923.
Gross income___________ $3,667,840 $3,640,076
Expenses and taxes_____ 2,702,179
2,691,659
Depreciation----------------180,840
174,194
374,422
349,704
Interest charges, &c____
Sinking fund__________
______
______
1922.
1921.
$3,355,332 $3,829,944
2,599,186 2,724,013
163,286
154,107
338,503
352,853
9,000
210,959
Net income_________
$410,399
$424,519
$245,357
$388,012
Latest Earnings.—-12 months ended Aug. 31 1925: Gross, $3,612,603;
exp. & taxes, $2,649,489; depreciation, $183,128; interest, &c., $420,200;
net income, $359,786.
OFFICERS.— Pres., Alonzo T . Rand; V .-P ., A. H. Rand: V .-P ., A . R .
Rand; Sec., E. W . Brace.— V . 119, p. 2647; V . 120, p. 957, 1328, 2012;
V . 121, p. 1569, 1789.
MUNICIPAL GAS CO. (OF NEW YORK).
O R GAN IZATION .— Organized in N . Y . in 1885.
Proposed Merger.— The Mohawk Hudson Power Corp., organized in New
York in M ay 1925, proposed to acquire a majority of the capital stock by
exchange on the following basis: for each share M u d . Gas Co. stock, 2 pref.
and V com. share M oh. Huds. Pow. Corp. V . 120, p. 2550, 2944; V . 121,
2
p. 330. See also under “ Mohawk Hudson Power Corp.”
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Does entire commercial electric light and power and gas business in
Albany, N. Y ., and in adjacent communities.
STOCK AND BONDS—Date.
Interest.
Outstanding
laturity.
Common $10,000,000 ($100)______ _______
$7,500,000 __________
1st M tge Ser “ A ” $5,000,0001 1922 5 y % A-O
2,000,000 Apr 1 1952
($1,000) gold__________ c*/Central Union Trust C o., N . Y ., Trustee.
Stock.— Stockholders of record Feb. 2 1925 were given the right to sub
scribe to $1,500,000 additional capital stock at par ($100) in the ratio of
1 new share for each 4 shares owned. V. 120, p. 1204.
Bonds.— 1st mtge. Ser. “ A ” 5 y s are red. all or in part after 30 days’
notice, on any int. date on or prior to April 1 1937, at 107y2 and int., and
on any int. date thereafter at y of 1% less for each year or fraction thereof
after April 1 1937. In March 1922 $2,000,000 were offered by White,
Weld & C o., N . Y ., and New York State National Bank, Albany, at 104M
i
and int., to yield about 5.20% . V. 114, p. 1294.
OFFICERS.— Pres., Robert Olcott; V .-P . & Gen. M gr., W . G. Furlong;
Treas., Thos. H. Powers; Sec., Neile F. Towner.— V. 119, p. 2179; V. 120,
p. 1089, 120J , 2550, 2944; V. 121, p. 330.
MUNICIPAL GAS CO. (OF TEXAS).
ORGANIZATION.— Incorp. in Texas in 1925 as successor to co. of same
name incorp. in 1910.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Supplies gas in 19 cities and towns in the “ Black Waxy Belt,” the richest
agricultural section of Texas, serving an estimated population of 170,000.
Through 491 miles of mains, co. serves Wichita Falls, Dennison, Sherman,
Cleburne and other cities. Co. does not own any producing properties or
transportation pipe lines, but obtains its gas from one of the large natural
gas production and transportation companies operating in Oklahoma and
Texas.
STOCK AND BONDS.— Date.
Interest. Outstanding. Maturity.
______ 20,000 shs. ---------------Common (no par value)______ _____
Cum pref $7 per annum______ _____
$7 p. a. 4,000 shs. Oct ’25$1.75
Debentures_______________________
______
420,000
1927-1933
1st m 6% g Ser A ($500 & / 1925
6 M -N
1,850,000 M ay 1 1935
$1,000) _____________ c*tf (First Nat. Bank, Boston, Trustee.
Bonds.— The 1st mtge. 6% g. bonds (Series A) are red. all or part upon 30
days’ notice at 106% and int., incl. N ov. 1 1928, and 1% less each year
thereafter, and on or after M ay 1 1934 at 100. Secured by a direct first
and only mortgage upon all the property, rights and franchises. Interest
payable in Boston, New York or Chicago. Mass, income tax up to 6 % ,
Penn. & Conn. 4-mill tax and Maryland 4 J^-mill tax refunded. In M ay
1925 Arthur Perry & Co. and Paine, Webber & Co. sold at 100 and int.
$1,850,000. V. 120, p. 2684.
EARNINGS.— For calendar years:
12 Mos. End.
Mar. 3 1 ’25.
1924.
1923.
Gross earnings-------------------------------- $2,125,304 $2,105,202
$1,870,270
1,510,928
Oper. exp., maint. and all taxes_____ 1,655,029
1,643,923
359,342
Net earnings_________________,______
470,275
461,279
Annual int. on 1st mtge. bonds--------110,000
— V . 119, p. 1964; V. 120, p. 2684; V . 121, p. 1462.
NATIONAL FUEL GAS CO.
ORGANIZATION.— Incorp. Dec. 8 1902 in N . J., succeeding Natural
Gas Trust. Owns all or a majority interest in the capital stocks of
the following subsidiaries:
Owned by
Nat. F. G. Co.
United Natural Gas C o__________________________ $15,125,000
100%
Troquois Gas Corp______________________________ 18,144,500
100%
The Mars C o ____________________________________ 1,000,000
100%
Troquois Building Corp__________________________
255,500
100%
Snyder Gas C o___________________________________
59,450
100%
The Provincial Nat. Gas & Fuel Co. of Ont., L t d ..
600,000
70%
Pennsylvania Gas C o____________________________ 7,200,000
50.85%
Pennsylvania Oil C o_____________________________
576,000
50.85%
The subsidiary companies furnish gas to cities and towns in western
New York, western Pennsylvania, eastern Ohio and in Ontario, Canada.
STOCK AND BONDS.— Date.
Interest.
Outstanding.
Last Div
Stock $37,000,000 ($100)__________
Q-J 15
$37,000,000 Oct 25,1 y %
No funded debt.
Dividends.— At rate of 10% per annum to Jan. 15 1923. On D ec. 30 1921
paid an extra dividend of $4 a share in Liberty bonds. On Dec. 30 1922
paid 100% in stock. On Apr. 16 1923 paid \H % on increased capitaliza
tion; July 16 1923 paid 1M % : Oct. 15 1923 paid I H % : Jan. 15 1924 paid
1 y % quar. and 1% extra; April 15 to Oct. 1924 paid 1 y % quar. In
1925, 1 K % quar.
R E PO RT.— Income account calendar years:
1924
1923.
1922.
1921.
Total earnings_________ $15,725,’493 $15,110,'752 $12,767,045 $10,781,845
Exp., taxes & gas purch. 9,574,973
8,867,405
8,078,645
7,151,493
Reserve for depr., depl.,
amort., p .& l. adjust- 1,042,017
1,068,363
1,398,566
1,269,260
Net earnings________ $5,108,502
$5,174,984 $3,289,834 $2,361,092
During 1924 company disbursed $2,200,000 in dividends.
Note.— The above includes only the proportion of the business of under
lying companies owned by National Fuel Gas Co.
Pres., W . J. Judge; V .-P ., Glenn Ford McKinney; Sec. & Treas., H. P.
Smith. N . Y . office, 26 Broadway.— V . 118, p. 2188; V. 120, p , 3188.
NEW HAVEN GAS LIGHT CO.
ORGAN IZATION .— Incorporated in Connecticut in 1847.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Supplies New Haven, East Haven, North Haven, West Haven, W oodmont,
Hamden, Milford and Branford, Conn.
STOCK AND BONDS.—
Date.
Interest. Outstanding. Maturity.
8 Q -M 3 1 $5,500,000
See text
Stock $10,000,000 ($ 2 5 )--.............
No funded debt.
Dividends.— Quar. divs. of 2% (payable Q-M 31) paid regularly since
1903. In Dec. 1924 an extra of 1% was paid.
EARN ING S.— For years end. Dec. 31:
Calendar Years—
1924.
1923.
1922.
Net income to profit and loss_______
$618,194
$529,732
$556,419
OFFICERS.— Pres., Chas. H. Nettleton; V .-P ., G . D . Watrous; Sec. &
Treas., J. Arnold Norcross; Aud., C . V . Dim ock.— V. 119, p. 2287;
V. 120, p. 212.
Oct., 1925.]
NEW HAVEN WATER CO.
ORGAN IZATION .— Incorporated in Connecticut in 1849. Controls
Milford Water Co.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Supplies water to New Haven, West Haven, Cheshire, East Haven, Bran
ford, North Haven, Hamden, Orange, Woodbridge and Stony Creek, Conn_
STOCK A N D BONDS—
Date. Interest.
Outstanding. Maturity.
Stock $5,000,000 (150)____________
_______
$3,984,050 July'25,4%
Conv debentures ($100, $5001 1912 4K J-J
B-23,800 July 11962
and $1,000)____________ c*/In t. at New Haven Bank, New Haven, Conn.
First mortgage $1,750,0001 1915 4 A J-J
1,000,000 July 1 1945
($1,000)----------------------- c*/In t.at Union & New Haven Tr. Co.,New Ha( ven, Conn., trustee.
Guaranteed Bonds.—
Branford Water Co first mtge f 1913 4 A A-O
200,000 Apr 1 1943
$200,000 ($1,000)______ c* jIn t. at Union & New Haven Trust C o.,
( New Haven, Conn., trustee.
Bonds.— The conv. debentures o f 1912 are conv, into stock, at the option
o f the directors, before July 1 1925, but not afterward, at the rate of $150
o f_debentures for $100 of stock. V . 92, p. 1114.
in Sept. 1925 Chas. W . Scranton & Co. sold $200,000 additional 1st Mtge.
4 K % gold bonds dated July 1 1915, due 1945 at 102 A and int. to yield
4.30% . V . 121, p. 1227.
The Branford Water Co. first mtge. 4 A s are guar. prin. & int. by the
New Haven Water C o. Are callable at any time at 102 and interest.
Dividends.— Divs. at the rate of 8% per annum paid without interruption
for over 40 years (now payable semi-ann. J.-J.).
EAR N IN G S.— For years end. Dec. 31:
Calendar Years—
1924.
1922.
1923.
Income from operation______________$1,040,969
$955,269
$1,053,851
$193,864
$207,945
$201,108
Operation and maintenance________
145,179
General expense____________________
178,491
159,742
Taxes paid_________________________
105,153
94,827
94,505
Reserve for income tax______________
45,942
44,064
53,487
Bond and other interest____________
70,421
64,904
64,325
Balance for depreciation, &c_____
$433,016
$480,362
$412,752
OFFICERS.— Pres., G. Y . Gaillard; V .-P ., Jas. English; Sec., F. A.
White; Treas., A. F. Hemingway; Gen. M gr., E . E . Minor.— V. 92, p.
1114; V. 94, p. 1769; V. 121, p. 1227.
OHIO FUEL CORP.
OR GA N IZA TION .— Incorp. Sept. 3 1924 in Delaware.
CH A R A C TE R OF BUSINESS.— Is a holding co., which has no plant
or properties at the present time, having been organized to acquire the stocks
o f Manufacturers Light & Heat C o., Ohio Fuel Supply Co. and Union
Natural Gas Coro. This acquisition was effected through an offer of
exchange by the Ohio Fuel Corp. on Sept. 15 1924 to stockholders of the
above named corporations upon the following terms:
(а) One share of the stock o f Manufacturers Light & Heat Co. for 2.08694
shares o f the stock o f Ohio Fuel Corp(б) One share of the stock o f Ohio Fuel Supply Co. for 1.28703 shares of
the stock o f Ohio Fuel Corp.
(c) One share o f the stock o f Union Natural Gas Corp. for 1.2195 shares
o f the stock o f Ohio Fuel Corp.
Under these terms of exchange, over 96% of the stocks of the three cos.
has been deposited at last accounts with Union Trust Co. of Pittsburgh,
whicn acted as the depository.
In Sept. 1925 reported to be negotiating for control o f Ohio Fuel Oil Co.
by offering to exchange 29-66ths o f one share o f Ohio Fuel Corp. stock of
$25 par for each share ($1 par) Ohio Fuel Oil Co. Y . 121, p. 1570. More
than 60% o f Ohio Fuel Oil Co. reported deposited, in Oct. 1925. V.
121, p. 2039.
Increased authorized Capital stock, in Sept. 1925, from $100,000,000 to
V $125,000,000, par $ 2 5 — V. 121, p. 1570.
Dividends.— An initial div. o f 2% was paid Jan. 15 1925.
OFFICERS.— Geo. W . Crawford, Pres.; F. W . Crawford and T . B.
Gregory, V.-Ps.; L. B. Denning, V .-P . & Sec.; Geo. W . Ratcliffe, Treas.—
V. 119, p. 1290, 1404, 1965, 2073, 2411,2879; V . 121, p. 1570.
(a) OHIO FUEL SUPPLY CO. (THE).
Controlled by Ohio Fuel Corp. (see above).
ORGAN IZATION .— Incorp. in Ohio M ay 15 1902 and acquired various
properties engaged in the production, purchase and distribution o f natural
gas and petroleum oil for light, heat, power and fuel; also lease covering
over 1,023,691 acres o f oil and gas territory in Ohio. Also owns the $5,550,050 stock o f N . W . Ohio Natural Gas C o., and $4,410,000 of the
$10,000,000 stock o f United Fuel Gas Co. See that company below. The
Ohio P. U. Commission in March 1920 approved the sale o f the equipment
ana distributing system of the Logan Natural Gas & Fuel Co. at Logan
to the company.
The stockholders on Dec. 14 1922 authorized the directors to carry out
the segregation o f the natural gas business o f the company. The business
will be transferred to a new company known as the Ohio Fuel Gas C o., the
$25,000,000 capital stock of which will be held by the Ohio Fuel Supply Co.
In April 1924 acquired the Columbus Gas & Fuel C o., the Federal Gas
& Fuel Co. and the Springfield Gas Co. from the Columbia Gas & .Elec. Co.
STOCK A N D BONDS—
Date.
Interest. Outstanding.
Maturity•
Stock, $40,000,000 ($25)__________
Q-J 15 $39,626,000Apr’25,l K %
Columbus Gas Co 1st mtge) 1892
5 g J-J
1,300,000 July 1 1932
($1,000) gold_______ c*ntf/C entral Union Trust C o., N . Y ., Trustee.
Springfield Gas Co 1st mtge\ 1896
6 J-J
400,000 Jan 1 1925
($100, & c)________________ /in t. at First Nat. Bk., Springfield, Ohio.
.
Bonds.— Columbus Gas 1st 5s are red. at 110. Int. payable at Equitabl®
Trust C o., N . Y .
Dividends—
’04-’09. ’ 10. ’ 11-’ 16. ’ 17.
’ 18.
’19-’24.
Per cent_________
10
9A
8
9 A 10& 2% U S bds.
text
In Oct. 1909 a special disbursement was made o f one share (par $1) of
Ohio Fuel Oil stock to each share o f Ohio Fuel Supply stock held. In July
1919 an extra div. o f 50% was paid in 6% debenture bonds (all called for
redemption on or before Jan. 1 1917.) In 1919, Jan.|and July, 2)4% and
2% extra in Liberty bonds; April and Oct., 2 )4 % ; Jan. 1920, 2 J4% and 2%
extra in Liberty bonds; April 1920, 2 14%; July and Oct. 1920 and Jan. 1921,
2)4% and 2% extra in Victory Loan notes; April 1921, 2 )4 % and )4%
extra in Victory Loan notes; July 1921, 2 )4 % ; Oct. 1921 to Jan. 1923
paid each quarter 2)4% and 2% in Liberty Loan bonds or Victory Loan
notes. Stockholders of record Mar. 17 1923 received a 100% stock dividend.
In April 1923 paid 1H % quar. and 1 % in Liberty bonds; July and Oct. 1923
paid 2 H % quar.: Jan. 1924 to July 1924 paid 2)4% quar.; Oct. 1924
paid 1 )4 % . In 1925, A pr., 1)4% .
RE PO RT.— For 1923 showed:
Calendar Years—
1923.
1922.
1921.
1920.
Gross income___________ $16,682,255 $12,431,125 $13,578,159 $16,188,981
Net, after taxes, &c_____ 4,636,509
3,977,535
4,254,695 5,640,596
D ividends_____________
3,567,449
3,550.716
3,125,898 3,159,715
Surplus.....................
$1,069,060
$426,819 $1,128,797 $2,480,881
Latest Earnings.— For 6 mos. end. June 30 1924, gross income, $9,721,378;
net, after taxes, deprec., &c., $3,077,301; divs. paid, $1,981,300; bal.,
sur.. $1,096,001. V. 119, p. 588.
OFFICERS.— Pres., Geo. W . Crawford; V.-Pres., F. W . Crawford,
J. M . Garard and L. B. Denning; Sec. & Treas., J. B. Wikoff. Offices.
2017 Farmers Bank Bldg., Pittsburgh, Pa.— V. 119, p. 1404.
(b) MANUFACTURERS LIGHT & HEAT CO. (THE).
Controlled by Ohio Fuel Corp. (see above).
ORGANIZATION.— Incorp. in Pa. April 21 1903 as a consolidation o f a
number o f natural gas cos. operating in Allegheny, Washington and Greene
Counties, Pa. V. 88, p. 503; V. 90, p. 1428; V. 92, p. 524; V. 91, p. 1633, 217.
STOCK A N D BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock $25,000,000 ($50).....................
Q-J
$23,000,000 O c t ’25, 2%
N o funded debt.
Late Dividends— / ’ 15. ’ 16. 1917. '18. ’ 19. ’20. ’21. ’22. ’23. ’24. ’25.
Per cent___________ 18 8 8&2ex. 8
8
10 8
8
10
8
8
Paid in 1925; Jan. 15, 2% ; April 15, 2% .
21
GAS AND WATER
R E PO RT.— For 1923. in V. 118, p. 915, showed:
x Calendar Years—
1923.
1922.
1921.
1920.
Gross earnings-.........-..$12,445,899 $11,322,423 $10,006,137 $12,095,133
Oper. exps. and taxes-.-*10,227,013 *8,900,568 *8,257,711 *9,586,084
Net surplus before divs. 2,422,701
2,569,171
1,975,152
2,553,574
Dividends______________ 1,840,000
2,300,000
1,840,000
1,840,000
Balance, surplus_____
$582,701
$269,171
$135,152
$713,574
* Operating expenses, including depreciation and depletion.
x Publication of annual reports discontinued.
OFFICERS.— Pres., Thomas B . Gregory; Sec. & Asst. Treas., H . E •
Seibert; Treas., G. W . Ratcliffe; V .-P ., L. A . Meyran, J. I. BuchananMain office, Columbia Bank Bldg., Pittsburgh, Pa.— V. 119, p. 1402,2072.
PEOPLES GAS CO. (N. J.)
O RGAN IZATION .— Incorporated in New Jersey in 1922.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Supplies gas to 50 communities in the counties of Camden, Gloucester,
Salem and Cumberland, N . J. Main plant at Glassboro, N . J., and gas
holding stations located at Vineland, Swedesboro and Penns Grove, N . J.
The territory served has a population of approximately 100,000. Has 310
miles of mains and 11,650 meters. Gas sales for year ended D ec. 30 1924,
239,000,000 cu. ft.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $500,000 ($100)_____ _____
_______
$500,000 __________
P f 7% cum $1,500,000 ($100)______
7%
480,700 ---------------First mtge 6% series due 19541 1924
6 g J-D
1,300,000 Dec 1 1954
($500 and $1,000) gold.c*tfjPrin. & int. payable in N . Y . and Phila.
Bonds.— First mtge., 6% series, due 1954, have annual sinking fund,
beginning with the 12 months period ending Dec. 1 1935, at the rate of A
of 1 % per annum of the aggregate amount of first mtge. bonds issued and
outstanding, to be used for permanent additions and improvements, which
could otherwise be made the basis for the issuance of additional bonds under
this mortgage, or for the retirement of bonds. Are redeemable, all or in
part, on any interest date after 30 days’ notice until Dec. 1 1944, at 105 and
interest, and thereafter at 105 and interest less K o f 1% for each year or
part thereof, that the bonds shall be outstanding after Dec. 1 1944. Penna.
4 mills tax refundable. In Dec. 1924 $1,300,000 were offered by Taylor,
Ewart & C o., Inc., and Halsey, Stuart & C o., Inc., at 100 and interest.
V. 119, p. 2879.
EARN ING S.— For year ended N ov. 30 1924:
Gross earnings_________________________________________________ $489,932
Operating expenses and taxes__________________________________ 326,061
Net earnings applicable to interest and depreciation__________ $163,871
Annual interest requirements of first mortgage bonds outstanding 78,000
Latest Earnings.— For 12 mos. end. Aug. 31 1925: gross, $505,466; ne®
after expenses & taxes, $174,329.
OFFICERS.— Pres., C. H. Geist; V .-P ., H. S. Schutt; Sec., C. H. Weak;
Treas., H. A . Lang.— V. 119, p. 2879; V. 120, p. 583, 705.
PROVIDENCE GAS CO.
O RGAN IZATION .— Organized in Rhode Island in 1847.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Supplies gas without competition in Providence, R . I., and vicinity. The
gas plant has generating capacity o f 7,500,000 cu. ft. of coal gas and
6,000,000 cu. ft. o f water gas per 24 hours. Holder capacity, 13,600,000
cu. ft. Company has 502 miles of gas mains.
In Jan. 1925 the company applied for authority to increase its capital
stock from $10,000,000 to $15,000,000. V. 120, p. 583.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $10,000,000 ($50)___________
_______ $9,205,950
See text
1st M 20-yr bds Ser A $3,500,-/ 1922
5M g J-J
2,800,000 Jan 11942
000 ($500 & $1,000c* &•)Rhode Island Hospital Trust C o., Provi$l,000r*) g ____________ t f [ dence, R . I., trustee.
Bonds.— 1st M tge. 5 A s are red. all or in part on any int. date on 30
days’ notice on and after Jan. 1 1932 at 105%, less A of 1 % for each full
year of expired life after Jan. 1 1932. In Jan. 1922 Bodell-& Co.; Brown,
Lisle & Marshall; Davis & Davis., &c., &c., Providence, offered $3,500,000
1st M tge. 5 A s, Series A at par and int. V . 114, p. 86.
Dividends.— 1881 to 1917, inclusive, 8% per annum; 1918 to 1919, 4%
per annum; 1920, 6% ; 1921 to 1924, inclusive, 8 % . In 1925, Jan., 2% ;
A pr., 2% ; July, 2% ; Oct., 2% .
EARN ING S.— For calendar years:
1924.
1923.
1922.
lo21.
Gross operating earnings.x$3,192,159 $3,160,676 $3,150,244 $3,187,288
Operating expenses_____ 1,881,367
1,842,269
1,812,180 2,329,402
Interest_______________
122,001
75,232
124,893
208,771
Depreciation___________
300,000
300,000
251,856
146,007
Dividends (8 % )_______
736,476
736,476
696,013
631,031
Balance, surplus_____
$152,315
$206,698
$265,302 def$127,923
x Includes $55,882 other income.
OFFICERS.— Pres., Chas. H. Manchester; V .-P ., H . D . Sharpe;
V .-P ., Frederick C. Freeman; Sec. & Treas., Arthur F . Short.— V . 120,
p. 331, 583, 1205, 2039,
SALT RIVER VALLEY WATER USERS’ ASSOCIATION
ORGANIZATION.— A corporation organized in 1903 under the statutes
of the State of Arizona.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Operates the Salt River Project, a Federal irrigation project comprising
240,000 acres, in the Salt River Valley of Arizona. The Roosevelt Dam
was constructed by the U. S. Government at a cost of over $11,000,000, and
completed in 1911. In 1917 the Association took over the maintenance and
operation of t e dam under the advisory supervision of the U. S. Reclama
tion Service. The present hydro-electric plants of the Association have an
SaltRiver Valley Water Users’ Assn. 6s
Issue of 1924
due Aug. 1, 1938-43
E x e m p t fr o m a ll F e d e r a l I n c o m e T ax
G u a r a n t e e d b y S a lt R iv e r V a lle y W a t e r U s e r s ’ A s s o c i a t i o n
Roosevelt Agricult. Imp. Dist.No. 1 6s
due Aug. 1, 1936-56
Agricultural Impt. Dist. No. 2 6s
due Jan. 1, 1939-54
Rutter & Co.
14 WALL ST..
N e w Y o r k , R e c t o r 4 39 1
NEW YORK
P h ila d e lp h ia , R i t t e n h o u s e 2267
22
PUBLIC UTILITIES
[V ol. 121.
installed capacity o f 33,500 h. p ., which will be increased to 87,500 h. p.
through the construction o f an additional plant and another dam over
300 feet in height. The new plant will utilize the storage capacity of
Roosevelt Lake, using the same water that passes through Roosevelt Dam
power house before being finally used for irrigating the 240,000 acres of
productive farm lands of the Association, the stockholders of which are all
land owners in Salt River Valley. The entire 40,000 h. p. output of the
new plant has been sold under a 25-year contract to Inspiration Consolidated
Copper C o., the largest consumer o f electric power in Arizona.
STOCK A N D BONDS—
Date.
Interest.
Outstanding. Maturity.
Stock— See text. Stockholders are all land owners in Salt River Vail.)
Serial bonds ($1,000) g o ld .c* / 1923
6 g F-A
$1,800,000 See text
lin t, at Citizens Tr. & S. B., Los Ang., trust.
Serial bonds ($1,000) g e ld .c*J 1924
6 g P-A
2,500,000 See text
( Anglo-California Trust Co., San Bran., trust.
Stock.— One share o f stock is allotted to each acre o f land and cannot be
separated from it.
Guaranteed Bonds.— The Association also guarantees as to principal and
Interest $665,000 6% bonds of the Roosevelt Agricultural Impt. Dist. No. 1
(due $35,000 yearly on Aug. 1 from 1936 to 1954 incl.) and $1,578,000 6%
bonds o f Agricultural Im pt. Dist. N o. 2 (due serially 1939 to 1954), for
details o f which see V. 119, p. 1659, and our "State and Municipal” Com
pendium, Part II., o f Dec. 27 1924 (p. 101). Both of the above mentioned
districts are located entirely within the lands of the association and are
a part o f it.
Bonds.— The serial bond issues o f 1923 and 1924 listed above are direct
and general obligations of the association, additionally secured by an
assessment already levied and recorded against all of the lands of the stock
holders of the association. These assessments are a lien against the land
ranking equally with the assessments securing the two issues of Impt. Dist.
bonds guaranteed by the association and those levied to repay the- U. S.
Govt, construction charges and prior to all mortgages including those which
secure Federal Land Bank and Joint Stock Land Bank bonds. The serial
issue o f 1924 and the two guaranteed issues, known as the “ Horse Mesa
Dam” bonds, are further secured by a first lien against the hydro-electric
revenue developed by these issues and by pledge with the trustee of the
Inspiration Copper Co. contract. Hydro-electric revenue o f the association
was reported as $650,000 in 1924 and is estimated at $2,300,000 annually
on completion o f present additions in 1926. All issues are non-callable.
The bonds of 1923 mature $180,000 annually Feb. 1 1928 to 1947.
$1,800,000 were offered by Banks, Huntley & Co., M . H. Lewis & Co.,
Carstens & Earles, Inc., &c., in M ay 1923, at 99 and interest, to yield
about 6.10% . V. 116, p. 2018.
The bonds o f 1924 mature serially Aug. 1 1938 to 1943. Interest at
Farmers' Loan & Trust C o., New York City, and Anglo-California Trust
C o., San Francisco. $2,500,000 were offered in Oct. 1924 by Rutter &
Co., New York, Anglo London Paris C o., San Francisco, &c., &c., at
100 and interest.
OFFICERS.— Pres., F. A. Reid; Sec., F. O. Henshaw.— V . 116, p. 2018
V. 119, p. 950, 1635.
Controlled by the North American Co.
ORGANIZATION.— Incorp. Mar. 27 1912 in Missouri.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Does entire gas business in St. Louis County, serving the following cities
and towns: Kirkwood, Maplewood, Webster Groves, Ferguson, Glendale,
Clayton, University City, Shrewsbury, Richmond Heights, Uniondale and
other municipalities. Franchises permit extensions in City of St. Louis and
the entire county. Principal franchise for St. Louis County claimed to
extend to Feb. 3 1954. C o.’s water gas plant, located at Shrewsbury, M o.,
has a daily output of 2,203,000 cu. ft., and storage holders of 1,500,000 cu. ft.
capacity. Owns and operates high and low pressure distributions sytems,
comprising approx. 340.81 miles o f mains and serving 22,134 consumers.
Rates reduced, effective Sept. 1 1925. V. 121, p. 1228.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Capital stk $1,400,000 ($100)______
_______
x$700,000 __________
1st M $30,000,000 ($100, $500/ 1912
5 g A-O
1.500,000 Apr. 1 1951
& $1,000) gold_______ c*tf (Harris Tr.& S. Bk., Chic., and F. J. W ade.tr
x All except directors’ shares owned by the North American Co.
Bonds.— Remaining bonds may be issued for 85% of the cost of impts.,
exts. or addns. under certain restrictions. Are call, at 105 and int. on 4
weeks’ notice. Int. payable at 60 Broadway, N . Y . City.
RE PO RT.— For years ended Dec. 31:
Calendar Years—
1924.
1923.
1922.
1921.
1920.
Operating revenue- ______ $838,565 $736,772 $651,741 $641,612 $590,357
Operating expenses.______ 452,593 415,746 376,526 378,602 425,659
Taxes___________________
58,700
66,942
52,139
22,456
20,662
PEOPLES GAS LIGHT & COKE CO. (THE).
Net operating revenue..$327,272 $254,084 $223,076 $240,554 $144,036
Non-operating revenue___
18,585
31,792 24,944
20,605
13,529
ORGAN IZATION .— A consolidation on Aug. 2 1897 o f the companies
forming the old Chicago Gas Trust. V. 64, p. 1088; V. 65, p. 2358. In
Feb. 1907 the Ogden Gas Co. and the Universal Gas Co. were leased for
about 38 years, the Ogden Co.'s $6,000,000 bonds being guaranteed. V. 84,
p. 394; V. 78, p. 1785; V . 72, p. 244, 91; V. 97, p. 1508; V . 108, p. 680:
V. 104, p. 658, 2348. In 1924 acquired one-third interest in the Chicago
& Illinois Western R R . V. 120, p. 824.
Rates, V. 114, p. 313, 745; V. 117, p. 448.
Valuation o f property, V . 107, p. 297; V. 110, p. 654; V . I l l , p. 596.
2145; V. 114, p. 1295; V . 116, p. 84. Definitely fixed at $85,000,000
instead o f $168,350,000. See V . 120, p. 3315. Tax ruling, V . 107, p. 2482.
Refund suit, V. 110, p. 654. To take entire output o f Chicago By-Product
Coke Co. V . 113, p. 1162. Acquisition o f Chicago By-Product Coke Co.
proposed. V. 120, p. 829.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity•
Stock $50,000,000 ($100)............... Q-J
$41,906,500 O c t .'25,2%
First cons mtge $10,000,0001 1893
6 g A-O
4,900,000 Apr. 1 1943
($1,000) gold__________ c * /ln t. at Central Union Trust C o., N . Y ., trus.
Refunding mtge $40,000,0001 1897
5 g M-S
20.554,000 Sept. 1 1947
($1,000) gold________ c*&r/Farmers Loan & Trust C o., N . Y ., trustee.
en & ref mortgage ($1,000)1 1913
5 J-D
1,712,000 Dec. 1 1963
gold______________________(Illinois Merchants Trust C o., Chicago, trus.
Secured notes Series “ A ” ) 1924
6 g M-S
5,750,000 Mar. 1 1927
($1,000) gold_________ c.tf/Illinois Merchants Trust C o., Chicago, trust.
Chicago Gas Light & Coke 1st 1887 5 g J-J
~
9,929,000 July 1 1937
mtge ($1,000) gold______ c Fidelity Trust C o., Philadelphia, trustee.
Consumers’ Gas first mtge 1886 5 g J-D
4,196,000 Dec. 1 1936
($1,000) gold___________ c Central Union Trust C o., N. Y ., trustee.
Mutual Fuel Gas first mtge
________________________1897
5 g M -N
4,886,000 N ov. 1 1947
(assumed) gold___________ /Central Union Trust C o., N . Y ., trustee.
Bonds Guaranteed—
Ind Nat Gas & Oil ref mtgel 1906
5 g M -N
6,000,000 M ay 1 1936
(closed) gu p&i ($1,000) g__ jln t. at Central Union Trust C o.. N . Y ., trus.
Ogden Gas 1st m $6,000,0001 1900
5 g M -N
6,000,000 M ay 1 1945
guar p &i ($1,000) gold_ /Int. at Farmers’ Loan & Tr. C o., N . Y ., trus.
_
Chic By-Prod Coke 1st M serl 1920
7 g F-A
11,266,000 To Feb 1'38
bdsgup& i ($1,000) g.c*.tf/U n ion Trust C o., Pittsburgh, trustee.
Chic & Illinois West R R ..............
6%
196,833 July 1 1947
Stock.— In M ay 1925 directors offered stockholders o f record June 17 the
right to subscribe at par to $3,850,000 additional capital stock to the extent
of 10% o f their holdings, subscriptions to be paid either in full July 17
1925 or in four installments o f 25% each, July 17 Oct. 19 1925, Jan. 18
and April 19 1926 or in ten installments o f 10% each, the first July 17
1925, with the final payment on April 19 1926. Listed on N . Y . Stock
Exchange. V. 120, p. 2270, 2944, 3066.
Bonds, &c.— The following bonds are listed on New York and Chicago
Stock Exchanges. First cons. 6s of 1893, ref. 5s of 1897, Chicago Gas Light
& Coke 1st 5s o f 1887, Consumers' Gas 1st 5s o f 1886, and Ind. Nat. Gas &
Oil ref. 5s (guaranteed) o f 1906.
Mutual Fuel Gas 1st 5s of 1897 are listed on New York Stock Exchange
and unlisted in Chicago.
Ogden Gas 1st 5s of 1900 (guaranteed) are listed in Chicago.
Of the $40,000,600 issue o f 1897, the $19,446,000 unissued are reserved to
retire prior bonds. Interest payable at Central Union Trust C o., New
York. V. 65, p. 572; V. 79, p. 155; V. 84, p. 1555; V. 91, p. 792, 876;
V . 94, p. 702; V. 97, p. 954; V. 98, p. 842.
The stockholders on N ov. 14 1913 authorized a new gen. & ref. mtge.
(unlimited in amount) to secure 50-year 5 % bonds to provide for new con
struction at not over 75% o f cost, and to refund all old bonds, &c. Are
callable at 105 and int. $7,188,000 pledged to secure 6% notes o f 1924.
V. 97, p. 954, 1119, 1508, 1738; V. 98, p. 76.
Chicago Gas Light & Coke 1st 5s assumed by People’s Gas Light & Coke
Co. Int. payable at Central Union Trust C o., New York.
Int. on Consumers Gas 1st 5s payable at Central Union Trust C o., New
York.
Mutual Fuel Gas 1st 5s assumed by People’s Gas Light& Coke Co. Int.
payable at office of trustee in New York.
Guarantees, prin. and int., Indiana Natural Gas & Oil ref. 5s. V . 84, p.
388, 1430; V. 88, p. 1317, 1433; V. 104, p. 168; form, V. 87, p. 1302.
The company guarantees jointly with the Koppers Co. of Pittsburgh
$11,266,000 first mtge. 7% serial gold bonds o f Chicago By-Products Coke
Go. Due $867,000 each Feb. 1 1925 to 1937, and $862,000 Feb. 1 1938:
redeemable on and after Feb. 1 1926 at 102 and interest. Free from Penn.
State tax. Interest payable at office o f trustee in Pittsburgh and at
Guaranty Trust C o., New York. Compare V . 110, p. 873; V. 113, p. 1162.
The company purchased one-third interest in the Chicago & Illinois
Western R R . and has assumed a guarantee o f the principal and interest on
$196,333 of that company’s bonds.
Notes.— The 3-year secured gold notes. Series “ A ,” o f 1924, are redeem
able prior to Sept. 1 1926 at 101 and int., and on and after Sept. 1 1926 at
100 and int. Secured by pledge o f $7,188,000 gen. & ref. mtge. 5% bonds.
V. 118, p. 916.
Dies \ ’07. 08. *09. ’ 10-’ 12. ’ 13. ’ 14-’ 15. ’ 16. ’ 17. ’ 18-’21. ’22. ’23. ’24. ’25.
P .c tf 6
6
6H 7 yrly. 714 8 yrly. 6 K 3H None 5
6
7
8
In M ay 1916 the dividend was reduced from 2% quar. to 114 % quar.; in
M ay and Aug. 1917 to 1% ; then none until Jan. 17 1922, when 1H % was
paid; same amount paid quar. to Oct. 17 1922; Jan. 17 1923 to Oct. 17 1923
paid 1)4% quar.; Jan. 17 1924 to Oct. 17 1924 paid 1 % % quar. On Jan.,
A pr., July & Oct. 1925 2% quar.
R E PO RT.— For 1924, in V. 120, p. 824, shows:
Calendar Years—
1924.
1923.
1922.
1921.
$30,615,188 $29,645,778 $31,927,065'
Gross earnings____$31,329,895
Operating expenses_ 20,091,261
19,521,334 19,890,396 21,448,548
1,232,020
1,155,332 1,117,187
Depreciation_____ 1,297,679
Uncollectible oper. r e v .152,062
223,926
218,187
330,204
Taxes assn, to operation 2,259,324
2,289,238
2,001,895 1,649,462
Net operating incom e. $7,529,569
Other income__________
1,163,128
D e d u c tio n s ............ ..
1,773,915
Interest_______________ 2,643,433
Dividends paid________ 2,791,250
$7,348,670
895,181
1,687,487
2,357,853
2,983,750
$6,379,968 $7,341,663
918,027
992,947
1,678,148 1,490,062
2,357,850 2,360,538
1,924,980
____
Net incom e.’________ $1,484,098 $1,214,764 $1,337,017 $4,484,000
DIRECTORS.-—Samuel Insull, Stanley Field, James A. Patten, Martin
Insull, John J. Mitchell.
OFFICERS.— Pres., Samuel Insull; Sec. & Asst. Treas., Albert L .
Tossell; Treas., W m. R . Weldon; Compt., W m. I. Coble; Aud., W m. O .
Langston; Asst. Sec., Robt. Blair. Office. Chicago, 111.— V. 119, p .463 ;
2411; V . 120, 705, 824, 829, 2270, 2944. 3066, 3315.
ST. LOUIS COUNTY GAS CO.
Gross income___________ $345,857 $285,876 $248,020 $261,159 $157,565
Interest charges__________ 52,440
52,823 56,344
56,357
52,250
Bal.fordepr.,divs.&sur.$293,417 $235,053 $191,676 $204,802 $105,315
OFFICERS.— Pres., Louis H. Egan; V .-P ., F. J. Boehm; V .-P ., Edwin
Gruhl: Gen. M gr., E . H. Lewis: Sec., H. Spoehrer; Treas., Dudley Sanford.
V. 119, p. 2074; V. 121, p. 1228.
SOUTHERN CALIFORNIA GAS CO.
ORGANIZATION.— Incorp. in Calif, in 1910 as a consolidation.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Serves artificial and natural gas in Los Angeles, San Bernardino, Riverside.
Redlands, Redondo and Glendale counties, including 62 cities and towns
with a combined population of 2,000,000. In Los Angeles City proper the
co. supplies 30% of the city’s needs, exclusive o f its wholesale deliveries
to the Los Angeles Gas & Elec. Co. Owns two modern plants for the
manufacture of gas with a daily capacity of 23,000,000 cu. ft. The distri
bution system consists of 2,576 miles of mains,serving 160,544 domestic
meters and 536 industrial and wholesale meters. Send-out for the
year 1923 amounted to 43,499,216,000 cu. ft.
STOCK AND BONDS—
Date.
Interest.Outstanding.Maturity.
Common $6,000,000 ($100)________
_________ $6,000,000 ____________
Pref 6% cum $4,000,000($100)____
6 Q-J 15
3,537,500 __________
1st mtge $10,000,000 ($1,000/ 1910
6 g M -N
4,446,000 N ov 1 1950
& mult) g o ld ______c*&r*tf\lnt. at Equitable Trust C o., N . Y ., trustee.
1st & ref mtge Ser “ A ” ______ 1921
7 g M-S
2,865,000 Mar 1 1951
1922 5 A g M -S
2,000,000 Sept 1 1952
Series “ B ” ...........
Series “ C ” _______________ 1923 6 g J-D
4,000,000 June 1 1958
($500 & $1,000) gold____tf (Union Bk. & Tr. Co. of Los Ang., trustee.
Stock.— Pref. is listed on San Francisco Stock & Bond Exchange.
Bonds.— 1st Mtge. 6s are call, as a whole or in part for sinking fund a*
105 & int. on any int. date upon 60 days’ notice. M tge. provides for annual
sinking fund commencing N ov. 1 1921 as follows: 1921 to 1925, $60,000:
1926 to 1930, $75,000; 1931 to 1935, $90,000; 1936 to 1940, $110,000;
1941 to 1945, $125,000; 1946 to 1950, $140,000. Mtge. provides that onehalf of sinking fund is to be used to retire bonds and balance for new con
struction, &c., under certain restrictions.
Is! & Ref. Mtge. provides for an annual sinking fund commencing Mar. 1
1927, amounting to 2 A % of the par value of the largest amount of bonds
at any time outstanding, incl. 1st mtge. bonds, to be used for the retire
ment of bonds or acquisition or construction of additional property. Int.
on all series payable in Los Angeles, San Francisco and New York. Ex
empt from personal property tax in California.
Series “ A ” 7s of 1951 are red. at 107 l & int. for the first 10 years and at
A
105 & int. thereafter. $1,500,000 were offered in April 1921 by Cyrus
Peirce & C o., Blyth, Witter & Co. and Banks, Huntley & C o., at 97 & int.,
to yield 7 M % • V. 112, p. 1625. An additional block of $1,000,000 was
offered by Blyth, Witter & Co. in Oct. 1921 at 99 & int., to yield about
7.10% . V. 113, p. 1780. An additional block of $365,000 was issued and
delivered to the Citrus Belt Gas Co. under date of Aug. 26 1921 at 97,
being the full purchase price of the gas properties of that company.
Series “ B” 5 A s of 1952 are red. at 105 & int. for the first 10 years and at
1023^2 & int. thereafter. In Oct. 1922 $2,000,000 were offered by Cyrus
Peirce & C o., Blyth, Witter & Co. and Banks, Huntley & Co. at 98A &
int., to yield about 5.60% . V. 115, p. 1641.
Series “ C” 6s of 1958 are red. at 105 & int. $2,500,000 were sold in June
1923 by Cyrus Peirce & Co., Blyth, Witter & Co., N. Y ., and Banks,
Huntley & C o., Los Angeles, at 99 & int., to yield about 6.10% . V. 116,
p. 3007. In Jan. 1924 the same bankers sold an additional $1,500,000 at
98 & int. V. 118, p. 320.
EARNING S.— For years ended Dec. 31:
Calendar Years—
1924.
1923.
1922.
1921.
Operating revenue_____$9,725,887 $7,349,607 $5,737,095 $4,268,335
Oper. exp. and taxes___
6,994,048
5,285,645
4,202,966
3,151,534
Net oper. income____$2,731,839 $2,063,962 $1,534,129 $1,116,801
Non-operating incom e-42,312
54,393
50,336
38,294
Gross income_________ $2,774,151 $2,118,355 $1,584,465 $1,155,095
Int., bond disc. & e x p -.
913,416
687,155
534,274
392,882
Depreciation__________
624,413
380,704
295,600
209,099
Balance, surplus_____$1,236,322 $1,050,496
$754,591
$553,114
OFFICERS.— Pres., W . G. Kerckhoff; V .-P ., A. C. Balch; V .-P . & Gen.
M gr., A. B. Macbeth; V.-P. & Sec., L. M . Farnham; Treas. & Com pt.,
A. E. Peat.— V. 118, p. 320, 1677.
SPRING VALLEY
WATER CO., SAN FRANCISCO.
ORGANIZATION.— Successor April 24 1903, per plan, V. 76, p. 216,
977, to Spring Valley Water Works. V. 78, p. 827.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Company, or its predecessor in interest, has supplied the City of San Fran
cisco with water for municipal and domestic purposes since 1858. Operative
Oct., 1925.]
GAS AND WATER
Seventy-Five Years
Continuous Gas
Service in Chicago
Gas was first turned into the mains in the streets of
Chicago September 4, 1850— seventy-five years
ago. The service has been continuous, night and
day, ever since. Even when the city was pros
trated and paralyzed by the great fire of 1871, gas
service was maintained except for temporary inter
ruptions in the burned area.
Dependability is characteristic of gas service. There is
nothing spectacular about it. It is continuous,
twenty-four hours a day and three hundred and
sixty-five days a year service, increasing in volume
and usefulness year by year.
Gas Company securities reflect the character of the
business. They are not subject to sudden large in
creases; neither do the owners of them wake up in
the morning to find the value of the property behind
them greatly diminished over night.
The vitality of Gas Company securities and their ability
to “ come back” when temporarily affected by se
verely adverse and unexpected circumstances, has
been demonstrated. They are for investment rather
than speculation. According to gas industry facts
to-day, as pointing to the prospects of the future,
there was never a better time than right now to in
vest in Gas Company securities.
We have just issued a bound book entitled “ Seventy-Five
Years of Gas Service in Chicago,” by Wallace Rice—
an interesting history of the origin and growth of
the gas industry in Chicago. We will gladly send
you a copy of this book for your library upon request.
The Peoples Gas Light & Coke Company
M ic h ig a n A v e n u e a t A d a m s S tr e e t
C H I C A G O , IL L I N O I S
23
24
[V ol. 121,
PUBLIC UTILITIES
properties consist o f 62,494 acres o f land owned in fee and riparian rights
to 33,334 acres, together with water sources, lakes, reservoirs, pipe lines
and distribution mains, forming a complete water system which supplies
the entire city and county o f San Francisco. Population, about 675,000.
Valuation.— The operative properties o f the company were appraised on
March 1 1920 by the California E R . Comm, at $37,000,000, to which have
been added approximately $3,000,000 in improvements, extensions and
additions since that date.
An agreement has been entered into with the city and county of San
Francisco whereunder the company will operate on completion the Bay
Division o f the Hetcn Hetchy project, and the city for 12 years holds an
option to purchase the company’s operative properties at Railroad Com
mission valuation plus additions since that date.
Stockholders to vote on increase capital stock. See Y. 120, p. 1882.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $28,000,000 ($100)__________
Q-M 31 $28,000,000 June.’25,l >
4
First mtge $22,000,000 ($1,-T 1923
5 g M -N 22,000,000 M ay 1 1943
000) gold___________ c*.tf/W ells Fargo Bank & Union Trust Co.
Bonds.— The first mtge. 5% gold bonds due 1943 are callable, all or part
at 102J4 during first 10 years, and therafter at )4% less each year, but a
not less than par. In the event o f the purchase o f the company’s operative
properties by the City o f San Francisco, the bonds may be called at par,
provided the municipality does not desire to assume as a municipal obliga
tion the then outstanding bonds. Interest payable at Union Trust Co.
San Francisco, and The Equitable Trust Co., New York. V . 116, p. 85.
Listed on New York Stock Exchange.
1914. 1915. 1916. 1917.. 1918. 1919-1922. 1923. 1924.
Late Dividends— $2 50 $3 $3 50 $3J4
4
5 yearly. 5M
6
Paid in 1925: March 31, 1)4% , June, 1)4% .
R E PO R T .— For 1924, in V. 120, p. 2150, showed:
Calendar Years—
1924.
1923.
1922.
Revenue___________________________ $5,903,955 $5,738,638 $5,233,026
Operating expenses_________________ 1,443,689
1,178,379
1,146,437
Taxes______________________________
855,118
903,323
830,738
Interest on bonds___________________
1,050,491
1,100,000
714,360
Interest on 3-year 6% notes________
14,381
150,000
Interest on loans___________________
134,312
161,114
108,518
Interest charged to construction_____ 0.40,548
0.2 4,21 0
Cr. 6,248
Depreciation and obsolescence______
300,000
300,000
300,000
Amortization______________________
162,276
162,276
131,010
Uncollectible bills and accts. receiv. _
5,762
5,060
4,398
Miscellaneous______________________
9,347
7,195
1,206
Dividends__________________________ 1,680,000
1,470,000
1,400,000
For Gas Sales Equitable Illuminating Gas Light Co., see V . 121, p. 588.
D IR E C TO RS.— Chairman, Randall Morgan; Effingham B . Morris,
Jr., Samuel T . Bodine (ex-officio), E . T . Stotesbury, W m . W ood, W m . C .
Dickerman and Morris L. Clothier. Pres., Samuel T . Bodine; V .-P . &
Gen. M gr., Lewis Lillie; Treas., I. W . Morris; Sec., Geo. W . Curran,
Broad and Arch Sts., Phila.— V. 119, p . 2077, 2764; V . 120, p. 584, 830,
1461, 1749, 1882, 2150, 2552, 2945, 3067, 3317; V . 121, p. 588, 841, 1103,
1463.
AMERICAN GAS COMPANY.
Controlled by United Gas Improvement Co.
O RGAN IZATION .— Incorp. in New Jersey in 1892. In June 1925 the
United Gas Improvement Co. acquired through exchange of stocks (see
under United Gas Improvement C o.), through the American Gas Co. (Pa.),
specially organized for effecting this exchange, the American Gas Co.,
N . J. See for full particulars, V. 120, p. 2266 , 2544 , 2682, 2813 , 2547,
2939. 3184; V . 121, p. 456, 1099, 1226, 1458.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Through the ownership of the entire com. stock of its subsidiaries, operates
electric light and power and gas properties serving 126 communities in the
East and Middle West, representing a population of over 800,000, engaged
in widely diversified activities. Among the principal subsidiaries are the
following: (a) Philadelphia Suburban Gas & Elec. Co., supplying electricity
and gas to the greater part of the suburban territory immediately adjacent
to the City o f Philadelphia. (6) Luzerne County Gas & Elec. C o ., supplying
electric power and light and gas in the rich anthracite coal district of Penna.
(c) Rockford Gas Lt. & Coke C o., supplying 17,500 customers with gas in
the City of Rockford, 111. (d) Burlington Lt. & Pow. Co., furnishing elec
tricity and gas to the City of Burlington, Vt., and electricity to the munici
palities of Essex Jet., Richmond and Winooski, (e) Central Iowa Power &
Light Co. (see separate statement on a subsequent page).
The properties owned and operated by the subsidiaries incl. electric gen
erating stations having an aggregate installed capacity of 100,000 k.w. with
500 miles of high-voltage transmission lines and electric distributing systems
in over 100 cummunities; also 19 modern gas plants having a daily capacity
of 23,000,000 cu. ft., with 1,350 miles of gas mains. In order to supply the
increasing demand, there is now under construction 20,000 k.w. add’l elec
tric generating capac. and 1,500,000 cu. ft. daily add’l gas producing capac.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $15,000,000 ( $ 1 0 0 ) - - ____
_________ $13,917,950
See text
100-year 6% bonds Series “ A ” / 1916
6 g J-J
3,000,000 Jan. 12016
($500 and $1,000) g _____c * lln t. at Girard Trust C o., Phila., trustee.
7 g J-J15
336,000 Jan.15 1928
Balance, surplus_________________
$537,432
$227,197
$452,607 10-year conv bonds ($100,/ 1918
$500 & $1,000) g ____c*&r*\lnt. a tB k . of N o. Am. & Tr. C o., Phila., tr.
6 Mos. End. June 30.
10-year secured bonds ($500/ 1924
7 g J-J
2,500,000 Jan. 1 1934
Latest Darnings—
1925.
1924.
and $1,000) g _______ c*tf\Int. at Pa. Co. for In.L.&Gr. Ann., Phil., tr.
Gross revenue______________
$2,910,003 $2,883,694
Stock.— Common is listed on Phila. Stock Exchange. V. 119, p. 944.
Expenses, taxes, interest, &c
1,968,202
1,952,182
Dividends (3 % )____________
842,051
840,000
Bonds.— 100-Year 6s, Ser. “ A ,” are call, as a whole on any int. date at
Balance
$99,705
$91,513 110 and int.
10-Year Convertible Bonds are conv. at par into stock at any time prior
OFFICERS.— Chairman, W . B. Bourn; Pres., S. P. Eastman; V.-Pres., to 10 days before redemption or maturity date. Call, at 102 and int. on
A. H. Payson, E. J. McCutchen and G. A . Elliott; Sec., John J. Sharon; 60 days’ notice. Pennsylvania 4-mills tax refunded.
10-Year 7% Secured Bonds are secured by pledge of entire com. stock
Treas., Benjamin Bangs; Compt., F. P. Muhlner. Office, 425 Mason St.,
of the Philadelphia Suburban Gas & Elec. Co. M tge. provides for sink. fd.
San.Francisco.— V . 118, p. 2316; V. 119, p. 2764; V. 120, p. 2150.
of $50,000 annually, payable Jan. 1 o f each year commencing Jan. 1 1925.
Red., all or part, on 30 days’ notice at 105 to and incl. Jan. 1 1926; there
after at 104 to and incl. Jan. 1 1928; thereafter at 103 to and incl. Jan. 1
1930; thereafter at 102 to and incl. Jan. 1 1932, and thereafter at 101 prior
to maturity, plus accrued int. in each case. Penna. 4-mills tax, Connecticut
(THE) UNITED GAS IMPROVEMENT CO.
4-mills tax, Maryland securities tax not exceeding 4 K mills, or Mass, in
bonds
ORGAN IZATION .— Organized 1870 in Pennsylvania as Union Contract come tax not exceeding 6% per annum on income derived from sold at
7%
Co. Name changed in 1885 to Union Co. and again in 1888 to present title. refunded. In Feb. 1924 $2,500,000 10-year secured and bonds were o., Inc
Stroud & C
Charter is perpetual and business is the building, leasing and operating 99 and int., yielding over 7.10% , by Bioren & Co.
Dividends.— Quar. divs. of
were paid on common incl. July 1925.
o f gas works, &c. (see list in 1900, V. 70, p. 1000, 944). See data as
to the various properties in V. 109, p. 894; V. 107, p. 399, 400; V. 79, In Oct. 1925 the rate was increased to 8% per annum, and a quar. div. of
p. 498, 2090; V. 80, p.2342; Y . 81, p. 977, 1727; V . 82, p. 1160, 1444; V. 83, $2 was paid. On the American Gas Co. (Pa.) stock, which is $50 par value,
p. 42, 499, 1360,1541; V . 84, p. 107, 395, 936, 1112, 1304, 1373; V . 85, p. 44; 75c. quar. was paid incl. July 1925. A stock dividend of 22}4% was paid
V . 89, p. 1000; V. 90, p. 1682; V. 91, p. 219; V. 92, p. 1699; V . 95, p. 116, in April 1925. V. 120, p. 1455.
819; Y . 100, p. 404, 647; V . 103, p. 1597. See statement o f capitalization
REPO RT.—-For calendar year 1924, in Y . 120, p. 1324, showed:
and securities held o f subsidiary companies in V . 107, p. 399. In 1918
1921.
Calendar Years—
1924.
1923.
1922.
organized the U. G. I. Contracting Co. o f which it owns the entire capital Gross earns., sub. cos_ $10,573,097 $10,230,821 $9,539,604 $9,128,061
_
stock. The new company took over all the construction business &c., Oper. expenses, sub. cos- 5,147,125 5,298,393
5.448,846
5,279,139
of U. G. Improvement Co. V. 108, p. 1719. In June, 1925, the company
merged the American Gas Co. o f N. J. Holders o f Am. Gas Co. stock were
Oper. inc., sub. cos.
$5,425,971 $4,932,428 $4,260,464 $3,679,215
given the privilege o f exchanging their stock on the basis of one share of Depreciation, &c_____
1,222,079
1,617,834
1,601,560
1,312,360
United Gas Improvement Co. for two shares of Am. Gas Co. This exchange
took place via the American Gas Co. o f Pennsylvania which was organized
$3,808,137 $3,330,868 $2,948,104 $2,457,136
for the purpose o f effecting the merger. For particulars see V. 120, p. 3317 Miscellaneous income_
_
89,017
208,048
123,179
106,330
and Y. 121, p. 1103. In Sept. 1925, acquired Lebanon Gas & Fuel Co.
previously operated by Cities Service Co., which owned about one-fourth
$3,931,316 $3,437,198 $3,037,121 $2,665,184
o f the $500,000 Capital stock (par $100).-—Y. 121, p. 1463.
Bond interest, sub. cos
1,302,986
1,683,528
1,485,022
1,391,973
In Sept. 1920 the company sought a readjustment o f its lease of the City Miscellaneous deductions;
143,499
Gas Works, V. I l l , p. 1190, 1860; V . 113, p. 89, 427, 544, 635, 738, 1162, Pref. dividends sub. cos
254,546
59,760
10,866
517,033
1259. Report o f Gas Commission, V . 112, p. 2314.
The company redeemed on June 15 1925 all outstanding shares of
$1,587,255 $1,697,628 $1,585,388 $1,351,333
Preferred stock by payment in cash o f $55.1458 1-3 for each share, in cl. Other income__________
729,538
369,691
326,580
263,799
accrued dividend from June 1-15 1925. V. 120, p. 2552.
Total income________ $2,316,793 $2,067,320 $1,911,968 $1,615,130
On June 5 1925, the authorized Capital stock was increased from 1,521,456
to 1,654,862 shares. Stockholders (Common & Pref.) would be given the General expense_______
462,052
328,647
398,834
234,731
441,091
401,368
543,225
right to subscribe, in cl. July 28 at par ($50) plus accrued dividend at rate Interest on bonds______
544,344
111,292
62,273
111,779
46,465
o f 8% per annum, to the extent o f 10% o f their holdings. V. 120, P- 2945. Interest on loans_______
Deferred charges_______
82,628
228,568
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Contingent reserve_____
63,000
Common, $81,461,100 ($50)_______
Q-J
$73,367,000 Oct.’25,2%
Surplus reserved by subs.
237,577
A m G asC o 100-yr 6% Ser A . f 1916 6 g J-J
$3,000,000 Jan 12016 Dividends_____________
78,041
487,740
468,246
($500, $1,000 c*) g_______ \lnt. at Girard Trust Co., Phila., trustee.
A m G asC o 10-jr con v ($ l,000/ 1918 7 g J-J
2,268,700 Jan 15 1928
Surplus for year______
$919,287
$496,826
$538,613
$622,581
$500, $100 c* & r*) g ______tint, at Bk. o f No. Am. & Tr. Co. Phila., tr.
OFFICERS.— Pres., Morris
Gen.
Am Gas Co 10-yr Secured/ 1924 7 g J-J
2,500,000 Jan 1 1934 M gr., S. P. Curtis; Sec., Johns W . Stroud; V .-P ., John. C . Lowry; 3d.—
Hopkins; Treas., Jos. B Townsend
y ($1,000, $500) g c *____- _ t flI n t .at Pa.Co.for In.L.& Gr -Ann.,Phila., tr. V. 119, p. 77, 944, 2283, 2644; V. 120, p. 1324, 1455, 1879, 2009, 2144,
Stock.— Pref. stock has equal voting rights with com. and is red./aTTor 2266, 2544, 2682, 2813, 2547, 2939, 3184; V. 121, p. 456, 1099, 1226, 1458.
part, at $55 per share and div. V . 110, p. 1979, 2574.
Bonds.— Am. Gas Co. 100-Year 6s, Ser. “ A ,” are call, as a whole on any
int. date at 110 and int.
Am. Gas Co. 10-Year Convertible Bonds are conv. at par into stock (Am.
Gas Co.) at any time prior to 10 days before redemption or maturity date.
Call, at 102 and int. on 60 days’ notice. Pennsylvania 4-mills tax refunded.
► Am. Gas. Co. 10-Year 7% Secured Bonds are secured by pledge of entire
com. stock o f the Philadelphia Suburban Gas & Elec. Co. Mtge. provides
for sink. fd . o f $50,000 annually, payable Jan. 1 o f each year commencing
Jan 1 1925. Red., all or part, on 30 days’ notice at 105 to and incl. Jan. 1
1926; thereafter at 104 to and incl. Jan. 1 1928; thereafter at 103 to and
and
incl. Jan. 1 1930; thereafter at 102 to and incl. Jan. 1 1932, and thereafter
at 101 prior to maturity, plus accrued int. in each case. Penna. 4-mills
tax, Connecticut 4-mills tax, Maryland securities tax not exceeding 4H
mills, or Mass, income tax not exceeding 6% per annum or income derived
from bonds refunded. In Feb. 1924 $2,500,000 10-year secured 7% bonds
were sold at 99 and int., yielding over 7.10% , by Bioren & Co. and Stroud
& Co., Inc.
Dividends.— From 1888 to 1920 8% per ann., payable quar. Jan. 15
1921 to Oct. 14 1922 paid 1% quar.; Jan. 15 1923 to Oct. 15 1923 paid 114%
B0 UGHT— SOLD—Q VOTED
quar.; Jan. 15 1924 to Oct. 1924 paid 1M % quar. Jan. 15 to Oct. 15 1925
2% quar. In Jan. 1896 paid extra 15% in convertible scrip; also 10% extra
Mar. 1 1920 in scrip convertible into stock to June 30 1910. Also in April
1917 2% extra from profit on sale of securities. V. 104, p. 1050. On July
170925 paid extra div. o f 3 % . V. 120, p. 3067. On pref. paid 1M % quar.
Sept. 15 1920 to June 15 1925.
R E PO RT.— For 1924, in V. 120, p. 830, showed:
1924.
1923.
1922.
1921.
Regular inc. from leased
works and investments $9,326,510 $8,483,135 $7,767,382 $7,402,113
Profits on sale o f securs.
235,933
18,288
______
______
Established 1865
Total income_________ $9,562,443 $8,501,423 $7,767,382 $7,402,113
Expenses, taxes, int.,&c.
1,310,707
1,247,346
1,437,669
1,948,234
410 Chestnut St.
PHILADELPHIA
Loss on op. Phila. G. A .
154,480
820,121
895,682 2,736,847
Dividends paid________ 4,699,440
4,089,024
2,868,429 2,856,083
American Gas Company
Underlying Securities
B IO R E N & C O .
Balance, surplus_____$3,397,816
$2,344,931
$2,565,603 def$139,040
Oct., 1925.]
POWER, LIGHT AND RAILW AY
25
THE UNITED GAS IMPROVEMENT COMPANY
PHILADELPHIA
PENNA.
T h is c o m p a n y is a re c o g n ize d le a d er in th e o p e r a tio n o f gas a n d
e le c tric p ro p e rtie s, a n d is a sh a r e h o ld e r in t h e fo llo w in g co m p a n ie s:
Allentown-Bethlehem (Pa.) Gas Co.
American Gas Co., Phila., Pa.
American Public Utilities Co., Chicago, 111.
Annville & Palmyra (Pa.) Gas & Fuel Co.
Bangor (Me.) Gas Light Co.
Burlington (la.) Gas Light Co.
Burlington (Vt.) Gas Light Co.
Burlington (Vt.) Light & Power Co.
Central Iowa Power & Light Co.
Charleston (S. C.) Consolidated Ry. & Ltg. Co.
Charleston (S. C.) Consolidated Ry., Gas & Elec. Co.
Concord (N. H.) Gas Co.
Connecticut Ry. & Lighting Co., New Haven, Ct.
Connecticut Light & Power Co., (The) Waterbury, Ct.
Consumers Gas Co., Reading, Pa.
Counties Gas & Electric Co., (The) Pa.
Des Moines (la.) Gas Co.
East Penn Gas Light Co., Emaus, Pa.
Equitable Illuminating Gas Light Co. of Philadelphia.
Essex & Hudson Gas Co., Newark, N. J.
Georgia Railway & Electric Co., Atlanta, Ga.
Georgia Railway & Power Co., Atlanta, Ga.
Harrisburg (Pa.) Gas Co. (The)
Highland Gas Co., Quakertown, Pa.
Hudson County Gas Co., Jersey City, N. J.
Hummelstown (Pa.) Gas & Fuel Co.
Iowa Light, Heat & Power Co.
Kansas City (Mo.) Gas Co.
Lebanon (Pa.) Gas & Fuel Co.
Luzerne County (Pa.) Gas & Electric Co.
Manchester (N. H.) Gas Co.
Meriden (Ct.) Electric Light Co.
Meriden (Ct.) Gas Light Co.
Mexico (N. Y.) Electric Co.
Midland Utilities Co., Chicago, 111.
Minneapolis (Minn.) Gas Light Co.
Mohawk-Hudson Power Corporation.
Nashville (Tenn.) Gas & Heating Co.
New Gas Light Co. of Janesville, Wis.
Northern Liberties Gas Co., Philadelphia, Pa.
Paterson & Passaic (N. J.) Gas & Electric Co.
Pensacola (Fla.) Gas Co.
Petersburg (Va.) Gas Co.
Philadelphia Gas Works.
Philadelphia (Pa.) Suburban Gas & Electric Co.
Public Service Corporation of New Jersey.
Rockford (111.) Gas Light & Coke Co.
St. Augustine (Fla.) Gas & Electric Light Co.
Savannah (Ga.) Gas Co.
Seneca River Power Co., Baldwinsville, N. Y .
Sioux City (la.) Gas & Electric Co.
Sioux City (la.) Service Co.
Syracuse (N. Y.) Lighting Co. Inc. (The)
Welsbach Co., Gloucester, N. J.
Wyandotte County Gas Co., Kansas City, Kan.
T h e p re stig e a n d h ig h s t a n d in g w h ic h T h e U n ite d G a s Im p ro v em e n t
C o m p a n y e n jo y s in b a n k in g a n d in v e s tm e n t circles t h r o u g h o u t th e
c o u n tr y are n a tu r a lly , a t te n d e d b y a b ro a d m a r k e t fo r its s e c u r itie s .
26
[V ol. 121,
PUBLIC UTILITIES
WASHINGTON GAS LIGHT CO.
ORGAN IZATION .— Incorp. by Act o f Congress in 1848.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Does entire gas business in Dist. o f Columbia, except to the extent that its
subsidiary, the Georgetown Gas Light C o., similarly serves that portion of
the District known as Georgetown. Co. directly or indirectly controls
certain small companies which supply gas to several adjacent communities
in the States o f Maryland and Virginia. Owns 2 gas manufacturing plants
having a combined daily capacity of about 25,000,000 cu. ft., from which gas
is distributed through over 602 miles of gas mains, serving 88,829 meters and
through 157 miles of sub. cos.' mains serving 13,122 meters.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $2,600,000 ($20)____________
_______
$2,600,000 Aug'25 90c
Gen. (now 1st) mtge ($500)1 1910
5 g M -N
5,199,612 Nov 1 1960
gold------------------------------c * /ln t. at Amer. Sec. & Tr. C o., Wash., trustee.
10-year mtge bonds Series A f 1923
6 g A-O
4,000,000 April 1 1933
$15,000,000 ($100, $500
Riggs National Bank, Washington, D . C.,
$1,000) g____________ c*tf ( Trustee.
Bonds.—-The 10-yr. 6% Mtge. bonds Series “ A ” are non-callable. Int.
payable in New York and Washington, D. C. In M ay 1923 Harris, Forbes
& Co. and National City Co. offered a portion of this issue at par and int.
V. 116, p. 2156.
EARN IN G S.— For years ended Dec. 31
Calendar Years—
1924.
1923.
Operating revenues_____________________________ $4,892,881 $4,889,104
Operating expenses______________________________ 3,296,685
3,543.033
Net operating revenue_____________________
$1,596,197 $1,346,072
Other income__________ _________________ __
87.225
99.653
Total income______________________ _______ . . . $1,695,850 $1,433,297
Taxes and uncollectible consumers’ bills______ . . .
$387,653
$306,379
Interest________________________________ _____
488,841
507.066
17,642
66,935
Amortization o f debt discount and expense____
16,592
Other deductions____________________________
14,771
Dividends___________________________________
468,000
468.000
$88,372
x Net corporate income____________________ . . .
$298,897
x After setting up $100,000 to apply on income tax for the year 1924 and
$70,771 in 1923.
OFFICERS.— Pres., Ord Preston; V .-P ., Robt. D . Weaver: Sec., W m .
B . Orme; Treas., Lawrence Townsend; Compt., S. N . Whitwell.— V . 118,
p. 807, 2962; V . 120, p. 707
WILMINGTON GAS CO.
ORGANIZATION.— Incorp. in Del. in Aug. 1909 as a consolidation of
Wilmington Gas & Fuel Co. and Wilmington Gas & Electric Co.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Supplies gas in Wilmington, New Castle, Elsmere, Oak Grove, Richardson
Park, Ashley, Glynrich, Brock Ex, Roselle, Claymont and Forest Park,
Del. Daily capacity, 4,250,000 cu. ft. 172 miles of mains.
STOCK AND BONDS— Date. Interest.
Outstanding.
Maturity.
Common 30,000 shares (no p a r ) ____ _______
30,000 shs. __________
Pref 6% cum $1,500,000 ($ 1 0 0 )____ 6 M -S
1,240,800 Sept'25 3%
1st & ref mtge $5,000,0001 1909 5-6-7 g M -S 3,260,000 Sept 1 1949
($1,000) gold________ c * tf/In t. at Girard Trust C o., Phila., Trustee.
Stock.— Pref.l s call, on any div. date on 30 days’ notice at 105 and divs.
Bonds.— Of the 1st & ref. mtge. bonds $300,000 have additional coupons
attached bearing 1% int., making the rate 6% : $349,000 have additional
coupons attached bearing 2% int., making the rate 7% , and remainder are
5s. Callable at 105 and int. on any int. date as a whole and since Sept. 1
1924 for sink. fund. Sink, fund of $25,000 per annum began June 1 1924.
Penna. 4-mill tax refunded. In Jan. 1922 $50,000 1st & ref. mtge. 5s were
offered by Davidge, Heald & C o., N . Y ., at prices to yield 6.50%.
Dividends.— On pref. semi-ann. divs. of 3% (M .-S.) are being paid.
EARN ING S.— For years end. Dec. 31:
Calendar Years—
1924.
1923.
G ross......................
$1,180,631 $1,181,716
N et-----------------------------------------------------------388,850
395,643
180,896
168,778
Interest andother deductions____________________
Balance, surplus_________________________________
$207,954
$226,865
OFFICERS.— Pres., O. H. Geist; V .-P ., Edmund Mitchell; Treas.,
H. A. Lang; Sec., O. H. Weak; Gen. M gr., H. S. Schutt.— V 114, p. 88.
Oct., 1925.]
POWER, LIGHT AND RAILW AY
27
OFFICERS.— Pres., Albert Emanuel; V .-P ., Victor Emanuel; Sec., D . L.
McDaniel; Treas., C. B. Zeigler.— V. 120, p. 1459, 1586, 2550; V. 121,
p. 330, 459, 707, 1462, 1789, 1909. 2038-
M A IN E
CUMBERLAND COUNTY POWER & LIGHT CO.
NATIONAL ELECTRIC POWER CO.
Management.— Properties operated under the general supervision and
management o f Albert Emanuel C o., Inc., o f New York.
ORGAN IZATION .— Incorp. in Maine March 3 1925, as a holding com
pany, and acquired over 98% of the com. stock of the Cumberland County
Power & Light Co. o f Portland, M e. (see statement below), and all of the
com. stock o f the Northwestern Public Service Co. (V. 119, p. 1744).
Acquired during 1925 a controlling interest in Kansas Electric Power Co.,
Southwest Power C o., Eastern Kansas Power Co. and other companies,
operating in Michigan, Ohio, &c. In Sept. 1925 acquired, subject to the
approval o f the Penn. P. U. Comm., through the United Lighting Co.,
the com. stock o f the Penn Central Light & Power Co. V. 121, p. 1462.
Subsidiary Companies.— The operating subsidiaries include;
(1) Cumberland County Power & Light Co. (over 99% o f Common
stock owned).
(2) Northwestern Public Service Co. (all common stock owned except
directors’ qualifying shares).
(3) Kansas Electric Power Co. (all comm on stock owned except directors’
qualifying shares).
(4) Miami Valley Electric Co. (all common stock except directors’
qualifying shares owned by Kansas Electric Power C o.).
(5) Union City Electric C o . (all common stock except directors’ qualifying
shares owned by Kansas Electric Power C o.).
(6) United Lighting Co. (all common stock except directors’ qualifying
shares owned by Kansas Electric Power Co.).
(7) Southwest Power Co. (all common capital stock owned except
directors’ qualifying shares).
(8) Pittsburg County R y. (all capital stock and bonds owned by South
west Power C o.).
(9) Eastern Kansas Power Co. (all common stock owned except directors’
qualifying shares).
(10) Michigan Electric Power Co. (all common stock owned, except
directors’ qualifying shares).
(11) Ohio Electric Power Co. (all common stock owned except directors’
qualifying shares).
(12) Williamson Electric Co. (all common stock owned except directors’
qualifying shares). V. 121, p. 330FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Through its subsidiary operating companies serves a population estimated
at 775,000, embracing over 300 communities in Maine, Pennsylvania, West
Virginia, Kentucky, Ohio, Indiana, Michigan, Kansas, Oklahoma, Arkansas,
South Dakota and Nebraska, with light and power. Gas is manufactured
and distributed in seven communities, and a street railway system is operated
in and about Portland, M e., under a lease expiring in the year 2011.
The operating subsidiaries have a normal installed generating capacity of
106,687 k.v.a., o f which 23,062 k.v.a. is hydro-electric. The companies
operate 1,600 miles o f transmission lines; serve 118,000 gas and electric
consumers, o f which 108,000 are electric customers.
STOCK AN D BONDS—
Date.
Outstanding. Maturity.
Cornel “ A ” 250,000shs(no p a r )____
- 230,000 N o v ’25,45c.
- 460,000 shs __________
Com class “ B ” (no par)______ _____
Q-J
P f 7% cum $6,000,000 ($100)______
$4,500,000 Oct’25,1% %
20-yr sec bds ser o f 1925($100,1 1925
..
. _
6 g M-S
8,750,000 Mar ____
_______
1 1945
$500 & $1,000) g o ld -.c * .tf /Equitable Trust C o., New York, trustee.
Stock.— Pref. 7% cum. stock has preference over the com. stock both as
to assets and cum. divs. Callable at 110 and divs. on 30 days’ notice.
Full voting power is vested in the com. class “ B ” stock unless four quarterly
dividends are in arrears, in which case the cumul. pref. has voting power.
$1,500,000 was offered in M ar. 1925 by A. C. Allyn & C o., Inc., and Howe,
Snow & Bertles, Inc., at 95 and div. V. 120, p.1586, 2550. $2,000,000
was offered by them at the same price in Aug. 1925. V. 121, p. 707. In
Oct. 1925 the same bankers sold $1,000,000 additional 7% cum. pref. stock
at 95 and div., to yield 7.36%. V. 121, p. 2038.
Common Class “ A " stock has preference over Class “ B ” com. stock as to
assets to an amount o f $33 per share; as to divs. o f $1 80 per share per ann.
After both classes have received $1 80 per ann., class “ A ” and class “ B”
stock will receive each l o f the total amount of any additional divs. to
A
be paid. Class “ A ” stock is non-voting, except in case the company shall
have failed to declare during 2 years divs. aggregating $3 60 per share
Class “ A ” stock. V. 121, p. 330. In Oct. 1925, Howe, Snow & Bertles,
Inc., and A. C. Allyn & C o., Inc., sold at $26 50 per share 65,000 additional
shares o f class “ A ” participating stock. V. 121, p. 1909.
Common Class “ B” stock has full voting power.
Bonds.— 20-year bonds are secured by pledge o f approx. 99 A % of the
outstanding com. stock o f Cumberland County Power & Light Co., the
entire com. stock except directors’ shares of Northwestern Public Service
C o., Kansas Electric Power Co. and Southwest Power Co. Additional
bonds may be issued in principal amount, not to exceed 75% of the cost of
additional securities acquired, under certain restrictions. Sinking fund, 1 %
annually qf greatest amount outstanding during preceding year for five
years beginning Mar. 1 1927, 1J4% annually for five years beginning
Mar. 1 1932, 2% annually for five years beginning Mar. 1 1937, and 2 X %
A
annually beginning Mar. 1 1942 to maturity. Callable, all or in part, on
30 days’ notice at 105.and int. to Mar. 1 1926, less A o f 1 % each year there
after to Mar. 1 1944. Penna. and Conn. 4 mills tax, Maryland 4 A mills
tax, Mass. 6% income tax and California personal property tax not exceed
ing 4 mills per annum refundable. $3,750,000 were sold in Mar. 1925 by
A . C. Allyn & Co., Inc., Howe, Snow & Bertles, Inc., and R . E. Wilsey &
C o., Inc., at 97 and int., to yield over 6 M % . V. 120, p. 1459. $3,000,000
were sold in July 1925 at the same price and yield by A. C. Allyn & Co. and
Howe, Snow & Bertles, Inc. V- 121, p. 459. In Oct. 1925 the same
bankers offered $2,000,000 additional bonds at 97 and int., to yield over
6 K % - Y. 121, p. 1909.
Dividends.— On class “ A ” com. an initial quar. div. o f 45c. was to be
paid Nov. 2 to holders o f record Oct. 15. Holders had the option of receiv
ing l-50th o f a share instead o f cash. V. 121, p. 1789, where full details
are given.
R E PO RT.— Combined earnings o f Cumberland County Power & Light
Co. and Northwestern Public Service Co. for years ended Dec. 31
Calendar Years—
'
1924.
1923.
Gross revenues__________________
$5,436,235 $5,307,729
Operating expenses and taxes___________________ 3,115.322
3,228,920
$2,320,913
Fixed charges.............................
1,047,561
Net earnings-----------------------------------------$1,273,352
Preferred dividends_____________________________
233,478
Balance for depreciation and surplus__________ $1,039,874 $1,001,139
CONTROL.— Controlled by National Electric Power C o., which owns
over 98% of the capital stock, V. 121, p. 329 (see above). Compare V.
120, p. 955.
[This statement is as of Dec. 31 1924.]
ORGANIZATION.—-Incorp. in Maine March 14 1907. On Feb. 1 1912
leased for 99 years the Portland R R . Co. V . 94, p. 826. In July 1912
acquired all the properties, rights and franchises of Consolidated El. Lt. Co.
of Maine, Portland Lighting & Power Co. and Portland Electric Co., which
cos. were previously controlled through stock ownership. On Dec. 18 1912
purchased capital stock of the Ossipee Valley Power Co. On Feb. 1 1913
acquired practically all the common stock of the York Power C o., con
trolling the York Lt. & Ht. Co. V. 97, p. 368. Owns approximately onethird of the capital stock of the Androscoggin & Kennebec R y. Co. (see
on another page). In April 1913 the Ossipee Valley Pow. Co. and the York
Pow. Co. were merged, forming the York C o. Power C o. In 1923 the
York County Power Co. and the Westbrook Elec. Co. were merged. V . 117,
p. 552. Compare V. 116, p . 75, 1761, 1759.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Does entire electric light and power business o f Portland and vicinity.
Through subsidiary companies operates street railway systems of Portland
and South Portland, with lines to Yarmouth, Cape Elizabeth, Saco, Old
Orchard, Westbrook, Gorham and South Windham. The electric light
and power business in Biddeford, Saco, Old Orchard, Kennebunkport,
York Harbor, Alfred, Sanford, Springvale, Freeport, Westbrook, Gorham;
also gas in Biddeford and Saco On July 12 1917 the co. placed in operation
the first section, containing a 3,000 k. v . a. unit of a new generating plant
on the Saco River at Hiram Falls, which is to have an ultimate capacity
of 20,000 k. v. a. In addition, the co. owns or controls 5 hydro-electric
power plants on the Saco and Presumpscot rivers within 25 miles of Port
land and 6 steam power plants, combined capacity 28,100 k.w., with
transmission lines to Portland, covering entire city and suburbs; also to
Sanford, M e., aggregating 106 m. The single-track mileage of the con
trolled railways is 271.
Franchises.— The franchises under which the companies operate are
stated to be exceedingly liberal and to have no burdensome restrictions
In 1924 the auth. com. stock was changed from $1,350,000 (par $50) to
30,000 shares of no par value, of which 26,968 shares were issued in ex
change, share for share, for the outstanding 26,968 shares of $50 per.
Compare V. 118, p. 663.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common 30,000 shs_________ _____
Q-M
26,968 shs Sept’17 ,1%
Pref ($100) 6% cum red at] ____
Q-J
$4,523,300 Aug ’25,1H
120 & accr div___________ /
1st & ref mtge $10,000,000] 1912
5 M-S
4,529,000 Sept 1 1942
gold ($1,000)_________ c*tf /Empire Trust Co. N . Y ., Trustee.
5-year collateral trust bonds] 1921
8 J-D
600.000 June 1 1926
($500 and $1,000)--------- c/Fidelity Trust C o., Portland, M e., Trustee.
Port El Co pref stk $ 5 0 0 ,0 0 0 ]-----Q-F
500,000
See text
($100) 6% cum (seetext)ntf/C . O. Bancroft, Portland. Trustee.
Port Elec Co IstM $1,500,000/ 1906 5 g F-A
930,000 Aug 11926
g ($1,000) sink fu n d ._c*tflin t, at Portland Trust C o., Portland, Trus.
Port! Ltg & Pow first mtge] 1901 7 A-O
500,000 April 1 1931
$750,000 (el’sd) ($ l,000 )ctf/In t. at American Trust C o., Boston, Trustee.
York County Power Co.—
Agamenticus El Lt 1st M .c t f
1910 5 g J-J
46.000 July 1 1930
Wells El Lt & P 1st M ____c t f .
1910 5 g J-J
7,500 Jan 1 1930
Kennebunk El Lt 1st M ..c n t f
1910 5 g J-J
63.000 July 1 1930
York Lt & Ht 1st cons ref M /
1907 5 A-O
313,000 April 1 1927
(closed) ($500 & $1,000) ctf \Int. at Un. S. D . & T . C o., Portland, Trus.
York Co Pow 1st & ref M $2,-1 1913
5 g J-D
816,000 Dec 11943
500,000 ($500&$l,000)c*tf-(lnt. at Portland, M e., and N . Y . City.
1 Fidelity T r. C o., Portland, M e., Trustee.
York Co Pow pref stock c u m ] ____
6 Q-J
383,000
Guar.
(guar b y C C P & L ) ______ /
Stock.— Both classes o f stock are listed on the Boston Stock Exchange.
V. 95, p. 1206. Pref. is tax free to holders in Maine. In Aug. 1924
Beyer & Small and other Portland, M e., bankers offered $1,000,000 6%
pref. at 86 and div., to yield about 7 % . V . 119, p. 810. The company
has the option at any time to redeem all or part of the Portland Electric
Co. pref. stock at 115 and accrued div. on 15 days’ notice, and may at
any time, with consent of owner, red. pref. stock at less than 115. Pref.
stock of the Portland Elec. Co. falls due and is payable on Aug. 1 1926
at par and accrued dividends.
Bonds.— Of the remaining first and refunding mortgage bonds, $3,000,000
are reserved for prior liens, and $2,782,000 are for ext., impts., &c., under
certain restrictions. $400,000 are pledged under the 5-year coll, trust
8% notes and $122,000 are held in treasury. Callable as a whole on
any interest date at 105 and interest on 60 days’ notice. Bonds have a
depreciation and trust fund from July 1 1915 of 1% per annum of bonds
outstanding, but not less than $20,000 a year for purchase of bonds at not
over 105 and int. or for replacements, extensions and additions. Interest
payable at A. B. Leach & C o., N . Y . V .9 5 ,p .3 6 1 . In July 1924 $478,000
were offer d by Bond & Goodwin, Inc., at 93M, to yield about 5.60% .
V. 119, p. 454.
Portland El. 1st mtge. bonds are callable at 110 and accrued interest on
5 weeks’ notice as follows: Nos. 1 to 125 on and after Aug. 1 1911; 126 to
250 on and after Aug. 1 1916 and 251 to 375 on and after Aug. 1 1921.
Sinking fund of 1% p. a. o f bonds out began Aug. 1 1911, inclusive, any
bonds purchased for or redeemed by sinking fund. V . 90, p. 1243.
The $2,500,000 York County Power bonds are guaranteed by the Cumber
land County Power & Light C o., and of this amount $816,000 are out
standing, $179,000 in treasury, $508,000 are reserved for underlying liens
and $960,500 for additions and impts. Bonds are red. at 105 on any int.
date upon 60 days’ notice. Sinking fund of A of 1% of bonds out began
Dec. 1 1917; $36,500 are in sinking fund. V. 99, p. 1451, 1597.
$43,000 Agamenicus El. L t., $22,500 Wells El. Lt. & Pow. Co. and
$37,000 Kennebunk El. Lt. Co. bonds, in addition to the amounts reported
outstanding, are held by trustee of the York Co. Pow. Co. All three
mtges. are closed. Guar, by York Co. Pow. Co.; int. payable at Union
S. D . & Tr. Col., Portland, trustee; York Lt. & Ht. Co. 1st cons. ref.
bonds have a sinking fund which began April 1 1911 of 2% of gross income;
$78,000 are held in sinking fund.
The Portland Ltg, & Pow. Co. 1st mtge. bonds are a direct obligation of
the Cumberland County Power & Lt. Co. and sufficient of that co.’s 1st
6 ref. 5s due 1945 are reserved for the retirement o f these bonds. The
Portland Ltg. & Pow. bonds were originally 4 A s and matured April 1 1921,
but were extended for 10 years at 7 % , are call, as a whole on any int. date
38
PUBLIC UTILITIES
at 105 on or before April 1 1926; at 103 before April 1 1928; at 102 before
April 1 1929, and at 101 before April 1 1930. Y. 112, p. 1399.
Notes.— The 5-year 8% coll. tr. bonds are secured by $400,000 Cumber
land County Power & Light C o. 1st & ref. 5s, 1942; $86,000 Portland R R .
1st Lien & Consol. 5s 1945; $426,000 Androscoggin & Kennebec R y. 1st
Pref. Cum. 6% stock; $490,000 Androscoggin & Kennebec R y. 2d pref.
5% stock. The com. & pref. stocks are represented by certificates of
beneficial int. Int. payable in Boston or Portland, M e. V . 112, p . 2189.
Dividends.— 6% p. a. was paid on the pref. stock from Feb. 1 1912 to
M ay 1 1918, both incl. The M ay 1 1918 dividend was paid in scrip. None
to Peb. 1921, when 6% was paid. Initial div. of 1% paid on com. Dec. 1
1916; same rate quar. to Sept. 1917. None since.
EARN IN G S.— Of combined properties for 12 mos. ending Dec. 31:
Dec. 31
Gross
Net (after De- Interest, Preferred Balance,
Year—
Earnings, prec .& Taxes). &c.
Dividend. Surplus.
1924.......
--$3,857,706 $1,418,921 $746,589 $199,419 $472,913
1923 ------------------- 3,771,968
1,298,242 747,341
159,549 391,352
1922 ------------------- 3,467,564
1,231,999 719,472
159,646 352,881
— V . 115,p. 435; V. 116, p. 75, 822, 1176, 1759; V . 117, p. 207, 552,
1461, 2652: V. 118, p. 663, 793; V. 119, p . 454, 810, 3009; V . 120, p. 329,
452, 955, 1457; V. 121, p . 329.
(1) PORTLAND RAILROAD.
Lease.— Leased for 99 years from Feb. 1 1912 to the Cumberland County
Pow. & L t. C o., lease providing for all interest and other current charges
and 5% divs. on capital stock.
ORGAN IZATION .— Incorp. March 1860 under laws o f Maine. Ab
sorbed the properties o f the Portland & Cape Elizabeth R y ., Cape Shore
R y ., Cape Elizabeth St. R y ., Portland & Yarmouth Elec. R y. and West
brook Windham & Naples. Franchises contain no objectional restrictions;
many are unlimited as to time.
FIE LD OF OPERATIONS AN D CHARACTER OF BU SIN ESS— A
trolley road.— Operates 104.52 miles o f track, comprising the entire street
railway systems o f Portland and South Portland, with suburban lines to
South Windham, Saco, Westbrook, Cape Elizabeth, Gorham, Old Orchard
and Yarmouth, where connection is made with the Androscoggin & Kenne
bec R y . 140 passenger .2 express and 30 others. One steam power plant
with 1,600 k w capacity Seven sub-stations.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $2,000,000 5% gu ($ 1 0 0 )____
5 F-A
$1,999,000
See text
1st cons (now 1st) $3,000,000/ 1901
3K g J-J
1,600.000 July 1 1951
($1,000 & $500) gold._c*tf\ lnt. at Portland Tr. C o., Portland, Trustee
First hen & cons $7,500,000/ 1915
5 g M -N
2,045,000 N ov 1 1945
^ g o ld ($1,000 & $500)--C*tf lin t, at New^ YorkJTrustJDo., Trustee.
Bonds.— Remaining $1,400,000 first cons, (now 1st) M . bonds are pledged
as security for the first lien & cons. M . 5s. Are callable at par and int.
on any int. date after July 1 1931. V . 73, p. 139; V. 91, p. 871.
Of the remaining first lien & cons. M . 5% bonds, $1,600,000 are reserved
for retirement o f prior lien bonds and remainder for extensions, impts., &c.
Outstanding bonds are secured by deposit o f $1,400,000 1st cons, (now 1st)
mtge. 3 J^s; are callable as a whole or in part at 105 on any int. date.
Dividends.— The following divs. are on old stock prior to lease.
Year—
’95-’9 9 .’0 0 . ’0 1 . ’02. ’03. ’04. ’05. ’06. ’07-’l l .
Since.
Percent-------------- 6% 5
6
3
3
3
3 3A
4 y ’ly. 5 yearly
[V ol. 121
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Bar Har & Un R Pr Co 1st &\ 1907
5 M -S
x l ,522,000 Sept 1 1935
ref $2,000,000 ($1,000) .c*tf/B ank of North Amer. & Trust C o., Phila.,tr.
Bangor Power Co 1st mtgel 1911
See text x l,392,000 Sept 1 1931
_
$2,500,000 ($1,000)_ c*tf/C entral Union Trust C o., N. Y ., trustee
x Holders of these issues were offered in exchange for their bonds Bangor
Hydro-Electric Co. first Hen & ref. mtge. conv. 5K s upon varying terms.
For details o f exchange offer see V. 120, p. 1455.
Bonds.— There will be presently outstanding $3,500,000 Bangor Hydro~
Electric Co. 1st lien & ref. d. conv. 5 14s in accordance with terms of exchange
offer, for details of which see V. 120, p. 1455. All bonds so acquired by
exchange will be pledged under this issue. Are conv. into com. stock at
$110 per share. Are non-callable to March 1 1935. Callable thereafte
in whole or in part at 105 to Sept. 1 1943, and thereafter at 102 l to maturity
A
Int. at office of co. in Bangor, M e., or at National City Bank, N. Y .
V. 120, p. 1455.
Bangor By. & Elec. 1st consol, bonds are secured by deposit of all the
stocks (except 1 share of pref.) and $56,000 1st & ref. mtge. bonds of the
Bar Harbor & Union River Power Co. They are subject to call on 60 days’
notice at 107 A and int. on any int. date. Int. at office of trustee, New
York, or Eastern Trust & Banking C o., Bangor. See particulars, bonds,
property, &c., V. 87, p. 1009.
The Public Works Co. bonds are not subject to call; V. 80, p. 2546. $1,000
retired.
Of the Bar Harbor & Union River Power Co. bonds $329,000 are pledged
to secure the 8% conv. notes of the Bangor R y. & Elec. Co. $149,000 are
held in treasury. Remainder are for extensions, &c., at 85% of cost of
same. Are subject to call at 107 A and int. on any int. date on 60 days’
notice. Int. at trustee or Merrill Trust C o., Bangor; also at J. & W.
Seligman & C o., New York.
Of Bangor Power Co. 1st mtge. bonds, $750,000 Series A (all out) bore
int. at 4% to Sept. 1 1916; 4/^ % to Sept. 1 1921 and 5% since. Series B,
$1,750,000 auth. (int. 5 % ), $611,000 issued and outstanding, and $1,139,000
reserved for extens., betterments, &c., at 85% of cost of same. Int.
payable at office of trustee and at office in Bangor. Subject to call at 105
and int. on any int. date on 60 days’ notice. No sinking fund. Both
series assumed by Bangor R y. & Electric Co.
Notes.— Bangor Ry. & Elec. 8% conv. notes are secured by $329,000
Bar Har. & Un. Riv. Power Co. 1st & ref. 5s. Red. at 101 and int. on any
int. date on four weeks’ notice. Convertible incl. Sept. 1 1928 into Bar
Harbor & Union River 1st & ref. 5s o f 1935 at a price to yield 7 % , with
adjustment in cash equal to difference between price and par.
Dividends.— An initial div. of 1M % was paid on com. M ay 1 1925.
EARN ING S.— For years end. Dec. 31:
Calendar Years—
1924.
1923.
1922.
Gross earnings_______________________$1,542,293
$1,535,212 $1,488,936
737,509
757,351
751,010
Operating expenses and taxes_______
Depreciation_____- _________________
117,557
115,532
127,274
Netearnings_____________________
$687,227
$662,329
Fixed charges______________________
306,651
285,727
OFFICERS.— Pres., E. M . Graham; V .-P ., H. L. Clark; Clerk
Howard Corning; Aud., C. A. Pearson Jr. Under management
Clark & Co.— V. 120, p. 1455, 2010.
$610,652
284,734
& Treas.,
of E. W .
ANDROSCOGGIN AND KENNEBEC RY.
ANDROSCOGGIN ELECTRIC CO.
Controlled by Central Maine Power Co., which is owned by New England
Public Service Co.
ORGAN IZATION .— Incorp. in Maine Oct. 26 1914 and purchased the
properties of the Lewiston & Auburn Elec. Lt. Co. and the Portland Lewis
ton Interurban R R .
F FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Owns and operates three hydro-electric plants and one steam reserve sta
tion, with a combined rated capacity o f 18,987 h. p. Supplies electric
energy to the following cities and towns; Auburn, Greene, Leeds, Lewiston,
New Gloucester, Wales and Webster. Population served, 53,000. Also
owns and operates 30.76 miles o f high-speed interurban road connecting
Lewiston, Auburn and Portland. Enters these cities over tracks of the local
street railway companies under operating agreements. 9 passenger cars,
12?other cars and 1 electric locomotive. The interurban road is on private
right-of-way for 28 miles and on the highway for 2 miles. Charters and
franchises liberal. Has contract with City o f Auburn for lighting streets
and ways and pumping water supply.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common stock $1,500,000_________
_________ $1,500,000 ___________
Preferred stock $500,000------- -------6 Q-F
500,000 __________
1st & refund mtge $5,000,000/ 1914 5 A-O
2,946,500 Oct 11934
($1,000 & $500) gold----- tf-jlnt. at Union Safe Dep. & Trust C o., Portt land, trustee.
Lewiston & Auburn El Lt m t g e ____
5% J-D 1,200,000 June 1 1939
5-yr g coup notes ($l,000)_-ritf 1925^ 6% ISDN'.
» 500U00 M ay_l 1920
9$Bonds.— $1,200,000 1st & ref. M . 5% bonds are^eserved^o=retirc~the
1
Lewiston & Auburn bonds; remainder may be issued for 80% of cost of new
work under conservative restrictions. N ot subject to call. V. 102, p.
607.
$250,000 were offered in March 1925 by E. H. Rollins & Sons at
94M & int., to yield about 5M % . V. 120, p. 1200.
Lewiston & Auburn El. Lt. 1st 5s are call, as a whole on any int. date at
105 & int. No sinking fund.
The 5-year 6 % gold coupon notes are redeemable as a whole only on 30
days’ notice at 102 and int. during 1926; thereafter at % % less each year.
Interest payable in Boston. Coffin & Burr, Inc., offered in M ay 1925
$500,000 at 100 and interest. V. 120, p. 2399.
EARN ING S.— For calendar years:
C al.Yrs.— Gross Inc.
Net.
Interest.
Pref. Divs. Bal.,Surp.
1924----------- $958,884
$390,780
$235,258
$30,000
$125,522
1923.............
982,943
387,115
203,756
30,000
153,359
1922--- - _____ 919.958__r 370,151__
198.412 _ 30,000. „,14L 73 0
Latest Earnings.— 12 months ended
31”192.5?'Earnings^- sTj)39^516';
interest, $264,894; preferred dividends, $30,000.
^ O F F IC E R S .-—Pres., Harvey D. Eaton; Treas., W . S Wyman; Gen.
M gr., Geo. S. Williams; Clerk, E. A . Ballantyne.— V. 120, p . 1200, 2399.
BANGOR HYDRO-ELECTRIC CO.
ORGAN IZATION .—-Incorp. in Maine Aug. 1 1924. Has acquired all of
the properties formerly owned by the Bangor R y. & Electric Co., Bangor
Power C o., Bar Harbor & Union River Power Co. and other smaller proper
ties formerly part o f the Bangor Railway & Electric System. In 1925 an
offer was made to the common and preferred shareholders of these three
subsidiaries to exchange their holdings, share for share, for stock of the
Bangor Hydro-Electric Co. o f the same class.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Co. serves with electric light and power the principal cities and towns in
Penobscot and Hancock Counties, M e., including Bangor, Brewer, Orono,
Old Town, Lincoln, Ellsworth, Bar Harbor and other towns, with about
17,100 customers and a population served o f about 76,000. Also furnishes
railway service in Bangor and vicinity; track mileage, 67.69 miles.
The principal power plants, all hydro-electric, are located at Milford
and Veazie on the Penobscot River, and at Ellsworth on the Union River,
with an aggregate generating capacity o f 24,450 h.p. Additional power
can be developed at existing plants and at owned undeveloped water power
sites.
STOCK AN D BONDS-—- Date.
Interest. Outstanding.
laturity.
Common $2,000,000 ($100)________
_______
$2,000,000 N ov.’25,1 M
Pref 7 % $3,500,000 ($100)_________
________
2,500,000 O c t .’2 5 ,1M
1st lien & ref M conv bds, ser]
of 1949 ($500 & $1,000 c * & ) 1924
5 M M -S
See text Sept 1 1949
$1,000 & m ultr*)_______tfJNational City Bank, New York, Trustee.
Bangor R y & El 1st cons M g\ 1905
5 g J-J
x2,000,000 July 11935
$2,000,000($500,$l,000)c*tf/Guaranty Trust C o., New York, trustee.
B R y & El conv notes $300,-\ 1920
8 g M -S l
259,000 Sept 1 1930
000 ($500 and $1,000) goldc/First National Bank, Bangor, trustee.
Pub Wks Co 1st gold $600,000) 1899
5 g A-O
599,000 April 1 1929
($500, $1,000)______ c * n tf/In t. at Old Colony Trust C o., Boston, truste
The Cumberland County Power & Light Co. owns approximately onethird of the company’s capital stock.
ORGAN IZATION .— Incorp. in M e. on Sept. 30 1919 as successor to the
Lewiston Augusta & Waterville St. R y. as per reorganization plan outlined
In V. 110, p. 1089. The co. is now the owner o f the properties formerly Incl.
under the Lewiston Augusta & Waterville St. R y. 1st & ref. mtge. (ex
cepting the franchise o f the Turner line, which line we understand has
been taken over by the town of Turner, V. 110, p. 1188.) subject to the
underlying liens found in the table below. Holders o f each $1,000 Lewis
ton Augusta & Waterville St. R y. 1st & ref. bonds received in exchange
therefor $500 1st pref. and $581 2d pref. stock of the present co. For
•tatement of predecessor co. see “ Electric Railway” supplement o f N ov.
15 1919.
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
Operates a system in and between Waterville, Augusta .Winthrop, Togus,
Gardiner, Sabattus, Lewiston, Auburn, Mechanic Falls, Brunswick, Free
port, Yarmouth and Bath. 157.083 miles of single track; 80 passenger,
54 freight and express cars, 11 snow plows and 13 miscellaneous cars; total,
158 cars. Has one steam plant with an installed capacity of 500 k. w.
Outstanding. Maturity
STOCK AND BONDS—
Date. Interest.
Noue
Common, $1,354,500_______________
1st pref. (see text)$l,468,500 ($100)
6%
$1,468,500
See text
2d pref. non-cum,$1,708,200 ($100)
5%
1,708,200
See text
1st mortgage bonds__________ 1920
834,500 Mar 1 1940
6%
Securities of the Aug. Win. & Gar. Ry.—
55,000 July 1 1951
Aug. H. & G. gen. mtge. con-i 1901
4 g J-J
vertible ($500$1,000) c n t flln t. at Augusta T r. C o.. Augusta, Trustee.
4%
195,000 July 1 1951
Aug. H. & G. pref. stock__________
______________ M $150.-/ 1902
4 g J-J
53,000 July 1 1952
AugWin & Gard 1st________ , _____
000conv($l,000&$500)gcntf lin t, at Augusta Tr. C o.. Augusta, M e.,Trus.
Aug Win & Gard pref s to ck .. ____
4%
97,000 July 1 1952
Aug Win & Gard gen M $125,-/ 1905 5 g J-J
100,000 Jan. 1 1935
000 ($500 $1,000) gold c n t flln t. at Augusta Trust C o., Trustee.
Stock.— The co. expects during three to five years from the date o f organ
ization to expend about $900,000 upon its system for equip., impts., and
rehabilitation. Pending the completion of this program the $1,468,500 1st
pref. and the $1,708,200 2d pref. stock is to be held by the Lewiston Augusta
& Waterville St. R y. 1st & Ref. M . bondholders’ committee in a voting
trust. When the rehabilitation program has been completed (or sooner with
the committee's consent) the stock will be released from the voting trust and
distributed as per the reorganization plan. See above and also V . 110,
p. 1089. The 1st pref. stock is cumulative;
Bonds.— The co.’s 1st M . bonds due 1940 were issued in exchange for a
like amt. of Lew. Bruns. & Bath St. R y. 1st M . 5s, due Mar. 1 1920.
All the underlying mortgages are closed mortgages. The Augusta
Winthrop & Gard. R y. gen. mtge. 5% bonds o f 1905 are subject to call at
? ar on any int. day on 60 days’ notice. The Aug. Winth. & Gard. R y.
st M . 4% bonds are exchangeable for 4% pref. stock o f the same co.,
which stock has the same security as the bonds and matures at the same
time. $97,000 have been exchanged. Subj. to call at 104 and int. on any
Int. The Aug. H. & Gar. gen. M . 4% bonds are exchangeable for 4%
pref. stock of the same co., having the same security as the bonds and ma
turing at the same time. $195,000 have been exchanged. Callable at
104 and int. on any int. date.
Dividends.— On 1st pref., 3% paid June 1 1921 and same rate paid
regularly semi-ann. since. On 2d pref., 2 A % was paid in Oct. 1922. In
1923, April, 2 M % ; Oct., 2 A % . In 1924, April, 2 H % ; Oct., 2>^%.
EARNINGS— For years ending Dec. 31:
Gross.
Expenses Net A ft.
Balance
de Taxes
Taxes
Int.,dec
S ur.orD ef.
Earnings
$875,395 $180,239 $ 72,235
$108,003
1924.........
$1,055,633
969,007
196,124
72,259
123,865
1923......
1,165,131
___
_________________
966,369
269,658
86,554
183.104
1922-- _______ 1.236,027
10,639,045 passengers carried in cal. year 1924, against 12,753,996 in 1923.
EARNINGS.—12 months ended Aug. 31 1925: Gross, $1,014,621; net,
after taxes, $176,498; interest, &c., $72,261; surplus, $104,237.
OFFICERS.— Pres., Wm. B . Skelton; V.-P. & Counsel, Wm. H. Newell;
Treas., Miss G. E . Fitz, all o f Lewiston, M e.; Gen. M gr. & Clerk, Alfred
Sweeney.— V. 116, p. 1273; V. 118, p. 1134, 2302.
BIDDEFORD & SACO RR.
ORGANIZATION.— Incorporated Feb. 19 1887.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
A trolley road. Operates 8 miles of track between Saco, Biddeford and Old
Orchard Beach.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock ($50) $100,000______________
A-O
$100,000 Oct ’25, 3%
1st mtge $300,000 ($1,000)/ 1900
4 g J-D
136,000 June 1 1940
g o ld c * . No s f but can be (Interest at Fidelity Trust C o., Portland,
called in 1920__________ t f j M e., trustee.
Oct., 1925.]
POWER, LIGHT AND RAILW AY
29
Dividends.— During years end. June 30: 1906, 4% ; 1907-09, 5 % : 1910,
7 H % (changed to s.-a.); 1911 and 1912, 5% : 1913 and 1914, 6% : 1915, 8% :
1916, 10% and special div. o f 20% on Aug. 1 1916. In 1917, 10%; in 1918,
10%: in 1919, 10%; in 1920, 10%; in 1921, 10%; in 1922, 9% ; in 1923, 8% ;
in 1923, 8% ; in 1924, 8% ; in 1925, April, 3% , and Oct., 3% .
EARN ING S.— For calendar years:
Year.
Gross.
Net.
Int., <&
c. Dividends.
Balance.
1924------- ____ $105,017
$11,947
$8,000
def.$1,773
$5,720
sur. 8,121
1923____ ____ 117,506
22,121
8,000
6,000
1922____ ____ 119,171
sur. 1,442
16,443
9,000
6,000
OFFICERS.— Pres., H. P. Garland; V .-P ., C. F. Verry; Sec., Treas. &
Gen. M gr., J. Burton Stride.— V. 70, p. 1048; V. 73, p. 494.
The first refunding bonds are (since Apr. 1 1921) a first mortgage on all
property owned. Of the amount reported as outstanding, $4,701,000 are
5s and $914,000 are 7s. Additional bonds may be issued for refunding and
for acquisitions under certain restrictions, but not in excess of twice the par
value of outstanding stock. Sinking fund of 1% of bonds outstanding on
each Aug. 1 began 1919 and is applied to purchase of bonds at not to exceed
105 and int. $323,000 5s (incl. in amount outstanding) held in sinking fund
April 1 1925. Bonds purchased are to be held alive. Callable at 105 and
int. V. 105, p. 909; V. 112, p. 562. In Dec. 1924 Dillon, Read & Co. and
Tucker, Anthony & Co. offered $1,000,000 1st & ref. mtge. 5s at 95 and
int., to yield about 5.35% . V . 119, p. 2647.
Dividends.— First div. of 3% on July 15 1901; paid 6% per annum to and
incl. 1905; 7% in 1906; since 8% per annum. 5% extra dividend in 1912.
CALAIS STREET RY.
companies for years ending Dec. 31:
Balance for
Interest
Year end.
Net
Gross
<%
c.
Divs. A c.
Earnings.
Dec. 31—
Earnings.
$722,529
$267,424
1924 ................... _____ $2,561,753
$989,953
689,797
259,450
949,247
1923 ____________ _____ 2,560,842
502,212
296,467
798,679
1922 .................................. 2,297,871
470,648
312,160
782,808
1921______ ______ ........... 2,429,865
OFFICERS.— Pres., Walter S. Wyman; V.-P. & Gen. M gr., J. Brodie
Smith; Treas., Thomas L. Skinner; Asst. Treas., Avery R . Schiller: Clerk,
Allan M . Wilson.— V. 114, p. 1890, 2359, 2717; V. 116, p. 1275; V. 117,
p. 670; V. 118, p. 1773; V. 119, p. 198, 694, 2647; V. 120, p. 2147, 3064:
V. 121, p. 200, 706, 839, 1678, 1908.
O R GAN IZATION .— Incorporated in Maine in 1893.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
A trolley road. Calais Street R y., lower wharf to upper bridge, Calais,
4 miles; St. Stephen Electric R y., Milltown, N. B ., to St. Stephen, N . B .,
3 miles; total, 7 miles. The St. Stephen Electric Street R y. is a separate
corporation, but is owned entirely by the Calais company. Nine cars.
C A PITALIZATION .— Stock, $50,000 com. and $50,000 pref.; first
mortgage, 1910 (n tf), 5s, J-J, $100,000, due July 1 1930.
R E PO R T .— Earnings for calendar year 1924: Gross, $56,362; net, after
taxes, def., $7,000. In 1923, gross, $56,528; net, after taxes, $1,679. In
1922,(gross, $45,455.
In 1921, gross, $57,968. In 1920, gross, $55,697.
In 1919, $50,882.
OFFICERS.— Pres., George A. Curran; Sec., Treas. & Gen. M gr.,
Benjamin Y . Curran; Supt., C. F. Pray, all o f Calais, Me.
YORK UTILITIES CO.
O R G A N IZA TIO N .— Organized early in 1923 in Maine, and on Feb. 1
1923 took over the property o f the Atlantic Shore R y. (for history see
“ Electric Railway” Supplement of Oct. 28 1922) as per plan outlined in
V. 116, p. 615. No provision was made for the stock or non-assenting
bondholders o f the predecessor company
FIE LD OP OPERATIONS AND CH ARACTER OF BUSINESS.—
Operates 37 miles of track, connecting Springvale, Sanford, West Kennebunk, Kennebunk, Kennebunkport and Cape Porpoise with Biddeford and
Saco; thence over connecting lines to Old Orchard and Portland. See V. 81,
p . 1549. Built 2.1 miles o f track in Sanford in 1923. Also operates buses.
V . 119, p . 581. Owns 2 water power plants. Has 22 passenger cars, 3
■express cars and 3 electric locomotives. 60 and 70-lb. rail.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Com m on____________________ _____
--------------------------------$481,775-----Preferred 5 % cumulative__________
5% cum 179,100 J’ne’23,1 2-3
First mtge Ser “ A ” $1,000,000 1923
5%
469,200
_____
Second mortgage_____________1923
5%
344,900
.....
Calendar
Gross
Operating
Net
All
Interest on Balance
Year—
Earnings. Expenses. Earnings. Taxes. Bonds,<&.c. Deficit.
1924_____ ------- $180,856 $170,314 $10,541
$7,989 x$40,930 $38,143
1923_____ _____ 227,808
214,405
13.403
8,309 x41,605 36,511
1922......... -------- 236,837
180,806
56,031
7,662
81,795 33,427
1921------- ------- 224,651
203,247
21.404
6,967
80,895 66,458
1920......... ------- 223,383
198,522
24,861
5,867
80,895 61,901
x Including $225 in 1924 and $900 in 1923 for "other deductions.”
Income Account 8 Mos. End. Aug. 31 1925.— Gross, $126,120; net earn
ings, $11,334; gross income, $11,556; taxes, $5,550; bond interest, $27,137;
deficit, $21,131.
OFFICERS.— Pres., F. O. Conant: V .-P ., Constant Southworth: Treas.,
•Geo. S. Hobbs; Gen. M gr., W . M . B . Lord.— V. 118, p. 1667; V . 119, p. 581.
WATERVILLE FAIRFIELD & OAKLAND RY.
Controlled by Central Maine Power Co.
ORGANIZATION.— Incorp. in Maine in 1903 as the Waterville & Oak
land St. R y., but in 1911 increased its stock from $100,000 to $500,000
($100) and changed name to present title. V. 93, p. 1602. The $400,000
additional stock was turned over to the Central Maine Power Co. to pay that
company for having retired outstanding bonds of the Waterville & Oakland
St. R y. and for procuring the conveyance o f the street railway property
formerly belonging to the Waterville & Fairfield R y. & L. Co. The Cen
tral Maine Power Co. assumes and agrees to pay all liens, claims and in
cumbrances o f every kind attaching to the property formerly owned by the
Waterville & Fairfield R y. & Light C o., so that the Waterville Fairfield &
Oakland R y. now owns both railroads, which connect at Waterville.
V . 93, p. 1790. Waterville Fairfield & Oakland R y. has no bonds.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Extends from Fairfield through Waterville to Oakland, 10.8 miles. Stand
ard gauge. 58 to 90-lb. T and girder rail. 17 pass, cars and 2 snow plows.
Fares.— See V. 118, p. 2306.
EARNINGS.— For 12 mos. end. Aug. 31 1925, gross, $120,564; net
after taxes, $2,484. For calendar year 1924, gross, $126,701; net after
taxes, $1,269; for year ending Dec. 31 1923, gross, $140,591; not, after
taxes, $4,036. In 1922, gross, $133,023; net after taxes, $6,353.
OFFICERS.— Pres., Harvey D . Eaton; Sec., E. A . Ballantyne; Treas.,
Walter S. Wyman; Gen. M gr., Gerald C. Welch.— V. 93, p. 1602, 1790
V. 118, p. 2306.
N E W H A M P S H IR E
MANCHESTER TRACTION, LIGHT & POWER CO.
Controlled by Middle West Utilities Co. through New England Public
Service Co. V. 121, p. 1678.
ORGAN IZATION .— Incorporated in 1901 in New Hampshire and com
prises the several light, power and street railway properties in and around
Manchester and the light, power and gas property in Nashua. The com
pany owns the stock o f the Manchester St. R y., Manchester & Nashua St.
R y. (name changed from Goffs Falls Litchfield & Hudson St. Ry. in Feb.
1907) and Manchester & Derry St. R y. In Jan. 1918 purchased the water
rights o f the U. S, Bobbin & Shuttle Co. In June 1925 control of the
company was acquired by the Middle West Utilities Co. See V. 120,
p. 30 64;V. 121, p. 200.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
The different roads controlled comprise 65.515 miles o f track, as follows:
Manchester St. R y., 42.812 miles; Manchester & Nashua St. R y., 14.335
miles; Manchester & Derry St. R y., 8.368 miles. 121 passenger and 17
miscellaneous cars. Four hydro-electric plants, present capacity approx.
13,400 k.w.; a steam reserve station at Manchesterjwitha combined capacity
o f approx. 12,500 k. w. and 1 steam reserve station at Nashua with capacity
o f approx. 1,500 k. w. Also owns water rights along the Merrimac River.
For proposed improvements to power plants see V. 118, p. 1773.
Franchises perpetual. Interurban roads and main transmission lines
on private right-of-way, except through cities and towns.
STOCK—
Date.
Interest. Outstanding. Maturity.
Stock $5,000,000 ($100)----------------Q-J- 15
$4,958,300 J u ly ’25 2%
Manchester & Nashua 1st M l 1906
5 g J-D
200,000 June 1 1926
gold $300,000 ($ l,0 0 0 )-.tf (Int. at American Tr. C o., Boston, trustee.
M an & Derry St R y 1st mtgel 1907
5 J-D
125,000 Dec 1 1927
$500,000 ($1,000) g u a r..tf jInt. at American Tr. C o., Boston, trustee.
First ref M sink fund g $15,- 1917
See text
5,545,435 Aug 1 1952
000,000 ($500 & $1,000 c * ;lln t. at American Tr. C o., Boston, trustee.
$5,000 r )_______________tfj
Bonds.— The Manchester & Nashua St. R y. and the Manchester & Derry
St. R y. bonds are guaranteed, prin. & int., by Man. Trac., Lt. & Pow. Co.
Both mortgages are closed.
NEW HAMPSHIRE ELECTRIC RYS.
Control.— Early in 1925 the Associated Gas & Electric Co. acquired control
of the company. V . 120, p . 331. Compare V. 119, p. 2762, 2878.
OR GA N IZA TION .— A voluntary association organized as successor to
New Hampshire Trac. Co. on Aug. 24 1905. Co. owns $143,000 bonds and
all of the com. capital stock of the following companies; Mass. N . E . St. R y.,
Dover Somersworth & Rochester St. R y. and Granite State Land Co.
STOCK—
Date.
Interest. Outstanding. Last Div.
Common $4,000,000 ($100)________
_________ $3,900,200 . . . ...............
P ref4 % n -c $4,000,000 ($100)______
J-J
3,399,500 J u ly ’ 17,1%
Dividends.-—Company paid 1% each 6 mos. on pref. from July 1908 to
and incl. Jan. 1910; July 1910 to Jan. 1912, \l % s.-a.; July 1912 to July
A
1915, 2% s.-a. In July 1916, 2 % . In 1917, 3 % . None since.
OFFICERS.— Pres., J. I. Mange; V .-P ., John M . Daly, New York;
Treas., F. E . Webster, Haverhill, Mass.— V . 118, p. 1392.
(1) MASSACHUSETTS NORTHEASTERN STREET RY.
All the stock of this company is owned by the New Hampshire Elec. Rys.
OR G A N IZA TIO N .— A Massachusetts corporation.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Owns and operates a local and interurban railway in northeastern Mass,
and southeastern New Hamp. Maintains a through service between Haver
hill, Lawrence, Amesbury and Newburyport. Power is purchased from
the Portsmouth Power Co. under a contract extending beyond July 1 1934.
Owns and operates about 88 miles of single track (65 miles in Mass, and 23
in New Hamp.), extending east and west from Haverhill, Mass., entering
on the east Newburyport, Merrimac, Salisbury and Amesbury, Mass., and
Plaistow and Newton, N. H ., and on the west Lawrence and Methuen,
Mass., and Salem, N. H. Owns and operates local lines in Newburyport
and Amesbury. Connects with the East Mass. St. R y. and the Exeter
Hampton & Amesbury St. R y. Also owns a large amusement park on
Canobie Lake in Salem, N . H. 61 open and 60 closed cars, 6 Birney (oneman) and 30 work cars and snow plows.
In June 1921 the Mass. Dept, of P. U. approved an extension to June 1
1922 at 8% of $230,000 Citizens’ Elec. St. Ry. 1st mtge. 5s originally due
Dec. 1 1920. Compare V. I l l , p. 2135, 2140. The company has further
extended this issue to June 1 1924 at 7% . Compare V . 114, p. 2214.
Again extended to July 1 1934 at 6 % . V . 119, p . 2287.
STOCK A N D BONDS—
Date. Interest.
Outstanding. Maturity.
Common stock ($100)________ _____
_________ $1,500,000 ____________
Pref 6% cum ($100)_______________
6%
665,000 __________
First and ref mtge $2,000,0001 1914 5 g J-J
919,000 July 11934
($1,000) gold----------------c * /In t. at American Trust C o ., Boston, trustee.
Citizens’ Elec St R y 1st mtgel 1900 6 g J-D
230,000 July 1 1934
$230,000 gold_____________/Beacon Trust C o., Boston, trustee.
Car trust notes_________________ 1921 7%
30.000 Ser to 1924
Car trust notes_______________ 1924 6%
50,000 Ser to 1928
Bonds.— The 1st & ref. 5s of 1914 are red. at 110 and int. oh any int. date
on 43 days’ notice. Of the remainder of these bonds auth., $230,000 are
reserved for prior liens and $851,000 reserved for cost of additions and
impts. under certain restrictions (V. 100, p. 55). The $230,000 Citizens’
Elec. St. R y. 1st mtge. bonds were originally 5s and matured Dec. 1 1920,
but were extended to June 1 1922 at 8 % . V . 112, p . 2414. Were further
extended to June 1 1924 at 7 % , and again to July 1 1934 at 6 % . V.
119, p. 2287.
EARNINGS.— For year ending Dec. 31 1924, gross, $679,288; net, after
taxes, $69,068. In 1923, gross, $904,755; net, after taxes, $ >8,816.
OFFICERS.— Pres., J. I. Mange; V.-Ps., J. M . Daly and L. H. McCray;
Treas., F. E. Webster; M gr., R . D . Hood.— V. 117, p. 1775, 2542, 2890
V. 118, p. 85, 1392; V. 119, p. 2287, 2762, 2878; V. 120, p. 331.
(2) DOVER SOMERSWORTH & ROCHESTER STREET RAILWAY.
All the stock and $143,000 bonds owned by New Hampshire Elec. Rys.
ORGA N IZA TIO N .— Chartered under the laws of New Hampshire. Is
a consolidation of the Union Elec. R y. and the Rochester Street R y.
R O A D .— Owns and operates about 20 miles of line.
Status.— For statement bearing on condition of co. in March 1924 see
V. 118, p. 1392, under caption “ New Hampshire Electric Railways.”
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock$300,000 ($100)______________
_________
$300,000 - ........... ..
1st m tge bonds. Series “ A ” _ 1921
_
6%
12 8 ,0 0 0 July 1 1931
1st mtge inc bonds, Ser “ B ” __ 1921
6%
79,000 July 11931
Bonds.— Series “ A ,” call, at par and int. on any int. date on 60 days’
notice since July 1 1922. Series “ B ” call, on 60 days’ notice any Jan. 1
or July 1 since July 1 1922 at par plus any declared and unpaid int. to the
June 30 of the calendar year next preceding the date of redemption, plus
int. at the rate of 6% per annum after such June 30 to date of redemption.
EARNINGS.— For calendar year 1924, gross, $90,209; deficit after taxes,
$1,099. In 1923, gross, $100,308; deficit after taxes, $310.
OFFICERS.— Same as for Massachusetts Northeastern Street R y.
LACONIA STREET RY.
ORGANIZATION.— Formerly the Laconia & Lakeport Street R y., but
name changed to above in 1894.
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
Owns 8.87 miles of track from Laconia to Weirs. Standard gauge. 11
passenger and 2 other cars.
Early in Sept. 1919 we were informed that the bonds, due M ay 1 1919,
“ were not taken up but are held subject to readjustment of securities which
is under way.” It was reported that the 1st mtge. bonds have been ex
tended for 10 years to 1929. In Oct. 1925 it was reported that the American
Trust C o., representing holders of the $91,000 1st mtge. bonds outstanding,
had brought foreclosure proceedings. A receiver was appointed (F. M .
Beckford) in Oct. 1925. V. 121, p. 1788, 2038.
STOCK, &c.—
Date.
Interest. Outstanding. Maturity.
Common $100,000 (par $ 5 0 ) - . ____
_____ ____
$100,000 __________
Pref 6% cum $40,000 ($100)_______
_________
40,000 __________
First mortgage $91,000 ($1,-1 1899
5 M -N
91,000 M ay 1 1919
000)_____________________ /Interest at American Trust C o., Boston.
Second mortgage $40,0001 1904
5 M -N
40,000 M ay 1 1919
($ 1,00 0)_________________ /Interest at People’s National Bank, Laconia.
Dividends.— In 1893-94 paid 5% ; in 1894-95 paid 4% ; none since.
EARNING S.— For year ending Dec. 31 1924, gross, $34,405; net, before
taxes, $5,372. In 1923, gross, $40,481; net, before taxes, $8,344. In
1922, gross, $40,073; net, after taxes, interest, &c., $2,265.
30
NASHUA STREET RY.
O R G A N IZA T IO N — Incorporated Aug. 14 1885.
FIE LD OF OPERATIONS A N D C H ARACTER OF BUSINESS.—
Trolley road. Owns and operates 16.14 miles o f main track.
Temporary Lease.— In March 1924 the company was auth. by the N . H.
P. S. Comm, to operate under a temporary lease the lines of the Mass.
Northeastern St. R y., between Hudson Bridge and Hudson Centre, con
necting with the c o .’s lilies. The co. was also auth. to purchase the prop
erty o f the Northeastern co. later if thought desirable. V. 118, p. 1392.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Div. & Mat.
_________
$325,000
See text
Stock $325,000 (par $100)_________
1st mtge $150,000 ($1,000) f 1901
4 g A-O
150,000 Oct 11931
g o ld _________________ c*tf\Int. at Old Colony Tr. C o., Boston, trustee.
Bonds.— Entire issue may be called at 105 and accrued interest.
Dividends.— Under the lease to the Bay State St. R y. dividends of 6%
p. a. were being paid, but payment due Jan. 1 1918 was defaulted— see
remarks above.
EARN INGS.— For calendar year 1924, gross, $143,788; net, after taxes,
$16,995.
In 1923, gross, $146,013; net, after taxes, $19,914.
In 1919,
gross, $131,691. For last 11 months of 1918, gross, $110,240.
OFFICERS.— Pres., George A . Femald, Boston; Treas., J E . Tobias,
Nashua. N . H.— V. 106, p. 86, 607,1036; V. 110, p. 1973; V . 118, p. 1392.
VERMONT
MONTPELIER & BARRE LIGHT & POWER CO.
ORGAN IZATION .— Incorp. in Mass, on N ov. 12 1912 and owns 91%
o f the stock o f the Barre & Montpelier Trac. & Power Co. Also owns
all the stock of the Consolidated Lighting C o., Vermont Power & Ltg. Co.,
M olly’s Falls Elec. Lt. & Pow. C o., and Waterbury Lt. & Pow. C o.: also
assets of Corry-Deavitt-Frost Elec. Co. For stock trust agreement, formed
in July 1925, and invitation to stockholders to deposit their stock with the
American Trust Co. as agent for the trustees, see V. 121, p. 586.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Supplies electric light, heat and power in Barre and Montpelier and in prac
tically all o f Washington County. Vt. Power plants have an aggregate
capacity o f about 16,183 h. p ., and 4,000 h. p .in addition is available
by contract.
The
steam plants under normal
conditions are
held largely! as a reserve; 130 miles o f transmission lines; unde
veloped water power o f about 8,000 h. p. capacity. The Barre & Mont
pelier Trac. & Power Co. owns 9.75 miles o f track between Barre & Mont
pelier. 58-lb. T rail. Gauge 4 ft. 8)4 in. Franchises are perpetual.
Sub. Co. Receivership, &c.— See under Barre & Montpelier Traction Co.
in V . I l l , p. 222” : V. 112, p. 61.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
_________ $1,000,000 ____________
Common $1,000,000 ($100)________
P rpref7% cum $275,000 ($ 1 0 0 )-----7%
275,000 ---------------Pref $3,810,000 ($100) cum_ _____
_
6%
1,337.800
See text
1st refund mtge $2,500,000/ 1914
5 g A-O
1.172,200 Oct 11944
_
($100 & $1,000)_ c*&r*tf\Int. at Amer. Trust Co., Boston, trustee.
10-year notes $750,000 g o l d ../ 1920
8 g M-S15
500,000 Sept 15 1930
\Prin. & int. payable at American Trust Co.
Consolidated Lighting C o_________
5 J-J
700,000 Jan 1 1926
Vermont Power & Ltg C o__________
5 M-S
. 400,000 Mar 1 1927
Corry-Deavitt-Frost El C o________
6 M-S
115,000 Mar 1 1930
Waterbury Light & Power C o . ____
5 M -N
49,000
See text
Stock.— $2,472,200 pref. stock is reserved for conversion o f 1st ref. mort
gage bonds. Tax-free in Massachusetts.
Bonds.— The above bonds of light and power companies are assumed
by the Montpelier & Barre Light & Power Co. $250,000 of the 1st ref.
bonds became convertible at holders’ option into pref. stock at par on
Mar. 1 1916. As o f Apr. 1 1925 $27,800 had been so converted. $400,000
additional bonds became convertible into pref. stock at par on Mar. 1 1921.
$45,000 became convertible after Mar. 1 1923. Red. as a whole at 105 and
int. on any int. date on 4 weeks’ notice. $1,098,000 bonds are reserved to
retire underlying bonds and $202,000 for additions and improvements at
75% of cost.
$387,000 Consol. Ltg. Co. bonds and $194,000 Vermont Pr. & Ltg. Co.
bonds are held in sinking funds (incl. in amounts reported outstanding).
The Waterbury Lt. & Pr. C o. bonds matured $6,000 yearly to N ov. 1
1921; since $7,000 yearly to N ov. 1 1931. $76,000 had been redeemed up
to Apr. 1 1925.
Dividends.— A div. o f $2 50 was paid on the 6% pref. stock Apr. 1 1913.
covering the 5 months from date of organization on N ov. 12 1912 to April 12
1913; $1 50 paid July 15 1913 and $1 50 quar. to and incl. Jan. 1921. In
July 1921 1 % was paid. Jan. 1925 a quar. div. o f $1 50 per share was paid
on the 6% pref. and in addition $19 50 per share was paid on account of
accumulated dividends. V. 120, p. 86.
EARN INGS.— For years ending Dec. 31:
Dec. 31 Yrs.— Gross Earns. Tot. Net Inc. Int.,Rents,&c. Bal.for Divs.
1924_______________ $817,155
$289,402
$173,274
$116,128
1923.........................- 724,987
236,559
157,256
79,303
1922_____
495,576
169,710
154,878
14,832
1921_______________ 529.530
205.915
148,691
57,224
OFFICERS.— Ch. of Bd. o f Directors, C. H. Tenney; Pres., H. T . Sands
1st V .-P ., A . B. Tenney; 2d V .-P ., D. Edgar Manson; Clerk, H. P. Wood;
Treas., E . A. Bradley; Asst. Treas., R . C. Tenney: Aud., I. S. Hall. Under
management o f Charles H. Tenney & C o., Boston.—V. 105, p. 1999;
V. 117, p. 96, 2441; V. 119, p. 2762, 2878: V. 120, p. 86; V. 121, p. 586.
RUTLAND RAILWAY,
LIGHT & POWER CO.
Control.— It was reported in Mar. 1925 that the Insull interests had
acquired control o f the co. V. 120, p. 1461.
ORGAN IZATION .— Is a consolidation in Feb. 1906 o f the Rutland
Street R y., the People’s Gas Light C o., the Vermont Internal Improvement
Co. and the Chittenden Power Co. In Sept. 1906 acquired the entire
$180,000 stock and $120,000 bonds of the Rutland City Electric Co. V. 83.
p. 626. In March 1908 consolidated with the latter company, thus com
pleting consolidation o f all the Rutland public utilities. V. 86, p. 1044.
For scrapping o f road, abandoned in Dec. 1924, see V. 121, p. 1228.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Co. supplies electric light and power in Rutland, West Rutland, Wallingford
and North Clarendon, Vt. Also furnishes gas in the city o f Rutland.
Trolley Operations Discontinued.— In Jan. 1925 the trolley lines in and
around Rutland were supplanted by buses. V. 120, p. 583.
Franchises have been granted by special Acts of Vermont Legislature and
are perpetual.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Com stock $2,000,000 ($100).______
_______
$1,700,500
See text
Preferred stock______________ _____
7%
111,200 O c t ’25, 1M
First mortgage $2,000,0001 1906
5 g M-S
1,852,000 Mar 1 1946
gold ($1,000)__________ c*JInt. at M ech. & Met. Nat. Bk., N . Y ., trus.
Bonds.— Bonds are redeemable at 110 and interest, as a whole or in
amounts o f not less than $50,000, on any interest day. Sinking fund began
March 1 1916, providing for annual payments increasing from 34% to 2%
o f bonds out.
Dividends.— On pref. divs. o f 134 % quar. are being paid regularly. On
common, 1913, 4% ; 1914, 3.35% ; 1915, none; 1916, 2 34%; none since.
EARN ING S.— Years ended Feb. 28:
12 Months Ended Feb. 28—
1925.
1924.
Operating revenue________ . . . i ____________________ $527,031
$546,567
Net, after taxes and rentals_______________________
137,483
141,630
Other income_____________________________________
25,868
25,089
Interest and other deductions_____________________
93,993
95,361
Provision for dividend on preferred stock__________
7,784
7,784
Balance, surplus________________________________
$61,575
$63,574
Latest Earnings.— For 12 mos. end. Aug. 31 1925: Total revenue, $528,703; gross net income, $176,689; interest on funaed debt, $93,425: net in
come for dividends, $80,660; dividends, $7,784; balance, $72,876.
[V ol. 121,
PUBLIC UTILITIES
OFFICERS.— Pres., W . A . Buttrick; V.-Ps., J. A . Ryan, R . J. Andrus
Gen. M gr., W. H. Lawson; Treas., H. L. Harris; Sec., C. A . Forrest; Clerk
W . H. Lawson.— V. 110. p. 2658; V. I l l , p. 589, 1084, 1662; V. 112, p
258; V. 115, p. 544; V. 116, p. 1533, 2257; V. 118, p. 1666; V. 120, p. 332
583, 1461; V. 121, p. 1228.
VERMONT COMPANY.
On Mar. 31 1925 the N . Y . N . H. & H. owned 6,500 shares o f stock and
$846,000 1st mtge. bonds (tf).
ORGANIZATION.— Was leased to the Berkshire St. R y. for 99 years
from Feb. 1 1911, but lease was canceled on Dec. 31 1922. Owns all the
stock o f the Hoosick Falls R R .
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Operates 19.55 miles o f line (serving Bennington and Pownal), being that
part o f the former Bennington & North Adams St. Ry. lying within the
State o f Vermont.
EARN ING S.— For 12 mos. end. Dec. 31 1924, gross, $83,793; net, after
taxes, def., $13,805; other income, $219; deductions, $45,870; bal., def.,
$59,456. For 8 mos. end. Aug. 3 l 1925, gross, $52,221; net, after taxes,
def., $7,003; other income, $117; deductions, $30,580; bal., def., $37,466.
(1) HOOSICK FALLS RR.
Incorp. in 1910 to acquire that portion o f the former Bennington & North
Adams St. R y. lying in New York State. On Feb. 1 1913 was leased to
the Vermont Co. for 99 years. All the stock is owned by Vermont Co.
Operates 7.11 miles o f line serving towns o f Walloomsic, North Hoosick
and Hoosick Falls,-N. Y . Operated by the Vermont Company.
BURLINGTON TRACTION CO.
ORGAN IZATION .— Incorporated in Vermont.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Owns 12 miles of track in city of Burlington. Rails 60, 70 and 75-lb. T .
Owns 15 closed cars, 17 open cars, 2 convertible cars, 2 snow plows, 1 sweeper
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $400,000 (par $100)_________
Q-F
$200,000 Aug’25, 1)4
30-year bonds $500,000____ t f . 1912
5%
350,000
1942
Bonds.— The remaining $150,000 bonds can only be issued with permis
sion of Public Service Commission.
Dividends.— Previous to 1903, 4% yearly.
From 1903 to 1912, 6%
yearly. In 1912, 1913 and 1914, 8% . In 1915, Feb., 2% ; May, 2)4%
and same rate quar. to and incl. N ov. 1921. In Aug. 1922, 1M % was paid
N ov. 1922, 1)4% , and same rate paid regularly quar. since to and incl
Aug. 1 1925.
Net.
Charges.
12 Mos. ending—
Gross.
Divs. Sur. or Def
Dec. 31 1924................... $202,538 $39,059 $17,500 $24,000 def.$2,44»
Dec. 31 1 9 2 3 ................ 219,956
41,810
17,500
24.000 sur.
31o
Dec. 31 1922__________ 206,007
41,200
17,500
21.000 sur. 2,70 q
OFFICERS.— Pres. & Treas., Jno. J. Flynn; V .-P. & Sec., C . W
BrowneU.— V. 94, p. 1185; V. 109, p. 676, 981; V. 112, p. 161.
SPRINGFIELD TERMINAL RAILWAY CO.
ORGANIZATION.— As o f Jan. 1 1923 acquired the entire property of
the Springfield Electric R y. Co.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Length of road, 6 l miles (9 miles of track) from Springfield, V t., to Charles
A
town, N . H. Freight and passenger road. Carries freight in standard
cars. Connects with Boston & Maine R R .
C APITALIZATION .— Capital stock, common, $100,000; pref. $82,500
1st mtge. 7% bonds, $164,000.
EARNING S.— For years ended Dec. 31:
Calendar Years—
1924.
1923.
1922.
G r o s s .....................................................
$110,937
$112,058
$81,346
Net, after taxes............... ......................
27,616
37,423
19,681
OFFICERS.— Pres., E. S. French; V .-P ., E. A. Davis; Treas., C. G.
Staples— V. 61, p. 1043; V. 70,, p. 93; V. 106, p. 2124; V. I l l , p. 2230.
M ASSACHUSETTS
EDISON ELEC.
ILLUM.
CO. OF BOSTON
(THE)
ORGAN IZATION .— Incorp. in 1886. V. 81. p. 157; V. 88, p. 454
1132; V. 94, p. 1190; V. 95, p. 422. Light rate ordered reduced 1 cent per
k.w.h., effective Sept. 1 1925. See V. 121, p. 74.
Participation in consolidation plan with New England Power C o., Inter
national Paper Co. and Power Corp. o f N . Y ., see V. 121, p. 1908.
FIELD OF OPERATIONS AND CH AR A C TE R OF BUSINESS.—
Does lighting and power business of the City of Boston and 41 surrounding
cities and towns.
The stockholders of record N ov. 5 1923 were given the right to subscribe
on or before Dec. 5 1923 to the new 64,881 shares of capital stock at $140
per share, in the proportion of one new share for every five old shares now
held. V. 117, p. 2115. Holders o f record N ov. 5 1924 were given the
right to subscribe to 77,857 additional shares of stock at $155 per share in
the proportion of one new share for every five old shares held. V. 119, p.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
Stock $ 4 6 ,714 ,100 ($ 1 0 0 )______ ______
Q -F
$ 4 6,714 100 N o v ’ 25 3 %
3-yr coupon notes ($1,000)/ 1925
4)4 g J-J 30,000,000 Jan 15 1928
g old ____________________ c\Int. at Old Colony Trust C o., Boston.
Notes payable (secured)_ ________
_
_________
1,315,000 __________
Stock.— Stock is listed on the Boston Stock Exchange.
Notes.— The notes of 1925 must be secured by any future mortgage. In
Jan. 1925 $30,000,000 were sold by Lee, Higginson & C o., Old Colony
Trust C o., F. S. Moseley & Co., &c., &c., at 99.31 & int., to yield about
4M % - V. 120, p. 329.
Dividends—
J1903-06.
1907 to 1909.
1910. 1911 to N ov 1925.
Since 1901.........% \10yrly.
10 yrly. & 1 ext. 11)4 12 p. a. (3% Q-F)
R EPO RT.— For 1924, in V. 120, p. 701, 1585. showed:
Calendar Years—
1924.
1923.
1922.
Operating revenues_________________ $19,494,784 $17,877,963 $15,885,820
Operating expenses_________________ 9,333,352
$9,106,172 $8,292,208
Uncollectible operating revenues____
30,000
36,000
59,933
2,470.000
2,225,000 2,010,000
T a x e s ________________
Net operating income____________ $7,661,432 $6,510,791 $5,523,679
Non-operating income______________
74,711
58,935
77,226
Gross income_____________________ $7,736,143
Interest, &c., deductions_____________$1,173,288
Dividends p a i d ..._________________ 4,667,964
$6,569,725 $5,600,903
$1,354,041 $1,555,646
3,890,610 3,241,428
Balance, surplus___________ _____ $1,894,891
$1,325,074
$803,829
OFFICERS.— Pres., Charles L. Edgar; V .-P ., Walter C. Baylies; Treas.,
T . K. Cummins. Office, 70 State St., Boston, Mass.— V . 119, p. 1739,
1961. 2069, 217J, 2286, 2760, 3009; V . 120, p. 210, 329, 701, 1088, 1585;
V. 121, p. 74, 1908.
EDISON
ELECTRIC ILLUMINATING
BROCKTON.
CO.
OF
ORGANIZATION.— Incorp. in Massachusetts in 1884.
FIELD OF OPERATIONS A N D C H A RACTER OF BUSINESS.—
Does the entire electric lighting and power business in Brockton and in the
adjacent towns of Whitman, Avon, Hanson, Bridgewater, East and West
Bridgewater, Stoughton and Easton, ahd furnishes power to The Electric
Lt. & Pow. Co. of Abington and Rockland. Power house capacity, 19,000
k. w.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock $3,228,000 ($25)____________
_________ $3,228,000 N ov ’25 2%
1st mtge $200,000 (closed) / 1900
5 g J-D
200,000 Dec 1 1936
gold ($1,000)__________ c*\Int. at Bos. S. D . < Tr. C o., Boston, trustee
&
Oct., 1925.]
31
POWEK, LIGHT AND KAILW AY
Stock.— Non-taxable In Massachusetts. 5,000 shares were offered In
OFFICERS.— Pres., Irvin M cD . Garfield; V .-P ., Fred H. Sargent!
Nov. 1924 by Blodget & Co. and Stone & Webster, Inc., at $53 per share. Treas., R. W . Emmons 2d; Clerk, H. R . Peverly.— V. 118, p. 2710; V. 120*
V. 119, p. 2528.
p. 957, 1203, 1459, 1747, 1881, 2550, 2683, 2943; V. 121, p. 75.
In June it was reported that the co. planned to increase the authorized
capital stock by 32,280 shares (par $25), to be offered to stockholders at
$40 per share. The proceeds were to meet expenditures on account of
investments in Montaup Electric Co. and retirement o f floating indebted
NEW BEDFORD GAS & EDISON LIGHT CO.
ness. V. 120, p. 3064: V. 121, p. 74, 1568.
Bonds.— 1st M tge. 5s are call, all or in part at 110 & int. on any int. date.
ORGAN IZATION .— Incorporated in Massachusetts in 1850.
Dies.— Year— 1910. 1911-1919.
1920. 1921. 1922.
1923.1924.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Regular divs. paid.7 %
8 % p .a .
8%
10%
10%
10%
10%
Does the entire electric and gas lighting and heating and industrial power
Extras-------------------------------------- • 5%
____
3%
4%
2%
business in the city of New Bedford and several neighboring towns, including
In 1925, Feb., 214% ; M ay, 2 ^ % : Aug., 2 ^ % ; N ov., 2 H % .
Freetown, Lakeville, Acushnet, Fairhaven, Dartmouth and Mattapoisett.
EARN ING S.— For 12 mos. end. Dec. 31 1924:
Owns and operates a 92,000 k. w. steam power station located in the city
Gross earnings________________________________________________ $1,572,415 of N ew Bedford at tidewater. Current is distributed in the city by means of
Operating expenses and taxes________________________________
1,013,497 an extensive underground system, in the outlying districts by overhead lines,
and is delivered to the neighboring towns by means of high-tension trans
Net earnings_____________________________ _________________
$558,917 mission lines. Company’s combined oil and water gas plant has an installed
♦Income from other sources__________________________________
14,073 generating capacity of 7,500,000 cu. ft. Has 33,652 gas meters; 221.9 miles
gas mains; 33,749 electric meters; 1,978.9 miles electric overhead lines.
B alan ce__________________________________________________
$572,991 250.1 miles underground cables.
Interest charges_____________________________________________
16,347
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
B alan ce__________________________________________________
$556,644 Stock $4,579,200 ($25)...........
$4,579,200
See text
Dividends: Capital stock, 10% ______________________ $306,660
1st mtge Ser “ A ” ($500 &
Capital stock, 2% extra__________________ 64,560
$1,000) gold________ c*.tf 1918
6 g J-J
885,000 Jan 1 1928
------------371,220
Series “ B ” gold ($1,000).. 1918
7 g J-J
477,000 Jan 1 1928
Series “ C ” gold ($l,000)tf 1918
634 g J-J
572,000 Jan 1 1938
Balance for reserves and retirements________________________
$185,424
Series “ D ” ($1,000) g .c*.tf 1918
5 g J-J
1,500,000 Jan 1 1938
* Interest on funds advanced to Montaup Electric Co.
Series ’ ‘E ” ($1,000) g .c * .tf 1918
5 g J-J
1,145,000
Jan 1 1938.
New Bedford (Mass.) Safe Deposit Nat’l
Earnings.— For 12 mos. ending June 30:
Bank, trustee.
1924.
1925.
Bonds.— Int. on all series of first mtge. bonds is payable at office of trustee
G ross__________________________________________ . . . _______ $1,564,415
$1,631,003
Operating expenses and taxes__________________ 1,018,731
1,027,946 or at the First National Bank of Boston. First mtge. Series “ A ” 6s are
red., all or in part, by lot on any int. date on 40 days’ notice at 105 and int.
N et_______________ _____ _____ . _______ _______
$612,272
$536,469 $408,000 Series “ A ” 6s were offered in Feb. 1918 by Coffin & Burr and
Income from other sources*________________
31,533
3.074 Harris, Forbes & Co. at 100 and int. V. 106, p. 505, 611.
First mtge. Series “ E ” 5s are callable, all or in part, on 30 days’ notice, at
Balance______________________________________
$643.805
$643,805
$539,543 105 and interest prior to maturity. In June 1923 Harris, Forbes & Co.
Interest charges________________________________
25,339
14,341 offered $1,145,000 Series “ E ” 5s at 100 and interest. V. 116, p . 3004.
First mtge. Series “ C ” 634s are callable at 105 and int. In July 1921,
Balance(for reserve, retirements and divs.)___
$618,466
$525,202 White, Weld & C o., Boston and New York, offered $572,000 Series “ C ”
* Interest on funds advanced to Montaup Electric Co.
614s at 104.65 and int., to yield 6.05% . V . 113, p. 425.
First mtge. Series “ B ” 7s are call, at 105 and int. In Sept. 1920 E. H.
OFFICERS.— Pres., Fred’k B. Howard; V .-P ., A. Stuart Pratt; Clerk,
Victor D. Vickery; Treas., Henry B. Sawyer. Under management of Rollins & Sons offered this series at 100 and int.
First mtge. Series “ D ” 5s are red. on 30 days’ notice on any int. date
Stone & Webster, I n c — V. 119, p. 3009; V. 120, p. 3064; V. 121, p. 74, 1568.
prior to maturity at 105 and int. Guaranty Co. o f New York in M ay 1922
offered $1,500,000 Series “ D ” 5s at 103.29 and interest, to yield 4.70% .
V. 114, p. 2022.
FALL RIVER ELECTRIC LIGHT CO.
Dividends.— Late dividends have been paid as follows: 1899, 634%.
ORGAN IZATION .— Ingorp. in Mass, in March 1883. Owns 18,944 1900, 7% ; 1901, 734%; 1902, 6% ; 1903, 1034%: ’ 904, 8% ; 1905, 9% ; 1906;
shares com. and 5,000 shares pref. stock o f the Montaup Electric Co.
10%; 1907, n % : 1908. H 34% : 1909, 31% : 1910, 11%; 1911, 1 3 X % : 1912,
FIELD OF OPERATIONS AN D C H ARACTER OF BUSINESS.— 12%; 1913, 14%; 1914, 13% % ; 1915, 13%; 1916, 15%. Since 1917, at
Does entire commercial electfic light andpower business in the c ity of the rate of 12% per annum.
Fall River and vicinity. Also serves the towns o f Somerset, Swansea,
EARN ING S.— For 12 months ended Dec. 31:
Dighton and Westport. Has 15,000 k. w. steam power plant.
Gross
Oper.
Int.
DepreDivi-Balance,
STOCK AN D BONDS—
Date.
Interest. Outstanding.
Last Div. Calendar
Year— Revenue. Expense.
&c. Taxes,
ciation. dends. Surplus.
Common $5,250,000 ($ 2 5 )- ......................... ........... $4,229,175 O c t '25, 2%
Employees stock $50,000 ($ 1 0 )____
_______
50,000 ---------------First mortgage gold bonds/ 1925
5 J-J
$2,000,000 July 1 1945 1924______ 3,544,485 1,861,699 311,930 399,756 295.873 549$504 125?723
Series A ($1,000)_______ c*\B. M . C. Durfee Trust C o., Fall River, Trus. 1923--------- 3,658.153 2,026,459 283,627 368,339 288,593 549.504 141,631
1922______ 3,357,232 1,847,477 312,630 335,266 268,410 412,128 181,321
Bonds.— The 1st mtge. 5% g. bonds 1925 are callable all or part, on 30
The surplus account as of Dec. 31 1924 was $886,277.
days notice, incl. July 2 1930, at 110 & int.; thereafter until July 2 1940
at M % less on each interest date; from July 2 1940 till maturity at K %
Latest Earnings.— 12 mos. end. Sept. 30 1925: Gross, $3,908,912; oper.
less each int. date. Int. payable at the B. M . C. Durfee Trust C o., Fall
River, and the First National Bank, Boston. In July 1925 Curtis & Sanger exp., $1,976,241; int., &c., $323,485; taxes, $427,590; depreciation, $287,and Blodget & C o., Boston, sold $2,000,000 at 107.92 and int., yielding 936; divs., $641,088; balance, surplus, $252,572; total surplus as o f Sept.
30 1925, $1,043,813.
4.40% . See V. 120, p. 3186. 3314; V. 121, p. 74.
OFFICERS.— Pres., Oliver Prescott; V .-P., F. H. Gifford; Treas. &
Dividends.— Divs. at the rate o f 8% per annum paid since 1905.
Clerk, C. R . Price: Gen. M gr., W . H. Snow.— V. 118, p. 440, 1673; V. 120
EARNINGS.— For years ended Dec. 31:
p. 2401; V. 121, p. 75. 707.
Calendar Years—
1922.
1921.
1924.
1923.
Sales from lighting_____
$849,562
$773,218
$696,956
$615,534
Sales from power.
990,349
1,175.169
1,098,589
874,189
THE LOWELL ELECTRIC LIGHT CORP.
Miscellaneous oper. rev.
4,765
1,329
ORGANIZATION.— Incorporated in Massachusetts in 1881.
Total oper. revenue.. $1,844,677 $1,949,717 $1,795,546 $1,489,724
_
Expenses— Operating_
978,667
815,408
1,094,440
1,111,267
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
T axes____________ __
186,732
198,030
212,685
162,254 Does the entire electric lighting and power business in Lowell and in the
adjoining towns of Billerica, Chelmsford, Dracut, Tewksbury and Westford.
Total expenses_______ $1,292,471 $1,323,953 $1,165,399
$977,663 Also supplies a portion of the town of Tyngsboro and sells power to the
Net operating income_
_
630,146
552,206
625,764
512,061 town of Littleton. Power house capacity, 23,700 k. w. Installation of
Non-oper. income______
74,625
14,087
13,471
16,019 additional 12,500 k. w. turbo-generator, see V. 120, p. 3187.
60
1,620
5,867
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
$3,091,500Nov’25,214%
$626,892
Total in c o m e _______
$641,471
$649,485
$528,080 Stock$3,091,500 ($25)______ _________________
No funded debt.
Deductions— Interest
22,676
22,878
31,527
49,806
Miscellaneous_______
15,322
40,108
8,100
7,313
Stock.— Stock is non-taxable in Massachusetts. On Sept. 22 1925 the
Mass. Dept, of P. U. authorized the issue of 30,915 additional shares of
Net income_________
$610,492
$564,107
$602,635
$470,960 capital stock (par $25), to be issued to stockholders of record Sept. 28 at
Dividend, 8 % _________
283,951
282,747
278,795 $47 50 per share on the basis of one share for every four held. V. 120.
380,114
Res. for renew. & replace
174,839
163,393
154,778
143,675 p. 3187; V. 121, p. 200, 1678.
_
EARN ING S.— For 12 months ended Dec. 31 1924:
Surplus for 12 mos_
$9,153
$165,110
$48,489
$163,147
$1,541,362
Surplus forward_______
160,421
325,531
111,931 Gross earnings--------------------------------------------------------488,678
Operating expenses and taxes__________________________________ 1,008,741
Total surplus________
$497,832
$160,421
$488,678
$325,531
Net earnings-----------------------------------------$532,620
OFFICERS.— Pres. & Gen. Mgr. , Roy F. Whitney; V.-P. , James E*
19,113
Osborn; Clerk & Treas., Andrew P. Nichols.— V. 118, p. 557; V. 120. p- Interest charges_______________
2146, 3186, 3314; V. 121, p. 74.
Balance—. .................- ------------------------------------------------ ---------- $513,507
Divs.: Capital stock, 10%, $287,075; 3% extra, $92,745-...........
379,820
LAWRENCE GAS & ELECTRIC CO.
ORGAN IZATION .— Incorporated In Massachusetts in 1849. Known
as Lawrence Gas Co. up to Mar. 26 1925, when name was changed to
present title.
FIELD OF OPERATIONS A N D C H ARACTER OF BUSINESS.—
Does the entire commercial electric light and power and gas business in
Lawrence and vicinity. Population served, 135,000.
Capital stock increased to $4,000,000, see V. 120, p. 2550, 2683. Stock
holders were given the right to subscribe to the additional 32,000 shares on
the basis of one new share for each 4 held.
STOCK AN D BONDS—■ Date.
Interest. Outstanding. Maturity.
------- ------ $4,000,000 Aug 25, 2%
Capital stock $4,000,000 ($ 2 5 ) -----1st mtge Ser B g ($1,500,000) 1920 4 M F-A
$1,500,000 Aug 1 1940
($1000)_________ c, c* or r\Boston S. D . & Tr. C o., Boston, Trustee.
Bonds.— Callable as a whole only on 60 days’ notice, incl. Aug. 1 1930 at
105 and int.; incl. Aug. 1 1935, at 103H , and int.; incl. Aug. 1 1938, at 102
& int.; thereafter at 101 & int. Proceeds used to retire 7% bonds. Series A
called for payment Aug. 1 1925 at 109 & int. V. 120, p. 2943.
In Aug. 1925 Curtis & Sanger offered $1,500,000 at 101.64 and int., to
yield 4.35% . V. 121, p. 75.
All o f the outstanding Ser. A 1st mtge. 7% 20-yr. gold bonds Lawrence
Gas Co., due Aug. 1 1940, were called for payment on Aug. 1 1925 at 109
and int. V. 120, p. 2943.
Dividends.— Have been paid without interruption since 1858 at the
rate o f 6% or over and during this period numerous extra divs. have been
paid. Divs. are now being paid at the rate of 8% per annum.
EARNINGS.— For years end. Dec. 31:
1924.
1922.
Calendar Years—
1923.
.
Operating revenues__________________ $2,176,090 $2,185,174 $1,952,522
1,423,306
Operating expenses_________________ . 1,643,202
1,358,523
Net operating income_______
Non-operating income________
.
$532,888
17,453
$761,868
16,323
$593,999
15,854
Gross income____________________ .
Deductions— Interest_________
$550,341
137,063
$778,191
123,312
$609,853
157,675
Income ba lan ce...............................
$413,278
$654,879
$452,178
Balance for reserves and retirements_________________________ $133,687
EARN ING S.— For 12 months ending June 30:
„
1925.
1924.
G ross---------------------------------------------------------------- $1,574,101 $1,519,788
Operating expenses and taxes____________________ 1,023,253
1,007,047
N et-----------------Interest and amortization charges________________
$550,847
4,936
$512,741
24,216
Balance (for reserve, retirements & divs.)_____
$545,911
$448,525
OFFICERS.— Pres., Harry Dunlap; V .-P ., A. Stuart Pratt; Clerk’
Victor D. Vickery; Treas., Henry B. Sawyer. Under management of
Stone & Webster, Inc.— V. 119, p. 204, 1070, 3009; V. 120, p. 1203, 3187;
V. 121, p. 200, 1678.
TURNERS FALLS POWER & ELECTRIC CO.
ORGANIZATION.— Organized in Massachusetts.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS —
Distributes electric power in the Connecticut River Valley from Turners
Falls to Springfield, Mass. (excl. only the City of Holyoke). Principal
hydro-electric power plant is located at Turners Falls on the Connecticut
River, present installed generating capacity about 50,000 k. w. Auxiliary
steam plant has 30,000 k. w. 6 substations. Principal transmission lines
include two 66,000-volt steel-tower lines extending between Turners Falls
and Springfield, Mass. Also steel-tower line to Pittsfield and inter
connections with Hartford (Conn.) Elec. Lt. Co. and New England Pow. Co.
To participate in power merger with New England Power Co., Edison Elec
Ilium. Co. o f Boston, Internat. Paper Co., &c. See V. 121, p. 1908.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Capital stock......................... ..................................$10,000,000
See text
Em ployees------------------------------------- ----------46,750 Sept’25 .17 34c
1st mtge ser A ($l,000c* &\ 1922
5 g J-D
3,000,000 June 1 1952
$1,000, $5,000 & $10,000r*){Int. at Merch. Nat. Bk. of Boston, trustee
gold____ _______ __________{
32
PUBLIC UTILITIES
Bonds.— 1st mtge. 5s, series A , are call, on any int. date at 110 and int.
on or before June 1 1932, the premium thereafter decreasing H o f 1% s.-a.
In June 1922 Lee, Higginson & Co. and Coffin & Burr, Inc., offered at 103
and int., to yield over 4.80% , S3,000,000 1st mtge ser. A 5s. V. 114, p.
2479.
Dividends.— 6% paid from organization to and incl. 1917; 8% paid in
1918 and 1919; 6% in 1920 and at same rate regularly, incl. Dec. 1924; in
March, June and Sept. 1925, 1 % % , the dividend rate being increased to
7% per annum. On employees stock 15c. was paid in March 1925, 1734c.
inJj'June 1925 and 1714c. in Sept. 1925.
EA R N IN G S.— For calendar years;
Results for Calendar Years—
1924.
1923.
Net sales______________________________
$2,200,677 $2,193,812
Operating expenses____________________
1,006,271
1,187.768
Net operating profit________________
Other income_________________________
$1,194,406
37,374
$1,006,044
51,667
Total earnings______________________
Interest_______________________________
Federal income and State franchise taxes.
Dividends_____________________________
$1,231,780
$203,790
67,563
580,643
$1,057,711
$158,502
49,000
579,695
Balance, surplus____________
$379,784
$270,515
Profit and loss surplus Dec. 31
$524,376
$352,340
OFFICERS.— Pres., Geo. W. Lawrence; V .-P., Alvah Crocker; V .-P.,
W . Rodman Peabody; Clerk & Treas., Fred. O. Abercrombie.— V. 119,
p .>1407, 1746, 253 V. 120, p. 959; V. 121, p. 1908.
UNITED ELECTRIC LIGHT CO.
ORGA N IZA TIO N .— Incorp. in Mass, in 1887. Owns all o f the common
stock o f Indian Orchard Co.
Participation in Power Merger.— See V. 121, p. 1910.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Does entire electric lighting and industrial power business in Springfield
and Longmeadow, and practically all in West Springfield, Mass. C o.’s
equipment includes 58,750 installed h. p ., about 226 miles o f duct conduits
and about 985 miles o f overhead lines.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Capital stock ($1C0)_______________
Q-M 31
$4,000,000 Sept’25,3%
No funded debt.
Dividends.— Paid 6% to June 1900; 8% to June 1909; 10% to June 1917;
12% Sept. 1917 since to and incl. Sept. 1925 (payable Q.-M . 31). In
Dec. 1924 an extra of 2% was paid.
EARN IN G S.— For calendar years:
1924.
1923.
1922.
Calendar Years—
Gross revenues_____________________ $3,031,319 $2,799,869 $2,532,925
1,662,119
1,449,134
Operating expenses and taxes_______ 1,768,849
$1,262,470
783
$1,137,750
352,283
$1,083,791
3,636
Total in c o m e .______ ____________ $1,263,253
Fixed charges. . . .
. -------------71,293
$1,490,033
95,201
$1,087,427
112,911
$1,191,960
288,873
$1,394,832
259,746
$974,516
257,899
$903,087
534,215
$1,135,086
384,000
$716,617
384,000
Net operating income____________
Other income______________________
Depreciation ----------Dividends paid---- --------------------------
Surplus__________________________
$368,872
$751,086
$332,617
OFFICERS.— Pres., R. W . Day; V.-Pres., Treas. & Clerk, W. L. Mulli
gan; Gen. M gr., L. J. S co tt— V . 118, p. 678; V. 120, p. 333.
BOSTON ELEVATED RAILWAY.
ORGAN IZATION .— Charter granted in 1897; provides for an extensive
system o f free transfers. Leases for 99 years from 1903 23.753 miles
Old Colony Street R y. track. The latter company has since been merged
into the Eastern Massachuetts Street R y. (formerly the Bay State Street
R y .). On June 10 1922 the Boston Elevated and the West End Street
R y . were consolidated under terms o f an Act passed by the Mass. Legis
lature in July 1911. Prior to the consolidation the West End St. R y. had
been leased by the El. Co. Under terms o f the consolidation Act holders
o f West End pref. stock ($50 par) received in exchange for each 2 shares
thereof one share o f Boston El. 1st pref. 8% stock ($100 par), and holders
o f West End common received for each 2 shares ($50 par) one share Boston
El. 2d pref. 7% stock ($100 par). For full particulars o f the consolidation
Act and history o f West End St. R y see “ Electric Railway” Supplement
o f April 29 1922*
Effective July 1 1918 under the terms o f the “ Public Operation A ct,”
the co. was placed under the management o f five trustees appointed by the
Governor. The Act provides for public operation for a period o f 10 years
or longer, at option o f Commonwealth, trustees have power to regulate
fares and service, fares must be sufficient to meet cost o f service, pref. divs.
at 7% and com. divs. at rate o f $5 a share for first 2 years, $5 50 for next
2 years and $6 during balance o f period o f public operation. State has
option o f taking over road by assuming liabilities and paying in cash an
amount equal to that paid in by stockholders. For full details see‘ ’ Electric
Railway” Supplement o f April 26 1924.
On M ay 1 1920 the State gave to the co. $7,868,000 in payment for the
Cambridge subway. We understand that the subway is rented to the co.
at a rate equivalent to 14 o f 1% more than the int. on the bonds issued by
the State on account o f the purchase o f the property. See also V. 110,
p . 1414. The extra Id % to be used to retire the bonds serially; the co. is
to pay rental at rate o f 4 14 % annually on the amount retired.
For change in trustees o f the road see V. 121, p. 72, 1099.
FIE LD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Owns and operates a system o f rapid transit and surface lines serving a
territory which includes the cities o f Boston, Cambridge, Somerville.
Malden, Everett and Medford, and the towns o f Brookline. Arlington, Wat
ertown and Belmont and portions o f the cities o f Chelsea and Newton.
Total miles o f track, 513.292. 2,120 passenger cars.
In Oct. 1925 was granted a temporary permit to operate buses in Arlington
Somerville and M edford, Mass. V. 121, p. 1787.
In March 1925 the co. was auth. by the Mass. Dept, o f P. U. to issue
$2,141,000 notes or bonds, payable in not exceeding 30 years, and to bear
int. at a rate o f not more than 6% . Not issued yet up to the time of going
to press. V. 120, p. 1201.
STOCK AN D BONDS— Date.
Interest. Outstanding.
Maturity.
Stock, $23,950,000 ($100).................
Quar.
$23,879,400 O c t ’25 lid
1st pref 8% cum ($ 1 0 0 ).............. . .
8 J-J
6,400,000 Ju ly ’25, 4%
2d pref 7% cum ($100)_______ _____
7 M-S
13,750,100 Oct ’25, 3 Id
Pref stock 7% cum ($100)_________
________ 3,000,000 July ’25,3 Id
Debentures, gold_____c&r_ntf/1905
4 g M -N
8,500,000 May 1 1935
[Old Colony Trust Co., Boston, Registrar.
4 Id A-O
4,800,000 Oct 1 1937
Debentures, gold_____c&r_ntf 1907
Debentures, gold_ c*&r*_ntf 1911
_
4!d M -N
5,000,000 Nov 1 1941
Debentures, gold_ c*&r*_ntf 1912
_
5 J-D
8,286,000 Dec 1 1942
10-yr bonds gold ($1,000) c*&r 1923
6 g J-D
3,000,000 June 1 1933
10-yr bonds gold ($1,000) c&r* 1924
6 g M-S
2,098,000 Mar 1 1934
10-yr bonds gold ($l,000)c*&r* 1924
514 g F-A 1,581,000 Aug 11934
Securities of West End St. Ry.—
_
5% bonds o f 1914_____________ 1914
5 M-S
2,600,000 Mar 1 1944
Bonds ($1,000)............. .c * .n t f 1902
4 F-A
5,709,000 Aug 11932
Bonds ($1,000)_______ c& r.n tf 1910
4 Id J-J
1,604,000 July 1 1930
Bonds ............................... __ntf 1912
5 M -N
600,000 N ov 1 1932
B on d s......................................... 1916
5 M -N
815,000 M ay 1 1936
B ond s......................................... 1917
7 M-S
570,000 Sept 1 1947
B on d s......................................... 1922
6H %
2,700,000 Feb 11927
B onds......................................... 1922
6%
1,956,000 M ay 1 1927
Stock.— The pref. stock is subject to the 1st and 2d pref. stock, and is
callable at 105 and divs. and in liquidation receives 105 and divs. V. 106,
p. 2344 Listed on Boston Stock Exchange. V. 107, p. 400.
[V ol. 121,
Bonds.— The Boston Elevated debentures are coupon bonds, are in denom.
of $1,000 and registered bonds o f all issues are in denominations o f $1,000,
$5,000, $10,000 and $50,000. The $1,581,000 10-yr. 514% bonds due
Aug. 1 1934 were offered in July 1924 b y Paine, Webber & C o., Blodget &
Co.. &c., at 101M and int., yielding about 5.35% . V. 119, p. 323.
Interest on all West End St. R y. issues is payable at American Trust
Co., Boston, except on the 6-year bonds o f 1918, which is payable at Old
Colony Trust C o., Boston.
Dividends.— First div., 2 H % , was paid Aug. 15 1898. In 1899, 514%;
In 1900, 4 % ; in 1901, 5 % % ; in 1902 to 1913, incl., 6% yearly; in 1914 rate
was reduced and in Feb. 2% was paid. In July 1914 it was decided to pay
dividends quarterly (V. 99, p. 341), and in Aug. 114% was paid; N ov.,
1 ^ % . In 1915, 5 H % . In 1916, 5% . In 1917, Feb., 114%; M ay, 14%;
Aug., 114%', Nov. div. passed (V. 105, p. 1897). Under public control an
initial div. o f $2 04 1-16 on pref. was paid in Jan. 1919. In July 19l9 $3 50
was paid and same amount paid semi-annually since. In July 1922 a semi
annual div. o f 4% was paid on the 1st pref. stock issued in exchange for the
old West End St. Ry. Co. pref. stock. In 1923, 8% . In 1924, 8 % .
In 1925, Jan., 8 % . In Oct. 1922 314% was paid on the 2d pref. stock,
issued in exchange for West End St. R y. Co. com. stock. In 1923, 7 % .
In 1924, 7 % .
In 1925, 7 % .
On com. an initial div. of $2 50
was paid in Jan. 1919. In April $1 25 was paid and same amount paid
regularly to and incl. July 1920. On Oct. 1 1920 $1 3714 was paid. Same
amount paid reg. quar. to and incl. April 1922. In Oct. 1922 $1 50 was
paid. In 1923, $6. In 1924, $6. In 1925, Jan., 114%; Apr., 114%;
July, 114%; Oct., 114% .
REPORT.— Report o f Boston Elevated R y. for years ending Dec. 31:
Years Ending—
Dec. 31 ’24. Dec. 31 ’23. Dec. 31 ’22. Dec. 31 ’21.
Revenue miles run_____x55.988,679 x54,049,665 x50,575,088 x49,706,697
Revenue pass, carried..382,888,848 382,149,697 356,593,942 337,252,080
Earnings—
$
$
$
$
Passenger______________ 33,403.253 33,282,042 31,817,072 32,237,396
Mails, rents, adv., & c ..
642,329
664,971
635,761
615,657
T o t a l_______________ 34,045,582
8,823,448
Net earnings__________
Miscell. interest, &c____
129,791
T o t a l---------------------Deductions—
Taxes on railway oper’ns
Rent for leased roads.. .
Miscellaneous rents____
Net loss on miscellaneous
physical property____
Int. on funded debt____
Int. on unfunded d e b t..
Amortization of discount
on funded d e b t..........
Miscellaneous debits_
_
33,947,013
9,816,759
149,801
32,452,833 32,853,053
10,364,375 10,009.996
246,343
423,972
8,953,239
9,966,560
10,610,718 10,433,968
1,623,996
48,551
2,125,594
1,688,140
52,512
2,026,937
1,587,187
1,314,745
1,927,151
1,546,758
2,862.207
1,781,225
53
2,430,789
172,102
______
2,289,215
26,812
8,732
1,831,394
59,921
6,960
1,292,800
201,458
51,121
19,127
31,468
24,816
31,468
16,280
43,366
18,469
Total deductions......... 6,462,921
6,153.864
6,785.415
7.739,157
Balance, surplus_______ 2,490,319
3,812,698
3,825,304 2,694,812
1st preferred dividends.(8%)512,000
(8)512,000 (4)256,000
____
2d preferred dividends. (7%) 972,251 (7) 978,302 (314) 491,046
______
Preferred divs. ( 7 % ) . . .
210,000
210,000
210,000
210,000
Common dividends..(6% ) 1,432,764 (6)1,432,764(5^)1456069(5^)1313 367
Balance, surplus...........def.636,696
679,631
1,412,189
1,171.445
Note.— The reports for 1924, 1923 and 1922 designate the dividends as
“ Boston Elevated R y. Co. dividend rental,” but have been separated by us
for comparative purposes. The amounts given in the reports are $3,127,015
for 1924, $3,133,065 for 1923, and $2,413,115 for 1922.— Ed.]
x Passenger revenue miles (incl. for 1924 motor bus mileage, 890,901).
R E PO RT.—
Earnings 12 Months Ended June 30.
1925.
1924.
1923.
1922.
Total receipts_________ $34,198,251 $34,262,009 $33,612,335 $32,781,493
Wages_________________ $17,108,826 $17,218,039 $15,024,348 $14,920,406
Materials and supplies..
3,164,261 3,165,430
3,149,688 3,056,520
Injuries and damages_
_
649,131
789,099
700,740
476,844
Depreciation__________ 2,496,000
2,250,000
2,004,000 2,004,000
Fuel___________________ 1,188,199
1,587,089
2,027,712 1,656,012
T ax es_________________ 1,623,666
1,603,269
1,722,708 1,610,096
Subway & tunnel rentals
2,189,966 2,060,337
2,025,263 1,974,141
Int. on borrowed money
2,576,652 2,479,762
2,277,051 1,483,786
Miscellaneous items-----58,995
71,165
65,986
58,475
Rent of leased lines_____f
J
49,194 2,549,625
Dividends______________\ 3,173,837
3,182,0201 3,136,853 1,606,371
P ro fit_______________def$31,284 def$144,202 $1,428,789 $1,385,211
12 Months Ended Dec. 31—
1924.
Revenue passengers carried— 10c. passengers_________________ 283,676,978
do
do
do
— 5c. passengers_________________ 89,662,095
do
do
do
— 6c. passengers_________________
9,549,775
Total revenue passengers carried___________________________ 382,888,848
Total receipts from direct operation of road__________________ $34,045,582
Interest on deposits, income from securities, &c______________
129,738
Total receipts_______________________________________
Cost of Service—
Maintaining track, line equipment and buildings-----------Maintaining equipment, cars, shop, &c_________________
Power_________________________________________________
Transportation exp. (incl. wages of car service m en )...
Salaries and expenses o f general officers_______________
Law exp., injuries and damages, and insurance_________
Other general operating expenses_______________________
Federal, State and municipal tax accruals_____________
Rent for leased roads (incl. divs.)______________________
Subway & tunnel rentals to be paid to City of Boston. ..
Cambridge subway rental to be paid to Commonwealth.
Interest on bonds and notes___________________________
Miscellaneous items___________________________________
$34,175,320
. $3,823,124
4,156,222
. 2,819,283
11,833,101
85,330
. 1,249,839
. 1,255,233
. 1,623,996
. 3,175,567
. 1,748,834
376,760
. 2,602,891
61,835
Total cost of service_______________________________________ $34,812,016
Excess of cost of service over receipts________________________
$636,696
OFFICERS.— Gen. M gr., Edw. Dana; Treas., Henry L. Wilson; Gen.
Aud., J. H. Moran.— V. 118, p. 309, 430, 549, 901, 905, 1134, 2946, 3075 ;
V. 119, p. 72, 323, 941, 1281, 1842, 1951, 2063, 2177, 2409, 2644, 2758,
2876; V. 120, p. 451, 700, 1201, 1449, 2682; V. 121, p. 72, 456, 837, 1099,
1787.
EASTERN MASSACHUSETTS STREET RAILWAY CO.
ORGANIZATION, &c.— Incorp. early in 1919 in Massachusetts pur
suant to terms o f the “ Special A ct” respecting the Bay Stete Street R y. [as
described in “ Electric Railway” Supplement o f April 26 1924] and has
acquired substantially all the assets o f that company, including the leases
of the Boston & Chelsea R R . C o., the Boston & Revere Electric St. R y. Co.,
the East Middlesex St. R y. C o., the Winnisimmet R R . C o., which see
under separate headings below. The stocks and bonds o f these companies
remained undisturbed. Various underlying liens were extended at higher
interest rates and these appear below.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Operates 674 miles of line; also operates buses. In July 1925 applied to
Rhode Island P. U. Commission for permission to operate 31 passenger
buses between Newport, R. I., and Fall River, Mass. V. 121, p. 197.
Wages and fares increased, see V. 121, p. 457, 1676. Power capacity 19
engines, 22,425 h.p., and 19 generators, 15,050 k.w.; 6 turbines, 33,750
h.p. and 22,500 k.w.
The Lowell-Boston M otor Coach Line, operated by the Eastern Massa
chusetts Street R y. Co. since Oct. 1 1924, ceased operations on M ay 5
1925. For further particulars, see V. 120, p. 2400.
Payment of Divs. on Com. and Arrears on Ad}. Stock Sought.— On Aug 1
1923 a bill in equity and a petition for a writ of mandamus were filed in the
Mass. Supreme Court at Boston by L. Sherman Adams, against the co.
and its trustees, seeking to compel them to pay certain divs. on the com.
and adjustment stocks. V . 117, p .522. Answer was filed by the company
and its trustees in Oct. 1923. For details see V. 117. p. 1662. N o further
developments up to April 1 1925. (Case still being heard.)
Oct., 1925.]
POWER, LIGHT AND RAILW AY
STOCK A N D BONDS—
Date.
Interest Outstanding. Maturity.
Common (see text) par $100______
..........
$8,461,850 ...................
First pref cum ($100)________ _____
F-A 15
4,128,300 A u g ’25,3%
Sk fd stk $3,239,000 cu m ($ 1 0 0 )____
6 F-A 15
28,000 F e b '25, 3%
Pref B stock cum ($100)______ _____
F-A 1
2.997,800 Aug '25.3%
Adjustment stock cum ( $ 1 0 0 ) .___
5 AO
8,711,200 Oct 1, $2.50
6% B o n a i ref mtge bonds * 0 , - 1 1919
'o serial r e i l u u g e u o i i u s $5,-1
6%
S S 7 ,UUU
887,000 o e e ttext
See e
000,000($l,000)Ser"SA” .c*/01d Colony Trust Co., Boston, trustee
Series‘ ‘ S C ” _________________ _____
6%
325.800
See text
4H % ref mtge bonds________ 1919
4H J-J 1
14,303,000 Jan 1 1948
5% ref mtge bonds__________ 1919
5 J-J 1
2.708,2 7 Jan 1 1948
6% ref mtge bonds Series " C ” _ 1918 6 M-8
(107,400 Sept 15 1927
\851,900 Jan 1 1948
6% ref mtge bonds Series" D ” . 1919 6 A-O
710.650 Jan 1 1948
6% ref mtge bonds Series " E ” _ 1919 -6 M -N
500.000 Jan 1 1948
Bay State St Ry equip n o te s.. 1917
6 g F-A
125.000 See text
Lynn & Boston 1st mtge gold! 1894
5 g J-D
2,580,000 yDec 1 1929
$5,379,000 ($1,000) _ c * .n tf/in t. at Old Colony T r.'C o., Boston, trustee
6%
35,000xSept 1 1928
H G & D first mtge______ n tf 1899
Mystic Valley Street Ry g o ld .. . . . .
6%
58,000\Jan 11928
70
People's St R y, West New-1 1898
5 J-J
63,000 Jan 1 1928
bury 1st M assumed_ n tf (interest at State Street Trust Co., Boston
_
Boston Milton & Brockton! 1899
6 J-J
90.000xJan 1 1929
first mtge $100,000____n tf/ln t. at First Nat. Bank, Boston, trustee
N Bed M ’dleboro & Brock 1st! 1900
5 g J-J
x251,000 Jan 1 1929
M $325,000 ($1,000) g .n t f/ln t . at American Trust Co., Boston, trustee.
Prov & Taunton St Ry 1st gl 1898
6 g M-S
132.000xSept 1 1928
($1,000) auth $200,000.n tf (American Trust Co., Boston, trustee.
So Shore & Bos St Ry 1st M l 1899
6 F-A
308,000xFeb 1 1929
($1,000) g $1,000,000_n t f/ln t. at American Trust C o., Boston, trustee.
x These issues have been extended to the dates here given in accordance
with plan. The extended issues, which in all cases formerly bore 5% Int.,
now bear 6% with the exception o f the New Bedford Middleboro & Brock
ton St. R y. 1st 5s which continued at the old interest rate. These issues,
with the exception o f the last mentioned, are callable at 103, and during the
five years preceding maturity at 101 and int. The New Bedford Middle
boro & Brockton 1st 5s are callable at par.
y Originally matured Dec. 1 1924 but company exercised option provided
in reorganization plan, and extended $3,352,000 of this issue for five years
to Dec. 1 1929, the balance being paid off. The extended bonds are red.
on any int. date at 103 and int. up to and incl. date two years prior to
maturity, and thereafter at 101 and int. V. 117, p. 2542.
Stock.— All classes o f stock have full voting rights, except that the com.
stock had no voting rights until Jan. 1 1921, nor has it thereafter at any time
when $5 o f divs. upon the adjustment stock are in default. Common stock
is issuable under the plan to the amount permitted by the special act as
determined by reorganization manager and for any further amounts found
necessary by the reorganization managers for other purposes. The 1st pref.
stock and the sinking fund stock are cum., ranking equally and pro rata for
dividends and in liquidation, and preferred as to dividends, and also as to
par and accrued dividends in liquidation, over the pref. B stock, the adjust
ment stock and the com. stock. Issue o f 1st pref. stock is not limited and
may be called all or in part (when drawn by lot), on any dividend date at
120 and divs. Any subsequent issue o f this stock shall be entitled to such
divs. as shall be fixed at time o f issue thereof. Stock o f this issue in addition
to the amount shown as outstanding may be issued (a) in exchange, $ for $,
for Bay State Ry. bank loans and coupon notes whose holders amy choose
1st pref. in preference to sinking fund stock; (b) $ for $ for Bay State claims
not otherwise provided for; (c) compensation of committees, &c. The
sinking fund 6% stock is callable, all or In part, on dividend day at par and
int. in order o f series, numbers 1 to 21, inclusive, by a sinking fund to which
the company is to pay each year an amount equal to the series due Feb. 15
o f such year, before declaring any dividends on or making any purchase of
any preferred B stock, adjustment stock or common stock . The shares to
be redeemed shall be determined by lot in case funds are not available for
the payment o f any series in its entirety. Of the sinking fund stock $1,425,000, including all o f the first six series and part each o f series 7 to 15,
were allocated to bank loans and divided among the bank creditors in pro
portion to their claims. Series 1 to 14 are for $150,000 each. The remain
ing $1,814,000 o f this stock being the remainder o f Series 7 to 15, and all
of Series 16 to 21, were allocated to the coupon notes in the order o f the
maturity o f the notes, beginning with $57,000 o f the 7th series for the 1918
maturity, and increasing gradually to $202,000, being the whole of the
21st series, for the 1932 maturity. Under the terms of a readjustment plan
all sinking fund slock with the exception of $28,000 par has been converted
into lsi pref. and the sinking fund features eliminated. Pref. B stock ranks
ahead of the adjust, stock and the com. stock. Dividends on this Pref. B
are payable in cash or in com. stock. Call, all or in part (when drawn by
lot) on any div. day at 110 and int. The rate of the dividends on this stock
which in any year are paid in com. stock (1) shall not exceed the rate of
the divs. on the adjust, stock which in such year are paid in com . stock;
unless all the divs. on the adjust, stock in such year if any, are paid in
com. stock, and (2) shall be less by at least 2% than the rate of the divs.
on the com. stock which in such year are paid in com. stock, unless all the
divs. on the com. stock in such year, if any, are paid in com. stock. The
5% adjust, stock is preferred over the com. stock. Call, all or in part at
par and int. on any div. date. The rate o f the divs. which in any year are
paid in com. stock shall be less by at least 2% than the rate of the divs.
on the com. stock which in such year are paid in com. stock, unless all
divs. on the com. stock in such year, if any, are paid in com. stock. Stock
of this issue, in addition to the amount shown above as outstanding, could
be issued in exchange, par for par, for claims against Massachusetts Electric
Companies participating in the plan other than claims in respect of securi
ties expressly provided for.
Bonds.— The serial ref. mtge. 6s, ser. “ SA,” mature $50,000 each Jan. 1
1920 and 1921 and $300,000 1922-1929, inclusive, $1,300,000 have been re
tired. Ser. “ SC” mature Feb. 1 o f each year 1925 to 1928 incl. and Jan. 1
1929. These bonds are issued under c o .’s ref. mtge., which will cover sub
stantially all o f the properties subject to less than $10,000,000 underlying
bonds and undisturbed securities. The interest on the serial 6s is a charge
ahead o f the interest on approximately $18,900,000 ref. mtge. bonds issued
under the same mtge. Call, at 105 on any interest date on 60 days’ notice.
The 4>4 % ref. mtge. bonds are red. at 105 and int. on any int. day up to
and incl. July 1 1943, at 104 and int. in 1944, at 103 and int. in 1945, at
102 in 1946, at 101 in 1947. The 5% ref. mtge. bonds are red. at 110 and
int. on any int. day up to and incl. July 1 1938, at 109 and int. in 1939, at
108 in 1940, 107 in 1941. 106 in 1942, 105 in 1943, 104 in 1944, 103 in 1945,
102 in 1946, 101 in 1947. The 6% ref. mtge. bonds are red. at 103 and int.
on any int. date up to and incl. Sept. 15 1926 and at 100 and int. on March
15 1927.
Additional ref. mtge. bonds other than the ref. mtge. serial bonds, and
the other bonds issuable under the plan, may be issued to an amount not
exceeding at par value 60% o f the cost of future add’ns and impts., but
only when the annual net earnings available for the payment of interest
on the ref. mtge. bonds are at least 1 % times the interest charges on all
ref. mtge. bonds outstanding and applied for and on all prior lien issues.
This net earnings provision may, by the firm o f Lee, Higginson & Co.
as now or hereafter constituted, Harris, Forbes & C o., Inc., or its suc
cessor, and the firm o f William A. Read & C o., as now or hereafter con
stituted, be waived in respect o f any issue made before Jan. 1 1929. In
the discretion of the reorg. mgrs. the ref. mtge. may provide that it shall
not be foreclosed for a period o f 10 years, and in such event a gen. mtge.
shall be created subject to the ref. mtge and covering the same properties
and securing prin. and int. of all ref. mtge. bonds other than ref. mtge.
serial bonds, and in the discretion o f the reorg. mgrs. the int. or prin. or
both o f the ref. mtge. serial bonds. Int. on the ref. mtge. serial bonds so
far as secured by this gen. mtge. may be accorded priority thereunder over
any other obligation secured thereby, but subject to this exception all
obligations secured by said gen. mtge. shall be equally secured thereby.
The said gen. mtge. shall be subject to foreclosure at any time in case of
default.
The Bay State St. Ry. equip, notes were issued to provide, in part, for
the payment o f 200 now semi-conv. P-A-Y-E cars, costing $1,631,000.
Notes are due $131,000 annually Aug. 1 1918 to 1926, incl., and $129,000
Aug. 1 1927, but callable on any int. date at 100 and int. on 6 weeks’ notice.
The $131,000 which fell due on Aug. 1 1918 were purchased by the receiver.
Interest at Old Colony Trust C o., trustee. V. 105, p. 908. The $131,000
due each Aug. 1 in subsequent years, being retired when due.
EARN INGS.— Condensed income statement for cal. years:
Total Rev.
Net after Taxes. Int. A Rentals.
Bal.. Surp.
$2,164,0o7
$1,362,658
$801,399
1924 ................. $9,745,501
1923 ............... 10.712.706
2,276,686
1,398,152
878,534
1922 ............... 10.712,663
2,557,749
1,497,955
1,059,792
33
For earnings 3 mos. ended Mar. 31 1925, see V. 120, p. 2683; for gros
revenues by districts for 6 mos. end. June 30 1925, see V. 121, p. 977.
EAR N ING S.— Six months ended June 30:
1922.
1923.
1924.
1925.
R y. operating revenues. $4,785,096 $4,998,720 $5,533,499 $5,179,082
3,921,397
4,355.957
Ry. operating expenses. 3,703,361
3,901,358
177,513
183,007
168,030
T ax es-------------------------172,166
Non-operating incom e.. Cr. 116,776 Cr.146,430 Cr. 189,074 Cr.209,941
783,922
Interest, &c., charges_
_
653,396
709,484
687.904
528,733
Dividends______________
433,448
288,511
526,136
$22,542
Balance, surplus_____def$56,363
$95,210 def$52,012
DIRECTORS.-—Chairman of Board, Roger W . Babson; L. S. Sherman
Adams, J. Howard Leman, J. O. Wardell, Eliot Spalding, J. W. Farley,
Chas. E. Ober and E. Sohier Welch. V . 112, p. 2083.
OFFICERS.— V.-P. & Gen. M gr., R . B. Stearns; V .-P ., Fred A. Cum
mings: Sec., Wm. A. Howard; Asst. Treas., H. S. Nowell; Gen. Counsel,
Philip G. Carleton.
PUBLIC TRUSTEES.— The co. is operated by a board of five public
trustees appointed by the Governor of Massachusetts: Chairman, Arthur
G. Wadleigh, Fred J. Crowley. Earle P. Charlton, George M . Bryne and
George P. Bullard.— V„ 118, p. 2041. 2178, 2947; V. 119, p. 197, 693, 1174,
1394, 2063. 2286, 2760, 3009; V. 120, p. 1088, 1202, 1326, 2011, 2400, 2683;
V. 121, p. 197, 457, 838, 977, 1227, 1676.
(a) BOSTON & CHELSEA RR.
Owns 4.37 miles of main track. Leased to Lynn & Boston Street R y. Co.
(subsequently the Bay State St. Ry. and now the Eastern Mass. St. R y.)
at $7,260 per annum, equal to 6% on $121,000 stock, parable A . & O.
(6) BOSTON & REVERE ELECTRIC STREET RY.
ORGANIZATION.— Incorp. June 24 1889. Owns 3.78 miles of main
track. Leased from July 1 1895 for 99 years to Lynn & Boston (subse
quently the Bay State Street Ry. and now the Eastern Mass. St. R y.),
which guarantees interest on the $50,000 mtge. of 1908 and dividends on
$50,000 stock from July 1 1898 at 5% per annum.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock (par $100)______ ; ____ _____
_
5 J-J
$50,000
See text
Boston & Revere Elec St Ry\ 1908
5 g M-S
50,000 Sept 1 1928
$50,000 gold ($1,000)_ c* (Int. at American Trust C o., Boston, Trustee.
_
Bonds.— No sinking fund, but bonds may be called on any interest date
on six weeks’ notice.
(c) EAST MIDDLESEX STREET RY.
ORGANIZATION.— Owns 19.35 miles o f main track. Leased M ay 1
1893 to Lynn & Boston (subsequently the Bay State St. Ry. and now the
Eastern Mass. St. Ry.) for 99 years at a rental till M ay 1 1896 of $18,000
yearly in addition to fixed charges: then till M ay 1 1901 $24,000 yearly
and for remainder of lease $30,000 yearly. Eight per cent divs. had been
paid, but on May 1 1901 were increased to 10%, but were again reduced to
8% in 1923. The $100,000 4s due Jan. 1 1922 were retired at maturity.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock ($100), $300,000____________
8%
$297,700
See text
(d) WINNISIMMET (STREET) RR.
ORGANIZATION.— Owns 2.08 miles of main track. Leased to the
Lynn & Boston (subsequently the Bay State St. R y., now the Eastern Mass.
St. R y.) for 999 years from 1880 at $3,000 per annum. Capital stock
is $50,000; par $50.
BERKSHIRE STREET RAILWAY.
On Aug. 31 1925 N . Y . N . H. & H. owned all the stock, the entire
($200,000) issue of debentures and $3,333,030 notes.
Proposed Sale of Stock.— The entire capital stock of the Berkshire St. R y.
and 6,500 shares of stock of the Vermont Co. (see below) owned by the
New Haven Co. were to be sold before July 1 1919, provided sale was auth.
by State of Mass, or Court, but in March 1919 Judge Julius M . Mayer
granted an extension of time until July 1 1921. A further extension to April 1
1923 was granted. Since further ext. to April 1 1924, then to April 1 1925,
and again to April 1 1926.
ORGANIZATION.— Incorp. in Mass, on June 11 1901. Franchise per
petual. In 1906 absorbed the Hoosac Valley St. R y. through exchange of
stodk. In May 1910 took over the Pittsfield Elec. St. R y., issuing $300,000
stock in exchange for stock of that company. V. 90, p. 1295.
In March 1912 Mass. R R . Commission approved the 99-year lease of the
Vermont Co. to the Berkshire Street R y., but this lease was canceled on
Dec. 31 1922.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Owns and operates 88.48 miles of road, serving the cities of Pittsfield and
North Adams and the towns of Williamstown, Clarksburg, Adams, Cheshire,
Lanesboro, Dalton, Lenox, Lee, Stockbridge, Great Barrington, Mass.
105 passenger and 27 other cars.
The $200,000 Berkshire St. R y. debenture 5s, which matured Mar. 1
1925, were extended at the same rate of interest (5% ) to Mar. 1 1930.
V . 121, p. 196.
In Sept. 1925 the Mass. Dept, of P. U. granted the co. permission to oper
ate buses between certain communities. V. 121, p . 1567.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $5,398,100 ($100)___________
_________ $5,398,100 ____________
First mortgage ($800,000 gold! 1902
7 g J-D
777,000 June 1 1927
($1.000)__________ c* _ n tf /GirardiTrust C o., Philadelphia, trustee.
Berkshire Street R y deb_ tf_ 1905
_
5 g M-S
200,000
See text
Hoosac Valley ref mtge $400,-1 1904 7 g M-S
300,000 Sept 1 1929
000 gold ($1,000)_____n t f/ln t at Berkshire L. & Tr. C o., Pittsf., trus.
Pittsfield Elec St Ry 1st mtge! 1904
7 g J-J
242,000 July 11928
g $300,000 ($ l,0 0 0 ).c * .n tf/in t. at Berkshire L . & T r. C o., Pittsf., Mass.
D u eN Y N H & H R R Apr 1 1925........................... 3.333,000 __________
Bonds.— The $800,000 1st Mtge. bonds originally bore int. at 5% and ma
tured June 1 1922, but were extended for 5 years to June 1 1927 at 7 % .
V. 114, p. 2358, 2467. 2716. Are not subj. to call. Int. payable and bonds
may be registered at office of N . W . Harris & C o., Boston.
The Berkshire St. Ry. debs, are guar, by Consolidated R y. Co. See also
text above.
The Pittsfield Elec. St. Ry. 1st M tge. bonds were originally 4s and matured
July 1 1923, but have been extended for 5 years to July 1 1928 at 7% .
The Hoosac Valley ref. mtge. bonds were originally 4s and matured Sept. 1
1924. but have been extended to Sept. 1 1929 at 7% . The extended bonds
are call, on and after Sept. 1 1925 at 104 and int., reducing 1% annually
until maturity. V. 119, p. 1171.
EARNINGS.— For years ending Dec. 31:
Operating
Net (after
Other
Interest.
Balance,
Dec. 31
Taxes).
Year—
Revenue.
Income. Rentals, Ac.
Deficit.
1924-x_______ $928,578
$115,370
$1,778
$294,983
$177,835
59.522
3,535
340 973
277.916
1923-y............. 1.084.257
332.791
182.354
1,849
1922................. 1.046.774
148.587
187.781
2.206
319.975
1921................. 1.098.355
129,989
x Not Incl. operations o f Vermont Co. y Operations of Vermont Co.
included for comparative purposes, although operated independently from
Jan. 1 1923.
Latest Earnings.— For 8 mos. end. Aug. 31 1925: Operating revenue,
$585,413; net after taxes, $91,894; other income, $1,482; interest, rentals,
&c., $93,376; balance, deficit, $108,530.
OFFICERS.— Pres , E. G. Buckland; V .-P .. L. S. Storrs: Clerk & M gr.,
C . Q. Richmond; Treas., A. S. May; Compt., H. S. Palmer; Aud., I. A.
M ay.— V. 114, p. 2358, 2467. 2716; V. 115. p. 1836; V. 117, p. 552; V. 118,
p. 1770; V. 119, p. 1171; V. 120, p. 1880; V. 121, p. 196, 1567.
NEW ENGLAND INVESTMENT & SECURITY CO.
CONTROL.— The $100,000 common stock of this company formerly
held by Sanderson & Porter was acquired by a preferred stockholders'
committee (V. 99, p. 1215) in Oct. 1914. Holders of about 34,000 shares
of pref. stock subscribed $10 for every share o f pref. owned in order to effect
the purchase. V, 99, p. 609, 675, 1215.
34
PUBLIC UTILITIES
The New England Navigation C o. owns the $13,115,000 funding gold
notes, and in pursuance o f the order o f the U. 8. Department o f Justice the
notes were to have been sold by July 1 1919, but In March 1919 Judge
Mayer granted an extension o f time to July 1 1921. A further extension to
April 1 1923 was granted. N o further information.
In Aug. 1921 the co. acquired from the N . Y . N . H. & H. E R . $594,000
par value o f above notes formerly held by the New Eng. Nav. Co. V. 113,
p. 960.
EXC H AN G E OF PR EFE R R E D STOCK.—By vote o f the trustees on
Sept. 20 1917 the plan to exchange the $4,000,000 4% pref. stock (par $100)
for an equal number o f shares o f 1st pref. stock o f the Worcester Consol.
St. R y. became operative. The latter has a par value o f $80 per share and
is entitled to $105 per share in the event o f liquidation and to cumulative
divs. o f $5 per share. Exchange o f the former 6tock relieves the N. Y . N.
H. & H. R R . o f its guaranty o f dividends thereon. V. 104, p. 2559; Y. 105,
p. 1618. As o f Apr. 1 1925, 38,885 shares had been exchanged.
ORGAN IZATION .— Is a voluntary association and was organized on
June 25 1906 to take over the street railway properties in Massachusetts
formerly controlled by the Consolidated Railway Co. V. 83, p. 492.
SECURITIES OW NED.— The following is a list o f stocks held by the
New England Investment & Security Co. (see V. 83, p. 1100):
Milford Attleboro & Woonsocket St. R y.— $315,000 capital stock.
Worcester Consolidated St. R y.— 3,919 shares (out o f 45,000) 1st pref.
stock (par $80) and all the common stock.
Worcester & Shrewsbury St. R y. Co.— $20,000 capital stock.
Worcester & Shrewsbury R R . Co.— $36,700 capital stock.
Springfield Railway Cos.— 68,000 shares (entire issue) o f common stock
(Springfield R y. Cos. owns 46,497 out o f a total o f 46,547 shares of Springfield Street R y.)
Various street railway company bonds, $379,800, and notes, $509,100.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Comm on____________________ _____
_________
$100,000 Ju ly '14 5%
Pref 4% ($ 1 0 0 ).................................
4 J-J
111,500
Jan. 1925
Funding gold notes_______ t f . 1909
See text
13,115,000 Apr 1 1924
Stock.— Dividends of 4% per annum on the pref. stock are cumulative
and are guaranteed by the New York New Haven & Hartford R R ., and
also $105 per share in case o f liquidation. V . 83, p .492. See form of guar
anty in V . 83, p. 1102. This stock may be called as an entirety at any time
at 105 and accumulated dividends. Supreme Court o f Errors in Connecticut
sustained validity o f guaranty. V. 88, p. 1002.
Notes.— N . Y . N . H. & H. guar., p. & i., $5,000,000 o f the notes. Int.
on notes for first 5 years, 3% ; for the next 5 years 4% and for the last 5
years 5 % , but, by agreement with holders o f the notes, they have received
in payment o f coupons due to April 1 1917, incl., cash at rate of 3% and for
Oct. 1 1917 coupon at 2 % , taking an obligation of the N . E. Invest. & Sec.
Co. for the difference. Coupons due April 1 and Oct. 1 1918 and April 1
1919 were settled in obligations o f the Investment Co. A cash payment of
$34,000 was made on coupon due Oct. 1 1919 and the balance o f that
coupon and the coupons due on and after April 1 1920 were also settled
in obligations. Original issue, $16,250,000, o f which $3,135,000 redeemed
and canceled.
EARN IN G S.— For calendar years:
Divs.<
% DeducNet
Int. on
Pref.
Balance,
Divs.
Sur. or Def.
Year—
Int.Rec’d.
tions.
Income.
Notes.
1924 ________ $83,553 $19,169 $64,384 $567,224 $4,460 def.$507,300
4,480 sur. 75,587
1923 ................ 95,905
15,838
80,067
None
1922 _________ 92,305
18,326
73,979
None
4.484 sur. 69,495
1921_________ 51,465
16,575
34,890
None
4.484 sur. 30.406
OFFICERS.— Chairman o f the Board, Francis H. Dewey, Worcester,
Mass.; Pres., Clark V. W ood, Springfield, Mass.; Vice-Pres., Chas. E .
Ware, Fitchburg, Mass.; Sec., W m. F. Crowe, Springfield, Mass.; Treas.j
Leverett Candee, Springfield, Mass.; Gen. Counsel, Bentley W . Warren,
Boston, Mass.; Aud., Chas. T . Converse, Springfield, Mass.— V. 104.
p. 2559: V. 106, p. 1689, 2757; V . 108, p. 2433; V. 109, p. 776, 1987, 2176;
V. 110, p. 970; V . 113, p. 960; V . 114, p. 1063.
(1) SPRINGFIELD RAILWAY COMPANIES.
A holding company.
ORGANIZATION.— Formed in March 1905 to hold a majority of the
stock o f the Springfield Street R y. Is managed by a board of trustees
consisting o f seven members. V . 80, p. 1363.
STOCK—
Interest.
Outstanding.
Last Div
Common_____________________ All owned by New Eng. lnv. & Secur. C o.—
Pref 4% cum guar ($100)____
4 J-J
$3,128,200 Jan.’25, 2%
Stock.— The pref. stock is red. at 105 and accr. divs. These divs. are
guar, by the N . Y . N . H. & H. R R . C o., successor to Consol. R y., as well as
their payment at 105 in case o f liquidation or call. See V . 80, p . 1363, 1914;
V . 105, p. 2095.
(a) SPRINGFIELD STREET RY.
A trolley road.
ORGANIZATION.— Incorp. March 16 1868. In 1909 acquired the
Western Massachusetts Street R y. (V. 89, p. 1484), and in 1910 purchased
the Springfield & Eastern St. R y. (V. 91, p. 277, 1513.) In M ay 1917
made a contract with the Turners Falls Pow. & Elec. C o. for the purchase
o f its entire power requirements. V . 104, p. 2119.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Owns 187.93 miles (incl. 40.33 miles o f 2d track) o f main track and 15.07
miles o f sidings. Total. 202.44 miles, and 0 56 miles trackage rights.
Has 428 cars (incl. 123 one-man cars). Also owns and operates 9 buses.
Interest. Outstanding. Maturity.
Date.
STOCK AN D BONDS—
Text
$4,654,700 July’24, 2%
Stock $4,654,700 ($100)...............
7%
226,300 Sept 1 1940
R ef & gen mtge $5,000,000 ( 1920
($ 100,$500& $l,000).gn tf 1920
6%
2,134,000 Sept 1 1940
(Int. at Old Colony Trust C o., Boston, Trust,
West Mass St R y first mtgelt 1906 5 g F-A
200,000 Feb 1 1926
(closed) gold ($ 1 ,0 0 0 )--.t f jl
lint, at Springfield S. D. & Tr. Co., Trustee.
Springfield & Eastern 1st M l 1902 7 g J-J
330,000 Jan 1 1927
(closed) g ($ l,000 ).c*n tf Jlnt. at Springfield S. D . & Tr. C o., Trustee.
Bonds.— The ref. < gen. mtge. 6s & 7s are call, at 105 and int. on 30-45&
days’ notice.
Western Mass. St. Ry. bonds are subject to call on any interest day at
108 and interest on 60 days’ notice.
Springfield cfe Eastern bonds originally bore interest at 5% and matured
Jan. 1 1922, but were extended for five years at 7 % . V. 113, p. 2313.
Dividends.— In years 1893 to June 30 1910 incl., 8% per ann. In 1910-11
to 1913-14 incl., 7% ; 1914-15, 6 H % ; in 1915-16, 6 H % ; in Dec. 1916,
1 % % . In 1921, Jan., 2% ; July, 1% . In 1922, Jan., 2% ; July, 2 % .
In 1923, Jan., 3% ; July, 3 % . In 1924, Jan., 2% ; July, 2% .
EARN IN G S.— For calendar years:
Gross
Net
Interest, Dividends Surplus or
Total
Paid.
Deficit.
Surplus.
Year— Earnings.
Earnings. Tax.,Ac.
------------------1924-.$3,173,616 $413,051 $279,205 $93,094 sur. $40,752
$613,358
232.735 sur.$56,339
618,951
329,877
1923--$2,433.786
677.637
232.735 sur .219,019
735,268
283,514
648,941
1922.. 3,420,854
139,641 sur.125,125
480,913
216,147
488,591
1921.. 3,438,317
-V . 109, p. 777, 899; V. 110, p. 765, 1850; Y . I l l , p. 295; V . 113, p. 535,
2186, 2313; V. 114, p . 1064; VT 115, p. 760, 1211; V. 116, p. 296; V. 118,
p. 312, 2706, 3080; V. 119, p. 580, 1626, 1627.
(2) WORCESTER CONSOLIDATED STREET RY.
ORGAN IZATION .— Incorporated in 1886 as the Citizens’ Street Ry
Co. and has absorbed the following companies:
Worcester & Holden Street R y.
Clinton & Hudson Street Ry
Worcester & Marlboro Street Ry.
Fitchburg & Suburban Street R y.
Worcester & Southbridge Street Ry.
Leominster & Clinton Street Ry.
Worcester & Suburban Street Ry.
Marlboro & Westboro Street R y.
New England Bus Lines, Inc. (ac
Wore. & Blackstone Val. St. Ry.
quired M ay 12 ’25, V. 120,p.2553).
Worcester & Clinton Street R y.
Franchises perpetual. In 1895 leased for 99 years the North End St. Ry.
o f 5.14 miles, at a yearly rental o f $8,000. The North End has $110,000
($100) capital stock and $75,000 5% 1st mtge. bonds due Feb. 1 1915: int.
F. & A. Also leases for 99 years from July 1 1896 both the Worcester &
Shrewsbury St. Ry. and the Worcester & Shrewsbury R R .
3,919 shares 1st pref. and 33,260 shares common stock are owned by the
N . E . Inv. & Sec. Co.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Trolley. Operates 292.34 miles o f track, comprising the entire street rail
way mileage o f Worcester, together with lines radiating from Worcester to
Leominster, Fitchburg, Clinton, Berlin, Northboro, Marlboro, Millbury,
Northbridge, Uxbridge, Millville, Spencer. Webster, Dudley, Grafton and
Southbridge. Also auth .to operate buses. V. 120, p. 2150, 2553. In
[V ol. 121,
Sept. 1925 abandoned operations between Worcester and Auburn on ac
count of competition by bus lines. V. 121, p. 349. On Sept. 8 1925 re
duced fares between Leominster and Fitchburg, Mass. V. 121, p. 980.
From Sept. 20 1925 replaced trolley service between Worcester and Marl
boro with motor buses; also proposes to abandon 12 miles of line from Leo
minster to Boylston Centre. Mass., and substitute bus service. V. 121.
p. 1791. In Oct. 1925 again discontinued service between Spencer and
Worcester, Mass. V. 121, p. 2041.
In Nov. 1924 applied for auth. to issue $5,355,000 20-yr. mtge. under
a $7,000,000 mtge. auth. by the stockholders. V . 119, p. 2289. Com
pare V. 119, p. 2181.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_________ $3,326,000 Dec’ 17. 3%
Common $3,326,000 ($100)________
Pref (see text) $3,600,000 ($80 ) ------------------- 3,600,000
See text
Wore Consol St 1st & ref mtge I
1910 4M g F-A x l .499.000 Aug 1 1930
With 2% add’l coup______ 1 1910 6 H g F-A x2,116,000 Aug 1 1930
$5,000,000 g ($ l,000 ).c*tf JOld Colony Trust C o., Boston, Trustee.
Worcester Consolidated deb ( 1907
5 M -N
x l ,200,000 Nov 1 1927
$1,364,000($1,000)____ n tf (Old Colony Trust C o., Boston, Trustee.
Worcester & Clinton 1st mtge /
1899 7 g J-J
83,000 Jan 11926
gold ($1,000)_________ n tf (American Trust C o., Boston, Trustee.
Wore & Blackstone Val 1st M / 1906
4H g F -A
200,000 Aug 1 1926
$200,000 g ($l,000)*bB n t f (Int.at Mechanics N at.Bk., Worcester .Mass.
c
Uxbridge & Blackst deben /
1907 5 A-O
40,000 Oct 1 1927
($1,000)
___________tf (Interest at office of company.
Marlb & Westb 1st M $160,- / 1901
7 g J-J
160,000 July 1 1926000 g($l,000)red 105 c*n tf (Int. at Amer. Trust C o., Boston, Trustee.
Wore & South 1st mtge (see ( 1902
7 g M-S
500,000 Sept 1 1927
text) gold ($1,000)_ c*n tf (Int. at First Nat’l Bank, Boston, trustee,
_
Worcester & South mtge (see i 1905
4 H g J -D
200,000 June 1 1925
t e x t ) _________________ n t f,
Leased to Worcester Consolidated—
Webster & D u dley /S tock _________
_________
50,000 __________
(M ortgage, f 1919
5 M -N
30,000 Nov 1 1939
(Int. at Old Colony Trust C o., Boston.
Leased to Webster & Dudley, oper. by Wore. Consol.—
150,000 __________
Wore [S tock_________________ ____ ________ _____
& ilstM $150,000($1,000) / 1919
5 g J-D
93,000 Dec 11939
Web ( g o ld _________ c*n tf(In t. at State Street Trust C o., Boston.
Current liabilities Dec. 31 1924 (incl. all sub. c o s .).. 1,023,641 __________
x Equally secured.
Preferred Stock.— The pref. stock is entitled to cum. divs. of $5 per share
p. a. (J. 30 & D. 31) and $105 per share in case of liquidation. While any
matured div. on 1st pref. stock is unpaid or while the unfunded and current
debt o f the co. shall exceed 25% of the entire capital stock, 1st pref. share
holders may elect a majority of the directors. The 1st pref. stock may not
be increased without consent of 2-3 of its holders except that in case of con
solidation with Springfield St. R y. $2,750,000 may be issued without such
consent. V. 104. p. 2344.
Bonds.— Wore. Consol. R y. 1st & Ref.
% bonds are sub. to call on any
Int. day at 110 & int. Int. is payable at co.’s office or at its agency in
Boston.
$2,116,000 Wore. Consol. R y. 1st & ref. mtge. 4 H % bonds with add!
coupons at the rate of 2% per annum attached were offered in Feb. 1925 by
Harris, Forbes & C o., Inc., Blodget & C o., Paine, Webber & Co. and Old
Colony Trust C o., Boston, at Q7H & int., yielding 7 % . V. 120, p. 830.
The extra coupons are secured, in opinion of counsel, by a gen. mtge. on
entire property.
The two issues of bonds of the Worcester & Southbridge Street R y.
are seemed by the same mtge., the mtge.providing that bonds can be issued
up to $1,000,000, and are to bear date of issue and be payable 20 years after
dzte. The $500,000 1st mtge. bonds originally fell due Sept. 1 1922 and
bore 4 % % int., but have been extended to Sept. 1 1927 at 7 % . V. 114,
p. 1892.
The Worcester & Clinton 1st M . bonds were originally 5s and were due
Jan. 1 1919, but were extended to Jan. 1 1921 and again to Jan. 1 1926at 7% . V. 108, p. 2242; V. 121, p. 64.
The Marlb. & Westb. 1st mtge. bonds were originally 5s and matured
July 1 1921, but were extended for 5 years at 7 % . V. 112, p. 2307.
Dividends.— The June 1918 dividend on the preferred stock was post
poned. V. 107, p. 403. None paid to April 1922, when $2 50 was paid.
V. 114, p. 1181. In June 1922, $2 50: in Oct., $2 50; Dec., $2 50. In,
1923, April, $2 50; June, $2 50: Oct., $2 50: Dec.. $2 50. In 1924, April*
$2 50; June, $2 50; Dec., $2 75. In June 1925, $2 50.
EARNING S.— For calendar years;
Year—
Gross.
Net.
Charges. Dividends. Surplus.
$3,990,854 $675,408 $312,904 $348,750 $13,754
1924.........
1923 —- ........................ 4,565,920 811,284
320,749
450,000
40,535
1922
__________ 4,421,076 974,980
482,682
450,000
42,298
-------4,406,451828,200 452.372
None 375,828
1921
— V. 114, p. 1892; V. 115, p. 75, 1101, 2795: V. 116, p. 517; V. 118, p. 1522...
3081; V. 119, p. 1174, 2181, 2289; V. 120, p. 830, 1588, 2150, 2553; V.
121, p. 349, 980, 1791, 2041.
(3) MILFORD ATTLEBORO & WOONSOCKET STREET RY.
Receivership.— On July 2 1924 Clark V. W ood of Springfield was appointed
receiver for the company by Judge Wait in the Mass. Supreme Court,.
See V. 119, p. 75. The receiver was auth. to discontinue operations.
V. 119, p. 1733. Ceased operations Oct. 3 1924.
To be scrapped. See V . 120, p. 703.
ORGANIZATION.— Incorporated in Massachusetts on April 14 1898.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.---Operated 26.27 miles o f track. 24 passenger cars and 8 other cars.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $315,000_______________All owned by New England Inv. & Secur.Co.
First M $300,000 g ($1,000)/ 1899 6 A-O
$300,000 Oct 1 1924not subject to call_____n tf (Int. at Old Colony Trust C o., Boston, trustee
Bonds.— The $300,000 1st M . bonds were originally 5s and matured Oct. I
1919, but were extended for 5 years at 6 % . V. 109, p. 1080.
Cal. Yrs.—
Gross.
Net.
Int. & Tax. Divs.
Balance.
1923 _________ $138,032
$21,675
$22,657
______
def. $972
1922 _________ 142,450
27,502
23,562
______
sur. 3,940— V. 112, p. 2307; V. 113, p. 293; V. 119, p. 75, 1733; V. 120, p. 703.
INTER-STATE CONSOLIDATED STREET RY.
Receivership.— In Aug. 1924 Zenas W . Bliss was appointed receiver for
the co. by the Mass. Supreme Court. V. 119, p. 693. The receiver hasbeen authorized to discontinue operations, but see V. 119, p. 1624; also
V. 120, p. 1202.
Sale.— The road was sold at receiver’s sale on Jan. 30 1925 to Hemphil L
& Wells, N . Y . City. The purchasers, it is stated, have also concluded
negotiations for the purchase o f the Attleboro Branch R R . and propose toperate both properties as a single system. F. 120, p. 1202.
ORGANIZATION.— Organized as successor in Massachusetts to the
nter-State Consolidated of Rhode Island. Has permission to carry freight.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Dwns 24.10 miles of track and 1.87 miles of sidings, from Rhode Island
Rate line to North Attleborough, Attleborough and Plainville, Mass.
STOCK—
Interest. Outstanding. Last Div.
Rock $275,000 (par $100)---------------- ----------$275,000
See text
145.993 __________
Current liabilities Dec. 31 1923_____ _______
Dividends.— First div., 11%, for 2 years, paid April I 1904; in 1905■
1%; in 1906, 7% ; in 1909, 5% ; in 1910 to 1912, incl., 4% ; in 1913, 5% ; in
1914, June, 6% ; Dec., 2 % . None since to Mar. 1923, when 4% was paid.
Year Ending—
Gross.
Net.
Charges. Divs.
Balance.
Dec. 31 1923................... $225,256 $18,529 $7,563 $11,000 def.
$34
Dec. 31 1922................... 224,889
58,356 19,203
sur. 39,153 ;
Dec. 31 1921__________ 238,330
46,759 15,811
sur. 30,948Dec. 31 1920__________ 248,236
21,674 13,049
sur. 8,620EARNING S.— For cal. year 1924, gross, $177,831; net after taxes,
def., $20,605.
OFFICERS.— Pres., C. V . W ood, Springfield; V .-P ., Francis H. Dewey,.
Worcester; Gen. M gr., H. C. Page, Worcester; Treas., L. Candee, Springfield; Clerk, Wm. F. Crowe, Springfield; Counsel. B. W . Warren, Boston,
Mass.; Aud., Chas. T . Converse, Springfield, Mass.— V. 113, p. 1311,119, p. 693, 1172, 1395, 1510, 1624. 3009; V. 120, p. 1202.
Oct.j 1925.]
POWEE, LIGHT AND EAILW AY
35
uate St. R y. (V. 87, p. 1420), the Newton St. R y. (into which Waltham St.
R y. had been merged, and which had acquired Commonwealth Ave. St. R y .
ORGAN IZATION .— This is a voluntary association organized under a and Wellesley & Boston St. R y .), V . 89, p. 778, and the Newton & Boston
trust agreement dated Dec. 29 1902. Its property consists of the entire St. Ry. (V. 89, p. 993). On M ay 9 1912 Mass. R R . Commission granted
common stock, $60,000 pref. stock, $181,200 1st mtge. bonds and $247,000 permission to absorb by consolidation the Lexington & Boston St. R y. and
“ notes payable” of Boston & Worcester St. Ry. It has issued 33,936 4% issue $525,000 stock in exchange, $ for $, for stock of absorbed company;
cum. pref. shares and 34,614 common shares, no par value. In case of liqui V. 94, p. 1317. In June 1924 took over for operation from the Boston
dation pref. shares receive $100 each before the participation of common. Elevated R y. that c o .’s tracks in Trepelo Road in Belmont, Mass. V.
In Jan. 1905 was listed on Boston Stock Exchange. Stock was increased to 118, p. 3078.
present amount by the issue in July 1906 of 6,000 shares common and 6,000
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
pref., which was offered to shareholders at $105 for a block of one pref. Owns 92.704 miles of track in Newton, Waltham, Watertown, Natick,
plus one common share.
Wellesley, Framingham, Hopkinton, Needham, Sherburn, Wayland, Bel
In Sept. Ic25 was granted permission by the Mass. Dept, o f P . U. to mont and Ashland, connecting with the Boston Elevated R y. (at 4 points),
operate busses in a number of communities. V. 121. p. 1459.
&c. Also owns 27.776 miles of track, leases 0.745 mile; total, 28.511 miles,
Reorganization.— See Boston & Worcester Street Ry\ below.
extending from Arlington Heights (terminus o f Boston Elevated system)
R E PO RT.— For years ending Dec. 31:
through Lexington and Bedford to Billerica, where cars connect with
Calendar
Divs. on
Other
Total
Pref. Expenses Balance, Eastern Mass. St. R y. lines for Lowell and also at Arlington Heights, where
Year—
B. & W. Stk. Income. Income. Divs.
Taxes. Surplus.
cars connect with Boston Elevated R y. for Cambridge subway to Boston,
1923__________
None
$25,365 $26,365 None $12,394 $12,971
with branches to Waltham and to Concord. Total track owned, 120.470
1922__________
None
25,206 25,206 None
11,218
13,988 miles; 264 passenger cars and 21 work cars; 26 snow plows. Has 16 passen
Dividends.— First div. on pref. stock, $2, paid July 1 1904; 1905 to 1908 ger motor buses. 60 to 75-lb. T and 95-lb. girder rails.
lncl., $4; in 1909, $2; in 1910, Jan., $1; 1911, none; 1912 to 1915 incl., $2;
In Dec. 1923 the co. was auth. by the Mass. Dept, of P. U. to operate
in 1916, $2 50; in 1917, $2; in 1918, Jan., $1; none since.
buses over certain routes. V . 117, p. 2653.
OFFICERS.— Pres., William M . Butler; V .-P., A. E. Childs; Sec., J. F.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Bacon; Treas.. Arthur W . C la p p — V. 107, p. 1668; V. 116, p. 2992; V. 118, Stock, $1,987,000_________________
_______
$1,987,000 __________
p. 2436; V. 119, p. 2876; V. 121, p. 1459.
First and ref M $5,000,000) 1912 43^ g J-J
1,983,000 Jan 1 1932
gold ($1.000)___________ c/In t. at Boston Safe Dep. & Tr. C o., trustee.
BOSTON & WORCESTER STREET RY.
Bonds.— Remaining first and refunding bonds are reserved for additions,
Receivership.— In Feb. 1925 Franklin P. Miller, Pres., was appointed extensions and improvements. Callable on any interest date on 30 days,
receiver for the co. by Judge Sanderson of tiie Mass. Supreme Judicial notice as follows: Jan. 1 1917 to July 1 1921 inclusive, at 107M and int.;
Jan. 1 1922 to July 1 1926 inclusive, at 105 and int.; Jan. 1 1927 to July 1
Court. V. 120, p. 828.
1931 inclusive, at 102H and int. V. 94, p. 351.
Foreclosure Proceedings.— See Y. 120, p. 581.
O RGAN IZATION .— Incorp. in Mass, on Nov. 15 1901. Franchises
EA R N ING S.— For years ending Dec. 31:
Cal. Year—
Gross.
Net, after Taxes.
Int., &c.
Balance.
perpetual. Acquired the Framingham Union St. R y., Framingham South$136,862
$169,135
def$32,273
borough & Marlborough St. R y., and the Marlborough & Framingham St. 1924___________ $1,185,431
1923.......
1,265,978
103,902 •
172,277
def 68,375
Ry.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.— 1922___________ 1,304,955
239,872
174,503
sur 65,368
Owns and operates 83 619 miles o f track, a considerable portion over — V. 114, p. 1766; V. 116, p. 2256; V. 117, p. 2653; V. 118, p. 551, 2704,
to Natick. Rails, 75-lb. Has 91 cars. Also operates buses.
3078; V. 119, p. 579; V. 120, p. 582, 703.
In Marcn 1907 Mass. R R . Commission granted right to do an express
and freight business over entire line. In Nov. 1912 made a contract with
the Boston Elevated R y. for the operation o f express cars over that com
pany’s tracks to the freight express terminal on Harrison Ave.
FITCHBURG & LEOMINSTER STREET RY.
In M ay 1925, Judge Wait, in the Mass. Supreme Court at Boston, au
ORGANIZATION.—
the Leominster Shirley &
thorized Franklin T . Miller, receiver of the company, to operate buses Ayer Street R y . through In April 1905 absorbed for share. V . 80, p . 1478;
exchange of stock, share
through 19 towns, including Boston, Newton, Waltham, Marlboro, &c.,
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
all in Mass.
For the present bus service will be operated only on “ feeder” branch Owns 41.51 miles of track. Road extends to Leominster, Lunenburg,
lines. Y. 120. p. 2814. For injunction against competing bus line, see Shirley & Ayer. In Dec. 1924 co. abandoned operations on the line between
Fitchburg and Lunenberg, Mass. V. 120, p. 86. 31 closed passenger
V. 121, p. 704.
New Reorganization Plan.— A new reorganization plan dated July 16 1924 cars, 24 open passenger cars, 3 express cars and 5 snow plows. Authoriza
superseding the plan dated June 1923 (for summary see “ Public Utility tion to operate bus lines, V . 121, p. 457.
In M ay 1920 was auth. to issue $225,000 of new 7% cum. pref. stock
Compendium” o f N ov. 1 1924) has been formulated. Briefly the plan is
(par $100), proceeds to be applied to the payment and cancellation of a like
intended to accomplish the following results:
(1) The exchange o f $2,460,000 1st Mtge. m % bonds of Boston & amount o f outstanding notes (V. 110, p. 1748, 2387), but in Aug. 1923
Worcester St. R y. and $60,000 1st mtge. extended 7% bonds of Framing this order was modified so that the div. rate authorized be not to exceed
ham Southborough & Marlborough St. R y., which matured Aug. 1 1923, 8 % , the co. having been unable to market the stock bearing the 7% div.
for an equal amount of new 1st mtge. 20-year 5% or 6% bonds, dated rate. V. 117, p. 893.
Aug. 1 1924, callable at par.
STOCK, BONDS, &c.—
Date.
Interest.
Outstanding. Maturity.
(2) The provision o f $296,940 for improvements to the street railway Stock $700,000 ($100)_______ _____
_______
$450,000
See text
and for new cars, busses, or both.
Fitch & Leo con mtge $350,-) 1901 7 F-A
300,000 Feb 1 1926
(3) The waiving o f the accrued and unpaid dividends on the pref. stock
000 ($1,000)______________/In t. at Boston Safe Dep. & Tr. Co., trustee.
of the street railway company to the date the new pref. stock becomes L S & A 1st mtge $100,0001 1905
7 g F-A
100,000 Feb 1 1926
cumulative.
gold ($1,000)__________ c * jln t. at Boston Safe Dep. & T r. C o., trustee.
(4) The exchange of 600 shares of the pref. stock o f the street railway com
(Guar. p. & i. by Fitch. & Leom. Street R y.
pany, now held by the electric Companies, for 600 shares of common stock.
Dividends.— For many years up to and incl. 1900-01, 8% ; since, 6% p. a.
(5) The exchange of $115,000 unsecured notes o f the street railway com
EARN ING S.— For year ending Dec. 31, 1924, gross, $432,199; net after
pany, now held by the banks, for $115,000 10-year 6% income debentures.
(6) The payment o f $47,000 notes o f the street railway company, held taxes, $87,461. In 1923, gross, $496,542; net after taxes, $96,067.
by the electric companies from the proceeds of 470 shares of common
OFFICERS.— Pres., Supt. and Purch. Agent, W . W . Sargent; V .-P .,
stock of the street railway company. For full details see V. 119, p. 2876; H. I. Wallace; Clerk and Counsel, C. F. Baker; Treas., R . N . Wallis, all of
Fitchburg— V . 117, p. 893; V. 118, p. 550; V . 119, p. 2410; V . 120, p. 86;
V. 120, p. 581.
V. 121, p .457.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
_________ $2,025,000 D e c ’ 17.1M
Stock common ($100)________ _____
Pref $457,200 ($100) 6% cum______
M-S
457,200 Sept ’ 18,3%
Boston & Wor 1st mtge $2,-1 1903 A]4 g F-A 2,460 000 Aug 1 1923
LOWELL & FITCHBURG STREET RY.
500,000
gold ($1,000) c * tf/In t. at American Trust C o., Boston, trustee.
Framingham Southborough &\ ------ 7%
60,000 Aug 1 1923
In 1913 W . W . Sargent, President of the Fitchburg & Leominster Street
Marlborough 1st mtge_ tf Jlnt. at American Trust Co., Boston, trustee.
_
R y., and associates acquired control.
Notes payable Jan. 1 1924_________
_________
*362,000 __________
OR GA N IZA TION .— Incorporated in Massachusetts in 1903.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
*Of which $247,000 is held by B. & W. Electric Companies.
Bonds.— The Fram. Southb. & Marlb. 1st mtge. 7s were originally 5s A trolley road. Operates 14 miles between North Chelmsford, a suburb
and matured on Jan. 1 1919, but were extended for 3 years at 7 % , and o f Lowell, and the village of Ayer, with a spur running from North Chelms
ford to Brookside; connects at North Chelmsford with Bay State St. Ry.
again to Aug. 1 1923 at the same rate o f interest. V. 113, p. 2817.
and at Ayer with Fitchburg & Leominster St. R y. Has 11 passenger
Dividends.— On pref. 3% semi-ann. from date o f issue to and incl. Sept. cars, 1 snow plow and 2 other cars.
1918; none since. On com. paid 3% July 1904; also 3% semi-ann. until
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Dec. 1908, when 1 f i % was paid; in 1909, June, 1
in 1910, Jan., 1}4% ;
----------$275,000 In 1920, 4%
in 1911, Dec., 1% ; in 1912, June, i y 2% ; Dec., 1K%\ in 1913, 2 K % ; in Stock $275,000 ($100)------------------275,000 Jan 1 1926
1914, 3% ; in 1915, 2 )4 % ; in 1916, 3 M % ;in 1917, June, 1 J£%; Dec., U i% : First mtge (see text) gold) 1906 5 g J-J
($1,000) no sinking fu n d --/S u bject to call at 105 and interest.
none since.
Bonds.— First mtge. was originally for $1,000,000, but has been closed
R E PO RT.— For years ending Dec. 31:
at $275,000.
Calendar
Total
Net
Int. and Pref. Divs. Common Balance,
Dividends.— In 1916, 2% ; in 1917, 6% ; 1918, 6% ; 1919, 3% : 1920, 4 % .
Years—
Revenue.
Revenue.
Taxes.
(6 % ). Dividends. Surplus.
EARN ING S.— For year ending Dec. 31 1924, gross, $58,896; net after
1923_______$1,164,556 $195,647 $177,150
None
None $18,497 taxes, $12,207. In 1923, gross $78,921; net after taxes, $22,077. In
1922______ 1.105,497 245,557
181,250
None
None 64,307
1921, gross, $78,208; net after taxes, $2,510; in 1920, gross, $91,977; net
— V. 113, p. 2817; V. 115, p. 1209, 2045; V. 116, p. 1410, 2992; V. 117, p. after taxes, $9,979.
438, 781, 1991. 2108, 2436: V. 119, p. 196, 1063, 1394, 2063, 2876; V. 120,
OFFICERS.— Pres., W . W . Sargent; V .-P ., C . F . Baker; Sec. & Treas..
p. 581, 828, 2814; V. 121, p. 704.
R . N . Wallis, all of Fitchburg, Mass.
BOSTON & WORCESTER ELECTRIC COMPANIES.
SUBURBAN ELECTRIC SECURITIES CO.
ORGAN IZATION .— This company is a voluntary association formed in
Jan. 1921 as a reorganization to succeed the Boston Suburban Electric
Companies; also a voluntary association (for history see “ Electric Railway
Supplement” of Oct. 30 1920) as per plan outlined in V. 112, p. 164. Con
trols through stock ownership the Middlesex & Boston Street R y. (into
which the Natick & Cochituate St. R y., the Westboro & Hopkin St. R y.,
the Newton & Boston St. R y ., the Newton St. R y. and the Lex. & Boston
St. R y. have been merged). Owns all cap. stk. o f Norumbega Park Co.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Companies owned and controlled operate in the aggregate about 115
miles o f track from Needham on the south to Lowell on the north, and
connecting at five points with the tracks o f the Boston Elevated R y.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common stock---------------------- -----------------50,296 sh. __________
1st pref 6% cum------------------- -------6 Q-F
2,076 sh.
See text
2d pref stock $4 per share_________
_______
31,203 sh.
See text
10-yr coll tr bonds call at 1051 1921
8%
$775,600
1931
and interest______________/Boston Safe Deposit & Trust C o., trustee.
Stock.— Shares have no par value, but in case o f liquidation the 1st pref.
shareholders will be entitled to $100 per share, with accrued divs., prior
to all other shares, the 2d pref. has a like priority over the common shares.
Bonds.— Are secured by $870,000 notes and $150,000 o f the mtge.
bonds of the Middlesex & Boston St. R y ., with provision for the substitu
tion of other collateral and for a release o f a proportionate part as bonds are
retired. Annual sink. fund 5 % o f amount o f issue, to gradually retire same.
Dividends.— On pref. divs. are being paid regularly (Q .-F.).
RE PO RT.— Of Electric company for years ending Dec. 31:
Inc. from Sec. Exp. & Int.
Dividends.
Surplus.
1924.........
$103,300
$78,250
$12,456
$12,594
1 9 2 3 ...............
109,019
86,624
12,456
9,939
1922____________
169,571
92,196
12,456
64,991
OFFICERS.— Pres., Adams D . Claflin; Treas., Chas. W . Smith: Sec.,
John C. Carr; Asst. Treas., Frank E. Frykstrand. V. 118, p. 2961; V.
120, p. 333, 2149.
(1) MIDDLESEX & BOSTON STREET RY,— 1 rolley.
T
ORG A N IZA TIO N .— Organized in 1907 and took over the South Middle
sex Street R y., sold at receiver's sale July 1 1907, and has since acquired
and merged the West borough & Hopkinton St. R y ., the Natick & Oochit-
MASSACHUSETTS CONSOLIDATED RYS.
For last statements published covering Mass. Consol. Rys. and its
chief subsidiaries, the Connecticut Valley St. R y. (V. 119, p. 1732) North
ern Mass. St. R y. (V. 119, p. 1734), Concord Maynard & Hudson St. Ry.
(V. 119, p. 1732), and the Millers River St. R y., see “ Electric Railway”
Supplement of April 26 1924.
HOLYOKE STREET RAILWAY.
ORGANIZATION.— Incorp. in Mass. June *1 1884. Leases the M t
Tom (incline) R R . until June 1 1937 at 6% per annum on the $100 000
stock. In 1907 purchased the Hampshire Street R y. (previously leased)
V. 85, p. 40. In Aug. 1907 purchased the Amherst & Sunderland Street
R y . (V. 85, p. 294), giving a through connection from Holyoke to Amherst
and Sunderland.
FIELD OF OPERATIONS A N D C H A RACTER OF BUSINESS.—
Trolley road. Has 72.9 miles of track, including M t. Tom (incline) RR
4,900 feet long, and connecting with the Springfield Street R y . to Westfield’
Mass.; with Springfield St. R y. to Springfield, Mass., and with Northamm
ton St. R y. to Northampton, Mass., and direct to Chicopee, Chicopee Falls
South Hadley, Amherst and Sunderland. Passenger cars, 148; other ser
vice cars,15; snow plows, 12; other vehicles, 7; electric motors, 456. Also
operates buses.
STOCK AND BONDS— Date. Interest. Outstanding. Maturity.
Stock ($100)--------------J-J
$1,342,000 Ju ly ’25,3%
First mortgage$2,500,000) 1915
5 A-O
850,000 April 1 1935
gold ($1,000)----------------c*/In t. at Springf. Safe Dep. & Tr. Co..trustee.
85,000 April 1 1935
Series “ B ” --------------- -------- 1920 6%
Series C -------------------------------6%
465,000 April 1 1935
Leased line rental M t Tom RR
stock 6 % --------------------------- -------6
100.000 __
Bonds.— Remaining 1st M . bonds issuable for additions and improvements
under certain restrictions. Redeemable at 107 and int. V. 100 p 982
Dividends.— From 1892 to 1915 incl., 8% yearly; In 1916’, 6 % . In
Jan. 1917, 3 % ; July, 114%. In 1918, Jan. 1J^%; July div. omitted
(V. 107, p. 291). N on eto Jan. 1920, when 3% was paid. J u ly l9 2 0 ,3 % .
In 1921, Jan., 3% ; July, 3 % . In 1922, Jan., 3% ; July, 3 % . In 1923,
Jan., 3% ; July, 3 % . In 1924, Jan., 3% ; July, 3 % . In 1925,, Jan. 3 % .
July, 3% .
36
[V ol. 121.
PUBLIC UTILITIES
EARN IN G S.— For years end. Dec. 31:
Cal. Year—
Cross.
Net. Int.,Tax.,&c. Divs.
Bal., Sur.
$955,442 $208,024$123,438
$80,520
$4,066
1924----------1923----------------------- 1,121,749
208,764121,590
80,520
6,654
1922----------------------- 1.122,317 • 197,152111,614
80.520
5,018
OFFICERS.— Pres. & Gen.M gr., LouisD. Pellisier; Sec. & Treas.,
S. D . Nevin; Asst. Gen. M gr., Geo. E . Pellisier: Aud.. G. F. Dinneen,
all o f Holyoke.— V. 118, p. 1772; Y. 119, p. 1624, 1732, 2287, 2529.
MILFORD & UXBRIDGE STREET RY.
Protective Committee.— Interest having been defaulted on July 1 1925 on
the undermentioned two issues, the following protective committee was
formed, under agreement dated Sept. 30 1925:
Milford & Uxbridge Street Ry. 7 %Q Bonds, Due Jan. 1 1928, and Milford
Holliston & Framingham Street Ry. First Mtge.7% Bonds, Due Jan. 1 1928.—
Fred W . Young, Arthur S. Dewing, Kenneth T. Young, with Holmes &
Worthen, 414 Shawmut Bank Bldg., Boston, Mass.; counsel, Allen W . Bagnell, 70 State St., Boston, Mass. Depositary, Atlantic Nat. Bank, Boston.
Dissenting from the plans o f the above committee, a group of holders of
Milford Holliston & Framingham bonds formed a separate committee in
Oct. 1925 and requested bondholders to deposit their bonds with the Mer
chants National Bank, Boston, depositary. This committee is composed
as follows:
Separate Committee Milford Holliston < Framingham Street Ry. First Mtge.
&
Bonds, Due Jan. 1 1928.— Walter G. Davis, Cambridge, Mass.; Louis S.
Ayen, Holyoke, Mass.; John T . Manson, New Haven, Conn., witn S. R .
Wrightington, 10 State St., Boston, counsel.— V. 121, p. 1908.
ORGAN IZATION .— Incorporated in Massachusetts in 1901. On July
10 1902 consolidated by purchase o f entire capital stock with the Milford
Holliston & Framingham St. Ry.
FIE LD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Trolley road. Owns 36 miles of track, from South Framingham to Uxbridge
and from Milford to Medway and Hopkinton. Also operates the Grafton
& Upton R R . from Hopedale to North Grafton, 13.427 miles. 48 pass,
cars, 8 snow plows and 4 miscellaneous: 180 electric motors.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock com $440,000 ($100)_ _____
_
A-O
$440,000 See text
Preferred $100,000 ($100)_________
J-J
100.000 See text
Mil Holl & Fram 1st mtgel 1898 7 g J-J
165,000 Jan 1 1928
$165,000 ($1,000) g -.c * n t f/ln t . at Amer. Trust Co., Boston, trustee.
Milford & Uxb gold bonds) 1902 7 g J-J
335,000 Jan 1 1928
($1,000) gold_______ c * n tf/In t. at Amer. Trust C o.. Boston, trustee.
The above bonds were originally 5s and fell due Jan. 1 1918, but were
extended to Jan. 1 1923 at 7 % , and again to Jan. 1 1928 at the same rate
o f interest. Y. 115, p. 2267.
Dividends.— On pref., in 1910, A %: in 1911, 5% : in 1912 and to and incl.
1918, 6% per ann. Npne since. On com. in 1901 to 1903, 6% ; 1904,
1 A % ; 1907, 3% ; 1908, 1% ; 1909, 3% ; 1910 and 1911, 4% ; 1912, 5 A % :
thereafter to Oct. 1916, 5% per annum. None since.
EARN INGS.— For fiscal years:
Year'
Gross
Net (after DeducPf.Div. Com.Div. Balance,
Ending—
Earnings. Taxes).
tions.
(6 % ).
(5% ) Surplus.
..........................
$3,605
Dec. 31 1924. ..$275,018 $41,256 $37,651
Dec. 31 1923--- 323,678 45,457
35,901
$9,556
Dec. 31 19 22--. 341,554 52,775
43,381
9,394
Dec. 31 1 9 21-.- 355.280 47.327
45,869
1,458
Earnings 8 mos. ended Aug. 31 1925: Gross, $163,989; net, $2,894.
OFFICERS.— Pres., D. E. Manson, Boston, Mass.; V .-P .- & Sec..
Wendell Williams, Milford, Mass.; Treas., J. E. Walker, Milford; Supt.,
W. L. Adams. Milford, M ass— V. 115, p. 2267; V. 117, p. 439; V . 120, p. 86.
V. 121, p. 1789, 1908.
NEW BEDFORD & ONSET STREET RY.
ORGANIZATION.— Incorporated in Massachusetts in 1901. This com
pany is owned in the same interest as the Union St. Ry. Co. In June 1906
issued $50,000 new stock in exchange for the $150,000 stock of the Taunton
& Buzzard’s Bay St. R y., which was a reorganization of the Middleboro
Wareham & Buzzard's Bay St. R y. V. 82, p. 1438.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.— A
trolley road. Owns 39.98 miles o f track between Fairhaven and Onset and
in Middleboro and to Buzzard’s Bay. Also operates motor buses, 27 passen
ger cars, 4 snow plows, 5 miscellaneous, 81 electric motors and 4 motor
buses.
Date.
Interest. Outstanding. Maturity.
STOCK AND BONDS—
_______ $550,000 Feb '23, 2%
Stock, $550,000 ($100)______ ____
First mortgage, $500,000 1902 6 g J-J
340,000 Jan 1 1927
gold ($1,000)_______ c*n tf Int. at International Tr. C o., Boston, Trus.
No sinking fund and not subject to call.
M W & B B 1st mortgage 1901
6% g A-O
150,000 Oct 1 1926
$150,000 ($1,000) g -.c n t f Int. at Federal Trust C o., Boston, Trustee.
Bonds.— The Middleboro Wareham & Buzzard's Bay bonds have no sinking
fund. See V. 73, p. 1313. Interest was formerly 5% , but on consolidation
with New Bedford & Onset was reduced to 4 % . Originally matured Oct. 1
1921, but were extended for five years at 6 % . The New Bedford & Onset
Street Ry. first mtge. bonds were originally 5s and matured Jan. 1 1922, but
were extended for five years at 6% . V. 113, p. 2819.
Dividends.— 2% paid in Feb. 1922. In 1923, Feb., 2% ; none since.
EARNINGS.— For years ending Dec. 31:
C a l. Y e a r —
G ro s s .
N et.
I n t . cfc T a x e s .
B a l., S u rp .
1924______________ $246,396
$19,378
$20,908
def$l,530
23,478
6,500
1923______________ 304,409
29,979
24,094
16,805
1 9 2 2 - - - - - ______
277,358
40,899
In 1923 carried 1,438,680 revenue passengers against 1,527,158 in 1922.
OFFICERS.— Pres., H. H. Crapo; V .-P ., E . S. Wilde; Sec., E. T. Pierce
Treas., E . F. Nicholson; Supt., Geo. P. Dole.—-V. 107, p. 2376; V. 108.
p. 379; V . 113, p. 2185, 2819: V. 116, p. 1649; V. 117, p. 2770: V. 118.
p. 2704.
UNION STREET RY.
ORGAN IZATION .— Incorporated in Massachusetts on Mar. 18 1887
as a consolidation o f Acushnet. St. R y. and New Bedford & Fairhaven St.
Ry. On N ov. 1 1910 consolidated with Dartmouth & Westport St. R y.
Y. 91, p. 465, 519, 718, 1096. In 1921 the company purchased from the
Eastern Mass. St. Ry. its controlled line in New Bedford running from
Lunds Corner to the city line. In Sept. 1925 acquired the Interstate Bus
Line and Providence Touring C o., which have been operating buses connect
ing New Bedford, Fall River and Providence, R . I. V . 121, p. 1228.
Applied for permission to operate buses on these routes formerly in operation
by the railway. Y . 121, p, 1680.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
A trolley road. Owns and operates 60.57 miles in New Bedford and adja
cent towns, and connects New Bedford and Fall River. 191 passenger
cars, 10 miscellaneous cars, 17 snow plows and 3 motor buses.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Last div.,&c.
Q-F
$2,437,500 Aug’25, 2%
Stock $2,437,500 (par $100)________
First M $2,000,000 ($1,000)/ 1914
4 A g J-J
250,000 Jan 1 1934
gold no sinking fund_ n tf [Int. at Old Colony Trust C o., Boston, trustee
_
Bonds.— Redeemable since Jan. 1 1919 at 110. Issued to retire consol,
mtge. of 1894, due Jan. I 1914. V. 97, p. 1584, 1664.
Dividends.— In 1896-97. 10%; in 1897-98, 6% ; in 1899. 8% and same rate
to and including Aug. 1925.
EARN INGS.— For years ending Dec. 31:
Cal. Y r.—
Gross.
Net.
Int. < Taxes. Divs. (8 % ).
&
Surplus.
1924............$1,456,767
$257,723
$113,538
$195,000 def.$50.815
1923______ 1,629,020
405,213
133,313
195.000
76,901
1922______ 1,611,924
438,786
149,659
195.000
94,126
Rev. passengers carried in 1924, 27,239,312, against 30,225.114 in 1923.
OFFICERS.— Pres., H. H. Crapo; V .-P ., E. S. Wilde; Sec., E. T.
Pierce; Treas.. E. F. Nicholson: Supt., E. S. Wilde, all o f New Bedford.—
V. 112, p. 258, 2750’ V. 116, p. 1651,2131’ V. 118, p. 2825- V. 120, p. 1587.
V.' 121, p. 1228, 1680.
NORTHAMPTON STREET RY.
O RGAN IZATION .— Chartered Feb. 26 1873. In M ay 1924 it was
reported that the co. would shortly acquire and operate the discontinued
line of the Connecticut Valley system between Northampton, Conn., and
Hatfield, Mass. V . 118, p. 2573. The company discontinued service
between Ferry St., Hatfield, and Bradstreet. Northampton, on Sept. 12
1925. See V . 121, p. 1348, 1462.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
A trolley road. Owns 43.42 miles of track, including extension to Holyoke
and extension from M t. Tom Junction in Easthampton; Northampton to
Amherst and Northampton to Hatfield. Operates 47 passenger cars, 4
snow plows and 159 electric motors.
STOCK. &c.—
Interest. Outstanding. Divs., &c
_______
$850,000
See text
Stock $850,000 (par $100)__________
135,000 ---------------Notes payable June 30 1925_______ _______
Dividends.— 1901, 8% ; in 1992, 8% ; in 1903, 8% ; in 1904, 6% ; in 1905,
6% ; on Dec. 27 1905, 3 A % ; in 1906. 3 l % ; in 1907, 7% ; in 1908, 6% ; in
A
1909, Jan., 2A % ', in 1910, Oct.. 2% ; in 1011 and 1912, 5% . In 1913,
5 H % - In 1914 to and incl. Oct. 1917 at the rate of 5% per annum. None
to 1920. when 3% was paid. In 1921. Julv, 3% ; Dec., 3 % . In 1922,
July, 3% ; Dec., 3 % . In 1923, July, 3 % . In 1924, Jan., 3% ; July, 3 % .
In 1925, Jan., 3% ; July, 3% .
EA R N ING S.— For year ending Dec. 31:
Year—
Gross.
Net.
Int.. Tares. &c.
Balance.
1924 ........................$306,208
$77,018
$24,303
sur.$52,715
1923 ______________ 333,948
74,810
22,124
sur 52,686
1922 ______________ 336,532
75,979
20,165
sur 55.814
EARN ING S.— Six months ended June 30 1925.— Gross, $169,433; net,
$40,312; net, after interest and taxes, $25,909.
OFFICERS.— Pres., H. M . Tyler; Treas. & Gen. M gr., L. D. Pellissier,
both of Northampton.— V. 92, p. 322; V. 96, p. 554, 1840: V. 99, p. 675:
V . 107, p. 83, 604; V. 18, p. 172; V . 118, p. 2573; V . 121, p. 1348, 1462.
PLYMOUTH & BROCKTON STREET RY.
ORGANIZATION.— Organized in Mass, in 1922 and acquired the prop
erty of the Brockton & Plymouth St. Ry. (for history see "Electric Railway
Supplement” of April 29 1922) which was sold at foreclosure in July 1922.
V. 115, p. 435. Holders of each $1,000 o f the old c o .’s 1st mtge. 4 A %
bonds received in exchange $500 in 1st mtge. 6% bonds, $500 in 6% income
bonds, and $500 in com. stock of the new co. as per plan of reorganization
outlined in V. 115, p. 644.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Does electric railway business from Brockton to Plymouth and in the
intervening towns. Is authorized to do a freight business in the towns of
Whitman, Hanson and Pembroke. Franchise perpetual. Road extends
from Plymouth through Kingston, Pembroke and Hanson to Whitman,
24.3 miles of track. [In June 1924 the co. discontinued operations between
Mayflower and Kingston, Mass. (V. 118, p. 3078) J 28 pass, and 9 other
cars. Standard gauge. Power station capacity, $25 k. w.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Jaturity.
Common____________________ _____
_______
$300,000 __________
1st mtge. $170,000...................c 1922 6 J-J
130,000 July 1 1932
Income mtge. $130,000______c 1922
See text.
130,000 July 1 1932
Stock.— $60,000 of the com. stock is held in voting trust. V. 115, p. 644.
Bonds.— Remaining $40,000 1st mtge. bonds may be issued for additions,
exts., and impts. under certain restrictions. Int. on coupon bonds is
payable annually on July 1 when earnings are sufficient. Sink, fund of
$5,000 per annum to retire income bonds is provided for. Int. on the
income bonds when earned and the annual sink, fund payment when
earned can only be postponed by the vote of 75% of the entire board of
directors.
The interest on the income bonds, whether or not earned, and the an
nual payment of $5,000 for the sinking fund, whether or not earned, shall
be cumulative, so that no divs. can be paid until all of such unpaid accumu
lated int. and unpaid accumulated sink, fund installments have been fully
paid. Income bonds acquired with sing, fund money will remain alive and
draw int for the benefit of the fund. V. 115, p. 644.
OFFICERS.— Pres., A Stuart Pratt; V.-P. & Gen. M gr., C. W . Gifford
Clerk, Wm. T. Crawford; Treas., Henry B. Sawyer; Gen. Mgrs., Stone &
Webster M gt. Assn.; M gr., Montelle C . Smith.— V. 118, p. 3078.
COLONIAL GAS & ELECTRIC CO.
Controlled by Utilities Power & Light Co. (see on another page).
ORGANIZATION.— Owns 88% of the com. stock of the Newport
Electric Corp.
C A PITALIZATION .— Common stock, 100,000 shares (no par) auth.
and outstanding (75,000 shares owned by Utilities Power & Light Co
Pref., 7% cum., auth., $5,000,000; issued, $100,000 ($100 par).
OFFICERS.— Pres., A. L. Linn, Jr.; V.-P. & Treas., F. W . Drury:
V.-P., H. T. Pritchard; V.-P. & Sec., W m. P. Sheffield.
(1) NEWPORT ELECTRIC CORPORATION.
Control.— Controlled by Colonial Gas & Electric Co. (see above).
ORGANIZATION.— Incorp. in Rhode Island on Feb. 23 1898 as the
Newport & Fall River Street R y. Co. In 1920 name was changed to New
port Electric Corp. Was leased to Old Colony Street R y . Co. (now Eastern
Mass. St. R y .), but lease was canceled Oct. 1 1921 and property turned back
to stockholders. V . I l l , p. 1661. All street railway operations were
discontinued on Sept. 7 1925. V. 121, p. 2039.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Does all the electric light and power business in Newport, Jamestown,
Middletown and Portsmouth. Operates city type buses in Newport, and
interurban type buses between Newport, Fall River and Providence.
STOCK, BONDS, E T C .— Date. Interest. Outstanding.
Maturity.
Com stock par $100---------------- -----------------$1,191,000
See text
Preferred 7% cumulative---------------7%
189,000 Sept’2 5 ,1 H
Consol mortgage $1,000,0001 1904 4H J-J
696,000 July 1 1954
gold ($1,000)_____c*&r.tf /In t. at American Trust C o., Boston, trustee.
Newp Elec Corp secur n o t e s - . ____
5%
100,000 See text
Newp Elec Corp deb n o t e s ) ____
8%
103,000 Oct 1 1927
callable at 120___________ /Newport Trust C o., trustee.
Stock.— The total authorized Capital stock is $3,000,000, which may be
issued as either Preferred or Common as stockholders direct.
Bonds.— $240,000 consol. 4 ^ s are pledged as security for the $100,000
5% notes. Remaining consol, mtge. bonds are reserved to retire prior liens.
Not redeemable.
The 5% notes matured Oct. 1 1925, but were renewed for 4 months at
5% and will be paid off before then with proceeds from the sale of Preferred
stock.
Dividends.— On pref., \% % quar. from Sept. 1 1922 to and Incl. Sept
1925. On com., 2% paid in 1922, 1923 and 1924.
REPO RT.— For calendar year 1924, gross, $626,083; net, after taxes,
$191,039: interest, &c., $50,971; depreciation, $51,661; bal., sur., $88,407
OFFICERS.— Pres., A . L. Linn Jr.; V .-P ., J. T . O’Connell; V .-P .,
H. T . Pritchard; V .-P. & Treas., F. W . Drury; Gen. M gr., E. P. Gosling;
Sec., W m. P. Sheffield Jr.— V . 118, p. 1268, 2824, 2949; V . 119, p . 198;
V. 120, p. 2012; V. 121, p. 2039.
RHODE ISLAND
BLACKSTONE VALLEY GAS & ELECTRIC CO.
ORGANIZATION.— Incorp. in Rhode Island in April 1912.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Through direct ownership and control o f the Pawtucket Gas C o., does the
entire gas, electric lighting and power business in the Blackstone Valley
of Rhode Island including the cities o f Pawtucket, Woonsocket and Cen
tral Falls, the towns of Cumberland, Lincoln and those adjacent. The
generating plants of the co. have a combined capacity of 38,400 k.w. The
Oct., 1925.]
POWER, LIGHT AND RAILW AY
37
gas plants have a combined daily capacity o f 7,700,000 cu. ft. A 14-miie
NEWPORT & PROVIDENCE RAILWAY CO.
high-pressure line connects the Woonsocket and Pawtucket plants, the gas
plant in Woonsocket being held as reserve capacity.
ORGAN IZATION .— Incorp. in 1892. In Aug. 1925 William H. Van
On Jan. 30 1925 the Senate of the State of Rhode Island passed a bill derbilt and a group of Newport, R. I., summer colonists acquired contro1
auth. the co. to increase its auth. capital from $16,000,000 to $32,000,000. with the purpose of forming a new organization and motorizing the road.
V. 120, p. 700. Bill passed by R. I. House of Representatives in March V. 121, p. 979. Before going to press we were informed that a report to
1925. V. 120, p. 1324.
the effect that a new company, incorp. in Rhode Island Oct. 6 1925, is to
acquire the properties of Newport & Prov. R y. Co., was substantially
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
correct. The name of the new co. is Automotive Transportation Co. (R. /.) ;
Common ($5"''______________ ____
_________ $6,487,250 Sept’25, 2 A
its directors are: William H. Vanderbilt, Clark Burdick, C. E. Crocker,
Preferred 6 r cum ($100)____ ____
J-D
1,294,200June 25 ,3%
1st & gen mtge $5,000,000 1912 5 g J-J
4,578,000 Jan 1 1939 and Dexter Brigham.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS,—
($1,000) gold___________c* Int. at Industrial Trust C o., Slater Branch,
Operates about 15 K miles of track from Newport to Bristol Ferry, where
Pawtucket, R. I., trustee.
2-yr notes $2,
,000 ($1,000) 1924
5 g M -N
2,700,000 M ay 1 1926 connection is made by ferry to Providence; 70 and 90-lb. T and girder rail.
19 cars.
g o l d ______ _________ c*tf Int. at State Street Trust C o., Boston, trust.
Pawtucket E ke consol mtge 1908 5 g J-J
176,000 Jan 1 1938
Interest. Outstanding.laturity.
STOCK AND BONDS—
Date.
$2,000,000 ($1,000) gold c* Int. at Old Colony Tr. C o., Bost., trustee.
_____________________ $300,000-----Common $300,000 ($100)_________
Pawtucket Gas Co (N J) 1st 1902
4 g M -N
1,400,000 M ay 1 1932 Pref $150,000 ($100) n o n -c u m ____
_____________________ 150,000_____
Mtge $2,000,000 gold ($500' Int. at Industrial Trust C o., Slater Branch, 1st mtge $300,000 ($500) sub-1 1912
5 g J-J
300,OuO July 1 1932
& $1,000)______________ c*
Pawtucket, R . I., trustee.
ject to call at par___ c c p t /ln t at Augusta (M e.) Trust C o., trustee.
Woonsocket El Mach & Pow, 1901
4 A J-J
200,000 Jan 1 1931
E A R N IN G S.— For years ending Dec. 31:
1st M $200,000 gold______ Int. at First Nat. Bank of Boston, trustee.
Year End.— Gross.
Net.
Taxes. Int.& Depr. Sur. or Def.
Woonsocket El Mach & Pow, 1903
4 K g A-O
300,000 April 1 1943
def.$15.150
1924___________ $104,932
$17,503
$3,493
$29,160
Consol Mtge gold________ Int. at First Nat. Bank of Boston, trustee.
def.18,542
1923..........
114,948
14,183
3.565
29,160
Stock.— Non-taxable in Rhode Island. Pref. is red. at 115.
def. 17,098
15.284
3.222
29.160
1922___________ 106,157
Bonds.— 1st & Gen. Mtge. 5s have sink, fund o f 1% per annum o f bonds — V. 95, p. 1403; V. 121, p. 979.
outstandiag, payable Jan. 1. $,22,000 not incl. in amount reported out
standing have been cancelled by sinking fund.
Pawtucket Electric Co. 5s are call, all or in part at 105 & int. on any int.
date. $574,000 cancelled.
Pawtucket Gas Co. of N . J. 1st M . 4s are call, as a whole at 110 & int. on
any int. date.
Woonsocket Elec. Machine & Power lsl M . 4 A s have sink, fund of $4,000
C O N N E C T IC U T
per annum, payable Jan. 1. $110,000 in sinking fund cancelled.
Woonsocket Elec. Machine < Power Consol. Mtge. 4 A s are call, on April 1
&
1933 or on any int. date thereafter at 100 & int. Mtge. provides for sink,
fund o f $3,177.42 per annum, payable Apr. 1. $79,000 not incl. in amt.
outstanding held in sinking fund not cancelled. $50,000 held by Blackstone
THE BRISTOL & PLAINVILLE ELECTRIC CO.
Valley Gas & Electric Co. and $90,000 reserved to retire underlying bonds.
Notes.— 2-yr. 5% notes are call, all or in part on M ay 1 1925 at 100 A &
ORGANIZATION.— Incorp.
the
Int. and on N ov. 1 1925 at 100 & int. In M ay 1924 Estabrook & Co. and Plainville Tramway C o., name Sept. 21 1893 in Conn, as May Bristol &
to
16 1921.
Stone & Webster, Inc., sold $2,700,000 2-yr. 5% notes at 99.54 & int., to Franchises perpetual. Road first changedAug. present title
opened
12 1895; merged with Bristol
yield about 5 *4 %• V. 118. p. 2441.
Elec. Lt. Co. Mar. 31 1897; steam heating plant installed in 1902; Terryville
E A R N IN G S.— For 12 mos. end. June 30—
1925.
1924.
branch opened in 1903. Woodland St. branch opened in 1906; gas plant
G ross__________________________________________ $4,812,139 $4,543,024
installed in 1906; underground system installed in 1916.
Operating expenses and taxes___________________ 3,024,490
3,051,792
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS.—
In addition to railway service,
Net earnings___________________________________$1,787,649 $1,491,232 Forestville and Terryville; gasfurnishes electric light and power in Bristol,
in Bristol, Forestville and Plainville, and
Total income____________________________________ 1,893,193
1,499,415 steam heat in Bristol. Operates 12.9 miles of track laid with 56, 60 and
♦Deductions____________________________________
105,500
105,500 72-lb. T-rail connecting Bristol with Forestville, Plainville, LakeCompounce
and Terryville. Standard gauge; 37 cars, 3 snow plows and 1 work car.
B alance______________________________________ $1,787,693 $1,393,915
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Interest and amortization charges________________
435,722
271,977
Stock $5,000,000 ($100)___________
Q-F
$990,000 A u g ’25, 2 K
1st mortgage $600,000 gold f 1905
4 H g M -N
540,000 Nov 1 1945
Bal. (for res., retirements and divs.)__________ $1,351,970 $1,121,938
($500 & $1,000)_______ n tfj Interest at Bristol National Bank, Bristol.
♦Interest charges on bonds and divs. on outstanding Preferred stock of
Subject to call at par_____[Treasurer of State of Connecticut, trustee.
the Pawtucket Gas Co. o f N . J.
Dividends.— In 1899 to 1909 incl., $6% per annum; 1910, 7% : 1911 to
OFFICERS.— Pres., David Daly; V .-P ., Wm. McGregor; V .-P ., Marcy
L. Sperry; Sec., Wm. T . Crawford; Treas., H. B. Sawyer. Operated under 1919, 8% per annum. In 1920, 1921 and 1922. 10%. In 1923, 11%.
management o f Stone & Webster, Inc., Boston.— V . 120, p. 700, 1324; In 1924, 10%. In 1925, Feb., 2 K % : M ay, 2A % \ Aug., 2 K % V. 121, p. 1099.
EARN ING S.— For calendar years;
Railway
Railway Miscell. Interest
Divi- Oth. Surp. SurYear. Gross.
Net.
Net.
& Taxes, dends. Deduc'ns.
plus.
1924-$186,869
$21,286 $226,997 $85,625 $94,875 $19,658 $48,125
NARRAGANSETT ELECTRIC LIGHTING CO.
1923. 186,320
24,407 203.090
81,782
90,750
4,734 50,230
ORGAN IZATION .— Incorporated in Rhode Island in M ay 1884.
1922. 164,485
19,003 189,441
71,642
82,500
29,911 24,391
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
OFFICERS.— Chairman of board, Chas. H. Tenney; Pres., A. B. Ten
Controls the South County Public Service Co. (V. 118, p. 1021; V. 121, ney; V .-P ., I). E. Manson; Sec.-Treas., Morris L. Tiffany, Briston, Conn.;
p. 330), Bristol County Gas & Electric Co., East Greenwich Electric Co., Asst. Treas., E. A. Bradley. General Managers, Chas. H. Tenney & Co.,
Seekonk Electric Co. and M ystic Power Co. In July 1925 the Westerly Boston, Mass.; Local M gr., G. E. Cockings.— V. 103, p. 1687; V. 110, p.
Light & Power Co., the Narragansett Pier Electric Light & Power Co. 359; V 112, p 256.
and the Wickford Light & Water .Co. were merged into the South County
Public Service Co. V. 121, p. 330. On Oct. 16 1925 the stockholders were
to vote on an increase of capital stock. V. 121, p. 1789. The companies
furnish electric current to many cities and towns in Rhode Island and
CONNECTICUT LIGHT & POWER CO.
Connecticut; also furnishes gas to Westerly and Pawcatuck, Conn., and
ORGAN IZATION .— Chartered in Connecticut in 1905. In July 1925
Bristol and Warren, R . I. On Oct. 16 1925, directors voted to issue acquired the electric property and business of the Westport (Conn.) Water
$3,916,800 additional stock to holders of record Oct. 31 at $50, at the ratio
of 1 new for each 5 shares held. Rights expire N ov. 21. See also for Co. A subsidiary, the Westport Electric Co., has been formed to take over
the plant and system. V. 121, p. 457.
increase o f stock to $30,000,000, V. 121, p. 2038.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Supplies electric light and power to a population of about 306,000 in the
Stock $20,000,000 ($50)___________
Q-J
$19,584,000 Oot’25.2%
cities of Waterbury and New Britain and the Naugatuck Valley district.
Dividends.— Dividends o f 8% per annum have been paid since 1886.
Has an installed generating capacity of 145,506 h.p., of which 34,600 h.p.
RE PO RT.— For calendar years;
is hydro-electric (2 plants); about 200 miles of high-tension transmission
Calendar Years—
1924.
1923.
1922.
1921.
lines; 21 substations, and distributing systems in about 20 cities and towns.
K. W . H. generated____278,187.870 359,746,610 .277,993,260 299.667,600
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Total rev. (all sources).. $6,736,432 $6,636,601 $5,574,826 $5,049,066 Common $15,000,000 ($100)_______
_________ $8,486,000 -----------------Operating expenses------- 4,408,818
4,383,314
3,504,438
3,237.058 Pref 8% cum $7,500,000($100)____
8 Q-M
4,000,000 ...................
Depr., obsolescence, &c_
560,069
496,719
520,917
553,592 Pref 7% cum $7,500,000 ($ 1 0 0 )____
7 Q-M
4,500,000 ---------------Int., &c., dedu ctions...
91,159
160,719
230,806
235,849 2d pf 8 %cum$5,000,000 ($ 1 0 0 )____
_________
2,500,000 ---------------Dividends_____________
1,501,440
1,302,456
1,234,440
984,975 1st & ref Mtge— Ser “ A ” ______ (1 921 7 g M -N
6,204,000 M ay 1 1951
Series “ B ” ________________
1924 5 A S F-A 5,874,000 Feb 1 1954
Balance, surplus------$174,946
$293,393
$85,225
$37,593
($500 & $1,000 c* and $1,- Bankers Trust C o., New York, trustee.
OFFICERS.— Pres., E. A. Barrows: V .-P ., W m. W . Douglas; Sec.,
0O0 & mult r*) g -----------tf I
Treas. & Aud., Franklin L. Hall.— V. 120, p. 454, 1089; V. 121, p. 330,1789. New Milford Power 1st Mtge J 1902 5 g F-A
1,000,000 Aug 11932
2038.
($1,000) gold__________ c*\lnt. at Central Union Trust Co., N . Y ., trus.
Stock.— 7% and 8% pref. stocks are call., all or in part, on any dividend
date at $120 and dividends.
UNITED ELECTRIC RAILWAYS CO.
Bonds.— 1st & ref. mtge. provides for annual sinking fund of 1% of all
ORGA N IZA TIO N .— Chartered in Rhode Island in April 1919. In bonds outstanding, bonds acquired by sinking fund to be kept alive. Mass,
June 1921 acquired the property of the Union Railroad C o., Providence income tax not in excess of 6% and Penna. 4-mill tax refunded. Int.
Cable Tramway C o ., Rhode Island Suburban R y . and Pawtucket Street Ry,, payable in New York, Boston and Chicago.
formerly controlled through stock ownership by United Traction & Elec. Co.
Series “ A ” 7s are call, for sinking fund (only)on any int. date to and incl.
and in Aug. 1921 purchased the Woonsocket lines o f the Rhode Island Co., N ov. 1 1931 at 110, thereafter decreasing 1K % annually to 100 K on
as per plan outlined in V 112, p. 564. See also V. 113, p. 961. In Oct. N ov. 1 1950. $6,500,000 were offered in M ay 1921 by Lee, Higginson &
1921 acouired the property of the Providence & Danielson R y. Co. Com C o., Estabrook & C o., &c., &c., at 95 and int., yielding about 7.40%.
pare V. 113, p. 1773. Wage raterixed, see V-. 121, p. 201.
V. 112, p. 1981.
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS.—
Series “ B” 5 A s are call, as a whole at any time on or after Feb. 1 1934
Operates over 338 miles o f track. Also operates buses.
or in part for sinking fund only on any int. date since Feb. 1 1925; prior to
In Jan. 1924 the co. was auth. by the R. 1. P. U. Comm, to issue $1,455,- and incl. Aug. 1 1939 at 107K; thereafter decreasing A % annually to
000 25-year 6% prior lien bonds and|$624,200 additional capital stock, pro 100K on Aug. 1 1953. $5,874,000 were offered in Feb. 1924 by Lee,
ceeds to be used to reimburse treasury for expenditures made for better Higginson & Co., Estabrook & C o., Putnam & C o., &c., &c., at 96K and
ments, improvements, &c. V. 118, p. 204.
interest, yielding about 514%. V. 118, p. 669.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Dividends.— On 8% pref. paid 8 1-3% in 1921. In 1922 paid 8% ; 1923,
Capital stock________________ _____
________ - $8,250,700
8% ; 1924, 8% . On 7% pref., 7% paid in 1923 and 1924. On 2d pref..
See text
Prior lien mtg $5,000,000 Ser A 1921
1,000,000 Jan 11946 8% stock paid 8% in 1923 and 1924. On com ., 1QK% in 1919. In 1920,
6%
Ser B ($100, $200, $500 and
7% ; 1922, 7 K % ; in 1923, 6% ; in 1924, 5% .
$ 1 ,000 )....................
1921
1,973,300 Jan 1 1946
4%
EARNINGS.— For years ended Dec. 81:
Series “ C ” _________________ 1921
6%
♦450,000 Jan 1 1946
Gen & ref mtge $11,000,000—
1922.
Calendar Years—
1924.
1923.
Ser A ($100, $200, $500 and
$5,151,859 $4,426,621
Gross earnings_____________________ $5,656,131
$1,000 )__________________ 1921
3,375,457
5%
2,779,730
8.501,300 Jan 1 1951 Operating expenses and taxes_______ 3,427,794
Ser B ($100, $200, $500 and
$1,000)__________________ 1921
Net earnings.________ ____________ $2,228,337 $1,776,402 $1,646,891
4%
2,466,600 Jan 11951
* Nominally issued and held in treasury.
Other incom e-....................... ...............
112,109
441,498
160,777
Bonds.— The $1,550,800 remaining prior lien bonds bearing not over
7% interest may be issued from time to time for 70% o f cost o f extensions,
Net income______________________ $2,340,446 $2,217,900 $1,807,668
additions, improvements. &c., under certain restrictions.
OFFICERS.— Pres., Lewis Lillie; V .-P ’s., Irvin W. Day, James T.
Dividends.— In Julv 1923 the regular quar. div. was reduced from I K % Hutchings and J. Henry Roraback; Sec. & Treas., Chas. L . Campbell.
to 1% . In Oct. 1923 div. was omitted. None since.
— V. 118, p. 669; V. 119, p. 1629, 2759; V. 120, p. 210; V. 121, p. 457.
EARN ING S.— Years ended Dec. 31:
Year Ending
Total
Net (after
Balance,
Dec. 31.
Revenue.
Taxes).
Interest, &c. Surp. or Def.
1 9 2 4 .........................$8,196,695
$338,188
$696,909
def.$358,721
HARTFORD ELECTRIC LIGHT CO.
1923........................... 8,104,043
526,800
677,342
def. 150,532
ORGANIZATION.— Incorp. in Conn, in 1881. Owns almost entire
OFFICERS.— Pres., Albert E. Potter; V .-P., Clifford Whipple; V .-P.,
E . J. Dickson; V.-P. & Asst. Sec., H. B. Shartoe; V .-P ., W . C. Slade; Com. stock o f the Connecticut Power Co. (see below).
Treas., Geo. H. Newhall; Sec., Harvey A . Baker; Compt., G. S. Hutchins.
Participation in Power Merger.— For plans to form a consolidation with
— V. 117, p. 1993, 2434: V. 118, p. 204.1393; V, 119. p , 1511. 2288; Vi 120, New England Power C o., International Paper Co., Power Corp. o f N . Y .,
p. 89. 584, 1749: V. 121, p. 201.
&c., see details in V. 121, p. 1908.
PUBLIC UTILITIES
as
FIELD OF OPERATIONS & CHARACTER OF BUSINESS.— Suppliesi
electric light and power in Hartford and a large section of central and
northwestern Connecticut.
Pref. and com. stockholders o f record Jan. 6 1925 were given the right
to subscribe to $4,000,000 3-year 7% notes in the ratio o f one $100 note to
each three shares o f stock held. The new notes will mature Feb. 25 1928
and are convertible at maturity into com. stock, par for par. Proceeds are
to be used to retire $3,000,000 7% notes due Sept. 1 1930. These notes
were called for payment Mar. 1 1925 at 102>6 and int. V. 120, p. 453.
STOCKS AN D BONDS— Date.
Interest.
Outstanding. Maturity.
Common ($100)___________________
---------------$ 10 , 000,000 ............. ..............
Pref 5% cum ($100)_______________
..5 Q -F
2,000,000
---------------3-year conv 7% notes ($100,\ 1925
7%
4,000,000 Feb 1 1928
$500, $1,000, $10,000)____ ;
Stock.— Pref. stock is convertible into com. after Feb. 1 1926 upon 30
days' notice.
Notes.— All the outstanding 10-year 7% notes due Sept. 1 1930 were
called for payment at 1 0 2 on Mar. 1 1925.
Dividends.— Dividend record since 1900 is as follows:
Cap’ l Slock
Cap'l Stock
Div. Outstanding
Div. Outstanding
Year—
Rate.
Rate.
Dec. 31. Year—
Dec. 31.
1900___________ 6 ^ % $1,050,000 1914---------- - .. .1 0 %
$3,600,000
3,600,000
1,400,000 1915_______ - .. .1 0 %
1901----------------- 7%
1902___________ 7%
1,400,000 1916_______ ----- 10%
4,500,000
1903______ _____ 9 X %
1,400.000 1917_______ — .10 %
6,000,000
1904___________ 8%
1,600,000 19 18............ ----- 8%
6,000,000
1,800,000 1919_______ ----- 9)4%
1905----------------- 8%
7,500,000
1906___________ 8%
1,800,000 1920______ _ - .1 0 %
8,250,000
2,100,000 1921_______ - ..- 1 0 %
1907----------------- 8%
10,000,000
2,400,000 1922---------- - ..- 1 0 %
10,000,000
1908..................... 8%
1909___________ 9%
10,000,000
2,400,000 1923---------- ----- 10%
3,000,000 1924_______ ----- 10%
1910___________ 10%
10,000,000
3,000,000 Preferred—
1911___________ 10%
3,000.000 1923_______ ___ $3.55
2,000,000
1912___________ 10%
3,600,000 1924_______ ------5%
1913___________ 10%
2,000.000
E A R N IN G S.--F or years ended Dec. 31:
Calendar Years
1922.
1924.
1923.
1921.
Sales (electric current) . . $4,724,400 $4,718,000$ 4,066,200 $3,411,100
Expenses_______
2,267,700
2,522,600
2,116,100
1,870,500
Taxes_______ __
385,000
340,000
276,000
227,000
Net incom e..
Other income_
_
$2,071,700
128,500
$1,855,400
162,000
$1,674,100
162,600
$1,313,600
153,100
Total income.
$2,200,200
Interest and dividends.. 1,350,100
$2,017,400
1,341,600
$1,836,700
1,397,700
$1,466,700
996,500
Bal. for reserves & sur. x$850,100
$675,800
$439,000
$470,200
x From this balance the sum o f $225,000 has been appropriated to cover
(remium and amortization charges incident to the retirement on March 1
.925 o f $3,000,000 7% notes, and appears as a current liability.
OFFICERS.— Chairman, Samuel G. Dunham; Pres., Samuel Ferguson’
V.-P., T . H. Soren; V .-P ., D . N . Barney; Sec. & Treas,, J. E. Lynch; GenM gr., A. D. Colvin.— V. 119, p. 2878, 3009; V. 120, p. 453, 956; V. 121’
p. 1908.
(1) CONNECTICUT POWER CO.
Controlled by the Hartford Electric Light Co.
ORGAN IZATION .— Incorp. in Conn, in May 1899. Was known as
the Marine Power Co. up to June 9 1905 when name was changed to present
title.
FIELD OF OPERATIONS & CH ARACTER OF BUSINESS.— Does
the entire electric light, power and gas business in New London, the entire
electric light and power business in Middletown and Thomaston, Conn.,
and furnishes wholesale power to manufacturing and public utility compan
ies in various other Connecticut towns.
STOCK AN D BONDS—
Date.
Interest. Outstanding.
daturity.
Common $3,000,000 ($100)________
_______ $3,000,000 __________
Preferred 6% cum ($100)------- -------Q-M
1,500,000 ___________
1st & con M ($500 & $1,000 c* J 1913 5 g A-O
1,798,000 Apr 1 1963
& $5,000 mult, r*) t f ------g .lln t. at Old Colony Trust C o., Boston, Tr.
6-yr. notes, $500,000 ($100, f 1921 7 g J-D
500,000 Dec. 1 1926
$500 & $1,000) gold_ c*tf\Int. at United States Secuirty Trust Co.,
_
Hartford, Trustee.
Conn. Pow Co 1st M (assum-/ 1906 5 g J-J
490,000July 1 1956
ed ($1,000) gold------------ c * lln t. at Equitable Trust C o., New York, Tr.
New London Gas & Elec 1st [ 1897
5 g A-O
276,500 Apr 1 1927
M closed ($500 & $1,000) jln t. at New York Trust C o., N . Y ., Trustee,
gold____________________ cl
New London Gas & Elec 2d M ) 1899 5 g A-O
76,000Apr
11929
closed ($1,000) gold---------c\lnt. at New York Trust C o., N . Y . Trustee.
New London Gas & Elec, ls t j 1903 5 g J-J
373,500 July 1 1933
cons & ref ($500 & S I,000) -IInt. at Equitable Trust C o., N . Y ., Trustee,
gold____________________ c I
BershirePow Co Is tM $100.-) 1904
5 g J-D
68,000 Dec. 1 1934
000 ($1,000) gold------- c*tf\In t. at United States Security Trust Co
Hartford, Conn., Trustee.
Stock.— Pref. stock is red. at 115 & divs.
Bonds.— 1st & cons. Mtge. 5s have sink. fd. of 1 % o f bonds outstanding.
$193,000 canceled by sink. fd. Call, all or in part for sink, fund at 107K
& int. on any int. date.
The C o n n . P o w . C o . 1st M . 5s have been assumed by the consolidated co,
$27,000 held by Conn. Power Co. in addition to amount shown in above
table as outstanding.
New London Gas & Elec1 2d M . 5s are call, at 105 & int. on any date.
.
$49,000 canceled. Assumed by Conn. Pow. Co.
New London Gas & Elec. 1st consol. & ref. 5s have been assumed by
Conn. Power C o., which holds $2,000, which are in addition to the amount
shown in the above table as outstanding.
Bershire Power Co. 1st M . 5s have sink. fd. o f 2% annually. $32,000
canceled by sink. fd. Assumed by Conn. Pow. Co.
Notes.— The 5-yr. 7% notes were offered at 100 & int. in Dec. 1921 by
R oy T . H. Barnes & C o., Hartford and the Chas. W . Scranton C o., New
Haven. V. 113. p. 2508, 2618.
EARN IN G S.— For calendar years:
1924.
1923.
1922.
1921.
Gross earnings---------------- $2,039,457 $1,994,932 $1,759,323 $1,499,153
Oper. expenses and taxes 1,306,839
1,366,339
1,151,680
933,403
Int., amortization chgs.
and rentals__________
212,950
210,779
208,702
239,552
Preferred dividends-----76,942
75,000
75,000
75,000
Common dividends------203,458
143,222
120,000
70,000
Balance, surplus_______
$239,268
$199,592
$203,941
$181,198
OFFICERS.— Pres., Samuel Ferguson; V.-P. & Gen. M gr., Viggo E.
Bird; V .-P .. Townsend H. Soren; Sec. & Treas., John E. Lynch. V. 119,
p. 460; V. 120, p. 2400.
NEW YORK NEW HAVEN & HARTFORD RAILWAY
(Trolley Lines).
The New York New Haven & Hartford’s interests in trolley lines have
been very extensive, but under an agreement reached with the U. S. Gov
ernment in 1914 the company has pledged itself to dispose o f the same.
♦The investments in the trolley companies held by the N. Y . N. H. & H .,
which are to be disposed o f under the decree o f the Federal Court (date by
which New Haven is to dispose o f these holdings has been extended from
year to year, latest extension being to April 1 1926), are as follows:
Berkshire Street R y.
The Vermont Co.
Connecticut C o.
Westchester Street R R .
New York & Stamford R y.
Shore Line Electric R R . of N . Y .
* The Rhode Island Co. was originally included in this list, but the stock
of that company was sold on Sept. 3 1920 at public auction— see that com
pany on subsequent page.
[V ol. 121,
In Oct. 1925 we were advised that the company had petitioned the Fed
eral Court for a cancellation of the order to sell the New York and Massa
chusetts trolleys and for the return o f the Connecticut Co. stock and the
discharge o f the trustees.
The N . Y . N. H. & H. also owns $4,984,938 of the $5,005,250 stock o f the
N Y . Westchester & Boston R y., an electric road, which it is under no obli
gation to dispose of and which will be developed as part o f the New Haven
system.— V . 99, p. 270, 604. 1125. 1210; V. 100, p. 642; V. 104, p. 2010.
CONNECTICUT COMPANY.
Control Passes to Trustees.— On Oct. 27 1914 the $40,000,000 capital stock
of this co. held by New England Navigation Co. was transferred to five
trustees, pursuant to the requirements of the U. S. Dept, of Justice. V . 99,
p. 1451. The New Haven Co. has bound itself to sell the stock, and the
trustees were to use their best endeavor to complete the sale before July 1
1919, but 'n March 1919 Judge Julius M . Mayer granted an extension
of time until July 1 1921. V. 108. p. 1275
In April 1921 the time was
again exten e 1, by order of the Federal Court, to July 1 1922. V. 112,
p. 1616. In March 1922 the court further extended the time to April 1
1923. Sine text nded to April 1 1924, then to April 1 1925 and again to
April 1 1926. The trustees are: Judge Walter C. Noyes of Old Lyme,
Leonard M . Daggett of New Haven, Charles Cheney of South Manchester,
Morgan B. Braiaard of Hartford and Chas. G. Sanford of Bridgeport. See
remarks under N. Y . N . H. & H. R R . Co. above and V . 98, p. 1000, 1245.
This is the company which operates the trolley lines in Connecticut
controlled by the N Y . N. H. & H., and which formerly were comprised in
the Consolidated Railway Co.
Return of Line to N. Y. N . H. & 3 . R. RR. Suggested.— See V. 112, p. 1977:
compare V. 116, p. 720.
Operation of Buses.— See V. 121, p. 1568.
ORGANIZATION.— Incorp. in Connecticut. Entire $40,000,000 stock
and $1,000,000 debentures owned by New Haven Co. June 1 1907 began
operating the lines comprising the Consolidated Railway (merged in 1907
in the New York New Haven & Hartford); Feb. 28 1910 purchased sub
stantially all the various street railway properties of the N . Y . N . H. &
Hartford in Connecticut.
The following companies have been absorbed or are leased or controlled:
Branford Lighting & Water C o. V. *Montville Street R y. V. 79, p. 268.
New Haven St. R y. V. 79, p. 989.
81, p. 155, 210.
Danielson & Norwich Street Ry. New Haven & Centrevllle Street Ry
V. 78, p. 989.
V. 79, p. 268.
B. Hartford & Glastonbury St. Ry. New Hav. & W . Haven Horse R R .
Fair Hav. & Westv. R R . V.78,p.989. *New London St. R y. V. 79, p. 268.
Farmington Street R y. V. 69, p. *Norwich Street R y. V . 79, p. 268.
♦Putnam & Thompson Street R y.
283; V. 89, p. 593, 1542.
Greenwich Tram. Co. V. 80, p. 118. Stafford Springs Street R y.
Hart.M an.&Rockv.T.Co. V .82,p.280 Stamford Street R y.
Hartford & Middletown Street Ry.
Torring. & Win. St. R y. V .85,p .1463.
Hartford 8treet Ry.
Wallingford Tramway Co.
Meriden Electric R y. V. 79, p. 268. Waterbury & Pomperaug Val. St.Ry.
Meriden Horse R R . V. 79, p. 268. West Shore R y. Co. V. 78, p. 989.
Meriden Southington & Compounce ♦Willimantic Trac. Co. V .81,p .1176.
Winchester Ave. R R . V . 78, p. 989.
Tramway Co. V. 83, p. 1524.
Middletown Street R y. V. 79, p. 268.
* These roads were leased in 1912 to Shore Line Electric R y ., which see.
This lease was annulled by order of the Court in Jan. 1920 and properties
were taken over for operation by the Connecticut Co. in April 1920.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Operates 795 119 miles o f line (of which 495.972 miles are owned, 294.500
miles leased and 4.647 miles operated under trackage rights), serving the
following cities and towns: Cities of New Haven, Hartford, Bridgeport,
Waterbury, New Britain, Meriden, Middletown, Stamford, Norwalk,
Rockville, Derby, Shelton, Ansonia, New London, Norwich, Willimantic,
Putnam, and the towns of East Haven, Brantford, North Haven, Walling
ford, Hamden, Orange, Southington, Plainville, Farmington, Portland,
Middlefield, Cromwell, Rocky Hill, Wethersfield, West Hartford, Bloom
field, Windsor, Stafford, East Hartford, East Windsor, South Windsor,
Manchester, Vernon, Glastonbury, Greenwich, Stratford, M ilford, Hunt
ington, Fairfield, Westport, Norwalk, Darien, Naugatuck, Watertown,
Middlebury, Thomaston, Torrington, Winchester, Beacon Falls, Seymour,
Cheshire, Newington, Waterford, Montville, Unicasville, Thamesville,
Taft, Jewett City, Plainfield, Wauregan, Danielson, Killingly, Dayville,
Elliott, South Coventry, South Windham, Greenville, Baltic, Central
Village and Berlin, Conn. Standard gauge. Cars operated Aug. 31 1925,
1,428 passenger and 307 freight, &c., cars; total, 1,735. Right to use oneman cars in City o f New Haven, upheld. V. 121, p. 705.
Fares.— See “ Electric Railway” Supplement of April 26 1924.
Supreme Court Decision.— Decision of State Supreme Court holding that
the co. must protect holders of the Consolidated R y. C o.’s debentures
will be foundi n V. 109, p. 581. See also V. 109, p. 1527, and V . I l l , p.
990. under caption “ N. Y . N. H. & H. R R .”
The N . Y . N . H. & H. R R . offered to exchange $100 o f its stock for $290
of certain issues o f the Consol. R y. C o.’s debentures. See V . 82, p. 803,
and V. 83, p. 1037. $17,347,000 of debentures have been so exchanged for
$8,673,500 N . Y . N . H .& H . R R . stock. The following shows the details
for each issue of debentures:
Debentures of The Consolidated Railway Company—’All Tax Free.
Ex. for Stk. or
Issue—
Authorized.
Issued. Pur. & Cancel. Still Out.
July 1’04, 50-yr.,4g J-J $5,000,000 $5,000,000
$745,000 a$4,255.000
Jan. 2’05, 50-yr.,4g J-J 4,000,000
4,000,000
1.691.000 a2,309,000
A p r. 1’05, 50-yr.,4g A-O 3,500.000 *3,500,000
2.160.000 a l,340,000
Jan. 1’06, 50-yr.,4g J-J 10,000,000 *10.000,000
7.989.000 a2.011,000
M a r. 1’07, 1 0 -y r .,5 % c o n . 1 5 ,000,000
5,000,000
5,000,000
______
Total exchangeable.._$37,500,000 $27,500,000 $17,585,000
6Feb. 1 1905, 25-year,
now 4 g F-A see text). 1,000,000
1,000,000
28,000
$9,915,000
972,000
Total of all__________ $38,500,000 $28,500,000 $17,613,000 $10,887,000
* Guaranteed principal and interest b y N . Y . N . H . & H . R R . a These
amounts cannot be increased, as remainder o f issues has been cancelled,
b Not exchangeable for stock.
The deb ntures are in coupon form of $1,000 each and fully registered
debentures of $10,000 each, which are non-interchangeable.
BONDS—
Date. Interest. Outstanding. Maturity.
Equipment notes Series “ E ” _ . ____
5 A-O
120,000 _________
Equipment notes Series “ F ” . f 1922
6%
287,500
See text
(U. S. Security Tr. C o., Hartford, Conn, tr.
Equipment notes Series “ G ” . / 1924
6 g J-D
360,000
See text
($1,000) not call_______ c*\U. S. Security Tr. C o., Hartford, Conn, tr.
N H & C entervlstM gassum ’d! 1893
5 g M-S
283,000 Sept 11933
b y N Y N H & H ______n tf /
New Haven Street RR.—
Hartford Street R y, now f
1900 4 g M -S
2,500,000 Sept 11930
1st mortgage $2,500,0001Conn. Tr. & Safe Dept. C o., Hartford,
($1,000) g ----------------c*ntf| trustee. Int. at Hartford or Boston.
Hartford St R y deb " M ” . .n t f
1900 4 J-J 15
165,000 Jan 1 1930
Mer South & Comp 1st M gl
1898 5 g J-J
175,000 July 1 1928
$200,000 ($1,000)— c * n tf[
Optional at 110 and interest,
callable at 110 since 1903-. j Int. at Equitable Trust C o., New York.
Greenwich Tramway first/
1901 5 g J-J
320,000 July 1 1931
mtge $400,000 ($1,000) ■
{Interest at New York Trust C o., New York.
gold________________c * n tf [State Treasury o f Connectitu, trustee.
Stafford Spgs St R y 1st M g . t f ____
5 J-J
400,000 July 1 1956
5%
1,000,000 __________
Provisional debentures_______ 1916
Securities of Lines formerly Leased to Shore Line Elec. Ry.—
W ore & Conn East 1st M s f g\ 1902
4 H g J-J
1,992,000 Jan 11943
$3,100,000 ($1,000)_ c*tf/Interest at New York Trust C o., trustee.
_
Bonds.— The Consolidated Ry. debentures are not subject to call. All
the debentures have printed on their face the statement that if a mortgage
is made on any or all o f the company’s property which was owned on Jan. 1
1905, except to renew existing mortgages, the debentures shall participate
in the security o f such mortgage. The debentures are at present secured
under the terms and lien of the 1st & ref. mtge. of the N . Y . N . H. & H.
R R . Oo., dated D ec. 9 1920, b t they are entitled to such security only
while and so long as they are not secured by a mortgage as recited on the
Oct., 1925.]
POWER, LIGHT AND RAILW AY
‘face o f each debenture. The debentures due In 1930 bore 3% interest
from Feb. 1 1905 for the first 5 years and 3K % for next 5 years. From
Feb. 1 1915 to maturity bear 4 % . They were issued to pay for acquiring
the Berkshire St. R y. (Y. 80, p. 471), which co. was subsequently acquired
by the New Engl. Inv. & Security C o., then in turn re-acquired by the N . Y.
N . H. & H. The $3,500,000 debentures due April 1 1955 were issued to ac
quire the Hartford Street R y. The $10,000,000 debentures of Jan. 1906
were issued to the N . Y . N . H . & Hartford for advances.
Of the Worcester & Connecticut Eastern bonds, no more will be issued.
A sinking fund on these bonds commenced in 1908 o f not to exceed 1% of
bonds outstanding. Bonds cannot be called, but may be bought on a 3%
basis or better, and kept alive for sinking fund. See V. 75, p. 1204;
$481,000 in sinking fund not including amount reported outstanding.
$122,000 held in treasury New York New Haven & Hartford R R .
Equip, notes Series “ F ” are due $50,000 semi-ann. Jan. 1 1924 to Jan. 1
1928, and $37,500 July 1 1928. V . 116, p. 2992.
Equip, notes Series " G ” are due serially $45,000 semi-annually June 16
and Dec. 16. Are exempt from State of Connecticut 4-mill tax. In June
1924 $450,000 6% equip, trust notes. Series “ G ,” were sold at 100 and int.
by Putnam & C o., Hartford, Conn. V . 119, p. 196.
EA R N IN G S.— Of Connecticut Co. for yasr ending Dec. 31:
Dec. 31
Operating
Net (after
Other
Interest,
Balance,
Year—
Revenue.
Taxes).
Income. Rentals,&c.
Surplus.
1924------------ $14,347,839 $2,195,646
$50,434 $1,543,611
$702,469
1923------------ 14,717.233
2,467,107
62,618
1,504,478
1,025,247
1922------------ 14,477,611
2,741,210
44.831
1,475,625
1,310,415
Latest Earnings.— For 8 months ending Aug. 31 1925: Operating reve
nue, $9,274,976; net (after taxes), $2,051,983; other income, $33,291; inter
est, rent, &c., $996,017; balance, surplus, $1,089,257.
O F F IC E R S — Pres. & Gen. M gr.. J. K. Punderford; V .-P ., Walter J.
Flickinger; Sec. and Treas., E. T . Chapman: Compt., I. A . May;
all of New Haven.— V . 116, p. 2881, 2992; V. 117, p. 1461; V. 118,
p. 310, 1134, 1772, 2572, 2947, 3196; V. 119, p. 196, 1952; V. 120, p. 1325,
(1) CONNECTICUT RAILWAY & LIGHTING CO.
Lease.— Leased for 999 years from Aug. 1 1906 to the Consolidated Ry.
C o ., which latter has since been merged in the N . Y . N . II. & H. R R . Co.
Rental amounted to $975,000 for the year 1906-07 and increased gradually
until it reached $l,40O,O0O in 1915. The common shareholders paid the
Equitable Trust Co., trustee, $10 per share on their stock, which, with
the surplus rental received under the lease, provides a fund which, it is
announced, is sufficient to pay 4 K % per annum on both com. and pref.
shares. All the stock assented to this arrangement. Preferred share
holders agreed to accept 4% dividends during the term o f the lease, instead
o f 5 % . V. 84, p. 507. On Aug. 15 1917 rate was increased to 414% per
annum on both pref. and com. stocks. Pref. stock was issued in satis
faction o f unpaid accumulations o f dividends on pref. shares to Aug. 1 1906
ORGAN IZATION .— Originally chartered in Connecticut July 2 1895 as
the Gas Supply Co. Charter amended and name changed March 2 1899 to
Connecticut Lighting & Power C o., for the purpose of uniting various street
railway and light and power properties in Connecticut. Name changed as
at present on Jan. 10 1901. V . 71, p. 1269; V . 72. p. 44. It is a consolida
tion o f the following companies:
Bridgeport Traction Co.
Norwalk & So. Norwalk El. Lt. Co.
Central R y. A El. Co. o f New Brit.
Norwalk Street Railway Co.
Cheshire Street Railway Co.
Norwalk Tramway Co.
Derby Street Railway Co.
Shelton Street Railway Co.
Greenwich Gas & Electric Ltg. Co. Southingt'n & Plantsv. Tramway Co.
Thomaston & Watertown Elec .Ry .C o.
Milford Street Railway Co.
Naugatuck Electric Light Co.
Waterbury Traction Co.
Naugatuck Valley Electric R y. Co. Westport & Saugatuck Street R y . Co.
Norwalk Gas Light Co.
FIELD OF OPERATIONS AN D C H ARACTER OF BUSINESS.—
Owns 170.982 miles main, 80.427 miles second and 9.093 miles side tracks;
total, 260.502 miles, reaching M ilford, Bridgeport, Stratford, Southport,
Shelton, Derby, Ansonia, Seymour, Westport, Saugatuck, Norwalk, South
Norwalk, New Britain, Darien and Stamford; also lines in Naugatuck,
Waterbury, &c. System connects with the Fair Haven & Westville R R .
into New Haven from Bridgeport and Derby, and company also has traffic
contract with the Hartford Street R y. for reaching Hartford. Gauge,
4 feet 8)4 inches. 35 to 95-lb. rails. Total cars, 474; closed passenger,
199; open passenger, 201; miscellaneuos, 74. Car barns, 20; also 4 complete
electric-light plants; also owns gas plant at Norwalk.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Common stock ($100).
$8,977,200
See text
Pref 5% cum after Jan 1 1904
($100) (reduced to 4% un- ■
Q-F 15
8,142,900
See text
der lease to New Haven Co
but inc. to 4 K % in 1917)-.
1st & ref $15,000,000 gold) 1901
4 )4 g J-J 13,257,000 Jan 1 1951
($1,000) sinking fu n d .c* tf/In t. at Equitable Trust C o., N . Y ., trustee.
_
5 J-J
209.000 Jan 1 1939
Connecticut Ltg & Pow_ n t f 1899
Bonds.— Of the 1st & ref. mtge. bonds, $209,000 reserved to retire the
prior bonds. The remainder was reserved for extensions or betterments,
but under lease to the New Haven road cannot be issued for any purpose
without consent of lessee. V . 84, p. 507. Statement to New York Stock
Exchange in V. 73, p. 852; also V. 79, p. 2745; also V. 85, p. 921.
Bonds were formerly not subject to call, but on June 23 1904 a supple
mental mortgage was made giving the right to call bonds on any interest
date at 105 and interest and establishing a sinking fund of )4 of 1 % per an
num on bonds outstanding; bonds acquired by the sinking fund are to be
kept alive and bear interest. $2,315,349 bonds in sinking fund. Bond
holders assenting to the supplemental mortgage had their interest guaranteed
by the United Gas Improvement Co. by endorsement. See V. 79, p. 626,
for form o f guaranty. Offer expired Oct. 1 1904 and was accepted by
$11,448,000 of outstanding bonds. See V. 83, p. 969.
Dividends.— In Aug. 1925, on the common, 1)4 quar. In Aug. 1925,
on the preferred, 134 quar.
R EPOR T.—-For calendar years:
Sink.
Year
Rentals &
Int. on General
DivlBalance,
dends. Sur.&def.
Funds.
Ending— Int. Rec'd. Bonds.
Exps.
$2,953
Dec. 31 1924.$1,456,287 $610,545 $9,630 $62,755 $770,404
62.755
Dec. 31 1923- 1,456,287 610,545
9,617
770.404
2,804
770.404
3,759
62.755
Dec. 31 1922- 1,455,637 610,545
8,174
Dec. 31 1921.
1,455.867 610,545
10,748
770.404 surl,415
62.755
Dec. 31 1920.
1,448,332 610,545
6,133
62.755
770.404 def 1,505
OFFICERS.— Pres., R . A. C. Smith; V.-Ps., Walton Clark and Paul
Thompson; Sec., G. W . Curran; V .-P ., Lewis Lillie; Treas., I. W . Morris
Aud., Edward Porter. Office, New Haven, Conn.— V. 84, p. 1366; V. 85,
p. 921; V. 86, p. 228; V. 106, p. 601; V. 107, p . 401.
(2) WEST SHORE R A ILW A Y.
ORGAN IZATION .— Organized Dec. 15 1893. Leased on Dec. 14 1895
to Winchester Ave. R R . for 99 years for int. on bonds and 5% div. on stock.
Lease assumed Feb. 28 1910 by the Connecticut C o ., which operates the
property.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock, $200,000 ($25)___________ _
_______
$80,000
See text
ROAD.— Owns 7.42 miles o f track. Standard gauge.— V . 107, p. 503.
NEW YORK & STAMFORD RAILWAY CO.
On Dec. 31 1924 N . Y . N . H. & H. owned entire capital stock and the
$218,432 notes.
The New Haven Co. was to sell on or before July 1 1919, pursuant to the
decree o f the U. S. Govt., 5,000 shares o f the stock and $678,000 bonds, but
in March 1919 Judge Julius M . Mayer granted an extension of time until
July 1 1921. A further extension to April 1 1923 was granted. Since fur
ther extended to April 1 1924, then to April 1 1925 and again to Apr. 1 1926.
The New Haven company intends merging this company with the West
chester Street R R . and the Shore Line Electric R R . and will dispose of
all the securities whenever a reasonable price may be realized.
Lease.— In Jan. 1924 leased from the Connecticut Co. for 5 years, at
$10,000 a year, trackage in Stamford, Conn., extending to the New York
State line. Y . 118, p. 311.
39
In M ay 1925, the New York P. S. Commission authorized a number of
fare increases on the system o f the company. For further details, see
V. 120, p. 2817.
ORGANIZATION.— Chartered in New York on Aug. 3 1901 as a con
solidation o f Port Chester Street R y. and Larchmont Horse Ry.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Operates 35.945 miles o f line (of which 22.570 miles are owned, 11.035
leased and 2.340 operated under trackage rights), serving cities o f Stam
ford, Conn., and New Rochelle, N. Y ., and towns o f Greenwich, Conn.,
and Rye, Port Chester, Harrison and Mamaroneck, N. Y . 68 passenger
and 7 other cars and 3 snow plows.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
_______
$500,000 In 1912, l% %
Stock $500,000____________________
First mtge $450,000 ($1,000)1 1901
5 g A-O
426,000 Oct 1 1931
g o ld ________________c*n tf lint, at New York Trust Co., N. Y ., trustee.
First & ref mtge $2,000,0001 1908
4%
925,000 N ov 1958
g o ld ___________________tf/G u ar., p. & i., by N . Y . N. H. & Hartford.
N Y & Stamford Ry notes____1921
_______
218,432 ---------------Town of Greenwich,Conn,notes____
_______
2,8201 Serially to
1 N ov 1930
EARNINGS.— For year ending Dec. 31:
Bal.,Surp.
Dec. 31
Operating
Net (after
Other
Interest,
or Def.
Year—
Revenue.
Taxes).
Income. Rentals, cfee.
def$13,290
1924________ $513,807
$94,959
$3,806
$112,055
def.23,152
1923............... 525,613
76,594
532
100,278
def.18,979
1922________ 541,999
81,147
1,395
101,522
Latest Earnings.— For 8 mos. end. Aug. 31 1925: Operating revenue,
$363,450; net after taxes, $88,891; other income, $526; interest, rentals,
&c., $75,869; net income, $13,548.
OFFICERS.— Pres., L. S. Miller; V .-P ., L. S. Storrs; Treas., A . S.
May; Sec., A. E. Clark; Aud., C. L. Nagle.— V. 109, p. 270; V. 110, p.
270; V. 110, p. 1188,2193; V . 118, p . 311,1773; V . 120, p. 1204, 1881,2817.
WESTCHESTER STREET RAILROAD.
Receivership.— On Feb. 29 1920 Supreme Court Justice Morschause •
appointed Leverett S. Miller receiver for the company, on complaint of the
Farmers’ Loan & Trust C o., New York, which is seeking to foreclose the
mortgage. V. 110, p. 972. See also V. I l l , p. 590.
Under the decree o f the Federal Court the N . Y . N . H. & H. was to sell
the 7,000 shares of stock and $222,000 of bonds owned by it on or before
July 1 1919, but in March 1919 Judge Julius M . Mayer granted an extension
of time unti IJuly 1 1921. A further extension, however, to April 1 1923
granted. Since further extended to Apr. 1 1924, then to Apr. 1 1925 and
again to Apr. 1 1926.
The New Haven Co. intends to merge this company with the New York S
c
Stamford R y. and Shore Line Elec. R R . and to dispose of all the securities.
On M ay 18 1925 the Common Council of White Plains, N. Y ., extended
the franchise of the co. to operate trolleys in the City of White Plains, with
a minimum fare o f 10 cents, for one year. V. 120, p. 2685.
In August 1925 it was reported that the company will be sold at public
auction in October 1925. V. 121, p. 709.
ORGANIZATION.— Incorp. in New ^ork on Dec. 3 1 1909as successor
to the Tarrytown White Plains & Mamaroneck R y. sold at foreclosure
(V. 89, p. 1282) in three sections, two of which form the road of this com
pany. V. 89, p. 1484.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Operates 17.612 miles o f line serving towns of Tarrytown, Elmsford, Greenburg, White Plains, Harrison and Scarsdale. Has 18 passenger cars and
4 others. 3.132 miles in village of Mamaroneck (not in operation). Stand
ard gauge; 70-lb. and 125-lb. rails. See also Shore Line Electric R R . below.
Date. Interest. Outstanding. Maturity.
STOCK A N D BONDS—
Stock $700,000......................... .All owned by the N . Y . N. H. & H. R R . Co.
$168,000 Sept 1 1944
First mtge $2,000,000 gold , 1914 5 g M-S
($1,000)............................. c* Int. at Farmers’ L. & Tr. C o., N .Y ., trustee.
Receiver’s certificates________ ______
6%
17,400 .
Bonds.— Subject to call at 102 from Sept. 1 1915 on 60 days’ notice.
Remaining $1,614,000 issuable only t o reimburse the company for cost of
future additions, improvements. Ac.
EARN ING S.— For year ending Dec. 31:
Interest,
Balance,
Dec. 31
Operating Net (after
Other
Deficit
Year—
Revenue.
(.Taxes).
Income. Rentals, &c.
def .$38,028
$33,437
1924-.............-$216,649 def.$5,767
$1,176
32,762
def .37,738
1923________ 223,002
def.6,206
1,232
33,522
def. 15,437
1922............... 230,833
16,633
1,452
Latest Earnings.— For 8 mos. end. Aug. 31 1925: Operating rev., $153,796; net after taxes, $13,309; other income, $361; interest, rentals, &c.,
$21,250; balance, deficit, $7,589.
OFFICERS.— Pres., E. G. Buckland; V.-Ps., E . J. Pearson; Treas., A.S.
May; Sec., A. E. Clark; Aud., C. L. Nagle.— V. 112, p. 373, 471, 934, 2307;
V. 113, p. 1889; V. 118, p. 1775; V. 119, p. 200, 581; V. 120, p . 333, 1833,
2685; V. 121, p. 709.
SHORE LINE ELECTRIC RR.
Merger, &c.— For reference to merger with Westchester Street R R . and
N. Y . & Stamford R y. and disposition of securities, see latter co. above.
In Aug. 1920 the co. was ordered to show cause before Supreme Court
Justice Morchauser why it should not be dissolved. V. I l l , p. 589.
In Oct. 1925 we were informed tnat dissolution was still pending Court
order.
ORGANIZATION.— Incorp. in New York on Dec. 18 1909 to take over
the section of the Tarrytown White Plains & Mamaroneck R y. (sold at
foreclosure) between Mamaroneck and Larchmont, a distance of 1.46 miles.
Leased to Westchester Street R R . from July 1 1913. Stock auth., $300,000
In Aug. 1913 the New York P. S. Comm, authorized the N. Y . N . H. & H.
R R . to acquire all the capital stock of the company to be authorized by
the Commission.— V. 97, p. 597; V. 107, p. 803; V. I l l , p. 589.
NEW Y O R K W ESTCHESTER & BOSTON R Y.
On Dec. 31 1924 the N . Y. N . H. & H. owned $4,984,938 stock.
ORGANIZATION.— Incorp. June 8 1915 as a consolidation of the West
chester Northern R R . and the old N . Y W. & B. R y. (See “ Electric Rail
way’’ Section for Sept. 1915). The franchise to operate in N . Y . City was
iigned by Mayor McClellan on Aug. 2 1904. V. 79, p. 628. Lines from
180th St., New York, to New Rochelle and from Mount Vernon to White
Plains put in operation on M ay 29 and July 1 1912, respectively, and from
Harlem River to 180th St., New York, on Aug. 3 1912. V . 94, p. 1508,
1627; V. 95, p. 48, 298.
FIELD OF OPERATIONS A N D C H A RACTER OF BUSINESS.—
An electric road. Total miles of road operated, 23.07 miles. Line com
mences at Harlem River Station of the N. Y . N . H. & H. in New York, ex
tending to 174th St. Junction, where the N . Y . W. & B. R y. diverges from
the New Haven and on its own four tracks extending northerly to line of
N. Y . City, then through Mount Vernon to Columbus Ave. June., at which
point the line diverges into two double-track lines, one extending through
Mount Vernon, Pelham and New Rochelle to Larchmont; the other line
extends from Columbus Ave. June, to White Plains, passing through
Mount Vernon, Eastchester, New Rochelle, Scarsdale and White Plains.
See also V. 93, p. 346; V. 79, p. 501; V. 97, p. 1824; V. 106, p. 1689. On
Sept. 8 1925 it was announced that the new County Transportation Co.,
Inc., would inaugurate 8 bus lines, which are planned as a nucleus of a
system to serve all Westchester County, N. Y ., and will serve as feeders
for the N . Y ., Westchester & Boston R y. V. 121, p. 1348.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $6,000,000 ($100).....................
.................$5,005,250 ____________
First mtge $60,000,000 gold) 1911
4H J-J
22,190,000 July 1 1946
Series 1 (see text)_______ t f /Int. on $ bds. in N . Y .: on £ bds. in London.
Due N Y N H S t H RR Dec 31- 1924
............. — 26,277,856 ___________
Bonds.— Remaining bonds are reserved for construction. Par, c* $1,000,
or £200 and £100; r* $1,000 and multiples. Bonds of £200 or multiples
convertible into $ coupon bonds at $4 85 per £, with adjustment of interest
40
PUBLIC UTILITIES
at current exchange rates. Any series or not less than *5,000,000 of one
or more series redeemable on any Int. date at 110. Guaranty Trust C o.,
N. Y .. trustee. Bonds are unconditionally guar., p. & 1., by endorsement
by N. Y . N . H. & Hartford R R . See V. 93, p. 346. Bonds are listed
on N . Y . Stock Exchange. V. 94, p. 768.
EARN IN G S.— For year ended Dec. 31:
Calendar
Operating Net (after
Other
Interest,
Balance,
Year—
Revenue.
Taxes).
Income.
Rents., Ac.
Deficit.
1924------------------- $1,521,446 $318,233 $10,628 $1,963,790def$l ,634,929
1923.........
1,452,943
282,830
5,931
1,905,475
1,616,715
1922..................... 1,354,009
94,134
6.299
1,847.425
1.746,992
Latest Earnings.— For 8 mos. end. Aug. 31 1925: Operating revenue,
$1,077,948: net, after taxes, $239,868; other income, $4,409: interest,
rentals, &c., $1,358,085: balance, deficit, $1,113,808.
OFFICERS.— Pres., Leverett S. Miller, N . Y .; V .-P ., E. J. Pearson;
Treas., A. S. M ay: Sec., A. E. Clark; Aud., C. L. Nagle.— V. 112, p. 563;
V. 113, p. 2819; Y. 114, p. 2013; V. 115, p. 309, 1210; V. 118, p. 1774;
V. 121, p. 1348.
DANBURY & BETHEL STREET R Y .
[V ol. 121,
Committee for First Mtge. 5s.— Clarence E. Thompson, C. Royce Boss,
P. Le R oy Harwood and Lucius E . Whiton. Depositaries: National
Tradesmen’s Bank & Trust C o., New Haven, Conn., and Winthrop Trust
C o., New London, Conn.— V. 118, p. 311.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Capital stock________________ _____
________
481,000 ---------------First mtge gold ($1,000)____c) 1904
5 g J-J
475,000 July 11924
/Interest at International Trust C o., Boston.
First mtge bonds____________ 1923
5
40,000 __________
Bonds.— Have no sinking fund but are subject to call at any time at 120
and interest.— V. 116, p. 616; V . 118, p. 311.
NEW HAVEN SHORE LINE R Y.
ORGANIZATION.— Incorp. in Conn, in 1923 and acquired that part
of the Shore Line Electric Ry. Co. (see above) from Saybrook, Conn., to
New Haven. Conn., and rehabilitated and commenced operation (July 17
1923) on that part of the line between New Haven and Guilford. Com
menced operating to Saybrook Sept. 1923.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Capital stock $500,000 ( $ 1 0 0 ) .____
_______
$500,000 __________
First mtge bonds $500,0001 1923
6 J-J
460,000 July 1 1948
($100. $500 & $1,000)_____(Int. at Union New Haven Tr. C o., New
1 Haven, trustee.
Bonds.— Callable since Jan. 1 1924 on any int. date at 105 and int.—
V. 117, p. 1664, 1884.
Control.— In Sept. 1917 Stephen Crute, New York, and associates
acquired control. V. 105, p. 1208.
Receiver.— On Oct. 30 1917 Judge James E. Walsh, o f Greenwich, wa8
appointed rceiver o f the company on application of A. H. Flint, holder o
H ARTFORD & SPRIN GFIELD STREET R Y.
a $1,000 note, overdue. Y. 105, p. 1801. Judge Walsh was superseded by
Receiver Appointed.— On Sept. 30 1918 Judge W . S. Case in the Superior
Attorney J. Moss Ives, o f Danbury, in Dec 1917. V. 105, p. 2272.
Court at Hartford, Conn., appointed Harrison B. Freeman receiver for the
Foreclosure Sale.— The road was sold at foreclosure on Jan. 16 1925 by
order of the Superior Court and was bid in by the bondholders’ protective co. upon application by W . C. Mason & Co. of Hartford, holders of a
$2,500 unpaid claim for coal. V. 107, p. 1384. Compare V. 107, p. 1287.
committee for $75,000. V. 120, p. 452. Compare V. 120, p. 86.
Default.— In June 1921 the bondholder’s committee named below an
Committee for First & Ref. 5s.— Chairman, John McCarthy, Danbury, nounced that the $600,000 1st mtge. 5s due July 1 1921, would not be paid
Conn.; Chas. E. Graham, New Haven, Conn., and P . Le Roy Harwood, when due. V . 112. p. 2747.
New London, Conn. V. 106, p. 498.
Committee for Hartford Springfield St. Ry. 1st Mtge. 5s.— Chairman, F. R.
A. A. Montgomery, F.
ORGAN IZATION .— Incorp. M ay 1 1886 under the laws of Connecticut' Cooley; been called for. V. 112, J. Kingsbury. At last accounts deposits
had not
p. 2747.
Has a perpetual special charter.
The Windsor Locks first mtge. 5s, due July 1 1924, have been extended
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.— by consent of bondholders, but to no definite date.
Only street car company serving the city of Danbury and town of Bethel.
Reorganization Planned.— See V. 120, p. 330.
Its lines also extend to the Danbury Fair Frounds and the pleasure resort
Termination of
About termination
o f Lake Kenosia. Trolley road in Danbury, and from Danbury to Bethel, foreclosure of the Receivership.— mortgage, formationof the receivership,
bondholders’
of
and to Lake Kenosia, 15.031 miles in all; sidings, &c., 1.044 miles; total, Springfield Transportation Co., &c., see V. 121, p. 329. the Hartford A
16.075 miles. 42 passenger and 7 other cars. Standard gauge.
ORGANIZATION.— Was formerly known as the Enfield & Longmeadow
STOCK AND BONDS—
Date.
Interest. Outstanding Last Div..A c. Electric Ry. (which was incorporated on Feb. 11 1895), but in M ay 1901
J-J
$320,000 Jan ’ 12, 2%
Stock $623,000 (par $25)__________
stockholders voted to change the name as above, and to reconstruct and
First & ref mtge *600,0001 1913
5 g M-N
339.500 May 1 1943
re-equip road. Connects with the Hartford Street R y . in Hartford and the
($500 and $1,000) n s f . .c* /Int. at American Trust C o ., Boston, trustee. Springfield Street Ry. in Springfield, Mass. In June 1901 purchased the
Consol mtge $300,000 gold) 1906 5 g M-N
100,000 M ay 1 1936 East Windsor Street R y. Co. Franchises perpetual. Controlled the Som
($500 and $1,000)------------ /Int. at American Trust C o., Bbston, trustee.
ers & Enfield Electric Ry. C o., which on April 1 1904 was merged In the
Debenture bonds, $75,0001 1908 6 M-S
63,000 Mar 1 1918 Hartford & Springfield Street R y. V . 78, p. 1446. Also purchased the
($1,000 and $506)---------- c /In t. at City National Bank of Danbury.
property of the Windsor Locks Trac. C o., subject to its mortgage. In
Debenture bonds $150,000.-. 1911 6 J-J
86.000 Jan 1 1921 July 1906 absorbed the Rockville Broad Brook & East Windsor Street
Receivers’ certificates $60,000 ___
7%
55.000 ___________
R y., which operated 14 miles of track from Warehouse Point to Rockville.
83. p 213.
Bonds.— The 1908 debentures are redeemable at 105 on any interest date V.Lease.— In June 1919 the company completed arrangements to operate
after due notice. Up to April 1921 neither the $63,000 debentures due the Suffield Street R y., extending from Spencer’s Corner, Suffield, to the
M ar. 1 1918 nor the $86,000 due Jan. 1 1921 had been retired. Of the 5s State line, under a lease from the Connecticut C o. V . 108, p. 2629.
o f 1913, $100,000 are reserved to retire a like amount o f consol. 5s and
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
$150,000 for retirement of the two debenture issues.
Trolley road. Owns 13 miles of track from State line to East Windsor
In June 1925 owners and holders of undeposited consol, mtge. bonds, Hill, which was formally opened on Jan. 15 1902, and 7.80 miles (formerly
dated M ay 1 1906, were requested to communicate with James E. Wheeler, Somers & Enfield Electric Ry.) from Thompsonville to Somers. Also a line
42 Church St., New Haven, Conn., who has been appointed a committee from Suffield to a connection with the Hartford Street R y., 9.70 m ., and a
o f the Superior Court to sell, and has sold, at foreclosure sale, the property line from Warehouse Point to Rockville. 14.45 miles. Has trackage
o f the company, and has in his hands funds belonging to certain of the rights in Hartford and Springfield, making total mileage operated, including
above bondholders. V. 120, p. 2064.
sidings, 44.95 miles. Standard gauge. 56, 60 and 70-lb. T rail. 46 cars.
Dividends.— In 1896-97. 4% ; in 1897-98, 4% ; in 1898-99, 2% ; in 1899- Also operates a bus service.
STOCK AND BONDS—
Interest. Outstanding. Maturity.
Date.
1900, 1 K % : in 1900-01,1 H % ; In 1901-02, 3% : in 1902-03, 3% ; in 1903-04,
$500,000 __________
Common $500,000 ($100)-!/■£%; 1907 to 1911, 4% ann.; in 1912. Jan., 2% ; none since.
io n
285,000 N o v '12,2%
6 M -N "
Preferred $500,000 6% non- -1 ____
R E PO RT.— For calendar years:
cum redeemable at 110
Calendar Years—
Cross.
Net.
Int. A Tax.
Balance.
600,000 July 1 1921
5 g J-J
‘ ■r
First mtge $600,000 ($1,000) 1901
1923------------------------------ $190,397
$27,631
$30,952
def. $3,321
gold__________________ c*tf Interest payable at American Trust C o.,
24,708
31.275
def. 6,567
1922------------------------------ 182,025
Boston; Treas. of Connecticut, trustee.
5 g J-J
161,000 July 1 1924
OFFICERS.— Pres. & Gen. M gr., Stephen Crute, New York; Sec. & Windsor Locks 1st M $300,- 1904
000 g ($1,000) gu p & i.c * tf Interest at American Trust C o., Boston.
Treas., Geo. H. Klinzing, Danbury.— V. 114, p. 1890; V. 120, p. 86, 452,
5 g A-O
200,000 April 1 1926
3064.
Rockv B B & E Wind 1st M 1906
$300,000 g gu ($1,000) _c*tf / Int .at Am .Tr .C o. ,Bos .;Treas .of Conn. .trust.
Bonds.— See Y. 78, p. 1223. The Windsor Locks bonds are guaranteed,
THE SHORE LINE ELECTRIC RY. CO. (C on n e cticu t). prin. and int. by the Hartford & Springfield Street R y. Trustee, Treas. of
State of Conn. These bonds are subject to call at 110 and int. on any int.
The company abandoned all operations on Sept. 27 1924. For history date.
see “ Public Utility” Compendium of N ov. 1 1924.
Rockville Broad Brook & East Windsor Street R y. bonds are guar., prin.
& int., by Hartf. & Springf. St. R y. They are subj. to call at 110 & int.
Dividends.— On pref. in 1906, 6% ; in 1907, 6% ; none to M ay 1910, when
1% was paid; N ov., 2 % . In 1911, 5% . In 1912, M ay, 2% ; N ov ., 2 % .
None since.
GROTO N & STONINGTO N TRA CTIO N CO.
EARN ING S.— For years ending Dec. 31:
ORGANIZATION.— Organized early in 1923 and took over from the Year-—
Gross.
Exp. A Tax.
Net.
Interest. Sur. or Def.
Shore Line Electric Ry. Co. (see above) what was known as the Groton & 1923__________ $357,478 $384,108
def$26,630
____________
Stonington Division and owns in fee the track from the ferry landing in 1922__________ 400.399
390,834
9,565
$48,658 def$39,093
Groton to the junction with the Connecticut Co. property in New London 1921__________ 447,982
431,783
16,199
48,656 def 39,560
and owns in equity the trackage from the ferry in Groton through to the
OFFICERS.— P r e s ..______________ ; V .-P ., T . C. Perkins, Hartford.
Rhode Island State line in Stonington. V. 116, p. 616.
Conn.; Gen. M gr., J. T . Hambleton, Warehouse Point, Conn.; Treas., Geo.
Default.— The company having failed to pay the interest due Jan. 1 and S. West, Boston, Mass.; Asst. Treas., Lester E. Flint, Boston, Mass.—
July 1 1924 on its first mtge. 5% bonds, the following protective committee 115, p. 183; V. 116, p. 515; V. 118, p. 550; V . 119, p. 1952; V. 120, p. 330;
was formed:
V. 121, p. 29.
Oct., 1925.]
POWER, LIGHT AND RAILW AY
AMERICAN SUPER-POW ER CORP.
ORGAN IZATION AN D CH ARACTER OF BUSINESS.— Organized
in Delaware, Oct. 26 1923, with broad powers to acquire and hold securities
o f electric power and light companies, to construct, operate or lease power
stations and transmission lines and to act as fiscal agent for electric power
and light properties.
Corporation has acquired as diversified permanent investments common
stocks o f a number of successful and progressive companies in the electric
light and power business. The primary source o f its earnings is the divi
dends on these stocks. In addition, it has received fees in connection with
the underwriting o f offerings of additional stocks o f certain o f the companies
in which it is interested, and has sold at substantial profits certain o f its
holdings. Company is fundamentally interested in the development of the
electric power and light industry as a whole, and is particularly interested
in the development through interconnection of large power systems along
so-called “ superpower” lines. It does not aim, however, to control or
operate any o f the companies in which it has an interest.
Corporation owns substantial interests in the following companies. Its
policy is in no case to own more than 15% of the outstanding common
stock of any one company. Public Service Corp. o f N . J.; Commonwealth
Power Corp.; Electric Power & Light Corp.; Georgia R y. & Power Co.;
United Light & Power Co.; Middle West Utilities C o.; Detroit Edison Co.;
Brooklyn Edison C o., Inc.; Penn-Ohio Securities Corp.; Consolidated Gas
Co. o f New York; Edison Electric Illuminating Co. o f Boston; Electric
Bond & Share Securities Corp.; Southern California Edison Co.; Pacific
Gas & Electric C o.; American Power & Light C o. It also has holdings in
several other companies. Y . 120, p. 2398; V . 121, p. 1458.
STOCK AN D BONDS—
Date.
Interest.
Outstanding.
Maturity.
Com Cl A 600,000 shs (no par)______ _______
173,000 shs. See text
Com Cl B 750,000 shs (no par)______ _______
506,138 shs. See text
1st pref 100,000 shs (no p a r ) . . ____ $6 Q— J
80,000 shs. Oct’2 5 $1 50
Partpref cum $7,500,000 ( $ 2 5 )____ See text
$3,500,000
See text
Option warrants__________________ _______
243,862 warr.
Stocks.— The 1st pref. stock is red., all or part, upon 60 days notice at
$110 and dividend.
. . . .
,
„
The partic. pref. stock bears cumulative dividends at the rate of 7%
per annum. In any year in which more than $1 per share is paid on the
common stock, the partic. pref. stock is entitled to receive 1% additional
(making a total o f 8% for such year). Class A and Class B common stocks
are alike in all respects except that the Class B stock has the sole voting
power. The option warrants entitle holders thereof to subscribe for a like
number o f Class B common shares at $10 per share.
Dividends.— On the 1st pref. stock, July and Oct. 1925, $1 50 quar.
On the part. pref. stock, \% % quar. in N ov. 1925. An extra div. of 1%
n N ov. 1925. On Class A and Class B common, in N ov. 1925 an annual
dlv. o f $1 50 will be paid, payable in part. pref. stock to holders of record
Oct. 15 1925.
EARNINGS .— For 12 months ended—
Dec. 31 ’24. Afar.3 1 ’25. Aug. 31 ’25.
Income from all sources____________ $1,522,040 $2,096,227 $3,192,482
Expenses_________________________
Taxes, incl. reserve for income tax.
$14,213
138,673
$13,835
125,564
$18,117
291,895
Balance applicable to dividends_ $1,382,640 $1,943,341
_
$2,882,469
Annual div. requirements on 80,000 shares o f 1st pref. sto ck ..
480,000
DIRECTO RS.— B. C. Cobb, W . M . Flook, George E . Hardy, Frank THulswit, Alfred L. Loomis, Thomas N . McCarter, Sidney Z. MitchellT . B . Macauley, Randal Morgan, William Spencer Murray, George RobertsHorace S. Scarritt, Richard Schaddelee, Ray P. Stevens, Henry L. Stimson,
Landon K. Thorne, Percy S. Young.— Y . 120, p. 1324, 2398, 3063, 3184;
V. 121. p. 1346. 1458.
________ ___
CITIES SERVICE CO.
r ORGAN IZATION .— Incorp. in Delaware Sept. 2 1910 as a holding
company for stocks and bonds of electric light and power, natural and arti
ficial gas, steam heating, water, electric railway and kindred properties.
In Nov. 1924 Cities Service Power & Light Co. acquired from Cities Service
Co. its entire holdings o f common stocks o f electric power and light com
panies and substantially all its holdings o f common stocks of gas distrib
uting and street railway companies. Cities Service Co. owns substantially
all the stocks o f Cities Service Power & Light Co. V . 119, p. 2178.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Cities Service Co. has more than 100 subsidiaries which stretch across the
continent from Atlantic to the Pacific coast and from lower Canada into
Mexico. Thise companies comprise a large public utility system which
includes gas, electric light and power, heat, ice and water service, and
extensive natural gas and oil producing, transporting, storage, refining,
and marketing properties, serving millions of people in 34 States. In South
America the Barco Concession in Colombia, comprising about 800,000
acres, is controlled.
_
In M ay 1925 purchased the property o f the Lawrence County Water,
Light
Cold Storage Co. V . 120, p. 3312. The laying o f two new pipe
lines in the Mid-Continent field announced in July 1925. V . 121, p. 456.
Purchase o f tank steamer Hadnot, V . 121, p . 838. Opening up of new well
in Mexico, V . 121, p. 1099.
As of Dec. 31 1924, Cities Service Go. subsidiaries owned 342 miles of
track, 688 cars, 1,851 miles o f artificial gas mains (on 3-inch basis), 7,103
miles of natural gas mains, 2,178 gas wells, and 3,918 oil wells. During
1924 carried 84,077,050 passengers, sold 7,166,345,000 cu. ft. of artificial
gas, 43,278,540,000 cu. ft. o f natural gas and 1,004,181,394 k. w. horn's
and produced 9,308,237 bbls. o f oil
C A PITALIZATION OF SU BSIDIARY COM PANIES.— The following
table shows the securities o f the subsidiary companies owned or controlled
by the Cities Service Co. as o f Dec. 31 1924 [par o f shares: a $100, 6 $50,
e $25, d $20, e $5 25, /$ 1 , g no par value, 6 $5, i $10.]
-------- Bonded Debt----------------------- Stock------------Bonds
Cities
Amount
Cities
Outstanding. Service Co. Outstanding. Service Co.
American Eagle Oil C o____
Carson Petroleum C o_____
Carson Petrol Co (Tex) _
P etrolIm port& E xptO o
$
________
________
________
________
$
________
________
________
________
$
%
c32,000
99.75
c l ,942,950 100
c5,Q00 xlOO
c l ,700,000 xlOO
41
-Bonded Debt-StockBonds
Cities
Amount
Cities
Outstanding. Service Co. Outstanding. Service Co.
$
$
$
%
♦Central Ohio Gas & El Co .................................... a2,500,000
99.916
Cities Service Pr & Lt Co ________
________
________
x7.5
♦Chesebrough Building Co 3,620,000 ________ a l ,200,000
99.942
„ . . . Fuel & Power C o___
~
alO.000,000 100
Cities American Pipeline C o_
_
a50,000 x99
Franklin Co Pipeline Co
/100.000 x99.995
♦Ohio & Northern Gas Co 1,605,800
al0,000,000 xlOO
Mfrs Natural Co, Ltd ________
________
a200,000 x99.65
Northwest N Y Gas Co ________
a99,600 xlOO
53,000 a3,374,600 xlOO
R epublicL,H & PCo
404,000
South Ont Gas Co, L td______
________
xl5.04
Cities Service Export Oil Co
100
______
c5,000
Cities Service Oil Co (Ohio)
a625,000
99.856
455,000
331,150
Cities Service Oil Storage Co
100
3124,750
92.498
Cities Service Pow & Lt Co 20,000,000 20,000,000 a65,000,000
Preferred stock______
________ 15,000,000
100
Adrian Street Ry C o___
a30,000 x98.333
75,000
Arkansas Valley Gas Co
al50,000 x99.533
Athens Gas Lt & Fuel Co
240,000
al25,000 x93.04
Athens Ry & Elec C o_
_
a750,000 x99.18
867,900
Preferred stock______
300,000
Atlas Chemical C o _____
------- a2,000,000 x99.975
Bartlesville Gas & El Co
____
C443.550 x99.938
674.000
Bristol Gas & Elec C o_
a300,000 X99.833
425.000
" ---------Brush Electric C o______ 1,265,000 ________ a2,000,000 X99.865
v Q Q Q1
Capital Gas & Elec C o .1,300,000
31,063,086
Preferred stock______
________
________
500,000 xlOO---------x99.93
City Light & Tract C o ..
1,395,000 ________ a l,000,000
City Light & Water Co
x99.85
~
1,000,000 ________ a l,000,000
Preferred stock______
100,000 x50
Cumberland & Westernport Electric R y C o^.
655,000
1,000
6625,000 X93.832
Danbury & Bethel Gas &
Electric Light C o____
756,000
c600,000 x99.954
Preferred stock______
________
400,000
a300,000 x99.7
Durham Pub Service Co 1,900,000
Preferred stock______
________
300,000 .............
Electric Bond Deposit Co ________
a l,500,000 x99.82
Preferred stock______
1,500,000
Ozark Pow & Wat Co 2,000,000 ________ a l ,500,000 x56.432
Preferred stock.
500,000 xlOO
Empire District Elec Co 5,744,000
11,000 a3,000,000 x99.95
lh-eferred stock______
________
______
2,431,900 .............
______
alOO.OOO xlOO
Carthage Gas C o_____
99,500
Preferred stock____ ________
...........
100,000 xlOO
Webb City & Carter______
a300,000 xlOO
ville Gas C o_______
152,000
Fremont Gas, Electric
al37,300 x70.867
Light & Power C o. 41,000
Kansas City Gas C o____ 2,439,000
a812,500 x63.668
5.817.000 ________
Preferred stock-------------------Kansas-OklahomaGasCo ________
310.000 100
a300,000 x86.166
Knoxville Gas C o______
430,000
100.000 x40
Preferred stock______
________
Lenawee Co Gas & El Co
386,000
ilOO.OOO x99.97
x99 965
Meridian Light & R y Co 2,605,494 ________ a2,000,000
681,000 ________
a500,000 xlOO__________„ _________
Hattiesburg Tract C o .
Ohio Public Service C o . 29,599,420 ________ a7,689,000 x99.978
Preferred stock______ ________
________
8,637,300 ------------Public Service Co of Colo 40,505,400
9,100 a20,500,000 x99.989
7,308,597
Preferred stock.
Cheyenne Light, Fuel
& Power C o_______
175,000 ________ a l,500,000 xlOO
Boyd Lake Reservoir
& Irrigation C o ____
_______
_________
a400,000 xlOO
Eastern Colo Power
alO.OOO xlOO
& Irrigation C o ____
10,000 xlOO
Preferred stock____
a200,000 xlOO
United Hydro-Elec Co
133,500
200.000 xlOO
Preferred stock____
125.000 xlOO
Green&ClearLakes Co
a300,000 x99.833
643,900
Pueblo Gas & Fuel COm
Preferred stock. .
402,300 xlOO
S tJosephR y,L ,H & P «jo 5.695,000 ________ a3,500,000 x95.171
1,5 6 0 ,0 0 0
Preferred stock.
Spokane Gas & Fuel C o . 1,643,000 ________ a2,0OO,OOO x99.935
300,000
Preferred stock.
Summit County Pow Co
a500,000 x72.58
333,000
Toledo Beach C o_______
c5,000 x98.5
Toledo Casino C o______
a4,000 x87.5
145,000
Toledo Ottawa Beach &
Northern R y C o.
450,000 .............- al ,500,000
x99.967
x98.221
Toledo Trac, Lt & Pr Co 7,309,000 ------------ a7,849,093
6,723,025
Preferred stock
alO.OOO x95‘
Anchor Realty C o_
_
x96.945
Toledo Edison C o____ 19,565,400 ________ al3,875,000
7,537,200
Preferred stock____
(7500,000 x99'.90” “
Toledo Suburb El C o . 1,100,000
a75,000 x99.07
Citizens Lt & Pr Co ________
25,000 xlOO
Preferred stock. _ ________
a300,000 x99.838
Watauga Power C o_____
300,000
al75,000 x99.6
Western Distributing Co ________
al87,500
x67.468
Wyandotte Co Gas C o ._ 1,548,000
700,000
Preferred stock.
Cities Service Refining C o . 2,500,000 ........... ..
(71,797,975
57.768
Preferred stock________
2,385,000
Cities Service Ref Tr Co
940,000 xlOO
338,512
Cities Service Transp C o._
..............
alOl.OOO
313,807
98.317
Colombian Petroleum C o.
.............. a5,000,000
74.51
Compania Colombiana
Del Petroleo________
________
a200,000 xlOO
Compania de Gas y Com
6100,000
99.7
bustible “ Imperior,” S A ________
Compania Emmex de Pe
6500.000
100
troleo y Gas___________
________
Compania Terminal “ Im650,000
99.97
perio,” S A ____________
________
Cia de Terrenos Petroliferos
650,000
100
“ Imperio,” S A ________
________
a3,001,500
99.968
Crew-Levick C o_________ 3,336,200
2,500,000
100
Preferred stock________
________
(7250,000 xlOO
Warren Company--------------------
42
[V ol. 121,
PUBLIC UTILITIES
-Bonded Debt-StockBonds
Cities
Amount
Cities
Outstanding. Service Co. Outstanding. Service Co.
$
%
•Dominion Gas C o_______ 4,915,000 ________ a3,000,000
99.983
Southern Ont Gas C o , Ltd
-----------x4.75
Brantford Gas C o______
"85',666 '" 2 " , 500 dl21,820 X86.620
Dominion Natural Gas
Co, Ltd____________
al ,250,000 x99.96
Ingersoll Gas Light C o._
30,000 ...............
440.000 x99.75
_
TTnited Gas Cos, L td_
a300,000 x96
Woodstock Gas Lt C o._
d86,120 x99.883
Empire Gas & Fuel Co (Colo)
ol,700
100
Empire Gas & Fuel Co (Del) 62,201,431 7.506.666 a75,000,000
99.994
Preferred stock________
_______
________ 30,357,270 ________
Cities Serv Oil Co (Del)
.................................
O800.000 xlOO
Cities Serv Oil Co (111).
.................................
al ,000 xlOO
Cities Serv Oil Co, L td.
_______
________
a350,000 xlOO
Cities Serv Oil Co (WVa)
850,000
348,000
alOO.OOO xlOO
Consumers Gas C o_____
—
..
c60,000 xlOO
EmpireGas&FuelCo (Me)
.............
............... a l ,000,000 xlOO
Planet Petroleum C o .
—
..
alOO.OOO xlOO
Empire Gas & Pipeline Co
_______
a5,000 xlOO
Empire Gasoline C o____
—
.............. a2,000,000 xlOO
Empire Natural Gas C o .
......................... ....... alO,574,000 xlOO
Winfield Nat Gas C o_______
alOO.OOO xlOO
Empire Petroleum C o ..
a2,000,000 xlOO
Empire Kefining Co (Del) 1,784,000
alO,000,000 xlOO
Empire Pipeline C o ..
a500,000 xlOO
Empire Refineries, Inc
fl4,500,000 xlOO
Producers Refining Co
a400,000 xlOO
Preferred stock____
400.000 xlOO
Fifty-Nine Osage Oil Co
/25.000 xlOO
Indian Territory Illumi
nating Oil C o________
/7 ,560,608 x63.908
Delmar Oil C o_______
/10.000 xlOO
Osage-ProducersGasCo
/50.000 xlOO
Pawhuska Oil & Gas Co
/250.000 xlOO
Western Oil C o______
/10.000
x87.5
Kansas Natural Gas C o .
56,000,000 X99.7625
Midland Oil C o ..............
a500,000 xlOO
Steyner Oil C o_________
al78,000 xlOO
Empire Gas & Fuel Co, Inc
(K en tu cky)___________
alOO.OOO
97.3
EmpireGas& FuelCo (Ohio)
a2,000,000
99.975
Empire Leasing & Drill Co
al ,000,000 100
Empire Oil & Gas Co, Inc.
a3,000,000 100
Empire Refining Co (111). .
a500,000
99.86
Empire Refining Co (M e).
5,000
a500,000
100
Empire Tank Line C o____
912,950
a l ,000,000
100
H . L . D . Realty Corp____
al ,000.000
100
575,000
Interstate Oil C o_________
C442.775
100
Lakeside Construction C o .
alO.OOO 100
Lebanon Gas & Fuel C o_
_
a500,000
311,000
40.000
27.5
Oil Warehouse Co, Inc____
a2,500
100
•Southern Ont Gas Co, Ltd 3,984.000
84,000 a4,987,800
80.196
Union Public Service C o ..
870,000
a200,000
98.75
Preferred stock________
135,000
6.75
...............
Securities o f sub co’s_
_
1,500
"283",461
Preferred stock______
400
Western Oklahoma Gas &
Fuel C o_______________
alOO.OOO
99.5
Consolidated Cities Light,
Power & Tr Co bonds
secur. by pledge of com.
stock in cos. marked * . . 10 ,000,000
20,000
a254,100
98.386
Total.............................253,656,675 28,405,750 428,012,319
• The stock owned in these companies is largely pledged to secure the
$10,000,000 bonds o f the Consolidated Light, Power & Traction Co.
x Owned by Cities Service sub-holding companies.
Summary of Capital Stock and Funded Debt of Sub. Cos. as of Dec. 31 1924.
Common
Preferred
Bonds and
Stock.
Stock.
Funded Notes.
Owned directly by Cities Serv. C o.$176,896,036 $43,154,221 $28,405,751
Securities owned by sub-hold’g cos. 147,654,113 11,172,045
11,251,194
________
________
4,955,624
Bonds and funds in sinking fund___
Outstanding in hands of public____ 7,232,178
41,903,726 209,044,107
T otal________
$331,782,327$96,229,992 $253,656,676
STOCK, E T C .—
Date.
Interest. Outstanding. Divs.&Mat.
Com stockj($20)$400,000,000 _____
Monthly $74,369,651
See text
Pref stock 6% cum ($100)
$150,000,000 ___________________
Monthly
81,556,156
See text
P fB B stk 6% cu m $60,000,000 ____
M onthly
1,882,520 ...................
P f B stk 6% cum $40,000,000
(par $10)______________ _________
M onthly
4,126,607
See text
Conv 5% debs Series “ A ” _________
_________
21,986 __________
Conv 7% debs Series “ B ” \ 1918 See text
905,530 Jan. 11966
(closed) gold_________ c*r.tf/B ankers Trust C o., New York, trustee.
Conv 7% debs Series “ 0 ” \ 1919 See text
7,760.760 Jan. 11966
$17,500,000 gold._c*&r_tf/Bankers Trust C o., New York, trustee.
Conv 7% debs Series “ D ” l 1919
See text
14,668,600 Jan. 1 1966
$30,000,000 g old..c*& r_tf/N ew York Trust C o., New York, trustee.
C onv8% debser“ E ” g_c*& r.tf 1922 See text
2,207,940 Jan. 11966
6% gold deb bonds ($1,000,/ 1925 6% M -N
10.000,000 Jan 1 1966
$ 1 0 0 )________________ c*tf\Chat. Phenix Nat. Bk. & Tr. C o., Trustee.
Bankers’ shares (par $10)____r ____
See text
x
See text
Dividend scrip____________________
See text below
x Included in common stock outstanding.
Stock.— On N ov. 17 1919 an amendment was made to the charter which
provides that the company shall have the right to redeem its first pref.
stock, all or in part, at 112. Preference B and Preference BB stocks are
redeemable, all or in part, at 106. V . 109, p . 1990. All classes of stock are
listed on the Boston Stock Exchange. V . 120, p . 85. On April 28 1925
stockholders voted to change the par value of the common stock from
$100 to $20 per share, each old share being exchangeable for 5 new shares.
Cities Service bankers’ shares of $10 par value exchangeable two for one
share of the new $20 par value common stock. V . 120, p. 2267.
In Jan. 1925 all of the common cash and common stock scrip dividends
which had theretofore been issued in lieu o f cash and scrip were redeemed,
thereby increasing the amount o f common stock outstanding to approxi
mately $71,000,000. V . 120, p. 2267.
Dividends.— Divs. on the pref. stock commenced with the date of or
ganization Sept. 2 1910 and were paid monthly at the rate of 6% per annum
until Aug. 1 1914. Divs. at the same rate were resumed on Jan. 1 1916
and the accrued accumulated divs. were paid in convertible debentures,
practically all o f which have since been converted. Gash divs. paid regu
larly to and incl. June 1 1921. Divs. were then paid in non-interest bearing
scrip up to Sept. 1 1922, when cash divs. were resumed. The scrip was
redeemed either through payment in cash or conversion into 8% conv.
debentures “ E .” V . 115, p. 649. Subsequent divs. of % o f 1% monthly
have been paid regularly in cash. An initial div. of H of 1% was paid
Jan. 1 1920 on the 6% Preference B stock. Same rate paid regularly to
and incl. June 1921. Divs. were then paid in non-interest-bearing scrip
up to Get. 1 1922, when cash divs. were resumed. The scrip was redeemed
either through payment in cash or conversion into 8% conv. debentures
“ E .” Y . 114, p. 649, 873. Subsequent divs. of
of 1% monthly have
been paid regularly in cash. Cash divs. on com. stock began with the date
of organization, Sept. 2 1910, and were paid monthly up to Aug. 1 1914at the
following rates per annum: 3 % . 1910; 3 % , 1911; 4 % , 1912; 5 % , 1913; 6 % ,
1914, and were then suspended until Jan. 1 1916. at which time a distribu
tion of 6% of convertible debentures was made, and on July 1 1916 a further
distribution o f 3% o f convertible debentures. From that time to and
including June 1 1921. cash dividends were paid on the common stock at the
rate of 6% per annum. Dividends were then paid in non-interest-bearing
scrip to March 1 1925, when monthly cash dividends were resumed and com.
cash scrip was redeemed in cash. V. 120, p. 451. On Sept. 1 1916 a
dividend of 2% in common stock was paid and on Dec. 1 a dividend o f
4% in common stock was paid. During 1917 the company declared
CITIES SERVICE COMPANY
Common Stock
(Par Value $20)
A uthorized $400,000,000
Outstanding $74,369,651.23
(As of August 31, 1925)
A Strong S ecurity for Perm anent In vestm en t
N ow Yielding A b o u t 9 % in Cash and Stock Dividends
A long record of substantial earning power and consistent growth in two essential industries— public utility
and petroleum— establishes the investment character of Cities Service Company Common Stock, which may be
purchased at its present price to yield a well-protected income of about 9 % .
BUSINESS
ASSETS
Cities Service Company is a holding corporation, owning, directly
or indirectly, a m ajority of the common stocks of more than 60
public utility properties and over 50 petroleum companies.
These subsidiaries operate in 31 States and In Canada and M exico.
They comprise a large and successful group of public utility com panies which supply electric light and power, natural and manufactured gas, steam heating, water and kindred services to about
600 communities; and a complete oil producing, transporting,
storing, refining and marketing organization.
P A PT T A I I7 A T IH N
™
.. , . ,
0
.
„
The capital stocks and funded debt of Cities Service Company
in th eh a n d sof the public as of August 31,1925, were as follows:
6% Preferred Stock_________________________________$81,556,156
6% Preference “ BB” & “ B” Stocks------------------------ 6,009,127
Common Stock_____________________________________ 74,369,651
debt
H
ill
1
B 7% Convertible D l b l S e s I i : : : : : : : : : : :
Series C 7% Convertible Debentures______________
ioslliB
7,760,760
leries E 8% C o S v ^ lb le B e b e n ^ u J r e t i :::::::::::
Refunding 6% Gold Debenture Bonds____________ 10,000,000
Consolidated balance sheet shows combined assets of Cities
Service Company and subsidiaries as $553,080,721.66 on Decem,
...
. „„„„
„ _____„ . , _ ,
_
31 ’ 1924‘ ° f th“ amcmnt *466 219,377.55 represented cost
ol ftxed property such as plants and equipment. Total surplus
an(i reserves as of August 31, 1925, were $47,185,842.74.
EARNINGS
^
.
, ,
,
.
_
During the last ten years, annual earnings available for Common
stock dividends and reserves have always amounted to more than
„
. ,
, ,
..
13 % 011 the averaSe anf unt of Common stock outstanding.
Current earnings exceed present monthly dividends at the annual
rate of 6% in cash and 6% in Common stock by a large and
,
,
steadily growing margin of safety.
Net earnings of Cities Service Company for the twelve months
ended August 31, 1925, were $17,900,351.29, of which $10,648,109 48 was available for Common stock and reserves.
amounted to 14.32% on the Common stock outstanding.
Send for Common Stock Circular C-123
H e n ry L. D o
60WaU St
BRANCHES IN
& Com pany
New York
PRINCIPAL CITIES
This
Oct., 1925.]
POWER, LIGHT AND RAILW AY
43
dividend of 6% payable in common stock- in 1918, 9% in common stock, 60 Wall St.— V. 120, p. 85, 318,45 1,82 8,95 5, 1325. 1456. 1746. 2010,
and in 1919, 12% in common stock. The company paid a dividend of 2137, 2146, 2267, 2399, 2683, 3064, 3185, 3312; V. 121, p. 197, 329, 456,
1 % in common stock on Feb. 1 1920, placing the dividend at an annual 584, 705, 838, 1099, 1227, 1460, 1788,2037.
rate o f 15%. Stock dividends at this rate were paid regularly to and incl.
June 1 1921. Dividends were then paid in non-interest-bearing scrip to
Mar. 1 1925, when monthly stock divs. o f )4 of 1% were resumed, and
all common stock scrip was converted into com. stock. V. 120, p. 451.
CITIES SERVICE POW ER & L IG H T CO.
Divs. (cash) on “ Bankers' Shares” : In 1919, $4.11: in 1920, Jan., 46.1c.;
Control.— Cities
Feb., 55.9c.; March, 54.7c.; April, 50.2c.; May, 53.8c.; June, 49c.; July, stocks outstanding.Service Co. has acquired substantially all of the c o .’s
46.2c.; Aug., 45.6c.; Sept., 42c.; Oct., 40.75c.; N ov., 41.5c.; D ec., 43.5c.;
In 1921, Jan., 39c.; Feb., 34c., March, 3 6 ^ c .; April, 35c.; M ay, 35c.;
ORGA N IZA TIO N .— Incorp. in Delaware N ov. 3 1924. Has acquired
June, 35.5c.; from July 1 1921 to Feb. 1 1925 dividends on B. S. were paid from Cities Service Co. (see above) its entire holdings of com. stocks of
in scrip at the rate o f 1216c. par value stock scrip and 5c. in cash scrip per electric power and light cos. and substantially all its holdings of com. stocks
share. On Mar. 1 1925 all scrip was redeemed and cash dividends were o f gas distributing and street railway companies.
resumed on bankers’ shares as follows: Mar. 1925, 15.1c.; April, 15.1c.;
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
M ay, 13.75c.; June, 14c.; July, 14.5c.; Aug., 14.6875c.; Sept., 14.84375c.;
The controlled cos. comprise a diversified group of public utility operation#
Oct., 14.5625c., and N ov. 1925, 14.40625c. V. 121, p. 1788.
in 16 States, serving a population of more than 2,800,000 in over 330 com
“ Bankers’ Shares.”— The co. deposited with the Bankers Trust C o., N . Y ., munities. Among the larger cities served are Toledo, Sandusky, Warren,
30,000 shares (par $100) o f common stock o f the co., against which were Massillon, Elyria, Lorain, Alliance and Mansfield, O.; Denver, Boulder,
issued 300,000 non-voting ctfs. known as “ Bankers’ Shares," each share Pueblo and Ft. Collins, Colo.; Kansas City, Joplin, Sedalia and St. Joseph,
representing l-10th o f a share o f said com. stock. Holders o f the Bankers’ M o., and Kansas City and Topeka, Kan. For descriptions of a number of
shares had the right to surrender their holdings and receive therefor 1 share these controlled properties see separate statements below.
of com. stock ($100) for each 10 shares of Bankers’ shares deposited prior to
July 1 1921. The stock divs. accruing to the com. stock deposited were sold
Date. Interest.
Outstanding.Maturity.
STOCK AND BONDS—
each month and the proceeds, together with the cash divs. on such stock, Common $65,000,000________ ...........
$65,000,000 ---------------paid the holders o f these Bankers’ shares each month. Beginning July 1 1921 Preferred $10,000,000_______ __________
____________
10 , 000,000 --------------------------all divs. were paid in scrip. Additional shares may be issued at the option of 2d preferred $5,000,000_____ ______
5,000,000 ---------------the company or H. L. Doherty & Co., its fiscal agents. Y . 108, p. 881. 20-yr sec bonds series A ($100, 1924
6 g M -N 20,000,000 N ov
1 1944
Up to Dec. 31 1924 92,909 shares o f common stock had been deposited,
_
$500 & $1,000) gold_ c*tf Central Union Trust C o., N . Y ., trustee.
against which 929,090 bankers’ shares have been issued.
Stock.— Substantially all the stock outstanding is owned by Cities Service
Convertible 7% Debentures, Series ” B.” — Denom. (1) coupon (c*) bonds. Co.
Bonds.— The 20-yr. seemed series A 6s are seemed by pledge with the
$500 and $1,000, int. J. & J.; (2) reg. bonds, $5,000, $1,000, $500 or $100.
int. payable by check, at buyer’s option, either monthly, Q.-J., J. & J. or trustee of an amount of pref. stocks of certain cos. and of more than 95%
annually Jan. 1; (3) reg. bonds, $10 or multiples thereof, less than $100, int. of the com. stocks of the following cos. (with the exception of com. stocks
payable annually Jan. 1. Each $100 of principal amount is convertible, at of Kansas City Gas Co. and Wyandotte County Gas Co., of which more
the option o f holder since Jan. 1 1920, on the first day o f any month, into than 60% of each is pledged): Ohio Public Service C o.. Toledo Traction,
$80 par value o f pref. stock, and $20 par value of com. stock, together with Light & Power Co.. The Toledo Edison Co., subsidiary, Public Service
an amount o f cash and stock equal to the divs. paid on an equal amount of Co. of Colorado, Kansas City (M o.) Gas C o., Wyandotte County Gas
com. stock from Jan. 1 1918 to the date o f conversion, $3,348,020 are owned C o., Empire District Electric C o., St. Joseph (M o.) Railway, Light,
by co. not incl. in amount outstanding. C all., all or in part, by lot or by dis Heat & Power Co. In addition to these common stocks there has been
tinctive numbers at 102 and int. on 4 weeks’ notice. I f called for red., the similarly pledged with the trustee (a) 97 % of the pref. stock of Toledo
right to convert is carefully and fully secured to holders either on redemp Traction, Light & Power Co.; (6) all of the com. stock, except directors’
tion date, or a date a reasonable time prior to such redemption date, which shares, of the Atlas Chemical C o., and (c) all of the com. stock, except
mush be fixed by public notice. Int. payable without deduction of normal directors’ shares, and 99% of the pref. stock of Electric Bond Deposit Co.
Federal income tax, V . 106, p. 1126; V. 107, p. 607, 699. This issue has The operations of the latter two cos. are supplementary to the Toledo and
been closed.
Empire District properties, respectively.
Additional series A bonds, not exceeding $5,000,000, may be issued
Convertible 7% Debentures, Series “ C.” — Denom. coupon bonds, $500 and without pledge of additional collateral, subject to certain restrictions, in
$1,000, int. J. & J.; reg. bonds, $5,000, $1,000, $500, $100, $10 and multi cluding the following: (1) For 36 consecutive months out of 45 months pre
ples o f $10, int. payable by check, monthly, quarterly, semi-ann. or annually ceding the application for issuance of such additional bonds, annual earnings
at option o f holder; except that on bonds of less than $100 principal amount, applicable to pledged collateral must have averaged at least 3 times annual
Int. is payable annually on Jan. 1 only. Each $1,000 principal amount of int. charges on bonds to be outstanding after proposed issue; (2) for such 36
these debentures is convertible (at option o f holder) into 9 shares of Cities months period, annual earnings applicable to pledged collateral after all
Service pref. stock and 1 share o f Cities Service com. stock, together with charges (except int., amortization of discount, depree. and d ivs.), must have
the accumulated cash and stock divs. on the latter amount o f com. stock averaged at least 1)4 times the sum of (a) annual int. charges on bonds to be
from Jan. 1 1919 to time o f conversion. $7,477,870 owned by the co. not outstanding after proposed issue, and (5) the average annual int. and divs.,
incl. in amount outstanding. Red., all or in part, at any time at 102 and paid or accrued, on securities which rank ahead of pledged com. stocks but
int. If called for red., the right to convert is carefully and fully secured are not part of the pledged collateral; and (3) for a varying period, as pro
to holders either on redemption date or a date a reasonable time prior to vided in the indentme, annual cash income from pledged collateral must
redemption date, which must be fixed by published notice. Int. payable have averaged at least two times annual int. charges on bonds to be out
at office o f H. L. Doherty & C o., N . Y ., or office o f Cities Service Co. in standing after proposed issue.
London. without deduction o f normal Federal income tax. V . 108, p . 82.
A dd’l bonds of other series, ranking equally with ser. A bonds, may be
the same restrictions as
but only upon
Convertible 7% Debentures, Series “ D .” — Denom. (c*) $1,000 and $500; issued under substantially having a value of at least above, of the principal
pledged of add’l collateral
150%
int., J. & D.; (r) $5,000, $1,000, $500, $100, $10 and multiples of $10; in amount of the add’l bonds proposed to be issued. Bonds of other series may
terest payable by check monthly except that on bonds o f less than $100 differ from ser. A bonds as to maturity dates, int. rates, redemption, sink,
principal amount, interest is payable annually on Dec. 1 only. Each $1,000 fund, &c. Upon the retirement of bonds of any series, otherwise than
principal amount is convertible since Jan. 1 1922 into $925 par value of through the ser. A sink, fund or through release of pledged collateral, bonds
either 6% cum. preference B stock or 6% cum. preference BB stock and $75
any
substitution
par value com. stock, together with the amount o f accumulated cash and of Ser. other series of like prin. amount may be issued in M ay 1 1925, therefor.
A
semi-ann. sink,
to retire
stock dividend on $75 par value com. stock after Dec. 1 1919 up to time of each yearbonds have a A bonds issued, fund beginningobtainable at or below
2)4
by purchase
conversion. $7,450,300 owned by co. not included in amount outstanding. 102 and int. to% of ser. N ov. 1 1940, and thereafter if or below 101 and int.,
and incl.
at
Additional debens. o f this issue may be authorized under certain restrictions
unexpended balances reverting
expiration
Through operation o f an investment fund there is available for purchase in period. Call, all or in part by to the co. atint. date at of each six months
lot, on any
the open market at a price not exceeding 105 and interest for account and before N ov. 1 1928, with successive reductions in the call 105 and int. on or
%
benefit o f holders o f these debentures, a sum each month equal to the cash each 4-year period thereafter. Penna. 4-mill tax, Mass,price of 1taxduring
dividends paid on the amount o f common stock into which these debentures 6% and Maryland 4)4-mill securities tax refundable. Inincome1924 up to
N ov.
are convertible. Callable, all or in part, at 102 and interest; when called 000,000 series A 6s were offered by Dillon, Read & C o., A. B. Leach &$20,Co.
the right o f holders to exercise their privileges of conversion is secured to
them either on the redemption date o f a date a reasonable time prior to Inc., New York, and Federal Securities Corp., Chicago, at 94)4 and int.
to yield about 6 )4 % . V. 119, p. 2178.
such redemption date, which must be fixed by published notice. Interest
payable at offices o f H. L. Doherty & Co., New York, or company’s offices
EARN ING S.— Based on the results of subsidiaries’ operations for the 12
in London, Eng. V. 109, p. 2174. $2,500,000 were sold in Jan. 1925 bv months ended June 30 1924, adjusted to give effect to subsequent financing,
Pearsons, Taft Co., Chic., at 99M & int., to yield over 7 % . V.120, p. 451
the combined income applicable to interest is as follows:
earnings
income of subsidiaries for the 12
Convertible 8% Debentures, Series “ E.” — Denom. (c*) $1,000, $500 and Combined ended Juneand 1924_______________________________
months
30
$100. Int. M . & S.; (r) $1,000, $500, $100, $10 and multiples of $10. Net earnings after operating exp., maintenance and all taxes.-$49,100,222
16.780,610
Interest payable by check monthly, except that on bonds of $10 denom. Fixed charges and preferred stock dividends of subsidiaries----- 10.016,703
interest is payable annually. Are convertible at any time, at option of Depreciation (assumed at rates in mtges. of larger subsidiaries). 1,620,769
holder, as follows: Each $100 bond may be exchanged for $85 of Cities
Service preference stock and $15 par value common stock, together with all
Balance___________________________________________________
dividends paid on com. stock from date of issue of the debentures up to time Proportion of above balance applicable to common stocks t o b e$5,143,138
*
of conversion. $3,210,300 owned by company not included in amount
owned by Cities Service Power & Light C o-------------------------outstanding. Redeemable at 115 during first year o f life and at a premium Other income of Cities Service Power & Light C o.* ---------------- $4,898,632
862,289
diminishing 1% each six months down to par, at which price these deben
tures may be called for redemption after 7 J6 years. I f called for redemption,
Amount applicable to interest_____________________________
the right of holders to convert is carefully and fully secured to them either Annual interest requirements on series A bonds-----------------------$5,760,921
1,200,000
on the redemption date, or a date at least 30 days prior to the redemption
♦Annual income derivable from other investments in subsidiaries acquired
date, which must be fixed by published notice. V. 115, p. 649.
by Cities Service Power & Light Co.
6% Gold Debenture Bonds.— Callable all or part on 30 days' notice at
OFFICERS.— Pres., Henry L. Doherty.— V. 119, p. 2178; V . 120, p.2010
104 & int., incl. M ay 1 1962, thereafter at 1 % less each year or part thereof.
COMPANIES CONTROLLED B Y CITIES SERVICE POW ER &
Interest payable in New York and Chicago. Penn. & Conn. 4-mill tax,
LIGH T CO.
Mass income tax up to 6 % , Maryland 4)6 mill tax and California tax up to
4 mills refundable. Sinking fund, $250,000 per annum, $62,500 quarterly,
(1) ADRIAN (MICH.) STREET RAILWAY CO.
beginning M ay 1 1926. Purpose o f issue to retire during 1925 at least $10,Operation of this road was suspended on June 28 1924. V . 119, p. 196
000,000 cortv. debens. o f the co. and (or) funded debt o f subsidiary cos.
A. B. Leach & C o., Inc., Federal Securities Corp., H. M . Byllesby & Co.
(2) ATHENS (GA.) RAILWAY & ELECTRIC CO.
and Pearsons, Taft Co. sold in M ay 1925 $10,000,000 at 91 and int., to
ORGANIZATION.— Incorp. in Georgia on April 1 1910. Purchased
yield about 6.65% . V . 120, p. 2399.
Athens Electric Ry. Co. Leased for 99 years from M ay 1 1911 the James
Bonds of Consolidated Cities Light, Poicer & Traction Co.— These bonds White Power plant. V. 90, p. 1101, 1423.
remain out as a lien on the securities pledged therefor (see * in the foregoing
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
table). The bonds are subject to call at 105 on any interest day and are Hydro-electric stations at Mitchell’s Bridge, Tallassee Shoals and Barnett
guar., prin. & int., by the Cities Service Co. On or before Jan. 1 the Shoals (James White power plant); steam station in Athens. Owns and
company will in each year either (1) pay to sinking fund 1 % o f bonds out, operates entire street railway, electric light and power systems in Athens.
or (2) deliver to trustees bonds o f the present series equivalent at 105 find Wholesales energy at Jefferson, Ga. Population served, over 22,000.
int. to the above payment. All cash in sinking fund will be applied either (1) Owns 8.93 miles of track. Standard gauge 60-lb. A . S. C. E ., 70-lb.T rails,
for purchase o f these bonds at or under 105, or call at that figure; or (2) in 15 motor passenger and 2 motor work cars; 2 other cars; 4 power plants,
pin-chasing bonds o f companies whose stocks form part o f security for present 7,850 k. w. capacity. Franchise unlimited in time.
series. All bonds so pm-chased will be kept alive for sinking fund. $866,500
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
bonds in sinking fund. Maryland and Pennsylvania State tax refunded
Stock com $750,000 ($100)--\
$750,000
See also V 95, p. 679, 110; V. 103, p. 1983.
Stock pref (5% cum) $300,000/
Q-J
300,000 Oct ’23, 1 M
( $ 100) .
EARNINGS OF CITIES SERVICE CO.—-For the 12 months ending
_____ ________________
5 g J-J
338,000 July 1 1950
First & ref M $2,000,000 gold!, 1910
Dec. 31 1924 (annua Ireport for 1924 in V. 120, p. 2137, 2164).
sink fund ($1,000).. c*cp t/In t. at Farmers’ Loan & Tr. C o.,N .Y ., trus.
.................
' » t jl
The “ earnings” as here shown include both the dividends and interest
8%
139,900 June 1 1936
received and the company’s proportion in the undivided surplus earnings Gen m tge& coll trust Ser “ A ” t 1921
$3,500,000______________tf/C olonial Trust C o., Philadelphia, trustee.
of the subsidiary companies for the periods in question, based on its holding*
Athens Electric Railway first f 1901
6 g A-O
388,000 Oct 1 1931
in said companies.
mortgage $400,000 ($1,000)-{Interest at Title Guar. & Trust C o., Atlanta,
Earnings 12 Mos. End. Sept. 30—
1925.
1924.
1923.
gold_______________ c*.cp t [ trustee, or Old Colony Trust C o., Boston.
Gross earnings______________________$18,845,283 $17,176,054 $16,657,793
Stock.— Preferred stock is redeemable at 105.
Ner earnings_______________________ 18,077,902 16,561,259 16,140,017
Bonds.— Of the first
reserved to retire
Net to stock and reserves___________ 15,941,406 14,456,050 13,485,512 lying bonds, $179,000 and ref. bonds, $388,000 aregen. mtge. & coll,under
are pledged to secure the
trust
Net to common stock and reserves. _ 10,772,096
9,380,140
8,515,300 Series “ A ” 8s and $996,000 for acquisitions and improvements at 75% of
Combined Income Account of Subsidiary Companies.
cost, but only when net earnings are 1 )4 times interest on all bonds out and
Calendar
Gross
Net (after
Interest
Preferred
Surplus for those to be issued. $50,000 are in treasury. $49,000 have been retired.
Sinking fund of 1% began in 1915. Bonds are subject to call at 110. V. 93,
Year— Earnings. Taxes, &c.)
Charges.
Dividends. Com.Stock.
1924...$117,207,692 $34,755,054 $17,214,829 $7,281,699 $10,258,528 p. 665.
The gen. mtge. and coll, trust 8% bonds, Series “ A ,” have a sinking fund
1 9 2 3 --- 109.982,157
30,613,226
15,629,215
6,162,210
8.821,801
1 9 2 2 -.. 99,194,394
27,589,481
14,490,575
5,796.492
7,302,414 which will retire 90% o f these bonds by maturity. Are callable on a 6%
basis. Tax refund in Pennsylvania, Maryland and District of Columbia.
1 9 2 1 --- 85,128,432
23,704,543
11,906,508
5.491,724
6,306,311
V. 113, p. 70.
Of the Athens Electric R y. first mtge., entire issue, but no lesser part,
OFFICERS.— Pres., H. L. Doherty; V.-Ps., Thomas I. Carter and E. H.
Johnston; Sec., Paul R . Jones; Treas., Louis F. Musil. New York office. may be called at 106 and interest. See V. 73, p 1311.
41
PUBLIC UTILITIES
Dividends.— On pref., 6% per annum in 1904 and 1905, 5 K % in 1906,
6% 1907 to 1910. 5% in 1911 and to and including Oct. 1923. Dividends
on common stock are no longer reported as Cities Service Power & Light
Co. owns 99.8% o f same.
OFFICERS.— Pres., O. D . Flanigen; V .-P ., H. L. Doherty, Dale B.
Carson and B. Phinizy; Sec. & Treas., J. M . Billings. Office, Athens, Ga.
v ’ V120°p P
700191: V ' 108’ P ' 169: V ' 113, P ‘ 7° ’ 10521 V ' 119, P‘ 2644:
(3) BARTLESVILLE GAS & ELECTRIC CO.
— Entire stock (except directors’ shares) owned by
Cities Service Power & Light Co. This company was formerly known as
the Bartlesville Interurban R y. Co. Name was changed to present title
on Oct. 1 1919, and property o f Bartlesville Gas & Oil Co. was acquired.
As o f same date, company transferred its railway property to the Bartles
ville Interurban Co. (Railway service discontinued July 15 1920. See
V. 110, p. 1860.)
(4) CITY LIGHT & TRACTION CO.
ORGAN IZATION .— Incorp. in July 1912 in Missouri as successor to the
Sedalia Lt. & Trac. C o., sold at foreclosure. V .9 5 ,p .4 1 9 . See plan under
Sedalia Lt. & Trac. in V. 94, p. 1058. Purchased Sedalia Ice, Lt. & Fuel Co.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Does entire artifical gas, electric light and power, and electric railway
business in the city o f Sedalia; also manufactures and sells ice. Population
served over 25,000. Owns and operates 8.6 miles o f track. 21 motor pass,
cars and 6 trailers; 2 other cars. Standard gauge, 50 and 70-lb. rails.
Has steam power plant with 4,000 k. w. capacity. 50 miles distribution
lines. Has 33.24 miles o f gas mains.
Franchises.— Gas expires in 1926; electric in 1940, and railway in 1940.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $1,000,000 ($100)________
_______
$1,000,000 ....... ............
First mortgage $2,500,000[ 1912
5 J-D
1,395,000 June 1 1952
gold sink fd ($100, $250,{Int. at office o f co. or H. L. Doherty & C o..
$500. $1,000)-----------c*cp t) N . Y .; New York Trust Co., N . Y ., and
l Sedalia Trust Co., Sedalia, M o., trustees.
Bonds.— Sinking fund o f 1% o f bonds out began June 1 1922; red. at 105
and int. on 4 weeks’ notice. Additional bonds may be issued for 85%
of improvements.
. In July 1925 it was reported that the Coal & Iron National Bank had
been appointed trustee under a $625,000 5 K % 1-year note issue of the
company. V. 121, p. 197.
OFFICERS.— Pres., H. L. Doherty; V .-P ., T . I. Carter; V .-P ., Gen.
Mgr. & Treas., H. C. Feuers; Sec., Allen O’Bannon.— V. 107, p. 1384;
V. 109, p. 1891; V. 110, p. 167; V. 113, p. 627; V. 114, p. 853, 1650; V. 121,
p. 197.
(5) CUMBERLAND & WESTERNPORT ELECTRIC RY.
ORGAN IZATION .— Organized in Maryland on April 11 1902 by special
Act of the Legislature, as successor to the Frostburg Eckhart & Cumberland
R y. Has absorbed the Lonaconing Midland & Frostburg R y. and the
Westernport & Lonaconing. Population served over 51,500.
Receivership.-—-In Aug. 1925 David B. Price, Gen. M gr., was named
receiver. For further particulars, see V. 121, p. 977.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Operates 27.40 miles (2.50 operated under trackage rights) of track be
tween Cumberland, Eckhart, Frostburg, Lonaconing and Westernport,
passing through other communities; 60, 75 and 92-lb. T and girder rail;
standard gauge. 22 motor cars (15 pass.) and 1 work car.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
_______
$625,000 __________
Stock $1,000,000 ($50)____________
West’p ’t & Lonac’g $225,0001 1903
5 J-J 15
225,000 Jan 15 1928
($500 & $1,000)--------- c*ptJlnt. at Real Estate Trust C o., Phila., trus.
Frost Eck & Cum 1st M $250,-1 1901
5 g J-D 15
230,000 June 151926
000g ($500&$1,000)_c*cpt (Int. at Real Estate Trust C o., Phila., trus.
Lonac Mid & Frost 1st mtgel 1901
5 g J-D 15
200,000 June 15 1926
$200,000 g ($ l,0 0 0 )-.c * c p t/ln t. at Real Estate Trust C o., Phila., trus.
Bonds.— The above bond issues are callable at 105 and interest.
OFFICERS.— Pres., H. L. Doherty; Sec.-Treas., Hugo Scott; V.-P. &
M gr., D. D. Price.— V. 104, p. 2451; V. I l l , p. 2520; V. 121, p. 977.
(6) DURHAM PUBLIC SERVICE CO.
ORGAN IZATION .— Incorp. in N . O. Jan. 29 1901 as Durham Traction
Co. (name changed to present title early in 1921). Cities Service Power &
Light Co. owns over 99% o f the common stock.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Company owns and operates all the street railway lines and does an
electric light, power and artificial ice business in the City of Durham,
N . C. Population served, 38,000. 11-11 miles o f track; 22 passenger motor
cars, 1 motor service car and 1 other car. Standard gauge. 60-lb. T
and 80-lb. girder rail. Overhead trolley.
In April 1924 issued $1,500,000 7% ref. mtge. bonds, ser. “ A ,” proceeds
being used to retire $642,600 gen. mtge. 8% bonds, ser. “ A ,” due April 1
1936 (called for payment Oct. 1 1924 at 102 and int.), and for additions,
&c. V. 118, p. 2185.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common $1,000,000 ($100)________
_______
$300,000 - . . . ______
Pref cum $2,000,000 ($100)________
6-J
300,000 - .................
Ref. mtge ser. “ A ” ($500 &1 1924
7 g A -0
1,500,000 Apr 1 1949
$1,000 & mult) g _____c*tf JNew York Trust C o., New York, trustee.
Durham Trac Co 1st M ) 1901
5 g M-A 1
400,000 Mar 1 1941
$400,000 lcumu(closed) } Maryland Trust Co., Baltimore, trustee.
■
($1,000) not call______ c*tfj
Bonds.— The ref. mtge. 7% bonds have an annual sinking fund beginning
Apr. 1 1925 o f a sum equal to 1% o f the largest amount of these bonds and
any underlying bonds outstanding to be used for retirement of ref. mtge.
bonds or underlying bonds by purchase in the market or by call by lot.
Co. may expend in any one year an amount equal to 2% of the aggregate
principal amount o f such bonds for permanent improvements, additions or
betterments against which no bonds may be issued. Series “ A ” are
redeemable all or in part on any interest date on 60 days’ notice to and
incl. Apr. 1 1929 at 107A , thereafter to and incl. Apr. 1 1934 at 105,
thereafter to an Incl. Apr. 1 1939 at 102A . and thereafter at 102A less
A o f 1% for each year or part thereof expired, plus int. in each case.
Penna. 4 mills tax, Maryland 4 A mills tax and Mass. 6% tax refundable.
Int. at office or agency of co. in N . Y . Listed on Boston Stock Exchange.
V. 119, p. 197. In April 1924 A . B. Leach & C o., Inc., and P. W . Chapmand & C o., Inc., offered $1,500,000 Ser. “ A ” 7% bonds at 99K and int.,
to yield over 7 % . V. 118, p. 2185.
EARN IN G S.— Year ended Dec. 31 1924, gross, $734,041; net. $257,570
bond int., $125,000; bal., sur., $132,570.
OFFICERS.— Pres., H. L. Doherty; V.-P. & Gen. M gr., R . L. Lindsey;
V .-P., T. I. Carter; je c . & Treas., A . W . Grady. Office, Durham, N. C.
— V. 113, p. 2405; V. 118, p. 2185; V. 119, p. 197, 454.
(7) ST. JOSEPH RAILWAY, LIGHT, HEAT & POWER CO.
Cities Service Power & Light Co. owns over 95% o f the common stock
hnd Cities Service Co. guarantees the 5% div. on the outstanding pref. stock.
ORGAN IZATION .— Incorp. in Missouri on N ov. 8 1895 as a consolida
tion o f the St. Joseph Traction & Lighting C o., People’s R y ., Light &
Power C o., Citizens’ R y. Co . Union R y. C o., St. Joseph & Lake R y. Co.
and Wyatt Park R y. Co. In 1923 purchased all the property of the
Savannah (M o.) Electric Light & Power Co. V. 116, p. 78.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Controls the entire electric light and power and central heating business,
and owns and operates the street railway system in St. Joseph, M o. It
also operates an interurban line between St. Joseph and Savannah, M o.,
and furnishes electric light and power service in Savannah. Sells energy
at wholesale for distribution in following communities: Agency, Easton,
De Kalb, Wathena (Kan.), Amazonia, Curzon, Forest City, Bigelow and
Oregon. 59.485 miles o f track. Standard gauge; 50-70-lb. T and girder
rails; 108 motor and 22 other cars. Generating plant capacity, 22,600
k'.w.; 23.17 miles o f primary and 219-71 miles distributing lines. Population
served over 80,000. Principal railway franchises are perpetual; others
expire from 1935 to 1958. Franchise for electric service unlimited in point
o f time.. Franchise for heating service expires in 1944.
[V ol. 121,
During 1912 a contract was made with the Kansas City Clay County &
St. Joseph Ry. (see under “ Kansas C ity” ), under which that company’s
cars from Kansas City are operated over the tracks o f this company.
Fares.— See “ Electric Railway” Supplement of Oct. 28 1922.
Valuation.— Early in 1920 the M o. P. S. Comm, fixed the value o f the
co.'s holdings for rate making purposes at $5,800,000, while the co. holds
that $11,521,639 is the fair valuation. V . 110, p. 872. The co. has
appealed.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
_________ $3,500,000
See text
Com stock $3,500,000 ( $ 1 0 0 ) .____
Pref stock " 5% cumulative/ ____
1,560,000 Oct see text
5 Q-J
$2,500,000 ($100)_______ \
First mtge $5,000,000 gold) 1902
5 g M -N
5,000,000 N ov 1 1937
($ 1 ,000)
_c*cpt/Interest payable in New York.
1st & ref mtge ($15,000,000) 1916 5 g J-J
695,000 July 11946
gold ($100, $500, & $1,000) /Interest payable in New Y ork.
c*tfj
Bonds.— The 1st S ref. mtge. bonds are a first lien on the interurban
c
line between St. Joseph and Savannah, M o., and a general lien on remaining
property, subject to $5,000,000 1st M . 5s, for retirement of which an equal
amount of 1st & ref. 5s is reserved. Additional bonds may be issued only
for 85% o f cost of add’ns, exts., &c., under conservative restrictions, or for
85% o f 1st M . bonds retired through the supplemental sinking fund.
Sinking fund, 1% of bonds out, for purchase or red. of bonds of this issue
at 102 A , or of 1st M . bonds at 105; or, at option of co., 2% for construc
tion, acquisitions, add’ns or impts. While any 1st M . bonds are out
standing, the co. must pay, as a supplemental sinking fund, an additional
1 % of the amount of bonds of that issue outstanding, to be applied as above
set forth, or may expend in construction 1 % of the amount of the bonds
outstanding. 1st S ret. M . bonds canceled in sink, fund but 1st M . kept
c
alive until all bonds have been deposited with the trustee. First & ref.
bonds are red. on any int. date at 102 A and int. Trustees are Bankers
Trust C o., N . Y ., and Mississippi Valley Trust C o., St. Louis. Legal
investment for Maine savings banks. V. 103, p. 1302.
Trustees for the 1st M . bonds are Equitable Trust C o., N . Y ., and
Missouri Valley Trust C o., St. Joseph. Bonds cannot be called. V . 75,
p. 1032. The 1st M . bonds are listed on the Philadelphia and Louisville
stock exchanges
Dividends.— 5% per ann. has been regularly paid on pref. stock since Oct.
1902. First div. on com. stock paid Dec. 1908, 1% ; in 1909. 2% ; 1910, 2% :
in 1911,2% . In 1912, M ar., A %; June, At %; Sept. ,A % \Dec., A % • A
dividend at the rate of 2% per ann. was paid Feb. 1 1913 for the 2 months
succeeding the regular payment in Dec. 1912; dividends were paid quarterly
to Sept. 1919. None since.
EARN ING S.— For 12 months ending Dec. 31:
Calendar Years—
1924.
1923.
Gross earnings__________________________________ $2,485,423 $2,521,868
1,858,846
1,922,735
Operating expenses_____________________________
Net earnings for int., depreciation, &c_______
Bond interest___________________________________
Other interest___________________________________
$626,577
284,750
179,099
. $599,133
284,779
162,056
Net to stock and reserves_____________________
Preferred stock dividends________________________
$162,727
78,000
$152,298
______
Net to common stock and reserves______ ______
$84,727
Latest Earnings.— For 12 months ended June 30 1925: Gross, $2,518,755’
net before interest, depreciation, &c., $663,041; bond interest, $284,750!
balance, $378,291.
OFFICERS.— President, H. L. Doherty; V.-Pres. & Gen. M gr., S. B .
Irelan; Sec. & Treas., F. R . Harrington, St. Joseph.— V . 107, p. 2098;
V. 108, p. 270; V. 109, p. 2440; V. 110, p. 872, 2568; V. I l l , p. 494, 2230,
2325; V . 112, p. 1867; V. 116, p. 78. 516, 2885.
(8) TOLEDO, OTTAWA BEACH & NORTHERN RY. CO.
O RGAN IZATION .— Incorp. in Ohio on Oct. 27 1906 as a consolidation
of the Toledo & Point Place R y. Co. and Ottawa Beach & Southern R y.
Co. Franchise expires in 1929. Cities Service Power & Light Co. owns
over 99% of the company’s $1,500.000 (auth. and outstanding) capital stock
and all of the outstanding $450,000 1st M . 5% bonds ($1,500,000 auth.).
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Operates an electric railway between Toledo and Toledo Beach, M ich.;
also operates a branch line connecting Toledo with Point Place, O. Sup
plies energy for light and power service along right of way. 14.96 miles
of track; standard gauge 60 and 70-lb. T rail; cars leased from Community
Traction Co.
OFFICERS.— Pres., Frank R . Coates; V .-P. & Gen. M gr., C . L. Proctor;
Sec.. H. T . Ledbetter; Treas., A . C. Van Driesen.— V. 114, p. 1653.
(9) TOLEDO TRACTION, LIGHT & POWER CO.
Cities Service Power & Light Co. has acquired over 98% of the outstand
ing common and over 98% of the preferred stock. V . 103, p. 1119.
ORGANIZATION.— A holding co. Incorp. in Maine on Jan. 30 1913
to acquire the stock and bonds of the Toledo Rys. S Lt. Co. (now Toledo
c
Edison Co.) in connection with the re-organization of that company as
per plan in V . 95, p. 1040; V. 96, p. 361.
The Toledo Traction, Light & Power Co. owns (a) $13,573,700 (over
97%) Toledo Edison Co. com. stock; (6) $6,945,000 Community Traction
Co. first mtge. 6% bonds; (c) all Community Traction Co. 8% cum. pref.
stock: (d) 4,995 shares com. stock (no par) of the Toledo Suburban Electric
C o.; (e) $9,500 (95%) common stock of the anchor Realty Co.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
_________ $7,849,093 ____________
Common $9,200,000 ($100)________
Pref $8,000,000 ($100) 6% c u m ____
See text
6,723,025 ___________
5-yr sec g notes ($12,000,0001 1925
5 A J-J
$8,500,000 July 15 1930
($1,000 and $500)___ c*.tf/H arris Trust S Savings Bank, Chicago, trus.
c
Notes.— The 5-year 5 A % secured gold notes are callable in whole or part
on 30 days’ notice at 103 and int. incl. July 15 1926, and A % less each year
thereafter. After July 15 1929 at 101 and int. Interest payable in New
York or Chicago. Penn. 4 mill tax, Maryland securities tax up to 4 A
mills, Conn. 4 mills and Mass, income tax up to 6% are refundable. Sink
ing fund not less than $200,000 per annum, semi-annually, beginning Feb. 1
19-6, secured by $13,500,000 par value common stock of the Toledo Edison
C o., &c. In July 1925, $8,500,000 was sold at 99 and int., yielding 5.73% .
Listed on New York Stock Exchange. V. 121, p. 201.
EARNING S.— Consolidated income account, year ended April 30 1925.
Gross earnings________________________________________________ $9,738,246
Operating expenses, maintenance and taxes___________________ 5,308,846
Net earnings_______________________________________________ $4,429,399
Deduct— Interest and discount, subsidiary companies, $1,339,635:
int. & disc, (company), $605,296; pref. divs. of subs., $468,318;
proportion accruing to stocks not owned, $64,946___________ 2,496,195
Net income________________________________________________ $1,933,205
Credit balance April 30 1924,______
-..$2,083,601
Excess reserves from prior period (Credit)__________________ ... 3,000,000
Total......................................................................._______________ $7,016,806
Deduct— Appropriations for renewals and replacements, $1,012,256; dividends on common stock of subsidiary, $49,591; sundry
adjustments (Credit), $40,378______________________________ 1,021,469
Dividends— Pref. stock, $403,381: common stock, $706,418_____ 1,109,809
Surplus April 30 1925______________________________________ $4,885,536
OFFICERS.— Pres., H. L. Doherty; V .-P s., Frank R . Coates and Dale
B. Carson: Sec., C. B. Wedum; Treas., Louis F. Musil.— V. 116, p. 617;
V. 117, p. 440, 1349; V. 119, p. 943; V. 120, p . 455; V. 121, p . 201, 332.
(a) TOLEDO EDISON CO.
O RGAN IZATION .— Controlled by Toledo Trac., L t. & Power C o.
Incorp. July 1 1901. Name changed from Toledo Rys. & Light C o. to
present title In Oct. 1921, at which time the new generating station and other
Oct., 1925.]
45
POWER, LIGHT AND RAILW AY
of
Acme
In 1924
the
? roperty Gasthe Electric Power Co. was acquired. Power Co. acquiredHol>eriance
&
C o., the Swanton Light &
and the
gate Light & Power C o. V. 118, p. 2837: V. 119, p. 335.
In Oct. 1925 company applied to Ohio P. U. Commission for authority
to issue $1,290,000 5% bonds and $785,000 6% pref. stock, and to purchase
the properties o f the Toledo Suburban Elec. Co. for $55,510. V. 121, p.
1910.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
The co. supplies without competition electric light and power in Toledo and
suburbs, operates a central station heating plant and distributes by-product
gas. With the acquisition o f the properties of the Defiance Gas & Electric
C o., the Swanton Light & Power Co. and the Holgate Light & Power C o.,
Toledo Edison Service is now extended to the communities of Maumee,
Perrysburg, Defiance, Swanton, Grand Rapids, McClure, Holgate and
other communities extending practically 60 miles to the southwest of Toledo.
Population served, approximately 375,000. Total installed generating
capacity o f 135,130 k. w., including a recently installed 30,000 k. w. unit
at the new Acme power plant. The Acme power plant, with a present
installed capacity o f 70,000 k. w., is designed for an ultimate generating
capacity of from 200,000 k. w. to 300,000 k. w,, and is planned to be even
tually the main source o f supply of electric power for Toledo and vicinity.
Company now serves over 77,000 electric customers, having a total con
nected load of over 177,000 k. vp. Gas is distributed to over 12,000 cus
tomers and the heating plants supply over 800 customers. Franchises are
all unlimited as to time and contain no burdensome restrictions. On
Feb. 1 1921 the company’s street car lines in Toledo were taken over for
operation by the Community Traction Co. under the terms of a 25-year
service-at-cost franchise. Toledo Edison Co. is supplying at wholesale
under a long-term contract all power required by Community Traction Co.
See below.
In Sept. 1925 stockholders increased the authorized preference stock from
100,000 to 250,000 shares ($100) to carry dividends not exceeding 7% per
annum. V. 121, p. 1680.
Service-at-Cost— Community Traction Co.— The Community Traction Co.
was organized Aug. 22 1919 and as of Feb. 1 1921 took over the operation of
the street car lines in Toledo of the Toledo Railways & Light Co. under the
Milner service-at-cost 25-year franchise, which was approved by the voters
on N ov. 2 1920 (V. I l l , p. 2042). The new co. is capitalized as follows:
Common stock, $10,000,000; 8% preferred stock, $1,043,140: first mortgage
6% 25-year bonds, $8,000,000.
Under the terms of the franchise the $8,000,000 bonds were delivered to
the Toledo Rys. & Light Co. in exchange for the street railway properties.
The rate of return to which the co. is entitled will be an amount sufficient
to pay 6% upon its bonds and 8% upon its pref. stock outstanding. The
entire issue of com. stock is held by the City of Toledo Sinking Fund Trustees.
Further details o f new franchise and Community Traction Co. will be
found in V. I l l , p. 2042; V. 112, p. 652, 654, 1399: V. 117, p. 1774.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_________ $13,875,000 Sept '25, 1H
Common $15,000,000
Preference $25,000,000 7 % cum
6,172,400
Monthly
Series A ($100)______ _____ ______
7%
Prior pref $3,000,000 8% cum
8% Q-J
2,301,500 O c t ’25, 2%
Series A ($100)------------------Prior pref $3,000,000 § K %
cum Series B ($100)------------ -------6 Yt%
None ----------------1st M (see text) gold $500 and f 1921 7 g M-S 1 13,432.500 Sept 1 1941
1st mtge “ series due 1947"_ ] 1921 5 g M -S
_
2,690,000 Mar 1 1947
_
$1,000 c* & $1,000 r*_ tf (Bankers Trust Co., N . Y ., trustee.
Toledo Gas Elec & Heat Oof 1905
5 A-O
1,875,400 Oct 1 1935
mtge $2,500,000 ($1,000,(Interest at Ohio Savings Bank & Trust Co.,
$500 and $100) not redeem. [ Toledo, trus., or Nat. Bk. o f Comm., N .Y .
Defiance Gas & El 1st M __________
5%
906,600 Sept 1 1942
Defiance Gas & El 1st 1 & ref_______
7%
593,400 Sept 1 1942
Stock.— Prior pref. stock. Series “ A ,” red., all or part, on any div. date
on 30 days’ notice at 115 and divs. Company is required to retire on each
div. date since April 1 1922 at least 1% o f the largest amount of Series A
prior pref. stock at any one time outstanding, if stock is tendered up to
$105 a share. $148,500 has been retired. The 7% preference stock, Series
“ A ,” is red., all or part, on any div. date on 30 days’ notice at 110 & divs.
Y. 116, p. 1907. $1,500,000 7% pref. stock, Series “ A ,” was offered in
Aug. 1924 by Henry L. Doherty & Co. at 98 and div., to yield about 7.14% .
$13,573,700 common stock is owned by Toledo Trac., Lt. & Power Co.
On Sept. 18 1925 stockholders were to vote on Increasing the authorized
preference stock from 100,000 to' 250,000 shares (par $100), to carry either
a 7% or 6 K % dividend. Y. 121, p. 1349.
Bonds.— 1st mtge. bonds may be issued in different series, having such in
terest rates, &c., as directors shall determine. Add’l bonds may be issued
for 75% of cost of permanent additions, &c., under certain restrictions.
Bonds may also be issued to refund an equal amount of any other series s a
whole or to refund divisional bonds. A sinking fund o f 1% p. a. of the
outstanding 1st mtge. bonds, payable s.-a., began Sept. 1 1922, to be
used to retire 1st mtge. bonds if purchasable at or below 103 and int. If
not so purchasable, such funds must be used to acquire property which
might otherwise be made the basis for the issuance of bonds. The inden
ture further provides that, initially, amounts totaling 12% of the gross oper.
revenue from the electric dept., 10% of that from the gas dept., and 25%
of that from the heating dept, shall be either expended or appropriated from
each year’s earnings for maintenance and replacements. The 7% bonds due
1941 are callable at 110 and int. on any int. date on 4 weeks’ notice, to and
incl. Sept. 1 1926: thereafter at 1 0 7 and int. to and incl. Sept. 1 1931:
thereafter at 105 and int. to and incl. Sept. 1 1937: and thereafter at a
premium of 1% for each year, or fraction thereof, o f unexpired life. The
5% bonds “ series due 1947" are call, since Sept. 1 1922 on any int. date on
4 weeks’ notice at prices which, except for redemption, would equal a 4 )4 %
yield basis if bonds were held to maturity, plus int. Pennsylvania 4-mills
tax refunded. V. 113, p. 1368: V. 114, p. 2833.
The Toledo Gas, Electric & Heating Co. bonds are guaranteed by endorse
ment by the Toledo Edison Co. $624,600 retired or canceled. They are
not subject to call.
EARN INGS.— Of the Toledo Edison C o.:
1922.
Calendar Years—
1924.
1923.
. 235,441,088 234,878,220
182,358,530
.1,916,450,000 1,812,573,000 1,615,672,000
Operating exps. & maintenance.
Federal t a x e s . . ________
$8,015,230
4,682,881
159,115
$7,491,890
4,331,270
160,487
$6,588,960
3,869,150
128,322
Other income___________
$3,173,234
111,048
$3,020,134
63,308
$2,588,488
81.198
Total income_________
Interest_________________
Reserve for replacements.
Preferred dividends______
Common dividends______
$3,284,282
1,338,033
855,433
408,395
1,248,750
$3,083,442
1,220,174
730,294
307,271
277,500
$2,669,686
1,137,630
686,738
302,500
69.375
Toledo and Bay Point (opposite Sandusky), and connecting by ferry with
Sandusky and Cedar Point.
The generating stations now owned have a combined installed Capacity
o f 138,710 k.w. The physical property also includes 52 sub-stations and
395 miles o f high-tension transmission lines. Company owns and operates
78.43 miles o f track. A new 130,000-volt steel-tower transmission, to be
finished in the fall 1925, will connect Lorain and Sandusky, Ohio. Y . 120,
p. 3188.
The gas property includes a large and valuable natural gas acreage,
adequate and modern compressor stations and over 1,557 miles of pipe line.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_________ $7,689,000 __________
Common $15,000,000 ( $ 1 0 0 ) - - ____
Pref Ser A 7 % ____________________
7
8,859,900 ---------------6% series_________________ _____
6
1,300,000 __________
1st mtge & ref— Series “ A " - , f 1921
7 'A g A -0 4.682.600 Oct 1 1946
Series “ B ” _______________ 1922
7 g F-A
3,714,100 Feb 1 1947
Series “ C ” _______________] 1923
6 g M-S
4.637.600 Mar 1 1953
Series “ D ” _______________| 1924
5 g M-S
10 490,700 Sept 1 1954
($100, $500 & $1,000 c*|Int. at Halsey, Stuart & Co., Inc., Chicago,
& $1,000 r*) gold_tf [ or company’s office, New York.
Divisional Bonds—
Ashland Gas & Elec Co 1st M f 1909
5 g J-J
89,200 July 1 1929
($100, $500 & $1,000) g -.c * (Int. at Union Trust Co., Cleve., Ohio, trust.
Massillon Elec & Gas Co 1st) 1916
5 g J-J
510.000 July 1 1956
mtge ($100, &c) gold___ c*(N ew York Trust Co., N. Y ., trustee.
Richland Public Service Col 1917
5 g A-O
731,500 Oct 1 1937
1st & ref mtge ($100, $500]Union Trust Co., Cleveland, trustee.
& $1,000) gold_________ c*l
Trumbull Pub Serv Co 1st M j 1911
6 g J-D
1,084,800 June 1 1929
($500 & $1,000) gold--__c*lU nion Trust Co., Cleveland, trustee.
Alliance Gas & Pr 1st & ref M_ 1907
5 g J-D
351,500 June 1 1932
Sandusky Gas & Elec 1st M _ _ ____
5%
37.000
1929
Sandusky G & El ref & impt M ____
5%
1,153,000
1945
Berea Pipe Line 1st mtge__________
6%
50.000 Serially
Stock.— 1st pref. is red- all or in part on the 1st day of any month on 30
days’ notice at 115 and divs. In Jan. 1925 $3,000,000 1st pref. 7% Ser.
“ A ” was sold by Dillon, Read & C o., A . B. Leach & Co. and Federal Se
curities Corp. at $100 & div
V. 120, p. 454.
Permission was granted in 1925 by the P. U. Commission o f Ohio to
exchange Series A 1st pref. for a 6% series, which is redeemable at 110.
Bonds.— 1st mtge. & ref. indenture provides for a maintenance and de
preciation fund and also for a special fund of 1 % of gross earnings per annum
to be used for permanent add’ns, impts., &c., or for the purchase and re
tirement of outstanding 1st & ref. mtge. bonds. Reimbursement of the
Ser. “ A ” red. all or in part on 30 days’ notice at 110 and int. on or after
Oct. 1 1931, and to and incl. Oct. 1 1936: decreasing thereafter 1 % each year
to maturity. Penn. 4 mill tax refunded.
Ser. “ B ” call, all or in part on 30 days’ notice at 120 to and incl. Feb. 1
1932, at 110 to and incl. Feb. 1 1937, and thereafter decreasing 1% each
year to maturity. Penn. 4 mill tax refundable.
Ser. “ C ” red. all or in part on 30 days’ notice at 110 and int. to and incl.
Mar. 1 1933; thereafter decreasing l i % each year to and incl. Mar. 1 1952;
/
thereafter at 100 and int. to maturity. Penn. 4 mill tax refundable.
Ser. “ D ” red. all or part on 30 days’ notice at 105 and int. to and incl.
Mar. 1 1932; thereafter at 104 and int., less 1% of the principal amount for
each expired 5-year period to Mar. 1 1952; and thereafter at par and int.
to maturity. Reimbursement of the Penna. 4 mills tax, the Conn, personal
property tax not exceeding 4 mills per dollar per annum, and the Mass,
income tax on int. not exceeding 6% to resident holders. In Oct. 1924
Halsey, Stuart & C o., Inc., offered $9,000,000 Ser. “ D ” 5s at 89 and int.,
to yield over 5 M % . V. 119, p. 1744.
Divisional Bonds.— Ashland Gas & Elec. 1st 5s are call, on 4 weeks’ notice
at 105 & int. Mtge. provides for sinking fund of 1% of outstanding bonds
yearly.
Richland Public Service 1st & Ref. 5s are call, all or in part at 102 and int.
Mortgage provides for sinking fund.
Trumbull Public Service Co. 1st 6s callable all or in part by lot at 105 and
int., also in part at 102 and int. for sinking fund. Sinking fund of 2% of
bonds issued provided for.
EARNING S.— For year end. Dec. 31 1924:
Gross operating revenue_____________________________________ $10,525,813
6,667,347
Operating expenses, maintenance and taxes___________________
Net operating revenue______________________________________ $3,858,466
Non-operating revenue_____________________________________ -_____ 55,139
Gross income______________________________________________ $3,913,605
Fixed charges— Int. on fund, debt & other oblig’n s --$1,530,062
Amortization of bond and note discount_________
94,088
------------1,624,150
Balance available for dividends andreserves_________________ $2,289,456
Note.— Incl. full 12 months’ earns, of properties acquired during year.
OFFICERS.— Pres., H. L. Doherty; V.-P. & Gen. M gr., T. O. Kennedy.
Sec., R . E. Cuthbertson; Treas., H. A, Fountain.— V. 119, p. 1744, 2074’
V. 120, p. 88, 454, 1089, 3188; V. 121, p. 200.
(11) PUBLIC SERVICE CO. OF COLORADO.
All common stock except directors’ shares owned by Cities Service Power
& Light Co.
ORGAN IZATION .— Incorp. in Colo. Sept. 3 1924. Successor by merger
to the properties of the Denver Gas & Elec. Co. and the Western Light &
Power Co., which company owned and controlled Cheyenne Light, Fuel
& Power C o., Cheyenne, W yo. In Sept. 1924 acquired the Colorado
Power Co. and its subsidiary, the United Hydro-Electric Co.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Is the largest gas and electric company in Colorado. Supplies without
competition electricity for light, heat and power to Denver and to a number
of substantial communities, including Boulder, Sterling, Leadville, Salida
and Fort Collins, Colo., and also supplies electric, gas and steam heating
service through a subsidiary to Cheyenne, Wyo. Also supplies electricity
at wholesale at Greeley, Longmont, Englewood and other communities in
$548,203
$473,443
Surplus____________________ def.$566,330
OFFICERS.— Pres., F. R . Coates; V.-Ps., Dale B. Carson and Rathbun
Fuller; V.-P. & Gen. M gr., C. L. Proctor: Sec., H. T . Ledbetter; Treas.,
A. C. Van Driesen— V. 118, p. 562, 678. 918, 2317, 2837: V. 119, p. 335,
1075, 1292, 2649: Y. 120, p. 333, 584, 959, 1329, 1587, 1746, 2818; V. 121,
p. 461, 1103, 1349. 1910.
(10) OHIO PUBLIC SERVICE CO.
All the common stock except directors’ shares owned by Cities Service
Power & Light Co.
ORGAN IZATION .— Incorp. in Ohio Oct. 11 1921 and acquired the
property o f a number o f public utility cos. operating in that State. In
1924 acquired the properties o f the Sandusky Gas & Electric C o., the Port
Clinton Electric Light & Power C o., Northwestern Ohio Ry. & Power Co.
and the Central Ohio Gas Co. In June 1925 acquired the property of the
Marblehead Power Co. V. 121, p. 200.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Co. does substantially the entire electric light and power business without
competition in Warren, Mansfield. Lorain. Elyria, Ashland, Massillon
Sandusky, Port Clinton and Alliance. In addition, the co. furnishes electric
power at wholesale to cos. distributing it to outlying communities. Does
the gas business at Alliance, Sandusky, Lima, Medina, Coshocton, Berea,
Granville and Mansfield and owns and operates a small street railway In
Mansfield and an interurban line connecting Mansfield and Shelby and
Public Service Co. of Col.
A m e r ic a n P u b l i c S e r v ic e C o .
B a n g or P ow er C o.
C e n t r a l G e o r g ia P o w e r C o .
C e n t r a l I ll in o i s P o w e r C o .
C e n tra l I n d ia n a G as C o .
C e n tra l In d ia n a P o w e r C o .
C in c in n a ti G as & E le c tr ic C o.
C in cin n a ti G as T r a n s p o r ta tio n
C o lu m b ia G a s & E le c tr ic C o.
C u m b e r l a n d C o u n t y P r . & L t.
D a n b u r y & B e t h e l G a s & E le c . L t
D u r h a m P u b l i c S e r v ic e C o .
E a s t O h io G a s C o .
G e o r g ia L ig h t , P o w e r & R y s .
I n d ia n a E le ctric C o r p o r a t io n
J e rse y C e n tr a l P r. & L t. C o r p .
L in c o l n G a s & E l e c t r i c L ig h t C o .
M ich ig a n L ig h t C o .
M id d le W e s t P o w e r C o .
M i d d le W e s t U t i li t ie s C o .
N o r t h w e s t e r n P u b l i c S e r v ic e C o .
O h i o P u b l i c S e r v ic e C o .
O m a h a & C o u n c il B lu ffs S t. R y .
O zark P ow er & W a ter C o.
P o r tla n d E le c tr ic C o.
S h a w in ig a n W a te r & P o w e r C o .
U n io n L i g h t , H e a t & P o w e r C o .
U n it e d F u e l G a s C o .
V i r g in i a n P o w e r C o .
W est P en n P ow er C o.
W e h a v e b e en id e n tifie d e ith e r as p rin cip a ls o r
jo in t ly in th e fin a n c in g o f th e a b o v e co m p a n ies
A . B. Leach & Co., Inc.
N EW Y O R K
BOSTON
PH ILADELPH IA
CHICAGO
46
PUBLIC UTILITIES
Colorado. Gas and steam heating service is supplied to Denver and the
street railway system is operated in Boulder, Colo. Population served
estimated at 400,000.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $25,000,000 ($100)_______
_______ $20,500,000 __________
ls t p f7 % c u $25,000,000(8100)____
7%
9,767,044
First mtge & ref Series “ A ” . . 1923
6 g M-S
3,541 ,900 Sept 1 1953
Series “ B ” ______________■ 1924
5H g M-S 11.833,100 Sept 1 1954
($100, $500 & $1,000 c* and Int. at Halsey, Stuart & C o., Inc., Chicago,
$1,000, &c, r*)____________
___________ gold_____tf
and office o f company, New York.
10-year 7% conv debs ($100,/ 1923
7 g A-O
2,167,900 Oct 1 1933
$500 and $1,000) gold_ c*llrving Bank-Columbia Trust C o.,N .Y .,trus.
_
Denver Gas & Elec gen mtgef 1903
5 g M -N
6,098,900 M ay 1 1949
($1,000, $500, $250, $100)-jEquitable Trust C o., New York, trustee.
-C *[
©env G & E L Co 1st & ref M / 1911
5 g M -N
8,473,900 M ay 1 1951
($100, $500 & $1,000) g ..c * (Bankers Trust C o., New York, trustee.
Colo Pow Co 1st M ($100, & c,/ 1913
5 g M -N
4,169,200 M ay 1 1953
c*, and $1,000, &c, r*) gold\Int. at Irving Bank-Col. T r. C o., N . Y ., trus.
6%
128,500 Mar 1 1926
United Hydro-El Co 1st mtge______
Stock.— First preferred callable, all or in part, at 110 and dividends.
Bonds.— First mortgage and refunding bonds secured by a first mortgage
lien on certain property and are further secured by pledge o f $3,589,000 of
divisional bonds. Mortgage provides for improvement fund of 2% of first
and refunding mortgage bonds outstanding. Mortgage provides for reim
bursement o f the Penn. 4 mills tax and the Conn, personal property tax not
exceeding 4 mills per dollar per annum, and the Mass, income tax on int.
not exceeding 6% per annum to resident holders, if requested within 60
days after payment upon proper application.
Series “ A ” are redeemable, all or part, on 30 days’ notice at 105 and int.
to and including Sept. 1 1933; thereafter decreasing 14 % each year to
Sept. 1 1952; and thereafter at par and interest to maturity. $5,000,000
Series “ A " 6s were offered by Halsey, Stuart & C o., Inc., and A. B. Leach
& C o., Inc., at 93 and interest, to yield about 6.55%.
Series “ B ” are redeemable, all or part, on 30 days’ notice at 105 and int.
to and including Sept. 1 1932; thereafter decreasing 1 % each expired 5-year
period or fraction thereof to Sept. 1 1952, and thereafter at the principal
amount and interest to maturity. In Oct. 1924, $10,000,000 Series “ B ”
5 ^ s were offered by Halsey, Stuart & C o., Inc., and A . B. Leach & C o.,
Inc., at 93 and interest, yielding over 6 % . V. 119, p. 1291.
Ten-year 6% convertible debentures are convertible at any time at holder’s
option into 7% cum. first pref. stock at $100 for pref. stock and $105 for
the debentures, with adjustment o f dividends and interest. Quarterly
sinking fund o f $125,000 per annum commenced Oct. 1 1924. Are callable,
all or part, at any time on 30 days’ notice at the following prices and interest:
At 107 14 up to and including Oct. 1 1926; at 105 after Oct. 1 1926, and up
to and including Oct. 1 1927; and decreasing 1% for each succeeding year
or part thereof during the next five years, and at par thereafter to maturity.
Penna. 4 mill tax. Conn, personal property tax not exceeding 4 mills, and
Mass, income tax on the interest not exceeding 6% per annum refunded.
In Oct. 1923 $2,250,000 debentures were offered by A. B . Leach & C o., Inc.,
New York, and Federal Securities Corp., Chicago, at 98)4 and interest, to
yield about 7 14 % ■
Denver Gas & Electric general mortgage (now first) 5s assmued by Public
Service Co. o f Colorado. Have annual sinking fund o f 1% o f outstanding
bonds. $966,100 retired by sinking fund. Are callable, all or in part, at
105 and interest. Interest payable at office of H. L. Doherty & C o., N . Y .
Denver Gas & Electric Light first and refunding 5s are callable at 105 and
interest. Sinking fund o f 1% o f outstanding bonds annually. $850,100
held in sinking fund. Interest at office o f H. L. Doherty & C o., N . Y .
Colorado Power Co. first 5s are callable either as a whole or for sinking
fund at 105 and interest. Sinking fund o f 14 of 1% yearly of bonds out
standing for eight years commencing 1918, and 1% from 1926 to 1952, incl.
The United Hydro-Elec. 1st 6s due Mar. 1 1926 are callable at 104 and int.
EARN IN G S.— Of Public Service Co. o f Colorado and subsidiary (as
now constituted) for 12 months end. Dec. 31 1924:
Gross earnings from operation_______________________________ $9,426,754
Operating expenses, maintenance and taxes__________________ 5,505,522
Net from operation________________________________________ $3,921,232
Non-operating income_______________________________________
197,680
Net earnings available for interest and reserves___________ $4,112,912
Annual interest requirements on funded debt outstanding____$2,172,403
O F F IC E R S — Pres., H. L. Doherty: V.-P. & Gen. M gr., Clare N.
Stannard; Sec., J. E. Loiseau: Treas.. H. T . Hughes.— V. 119, p. 1291,1517.
2648, 3011’ V. 120, p. 1090,2270.
ELECTRIC BOND AND SHARE CO.
Control.— In Jan. 1925 the Electric Bond & Share Securities Corp. was
formed to take over all the com. stock o f the Electric Bond & Share Co.
held by the General Electric Co. Holders of General Electric Co. com.
were allotted stock in the new co. share for share. V. 120, p. 86, 329.
ORGAN IZATION .— Incorp. Feb. 28 1905 in New York.
CHARACTER OF BUSINESS.— Takes a financial interest in electric
power and light enterprises; buys, holds and sells securities issued on such
properties and renders expert assistance in connection with the financing
and operation o f cos. controlling and operating such properties. The co.
also furnishes the necessary capital and manages consolidations and reor
ganizations of properties o f the above-mentioned character. See article
in “ Forbes Magazine” June 1925. V. 120, p. 3186.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $25,000,000 ( $ 1 0 0 ) - - ____
_________ $25,000,000 Sept’25, 2%
Pref 8% cum $25,000.000(1100)____
6 Q-F
25,000,000 N ov ’25,1
Stock.— Pref. is call, as a whole on any div. date on 90 days’ notice at 110 &
dlvs. Pref. and common stock have equal voting power. In Dec. 1924
Bonbright & C o., Inc., offered $2,600,000 6% pref. at 102 & divs., to yield
5.88% . V. 119, p. 2760.
Dividends.— Divs. at the rate o f 5% per annum were paid regularly on
the pref. stock from organization up to Oct. 31 1911, at which time the regu
lar rate was increased from 5% to 6% per annum, and have been paid
regularly at this rate since then. Common stock has regularly paid divs.
o f not less than 8% per annum since July 15 1909.
EA R N IN G S.— For years ended:
Gross
Net
Preferred Common Accumul’ed
Income.
Income. Dividends. Dividends. Income.
$
$
$
$
$
Dec. 31 1924___ 12,552,881 8,455,791 1,353,400 1,856,577 14,981,868
Dec. 31 1923___ 11*110,693 7,469,358 1,123,197 1,399,608 9,736,u53
Dec. 31 1922____ 6,141,511 3,741,469
676.667 *3,904,358 4,789,496
606.667 *1,000,000 5,629,051
Dec. 31 1921---- 3,968,973 2,377,514
588.580
800,000 4,858,204
Dec. 31 1920___ 3,564,734 2,127,600
Dec. 31 1919---- 3,114,872 1,697.472
563,525
778,730 4,119,184
* Includes special divs. on common stock, $200,000, paid in 1921 and
$3,000,000 in 1922; all in addition to the regular divs. at the rate of 8%
per annum on the Common stock.
OFFICERS.— Pres., S. Z. Mitchell; V.-Ps., F. A. Farrar, C. E . Groesbeck, H. C. Abell, S. R . Inch, Frank Silliman Jr., F. B. Odium, E . W . Hill
and L. H. Parkhurst; Sec., F. P . Summerson; Treas., A . C . Ray.— Y . 119,
p. 2760: V . 120, p. 86, 329, 956.
GENERAL GAS & ELECTRIC CORP (D el.).
O RGAN IZATION .— Incorp. in Delaware July 21 1925 (V. 121, p. 457)
.as successor to co. o f same name incorp. in Maine Aug. 2 1922 (Y. 95, p.
110). Stockholders o f the old (Maine) corp. exchanged their holdings
for the equivalent in shares o f the new (Del.) corp. bearing exactly the same
-dividends and all conditions o f the stock except that the stocks of the new
(Del.) co. are not participating. For further particulars about the exchange
o f stocks, &c., see detailed reports in V. 120, p. 3314; V. 121, p. 198, 585,
1461. The purpose o f the new incorporation was to have the advantage of
broader powers for mergers and consolidations. Corp. owns control of
public service properties under management of the W . S. Barstow Mgt.
Ass’n, Inc. Acquired in 1925 control o f the Tonawanda Gas & Elec. C o.,
and the North PennPower Co.o V. 121, p . 585. Purchased the property
[V ol. 121,
o f the Winston-Salem (N. C.) Gas Co. V . 121, p. 1348, 1349. Its sub
sidiary, the Jersey Corp., took in July 1925 title to the old Boonton (N . J.)
Iron Works. V. 121, p. 457.
Use of Powdered Fuel.— See V . 121, p. 1461.
Owns control o f public service properties under the management o f the
W . S. Barstow M gt. Assn., Inc.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.— The
subsidiary companies include: Metropolitan Edison C o., Pennsylvania
Edison C o., Metropolitan Power C o., Easton Gas Works, N . J. Power
& Light C o., Binghamton Light, Ht. & Power Co., Interurban Gas C o.,
Reading Transit & Lt.. Co., Oley Valley R y. C o., York Haven Water &
Power Co., Sayre Elec. Co.', Eastern Utilities Coal Co., Hanover Power C o.,
Hanover & McSherrytown Street R y. C o., Gettysburg Electric C o., North
Carolina Public Service C o., Inc., The South Carolina Gas & Electric C o.,
Columbia Ry. Gas & Elec. C o., Broad River Power Co. (incorp. July 1924;
V. 121, p. 196), Florida Public Service C o., Owego Light & Power C o.,
Susquehanna County Light & Power C o., Cumberland Valley Light &
Power Co., Birdsboro Electric Co., Newton Gas Co., New Jersey Power
Corp. Formerly controlled the Rutland R y ., Light & Power Co., the Ver
mont Hydro-Electric Corp., and the Pittsford Power Co., but in March
1925 those properties were acquired by the Insull interests. V. 120, p. 1458.
Controls direct or through subsidiaries by stock ownership and long term
leases 49 public utility companies, serving important communities in the
Eastern and Southeastern sections of the United States with electric light
and power, gas and interurban and street electric railway service. Proper
ties controlled direct or through subsidiaries are mainly electric light and
power, and are located in Pennsylvania, New Jersey, New York, Vermont,
New Hampshire, North Carolina, South Carolina and Florida.
The combined physical properties include 47 electric generating plants
with an installed capacity of 255,645 k.w ., 1,652 miles of high tension
transmission lines, 4,137 miles of distribution lines, gas properties with
447 miles of mains and electric railway properties with 282 miles of track.
Population served is in excess of 2,000,000.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Cl A com 800,000 shs (no p a r ) . ____
_________ 160,480 shsOctl’2537Hc.
Cl B com 400,000 shs (no p a r ) . ____
.181,652 shs
$7 cum pref Class A (no par)______
40,000 shs Oct 1’25$1.75
$7 Q-J
$8 cum pref Class A (no par) . ______
62,650 shs Oct 1’25]$2.00
$8 Q-J
$7 cum pref Cl B 100,000 shs
(no par)___________________ _____
32,500 shs Octl'25$1.75
$7 Q-J
Dividend participa’ns 3 8 0 ,6 0 0 .____
380,600 __________
Principal Bds., &c., of Sub. Cos.—
Penna Edison Co 1st M $ 5 0 , 1 9 1 6
5-6gA-0
7,355,500 Apr 1 1946
000,000 ($100,&c) g.c& *r*/B k. o f N o. Amer. & Trust C o., Phila., Trus.
10-yr 2d M notes ($100,1 1916
6 M -N
814,000 M ay 1 1926
&c) gold_________________ /Fidelity Trust C o., Phila., Trustee
N J Pow & Lt Co 1st M tgei 1916 5 g F-A
2,490,000 Feb 1 1936
($1,000, &c) gold______ c * /ln t. at Guaranty Trust C o., N. Y ., Trustee
Bing L H & P Co 1st ref M\ 1916 5 g A-O
4,679,000 Feb 1 1946
($1,000) gold__________ c*/In t. at Guaranty Trust C o., N . Y ., Trustee
York Hav W & P Co 50-yr bds 1 1901
5 g J-D
1,500,000 June 1 1951
($500 & $1,000) gold_____jln t. at Land Title & Trust C o., Phila.,trus.
York Hav W & P Co 5% b d s ) ____
5 g M -N
1,374,000 M ay 1 1957
($1,000) gold___________ Jlnt. at Land Title & Trust C o., Phila., trus.
Hanover Power 1st M Ser “ A ” ( _____
6g J-D
281,000 June 1 1928
Series “ B"
6 g J-D
93,000 June 1 1941
Series " C ” _______________
6 g J-D
474,900 June 1 1941
($100, $500 & $1,000) gold. Int. at York Trust C o., York, Pa., trustee.
Owego L&P Co genM Ser“ A ” 1923
6 g M -N
159,000 M ay 1 1963
Series “ B “
, 1923
6 g M -N
41,000 M ay 1 1963
gold______________________(int. at First N at’l Bank of Owego, trustee.
Susq County L & P Co 1st M l 1913
6 g J-J
600,000 Dec 15 1943
($100 and $500) gold______ jln t. at Scranton Tr. C o., Scranton, Pa., trus
Rutland R y Lt & Power Co
Reading Transit & Light Co
North Carolina Pub Serv, Inc See separate statements.
Columbia Ry Gas & Elec Co
Florida Public Service Co.
South Carolina Gas & Elec Co
Metropolitan Edison Co
Stock.— The pref. class “ A ” shares are pref., with class “ B ” pref. stock,
over all junior stocks, in liquidation or dissolution, to the amount of $100
per share. Class A common stock has preference as to assets over Class B
common to an amount of $25 per share. After Class " B ” common has
received $25, both classes of common stock share equally in the remaining
assets.
The dividend participations were issued to the holders of the cum. pref.
Class A and B stock of the old (Maine) corporation as a compensation for
the omission of the participating privileges in the new preferred stock.
In Aug. 1925 Pynchon & C o., West & Co. and Jackson & Curtis sold
40,000 shares $7 cum. pref. stock, Class A , for $97 50 per share and div.,
to yield 7.18% . These shares are non-callable. V . 121, p. 198, 585.
Bonds.— Corporation has no funded debt of its own at present. All of
the outstanding bonds, to a total amount of $5,457,750, were called for pay
ment on Sept. 1 1925. V . 121, p. 585.
Penna. Edison Oo. 1st 5s and 6s are call, at 105 Int. payable in N . Y .
and Phila.
Penna. Edison 10-yr. 2d mtge. notes are call, at 110. Int. at office of
trustee in Phila. and Bankers Trust C o., N . Y .
Bing. L. H. & P. Oo. 1st ref. M . 5s are call, at 105. V. 102, p. 1719.
$1,500,000 were offered in April 1925 by Halsey, Stuart & C o., Inc., at
97 and int., to yield about 5M % . V . 120, p. 2144.
The Metropolitan Edison Co. 1st & ref. gold 6s, series “ B ,” are call,
as a whole or in part to Aug. 1 1931 at 110; thereafter to Aug. 1 1941 at
107, and thereafter to Aug. 1 1951 at 105. Series “ C ” bonds are callable
as a whole or in part on any int. date at 105 and int. and for the last six
months prior to maturity at par and int. Int. on all series payable in
N . Y . and Chicago. Free from Penna. State tax.
Metropolitan Elec. Oo. 1st 5s are red. at 110. Sink, fund 1% ann. 1914
to 1918; 114% from 1919 to 1927; 2% from 1928 to 1938, Int. at Colonial
Trust C o., Reading, Pa. Free from Penna. State tax.
Vermont Hydro-Electric Corp. first mortgage Series “ A " 6s are callable, all
or in part, on any interest date upon 40 days’ notice at 101 and interest.
Series “ j 6s are callable, all or any part, on 40 days' notice on any interest
B”
date from Jan. 1 1924 to and including July 1 1931, at 10714 % , Jan. 1 1932
and July 1 1932, at 107%, and on any interest date in each succeeding
calendar year at percentages decreasing 14 % for each calendar year to and
including 1939; on Jan. 1 1940 and July 1 1940, and on any interest date in
each succeeding calendar year at percentages decreasing 1 . % for each
4
calendar year to and including 1951, and on Jan. 1 1952 at 10014 % ; on July 1
1952 and on any interest date thereafter at 100% and interest to date of
redemption.
York Haven Water & Power Co. 5s due M ay 1 1947, are callable, all or in
part at any time at 105% and interest.
Hanover Power Co. first mortgage bonds are callable, all or in part, on any
interest date upon 60 days’ notice at par and interest and a premium of such
amount as may be required to make the redemption price equal to the value
thereof on a 5 H % basis. Bonds may be called for the purpose of the
sinking fund on any date before maturity upon 15 days’ notice upon the
payment of the principal and interest and a premium at the then current
redemption rate.
Susquehanna County Light & Power Co. ftrst mortgage 6s are callable, all or
in part, on any interest date upon 60 days’ notice at 105 and interest.
Dividends.— On Class “ A ” common shares a regular quarterly dividend
of 3714c. was paid on Oct. 1 1925 to holders of record Sept. 15, who were
given the option of accepting an equivalent amount of common stock, Class
‘‘ A ,” at $25 per share. V . 121, p. 1227.
Binghamton Light, Heat& Power Co'.— Subsidiary.
ANNUAL R E PO RT.— The year 1924 was marked by increased business,
acquisition of 8 companies and enlargement of plants and system. See
V. 121, p. 196, also for consolidated earnings 1924.
In Oct. 1925 the Afton-Windsor Light, Heat & Power C o., Inc., the entire
capital stock of which was acquired before, was merged with the Bing
hamton Lt., Ht. & Pow. Co. V. 121, p. 584, 2036.
EARNINGS.— Year ended June 30 1925, V . 121, p. 584.— V. 121, p.
196, 584, 2036.
New Jersey Power & Light Co.— Subsidiary.
For earnings year ended June 30 1925 and purchase of Blairstown Electric
Light Co., see V. 121, p. 331, 586.
Pennsylvania Edison Co.—-Subsidiary.
For consolidated earnings year ended June 30 1925, see V . 121, p. 587
Redemption of pref. stofck, V . 121, p. 331.— V. 121, p. 331, 587.
Oct., 1925.]
R E PO RT.— For 1924 showed:
Calendar Years—
Operating revenue________________
Operating expenses and taxes_____
Maintenance and depreciation____
Rentals___________________________
Operating income______________
Other income_____________________
1924.
1923.
1922.
$18,373,851 $15,715,317 $13,099,360
9,011,759
8,125.312 6,824,649
3,517,460
3,069,919 2.377,388
400,604
396.924
399,354
$5,444,028
538,247
$4,123,161
432,588
$3,497,969
160,358
Total income___________________
$5,982,275
Int. on funded debt (sub. cos.)______ 2,638,974
do General Gas & El. Corp______
328,844
Other interest and miscell. charges..
160,645
Amort, o f discount & expense, &c_
_
211.872
Divs. on stocks o f subsidiary cos___
1,093,295
Divs. G. G. & E. Corp. pref. cl. A stk.
368,193
do
do
cl. B stk.
x476,131
Balance, surplus_________________
$704,321
$4,555,749
1,789,785
347.965
87,204
150,522
900,570
178,745
$3,658,327
1,622,826
375,871
117,224
180,144
565,694
48,240
$1,100,958
$748,328
x Includes current and accumulated dividends. Requirements for annual
divs. on class B com. stock outstanding Dec. 31 1924 amounts to $122,500.
Latest Earnings.— Consolidated income account year ended June 30 1925:
Operating revenue_____________________ ______ ______________ $19,927,312
Operating expenses and taxes, $9,661,478: maintenance and
depreciation, $3,525,911; rentals, $406,047---......................... 13,593,436
Operating income______________________________ _____ _____ $6,333,876
Other income________________________________________________
472,940
Total income________ ______ _______________________________$6,806,816
Deduct in t. on funded debt of sub. cos., $3,160,266: int. on bonds
of General Gas & Elec. Corp., $300,377; other int. and misc.,
$185,639; amortization of debt discount & expense, $243,543- 3,889,826
Net income----------------------------------------------------------------------- $2,916,990
Surp. July 1 1924, incl. surp. of companies acquired during year $4,329,511
Profit on sale of securities and miscellaneous_________________ 1,111,085
Total income--------------$8,357,586
Deduct— Dividends subsidiary companies_____________________ $1,190,648
do General Gas & Electric Corp. Cum. pref. stock, Class
“ A ,” $481,621; cum. pref. stock. Class “ B ,” $562,576____ 1,044,197
Additional depreciation______________________________________
384,007
Miscellaneous___________________________ _
180,879
Surplus June 30 1925
$5,576,853
OFFICERS.— Pres., William S. Barstow; V .-P ., Lucien H. Tyng and
William Buchsbaum; Sec., O. Clement Swenson: Treas., John P. Campbell;
Asst. Sec. & Treas., Arthur A. Cano. Office, 50 Pine St., New York
— V . 119, p. 2529; V . 120, p. 86, 1088, 1458, 2005, 2 0 11.2039, 2814, 3314;
V . 121, p . 198, 457, 585, 1100, 1227, 1348, 1461.
M ETROPOLITAN EDISON CO.
Controlled by General Gas & Electric Corp.
Management.— W . S. Barstow Management Association, Inc.
ORGAN IZATION .— Formed in Pennsylvania July 24 1922, succeeding
company of the same name formed in 1917 through consolidation of the
Metropolitan Electric Co. (which had been operating in Reading and vicin
ity since 1894), the Edison Electric Illuminating Co. at Lebanon, Pa., and
the Lebanon Valley Electric Light Co. In addition to its property owned
direct, company owns the entire outstanding Common stocks of (a) Penn
sylvania Edison Co., Easton. Pa. (which controls Eastern Pennsylvania
Power Co., Phillipsburg. N . J , Easton Gas Works, and Interurban Gas Co.,
Nazareth, (Pa.); (b) Hanover (Pa.) Power Co. (which controls Hanover &
McSherrystown Street R y .); (c) Gettysburg (Pa.) Electric Co.; (d) York
Haven (Pa.) Water & Power Co.; (e) Cumberland Valley Light & Power
C o., Dillsburg, Pa., and (f) Metropolitan Power C o., Middletown, Pa.
It also owns $750,000 Reading Transit Co. Class B pref. stock, which is
paying dividends at the annual rate o f 7% .
FIELD OF OPERATION A N D CHARACTER OF BUSINESS.—
Company supplies electric light and power in an extensive territory in
the eastern part of Pennsylvania, serving the cities o f Reading and Lebanon,
Pa., and surrounding districts, that part directly served including 76
communities, in addition to which power is wholesaled to local companies
n 92 large boroughs and towns. It supplies also practically all power
used by the Reading Transit Co. Through a system of high-power trans
mission lines the company controls an inter-connected power system ex
tending from Easton, Pa., and Phillipsburg, N. J., on the Delaware River,
southwesterly across Pennsylvania to Gettysburg and Hanover, near the
Pennsylvania-Maryland line. As o f Dec. 31 1924 the companies had
75,031 electric customers, against 64,940 at Dec. 31 1923.
Company’s franchises and rights are unlimited as to time and without
burdensome restrictions. There is no competition o f similar class of service.
The properties o f company and subsidiaries include 670 miles of trans
mission lines and 981 miles of distribution lines. Of these lines the company
owns direct 316 miles o f transmission lines and 391 miles of distribution
lines. The principal power plant, located on the Schuylkill River at
West Reading, has an installed generating capacity o f 71,500 k. w.
The property of the Pennsylvania Edison Co., which operates in and
about Easton, Pa., includes its main steam station with a generating
capacity of 35,000 k. w., three small hydro-electric plants, together with
200 miles of transmission lines and 398 miles o f distribution lines.
The York Haven Water & Power Co., which operates in and about York
Haven, York and Middletown, Pa., owns a hydro-electric power plant
on the Susquehanna River at York Haven, with a generating capacity of
15,000 k. w.; also 76 miles o f transmission lines and 55 miles of distribution
lines, including the line connecting with the plant o f the Metropolitan
Edison Co. at Reading.
Super-Power System.— The Metropolitan Edison properties form a con
siderable portion o f the Pennsylvania-New Jersey power system of the
General Gas & Electric Corp. Being interconnected by high-tension trans
mission lines, they are operated as a super-power system and are included
in the Boston-Washington zone o f the Super-Power Survey made for the
Department o f the Interior o f the U. S. Government. To add to the power
supply of this system. Metropolitan Power Co., a subsidiary of Metropolitan
Edison Co., completed and placed in service early in 1925 the first 30,000
k. w. unit o f a 200,000 k. w. steam power station on the Susquehanna
River near Harrisburg, Pa.
STOCK A N D BONDS—
Date.
Interest.. Outstanding. Maturity.
Common 500,000 shs (no par)
129,842 shs.
Cum pref Ser “ B ” 150,000 s h s l —
____
$7
17,100 shs/Oct 1925,
(no par)__________________ J
1
$1.75
Ser “ C ” 150,000 shs (no p a r )..
$6
135,000 shs Oct’25$l .50
R ef & impt bonds Ser, “ B ”
1922
6 g F-A
6.080.000 Feb 1 1952
1923
5 g J-J
3.150.000 Jan 1 1953
($100, &c)________ c*&r* (Guaranty Trust C o., N . Y ., trustee.
M et El Co 1st s f ($1,000, J 1909
5 g A-O
2.418.000 Apr 1 1939
$500, $100)____________ c*[Girard Trust Co. Philadelphia, trustee.
Subsidiary bonds____________ _____
______
15,951,800 __________
EARN ING S.— 12 months ended June 30—
1925.
1924.
Operating revenue------------------------------------------------$8,154,372 $7,883,260
Operating expenses and taxes_____________________ $3,377,541 $3,744,074
Maintenance and depreciation___________________
1,465,868
1,533,141
R entals__________
66,198
66,198
Operating income_______
3,244,765
2,539,846
Other incom e._____________
266,860
408,966
Total income-----------------$3,511,625
Interest on funded d e b t.________________________
1,499,320
Other deductions_______________________________
187,992
Provision for dividend on Preferred stock_________
674,507
$2,948,811
1,310,661
153,811
580,974
Balance o f net income----------$1,149,806
$903,365
— V. 120, p. 2550, 2683, 2816, 3314; V. 121, p. 330, 458, 586, 706, 839, 1569.
47
POWEB, LIGHT AND BAILW AY
(THE) UNITED GAS AND ELECTRIC C O R PO RA TIO N .
ORGANIZATION.— Incorp. in Conn, on July 20 1923 as a consolida
tion of The Berkshire Corp. and The United Gas & Elec. Corp. (as per plan
outlined in V. 116, p. 1761). Owns entire common stocks o f the following
companies (V. 94, p. 1388, 1696; compare also V. 97, p. 726):
United Gas & Electric Co. o f N . J. JUnited Gas & Elec. Eng. Corp.
Lancaster (Pa.) Co. R y. & Lt. Co.
Central River Coal & Supply Co.
Harrisburg (Pa.) Pight & Power Co. Valley Railways (Lemoyne, P a.).
Houston (Texas) Gas & Fuel Co.
United Elec. C o. (Chambersburg,
Union Gas & Elec. Co. (BloomingP a.).
ton. 111.).
(Delta Elec. Power C o., Delta, Pa.
Also controls the Elmira Water, Light & R R . C o., which see under
“ Elmira, N . Y .”
United Gas & Electric Engineering Corp.— This co. was organized in 1913
for the purpose of acting as consulting, contracting and operating engineers
and as purchasing agents for the U. G. & E. Corp.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common (no par)___________ _____
_________ 310,464 shs. ________
Preferred ($100)___________________
Q-J
$6,499,400
See text
Collateral trust sink fund gold ( 1915
6 g A-O
8,847.100 April 1 1945
bonds Ser “ A ” $15,000,0001 Int. at Guaranty Tr. C o., N. Y ., trustee.
($1,000 and $100)____c * tf( and Penn. Co. for Ins. on L.&Gr.An..Phil.
Stock.— The pref. is to bear cum. divs. at the rate of 5% per annum to
July 1 1925: 6% thereafter to July 1 1927 and 7% thereafter,
tion of The Berkshire Corp. and The United Gas & Elec. Corp. (as per plan
Bonds.— Of a total of $9,669,000 6% coll, trust sinking fund bonds, due
1945, outstanding, $8,847,100 are in the hands of the public, $378,000
are owned by a subsidiary company. $811,900 are held in the sinking fund
and $10,000 have been reacquired for sinking fund purposes. Of the
original issue of $10,098,000, $331,000 have been canceled and retired and
$98,000 are held in the treasury. $4,902,000 may be issued for 75% of
the cost of acquisitions under certain restrictions. The coll, trust bonds
are secured by com. and pref. stocks of the sub. cos. Red. as a whole or
in part at 102H and int. on 4 weeks’ notice. A cumulative sinking fund
which began July 1 1918 will retire over 70% of the bonds at maturity.
V. 100, p. 2091. Tax refund in Pa.
Dividends on Pref.— An initial dlv. on pref. at rate of 5% per ann. (for
period July 20 1923 to Oct. 1 1923) was paid Oct. 1 1923. See also V . 118,
p. 1137. Divs. at same rate paid regularly quar. since to and incl. Oct. ’25.
D iv. on pref. at the rate of 6% was paid Sept. 30 1925.
RE PO RT.— Calendar years:
1921.
Calendar Years—
1924.
1923.
1922.
$982,680
x R ece ip ts.....................$1,221,094 $1,161,393
$776,422
710,935
Int. & amortization____
592,981
649,819
674,841
Profit on securities, & C - .
43,475
lossl,414 loss71,968
Preferred dividends____
324,970
yl44,431
_____
Surplus.........................
$346,618
$365,729
$29,613
$271,745
x Dividends of subsidiary companies actually declared during the year
and miscellaneous direct earnings (net) after deducting expenses, y Covers
period from July 20, date of reorganization, to Dec. 31 1923.
Subsidiary Companies.
Calendar Years—
1924.
1923.
1922.
Gross earnings_____________________ $12,297,568 $11,655,651 $10,361,597
Oper. expenses (incl. m aintenance)-. 7,228,488
6,845,338
5,960,987
666,834
640,023
609,648
Taxes____________
Fixed charges_______________________ 1,596,030
1,455,610
1,441,571
Renewal and replacement reserve____
769,032
807,169
640,850
Bal. avail, for financing and d iv s .. $2,037,184
Latest Earnings.— For 12 mos. end. June 30—•
Gross earnings______ - __________________________
Operating expenses (incl. maintenance & taxes) - Net earnings____________________________________
Fixed charges.._________________________________
Renewals and replacement reserve_______________
,907,516
1925.
.,078,090
710,293
367,795
145,457
63,117
$1,708,541
1924.
$975,199
651,521
321,678
139,915
61,311
Balance available for dividends________________
$177,512
$139,607
OFFICERS.— Chairman of B d., Geo. T . Bishop; Pres., E. G. Connette;
V .-P ., A. N. Woodhead; Sec. & Treas., J. A. McKenna; Asst. Treas. &
Asst. Sec., H. P. Van Iderstine.— V. I l l , p. 598, 1662, 1860; V. 112, p. 569,
1618; V. 114, p. 861, 1065, 2014; V. 116, p. 1412, 1761, 2258, 2638, 2648,
2994; V. 117, p. 440, 670, 1463, 1557, 2900; V. 118, p. 86, 1137, 1393, 2180,
2706; V. 119, p. 1173, 1397, 2764; V. 120, p. 584, 2150.
UNITED GAS & ELECTRIC CO
ORGANIZATION.— Incorp. in Dec. 1901 in New Jersey. All the com
mon stock was acquired by the Susquehanna R y., Lt. & Pow. C o., which
on June 6 1912 was consolidated with United Gas & Elec. Corp. and which
on July 20 1923 was consolidated with the Berkshire Corp. Owns and
controls the following gas and electric properties;
Citizens Gas & Fuel C o., Terre Lockport (N. Y .) Light, Heat &
Haute, Ind.
Power C o., and through it the
International Power & Transmis
Empire Water & Power C o., Colo
rado Springs, Colo.
sion C o., Lockport, N. Y .
Richmond (Ind.) Light, Heat &
Power Co.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock common 40,000 s h a r e s ..____
_________ 36,210 shs.
See text
Stock preferred $1,500,000_________
J-J
$1,195,800 July '25, 2 X
Securities of controlled gas and electric companies—
Citizens G & F 1st ref M $2,-f 1910
5 J-J
594,500 Jan 1 1960
000,000($100,$500&$1000).jInt. at New York Trust C o., New York,
red as a whole@105&int. t f I trustee.
Lockp L H & P 1st M ser “ A ” l 1924
5M g M -N 1,100,000 N ov 1 1954
($500 & $1,000) gold_ ctf/N ew York Trust C o., N . Y ., Trustee.
_
Rich L H & P 1st M $3,000,-f 1914
5 M-S
400,000 Mar 1 1939
000($100,$500&$l,000)c&rtf)lnt. at New York Trust C o., N . Y ., trustee,
red @ 105 and interest____( Demas Doming is also trustee.
Bonds.— Of Citizens’ Gas & Fuel first & refunding mortgage bonds,
$284,000 are held in treasury and $1,121,500 are for acquisitions, extensions.
Love, Macomber & Co.
49 WALL STREET
NEW YORK
Underwriters and Distributors
of Corporation Issues
SPECIALIZING IN
PUBLIC
UTILITIES
48
PUBLIC UTILITIES
Improvements, &c., and can only be issued or 85% o f cost o f same, Paul
N . Bogart is also trustee.
Lockport Light, Heat S Power 1st mtge. ser. “ A ” 5 J4s are red. all or
c
In part by lot on any int. date on 4 weeks’ notice at 105 and int. on or before
N ov. 1 1929, and thereafter at 1% less for each 5-year period to and incl.
N ov. 1 1949, and thereafter to and incl. N ov. 1 1951 at 100)4 and int.,
and thereafter at 100 and int. Company agrees to refund Penna. 4-mill
tax. In Oct. 1924 Tucker, Anthony & Co. and Spencer Trask & Co.
offered $1,100,000 at 99M (less an amount equal to int. at rate of 5)4%
per annum from date o f payment to N ov. 1 1924), to yield about 5.55%.
V. 119. p. 1632.
Dividends.— On pref. 5% has been regularly paid since incorp. On com.,
in 1906 and 1907, 2% ; 1908, 4% ; 1909, 2% ; 1910, 4 % ; 1911, 4% ; 1912,
4% ; 1913, 4 )4 % ; 1914, 4 )4 % ; 1915, 4%,: 1916. 7 )4 % ; 1917, 4% ; 1918,
2 M % ; 1919, 1)4% ; 1920, 1 )4 % . In 1921 none paid. In 1922 common
stock was changed from $100 par to shares o f no par value. In 1922, 60c.
per share was paid on the new stock. In 1923, $2 50. In 1924, M ar., 50c.
June, 65c.; Sept., $1. In 1925, M ar., 60c. June, 65c.
EARN ING S.— For year ended Aug. 31 1925, earnings (less expenses),
$371,286; pref. div., $59,790; surplus, $311,496. Year ended Dec. 31 1923,
earnings (lessexpenses),$307,484; pref. div., $53,790; surplus, $247,694.—
V . 93, p. 1783; V. 101, p. 48; Y. 107, p. 1288; V. 108, p. 487, 789; V. 114,
p. 1418.; V. 121, p. 73.
HARRISBURG LIGHT & POWER CO.
ORGANIZATION.— Incorp. July 22 1912 to take over the Harrisburg
Light, Heat & Power Co. and Paxtang Elec. Co., whose franchises are per
petual. In Feb. 1913 the Harrisburg Light & Power Co. purchased the
Harrisburg Steam, Heat & Power Co. In Aug. 1913 acquired Steelton
Light, Heat & Power C o. V . 97, p. 179.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Serves with light and power the city o f Harrisburg and the adjacent com
munities o f Steelton, Dauphin, Penbrook, Paxtang and Riverside; also
serves the main business section o f Harrisburg with steam heat. Esti
mated population served, 125,000.
C A PITALIZATION .— Stock outstanding, $2,232,150 common and
$1,250,000 6% cum. pref. stock. All the common owned by The United
Gas & Electric Corporation.
BONDS—
Date.
Interest. Outstanding. Maturity.
Harrisburg L & P 1st & ref M l 1912
5 g F-A
$5,400,000 Aug 1 1952
$10,000,000 gold ($100 and (Fidelity Trust C o., Philadelphia, trustee.
$1,000)_____ _____ ___ c*tf. J
Bonds.— Remaining Harrisburg Light & Power first & ref. bonds are re
served for improvements, extensions, &c., under certain restrictions. Red.
at 105 and interest on any interest day.
EARNINGS.-—For year ended Aug. 31 1925, gross, $2,144,200; net
(after taxes), $941,923; charges, $388,672; surplus, $553,251. Year ending
Feb. 29 1924: Gross, $1,880,657; net, after taxes, $757,057; charges,
$356,251; surplus, $400,806— V. 120, p. 1585.
HOUSTON GAS & FUEL CO.
Entire common stock is owned by United Gas & Electric Corp.
FIELD OF OPERATIONS AN D C H A R ACTER OF BUSINESS.—
Does entire gas business o f Houston and vicinity. Has acquired Houston
Gas Co. Franchise runs until July 1 1955.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $1,500,000_________ All owned by United Gas & Electric Corp.
Preferred (7% cum) $1,050,000____
7 Q-J
$1,050,000 Sept’25,1 H
R ef & impt mtge $6,000,000-- 1912 5 M-S
2,870,000 Sept 1 1932
Stock.— Preferred stock is callable at 110 and dividends.
Bonds.— Additional bonds can be issued only for 80% o f cost o f extensions
and improvements when annual net earnings are double the interest on bonds
including those to be issued.
EARN ING S.— For 12 mos. ended Aug. 31 1925, gross, $1,527,808; net
(after taxes), $501,438; charges, $164,232; surplus, $337,206. For 12 mos.
ended Feb. 29 1924; Gross, $1,400,736; net, after taxes, $545,806; charges,
$155,807; surplus, $389,999.— V. 106, p. 818; V. 110, p. 974; V. 115, p.
551; V. 120, p. 453, 1881.
UNION GAS & ELECTRIC CO.
ORGAN IZATION .— Incorp. July 6 1899 under the laws of Illinois for
99 years. Acquired physical property, franchises and capital stock of the
Bloomington Gas Light & Coke Co. and the Citizens’ Gas Light & Heating
Co
All common and all preferred stock owned by United Gas & Elec. Corp.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Common stock $1,000,000_________
_______
$750,000 Sept’24, 1%
7%
401,900 Sept ’24,1 K
Pref stock (7% ) $1,000,000________
First mortgage $750,000 ($1,-1 1905 .5 % 498,000 Sept 1 1935
000)_____________________ /Int. at First Trust & Sav. Bk., Chic., trustee.
Bonds.— The $93,000 additional bonds can be issued for 75% of cost ol
extensions and improvements when net earnings are twice interest on bonds,
including those to be issued. Redeemable at 105 and Interest on any inter
est date. Annual sinking fund o f 5% o f gross receipts on and after Oct.
1912. Up to Oct. 1 1924, $159,000 retired.
EARN IN G S.— For 12 mos. ended Aug. 31 1925, gross, $345,396; net
(after taxes), $119,263; charges, $26,074; bal., $93,189. For year ending
Feb. 29 1924, gross, $321,684; net, after taxes, $97,841; charges, $27,207;
balance, $70,634.
CONSUMERS’ ELECTRIC LIG H T & POW ER CO.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Operates an electric light and power system in New Orleans.
STOCK A N D BONDS—• Date.
Interest. Outstanding. Maturity.
Common $1,000,000________ -A ll owned by United Gas & Electric Corp.
Preferred $500,000 (7% cum )______
Q-M
$500,000 Sept ’25,1 54
First mtge $2,500,000 gold! 1911
5 g J-J
1,885,000 Jan 1 1936
($100, $500 and $l,0 00)_c*/ln t. at Columbia Trust C o., N . Y ., trustee.
The acquisition o f the, company by the Citizens Light & Power Co.
with a view to consolidating the two companies, was reported in Oct.
1925.— V. 121, p. 1676.
Stock.— Preferred stock 7% cumulative from April 1 1913.
Bonds.— Remaining bonds are for extensions, improvements and better
ments. Subject to call at 105 and interest. No sinking fund.
EARN IN G S.— Year ending Feb. 29 1924, gross, $838,025; net, after
taxes, $294,709; charges, $104,418; surplus, $190,291.
ELMIRA W ATER, L IG H T & RAILROAD CO.
Controlled by the United Gas & Electric Corp. See above.
ORGAN IZATION .— Incorp. in New York M ay 26 1900 as a consolida
tion of all the water, lighting, power and street railway properties in Elmira.
Owns entire capital stock o f Rorick’s Glen Park Ass’n and majority of stock
o f West Water St. R R . The latter co. operated under 999-year leases. Tn
April 1913 it was stated that all franchises have at least 72 years to run,
while some o f them are perpetual. In Feb. 1910 was authorized to acquire
all stock o f Montour Falls Electric Light C o. In Sept. 1914 absorbed the
West Side R R ., all o f whose stock was owned. V . 99, p. 815.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Comprises 53.8 miles o f single track in Elmira, Elmira Heights, Horseheads
and from Horseheads to Watkins (via Pine Valley, Millport and Montour
Falls). In Oct. 1923 was authorized by the P. S. Comm, to abandon a
portion o f this latter line. V . 117, p. 1774. Has 94 passenger and 22 other
cars. 56 to 122-lb. T and girder rails. Owns Rorick’s Glen Park and Maple
Ave. Driving Park. Has 80.7 miles o f natural gas mains. Two 5,250 k.w.,
one 5,000 k.w ., one 2,250 k.w . and one 2.000 k.w. turbines and 7 h.p.
boilers. Serves Elmira, Elmira Heights, Horseheads, Millport, Montour
Falls, Odessa, Chemung, Wellsburg and Big Flats; sells power to Corning
Light S Power Corp. and the Elmira Corning & Waverly R y. Co.
c
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $2,000,000 ($100)_ -----_
-----------$1,000,000
See text
1st pref $3,000,000 (7% cum ). -----7 Q-M
1,950,800 Sept ’25,154
2d pref 5% cum $1,200,000_ -----_
5 Q-M
1,200,000 Sept ’25.1 H
1st con mortgage $5,000,0001 1906
5 g M-S
4,741,000 Sept 1 1956
($1,000)................... _ .g c * tf/ Interest at New Y ork Trust C o., trustee.
Stock.— First preferred is red. at option o f co. at 115 and dividend.
[V ol. 121 ,
Dividends.— On 1st pref., 1)4% quarterly is being paid. On 2d pref.,
2)4 % paid semi-ann. from Sept. 1907 to and incl. M ar. 1914. On July 1
1914, 1 2-3% was paid, convering 4 months, and in Oct. 1914 div. o f 134 %
was paid, the annual rate being 5% , payable quar. instead of semi-ann.
(V. 99, p. 608). Same rate quar. since to Sept. 1925. On com ., 1st div.—
1%— paid Oct. 1910. In 1911, 1912 and 1913, 4 % . In 1914, Oct., 2 % . In
1915, Jan., 2% ; April, 1% ; July, 1% . In June 1916 paid 2% for 6 mos. end.
Dec. 31 1915 (declared in Dec. 1915) and 2% for 6 mos. end. June 30 1916.
In Sept. 1916 paid 1% ; Dec. 1916, 2% ; Sept. 1917, 1% ; none to June 1923,
when 1 34% was paid; in Sept., 134%: D ec., 1% . In 1924, March, 1 H % ;
June, 134%: Sept., 134%; Dec., 134%. In 1925, M ar., 1 )4 % ; June,
134%; Sept., 134%.
EARNINGS—
Gross
Net (after
Fixed
Surplus for
Calendar Years— Earnings.
Taxes).
Charges.
Renew., &c.
1923 ____________$2,211,604
$789,797
$300,850
$488,947
674,338
283,184
391,154
1922 ___________ 1,839,323
1921_____
1,679,247
564,645
286,608
278,037
Latest Earnings.— For 12 mos. ended Aug. 31 1925, gross earnings,
$2,296,233; net (after taxes), $880,143); fixed charges, $299,368; and
surplus, $580,775.
OFFICERS.— Pres., E . G. Connette; V .-P ., Geo. Bullock; 2d V .-P . S
c
Gen. M gr., F. H. Hill; Sec. & Treas., Harry B. Cleveland; Asst. Sec.,
J. A . McKenna; Asst. Treas., J. A . McKenna.— V . 112, p. 1024; V . 116.
p. 1649; V. 117, p. 1016, 1774; V . 119, p. 2877.
M OHAW K HUDSON POW ER CORP.
ORGANIZATION.— Organized in New York in M ay 1925, for the
purpose of consolidating the operations of several electric light and power
companies in the Mohawk and Upper Hudson valleys.
On July 16 1925 the N . Y . P. S. Commission granted the corporation
permission to acquire the following securities:
Municipal Gas Co. of Albany, N . Y _____________________ 75,000 com. shs.
Cohoes Power & Light Corp_______________ - ____________25,000 com. shs.
8,950 1st pref. shs.
Fulton County Gas & Electric C o_____________/
133 2d pref. shs.
3,745 com. shs.
($1,055,000 gen. mtge. bds.
Mohawk Hydro-Electric C o_____________________ $17,000 1st mtge. bds.
By consolidation with the Wanita Holding Corp. the Adirondack Power
Securities, Inc., and the Adirondack Stockholders’ Securities, Inc., the
corporation was to obtain:
Utica Gas & Electric C o_______________________________ 40,000 com. shs.
Adirondack Power & Light Corp________________________186,756 com. shs.
The acquisition of other companies is in preparation.
Terms of exchange of stocks were given in detail in Y. 120, p. 2943.
C A PITALIZATION .— The corp. has 3 classes of stock, viz.: Com., pref.
and 2d pref. stock, all of no par value. The pref. & 2d pref. stocks are
entitled to cum. divs. at the rate of $7 per share per annum. If all the
stock is exchanged there will be outstanding 280,000 shs. of pref. stock,
182,600 shs. of 2d pref. and 999,000 shs. of com. stock.
Dividends.— In N ov. 1925, $1 75 quar. div. was paid on the pref. stock.
OFFICERS.— Chairman, Charles S. Brewer; Pres., Charles S. Ruffner
Treas., Paul Weathers. Executive offices: 124-126 State St., A lbany’
N . Y .— V. 120, p. 2943; V. 121, p. 75, 200, 330, 83J, 979, 1102.
ADIRON DACK POW ER & LIG H T CORP.
ORGAN IZATION .— flo. is the result of a consolidation in 1920 of the
Adirondack Electric Power Corp. and the Mohawk Edison C o., Inc.
The latter co., prior to consolidation, was contioiled by the General Electric
C o., which now owns a substantial part of the com. stock of the present co
Co. owns all the stock of the Kanes Falls Electric Co. and of Adirondack
& Southern, Inc. In M ay 1925 acquired the Warrensburg Electric Light
Works and the Bolton Light & Power Co. The former holds franchises
in the towns of Warrensburg and Caldwell, Warren County, the latter in
the towns of Bolton, Chester, Hayne and Honcon in the same county.
The N . Y . P. S. Comm, approved the deal and fixed the value o f the
Warrensburg plant at $60,296, and the Knoblanch plant at $111,560.
V. 120, p. 2547. Acquired Riddell Electric Light Co. and Hadley Light
& Power Co. V. 121, p. 327, 1346. Plans to buylproperty and assets of
North Creek Electric Co. Y. 121, p. 1346.
Proposed Merger.— By exchange of stocks on the basis of 1-3 share 2d
pref. and 1 share of com. stock Mohawk Hudson Power Corp. for each
com. share Adirondack Pow. & Lt. Corp. the Mohawk Hudson Power Corp.,
organized in M ay 1925, expected to acquire a majority of the com. stock
of this corp. See V. 120, p. 2939, and under “ Mohawk Hudson Power
Corp.”
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS.— The
co. generates and distributes electricity in the Mohawk and Hudson River
Valleys, N . Y . Furnishes exclusively electric light and power to Schenec
tady," Amsterdam, Watervliet, Oneida, Saratoga Springs, Glens Falls and
many other communities. Co. also furnishes, under long-time contracts,
all of the electricity used by the distributing companies in Troy, Mechanicville and Canajoharie and by the electric railway systems in and about
Albany, Schenectady, Troy, Gloversville, Utica and Rome, including
practically all the interurban roads in the territory. In addition, the co.
does the gas business in Schenectady, Saraotga Springs, Oneida, Glens
Falls and Hudson Falls.
The hydro-electric plants are located principally on the Hudson and
Hossic rivers and East Canada Creek and have a total present installed
generating capacity of over 86,600 k. w. The recently completed steam
station near Amsterdam, on the Mohawk River, has a present installed
generating capacity of 60,000 k. w. The co. also purchases the entire
output of the new 30,000 k. w. hydro-electric p ’ant of the International
Paper Co. at Sherman Island, and the entire output of the new 6,000 k. w.
hydro-electric plant of the Moreau M fg. Co. at Feeder Dam. The co.
also has contracts for the purchase of over 30,000 k. w. of additional energy
for supplementary purposes to be used when necessary. Has over 500
miles of high-tension transmission lines; 27 sub-stations, and over 200 miles
gas mains.
STOCKS AND BONDS— Date. Interest.
Outstanding. Maturity.
Common $12,000,000 ($50)________
_______ $9,278,800 __________
P f 7% cum $10,000,000 ($ 1 0 0 )____
7 Q-J
9.629,600 O c t '25 1)4
P f 8% cum $3,000,000 ($100)______
8 Q-J
2,554,700 Oct ’25 2%
1st & ref M ser of 6s due 1950 f 1920 6 g M-S
14,346,000 M ar. 1 1950
Ser o f 5/4s due 1950_____\ 1920 5)4 g M -N 4,500,000 Mar. 1 1950
($500 & $1,000c* $l,000c* & Guaranty Trust C o., N . Y ., Trustee.
r * )---------------------------- g .tf I
Adirondack El Pow Corp 1st/ 1912 5 g J-J
5,000,000 Jan 1 1962
M ($1,000 c* & r*) gold_ lin t, at New England Trust C o., Boston, Tr.
_
Debentures__________________ 19205%
394,100
1930
Convertible debentures
/ 1924
6 A-Q
5,000,000 Apr 1 1929
($1,000);_____________ c*tf\New York Trust C o., N . Y ., Trustee.
x In addition there is outstanding $73,300 com. stock and $2,700 pref.
stock of the Adirondack Electric Power Corp. for the retirement of which
a like amount of the com. and 7% pref. stock, respectively, o f the Adiron
dack Power & Light Corp. is reserved.
Stock.— The 7% pref. is call, at 115 & div. On 30 days’ notice. In April
1924 $1,000,000 7% pref. stock was offered by Bonbright & C o., Inc., at
9754 S divs., to yield over 7.15% . V . 118, p. 1776.
c
Bonds.— The 1st & ref. mtge. Ser of 6s due 1950 are call, all or in part
on any int. date on or before Mar. 1 1930 at 106)4 & int., thereafter reduc
ing 1 % every 5 years to and incl. M ar. 1 1949; thereafter at 101 34 and int.
$1,250,000 Series of 6s were offered by Harris, Forbes & C o., Coffin S Burr,
c
Inc., and E. H. Rollins & Sons in June 1923 at 99)4 & int., to yield over
6% . V. 116, p. 2886. In M ar. 1924 the same bankers offered $1,150,000
at 100 & int. V. 118, p. 1667. An additional $925,000 were offered by
these bankers in M ay 1924 at 100 S int. V . 118, p. 2826.
c
The 1st & ref. M tge. Ser of 5)4s due 1950 are call, all or in part on any
int. date to and incl. N ov. 1 1927 at 105)4 & int., thereafter to and incl.
N ov. 1 1932 at 104)4 & int., and so on, reducing 1% every 5 years to & incl.
N ov. 1 1942; thereafter at 101)4 & int. Int. payable at New York Trust
C o., N . Y . $2,500,000 Ser o f 5)4s were offered in Dec. 1922 by Harris.
Forbes & C o., Coffin & Burr & C o., Inc., and E. H. Rollins & Sons at 96)4
& int., to yield about 5 )4 % . V. 115, p. 2688. In Dec. 1924 the same
bankers offered $2,000,000 add’l o f this issue at 100 & int. V . 119, p. 2644.
Adirondack Elec. Pow Corp. 1st M tge. 5s are call, at 105 & int. on any
int. date.
Oct., 1925.]
Debentures.— The 5% debentures o f 1920 are call, as a'whole'on any int.
date on 30 days’ notice at 101 & int.
The 6% conv. debentures o f 1924 are conv. at option of holder on 10
days’ notice on July 1 1925 or any int. date thereafter to & incl. maturity
hr redemption date, into an equal par value o f 7% cum. pref. Are call,
on any int. date on 60 days’ notice at 102M & int. to and incl. Apr. 1 1925,
i
the premium reducing A. point on Apr. 2 1925 and annually thereafter to
maturity. In June 1924 Harris, Forbes & C o., Coffin & Burr, Inc., and
E. H. Rollins & Sons offered. $5,000,000 6% conv. debentures at 99A
& int., to yield about 6.20% . V . 118, p. 2826.
Dividends.— Divs. paid regularly on 7% pref. since organization. Divs.
on 8% pref. paid regularly since issuance in 1921. No divs. have been
paid on common.
EAR N IN G S.— Twelve months ended Dec. 31:
Calendar Years—
1924.
1923.
1922.
Gross earnings_______________________$7,378,502 $6,902,447 $5,767,841
Oper. exp., maint., taxes, deprec. &
rentals___________________________ 4,944,041
4,903,492
4,051,412
Gross incom e.______ ________
$2,434,461
Interest and income deductions______ 1,470,905
$1,998,955 $1,716,429
1,134,828
1,050,465
Balance, surplus_________________
$963,556
$864,127
Latest Earnings.— 12 months ended Aug. 31—
1925.
Gross earnings___________________________
$8,033,647
Operating expenses and taxes____________________ *5,306,099
$665,964
1924.
$7,180,405
*4,924,431
Net earnings___________________________________$2,727,548
Interest charges and rentals_____________________
1,708,179
$2,255,974
1,327,428
Net income____________________________________ $1,019,369
$928,546
* Including depreciation.
Note.— 12A % o f gas and electric revenues is included in operating
expenses to cover current maintenance charges and credits to reserve for
depreciation.
OFFICERS.— Pres., _________________; Gen. M gr., Otto Snyder;
Sec., J. F. McKinney; Treas., J. M . Brucker; Gen. Aud., J. M . Seay.
— V. 119, p- 2644; V. 120, p. 84. 207, 327, 581, 700, 1200, 1745, 2547, 2939;
V. 121, p. 327, 1346.
THE M OHAW K VALLEY CO.
Controlled by New York Central R R .
O R GAN IZATION .— Incorporated in New York Feb. 6 1905.
C H A R ACTER OF BUSINESS.— A holding company. Controls through
stock ownership the Rochester Gas & Elec. Corp., the M t. Morris Water
Power C o., M t. Morris Illuminating Co, Cooper El. Corp. and Hilton El.
Lt. Pw. & Ht. Co. Capital stock changed from 75,000 shares ($100 par)
to 750,000 no par shares, V. 120, p. 3188, V. 121, p. 75.
Date.
Interest. Outstanding
STOCK AN D BONDS—
Last Div.
See text
Stock 750,000 shs (no par).
---7 5 0 ,0 0 0 shs
x 511,430 shares owned by New York Central R R .
Dividends.— 6% in 1912 to 1917 incl.; none in 1918, 1919 and 1920;
5% in 1921; 6M % in 1922; 8% in 1923: 12% in 1924. In 1925, 3% paid
in April and July. In Oct. 1925 on the new stock 30c. quar.
EARN INGS.— For calendar years (incl. Rochester Gas & Elec. Corp.):
Calendar Years—
1924.
1923.
1922.
1921.
Earns, from operations. $9,590,190 $9,098,200 $8,108,755 $7,426,595
Expenses (incl. deprec.). 5,523,376
5,354,180
4,941,753
4,249.532
Taxes & uncollec’le bills.
967,854
990,715
870,707
877,878
Net income_ $3,098,959
_
Non-operating revenue.
108,067
$2,753,304
84,929
$2,296,295
106,416
$2,299,185
79,064
_ $3,207,026
_
Gross income. .
Deduct—
Interest, rentals, &c _
1,413,074
Dividends on subsidiary
410,760
stocks not owned . _
Dividends___________ (12%)899,616
$2,838,233
$2,402,710
$2,378,249
1,162,773
1,166,060
1,219,903
360,472
274,244
(8)599,744 (6M)506,034
213,747
(5)374,840
Balance, surplus_____
$483,576
$715,244
$456,372
$569,759
OFFICERS.— Pres., Walter N. Kernan; V .-P ., Robt. M . Searle; Sec.,
Treas. & Gen. Aud., H. L. Reichart.— V. 119, p. 2878; V. 120, p. 957, 1327,
3188; V. 121, p. 75.
(1) ROCHESTER GAS & ELECTRIC CORPORATION.
Mohawk Valley Co. owns practically entire outstanding common stock.
ORGAN IZATION .— Incorporated in New York in 1904 as Rochester
R y. & Light Co.; name changed to present title in 1919.
FIELD OF OPERATIONS AN D C H ARACTER OF BUSINESS.—
Is the only public utility corporation supplying gas and electricty in the
cities o f Rochester and Canandaigua, in the villages o f East Rochester and
Pittsford and towns o f Gates, Brighton, Irondequoit, Greece, Chili, Pittsford and Perinton, all in New York State. Gas only is furnished in the
village o f Fairport, N . Y ., while electricity only is supplied in the villages of
Manchester, Shortsville, Victor, East Bloomfield and Holcomb, N. Y .,
and towns o f Webster, Canandaigua, Manchester, Hopewell, Farmington,
Penfield, Parma, Ogden, Henrietta, Mendon, Victor, East Bloomfield and
Walworth, N. Y ., or throughout a region o f over 400 square miles. The
company also supplies steam for heating and industrial purposes to many
industries adjacent to its steam power stations. The New York State Rys.
is supplied with electric power for the operation o f its entire system in
Rochester and suburban territory, under a long-term contract. The co.
also supplies electric current to the Sodus Gas & Electric Co., the Northern
Wayne Electric Light & Power Co. and the Hilton Electric Light, Power &
Heat Co. for distribution in the following territories: Webster, Ontario,
Williamson, Sodus, Sodus Point, W olcott, Red Creek, Rose, North Rose,
Alton, Wallington and Hilton.
The co. owns 96% of the water rights within the Rochester city limits
and has several hydro-electric stations on the Genesee River, with a total
generating capacity o f 39,585 k. w., supplemented by steam generating
capacity o f 63,975 k. w. and transforming capacity o f 177,090 k. w. Popu
lation served, about 400,000. Miles of overhead lines, 3,355: miles of under
ground cable, 1,753; miles o f electrical subway duct, 1,298; number of street
arc lamps, 1,102; number o f street incandescent lamps, 13,088: miles of gas
main. 602; number of consumers’ meters, gas, 93,254; electric, 77,995. Gas
plants have a total daily capacity o f 6,180,000 cu. ft. o f coal gas and
12,710,000 cu. ft. o f water gas.
STOCK A N D BONDS—
Date. Interest. Outstanding. Maturity.
_______ 724,820 shs. see text.
Common 825,000 shs. (no p a r ) ____
Pref cumul ($100)—
Ser B 7% cum $4,000,000_______
_______
4,000,000June’25, 1X
----------2,499,400 June’25. 1A
Ser C 6% cum $3,000,000----------Ser D 6 % cum $ 3 ,0 0 0 ,0 0 0 --____
_______
4,121,900
see text.
Cons mtge $4,000,000 ($500\ 1904 5 g J-J
10,921,000 July 1 195-J
& $1,000 c* & $500, & cr*)g/Security Trust Co., Rochester, trustee.
Gen M " B ” $7,000,000 ($500\ 1921 7 g M-S
7,000,000 Mar 1 1946
&$l,000c*& $1,000,&c r*)g (Bankers Trust Co., New York, trustee.
Gen M “ C ” $4,000,000 ($5001 1923
5 A g M-S 4,000,000 Sept 1 194S
& $1,000 c* & $1,000 r*)gtf/Bankers Trust Co., New York, trustee.
Munic Gas & Elec 1st M $l,-\ 1902 4 A g A-O 1,400,000 Apr 1 1942
500,000 ($1,000) gold_c* /In t. at Central Union Trust C o., N . Y ., trus.
Canandaigua El Lt & R R 1st) 1897
3RS-6
178,500 Jum 301927
M $200,000 ($500) gold-.c/R ochester Tr. & S. D ., C o.. Rochester, trus
Stock.— The 7% Ser. “ B ,” 6% Ser. “ C ,” and 6% Ser. “ D ” (reclassified
on Sept. 1 1925 from the old 5% pref. stock, V. 121, p. 201, 587), cum. pref.
stocks have equal preference as to both assets and dividends and are all call,
upon 60 days’ notice at 105 and div. Ser. “ B ” and “ C ” have equal voting
power with the Common stock. Ser. “ D ” has no voting power and is non
participating, having no rights o f subscription to any class of stock now
authorized or to be authorized in the future.
49
POWER, LIGHT AND RAILW AY
On July 24 1925 the outstanding Common stock of 72,482 shares (par
SlOO^sas changed to 724,820 no par shares.
.— Cons. mtge. „s are callable on any interest date on 90 days
noiSCVat 110 and interest. $1,660,000 are pledged as security for the g e i.
mtge. Series “ B ” 7s.
Interest payable in Rochester and New York City.
Gen. mtge. Series “ B ” 7s are callable on any interest date on and after
Sept. 1 1931 at 105 and interest. Are additionally secured by deposit o f
$1,640,000 consol, mtge. 5s, due 1954. Are listed on N . Y . Stock Exchange.
In July 1921 J.P .M organ & Co. offered $7,000,000 gen. mtge. series B 7«
at 96 interest, to yield about 7.35% . V. 113, p. 190.
Gen. mtge. Series C 5 A s are redeemable only as a whole on Sept. 1 193?
or on any int. date thereafter at 105 and int. Are listed on N . Y . St<«k
Exchange. In Dec. 1923 J. P. Morgan & C o., First National Bank.
National City C o., &c., &c., sold $4,000,000 gen. mtge. Series C 5 A s at
95A and int., to yield about 5.85% . V. 117, p. 2661.
Municipal Gas & Electric first mtge. 4 A s are callable at 10234 and int
on any interest date on three weeks’ notice.
Of the Canandaigua Elec. Light & R R . 1st mtge. bonds, $143,500 are
3 A s and $35,000 are 6s. Callable at par and interest on four weeks’ notice.
Dividends.— Divs. on the 5% (now classified as 6% ) pref. stock have
been regularly paid since the incorporation o f the co. in 1904, and on the
7% and 6% pref. stocks since issuance; payments Q .-M . On com., 5%
paid Jan. 15 1908; 8% Jan. 15 1909 7% each 1910 to 1918 incl.; 8% in 1919;
5% in 1920; 8% , 1921 to 1923 incl.; 10%, 1924. Extra divs. were
declared on the com. stock and applied in payment o f assessments of like
amount on said stock, as follows: 15% in 1911; 5% in 1912; 5% in 1913;
2 A % in 1915, and 234 % in 1916. The stock is now full paid.
EARNING S.— For calendar years;
i.
Total
Net A ft. Exp.
Revenue. Taxes, Int.,&c. Deprec. Pref. Divs. Surplus.
x 1925_____ $10,161,229
$2,795,721 $893,166 $540,568 $1,361,987
1924_______
9,691,813
2,651,209
857,713
1,326,041
467,455
1923_______
9,181,001
2,501,888
806,634
417,191
1,278,063
1922_______
8,212,727
1,993,453
736,778
331,085
925,590
1921_______
7,489,938
1,718,534
948,144
499,810
270,580
1920_______
7,175,458
1,318,629
488,773
252,517
577,339
1919_______
6,027,923
712,974
1,369,595
432,544
224,077
1918............
5,983,903
1,373,589
440,728
752,072
180.789
1917_______
5,036,208
1,267,696
438,005
149,890
679,801
1916-. . . .
4,349,572
1,316,483
149,890
791,269
375,324
1915_______
3,786,003
______
1,090,293
294,509
149,890
645.894
x 12 months ended Sept. 30 1925.
OFFICERS.— Pres., R . M . Searle; V .-P ., W . N . Kernan; V .-P ., E. G.
Miner; V .-P . & Gen. M gr., Herman Russell; Asst. Gen. M gr., C. L. Cadle;
Sec. & Tres., J. C. Collins; Asst. Sec., H. L. Reichert; Gen. Aud., E. C.
Scobell.— V . 119, p. 83, 590, 704; V. 120, p. 1329; V. 121, p. 201,587, 2040.
BUFFALO, NIAGARA & EASTERN POW ER CORP.
ORGANIZATION.-—Incorp. in New York M ay 13 1925 for the purpose’
among others, of acquiring through stock control the properties of Buffalo
General Electric Co., the Niagara Falls Power Co., Niagara Lockport &
Ontario Power Co. and the Tonawanda Power Co. Corporation has
obtained the consent of the New York P. S. Commission to hold all or any
part of the common stock of each o f the above companies. For terms of
exchange, see V. 120, p. 2683.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
The subsidiary companies are engaged in the production, transmission
and distribution of electric energy, principally hydro-electric, in western
and central New York, and extending into northwestern Pennsylvania.
They serve a highly developed industrial territory extending from Erie, Pa.,
to and beyond Syracuse, N. Y ., and from the Niagara frontier to Bradford,
Pa. This territory includes 17 counties in New York and 2 counties in
Pennsylvania, and its zone is roughly 300 miles from east to west, and 100
miles from north to south. Within this region over 2,000,000 people are
served with light and power and of this number over 400,000 are either
direct or indirect customers of the system.
Included in the territory directly served are the cities of Buffalo, Niagara
Falls, Lackawanna, Jamestown and Olean, N . Y ., and Bradford, Pa.,
while the cities of Rochester, Syracuse, Lockport, Batavia and Dunkirk,
N . Y ., and Erie, Pa., are supplied in whole or in part with electric energy
through the system’s transmission lines.
At the present time the system has a total operating capacity of about
850,000 h. p., o f which about 80% is hydro-electric. The hydro-electric
power is supplied by the plants of the Niagara Falls Power C o., located at
Niagara Falls, on the American and Canadian sides, Niagara, Lockport &
Ontario Power C o.’s plant on the Salmon River, and from their leased plant
at Minetto, N. Y ., on the Oswego River. Additional hydro-electric power
is purchased from the Hydro-Electric Power Commission of Ontario, most
of which is received under long-term contracts.
The capacity of the steam plants amounts to over 174,000 h. p. The
system’s largest steam plant is the River Road plant of the Buffalo General
Electric Co., with an installed capacity of 126,600 h. p. Niagara Lockport
& Ontario Power Co. has a steam plant at Lyons, N . Y ., with an installed
capacity of 40,000 h. p ., and 2 smaller plants; a modern steam plant of 6,000
h. p. at Olean, N. Y ., and a gas plant of about 1,500 h. p. at Bradford, Pa.
In addition to these sources of power, interconnections have been made
with the Power Corporation of New York system, which operates hydro
electric and steam plants in northern and central New York and supplies
cities, villages and towns in and through several counties in that section
with the Mohawk-Hudson Power system, which owns and operates both
hydro-electric and steam plants in central and eastern New York, and sup
plies cities, villages and towns in and through several counties in that
section; with the Mohawk-Hudson Power system, which owns and operates
both hydro-electric and steam plants in central and eastern New York, and
supplies cities, villages and towns from central New York east to the eastern
Rochester Gas and Electric
Corporation
Preferred Stocks
Information on Request
Tucker, A nthony & Co.
120 Broadway, New York
Boston
New Bedford
Manchester, N. H.
Syracuse
[V ol. 121.
PUBLIC UTILITIES
50
■boundary o f the State (the Mohawk-Hudson Power system also is inters
connected with the New England Power system); with the Penn Public
Service system, which owns and operates hydro-electric and steam plants
in the States o f Pennsylvania and Maryland, and with the system of the
Hydro-Electric Power Commission o f Ontario, at Niagara Palls, Ont.
As a result of these inter-connections, a super-service system unites gen
erating capacities aggregating considerably more than 2.000,000 h. p.
STOCK AN D BONDS— Date. Interest. Outstanding.
Maturity.
Com 2,000,000 shs (no par v a l ) ____ _____ a l ,976,177 shs. Oct’25 12Mc
Pref 2,080,000 shs ($25)___________ $1 60 Q-Jal,976,177 shs. O c t ’25, 40c
5-year convertible debentures/ 1925 5 g M-S
$2,000,000 Sept 1 1930
$1,000 c* )________________ \Int. at Buffalo (N. Y .) Trust Co., Trustee.
a Maximum to be outstanding Sept. 1 1925, assuming that 100% of the
common stocks of the constituent companies were exchanged for the pre
ferred and common stocks o f this corporation.
Stock.— Pref. is cumulative, and call, at $26 25 per share. Non-voting.
Bonds.— The 5-year conv. deb., due Sept. 1 1930, are red., whole or part
(not less than $100,000 each tim e), on 30 days notice, incl. March 1 1926, at
102; each half year thereafter at
less until Sept. 1 1929; thereafter
at par; in each case with interest. M ay be converted on or after Sept. 1
1927 on the 1st and 15th days o f the month until maturity, or if before
maturity, called for redemption, then at any time thereafter up to and
including redemption date, into pref. shares at the rate o f $100 bonds for
4 pref. shares (par $25). Int. and divs. to be adjusted. The corp. may
waive the limitation and permit conversion prior to Sept. 1 1927. In Sept.
1925, Schoelkopf, Hutton & Pomeroy, Inc., and Frontier Finance Corp.
sold $2,000,000 at 100 and int.
EAR N IN G S.— Consolidated income statement 12 months ended June 30
1925 (Buffalo General Electric Co., Niagara Falls Power C o., Niagara,
Lockport & Ontario Power Co. and Tonawanda Power C o.):
Gross operating revenue_____________________________________ $23,263,377
Operating expenses, depreciation and taxes__________________ 12,128,213
Operating income_________________________________________ $11,135,164
N et non-operating income__________________________________
405,224
Gross income______________________________________________$11,540,387
Income deductions__________________________________________
4,289,047
Net income available for subsidiary co .’s dividends________ $7,251,340
Dividends on subsidiary companies’ preferred stocks________ 1,643,152
Balance for subsidiary companies’ common stock s________ $5,608,189
OFFICERS.— Pres., Paul A. Schoellkopf; 1st V .-P ., Fred. D. Corey;
Sec., Walter P. Cooke; Treas., Horace L. Mann.— V. 120, p. 2547, 2683;
V. 121, p. 328, 584, 705, 1459.
BUFFALO GENERAL ELECTRIC CO.
Controlled by Buffalo, Niagara & Eastern Power Corp.
ORGAN IZATION .— Incorp. Aug. 19 1892 in N . Y . as a consolidation.
In 1915 acquired the properties or the Cataract Power & Conduit Co.
Owns entire capital stock o f Niagara Electric Service Corp. In 1925 the
Buffalo, Niagara & Eastern Power Corp. acquired control o f the co. by
exchange o f stocks on the basis o f 114 pref. and 134 com, shares for each
share o f com. stock o f Buffalo General Electric Co. V. 120, p. 2547;
V 1 2 1 ,0 .3 2 8 ,7 0 4 .
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.— Sup
plies all the public and commercial electric light and power in Buffalo, and
also furnishes electric service in several adjacent cities and towns. C o.’s
power is in considerable part hydro-electric obtained from the Niagara
Falls Power Co.
On Feb. 2 1925 the stockholders changed the auth. capital stock from
250,000 shares, all one class (par $100), to 1,250,000 shares of com. (no
par value) and 400,000 shares of pref. ($25 par). Five new shares of no
par value com. are to be issued in exchange for each share o f capital stock
(par $100) held. Y. 120, p. 701.
STOCK AN D BONDS—
Date. Interest. Outstanding. Maturity.
Stock 1,250,000 shs (no p a r ) - - ____
_________ 737,385 shs Sept’25,40c.
1st mtge $2,400,000_________ 1 1899 5 F-A
$2,375,000 Feb 1 1939
($10 & $1,000)_________ c * jln t. at Fidelity Tr. C o., Buff., N . Y ., trust.
First refdg mtge $10,000,000f 1909
5 g J-J
7,029,000 April 1 1939
($1,000) gold___________ c * fln t. at Irving Bk.-Col. Tr. C o., N.Y.,trust.
Cataract Power & Conduit 1st f 1897 5 g J-J
644,000 Jan 1 1927
M tg $2,000,000 ($1,000)____■{Int. at Metropolitan Trust C o., New York.
g o ld ____________________ c* l_
Bonds.— Of the 1st ref. mtge. 5s, $2,375,000 are reserved to retire an equal
amount of 1st mtge. 5s. The 1st & ref. mtge. 5s are call, all or in part on
any int. date at 105 and int.
In addition to Cat. Pow. & Cond. 1st mtge. 5s outstanding, $740,000 are
held in sinking fund.
Dividends.— Divs. at the rate o f 4% per annum were paid Oct. 15 1895
to July 15 1899: 5% , Oct. 15 1899 to Apr. 15 1902; 4 % , July 15 1902 to
Oct. 15 1903; 5% , Jan. 15 1904 to Apr. 15 1906; 4 % , July 1 1906 to Jan. 1
1907; 5% , Apr. 1 1907; 6 % , June 30 1907 to Sept. 30 1913; 4 % , Dec. 31
1913 to Apr. 30 1914; 6% , June 30 1914 to Apr. 30 1917; 7 % . June 30 1917
to Apr. 30 1918: 8% , June 30 1918 to and incl. Mar. 1925 on the new no
par com. stock 40c. per share was paid on June 30 and Sept. 30 1925.
EARN ING S.— For years ending Dec. 31:
Calendar Years—
1924.
1923.
Total revenues___________________________________ $9,610,657 $8,818,623
Net, after taxes________________________________
3,058,876
2,983,022
Other income___________________________________
126,383
151,598
Interest, discount, &c___________________________
716,883
770,458
Balance, surplus________________________________
2,468,376
2,364,162
O F F IC E R S — Pres., C. R . Huntley; V .-P ., Geo. Urban Jr.; V .-P ., W . R .
Huntley; Treas., Horace L . Mann; Sec., Walter P. Cooke. V . 118, p . 797;
V. 120, p. 209, 701, 954, 1585, 2547; V. 121, p. 328 , 704.
(THE) N IAG ARA FALLS POW ER CO.
& Controlled by Buffalo, Niagara & Eastern Power Corp. V. 126, p.
2551, 2684.
ORGAN IZATION .— Under this title consolidated Oct. 31 1918 the old
Niagara Falls Power C o., the Hydraulic Power Co. and C liff Electrical
Distributing C o., per plan in V . 107, p. 1291. Compare Act o f New York
State Legislature, &c., V. 106, p. 2455, 2564; V. 107, p. 1924, 2193, 2294.
The Federal Power Commission on March 2 1921 issued a 50-year license
to the company for the diversion o f 19,500 cu. ft. o f water per second from
the Niagara River above the Falls for power development. V. 112, p. 1030.
Including the plant o f its subsidiary, the Canadian Niagara Power C o.,
Ltd., the co., as limited by treaty restrictions, has an average oitpu t
o f about 500,000 h. p ., with 180,000 h. p. installed capacity in reserve,
making it the largest power installation in the United States. In Jan. 1925
was auth. by the N . Y . P. S. Comm, to purchase the capital stock o f the
Niagara Gorge R y. V. 120, p. 454.
In 1925 the Buffalo, Niagara & Eastern Power Corp. acquired control by
•exchange of stocks on the basis of 1.1 pref. and 1.1 common share for each
common share Niagara Falls Power Co. V. 120, p. 2551, 2684.
In July 1925 a number o f shares of the common stock of the Niagara
Lockport & Ontario Power C o., which were owned by the Canadian Niagara
Power Co. Ltd., a subsidiary o f the Niagara Falls Power Co., were segre
gated for the benefit of the holders o f common stock o f the Niagara Falls
Power Co. after reimbursement to the Canadian company of the capital
cost ($1,764,875) to it of those shares. For particulars see V. 121, p. 459.
Date.
Interest. t Outstanding. Maturity
STOCK A N D BONDS—
Common 800,000 shares with
Q-M 15 720,521 shs. Oct ’25,50c
out par value___________________
Pref 7% cu m $20,000,000 ($ 2 5 )____
7 Q-J 15 $16,965,100 Oct ’25, 1H
1st & cons. M $75,000,000— See text—
10,000,000 N ov 1 1950
Series “ A A ” $15,000,0001 1920
6 g M -N
($500, &c) gold__ c*&rtf/M arine Trust Co. , Buffalo, N . Y ., Trustee.
N . F. P. Co Niag Gorge coll tr
948,000 June 1 1951
$949,000__________________ 1924 5 J-D
Bonds Issued Issuable on Constituent Properties—
Niagara Falls Pr Co (old c o .)l 1891 5%
9,627,500 Jan 11932
1st M ($500, &c) gold__ tf/Central Union Trust C o., N . Y ., Trustee.
R ef & gen mtge $20,000,0001 1909 6 g A-O
7,603,000 Jan 11932
a). B a n jo s Trust C o., N . Y ., Trustee.
($1,000, &c) gold_c*&r*tf
5 g J-J
3,500,000 July 1 1950
Hydraulic Power Co 1st & ref 1910
M gold ($1,000)_____c*tf Marine Trust C o., Buffalo, N . Y ., Trustee.
Reg & impt $10,000,000 1916
5 g A-O
6,500,000 O c t _ l 1951
($1,000) g o l d - .l _ ’.rtf/M arin e Trust C o., Buffalo, N . Y ., Trustee.
_
Stock.— The capital stock of the consolidated co. was limited upon the
consolidation under the State law to an amount not exceeding the aggregate
share capital, surpluses, undivided profits and unimpaired reserve funds of
the constituent cos. V . 106, p. 2455.
Bonds.— The 1st & consol, mtge. of 1919 (V. 108, p. 2532; V . 109, p . 583)
is limited to not exceeding $75,000,000 nor less than the total bonds of the
constituent companies issued or issuable, as shown in table above; these
old bonds outstanding Dec. 31 1924, aggregating $27,399,500. The
underlying bonds are to be exchangeable at option o f holders for Series A
bonds of the new issue for like principal sums and bearing interest at 5%
per ann. Series “ A A ” bonds ($10,000,000), issued in Dec. 1920 and M ay
1921. Mortgage provides for sinking fund. Callable at 105. Interest
payable in N. Y . and Buffalo. V . I l l , p. 2235; V. 112, p. 2089.
Int. on bonds of old Niagara Falls Power Co. is payable at office o f Wins
low, Lanier & C o., N . Y . City.
Int. on coupon bonds payable J-J; on
registered bonds Q-J.
For details o f ref. & gen. mtge. 6s, see V . 88, p.
1441; V. 88, p. 1316; V. 90, p. 240, 632, 1209.
In addition to the N . F. P. Co. Niag. Gorge coll. tr. 5% bonds 1924,
reported outstanding in the above table, $1,000 are held in the treasury.
Hydraulic Power Co. 1st & ref. 5s are call, at 110 and int. Int. at
Marine Trust Co., Buffalo, and Bankers Trust C o., N . Y . V. 103, p.
2341; V. 107, p. 295, 699; V. 92, p. 1639. Ref. & lmpt. 5s are call, at 105.
Int. at Marine Trust C o., Buffalo, and Bankers Trust C o., N . Y . V . 107,
p. 2193, 2381.
Dividends.— On old Niagara Falls Power C o.— April 1910 to July 1918
incl., 8% per ann. In Oct. 1918 paid 2% and 3% ext. V . 107, p. 909.
On new Niagara Falls Power Co. pref. stock Jan. 1919 to Oct. 1925 paid
\ % % quar. Initial dividend on common o f 1% paid March 15 1919; June
Sept, and Dec. 1919,1 % each; March 15 1920 to June 15 1923, 1)4% quar.;
Sept. 15 1923 to Mar. 15 1924 paid 2% quar. On June 16 1924 paid 50c.
per share on its com. shares without par value. Same amount paid quar
since. Also paid 1% extra on Dec. 15 1922 and 1923.
R E PO RT.— For calendar years (1924 report in V. 120, p. 1460):
Calendar Years—
1924.
1923.
1922.
1921.
Total operating revenue.
$8,256,313 $7,121,928 $6,601,690 $6,083,713
Net operating revenue..
4,952,502 4,285,745 4,116,566 3,696,986
Non-operating revenue.
381,483
420,338
380,682
312,858
Interest on funded debt.
1,950,929 1,709,127
1,722,896
1,725,342
Pref. dividends ( 7 % ) . . .
1,157,432 1,107,267
1,055,908
812,719
1,299,834
1,015,542
869,510
Common dividends_____ 1,420,906
U. S. and Can. taxes,&c.
479,134
434,570
379,945
318,707
Balance, surplus.........
$325,584
$155,285
$322,957
$283,567
Latest Earnings.— Income account six months ended Sept. 30 (including
Canadian Niagara Power C o., Ltd., and Niagara Junction Ry.)
1925.
1924.
Total operating revenue_________________________ $6,671,413
$6,047,944
Operating expenses, amortization and taxes______ 2,749,064
2,494,469
Net earnings__________________________________$3,922,348 $3,553,475
Other income (net)_____________________________
291,221
234,372
Net income___________________________________ $4,213,570 $3,787,847
Interest, &c_____________________________________
1,983,865 1,751,942
Surplus income_______________________________ $2,229,705 $2,035,904
OFFICERS.— Chairman, J. F. Schoelkopf: Vice-Chairman, C . P. Hugo
Schoellkopf; Pres., Paul A. Schoellkopf; V.-Ps., A. H. Schoellkopf, Morris
Cohn Jr., Ross R . Coddington and Alex D . Robb; Sec., Fred’k L. Lovelace;
Treas., W. Paxton Little. Office, Niagara Falls, N . Y .— V. 119, p. 1851,
2287; V. 120, p. 454, 1460, 2149, 2551, 2684; V. 121, p. 331, 459, 708, 2039.
NIAGARA
LOC K PO R T
&
O N TARIO
POW ER
CO.
(.See M av.)
Controlled by Buffalo, Niagara & Eastern Power Corp.
ORGANIZATION.— Incorp. in N. Y . M ay 21 1894 under special
charters. In April 1925, merged the following companies, Bryant Power
Co., Cambria Power C o., Livingston-Niagara Power C o., Western New
York Electric Co., Seneca Transmission Co., Olean Electric Light & Power
Power Co. V. 120, p. 2401, 2402. Also acquired control of the Warren &
Jamestown Street R y.
In 1925 the Buffalo, Niagara & Eastern Power Corp. acquired control
of the company by exchange of stocks on the basis of 1H Pref. and 1J£
Common share for each Common share of Niagara, Lockport & Ontario
Power Co. V. 120, p. 2401,2551; V. 121, p. 331, 459, 708.
In Sept. 1925 the Carroll El. Lt. & Pow. Co. was merged into this com
pany. V. 121, p. 1569.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Owns transmission lines over which it supplies numerous operating cos. and
manufacturing plants with power received from Ontario Power Co. of Niag
ara Falls, N . Y ., at western end of its system; also at eastern end owns and
operates hydro-electric plant on Salmon River at Altmar, N . Y ., and modern
steam plants at Lyons and Olean, N . Y ., and under long-term lease hydro
electric plant on Oswego River at Minetto, N . Y . Has long-term contracts
for supplying 13 public service corporations, which operate 1,100 miles of
road in Oswego, Syracuse and Rochester, and interurban roads extending to
points between Rochester, Buffalo and Erie, &c. V. 106, p. 2753; 612: V. 95,
p. 1691; V . 89, p. 1415; V. 88, p. 1317; V. 109, p. 771, 892; V. 94, p. 1692;
V. 92, p. 530. To interconnect transmission facilities with Pennsylvania
Electric Corp. See V. 119, p. 1516.
In Jan. 1918 absorbed its subsidiary, the Salmon River Power Co. (own
ing 35,000 h.p. hydro-electric plant 42 miles northeast of Syracuse.) V. 98,
p. 1320: V. 99, p. 53: V. 102, p. 1442, 1991; V. 103, p. 1036; V. 105, p. 2278.
In 1915 leased from Northern New York Power Corp. a 12,000 h.p. plant
at Minetto, N . Y ., on Oswego River, with $900,000 1st M . serial 6s of 1915
($2,500,000 auth.), guar., d . & i., by Columbia Mills. V. 100, p. 1082, 1597.
During 1922 company absorbed its subsidiary, Niagara & Erie Power C o.,
and acquired and now owns all of the issued and outstanding capital stock,
except directors’ shares, of the following companies: (a) Western New York
Electric C o., (6) Bradford Electric C o., (c) Livingston-Niagara Power Co.
In April 1925 applied to the N . Y . P. S. Comm, for auth. to acquire and
merge the Olean Electric Light & Power Co. V. 120, p. 1882.
♦Recapitulation— Sources of Power Supply, Aggregating 217,000 h.p.
Niagara River (power purchased from Ontario Power Co. and
Niagara Falls Power C o .)_________________________________130,000 h.p.
Power plant on Salmon River (company’s own plant)________ 35,000 h.p.
Power plant at Minetto (leased from Nor. N . Y . Power Corp.) 12,000 h.p.
Steam plant at Lyons, N . Y _________________________________ 40,000 h.p.
Connected high-voltage three-phase circuits_________________ 1,360 mile.
♦ Also interconnections with hydro-electric and steam electric installations
of Penn Public Service Corp. of Penna. and Adirondack Power & Light Corp.
and hydro-electric installations of Northern New York Utilities, Inc.
Principal Customers— Population of District Served, about 2,000,000.
(1) Public Utilities Corporations in Oswego, Syracuse, Auburn. Geneva.
Rochester, Batavia, Lockport, Depew, Lancaster, Hamburg, Jamestown,
Lackawanna, Dunkirk and numerous smaller municipalities.
(2) Electric Railroads having a total length approximating 1,100 miles.
(3) Leading Manufacturers— Lackawanna Steel C o., Niagara Smelting
C o., Atlas Crucible Steel C o., American Locomotive C o., Gould Coupler
Co. and other large industrial plants.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Common 300,000 shs (no p a r ) . ____
_________ 299,925 shs O c t ’25,50c.
Pfstk7%cum$10,000,000($100)____
7 Q-J
$5,983,300 Oct ’25, 1%
1st M & ref ser A ($500c and/ 1925
5 g A-O
15,000,000 Apr. 1 1955
$l,000c*&r) gold_______ tf\Buffalo Trust C o., Buffalo, N. Y ., trustee.
Convertible notes ($100, &c) 1 1923
6 g J-D
x2,132,900 June 1 1926
gold_________________ c*tf/B uffalo Trust C o., Buffalo, N. Y ., trustee.
Salmon R ivPow C olst M $5,-1 19125 g F-A
4,356,000 Aug 11952
000,000 gu p&i($,£,&c)g.tf /Irving Bank-Columbia Tr. C o., N . Y ., trust.
Livingston-Niag Pow Co 1st M 1912
6%
153,000
1932
Olean Elec Lt & Pow Co 1st M 1911
5%
54,000
1951
5%
21,900
1943
Olean El L & P lst&ref M ser A ___
x Called for payment June 1 1925 at 101 and int. V. 120, p. 10899.
Stock.— Pref. is red., all or in part by lot, at 115 and dividends.
Bonds.— All the outstanding ref. mtge. s. f. gold bonds, Series “ A ” of
1918 were called for payment Aug. 1 1925 at 110 and int. V. 121, p. 459.
ls( Mtge. & Ref. Series A 5s are red. all or in part on any int. date at
105 and int. until Apr. 1 1945, the premium reducing thereafter H o f 1%
for each 6 mos. elapsed. Int. payable in New York and Buffalo. Exempt
1 9 2 5 .]
P O W E R , L IG H T
AND
R A IL W A Y
W5
52
PUBLIC UTILITIES
from personal taxation In New York State. Co. agrees to refund Penna.
and Conn, personal property taxes not exceeding 4 mills each and Mass.
Income tax not exceeding 6% per annum on the int. $15,000,000 were sold
In Mar. 1925 by Blair & C o., Inc., N . Y ., and Schoellkopf, Hutton &
Pomeroy, Inc., Buffalo, N . Y ., at 98H and int., to yield about 5.10% .
V. 120, p. 1460. Listed on N . Y . Stock Exchange, June 1925. V . 120,
p. 3065.
Salmon River Power Co. 1st guar. 5s o f 1912, $644,000 bonds are in the
sink. fund. Call., all or in part, at 110 and int. V. 108, p. 84; V. 95, p. 1043;
V. 99, p. 53, 411: V. 103, p. 1036; V. 104, p. 769; V. 105, p. 2461.
All of the outstanding Niagara & Erie Power Co. 1st mtge. 5% 30-yr.
g. bonds o f 1920 were called for payment on July 1 1925 at 105 and int.
Y. 120, p. 2684.
Notes.— The conv. gold notes o f 1923 are red., all or part, in lots of not
less than $100,000 on June 1 1924 at 102 and int.; on Dec. 1 1924 at 101H
and int.; on June 1 1925, at 101 and int.; on Dec. 1 1925, at 100>2 and int.
Notes are conv. since June 1 1924 into 7% cum. pref. stock on the basis
o f 10 shares o f stock (par $100) for each $1,000 or notes. Co. shall not be
required to convert notes in excess o f $1,000,000 (exclusive of notes called
for redemption) prior to June 1 1925, and not in excess o f $2,000,000 (ex
clusive o f notes called for redemption) prior to Jan. 1 1926. C o., however,
has waived these limits. V . 116, p. 2645. Notes have been called for
payment June 1 1925 at 101 and int. V. 120, p. 1089.
Dividends.—-Paid 50 cents per share on common stock Jan. 2 1924.
Same amount paid regularly quar. since to and incl. Oct. 1925. In Jan.
1925 an extra o f 25 cents per share was paid. V. 119, p. 2648.
REPORT , For 1924 showed:
—
1Q99
Calendar Years—
1924.
1923.
$5,971,740 $5,550,258 $4,158,994
2,040,707
2,216,812
1,620,865
Operating expenses.
879,589
726,890
490,958
Other income credits__________
$3,051,445
81,009
$2,606,556
46,871
$2,047,170
46,476
Gross income____________________ $3,132
$3,132,454 $2,653,426 $2,093,646
Taxes, rents, &c______________
515,206
517,631
502,270
Interest on funded debt, &c___
944,248
771,452
898,099
Contractual charges________________
______
______
69,725
Debt discount and expenses_________
96,980
71,805
Depreciation________________________
175,409
140,038
147,963
Provision for other reserves_________
92,302
89,950
Extraordinary repairs and losses___
53,449
28,124
10,599
Federal tax adjustments_____________
______
13.657
Loss on bds. purch. through sk. fid s ..
33,613
33,502
Dismantling cost___________________
______
______
16,339
Preferred dividends.............................(7 % )311,813 (7 % 137,824 (1 133,486
Common dividends______________($2.25)574,661 ($2 1384,531 ($1.50)237260
Sundry adj. appl. to prior period (net)
166,108
15,596
45,801
Surplus for period________________
btirplus forward____________________
Miscellaneous credits_______________
$168,661
1,359,465
______
$322,669
1,036,796
$258,741
734,285
43,770
Profit & loss surplus Dec. 31______ $1,528,126
$1,359,465 $1,036,796
Latest Rarnings.— For 9 mos. ended Sept. 30—1924.
1925.
Sales o f electric energy_________________________ $5,013,811 $4,309,921
Gross profit from sales_________________________
3.347,872
2,816,936
Net after operating expenses____________________
2,544,733
2,172,538
Gross income__________________________________
2,236,299
2.640,025
Net after taxes, rentals, &c_____________________
2,185,709
1,796,274
Bond interest__________________________________
728,547
722,261
Net income____________________________________
1,457,162
1,074,012
Surplus after reserves_________________ _________
1,174,911
843,222
OFFICERS.— Chairman, George T . Bishop; Pres., Fred. D. Corey;
V .-P., Langdon Albright; V.-P. & Gen. M gr., Stefaan Piek; Treas., Robt. C.
Board; Sec., Wilhelmine K . Koester. Executive offices, Lafayette Bldg.,
Buffalo, N . Y .— V. 119, p. 1516, 1851. 2179. 2411, 2648. 2763: V. 120, p.
829, 1089, 1328, 1460, 1587, 1882, 2401, 2551, 2684, 3065; V. 121, p. 331,
459, 708, 1569.
BROOKLYN EDISON CO., INC.
ORGAN IZATION .— Incorp. as the Kings County Electric Light &
Power Co. under N. Y . laws June 26 1890. Brooklyn Edison C o., Inc.,
is successor by change of name, effective Jan. 10 1919, to the Kings County
Electric Light & Power Co., and by merger effective Jan. 27 1919, to the
Edison Electric Illuminating Co. o f Brooklyn. Acquisition of electric
properties of Flatbush Gas Co. V. 119, p. 2284; V. 120, p. 825; V. 121, p.
On M ay 23 1925 President M . S. Sloan denied rumors o f a contemplated
merger and of an intention to split up the stock o f the company. V. 120,
p. 2814.
For review o f growth and expansion see President M . S. Sloan’s state
ment, Y. 121, p. 704.
In Oct. 1925 the company applied to the New York Public Service Com
mission for authority to issue $15,000,000 additional capital stock, par $100.
If approved the new stock is expected to be ready in Dec. 1925 and will be
offered stockholders at the ratio o f one share of new stock for each four
shares held.— V. 121, p. 1907.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Does all the electric light and power business in the Borough of Brooklyn,
City o f New York, serving a population of over 2,000,000.
STOCK AND BONDS.— Date.
Interest. Outstanding. Maturity.
_________ $59.754,400 S ep t’25, 2%
Stock $75,000,000 ($100)_____ ____
Gen M $100,000,000 Ser “ A ” )
($100, &c)___________ c*&r 1919
5 g J-J
30,500,000 Jan 1 1949
Ser “ B ” ($500, & c).--c* & r) 1920
6 g J-J
3,000,000 Jan 1 1930
Gold___________________ tfj Int. at Central Union Trust Co, N Y , Trus.
Underlying Bonds—
Edison Elec 1 1 cons M (now)
1
4 g
J-J4,275,000Jan11939
1st) $10,000,000 ($1,000)) 1898
C* I Int. at Guaranty Trust Co, N Y , Trustee
Kings Co Elec Lt & Pr 1st M l 1897
5 g A-O
2,500,000 Oct 11937
$2,500,000 ($1,000) g-C ntf/ Int. at Equitable Trust Co, N Y , Trustee
6 g A-O
5,176,000 Oct 11997
Kings Co El Lt & Pr Co Purch \ 1898
Money M tge ($1,000) g.c*| Int at Central Union Trust Co, N Y , Trustee
Bonds.— The Gen. Mtge. bonds are secured by a mortgage on all the c o .’s
real and personal property (subject to prior lien o f Kings Co. Elec. Light
& Power Co. 1st M . 5s and Purchase Money 6s and Edison Elec. 111. Co.
o f Brooklyn 4% bonds), including three steam generating plants with an
installed capacity o f 343,775 k. w., and 10,320 miles o f transmission and
distribution lines, o f which 4,567 miles are underground. They also cover
all other property hereafter acquired.
Provisions of General Mortgage Applicable to Series “ A " and “ B”
Bonds, and to Additional Bonds Issuable.
Aggregate face amount of bonds at any time outstanding shall never
exceed $100,000,000. Bonds may differ as to interest rate, maturity and
redemption rate and may have the privilege of conversion into capital stock
as shall be determined by the company. Bonds are the direct obligations
of the Brooklyn Edison Co., Inc., and are secured equally by a mortgage
on all its real and personal property now owned or hereafter in any way
acquired, subject only to the liens o f the mortgages securing the above
enumerated outstanding $11,951,000 in mortgage bonds of the Edison
Electric Ilium. Co. o f Brooklyn and the Kings County Elec. Lt. & Power
C o., which underlying mortgages are closed by the gen. mtge. so that no
more underlying bonds may be issued. Bonds are issuable only upon
authorization by Public Service Commission o f the State of New York.
Are listed on N . Y . Stock Exchange. V. 119, p. 2527. Series " A ” and
“ B ” are call, at 105 and int. $2,000,000 Ser. “ C” 7s, due Jan. 1 1930,
were called for payment Jan. 1 1925 at 105 and int. V . 119, p. 2177.
$8,000,000 Ser. r‘D ” 7s, due Dec. 1 1940, were called for payment Dec. 1
1924 at 107H and Int. V . 119, p. 2067.
The remaining bonds under the gen. mtge. may be issued for future—
(1) Refunding or acquisition o f the above enumerated underlying bonds
and debentures in the aggregate amount o f $12,196,600 or other obligations
constituting a lien upon the mortgaged property at the date o f the mortgage
or other obligations secured by a lien upon property subsequently acquired
by the company and become subject to the lien of the mortgage.
[V ol. 121
(2) Construction, completion, extension, development or improvement,
of or additions to plants and facilities.
(3) Acquisition of the whole or any part of the properties, rights, privi
leges and franchises of any corporation supplying light, heat or power by
or other means in the present territory of N . Y . City and Nassau and'
Suffolk counties.
(4) Acquisition of securities of other corporations supplying light, heat
or power by electricity or other means in said territory, provided the com
pany be or thereby becomes the owner of at least two-thirds of the out
standing capital stock of any such corporation.
(5) Reimbursement of the co. for expenditures made subsequent to the
date of the mortgage for any of the purposes for which bonds are issuable
under (2), (3) and (4) above or to meet indebtedness of the co. contracted
for any of such purposes.
Provided, however, that except for refunding or acquisition of underlying
bonds, debentures and obligations under (1) above, bonds shall not be
issuable at face amount in excess of 80% of the actual cost or reasonable
value (whichever may be less), o f the property or securities acquired, or the
extensions, developments, improvements or additions made, nor issuable for
the acquisition of securities under (4) above if thereby more than 25% of
the actual cost or the reasonable value of the property subject to the Gen.
Mtge. (after deducting the face amount of all underlying liens) would consist
of stock, bonds or other obligations acquired by the use of bonds issued
under the gen. mtge., nor unless net earnings o f the co., as defined in the
gen. mtge., shall have been at least twice the annual interest charges upon
all outstanding underlying bonds, the outstanding bonds secured by the
gen. mtge. and those applied for.
In Nov. 1924 Guaranty Co. of N . Y ., National City Co. and Dillon,
Read & Co. sold $25,000,000 Ser. “ A ” 5s at 100 and int. V. 119, p. 2067.
Dividends.— June 1900 to March 1906, 4H % quar.; since to March 1925,
2% quar.
REPO RT.— For 1924, in V. 120, p. 701 and 825, showed:
Cal.
Gross
Total Net
Bond
Fixed,die.
Divs.
Balance,
Year. Earninas.
Income. Discount. Charges.
(8 % ).
Surplus. ■
1924 -$26,030,840 $9,192,049 $154,796 $2,769,993 $4,084,307 $2,182,952
1923 - 23,422,314 7,670,329 137,912 3.397,373 3,171.518
963,526
1922 . 19,326,489 6,229,163 137,804 3.313.182
1.805,812
972,364
1921 . 16,515,098 4,825,336 132,903 3,047,656
1,389,702
255,075
1920 . 13,308,868 3,082,949 92,068 1,450,163
1,387,366
153,353
OFFICERS.— Chairman, N. F. Brady; Pres., M . S. Sloan; V .-P .,'J . C.
Brady; V.-P. & Gen. M gr., W. F. Wells; Sec., E. W. Kells; Treas., E. A .
Baily; Aud., R . O. Launey. Office, Pearl and Willoughby streets, Brook
lyn, N. Y .— V. 119, p. 1737, 2067. 2177. 2284. 2527; V. 120, p.|85,|701»
825, 1088, 1201, 1585, 2814; V. 121, p. 704, 1907.
COHOES POWER & LIGHT CORP.
ORGAN IZATION .— Incorp. in N . Y . in 1916 as successor to Cohoes
Co. and the Cohoes Gas Light Co. Franchises unlimited as to time.
Proposed Merger.— By exchange of stocks on the basis of 1.84 pref. and
H com. share Mohawk Hudson Power Corp. for each share Cohoes Power
& Light Corp., the Mohawk Hudson Power Corp., organized in M ay 1925,
was to acquire a majority of the com. stock o f this corporation. See V. 120,
p. 2940: also under “ Mohawk-Hudson Power Corp.”
FIELD OF OPERATIONS A N D C H A RACTER OF BUSINESS.—
Company supplies electric energy for lighting and power uses, in Cohoes,
Albany, Waterford, Colonie and Half M oon. Plant has capacity of over
50,000 h. p. Company has transmission line connecting the Cohoes plant
with Albany. Also owns a modern gas plant as well as distribution system
for gas in Cohoes, Waterford and Colonie. Company has contract to supply
electricity to Municipal Gas Co. (Albany).
STOCK A N D BONDS—
Date. * Interest. Outstanding. Maturity.
Stock $5,000,000 ($100)___________
_______
$2,500,000 __________
1st M ser “ A ” $10,000,000 f 1918
6 g J-J
4,000,000 Jan 1 1929
($100, $500 & $1,000 c*, jInterest at Central Union Trust C o., New
$1,000 & 10,000 r*) g - . t f ( York, trustee.
Bonds.— First mtge. Series “ A ” 6s are callable all or in part at 105 and int
on any interest date on 30 days’ notice. In Jan. 1919 the First National
Bank and Hemphill, Noyes & C o., N. Y . City, offered $2,500,000 at 102 H
and int., yielding over 5.65% . V. 108, p. 272. $725,000 additional were
offered in Feb. 1921 by Potter Bros. & Co. and Coffin & Burr, Inc., New
York, at 91 and int. V. 112, p. 747. In April 1922 Paine, Webber & Co.
and Halsey, Stuart & C o., Inc., New York, offered $675,000 additional at
101 H and int., yielding about 5.75% . V. 114, p. 1656. In July 1924
E. W . Clucas & Co. offered an additional $100,000.
Dividends.— In Dec. 1919 paid 3% ; Dec. 1920, 3 % .
In 1921, 6% quar.
1922 to 1924, incl., 8% quar.
OFFICERS.— Pres. & Gen. M gr., Frank M . Tait; V .-P ., C. A . Davis!
Sec. & Treas., H. I. Olwine: Aud., E. Brownhardt.— V. 114, p. 1656!
V. 116, p. 1537; V. 120, p. 2940.
ASSOCIATED GAS & ELECTRIC CO.
(See M ap.)
O R GAN IZATION .— Incorp. in 1906 in New York and its subsidiary
and affiliated companies own, control or operate public utility properties
which supply electricity and (or) gas to over 300,000 consumers, serving a
total population estimated at more than 2,000,000in more than 900 com
munities in New York, Massachusetts. Connecticut, Vermont, New
Hampshire, Maine, Ohio, Kentucky and Tennessee, Pennsylvania, M ary
land and the C ity of Manila. In April 1925 acquired two-thirds o f out
standing stock of Manila Electric Corp. V. 120, p. 2399. In Aug. 1925
acquired the Pennsylvania Electric Corp. for a cash consideration of about
$20,000,000. V. 121, p. 837. Acquired control o f Long Island Water
Corp.; V. 121, p. 704; of Litchfield Electric Light & Power C o., V. 121, p.
975.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
The properties include electric power stations with a generating capacity
of over 250,000 k.w. and 2,500 miles of high-tension transmission lines with
additional lines under construction; gas plants, railway property, &c. The
properties are divided territorially into six groups as follows:
(a) New York.— Upstate operating properties serve electricity and (or)
gas to more than 77,000 consumers in 388 communities.
Staten Island property serves without competition over 30,000 consumers
on the whole of Staten Island, Borough of Richmond, New York City.
It also furnishes power for the operation of all the railways there.
The total population served in New York is nearly 500,000. The
combined properties include steam and hydro-electric plants with a generat
ing capacity of 60,000 k.w. connected with 865 miles of high tension trans
mission lines with additional lines under construction and gas plants with,
a daily capacity of 3,130,000 cu. ft.
(b) Kentucky-Tennessee properties serve nearly 24,000 consumers in 57
communities with a population of approximately 90,000. The generating
plants have a capacity of 10,000 k .w . Electricity is distributed over 223
miles of transmission lines, gas plants have a daily capacity of 605,000
cu. ft.
(c) Massachusetts, New Hampshire and M aine.— Electricity is distributed
to over 6,800 consumers in the southern portion of Cape Cod and on
Martha’s Vineyard, with a population estimated at 40,000 and to 7,600
consumers in 18 communities in Massachusetts, New Hampshire and
Maine, serving a population of about 47,000. The generating plants have
a capacity of 16,550 k. w. h.
(d) Ohio.— Gas is distributed in the city of Van Wert, Ohio, with a
population of 8,100. The plant has a daily capacity of 600,000 cu. ft. and
serves over 1,800 consumers.
(e) Pennsylvania-Maryland.— See under Pennsylvania Electric Corp.
(f) Philippine Islands.— See under Manila Electric Corp.
STOCK AND BONDS—
.Date.
Interest. Outstanding. Maturity
292,722 shsNov’25 62He
Q-F
r)
Class “ A ” 300,000 shs (no par) . . . .
. 300,000 shs
See text
r
Class “ B ” 300,000 shs (no par) ) -----Common (no par)----------------- ------------------- .1,233,334 sh s__________
Pref cum Orig Series 200,000
159,330 shs.Tuly’25 87He
shs (no par)____________________ $3.50 Q
Pref cum $6 div Ser 125,000
47,038 shs Sept25’ $1.50
shs (no par)____________________
$6 Q-M
W
Ifi
m alabo n
MALABON
CITY OF M A N IL A
A N 0 V IC IN IT Y .
A R E A SERVED.
O c r , 1 9 2 5 .]
POW ER, LIG H T AOT> R A IL W A Y
l
LOOCAH
54
PUBLIC UTILITIES
[V ol. 121,
STOCK A N D BONDS—
Date. Interest.
Outstanding. Maturity.
Convertible Debenture Certificates, Manila Electric Series “ B.” — Interest
Pref cum $6.50 div Ser______ _____ $6.50 Q
3,091 shs ___________ payable in New York on coupon deben. ctfs. Jan. & July 1.: on registered
Pref cum $7 div Ser_________ _____
$7
15,316 shs Oct’25,$1.75
daben. ctfs. quarterly, Jan., A pr., July & Oct. Without fixed date of maSec g bonds 6)4% Ser 1924. . [ 1924 6)4 J-J
$1,871,200 July 1 1954 tttrity, they become due in case of 90 days' default in payment o f interest
6% Series 1925______ J____ { 1925
6 J-J
13,684,500 July 11955 or certain other events. Red. at 105 and int. on 30 days’ notice. Convert,
($1,000, $500, $100 c*.tf).(C h ase Nat. Bank, N . Y . City, Trustee.
after Jan. 1 1926 at the co.'s option, and after July 1 1930 at the holders’
6 )4 % conv deb Manila El Serf 1925
6)4
2,200,000
See text
option, into 10 shares of $7 div. series pref, stock for each $1,000 of Series
“ A ” ($1,000 ,$500 ,$100c*tf\Nat. Bk. o f Comm, in N . Y ., Registrar.
“ B ” ctfs., with adj. of int. and divs. V. 121, p. 328.
6)4 % conv deb Manila El Serf 1925 6)4
2,609,300
Seetext Convert. Debenture Certificates Manila Electric, Series “ C.” — Interest
B ” ($1,000 $500, $100 c&r [Same registrar as Series “ A .”
payable in New York on coupon debenture ctfs. Jan., July; on registered
6)4% conv deb Manila El Serf 1925 6)4
1,669,600
Seetext
debenture ctfs. quarterly, Jan., &c. Without fixed date of maturity;
C ” ($l,000,$500c&r and {Same registrar as Series A A .”
become due in case of 90 days’ default in int. or certain other specified
$100 r )_________________ tf l
events. Red. on 30 days’ notice at 105 and int. Conv. after Jan. 1 1928
Subscription to 6% deb b o n d s .____
120,650 __________
at option of holder of co., into 10 shares $7 div. Ser. pref. stock for each
Subsc to 6% deb bds deliver ’le
$1,000 face amount of Ser. “ C .” certificates, with adjustment for int.
under 6 )4 % option warr’ts
and divs., upon 30 days’ notice. Penn, and Conn. 4 mills tax, Maryland
370.000 6 ^ opt warr $35 p d ______
12,950,000 __________
434 mills tax, Kentucky 5 mills tax and Mass. 6% tax refundable.
370.000 63%% opt warr $60
6% Conv. Deb. Bonds ($1,000, $500, $100 c&r).— Int. payable in New
subject to call____________
22,200,000 __________
York on coupon bonds in Feb. and Aug.; on registered bonds quar. Feb.,
Stock.— Class " A ” stock is listed on Boston Stock Exchange and New &c. Are without fixed date of maturity; become due in case of 90 daysj
York Curb Market. Application has been made for listing on the N. Y . default of int. or certain other events. Red., whole or part, on 30 days
Stock Exchange. V . 120, p. 1324. Original pref. stock is non-voting and notice at par and int. Conv. at option of holder after July 1 1928 into
is entitled to cum. divs. o f $3 50 per share per annum and extra divs. of one share $6 50 div. ser. pref. stock for each $100 principal amount, with
50c. a share per annum, have been provided for 1925 and 1926. V. 119, adjustment for int. and divs. In case o f consolidation, merger, sale or
p. 2409. Has liquidation value o f $50 per share. Red. at $60 per share. conveyance, they become due and payable unless successor co. assumes
In Dec. 1924 John Nickerson & Co. offered 20,000 shares original pref. them and makes them convertible, upon the same basis and terms, into
stock at $50 per share and div. V. 119, p. 2875. Pref. stock $6 div. $6 50 cum pref. stock of successor co. National Bank of Commerce in
series ranks equally with original preferred. Red., all or in part, on any New Y ork, registrar.
div. date on 30 days’ notice at 105 and divs. Entitled in liquidation or
Dividends.— Dividends of 6 % per annum paid on old pref. stock from April
dissolution to $100 per share and divs. Pref. $6 50 div. series ranks equally 15 1910 to July 15 1917; initial dividend on new, $3 50 per share per annum
with the other series pref. stock and is red. at 105 and divs. Has a liquida pref. paid Jan. 1 1922, and regular quarterly dividends of 87 34c. per share
tion value o f $100. In March 1925 John Nickerson & Co. offered 30,000 paid since to and including April 1925. Ah initial quarterly dividend o f
shares pref. $6 div. series at $84 per share and div., to yield about 7.14%. 1-40 of a share in Class “ A ” stock or, at option of holder, a cash dividend
Y. 120, p. 1585, 1745.
of 50c. per share was declared on Class “ A " and “ B ” stocks, payable
Divs. on Class A stock are non-cum. Class A has priority over Class B M ay 1 1925. V. 120, p. 2010. On Class “ A ” common stock two quarterly
and com. stock both as to assets and divs. Class A is entitled to priority divs. of 6234c., payable Aug. 1 and N ov. 1 1925, either in cash or 1-40 of a
dividends o f $2 per annum when and as declared. After the full priority Class “ A ” share, were declared. V. 120, p. 2813; V. 121, p. 1787.
On the preferred stock a regular quar. div. of 8734c. was paid July 1
dividend on Class stock shall have been declared and set apart for the cur
rent dividend period and dividends for the Class B stock shall have been 1925, plus an extra div. of 1234c. In lieu o f $1 cash, stockholders had the
declared and set apart for the same dividend period to the extent of the total option to receive 1-25 Class “ A ” common share in scrip. V. 120. p. 2813.
An initial quar. div. of $1 50 per share on the $6 div. series pref. stock was
amount required for such priority dividends on the Class A stock, one-half
of the amount o f any further dividends in such dividend period shall be paid paid June 1 to holders of record M ay 11, who were given the option to re^
to Class A stock and one-half to the com. stock. Class A stock has priority ceive payment either in cash or in stock at the ratio of 3-50 share Class “ A
in liquidation or dissolution over the Class B stock up to $35 per share. common stock for each $6 div. pref. share. V. 120, p. 2547. On Sept. I
After this preferential payment to the Class A stock is provided for and 1925 $1 50 was paid with the option to receive instead o f cash 434-100 share
provision has been made for the distribution to the Class B stock of an Class “ A ” stock. Y. 121, p. 704.
amount equal in the aggregate to the total o f such preferential payment to
RE PO RT.— For 12 months ended Dec. 31:
the Class A stock, one-half of the remaining assets shall be distributed
1920.
1921.
1922.
Gross Earnings—
1923.
ratably among the holders o f the Class A stock and one-half among the Electric________________ $2,561,156
$778,661
$898,154
$1,832,130
holders o f the Class B stock. In Jan. 1925 John Nickerson & Co. offered Gas______ , ____________
514,534
600,150
611,756
639,570
200,000 shares Class “ A ” stock at $26 per share. V. 120, p. 208. Class Miscellaneous__________
21,379
30,102
335,788
62,631
“ B ” stock was issued in exchange for old com. stock in Jan. 1925. V. 120,
p. 208. The new common stock was created in Aug. 1925.
Total-------------------------- $3,263,357 $2,779,674 $1,528,406 $1,314,574
968,925
1.077,657
1,894,340
6)4% Interest-Bearing Option Warrants— In Aug. 1925 all stockholders Oper. exp., maint. & tax. 2,154,740
$345,648
$450,749
and security holders having the right to become stockholders were offered
$885,334
Net earnings_________ $1,108,616
31,982
31,599
rights to purchase 6)4 % interest-bearing option warrants, viz., one option Other income__________
76,746
213,710
$377,630
$482,348
warrant for each two shares o f stock held o f record Aug. 10, and for each
$962,079
Gross income_________ $1,322,327
two shares o f stock into which convertible bonds and debentures will be Fixed charges, &c., de
exchangeable. The initial payment o f $35; the balance of $60 may be called
ductions of sub. & affil.
68,642
81,906
308,215
for payment on 30 days’ notice at intervals o f not less than 90 days, but no
companies___________
435,665
$308,988
$400,442
payment may be called before Jan. 5 1926 or for more than $10 per call.
$653,865
Net avail, for Assoc.Co $886,661
Each option warrant, when fully paid, will be exchangeable for either Fixed charges, &c., de
150,626
148,344
163,644
ductions of Assoc. Co_
129,448
$100 principal amount o f 6% debenture bonds, or one share of $6 50 series
37,008
56,374
125,046
179,822
preferred stock, at the option o f the holder, and in addition, in either case, Res. for renew. & replac’t
$121,354
$195,724
$365,174
Inc. available for divs.
$577,391
Yi share o f new common stock. The 6% debenture bonds will be converti
$62,979
$119,459
ble after July 1 1928 at the holder’s option into one share o f $6 50 preferred Divs. on preferred stock.
stock for each $100 o f debentures.
Latest Earnings.—
Consolidated Earnings 12 Months Ended Aug. 31.
Each option warrant also carries a detachable stock purchase rights
1924.
1925.
entitling the holder to purchase one share o f the new common stock after
___________ $12,923,490 $4,148,450
Gross earnings_______________
Mar. 1 1926 and incl. Sept. 1 1927 for $20; and incl. Sept. 1 1930 for $30.
1,551,682
___________
5,142,994
Rights were extended from Sept. 10 to Sept. 17 1925. V. 121, p. 704, Net after exp., maint. & taxes.
769,295
__________
2,978,953
975, 1346. Listed on Boston Stock Exchange. V. 121, p. 1346. In Fixed charges, &c____________
214,098
__________
574,013
Sept. 1925 the co. announced that the 6 Yz % secured conv. gold bonds due Preferred dividends__________
___________
318,496
Class A dividends____________
1954 would be accepted in payment for option warrants on the basis of
$1,000 bonds for 30 option warrants $35 paid. This is equivalent to $105,
Bal. for depr. res. cl. “ B ” divs. & surplus______$1,271,532
$568,289
at which the bonds are callable. Holders o f these bonds who do not elect
to make such an exchange are entitled to rights to buy 11 option warrants
OFFICERS.— Pres., J. I. Mange; V .-P. & Treas., H. C. Hopson; V .-P .
at $35 paid; holders o f 634 % debentures, Manila Series “ A ,” to buy 6
& Gen. M gr., S. J. Magee; Sec.. M . C. O’Keeffe. Properties are under
warrants; holders o f Manila Series “ B ” and “ C ” each to buy 5 warrants. supervision o f J. G. White Management Corp.— V. 119. p. 2527, 2644, 2875,
The 634 % Manila debenture series, however, will not be accepted in pay 3008; V. 120, p. 208, 1201, 1324, 1455, 1585, 1745, 2266, 2399, 2813, 3310;
ment for option warrants. V . 121, p. 1226.
V. 121, p. 328, 584, 704, 837, 975, 1226, 1346, 1567, 1675, 1787, 2036.
Capital Stock and Funded Debt of Subsidiaries.— On July 31 1925 the fol
lowing securities of subsidiary companies were held by the public:
Common stock (par or stated value)__________________________$4,080,475
Preferred stock (par or stated value)__________________________ 1,775,950 NEW YORK CENTRAL ELECTRIC CORPORATION.
(See M ap.)
Funded debt (par or stated value)____________________________ 27,371,900
Bonds.— Secured bonds conv. Series o f 1924 are secured by pledge with
ORGA N IZA TIO N .— Incorp. in New York Dec. 2 1921, as Wyoming
the trustee o f all com. and pref. stocks o f subsidiary companies, now owned Electric Corp. Present name adopted N ov. 2 1922. In 1924 absorbed
and all voting stocks thereof hereafter acquired. No interest in the stock
the Perry Electric Light C o., Warsaw Gas & Electric Co., Hornell Electric
o f the Staten Island Edison Corp. is included in the pledged securities. Are C o., The Dansville Gas & Electric C o., Wayne Power C o., Yates Electric
convertible at option o f holder on and after April 1 1927 into non-voting
Light & Power C o., Corning Light & Power Corp., The Canaseraga Electric
cum. pref. (without par value), with adjustment for interest and dividends
C o., Inc., Distributors Electric C o., Inc., and Springwater Electric Light
and for fractional shares on the following bases; Each $1,000 bond will be C o., Inc. On Jan. 27 1925 acquired all o f the outstanding com. stock o f
the Empire Gas & Electric Co. In 1925 absorbed the Aulls Electric C o.,
entitled to convert on or before Mar. 1 1932 into 22 shares o f pref. stock
Addison Electric Light, Power Co., (V. 121, p. 331) and the electric system
until $500,000 o f bonds o f this series shall have been converted; thereafter
and to and including March 1935 into 21 shares o f pref. stock until an addi of the Village of Arkport.
tional $1,000,000 o f bonds o f this series shall have been converted, and
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
thereatfer until maturity into 20 shares o f pref. stock for all remaining out
Supplies territory located in the central part of New York State, furnishing
standing bonds o f this series. Semi-annual sinking fund o f an amount
the entire electric light and power service in Corning, Hornell, Dansyille„
equal to 1% o f bonds outstanding, commences July 1 1925 for the 634s Perry, Warsaw and many other communities; the principal electric light
and Jan. 1 1926 for the 6s. Are redeemable, all or part, on the first day
and power service in Penn Yan; entire gas service in Dansville; also someo f any month upon thirty days’ notice at 105 on or before June 1 1934; gas service in Corning and a steam heating service in Hornell.
at 104 thereafter and on or before June 1 1939; at 103 thereafter and on
or before June 1 1944; at 102 thereafter and on or before June 1 1949;
Ele^tric^outpu^t ^generated & purch.) k.w.h. year end. Dec. 31- 18,605,933
at 101 thereafter and on or before Dec. 1 1953; at 10034 thereafter to
Gas output (produced & purch.) cu. ft. year ended Dec. 3 1 -- 79,784,000'
maturity, plus interest in each case. Company agrees to refund per
Electric generating plant capacity k.w.h. Dec. 31------------------4,472
sonal property tax paid by residents o f Pennsylvania and Connecticut,
Gas producing plant capacity cu. ft. per 24 hours Dec. 31-----375,000'
not exceeding 4 mills, and of Maryland not exceeding 434 mills, and of
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Kentucky not exceeding 5 mills, per dollar o f taxable value per annum, and
Common $5,000,000 ($100)________
_______
$1 951 000 .................Massachusetts income tax not exceeding 6% per annum on income derived
Pref 7% cum $5,000,000 ($ 1 0 0 )____
7 Q-J
3,306 5 0 - - - - - - - - - from these bonds. In July 1924 $3,500,000 were offered by John Nickerson
lst M 546 % Ser of 1950 ($100,1 1924
5M g M-S 2,600,000 Mar 1 1950
& C o., Hambleton & Co., and Federal Securities Corp., at 9434 and interest,
$500&$1,000c* and $1,000, (New York Trust C o., N . Y ., trustee.
to yield 6.94% . V. 119, p. 327. In M ay 1925 co. offered to holders of
$5,000 & $10,000 r*) g - .t f j
„
„
secured gold bonds, 634 % conv. series o f 1924 (a) to deliver 36 shares Class
5%
93,000 ---------------“ A ” stock in exchange for each $1,000 o f secured gold bonds, but only for Hornell. Dansville 1st & r e f - - ____
$500,000 principal amount first presented, interest to be adjusted: (fi) to
Stock.— Pref. is non-voting. Red. all or in part on any div. date after
deliver 20 shares of its original series preferred stock in exchange for each 3 years from issue at 110 and divs. $2,000,000 7% pref. was offered In
$1,000 o f said bonds, but only for $500,000 first presented principal amount
Oct. 1924 by W. C . Langley & C o. and Bonbright & C o. at 97)4 and div.,.
thereof, interest to be adjusted. The offer was to expire on July 1 1925.
to yield 7.18% . V. 119, p. 1850.
Bonds.— 1st mtge. 5)4% bonds Ser. o f 1950 are red. all or part on any
V. 120, p. 2266.
Secured Gold Bonds, 6% Series 1925, are red., all or part upon 30 days’ int. date on 30 days notice at 106 on or prior to Mar. 1 1928, and at 1%
notice, incl. Dec. 1 1935 at 105; incl. Dec. 31 1940 at 104; incl. Dec. 31 1945 less during each period of four consecutive years thereafter up to and incl.
Mar. 1 1948 and at 100 thereafter, plus int. in each case. Penna. and Conn,
at 103; incl. Dec. 1 1950 at 102; thereafter at 101 plus int. in each case.
Interest payable at New York. Penn. & Conn. 4-mills tax, Maryland tax personal property taxes not exceeding 4 mills refunded. In Aug. 1924
$600,000 5 Y % Ser. o f 1950 were offered by Manufacturers’ Trust C o.,
up to 434 mills, Kentucky up to 5 mills, and Mass, income tax up to 6%
refundable. Secured hy pledge with the trustee of substantially all o f the N . Y ., at 97 and int., to yield over 5.70% . V . 119, p. 820.
Dividends1 Divs. on pref. paid regularly since issuance in 1924.
—
stock and notes o f Important subsidiary companies directly owned, together
with a majority o f the stock o f Staten Island Edison Corp. Sinking fund
R E PO RT.— Combined earnings 12 months ended Dec. 31 1924:
o f 2% annually o f outstanding amount. In M ay 1925 John Nickerson
Gross earnings.._______ __________________________________ - - - $1,039,836
& C o., Hambleton & Co. and Federal Securities Corp. sold $14,000,000 Operating expenses, taxes and maintenance---------------------------731,632:
at 95)4 and int., to yield 6.34% . V. 120, p. 2813.
$308,204
Convert. Debenture Certificates, Manila Electric, Series " A . " — Interes
Net earnings...
payable in New York; on coupon debenture certificates June and Dec.; Interest charges..
128.295.
34,892on registered debenture ctfs. quarterly in M ar., June, Sept, and Dec. 1. Amortization, &c.
They are without a fixed date o f maturity but become due In case o f 90
days’ default in the payment o f interest or in case o f the happening of cer
Surplus for year____________________________________________
$145,017'
tain other events therein specified. Redeemable on 30 days’ notice at 105
Latest Earnings.— For 12 mos. end. Aug. 31 1925: Gross (incl. divs,.
and int. Are convert, after Dec. 1 1925 at the holder's option, or after
controlled cos.), $1,230,436; oper. expen., taxes and maint., $754,236;.
June 1 1927 at the company’s option, into 12 shares $6 div. series pref. stock from$476,200; int. charges, $207,159; amort., &c., $53,895; sur., $215,416for each $1,000 o f Series ,rA ’’ ctfs. with adj. o f int., upon 30 days’ notice, net,
OFFICERS.— Pres., Geo. W . Olmsted; V .-P ., Ellis L. Phillips: Treas.given on or after said respective dates. Red. at 105 and int. on 30 days'
notice. Penn. & Conn. 4-mill tax, Maryland 434-mill, Kentucky 5-mill R. F. Van D oom ; Sec., Henry R . Frost; Asst. Treas.. John W. Little.
— V. 119, p. 1850, 2073, 2179, 2287, 2411; V. 120, p. 2944; V . 121, p. 331.
tax, and Mass, income tax not exceeding 6% refundable.
O ct,
1 9 2 5 .]
PO W ER, L IG H T AN D R A IL W A Y
U5
W5
56
PUBLIC UTILITIES
NEW Y O R K STATE GAS & ELECTRIC CORP.
[V ol. 121,
STATEN ISLAND EDISON C O R PO RA TIO N .
ORGANIZATION.— Incorp. Feb. 14 1923 in N. Y . and as of Aug. 1 1928
ORGAN IZATION .— Incorp. in New York in 1852 as Ithaca Gas Light
C o., and present name adopted in 1918. Has at various times acquired acquired from the Richmond Light & RR. Co. (see below) the properties
the properties formerly owned by the Ithaca Electric Light & Power Co., which do the entire electric light and power business in the Borough of
Norwich Gas S Electric C o., Oneonta Light & Power C o., Homer & Cort Richmond (Staten Island), N . Y . Owns over 98% of the outstanding
c
land Gas Light C o., Ovid Electric C o., Tompkins County Power Co., capital stock of the Richmond Light Sc RR. Co., which co. in turn owns all
Standard Light, Heat & Power C o., Madison Power C o., Inc., Waterville of the capital stock and bonds of the New Jersey Sc Staten Island Ferry Oo.
Gas & Electric C o., Moravia Electric Light, Heat & Power C o., New Berlin and over 51% of the capital stock of the Southfield Beach RR.
Light & Power C o.. Southern New York Power C o., Sullivan County Light
Maturity.
Interest. Outstanding.
STOCK AND BONDS—
Date.
■ Power Corp., Fleischmanns Light, Heat & Power C o., Pine Hill Electric Com stock 60,000 shs. (no p a x ) ____
&
See text
57 230 shs,
Plant, West Branch Light & Power C o., Delaware County Electric Light & Pref., 10,000 shares, $7 cum______
2 312 sh
.........
$7
Power Co.
Ref & impt M Ser ‘ ‘A7’ ($100, f 1923
O A g J - 3 $3 752 200 July 1
Series “ B ” ________________ 1924
1.592 000 July 1 1964
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS —
6 g J-J
T he properties consist o f steam and hydro-electric power plants with a
$500&$1,000 and $1,000.(Irving Bank-Columbia Trust Co., New
$5,000 Sc $10,000)------g .t fl York, Trustee
•combined capacity o f 15,979 k. w., and gas plants with a combined daily
_______
232,000
capacity o f 2,990,000 cu. ft., together with 543 miles of high tension trans Equipment trust c e r t ific a t e s ..____
mission lines and 1,535 miles o f gas mains. Supplies without competition
Bonds.— The ref. & impt. mtge. bonds are additionally secured by pledge
•over 35,000 consumers in 177 communities in central and southern New of $700,000 Richmond Light & R R . Co. coll, trust 4s and over 98% of the
York, having a population o f approximately 135,000.
capital stock of the Richmond Light & R R . Co. The 6As , Series “A” ,
are redeemable, all or in part, on the first day o f any month upon thirty
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
days’ notice at 107A and interest during the first ten years, at 105 and
■Common 100,000 shs (no p a r ) ___
_______
46,484 shs __________
interest during the next ten years and at A of 1% less during each suc
First mtge 5 A % series__ I t f" 1922 5 H A - 0
'
------$6,646,500
1962
ceeding year. Series “ B ” 6s are redeemable, all or in part, on the first
First mtge 6% series______ tf 1922 6 J-J
491,000
1952
First mtge 5% series______ tf 1925
125,000 Mar 1 1926 day of any month upon thirty days’ notice at 107 A and interest during
5 M-S
the first ten years, at 105 and interest during the next ten years, and
Divisional Liensat M o f 1% less for each succeeding year. A sinking fund is to be provided,
(Equitable Trust C o., New York, trustee.
amounting annually to 1% of the maximum amount of bonds of this issue
Stand L H & P 1st deb 6s____f 1900 6 M-S
11,500
1930
at any time theretofore issued and outstanding. All cash received by the
2d debenture 6s_________ • 1903 6 M-S
)
21,500
1930
sinking fund will be used for the purchase o f these bonds at not exceeding
(Unadilla National Bank, trustee.
their callable price, or, if not so purchasable, for the call of these bonds by
Ovid Electric Co first m tge/ 1913 6 J-J
10,500
1943
lot at their redemption price. Interest is payable in New York and Chicago.
Sullivan Co L & P Corp 1st M\ 1913 6 J-J
93,000
1943
1Orange County Trust C o ., Middlet’n ,N .Y. Penna. and Conn. 4 mills taxes and Mass, income tax of 6% refunded. In
July 1924 Marshall Field, Glore, Ward & C o., Spencer Trask & C o., and
Madison Power Co first mtgeJ 1921
;
6 J-J
97,500
1951
Estabrook & Co. sold $1,600,000 ref .& impt. mtge. 6% bonds. Series “ B ,”
{Citizens Trust Co., Utica, N . Y ., trustee.
at 98 A and interest, to yield 6.10% . V . 119, p. 84.
Solsville El Lt & Pow gold. I 1919 6 g J-J
16,500
1934
Dividends.— An initial dividend o f $1 50 per share was paid on common
{Citizens Trust C o., Utica, N . Y ., trustee.
in June 1924.
Waterville Gas & Elec 1st M . ) 1918 5 g J-J
1
9,700
1948
{Citizens Trust Co., Utica, N. Y ., trustee.
EARN ING S.— For years ending Dec. 31:
Moravia Elec L, H & P 1st M / 1916 6 F-A
)
7,500
1956
Calendar Years—
Gross.
*Net.
Int.,&c.
Bal.,Sur.
{First National Bank o f Moravia, trustee.
1924
_____ -$2,768,661
$756,367
$352,568
$403,799
West Branch L & P 1st M __ | 1906 5 A-O
38,200
1926
1923 --------------------------- 2,619,649
769,223
225,806
543,417
{National Bank of Stamford, trustee.
* After operating expenses, rentals, &c.
Bonds.— First mtge. bonds are additionally secured by pledge of $1,447,Management.— Properties under the management of the J. G. White
100 face amount (of a total o f $1,500,000) of Southern New York Power & Management Corp.— V. 118, p. 3089; V . 119. p. 84, 2412; V. 120, p. 332.
Railway Corp. first mtge. 6% bonds, due 1928. Additional first mtge.
(1) RICHMOND LIGHT & RAILROAD CO.
bonds may be issued in series with interest rates, maturity dates, redemption
Over 98% of the co.'s outstanding eapital stock has been acquired by the
provisions, &c., to be determined from time to time as series are issued, for— Staten Island Edison Corp.. which see above.
(а) 80% o f the net amount o f additional property as defined in the inden
Receiver Discharged.— On July 31 1923 Judge E. L. Garvan o f the U. S.
ture.
Dist. Court discharged the receiver for the co., who had been in charge of
(б)
_ Retirement o f prior liens on property subsequently acquired, under
certain restrictions. Penna. 4 mills tax refunded. Are redeemable as the property since April 28 1920. V. 117, p. 555ORGA N IZA TIO N .— This company was formed as a reorganization on
follows: 6% series, from Jan. 1 1932 to Jan. 1 1942, inclusive, at 110 and
Aug. 18 1902 of the Staten Island Electric R R ., New York & Staten Island
interest and thereafter at a premium decreasing A % every six months.
5 A % series— To Oct. 31 1932 at 107 Ai, thereafter less A % annually to Electric Co. and the Richmond County Power Co. Owns the entire capital
of the New Jersey & Staten Island Ferry Co. For terms of reorganization
maturity.
and complete statement of plan, see V. 74, p. 1091. Franchises are perpetual.
5% series on first day o f any month at par and accrued interest.
As of Aug. 1 1923 the co. transferred to the Staten Island Edison Corp.
$700,000 series 6s offered March 1922 by J. G. White & C o., N . Y ., and
Janney & C o., Phila., at 94 A and int.; $650,000 series 5 A s offered Nov. all the lighting and other properties not exclusively devoted to railroad and
1922 by Janney & C o., and Marshall Field, Glore, Ward & C o., N. Y ., at ferry operations. The street railway and ferry properties will remain in the
c
9TA & int.; $2,350,000 series 5 A s offered Jan. 1924 by Marshall Field, possession of Richmond Light S R R ., as the subsidiary of Staten Island
Edison Corp., but may be subsequently vested in a new strictly railroad
Glore, Ward S Co. and Janney & Co. at 92 A & int.
c
corporation (already organized) under the name of Richmond Railways, In*..
EARN IN G S.— Consolidated earnings o f plants now operated:
which would then become a subsidiary of the Staten Island Edison Corp.
Years End. Dec. 31—
Gross.
Net for Int., &c. Bond Interest.
$2,168,326
$872,050
$280,752
1924............... ..........
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
2,065,252
731,304
205,857
1923---------------- Miles of track, 33.32; 90-lb. girder Cambria and 85-lb. girder Johnson steel
OFFICERS.— Pres., S. J. Magee; V .-P ., G. A . Strain; Sec., M . C. rails; 130 passenger cars.
O’Keeffee; Treas., O. E . Wasser.— V. 119, p. 463, 2762; Y. 120, p. 1089.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity•
Stock $3,000,000 ($100).........r ____
_______
$2,866,650 __________
First collateral trust m tge{ 1902
4 g J-J
1.438,600 July 1 1982
THE CORTLAND COUNTY TRACTIO N CO.
$2,500,000 gold________ t f jln t. at Guaranty Trust C o., N . Y ., Trustee.
ORGAN IZATION .— Is a reorganization on June 22 1901 o f the Cortland Equipment trust c e rtific a te s .-____
6%
232 000 __________
Sc Homer Traction, sold at foreclosure on Apr. 23 1901. In June 1905 ab
Bonds.— $700,000 are pledged under Staten Island Edison Corp. ref. &
sorbed the Cortland & Homer Electric C o., previously controlled.
impt. 6K s.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS —
OFFICERS.— Pres., J. H. Pardee; V .-Ps., J. K . Choate, H. C. Hopson
Furnishes light to the cities o f Homer and Cortland and to the public.
J. I. Mange;
Carries coal and freight as well as passengers. Operates 16.18 miles of and118, p. 1521. Sec. & Treas., T . W . M offat.— V. 117, p. 326, 555, 1018:
V.
track (not incl. sidings and turnouts) between Cortland. Homer, Little York
and Preble, and between Cortland and McGrawville. Has 33 cars.
The 1st mtge 4s, which matured Apr. 1 1921, were, we understand,
LONG ISLAND L IG H TIN G CO.
purchased by interests connected with the company and are being carried
(See Map, Page 57.)
along at 7% interest.
O RGAN IZATION .— Incorp. in N . Y . Dec. o l 1910 as a consolidation
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
of a number of cos. which had been operating on Long Island over a long
Stock com $320,000 ($100). ______
_______
$320,000 __________
f 1901
4 g A -0
180,000 Apr 1 1921 period of years. Has since absorbed various other co’s, incl. Nassau Light
C o., has acquired substantially all o f
o
First mtge $180,000 ($500) County Sav. Bk. & Tr. C o., Scranton. Pa., & Power Gas & Electric Co. and in Aug. 1925the com. stock % f Queens
acquired 87A
o the
gold.
-c*| trustee. Int. at co.'s office. N o sink. fd. Borough stock of Kings County Lighting C o.; 50,000 shares were f out
Common
I Can be called on 6 months’ notice.
New mortgage $500,000 gold{ 1905
5 g F-A
320,000 Aug 1 1935 standing.— V. 120, p. 2268.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
($500 and $1,000)_______ cjlnterest at Empire Tr. C o., N . Y ., trustee.
1st & ref mtge $2,000,000___ / 1907
5 J-D
105,000 June 1 1957 Supplies substantially the entire electric light, power and gas service in the
County of Suffolk and the entire electric light and power service in the
{in t. at Equitable Tr. C o., N. Y ., trustee.
Bonds.— Of the $500,000 issue o f 1905, $180,000 are reserved to retire central and northern parts of the County of Nassau. This territory repre
sents an area of over 1,100 square miles, having a population of over 200,000
prior liens. They are subject to call at 105.
normally and over 300,000 in summer. The service is furnished under
Dividends.— In 1920, 1% ; 1921, 1% ; 1922, 3% : 1923, 1% ; 1924, 2 A % .
favorable franchises, the majority of which extend beyond the maturity
EARN INGS.— For calendar years:
S ****’
B
of the bonds.
Calendar Years—
Gross.
Net. Fixed Chgs.&Tax Balance.
The co. owns electric generating stations at Northport, Glenwood,
1924----------------------------- $367,573
$147,747
$83,088
sur.$64,660
Amityville, Babylon, Huntington, Port Jefferson, Riverhead, Southampton
1923----------------------------- 370,497
119,406
81,716
sur. 37,690
OFFICERS.— Pres., Edwin Duffey; V .-P ., A. W. Garrison; Treas. & and Glen Cove; also gas plants at Bay Shore, and Huntington. Total
electric generating capacity 26,845 k.w.; gas producing capacity per 24
Gen. M gr., G. H. Garrison.— V. 81, p. 507.
hours, 3,295,000 cu. ft.
---- ♦
--------Co. owns 298 miles of high tension transmission lines. A line has been
constructed to connect the Northport and Glenwood plants so that current
PEEKSKILL L IG H TIN G & RAILR O A D .
can be furnished to the entire territory from either of these plants, both o f
In 1909 Westchester Lighting C o., controlled by Consol. Gas Co. o f N. Y .,
purchased the entire common stock and a block of pref. of the Peekskill which are located on the waterfront. Length of distribution lines, 2,109
miles.
Lighting & R R . See Westchester Lighting Co., V . 89, p. 108.
Annual electric output (generated) in 1924 was approx. 58,362,229 k.w.h.
ORGAN IZATION .— Incorp. as the Peekskill Lighting Co. on July 12
1900: subsequently purchased the Peekskill Gas Light C o. and Peekskil] This is the net combined total of A .C . and D .C . current. Number of
meters in
Dec.
Electric Light & Power Co. Name changed as above upon purchase of the electricco. has 36 serviceof high31 1924 was 48,556. delivering gas to sur
The
miles
pressure gas mains,
Peekskill Traction on Aug. 31 1900.
FIE LD OF OPERATIONS A N D CH ARACTER OF BUSINESS.— rounding territory from the main generating station at Bay Shore. Length
of distribution mains,
in 1924
Comprises all the gas, electric light, power and street railway interests of was about 343,850,100 153 miles. Annual gas output (produced) Dec. 31
cu. ft. Number of gas meters in service
Peekskill. Owns and operates 7.84 miles o f track in Peekskill and to
was
Lake Mohegan and Verplanck’s Point, with branch to State Camp. Fran 1924 Dec. 7,780.the co. changed its auth. common stock from 100,000 shares,
In
1924
chises o f electric-lighting plants and railways are perpetual. Gas fran
par $100, to 1,000,000 shares, of no par value. V. 120, p. 86.
chises liberal.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
_________ 300,000shs
See text
Common 1,000,000 shs (no p a r ) ____
Com m on$500,000 ($100)................................... . . .
$500,000
1910,4%
Pref7% cum $10,000,000($100)____
7 Q-J
$6,562,400Oct. ’25 1%
6 J-D
130,500 D e c ’ 17,3%
Preferred $150,000 6% cu m ............
1st mtge $6,000,000 ($100,1 1911 5 g M-S
4,323,300 Mar. 1 1936
1st mtge $750,000 ($1,000){ 1900
5 g A-O
646,000 Oct 11930
$500 and $1,000) g ______ c*(In t. at
trust.
gold sinking fund_______ c*/Interest at N . Y . Trust Co.’, N . Y ., Trustee. 1st ref M Ser “ A ” ($100, $500( 1923 Bankers Trust C o., New York, 1 1948
6 g J-J
3,000,000 Jan.
Stock.— $19,500 par value pref. stock has been reacquired by the co.
&$l,000c*& $l,000& cr*)gtf(lnt. at Amer. Exch. Nat. Bk., N . Y ., trust.
Bonds.— Whole issue (but no fractional part) can be redeemed on any 6% sec g bonds ($1,000, $500) J 1925
6% J-J
$3,500,000 July 1 1945
Interest date at 110 and interest. Sinking fund is provided at the rate of
-------------------------------c* -tf(C entral Union Trust C o., New York, trus.
$10.80 per bond outstanding, beginning Oct. 1903. The remaining bonds Nassau Pow S Lt 1st mtgef 1907 5 g A-O
c
756,000 Oct. 1 1927
can only be issued for extensions, &c.. at 75% of actual cost, and only when
$1,000) gold___________ c*{lnt. at Metrop. Trust Co., N . Y ., trustee.
net earnings o f the previous 12 months are equal to at least twice the interest
Stock.— Pref. Is red. at 110 and dlvs. on any div. date after 3 years from
on the outstanding bonds and the proposed issue. See Y . 71, p. 913. date of issuance. W. O. Langley & C o., New York, sold in Aug. 1925
$14,000 are in treasury.
Dividends.— 6% per annum paid on pref. stock up to Dec. 1917. None $656,200 additional Preferred stock at 105 and int.— V. 121, p. 586.
Bonds.— 1st mtge. 5s have sinking fund of 1% per annum.
since. On common, in 1906, 1% ; in 1907, 3 A % : in 1908, 4 % ; in 1909,
1st ref. mtge. provides for an ’’Improvement Fund” of 1% annually com
4% ; in 1910, 4 % . None since.
mencing Jan. 15 1926 of bonds Issued under this indenture. Ser. " A ” 6s
EARN IN G S.— For years ending Dec. 31:
Cal.Yrs.— Gross.
Net aft. Tax. Other Inc. Fixed Chges.,&c. Balance. are red., all or in part, on any int. date, on30days’ notice at 110% during
and at
during each
following 10 years
1924----------$494,096
$53,625
$2,085
$70,384
def.$ll,674 the first 15 years in each 1% lessCo. agrees to year of the Penna. and Conn,
refund the
1923---------- 466,263
47.671
404
66,718
def.18,643 plus accrued int. taxes case.
personal property
legally assessed against and paid by the holder
1922............ 419.169
60,744
914
63,031
def. 1.373 not exceeding 4 mills per ann. in either State upon application within 30
J-OFFICERS.— Pres., F. A. Stratton, M t. Vernon; V.-P., & Gen. Mgr
days after such payment by the holder thereof. $3,000,000 were sold by
W . O. Fisher, Ossining; Sec., Dr. B. W . Stillwell; Treas., H. M . Brundage; W . C. Langley S Oo. and Bonbright Sc Co., Inc., in Jan. 1923 at 9 7 A and
c
Asst. Treas., H. D. Swain, Ossining. General office, Peekskill, N. Y . int., to yield about 6.20% . V. 116, p. 83.
— V. 106, p. 190; V. 108, p. 2529; V. 113, p. 2080; V. 115, p. 2906; V. 116,
6% Secured Gold Bonds.— Interest payable at office or agency in New
p. 1412
York. Red. all or part on 30 dayB’ notice at 105 incl. July 1935; thereafter
Saybrooko,
POW EK, LIG H T AN D K A IL W A Y
8ridoeport<
Stamford
WHITE PLAINS/
Greenwich
Yonkers
Port Chester o l
' sh elter
>Ml.Vernon
\
New
Peconic,
itchoQue,
SmiilitoiL'i
Bay_^
Setauketj O
Setauke/ Sta.
i i w
Mattitucj
i
M
i
/
i
I Locust Valle
Halesiua
NORTHPORT
hUNTIW3T°n\
l
shingtom
S t#- Ki
Calverton
Sea Cliff
ilenhead
/ S M I T H 'T O W N ^
!
Syossettr
S . M I T H T O W N
]
lanhasset
O Melville
East Quoque,
Quoque
Yaphank Morlches0 ' ^
NW
E xi
ft
B R E N T W O O D *%,
Mastic <9
7Speonk
Brookhaven,
c\attush Ave»
J
GARDEN1
C IT Y
^Richmond Hi
^Finelewn
Hempstead
BABYLON
I a r m i n '®0 .
B erV
W A
Hagerman
H^Oakdaie
Norwood
S p rin g fie lc T ~ T p < ^
Valley S^eanT
!i.
.. ./H e w le tt;
Tynbrook
MAP OF THE
LONG ISLAND LIGHTING COMPANY
O ct ,
1925.]
SC A LE OF M IL E S
A
■ ■ ■ ■ ■
E L E C T R IC G E N . S T A T IO N
H IG H V . T R A N S . L IN E S
■
■
................................ ................................
G A S G E N . S T A T IO N
—
• G A S T R U N K M A IN S
m m m m P R O P O S E D H IG H V. T R A N S . L IN E S
T R A N S M IS S IO N L IN E S
58
PUBLIC UTILITIES
less A % for each 6 months incl. July 1 1944; thereafter at par. Secured by
Common stock Kings County Lighting Co. as follows: against each 10
shares $800 o f bonds. Penn. & Conn. 4-mills tax. Mass, income tax not
exceeding 6% refundable. In July, 1925, W. C. Langley & Co. sold
S3,500,000 at 100 and int. V. 121, p. 330.
Dividends.— 7% per annum paid regularly (Q.-J.) on pref. since issuance
n 1919. On com ., 5.6% in 1912; none 1913; 4% 1914, 5 A % 1915. 6%
1916 to 1931, incl.; 8% 1922 to 1924, incl. On the no par com., 50c. quar.,
incl. N ov. 1925.
RE PO RT.— Latest statement o f earnings available showed:
Twelve Months Ended—
Dee. 31 ’24. Dec. 31 '23. Dec. 31 ’22.
Gross income *............. ........................ $3,761,584 $3,276,110 $2,577,830
Oper. exp., maint. and taxes_______ 2,073,002
1,799,836
1,585,890
Net income---------------------------------- $1,688,582 $1,476,274
$991,940
* Including divs. from controlled companies.
Latest Earnings.— For 12 mos. end. Aug. 31 1925: gross income (tacll
divs. from controlled cos., $4,115,303; oper., exp., maint., & taxes, $2,286,
805; net income, $1,828,498.
OFFICERS.— Pres., E . L. Phillips; V .-P ., G. W . Olmsted: Treas., R . F.
Van Doom ; Sec., H. R . Frost; Asst. Treas., A . M . Hallock.— V. 117,
p. 899; V. 120, p. 86, 703, 2268; V. 121, p. 330.
(1) QUEENS BOROUGH GAS & ELECTRIC CO.
Substantially all o f the com. stock is owned by Long Island Lighting Co.
(see above).
ORGAN IZATION .— Incorp. in N .Y . in 1902 as a consolidation of Queens
Boro. Elec. Lt. & Pow. Co. and Town o f Hempstead Gas & Elec. Lt. Co.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Furnishes without competition electric light and power and gas in the Fifth
Ward (Rockaway district), N . Y . City, and in the adjacent portion o f the
Town o f Hempstead, Nassau County, incl. Lawrence. Cedarhurst, Lynbrook, M alveme, Inwood, Woodmere, Hewlett, Valley Stream, Oceanside
and East Rockaway.
STOCK A N D BONDS—
Date. Interest.
Outstanding.
laturity.
............ ..$ 2 ,0 0 0 ,0 0 0
See text
Common $2,000,000 ( $ 1 0 0 ) . - - .......
Pref 8% cum $2,450,000 ($ 1 0 0 )____
_________ 2,450,000
See text
Ref mtge 6% Ser of 1953) 1923 6 g M-S
2,000,000 Sept. 1 1953
($100, $500 & $1,000 c* (Guaranty Trust C o., New York, trustee.
& $1,000 Ac r*) g _______ tf)
General mortgage ($1,000) f 1902
5 g J-J
1,600,000 July 11952
g o ld ----------------------------- c*(Guaranty Trust C o., New York, trustee.
Queens Borough Elec Lt & / 1898 5 g A - 0
250,000 Oct. 1 1928
Pow 1st M gold-----------n tf (Equitable Trust C o., New York, trustee.
Town o f Hempstead Gas &)
Elec Lt Co 1st M g _______ J1901
5 g F-A
150.000 Feb. 1 1931
Bonds.— Ref. mtge. provides for impt. fund 6% Ser. o f 1953 are red., all
or part, on any int. date on at least 30 days’ notice at 107 on or prior to
Sept. 1 1927 and at 1 % less during each period of 4 consecutive years there
after up to and incl. Sept. 1 1951, and at par thereafter to maturity, plus
int. in each case. Co. agrees to refund Penna. and Conn, personal property
taxes, assessed not exceeding 4 mills per ann. In either State. In Oct. 1924
$2,000,000 6% Ser. o f 1953 were offered by Bonbright & C o., Inc., and
w . C . Langley & C o. at 99 and int., to yield over 6 % . V. 117, p. 1564.
Dividends.— Paid regularly on pref. since issuance. Com., 4% in 1916,
1917, 1918; 6% , 1919; 7 % , 1920; 7 % . 1921; 7% , 1922. 1923 and 1924,8% .
R E PO RT.— Latest statement o f earnings shows:
12 Months Ended—
D .c. 31 ’24. Dec. 31 ’ 23. Dec. 31 '22. Dec. 31, 21.
Gross income----------------$2,470,099 $2,335,815 $2,067,234 $1,750,507
Oper. exp., maint. & tax. 1,577,765
1,573,221
1,452,531
1,252,996
Net Income...............
$892,334
$762,594
$614,703
$497,511
Latest Earnings.— For 12 mos. end. Aug. 31 1925: Gross, $2,623,276;
oper. exp., maint. & taxes, $1,744,369; net income, $878,907.
OFFICERS.— Chairman o f board, E. L. Phillips; Pres. & Gen. M gr.,
Carleton M acy: V .-P ., H. Hobart Porter; V .-P ., G. W . Olmsted; Sec.,
E. B. Sanford; Treas.. J. W . L ittle — V. 118, p. 917; V. 120, p. 455, 2268;
V. 121, p. 330, 586.
(2) KINGS COUNTY LIGHTING COMPANY.
87A % o f the common stock is owned by Long Island Lighting Co.
ORGAN IZATION .— Incorp. in New York M ay 25 1904 and on July 1
same year absorbed Kings County Gas & Illuminating Co.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Supplies gas in the 30th and 31st Wards o f Brooklyn, serving a population
o f 300,000. Plant is located at 55th St. and First Ave., Brooklyn, N. Y .
STOCK AN D BONDS—
Date. Interest.
Outstanding.Maturity.
Common (50,000 sh., no p a r ) . ____
_________ 50,000 shs. _________
8% cum pref Series A ( $ 1 0 0 ) - .____
8 J-J
$500,000 __________
7% cum pref Ser B ($100)_________
7 Q-J
1,792,900
_______
1st ref 5s ($1,000)_______ c t f f 1904
5 J-J
2,428,000 July 1 1954
(Int. at Central Union T r. Co. o f N. Y ., trus.
1st refunding 6M ($1,000)- c t f / 1904 6 A J-J
1,822.000 July 1 1954
(Int. at Central Union Tr. Co. of N . Y ., trus.
Kings Co Gas & Ilium Co 1st/ 1890 5 A-O
750,000 Oct. 1 1940
5s ($1,000)______________c (In t. at People’s Trust C o., B klyn., N .Y ., tr.
Stock.-—8% cum. pref. stock Series A is redeemable on any dividend date
at 105. 7% cum. Series B is redeemable on any div. date at 115.
Bonds.— First ref. gold bonds redeemable at 105 and int. on any interest
date on and after Jan. 1 1940.
First ref. gold C A % bonds red. at 105 and int. on and after Jan. 1 1940.
C
Dividends.— 8% per annum paid regularly on 8% pref. stock since issu
ance. 7% per annum paid regularly on 7% pref. stock since issuance.
On $100 par common, 4 A % , 1908; 6% , 1909 to 1912, inclusive: 5 % % , 1913;
6 M % , 1914; 6% , 1915; 1% , 1916; none, 1917 to 1921, inclusive; 6% , 1922;
8 % , 1923. On no par common stock $4 50 per share in 1924.
RE PO RT.— For 12 months ended: xAug. 31 ’25. Dec. 31 ’24. Dec. 31 ’23.
Gross earnings_____________________ $2,678,216 $2,552,564 $2,401,315
Operating expenses, maint. & taxes-. 1,653,901
1,646,242
1,586,289
Net income______________________ $1,024,315
$906,322
$815,026
OFFIQERS.— Pres., E. L. Phillips; V .-P ., George W. Olmsted; Treas.,
John W . Little; Sec., A. J. Gonnoud; Asst. Treas., C. J. Ferdon.
EMPIRE GAS AND ELECTRIC CO.
The entire capital stock is owned by the New York Central Electric Corp.
Organization.— Incorporated April 12 1911 in New York acquired Auburn
Gas C o., Inter-Urban Gas C o., Seneca Falls & Waterloo Gas Light Co.,
Auburn Lt., Heat & Pow Co., Auburn Subway & Electric Co. and Citizens
Light & Power Co. of Auburn merged the Weedsport Electric Light Co. in
1915, and the Central New York Gas & Electric Co. in 1916.
Field of Operations and Character of Business.— Does the entire gas and
electric business in Geneva, Waterloo, Seneca Falls and 7 other cities and
towns, and the entire electric business in Weedsport and Clyde. Population
served, 130,000. Consumers: electric 16,330; gas 17,432.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
$2,692,000
Common $2,692,000 ($100)_ _____
_
_______
6 monthly
315,000
6% Cum Pref $315,000 ($100)
7 A monthly 219,900
7 K % Cum Pref______ ($100)
7% Cum Pref________ ($100)
7 monthly
905,700
Jtlst & ref gold 5% $5,000,-/ 1911
. . . ______ ,
_
5 M -S
$2,669,000 Mar 1 1941
000 ($1,000)_________ c* tf (Int. at Pennsylvania Co. for Ins. on Lives &
! Granting Annuities, Phila., trustee.
1922
6 J-J
$1,860,000 June 1 1952
Int. at Irving Bk.-Col. Tr. C o., N . Y ., trus.
1902
5 J-J
$123,000 Jan 11927
Int. at New York Trust Co., trustee.
Aub Gas Co Cons g 5% $600,-1 1905
5 J-D
259,000 June 1 1930
000 ($1,000)_________ c_ tf (Int. at New York Trust Co., trustee.
CentrN Y G & E Co l s t g 5 % ) 1911
6 J-J
$1,042,500 July 1 1941
*2,000,000 ($1,000, $500) ] Int. at Philadelphia Trust C o., Phila., Trus.
c tf \
FRASER
Digitized for
[V ol. 121
Stock.— The 6% Pref. stock has preference as to assets and is guaranteed
by endorsement by the Empire Coke Co. which has been merged into the
Empire Power Corp. The 7 A and 7% Pref. stocks have same as the 6%
Pref. stock but are not guaranteed by the Empire Coke Co. The 6% Pref.
stock is non-voting.
Bonds.—Empire Coke Co., Empire Gas & Electric Co., Joint 1st and Ref•
Gold Notes, Due 1941 are red. at 102 on any interest date. Annual better
ment fund of 2% of outstanding amount. In addition to the amount
outstanding, $1,860,000 are pledged as collateral under the gen. & ref. gold
6% Series “ A .”
Empire Gas & El. Co. Gen A Ref. Gold 6 % , Series A are red. whole or part
on 30 days’ notice at 110 during the first 15 years, less 1% for each year
during the following 10 years and at par thereafter. Secured by a general
mortgage on the entire property o f the company and by the deposit with
trustee of an equal principal amount of Empire Gas & El. Co. and Empire
Coke C o., Jt. 1st & ref. mtge. 5% gold bonds, or in lieu thereof, each or
U. S. Government obligations. First publicly offered ($1,100,000) in
Oct. 1922 at 96 & int., yielding 6.30%.
Central N . Y . Gas A El. Co. 1st Gold 5% dated July 1 1941, are red. at
105 on any interest date. Annual sinking fund of 1% of outstanding
amount since 1916.
Gross
Net
Surplus
REPORT— Earnings. Earnings. Interest. Deprec.
Divs.
for Yr.
1924-------------- $2,286,038 $904,351 $327,499 $261,592 $302,929 $12,331
1923------------- 2,108,604 916,763 316,515 243,130 228,490 128,628
1922------------ 1,866,264
808,488 305,713 190,196 139,352 173,227
517,901 288,890 117,908
85,055 26,048
1921------------ 1,678,160
1920------------ 1,604,735
419,582 232,890 131,117
34,440 21,135
Earnings.— Twelve mos. end. Aug. 31 1925: Gross, $2,330,777; net,
after oper. exp., maint. & taxes, $911,272.
OFFICERS.— Pres., E . L. Phillips; V .-P ., H. O. Palmer & G. WOlmsted; Treas., R . F . van D oom ; Sec., H. R . Frost.
NEW Y O R K STEAM C O R PO RA TIO N .
ORGANIZATION.— Incorp. in N . Y . in July 1921, as successor to the
New York Steam Co. as per plan in V . 113, p. 967.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Supplies steam for power and heating purposes in New York’s downtown
financial district and in uptown commercial and residential sections, serving
many of the largest and most important buildings in N . Y . City. The
franchise under which the corporation operates is without limit as to time
and grants the right and privilege to lay mains and pipes in any o f the
streets on the island o f Manhattan and to supply steam for power, heating
and cooking. Also has contract with N . Y Edison Co. for purchase of steam.
Interest. Outstanding. Maturity.
STOCK A N D BONDS—
Date.
Common (30,000 shs (no p a r ) . ____
_______
30,000 shs __________
Pref $7 cum Ser A 100,000 shs.
(no par)___________________ _____
$7 Q-J
39,618 shs. Oct’25 $1 75
1st M ser A ($500 & $1,000c* f 1922
6 g M -N $5,821,000 M ay 11947
and $1,000, $5,000 and-{int. at Nat. C ity Bank, N . Y ., trustee.
$10,000r*) g . ...................tf t
Stock.— Pref. ser. “ A ” is red. all or in part on any div. date on 30 days
notice at 115 a share & divs. Listed on N . Y . Stock Exchange. In
Oct. 1924 5,000 shares were offered by the National City Co. at 96 flat,
to yield about 7.29% . In April 1925 10,o00 shares add’l were offered by
the National City Co. and Cassatt & Co. at $99 per share, yielding over
7.05% . V. 120, p. 1881.
Bonds.— The 1st mtge. ser. “ A ” 6s (non-redeemable prior to 1932) are
red. on any int. date on 60 days’ notice at 107 A from M ay 1 1932 to N ov. 1
1936 incl.; at 105 from M ay 1 1937 to N ov. 1 1941 incl., and at 102H
thereafter, but prior to maturity. Mortgage provides for sink, fund o f 2%
annually. Four mills tax in Penna. refunded. Listed on New York Stock
Exchange. $5,000,000 1st mtge. ser. A 6s-were offered in June 1922 by
the National City Co. at 94 and int., to y eld about 6 A % - V. 114, p.
2831; V. 115, p. 81. An add’l $800,000 were offered by the National City
Co. in Oct. 1924 at 98. to yield about 6.16% . V . 119, p. 1851.
EARNINGS.— For years ended June 30:
Operating Revenues.—
1925.
1924.
1923.
1922.
Downtown district_____$2,246,307 $2,389,353 $2,309,880 $1,994,442
Uptown district________ 1,622,811
1,285,048
1.400,473
1,239,201
$3,869,118
24,540
$3,674,401
23,584
$3,710,353
21,062
$3,893,658
Operating expenses_____ $2,358,626
Maintenance expenses_
316,659
General taxes__________
167,698
Federal taxes__________
35,000
$3,697,985
$2,255,559
270.520
144,600
41,000
$3,731,415 $3,248,236
$2,446,865 $2,069,423
2„6,868
286.098
145,626
138,340)
30,875/
$1,015,675
$336,963
Cr.24,896
Bond disc. & expense___
25,097
Preferred dividends____
213,509
$986,307
$309,384
7,312
23.330
86,981
$848,468
$299,475
9,719
23,258
68,127
$3,233,643
14,592
$747,089
$300,000
20,000
70,000
$357,089
$559,299
$447,887
$465,002
The surplus account June 30 1925 shows: Surplus balance, $524,799;
Add surplus net income before depreciation and com. divs., $465,002;
total surplus, $980,800. Deduct appropriation for renewal and replace
ment reserve, $325,000; surplus charges, including provision to place no par
pref. stock at minimum liquidation price, $158,526; surplus June 30 1925,
$506,274.
OFFICERS.— Pres.. James D . Hurd; V .-P ., Charles A Gillham; Treas.,
Geo. S. Beith; Sec., F. E. Pendleton.— V. 113, p. 967; V. 119, p. 2762;
V. 120, p. 1586, 1881, 3188; V. 121, p. 1223.
THE POWER CORPORATION OF NEW YORK.
O RGAN IZATION .— Incorp. in N . Y . in 1922 to own, develop and
operate water power plants in New York State. In 1924 acquired approx.
98% of com. stock of Northern New York Utilities, Inc. (see separate
statement below). Has acquired developed and undeveloped water power
in St. Lawrence. In June 1925 acquired control of the Malone Light &
Power Co., the Fort Covington Light, Heat & Power Co. and the Milling
& Lighting Co. of Brasher Falls by purchase of the entire com. stocks.
V. 121, p. 77. The company owns a 15% interest in the com. stock of
the Mohawk & Hudson Power Corp. Sea V. 120, p. 2270; V. 121, p. 200,2039FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Lewis and Jefferson counties in New York State. Owns approx. 98% of
the common stock of the Northern New York Utilities, Inc., a public
utility serving a large section of northern and central New York. Com
bined properties include developed powers totaling 178.000 h. p., of which
over 94% is either hydro-electric or hydro-mechanical, and undeveloped
hydro-electric properties of over 130,000 h. p. Number of hydro-electric
power plants, 17; hydro-mechanical power plants, 4; steam plants, 2; miles
of high-tension transmission lines, 1,350; miles of distributing lines, 1,131;
substations, 34; gas plants, 2, having daily combined capacity of 5,770,000
cubic feet.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Q-J
636,932 shs O c t ’25, 25c
Common 750,000 shs (no p a p ____
ist mtge Series “ A ” _________ f 1922
6 A g M -N 4,900,000 N ov 1 1942
Series “ B” _______________1 1923
6 g M -N
990,000 N ov 1 1942
($500 & $1,000) g o ld -.c * tf IEquitable Trust C o., N . Y ., trustee.
3-year debentures $1,000,000/ 1924
6 A g F-A 1,000,000 Feb 1 1927
($500 & $1,000) gold--C *tf (Equitable Trust C o., N . Y ., trustee.
Stock.— In Sept. 1925 directors voted to retire the outstanding $3,000,000
pref. stock on N ov. 1 1925 at 115 and divs. On this stock regular quar.
divs. of $1 75 were paid, incl. N ov. 1925. V . 121, p. 1228.
In July 1925 the authorized com. stock was increased from 600,000 to
750,000 no par shares. Com. stockholders of record July 20 1925 would
be given the right to subscribe incl. Aug. 15 for additional com. stock at
$40 in the ratio of one new share for each 10 shares held. V. 121, p. 200.
Bonds.— 1st M tge. bonds (both series) are call, as a whole on 60 days’
notice at 110 & int., less A % for each year of expired term, or in part for
sinking fund at 105 & int. Co. agrees to refund Penna., Maryland, Con
necticut and Dist. of Col. 4-mills taxes. Int. payable in New York City,
or Watertown, N . Y .
Oca*., 1925.]
POWER, LIGHT AND RAILW AY
Series " A ” 6 J4s have sinking fund which retires by purchase or by call
by lot $50,000 Series “ A ” bonds annually from 1924 to 1928 incl., $75,000
annually from 1929 to 1933 incl., $100,000 annually from 1934 to 1938 incl.,
and $125,000 annually from 1939 to 1942 incl. $5,000,000 Ser. “ A ” 6H s
were sold in N ov. 1922 by E. H. Rollins & Sons and F. L. Carlisle & C o.,
Inc., New York, at 100 & int. V. 115, p. 2055.
Series “ B" 6s have sinking fund which retires by purchase or by call by
lot $10,000 Ser. “ B ” bonds annually from 1924 to 1928 incl., $15,000 an
nually 1929 to 1933 incl., $20,000 annually 1934 to 1938 incl., and $25,000
annually 1939 to 1942 incl. In M ay 1923 E. H. Rollins & Sons and F . L.
Carlisle & Co., Inc., offered $1,000,000 Ser. “ B ” 6s at 94 >4 & int., to yield
about 6J4%. Y . 116, p. 2397.
Debentures.— The 3-Y r. 6 >4 % debentures are red. all or in part at any time
at 100 & int., plus K o f 1 % for each year of unexpired term. Penna. 4-mill
tax and Maryland 4 l -mill tax, Conn, personal property tax not exceeding
A
4 mills, Dist. o f Col. tax not exceeding 5 mills and Mass, income tax on int.
not exceeding 6% o f such int. per annum refunded. Int. payable in New
York City or Watertown, N . Y . $1,000,000 3-yr. 634 % debs, were offered
in Feb. 1924 by E . H. Rollins & Sons and F . L. Carlisle & C o., Inc., at
9934 & int., to yield about 6.70% . V. 118, p. 676.
Dividends.— On com ., quar. divs. o f 25c. per share (Q.-J.) are being paid.
V. 120, p. 1461.
E A R N IN G S.— For year ended Dec. 31 1924 (including subsidiaries, with
inter-company items eliminated):
Gross earnings________________________________________________ $4,040,918
Operating expenses, incl. maintenance and local taxes___________$1,480,814
Subsidiary interest, amortization, &c__________________________
685,071
Subsidiary dividends and minority interest____________________
539,735
Interest, amortization, &c____________________________________
463,864
Federal taxes_________________________________________________
157,239
Depreciation_________________________________________________
159,952
Preferred dividends paid during 1924__________________________
116,667
B alan ce___________________________________________________ $437,576
OFFICERS.— Pres., John N . Carlisle; V .-P ., W . P . Creager; V .-P.,
D . M . Anderson; V .-P ., H. G. Davis; V .-P ., H. Edmund Machold; V. P-&
Sec., R . B . Maltby; Treas., F. A. Rogers; Asst. Sec. & Asst. Treas., C. B .
Martin; Asst. Sec. & Asst. Treas., R. K. Ferguson.—-V. 119, p. 2880;
V . 120, p. 455, 1205, 1461, 2270, 2944; V. 121, p. 77, 200, 1463, 2039.
NORTHERN NEW Y O R K UTILITIES, INC.
ORGAN IZATION.—-Incorporated in New York in 1913. The Power
Corp. o f New York owns approx. 85% o f the com. stock.
In April 1925 co. filed a certificate with the Secretary o f State of Albany,
N . Y ., increasing its authorized capital stock from $14,000,000 to $20,000 000. V. 120, p. 2269.
FIE LD OF OPERATIONS A N D CHARACTER OF BUSINESS —
Owns and operates electric light, power and gas properties in northern and
central New York serving a population of more than 105,000. Company
does the entire electric light and power business in Rome, Watertown and
54 adjacent communities, the entire gas business in Rome and Watertown,
and furnishes power on a wholesale basis to the Utica Gas & Electric Co.
under a long-term contract, calling for the delivery o f up to 33,000 h. p.
Has a transmission line which connects the properties of the company
with those o f the Niagara Lockport & Ontario Power C o., providing
for the interchange o f power under existing contracts. Company
has a total generating capacity o f 137,705 h.p. in hydro-electric plants and
'9,775 h.p. in steam plants. Of the hydro-electric capacity, 107,405 h.p.
is derived from plants owned by the co., the remaining (including 15.000
h.p. now under construction), from plants which are leased or from which
•the co. purchases the entire output. Company also owns three undeveloped
power sites having a potential generating capacity o f over 16,000 h.p.
The gas plants located in Rome and Watertown have a daily capacity of
5,770.000 cu. ft.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $4,000,000 ($25)_________
_______
$4,000,000
See text
6,000,OOONov 25 1 H %
Pf 7% cum $10,000,000 ($ 1 0 0 )____
7 Q-J
2,049,500 July 1 1963
1st mtge & ref (closed) ($500 1913
5 g J-J
and $1,000) gold_______ c* Irving Bank-Columbia Tr. C o., N. Y ., trus.
First lien & ref Series “ A ” _
_
1921
7 g M -N
1.200.000 M ay 1 1946
Series “ B ” _______________ 1922
6 g M -N
1,349,800 M ay 1 1947
Series “ C ” _______________ 1923
6 g M -N
3,980.400 M ay 1 1943
Series “ D ” _______________ 1924
1.750.000 __________
534 g J-D
Series “ E ” ______________
2.125,500 July 1 1955
5 J-J
1925
($500&$l,000c*,$l,000r*)g t f (Equitable Trust Co., New York, trustee
Divisional bonds____________ _____
5%
2,554,000 __________
Stock.— Pref. is redeemable at any time at $110 and divs. In Dec. 1924
$750,000 7% cum. pref. was offered by E. H. Rollins & Sons and F. L.
Carlisle & C o., Inc., at 102 & div., to yield 6.85%. V. 119, p. 2648.
Bonds.— First and ref. mtge. 5s are callable on any interest date at 105 and
•interest. Mortgage provides for sinking fund of 34% annually of the total
outstanding first & ref. mtge. bonds from July 1 1916 to July 1 1938, inclu
sive, and 1% annually thereafter to maturity, to be applied to the purchase
or redemption o f bonds of this issue at not exceeding 105 and int. Interest
payable at First National Bank, New York, and the Northern New York
Trust Co., Watertown, N. Y .
First lien and refunding mortgage Series “ A ” 7s cannot be called.
First lien and refunding mortgage Series “ B” 6s cannot be called.
First Hen and refunding mortgage Series “ C” 6s are callable as a whole at
110 and interest, less 34 o f 1% , for each full year of expired term, or in part,
at 105 and interest, up to and including M ay 1 1933, and thereafter at the
same rate as when redeemable as a whole. The redemption of part shall not
exceed 34 of 1% annually of the entire outstanding amount of this issue
from 1924 to 1932, inclusive, and thereafter shall not exceed 1% annually
o f such amount.
First lien and refunding mortgage Series “ D ” 534s are callable as awhole
on 45 days’ notice at any time during the years 1925 to 1929, inclusive, at
105- 1930 to 1934, inclusive, at 104' 1935 to 1939, inclusive, at 103' 1940 to
1944, inclusive, at 102‘ thereafter to maturity at 101. Callable in part at
103 and interest up to and including 1939, and thereafter at the same rate
as when redeemable as a whole. The redemption of part shall not exceed
34 of 1% annually of the entire outstanding amount of this issue from 1925
to 1933, and thereafter shall not exceed annually 1% of such amount. In
N ov. 1924 $1,750,000 Series “ D ” 534s were offered by E. H. Rollins & Sons
and F. L. Carlisle & C o., Inc., at 9734 and interest, to yield about 5.70% .
V. 119, p. 2530.
First hen
ref. mtge. Ser. “ E” 5s are callable whole or part on 45 days
notice at 103 arid int. The redemption o f part, shall not exceed in any
calendar year from 1926 to 1934, incl., 34 % o f the principal amount of this
series outstanding on Jan. 1 o f such year, and thereafter shall not exceed
in any calendar year 1% o f such amount. In June 1925, E. H. Rollins
& Sons and F. L. Carlisle & C o., Inc., sold $2,125,500 at 9534 and int.,
to yield 5.30%
Interest on all first lien & ref. mtge. bonds is payable at Equitable Trust
C o ., New York, or Northern New York Trust C o., Watertown, N. Y .
Penna. State tax of 4 mills refunded.
DIVS. 1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921. 1922. 1923. 1924.
Pref., % . .
7
7
7
7
7
7
7
7
7
7
C om ., % 5
8
10
734 1134 1234 634 15
18
12
12
In addition to the regular quarterly dividend of 75c. a share an extra
dividend o f 25c. was paid on the com. stock on Sept. 30 1925. V. 121,
p. 1348.
Latest Earnings.'— For 12 mos. end. Aug. 31 1925: Gross, $3,611,431;
oper. exp., maintenance & taxes, $1,512,698; int., amort., Fed. taxes,
&c.. $940,761: balance available for divs. and depreciation, $1,157,970.
EARN ING S.— 12 months ended Dec. 31:
1922.
1923.
Calendar Years—
1924.
Cross earnings-----------------------------------$3,177,636 $1,979,175 $1,571,170
831,132
Oper. exp., maintenance and taxes_ 1,467,986
627,833
Int., amortization. Federal taxes, &c_
790,933
483,991
397.614
Bal. avail, for divs. and deprec’n . .
$918,717
$664,052
$545,723
OFFICERS.— Chairman or Board, F. L. Carlisle; Pres., J. N . Carlisle;
V.-Ps., R. B. M altby, H. S. Lewis, W . P. Creager and H. G. Davis; Sec.,
S. F. Smith; Treas., F. A. Rogers.— V. 119, p. 2287, 2530, 2648; V. 120,
p . 2269; V. 121, p. 1348.
IN TERBOROU GH RAPID T R A N SIT CO.
OR GA N IZA TION .— Incorp. M ay 6 1902 in New York.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Operates municipal tunnel and elevated lines in New York City; also leases
Manhattan (Elevated) R y., which see on a following page.
dileaye as of Jane 30 1924.
Five
Length
Two
Three Four
Division—
of Road Track. Track. Track. Track.
Subway—
7.50
7.18
Contracts Nos. 1 and 2_____ 25.72 10.41
Contract No. 3:
0.11
Atlantic Ave ___________
__ __
2.02
0.31
2.33
Astoria Line. ___________
__
0.12
3.19
5.68
2.37
Brooklyn Line _________
__ __
0.52
3.69
Corona L i n e . _____
___ 4.21
__ __ __
2.31
Clark St. Tunnel Line.
2.31
__ 0.25
5.59
0.20
Jerome Ave. Line
_
_ 6.04
__ 0.08 4.42 0.45
Lexington Ave. Line______ 5.00
_ __ __ __
149th Street Loop
0.55
__ __
2.70
Nostrand Ave. Branch. _
2.70
__ ____
0.34
6.81
Pelham Bay Park Line------ 7.15
—
____
0.24
2.64
2.40
Queensboro S u b w a y ._
_
____
3.28
0.83
Seventh Ave. Line
_____ 4.19
____
0.33
0.18
4.37
White Plains Road Line_
_ 4.88
0.16
2.84
6.79 27.39
Manhattan Division
. . . 37.18
____
____
0.62
8th Ave. & 162d St. Connec 0.62
____
__ ____
1.35
1.35
Queensboro Bridge Line_
_
___
____
1.74
0.03
1.71
Webster Ave. Line.
—
—
—
West Farms Subway Conn. 0.50
0.50
59
85.28
0.27
6.87
21.99
12.39
4.67
18.89
21.15
0.55
5.55
21.60
5.96
15.73
19.15
128.31
1.26
2.73
5.33
1.00
T ota ls............
..........114.79 ^ i l .97 58.96 21.47
1.1? 378.68
Owns stock of N . Y . & Queens County R y ., 73 miles, and (jointly with
Long Island R R .) the N . Y . & L. I. Trac. Co. and Long Island Elec. R y .,
total 68 miles. V. 80, p. 2621; V. 83, p. 818: V. 86, p. 1100. Announced in
Jan. 1923 that trolley lines in Queens would be dropped. V . 116, p. 295.
“ Outside assets” in Dec. 1917, V. 103, p. 2365.
New Lines.— On Mar. 19 1913 an agreement was signed between the city
and this company (V. 94, p. 1507, 1565; V. 96, p. 62, 359, 1701) and the
B .R .T . Co. (now B. M . T .), providing for the establishment of compre
hensive dual systems of rapid transit serving all boroughs.
The official statement to the N . Y . Stock Exchange, dated June 30 1913,
was published in “ Chronicle” of Aug. 16 1913, pages 450 to 455, giving full
particulars as to new contracts, bonds, &c. See also V. 97, p. 744, 1024.
Subway Leases, New and Old, to Run 49 Years— Re-Capture.
The lease by the city to the co. of the new subways is for 49 years from
Jan. 1 1917. but if their completion should be delayed through no fault of the
co., the beginning of the term will be correspondingly postponed (date now
set Jan. 1 1919); subject, however, to city’s right of recapture after 10 years.
The leases of the original subways as modified expire contemporaneously
with the lease o f the new subways, but are not subject to termination by
notice except as portions thereof may be taken over in substitution for the
7th Ave. branch or the Lexington Ave. branch of the new subways in order
to complete a direct longitudinal line, either upon the East Side or upon the
West Side of the city. As to the old contracts. Nos. 1 and 2, see “ Railway
& Industrial” Supplement o f Feb. 1913 and V . 96, p. 1701.
The authorizations and licenses for the elevated railway extensions and
additional tracks are for 85 years from the beginning of operation, and are
respectively subject to the right of the city to purchase and take the prop
erty at any time after 10 years upon payment therefor.
Under the pooling agreement with the city which became effective Jan. 1
1919, all the receipts o f the old and new lines of Interborough system, with
the exception o f the old elevated lines, will be placed in a common pool, from
which will be deducted taxes, maintenance, oper. expenses, depreciation,
the c o .'s preferential and interest and sinking fund payments upon the city s
and the c o .’s investments in the new lines. After these charges are paid
the amount of revenue remaining will be divided equally between the city
and the company. V. 107, p. 501, 401.
Interest on the securities issued to construct and equip the new lines was
a charge to construction until, and to the extent of, the completion and com
mencement o f operation o f the new lines. Under its contracts with the city
the co. was reported in Jan. 1919 to be entitled to take, on basis o f convert
ible note issue o f 1918, out of the revenues of the I .R .T . system, an annual
sum which, with $500,000 other corporate income, will provide $17,620,072,
as compared with $13,101,255 required for interest and sinking fund on
all bonds and notes outstanding in the hands of the public; but in Jan. 1919
not over $9,700,000 of the sum last named was expected to be a charge
against the earnings of the year 1919, owing to the delay in putting the new
lines in operation. See below and V. 108, p. 171, 268; V . 107, p. 1100.
The amounts payable to the co. out o f the revenues of its subways (com
pound int. being allowable on any deficiency in any fiscal year) are to be paid
before the city becomes entitled to the int. on its investment under its 1913
subway contract with the co. The amounts payable to the co. out of the
revenues o f its elevated lines (compound int. being allowable on any de
ficiency in any fiscal year) are to be paid before the city shares any profit
from the operation of the elevated lines.
When the profits from the operation o f the subway system exceed the
amount of the c o .’s annual prior claim, and after all accumulated deductions
(with int. thereon) shall have been made up to the co., the profits then re
maining are to go to the city until the percentage of the city’s return upon
its investment shall equal the percentage of the return received by the co.;
and thereafter excess profits will be divided equally between the city and the
co. The profits from the elevated system and connections, after all the co. s
accumulations shall have been made u p , are to be divided equally between
the city and the co.
Readjustment Plan, Dated M ay 1 1922.
The plan o f readjustment- for the Manhattan Elevated and Inter borough
properties, outlined below, was accepted by the security holders con
cerned. (V. 115, p. 1730.) The main purpose of the plan was to provide for
the capital requirements and arrears of the Interborough system, estimated
at about $30,000,000, and to readjust the Manhattan dividend rental.
Under the plan the Interborough Consolidated Corp., which is the successor
to the Interborough-Metropolitan Co. as the holding co. controlling the
Interborough Rapid Transit C o., will disappear with its $45,740,500 o f pref.
stock and its 932,626 no par shares of com. stock and its $63,808,000 of coll,
trust 414 % bonds. In place o f these securities the $35,000,000 of Interboro.
Rapid Transit Co. stock will remain. V. 114, p. 2011: V. 115, p. 2159.
Summary of the Main Features of the Plan.
Manhattan Rental.— The Manhattan rental is to be payable out o f the
earnings of the combined systems after the payment of interest charges
and is to be at the following rates:
For the fiscal year beginning July 1 1922, 3 % .
For the fiscal year beginning July 1 1923, 4 % .
For the fiscal year beginning July 1 1924, and subsequent years, 5% .
These preferential payments are to be cumulative and must be made to
the Manhattan stockholders if the earnings exist.
In case 4% divs. should be paid in any year upon Interborough stock,
any further distribution o f divs. for that year is to be divided upon a pre
scribed basis between the Interborough stock and the Manhattan stock until
the total divs. upon the Manhattan stock for that year have reached 7% .
Interborough Dividends Limited to 7 % .— No divs. shall be paid upon the
capital stock of the Interborough Co. (a) before July 1 1926, nor (b) out of
Income accruing prior to that date, nor (c) unless and until the foregoing
Manhattan cumulative div. rental and all taxes upon the Manhattan prop
erty and all div. rentals accruing to and incl. July 1 1922 shall have been
paid in full. The divs. to be paid upon the stock of the Interborough Co.
in any year prior to July 1 1950 shall not exceed 7% .
After July 1 1950 no div. shall be paid in excess of 7% per annum, and
no other distribution o f corporate assets shall be made if such payments
reduce the aggregate net value of the assets of the Interborough Co. below
$35,000,000 unless such div. or distribution shall have received the con
sent of the Manhattan directors.
Existing Current Obligations and Arrears to be Paid.— Provision is to be
made for the payment o f all existing current obligations, including the
arrears of rentals at the present rate and taxes under the Manhattan
lease down to July 1 1922, the beginning of the next fiscal year.
Maintenance and Improvement of Manhattan Property.— Provision is to
be made to insure the application of a proper amount to the maintenance
and improvement of the Manhattan property, including the installation
o f turnstiles at stations and pneumatic control doors for cars.
Sinking Fund of Interborough Bonds Waived Five Years.— The interest
payments on the Interborough 5% first mtge. bonds and on the secured
notes is to continue uninterrupted, but in order to increase the amounts
available for the improvement of the Interborough properties and other
capital purposes, the sinking fund in respect of the Interborough 5%
mortgage bonds is to be waived for a five-year period.
Notes.— 90% of the Inter borough secured note' due Sept. 1 1922 were
renewed for 10 years, the remaining 10% being paid in cash.
60
A new issue o f $15,000,000 6% notes was auth., o f which $10,500,000
were issued to provide for capital expenditures.
To carry out provisions o f the plan a voting trust was established. Voting
trustees are: Prank Hedley, Guy E . Tripp and Frank L. Polk. The
voting trust is to continue in force until Oct. 1 1927.
For further details of plan, compare V. 114, p. 2011, 2240.
VALUATION.— V. 114. p . 1765.
Payment of All Accruals on Non-Assenting Manhattan Ry. Stock.— Be
ginning Oct. 1 1925 the co. would pay all installments o f dividend rentals
which have accrued upon the non-assenting stock o f the Manhattan R y.
from and incl. Jan. 1 1922 to and incl. Oct. 1 1925 upon presentation and
transfer o f these certificates o f stock in respect o f which such installments
have accrued. For more particulars see V . 121, p. 1461.
Fare Increase.— On M ay 14 the company renewed its agitation for a
7-cent fare, see V . 120, p. 2550, 2815. Advertising contract with Street
Rys. Advertising Co. o f New Jersey for 18 years. V. 121, p. 329. Wage
agreement renewed for one year till July 1 1926. V . 121, p. 457.
STOCK A N D BONDS—
Date. Interest.
Outstanding. Maturity.
Stock ( v t c ) $35,000,0 0 0($1 00)____
________ $35,000,000 Jan’ 1 9 ,2 ^ %
1st & ref mtge $300,000,0001
1913 5 g J-J
161,852,400 Jan 1966
($1,000 &c) gold------c*&r*fGuaranty Trust C o., N . Y ., Trustee.
Secured conv notes ($100 & c)j 1922
7 g M-S
34,296,600 Sept 11932
g o l d -------------------------- c*tf/Bankers Trust C o., N . Y ., Trustee.
10-yr gold notes $15,000,0001
1922 6 g A-O
10,500,000 Oct 1 1932
($100, &c)------------ c*&r*tf / Guaranty Trust C o., N. Y ., Trustee.
Equipment trust certificates) 1923
6 g M-S
1,120,000 Mar 15 ’28
($ 1 ,0 0 0 )-----------------------c*/N ew York Trust C o., N . Y ., Trustee.
Equipment trust certificates/ 1924 6H %
1,800,000 See text.
Series B ----------------------------- INew York Trust C o., New York, Trustee.
Equipment trust certificates/ 1924
6%
2,850,000 __________
Series C ----------------------------(New York Trust C o., N . Y ., Trustee.
Bonds.— The “ First and Refunding Mortgage” o f 1913 is limited to
$300,000,000, o f which $170,000,000 was underwritten early in 1913,
In June 1923 $162,106,000 was outstanding and a further $59,602,000
had been pledged to secure the secured convertible 7% notes due in 193D.
Listing, V. 108, p. 2629.
The bonds became, N ov. 1 1913, a first lien on all leasehold and othft,
rights o f the company in (a) the existing subways and elevated lines (in
cluding power houses, sub-stations, equipment, real estate, &c., owned
directly by the Interborough Co. subject to the city’s rights under the lease)
and (5) in the new subway and elevated line extensions and in the author
ized additional tracks on the present elevated lines. Cumulative sinking
fund o f not less than 1% yearly o f amount out began July 1918, and is to
retire entire issue. Sinking fund waived for 5 years (see readjustment
plan above).
In case the city shall exercise its right of re-capture of any of the new lines,
after 10 years from commencement o f operation, the moneys so payable
will retire all outstanding bonds issued for constructing and equipping same.
Int. payable at Treasurer’s office, 165 B ’way, N. Y . City.
Secured Convertible Notes.— 90% o f the $38,144,000 Interborough secured
notes, maturing Sept. 1 1922, were extended as per plan for a period of
ten years, the remaining 10% being paid in cash. The ext. notes are
secured by deposit of $59,602,000 1st & ref. mtge. bonds o f 1966 and are
convertible into 1st & ref. 5s at 80 during the first 3 years, at 85 during the
second 3 years, and at 90 during the last 4 years. Red. in whole or in part
at par and int. and a premium o f
o f 1 % for each unexpired semi-annual
period o f the ten-year term. Int. at office of J. P. Morgan & C o., N. Y.
Ten-Year 6% Notes.— Until the payment o f these notes the co. will not
sell or issue any 1st & ref. mtge. bonds, except upon the conversion of its
secured conv. gold notes (or reneawls or extensions thereof) or for the
purpose o f paying the principal o f these 10-year 6% gold notes. Red. at
int. plus a
1% for each unexpired
f»ar and period o f thepremium o f 14. o fInt. at Treasurer’s office,semi-annual
nterest
ten-year term.
165 B ’way,
N . Y . City.
In addition to the notes shown in table above, there were outstanding on
Sept 30 1925 three-year secured convertible 7% gold notes, dated Sept. 1
1918. as follows: Extended at 8 % , $10,800: not extended, $9,000.
6% Equipment Trust Certificates of 1923 are due $280,000 annually. Int.
payable at office of J. P. Morgan & C o., N . Y.
6K % Equipment Trust Certificates Series B are due $450,000 each Jan. 1
to and incl. Jan. 1 1929.
DIVS.—
1907 to 1910. 1911. 1912. 1913. 1914 to 1917. 1918. r919.
Since 1 9 0 6 -..% 9 yearly
10^
15
12
20% yrly.
15
2M,
In July 1918 reduced div. to 2M % quar. (10% p. a.) and in Oct. 1918
and Jan. 1919 paid at that rate. In Feb. 1919 failed to declare any divi
dend for April 1. See V . 108, p . 878.
Results by Divisions for Years Ended June 30.
-1924-------------------------------1923Manh. Ry.
Subway
Manh. Ry.
Subway
Year ended June 30— Division.
Division.
Division.
Division.
Passengers carried_____359,410,056 714,933,187 348,524,700 676,650.431
Daily aver. pass, carried
981,995
1,953,369.
954,862
1,853,837
Rev. from transporta’n_$17,978,402 $35,749,520 $17,443,964 $33,837,513
Other street ry. op. rev. 1,402,738
2,643.114
1,771,214
2,506,746
REPORT
Gross oper. revenue_-$19,381,140 $38,392,634 $19,215,177 $36,344,258
Operating Expenses—
Mamt. o f way & stru c.. $1,221,012 $2,937,037 $1,210,556 $2,780,336
Maint. o f equipment___ 1,492,348
3,589,711
1,479,569
3,398,188
T ra ffic___________
410
742
586
250
Transportation expense. 8,228,530 13,847,799
8,834,589 14,201,328
General expenses_______
942,482
1,581,343
912,070
1,575,036
Total oper. expenses..$11,884,782 $21,956,633 $12,437,370 $21,955,139
Net operating revenue.. $7,946,358 $16,436,002 $6,777,807 $14,389,120
Taxes_______
2,168,267
595,263
2,211,334
450,976
Inc. from operation.. $5,328,091 $15,840,739 $4,566,473 $13,938,143
Non-operating incom e..
84.270
318.492
80,881
492,970
Gross income________ $5,412,362 $16,159,231" $4,647,354 $14,431,113
Int. & sk. fd. on city bds.
______
2,610,999
______
2,584,035
Int. on I. R . T . Co. 1st &
R ef M tge 5% bonds___
1,438,169
6,628,823
6,628,823
1,403,267
Sk. fd. on I.R .T . Co. 1st
1,639,662
& Ref. M . 5% bonds.
524,472
1,646,085
496,390
Int. on 7 % notes_______
936,681
1,366.395
954,920
1,291,500
Int. on 10-yr. 6% notes.
242,638
2,546
62,600
18,271
Int. on equip, tr. ctfs_
_
390
70,420
Int. on Mann. R y. Cons.
EfcMtge. 4% bonds_____ 1,627,320
1,627,320
Int. on Manh. Ry. 2d
g$Mtge. 4% bonds_____
180,920
180,920
M an. R y. rental (organ.)
50,000
50,000
D iv. rental on Man. R y.
1,710,000
gliCo. stock___________
2,723,877
48,800
Int. on inv. o f depr. res.
48,800
70,314
Int. on unfunded d e b t..
105,587
109,817
68,726
27,239
Other rent deductions..
269,293
26,174
238,485
Total inc. deductions. 7,825,160 $12,675,256 $6,782,004 $12,428,258
Net corporate incom e.def$2,412,798 $3,483,975df$2,134,650 $2,002,855
Maint. expend..in excess
►n pw
u o f contrac'l provisions 1,305.487
124,715
584,820 def!47,923
Balance..................... def$3,718,286 $3,359,260df$2,179.470df$2,150,478
' Earnings 12 Months Ended June 30—
1925.
1924.
Total revenue_____________________________ _____ $58,711,191 $58,176,538
Oper. exp., tax and rental paid city for old subway 39,032,880 39,215,944
$19,678,311 $18,960,944
Maintenance in excess o f contractual provisions.. . 1,492,296
1,430,202
$18,186,015 $17,530,391
. $8,070,962 $8,066,992
. 1,808,240
1,808,240
. 2,375,862
2,246,420
Interest I. R . T . 6% 10-year notes___ ___________
398,173
260,909
Interest on equipment trusts____________________
169,423
70,420
Miscellaneous income deductions_______________
426,474
542,003
Sinking fund on I. R. T. 1st mtge. 5% bonH
s___ . 2,217,080
2,170,556
Interest I. R . T . first mortgage 5s.
T o t a l ,...,___________
[V ol.1 2 1
PUBLIC UTILITIES
. . . _______
.$15,466,214 $15,105,540
Balance after charges___________________________ $2,719,802
Reserve to cover additional rental which may be
come payable to owners of Manhattan R y. C o.’s
stock not assenting to the plan o f readjustment- $65,310
Div. rental on $60,000,000 Man. stock at 4% p. a . 3,000,000
$2,364,851
$233,877
2,490,000
Balance______________________________________ def$345,508 def$359,026 ■
OFFICERS.— Pres. & Gen. M gr., Frank Hedley; V .-P .. Earl E . Starbard: Sec. & Treas., H. M . Fisher. Office, 165 Broadway, N . Y .— V. 119,
p. 1733, 1843, 1953, 2063, 2172, 2287, 2529, 2755, 2761; V. 120, p. 211,
582, 1202, 1326, 1586, 1747, 2550, 2815, 2941; V. 121, p. 329 , 457, 1101,
1348, 1461. 1569, 1678, 1461.
MANHATTAN R Y . (ELEVATED).
ORGANIZATION.— Lease.— 'The Interborough Rapid Transit Co.
leases the road for 999 years from 1875. Divs. were originally guaranteed
at rate of 7% per ann., but under terms o f readjustment plan rental was
reduced as follows: For fiscal year beginning July 1 1922, 3% ; for fiscal
year beginning July 1 1923, 4% ; for fiscal year beginning July 1 1924 and
subsequent years, 5 % . These preferential divs. are payable out of the earn
ings of the combined Interborough R . T . and Manhattan R y . systems after
the payment of interest charges, and are to be cumulative. In case 4%
divs. should be paid in any year upon I. R . T . stock, any further distribu
tion for that year is to be divided upon a prescribed basis between the
Interborough stock and the Manhattan stock until the total divs. upon the'
Manhattan stock for that year have reached 7 % . See Interborough Rapid
Transit Co. above.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Owns elevated railroads in the boroughs of Manhattan and the Bronx,
N . Y . City, main line and branches, 37.67 miles, with 92.52 miles of 2d,
3d, 4th and 5th track, sidings, &c.; total track, 130.19 miles; 3d rail electric.
The 2d, 3d and 9th Ave. lines, under agreement with the city made in March
1913, have been largely 3-tracked, the Interborough Rapid Transit Co.
supplying the funds.
Decision.— Supreme Court Justice Ford, in a decision handed down
Feb. 18 1924 in a Manhattan stockholder’s suit to recover from the Inter
borough company back dividends on the Manhattan guaranteed stock,
held that the Interborough company must pay the 7% dividend rental to
stockholders who declined to participate in the Interborough-Manhattan
readjustment plan. V. 118. p. 794. A similar decision was handed down
by Justice MuUan in M ay 1924. V . 118, p. 2437. Affirmed by Appellate
Division of N . Y . Supreme Court April 3 1925. Affirmed by Court of
Appeals. It is estimated that only 5% of the stockholders of the Man
hattan Co. are affected.
Payment of All Accruals on Non-Assenting Manhattan Ry. Stock Begins
Oct. 1 1925. See under “ Interborough Rapid Transit C o.” on a previous
page (V. 121, p. 1461). V. 120, p. 1747; V. 121, p. 329, 586.
Stockholders' Committee.— Alvin W . Krech, Chairman; William A. Day,
J. H. McClement, Bertram Cutler and Frederick Strauss. Sec., Lyman
Rhoades. 37 Wall St.. N . Y . Y . 109, p. 1891; V . 113, p. 1156.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
See text $60,000,000
See text
Stock $60,000,000 ($100)__________
Manhattan Elev cons (now/ 1890
4 g A-O
40,683,000 Apr 1 1990'
first) mtge ($1,000, &c)(Central Union Trust C o., New York, trustee,
cold
_c*&rtf 1
2d mtge $5,409/O O gold/ 1913
O
4 g J-D
4,523,000 June 1 2013
callable at 105___________ /Equitable Trust C o., N . Y ., trustee.
Bonds.— Consols beyond $40,000,000 may be issued for extensions at
$300,000 per mile of single and $600,000 per mile of double track. Of the
bonds, $12,712,000 are tax-exempt. Int. payable at 165 B ’way, N. Y . City.
After all the $5,409,000 2d M . bonds have been issued, all further capital
expenditures must be financed by the Interborough R . T. Co. V . 103,
p. 1118; V. 51, p. 248; V. 87, p. 285.
. ^
T
In Feb. 1916 $4,523,000 4 % 2d M . bonds were sold to reimburse the Inter
borough R. T . Co. for improvements and additions furnished under lease,
&c. The 2d mtge. is made superior in lien to the lease to the Interborough.
Int. payable at 165 B ’way, N. Y . City. V. 106, p. 822; V. 103, p. 1118:
V. 102, p. 609, 712, 800; V. 97, p. 1115, 1504.
Dividends.— On Jan. 1 1923 paid 1 ^ % ; also paid 514% in scrip warrants
of I.R .T . Co. payable on Nov. 1 1923, being arrears o f divs. at 7% per ann.
up to and incl. div. due July 1 1922 (V. 115, p. 2580); Apr. 2 1923 paid % %
quar.; July 2 1923 paid 60c. per share; Oct. 8 1923 paid 1% quar.; Jan. 1924
dividend was omitted; April 1924 paid 1%; July 1924 paid 1% quar. and
15 cents balance due on account of July 1923 dividend; Oct. 1 1924, paid
1% , being payment deferred in Jan. 1924; N ov. 1 1924 paid 1 / i % ; Jan. 1
1925 div. deferred. On April 1 1925 paid 1M % ; on July 1, 1M % plus
1 M % , being the payment deferred in Jan. 1925. V. 120, P- 2943. On
Oct. 1 1925 75c. quar. rental div. per share on stock of record Sept. 2z
was paid to stockholders of the Manhattan Ry.,. who subscribed to the
readjustment plan. See for explanation of this dividend amount V. 121,
p. 1462.
R E PO RT.— See report of Interborough Rapid Transit Co. above.
OFFICERS.— Pres., William Roberts; Asst. Sec.-Asst. Treas., P . V.
Trainque.— V. 119, p. 1510, 173, 2287, 2762; V. 120, p. 1327, 1747, 2943;
V . 121, p. 329, 586, 1461, 1462.
BRO OKLYN C IT Y R R . CO.
ORGAN IZATION .— Incorp. in New York in 1853. Was leased on
Feb. 14 1893 to the Brooklyn Heights R R . C o. for 999 years, the lease
guaranteeing all fixed charges, organization expenses, taxes and 10% divi
dend [Oct. 1919 and subsequent dividends not paid— see B. R . T . below] on
$12,000,000 of stock (par $10). The lease was nominally to the Brooklyn
Heights R R . C o., but the Brooklyn Rapid Transit Co. (now B .-M .-T .)
owned entire capital stock of the Brooklyn Heights Co. The Brooklyn
Heights R R . Co. was placed in the hands of a receiver July 14 1919, and in
accordance with the decree of U. S. District Court, dated Oct. 16 1919, disaffirmed the lease and returned the property to the Brooklyn City R R . Co.
Oct. 19 1919. In Oct. 1923 we were informed that the Brooklyn Heights
Co. was being liquidated. N o further information.
FIELD OF OPERATIONS.— Owns 209 miles of track and operates
approximately 219 miles. Has approximately 991 motor passenger cars
and 131 motor service cars. Power is purchased from B . M . T .
Guaranty Fund.— Under the terms of the lease it was provided that a fund
of $4,000 000 should be deposited with certain trustees by the Brooklyn
Heights R R . Co. as a guarantee o f the performance of the terms o f the lease.
It was further provided that in the event of the termination of the lease by
reason of any breach, default or omission, the “ said guaranty fund of
$4,000,000 . . . shall at once become the sole and absolute property
of the lessor.” This guaranty fund consisted of the following: $2,000,000
Brooklyn Queens County & Suburban first mtge. 5% bonds; $1,627,000
Brooklyn City R R . first 5s; $125,000 Brooklyn City R R . refunding 4s;
$25,000 B. R . T . first 5s; $250,000 B. R . T . first refunding 4s.
By agreement dated N ov. 19 1923, the Guaranty Fund controversy was
adjusted as follows: $275,000 Brooklyn City R R . ref. 4s held by the B . M . T .
were substituted for the $250,000 B. R . T . ref. 4s and $25,000 B . R . T . 1st
5s. All the Brooklyn City R R . bonds, consisting of $1,627,000 5s and'
$400,000 4s, were delivered free and clear to the Brooklyn City R R . Co.
$2,000,000 Brooklyn Queens County & Suburban 1st mtge. 5s were delivered
to the B. M . T . under a stipulation that the Brooklyn City R R . should
receive a $2,000,000 offset against any recovery on the so-called $10,000,000'
construction suit. It was further provided that if there should be no re
covery on the construction suit, then Brooklyn Queens County & Suburban
bonds should be returned to the Brooklyn City R R . Co. or the pro rata
amount of the recovery, should it be less than $2,000,000.
... ...
The company has no power houses of its own but has a contract with the
receiver for the B . R . T . by which it is supplied with power. The company
makes weekly payments of the amounts which is estimated will be found
due for power. The amounts are not fixed and vary from time to time.
The company has a claim against the B. R ..T . for the demolition of the
Brooklyn City power hous e j _
_
‘"“ ^ i?^ ^ T h< /receive"forth e B . RT T . brought suit against the company to
recover $10,000,000, alleged to have been expended by the B rooklyn
Heights Co. under its lease. The company in its answer denies any lia
bility. V. 113, p. 2612.
Objections to Valuation of Transit Commission.— V . 114, p. 1285.
Oct., 1925.]
POWER, LIGHT AND RAILW AY
Date.
Interest.
Outstanding. Maturity.
STOCK A N D BONDS—
_______
*16,000,000 See text.
•Cap’l stock *16.000,000 ($10). ____
Refunding mtge $6,925,000\ 1906
4 g F-A
Z525.000 Aug 1 1956
(*1,000)---------------------- ntfl Int. at Brooklyn Trust C o., Brooklyn, trust.
First consolidated mortgage 1 1891
5 J-J
1/6,000.000 July 11941
*6.000,000......................ntfff Int. at Kings County Trust C o ., Bklyn. ,trus.
Equip trust certifs Series A\ 1925 5 g J-J
3,750,000 See text
(*500 & *1.000) g o ld ..c * tf / Brooklyn Trust C o., Brooklyn, N . Y .. Trus* $400,000 owned by company and held alive (see “ Guaranty Fund”
above). y *1,627,000 owned by the company and held alive (see “ Guaranty
Fund” above) were sold in July 1925.
Bonds.— Mortgage o f 1891 is for *6,000,000 and Is a first lien on the old
Brooklyn City road and a consolidated lien on the lines acquired by consoli
dation in 1890. The bonds are not subject to call. In July 1925 Halsey,
Stuart & Co., Inc.; White, Weld & Co. and W. C. Langley & Co. sold
$1,627,000 at 96 and int. to yield approximately 5 % % . V. 121, p. 72.
The refunding bonds are subject to call at 110 and interest. V. 82, p.1437
Equip, trust certifs. Series A are due *375,000 each Jan. 15 1926 to 1935.
Principal and divs. payable in New York and at office o f Halsey, Stuart &
■Co., Inc., in Chicago. *3,750,000 were sold in Jan. 1925 by Halsey,
Stuart & C o., Inc., at prices ranging from 96.21 and divs. to 100.46 and div.,
to yield from 4)4 % to 5M % . according to maturity. V. 120, p. 328.
Dividends.— Following the termination o f the lease (see above) in Oct.
1919, no dividends were paid until Dec. 15 1922, when a dividend of 20c. per
share was paid. V. 115, p. 2158. In 1923: March, 20c.; June, 20c.; Sept.,
25c.; Dec., 25c. In 1924, M ar., 25c.; June, 25c.; Sept., 25c.; Dec., 20c.
and 5c. extra. In March, June and Sept. 1925, 20c. In Sept. 1924 a stock
•
div. o f 33 1-3% was paid. V . 119, p. 323, 809.
EA R N IN G S.— Report for years ended June 30:
12 M os.—
Oper.Rev. Net after Tax Other Inc.
Deduc'ns. Bal.,Surp
1924-25________$11,663,679 $1,810,617 $101,941 $500,982 $1,411,576
X1923-24............ 12,063,099
2,356.296
163,160
517,736
2,001,720
*1922-23............ 11,986,253
2,625,612
210,942
581,338
2,255,215
x Including earnings of the Brooklyn City Development Corp., which
•
company was dissolved in Aug. 1924.
OFFICERS.— Chairman or Board, ---------------------; Pres., n Hobart
Porter; Vice-Pres. & Gen. M gr., Clinton E. Morgan: V'ce-Pres. & Treas,,
Geo. W . Jones; Sec., S. B. Olney; Aud., E. H. Reed.— V. 118, p. 2302; V.
119, p. 323, 454, 577, 809. 1281. 1393, 1509, 2177; V. 120, p. 208. 328,
581, 701, 2145; V . 121, p. 72, 456, 584, 1454.
NEW Y O R K R AILW AYS CORP.
O RGAN IZATION .— Incorp. in New York April 15 1925 to succeed the
New York Rys. Co., sold at foreclosure, as per reorganization plan of
July 18 1924. See “ Public Utility Compendium” o f M ay 2 1925, where
also is given a history o f New York Rys. Co. and its subsidiaries. Y. 120,
p. 2270, 2269. On M ay 1 1925 the New York Rys. Corp. took over the
operation o f the system from the receivers of the New York Rys. Co.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
The corp. controls the entire trolley service in Manhattan except that
of the Second Ave. R y., the Third Ave. System, the Ninth Ave. and the
the Eighth Ave. lines, each of which are under independent management,
and the Fourth & Madison Ave. line, operated by the New York & Harlem
RR.
The corp. owns as of M ay 1 1925 30.38 miles of underground electric
track and 2.995 storage electric track, total 33.375 miles of track. Operates
under agreements with controlled companies 39.950 miles of track (37.389
underground electric and 2.561 storage electric); and has trackage rights
over 3.320 miles o f other lines. The total trackage operated is 76.645 miles
71-047 underground electric and 5.598 storage electric).
The system owns and controls the following cars as of M ay 1 1925:
Underground
Storage.
Total.
116
869
Revenue cars________________________________ 753
Non-revenue cars_____________________________87
*11
98
61
(1) BLEECKER ST. & FULTON FERRY RR.
STOCK A N D BONDS—
Par. Interest.
Outstanding. Maturity.
Stock__________________
$100 1M % J-J*900,000 See text
1st M gold were formerly 7s/ 1,000 4 g J-J
700,000 Jan 1 1950
extended in 1900 as 4s.ntf(G uaranty Trust Co., New York, trustee.
(2) BROADWAY & SEVENTH AVENUE.
STOCK A N D BONDS—
Par. Interest.
Outstanding. Maturity.
Stock $2,100,000 ($100)............ $100
$2,100,000
See text
Bway & 7th Ave cons mtge o f / 1,000
5 g J-D
11,000,000 Dec 11943
1893 for $12,500,000_ n tf(In t. at Guaranty Trust C o., N . Y ., trustee .
_
Bonds.— The consol, mtge. bonds of 1893 are non-callable. Denom.
of $1,000c* and $1,000 and multiples of $l,000r.
In June 1925 $2,850,000 additional bonds were issued to be exchanged
under the reorganization plan of N . Y . Rys. Co. for $1,500,000 Broadway
surface bonds, $350,000 South Ferry bonds and $1,000,000 Broadway
1st mtge. bonds which were outstanding. The above capitalization table
assumes that this exchange of securities was completed. No exact figures
were available at the time of going to press.
(3) CHRISTOPHER & TENTH STREETS RR.
STOCK AND BONDS—
Par. Interest.
Outstanding. Maturity.
Stock ($100)__________ ______ $100
_____
$650,000
See text
Bonds.— $210,000 1st mtge. bonds extended in 1898 uhtil Oct. 1 1923
are all owned by New York Rys. Corp.
(4) FORTY-SECOND ST. & GRAND ST. FERRY RR.
Capital stock $748,000 outstanding (par $100), the majority of whi
s owned by New York Rys. Corp.
(5) TWENTY-THIRD STREET RY.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
Stock ($100)---------------------------------------$600,000 __________
First mortgage $250,000_____ 1873 6 J-J
250,000 Jan 1 1909
Debentures ($1,000)_________ 1886 5 J-J
150,000 Jan 11906
Impt & ref mtge $1,500,000/1912
5 g J-J
1,500,000 Jan 1 1962
($1,000) gold guar______ c*(Bankers Trust Co., New York, trustee.
Bonds.— The impt. & ref. mtge. bonds are red. in whole or in part at the
option of the co. or for the sink, fund on any int. date at 107 and int. on
4 week’s notice. Sinking fund of $1,102 85, payable semi-annually with
accretions; when $400,000 gonds shall have been acquired they shall be
canceled. Tax exempt in N . Y .
The $250,000 lsl mtge. bonds, due Jan. 1 1909 and the $150,000 deben
tures, due Jan. 1 1906 are to be extended under the reorganization plan of
N . Y . Rys. Co. to June 1 1965.
(6) SIXTH AVENUE RR.
Capital stock $1,700,000 (par $85) outstanding, the majority of which
is owned by N . Y . Rys. Corp. In June 1925 the par value of the capital
stock was reduced from $100 to $85 per share.
(7) THIRTY-FOURTH STREET CROSSTOWN RY.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock ($100)______________________
_______
$1,000,000 __________
1st mtge ($1,000).......... . . n t f / 1896
5 A-O
1,000,000 April 1 1996
(Central Trust C o., New York, trustee.
COLUMBUS & NINTH AVENUE R R.
First Mtge. 5% Bonds, Dated Aug. 24 1923.— The reorganization plan of
M ay 12 1925 was declared operative in Aug. 1925. Holders of certificates
of deposit for 1st mtge. 5% bonds dated Aug. 24 1923 were to receive, on
presentation of the same at Irving Bank-Columbia Trust C o., 60 Broadway,
N . Y . City, for each $1,000 with all unpaid coupons attached, $416 66
principal amount of income bonds N. Y . Rys. Corp. and 2>2 shares of pref.
stock (stock trust certifs.), also of N. Y . Rys. Corp. V. 121, p. 838.
Total______________________________________840
127
967
♦Horse non-revenue cars.
T H IR D AVENUE R Y.
The system purchases a.-c. power from outside sources and distributes
ORGANIZATION.— Incorp. in New York on April 20 1910 and on
same thorugh 6 sub-stations.
The corp. controls through ownership o f the majority o f the stock (and Jan. 1 1912 (Court of Appeals having affirmed the decision of the Appellate
proposes to acquire the entire balance o f the outstanding stocks) of the Division of Supreme Court, which reversed the order of the Public Service
Commission, refuding to approve reorganization plan; subsequently ap
following companies which are operated under operating agreement:
Bleecker St. & Fulton Ferry R R ., Broadway & Seventh Ave., Christopher proved by the Commission on Jan. 17 1912. V. 94, p. 209; V. 93, p. 1464;
& Tenth Sts. R R ., 42d St. & Grand St. Ferry R R ., 23d St. R y., Sixth V. 92, p. 1637, 1567; V. 91, p. 338.) Took over the property of the old
Third Avenue R R ., sold at foreclosure on Mar. 1 1910. V. 93, p. 1535.
Ave. R R ., 34th St. Crosstown R y.
Owns all or practically all of the stock of the following: Union Railway,
Franchises.— M ost o f the franchises are perpetual.
Dry Dock East Broadway & Battery, 42d Street, Manhattanville & St.
After exchange of the old for the new securities, as per the above-mentioned Nicholas Ave., Yonkers R R ., Westchester Electric, Southern Boulevard,
reorganization plan, the capitalization of New York Rys. Corp. will be Kingsbridge R y., New York City Interborough, New York Westchester &
approximately as follows:
Connecticut Traction C o., Mid-Crosstown R y. C o., Inc., Belt Line Railway
Corporation, Pelham Park & City Island R y ., Bronx Traction C o., Third
STOCK AN D BONDS—
Date. 'Interest. Outstanding. Maturity.
Avenue Bridge Co., Hastings R y. C o., Inc., also the $1,487,000 outstanding
Common (no par)___________ _____
_______
90,200 shs. __________
2d mtge. income bonds of 42d Street Manhattanville & St. Nicholas Ave.
Preferred (no par)___________ _____
$7
184,830 sh. __________
R y., the $2,164,000 bonds
New York City Interborough R y. and the
6th Ave pur mtge 40-yr 5% g ( 1925 5 g J-J
$300,000 Jan 1 1965 $1,750,000 5% bonds of theof theLine Railway Corporation. With the New
Belt
$300,000 ($1,000, $500 andi Central Union Trust Co., N. Y . City, Trus. York Railways, the Coney Island & Brooklyn R R . and the Brooklyn Rapid
$100_________________ c * tf(
Transit C o., controls the Brooklyn & North River R R ., operating over
Central Crosstown pur mtge
($1,000, $500 & $100)____c 1925 6 M -N
200,000
1940 Manhattan Bridge. (This company ceased operating on Oct. 4 1919. V.
Prior lien M g $50,000,000/ 1925 6 g J-J
3,800,000 Jan 1 1965 109. p. 1461.)
FIELD OF OPERATIONS.— Underground trolley.
Ser A ($1,000)_______ c*tf [Central Union Trust Co., N . Y ., trustee.
40-yr inc g bonds $21,000,0001 1925 6
20,685,472 Jan 1 1965
ROAD— Operated—
Miles.
Miles.
($1,000)_____________ c*tjf (Guaranty Trust Co., N . Y . City, Trustee.
Third Ave. R y. C o_________ 36.534 Bronx Traction C o_________ 24.042
Stock.— The pref. stock is entitled to non-cumul. divs. at the rate of $7 Kingsbridge R y. C o_________ 7.341 N. Y . City Interboro. R y. Co 39.541
per share per annum. Is red. at $100 per share, but has no preference as to 42d St. M . & St. N. Ave. R y . 20.112 Southern Boulevard R R ____10.205
principal in case of liquidation or dissolution. After a div. of $7 shall have Dry Dock E. B. & B. R R . . . 13.677 Westchester Elec. R R ______ 39.399
been paid on the com. in any year, pref. and com. stocks win participate Belt Line R y. Corp_________ 3.801 Yonkers R R ________________ 42.826
equally in any further divs. The com. stock has the entire voting power. *Mid-Crosstown R y. C o ____ 5.635 N. Y . West. & Conn. T rac_- 5.973
Bonds.— Sixth Ave. purchase bonds are secured by a first lien on all land Union R y. Co. of N. Y . C ity. 108.586 ♦Pelham Park & City Isl. R y 3.283
Hastings R y ________________ 2.479
and buildings formerly owned by and acquired from the Sixth Ave. Co.,
and on all subsequent impts. and additions to land and buildings. Limited
------Total--------------------- ----------363 434
to $300,000. Red. in whole on 60 days’ notice at par and interest.
* Ceased operating Aug .81919. x Suspended operations Aug .31 1919.
The Central Crosstown purchase mortgage bonds will mature in 15 years.
CARS.— Owns 1,133; controls 510; total, 1,643 cars.
They will be offered in exchange for the $250,000 Central Crosstown 1st
mtge bonds due Nov. 1 1922. The mortgage provides for a payment of
Valuation.— For appraisal of system in 1918, see V. 106, p. 1462.
$10,000 at the end of each year to be applied to the purchase or redemption
Objections to Valuation of Transit Commission.— V . 114, p. 1288.
of said bonds until the principal amount has been reduced to $120,000.
The total authorized amount o f prior lien mtge. gold bonds is $50,000,000.
STOCK AND BONDS—
Date.
Interest. Outstanding Maturity.
Series A bonds are dated April 20 1925 and mature Jan. 1 1965. They bear Stock $16,590,000 ($100)----------------------------- $16,590,000
See text
int. from Jan. 1 1925. Are red. whole or part by lot at 105 and int.
3d A v RR 1st M g ($ l,0 0 0 )-tf 1887
5 g J-J
5,000,000 July 1 1937
The 40-yr. 6% income gold bonds, due Jan. 1 1965 are secured by lien
o.,
i lnt. at Farmers’ Loan & Tr. CJan N. Y .
junior to the prior lien mtge. on the property covered by that mortgage.
1911
4 J-J
21,990.500
11960
Are red. as a whole on 60 days’ notice at par and int. Int. is cumulative
from and after Jan. 1 1925, and shall be paid on April 1 1926, and on each
succeeding April 1 incl. April 1 1930 only if and to the extent that the
board of directors shall determine to make such payment; thereafter int.
Int. at Central Tr. C o., New York, Trustee.
not exceeding 6% in any year shall be paid on April 1 1931 and each suc
1911
5 A-O
22,536,000 Jan 1 1960
ceeding April 1 incl. April 1 1964, only if and to the extent that the available
Int. at U. S. M tge. & Tr. C o., N. Y ., Trus.
net income of the co. for the calendar year ending the next preceding
stock and bonds all listed on N. Y . Stock Exchange.
Dec. 31 shall suffice for payment, and be declared by the board of directors
Bonds.— Coupon bonds of both issues are in denom. $500 and $1,000,
to be then payable; and thereafter all accumulated and unpaid int. shall
are for $500 and $1,000
Of
be paid at the maturity of the bonds. No divs. may be declared or paid registered bonds $10,071,500 are reserved or multiples of $1,000. and the
1st ref. bonds,
for underlying bonds
re
either on pref. or com. stocks or any other stock o f the company until mainder for future extensions and improvements, under proper restrictions.
all accumulated and unpaid int. on the income bonds has been paid or Of the bonds reported outstanding, $2,520,500 are in the depreciation and
declared.
contingency fund at the disposal of the company. Redeemable on any
EARN IN G S.— 5 mos. end. Sept. 30 1925: Gross, $3,397,717; net, int. date at 105 and int. on 3 m os.’ notice. See V. 94, p. 706. Int. on
$530,675; gross income, $714,976; surplus after charges (excl. of int. on income bonds is cum. after Dec. 31 1912. Inc. bonds are red. as a whole
but not in part on 1st day of any month on 3 m os.’ notice at par and int.
new adj. income bonds), *267,526.
$320,000 have been purchased by the company. Y. 102. p. 887. Adjust,
OFFICERS.— Pres., Hugh J. Sheeran; V .-P ., W . G. Strait; Gen. A tty., inc. mtge. holders to Bonds.— An initialpowers until 1M % int.,the adjust,
full on including
Dividends have been have for voting
Income paid full
R. B. Hull; Sec. & Asst. Treas., F. B. Gordon; Treas. & Asst. Sec., J. S. Dun accum. shallon paid April 1 1913 fivethe 6 dividend o f
for successive end. Dec. 31 Y. 94, pV.706.
mos. years. See 1912.
96,
ham; Auditor, G. V. Owen. Heneral offices: Until approximately the end of inc.136. 117, p. 1778
Also bonds was
V. Regular semi-annual divs. of 214% each were paid to and incl.
N ov. 1925, 621 Broadway, N. Y . City; after that date, 123 W . 146th p.
Apr. 1917. In Oct. 1917 paid \M%. Apr. 1918 int. passed. V. 106,
St., N . Y . City. V. 120, p. 2269,2270,2401,2551,2817: V. 121, p. 200,2039. p. 930
None to Apr. 1922. when 1 M % was paid. V. 114, p.948. Oct. 1
4
fn IQ00
0.0/ ■r*rq a % . In 1924, April, 2 K % :
CONTROLLED COM PANIES.— The New York Rys. Corp. owns a 1002. paid 3 s ^
majority o f the capital stocks of all the under-mentioned sub. cos. The Oct., 2 K % . In 1925, April. 1 K % , Oct. l t f % .
corp. is endeavoring, under the reorganization agreement of New York
Dividends on Stock.— Initial quar. div of 1 % was paid Jan. 1 1916, April,
Rys. C o., to acquire through exchange o f securities the entire outstanding 1%; July. 1% ; Oct., 1% . The Jan. 1917 div. was omitted on account
balance o f the capital stocks o f these subsidiaries.
of the strike in 1916. V. 103, p. 2079. None since.
62
PUBLIC UTILITIES
EARN IN G S.— 12 months ended Dec. 31:
Int. Chges., Balance,
12 Mos. ended
Total Oper. Net After
Other
&c.
Surplus
Dec. 31—
Revenue.
Taxes.
Income.
1924------------ $14,711,897 $2,386,250 $275,718 $2,695,761 def$33,793
2,692,322
191.836
1923............... 14,422,140
2.602,819 281,338
Latest Earnings.— 12 months ended June 30:
Operating Revenue—
1925.
1924.
19231922.
Transportation......... .$14,111,026 $14,232,953 $14,008,415 $13,783,348
Advertising____________
150,000
150,000
150,000
121,756
Rents_________________
254,991
253,837
235,252
223,614
Sale o f power__________
15,686
12,475
13,117
12,695
Total 9per. revenue-.$14,531,704 $14,649,265 $14,406,785 $14,141,413
n-nerntinn
e p e ____,
Maint. o f way & struc-_
Maint. o f equ ipm ent...
Depreciation o f accruals
Power supply__________
Operation o f cars_______
Injuries to person & prop
General & misc. expense
$2,251,192 $1,700,522
1,696,003 1,523.328
Cr.419,362
339,198
981,156
1,090,857
4,985,677
4,959,351
1,053,960
964,082
619,152
598,817
$1,425,234 $1,667,319
1,334,189 1,211,766
733,347
597,178
1,223,969 1,119,464
4,574,374 4,492,966
871,077
930,970
564,795
535,364
Total oper. expense..$11,167,779 $11,176,157 $10,726,984 $10,555,027
Net operating revenue-. $3,363,925 $3,473,108 $3,679,800 $3,586,3; 6
Taxes__________________ 1,043,849
987,702
968,044
964,970
Operating income____$2,320,077 $2,485,407 $2,711,756 $2,621,417
Interest revenue_______
252,533
276,419
287,349
261,537
Gross income_________ $2,572,610
Deductions—
Int.: (1) First M . bonds.
$541,608
(2) First Ref. M .bonds
879,620
(3) 2d Adjust .M .bonds
(unpaid since Oct. 1
1917)______________ 1,126,800
Track & term’l privileges
18,419
M isc.rent deductions_
_
8,228
Amort, debt disc. & exp.
22,452
Sinking fund accruals_
_
33,480
Miscellaneous__________
55,179
$2,761,826
$2,999,105 $2,882,954
$548,080
879,620
$548,080
879,620
$548,080
879.620
1,126,800
14,232
8,253
21,871
33,480
55,646
1,126,800
14,524
7,783
21,315
33,480
66,226
1,126,800
14,767
9,794
20,783
33,480
42,156
Total deductions____ $2,685,786 $2,687,982 $2,697,829 $2,675,479
Net income___________ def$113,176
$73,844
$301,276
$207,474
OFFICERS.— Pres., S. W . Huff; V .-P ., Leslie Sutherland; Sec., Garrow
T . Geer; Treas., A. D. Sage; Auditor, W . Farrington.
DIRECTO RS.— Adrian Iselin, A . R . Horr, George W . Davison, H. P
gano, W . Emlen Roosevelt. John W . Platten, S. W. Huff, Joseph H Se»
man, E. A . Manice, J. N . Jarvie, Lionel F. Straus, W m. Carnegie Ewen and
Alexander S. W ebb.— V. 115, p. 1938, 1943, 2159; V. 116, p. 936; V. 117,
p. 89, 1665, 1778. 1881. 2544; V . 118. p. 552. 1013: V. 119. p. 1066. 1950,
1954, 2288; V . 120, p. 333, 584, 1091, 2150, 2685; V. 121, p. 709, 1103.
(1) D R Y DOCK EAST BR OA DW A Y & B A TTE R Y R R .
O RGAN IZATION .— Incorporated Dec. 8 1863. Third Ave. R y. owns
$1,198,000 o f the stock. In Jan. 1906 began operating Grand St line by
electricity. On Oct. 1 1911 changed from horse cars to storage-battery
cars on Avenue B and Canal St. lines. V. 93, p. 1105. On Oot. 25 1912
received permission from P. S. Commission to electrify road on Canal St.
V. 95, p. 1206.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS —
Operates 13.677 miles o f track.
STOCK AND BONDS—
Par.
Interest. Outstanding. Maturity.
Stock $1,200,000____________ $100
6 Q-F
$1,200,000
See text
General mtge gold 1892-- n t f f 1,000 5 g J-D
950,000 Dec 1 1932
\Farmers’ Loan & Trust C o., Trustee.
Gen refund mtge series B _________
4 J-J
528.000 Jan 1 1960
Gen refund mtge ser C _ c&r$100&c
_
Text
1,300.200 Jan 11960
Bonds.— Of the general ref. mtge. bonds, $1,500.000 are ser. A 5% bonds,
o f which $950,000 are reserved to retire the general M . 5s, due 1932, and
$550,000 may be issued to acquire additional property and for betterments,
but only upon the joint consent o f the holders of at least 75% o f the agreegate par value o f series B and series C bonds then outstanding, or after
due notice and failure o f holders o f more than 25% of series B and C to
object thereto. Series A bonds are a prior lien and preferred as to prin. &
int. Series B bonds are a prior lien over, and preferred both as to prin. &
int. over, series C bonds. Series C bonds to bear int. to and incl. July 1
1925 at such non-cumulative rate not exceeding 6 % per ann. as earnings per
mit. On and after Jan. 1 1926 are to bear int. at the fixed rate of 4%
with an additional 2% if earned. V. 105, p. 497; V. 106, p. 715.
R E PO RT.— See Third Avenue R y. above.
IN D E X .— V. 103, p. 239; V. 105, p. 497, 1522; V. 106, p. 715; V. 107
p. 1192; Y. 118, p. 2703; V. 119, p. 73.
(2) FORTY-SECOND STREET MANHATTANVILLE & ST. NICHOLAS AVENUE RAILWAY.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
A horse road, but N ov. 11 1900 changed to electricity. Operates the
Third Avenue Bridge Co. 20.112 miles o f track.
ORGANIZATION.— Chartered Aug. 29 1878. In N ov. 1895 contro
was purchased by the Third Avenue R R . See V. 61, p. 926.
In Dec. 1899 began to use undergruond electric system from Fort Lee
Ferry to Boulevard, then to Fifty-ninth Street.
$2,471,300 stock and all the $1,487,000 outstanding 2d mtge. incomes
are owned by Third Avenue R y.; the remaining $113,000 2d mtge. bonds
On June 21 1912 Public Service Commission granted authority to extend
for 30 years to Mar. 1 1940 at 5% the first mtge. 6s matured Mar. 1 1910.
V. 94, p. 1695.
Nothing is being paid on 2d mtge. 6s— all of which are held by Thir
Avenue R y.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity
Stock authorized $2,500,000-- $100
_______
$2,500,000 __________
First mortgage gold 1880-_tfl 1,000
5 M-S
1,200,000 Mar 1 1940
Red at 110 any int date. /Int. at Central Trust C o., N . Y . City,trustee
Second mtge income 6s 188511,000
6% as earned See text Jan 1 1915
$1.600,000_____________ tf/Central Trust C o., New York, trustee.
RE PO RT.— See above.— V. 95, p. 679; V . 107, p. 1192; V. 118, p .2703.
(3) UNION RAILWAY CO. OF NEW YORK CITY.— A trolley road
ORGANIZATION.— Owns $58,100 (all the outstanding stock) of
Bronx Traction Co.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Operates from 129th St. and Third Ave. through the Borough of the Bronx,
and with subsidiary lines continuing thence to and through M t. Vernon
Operates 108.586 miles o f track.
New Franchises.— On July 2 1914 the Board of Estimate and Apportion
ment granted the company a franchise to cross the Willis Ave. bridge over
the Harlem River to 125th St., and along 125th St. to the Fort Lee Ferry.
The Public Service Commission in approving the franchise exempted the
company from exchanging transfers with the Third Ave. and 42d St. M . &
St. N . A ve. companies at intersecting points in said franchise. V . 99, p . 50.
STOCK A N D BONDS—
Par.
Interest. Outstanding.LastDiv.,&c
Stock ($100) all owned by 3d Ave.
$2,000,000 __________
First mortgage 1892 gold._tf\ 1,000
5 g F-A
2,000,000 Aug 1 1942
/In t. payable at Central Tr. C o., N . Y . City.
Guaranteed Loans—
Westchester 1st M gu p & i\ $1,000 5 g J-J
500,000 July 1943
gold 1893_____________n tf/I n t. at Bankers Trust C o., New York, trust.
Southern Boulevard R R 1 s t ! -----5 g J-J
250,000 July 1 1945
gold 1895______________ tf/Central Trust Co., New York, trustee.
Yonkers RR first mortgage_ _____
_
_______
See below __________
R E PO RT.— See Third Avenue R y. above.— V. 99, p. 50, 1971; V. 113,
p. 1252.
[V ol. 121.
(a) B R O N X TR AC TIO N CO.
A trolley road.
ORGANIZATION.— Incorp. on M ay 12 1904, and is a consolidation o f
several small companies. See V . 78, p. 2333. Entire stock owned by
Union Ry.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Owns 24.042 miles of track, operated by Union R y., from Bronx River by
West Farms Road to Westchester Village; from Bronx River by Southern
Westchester Turnpike to Westchester Village; from Main St., Westchester
Village, to Eastern Boulevard, and from West Farms Road to Bleecker St.
Standard gauge; 109-lb. rails.
(4) YONKERS RA ILR O A D .— A trolley road. In June 1925 was
granted an emergency permit by the City o f Yonkers to operate buses to
replace service on five trolley lines. V . 120, p. 3189. In Sept. 1925
acquired the franchise and all the outstanding capital stock o f the North
Street Transportation C o., a large bus company. V . 121, p. 1571.
Operating Agreement with Union Railway.— On M ay 25 1911 Pub. Serv.
Comm, approved the terms o f an agreement whereby cars of the Yonkers
RR. would run over certain tracks of the Union Railway to the terminals o f
the New York City subway and elevated lines. This reduced from 15 to 10>
cents the fare from Yonkers to lower Manhattan, restoring the old rate as
before the breaking up of the Metropolitan Street R y. system. V. 92, p.
1245, 1438.
ORGANIZATION.— The Union R y. guarantees the $1,000,000 bonds,
prin. & int. V. 67, p. 635. $992,500 stock owned by Third Ave. System.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Owns 42.826 miles o f track.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Stock $1,000,000 ($100)___________
_______
$1,000,000 __________
First mtge gold $1,000,0001 1896
5 A-O
1,000,000 April 1 1946guaranteed____________ntf/Bankers Trust C o., New York, trustee.
— V. 118, p. 3081; V. 119, p. 2181; V. 120, p. 3189; V . 121, p. 1571.
(8) KINGSBRIDGE RAILWAY.
ORGANIZATION.— Incorp. Jan. 25 1898. The 'ranchise, the terms o f
which are 4% o f gross receipts for the first five ears, 6% for the second, 8%
for the third and 10% thereaf5er. is for 25 y ars, with privilege of renewal
under certain conditions for another 25 year
At the and of the term the
city acquires the property, paying for it in accordance with definitely
rescribed rules for fixing its value. V . 69, p. 1248. Work on this line was
E
egun in July 1901 and completed in 1902. Entire $8,600 stock owned by
the Third Avenue R y ., which company also operates the property.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Runs from Amsterdam Ave. and 162d St. to Broadway and 225th St.,
making 7.15 miles additional.
(6) NEW YORK CITY INTERBOROUGH RY.— A trolley road.
The Third Ave. R y. owns $4,652,900 stock and $2,164,000 1st M . bonds.
ORGANIZATION.— Incorp. in New York on March 24 1902, in the in
terest of the Interborough Rapid Transit C o., to build an extensive system
of feeders for the subway and elevated lines in the Bronx, and to afford
street railway connections across the Harlem River bridges.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $5,000,000 ($100)___________
_______
$5,000,000 ---------------First mortgage $5,000,000\ 1905
4 g M -N
2,164,000 M ay 1 1928
sinking fund gold_______ t f /U . S. Mortgage & Trust C o., N . Y ., trustee.
Bonds.— Of remaining first mortgage bonds, $87,000 are in sinking fund
and $836,000 are in treasury .
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
39.541 miles of track.— V. 93, p. 1191; V. 94, p . 279; V. 95, p. 544, 1274;
V. 109, p. 1366.
(7)
BELT LINE RAILWAY CORPORATION.— Storage battery and
electric.
Transfers.— N o longer required to issue transfers to the lines o f the
New York Railways and Second Avenue R y. See decision M ay 25 1925
by the U. S. Supreme Court. V. 120, p. 2813.
ORGANIZATION.— Incorp. at Albany on Dec. 24 1912 to take over
th i Central Park North & East River R R ., sold at foreclosure on N ov. 14
1912 to Edward Cornell (V. 95, p. 1331, 1402; V. 104, p. 1701). See also.
V. 120, p. 1585. In March 1913 was taken over by Third Avenue Ry.
V. 96, p. 864, 948.
In March 1913 Public Service Comm, authorized the making of a m ort
gage for $4,000,000 first mtge. 5s and the issuance of $1,750,000 bonds there
under at not less than 95. Entire stock and bonds owned by Third Ave. R y.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Owns road on 59th St., East and West. All electric on 59th St. Owns 26
cars.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $750,000____________________
_______
$734,000 ---------------1st mtge $4,000,000 gold red) 1913
5%
See text
Jan 1 1943
as a whole at 105_______ tf/Central Trust C o., New York, trustee.
Bonds.— Are guaranteed by Third Avenue Ry.— V . 107, p. 2474; V . 112.
p. 1028, 1398; V. 114, p . 2467; V . 120, P- 2813.
(8) MID-CROSSTOWN RAILWAY CO.— Storage-battery cars.
Acquired by the Third Avenue R y. late in 1913.
Discontinued.— On Aug. 8 1919 the company discontinued the running of
cars, due to its inability to “ borrow any more m oney.” V. 109, p. 578.
Judgments.— In N ov. 1919 judgments against the company, aggregating
$231,188, had been entered in the Supreme Court by the Third Avenue R y ..
and certain of its subsidiaries. V. 109, p. 1793.
O RGAN IZATION .— Incorp. in New York on Feb. 14 1912, in the inter
est of the reorganization committee, as successor to the 28th & 29th Streets
Crosstown R R ., sold at foreclosure on Jan 4 1912 (V. 94, p. 69; V . 104, p.
1703 2119
See plan of reorganization in V . 93, p. 1790.
In Feb. 1914 the Public Service Comm authorized the Third Avenue R y .
to acquire and hold the $150,000 stock of the Mid-Crosstown R y. C o., Inc.,
and in April 1914, in payment therefor, the Third Avenue R y. Co. issued
$180,000 of bonds, and gave its 4% promissory note for $250,000, payable
in three equal annual installments, and canceled claims amounting to
$34,442 against the Mid-Crosstown Co. V . 99, p. 1447.
Stock, authorized and outstanding, $150,000 ($100).
ROA D .— Track, 5.635 miles.— V . 109, p. 578, 677, 1793.
(9) PELHAM PARK & CITY ISLAND RAILWAY CO., INC.
Operation Suspended.— On Aug. 8 1919 the company suspended opera
tions. V. 109, p. 677.
ORGANIZATION, &c.— Incorp. M ay 10 1913 in New York and on
July 9 1914 the Third Avenue Ry. acquired control. Authorized common
stock, $125,000; outstanding, $45,000. Length of road, 3.283 miles, from
Belden Point, City Island, to Eastern Boulevard, or New Rochelle Road.
Operation by storage battery was begun Aug. 18 1914.-—V. 99, p. 610;
V. 109, p. 677.
BROOKLYN-M ANH ATTAN TR A N SIT CORP.
ORGAN IZATION .— Organized in New York in M ay 1923 as per plan
outlined in “ Electric Railway Supplement” of April 28 1923, to succeed
the Brooklyn Rapid Transit C o., sold at foreclosure. For history o f
Brooklyn Rapid Transit Co. see “ Electric Railway Supplement” o f April
28 1923. Stockholders of the old B. R . T . were assessed $35 a share
under the plan and received upon payment o f such assessment $21,875
new 6% bonds, $13,125 new 6% pref. stock and also 1 share of new no
par value stock of the B .-M .-T . Y . 117, p. 2888; V. 118, p. 1011.
The B .-M . T . Corp. owns the following stocks and bonds of its sub
sidiary companies, which are held as free assets in the treasury of the
co., except the bonds and stocks of the N . Y . Rap. Transit Corp. and the
Williamsburgh Power Plant Corp., which are pledged as security for theco.’s rapid transit security bonds (description further below):
S tocks.
Owned by
Auth. Issued. B.-M . T.
Shares. Shares.
Shares.
.189,000 189,000 «188,138
. 10,000 10,000 alO.OOO
. 85,000 85,000
85,000
. 65,000 65,000
63,947.75
150,000 20,000
20,000
. 30,000 29,839 627,897
. 5,000
5,000
5,000
. 3,500
3,500
3,500
r'onev Tspnri S BWvn Term. Co. com_
r
150
25
25
Brooklyn Heights R R -------------------------2,000
2,000
C2.000
500
500
Brooklyn Bus Corp----------------------------M 500
ill
Oct .,
1925.]
POWER, LIGHT AND RAILW AY
Bonds.
Total
Owned by
Outstanding. B.-M . T.
N. Y . Rap. Tr. Corp. ref. M . 5% s. f. Series A _ .$93,508,500 d$93,396,885
Wmsb. Pow. Plant Corp. gen. M . 5% s. f. Ser. A . 17,885,600 al7,885,600
Bklyn. Queens C o. & Sub. R R . 1st M . 5% bonds 3,500,000
2,000,000
Coney Isl. & Bklyn R R . cons. M . 4% 50-yr. bds_ 2,125,000
625,000
Bklyn. Heights R R . C o. 1st mtge. 5% bonds____
250,000
c250,000
a Pledged as security for B .-M . T . rapid transit security bonds, b Bene
ficially owned by B .-M . T . as pledgee. c Incl. directors’ shares, d Whereof
$93,352,000 pledged as security for B ,-M . T . Rapid Transit Securit bonds.
The co. also owns $525,000 o f a total outstanding o f $925,000 Bklyn.
City R R . ref. 4% bonds. Also has substantial real estate holdings in
Brooklyn.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
A holding company.
Miles of Track in B. M . T. System—
Miles of
Rapid Transit lines:
Track.
New York Rapid Transit Corporation— Owned_________________ 172.004
Leased (including trackage rights)___________________________ 124.089
296.093
Surface lines*— The Nassau Electric R R . C o_____________________ 144.013
Brooklyn Queens County & Suburban R R . C o________________ 67.522
The Coney Island & Brooklyn R R . C o_________________________ 52.488
South Brooklyn R y. C o _______________________________________ 24.516
Coney Island & Gravesend R y. C o____________________________ 7.697
296.236
Total ------------ ------------ ----------- ----------------------------- ---------------592.329
*Not including tracks owned by the Brooklyn Heights R R . Co. (in liqui
dation ) or operated by its receiver over Brooklyn Bridge.
Equipment.— Cars owned by system: Surface passenger cars, 1,889;
elevated passenger cars, 907; subway passenger cars, 900; service and mis
cellaneous cars, 343; total, 4,039.
New Subways and Extensions.— An agreement was reached in M ay 1912
as to how the routes of the new dual subway system in lower Manhattan
should be apportioned between the Interborough and Bklyn. Rapid Transit,
and the Court of Appeals at Albany having on June 30 1912 affirmed the
decision o f Justice Blackmar (V. 94, p. 1057) holding to be constitutional
the terms of the proposed contracts with the Interborough and B. R. T .,
formal contracts were drawn up by the P. S. Comm, and were signed on
Mar. 19 1913. V. 96, p. 862. See caption “ Rapid Transit in New York
C ity’ ’ in V. 94, p. 1384, 1449, 1566; V. 95. p. 48, 111, 237, 1040: V. 96.
p. 63, 136, 488, 716, 864. For description or new subway lines, built and
to be built jointly by the Brooklyn Rapid Transit (now B .-M . T .) and the
city, see "Electric Ry. Supplement” o f Oct. 28 1922 under B. R. T . See
also V. 120, p. 1088.
Brooklyn Bus Co. Formed.— See V. 119, p. 577. City bus franchise asked.
V. 119, p. 809.
Suit Against Bklyn. City RR.— The receiver for the old B. R. T . brought
suit against the Bklyn. City R R. to recover $10,000,000 advanced to that
company prior to the designation of the receivership. V. 113, p. 2612.
This case is still pending.
Suit Against City.— In Dec. 1918 the N . Y . Municipal R y. Corp. and the
N. Y . Consolidated Ry. Co. brought suit against the city of New York and
the P. 8. Comm, to compel completion of the city transit system in accord
ance with the contract o f March 19 1913. The plaintiffs alleged that, not
withstanding the elapse of 6 years since the execution of the dual contracts
there remained unfinished and still to be constructed or completed 47 miles
o f track out of a total of 115, and 19 miles of road out of a total of 41 of the
lines which the city assumed to construct by Jan. 1 1917 and which the
company agreed to equip and operate. For further details see V. 107, p.
2288. In April 1922 the receiver for the N. Y . Municipal Ry. Corp. and
the N. Y . Cons. Ry. Co. filed a bill of complaint in the U. S. Dist. Court
to compel the carrying out of these contracts and to recover alleged damages
incurred as a result of the city's alleged failure to perform its contract
obligation. V. 114, p. 1764. The city has filed an answer asking the dis
missal of the suit. For details see V. 114, p. 2358. Motion to dismiss
suit was denied on Oct. 21 1924 by Federal Judge Knox. V. 119, p. 1951.
In July 1923 B .-M . T . took over handling of suit from counsel for re
ceiver. See V. 117, p. 322. On Jan. 3 1924 Judge Mayer granted a
motion of the New York Rapid Transit Corp. to intervene in this suit.
V . 118, p. 85. The city and the Transit Commission appealed to the U. S.
Supreme Court from the order granted by Judge Mayer permitting the
Rapid Transit Corp. to intervene, but on June 2 1924 the appeal was dis
missed by the U. S. Supreme Court, which ruled that it was without
jurisdiction. V. 118, p. 2823. Compare V. 118, p. 1268. See also V. 119,
p. 2409.
Plan of Transit Commission for Merger of New York City Street Railways.—
The N. Y. Transit Commission on Sept. 29 1921 made public a plan for the
readjustment and merger of street railways and rapid transit lines of Greater
New York with eventual city ownership. For extended outline of plan
see V. 113, p. 1431. See also V. 117, p . 670 under caption "Rapid Transit
n New York C ity.”
Advertising Contract.— On Feb. 28 1924 the Transit Commission approved
a contract between the corporation and Barron G. Collier, Inc., for the
advertising and vending privileges o f the subway and elevated lines of the
system, under terms of which the latter agrees to pay a minimum of $15,000,000 for 15 years as follows: $900,000 a year for the first 5 years, $1,000,000 a year for the second 5 years, and $1,100,000 a year for the third 5
years. V. 118, p. 1267.
Valuation.— See V . 117, p. 2006, under caption “ B. R . T .”
Payment of Tort Claims.— See V . 117, p. 1346; Y . 118, p. 2946.
Upon completion of reorganization the capitalization will be approxi
mately as follows:
Improvements.— Approx. 20 miles o f surface tracks will be reconstructed
in 1925 at a cost o f nearly $2,000,000. V. 120, p. 2682.
Wage Agreement.— The existing wage agreement was extended for an
other year in July 1925. V. 121, p. 584.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Com. 850,000 shares (no par).
769.911 shs.
Pref., 350,000 shares—
Series “ A ” $6 cum. after
July 1 1926, 250,000 shs.
249,468 shs. Oct '25$1.50
$6
Rapid Transit Security 6%
$92,698,000 July 1 1968
6%
s f bonds gold----- Series A 1923
1.497.000 July 11941
5 g J-J
Brooklyn Queens Co. & Sub. ( 1894
first M . $3,500,000-ntflG uar. Trust Co., New York, trustee.
2.803.000 July 11941
First consol M , guar p & if 189
5 g M -N
(end), $4,500,000_ n tf (Central Trust C o., New York, trustee.
_
Jamaica & Brook RR firstl
1889 5 g J-J
231,000 Jan 1 1930
mortgage, $240,000_ t f (Central Trust C o., New York, trustee.
_
Brooklyn Union Elev 1st M .f 1899
5 g F-A
15,956,000 Feb 1 1950
guar. $16,000,000_______ t flln t . at Central Tr. C o., N. Y ., trustee.
Kings Co Elev first m tge,! 1899 4 g F.A
6,980,000 Aug 1 1949
$7,000,000($l,000),g(gu)ntf\lnt. at Central Trust C o., N . Y ., trustee.
Nassau El RR Co cons M f 1898 4 g J-J
10,337,000 Jan 1 1951
bonds ($1,000), $15,—
(Guaranty Trust C o., N. Y ., trustee. Bonds
000,000__________ c*&rtf [guar, by end. by Bklyn. Heights RR
First mtge bonds (closed)tf j 1894 5 A-O
660,000 Apr 1 1944
(Hamilton Trust C o., N . Y ., trustee.
Atlantic Ave gen mortgage! 1891 5 g A-O
2,241,000 Apr 1 1931
gold (closed)_______ n tf (Brooklyn Trust C o., trustee
Atlantic Ave improvement, ( 1894 5 g J-J
215,000 Jan 11934
gold (closed)_________ tf/Central Trust C o., New York, triustee.
B B & W E general gold,] 1893 5 g A-O
118,000 Oct 1 1933
$121,000 ____________ tflFranklin Trust C o., N . Y ., trustee.
Coney Isl & Bklyn 1st consol! 1898 4 g J-J
1,986,000July 11948
M $2,000,000 gold_____n tf (Mercantile Trust Oo., New York, trustee.
Consol mortgage $10,000,- 1904 4 g J-J
1,500,000 Jan 1 1955
000 gold ($1,000)— c*tf 1Mercantile Trust C o., New York, trustee
1,988,000 July 1 1939
Bklyn City & Newtown 1889 5 J-J
1st M $2,000,000..-ntfl Mercantile Trust C o., New York, trustee.
63
Stock.— Pref. Is Issuable In series, each series (subsequent to ser. **A” )
to carry divs. at such rate and cumul. from such date, and to be red. on
such terms, as directors may determine at the time o f the creation thereof.
Pref. as to assets on distribution to the amount of $100 per share and divs.
Pref. stock shall have the same voting rights as holders of common stock
(one vote for each share held). Ser. “ A ” entitled to divs. at the rate o f
$6 per share per ann., but no more, cumul. without lnt. from and after
July 1 1926 and red., all or part, at $100 and divs. Voting trust certifs.
for both classes o f stock are listed on N . Y . Stock Exchange.
For subscriptions by employees to preferred stock, see V. 121, p. 837.
Voting Trust.— Has been formed to provide for representation ofp u b lic
authorities on board of directors. Voting trustees are Albert H. Wiggin.
G. M . Dahl and Frederick Strauss.
Bonds.— The Rapid Transit Security sink. fa. 6% bonds are te be secured
by pledge o f $93,352,000 face amount of N . Y . Rapid Transit Corp. ref.
mtge. 5% bonds (see that co. below); $17,885,600 face amount of Williamsburgh Power Plant Corp. gen. mtge. 5% bonds ser. “ A ,” 188,138 shares
(no par) o f the capital stock of N. Y . Rapid Transit Corp., and 10,000
shares (no par; of the capital stock of the Williamsburgh Power Plant Corp.
The Rapid Transit Security sinking fund 6% bonds, series “ A ,” are re
deemable at 105 and interest. A cumulative sinking fund of 2-3% per
annum on the maximum amount o f bonds at any time outstanding, pay
able semi-annually, first payment to be made Jan. 1 1927, to be applied to
the purchase or redemption (at above redemption price) of the bonds of this
series, the co. to have the right to tender bonds for purchase by the sik. fd.
at current market prices. I f any div. be paid on the pref. or com. stock
of the co. prior to Jan. 1 1927, then the sink, fund payments shall commence
not later than the date o f the payment f such dividend.
Interest on Bonds, Where Payablt
noerest on the Bklyn. Union Elev.
1st 5s and on the Kings Co. Elev. 1st 4s Is payable at Central Union Trust
Co.; on Nassau Electric bonds, incl Atla tic Ave. and West End issue, at
the Chase National Bank, New York, on ene Brooklyn Queens County &
Suburban mortgages and the Jamaica & B ooidyn first mortgage at the
Chase Nat. Bank, N . Y . Int. on ah Coney Island & Brooklyn bonds
is payable at Central Union Trust Oo . J Y .
N
The total authorized issue o f 1st consol, mtge. gold 5s of the Bklyn.
Queens Co. & Suburban RR. is $4,500,000, of which $1,616,000 are reserved
for extensions, on which they will be a first lien. Both B. Q. C . & S.
loans are subject to call from 1916.
The Nassau El. 1st consol. M . bonds, besides covering the mileage
directly owned, are a lien by a supplemental agreement upon the stock o f
the Coney Island & Gravesend Ry. and will become a direct lien on this
line should it become merged in the Nassau Electric. Of the total o f
$15,000,000 bonds authorized, the unissued remainder ($3,242,000) is for
prior liens. See listing application in V. 72, p. 342.
Coney Island & Brooklyn Bonds.— Of the $10,000,000 bonds auth. by
mtge., $4,000,000 are reserved for prior liens and $3,768,000 are reserved
for ext. and imps. No sinking fund, and bonds cannot be called.
Dividends.— A div. of $1 50 per share was declared on the pref. stock,
nayable M ay 15 1924. $1 50 per share was paid on pref. July 15 1924
Oct. 15 1924 $1 50 was paid. In 1925, Jan., $1 50; April, $i 50; July,
$1 50; Oct., $1 50.
REPO RT.— Results for year ended June 30 1925 (B .-M . T. System and
affiliated companies:
Ret. from Transporta'n—
Net rev. from operation.$14 886,027
Passenger______________ $41,383,764 Taxes accr. on oper. prop. 3 ,068,462
F reigh t________________
675,183
Operating Incom e... $11,817,565_
1,026
Chartered car revenue_
Non-Oper. Revenue—■
Misc. transp. revenue_
_
13,663
Rents accrued from lease
T o ta l------------------------ $42,073,636
of road_______________
$60,571
Miscell. rent revenues_
_
Other St. Ry. Pepr. Rev.—
287,27ft
Advertising____________
$656,000 Interest revenues_______
544,337
Other car & sta’n privil’s .
381,941 Dividend revenues______
66ft
Rent, of bldgs. & p r o p ..
150,900 Profits from operation of
240
oth ers_______________
Rent o f equipment______
Rent of tracks & terminal
21,635 Miscellaneous__________
192,558
Miscellaneous receipts..
28,065
T o ta l............................. $1,085,409
T o ta l............................. $1,238,781 Non-oper. rev. deduc.:
Rent expenses_______
827
Total revenues_______ $43 ,312,417
Operating Expenses —
Net non-oper. Income. $1,084,581
Malnt. of way & stru c.. $4 ,474,266
Malnt. of equipment____ 6 ,087,560
Gross income________ $12,902,146.
Oper. of power plant____ 3 ,240,270
Deductions—
Trainmen’s wages______ 6 ,872,091 Interest deductions_____$7,475,760
Other expenses_________ 4 198,724 Rent for lease of other
Damages_______________ 1 ,416,702
road and equipm ent..
25,000
Legal expenses in connec
Other deductions_______
313,461
tion with damages___
198,979
General law expenses____
134,986
Total deductions_____$7,814,221
Other general exps______
309,152
Freight expenses___ ___
493,660 Balance------------------------ $5,087,925
Am. R y. Traf. Co. exp._
Less accr’g to minor, int.
14,390
Total oper. expenses..$28,426,3911 Net income__________ $5,073,535
Note.— The foregoing figures Include the result of operation o f the Brook
lyn Heights Railroad Co. still in receivership.
EARN ING S.— 12 mos. end. June 30—
1925.
1924.
Total operating revenues________________________$43,312,417 $40,072,326
Total operating expenses_________________ _______ 28,426,390 26,499,409
Net revenue from operations__________________ $14,886,027 $13,572,917
Taxes__________________________________________
3,068,462
2,738,947
Operating income-------------------------------------------- $11,817,565 $10,833,971
Net non-operating income______________________
1,084,581
950,455
Gross income---------------------- 1-------------------------$12,902,146 $11,784,426
Total income deductions_________________________ 7,814,221
7,762,360
Net income-----------------------------------------------------$5,087,925 $4,022,065
Latest Earnings.— 3 mos. end. Sept 30 1925, see V. 121, p. 2036.
OFFICERS.— Chairman of Bd., G. M . Dahl; Chairman of Finance Com
mittee, A . H. Wiggin; Pres., W m. S. Menden; V .-P . & Gen. Coun., Geo. D .
Yeomans; V .-P .. Travis H. Whitney; Sec.-Treas.. Frederick C. Marston;
Compt., Howard Abel; Asst. Sec., Otis Everett.—Y. 119, p. 454. 577, 692,
809, 1394, 1951, 2177, 2409, 2523, 3008; V. 120, p. 451, 1088, 2682; V ., 121*
p. 456, 584, 837, 2036.
COMPANIES CONTROLLED B Y B ROOKLYN -M AN H ATTAN
TR AN SIT CORP.
(1) NEW YORK RAPID TRANSIT CORPORATION.
ORGANIZATION.— Organized in New York on June 9 1923 as a con
solidation o f the New York Consolidated R R . and the New York Municipal
R y. Corp., succeeding those companies as per B. R. T . reorganization plan,
for details of which see "Electric Railway” Supplement o f April 28 1923.
For history o f N. Y . Consol. R R . and the N. Y . Municipal R y. Corp. up to
time of reorganization also see “ Electric Railway” Supplement of April 28
1923. The co. as now constituted owns and operates the rapid transit
lines of the B. R . T . system (now B .-M . T . Corp. For digest of readjust
ment plan and particulars regarding exchange of securities under plan see
V. 116, p. 2130.
FIELD OF OPERATIONS A N D C H A RACTER OF BUSINESS.—
Owns 172.004 miles of track; leased (incl. trackage rights), 124.089 miles;
total, 296.093 miles. Leases for 999 years from 1915 the Nassau Electric
R R .’s terminal at Coney Island. See “ Electric Railway” Supplement o f
April 28 1923 for terms of lease.
Division of Earnings with City.— As the Corp. now holds all the rights
originally acquired by the New York Municipal R y. Corp. in the latter’s,
contracts with the city, all the earnings accrue to it. The division o f
earnings is on the following basis:
1.
To the company, $3,500,000, as representing the net earnings o f the
previously existing railroads which went to form part of the new rapid
transit system. Out o f this reservation the company pays interest charges
on capital investments prior to Mar. 19 1913 in the then existing railroads*
64
PUBLIC UTILITIES
[V ol. 121 .
2. T o the company, 6% ®n its new investment in construction and equip
(4) BROOKLYN QUEENS COUNTY & SUBURBAN RR.
ment prior to the beginning o f permanent operation and thereafter interest
ORGANIZATION.— Incorporated In 1893.
and 1% sinking fund.
Receiver Discharged.— On July 14 1919 Llndley M . Garrison was appointed
3. T o the city, interest and 1 % sinking fund on its investment in cost of receiver for the co., but on Dec. 21 1923 the receivership was terminated
construction.
and the receiver discharged.
4. Any surplus remaining, after making provision for a moderate contin
FIELD OF OPERATIONS.— Has 67.522 miles of track (ind. 2d track,
gent reserve fund, is to be divided equally between the company and the sidings, &c.). Standard gauge.
city. The company’s preferential payments are to be cumulative.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Suit Against City.— See under B .-M . T . above.
Stock S15.000.000 ($100)............................... ............x$2,000.000 _____ _____
Upon completion o f readjustment and reorganization the co. will be
Bonds.— See B .-M . T . above,
capitalized approximately as follows:
x All owned by B .-M . T.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
(5) SOUTH BROOKLYN RR.
Stock 189,000 shares (no p a r ) . ____
_________ 189,000 s b . __________
ORGANIZATION.— Incorporated in 1900.
1st & ref mtge $50,000.000_________
_________
(0)
__________
the
R ef mortgage Series “ A " _____ 1922
_$93,508,500
x1968 In Sept. 1923 Ry. Transit Commission approved the application of the
Brooklyn
authority to purchase the outstanding capital stock
Bklyn Un El 1st M , $15,967,-] 1899
5 g F-A
15,967.000 Feb 1 1950 South Prospect Park for South
the
&
R R . and the
000, gold, 4% till 1905,(Interest at Central Trust C o., New York, ofR ., and to merge those cos. BrooklynProspect ParkN. Y . & Coney Island
R
and the
& Coney Island R R .
since 5% ($1,000)______t fl Trustee.
Kings County El 1st M , gold, J 1899
4 g F-A
7,000,000 Aug 11949 Into itself. See V. 117, p. 1347. This merger was consummated in
$7,000,000 ($1,000)--C *n tf lint, at Central Trust C o., N . Y ., Trustee. Sept. 1923. A N D BONDS.— Date. Interest. Outstanding. Maturity
STOCK
x$500.000
-----------x All pledged under B .-M . T . Corp. Rapid Transit security 6% sinking Stock, $100______________________________ ____
xAll owned by B .-M . T. Corp.
fund bonds Series “ A ” (see that co. above).
EARNINGS.— Now included in those of B. M . T .— V. 113, p 534.
Bonds.— The 1st & ref. mtge. bonds will constitute a lien (ahead of the
(6) WILLIAMSBURGH POWER PLANT CORPORATION.
ref. mtge. and subject only to the existing underlying elevated railroad
ORGANIZATION.— Organized in accordance with reorganization plan
bonds on certain o f the properties) on the rights existing under Contract
N o. 4 and allied certificates and on all the other properties of the N . Y . as the power plant subsidiary of the B .-M . T. Auth. capital, $50,000.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Rapid Transit Corp. The bonds are to be issued only for the purpose of
$17,885,600 July 1 1968
providing (after the exhaustion o f the moneys— $5,000,000 improvement Gen mtge sk fd Ser “ A ” .........1 1923 5%
fund for future improvements already deposited— provided in the reorganiza Red at 10754 & int__________ /Chase Nat'l B k., N . Y ., trustee.
tion for such purpose) for the cost of additional equipment and additions and
betterments for the rapid transit lines or power house properties, provided
after July 1 1923 under Contract N o. 4 and the allied certificates, and also
UNITED T R A C T IO N CO.
for the purpose o f refunding any bonds previously issued and outstanding
under this mortgage and any o f the existing underlying elevated railroad
Control.— Entire stock (except 4 shares) is owned by The Delaware &
bonds. None of these bonds will be issued in reorganization. Pending
the consummation o f the proposed inclusion of the power plant properties Hudson Co. V. 81, p. 1552; V. 82, p. 160.
ORGA N IZA TIO N .— Chartered Dec. 30 1899 as a consolidation of the
under Contract No 4 and (or) the allied certificates and the transfer of
those properties accordingly, the reorganization committee may authorize Albany Ry. (chartered in 1863), the Watervliet Turnpike & R R . (chartered
the creation o f a power plant 1st mtge. o f substantially the same character in 1828) and the Troy City R y. (chartered in 1866). See V. 69, p. 1147,
as the N . Y . Rapid Transit Corp. 1st & ref. mtge. Such mortgage may be 1300; V. 70, p. 77. Operates under leases to the constituent companies
created and the bonds thereunder issued either by the new co. itself, if the the Troy & Cohoes R R ., Lansingburgh & Cohoes R R ., Waterford & Cohoes
title to the power plant is permitted to remain therein, or by a subsidiary R R ., Cohoes R y. and the Capitol R y. Owns 97% of the stock of the
co., if title to the power plants be vested in a subsidiary. None of these Hudson Valley R y., 71% of the Waterford & Cohoes R R ., and all the cap
ital stock of the Capitol R y ., Cohoes R y . and Great Western Turnpike Road.
bonds will be issued in reorganization.
Bonds o f the Brooklyn Union and Kings Countv Elevated R R . are listed
The Cohoes City Ry. was sold at foreclosure in 1904 and reorganized as
un New York Stock Exchange. In July 1925 W m. Carnegie Ewen sold Cohoes R y. C o., with $120,000 stock and $84,000 bonds; all o f the stock
at 90 fi and int., to yield 554%, a block o f Brooklyn Union Elevated R R . and bonds are deposited with the Central Trust Co. o f New York as security
1st mtge. 5% gold bonds, due Feb. 1 1950. V. 121, p. 76. In July 1925 for bonds of the Albany R y.
the New York Stock Exchange struck from its list the 5% 1st mtge, sink,
Acquisition of Hudson Valley Ry.— In Dec. 1906 acquired a majority of the
fund bonds, series “ A ,” due Jan. 1 1966, o f the New York Municipal R y. stock and bonds of the Hudson Valley R y. Co. and increased its own stock
Corp. V. 121, p. 200 — V. 117, p. 1347, 1556, 1664, 2323, 2543; Y. 118, from $5,000,000 to $12,500,000 to finance the purchase. V. 84, p. 52.
p. 85, 1268; V.121, p. 76, 200.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Operates 59.343 miles of first main line track and operates in all 109.73
(2) NASSAU ELECTRIC RAILROAD.
miles of track, of which 92.736 miles owned, connecting Albany, Troy.
A trolley road.
In accordance with B .R .T . reorganization plan (see "Electric Railway" Cohoes, Rensselaer, Watervliet, Lansingburgh, Green Island, Waterford,
Supplement o f April 28 1923 under B .R .T .), the co. was taken over by the &c. Rails, 25 to 141-lb. girder and T . Standard gauge. Has £27 cars; 265
Brooklyn-Manhattan Transit Corp. (successor to B .R .T .) on July 13 1923. owned and 62 leased.
Franchises perpetual except that of the Capitol R y. (a short line on the
See V. 117, p . 322, under caption “ Brooklyn-Manhattan Transit Corp.”
Receivership Terminated.— In July 1923 the receivership of the Nassau outskirts of Albany), which expires in 1951.
Traffic Agreements.— Has traffic agreements with the Albany Southern
Electric R R . was terminated.
R R ., Schenectady R y. and Hudson Valley R y ., by which cars of the firstORGAN IZATION .— Chartered Mar. 13 1893 under the laws of New named road are run into Albany from Rensselaer, cars of the Schenectady
York. Opened in July 1895 and in April 1896 leased the Atlantic Avenue R y. into Albany, Troy and Watervliet, and cars o f the Hudson Valley R y.
R R ., &c. As stated above, the B .-M . T . Corp. owns or controls all
o f the $8,500,000 common stock o f the Nassau Electric and $6,394,775 into Troy from Waterford. under contract by Adirondack Power & Light
Electric power is furnished
- out o f the $6,500,000 preferred stock.
Was formerly leased for 999 years from April 1 1900 to Brooklyn Heights Corp.
STOCK AND BONDS—
Date.
Interest. Outstanding.
daturity.
Railroad, but, coincidently with a decision compelling the issuance of
-------------- $12,500,000
See text
transfers from one leased line to another (V. 79, p. 102), the lease was ter Stock (par $100) $12,500,000----------Debentures $1,250,000 gold/ 1901
454 g M -N
456,000 M ay 1 1919
minated on June 30 1904.
($ 1 ,0 0 0 )____________ rn tf lin t, at National Commercial Bank. Albany.
~ FIELD OF OPERATIONS.— Embraces 144.013 miles o f single track. Cons mtge $6,500,000 gold 1904
454 g J-D 2,620,000 June 1 2004
Atlantic Avenue R R . (now part of Nassau Electric) owned the double
c * tflln t. at Cent. Un. Trust C o., N . Y , trustee.
($1,000) ------------------- c*tf
track steam road (since converted to electricity) from Jamaica to Flatbush Albany _____________________ 1890
___ „ Ry cons M ($500,000)
5 g J-J
428,000 Jan 1 1930
Avenue Station in Brooklyn, 954 miles (19 miles of track), which is leased
gold ($1,000)_______ c * n tflin t, at Cent. Un. Trust C o., N . Y ., trustee.
-for 99 years from June 1 1877 to Long Island R R . C o., affording that Albany R y gen M $750,000/ 1897 5 g J-D
496,000 June 1 1947
company entrance into the city of Brooklyn— rental, formerly a percentage
g o ld ___________________ t flln t . at Cent. Un. Trust C o., N . ’ ., trustee
o f receipts, was changed in 1895 to $60,000 yearly. V. 61, p. 828. Liti Watervliet Turnpike & R R — J 1889 6 M -N
350,000 ' day 1 1919
gation has arisen with Long Island R R . regarding the use of Atlantic
1st M guaranteed______ n tf (Boston Safe Deposit & Trust ('<, trustee.
Avenue. See V. 74, p. 1139. In Oct. 1910 N . Y . Court o f Appeals decided
2d M prin & int g u a r-.n tf / 1890 6 M -N
150,000 M ay 1 1919
that the city had the right to tear up rails, but city has taken no action
(Metropolitan Trust C o., N . A trustee.
looking to the exercise o f the right.
Troy Citv 1st con M gold/ 1892
5 g A-O
2,000 000 Oct 1 1942
Leases Coney Island terminal to the N . Y . Rapid Transit Corp., formerly
$2,000,000__________ c*&r\Int. at Cent. Un. Trust. C
N Y ., trustee.
the N. Y. Consol. R R . (see N . Y . Rapid Transit above).
Bonds.— Of the consol, mtge. of 1904, $3,880,000 is reserved to retire prior
liens. No sk. fd . and bonds are not sub j . to call. Directors may fix rate of
Maturity.
STOCK AND BONDS—
Date.
Interest. Outstanding.
int. on unissued bonds but not exceeding 6% ; present issue: at 4 54%- The
Common stock $8,500,000--------------------------- $8,500,000
See text debs, may be called on any int. date on 3 mos. notice at “ » % int. rate for
Preferred 4% cum $6,500.000...........
M -N
6,500,000
the unexpired term as calculated in.standard int. tables.” V. 73, p. 1113.
Bonds.— For details see B .-M . T . statement above.
The Albany R y. general mortgage of 1897 was for $7 /0.000. o f which
Dividends.— First div. on pref. under lease was paid Dec. 31 3900, 4% . $254,000 was reserved, but consolidation made reservation inoperative.
The Troy City leased roads include Troy & Cohoes, ■’sock $50,000, divs.
’
1901 to 1907 in d ., 4% per annum; in 1908, N ov., 2% ; in 1909, N ov., 2% .
in 1910 and 1911,4% ; in 1912, M ay, 2% ; N ov. 2% reg. and 4% on account under lease 7% ; Lansingburgh & Cohoes, stock $15.00? divs. under lease
ceives 7% yearly
of arrears. In 1913, M ay, 2% ; N ov., 4% ; 1914 to 1917 incl., 4 %; none since. 7% . The Waterford & Cohoes R R ., $25,000 stoc .
under lease.
—V . 112, p. 744; V . 114, p. 306, 1286, 1534: V. 116, p. 721, 1649.
D IV ID E N D S.— First quar. div., 154 % , was paid M ay 1 1900; same rate
continued up to and incl. N ov. 1905. For year 1906, 65£ % was paid. On
(a) CONEY ISLAND & GRAVESEND RY.
ORGAN IZATION .— Incorp. in N. Y . in 1893. Owns $2,637,000 stock Dec. 31 1906 stock was increased from $5,000,000 to $12,500,000 and fdivs.
made semi-annual (J. & J.) and 4% was paid in 1907, 2% Jan. 1 1908 and
lthe Coney Island & Bklyn. R R . (see below).
2% each six months thereafter to and incl. 1913. I n l9 1 4 ,2 % . Nonesince.
FIELD OF OPERATIONS.— Operates approximately 754 miles of
E A R N IN G S.— For calendar years:
track. Standard gauge.
Year—
Gross.
Net.
Other Inc. Chgs.&Tax
Deficit.
STOCK AND BONDS— Date.
Interest. Outstanding. Dividends.
1924.................. $3,205,856
$466,448 $276,535 $1,078,688
$335,705
Stock $350,000 ($100)-----------All owned by the B-M . T.
1923.................. 3,234,149
394,212
276,249
972,323
301,862
B onds______________________ N o funded debt.
507,066
275,920
960,492
177,506
1922.................. 3,085,291
1921................ 1,199,783 d e fl,579,887
275,416
903,938
2,208.409
(a) CONEY ISLAND & BROOKLYN RR.
OFFICERS.— Pres., L. F. Loree, N . Y .; V .-P ., W . H. Williams, N. Y .,
Under terms o f B. R . T . reorganization, the co. will be taken over as V .-P ., H. B. Weatherwax. Albany: V .-P. & Asst, to Pres.. F. W . Leamy.
part of the system by the BrooklynT
Manhattan Transit Corp.
N . Y .; Sec., J. W . Coon, N . Y .; Aud., W . A . Biasing, Albany; Treas., F . W .
DIngley, Albany; Comp., W . E. Eppler, N . Y .; Gen. M gr., Ernest Murphy.
Reorganization Plan.— See Brooklyn-Manhattan Transit Corp., above.
Albany. Principal office, Albany.— V. 113, p. 1362, 2407, 2722; V . 114,
Receiver Discharged.— The receivership o f the co. was terminated at mid p. 411, 2117; V. 115, p. 184, 2380: V. 116, p. 2390.
night March 31 1924. V. 118, p. 1664.
J
(1) HUDSON VALLEY RAILWAY.
In Dec. 1913 the Coney Island & Gravesend Ry. (see above) received
permission from the P. S. Comm, to acquire 26,370 shares of the stock
In Dec. 1906 the United Traction Co. of Albany acquired control through
o f this company. Coney Island & Gravesend Ry. owns $2,637,000 and purchase of a majority of the capital stock.
the B .-M . T. Corp. $49,500 o f the c o .’s stock. B .-M . T . Corp. owns
O R GAN IZATION .— Incorp. July 1 1901 as a consolidation o f the
$625,000 consol, mtge. bonds o f 1904.
Glens Falls Sandy Hill & Fort Edward Street R y., Warren County Elec.
ORGAN IZATION .— Chartered Dec. 10 1860. Cars commenced run R y., Stillwater & Mechanicville Street R y., Greenwich & Scbuylerville St.
R y., Saratoga Traction Co. and Saratoga Northern R y., the capital stock
ning over the Brooklyn Bridge Feb. 15 1898. See V. 66, p. 383.
Brooklyn City & Newtown was leased in Nov. 1897 for 999 years. In of these roads being exchanged for stock in the new company. V. 7 3 ,p . 391.
1900 acquired all the stock o f that company, but legal proceedings com Owns entire capital stock of Warren County Elec. Lt. Ht. & Pow. Co. and
pleting merger with Coney Island & Brooklyn were not effected until 1910. all the stock ($200,000) and all the bonds ($200,000) o f the North River
R y., a road operated in Saratoga by this co. Franchises perpetual.
FIELD OF OPERATIONS.— First track, 23.178 miles; 2d track, 22.490
FIELD OF OPERATIONS AND C H A R A
OF BUSINESS.—
miles; misc. track, 5.948 miles; total oper., 52.616 miles, 460 passenger Main line extends from Waterford northward C TE Rthe Hudson through
along
and 26 service cars.
the villages and towns of Waterford, Mechancisville, Stillwater, SchuylerSTOCK A N D BONDS.— Date. Interest. Outstanding. Last div. cfee. ville, Thomson, Fort Edward, Glens Falls and Lake George to Warrens$2,983,900 June ’ 18 154 burg. The Saratoga Division, which branches off the main line at M e
Stock, $3,500,000 (par $108)----------6 Q-M
chanicville provides a line from Waterford to Round Lake, Ballston Spa
Bonds.— See B .-M . T . above.
and Saratoga. Glen Falls division provides a line from Saratoga Springs
D IV ID E N D S.— In 1895, 6% ; in 1896, 5% ; in 1897, 6% : in 1898, 854% ’ to Glens Falls, which was completed in June 1903. There is also a branch
V .6 7 ,p . 955. In 1899 and 1900, 10%; in 1901, 1354%: in 1902, 1903, and line from Saratoga Springs to Kaydeross Park, on Saratoga Lake, and an
1904, 16%; in 1905, 10%; in 1906, 8 % ; in 1907, Feb., 2% . None there other from Thomson to Greenwich. Total first track. 121.27 miles; second
after to Jan. 1914, when 6% was paid. In 1915, Jan., 6% ; June, 154%: track 18.78 m.; sidings, 8.77 m.; making a total of 148.82 miles o f track,
Dec., 3 % . In 1916 and 1917, 6 % . In 1918, M ar., 154%; June, 154%. of which 123.36 miles are owned. Rails, T , girder and grooved, 48 to 141
None since.
lbs. Standard gauge: 70% on Drivate right-of-way. Operates 122 cars,
OFFICERS.— Sec., J. H. Bennington; Comp., Howard Abel.— V. 109. including 2 freight, 16 exp. and 27 service cars. Company owns Kaydeross
p. 72, 278. 887; V. 110, p. 969; V. 112, p. 743; V. 113, p. 2818; V. 114. p. Park, at Saratoga Lake, and Ondawa Qark, between Greenwich and
Thomson.
1286, 1650; V. 116. p. 721. 1648; V. 117% p. 552; V. 118. p. 1664.
Oct., 1925.]
Financial Readjustment.— A readjustment o f the company’s finances was
effected in 1906 without foreclosure, as per plan in V. 82, p. 100, 1040. In
March 1906 $2,500,000 5% non-cum. pref. stock was created to provide for
the convertible features o f the debenture “ B ” bonds. V. 82, p. 751.
Traffic Agreements.— Has traffic agreements with the United Trac. Co.
and Greenwich & Johnsonville R y., by which cars o f the Hudson Valley
R y. Co. are run over the lines o f the United Trac. Co. from Waterford
to Troy, and cars o f this company are run over the Greenwich & Johnsonville at Thomson, N . Y .
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $3,000,000 par $ 1 0 0 - ____
_________ $2,978,300 -----------------Preferred ($2,500,000) ( s e e / ____
_________
See text
---------------text) 5% non-cumulative__\
First consolidated mortgage] 1901
5 g J-J
2,222,000 July 1 1951
$4,000,000 (denomination] Int. at Manufacturers’ Nat. Bank, Troy.
$1,000) gold_________ c * tf [M ay be called at 110 & int. on any int. date.
Deb “ A ” income ($700,000)_ 1906 5 g Mar. 1
_
474,000 Jan 11951
Deb “ B ” income ($2,500,000). 1906 2 g Mar. 1 2,500,000 Jan 11951
Underlying Liens—
G F S H & F E Is tM (no opt) / 1891 6 J-J
100,000
Past due
($500 & $1,000) gold_____clC ent. Union Trust C o., New York, trustee.
do 2d M ($500) gold____c| 1893 6 J-J
50,000
Past due
National Bank o f Glens Falls.
! Int. at theA-O
1901 6
82,000
Past due
M ay be called at 100.
Bonds.— Of the $4,000,000 1st consol, A-O
1893
6 mtge. o f 1901, $482,000 are due
47,500
Past set
aside for prior liens and $1,290,000 have been o., New York,coll, for tem
Bankers Trust C deposited as trustee.
porary loans.
1898 6 A-O
202,500
Past due
The deb. “ B ” bonds were conv. into pref. stock o., Glens Falls, trustee
Glens Falls Trust C at par to Mar. 1 1917.
Int. on the deb. “ A ” and “ B ” bonds is neither cumulative nor obligatory.
N o int. has been paid on either class.
The G. F. S. H. & F. E. 1st M . fell due July 1 1911, but was extended
and is now past due; 2d M . fell due July 1 1913 and the 3d M . April 1 1921.
Both issues of Stillwater & Mechanicville bonds fell due April 1 1913.
Balance,
Charges &
E A R N S.— Operating
Net
Other
Taxes.
Deficit.
Cal. Years.— Revenues.
Earnings.
Income.
$478,407
$429,534
1924................... $910,215 def$24,810
$73,683
460,822
327,707
1923__________ 962,772
57,778
75,337
469,463
250,197
1922__________ 1,245,843
180,003
39,263
OFFICERS.— Same as for United Traction Co.— V. 89, p. 286; V. 108,
p. 1274; V. 113, p. 730. 1772.
IN TERNATIONAL R A ILW AY CO.
ORGAN IZATION .— Incorp. in N . Y . on Feb. 20 1902 with $10,120,500
stock, and in Aug. 1902 this was increased to $17,000,000, and in Aug.
1920 further increased to $17,500,000, o f which $16,707,500 has been
issued (all o f which was owned by the International Traction C o. up to
1920— see V . I l l , p. 1752), as a consolidation of the following companies,
whose shares had previously been held by the Traction Co. V . 71, p. 427.
Buffalo Railway Co. (after Buffalo Traction and Buffalo Bellevue &
Lancaster had first been merged in the same).
Buffalo & Niagara Falls Electric Railway.
Buffalo & Lockport Railway (after Elmwood Ave. and Tonawanda Elec
tric Railway had been merged).
Buffalo Tonawanda & Niagara Falls Electric R R . Co.
Lockport & Olcott Railway.
Niagara Falls & Suspension Bridge Railway (after the Niagara Falls
Whirlpool & Northern R y . had been merged in it).
Niagara Falls Suspension Bridge Co.
On July 1 1902 the International R y. Co. acquired by purchase the
Niagara Falls Park & River R y., the Clifton Suspension Bridge C o., the
Lewiston Connect. Bridge Co. and Queenston Heights Bridge Co. and in
Dec. 1912 merged the Electric City R y. In April 1913 the Crosstown
St. R y. was also merged.
For history of International Traction Co. which formerly held all the c o .’s
stock, see “ Electric Railway” Supplement of April 30 1921.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Total miles o f track, incl. second track, crossovers, sidings, &c., 419.114
miles. Gauge. 4 ft. 8H in. Rail (steel) 45 to 145 lbs. 1,062 cars of all
classes, incl. 894 passenger cars. International Bus Corp., subsidiary,
operates 42 buses on 3 lines in the City o f Buffalo. See V. 119, p. 1844.
Greater part of electrical energy used is purchased from the Niagara Falls
Power Co. and its allied company, the Buffalo General Electric Co.
Franchises.— Nearly four-fifths o f the mileage in Buffalo, including all the
most important lines, is maintained, it is stated, under franchises in per
petuity or upon property directly owned, only 47 miles o f minor trackage
being operated under franchises having less than 25 years (from 1916) to
run. The franchises of the lines outside o f Buffalo are either for vsrious
long-term periods or are without time limit.
Fares— V. 118, p. 2572; V. 120, p. 828, 1202, 1747
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stocks $17,500,000 (v t c ) _________
_______ $16,707,500 __________
Internat R y ref & imp mtge\ 1912 5 g M -N
15,463,200 N ov 1 1962
$60,000,000 gold_____c*&r/Bankers Trust C o., New York, trustee.
Buffalo R y 1st con mtgef 1891 5 g F-A
4,784,000 Feb 1 1931
($1,000) $5,000,000 g_c*&r (Int. at c o .’s office, Buff., E . W . Clark & Co.,
( Phila., or Bankers T r. C o., N . Y ., trustee.
oTonawanda St R R 1st M\ 1892 6 J-J
60,000 Jan 1 1926
(closed)__________________ /Interest at company’s office, Buffalo.
oTonawanda Electric RR 1st) 1895
6 A-O
40,000 April 1 1927
m tg e ____________________ /Interes at company’s office, Buffalo.
ftCrosstown St R y 1st mtge g\ 1892
5 g M -N
2,533,000 M ay 1 1932
(closed) gu p & i ________ c* /In t. at Metropolitan Tr. C o., N . Y ., trustee.
Buffalo Traction first mtge\ 1898 5 g J-D
673,000 Dec 1 1948
(closed)__________________ / In t. at Metropolitan T r . C o ., N . Y ., trustee.
Buffalo Bellevue & Lancaster) 1897
5 J -D
199,000 June 1 1927
mtge (redeemable at p ar)../In terest at Buffalo Trust C o., Buffalo.
Buffalo & Niag Falls Elec R y ( 1895
5 g J-J
507,000 July 11935
1st mtge $750,000 gold_ c/Interest at Bankers Trust C o., New York.
_
Buffalo & Lockport 1st mtge) 1898
5 g J-J
500,000 July 1 1928
gold $500,000____________ /Equitable Trust C o., New York, trustee.
Niagara Falls Suspension]
1897 5 g J-J
100,000 Jan 1 1928
Bridge, Clifton Suspension [Toronto General Trusts Corp., trustee.
Bridge___________________ lin t, at American Exch. Nat. Bank, N . Y .
Lewiston Connecting Bridge/
1898 5 g A-O
125,000 Oct 1 1928
C o., Queenston Heights (Toronto General Trusts Corp., trustee.
Bridge C o________________lin t, at American Exch. Nat. Bank, N . Y .
oNiag Falls & Susp Bridge Ry_
1893 6 J-J
488,000 Jan 11926
aNiag Falls Whirlp& No R y -1894 6 J-J
22,500 Jan 11926
Bonds.— Of the International R y. ref. & impt. bonds, $9,954,500 are
reserved to retire prior lien bonds; remaining bonds may be issued only for
additions, improvements, &c., with consent of the P. S. Comm. Coup,
bonds in denom. o f $1,000 and reg. bonds o f $1,000 and multiples. Red. on
any int. date at 110 and int. Int. payable at office or agency of the co.
in New Y ork. Exempt from N . Y . State, county and municipal taxes.
Sk. fd. began in 1912 and will provide by July 1 1949 sufficient funds to
retire all except $640,500 of the outstanding underlying bonds to a total par
value of $12,651,500. $2,590,800 ref. & impt. bonds and $527,000 prior lien
bonds have been acquired by sink. fund. The bonds are secured by a 1st
mtge. on obout 43 miles o f track (incl. 15 M m. in Buffalo; and by a mtge. on
i
remaining property, subj. to divisional bonds. They are a 1st mtge. on the
line between Buffalo and Niagara Falls. V. 96, p. 62; V. 103, p. 1032.
The Tonawanda Elec. R R . 1st 4s, due originally on April 1 1907, were
extended as 4s to April 1 1917, and in 1917 again extended to April 1 1927
a t6 % .
The Tonawanda Street R R . 1st 6s originally due July 1 1922, were
extended to Jan. 1 1926 at 6% .
The Niagara Falls & Suspension Bridge R y. bonds o f 1893 and Niagara
Falls & Whirlpool Northern bonds of 1894 given in the table above matured
in 1903. These were extended, maturity to July 1 1923 at 6% and again
to Jan. 1 1926 at that rate.
65
POWER, LIGHT AND RAILW AY
__
RE PO RT.— Of International R y. for years ending Dec. 31:
Years Ending—Dec. 31 ’24. xDec. 31 ’23. -xDec. 31 ’22. Dec. 31 21.
Total in com e--............$10,322,556 $9,839,907 $7,398,767 $10,900,982
Operating expenses____ T 8,810,703 /8 ,617,421
9,460,265
8,583,472
T axes_________________/
698,642 \ 676,485
584,389
718,443
Gross income________
$813,210
$546,001def$2645,887 $1,599,067
Interest, rents, &c_____ 1,479,724
1,573,240
1,525,959
1,499,956
Balance over chges.adef$666,513def$1027,238def$4171,846 . $99,111
a $87,106 credited to fixed charges, being the amount contributed by
I. R. C. stockholders through return of int. on underlying bonds held by
voting trustees, x Loss of revenue in these years attributed to strike.
For earnings 3 months ended March 31 1925, see V. 120, p . 2550.
Latest Earnings.— Six months ended June 30:
1925.
1924.
1921.
Operating revenue___________________ $5,169,779 $5,134,537 $5,366,746
Operation and taxes________________ 4,580,559
4,729,757
4,885,205
Operating income________________
Non-operating income______________
Gross income______________________
Income deductions_________________
$589,220
$17,229
606,449
781,271
$404,780
$19,102
423,882
781,585
$481,541
$19,343
500,884
750,998
Net deficit______________________
$174,822
$357,703
$250,114
Note.— Because o f the strike in 1922 and its effect on the revenue and
operating costs o f the year 1923 the calendar year 1921 is used for com
parative purposes.— V. 120, p. 2550.
OFFICERS.— Pres., H. G. Tulley; V .-P ., B. J. Yungbluth; V .-P., H. L.
Mack; Sec. & Treas., C . A. Weber; Aud., Charles A. Chavel.— V. 117,
p. 86, 208, 1017, 1884, 2109, 2432, 2542; V. 118, p. 84, 794, 2437, 2572;
V. 119, p. 693, 1844, 2410; V. 120, p. 453, 828, 1202, 1747, 2550; V. 121,
p. 706.
NEW Y O R K STATE RAILW AY S.
Of the common stock, $13,604,300 (also $600 pref.) owned by New
York Central R R .
ORGANIZATION.— Incorporated in New York on March 22 1909 as a
consolidation of the Rochester R y. C o., the Rochester & Sodus Bay Ry. Co.
and the Roch. & Eastern Rapid R y. Co. (as per plan V. 88, p. 53, 823,945),
and on Oct. 17 1912 the P. S. Comm, approved the further merger with the
Utica & Mohawk Valley R y., Oneida R y., Syracuse Rapid Transit R y. and
Rochester & Suburban R y., all of whose stocks had already been owned.
V. 95, p. 1040. Aug. 28 1919 the co. merged into itself the East Side Traotion C o., the entire stock o f which had been owned since 1912. Compare
V. 108, p. 683.
The following is a list of the stocks owned by the N . Y . State Railways:
Schenectady Railway C o________ $2,050,000 or 50%
of whole amount
Syracuse Land & Steamboat C o_.
10,000 “ 100%
Syracuse & Valley Land C o_____
4,450 “ 100%
Glen Haven Improvement C o ____
14,500 “ 100%
Ontario Light & Traction C o_____
100,000 " 100%
Rochester Electric Railway C o_
_
176,600 " 88.30%
~ ‘
- - - - 150,000 “ 100%
Rochester ~
Rys. Co-Ord. Bus Lines
East Ave. Bus C o., Inc--------------6,800 “ 66%
Utica Ry. Co-Ord Bus Line, Inc_.
30,000 “ 100%
Miscellaneous.
_______________________________
200
Also owns $55,000 City of N . Y . 4 H % coup. “ Corp.” stock, $232,000
railroad bonds and $64,000 Liberty Loan 4
bonds.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
On Dec. 31 1924 operated 338.93 miles of railway, o f which 277.57 miles
owned, 60.96 miles leased, and .40 trackage rights. Miles main single
track, 544.62 (of which 428.81 miles owned, 115.03 miles leased and .78
miles trackage rights); sidings, &e., 52.53 miles; total track mileage. 597.15.
Miles o f railway owned, leased and operated by subsidiary cos., in addition
to mileage operated directly by N . Y . State Railways:
Owned.
Leased.
Operated.
a Rochester Electric R y ____________________ 4.71
----------a Ontario Light & Traction C o______________2.53
----------b Schenectady Railway C o_________________ 60.29
12.99
73.28
T o ta l._________ ____________ ______ ____ 67.53
12.99
. 73.28
a Leased to N. Y . State Rys. b N. Y . State Rys. owns a half interest.
Has 784 passenger, 17 express and 148 other cars (including 1 electric
locomotive) and 39 snow plows; total, 988.
Franchises in Rochester are practically perpetual and exclusive, with
exception of a few extensions which run for 50 years.
Contract for Power.— Power for Rochester lines is supplied under a long
term contract with the Rochester Gas & Electric Corp., whose entire com.
stock is owned by Mohawk Valley Co. (in turn owned by N. Y . Central R R .)
Power for Syracuse lines supplied by Niagara Lockport & Ontario Power Co.
and Utica-Oneida lines supplied by Adirondack Power & Light Corp.
Valuation.-—-At a hearing held before the P. S. Comm, on Feb. 26 1919
the appraised valuation of the co. was given as $53,326,235. For valuation
of the c o .’s property in Syracuse see V. I l l , p. 1472. See also V. I l l ,
p. 2521. For valuation of Utica lines see V. 112, p. 63. For valuation by
Board of Appraisers for the city of Rochester, in Aug. 1921, see V. 113,p.849.
Fares.— See “ Electric Railway” Supplement of April 26 1924.
Co. Authorized to Operate Buses.— See V . 116, p. 2389. See also V. 117,
p. 1236, 2110; V. 118, p. 552. 1392, 1774.
STOCK AND BONDS—
Date.
Interest. Outstanding. M aturity
Common$19,997,700 f$100).............
Q-J
$19,952,400
8ee text
Pref $3.862,500 ($100; 5 % c u m ____
Q-J
3.862.508 See text
1st cons MSer A.B 50.000,000 f 1912 4J4-6HgM-N16.457.000 Nov 1 1962
gold ($1.000)_____ c*&r*tf( Security Trust Co. of Rochester, trustee.
[Interest at Treasurer’s office. New York.
Rochester Ry Consolidated I 1890
5 g A-O
2,395.000 April 1 1930
Mortgage $3,000,000 ($ l,-( Interest at Treasurer’s office. New York.
000) g o ld _____________ c* l Bankers Trust C o., New York, trustee.
Roch Ry 2d M $1,500.0001 1893
5 K J-D
1.500.000 Dec 1 1933
gold ($1,000)__________ c*\lnt. at Treas. office. Sec.Tr.C o.,R och., trus.
Utica & Mohawk Vail 1st M l 1901
4H g M-S 2,268,000 Sept 1 1941
$4J000,000 gold ($1,000)(Interest at Harris, Forbes & C o.. New York;
c* ________ cannot be called I New York Trust C o.. New York, trustee.
Utica Belt 1st mtge $500,000/ 1889
5 M -N
500.000 Nov 1 1939
gold ($1,000)_____________lin t, at Treas. office. N .Y .T r.C o., N .Y.,trus.
Utica Belt 2d mtge $200,000 f 1891
5 J-J
39.000 Jan 1 1931
gold ($500)_____________ c iln t. at Treas. office. N .Y .T r.C o., N.Y.,trus.
Herk M o Ilion & Frankfort/ 1895 5 g J-J
150.000 Jan 1 1926
mtge g $150,000 ($l,000)c*lln t.at Treas.office.Farm .Ln.&Tr.Co.,NYtr.
3 y ra cR T IstM ($3,250,000)/ 1896
5 g M-S
2,500.000 Mar 1 1946
gold ($1,000)__________ c*[Guaranty Trust C o.. New York, trustee.
do 2d mtge $750,000 ($1 (1 900
5 g J-J
654 000 Jan 1 1930
000) g o ld ______________ (Int. at Treas. office. Union Tr. C o., Cleve.,tr
East Side Traction 1st M f 1899
5 J-D
250.000 June 1 1929
$250,000 ($1,000) g o ld -. 1Int. at Treas. office. Union Tr. C o., Clev., tr.
Real estate mortgages_______ ___
_______
36.000 ________ _
Stock.— Preferred stock can be increased only with consent of twothirds o f outstanding preferred stock, and holders are to have right to take
their proportionate shares of such increase. Stock is subject to call at 110
upon any div. day on 30 days’ notice. V. 88, p. 945. Both stocks are
lifted on N . Y . Stock Exch. See official statement, V. 92, p. 951.
Bonds.— Of the first consol, bonds outstanding, $3,000,00u iser. “ B ” ) bear
int. at 6/4 % and $13,457,000 (ser. " A ” ) at 4 /4 % , $10,561,000 are reserved
to retire underlying bonds. V. 114, p. 1651. The remaining bonds may be
issued for equipment, impts., &c., to the extent of 90% of the cost, and for
acquisitions at actual cost, provided in each case that the annual net
Income (including net income on securities owned) shall be one and onehalf times the annual interest charge on all bonds, including underly
ing bonds then outstanding and any add'l 1st consols, desired to be issued.
Ser. A. bonds are red. at 105 & int on 60 days’ notice. V. 95. p. 1208; are
tsted on N. Y . Stock Exchange; exempt from Federal, State, county and
municipal taxes.
Rochester R y. cons. & 2d mtge. bonds cannot be called.
Syracuse Rap. Tran. 2d M . bonds are subject to call on any interest date.
Dividends.— 1/4% on pref. paid July 1909 and quar. to and incl. April
1918. None to July 1922 when 1/4% was paid together with 5% on acct.
of arrears. In Oct. 1922, 1 /4 % and 5% on acct. of arrears. In Jan. 1923.
1/4 % and 10% on acct. of arrears, clearing up all accumulated divs. in
arrears. V. 115, p . 2686. In Apr. 1923, 1 /4 % ; July. 1 /4 % ; Oct.. 1 /4 % .
In 1924, 5% . In 1925, Jan., 1 /4 % : A pr., 1 H % ; July, 1 ]4 % ; Oct., postrponed. V . 121, p. 1348, 1462. On com., 1/4% quar. from July 1910 to
PUBLIC UTILITIES
66
[V ol. 121,
July 1914; Oct. 1914, 1% . V. 99. p. 894. In 1915. 4% ; in 1916, 4 % % ;
in 1917, Jan., 1% ; Apr., 1% ; July, 1% . None to Jan. 1923, when l£$%
was paid. In Apr. 1923, % o f 1% was paid. In July 1923 % o f 1% ;
,
Oct., M o f 1% . None since.
R E PO RT.— Combined statement for years end. Dec. 31 (after allowing
for inter-company charges)— 1924 report in V. 120, p. 958
Divi- Bal.,Sur
Calendar 5
Gross
Net, after Other
DeducSink.
Year Revenue.
Taxes. &c.Income, tions.
Fund. dends. or Def.
$
$
$
$
$
$
$
1 9 2 4 .. .10.358.864 2,389,814 125.072 1,478,479 34,636 193.125 808,646
1923 ...10,803,000 2,297,700 76,869 1,451,177 34,130 641,887 247,374
34,740 492,300 244,229
1 9 2 2 ..
.10.501.765 2,109,365 97.422 1.435,518
For earnings 3 months ended March 31 1925, see V. 120, p. 3188.
Latest Earnings.— Nine mos. end. Sept. 30 1925: Gross, $7,475,044; net,
after taxes, &c., $1,589,432; other income, $128,626; miscell. deductions,
$1,118,443; sinking fund, $24,585; divs., $144,844; bal., sur., $430,186.
OFFICERS.— Pres., James F. Hamilton: V .-P .’s. Walter Kernan, Utica,
and Benjamin E. Tilton, Syracuse; Sec. & Treas., H. L. Reichert; Gen. Aud.,
J. M . Joel, Rochester, N. Y .— V. 115, p. 1731, 1838, 1942, 2268, 2686;
V. 116, p. 823, 936, 1178, 2389, 2637, 2767; V. 117, p. 1236, 2110; V. 118,
p. 552, 907, 1392, 1774, 2439; V. 120, p. 958, 2012, 3188; V. 121, p. 1348,
1462, 2039.
(1) SCHENECTADY RA ILW A Y.
Entire stock is owned jointly by the N . Y . State Rys. and the Del. &
Hud. C o., one-half by each. Y. 80, p. 652; V. 87, p. 286, 545; V. 88, p. 54.
ORGAN IZATION .— Incorporated in New York. A reorganization on
Feb. 11 1895 o f Schenectady Street Ry. C o., which was chartered in 1886.
Controls the entire street railway business in Schenectady and owns and
operates double-track lines to Albany, Troy and Ballston Spa, and, under
traffic agreements with the Hudson Valley R y., from Ballston Spa to
Saratoga Springs. Has trackage rights over the United Traction C o.’s
tracks into Albany and Troy. Franchises perpetual
FIE LD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
A trolley road. Operates 140.64 miles of track, o f which 115.40 miles owned
and 25.24 miles operated under traffic agreements. 70, 75, 78 and 80-lb. T
girder rail. Has agreement with Fonda Johnstown & Gloversville Ry. Co.
(electric division) whereby latter company operates its cars into Schenec
tady. Operates 142 motor and 27 other cars.
Fares.— See “ Electric Railway” Supplement o f April 26 1924.
To Operate Buses.— V. 116, p. 1761.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Stock $7,000,000 ($100)___________
_____
$4,100,000
See text
First mortgage $20,000,000? 1916
5 g M-S
2,676.000 Mar 1 1946
gold ($1,000)_________ c*.\U . S. Mtge. & Trust C o., N . Y ., trustee.
Bonds.— $324,000 additional bonds may be issued to retire floating debt
and for other corporate purposes. Remainder o f first $5,000,000(Ser.‘ ‘A ” )
may be Issued from time to time for cash cost of extensions and permanent
improvements. Bonds in excess o f $5,000,000 may only be Issued for 80%
o f cost o f extensions, &c., under conservative restrictions, and may bear
interest, not exceeding 6 % ; and be callable under such terms and condition*
as the directors may determine. Ser. " A " bonds are callable at 10244 and
Int. on any int. date. Exempt from N . Y . State, county municipal per
sonal property taxes. V. 102, p. 887.
Dividends.— Initial div.— 2 44%— in 1906; 1907 and 1908, none, in 1909:
4%; 1910. 6 H % : 1911 to 1915. 6 % . In 1916, 5 % . In 1917. 3)4% .
None since.
EA R N IN G S.—
Cross
Net (after Other (net) DeducBalance,
Cal. Year—
Earnings.
Taxes).
Income.
tions.
Sur. or Def
def.$53,405
1924____________ $1,688,475 $150,371 $2,218 $205,994
1923____________ 1,194,656df 686,742
1,818
161,612 def.846,536
1922....................... 1,776,451
234,740
1,905
147,047 sur.89,598
OFFICERS.— Pres., Edwin M . Walker; Sec. & Treas., J. B. Mahan;
Aud., W . F. Smith.— V . 113, p. 1472, 1888, 2722; V . 114, p. 1181, 1409;
V . 115, p. 437, 2687: V. 116, p. 1761, 2390; V. 117, p. 670, 1348,1463,1665;
V. 118, p. 312; V. 121, p. 979.
Div on stock due June 1908 was defaulted. Default o f int. on bonds
occurred as follows: 1st (gen.) mtge., N ov. 1 1908 (subsequently retired:
V. 91, p. 1255); first consols, Aug. 1 1908; debentures, July 1 1908. A
committee was formed to protect the interests of the first consol. 5%
bonds. V. 87, p. 347, 1238. On Oct. 1 1910 Justice Amend in Supreme
Court authorized receiver to issue $2,500,000 receiver's certificates to be
used to retire $1,280,000 gen. consol. 5s and $500,000 receiver’s ctfs. due
Oct. 1 1910, and for franchise taxes, impts. and equip. V. 91, p. 946.
In Jan. 1911 $500,000 additional ctfs. were authorized for impts. and equip.
V. 92, p. 264. As these matured, various other issues were made from time
to time. In Oct. 1913 $3,200,000 1-year 6% receiver’s ctfs. were author
ized to retire $3,140,000 falling due Oct. 1 1913, which have been extended
from year to year. V. 105, p. 1310; V. 107, p. 1386; V. 119, p. 457. The
interest due April 1 1918 on these ctfs. was deferred until M ay 1 1918
(V. 106, p. 1578). Oct. 1918 interest was paid when due. V. 107, p. 1386.
The Oct. 1 1919 int. was not paid when due. V . 109, p. 1462.
Anticipating the default in the payment o f the Oct. 1 1919 int. on the
$3,140,000 6% receiver’s certificates, the following committee was formed
in July 1919 to protect the interests of the holders (V. 109, p. 1462, 2357):
Committee for 6% Receiver's Certificates.— Chairman, George E . Warren;
A. A . Jackson, Geo. E. Barstow Jr., Herman D. Kountze, J. F. B. Mitchell;
Sec’y, Arthur W . Hutchins, 60 B ’way, N . Y . City. Depositaries, Irving
Bank-Oolumbia Trust Co., N. Y ., and the Girard Trust Co., Phila. In
Dec. 1919 $2,787,000 (about 90% ) of these ctfs.had been deposited with
the committee. Y. 109, p. 2357.
Foreclosure Suit.— On Dec. 16 1919 a summons and complaint in a suit
for the foreclosure of receiver’s certificates were filed on behalf o f the pro
tective committee (see above). For details see V. 109, p. 2357. The ,N Y .
Supreme Court ordered the sale of the property under this suit on Sept. 1
1921, but sale has been postponed. V. 113, p. 732, 1054.
Reorganization.— In July 1924 it was reported that plans for the reor
ganization of the co. had virtually been completed and that the plan would
probably be effected in the late summer or early fall. V. 119, p . 457.
No further information however up to Apr. 1, 1925.
Sale of Real Estate Under Foreclosure.— As a result of foreclosure pro
ceedings against the co., the southwest comer o f 2d Ave. and 127th St., a
vacant plot, was sold at auction in 1921. Compare V. 112, p. 163.
Injunction Against Buses.— On July 22 1925 an injunction was granted to
Charles G. Chalmers, receiver, restraining city officials from operating
bus routes in territory served by the company. V. 121, p. 461.
ORGANIZATION.— Chartered Jan. 21 1853. Was formerly leased to
Metropolitan Street R y. V. 66, p. 185.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.— An
underground electric road. Track operated, 23.90 miles.
SECURITIES—
Par.
Interest.
Outstanding. Maturity.
9 Q-M
$1,862,000
See text
Stock $2,500,000 ($100)______ $100
Receiver's certificates_ c n t ff 1000 6 A-O
_
3,140,000
See text
(Callable at 100 and interest.
Debentures of 1889_______ n tf 1000 5 J-J
38,000 Jan 1 1909
First cons M gold $7,000,000? 1000 5 g F-A
5.682,000 Feb 11948
1898 guar p & i end_ c*tf (Guaranty Trust C o., New York, trustee.
_
Of the new first consol. 5s, $1,369,000 were reserved to retire securities
of earlier date. V. 66, p. 900. For mistake of trustees in exchanging some
5s of 1909 for consolidated 5s o f 1948, see V. 76, p. 654.
EARNING S.— For fiscal year ending June 30:
Surplus or
June 30
Total
Net (after
Deficit.
Year—
Receipts.
Taxes.
Interest. Rents.
1924-25 _______ $1,051,572
$56,886 $207,880 $1,268 def. $152,264
1923-24 _______ 1,087,139
92,500
216,927
1,268 def. 122,377
1922-23 ............. 1,018,206
26,368
207,936
1,268 def. 180,416
1921-22 ............. 1,013,703
def .237,105
def .42,937
192,899
1,268
1920-21 _______
961,026 def.100,981
188,400
1,271 def. 290,652
For calendar year 1922, gross, $1,001,942; net after taxes. $39,228. In
1921, gross, $986,664; net, after taxes, def., $91,835.— V. 110, p. 563;
V. 112, p. 163; V. 113, p. 732, 1054: V. 114, p. 1288; V. 116, p . 78; V . 119,
p. 457; V. 121, p. 461.
EIGH TH AVENUE R R.
O R GAN IZATION .— Chartered April 25 1831. Owns also a steam road
leased to New York Central, its securities, which cover the electric roads as
well as the steam line, being described under the title New York & Harlem
among steam railroads in our “ Railway and Industrial” Section.
The electric (formerly horse) lines (18.95 m. of track) were leased to the
Metropolitan St. R y., now New York Rys., for 999 years from June 11
1896 but the rental due Dec. 26 1918 having been defaulted, Judge M ayer or
dered the New York Rys. Co. to terminate this lease and return the line to
the company effective Jan. 31 1920. V. 110, p. 360. Dividends from
rentals of street railway lines discontinued since Oct. 1918 due to non
payment of rentals in question.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
An underground electric railroad. Line oper. electrically from March 1898
from City Hall to 135th St.
Minority Stockholders' Committee.— Henry Evans, Graham F. Blandy,
William D . Scholle and Edwin Thorne. For notice sent out by committee
see V. 118, p. 2438.
EAR N ING S.— Calendar years:
1923.
1924.
Operating revenues______________
$1,457,413 $1,489,113
Operating income________________
82,588
91,001
12,890
Other income___________________
12,597
103,598
95,478
Total income----------------- „ ----------114,138
Rents and miscellaneous charges—
113,221
65,941
Interest charges_________________
90,047
ORGANIZATION.— Chartered Jan. 10 1855. Road was leased to Met.
St. R y ., now New York Railways, for 99 years from N ov. 23 1895 at rental
o f $215,000 per annum, which provided for interest on the scrip and 16%
dividends on stock, besides all taxes. This lease was terminated, however,
by an order of Judge Mayer in the U. S. District Court as of Aug. 1 1919,
separating the company from the receivership of the New York Railways.
The company is now operated by its stockholders. Transfers are neither
given nor accepted. V. 109, p. 1271; V. 109, p. 172. See also V. 109, p.
270. Underground electric traction system used betweem 158th St. and
Cortland St. V. 67, p. 178, 956.
Suit.— On Aug. 23 1921 the company brought suit against the Sixth Ave.
R R ., the New York Rys., and others, to obtain judgment for an immediate
partition and distribution o f the property known as “ Church Farm.” V.
113, p. 960.
On N ov. 28 1913 the P. S. Comm, authorized the issuance of $750,000
6% 5-year certificates, dated Feb. 1 1914, replacing the same amount of
certificates issued in 1884 and due Feb. 1 1914. The $750,000 scrip of 1914
originally fell due in Feb. 1919 but has been extended to Feb. 1929.
In March 1922 the company obtained a mortgage loan from the Farmers'
Loan & Trust Cr on certain real estate. V. 114. p. 1179.
FIELD OF l PERATIONS A N D CH ARACTER OF BUSINESS.—
Underground tK-ley company operating in New York City. Total track
owned and operated, 20.389 miles.
STOCK A N D BONDS—
Par.
Interest. Outstanding. Maturity.
Stock_______________________ $100
Quar.
$1,000,000 See text.
Scrip o f 1914_______ ________
100 6 F-A
750,000 Feb 1929
Scrip o f 1914 replaces same amount o f scrip of 1884 which fell due Feb. 1
1914. Again, in 1919, extended to Feb. 1929. Redeemable any int. day.
EARN IN G S.— For calendar years:
Cal. Year— Gross.
Net.
Taxes.
Int.Deduc.
Bal.,Def.
1923________$1,266,960
$11,547
$99,620
$133,892
$221,964
1922________ 1,291.369
120,259
91,932
115,703
87,376
Latest Earnings.— For year ending June 30 1924: Gross, $1,181,891;
net, def., $27,810; taxes, $101,030; int., ded., $133,685; bal., def., $174,151.
— V. 109, p. 1272; V. 112, p. 2413, 2747; V. 113, p. 960, 2719; V. 114 ,p .ll7 9 .
THE NINTH AVENUE R R. CO.
Not Included in Reorg. Plan o f New York Rys. Co.— See V . 118, p. 2439.
ORGAN IZATION .— Chartered July 29 1859. The road was leased to
the Houston West St. & Pavonia Ferry R R ., now New York Railways, for
99 years from March 12 1892, but on Sept. 26 1919 Federal Judge Mayer
ordered the receiver o f the New York Railways to return the line to its
owners for independent operation beginning Oct. 1 1919. Transfers are
now exchanged with the Sixth Avenue R R . and the Columbus & Ninth
Ave. R R . See V. 113, p. 293. Compare V. 109, D. 1273; V. 116, p. 1050.
FIE LD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
A subsurface contact electric road. Cortland St. to 126th St., total track
owned and operated 16.883 miles.
Suit to Recover Rentals.— In July 1921 the company brought suit in the
Supreme Court against the 42d St. Manhattanville & St. Nicholas Ave. Ry
and the Third Avenue R y. to recover $42,000, representing rentals for the
use o f certain trackage said to have accrued from Oct. 3 1919 to July 1 1921
See V. 113, p. 293. for details.
C A PITA LIZA TIO N .— Stock, $800,000, par $100; dividends Q.-J.
EARN ING S.— For cal. years:
Cal. Yrs.
Gross.
Net.
Taxes.
Int. Deduc. Bal.,Def.
1923________$508,298
def$48,191
$58,531
$18,143
$124,865
1922________ 514,878
def 30.078
53,800
17,700
101,578
Latest Earnings.— For year ending June 30 1924: Gross, $491,696; net,
def., $13,074; taxes, $56,883; int. deduc., $44,791; bal., def., $114,579.
— V. 114, p. 1064; V. 116, p . 1050; V. 117, p. 1778; V. 118, p. 2439.
SECOND AVENUE R R.
Receivership.— In Sept. 1908 Justice Bischoff in Supreme Court appointed
George W. Linch separate receiver in suit by Guaranty Trust C o. to fore
close consolidated mortgage. A t midnight on N ov. 12 1908 receiver
took possession o f the property. Charles E. Chalmers is now receiver.
NEW Y O R K & HARLEM R AILR O A D .
Deficit for years---------------------------------------------$99,670
$84,601
— V. 110, p. 360; V. 114, p. 410, 854, 1287; V. 117, p. 1775: V. 118, p.
2438, 2573; V. 120, p. 2684; V. 121, p. 200.
MANHATTAN BRID G E THREE-CENT LINE.
ORGANIZATION.— Incorp. in New York. Began operat’g in Sept. ’ 12.
Franchise to operate from Flatbush Ave. (Brooklyn) to Manhattan ap
proved by the P. S. Comm, on Aug. 14 1912. V. 94, p. 912; V. 95, p. 420.
See also V. 114, p. 2823. See decision regarding franchise in V . 116, p. 296.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Operates 4.02 miles of track from Canal St. and Bowery, N . Y ., over
Manhattan Bridge, through Flatbush Ave. Extension to Pulton St.,
Brooklyn. 16 cars.
STOCK.— Authorized, $1,000,000: outstanding, $450,000.
Dividends.— Initial quar. dividend of 1 % paid Mar. 1914 (V. 98, p. 523);
same rate quar. to and incl. March 1916. None to June 1918, when 1 M %
was paid. Same rate paid regularly quar. to and incl. March 1923.
None since.
Year end. Gross.
Net
Other Taxes, Rents,
DiviBalance,
June 30— Earnings. Eatnings. Income. Amort,&c.
dends.
Sur. or Def.
1924-25-. $260,192 $37,723 $6,675 $36,743
None sur.$7,655
1923-24-- 277,074 37,479
5,282 40,580
None
2,181
1922-23— 284,898 42,610
5,115 39,795(3% % ) 16,875def.8,945
1921-22-- 285.059 62,474
4,192 41,832
(5%)22,500 sur. 2,334
1920-21-- 292.705 64,727
3,914 42,462
(5%)22,500 sur. 3,679
Total surplus June 30 1925, $20,596. Passengers carried during 1923-24,
10,929,372; in 1922-23, 11,247,763; in 1921-22, 11,251,873 were carried,
against 11,560,501 in 1920-21.
OFFICERS.— Pres., Fred’k W . Rowe; V.-Pres., Frederick D . Mackay
Sec. & Treas., Walter Hammitt.— V. 98, p. 523; V. 106, p. 1797; V. 114.
p. 2823; V. 116, p. 296, 2767.
VAN BRUNT STREET & ERIE BASIN R R .
O R GAN IZATION .— Chartered Feb. 15 1861. In Oct. 1925 this co.,
which has operated for 25 years a 3-cent trolley line from Hamilton Ferry
to Erie Basin, Brooklyn, was compelled to go out o f business, as the Transit
Commission refused permission to increase the fare to 4 cents. V. 121,
p. 1910.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
A trolley road. Track 2.32 miles, changed to electricity in 1898. Six
passenger cars.
C A PITA LIZA TIO N .— Stock, $200,000, all issued; par, $10. Bonds.
$75,000 1st mtge. authorized; $31,000 out.
Oct., 1925.]
POWER, LIGHT AND RAILW AY
.EARNINGS.— For year ending June 30 1922, gross, $66,461; net after
taxes, $748; other income, $974; int., &c., $2,137; bal., def., $415.
OFFICERS.— Pres., John F. Murphy; V .-P ., D. W . Sullivan; Sec. and
Treas., Wyllys Terry. Office. 264 Van Brunt St... Brooklyn, N . Y .—
V. 108, p. 2331; V. 109, p. 677; V. I l l , p. 390; V. 121, p. 1910.
EASTERN
NEW Y O R K
UTILITIES
CORP.
ORGAN IZATION .— Incorp. in New York Sept. 14 1909 and is a reorganization o f the Albany & Hudson R R . Co. sold under foreclosure on
Sept. 8 1909 (per plan, V. 89, p. 223). Was known as Albany Southern
R R . up to Oct. 1924, when name was changed to present title. On Sept.
18 1909 merged Albany & Greenbush Bridge Co. V. 89, p. 720. Fran
chises are perpetual.
FIELD OF OPERATIONS. A N D CHARACTER OF BUSINESS.—
Does a passenger, freight and express business and supplies light and power
along route and gas in cities o f Rensselaer and Hudson. Operated by
third-rail system from Albany via Rensselaer to Hudson. Total, 61 miles
of track. Enters Albany over the tracks of the United Traction o f Albany.
Operates 18 passenger cars, 5 freight box cars, 6 freight flat cars and 2
express cars, 2 express trailers and 2 electric locomotives convertible into
snow plows. Rails, 80-lb. steel; standard gauge.
In Oct. 1924 filed a certificate increasing the auth. capital stock by
25,000 shares o f prior preference stock, no par value. V. 119, p. 1951.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity
Common $1,375,000 ($100)_ _____
_
_______
$1,375,000
Prior preferred___________________
_______
$285,000
Pref $2,100,000 5% n-c ($100)______
F-A
2.029.000 Aug’ l l . H %
First mortgage $1,500,0001 1909
5 g M-S
________ Sept 1 1939
1.261.000
gold ($1,000)________c*.tf/Bankers Trust Co., New York, trustee
First ref mortgage $3,000,0001 1918
6 g M-S
See text Mar 1 1948
gold ($1,000)____________ /Empire Trust Co.. New York, trustee.
Notes.— The 3-year 7% notes which originally matured Mar. 1 1921, but
were extended for one year to Mar. 1 1922, were canceled on that date and
the $700,000 1st ref. 6s pledged thereunder were returned to the company’s
treasury.
Dividends.— Initial semi-annual dividend on pref., 1)4% , paid Feb. 1
1911; Aug., H %; none since.
RE PO RT.— For year ending Dec. 31;
Cal.
Gross
Net (aft. Tax,
Interest,
Balance,
Year—
Earnings. Deprec. & Rents).
&c.
Surplus
1924 . . ___________ $1,134,064
$218,280
$73,056
$145,224
1923 ......... .............._ 1,100,485
172,522
72,965
99,557
1922 _____________
998,828
173.838
78,680
95,159
OFFICERS.— Pres., William Loeb, Jr.; V .-P., Richard Sutro; Sec.
William A . Ross; Treas., Irvin W. Day; V.-P. & Gen. M gr., James E
Hewes.— V. 119, p. 1952; V. 120, p. 702, 1325.
FONDA JOHNSTOW N & GLOVERSVILLE R R. CO.
Steam and electric road.
Section.
See statement in “ Railway & Industrial”
SCRANTON & BINGHAMTON R Y.
ORGANIZATION.— Incorp. in Delaware Oct. 15 1910. Owns entire
Stock o f the Scranton Montrose & Binghamton R R . (see below).
Has capital o f $6,000,000 stock authorized and issued. No funded debt.
— V. 110, p. 2388; V. 112, p. 1742.
(1) SCRANTON MONTROSE & BINGHAMTON R R .— Controlled by
Scranton & Binghamton Ry.
ORGAN IZATION .— Successor to Scranton & Binghamton R R . Owns
the entire stock o f Scranton & Binghamton Traction C o., a controlling
interest in the Northern Electric R y., which owns entire stock of the
Northern Electric Street R y. The Northern Electric Street R y. is leased
for 900 years from July 1 1910 to the Scranton & Binghamton Traction C o.,
which has assumed the former’s bonded debt.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS —
Fifteen miles in operation between Scranton and Montrose, with a branch
to Lake Winola. The road as projected will extend to Binghamton, N . Y .
22 passenger cars. 5 freight and 3 service cars. Gauge, 4 ft. 8)4 in.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $3,000,000................................................... . $3,000,000 __________
1st mtge sink fund $10,000,000 1919
6 A-O
5.500.000 Oct 1 1949
6% income bonds____________ 1919
________
400.000 Oct 1 1949
Northern Elec St Ry $1,200,-/ 1907
5 J-D
1.200.000 June 1 1957
000 ($500 & $1,000)_____c*\ Int.at Anthracite S. Bk., Wilkes-Barre,trus.
Bonds.— Northern Electric Street Ry. bonds are redeemable at 105 and
Interest. Sinking fund o f $10,000 per annum began Dec. 1 1912.
OFFICERS.— Pres., H. S. Fleming; V .-P ., R. W. Day; Sec., A. Widdowfield: Treas., F. A. Wollerton; Aud., Jas. J. M offitt.— V . 115. p. 645
(a) BINGHAMTON R A ILW A Y CO.
The Scranton & Binghamton R R . (now Scranton Montrose & Binghamton
R R .) owns over 90% o f the stock.
Receiver Discharged.— The receivership (in effect since Oct. 8 1918) was
lifted Feb. 23 1924 by order o f the Court and the receiver discharged.
New Refinancing Plan.— In Feb. 1924 applied to the N . Y . P. S. Comm,
for auth. to issue $700,000 5-year 6% bonds for refunding the debts of the
co. and refinancing the entire co. V. 118, p. 793, 905. No further infor
mation.
Committee for First Cons. 5s.— On M ay 1 1925 default was made in the
payment o f interest due on that day upon the $1,745,000 5% 1st Mtge.
consol, gold bonds. The company also was unable to secure funds for the
payment o f $599,000 underlying bonds due June 1 1925, as well as of $175,000 notes, &c. The following committee was organized to represent the
interest o f holders o f 5% 1st mtge, cons, gold bonds: Frank B. Newell,
Charles D. Bostwick, Frederick W . Swan, Charles E, Tremain, John W.
Van Allen, Hubert C. Mandeville, M . H. Sawtelle. Bondholders are re
quested to deposit their bonds with all coupons maturing on or after M ay 1
1925 attached with the depositary. Peoples Trust Co. o f Binghamton, N. Y.
V. 120, p. 3063.
Receivers Appointed in Sept, 1925.— In Sept, 1 1925 William H. Riley
and J. J. Walker were appointed equity receivers. V. 121, p. 1675. A
plan o f reorganization drawn up by a committee representing the railway
co. is being strongly opposed by the bondholders’ committee. See for de
tails o f that plan V. 121, p. 1567.
ORGAN IZATION .— Is a consolidation Sept. 30 1901 ofthe Binghamton
R R . Co. (chartered Aug. 11 1892 as a consolidation o f all street railways in
city) and the Bing. Lestershire & Union R R . Principal franchises granted
by special Acts o f Legislature and are perpetual and practically exclusive.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.— A
trolled road. Operates 50.25 miles o f track. Connects Binghamton with
Johnson City, Hooper, Endicott, Union and Port Dickinson. Standard
gauge, 60-lb. to 103-lb. T and girder rail; 81 motor cars.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $1,150,000 ($100)_____ ______
4 F-A
$978,995
See text
Bing Lest & Un 1st M $250,- ' 1895
5 g J-D
147,000 June 1 1925
000 gold prin & int guar.tf Interest at Metropolitan Trust C o., N . Y .
Binghamton Trust C o., trustee.
Bing R y 1st consol mtge $2,- ' 1901
5 g M -N
1,745,000 Nov 1 1931
500,000 gold ($ l,000 ).c*tf Int. at Fidelity Trust C o., Buffalo, trustee.
or Seaboard Nat. Bank, New York.
Equip trust certfs Ser A _____ : 1915
6 F-A
18,000 See text
Equip trust certfs ser “ B ” ___ ____
6%
31,500 ...................
Bonds.— Of the Binghamton R y. 1st consol, mtge. enough are reserved
to retire underlying bonds and the remainder for acquisitions, extensions,
&c., under certain restrictions. They are subject to call at 110 and int.
Exempt from N . Y . State, county and municipal personal property taxes.
See V. 73, p. 1312; V. 78, p. 701; V. 88, p. 748.
The equip, trust certfs. Ser. A of 1915 mature $5,000 semi-annually.
They are secured by 20 double-truck cars, costing $118,503.
Dividends.— 2% was paid Jan. 31 1902; 2% Mar. 3 1903; 2% April 11
1904 and 2% April 10 1905. A scrip dividend of 20% was paid April 18
1905. In 1906 to 1910 incl., 2)4% yearly. In 1911, Sept., 3 % . In 1912,
and 1913, 4 % . In 1914, Feb., 2 % . None since.
67
EARNINGS.— For year ending Dec. 31:
il., Surp.
Year—
Gross.
Net.
Int. & Taxes.
$108,626
1923 ___________
-$1,073,723
$325,733
$217,107
106,334
1,027,057
316,628
211,294
1922 . . ...................
86,443
1921_____
987.130
285,036
198.593
Latest Earnings.— Cal. yr. 1924: Gross, $895,277; net aft after taxes,
$97,182.
OFFICERS.— Pres., F. L. Fuller; V .-P ., R . W . Day; Sec., W. H. Hecox;
Treas., E. M . White. Office, Binghamton, N . Y .— V. 110, p. 2386, 2567;
V. I l l , p. 1660; V. 113. p. 1469: V. 114, p. 1532: V. 116, p. 514: V. 117,
p. 1128; V. 118, p. 549, 793, 905, 1770; V. 120, p. 700, 3063; V. 121, p. 1459,
1567, 1675.
BUFFALO & ERIE R Y .
Control.— In Dec. 1924 International Utilities Corp. (V. 119, p. 2411)
acquired ontrol of the co. V. 119, p. 2876.
ORGANIZATION.— Incorp. in N . Y . in July 1924 and acquired as per
plan for reorganization of the Buffalo & Lake Erie Traction Co. (outlined
in V. 118, p. 1770; see also V. 119, p. 1732) the interurban division of that
co. extending from Six Mile Creek in Pennsylvania to a point on the Ham
burg Turnpike at the westerly city line of the city of Buffalo, N. Y . For
history of Buffalo & Lake Erie Trac. Co. and summary of reorganization
plan, see “ Electric Railway” Supplement of April 26 1924.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
The co. operates a total of 125.07 miles from the business centre of Buffalo,
N. Y ., to the business centre of Erie, Pa., and has acquired title to 111.5
miles consisting of 77 miles of main track, 41.5 miles being over private
right-of-way owned in fee simple and 35.5 miles on streets or public ways;
and 34.5 miles of second track, sidings and spurs. The balance of 14.2
miles located within the city limits of Buffalo and Erie is operated
under trackage contracts or other arrangements over the city lines. Other
property includes 5 substations, 1 car barn, 398 miles of telephone, feeder
and distribution lines, and equipment consisting of 28 passengers cars,
5 freight motor cars, 14 trailer freight cars and 7 service cars. Has terminal
facilities for passengers and freight at Erie, Pa.; Westfield, N._ Y ., and
Buffalo, N . Y . City lines are operated in Dunkirk and Fredonia, N . Y .
In Sept. 1925 the N. Y . P. S. Comm, denied a petition of the co. for
consent to abandon a portion of its line in Fredonia. V. 121, p. 1567.
Exchange Offer.— For offer to pref. stockholders to exchange their holdings
for " A ” and “ B ” stock of the International Utilities Corp., see V. 120, p.954.
Interest. Outstanding. Maturity.
STOCK A N D BONDS—
Date.
Common 30,000 shs. (no p a r ) . ____
30,000 shs.
Pref 5% non-cum $1,500,000
_______
$700,500 ...................
($ 1 0 0 ).._______ ________________
_____„
6 )4 g J-J
889,000 July 11954
1st mtge __ __ $1,500,0001 1924
sk fd ________________
($500 & $1,000) gold__c*tf [Metropolitan Trust C o., N . Y ., trustee.
Equip tr tfs Ser “ A ” ($500/ 1924
6 g J-D
190,000
See text
and $1,000) gold_________ (Corn Exchange Nat Bk. of Phila., Trustee.
Bonds.— Remaining 1st mtge. 6)4s are reserved for additions, improve
ments, &c., under certain restrictions and for retirement of car trust
notes or obligations, par for par. Are redeemable on 30 days’ notice
on any interest date at 105 and interest up to July 1 1929, decreasing
thereafter by 1% for each 5 years’ period of expired life of bonds. A
sinking fund of 2 % per annum of the total bonds issued will become operative
from July 1 1925. Free of the Penna. State tax. Co. will refund the
N . Y . State income tax up to 3% on income, the Mass, income tax up to
6% on income and the M d. State tax up to 4)4 mills. Interest pavable
at the Bank of North America & Trust C o., Phila., at Chatham-Phenix
Nat; Bank & Trust C o., N. Y ., or Banque d ’ Hochelaga, Montreal, Can.
In July 1924 Geo. Beausoleil & C o., Montreal, offered $850,000 at 94.90
and int. (Canadian funds), to yield 6.90% . V. 119, p. 577.
Equip, tr. ertifs., Ser. “ A, are payable in semi-ann. installments of
$10,000 each from June 15 1925 to De . 15 1934. Red. as a whole only
on any div. date on 30 days notice at 103 and divs. for certifs. maturing
more than 5 years from the red. date, and at a premium of )4 of 1% for
each year or fraction thereof o f unexpired life for certifs. maturing less than
5 years from the red. date. In Dec. 1924 Bown & C o., Phila., offered
$200,000 at prices ranging from 100 and int. to 100J£ and int., to yield
from 4% to 6% , according to maturity. V. 119, p. 3008.
EARNING S.— Of reorganized co. for period Sept. 15 to Dec. 31 1924
and predecessor co. for previous calendar years:
Sept. 15 to
Dec. 31 ’25.
1923.
1922.
1921.
1920.
Gross revenue___________ $182,665 $760,328 $715,848 $800,407 $838,797
Oper. exp., incl. taxes___ 178,461 649,197 610,222 690,737 740,624
Net income..................... $4,204 $111,131 $105,626 $109,670 $98,173
Latest Earnings.— 8 mos. ending Aug. 31 1925: Gross revenue, $473,664
oper. exp. and taxes, $410,537; net income, $63,127.— V. 119, p. 577, 1394
2876, 3008; V. 120, p. 954; V. 121, p. 1567.
ERIE RAILW AY S COMPANY.
ORGANIZATION.— Incorp. Sept. 27 1924 and took over (per plan in
V. 118, p. 1770) the property formerly owned and operated by the Buffalo
& Lake Erie Traction Co. (for history see “ Electric Railway Supplement
of April 26 1924) in the City of Erie, Pa., and adjacent townships.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Does the entire street railway business in the city and certain suburbs
serving a population estimated at 125,000. Co. owns and operates a total
of about 67 miles of modern electric street railway lines in Erie, Pa. Also
owns and operates 100 passenger cars together with adequate and up-to-date
operating properties, including car shops, barns, &c. Co. operates without
competition under an 8c. fare or 6 tickets for 45c. Co. owns all of the cap
ital stock ($40,000) o f Erie Coach Co., operating 4 buses in the city o f Erie.
STOCK AND BONDS.— Date.
Interest.
Outstanding.
Maturity.
Common 60,000 shs (no p a r ) . . ____
_______
60,000 shs. ---------------Pref 7% cum $1,500,000 ($ 1 0 0 )---------------$1,050,800 ---------------1st & ref mtge $5,000,000/ 1924
6 g A-O
1,000,000 Oct 1 1954
($500 & $1,000) g ___ c*tf (Equitable Trust C o., N. Y ., Trustee.
Erie El M 1st ref sink fund/ 1901
5 g A-O
1,250,000 April 1 1941
$1,250,000 gold ($1,000).jInterest at New York Trust C o., Trustee.
Cannot be called_____c*tf ( New York City.
Erie & Sub R y mtge_________ _____
_________
831,800 ---------------Bonds.— 1st & ref. mtge. 6s are red. all or in part on any int. date at 105
and int. beginning April 1 1929, the call, price decreasing 1% each 5-year
period thereafter to maturity. Maint. and renewal fund provided for.
Int. payable in New York. Free of Penna. 4-mill tax. In Nov. 1924
Myron S. Hall & Co., N. Y ., sold $1,000,000 at 95 and int., to yield 6% %.
V. 119, p. 2286.
The Erie Elec. Motor ref. bonds are secured by deposit o f entire stocks of
the Erie City Pass. R y. and the Erie Reed Park & Lakeside St, R y. A
sinking fund of 1% annually on these bonds began April 1 1906 and was
increased to 1 )4 % in 1916. $418,000 have been acquired by sinking fund.
OFFICERS.— Pres., A. R. Myers: Sec.-Treas., A. F. Tideswell.—
V. 119, p. 1394, 1624, 1732, 2286’ V. 120, p. 1881.
BUFFALO & W ILLIAM SVILLE ELECTRIC R Y .
OR GA N IZA TION .— Incorporated in New York July 1 1891.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
6.65 miles of track, Buffalo to Williamsville. Rails, 85-lb. T . Gauge,
4 ft. 8)4 in.
STOCK AND BONDS—
Date.
Interest. Outstanding Maturity.
Stock ($3,500,000a u th o riz e d ).____
_______
$75,000 __________
First mtge $3,500,000 gold! 1904
5 g J-J
168,500 July 11944
and $1,000_________ c*&r*j Int. at City Trust C o., Buffalo, trustee
Bonds.— Are subject to call on any interest date at 105.
EAR N ING S.— For cal. years:
12 Mos. End. Dec. 31—
1924.
1923.
1922.
G r o s s ..______________________ _____
$50,508
$48,110
$44,512
Net income_________________________
4,195
8,158
7,150
OFFICERS.-—Pres., L. L. Lewis Jr.; Sec. & Gen. M gr., Godfrey
Morgan- Treas., L. K . Warnick.— V. 99, p. 269; V. 110, p. 658.
[V ol. 121.
PUBLIC UTILITIES
68
ERIE COUNTY TR A C T IO N CORPO RATION .
ITH ACA TR A C T IO N CO R PO RA TIO N .
O RGAN IZATION .— Incorp. in N . Y . on N ov. 24 1919 to take over the
property o f the Buffalo Southern R y. (for history, see “ Electric Railway”
Supplement o f N ov. 15 1919. The new company assumed control Jan. 1
1920. The holders o f the $600,000 Buffalo Southern Ry. 1st M . 5s received
for each $1,000 bond $250 par value o f income bonds and $750 stock of the
new company. Franchises perpetual. Authorized to increase fares in
July 1925. Y . 121, p. 457.
FIE LD OP OPERATIONS A N D CH ARACTER OP BUSINESS.—
A trolley road operates from Buffalo to Hamburg, East Hamburg and
Orchard Park, 15H miles; also has a line from Buffalo through Gardenville and Ebenezer to Lien’s Park,
miles. An extension to East Aurora,
15 miles is under construction, 5H miles completed. 60-lb. T and 80-lb.
girder rail.
STOCK A N D BONDS—
Date.Interest. Outstanding.
Maturity.
Stock, $450,000___________________
_________
$450,000 __________
First mortgage, $100,000_____ 1920
6%
100,000 Jan 1 1970
Income bonds, $150,000______ 1920 (when earned) 150,000 Jan 1 1950
EARN ING S.— For cal. years:
12 Mos. End. Dec. 31—
1924.
1923.
1922.
1921.
G ro ss...............................
$120,455
$128,018
$120,597
$131,695
N e t----------------------------- def.15,918
def.5,744
18
13,925
— V. 121, p. 457.
In Jan. 1918 Ford, Bacon & Davis, N . Y . City, acquired a substantial
Interest in the Central N . V. Southern R R . Corp., which controls the
Ithaca Traction Corp. (but see V. 116, p. 615).
Receivership.— In June 1924 Supreme Court Justice Leon F. Rhodes o f
Binghamton appointed Dexter S. Kimball receiver for the co. V . 118,
p. 3197.
ORGANIZATION.— Incorp. in N . Y. Mar. 30 1914 as successor o f the
Ithaca Street R y., sold at foreclosure under bondholders’ reorganization
plan. The new co. is controlled by the Central N. V. Southern R R . Corp.,
an allied steam road, by ownership of all the ($400,000) outstanding stock
and all ($488,000) outstanding 1st & ref. bonds.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Owns and operates 11.47 miles of track. Owns 29 motor cars and 3 other
cars. Rails, 80-lb. “ T .”
Default, A c.— The company having defaulted in the payment of principal
of (1) $175,000 Ithaca Street Ry. 1st Mtge 6% gold bonds due July 1 1922
(2) $75,000 Ithaca Street R y. 2d Mtge. 6% gold bonds due July 1 1922:
(3) $25,000 Cayuga Lake Electric Ry. 1st Mtge. 6% gold bonds due June 1
1922, and the interest on the $488,000 Ithaca Traction Corp. 1st Refg.
Mtge. 50-Year 5% gold bonds due April 1 1964, the following protective
committee was formed and has called for deposits:
Bondholders' Committee.— Chairman Mynderse Van Oleff, Fredk. 3.
Platt, Sec., Ohas. D . Bostwick. Depositary, Ithaca (N. Y .) Trust Oo.
V. 115, p. 1837.
Reorganization Plan.— A plan for the reorganization of the co. dated
Nov. 1 1923 provides for the exchange and payment of present outstanding
securities on the following basis:
Table of Exchange of Old for New Securities and Cash.
-------- Will Receive------Existing Securities—
Outstanding.
Cash.
New 1st 6s.
Ithaca St. R y. 1st 6s........................ 175,000
$138,000
37,000
Ithaca St. R y. 2d 6s...........................
75,000
.............
75,000
Cayuga Lake Elec. R y. 1st 6s_____
25,000
_______
25,000
The $138,000 cash paid to the holders o f Itahca St. R y. 1st mortgage
bonds (remaining $37,000 owned by Cornell University) is tojbe realized
as follows: $52,500 from the sale to Cornell University of the Apartment
House, the water power rights, old pipe lines, &c., located in the gorge ad
joining the Apartment House property; $85,500 from the sale o f new 1st
mtge. Ithaca Traction Corp. bonds at par.
Holders of the $488,000 1st & ref. 5s (which are all owned by Central
New York Southern R R . Corp.) will accept some form of stock in exchange
for those bonds and the mortgage will be discharged.
The reorganized co. shall have capital stock in such amount and shall be
divided into pref. and com. stock as the co. shall determine, subject to the
approval of the P. S. Comm. For further details and description of new
securities to be issued under the plan see V. 117, p. 2889.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Capital stock $1,000,000............................. .............. *$400,000 ........... ........
1st & ref M $2,000,000 g red/ 1914
5 A-O
*488,000 Apri. 1 1964
any int date, par&int c*tf\lrving Bk.-C ol. T r. C o., N . Y ., trustee.
Ithaca Street Railway 1st M / 1892
6 J-J
175,000 July 1 1922
$175,000 _______________t f (Int. at Farmers Loan & Tr. C o., N . V.
2d mortgage $75,000_______ t f 1894
6 J-J
75,000 July 1 1922
Cayuga Lake El R y 1st M __tf 1894 6 J-D
25.000 June 1 1922
* All owned by the Central N . Y. Southern R R . Corp.
Bonds.— Of the 1st & ref. mtge. 5s, $488,000 are issued and are all owned
by the Cent. N . Y . So. Remaining bonds are reserved for future require
ments, including the retirement o f the three underlying prior liens as above.
EARNING S.— For six months ended June 30 1924: Gross, $76,139; net,
after taxes, $10,570. June 30 1923: Gross, $160,447; net, after taxes,
$21,682. For year ending Dec. 31 1921: Gross, $245,318; net, after taxes,
$10,521. In 1920, gross, $299,666; net, after taxes, $i9,420.
OFFICERS.— Pres., R . B. Williams, Ithaca, N. Y .; 1st V .-P . & Gen.
Counsel, Chas. E. Hotchkiss, 34 Nassau St., N . Y .; 2d V .-P . & Gen. M gr.,
J. C. Nelson, Syracuse; Sec. & Treas., S. C . Stivers, New York.— V. 115,
p. 73, 1837; V. 116, p. 615: V. 117, p. 553, 2769, 2889; V. 118, p. 3197.
DEPEW & LANCASTER RAILW AY C O R PO RA TIO N .
O R G A N IZA TIO N .— Organized in 1921 to take over the line of the
Buffalo & Depew R y., which was bidin by John J. Lenahan & Son, Buffalo,
for $6,250, plus taxes due to various towns and villages, aggregating about
$40,000. It was reported that the villages and towns along the line had
agreed to waive the back taxes in return for an agreement from the new
company to operate the railway for a period of at least three years. Y. 112,
p . 2642.
The new company is said to be capitalized at $200,000. For further
details see V. 112, p. 2642. For history o f predecessor company see this
section for April 30 1921.
E A R N IN G S.— Calendar year 1924: Gross, $24,821: net, after taxes,
def. $10,685. Calendar year 1923: Gross, $28,581; net, after taxes, $208.
OFFICERS.— Gen. M gr., Nelson H. Brown.— V. 113, p. 2642; V. 113,
p . 1674.
SOUTHERN NEW Y O R K POW ER & R A IL W A Y CORP.
ORGA N IZA TIO N .— Incorp. in New York in July 1909 as the Otsego &
Herkimer R R ., succeeding the Oneonta & Mohawk Valley R R . (V. 89, p.
411). Name changed to above in July 1916.
FIE LD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Operates an interurban electric railway. Has 62.04 miles main and 4.63
miles second track, 50 miles being on private right o f way, between Oneonta,
Cooperstown, Richfield Springs and Mohawk, from which point it operates
over the New York State Railways to Utica, 15.10 miles, and to Herkimer,
1.40 miles. Total operated, 83.17 miles. Rails, 60 to 80 lbs.; 17 passenger
and 5 motor freight cars; 1 electric locomotive; 4 snow plows; 1 sweeper; 3
service, and 25 other cars. The railroad franchise is perpetual.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $774,900 ($100)_________
_______
$774,900 ...................
Pref cum $500,000 ($ 1 0 0 )..............
7 Q-J
500,000 Apr ’22, 1%
N o bonded debt.
Stock.— Preferred stock is free o f normal Federal income tax and is taxexempt in New York State. V. 106, p. 822.
EARN IN G S.— For years ended Dec. 31:
Calendar
Gross
Net (after
Bond
Other
Balance,
Years— Earnings.
Taxes).
Interest. Interest,c%e. Sur. or Def.
$24,364
def. $6,261
1923............$479,129
$111,104
$93,000
26.186
_____
sur. 93.541
1922........... 498,962
184,227
64,500
Latest Earnings.-—For 12 months ended Dec. 31 1925, gross, $245,466;
net, after taxes, def. $121,378. In 1923, gross, $202,996; net, after taxes,
def. $65,029.
OFFICERS.— Pres., J. J. Mange; V .-Ps., S. J. Magee and Cl A . Greenidge; Treas., I. M . Moser; Sec., M . C. O’Keeffe; Gen. M gr., A . J. Stratton.
Under the management o f the J. G. White Management Corp.— V. 107, p.
83,1921; V. 108, p. 270,1512, 2123; V. 112, p. 163, 2749; V . 115, p. 74, 2159;
V. 116, p. 617; V. 117, p. 88, 209, 327, 1129.
CORNING & PAINTED POST STREET R Y .
O RGAN IZATION .— Incorporated Dec. 11 1894. Commenced opera
tion N ov. 1 1895. Control changed hands in 1904. V. 80, p. 162.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
A trolley road.
Owns 5.25 miles of track from Corning to Painted Post; 27 cars.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
_______
$100,000 D e c ’24, 4%
Stock $100,000 ($100)_____________
1st mortgage $100,000_______ 1896 5 J-J
100,000 Jan 1 1936
The bonds fell due originally in 1916 but were extended for 20 years.
EARN IN G S.— For calendar years:
Net (after
Other
Gross
Interest,
Balance,
Year—
Earninas.
Taxes).
Income. Rents. Ac. Sur. or def.
1924 ...............
$58,825
$8,643
$764
$5,900
sur $3,507
1923 ................
65,980
13,186
807
5,750
sur8,243
1922_ .____
_
66,511
5.900
sur.3,527
.
7.647
1.781
OFFICERS.— Pres., F. D . Underwood: V.-P. & Gen. Counsel, Geo. F.
Brownell; V .-P. & Sec., G. H. Minor; Asst. Sec., J. E. Packer; Treas.,
W. J. M oody; Comp., C. P . Crawford.— V. 80, p. 62.
FISHKILL ELECTRIC R A IL W A Y CO.
Leases the Citizens’ Railroad, Light & Power Co.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock, $50,000____________________
_______
$50,000 __________
First mortgage $50,003______ 1895
6 J-J
50,000
July 1925
Bonds.— $50,000 1st mtge. bonds, due July 1 1925, were paid at maturity
when presented by public. They were, however, acquired by an associated
company as investment and now appear on this company’s balance sheet
(July 1 1925) as “ matured funded debt unpaid."
EA R N IN G S.— For year ending Dec. 31 1924: Gross, $75,199; net after
taxes, $3,796; int. and rentals, $15,720; loss, $11,924. For year ending
Dec. 31 1923, gross, $78,706, In 1922, gross, $79,045. In 1921, gross,
$79,744. In 1920, gross, $73,881; net, after taxes, $6,454; interest, rentals,
&c., $12,000; deficit, $5,526.
OFFICERS.— Pres. & Gen. M gr., W . E. Conklin; V .-P ., Jas. G. Meyer;
Sec. & Treas., B. L. Smith.— V. 107, p. 501.
GENEVA SENECA FALLS & AUBURN RR. CO., INC.
ORGA N IZA TIO N .— Incorp. M ay 28 1913 as successor of the Geneva &
Auburn R y .sold at foreclosure March 14 1913. V 97. p. 298.
See V. 121, p. 1788, for abandonment o f the Geneva (N. Y .) line and
proposed operation with buses by the Geneva Ry., Bus Lines, &c., subsidi
ary o f the Geneva Seneca Falls & Auburn RR.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Extends from Geneva to Cayuga Lake Park through Waterloo and Seneca
Falls. Length of main tracks 16.31 miles: sidings, .819 mile: miscellaneous,
.36 mile; total, 17-489 miles. Rails, 70, 80, 90 and 100-lb. T; track,
standard gauee.
STOCK AND BONDS—
Date. Interest. Outstanding.
laturity.
Stock $200,000____________________
_________
$157,100 __________
Bonds $524,000______________1913
5%
504,000 July 1 1943
EARN INGS.— For years ending Dec. 31:
Calendar Years—
Gross. Net,aft.Taxes. Deduc.
Bal.,DeJ
_____
$48,194
$13,426
1921_________ ______________ $104,508
1920------------------------------------ 127.288
45.256
47,799
2.543
EARN IN G S.— Calendar year 1924: Gross, $91,151; net after taxes,
1,104. Calendar year 1923: Gross, $100,065; net afte j taxes, $7,072.
OFFICERS.— Pres., R . R, Quay, Pittsburgh, Pa.; Sec., L .G . Hoskins,
Geneva, N . Y .; Supt., Treas. & Purch. Agt., W . A. Shirley. Waterloo,
N . Y .— V. 97, p. 298; V. I l l , p. 1278; V. 119, p. 197; V. 12 0,p. 211; V. 121,
p. 1788.
FONDA JOHNSTOW N & GLOVERSVILLE R R. CO.
Steam and electric road — See statement in ‘ Ry. & Industrial” Section.
JAMESTOWN STREET R A IL W A Y .
ORGAN IZATION .— Incorp. Oct. 18 1883.
Franchise runs till 1982.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
A trolley road. Owns 26.545 miles of track, 61 cars, 2 sweepers.
We are advised that the $300,000 1st mtge. 6% bonds, which matured
Jan. 2 1923, were being retired through local banks. Int. at the rate o f
6% per annum is being paid on any bonds still outstanding.
STOCK A N D BONDS—
Date. Interest. Outstanding. Maturity.
_________
$250,000 ___________
Stock $250,000 (par $50)__________
First mortgage $300,000 gold) 1893 6 g J-J
219,000 Jan 2 1923
($1,000)________________ c * jln t. at Guaranty Trust C o., N . Y ., trustee.
_________
2,483,907 __________
Current liabilities Dec. 31 1923 ____
Bonds.— $219,000 1st mtge. 5s have been retired.
EARN ING S.— For years ending Dec. 31:
Year—
Gross
Net.
Other Inc. Charges A Tax. Bal.,Def
1923____ $399,923
$49,477
$69,407
$126,135
$7,252
1922____ 408,487
42,313
85,902
132,512
4,297
1921____ 417,540
29,568
97,165
154,681
27,948
EARNINGS.-—For 12 months ended Dec. 31 1924: Gross, $ 3 91 ,13 2:
net, after taxes, def., $ 4,916.
OFFICERS.— Pres., A . N . Broadhead; Sec. & Treas., S. B. Broadhead;
Gen. M gr., G. E. M altby, all of Jamestown.
CHAUTAUQUA TR A C T IO N CO.
ORGANIZATION.— Incorporated in New York on March 7 1903.
tontrolled by the same Interests as the Jamestown Street Ry
F I E L D O F O P E R A T IO N S A N D
CHARACTER
Is
O F B U S IN E S S .—
A trolley road operates 26.73 miles of track from Lakewood, where connec
tion is made with the Jamestown St. R y., to Mayville, there connecting
with the Pennsylvania R R ., and to Westfield, N . Y ., connecting there with
the Lake Shore & Mich. South, and the N . Y . Chicago & St. Louis R y.
Standard gauge; 80-lb. T rails.
STOCK AND BONDS—
Date.
Interest. Outstanding. M aturity.
Stock $500,000 ($100)____________
_______
$500,000 __________
First mtge. $600,000, gold! 1904
5 g A-O
600.000 April 1 1934
($1,0001________________c lln t at Title Guar. & Tr. C o.. N. Y .. Trustee
Current liabilities Dec. 31 1923 ____
_______
919,266 ___________
Bonds.— No sinking fund and are not subject to call.
EARNINGS.— For year ending Dec. 31:
Year—
Gross.
Net.
Other Inc. Charges A Tax.
Deficit.
1923.............$151,682 def.$46,542
______
$91,083
$137,626
1922______ 180,361 def. 7.340
______
85,659
92,999
E A R N IN G S.—For 12 months ended Dec. 31 1924: Gross, $150,802;
net, after taxes, $13,257.
OFFICERS.— Pres., A. N . Broadhead; V.-Pr., Wm. Broadhead; Treas.,
S. B ’ Broadhead; Sec., W. R. Reynolds; M gr., Geo. E. Maltby.
KINGSTON CONSOLIDATED R R.
ORGANIZATION.— This is a consolidation on Dec. 11 1901 o f the Kings
ton City RR. and the Colonial City Traction.
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
Embraces 8 miles of track. Rails, 70, 80 and 90-lb. 38 cars, 2 snow plows
and 1 work car.
The stockholders on March 16 1925 voted: (1) to extend the powers o f the
corporation by adding the following: This corporation shall have power to
purchase, acquire, hold and dispose of the stocks, bonds and other evidences
of indebtedness of any corporation, domestic or foreign, and issue in ex
change therefor its stock, bonds or other obligations; (2) to reduce the par
value of the outstanding 2,000 shares of pref. stock from $100 each to
$50 each; and (3) to change the shares of com. stock of $100 par value
each to com. stock without par value, by providing an authorized issue
of 2,000 shares of com . stock without par value to be exchanged share for
share for the com. shares now outstanding.— V. 120, p. 1881.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common 2,000 shs (no par)_ _____
_
_______
2,000 shs. __________
Preferred 4% cum $200,000_ ______
_
________
200,000 O c t ’22, 3%
First consolidated mortgage) 1901
5 g J-J
532,000 Oct 9 1951
$700,000 ($1,000) gold c * tf/In t. at Bankers Trust C o., N. Y ., trustee.
6% Notes----------------------------- 1923
6%
45,000 See text.
Stock.— In July 1925 the authorized common stock wasfchanged from
2,000 shares (par $100) to 2,000 shares of no par.value. V.(121, p. 458.
Oct., 1925.]
POWER, LIGHT AND RAILW AY
Bonds.— $120,000 o f the $700,000 consolidated mortgage bonds are
pledged as security for the 6% notes.
Notes.— The 6% notes are secured by first consol, mtge. 5s in the ratio
o f 150%. Notes mature $10,000 annually.
Dividends.— 4% was paid yearly on pref. stock from consolidation up to
1908, when 2% was paid Aug. 1. None to Jan. 1 1911, when 4% was paid.
None up to Sept. 1 1914, when 3% was paid. In 1915, April, 3% : Aug.,
6 % . In 1916, Aug., 3 % . In 1917, April, 3% ; Aug., 3 % . In 1921, Nov
3% . In 1922, April, 3% ; Oct., 3 % . None since.
R E PO RT.— For years ending Dec. 31:
Cal. Year—
Gross.
Net.
Taxes.
Interest.
Balance
1924_____________ $204,619
$41,584
$15,748
$31,004 def$5,168
1923...................... 221,530
53,745
14,645
31,687
7,413
1922
228,920
57,869
13,965
32,428
11,476
OFFICERS.— Pres., Fred. T . Ley, New York City, N . Y .; V.-Pres.;
Henry C. Page, Worcester, Mass.; Sec., G. B. te Bow, Kingston, N . Y .;
Lreas., Abm . Hasbrouck, Kingston, N . Y .— V . 108, p. 2528; V . 112, p. 372
V. 118, p . 2949; V. 120, p. 1881; V. 121, p. 458.
MANHATTAN & QUEENS TRACTIO N C O RPO RATIO N .
Receivership.— On N ov. 15 1917 Arthur C. Hume and William R . Begg
were appointed receivers by Judge Chatfield in the U. S. Dist. Court for the
Eastern Dist. of N . Y . In N ov. 1917 a judgment against this company for
$1,158,522 was awarded the Gas & Elec. Securities Co. on account of unpaid
promissory notes.
ORGAN IZATION .— Incorp. in N . Y . on N ov. 4 1912 to take over the
rights and property of the South Shore Trac. Co. in New York City (see
under Patchogue, and also under Manhattan & Jamaica R y. in V. 95, p.
1207, 420; V. 94, p. 1696).
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Has a franchise in the City o f New York to operate a street surface rail
road over the Queensboro Bridge from the Manhattan terminal thereof,
along Thomson Ave., Hoffman Boulevard, and other streets and avenues
in the Borough o f Queens to the boundary line between the City of New
York and the County o f Nassau, together with the right to operate upon
the Queensboro Bridge. The line has been completed and cars are in oper
ation to the intersection o f Sutphin Road and Lambertville Ave. in Queens.
The extension from the L. I. R R . station at Jamaica to Lambertville Ave.
was completed April 26 1919. Total miles single track equivalent, 21.
C A PITA LIZA TIO N .— Asked Public Service Comm, for permission to
issue $1,500 stock and $1,500,000 1st M . 5% bonds, but on March 10 1914
the P . S. Comm, authorized only $765,000 capital stock and recommended
the issue o f $807,000 bonds at 85. No stock outstanding; only $20,000
subscription stock. Action on the bond issue was deferred until the com
pany should have filed its proposed mtge. for an auth. amount of $10,000,000, o f which the co. proposed presently to issue said $1,500,000 with the
permission o f the P . S. Comm V. 96, p. 790; V. 98, p. 523.
E A R N IN G S.— For years ending June 30:
12 M os. —
Gross. N et aft. Tax. Oth. In c. Rents.
Interest. Sur. or D«f.
1924-25___$405,998
$75,093
$2,313 $30,074
$8,354 def.$42,146
1 9 2 3 -2 4 ... 402,677
81,020
2,676 35,927
89,047 def. 41,278
1 9 2 2 -2 3 ... 400,174
101,082
2,328 35,792
92,928 def. 25,310
1 9 2 1 -2 2 ... 361,155
63,468
2,170 33,692
92,928 def. 60,439
OFFICERS.— Gen. M gr., B. Walter Duncan; Treas., H. F. Anderson.
— V. 116, p. 2129; Y. 117, p . 325, 1992.
THE LONG ISLAND CONSOLIDATED ELECTRICAL
COMPANIES.
ORGAN IZATION .— Entire stock is owned by the Long Island R R . In
corporated in New York. Owns one-half the stock (the Interborough Rapid
Transit Co. owning the other half) and bonds of N . Y . & L. I. Trac. and
Long Island Elec. R y.
_
„ ,
Stock $25,000 ($100)________ All owned by Long Island R R .
OFFICERS.— Pres., Ralph Peters; V .-P ., O. L. Addison; Sec., Frank E .
Haff; Treas.. J. F. Fahnestock.— V. 83, p. 890.
(1) LONG ISLAND ELECTRIC RY.
Receivership.— In N ov. 1924 Gen. Lincoln C. Andrews was appointed
receiver for the co. V. 119, p. 2179. In Jan. 1906 control passed to the
Interborough Rapid Transit Co. and Long Island Consolidated Electrical
Companies, each owning one-half the stock and bonds.
In June 1925 the sale o f the property of the company in foreclosure pro
ceedings was ordered. V. 120, p. 3187.
ORGAN IZATION .— Chartered March 13 1897 as New York & North
Shore R y. On Oct. 11 1899 was consolidated with the former Long Island
Electric R y., new company having $2,100,000 capital stock and $2,100,000
bonds. On M ay 7 1902 the lines north o f Jamaica were sold under fore
closure to the Queens Ry. C o., which company was then merged in the
New York & Queens County R y. On Aug. 28 1903 old name of “ Long
Island Electric R y .” was resumed. In Aug. 1909 stock was reduced from
$1,100,000 to $600,000 by cancellation o f $1,500,000 stock originally issued
to represent the piece o f road which subsequently became the Queens Ry.
and now forms part of the N . Y . & Queens County R y. V. 89, p. 42, 593.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
A trolley road. Comprises 25.23 miles o f track on 16.30 miles of road
from Crescent Ave., Brooklyn (at the terminus of the Kings County Ele
vated) , to Jamaica, Hollis and Queens, and from Jamaica to Far Rockaway.
36 passenger cars and 8 others.
„
„
, ,
Reorganization Planned.— In May 1923 the Transit Commission an
nounced that plans were being formulated for the reorganization and re
adjustment o f the company. V. 116, p. 2388.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $600,000 ($100)________ ______
________
$600,000 --------------L I Elec 1st M $600,0001 1895
5 g J-D
600,000 June 1 1925
($1 000). ______ c&r.ntf-jHamilton Trust Co., Brooklyn, trustee.
( Interest paid by Treasurer, New York.
EARN ING S.— For years ending Dec. 31:
„
Cal. Year— Gross.
Net (.aft. Tax.)
Oth. Inc. Int.,Rents, &c. Balance.
1924
$401,606
$3 585
$501
$49,701
def.$45,615
192211_____ 385^093
48,543
342
52,716
def. 3,832
— V. 119, p. 2179, 2411; V. 120, p. 3187.
(2) NEW YORK & LONG ISLAND TRACTION.
On June 20 1905 control was purchased jointly by the Interborough
Rapid Transit Co. and the Long Island Consol. Elec. Cos. V. 80, p. 2622.
Receivership.— On Dec. 21 1923 Justice Van Siclen in the Queens Supreme
Court appointed Chas. L. Addison o f Hempstead, receiver for the co. For
further details see V. 117, p. 2890.
Service Suspended.— In Mar. 1924 the co. suspended service from Brooklyn
city line at Grant Ave. to Lynbrook, L. I. V. 118, p. 1520.
ORGANIZATION.— This was formerly the Mineola Hempstead & Free
port Traction (incorp. Feb. 27 1899), but name changed as above Sept. 22
1902, and stock increased from $125,000 to $1,000,000.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
A trolley road. Operates an electric line connecting Mineola, Hempstead
and Freeport, 7.84 miles. Also operates line from Hempstead west 5.58 miles
to Queens, where connection is made with the tracks o f the Long Island Elec
tric R y. Co. Also a line 17.01 miles long from Freeport westerly via Rock
ville Centre, Lynbrook and Valley Stream, to a connection with the Kings
County Elevated R y. at Brooklyn. Also a line from Queens to Mineola
via Jericho Turnpike, 5.86 miles. Total, 36.29 miles. Total, including
second track, 41.31 miles. 36 passenger and 8 other cars.
Fares.— See V. 94, p. 1696; V. 99, p. 407; V. 118, p. 3198.
Bus Injunction.— See for injunction against bus lines, granted Feb. 8 1925,
V . 12 1,p. 1348.
STOCK AN D BONDS—
D ate.
Interest. Outstanding. L a s tD it.
Common, $750,000 ($50).....................................
wf—s r ------1
Pref 5% cum $250,000 ($50)_______
_______
250,000 N o dlv. yet
First mtge $1,000,000 gold f 1902
AH g M -N 1,000,000 N ov 1 1942
($1.000)_________ c&r_ntf/Interest paid by Treasurer, New York.
w i.u w j
(Citizens’ Sav. & Tr. Co.. Cleveland, O..Trus.
Bonds.— Are subiect to call at 107 on 30 days’ notice, but no sinking fund
EARN INGS.— For years ending Dec. 31:
„
Year—
Gross. Netfaft.Tax.) Oth. Inc. Int..Rent. Ac. Deficit.
1924...........................$453,234
$43,713
$749
$81,106
def.$36,644
l®OFFICERS.— Pres., C L. Addison, Penn. Sta., N . Y .; Gen. M gr.,
Gen. Lincoln C. Andrews; Sec. & Treas., Frank E. Haff.— V. I l l , p. 1084;
V. 116, p. 616; V. 117, p. 554, 2890; V. 118, p. 1520, 3198; V. 119, p. 2179;
V. 121, p. 1348.
69
NEW Y O R K & QUEENS COUNTY R Y .
32,048 shares out of total issue o f 32,350 owned by the Interborough
Rapid Transit C o., which also owns one-half of the stock of the Long Island
Electric R y. and the New York & Long Island Traction.
Receivership.— Following the announcement that the Interborough Rapid
Transit Co. would no longer advance funds to the co. to meet deficits, &c.,
Gen. Lincoln C. Andrews was appointed receiver for the co. on Jan. 1$
1923 by Justice James C. Van Siclen in the Supreme Court, Long Island
City, on petition o f the Bankers Trust C o., trustee for the outstanding
onds. This receivership does not include the so-called Steinway lines (see
below under caption “ Receivership of Steinway R y .” ). V . 116, p. 296.
Creditors’ Claims, &c.— See V. 117, p. 1556.
ORGANIZATION.— Incorporated June 29 1896 and reorganized on
June 30 1899. Purchased the various lines of railroad in Long Island City
known as the Newtown R y. C o., the Riker Ave. & Sanfords Point R R ., the
Steinway R y., the Long Island City & Newtown R y. and the Flushing &
College Point R y. In M ay 1902 the Queens R y. was consolidated with it,
and thereupon increased its stock from $2,500,000 to $5,000,000. The
Queens Ry. succeeded to the property sold at foreclosure of the New York
& North Shore R y., comprising a line of 6 miles from Flushing to Jamaica,
with franchises for lines between Flushing and College Point, Flushing and
Bayside and Manhasset. V. 74, p. 1197.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
The system, with the Queens R y., embraces main line, 23.59 miles; second
track, 19.03 miles; sidings, 1.51; total, 44.13 miles. Rails, 70 to 116 lbs.,
standard gauge. 74 passenger cars, 20 others.
The new Queensboro Bridge across Blackwells Island was opened In
1909. On Sept. 19 1909 the City of New York’s municipal trolley across
the bridge began operation. On Dec. 16 1909 New York & Queens County
Ry. was granted a permanent franchise to run cars over the bridge. Opera
tion began on Feb. 15 1910. V. 90, p. 373. Through passengers only are
carried across the bridge and no extra fare is charged. We understand that
only Steinway Receivers’ lines are run across Queensborough Bridge.
Int. due Apr. 1 1922 on the N . Y . & Queens County 1st cons. mtge. 4a
having been defaulted (V. 114, p. 1766), the following committee was
formed:
Committee for N . Y. & Queens Co. 1st Cons. Mtge. 4s.— Chairman, Fredk.
Osborne; C. Stevenson Newhall and James H. Perkins. Depositaries:
Farmers Loan & Trust C o., N . Y ,, and Penna. Co. for Insur. on Lives &
Granting Annuities, Philadelphia. V. 114, p. 1766.
Int. due Dec. 1 1921 and June 1 1922 on the $50,000 Flushing & College
Point first mtge. 5s was not paid when due. V. 114, p. 2580.
Fare Increase.— See V. 118, p. 3198.
Service Suspended.— On Aug. 12 1925, service on the Corona line was
finally ended, following an order of the Transit Commission. V. 121,
p. 459, 840.
STOCK AND BONDS— D a te .
In te r e s t. O u tstanding.
M a tu r ity .
Stock $5,000,000 ($100).......................................
$3,235,000 ...................
Flushing & College Point IstT 1895
5 g J-D
50,000
1925
mortgage $50,000 gold____/New York Trust Co., Trustee.
Steinway Ry first mortgage/ 1892
6 g J-J
1,500,000 July 1 1922
$1,500,000 ($1,000) g___c*/lnt. at Guaranty Tr. Co., N . Y . City, Trus.
New York & Queens County f 1896
4 g A-O
1,300,000 June 29 1946
first consol mtg $3,000,000/Bankers Trust Co., New York, Trustee.
gold $1,000 each_________ I Interest at office of company. New York.
First & refunding mtge. $10.-1 1906
4 g M -N
See text Nov 1 1936
000,000 gold ($1,000)— c*JWindsor Trust Co.. New York. Trustee.
Current liabilities Jn . 30 1925 ___
_______
8,738,334 — _____ __
* Includes $6,815,610 bills and accounts owing associated companies
Of the new $10,000,000 mtge., $2,086,827 are deposited as collateral for
loans from Interborough Rapid Transit and $3,000,000 are reserved for
No sinking fund and
Srior liens. Queens Co. 1st cons. Mbonds are not subject to call. Under the
T
.
Y. &
. there were originally $2,500,000 bonds out
standing, but the company having defaulted in payment o f int., reorganiza
tion was made, under which the holders surrendered $1,200,000; interest
was reduced to 4 % . The said bonds are redeemable at 105 and int. V . 69.
p. 609.
All o f the outstanding Newtown R y. first mtge. 5% gold bonds, due
Dec. 1 1924, were retired in Sept. 1925.
RE PO RT.— For 12 months ended June 30:
Cal.Year— Gross.
Net.
Oth.Inc. Int.,Tax.,&c.
Deficit.
1925
$823,941
$147,847
$4,365
$344,077
$191,865
1924
.j...
676,910
99,683
2,151
360,354
258,520
OFFICERS.— Receiver, Lincoln C. Andrews; Gen. Oper. Mgrs., Fisk &
Roberts, 32 Liberty St., N. Y . City.; Treas., J. C. Ross; Comp., C . J.
Nostrand.— V. 114, p. 2825; V. 115, p. 183; V. 116, p. 296, 516; V. 117, p.
208, 1556; V. 118, p. 2438, 2824, 3078. 3198; V. 119, p. 75, 198; V. 121, p.
459, 840.
Receivership of StAnway Railway
On April 27 1922 Justice Callaghan in the Queens County Supreme Court
appointed S. W. Huff and R . C. Lee receivers for Steinway R y. upon
application of Guaranty Trust C o., trustee under the first mortgage of the
Steinway R y ., interest on which was defaulted. The order provided that
the receiver take over only the property which originally belonged to the
Steinway Co. (V. 114, p. 1891.) The receivers put into effect a separate
5-cent fare on that part of the system against the orders of the Transit Com
mission, but the action of the receivers was sustained by the Court. V. 114
p. 2116, 2360.
*
In view o f the default in the payment o f the int. due Jan.l 1922 on the
Steinway R y. 1st M . 6s and the then impending default of prin. & int. due
July 1 1922, two committees were formed to protect interests of holders of
these bonds. One committee was headed by H. B. Thorne (V. 113, p. 2819)
and the other by Geo. W . Davison (V. 114, p. 80). The first named com
mittee arranged to pay the Jan. 1 1922 coupon. V. 114, p. 80. Later the
two committees were consolidated. The committee resulting from the con
solidation is composed of:
Committee for Steinway Ry. Is! Mtge. 6s.— Geo. W . Davison, Roswell
Eldridge, Walter E. Frew, Harold B. Thorne and Wm. Carnegie Ewen.
Depositary, Central Union Trust C o., N. Y . City. V. 114, p. 307.
W A LLK ILL TR A N SIT CO.
The New York P. S. Commission has given permission for the road to be
scrapped. Another company is now operating buses under a new franchise.
For history see “ Public Utility” Compendium of N ov. 1 1924.
ORANGE COUNTY T R A C T IO N CO.
Foreclosure Sale.— In Oct. 1923 the road was sold at foreclosure under the
1st & ref. mtge. and was bid in by B . B. Odell for $10,000. For further
details see V. 117, p. 1993.
ORGANIZATION.— Organized Oct. 16 1901 and acquired the Newburgh
Electric R y. Co., sold under foreclosure. The Newburgh Electric 1st
mortgage bondholders and the Walden & Orange Lake R R . and the New
burgh & Orange Lake R R . agreed to a reduction in their interest from
6% to 5% . See V. 73, p. 138.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Owns 20.606 miles of track; 45 passenger and 10 other cars.
Bus Operations.— In Feb. 1923 it was reported that the co. was preparing
to get rid of its electric railway system and to supplant the entire line with
buses. V . 116, p. 936,
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $150,000 ($25)_______________
_________
$150,000 __________
P f $175,000 6% n-cum ($25)_______
_________
175,000 __________
First and refunding mortgage/ 1910
5 J-J
264,000 July 11960
$750,000 _______________tf(U nion Trust C o., Albany, Trustee.
Newb Elec 1st M ($250,000)-/ 1894
5 g M -N
250,000 M ay 1 1944
gold ($500) not red_____tf lin t, at Columbia Tr. C o., Trus., N . Y . City.
Walden & Orange Lake first! 1895
5 g J-D
100,000 June 1 1945
mtge gold guar p & i____tf lin t, at Hamilton Trust Co., Brooklyn.
Newb & Orange Lake 1st M / 1894
5 g J-J
75,000 July 1 1944
g ($500) p & i guar._c*tf\Int. at Columbia Tr. C o., Trus., N. Y . City.
Bonds.— $425,000 1st & ref. bonds are reserved to retire prior liens and
remainder for improvements, &c. V. 90, p. 1425; V. 92, p. 1566. Int. on
all above bonds is also payable at Quassaick Nat. Bank, Newburgh, N . Y .
EARNING S.— For year end. Dec. 31 1922, gross, $218,120; net, after
taxes, $20,238. In 1921, gross, $251,762; net, after taxes, $42,689.
OFFICERS.— Pres., B. B. Odell; V .-P ., A. L. J. Miller; Treas., H. B .
Odell; Sec., B. Bryant Odell; Gen. M gr., Frederick S. Berry.— V . 100, p.
511; V. I l l , p. 2141; V. 112, p. 1618; V. 116, p. 936; V. 117, p. 1993.
70
PUBLIC UTILITIES
NIAG ARA G O RG E R Y.
We are advised that control of the company has changed hands and that
at the end of 1924 the road “ was in the process of being refinanced.”
O RGAN IZATION .— Incorporated in New York June 3 1899 as successor
to the Niagara Falls & Lewiston, sold at receiver’s sale M ay 23 1899. Ex
tends from Onondaga St., Lewiston, along the bank of the Niagara River
to the City of Niagara Falls. Was formally opened July 1 1899. Also con
trols the franchises o f the Buttery Whirlpool Rapids C o., the Niagara
Rapids View Co. and the Niagara Whirlpool Rapids Elevator Co. Has
agreement with the Niagara Falls Park & River Ry. Co. allowing cars of the
Gorge road to run over that company’s lines across the arch and Suspension
bridges to Table Rock and Dufferin’s Island. Leases the Lewiston &
Youngstown Frontier R R . and owns all o f its stocks and bonds.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Owns 15.8 miles o f track from Niagara Falls to Lewiston and leases Lewiston
& Youngstown Frontier R y., 7.5 miles; total operated, 23.3 miles. Also
has trackage rights over 1 mile of double track o f International R y. in
Niagara. 53 passenger cars, 17 service cars and one snow plow.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock, $1,000,000 ($100)__________
_______
$1,000,000 __________
First mortgage $1,000,000\ 1907
5 g J-D
949,000 June 1 1927
($1,000) gold_________ c& r/Int. at Commonwealth T r. C o., Buffalo, tr
Bonds.— $51,000 bonds are in treasury.
Latest Earnings.— For calendar year 1924, gross, $184,701; net before
taxes, $30,284. In 1923, gross, $181,992; net before taxes, $27,505. In
1922, gross, $141,559; net before taxes, $1,548.
OFFICERS.— Pres., Mrs. Joseph T . Jones; V.-P. & Gen. M gr., Bert L.
Jones; Sec. & Treas., G. L. Corliss, all of Buffalo; Aud., H. L. Murdock,
Niagara Falls. General offices. Niagara Falls, N . Y .— V. 84, p. 868.
(1) LEWISTON & YOUNGSTOWN FRONTIER RY.
ORGAN IZATION .— Chartered August 1895. Is leased by the Niagara
Gorge R R ., which also owns all o f its stock and bonds.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Owns from Lewiston to Youngstown and Ft. Niagara, 7.5 miles; sidings
and switches, 2 miles; total 7.7 miles.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Stock $150,000 ($100)____________
_______
$134,000 __________
First
mortgage
$150,0001 1896
6 g J-D
150,000 June 1 1916
($1,000) gold__________ c * )ln t. at Buffalo L. T . & S. D . C o., Buff., tr.
HUDSON RIVER & EASTERN T RA CTIO N CO.
ORGAN IZATION .— Incorp. in N . Y . on Feb. 14 1906.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
On M ay 23 1911 Pub. Serv. Comm, granted permission to build an extension
from Ossining through Briar cliff Manor, Pleasantville and Sherman Park
to Whife Plains, 17 miles. 3 miles in Ossining are in operation.
On Dec. 27 1911 Pub. Serv. Comm. auth. $806,000 additional bonds to
complete extension to Whife Plains (V. 94, p. 68), o f which $55,000 have
been issued.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity
Stock $400,000______ _____________
_________
$84,000 -------------1st mortgage $1,000,000 gold/ 1907
5 g F-A
130.000 Feb 11957
($1,00 0)___________ c&rtf\Int. at Equitable Trust C o., N. Y ., Trustee
Bonds.— Are subject to call on any int. day at 105 and lnt.
EARN ING S.— For year ending Dec. 31 1924, gross, $29,810; net, after
taxes, def., $91; interest, &c., $9,716; bal., &ef., $9,807. In 1923, gross,
$29,480; net, after taxes, $825; interest, &c., $9,887; bal., def., $9,062.
OFFICE S.— Pres., O. G. Bennett, Ossining; V .-L., Winfield Post>
Ossining; Sec., Henry D. Swain, Ossining; Treas., C. E. Hallett; Supt.,
H. E. K a y — V. 110, p. 561; V. 112, p. 1740.
OLEAN BRADFORD & SALAMANCA R Y .
ORGAN IZATION .— In accordance with plan (V. 113, p. 1252) for reor
ganization of Western N .Y . & Penna. Trac. Co. (for history see “ Elec. R y .’
Supp. o f Oct. 22 1921) that c o .’s property in N. Y . was sold on June 4 1921
and in Penna. on June 15 1921. Companies were organized in both States
to take over the properties and were merged into the present Olean Bradford
& Salamanca Ry. which was incorp. in N. Y . on or about Oct. 8 1921.
Under the plan unsecured creditors and the stockholders in the Western
N . Y . & Penna. Trac. Co. received no share in the new corp.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Operates between the cities o f Olean, N . Y ., Salamanca, N. Y ., and
Bradford, Pa., with branches from Salamanca. N . Y .. to Little Valley,
N. Y . (permission to abandon operation o f this division granted— V. 120, p.
1089), from Bradford, Pa., to Lewis Run, Pa., from Olean, N . Y ., to
Bolivar, N . Y . [in July 1924 applied to the N. Y . P. S. Comm, for auth.
to discontinue this branch. V. 119, p. 325.]. and to Shinglehouse, Pa.;
total, 100.8 miles o f road. Does a general passenger, heavy freight, mail,
express and baggage business. Main lines, 70-lb. rails. 5 electric loco
motives, 27 passenger cars, 25 freight cars and 10 service cars.
Fares.— See V. 117, p. 1664.
C APITALIZATION .— The company has issued $264,000 (of which
$40,000 in treasury) first & ref. mtge. (total authorized $5,000,000),
$1,120,000 7% non-cum. pref. stock, $2,688,000 of com. stock, in accord
ance with plan in V. 113, p. 1252. On Dec. 31 1924, $20,206 7% car
trust notes were outstanding.
EARN IN G S.— For 12 months ended Dec. 31 1924, gross, $461,719; net,
after taxes, interest and rents, def., $16,561. In 1923, gross, $471,473; net,
after taxes.iinterest and rents, $8,644. In 1922, gross, $534,934; net, aftetaxes, interest and rentals, def. ,$26,671.
R OAD.— Operates between the cities o f Olean, N . Y ., Salamanca, N . Y .,
and Bradford, Pa., with branches from Salamanca, N . Y ., to Little Valley,
N . Y ., from Bradford, Pa., to Lewis Run, Pa., from Olean, N . Y ., to Boli
var, N . Y ., and to Shinglehouse, Pa.; total, 100.8 miles o f road. Does a
general passenger, heavy freight, mail, express and baggage business.
Main lines, 70-lb. rails. 5 electric iocomotives, 27 passenger cars, 25 freight
cars and 10 service cars.
OFFICERS.— Pres., C. N . Mason; V.-P. & Gen. M gr., C. A . Graves,
V .-P ., J. P. Quigley; Sec. & Treas., L. W . Osborne.— V. 113, p. 2407; V.
114, p. 79, 948; V. 117, p. 1664; V. 119, p. 325, 1396; V. 120, p. 1089.
PUTNAM & W ESTCHESTER TRA CTIO N CO.
O RGAN IZATION .— Incorp. in New York in July 1906.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Road 4 miles, from Peekskill to Oregon, Putnam County. On Aug. 13
1925 suspended the trolley service. V. 121, p. 1228.
CA PITA LIZA TIO N .— Stock authorized and issued, $75,000; par, $100
First mortgage, authorized, $200,000; outstanding, $71,000 cold (c* tf) 5%
J.-J., due July 1 1937; interset at Columbia Trust C o., New York, trustee
Subject to call at 105 and interest.
EARN IN G S.— For year ended Dec. 31 1924, gross, $8,117; net after
taxes, def., $1,617. In 1922, gross, $13,288; net after taxes, $1,330; fixed
charges, $3,596; def., $2,266. In 1921, gross, $12,394; net aft. tax., $1,111.
OFFICERS.— Pres., Geo. E. M cCoy: V.-P., Frank M . Dain; Treas..
Alfred J. Mason; Sec., H. D. Swain; Asst. Treas. & Asst. Sec., Chas. Le
Clair.— V. 106, p. 190; V . 108, p. 2529; V . 121, p. 1228.
P LA TTSB U R G TRA CTIO N CO.
The company discontinued operations Mar. 31 1925.
“ Public Utilities” Compendium o f N ov. 1 1924.
For history see
POUGHKEEPSIE & W APPINGERS FALLS R Y .
ORGAN IZATION .— Incorp. in N . Y . M ar. 22 1894 as the Poughkeepsie
City & Wappingers Falls Electric R y. Name changed to above July 1917.
[V ol. 121.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Owns 15.15 miles of road, leases 1.5; second track, 1.76 miles; sidings, 1.07
miles; total, 19.48 miles of track. Standard gauge. 41 cars.
Fare Increase.— V. 119, p. 2412.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
_________
$750,000 ---------------Stock $750,000 (par $100)_________
1st mtge $2,000,000 ($100,\ 1918
6 g J-J 1
586,000 Jan. 1 1958
$500 & $1,000) g _____c n tf / Int. at Equitable Trust C o., N . Y , trustee.
Stock.— N o dividends paid to Dec. 1924. Unknown after this date.
Bonds.— The unissued bonds are reserved for extensions, improvements,
acquisitions, &c., at not exceeding 80% of cost thereof under certain re
strictions. Sinking fund of 1% each year on Jan. 1. Retired by sink,
fund, $34,000; held in treasury, $106,000. Call, at 105 and int. on any
int. day upon 6 weeks notice.
EARNING S.— For years ending Dec. 31:
Period—
Gross.
N et, A ft. taxes. In t., A c .
Balance.
$75,904
$69,146
sur.$6,758
Calendar year 1924_______ $262,570
Calendar year 1923_______ $273,260
$58,539
$54,560
sur.$3,979
Calendar year 1922_______ 276,161
92,760
53,817
sur.38,943
OFFICERS.— Pres., M rs. M ary M . Hinkley; V .-P ., Miss M ary Hinkley;
Sec. & Treas., T . W . Moffat; Asst. Treas., H. B. Brown; Asst. Sec., G. W .
Comfort; Gen. M gr. & Asst. Sec., C . A . Brooks; Aud., J. A. Nilan. Under
management of the J. G. White M gt. Corp.— V. I l l , p. 1370; V. 112, p.
1399; V . 113, p. 418; V. 118, p. 1268, 3078; V. 119, p. 2412.
PORT JERVIS T R A C T IO N CO.
Receivership.— On N ov. 17 1924 Harry T . Crist was appointed receiver for
the company. V. 119, p. 2412. Company ceased operation in N ov. 1924.
ORGANIZATION.— Incorp. in N . Y . on Jun« 1 1910 to take over the
railway business of the Port Jervis Elec. Lt., Power, Gas & R R . C o.,
sold at auction on Jan. 27 1909. The Port Jervis Light & Power Co.
($118,000 stock, $188,000 bonds) was also incorp. to take over the light
and power business. The D onds o f the Traction Co. are owned by the
Orange County Public Service C o., Inc.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Operates 3.915 miles of track. 70-lb. T and 93-lb. girder rails. 4 cars.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
Stock $20,000______ ______ ________
_________
$19,985 __________
Mortgage $70,000 gold____c * ______
5 g A-O
70,000
1960
Int. payable at Orange County Trust C o., Middletown, N . Y ., trustee.
Bonds.— Subject to call at 105 on any interest day.
EARNING S.— For calendar year 1924, gross, $18,299; net after taxes,
def., $13,930. In 1923, gross, $16,805; net after taxes, def., $17,679. In
1922, gross, $21,035; net after taxes, def., $11,139. In 1921, gross, $26,384;
net after taxes, def., $7,642.
OFFICERS.— Pres., Palmer York; V .-P . & Treas., Chas. Whetstone;
M gr., Chas. C. Wagner.—V . 88, p. 296; V. 99, p. 271; V. 119, p. 2412.
NEW Y O R K & NORTH SHORE T R A C T IO N CO.
Property sold at public auction In 1922 and in Jan. 1923 it was stated that
the purchasers had commenced dismantlement. V. 116, p. 176. In Aug.
1923 the Union Trust Co. o f Cleveland, trustee for the 1st mtge. bonds,
announced that it had funds on hand to pay a liquidating div. at the rate of
$50 on each $1,000 face amount of bonds outstanding. V. 117. p. 782.
See letter of Federal Judge R . A. Inch to special master regarding resump
tion of operation on certain portions of the line in V. 118, p. 1520. See also
V. 120, p. 331. For history of company see “ Electric Railway” Supple
ment of April 28 1923.
T R O Y & NEW ENGLAND R A IL W A Y .
The company discontinued operations Mar. 31 1925.
“ Public Utility” Compendium of N ov. 1 1924.
For history see
ROCHESTER L O C K P O R T & BUFFALO R R . C O R P.
ORGANIZATION.— Incorporated in New York on April 4 1919 as suc
cessor to the Buffalo Lockport & Rochester R y. (for history see “ Electric
Railway Supplement” of March 29 1919) as per reorganization plan in
V. 108, p. 682. The 1st M tge. bonds of the old co. were exchanged for
$500 pref. and $750 common stock of the present company for each $1,000
bond, while the 2d Mtge. bonds of the predecessor co. received $500 In neu
pref. and $500 in new common stock for each $1,000 bond. The common
and pref. stocks of the old co. did not participate in the plan.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Operates about 58 miles between Rochester and Lockport. Rails, 70 to
STOCK AND BONDS— Date.
Interest.
Outstanding. Maturity
Common $2,200,000________ •_____
_______
$2,199,250
Preferred $1,500,000 cum.................
6%
1,499.500 July ’25, 3%
Stock.— Preferred stock is pref. as to assets and dividends. The by-laws
provide that no mortgage shall be placed on the property or assets o f the
co. in priority to the pref. stock, without the consent of the holders of twothirds of the outstanding pref. stock. V . 108, p. 682.
E A R N I N G S .— For years ending D ec. 31:
Gross
Net (after
Other
Rentals,
Balance.
Cal. Year—
Earns.
Taxes).
Income.
&c.
Sur .or def.
1924 ------------------------.$508,160
$80,171
$10,847
$26 $90,992
1923 ________________ . 546,439
87,885
5,728
26
93,587
1922 _________ ______ . 504.520
86.087
6.528
526
92,089
OFFICERS.— Pres., E . R . W ood, Toronto, Ont.; V .-P ., A . S. Muirhead,
Toronto, Ont.; Sec., Treas. & Gen. M gr., W . W . Foster, Rochester, N . Y .
— V. 108, p. 1512.
ROCHESTER & MANITOU R R.
ORGANIZATION.— Incorp. on Aug. 12 1908. Acquired property of
the Rochester Charlotte & Manitou, sold at foreclosure July 21 1908.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
.............
$60,000 _____
Stock $60,000 ($ 1 0 0 )..................
First mortgage $60,000 gold] 1909
5 g M -N
58,000 M ay 1 1929
($500 and $1,000)— c * n tf/In t. at Security Trust C o., Rochester, trustee
Bonds.— $2,000 bonds remain unissued. No sinking fund. Bonds are
subject to call at 105 and int. on 8 weeks’ notice.
EARNINGS.— For year ended Dec. 31 1924, gross, $19,003; net after
taxes, def., $8,873. In 1923, gross, $25,642; net after taxes, def., $5,174.
In 1922, gross, $27,487; net after taxes, def., $1,923. In 1921, gross
$9,786; net after taxes, $8,101.
OFFICERS.— Pres., Henry W . Wedel; Sec. and Treas., Kendall B.
Castle; Supt., Geo. M . Wegman.— V. 87, p. 545; V. 88, p. 1314.
ROCHESTER & SYRACUSE R R . CO., INC.
ORGANIZATION.— Incorp. in N . Y . Sept. 17 1917 as successor to the
Rochester Syracuse & Eastern R R . (part of the Empire United R ys., Inc.,
system) sold at foreclosure Aug. 28 1917 and separately reorganized as per
plan in V. 104, p. 2119. See V. 106, p. 1231.
In Dec. 1922 acquired control of the Empire State R R . Corp. by pur
chase of a majority of its capital stock. V. 115, p. 2581; V. 116, p. 616.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Extends from Rochester to Syracuse, N. Y ., passing through East Ro
chester, Fairport, Macedon, Palmyra, Port Gibson, Newark, Lyons,
Clyde, Savannah, Port Byron, Weedsport, Jordan, Memphis and Warner,
N. Y . Length of line, first track (owned). 157.04 miles; 2d track (owned),
1.50 miles; siding, &c. (owned), 1.70 miles; trackage rights, 8.8 miles;
total length of line operated, 169.04 miles. Gaug6, 4 ft. 8H in. Rail,
70 and 90-lb. T . Operated by overhead trolley. Power purchased from
Niagara, Lockport & Ontario Power Co.
Oct., 1925.]
71
POWER, LIGHT AND RAILW AY
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common $1,500,000 ($100).________
________ $1,469,100 -------------. . .
Preferred $3,000,000 ($100).................
6%
2,448,500 M ar’24, 1%
First mtge conv $5,000,0001 1917
5 g M -N
2,448,500 M ay 1 1957
($500 & $1,000) g ___ c*ntf/F irst Trust & Deposit C o.. Syracuse, trustee.
Bonds.— The 1st M . 5s are convertible into pref. stock at par, $ for $
between M ay 1 1919 and M ay 1 1929; this privilege may be terminated by
the co. in case of merger or consolidation with any other co. under N. Y .
laws, or o f the lease o f its property. They are callable, all or in part since
M ay 1 1922 at 105 and int. The remaining bonds may be issued for impts.
add’ns, exts., &c., under certain restrictions.
Dividends.— An initial div. o f 1% was paid on the pref. stock in Mar.
1921. Same rate quar. to and incl. Mar. 1924. None since.
EARN IN G S.— For years ending Dec. 31:
Calendar
Net, after Taxes
Adjust. Bal.,Surp.
Year—
Gross.
and Deprecia’n. Interest.
______
$75,406
1924_______ $981,392
$211,406
$136,000
3,367
114,879
1923_______ 1,101,559
254,623
136,377
124,529
250.084
125,555
1922______ 1.065,342
OFFICERS.— Pres., A . H. Cowie; V.-Pr. & Gen. M gr., T . C. Cherry;
Aud. & Treas., W . K. Zinsmeister; Sec., Mercer V. White. Peck-Shanahan-Cherry, Inc., operate the road.— V. 108, p. 1823, 2123; V. 109, p.
73; V. 112, p. 850; V . 113, p. 534;V. 115, p. 2581; V. 116, p. 616; V . 118,
p. 2825.
EMPIRE STATE R R. CORP.
New Control.— In Dec. 1922 the Rochester & Syracuse R R . acquired
control o f the co. by purchase of a majority o f the stock. V. 115, p. 2580.
ORGA N IZA TIO N .— Incorp. in New York Oct. 27 1917 as successor
to the Empire United Rys., Inc., sold under foreclosure per plan In V. 104,
p. 863; V. 105, p. 909. The new co. took over, subject to underlying bond
issues, the Syracuse Lake Shore & Northern and Auburn & Northern divi
sions. The Rochester Syracuse & Eastern division was separately reor
ganized as the Rochester & Syracuse R R . (which see above).
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Operates from Syracuse to Oswego, 37.8 miles. Oswego city lines, 8.83 m.;
Auburn to Port Byron, 7.62 m.; Auburn city lines, 1.42 m.; Fulton city
lines, 0.6 m.; total length of road, 56.27 miles; second track, 21.25 m.; carhouse and other sidings, 5.08 m.; total trackage, 82.60 miles. Gauge,
4 ft. 8 ft in. Rail, 70 and 90 lbs. 56 passenger cars, 4 express cars, 7
work cars, 5 snow plows, 2 snow sweepers. Has contract for power with
Niagara Lockport & Ontario Power Co. Has 4 substations with a total
capacity o f 2,900 k. w.
Fare Increase.— V . 120, p. 330.
STOCK AN D BONDS—
Date. Interest. Outstanding. Maturity.
Common $1,500,000 ($100)---- ------------------- . $1,436,635
Pref “ A ” 6% cum $1,000,000
205,426 Sept’24, 1 X
( $ 1 0 0 ) ------------------------------------------------------------ ------Pref B 6% non-cum $1,250,000
1,249,912 June’23, 1%
( $ 100 ) ---------------------------------------------------------------------------------Syracuse Lake Shore & Northern RR—
2,496,000 M ay 1 1947
1st mortgage $2,500,000 gold/ 1907
5 g M-N
($1,000) ____________ c*tf\Int. at Columbia Tr. C o., N . Y ., trustee.
Auburn
Northern Electric RR.—
1st mortgage $1,000,000 gold/ 1905
5 g M -N
236,000 M ay 1 1945
($1,000) ____________ c * tflin t. at Equitable Trust C o., N. Y ., trustee.
Stock.— Series “ A ” pref. stock is redeemable at 105. Series “ B ,” after
it has received 5 years’ consecutive dividends at the full rate of 6 % , is
entitled to rank pari passu with or be converted into Series “ A .”
Bonds.— The bonds o f the Syracuse Lake Share & Nor. R R . are subject
to call since M ay 1 1917 on any int. date at 110 and int. upon 60 days’
notice. No sink. fund.
The Auburn & Northern bonds are subject to call at 110 on any int.
period on 60 days’ notice. No sinking fund.
Dividends.— On pref. “ A ” divs. at the rate of 6% per annum paid from
Oct. 1917 to and incl. Sept. 1924. None since. On pref. “ B ” 1% paid in
June 1923; none since. No divs. have been paid on common.
EARN INGS.— For calendar years:
Cal. Year—
Gross.
Net aft. Tax. Interest, &c. Adjustm’ts. Bal.,Surp.
1924 ______ $734,610
x$137,227
$140,257
Cr$18,690
$15,660
198,638
144,041
--------54,596
1923 ______ 861,495
x After taxes and depreciation.
OFFICERS.— Pres., A . H. Cowie; 1st V .-P ., T . C . Cherry; 2d V .-P .,
C. A. Chase; Treas. & Aud., W . K. Zinsmeister; Sec., M . V. White.— V. 106,
p. 189; V. 107, p. 2097; V. 109, p. 72; V. 110, p. 1289, 1526, 2057; V. I l l , p.
1369, 2041, 2520; V . 112, p. 1399; Y . 113, p. 532; V . 114, p. 2579; V . 115,
p. 2580; V. 118, p. 1392; V. 120, p. 330.
OFFICERS.— Pres. & Gen. M gr., Taimadge C. Cherry; Treas., W . K .
Zinsmeister; Sec., H. C. Beatty. Peck-Shanahan-Cherry, Inc., operate
the road.— V. 105, p. 499; Y . 106, p. 1231; V . 109, p. 777; V . 115, p. 1211.
AUBURN & SYRACUSE ELECTRIC R R.
ORGANIZATION.-— Organized Sept. 30 1902 as a consolidation o f the
Auburn City R y. and Auburn Interurban Elec. R R . Franchise perpetual.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
A trolley road. Operates 40.94 miles of road (64.76 miles of track),
including 13.90 m. in Auburn and 27.1 m. from Auburn to Syracuse. Has
trackage agreement with New York State Rys., allowing it to enter Syracuse
Owns Lake Side Park, about 33 acres, on Owasco Lake; 59 passenger cars,
2 express, 3 work, 1 service, 2 sweepers and 6 snow polws; total, 73 cars.
On Sept. 16 1925 stockholders voted to abandon two important lines in
Auburn, N . Y ., planning to replace them with bus service. V. 121, p . 1459.
Voting Trust.— Extends for five years from Dec. 1 1921. Trustees are
Edwin Nottingham, Arthur W . Loasby and F W . Roebling Jr. Compare
V. 102, p. 1895.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_______
$1,250,000 ............. ..
Common $1,250,000 ($100)________
P ref6% n -cum $750,000 ($ 1 0 0 )____
Q-J 15
712,000
See text
Auburn & Syracuse first and f 1902 5 g A-O
1,752,000 Oct 1 1942
refunding mortgage $2,-TInt. at Harris, Forbes & C o., New Y ork.
000,000 gold ($1,000)_c*tf/Equitable Trust C o., New Y ork, trustee.
4 mos. notes_________________ _____
6%
8,250 ______ i____
Bonds.— Of the $2,000,000 authorized, $248,000 is reserved for futur®
extensions, but only when net earnings are double interest charges; subject
to call at 110 and interest. See V. 75, p. 1201.
Dividends.— First dividend on preferred stock— 1% — paid N ov. 1 1904*
then 1% Feb. 1 1905, M ay 1 1905 and Aug. 1 1905; N ov. 1 1905, 1M %
paid (see V . 81, p. 1609). In 1906, 5J^%; 1907 to 1913 incl., 6% per
annum. In 1914, Jan., 1}4% : April,
July, 1 H % . None since.
EA R N ING S.— For years ending Dec. 31:
Year—
Gross.
Net.
Taxes.
Int., &c.
Surplus.
1923-......... ---$601,831
$108,287
$24,163
$90,750
sur.$875
1922_________ 583,702
112,328
24,817
92,665
sur.3,574
Earnings for 12 months ended Dec. 31 1924: Gross, $520,228; net, after
taxes, $67,799.
OFFICERS.— Pres., T. C . Cherry, Syracuse; V .-P ., Harold G. Me
calf, Auburn; V.-P. & Gen. M gr., W . J. Harvie; Treas., Aud. & Asst. Sec
L. E. Lippitt, Auburn; Sec., H. C. Beatty, Syracuse. Peck-Shanahan_
Cherry, Inc., operate the road.— V . 110, p. 764; V . I l l , p. 790, 2323"
V. 112, p. 160, 2304; V. 113, p. 1469; V . 114, p. 2467; V. 117, p. 1554’
V . 121, p . 1459.
SYRACUSE & EASTERN RR.
ORGAN IZATION .— Organized in N . Y ., and on April 28 1923 took
over the property of the Syracuse & Suburban R R . as per plan of reorgan
ization dated Jan. 16 1922. (For outline of plan see V. 114, p. 1064.)
For history of Syracuse & Suburban R R . up to time of reorganization see
“ Electric Railway” Supplement of April 26 1924.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.— A
trolley road. Operates 18.52 miles of track from Syracuse to Edward
Falls with branch from Orville to JamesVille. Standard gauge; rails, 60
and 90-lbs.; 10 passenger and 7o ther cars.
Upon completion of reorganization the co. will be capitalized approxi
mately as follows:
STOCK AND BONDS—
Date.
Interest. Outstanding.
futurity.
________
$300,000 ______ -____
Stock_____________________________
1st mtge bonds____________________
5%
512,000 __________
Voting Trust.— The stock is to be held for a period of five years^by voting
trustees. V. 114, p. 1064. '•
•
,
EARNING S.— Of Syracuse & SuburbanRR. for years endiDg Dec. 31:
Year—
Gross. Net (aft. Tax.). Oth. Inc.
Charges. S u r.orD ef.
1922 ------------ $107,940
def.$727
$319
$5,929 def.$6,338
1921
91,746
def. 17,447
260.
3.609
def.20.796
OFFICERS.— Pres., Edward Powell; V .-P ., J; M . Steere; Treas., J. E.
Gere; Sec., W. W. Cheney Jr.; Gen. M gr., H .'D . Gros; Aud., G. W.
Avery.— V. 116, p. 2131.
STATEN ISLAND MIDLAND R A IL W A Y CO.
Receivership.— In Jan. 1920 Federal Judge Chatfield appointed Jacob
Brenner receiver for the company. V. 110, p. 360. Following the death'of
Jacob Brenner in Oct. 1921, Mortimer Brenner was appointed receiver.
SYRACUSE NORTHERN ELECTRIC R Y ., INC.
V. 113, p. 1889,2186.
ORGANIZATION.— Incorp. in N . Y . M ay 12 1917 as successor to the
result of contract signed N ov. 10
Syracuse & South Bay Electric R R . and the Syracuse Watertown & St. o f OPERATION.— As aunder thea supervision of New York1920, operation
the company’s lines
municipalj[auLawrence River R R ., bid in at foreclosure sale on N ov. 1 1916 by the thorities was begun on Dec. 1 1920. Under the contract the Richmond
reorganization committee. Sale confirmed in March 1917. The company Light & R R . Co. permits the city to use its tracks through St. George and
was organized as per plan in V. 103, p. 580, as modified and approved by Tompkinsville and supplies the city with electric current at cost forithe
the P. S. Comm, by an order dated April 26 1917.
operation of the lines. V. I l l , p. 2042, 2230.
FIELD OF OPERATIONS AN D C H A RACTER OF BUSINESS.—
ORGANIZATION.—
in New York on Jan. 16 1907 as a reor
Operates 12.18 miles o f single track equivalent over private right of way ganization of the Staten Incorp. Midland Railroad Co. sold under sequestra
from Syracuse to Oneida Lake, and a single track branch line to Brewerton, tion proceedings on Jan.Island
3 1907. V. 84, p. 222.
6.2 miles. Has traffic agreement with New York State Railways Co. to
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
enter Syracuse. New road began operations April 26 1917. 85-lb. T
rail. Gauge, 4 ft. 8 H inches. 16 cars. All private right-of-way. Power Owns 28.68 miles o f track. Rails 65 to 70-lb. T and 90-lb.fgirder. 41
passenger cars.
is purchased from Niagara Lockport & Ontario Power Co .
STOCK AN D BONDS—
Date. Interest. Outstanding. Maturity.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_______
$1,000,000 __________
Common $150,000 ($100)..............
.................
$150,000 ---------------- Stock $1,000,000 ($100)___________
First pref $600,000 ($100)___
6%
480,000 Aug ’24 1% S I Mid RR 1st mtge $l,000,-\ 1896
5 g J-J
1,000,000 Jan 21 1926
2d pref $500,000 ($100)______
6%
420,000
------- 000 gold ($1,000)----- c * .tf (Int. at Farmers’ L. & Tr. Co., N .jY ., trustee.
First mtge $600,000 gold ($25.1 1917 5 g M -N
153,750 M ay 1 1946 Equipment trust certifs Ser AT 1915 6 g J-J
31,000
See text
$100 and $1,000)_________ /in t. at Tr. & Dep. C o., o f Onon.
$135,000 ($500) gold-_c*&r/interest at Bankers Trust C o., trustee.
Stock.— All classes o f stock have equal voting power. Stock is held in a
Bonds.— Sinking fund after 5 years but bonds cannot be called.
five-year voting trust. The successor voting trustees are Arthur W. Loasby
The equipment trust certificates mature $7,000 each Jan. l£and $6,500
A. H. Cowie and Ferdinand W . Roebling Jr.
each July 1, beginning July 1 1915. They are subject to call at 102Iand
Bonds.— Are subject to call in whole or in part on and after N ov. 1 1917 interest. Secured by 32 double-truck closed cars.
at 110 and int. Int. on $25 bonds payable May 1 only. Int. payable
EARNING S.— ForJ[years ending June730:
without deduction other than Federal income tax.
Year—
Gross.
Net (aft. Tax.) Other Inc. Int. dt Rents.
Deficit*
def.$80,615
$604
$70,177
$150,188
Dividends.— On 1st pref. in Feb. 1923, 1% was paid. In Aug. 1923, 1% . 1919-20 x ___ $218,869
1918-19_____ 307,534
def. 80,346
1,363
68,094
147,076
In Aug. 1924, 1% . 1
2
x N o later available.
EARN INGS.— For calendar years:
OFFICERS.— Pres., C. W . Hotchkiss, 55 Wall St., New York City;
1923.
1922.
12 lonths ended Dec. 31—
1924.
Sec., A. M . Stilwell, New Brighton, N . Y .— V. I l l , p, 74, 295, 897, 991,
$143,260
$137,895
Gross________________________________ $141,241
8,668
13,338 1280, 1657, 1662, 2042, 2230; V. 113, p. 1889, 2186.
Net income__________________________
14,535
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PU BLIC U T ILIT IE S
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Controlled by
PUBLIC SERVICE CORPORATION
OF
NEW
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LEGEND
------ ------------- P U B L IC S E R V IC E R A I U H ^ V C O . L IN E S
-------------------- P U B L IC S E R V IC E RAILI***AD C O . L IN E S
--------------------C O N N E C T I N G L IN E S
SCALE OF MILfr
_________2 ,0
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POW ER, LIG H T A N D R A IL W A Y
CO
74
PUBLIC UTILITIES
NEW JERSEY
PUBLIC SERVICE CORPO RATION OF NEW JERSEY.
{.See M ap on pages 72 and 73.)
ORGAN IZATION .— Incorp. in New Jersey on M ay 6 1903 and controls,
through ownership o f stock, Public Service Ry. C o., Public Service Electric
& Gas C o., Public Service R R . C o., Public Service Transportation Co.,
Public Service Production C o., Public Service Electric Power C o., Orange
& Passaic Valley R y. C o., and New Jersey & Hudson River R y. & Ferry
Co. The stockholders of the Orange & Passaic Valley R y. Co. and United
Elecvric Co. o f New Jersey and also the stockholders o f certain of the cos.
out o f wnich Public Service R y. Co. was subsequently formed (namely North
Jersey Street R y. C o., Jersey City Hoboken & Paterson St. R y. Co. and
Elizabeth Plainfield & Central Jersey R y. Co.) were given certificates
described below in exchange for their stock. See plan in V. 76, p. 865,
and also p. 1249. The Fidelity Union Trust Co. o f Newark financed the
transaction.
On Jan. 15 1925 the Public Service Stock &Bond Co. was incorp.inN . J.
with an auth. capital o f 500,000 shares of no par value, to specialize in the
securities of the Public Service Corp. of N. J. and its subsidiary and under
lying cos. All the outstanding stock is held by Public Service Corp. of
N. J. V. 120, p. 455.
Merger of Subsidiaries.— In 1907 North Jersey Street R y. C o., Jersey
City Hoboken & Paterson Street R y. Co. and United Street R y. Co. of
Central Jersey were consolidated under the name o f Public Service R y. C o.,
which see below. V. 85, p. 406 and 470. To Public Service R y. Co. also
have been transferred the leases o f various railways formerly held by Public
Service Corp. On Dec. 28 1915 the merger of the Public Service R y. and
the P . S. Newark Terminal R y. was ratified.
Consolidation of Electric and Gas Cos.— See “ Public Utility” Compendium
o f N ov. 1 1924.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Public Service Corp. o f N. J., through its subsidiary companies, operates
all o f the electric power and light, gas and street railway business in the
larger cities and more populous sections of the State of-New Jersey, excepting
the shore resorts, the gas service in Elizabeth and the street railway in
Trenton. The territory served extends from the Hudson River opposite
New York City, southwest across the State to the Delaware River opposite
Philadelphia, and includes Newark, Jersey City, Paterson, Trenton, Cam
den, Elizabeth, Bayonne, Hoboken, Passaic, the Oranges, Perth Amboy,
West Hoboken and New Brunswick.
Newark Terminal.— See Public Service R y. below.
Holders of the 7 % and 8% pref. stocks of record Jan. 16 1925 were given
the right to subscribe at par ($100 a share) & div. for 7% pref. stock to the
extent of 1 share for each 10 shares held. V. 120, p. 212, 705.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock com 2,000,000 shares
(no par)___________________
Q-M 30 1,037,435 shs . Sep t’25$ 1.25
Pref 8% cum$25,000,000($100)
8 Q-M
$21,531,200 S ep t’25,2%
7 Q-M
24,548,300 Sept ’25,1 S
A
Pref 7% cum $50,000,000($100)
_____________________ None
_
Preferred 6% $25,000,000_______
Trust certfs $20,200,000-.n t f f 1903
6 M -N
20,111,910 Perpetual
IFidelity Union Trust C o., Newark, trustee.
1909
5 g A-O
2,472,000 Oct 1 1959
[V ol. 121,
in either case on not less than 40 days’ notice at a premium of 7 A % on or
before July 31 1930, said premium to be reduced by A of 1% commencing
Aug. 1 1930, with a like add’l reduction commencing on Aug. 1 o f each year
thereafter until Feb. 1 1944, on and after which date the redemption price
shall be par; in each case with accrued int. Int. payable in N . Y . or Phila.
Co. has agreed to refund the Penna. 4 mills, the Conn. 4 mills tax, the
Maryland securities tax not exceeding 4 A mills and the Mass, income tax
not exceeding 6% per annum on income derived from the bonds. Listed
on N. Y . Stock Exchange. V. 119, p. 2288. In Julv 1924 Drexel & Co.
and Bonbright & C o., Inc., sold $20,000,000 6% series due 1944 at 96 and
int., to yield over 6.35%. V. 119, p. 580.
The P. S. Newark Term. R y. bonds are unconditionally guar, as to
prim, int. and sink, fund by endorsement o f the Public Service Corp. o f
New Jersey. Sinking Fund of $30,000 annually began April 15 1920.
Red. as a whole on or after June 1 1920 at 105 and int. on six weeks’ notice;
also callable for sinking fund on June 1 each year since 1920 at 102 K
(V. 100, p. 2011).
Dividends.— An initial monthly div. of 2-3 of 1 % was paid on the 8 % pref.
stock on March 311919. In June 1919 2 % was paid and same rate has been
paid regularly quarterly since to and incl. Mar. 1925. An initial div. o f
\ K % was paid on the preferred stock in March 1923. Same rate paid
regularly quarterly since, to and including Sept. 1925. On com ., first
div. o f 1% was paid June 29 1907; 1% was paid Sept. 30 1907 and 1%
Dec. 31 1907. In 1908, 4 % . In 1909, 4 A % - In 1910, 5 % . In 1911
to 1914, 6% . In 1915, 6J4 %• In 1916, 7 ^ % . In 1917, 8 % . In 1918,
6% . V. 107, p. 1385, 2377. In 1919, March, 1 A %: June, 1 A %: Sept.,
1 A % . Dec. 1919 div. passed. (See V . 109, p. 2357.) In 1920, 4 % .
In 1921, 4 % . In 1922, M arch, 1 A % : June, 1 % % ; Sept., 1 ^ % ; Dec.,
2% . In 1923, March 2 % . In April 1923 the com. was changed from
shares of $100 par to shares o f no par value, and two shares of no par stock
were given in exchange for each share o f $100 par outstanding. In June
1923 $1 was paid on the no par shares. Divs. of $1 per share were paid
regularly quar. to and incl. Sept. 1924. In Dec. 1924 $1 25 per share was
paid. In 1925, March, $1 25; June, $1 25; Sept., $1 25.
REPO RT.— For calendar year 1924, report in V. 120, p. 1578, 1614:
Revenues—
1924.
1923.
1922.
1921.
Transportation prop------ $28,257,177 $23,105,004 $27,544,510 $27,404,868
Electric properties_____ 34,889,633 31,188,596 27,660,026 24,390,321
Gas properties--------------- 24,542,644 24,814,283 23,152,426 23,516,318
.$87,689,453 $79,107,882 $78,356,963 $75,311,508
-$58,357,745 $53,037,094 $52,581,870 $51,769,628
Amortization charges_ - 6,642,972
_
5,949,666
5,425,292
4,893,957
.$65,000,718 $58,986,760 $58,007,162 $56,663,584
$292,466
- $1,001,279
$314,758
$238,258
Net earnings___
$23,690,015 $20,413,588 $20,664,559 $18,647,923
P. S. Corp. of N.J.,incl.
from securities pledged
i
and from misc. sources> 2,742,240
1,957,326
1,953,115
1,859,057
$26,432,255 $22,366,703 $22,621,885 $20,745,238
Deduct—
Int. & rentals of leased &
controlled companie "$13,247,068 $12,838,264 $12,914,110 $12,856,151
Fixed chgs. P. S. Corp . 5,326,066
4,182,564
4,294 458
4,137,535
Other deductions____ . Cr. 153,997 Cr.321,460 Dr.282,775 Dr. 107,986
Dividends P. S. Corp.
Common stock______' 2,959,330
2,400,000(614)1950000 (4)1,200,000
Divs .P .S .Corp .pref .stk.. 2,430,046
1,930,156
1,316,839 (8)835,739
Balance, surplus_____. $2,623,742 $1,337,179 $2,020,626 $1,450,904
OFFICERS.—-Pres., Thos. N . McCarter; V.-Ps.. Percy S. Young.
Edmund W, Wakelee, Dudley Farrand, George Barker and John LO’Toole; Sec., Chas. M . Breder; Treas., T . W . Van Middles worth.— V. 118>
p. 1517, 1541, 1774, 1912, 2043, 2180, 2705, 3198; V. 119, p. 76, 456, 580.
690, 943, 1065, 1626, 1734, 2288, 2648; V. 120, p. 212, 455, 705, 1328.
1578, 1587, 1614, 1882, 2818; V. 121, p. 200, 460, 587, 1570.
o
o
£
O
Int. at Fidelity Union Tr. C o., Newark, trus.
or at office of J. P. Morgan & Co.
S ecbdsS% serdueiy44 (500&1 1924
6 g F-A
20,000,000 Aug 11944
$1,000c* & $1,000 & cr*)gtf /Fidelity Trust C o., Philadelphia, trustee.
P. Stock.— Both the pref. 1st M l 1915 5 gare listed 5,000,000 Stock 1 1955
S Newark Term R y and com. stocks J-D
on N . Y . June Exch.
PUBLIC SERVICE ELECTRIC & GAS COM PANY.
$5,000,000g ($1,000)..c * Montreal Fidelity Un. Tr. Chicago Stock Exch.
Com. Stock is also listed on t f lin t, at Stock Exch. and Co., Newark, trustee
All the com. stock is owned by the Public Service Corp. o f N . J.
Prpf. stock has full voting powers and is pref. as to assets and divs. Pref.
stock consisted originally o f 500,000 auth. shares (par $100; o f 8% cum.
ORGANIZATION.— Formed in 1924 as a consolidation o f the Public
pref., but in Dec. 1922 was divided into two series— 250,000 shares8% Service Electric C o., Public Service Gas Co. and United Electric C o. of
cum. pref. and 250,000 shares 7% cum. pref. V. 115, p. 2380, 2478, 2794. N . J. as per plan outlined in V. 118, p. 1268, 2705. It is planned eventually
On Apr. 11 1923 was divided into 3 series— 8% cum. pref., $25,000,000,; to merge into the consolidated co. all stock-owned electric and gas companies
7% cum. pref., $50,000,000; 6% cum. pref., $25,000,000, all pref. being and to vest in it the ownership of leasehold estates which comprise the
In shares of $100 par.
balance of the electric and gas systems. It is further planned to offer to
In M ay 1925 directors authori.ed the issuance o f 131,200 additional no the stockholders of •certain gasjand electric cos. leased the opportunity
par value common shares. Stockholders were given the right to subscribe to exchange their stocks for other securities, so that, eventually, these cos.
at $62 50 per share in the ratio o f one share to each ten pref. or common also may be consolidated with Public Service Elec. & Gas C o. These
shares held. V. 120, p. 2818.
consolidations are not an essential part of the plan, however, as the leases
Results customer-ownership campaign, see V. 121, p. 200.
in question extend in practically all cases for terms upwards o f 900 years
In Sept. 1925 offered 115,500 shares o f 6% cum. pref. stock at par and In accordance with these plans, however, 7 companies previously operated
divs. to holders o f record Oct. 7 o f 8% cum. pref. and 7% cum. pref. in the under lease were merged into the co. bn Dec. 3 1924. Notes due June 3
ratio o f one share for each four shares held.
1925 and bearing interest at 6% were given by Public Service Electric &
Beginning Nov. 1, the new issue is to be offered under the ownership plan, Gas Co. in exchange for the stock of the merging companies as follows:
V. 121, p. 1570.
Shares.
Par Value. Amt.ofNotes.
_ 351
$17,550
$17,550
Bonds.— The trust certifs. bore 2% int. (dating from June 1 1903) the first Burlington Electric Light & Power C o_
41,400
41,400
two years, 2 A % the third year, and increased by A % each following year Citizens Elec. Lt., Ht. & Power C o_____ 1,656
175,000
175,000
until 6% was reached in the tenth year, which is the rate now paid. See Middlesex Electric Light & Power C o___ 1,750
367,500
367,500
V. 80, p. 164. The following shows the terms upon which the stocks of the Morristown Gas Light C o______________ 7,350
25,000
25,000
constituent companies were exchanged for the trust certificates. The Nichols El. Lt. & Pow. C o., Nutley, N . J. 500
Princeton Light, Heat & Power C o_____ 2,450
122,500
122,500
stocks acquired are pledged as security for the trust certificates.
Weehawken Contracting C o., com m on-.l,400
70,0001
41,050
New Total Ctfs.
do
do
do preferred.. 821
41,050)
Total
Total
Certifi- if all Stock
The entire
with the exception of 8
Deposited. cates. Exchanged. shares of the capitalo stocks of these companies, Power Co., were owned
Stock.
stock f Princeton Light, Heat &
40% $ 6 ,000,000 by Public Service Corp. of N. J. V. 119, p. 3011. For histories as separate
.$15,000,000
♦Jersey City Hoboken & Patorganizations of Public Service Elec. C o., Public Service Gas C o., United
. 20,000,000 19,984,600 35%
7.000.
000
Electric Co. of N . J., and above-mentioned leased cos. merged, see “ Electric
900.000 Railway” Supplement of April 26 1924.
. 3,000,000
3,000,000 30%
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
. 1,000,000
995,000 30%
300.000
Co.
. 20,000,000 19,736,800 30%
6.000.
000 serves with electricity and gas a population in New Jersey estimated
at over 2,600,000, or over 80% o f the population of the State. The territory
served includes the larger cities and more populous sections o f the State.
The territory extends from the Hudson River opposite New York City,
♦N ow merged in Public Service Railway C o., which see below, x In southwest across the State to the Delaware River opposite Philadelphia,
1924 the United Elec. Co. com. was exchanged for alike amount o f 7% pref.
Jersey
Paterson, Trenton, Camden,
stock o f the Public Service Gas & Elec. Co. and the Public Service Corp. and includes Newark,Passaic, City, Oranges, Perth Amboy, WestElizabeth,
Hoboken,
the
Hoboken
agreed to pay to the trustee for the perpetual interest-bearing certifs. the Bayonne, Brunswick.
and New
sum o f $197,368 annually as a sinking fund to be applied to the purchase of
The company’s electric
as o f Dec.
generating
the certifs. at not more than 110%, the certifs. so purchased to be held stations with an aggregatesystem capacity o f 31 1924 included 141,061 miles
rated
over 550,000 h.p.,
alive for the benefit of the sinking fund and int. thereon added to the of transmission lines and 27,804 miles of distribution wire, serving over
amount o f the fund pending their eventual retirement when all have been 525,500 electric customers. Its gas system included 10 generating plants
acquired. If certifs. cannot be purchased at or below 110, the unexpended with an aggregate capacity of 81,950,000 cubic feet daily and 3,648 miles
balance in the sinking fund can be returned to the corporation.
mains, serving over 643,050 gas customers.
The trust deed provides that the stocks pledged shall not be used so as to of Franchises.— With
the franchises under
increase the capital stock o f any o f the companies nor create any new company operates are,minor exceptions,counsel for the company,which the
in the opinion of
perpetual
liens upon the respective companies except to take up existing debt of any and contain no burdensome restrictions.
such company or o f underlying or subsidiary companies.
Valuation.— The property of the co. and its leased cos. (not incl. any of
The 20-yr. secured bonds are secured by pledge with trustee of 4,283,334 that leased from the Public Service Electric
shares o f com. stock e f the Public Service Elec. & Gas Co. and indenture property leased from Public Service R y.) was Power Co. or the electrical
valued by Day &
provides that not less than 2-3 o f the com. stock o f Public Service Elec. mann, Inc., engineers, as of Jan. 1 1924, at over $245,000,000. ZimmerY. 119,
& Gas Co. at any time outstanding shall always be pledged thereunder. p. 589.
Against the 4,283,334 shares now pledged $21,400,000 bonds of the 6%
In June 1925 the New Jersey P, U. Commission authorized the company
series due 1944 may be issued. $20,000,000 are at present outstanding. to issue $2,500,000 first and ref, mtge. gold bonds, due 1965, at 93A and
Bonds may be issued in any other series to an amount not exceeding $10,additional
700,000 against pledge of the remaining 2,141,666 shares of such common int., and 750,000application shares o f common stock, no par value, at $10
The
for the
o
o f 6% cum.
stock owned by the Public Service Corp., and to an amount not exceeding per share. and 1,000,000 additional issuance f f 50,000 shares was held up
common stock
50% o f the cash realized by Public Service Electric & Gas Co. from add’l pref. stock investigation. V. 120, p. shares o In Oct. 1925 the Commission
3316.
com. stock thereafter issued and pledged. Bonds may be issued also to for further issuance of 1,000,000 common shares at $10 per share. V. 121,
refund bonds o f any outstanding series par for par. Future issues m ay be granted the
in one or more series in such amounts and bearing such rates of int. and p. 2039.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
having maturity dates and such other provisions within the limitations of
________ 7,675,000shs__________
the indenture as the board o f directors o f the corporation may from time Com 20,000,000 shs (no p a r ) . ____
$20,000,000 Sept '25, \M
7%
to time determine. 6% ser. due 1944 has sinking fund which provides P f 7% cum $20,000,000($100)...........
for semi-annual payments on M ay 1 and N ov. 1 in each year beginning Pref 6 A % cum $10,000,000
None __________
May 1 1925 o f a sum equal to A o f 1% o f the total amount of bonds of
($ 100)--------------------------------------6A %
this series outstanding, the moneys to be applied by the trustee to the Preferred 6% cum $70,000,000
15,000,000 Sept ’2 5 ,1 A
($100) 1925 series_________ _____
6 Q-M
purchase o f bonds o f this series at or below the redemption price existing
26,586,000 Oct 1 1959
5A%
ail the next ensuing int. date, or, if not so purchasable, to their call by lot 1st & ref M 5 A % ser due ’591 1924
5 A % ser due 1964________ ) 1924
5 K g A - 0 15,0d0,000 Oct 11964
at such redemption price on such int. date; all bonds so purchased or re
(S500&S1,000c*&$l ,000 &c. |Fidelity Union Tr. C o., Newark, N . J., Trus.
deemed by the sink. fd. are to be held alive and int. thereon added to the
r*) gold________________ tfj
fund. Red., all or part, at any time and for the sink. fd. on any int. date.
Oct., 1925.]
POWER, LIGHT AND RAILW AY
If STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Un El Co 1st M $20,000,000 g ) 1899
4 g J-D
18,617,500 June 1 1949
($500 and $1,000)...c * n t f/I n t . at N. J. Title Gu. & Tr. C o., J. C ., Trus.
Con Lt Heat & Pow $1,000,-) 1898
5 g J-D
308,000 June 1 1938
000 ($500) gold_________ tf /Int. at N. J. Title Gu. & T r.C o ., J. C ., Trus.
Nor Hudson Lt Heat & Pow) 1898 5 g A-O
367,000 Oct 1 1938
$2,000,000 ($1,000)_____tf/I n t. at N. J. Title Gu. & Tr. C o., J. O ., Trus.
Pub Serv Elec Co equip t r u s t ] ____
8 F-A
650,000
See text
certfs Series “ A ” _________ (Philadelphia Trust C o., Phila.. trustee.
Pub Serv Gas Co 6% notes_ [ ____
_
6 F-A
182,000
See text
\Int. at Union Trust C o., Pittsb., trustee.
Weehawken Contr Co 1st M l 1908 6 g F-A 20
30,000 Feb 20 1928
_
$30,000 gold ($250)_ c* tf flnteres at Weehawken Trust Co., trustee.
Princeton L H & P 1st ref M
1909 5 g F-A
121,600 Feb 1 1939
$250,000 gold s f ($100,{in t. at Equitable Trust C o.. N. Y .. trustee.
$1,000 orfra c)________ c* tf )
Middlesex Elec Lt & Pr 1st M 1 ____
5 J-J
181,000 Jan 11955
$200,000_________________ /Fidelity Union Trust C o., trustee.
Real estate mortgages________ _____
_______
1,450,760 ---------------Stock.— All the com. stock is held by the Public Service Corp. of N. J.
6% pref., 1925 series, is red. all or in part on any div. date after 3 years
from date of issue thereof, upon 30 days’ notice at 110 and divs. Penna.
4[mills tax refunded. Listed on N . Y . Stock Exchange. V. 120, p. 1328.
In Jan. 1925 Drexel & C o., Phila., and Bonbright & C o., Inc., N . Y .,
offered $15,000,000 6% pref., 1925 series, at 95 and div., to yield 6.32%.
V.|120, p. 332.
Bonds.— 1st & ref. mtge. will be secured by lien upon all the mortgageable
property o f the co., and all underlying bonds and bonds and stocks of
leased companies (now or hereafter owned). $31,834,000 5 \4% ser. due
1959 were issued in exchange for a like amount of Public Service Corp. of
N. J. gen. mtge. 5% bonds outstanding in the hands o f the public. The
5M % series due 1959 has been closed and $5,248,000 have been retired,
leaving $26,586,000 outstanding as shown in table above. Sinking fund
o f $300,000 a year (payable $150,000 J-J), applicable to the 5j^% series
due 1959 beginning Jan. 1 1925, should retire all o f said bonds before their
maturity. Listed on N . Y . and Phila. stock exchanges. V. 119, p. 1180,
1291.
5M % ser. due 1964 have sink, and impt. fund which provides for semi
annual payments beginning July 1 1925 at the rate o f
o f 1% of the total
amount o f bonds o f this series theretofore issued, the moneys to be used
for add'ns and impts. or for the purchase or redemption and cancellation
o f bonds o f this series. Red., all or in part, upon 30 days’ notice at the
following prices and int.: To Sept. 1 1929 at 105: on and from Sept. 1 1929 to
Sept. 1 1934 at 104: on and from Sept. 1 1934 to Sept. 1 1939 at 103: on
and from Sept. 1 1939 to Sept. 1 1944 at 102: on Sept. 1 1944 at 101H , and
thereafter at 101 l less Y o f 1 % for each full year elapsed to Sept. 1 1947,
A
on and from Sept. 1 1947 to Sept. 1 1948 at 100 M. Subsequent to Aug. 31
1948 they will be red. at par. Co. will agree to reimburse the holders of
5 H % ser. due 1964 bonds for the Penna. and Conn. 4 mills and M d. 4 Y
mills taxes and for the D. o f C. personal property taxes not exceeding 5
mills per dollar per annum, and for the Mass, income taxes on the int. of
the bonds not exceeding 6% of such int. per annum. Listed on N . Y . Stock
Exchange. V. 119, p. 3011. Drexel & Co. and Bonbright & C o., Inc.,in
Sept. 1924 offered $15,000,000 1st & ref. mtge. 5 l % series due 1964 at
A
96b£ and int., to yield over 5.70% . V. 119, p. 1405.
Int. on 1st mtge. 4s o f United Electric Co. o f N. J. is guaranteed by
Pub. Serv. Corp., which also agrees to provide for payment of prin. by
extension, refunding or otherwise. V . 90, p. 114. United Elec. Co. of
N. J. 1st mtge. bonds are reserved to retire Cons. L t., Ht. & Pow. and
North Hudson Lt., Ht. & Power bonds. In addition to $367,000 North
Hudson Lt., Ht. & Pow. Co. bonds above $1,633,000 are deposited under
United Elec. Co. of N . J. mtge. In addition to the above there are $115,000
Con. Lt., Ht. & Pow. bonds in hands of trustee (unissued) and $577,000
are deposited under United Elec. Co. of N . J. mtge.
Public Service Electric Co. equip, trust ctfs. Ser. “ A ” are due $65,000
each Feb. 1 and Aug. 1.
Public Service Gas Co. 6% notes are due $18,000 each month to and incl.
July 1 1926 and $20,000 Aug. 1 1926.
EARNINGS.— Of Public Service Electric and Gas Co., Public Service
Electric Co. and Public Service Gas Co:
Combined Income Account for the Twelve lonths Ending Dec. 31 1924.
Operating revenues— Electric department_________ $34,889,633
Gas department_______________________________ 24,542,644
---------------- $59,432,276
Operating expenses— Electric department_________ $12,874,782
Gas department_______________________________ 12,166,265
---------------- $25,041,047
Maintenance—Electric department________________ $3,143,198
Gas department_______________________________
1,744,157
----------------- 4,887,355
Taxes— Electric department____________$3,255,836
Gas department____________________ 2,780,167
---------------- 6,036,003
Amortization charges— Elec, dept_____ $4,022,498
Gas department____________________ x l ,200,958
---------------- 5,223,456
Oper. revenue deduc’ns— Elec, dept___$23,296,313
Gas department____________________ 17,891,548
---------------Operating income— Electric dept______ $11,593,319
Gas department____________________
6,651,095
---------------Non-operating revenue________________
$870,207
Non-operating revenue deductions________________ 29,960
41,187,862
$18,244,414
Non-operating income-----------------------------------------------------------
840,247
Gross income------------------------------------------------------ ^___________$19,084,661
Income deduc’ns (bond int., rentals & miscell. int. charges).. 7,906,877
Net income-----------------------------------------------------------------------$11,177,784
Appropriation accts.— Adjust, of sur. acct. (excl. of divs.) (debit) *1,567,380
Divs. on outst’g stocks— Paid to P. S. C. of N. J.:
Common capital stocks_________________________$7,649,911
7% cumulative preferred capital stock__________
698,987
Paid to unaffiliated interests:
Common capital stocks_________________________
7 % cumulative preferred capital stock________
$8,348,898
89
1,013
----------------
8,350,000
Net increase in surplus_____________________________________ $1,260,405
x Includes $208,077 Camden Coke Co. amortization. * Includes charge
to surplus o f $1,710,512 in connection with financial reorganization and
credit to surplus of $74,169 from intercompany sale of real estate.
For sales 6 mos. end. June 30 1925, see V. 121, p. 1463.
OFFICERS.— Pres., Thos. N . McCarter; V.-Ps., Percy S. Young.
Edmund W . Wakelee, Dudley Farrand, John L. O’Toole, Edgar Allegaert
Henry D. Whitcomb and George Barker; Sec., Chas. M . Breder; Treas.,
T . Wilson Van Middlesworth.— V. 119, p. 2288, 2531, 2880, 3011; V. 120,
p. 88, 332, 829, 959, 1328, 1587, 3316; V. 121, p. 1463, 2039.
PUBLIC SERVICE ELECTRIC POWER CO.
Organized in April 1923 and is to construct a steam electric power plant
near Newark, N . J., with an initial installed capacity o f 200,000 h. p. The
new plant will be leased to the Public Service Electric Co. (now Public Ser
vice Elec. & Gas Co.) for 999 years.
C A PITALIZATION .— Stock.— Common, auth., 1,000,000 shares; out
standing, 300,000 shares. Pref. 7% cum ., auth., $20,000,000; outstanding,
$6,000,000. Bonds.— 1st mtge. 6% , dated April 1 1923, due April 1 1948;
auth., $15,000,000; outstanding, $14,000,000. Complete description of
these issues will be found in V. 116, p. 1659, 1770; V. 117, p. 97, 1463, 1564;
V . 118, p. 804, 1531.
CINNAMINSON ELEC. LT., PR. & HTG. CO. OF RIVERTON, N. J.
ORGAN IZATION .— Incorp. N ov. 28 1892 and leased to Public Service
Elec. Co. (now Public Service Elec. & Gas Co.) April 1 1914 for 46 years at
a rental consisting o f the amount necessary to maintain the corporate or
ganization o f the lessor , the interest on bonded indebtedness of lessor,
and $100 per annum, payable each April 1.
75
All stock ($50,000 auth. and $20,000 outstanding) and bonds ($40,000)
owned by Riverside Traction Co.
BORDENTOWN ELECTRIC CO.
ORGANIZATION.— Incorp. M ay 28 1912 and is leased to Public Servic*
Elec. Co. (now Public Service Elec. & Gas Co.) April 1 1914 for 46 years
for $100 per annum and amount necessary to maintain corporate organiza
tion of the lessor. All the $50,000 auth. and outstandmg stock of thifl
company is owned by the Riverside Traction Co. No bonds.
ESSEX & HUDSON GAS CO.
O RGAN IZATION .— Incorp. in N ov. 1898 in New Jersey and on Dec. 1
1898 assumed the lease of Newark Consol. Gas Co. to United Gas Improve
ment Co. for 999 years from Dec. 1 1898. Essex'& Hudson Gas Co. was
leased to Public Service Corp. for 900 years from June 1 1903 and lease
assigned Oct. 1 1909 to Public Service Gas Co. (now Public Service Elec. &
Gas C o .). Under lease, div. rate is now 8% per annum. Stock authorized
and outstanding, $6,500,000. V . 67, p. 1002, 1160; V. 107. p. 406.
NEWARK CONSOLIDATED GAS CO.
ORGANIZATION.^—
Incorp. N ov. 30 1898 in New Jersey. Consolidation
of Newark Gas C o., Montclair Gas & Water C o., Summit Gas Light C o.,
People’s Gas Co. of Irvington and Clinton Gas Co. Owns entire capital
stock of Orange Gas Light Co. and practically all the stock of The East
Newark Gas Light Co. Leased all its property to United Gas Improvement
Co. of Philadelphia, Pa., for 999 years from Dec. 1 1898, and on same data
lease was assigned to Essex & Hudson Gas Co. and by last-named c$, to
Public Service Gas Co. (now Public Service Elec. & Gas Co.) Oct. 1 1909.
Lease provides for payment of all fixed charges and divs. on stock commenc
ing 14% July 1 1900 and increasing Yi % yearly until 5% was reached in
1910; since, 5% per annum.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $6,000,000 ($100)___________
_________ $6,000,000
See text
Newark Cons Gas cons mtge) 1898
5 g J-D
6,000,000 Dec. 1 1948
$10,000,000g($l,000)c*ntf flnt. at Fidelity Union Tr. Co., Newark, trus.
Newark Gas 1st M $4,000,0001 1895
6 Q-J
3,999,700 April 1 1944
($100, $500 & $ l,0 00)_c*tf/In t. at Fidelity Union Trust C o., Newark.
Bonds.— Of the $10,000,000 Newark Cons. Gas bonds, $4,000,000 are
reserved to retire bonds of Newark Gas Co.
THE EAST NEWARK GAS LIGHT CO.
This company was leased to Public Service C orp. for 999 years from Sept.1
1909 for annual rental of 6% on stock, and lease assigned Oct. 1 1909 to
Public Service Gas Co. (now Public Service Elec. & Gas C o.).
ORGANIZATION.— Incorp. in New Jersey. Stock $60,000 ($25), aU
out; no bonds. All of the stock (except directors’ shares) is owned by Essex
& Hudson Gas Co. and Newark Consol. Gas Co.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS —
Operates in Harrison, Kearney, Arlington, North Arlington and E . Newark.
HUDSON COUNTY GAS CO.
This co. was leased to Public Service Corp. for 900 years from June 11903.
Oct. 1 1909 lease was assigned to Public Service Gas C o. (now Public Service
Elec. & Gas C o.). Under lease div. rate is now 8% per annum.
ORGANIZATION.— Incorp. in New Jersey in Oct. 1899, and is a con
solidation o f the various gas plants in Jersey City and Hoboken.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Controls all gas plants in Jersey City, Hoboken and Bayonne, and the gas
distribution system throughout Hudson County.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_________ $10,500,000 ___________
Stock $10,500,000 ($100)__________
First mortgage $10,500,000) 1899
5 g M -N
10,500,000 N ov. 1 1949
g old __________________n tf/N .J .T itle G u. & T r . C o ., Jersey C ity, trustee.
— Y . 78, p. 770; V. 84, p. 1555; V . 107, p. 407.
RIDGEWOOD GAS CO.
ORGANIZATION.— Incorp. April 24 1900. Is leased to Public Service
Gas Co. (now Public Service Elec. & Gas Co.) for 999 years from July 1 1910
at rentals of $2,000 per annum. All the outstanding bonds were acquired
by the Public Service Electric & Gas Co. on M ay 1 1925.
THE PATERSON & PASSAIC GAS & ELECTRIC CO.
This co. was leased to Public Service Corp. for 900 years from June 1 1903.
Under lease, div. rate was gradually increased and is now 5% per ann. In
Oct. 1909 gas part of lease assigned to Public Service Gas Co. and in July
1910 electric part of lease assigned to Public Service Electric Co. These
two cos. consolidated in 1924 and now known as Public Service Elec.&GasCo.
ORGANIZATION.— Incorp. Feb. 28 1899. Is a consolidation of the
various gas and lighting properties of Paterson and Passaic.
Public Service Elec. & Gas Co. owns $269,700 o f the stock, which is
pledged under its first & ref. mtge.
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity.
Stock $5,000,000 ($100)___________
J-D
$5,000,000
..........
Consol mortgage $5,000,000/ 1899 5 g M-S
4,099,000 M ar. 1 1949
gold ($1,000)_______ c*n tf j Int. at First Nat. Bank, Paterson, or First
( National Bank, New York.
Edison Electric Ilium 1st) 1895 5 g J-J
585,000 July 11925
mortgage $600,000___ ntf/Paterson National Bank, trustee.
Passaic Lighting Co consol] 1895 5 M -N
316,000 M ay 1 1925
mtge $450,000----------------- 1
Bonds.— Of the new $5,000,000 mtge. of 1899. $901,000 is reserved for
underlying liens. The bonds are not subject to call. Of the amount re*
ported outstanding, $50,000 owned by Public Service Elec. & Gas Co.
The Paterson National Bank is trustee.— V. 107, p. 403.
The bonds of Passaic Lighting Co. and Edison El. Ilium. Co. are still a
lien against tbe property, as they have not been cancelled by the trustee.
Both issues are owned by Public Service Electric & Gas Co.
SOMERSET UNION & MIDDLESEX LIGHTING CO.
ORGANIZATION.— Incorp. in New Jersey on Dec. 1 1903 in the interest
of Public Service Corp. as a consolidation of Somerset Lighting Co. of Som
erville, N . J.; Plainfield Gas & Elec. Lt. Co. of Plainfield N. J., and Citizens’
Elec. Co. of North Plainfield (V. 78, p. 107). On Dec. 30 1903 Central Elec.
Co. was also merged in the same. Public Service Elec. & Gas Co. owns
$422,400 of the stock, $573,700 Som. Un. & M id. Ltg. bonds, $21,000
Somerset Ltg. Co. 1st 5s and $20,700 Central Elec. Co. 5s, all of which are
pledged under its first & ref. mtge.
LEASE.— The co. was leased to Public Service Corp. for 900 years from
Dec. 31 1903 on the following terms, viz.: All interest, expenses and taxes
to be paid by Public Service Corp., and, as rental, a div. on the stock accru
ing as follows: From Dec. 1 1905, 1 %; Dec. 1 1906, 1 \4 %: Dec. 1 1907, 2% ;
Dec. 1 1908, 2 \4%\ Dec. 1 1909, 3% ; Dec. 1 1910, 3 'A%\ Dec. 1 1911 and
thereafter, 4 % . So much of lease as relates to manufacture and distribution
of gas has been assigned to Public Service Gas Co.; remainder o f lease apply
ing to electric properties has been assigned to Public Service Electric Go.
These two companies were consolidated in 1924 and now known as Public
Service Electric & Gas Co.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
J-D
$1,050,000 See text
Stock $1,050,000 ($100)___________
Somerset Un & Mid Lt Co M ) 1903
4 g J-D
1,974,809 Dec 1 1943
$2,750,000 ($1,000) g .c* n tf/In t. at Fidelity Union Tr. C o., Newark, trus.
Underlying Bonds Assumed—
Plainfield Gas & Elec Light) 1900
5 A-O
500,000 April 1 1940
gen intge $500,000______tf/Guaranty Trust C o., New York, trustee.
Somerset Lighting Co first) 1899
5 F-A
150,000 Feb 1 1939
mortgage $150,000---------tf/Fidelity Union Trust C o., Newark, trustee.
Cent Elec con nowlstM $750,-) 1900
5 g J-J
750.000 July 1 1940
000 ($500 & $1,000) g _c*.tf/In t. at Fidelity Union Tr.Co..Newark, trus
Bonds.— $1,128,809 of the 1903 bonds have been issued in exchange for
the stocks of the companies consolidated and $846,000 for extensions and
improvements; $56 is reserved for Central Electric stock not yet acquired
(the company having previously obtained the remainder of the $750,000
total stock of that company), $775,000 to retire the underlying bonds and
$125 for future additions and improvements. No sinking fund, and bonds
cannot be called.
Central Electric bonds are subject to call at 110 and interest— V . 78. V.
107; V . 107, p. 84.
76
PUBLIC UTILITIES
SOUTH JERSEY GAS, ELECTRIC & TRACTION CO.
This company was leased to Public Service Corp. for 900 years from
June 1 1903 (at a graded rate o f dividend, the maximum o f 8% per annum
having been reached in the sixth year), and on Oct. 1 1909 so much of the
lease as relates to the manufacture and distribution o f gas was assigned to
the Public Service Gas C o., and its electric business was leased to Public
Service Electric Co. (these two companies were consolidated in 1924 and
are now known as Public Service Electric & Gas C o.): its traction business
is leased to the Public Service R y. Co. Public Service Elec. & Gas Co
owns $3,507,000 o f South Jersey Gas, Electric & Traction 1st mtge. 5s,
which are pledged under its first & ref. mtge.
ORGAN IZATION .— Incorp. Aug. 31 1900 to bring under one control the
gas, electric light and trolley interests in Southern New Jersey.
Also owns the entire capital stock ($600,000) o f the Camden Gloucester
&)W oodbury R y., which has been leased to Public Service R y. Co.
In Oct. 1925 the Guaranty Trust Co. o f New Yorkwas appointed trustee,
paying agent and registrar o f an authorized issue o f $2,000,000 10-year
sinking fund gold debenture bonds. Y. 121, p. 1790.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $6,000,000 ($100)___________
J-D
$6,000,000
See text
First mtge $15,000,000 gold( 1903
5 g M-S
12,994,000 Mar 1 1953
($1,00 0)---------------- c * n t f/lin t , at Fidelity Union Tr.Co..Newark,trust.
Trenton Gas & Elec 1st mtge( 1899
5 g M-S
1,998,000 Mar 1 1949
$2,000,000 gold ($ l,0 0 0 ).tf/ln t. at Equitable Trust Co., N . Y ., trustee.
Bonds.— Of the new $15,000,000 issue, $2,006,000 are reserved to retire
prior liens. N o sinking fund and bonds cannot be called.— V . 76, p. 332,
1144, 1250; V. 178, p. 1449; V. 86, p. 1530; V. 95, p. 1685: V. 105, p. 1314;
V. 121, p . 1790.
NEW BRUNSWICK LIGHT, HEAT & POWER CO.
H ORGA N IZA TIO N .— Incorp. in New Jersey on Dec. 7 1899. Owns all
E
the stock o f The Gas Light Co. o f New Brunswick, except directors’ shares.
Interest on bonds is paid by Public Service Gas Co. (now Public Service
Electric & Gas Co.) through lease o f The Gas Light Co. o f New Brunswick.
See latter company below.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $500,000 ($100)______________
J-J
$400,000
See text
First mortgage $500,000 gold/ 1899
4 g J-D 15
500,000 Dec 15 1939
($500 and $1 ,0 0 0 )_ c* n tf (in t. at Fidelity Union T r . C o., Newark, trus.
_
(a) THE GAS LIGHT CO. OF THE CITY OF NEW BRUNSWICK.
ORGAN IZATION .— Incorp. on March 18 1851. Stock authorized and
outstanding, $400,000, all owned by New Brunswick Light, Heat & Power
C o. except directors’ shares. Was leased to the Public Service Corp. for
900 years from Jan. 1 1905 (June 1 1906 lease assigned to South Jersey Gas,
Electric & Traction C o .), rental being payment of interest on bonds of New
Brunswick Light, Heat & Power Co. and dividends on stock of Gas Light
C o. o f City of New Brunswick, as follows: 2% in each o f the years 1905 and
1906, 2 )4% in 1907 and 1908, 3% in 1909 and 1910, 3)4% in 1911, 4% in
1912, 4)4% in 1913 and 5% in 1914 and thereafter. The company is now
controlled by Public Service Gas Co. (now Public Service Electric & Gas
Co.) by reason o f assignment of lease o f gas properties o f South Jersey Gas,
Electric & Traction Co.
GAS & ELECTRIC CO. OF BERGEN COUNTY.
Lease.— Was leased to the Public Service Corp. for 999 years from Jan. 1
1905. Dividends are 2% for first two years, 2)4 % for the next year, 3%
for the next two years, 4 % for the next four years and 5 % thereafter. O ct. 1
1909 so much o f lease as relates to manufacture and distribution of gas
was made over to Public Service Gas Co., and in July 1910 lease of electric
properties was assigned to Public Service Electric Co. These two com
panies were consolidated in 1924 and now known as Public Service Elec
tric & Gas Co.
ORGANIZATION.— Incorp. M ay 31 1899. Is a consolidation of several
small gas and electric light companies. Public Service Elec. & Gas Co.
now owns $1,846,000 o f gen. mtge. N o. 2 bonds, which are pledged under
its first and refunding mortgage.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Stock $2,000,000 ($100)______ _____
_______
$2,000,000
See text
Gen mtge No 1 $5,000,000/ 1904
5 g M -N
38,000 N ov 1 1954
gold ($1,000)----------------tf(Equitable Trust Co.. New York, trustee. '
General mortgage N o. 2 $5,-/
1904 5 M -N
3,462,900 N ov 1 1954
000,000________________ tf (Fidelity Union Trust C o., Newark, trustee.
Consolidated mortgage $1,-/ 1899
5 g J-D
1,443,000 June 1 1949
500,000 gold_________n tf (Fidelity Union Trust C o., Newark, trustee.
Englew G & El 1st m tg e-_n tf.
1899 5 J-J
23,000 Jan 1 1939
Hack Gas & El gen m tg e .n tf.
1895 5 J-J
10,000 July 1 1935
Hack G L 1st M ($1,000) c n t f.
1894 5 J-J
24,000 July 1 1934
Bonds.— Of the general mortgage for $5,000,000. $1,538,000 is reserved to
retire prior liens. The gen. mtge., o f which the Equitable Trust Co. is
trustee, was superseded by the similar mtge. of which the Fidelity Union
Trust Co. is trustee. V . 106, p. 1130.
PUBLIC SERVICE R A ILW AY CO.
(.See map on pages 72 and 73.)
Controlled by Public Service Corporation through ownership of all but
26 shares of stock. No lease.
Receivership Denied.— On Oct. 2 1923 Vice-Chancellor Backes in the
Chancery Court at Newark refused to appoint a receiver for the company
on petition o f a stockholder. V . 117, p. 1557. Compare Y . 117, p. 1129.
ORGANIZATION.— Organized Aug. 20 1907 as a consolidation of the
North Jersey Street R y. C o., Jersey City Hoboken & Paterson St. R y. Co.
and United St. R y. Co. o f Central Jersey. V . 85, p. 406. For basis of ex
change o f stocks o f these companies for stock o f new company, see “ Electric
Railway” Supplement for Sept. 1915. North Jersey St. R y. in Jan. 1898
absorbed the Newark & So. Orange. The Jersey City Hoboken & Paterson
was a consolidation in N ov. 1899 o f the following: Jersey City Hoboken &
Rutherford Elec. R y. C o., Palisades R R . C o., Paterson Central Elec. Ry.
C o ., Paterson Horse R R . C o., Paterson Passaic & Rutherford Elec. Ry.
C o., Saddle River Trac. C o., White Line Trac. Co. (formerly the New Jer
sey Elec. R y. C o .). In 1901 it absorbed Paterson R y. Co. and North
Hudson County R y. Co. United Street R y. Co. of Central Jersey was a
consolidation in July 1907 o f Elizabeth Plainfield & Central Jersey R y. Co.
(which was chartered in 1900 as a consolidation o f Plainfield St. R y. Co.
and other companies) and Elizabeth & Raritan River Street R y. Co. (which
was a consolidation on April 30 1904 of Middlesex & Somerset Trac. Co. and
East Jersey St. R y. Co., which latter company had previously absorbed
Raritan Traction Co.. Perth Amboy R R . Co. and East Jersey Trac. C o .).
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Owns (including Public Service Railroad) 530.834 miles first main track,
298.161 miles 2d main track and turnouts and 59.277 miles of connections,
loops, yard track, &c. Total, 888.272 miles o f track, 399 open and 1,897
closed cars.
Passengers carried in 1924, 507,212,087 (of which 427,828,444 trolley
and 79,383,643 bus passengers), against 356,146,992 in 1923 (of which
354,194,933 trolley and 1,952,059 bus passengers).
Saleof Newark Terminal Authorized.— In M ay 1924 the co. sold its Newark
terminal to the Public Service Corp. for $2,500,000 and the assumption
o fa $5,000,000 mortgage. Compare V. 118, p. 2706.
Public Service R y. leases Consolidated Traction C o., South Orange &
Maplewood Traction C o., Bergen Turnpike C o., Orange & Passaic Valley
R y. C o., Camden & Suburban R y. C o., Camden Gloucester & Woodbury
R y. C o., New Jersey & Hudson River R y. & Ferry Co. and Riverside
Traction C o., which companies see below. Also owns all stock of People’s
Elevating Co.
Completed in 1912 a terminal station at Sip Ave., Jersey City, connect
ing with the Penn. R R . station and also with the tunnel station there.
A terminal station at Hoboken connecting with the D. L. & W . R R .
station, and also with tunnels terminating there, was completed in M ay 1910.
Sale of Bergen Turnpike.— See Bergen Turnpike Co. below.
Rate Decision.— See V . 113, p. 2706, 2950.
Valuation.— For summary o f valuation by Ford, Bacon & Davis, engi
neers, N . Y ., fixing reproduction cost as o f Jan. 1 1921 at $125,000,000, see
V. 112, p. 1742. Compare V . 112, p. 1867; V. 113, p. 293, 418. Compare
appraisal o f $170,000,000 by Prof. Henry C. Anderson in V. 114, p. 1409.
See report of Special Master to Court in V. 116, p. 2767; also V. 117, p.
88; V. 118, p. 2706.
In Apr'l 1924 the company applied to the New Jersey P . U. Comm, for
auth.t" hange par value o f stock from $100 to no par. V. 118, p. 1912.
[V ol. 121,
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
_______
365,625 s h s . __________
Stock 500,000 shs. no par__________
Car trust ctfs Series “ D ” ______ f 1917 5 M -N
176,000
Seetext
(Int. at Phila. Trust Co., Phila., trustee.
7)4 F-A
420,000 ___________
Car trust ctfs Series “ E ” _____I 1920
(Bankers Trust C o., trustee.
Car trust ctfs Series “ F ” _______/ 1923 6 M -N
320,000
Seetext
(Fidelity Union Tr. Co., Newark, N .J.,trus.
Real estate mortgages________ _____
_________
299,435 ___________
Car Trust Certificates.— Series “ D ” certificates are secured on 150 cars and
mature $44,000 s.-a., M ay 31 and N ov. 30. Ser. “ E ” are secured on equip,
costing $2,434,000 and are guar. prin. & int. by the Public Service Corp. of
N. J. They mature $140,000 semi-ann. since Feb. 1 1922 to Aug. 1 1925,
and $42,000 semi-ann. thereafter to Aug. 1 1930. V. 113, p. 1361. Series
“ F ” are secured on 50 double-truck double-end passenger cars and are
payable $20,000 M ay 1 and N ov. 1 each year with premium of 234% to
and incl. M ay 1 1928; premium reduced 34% from May 2 1928 and 34 %
each M ay 2 thereafter. Are guar. prin. and int. by P. S. Corp. o f N . J.
SECURITIES OF NORTH JERSEY STREET R Y .
Date. Interest. Outstanding, daturity.
First mortgage $15,000,000 f 1898
4 g M -N $15,000,000 M ay 1 1948
gold ($1,000 each)______t f 3Bankers Trust Co., New York, trustee.
(int. at Fidelity Union Tr. C o., Newark,N.J.
Of the 1st mtge. bonds, $7,230,000 are owned by Public Service Elec. &
Gas Co. and pledged under its 1st & ref. mtge.
SECURITIES OF JERSEY C IT Y HOBOKEN & PATERSON ST. R Y .
Date. Interest. Outstanding,
daturity.
Jersey City Hoboken & Pater-f 1899
4 g M -N $14,061,000 N ov 11949
son 1st mtge gold $20,000,-{Interest at New Jersey Title Guarantee &
000 ($1,000)________ c*n tf ( Trust C o., Jersey City, trustee.
Bonds of Constituent Cos.—
North Hudson County Ry f 1888
5 J-J
2,998,000 July 1 1928
consol (now 1st) mortgage I Int. at First Nat. Bank, Hoboken. S. B.
$3,000,000 _________ c*n tf
Dod, trustee.
North Hud Co R y impt mtge
$1,292,000 ($1,000)_____tf
Weehawken Extension M ort
gage $100,000-------------- n tf
Paterson Ry Con M (now 1st)
g $1,250,000 ($ l,0 0 0 )-.c .tf
Paterson R y 2d gen mortgage 1894
6 M -N
1,291,000 M ay 1 1926
$300,000 red at any time Int. at Fidelity Union Tr. Co., Newark,trus.
($500 and $1,000)____cn tf, 1895 5 F-A
100,000 Feb 1 1945
Fidelity Union Trust C o., Newark, trustee.
Bonds.— $5,939,000 J. C. H. & P. 1st 4s are reserved for prior liens.
1891
6 g $1,498,000 are owned by1 Pub.
1,250,000 June
1931
Of the J. C. H. & P. bonds outstanding, J-D
Irving Bank-Columbia Tr. C o., N .Y ., trust.
Service Corp.
I 1894 5 A-O
300,000 Oct 1 1944
The impt. mtge. bonds of the North Hudson County R y. were originally
(Fidelity Union Trust C o., Newark, trustee.
5s and expired M ay 1 1904, but were extended until M ay 1 1924. See
V. 78, p. 1392. See also V. 97, p. 1664, 1899. Were again extended at
maturity in 1924, this time to M ay 1 1926, and int. rate raised to 6% .
Extended bonds are red. on any int. date on 30 days’ notice at 101 and int.
Are guar. prin. and int. by endorsement of Public Service Corp. o f N . J.
V. 118, p. 2179.
The Weehawken Extension mtge. bonds were due Feb. 1 1915, but were
extended for 30 years. V. 100, p. 399.
The Paterson R y. 2d gen. M . 6% bonds fell due Oct. 1 1914, but were
extended for 30 years at 5 % . V . 98, p. 1993; V. 99, p. 1053. Red. April 1
1931 and on the first day of any succeeding Oct. or April by Public Service
R y. Co. in manner provided in mortgage.
SECURITIES OF UN ITED ST. R Y . CO. OF C E N TR A L JE R SE Y .
Bonds of Constituent Cos.— Date.
Interest. Outstanding.
daturity.
Eliz Plain & Cent Jer mtgef 1900 5 g J-D
$2,400,000 D ec 1 1950
$2,500,000 ($1,000) g c * n t fjI n t. at Fidelity Union Trust C o., Newark,
No s f & cannot be called I trustee.
Plainfield Street R y 1st m tge/ 1892
6% J-J
100,000 July 1 1942
($1,000)___________ c*n tf (Int. at Fidelity Union Tr. Co.,Newark,trust.
Elizabeth & Raritan River Stl 1904
5 g M -N
1,500,000 M ay 1 1954
R y gen M $3,500,000_ tf(Fidelity Union Trust C o., Newark, trustee.
_
Brunswick Trac M g ($1,000) ( 1896
5 g J-J
500,000 July 11926
Cannot be called___ c*ntf(F idelity Union Trust C o., Newark, trustee.
Middlesex & Somerset Trac g f 1900 5 g J-J
1,000,000 Jan 1 1950
M $l,500,000($l,000)c*ntf (Int. at Fidelity Un. Tr. C o., Newark, trustee
East Jersey 1st mtge $500,-/ 1904
5 g M -N
500,000 M ay 1 1944
000 gold guar p & i ______ tf (Perth Amboy Tr. C o., Perth Am b., trustee
Bonds.— Of the total issue o f Eliz. Plain. & Cent. Jer. R y . C o . bonds dated
1900, $100,000 is held to provide for like amount of Plainfield Street R y. Co.
bonds. See V. 71, p. 1310.
The$ 100,000 Plainfield St. R y. 1st mtge. 5% bonds originally fell due
July 1 1922, extended to July 1 1942 at 6 % . V. 115, p. 74. Annual
sinking fund $2,920.
Of Eliz. & Raritan River St. Ry. Co. gen. mtge. of 1904, $2,000,000
are reserved to retire prior liens. Pub. Serv. Corp. owns $154,000 Eliz.
Pi. & Cent. J'er. 5s and $274,000 Eliz. & Rar. River St. R y. bonds.
Dividends.— First div.— 2-3%— paid Dec. 31 ’08; in ’09, D ec., 2 % .
in ’ 10, 2% ; in ’l l , Dec., 1)4% : in ’ 12, Dec., 1 )4 % ; in ’ 13, D ec., 1 )4 % ’
in '14, Dec., 1 H % . Practically entire stock owned by Public Service
Corporation and dividends no longer reported.
OFFICERS.— Same as for Public Service Elec. C o., except that M . R .
Boylan is V.-P. in charge of operation.— V. 118, p. 1269, 1521, 1912,
2180, 2439, 2706, 2825, 2950; V. 110, p. 325, 456, 1734; V . 120, p. 1587.
(1) CONSOLIDATED TRACTION COMPANY.
Incorporated Mar. 15 1893. On June 1 1898 leased to North Jersey
Street R y. for 999 years, and lease has now passed to Public Serv. R y. C o.
V. 66, p. 1141. Validity of lease was affirmed in Feb. 1902 (V. 74, p. 380)
and again in Feb. 1903. V. 76, p. 382.
Dividends under lease are now 4% per annum.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Operates about 190 miles o f track, including the N . J. Traction C o., Newark
Passenger R y., J. C. & Bergen R R ., Passaic & Newark Elec. Trac. C o.,
J. C . Har. & K . R R . and Newark Plank Road, all of whose stocks are
owned.
Date.
Interest. Outstanding. Maturity.
STOCK AND BONDS—
J-J 15
$15,000,000
See text
Stock all paid in ($100)______ ____
Underlying bonds—see below. ____
_________
7,308,000 __________
First mortgage gold $15,000,-/ 1893
5 g J-D
15,000,000 June 1 1933
000 ($1,000)___________ tf\ Interest at Bankers Tr. C o., N . Y ., Trustee
The gold bonds of 1893 are secured not only by mortgage, but also by
deposit of $1,000,000 stock of J. C. & Bergen R R ., $161,625 stock of
Newark Plank Road C o., $6,000,000 stock Newark Passenger R y. and
$99,100 stock of Jersey City Harrison & Kearney R y. Co.
Stock, debts and mileage of the leased and controlled lines:
Miles.
Stock.
Funded Debt.
New Jersey Traction C o_______________None
$500,000
____
Newark Passenger R y _________________ 83
6,000,000
$6,000,000
Rapid Transit Street R y ______________12
504,000
500,000
Jersey City & Bergen R R _____________41)4
1,000,000
x258,000
Jersey City Harrison & Kearney R y _ 10
_
*100,000
________
Newark Plank Road__________________ 4 4-5
162,000
________
Passaic & Newark Electric Traction____10?i
1,000,000
550,000
Port Richmond & Bergen Point F erry._ _
_
4,000 shares
________
* On this $18,000 has been paid in. x Owned by P. S. Corp. of N . J.
(a) JERSEY CITY & BERGEN RAILROAD.
ORGANIZATION.— Controlled by Consolidated Traction C o., all the
stock being deposited as part security for the Traction Co. 1st mortgage.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Owns from Jersey City to Bergen Point, &c., total track, 41)4 miles.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_________ $1,000,000 f. p . _______
Stock_____________________________
Bonds.— The $258,000 4 )4 % bonds due Jan. 1 1923 (originally 7s, due
Jan. 1 1903) were purchased by the Public Service Corp. of N . J. at maturity
and are still a lien against the property. V . 115, p. 2905.
(b) NEWARK PASSENGER RAILWAY.
ORGANIZATION.— Incorp. June 16 1890. On July 29 1893 leased to
New Jersey Traction for 999 years, and so controlled by the Consolidated
Traction Co. o f New Jersey, N . J. Traction C o. having been leased to
Cons. Trac. Co. Jan. 2 1894 for 999 years. Charter said to be perpetual.
Oct., 1925.]
POWER, LIGHT AND RAILW AY
LEASE AN D R E N TA L.— Rental under the lease, $105,000 yearly.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.— An
electric railway. Embraces about 83 miles o f track.
STOCK A N D BONDS—
Par.
Interest. Outstanding. Maturity.
S tock.________ ______________ $100
Text
$6,000,000 Own.byO.Tr
Newark Pass R y 1st cons M r 1,000 5 g J-J
6,000,000 July 1 1930
1890 $6,000,000 gold__c*tf IN. J. Title Guar. & Trust C o., Trustee.
The $6,000,000 stock is all deposited as security for the Consolidated
Traction Co. first mortgage.
Interest on consol. 5s is payable at First National Bank, Jersey City.
The consols are guar. p. & i. by Consol. Trac. Co. and in Feb. 1895 the
guaranty was stamped on bonds. V. 59, p. 969; V. 81, p. 900.
(c) RAPID TRANSIT ST. RY. CO. OF THE CITY OF NEWARK.
ORGAN IZATION .— June 1 1893 leased to Newark Passenger R y . for
999 years, and included with it in lease to New Jersey Traction, and so
forms part o f Consolidated Traction system.
The 1st mtge. bonds were originally 5s and matured April 1 1921, but
were extended for 20 years at 8 % . V. 112, p. 1399.
STOCK, BONDS, E T C .— Par.
Interest. Outstanding .Last div.,&c.
Stock------------------------------- -------11H J-D 30 $504,000 See text
First mtge $500,000 g -.c * n t f [$1,000 8 g A-O
500,000 April 1 1941
Red. through sk fd at 105llnt. at Fidelity Union Trust C o., Newark, Tr
Dividends o f 11 H % yearly are guaranteed by the Newark Passenger and
New Jersey Traction companies upon the stock.
(d) PASSAIC & NEWARK ELECTRIC TRACTION CO.
ORGA N IZA TIO N .— Incorp. April 30 1895 and acquired all the $1,000,*
000 stock o f Passaic & Newark Electric Ry. Consolidated Traction Co
owns all the stock and guarantees the bonds.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $1,000,000 ($100)___________
_________ $1,000,000 ____________
1st M $1,000,000 guar p & if 1897
5 g J-D
550,000 June 1 1937
by Consol Trac o f N J l _ .t f \Int. at N. J. Title Gu.&Tr.’,Jersey City .Trus
(2) SOUTH ORANGE & MAPLEWOOD TRACTION CO.
This company was leased on Oct. 1 1903 to North Jersey St. R y. Co. (now
merged in Public Service R y. Co.) in perpetuity, the rental being $2,000
on the preferred stock for first year and increasing $500 yearly until ninth
year, when $6,000 is paid, which amount is to be paid thereafter. Rental is
guaranteed by Public Service Corp. o f New Jersey. V. 77, p. 824.
ORGAN IZATION .— Consolidation in July 1901 o f South Orange &
Maplewood Tr. Co. and South Orange & Maplewood St. R y. Co. Stock
auth. and out., com., $75,000; pref., $150,000. No bonds.
(3) BERGEN TURNPIKE CO.
Leased to Public Service R y. Co. Jan. 1 1908.
O R G A N IZA T IO N — Originally chartered on Oct. 27 1802 with $51,990
capital ($10 shares). Jersey City Hoboken & Paterson (now merged in the
Public Service R y. Co.) owned a majority o f the stock and guaranteed its
$1,000,000 5% bonds, dated 1901, due July 1 1951; interest J-J (tf); prin.
and int. payable New Jersey Title Guar. & Trust C o., Jersey City, Trustee.
In Dec. 1915 the turnpike between Hackensack and the Hudson County
line, south o f Fairview, over which an electric road was constructed in 1902
was turned over to the Bergen County Board o f Freeholders for the sum of
$1, the P. S. Corp. giving a bond assuring the payment o f the $1,000,000
5% bonds due 1951. V. 101, p. 1974. In July 1921 the turnpike in Hudson
County was deeded over to the county in consideration o f $1.
(4) ORANGE & PASSAIC VALLEY RAILWAY CO.
Leased for 900 years from .N ov. 1 1903 to Public Service Corporation for
Interest on the trust certificates issued in exehange for stock. Lease was
assigned to North Jersey Street Ry. Co. July 23 1907 and now held by
Public Service Ry. Co
$995,200 of the stock owned by Pub. Serv. Corp.
ORGANIZATION.— Incorporated in 1898 as successor of Suburban
Traction C o., sold in foreclosure July 6 1898.
BONDS—
Date.
Interest. Outstanding. Maturity.
S tock .--------- ------------------------- --------------------- $1,000,000 ___________
1st mtge $1,000,000______ t f 7 1898
5’ j’ -D
833’,000 D e c 'l'l9 3 8
\N. J. Tit. Gu. & Tr. Co. o f Jersey City, Trus.
$83,000 o f outstanding bonds are owned by Public Service Corporation.
(6) CAMDEN & SUBURBAN RAILW AY CO.
Was leased on M ay 1 1904 to Public Service Corporation for 999 yearsrental being (in addition to fixed charges) $30,000 for first year (1905)$36,000 the second year, $42,000 the third year, $48,000 the fourth year,
$54,000 the fifth year, $72,000 the sixth year, $84,000 the seventh year,
$96,000 the eighth year, $108,000 the ninth year and $120,000 the tenth
year and thereafter. V. 78, p. 2383. Lease was assigned to Public
Service Railway Co. Sept. 24 1907.
ORGANIZATION.— Formed in 1896. Controls Camden Horse RR(which is leased) and West Jersey Traction Co. (stock $65,000).
FIELD OF OPERATIONS AN D C H ARACTER OF BUSINESS.—
Operates 91.3 miles of track. Connection through to Trenton is made
over Riverside Traction (now leased by P. S. R y .).
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $3,000,000 ($25)---------- -------Q-F
See text
See text
1st mortgage $3,000,000 gold/ 1896
5 J-J
$1,940,000 July 11946
($1,000)--------------------- ctf [Int. at First Nat. State Bk. o f Camden, Trus
Stock.— The stock is all outstanding; 20% paid in.
Bonds.— Of the 1st mtge. bonds, $1,000,000 are reserved to retire stock of
Camden Horse R R . and $60,000 are for extensions.
V. 94, p. 1185.
— V. 78, p. 1781,2383; V. 88, p. 1126; V. 89, p. 154; V. 94, p. 1117, 1185.
(а) CAMDEN HORSE RR. CO.
ORGANIZATION.— Incorp. March 23 1866. Stock, $250,000 ($25)Leased to Camden & Suburban Ry. from April 1 1896 for 999 years. Rental&c., received, $60,000 per annum, from which is paid 24% on stock. AH
bonds have been canceled.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Has 30.11 miles o f track.
(б) CAMDEN GLOUCESTER & WOODBURY RY. CO.
Leased to Public Service R y. Co.
ORGAN IZATION .— Entire $600,000 stock is owned by South Jersey
Gas, Electric & Traction Co. All bonds have been canceled.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Comprises 25 miles o f road.
(7) PEOPLE’S ELEVATING CO.
ORGAN IZATION .— Incorp. in New Jersey May 31 1899. Stock is all
owned by Public Service R y. Co.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock$250,000 ($ 1 0 0 )-..________ _
_________
$250,000 __________
First mortgage $250,000 gold! 1899
5 g A-O
175,000 Oct. 1 1939
($1,000)_____________ c* tf [Int. at N . J. Title Gu. & Tr. C o., J. C., trust.
(8) NEW JERSEY & HUDSON RIVER RY. & FERRY CO.
Public Service Corp. has acquired $2,446,350 of the $2,500,000 common
and $4,633 of the $750,000 pref. stock. V. 91, p. 95. Is leased to Public
Service R y. for 900 years from M ay 1 1911 for interest on bonds and 6%
on both common and pref. stocks.
ORGAN IZATION.— Incorp. on Feb. 25 1910 as a consolidation of New
Jersey & Hudson River R y. & Ferry Co. and Hudson River Traction Co.
This co. owns the entire capital stock and bonds o f The Riverside & Fort
Lee Ferry C o., owner o f the West 130th St. Ferry. These securities are
all deposited under the $5,000,000 mortgage. Franchises perpetual except
one for 50 years and one for 99 years. Chiefly private right-of-way.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Owns and operates 31.33 miles o f track from Edgewater, N . J. (terminal of
W . 130th St. ferry, N . Y . City), to Englewood, Hackensack and Paterson;
also 17.11 miles o f track from Hackensack to Hasbrouck Heights, Wood
ridge, Rutherford to Arlington and a branch line from Hasbrouck Heights
to Lodi. The cars of this co. operate to the business centres o f Newark,
Passaic and Paterson.
77
STOCK A N D BONDS—
Date.
Interest. Outstanding. Dividends.
Stock com $5,250,000 ( $ 1 0 0 ) - .____
$2,500,000
Seetext
6 F-A
750,000
Seetext
Stock pref $750,000 6% c u m _ . ____
N J & H R Ry & F Co 1st M\ 1900 4 g M -S
4,011,000 Mar. 1 1950
$5,000,000 g ($1,000)-c* tf[In t. at U. S. Mtge &Tr.Co., N .Y ., trustee.
Hudson River Trac 1st mtgel 1902
5 g M-S
631,000 Mar. 1 1950
$1,000,000 gold ($1,000)- t f [Int. at U. S. M tge.&Tr.Co., N .Y ., trustee.
Stock.— Pref. stock is redeemable at 115 and accrued dividends. $1,500
pref. stock in treasury.
Bonds.— N . J. & Hud. River R y. & Ferry Co. bonds can be called on any
int. day at 105 and int. upon six weeks’ notice. V. 80, p. 998. Hudson
River Traction bonds are subject to call on any int. date at 110. $67,000
are owned by N . J. & H. R . R y. & Ferry Co.
R E PO R T .— Included in Public Service R y.— V. 92, p. 462; V. 99, p . 407
(9) RIVERSIDE TRACTION CO.
Lease.— Co. is leased for 999 years from April 1 1912 to Public Service R y .
The lease provides for int. on bonds, 5% divs. on outstanding pref. stock and
a div. on com. amounting to $14,193 the first year, increasing annually until
7th year, when maximum of $20,169 will have been reached. V. 94, p. 699.
ORGANIZATION.— Incorp. in New Jersey June 20 1910 as successor to
Camden & Trenton R y., sold at foreclosure. See plan, V . 88, p. 1126.
Owns 392 out of 400 shares (par $50) o f the capital stock of the Cinnaminson Elec. Lt., Pow. & Htg. Co. of Riverton, N . J., which supplies the
towns of Beverly, Delanco, Riverside, Riverton and Palmyra, with light.
Also owns $49,600 of the $50,000 capital stock of the Bordentown Electric
C o., which supplies light to Bordentown and vicinity.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
A trolley road. Comprises 32.96 miles of track between Trenton and River
ton (where connection is made with Camden & Suburban R y. tracks). By a
contract between this co. and the Camden & Suourban, the Riverside Trac.
cars run direct to Philadelphia Ferry at Market and Federal Sts., Camden.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $1,100,000 ($50)_______ _______________
$747,150 ...................
Preferred $400,000 ($50)__________
5%
266,500 ...................
1st M $1,500,000g ($100, $5001 1910
5 g J-D
1,500,000 June 1 1960
and $1,000) call at 110_ tf jln t. at West End Trust C o., Phila., trustee.
_
Bonds.— Subject to call, all or any, on any int. day at 110 and int. Int. is
guar, by Public Service R y. V. 93, p. 408; V. 94. p. 280, 352, 699.
(10) PATERSON & STATE LINE TRACTION CO.
Stock all owned by the Public Service R y. Co.
ORGANIZATION.— Incorp. in New Jersey N ov. 15 1901. Stock auth.,
$300,000 (increased in July 1913 from $100,000, V . 97, p. 522); out, $150,000
BONDS—
Date. Interest. Outstanding. Maturity.
1st mortgage $300,000 g o ld .. 1 1914 5 J-D
$150,000 June 1 1964
/Fidelity Union Trust C o., Newark, trustee.
PUBLIC SERVICE R AILR O A D .
ORGANIZATION.— A consolidation (under agreement dated June 30
1913) of the Elizabeth New Brunswick & Trenton R R . and the Trenton
Terminal R R . Capital stock authorized, $500,000; outstanding, $285,000,
all owned by Public Service Corp. of New Jersey except directors’ shares.
Regular trolley service between Newark and Trenton July 1 1913, and
service between Newark and Perth Amboy inaugurated about July 1 1914.
V. 97, p. 522. The branch line to Roosevelt Borough was placed in opera
tion D ec. 8 1915.
(1) ELIZABETH & TRENTON RR.
Lease.— Leased to Trenton Terminal R R . (subsequently merged in
Public Service R R . Co.) for 999 years from April 1 1912. Rental 5% on
outstanding pref. stock, and, beginning with the year ending April 1 1915,
1% on outstanding common, with additional 1% annually until 4% is paid.
V. 94, p. 697.
ORGAN IZATION .— Incorp. in New Jersey on M ay 19 1910 as successor
to the Trenton & New Brunswick R R and the New Jersey Short Line R R .,
both sold at foreclosure. See plan in V. 89, p. 1282, 1349.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Owns 49.632 miles equivalent single track; standard gauge.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Com m on$900,000 ($ 5 0 )- ---_______
A-O
$811,350 __________
Pref $300,000 5% cum ($50)_______
A-O
180,300 __________
First mtge $1,200,000 gold) 1912
5 g A-O
990,000 Apr 1 1962
($ 1,00 0)_____________ c * tf/In t. at Fidelity Trust C o., Phila., trustee.
Bonds.— First mortgage bonds are subject to call as a whole on any interest
day at 110 and interest. Principal and interest are guaranteed under terms
of lease by the Trenton Terminal R R ., whose obligations are guaranteed in
turn by the Public Service R R . and the Public Service Corporation.—
V. 90, p. 1362; V. 94, p. 697.
PUBLIC SERVICE TR A N SPO R TA TIO N CO.
ORGANIZATION.— Incorp. N ov. 14 1917 under the name of New Jersey
Transportation Co. Name changed to present title June 5 1923.
CH ARACTER OF BUSINESS.— Operation of motor buses.
C A PITALIZATION .— Capital tock outstanding 765,000 shares (no
par value). All (except directors’ shares) owned by Public Service Corp.
of N . J.
UTILITIES POWER & LIGHT CORP.
ORGANIZATION.— Incorp. in Virginia in 1915 as Utilities Develop
ment Corp. Name changed to present title in 1922. Among the cos.
controlled are Interstate Power Co. (W is.), operating in southern Minne
sota, northeastern Iowa and southwestern Wisconsin, and owning the entire
common stock of Dubuque (la.) Electric Co. (see separate statement on a
subsequent page), Eastern New Jersey Power Co. (see separate statement
below), operating in the communities along the Atlantic Coast of eastern
New Jersey; Atlantic Coast Transportation Co.; Electric Light & Power C o.,
Hightstown, N. J., and Jamesburg (N. J.) Electric Co. In April 1925
acquired the Colonial Gas & Electric C o., which carries with it control of
the Newport Electric Corp. V. 120, p. 2013. The co. also has an equity
in the Utilities Building Corp., owning a modern 12-story office building
in the “ Loop” district of Chicago, 111.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Controls directly or through subsidiaries public utility systems operating
in the States of Iowa, Minnesota, Wisconsin, Illinois and New Jersey. The
systems furnish over 300 communities with one or more of the following
public utility services; Electric light and power, gas, steam heat, water and
electric railway. The population served is approximately 650,000
STOCKS AND BONDS— Date.
Interest. Outstanding Maturity
Cl “ A ” stk 150,000 shs(no p a r ) ____
Q-J
188,750 shs Oct ’25 50c
Cl “ B ” stk 300,000 shs(no p a r ) ____
_________ 330,000 shs __________
Pref 7% cum $10,000,000($100)___
_________ $5,000,000 Oct’25 $1.75
Stock.— Divs. on the Class A stock are non-cum. Is entitled to priority
divs. of $2 per annum over Class B stock. After the full priority div. on
Class A stock shall have been declared and provided for in any year and
divs. for the Class B stock shall have been declared and provided for in that
year to the extent of the total amount required for such priority div. on
the Class A stock, one-half of the amount of any further divs. in such year
shall be paid to Class A stock and one-half to Class B stock. Class A stock
has priority in liquidation or dissolution over the Class B stock up to $35
per share. After this preferential payment to the Class A stock is provided
for and provision has been made for the distribution to the Class B stock of
an amount equal in the aggregate to the total of such preferential payment
to the Class A stock, one-half of the remaining assets shall be distributed
ratably among the holders of the Class A stock and one-half among the
holders of the Class B stock. In Dec. 1924 150,000 shares Class A stock
were sold by Pynchon & Co., West & C o., W. S. Hammons & Co. and
John Nickerson & Co. at $25 per share. V. 119, p. 2880. In M ay 1925
Pynchon & C o., West & C o., W . S. Hammons & Co. and John Nickerson
& Co. sold $4,000,000 7% cumul. pref. stock at 99 and divs. A voting
trust certificate for 14 share Class B stock was given with each share o f
pref. stock. V. 120, p. 2552.
Dividends.— A quarterly div. o f 50c. per share was paid on Class A
stock April 1, July 1 and Oct. 1 1925. This latter div. was, as an alternative
payable in Class A stock at the rate of 1-40 of one share for each share o f
Class A stock held. V. 120, p. 3066; V. 120, p. 584.
78
[VOL. 121,
PUBLIC UTILITIES
Consolidated Statement of Earnings 12 Months Ended Dec. 31 1924[Corporation and companies owned or controlled on M ay 1 1925.]
Gross income_________________________________________________ $5,557,090
Operating expenses, maintenance, renewals and replacements,
and taxes, including reserve for Federal income tax_________ 3,636,359
Stock.— Subject to the rights of the 7% cum. partic. pref. stock and 7%
pref. Ser. A stock, the Class A common stock is entitled:
(а) To priority as to divs. to the extent of $1 60 per share per annum over
the Class B common stock, and such divs. at the rate o f $1 60 per share
are cumulative to the extent earned in any calendar year.
(б) In each cal. year after all cum. divs. are set apart or paid on Class A
Net income------------------------------------------------------------------------- $2,920,735 common stock to share equally as a class with the Class B common stock
Int. on funded debt and divs. on pref. stocks of subsidiaries held
considered as a class, regardless of the number of shares of either outstand
by public as well as proportion o f subsidiary co. earnings for
ing, after Class B com. stock as a class shall receive an amount equal to $1 60
1924 applicable to public holdings o f their common stocks____ 1,405,672 per sh. on outstanding Class A com. stock or $300,000, whichever is greater.
(c)
To priority in liquidation or dissolution over the Class B com. stock
Earnings accruing to Public Utilities Power & Light Corp. after
up to $30 per share plus divs. at the rate of $1 60 per share to the extent
res. for Fed, tax but before amort, o f debt discount and exp _ _$1,515,059 earned but unpaid on the Class A com. stock, and after distribution to the
Annual dividend on $5,000,000 7% pref. stock Utilities Power
Class B com. stock of an amount equal to $30 per share on the Class A com.
& Light Corp----------------------------------------------------------------------350,000 stock, excluding the divs., to receive as a class one-half of the remaining
Latest Earnings.— For 12 mos. ended July 31 1925, gross inc., $7,440,449;
assets. In April 1925 120,000 shares Class A com. stock were offered by
net, aft. exp., maint., Fed. & oth. taxes and dep., $3,272,527; int., divs. on Howe, Snow & Bertles, Inc., A. L. Chambers & C o., Inc., A . E . Pitkin &
pref. stk. of subs, and minority proportion of surp., $1,583,589: earn, C o., and Mark C. Steinberg & C o. at $21 per share. V 120, p. 1747.
accr. to Ut. Pow. & Lt. Corp. before amort, o f debt disc. &exp., $1,688,938;
The participating feature of the 7 % cumulative partic. pref. stock is nonannual div. on $5,000,000 7% pref. stk. o f Ut. Pow. & Lt. Corp., $350,000; cum. and is limited to 3% additional in any year. In all other respects
balance, $1,338,938.
the 7% partic. pref. and the 7% pref. stock, Series A, are identical and
OFFICERS.— Pres., H. L . Clarke; V .-P ., J. N . Canavan; V .-P ., W . C. have preference as to assets to an amount of $100 per share. In June 1925
Van Allen: Sec.. A. G. Cooper.— V. 119, p. 2764, 2880; V. 120,p.584. 2013. Howe, Snow & Bertles gold $2,500,000 7% cum. Series A pref. stock at
$96 per share and div., to yield 7.29. Each share carried a stock
2552, 3066, 3189; V. 121, p. 461, 588, 1349.
purchase warrant to purchase one share Class B common stock at $20,
incl. July 15 1926; at $25, incl. July 15 1927; at $30, incl. July 15 1928.
Bonds.— Are specifically seemed by the deposit with the trustee of all
EASTERN NEW JERSEY POWER CO.
ORGAN IZATION .— Organized early in 1924And is a result of a complete the com. stocks of the subsidiary companies owned, which represents, in
rearrangement o f the properties of: (a) Atlantic Coast Electric R y. and its every case, not less than the voting control of such companies. The trust
owned and operated companies, the Seacoast Traction Co., West End & indenture provides for equal semi-annual payments for interest and sinking
Long Branch R y., Seashore Elec. R y. and Asbury Park & Sea Girt Ry.; fund of $38,500 for each $1,000,000 bonds issued to the trustee, beginning
(6) Atlantic Coast Electric Light Co.; and (c) New Jersey Water & Light F eb. 1 1926, and semi-ann. thereafter. The balance remaining after the pay
Co. For history of Atlantic Coast Electric Ry. up to time of change, see ment of int. on outstanding bonds of this issue shall be used for the purpose
“ Electric Railway” Supplement o f Oct. 27 1923. Under these arrange of sink. fd. for the retirement of bonds. Series a are callable at any time on
of 1 %
ments the Eastern New Jersey Power Co. acquired all the electric light and 30 days notice at 105 & int. up to and incl. Feb. 1 1936, reducing
power properties. The railway properties were conveyed to the Coast for each year elapsed from Jan. 31 1936 up to maturity. Conn. 4 mill tax,
Cities R y. (see below), all the stock and bonds o f which are owned by the Penna. 4 mill tax, Maryland 4 K mill tax, District of Columbia 5 mill tax,
company and are pledged under its 1st Mtge. bonds. The water properties and Mass, income tax on int. not exceeding 6% of such int. refunded. In
were sold by E. H. Rollins & Sons;
were also similarly conveyed to a new subsidiary and all the securities of the March 1925 $6,000,000 Series “ A ” 6
water company are likewise owned and pledged under the first mortgage Blyth, Witter & C o., &c., &c., at 97K and int., to yield about 6.70%.
bonds o f the Eastern New Jersey Power Co. In M ay 1925, acquired V. 120, p. 1459. In M ay 1925, E. H. Rollins & Sons, &c., &c., sold
through merger Electric Light & Power Co. o f Hightstown, N . J., and $4,500,000 at 97Fi and int., to yield 6.70% .
D IV ID E N D S .—A regular quarterly dividend of 40c. per share was
Jamesburg (N. J.) Electric Co. V. 120, p. 2550.
FIE LD OF OPERATIONS AN D CHARACTER OF BUSINESS.— paid June and Sept. 15 1925 on the Class A common stock. V. 120, p.
2684; V. 121, p. 1102.
Co. owns and operates electric light and power properties serving Asbury
EARN ING S.— Consolidated income account 12 mos. end. July 31 1925:
Park, Bradley Beach, Belmar, Avon, Deal, Allenhurst and adjoining
communities. Supplies power to and operates through subsidiaries, an Gross earnings, including other income______________________ $18,250,191
electric railway line o f about 16 miles, and the water distributing system in Operating expenses, including maintenance and taxes________ 10,939,854
7,310,337
Deal. The properties of the company include an electric generating station Net earnings________________________________________________
in Allenhurst with an installed capacity of 12,500 k.w., and a system of Interest and dividend charges_______________________________ 3,779,617
909,643
overhead and underground transmission lines in all the communities served. D eficiency__________________________________________________
Minority interest____________________________________________
47,863
h- P- boilers have been added to the Allenhurst power plant.
747,500
STOCK AN D BONDS—
Date.
Interest. Outstanding.
Maturity. Annual interest requirements on 6J^% gold bonds___________
Amortization of bond discount and expense__________________
324,072
Common (no par)----------------- --------------------10,000 shs. _______
Annual preferred dividend requirements______________________
468,160
Preferred 8 % cu m .----------------------------Q-J
$1,25 0 ,0 0 0 Oct ’2 5 , 2 %
1st M. Ser 1949 ($100, $500
1924
6 g J-J
3.250,000 Jan 1 1949 Annual dividend requirements on 192,836 shares Class A
common stock at $1 60 per share_________________________
308,538
$1,000 c*. & $1,000, $500 & I American Exchange Nat. Bank, N. Y ., trus.
$10,000 r*) g ----------------- tf l
Balance, surplus___________________________________________
$724,944
Stock.— Pref. stock is red. at 115 & divs. at any time after 3 years from
OFFICERS.— Pres., A . E . Fitkin.— V. 120, p. 1204, 1328, 1459, 1747.
the issue thereof. Pref. stock originally shared at the same dividend rate
with com. in cash dividends in excess o f $7 per share paid in any calendar 2401. 2816, 2684, 2944; V . 121, p. 1102, 1678.
year on com ., but in Jan. 1925 the stockholders voted to issue 8 % cum. pref.
in exchange for the 7% cum. partic. pref. outstanding. T. 120, p. 329.
JERSEY CENTRAL POWER & LIGHT CO.
$1,250,000 was offered by W . C . Langley & Co. at 92 K and dividend, to
yield about 7.57% . V. 118, p. 2955.
Controlled by the National Public Service Corp. (see above).
Bonds.— First Mtge. 6s are further secured by pledge of all the outstanding
ORGANIZATION.— Formed in N . J. in Feb; 9 1925 by the merger of
bonds and capital stock (except directors’ qualifying shares) of the Coast
Cities R y. (see below) and the water company subsidiary above referred to. the following electric power and light and gas cos.: Central Jersey Power
Are redeemable, all or in part, after 60 days’ notice, on any int. date at 105 & Light C o., Consolidated Gas Co. of New Jersey, Lakewood & Coast
up to and incl. Jan. 1 1945; at 104 thereafter up to and inch Jan. 1 1946; at Electric C o., Coast Gas C o., Monmouth Lighting Co., Shore Lighting C o.,
103 thereafter up to and incl. Jan. 1 1947; at 102 thereafter up to and incl. Toms River Electric C o., Tri County Electric C o., Lakewood Gas C o.,
Jan. 1 1948; and at 101 on July 1 1948; plus interest in each case. Company City Gas Light Co., and Shore Gas Co. (see V. 120, p. 1326). C o,ow ns
agrees to refund Penn, and Conn, personal property taxes not exceeding 4 all outstanding securities of Lakewood Water Co. In July 1925 acquired
mills per annum, the Maryland security tax not exceeding 4H mills per the Millburn Electric Co. In Sept. 1925 was authorized to issue 35,000
annum, and the Mass, income tax not exceeding 6% per annum, on income no par common shares. V. 121, p. 75, 1569. In Oct. 1925 the New Jersey
derived from the bonds. Free o f personal property taxes in New Jersey. P. U . Commission approved an issue of $1,000,000 7 % pref. stock. Co. had
Int. payable at office or agency o f company in New York and Chicago. applied for $2,136,000 and was to request approval of the remainder later.
V. 121, p. 2038.
V. 118, p. 1017.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Dividends.— Dividends on pref. paid regularly since issuance,
R E PO RT.— Of Eastern New Jersey Power Co. and subsidiary companies Furnishes without competition electric power and light service to 141 com
munities and gas service to 45 communities in northern and eastern New
and (or) predecessor companies for years ended Dec. 31;
Jersey. The territory served has an aggregate population of 214,000 and
„
,
1924.
1923.
1922.
1921.
1920.
includes Morristown, Summit. Lakewood, Spring Lake. Long Branch,
Gross income-------$1,212,982 $1,131,296 $1,106,217 $1,057,083 $863,269
Asbury Park, South Amboy, Red Bank, Keyport and Millburn.
Oper. exp., maint.
The electric power and light system includes steam electric generating
695,490
692,071
677,666
712,550 705,955
and taxes......... _
stations with a total installed generating capacity of 31,500 h. p ., and
Net income------- $517,492 $439,225 $428,551
$344,533 $157,314 222 miles of high-tension transmission lines with distributing systems aggre
gating 1,185 miles of line serving 43,312 consumers. All the territory served
— V. 120, p. 328.
Management.— The operation of the properties is under the supervision of is or is about to be interconnected with electric transmission lines, the
connection between the northern and southern territory to be through the
the Utilities Power & Light Corp.
OFFICERS.— Pres., H. L. Clarke.— V . 118, p. 1142, 2955; V. 119. Public Service Electric & Gas Co. of New Jersey.
The gas properties include plants for the generating o f artifical gas, with
P. 79, 330, 2760; V. 120, p. 329, 2550.
an aggregate daily generating capacity of 13,100,000 cu. ft., and 314 miles of
(1) COAST CITIES R A ILW A Y.
gas mains serving 25,944 consumers. During the year ended July 31 1925,
ORGANIZATION.— Organized early in 1924 to take over and operate 52,921,786
o f electric energy and 999,307,000 cu.
were
all the electric railway properties formerly operated by the Atlantic Coast generated. k. w. h. territory supplied with gas except Oceanft. of gasinter
All
City is
Electric R y. (for history, see “ Electric Railway” Supplement of Oct. 27 connected with the transmission lines to the gas plants located at Long
gas
1923). All the bonds o f that company (V. 118, p. 1909) and its various Branch and Belmar.
underlying issues were retired and the power and light properties were
Lakewood Water Co. furnishes water service to 1,425 customers in
transferred to the Eastern N ew Jersey Power Co. and its traction properties
Lakewood and vicinity.
were conveyed to the Coast Cities Railway. Franchise in Belmar expires in
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
1947; in Asbury Park in 1937; in Long Branch, some expire in 1945 and Common stock (no par)______ _____
_______
93,700 shs. ___________
others are perpetual; in Ocean Township, perpetual; in Sea Girt, expire in Pref cum, 7% series_________ _____
7 Q-J
$4,000,000
Oct 1 %
1926 and 1956.
1925
5 K g F-A 11,500,000 Feb 1 1945
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.— 1st Mtge & ref Series A ($500/ ank of America, N . Y ., trustee.
& $1,000) gold________ c*tf(B
Belt line in Asbury Park, 5 .8 5 miles; Asbury Park to Pleasure Bay and
5%
3,206,500 __________
North Long Branch, 14.60 miles; Asbury Park to Manasquan, 14.16 miles; Divisional bonds (closed)__________
total track, 3 6.08 miles. Connects at Pleasure Bay with the Long Branch
Steamboat Co.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Capital stock------------------------ All owned by Eastern New Jersey Power Co.
First M tge. bonds, $850,000--A11 owned by Eastern New Jersey Power Co.
We specialize in the securities of
NATIONAL PUBLIC SERVICE CORP.
ORGAN IZATION .— Incorporated in Virginia on March 5 1923 as the
Jersey Central Power & Light Co. Name changed to present title on
March 24 1925. Owns entire com. stock of the Jersey Central Power &
Light Co. (see separate statement below). Municipal Service C o., Virginia
Western Power Co., Waycross Ice S Cold Storage C o., Florida Power Corp.
c
and Kennett Gas C o., and 90% of the com. stock o f the Tidewater Power
Co. (see statement on another page). As of July 1 1925, acquired the
Charlottesville & Albemarle R y. V . 121, p. 1788.
In June 1925 acquired the Municipal Service C o., operating 9 subsidiary
utility companies in Virginia, Pennsylvania, Georgia and Oliio, and serving
a population o f over 500,000. V . 120, p. 2944.
On Sept. 29 1925 purchased the Eastern Shore Gas & El. C o., operating
in Southern Delaware and the Eastern Shore region o f Maryland, from
Day & Zimmerman. V. 121, p. 1678.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Through its subsidiary local operating companies the company furnishes
electric light and power, gas and water to 422 communities, serving 136,297
electric, 31,063 gas, .1,425 water and 441 steam customers. The street
railway system serves a population o f 674,000. Under management of
Gen. Engineer. Manag’t Corp.— V. 120, p. 2816.
STOCK A N D BONDS.—
Date.
Interest. Outstanding. Maturity.
Class “ A " com 500,000 shares
(nopar)-----------------Q-M
192,836 shs Sept’2 5 ,40c
Class “ B com 500,000 shares
(no par)------------------------------------------------ 271,886 shs _____
Partic pref 7% cum $6,000,000
'( f 100)-------------7 % Q-J
$4,188,000 Oct ’25, 1 %
Pref 7% cum Ser A $4,000,000
($]00)
--------------7% Q-J
2,500,000 Oct '25, 1%
CoJ ^ Uo „b,ondf\ Seri<?s A ” / 1925
1
L
St
63^ g F-A 11,500,000 Feb 1 1955
2
($500 & $1,000) gold—c* tf (New York Trust C o., New York, Trustee.
Jersey Central
Power & Light Co.
Ea
s t m a n
,D
il l o n
& C
o
Members New York Stock Exchange
Members Philadelphia Stock Exchange
120 Broadway, New York
Packard Bldg.
Philadelphia
43 N. Sixth St.
Reading, Pa.
.
Oct., 1925.]
POWEE, LIGHT AND RAILW AY
Stock.— Pref. Is entitled to 110 & divs. in the event o f voluntary liquida
tion and $100 per share & divs. in involuntary liquidation. Bed. all or in
part after 3 years from issuance at 110 & divs. In April 1925 $4,000,000
offered by E. H. Rollins & Sons, Blyth, Witter & C o., Eastman, Dillon &
C o., &c., &c., at 97 & divs., to yield over 7.20% . V. 120, p. 1747.
Bonds.— 1st mtge. & ref. Series A 5Ms are red. all or in part at any time
on 30 days’ notice, at 105 and int., reducing K of 1 % for each year elapsed
from Jan. 31 1925 up to maturity. Mtge. provides for sink. fund. Conn.,
Penna., Maryland and Dist. o f Columbia mill taxes at rates not exceeding
the rates in each case as existing on Feb. 2 1925 and also Mass, income tax
not exceeding 6% on the int. thereon refunded. $11,500,000 Series A 51^s
were sold in March 1925 by E. H. Rollins & Sons; Blyth, Witter & C o.,
&c., &c., at 97M and int., to yield over 5.70%. V. 120, p. 1458.
EARN IN G S.—
Earnings 12 Months Ended July 31 1925.
Gross operating revenue______________________________________ $4,436,804
Operating expenses____________________________
2,484,659
Interest and dividend charges________________________________
1,072,825
D eficiency__________________________________________________
260,365
Balance____________________ ______________________________
$618,955
OFFICERS.— P res" A.‘ E7Fitklnr— V r i 2 0 ',p 'l 4 5 8 ,1247; V. 121, p. 75,
330, 1569,2038.
A TLA N TIC C IT Y & SHORE CO.
O RGAN IZATION .— Incorp. in 1909 in Dela. Owns 2,995 of the 3,000
shares o f the Atlantic & Suburban R y. Co. stock and a majority of the
stocks o f the Central Passenger R y. Co. ($40,000 bonds) and Atlantic
City & Shore R R . Co. Also owns all o f the $591,100 outstanding 1st mtge.
bonds o f Atlantic & Suburban R y.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
________
$740,800 __________
Common stock_____________________
Preferred stock_____________________
________
254,700 __________
Coll trust, $591,100________ tf 1910
4%
591,100 See text.
The collateral trust 4s are secured by $591,100 Atl. & Sub. 1st mtge.
bonds and 2,995 out o f 3,000 shares o f stock o f that company. They fall
due Feb. 1 1928 or Feb. 1 1940.
OFFICERS.— Pres., I. H. Silverman; V .-P ., James H. Garthwaite;
Sec., L . R . Isenthal; Treas., A. W. From.
(1) A TLAN TIC C IT Y & SHORE R R .
ORGAN IZATION .— Incorp. in N . J. Oct. 21 1905 with a perpetual
charter. Leases Atlantic City & Ocean City R R .— see terms below— and
owns $218,500 o f the common stock o f the Atlantic City & Ocean City
C o., which holds all the stock and bonds o f the Atlantic City & Ocean City
R R .. V . 85, p. 158. Operates over the Central Pass R y. Co. tracks under
traffic agreement.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Operates 47.45 miles o f track in and around Atlantic City, including a road
through Pleasantville, Linwood and Somers Point, to Ocean City, the
latter two points being connected by 2 miles o f trestle and bridge owned by
the Atlantic City & Ocean City R R .
Contract with West Jersey & Sea Shore RR.— An agreement has been
entered into with the West Jersey & Sea Shore R R . by which the Atlantic
Ave. line of the latter road, running from Atlantic City to Longport, 814
miles, is operated by this company.
STOCK AN D BONDS—
Date.
Interest. Outstanding
Maturity.
Stock, $1,000,000 ($100)___________
________ $1,000,000 ___________
1st mtge & coll trust deed) 1905
5 g J-D
950,000 Dec. 1 1945
$1,000,000 ($1,000) g ._ c * tf/In t. at Girard Trust C o., Phila., trustee.
Bonds.— N o sinking fund, but can be called at any time at 110 and int.
EAR N IN G S.— For years ending Dec. 31:
Calendar Year—
Gross.
Net.
Rents, &c.
Balance.
1924........
$1,282,539
$282,487
$242,529
sur.$39,958
1923------------------------- 1,354,015
336,969
271.233
sur. 65,736
1922............................... 1,227,160
296,618
252,668
sur. 43,960
OFFICERS.— Pres., I. H. Silverman; V .-P ., A . J. Purinton; Sec., J. M .
Campbell; Treas., A . W . From; Gen. Supt., A. J. Purinton.— V. 109, p. 981;
V. 110, p. 2386; V . I l l , p. 188; V . 113, p. 291; V. 118, p. 3195; V. 119, p. 72.
(a) ATLANTIC CITY & OCEAN CITY CO.
ORGANIZATION.— The Atlantic City & Ocean City Co. was organized
In Delaware and owns the entire ($180,000) stock and all the ($180,000) bonds
of the Atlantic City & Ocean City R R . and has pledged them as security
for the collateral trust bonds below. Of the common stock o f the Atlantic
City & Ocean City C o., $218,500 is owned by the Atlantic City & Shore
R R . The latter leases the Atlantic City & Ocean City R R . for 999 years,
the rental being $19,500 per annum, and an additional contingent sum equal
to 33 1-3% of the net surplus, but not to exceed $26,000 per annum.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
The Atlantic City & Ocean City R R . owns 2.61 miles of road from Somers
Point, across Great Egg Harbor Bay, on bridge and trestles to Ocean City
Boardwalk. Rails, 85 lbs. V. 85, p. 158; V. 87, p. 165..
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
________
$220,000 __________
Common, $350,000__________ ______
Pref 5% non-cum $250,000_ ______
_
________
175,000 __________
Collateral trust gold $500,-) 1907
5 M-S
350,000 Mar 1 1947
000 redeemable 118 & int tfjG irard Trust Co., Philadelphia, trustee.
Stock.— The preferred stock is redeemable at par.
OFFICERS.— Pres., L. R . Isenthal; Sec., J. M . Campbell; Treas.,
A. W . From.
(2) ATLANTIC & SURBURBAN RY.
ORGAN IZATION .— Incorp. in New Jersey Dec. 7 1908 as a reorganiza
tion o f the Atlantic City & Suburban Traction C o., sold under foreclosure
o f 1st mtge. V. 87, p. 1237, 1532.
FIELD OF OPERATIONS AN D C H ARACTER OF BUSINESS.—
Operates 16.13 miles o f track from Atlantic City to Pleasantville, Somers
Point and Absecon. Standard gauge, 80-lb. T rail.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock. $750,000 ($50)_______________
________
$150,000 __________
First mortgage,
$650,000) 1909
4 gF-A
591,100 Aug 1 1929
($1,000)--------------------- c * tf/In t. at Cambridge Tr. C o., Chester, Pa., Tr.
Prior lien M , $100,000, g u a r ) _____
5%
100,000 Feb 1 1940
p & i . b y A C & S C o ____t f /
Bonds.— Bonds have no sinking fund. V. 87, p. 1237. Originally ma
tured Feb. 1 1925, but were extended to Feb. 1 1940.
EARN IN G S.— For calendar year 1924, gross (all sources), $103,425;
net, after oper. expenses & fixed charges, def., $48,988. In 1923, gross
(all sources), $110,625; net, after operating expenses and fixed charges,
def., $57,125.
OFFICERS.— Pres., L. R. Isenthal; Sec., J. M . Campbell; Treas., A. W.
F ro m — V. 90. p. 1424; V. 110, p. 1288; V. 113, p. 2078; V. 120, p. 84.
79
Holly and Hainesport to Moorestown. 60-lb. T rail. Gauge, 5 ft. In
Aug. 1925, New Jersey P. U, Comm, approved the abandonment o f the
East Burlington to Mount Holly, N . J., service, about 7.6 miles; dis
continued already in March 1924. V. 121, p. 838.
To substitute buses for trolley cars in Burlington. V. 121, p . 1788.
CAPITALIZATION.— Stock authorized and issued, $120,000 ($50).
No bonds.
EARN ING S.— For year ended Dec. 31 1924: Gross, $65,038; net, after
taxes, $5,201. For year ending Dec. 31 1923: Gross, $79,310; net, after
taxes, def., $7,403. In 1922, gross, $78,388; net, after taxes, def., $6,247.
OFFICERS.— Pres., Albert Haines: V .-P ., John D . Johnson Jr.; See.Treas., Armitt H. Coate; Gen. M gr., Maurice B. Comfort.— V. 121, p . 838,
1788.
M ORRIS COUNTY T R A C T IO N .
Receivership.— On July 24 1923 Joseph K . Choate and Joseph P . Tumulty
were appointed receivers for the company.
ORGANIZATION .— Incorporated in New Jersey in 1899. Charte*
gives company right of eminent domain. Built mostly on private right-ofway. Franchises through towns are perpetual or for 35 years.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS —
Owns 44.01 miles road, 58.33 miles of track. Road is in operation from
Maplewood to Danforth Road, Madison, 10.89 miles; Morristown to Lake
Hopatcong, 21.81 miles. Branch lines, Springfield to Elizabeth, 5.34 miles;
Denville to Boonton, 4.90 miles; Dover to Wharton 1 mile. The 2.69
miles o f road between Danforth Road and Morristown are owned by the
Morris R R . and are operated under lease; also operates under lease branch
line, Morris Plains to State Hospital, 1.36 m . Total road operated, 65.98 m.
Gauge. 4 ft. 8J4 in. 70-lb. T rail in country; 80-lb. girder in cities.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
----------$300,000 ------- - - - - - Stock common---------------------- -------First mortgage $3,000,000(1905
5 g J-D 15 3,000,000 June 15 ’35
($1,000) gold callable at{In t. at People’s Sav. & Trust C o., Pitts110 and interest___ c*& rtf[ burgh, trustee.
Income
debenture
bonds) 1917
5 g J-D
1,179,000 June 16 48
($100)____________________/In t. at People’s Sav. & T r. C o.. Pitts., trus
EA R N ING S.— For calendar years:
1924.
1923.
Years end. Dec. 31—
$508,936
$507,291
Gross_______________________________
39,857
17,441
Net after taxes_____________________
OFFICERS.— Pres., Joseph K . Choate, New York; V.-Ps., Geo. R .
Hann, Pittsburgh, Pa., and H. O. Rea; Sec., Treas. & Gen. M gr., O. G.
Schulz, Morritsown; Supt., Chas. Fields.— V. I l l , p. 588; V . 115, p . 74;
V . 116, p. 516; V. 117, p. 440; V . 118, p. 2305; V . 119, p. 811.
SALEM & PENNSGROVE T RA CTIO N CO.
ORGANIZATION.— Incorp. in New Jersey Sept. 14 1915.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Completed a line from Pennsgrove to Salem, N . J., 14 miles long, of which
3 Yi miles between Pennsgrove and Deep Water Point has been in operation
since Aug. 15 1916, and the whole line to Salem (14 miles) since Jan. 22
1917. 70-lb. T rail; gauge, 4 ft. S14 in. 14 passenger cars, 1 combination
snow plow and work car.
Voting Trust.— The stock has been placed in a voting trust for five years,
under which dividends are restricted to 6% per annum until at least half
of the 2d mtge. bonds and all o f the 1st M . bonds outstanding in excess
of $225,000 have been retired.
STOCK AND BONDS—
Date.
Interest.
Outstanding. M aturity
$187,500 - - - - - - - - - Stock $850,000 ($100)----------------- ------------- —
1st mtge $750,000 gold ($100,1 1915
6 g J-D
369,100 Dec 1 1935
$500 and $1,000)____ c*tf JInt.at Pa. Co. forlns.on LIves,&c., Phila ..tr.
Second mortgage $100,000) 1915
6 g J-D
92,000 Dec 1 1936
gold ($1.000)_________ c * tf / Int. at Wilmington (Del.) Trust O o .. trustee.
Bonds.— Remaining first mtge. bonds are issuable for additional equip
ment, power plant and other property. The mortgages provide that the
company’s net income be applied— 80% to the 1st M . and 20% to the 2d M .
bonds— to the purchase of bonds at not over par and interest, or to their
call at that price, the bonds to be canceled. This sinking fund, however,
is not to exceed $50,000 in any one year and is to be reduced to 2% of
bonds outstanding when half the 2d M . bonds and all 1st M . bonds outitanding in excess of $225,000 have been retired. The fund became opera
tive July 1 1917. $62,800 1st M . and $7,000 2d M . bonds have been
retired. Both issues are redeemable, all or part, at par and int. on any int.
date on four weeks’ notice.
The second mtge. bonds are all owned by B . I. du Pont de Nemours & Go.
EARN ING S.—
Gross
N et after
Bond
Balarux,
Period Covered—
Earnings. T a x .,D ep r.,A c.
In t.
Surplus.
Year ending Dec. 31 1924---$106,754
$7,753
$29,442 def.$21,689
Year ending Dec. 31 1923_ 107,723
_
3,675
29,442 def. 25,767
Year ending Dec. 31 1 9 2 2 ... 107.010 def. 22,984
29,457 def. 62,441
OFFICERS.— Pres., O. N . Martin; V .-P ., W . W . Hepburn; Sec. &
Treas., W . E. Ervin.— V. 102, p. 886; V. 104, p. 765; V. 110, p. 1090, 1527.
NEW JERSEY INTERURBAN CO.
ORGANIZATION.— Organized in N. J. In 1923 to take over the proper
ties of the Northampton Easton & Washington Traction Co. (for history
see “ Electric Railway” Supplement of April 23 1923) sold at foreclosure in
N ov. 1922 as per plan outlined in V. 114, p. 1651.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
17 miles of track from Phillipsburg, N . J., through Washington, N . J.,
to Port Murray, N. J.
Ceases Operation.— The company ceased operations definitely on Jan. 27
1925. Before going to press we were advised that the co. had received
permission to abandon service and was taking legal steps to dissolve the
co. Service heretofore given by the co. is being rendered by the New Jersey
Interurban Coach C o., operating motor coaches over the route previously
served by the railway co. V. 121, p. 1789.
Interest. Outstanding. Maturity.
STOCK AND BONDS.— Date.
_____________
$ 100,000
_______________
Com m on________________) ------------7 J-J
100,000 Jan 1 1953
1st mtge $1,000,000------------ 1 1922
(Coal & Iron Nat. Bk., N. Y . City, trustee.
Income bds $500,000 (int. at) 1922
_________
480,000 April 1 1953
rate of 5% p a, payable be-) Coal & Iron National Bank, New York City,
ginning Apr 1 1924 if earned 1 trustee.
Stock.— All of the com. is held under a 5-year trust agreement. Trustees:
Warner Marhsall, R . A. Pritchard and L. M . Symmes.
OFFICERS.— Pres., Warner Marshall; V .-P . & Counsel, R . A. Pritchard;
V .-P ., E. Hawley Van W yck: Sec.-Treas., L. M . Symmes: Gen. M gr. &
Asst. Treas., W . L . D oyle.—V . 117, p. 1462; V . 121, p. 1789.
MILLVILLE T R A CTIO N .
TRENTON & MERCER COUN TY T R A C T IO N CORP.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
A trolley road. Operates 5.20 miles o f track in Millville, 0.536 miles in
Vineland and 5.541 miles in Township o f Landis; total, 11.277 miles.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $175,000____________________
_______
$175,000 ______
1st mortgage $400,000 gold) 1894
5 g F-A
208,000 Aug 1 1914
($1,000 each)----------------c * /In t. at Land Title & Trust C o., Phila., trus.
Bonds.— N ot subject to call.
EA R N IN G S.— For cal. year 1922, gross, $69,507; def. from operation
(after taxes), $19,808. In 1921, gross, $68,811; def. from operation (after
taxes), $32,954.
OFFICERS.— Pres., George W ood; V.-Pres., R . D . W ood; Sec., Hartle
S. Haines; Treas., Daniel C . Lewis.
ORGANIZATION.— Incorp. on Oct. 5 1910 in New Jersey with $10,000
stock ($100), increased in N ov. 1911 to $400,000, of which $200,000 is pref.
V. 93, p. 1260. On Oct. 15 1910 leased for 990 years Trenton Street R y.,
Mercer County Trac., Trenton Ham. & Ewing Trac., and Trenton Penning
ton & Hopewell St. R y ., at a rental of $80,000 the 1st year, $82,500 the 2d,
$85,000 the 3d, then increasing $5,000 yearly until the maximum of $150,000"
is reached.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Owns and controls by lease about 73.93 miles of track, comprising all local
street railway in Trenton and interurban lines to Yardville, Trenton Junc
tion, Pennington, Hopewell, Lawrenceville, Princeton and Hamilton
Square. Also operates buses. V. 119, p. 812.
In Jan. 1918 failed to pay rental on the Trenton Street R y. properties,
but was granted an extension of time until April 1 1918 and then to July 1
1918, in which to make payment. Resumed payment of current rentals on
July 1 1923. (Accrued rentals unpaid on Oct. 1 1924 amounted to
$733,792.)
To Build Terminal in Trenton.— See V . 118, p . 2306.
Equipment Trust Certificates.— See V. I l l , p. 494; V . 119, p. 1173.
Valuation.— Reproduction cost new of the property as a going concern
was estimated in April 1921 by Ford, Bacon & Davis, engineers, New York,
BURLIN GTON COUN TY TR A N SIT CO.
ORGAN IZATION .— Incorporated in New Jersey on July 1 1910, as
successor to th i Burlington County R y. Co. V. 90, p. 1612.
FIELD OF OPERATIONS AN D C H ARACTER OF BUSINESS.—
A trolley road . About 14 miles of track from Burlington through Mount
80
PUBLIC UTILITIES
at $9,391,228, based on Sept. 1 1920 prices for labor and material. For
further details see V. 112, p. 1268.
EARN IN G S.— For calendar year 1923, gross, $1,701,034; net, after taxes,
$352,299. In 1922, gross, $1,689,896; net, after taxes, $311,780.
OFFICERS.— Pres., Rankin Johnson; Trease., F. E . Matthews.— V.-108,
p. 974, 1512; V. 110, p. 79. 262. 563; V. I l l , p. 494; V. 112, p. 1868, 2750;
V. 115. p. 1943; V. 118, p. 2306; V. 119, p. 812, 1173, 2065.
(1) TRENTON STREET RY.— Trolley. The United Power & Trans
portation Co. owns 19,969 out o f the 20,000 shares o f stock outstanding.
Lease.— Is leased to Trenton & Mercer County Traction Corp. (see above).
V. 91. p. 1513.
ORGANIZATION.— Formed June 29 1898 by consolidation of the Tren
ton Passenger R y ., Mulberry Street Passenger R y ., Pennington Avenue
Passenger R y. and Ewing Passenger Ry.
On J i(1 9 1899 the Mercer County Traction Co. was formed with a
capital o f $100,000 to enable the Trenton Street Rialway Co. to build an
extension o f 11.42 miles Into Princeton and in the city o f Trenton. The
entire stock is owned by the United Power & Transportation Co. Is oper
ated as a part o f Trenton Street Ry. system.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
..............
$ 1 ,000,000 ----------------Stock $2,500,000 (par $50)_________
Trenton Passenger first mtge
90,000 X1920-1925
6 g A-O ($15,000 due yly Sept. 30
$840,000 g o l d
($1,000 1891
100.000 1926-1930
each)__________________ c*
($20,000 due yly Sept. 30
Interest at Mechanics Nat.
Bank, Trenton, N . J ____
650.000 Sept 30 1931
5 g J-J
1,159,000 July 1 1938
Consolidated mortgage gold 1898
$2,000,000 ($1,000)-------c* Interest in Trenton at Mechanics National
Bank; Girard Trust C o., trustee.
Trenton St R y ____________
_ general mtge ____
6 J-D
500,000 June 1 1941
1911
$500,000 gold ($l,000)--C*\Bankers Trust C o., New York, trustee.
' Guaranteed Bonds—
Trenton Pennington &r Hope[ 1903
5 g J-D’
349,000 June 1 1943
first mortgage $350,OOOjlnt. at Fidelity Trust C o., Newark, trustee,
gold guaranteed__________ [ Guar., prin. & int., by Trenton Street Ry.
[V ol. 121,
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity
Trenton Hamilton & E 1st M l 1905
5 g M -N
500,000 N ov 1 1955
$500,000 ($1,000) g o ld . -C *j Int. at Real Est. T . I. & Tr. C o., Phila., trus.
Mercer Co Tr 1st M $300,0001 1904
5 J-J
292,000 July 1 1944
gold ($1,000) guar p & i_e*JReal Est. Tit. Ins. & Tr. C o., Phila., trustee,
x Holders of bonds maturing Sept. 30 1920 to 1924 have agreed to hold
bonds at same rate of interest.
Bonds.— $840,000 consolidated 5s of 1898 are reserved to retire first 6s.
Trenton Street R y. gen. mtge. bonds are subject to call at 105 and int. on
any int. day. Y. 93, p. 797. Are listed on Phila. Stock Exchange.
Mercer County Traction, Trenton Pennington & Hopewell and Trenton
Hamilton & Ewing Traction bonds are guar., p. & i., by endorsement by
Trenton Street R y. V. 94, p. 826, 1696.
OFFICERS.— Pres., John A . Rigg; Sec. & Treas., T . W . Grookot Jr.—
V. 93, p. 797; V. 94, p. 828; V . 105, p 2273; V. 106, p. 1901, 2230.
TRENTON -PRIN CETON TR A C T IO N CO.
ORGAN IZATION .— Incorp. in New Jersey on Sept. 29 1922 as a con
solidation of the New Jersey & Pennsylvania Traction C o., Trenton Lawrenceville & Princeton R R „ the Trenton Lawrenceville & Princeton Ex
tension R R . and the Princeton Street R y.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Comprises 12.56 miles from Warren and Hanover Sts., Trenton, N . J.,
to Princeton, N. J.
Franchises are perpetual except in Trenton, which runs to 1953.
Interest. Outstanding. Maturity.
Date.
STOCK AND BONDS—
.
$ 200,000
_______________
Stock $200,000 ($100)______
400,000 M ay 1 1943
6’ m - n '
First mortgage____________
1923
EARN ING S.— For year ending Dec. 31 1924 (Princeton Division),
gross, $127,105; net, after taxes, $18,776. In 1923, gross, $127,258; net,
after taxes, $24,136. In 1922, gross, $132,048; net, after taxes, $19,719.
OFFICERS.— Pres., Sydney L. Wright, Phila.; V .-P. & Gen. M gr.,
Gaylord Thompson, Trenton; Sec. & Treas., John M . Morrissey.— V. 114,
p. 1063; V. 115, p. 1632; V. 116, p. 1412; V . 118, p. 312, 2573.
Oct., 1925.]
81
POWEB, LIGHT AND BAILW AY
on common stock— 1%— Dec. 1900. In 1901 paid 1% each in March,
June and Sept.; in Dec. paid 1 H % - In 1902 paid 1 \i% each in March,
June and Sept.; in Dec. 1902 div. was increased to 1 % , which rate was con
tinued up to and incl. Sept. 1914. In Dec. 1914 rate was reduced to 1 %
(V. 99, p. 1450). In 1915, March, 1 H % ; June, 1 H % ; in Sept. 1915 rate
was further reduced to 1% (V. 101, p. 526); Dec., 1% . In Jan. 1916 dividend periods were changed to June and Dec. 1915. V. 102, p.436. In 1916
and 1917, 4 % . June 1918 dividend passed. V . 106, p. 2227, 2343. None
to June 1919, when 1M % was paid. In D ec. 1919, 1 M % . None since.
V. 110, p. 2386.
OFFICERS.— Pres., Van Horn Ely; V .-P s., Geo. N . Tidd and C . L. STingley; Sec. & Treas., Frank J. Pryor Jr.; Asst. Treas. & Comp., H. DAMERICAN ELECTRIC POWER CO.
Anderson; Asst. Treas. & Asst. Comp., C. R . Beddows; Asst. Treas., H. PControl.— In M ay 1924 the American Gas & Elec. Co. and Appalachian Carr; Gen. Counsel, H. B. Gill. General offices, Packard Building, 111 S
Power Co. offered to purchase not less than 75% of the com. stock of the 13th St., Philadelphia, Pa.— V. 118, p. 905, 1259, 1282, $663, 2178, 2571co . outstanding in the hands of the public at a cash price o f $62 50 net per 2702, 2823, 2946. 3194: Y. 119. p. 72, 691; V . 120, p. 84, 207, 954, 1324share. V. 118, p. 2823. In July 1924 it was announced that approxi 1584, 1879, 3184;% 121, p. 1675.
V.
mately 95% o f the com. stock had been acquired under terms of the offer.
(1) PEOPLE’S RAILWAY (DAYTON).
V. 119, p. 72. Compare V. 118, p. 2946, 3194. In June 1925 purchased
the Rocky M ount (Va.) Light & Power Co. V. 120, p. 3184.
Acquired in 1899 by the American Railways Co. (now American Elec
ORGANIZATION.-—The American Rys. Co. was incorp. under laws of tric Power C o.).
ORGANIZATION.— Incorp. in Ohio June 18 1896. The American
N . J. in 1900 as a consolidation of the former American Rys. Co. and the
United States Electric R y. & Light C o., which latter had only $1,000 of Electric Power Co. owns entire capital stock.
outstanding stock. Name changed from the American Railways Co. to
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
present title on Feb. 13 1923. V. 116, p. 615.
A trolley road. Has 32.6 miles o f track in D ayton, Ohio; operates 124 cars.
For list o f securities owned by the co. as o f Dec. 31 1923, see “ Electric
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity.
Railway” Supplement o f April 26 1924.
_______
$2,500,000 __________
Stock $2,500,000 ($100)___________
Sale of Subsidiary Companies Proposed.— See V. 120, p. 1324.
First mtge “ White Line” / 1925 6 g A-O
300,000 Oct 1 1935
$300,000 ($500) gold red/Interest at Union Savings Bank & Trust Co.,
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Oct 1 1900 at 110---------n tf I Cincinnati, trustee.
Total track mileage o f subsidiaries 316 miles. 670 cars.
First mtge “ People’s R y ” f 1897 5 g J-J
200,000 Jan 1 1927
STOCK AN D BONDS—
Date. Interest.
Outstanding. Maturity.
$200,000 ($500) gold red/Interest at Union Savings Bank & Trust C o.,
Common $17,000,000 ( $ 5 0 ) - - . ____
______
$9,460,000
See text
at 110------------------------ n tf I Cincinnati, trustee.
1st pref 7% cum $8,000,0001
Bonds.—
($100)__________________ / _____
7 Q-F
4,936,593 Nov ’25 1 3
A offered at In Oct. 1925 Newburger, Henderson & Loeb, Philadelphia,
Collat trust $2,500,000 gold/ 1911 5 F-A
932,000 Aug 1 1931 first mtge. 96 and interest the unsold portion of $300,000 White Line R y.
6%
due Oct. 1935,
conv ($500 & $l,O0O)-.c*tf [Int. at Merchants’ Un. T r. Co..Phila.,trust. amount of first gold bonds,bonds due 1Oct. 1 which are an extension of a like
mtge. 5%
1925. V. 121, p . 1790.
Income bonds (see text)______ _____
7% 1,143,250
1940
EARN ING S.— Year ending Dec. 31 1924, gross, $697,443; net, after
Car trust certificates ser “ A ” . . 1923 6 J-J
280,000 ---------------Car trust certificates ser “ B ” l 1914 6 F-A
15,000
See text taxes, $156,806; int., deprec., &c., $60,592; bal., sur., $96,214.
($ 1 ,0 0 0 )___________ c* n tf /
Latest Earnings.— 8 mos. end. Aug. 31 1925: Gross, $447,566; net, after
Car trust certificates ser “ C ” J 1916 5 F-A
36,000
Seetext
oper. exp. & taxes, $141,164; int., deprec., &c., $41,355; bal., sur., $99,809.
($1,000) ________________ c\Logan Trust Co. o f Philadelphia, tmstee.
J. Sprigg McMahon, Dayton; V .-P
Car tr ctf ser “ D ” ($l,000)c*tf 1917 6 A-O
44,000
Seetext OFFICERS.— Pres., Treas., Frank J. Pryor, Jr., Phila.; Asst. ., C. L. S.
Tingley, Phila.; Sec. &
Sec.-Treas.,
Stock.— Pref. stock is red. at any time at 110. Pref. & com. stocks are & Compt., II. D. Anderson; Gen. M gr., V. R . Powell; Asst. Treas. & Asst.
listed on Philadelphia Stock Exch. The pref. stock was auth. by share Compt., C. R . Beddows; Asst. Treas., Henry P. Carr.— V. 86, p. 1530;
holders on Oct. 17 1912 (V. 95, p. 889, 1038, 1206) and the auth. amount of V. 97, p. 176; V. 121, p. 1790.
ommon stock was reduced from $25,000,000 to $21,000,000
(2) SPRINGFIELD (OHIO) RAILWAY.
Notes.— In Oct. 1925 it was reported tnat the company was paying off
ORGANIZATION.— Incorporated in Ohio Oct. 20 1892; 9,944 shares of
the balance o f $930,500 o f the American R y. Co. 5-year, 8% notes, due the common stock and 5,000 shares of the pref. stock have been acquired
1925. V . 121, p. 1675.
by the American Elec. Pow. Co. For details of franchise under which co.
Bonds.— Coll, trust bonds o f 1911 have no sinking fund but bonds are operates see “ Electric Railway” Supplement of April 24 1920.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.— A
subject to call on any int. date at 102. The collateral for the bonds consists
o f $2,250,000 stock (out of $2,500,000 issued) o f the People’s R y .of Dayton, trolley road. Owns 40.7 miles of track. Operates 71 passenger cars.
STOCK AND BONDS—
Date.
Interest, yyutstanding. Maturity.
Car Trust Certificates.— Of Series “ A ” $35,000 mature July 1 each year.
_______
$1,000,000 __________
Series " B ” 11 certificates mature Aug. 1 1915 to 1925 incl.; 15 mature Common (par $100)_________ _____
6%
500,000 ________ _
Aug. 1 1926. Series “ C ” certificates mature $12,000 yearly Aug. 1 to 1928. Preferred $500,000__________ _____
5 g M-S
1,406,500 See text
They were issued by the Logan Trust Co. and unconditionally guar., p. & i., First mtge $5,000,000 ($100,1 1914
$500 & $1,000) g s f_c*n tf JInt. at Real Est. T . & I. Tr. Co., Phila., Tr
(end.) by the American Rys. Co. V. 103, p. 1031. Series “ D ” certificates mature $21,000 each July 1 from 1918 to 1926 and $23,000 July 1 1927.
Bonds.— $400,000 of the above outstanding bonds provided for by serial
maturity, i. e., $12,500 due Sept. 1 1914 to 1923, incl., $25,000 due Sept. 1
REPO RT.— For fiscal period:
1924 to 1934, the remaining bonds ($4,600,000) due Sept. 1 1935.
Years Ended Dec. 31—
1924.
1923.
1922.
1921.
Sinking Fund.— When more than $1,250,000 bonds outstanding, sinking
Gross income, all sources $2,317,338 $2,826,167 $2,475,897 $1,964,499 tund of 1 % to 1923 and 2% thereafter of bonds outstanding over and above
Interest, taxes, &c_____
949,580 1,117,809
1,341,377
1,400,416
the $1,250,000 of original issue. The escrow bonds ($3,756,000) reserved
for extensions, betterments, &c., at 80% of cost. Redeemable any interest
Net income_________ $1,367,758 $1,708,358 $1,134,520
$564,083 date at 102 and interest. V . 98, p. 1609.
Common dividends--------------------------------------EARNING S.— For year ending Dec. 31 1924, gross, $565,770; net, after
Preferred dividends (7%)
343,854
a287,052
----------------taxes, $80,780; int., deprec., &c., $137,160; bal., def., $56,380.
Latest Earnings.— 8 mos. end. Aug. 31 1925: Gross, $348,295; net, after
Surplus_____________ $1,023,904 $1,421,306 $1,134,520
$564,083
a In Feb. 1923 paid 19 fi % in pref. stock, clearing up all accumulations taxes, $49,807; int., deprec., &c., $92,319; bal., sur., $42,512.
OFFICERS.— Pres., Paul C . Martin; V .-P ., C . L. S. Tingley; Sec. &
on that issue. In M ay, June and Aug. 1923 dividends o f 1 % % payable in
pref. stock) were paid. In N ov. 1923 a cash dividend o f 1 % % was paid. Treas., Frank J. Pryor, Jr.; Asst. Sec., Asst. Treas. & Compt., H. D.
Anderson; Asst. Treas. & Asst. Compt., C. R . Beddows and Henry P.
In 1924 regular quarterly cash dividends o f 1M % were paid.
Latest Earnings.— For 8 mos. end. Aug. 31 1925: Gross income, all sources, Carr; Gen. M gr., P. E. O’Brien.— V. 115, p. 1839; V. 117, p. 1993.
$1,725,409; interest, taxes, &c., $497,392; net income. $2,228,017; pref.
(5) CONSOLIDATED POW ER & L IG H T CO.
divs. (7% ), $229,778; surplus, $998,239.
Entire common stock owned by American Electric Power Co.
COM BINED EARNINGS OF CONTROLLED COMPANIES.
ORGANIZATION.— Incorp. in Feb. 1923 as successor to Consolidated
Calendar Years—
xl925.
1924.
1923.
1922.
Light
& Power Co. (V. 104, p.
stock
Operating revenues_____$9,124,847 $19,906,902 $20,803,892 $19,342,698 equity Heat by the American Rys. (now 75). Acquired all the com.follow
held
Amer. Elec. Pr. Co.) in the
Oper. rev. & deprec___
5,498,000 $13,107,873 $13,802,395 $13,302,912 ing cos.: Ohio Valley Electric R y., Ironton Elec. Co., Boyd County Elec.
T a x e s_________________
565,166
1,001,492
1,024,373
973,789 C o., Lynchburg Trac. & L t. C o., Roanoke Trac. & Lt. Co.
Operating income____$3,061,681
$5,797,536 $5,977,124 $5,065,997
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Non-operating incom e-155,138
154,960
80,876
92,512 Company and subsidiaries own and operate the entire electric power and
light business in Huntington, W. Va., and Lynchburg, Va., and all the
Gross income_________ $3,216,819 $5,952,497 $6,058,000 $5,158,509 electric power and light business in Roanoke, Va., as well as the gas and
Interest, rentals, &c____$1,591,327
$3,202,898 $2,986,712 $2,663,643 electric power and railway business in Lynchburg. Cos. own and operate
Sinking fund__________
246,995
270,795
232,937
68,613 the electric railway business in Roanoke, the electric railway uusiness in
Huntington and surrounding communities, and the entire electric light
Net income_________ $1,378,497 $2,478,803 $2,838,350 $2,426,253
and power and railway business in Ironton, Ohio, Ashland and Catlettsburg,
K y., and the intermediate territory. Population served is in excess o
x 12 months ended Aug. 31 1925.
Dividends.— Quarterly divs. o f l% % each on pref. stock were begun 220,000.
in Feb. 1913 and paid regularly to and incl. M ay 1920. Aug. 1920 div. Capitalization of the New Company Upon Completion of the New Financing
deferred. None to F eb. 1923, when 19 M % (payable in pref. stock) was paid, Common stock (no par value)_______ _______________________100,000 shs.
clearing up all accumulations. In M ay, June and Aug. 1923 divs. of 1 % % Preferred stock______________________________________________ $3,091,000
payable in pref. stock) were paid. In N ov. 1923 cash dividends of 1M % First mtge. & ref. lien 6 H % bonds__________________________
8,039,500
were resumed. In 1924, 7 % . In 1925, Feb., 1M % . First dividend
EARN ING S.— For years ending Dec. 31 (incl. sub. cos.):
Calendar Years—•
xl925.
1924.
1923.
1922.
Operating revenues_____$4,556,251 $6,215,756 $5,964,188 $5,164,154
Oper. exp. and taxes____ 2,804,070
3,822,751 3,940,251
3,388,090
PENNSYLVANIA
American Electric Power
Company
Net operating revenue $1,752,181
Other income__________
45,690
$2,393,000
60,039
$2,023,937
114,192
$1,776,064
72,274
Gross income_________ $1,797,871
Interest on funded debt.
557,594
Other int., amortiz., &c_
60,312
$2,453,044
838,308
64,221
$2,138,129
760,108
83,482
$1,848,338
458,837
83,508
Total deductions_____
Underlying Securities
BO U G H T — S O L D — Q V O T E D
B IO R E N & C O .
Established 1865
410 Chestnut St.
PHILADELPHIA
$617,906
$902,529
$843,590
$542,345
Balance_____________ $1,179,965
Depreciation reserves
345,590
and
$1,550,514
429,196
$1,294,539
389,075
$1,305,993
253,058
$834,375
142,499
$1,121,318
164,104
$905,464
67,840
$1,052,935
20,748
Net income_________
Preferred dividends____
Bal.forres.& com.divs.
$691,876
$957,214
$837,624 $1,032,187
x Eight months ended Aug. 31 1925.
(a) LYNCHBURG TRACTION & LIGHT CO.
Consolidated Power & Light Co. owns entire capital stock and $1,223,000
of Lynchburg Trac. & Light consol, mtge. bonds.
ORGANIZATION.— Incorp. in Virginia, and is a consolidation on M ay
1 1901 of the Lynchburg Electric R y. & Light, the Lynchburg & Rivermont
St. R y. (franchise perpetual) and the Lynchburg Gas Co.
Owns all the stock of the Lynchburg Water Power Co., and has assumed
the $500,000 1st mtge. 5% bonds of that company. In June 1925 acquired
the property of the Amherst (Va.) Light & Power Co. V. 120, p. 3314.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Comprises all the street railways, gas works and electric light plants bf
Lynchburg and hydraulic power development at Reusens, Va. Owns and
operates 19.8 miles of track in city and suburbs, 60 to 100-lb. T and girder
rails. Standard gauge. Operates 39 pass, cars, 3 other; 1 sweeper. Owns
Rivermont Park.
Valuation.— For details o f valuation by A . L. Drum & C o., engineers,
Chicago, placing reproduction cost at $4,252,876 as o f Feb. 1 1921, see
V. 112, p. 2191.
Decision Regarding Valuation.— See V. 113, p. 1773.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $1,000,000 ($50)___________
J-D
$750,000 See text
First mtge $1,000,000 sink fd ( 1901 5 g M -N
688,000 May 1 1931
($1,000) gold_______ c*ntr (Real Estate Trust C o ., Philadelphia, Trustee
Lynchb Trac & Lt con mtge\ 1911 5%
1,223,000 June 1 1931
$1,750,000 ___________ n t f (Real Est. Title Ins. & Tr. C o., Phila., Trust.
Lynchourg Gas Co first mort-J 1900 5 M-S
111,000 Mar. 1 1930
gage $250,000__________ tf lin t at Real Estate Trust C o., Phila., Trust.
Lynchburg Water Power first/ 1902 5
396,000 July 11932
mortgage $500,000____n t f (Real Estate Trust C o., Philadelphia, Trustee
Bonds.— Of the 1st mtge. bonds, $111,000 are reserved to retire bonds of
like amount of Lynchburg Gas Co. due 1930, and of whioh no more are to be
issued. Sinking fund o f 1% per annum became operative in 1906, which
was increased in 1916 to 1 it % . Entire issue can be called at any time.
EARN ING S.— For year end. Dec. .31 1924, gross, $1,093,578; net, after
taxes, $522,268; int., deprec., &c., $278,073; bal., sur., $244,195.
Latest Earnings.— For 8 mos. end. Aug. 31 1925: Gross, $718,456; net,
after taxes, $320,373; int., deprec., &c., $187,918; bal., surp., $132,455.
OFFICERS.— Pres., Van Horn Ely; V .-P ., C . L. S. Tingley; Sec. &
Treas., Frank J. Pryor Jr.; Asst. Sec.-Treas. & Compt., H. D . Anderson;
Asst. Treas. & Asst. Compt., C . R . Beddows; Asst. Sec., W . R . Power.—
V. 114, p. 1063. 2359; V. 117, p. 1555; V. 119, p. 1625; V . 120, p. 3314.
(b) ROANOKE TRACTION & LIGHT CO.
The Consol. Power & Light Co. owns $1,000,000 stock.
ORGAN IZATION .— A holding co. Incorp. in Va. July 28 1908. Owns
the Roanoke Water Power C o., the Bedford Power C o., the James River
Water Power Co. and the Roanoke Heat, Light & Power C o., and controls,
through ownership of all the capital stock, the Roanoke Railway & Elec. C o .
V. 87, p. 1089. 1160.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Stock $2,000,000 ($100)______ _____
_________ $1,000,000 ___________
First mortgage and collateral/ 1908
5 g F-A
2,107,000 Aug 11958
trust $3,000,000 ($1,000)jln t. at Bioren & C o., Phila., or Baltimore
g o ld -------------- ----------c* n tf [ Trust C o., Baltimore, trustee.
r Bonds.— $750,000 bonds are reserved to retire a like amount of bonds of
the Roanoke Ry. & Elec. Co. Bonds are subject to call on any int. day at
105 and int. Sinking fund o f 1% of outstanding bonds, payable Feb.Jl
1919 to 1928; 114% thereafter.— V. 115, p. 309; V. 117. p. 88.
(c) ROANOKE R A IL W A Y S ELECTRIC CO
ORGAN IZATION .— The Roanoke Street Ry. and the Roanoke Electric
Light & Power were both sold at foreclosure Aug. 1 1899. The present
company was incorporated in Virginia. Franchises expire in 1935 and some
are perpetual.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Does all lighting and railway business in and about Roanoke, Salem and
Vinton. Operates in Roanoke, also extensions to Salem and Vinton, Va.,
a total of 33.2 miles of track. About 53 passenger cars, 4 other cars. 50,
60jm d 72-lb. rail.fg
STOCK AN D BONDS— JDate.
Interest. Outstanding. Maturity.
Stock $500,000 ($100)________ _____
J-D
$500,000
See text
First consolidated mortgage/ 1903
5 g F-A
608,000 Feb 1 1953
$750,000 ($1,000) g s f.c * t f [Int. at Real Estate Tr. C o., Phila., trustee.
Bonds.— Sinking fund was 1% o f outstanding bonds annually payable
eb. 1 to 1920; now, \'A% .
EARN ING S.— For year ending Dec. 31 1924, gross, $1,434,884; nqt
after taxes, $602,573; int., deprec., &c., $226,462; bal., sur., $376,110
Latest Earnings.— 8 mos. end. Aug. 31 1925: Gross, $350,870; net, after
taxes, $350,870; net, after int., deprec., &c., $225,872.
(d) OHIO VALLEY ELECTRIC RAILWAY CO.
In 1911 acquired by the American Railways (now Amer. Elec. Pow. Co.),
but see Cons. Pow. & Lt. Co. above. V. 92, p. 1437; V- 93, p. 470.
ORGAN IZATION .— Incorp. in W . Va. in 1899. Franchises run until
1957 in W . Va.; in Ky. and Ohio in Dec. 1916 ran for nearly the full term
allowed by statute, 20 and 25 years, respectively. In Feb. 1908 name was
changed from Camden Inter-State R y . to the Ohio Valley Elec. R y. Owned
entire stocks of Consolidated Light, Heat & Power C o., Ashland Elec. Lt.
& Pow. Co. (now Boyd County Elec. Co.) and Ironton Elec. C o., but at
time o f acquisition by Amer. Rys. (now Amer. Elec. Pow. Co.) these were
turned over to the latter company. Co owns entire stocks of the Ashland
Interurban R y.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.— A
trolley road. Operates 49.7 miles o f track in and between Huntington and
Kenova, W . Va., Catlettsburg and Ashland, K y., and Ironton, Ohio.
Operates 62 pass, cars, 15 other cars.
STOCK AND BONDS—
Date.
Interest. Outstanding.
taturity.
Common $2,000,000 ($100)________
_________ $2,000,000
See text
Pref 6% cum $400,000 ($100)______
J-J
345,800
See text
1st M $2,200,000 gold guar? 1916
5 g J-D
1,891,000 Dec 1 1946
($1,000) -_L_________ c*tf\Penn. Co. for Ins. on L. & G. A ., Phil., trust.
Bonds.— The outstanding bonds were issued to take up $1,350,000 Cam
den Inter-State R y. 5s due Mar. 1 1921; $175,000 Hunt. & Charleston 5s
due 1936; $100,000 Cons. Lt. & Rys. 6s due 1922, and $50,000 Ashland &
Catlettsburg 6s due 1919. Remaining $309,000 are for exts. and better
ments under restrictions. Red. since Dec. 1 1921 at 10234 and int. Penn.
State tax refunded. Guar., p. & L, by end. by Am. Rys. Co. V. 103, p.
2342.
EAR N IN G S.— For year ending Dec. 31 1924, gross, $879,414; net after
taxes, $250,932; int., deprec., &c., $150,610; bal., sur., $100.322.— V. I l l ,
p. 1950; V. 117, p. 895.
Latest Earnings.— 8 mos. end. Aug. 31 1925: Gross, $559,556; net, after
taxes, $173,153; int., decree., &c., $110,568; surplus, $62,585.
(4) ELECTRIC CO. OF NEW JERSEY.
The American Elec. Power Co. owns entire outstanding stock and bonds.
ORGAN IZATION .— A merger July 5 1916 of a number of electric light
cos. in Gloucester, Salem and Cumberland counties, N . J., along the Dela
ware River opposite Wilmington, Del., and Chester, Pa. On M ay 1 1919
the Bridgeton Electric Co. was merged into the Electric Co. of New Jersey,
which assumed the $250,000 1st mtge. 5% bonds o f the former company,
o f which there are now $22,000 outstanding.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Supplies electric current for electric light and power in municipalities of
Salem, Pennsgrove, Woodstown, Mullica Hill, Pitman, Glassboro, Williamstown, Paulsboro, Clementon, Laurel Springs, Berlin, Elmer, Clayton,
8 uinton, Swedesboro, Pedricktown, Pennsville, Harrisonville, Mickleton,
larkesboro, Wenonah, Bridgeton, Port Norris and many other smaller
places.
Bonds offered in exchange for 1st mtge. 5s o f Bridgeton & Millville
Trac. C o., see under that co. in V. 114, p. 1405.
In April 1925 was auth. by the N . J. P. U. Comm, to issue $225,000
1st mtge. bonds and $107,300 in com. stock. V. 120, p. 2011.
Date.
Interest. Outstanding.Maturity.
STOCK A N D BONDS—
Common stock $475,000_____ ....................
$700,000
...........—
190,300
...............
P referred___________________ ______
First mtge $5,000,000 gold) 1917
5 g M-S
1,229.000 Mar 1 1947
($1,000) -------------- c*& r.tf Int. at Comm’l Trust C o., Phila., trustee.
Bridgeton Electric Co 1st Ml
5 g J-J
22,000 Jan 1 1930
($ 1 ,0 0 0 )...............................J ____
EARN INGS.— For cal. year 1924, gross, $901,582; net, $262,211; int.,
deprec., &c., $109,493; pref. div., $10,229; bal., sur., $142,488.
Latest Earnings.— 8 mos. end. Aug. 31 1925: Gross, $692,444; net,
$221,149; int., deprec., &c., $118,861; pref. divs., $9,450; bal., sum .,
$92,838.— V. 108. p. 937; V. 104, p. 1390, 1493: V . 117, p. 2894; V. 120,
p. 2011-
[V ol. 121
PUBLIC UTILITIES
ALTOONA & LOGAN VALLEY ELECTRIC R A ILW AY .
This co., we are advised, has been sold to the General Engineering &
Management Corp.
ORGANIZATION.— Incorp. in Penna. Aug. 5 1903. Owns the entire
$65,000 stock of the Lakemont Park C o., also $58,000 of the $59,000 stock
of the Home Electric Light & Steam Heating Co. o f Tyrone (into which
the Blair Electric Co. incorp. in 1908 to do a lighting business, having
perpetual franchise and 10-year contract to light town of Bellwood, was
merged in 1910-11) and leases that company for 99 years from July 1 1903;
$54,000 of this stock is deposited as additional security for the consolidated
mortgage. In Aug. 1903 absorbed by consolidation the City Passenger R y.
and the Tyrone Electric R y. (previously owned) and increased its capital
stock from $500,000 to $1,500,000. V. 77, p. 1745. In 1912 acquired the
Logan Light & Pow. Co. of Tyrone, and operates same in conjunction with
the Home Elec. Lt. & Steam Htg. Co. V . 94, p. 696.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.— A
trolley road. Operates 57. 6 miles of track, connecting Altoona, Bellwood,
Hollidaysburg and Tyrone. Gauge, 5 ft. 3 in. Operates 124 cars.
STOCK AND BONDS—
Date.
Interest. Outstanding. Last div., A c .
_________ $1,500,000
See text
Stock $1,500,000 ($50)______ ______
Consol mtge $4,000,000 gold/ 1903 4 « g F-A15 4,000,000 Aug 15 1933
($500 and $1,000) guar by/lnterest at Equitable Trust C o., PhiladelAmer Elec Pr C o _ c&r.tf [ phia, Trustee.
_
Logan Lt & Pr 1st m tg e _ M ._ 1907
5 A-O
43,000 Oct 11937
The bonds are guaranteed, p. & i., by endorsement by American Elec.
Power Co. No sinking fund and not subject to call.
EARNING S.— For year ending Dec. 31 1923, gross, $1,431,959; net,
after taxes, $517,426; int., deprec., &c.. $249,160; bal., sur., $266,266.—
V. 80, p. 2619; V. 82, p. 333, 391, 803; V. 94. p. 699; V. 112, p. 1976;
V. 117. p. 1016; V. 118, p. 1134.
SCRANTON RAILW AY.
This company has been sold to the General Engineering & Management
Corp.
ORGANIZATION.— On Jan. 1 1897 assumed all the assets and liabilities
of the Scranton Traction C o., &c. V. 63, p. 1064; V. 64, p. 85. As at
present constituted, is a merger of 21 companies.
Operates, practically without competition, in the Lackawanna Valley
from Forest City, in Susquehanna County, to Pittston, in Luzerne County,
serving, among others, the cities of Scranton, Pittston and Carbondale,
and the boroughs of Archbold, Blakely, Dickson City, Dunmore, Jermyn,
Mayfield, Moosic, Old Forge, Taylor, Throop, Vandling, Avoca, Duryea,
Forest City.
Wage settlement for one year till April 1 1926, see V . 121, p. 1103.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Owns and operates all the street roads in and around city of Scranton.
Owns 92.3 and operates 103.3 miles. Operates 176 cars.
Franchises perpetual.
Valuation.— See V . I l l , p. 1662; also V . 112, p. 1867; V . 113, p. 629;
V. 116, p. 1761.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock ($ 5 0 )-._______ ________ _____
_________ $2,000,000 _______
-Scranton Ry lst&ref M $15,-/ 1917
5 F-A
3,095,000 Feb 1 1947
000,000 g ($ l,0 0 0 )-.c*rtf lin t, at Merch. Un. Tr. C o., Phila., Trustee.
Scran Trac 1st M $1,000,000/ 1892
6 g M -N
1,000,000 N ov 1 1932
($1,000) gold no o p t._ c * tflin t, at Merchants’ Union Trust C o., Phila.
Scranton R y 1st cons mtge/ 1897
5 g J-J
1,100,000 N ov 1 1932
$2,500,000 g ($l,000)_c*tf [New York Trust C o., N . Y . City, Trustee.
Scranton R y gen mtge $1,-/ 1910
7 M -N
1,000,000 N ov 1 1925
000,000 gold ($1,000)_ t flln t . at Equitable Trust C o., Phila., Trustee.
_
Scranton & Carb’d 1st m tge/ 1893
6 g J-J
150,000 Jan
1 1938
$1,000,000 g ($ l,0 0 0 )-c* tf/ln t. at Lack. T . & S. D . C o., Scranton,
Free of State tax.
I Trustee.
1st M Carbondale Traction/ 1892
6 g J-J
150,000 July 1 1942
Co, $150,000, gold ($500-1 Interest at Central Trust C o., New York,
and $ 1 ,0 0 0 )._______c*&r[ Trustee.
Carbondale R y gen mtge gold/ 1910
5 J-J
800,000 Jan
11933
$800,000 guar p & i_ ctf [Provident Life & Trust C o., Phila., Trustee.
_
Peoples St Ry gen mtge $100,-/ 1891
6 J-D
100,000 D ec 1 1926
000______________________ [Farmers’ Loan & Trust Co, N .Y ., Trustee..
Bonds.— Of the $3,500,000 Scranton R y. mortgage 5s of 1897, $1,400,000
are reserved to retire prior bonds at maturity. Scranton R y. gen. M . bonds
of 1910 are subject to call at any int. period at 102 and int. Originally
matured N ov. 1 1920 and bore int. at 5% but were extended for 5 years
at 7 % . V. I l l , p. 1662.
First mortgage of Carbondale Traction has a sinking fund of $2,500 per
annum after July 1 1895, but bonds cannot be called. The bonds, originally
matured July 1 1922 but were extended for 20 years. V . 115, p. 74.
Carbondale R y. mtge. for 1910 is unconditionally guar., p. & i., by Scranton
R y. Subj. to call on any int. date at 105 and int. V . 93, p. 1785. Scran
ton & Carbondale 1st mtge. 6s originally matured Jan. 1 1923, but were
extended to Jcin X X038
The 1st S ref. 5s o f 19i7 are callable since 1922 at 102 H and int. Guar.,
c
p. & i., by endorsement, by American Elec. Power C o. $4,600,500 are
reserved for underlying bonds and $7,604,000 for impts. under certain
restrictions. V . 104, p. 1703.
EARN ING S.— For year ending Dec. 31 1923, gross, $2,439,796; net,
after taxes, $624,674: int., deprec., &c., $543,121; bal , sur., $81,553.—
V. 113, p. 629; V. 115, p. 74; V. 116, p. 1761; V. 117, p. 209, 1018, 1463;
V. 118, p. 86, 1269; V. 119, p. 1734; V . 121, p. 1103.
W ILM INGTON
& PHILADELPHIA TRA CTIO N
CO.
Controlled by the American Electric Power Co.
ORGANIZATION.— Incorp. in Delaware June 27 1910. Owns all stock
of Southern Penn. Trac. C o., Chester & Eddystone St. Ry. C o. and Wilm.
Lt. & Pow. Co. On June 1 1915 acquired control of People’s R y. o f Wilming
ton, Del. {stock, $1,500,000), and in Oct. 1915 purchased Wilm. Southern
Trac. Co. and Wilm. New Castle & Delaware City R y. and consolidated
them under name o f latter. (Stock, $600,000.) Leases for 990 years from
July 1 1910 Wilm. City R y ., Wilm. & Edgemoor Elec. R y ., Gordon Heights
R y., Front & Union St. R y. and Wilm. City Elec, and New Castle County
Elec. Co. at a minimum annual rental of $79,010 to a maximum o f $120,610
in 15 years.
FIELD OF OPERATIONS A N D C H A RACTER OF BUSINESS.—
Comprises street railway lines in Wilmington, New Castle and Delaware
City, Del., and Chester and Media, Pa., and interurban lines connecting
these places with each other and with Philadelphia, a total of 140 miles of
track; 299 cars; also does electric light and power business in Wilmington,
New Castle, Delaware City, Newark and vicinity in Delaware, the south
eastern part of Delaware C o., Pa., and Elkton, Chesapeake City and
vicinity in Maryland.
Date.
Interest. Outstanding. Maturity.
STOCK A N D BONDS—
Common stock______________ .....................................................$4,060,000 ....
500,000 ..
Preferred stock_____________ ....................................................
F-A
4,449,000
....
Wilm & Phila Trac 1st mtge ____
& coll trust $25,000,000_ Equitable Trust C o., New York, trustee.
_
5 g J-D
1,650,000 June 1 1965
People’s Ry 1st M $3,000,000 1915
gold ($1,000) guar______c* Int. at Fidelity Trust C o., Phila., trustee.
5 g A-O
173,000 Oct. 11965
Wilm So Trac 1st M gold 1915
$300,000 ($1,000) guar____ Int. atWilmington (Del.) Trust C o., trustee.
5 g J-J .
None Jan. 1 1966
W N C & D C 1st M $2,000,- 1915
000 g ($1,000) g u a r..c*tf Int. at Fairm. Sav. Tr. C o., Phila., trustee
5 g M-S
53,000 Sept. 1 1946
Chester & Eddystone 1st M 1916
gold $100,000 ($1,000) gu Int. at Phila. Trust C o., Phila., trustee.
5 A-O
1,900,000 __________
Wilm Lt & Power 1st mtge ____
$2,000,000 ........................... Wilmington (Del.) Trust C o., trustee.
Bonds.— All 4 issues are guar., p. & i., by Wilm. & Phila. Trac. C o. Re
maining People’s R y. and Wilm. So. Trac. bonds reserved for impts. at
86% of cost.
People’s Ry. bonds are red. on any int. date at 105.
.
83
Oct., 1925.]
POWER, LIGHT AND RAILW AY
$300,000 Wilm. N . C. & O. D. bonds are reserved for the Wilm. So. Trac.
bonds; remainder may be issued for exts. and impts. at 85% o f cost. Red
at 102 on any int. day
EARNINGS.— Including Southern Pennsylvania Traction C o.;
Net Earns.' Chgs. & Tax.
Balance.
Cal. Years—
Gross Earns.
$539,659
1924................... ..-$4,482,031
$1,795,402
$1,256,743
621,830
1,866,641
1,244,812
1923___________ . . . 4,730,157
448,085
1 9 22---...............
4,444,517
1,680,366
1,232,281
1921___________ . . . 3,683,562
sur.470,036
1,582,277
1,112,241
def.24,092
854,037
1920................... . . . 3,212,369
829,945
Latest Earnings.— 8 mos. ended Aug. 31 1925, gross, $3,067,461; net,
$1,243,148; bal. after charges and taxes. $371,739.
OFFICERS.— Pres., Van Horn Ely, Phila.; Vice-Pres. & Gen. M gr.,
T . W. Wilson, Wilmington; Sec. & Treas., F. J. Pryor Jr.; Compt., H. D.
Anderson; Aud., C. E. Yost, Wilmington.— V . I l l , p. 897, 1185, 1371.
(1) WILMINGTON & CHESTER TRACTION.
United Power & Trans. Co. owns 39,995 out of 40,000 shares o f stock.
Lease.— Part o f this c o .’s lines are leased to the Wilm. & Phila. Trac. Co.
and part to the Southern Penna. Trac. Those in Delaware, viz., Wilm. City
R y., Gordon Heights R y., Front & Union St. Ry. and Wilm. & Edgem. El.
R y. are leased to Wilm. & Phila. Trac. (see above); those in Penna., viz.,
Chester Trac. and its subsidiaries are leased to South.Penn.Trac. (see below)
ORGA N IZA TIO N .— Incorp. March 1898. Has acquired all the stock of
the Wilm. City R y. ($519,930), the Gordon Heights R y. ($51,500), the
Front & Union St. R y. ($299,930) and the Chester Trac. Co. ($500,000), all
of which are deposited under the coll, trust mtges o f the Wiim. & Chester
Trac. Co. Owns $50,000 stock of the Chester & Delaware St. R y.; also owns
$150,000 debenture bonds o f Front & Union St. Ry. and $45,000 1st mtge.
bonds o f Gordon Heights Ry. The Chester Trac. C o. holds all the stock of
the Union R y. C o., $100,000; Chester & Media stock, $35,000; Chester
Darby & Phila. stock, $65,000; total, $200,000. The Chester Trac. pays as
rental (besides int. on bonds) 6% on the $100,000 stock o f the Chester &
Media and on the $100,000 stock o f the Chester Darby & Philadelphia.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $2,000,000 ($50) full paid Listed on Phila. Ex. $2,000,000 Dec’ 12, 60c.
Coll trust gold $4,000,0001 1898
6 g A-O
2,291,500 April 1 1933
($500 and $1,000 each)-C*t/Provident Trust Co.. Philadelphia, trustee.
C o l l a t e r a l t r u s t g o l d ! 1912
5
536,625 April 1 1952
$5,500,000 guar________ t f) Wilmington Trust C o., Wilmington, trustee.
Securities of Subsidiary Lines—
Wilmington City 1st mtgel 1911 5 M-S
600,000 Sept. 1 1951
$600,000 ($1,000)--C*_ntf flnt. a tE q . Guar. & Tr. C o., Wilm., trustee.
Chester Traction 1st mtge 1 1894 5 g M -N
250,000 M ay 1 1944
gold $250,000________ c*tf flat, at Guar. Tr. & Safe Dep. C o., Phila.
Wilming & Edgemoor 1st M l 1906
5 g J-D
400,000 June 1 1946
$400,000 ($1,000) g _ c * tf/In t. at Real Est. Title Ins. & Tr., Phila., trus
_
Leased to Chester Traction—
Union R y Co 1st mtge g - .c t f 1913 5 g J-J
200.000 Jan. 1 1943
Chester St R y stock ($50) - - t f ___
lO J-J
150.000 rental 10%
Chester & Media El Ry g o ld .tf 1913 5 g J-J
100.000 July 1 1943
Chester Darby & Phila g o ld .tf l9 l3 5 g J-J
125.000 July 1 1943
The Wilmington & Edgemoor bonds are guar, as to both principal and
interest by the Wilmington City Ry.
Interest on Union R y., Chester Street R y., Chester & Media payable
at Delaware County Trust C o., Chester, Pa., on Chester Darby & Phila.
R y. C o., payable at Continental-Equitable Title & Trust C o., and interest
upon all the latter guaranteed by Chester Traction Co.
Bonds.— $1,695,000 coll, trust 5s o f 1898 reserved to retire underlying se
curities and guar, stock. They matured originally in April 1918 and bore
int. at 5% , but were extended for 5 years at 6% and again for 10 years to
Apr. 1 1933 at the same rate of int. Are guar., prin. & int., by the Wilm. &
Phila. Trac. Co. Red. at 101 and int. on any int. date. Are listed on Phila.
Stock Exchange. V. 106, p. 1902, 2012; V. 116, p. 824, 1052; V. 118, p. 86.
Of the coll, trust o f 1912, $4,060,000 are reserved for like amount of coll,
trust of 1898. Wilmington City bonds are subject to call at 105 and int.
V. 93, p. 667.
The Chester Traction bonds were extended in 1914 for 30 years. V. 106,
p. 1902. 2012, 2451; V. 116, p. 296, 824, 1052, 1533; V. 118, p. 86.
(2) WILMINGTON CITY ELECTRIC CO.
Lease.— Was leased on July 1 1910 for 990 years to the Wilm. & Phila.
Trac. Co., the latter assuming all int. & fixed chgs. o f Wilm. City Elec. Co.
ORGANIZATION.— Incorp. in Delaware in 1895. Franchise perpetual.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Does an electric light and power business in Wilmington.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
_________
$255,000 __________
Stock_______________________ _____
First mtge $1,000,000 gold) 1911
5 M -N
1,000,000 M ay 1 1951
($1,000) guar p & i___ c* tf/In t. at U. S. M tge. & Tr. C o., N . Y ., trustee.
Bonds have been redeemable since M ay 1 1921. Guaranteed, prin. &int.,
by Wilm. S Phila. Trac.— V. 92, p. 1441; V. 94, p. 567.
c
(3) SOUTHERN PENNSYLVANIA TRACTION CO.
ORGANIZATION.— Incorp. in Penna. in June 1910 with $10,000 stock,
all owned by Wilm. & Phila. Trac. Co. Leases for 990 years from July 1
1910 Chester Trac. C o., Delaware County & Phila. Elec. R y. and Media
Glen Riddle & Rock. E. St. R y. Co. at a minimum annual rental of $71,990
to a maximum o f $106,990 in 15 years.— V. 98, p. 1073, 1158.
(a) DELAWARE COUNTY & PHILADELPHIA ELECTRIC RY.
In M ay the United Power & Transportation Co. acquired the road,
paying $166 66 per share for the stock in its 4% trust certificates secured
by a deposit of stock.
Lease.— On July 1 1910 leased for 990 years to Southern Pennsylvania
Traction Co. at a rental o f $4J.000 per annum.
ORGANIZATION.— Incorp. May 11 1892.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Completed from Media, Pa., to Baltimore Ave., Clifton Heights, in Jan.
1895; connects with the Chestnut & Walnut St. cars of the Union Trac.
system. Owns 12 miles o f track. Rails, 80-lb. T and girder.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $500,000 authorized_________
_________
$300,000
See text
First mortgage $64,000--n tf) 1913
5 J-J
64,000 July 1 1943
lin t, at Cont.-Equit, Title & Tr. C o., Phila
1st M . bonds matured July i 1913, but were extended for 30 years at 5% ’
Dividends.— Paid in dividends in 1899-1900, $36,000; in 1900-01, $27,000,
1901 to 1908 incl., $21,000 per ann.; in 1909 and 1910, none; in 1911,
$21,000; in 1912, July, $15,000; none since.
PHILADELPHIA ELECTRIC CO. (THE).
ORGAN IZATION .— Incorporated in Pennsylvania Oct. 27 1902. The
company’s principal subsidiary is the Delaware County Electric Co. V.
73, p. 496, 680; V. 86, p. 977: V . 90, p. 1047: Y. 99. p. 820: V. 105. p.
1425; V. 104, p. 261, 367; Y. 105, p. 1807. Merger rumors denied in M ay
1925, V. 121, p. 1103.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Owns or controls all electric light properties in Philadelphia and Chester,
and in all the large towns in Delaware County. Has long lease of conduit
space from Keystone Telephone Co. at a graduated rental rising to $125,000
yearly, with option of purchase at end o f lease. V. 104, p. 2558; Y. 100,
p. 737. Rates, V. 102, p. 1254; V. 106, p. 92, 612; V. 108. p. 586; V. 105,
p. 1527, 2004; V. 106, p. 1683; V . 116, p. 1541. Owns 7 generating stations
and 28 substations in Philadelphia and Chester, Pa., and vicinity. Plans
for hydro-electric development at Conowingo Falls, V. 119, p. 1180; V. 120,
p. 212, 1748. Approved by stockholders, V. 120, p. 1882.
The Phila. Elec. Co. o f N . J. (holding co.) was dissolved in Dec. 1917:
its $24,987,750 stock, except $6,575. has been exchanged for stock of the
Phila. Elec. Co. o f Pa., each $25 share for a new $25 share. V. 105. p.
1425 1622: V. 103, p. 326, 1416: V. )04, p. 261. 367.
STOCK AND BONDS.—
Dale. Interest. Outstanding.
Maturity.
Common $85,000,000 ( $ 2 5 ) . - - ____
Q-M
$62,732,750 S ep t’25 2%
1st mtge sk fd $60,000.000[
5% bonds________________ 1916 5 g A-O
35,741,600 Oct 11966
4% bonds________________ 1916 4 g A-O
1,633,300 Oct 11966
($100 &c) gold___ c*&r*tf [int. at Land Title & Trust C o., Phila., trust.
1st lien & ref M 6s due 1941--( 1921
6 g J-D
12,146,600 Dec 11941
5 ^ s due 1 9 4 7 -.-..........
1922
5)4 g J-D
7,353,100 June 1 1947
534s due 1953____________ -j 1923 5)4 g M -N 9,905,000 N ov 11953
5s due 1960 ($500 & $1,000)- 1925 5 g J-J
12,500,000 Jan 11960
($100 &c) gold_____c*tf [Int. at Girard Trust C o., Phila., trustee.
83
Stock.— On Sept. 15 1925 the entire outstanding preferred stock was
redeemed at $28 per share, or converted into common stock. V. 120, p.
2551; V. 121, p. 460. Common is listed on Phila. Stock Exchange.
Bonds.— The 1st M . bonds of 1916 (see V. 104, p. 565) were to cover
the entire property (and all after-acquired property except stocks and
securities) then embracing all the public electric light and power plants in
Philadelphia. In Dec. 1924 $18,750,000 were pledged and $2,915,000
deposited with trustee under 1st lien & ref. mtge. V. 106, p. 2762; V . 108,
p. 586.
Reserved bonds can only be issued for 85% of the cash cost and fair
of acquisitions, permanent additions, extensions, &c., and then only when
the net earnings are 1 % times the interest charges on all bonds issued and
to be issued. Sinking fund of $212,000 yearly plus accumulations. $921,700 5s and $38,400 4s in sinking fund not incl. in amount outstanding. Are
call, at 110 for the 5% bonds and at 105 for the 4% bonds. Are free from
Pennsylvania State tax.
1st lien & ref. mtge. bonds in addition to being secured by a gen. M .on entire
property, are secured by $21,665,000 Phila. Elec. Co. 1st M . sinking fund
5s, due 1966, and $15,000,000 1st M . demand bonds and all of the capital
stock (excepting directors’ shares) of the Delaware County Elec. Co. Sink
ing fund 1 % per annum of total amount of bonds outstanding. Free from
Pennsylvania State tax. V. 113, p. 2411.
The 1st lien & ref. mtge. 6% bonds due 1941 are call., all or part, from
Dec. 1 1926 to 1931 at 107)4; during succeeding 5 years at 105; and there
after at a prem. of 1% for each year of unexpired life.
The 5)4 % bonds due 1947 are not call., except for sinking fund at 107H,
until June 1 1927. Call, thereafter at 107)4 to and incl. June 1932, and
thereafter at a prem. of 34 % for each year or part thereof of unexpired life.
The 5 34 % bonds due 1953 are call., all or part, at a prem. of 7 )4 % on or
before N ov. 1 1927; thereafter at a prem. of 7% on or before N ov. 1 1931:
thereafter at a prem. of 6)4 % on or before N ov. 1 1935; thereafter at a prem.
of 6% on or before N ov. 1 1939; thereafter at a prem. of 5)4 % on or before
N ov. 1 1943; at a prem. of 5% on M ay 1 1944; said prem. to be reduced by
H o f 1% commencing N ov. 1 1944, with a like additional reduction com
mencing on N ov. 1 of each year thereafter until maturity.
The 5% bonds due 1960 are red. all or in part'on any int. date on 30 days'
notice and for the sinking fund on Jan. 1 of any year, in both cases at a
premium of 5% on or before Jan. 1 1947; said premium to be reduced by
>2 of 1% commencing July 1 1947, with a like add’l reduction commencing
July 1 of each year to & incl. July 11956, on which date and subsequent int.
dates to maturity the bonds shall be callable at par in each case with accrued
int. In Dec. 1924 Drexel & Co., Brown Bros. & Co. and Harris, Forbes
& Co. sold $12,500,000 5s due 1960 at 99)4 & int., to yield about 5.03%.
V. 119. p. 2879. Listed on Phila. Stock Exchange in Sept. 1925. V. 121,
p. 1228.
Dividends—
f ’02-’07. ’ 08.
’09-’ 12. '13. ’ 14-’21.'22.
8
On amounts paid in------%\ 5 yrly. 534 6 yrly. 6M 7 yriy. 7M 8
Also extra, paid in s t o c k --( ____
$1 $1.50 $1.50 ______ - - __ - Paid in 1925: March 15, 2% .
Initial dividend on new preferred of 45c. a share was paid Dec. 15 1920;
March 15 1921 to March 15 1925, paid 2% quarterly.
R E PO RT.— For 1924, in V. 120, p. 1748, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Gross income, all c o s ....$30,296,117 $28,022,013 $23,807,746 $21,573,189
Net, after taxes, &c___ 11,083,627 10,409,484 8,330,350
7,390,970
4,188,283
3,533,801
3,587,311
Fixed charges, &c______ 4,533,152
Dividends---------------------- 4,802,770 3,980,878
3,468,823
2,826,082
Surplus---------------------$1,747,705 $2,240,323
$1,327,726
$977,577
OFFICERS.— Chairman, Joseph B. McCall; Pres., W . H. Johnson.
V.-Ps., Arthur B. Huey, Chas.J. Russell, Wm. C. L. Eglin and Horace T ,
Liversidge; Sec. & Asst. Treas., A. V. R . Coe; Treas., H. C. Lucas. Office,
1000 Chestnut St., Philadelphia. Pa.— V. 119, p. 1965, 2879. 3011; V. 120.
p. 88, 212, 1587. 1748. 1882. 2551, 3188, 3315; V. 121. p. 460, 1103. 1228,
1909,
PHILADELPHIA SUBURBAN GAS & E LECTRIC CO.
Controlled by American Gas Co., which in turn is owned by the United
Gas Improvement Co.
ORGANIZATION.— Organized July 3 1923 in Penna. as a consolida
tion of a co. of the same name and other operating cos.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Owns and operates electric and gas properties serving territory adjacent
to Philadelphia, including over 40 communities with a population estimated
at 500,000.
The electric property includes an electric generating station having a rated
capacity of 30,000 kilowatts and auxiliary electric plants with an aggregate
rated capacity of 3,340 kilowatts. In addition company has a contract
with Philadelphia Electric Co. under which it purchases electricity to sup
plement that generated in its own stations. Its gas system includes two
gas plants which have a daily capacity of 10,975,000 cu. ft-., and other gas
plants with an aggregate daily capacity of 7,250,000 cu. ft. Co. also
operates a small steam heating plant in West Chester. C o.'s high-tension
electric transmission lines are over 200 miles in length. and with its distribu
tion system supplies 28,087 customers. Its gas distribution system in
cludes over 666 miles o f mains and serves 54,243 customers.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common stock (no par)______ _____
_________ x45,157 sh s.___________
Pref $7 cum 75,000 shs (no p a r ) ___
$7 Q-F
67,870 shs. Aug’25 1 %
1st & ref mtge (closed) ($500/ 1910
5 g F-A
$7,233,000 Feb 1 1960
& $1,000) gold_________ c*\Int. at Girard Trust C o., Phila., trustee.
Gen mtge $50,000,000 ($500/ 1919
6 g J-D
844,500 Dec 1 1969
& $1,000) gold_________ c*IInt. at Fidelity Trust C o., Phila., trustee.
1st & consol M 6% ser d u e ’43/ 1923
6 g J-D
6,155,500 Dec 11943
5)4% Ser due 1955----------- { 1925
5)4 g F-A
2,100,000 Feb 1 1955
($500 & $1,000) g o ld --c* tf [Bk. of N o. Am. & Tr. C o., Phila., trustee.
Phila Suburban Gas 1st M / 1901
5 M-S
78,000 Mar 1 1931
($1,000)_________________ c\Int. at Real Estate Tr. C o., Phila., trustee.
Suburban Gas Co of Phila 1st/ 1902
5 g A-O
1,466,000 April 1 1952
cons M ($1,000) gold___ c*\lnt. at Real Est. Tr. C o., Phila.. trustee.
Jenkintown & Cheltenham/ 1903
5 A-O
373,000 Oct 1 1933
Gas Co 1st ref ($1,000)_ c\lnt. at Real Estate Tr. C o., Phila., trustee
_
.Hunt Valley Lt & Pr 1st M / ____
5 g J-D
256,000 June 1 1947
($500 & $1,000) gold_____c lln t . at Phila. Trust, Safe Deposit & Insur.
C o.,
! 1911 Philadelphia, trustee. June 1 1941
5 g J-D
247,500
Int. at Chester County Trust C o., West
Chester, Pa., trustee.
1899
5 A-O
150,000 Oct 1 1929
Int. at Real Est. Trust C o., Phila., trustee,
x All owned by American Gas Co.
Stock.— Pref. is callable all or in part at 105 and int.
Bonds.— 1st & Ref. Mtge. 5s are call, at 105 & int. on any int. date on 60
days’ notice. Guar. prin. and int. by endorsement by American Gas Co.
Gen. Mtge. 6s are call, all or in part on any int. date on 30 days’ notice
at 105 & int. Guar. prin. and int. by endorsement by American Gas Co.
$5,517,500 are pledged as security for the 1st consol, mtge. bonds.
is( & Consol. Mtge. bonds are guar, as to prin. and int. by endorsement
by American Gas Co. and are additionally secured by pledge of $5,517,500
gen. mtge. 6s. Penn. 4-mills tax. Conn. 4-mills tax, the Maryland 434mills tax and Mass, income tax not exceeding 6% per annum on income
derived from the bonds refunded.
6 % Ser. due 1943 are red. all or in part on any int. date on 30 days’ notice
at a premium of 7)4 % on or before June 1 1929, and premium to be reduced
by )4 of 1 % commencing Dec. 1 1929, with a like additional reduction com
mencing Dec. 1 or each year thereafter until maturity. In Dec. 1923
$3,650,000 were sold by Drexel & Co. and Stroud & C o., Inc., Philadel
phia, at 96)4 & int., to yield over 6.30% . V. 117, p. 2551.
534 % Ser. due 1955 are red. all or in part on any int. date on 30 days”
notice at a premium of 6% on or before Aug. 1 1943, said premium to be
reduced by )4 of 1% commencing Feb. 1 1944, with a like additional re
duction commencing on Feb. 1 o f each year thereafter to maturity, in each
case with accrued int. $2,100,000 were sold in Feb. 1925 by Drexel & C o.,
Bioren & Co. and Stroud & C o., Inc., at 98 & int., yielding about 5.64% .
V . 120, p. 958.
Suburban Gas Co. of Phila. lsi consol. M . 5s have annual sinking fund of
1% of bonds issued. Are call, at 108 & int.
Huntingdon Valley Lt. & Pr. 1st M . 5s are call, at 105 & int., or for sinking
fund at 102 & int.
Chester Co. Pub. Serv. 1st M . 5s are call, all or in part on any int. date on
4 weeks’ notice at 105 & int. M tge. provides for sinking fund.
'23.'24.
84
PUBLIC UTILITIES
[V ol. 121.
Pennsylvania. In 1913 the Pittsburgh & West Virginia Gas Co. pur
chased the Monongahela Natural Gas Co. by the issue of $1,500,000
collateral trust notes. The principal natural gas companies controlled are:
The Philadelphia vju. o f West Va. [Pittsburgh & West Virginia Gas Co.
Equitable Gas Company.
|Monongahela Natural Gas Co.
During the 12 months ending Dec. 31 1924 company sold 28,304,734,900
cu. ft. of gas andfproduced ll9,926Jbbls. o f oil. On Dec. 31 1924 owned
Net earnings___________________________________ $2,079,424 $1,867,324 or controlled 1,772 gas wells and 3,791 miles o f pipe. Also owned or
Fixed charges___________________________________
947,349
730,920 controlled 176 oil wells.
(2) Electric Light and Power.— The Philadelphia Co. controls through
Balance_______________________________________ $1,132,075 $1,136,404 stock ownership the Duquesne Light C o., which forms the electric light and
OFFICERS.— Pres., M . W . Stroud: V .-P ., S. P . Curtis: Sec. & Asst. power division. See statement on a subsequent page.
(3) Street Railways.— These comprise about 640.23 miles of track, all oper
Treas., Johns Hopkins; Treas. & Asst. Sec., Jos. B . Townsend 3d.—
ated (as a matter o f convenience and economy) by the Pittsburgh Railways
V . 119. p. 1517; V. 120, p. 958.
Co. (except the Clairton Street R y. C o., the Beaver Valley Traction C o. and
the Pittsburgh & Beaver Street R y. C o., which are operated separately).
The Phila. Co. in Jan. 1908 offered to guarantee 4% per ann. from Aug. 1
1907 on the $2,000,000 pref. stock of Consol. Gas Co. (entitled to 6% cu m .),
UNITED R A ILW AY S INVESTMENT CO.
provided additional earnings be divided equally between the two classes of
Control.— A holding company. In Dec. 1924 it was reported that the stock, but pref. not to receive more than 6% in any event. Holders o f 75%
Standard Power & Lt. Corp., organized by H. M . Byllesby & Co., had of the $2,000,000 pref. stock having agreed to the proposition, the plan
acquired control o f the United Rys. Invest. Co. V. 119, p. 2880.
was adopted. V. 86, p. 54, 605.
Proposed Reorganization Plan.— See under Pittsburgh Railways Co. below.
O R GAN IZATION .— Incorp. in New Jersey Feb. 17 1902. In Sept.
In July 1925 directors approved an expenditure of $100,000,000 in the
1906 filed an amendment to its charter changing its name from United
Railways Inv. Co. of San Francisco to its present title. V . 83, p. 689. next 5 years for improvements, &c. V . 121, p. 76.
Owns all the outstanding common and preferred stock of the California ♦SCHEDULE OF CA PITA L STOCK OF OTHER CORPORATIONS
Railway & Power Co.
OW NED A N D POSSESSED ON SEPT. 30 1925.
Acquisition of Philadelphia Company.— In Feb. 1906 acquired $21,000,000
Total Issue.
o f the common stock o f the Philadelphia Co. of Pittsburgh, giving $37 50 Consolidated Gas Co. of the City o f PittsShares.
in new collateral trust bonds and $20 in common stock o f the Investment
burgh (owns stock of Allegh. Illg. C o.)_ z80,000 Common out of 80,000
Co. for each $50 share o f the Philadelphia Co. See_V . 82, p. 393, 988. Consolidated Gas Co. of City of P ittsb -.
4,162 Preferred
“
40,000
For statement made in listing these bonds on the Philadelphia Stock Ex Equitable Gas Co. of
“
40,000
change, see V. 83, p. 1235. Now controls through Pittsburgh Utilities Equitable Gas Co. o f Pittsburgh_______ 40,000 Common
Pittsburgh_______
5,975 Preferred
“
5,975
Corp. $24,575,000 Philadelphia Co. common stock (see plan below).
Pittsburgh & West Virginia Gas C o_____ 37,500 Common
“
37,500
Financial Readjustment.— In March 1923 a plan (declared operativ®
do
do
do
______ 22,500 Preferred
“
22,500
April 11 1923—-V. 116, p. 1651) was submitted to the stockholders for Consolidated Traction_________________ y233,117 Preferred
“
240,000
approval which provided for the formation of a new corporation to b® Consolidated Traction_________________ 2/286,880 Common
“
286,980
known as the Pittsburgh Utilities Corp., to take over from the company United Traction Co. of Pittsburgh______
67 Preferred
“
60,000
480,000 shares o f the common stock (par $50) of the Philadelphia Co. Harwick Coal & Coke C o_______________
2,750 Common
“
2,750
now pledged under the coll, trust bonds due M ay 1 1926. The stock of the Pittsburgh Railways C o________________ 50,000 Preferred
“
50,000
Philadelphia Co., together with 8,000 shares additional stock, was delivered Pittsburgh Railways C o________________ 50,000 Common
“
30,000
to the new corp. in exchange for the following issues o f the new corporation: Duquesne Light C o____________________ 200,000 Common
”
200,000
(1) 240,000 shares o f com. capital stock of no par value, being all of such
do
do
________________ 75,000 Partic. pref. “
100,000
com . stock to be presently issued and to remain in the form of voting trust Philadelphia Oil C o _________
40,020 Common
"
40,020
certificates free in the treasury o f the Investment Co.
Seventeenth Street Incline Plane C o ____
5,000 Common
(2) 385,000 shares ($10 par) of the 7% cum. pref. stock of the new cor Pittsburgh & Beaver Street R y _________
4,700 Common
poration, which pref. stock was sold by the Investment Co. to provide funds Equitable Sales C o _____________________
4,653 Common
1,650 Common
for retirement o f its 4-year notes, dividend certificates and $2,000,000 of Equitable Auto C o _____________________
Equitable Real Estate C o______________
100 Common
its 5% bonds.
In April 1923 stockholders were given the right to subscribe at the rate Equitable Towing & Transportation Co_
2,250 Common
o f $10 per share for shares o f the 7% cum. pref. stock of the Pittsburgh Momingside Electric Street Railway Co_
480 Common
_
Utilities Corp. (see plan above) equivalent in par value to 9% of their The Philadelphia Co. of West Virginia_ a-20,000 Common
Beaver Valley Traction C o_____________ 21,500 Common
holdings. V. 116, p. 1533, 1651, 1762.
Six miscellaneous companies____________
1,352 Common
STOCK AN D BONDS— Date.
Interest. Outstanding. LastDiv.,&cAll of the above shares marked thus, x, are in the hands of the Maryland
Common $31,000,000 ($100)------------------------ $20,400,000 ------------Trust C o., trustee under the first mortgage, and collateral trust dated
Pref 5% cum from Apr 1 1 9 0 2 1 ------------------- 15,830,000Jan’07-,234&c March 1 1899. Those marked y (with the exception of 39,646 shares Con
$25,000,000 ($100)_______ I
solidated Traction common and 157 shares Consolidated Traction preferred
1st lien collateral trust mtge - _ _Assumed by Pittsb. Util. C orp.; see below.
held in treasury of Philadelphia C o.), are held as security for the collateral
Stock.— The preferred stock can be retired at 110. $830,000 of the trust bonds of 1901, and these latter bonds are also a second lien on the
pref. stock out bears divs. from Sept. 1 1909.
shares marked x.
* On Dec. 31 1924 the value o f securities of other companies owned was
Dividends.— First div., 114%, on pref. stock paid Jan. 3 1903: 114%,
July ’03; in Jan. ’04, 1)4% ; July, 1 H%>; in ’05, 4% ; in '06, Jan., 2 14%, $69,198,810.
(V. 81, p. 1667); April, 4M % (owing to the earthquake and fire this div.
♦SECURITIES OUTSTANDING (AS OF A PRIL 1 1925.)
was paid in int.-bearing scrip instead o f cash; V. 82, p. 988). In July 1906
STOCK AND BONDS— Date.
Interest. Outstanding. LastDiv., &c
another scrip dividend o f 2)4% paid (V. 82, p. 1381), and in Jan. '07 an
Stock com $48,650,000 ($ 50).______
_______ $46,443,000
See text
other o f the same amount. V . 84, p. 1429. None since.
Pref stock $25,000,000 ($ 5 0 )1 ____
6 M -N
14,590,000 M ay’25 ,3%
RE PO RT.— Years ending Dec. 31:
6% cumulative__________ /
Year
Divs. Rec'd
Other
Total
Interest on Balance, Pref stock 5% non-cum ($50)______
5 M-S
1,442,450 Sept’25,2J4
Ending—
on Stocks.
Income. Expenses. Bonds, &c. Surplus.
& coll tr M
1919 6 g F-A
Dec 31 1924______ $708,000 $105,729
$61,925
$751,803 1st ref($100, $500 &$100,000,-)[Guaranty Trust C o., 12 927.100 Feb 1 1944
000
$1,000 c*
New York, trustee,
Dec. 31 1923........... $704,543 $298,570
$97,188
$520,000 $385,925
and $l,000r*) g Ser
, tf I
Dec. 31 1922.......... 1,471,937
290,861
113,448 1,017,953
631,397 Phila Co 1st & coll tr “ A”$6,-1 1899
M
5 g M-S
2,175,000 Mar 1 1949
OFFICERS.— Pres., Mason B. Starring; V .-P ., H. B. Lake; Treas.*
500.000 gold ($1,000)_c*.tf /Maryland Trust C o., Baltimore, trustee.
B. S. Guinness, N. Y .; Sec. & Asst. Treas., P. M . Hoskins.— V. 113, p Phila Co con M & coll tr $20,-[ 1901
5 g M -N
12,629,000 N ov 1 1951
1774, 1884, 2186; V. 114, p. 1654; V. 115, p. 75, 2380; V. 116, p. 1051, 1179,
379.000 g ($1,000)_ c*.tffContinental Trust C o., Baltimore, trustee.
_
1277, 1533, 1651, 1762, 2008, 2258; Y. 117, p. 209, 671, 1463, 2655; V. 118, 15-yr conv deb bds $10,000,- 1923
5)4 g M-S 9,967,000 Mar 1 1938
p. 312, 1521, 1775, 2825; V. 119, p. 1511, 2649, 2880; V. 120, p . 1749, 2150,
000 ($100, $500 & $1,000 c* [Chase National Bank, New York, trustee.
$1,000 & multipier*) g__tfj
2685.
Union Gas Co of McKeesport [ 1899 5 g
135,000 Oct 1 1929
(1) PITTSBURGH UTILITIES CORPORATION.
first mortgage guar p & i[Union Trust C o., Pittsburgh, trustee,
A holding co. All the common stock outstanding is owned by the
gold sinking fund_________ [interest at Mellon Nat. Bank, Pittsburgh.
United Railways Investment Co.
* This table does not cover such properties as are separately reported
ORGAN IZATION .— Organized in N . Y . on M ar. 26 1923 and ac further on.
quired 492,000 shares of com. stock of the Philadelphia C o., 480,000 shares
For increase in com. stock and purposes for which issued see “ Electric
of which had been pledged as security for the 1st lien coll, trust mtge. 5% Railway” Supplement of April 26 1924.
Com. stock has been listed
bonds o f the United Rys. Investment C o., which bonds the Pittsburgh on the New York Stock Exchange since Oct. 1886, and is also listed on
Utilities Corp. has assumed. See full details o f plan in V . 116, p. 1533, the Phila. Exchange. See application to the N . Y . Stock Exchange in
1651, 1762.
V . 70, p. 1198, and also in “ Chronicle” of Feb. 22 1902. See also V. 116,
p. 1412. In March 1911 stock was listed on the Paris Bourse. V. 92,
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity
726.
Common 500,000 shs (no par)---------------------- 240.000 shs.
See text p. On April 29 1912 shareholders voted to authorize $25,000,000 ($50) 6%
P r e f 7% cum $10,000,000 ( $ 1 0 ) -----7%
$7,500,000
See text cum. pref. stock. Of the new stock $6,000,000 was for exchange of existing
United Rys Inv 1st lien collat f 1906
5 g M -N 10,057,000 M ay 1 1926
basis of share for share and a
trust mtge $20,250,000 gold) Int. at Guar. Trust & Safe Dep. C o., Phila.. pref. stock (uponand $10,000,000 for conversion cash payment to the co. of
$2 50 per share)
of convertible debentures.
($1,000) sinking fund_ c* j or N . Y . Trust C o., N . Y ., trustee.
_
See financial plan in V. 94, p. 417, 488; also V. 94, p. 560. See also “ Elec
Voting Trust.— See V. 120, p. 1090.
tric Railway” Supplement of April 26 1924. Listed on the New York
Bonds.—The United Rys. Invest, coll, trust bonds have been assumed Stock Exchange.
by the co. and are secured by deposit o f 484,000 shares of com. stock of the
Bonds.— The bonds of 1899 are listed on the Phila. and Pittsburgh Stock
Phila. Co. They are subject to call on any int. date at 105 and int. A Exchanges. Of the $20,379,000 bonds of 1901, $6,500,000 are reserved
sinking fund of 1% per annum o f bonds outstanding began M ay 1 1911, to take up the $6,500,000 1st coll, trust bonds and $352,000 to acquire
said fund to be invested in the bonds at not more than 105 and int. The pref. stock of Consol. Traction Co. In 1918 the Brunot island property
amount reported outstanding as above excludes $5,343,000 held by trustee which was under the lien of this mtge. was sold to the Duquesne Light C o.
in sinking fund. Authorized amount o f bonds may be increased for pur and the proceeds ($4,000,000) deposited with the trustee of this issue.
chase o f additional shares o f com. stock of Phila. Co. Bonds are listed on $500,000 was used for additions to the property, and out of the balance
N . Y . and Phila. Stock Exchanges.
$2.218 000 bonds of this issue had been acquired and retired up to Apr. 1
Dividends.— An initial semi-ann. div. of 3)4% was paid on pref. m Nov. 1925. They are free of Pennsylvania State tax. For security for the
1923 and in addition an extra div. of 214% was paid. Semi-ann. divs. of bonds see V. 102, p. 801. Listed on Phila. Stock Exchange.
3 )4 % and extras o f 2)4%, 'were paid on pref. in M ay 1924 and like divs.
Under a plan dated Feb. 27 1917 (see V. 104, p. 953) sinking funds were
paid regularly semi-ann. since to and incl. N ov 1925. In Nov. 1923 a established beginning March 1 and M ay 1 1918, respectively, to retire and
semi-ann. div. o f $1 per share was paid on com. and an extra div. on the cancel bonds by purchase or call, by applying thereto each year a sum equal
total com. was also paid amounting to $96,250. Same regular and extra to 2% of the principal amount of such of the $6,500,000 outstanding
divs. also paid M ay 1 and N ov. 1 1924. In M ay and N ov. 1925 $1 per 1st mtge. and coll, trust 5s due N ov. 1 1951 as agreed to the plan. Assent
share was paid on com. and an extra div. on the total com. of $187,500 ing bonds are stamped as subject to call as a whole or when drawn by
lot for the sinking fund at 107 )4 and int. for the 1st mtge. and 102)4
was also paid. V, 120, p. 1587, 1570.
INCOM E ACCOU N T.— For year ended Dec. 31 1924, total income, and int. for the consols. $5,703,000 1st mtge. and coll. tr. 5s and $14,$1,983,627; expenses and taxes, $58,031; interest charges, $598,374; pref. 157.000 con. mtge. and coll. tr. 5% bonds were so stamped, but $3,824,000
1st M . and coll. tr. 5s and $2,230,000 consol. M . and coll. tr. 5s have been
divs., $462,000; com. divs., $672,500; bal., sur., $192,723.
cancelled through operation of the sinking funds, leaving $1,879,000 and
OFFICERS.— Pres., Mason B. Starring; V .-P ., Jas. H. Reed and $11,927,000, respectively. Stamped bonds have been listed on the Phila.
Jas. D . Callery; Treas., Harry B . Lake; Sec. & Asst. Treas., P . M . Hoskins. Stock Exchange. In case the bonds are called as a whole, they may be
— W 119, p. 296, 1517, 1745, 2879; V. 120, p. 331. 829, 1090, 1587, 2685; canceled or kept alive, as the co. may elect.
V . 121, p. 1570.
For security for the 1st & ref. coll. tr. M . bonds, see V. 108, p . 683.
Of the $100,000,000 auth. amount sufficient bonds are reserved to refund,
(a) PHILADELPHIA COMPANY.
Control.— In 1906 the United Railways Investment Co. (see above) par for par, all underlying securities. Additional bonds may be issued
acquired control. $24,575,000 common stock is now owned by the United for 70% and 75% of the cost of additions, improvements, &c., under
certain restrictions. Ser. “ A ” limited to an issue of $25,000,000 6%
Railways Investment Co. through the Pittsburgh Utilities Corp. (see above)
bonds, incl. the $16,000,000 outstanding and $9,000,000 add’l issuable
ORGAN IZATION .— Organized on M ay 24 1884, and was originally a against the present properties. Ann. sink, fund of 3 cents per 1,000 cu. ft.
natural gas company. Operates under special Act o f the Legislature of of gas sold, minimum 3% p. a. of total 1st ref. & coll. tr. mtge. bonds
Pennsylvania (conferring many valuable rights and privileges) granted to its issued, to be used for purchse or call and retirement of the bonds.
Are
predecessor, the Empire C o., in March 1871. Franchises of the company call, all or in part at 105 and int. during the 5 years end. Feb. 1 1927;
and its subsidiaries, with a few minor exceptions, are perpetual or for 999 103)4 during next 5 years; 102)4 during next 5 years; 101 during next
years.
6 years, and 100)4 during last year prior to maturity, plus int. in each
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.— case. Int. payable in N . Y ., Boston, Chicago and Pittsourgh. Free
The Philadelphia Co. is a holding company which controls through stock from Penna. State tax. V . 113, p. 1888. Listed on N . Y . Stock Ex
ownership and leases public utility companies whose business may be change. V . 114, p. 1891.
The 15-year 5)4% deb. bonds are conv. since March 1 1924 into nonclassed under the following heads:
, A ,
(1) Natural Gas and Oil.— Philadelphia Co., through stock ownership, callable 6% cum. pref. stock, par for par. The debs, are call, all or part
controls a number o f companies which supply nearly all the natural gas at any time on and after March 1 1924 on 30 days’ notice, at 102 )4 and
consumed in the city o f Pittsburgh and the manufacturing towns lying int. during the 9 years to March 1 1933 and thereafter at )4 % less premium
along the Monongahela and Allegheny rivers. These companies control each year to maturity. Int. payable in New York, Boston, Chicago and
.by lease 381,940 acres of gas and oil lands in West Virginia and Western Pittsburgh. Free of Penna. State tax. V . 116, p. 936.
.
Consolidated Schuylkill Gas 1st Mtge. 5s are callable at 105 & int.
Dividends.— $7 per annum being paid regularlyXon preferred.
E A R N IN G S.— Earnings years ended Dec. 31:
1924.
1923.
Gross earnings___________________________________ $5,250,500 $4,978,682
Operating expenses, maintenance and taxes_______ 3,171,076
3,111,358
Oct., 1925.]
DIVS.—
f '95. ’96. ’97. ’98. ’99. ’00. ’ 0 1 .’02-’09. ’ 10. ’ l l . ’ 12. ’ 13.
Per ce n t..........\ 5 None
4
5 5 3 6% yly 7
A
7 6J4 7
The foregoing divs. are for the com. stock. The old 5% non-cum. pref
was created in 1899, and first semi-ann. payment of 2 ft % was made in Sept.
1899 and have been regularly continued since then. 1st div. on new 6%
cum. pref.— 3% — paid M ay 1 1913; same amount semi-ann. since to and
incl. N ov 1925. On com. in 1914, Feb., l % % ; M ay, 1M % ; Aug., \ H % The N ov. div. was paid in scrip bearing int. at 7 % . The Feb. 15 1915
div. was also paid in scrip (V. 100, p. 141). Both series of scrip were
called for payment on Feb. 1 1916 at par and int. V. 102. d . 345. In
M ay 1915 a cash div. o f 1H % was paid; Aug., 1 H % : N ov., 1 H % - In
1916, 6 M % . In 1917, 7 % . In 1918, 6 % . In 1919, 6 % . In 1920,
6% . In 1921, 6 % . In 1922 , 6 % . In 1923, Jan., 1M % ; April, 1 H % ;
July, 2% ; Oct., 2 % . In 1924, Jan., 8 % . In 1925,Jan., 2 % : April, 2% .
July, 2% ; Oct., 2 % .
R E PO RT.— Report for 12 months ending Dec. 31 1924 in V . 120. p. 1580,
1775.
Income Account Year Ended Dec. 31 1921 (Philadelphia Company Only.)
[Being a statement o f dividends, interest and rentals received during the
year from subsidiary companies, and miscellaneous income, together with
expenses, taxes and income charges.]
Dins. & Int. from Inv. Securities—
1924.
1923.
Natural gas cos___________________________________$1,308,260 $2,320,050
Oil company____________________________________
120,060
200,100
Electric light and power company______________
2,793,560
2,145,956
Street railway cos_______________________________
641,507
35,051
Miscellaneous cos_______________________________
146,388
192,463
Interest from other sources______________________
364,247
298,441
Rents from lease o f gas properties______________
2,732,190
3,819,007
Rents from lease o f other properties (net)________
3,040
1,304
Miscellaneous___________________________________
345
521
Total revenues________________________________ $8,109,597
General administration expense__________________
97,067
Other general expense___________________________
64,633
Taxes__________________________________________
251,110
Depreciation_________________________j _________
______
$9,012,895
147,371
*61,695
67,899
1,187,856
Gross income...........................................
$7,696,787
Rent for lease o f gas properties__________________
877
Interest on funded debt__________________________ 2,164,929
148,680
Interest on unfunded debt______________________
Guaranteed div. on Cons. Gas Preferredstock____
71,676
Amortization o f debt discount & expense________
178,729
$7,548,074
877
2,120,358
155,247
Net income____________________________________ $5,132,496
Previous surplus_______________
13,606,498
315,224
Additions to surplus_____________________________
$5,015,027
12,659,084
160,684
71,707
184,857
Gross surplus_________________________________$19,054,218 $17,834,795
Dividends on Preferred stock____________________
946,692
946,658
Dividends on Common stock____________________ 3,715,675
3,166,718
Amortization o f debt discount & expense________
244,985
105,721
Miscellaneous__________________________________
______
9,200
Surplus Dec. 31.................................... ....... ......... $14,147,466 $13,606,498
Philadelphia Co. and Affiliated Operating Companies, Summary of Consolidated
Income for the Year Ended Dec. 31 1924 (with Inter-Company
Items Eliminated.)
Gross earnings from operations______________________________ $58,157,220
Operating expenses, maintenance, depreciation and taxes______ 42,514,978
Net earnings---------------------------------------------------------------------$15,642,242
Other income (net)-------------------------------------------------------------796,060
Gross income--------------------------------------------------------------------- $16,439,302
Income Charges—
Rent for lease of properties________________________ $2,663,227
Interest on funded debt____________________________ 5,257,597
Interest on unfunded debt________________________
101,146
Guar. div. on Consolidated Gas Co. o f the city of
Pittsburgh preferred capital stock_______________
71,676
Amortization of debt discount and expense_________
360,175
Miscellaneous_____________________________________
336,760
T ota l-............ - _____ ____ _____ _____ _______ _________ _____ $8,785,582
Net income for the year_____________________________________ $7,652,720
Appropriated for dividends:
Duquesne Light Co.— Preferred capital stock___ $1,219,167
Philadelphia Co.— Preferred capital stocks_______
946,693
Philadelphia Co.— Common capital stock________ 3,715,075
---------------- 5,880,934
Balance available for corporate purposee.
------------------- $1,771,786
OFFICERS.— James D. Gallery. Chairman of the Board; A. W. Tbouip
son, Pres.; James H. Reed, V .-P .; A. W . Robertson, Y .-P .; C. S. Mitchell,
V.-P. & Comp.; C. J. Braun Jr., Treas.; W . B. Carson, Sec.; Alfred Hurlburt, Gen. Mgr. Office, 435 Sixth Ave., Pittsburgh, Pa.— V. 118, p. 208.
1013, 1136, 1521, 1660, 16,86, 2180, 2305; V. 119, p. 694, 2180; V. 120
p. 829, 1205, 1328, 1580, 1748, 1775, 2402, 2684, 2944; V. 121, p. 76, 708.
E LECTRIC LIGH T AN D POW ER.
DUQUESNE L IG H T CO.
Entire common and 75% of the participating preferred stocks are owned
by the Philadelphia Co.
ORGANIZATION.— Incorp. on Aug. 25 1903 under the laws of Penn
sylvania.
Owns the entire stock and bonds o f the Allegheny County Light C o., the
entire stock and bonds o f the Southern Heat, Light & Power C o., the Alle
gheny County Steam Heating Co. and $500,000 bonds (entire issue) of
the East End Electric Light Co. On Dec. 31 1912 leased for 50 years
the Allegheny County Light C o., which in turn leases the Southern Heat,
Light & Power Co. and Monongahela Light & Power Co. for 900 years
from Jan. 1 1902. On Jan. 1 1921 the co. acquired from the City of Pitts
burgh the North Side light plant at the price of $378,652. V. I l l , p. 2141.
On O ct. 16 1925 a mortgage o f $ 100 ,00 0,00 0 to the Bankers Trust C o .,
trustee, was nlaced on record. See V . 121, p. 2037.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
As o f Dec. 31 1924 had a power station generating capacity of 294,900 k. w.,
15,358.94 miles of distributing lines, 739 77 miles of transmission lines, and
103.66 o f underground conduit, 205.463 customers; supplies 25,509 street
lamps. Output for 12 months ending Dec. 31 1924. 943,899,403 k.w.h.
Has contract extending to 1963 to supply all electricity used by the Pitts
burgh Railways. Also has contract with the city o f Pittsburgh for street
and other municipal lighting and power purposes. Franchise is perpetual.
City Lighting Contract.— On N ov. 19 1917 the Pittsburgh City Council
adopted an ordinance to authorize a contract with the company to furnish
light to 20 wards of the city for ten years, the contract being based on normal
prices for labor and supplies; contract has since been signed. See also
V. 114, p. 1185.
STOCK AN D BONDS—
Date. Interest.
Outstanding. Maturity.
Monthly $20,000,000
See text
Common $25,000,000 ( $ 1 0 0 ) .- ____
1st pref $150,000,000 Ser “ A ”
7% cumulative-------------------------7 Q-M
30,000,000 Sept’25.1M
Partic (2d) pref $125,000,000
Series “ A ” 8% c u m u la tiv e ..____
8%
10,000,000 A u g '25,2%
First mtge & coll trust Ser “ A ”
$100,000,000...................... .. 1919 6 g J-J 1
31,718,500 July 1 1949
5 ^ g J-J
10,000,000 July 1 1949
Series “ B ” __________
($500 & $1,000) g.c*& r*.tf.Bankers Tr. C o., N. Y ., trus. Int. in N. Y .
Bonds of Leased Companies—
Monongahela Lt & P 1st M f 1899
5 g J-D
$1,700,000 June 1 1949
$1,700,000 ($1,000) g o ld .tf (Int. at Mellon National Bank, Pittsburgh.
(Union Trust Co. o f Pittsburgh, trustee.
Stock.— The first pref. 7% stock. Series -‘A ,” is callable, all or in part, at
$115 and divs. Exempt from Penna. 4 mills tax. $15,000,000 7% 1st
pref. was sold in Mar. 1923 by Lee, Higginson & Co., Ladenburg, Thalmann
& Co. and Hayden, Stone & Co. at 103 and div., to yield 6.80%. V. 116.
p. 1056. In Oct. 1924 same bankers offered an additional $15,000,000 7%
1st pref. at 106 and divs., yielding 6.60% . V. 119, p. 1631. Listed on
New York Stock Exchange. V. 117, p. 898. Listed on Pittsburgh Stock
Exchange. V. 118, p. 316.
85
POWEE, LIGHT AND RAILW AY
Bonds.— The 1st mtge. & coll, trust bonds are seemed by a first mtge. on
all property owned in fee and by a first lien on the c o .’s leasehold interests
and on certain bonds and virtually all the stocks of its suosidiaries.
Remaining bonds may be issued under certain conditions for purposes
enumerated in V . 109, p. 176. The mtge. provides for a maintenance
and depreciation fund of not less than 15% of the gross operating revenues
ofthesystem . Registered bonds in the $1,000 denom. only. B oth ser.“ A ”
and ser. “ B ” are red. on any int. date at 105 and int. Free Penn. 4-mills
tax. V. 109, p. 176; V . I l l , p. 298; V. 118, p. 1525. Listed on the N . Y .
Stock Exchange. V . 112, p. 474; V. 119, p. 460.
Dividends.— First div. on 7% pref. stock, 1 % % , paid M ay 1915; same rate
quar. since. First quar. div. on com ., 1J£%, paid March 31 1913; June
1913, 1%%\ Sept., \ % % . From Oct. 1913 to and including August 1922
dividends of 7-12 of 1% were paid each month; Sept, to Dec. 1922 at the
rate of 5-6 of 1%; Jan. 1923 and thereafter to and including Sept. 1923 at
the rate of 2-3 of 1% monthly.
RE PO RT.— For years ending Dec. 31:
1924.
1923.
1922.
1921.
Operating revenues_____$20,339,750 $19,383,622 $16,928,746 $16,092,270
Operating expenses____ 11,727,372 11,933,202
9,869,966 9,555,238
T axes--------- ---------1,026,592
659,941
459,553
774,594
Net earnings________ $7,585,785
Net earnings other oper_
58l ,492
Other income__________
______
5,790,479
421,760
374,715
5,599,227
182,257
140,876
$5,762,438
345,544
231,900
. $8,167,277
Rentals, &c___________
226,480
Interest on funded debt-. 2,295,246
Int. on unfunded debt_.
14,455
Amort.of debt disc.&exp
118,216
Miscellaneous_________
$7,586,955
241,202
2,279,577
58,131
128,320
$6,922,360
243,280
2,272,754
16,758
156,435
488
$6,339,882
265,498
1,816,034
31.855
193,029
488
. $5,512,880
. 4,454,778
181,523
$4,879,724
6,542,461
25,878
$4,232,734
5,089,674
19,984
$4,032,977
3,030,413
151,571
.$10,149,180 $11,448,064
Deduct—
Preferred dividends.
. 2,219,167
1,362,498
Commondivs. (cash)
1,793,560
1,640,340
do
do
(stock__ . 1,774,000
Loss on fixed capital____
288,607
Rent of property_______
Pref. on pf. stk. red’m ’d
760,549
Prem. on bds. redeemed
663,829
Amort, debt disc. & exp
728,652
Exp. in connection withi
issue of pref. stock s..
1,403,285
207,500
Miscellaneous_________
145,527
126,416
$9,342,392
$7,214,962
373.882
1,640,340
395,503
1,549,210
662,151
33,333
11,733
Miscellaneous credits._.
110
90,224
168,732
. $4,028,537 $4,454,778 $6,542,462 $5,089,674
Earnings Six Months Ended June 30—
_ _.
1924.
1925.
Gross earnings-------------------------------------------------- $11,820,867 $10,894,090
Operating expenses, depreciation and taxes______ 7,188,482
6,711,130
x Net earnings_______________________________ $4,632,385 $4,182,960
x Before providing for interest on debt and other income deductions.
OFFICERS.— Chairman of the Board, James D . Callery; Pres., A . W .
Thompson; V .-P ., J. H. Reed; V.-P. & Gen. M gr., James M . Graves; Sec.,
W. B. Carson; Treas., C. J. Braun Jr.; Comp., C. S. Mitchell.— V. 115, p.
2586; V. 116, p. 182, 941, 1046, 1407, 1537, 2519, 2642; V. 117, p. 330, 673
898; V. 118, p. 316, 1017. 1397, 1525; V. 119, p. 460,1069,1630,1739,1848
V. 120, p. 1202, 1580, 585; V. 121, p. 2037.
A R TIF IC IA L GAS.
CONSOLIDATED GAS CO. OF PITTSBURGH.
All the common stock and $208,100 of the preferred stock owned by Phila
delphia Co.
$983,000 of the outstanding bonds are owned by the
Equitable Real Estate C o., a subsidiary of the Philadelphia Co.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
The Consolidated Gas Co. under a perpetual charter is the only gas
manufacturing company in the city of Pittsburgh and the exclusive right
to manufacture illuminating gas is vested in it. This co. discontinued
operations in June 1919.
Exchange of Bonds for 6% Preferred Stock of Philadelphia Co.— See “ Elec
tric Railway” Supplement o f April 26 1924 for details.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
.............
$4,000,000 __________
Common $4,000,000 ($50)...........
Pref 4% cum $2,500,000 ($ 5 0 ) ____
4 F-A
2,000,000 A u g ’25, 2%
First mortgage $1,062,000/ 1898
5 g F-A
992,000 Feb 1 1948
($1,000) gold__________ tf (Maryland Trust C o., Baltimore, trustee.
Interest on bonds is payable at Brown Bros. & C o., New York, and Alex.
Brown & Sons, Baltimore.— V. 120, p. 3313.
STREET RAILW AYS.
1. PITTSBURGH RAILWAYS CO.
Receivership Terminated.— On Jan. 30 1924 Federal Judge Thompson at
Pittsburgh signed a decree ordering a return of the properties of the com
pany to the owners and lifting the receivership, which had been in effect
since April 23 1918, at midnight Jan, 31 1924. V. 118. p. 552. Compare
V. 118. p. 432; V . 117, p. 2139.
Proposed Reorganization Plan.— A plan for t h e r e o r g a n i z a t i o n o f 'lie
system embodied in an agreement proposed to lie e x e c u t e d t>y the (’ iij of
Pittsburgh, the Philadelphia Co. ana the Pittsburgh Rys. C«> vn-, p r e
sented to the Pittsburgh City Council July 25 1921. The p l a n come in plates
the reorganization of the co. or the formation of a n e w c o . to t a k e o v e r all
its assets. The new co. would be limited to $62,500,000 in the issuance of
•securities in substitution of securities now outstanding amounting to
S156.000.000. An annual return of 6% for 10 years is allowed on the new
capitalization, which is the value of the railways properties as fixed by the
P. S. Comm, (see below under “ Valuation"). The city is given a voice in
the control of the co. The proposed plan was printed and copies distributed
by the Municipal Law Dept, of the City of Pittsburgh. For full details of
plan see V. 113. p. 533, 731. Nineteen boards of trade, chiefly outlying
districts entered into a joint protest against the proposed plan, but it is un
derstood that no appeal will be made to the Superior Court. V. 114, p.1288.
V. 113, p. 1252. The above plan was approved by the Pittsburgh City
Council, with certain amendments (see V. 113, p. 2721), and signed by the
Mayor and A. W. Thompson, Pres, of the co., in Dec. 1921 (V. 113, p.
2721). On Feb. 14 1922 the Penna. P. S. Comm, approved the plan.
V. 114, p. 855. No details as to the actual basis of the proposed financial
readjustment are as yet available. V. 114. p . 1288. See also V. 115. p .870,
2268. 2378. 2686; V. 116, p. 1412, 2516; V. 117, p. 1018, 1664, 1778; V.
118, p. 1666; V. 119, p. 1845.
Default— Subsequent Payments.— The company failed to pay the Jan. 1
l
918 interest on the bonds of a number of subsidiaries and the directors of
;he Philadelphia C o., which was already a creditor of the Railways Co. for
t large amount, refused to make it further loans. All the Jan. 1 1918
oupons, except on the United Traction 5s, were paid in March 1918,
V. 106, p. 930, 1232. Coupons on the United Trac. 5s have since been paid
from time to time. V. 113, p. 2722; V . 114. p. 80.
Holders o f $343,000 Pittsburgh & West End Passenger R y. 1st Mtge.
5s due July 1 1922 were asked to convert their holdings into West End
Traction gen. mtge. 5s, due Jan. 1 1938. For details see V. 115, p. 183.
Up to Apr. 1 1925 $29,000 had been so converted, balance of $314,000 being
paid int. at the rate of 5% . Compare V. 117, p. 1993.
The company as of Oct. 1 1925 was in default in the payment of the
following rentals due subsidiary companies:
Due Nov. 1 1920 to Nov. 1 1923. I Due April 1 1919 to Oct. 1 1923.
Consolidated Traction Co.
IMorningside Electric St. Ry.
Claims for Rentals.— See V. 115, p. 760.
Valuation.— In March 1918 the Public Service Commission appointed
a committee to ascertain the physical valuation of the co.'s properties and
,
to recommend fare rates which will yield it a fair return on its investment.
In Aug. 1918, under orders from the P. S. Comm., the receivers ap
pointed a board of three (A. J. Kelly, Henry P. Haas and J. W. Cree) to
.make the valuation. V. 107, p. 697. According to the report to the P. S.
Oomm. in Aug. 1919, physical value of the co. in the opinion of engineers
for the city is $48,000,000, and in the opinion of engineeis for the co. either
160,889,804 or $70,120,804. V. 109. p. 776, 1367. In March 1920 the
P. S. Comm, fixed $62,500,000 as the value of the co.'s property, this being
PUBLIC UTILITIES
86
[V ol. 121,
OFFICERS.— Chairman of Board, J. D . Callery; Pres., Arthur W .
a compromise between the above mentioned valuations. V. 110, p. 1290
The city, however, carried an appeal to the Superior Court of Penna., but
hompson; V .-P ., J. H. Reed; Gen. M gr., T . Fitzgerald; Sec., W . B . Carthis was withdrawn by agreement.
son; Treas., C. J. Braun, Jr.; Comptroller, C. S. Mitchell.— V. 118. p. 312,
ORGAN IZATION .— This was formerly the Southern Traction C o., but 432, 522, 1666, 2042, 2439; V . 119, p. 456, 694, 1845, 1953 , 2763; V.
in accordance with the authority vested in it by the terms of its charter, 120, p. 1581, 2013.
the directors o f the Southern Traction Co. on Dec. 30 1901 voted to change
(a) MOUNT WASHINGTON STREET RY.
the name o f the company to the Pittsburgh Rys. C o. The Philadelphia
C o. had previously acquired all the stock, com. and pref., of the Southern
ORGANIZATION.— Incorp. in Penna. on Oct. 8 1901 and later absorbed
Traction, in accordance with the terms in V . 73, p. 1112.
the Sycamore Street Ry. Also owns the entire ($500,000) capital stock of
The Southern Traction C o. was chartered in i9oo to take over, extend the Mount Washington Tunnel Co. Stock of the Mount Washington Street
and operate the West End Traction lines, which were purchased in Aug. 1900 Ry. is owned by the Pittsburgh Rys. The road is leased to the Pittsburgh
for $4,500,000.
Railways Co. for 995 years from April 1 1903 for all charges, incl. bond int.
Leases the Pittsburgh & Castle Shannon R R . for 99 years, rental belm
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
118,000 per annum. See V. 81. p. 778.
A trolley road. Operates 12.765 miles of track from Pittsburgh to M ount
The following stocks (being in each case the entire issue) are owned Lebanon. Gauge, 5 ft. 2 A in.
Schedule of Capital Stock Shares of Other Corporations Owned at Dec. 31 1924.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Shares
Shares
Issued.
Owned.
_________ $1,500,000 -----------------Stock $1,500,000 ($50)____________
5 g A-O
1,500,000 April 1 1933
United Traction C o . of Pittsburgh, common_____________ 340,000 340,000 1st mortgage and coll trust f 1903
$1,500,000 gold ($1,000) (Penn. Co. for Insurances on Lives & GrantPreferred_________________________________________ . . 58,999
60,000
guar prin & int______ c * tf [ ing Annuities, Philadelphia, trustee.
West End Traction C o., preferred______________________ 50,000 50,006
C om m on ____________________________________________ 50,000 50,000
Bonds are guaranteed prin. & int. by endorsement by the Philadelphia CoPittsburgh & Charleroi Street Railway Co., common____ 50,006 50,000 Int. payable in New York, Pittsburgh and Philadelphia. N o sinking fund
M t. Washington Street Railway C o., common___________ 36,666 36,000 and bonds cannot be called. The stock o f the Tunnel Co. has been pledged
Washington & Canonsburg Railway Co., common______ 20,000 20,000 as collateral under this mortgage. See V. 76, p. 1143; V. 80, p. 222;
5,000
5,000 V. 108, p 379.
East McKeesport Street Railway Co., common________
Allegheny Bellevue & Perrysville R y. C o., common___
5,660
5,000
Ben Avon & Emsworth Street R y. C o., common_______
2,600
2,000
(b) WASHINGTON & CANONSBURG RY.
1,590
Pittsburgh Canonsburg & Washington R y. Co., common. 1,590
Default and Subsequent Payment.— See Pittsburgh Railways above.
600
Clairton Street R y. C o., common______________________
600
Stock all owned by Pittsburgh Rys.
West Shore Electric Street R y. Co., common__________
500
500
480
480
Washington & Claysville Street R y. C o., common_______
ORGANIZATION.— Incorp. in Pa. on June 2 1902. Successor on June 2
400 1902 to Washington Elec. St. R y. In Jan. 1909 Pitts. Rys. began operat
Pittsb. Banksville & M t. Lebanon StreetRy. Co., common
400
400 ing the property. Franchises perpetual. Leased in 1907 the Pitts. Canons
McKees Rocks & Ingram Street R y. C o., common______
400
Allenport & Roscoe Electric Street R y. Co., common___
300 burg & Wash. St. Ry.
300
McKees Rocks & Neville Island St. R y. C o., common___
300
300
FIELD OF OPERATIONS A N D C H A RACTER OF BUSINESS.—
Rosslyn Street Railway C o., common__________________
200
200
Bon Air Street Railway C o ., common___________________
174 A trolley road. Operates 16.64 miles in and between Washington, Tyler174
168 dale and Canonsburg.
Pine Run Street Railway C o., common_________________
168
McKees Rocks & Allegheny Street Ru. C o., common____
160
160
Date. Interest. Outstanding.Maturity.
STOCK AND BONDS—
120 Stock $1,000,000 ($50)_______ ____
Ambridge Dixmont & Emsworth Street R y . C o ., common.
120
_________ $1,000,000 -----------------Crafton & Chartiers Valley Traction C o., common______
120
120 Wash Elec St Ry 1st M _______ 1897 5 g
125,000 Feb 1 1927
120 First
Clairton & Blair Street Ru. C o., common_______________
120
mortgage
$650,000( 1902 5 g J-J
432,000 July 1 1932
Virginia Avenue Street R y. C o., common_______________
120
120
g o ld _______________c& rtf.l Int. at Colonial Tr. C o., Pittsburgh, trustee.
120 Second mortgage $500,0001 1913 5 J-D
West Liberty & Suburban Street R y. C o., common______
120
185,000 Dec 1 1943
Weills Place C o., common_____________________________
210
109.2
($1,000) red at 102 & int on( Int. at office of company or at Colonial Trust
Consolidated Traction C o., preferred__________________
100 240,000
10 weeks’ notice________ tf [ C o., Pittsburgh, trustee.
100
Carnegie Bridge C o., common_________________________
100
Bonds.— On 1st mtge. bonds a sinking fund of $5,000 per annum became
80
Cedar Avenue Street Ry. C o., common_________________
80
80 operative after 5 years; $93,000 have been canceled, $125,000 of the new
Superior Ave. & Shady Ave. Street R y. Co., common_
_
80
reserved to
2 bonds are mtge. bondsretire the bonds of the Washington Electric St. R y.
Tustin Street Railway C o., common___________________
24
The 2d
outstanding are owned by Pittsburgh Rys. Co.—
By the terms of an operating contract, effective Jan. 1 1962, the Pitts4 V. 87, p. 348; V. 88, p. 626; V. 106, p. 88; V. 116, p. 411.
burgh Rys. Co. assumed control o f all the properties o f the Consolidated
(c) PITTSBURGH CANONSBURG & WASHINGTON RY,
Trac. C o., the United Trac. Co. o f Pitts, and their underlying companies.
Operates jointly with the West Penn Rys. Co. a trolley freight service known
Default and Subsequent Payment.— See Pittsburgh Railways above.
as the Consolidated Electric Freight. V. 119, p. 694.
ORGANIZATION.— In 1907 was leased for 30 years to the Washington
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.— & Canonsburg R y., which guarantees bonds, principal and interest.
The Pittsburgh Railways Co. operates 592.06 miles o f track in Pittsburgh
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
and outlying boroughs. Total cars, 1,583. In 1924 carried 272,315,161
revenue passengers. Has long-time contract with Duquesne Light Co. for A trolley road. Operates 12.02 miles of track between Canonsburg and
Castle Shannon. 80-lb. rails
supply of light and power.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Bus Operation.— See V . 119, p. 456.
Stock (1,590 shares, all owned by Pittsburgh Railway)
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity.
1st mtge $750,000 ($1,000) f 1907 5 J-J
$750,000 July 11937
_________ $2,500,000 .............. . .
Com stock $2,500,000 ($50)________
'g o ld ___________________ tf ] Safe Deposit Trust C o., Pittsburgh, trustee.
Pref 5% cum $2,500,000 ($50)...........
................. 2,500,000 ...................
I Int. at company’s office, Pittsburgh.
Gen mtge $20,000,000 red at? 1913
5 A-O
2,539,000
1953
Second mortgage $500,000 [ 1913 5 J-D
89,000 Dec. 1 1943
105 & int guar p & i_____t f [Guaranty Trust C o., New York, trustee.
($1,000); red at 102 & inti Int. at office of co., Pittsburgh, or Safe
Serial notes__________________ _____
6%
1,500.000 __________
on 10 weeks’ notice______tf ! Deposit & Trust Co., Pittsburgh, trustee.
Car trusts $110,000 ($1,000).7 1916 5 A-O
11,000
Seetext Bonds.— 1st mtge. bonds are redeemable at 105 and int. on any int. date;
(Colonial Trust Co., Pitts., Pa., trustee.
Car trusts ($1,000) free o f Pal 1924 6 g F-A
2,806,000
See text guar., p. & i., by Washington & Canonsburg R y. and Pittsburgh Rys.
Second mortgage bonds outstanding are owned by Pittsburgh Rys. C o.—
4-mill tax gold_______ c * tf lint, at Un. Tr. C o., Pittsburgh, trustee.
V. 106, p. 87, 1231; V. 108, p. 2630.
Car trusts S e r.‘B ’ ($1,000) g .( 1925
6 g A-Q
1,200,000 See text
free o f Pa. 4-mill tax __c*tf [Int. at Un. Tr. C o., Pittsburgh, trustee.
(d) OTHER CONTROLLED PROPERTIES.
Bonds.— Of the gen. mtge. bonds, $4,000,000 are to retire Southern TracBonded Debt.— Under date of Dec. 1 1913 the following named companies
bonds and $13,461,000 (of which $3,461,000 in treasury) are for extens.. controlled by the Pittsburgh R y. Co., as shown above, filed mortgages to
betterments and improvements. V. 97, p. 444, 666. $1,968,000 are guar* secure issues of 1st mtge. 5% gold bonds (int. J. & D .c * t f), due Dec. 1 1943
anteed, prin. & int., by Philadelphia Company.
(par $1,000), but callable, all or part, at 102 and int. on 10 weeks’ notice.
Car trusts of 1916 mature $11,600 annually Apr. 1 1917 to 1926. $99,000 The outstanding amount in each case is owned by the Pittsburgh Rys. Cohave been retired.
Trustee.
Total Auth. Total Issued.
Name of Company—
Car trusts o f 1924 mature $200,000 each Feb. 1 from 1925 to 1939 incl.
Prin. and int. payable at the office o f trustee. In April 1924 $3,660,000 Cedar Avenue Street Ry. C o___ $40,000 $39,000 Col. Tr. C o., Pittsb.
45,000 Col. Tr. C o., Pittsb.
were offered by Union Trust Co. o f Pittsburgh and Brown Bros. & Bon Air Street R y. Co_________ 100,000
85,000 Col. Tr. C o., Pittsb.
Co. at prices yielding from 5.22% to 6% , according to maturity. V. 118, West Shore Elec. Street R y. C o .-100,000
SuperiorAve.&ShadyAve.St.Ry. 65,000
65,000 Col. Tr. C o., Pittsb.
p. 2042. ? 200,000 have been retired.
■
Allenport & Roscoe Elec. St. Ry.500,000 127,000 Union T r. C o ., Pittsb.
Car trusts Ser. “ B ” o f 1925 are due, $80,000 annually Apr. 15 1926 to
1940, incl. Prin. and int. payable at office o f trustee. $1,200,000 were
(2) UNITED TRACTION CO. OF P ITTSBU RGH .
offered in April 1925 by The Union Trust Co., Pittsburgh at prices ranging
from 101 & int. to 101 % & int., to yield from 4.95% to 4.85% , according
ORGANIZATION.— Incorp. on July 27 1896, and in June 1897 purchased
to maturity.— V. 120, p. 2013.
all the property and franchises of the Second Ave. and North Side traction
Guaranteed Bonds—
Date.
Interest. Outstanding.
Maturity.
companies, and secured control of the Pittsburgh Allegheny & Manchester
West Liberty & Sub St 1st M f
1908 5 g J-J
$250,000 Jan 11938 through a lease for 950 years and the purchase of its stock. V. 65, p. 27.
$250,000 ($1,000) g _____tf\Int. at Colonial Trust C o., Pittsb., trustee.
The Federal St. & Pleasant Valley Pass. R y. is controlled through its lease
Debt of Old Southern Trac. Co.—
for 950 years to the North Side Traction. In 1902 leased the Pittsb. & Birin.
So Trac 1st M coll trust gold!
1900 5 g A-O
4,000,000 Oct 1 1950 Trac. Co., East McKeesport St. Ry. and the Pittsb. & Charleroi St. R y.
$4,000,000 ($1,000)_ c*tf\lnt. at Union Tr. C o., Pittsburgh, trustee.
_
In March 1899 the Philadelphia Co. offered to give $6,375,000 of its com.
W est End Traction gen m tg ef
1898 5 J-J
1 ,015,000 Jan
1 1938
$1,500,000 -------------------tf\lnt. at Union Tr. C o., Pittsburgh, trustee.
Underlying loans of West End Traction—
Pittsburgh Crafton & Mans-I 1894
5 J-J
171,000 July 1 1924
field 1st mtge__________ t flln t. at Pittsburgh Trust C o., Pittsburgh.
Pitts & West End 1st mtge. .t f
1892 6 J-J
314,060See text
Bonds.— The Southern Traction mortgage cannot be called before ma
turity. Philadelphia Co. owns $126,000. The Farmers’ Deposit Nat.
Bank of Pittsburgh offered the bonds for sale in Oct. 1900. See V. 71, p.864.
Of the portion o f the 5s of 1898 of the West End Traction still unissued,
$487,000 are reserved to retire underlying bonds.
Bonds of the West Liberty & Sub. St. are guaranteed by Pittsburgh Rys.
C o., are not subject to call and have no sinking fund.
Holders o f the $171,000 Pitts. Crafton & Mansfield 1st mtge. 5s, due
July 1 1924, were advised by letter o f the President, dated Aug. 20 1924,
that they could either register their bonds under a continuation arrangeme- *
or exchange their bonds at par for West End Traction Co. 5% bonds,
due 1938. A similar letter was issued to Pitts. & West End 1st mtge.
bondholders.
Pittsburgh & West End 1st mtge. 5s matured July 1 1922 but holders were
asked tp convert same into West End Trac. gen. mtge. 5s due Jan. 1 1938.
Up to Apr. 1 1925 $29,000 had been converted and co. is paying int. on the
remaining $314,000 at the rate of 5% .
R E PO RT.—-For year ended Dec. 31 1924:
[Prepared in accordance with the terms o f the agreement between city
of Pittsburgh, sundry other municipalities, Philadelphia Co. and Pitts. Rys.]
Gross revenue from street railway operations_________________$22,063,777
Operating expenses— Maint. o f way and structures, $2,685,011;
maint. o f equipment, $2,513,962; traffic, $160,226; power,
$2,034,877; transportation, $7,440,744; general, $761,236;
miscellaneous, $1,764,847; taxes, $668,018; total---------------- 18,028,919
Net revenue from operations_____________________________ $4,034,858
Revenue from auxiliary operations (net)____________________
56,750
Revenue from other operations (net)________________________
317,934
Gross income_______________________________________________ $4,409,542
Income charges (a) Items under agreement:
Return of 6% on property valuation o f $62,500,000________ $3,750,000
Return o f 6% on additional capital o f $5,000,000 for new
property___________
300,000
Payments to city o f Pittsburgh and other municipalities in
331,019
lieu o f licenses, paving assessments, &c_________________
ib) Items not under agreement:
Interest on judgments and settlements____________________
15,463
Rental o f Seventeenth Street Incline Plane_________________
2,985
Net income for the year.
$10,075
stock in exchange for the $17,0 0 0 ,0 0 0 com . stock of the United Trac. See
V . 68, p. 479. In O ct. 1899 exchange of stock under this plan was begun and
all shares have been acquired and are now owned by Pittsburgh R ailw ays.
On Jan. 1 1902 the Pittsburgh Railways Co. took over this property,
and, under the terms of the operating contract, agrees to pay current divi
dends of 5% on the pref. stock. The agreement was until Jan. 1 1907 and
thereafter until terminated by three months’ notice from either party.
FIELD OF OPERATIONS A N D C H ARACTER OF BUSINESS.—
Controls 236.83 miles of track in all.
STOCK AND BONDS—
Date. Interest.
Outstanding Div. or Mat.
Com stock $17,000,000 ($50)_______
J-J
*$17,000,000 July’ 12,M %
Pref cum $3,000,000 ($50)___ _____
5 J-J
3,000,000
See text
United Trac gen mtge goldf 1897
5 g J-J
4,797,000 July 1 1997
$10,000,000 ($1,000) ..c * t f ( Maryland Trust C o., Baltimore, trustee.
( Interest is payable in New York City.
Pitts Alleg & M a n c h e ste r .-tf____
5
1,489,000 Oct. 1 1930
Second Ave Traction mtge\ 1894 5 g J-D
2,014,000 Dec. 1 1934
gold ($1,000)_________c*tf/M aryland Trust C o., Balt., M d., trustee.
Interest at Brown Bros. & C o., N. Y ., or A . Brown & Sons, Baltimore.
2d Ave Traction Co m tg e .-tf 1893
5 J-J
392,000 July 1 1933
Loans payable Dec 31 1924_ _____
_
_________
1,585,671 ___________
* All owned by Pittsburgh Railways Co.
The United Traction receives the entire earnings of the North Side
Pitts. A. & M . and Second Ave. traction companies, subject only to annual
charges of $259,800.
Dividends.— On preferred divs. at the rate of 5% annually were paid to
July 1914. Jan. 1915 div. passed. V. 100, p. 55. None since. See re
A
A
marks above. On common, l % paid July 2 1903, and X % each 6 months
to and including Jan. 1912. In July 1912, H % . None since.
Bonds.— The new United Trac. mtge. is limited to $10,000,000; bonds
cannot be redeemed before maturity; Maryland Trust Co. of Baltimore is
trustee. Of these bonds, $5,196,000 are reserved to retire the divisional bds.
above mentioned. Bonds are listed on Phila. and Balt. Stock Exchanges.
REPO RT.— Not now an operating company.
OFFICERS.— Pres., A. W . Thompson; V .-P., J. H. Reed; Sec., W . B.
Carson; Treas., C. J. Braun Jr.; Comptroller, C. S. Mitchell. Office, Pitts
burgh, Pa. Financial agents, Alexander Brown & Sons, Baltimore, M d.—
V. I l l , p. 2141; V. 113, p. 2722; V. 114, p. 80, 1288, 1892.
LINES CONTROLLED B Y UN ITED TRACTIO N CO. OF PITTSB.
(a) FEDERAL STREET & PLEASANT VALLEY RY.
Default and Subsequent Payment.— See Pittsburgh Railways above.
ORGANIZATION.— Incorp. Feb. 20 1868, and has since consolidated
its various subsidiary companies. The franchise is perpetual.
Oct., 1925.]
POWEE, LIGHT AND RAILW AY
The North Side Traction Co. on July 20 1896 leased the Federal Street &
Pleasant Valley for 960 years, assuming its debt, and agreeing to pay as
rental all taxes, rentals. &c.. and also $70,000 yearly in cash, payable
Jan. 15 and July 15, equal to 5% on the $1,400,000 stock, o f which it owns
$750,000. V. 63, p. 31, 76, 189.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
A trolley road. Embraces 34.39 miles of track (including sidings) on about
17 miles o f street.
The $88,000 5% bonds o f the Federal Street & Pleasant Valley, due
July 1 1919, were extended for 2 years at 6 % , but had not been taken up
as o f Oct. 1 1925, but interest was being paid at the rate o f 5% .
As of Oct. 1 1925 no arrangements had been made for the retirement or
extension o f the 4 issues o f underlying bonds maturing N ov. 1 1920.
STOCK AN D BONDS—
Date. Interest.
Outstanding. Maturity.
Stock (par $25) full paid--------- -------5 J-J
$1,400,000
See text
Consol mtge $1,250,000 gold! 1892 5 g J-J
1,093,000 M ay 1 1942
($1,000) on 28 m ile s..c* tfjIn t. at Fidelity Title & Tr. C o., Pittsburgh.
Underlying Mortgages—
Federal St & Pleas Val mtge tf 1889
6 J-J
$77,000 July 1 1921
Allegheny & Bell 1st m tg e ..t f 1890
5 J-J
15.000 Nov. 1 1920
Allegheny Street 1st m tg e .-tf 1890
5
27.000 N ov. 1 1920
Perry Street 1st mortgage _ .t f 1890 5 J-J
1,000 N ov. 1 1920
Troy Hill 1st mortgage___ tf 1890
5 J-J
37.000 N ov. 1 1920
Bonds.— The consolidated mortgage of 1942 is for $1,250,000, o f which
the balance unissued is in the hands o f trustee to retire all the other issues;
mortgage trustee is the Fidelity Title & Trust C o., Pittsburgh. All the
above issues are guar., prin. & int., by United Traction Co.— V. 106, p.
85, 929, 230.
(b) PITTSBURGH & BIRMINGHAM TRACTION.
On Jan. 1 1902 leased for 999 years to the United Traction C o., which has
agreed to pay all interest, taxes, &c., and also $150,000 annually as rental
Lease is guaranteed by the Philadelphia Co.
O R G A N IZA T IO N — Incorp. Aug. 15 1889; N ov. 19 1889 leased P. & B.
Passenger R y ., including South Side Pass R y. Co. Also leased and oper
ated from Dec. 1891 Pittsburgh Incline Plane Co. and M t. Oliver Incline
Plane C o.; operated also Birin. Knoxville & Allentown Traction Co. In
Aug. 1900 purchased the $400,000 capital stock of the West Liberty Street
R y. and constructed a line to M t. Lebanon. V. 71, p. 343.
FIELD OF OPERATIONS AN D C H A RACTER OF BUSINESS.—
A trolley road. Operates 30.44 miles o f track, laid with 90-lb. rails.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
See text
$3,000,000
See text
Stock ($50)__________________ _____
1st M guar p & i by United/ 1889
5 g M -N
1,500,000 N ov 1 1929
Tr. Co ($1,000)______c*tf (Fidelity Trust Co. o f Philadelphia, trustee.
The South Side Pass Ry 1st M / 1913 5 A-O
10,000 Oct 11953
($1,000) not sub to call_.tf\Int. at Colonial Trust C o., Pitts., trustee.
Guaranteed Bonds—
Birm Knox & A 1st mtge gold f 1891
6 g M-S
500,000 Sept 11931
interest guaranteed_______ (Fidelity Trust Co., Philadelphia, trustee.
Brownsville Ave St Ry 1st M__ 1896 5 F-A
300,000 Aug 1 1926
West Liberty St R y 1st mtge. / 1900 5 g J-J
400,000 July 11930
( Pittsburgh Trust C o., trustee.
ANNUAL R EPO RT.— Not now an operating company.— V. 72, p. 776.
LINES LEASED TO PITTSBURGH & B IR M IN G H A M T R A C . CO.
MT. OLIVER INCLINE RY.
Owned, leased and operated by Pittsburgh & Birmingham Traction Co.
Stock, $100,000. Bonds, 1st M . 6s (cpt) M . & N ., due M ay 1 1954, $41,500. Red. at 105 and int. Colonial Trust C o., Pittsburgh, trustee.
Default and Subsequent Payment.— See Pittsburgh Railways above.
PITTSBURGH INCLINE PLANE.
Leased for 999 years to Pittsburgh & Birmingham Traction Co. at rental
equal to interest on bonds and 10% on $150,000 stock, free of tax; dividends
were 9% yearly for some time, balance being carried to surplus, but were
increased some time prior to Jan. 1 1902 to 10%. The $150,000 1st M . 6s
due July 1 1919 and the $100,000 2d M . 6s have been purchased by the
Philadelphia Co.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
A trolley road. Road extends from Forty Hill, Pittsburgh, on Bradford
Street to Washington Ave., on top o f hill.
STOCK AN D BONDS—
Date.
Interest.
Outstanding. Maturity
Stock (par $100) full paid__________
Q-F
$150,000
See text
1st mtge ($1,000 each)_-c*tf- 1889 6 J-J
150.000 July 1 1919
Second mortgage------------------- -------6%
100.000 ............
— V. 106, p. 87; V. 108, p. 2529.
(c) PITTSBURGH & CHARLEROI STREET RY.
Stock owned by Pittsburgh Rys.
ORGANIZATION.— Incorp. April 19 1902 and took over the Charleroi
& West Side R y.; is leased to the United Traction C o. for 900 years from
M ay 15 1902. Rental is $1,000 per year. Bonds are guaranteed prin. and
Int. by the United Traction Co. and the Philadelphia Co.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
A trolley road. Operates a road between Pittsburgh and Allenport, by
way o f Castle Shannon, Finleyville, Monongahela City and Charleroi, a
distance o f 50.268 miles. Completed in Sept. 1903.
The $55,000 1st M . 5s of the Charleroi & West Side R y ., due Sept. 1
1919, were extended for 2 years at 6% , and again to Sept. 1 1922, but had
not yet been taken up as of Apr. 1 1925, although int. at the rate of 6% per
annum' was being paid regularly.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Stock $2,500,000 ($50)____________
_________ $2,500,000 ____________
Charleroi & West Side 1st M . t f ___
6%
55,000 Sept 1 1922
Pitts & Charleroi 1st M $2,-/ 1902
5 g M -N
2,430.000 M ay 1 1932
500,000 gold ($ l,000 ).c*tf lin t, at Union Trust C o., Pittsburgh, trustee.
Pitts & Charleroi 2d M $ !,-[ 1913
5 J-D
522,000 Dec 1 1943
000,000 ($1,000) red at 102 jInt. at company’s office or Union Trust C o.,
& int. on 10 weeks’ notice tf f Pittsburgh, trustee.
Bonds.— Of the Pittsb. & Charleroi 1st M . bonds, $52,000 is reserved to
retire a like amount o f Charleroi & West Side bonds. See V. 74, p. 1039.
Second mtge. bonds outstanding are owned by Pittsburgh Rys. Co.— V. 74,
p. 1039, 1090; V. 76, p. 752.
C ALLEGHENY BELLEVUE & PERRYSVILLE RY.
d)
ORGANIZATION.— Incorp. in Pa. on Feb. 8 1900. Entire stock is
owned by the Pittsburgh Rys. Is leased to the United Traction Co. for
995 years from Mar. 1 1905 at a rental o f 10% on the stock.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Operates 16.688 miles o f track from Allegheny via Westview to Bellevue.
Gauge, 5 ft. 2)4 in.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $250,000 ($50)_______________
10%
$250,000
See text
1st mtge $500,000 gold guar/ 1905
5 g A-O
500,000 April 1 1935
($1,000) ______________ctf (Pa. C o. for Ins. on L. & G. A ., Phil., trustee.
Bonds.—-Are guaranteed, prm. & int., by Phil. Co. Interest is payable
at company’s office or by Brown Bros. & C o., N . Y ., and Phila. No sink
ing fund and bonds are not subject to call.
(e) BEN AVON & EMSWORTH STREET RY.
ORGAN IZATION .— Incorp. in Pa. on June 17 1903. Entire stock is
owned by Pittsburgh Rys. Is leased to United Trac. Co o f Pittsburgh for
995 years from April 1 1906 at 5% on stock.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Operates 5.3332 miles o f track from Avalon to Dixmont. Gauge, 5 ft. 2)4
in.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Stock $100,000 ($50)_______________
A-O
$100,000
See text
1st mortgage $300,000 gold/ 1906
5g
300,000 April 1 1930
guar___________________ tf]Fidelity Title & Trust C o., Pittsb., trustee.
I Interest at company’s office.
2d M $100,000 ($1,000) subj f 1913
5 J-D
79,000 Dec 1 1943
to call at 102 and int on 10]Int. at co .’s office or Fidelity Title & Trust
weeks’ notice___________ tf I C o., Pittsburgh. Pa., trustee.
Bonds.— 1st M . bonds are guaranteed, prin. and int., by the Philadelphia
Co. 2d M . bonds outstanding are owned by Pittsburgh Rys.
(f) e a s t McK e e s p o r t s t r e e t r a i l w a y .
Entire stock is owned by Pittsburgh Railways.
ORGAN IZATION .— Incorp. in Pa. on June 26 1899. Is leased to
United Traction Co. o f Pittsburgh for 900 years from Jan. 1 1902.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Operates 8.27 miles.
87
STOCK, $250,000 ($50). 1st M . 5% gold bonds, $250,000 (tf) ($1,000).
Dated Dec. 1 1899. Due Dec. 1 1929. Int. J. & D. at Fidelity Title S
c
Trust C o., Pittsburgh, trustee.
(3) CONSOLIDATED T R AC TIO N .
ORGANIZATION.— Chartered July 15 1895. The company absorbed
the Fort Pitt Traction Co. (a consolidation of Fort Pitt Pass. R y., Gross
Street R y., Highland Park Street R y. and Negley Street R y .), and assumed
its leases of the Citizens’ and the Allegheny Traction companies, and has
acquired the control of the Pittsburgh, the Duquesne and the Central Trac
tion companies. In 1902 leased the Monongahela St. R y. and the Subur
ban Rapid Transit Street R y. Owns all stock of the Ardmore Street R y.
and guarantees its bonds, prin. and int. V. 88, p. 882.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
A trolley road. Controls 224.21 miles o f track in all.
On Dec. 4 1901 the stockholders o f Philadelphia Company approved
plan for absorbing the shares of the Consolidated Traction. See terms
in V. 73, p. 1112. 286,880 shares common and 233,117 shares preferred
have been so exchanged.
Interest Decision.— See V. 113, p. 847.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
J-J
$15,000,000 J u ly ’ 12, 1 %
Common stock ($50)_________ _____
Pref stock 6% cum ($50)_
6 M -N
12,000,000 M ay ’25, 3%
Car trust bonds $200,000 gold/ 1916 5 g A-O
20,000
See text
($1,000) Series “ C ” _ c * tf' Colonial Trust C o., Pittsburgh, trustee.
_
Car trust bonds $800,00d gold/ 1916 5 g A-O
80,000
See text
($1,000) Series " D ” _____tf (Union Trust C o., Pittsburgh, trustee.
Car trust bonds $200,000 gold/ 1917 5 M -N
84,000
See text
($1,000) Series “ E ” _______ (Fidelity Title & Tr. Co., Pitts., Pa., trustee.
Fort Pitt Trac mtge $1,000,-/ 1895 5 g J-D
1,000,000 Dec 2 1935
000 ($1,000) g not red.c*tf (Int. at Pittsburgh Tr. C o., Pittsb., trustee.
Notes payable Dec 311924_________
_________
1,516,057 __________
Stock.— The pref. stock carries cum. divs. of 6% per annum and has the
right to participate equally with the com. stock when that has received 6% .
All arrears of divs. were paid up in Jan. 1903. V. 46, p. 48. First div. of
1% on common paid Jan. 2 1903; then 1% July 1905; 1904 to 1911 incl., 2%
per annum. In 1912, Jan., 1% ; July, 1% .
Bonds.— The equipment trust certificates, Series “ C ," mature in ten
annual installments of $20,000 each from April 1 1917 to April 1 1926 incl.
$180,000 have been retired. They are secured by 50 cars costing $221,000.
Free from Penna. State tax. V. 102, p. 608. The Series “ D ” car trust bonds
mature $40,000 each 6 mos. from April 1 1917 to Oct. 1 1926 incl. $720,000
have been retired. They are secured by 175 cars costing $900,000. The
Series “ E ” car trust bonds are to be secured by 50 cars costing $225,000.
They mature in 11 annual paym’ts commencing Nov. 11918. $116,000retired.
The Fort Pitt Trac. bonds are seemed by the deposit of the shares of the
constituent companies out o f which the Fort Pitt Co. was formed, namely:
$300,000 Fort Pitt Pass. R y. stock, $100,000 Gross St. R y. stock, $100,000
Highland Park St. Ry stock, $100,000 Negley St. R y. stock.
OFFICERS.— Pres., A. W . Thompson; V .-P ., J. H. Reed; Sec., W . BCarson; Treas., C. J. Braun Jr.; Comp., C. S. Mitchell.— V. 119, p. 2759(a) ARDMORE STREET R Y .
ORGANIZATION.— Incorp. in Pennsylvania on Oct. 31 1907. Road
mostly on private right-of-way. Franchises in boroughs are perpetual.
Consolidated Traction owns all the stock and guarantees the bonds, princi
pal and interest. V. 88, p. 881. Philadelphia Co. owns $26,000 bonds.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Operates 8.22 miles of track between Wilkinsburg and East Pittsburgh.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Stock $14,000 ($50)__________ _____
_________
See text __________
First mortgage $1,250,0001 1908
5 g A-O
$1,032,000 April 1 1958
gold ($1,000)_________ c * tfjln t. at Colonial Trust C o., Pittsb., trustee
Bonds.— Remaining bonds are reserved for extensions and betterments.
No sinking fund, but subject to call at 105 and interest.— V. 88, p. 881.
LINES CONTROLLED B Y CONSOLIDATED T R AC TIO N CO.
(a) ALLEGHENY T R AC TIO N .
ORGANIZATION.— Incorp. July 23 1890. April 1 1896 this co. was
leased to the Fort Pitt Traction Co. for 950 years at a rental o f $25,000 per
annum. Lease assumed by Consol. Traction Co. Judgment against co.
as guarantor of $11,000 Mill vale Etna & Sharpsburg bonds, see V . 121,
p. 72, 166, 327.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Including Millvale Etna & Sharpsburg, 21.755 miles of road.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
Stock $500,000 (par $ 5 0 ).-.
____
5%
$500,000
See text
Guaranteed Bonds—
Millvale Etna & Sharpsburg! 1893
5 g M -N
741,000 N ov. 1 1923
1st mtge $750,000____g .t f JInt. at Pittsb. Tr. C o., Pittsburgh, trustee.
Dividends.— The semi-annual dividend o f 2 )4 % , due June 1 1901, was
passed, the proceeds being used to pay off the floating debt. In 1902,
4 K % ; 1903 to 1920 incl., 5% per annum.— V. 121, p. 72, 196, 327.
(b) CENTRAL TR AC TIO N .
Default and Subsequent Payment.— See Pittsburgh Railways above.
Lease.— Incorp. Dec. 21 1888. Leased from April 2 1896 to the Consoli
dated Trac. Co. for 950 years at 3% per ann. on par value of $1,500,000
stock (see V. 61, p. 1154); and in M ay 1896 stockholders were offered priviege of exchanging their stock for receipts, which were redeemed at $30 per
share on Oct. 1 1896 in Consol. Trac. Co. pref. stock at par. 29,173 shares Of
Cent. Trac. stock (out of 30,000) have been so exchanged. V . 62, p. 1087,
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
9.27 miles of track, of which it controlled by ownership of capital stock
Central Passenger Ry. 3 )4 miles.
The $125,000 Central Pass. Ry. 1st Mtge. 6s due Oct. 1 1924 were not
retired at maturity. See V. 119, p. 1845, under caption “ Pittsburgh Rys.
C o.”
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock ($50) see text__________ _____
3% A-O (30,000 shs.l
See
\30 paid up)
text
1st mtge $350,000 cable line) 1889
5 J-J
$325,500 July 1 1929
$500__________________ ntf/Interest at Union Trust C o., Pittsburgh.
Bonds of Central Passenger Ry. Controlled—
1st mortgage $250,000 ($1,-1 1894
6 A-O
125,000 Oct. 1 1924
000)__________________ n tf (Interest at Union Trust C o., Pittsburgh.
Dividends.— Feb. 1 1892, $2 50 in stock; in 1896, Feb., 2% in cash; in
1898, N ov., 1)4% in cash; in 1899 and since, 3% per year.— V. 62, p. 948,
1087.
(c) CITIZENS’ TR AC T IO N .
ORGANIZATION.— Incorp. July 6 1887. On Sept. 1 1887 purchased
the entire capital stock ($200,000) of the Citizens’ Passenger R y., which
it now holds. Also owns stock of Aspinwall Street R y.
Lease.— Leased from N ov. 1 1895 to Fort Pitt Traction Co. (now Consol.
Traction) for 950 years at 6% per annum on $3,000,000 capital stock. In
addition the lessee agreed to pay a floating debt of $175,000 and at maturity
mortgage debt. V. 61, p. 661.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
A trolley road. Owns 37.8 miles of track on 15 miles of street.
The $250,000 Penn. St. Pass. R y. 1st M . 5s, due June 1 1922, were not
retired at maturity and had not been retired up to April 1 1925.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock ($50) fully paid________ _____
6 M -N
$3,000,000f.p. See text
1st mtge ($1,000) not subject) 1887
5 A-O
686.000 Oct. 1 1927
to call__________________ tfIF id. Title & Tr. C o., Pittsburgh, trustee.
Bonds of Lines Whose Stocks Are Owned—
Penn St Pass Ry 1st mtge____ 1892 5 J-D
250,000 June 1 1922
Interest and dividends payable at Union Nat. Bank, Pittsburgh, Pa.
V. 106, p. 818.
(d) DUQUESNE TR AC TIO N .
Default and Subsequent Payment.— See Pittsburgh Railways above.
Lease.— Incorp. Jan. 25 1890. Leased from April 2 1896 to the C ofsoI
dated Traction for 950 years at 4% on the $3,000,000 stock, but divs. for a
year and a half were withheld for payment of floating debt of $180,000. In
M ay 1896 stockholders were allowed to exchange their stock for receipts,
redeemed Oct. 1 1896 at $37 per share in 6% pref. stock of Consol. Trac. C o.
at par. 52,635 shares out of 60,000 have been so exchanged. See V 62,i>.iQ8f|
[V ol. 121,
PUBLIC UTILITIES
88
FIE LD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
A trolley road. At time o f lease in 1896 controlled 11 companies having a
present 37.1995 miles o f road.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock ($50) fully paid_______ / ____
Text
$3,000,000
See text
(D iv. payable at Fidel. Tit. & Tr. C o., Pitts.
First m ortgage................c * t f/ 1890
5 J-J
1,366,000 July
1930
(Fidelity Title & Trust C o., Pitts., trustee.
Dividends were 5% (J.-J.), but in 1893 and 1894 none paid; in 1895, 4% ;
In 1896, none; in 1898, 3% ; in 1899 and since, 4% yearly. — V. 62, p. 948,
1087; V. 106, p. 85, 1230.
(e) F O R T P ITT TR AC TIO N .
See Consolidated Traction Co.
(f) MONONGAHELA STREET R Y .
ORGAN IZATION .— On M ay 26 1898 absorbed by consolidation the
Schenley Park & Highland, Homestead & Highlands, Braddock & Home
stead and the Braddock & Duquesne.
In Dec. 1901 the Monongahela Street R y., the Wilkinsburg & East Pitts
burgh Street R y., the Wilkinsburg & Verona Street R y. and the Pitcairn &
Wilmerding Street Ry. (construction o f latter 2 roads completed during the
year 1903-04) were merged in the Monongahela Street Ry. and stock was in
creased from $1,000,000 to $7,000,000. See V. 73, p. 1112. On Jan. 1 1902
the Monongahela St. R y. was leased for 999 years to the Consol. Trac. Co.
for int., taxes, &c., and an annual rental beginning with $165,000 the first
year and increasing $18,750 each year until $315,000 is reached. Lease is
f uar. by Philadelphia Co. First div. under lease (2 %) was paid in July 1904.
ee V. 79, p. 269. In 1905, Jan., 1H % ; July, 1 3-5% ; in 1906, 3.26% ; in
1907, 3 M % ; 1908, 3.86%; 1909, 4.12% ; 1910, 4.37% ; 1911 & since, 4 H % .
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Owns 70.4 miles o f track, including branches; 90-lb. rails.
Default and Subsequent Payment on Pitcairn & Wilmerding 5s.— See Pittsurgh Rys. and United Traction Co. above.
STOCK & BONDS—
Miles. Date. Interest. Outstand’g.
Maturity.
Stock $7,000,000________
____See text $7,000,000
See text
M on St R y 1st mortgage? 17
1898 5 g J-D
998,000 June 1 1928
$1,000,000 gold_____tf (Union Trust C o., Pittsburgh, trustee.
Wilk & E P mtge $2,000,-(
OOOg ($l,000)gucr_&tf f . .
1899 5 g M-S
1,991,000 Sept. 1 1929
Wilk & Ver mtge $700,-(
1901 5 g J-D
620,000 June 1 1931
OOOg ($1,000_ c& rtfj
_
Pltc k W il mtge $700,-1 __
1901 5 g J-J
588,000 July 1 1931
000 g ($1.000)_ c&rtf J
_
Bonds.— The Union Trust Co. of Pittsburgh is trustee o f all mortgages
and interest is payable at Mellon National Bank. The Wilks. & Ver. bonds
are guaranteed, prin. & int., by Wilk. k E. Pitts. St. Ry. C o., Monongahela
St. R y. C o., Consol. Traction Co. and Phila. Co. o f Pittsburgh.
RE PO RT.— Not now an operating company.
OFFICERS.— Pres., W . L. Mellon; V .-P ., A. W . Mellon; Treas., W . S.
Mitchell.— V. 72, p. 776; V. 79. p. 269, 627. 735.
(el PITTSBU RGH TR AC TIO N .
ORGAN IZATION .— Incorporated April 30 1887.
LEASE.— Leased from April 2 1896 to the Consolidated Traction for 950
years at 7% on the $2,500,000 stock (see V. 61, p. 1154) but 1H years
dividends were used to pay floating debt of $250,000. The full 7% is now
being paid. In May 1896 stockholders were offered receipts for their stock,
which were redeemed at $70 per share on Oct. 1 1896 in preferred stock of
Consol. Traction Co.; 49,500 shares out o f 50,000 have been so exchanged.
See V. 62, p. 948. Pittsburgh Traction owns the $250,000 capital stock
of Bloomfield Street Ry. and guarantees the bonds.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
A trolley road. Owns 18.51 miles o f track.
The $250,000 Bloomington St. Ry. 1st mtge. 5s due Aug. 1 1923 had not
been retired up to Oct. 1 1924.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
Stock $2,500,000 ($50)_____________
7 A-O 31 $38persh.pd.in.Seetext
$686,000 Oct 1 1927
1st mtge 5s____________ c * tfj 1887 5 A-O
(Fidelity Title & Trust C o., Pittsb., trustee.
Guaranteed Bonds—
Bloomfield Street Ry 1st! 1893 6 F-A
250,000 Aug 1 1923
cur__________________ c*tf/Interest at Pittsburgh Trust C o., trustee.
Stock.— Issued 50,000 shares, on which $38 each has been paid.
Dividends.— At company’s office, Pittsburgh. Dividends in 1895 6%
In 1896, none—see above; in 1898, 5 >4%; in 1899 and since, 7 % .— V. 119,
p. 2763.
(h) SUBURBAN RAPID TR A N SIT STREET R Y .
ORGANIZATION.— Was leased on Jan. 1 1902 to Consolidated Traction
Co. for 900 years at an annual rental o f $56,000, as well as paying all
charges, including interest and taxes.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Operates 11.88 miles o f track on 6 miles o f street.
STOCK AN D BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock $1,400,000__________________
J-J
$1,400,000
See text
First mortgage $200,000 gf 1913
6 g M-S
148,000 Sept 11953
($1,000)______________ c tf ( Int. at Farmers’ Dep. Nat Bank, Pittsb.,
( Colonial Trust C o., Pittsburgh, trustee.
Dividends.— In 1903, 4 % ;in 1904, Jan., 2% ; July, lt f% ;s in c e , 4% p. a.
(i) MORNINGSIDE ELECTRIC STREET R Y .
ORGANIZATION.— Incorporated in Pennsylvania on July 14 1904.
Entire stock is owned by Philadelphia Co. Is leased to the Consolidated
Traction Co. for 995 years from Sept. 30 1905 at a rental o f 5% on stock
and Interest on bonds.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Operates 3.31 miles o f track. Gauge, 5 ft. 2Pi in.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock $24,000 ($50)_________ _____
5 A-O
$24,000
See text
1st mortgage $200,000 goldf 1905
5 g A-O
200,000 Oct 1 1935
($1,000) guar prin and in tjln t. at office of Brown Bros. & C o., Phila.
by Phila C o__________ c * tf (Pa. C o. for Ins. on Live & G. A ., Phila., trus.
— V. 107. p. 2188.
(4) SEVENTEENTH STREET INCLINE PLANE CO.
ORGANIZATION.— Is a reorganization on Dec. 28 1904 o f the Penn.
Incline Plane Co. Entire stock is owned by the Philadelphia C o. Was
operated by the Pittsburgh Rys. C o. up to Jan. 16 1918, then operated
separately up to Aug. 1924. Is now operated as a part o f Pittsburgh
Railways Co.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $250,000 ($50)______________
_______
$250,000 ...............
1st mtge $125,000 ($1,000)1 1905
5 cur M-S
120,000 Mar 11935
guar_________________ c*tf Jlnt. at Colonial Tr. C o., Pittsburgh, trustee.
Bonds.— No sinking fund, and bonds are not subject to call. Are guaran
teed, prin. & int., by the Philadelphia Co.
EARNINGS.— For year end. Dec. 31 1924, gross, $24,322; net after
taxes, $2,857; other income, $1,729; int., &c., $4,243; bal., surp., $344.
OFFICERS.— Pres., A. W . Thompson; V .-Ps., J. H. Reed and W . B.
Carson; Sec., E. W . Washabaugh; Treas., C . J. Braun Jr.; Comptroller,
C. S. Mitchell.
(5) BEAVER VALLEY T R AC TIO N .
In July 1905 entire stock was acquired by the Philadelphia C o. of Pitts
burgh. V. 81, p. 506.
ORGANIZATION.— Incorporated in Pennsylvania in perpetuity June 29
1891 and owns entire stock of Beaver Valley St. By. and of Central Electric
St. Ry. Co., purchased Aug. 8 1891, operating them as one road under
999-year lease. Charter and franchise perpetual.
In 1900 stock was increased from $300,000 to $1,000,000 and then pur
chased the stock and property of the People’s Electric Street R y. of Roches
ter, the College & Grandview Electric Street R y., the Rochester & Monaca
Electric St. Ry. and the Beaver & Vanport Electric St. Ry.; also owns en
tire capital stock of Riverview Electric St. R y. C o., the Freedom & Conway
Electric St. R y. Co. and the Vanport Electric St. R y. C o., none of which
has any separate bond issue. In Jan. 1902 authority was given to in
crease stock from $1,000,000 to $1,500,000.
Consolidation.— The Penna. P. S. Comm, in March 1922 approved the
sale of the corporate powers, franchises and property of the following street
railway cos. to the Beaver Valley Traction Co. under a consolidation of trac
tion interests: People’s Electric, General Electric, Beaver Valley St. R y..
Rochester & Monaca Electric, Freedom & Conway Electric, Riverview Elec
tric, College & Grandview Electric, Beaver & Vanport Electric and Vanport
Elec. St. R y. We are officially informed that the consolidation into Beaver
Valley Trac. Co. of a number of subsidiary street railway cos. is merely legal
consummation of a step which has been in practical effect for a considerable
time. It entails no change in operating methods or accounting. V . 1 1 4 ,
p. 1285.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Owns and operates 47.17 miles o f track, connecting the various towns and
boroughs in the Beaver Valley from Morado Park southerly, via Beavqr
Falls, to Beaver and Vanport, and to Rochester and Conway. Laid with
90-lb. and 73-lb. girder rails. Owns 43 passenger cars and 10 miscellaneous
cars. Also operates buses.
STOCK AND BONDS—
Date. Interest. Outstanding.
laturity.
Stock $1,500,000 (par $50)________
_______
$1,075,000 . . . - _____First con mortgage (closed) f 1900 5 g A-O
675,000 Oct 1 1950
gold_________________ c* tf jln t. at Pa. Co. for Ins. on Lives & Granting
( Annuities, Philadelphia, trustee.
General mortgage $3,000,000 T 1903
5 g M -N
957,000 N ov 1 1953
($1,000) gold_________ c * tf/In t. at Northern Trust C o., Phila., trustee.
Car trust bonds gold $72,0001 1917
5 J-J
24,000
See text
($1,000)__________________ /Fidelity Title & Tr. C o., Pittsburgh, trustee.
Bonds.— Of the gen. mtge. bonds, $675,000 are reserved for prior hens
and the remainder for extens. and impts. at 75% of cost. See V. 77, p. 2158.
$232,000 owned by Phila. C o. Both issues redeemable at 110 and int.
The car trust bonds mature $6,000 each Jan. 1 to 1929 and are secured
by 12 motor cars. $48,000 retired.
EARNING S.— For year ending Dec. 31 1924 (including Pittsburgh &
Beaver Street Ry. C o.), gross, $648,765; net, after taxes, $167,615; other
income, $1,622; interest, rents, &c., $159,780; discount on securities sold,
$1,304; balance, surplus, $8,153.
OFFICERS.— Pres., A. W . Thompson; V.-Ps., W . B. Carson and E . E.
Hamilton; Sec., E. W . Washabaugh; Treas., C . J. Braun Jr.; Com pt., O. S.
Mitchell.— V. 109, p. 675; V. 112, p. 1143, 1616, 2413; V. 114, p. 1285.
2239; V. 116. p. 2992; V. 117, p. 652; V. 118, p. 2571; V. 119, p. 2875.
(6) PITTSBURGH & BEAVER STREET RY. CO.
ORGANIZATION.— Incorp. in Penna. Jan. 23 1908.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
A trolley road. Operates 14.98 miles in and between Baden, Beaver County
and Leetsdale, Allegheny County, Pa. Franchises perpetual.— V. 117, p.
1018, 1664,
CAPITA LIZA TIO N .— Capital stock $235,000 ($50 par) all owned by
Philadelphia Co. Bonds authorized, first mortgage gold, $1,600,000,
Issued, $750,000, all owned by the Philadelphia C o.; dated July I 1908;
due July 1 1958 (tf). Int. 5 % , payable Jan. & July at company’s office,
Pitts. Union T r. C o. of Pitts., trustee. Are guar. p. & i., by Phila. Co.
(7) CLAIRTON STREET RAILWAY CO.
ORGANIZATION.— Incorp. in Pennsylvania M ay 5 1904.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Operates one mile of track In the Borough o f Clairton, Allegheny County.
CAPITA LIZA TIO N .—Capital stock $30,000 ($50) all owned by Pitts
burgh Railways Co.
AMERICAN W ATER W O R K S & ELECTRIC CO., INC.
ORGANIZATION, &c.— Incorp. in Va. April 27 1914 (per plan in
V. 98, p. 914,1074), as successor o f the American Water Works & Guarantee
Co. V. 101, p. 372, 769; V. 105, p. 1519; V. 107, p. 1477.
Amalgamation of All Electric Subsidiaries.— It was announced in Sept.
1925 that the amalgamation o f all of the electric subsidiaries of the com
pany through the organization of a new company, viz., the ‘ West Penn Elec
tric Co., was contemplated. The new company will acquire all of the com
mon stocks of the present subsidiaries of the West Penn Co., and all of the
common capital stocks of the Potomac Edison Co. and Keystone Power &
We have been identified with the financing of
W ater Companies
controlled by
A merican W ater W orks
& Electric Co ., Inc.
specialists in the underlying bonds
of these companies we invite inquiry.
P .W . CHAPM AN e C O J N C
American Water Works
& Electric Co., Inc.
and Subsidiaries
Dominick & Dominick
A
42 Cedar Street
NEW Y O R K
We invite inquiries concerning
116 So. La Salle Street
CHICAGO
Members New York Stock Exchange
115 Broadway
New York
Oct., 1925.]
89
POWER, LIGHT AND RAILW AY
Light Co. The new company will control an aggregate capacity of about 5
■500,000 h. p., and serve a population of 1,100,000. For capitalization of
new company and other details see V. 121, p. 1226, and Y. 121, p. 1458,
where the terms o f exchange o f stocks are given.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Properties owned or controlled: (a) Water-works supplying cities and
towns in U. S.; (b) West Penn Co.; (c) 26,000 acres o f land in Sacramento
Valley. V. 107, p. 1477.
The company owns stocks in other companies as follows:
-----Incorporated--------- Cap. Stock Issued— Owned by
A .W .W .&
Where.
When.
E. Co.. Inc.
Ajax Farms C orp._N . Y . M ay 4 1915 Common
$50,000
$50,000
Amer. Construct. &
Securities C o_____Del. Feb. 10 1913 Common
1,000,000 1 , 000,000
Arkansaw W at. C o.A rk. N ov. 29 1880(Preferred
56,000
56,000
(Common
1,549,400 1,549,400
Birmingham Water
fPref. (8%) 1,190,100
Works C o_______Ala. Feb. 13 1885i Pfd. (7%)
477.000
1,829,700 1,829,700
ICommon
Butler Water C o____Pa. N ov. 2 1877 (Preferred
235.200
421,500
Common
421,500
City Water Co.
838.200
/Preferred
(Chattanooga)_Tenn. Apr. 16 1869 (Common
1,740,300 1,740.300
Clinton W . W . C o ..D e l. N ov. 6 1906 Common
321,000
321.000
Commonw’lth Wat,
J2d pref.
240.000
& Light C o ______ N . J. Mar. 19 1904(Common
500.000
500.000
277.000
277.000
Connellsville W . Co__Pa. Mar. 21 1883 Common
East St. Louis & In/ 7 % pref.
596,100
terurban W at. C o_.H l. Aug. 15 1916(Common
4,750,000 4,750,000
Huntington Water
227.000
Corp-------------------Del. M ay 24 1917 Common
227.000
800.000
Joplin W .W . C o ___ M o. Feb. 6 1893 Common
800.000
/Preferred
Keystone Power &_____
1,352,100
Light C o________ Del. Dec. 22 1922(Common
44,085 shs. 44,085 shs.
Kokomo Wat. Wks.
(8% pref.
150.000
105.800
C o— ....................In d . M ay 30 188717% 2d pref
105.800
200,000
200,000
(Common
50.000
Preferred
60.000
1.000 shs. 1,000 shs.
Common
617.000
617.000
Preferred
Common
3.319,900 3.319.900
James jvluis Mold
50.000
50.000
ing C o_________ N . Y . M ay 20 1915 Common
45.000
45.000
Mingo Jet. W at. C o . .O . June 24 1898 Common
5,000
5.000
Missouri Sew. C o_ Del. Oct. 15 1912 Common
_
15.000
15.000
Monongahela Valley
/Preferred
250.000
250.000
Water C o________ Pa. Oct. 25 1897(Common
4,621.821
x225
a M onon. West Penn
/ Preferred
8,279,661 *8,024,488
Pub. Serv. C o .W . Va. M ay 17 1912(Common
249.900
MuncieWater Wks.
/Preferred
281.000
281,000
Co---------------------- Ind. Mar. 24 1885(Common
539,200
2.203.200
Potomac Edison Co.
/Preferred
2,275,450 2,275,450
& Sub. C os______M d. Dec. 31 1923/Common
3.250.000 3.250.000
St. Joseph Wat. C o .M o . Dec. 9 1879 Common
34.450
250.000
South Pittsburgh
/Preferred
2.750.000 2,081,150
Water C o________ Pa. July 15 1904(Common
21.124.700 4,668.500
a West Penn C o .. W . Va. July 11 1911 (Preferred
(Common 225.000 sh. 163,441 sh.
9,047,800
281,800
a West Penn Rys C o.P a. M ay 23 1917(Preferred
10 ,000,000
*
(Common
2,272,000 3,272,000
Wichita Water C o ..D e l. Dec. 27 1911 Common
•All owned by West Penn Co. x Owned by West Penn xvlonongahela
Oo., practically the entire stock of which is owned by West Penn Co. a See
separate statement below.
Co-operative agreements for mutual exchange o f power, V. 118, p. 1395.
On N ov. 21 1924 the stockholders approved a change in the par value of
common stock from $100 to $20, the issuance of 5 new shares for 1 old and
an increase in the auth. common stock from $10,000,000 to $50,000,000.
V. 119, p. 2408. Compare V. 119, p. 1846, 1956.
Retirement o f partic. pref. stock contemplated, V. 120, p. 700.
8TOCK AN D BONDS—
Date.
Interest. Outstanding.
Maturity
Common $50,000,000 ($20)________
_________ $11,550,000 Aug ’25,1 M
1st pref. 7% cum. $10,000,000
($100)__________________________
7 Q -F 15 14.050.000 Aug. ’2 5 1 H
Ortl. tro. $20,000,000 ($100,(1914
5 g A-O
13,265,400 Apr. 11934
See) gold____________ _x*tt (Bankers Trust Co., N . Y ., trustee.
Bonds o f subsidiary cos. in hands o f public Dec. 31 1924, $133,404,315.
Stock.— 1st pref. stock is red. at 110. The 6% partic. pref. stock was In
its entire outstanding amount called for redemption on Aug. 24 1925 at
105 & div. V. 120, p. 2813, 3310; V. 121, p. 704. Holders were given the
right to exchange their shares for
share 1st pref. stock. (4 share com.
stock and $27 in cash. Both com. and pref. listed on N. Y . Stock Exch.
Bonds.— Of the coll. tr. 5s in addition to amount outstanding, $604,800
are in treasury and $2,744,900 purchased and pledged with trustee. Call
at 102 44.
Dividends.— The accumulated dividends having been discharged (com
pare V. 106, p. 50), 1H % was paid quarterly Aug. 25 1917 to N ov. 15 1924
on the 7% cum. 1st pref. stock. On 6% partic. pref. stock paid initial
div. o f 1% on M ay 15 1923; same amount paid quarterly to Feb. 15 1924on M ay 15, Aug. 15, N ov. 15 1924 and M ay 15 1925, paid 1H % quar. An
initial div. o f 1)4% was paid on com. on Feb. 16 1924. V. 120, p . 451. In
May 1925, 1J* % was paid. In Aug. 1925, Wi%\ in Nov. 1925, 1 H%.
To common stockholders of record Sept. 15. 1925 a 5% stock div. was paid
on Sept. 30. V. 121, p. 1567.
REPORT.— For 1924, in V. 120, p. 1873, showed:
Consolidated Income Account (Including Subsidiaries) .
Calendar Years—
1924.
1923.
1922.
Gross operating earnings___________ $38,355,679 $36,380,326 $25,254,499
Oper. exp., taxes and maintenance.. 20,859,862 20,059,908 14,085,480
Federal taxes______________________
708,838
754,276
447,581
$16,786,979 $15,566,142 $10,721,439
Interest and amortization o f discount; $8,211,449 $7,175,179 $5,728,678
1,300,867
Preferred dividends o f subsidiaries
. 2,947,769
2,184,357
409,766
Minority Interest________________
441,404
695,653
2,186,941
1,541,116
. 2,575,919
THE W EST PENN CO.
In Sept. 1925 was reported as being amalgamated with other1companies
into West Penn Electric Co. V. 121, p. 1464.
In Sept, the N. Y . Stock Exchange authorized the listing of certificates
of deposit issued under the plan of consolidation, for $17,456,200 7%
cum. pref. stock ($100) and 59,258 no par common shares of the West
Penn Co. V. 121, p. 1571.
ORGANIZATION.— Controlled by American Water Works & Electric
Co., Inc. Incorp. in W. Va. July 11 1911, as Black River Water & Power
Co. The name was changed to West Penn Traction & Water Power Co.
April 20 1912 and to The West Penn Co. June 21 1922. Owns all of the
outstanding com. capital.stock C$17,091.700) of the West Penn R.vs. Co.,
$3,000,000 of the $14,100,000 com. stock of West Penn Power C o., and all
of the outstanding pref. stock ($2,369,000 par value) and as of Aug 31 1925
(966,504) of the 968.832 outstanding com shares without nominal or par
value of the West Penn Monongahela Oo. Consolidation of all electric
light and power companies of the West Penn system within the States of
W. Va., Ohio and Maryland into one company. See V. 120, p. 707.
STOCKS AND BONDS—
Date. Div.Paid.
Outstanding Last Div.
_______
225,OOOsb- Sept ’24$1
Common 500.000 shs (no p a r ) . ____
Pref7% cum $50.000,000($100)____
7 Q F15 x$22 124,700 N ov ’2 £ lM
The company has also an obligation of $388,318 75. consisting of purchase
certificates representing deferred install men os on purchase of minority inter
est in com. stock of West Penn Monongahela Co. These certificates were
issued under indenture dated as of June 30 1923 to the Equitable Trust Co
of New York as trustee, and bear interest at the rate of 5% per annum,
payable semi-annually J. & J. 15. The stock was purchased at a price of
$5 per share, of which $3 75 has been paid in cash and the remaining $1 25
in serial certificates payable on the 15th day of July 1926.
Stock.— The 7% cum. pref. is subject to redemption in whole or in part
upon 30 days' notice at $115 per share plus accrued dividends, and in the
event of liquidation, is entitled to par and accrued dividends in preference
to com. stock. It has no voting power except that in case four quarterly
dividends are in default it shall have equal voting power, share for share,
with the com. stock until the defaulted dividends have been paid. No
additional pref. stock may be issued unless the consolidated surplus net
earnings of the co. and its sub. cos. applicable to divs. for 12 consecutive
months within the 15 calendar months Immediately preceding issuance,
shall have been at least twice the div. requirements on the pref. stock then
outstanding and that proposed to be issued. In Feb. 1925 Dominick &
Dominick offered $1,500,000 7% pref. at 96M to yield 7.25% . Both com.,
S
and pref. shares are listed on N ew York Stock Exchange. V. 117, p. 441.
Dividends.— Dividends on the pref. stock are being paid regularly (Q.-F.
15). On com., quarterly divs. of $1 each were paid during 1924 and in
1925, incl. Sept.
EARNINGS.— Report of The West Penn Co. for years ending Dec. 31
(including subsidiaries):
1921.
Calendar Years—
1922.
1924.
1923.
.$24,081,801 $23,230,740 $17,323,089 $14,189,777
8,571,542
9,736,651
. 13,561,371 13,066,819
1,000,000
1,092,334
1,469,013
. 1,723,205
Ordinary & Federal taxes
673.136
. 1,403,882
1,029,060
1,408,426
$7,286,481
1,094,666
$5,465,045
638,216
$3,945,100
566,158
$8,781,478 $8,381,147
. $4,676,637 $4,125,333
Divs. accr. on pref. stock[
5
. 1,308,458
1,262,430
Income of subs, applied
10,153
20,426
to minority Interest._
. 1,325,939
481,063
do Common stock. .($4)900,000 ($2)450,000
$6,103,261
$3,377,843
$4,511,258
$2,438,561
940,875
608.188
35,456
483,282
y808,282
. $7,393,343
Miscellaneous income_ . 1,388,134
_
$656,226
. $560,292 $2,041,894 $1,259,805
x Excluding Interest charged to Improvement account, $534,224 in 1924,
$388,273 In 1923, $115,083 in 1922 and $227,151 in 1921. y These divi
dends on the preferred stock include: (a) Four regular quarterly dividends
of' 1 fi % paid during the year out of surplus and net profits; (6) three divi
dends of 1 % each upon 65,000 shares of the 6% cumul. pref. stock which
were outstanding Mar. 16 1914 on account of unpaid dividends accumulated
upon said shares, aggregating at the beginning of the year 1644%. *
Consolidated Income Account 12 Mos. End. June 30.
1925.
1924.
1923.
Gross earnings from all sources______$25,428,803 $25,490,268 $22,430,226
Oper. expenses, taxes & maintenance. 14,645,697 15,043,355 13,397,261
Deductions— Interest & amortization. 4,629,424
4,493,304
3,931,920
Preferred dividends of subsidiaries. 1,433,824
1,231,592
1,216,049
Minority interests________________
9,043
12,088
137,996
Reserve for depreciation__________
1,808,208
1,644,251
2,225,768
Net income________________________$2,902,608 $3,065,678 $2,521,323
OFFICERS.— Pres., A. M . Lynn; V .-P ., C. P. Billings; V.-P. & Sec.,
R . B. Keating; Compt., J. W. Glendening; Asst. Sec., W . K. Dunbar and
G. E. Murrie; Treas. & Asst. Sec., C. F. Kalp: Asst. Treas., R . C. Lightcap and W. K. Dunbar; Gen. Aud., M . W . Glover, Pittsburgh.—-V. 117,
p. 1994, 2111, 2214, 2324; Y. 118, p. 86, 204, 312, 1775, 2181, 2574: V. 119,
p. 812. 1511, 1954; V. 120, p. 707, 1749, 2014; V. 121, p. 709, 1229, 1464,
1571,2040.
_
WEST PENN R AIL W A Y S CO.
All *f outstanding com . stock to owned by The West Penn Oo.
ORGANISATION.— A consolidation on May 23 1917 of the old West
Penn Railways Co. with the Brownsville Street R y. C o.. Greensburg &
Southern Electric fit. R y. Oo., Latrobe St. R y. C o.. Lot robe Hecla St. Ry.
Oo.. Maoontown-Morgantown St. Ry C o., tritt^hurgh McKeesport Sc
Connellsville Ry. C o., Uniontown Radial St. R y. C o.. West Penn Interurban Ry. C o.. West Penn Traction C o., McKeesport & Irwin R y. C o..
Pittsburg McKeesport & Greensburg Ry. C o., and White Electric Traction
Co. (for terms of consolidation see V. 104, p. 1704). Owns all of the
. $2,610,437
. 5,452,437
79,685
$3,324,012
4,058,332
79,700
$1,741,012
3,341,180
79,685
. $8,142,559
Deduct—
Credits to savings fund________
$79,685
Disc. & exp. on sale o f railway stocksi
178,664
Special appropriation for depreciationi
830,000
. Cr.27,981
. Cr.201,656
Divs. paid Am. W. W. & Elec. C o.First preferred stock___________
633,500
Participating preferred_________
550,000
$7,462,044
$5,161,877
We invite inquiries concerning
$79,685
351,990
925,000
165,751
Cr .398,719
$79,685
528,406
175,000
128,285
Cr .224,798
The W e s t Penn Co.
585,900
300,000
416,967
Other credits.:
Operating expenses, taxes & maint.
. $6,100,348 $5,452,436 $4,058,323
t 12 Months Ended June 30.
1924.
1923.
1925.
.$39,224,694 $38,084,774 $32,468,867
. 21,574,237 21,595,418 18,718,286
W est Penn Power Co.
$17,650,457 $16,489,355 $13,750,581
. $7,759,172 $7,072,475 $5,984,509
690,679
734,627
Interest— A. W. W . & Elec. Co
659,515
1,805,591
2,583,549
Preferred dividends o f subsidiaries.. 3,277,738
608,392
726,579
453,874
Minority interests____________
1,877,992
2,440,716
. 2,702,996
Dominick & Dominick
Net income______________________ $2,797,161 $3,093,545 $2,621,285
OFFICERS.— Pres., H. Hobart Porter; V.-Ps., J. H. Purdy, W . S
Finlay Jr., and W . R . Voorhis; Treas., Philip L. Ross; Sec. & Asst. Treas.
W. K. Dun oar; Asst. Sec. & Asst. Treas.. E S Tnmnnson- Asst. Sec.
T. B. Davis; Comp., A. A. Adams. Office, 50 Broad St., New York.—
V. 119, p. 2408, 2527, 2644, 2758; V. 120, p. 451, 700, 954, 1873, 2144,
2682, 2813, 3310; V. 121, p. 196, 327. 704, 975, 1226, 1458, 1567, 1907,
2036.
115 Broadway
Members New York Stock Exchange
New York
90
[V ol. 121.
PUBLIC UTILITIES
outstanding capital stock o f the Allegheny Valley St. R y. Oo., Pittsburgh
& Allegheny Valley Trac. C o., Oakdale & McDonald St. R y. C o.. Kittannmg & Leechburg Rys. C o., Pan Handle Trac. Co., Steubenville Wellsburg
& Weirton R y. C o., The Steubenville R y. Co., Wheeling Trac. Co., and
West Virginia Power & Transmission Co.; also $11,100,000 of the $14,100,000 com. stock o f West Penn Power Co. In addition, the West Penn Rys.
Co. controls indirectly, through subsidiaries, Allegheny Valley Light Co.,
Allegheny Pittsburgh Coal C o., the Wheeling & Western R y. Co., the Bell
aire-Southwestern Trac. C o., the Steubenville & Wheeling Trac. C o.,
Wheeling Bridge Co. and the Steubenville Bridge Co.
Of the companies listed above, Pittsburgh & Allegheny Valley Trac. C o.,
Oakdale & McDonald St. R y. Co. and Kittanning & Leechburg Rys. Co.
are leased to and operated in the name of the West Penn Rys. Co.; and
Pan Handle Trac. Co., Steubenville Wellsburg & Weirton R y .O o ., The
Steubenville & Wheeling Trac. Co. and The Steubenv'lle R y. Co. are
leased to and operated by the Wheeling Trac. Oo.
In 1917 the rights and properties theretofore owned and controlled b j
Hydro-Electric Co. o f W . Va., incl. the partially developed water power
project at State Tine on the Cheat River were taken over and are now
owned by the West Virginia Power & Transmission Co. Construction
work at Cheat Haven has been resumed and will be completed by 1927.
Franchises are largely perpetual. Practically all track outside of munici
palities is on private right-of-way.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
The physical property owned by the West Penn Railways Co. and sub
sidiary co. (exclusive of the West Penn Power Co.) includes 337.69 miles of
track (measured as single track), 5 ft. 214 in. and 4 ft. 8 l in. gauge. 276
A
motor passenger cars, 49 work cars, 20 express and freight cars, 11 sweeper
and 8 other cars. Power station at Connellsville (leased to West Penn
Power C o.), and Wheeling, W. Va. (leased to Monongahela West Penn
Public Service C o.), 10.47 miles o f 25,000 volt transmission lines (of which
7.60 miles are leased to the West Penn Power C o.), exclusive of low tension
distribution lines in cities and towns; and 2 substations having a transformer
capacity o f 7,500 k. w.
In April 1924 issued $3,500,000 3-yr. 6H % debentures, proceeds being
used to reimburse co. for add'ns, inpts., &c., and for other corp. purposes.
V. 118, p. 1775.
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
Common $20,000,000 ($100)_______
_______ $17,091,700 ...................
Pref 6% cum $10,000,000($100)____
Q— M 15
3.500 000 Sept.’ 25,1 H
3-yr. deb. $3,500,000 ($100,1 1924 634 g A-O
3,500,000 Apr 1 1927
$500 & $1,000) gold— c*tf Jlnt. payable in N. Y ., Chicago & Pittsburgh.
W P Tract 1st M $25,000,0001 1910
5 g J-D
4 854,000 June 1 1960
gold ($1,000 & $ 5 0 0 )-.c* tf/In t. at Equitable Trust Oo., N. Y ., Trustee.
O l d WP Ry s 1st M $6.000,0001
1905 5 g i - G
5,667,000 Jan 1193
($500 & $1,000)______ c*tf lint. at Eauicable Tr. C o., N Y .. Trustee
P M cK & C 1st con mtge
1901 5 J J
2,912.000 Jan 1 193
$3,500,000 ($1.000) gold..-) Interest at Colonial Trust C o., Pittsburgh
Cannot be called_______ c tf l Trustee
Pitts M cK & Greensburg 1st] 1901 5 g J-J 1
373,000 July 1 1931
Mtge $1,500,000 ($1,000)1 Interest at Harrisburg Trust C o., Harrisgold ----------------------------ctf J burg. Pa., Trustee.
Con Sub St Ry mtge $175,-/ 1902 5 g J-J
175,000 Jan 1 191-2
000 guar p. & i _______ c tf] Int. at Colonial Trust O o.,P ittsb., Trust*e.
K itt& Ford O 1st M $50,000] 1898
6 J-D
27,500 Dec 1 19v8
gold ($ 5 0 )_____________ c\Pittsburgh Trust C o.. Pittsburgh. TrustsAlleg Vail St 1st Mtge $2.1906 5 g F-A
1,680,000 Feb 11 9(6
000.000 g not redeemable) Interest at Union Trust C o.. Pittsburg!
($1,000)---------------------- c*tf l Trustee.
Versailles Traction Co first] 1897
6 g M-S
88,000 Sept. 1 192"
mortgage gold______ c n t f [Int. at Pittsburgh Trust Co. .Pittsburgh, tru»
Oakdale & M cD St Ry 1st Ms I 1906
5 J-J
60 .000 Jan 1 193'
g gu p&i by W P Rys. c* tf 1Int at Colonial Tr. O o .. Pittsburgh. trustee
Pan H Trac 1st M $500,000 g] 1902 5 g A-O
500,000 Oct 1 1932
($1,000 and $500)____c * tf/I n t. at Columbia Tr. C o., N. Y ., trustee.
Equip, trust notes_________ 1919
6 A-O
50,000
See text
Steubenville W S W R j first] 1911
5 A-O
700,000 April 1 195)
mortgage$700,000____ c t ffln t . at Wash. Tr. Co . Wash’ton, Pa., tru*
First equipment trust certifs. 1921 8%
130,000 See text
Preferred Stock.— After 1918 no dividend can be paid on the common stock
unless in addition to payment of the pref. stock dividends in full, there has
been reserved annually an amount equal to 3% on the then outstanding'
pref. stock. No additional pref. stock can be issued at any time unless
the earnings applicable to pref. divs. are twice the annual requirements
therefdr, including the proposed issue. Stock is prefererd as to assets and
dividends and is callable at 105. Pref. stock is listed on the Louisville and
Pittsburgh exchanges.
Debentures.— The 3-year 634% debentures are red. all or in part on 30
days’ notice at par & int. Int. payable at office of Halsey, Stuart & Co.,
Inc., in Chicago, at The Union Trust Co. o f Pittsburgh, and at the agency
of the co. in N. Y . City. Co. agrees to reimburse holders if requested
within 60 days after payment for Conn, personal property tax not exceeding
4 mills, the Maryland securities tax not exceeding 434 mills, the District of
Columbia personal property tax not exceeding 5 mills per dollar per annum,
and for the Massachusetts income tax on int. not exceeding 6% of such
int. per annum. Are also free o f Pennsylvania 4-mills tax. V. 118, p. 1775.
Bonds.— Of the West Penn Traction Co. 1st mtge. bonds, $9,175,000 are
reserved to retire the bonds o f constituent companies and balance for exten
sions and betterments at 90% of cost. As additional security all the out
standing collateral trust bonds o f 1910 o f West Penn Railways and other
securities owned are deposited under the mortgage. Through this deposit
these bonds are secured on the properties of the subsidiary companies, sub
ject to the outstanding underlying issues. The trustee holds $7,609,000 of
the bonds, of which $6,620,000 are re-deposited under the mortgage at 80%
o f face value. The bonds are not subject to call. Tax-exempt in Pennsyl
vania. See description of bonds and property in V. 92, p. 597.
Th e W e s t P e n n R a ilw a y s C o . first mortgage bonds o f 1905 are not subject
to call. Listed on Philadelphia, Louisville, Pittsburgh and Baltimore
Stock Exchanges.
Pittsburg, McKeesport & Greensburg first 5s not subject to call. Total
outstanding $1,500,000, of which $1,127,000 owned by West Penn Rys.
$500,000 P. M cK . & O. first consol, are reserved for extensions and
improvements, and $88,000 to retire Versailles Traction Co. bonds.
The Connellsville Sub. bonds were guaranteed principal and interest by
the (.old) West Penn Rys. C o., and are callable at 105 and int. on 30 days’
notice. Tax-free in Pennsylvania.
$90,000 Oakdale & McDonald bonds owned by West Penn Rys. Co._, in
addition to amount reported outstanding. Are guaranteed prin. & int.
by West Penn Rys. Interest is payable at agency of company in New
York City.
$10,000 Alleghany Valley Street R y. 1st M . bonds (not included in
amount outstanding) are held in treasury of Allegheny Valley St .R y., are
secured by a pledge of entire capital stock of Allegheny Valley Light Co.
$12,000 Versailles Traction 1st 6s are owned by West Penn Railways.
Panhandle Traction first mtge. bonds are subject to call on any interest
date ar par and interest on 30 days’ notice.
The equipment notes of 1919 are due serially $10,000 per annum each
Oct. 1 to 1929. Are secured by 9 passenger cars. $50,000 have been
retired. The 8% equipment trust certificates are due $10,000 semi
annually. $70,000 have been retired.
Dividends.— Dividends on pref. stock are cumulative. Initial dividend
paid Sept. 15 1917. Paid regularly quar. since to and incl. Sept. 1925.
EARNINGS.— For years end. Dec. 31 (incl. sub. cos.):
Calendar Years—
1924.
1923.
1922.
1921.
Gross oper. earnings____ $18,646,895 $18,059,445 $15,029,132 $14,189,777
Oper. exp. & maint_____ 10,600,113 10,158,721
8,437,079 8,571,364
Taxes (incl. F ed eral)... 1,034,409
1,053,262
860,567
656,185
Depletion & deprec_____
1,569,344
1,409,717
1,075,000 1,000,000
Miscellaneous income___ 01,426,270 01,052,438
0636,360 0564,031
Total in c o m e ............$6,869,299
$6,490,183
Int. & amort, of d is c t ...
3,243,852 2,806,935
Div. accr. on pref. stk. of
West Penn Pr. Co. in
hands of public______
740,100
517,746
Inc. appl. to com. stk. of
W . P. Pr. Co. owned.
505,182
278,882
$5,292,846 $4,526,258
2,755,604 2,403,379
359,291
203,253
______
______
Net avail, for divs. on
stock of West Penn
Rys. C o __________ $2,380,164 $2,886,620 $2,177,951 $1,919,626
OFFICERS.— Pres., A. M . Lynn; V.-P. & Sec., R. B. Keating; V .-P .,
H. L. Mitchell; Comp., J. W . Glendening; Treas. & Asst. Treas., C. F.
Kalp; Asst. Treas., R . C . Lightcap and W. K. Dunbar; Asst. Sec., G. E.
Murrie and W. K. Dunbar; Gen. Aud., M . W. Glover.— V. 115, p. 2048;
V. 116, p. 723; V. 117, p. 1018, 2111; V. 118, p. 1775, 2306; V. 119, p . 326,
1066: V. 120, p. 1749; V. 121, p. 1229.
(a) WHEELING TRACTION CO.
On Oct. 1 1912 control was acquired by the West Penn Traction Co. (now
West Penn Railways), which now owns all of the outstanding stock.
ORGANIZATION.— Incorp. Oct. 1900 in West Virginia. Owns entire
capital stock of and operates The Bellaire-Southwestern Traction Co. and
the Wheeling & Western R y. Co. Owns entire capital stock of and operates
under lease the Steubenville & Wheeling Traction Co.; also operates under
lease Steubenville Wellsburgh & Weirton Ry. Co. and the Steubenville Ry.
Co. and Panhandle Traction Co. Controls Wheeling Bridge Co.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Owns or controls and operates (incl. leased lines) 104.08 miles o f track
in Wheeling and suburbs, extending to Barton, Shadyside, Rayland
and Wellsburg, Moundsville, Bellaire and Martin’s Ferry.
Also has
line from Steubenville to Brilliant. Gauge, standard and 5 ft. 2 ’A in.
Power station at Wheeling leased to Monongahela West Penn Pub. Serv. Co.
STOCK AND BONDS— Date.
Interest. Outstanding. LastDiv., &c
Stock $2,500,000 ($100)______ — —
_______
$2,336,300
See text
Wheeling Traction 1st mtgef 1901 5 g J-J
2,500,000 Jan 1 1931
$2,500,000 ($1,000, $500)lin t, at Cleveland Trust Co., Cleveland, trus.
gold__________________ c t f ] and at Nat. Bank of Commerce, N . Y .
30-year gold 5s $10,000,0001 1913
5 J-J
170,000 Jan 1 1943
c&r/Int. at Colonial Trust C o., Pittsburgh, trus.
Wheeling Bridge Co $200,000/ 1921 7 g J-J 1
180,000 Jan 1 1931
1st M callable at 10 5.c*.tflin t, at Dollar Sav. & Tr. C o., Wheeling, trus.
Wheeling Bridge collat notes) 1921 8% F-A
90,000 Feb 1 1926
8% callable at 101___ c .tflln t . at Dollar Sav. & Tr. Co.. Wheel’g, trus.
Wheeling & Western Ry Co f 1906
5 g M -N
182,000 M ay 1 1926
1st M 5s $500,000 ($1,000)-tint, at Dollar Sav. & Tr. Co., Wheel’g, trus.
redeemable at 102_ c* .n tf I Guar., p. & i., by Wheeling Traction Co.
_
Bellaire Sw Trac Co 1st mtge I 1906
5 g M -N
50,000 N ov 1 1926
$500,000 ($1,000)___ r& c*jlnt. at Dollar Sav. & Tr. C o., Wheel’g, trus.
Redeemable at 102 and int. I Guar. p. & i. by Wheeling Traction Co.
Steub & Wheel Trac 1st mtge] 1905
5 g M -N
496,000 M ay 1 1935
$650,000 gu g($l ,000)c*ntf ]Int. at Dollar Sav. & Tr. C o ., Wheeling .trus.
First equip tr of 1924 ($250,-1 1924
6 A-O
237,000
See text
000 ($1,000)____________ c /D iv . at Dallas S. & Tr. C o., Wheeling,W.Va
Bonds.— First mtge. bonds are red. on any int. day at 105 and interest
upon 30 days’ notice. V. 95, p. 619.
The 30-year gold 5% bonds are for retiring 1st M . bonds of Wheeling
Trac. C o., Bellaire Sw. Trac. C o., Wheeling & Western R y. C o., Panhandle
Trac. C o., Steub. & Wheeling Trac. C o., and for extensions and better
ments. Red. at 105 and accrued int. at any int. period. V. 96, p. 1491.
The $170,000 outstanding are all owned by the West Penn Rys. Co.
$20,000 7% Wheeling Bridge Co. first mtge. bonds are held in treasury.
The Wheeling Bridge 8% coll, notes are secured by $19,000 Wheeling
Bridge Co. bonds in sinking fund.
$53,000 of Wheeling & Western bonds, $15,000 of Bellaire-Southwestern
bonds, $3,000 Steub. & Wheeling Trac. Co. bonds, and $265,400 stock of
Wheeling Bridge Co. owned by Wheeling Traction Co. (not incl. in amount
reported outstanding).
Of the $650,000 Steubenville & Wheeling Traction first mtge. bonds,
$37,000 (not included in amount outstanuing) owned by Wheeling Traction
C o.
Are subject to call at 102 and int.
T h ey are guaranteed, principal
and interest, by Wheeling Traction Co.
First equipment trust notes were issued in 20 series. A to T, of $13,000
and $12,000, alternately, maturing Series A April 1 1925, Series B Oct. 1
1925, the remaining series consecutively on April and Oct. 1 of each year
to and incl. Oct. 1 1934. Are callable on any div. date on four weeks’
notice at 100 and div. Secured by 21 double truck, semi steel motor
passenger cars.— V. 113, p. 2407: V. 114, p. 199; V. 115, p. 2048. 2795;
V. 119, p. 812.
WEST PENN POWER CO.
W est Penn Power Co.
A m e r ic a n P u b l i c S e r v ic e C o .
B a n gor P ow er C o.
C e n t r a l G e o r g ia P o w e r C o .
C e n t r a l I ll in o i s P o w e r C o .
C e n tr a l I n d ia n a G a s C o .
C e n tra l In d ia n a P o w e r C o.
C in c in n a t i G as & E le ctric C o .
C in c in n a ti G as T ra n s p o r ta tio n
C o lu m b ia G as & E le ctric C o.
C u m b e rla n d C o u n t y P r. & L t.
D a n b u r y & B e t h e l G a s & E le c . L t
D u r h a m P u b l i c S e r v ic e C o .
E a st O h io G a s C o .
G e o r g ia L ig h t , P o w e r & R y s .
I n d ia n a E le c tr ic C o r p o r a tio n
J e r s e y C e n t r a l P r. & L t . C o r p .
L in c o ln G a s & E l e c t r i c L ig h t C o .
M ic h ig a n L ig h t C o .
M id d le W e s t P o w e r C o .
M id d le W e s t U t i li t ie s C o .
N o r t h w e s t e r n P u b l i c S e r v ic e C o .
O h io P u b l ic S e r v ic e C o .
O m ah a & C o u n c il B lu ffs S t. R y.
O zark P ow er & W a ter C o.
P o r t la n d E l e c t r i c C o .
P u b l ic S e r v ic e C o . o f C o l o r a d o
S h a w in ig a n W a te r & P o w e r C o .
U n io n L ig h t , H e a t & P o w e r C o .
U n it e d F u e l G a s C o .
V i r g in i a n P o w e r C o .
Wo have been identified either as principals or
jointly in the financing of the above companies
A . B. Leach & Co., Inc.
N EW Y O R K
BOSTON
PHILADELPH IA
CHICAGO
$11,100,000 com. owned by West Penn Rys. Co. and remaining $3,000,000
owned by The West Penn Co.
ORGANIZATION.— Incorp. Mar. 1 1916, in Penna., as a merger of
53 electric light and power companies.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Was organized for the purpose of consolidating under single fee ownership
the principal electric light and power properties within the State of Penna.
formerly controlled by West Penn Traction Co. The company’s chartered
territory in western Pennsylvania exceeds 5,000 square miles. 410 cities and
towns are served, the population being estimated in excess of 525,000.
The physical property owned by the West Penn Power Co. includes 5 electric
generating stations with an aggregate installed capacity of 210,210 k. w.
175 substations having a transformer capacity of 242,540 k.w., and 906
pole miles of high-tension transmission lines (148 miles 132,000 v ., 758
miles 25,000 v .), exclusive of low-tension distribution lines in cities and
towns. In addition to the foregoing the co. leases the power plant of the
West Penn Rys. C o., located at Connellsville, Pa., which has an installed
generating capacity of 55,500 k.w. The co. also leases 7.60 miles 25,000
volt transmission lines.
The franchises under which company operates, with exception of those
in a few smaller towns from which the company derives less than 4% of
gross earnings, are unlimited as to duration.
Government Advance for Power Plant.— For particulars see “ Electric Rail
way” Supplement of Oct. 30 1920.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $20,000,000 ($100) — ........................... $14,100,000 __________
Pf 7% cum $25,000,000 ($ 1 0 0 )____
___
Q— J
12,519 200 N ov ’25.il
First mtge gold series " A ” ___1 1916
5 M-S
8,500,000 Mar 1 1946
First mtge gold series “ D ” _ I 1916
_
7 g F-A
6,000,000 Mar 1 1946
First mtge gold series “ E” _ ] 1916
_
5%
12,500,000 Mar 1 1963
First mtge gold series “ F ” __ |
__1916
5 H g A-O 7,500,000 Oct. 1 1953
(Series “ A ” $1,000; Series |
Equitable Trust C o., New York, trustee.
‘D ,’ ’ “ E ” & “ F ,” $100,|
*500 & $1,000)— . c*&r*tf I
Oct., 1925.]
POWER, LIGHT AND RAILW AY
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Contractual obligation to thef 1918
5 & 6%
754,500
Serially
U 8 Govt (5% per annum to< Due $150,000 per annum Mar. 31 1923 to
& incl Mar 31 1928, there-[ 1929 incl., and bal. ($154,500) Mar. 31
after 6 % _________________ l 1930
First Equip Trust o f 1920 - tf 1920 _______
62.000
Serially
Stock.— Pref. stock is red. as a whole or in part at 115 and accrued div.
on any dividend date upon six months’ notice. See V. 102, p. 2082,
Exempt from Penna. 4 mills tax. In Aug. 1924 W. A. Harriman & Co..
Inc., Dominick & Dominick, N . Y ., and Union Trust Co. of Pittsburgh
offered at $103 per share $2,063,000 7% cum. pref. stock. V. 119, p. 695.
Bonds.—The bonds are a first mortgage on all the physical property
rights and franchises now owned or hereafter acquired. Additional bondmay be issued at par for 75% of the actual cost o f permanent improve
ments, add’ns or extens. under certain restrictions. Series “ A ” bonds are
redeemable as a whole or in part since Mar. 1 1921 at 105 & int. on 4 weeks’
notice. Interest on Series “ A ” and “ D ” payable at American Water Works
& Elec, to.. New York, or Cont. & Comm. Trust & Sav. Bank, Chicago.
Tax-exempt in Penna. Series “ D ” 7s are redeemable on and after Aug. 1
1926, all or part on 4 weeks’ notice, to and incl. Feb. 28 1931 at 105; there
after to and incl. Feb. 29 1936 at 104; thereafter to and incl. Feb. 28 1941
at 10214, and thereafter to maturity at 101. V. I l l , p. 390; V. 113, p. 739.
Series “ E ” bonds are red., all or in part, on 4 weeks’ notice at 105; Mar. 1
1923 to Mar. 1 1948 at 102 K ; Mar. 1 1948 to Mar. 1 1958 and thereafter
at par. Series “ F ” 514s are redeemable, all or in part, upon 4 weeks’
notice at the following prices and interest; On or before Oct. 1 1928
at 107>6; thereafter to and including Oct. 1 1938 at 105; thereafter to and
including Oct. 1 1948 at 10214, and thereafter to maturity at par.
V. 118, p. 2772. The mortgage provides for an annual expenditure for
maintenance as follows: 1916-20, 1 14% of bonds out; 1921-25, 2% ; 1926-46,
214%', also for a depreciation fund of 2% o f bonds out beginning with 1916
for additions, improvements, &c., against which no first mortgage bonds
may be issued. V. 102, p. 891. All series are listed on N . Y . Stock Exchange.
Compare V. 108, p. 1827; V. 117, p. 2772.
All o f the outstanding first mtge. gold bonds, Series “ C ” 6% , were
called for redemption on June 1 1925 at 106 and interest.
$6,500,000 Ser. “ E ” 5s were offered in April 1925 by Halsey, Stuart &
C o., The Union Trust Co. o f Pittsburgh, W. A. Harriman & Co., Inc.,
and W . C. Langley & Co. at 973^ and int., yielding about 5.18%.
The car trust notes o f 1920 mature serially to June 15 1930.
Dividends.— Divs. on pref. sti><-k nave been paid sime organization
EA R N IN G S.— For years ending Dec. 31 (incl. sub. cos.):
Calendar Years—
1924.
1923.
1922.
1921.
xGross oper. earnings----$12,828,329 $11,978,606 $9,653,904 $8,928,323
Oper. exp. and m a in t... $7,056,674 $6,804,849 $5,512,144 $5,362,761
Deprec., depletion, & c-- 1,017.819
891.217
626 327
553 608
Taxes (incl. F ederal)-,.
674,175
603,550
465,400
360,611
Miscellaneous income.Cr.1,243,929 Cr.972,14.5 Cr.612,747 Cr.540,247
Total income_________ $5,323,590 $4,651,135 $3,662,880 $3,191,590
Int. & amort, o f d is c t ... 2,026,809
1,807,179
1,679,236
1,327,805
Rentals-----------------------182,324
182,965
182,965
186,009
Net avail, for divs.
$3,114,457 $2,660,990 $1,800,678 $1,677,776
x Including sales of $1,800,180 to affiliated companies in 1924, $1,634,653
in 1923. $1,455,675 in 1922 and $1,300,204 in 1921.
OFFICERS.— Pres., A. M . Lynn; V.-P. & Sec., R. B. Keating; V.-Ps.,
G. M . Gadsby and J. S. Jenks; Compt., J. W. Glendening; Treas. & Asst.
Sec., C. F. Kalp; Asst. Sec., G. E. Murrie and W. K. Dunbar; Asst. Treas.,
R . C. Lightcap and W . K. Dunbar; Gen. Aud., M . W. Glover.— V. 117, p.
89, 209, 441, 1557, 1665, 2214, 2434, 2772; V. 118, p. 1521, 2306, 2951;
V. 119, p. 77, 695, 1954; V. 120, p. 1750, 2150, 2271, 2685, 3076, 3189;
V. 121, p. 841.
WEST PENN MONONGAHELA CO.
Controlled by The West Penn Co.
ORGANIZATION.— Incorp. June 14 1922 in Delaware. Formed by
The West Penn Co. to take over control of the Monongahela Pr. & R y. Co.
(now Monongahela West Penn Public Service Co.— see under “ West Vir
ginia” on another page).
CAPITAL STOCK.— Auth., $3,000,000 pref., par $100, and 1.000,000
shares com. of no par value. Outstanding, $2,369,000 pref. and 968,832
shares com. The West Penn Co. owns all o f the outstanding pref. and
966,504 shares of the common. For offer of The West Penn Co. to pur
chase remaining shares of common outstanding see V. 117. p. 441.
OFFICERS.-—Pres., A. M . Lynn; V.-P. & Sec., R. B. Keating; Treas. &
Asst. Sec., C. C. McBride.
LEHIGH POWER SECURITIES CORPO RATION .
ORGANIZATION.— Incorp. July 19 1917 in Del. and then acquired,
(a) all the stock o f the Lehigh Navigation Electric Co. (formerly con
trolled by the Lehigh Coal & Navigation Co., which see in V. 105, p. 720),
and through such acquisition control o f the Harwood Elecrtic Co. and other
subsidiaries; (ft) a substantial majority of both classes o f stock of the Lehigh
Valley Transit Co., and through such acquisition control of the Lehigh
Valley Light & Power Co.; (c) approximately all the pref. and com. stocks
o f companies formerly controlled by the Northern Central Co. In June
1920, however, the Penna. P. S. Comm, approved the joint agreement of
consolidation and merger o f seven operating companies (six of which
were controlled by the Lehigh Power Securities Corp.) into the (new) Penn
sylvania Power & Light Co., which see below. The Lehigh Power Securi
ties Corp. controls the Pennsylvania Power & Light Co. through ownership
of all its common stock, except directors’ shares. In 1924 purchased the
Montoursville Passenger Ry. and the Montoursville Electric Light Co.
V. 118, p. 2832.
In July 1925 the property of the Columbia & Montour Electric R y., a
subsidiary, which since 1914 was in default or. the interest o f its bonds, was to
be sold at public auction. V. 121, p. 329, 331.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
The controlled companies supply electric light and power to 240 com
munities and gas service to 19 cities and towns. Population served is esti
mated in excess o f 1,207,000. Generating plants have a present capacity
o f 235,757k. w., 1,027 miles o f high-voltage transmission lines (over 11,000
volts), and 185 miles additional under construction; distributing lines, 3,543;
gasholder capacity, 3,509,000 cu. ft.; 304 miles gas mains; 310 miles street
and interurban railway lines. Franchises generally, in the opinion of coun
sel, are free from burdensome restrictions, and a very substantial part c f
them is perpetual. For full description o f properties, &c., see V. 105, p.
498. and Lehigh Valley Transit Co. below. See also V. 105, p. 290 and 818.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock 605,000 shs (no par v a l ) _ ____
_________ 310.445 shs___________
Secured gold notes $50,000.-/ 1917
6 g F-A
$7,566,000 Aug 1 1927
000($100,$500&$l,000)c*tf\Int. in N. Y . Guar. Tr. C o., N .Y ., trustee.
Lehigh Valley Transit Group.— See Lehigh Valley Transit Co. below.
Voting Trustees for Stock.— Irving W. Bonbright, Bonbright & Co., Inc.;
George H. Frazier, Phila.; S. Z. Mitchell, Pres. Elec. Bond & Share Co.;
Lewis E. Pierson, Chairman of Board, Irving Bank-Columbia Trust Co.:
S. D. Warriner, Pres. Lehigh Coal & Nav. Co.; G. M . Dahl, Chairman of
Board of Brooklyn-Manhattan Transit Corp.; Thomas Newhall, Phila.:;
F. N . B. Close, V.-P. Bankers Trust C o., N . Y .; and William West,
West & Co., Phila.
Notes.— Over $18,000,000 notes were subscribed for, o f which $10,844,700
have been called for payment and retired. Subscribers to notes received
4 shares o f common stock with each $1,000 o f notes. The stock is de
posited in a voting trust.
The collateral for the notes includes all com. stock o f the Penn. Pr. & Lt.
C o., and a substantial majority of both classes of stock of Lehigh Val. Tran
sit C o . It is expected that the corporation from time to time will sell part of
the securities deposited under such trust agreement, the proceeds to be used
for the purchase, redemption and cancellation of the notes, by purchase at
the lowest price, or at 101% and int., by lot. Notes are red., all or part,
on any int. date at 101 and int. Pennsylvania 4-mills tax refunded. V.
105, p. 818, 498.
REPO RT—
12 Mos.end. — 12 M os. End. July 31—
Subsidiary Companies—
D<c. 31 1924.
1924.
1923.
Gross earnings______________________ $20,826,769 $20,392,690 $19,107,671
Operating expenses_________________ 13,095,670 12,432,887 11,633,198
Net earnings________________
$7,731,099 $7,959,803 $7,474,473
Other income__________________
247.575
376,128
342,253
Total income______________________$7,978,674 $8,335,931 $7,816,726
$7,978,674
Int., disct. & other deductions_________________ 2,690,642
2,690,642
2,810,704
2,440,834
Renew. & replacement appropriations 2,113,355
2.130,402
1,829,245
Balance------------------------------------------ $3,174,677 $3,394,825 $3,546,647
Latest Earnings.— For 12 months ended Aug. 311925. "ross. $23,638,573:
net, $9,020,969; total income, $9,414,203; interest, discount and other
91
deductions. $3,209,372; renewals and replacement appropriations, $2,447,
151; and balance, $3,757,680.
Lehigh Power Securities Corp.—
12 Mos.end. — 12 M os. end. July 3 1 Dec. 31 ’24.
1924.
1923.
Propor. of above earns, applic. to
Lehigh Power Sec__________________ $1,801,341 $2,250,962 $2,683,468
Miscellaneous income______ - _______
543,182
631,816
203,555
Total____________________
$2,344,523$2,882,778$2,887,023
Expenses, including taxes___________
77,018
76,357
78,978
Balance______________________
$2,267,505$2,806,42/$2,808,045
Interest on 10-year 6% gold notes_
_
645.632
748,211
852,172
Balance._________________
$1,621,873$2,058,210$1,955,873
Other interest and deductions_______
284,580
329,284
409,855
_
$1,728,926 $1,546,018
Combined undistributed income_ $1,337,293
Latest Earnings.— For 12 months ended Aug. 31 1925: Gross, $1,823,009;
total income, $2,632,793; expenses (including taxes), $67,375; balance,
$.2,565,418; interest on 6% gold notes, $508,816; balance, $2,056,602; other
interest and deductions, $421,207; combined and undistributed income,
$1,635,395.
Management.— The operations of the co. and its subsid. cos. are under the
supervision of the Electric Bond & Share Co.
OFFICERS.— Chairman of board, S. Z. Mitchell; Pres., E. K. Hall;
V.-Ps., Wm. Dsrbee, P. B. Sawyer and E. W. Hill; Treas., A. C. Ray;
Sec., E. P. Summetson.— V. 114, p. 854, 2469; V. 115, p. 1837: V. 118,
p. 431, 2042, 2832; V. 119, p. 693; V. 120, p. 331; V. 121, p. 329, 331.
(1) LEHIGH VALLEY TR AN SIT CO.
Control.— In July 1917 the Lehigh Power Securities Corp., which see
above, acquired a substantial majority of both classes of this company's
stock on the basis of $28 per share of com. and $48 per share of pref. stock.
V. 105, p. 606.
ORGANIZATION.— Incorp. in Pa. on Nov. 3 1905 and is a reorganiza
tion under foreclosure of the Lehigh Valley Traction C o., the Philadel
phia & Lehigh Valley Traction C o., the Allentown & Slatington and the
Coplay Egypt & Ironton Street R y., as per plan in V. 79, p. 733, 1462.
In Oct. 1911 purchased the Montgomery Trac. Co. (V. 93, p. 940), all of
whose bonds and stock are deposited under the Lehigh Valley Transit ref. &
impt. mtge. of 1910. In April 1913 purchased controlling interest in stock
of Easton Consolidated Electric Co. V. 96, p. 1022. Also has half inter
est in Norristown Transit Co. Franchises perpetual.
Owns, among ot ' ers, the following stocks:
Cap. Stock.
Name of Company—
Owned. Tot. Issue.
Allentown Bridge C o________________________________ $292,100 $292,100
Easton Consolidated Electric Co. (50% paid)------------ 750,000
750,000
Norristown Transit C o______________________________ 12,000
24,000
Leases Beth. & Nazar. Pass. R y. for 999 years at 5% on stock and bonds.
Also leases Easton Transit Co. for 99 years.
On Dec. 31 1915 purchased the franchises and property of the Quakertown Trac. Co. (formerly leased) for the sum of $1 and the cancellation of
its indebtedness, all of which was owned by the Lehigh Valley Transit Co.
Under agreement made in July 1907 the Lehigh Valley Transit has its
Philadelphia terminal in the Philadelphia Rapid Transit station at Chestnut
Hill. V. 85. p. 99.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Operates over 215 miles of railway. The road connects Allentown, Bethle
hem, South Bethlehem, Hellertown, Nazareth, Northampton, Coplay,
Catasauqua, Egypt, Emaus, Macungie, Slatington, Quakertown. Perkasie.
Lansdale, Norristown, Ambler and Philadelphia. 80, 95 and 105-lb. T
ind 96 and 116-lb. girder rails. Conducts through freight service between
Allentown and Philadelphia. V. 97, p. 521. Owns a large amusement
park about midwav between Allentown and Bethlehem. Owns 348
passenger, freight and service cars. A 2,650-ft. bridge between Allentown
and South Allentown was built by the controlled Allentown Bridge Co.
(auth. stock $300,000) and was formally opened N ov. 14 1913. See
V. 97, p. 1426, 1428; V. 98, p. 154. Also has numerous municipal streettghting contracts. Franchises, with one minor exception, are perpetual.
STOCK a ND BONDS— Date.
Interest. Outstanding.
daturity.
Common $3,000,000 (par $50)---------------------- $2,997,350 ......... ............
Pref $5,000,000 (par $50) 5 % \ -----Q-F
4,979,687
Seetext
cum after Nov 3 1910------- J
„ „
„ „
First mortgage $5,000,000 f 1905
4-5 g M-S 4,994,000 Dec 1 1935
gold ($1,000)__________ ctf/Guaranty Trust C o., New York, trustee.
Consol mtge $7,500,000 gold) l905 4-5 g J-D
354,000 D ec 1 1935
($1,000) _______________t f (Commercial Trust C o., Phila., trustee.
Ref & imp mtge $15,000,000f 1910
5 g J-D
5,115,000 June 1 1960
gold ($1,000)________ c * t f\Lehigh Valley Trust Co., Allentown, trustee.
-------------150,000
5% guar
Beth & Nazar St Ry stock-------------Bonds ($150,000)________ t f 1899 5 M -N
150,000 M ay 1 1929
Morristown Transit Co 1st M__ 1912 5 F-A
201,000 Feb 1 1942
Allentown Bridge 1st M ($500 f 1912 5 J-J
218,000 July 1 1942
& $1,000) call at 105 any in-1 Guar. p. & i. by Lehigh Valley Transit Co.
terest date___________c*tf (Int- at c o .’s office or Brown Bros. & Co.,Phil.
5 J-D
15,000
Seetext
Equipment trust “ Series B ” -----------Equipment trust “ Series C ” -----------5 J-D
50,000
Seetext
Bonds.— Of the $5,000,000 1st mtge., $2,770,000 bear 4% interest and
are all out, and $2,224,000 are 5s. Int. at the Guaranty Trust Co. of N . Y.
The 1st M . bonds are redeemable on any int. date, the 4s at 105 and the 5s
at 110.
Of the consols., $2,500,000 4s were outstanding, but $2,146,000 have been
pledged for ref. & impt. bonds. Int. on consol, bonds is payable at Com
mercial Trust Co., Phila. These bonds are not subject to call.
Of the $15,000,000 ref. & impt. bonds, $5,000,000 are reserved to retire
1st M . bonds and $2,500,000 to retire equal amount of consol, mtge. bonds.
$2,624,000 in addition to amt. reported outstanding are in treasury. Bonds
are redeemable at 110 and int. V. 92, p. 187; V. 94, p. 698, 982; V. 95,
p. 750. Int. is payable at office of company or Brown Bros. & C o., Phila
delphia. Bonds are listed on the Philadelphia Stock Exchange.
Equip, trust Series “ B ” fall due $5,000 semi-annually, and Seires “ C ”
$10,000 semi-annually
Dividends.— Initial div. on pref., 1% , paid N ov. 10 1911. In 1912.
1913 and 1914, 2% . In 1915, 3 14%. In 1916 and 1917, 5% . In 1918,
F e b .,lM % . Nonesince. V. 106, p. 2123; V. 108, p. 268; V. 110, p. 261.
Total accumulated dividends, 52 14 % •
EARNINGS.— Of consolidated cos. for years ending Dec. 31:
Calendar
Operating Net after
Other Int.,Amort., Pref. Balance,
Year—
Revenues. Taxes, &c.
Income. Disc., &c. Divs. Surplus
1924_______ $4,975,240 $1,297,766 $119,995 $885,227
--- $532,534
1923........... 5,268,507 1,577,327 125,932 1,204,190 .........- 499,069
1922.......... - 5,331,305 1,569,581 122,220 1,245,111 --------- 446,689
OFFICERS.— PCes., P. B. Sawyer; V.-Ps., E. M . Young and C. E.
Groesbeck; V.-P. & Gen. M gr., H. H. Patterson; Sec. & Treas., Chas. N.
Wagner; Aud., W . L. Davis.— V. 108. p. 268, 375; V. 109, p. 2263; V. 110,
p. 261. 465, 2387; V. 112, p. 372, 1280; V. 113, p. 1053; V. 114. p. 1286,
1765; V. 116, p. 516: V. 117, p. 86; V. 118, p. 1392; V. 120, p. 2147.
(a) EASTON CONSOLIDATED ELECTRIC,
In April 1913 the Lehigh Valley Transit Co. acquired a controlling interest
in the stock and has since acquired all stock except (24) directors shares.
V. 96. p. 1021.
ORGANIZATION.— Consolidation by stock ownership of the Easton
Transit C o., the Edison Illuminating Co. of Easton, and the Phillipsburg
(N. J.) Horse Car R R . Co. (name changed to Phillipsburg Transit C o.),
incorporated in New Jersey March 11 1899. Also owns all the stock of
rhe Penn. M otor Co.
Lease.— In M ar. 1922 leased to the Lehigh Valley Transit C o . the property
> the Easton Transit C o., a subsidiary, for 99 years. Compare V. 114,p. 128o.
f
Consolidation of Subsidiaries.— On Jan. 3 1908 the (old) Easton Transit
Co., the Easton & Bethlehem Transit C o., the Easton Palmer & Bethlehem
Street R y. and the Northampton Central Street R y. were merged into the
fnew) Easton Transit Co. (V. 85. p. 1461) and in 1909 the Easton & South
Bethlehem Trans. Co. was also merged into the (new) Easton Transit Co.
Stock. $2,150,000: all owned by Easton Consolidated Elec.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
stock $1,500,000 (par $50)__ Stock (50% paid in) all owned by L. V. T . Co
Collateral trust $1,300,000 g) 1899
5 g M -N
877.500 May 1 1949
($1,000 and $500)___ c*tf (Interest at Girard Trust C o., Phila., Trustee.
Pennsylvania M otor Co lst\ 1891
6 A-O
60,000 April 1 1941
mtge (cannot be called) tf/L a ck . T r. & Safe Dep. Co., Scranton, Trust.
East Palmer & Beth 1st m tge( 1898
6 J-J
200,000 Jan 11939
gold $200,000__________ tf (U. S. M tge. & Trust C o., N . Y ., Trustee.
E & So Beth Tr 1st M $500,-\ 1906
5 g J-J
389,000 July 1 1936
000 guar gold ($1,000) c*tf (Girard Trust C o., Philadelphia, Trustee.
Bonds.— The coll, bonds have no s. f. and are not subject to call. Of the
total of $1,300,000, $00,000 Is reserved to retire the Penn. M otor bonds.
92
PUBLIC UTILITIES
$2,000 in treas. and $1,000 reserved for small amt. o f outstanding scrip of
Ed. 111. Co. Issue is secured by pledge o f $2,150,000 stock (entire issue) of
(new) Easton Transit Co., 12,317 shares (entire issue) of Edison Ilium,
stock and 2,400 shares (the entire issue) o f Penn. M otor stock. Are listed
on Philadelphia Stock Exchange.
Int. on Easton & So. Beth. Transit bonds is payable at office of Edw. B.
Smith & C o., Phila., or at company’s office. They are guar. p. & i. by
endorsement by the Easton Transit Co. A Sinking fund of $5,000 p. a.
commenced June 1 1908: $87,000 have been retired. Bonds are subject to
call at 105 and int. V. 83, p. 323; V. 104, p. 2553.
Dividends.— Payments were: July 1900. 3)4 % on $10 paid in; Sept. 1901
and March and Sept. 1902, 3% on $15 paid in; March 1903 (paid in July)
and Sept. 1903, 4% on $15 paid in. In Dec. 1905 declared a dividend of
$2 50_ and at same time called an assessment of $5 per share on the stock;
the dividend was credited on the assessment, making the stock 50% paid in.
V. 81, p. 1791. Cash dividends resumed in Oct. 1906 with the payment of
2H%.
V . 83, p . 687 ' , 2 1 4 % again paid April 1 1907and2J4% Oct. 1 1907;
then dividends were passed until N ov. 1911, when 2% was paid. In 1912
and 1913, 4% ; in 1914, M ay, 2% . Beginning with June 1914 began paying
1-3 o f 1 % monthly (V. 99, p. 300). Dividends no longer reported,.as entire
stock is owned by Lehigh Valley Transit Co.
OFFICERS.— Pres., P. B . Sawyer; V.-Pres., S. H. Hackett; Sec. &
Treas., C. N . W agner— V. 97. p. 53, 301.311; V. 98, p. 838; V. 99. p. 1300.
(2) PENNSYLVANIA POWER & LIGH T CO.
Lehigh Power Securities Corp. owns all the common stock, except
directors’ shares.
ORGAN IZATION .— Incorp. June 4 1920 as a consolidation and merger
of the following companies: The Lehigh Valley Light & Power C o., the
Northern Central Gas C o., the Columbia & Montour Electric C o., the
Northumberland County Gas & Electric C o., the Harwood Electric Co.
the Schuylkill Gas & Electric C o., the Pennsylvania Power & Light Co. (old
company) and the Pennsylvania Lighting Co. into the (new) Pennsylvania
Power & Light Co. All of the companies (except the Pennsylvania Lighting
Co.) entering into the merger were controlled by the Lehigh Power Securities
Corp. (compare V. 110, p. 1973). Controls Hagerstown Light & Heat Co.
o f Washington County and East Penn. Elec. Co. (see below).
Offer to East Penn Electric Co. Stockholders.— In Jan. 1925 the company
offered to acquire the capital stock of the East Penn Electric Co. and to issue
in exchange therefor its own cum. pref. shares on the following basis:
(а) For each share o f pref. stock (carrying dividends from Jan. 1 1925
at the rate o f $7 per share per annum) or 2nd pref. stock (carrying dividends
from Jan. 1 1925 at the rate o f $8 per share per annum) so deposited— one
6hare o f cum. pref. stock o f Pennsylvania Power & Light Co.
(б) For each share o f Com. stock so deposited— two-thirds of one share
o f cum. pref. stock o f Pennsylvania Power & Light Co.
Unless 85 % or more of the outstanding shares of each class of stock of East
Penn Electric Co. accepted this offer, the company was not obligated, but
it had the option, to acquire in exchange such of the shares having accepted
the offer. V. 120, p. 454.
Under the above plan approximately 95% o f the stock of all classes
outstanding had been exchanged as o f Sept. 15 1925.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Owns electric generating stations with an installed capacity of 153 400 k.w.
Gas properties owned or through subsidiaries include 8 plants with an
aggregate daily generating capacity o f 9,815,000 cu. ft.
Suit by Minority Holders of Harwood Elec. Pref. Stock.— See V. 118,
p. 1780. for details.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common_______________ ____ _____
_________ 466,877 sh __________
Pref. cumulative----------------- ----$7
361,363 sh Apr’25,$l 75
Bonds of Pennsylvania Forcer A Light Co. and Controlled Companies in
Hands of Public as of A u g. 31 1925—
Penna Pow & Lt Co 1st & ref)
Series “ A ” ___________ 1921
7 g F-A
$8,000,000 Feb 11951
Series “ B ” _______________ f 1922 5 g A-O
7,000,000 Oct 11952
Series “ C ” ...........
I 1923 6 M-S
4,000,000 Sept 11953
Series “ D ” --------------| 1925 5 g M-S
8,000,000 Sept 1 1953
($500 & $1,000 c*. $1,0001Guaranty Trust C o., New York, Trustee.
& *5.000 r * ). . . _ . . . tf]
Northumb Co Gas & El Co—
1st M s f bonds, call 1051 1911
5 g M-S
$1,103,000 Sept 1 1946
any int date----------------- /In t. at office o f West & C o., Philadelphia.
N or Cent Gas Co 1st & ref 1912
5 g F-A
775,000 Aug 1 1962
$4,000,000, call at 105 any [in t. at office o f EL Bond & Sh. C o., N . Y . C
int date__________________J
Williamsport Gas Co 1stM . . / 1899
5 g F-A
400,000 Feb 11939
(Interest at Fidelity Trust C o., Phila.
Columbia & Montour El Co—
1st M call 105 any int datef 1913 5 g F-A
577,200 Feb 1 1943
2d M call 105 any int date J 1913 5 g F-A
567,500 Feb 11943
(in t. at office o f EL Bond & Sh. C o.. N . Y . C
Pennsylvania Ltg Co 1st mtge. 1910 5 J J
1,218,000 July 11940
So Beth E L Co 1st M call at) 1899 5 A-O
15,000 Oct 11929
105 at any int date_______/
Leh N El Co ($10,000,000) IstM :
“ A ” call 10f)£ any int date. 1913
6 J-J
2.844,000 July 1 1943
“ B ” call at 100 any int date. 1913
5 J-J
765.000 July 11943
Harwood Electric Co—
1st M call 10714 any int) 1909 5 J-J
634,500 July 1 1939
../In terest at Girard Trust C o.. Philadelphia
date---------------------1st & ref M ($10,000,000)1 1912 6 M-S
1,827,000 Mar 1 1942
callable at 10714_______ /Interest at GirardTrust C o., Philadelphia
Lehigh Val L & P mortgage/ 1913 5 g A-O
604,500 April 1 1943
$2,000,000 ($1,000, $500 & (Lehigh Valley Trust C o., Allentown, Trustee
$100) gold----------------- c*tf (Int. at c o .’s office or Brown Bros. & Co.,Pbila
Schuylkill Gas & El 1st M ____1913
6 A-O
100,100 A p rill 1943
Wilkes-Barre 1st & ref________ 1910 5 J-J
1,986,300 July 1 1960
W ilkes-Barre G & E con m tg e . 1905
5 J-J
3 ,0 0 0 ,0 0 0
Jan. 1 1955
Stock.— The cum . pref. stock is red. at $110. In July 1924 the Guaranty
Co. o f N . Y ., and Brown Bros. & Co. sold a block o f 25,000 shares cum.
pref. (purchased from the Lehigh Power Securities Corp.) at $100 and divs
V. 119, p. 463.
Bonds.— For description o f 1st & ref. mtge. bonds o f the Pennsylvania
Power & Light Co. see V. 114, p. 659, 751, for Series “ A ” ; V . 115, p. 1542.
for Series “ B ,” and V . 117. d . 1672. for Series “ C ” .
Series “ D ” are redeemable, all or in part, on any interest date upon 30
days’ notice at 105 and interest on or before Sept. 1 1928, 104 in the next
5 years, 103 in the next 5 years, 102 in the next 5 years, 101 in the next 5
years, and at 10014 thereafter prior to maturity. Interest payable uithout
deduction o f Penna. 4-mill tax. $8,000,000 Series “ D ” 5s were sold in
Feb. 1925 by the Guaranty Co. o f N . Y ., Harris, Forbes & C o., Halsey,
Stuart & C o., and Brown Bros. & C o., at 95)4 and interest, to yield over
5.30% . V. 120, p. 1089.
Lehigh Valley L t. & Power bonds are subject to call on any int. date
at 105 and int. V. 97, p . 365.
Latest Earnings.— For years ending Aug. 31:
Net (After
Other
Interest.
Balance,
Gross.
Taxes).
Income.
Ac.
Surplus.
1924-25.-- $17,810,414
$6,809,399 $775,509 $2,306,158 $5,278,750
1923-24 --.$15,463,041
$6,217,851 $572,993 $1,983,858 $4,806,986
1922-23 - . - 13,428,332
4,880.943
444.405
1.554.876
3,770.472
— V. 118, p. 1923: V. 119, p. 463, 2411; V. 120, p. 454, 1089; V. 120, 2944,
3066; V. 121, p. 979.
PENNSYLVANIA W ATER & POW ER CO.
O R G A N IZA TIO N .—Incorp. in Penna. in 1910. Owns all the capital
stock and all the bonds o f the Susquehanna Transmission Co. of Pa. and
the Susquehanna Transmission Co.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Owns and operates a large hydro-electric plant located on the Susquehanna
River at Holtwood, Pa. Company, under contract with the Consol
idated Gas, Electric Light & Power Co. of Baltimore, supplies a large
portion o f the electric current used in Baltimore. Also supplies nearly
all o f the electric current used in the City o f Lancaster, Pa., and vicinity,
under contract with the Edison Electric Co. o f Lancaster. Has con
tracts with the Edison Light & Power Co. o f York, Pa., and the Chester
Valley Elec. C o. o f Coatesville, Pa., to furnish the major part of the power
used by these companies. Total population served by these com panies is in
excess o f 900,000.
The Holtwood plant contains 10 main generating units with a total
capacity o f 150,000 h. p. Has two new steel-tower transmission lines, one
to York, Pa., about 23 miles long, and one to Coatesville, Pa., about 30
miles long.
[V ol. 121.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Cap stock ($13,500,000 ($ 1 0 0 )____
_______ $10,746,200 Oct 25 2%
1st mtge $12,500,000 ($1,000,1 1910 5 g J-J
11,702,000 Jan 11940
£205 9s 8d) g __________ c*\Irving Bank-Columbia Trust C o., N . Y ., tr.
IstrefM $50,000,000 Ser“ A ” J 1923 5)4 g A-O 3,000,000 Oct 11953
($1,000) gold_________ c*tf (New York Trust C o., N . Y ., trustee.
Stock.— Listed on Phila. Stock Exchange. V. 119, p. 1291.
Bonds.— 1st mtge. 5s have sink, fund for purchase of bonds at not over
105 of $100,000 per annum. $798,000 retired by sink. fund. Int. payable
In N. Y ., Montreal and London. Free from Penna. State tax.
1st ref. mtge. 5H s Series “ A ” are call., all or in part, at any time on 30
days’ notice at 107 and int., prior to Oct. 1 1926, the premium decreasing
M % each year from Oct. 1 1926 to maturity. Sink, fund for retirement of
Series “ A ” bonds beginning with the year 1927, an amount in each year
equivalent to 8% of the annual int. charges upon all bonds of Series “ A ”
theretofore issued; after the expiration of 5 years the amount payable to
the sink, fund is increased to 12% of the int. charges and after the expiration
of a further 5-year period it is increased to 16 % . Add’l bonds may be
issued (a) to refund underlying bonds, (6) upon the basis of 86% of
the cost of ‘add’l properties, and (c) upon the basis of the acquisition of
securities of other corporations in accordance with restrictions oentained in
the mortgage. Are listed on Phila. Stock Exchange. V. 119, p. 950. 1180.
Tn N ov. 1923 $2,000,000 Series “ A ” 5J4s were offered by Aldred & C o.;
Minsch, Monell & C o., Inc., New York; Chase & C o., Boston, and Joseph
W. Gross & C o., Phila., at 953 and int., to yield 5.80%. V. 117, p. 2222.
4
Tn July 1924 Chase & C o., Boston: Joseph W. Gross & Co.. Phila., and
Minsch. Monell & C o., Inc., New York, offered an add’l $1,000,000 Series
“ A ” 5)4s at 99 and int., to yield over 5.55% . V . 119, p. 334.
R EPO RT.— For cal. year 1924 in V. 120, p. 820, 843, showed:
1924.
1923.
1922.
1921.
Gross inc. (all sources).. $2,686,466 $2,124,428 $2,003,478 $1,962,252
Exp., maint., tax., & c._
774,359
594,404
547,078
595,837
Net earnings_________ $1,912,107
Interest on bonds______
$648,133
D ividen ds____________(8%)820,620
Balance, surplus_____
Total all prev. surplus._
Deduct— Contingent f ’d .
Depreciation fund___
Sinking fund________
$443,354
444,218
$130,000
210,010
100,000
$1,530,024
$548,150
(7)639,250
$342,624
344,274
$93,000
175,410
75,000
$1,456,400 $1,366,415
$535,144
$524,938
(7)594,650 (7)594,650
$326,606
329,860
$80,000
173,210
75,000
$246,827
248,379
____
170,125
75,000
Surplus Dec. 31______
$4,207
$864
$1,650
$3,254
OFFICERS.— Chairman of Board, J. E. Aldred; Pres., Chas. E. F.
Clarke, N. Y .; V .-P ., J. A. Walls; Sec., F. J. Allen; Treas., J. L. Rintoul.
— V. 119, p. 950, 1180, 1291; V. 120, p. 820, 843.
PENNSYLVANIA ELECTRIC C ORPO RATION .
(See M ap on opposite page.)
Controlled by Associated Gas A Electric Co. V. 121, p. 840. See also
under Associated Gas & Electric Co.
ORGANIZATION.— Incorp. in Delaware in 1922 to control and operate
public utilities Owns 97% of the common stock of Penn Public Ser
vice Corp. (see separate statement below), over 74% of the common stock
of Clarion River Power C o., and all the common stocks of Venango Public
Service Corp., Youghiogheny Hydro-Electric Corp., Clarion Water Co..
Penelec Water Co. and County Realty Co.; also $2,500,000 convertible
notes of Youghiogheny Hydro-Electric Corp. and $1,540,000 notes o f the
Venango Public Service Corp. All these securities are deposited as security
for the co.’s 30-year 6 )4% debentures
In 1925 acquired the East Penn Electric Co. V. 120, p. 2944, 3066.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common stock (no par)_____ ____
_________ 159,745 shs____________
7%
$4,407,800 __________
Preferred 7% cumulative____ ___
30-year 6)4 % debentures____ 1924
614 g A-O 4,969,500 Apr I 1954
30-year 6% debentures______ 1925
6 g A-O
2,500,000 Apr I 1955
($500 & $1,000) gold-_c*.tf Bank of America, New York, trustee.
Debentures.— The 30-yr, debentures are secured by deposit o f the various
securities described under “ Organization” above. The trust indenture
provides for semi-annual payments to be applied first to the payment of
interest on the debentures outstanding, and the balance remaining to be
used for the retirement of the debentures by purchase or by call. Penna.
4-mill tax, District of Columbia 5-mill tax and Mass, income tax on interest
not exceeding 6% of such interest per annum refunded.
The 6)4% debentures are redeemable on the first day of any month on
60 days notice at 105 and interest to and including April 1 1935, and
thereafter at par and interest plus a premium of M of 1 % for each year
or portion thereof of unexpired term. In April 1924 $5,000,000 were
offered by E. H. Rollins & Sons, Edward B. Smith & C o., and Marshall
Field. Glore, Ward & Co. at 93 M and interest, to yield about 7 % . V . 118,
p. 1783.
The 6% debentures are redeemable on first day of any month on 45 days
notice at 105 and interest to and including April 1 1936, and thereafter at
par and interest, plus a premium of )£ of 1 % for each year or portion thereof
of unexpired term. In April 1925 $2,500,000 were offered by E. H. Rollins
& Sons, Edw. B. Smith & Co. and Marshall Field, Glore, Ward & C o., at
93 and interest, to yield over 6 ) 4 %. V. 120, p. 1882.
EARNINGS.— For 12 months ended Dec. 31:
Calendar Years'—
1924.
1923.
Gross earnings__________________________________$9,362,107 $8,703,147
Pper. expenses, incl. prior charges o f sub. c o s .___ 7,335.027
6,847-883
Net earnings.
Interest_______
$2,027,080
243,750
$1.855,284
_________
Balance for dividends, depreciation, &c________ $1,783,330
_________
OFFICERS.-—Pres., J. T. Mange; V .-P ., John M . Daly; V .-P. & Treas.,
H. C. Hopson; Sec., M . C. O’Keefe.— 119, p. 1404, 1516; V. 120, p. 1587,
1882; V. 121, p. 840, 1128, 1463, 1570.
ALD RED & CO.
40 Wall Street
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ERIE LIGHTING COMPANY.
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VENANGO PUBLIC SERVICE CORPORATION
THE CLARION RIVER POWER COMPANY AND
YOUGHIOGHENY HYDRO-ELECTRIC CORPORATION
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PUBLIC UTILITIES
[V ol. 121,
PENN PUBLIC SERVICE CORPORATION.
m.; Lancaster Mechanicsburg & New Holland, 20.80 m.; the New Holland
Over 97 % o f the common stock is owned by the Pennsylvania Electric Blue Ball & Terre Hill St. R y., 4.99 m.; the Rohrerstown Landisville & M t.
Corp. (see above).
Joy R y., 13.87 m.; the Lancaster & Eastern R y., 17.74 m.; the Lancaster &
ORGAN IZATION .— Incorp. in Penna. in June 1919
Quarry ville R y., 8.44 m.; the Elizabethtown & Florin St. R y., 6.40 m .; the
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.— Christiana & Coatesville St. R y., 11.04 m.; Lancaster Willow ' treat Lam
Owns and operates an electric light and power system which serves ovei peter & Strasburg R y., 11.23 m.; the Lancaster Petersburg & Manheim R y.,
8.45
the Lancaster & Rocky Springs
.350 communities, including Johnstown, Warren and Erie, located in Cam 4.61 m.; the Ephrata & Adamstown, 7.99 m.; & New Holland Turnpike, and
m.; Denver & Ephrata R y., Lancaster
bria, Somerset, Indiana, Clearfield, Centre, Westmoreland, Jefferson
Warren and Erie counties in western Pennsylvania. Also does some inci the Lancaster & Marietta Turnpike.
Lines Leased to Conestonn Traction fin
dental artificial gas and steam-heating business and through a subsidiary
Name of Company—
Stock.
Rental (% ). Miles.
renders natural gas service in Johnstowh and its suburbs. Population esti
mated to exceed 875,000.
_ $300,000
Lancaster Mechanicsburg & New Holland_ .$300,000
20.80
8
Electric system includes 12 steam electric generating plants having an Rohrerstown Landisville & M t. Joy________ . 440,000
6
13.87
installed generating capacity o f 138,177 h. p. Principal plants are at Sew Ephrata & Adamstown____________________ . 225,000
7.99
6
Lancaster & Rocky Springs________________. 200,000
ard, Johnstown, Philipsburg, Rockwood, Warren and Erie.
6
4.61
The Penelec Coal Corp., a subsidiary, owns five producing coa mines New Holland Blue Ball & Terre Hill_______ . 120,000
4.99
5
near Clearfield, Philipsburg, Seward, Johnstown and Rockwood, respec Lancaster & Eastern_______________________ . 430,000
6
17.74
tively, and has an aggregate coal reserve estimated to exceed 20,000,000 Lancaster & Quarryville____________________. 225,000
8.44
6
220,000
tons of coal on lands owned or held under lease. The entire supply of steam Elizabethtown & Florin____________________ . 220.000
6
6.40
coal for all except the Warren and Erie plants is secured without the use of Christiana & Coatesville___________________ . 400,000
11.04
6
railroad equipment.
Lancaster Petersburg & Manheim__________ . 175,000
6
8.45
The transmission system of co. and subsidiaries now includes approxi Lane. Willow St. Lampeter & Strasburg____. 225,000
6
11.23
mately 1,100 miles of high-tension lines. The electrical distribution system Lancaster & Columbia_____________________ . 37,000
20
9.16
consists of approximately 5.000 miles o f aerial wire in addition to under Lancaster & Lititz Turnpike_______________ ______
9.19
ground distributing systems in the cities of Johnstown and Erie. The Denver & Ephrata R y_____________________ . 10,000
—
6
electric and gas system serves in the aggregate 95,000 customers.
Lancaster & New Holland Turnpike________ ______
__
____
__
____'
The artificial gas plant at Clearfield serves 545 customers, while the Lancaster & Marietta Turnpike____________ ______
Johnstown Fuel Supply Co., the entire capital stock of which (no funded
Does all the gas and electric lighting in cities of Lancaster and Columbia,
debt) is owned, distributes natural gas to 12,344 customers.
and practically all in Lancaster County. Franchises are perpetual.
The Penn Public Service Corp. guarantees payment o f prin. and int. on
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
$2,700,000 outstanding 6M % bonds o f the Clarion River Power Co.
Stock com 100,000 shares___ _____
Q-M
64,710 shs.
See text
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Pref $1,248,100 ($50) 5% c u m ____
Q-M
1,218,100 Sept’25, IH
Com m on $ 4 0,000 ,000 ( $ 1 0 0 ) -- $4,186,375
Mtge $1,000,000 gold $500/ 1901 5 g J-J
1,000,000 July 11951
7 Q -M
Pref7% cum $30 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) ____
5.647,429 ...............
and$l,000)_________ c*ntf\Interest at Lancaster Trust C o., trustee.
Pref 6 % c u m $ 3 0 ,0 0 0 ,0 0 0 ($ 1 0 0 )____
6 Q -M
1,507,300 __________
10-yr notes $2,500,000 ($50,/ 1922 6 Q-J
1,009,500 July 1 1932
1st & ref mtge Ser “ A ” ______ [ 1919
6 g .T-D
4,750,000 Dec 1 1929
$100, $500 and $1,000)___ (Int. at Lancaster Trust C o., trustee.
Series “ O” ............................. 1919
6 g M-N
7.000.
000 May 1 1947Securities of Lines Controlled—
Series “ D ” _ ._ .....................j 1919
5 g J-D
4.000. 000 Dec 1 1954 Conest Trac 1st M $2,000,000/ 1900 4 J-J
1,662,500 Jan 11950
Ser “ A ” $1,000;c* Ser. ‘ C ” (Bankers Trust Co. New York, trustee.
($100, $500 & $ l,0 0 0 ).c*tflin t, at Prov. Life & Tr. C o., Phila., trustee.
&“ D"$500&$1,000 c*)g t f- 1
Lancaster Trac 1st M ($100,/ 1893
5 A-O
225,000 Apr 1 1923
15-year conv debens $6,000,-1 1923
6)4 g M-S 4,000,000 Mar 1 1938
$500 and $1,000)_____c*tf\lnt. at Lancaster Trust Co., Lancas., trus.
000 ($500 & -Tl,000) g_c*tf(Bankers Trust Co.. New York, trustee.
Conestoga Realty Co 1st M / 1908
5 M -N
222,000 May 1 1958
$500,000 sink fund g C -_tfjln t. at Lancaster Trust C o.. Lancas., trus.
Underlying Divisional and Subsidiary Bonds Outstanding with Public,
100,000 Jan 1 1936
Lane G L & F 2d M $400,000/ 1906
5 J-J
$7,9 4 9 ,0 0 0 .
($1,000) __________ c*tf\Int. at Lancaster Trust Co., Lancaster, trus.
Stock.— Both classes o f pref. have the same preference as to assets and
100,000 Jan 1 1936
Third mtge $100,000 gold/ 1911
J-J
divs. Are red. at 103 and divs. on any div. date.
($1,000)______________c*tf\Int. at Lancaster Trust Co., Lancas., trus.
Bonds.— The 1st & ref. mtge. provides for a maint. and impt. fund of not
Columbia Gas Co 1st m tge/ 1911
5 J-J
75,000 Jan 1 1941
less than 12% o f gross oper. revenues of the co. for each year.
$200,000 ($1,000)_ c* tflin t, at Farmers’ Tr. C o., Lancaster, trustee.
_
Series “ A ” 6s are call, on 1st day o f any month on 30 days’ notice at 10334
5 F-A
2,863,800 Feb 1 1943
and int. to and incl. Dec. 1 1924 and thereafter prior to maturity at 10134 Edison Elec Co 1st & ref M / 1913
and int.
$5,000,000 ($100 & $1,000){Int. at Lancaster Trust C o., Lancaster,
gold _______________c*&r*l trustee.
Series “ B” 734s were called for payment Jan. 1 1925 at 10834 and int.
Col El L H & P 1st M gold/ 1905
125,000 M ay 1 1935
5 M -N
V. 119, p. 2530.
$125,000 ($1,000)-c& rtflin t, at People’s Trust Co., Lancaster, trust.
Series "C " 6s call, at 111 M and int. on M ay 1 1927 and thereafter on any
53?
800,000 June 1 1954
int. date at a premium decreasing % % each year to 10734 an M ay 1 1932. Conest Ter Co 1st M guar/ 1924
p & i gold ($1,000)______tf 1Girard Trust C o., Philadelphia, trustee.
and thereafter decreasing M % each year to 10034 and int. during the last
year of life. Free of the present Pennsylvania 4-mills tax.
Bonds.— Of Conestoga Traction 1st mtge. bonds, $112,500 reserved to
Series " D ” 5s are callable on the first o f any month on six weeks’ notice at be used for the reduction of rentals and remainder are reserved to retire
105 and int. through Dec. 1 1940; thereafter at a premium decreasing 34 prior liens or are pledged as collateral for bank loans.
point each year to 10234 and int. during 1950, and thereafter prior to
Lancaster Gas Light & Fuel 3rd mortgage bonds are red. at 105 and
maturity at a premium decreasing 34 point each year to 10034 & int. diming int. on any int. date on 3 months’ notice. Col. Gas Co. bonds are red.
the last year o f life. Free o f the Penna. 4 mills tax and the Conn, personal on any int. date at 105 and int. on 90 days’ notice. $125,000 reserved for
property tax not exceeding 4 mills per $1 per annum refunded. In Nov. future improvements at 85% of cost thereof.
1924 $4,000,000 were offered by Harris, Forbes & Co., and E. H. Rollins &
Of Edison El. Co. 1st & ref. bonds, $125,000 reserved to retire underlying
Sons at 94 and interest, to yield over 5.40%. V. 119, p. 2411.
bonds; remainder held in treasury for impts., extensions, &c., at 85% of
Debentures.— ' he 15-Year 634% Debentures are conv. since Mar. 1 1924 cost thereof: red. as a whole, but not part., at 105 and int. on any int. date.
T
to Mar. 1 1937, both incl., at par for par into the 7% cum. pref. stock. If Tax free in Penna. In Dec. 1924 $572,300 were offered by Tucker, Anthony
debentures are called for redemption, they shall nevertheless be convertible & Co. and Spencer Trask & Co. at 99 & int., to yield over 5.05%. V. 119,
as above up to and incl. the redemption date. Call, on the first of any p. 2760.
month on 30 days’ notice at 105 and int. to and incl. Mar. 1 1929; there
Columbia Elec. Light, Heat & Power bonds are red. at 110 and int. on
after at a premium becoming 34 of 1% less each year. Free of present any int. date. The bonds are guar, by the Lane County R y. & Lt Co.
Pennsylvania 4-mills tax.
Conestoga Realty Co. bonds are red. at par and int. on any int. date
upon 3 months’ notice. Sinking fund an amount set up monthly sufficient
EARNINGS.— See Pennsylvania Electric Corp. above.
to retire bonds at maturity.
OFFICERS.— Chairman of Board. H. D. Walbridge; Pres., F. P.
Conestoga Terminal 1st mtge 5 Ms are guar, jointly and severally by en
Hepburn; V .-P ., F. E. Haag; V .-P ., P. J. Morrissey; V .-P ., S. C. Pohe;
as to
by Edison Electric Co. of Lancaster and the
V.-P., F. B. Hofft; Sec., L. A. W ood; Treas., A. E. Walbridge.— V. 118, dorsement Trac. prin. and int. fund of 1M % per annum, payable semi-ann.,
Conestoga
Co. A sink,
p. 1783, Y. 119, p. 2411, 2530.
commences Dec. 1 1924. Red. at 100M and int. on 60 days’ notice.
NORTHWESTERN ELECTRIC SERVICE CO. OF PENNSYLVANIA Free from Penna. State tax. In July 1924 Reilly, Brock & Co. sold
Control.— In 1924 the Pennsylvania Electric Corp. acquired control of $800,000 at 99M and int., to net about 5.53% . V. 119, p. 460.
Dividends.— The first div. on the pref. stock (3% ) was paid on July 1
the company. Y. 118, p. 1774.
1904 and 3% was again paid on Oct. 1 1904. In 1905, Jan., 3% (see V. 79,
ORGANIZATION.— Incorp. Feb. 29 1916 in Pennsylvania for the pur p. 2796); July, 3% ; Dec., 43 i% - In 1906, 6M % - In 1907, 7% . In 1908
pose o f developing the light and power business adjacent to the Northwestern
1908 to 1912,
1914,
Pennsylvania Ry. C o.’s lines. In Feb. 1923 the following companies were and since, 5% . On com ., in1916, 15%; in in cl., 10%; in 1913, 12%: in % ; in
1917, 1734%;
consolidated with and into the Northwestern Electric Service Co. of Penn 11M %: in 1915, 14M%; in 1921, 15%. In 1922. June,in 1918, 13M was
1919, 15%; in 1920, 15%; in
97c. per share
sylvania (as per plan outlined in V. 115, p. 1731); the Northwestern Penn paid on com. shares of no par value: Sept.. 97c.: Dec., 96c. In 1923, M ar.,
sylvania Ry. (for history see “ Electric Railway” Supplement of April 28 l l 40: June, $1 70; Sept., $1 70: Dec.. $1 50. In 1924. M ar.. $1; June,
1923). the Northwestern Connecting R y., the Crawford County Rys. (for
history see “ Electric Railway" Supplement o f April 28 1923) and the $1 70; Sept., $1 53. In 1925, March, $1; June, $1; Sept., $1 40.
REPO RT.— For year ending Dec. 31 1921, earnings (less expanses and
People’s Incandescent Light Co. (formerly leased).
sub. cos.), $572,264; bond interest, $50,000; pref.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.— proportion of surplus of$459,859.
div., $62,405; balance,
Consists o f 50 miles o f 33,000 volt transmission line between Erie and
Combined Results of Subsidiary Companies— Calendar Years.
Harmonsburg, Pa , with a branch between Erie and Kearsarge, Pa. Dis
tribution lines in East Springfield, West Springfield, Plateau, Cambridge
Year—
Gross.
Net (after Tax.). Charges.
Balance.
Springs, Edinboro, McKean, Fairview, North Girard, Linesville and Har 1921________________ $3,501,769
$1,345,492
$503,650
$841,842
monsburg, all in Erie and Crawford counties. Pa. Owns and operates 43.7 1920________________ 3,511,722
1,301,761
500.858
800,903
miles between Meadville and Erie; 15.7 miles between Meadville and Lines
OFFICERS.—
Griest;
ville (including a 2-mile extensin to Conneaut Lake); and 8.3 miles o f track Connette; Treas.,Pres., W . W .Jr.; Sec. V.-Ps., George Bullock and E. G.
A. L. Linn
and Asst. Treas., J. A. McKenna;
n Meadville. 60, 70. 85-lb. T and girder rail. Standard gauge.
Asst. Sec.-Treas., Anna E. Ranck.— V. 105, p. 2543; V. 106, p. 396; 602;
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
V. 109. p. 371; V. 112, p. 2414; V. 114, p. 306; V. 116, p. 410.
$346,300
Common $1,000,000 ($100)
466.500 ...............
Pref 7% cum $1,000,000 ($100) 7%
460.000 .............
6%
First mtge bonds $2,000,000-- EAST PENN ELECTRIC CO.
500.000 July 1 1929
Erie Traction first mortgage) 1907
5 g J-J
$500,000gold________ c * .tf/In t. at Secur. Sav. & Tr. Co., Erie, trustee
Controlled by Pennsylvania Power & Light Co. (see “ Offer to Stock
Crawf Co Rys 1st M $370,000 i 1921 6 g J-J
370.000 July 1 1941
holders” below.)
($500 & $1,000) gold___ c*/Colum bis Trust Co., New York, trustee.
Operations supervised by Electric Bond & Share Co.
People’s Incandescent Light! 1900 7%
150,000 Dee 1 1925
ORGANIZATION.— Incorp. in Pennsylvania July 6 1922 as per finan
Co first mortgage_______ tf/D ela. Co. Tr. S. D. & Title Ins. C o., trustee.
cial plan of Eastern Pennsylvania Rys. (for history see “ Electric Railway”
Bonds.— Of the company’s first mortgage 6s, $1,020,000 are held In Supplement of April 28 1923 and statement of Eastern Pennsylvania Powei
& Ry. Co. in “ Elec. R y .” Supp. of Oct. 27 1923) outlined in V. 114. p.
treasury to retire underlying bonds.
The Erie Traction bonds have a sinking fund of $20 for every $1,000 first 2717, and now owns in fee the property of the Eastern Pennsylvania Rys.
mortgage bond, which began July 1 1917 (denom. $1,000, $5,000 and $10.- Co. and its subsidiaries and the Lykens Valley Light & Power Co., and
controls Pine Grove Elec. Lt., Ht. & Pow. Co. by ownership of entire out
000).
standing stock.
The Crawford County Rys. first mtge. 6s are tax-exempt in Pennsylvania
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Subject to call on any interest date at par.
The co. supplies practically all the electric lighting and power and electric
railway facilities in and adjacent to Schuylkill County, Pa., and operates
a small gas plant at Tamaqua. Has power stations with generating capacity
DU BOIS ELECTRIC & TRACTIO N CO.
of 39,850 k.w. Operates 72 miles of track connecting Pottsville with
Dissolution.— The co. is in the process o f dissolution. The collatera
Yorkville, Minersville, Palo Alto, Belmont, Cumbola, Mount Carbon,
trust bonds have been made a direct lien on the property of the Du Bois Port Carbon. St. Clair, New Philadelphia, V iddlep-rt, Schuylkill Haven,
Elec. Co. and all of that co .’s property, subject to the above lien, has been Adamsdale, Orwigsburg, Coal Castle, Glen Carbon. Tumbling Run, Brock
purchased by the Penn Public Service Corp. The stocks and bonds of the ton, Tuscarora, Tamaqua, Lansford. Summit Hill. Nesquehoning and
Du Bois Traction Co. were purchased by the Penelec Coal Corp. For his Mauch Chunk. Standard gauge. 70-lb. T and 73-lb. girder rails. 53
tory see “ Public Utility” Compendium o f N ov. 1 1924.
pass, cars, 4 sweepers, 10 repair cars, 1 snow plow, 1 freight car. All
franchises are perpetual or for a long term and the street railway lines are
in a large measure built on private right-of-way; population served exceeds
190 000.
LANCASTER COUNTY R AILW AY & LIG H T.
Offer to Stockholders.— In Jan. 1925 the Pennsylvania Power & Light Co.
Controlled by The United Gas & Elec. Corp.— See on another page.
offered to acquire the co.’s capital stock and to issue in exchange therefor
ORGAN IZATION .— Incorp. on Juhe 15 1901 in New Jersey. Owns its own cum. pref. shares on thef following basis:
(a) For each share of pref. stock (carrying dividends from Jan. 1 1925
and controls the following railway, gas and electric properties, whose stocks
at the rate of $7 per share per annum) or 2d pref. stock (carrying dividends
are placed under the mortgage o f 1901:
from Jan. 1 1925 at the rate of $8 per share per annum) so deposited— one
Conestoga Traction Co.
IEdison Electric Co.
share of cum. Pref. stock of Pennsylvania Power & Light Co.
Lane. Gas Light & Fuel Co.
(b) For each share of common stock so deposited— two-thirds o f one
Also controls the Lancaster Elec. Lt. Ht. & Pow. Co. The Lancaster share of cum. pref. stock of Pennsylvania Power & Light Co.
Gas Lt. & Fuel Co. controls the Columbia Gas Co.
Under the above plan approximately 95 % of the st 'ck f all classes cuti
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.— stnding had been exchanged as r'f Sept. 15 1925. Pennsylvania Power
The Conestoga Traction Co. (the operating company) leases 133.91 m. of & Light. Co. is not obligated, but it has the option to acquire in exchange
track, incl. the Lancaster & Columbia, 9.16 m.; Lancaster & Lititz, 9.19 such of the shares as may have accepted the offer. V. 120, p . 453.
Oct., 1925.]
POWER, LIGHT AND RAILW AY
STOCK AN D BONDS—
Dau.
Interest. Outstanding
Maturity.
. _____.
Common 150.000 (shares______ _____
103 .809 shs....................
1st preferred 60,000 shares________
($7)
20,957 shs....................
2d preferred 10.000 shares_________
($8)
9,138 shs.
_____
1st Mtge lien & ref (*o00 and! 1923
6 g J-J
*2,500,000 Jan 1 1953
*1,000) gold_________ c* .tf jlvring Bank-Columbis Trust C o., trustee.
E P Rys Co 1st M *6,000,000,/ 1906
5 g J-J
4,446.000 July 1 1936
g (*500 and *1 ,0 0 0 )..c*.tf\Cen. Union Trust Co., New York, trustee.
FottHv.ai KeaU Iirsi. im ge. g , 1S95
6 g F-A
94.000 Feb i 1927
*100,000 ^$1,000) ____ c*)Int at Real Estate Tr. Co., Phila. Trust..!
Lykens Vail Lt & P ris t m tg e.. 1915
6 g M-S
351,000 Sept 1 1945
STOCK.— First pref. stock Is cumulative. Divs. Q.-J. Red. all or
part on any div. date at *115 per share and divs. Preferred as to assets to
extent o f *100 per share in case of involuntary liquidation and at *115 per
share in case o f voluntary liquidation, and also as to dividends.
Bonds.— 1st mtge. lien & ref. 6s are red., all or part, on any int. date at
110 up to and incl. Jan. 1 1933; at 107 l up to and incl. Jan. 1 1943; at 105
A
up to and incl. Jan. 1 1948; at 102H up to and incl. Jan. 1 1951, and at 102
thereafter. Tax-free in Pennsylvania.
Sufficient Eastern Pennsylvania Rys. 1st mtge. bonds o f 1906 are reserved
to retire the $445,000 prior lien bonds outstanding; the unissued portion is
reserved for future extensions and improvements; $333,500 have been can
celed. Registered bonds are re-convertible into coupon bonds. Are subject
to call at 110 and int. on 4 weeks’ notice. Int. payable in N . Y . See descrip
tion o f bonds and property, V. 89, p. 103; Y . 94, p. 279.
E a RNINGS.— Of East Penn Elec. Co. and predecessor cos. for years
ending Dec. 31:
1924.
1923.
1922.
1921.
Operating revenue_____*3,164,772
$2,943,987 $2,414,320 $2,446,203
Oper. exp., tax. & rentals 1,678,339
1,775,812
1,491,161
1,517,929
Interest on bonds______
416,652
295,855
270.595
267,187
Other deductions______
44,483
23,270
17,208
32,491
Replac. & renew, res___
400,749
245,568
235,365
225,250
95
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Owns or controls and operates the street railway systems in and about
Reading and Lebanon, and the system of street and interurban railways
extending from Reading through Norristown to Philadelphia, serving a
population of about 425,000. 203.12 miles track. Principal leases contain
options to purchase, also satisfactory provisions for refunding underlying
obligations.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common $6,000,000_________ _____
$2,900,000 Sept’23, 1%
Preferred Class “ A ” $ 7 0 0 ,0 0 0 -____
_______
36 850 Aug ’23. I X
Preferred Class “ B ” $2 300.000 .......
.........1,540 500 Aug’ 23, 1H
1st & ref M ser “ A ” ($100, $500/1924
6 g M -N
1,250,000 Nov. 1 1954
and $1,000( gold._c*&r* t f ) Colonial Trust Co Reading, Pa., trustee.
Old Reading Trac. & Light Co.—
Equipment bonds___________/
1920 7 Q-J
$17,500) Serially to
„
lint.at U.S.M .& Tr.Co.,N .Y.C./ April 1925
Car trust certificates “ A ” /
1916 5 J-J
40,000 Seetext
$100,000 ($1,000)------------ lin t, at Girard Trust C o., Phila., trustee.
Car ~trust, certificates “ B ” i
1917 5 M -N
20,000 Seetext
$50,000 ($500)----------------- tint- at Pa.Co.for Ins.on Lives,&c.,Phila.,tr.
United Traction Co.—
Birdsboro St Ry M $250,000/
1904 5 g J-J
250,000 Jan 1934
gold ($500 & $1,000).c .c p t(in t. at Colonial Trust C o., Reading, trustee.
Boyer & P St Ry ist M $300,- 1906 5 g F-A
300,000 Aug 1 1936
000 ($500 & $1,000) g .c*cp tlln t. at Colonial Trust Co., Reading, Pa.,trus
Front&5th St Ry 1st M $50,-/ 1903 5 g J-J
50,000 July 1 1933
000 g ($100 & $500)_c*.cp tlin t, at Colonial Trust C o., Reading, trustee.
Oley Valley R y first mortgage/
1901 4H g J-.T
250,000 July 1 1931
$250,000 g ($1,000)-C * . cpt (in t. at Real Est. T. I.&Tr.Co.,Phila.,trustee
Neversink Mountain b o n d s . . / ___
4 J-D
53,000 June 1 1931
tlnterest at Company’s office, Reading, Pa.
Leased Line Securities—
Adam & Mohn first mortgage/ 1904
5 g J-J
$75,000 Jan 1 1935
$75,000 g ($1,000)-_r*.cpt lint, at Colonial Trust Co., Reading, trustee.
$624,549
$603,482
$399,991
$403,346
Net income_________
5 F-A
100,000 Aug 1 1931
OFFICERS.— Pres., P. B. Sawyer: V .-P ., E. W. Hill; V .-P ., J. .S Wise Read-SW first mtge $100,000/ 1900
($500 and $1,000)--C *.cpt)lnt. at Penna .Trust Co., Reading, trustee.
Jr.; Sec. & Treas., C. M . Walter; Gen. M gr.. P. McCarron.— V. 117,
See separate statements for Reading Traction, Schuvlkill Valley Traction,
p. 2542; V. 118, p. 1519; V. 120, p. 86, 453, 2267, 2400.
and Lebanon Valley Street R y. below.
Bonds.— 1st & ref. Mtge. ser. “ A ” 6s are call., all or in part, on any int
date on 30 days’ notice at 105 and int. up to N ov. 1 1929, the call price
WEST V IR G IN IA U TILITIES CO.
decreasing 1 % each 5-year period thereafter to maturity. Sinking fund
payable annually commencing Nov. 1 1925 and thereafter to Nov. 1 1953
All the common stock is owned by the Southern Cities Utilities Co.
of 1 % of the principal amount of bonds outstanding. Free of Penna. State
ORGANIZATION.—-Incorp. in 1920 and acquired the Morgantown prop tax. $1,250,000 were offered in Dec. 1924 by the co. through its local
erties of the West Virginia Trac. & Elec. Co. (for history see “ Electric Rail investment department at Reading, Pa., at 98 and int., to yield 6.15%.
way” Supplement o f April 24 1920), as per plan outlined in V. 110, p. 1416. V* 120* p. 88.
Owns all the $500,000 capital stock of Wheeling Public Service Co., which
United Traction Co.— Birdsboro Street Railway bonds may be called
took over Wheeling-Elm Grove properties o f West Va. Trac. & Elec. Co.
at 105.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Front & Fifth St. bonds are red. at 105. They are guar., p. & L, by
With its subsidiary company owns and operates the electric light and endorsement by United Traction Co. (now Reading T . & L. C o.).
power in Elm Grove and neighboring towns; an electric railway from
The Boyertown & Pottstown bonds are guar., p. & L, by endorsement
Wheeling through Elm Grove to West Alexander, Pa., connecting ad by United Traction (now Reading T . & L. C o.).
jacent suburban towns; electric light, power, gas and water in Mor
Adamstown & Mohnsville bonds are redeemable at 105.
gantown, W. Va. Serves 29 communities with railway and electric service,
EARNINGS.— For years ending Dec. 31;
8 with water and 8 with natural gas. Holds under lease over 7,000 acres
Gross Earns. Net, after
Fixed
Preferred
Balance,
o f natural gas fields, about one-quarter developed, with extensive systems Calendar
Year—
(Incl.oth.Inc.). Taxes.
Charges. Dividends. Sur. or Def.
o f gas wells and distribution equipment. Also has 1,600 acres of gas and
oil lands under development. With its controlled co. has 2 electric power 1924 __________ $3,032,217 $ 602,066 $414,035 $119,145 sur. $68,886
plants aggregating 6,000 h.p. capacity; 1 water pumping station; 1 gas 1923 ----------------- 3,117,309 648,559
409,654
117,701
sur.121,204
pumping station; 120 gas wells; 2 oil wells; 152 miles o f electric lines; 179 1922 ...............
2,959,516 654,204
413,456
117,115 sur. 123,633
miles o f gas pipe lines; 74 miles o f water pipe lines; 45 miles of urban and 1921 ----------------- 3,007,465 664,028
416,743
117,115 sur. 130,170
suburban railways, largely on private right-of-way. Standard gauge,
LATEST EARNINGS.— 12 months ended June 30:
91 cars. Franchises. One expires 1927; others extend beyond 1942 or
1924.
^
.
1925.
are perpetual.
Operating revenue-------------------------------------$3,019,036 13,078,241
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Operating expenses and taxes___________________
1,671,026
1,684,630
Common $1,000,000 ($100)_____________________
$572,000 __________
757,041
818,420
Pref $1,500,000 ($100) cum________
7%
1,034 000 July ’25, \% Maintenance and depreciation___________________
R
334,740
322.595
15-year general mtge bondsl 1920 6%
1.475.500 Jan. 11935 entals------------------------------------------------------------Operating income_______________________________
256.229
252.595
$5,000,000 gold__________ J
22,971
18,340
Un Utilities 1st mtge $1,500.-/ 1909 5 g J-J
601,000 July 1 Other income___________________________________
1944
000 gold ($1,000)_ c*cpt\Int. at Farmers’ L. & Tr. C o., N . Y ., trustee.
_
Total
$279,201
$270,935
Stocks.— N o. div. shall be paid on com. for 2 years from date of issuance, Interest income__________________________________
on funded debt_________________________
76,818
76,966
net income for that period to be carried to surplus: thereafter not more than Other deductions_______________________________
l i ,409
8,401
the sum which subsequently becomes available for divs. to be paid as
_ _ _
118,716
such, balance to be carried to surplus; with protective provisions for maint. Provision for dividend on preferred stock________ _ _ 119,145
and depreciation. Pref. stock has equal voting power, share for share,
Balance of net income-------------------------------------$71,829
$66,851
with the com. stock, preferred both as to divs. and assets, red. at option of
company, all or part, from time to time at 105 and dividends.
OFFICERS.— Pres., E. L. West; V .-P ., Thos. Cheyne; V .-P ., Lucien H.
Bonds.— The c o .’s gen. mtge. 6s are a 2d lien on the Morgantown prop Tyng; Treas., W . Buchsbaum; Sec., C. N. Wilson.— V. 120 P. 88' V
erties and a 1st lien on the stock of the Wheeling Public Service Co.
121, p. 587.
Of Union Utilities 1st mtge. bonds not included in amount outstanding,
$10,000 are in the treasury, $592,000 are held alive in sinking fund, and
(a) READING TRACTION.
remainder are reserved for improvements and extensions at 80% of cost.
ORGANIZATION.— Incorp. March 9 1893 in Penna. to operate the
Red. at 105 and int. on any int. day on 30 days’ notice. Sinking fund 1 %
semi-annually of bonds outstanding and in sinking fund. After setting aside Reading City Passenger Ry. and East Reading Electric R y., which it
1% semi-ann. and payment o f 7% on pref. and 10% on common, sinking equipped with electricity and leased for 99 years, the former from April 1
1893, and the latter from M ay 1 1893. On Oct. 1 1894 leased the Reading
fund shares equally with any further dividend on common. V. 90, p. 373.
& Temple Electric R y., for 99 years. The Reading Traction was leased on
EARNINGS.— For 12 months ending Dec. 31:
Jan. 1 1896 to the United Traction (now Reading Transit & Light Co.) for
Cal. Years. Oper. Rev. Net, aft. Tax. Other Inc. Deductions.
Balance. 900 years at a rental of $10,000 annually for first three years, $20,000 for
1924________$1,246,313
$409,438
$37,584
$149,766
$297,257 next two years, and $30,000 thereafter, and all bond interest.
1923________ 1,110,026
386,017
35,357
143,566
277,808
1922_______ 1,002,092
375,207
30,918
136,676
269,449
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.— A
1921.............
793,303
235,481
24,718
137.033
123,166 trolley road. Leases 48 miles of track. Gauge 5 ft. 2 li in. Rails, 90 lbs.
OFFICERS.— Pres., Fred Anderson; V .-P ., J. K. Buchanan; Treas., Geo.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
B. Adams; Sec., Ira Lloyd Letts; Asst. Treas., R. A. Bruce.— V. 115, p. 989: Stock $1,000,000 auth ( $ 5 0 ) - - -----J-J
$1,000,000 July’25,75c.
V. 116, p. 1179, 1277, 1894; V . 117, p. 1349. 2324. 2772.
First mtge $600,000 gold gu) 1893 6 g J-J
500,000 Jan 1 1933
Not subject to call --C *cpt [Provident Life & Trust C o., Phila., Trustee.
(1) WHEELING PUBLIC SERVICE CO.
Interest is payable in Reading at the Colonial Trust Co. Bonds are
All the common stock is owned by the West Virginia Utilities Co.
listed on the Philadelphia Stock Exchange. V. 88, p. 749.
ORGAN IZATION .— Organized in 1920 and acquired the Wheeling-Elm
Dividends.— In 1900, 2% ; in 1901, 2 li% ; in 1902 and since, 3% per ann.
Grove properties o f the West Virginia Traction & Electric Co. (for history
LEASED LINES SECUR’S. Date.
Interest
see “ Electric Railway" Supplement o f April 24 1920), as per plan outlined
Outstand’g.Last Div., <%
c.
Reading C ity Passenger R y in V . 110, p . 1416. Owns 3 ,9 4 0 out o f 4 ,4 4 0 shares o f C ity Railw ay C o.
Stock ($350,000) (par $50)...........
J-J
Owns all the common stock o f the Bus Transportation Co. of Wheeling
$350,000 See text
East Reading Electric Ry—
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock, full paid (par $50)_______
A-O
100,000 See text
Common $500,000___________ All owned by West Virginia Utilities Co
Bonds,
5 J-J
25,000 July 1 1937
C ity & Elm Grove cons coll/ 1906 5 g J-J
112,000 July 1 1936 Reading &$25,000________ cpt 1897
Temple Electric Ry—
tr M $2,500,000 g ($l,000)_\lnt. at Union Trust C o., Pittsburgh, trustee.
Stock, $75,000, guar_ c p t ____
_
7 A-O
73.700
See text
Wheeling & Elm Grove 1st/ 1898 5 M -S
115,500 Mar. 1 1928
1st mortgage, $75,000_____1894
5 A-O
73.700 Oct 1 1934
mtge $225,000 ($500)_____\
Sinking fund retires $5,000 annually
Dividends on Leased Line Stocks.— The Reading City Passenger stock
Wheeling & Elm Grove m tge/ 1901 5 A-O
1,058,000 April 1 1931
(seetext) ($l,000&$100)gc*\Int. pay. at Dollar Savs. & Tr. C o., trustee. received dividends, 1896 to 1899, inclusive, 10%; 1900 and thereafter 12%
Wheeling Pub Serv Co 1st m t g e ____
6%
982,000 Oct. 1 1952 East Reading stock received dividends: 1896, $6,500; 1897 to 1900, inclusive
Bonds.— Of the City & Elm Grove consol, coll, trust bonds, $1,000,000 $7,000; thereafter, $8,000. Reading & Temple Electric pays 7% annually
105 reserved to retire prior liens. Are subject to call on any int. date at in dividends, A . & O.
are and int. V. 83, p. 491.
Bonds.— Reading Trust Co. is trustee for East Reading Elec. Ry. bonds
The authorized amount o f Wheeling & Elm Grove R y. mtge. was origi subject to call in 1927 at par. Int. on Reading & Temple bonds is payable
nally $1,250,000, but was reduced in Feb. 1906 to $1,000,000.
at Reading Trust Co., trustee. Coupon ($100, $500 and $1,000). Originally
matured Oct. 1 1924, but were extended to Oct. 1 1934.— V. 88, p. 749.
EARN INGS.— For 12 months ending Dec. 31.
12 Months— Oper. Rev. Net, aft. Tax. Other Inc. Deductions.
Balance
(b) SCHUYLKILL VALLEY TR AC TIO N .
1924 __________ $628,683
$178,188
$2,462
$119,042
$61,607
1923 ___________ 633,184
176,917
3,780
117,431
63,266
The United Power & Transportation Co. owns all of the $500,000 capital
1922 ___________ 595,343
168,721
2,723
105,964
65.480 stock.
1921___________ 545,790
105.291
330
103,940
1,681
Lease.— Leased for 900 years from April 1 1910 to Reading Transit Co
Property, &c.— See West Virginia Utilities Co. above.— V. 115, p. 1943
Rental, $5,000 1st and 2d years, $15,000 annually thereafter, and $1 000
V . 116, p. 937, 1894, 2517; V. 117, p. 1349. 2772: V. 119, p. 812.
annually for maintaining organization. Reading Transit Co. also assumes
all obligations of Schuylkill Valley Trac. and its leased lines.
ORGANIZATION.— Incorp. in Pennsylvania Sept. 8 1893 as the Norris
READING TR A N SIT COMPANY.
town Bridgeport & Conshohocken Traction C o., and on Jan. 5 1895 charter
All the common stock and *550,000 Class “ B " preferred owned by ed as present company. Since Jan. 15 1895 has controlled and operated
General Gas & Electric Corporation.
the Conshohocken R y., the Montgomery County Passenger Ry
the
ORGAN IZATION .— Incorp. July 1917 as a merger of the old Reading Citizens’ Passenger R y., the Collegaville Electric Street R y. and the
Transit & Light Co. (which then ceased to exist) with the United Traction Norristown Passenger Ry. The corporate existence of the several companies
Co. (Reading), Boyertown & Pottstown Ry., Birdsboro Street R y.. Read is to be maintained, but their bonds will be taken up s rapidly as possible
ing & Womelsdorf Electric Ry.. and Front & Fifth Streets R y., all of these
In Jan. 1902 leased for 950 years the Roxborough Chestnut Hill & Norris
properties having been operated under lease. Was known as Reading town R y.. including that company’s leases of the Wissahickon Electric
Transit & Light Co. up to Jan. 1925. when name was changed to present Passenger R y. and the Trappe & Limerick Electric Ry.
title. V. 120. p. 88. Controls through stock ownership the Oley Valley Ry.
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS — A
and Neversink Mountain Ry. Leases the Lebanon street railway system trolley road. Operates 57.03 miles of track, including lines of aboveand the properties o f the Reading Traction C o., Adamstown & Mohnsville mentioned companies, and also Roxborough Chestnut Hill & Norristown
Elec. R y ., Schuylkill Valley Trac. Co. and Reading & Southwestern R y. Gauge, 5 ft. 2 % in. Rails, 60 and 100-lb. T & girder. 91 cars.
96
PUBLIC UTILITIES
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Stock$500,000 ($50).........
$500,000 __________
First mortgage $500,000 g\ 1895 5 g F-A 320,000
Aug
1945
($1,000) ___________ c.cp t jln t. at West End Tr. & S. D . C o., Phila., Tr.
Of the $500,000 first mortgage dated 1895, $100,000 has been retired and
destroyed, $80,000 reserved to retire the Citizens’ Pass. R y. bonds.
The securities o f the subsidiary companies are as follows, including both
those held by the public and by the parent company:
STOCK A N D BONDS—
Miles.
Interest. Issued.
Maturity.
Citizens’ Pass Ry stock ($50). 644
$79,400 __________
1st mtge ($500) $80,000 g o l d ( ____
5 g F-A
80,000 Feb 1 1925
guaranteed __________ cpt< Subject to call at 105 on any interest date.
(Int. atN orris’n Title, Tr. & S. D. C o., Trus.
Conshohocken Ry stock ($50). 5 44
145,900 __________
1st M guar, prin & i n t i ____
5 g J-J
100,000 July 1 1924
$250,000 __________ cp tjS u bj. to call at 105. Norristown Tr. C o., Tr.
Montgomery Co Pass Ry stock 144
150.000 __________
1st mtge $150,000_____c p tl
144 6 J-J
15.000 Nov 11923
(Int. at Albertson Tr. & S. D. C o., Trustee.
Norristown Pass Ry stk ($50). 444
75,000 __________
Bonds.— The Conshohocken Ry. bonds ($100,000) and the Montgomery
County Passenger R y. issue ($15,000) are he d by the Schuylkill Valley
Traction C o.— V . 70, p. 281.
(a) ROXBOROUGH CHESTNUT HILL & NORRISTOWN RY.
The United Power & Transportation Co. owns 4,959 out o f the 4,968
shares of the capital stock. In Jan. 1902 was leased for 950 years to the
Schuylkill Valley Traction at a rental o f $4 50 per share, payable semi-ann.
ORGANIZATION.— Incorp. Dec. 2 1895 in Penna. In 1898 leased the
Wissahickon Electric, 3 4 miles, for 950 years; rental to be 2% on the
4
$145,842 stock for the first two years, 3% for the next six years, 4% for
the next seven years and 5% for the rest of the term. Also owns the
$250,000 stock of the Trappe & Limerick Electric Street R y. and leases that
company for 950 years.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.— A
trolley road. Total track. 20 44 miles; gauge. 5 ft. 2 >4 in. rails, 70 to 90-lb.
girder.
C A PITALIZATION .— In June 1896 filed a mortgage for $450,000 to the
Real Estate Title Insurance & Trust C o., Philadelphia, securing 5% gold
bonds ($1,000) J. & D. (cp t), due June 1 1926. $371,000 was outstanding
on Dec. 3i 1923. Capital stock auth., $450,000: issued, $248,400: par. $50.
Trappe & Limerick Elec. St. R y. 5% gold stock certfs. due July 1 1931.
Int. (J. & J.) at Real Estate Title Ins. & Trust C o., trustee. Auth.,
$250,000, and outstanding, $249,000. Secured by deposit of $249,000
stock o f the Trappe & Limerick Street R y.— V. 62, p. 1042.
(5) TRAPPE & LIMERICK ELECTRIC STREET RY.
ORGANIZATION.— Incorporated in Pennsylvania on July 25 1899.
Was leased on Dec. 31 1901 to Roxborough Chestnut Hill & Norristown Ry.
for 950 years at a rental equal to 5% per annum on capital stock, interest on
bonds, taxes and $100 maintenance expenses.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Length o f line, 13.35 miles.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $250,000 ($50)________ _____
_________
$250,000
See text
First mortgage $250,000 gold) 1901
414 g J-J
250,000 July 11931
($ 1,00 0)______ _____ c*cp t jln t. at Company’s office, Reading, Pa.
Bonds.— Are guar., p. & i., by Roxborough Chestnut Hill & Norristown.
(c) LEBANON VALLEY STREET RAILWAY.
Lease.— Leased to Reading Transit & Lt. Co. for 900 years from April 1
1910. Annual rental of $40,000 and yearly payment o f $500 for organiza
tion, as well as taxes and interest on bonds.
ORGAN IZATION .— Incorp. on June 28 1899 as a consolidation of the
Lebanon & Annsville Street R y. and the Lebanon & Myerstown Street Ry.
The United Power & Transportation Co. owns all the 10,000 shares of the
capital stock.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.— A
trolley road. Owns 22.08 miles of track. Gauge 5 ft. 214 in. Rails
50, 75, 90 and 100 lb. girder. 23 cars.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
_________
$500,000
See text
Stock $500,000 (par $50)__________
First mortgage 10-30s gold) 1899
5 g J-J
500,000 July 1 1929
($100, $500 & $l,000)C-cpt jln t. at Real Est. T. Ins. & Tr. C o., Phila.,Tr
PHILADELPHIA RAPID TRA N SIT.
[V ol. 121.
income Tax Litigation.— On July 15 1918 the various i eased line cos. filed
suits against the Phila. Rap. Tran. Co. to recover Income and excess profits
taxes paid by them under protest. V. 107, p. 402. Compare V. 106.
p. 2451. On Nov 20 1918 a ruling was handed down by Common Pleas
Court No. 3 (and in Feb. 1919 affirmed by the Pennsylvania Supreme
Court) under which the Phila. Rapid Transit Co. is held responsible under
the terms of the several leases for the payment to the Govt, of the incomeexcess profits taxes of the following leased line corporations: Philadelphia
Trac. Co., Germantown Pass. Ry. Co., 13th & 15th Streets Pass. Ry. Co.
Philadelphia City Pass. R. R.Co., Union Trac. Co., Ridge Ave. Pass. Ry
Co., Frankford & Boutnwark Philadelphia City Pass. Ry., Fairmount Park
& Haddington Pass. Ry. Co.. Citizens' Pass. Ry. Co. and the HestonvUle
Mantua & Fairmount Pass. RR. Co. On the other hand, however. It
was ruled that the following companies must assume liability for the! 4
Federal taxes. Continental Pass. Ry. Co., Philadelphia & Darby Ry. Co
and Green & Coates Streets Phila. Pass. Ry. Co. V. 107, p. 2009: V
108, p. 785.
Validity of Rentals Upheld.— In Dec. 1920 the Superior Court of Penna.
handed down a decision denying the order o f the P. S. Comm, requiring
the underlying companies to file answers to averments made by the city
and two local business men’s associations with regard to rentals o f the
underlying companies. V. I l l , p. 2521; V. 112, p. 163. The city, the
P. S. Comm and business associations appealed, and on July 1 1921 the
Penna. Supreme Court reversed the decision o f the Superior Court but only
on a technicality. The Supreme Court held that the case should not have
gone to the Superior Court: but maintained that the P. S. Comm, had no
right to attack rental payments
For details see V. 113, p. 183, 293.
Split in Directorate.— See V. I l l , p. 389:also V. 114, p. 522, 627,739. 1181
Fares.— Effective Sept. 14 1924 was auth. by the Pa. P. S. Comm, to
increase cash fares to from 7c. to 8c., with 2 tokens for 15c., pending
final determination of the Commission. V. 119, p. 1283, 1396. This
increase was upheld in Dec. 1924 by the Pennsylvania Superior Court.
V. 119, p. 2763.
Property Valuation.— On Apr. 30 1924 the Pa. Supreme Court refused to
allow the City of Phila. to appeal against the decision of the Superior Court
in upholding the finding o f the Pa. P. S. Comm, in the P. R. T. Co. valua
tion case. The P. S. Comm, in June 1923 had found the value o f the c o .’s
property to be substantially upwards of $209,000,000. V. 118, p. 2305.
Stockholders on March 18 1925 approved an issue of $3,000,000 pref.
stock. Compare V. 120, p. 331.
On Aug. 19 1925. a tri-state bus line between Philadelphia and New
York was placed in oneration by the People’s Rapid Transit Co. a subsidiary
of the Philadelphia Rapid Transit Co. V. 121, p. 1103.
For contemplated issue of additional Preferred stock to finance extension
of the lines of the company in the Sesqui-Centennial area, &c. See V. 121,
p. 1349.
STOCK AND BONDS— Date. Interest. Outstanding. Maturity.
Com $30,000,000 ($50)_____
J-J
(600,000 shl
See
1 Full paid i
text
Pref 7% cum ($50).
7%
$3,000,000 __________
Coll trust mtge $5,000,000 f 1908
5 g F-A
4,277,000 Feb. 1 1957
($1,000) gold_______ c*cpt-jlnt. at Penn.Co .for Ins .on Lives & Granting
l Annuities, Philadelphia, Trustee.
Sink fund mtge $10,000,000/ 1912
6 g M -S
9,566,000 M ar. 1 1962
g ($1,000) guar p & i_c*cptiBank of North Amer.& Tr.Co.,Phila.,trus.
Market St El 1st mtge $10,-/ 1905
4 'g M -N
10,000,000 M ay 1 1955
000,000 gu g ($1,000) c*cp t IInt. at Land Title & Trust C o., Phila., Trus.
Darby Media & Ches 1st M j 1906
444 g J-J
$991,000 July 1 1936
$1,500,000 ($1,000) g c cp t lnt. at Land Title & Trust C o.. Phila Trus.
Car trust certificates Series / 1919
F-A
36,000
1929
“ D"
t.f.(F idelity Trust C o., Phila., Trustee.
Car trust certificates Series 1919
______
145,000
1929
“ E ” _________________ t.f Fidelity Trust C o., Phila., Trustee.
Car trust efts. Ser. “ - ” $3.-f 1922
............................. F
,
6 F-A
2,250,000
1923-32.
000,000 ($500 & $1,000)-C*\Int. at Fidelity Trust Co., Phila., Trustee.
Equip, tr. ctfs. Ser “ G ” $4,-/ 1923 544 F-A
4,275,000 See text
750,000 ($500 & $l,000)-C*\Divs. at Commercial Tr.Co.. Phila., Trustee
Equip tr ctfs Ser “ H ” $2,-1 1924 544 g J-D 2,700,000 See text
7,000,000 ($1,000)----- c*tf/D iv s. at Penna. Co. for Ins. on Lives &
l Grant. Ann., Philadelphia, Trustee.
Real estate mortgage------------ ------------------150,000 __________
Real est. 1st mtge. $3,500,000/ 1924
6 J-J
3,500,000 Jan. 1 1944
($500 & $1,000)---------c*tf i Int. at Penna.Co.for Ins.on Lives & Grant1
ing Annuities, Philadelphia, Trustee.
Funded debt of underlying companies Dec. 31 1924, $58,896,247.
Stock.— Com. was listed on the Phila. Stock Exchange in July 1902 and
Feb. 1095 on N. Y . Stock Exchange. See also V. 110, p. 872. Pref. is
call, at $55 per share. V. 120, p. 1090.
Bonds.—Collateral trust bonds are secured by deposit with trustee of
securities owned by Phila. Rapid Transit and also securities of Union Trac.
Co. and Phila. Trac. Co.; entire issue subject to call at 105 on 6 weeks’ pub
lished notice on and after Feb. 1 1912. A sinking fund, which will re
tire all bonds by Feb. 1 1957, began to operate Feb. 1 1912. The Market
Street Elevated R y. bonds cover the subway and the elevated road on
Market St. See V. 80, p. 652. They are guaranteed, principal and
interest, by endorsement by the Phila. Rapid Transit Co. Are subject
to call on any int. date at 10244 and int. V. 84, p. 749; V . 86, p. 547.
The Darby Media & Chester Street R y. bonds are guar., p. & i., by endorsem’t by Phila. Rap. Tr. Co. Can be called at 102 44 & int.
Both the collateral trust bonds and Market Street Elevated bonds were
listed on the Philadelphia Stock Exchange in April 1909. V . 88, p . 945.
The sinking fund mortgage bonds of 1912 are callable on any March 1
as a whole or for sinking fund at 105 and interest. Cumulative sinking
fund of $35,000 per annum began Jan. 15 1917. Of the $10,000,000
authorized $9,566,000 are reported as outstanding. $434,000 have been
retired by sinking fund. Were originally 5s. These bonds, as to principal,
ORGANIZATION.— Incorp. in Pa. on M ay 1 1902 to take over under
lease the Union Traction Co. for 999 years from July 1 1902, and to acquire
and hold shares of other corporations. (For terms of lease, see Union Trac
tion below.) For details o f various franchises and history of co.’s relations
with city, see “ Electric Railway” Supplement of Apr. 26 1924.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS —
Total trackage Dec. 31 1924. incl. all lines leased and operated, 700.209
miles. Owns 3.407 cars o f all kinds.
Subway has been built In Market St. from 23d St. to Delaware Ave.,
alevateo structure on Market St. west o f the Schuylkill River, and on Dela
ware Ave. from Market St. to South St. V. 74, p. 528. 989: V. 76. p. 1301:
V. 81, p. 265. In March 1907 began operating on that portion of the ele
vated from the Schuylkill River west to the Upper Darby terminal station,
• distance o f about 4 miles. V. 84, p. 571. On Aug. 3 1908 the entire
«ubway from 2d St. to 23d and Market St. was placed in operation, thus
completing line through to 69th St. V. 87, p. 347. On Oct, 6 1908 ele sinking fund payments and interest at 6 % , are the direct obligation of
vated lines on Delaware Ave, to South St. Station was placed in operation, P. R . T . Co. The principal, sinking fund payments and 5% interest are
completing entire line. V. 87. p. 936.
further secured by: (a) Direct mortgage lien on all property of Market Street
In July 1902 acquired all the stock o f the Doylestown ft Willow Grove Elevated Passenger R y.; (6) pledge of the entire outstanding capital stock
Ry. Co. Also owns entire stock ($10,0001 of the Motor Real Estate Co., and lease for 997 years from 1903 of Market Street Elevated Passenger R y.;
which owns property costing approximately $6,800,000.
(c) guarantee by endorsement of Union Traction Co. of Philadelphia. In
On July 1 1906 the Phila. Morton & Swartnmure K.v and the Media Mid March 1925 Dillon, Read & Co. sold $8,975,000 at 99 and interest, to yield
dletown Aston & Chester Elec. Ry. were consolidated, forming the Darby 6.06%. V. 120, p. 1460. Compare V. 94, p. 827, 699.
Media & Chester Ry
The new company, embracing 25 miles of track, was
The real estate 1st mtge. 6s are secured by first mortgage on three car
thereupon leased to the Phila. Rapid Transit Co. for 999 years, rental being terminals and on certain other properties in the city of Philadelphia, used
$8,500 for first year, $17,000 for second and third years. $25,500 for fourth or held by the Philadelphia Rapid Transit Co. for the operation of it street
year. $34,000 for fifth year and $42,500 for sixth year and thereafter.
railway system (see V . 118, p. 203, for details) and are guar. prin. & int. by
Also controls the Philadelphia Rural Transit Co., incorp. June 25 1923, the Phila. R . T. Co. A sinking fund sufficient to retire $103,000 bonds
operating 17 motor buses: also the Pennsylvania Rapid Transit Co., incorp. per annum is provided for, payable on Jan. 1 of each year, beginning
Jan. 1 1927, to be applied to the purchase of bonds in the open market,
Aug. 6 1923, operating 10 trackless trolleys.
at or below the current redemption price, or if not so obtainable, to call
Broad St. Subway.— “ City-Company Plan."— See V. 116, p. 1050.
by lot at that price. Are red. all or in part on any int. date on 30 days’
Lease.— In M ay 1922 the ordinance embodying the lease between the city
and the co. for the operation o f the Frankford elevated line and Bustleton notice, beginning Jan. 1 1927 until Jan. 1 1937 incl. at 105 & int. thereafter
on any int. date at 10244 and int. Penna. 4 mills tax assumed by company.
surface line by the co. was approved by the City Council and the Penna
Car Trusts.— The Ser. “ B ” car trusts mature $175,000 s.-a. beg. Sept. 1
P. S. Comm, and was signed by the M ayor and the co. officials. These
1913 and ending Mar. 1 1925. Red. at 10244 and int.
lines are leased beginning N ov. 5 1922 for a period o f five years.
The co
Ser. “ D ” mature $8,000 Feb. 28 in 1920 and 1921 and $9,000 each Feb.
pays rental e f 1% during 1923 on construction cost o f Frankford Elevated
28, thereafter to 1929. Red. at 10244 and int.
rental to be increased 1% annually until a maximujm o f 5% is reached
Ser. “ E ” mature $28,000 Oct. 14 1920 and 1921 and $29,000 each Oct.
This contract may be extended by the city so as to terminate in 1957 with
the 1907 city agreement. A summary o f the principal features o f the lease 14 thereafter to 1929. Red. at 10244 and int.
Ser. “ F ” mature in equal semi-ann. installments, Feb. 15 1923 to Aug.
will be found in V. 114, p. 2241.
Loss to Company from Operation of Frankford “ L” in 1923.— See detailed 15 1932, incl. V. 115, p. 760.
Equip, trust ctfs. Ser. “ G ” mature in equal semi-ann. installments Feb. 1
statement in V. il 8 , p. 2180.
Leases Approved.— In Oct. 1923 the P . S. Comm, approved the lease of 1924 to Aug. 1 1933, incl., and are non-call, prior to maturity. V. 116,
the Champlost St. Connecting R y ., Tioga & Frankford St. R y., Pelham & p. 411.
Equip, trust ctfs. Ser. “ H ” mature in equal annual installments Dec. 15
Frankford St. R y., Wayne Junction Connecting R y. and Frankford Con
1925 to Dec. 15 1934, incl. $2,700,000 were offered in Dec. 1924 by Dillon,
necting Ry. V. 117, p. 1664.
Read & Co. at the following prices: 1925 maturity, 100.75 to yield 4.75%;
Power Contract.— In March 1912 entered into a 10-year contract with thf
1926 maturity, 100.50, to yield 5.25%; 1927 to 1934 maturities, 100, to
Phila. Electric Co. for additional power. V. 94, p 768. A new agree
ment was entered into Dec. 12 1920 for a period of 3 years from Nov. 15 1922 yield 5.50% . V. 119, p. 2879.
All of the outstanding 2-year 6% secured gold notes, dated Dec. 1 1923,
In M ay 1913 entered into a 16 year contract with the Philadelphia
were called for payment on June 1 1925 a ; 10044 and int. V. 120, p. 2551.
Hydro. Electric Co. for power.
Dividends.— On com., an initial div. of $1 per sh. was paid in Oct. 1916.
New Lint.— in sept. 1911 the Snyder Ave. St. Ry. was chartered In thf
Interest of the Phila. Rap. Tran., with $140,000 stock, to operate 7.66 milef In 1917, $2 50 per sh. In 1918, $2 50 per sh. In 1919. $2 50 per sh.
In 1920, Jan.. $1 25 per share. July 1920 div. deferred. V. I l l , p. 389.
of line on Snyder Ave. Line was placed In operation Jan. 1912.
Excise Tax.— On Aug. 2 1915 Judge Dickinson in the U. 8. Dist. Court 494. None to July 1922, when $1 50 per share was paid, viz.: Quar. div.
held that the company’s subsidiaries operated under lease were not carrying No. 1 for period Jan.-Mar. 1922, 75c.; No. 2, for April-June, 75c. V. 114,
on business within the meaning of the excise tax law of 1909 and therefort p. 2825. Quar. div. N o. 3 was paid in Oct. 1922. In 1923 .Tan., 75c.;
were not liable to the tax. On Oct. 22 1917 the Market Street Elevater April, 75c.; July, 75c.; Oct.; 75c. In 1924, Jan. 75c.; April, 75c.; July,
Pass. Ry., the Union Traction Co. and the Philadelphia Traction Co. ap 75c.; Oct., 75c. In 1925, Jan., 75c.; April, $1; July, $1; Oct., $1.
On the pref. stock an initial semi-annual div. of 344% ($1 75) was paid
pealed to the U. 8. Dist. Court for restitution of $73,768 and Interest col
on N ov. 2 1925. V. 121, p. 1570.
lected from them In the years 1911 and 1912.
Oct., 1925.]
POWER, LIGHT AND RAILW AY
ANNUAL R E PO RT.— For year ended Dec. 31 1924 was given in V. 120,
p. 1452.
Calendar Years—
1924.
1923.
1922.
1921.
Passenger earnings_____$45,002,700 $44,249,361 $41,758,763 $41,514,830
Other receipts_________
652,317
681,130
770,780
905,775
Total________________ $45,655,017 $44,930,491 $42,529,543 $42,420,605
Expenses___■
Maintenance____________ $8,560,400 $8,560,400 $8,560,400 $8,560,400
Oper. of power p la n ts ... 3,772,643
4,416,307
3,475,307
3,252,188
Operation of cars_______ 14,313,232 14,003,087 13,383,431 13,330,471
4,060,159
3,548,379
3,291,710
General________________ 4,593,019
Taxes_________________
2,760,903
2,695,708
2,586,001
2,798,821
Total expenses_______ $34,000,199 $33,735,661 $31,553,518 $31,233,589
Operating income______ $11,654,817 $11,194,830 $10,976,026 $11,187,016
Non-operating in com e..
560,470
621,540
706,429
490,435
Net earnings_________$12,215,288 $11,816,369 $11,682,455 $11,677,451
Interest_________________ $1,371,252 $1,161,637 $1,020,090 $1,029,245
Rentals------------------------- 8,853,671
8,674,732
8,683,087 8,720,913
Sink, fund city contract.
180,000
180,000
150,000
120,000
Dividends----------------- (6 % )1,799,575 (6)1,799,148 (6)1,799,148
None
Balance, surplus_____
$10,789
$852
Latest Earnings.—
Nine Months Ended Sept. 30.
$30,130
$1,807,293
1925.
1924.
Operating revenue_______________________________ $37,115,907 $32,946,910
Operation and taxes____________________________ 27,574.635 24,140,156
Operating income_______________________________ $9,541,272 $8,806,754
Non-operating income___________________________
228,565
415,205
Gross income__________________________________ $9,769,836 $9,221,959
Fixed charges, dividends, &c_____________________ 9,849,990 7,814,021
Net income____________________________________ def$80,153 $1,407,938
OFFICERS.— Chairman of the Board, T. E. Mitten; Pres., W . C. Dun
bar; V.-Ps., Leon Jewell, W . K. Myers and R . F. Tyson; Sec., F. B. Ellis;
Treas., G. W . Davis; Aud., W . D. W itt.— V. 117, p. 1556, 1664, 2213,
2324, 2654, 2770; V. ]18, p. 203, 312, 432, 1264, 1666, 2042, 2180, 2305,
2574; V . 119, p. 456, 811, 1173, 1283, 1396, 1953, 2763, 2879, 3011; V . 120,
p. 331, 454, 705, 1090, 1205, 1452, 1460, 2149, 2270, 2551; V . 121, p. 460,
587, 1103, 1349, 1570, 2039.
(1) DOYLESTOWN & WILLOW GROVE RY. CO.
ORGAN IZATION .— In July 1902 was acquired by the Philadelphia
Rapid Transit through purchase of the entire capital stock ($500,000) for
$20,000. The Rapid Transit Co. guarantees interest on the bonds. See
V. 79, p. 1331.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
A trolley road.
Trackage, 13.589 miles, from Doylestowh to Willow Grove,
running over the old turnpike between those places, which is leased for 999
years.
STOCK AN D BONDS—
Date. Interest. Outstanding. Maturity.
Stock $500,000 ($50)________ _____
________
$500,000 __________
First mtge $500,000 ($1,000) / 1900
4 g J-D
500,000 June 1 1930
gold guaranteed_____c*cpt(L and Title & Trust Co., Phila., Trustee.
EARN INGS.— Included in Phila. Rapid Transit Co.— V. 79, p. 1331.
(2) 22D STREET & ALLEGHENY AVE. PASSENGER RY.
ORGANIZATION.— Chartered 1890. On Dec. 9 1903 the following
cos. were merged with the 22d St. & Allegheny Pass. R y. Co., Fisher’s
Lane Ry. Co.. Lindley Ave. Ry. Co., Chelten Ave. Pass. Ry. Co., German
town & Fairmount Park Ry. Co. and the Phila. & Trenton Rapid Transit
St. Ry. Co. Is leased to the Phila. Rapid Transit Co. for 6% per annum
on paid-in-capital.
STOCK.— Auth. amount, $1,302,000 ($50); 22,456 shares outstanding
$25 paid in. “ Amount due other companies” Dec. 31 1924, $880,802.
ROAD.— Trackage 67.935 miles.
(3) DARBY & YEADON STREET RY.
ORGANIZATION.— Entire stock ($5,000) is controlled by the Pniladelphia Rapid Transit Co.
FIELD OF OPERATIONS.— From the Philadelphia County line to
Darby, 2.486 miles.
STOCK AN D BONDS— Date. Interest. Outstanding. Maturity.
First mortgage $200,000 gold/ 1904
MA g J-D $200,000 Dec. 1 1934
guar ($1,000)______c*_cpt\Int. at Land Title & Tr. Co., Phila., Trustee.
Bonds.— Are guaranteed, prin. & int., by endorsement by the Phila. Rap.
Transit Co. Are subject to call on any interest date at 105 and interest.
(4 )
CH ESTER
&
P H IL A D E L P H IA
RY.
(C h e s te r
S h ort
L in e ).
Is operated by Phila. R. T . under 30-year agreement dated Feb. 14 1911.
ORGANIZATION.— Incorp. in Penn, on June 29 1910 as successor to
the Phila. & Chester R y., sold at foreclosure (V. 92, p. 1243). In considera
tion of an agreement to operate the line the Phila. Rapid Transit received
51% o f Chester & Phila. stock. The Chester & Phila. receives 35% and
Rapid Transit 65% of gross earnings, for which the Rapid Transit assumes
all costs of operation. The 35% to be applied to int. on bonds and divs.
on stock. Franchises are unlimited as to time.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
16.785 miles of track, incl. main line from Chester to Phila. and branches
from Essington to M oore Station and Essington to Philadelphia.
STOCK AND BONDS— Date. Interest. Outstanding. Maturity.
Stock $485,000 ($50)________ _____
________
$485,000 __________
1st M $600,000 gold ($100,-/ 1910
5 g J-J
600,000 July 1 1940
$500 and $1,000)___ c*-tf\Int.at Real Est.Tit.Ins.& Tr.Co.,Phila.,Tr.
Bonds.— Red. on any int. date at 105 and int. on four weeks’ notice.
Free from Penn. State tax. Sinking fund of one-half the surplus earnings
over 4 % on the stock and interest on the bonds shall either purchase and
retire bonds or be used for new construction. V. 104, p. 763. Listed on
Philadelphia Stock Exchange.
EARNINGS.— For years ending Dec. 31:
Calendar
Gross
Rental
Other
Total
Interest, Balance
Year—
Earnings. (35% ). Reds. Receipts. Taxes,&c. Surplus.
1923..........
$444,367
$155,385 $10,540 $165,925
$52,674 $113,251
1922_____
342,654
119,859
8,349 128,208
51,397
76,810
1 9 2 1 - .........
... 434,038
151.913
6.965
158.879
54.519 104,360
V 92, i). 1310; V. 104, p.763.
New Companies.— Since 1920 the following companies have been incorp.
Date of
-----Capital Stock---Name—
Incorp'n.
Auth'd. Paid In.
Germantown Loop R y. C o____________ Mar. 31 1920 *$32,000
$32,000
Sansom St. Connecting Ry. C o_______ N ov. 18 1920
10,000
10,000
Champlost St. Connecting R y. C o----- _Jan. 10 1923
10,000
10,000
Frankford St. Connecting R y. C o____ M ay 25 1923
20,000
20,000
Pelham & Frankford St. Ry. C o______ M ay 25 1923
99,000
99.000
Tioga & Frankford St. Ry. C o ________M ay 25 1923
75,000
75.000
Wayne Junction Connecting R y. C o .-M a y 25 1923
30,000
30,000
All o f the above companies are leased to the Philadelphia Rapid Transit
Co. for 999 years.
* By authority o f the stockholders at a meeting held Sept. 22 1921, the
capital stock of the Germantown Loop R y. Co. was reduced from $32,000
to $23,000 (from 640 shares to 460 shares, par $50).
UNION TRACTION.
Lease.— The Union Traction Co. has been leased for 999 years from July 1
1902 to the Philadelphia Rapid Transit Co. Lease rental (payable in
gold) is $900,000 per annum (equal to 3% on the face value of the $30,000,000 stock) for the first two years, $1,200,000 per annum (equal to 4% on
stock) for the next two years, $1,500,000 per annum (equal to 5% on stock)
for the next two years and $1,800,000 per annum (equal to 6 % on stock)
thereafter. The stockholders of the Union Traction Co. were given the
right to purchase 150,000 shares of the new Rapid Transit Co. stock. V.
74, p. 989. Included at the time all the leading street passenger railway
lines within the city o f Philadelphia.
97
ORGANIZATION.—-Chartered Sept. 6 1895, and acquired on or about
Oct. 1 1895 all the shares of the Electric Traction and People’s Traction com
panies, in place of which were issued collateral trust certificates secured by
the shares placed in trust. In 1896 leased these properties for 998 years and
3 months from July 1 1896. On Oct. 1 1895 leased for 999 years the Phila
delphia Traction at 8 % on its capital stock. V . 61, p. 663. Leases (from
Jan. 1 1898) Hestonville Mantua & Fairmount Passenger R .R . for 999years
at 6 % on pref. and 4% on com. stock. See V. 66, p. 236. The Lehigh Ave.
R y. Co. ($1,000,000 stock) was leased for 995 years from July 1 1899.
See terms o f consolidation, &c., in statements for the constituent companies
and V. 61. p. 152, 197, 283, 663. For change in terms of lease see V. 89,
p. 594. The Philadelphia Rapid Transit now operates the road.
Also owns entire stock of the Philadelphia & Willow Grove St. R y. Co.
Union Traction shareholders in Oct. 1908 gave their assent to the use of
certain securities owned by the Union Trac. Co. to be pledged as collateral
for the $5,000,000 loan of the Phila. Rapid Transit Co. V. 87, p. 1110.
The shareholders voted June 20 1910 (formally ratified Sept. 21 1916;
V. 91, p. 337) to purchase the equipment of the Phila. Rapid Transit, and
lease same to that company on terms as stated under Phila. Rapid Transit,
and make the equipment the basis of an issue of $1,500,000 car trusts. On
Feb. 26 1913 they voted to purchase additional equipment and lease it to
the Philadelphia Rapid Transit Co. and to issue $4,200,000 car trust certifs.
(Series B) as a result of the transaction. In M ay 1913 a further issue of
$1,944,000 car trusts (Series C) was put out. See under Phila. Rapid
Transit and V. 96, p. 555, and V. 97, p. 803.
On Feb. 28 1911 shareholders voted to guarantee new Pnila. Rapid Transit
$10,000,000 mtge. See V. 91, p. 1575; V. 92, p. 324, 463, 596. Stock
holders in Feb. 1925 to increase interest rate on these bonds from 5% to 6 %.
Compare V. 120, p. 455.
Income Tax Decision.—-See under Phila. Rapid Transit Co. above.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Stock $30,000,000 (par $ 5 0 ) . / ____
J-J
/600.000 shs.\ July’25. 3%
\
\$17.50 pd.in\
Trust Co certificates, gold,] 1895
4 g A-O $29,730,114 Red. after
guar., p. & i. by Union I
Oct 1 1945
Trust Co____________ c p tlln t. at Pa. Co. for Ins. on Lives & Granting
\ Annuities, Trustee.
Collateral trust first mortgage/ 1902
4 g J-J
1,120,000 July 1 1952
$1,500,000 gold_______ cpt/L an d Title & Trust Co., Philadelphia, Trus.
Trust Certificates.—-The trust certificates are not the direct obligations
of the Union Traction Co., but were issued by the Pa. Co. for Ins. on Lives
& Granting Annuities, to pay for the shares of the Electric and People’s Trac
tion companies purchased and are secured by a deposit with the Trust Co.
of all the shares of the stock of the Electric Traction Co. and the People’s
Traction Co. thus acquired. See description of certificates in V. 64, p. 135.
They are guar., prin. and int., by the Union Traction Co., and are redeem
able at the option of that company on and after Oct. 1 1945.
Collateral Trust Bonds.— The collateral trust bonds were issued to fund
the floating debt and are secured bv the deposit of the 35,000 shares of the
common stock of the Hestonville Mantua & Fairmount Pass. R R . Subject
to call at 105 and accrued int.; $380,000 has been retired by sinking fund.
OFFICERS.— Pres., Jeremiah J. Sullivan; V .-P ., Chas. A. McManus;
Sec. & Treas., T . M . Cleary.— V. 117, p. 2771, 2891; V . 120, p. 455.
LINES CONTROLLED BY UNION TRACTION CO.
(1) CATHERINE & BAINBRIDGE STREETS RY.
ORGANIZATION.— Incorporated M ay 14 1889, and leased to the Phila
delphia Traction Co. Mar. 1 1890 for 99 years, and included m lease of that
company to the Union Traction Co. Oct. 1 1895; in Sept. 1895 term of lease
was increased from 99 to 999 years and stock from $150,000 to $400,000
(all owned by Phila. Trac. C o.); rental is $24,000 yearly, besides interest
and taxes.
FIELD OF OPERATIONS.— A trolley road. Aggregates 5.389 miles
of track.
The $150,000 1st M . 5s due April 1 1920 were extended for 10 years
at 6% .
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Stock (par $50)___________________
6% M-S
$400,000 See text
1st M $150,000 ($1,000) c -c p t 1890
6% A-O
150,000 April 1 1930
Due lessee Dec. 31 1924______ _____
________
234,698 __________
Bonds are not subject to call. Interest at Penn. Co. for Insurances on
Lives, &c., trustee.
Dividends.— Dividends of 6% are paid.
(2) CITIZENS’ PASSENGER RAILWAY.
ORGANIZATION.— Incorp. Mar. 25 1858. Leased to Frankford &
Southwark Phiia. City Pass. R R . Co. April 1 1892 for 999 years; rental
now $140,000 per annum, equal to 28% on stock, or $14 per$50 share.
This lease was assumed by the Electric Traction Co. on Aug. 17 1893,
effective from July 1 1893. Operated by Phila. Rapid Transit Co.
Income Tax Decision.— See under Phila. Rapid Transit Co. above and
V. 108, p. 784.
Stock authorized, $500,000; par ($50); paid in, $192,500— $20 on 8,500
shares and $15 on 1,500 shares. 11.097 miles of track.— V. 108, p.- 784.
(3) CONTINENTAL PASSENGER RAILWAY.— A trolley road.
ORGANIZATION.— Incorporated Sept. 3 1873. Leased Jan. 1 1886
to Union Passenger Railway Co. for 99 years at rental of $6 per share
per annum, interest, taxes and operating expenses; lease assigned to Phila
delphia Traction Co. June 30 1884. Operated by Phila. Rapid Transit Co.
Stocks owned, per balance sheet Dec. 31 1924, $600,000.
Income Tax Decision.— See under Philadelphia Rapid Transit Co. above
and V. 108, p. 784.
STOCK AND BOND/?—
Date. Interest. Outstanding. Maturity.
Stock (par $50)___________________
$6 J-J /20.000 shs.,\
\$29 paid in.| See text
First mortgage ($500 and/ 1879
4 g J-J
$280,000 July 1 1959
$1,000) gold_________ c&r\ Land Title & Trust Co., Phila., trustee.
Due lessee for additions Dec. 31 1924, $672,260.
A semi-annual dividend of $3 was paid June 30 1925, less 38c. per share,
to cover income tax for the first half o f 1924. V. 120, p . 2941.
Bonds were originally 6% , but in 1909 were extended for 50 years at 4% .
Int. payable at office of company. Not subject to call. Bonds were listed
in 1909 on Phila. Stock Exch. V. 88, p. 822. Trackage, 16,976 miles.—
V . 115, p. 2579; V. 116, p. 2636; V. 117, p. 2652; V . 118, p. 2823; V . 120,
p . 2941.
(4) ELECTRIC TRACTION.
ORGANIZATION.— Incorp. M ay 8 1893 and acquired control of the
Citizens’ Pass. R y., the Frankford & Southward Phila. City Pass. R .R .
and the Second & Third Streets Passenger R y. On July 1 1896 leased for
999 years the Citizens’ Clearfield & Cambria St. R y., the Citizens’ East End
St. R y., the Brown & Parrish St., Ry. and the Citizens’ North End St. R y.
Inl895 the Union Traction Co. acquired all the stock at the rate of
$85 per share for each share, on which $50 had been paid, and $70 per
share for each share on which $30 had been paid, the Pennsylvania Co. for
Insurances on Lives & Granting Annuities issuing therefor its guaranteed
trust certificates. On July 1 1896 the Union Traction Co. leased the
property for 998 years and 3 months. See V. 61, p. 197, and also “ Union
Traction” above.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Mileage, 130.639. Rail, 90 lbs.
C A PITALIZATION .— Stock authorized, 175,000 shares of $50 each;
Issued, 152,396 shares of $50 paid and 22,604 shares of $30 paid, making
total $8,297,920.— V. 63, p. 557.
(5) EMPIRE PASSENGER RY.
ORGANIZATION.— Incorporated Feb. 10 1869. Leased Dec. 26 1873
to Citizens’ Passenger Railway Company and the Seventeenth & Nine
teenth Street Passenger Railway Company for 999 years. Transferred
Oct. 1 1895, along with all right to dividends on 6,090 shares of its stock
(then held by the Union Passenger Railway Co. as trustee and lessee), by
lease of Philadelphia Traction to the Union Traction Co. Dividends are
$1 50 per $50 share each June 30 and Dec. 30— that is 6% per ann.
FIE LD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Mileage, 12.872 miles.
A trolley road.
STOCK AND BONDS— Date. Interest. Outstanding. Maturity.
$600,000 ------------- Stock (par $50)______ (All owned by Phila. T rac.)
1st M gold $200,000 _ c .c p t - 1900
_
3 A g J-J
200,000 M ar. 1 1930
98
Bonds.— The new 3 'As were issued to retire a like amount of 7s due
July 1900. Land Title & Trust C o., Phila., Trustee.
^ D u e lessee company for additions Dec. 31 1924, $705,715.— V. 70. p.
(6) F R A N K F O R D
SENGER RR.
&
SOUTHW ARK
P H IL A D E L P H IA
C IT Y
PAS
ORGA N IZA TIO N .— Incorporated April 4 1854. Acquired stock o^
Lombard & South Streets Passenger Railway in 1890. Leased to the
Electric Traction Co. for 999 years from July 1 1893; dividends for the
several years named below being guaranteed per share:
lsi
2d
3d
4th
5th
5th
7th 8th 9th 10th and after
$12 $12.50 $13 $13.50 $14 $14.50 $15 $16 $17
$18
FIE LD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Trackage, 70.397 miles.
Income Tax Decision.— See under Philadelphia Rapid Transit Co. above
and V. 108, p. 784.
STOCK AN D BONDS— Miles. Date. Interest. Outstanding Last div., cfee
Stock (par $50)-------------- -------- -----Q-J
$1,875,000 See text
Lombard & South Streets/ 10
1881
3)4 J-D
$150,000 Dec. 1 1951
Pass first mtge $500 &( Interest at Real Estate Title Insurance & Trust
$ 1 ,000 )------------ c.cp t\ C o., Trustee.
ext $150,000 ($100 and/Phila. Trust, Safe Deposit & Ins. C o., Trustee
$500) _________ c_cpt\Interest at Land Title & Trust Co.
The Lombard & South Sts. pass, issue o f $150,000 was originally 5%
but was called at maturity and then extended for 50 years from Dec. 1 1901
at 314% . The West End Pass. R y. mtg. matured Oct. 1 1905 but was
extended for 30 years at 4 % . V. 81, p. 156; V. 108, p. 784.
(7 )
GERM ANTOW N
PASSEN GER
RY.
O RGAN IZATION .— Incorporated April 21 1858. Leased Oct. 1 1881
to the People’s Passenger Ry. Co. for 999 years, but rental modified in
1893; stock since 1897 receives dividends yearly o f $5 25 per share.
FIE LD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
A trolley road. Trackage, 44.413 miles. Extension of 2,000 feet from
Hillcrest Avenue to city line, completed in Sept. 1898, forms with the
Roxborough Chestnut Hill & Norristown Passenger R y., a through line to
Norristown.
CA PITA LIZA TIO N .— Stock authorized, $1,500,000 ($50); paid in.
*572,860.— V . 69, p. 695.
Income Tax Decision.— See under Phila. Rapid Transit Co. above
V. 69, p. 695.
(8 ) G R E E N
RY.
& C O A T E S S T R E E T S P H IL A D E L P H IA P A S S E N G E R
ORGAN IZATION .— Incorporated April 21 1858. Leased to People *
Passenger Ry. for 999 years from Sept 1 1881 at an annual rental of $60,000
Interest on bonds (since fallen due) and expense o f management.
FIELD OF OPERATIONS AN D C H ARACTER OF BUSINESS.—
Trackage, 5.180 miles.
Income Tax Decision.— See under Phila. Rapid Transit Co. above and
w 108, p. 784.
Stock. 10,000 shares (par value, *50) *15 paid In. Dividends are 12%
jmt an. CQ-J): on par or 40% on amount paid in (but see V. 107. p. 1384).
—V. 107. p. 1384: V. 108. p. 784.
(9 ) H E S T O N V I L L E
M ANTUA
&
F A IR M O U N T
PASSEN GER
RR.
O R G A N I Z A T I O N . — lncorp. A p r i l 6 1859.
L E A S E . — Hestonvllle M . & F. road leased
Franchise is perpetual.
from Jan. 1 1898 to Union
Traction for 999 years at a rental o f 6% on the preferred and 4% on the
lommon stock. By the terms o f the lease the Fairmount Park & Hadding
ton lease is assigned to the Union Traction, which assumes the dividends
fraranteed on that stock
FIE LD OF OPERATIONS.— Trackage, incl. leased line, 18.256 miles.
Income Tax Decision.— See under Phila. Rapid Transit Co. above and
v 108, p. 784.
STOCK AND BONDS—
Date.
Interest
Outstanding. Maturity
Oommon stock par $50______ _____
4 J-J
$1,966,100 f.p. See text
Preferred stock oar $50_____ ___
6 J-.T
533.900 f.n See text
Consolidated M $1,250,00011894 5 ^ g M - N *1,247,500 M ay 1 1934
g $500 & $1,000_____c*xtf)Int. at Girard Trust C o., Phila., trustee.
Guaranteed rental 999-year lease—
Talrmount Pk & Haddington! _____
6 «F -A
300.000
See text
Pass Ry stk par $50--------- /
'Leased Equipment Account. Dec 31 1924 __
241,968
ue leased lines Dec. 31 1924 __________________
100,000
Interest is payable in Philadelphia
r Free of tax.
• Of the $1,250,000 outstanding, $124,500 were issued Jan. 1901 as 3H*
to take up bonds of like amount of the Fairmount Pass. Ry. due at that
time and $75,000 on Mar. 1 1902. to take up a like amount of 2d morttraae
6s maturing on that date and the remaining $1,050,000 were issued as 5s.
This issue originally matured M ay 1 1924; $1,247,500 were extended to
May 1 1934 at 5 )4 % . The extended bonds are red. all or in part on any
int. date on 30 days’ notice at 10214 and int. Penna. 4-mills tax refunded.
In April 1924 Dillon, Read & Co. sold at 100 and int. $1,247,500 extended
cons, (now 1st) mtge. 5 \4% bonds. V. 118, p. 2179.
Common stock authorized, 39,322 shares; preferred, 10,678 shares; par
value o f each, $50; stock outstanding as in table.— V. 118, p. 1519, 2179,
2304. 2825.
(1 0 ) L O M B A R D
&
SOUTH
STREET
PASSEN GER
R Y . — See
Frankford & Southwark Passenger R R .
(1 1 ) P E O P L E ’ S P A S S E N G E R
RY.
ORGAN IZATION .— Chartered Apr. 15 1873. The People’s Trac. Co.
on Apr. 15 1893 acquired the entire capital stock of this road at $70 per
share. The Traction Co. then leased the People’s Passenger R y. By a
tripartite agreement this lease was on July 1 1896 assigned to the Union
Trac. Co. for 998 years and three months. Rental is 10% per annum on
capital stock ($2 50 per share) as below shown, nearly all of which is pledged
or People’s Pass. R y. trust certificates.
FIE LD OF OPERATIONS.— An electric road. Trackage, 0.962 miles
STOCK A N D BONDS—
Date. Interest. Outstanding. Maturity.
Common stock ($25)------------ -------- 10% M-S 31 a60,000 shs. See text
Preferred stock ($25)------------ -------- 10% M-S 31 a23,000 shs. See text
First mortgage ($1,000)c .c p t 1874
4 J-J 15
$219,000 Jan. 15 1935
Second mortgage $500,000/ 1881 4 J-J
285,000 July 151961
($ 1 ,0 0 0 )___________ c .c p t /I n t . at Guar. Tr. & S. D . Co., Phila., Trus.
Consolidated mtge $1,125,-/ 1882 4 M-S
246,000 Mar 1 1962
000 ($ l,0 0 0 )--r -c& r_cpt\lnt. at Guar. Tr. & S. D . Co., Phila., Trus.
a Total stock paid in $924,056.
Int. on 1st M . bonds at Land Title & Trust Co. The 1st M . bonds ma
tured Jan. 15 1905, but $219,000 o f the $250,000 were extended as 4s to
1935, the remaining $31,000 being canceled. The 2d M . bonds matured
July 15 1911, but were extended as 4s to 1961. Consol, mtge. bonds were
originally 5s and fell due Mar. 1 1912, but were extended for 50 years as 4s.
Due People’s Traction Co. Dec. 31 1924 for construction and equipment,
$5,947,202.
The stock acquired by the People’s Traction Co. was pledged as security
for trust certificates. See People’s Traction. V. 63, p. 557; V. 92, p . 1500.1
2
(1 2 )
[V ol. 121,
PUBLIC UTILITIES
P E O P L E ’S T R A C T I O N .
An electric road.
O RGAN IZATION .— A Pennsylvania corporation chartered March 6
1893 to operate and equip with trolley the People’s Passenger R y., the
entire capital stock of which it purchased on or about April 15 1893. In
Oct. 1895 the Union Traction Co. acquired all traction stock at $76 per
share, the Pennsylvania Co. for Insurances on Lives and Grant. Ann.
issuing therefor its guaranteed trust certificates. Only July 1 1896 the Union
Traction Co. leased the road for 998 years and three months.
STOCK, &C.—
Date. Interest.
Issued.
Maturity.
Capital stock ($30) ( S e e / -----See text. /200.000 shs. \ ______
t e x t _____________________ 1
1 Full paid /
Trust certificates gold 1893/ 1893
4 g F-A
$5,807,970 Feb 1 1943
not subject to call ( $ 1 Interest, tax free, payable at Pennsylv. Co
000) _________________ c p t i for Insurances on Lives, &c., Phila., Trus.
Trust certificates were issued by Pennsylvania Co. for Insurances, &c.,
and are secured by pledge of People's Passenger R y . stock (see that company
above) and by contract of People’s Traction Co., which guarantees principal
and Interest. Issue limited to $1,000 for 14 2-7 shares deposited, making
total authorized, $5,810,000. Of this, $5,000,000 outstanding Dec. 31
1924. Sinking fund $25,000 yearly, began Feo. 1 1903.
(1 3 )
P H IL A D E L P H IA
C IT Y
PASSEN GER
RY.
ORGANIZATION.— Incorporated Mar. 26 1859. Leased to West Phila
delphia Passenger Railway Co. for 900 years from Jan. 1 1884 for interest
on bonds, $2,500 per year for organization and dividend of $7 50 per share.
Transferred under lease o f Philadelphia Traction Co. Oct. 1 1895 to the
Union Traction Co. The 1st mtge. 4% bonds due Jan. 1 1960 were origi
nally 5% bonds, and fell due Jan. 1 1910, but were extended at 4% without
option of prior redemption. V . 89, p. 1543.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
A trolley road. Trackage, 9.549 miles.
Income Tax Decision.— See under Phila. Rapid Transit Co. above, and
V . 108, p. 784.
STOCK AND BONDS—- Date. Interest. Outstanding. Maturity.
Stock $1,000,000 ($50)___________
7H W
/20,000 shs.\ See text
t$23 75 paid)
First
mortgage
extended/ 1861
4 J-J
$200,000 Jan 1 1960
($500) c _____________ cptlL and Title & Trust C o., Trustee.
Debentures ($500 &c) c . c p t j ___
5 M-S
100,000 Mar. 1 1935
(Interest at Land Title & Trust C o., Phila.
V. 89, p. 919, 1543; Y. 108, p. 785.
(14) P H I L A D E L P H I A & D A R B Y R Y .
ORGANIZATION.— Incorporated April 28 1857. Leased to the Phila
delphia City Passenger Railway Co. for 999 years from Jan. 1 1870, for
$8,000 per annum and interest on bonds. Transferred under lease of
Philadelphia Traction Co. Oct. 1 1895 to Union Traction Co.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
A trolley road. Trackage, 17.658 miles.
Index Tax Decision.— See under Phila. Rapid Transit Co. above and
V. 108, p. 784.
STOCK AND BONDS—- Date. Interest. Outstanding. Maturity.
Stock (par $50)___________________
4 J-J
$200,000 See text
First m ortgage_______ c . c p t / ____
4 M -N
100,000 M ay 1 1927
(Int. at Land Title & Trust C o., Phila., Pa.
V. 108, p. 784.
(15) P H I L A D E L P H I A & G R A Y ’ S F E R R Y P A S S E N G E R R Y .
ORGANIZATION.— Incorporated April 9 1858. Leased to Philadelphia
Traction Co. for 999 years from Jan. 1 1891 at rental, first five years,
$43,225, or $3 50 per share per annum, and $49,400, or $4 per share per
annum thereafter, the lessee to pay all taxes, running expenses, &c. Oper
ated by Phila. Rapid Transit Co. On Jan. 20 1903 absorbed the Schuylkil
River Pass. R y. and increased capital stock to $1,000,000. V . 76, 654.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
A trolley road. Trackage, 10.204 miles.
C A PITALIZATION .— Stock auth., $1,000,000 ($50); outstanding.
12,388 shares, $310,157 paid in.
Dividends at Real Estate Title Insurance & Trust Co.
(1 6 ) P H I L A D E L P H I A
T R A C T IO N .
ORGANIZATION —Incorporated Aug. 22 1883 and secured control ot
an extensive system of roads in Philadelphia, Pa.. Which it held either by
lease or ownership of securities, not in fee. Under the lease to the Union
Traction Co., dated Oct. 1 1895, all the leases and the securities owned wert
assigned to the Union Co., which assumes all liabilities for rentals, &c.
The lease to Union Traction Oo. is for 999 years from Oct. 1 1895. anO
provides for dividends of $4 (8 % ) per annum on each $50 share, payable lr
gold coin, free of taxes. See V. 61, p. 663. for extracts from lease. Phila
delphia Traction stockholders were allowed to subscribe for new Unior
Traction stock. See V. 61. p. 197.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS —
A trolley road. The system assigned to the Union Traction Co. aggregated
(on Dec. 31 1924) 344,480 miles, consisting of the following “ Passenger
Railways” :
V*t(r«
M ile s
Onion Passenger R y _________ 79 501 17th and 19th Streets_____ .14,191
West Philadelphia Pass. R y.-73.572 22d & Allegheny_______ ___ 67.935
Ridge Avenue Passenger Ry._15.973 Catharine S Bainbridge Sts_. 6.381c
Philadelphia & DarbyPass R y l7 658 Huntingdon St. Connect___________ .169
13th & 15th Streets.. ..............18.737 Kessler St. Connect_________
15t
Philadelphia & Gray’s F erry.. 10 201 Ridge Ave. Connect_________
221
Continental Passenger R y____ 16.976 Walnut St. Connect________
t 37"
Empire Passenger R y_______ 12.872
Philadelphia City Passenger Ry9 549
Total of all........................ 344.480
Income Tax Decision.— See under Phila. Rapid Transit Oo. above »o<
V. 108, p. 785.
Stock, auth. and outstanding, $20,000,000 (par *50'
Open account
Dec. 31 1924, $16,121,156.
Dividends—
| ’85. 86. ’87. ’88. ’89. ’90-’93. 94. 95. ’96 and sine.
Per cent------- 2
3
6
5
4
6
8 8 8 % per annur
Onder lease, dividends of 8 % are guaranteed. V 61. p. 663; Y 73 p 281.
— V. 93, p. 408; V. 97. p. 951; V. 106. p. 925; V. 108. p. 785 V 110
2568;V. 113, p. 1252;V. 114, p. 1181.
(1 7 )
P H IL A D E L P H IA & W IL L O W G R O V E S T R E E T R A IL W A Y C O .
ORGANIZATION.— Is a consolidation in 1904 of the Phila. & Willow
Grove Street R y. and the Glenside & Willow Grove Street R y. Entire
stock is owned by. the Union Traction Co. The Phila. Rap. Tran. Co.
guarantees the bonds, prin. and int., by endorsement. See guaranty
V. 79, p. 904.
FIE LD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Trackage from intersection of Weaver St. or Cherry Lane with Montgomery
County line to Willow Grove Park, 15.443 miles.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Stock $124,000____________________
________
$100,800 __________
First mtge $1,000,000 guar/ 1904 4 14 g J-J
1,000,000 July 1 1934
gold ($1,000)______e*_cpt llnt.at Land Title & Tru.Co., Phila.,Trustee
Bonds.— Bonds are subject to call on any interest date at 105 and interest
upon 30 days’ notice. A sinking fund began after 5 years: of $10,000 per
annum for 5 years, $15,000 per annum for following 5 years and $20,000
per annum for the ensuing 15 years. See V . 79, p. 904.— V. 81, p. 32.
(1 8 )
R ID G E
AVENUE
PASSEN GER
RY.
ORGANIZATION.— Consolidation of Girard College Passenger R y. and
the Ridge Avenue & Manayunk Passenger R y. on March 8 1872. Leased
to the Philadelphia Traction Co. for 999 years from Sept. 1 1892 for dividend
of $10 per share per annum to Sept. 1895 and $12 per share thereafter.
Operated by Phila. Rap. Transit Co.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Trackage, 15.973 miles.
Income Tax Decision.— See under Phila. Rapid Transit Co. above and
V . 108, p. 785.
STOCK.— Authorized, $750,000 ($50); outstanding, $420,000, $28 per
share paid in.
On account of some old debts, dividends for 1896 were continued at $10
per share instead of the $12 as noted above. In 1897 dividends were in
creased to $12 per share.— V. 108, p. 785; V. 109, p. 73; V. 120, p. 2818.
(1 9 ) S E C O N D
&
T H IR D
STREET
PASSEN GER
RY.
ORGANIZATION.— lncorp. April 10 1858. Leased Jan. 1 1893 to
the Frankford & Southweark Phila. City Pass. R R . Co. for 999 years for
the following guaranteed dividends per share per annum:
1893.
1894-95.
1896-97.
1898-99.
19.00
1901.
1902 & after
$8 50
$9
See below
$10
$10 50
$11
$12
Dividends in 1896 and 1897 were to be $9 50 per annum, but the dividend
for 1896 and for the first half o f 1897 was at the rate of $9 per share instead
of $9 50, the balance being applied to the payment of the debt of $27,000
incurred for paving. V. 62, p. 785. The full $12 per annum, however,
has been paid since.
This lease was assumed by Electric Traction Co. July 1 1893.
Stock issued, 21,204 shares (par $50): $771,076 paid in.— V. 107, p. 2377.
(2 0 ) S E V E N T E E N T H & N I N E T E E N T H S T R E E T S P A S S E N G E R R Y l
ORGAN IZATION .— Incorporated April 12 1859. Leased to the Contif
nental Passenger Railway Co. for 99 years from July 1 1879 at a rental o
$15,000 per annum, being 6 % on $250,000 amount paid in (10,000 shares at
$25) par $50, interest of bonds, taxes, expenses, &c. Transferred under
lease of Philadelphia Traction Co. Oct. 1 1895 to the Union Traction Co.;
all rights of the Philadelphia Traction Co. to dividends on the 10,000 shares
Oct., 1925.]
POWER, LIGHT AND RAILW AY
of the 17th & 19th Streets road, which were then held by the Union Passen
ger Kail way Co. as trustee and lessees, being also transferred to the Union
Co. Stock all owned by Continental Pass. Ry. Co.
PIETD OP OPERATIONS.— Trackage, 14.191 miles.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock (par $50)___________________
3 J-J
{10,000 shs. 1
See text
\ $25 paid /
First mortgage ($500) exten-f 1876
5K J-J
$100,000 July 1 1929
d e d ________________ c_cp t(In t. at Fidelity Trust Co., Phila., Trustee.
The bonds originally bore int. at the rate o f 5% per annum and matured
July 1 1919, but were extended for 10 years at
Due lessee for additions Dec. 31 1924, $554,289.
(2 1 )
T H IR T E E N T H
&
F IF T E E N T H
STREETS
PASSEN GER
99
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
_________
$250,000 ________
Stock $300,000 ($50)________ _____
First mortgage $300,000 gold f 1918
5 g J-J
250,000 Jan 11948
($500 & $1,000)_ c*&r.tf {Int. payable at Butler Co. Trust Co., trustee
_
•
l Butler, Pa.
Bonds.— Not subject to call and no sink. fd.
EARNINGS.—-For cal. year 1924, gross, $106,022; net after taxes,
$4,921. In 1923, gross, $113,107; net after taxes, $6,128. In 1921, gross,
$106,072; net before taxes, $23,822; int. & taxes, $15,709; bal., sur., $8,114.
In 1920, gross, $152,054; net after taxes & deprec., $2,696. In 1919,
gross. $126,286; net after taxes & depr., def., $9,829.
OFFICERS.— Pres.,__ ;_________ ; V .-P ., J. V. Ritts; Sec.-Treas. and
Gen. M gr., R. E. Sprenkle.—-V. 110, p. 1748.
RY.
ORGAN IZATION .— Incorporated April 8 1859. Leased Jan. 1 1892 to
Philadelphia Traction Co. for following rental: From Jan. 1892 to Jan. 1894,
$9 per share per annum; 1894 to Jan. 1897, $10 per share; 1897 to Jan.
1900, $11 per share, and from Jan. 1900 $12 per share. Lease transferred
to Union Traction Co. Oct. 1 1895.
§3681
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
A trolley road. Trackage, 18.737 miles.
Income Tax Decision.— See under Phila. Rapid Transit Co. above and
V. 108, p. 785.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $1,000,000 (par $50)_ _____
_
$12 J-J $334,529 pd.in.
See text
1st M tge. ($500,000)__ c .c p t 1894 5 & 3M J-J $436,000 Jan 1 1934
Real estate mortgages____c p t ____
_________
55,000 ---------------The 1st M tge. bds. are guar., prin. and int., by the Phila. Traction Co.
and the coupons are payable tax free: $36,000 of these are 31l/s and were
exchanged for old 7% bonds of like amount due Oct. 1 1903. V. 77, p. 695.
Interest and dividends are payable at office of the Fidelity Trust Co.,
the trustee o f both mortgages.
Dividend in July 1895, $5 per share; the Jan. 1896 dividend was not paid
owing to payment o f city’s claim for paving. V. 61, p. 1155. In July
1896 paid $4 per share; in 1897 $10 50 per share; in 1898, $11 per share; in
1899, $11 per share; in 1900, $11 50 per share; 1901-1907, incl., $12 per
share per ann. In 1908, Jan., $6; July, $6 and $1 extra (paid out of accum
ulated surplus); 1909 and since, $12 per share per annum.— V. 86, p. 1531;
V. 108, p. 785.
CHAMBERSBURG & GETTYSBURG ELECTRIC RY
ORGANIZATION.— Incorp. in Pennsylvania Dec. 4 1900.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Operates 12.90 miles o f all track between Chambersburg, Stofferstown,
Fayetteville, Greenwood and Caledonia. 60-girder rails. Gauge 5 ft.,
2H in.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $225,000 ($50)_________ ______
________
$225,000 ________ .
1st mtge, $225,000 ($1,000)1 1903
5 M -N
225,000 M ay 1 1933
not red., no sink fund_ c*/In t. at Northampton Tr. C o., Easton, Trust
_
EARNINGS.— For calendar years:
Year—
Gross.
Net.
Oth.Inc.
Int. & Tax.
Balance.
1922............. ..$48,713
$4,445
$325
$11,959 def.$7,188
1921.............
53,015
8,189
513
12,119 def. 3,417
1920-------------- 59,067
19,537
251
13,512 sur. 6,276
Latest Earnings.— For 12 mos. ended Dec. 31 1924, gross, $46,839; net
before taxes, $114. In 1923, gross $52,727; net before taxes, $1,224.
OFFICERS.— Pres., M . O. Kennedy; V .-P., T . B. Kennedy; Sec. and
Treas., W. L. Ritchey; Aud., F. J. Fell, Jr.; Supt.. D. B. Fretz.— V. 105,
p. 2271.
THE NORTHAMPTON TRANSIT CO.
OKGANIZATION.— A reorganization In 1921 of the Northampton
Traction Co. (for history see ‘ Electric Railway" Supplement of April 29
(2 2 ) U N I O N P A S S E N G E R R A I L W A Y .
1922) sold at foreclosure June 1 1921
Holders of 1st Mtge. 5% bonds of
O RGAN IZATION .— Incorporated April 8 1864. Leased to Philadelphia the old co received a like amount of new Northampton Transit On 1st
Traction Co. for 999 years from June 30 1884 at an annual rental of $285,000 VItge 6% bonds, as per plan in V. 115 p 760
or $9 50 per share on stock, and interest, taxes, &c. There are outstanding
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
30,000 shares ($1,500,000) of stock, on which $30 83 1-3 has been paid in Owns and operates road extending from Easton, Pa., to Tatamy, Nazareth
on each share, or a total of $925,000. $302,300 of the stock is owned by and Bangor, Pa.
the Philadelphia Traction Co. Its lease of the Continental Passenger Ry.
STOCK AND BONDS—
Date. Interest. Outstanding
laturuy
was assigned to the Philadelphia Traction Co. and from Oct. 1 1895 to
p a r ___
3.000 shs.
.
M a y 1 1902 operated by the Union Traction Co. The Union Passenger Oommon 3,000 shares (no 105\ )1921 _________
6 J-J
July 1 1941
Railway Co. is still holding, as lessee and trustee 6,090 shares Empirej 1st cMtge $400,000 red at . _/Northampton Tr Co., 400,000 Pa Trustee
S. interest.. __ _
Easton.
Passenger R y. stock and 10,000 shares of 17th & 19th Streets Passenger Ry
2d Mtge $250,000 red at 1051 1921
6 J-J
150.000 July 1 1941
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
S Interest.
c
. (Northampton Trust, Co . Easton, Pa.. Trust
A trolley road. Trackage, 79.501 miles.
Bonds.— *100.000 2d m'ge 6s held in treasury
STOCK AND BONDS—
Date. Interest.
Outstanding
Maturity
OFFICERS.— Pres., Chester Snyder.— V. 115, p. 760.
See text.
See text.
Stock $1,500,000 (par $50)________ $9 50 J-J
First mortgage ($100 and! 1881
4 A-O
$500,000 Mar 31 196)
PHILADELPHIA & EASTON TRANSIT CO.
*ot)U)
___ _______ c .c p t ) Pennsylvania Co. for Lnsur. on Lives, Trus
second mortgage ($100 and( 1884 4 A-O
250,000 Mar 31 196(
ORGANIZATION.— Incorp. July 30 1921 in Penna. as successor by
$5 00).. . ........... . c .c p t Ont on both loans at Land T A T .C o ..P h il.
reorganization (see plan in V. 114, p. 80) to Philadelphia & Easton Electric
Oue lessee company for additions Dec 31 1024 $6,655,212
Ry., for history of which see “ Electric Railway” Supplement of Oct. 22 1921
On July 1 1925 a semi-annual dividend o f $4 75, less 60 cents income tax,
Under the plan outlined in V. 114, p. 80, the holders of 1st Mtge. 5% bonds
was paid. V. 120, p. 3066.
In the old co. received 40% In new 1st Mtge. 5% bonds, 30% in Pref. and
The 1st mtge. bonds were originally 5s and matured March 31 1911. bu'
30% in Com. stock of the new co. in exchange for same. The Com. and
in Jan. 1911 arrangements were made with Drexel & C o., Phila., to pur
Pref. stocks of the predecessor co. were without value under the terms of the
chase the bonds, and they were extended for 50 years at 4% without option reorganization, no consideration being given them.
to call. V 92, p.190
The 2d M . bonds of 1884 were formerly 5s, and tna
FIELD OF OPERATIONS AND C H A R ACTER
ured Mar 31 1910. but were extended for 50 years at 4% without right 01 Operates 32 miles of road between Doylestown and OF BUSINESS.—
Easton; “ T ” rail;
prior redemption
V 00 o 62®
tanri Title A "c-iiot Co has Hoar
5 ft. 2H
substituted trustee.— V. 117, P- 2655; V. 118, p. 2825; V. 119, p. 2649; gauge, protectivein.; 8 cars. for the Phila. & Easton Elec. Ry. 1st Mtge
The
committee
V. >,120, p. 3066.
5s consisted of William Pearson, Chairman. Harrisburg, Pa ; L. B. Hillard
Wilkes-Barre, Pa.; A. O. Patterson, Philadelphia, Pa.; Henry G. Rush
(2 3 ) W E S T P H I L A D E L P H I A P A S S E N G E R R A I L W A Y .
Lancaster. Pa. Depositary: Northern Trust & Savings Co . Lancaster, Pa
ORGAN IZATION .— Incorp. May 14 1857
Leated from Jan. 1 1884 to
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity
the Philadelphia Traction Co. for 999 years at an annual rental of $150,000
Oommon. $300,000 ($50)_________ __________$273,300 . . . _______________
or 20% on stock, and interest, taxes, &c.; transferred Oct. 1 1895 to Unlor
_______
273,300 ...................
Pref6 % non-cum$300,000($50) ___
Traction Co
The Philadelphia TractiOD Co. owns $392,950 o f the $750.
1st Mtge $500,000 ($100, $500(1921
5 A-O
364,400 Oct 1 194C
1)00 stock
and $1,000).. _____ _tf.c*/Int at Northern Tr. & Sav. Co.. Trustee
Special meeting July 16 1925, removal o f tracks in Chestnut and Walnut
Block. —The pref. stock is non-cum , without voting power, subject to
streets, V. 121, p. 77; indefinitely postponed, V. 121, p. 1464.
The common
voting power.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.— redemption at any time.that the commonstock has exclusive a voting trust
The plan recommended
stock be placed in
A trolley road. Trackage, 73.572 miles.
tor five years
STOCK AND BONDS— Date.
Interest.
Outstanding. Maturity
Bonds.— Additional bonds may only be issued for exts., lmpts.. See. Int.
Stock (par $50)..................................
$10 J-J
$750,000
See text
payable free of Penna. State tax
V. 114. p. 80
First mortgage ($1,000)
I 1876
3H A-O
246,000 April 1 195f
EARNING S.— For years ended Dec. 31:
gold________________c.cptlG irard Trust C o., Philadelphia, Trustee
Calendar Years—
1924.
1923.
1922.
1921.
Second mtge ($1,000) ..c. cp t I 1886
5 M-N
750.000 May 1 1926
Gross______________________
$94,970 $110,898 $143,637 $167,797
Free from tax
{Pennsylvania Co. for Ins. on Lives & Grant- N et-----------------------------------3,604
6,604
20,029
34,988
' lng Annuities Phila Pa.. Trustee
OFFICERS.— Pres.
Sickler; V
Dividends.— On July 1 1915 a semi-annual div. of $5 was paid, less 63c. Hillard; Sec. & Treas., & Gen. M gr., A. H. 114, p. 80. .-P ., Lord Butler
W. S. Chambers.— V.
income tax. V. 120, p. 3067.
Bonds.— Interest on 1st mtge. bonds payable at Girard Trust Co., Phila.
int. on 2d mtge. bonds payable at Land Title & Trust C o., Philadelphia.
WESTMORELAND COUNTY RAILWAY CO.
Pa. The first mortgage 6s matured April 1 1906 but were extended for
ORGANIZATION.— Incorp. in Penna. on Dec. 27 1904. Is a con
V) years at 3 H % .
solidation of Bradenvllle & Derry St. R y. and Blairsville & Derry St. Ry.
Due lessee for additions to Dec. 31 1924, $2,508,792.—-V. 117, p. 2655;
FIELD OF OPERATIONS.— Operates 7 miles of track.
V. 118, p. 2825; V. 119, p. 2649; V. 120, p. 3067; V. 121, p. 77, 1464.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock. $500,000 ($50).................................................
$500,000 __________
First mortgage, $250,000, gf 1905
5 g M-S
179,900 Mar 1 1935
ALLENTOWN & READING TRACTION CO.
($100)_________________ c*\Int. at East End Sav. & Tr. C o., Pitts., Trus.
ORGANIZATION.— Incorp. Apr. 25 1898 and leased the Allentown &
Bonds.— No sinking fund and bonds are not subject to call.
Reading Electric Street Ry. tor 290 years from June 4 1898. On Feb. 6
EARNINGS.— For years ending Dec. 31:
1902 leased for 290 years the Kutztown & Fleetwood Street R y. Controls Cal. Yr.—
Gross.
Net.
Oth. Inc.
Interest. Taxes, t%c. Surplus.
the Kutztown Light, Heat & Power Co.
1924_______ $55,426
$5,353
$183
$9,266
_____def.$3,730
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
12,009
404
9,102
2,085
1.226
63,087
1923............
A trolley road. Operates 39.60 miles main line, 7.50 miles sidings— total. 1922________ 59,714
14,159
6.489
9,732
1,140
9,776
47.10 miles; 43 cars. Connects with United Traction Co. tracks from 1921............ 67,357
25,661
____
10.601
14,295
765
Reading, thus forming a through line from Allentown to Reading.
OFFICERS.— Pres. . John E . Potter; V .-P ., F. W m. Rudell; Tec. S
c
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Treas., H. S. Calvert, all o f Pittsburgh; Supt., S. F. Schwerdt, Derr-r.
Stock $750,000 (par $50)__________
_________
$250,000 ..................
— V. 82, p. 50.
Allent & Kutz 1st M $250,000/ 1900
5 g J-J
250,000 July 11936
g $100, $500 & $ l,0 00-cp t (Interest at Fidelity Trust C o., Phila., trustee
MUNICIPAL SERVICE CO.
1st M Kutztown & Fleetw’dl 1902 5 g J-J
200,000 Jan 1 1932
$200,000 guar d & i ------c p t /
Controlled by National Public Service Corp.— V. 120, p. 2944.
1st consol mtge $750,000 gold/ 1902
5 g J-J
300,000 July 11932
ORGANIZATION.— Incorp. in Maine on Feb. 14 1912 as a holding co.
($500 & $1,000)--C&r_cpt\lnt. atlnteg. Tit. Ins. & Tr, C o., Phil..trust.
Owns or controls operating companies located in Pennsylvania, Virginia,
2d consol mtge $300,000 ($500/ 1907
5 M -N
163,000 M ay 1 1937 Ohio and Georgia, as follows: Edison Light & Power Co., York Railways,
& $1,000)__________ c& r.tf (Berks County Trust C o., R lading, trustee.
Glen Rock Electric Light & Power Co., Citizens Light & Power Co.,
Bonds.— Of the $750,000 o f new consols, $450,000 are reserved to retire Citizens Traction Co., Bainbridge, Inc., C o., Titusville Light & Power
They are subject to call at par since July
S ' ■liens. first mortgage bonds are redeemable at par.1 1917; no sinking C o., Chester Valley Electric C o., Alexandria Light & Power Co., Youngs
. The
town & Suburban R y., Valdosta Lighting Co., Ware County Light & Power
EARNINGS.'—For year ending Dec. 31 1924, gross, $287,868: net, Co., Keystone Public Service Corp.
Operates electric generating stations with an aggregate capacity of 53,$59,750; bond interest, $45,650; other interest and discount, $1,694; bal.,
666 h.p. Electric customers 54,226. Population served over 272.000.
sur., $12,406.
230 miles transmission lines. 235 miles of track. Annual output, ice
OFFICERS.— Pres., Geo. B. Shaffer.— V. 81, p. 1492; V. 82, p. 216; companies 32,500 tons.
V. 109, p. 675.
Also operates buses.— V. 104, p. 2235; V. 117, p. 2770; V. 118, p. 907;
V. I l l , p. 294.
Offer to Stockholders.— See V. 120, p. 1881.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
BUTLER RAILWAYS CO.
Common 100,000 shs (no par). —__
Q-.T
73,500 shs.
See text
ORGANIZATION.— Incorp. July 1 1917 in Penn, as successor to Pref cum 6% $2,000.000($100)-----Q-F
2,933,200 N o v ’25
the Butler Passenger R y., the City Division of the Pittsburgh & Butler 10-yr deb bonds $1,500,000 1918 6%
678,000 Dec 1 192l
R y. (the Interurban Division of which was sold under foreclosure M ay 9
($500 & $1,000) g_____ctff'.R ed. at 101 on any int. date.
1917— see Pitts. Mars & Butler R y., successor co., under Pittsburgh). First Lien Coll Trust M tge 1917 5 M-S 1
4,554,700 Mar 1 1942
Tne property of the Butler Pass. R y. was taken over by the holders of
$20,000,000 ($500 and $ 1 ,-(Interest payable in Boston and Philadelphia.
$500,000 1st mtge. 5% bonds due 1936 and reorganized.
0 0 0 )_______________c*.cp t (Philadelphia Trust Co., Trustee.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.— 5 yr. 6% serial coup notes_ 1923
_
6 J-D
$350,0001925-8
Operates 13.28 miles o f track In Butler. Rail (girder, except 2 H miles T ), 3H yr- 6% g notes ($1,000) f 1925 6% M -N
$3,250,000 Nov 1 1928
6M bs. Gauge, 5 ft. 2 in.
____________________ c* _tf (Guaranty Trust Co., New York, trustee.
100
[V ol. 121.
PUBLIC UTILITIES
Bonds.— The 1st lien & coll, trust bonds are secured by $4,390,000 mtge.
bonds, $1,276,000 pref. stock and $2,041,600 com. stock of sub. cos. Add'l
bonds may be issued only for acquiring and placing under the mortgage
at least an equal amount o f mortgage bonds of subsidiaries now outstand
ing, or, further, at the rate of 85% for those to be issued by subsidiaries
for construction, but under certain earnings requirements. Sinking
fund of 6% o f net earnings of subsidiary companies after payment of operat
iDg expenses, taxes and renewal reserves, less sinking fund payments orpresent sub. co’s. mtges. from Mar. 1 1918 to Mar. 1 1925, and 5% there
after. Subject to call in whole or part on any int. date at 103 and int
Additional debentures may be issued only under certain restrictions. Tax
refund in Penna. and Mass, to amount not in excess o f laws in effect ai
time o f issuance. V. 108, p. 171.
The 3 yr. 6% gold notes M ay 1 1925 are red. on 30 days’ notice at par
and int. plus A % for each year or portion thereof of unexpired term.
Interest payable in New York. Penn. 4-mills tax, District of Columbia
5-mills tax, California tax not exceeding 4 mills and Mass, income tax not
exceeding 6% refundable. V. 120. p. 2550. G. H. Rollins & Sons., &c.,
sold in M ay 1925, $3,250,000 at 99M and int., to yield 6.15%.
Dividends.— 6% is being paid on pref. stock. Of the $2,322,700 pref.
stock outstanding, $586,500 is entitled to extra divs. of 2 A % per year.
Initial dividend of 1% on common stock paid in April 1914; in 1915, 3% ;
1916 and 1917, 4% . None to 1922. when $1 was paid. In 1923. M ay, 25c.;
A ug., 40c.: N ov., 40c. In 1924, $2. In 1925, $2. In Oct. 1923 a stock
dividend of 19-81 of a share o f common was also paid.
EARN ING S.—
For Calendar Years—
1924.
1923.
1922.
1921.
Gross earnings_________ $5,109,210 $4,734,343 $3,626,299 $2,473,165
Oper. expenses & taxes. _ 3,251,360
2,979,034
2,298,012
1,671,541
Income from oper’ns__ $1,857,850
Other income__________
97,090
$1,755,309
124,690
$1,328,287
39,604
$801,624
23,477
Gross income_________ $1,954,940 $1,879,999 $1,367,891
Income deductions_____
11,053
6,781
6,043
Fixed charges subs., incl.
minority insterest____
470,915
478,538
308,252
Exp.— Munic. Serv. Co_
46,072
33,682
39,066
Int. collat, trust bon ds-.
208,044
198,384
183,646
Interest coupon notes_
_
62,048
65,584
88,931
Other interest_________
5,188
14,597
10.276
Amortization disc., &c__
43,712
42,342
49,865
Renewal reserve_______
546,720
441,712
315,321
Federal income tax_____
92,088
96,198
63,861
$825,101
11,892
116,179
17,148
157,771
88,754
26,138
45,984
148,816
8,710
Bal. available for divs.
$469,098
$502,183
$302,629
$203,710
OFFICERS.— President. Geo. B. Baker V.-Pris., Charles Day; Sec
John E. Zimmermann; Treas., L. B. Harvey: Asst. Sec., C . A. McClure
Asst. Treas., Jos. W. Swain Jr. General office. Land Title Bldv PldU
— V. 118, p. 907, 1392; V. 119, p. 2287; Y. 120, p. 331, 1328, 1881, 2550,
2944.
YORK RAILWAYS.
all of the property and assets of Penn Central Power Co., Rbensburg Light,
Heat & Power C o., Penn Central Powrer & Transmission C o., and Northern
Cambria Light, Heat & Power C o., the securities o f which companies had
been owned.
Proposed Sale.— On Oct. 12 1925 stockholders authorized the sale of all
of the property and franchises of the company to the United Lighting Co.
a subsidiary of National Electric Power Co'. V. 121, p. 708. Details of the
plan are given in Y . 121, p. 1302, 3463, 1790.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Does the electric light and power business in an important industrial, mining
and agricultural territory with an area of approximately 4,000 sq. miles in
central Pennsylvania. Territory served includes Blair, Cambria, Hunting
don and Mifflin counties, and parts of Indiana, Bedford, Franklin and
Juniata counties. Total population estimated at 327.000. Artificial gas is
supplied in Lewistown and Huntingdon. Property of the system includes
3 steam electric generating plants, with an aggregate rated capacity o f
approximately 46,500 k. w., and a hydro-electric generating station with a
rated capacity of 2,000 k. w. Company has 358.5 miles of high tension
transmission lines, a large part being of steel tower construction and prac
tically all located on private right o f w ay. It also has artificial gas plants in
Huntingdon and Lewistown, having an aggregate rated manufacturing
capacity o f 480,000 cu. ft. daily, together with 27 miles of distribution
mains. There are 33,053 electric customers connected to system and 2,584
gas customers. Company owns substantially all of the capital stock of the
Raystown Water Power Co., and a majority of the bonds and all the capital
stock of the Lewistown & Reedsville Electric R y. Co. and the Pennsylvania
Hydro-Electric Co. Also owns a coal property with about 10,000,000 tons
of undeveloped coal.
Franchises.— All important franchises are, in the opinion of the company’s
counsel, without time limit and free from burdensome restrictions.
STOCK AND BONDS—
Date. Interest.Outstanding. Maturity.
Common stock (no par)______ _____
_______
61,140 shs See text
_______
89,278 shs See text
Preferred stock (no par)______ _____
First and ref mtge (closed)/
1910 ’5 g A-O
$2,161,500 Apr 11950
($500 & $1,000) g old - - C * .t f tint, at Penn Co. for Ins. on L. & G. A..trust.
First & ref M 6% Ser due 1953 f 1923 6 g J-J
10,300.000 Dec 11953
Series due 1964__________ (
1924 5 A %
1,000,000 July 13964
($500 & $3,000 c* & $1,0001Penna. Co. for Insur. on Lives & Granting
&c r*) gold
________ t f [ Annuities, Phila., trustee.
Series due 1975__________ /
1925 5'A g A-O
5,500,000 Oct 11975
($1,000, $500, $100)___ tf\ In t.at Seaboard N at’l Bank, N . Y ., trustee.
Mifflin Gas & Elec Co 1st MJ
3906 5 g A-O
138,000 Apr 11936
($500 and $3,000)_____c .tf (in t. at office of W . W . Cunningham, Lewis( town, Pa., trustee.
Stocks.— The Preferred stock is in case of dissolution entitled to $70 per
share and div. before the Common stock.
Bonds.— First and ref. mtge. 5s of 1910 are callable on any interest date
at 105 and interest. Annual sinking fund of 1 % of outstanding bonds each
April 1 to be used for purchase or redemption of bonds at not exceeding 105
and interest. $2,239,500 retired through sintdng fund up to M ar. 31 1924.
First and ref. mtge. 6% series due 1953 are redeemable as a whole at any
time or in part and for the sinking fund on any interest date on 30 days’
notice at a premium of 5% on or before N ov. 30 1944, said premium to be
reduced by A of 1% commencing Dec. 1 1944, with a like additional reduc
tion commencing on Dec. of each year thereafter until maturity. Annual
sin King f tin d of 1% of outstanding bonds beginning Oct. 1 1928, to be used
for purchase or redemption of bonds not exceeding 105 and interest. Penna.
4 mills tax, Conn. 4 mills tax, Maryland securities tax not exceeding 4 A
mills per annum and Mass, income tax not exceeding 6% per annum on
income derived from the bonds refunded. In Nov. 1923 $10,300,000 6%
series, due 1953, were sold by Drexel & C o., Brown Brothers & C o., W . H.
Newbold’s Son & C o., Robt. Cdendenning & C o., and Edward B. Smith &
Co., at 98 and interest, to yield about 6.15% . V. 117, p. 2332.
The 1st & Ref. Mtge. Gold Bonds, 5 A s, Due 1975, are issued by the Penn.
Central Light & Power Corp. which took over the Penn. Central Light' &
Power C o. and intends to change its name to the latter title again within a
short time. They are red. on 30 days’ notice incl. Oct. 1 1935 at 105 and
int., this premium o f 5% decreasing at the rate of % % on each April 1
thereafter to maturity. Interest also payable in Chicago and Philadelphia.
Penn. & Conn. 4-mill tax, Maryland 4 '.-/-mill tax, Calif. 4-mill tax and Mass.
6% income tax refundable. In Oct. 1925, A. C. Allyn & C o., Inc., &c., &c.,
sold $5,500,000 at 97 and int., to yield 5.65% .— V. 121, p. 1790.
Dividends,— In Jan. and A pr., July and Oct. 1925 paid on pref. quar.
divs. of $1 per share and extras of 10c. per share. On com. paid quar. divs.
of 37A c . and extras of 10c. in Jan. and Apr. 1925.
EARN ING S.—Comparative income accounts years ended Dec. 31:
1924.
1923.
Gross earnings__________________________________$3,689,337 $3,329,354
1,722,103
1,773,869
Operating and maintenance expenses____________
Controlled by Municipal Service C o., which see above.
ORGAN IZATION .— Incorp. in Penna. Nov. 15 1907 as a consolidation
of properties operating in York and vicinity. V. 85, p. 1403. Franchise
perpetual.
The following companies have been consolidated or merged:
York Street Railway Co.
York Haven Street Ry. Co.
Wrightsville & York Street R y. Co. Red Lion & Windsor Street Ry. Co.
York & Dover Electric R y. Co.
Hanover & York Street R y. Co.
York & Dallastown Ry. Co.
Owns entire capital stock o f Edison Light & Power Co. (except K o f 1
share), incorporated in April 1913 to take over the lighting and power sub
sidiaries of the York Railways and other properties, including the Edison
Electric Light C o., the lighting companies of West York, North York. Man
chester, Mount Wolf, Dover, Hallam and others. In July 1915 the Mer
chants’ Electric Light. Heat & Power Co. of York was purchased and with
five suburban lighting companies consolidated with the Edison Light &
Power Co. Duriug 1916 a municipal lighting system was installed in York
under a 10-year contract. Also owns entire stock of York Suburban Land
Co. and York Steam Heating Co. (V. 85, p. 1463). In Aug. 1923 organized
the York Transit Co. for the purpose of operating buses.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
A trolley road. Owns and operates about 84.57 miles of track centring in
York, o f which 25.35 miles are within the city o f York. Interurban lines:
York & Windsor, 12.62 miles: York & Wrightsville, 10.49 miles; York &
Dover, 8.28 miles; York & York Haven, 10.44 miles, and York & Hanover,
17.39 miles.
Exchange Offer.— In Dec. 1922 the Municipal Service Co. offered to give
stockholders in exchange for each 12 shares of York Rys. common stock
(par $50) 5 shares o f 6% cum. pref. stock of the Municipal Service Co
(par $100). V. 115, p. 2582.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Common $2,500,000 ($50)_________
_________ $2,500,000 Oct ’25, 1 A
Pref $2,000,000 5% cum ( $ 5 0 ) - ___
Q-J
1,600.000 O c t ’ 25, 1 M
1st mtge & coll tr $10,000,000? 1907
5 J-D
4,938,000 Dec 11937
gold ($1,000)_________ c*tf\Guar. Tr. & Safe Dep. C o., Phila.. trustee,,
Stock.— Pref. stock is cumulative 3 years from date of issue. Stocks are
listed on Phila. Stock Exchange.
Bends.— The stock o f the controlled Edison Light & Power Co. and York
Suburban Land Co. are deposited as additional security for the bonds.
$1.178,000 bonds in treasury. Remaining bonds can only be issued under
certain restrictions. No sinking fund. See particulars of bonds, property.
&c.,‘ in V. 87, p. 40. Bonds listed on Phila. Stock Exchange
V .8 9 ,p .4 1 2 ;
V. 94, p. 984.
Dividends.— Initial div. on pref.— 1%— paid July 1911. In 1912, 4% .
In 1913 and 1914, 5% . In 1915 the regular Jan. div. of 2 A % was paid in
l
5% scrip dated Jan. 30 and maturing Jan. 30 1918, but called for payment
on Jan. 30 1916. The July div. o f 2 A % was paid in cash. In 1916, 6 k' % ■
In 1918 to 1924, incl., 5% . In 19 25,5% . An initial quar. div. of 1 % was
paid on the com. stock July 15 1922. V. 114, p. 2826. In Oct. 1922 1 %
was paid. In 3923, 4 % . In 1924, Jan., 1%; April, 1% ; July, 1% ; Oct.,
1 A % . In 1925, April, 1 A % ; July, 1 A % ; Oct., 1 A % .
EA R N IN G S.— Combined earnings for years ending N ov. 30:
Balance,
Nov. 30
Gross
Net, after
Fixed
Surplus.
Year—
Earnings.
Taxes & Deprec.
Charges.
$310,087
1923-1924________$2,163,927
$562,282
$252,195
381,672
1922-23__________ 2,007,462
607,879
226,208
303,331
1921-22__________ 1,810,787
527,992
224,661
207,002
1,720,417
436,292
229,290
1920-21.........
Note.— Taxes, deprec. and int. on bonds have been adjusted in accordance
with the results arising from an agreement with York Haven Water &
Power C o., whereby it assumes certain fixed charges o f the co.’s steam
power plant.
OFFICERS.— Pres., John E. Zimmermann; V .-P ., L. C. Mayer; V .-P.,
& Gen. M gr., J. E. Wayne; V .-P ., L. B. Harvey; Sec., M . G. Stees; Treas.,
E. A. Barnitz; Aud., S. H. Ludwig.— V. 114, p. 2471, 2826; V. 115, p. 456,
1534, 2582; V. 116, p. 297, 517. 2258, 2995; V. 118, p. 312, 433, 1522;
V. 119, p. 1512; V . 120, p. 3317.
PENN CENTRAL LIGHT & POWER CO.
Controlled by National Elec. Power C o., which owns the entire common
stock, except directors’ qualifying shares.
OR GA N IZA TION .— Incorp. M ay 26 1902 in Pennsylvania as Citizens
Electric Light, Heat & Power Co.; namfe changed to present title in 1910.
Consolidation of the Citizens Electric Light, Heat & Power C o., Edison
Electric Illuminating C o., Altoona, Pa.; Hollidaysburg Electric Light &
Power C o., Huntingdon Gas C o., Mifflin County Gas & Electric Co.,
Lewistown, Pa., Lewistown Light, Heat & Power C o., and Wilson Electric
Co. of Huntingdon, Petersburg and Alexandria, Pa., M t. Union Light &
Power C o., M t. Union, Pa. On March 23 1920 the old Penn Central Light
& Power Co. was merged with the A. B. Electric Co. into the present Penn
Central Light & Power Co. Company acquired in the latter part of 1923
Earnings, less operating______________________ $1,967,233
Taxes___________________________________________
126,528
$1,555,485
88,987
Earnings, less operating and taxes____________ $1,840,705 $1,466,499
Total fixed charges______________________________
809,090
403,644
Balance_________________
$1,031,615
Income deductions______________________________
48,490
Renewal reserve_________________________________
249,018
$1,062,855
17,855
327,919
T o ta l___________________ ______ ______________
$297,507
$345,772
Balance______________________________________
Federal income ta x ._ _______ _____________________
$734,108
89,300
$717,083
91,734
B a la n ce a p p lic a b le t o d iv id e n d s , s u rp lu s, & c ____
$ 6 4 4 ,8 0 9
$ 6 2 5 ,3 4 9
EARNING S.— For 12 mos. ending June 30:
1925G ross____________________________________________ $3,926,423
Fixed charges___________________________________
832,909
Miscellaneous deductions________________________
324,706
Federal income tax______________________________
103,558
1924.
$3,551,927
632,632
342,346
91,350
Bal. applicable to dividends, surplus &c_______
$763,037
$610,422
Central Iowa Power & Light Co.
National Electric Power Co.
Florida Public Service Co.
are a m o n g th e m a n y s tro n g P u b lic U t ilit y co r
p o ra tio n s w hose b o n d s h a v e b een u n d e rw rit
ten
and
d is trib u te d
by
th is
o rg a n iza tio n .
A.CA L L Y N " ™
C O M P A N Y
Incorporated
67 WEST MONROE ST., CHICAGO
NEW YO R K
P H IL A D E L P H IA
BOSTON
M IL W A U K E E
M IN N E A P O L IS
Oct., 1925.]
POWER, LIGHT AND RAILW AY
OFFICERS.— Pres., John E. Zimmermann; V .-P ., H. M . Watts, Phila.;
V.-P. & Asst. Treas., M il ward Oliver, Phila.; V .-P ., J. H. Shearer, Altoona;
Sec. & Asst. Treas., C. A. McClure, Phila.— V. 119, p. 588, 1852, 1965,
2648; V. 120, p. 1204, 2817, 3315; V . 121, p. 587, 708, 1102, 1463, 1790,
1909.
LEWISTOWN & REEDSVILLE ELECTRIC RY.
Controlled by the Penn Central Light & Power Co. o f New Jersey (V. 96,
p. 493), and operated in connection with the Penn Central Light & Power
Co. (Penna.). All o f the stock and some of the bonds are subject to the lien
o f the mortgages o f the Penn Central Light & Power Co.
ORGAN IZATION .— Incorp. in Pennsylvania on March 24 1892.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Operates 9.45 miles o f track from Lewistown to Reedsville and Lewistown
Junction, with a branch to Burnham. Rails 60 and 70-lb. T and 70-lb.
girder. Closed cars, 22, 1 snowplow, 1 miscellaneous. Y. 120, p. 1204.
STOCK A N D BONDS—
Date. Interest. Outstanding. Maturity.
Stock $150,000 ($50)_____________
_______
$150,000 ’07-’08,'5%
1st mtge gold ($500 & $1,000) 1 1899
6 g J-J
150,000 July 1 1929
$150,000 not callable.c&rtf /Int. at Merchants Union Tr. C o., Phila.,true
Second mortgage $125,000_ / 1902
_
5%
125,000 May 1 1949
\Commonwealth Tr. C o., Harrisburg,Pa.,trus
Refunding mortgage $500,000/ 1917 5 A-O
68,000 Oct 1 194a
\Philadelphia Trust C o., Philadelphia, trustee
The first mortgage bonds originally bore interest at the rate of 5% and
matured July 1 1919, but were extended for 10 years at 6% . V. 109, p. 1179.
Second mortgage 5s originally fell due M ay 1 1917, but were extended to
M ay 1 1949. They are owned or controlled by Penn Central Light & Power
Co. All the outstanding refunding mortgage bonds are owned by the Penn.
Central Light & Power Co. They were issued for extensions, impts., &c.
Dividends.— 1902 to 1908. inclusive, 5% per annum. None since.
OFFICERS.-—Pres. & M gr., J. I. Quigley, Lewistown; V .-P ., Chas. Day,
Phila.; Sec. & Treas., John E. Zimmermann, Phila.; Asst. Sec., C . A.
McClure, Phila.; Asst. Treas., Milward Oliver, Phila.; Supt., C. E. Gossard,
Lewistown.— V. 88, p. 1128; V. 89, p. 919; V. 96. p. 487: V. 109, p. 1179.
CITIZENS’ TRACTION CO.
In March 1917 control was purchased by the Municipal Service Co.,
a Maine hoding corporation (see on preceding page).
O R G A N IZA TIO N .— Incorporated in Pennsylvania N ov. 10 1899. Owns
and operates the Citizens’ Light & Power Co., the Monarch Park Hotel Co.
(an amusement park with 60 acres o f ground), the Big Rock Bridge Co.,
the Reno Bridge Co. and the Citizens Transit Co.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
A trolley road. Operates 35 miles of track in Oil City, Franklin.
Rouseville, Siverly and Reno, and connecting routes on both sides of the
Allegheny River. 65-lb. and 70-lb. T rail and 85-lb. girder rail. Has 54
motor cars, 5 motor service cars, 8 service trailers and 2 snow sweepers.
Also operates buses. The controlled Citizens’ Light & Power Co. fur
nished electric light and power for Oil City, Franklin and vicinity.
STOCK A N D BONDS—
Date. Interest. Outstanding. Maturity.
Common $1,000,000 ($50)_________
_______
$1,000,000
See text
Preferred $1,000,000 ($50)_________
Q-J
*1,000,000 See text
First mtge $2,500,000 gold} 1912 5 A-O
1,280,000 April 1 1942
($1,000) sinking fund-_c*tf (Pa. Co. for Ins. on L. & G. A ., Phila., trus
Refunding mortgage $2,500,-1 1917 6 M -N
926,000 M ay 1 1942
000____________________rtf/P a . Co. for Ins. on L. & G. A ., Phila., tru*
*Of the $1,000,000 outstanding, $400,000 are in the treasury; remainder
owned by Municipal Service Co.
Bonds.— 1st M . closed. Red. at 105 and int. in whole on or after April 1
1917, or in part for sink, fund began July 1 1918 Sink, fund of 1% per
ann. became operative July 1 1918. An improvement fund o f H o f 1% per
annum became operative on Jan. 1 1923. See Y. 94, p. 1118, 697. Int. at
office of trustee. $1,280,000 ref. M . bonds reserved to retire 1st M . Re
maining bonds to be issued for add’ns & extensions under certain restrictions.
Dividends.— First div. on pref.— 2 l % — was paid Jan. 2 1913; July 1913.
A
2% . In 1914, Jan., 2% ; July, 2 A % - In 1915, Jan., 3% ; in April paid a
quar div. o f I A % and same rate quar. to and incl. Oct. 1918. In Apr
1919, 3% ; July, I A % ; and same rate quar. since to and incl. Dec. 1920.
In 1921, Jan., 3% ; April, 1 A % ; July, 13^%; Oct., 1 H % . In 1922, 6%;
in 1923, 6% . Initial div. on com ., 1% , paid Nov. 1915. In 1916, IM%\
in 1917, 1 A % ; in 1918, April 1%; July, y2% . In 1919, July,
Oct.,
H % . In 1920, Jan., %.%■, April, 2K%\ July, 1% . In 1921, Jan., 1%;
April, 1% % ; July, 1%
In 1922, April, 1% ; July, 2 % . In 1923, Jan..
4 % ; April, 3% ; July, 3% ; Oct., 3% .
EARN IN G S.— For 12 mos. ending June 30 (incl. subsidiaries):
Gross.
Net after Taxes. Fixed Chas., &c.
Balance.
1924............$978,216
$436,013
$134,734
$301,279
1923______ 968,644
430,697
122,410
308,287
Earnings 12 Mos. Ended May 31 1925.— Gross revenue, $983,456; gross
profit, $405,624; fixed charges, $127,081; miscell. int., deprec., &c., $159,787; balance for income taxes, divs. and surplus, $118,756.
OFFICERS.— Pres., John E. Zimmermann; V .-P ., Chas. Day; Sec.,
C. A . McClure; Treas., L. B. Harvey; Asst. Treas., J. W . Swain. Oper
Mgrs., Day & Zimmermann, Inc., Philadelphia, Pa.— V. 106. p. 818:
V . 112, p. 2413; V 115, p. 644; V. 116, p. 2388; V. 119, p. 1063.
CLEVELAND & ERIE RAILWAY CO.
101
and offered in payment 6% non-cum. pref. stock of the co. To March 31
1925, $1,438,000 out of an outstanding issue of $1,900,000 had accepted
the c o .’s plan by exchanging their unpaid coupons for pref. stock.
Holders of the coll. tr. terminal 5s (due 1945) were also notified in Oct.
1922 that it would be impossible to pay the Oct. 1 1915 to April 1 1917,
incl., coupons and were offered in payment 6% non-cum. pref. stock of the
co. To March 31 1925, $1,200,000 out of an outstanding issue of $1,227.000
had accepted the co.’s plan by exchanging their unpaid coupons for pref. stk.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $2,500,000 ($100)
____
_________ $2,500,000 ___________
Pref 6% non-cum $700,000
____
_________
447,340 __________
Collateral trust mortgage $2,-} 1901
5 g M -N 15 l,900.000M ay 15 '51
500.000 gold ($1.000)_ c * /ln t. at Guaranty Trust Co., N. Y ., Trustee.
_
C o lla te ra l tru st m o r tg a g e $1.-11905
5 g A-O
1 .2 2 7 ,0 0 0 Oct 1 1945
500.000 gold ($1.000)____c jln t. at Guaranty Trust C o.. N. Y ., Trustee
Stock.— Preferred stock can. at option of company, be changed at any
time into the bonds of the company, at par, said bonds to bear not less
than 5% , or may be red. at par in cash.
Bonds.— Of the authorized issue of $2,500,000 coll. tr. bonds o f 1901
$600,000 are reserved to retire all bonds of the Lehigh Traction Co. A
sinking fund of $20,000 per annum, which began June 1 1908. is to be
invested In the coll. tr. bonds or in bonds purchasable by savings banks in
New York State. See V. 72. p. 1281; V. 78. p. 289.
The coll. tr. bonds of 1905 have a sinking fund of $10,000 per annum,
which began in 1910. Bonds can be called at 110
EARNINGS.— For calendar years (including allied companies):
Year—
Gross.
Net.
faxes.
Interest. Res. A Dep. Deficit.
1924_________$912,872 $315,731 $18,552 $181,637 $137,802 $22,261
1923------------- 899,180
317,358
16,034
189,000
130,460 18,137
1922------------- 774,290
277,152
19,576
182,532
128,104 53,060
OFFICERS.— Pres., A . Markle; V.-F. & Gen. M gr., C. B. Houck
Sec., A. Markle Jr.; Treas., Geo. W. Hodges.— V. 83, p. 1292; V. 87, p. 679;
V. 98, p. 1539; V. 116, p. 2258.
(1) LEHIGH TRACTION CO.
O RGAN IZATION .— Chartered Nov. 7 1892. Franchise perpetual.
Owns, controls and leases for 999 years at an annual rental of $1 each the
Hazleton & Suburban Electric R y., capital $30,000; Hazleton & Soutn
Side Electric Ry.. capital $75,000; Hazleton & North Side Electric Ry.,
capital $75,000. The $140,000 certificates of indebtedness and $926,200
of Lehigh Traction stock are deposited as security for the Wilkes-Barre &
Hazleton RR. bonds of 1901.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.— A
trolley road. Operates 20 miles of track, new 90-lb. steel T rails, oak ties,
well ballasted. Road extends from Hazleton to West Hazleton, to Yorktown (connecting with Pennsylvania RR. and Lehigh Valley R R .), to
M cAdoo (south) and Milnesviile. Latimer Mines and Freeland (north).
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $1,000,000 ($100)___________
_________ $1,000,000 ......... ...........
First mortgage $500,000 gold} 1893
5 g J-D
500,000 June 1 1933
($100. $500. $1,000)___ c*JMarkle Bkg. & Tr. C o.. Hazleton, Trustee.
Certificates of in d eb ted n ess..____
_________
140,000 ------------Hazle Park ref bonds ($1,-/ 1925
6 A-O
60,000 Apr 1 1940
000 c * )_________________ tf\Int. at Markle Bkg. & Trust C o., Trustee.
Equip trust ctfs, Ser B ______ / 1925
53^ A-O
200,000 Apr 11935
}Int. at Markle Bkg. & Tr. C o., Trustee.
Bonds.— In Feb. 1923 the co. announced a plan for the extension of the
1st mtge. 58, due June I 1923, for 10 years. V. 116. p. 1649: V. 117. p. 781.
The Hazle Park ref. bonds are red. upon 60 days’ notice at par and int.,
and either whole or part. The equipment trust certificates cover 3 steei
cars and 10 new steel bodies.
OFFICERS.— Pres.. A. Markle: V .-P ., O. B. Houck; Sec. and Treas.
A. Markle Jr.; Gen. M g r.,C . B. H ouck.—V. 116, p. 1649; V. 117, p. 670.781
(2 ) W I L K E S - B A R R E A H A Z L E T O N R Y .
ORGANIZATION.— Chartered Dec. 13 1899 under General Railroad
Law Act o f April 4 1868, State of Pennsylvania. The Wilkes-Barre &
Hazleton RR. owns the entire stock and bonds.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.— A
trolley, steam and third rail road. Owns 27 miles of road from Hazleton
to Wilkes-Barre, and uses for terminals 1 mile Lehigh Traction Co. track
at Hazleton and 3 miles Wilkes-Barre Terminal R R . Co. track at WilkesBarre; total, 31 miles. Entire road placed in operation M ay 1 1903.
Rails, 95 lbs.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $1,500,000 full paid_________
_________ $1,500,000 ____________
First mortgage $1,500,000} 1901
5 g M -N
1,500,000 M ay 1 1951
gold---------------------------------/interest at Guaranty Trust C o ., N . Y . , Trus.
OFFICERS.— Pres., Alvan Markle; V.-P. and Gen. M gr., O. B. Houck:
Sec. and Treas.. A. Markle Jr.
(a) W I L K E S - B A R R E T E R M I N A L R R .
Entire stock and bonds owned by W .-B. & Hazleton R R .
ORGANIZATION.— Incorporated on Oct. 9 1903.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
3.80 miles, between W .-B Ter. R R . June, and Wilkes-Barre. Rails, 95-lb
T .; gauge, 4 ft. 8 A in.
CAPITALIZATION .— Stock authorized and outstanding, $35,000
(par $50). Bonds authorized, $600,000 (c&r). Date 1905; due Oct. 1
1945. Int. (5 g A-O) payable In New York.
OFFICERS.—Pres., C. J. Kirschner; Sec.-Treas., A. Markle Jr.
Receivership .— On Sept. 20 1920 A. O. Chapin, Erie. Pa., was appointee
receiver for the co. V. 111. p. 1277
Operations Discontinued— Sale.— We are officially advised that the co.
discontinued operations on Sept. 16 1922. In Nov 1922 it. was reported
that the road had been sold at receiver's sale and was being dismantled
V. 115. p. 2476
No recent information
ORGAN IZATION .— Incorporated in June 1909. Is successor to Conneaut & Erie Traction C o., sold at foreclosure. Owns all the stock and
bonds and leases the Conneaut & Erie Traction Co. o f Ohio, which owns
I . 99 miles o f track. Franchises are for 999 years.
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS —
Owns 31.29 miles o f track. Operates between Conneaut and Erie. Stand
ard gauge; 65-lb. rail; 8 passenger and 6 other cars.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock, $300,000___________________
_________
$300,000 __________
First mtge, $800,000, gold} 1909
5 J-J
500,000 July 1 1929
($250 and $500)________ c /In t. at Fidelity Trust C o., Phila., Trustee.
Income bonds $500,000 ($2501 1909
5 July
500,000 July 11920
and $500)________________ /In t. at Fidelity Trust C o., Phila., Trustee.
Bonds.— Remaining first mortgage bonds are reserved for extensions*
betterments, &c. They are subject to call at 105 and int. on 3 months
notice. Int. on income bonds is only payable if earned, and is non-cum.
They are subject to call at par. Bonds have no sinking fund. N o interest
has been paid on incomes.
EARN IN G S.— For years ending Dec. 31:
Gross
Net
Other
Int., Taxes Depr. & Balance,
Year—
Earnings. Earnings. Income. & Rentals. Replace. Deficit.
1921_________$153,047
$9,690
$1,548
$8,425
______
$2,814
1920_________ 141,776 df24,862
1,640
29,909
______
53,132
Pass, carried during year end. Dec. 31 1921, 529,006; in 1920, 559,146.
OFFICERS.— Receiver, A . O. Chapin, Erie, Pa.; M gr. for Receiver’
J. M . Smith, Girard, Pa.— V . 114, p. 2115; V. 115, p. 1428, 2476.
WILKES-BARRE & HAZLETON RR.
ORGAN IZATION .— Incorp. in N . J. M ay 1901 and acquired the entire
($1,500,000) capital stock and ($1,500,000) bonds o f the Wilkes-Barre &
Hazleton Railway Co. (Penna. incorporation) and deposited the same,
together with $140,000 (entire issue) of the Lehigh Traction C o.’s 5%
certificates of indebtedness and $926,200 o f the $1,000,000 stock of the
Lehigh Traction Co. as security for the Wilkes-Barre & Hazleton Railroad
Co. issue o f first collateral trust mortgage 5% gold bonds. V. 72. p. 1281
Franchises are 999 years in and around Hazleton and perpetual from Hazle
ton to Wilkes-Barre.
In Oct. 1922 the co. notified holders o f the coll. tr. 5s (due 1951) that It
would
FRASER be Impossible to pay the M ay 15 1915 to Nov. 15 1916, incl., coupons
Digitized for
HARRISBURG RAILWAYS.
O R G A N IZA T IO N —Incorp. In Penn, on Nov. 29 1912 and merged the
Central Pennsylvania Traction Co. (see “ Electric Railway" Section o f Sept
1912) and Its subsidiaries. V 96. p. 202
FIELD OF O P E R A T IO N S— Owns 12.47 miles and leases 61.56 miles
line. Total operated 74.03 miles.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common $3,000,000_________ _____
_________ $3,000,000
See text
Pref 6% cum $2,100,000__________
See text
2,100,000
First & ref mtge $10,000,000} 1912
5 J-J
3,169,900
1963
($1,000 and $500)_____tf/Harrisburg Trust C o., Trustee.
Stock.— Pref. stock was cum. at 5% until Jan. 1 1915: since. 6%
Dividends.— 3 H % was paid on pref. stock in 1913. In 1914, 5% . In
1915, April, 2 ^ % ; Oct., 1% . In 1916, April, W 2% . In 1917, April, 1 % %;
Oct., 1% . In 1921, April, 3% . In 1922, 6 % . In 1923, 8 % .
In 1924,
8 % . In 1925, April, 4% : Oct., 3% .
EA R N ING S.— For calendar years:
Calendar
Gross
Net. after
Other
Fixed Chgs.
Balance,
Years—
Earnings.
Taxes.
Income.
&c.
Surplus.
1924________ $1,692,234
$422,785
$56,289
$314,855
$164,219
1923________ 1,747.586
513.676
50.176
318,176
245,676
1922________ 1.668.186
501.025
39.311
318,103
222.233
OFFICERS.-—Pres. & Gen. M gr., C. H. Bishop, Lemoyne, Pa.; Treas. &
Asst. Sec., H. W . Snodgrass. General offices, Lemoyne.-—-V. 119, p. 2533.
VALLEY RAILWAYS.
ORGANIZATION.— Incorp. in Pennsylvania in July 1912 and in Sept.
1912, after increasing its stock from $10,000 to $2,500,000 (of which
$500,000 is 6% cum. pref.), purchased control of the Valley Traction C o.,
which in turn controlled the Harrisburg & Mechanicsburg Elec. R y ., White
Hill & Mechanicsburg Pass. R y ., Carlisle & Mechanicsburg St. R y., West
Fairview & Marysville Elec. St. Rys., Harrisburg & Riverton St. R y.,
Fairvtew & Riverton R y., and the United Electric Co.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Operates 41 miles of road from Harrisburg to Marysville and to Carlisle.
Valuation.— See V . 109. p. 1181.
Offer to Purchase Common Stock and Bonds.— See V. 119, p. 2533.
STOCK AND BONDS—
Date. Interest.
Outstanding.Maturity.
Common $2,000,000 ($100)...................................
$2,000,000 __________
Pref cum $500,000 ($100)__________
6%
500.000
---------Collateral trust $1.700,0 0 0 --tf 1912 5%
1,000,000 Aug 3 1952
Valley Trac 1st mtge $700,000} 1903 5 g A-O
700,000 Oct 1 1933
gold ($100 & $ 500)--C *.n tf jln t. at Farmers’ Tr. C o., Carlisle, Pa., trus.
103
PUBLIC UTILITIES
[V ol. 121,
Bonds.— Remaining collateral trust bonds ($700,000) are reserved to retire ! Of the Johnstown Pass. mtge. o f 1901, entire issue may be called at any
prior liens. Valley Traction bonds are subject to call at 110. A sinking time at 105 upon six weeks’ notice.
fund o f $5,000 per annum commenced Oct. 1 1908.
EARNING S.— For years ending Dec. 31:
EA R N IN G S.— For years ending Dec. 31:
Gross.
Net.aft.Tax. Bond. Int. Bal.,Surp.
Calendar Years—
1924.
1923.
1922.
1924
$1,214,740
$331,840
$186,650
$145,190
Gross_________ _____ _______________
$445,599
$473,596
$489,394
1923
1,271,528
334,175
183,968
150,207
Net after taxes_____________________
85,191
93,229
85,351 1922
1,194,573
270,059
185,166
84,893
OFFICERS.— Pres., & Gen. M gr., C. H. Bishop, Lemoyne, Pa., Treas. 1921_
_
_
1,253.777
280,953
188,600
92,353
and Asst. Sec., H. W , Snodgrass. General offices, Lemoyne.— V. 119, p.
ROAD, &C.— Owns and operates under perpetual charter and franchise
the entire street railway system o f Johnstown, Pa., and vicinity
Total
trackage, 43 miles.
SCHUYLKILL RAILWAY CO.
OFFICERS.— Pres., E. M . duPont.— V . 116, p. 1411, 2993; V. 119,
ORGAN IZATION .— Incorp. in Penna. on July 20 1903 and purchased p. 811.
the property o f Schuylkill Traction Co. and Lakeside R y. C o. V. 80, p.
1729. Leases the Schuylkill County R y. Co.
LANCASTER & YORK FURNACE STREET RY.
Reorganization Plan.— For details of reorganization plan made public
ORGA N IZA TIO N .— Incorp. M ay 17 1916 in Pennsylvania as successor
In June 1918 (not consummated, however, up to April 1924;, see “ Electric
to old Lancaster & York Furnace Street R y. (incorp. July 22 1901), bought
Railway” Supplement o f April 26 1924.
in by the bondholders on Apr. 15 1916 for $125, subject to the mortgage for
Sale Proposed.— See V . 109, p. 1462.
$150,000 (V. 101, p. 212; V. 102, p. 1540).
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Stock $400,000 ($50)_______________
_________
$400,000 __________
A trolley road. Operates 12 A miles o f track between Millersville and York
First consol mtge $1,450,000/ 1905
5 g A-O
640,000 April 1 1935 Furnace. 60-lb. T rail. Gauge 5 ft. 2 A in.
gold ($500 & $1,000)____c * /ln t. at Fidelity Trust C o., Phila., trustee.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Income bonds________________ 1913
5 J-J
150,000 Jan 11944
Stock $100,000 ($50)_______________
_________
$100,000 __________
Series B ___________________ _____
_________
16.500 __________
1st M tge gold $150,000 ($100,/ 1908
5 g J-J
150,000 Jan 11928
Bonds.— Of the remaining first consol, bonds, $760,000 are reserved to
$500 & $1,000)___ c&rntf\Int. at Northern Tr. & Sav. C o., Lane.,Trus.
retire the underlying liens in statement below and $50,000 are in treasury.
Bonds.— Are not subject to call and have no sinking fund.
Are subiect to call at par and interest.
EARNINGS.— For year ending Dec. 31 1924, gross, $508,657: net, after
OFFICERS.— Pres. & Treas., E. H. Myers; V .-P . & Sec., John H. Myers;
taxes, $175,859: deficit after charges $14,186 on 1923, gross, $494,525; net, Gen. M gr., H. M . Stauffer.— V. 92, p. 187; V . 101, p. 212, 2145; V. 102,
after taxes, $100,083. In 1922, gross, $450,542: net, after taxes, $7,640. p. 153, 1249, 1540, 1625, 2077.
In 1921, gross, $581,828: net, after taxes, $13,983.
OFFICERS.— Pres., Powell Evans, Phila.; V.-Ps., Jas. D . Evans and
MAUCH CHUNK & LEHIGHTON TRANSIT CO.
Thos. Evans, Phila.; Sec. & Treas.. C. E. Hanna, Phila.; Gen. M gr.,
O. Sims Bailey, Girardville; Aud., E. Suransky.— V. 109, p. 1700: V. 111.
ORGAN IZATION .— Organized in 1919 as successor to the Carbon
p. 1950; V. 117, p. 1665, 2654.
Transit Co. (for history see “ Electric Railway” Supplement of March 29
1919) sold at foreclosure on Jan. 20 1919. V. 108, p. 377. The property,
(D S C H U Y L K I L L T R A C T I O N C O .
were sold on June 30 1925
to
ORGAN IZATION .— Chartered Sept. 26 1892 in perpetuity under the rights and franchisesMrs .Verna W olff, President by order of the Court, for
company,
M otor Traction Act o f IVlarch 22 1887. Road opened June 1 1893. On Reuben J. Butz andthe outstanding bonds of the of the trolleyV. 121, p. 75.
$19,500, subject to
company.
Jan. 6 1893 leased for 999 years the Mahanoy City Shenandoah Girardville We were informed that up to Oct. 1925 there had been no reorganization
& Ashland Street R y. On Oct. 5 1893 leased for 999 years the Ashland and the receivers,
Locustdale & Centralia Elec. R y. Owns all the stock o f these two roads, running the road. Mrs. Verne M . W olff and Edwin Weyhenmeyer, are
which is pledged under the first mortgage. On April 27 1900 leased for 999
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
years the Lakeside R y., which connects the two ends o f the company’s;
routes from Mahanoy City to Shenandoah, and purchased 2,600 of the 5,000 A trolley road. Comprises 12 A miles of track; 10 cars. Owns about 425
shares o f the capital stock. On Jan. 24 1901 leased the Shenandoah & acres of real estate, including 75 acres on “ Flagstaff Heights.”
Pottsville Street R y. (13 miles) for 999 years (incorporated Aug. 1 1900).
STOCK AND BONDS—
Date.
Interest. Outstanding.Maturity.
and bought all o f its capital stock. The Lakeside Shenandoah & Potts Common $150,000___________ ____
_______
$150,000 ............. ..
ville stock is pledged under consol, mtge.
Preferred $50.000___________ ____
7%
35,150
................
6% M -S
70,300
1959
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.— 40-year bonds $150,000______ 1919
5 g F-A
150.000 Aug 1 1933
A trolley road. Schuylkill Traction Division, 22 A miles of track, beginning Carbon Transit Co 1st mtge' 1908
$150.000(.$100&$500)g.c*tf Int. at Mauch Chunk Trust C o., trustee.
at Locustdale, thence through Ashland, Holmesville to Girardville, forming
there a Y , one branch running through Lost Creek to Shenandoah, and the
Bonds.— First 5s of the Carbon Transit Co. are callable at 105 and interest
other branch to Malzeville, Gilberton and Mahanoy City. Lakeside Divi on any interest date.
sion, 5 A miles. Total, 28 miles. 60 and 70-lb. T rail. Extensions of 43
E A R A IN G S.— For calendar years:
miles proposed and charters obtained. Operates 51 motor cars, 4 work
Years ended Dec. 31—
1924.
1923.
1922.
cars and 2 snow sweepers.
$56,616
$53,612
62,917
Gross___________________ ___________
Plan of Reorganization.— See Schuylkill R y. Co. above.
Net after taxes_____________________
1,555
21
ef3,957
$150,000 Lakeside Ry. 1st mtge. 4s matured N ov. 1 1923. but the prin
OFFICERS.— Pres., Verne M . Wolff: V .-P . & Gen. M gr., H. 0 Elycipal was defaulted. Int. however is being paid regularly.
Sec. & Treas., H. L. Pobst.— V. 118, p. 1520; V. 119, p. 2179; V. 121, p. 75.
Committee for Lakeside Ry 1st Mtge. 4s.— Chairman, Brandon Barringer
G. W. Davis and Francis Ralston Welsh. V. 117, p. 2654.
LEWISBURG MILTON & WATSONTOWN PASS. RY.
STOCK & BONDS— Miles. Date.
Interest. Outstanding. Maturity.
1st M $500,000 g $500 & I22A 1893
5 g A-O
$500,000 April 1 1943
ORGANIZATION.— Chartered Sept. 3 1897
In 1910 Whittaker A
$1,000_______________ \lnt. at Cont.-Equit. T . & T . C o., trustee. Phila. Diehl of Harrisburg purchased control from the Railways Company General.
1st M Lakeside Ry gold/ 5 A 1893 4 g M -N
150.000 Nov 1 1923
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
$150,000 guarant’d by /In t. at Cont.-Equit. T . & T . C o.. Philadelphia
A trolley road. 10 miles of track between points named in title. 12 over
Schuylkill Traction_ ( trustee.
_
head operation cars, 2 storage battery cars run from Montandon to MifflinNew consol mortgage (see/ ____1901
4 A g J-J
105,000 July 1 1951
burg. Under contract with Pennsylvania E R ., the Lewisburg Milton &
text) ($1,000) gold.-c*(Interest at Fidelity Trust C o., Phila., trustee.
Watsontown Pass. Ry. agreed to install storage-battery cars on some 11
Power house mortgage______ _____
_________
5,000 __________
miles of track between Montandon and Mifflinburg, and to operate a line
Bonds.— The 1st M . bonds o f 1893 may be purchased for sink, fund at in conjunction with steam use of that section of road, connecting with
105. Sinking fund o f $10,000 per annum began April 1 1898. In June present trolley line at East Lewisburg.
1916 the trustee brought suit for an accounting of net profits from operation
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
o f the properties under the mtge. and asked for the payment of $10,000 or
$150,000 ...................
such part thereof as can be determined to be due, with interest, for each Stock $1 50.000--..................................................
First mortgage $300,000 gold! 1910
5 g F-A
175,000 Feb 1 1940
year from April 12 1905 in which net profits were earned, in accordance
($500)_________________ c * jln t. at Land Title & Tr. C o., Phila., trustee.
with the sinking fund porvisions.
Bonds.— Remaining bonds can only be issued for improvements and ex
Auth. amount of consol, mtge. was $2,000,000, but mtge. has been closed
with $105,000 out. Of the outstanding bonds. $36,000 are held in the tensions at 80% of cost. Subject to call as a whole on any int. date at par.
treasury. Subject to call at 105 and int. Sinking fund of 1% of bonds out
EA R N ING S.— For 12 months ending Dec. 31 1924, gross, $40,671; net
became operative Aug. 1 1907.— V. 80. p. 1729.
aft. taxes, $1,469. In 1923, gross, $48,873; net aft. taxes, $7,033. In 1922,
gross, $56,584; net after taxes, $9,633. In 1921, gross, $59,063; net aft.
HANOVER & McSHERRYSTOWN STREET RY.C O. taxes, $3,437.
OFFICERS.— Pres., John F. Whittaker; V .-P ., L. G. Brown; Sec. 9c
All the outstanding stock is owned by the Hanover Power C o., which in
turn is controlled by Metropolitan Edison Co. See also under “ General Gas Treas., D. L. Diehl; Asst. Sec. & Treas., W . B. Rankin.— V. 90, p. 1363.
& Electric Corporation.”
ORGANIZATION.— Incorp. in Pennsylvania Sept. 30 1892. Its charter
MONTOURSVILLE PASSENGER RAILWAY.
runs for 999 yearsFIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
The company closed operations as o f Aug. 31 1924 and in Apr. 1925 we
Owns 11.9 miles of track in and between Hanover, McSherrystown, Littles- were advised that the company was in the process of dissolution. For
town, Conewago Chapel and Eichelberger, an amusement park owned by history see Public Utility Compenduim o f N ov. 1 1924.
the co. Standard gauge. 65-lb. T and girder rails.
STOCK AN D BONDS—- Date.
Interest. Outstanding. Maturity.
PENNSYLVANIA-NEW JERSEY RAILWAY CO.
Stock $200,000 ($50)______________
_________
$135,000 1918, 10%
Controlled by the Bucks County Syndicate.
1st M demand bds $ 1 0 0 ,0 0 0 -.____
_________
30,000 ---------------Default—
-Sale, &c.— The co. haying defaulted in the payment o f int. due
Dividends.— In July 1894, 2 A % ; in 1895, Jan., 2 A ; 1897-1902 records
1924 on
6% bonds, the property is to be sold at auction
lost. 1903 and 1904 none. In 1905, Jan., 6% . In 1906 and 1907, none; July 117 1924. its 1st mtge. 1845.
Nov.
V. 119. p.
Jan. 1908 to Jan. 1913, incl., 6% per annum. In July 1913 50% stock
ORGANIZATION.—
formerly the
County Interurban
div. paid; Jan. 1914 (reg.), 4% : July, 2 % . In 1915, Jan., 3 % . In Dec. R y., but corporate titleThis was under date o f Bucks 15 1917 to Pennsyl
changed
M ay
1917, 9% ; in 1918, 10%; 1919, 10%; 1920, 11%; 1924, 15%.
vania-New Jersey Ry. Co. The Bucks County Interurban was incorpor
E A R N IN G S.— For calendar years:
ated M ay 13 1913 in Penna. as a consolidation of the Bucks County Electric
“
. .
Balance.
Year—
Gross.
Net, .aft. Tax. Bond Int., <
R y., Trenton New Hope & Lambertville St. R y., Yardley Morrisville &
$1,800
sur.$15,618 Trenton St. R y. and Newtown & Yardsley St. Ry. V. 96, p. 1555.
1924______________ $51,826
$17,418
1,800
sur. 9,284
11,084
1923_______________ 56,229
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
sur. 5,678 Operates 23.82 miles extending from terminal in Trenton through Morris9,859
15,537
1922______________ 61,260
sur. 5,482 ville and Yardley, Pa., to New Hope, Pa., and Lambertville, N . J., from
21,143
1 9 2 1 _____________ 78,210
26,625
21,142
sur. 17,297 Yardley to Newtown. . Service between Yardley and Lambertville and
38,439
1920______________ 88.412
OFFICERS.— Pres., E. L. West; V .-Ps., L. H. Tyng, E. M . Gilbert; between Yardley and Newtown was discontinued Sept. 21 1924. Has
Treas., W . Buchsbaum; Sec., C. N. Wilson.— V. 100, p. 1257; V. 103, p. trackage rights over Trenton City bridge and tracks of Trenton-Princeton
Traction Co. in Trenton to terminal at Warren nd Hanover. Gauge,
2340; V. 115. p. 307.
5 ft. 2 A in.
To Operate Buses.— In July 1924 commenced operation of a bus line
between Trenton, N. J., and Morrisville, Pa., in co-operation with the
JOHNSTOWN TRACTION CO.
ORGAN IZATION .— Incorp. In Pennsylvania on Feb. 24 1910. Was present electric railway service. Compare V. 117, p. 1993.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Incorporated originally to take a lease for 18 years from Jan. 5 1910 of the Common $500,000 ($50)--------- -----------------$99,450 ---------------Johnstown Pass. Ry. from the American Rys. (Phila.). In Jan. 1914 the Pref 6 % cum $500,000 ($50).............
6%
500,000 ...................
Johnstown Pass. Ry. and the Johnstown Trac. Co. were merged under the 1st mtge bonds $500,000_____ l 1924
6%
200,000 Jan 1 1954
title o f the Johnstown Traction C o., the American Rys. Co. having sold its
/Northern Trust Co.. Phila., trustee.
interests. Franchises perpetual. Through its subsidiary, the Traction
EARNINGS.-—For 12 mos. ending Dec. 31 1924, gross, $111,269; net
Bus Co., operates bus lines as feeders. V. 116, p. 515. 1411
after taxes, $4,883. In 1923, gross, $209,788; net after taxes, $23,158.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.— In 1922, gross, $229,451; net after taxes, def., $9,602.
Owns and operates under perpetual charter and franchise the entire street
OFFICERS.—P res.. Sydney L . Wright; V .-P . & Gen. M gr., Gaylord
Thompson: Sec.. Hugh B. Eastburn. Phila. office, 133 S. 5th St.—
railway system o f Johnstown, Pa., and vicinity. Total trackage, 43 miles
V. 119. p. 75, 1845.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $1,000,000 par $50-______
_________
$875,000 __________
P f $1,000,000 7% cum ($100)______
_________ 1,000,000 ---------------SLATE BELT TRANSIT CO.
First & ref M $5,000,000 s f\ 1913
5 g J-J
2,000,000 July 1 1943
Receivership.— In Feb. 1922 O. J. Mutchler was appointed receiver for
($500, $1,000) gold__c*n tf/ Logan Trust Co., Philadelphia, Trustee.
the co. on application o f First Nat. Bank of Bangor. V. 114. p. 948, 1288
Johns Pass R y co n M ,$800,000) 1899 4 g J-D
399,000 Dec 1 1929
g($l,000)redanyintdayc*tf/lnt. at Guaranty Tr. C o., N . Y ., Trustee. In Aug. 1922 the receiver was auth. to issue $21,000 receiver’s ctfs. V. 116.
p. 870.
Johns Pass R y ref M $2,000,-1 1901
4 g J-D
1,601,000 Dec 11931
Reorganization Proposed.— See V 115. p. 870.
000 gold ($1,000)_ c*ntf/Interest at Johnstown Trust C o., Trustee.
_
ORGANIZATION.— Incorp. in Penna. on Feb. 14 1899. Name changed
Bonds.— Of the first & ref. mtge. $2,000,000 are reserved to retire Johns
town Pass. R y. 4s; the remainder ($1,000,000) reserved for future exten to present title in 1921. Was formerly leased to Lehigh Valley Trac. C o.,
sions, &c. Red. at 102 & int. Sink, fund o f 1% ann. began Oct. 1 1917. but lease canceled on M ay 10 1904, owing to default in payment of rental.
Oct., 1925.]
POWER, LIGHT AND RAILW AY
FIELD OF OPERATIONS AN D C H A R ACTER OF BUSINESS.—
A trolley road. Operates 18 miles o f track from Nazareth to Bangor.
67-lb. rails. 10 cars. 6 miscellaneous cars.
Committee for 2d M . 4s.— George K. Mosser, Allentown, Pa.; Alan O
Dodson, Bethlehem, Pa.; W . W. Doughten, Brown Bros. Bldg., Philadel
phla. Pa.; Thomas A. Keck, Falmouth, Mass.; Frank M . Horn, Catasau
oua, Pa.; Hubert E. Rogers. Sec. & Counsel, 60 Wall St., N. Y . City
Depositary: New York Trust C o., N . Y . See V. 103, p. 2156.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity
Btock 1360.000 (150)___________ _____________
1360.000 __________
First mtge. $130,000 gold/ 1912 5 g J-J
130,000
1945
(1500 & $1,000)_____ c*tf\lnt. at the E. P. Wilbur Tr. Co.,So.Beth.,Tr
Second mtge. $270,000 gold/ 1912 4 g J-J
270,000
1943
($100, $500 & $1.000)-c * tf(In t. at E. P. Wilbur Tr. C o.. So.Beth., T r.
Bonds.— First mtge. bonds are callable at 102 on any interest date.
Second mtge. bonds are subject to call at par on any interest date.
Interest on 2d mtge. bonds is in default.
EAR N IN G S.— Year ending Dec. 31 1922, gross, $103,417; net, after
axes, $5,574. In 1921, gross, $122,660; net, after taxes, $21,535.
OFFICERS.— Pres., A. H. McAdams, Phila., V .-P .. Dr. J. O. Keller
Bee., G. A. Schneebell; Treas., Thomas J. Ryan; Gen. M gr., J. T . Hamil
to n — V. 103, p. 2156; V. 104, p. 765; V. 114. p. 948,1288; Y. 115, p. 870.
NORTHERN CAMBRIA RAILWAY CO.
ORGA N IZA TIO N .— Organized as successor to the Northern Cambria
Street R y. Co., sold under foreclosure March 31 1918. V. 106, p. 2229.
FIE LD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Operates 13 miles between Patton, Oarrolltown, Spangler, St. Benedict
and Barnesboro. Standard gauge, 70-lb. T and girder rails.
EARNINGS.-—For calendar year 1924, gross, $55,054: net before taxes,
def., $131. In 1923, gross, $75,747; net before taxes, $13,866. In 1922,
gross, $63,210; net, $1,082. In 1921, gross, $85,450; net $12,527.
OFFICERS.— Pres., Jas. H. Allport; V .-P ., C. C . Adams; Sec., C . L.
Calahan: Treas.. C . A. Sharbaugh.— V. 106, p. 2229, 2450.
FAIRMOUNT PARK TRANSIT CO.
ORGA N IZA TIO N .— incorp. In Delaware In Sept. 1916 as successor to
the Fairmount Park Transportation Co. In accordance with plan of reor
ganlzatlon outlined in this publication o f Sept. 29, 1918. The assets ol tin
old co. (for history see “ Elec. Ry. Section” for Sept. 1918) were purchased
subject, to $750,000 1st M. 5s (see below).
FIELD OF OPERATIONS AN D CHARACTER o F BUSINESS.—
Operates an electric line in Fairmount Park, Philadelphia, together with
the Woodside Real Estate Co. (capital stock $100,000), which owns W oodside Park. The license from the Park Commission expires July 24 1939.
Operation from N ov. 30 to M ay 1 is optional. Miles of track operated,
8.83. Gauge, 5 ft. 214 in. Rails, 90-lb. T . Cars, 9 closed, 50 open.
STOCK AN D BONDS—- Date. Interest.
Outstanding. Maturity.
_________
$400,000 __________
Stock common ($10)_________ _____
Stock preferred ($10)________ _____
7%
79,686
See text
First mortgage $750,000 gold! 1912 5 A-O
750,000 April 1 1937
($ 1 ,0 0 0 )___________ c*ntf/Girard Trust Co., Philadelphia, Trustee.
Bonds.—-1st mtge. bonds are callable at 105 and int. on any int. day on
60 days’ notice. Cumul. sinking fund, $13,000 per annum, began Oct.
1918, bonds to draw interest for the fund. V. 95, p. 480.
Dividends.— During 1923 28% was paid on account o f cum. pref. divs.
due at the rate o f 7% per ann. for 1917, 1918, 1919 and 1920; regular div.
of 7% for 1923 was also paid.
R E PO RT.— For 12 mos. ending Dec. 31;
Year—
Cross.
Net.
Charges. &c.
Balance.
1 9 2 3 -.-______
$4.53,309
$188,948
$46,396
$142,552
1922___________________ 364.056
149,440
46,730
sur. 102.710
1921___________________ 235,075
93,654
44,831
sur. 48.823
Latest Earnings.--—For 12 months ended Dec. 31 1924: Gross, $197,057;
net after taxes, $22,575.
OFFICERS.— Pres., N . S. Alexander; Sec. & Treas., Clayton E . Platt.
—Y. 107, p. 1670.
PHILADELPHIA & WEST CHESTER TRACTION CO.
ORGANIZATION.— Cnartered In Pennsylvania on April 24 1895. Mu
nicipai franchises are perpetual. In Jan. 1902 leased the Ardmore & Llanerch St. Ry .. a line between the points named. 3 4 miles: it has no bonds or
other debt. Rental is 5% on the outstanding stock ($400,000 auth., $383,350 outstanding) had payment of taxes and organization expenses. Leases
the Philadelphia & Garrettford St. Ry. (which it also controls) at 5% on
funded debt and $500 per annum for salaries and organization expenses
In ° c t . 1923 the co. was auth. by the Penna. P. S. Comm, to acquire the
capital stock o f the Aronimink Transportation Co. V. 117. p. 1993.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Operates 52.504 miles of track from 63d and Market Sts., Philadelphia, to
West Chester, 26.685 miles; Llanerch to Ardmore, 6.263 miles; 69th St.
Upper Darby, Pa., to Sharon Hill and Media, 19.556 miles, o f which 25.819
miles are leased. Gauge, 5 ft. 2)4 in.: 58, 60, 70 and 80-lb. T rail. 63 cars.
Fare Increases.— See V. 118, p. 1013; V 119, p. 580.
STOCK AND BONDS—
Date. Interest.
Outstanding. Last div.,&c_
A-O
$1,303,700 Apr ’25, 3%
Stock $1,400,000 (par $50)_
Mtge bonds $1,000,000 gold!
1904 4-6 g J-J
1,000,000 Jan 1 1954
($1,000) ____________ c*tf j Int. at West End Trust Co., Phila., Trustee.
Phila & Gar 1st M $3,000,000 j 1905 5 g F-A
3,000,000 Aug 1 1955
gold ($1,000)_________ ctf/In t. at West End Trust Co., Phila., Trustee.
Bonds.— Of the $1,000,000 bonds o f 1904 outstanding $534,000 are 4s
and $466,000 6s. Can be called at any time at 105 and int. No sinking
fund. Phila. & Garr. bonds are red. at 105 and int. on any int. day.
R E PO RT.— Year ending Dec. 31:
Dec. 31
Cross
Net
Other
Interest,
Surplus
Year—
Earnings.
Earnings.
Income. Rentals, &c.
for Year.
1924_______$1,090,808
$341,961
$18,616
$280,875
$79,702
192 3________
983 ,3 6 3
3 2 8 ,5 6 5
12,801
2 3 1 ,7 5 0
109 ,615
929,089
330,404
12,169
229,186
113,387
1922______
OFFICERS.— Pres., A . Merritt Taylor, Philadelphia; V .-P ., H. H
Aikens; Treas., C. L. Rihl. Office, Upper Darby, Del. C o., Pa.— V. 98.
p. 237; V. 106, p. 397; V. 107, p. 1193; V. 108, p. 80; V . 113, p. 2313; V
117, p. 1993; V. 118, p. 1013; V. 119, p. 580.
INTER-STATE RAILWAYS.
ORGAN IZATION .— Incorp. in New Jersey on Dec. 4 1902 with very
broad powers. Is empowered to purchase, acquire, develop and construct
street railways, electric light and power, water and gas companies.
In Dec. 1902 obtained control o f the United Power & Transportation Co.
through pin-chase of the outstanding ($3,593,750) capital stock, on a basis
of $75 for each $25 share, payable in collateral trust bonds. $3,592,200 of
this stock was exchanged for bonds on this basis.
Leases of Controlled Properties.— The leasing of the underlying companies
was consummated in 1910 upon satisfactory terms. The subsidiaries are in
four groups, Wilkes-Barre, Reading, Trenton and Wilmington. The
Wilkes-Barre Rys. C o., the Reading Transit Co. (succeeded by Reading
Transit & Light Co. in March 1913, control of which was acquired by East
ern Power & Light C orp.), the Trenton & Mercer County Traction Corp.,
the Southern Pennsylvania Traction and the Wilmington & Philadelphia
Traction Co. were formed to take over the various properties. V. 91, p.
1512; V. 92, p. 261. Statements for these companies will be found else
where in this publication.
The aggregate annual income under the above leases is as follows (but see
remarks below):
1924 ____________________ $818,54211916 and thereafter annu1925 ____________________ 826,0431 ally....... ...........................-$830,000
Fixed Charges to Be Paid Out of Above Rental Plus Any Other Income.
Int. on 4s.
Taxes.
Total.
Inter-State Railways_______________ x$274,640
$7,432
$282,072
United Power & Transportation_____
x229,$60
3,297
233,157
T otal____________________________
$504,500
$10,729
$515,229
N ote. — The above figures do not include the Federal income tax, whies'
must be added thereto, x Includes interest on 4s held in treasury as in
vestments.
103
Default in Rental, &c.— Divs. on pref. stock were passed from 1918 until
July 1 1924 due to the failure o f the Trenton & Mercer County Treation Co.
to pay its rentals, due to increased operating expenses. On July 1 1924,
however, the accumulated divs. of 42% were paid.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common $385,000 shs (no p a r ) ____
_______
52.000 shs.
See text
Collateral trust gold $10,781,-1 1903
4 g F-A $9,470,000 Feb 1 1943
250____________________ c*/In t. at Real Est. Title Ins. & Tr., Phila.,trus.
Stock.— Common stock was listed on the Philadelphia Stock Exchange in
April 1903. V. 92, p. 1243; V. 93, p. 164. Preferred stock redeemed and
canceled. See V. 119, p. 324, 455. Cancellation of common stock in
treasury, see V. 119, p. 1281.
Bonds.— Are dated Feb. 1 1903 and are secured by deposit of United
Power & Transportation stock. They bear 3 % interest the firsr year, 3 H %
the second and 4% the third and subsequent years. Denominations $100.
$500 and $1,000. Are subject to call at 105 and int. on 30 days’ notice.
Dividends.— Initial div. on pref.— 3% — paid July 1913; same rate semi
annually to and incl. July 1917. Jan. 1918 div. passed. None until
July 1 1924, when accumulated divs. of 42% were paid. Pref. stock has
been all redeemed and canceled (except $4,000). On com. an initial div.
of 1% was paid Nov. 1 1924. In 1925, Feb., 1% . On no par com. a cash
div. of 25c. and a stock div. of 1-25 of a share was paid M ay 1 1925; on
Aug. 1 1945 a cash div. of 25c.; on N ov. 1, 25c.
R E PO RT.— Year ending Jan. 31:
Fiscal
Total
Interest
Expenses & Preferred
Balance,
Year—
Receipts.'
Coll.Trust.
Taxes.
Dividends. Surplus.
1923-24- ...........$325,994
$284,640
$27,777
______
$l£,577
1922-23________ 337,271
306,640
17,718
--------12,913
OFFICERS.— Pres., John A. Rigg; V .-P ., Walter A. Rigg; Treas. and
Ass’t --'ec., T. W. Grooket, Jr.; Sec. & Asst. Treas., J. W. Goodwin. Office,
411 Market St., Camden, N . J.— V. 117, p. 2652: V. 118, p. 2825: V. 119.
p. 324, 455, 1281, 1624; V. 120, p. 330, 1881, 2400; V. 121, p. 199.
UNITED POWER & TRANSPORTATION CO.
ORGANIZATION.— Incorp. April 20 1899 under New Jersey laws to
construct, develop and own street railways, power companies, &c., and do
a general business (V. 68, p. 929). In Dec. 1902 stock was acquired by
Inter-State Rys. Co., which see above.
On Oct. 1 1924 owned the following stocks and bonds. We show also
the total amounts outstanding of each issue:
Owned. Total Stock.
Stocks—
Shares.
Shares.
Delaware County & Philadelphia Electric R y _________
5,993
6,000
Lebanon Valley Street Ry. C o________________________ 9,992
lO,000
975
1,000
Mercer County Traction C o __________________________
Media Glen Riddle & Rockdale Electric Street R y _____ 1,632
1,640
Roxboro Chestnut Hill & Norristown R y. C o_________ 4,951
4,968
Schuylkill Valley Traction C o________________________ 9,995
10,000
Trenton Hamilton & Ewing Traction C o______________ 1,975
2,000
Trenton Pennington & Hopewell Street Ry. C o_______ 4,993
5,000
Trenton Street R y ___________________________________ 19,969
20,000
50,000
Wilkes-Barre & Wyoming Valley Traction___________ 49,992
Wilmington & Chester Traction_____________________ 39,995
40,000
Wilmington City Electric____________________________ 5,096
5,100
Wilmington & Great Valley Turnpike C o______________
978
1,040
Wilmington & Philadelphia Turnpike-------------------------- 1,035
1,200
Wilmington & Christiana Turnpike C o_______________
644
680
C A PIT A L IZA T IO N .— Stock auth., $3,593,750; shares, $25. full paid. In
March 1902 outstanding stock was increased from $3,125,000 to $3,593,750
(V. 74, p. 682), the additional shares being sold to stockholders at $35 per
$25 share.
Bonds.— 4% coll, trust ctfs. are in two series, which we have marked (a)
and (b) below. [Stock and bonds listed on Phila. Stock Exchange.)
(a) Under a trust agreement between the United Power & Transporta
tion Co. and the New York Trust C o., trustee, dated M ay 1 1899, and a
supplemental agreement dated July 26 1917, there are issued $4,927,900
United Railways gold trust certificates secured by deposit of 19,953 shares
Trenton St. R y. C o., 39,993 shares Wilmington & Chester Traction C o.,
5,089 shares the Wilmington City Electric Co. and 49,911 shares the WilkesBarre & Wyoming Valley Traction Co. Pursuant to the supplemental
trust agreement dated July 26 1917, the amount o f outstanding certificates
was reduced from $7,918,000 to $4,927,900 by acquisition by the co. and
subsequent cancellation of $2,545,200 thereof through the sale of certain
assets pledged as security therefor, as follows: 79,991 shares of the United
Traction Go. of Reading and 35,800 shares of the Edison Elec. Ilium. Co.
of Lebanon, Pa., which, together with the remaining shares of said cos.
in the treasury, were sold for a consideration of $1,250.000 par value United
Railways gold trust ctfs. and $2,760,000 cash, 4,926 shares of Itoxborough
Chestnut Hill & Norristown R y., 9,975 shares of Schuylkill Val. Trac. C o.,
1,600 shares Media Glen Riddle & Rockdale Elec. St. R y. Co. and 14,992
shares of Holmesburg Tacony & Frankford Electric Ry. (sold under fore
closure in 1910 and reorganized with no realization on its capital stock)
(see Frankford Tacony & Holmesburg Ry. below) were also withdrawn from
collateral for the trust certificates and are held in company’s treasury.
The cash received by the company was invested in United Railways and
Delaware County R y. gold trust certificates. V. 106, p. 87.
(b) $818,600 Delaware County.R y. gold trust certificates under a trust
greement between the United Power & Transportation Co. and the Real
Estate Title Insurance & Trust Co. of Phila., dated M ay 1 1899, and has
deposited#
with said trust co. as trustee 5,993 shares Delaware County &
Phila. R y. Co., original issue $998,950; subsequently purchased and can
celed, $180,350.
The principal of both series (which are in $100, $500 and $1,000 pieces)
is due at option of holder on July 1 1949 and thereafter on any Jan. 1 or
July 1 at the option of the United Power & Transportation Co. For both
series, also, the semi-annual interest (J. & J.) and the principal are payable
in gold coin, free of tax, at the office of the Real Estate Title Insurance &
Trust Co. of Philadelphia, trustee.
Dividends.— On Jan. 20 1900 a dividend of 50c. per share was paid!
also same amount July 16 1900: in 1901, Jan. 21, $1; July 10, $1; in 1902,
Jan. 20, $1; July 10, $1; in 1903, Jan. 20, $1; in 1904,Jan. 16, $2 66; in
1905, Jan. 24, $2 39; in 1906, Jan. 26. $3 10; in 1907,Jan. 24, $3 20; in
1908, Jan. 30, $3 31; none to July 1911, when $1 10 was paid; in 1912, Jan.
30, $1 40; July 29, $1 41; in 1913. Jan., $1 79; July, $1 26; in 1914. Jan.,
$1 52: Julv, $1 40: in 1915. Jan., $1 54; July, $1 34; in1916, Jan., $1 55;
July, $1 43; in 1917. Jan., $1 55; July, $1 23: in 1918.Jan., $1 32; July,
$1 20; in 1919, Jan., 50c.; in 1920, Jan., $1 95; in 1921, Jan., $1 60; in 1922.
Jan., $1 85; in 1923, Jan., $1 94; in 1924, Jan., $2 26.
RE PO RT.—
From
Interest
Taxes,
Divs.
Sur. after
Cal. Year.
Investments. on 4s.
&c.
Paid.
Divs.
1923 ________ _______ $589,606 $232,120
$32,252 $324,875
$359
1922 ________________ 560,189 247,656
33,202
278,875
456
OFFICERS.— Pres., John A. Rigg; V .-P ., Walter A. Rigg; Treas., T. W .
Grooket Jr.; Sec. & Asst. Treas., J. W . Goodwin; Counsel, John M . Frame.
General offices, 411 Market St., Camden, N. J.— V. I l l , p. 75; V . 112, p.
471, 563; V. 114, p. 411. 628; V . 116, p. 517, 722, 2132; V. 117, p. 2111.
FRANKFORD TACONY & HOLMESBURG RAILWAY.
The properties assets and franchises were sold in Oct. 1925 to Samuel H.
Barker for $300,000 by the bondholders’ protective committee, which
bought in the properties under foreclosure on June 19 1925. Jacob Disston Jr. is Chairman and Charles T. Brown Secretary of the Committee.
V. 121, p. 2037. For description, see Public Utilities Compendium o f
M ay 2 1925.
TRENTON BRISTOL & PHILADELPHIA STREET RY.
ORGANIZATION.— Incorp. in Penna. as successor to the Phila. Bristol
& Trenton, sold at foreclosure on Aug. 2 1909 to a bondholders committee.
V. 89, p. 349, 780. For distribution of securities of new company by said
committee to holders of certificates of deposit of predecessor company in
Dec. 1915, see V. 101, p. 1975.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Owns and operates 17 'A miles of track from Torresdale to Morrisville.
Rails, 60 and 90-lb. girder and 72-lb. T; gauge, 5 ft. 2 A inches; 11 passenger
cars, 1 freight car, 2 work cars, 2 snow plows, 1 engine and 1 generator,
400 k.w. capacity.
104
PUBLIC UTILITIES
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock ($50)_______________________
_________
$410,800 __________
1st mtge $750,000 ($1,000,1 1913
5 g M -S
413.800 Mar 11943
$500 and $100) g ____c*tf (Union Trust Co. o f M d., Balt., Trustee.
Remaining bonds are reserved for corporate purposes. Subject to call
as a whole on any int. date at 105 and int. No sinking fund.
EARN ING S.— For years ending Dec. 31:
Year—
Gross.
Net.
Taxes. Interest. Deprec.
Surplus.
1924 ...............$85,612
$8,945 $2,600 $24,559 x$l,670 def.$19,884
1923
91,201
15,700
3,600
24,233
xl ,670 def. 13,*u3
1922
90,516
22,104
3,600
24,365
xl.670
def.7,531
1921
106,159
33,415
5,270 24,996
5.280
def.2,131
x Discount on 1st mtge. bonds.
OFFICERS.— Pres., Carl N . Martin; V .-P ., John Redwood; Sec. &
Treas., W . E. Ervin; Gen. M gr., M . J. Hill, Bristol, Pa.— V . 100, p. 1594;
V. 101, p. 1975; V. 104, p. 766; V . 110, p. 466; V. 112, p. 1284.
PHILADELPHIA RAILWAYS CO.
ORGANIZATION.— Incorporated in Pennsylvania on M ay 13 1911 as
successor to the Southwestern Street R y. sold at foreclosure April 21 1911.
V. 92, p. 1375.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.— A
trolley road. Owns and operates 16 miles o f track within limits of Phila
delphia. Also operates branch o f Chester & Phila. Rys. Co. from Bow
Creek to Essington, 3M miles. Gauge, 5 ft. 2 X in.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $400,000 ($50)______________
_________
$400,000 __________
1st mtge $400,000 gold ($500) / 1911
5 g M -N 15 400,000 M ay 15 1941
and $1,000)__________ c * tf lin t, at Real Est. Tit. Ins. & T r., Phila., Trus
Bonds are red. on any int. date at 105 and int.
EARNINGS—
Gross
Net
Interest &
DepreSurplus or
Cal. Year—
Income.
Income. Taxes.
ciation.
Deficit.
xl918_____________ $205,420
$645
$25,992
$6,458 def.$31,805
1917---------------------- 137,073
28,776
24,024
6,000
def.1,248
1916--------122,431
30,866
23,646
7,000
sur.220
x No later published.
Latest Earnings.-— For 12 months ended Dec. 31 1924: Gross, $81,287; net
after taxes, def. $15,182. In 1923, gross, $97,554; net after taxes, def.
$17,926.
OFFICERS.— Pres., I. H. Siverman; V .-P ., I,. R. Isenthal; Sec., Alvin
W . From; Treas., Chas. F. Wagner Jr.— V. 92, p. 1375; V. 100, p. 475;
V. 106, p. 2560.
PHILADELPHIA & WESTERN RAILWAY CO.
ORGANIZATION, &c.— Incorp. June 6 1907 in Pennsylvania as suc
cessor to the Philadelphia & Western R R . Co. In 1910 control was acquired
by a syndicate headed by Edw. B. Smith & Co. of Philadelphia and N. Y .
Owns one-half o f the capital stock o f the Norristown Transit Co., which
road connects the Lehigh Valley Transit Co. with the Philadelphia & West
ern, and the entire capital stock o f the Philadelphia & Western Home
Owners’ Association and the Main Line Transfer Co.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Operates a high-speed double-track 3d rail road 17.33 miles long between
Philadelphia. Norristown and Strafford, entirely on private right -of-way and
connecting with Phil Rapid Transit C o.’s subway-elevated system at
69th & Market Sts., Philadelphia, and with Penn. R R . main line at Straf
ford Sta. An extension from Villa Nova into Norristown was placed in
operation on Aug. 26 1912. On Dec. 1912 connection was made with the
Lehigh Valley Transit C o.’s lines at Norristown via Norristown Transit
Co. and a through service established between Allentown and Philadelphia.
Total tracks, 38,19 miles; gauge, 4 ft., 8 X in. 85-lb. rail; 26 passenger cars.
2 express and 3 flat cars, 1 snow plow; total, 31.
In 1918 entered into a 10-year contract with the Counties Gas & Elec.
C o. (a subsidiary o f the United Gas Impt. Co.) under which the latter sup
plies the company with all its power.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $4,000,000 ($50)__________
________ $4,000,000 ___________
Pref $2,000,000 5% cum froml
Jan 11916 ($50)__________ / _____
Q-J
2,000,000 Oct ’25, 1 X
First mortgage $4,000,000 f 1910
5 g J-J
2,630,000 July 1 1960
gold ($1,000)_________ c * t f] Int. at Phila. Tr. C o., Phila., trustee, or at
( Edw. B. Smith Co., Philadelphia.
The com. & pref. stocks were listed on the Phila. Stk. Exch. in May 1917
Bonds.— Of remaining bonds $370,000 are in treasury. Subject to call
at 10245 and interest on any interest date on 60 days’ notice.
Dividends.— First dividend on preferred stock— I X % — paid April 15
1916, same rate quarterly since.
EARN INGS.— For years ending Dec. 31:
1922.
Calendar Years—
1924.
1923.
1921.
Operating revenue_____
$895,943
$870,854
$825,459
$812,240
479,828
478,354
Operating expenses_____
440,517
486,647
Net operating income.
Interest & tax accruals._
$416,115
xl68,034
Net income_________
Federal taxes__________
Preferred dividends(5%)
$248,081
22,100
100,000
$392,500
166,008
$226,492
20,500
lflO.OOO
$384,942
163,626
$221,316
19,800
100,000
$325,593
166,201
$159,392
14,780
100,000
Balance, surplus_____
$125,981
$105,992
$101,516
#$44,612
x Interest on bonds in 1924 amounted to $131,500; tax accruals, $32,500:
hire o f equipment, $177: amortization o f discount on funded debt, $2,384.
Passengers carried during year ending Dec. 31 1924, 5,030,157, against
4,620,817 in 1923.
OFFICERS.— Pres. & Gen. M gr., J. L. Adams; V .-P ., C. J. Ingersoll’
Sec. & Treas., F. W. Steinbright; Gen. Supt. & Aud., C. S. Mountz.
Offices. Norristown, Pa.— V. 109, p. 578, 981, 2357; V. I l l , p. 693; V. 112,
p. 1978, 2084; V. 114, p. 1652; V. 116, p. 1276; V. 118, p. 908; V. 119, p.
456; V. 120, p. 1090.
PITTSBURGH BUTLER & HARMONY CONSOL. RY.
& POWER CO.
ORGAN IZATION .— Incorp. in Delaware. Has acquired $2,745,000
o f the $3,000,000 capital stock o f the Pittsb. Har. Butler & Newcastle Ry.
C o., all of the $1,000,000 capital stock o f the Pittsburgh Mars & Butler
R y. Co. and 2,300 shares of the 3,285 shares capital stock of the North
Pittsburgh Realty Co. All the capital stock o f Ohio Harmony Elec. Co.
Harmony Realty Co. and Harmony Short Line M otor Transportation Co.
In March 1920 an announcement was made of a profit-sharing plan by
which $1,000,000 com. stock would be set aside under a trust agreement for
the benefit o f the co’s. employees. V . 110, p. 1416.
STOCK—
Date.
Interest. Outstanding. Maturity.
Common $4,500,000_________ _____
_________ $4,500,000
Preferred $2,000,000____________
_________
1,836,000
OFFICERS.— Pres., David I. McCahill; V.-P. & Gen. M gr., H. Ethe
ridge; Treas., R . M . Glick.— V. 109, p. 1274; V. 110, p. 1416; V. 120, p. 705.
(1) PITTSBURGH MARS & BUTLER RY.
ORGA N IZA TIO N .— Successor to the Pittsburgh & Butler St. R y. th>
tnterurban division o f the Pittsburgh & Butler R y.. which was sold at fore
closure M ay 9 1917. V. 104, p. 1900.
C A PITA LIZA TIO N .— On Sept. 5 1917 made a mortgage to the Dollar
Savings & Trust C o., Pittsburgh, securing an Issue of $1,250,000 bonds to
provide for improvements, &c. Pittsburgh Butler & Harmony Consol. Ry
& Power Co. owns all the $1,000,000 stock o f the company.
EARN INGS.— For calendar years:
12 Months Ended Dec. 31—
1924.
1923.
1922.
Gross______________________________
$357,655
$392,229
$388,893
Net, after taxes and interest________
13,520
423
41,674
OFFICERS.— Same as Pitts. Butler & Harmony Consol. R y. & PowCo. above.— V. 105, p. 998: V. 106, p. 1578, 2346.
(2) PITTSBURGH HARMONY BUTLER & NEW CASTLE R Y . CO.
ORGAN IZATION .— Is a consolidation in 1906 of several small com
panies. Owns all the capital stock o f the Harmony Elec. Co. and the
Elwood-Koppel Bridge Co. In Feb. 1910 authorized stock was increased
from $3,000,000 to $3,500,000. Pitts. Butler & Harmony Consol. R y. &
Pow. Co. owns $2,745,000 of the capital stock.
[V ol. 121
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Operates 68.5 miles of track from Pittsburgh, via Wexford, Evans City,
Harmony and Ellwood City, to New Castle, with a branch from Evans City
to Butler. Enters Pittsburgh over the tracks of the Pittsburgh Railways
Co. On Dec. 3 1913 placed in operation an extension from Ellwood City
to Beaver Falls. 6 X miles.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
_________ $3,000,000 ____________
Stock $3,500,000__________________
1st mtge $3,500,000 gold/ 1906
5 g J-D
2,900,000 June 1 1930
($1,000) ____________ c*tf\Int. at Union Trust Co., Pittsburgh, Trustee.
Bonds.— The $600,000 unissued are reserved for future extensions.
EARNINGS.— For 12 months ended Dec. 31:
Calendar Years—
1924.
1923.
1922.
Gross______________________________
$954,470 $1,029,168 $1,040,063
Net. after taxes and interest________
29,464
1,351
142,548
OFFICERS.— Same as Pitts. Butler & Harmony Consol. R y. & Pow . Co
above.— V. 107, p. 2377; V. 108, p. 2529: V. 109, p. 1274; V. 112, p. 2306
SCRANTON & WILKES-BARRE TRACTION CORP
OFFICERS.— Same as Pitts. Butler & Harmony Consol. Ry. & Pow. Co.
above.— V. 107, p. 2377; V. 108, p. 2529; V. 109, p. 1274; V. 112, p. 2306.
ORGANIZATION.— Incorp. in Virginia in 1913 as a reorganization (per
plan V. 96, p. 1701) of the Lack. & W yom. Valley Rapid Transit Co. (sold
at foreclosure), which company owned all the securities of the Lackawanna
& Wyoming Valley RR., the Scranton & Northeastern R R ., the Lacka
wanna Tunnel Co., the Central Valley R R . and the Wilkes-Barre R R .
These latter five companies were merged into the Lack. & W yom. Valley
R R . Co. (the operating company) with $2,150,000 stock and $5,000,000
bonds, all of which is owned by the Scranton & Wilkes-Barre Trac. Corp.
and deposited under that company's refunding mtge., subject to $888,000
L. & W . V. Rapid Transit coll, trust bonds. The Railroad Co. owns all the
stock of the Lack. & Wyom. Valley Pow. Co. Power franchises perpetual.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
A holding company.
The Lackawanna & Wyoming Valley RR. operates
23.40 miles of first track, 21.39 miles of second track and 9.08 miles of yard
track and sidings. Double track, laid with 90-lb. rail. Standard steam
construction, private right of way. A standard-gauge tunnel, about 5,000
feet long, was completed in Scranton in Oct. 1905. This removed that only
heavy grade on the line between Scranton and Wilkes-Barre. 30 passenger,
41 freight cars, 4 motor express cars, 1 motor work car and 3 electric freight
locomotives. Freight and passenger business is exchanged with all railroads
entering the terminal cities.
In Sept. 1922 the c o .’s auth. capital stock was increased from $2,500,000
to $5,000,000. Compare V. 115. p. 1211.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
_______
$2,400,000 ________
C om m on___________________ _____
Pref cu m ___________________ _____
See text
1,000.000
See text
l & W V Rap Tr Co coll trust/ 1901
5%
768.000 Aug 1 1951
5% gold bonds_______ c*tf\Int. at Guaranty Trust Co N. Y ., trustee
Refunding mtge (see text) gj 1913
5%
1,931.700
Aug 1951
$1.000j_____________ c*tf (Guaranty Trust C o.. New York trustee
Coll trust sink fund gold bdsf 1914
6 g A-O
865,000 Apr 1 P 34
$1 000,000 ($1.000)____c*| Guaranty Trust Co NVw York trustee
Stock.— Divs. on pref. 6% per annum until June 30 1917 and 7% there
after. Cumulative from June 30 1914. Pref. stock is redeemable at 105.
Pref. and common have equal voting power.
Bonds.— Refunding mortgage bonds are callable at 105 and int.; sinking
fund of X % per annum of outstanding bonds began N ov. 1 1917; $768,000
are reserved to retire underlying bonds. The mortgage was authorized
originally for $5,000,000. but was subsequently closed at $3,000,000
The L. & W. V. Rapid Transit Co. 5% bonds are secured by deposit of
$2,150,000 stock and $5,000,000 first mtge. 5s, due 1951, of the Lack. &
Wyoming Valley R R . Co. Under a supplemental indenture, dated N ov. 1
1917. a sinking fund -of $15,000 per annum which began M ay 1918 was
created and the bonds were made subject to call at 105 and interest. V .
105. p. 2094. As of Oct. 1 1924, all but about $24,000 of the bonds had
been stamped by the trustee with the callable feature sinking fund agree
ment. V. 105, p. 2455.
The collateral trust 6s of 1914 are red. at any Interest period at 100 and
accrued interest. Sinking fund (cumulative) of 1 % of outstanding bonds
annually from March 1 1916 to March 1 1933. These bonds are secured by
the same collateral as the first and refunding mortgage. V . 98. p. 1246.
Dividends.— 6% was paid on preferred stock from July 1913 to and includ
ing April 1917. In July 1917 began paying 7% and same rate has been
paid regularly since.
EARNINGS.— Year* ending Dec. 31:
Cal. Operating Other Inc. Expr. &
Bond
Preferred
Balance,
Year— Income. (.Hold.Co.). Taxes.
Interest.
Dividends.
Surplus.
1924 -$416,348
$369
$18,176
$204,812
$69,239
$124,490
205,562
1923 - 452,484
984
15.945
66,535
165,426
206,312
63,329
126,448
1922 . 410,189
946
15,046
371
12,797
207,063
59.936
151,006
1921 - 430,431
OFFICERS.— Pres., W m. C. Sproul; Chairman Exec. Comm ., Frank R .
Ford; V .-P ., W . H. Lippincott; V .-P . & Sec., S. C. Stivers; Treas., F. W .
Potts.— V. 98, p. 1158, 1246, 1539; V. 101, p. 1190; V. 105, p. 910, 1309,
2094; V. 115, p. 1211.
SHAMOKIN & MT. CARMEL TRANSIT CO.
ORGANIZATION.— Is a consolidation in July 1906 of the Shamokin &
M t. Carmel Electric Ry. and the Ashland & Centralia Electric R y. V. 83,
p. 273.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Operates 19.5 miles of track between Ashland and Shamokin.
Valuation.— In April 1921 the Pennsylvania P. S. Comm, placed the
valuation of the company’s properties at $1,300,000. V . 112, p. 1519.
STOCK AND BONDS—■ Date.
Interest. Outstanding. Maturity
_______
$529,750 Sept.’24,1%
Com m on$700,000_________________
Pref $300,000 6% non-cum________
_______
261,850 Sept’24, I X
New mortgage $600,000_____( 1906
5%
415,000
1936
(Penn. Co. for Ins. on L.AG.A.,Phila., trust.
EARNINGS.— For year ended Dec. 31 UL4: Gross, $300,711; net after
taxes. $39,811. In 1923, gross, $305,029; net, after taxes, bond interest,
&c., $51,865. In 1922, gross, $242,468; net, after taxes, $13,612.
OFFICERS.— Pres. & Gen. M gr., Wm. Kiefer, M t. Carmel, Pa.; Sec.,
J. D. McConnell; Treas., Fred Kiefer, M t. Carmel, Pa.— V. 106. p. 2650;
V. 112, p. 1519, 2538; V. 118, p. 665.
WARREN & JAMESTOWN STREET RAILWAY CO.
Controlled by Niagara Lockport & Ontario Power Co.
Control.— In March 1924 the Venango Public Service Corp. (controlled by
Pennsylvania Electric Corp.) acquired control of the company. V. 118,
p. 1775. Compare V. 118, p. 1393. In July 1925 it was reported that
control of the company had passed to the Niagara Lockport & Ontario
Power Co.
ORGANIZATION.— Incorp. in N. Y . and Penna. and consolidated
Jan. 15 1904. Private right of way, except in Jamestown, where co.
has a 50-year franchise and 3 or 4 miles of public right of way, for which
perpetual franchises are held.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Operates 21X miles of track from Warren, Pa., to Jamestown, N. Y .
Enters Warren over tracks of Warren Street R y. Does an express business.
Standard gauge. 70-lb. rails. 6 cars.
STOCK AND BONDS—
Date.
Interest. Outstanding.
laturity.
Stock $200,000 ($100)____________
_________
$200,000
See text
First mortgage $300,000____f 1904
5 J-J
300,000 July 1 1934
(Interest at Warren (Pa.) Trust C o.. Trustee,
2d mtge gold bonds_________ 1918 6%
100.000 Jan 1 1928
Dividends.— In 1908. 4% ; in 1909, 8% ; in 1910, 8% ; in 1911, Jan., 2% ;
in 1912, Dec.. 2% ; In 1913. July, 4% ; in 1914, 8% : in 1915 and 1916, 6% ;
In 1917, 6% . None to Jan. 1919, when 3% was paid; July 1919. 3 % . In
1920. 6% . In 1921, Jan., 3% ; July. 3 % . In 1922, Jan.. 3 % .
EARNINGS.— For years ending Dec. 31:
Year—
Gross.
Net.
Int.&Tax Rents.dtc. Divs.(6% ) Sur.orDef.
1920
$183,340 $40,547
$29,701
$2,932
$12,000 def.$4,086
1 9 1 9 ___ 159.474
40.091 27.305
2,865
12.000
def.2.080
Latest Earnings.— For 12 months ended Dec. 31 1924, Gross, $141,245;
net, after taxes, $2,723. In 1923, gross, $154,658; net, after taxes, $19,506.
OFFICERS.— Pres., H. B. Zimmerman; V .-P ., R. S. Hardy; Treas..
H. C. Mather; Sec., Warren Gubbs: Compt., J. F. Kirk.— V. 86, p. 482;
V. 118, p. 1393, 1775; V. 121, p. 461.
POWER, LIGHT AND RAILW AY
Oct., 1925.]
THE WEST CHESTER STREET RAILWAY CO.
Control.— It waa announced in May 1923 that Kelly, Cooke & C o.,
engineers, had acquired control o f the co. V. 116, p. 2008.
ORGAN IZATION .— Incorporated in Pennsylvania Aug. 4 1890. Owns
the Chester Valley Electric lig h t. Heat & Power Co. and the Coatesville
Electric Light, Heat & Power Co. In July 1924 acquired the Coatesville
Trolley Road Co. V. 119, p. 458. Also owns the Peoples Transportation
Corp., operating motor buses between various communities in Chester and
Delaware counties. Pa., and Wilmington, Del. Franchises perpetual
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Owns and operates interurban lines from West Chester to Downington
and Coatesville and Kennet Square. Pa. Has purchased an existing railway
line from Kennett Square to Avondale and West Grove to operate as an
extension o f the West Chaster-Kennett Square Division. This extension
is owned bv the Chester County Trac. Co., all o f whose nominal capital
stock ($20,000) is owned by the West Chester St. Ry. Co. (V. 119, p. 2649).
Length of line, incl. extension, 36 miles; sidings, &c., 1.15 miles. Total track,
37.15 miles. Gauge, 5 ft. 2 M in. Rails, 70-lb. T and 73, 90, 101 and 105-lb.
girder. Passenger cars, 13; service cars, 2; flat cars, 4; snow plow, 1.
Also operates through sub. cos. 20 motor buses over about 160 miles of
route located in southeastern Pennsylvania and northern Delaware.
STOCK A N D BONDS.— Date. Interest. Outstanding. Maturity.
Stock $1,000,000 ($50)........... ................................... $1,000,000 ......... ...........
1st mtge. $1,000,000 ($1,000)/ 1902
5 g F-A
888,000 Aug 11932
gold__________________c * tf lint, at West End Trust C o.. Phila.. trustee.
Bonds.— Bonds not subject to call. Originally $1,000,000 outstanding,
but $112,000 have been purchased by the co. and canceled. Sinking fund
of $10,000 annually since Aug. 1 1923, to purchase and cancel bonds at the
best prices obtainable. Free o f Penna. State tax. V. 115. p. 2269.
E A R N IN G S.— For years ended Dec. 31:
Yrs.End. Gross Oper. Exp.
Net
Int. on
Surplus
Dec.31. Earns.
& Taxes. Earnings. Bonds.
Deprec.
for Year.
1923--b$222.806 c$144,757
$78,049 $44,750
d
$33,299
1922 _-.a 221 ,632 cl43,093 78,539
48,760
$33,422
e22,767
1921___a232,942
cl73.336 59,606
50,000
13,025
def.3,419
1920 ___a252,410 cl95,675 66,735
50,000
12,126
def.5,391
1919___a225,153
cl28,544 96,609
50,000
13,228
33,381
1918___al85,464
c!22,911 62,553
50,000
13,448
def.895
1917 — _al91,550 c 123.432 68.118
50.000
14.082
4.036
a Exclusive o f net income from lease of light and power properties
b Exclusive o f earnings of M otor Coach System established in 1923 and
operated by subsidiary company, c Operating expenses 1917-1923 include
cost o f rebuilding borough track with heavier rail, in concrete and lump
sum payments to boroughs for permanent release from paving obligations,
final payment having been made in June 1923. Also replacement of com
pany’s only wooden bridge with steel structure, d Equipment depreciation
reserve included in operating expenses, e After crediting $26,410 for bonds
purchased at discount and canceled.
Latest Earnings.— For 12 mos. ended Dec. 31 1924, gross, $218,912;
net. after taxes, $62,229.
OFFICERS.— Pres., Chas. B. Cooke Jr.; V .-P., A. M . Holding: Sec
& Treas., Thos. L. Hodge, all o f Phila.— V. 119, p. 458, 2649; V. 121, p. 461.
THE
WILKES-BARRE
RAILWAY
CORPORATION.
ORGANIZATION.— Incorp. June 3 1924. Owns all the shares of stock
o f The Wilkes-Barre Ry. (see below) and its unfunded debt. The WilkesBarre Ry. C o., as o f July 1 1924, assigned to The Wilkes-Barre R y. Corp.
the leases o f all the street railways operated by it prior to said date, viz.:
The Wilkes-Barre & Wyoming Valley Traction C o.,
Wilkes-Barre & Luzerne Street Railway Co.,
Wilkes-Barre & Hanover Street Railway Co.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Operates 115 miles o f street railways in the City o f Wilkes-Barre, and
various other places in Luzerne County, Pa.
CAPITALIZATION .— Common stock, authorized, $1,500,000; issued,
$950,000. Preferred stock, authorized and issued, $750,000. The pre
ferred stock is 6% cumulative.
Dividends.— Dividend No. 1, o f 3% , was paid Jan. 1 1925, out of earn
ings for the first six months of operation.
EARNINGS.— The properties were operated for the first six months of
the year ended Dec. 31 1924 by The Wilkes-Barre Railway Co. and for the
last six months by The Wilkes-Barre Railway Corp., the consolidated
earnings being as follows:
Calendar Year—
1924.
Operating revenues____________________________________________ $2,520,702
Operating expenses (including depreciation reserve)_________ - 1,672,305
Net operating revenues_____________________________________ $848,397
T axes___________________
110,302
Operating Income__________________________________________ $738,094
9,226
Non-operating income________________________________________
Gross income_______________________________________________ $747,302
Rent for leased roads_________________________________________
621,807
Interest on unfunded debt____________________________________
24,680
Net income________________________________________________ $100,833
OFFICERS.— Pres., Abram G. Nesbitt; V.-Pres. & Gen. M gr., Wm. S.
Bell; Sec. & Treas., C . W . Laycock
1.
W I L K E S -B A R R E
R A IL W A Y S
CO.
ORGAN IZATION .— Incorp. Nov. 26 1909. Formerly leased the WilkesBarre & Wyom. Val. Tr. Co. for 800 years from Jan. 1 1910 at rental of
$360,000 the 1st year, increasing $10,000 every two years until the maximum
of $400,000 is reached, and all obligations in the way o f int., taxes, &c., of
W .-B. & W . V. Trac., but as o f July 1 1924 lease was assigned to The WilkesBarre Ry. Corp. (see above).
C A P IT A L IZA T IO N — Auth. stock. $1,500,000: issued, $900,000
EARN INGS.— For cal. year 1923, gross, $2,482,165; net, after oper
exp., taxes, deprec., rentals & int., $93,817. In 1922, gross, $2,267,309
net, after oper. exp. & taxes (but before rentals, &c.), $652,375. In 1921
gross, $2,566,863: net, after oper. exp., rentals, taxes. &c., $91,765.
OFFICERS.— Pres., F. M . Kirby; V .-P ., A. G. Nesbitt: Sec. & Treas.
O. W. Laycock; V.-P. & Gen. M gr., Wm. S. Bell.— V. 92, p. 957; V. 103
p. 2343; V. 107, p. 1102; V. I l l , p. 1662; V. 112, p. 1400; V. 115, p. 2380.
(a ) W I L K E S -B A R R E
&
W Y O M IN G
VALLEY
int. date thereafter. Free from Pennsylvania State tax o f 4 mills. V . 120,
p. 89.
The Wilkes-Barre & Wyoming Valley coll, trust bonds o f 1902 were
originally 5s and matured Dec. 15 1922, but were extended for 10 years to
Dec. 1 1932 at 6% . Extended bonds are callable as a whole on any int.
date on 60 days’ notice at 102 and int. prior to June 15 1926; and at par and
int. on June 15 1926 or on any int. date thereafter. V. 115, p. 2380.
COM PANIES CONTROLLED IN SYSTEM .— The following table
shows the several companies operated, their mileage, capital stock, and the
amount of it owned by the Traction company, their debt, and finally the
rental payable under 999-year lease; 6% here meaning 6% on the outstand
ing capital stock; and $1 meaning a nominal rental, the company having
only a nominal existence.
--------- Stock--------Debt. Rental
Owned.
Name of Company—
Miles.
Issued.
None
Coalville Passenger Railway___7.65
6%
$62,400 $36,300
None
6,000
Nanticoke Street Railway_____ 11.99
6,000
$1
Pittston & Avoca St. R y _______ 2.25
13,500
$65,000
$1
13,500
None
Pittst. Moosic & P. V. St. Ry_ 1.49
42,000
42,000
$1
Pittston Street Car_____________ 7.90 200,000 200.000
$1
Plymouth & Larksville R y ____3.7(5
75,000
75,000
6%
None
12,000
Plymouth Street Railway______ 6.28
12,000
$1
None
30,000
30.000
$1
West Pittston & Wyo.St.Ry.Co_ 3.44
zWilkes-Barre & East Side_____3.28
150,000 150,000 *150,000
$1
Wilkesb. & Kingst. Pass. R y ____ 8.50 100,000
99,700
90,000
6%
24,000
218,000
Wilkesb. & Plains. R y __________ 4.00
24,000
$1
Wilkesb. & Suburban St. R y ___13.48 100,000
93,500
40,000
6%
Wilkesb. Dallas & Harvey’s L _14.68 200,000 193,750
(a)
150,000
Wilkes-Barre & West Side_____17.84 100,000
92,450
6%
z Entire stock and bonds deposited under collateral trust o f 1895.
* Entire amount owned by the W. & W. Valley Trac.
a Dividends in this case are dependent upon earnings.— V. 120, p. 89
(a) W ILKES-BARRE DALLAS & H A R V E Y ’ S LAKE R Y .— The
Wilkes-Barre & Wyoming Valley Traction Co. owns all the stock.
ORGANIZATION.— A reorganization in 1898, per plan in V. 66, p. 1190.
o f the Wilkesbarre & Northern R R .. sold by Sheriff in Sept. 1898.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Road, partly constructed, was completed and electrically equipped by new
company from Luzerne. Pa., there connecting with Wilkes-Barre & Wyoming
Valley Traction to Harvey’s Lake. Pa.. 14.68 miles.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $200,000 ($50)_________ — All stock owned by W .-B . & W . Val. Trac.
1st mortgage $150,000 gold/ 1898
5 g M-S
$150,000 Sept 15 1928
($ 500)_________________ c*\Int. at Anthracite Sav. Bk., Wilkesb., Tru*.
— V. 69. p. 133.
MARYLAND
CONSOLIDATED GAS ELECTRIC LIGHT & POWER
CO. OF BALTIMORE.
ORGANIZATION.— Incorporated June 20 1906. V. 82, p. 1441.
Owns the entire capital stock o f tne following companies: Roland Park
Electric & Water C o., M t. Washington Electric Light & Power C o.,
Patapsco Electric & M fg. C o. of Maryland, Patapsco Electric & M fg. Co.
of Delaware, The Baltimore County Elec C o., Northern Electric C o., The
Consolidated Power Co. of Baltimore, the Bel Air Electric Co. and Maryland
Securities Co. The last-named co. owns all the com. stock of the Baltimore
Electric Co. of Baltimore City. All the above companies, with the excep
tion of the Maryland Securities C o ., are operated under lease by the Consoli
dated Gas Electric Light & Power Co. of Baltimore. Also owns the entire
capital stock of The Baltimore Co. of Baltimore City and the entire com.
stock of The Public Service Bldg. C o ., which company has erected a 20-story
office building in Baltimore. The Consol. Gas Electric Light & Power Co.
of Baltimore has leased this building for a period of 25 years from Aug,
2 1915.
Has acquired all of the $2,500,000 Baltimore Elec. C o. of Baltimore City
com. stock (through the Maryland Securities C o .), the property being leased
for 999 years at a rental providing for int. and sink, fund on any outstanding
5% bonds and divs. on the $1,000,000 5% pref. stock. V . 85, p. 1341; V .
86, p . 112. In Jan. 1907 purchased the entire stock of the Roland Park Elec.
& Water Co. and guarantees its first mortgage 5% bonds. V . 91, p. 721.
Rumors of a consolidation with Pennsylvania Water & Power Co. denied.
See V. 120, p. 2548.
Electric Rates Reduced Nov. 1 1925.'—See V . 121, p. 1568.
Increase Capital Stock.-—On Oct. 21 1925 co. offered to com. stockholders
of record Nov. 2 1925 140,257 additional com. shares at $35 (plus adjust
ment of div.) on the basis of one new share for every five held. Subscrip
tions are payable in cash or New York or Baltimore funds to the co. at
Baltimore, or the New York Trust C o., 100 Broadway, N. Y . City, or the
London agents, Aldred & C o., Ltd., 24-28 Lombard St., London. Also
payable in installments of $10 with subscription on or before N ov. 20
1925 and $25 on Jan. 4 1926; or $10 with subscription, $10 on Jan. 4 1926
and $15 on Feb. 1 1926. Rightscwere to expire N ov. 20 1925- V. 121,
p. 2037.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Does the entire gas, electric light and power business in the City of Baltimore
and the surrounding territory, and also supplies all the power for the opera
tion o f the entire street railway system in this area. Total population served
about 825.000. Company has exclusive use of output, for Baltimore and
vicinity, of Susquehanna River plant of Pennsylvania Water & Power Co.
V. 84, p. 627; V. 85, p. 163; V. 90, p. 377, 1557; V. 91, p. 468, 947; V . 92,
p. 464, 1241;V. 112, p. 376.
STOCK AND BONDS—
Date.
Maturity
Interest. Outstanaing.
Com 1,200,000 shs (no par)______
Q-J
701,288 shs Oct. '25, 50c.
Pref Ser A 8% cum $5,000,000
5.000.
000 Oct. ’25 2%
( $ 100 ) ______________ ____________ ________________
Q-J
Pref Ser B 7% cum $2,000,000
2.000.
000 O c t.’25 1M
( $ 100) ______________________________________
Q-J
T R A C T I O N .— T h e
United Power & Trans, owns 49,992 out o f the 50,000 shares of stock.
Lease.— Is leased to the Wilkes-Barre R y. Corp. (see above). V. 89,
p . 1598.
ORGANIZATION.— Incorporated Feb. 9 1891: controls street railway
lines in the Wyoming Valley, Pa., extending from Wilkes-Barre to Duryea
and Nanticoke on east side o f Susquehanna River and Pittston and Ply
mouth on west side. In Dec. 1902 made collateral trust mtge. for $250,0u0
to purchase stock o f the Wilkes-Barre Dallas & Harvey’s Lake R y. Co. and
for other purposes. On July 1 1904 leased the Plymouth & Larksville Street
R y. for 999 years at 6% on $75,000 stk. and int. on $75,000 5% bonds.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity
Stock (par $100) $5,000,000— all but 8 shares owned by Un. P. & T . Co
1st mtge $1,500,000 gold/ 1891 7 g A-O
$1,500,000 April 1 1931
($ 1 ,0 0 0 )_______________c*\lnterest at Provident Life & Tr. C o., Phila
Collateral trust and mortgage/ 1895 6 g J-J
245,000 Jan 1 1935
$325,000 gold____________ \Int. at Anthracite Sav. Bk., Wilkesbarre, Tr
Collateral trust and mtge g f 1902 6 g J-D
239,000 Dec 15 1932
($1,000) $250,000______c*llnt.at Real Est.,Title,Ins.& Tr.Co.,Phila.,Tr;
Underlying Bonds on Roads Purchased—
Wilkesbarre & Suburban b o n d s ____
5%
40,000 July 1 1928
Guaranteed Bonds—
Wilkes-Barre & Kingston__________
5 F-A
90,000 Aug 1 1928
Wilkes-Barre & East Side R y _ ____
5
150,000 See(z)below
Bonds.— The Wilkes-Barre & W yo. Vail. Trac. 1st M . bonds were
originally 5s and matured April 1 1921, but have been extended for 10 years
at 7 % . Are call, as a whole on any int. date at 102J4 and int. prior to
April 1 1926 and a tp a r thereafter. V. 112, p. 1400.
Interest on the Wilkes-Barre & Kingston bonds reduced to 5% in Aug
1903 and bonds extended to Aug. 1 1918 and again to Aug. 1 1928 at 5% .
Int. on the Wilkes-Barre & Suburban bonds reduced in 1903 to 4% and
bonds extended to July 1 1918; were again extended, this time to July 1
1918, at 5% .
The Wilkes-Barre & Wyoming Valley coll. tr. bonds o f 1895 were originally
5s and matured Jan. 1 1925, but have been extended for 10 years to Jan. 1
1935 at 6% . Extended bonds are call, on 60 days’ notice at 102 and int.
on any int. date prior to July 1 1926, and at par on July 1 1926, or on any
105
A L D R E D & CO.
40 Wall Street
NEW YORK
106
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity
Pref Ser C 6 J3 % cum $18,000,Q-J
000 ($100)______________________
x4,000,000 O ct.’25.1H
Pref Ser D ($100)___________ _____
6 Q.-J
$1,000,000 Oct’25,1
Gen M $15,000,000 ($1,000)/ 1905 413 g J-J
______
13,845.000 Feb 14 1935
gold------------------------------c*(Int. at Continental Tr. C o., Baltimore, trus.
1st ref mtge Series A — --------- f 1919 6 g F-A
11,062,500 Feb 11949
Series E -----------------------------( 1922 5 ^ g M - S
5,000,000 Sept 1 1952
Series F ----------------------------- | 1925 5 g J-D
$8,964,000 June 1 1965
$500, &c) gold---------c*& r*tf [Bankers Trust Co.. N . Y ., trustee.
United Elec 1st cons mtgef 1899
4 H g M -N 4,428,000 M ay 11929
(closed) ($1,000) gold— c*\Maryland Trust C o., Baltimore, trustee.
Consol Gas cons1st mtgef 1889 5 g J-J
3,400,000 July 11939
(closed) ($1,000) g -,c * n t f (Mercantile Tr. & Dep. C o., Balto., trustee.
Consol Gas gen M (closed)/ 1904 4M g A-O 6,100,000 April 1 1954
($1,000) gold----------------c*\lnt. at Fidelity Tr. C o., Balto., trustee.
Gnnrnntpprl T♦???//»?
Balt Elec M (closed) guar p i / 1907 5 g J-D
3,943,000 June 1 1947
& sink fund ($1,000) g-.c*\ In t. at Northern Trust C o., Phila., trustee
Pref stock 5% guar ( $ 5 0 ) . _ ____
5 J-J
1.000,000 July ’25 2 K
Pub Serv Bldg Co 1st mtgef 1915 5 g F-A
784,000 Aug 1 1940
(closed) guar prin,, int and)Int. at Mercantile Trust & Deposit Co.,
s . f . ($500) gold------------ c* ( Baltimore, trustee
Pref stock 6% cum guar
$700,000 ($100)_______________
6 Q-F
665 000 Aug ’25 113
Roland Pk El & Wat Co 1st? 1907
5 g F-A
300 000 Feb 1 1937
(closed) guar prin int & sink? Int. at Continental Trust C o., Baltimore,
fund___________________ c * l trustee
x Includes $31,100 par value subscribed but not issued or fully paid for
as o f Sept. 30 1925.
Stock.— Pref..stock may be issued in different series, the fixed preferential
divs. upon which shall in no case exceed 8% oer annum. Ser. A red. at 125.
Series B red. at 110. Series C red. at 110. Series D red. at 110. In
June 1925, Spencer Trask & Co. Boston and Chase & C o., sold $1,000,000 Series D at $100 50 per share, yielding 5.97% . Y. 120, p. 2940.
Listed on Baltimore Stock Exchange. V. 121, p. 197.
Dividends.— The following divs. were declared payable Jan. 2 1926: On
com., 6213c. quar.; on pref. A , 2% ; pref. B, l % % , and pref. C, 153%Bonds, &c.—As to the $15,000,000 gen. M . 413s, see table and V. 103,
p. 2158: V. 80, p. 1731, 714, 1481; V. 88, p. 233; V. 91, p. 41. 1632; V. 92.
p. 1376, 1502, i568; V. 93, p. 1791: V. 96, p. 1704; V. 98, p. 239; V. 105,
p. 1306. The $1,155,000 in addition to amount shown as outstanding are
pledged under the Baltimore Electric 5s.
First Refunding Mortgage 0/1919.
The ls< Ref. Mtge. of 1919 covers all property now owned or hereafter
acquired. Auth. issue not to exceed $100,000,000 at any one time. Int.
on all present series payable at Bank of Manhattan Co., N . Y . City;
Alexander Brown & Sons, Balto., and at Midland Bank, Ltd., London, Eng.
Series A are red. on 60 days’ notice, viz.: Prior to Feb. 1 1929 at 10713 and
int.; next 15 years at 105 and int.; last 5 years before maturity at 102 & int.
The entire outstanding amount o f the Series D 6 H % bonds was called
for redemption on Aug. 1 1925 at 110 and int.
Series E are red., all or part on 60 days’ notice, at 10713 and int. prior to
Sept. 1 1932, at 105 and int. during next ten years and at 10213 and int.
during last 10 years before maturity.
Series F are red. all or part on 60 days’ notice at 105 during first 10
years, 104 second 10 years, 10213 third 10 years, 101 next 8 years and at
100 during last 2 years; plus int. in each case.
Alex Brown & Sons, &c., &c., sold in June 1925 $9,000,000 at 10013 and
int. V. 120, p. 2940.
Subsequent series to bear int. mature at such times (not later than Feb. 1
1999) and be red. at such prices as may be fixed. V. 113, p. 1475.
Provision is made in the indentures for the refunding of all underlying
securities o f the co. and of its subsidiaries. The portion o f the authorized
issue not reserved for refunding purposes is issuable only for 80% of the cost
of additions, improvements or securities acquired Annual sinking fund
equal to 1 % o f the total o f these bonds from time to time outstanding, to our•
chase or call them for cancellation began Aug. 1 1923; $705,000 par value
1st ref. mtge. bonds have been thus acquired and retired and will not
be reissued.
Interest on United Electric Light & Power 1st 4J3s of 1899 is payable
at Alex. Brown & Sons, Baltimore.
Int. on Consol. Gas cons 1st mtge. 5s is payable at Farmers & Merchants;
National Bank, Baltimore.
Of the 50-yr. gen 413s o f 1904of The Consol. Gas Co. o f Baltimore City,
$6,100,000 have been issued. N o further bonds can be issued except to
retire the 5s due 1939. V . 78, p. 1964, 2014, 2387; V. 79, p. 1643: Y. 88,
p. 103; V. 90, p. 1173. 1493; V . 91, p. 41; V. 96, p. 363, 491, 718, 949:
V. 99, p. 1050.
The Baltimore Electric Co. 5s ($7,500,000 authorized Tissue closed at
$3,950,000] Northern Trust Co. o f Phila., trustee), are secured by a first
lien on the property and $1,155,000 Consoi. Gas EL L. & P. Co. gen. 413s.
V. 85, p. 598, 1271, 1340; V. 87, p. 741; V. 108, p. 1166. Are red. at 110.
The Public Service Bldg. C o . has erected a 20-story office building which is
leased to the Consol. Gas El. Lt. & P. Co. of Balt, for 25 years from Aug. 2
1915 under an annual charge sufficient to pay int. and sinn. fund on the
bonds, divs. and sink, funds on the pref. stock, oper. exp., taxes, maint.. <
fcc
Tnere are outstanding $665,000 pref. stock and $678,300 com. stock. The
1st mtge 5s are red. at 105. See V. 101, p. 1017; V . 103, p. 764. The
entire common stock is owned by the C. G. E. L. & P. Co. o f Baltimore.
The Consolidated Power Co. o f Baltimore 1st mtge. 5% gold bonds
authorized, $15,000,000; issued, $13,750,000. All of the $13,750,000 bonds
issued are deoosited under 1st ref. mtge. against the issuance of $11,750,000
1st ref. oonds. Company leased to Consol. Gas Elec. Lignt & Power Co
of Baltimore for a term of 25 years, beginning in 1917.
DIVS.— \1910 1911. 1912. 1913. 1914. 1915. 1916. 1917. 1918-1924
On com % . / 4
4M
5
5%
6M
7
7
7H
8 yrly
On no-par com ., Jan., April, July and Oct. 1925, 50c. per share.
The div. rate was increased from 1% to 2% quar. (8% p. a.) with the
April 1917 distribution and so continued to and incl. Oct. 1924. On no
par value shares 50c. was paid in Jan., April, July and Oct. 1925. Com.
div. payable Jan. 2 1926 increased to 62
per share. Pref. div. paid at
prescribed rates from dates of issue o f stock.
R E PO RT.— For 1924, in V. 120, p. 1221, showed:
Calendar Years—
1924.
1923.
Gross operating revenue_________________________ $21,459,699 $21,953,136
Net, after taxes__________________________________ $8,395,696 $9,291,794
Other income___________________________________
252,230
341,313
Fixed charges___________________________________ 3,074,365 3,232,095
Reserve for deprec., renewals, &c________________
1,484,000
1,495,000
Dividends______________________________________ 2,085,324
1,858,168
Balance, surplus______________________________ $2,004,237
$3,047,844
— 3 Mos. End. June 30— • Mos. End. June 30—
—6
Latest Earnings—1925.
1924.
1925.
1924.
Gross revenue_________ $5,473,662 $5,280,977 $11,563,668 $11,191,404
Exp., taxes & d e p r e c ... 3,550,348 3,550,683
7,301,297
7,479,278
Operating income___ $1,923,314 $1,730,294 $4,262,371 $3,712,126
Other income__________
43,136
52,904
87,857
102,304
Gross income________ $1,966,450 $1,783,198 $4,350,228
Fixed charges_________
775,919
772,330 1,534,959
$3,814,430
1,547,108
Net income_________ $1,190,531 $1,010,868 $2,815,269 $2,267,322
Pref. & com. dividends._
549,906
519,321
1,096,735
1,001,451
Surplus______________
$640,625
$491,547 $1,718,534 $1,265,871
OFFICERS.— Chairman o f Board, J. E . Aldred; Pres., Herbert A . Wag
ner; V .-P ., Chas. M . Cohn and Chas E. F. Clarke; Treas., John L. Bailey;
Sec & Asst Treas., Wm. Schmidt Jr.; Asst. Sec. & Asst. Treas., R. F.
Bonsall. Office, Lexington Bldg., Baltimore.— V. 119. p. 1629. 1959.
2068. 2286, 2410, 3009; V. 120, p. 1196, 1221, 1457, 2548, 2814, 2940, 3313;
V. 121, p. 74, 197, 705, 1568, 1907, 2037.
EASTERN SHORE GAS & ELECTRIC CO. (DEL.).
Control.— National Public Service Co. acquired control on Sept. 29 1925.
ORGAN IZATION .— Incorp. M ay 10 1915 in Delaware. In 1915
merged the Sussex (Del.) Light & Power Co. and acquired the properties
of Georgetown (Del.) Light, Heat & Power Co. and the Milton (Del.)
[Y ol. 121.-
PUBLIC UTILITIES
Electric Light Co. Also acquired the entire capital stock of Cambridge
(M d.) Gas Electric Light & Power C o., Salisbury (M d.) Light, Heat &,
Power C o., Idlewild Electric Light, Heat & Power C o., and in 1916 of the
Peninsular Light & Power Co. In 1922 acquired the Kent County Electric
Co. In April 1924 the Delmania Utilities C o., serving Ocean City, M d.,
and in Jan. 1925 the Consumers Ice C o., operating in the city of Crisfield,
M d. The company owns all of the capital stock ($292,000) of the Eastern
Shore Gas & Electric Co. of M d., into which were merged as of Jan. 1 1920
the Cambridge Gas, Electric Light & Power C o., the Salisbury Light, Heat
& Power Co.; the Idlewild Electric Light, Heat & Power C o., and the
Peninsular Light & Power Co.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
The company operates a station at Laurel, Del., with a capacity of 4,600
k.w ., 172 miles of high tension transmission lines, 14 high tension substa
tions and 130 miles of distributing system. The principal franchises are
perpetual or run for long terms. Supplies electricity without competition
in over 30 towns in Maryland and Delaware, serving a population of about
60,000. Supplies gas in Cambridge.
STOCK AND BONDS—
Date. Interest.
Outstanding.Maturity.
_________ 29,880 shs. __________
Common 60,000 shs no par___ _____
8% cum pref $1,000,0 0 0 ($ 2 5 )___
$2 Q-M
615,600
______
1st M & coll tr 6s $1,250,0001 1915 6 g J-D
1,193,000 June 1 1955
($1,000, $500 c* )_______ t fjln t . at Phila. Trust C o., Phila., Trustee.
Consol mtge s f 7s Ser A $1,-1 1922 7 F-A
1,018,000 June 1 1955
450,000 ($1,000, $500 c* .tf/In t. at Phila. Trust Co., Phila., Trustee.
Series B 6 13s $500,000_____ 1922 613 F-A
239,000 June 1 1955
Stock.— Preferred stock is preferred as to assets and divs. Call., all or
part, at 110 and div. Maryland and Penn, taxes, if any, refundable up
to 4 J3 % . Listed on Philadelphia Stock Exchange.
On March 2 1925 stockholders increased the authorized capital stock
from 30,000 preferred shares (par $25) and 60,000 common shares of
no par value. The old com. stock was to be exchanged on the basis of two
no par shares for each share of $25 par value.
Bonds.— The ls< mtge. & coll. tr. 6s g. bonds, due June 1 1955, are further
secured by deposit of the $618,500 outstanding g. 6s. bonds 1954 and the
entire capital stock of the Eastern Shore Gas & Elec. Co. of M d. Are
call, whole or part on 60 days’ notice at 105 and int. Sinking fund of 1%
per annum, beginning June 1 1920, to be applied for redemption of bonds.
Retired through.s. k. $57,000. Outstanding in hands of public, $395,000.
Balance of $798,000 deposited under the mtge. of cons. s. f. 7s, due 1955.
The cons. mtge. s. f. g. bonds, ser. A , dated Feb. 1 1922, are further secured
by pledge of $798,000 1st & coll, tr . 6s of 1955 and all capital stock and mtge.
bonds of Kent County Elec. Co. and capital stock of Delmania Utilities
Co. Total authorized issue, $6,000,000. Series A limited to $1,450,000
Call., incl. Feb. 1 1942, at 110 and in t., thereafter at 105 and int. Sinking
fund of 1% annually from Feb. 1 1927 under certain restrictions. Penn.
State tax refundable.
„ ___
Series B is limited to $500,000. Issued $239,000; outstanding, $201,000;
in treasury, $38,000. Call, on 60 days’ notice, incl. Feb. 1 1942, at 105
and int., thereafter at 10213 and int. Penn, tax refundable.
EARNING S.—
Calendar Years—
1924.
1923.
1922.
1921.
$621,389
$560,977
$502,005
$457,692
Gross earnings_________
Oper. exp. & taxes_____
385,961
351,575
335,773
309,449
Fixed charges_________
107,219
103,680
95,527
79,702
Miscell. deductions_____
11,069
7,452
9,260
15,537
Renewal reserve_______
38,774
36,319
33,107
21,912
Federal taxes__________
9,428
7,744
4,240
2,825
Net income___________
68,938
54,207
24,098
28,267
OFFICERS.— Pres., C. H. Krumbhaar, Jr.; V .-Ps., John E. Zimmermann, Carl Schubert; V.-P. & Treas., Milward Oliver; Sec., C. A. McClureGeneral office, Salisbury, M d.
POTOMAC EDISON CO.
Control.— Entire com. stock is owned by American Water Works & Elec.
C o., Inc. For merger into West Penn Electric C o., which co. will be a
subsidiary of American Water Works & Electric Co., Inc., see V. 121,
p. 1228, 1463.
ORGANIZATION.— Organized Dec. 31 1923 under the laws o f Maryland
as a consolidation of the Potomac Edison Co. and the Potomac Public
Service Co. (formerly the Hagerstown & Frederick R y. C o.). For history
of Potomac Pub. Service Co. up to time o f consolidation see “ Electric
Railway Supplement” of Oct. 27 1923.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
The consolidated co. through its subsidiaries— Northern Virginia Power C o.,
Potomac Light & Power Co. and Chambersburg Greencastle & Waynes
boro St. R y. Co. (see statement below) and Waynesboro Electric C o.—
owns and operates a power and light system in northern Virginia, the north
eastern portion of West Virginia and the adjacent section of Pennsylvania,
serving an aggregate population of about 300,000. Co. also does a gas
business in Frederick, M d., and operates and controls street and interurban
railways in western Maryland and a portion of Pennsylvania. Has elec
tric generating plants with a total installed capacity of 64,000 h. p ., incl.
4 hydro-electric plants with capacity of over 6,500 h. p. Has steam sta
tion at Williamsport designed for ultimate capacity of 240,000 h. p. Has
500 miles of high-tension transmission lines and 26 sub-stations. In Dec.
1924 placed in service 66,000-volt line between Williamsport and Cumber
land, M d., 53 miles. Operates street railways in cities of Cumberland,
Hagerstown and Frederick, M d., and an interurban railway extending
from Frederick to Hagerstown, with extensions from Frederick to Thurmont,
M d., also from Hagerstown to Shady Grove, Pa., and with branch lines to
Boonsboro and to Jefferson, M d. Mileage operated aggregates 100.14
miles. Controls all of the stock of the Blue Ridge Transportation Co.,
which operates a line of buses, through western Maryland, Virginia, W . Va.
and southern Penna. The controlled Chambersburg Greencastle & Waynes
boro Street R y. operates 3l miles of track from Blue Ridge Summit to
Chambersburg. The extension from Chambersburg to Red Bridge Park
was leased to the Chambersburg & Shippenburg R y. of Chambersburg, Pa.
Date.
Interest. Outstanding. Maturity.
STOCK AND BONDS—
_________ 75,000 shs. __________
Common (no par value)_____ ____
____
_________ $2,435,300 ... ...............
Preferred stock____________
613 g M -N 3,900,000 M ay 1 1948
1st mtge(& ref) Ser “ A ” ($500 1923
& $1,000) gold________ c*tf
Series “ B ” __________ ____ 1923 613 g M -N 2,000,000 M ay 1 1948
1923 6 g M -N
1,000,000 M ay 1 1949
Series “ G” ________ - _____
U. S. Mtge. & Trust C o., N . Y ., trustee.
6-7 g A-O 4,873,200 April 1 1944
Pot Pub Serv 1st & ref mtge 1914
closed ($100, $500 & $1,000) Fidelity Trust C o., Baltimore, Trustee.
Interest payable in Baltimore & N . Y .
gold sinking fund___ c-cy t
5 g F-A
200,000 Mar 1 1927
Hagers & Nor RR 1st mtge 1908
$200,000 gold ($1,000, $500 Int. at Maryland S. & Tr. C o., Hagerstown.
Trustee, Wm. Jennings.
and $100)______________c*
5 g J-J
126,000 Dec 1 1935
Fred & Middletown 1st mtge 1905
closed gold ($1,000)______ cl Fidelity Trust C o., Baltimore, trustee.
179,000 July 1 1929
Fred Gas & Elec 1st M closed [ 1904
5 J-J
g ($500 & $1,000) gu p & i-jInterest at West End Trust C o., Philadelphia, trustee.
by Fred R R ; not sub to call
50,000 July 1 1929
Frostburg _ & M fg 1st M 1899
m
■ ■ ■
5 J-J
30-year bonds____________ (Int. at First Nat. Bank, Frostburg, M d.
Pot Pub Serv coll gold notes
250,000 Sept 1 1932.
$300.000_______ _______ __c 1917
5 M-S
Stock.— Entire com. stock owned by American Water Wks. & Elec. Co.
Bonds.— Additional 1st mtge. (& ref.) bonds may be issued par for par
for refunding o f the underlying and divisional bonds, for impts., add'ns and
extensions under certain restrictions and for the acquisition o f new prop
erties or subsidiaries under certain conditions. Series “ A " & Series “ B ”
bonds are red. on any int. date at 105 and int. to May 1 1938; thereafter at
102>3 and int. to M ay 1 1943; thereafter at par and int. to maturity. Ser.
“ O” are red. on any int. date at 105 & int. to M ay 1 1939, thereafter at
10213 & int. to May 1 1944; thereafter at par & int. to maturity. Interest
payable in N . Y . or Chicago. Co. agrees to reimburse holders o f these
bonds if requested within 60 days after payment for the Penna. 4 mills tax.
the Maryland Security tax not exceeding 413 mills, the District o f Columbia
personal property taxes not exceeding 5 mills per $1 per annum and for the
Mass, income tax on the int. not exceeding 6% o f such int. per annum.
V. 118, p. 441. E. H. Rollins & Sons, Halsey, Stuart & C o., Inc., &c.,
offered in June 1924 $1,000,000 1st mtge. and ref. 6% bonds Series “ O”
at 95 & int., to yield 6.40% . V. 118, p. 3088. Of the $4,901,200 Potomac
Pub. Serv. 1st & ref. mtge. bonds outstanding $2,686,700 are 6% bonds
and $2,214,500 (issued under supplemental indenture in 1922) bear int. at
7 % . V. 114, p. 1767. Sinking fund from Oct. 1 1919, payable semi-ann.
Oct., 1925.]
l& M ^ V 1 19R^h 1 ft
^ Tel- 6s and Prlor Hens; 1927-1934, 2 % ; 1935,
and Conn* Ked* at 105 and int* on any int. date. Tax refund in Penn
H ^ e r^ w n & Norf. RR. bonds are subject to call after 1917.
Ivph'
bonds ®fe red- at 195 on any int. date.
S f,dole.c- bonds aer guar., p. & i., by Frederick RR.
bv nlpri™
J ^ b’ £erv. coll, trust notes of 1917 are secured
the Chambersburg Greencastle & Waynesboro St. Ry.
retirement o f $10?000
t0 PUrchaSe' SinHn° fund pr0vldeS for
THm..TOortation Co.— In July 1925 this subsidiary applied for
permission to issue $200,000 3-year 6% gold debentures. V. 121, p. 77.
EARNINGS. Of Pot. Edison Co. and subs, for years end. Dec. 31:
Total
Net, after Int.Sub.Co. DepreBalance,
YearRevenue.
Taxes. Pf.Div.&Amor ciation. Surplus.
J924.............
$3,621,846 $1,713,692 $1,028,669 $368,535 $316,487
1923 ........................ 3,630,199 1,652,780
802,571
349,011
501,199
1922.................. ------------------3,172,5661,357’7° 2
717,051
334,139
306,512
P.™ m » D 7 Ch^
an o f Board, Emory L. Ooblentz, Frederick, M d;
F M *W r
M - Harris, Henry H olzapfk Jr., and W . S.
§• Waters: Treas. & Asst. Sec., R. E. Town: Gen
^
20 ® ‘^
1^ 1 , ^
77^228 1463 2190’ 3° 88: V ‘ 119, P ’ 2 ° 7 4 ’ 2879: V ’ 120
BERSBURG GREENCASTLE & WAYNESBORO ST. RY.
Controlled by Potomac Edison Co.
w £ ^ i ? A£ I0N A—
•in P a- on June 17 1901. Owns the Waynes
boro Electric Co. Capital, $50,000.
S e f p ^ t o m a ^ E d S c o ^ K . ^ 0 CH ARACTER 0 F B U S IN E S S .-
Ornmnon^$30fh00( L P _ _ _ DaU'
lnteresL
Maturity.
Preferred $300,000 non-cum
300 000 I
" S i S P W I 10-000 S?ld ( 1903
5 g J-J
300JX)0 July' 1*1933
q„
auu f 500)_ . c * t f \ I n t e r e s t at Chambersburg Trust C o., trustee.
S
$300,000/1907
5 g A-O
299.500 Oct 1 1937
loi® l29aud ®500) gold. - c * tf[ Int. at Chambersburg Trust C o., trustee.
1
$1>
000'000 (S100/ 1910
5 A-O
193,900 April 1 1940
~~z — r — tf lin t. at Chambersburg Trust C o., trustee.
First mtge. bonds have no sink, fund and are not subj. to call,
bonds are sub j . to call on any int. period at 105. No sink. fund.
113 i s* ref' bon<ls are reserved to take up underlying bonds and for
extensions and improvements:
EARN ING S.— Years ending Dec. 31:
io o f ar~
Gross.
Net aft. Tax. Deductions.
Surplus.
924---------------------------$317,143
$86,609
$68,066
$18,543
1923------------------332,101 91,016
69,884
21,132
1922....................
299.129 85,069
,* ,0 . 1
72,870.
12,199
u ;£ F F x ?E S--zpbairman 0f board, Emery L. Coblentz; Pres., M . F.
bR
Mimck and C. M . Harris: Sec., D. N. Benedict;
Con. Mgr R . Paul Smith: Treas. & Asst. Sec., R. E. Town.— Y. 90, p. 236,
V. 90, p. 236; V. 92, p. 186; V. 105, p. 388.
UNITED RAILWAYS & ELECTRIC CO. OF
BALTIMORE.
O R G A N IZA T IO N ,—Incorporated at Annapolis March 4 1899: com
prises through consolidations the following passenger railways in Balti
more City and Baltimore, Anne Arundel and Howard counties, Maryland:
Catonsville & Ellicotts Central Railway Co.
Mills Passenger R R .
Gwynn’s Falls Railway of Baltimore
Baltimore City Passenger R y. Co.
City.
Baltimore Consolidated Ry. Co.
Maryland Traction.
Baltunore & Curtis Bay Ry.
Pimlico & Pikesville R R .
Balt. Gardensville & Belair Elec. Ry. Shore Line Electric Ry.
Baltimore & Northern Elec. R y. Co. Walbrook Gwynn-Oak & Powhatan
Acquisition & Lease of Maryland Electric Railways.—-Early in 1924 the coacquired all the common stock o f the Maryland Electric Rys. (stock so
a w ujr2d Js to be Pledged under the mtge. of the United Rvs. & Elec. Co.)
S
which had recently consolidated with the Baltimore Halethorpe & Elkridge
Ry. and Baltimore Sparrows Point & Chesapeake R y., which had formerly
been leased to the United Rys. & Elec. Co. The co. thereupon entered
mto a lease o f the properties o f the consolidated co. for a term o f 999 years.
Under the terms o f the lease the United Rys. & Elec. Co. will pay an un
conditional annual rental sufficient to cover maintenance, insurance, taxes,
interest, and other charges, and a sum o f not less than 2% per annum of
outstanding Series “ A ” bonds o f the Maryland Elec. Rvs. to cover sinking
tuna ana a fund for improvements, depreciation and obsolescence. For
further details see description o f the Maryland Electric Rys. below.
i.™ IELP OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Miles of track, 413; serviceable cars, 1,927; gauge, 5 ft. 4 A in. Rails,
60-lb. to 129-lb. T and girder.
Power Contract.— In Feb. 1911 entered into a 15-year contract with Pennsylvania Water & Power Co. for supplying power in conjunction with
United Railways Co. for operation o f cars. V. 92, p. 467. Also see below.
Sale of Power House— Contract, &c.— On Jan. 12 1921 entered into a per
petual power contract with the Consol. Gas, Elec. Lt. & Power Co, of Balto
The transaction involved the sale o f the Railways, Pratt St. power house
to the Gas Co. for $4,000,000. (Transferred on May 24 1921.) V. 112
Favorable Tax Decision.— On June 29 1909 the Court o f Appeals of Maryland held that the park tax o f 9 % on gross earnings o f lines within city
hmits was intended to be in lieu o f all other taxes, and that no further tax
on the intangible property can be levied without express legislative author
ity. The easements in 14 miles o f turnpikes in annexed districts were held
to be taxable. V. 89, p. 44.
In April 1913 Judge Bond in the City Court at Baltimore decided that the
company must pay cost of repaving streets between tracks and 2 ft. on
either side. See V. 96, p. 1090. On Aug. 5 1913, the Court o f Appeals of
Maryland reversed the ruling and unanimously held that company’s obli
gation with respect to the track area was to repair and not to re-pave. In
Feb. 1916 the same court again held that co. is required merely to keep
its tracks in repair.
Fares.— Effective June 1 1924, was auth. by the M d. P. S. Comm, to
increase cash fares from 7 to 8 cents, with two tickets for 15 cents. Y. 118,
p. 2706. See also V. 119, p. 581.
In M ay 1922 holders o f the 1st & cons. mtge. 4% bonds were offered
the. privilege o f exchanging the 4% coupon sheets on a limited portion of
their holdings for 6% coupon sheets, upon the payment o f $250 per $1,000
bond. Up to April 1 1924 $2,684,000 bonds had taken advantage of this
offer. V. 114, p. 2361, 2580; V. 115, p. 184.
STOCK AN D BONDS— Date. Interest. Outstanding. Div. or Mat.
Common, $35,000,000 ($50)----------- 4 Q-J 15 $20,461,200 Aug ’25 1%
Inc mtge, g, $14,000,000,( 1899 4 g J-D
14,000,000
1949.
cum, Maryland Tr Co.{Payable at option o f co. after March 1 1949.
Trus ($1,000)--------- c*n tf[In t. at Alex. Brown & Sons, Baltimore.
1st con mtge, g, $38,000,000/ 1899 4-6 g M-S 32,450,000 Mar 1 1949
($1,000): Continental Tr{ Interest at Alex. Brown & Sons, Baltimore.
Co, Baltimore, Trus_-C*tfi
Income fdg bonds ($100, $5001 1906
5 g J-D
3,920,000 June 1 1936
& $1,000), $3,920,000-_ctf(M aryland Trust Co., Trustee.
5-year
notes ($500 and! 1922
6 g F-A
2.500,000 Aug 1 1927
$1,000)---------------------- c* tf [Safe Deposit Co. o f Baltimore, trustee.
U N D E R LY IN G SECURITIES.
Baltimore Tract— 1st m tge;/ 1889 5 M -N
1,500,000 N ov 1 1929
($500,000) Trustee Mercan Interest at Merchants’-Mechanics’ First
tile Tr & Deposit C o_cn tf{N at. Bank, Baltimore.
N B Div 1st ($1,000) 5s, g;
1892 5 g J-D
1,750,000 June 1 1942
TrusM erTr&DepCo.cntf [Int. at M erch.-Mech. First Nat. Bk. Balt.
Lake Roland Elevated— 1st 1 1892 5 g M-S
1,000,000 Sept 1 1942
consol
mortgage, gold {Interest at Alex. Brown & Sons, Baltimore
($ 1 ,0 0 0 )__________ c*& rtf[ Baltimore Trust C o., Trustee.
Central Ry— Consol mortgage/ 1892
5 g M -N
700,000 M ay 1 1932
$700,000, gold ($ l,0 0 0 )n tf{ln t. at M erch.-Mech. First Nat. Bk., Balt.
[Mercantile Tr. & Dep. Co. o f Balt., Trustee.
Ext and imp 1st mtge.i
1897 5 g M-S
600,000 Mar 1 1932
$600,000, g ($1,000)-ntf{B altim ore Trust C o., Baltimore, Trustee.
(Int. at M erch.-Mech. First Nat. B k., Balt.
Stock.— There was originally an issue of $14,000,000 4% pref. stock out
standing, but in Sept. 1920 the last of this issue was converted into income
107
POWER, LIGHT AND RAILW AY
bonds. Authorized amount of common stock was increased from $24,000,000 to $35,000,000 in Sept. 1917 to provide for conversion feature of
notes of 1917. Common stock listed on Baltimore and Philadelphia Stock
Exchanges. V. 96, p. 1631; V . 97, p. 667.
Bonds.— Of the $38,000,000 of 1st consol, bonds, $5,550,000 set aside to
retire underlying securities. Of the $32,450,000 outstanding 1st mtge.
$23,766,000 bear 4% int. under the 1st cons, mtge., while $8,684,000
issued under a supplemental indenture bear the company’s promise to pay
additional int. at the ratq of 2% per annum, making the rate 6% . V. 114.
p. 1653, 2361, 2580; V. 115, p. 184. Bonds are not callable. Income fund
ing bonds are redeemable on any int. date at par and accrued interest$18,820 are held by trustees. All bonds are listed on Baltimore Stock Ex.
change and the 1st consol. 4s and $14,000,000 income 4s are listed on the
Phila. Stock Exchange. $6,000 Central R y. 1st cons. 5s, $2,000 ext.
& impt. 5s, $23,000 income 4s and $27,300 funding 5s are in United Rys.
& Electric C o.’s treasury.
Notes.— The 5-yr. 6% notes are red. at any time on 30-days’ notice at
100 & int. plus a premium of A % for each year or fraction thereof from
date of redemption to date of maturity. Int. payable at Alex. Brown &
Sons, Baltimore. V. 115, p. 437.
Dividends.— Dividends of K o f 1% were paid in June 1899 and 2 A % In
Dec. 1899 and 2% each six months after that to and incl. Dec. 1903, on
both the income bonds and the pref. stock, the payment on the stock
(but not on the bonds) being subject to a deduction of A of 1% for taxes.
None thereafter until June 1911, coupons being funded. On June 1 1911
paid 2 % on both income bonds and pref. stock and 2 % has been paid each
six months since. (The last of the pref. stock wsa converted into income
bonds in Sept. 1920.) On com ., 1st div.— \ A % — paid M ay 1912; N ov.,
\ l % . In 1913 and to and incl. Jan. 1919 at the rate of 4% per annum.
A
April 1919 dividend postponed (V. 108, p. 1391). None to Aug. 1922, when
1 % was paid. In Nov. 1922, 1 % and dividends at same rate, paid regularly,
quarterly since to and including Aug. 1925.
REPORT for the year ending Dec. 31 1924 in V. 120. p . 2013:
1924.
1923.
1922.
1921.
Carmilesrun___________ ’ 35,973,691 35,873,841 34.964,036 35,708,863
Revenue passengers____ 228,423,774 238,658,380 233,732,146 238,090,980
Transfers______________ 91,879,977 92,838,315 90,808,955 91,259,537
Operating revenues_____ $16,453,254 $16,461,799 $16,122,592 $16,332,865
Operating expenses_____ 9,815,263
9,799,312
9,622,992 9,965,331
D epreciation................
822,663
823,090
806,130
816,643
Taxes, licenses, &c_____ 1,656,074
1,800,335
1,740,512 1,710,109
$3,952,957
156,246
$3,840,782
104,179
Total net income_____$4,303,231 $4,109,091 $4,109,203
Int. on bonds, rents, & c. $2,776,183 $2,663,744 $2,750,854
Int. on income bds. (4% )
559,080
559,080
559,080
Common dividends___ (4 % ) 818,448 (4%)818,448 (2 % )409,224
$3,944,961
$2,750,650
559,080
Net operating income. $4,159,255
Other income__________
143,976
$4,039,062
160,029
Surplus______________
$149,520
$157,818
$390,045
$635,231
OFFICERS.— Pres., C. D . Emmons; V .-P .. J. Pembroke Thom,
V .-P ., Thos. A, Cross; V .-P . & Gen. M gr., H. B . Potter; Sec., William
Early; Treas., J. T. Straub: Aud., N. E. Stubbs.— V. 116, p. 1651, 1762,
2995; V. 117, p. 209, 327, 1463, 2324, 2544; V. 118, p. 312, 552, 1296, 1775,
2181, 2706; V. 119, p. 581, 2880; V. 120, p. 455, 2013.
(1 )
T H E M A R Y L A N D E L E C T R IC R A IL W A Y S C O .
ORGANIZATION.— A consolidation in 1924 of the Baltimore Sparrows
Point & Chesapeake R y. and the Baltimore Halethorpe & Elkridge R y.
with the Maryland Electric Rys. Co. (1906). The consolidated properties
have been leased to the United Rys. & Elec. Co. of Balt, (see above) for 999
years, renewable forever, for an unconditional annual rental sufficient to
cover maint., insur., taxes, int.; and other charges, and a sum o f not less
than 2% per annum of outstanding Series A bonds, to cover sink. fd. and a
fund for impts., deprec. and obsolescence.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
The c o .’s properties now embrace about 57 miles of track, incl. the “ St.
Paul Street Boulevard Line,” the Guilford and Halethorpe lines, the
Stadium extension, and the “ Sparrows Point Line,” extending from Balti
more to Sparrows Point, at which are located plants of the Bethlehem
Steel Co.; 170 cars and an equity in 132 additional cars; 10 car houses;
7 substations having a total capacity of 36,625 k. w.; Bay Shore Park, a
salt-water bathing beach near Baltimore.
Franchises.— The tracks of the co. are either on private rights-of-way or
are operated under franchises which are perpetual with the exception of
those covering about 8 miles of track, which are on the basis of 25 years,
renewable for 25 more.
STOCK AND BONDS.— Date.
Interest. Outstanding. Maturity.
Stock— All owned by United Rys & Electric Co of Baltimore.
1st mtge (closed) gold ($1,000)1 1906
5 g A-O
$3,192,000 Oct 11931
sinking fund_________c*tf/M ercantile Tr. & Dep. C o., Balt., trustee.
1st & ref mtge ser “ A ” ($5001 1924
6 A g J-J
3,960,000 Jan 1 1957
& $1,000) guar gold_.c*tf/S afe Deposit & Trust Co. of Balt., trustee.
Balt Spar Pt & Ches Bay 1st f 1903
4 A g F-A 2,000,000 Feb 1 1953
mtge $2,000,000 g ($1,000){Fidelity Trust C o., Baltimore, trustee.
_
guar prin & interest_ c*tf [Interest at Alex. Brown & Sons, Baltimore.
Stock.— All owned by the United Rys. & Elec. Co. of Balt.
Bonds.— A sinking fund of 1A % on Maryland Elec. R y. 1st mtge. bond®
out began Mar. 30 1910. $1,754,000 (not incl. in amount outstanding'
held in gen. sink, fund Oct. 1 1924. Bonds are redeemable at 110 and int
on any int. date upon 90 days’ notice. Int. payable at office of Alex.
Brown & Sons. See V. 83, p. 818, 907.
The total issue of 1st and refunded mortgage bonds is limited to $25,000,000, including bonds for refunding purposes, unless there shall have been
a consolidation or merger of the United Co. and the Maryland C o., in which
event additional bonds may be issued for refunding United securities and
for capital improvements to the extent of 80% o f cost, as set forth in the
mortgage. In addition to the Series “ A ” bonds outstanding, $3,800,000
1st and Refunding Mortgage bonds, Series “ B ,” was set aside and such
amount thereof as may be required will be exchanged for, or used to redeem,
$ 3 ,1 9 2 ,0 0 0 outstanding Maryland Electric R y. 1st Mtge. 5s, Oct. 1 1931,
an d $ 2 ,0 0 0 ,0 0 0 1st & R e f. M t g e . b o n d s will b e re s e rv e d t o redeem $ 2 ,0 0 0 ,0 0 0
Baltimore Sparrows Point & Chesapeake Ry. 1st Mtge. 4 Hs, Feb. 1 1953.
Series “ A ” 634 % bonds are guaranteed prin. and int. by endorsement of
United Rys. & Elec. Co. An annual sinking fund of 1% of all 1st & ref.
mortgage bonds, Series “ A ” , from time to time outstanding, first pay
ment made Jan. 1 1925, to be userl for purchase or call and retirement
o f bonds of this issue is provided for. This is in addition to a fund of not
less than 1% per annum of such bonds outstanding for improvts., deprec.
and obsolescence. Series “ A ” bonds are red. all or in part on any int. date
upon 60 days’ notice at 105 and int. on or before July 1 1936, and thereafter
at 100 and int. plus a premium of 1% for each 5 years or portion thereof
from date of redemption to date of maturity; the bonds, however, to be
red. Jan. 1 1956 and thereafter at 100 and int. Listed on Baltimore Stock
Exchange.— V. 120, p. 1459. Int. payable at office of Alex. Brown &
Sons, Baltimore, or the agency of the company in New York.— V. 1 1 .,
p. 849; V. 118, p. 551, 1268; V. 120, p. 1459.
DIST. OF COLUMBIA
WASHINGTON & MARYLAND RY.
ORGANIZATION.— Incorp. in Maryland as successor to Baltimore &
Washington Transit Co. of Maryland, sold under foreclosure.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Operates about 3 A miles of track from 14th & Kennedy Sts., N . W ., to
District line at Tacoma Park, M d. Extension of 1 mile built from District
line and through service operated by the Capital Traction Co. since M ay 11
1918. 60 and 100-lb. T rail; girder rail on new extension. Direst service
over Capital Traction Co.
C A PITALIZATION .— The P. U. Comm, of the District of Columbia has
authorized the company to issue $66,000 gen. 6% 30-year bonds and $30,000
prior lien 6% bonds; has also approved a contract by which the Capital
Traction Co. will operate the company’s lines. Proceeds of the 6% bonds
will be used to complete purchase of the properties of Baltimore & Washing-
108
[V ol. 121,
PUBLIC UTILITIES
ton Transit C o. In Maryland, and the 5 M % prior lien bond -will be used
as collateral for $25,000 1-year 6% notes, the proceeds o f which will be used
for extensions and improvements. Application has been made for $25,000
additional bonds to refund advances for improvements, &e.
OFFICERS.— Pres. & Treas., Chas. Selden Jr., Washington, D . O.;
ec., John E . Taylor, 231 Woodward Building, Washington, D . C .
WASHINGTON UTILITIES CO.
ORGAN IZATION .— Incorp. in Virginia (as Maryland-Virginia R y.)
N ov. 29 1911, amended Feb. 28 1912 and N ov. 7 1912, when the name was
changed to the above. On N ov. 26 1912 merged with Washington-Virginia
R y ., but the latter company (see statement below) was obliged to resume a
separate existence, owing to refusal o f the subsequently created Utilities
Comm, o f the Dist. o f Columbia to allow the merged corporations to issue
securities provided for in the merger agreement. Owns 150 shares of
Braddock Lt. & Pow. Co. stock (valued at $20,000), $300,000 (of $300,350)
o f Washington & Great Falls R y. & Pow. Co. stock, and $575,100 com. and
$282,000 pref. stock o f the Washington-Virginia R y. Co.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
A holding company.
Default.— The June 1 1919 int. on the coll, trust 5% notes having been
defaulted, the following protective committee (reorganized V. 109, p. 271)
was formed:
Committee for Coll. Trust 5% Notes.— Robert N. Harper, Chairman; Wm.
E. Cadwallader, W. T . Galliher, John Poole, Geo. W . White and C. W.
Warden, all o f Washington, and Harold B. Thorne and Henry D. Harlan,
both of New York C ity. Depositaries: Metropolitan Trust C o., N . Y ., and
the American Security & Trust C o., Washington, D. C. Up to early in
Sept. 1919 $1,306,000 o f the notes had been deposited with the committee.
V. 109, p. 271. Compare V. 108, p. 2424. No later information.
Sale of Collateral.— Default having occurred on the c o .’s coll. tr. 5%
notes, the security pledged thereunder, viz., 27,500 shares Wash. R y. &
Elec. Co. common stock was sold Oct. 1 1919 to the noteholders’ committee
named above. V. 109, p. 1368. Compare V. 109, p. 1081. The com
mittee, however, in Dec. 1922 sold this stock. V. 115, p . 2269; also see
under “ Washington R y. & Elec. C o.” on a preceding page.
STOCK AN D BONDS—
Date. Interest. Outstanding. Maturity.
Stock_____________________________ _________ $5,468,000
See text
Collateral trust notes $1,500,-/ 1917
5%
1,500,000 __________
000 ($1,000)______________(Metropolitan Trust C o., N . Y ., trustee.
Notes.-—'Were secured by pledge of $2,750,000 com. stock of the Wash.
R y. & Elec. Co. Red. at par and int. on any int. date on 30 days’ notice.
Dividends.— Initial div. o f Vi o f 1% paid July 1 1912. In 1913, 1M % .
In 1914, 2 % . In 1915, Jan., 1% . No later information.
EARN ING S.— For calendar year 1913, gross, $233,152; net, after de
ducting interest, &c., $132,473; dividends, $107,160; bal., sur., $25,312.
No later statement has been received.
OFFICERS.-—-Pres., Norman Grey; Sec. & Treas., J. C. Freeland.—
V. 108, p. 2424; V. 109, p. 171, 677, 1081, 1368; V. 115, p. 2269.
WASHINGTON-VIRGINIA RY. CO.
Receivership.— On N ov. 23 1923 Judge Samuel C. Brent in the Circuit
Court o f Fairfax County, Va., appointed Arthur L. Reynolds, receiver for
the company, on petition of five trust companies of Philadelphia, in the in
terest o f the bondholders o f the company. V. 117, p. 2434. On June 26
1924 Richard Quinter was appointed co-receiver.
ORGAN IZATION .— Incorp. in Virginia Oct. 15 1913 to take the place o
former company o f the same name which was incorporated in Virginia on
June 22 1910. The old company on Oct. 20 1910 merged into the Washing
ton Alexandria & M t. Vernon R y. (stock $1,500,000) and Washington
Arlington & Falls Church R y. (stock $500,000). Has private right-of-way.
Franchises in cities perpetual.
The old company was merged on N ov. 12 1912 into the Washington
Utilities C o., but was subsequently obliged to resume separate existence.
See Washington Utilities Co. above and V. 98, p. 691.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Underground trolley in Washington, overhead outside. Operates from
Washington, D . C ., to Alexandria, M t. Vernon, Arlington, Fort Meyer,
Rosslyn, Clarendon, Vienna and Fairfax, mostly on private right of way.
Total track, 58.976 miles. Standard gauge. 109 cars.
Operation o f buses by Alexandria & Suburban Vehicle C o., a subsidiary,
see V. 121, p. 1791.
Interest.— The March 1 1919 interest on the Wash. Alex. & Mt* Vernon
1st mtge. 5s was not paid until July 1919. The Sept. 1 1919 interest on this
issue was paid in Jan. 1920. V. 110, p. 168. Compare V. 109, p. 1081,
1274. The March 1 1920 coupon was paid Feb. 3 1921. V. 113, p. 1984.
Interest due Jan. 1 1921 on the Wash. Arlington & Church Falls 1st 6s was
paid in Feb. 1921; interest on the 2d mtge. 5s, due Oct. 1 1920, was paid
Feb. 1921; interest due March 1 1920 on the first consol. 5s was also paid in
Feb. 1921. V. 114, p. 2242. In July 1920 interest on the Washington
Alexandria & M t. Vernon 5s was overdue. See plan below. Compare
V . I l l , p. 295. 1184.
The company having failed to pay interest on the various underlying issues
(see above), the following committee was formed to protect the interests of
holders (largely Washington, Baltimore and Philadelphia bankers) of the
company’s seemed notes due Jan. 1 1922.
Noteholders' Committee.— Joseph Wayne Jr., H. W . Goodall, Van Lear
Black, E. P. Rawle, R. Golden Donaldson, C. F. Norment and W . 3. Ham.
In M ay 1922 it was stated that over 90% o f the notes had been deposited
with the committee, or were controlled by it, and that practically all of the
common and pref. stock had likewise been deposited. V. 114, p. 2242.
Committee for Washington Alexandria < M t. Vernon First Mtge. 5s.—
%
Chairman, Lewis H. Parsons; John W . Hamer, Samuel J. Steele, Wm. G.
Baker Jr.; Sec., L . Schmidt, 435 Chestnut St., Philadelphia, Pa. Deposi
tary , Penna. C o . for Insurances on Lives & Granting Annuities, Philadelphia,
Pa. V. 113, p. 2186, 2407.
Committee for Washington Arlington & Falls Church Ry. Co. First Cons. 5s.
— Chairman, Evan Randolph; Richard F. McKinley and James Trimble.
V. 114, p. 2242.
In N ov. 1920 it was stated that the plan for the reorganization and finan
cial rehabilitation o f the company formulated by the noteholders’ protective
committee (see V. I l l , p. 1184, for details) had been completed, and the
affairs o f the company were being administered under new management.
Of the outstanding capital stock, 75% had been deposited [in M ay 1922
it was stated that practically all the com. and pref. stock had been deposited.
V. 114, p. 2242] under the noteholders’ agreement, and the committee
agreed to raise $250,000 immediately to liquidate the more pressing financial
obligations o f the company, including $83,500 interest on underlying bonds,
which was due March 1 1920, accumulated taxes o f $77,000, interest on
equipment trust notes amounting to $4,000, and current bills. The naw
management entered into a contract with Day & Zimmermann, Inc., under
which that firm has taken over the financial management. V. i l l , p . 1951.
8ee also V. 112, p. 1743.
Sale o f Collateral.— The $3,000,000 Washington-Virginia R y. first lien and
ref. mtge. bonds, pledged as security for the company’s 6% secured notes,
were sold at public auction on N ov. 28 1923 to Edward P. Hopkinson Jr.,
representing the noteholders, for $2,000. V. 117, p. 2434. Compare V.
17. p.2214. STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Common $2,000,000 ($100)_ _____
_
M -N
$1,378,300 See text
M -N
1,000,000 See text
Pref $1,000,000 ($100) see t e x t ____
Wash Alex & M t Ver 1st M l 1905
5 g M-S
2,500,000 Mar 1 1955
$2,500,000 ($1,000) g_ c * jln t. at Real Estate Trust C o., Philadelphia.
_
Wash Arl & Falls Ch R y issues—
First mtge $100,000 g o l d ... 1895
6 J-J
74,000 July 11925
Second mtge $350,000____ / 1903
5 A-O
250,000 April 1 1953
\Int. at Merchants’ Trust C o ., Phila., trustee.
First cons mtge $1,000,000 ]1 9 0 8 5 g M-S
650,000 Sept 1 1958
gold ($1,000)________ c*JInt. at Girard Trust C o., Philadelphia, trust.
General mortgage___________ _____
5%
See text __________
Secured notes Series “ A ” _____ _____
6%
759,400 Jan 1 1922
Secured notes Series “ B " _____ _____
6%
666,500 Jan 1 1922
Stock.— Pref. is entitled to cum. divs. o f 3% for year ended N ov. 1 1911,
4% for next year and 5% yearly thereafter. Stock listed in Philadelphia
and Washington.
Bonds.— The Washington Alexandria & M t. Vernon first mtge. bonds are
subject to call on any interest date at 110 and interest upon three months’
notice. See V. 80, p. 1176.
$350,000 Washington Arlington & Falls Church first consols are reserved
for prior liens, $48,000 are in treasury; remainder are for betterments, &c.
Bonds were guar., p. & L, by endorsement by Washingotn Alexandria &
M t. Vernon R y. Subject to call on any int. date at 105 and int. on a
month’s notice.
Interest on the Washington Arlington & Falls Church R y. first mtge.
bonds, payable in Philadelphia. Walter Hinchman, New York, is trustee.
Notes.— The 6% notes due Jan. 1 1922 are secured by a deposit of
$3,000,000 gen. mtge. 5% bonds (collateral has been sold at public auction
—see above under “ Sale of Collateral.” ).
Dividends.— Initial dividend on preferred— 1 )4 % — paid March 15 1911;
N ov., 1)4% . In 1912, 4 % . In 1913 and since, 5 % . On common, first
dividend— 1 % — paid March 15 1911; N ov., 1 )4% . In 1912 and 1913, 3 % .
In 1914, M ay, 1 )4% . In November rate was reduced and 1% was paid.
In 1915, M ay, 1% . No later information.
EARNINGS.— For 12 months ended Dec. 31:
dl924.
cl923.
1922.
1921.
Gross earnings_________
$846,684
$937,035
$908,653
$938,103
Oper. expenses and taxes
758,874
790,364
a781,043
a863,099
Net earnings________
Fixed charges__________
Balance_____________
$87,810
e270,059
$146,671
b285,013
$127,610
295,211
$75,004
311,496
$182,249 def$138,342 def$167,601 def$236,492
a Including depreciation, b Estimated for period from N ov. 23 1923
to Dec. 31 1923. c Includes result of operations of receiver from N ov. 23
1923 to Dec. 31 1923. d Includes operations of receiver from Nov. 23 1923
to Dec. 31 1924. e Estimated from N ov. 23 1923 to Dec. 31 1924.
OFFICERS.— Pres., John E. Zimmermann; V .-P ., F. W . W oodcock;
Sec., C. A . McClure; Treas., Milward Oliver. Under management of
Day & Zimmermann, Inc., Philadelphia.— V. 109, p. 1610; V. 110, p. 168,
1749. 1850; V. I l l , p. 295, 1184, 1754. 1951; V . 112, p. 1743, 1868: V. 113.
p. 732, 1984, 2186, 2407; V. 114, p. 2242; V. 117, p. 2214, 2434; V. 120, p.
3317: V. 121, p. 1791.
WASHINGTON BALTIMORE & ANNAPOLIS
ELECTRIC RR.
ORGANIZATION.— Incorp. in Maryland on June 5 1905 as Baltimore
Terminal Co. On March 31 1911 amended its charter, changed its name
to Washington Baltimore & Annapolis Electric RR. and took over the Wash
ington Baltimore & Annapolis Electric Railway, sold at foreclosure (V. 92,
p. 796, 957), per plan in V. 91, p. 1328, 1386. Private right of way.
The Annapolis Public Utilities Co. was incorp. in M ay 1912 as a sub. co.
and took over the Annapolis Gas & Elec. Co. In Feb. 1923 the M d. P. U.
Comm. auth. the Annapolis Public Utilities Co. to change its name to the
Severn Lt. & Pow. Co. and gave its approval of a proposed financing plan.
See V. 116, p. 722, for details. On April 10 1923 name changed again to
“ The Annapolis & Chesapeake Bay Power C o.” See V. 118, p. 434, for
bond offering.
Acquisition of Annapolis Short Line RR.— In 1921 the co. acquired the
Annapolis Short Line from the Maryland Electric Rys. The co. took over
the outstanding 1st mtge. bonds of that co. and guaranteed certain other
bonds and car trust ctfs. For further details see V. 112, p. 850] 1284, 1519.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
A single-phase electric road. Operates 146.6628 miles o f track between
Baltimore, Washington and Annapolis, o f which 13.33 miles are operated
under contract. Enters Washington over tracks o f Washington R y. &
Electric Co. 80-lb. T rails. Standard gauge. Automatic block system
in single-track on entire line. 181 cars. Power is purchased from Potomac
Electric Power Co. of Washington.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $3,000,000 ($50)_________
Q-J
$3,000,000
See text
Pref $2,500,000 ($50) 6% n o n -c ____
6 Q-M
1,760,500 Apr ’24, 1)4
First mortgage $7,500,000 f 1911
5 M-S
7,308,000 Mar. 1 1941
($1,000)__________ c*&r*tf JInt. at Cleveland Trust C o., Cleveland, or
Safe Dep. & Trust C o., Baltimore, M d.
Balt. & Ann. Short Line 1st]
5 F-A
1,000,000 Aug. 1 1946
mortgage ($1,000)------------- ' 1906
Annapolis Short Line R R .'
675,000 Jan. 1 1936
7 J-J
sk. fd. bonds ($1,000)_____I 1921
Annapolis Short Line R R . carl
See text
7 J-J
144.000
trust bonds ($1,000)______ / 1921
Stock and Bonds.— Pref. stock is red. at 110. Bonds are subject to call
at 105 on any int. date. The Annapolis Short Lin3 R R . car trust bonds
are due $24,000 Jan. 1 1922 and $24,000 each Jan. 1 thereafter to 1931.
Dividends.— On pref., initial div.— 1)4% — paid Oct. 1912; D ec., 4 )4 % >
making 6% for the year. Paid 1)4% quar. to and incl. April 1924; none
paid since. Initial div.— 3% — paid on com. Oct. 31 1917. In 1918, Jan.,
3% ; April, 2% ; July, 2% ; Sept., 2% . In Jan. 1919, 7)4% was paid in
Liberty bonds. V. 107, p. 2377. In 1919, April, 2% ; July, 2 % ; Oct., 2 % .
In 1920, Jan., 1)4% ; April, 1%; July, 1%; Oct., 1% . In 1921, 4 % . In
1922,4% . In 1923, Jan., 1% . April 1923 div. passed. None paid since.
EARNINGS.— For years ending Dec. 31.
,
Calendar
Gross
Net {after
Other
Interest, die., Bal. for
Years— Earnings.
Taxes).
Income.
Charges. Dep ,&Divs.
1924______ $2,818,085
$683,696
$29,440
$550,540
$157,595
1923_____ 2,420,187
610,028
102.314
542.674
169,669
1922_______ 2,443.067
711,367
83,663
564.877
230.152
Revenue passengers carried in 1924, 4,429,387, against 4,644,472 in 1923.
OFFICERS.— Chairman, Geo. T. Bishop, Baltimore; Pres., J. J. Doyle!
1st V .-P . & Gen. Counsel, Geo. W . Williams; 2d V .-P. & Sec., T . P. Littlep a g e ; G e n . M g r ., H. T. C o n n o lly ; And., W . H , W r ig h t, B a lt im o r e ,— V. 112,
p. 1510. 1519; V. 113, p. 2615, 2722; V. 114, p. 80, 855, 949, 1536. 2014;
V. 116, p. 722, 1412, 1651, 1762; V. 118, p. 433. 1775; V. 119, p. 77.
WASHINGTON & OLD DOMINION RY.
ORGANIZATION.— Incorp. in M ay 1911 in Virginia as successor to the
Great Falls & Old Dominion R R ., operating a 15-mile line between Wash
ington. D. C ., and Great Galls, Va.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Leased June 1912, and has electrified, the Bluemont branch o f the Southern
R y., extending from Alexandria to Bluemont. Va., about 54 miles. In
1912 completed a 12-mile connection between Washington and Alexandria.
Total road operated, about 81 miles.
EARNINGS.— Gross earnings for calendar years: 1922, $607,056;
1921, $649,682; 1920, $652,701; 1919, $660,920.
OFFICERS.— Pres., Wilton J. Lambert; V.-Pres., Corcoran Thom;
V.-P. & Gen. M gr., J. V. Davis; Sec.-Treas., A. K. Stratton. Office,
Washington, D. C.— V 95, p. 482; V. I l l , p. 1473.
WASHINGTON RAILWAY & ELECTRIC CO.
Control.— 75% of the common stock is owned by North American C o.
V. 121, p. 709, 1681.
In Dec. 1922 Eugene E. Thompson (of Crane, Parris & Co.) purchased a
block of 27,500 shares of the company’s common stock, previously held by
the noteholders’ protective committee of the Washington Utilities C o.
V. 115, p. 2582. Compare V. 115, p. 2380.
ORGANIZATION.— Incorp. as the Washington & Great Falls Electric
R y. Co. July 29 1892 by special Act of Congress; name changed to Washing
ton Ry. & Elec. Co. Feb. 1 1902. In 1902 acquired control of the Potomac
Electric Power Co. On Feb. 4 1902 purchased the assets of the Washington
Trac. & Elec. C o., sold at foreclosure Nov. 24 1901, and reorganized accord
ing to plan in V. 73, p. 554, and acquired the Columbia R y. and the Metro
politan R R . by deed in fee, subject to their mortgage debt. The last two
roads constituted 57.71 miles of track. During 1912 merged with the Anacostia & Potomac River R R . (25.21 miles) and the Brightwood R y. (12.45
miles), both of whose stocks had previously been owned. In 1912 also
transferred to the Potomac Elec. Power Co. the company’s interest in the
Great Falls Power Co. In 1916 acquired control of Washington-Interurban
R R . Co. (8 M miles) through purchase of its outstanding securities by the
Washington & Rockville R y . C o. The following shows the total outstanding
stock of the companies controlled and the amount of the total shares acquired
in each instance by the Washington R y. & Elec. Co. up to Dec. 31 1924:
M ileName o f Company—
age.
Georgetown & Tennallytown R y ____8.50
Washington & Rockville R y ______ 14.46
x City & Suburban R y ___________ 41.635
Washington & Glen Echo R R ___________
Washington Interurban R R _______ 1.65
Capital
Stock.
$200,000
275.000
1,750,000
200.000
50,000
Amount A m ’t Not
Owned.
Owned.
$169,700 $30,300
275,000
None
1,687,800 62,200
197,150
2,850
--------a50,000
P Total railroads...............................66.24 $2,475,000 $2,379,650 $95,350
^Lighting Companies—
Potomac Electric Power________________$6,000,000 $6,000,000
None
Braddock Light & Power_______________
50,000
a5O,000 --------Total al companies__________________ $8,525,000 $8,429,650 $95,350
a Owned entirely by Wash. & Rockville R y. Co. x Aug. 1 1919 int. on
the $1,750,000 City & Suburban R y. 1st mtge. 5s was paid N ov. 1 1919.
The Feb. 1 1920 int. on these bonds was paid on April 29 1920. V. 110,
The Aug. 1 1920, Feb. 1 1921 and Aug. 1 1921 int. was paid
p . 1972.
when due and all subsequent int. being paid when due. Y. I l l , p. 588;
V. 112, p. 561.
,
The Washington R y. & Electric owns directly or indirectly the following
bonds o f the constituent companies, which, together with the shares of
stock owned above, are pledged under the $17,500,000 consol, mtge.;
$100,000 (entire issue) 1st & 2d mtges. of the Georgetown & Tennalytown
R y.; $180,000 out o f a total issue of $185,000 1st mtge. bonds of the Wash.
& Rockville R y. (remaining $5,000 being owned by the Wash. R y. Relief
Association); $200,000 1st mtge. and $50,000 2d mtge. (entire issues) of
the Washington & Glen Echo R R .; $150,000 (entire issue) Washington
Interurban R R . 1st mtge. bonds. Total, $680,000.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Company furnishes power to the Wash. Balt. & Annap. Elec. R R . Co.,
the Washington-Virginia Ry. C o., the Washington & Old Dominion Ry.
C o., and other local companies. The Washington Ry. & Elec. Co. controls
the principal street railroads in the District of Columbia and also the
Potomac Elec. Pow. Co. which alone is operating, or authorized to operate,
in the national capital and which controls the Great Falls Power Co. with
undeveloped water power on Potomac River. The railroad companies
have 170.80 m. of track (all under electric traction), while the electric light
company has 545 m. of subways with about 1,699 m. of ducts, besides
many miles o f overhead wires. Owns 577 cars and 23 buses. N o. of meters
Aug. 31 1925, about 98,036. Generating capacity of power c o ., 118,000k. w.
Franchises perpetual.
City & Suburban Railway Co.— In July 1925 this company was ordered to
continue operation o f its electric line between Laurel and Branchville, M d.
V. 121, p. 456.
Valuation.— See V. 109, p. 1081; V. 118, p. 665. See also V. 110, p
1094; V. 113, p. 2319; V. 120, p. 88, under “ Potomac Electric Power C o.”
Fares.— See “ Electric Railway” Supplement of Apr. 26 1924.
In June 1924 public offering was made o f $2,496,000 gen. & ref. mtge.
6% bonds dated N ov. 1 1923 and it was announced that payment would be
accepted in Potomac Elec. Power Co. gen. impt. 6% bonds due Jan. 1
1925, or in Metropolitan R R . 1st mtge. 5% bonds due Feb. 1 1925. V.
118, p. 3199.
In Dec. 1924 the company was authorized by the District of Columbia
P. U. Comm, to issue $1,850,000 10-year gen & ref. mtge. 6% bonds for
the purpose of financing the payment of $1,850,000 Metropolitan R R . 1st
mtge. 5s due Feb. 1 1925. V.119, p. 2880; V. 120. p. 584.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
_
Q-M
$6,500,000 See text
Common $6,500,000 ($100)_ _____
Pref 5% cum $8,500,000 ($ 1 0 0 )_
Q-M
8,500,000 See text
Consol mortgage $17,500,000/ 1902
4 g J-D
11,642,350 Dec 11951
($1,000 & $500) gold__c*tf lint. at-U. S. Mtge. & Tr. Co., N . Y ., trustee.
10-yr gen & ref M $10,000,000/ 1923
6 g M -N
2,496,000 Nov 1 1933
($500 & $1,000) g _____c*tf(A m er. Sec. & Tr. Co., Wash., D. C ., trus.
Anacostia & Potomac R iver/ 1899
5 g A-O
2,977,000 Apr 1 1949
first mtge $3,000,000 gold/Int. at Baltimore Tr. C o., trustee. M ay be
($1,000) sinking fund-C*tf [ called at 112
Stock.— The preferred stock became cumulative on June 1 1904.
Bonds.— The remainder o f the consol, bonds ($5,857,650) are reserved
for the retirement of underlying liens. Entire issue is subject to call upon
3 months’ notice on any interest date a t 105 and interest.
Of the Anac. & Potomac River bonds, $462,000 are guar., p. & i., by
Washington Ry. & Elec. Y. 87, p. 36. $23,000 have been canceled.
The gen. & ref. mtge. 10-year 6% bonds have a sink, fund requiring semi
annual payments equal in each case to at least 1 % o f the amount of gen. &
ref. mtge. bonds outstanding in hands o f the public on the date of payment.
$55,500 held alive in sinking fund Sept. 1 1925. Are callable at any time
on 60 days’ notice at 104 and int. if redeemed on or before N ov. 1 1928,
and at 102 and int. if redeemed thereafter, but prior to maturity.
Int.
payable in Washington, D. C ., or New York City. $2,496,000 were
offered in June 1924 by National City Co.; Harris, Forbes & Co., and
Crane, Parris & Co. at 99 and int., to yield over 6Vs%. V. 118. p. 3199.
Dividends.— On pref. at rate of 5% per annum from Dec. 1 1904 to and
incl. Dec. 1919. In Aug. 1920 2)4 % was paid. This represented the quar
terly divs. of 1 M % due Mar. 1 and June 1 1920. In Dec. 1920 2 l % was
A
paid (representing the quar. divs. o f 1)4% due Sept and Dec. 1 1920),
V. I l l , p. 1754. Reg. quar. divs. of 1)4% have been paid since to and incl.
Sept. 1925. On com., first div. was paid Dec. 1 1909; in 1910, 2% ; in
1911, 2% ; in 1912, 4% ; in 1913, M ar., 1%; June, 1)4% ; Sept., 1)4% ;
Dec., 1 ^ % and 1% extra. In 1914 and since to and incl. 1916, 7% . In
1917, 6)4% . In 1918, 5% . In 1919, Mar . 1)4% . None to June 1923,
when 1)4% was paid and 1)4% paid regularly quarterly since to and includ
ing Sept. 1 1925. On July 1 1925, 20% was paid. V. 120, p. 3189, 1681.
EARNINGS.— Of Washington Ry. & Elec. Co. (excl. sub. cos.) for cal. yrs.
1924.
1923.
1922.
1921.
Revenue passengers____ 58 116 808 60,851,385 61,943,410 64,178,738
Free passengers________ 18.788 998 19,400,669 19,231,868 19,822,811
Gross earnings_________ $4,759,244
$4,957,215 $5,022,967 $5,455,624
Exp., taxes & misc. items 3,820,622 4,089,015
4,137,526
4,235,082
Net earnings________
Other inc. (incl. Potomac
Elec. Pow. Co. d iv .).-
$938,622
$868,200
858,802
707,758
$885,441
$1,220,542
690,226
654,512
Total income_________ $1,797,424 $1,575,958 $1,575,667 $1,875,054
Fixed charges-------------$790,676
$755,879
$764,315
$772,961
Div. on pref. stock (5%)
425,000
425,000
425,000
425,000
Div. on common sto ck ..
325,000
243,750
___________
OFFICERS.— Pres., W m. F. Ham; V.-P. & Counsel, S. R. Bowen;
V.-P. & Comp., A. G. Neal; Treas., A. M . Fisher; Asst. Sec.-Treas., Wm. L.
Clarke; Sec., H. M . Keyser; Asst. Sec., H. W . Kelly; Asst. Treas., V. D.
Brooke. General offices, 14th and O Sts., N . W ., Washington.— V. 115, p.
2582; V. 116, p. 411, 1894, 2390; V. 117, p. 555, 1130, 1463, 2434, 2544;
V. 118. p. 665, 2306. 3080, .3199: V. 119. p. 77, 581, 2880; V. 120, p. 584, 707.
3589; V. 121, p. 709, 1103, 1679, 1909.
POTOMAC ELECTRIC POWER CO.
In Sept. 1925 the P. U. Commission of the District of Columbia author
ized the issuance of $5,881,000 Series C gen. & ref. mtge. 5)4% 30-year
gold bonds and of $2,013,000 6% pref. stock, Series 1925. V. 121, p. 1679.
BONDS—
Date.
Interest. Outstanding. Maturity.
•Common $10,000.000_____________
_________ $6,000,000 ____________
Pref 6% Series 1925 $20,000,000 ($100)______________________
6 Q-M
2,000,000 ____________
First mortgage (see text) gold/ 1904
5 g J-D
$1,700,000 June 1 1929
($1,000)_______________ctf\Int. at Comm. Tr. Co., Jersey City, trustee.
Cons mtge $7,000,000 gold/ 1906
5 g J-J
5,300,000 July 11936
($1,000) gu p & i by W ash/Int. at Commercial Trust C o., Jersey City,
Ry & Electric C o______ c tf [ trustee.
General & refunding mtge 1921
7 g A-O
1,687,900 Oct 1 1941
Series “ A ” ($100, $500,
$1,000 & $5,000)-_c*& r*tf 1923
6 g A-O
4,000,000 June 1 1953
Series “ B “
Int. at National City Bank, N. Y ., trustee.
Stock.— The pref. stock is call., all or part, on or before Sept. 1 1935 at
110 and divs.; thereafter at 107 and divs. In Oct. 1925 $2,000,000 of this
series was offered at 98)4 per share. V. 121, p. 1909.
Bonds.— The 1st mtge. bonds are red. any int. date at 110 & int. Auth.
issue was originally $4,000,000, but was subsequently reduced to $1,700.000.
Of the $7,000,000 new consols, $1,700,000 are reserved for prior liens.
109
POWEB, LIGHT AND RAILW AY
Oct., 1925.]
They are guar., prin. and int., by Washington R y. & Electric Co. A
sinking fund of 2% per annum of bonds outstanding began Jan. 1 1908.
On Dec 31 1924, $1,259,000 were held alive in the sinking fund. See
V. 85, p. 100.
Additional general and refunding mtge bonds may be issued in equal
amount to retire outstanding underlying bonds and for 75% of cost of
extensions, add’ns, &c., under certain restrictions. Are red. on any
int. date on 30 days’ notice at 10714 during first 5 years, at 105 during the
next 10 years and at 103 during the last 5 years prior to maturity. Sinking
fund of )4 % of the bonded debt annually for the purchase or redemption and
cancellation of both series of gen. & ref. mtge. bonds. Canceled to Dec. 31
1924, $513,000. In addition it requires an amount equal to at least 5%
of the bonded debt to be used annually for the adequate maintenance and
replacement of the property. V. 113, p. 1896. In addition to the series
" B " gen. & ref. mtge. 6s outstanding, $1,760,000 are held in treasury.
Series “ B ” red. on any int. date on 30 days’ notice at 107 )4 on or before
April 1 1933, at 105 thereafter to and incl. April 1 1943, and at 102 )4 there
after prior to maturity. Earnings of the Potomac Electric Power Co. have
been as follows;
Calendar Years—
1924.
1923.
1922.
Gross receipts_______________________ $6,633,886 $5,971,830 $5,373,364
Net available for interest_____________ 2,681,250
2,153,589
1,993,962
Annual interest charges on outstanding bonds, including the gen. & ref.
mtge. Series A and B, now amount to $708,090.
CAPITAL TRACTION.
ORGANIZATION.— In the fall of 1895 absorbed the Washington &
Georgetown and Rock Creek companies. See V. 61, p. 283, 328, 588.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
An underground trolley road. Single track (incl. 2.023 miles operated
under trackage agreement), 48.304 miles; overhead trolley (incl. 6.653 miles
operated under lease), 17.613 miles single track. Total length o f road
(incl. 8.139 miles sidings and turnouts), 74.056 miles of single track. Oper
ates 687 cars and 11 motor buses. 80 to 122-lb. rail.
Operating Agreement.— By an agreement entered into on Feb. 20 1917
the company took over the operation of the line of the Washington & Mary
land Railway Co. on M ay 2 1918, that company having completed the build
ing of an extension to the sanitarium near Takoma. M d.
Valuation.— V . 109, p. 1079. On June 26 1925 Justice Hoehling of the
Supreme Court of the District of Columbia voided the valuation of $14,270,496 placed upon the company’s property in Sept. 1919 by the P. U.
Commission of the District of Columbia. The Court found the fair value
as of Jan. 1 1925 to be $30,906,880. The case will be appealed. See V.
121, p. 328, where full details are given.
Fares.— See “ Electric Railway” Supplemen of April 26 1924.
Proposed Merger Plan.— See V. 109, p. 1272; V. 110, p. 359; V. 112, p
2413; V. 113, p. 729, 959; V. 115, p. 542, 1320.
STOCK A N D BONDS— Date. Interest.
Outstanding. Maturity.
Q-J
$12,000,0000ct’2 5 ,l ^ %
Stock $12,000,000 ($100)__________
New first mortgage $6,000,-/ 1907
5 g J-D
5,606,000 June 1 1947
000 gold ($500)__________ c jln t. at Union Tr Co. of the D . o f G.,
• Washington, trustee.
j
Bonds.— Are not subject to call. Part of the bonds issued were used to
redeem the $1,080,000 outstanding 4% bonds of the 1900 issue. $200,000
of bonds are in co.’s treasury and $194,000 are in co.’s ins. reserve fund.
Dividends.— In 1898, July 1,75c.; Oct. 1, 75c.; in 1899, four dividends of
75c. each; in 1900, 3 M % ; in 1901, 4% ; in 1902, Jan., 1% ; April, 1%;
July, 1% , and on Aug. 20 an exra dividend of $4 per share was paid from
proceeds of sale o f old power house; Oct., 1%; in 1903, 4 )4 % ; in 1904, 5%
in 1905. 5 H % ; 1906-1913. incl., 6% ann.:in 1914, Jan., 1)4% : April, 1)4%,;
July, 1)4% . In Oct. rate was reduced and 1)4% was paid; same rate
was paid quarterly to and including July 1918. In Oct. 1918 1)4% was
paid; same rate quarterly to and incl, Jan. 1921. In April 1921, 1 % % was
paid. Same rate quar. since. In Dec. 1917 an extra div. of 1)4% was
paid. In Aug. 1918 an extra div. of )4% was paid.
R EPO RT.— For calendar years:
Calendar
Gross
Net (.after Other Interest,
Balance,
Year— Earnings.
Taxes). Income.
&c.
Dividends.
Surplus.
1924____ $4,614,338 $1,148,105 $32,391 $324,712 (7%)$840,000 $15,783
1923____ 4,842,619 1,305,401 34,725 321,774 (7%)840,000 178,353
1922____ 4,994,044 1,390,739 34,906 320,653 (7%)840,000 264.991
In 1924, 86,424,993 passengers were carried, against 90,149,315 in 1923.
OFFICERS.— Pres., Geo. E. Hamilton; V.-P. in t harge of Operation,
J. H. Hanna; V .-P ., D. S. Carll; Sec.-Treas., H. D . Crampton; Asst. Sec.,
J. E. Heberle; Asst. Treas., C. B. Koontz.— V. 110, p. 1748; V. 112, p.
1023, 1431, 2413; V. 113, p. 729, 959; V. 114, p. 1062; V. 115, p. 542, 1320:
V. 116, p. 1759, 1892; V. 117, p. 552; V. 118, p. 310, 1267, 1391. 2041.
OHIO
COLUMBIA GAS & ELECTRIC CO.
ORGANIZATION.— Incorp. in West Virginia in Sept, 1906. Owns 51 %
of the $30,000,000 stock of United Fuel Gas Co. (see below) and 51% o f the
$890,200 stock of the Virginian Gasoline & Oil C o. Leases the Cincinnati
Gas Transportation Co. and owns that company’s $3,000,000 pref. stock.
Controls by practically 100% com. stock ownership or lease the following
operating companies: The Union Gas & Electric C o., the Union Light, Heat
& Power C o., the Cincinnati Newport & Covington R y. C o., the Ohio Gas
& Electric Co., the Hamilton Service Co., the Dayton Gas C o., the Dayton
Power & Light C o., the Loveland Light & Water C o., the Gas & Electric
Appliance C o., Columbia Gas Supply Co., Huntington Development &
Gas Co.
Gas Rates.— Gas rates fixed for 5 years, effective from June 1 1925, by
Cincinnati City Council. V. 120, p. 2814. Electric rates, V. 121, p. 977.
In June 1925 Union Gas & Electric Co. was consolidated with Ohio Gas &
Electric Co. V. 120, p. 3312.
The Dayton Power & Light Co. acquired on July 1 1925 all the properties
and business of Dayton Gas Co., 99.8% of whose stocks are owned by
Columbia Gas & Electric Co. V. 120, p. 3312.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.— In
conjunction with sub-companies controls (compare V . 103, p . 1324): (a) The
gas business in Cincinnati and in 17 municipalities in Hamilton County,
Ohio, and the electric business in Cincinnati and 37 adjoining Ohio munici
palities; (6) the electric-light and power business in 14, the gas business in
10 and the water supply business in three communities in the Kentucky
district, opposite Cincinnati; (cj a 66-mile system of electric street railways
operating exclusively in Covington, Newport and other of said Kentucky
municipalities and connecting the same with Cincinnati; (d) a 183-mile
system of pipe lines for natural gas, connecting (e) gas lands held by the
company and its subsidiaries under leases, contracts, agreements, royalties,,
and ownership in fee totaling 1,334,990 acres of land in Southwestern West
Virginia and eastern Kentucky; (/) the gas business of Dayton, Ohio, and its
suburbs and the electric business of Dayton, Xenia, Piqua, Wilmington,
Ohio, and 60 suburban communities: (g) the gas business of Middletown,
Ohio, and the electric business of Middletown and 19 adjoining Ohio com
munities; (h) part of the electric business of Hamilton, Ohio; (j) the gas
business of Franklin, Ohio, and six neighboring communities; (k) the gas
business of Huntington and Charleston, W. Va., Ashland, K y., Ironton,
Ohio, and 68 other communities in West Virginia, Kentucky and Ohio.
Erection of $15,000,000 generating station, see V. 121, p. 584, 1099.
Union Gas & Electric Co., Cincinnati, a subsidiary, purchased in Aug. 1925
the municipal electric light plant at Oxford, Ohio. V. 121, p. 841. New
electric rate ordinance in Cincinnati, V. 121, p. 1349.
The stockholders on April 8 1924 approved plans for providing a mortgage
on the company’s property to secure a bond issue, and also authorized an
issue of $25,000,000 pref. stock, par $100. For details see V. 118, p. 1017.
$23,206,200 of the preferred issued. See V. 119, p. 1398.
110
[V ol. 121.
PUBLIC UTILITIES
A Significant Record
S ta b ility of incom e— lo ng a characteristic of u t ilit y com panies—
is an in flu en tial factor in p o p u la riz in g them as an o u tle t for in v est
m ent funds. Such s ta b ility is s ig n a lly em phasized in the fo llo w
in g statem ent of gross earn ings for the co n stitu en t com panies of
COLUMBIA
1913
1914
1915
1916
$7,345,062
$7,810,214
$8,044,532
$9,058,251
SYSTEM
1917 $10,861,330
1918 $11,538,772
1919 $11,950,272
1920 $14,616,742
1921
1922
1923
1924
$15,232,963
$18,592,693
$21,002,999
$26,727,581
T h e fact th a t these earn ings, w h ich show a consistent increase from
yea r to year, are derived from electrical, gas, r a ilw a y an d oth er
sources lends an elem ent of diversification to an estab lished earn in g
pow er.
Additional inform ation on the Columbia System— its securities, its resources,
its organization or its service— w ill be gladly furnished upon request.
C olumbia Gas & Electric C ompany
Office o f the President
61 Broadway, N. X*
Oct., 1925.]
STOCK AN D BONDS—
Date. Interest.
Outstanding. Maturity.
Com stk 1,500,000 shs(no p a r ) . ____
Q-F
1,500,OOOsh. N ov’25,65c.
Pref Ser “ A ” 7% cum ($100).............
7 Q-F
*23 859,900 N ov ’25*1.75
First mortgage $25,000,0001 1907 5 g J-J
8,257,500 Jan 1 1927
($500 &c) gold-------------- c* /In t. at Irving Bank-Col. T r. C o.. N .Y .,tr u s .
Debentures $2,850,000 ($5001 1913 5 J-J
2,588,640 Jan 1 1927
&c)---------------------------------- Jlnt. at Central Union Tr. C o.. N . Y ., trus.
3-year notes $25,000,000 ($1,-1 1925
5 g M -N 12,794,000 M ay 1 1928
000 c* & $1,000, &c, r*) g_\Guaranty Trust C o., New York, trustee.
6%
1,139,000 M ay 1 1946
Ohio Gas & Elec Co first m t g e - ____
6% debentures---------------------------6%
196,500 June 1 1926
Huntington Dev & Gas 1st M _ ____
6%
2,885,000 June 1 1936
Cine Newp & Cov R y Co 1st/ 1947
6%
3,751,500 July 1 1947
& ref mtge Series A _______ (Fourth & Central Tr. Co., Cine., trustee.
Stock.— Series “ A ” pref. Is redeemable at 115 and dividends on any divi
dend date on 30 days’ notice. Listed on New York Stock Exchange. V.
119, p. 2759. $15,000,000 offered to shareholders at par and 90% was taken
through exercise of rights, remainder being disposed o f privately by a syndi
cate headed by the Guaranty Co. of New York at $104 and dividend, to
yield about 6.73 % . Balance issued in acquisition of practically all common
stock of Dayton Power & Light Co.
Bonds.— Of the $25,000,000 1st mtge. 5s, $8,069,000 have been can
celed and $5,932,000 are held in treasury. Mtge. provides for sinking fund.
Are red. all or in part at 105 and int. on any int. date on 4 weeks notice.
V. 93. p. 1467; V. 101, p. 49: V. 106, p. 1140.
The 5% debentures are red. all or in part at par and int. on any int. date
on 60 days notice. V. 96, p. 170, 1631.
Notes.— The 3-year 5% notes are redeemable, all or in part, at any time
on 30 days’ notice to and including M ay 1 1926 at 102 and int.; thereafter
to and including Jan. 1 1927 at 101 and int.; and thereafter at 100 and int.
$10,000,000 were sold in April|1925 by Guaranty Co. o f New York, J. & W.
Seligman & C o., W . E. Hutton & C o., &c., &c., at 100 and int., to yield
5% . V. 120, p. 2010. In M ay holders o f 1st mtge. 5% bonds due Jan. 1
1927 were given the right to exchange them for 3-year 5% gold notes due
M ay 1 1928. plus a cash payment of $10 per $1,000 o f bonds exchanged,
and with adjustment of interest. Y. 120, p. 2400, 2814.
Cincinnati Gas Transport Co. 1st Mtge. 5s.— The entire outstanding amount
of these bonds was called for redemption on July 1 1925 at 110 and int.
V. 120, p. 3064.
Dividends.— On series “ A ” pref. an initial div. of $1 75 was paid N ov 15
1924. An initial div. o f 1% was paid on the $50,000,000 stock M ay 15
1917; Aug. 1917 to N ov. 1919, 1% quar.; Feb. 15 to N ov. 15 1920 paid
I K % quar. On Jan. 25 paid 1% extra. Feb. 15, M ay 16, Aug. 15 and
N ov. 15 1921, 1 M % each. Feb. 15 1922 paid 1%; M ay 15 1922 to Feb.
1923 paid 13^% quar.; M ay 15 1923 paid $1 95; Aug. 15 1923 to N ov 15
1925 paid 65 cents quar. on new shares of no par value.
R E PO RT.— For 1924 in V. 1
i. 1026, 1472, showed:
Gross Earnings—
1924.
1923.
1922.
Electrical__________________________ $11,316,068 $9,949,484 $8,170,831
Gas________________________________ . 13,118,936
8,759,929
8,173,433
Railways and other operations_________________ 2,292,575
2,248,429
. 2,292,575
2,293,586
Total gross earnings______________.$26,727,581 $21,002,999 $18,592,693
$26,727,581
Oper. exp., taxes and depreciation_ . 15,395,051 11,538,669 10,367,897
_
Net earnings after depreciation___ $11
$11,332,529
Other income___ :_________________ . 2
2,387,601
$9,464,330
2,019,204
$8,224,795
1,819,267
Total gross income after deprec’n . . $13,720,131 $11,483,534 $10,044,063
Deduclions—1922
1924
1923
Rentals to Cincin. Gas & Elec. C o _ $3
_ $3,620,773 $3,427,231 $3,393,546
Rentals to Cine. Gas Transport'n Co_
690,802
672,835
680,695
Rentals to Oincinncati Newport &
)* Covington Light & Traction C o_
•
_
1,052,660
1,025,829
1,030,658
Rentals to Hamilton Utilities C o____
6,293
15,105
Total deductions_________________ . $5,361,373
$5,140,050
$5,115,007
Net income after depreciation_____$8,358,757
$8,358,757
Fixed Charges—
Subsidiary companies’ bond interest
and preferred stock dividends_____
$530,521
Columbia Gas & Elec. Co. bond int
556,283
Columbia Gas & Elec. Co. debenture
and other unsecured debt interest..'
564,679
$6,343,483
$4,929,055
$34,026
559,890
564,650
193,626
130,825
$1,651,484
$787,544
$695,475
Sur. after depr’n, available for divs. $6,707,273 $5,555,939 $4,233,580
Preferred dividends_________________
$91,877
Common dividends_________________ 3,873,545
3,653,839 $3,000,000
Latest Earnings.-—-Earnings of company and subsidiaries (controlled by
practically 100% common stock ownership or lease):
Twelve Months Ended Sept. 30—1925.
1924.
Gross earnings__________________________________$30,484,838 $25,227,614
Net operating earnings__________________________ $12,474,002 $10,333,084
Total income------------------------------------------------------ $15,094,765 $12,341,002
Lease rentals____________________________________ $4,522,588 $4,773,861
Interest charges and pref. divs. o f subsidiaries___
1,234,046
283,873
Interest charges (Columbia Gas & Electric C o .)
973,044 1,106,217
Surplus available for dividends____________ ___ $8,365,087 $6,177,051
— V. 119 p. 1846, 1958, 2178, 2528, 2749; V. 120, p. 452, 1088, 1201, 1325.
1447. 1472, 1746, 2010, 2145, 2400, 2814, 3312; V. 121, p. 584, 841, 977,
1099. 1349, 1567, 1676, 1907.
LEADING CONTROLLED PROPERTIES.
C IN C IN N A TI GAS TRAN SPORTATION CO.— A W . Va. corporation,
having capital stock o f $3,000,000 5% pref. and $2,000,000 com. stock and
$1,850,000 Class B common stock (V. 88, p. 1375). Owns 183 miles
of steel pipe line, running from the Columbia company’s natural gas field
in southwestern West Va., connecting with Covington and Newport, K y.,
&c., and Cincinnati and surrounding towns. Leased by the Columbia com
pany for 30 years. Rental, all maintenance charges, taxes, &c., and divs.
on common stock at 10% per annum, common Class B at 5% and pref.
stock at 5% per annum. The $3,000,000 pref. stock was purchased by the
Columbia Gas & Elec. Co. during 1920. Columbia Gas & Electric Co. owns
all but $17,100 o f common Class B stock. Authorized to issue $3,500,000
prior lien and ref. mtge. 40-year 6% sinking fund bonds. V. 120, p. 2399.
Plans to issue new Class “ B ” common stock. V. 120, p. 2548. V. 119, p.
2759; V. 120, p. 328, 1325, 1881, 2399, 2548, 3064.
C IN C IN N A TI COM PANIES.— The Columbia Co. owns the entire
175.000 shares o f common stock o f Union Gas & Elec. Co. o f Cincinnati
(V. 89, p. 230; V. 103, p. 1046), which operates under a 99-year lease the
properties, &c., o f Cincinnati Gas & Electric Co. (which see), and does all
the gas and electric business in Middletown and neighboring communities,
having purchased all the properties o f the Ohio Gas & Electric Co. V. 83,
p. 274, 892, 1231; V. 88, p. 1375; V. 95, p. 752; V. 97, p. 53, 240; V. 118, p.
435. New steam electric plant, capacity 120,000 k. w. V. 114, p. 1077.
Rates in Cincinnati, V. 114, p. 10?7.
OTHER OHIO UTILITIES.— The Columbia Co. owns all the stock of
the Hamilton Service Co., which does part o f the electric business of Hamil
ton, all the capital stock of the Loveland Light & Water Co., which does the
electric and water business o f Loveland. Through its subsidiary Columbia
Corp.. Columbia Gas & Electric Co. has acquired all the capital stock of
Columbia Gas Supply C o., which does a wholesale and retail gas business
between Centerville, Ohio, and Cincinnati, and practically all the common
stock o f the Dayton Power & Light Co., into which has been merged the
Dayton Gas Co., and which now does all the gas business in Dayton and
the electric business in Dayton. Xenia. Plqua, Wilmington, and 60 other
Ohio communities. Through its subsidiary, Huntington Gas Co., has ac
quired practically all o f the capital stock o f the Huntington Development &
Gas C o., a producer and distributor o f natural gas in West Virginia.
New Power Station.— Through a subsidiary, Columbia Power Co., a new
electric generating station of 360,000 k. w. ultimate capacity is being con
structed at Columbia Park, near Cincinnati, Ohio. The first two units of
45.000 k. w. each are to be in operation before the end o f 1925. The sta
tion embodies the latest approved engineering features, including high
pressure super-heated steam and pulverized coal as fuel.
111
POWER, LIGHT AND RAILW AY
KE N TU CK Y PROPERTIES.—Cincinnati Newport & Covington Light
& Traction Co. controlled under a 90-year lease. (See on another page.)
UNITED FUEL GAS CO.— Controls, together with Virginian Gasoline &
Oil C o., 922,770 acres of gas rights and 608,767 acres of oil rights in West
Virginia and Kentucky. With about 1,741 miles of pipe line, compressors,
&c., supplies gas direct to 51,695 consumers in about 70 cities, incl. Charles
ton, Huntington, Ravenswood, Glendenin, Spencer, Ripley, W . Va.; IrontOn
and Portsmouth, Ohio, and, through its subsidiary, Warfield Natural Gas
C o., serves Ashland and Catlettsburg, K y. Further sells large quantities
of gas to Columbia Gas & Electric C o., Ohio Fuel Supply Co., Louisville
Gas & Electric Co. and Central Kentucky Natural Gas Co., Portsmouth
(Ohio) Gas C o., Hope Natural Gas Co. and Pittsburgh & West Virginia
Natural Gas Co. Population served directly about 110,000; by other
companies using its gas wholly or partly, about 1,800,000. V. 106, p.
1140. The directors on April 8 1920 voted to increase the capital stock
from $10,000,000 to $30,000,000, and declared a stock dividend of 200%.
Outstanding Dec. 31 1924, $30,000,000, of which Columbia Gas & Electric
owns $15,300,000.
In 1915-16 United Fuei eras u o . retired all old bonds ana maae a new
$15,000,000 6% first mtge. under which $9,398,500 bonds are outstanding,
in addition to which $1,681,000 are held in the treasury o f United Fuel Gas
Co. See statement to New York Stock Exchange in V. 103, p. 1133: V.
104, p. 869: also V. 102, p. 816, 1354: V. 105, p. 711.
OFFICERS.— Pres, and Chairman, P. G. Gossler; V.-Pres., W . W . Free
man, H. A . Wallace and Edward Reynolds Jr.; Sec. & Asst. Treas., Polk
Laffoon; Treas. & Asst. Sec., Edward Reynolds, Jr.; Asst. Sec.-Treas.,
A. Sherlock and B. De Witt Bleecker. Office, Charleston, W. Va.—
V. 119, p. 1512.
CINCINNATI GAS & ELECTRIC CO.
Operated under lease by Union Gas & Electric C o., a subsidiary of
Columbia Gas & Electric Co.
ORGANIZATION.— Incorp. in Ohio in 1837 as Cincinnati Gas L t. &
Coke Co. Name changed to present title in 1901. Operated by Union
Gas & Elec. C o., a subsidiary of Columbia Gas & Elec. Co. (which see
below) under a 99-year lease dated Sept. 1 1906, which, as amended,
provides for payment of all interest and sinking fund charges and dividend
of 5% upon the $34,563,600 capital stock (par $100 a share) and annual
payment of $100,000 for retirement of outstanding capital stock. Per
formance of lessee company is guaranteed by deposit of $3,750,000 in cash
and securities with trustees. (See V. I l l , p. 2232.)
In M ay 1925 the Ohio P. U. Commission authorized the company to
issue $3,500,000 prior lien and ref. mtge. 40-year 6% bonds to finance
improvements. The bonds were to be delivered to the Union Gas & Elec
tric C o., which holds the property under lease, to pay 80% of the contem
plated improvements. V . 120, p. 2399.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Owns generating stations and distributing systems supplying gas and
electricity to Cincinnati and suburbs.
Sale of 30,000 shares of pref. stock of Cincinnati Gas Transportation Co.
to Columbia Gas & Elec. Co. See V. 110, p. 80.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_________ $34,508,100 Oct’25 1 M
Stock $36,000,000 ($100)__________
1st Mtge $15,000,000 ($1,000,1 1916
5 g A-O
8,551,000 Apr 11956
&c) gold___________ c*&r*/Irving Bank-Columbia Tr Co, N Y , Trustee
Prior lien & ref mtge $50,000,- f
000 Ser “ A ” ______________{ 1921
7%
7,433,000 Jan 1 1961
Ser “ B ” ($500,&c).c*&r*tf | 1921 5 j 4 g A - 0 5,880,000 Jan 1 1961
Ser “ C ” ___________________ 1921 6%
1,481,000 Jan 1 1961
Free from Penna State tax. [New York Trust Co, N Y,'Trustee
Bonds.— 1st mtge. bonds have sinking fund of not less than 1% per
annum of bonds outstanding. In addition to amount outstanding $3,000,000 are pledged under the prior lien & ref. mtge. and $908,000 have been
acquired and are held alive in sinking fund. Are call, at 102. Int. payable
in N. Y . and Cincinnati.
See V. 104, p. 266, 1901, 1014; V. 105, p. 74, 391, 501, 1524.
The prior lien & refunding mtge. bonds may be issued from time to time
as authorized by the directors, bearing such int. rates as they shall deter
mine, for additional capital expenditures and for retiring the bonds issuable
under the present 1st & ref. mtge. Mtge. provides for annual sinking fund
of 1% of bonds outstanding. V. I l l , p. 2232; V. 112, p. 65.
The series “ A ” bonds are call, as a whole or by lot for sinking fund at
110 during the first 10-year period to Jan. 1 1931; at 107H during the second
10-year period to Jan. 1 1941; at 105 during the third 10-year period to
Jan. 1 1951, and at 1 0 2 thereafter to maturity (plus accrued int. in
each case). Of the Ser. “ A ” bonds reported outstanding $2,390,000 are
owned by Columbia Gas & Elec. Co. and affiliated cos. Int. payable in
New York or Cincinnati.
The series “ B ” bonds are red. for sinking fund or, at option of co., all
or part, on any int. date upon 30 days’ notice at 105 up to and incl. Oct. 1
1928; thereafter at 104 up to and incl. Oct. 1 1936; thereafter at 103 up to
and incl. Oct. 1 1944; thereafter at 102 up to and incl. Oct. 1 1952, and
thereafter at 101 up to and incl Oct. 1 1960 (plus int. in each case). V. 114,
p. 2473. Int. payable in N . Y . or Cincinnati.
Entire $1,481,000 Ser. “ C ” 6s outstanding are owned by Columbia Gas
& Elec. Co. and affiliated cos.— V. 118, p. 2955; V. 120, p. 1746, 2399.
OFFICERS.— Pres., Charles D . Jones; 1st V .-P ., Alfred M . Cohen;
2d V .-P ., Samuel Assur; Sec. & Treas., Edward H . Ernst.
DAYTON (O.) POWER & LIGHT CO.
Control.— On Feb. 25 1925 purchase o f the company by the Columbia Gas
& Electric Co. was announced. V. 120, p. 1088.
ORGANIZATION.— Incorp. in Ohio March 23 1911. Acquired on
July 1 1925 the properties o f Dayton Gas C o., 99.8% of whose stocks were
owned by Columbia Gas & Electric Co. V. 120, p. 3312; V. 121, p. 977.
Preferred Stock to Be Offered.— In Oct. 1925 it was announced that the
company would shortly offer to its customers $1,000,000 additional 6%
Cincinnati G . & E. Co.
A m e r ic a n P u b l i c S e r v ic e C o .
B a n g or P ow er C o.
C e n t r a l G e o r g ia P o w e r C o .
C e n tr a l Illin o is P o w e r C o.
C e n tr a l I n d ia n a G as C o .
C e n tr a l I n d ia n a P o w e r C o.
C in c in n a ti G as T ra n s p o r ta tio n
C o lu m b ia G as & E le ctric C o .
C u m b e r l a n d C o u n t y P r. & L t.
D a n b u r y & B e t h e l G a s & E le c . L t
D u r h a m P u b l ic S e r v ic e C o .
E a s t O h io G a s C o .
G e o r g ia L ig h t , P o w e r & R y s.
I n d ia n a E le ctric C o r p o r a tio n
J e rse y C e n tra l P r. & L t. C o r p .
L i n c o l n G a s & E l e c t r i c L ig h t C o .
M ich ig a n L ig h t C o.
M id d le W e s t P o w e r C o .
M id d le W e s t U t i li t ie s C o .
N o r t h w e s t e r n P u b l i c S e r v ic e C o .
O h io P u b l i c S e r v ic e C o .
O m ah a & C o u n c il B lu ffs S t. R y.
O zark P ow er & W a ter C o.
P o r t la n d E l e c t r i c C o .
P u b l i c S e r v ic e C o . o f C o l o r a d o
S h a w in ig a n W a te r & P o w e r C o.
U n io n L ig h t , H e a t & P o w e r C o .
U n it e d F u e l G a s C o .
V i r g in i a n P o w e r C o .
W est P en n P ow er C o.
W e h a v e b e en id e n tifie d e ith e r as p rin c ip a ls or
jo in t ly in th e fin a n c in g o f th e a b o v e co m p an ies
A . B. Leach & Co., Inc.
NEW Y O R K
BOSTON
PH ILADELPH IA
CHICAGO
112
PUBLIC UTILITIES
pref. stock, on which dividends are also paid monthly. V . 121. p . 1907,
under “ Columbia Gas & Electric C o.”
FIELD OF OPERATIONS AN D C H ARACTER OF BUSINESS.—
Supplies electric light and power and gas in Dayton, Ohio, covering the
entire city, also electric light and power in numerous neighboring munici
palities in the Dayton, Xenia, Piqua, Wilmington and Preble districts.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Com stock 320,OOOshs (no p a r ) ____
Q-J
317,500shs
Seel text
P fstk 6%cum$12.000,000($100)____
6 M o.
6,500,000
See text
First & ref mtge $20,000,0001 1911 5 g J-D
9,505,000 June 1 1941
($1,000 gold___________ c*/In t. at Irving Bank-Col. Tr. C o., N .Y ., trus.
Dayton Ltg Co 1st ref mtgel 1907
5 g M-S
1,469,000 Mar 1 1937
_
assumed ($1,000) gold_ c * / Int. at Equitable Trust C o., N . Y ., trustee.
Dayton Gas Co 1st mtge gold) 1910
5 M -D
$1,315,000 M a r l 1930
assumed ($1,000)_________ /In t. at Union Trust C o., Cleveland, trustee.
Stock.— Preferred is callable at 110 and dividends.
On July 21 1925 stockholders changed the authorized common stock from
80,000 shares (par $100) to 320,000 shares o f no par value. The company
proposed to issue (a) 274,770. shares in exchange for the outstanding 30.530
o f common stock (par $100) and (6) 42,730 o f new common stock to be used
in acquiring the Dayton Gas Co.
Bonds.— First & ref. mtge. 5% bonds, $20,000,000 auth., are callable at
105 on or before Dec. 31 1936, and decreasing 1% for each succeeding year
to 101 in 1940 and 1941.
Sinking fund 1% , 1924: 1 K % . 1925 to 1932; 2 % , 1933 to 1940. See
V. 94, p. 282; Y . 105, p. 822; V. 106, p 824.
Dayton Lighting Co. first & ref. mtge. 5s are callable at 107 Y*. In addi
tion to the amount shown in the above table, $978,000 are owned by
•Columbia Gas & Electric Co.
Dayton Gas Co. first mortgage bonds are callable at 105 and interest.
Have a sinking fund o f $20,000 per annum. $185,000 canceled by sinking
fund.
Dividends.— Divs. on pref. stock from Oct. 1911 to July 1925, inclusive,
6% per annum; 50c. per month since. Initial div. on common of 4% paid
Feb. 10 1920 and 4% per annum paid regularly to July 1 1925; 12c.ashare
on no par common stock paid on Oct. 1 1925.
R E PO RT.— For 1924:
Calendar Years—■
1924.
1923.
1922.
1921.
Gross earnings__________ $5,756,407
$5,105,314 $4,535,304 $4,183,954
Total income................... 2,206.416
1,869,330
1,518,908
1,319.076
Charges, &c___________
1,250,278
1,124,688
951,733
765,093
Preferred dividends____
334,377
267,455
245,167
217.583
Common dividends_____
122,120
122,120
122,120
122,120
Balance, surplus_____
$499,641
$355,067
$199,887
$214,281
(^OFFICERS.— Pres., F. M . Tait; Sec. & Treas., O. E. Howland. Office
20 South Jefferson St., Dayton, Ohio.— V. 119, p. 945; V. 120. p. 955, 1088
2400; V. 121, p. 74, 977.
REPUBLIC RAILWAY & LIGHT CO.
New Holding Co. Proposed.— See V. 120, p. 705.
^ O R G A N IZ A T IO N .— A holding co. Incorp. in New Jersey on June 27
1911. This co. owns all of the common and pref. stock o f the Penn-Ohio
Edison C o., which acquired the interest formerly held in the PennsylvaniaOhio Electric Co. by the Republic R y. & Light Co. Acquired through its
subsidiaries a number o f small light and power properties in Ashtabula
County, Ohio. Y . 121, p. 1103.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_________ $6,206,000
See text
Common $7,5fOn0O ($100)________
Pref6%cum$10*D)0,000($100)____
Q-J 15
5,191,400 Apr '20, l f i
Stock.— Common stock is held in voting trust.
Dividends.— On pref. 1M % quar. was paid from organization to and incl.
ArvO 1920. No action was taken on the June 1920 div. V . 110, p. 2568.
None Bill e. Quarterly divs. on common o f 1% paid from Jan. 1917 to and
n C l. J j.y 1918. Oct. 1918 div. omitted. V. 107, p. 1193. None since.
R E PO RT.— Consol, income acct. o f sub. cos. (inter-co. items eliminated):
Gross
Net, after
Deduc- Divs. on Sub. Balance,
Calendar
Income.
Taxes.
tions.
Co. Pf. Stks. Surplus.
Year—
$10,546,268 $3,552,635 $2,013,210 $836,882 $702,543
1924____
9,935,925 3,280,372 1,973,868
608,557
697,947
1923___
.. 8,405,882 2,679,780 1,631.529
490,889
557,362
1922-----Latest Earnings.— For 12 months ended Aug. 31:
1925.
1924.
$10,412,823
Gross income_____________________________ $10,926,666
Net earnings_________
$3,565,327 $3,612,863
Interest on funded debt____________________$2,212,391
$2,254,622
Other interest and discount________________
*267,310
*68,768
D iv. on pref. stock of sub. cos. in hands o f public-_
856,488
778,766
Balance for depreciation, dividends and surplus.
$763,759
$648,244
* Deficit.
Passengers carried in 1924, 41,727,759, against 43,614,575 in 1923 and
46,542,961 in 1922.
Property, &c.— See Penn-Ohio Edison Co. below.
W EXECU TIVE C O M M IT T E E .— J. H. Pardee, Herbert L. Dillon, R . P .
Stevens, Anson W . Bur chard and Landon K. Thome.
OFFICERS.:—Pres.. R. P. Stevens; V.-Ps., John T. Harrington and
H. A. Clarke; Sec., F. P. Smith; Treas., E. W. Freeman.— V. I l l , p. 693,
1084, 1950; V. 112, p. 470, 1519; V. 113, p. 1983, 2506, 2819; V. 114, p. 739;
V. 115, p. 2380; V. 116, p. 1533, 1650; V. 118, p. 1912, 2305,3198; V. 119,
p. 5 8 0 , 106 5, 1396, 1954, 2 53 1: V. 120, p. 705, 1084.
(1) PENN-OHIO EDISON CO.
Controlled by Republic R y. & Light Co.
ORGAN IZATION .— Organized in 1923. Owns practically all of the
com. stock o f the Pennsylvania-Ohio Elec. C o., (formerly the Mahoning &
Shenango Ry. & Light Co.) and the Pennsylvania-Ohio Power & Light u o.
Has also acquired practically all of the common stocks o f the Ohio River
Republic Railway & Light
Company
Penn-Ohio Edison Co.
Pennsylvania-Ohio Electric Co.
Pennsylvania-Ohio Power & Light Co.
H ARPER & TURNER
Members Philadelphia Stock Exchange
S to c k E x c h a n g e B ld g .
P H IL A D E L P H IA
RITTENHOUSE 6200
[V ol. 121.
Edison C o., Pittsburg District Electric Co. and Salem Lighting Co.
Also owns over 86% of the preferred stocks o f the Pittsburgh District
Elec. Co. and all the outstanding bonds of Salem Lighting Co.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Through its sub. cos. supplies electric light, power and gas to Youngstown
and other communities in the Mahoning and Shenango River Valleys, in
eastern Ohio and western Pennsylvania, midway between Pittsburgh and
Cleveland. The Pennsylvania-Ohio Electric Co. also owns urban and interurban railway lines in the same locality. At the present time the total
aggregate generating capacity o f controlled cos. is 105,540 h.p. and there
are 337 miles of hiah-tension transmission lines and 1.106 miles o f distribut
ing lines. This is exclusive of the new 88,000 h.p. station completed in
March 1925 at Toronto and the 39 miles of transmission lines therefrom.
A gas plant serves the city of Youngstown, O., through 28 miles of distribut
ing mains. The railways division has a total of 178 miles of track, 75 miles
of which are interurban trackage and 103 miles of which are city trackage.
There is in addition an auxiliary bus system totaling 80 buses.
Franchises.— Practically ah Pennsylvania franchises are in force for 99
years or are without limit as to time. The principal power and lighting
franchises in Ohio extend beyond 1940. The most important railway
franchises in Ohio extend until 1943, that in the city of Youngstown being
on a “ service-at-cost” plan permitting the co. to earn a return based on
the valuation of the property. All franchises are said to be free from
objectionable and burdensome conditions.
A brief description of the properties not described under separate heading*
further below follows:
Ohio River Edison Co. completed in M ar. 1925 a modern steam-electric
power plant on the Ohio River near Toronto, O., with an initial installed ca
pacity of 88,000 h.p. Output will be distributed by Penn.-Ohio Pow. & Lt.
Co. and the new plant is connected with the transmission lines of Pennsyl
vania-Ohio Pow. & Lt. C o., near Boardman, O., by a high-voltage steeltower transmission line of approximately 39 miles, constructed and owned
by a subsidiary of Ohio River Edison Co. New plant, transmission line
and substations leased to Pennsylvania-Ohio Pow. & Lt. Co. for a term o f
999 years, at a net and unconditional annual rental which, after deducting
all charges, will leave a balance for dividends on the stock. V. 117, p. 2111.
Salem Lighting Co. supplies Salem, O ., with electric light and power.
Population served, 10,000.
Pittsburgh District Electric Co. controls, through ownership o f all out
standing securities, companies furnishing electricity for light and power to
the cities of Kinsman, O., and Greenville. Mercer, Shenango and James
town, Pa. Population served, 30,000.
Increase Preferred Stock.— In Oct. 1925 company increased its authorized
preferred stock from $7,500,000 to $22,500,000 (par $100). V . 121, p. 1909.
STOCK AND BONDS.— Date. Interest. Outstanding. Maturity.
Com. 300.000 shs. (no par)________
_______ 248,240 shs. _________
6%
$6,359,500
f'ref $22,500,000(1100) 6 % c u m ____
65* %
6 , 000.000
1953
30-yr deb bonds $6.0OO.O0O .
1923
3>6-yr sec notes $3,250,000 1923
6H g J-J
3,250,000 Jan 1 1927
($100, $500 & $1,000 c* and Int. at Central Union Tr. C o., N . Y ., trustee
$1,000, $5,000 & $10,000r*)
--------------------------------- g .tf
Notes.— Secured by pledge of the entire issues of com. stock (except
directors’ qualifying shares) of Pennsylvania-Ohio Elec. C o., Ohio River
Edison Co., Salem Lighting Co.-, Pittsburgh Dist. Elec. Co. (except 13
shares) and Pennsylvania-Ohio Pow. & Lt. Co.; subject in the latter case, to
prior pledge under the 1st & coll, trust mtge. of Pennsylvania-Ohio Elec. Co.
Further secured by pledge of all outstanding bonds of Salem Lighting C o.,
which bonds constitute a first lien on that property, and by pledge of over
86% of the pref. stock of Pittsburgh Dist. Elec. Co. Are red. all or in part
on any int. date on 30 days’ notice at a prem. of 3% on or before Jan. 1
1924. and thereafter at J* % prem. for each 6 months of unexpired life, in
each case with accrued int. Co. has agreed to reimburse noteholders resi
dent in Penna. for the 4-mills tax assessed in that State, and to refund the
State tax in Conn, up to 4 mills annually, and the Mass, income tax not
exceeding 6% per annum on income derived from the notes.
OFFICERS.— Pres., James D. Andrew; V .P ., H. A. Clarke; V .-P .
R . J. S. Pigott; Sec., F. P. Smith; Treas. & Asst. Sec., E. W . Freeman
— V. 117, p. 440, 1236, 2111; V . 121, p. 1909.
(a) PENNSYLVANIA-OHIO ELECTRIC CO. (THE).
Controlled by Penn-Ohio Edison Co.
ORGAN IZATION .— Incorp. in Penna. N ov. 19 1914 and in Ohio on
Aug. 20 1917. Was known as the Mahoning & Shenango R y. & Light C o.,
but name changed to present title early in 1920. Has ownership or control
of the following properties:
New Castle Traction Co.
Akro n-Youngstown Bus Co.
Penna. & Mahoning Valley R y. Co.
The New Castle Electric Co.
West End Traction Co.
New Castle Electric St. R y. Co.
Penna-Ohio Coach Lines
The New Castle & Lowell Ry. Co
East End Traction Co.
New Castle & Lowell Realty Co
New Castle & Mahoning St. Ry. C o. Youngstown Municipal R y . Co.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Supplies, through its subsidiaries, electric light and power to New Castle
and vicinity in western Pennsylvania, and with its subsidiaries owns 116.39
miles of uiban and interurban railway lines in and between Youngstown,
Girard, Niles and Warren, Ohio, and New Castle, Pa. Purchases electric
power from Penn.-Ohio Power & Light Co.
Franchises.-—-Practically all the Pennsylvania franchises are perpetual.
Railway franchises in Youngstown expire 1943. The most important
interurban franchises in Ohio expire from 1945 to 1950 and Ohio lighting and
power franchises in 1937 and 1942.
Sale of Youngstown Interurbans.— In 1923 transferred certain interurban
lines to two new subsidiaries. The line from Girard through Warren and
Niles, Leavittsburg and Mineral Ridge, together with branches, was
transferred to the West End Traction Co. (see below) and the lines from
East Youngstown to the State line at Lowellville, with branches, were
acquired by the East End Traction Co. (see below). V. 117, p. 1236.
Operation of Buses by Co.— See V. 118. p. 1268.
Operation at Cost.— See “ Electric Railway Supplement” o f Oct. 28 1922.
In May 1924 was authorized by the Ohio P. U. Comm, to issue $640,000
6>*% ref. bonds at not less than 94 to capitalize treasury expenditures
and for extensions and improvements. V. 118, p. 2305.
Interest. Outstanding. Maturity.
STOCK AND BONDS—
Date.
$10,628,300 __________
Common $11,000,000 ( $ 1 0 0 ) - - ____
4,238,900 S ep t'25 1%
" q -m "
Pref 7% cu$10,00d,000($100)--------1st mtge & coll tr sk fd ($100,
65* g M-S 2,835,400 Sept 1 1938
$500 & $1,000) gold
c*tf 1922
733,500 Sept 1 1938
Series “ A ” ---------------------1923
65* g M-S
N . Y ., Trustee.
__________ Bankers Trust Co.
Series “ B
470,000 M ay 1 1927
New Castle Traction 1st mtge/ 1897
5 g M -N
$500,000 gold ($1,000) c*tf Int. at Union Trust C o.. Pittsburgh, trustee.
N C Elec Co 1st M $200,000/ 1897
5 g M-S
200,000 Mar 1 1927
g o ld . _ _________ tf lin t, at Union Trust Co.. Pittsburgh, trustee.
Poland St R y 1st M $200,000/ 1913
5 J-D
170,000 June 1933
($1,000) guarp & i _____n tf (Union Trust Co. of Pittsburgh, trustee.
Stock.— The entire com. stock is owned by the Penn-Ohio Edison Co.
The pref. stock has full voting power. Free o f Penn, and Ohio State tax.
Callable as a whole at 110 & divs. Of the amount reported outstanding
$51,000 owned by Penn-Ohio Edison Co.
Bonds.— 1st mtge. & coll. tr. 65*% bonds are secured by ( l ) tia
1st mtge. on Youngstown City Lines (not incl. “ Park & Falls Line ).
subject in part to $170,000 closed 1st mtge. underlying bonds; (2) pledge of
all the bonds and all of the capital stock of New Castle Electric Co. (except
ing $200,000 1st mtge. 5% bonds of 1927); (3) pledge of entire outstanding
$6,000,000 com. stock of Pennsylvania-Ohio Power & Light Co. An annual
sinking fund equal to 2% of total amount of ser. “ A ’ ’and ser. “ B ” bonds
issued is provided for. $163,600 ser. “ A ” and $16,500 ser. ‘B ’ retired
by sink. fd. Ser. “ A ” are red. all or part on any int. date on 4 weeks
notice at 110 and int. on or before Mar. 1 1932, and thereafter at 110 and
int., less 15*% for each full year elapsed after Mar. 1 1932. Ser. ‘ B are
red. all or in part on any int. date on 4 weeks’ notice at 105 on or before
Sept. 1 1934, the premium decreasing at the rate of 1% each Mar. 1 there
after. Penna. 4 mill tax refunded. Int. payable in New York and Chicago.
V. 114, p. 1535; V. 117, p. 2213.
.
, ^
_
_ ..
The Poland St. R y. bonds are guar., pnn. & int., by the Penn-Ohio
Edison Co. Red. at 100 and int. o d 30 days’ notice.
Oct., 1925.]
POWER, LIGHT AND RAILW AY
EARNINGS.— For calendar years:
Twelve Months Ended Dec. 31—
Gross earnings__________________
Operating expenses and taxes____
Interest on funded debt_________
Other interest and discount______
Preferred dividends______________
Balance for depreciation and common dividends
113
AMERICAN GAS & ELECTRIC CO.
1924.
$5,074,908
4.290.376
266,702
38,759
296,919
X1923.
$4,812,500
3.998,394
238,355
53,877
296,564
$182,152
$225,310
x Revised for comparison with 1924, to reflect operating results of Pennsylvania-Ohio Electric Co. as now constituted.
OFFICERS. Pres., J. T . Harrington; V.-Pres., C. S. MacCalla and
H. A. Clarke; V .-P ., Treas. & Asst. Sec., E. G. Dunlap; Sec., F. P. Smith;
Aud., F. E . Wilkin; Asst. Treas., A . R. Hughes; Asst. Sec., E. W . Freeman.
— V. 115, p. 74, 1100, 1732; V. 116, p. 2638, 2994; V . 117, p. 88, 326, 1018.
1236, 2213; V. 118, p. 1268, 2180, 2305, 3198; V. 120, p. 1090. 1205.
(a ) WEST END TRACTION CO.
Controlled by Pennsylvania-Ohio Electric Co.
ORGA N IZA TIO N .— Incorp. in Ohio Jan. 11 1923 and purchased the
Interurban properties o f the Pennsylvania-Ohio Elec. Co. (see above)
running from Girard through Warren and Niles, Leavittsburg and Mineral
Ridge, together with branches.
For details o f new franchises and fare increases see V. 118, p. 204, 552.
STOCK A N D BONDS.— Date. Interest. Outstanding. Maturity.
_________ x$369.500 _________
Stock $380,000 ($100)____________
1st M . $2,000,000 g ($10,0001 1923
7 g J-J
x948,000 July 1 2023
/Lawrence Say. & Tr. C o., New Castle, trust.
Proposed Consolidation.— For particulars regarding proposed consolidation
with Appalachian Securities Corp., bringing control of Appalachian Power
Co. and Virginian Power C o., see v . 120, p. 451.
ORGANIZATION.— Incorp. in N . Y . Dec. 20 1906, per plan V. 83, p.
1349, 1473, 1592; V. 101, p. 2168; V . 102, p. 137; V. 108, p . 298, 398.
Controlled by interests affiliated with General Electric Co. New 30,000
k. w. generating plant at Windsor, W . Va. (Central Power C o.); V. 107, p.
2291; V . 106, p. 298; V. 105, p. 821, 1524. In 1916 purchased Citizens’
Electric Co. of Pittston, Pa. V. 102, p. 1719. In Sept. 1923 acquired
the West Virginia Water & Electric Co.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Owns public service corporations located in six States, supplying electric
light and power in 137 communities, Including Canton ana Newark, O.;
Muncie, Marion and El wood, Ind.; Scranton, Pa.; Wheeling, W . Va.;
Atlantic City, N . J.; and Rockford, 111.; serving an aggregate population
of approximately 1,770,000.
Ohio Power Co.— Name changed from The Central Power Co. on N ov. 20
1919, is a consolidation of the electric light and power companies in Ohio
controlled by the American Gas & Electric Co. Operates in the richest
manufacturing, coal and oil producing, and farming sections o f Ohio,
serving 55 cities and towns with electric light and power. See V, 118,
p. 2711; V. 119, p. 1965.
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity.
_
_______ 1,235 966 shs
See text
Com 1,750,000 shares (no p a r ) _ _
Pref 6% cum $25,000,000'(§50)____
6 Q-F
$16,436,050 N ov ’25,1 Z4
Collat mortgage $6,282,0001 1907
5 g F-A
6,282,000 Feb 1 2007
($100, &c) gold______c*&r)Int. at Guaranty Trust C o., N . Y ., trustee.
Debenture bonds (Amer series) 1914
6 g M -N 39,404,000 M ay 1 2014
($100, &c.) gold_____c*& r/Int. at Guaranty Trust C o., N . Y ., trustee.
Stock.— The common stock of no par value was Issued in place of out
standing shares of common ($50 par) In the ratio o f 5 shares of common, no
par value, for each share of common stock, par $50. Preferred stock is
redeemable at 120.
Bonds.— The collateral trust 5s are secured by pledge of common stocks of
certain subsidiaries. Are callable at 105. V. 83, p. 1349.
Debenture 6% bonds (American series) are redeemable at 110. Penna.
4 mills tax refunded. V. 99, p. 51, 122; V. 115, p. 1635; V. 119, p. 1067.
In Feb. 1924 $9,000,000 were offered by Bonbright & C o., Inc., at 97
and Interest, to yield 6.15% . V. 120, p. 954.
Dividends.— On preferred, 1/4 % M ay 1 1907 and same rate quarterly
since. On common stock o f no par value paid on July 2 1923 and Jan. 2
1924 a quar. dlv. o f 25 cents per share and an extra div. of one-fiftieth o f a
share of com. stock. On Oct. 1 1923 and April 1 1924 paid 25 cents quar.
On July 1 1924 paid 25 cents and an extra dividend of one-fiftieth of a share
of common. Oct. 1 1924 paid 25c. quar. In Jan. 1925 paid regular quar.
div. of 25c., an extra div. of 1-50 of a share in com. stock and a special
extra div. of 50% in com. stock. In April 1925 paid quar. div. of 25c. In
July 1925 a quar. dlv. of 25c., plus extra dlv. o f 1-50 of a share; in Oct. 1925,
25c.
EARN ING S.— Years ended Dec. 31:
1924.
1923.
1922.
Gross earnings, subsidiary companies.$36,845,628 $33,931,273 $21,738,994
*Net earnings, subsidiary companies. 5,966,416
5,097,571 3,400,100
______
1,084,261
992,094
Earnings A. G. E. Oo_______________
A. G. E. Oo. fixed charges and pref.
stock dividend___________________
______
1,979,551
1,358,970
x All stocks and bonds are owned by Pennsylvania-Ohio Electric Co.
OFFICERS.— P res.,C . S. MacCalla; V .-P ., J. T . Harrington and H. A.
Clarke; Treas., E. G. Dunlap; Sec., F. E. Wilkin.— V. 117, p. 1888; V. 118,
p. 204, 552.
(6) EAST END TRACTION CO.
Controlled by Pennsylvania-Ohio Electric Co.
O R G A N IZA TIO N .— Incorp. in Ohio Jan. 11 1923 and purchased the
Interurban properties o f the Pennsylvania-Ohio Elec. Co. (see above)
running from East Youngstown to the State line at Lowellville. with
branches.
STOCK A N D BONDS.— Date.
Interest. Outstanding. Maturity.
Stock $125,000 ($100)____________
_________ x$l 14,900 ---------------1st M .$ l .000,000 g ($10,000)1 1923
7 g J-J
x278,000 July 1 2023
/Lawrence Sav. & Tr. C o., New Castle, trust,
x All stocks and bonds owned by Pennsylvania-Ohio Electric Co
OFFICERS.— Same as for West End Trac. Co. above.— V. 117, p. 1347.
(b) PENNSYLVANIA-OHIO POWER & LIGHT CO. (THE).
All the common stock is owned by the Penn-Ohio Edison Co.
ORGAN IZATION .— Incorp. in Ohio Oct. 13 1920 and purchased from
the Pennsylvania-Ohio Electric Co.— see above (in accordance with the
plan outlined in V. I l l , p. 1661)— all the electric light and power property
and business in Ohio formerly owned by the Penna.-Ohio Electric C o.,
Including the power stations at Lowellville and North Ave., Youngstown,
all transmission lines in the State o f Ohio, the electric railway lines running
from Youngstown, O., to the Pennsylvania-Ohio State Line near Sharon,
and also the stocks and bonds owned by that co. in the following companies
Shenango Valley Traction Co.
|Sharon & New Castle St. R y. (Pa.)
Shenango Valley Electric Light Co. IPennsylvania Power Co.
Balance, surplus_________________
______ $4,202,281 $3,033,224
* Net earnings are after deducting all operating, maintenance, deprecia
Sharon & New Castle Ry. Co. (Ohio). IMahoning County Light Co.
In Sept. 1925 the Sharon & New Castle R y . Co. was reported to have been tion, fixed charges, preferred stock dividend, &c.
authorized by the Ohio P . U. Commission to abandon service on 17 mile
OFFICERS.— Chairman of Board. R. E. Breed; Pres., George N. Tidd;
line from Hubbard, O., to New Castle, Pa., and to have applied for permis V .-P. & Sec., Frank B. Ball; Treas., F. W . Drager. Office, 30 Church St.,
sion to operate buses from Youngstown, O., to Sharon, Pa. V . 121, p.1463. N . Y .— V. 119, p. 1397. 1955, 2644; V. 120, p. 451, 954, 1324, 1879. 2940.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
With subsidiaries owns and operates a modern electric light and power
system with 3 power plants o f a total of 98,183 h. p. present installed
OHIO RIVER POWER CO.
generating capacity, with transmission lines and distribution systems.
ORGANIZATION.—
and took over
the
Electric railway lines comprise 61.94 miles. Of this mileage 49.35 holders’ committee at a Organized in 1924 the properties offrom Ohio bond
price of $477,570,
the
River
miles is interurban, o f which about 40 miles is on private right-of-way
Electric R y. & Power Co. (for history see “ Electric Railway” Supplement *
There are 307 miles o f high-voltage electric power transmission lines and
extensive distribution lines in Youngstown. Girard and Struthers, O., of April 26 1924).
C APITALIZATION , &C.— The company has been authorized to issue
Sharpsville, Farrell, Ellwood City and Sharon, Pa., and vicinity.
Lease.— 'The new plant, transmission line and substations o f the Ohio 4,860 shares (no par value) common stock with a nominal value of $24 per
share, $252,000 in 7% pref. stock and $100,000 10-year 7% notes or bonds
River Edison Co. are to be leased by the co. for 999 years. V. 117, p. 1236.
The principal franchises in Ohio extend beyond 1940 and practically all at not less than 85. The reorganization plan calls for following distribution
of securities:
those in Pennsylvania are without limit o f time.
Bondholders receive for each $1,000 old bond $800 new pref. and 4 shares
In July 1924 the co. issued $19,000,000 1st & ref. mtge. 5 A % bonds,
Series “ A ," and $2,700,000 15-year 6% debentures, proceeds being used for com. Old pref. and com stocks wiped out. V . 118, p. 3087.
new property and to retire $12,806,000 1st & ref. mtge. 7 A % bonds due
N ov. 1 1940 (called for payment Sept. 2 1924 at 110 & int.); $2,000,000
COLUMBUS RAILWAY, POWER & LIGHT CO.
3-year secured 6% notes due June 1 1926 (called for payment Aug. 20 1924
at 101A & int.), and $2,798,900 8% secured notes due N ov. 1 1930 (called
Control.— In 1924 Continental Gas & Elec. Corp. (see on another page)
for payment Aug. 20 1924 at 167 & int.); all these issues have been elimin acquired control of the company.
ated from table below.— V. 119, p. 76, 456.
ORGANIZATION.— Incorp. in Ohio N ov. 1913 to succeed the Columbus
Stockholders voted N ov. 5 1924 to reclassify the $2,000,000 auth. and
Central Market Street
unissued 8% cum. pref. stock into 7.2% cum. pref. stock.— V. 119, p. 1953. Traction Co (incorp. Dec. 26 1906 as successor to theto the $500,000 bonds)
Ry., sold under creditor’s bill in Feb. 1906, subject
STOCK A N D BONDS—
Date.
Interest Outstanding. Maturity.
and took over the Columbus R y. Co. and the Columbus Edison Co. as per
Common stock___________________
_______ *$6 ,000,000 _________
plan in V. 96, p. 1839. The leases between these two companies and the
2.952.000 Feb ’26 .2%
Prof 8% cum $8,000,000 ($ 1 0 0 )____
8 Q-F
Columbus R y. & Light Co. were then canceled. The Columbus Light,
154.900 Oct ’25. 60c. Heat & Power Co. was acquired in Jan. 1915. See “ Electric Railway Sec
Pref 7.2% cum $2,000,000.................
7.2%
1.450.000 Feb’26,1;
Pref 7% cum $5.000,000---------------7%
tion” for Jan. 1915 In Sept. 1921 the company acquired stock control of the
-J 19.000,000 July 1 1954 Columbus New Albany & Johnstown Traction C o., and purchase of property
1st & ret mtge Ser “ A ” ($5001 1924
5 K g J& $1,000 c* & $1,0(X) & [Guaranty Trust C o., New York, trustee.
effected January 1924. V. 118, p. 663, 2303. In March 1922 the company
multiples r*) gold_______ tf)
acquired 6 miles of track from the Columbus Delaware & Marion Electric
2,700,000
July 1 1939
15-year debentures gold Penn j 1924
6%
Co. V. 114, p. 519, 1062.
4-mills tax refunded_____tf INat’l City Bank New York, trustee.
FIELD OF OPERATIONS
Underly’g bonds (closed m tg e s )____
_______ — 1,628,000 ................... Owns and operates the city streetAND CH A R A C TE R OF BUSINESS.—
railway system o f Columbus and suburban
* Entire $6,000,000 com. stock is owned by the Penn-Ohio Edison Co.
lines to Marble Cliff, Westerville, Gahana and Worthington, and the com
mercial electric light and power systems of the city and vicinity. 149.22
Stock.— All three pref. stock are callable at 115 and accrued divs.
miles single track,
257
4
Bonds.— The 1st & ref. mtge. bonds have an annual impt. and sink, fund freight and 54 other14.49 miles operated under contract. with passenger,w.
cars. 4 steam-electric power stations
84,000 k.
o f 1% per annum o f total 1st & ref. mtge. bonds outstanding, to be used at capacity. Franchises for 20.50 miles of railway are perpetual; others expire
the co. s option for add’ns & impts. which could otherwise be made the basis in 1926. The franchises provide for 6 cents cash fare or 5 tickets for 25
for the issuance o f 1st & ref. mtge. bonds, or for retirement of underlying cents, and universal transfers. Two of the light and power franchises are
bonds, or for retirement of 1st & ref. mtge. bonds. 5/4 % Ser. “ A ” are call,
all or part at any time on 30 days' notice at 105 & int. prior to July 1 1930, perpetual; others expire in 1926 and 1928.
For franchise
the premium thereafter decreasing 1% each 6 years to maturity. Int. April 26 1924. on Westerville line see “ Electric Railway" Supplement of
payable at offices of Lee, Higginson & Co. in New York, Boston and Chi
Valuation.— See V. 106, o . 1344, 2345.
cago. Penna. 4-mills tax refunded. In July 1924 Lee, Higginson & Co.,
Capitalization.— For
plan
stock
Nat City Co., &c., offered $19,000,000 1st & ref. mtge. 5/4 % bonds. holders Feb. 10 1925. details of recapitalization . 120,approved byamend
See V. 120, p. 209, and V
p. 955, for
Ser. “ A ,” at 98 & int., to yield about 5.65%. V. 119, p. 76.
15-year 6% debentures are call, all or in part at any time on 30 days’ ments adopted.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
notice at 105 and int. during the first 3 years, the premium thereafter de
- 150,136 shs See text
creasing 1% each 3 years to maturity. In July 1924 Lee, Higginson & Co.. Common 300.000 shs (no p a r ) . ____
6 ~Q-J
$4,620,696 Oct’25, 1A
Nat. City Co., &c., offered $2,700,000 15-year 6% debentures at 97/4 1st cum pfd $25,000,000______ _____
Series B pref (junior preferred)
and int., to yield over 6==%. V. 119, pi 76.
$5,030,000 _______________
6A %
5,014,720 ---------------EARNING S.— For calendar years:
First ref & ext sinking fund 1915
5 g A-O
4,682,000 Oct 1 1940
1Q99
1924.
Tw Iv Months End d Dec. 31—•
1923.
mortgage $25,000,000 gold Int. at E. W. Clark & C o., Philadelphia, or
Gross earnings___
__________-- $5,078,419 $5,059,702 $4,284,097
($1,000)......................-_c*.tf
office of company at Columbus. Girard
Operating expenses and taxes ___ -- 2,931,250
2,962,898
2,488.390
Trust C o., Philadelphia, trustee.
($500
1921 _ 6 g
6,652,500 Dec 1 1941
Net income_______ ___________ . . $2,147,168 $2,096,804 $1,795,707 Ref M Ser 6s due 1941r*) g .t& (Harris Trust J-D
$1,000 c* & $1,000
f
& Sav. Bank, Chicago, trustee.
Other income _ . .
_ _______
_
563,446
518,293
458,458 Columbus Street R y first ( 1892
5 g J-J
3,000,000 July 1 1932
$3,000,000 gold ($1,000)-j Int. at co.’s office & E.W .Clark & Co.,Phila.
Total_________ - -------------------- . $2,710,614 $2,615,098 $2,254,165
c* .n tf IColumbia-Knick. Trust Co., N . Y ., trustee.
Interest on funded debt. _________- $1,333,759 $1,343,198 $1,295,320 Crosstown first mortgage gold/ 1893
5 g J-D
572,000 June 1 1933
Cr. 18,452
Other interest - __________
4,665
Cr.4.381
($1,000) $572,000— c *.n tf IColumbia-Knick. Trust C o., N. Y ., trustee.
Discount on b o n d s ______________
112,089
145,885
127,312
mtge $7,-/ 1899
4 Q-J
3,132,000
Preferred dividends_______________
332,449
295,387
201.395 Col R y. 1st consol g ._ c * .n tf [Interest at Union Savings Bank &Oct 1 1939
000,000 ($1,000)
Trust C o.,
Bonds are redeemable since I of Cincinnati, trustee; at E. W. Clark &
Balance for deprec'n & com. d iv s ..
$916,973
$844,535
$694,741
Oct 1 1914 at 105 and in t .. / C o., Philadelphia, or at company’s office.
— V. 118, p. 3198: V. 119, p. 76, 199, 325, 456, 811. 1953, 2180, 2531, 3011;
The ls( cum. pref. 6% stock has preference as to both assets and dividends
V . 120, p. 1090; V. 121, p. 1463.
over any other class o f stock. Red. upon 30 days’ notice, and all or part,
at 110 and div. In Oct. 1925 the Union Trust C o., &c., &c., sold $2,500,000
100 and div.
. 121, p. 1907.
NORTHWESTERN OHIO RAILWAY & POWER CO. at Bonds.— Of theVFirst Refunding and Extension sinking fund bonds,
In Sept. 1924 was merged into the Ohio Public Service Co. (see statement 16,704,000 are reserved for underlying liens, $6,000,000 are pledged as
on another page). For history of Northwestern Ohio R y. & Pow. C o., security for the $5,000,000 ref. mtge. 6s series due 1941, and the balance is
see “ Public Utility” Compendium of N ov. 1 1924.
reserved for improvements, extensions, &c., at 85% of cash cost or fair
114
valuation, whichever is less, under certain restrictions. Callable at 105 and
int. on any int. date on 60 days' notice. Penn. State tax refunded on 60
days’ notice. Sinking fund o f 1% per annum o f bonds outstanding began
Oct. 1 1920.
The refunding mortgage 6% bonds series due 1941 are secured by pledge
of $6,000,000 1st & ref. ext. 5s due 1940. Additional ref. mtge. 6s may be
Issued to refund the $4,682,000 1st ref. & ext. bonds outstanding in thf
hands o f the public and to reimburse the company for extensions and addi
tions under certain restrictions. Callable after Dec. 1 1926 on any int. dab
on 60 days’ notice at 110 and int. to and incl. June 1 1931; thereafter at
105 and int. to and incl. June 1 1937; and thereafter at a premium of 1%
for each year o f unexpired life to maturity. Penna. 4-mill tax refunded tc
holders resident in Pennsylvania. V. 113, p. 2719.
The Crosstown Street R y. mortgage was for $2,000,000, but was closed at
$572,000. Interest payable at Columbus and E. W . Clark & C o., Phila.
Columbus Railway Co. mortgage has been closed. $3,428,000 bonds
were issued thereunder, o f which $296,000 were canceled. Are callable at
105 and interest on any interest date.
Dividends.— An initial div. of 1 K % was paid on the Series “ A ” pref
stock April 1 1914; same rate quar. to and incl. April 1918; none to July
1922, when cash divs. were resumed and back divs. paid up in Series “ A ”
pref. stock. V. 114, p. 1406. Cash divs. of \l % paid regularly since to
A
and incl. Apr, 1925. On Series “ B ” initial div. of i K % paid in M ay 1914
and same rate quar. since to and incl. Peb. 1918. None to M ay 1922.
when cash divs. were resumed and back divs. paid up in Series “ f i” pref.
stock. V. 114, p. 1406. A div. of 2 K % was declared on “ B ” stock, paya
ble Nov. 1 1923. In 1924, Feb., 1 K % - On com., initial div. of 1 K %
was paid in M ay 1914 and same rate quar. to and incl. Nov. 1917. Feb.
1918 div. passed (V. 106, p. 498). None to Jan. 1923, when a special div.
o f 213 % was paid. V. 116, P. 175. In 1923 cash divs. amounting to 6%
were paid on common. In 1924, March, 1 K % \ June, 1 K % ; Sept., 1 K % RE PO RT.— For years ending Dec. 31:
1921.
1920.
Years end. Dec. 31—
1923.
1922.
Revenue passengers___ 70,177,236 68,495,083 68,921,646 75,112,652
Transfer passengers____ 17.342,632 17,093,730 16,524,837 16,647.663
Total passengers_____. 87,619,808 85,588,813 85,446,483 91,760.315
Kilowatt hours sold___ 149,471,052 114,664,813 97,231,398 101,434,834
Number o f customers_
_
50,346
44,273
38,807
57,123
Revenues—
$
$
$
$
3,611,590
3,581,555
3,523,768
Railw ay_______________ 3,702,222
3,880,440
3,386,611
3,200.608
Power, light and heat---- 4,749,234
11,269
7.312
8.875
3.744
Non-operating_________
. 8,462,724
7,499,343
6,977,041
6,728,120
z5.794,988
4,497,289
4,366,757
4,672,292
3,002,054
2,055,828
2,667,735
2,610,284
Int. on funded debt_
_
806,733
818,554
738,719
713,288
12,342
Int. on unfunded debt13,355
4,375
3,187
Other deductions_____
62,042
77,627
130,162
72,894
Sinking fund_________
233,650
245,846
Pref. divs. (in stock)_
_
x l,227,996
y279,242
422,635
Pref. divs. (in cash)_
_
Common dividends____
360,354
z
972,000
528.000
528,000
Depreciation_________
738.459
Bal., surp. for year.
768.966 def631,554
1.209,029
x Includes $392,376 paid in 6% Series “ A " pref. stock and $835,620 in
5% Series “ B ” pref. stock on account of accumulations on these stocks
(V. 114. p. 853, 1406). y Includes $91,227 paid in cash on the 6% Series
“ A ” pref. stock and $188,015 on the 5% Series “ B ” pref. stock, z Depre
ciation included in operating expenses.
ROAD, &c.— 149.22 miles single track, 14.49 miles operated under con
tract. 257 passenger, 4 freight and 54 other cars. 4 steam-electric power
stations with 84,000 k. w. capacity.
OFFICERS.— Pres., Cyrus S. Eaton; V.-P. & Treas., Norman M cD .
Crawford; V.-P., Cyrus E. Eaton; Sec., Lyle F. Babbitt; Asst. Sec. & Asst.
Aud., Herbert M . Burlington; Gen. M gr., C. C. Slater.— V. 114, p. 519,
853, 1062, 1178, 1406; V. 115, p. 988, 1837; V. 116, p 175, 603, 1531, 1759,
2388; V. 117, p. 1774; V. 118, p. 663, 1770, 1910, 3077, 3195; V. 119, p.
1623, 1843; V. 120, p. 209, 955, 1325, 2011,3185; V. 121, p. 1347, 1907,2037.
(THE) COLUMBUS DELAWARE & MARION ELEC. CO.
ORGAN IZATION .— Incorp. in Ohio June 12 1917 to take over the
properties o f the Columbus Delaware & Marion R y., sold under foreclosure
on June 11 1917.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Owns and operates the central station electric light and power business in
Marion and supplies several villages with electrical energy, the street rail
ways in Marion and Delaware, and the interurban railroad between Colum
bus, Delaware and Marion. Also furnishes electricity to the City of Dela
ware, O., and 22 villages. 59.51 miles of single track equivalent; 23 city and
Prospect,Waldo, Powell, Radnor, Greencamp, Caledonia, Meeker, Stratford,
12 interurban passenger cars, 4 freight and express cars, 11 freight box car
trailers, 18 flat, dump and work cars, and 2 motor snow plows. Has a
complete electric distribution system in Marion and 2 steam power stations
having an aggregate capacity of 34,666 H. P. Over 89% of cos. own
interurban track is on private right-of-way. Has entrance to centre of
Columbus over tracks of the Col. R y., P. & L. Co., 4.09 miles.
Franchises contain no burdensome restrictions.
Interest. Outstanding. Maturity.
STOCK AND BONDS—
Date.
$ 1 , 200,000 ____________
Common $3,000,000 ($100)_
_
7 Q-J
998,400 Oct ’24, 1M
Pref 7% cum $3,000,000 ($100)
1.741.000 July 1 1937
First & Refunding Mortgager 1917
5%
1917
1.750.000 July 1 1937
6%
(Cleveland Ttust Co. trustee.
$7,500,000 ($1,000)____
J 1925
6 g A-O
1.250.000 Apr 1 1935
10-yr conv deb bds Ser
($500 & $1,000) gold-_c*tf lin t, at office or agency of co. in Boston.
Stock.— Pref. is non-taxable in Ohio, N . Y ., N. H. and Conn. Red. all or
part at 115 and divs. Additional pref. stock cannot be issued without
the consent o f the majority of the pref. stock, unless the net earnings avail
able for divs. thereon are double the requirements on the pref. stock issued
as proposed. No stock having priority can be auth. except with consent
o f 75% o f pref. stock.
Bonds.— $1,741,000 1st & ref. mtge. bonds bear 5% int., while $1,750,000
are stamped to bear 6% . The additional int. of 1% per annum is to be
secured by any gen. mtge. which the c o . may execute in the future. V . 115,
p. 1531. $540,000 of the first & ref. mtge. bonds are reserved to retire
underlying bonds. Additional bonds may be issued for 80% of the actual
cost o f additional properties and permanent extensions, additions, improve
ments or betterments, but only under certain conditions. Sinking fund of
1% of outstanding bonds annually began Jan. 1 1920. The 5% bonds are
red. at 102 and int. on any int. date upon 30 days’ notice. The 6% stamped
bonds are red. all or in part on any int. date on 30 days’ notice at 107 K and
int on or before Jan. 1 1927 and thereafter at 100 plus a premium of 5%
less Vi o f l % for each full year of expired life after July 1 1927. V. 115, p
1531. Int. isalso payable at Bankers Trust C o., N . Y . City.
10-year conv. deb. Series A 6s are convertible at any time before April 1
1935, into the com. stock, at the option of the holder, on the following basis:
The first $250,000 of debentures to be presented for conversion will be con
verted on the basis of six shares of stock for each $100 of bonds, the next
$500,000 on the basis of five shares for each $100 of bonds and the bext
$500,000 on the basis of four shares for each $100 of bonds. Are call., all
or in part, on any int. date on or before April 1 1933 upon 30 days’ notice
at 103, and thereafter at 100 and int. Penna. and Conn. 4-mills taxes
refunded. In April 1925 $1,250,000 were sold by Bodell & Co., N . Y .,
at 96 and int., to yield over 6 X % . V. 120, p. 2145.
A
Dividends.— Divs. were paid on pref. stock as follows:
Principal
Divs.
Principal
Divs. | ' Paid.
Date.
Amount. Rate. Paid.
Amount. Rate. Paid.
Date.
Oct. 1917 $650,000 1 K % $11,375 June 1921 $1,000,000 1 K % $17,500
1,000,000 I K
17,500
11.375 Sept. 1921
Jan. 1918
650.000 1:
1,000,000 I K
17,500
11.375 Jan. 1921
650.000 1;
Mar. 1918
1,000,000 I K
17,500
11.375 Mar. 1922
June 1918
650.000 I K
1,000,000 I K
17,500
11.375 June 1922
Sept. 1918
650.000
1,000,000 l K
17,500
Jan. 1919
11.375 Sept. 1922
650.000 1U
1,000,000 1 K
17,500
Mar. 1919
11.375 Jan. 1923
650.000 1 A
3
1,000,000 I K
17,500
June 1919
11.375 Mar. 1923
650.000 1 H
1,000,000 I K
17,500
Sept. 1919
710.000 m
12,425 June 1923
1,000,000 I K
17,500
12.687 Sept. 1923
Jan. 1920
725.000 1 %
1,000,000 I K
17,500
12.687 Jan. 1924
Mar. 1920
725.000 I K
13,559 Mar. 1924
1,000,000 I K
17,500
June 1920
774,800 I K
1,000,000 1 K
17,500
Sept. 1920
16,268 June 1924
929,600 I K
Jan. 1921 1.000.
1,000,000 I K
17,500
000 I K 17.500 Sept. 1924
Mar. 1921 1.000.
000 I K 17.500
[V ol. 121.
PUBLIC UTILITIES
Divs. were paid on com. as follows:
Date.
Prin.Amt. Rate.Divs.Pd. I Date.
Prin.Amt. Rate. Divs.Pd.
Apr. 1 ’20 $700,000
2% $14,000 Apr. 1 ’21 $1,200,000
2% $24,000
Oct. 1 '20 1,200,000
2% 24,000|0ct. 1 ’21 1,200,000
1% 12,000
EARNINGS. Operating xOperating
— A nn. Require. for— Bal.forDep.
Year ending— Revenue.
Income. Bd.,&c.,Int. Pref .Div. Com.Stk.,A c
$371,438
$290,258
.$69,895
$11,285
1924_________ $1,202,788
1923_________ 1.194,102
355,243
264,182
69,895
21,166
x After taxes and depreciation.
OFFICERS.— Pres. & Gen. M gr., A . F. Van Deinse; Sec., Treas. &
Aud., C. C. Martindill. Y. 117, p. 1235; V. 118, p. 1910; V. 120, ;p. 2145,
2400.
NORTH ERN
O H IO
POWER C O .
ORGAN IZATION .— A holding company incorp. in Maryland Jan. 3
1925 and as of Feb. 1 1925 acquired all the assets of the Northern Ohio
Electric Corp. (for history, see “ Public Utility” Compendium of N ov. 1
1924) under the reorganization plan of that corporation dated Dec. 30
1924 (V. 120, p. 87), including over 99% of the com. stock of the Northern
Ohio Traction & Light Co.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity
Com stock 500,000 shs no p a r _ ____
_______
464,400 shs __________
10-year 7% bonds 3,500,000-- 1925
7 F-A
$3,144,000 Feb 11935
Options*----------------------------- -----------------35,600 Aug 1 1926
* Each ten options calling for the delivery of a $100 bond and ten shares
stock upon payment to the company of $100 in cash.
EARNING S.— For 12 months ended Aug. 31—
1925.
1924.
Gross earnings__________________________________$11,106,088 $9,768,249
_
7,668,769
Oper. exp., incl. taxes & maintenance_ - ______ 8,329,906
Gross income_________________________________$2,776,182 $2,099,480
Fixed charges (see note)_________________________ 2,176,033
1,990,446
y Net income-------------------------------------------------$600,149
$109,034
Note.-—Fixed charges prior to Feb. 1 1925 have been computed for
comparative purposes to include interest of the Northern Ohio Power Co.
for expired periods of 1925 and for year 1924 and include interest charges
and divs. on outstanding pref. stock of subsidiary companie.
y Available for replacements, depreciation and corporate purposes.—
V . 120, p . 583, 705, 958.
NORTHERN OHIO TRACTION & LIGHT CO.
ORGANIZATION.— Incorp. in Ohio in Dec. 1902 as successor to the
Nor. Ohio Trac. C o., having exchanged its securities for the com. and pref.
stock of the latter per terms in V. 75, p. 733. In 1906 acquired control of the
Canton-Akron Consol. R y., and guarantees that c o .’s $2,500,000 consol. 5s,
prin. & int. V. 83, p. 435, 849.
Wage Rate Fixed.— See V . 121, p. 979.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Electric railway line extends from Cleveland through Akron, Canton,
Massillon and New Philadelphia to Uhrichsville in Tuscarawas County
with branches to Ravenna and Warren, where connection is made for
Youngstown, to Wadsworth (via Barberton) and to East Greenville from
Massillon. Operates a fast freight service having operating agreements
with various electric lines and steam roads. Operates 189 miles o f
single track, and operated 5 miles under trackage rights, affording an
entrance into Cleveland. Through sub. cos. operates de luxe interurban
bus service between Akron and Cleveland and from Akron to Canton. Owns
Lakeside Park in Akron and Meyers Lake Park in Canton. Also owns 1,011
acres of coal land in Noble County. Rails, 70 to 114-lb., standard gauge.
Has 513 interurban and city railway cars, incl. 5 passenger trailers, 50
freight cars and 39 service cars, also 85 passenger motor buses to supplement
city railway service and 44 motor coaches on interurban lines (see also V .
118, p. 1774). Does the exclusive commercial light and power business in
Akron and supplies energy, directly or indirectly, to 60 other communities.
Cleveland-Akron transmission line placed in operation M ay 1924. Owns
two generating sta.tions with an aggregate installed capacity of 92,500 h. p .,
and a 4-story office bldg, and passenger terminal in Akron.
Franchises.— The electric light and power properties are operated under
rights without specified limit as to duration. City railway franchises expire
as follows: Akron. 1928; Canton, 1928; Massillon, 1932. 55% of the interurban trackage is on private right-of-way or subject to franchises without
time limit; franchises for remaining interurban mileage expire from 1922 to
1944. See V. 114, p. 1064. New street railway franchise in Akron be
came effective Nov. 12 1924. Compare V. 116, p. 1050.
In March 1925 the co. was auth. by the Ohio P. U. Comm, to issue
$7,000,000 in bonds and notes to reimburse the treasury for capital ex
penditures. The issue is to be divided as follows: $2,500,000 First Lien
& Ref. 5% Mtge. bonds. $2,500,000 6% bonds due in 1947, and $2,000,000
in 2-year 6% notes dated Feb. 1 1925- Compare V. 120, p. 87.
Stockholders’ Suit.— See V. 120, p. 2149.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
See text
See text
Stock com $10,000,000 ($ 1 0 0 ) .____
________
Pref 6% $5,451,800cum___________
6%
$4,612 100 Oct ’25, 1H
Pref 7% $4,548,200cum___________
7%
2,283,500 Oct ’25, I K
1st lien & ref mtge g ($100, f 1916
5 g F-A
4,616 000 Aug. 1 1956
$500, $1,000, & c)_ e*&r*\lnt. payable in New York or Cleveland.
_
Northern Ohio Traction &f 1903
4&5 g J-J
3,219,000 Jan. 1 1933
Light 1st consol ($1,000)(Int. at Union Trust Co., Cleveland, trustee,
gold $7,500,000_______ c*tfl or at First National Bank, New York.
Nor Ohio Trac & Lt Ser “ A ” I 1922
6 g M -S
11,027,500 Mar. 1 1947
gen&refM($500&$l,000) c*( Interest at National City Bank, New York,
$1,000, $5,000 & $10,000 r*J trustee,
g o ld ___________________ t f (
Gen & ref mtge 6% ser duel 1924
6 g M-S
1,288,000 M ar. 12 ’26
1926 ($500 & $1,000) g-C*tf\Int. at National City Bank, N. Y ., trustee.
Nor Ohio T & Lt seemed n o t e s ____
7M %
750,000 D ec. 1 1928
Akron Wads & West mortgage) 1906
5g
See text July 1 1933
$500,000 guar ($1,000)-_ t f
6 g J-D 1 1,856,000 June 1 1926
Secured 6% bonds (see text)) 1919
($100, $500& $1,000) gc*tf/B ankers Trust Co., New York, trustee.
Stock.— The pref. stock is red., all or part, at 110 and div. on any div.
date. Is pref. as to div. and assets and has full voting power. V. 92, p. 956;
V. 95, p. 48; Y. 97, p. 1116; V. 112, p. 1741, 2191; V. 113, p. 629.
Bonds.—Additional 1st hen and ref. bonds may be issued (a) par for par
for refunding or acquiring the $3,991,000 underlying bonds; (b) for 85% of
cost of new construction, additions, betterments and extensions, and (c) for
85 % of cost or replacement value of additional properties under conservative
restrictions. The bonds are secured by mortgage on entire property, subject
to underlying hens and by deposit of $4,000 of 5s and $4,277,000 of 4s of
Nor. Ohio Trac. & Lt. bonds of 1933, $1,438,000 Canton-Akron con. 5s
of 1933, $200,000 Akron Wadsworth & Western 5s, $855,000 Canton-Akron
Ry. 1st 5s, due 1922; $2,320,000 are pledged as security for the $1,856,000
7-year 6% bonds, and $11,819,500 under the gen. & ref. mtge. 6s, Ser. “ A ,”
and 6% “ Ser. due 1926.” Red. as a whole or in part on any int. date at
105 and int. The mtge. provides for a maintenance and depreciation fund
of 20% of gross earnings for maint. & replacements, or for additions & bet
terments, against which no bonds may be issued; also provides for an insur
ance reserve for damage claims, &c., of 4% of gross earnings until $100,000
is reached, at which figure the fund is to be maintained. Trustees are N. Y .
Trust Co., N. if., and Union Trust Co., Cleveland. V. 103, p. 1210.
Of the Northern Ohio Traction & Light consols, $996,000 are 5s, all
outstanding; the rest 4s.
The Northern Ohio Trac. & Lt. gen. & ref. mtge. 6s are issuable in differ
ent series at various rates of interest, maturities, &c., under certain restric
tions. Series “ A ” and 6% “ Series due 1926” are secured by a pledge of
$11,819,500 1st lien & ref. mtge. 5s, which amount of pledged bonds is to
be increased by $2,320,000 upon retirement of the secured 6% bonds, due
June 1 1926. A sinking fund of K % semi-annually of total gen. & ref.
mtge. bonds outstanding began Dec. 1 1922. $301,500 canceled by sinking
fund up to Dec. 31 1924. A general reserve fund for maintenance and re
placement of the property is provided for. Series “ A ” are red. on any int.
date on 30 days’ notice at 110 on or before March 1 1932; at 107K thereafter
to and incl. March 1 1942, and at 102K thereafter, but prior to maturity.
The 6% “ Series due 1926” are red. on any int. date on 30 days’ notice at
101 on or before March 1 1925; at lOOK on Sept. 1 1925, and at 100 on
March 1 1926. $1,250,000 were offered in June 1924 by the National City
Co. at 99 and int., to yield over 6.54%. V. 118, p. 3078. Four mills tax
in Penna. refunded. V. 114, p. 1180. Listed on N. Y . Stock Exchange.
Y. 115, p. 74. The 7-year 6% bonds are secured by a pledge of $2,320,000
1st lien & ref. 5s. Additional 7-year bonds may be issued from time to time
Oct., 1925.]
POWER, LIGHT AND RAILW AY
under certain conditions upon the deposit of cash or the pledge of 1st lien
& ref. 5s in the ratio of 125%. V. 108, p. 2433.
On Jan. 24 1914 stockholders approved action o f directors in providing
for payment of Federal income tax upon the various issues of the c o .’s bonds.
— V. 121, p. 979.
115
The gen. & ref. 6)4s have a sinking fund of $53,520 per ann., payable semiarm., to be invested in said bonds at 101 or lowest offering price, payments
began Jan. 1 1924. $112,372 in sinking fund Oct. 1 1925.
Dividends.— First div. on pref. stock— I X %— was paid Aug. 1 1905,
and same rate paid quar. to and incl. N ov. 1915. The Feb. 1916 div. was
deferred. See Pres. Schoepf’s letter in V. 102, p. 437. On com ., first
C A N T O N -A K R O N C O N S O L ID A T E D R Y .
div.— 1%— paid Nov. 1 1909. In 1910, Oct., 1% . In 1911, July, 1 % ;
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Oct., 1% . In 1912, 4 % . In 1913, Jan., 1% ; April, 1% . None since.
Consol mtge $2,500,000 goldf 1906 5 g J-J
$772,000 Jan. 1 1933
EARN ING S.—
Gross
Net
Fixed
Balance,
guar p & i by North Ohio/Interest at Union Trust C o., Cleveland,
Cal. Years.
Income.
Income.
Charges.
Surplus.
Trac & Lt ($1,000)____c* tf ( trustee, or First Nat. Bank, New York.
$880,420
$21,275
$859,145
Bonds.— Of the $2,500,000 consolidated bonds, $1,438,000 are pledged 1924__________________$1,068,701
1,149,312
993,152
316,933
676,219
under Nor. O. Tr. & Lt. 1st & ref. mtge. and $290,000 are reserved for exten. 1923 _________________1,194,324
1,040,482
327,942
712,540
and impt. at 85% of cost. Wm. Baldwin, Boston, is also trustee. V. 91, 1922 _________
OFFICERS.— Pres., W. Kesley Schoepf; Vice-P., Walter A . Draper;
p. 1628, 1765. Certain of the Canton-Akron Consol. 5s are red. at 102
Vice-P. & Chief Eng., T . H . Schoepf; Vice-P. & Treas., H . L . Sanders*
and int. on 4 weeks’ notice and others at par and int.
W
A.
Dividends.— Pref. stock was issued in 1911 and divs. of 1)4% quar. have Sec., J. p. . Nicholson: Asst. Sec., C. Hein; Gen. M gr., 109, Benham.—
107, p.
108, p.
2630: V.
been regularly paid. In 1921 a 7% cum. pref. stock was created (see above) V. 104, 562;1593; lV. p. 1279,803: V.1567: V. 873, p. 1742, 1867; p. 776; V.
110, p.
V. I l ,
1370,
112,
V.
and divs. on this issue are being regularly paid. Divs. on com. were begun 1891; V. 116, p. 410; V. 117, p. 440, 553; V. 118,-0. 311,1013; V. 121, 114. p.
p.979.
In 1906 by the declaration of 2% , payable in quar. installments of 46 % from
June 15 1906. V. 82, p. 1213. In 1907 2% was again declared, payable in
(1) THE CINCINNATI TRACTION CO.
quar. installments from June 15 1907. In 1908, June, J4 %; Sept., X %;
ORGANIZATION.— Incorp. in Ohio on Feb. 19 1901 with an auth.
Dec., H % - In 1909, 1M % . In 1910, 2)4% . In 1911, 3 X % . In 1912, capital stock of $2,000,00<J (which, all except 11 shares, is owned by the
4 X % . In 1913 to 1916, 5% per ann. In 1917, M ar., 1 X % : M ay, 1 X % : Ohio Trac. C o.), to take over under lease the Cincinnati Street R y. Co.
Aug., 134 %; N ov., \ l % . Practically all o f the com. stock being owned See V. 72, p. 391. In Feb. 1924 it was reported that an agreement had
A
by the Northern Ohio Power C o., dividends are no longer reported.
been reached whereby the street railway interests, the Cincinnati Traction
REPORT.— For calendar years:
Co. and the Ohio Traction Co. would be sold to tbe Cincinnati Street Rail
Calendar
Gross
Net aft. Taxes
Fixed
Preferred
Balance.
way Co., conditioned on the City of Cincinnati passing a new franchise
Year—
Earnings.
& Maint.
Charges. Dividends. Surplus.
ordinance. This plan was completed in Oct. 1925. See under Cincinnati
$316,864
1924________$10,080,997 $2,177,564 $1,428,949 $431,751
Street R y., V. 121, p. 838, 1460. V. 118, p. 1011.
1923
___________J - - - 10,105.175
2,339,529 1,310,534 412,360
616,635
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
1922________ 9,263,152 2,426,621
1,356.239
374,592
695.790
-Rev. Passengers Carried- The Cincin. St. R y. comprises 240.77 miles of track in the city of Cincinnati,
Ohio, extending also to adjoining suburbs. Gauge, 5 ft. 2 X in
Calendar
Elec. Sales.
Electric
City
Interurban
Has 20-year contract effective Sept. 1 1921 with Cincinnati Gas & Elec.
Years—
K .W .H .
Customers.
Systems.
Systems.
1924
_____ 176,245,654
51,516
48,563,053
14,076,387 C o., which supplies one-half the c o .’s electrical requirements. V. 113, p.531.
Franchise Ordinance.— Went into effect Aug. 23 1918. For details see
1 9 2 3 .--.............157,468,263
48,328
54,112,423
16,658,235
45,496
50.632,248
17.117,064 “ Electric Railway” Supplement of April 26 1924, and also V. 107, p . 802,
1922____________ 135,397.186
1003, 1287; V. 110, p. 561.
OFFICERS.— Pres., B. O. Cobb, N . Y .; V .-P ., T . A. Kenney, N . Y .;
Fares.— See “ Electric Railway” Supplement of April 26 1924, and V . 118,
V.-P., J. C. Weadock; V.-P..& Gen. M gr., A. C. Blinn; Sec., Chas. H.
Lahr; Compt., P. Murdoch; Treas., L. I. Wells; Asst. Treas., E. E. Nelson p. 3076.
NOTES—
Date.
Interest. Outstanding. Maturity.
and C. Wigand; Gen. Aud., H. G. Kessler.— V. 115, p. 74, 183, 760, 1100,
6%
See text
1945
1429, 1838, 2794; V. 110, p. 410, 1050, 1650, 2389; V. 117, p. 1556, 1886; Debentures $2,250,000_______ 1920
110,000
Seetext
V. 118, p. 203, 311, 664, 1013, 1136, 1521, 1774, 1912, 2042, 2305, 3078; Equipment notes Series “ F ” / l9 l7 5 g J-J
$550,000 gold____________ (Fidelity Trust C o., Philadelphia, trustee.
V. 119, p. 580, 1282, 2180; Y. 120, p. 87, 1204, 2109.
Equip notes Series “ G -l” $1,-/ 1919 6 g M-S
350,000
See text
000,000 ($1,000) gold_ c* (Union Trust C o., Cincinnati, O., trustee.
_
Eq notesSer “ H -I” $725, 000/ 1922 6 g June 30
507,500
Seetext
CLEVELAND RAILWAY CO.
($100, $500 & $1,000)_ tf (Northern Trust C o., Chicago, trustee.
_
96,800
Seetext
The receivers o f the Municipal Traction Co. having been discharged and Equip notes Series "H -2” _____ 1922 6 June 30
Series “ F " covers 100 double-truck cars and matures semi-ann., $27,000
the debts of that company provided for, the Cleveland R y. Co. on March 1
1910 resumed possession of its lines under ordinance (see below) of Dec. 1909. on Jan. 31 and $28,000 on July 31.
Series “ G -l” are a first mtge. on 105 double-truck cars and mature $50,000
V . 90, p. 626. The lease to Municipal Traction Co. was canceled of record.
(A. & O.) to
Franchise Ordinance— Valuation.— For particulars see “ Electric Railway” semi-ann. H -l” matureApril 1 1929.
Series “
$72,500 annually July 1 1923 to 1932, both incl.
Supplement of April 26 1924.
Red. all or part on 30 days’ notice at 101 and div. for certificates having
ORGANIZATION.— In 1908 changed name from the Cleveland Elec. more than five years to run from date o f redemption, and at 100 A and div.
R y. Co. (which had in 1903 taken over the Cleveland City R y.) to Cleveland for certificates having five years or less to run. Penn. 4-mill tax refundable.
R y. C o., and authorized new stock to the amount o f $35,000,000. The Divs. payable in New York or Chicago. V. 115, p. 759.
old stock of Cleveland Elec. R y. was given a valuation o f $55 per share,
Series “ H-2” mature $48,400 annually. Northern Trust Co., Chicago,
or $12,870,000 (having formerly been $23,400,000) and was paid for in trustee.
new stock issued by Cleveland R y. at par ($100 valuation). The Forest
RE PO RT.— For years ending Dec. 31:
City R y. (which had first absorbed the Low Fare R y.) was purchased for Years.
Gross.
Rentals.
$1,805,600 stock o f Cleveland R y., the shares o f the Forest City Ry. 1924 -----------------$9,326,095 Net after Tax. $1,234,937 Interest. Bal., Surp.
$2,581,115
$534,537 $811,641
being accepted at their par ($100) value.
1,234,937
569,536 313,229
1923 ___________ 8,390,762 2,117,703
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS — 1922
8.189,045 2,545,503
1,234,937
551,263 759,303
Operates 424.9736 miles of single track, o f which 378.3145 miles are
OFFICERS.— Chairman Executive Comm, and Pres., W . Kesley
owned. Mostly 80, 95. 100, 103 and 141 lb. standard rails; l,469passenger
Schoepf; V.-P., Walter A . Draper; V.-P. & Chief Eng., T . H. Schoepf;
cars and 212 service cars.
V.-P. & Treas.,
Asst.
Increased Interest on Capital Stock Voted Down.— The Cleveland City Gen. M gr., A. H. L. Sanders; Sec., J. W . Nicholson; 113. pSec., C. Hein;
Council on Dec. 29 1919 formally granted an increase in the company’.' 1982, 2078, 2184,Benham: Aud., B. Frankland—-V. V. 115, 1573. 1887,
2818; V. 114, p. 305, 409, 1650, 2716;
p.
759;
interest rate from 6 to 7% in accordance with the recommendations of a V. 116, p. 515, 1275; V. 117, p. 85, 781, 1236, 1346, 2768: V. 118,435,1011,
p.
majority of a Board of Arbitration (Y. 109, p. 2262; V. 110, p. 261) who 1391. 3076; V. 121, p. 838, 1460.
conducted an inquiry into this question. On Aug. 10 1920, however, this
question was submitted to a referendum vote and defeated. V. I l l , p.
(a) CINCINNATI STREET RAILWAY.
692, 1565. Compare V. 110, p. 2387; V. I l l , p. 389.
Was leased on Feb. 21 1901 to the Cincinnati Traction Co. for the unex
The company on April 1 1920 paid 1 % % , but subsequent int. payments
are being paid at the old rate of 1)4% quarterly. The city has brought pired term of the franchise granted by the city of Cincinnati on Aug. 13
suit to compel the company to pay back into the interest fund the $72,000 1896, and all successive renewals and extensions o f the same. The rental is
paid out in int. over the regular rate on April 1 1920. V . I l l , p. 1182. intended to provide dividends of 5M % for the first year, 534% for the
second, 5 X % for the third and 6 % for the fourth year and thereafter. V. 72,
1277, 1565. In Apr. 1925 the case was pending.
p. 136. In Feb. 1924 it was reported that a settlement had been arrived at
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
whereby the Cincinnati Traction Co. would surrender its lease o f the com
Stock $35,000,000 ($100)__________
Q-J
$29,046,500
See text
pany’s properties. For terms of reported settlement see V. 118, p. 1011.
First mortgage $35,000,000 g\ 1911
5 M-S
5,495,000 Mar 1 1931
On Sept. 10 1925 stockholders approved (a) the purchase of the street ry.
($1,000) ____________ c*tf/Interest in New York City or Cleveland.
properties of its lessee, the Cincinnati Traction Co.; (6) the purchase of all
Bonds.— Of the first mortgage of 1911, $15,000,000 auth. may be issued for the street railroads and lines of ry. of the Cincinnati & Hamilton Traction
85% o f cash cost o f extensions, betterments, &c., and remaining bonds for Co., &c., and (c) increasing the authorized capital stock to $25,000,000.
50% o f such cash cost, when net earnings for previous 12 mos. shall have Full details are given in V. 121, p. 838. New franchise approved, V. 121,
equaled at least twice the int. charge, including bonds proposed to be issued. p. 838, 1226. Under the reorganization all the street railway properties in
Bonds are red. on any int. date at 105 and int. on 90 days’ notice. The Cincinnati will be owned and operated by this co., and the Ohio Traction
Union Trust Co. (formerly Citizens Sav. & Tr. ) ,Cleveland, and Bankers and the Cincinnati Traction Co. will be eliminated. On Sept. 8 1925 the
Ohio P. U. Comm, authorized the issuance of 29,791 shares of stock at $50
Trust C o., N . Y ., trustees.
Interest on Capital Stock.— First payment— 134%— under new franchise per share, to be given in exchange for interest of the Cincinnati Traction
ordinance of Dec. 1909 paid April 1910 and 134 % quar. to and includ Co. and the Ohio Traction Co. in Cincinnati Street R y. properties. V. 121,
ing Jan. 1920. On April 1 1920 1H % was paid. V . 110, p. 2487. Subse p. 1460. On Nov. 1 1925 the co. was to take back its properties for opera
tion. $4,500,000 6% 1st mtge. 3-year notes of an authorized issue of
quent payments are being made at the old rate of 1A % quar. (see above).
$6,000,000, and 85,000 shares (par $50) were to be issued, and the proceeds
R E PO RT.— For calendar year:
to be used for various refinancing purposes. See for details, V. 121, p. 2037.
Net
Other
Int.,Taxes & Balance,
Calendar
Gross
Earnings. Income.
ORGAJSnZATIGN.— Incorporated June 21 1880 and in 1896 purchased
Year—
Earnings.
6 % Div. Sur. or Def
$3,052,068 $146,666 $3,302,212 def.$103,478 M t. Adams & Eden Park and M t. Auburn roads.
1924_______ $17,313,549
2,018,380
152,208
3,100,606def$l,147,159
1923_______ 16,342,104
STOCK AND BONDS—
Par.
Interest. Outstanding. Last div.,&c.
4.810.624
189,360
1922_______ 16.893,034
3,398,829 surl.134,658 Stock $25,000,000.....................$50
6 Q-J
$18,738,950
See text
Dividends.— To an including April 1901, 5% per annum; July 1 and
OFFICERS.— Pres., J. J. Stanley; V .-P ., J. H. Alexander; Gen. M gr.;
R. W . Emerson; Sec., Paul E. Wilson; Treas., W . J. Mead; Asst. Treas., Oct. 1 1901 and Jan. 1 and April 1 1902, 1.3125% each; July 1 1902, Oct. 1
Paul S. Schreiner; Aud., Thos. P. Kilfoyle.— V. 114, p. 197, 1062, 2115, 1902, Jan. 1 1903 and April 1 1903, 1.375% each; July 1 and Oct. 1 1903
2359, 2716; V. 115, p. 182, 435, 1099, 2045; V. 116, p. 822, 1048, 2006; and Jan. 1 and April 1 1904, each 1.4375%; July 1904, 134%; Oct. 1904,
134%. . Dividends since have been at the rate of 6% per annum and will
V. 117, p. 1016, 2432; V. 118, p. 1770, 2303; V. 119, p. 1952.
so continue to the end of lease and its renewals.
OFFICERS.— Pres., Chas. W . Dupuis; V.-Ps., Geo. W . Lewis and
Samuel Assur; Sec. & Treas., A. J. Becht.— V. 108, p. 1511; V. 112, p. 1282;
OHIO TRACTION CO.
V 113, p 416; V. 118, p. 1011, 1519; V. 119, p. 2528; V. 120, p. 701; V.
ORGANIZATION.— Incorp. in Ohio on M ay 22 1905 and owns practi 121, p. 838, 1226, 1460, 2037.
cally the entire capital stock o f the Cincinnati Traction Co. and Cincinnati
(2) CINCINNATI & HAMILTON TRACTION.
Car Co. On July 6 1905 lease o f the Oin. & Hamilton Trac. Co. was as
signed to this co. by the Cin. Interurban Co. nad the latter company placed
ORGANIZATION.— This company was organized in Aug. 1902 as a
in liquidation. This co. also acquired the property o f the Traction Build- consolidation of the Mill Creek Valley Street R y. and the Hamilton Glendale
i ng Co., which went into liquidation. In Aug. 1925 it was reported that a & Cincinnati Traction. V. 75, p. 497. On Sept. 30 1902 was leased to the
syndicate, including a number of prominent Cincinnatians, and managed Cincinnati Interurban Co. (V. 75, p. 906), but on July 6 1905 lease was
by the ‘Weil, Roth & Irving Co., Cincinnati, had acquired control of the assigned to the Ohio Traction Co. and the Cincinnati Interurban Co. placed
company through purchase of the stock of the company. It eliminates the JSiJ.a^idai ion- Renta1’ year end. Sept. 30 1903, $55,000, increasing to
Philadelphia interests from all connection with the company. V. 121, p. $100,000 for 1915-16 and thereafter. Stockholders were to vote on Oct 9
979. This plan was completed in Oct. 1925. See under Cincinnati Street 1925 on approving the sale of all the street railroads and lines of railway
Ry. hereunder.
of the company in Hamilton and Butler counties, Ohio, &c. V 121 n
Decision Placing All Lines in Cincinnati under Service-at-Cost.— V . I l l , p
838. See under Cincinnati Street R y. above.
’
1567.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS — A
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
trolley road. Owns and operates 36.74 miles of track from the “ Zoo” in
Common $10,000,000 ( $ 1 0 0 ) - ._______
Q-J
$8,655,000
Seetext
Cincinnati to Hamilton, incl. branch Hartwell to Lockland. Gauge
Q-F
8,500,000
Seetext
Pref $10,000,000 5% cum_____________
5
Operates over tracks
Traction Co.
Z oo”
First mtge $2,500,000 gold/ 1911
5g
2,500,000
1936 toft. 2 34 m. Square in Cincinnati. of Cincinnati 1925 the Ohio from “Com
Fountain
On Sept. 13
P. U.
sinking fund ($1,000)_____(Int. at Fidelity Trust C o., Phila., trustee.
mission allowed the company to abandon and dismantle the Glendale to
Gen & ref con v bonds gold____ 1920
6)4 %
2,648,000 Jan 11945
Stock.— Further issues o f stock can only be made for acquirement of Hamilton line, 11 miles long. V. 121, p. 1347.
S oc
i
anck outstanding, common, $1,100,000; 5% cumulative
other properties and additions to the present properties.
Bonds.— First mtge. covers holdings o f stock of the Cincinnati Traction pref., $1,100,000. Par of shares, $100. Divs. payable Q.-J.
Dividends.—•5% per annum is being paid on the pref. stock. The first
C o. and Cincinnati Car Co. owned and controlled by Ohio Trac., and all
other property and franchises. Bonds are redeemable as a whole or in part div. on the com. o I X % was paid Jan. 1 1904 and 34 % was again paid on
for sinking fund on any int. date at 103 and int. Sinking fund provides for April 1, July i and Oct. 1 i 904. In 1905, 1 %; in 1906, 134%; in 1907 2%retirement o f bonds at maturity. V. 92, p. 726. Amount in sinking fund V^1908’
m 1909’
in 1910, 2 34%; in 1911 and 1912, 3% ; since,’
1% quarterly.
Oct. 1 1925, $1,147,000.
Gen. & ref. conv. 634 % bonds are secured by pledge o f 19,989 shares of
OFFICERS.— Pres., B. L. Kilgour; V .-P ., Geo. W . Lewis; Sec. & Treas..
Cincinnati Traction C o .’s capital stock, 14,995 shares of Cincinnati Car A . J. Becht, all of Cincinnati.— V. 106, p 924; V. 118, p. 549; V. 121, p.
C o .’s capital stock and the Traction Bldg., all subject to 1st mtge. 5s. 838, 1347.
116
PUBLIC UTILITIES
LAKE SHORE ELECTRIC RY.
OR GA N IZA TION .—-The Lake Shore Electric R y. was incorporated on
Sept. 25 1901 under laws o f Ohio as a consolidation o f the Lorain & Cleve
land R y ., the Sandusky & Interurban R y., the Sandusky Norwalk & South
ern R y ., and the Toledo Fremont & Norwalk R R . V . 73, p. 784. About
half the road is built on private right o f way.
Controls the Lorain Street R R . and the Sandusky Fremont & Southern
R y ., which see below. Also controls the People’s Light & Power Co. and
the Bellevue Illuminating & Power Co. On Aug. 1 1918 purchased 50% of
the capital stock o f the Ohio State Power Co. (The other 50% is owned by
the American Gas & Elec. Co. o f New Y ork). In 1907 made contract to
supply power to the Toledo Findlay & Fostoria and several other roads.
V . 85, p. 1646. In Jan. 1915 the articles o f incorporation were amended to
enable the company to sell and distribute electicity for light, heat and other
purposes in certain localities.
FIE LD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Operates 180 miles, extending from Cleveland to Toledo and Sandusky, and
from Sandusky to Norwalk; also city lines in Sandusky; standard gauge; 70
to 100-lb. rails. Through line from Cleveland to Toledo was opened for
business about Aug. 26 1902. In addition owns the Sandusky Fremont &
Southern, 20 miles, and the Lorain Street R R ., 24.77 miles, making a total
o f 216.77 miles. 114 passenger, 40 express and other, 52 work and freight
cars; total, 206.
On M ay 14 1923 the stockholders authorized the creation of 82,000,000
7 % cum . prior pref. stock to be sold from time to time to reduce floating
debt, retire bonds, and for improvements, & c. The reduction of the author
ized amount o f first preferred 6% stock from $1,500,000 to $1,000,000 was
also approved. V. 116, p. 2255. Compare V . 116, p. 2129, 2007.
STOCK AN D BONDS—
Date.
_______ Outstanding. Maturity.
Interest. ___________
Common $4,500,000 (par $ 1 0 0 )____
_______
$4,500,000
Prior pref $2,000,000 ($100)
7% cumulative___________ _____
See text
Q-J
1st p f $1,000,000($100)6% c u m ____
1 , 000,000
Q-J
See text
2d pf $2,000,000($100)5% n -c______
2,000,000 N o div. yet
First consol mtge $4,000,000? 1903
6 g J-J
1,600,000 Jan 1 1933
($1,000) gold________ c* .tf(In t. at Union Trust C o., Cleveland, trustee,
I or Trust Co. o f America, New York,
eneral mortgage $7,900,000f 1903
5 g -F A
2,255,000 Feb 1 1933
($1,000) gold________ c* .tf jln t. at Union Trust C o., Cleveland, trustee,
( or company’s agency in New York,
orain & Cleveland first goldf 1897
5 g J-J
750,000 July 1 1927
($1,000) $1,000,000_____t fjln t . at Cleveland Trust C o., Cleveland, or
company’s agency in New Y ork.
T F & N 1st M $1,500,000 g / 1900
6 g J-J
1,115,000 Jan 1 1933
guar ($500,. $1,000) -- c * .t f(
..
______
(Int. at Union Trust C o., Detroit, trustee.
Car trust certificates $176,000/ 1917
6 J-J
70,400
See text
(Guardian Savings & Trust C o., Cleve., trus.
7%
17,440 ---------------Car trusts-------------- ----------1920
Bonds.— Of the $4,000,000 first consols, $2,250,000 are reserved to retire
prior liens, $150,000 have been canceled; $4,O0O,O0O of the general mortgage
5 per cents are reserved to retire the first consols and $745,000 (of which
$428,000 have been certified by the trustee and are in treasury) for exten
sions and improvements at 80% o f cost. Neither issue is subject to call.
The first consols were originally 5s and matured Jan. 1 1923, but were
extended to Jan. 1 1933 at 6% .
The L . & C. bonds are callable since July 1 1917 at par and interest.
The car trust certificates o f 1917 mature $17,600 each July 1.
Lien.— The T . F. & N . bonds are a first lien on the division between
Toledo and Norwalk; the L. & C . bonds are a first lien on the road between
Cleveland and Lorain; and the first consol.bonds a first lien on all other
lines and also a second mortgage on the divisions noted above. Were
originally 5s but have been extended to Jan. 1 1933 at 6% . The extended
bonds are call. »n any int. date at 100 and int. V. 119, p. 3009.
Dividends.— Initial div. on first pref., 1 X % . paid Oct. 1 1910; same
amount quarterly to and including April 1915. July 1915 dividend omitted
(V. 101, p. 47.) None since.
R E PO RT.— For calendar years:
1924.
1923.
1922.
1921.
Passengers carried_____ 6,242,863
6,967,058
6,963,861 6,802,291
Gross earnings__________ $2,211,518 $2,235,663 $2,064,608 $2,080,980
Oper. exp. & taxes_____ 1,779,879
1,709,890
1,548,530 1,682,184
Interest paid__________
338,700
340,999
327,943
333,397
Surplus______________
$92,931
$184,774
$188,134
$65,400
Earnings for 1923 o f the People’s Light & Power Co. were; Gross, $71,800,
net, after taxes, $26,147; and o f the Bellevue Illuminating & Power C o.,
gross, $70,274; net, after taxes, $20,590.
OFFICERS.— Pres., E. W . M oore, Cleveland; V .-P ., A . Lewenthal,
Cleveland; V .-P ., Sec.-Treas. & Gen. M gr., F. W . Coen, Sandusky, Ohio.—
V. 110, p. 2192: V. I l l , p. 792: V . 112, p. 1740: V. 114, p. 2823; V. 116. p.
822. 2007, 2129, 2255, 2637; V. 117, p. 208, 2542; V. 119, p. 455, 300*;
V. 120, p. 2683.
(1) LORAIN STREET RAILROAD CO.
ORGAN IZATION .— Incorp. in Ohio on Aug. 3 1906 and is a consolida
tion o f the Lorain Street R y. and the Avon Beach & Southern R R . Entire
stock owned by the Lake Shore Electric R y.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
A trolley road. Operates 26.9 miles of track between Elyria, Lorain and
Beach Park. Standard gauge. 24 cars. Operates on private right-of-way
except three miles in Lorain and Elyria, on which franchises run until
March 1943.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $2,000,000 ($100)___________
_______
$2,000,000 __________
Lorain St Ry 1st M $750,000/ 1899
5 g M -N
550,000 N ov 1 1949
gold ($1,000)________ c* .tf(In t. at Guaranty Trust C o., N . Y ., trustee.
First consol mtge $2,000,0001 1900
5 g J-J
See text
July 11936
goldguar ($1,000)____c * .t f{ Int. at Union Trust C o., Cleveland, trustee,
[ or agency in New Y ork.
Bonds.— Of the $2,000,000 consolidated bonds, $750,000 are reserved for
prior liens and $750,600 for extensions, &c. They are guar,, prin. and int.,
by endorsement by the Lake Shore Electric R y.
R E PO RT.— For calendar years:
Cal. Years— Orosslnc. Exp. & Tax. Net Earns. Int. Paid.
Balance.
1923_______$281,947
$263,570
$18,377
$51,819
def.$33,441
204,124
19,187
53,146
def. 33,959
1922............ 223,311
Passengers carried in 1922, 2,899,331, against 3,834,399 in 1921.— V . 105,
p. 2543; V . 109, p. 2357.
(2) THE SANDUSKY FREMONT & SOUTHERN RY.
ORGAN IZATION .— Incorp. in Ohio in April 1906. Lake Shore Electric
R y . owns entire stock.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS —
Is operated as part o f main line o f Lake Shore Electric R y. between Cleve
land and Toledo. Operates a line from Sandusky to Fremont, 20 miles.
14 cars. Private right-of-way.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $2,000,000____________ — Owned by the Lake Shore Electric R y.—
First mtge $2,000,000 gold/ 1906
5 g J-J
$645,000 July 1 1936
($1,000) guar________ c* .tf ( Int. at Union Trust C o., Cleveland, trustee,
( or at agency in New York.
Bonds.— Are guaranteed, principal and interest, by endorsement, by the
Lake Shore Electric R y.; not subject to call. See V . 83, p. 1099.
R E PO RT.— For calendar years:
Balance,
Net
Interest
Expenses and
Calendar
Gross
Deficit.
Earnings.
Paid.
Taxes.
Year—
Income.
$32,250
$25,609
$6,641
1923___________ $114,797
$108,156
32.250
12,912
19,337
1922____________ 111,692
98,779
32.250
19,951
107,736
12,298
1921___________ 120,034
— V. 83. p. 97. 1099.
STARK ELECTRIC RR.
ORGAN IZATION .— Incorp. in Ohio and is a consolidation in Dec. 1902
o f the Alliance Electric R y. and the Stark Electric Ry.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
An electric road. Operates 34 m. of track from Canton to Salem, including
Alliance City lines. Standard gauge. 67 and 70-lb. T rails and 70 and
90-lb. girder rails. Total mileage, including double track, 36 miles.
[V ol. 121,
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Q-J
$1,250,000
See text
Stock, $1,500,000 ($100)___________
1st mtge $1,000,000 g ($1000)7 1903
5 g J-J
750,000 Jan 11928
skg fund call at 105___ c tf (Int. at Union Trust C o., Cleveland.
Bonds.— Sinking fund 2% per ann. $250,000 have been retired.
Dividends.— First div., X % , paid July 1908; X % paid quar. to and incl.
Jan. 1916. In April 1916, 1 %; same rate quar. to and incl. Apr. 1917; none
to Oct. 1919, when a div. of 1% was paid. Same rate has been paid regu
larly quarterly since to and incl. July 1922. Oct. div. passed. In Jan.
1923 1 % was paid; none paid since. In April 1910 also a stock dividend of
25% . V. 90, p. 448, 700. In Jan. 1921 an extra div. of X of 1% was paid.
EARNINGS.— For years ending Dec. 31:
Year—
Gross.
Net aft Depr. Fixed Chgs.
Divs.
Balance.
1923...................$571,948
$105,328
$75,662
______
$29,665
1022................... 542,541
84,022
77.546
$37,500 def.31,025
OFFICERS.— Pres., M . S. Milbourne; V .-P ., A. L. Atkinson; Sec.,
William E. Davis; Treas., S. L. Sturgeon.— V. 107, p. 83, 403; V. 114, p.
1892, 2117; V. 115, p. 437; V. 118, p. 432, 2306, 3080.
PENNSYLVANIA & OHIO TRACTION CO.
Sold.— The greater portion of the company’s property was sold M ay 27
1924 to junk dealers at a price said to be $46,115. V. 118, p. 2950. For
history see “ Electric Railway” Supplement of April 26 1924.
SCIOTO VALLEY RY. & POWER CO.
ORGANIZATION.— Incorp. in Ohio with a perpetual charter in 1904.
Was formerly known as the Scioto Valley Traction C o., but name was
changed to present title June 8 1923. V. 116, p. 2768. Built on private
right-of-way. In 1916 acquired entire stock of the Columbus Depot Co.
V. 102, p. 1626. Franchises extend beyond maturity of 1st mtge. bonds.
In Jan. 1917 the co. leased from the State of Ohio for 25 years at an annual
rental of $6,000 the bed of the old canal feeder from Lockbourne to Main
St., about 11 miles, for a new entrance into Columbus. Leases the Ohio
Southern Interurban & Terminal Depot Co. property for 99 years.
FIELD OF OPERATIONS A N D C H A RACTER OF BUSINESS.—
Operates 77 9 miles of track from Columbus to Lancaster and from Colum
bus to Chillicothe. Is operated by third-rail system. Standard gauge,
70-lb. T rail. Within city limits of Columbus company operates over
tracks of Columbus R y., Pow & Light Co. under operating agreement.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $1,800,000 ($100)________
_______
$1,800,000
See text
1st pref $500,000 5% cum _________
Q-J
489,300 Oct ’25, I X
Q-J
1,200,000 July’24, I X
Pref $1,200,000 5% cum ($ 1 0 0 )____
20-year 1st mortgage $2,500,-f 1923 6 g J-D
1,400,000 June 1 1943
000 ($500 and $1,000) sink-7 Int. at Huntington Nat. Bank, Columbus,
ing fund g ___________ c*tf [ trustee, or at First Nat. Bank, N . Y .
Bonds.— Remaining 1st mtge. bonds may be issued for 75% of the cash
cost of additions and capital impts. under certain restrictions. An annual
sinking fund commencing N ov. 15 1925 and sufficient to retire $400,000
bonds between 1925 and 1942 is provided for. The sinking fund will be
used to purchase bonds in the market up to and incl. 102. I f unobtainable
at this figure bonds will be called by lot at 102. A sinking fund of I X %
will be applied towards any additional bonds issued in accordance with the
provisions of the m tge. Are call., all or in part, on any in t. date on 30 days ’
notice at 105 or by lot for sinking fund purposes at 102. Penna. and Conn.
4-mill tax refunded. V. 116, p. 2994.
Dividends.— Dividends on old issue o f pref. stock were to accrue from
Oct. 1 1905, but amounts due Jan. 1 1906 and April 1 1906 were relinquished
by shareholders, and first div. ( I X %) was paid July 1906 and I X % Oct.
1906 (V. 82, p. 1440); in 1907 and since, 5% per annum. On Oct. 15 1918
and again on Apr. 15 1919 divs. of 1 % (payable in U. S. Liberty Loan 4 X %
bonds) were paid on the common stock.
EARN ING S.— For 12 months ending Dec. 31:
Year—
Gross.
Net.
Int.,tax.,&c. Pref. Divs. Surplus.
$213,423
$158,419
$54,465
$539
1924 _________ $674,026
1923 _________ 723,922
257,338
157,038
84,465
15,836
1922 _________ 716,262
242,272
140,015
84,465
17,792
Paid passengers carried in 1924, 992,172, against 1,134,657 in 1923.
OFFICERS.— Pres. & M gr., Frank A. Davis; V.-P. & Treas., Edwin R .
Sharp; Sec., F. K . Young; Supt., P. F. Thompson.— V . 107, p. 83; V . 113,
p. 850; V . 116, p. 2258, 2768, 2994; V. 118, p. 2180.
CINCINNATI & DAYTON TRACTION CO.
Receivership.— In Dec. 1920 Geo. P . Sohngen was appointed receiver for
the co. by Judge Clarence Murphy. V . I l l , p. 2423. For rulings of court as
to rights under various liens see below under “ Foreclosure Proceedings.”
ORGANIZATION.— Incorp. April 26 1918 with $1,250,000 auth. capital
stock, as successor to the Cincinnati Dayton & Toledo Traction C o., whose
properties were sold at foreclosure on June 30 1917 to the committee for the
$2,700,000 C. D. & T . 1st cons. 5s for $400,000, subject to $2,300,000
underlying mortgages. Holders of about $250,000 undeposited bonds
received about $148 for each $1,000 bond in settlement.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Owns 91.07 miles of electric track, connecting Cincinnati with Dayton,
including M t. Healthy and College Hill branches and the Hamilton city
lines. Carries passengers, freight and express. Standard gauge, 60,
70 and 73-lb. T and girder rails.
Committee for C. D. & T. 1st Cons. 5s.— Leo J. Van Lahr, James M .
Hutton, Claude Ashbrook, Edgar Friedlandor and Otto Armleder. D e
positary, Provident Sav. Bank & Trust C o., Cincinnati. For statement by
committee, see V. 102, p. 436. See also V. 102, p. 800.
Committee for Cine. < Ham. Elec. 1st 6s.— W . S.i Hayden and E . V. Hale,
&
with Gardner Abbott, Sec., 1215 Williamson Bldg , Cleveland. Deposi
tary, Citizens’ Sav. & Tr. C o., Cleveland. Committee arranged to ad
vance as a loan to depositing bondholders the amount of the unpaid coupons.
Committee for S. O. T. Co. 1st Cons. 5s.— Chairman, Joseph H. Taulane,
Livingston E. Jones, G. M . Cummings and A. E. Pfahler, Sec. Deposi
taries: Cleveland Trust Co. and Girard Trust Co. The M ay 1 1919
interest had not been paid to N ov. 1 1919, at which time the period of
grace provided for in the indenture expired and as a result of this default
the committee requested the trustee to apply for a receiver and to file a
bill of foreclosure. For details see V. 109, p. 1986. For statement of co.
dated July 30 1924 see V. 119, p. 692. See also letter of committee to bond
holders dated Oct. 6 1924 in V . lly , p. 1842.
Foreclosure Proceedings.— The Cine. & Ham. Elec. 1st mtge. 6s being in
default of prin. and int. from July 1 1918, the trustee has brought suit in
foreclosure jointly with the trustee o f the overlapping mtge. securing the
Southern Ohio Trac. 1st cons. 5s upon which the May 1 1919 int. is in de
fault. On Sept. 28 1920 a decision was rendered in effect that neither
Southern Ohio Trac. mtge. nor underlying issues cover (1) the power house,
(2) the terminal from College Hill into Cincinnati; but only main line from
Dayton to College Hill. Neither do the mtges. cover equipment. M ort
gagors can, if they elect, have a receiver appointed for the property covered
by mtge. This leaves the co. in complete possession of power house, ter
minal and rolling stock. A rehearing on error was asked. V. I l l , p. 1565.
In Dec. 1920 the court ruled that transmission lines are a part of the power
house and are not covered by mtge. For further rulings of the Court regard
ing liens, &c., see V. I l l , p. 2423. In M ay J921, however, the Court of Ap
peals at Cincinna ti, it was reported, handed down a decision holding that the
underlying bondholders are entitled to have their rights restored to the con
dition they were in when the system was operated as the Cine. Dayton &
Toledo Trac. C o., or to have such an interest in the new power house as
would equal the cost o f such restoration. V . 112, p. 1977. A final appeal
was taken to the Supreme Court. See also V . 113, p. 2078. For statement
regarding final decree see V. 113, p. 2613. In Oct. 1925 the Court of
Appeals at Hamilton, Ohio, approved the sale of the traction line from
Hamilton to Cincinnati. The power house at Hamilton was also to be sold.
V. 121, p. 2037.
Defaults.—-As of Oct. 1 1921 the co. was in default of principal and int.
on the Southern Ohio Trac. 1st cons. 5s, the Cine. & Hamilton Elec. 1st 6s
and the Dayton Trac. Co. 1st 5s. Regarding the $250,000 5% bonds of the
Hamilton & Lindenwald Elec. Trans., due July 1 1922, W . E. Hutton &
Co. in July 1922 stated; “ These bonds are 1st mtge. on Hamilton, O., city
lines, on which the Southern Ohio Trac. C o. bonds are 2d mtge. and Cin. &
Dayton Trac. Co. are 3d mtge. The entire matter now tied up in court,
nothing can be done until court hands down decision.” V . 115, p. 307.
STOCK AN D BONDS—
Stock $1,250,000__________ _
117
POWER, LIGHT AND RAILW AY
Oct., 1925.]
Date.
Interest.
1918
5%
Outstanding.
$1,250,000
(?)
Maturity.
1938
Underlying Issues1,350,000 M ay 1 1920
5 g M -N
1900
$2,000,000 ($1,000) gold-C*(Int. at Cleveland Trust Co., trustee, or at
-C'"'j 1
' Standard Trust C o., New York.
Cin & Ham Elec 1st g ($500) 1898
6 g J-J
400,000 July 1 1918
________
.
\Int. at Clt. Sav. & Tr. C o., Cleve., trustee.
$500,000 not subj to call
Dayton Traction 1st m tge/ 1896
5 g J-J
250,000 M ay 1 1920
gold ($1,000) int guar_ c*\lnt. at Finance Co. o f Penn., Phila., trustee.
_
Ham & Lindenwald El Tran] 1901
5 g J-D
250,000 July 1 1922
1st mtge s f $250,000 gold) Interest at Cleveland Trust C o., trustee.
•
($1,000) int guar-----------c*J
Bonds.— None of the underlying issues is subject to call.
Of the $2,000,000 South. Ohio Traction bonds, $650,000 are reserved to
retire Cin. & Ham. Electric bonds and Dayton Traction bonds. Issue
listed on Philadelphia Stock Exchange.
The Dayton Traction 5s matured originally on July 1 1916, but were
extended to M ay 1 1920, but have not yet (Oct. 1 1923) been paid.
The Cin. & Ham. Elec. 1st 6s due July 1 1918 had not been paid up to
Oct. 1 1923 (see above).
_ .
The Ham. & Lind. Elec. Tran, bonds originally fell due Dec. 1 1911, but
arrangements were made at that time to extend them to July 1 1922. V. 93,
p .1386,1387. Not paid at maturity. (See above.) Annual sinking fund
o f 5% on Ham. & Lind, bonds began Dec. 1 1906, increasing 1% each
year up to 1911. $67,000 in sinking fund Oct. 1 1923.
OFFICERS.— Pres., J. M . Hutton; V .-P ., O. Armleder; Sec., Claude
Ashbrook; Treas., Lea J. Van Lahr; Gen. M gr., M . Ackerman; Aud.. L. P.
Longon.— V. 115, p. 307; V . 117, p. 439; V. 119, p. 692, 1842, 2037.
FORT WAYNE VAN WERT & LIMA TRACTION CO.
STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
Common $3,025,000 ($100)________
____$3,025,000 ................................
Preferred $1,000,000 ($100)................ - 5%
1,000,000 See text
Gen and ref mtge (see text)) 1906 5 g M -N
6,650,000 M ay 1 1926
gold ($1,000) _____ c*tf Jlnt. at Pa.Co.for Ins.on L.&G.A.,Phila.,Trus.
Col Lon & Spg 1st mtge $1,-1 1900
5 g A-O
500,000 Oct 1 1920
500,000
gold ($1,000) c*n tf jln t. at N . Y . Trust Co., New York, Trustee.
Day Spg & Urb 1st mtgel
1898 5 g M -N
750,000 N ov 1 1928
$750,000 gold ($1,000)_ntf/Interest at N . Y . Trust C o., N . Y ., Trustee
_________
200,000 ---------------Receiver’s certificates________ _____
Bonds.— The gen. and ref. mtge. was originally for $12,000,000 but auth.
amount has been reduced to $10,000,000. Of the remaining bonds $250,000 are treas. bonds deposited with trustee and are availaole for extens. &
impts. when net earns, are equal to 1
times int. charges on bonds out
and to be issued; $1,250,000 are held to retire the underlying liens given
in table above. The remaining $2,100,000 are reserved for future better
ments, improvements and extensions, and can only be issued as follows:
$1,100,000 when net income is equal to 1% times int. charges on all bonds,
including those to be issued, and $1,000,000 when net is equal to twice int.
charges, incl. int. on bonds to be issued. Are further secured by pledge of
$1,000,000 Col. Lon. & Spg. 1st mtge. 5s. (See above under “ Sale of
Collateral.” ) Are subject to call in whole, but not in part, at 105 and int.
'"’ he general and refunding mortgage bonds were listed on the Phila
delphia Stock Exchange in February 1907. V . 84, p .3 3 9 . See description
or bonds, property, &c., in V . 83, p. 37.
The Columbus London & Springfield bonds may be called at 110 and int.
$1 000,000 are pledged under the Ind. Col. & East. gen. & ref. mtge. 5s
(see above under “ Sale of Collateral” ). A sink, fund on these bonds of
5% of gross earnings began with year ended Sept. 20 1906. See V. 71,
p. 963. $240,000 in sink, fund Apr. 1 1925.
The Dayton Springfield & Urbana bonds are subject to call at 110 and
int. A sink, fund of 5% of gross earnings began in 1903. $229,000 in
sink, fund Apr. 1 1925. Interest due M ay 1 1925 was paid June 1 1925
with 12c. compound interest. V. 120, p. 2815.
EARNING S.— For calendar years:
1921.
1922.
1924.
1923.
Gross earnings
___ . . $1,397,226 $1,564,827 $1,572,352 $1,699,170
1,617,858
Oper. expenses & taxes.. . 1,285,793
1,456,250
1,416,057
Receivership.— In Jan. 1921 Henry C. Paul was appointed ancillary
receiver for the company.
ORGAN IZATION .— On Mar. 1 1906 was leased, until expiration of fran
chises and renewals thereof, to Lima & Toledo Trac. C o., which guaranteed
the int. V . 82, p. 691. Lease was assigned to Ohio Elec. R y. Aug. 31 1907.
In 1916 a new lease was entered into (see “ Electric R y .” Supp. of Apr. 30
$116,102
$81,312
Net earnings_
_
.$111,433
$148,770
1921 for details), but on Aug. 5 1921 lease was abrogated by order of Federal
3,422
4,578
7,889
11,347
Court and property has since been operated separately. V . 113, p. 848. Other income _____ ___
The Ohio Elec. R y. Co. owns all the common stock. Incorporated in
$84,734
Total income ____ . .
$120,680
$122,780
$156,659
Indiana and Ohio. Road is entirely on private right-of-way except in Bond interest. _____
128,252
131,826
129,473
128,385
towns, where it has 25 or 50-year franchises.
Other interest. ._
10,208
14,000
14,000
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.— ■Other deductions.
3,138
5,464
8,325
5,986
A trolley road. 61.63 miles o f electric track from Ft. Wayne via New
Haven, Monroeville, Convoy, Van Wert, Middlepoint, Delphos and Elida
D e fic it______________
$27,930
sur$7,200
$26,818
$46,656
to Lima. Commenced complete operation N ov. 15 1905. Connects at
OFFICERS.— Receiver, J. H.
. Zimmermann,
F t. Wayne with the Indiana Service Corp. and at Lima with the Lima & V .-P ., John S. Bleecker; Sec. and McClure; Pres., John EThe road is now
Treas., F. A. Healy.
Toledo R R ., the Western Ohio Ry. and the Indiana Columbus & Eastern operated by Day & Zimmermann.— V. 116, p. 1893, 2388; V. 117, p. 86,
Trac. C o., and forms part of through line from Ft. Wayne to Toledo, 1017, 1992; V. 118, p. 1520, 2179, 2948; V. 119, p. 324, 2287; V. 120, p. 86,
Dayton and Columbus. Standard gauge. 70-lb. T rails.
Interest in Default.— The co. having failed to pay the int. due Jan. 1 1920 2815, 3314; V. 121, p. 1348.
on its 1st M . 5s (subsequent int. also in default), the following committee
was formed and has called for deposits:
Committee for 1st M . 5s.— Chairman, J. C. Neff; George K . Johnson,
SOUTHERN OHIO PUBLIC SERVICE CO. OF
George deB. Greene, Thomas J. Walsh, A . C. Robinson, T . H. Atherton;
ZANESVILLE, OHIO.
Secretary, 325 Chestnut St., Philadelphia. Depositaries: Fidelity Trust
C o., Philadelphia, and Peoples Savs. & Trust C o., Pittsburgh, Pa.
ORGANIZATION.— Organized in Ohio M ay 21 1925 to take over th®
properties of the Columbus Newark
Zanesville Electric Ry., sold at fore
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
closure as per reorganization plan Dec. 30 1922. For details and exchange
Common $500,000 ($100)_________
_______
$500,000 ..................
of securities, see “ Public Utility Compendium” M ay 2 1925, under “ Colum
Pref $500,000 5% n-c ($100)----------- - ------- 500,000 ------------------------bus Newark & Zanesville Electric R y .,” and V. 116, p. 294; V. 120, p. 2400;
First mtge $2,000,000 gold/ 1905
5 g J-J
1,470,000 July 1)930
guaranteed ($1,000)____c*\Int. at Fidelity Trust C o., Phila., trustee. V. 121, p. 1100.
Bonds.— Of the $2,000,000 bonds, $530,000 are reserved for extensions
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
and improvements. V. 82, p. 691. Are not subject to call.
A trolley road. Operates 95.85 miles o f track from Columbus to Zanesville,
incl. the city lines in Zanesville and Newark and a branch to Buckeye Lake.
EARN INGS.— For year end. Dec. 31 1924:
$431,011 Also owns the bus lines operating in the City of Newark, Ohio. Operates
Gross earnings________________________________
394,474 lighting and power plants in Zanesville. Standard gauge 60 and 70-lb.
Operating expenses and taxes____________ ,____
31,367 T rail and 90-lb. girder.. Also owns amusement park on Buckeye Lake.
Depreciation_________________________________
5,169 Private right-of-way from Newark to Zanesville. Franchises on other lines
Gross income_________________________________
77,156 expire 1925 to 1928.
Interest ______________________________________
Upon completion of the reorganization, the capitalization will be approxi
D e ficit______________________________________________ _____
$71,987 mately as follows:
Date.
Interest. Outstanding. Maturity.
STOCK AND BONDS—
OFFICERS.— Pres., Frank H . Cutshall; Sec. & Treas., Harry E.
_________
25,928 shs
________
Vordermark; Asst. Sec. & Asst. Treas., F. A. Healy.— V . ilO , p. 164; Common (no par)___________ ____
P referred___________ ,_______ ____
7%
$691,750 ---------------V. 112, p. 469. 2190; V . 113, p. 848.
1st mtge bonds_______________ ____
7%
1,000,000
--6 g M-S
997,000 Mar 1 1927
Zanesville Ry Lt & Power lstf 1902
cons mortgage $1,000,0001 Int. at Cent. Tr. & S. D. Co., Cine., trustee,
INDIANA COLUMBUS & EASTERN TRACTION CO.
or Trust Co. of America, New York.
($500, $1,000) gold_
Receivership.— In Jan. 1921 J. Harvey McClure was appointed receiver Zanesv Elec 1st mtge _ c*tf I 1899
7 g F-A
3,000 Feb 1 1924
$300,-[
for the company.
000 gold subject to call after! Interestat International Trust Co., Boston,
Was leased to the Ohio Electric R y. Aug. 31 1907 and that company
1903 ($1,000 each)_-C.ntf ( trustee.
guaranteed interest on bonds and 5% divs. on pref. stock (the dividend due
Stock.— No definite details were available at the time of going to press.
Dec. 31 1915 and subsequent unpaid), but on Aug. 5 1921 lease was abro
gated and property has since been operated separately. See V . 113.
Bonds.— No further particulars about the new issue available yet.
p. 848, for details.
The Zanesville Ry., Lt. A Pow. 1st Cons. Mtge. bonds were extended at 6%
ORGANIZATION.— Incorp. in Ohio on April 14 1908 and has acquired (previously 5% ) for 3 years from Mar. 1 1924, the new interest rate being
payable from Sept. 1 1922.
the Dayton Springfield & Urbana Elec. R y., the Columbus London &
No particulars about Zanesville Electric 1st bonds.
Springfield R y., the Columbus Grove City & Southwestern R y., the
Urbana Bellefontaine & Northern R y., the Springfield & Western R y., the
Dayton & Northern Traction Co. and about 12 miles o f the Dayton &
Muncie Traction C o., extending from Greenville to Union City on the
COLUMBUS INTERURBAN TERMINAL CO.
Indiana-Ohio State line. Has also acquired the Columbus & Lake Michigan
R R ., a steam road operating between Lima and Defiance, which has been
Controlled by Indiana Columbus & Eastern Traction C o., Southern Ohio
converted into electricity. Entire common stock owned by Ohio Elec.. R y. Public Service Co. of Zanesville, O., and Columbus Delaware & Marion
Sale of Lima-Defiance Branch.— The Lima-Defiance branch was sold on Electric Co.
Jan. 31 1923 to C. G. Taylor, Norwalk, O., at the upset price of $125,000.
ORGANIZATION.— Incorp.
(Sale confirmed in May 1923— V. 116, p. 2388.) The Lima & Defiance RR . passenger and freight station in M ay 24 1910 in Ohio. Owns terminal
Columbus, Ohio. Expenses divided be
has been formed to take over the line and proposes to issue $175,000 1st tween the three controlling companies according te traffic handled through
mtge. bonds and $75,000 pref. stock. Control passed to the new co. on
June 1 1923. V. 117, p. 86. George Bayly has been elected Pres, of the terminal.
new
com pan y.
V . 116, p . 934 , 1 4 i l , 1760, 2388.
Leased the Columbus Newark & Zanesville Elec. R y., which company
had previously absorbed the Columbus Buckeye Lake & Newark Traction
Co. and the Zanesville R y., Light & Power Co., but this lease was assigned
to the Ohio Elec. R y. Aug. 31 1907, and was abrogated by order of Federal
Court in Aug. 1921. V . 113, p. 848.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.— A
trolley road. Columbus to Orient, Columbus through Springfield to
Dayton, Dayton to Union City; Springfield to Lima, through Lima to
Defiance, O. Total miles o f track (electric) owned, 217.2, standard gauge.
18 sub-stations. 136 cars.
Line from Union City to Dayton, O., abandoned. V. 121, p. 1348. ®
Interest in Default.— Interest due N ov. 1 1919 and subsequent interest
on the company’s gen. & ref. mtge. 5s is in default.
Sale of Collateral.— It was announced in July 1924 that the $1,000,000
Columbus London & Springfield 20-year 5% bonds pledged as security for
the gen. & ref. mtge. 5s o f the Ind. Col. & East. Trac. Co. were to be
sold at public auction on Aug. 11 1924. V. 119, p. 324. Compare V. 118,
p. 1520.
Int. being in default on the Dayton Springfield & Urbana E . R y. 1st
mtge. 5s, the following protective committee was formed and has called for
deposits. (Coupons due N ov. 1 1921 were paid Oct. 1 1922. V. 115,
p. 1532. May 1 1922 coupons were paid with int. in Jan. 1923. V . 116,
p. 515. N ov. 1 1922 coupons were paid with int. on M ay 1 1923. V . 116,
p.1893. M ay 1 1923 coupons were paid with int. on N ov. 1 192,3. V. 117,
p.1992. N ov. 1 1923 coupons were paid with int. on M ay 1 1924. V. 118,
p.2179. May 1 1924 coupons were paid with int. on June 14 1924. V. 118,
p. 2948. N ov. 1 1924 coupons were paid with int. on Dec. 31 1924. V. 120,
p. 86.
Committee for Dayton Spring. < Urb. 1st Mtge. 5s.— Chairman, Valentine
%
Winters; Wm. R . Craven, Chas. W . Slagle, Richard S. Wilcock, John C.
Haswell and Costello C. Converse. Depositary: New York Trust Co.,
N . Y . V . 113, p. 2720.
Committee for Ind. Col. < East. Gen. A Ref. Mtge. 5s.— Chairman, C. S. W .
%
Packard; W m. P . Gest, Sidney F. Tyler, Chas. S. Patton, R . B. Young.
Depositary, Penna. Co. for Ins. on Lives S Gr. Annuities, Phila., Pa.
c
Deposit agreement amended. See V. 114, p. 1407.
The $500,000 Col. Lon. & Spg. 1st M . 5s, due Oct. 1 1920, had not yet
been taken up as o f Oct. 1 1923. Int. now accrues on this issue at 6 % .
BON DS—
D a te.
In terest.
O utstanding.
M a tu r ity .
1st mtge gold 5s $1,000,000) 1910
5 g J-D
$433,000 June 1 1935
($ 5 0 0 )________________ ctf\Int. at Cit. Tr. & Sav. Bk., Colum., trustee.
OFFICERS.— Pres.-Mgr., A. V. Bland; V .-P ., A. F. Van Denise; Sec.Treas.-Aud.. F. A . Healy.
CINCINNATI GEORGETOWN & PORTSMOUTH RR.
ORGAN IZATION .— Formerly a narrow-gauge steam road, but now
operated by electricity. Under Ohio law remains a steam road. Has no
franchise limitations and is located on private right-of-way. In Sept. 1911
entered into a management agreement with the Felicity & Bethel R R .
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Supplies electric current for distributing systems of Georgetown, Bethel,
Batavia, 'Williamsburg, Amelia, Forrestville and Hamersville. Also sup
plies current to the Southwestern Ohio Power Co. which serves New
Richmond. Hamlet. Bantam, Feesburg, Felicity, Russelville and Ripley.
Operates 53.7 miles from Cincinnati southeasterly to Russelville, including
branches of 3.5 miles to Batavia and 1.5 miles to Coney Island. The
Felicity & Bethel has 8.5 miles of track between the points named in its title.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $1,500,000._________________
_________ $1,500,000 ____________
First mtge $1,000,000 gold/
1902 5 g J-J
1,000,000 Jan 11932
($ 1 ,0 0 0 )_______________c*\Int.at Un. S.B.&Tr.Co.,Cin.,trust.,& in N Y
Fel & Beth 1st M $100,000 g /
1905 5 g A-O
100,000 Oct 1 1935
($1,000) not callable___ c*\lnt. & Union Sav. Bk. & T r., Cin., trustee.
Equip trust certifs Series “ A ” .
1922 7%
33,600See text
_______
Equipment trust certificates-.
1924 7%
17,000
Equipment trust certificates Series “ A ” are due $4,200 semi-annually,
commencing M ay 15 1923. V. 115, p. 2648.
EA R N ING S.— For calendar years:
Cal. Year.
Gross.
Net.
Taxes. Int..Rent,Ac. Balance.
1924........... ...$ 3 1 4 823
$93 795
$13 889
$66 805
$13 100
1 9 23............ .. 296,605
76,593
14,593
65,690
def. 3,690
1922_________ 318,218
71,335
16,219
62,175
def. 7,059
OFFICERS.— Pres. & Treas., L. G. Van Ness; V.-Pres., Thos. Elliott,
Sec., Chas. T . DeHore; Gen. M gr., F. A . Nichols.— V. 118, p. 2302, 2437.
118
[V ol. 121
PUBLIC UTILITIES
CINCINNATI LAWRENCEBURG & AURORA
ELECTRIC STREET RR.
Receivership.— The company having suffered damage from the 1913 flood
Judge Warner at Cincinnati on June 23 1913 appointed F. B. Shutts, of
Florida, receiver on application o f Pres. J, C . Hooven, who, it is stated,
loaned the company $125,000. V . 96, p. 1839. On Dec. 28 1914 C . E.
Hooven was appointed receiver upon the resignation o f F . B. Shutts.
Subsequently Edgar Stark was appointed co-receiver.
Plan to Lift Receivership.— See V . 114, p. 2115.
ORGAN IZATION .— Incorporated in N ov. 1898.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
A trolley road. Operates 31.97 miles o f track from Anderson’s Ferry, at
Cincinnati, to Aurora, Harrison and Lawrenceburg. In M ay 1922, the
West End Terminal & R y. Co. was incorp. in Ohio with a capital of $10,000
to operate the proposed extension from Anderson’s Ferry to the Dixie
Terminal * 6 % miles. The cost has been estimated at approximately
$750,000. V. 114, p. 2240. Compare V . 113, p. 2504. See also V . 116.
p. 2515.
The $750,000 1st mtge. 5s, due July 1 1919, had not been paid up to
Oct. 1 1923. No plan o f reorganization had been formulated to that
date, but see V . 114, p. 2115. N o further information.
Bus Line Opened in Sept. 1925.— See V. 121, p. 1567.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $750,000_________________
_______
$750,000
.............
Pref 6% cum $250,000____________
Q-J
58,900 ___________
First mtge $750,000 ($1,000)/ 1899 5 g J-J
750,000 July 1 1919
gold______________________(Interest at Un. Sav. Bk. & T r. C o., C in ., tr
Stock.— Pref. stock was issued for money assessed on capital stock. No
interest has been paid.
EARN IN G S.— For calendar years:
Year—
Gross.
Net aft. Tax. Bond Int.
Balance.
1922
--------------------$187,630
$39,749
$37,678
sur$2,071
1921
180.975
31.214
39.296
def8,082
, Latest Earnings.-— For 12 mos. end. Dec. 31 1924: Gross, $176,029: net
after taxes, def., $3,315. In 1923, gross, $185,892; net after taxes, $37,115.
OFFICERS.— Receivers, C. E . Hooven and Edgar Stark; Gen. M gr. fo
receivers, L. G. Van Ness.— V . 111. p. 73, 294. 1277; V. 113, p. 959, 2504:
V. 114, p. 2115, 2240; V. 115, p. 182; Y. 116, p. 2515; V. 118, p. 3076;
V. 121, p. 1567.
CINCINNATI MILFORD & BLANCHESTER
TRACTION CO.
ORGAN IZATION .— Incorp. in Ohio on Oct. 24 1918 as successor to
the Cincinnati Milford & Loveland Traction (sold to the bondholders for
$136,000; for history see “ Electric Railway” Supplement for M ay 1918).
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Track owned, 32.58 miles.
C A PITALIZATION .— Authorized capital stock, $400,000.
EARN INGS.— For cal. year 1924, gross, $148,373; net, after taxes,
$7,777. In 1923, gross, $137,926; net, after taxes, $20,469; miscell.
income, $5,247; bond int., $20,000; bal., sur., $5,716.
OFFICERS.— Pres., I. W . Pettingill; Sec. & Treas., Henry Kroger
— V. 107, p. 1836; V. 109, p. 1986; V. 110, p. 167; V. 113, p. 1771.
CLEVELAND & SOUTHWESTERN CO.
olding company.
ORGAN IZATION .— Was organized as per plan (V. 114, p. 2578) for reor
ganization o f Cleveland Southwestern & Columbus R y. as a holding com
pany for the Cleveland Southwestern Ry. & Light Co. (see below), the
operating successor company under the plan. Owns entire com. stock of
that company.
CAPITALIZATION —
Date.
Interest. .Outstanding. LastDiv.
Common stock (no par)______ _____
_______
18,330 shs __________
Pref 5% cum $4,000,000__________
5%
$3,666,000 --------------Stock.— All the com. and pref. stock may be placed in a voting trust
for a period o f years. For further particulars regarding holding company,
see V. 114, p. 2578.
OFFICERS.— Pres., F. H. Wilson; V .-P ., J. P. Harris; Sec. & Treas.,
C. J. Mayers.
(1) CLEVELAND SOUTHWESTERN RAILW AY & L IG H T CO.
ORGANIZATION.— Incorp. in Ohio March 7 1924 as successor to the
Cleveland Southwestern & Columbus R y. (for history see “ Electric Railway
Supplement” o f April 26 1924), and as per plan of reorganization (V. 114,
1924 to the properties o f
which
E. 2578) took title on M ay 3 in accordance with terms that company Under
ad been sold at foreclosure
o f the plan.
the plan certain underlying issues o f the old company were extended for
30 years and accrued interest paid in cash (see Group “ A ,” bond issue,
below), while others were exchanged for Gen. and cons. mtge. 5s of the new
company and accrued interest paid in scrip. No provision was made for
the com. and pref. stocks of the old company.
In June 1925 acquired the properties o f the Spencer Light & Power Co.
and the Nova (Ohio) Electric Lighting C o., heretofore operated by the
co. V. 120, p. 3185. Operation o f the various cos. by the Western
Reserve Power & Light Co. See V. 120, p, 3312.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Operates over 200 miles in and from Cleveland to Berea. Elyria, Medina.
Grafton, Wellington, North Amherst, Lorain, Creston, Chippewa, Lake,
Seville, Wooster, Linndale, Puritas Springs, Gallon, Bucyrus, Crestline.
Mansfield, Ashland, Nankin. Polk. West Salem. Lodi and LeRoy. In addiSeccaium Park and reaches Chippewa Lake. Operates 209 miles of track
(of which 177 miles are on private right-of-way). 60. 70 and 100-lb. rails.
Standard gauge. Operates 66 passenger and 35 other cars; total 101. Also
does commercial light and power business over entire property.
Interest Payments on General and Consolidated Mortgage Bonds Deferred.—
Net earnings not having been sufficient to pay interest currently on the
gen. and cons. mtge. bonds of the company, interest coupons on that issue
for the 5-year period from Mar. 1 1924 to Mar. 1 1929 were made deferrable
until the last 5-year period o f the mortgage, and will not be paid on the
regular interest dates unless earned and payment authorized by the direc
tors. V. 118. p. 3076.
Capitalization.— Common Stock.— $4 000 000, all held by Cleveland South
western Co. (see above).
Common Stock.— $4,000,000, all held by Cleveland Southwestern Co. (see
above).
Bonds.— 1. Prior lien bond issue, $800,000 25-year sinking fund, dated
Mar. 1 1924, due Mar. 1 1949, bearing interest at the rate of 6/4 % , interest
due Mar. 1 and Sept. 1 of each year. 2. Group “ A ” bond issue, $1,500,000
divisional mortgage, dated Mar. 1 1924, due Mar. 1 1954: covers former
issues o f Cleveland & Elyria Electric ($200,000), Elyria & Oberlin Electric
($100,000), Cleveland Berea Elyria & Oberlin ($127,000), Cleveland Elyria
& Western, ($1,073.000): bearing interest at the rate of 6 %; interest payable
Mar. 1 and Sept. 1 o f each year. 3. Group “ B” bond issue, $2,200,000.
gen. and consol, mtge. Interest rate 5% ; 30-year bonds, dated Mar. 1
1924, due Mar. 1 1954. Covers former issues of Elyria Grafton & Southern,
Cleveland & Southwestern Traction, Ohio Central Traction No. 1, Ohio
Central Traction No. 2, Norwalk Gas & Electric. Interest on this issue
deferred for a period o f five years from Mar. 1 1924 to Mar. 1 1929. This
deferred interest shall be payable on Mar. 1 and Sept. 1 of each year begin
ning Sept. 1 1949 (see text above)
EARN ING S.— For cal. year 1924, gross. $1,662,791: net income, def.
$31,059. In 1923, gross, $1,763,511; net after taxes, $215,516.
OFFICERS.— Pres. & Gen. M gr., Frank H. Wilson; V .-P .. J. P. Harris;
Sec. & Treas., C. J. Mayers.— V. 118, p. 1909, 2437, 3077; V. 120, p.
3185, 3312.
CLEVELAND PAINESVILLE & EASTERN RR.
ORGAN IZATION , &c.— Incorp. in Ohio on April 25 1895. Road com
pleted in July 1908. Franchises expire from 1920 to 1935. In June 1906
acquired control o f the Cleve. Painesv. & Ash. R R . V. 82, p. 1322, 1379.
In 1913 purchased the United Light & Power Co. (stock, $100,000; bonds,
$ 100, 000).
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Owns road from Euclid, Ohio, to Painesville and Fairport (line from Painesville to Fairport abandoned M ay 3 1923), 24.02 miles (“ Main Line” ), and
uses Cleveland Electric Ry. from Euclid to Public Square, Cleveland, 10
miles; also owns “ Shore Line,” extending from Willoughby to Cleveland
(St. Clair Ave. and 110th St.), 14.89 miles, and uses the Cleveland Electric
Ry. Co.'s track from that point to the Public Square, Cleveland, 5 miles.
Total track operated (including 4/4 miles of double), 46/4 miles. With the
Cleveland Painesville & Ashtabula forms a continuous line from Cleveland
to Ashtabula. 46 motor cars and 8 other cars. Power house is at Paines
ville. Car houses at Willoughby and Nottingham.
STOCK A N D BONDS—
Date. Interest.
Outstanding. Maturity.
_______
$1,250,000 ___________
Common (par $50)__________ _____
Preferred stock ($100)_______ _____
_______
1,111,500 __________
First mortgage $500,000 gold/ 1896 6 g A-O
500,000 Oct 1 1933
($1,000 each)______ c*.cpt\Interest at Guaranty Trust C o., N . Y ., or
1 Cleveland Trust C o.. Cleveland, trustee.
Consol mortgage closed $ l,- f 1898 6 A-O
1,131,000 Oct 1 1933
631,000 (gold) gold_ cp t( Int. at Citizens’ Sav. & Trust C o., Cleveland
_
(
trustee, or Equitable Trust C o., N . Y .
Refunding & extension m ort-[ 1908
5 g M -N
926,000 M ay 1 1948
g a g e $5,000,000 g o 1 d-jInt. at Cleveland Trust C o., Cleve., trustee,
($1.000)___________ c*.cp t ( or company’s agency in New York.
Bonds.— $500,000 consols are reserved to retire underlying liens.
The
mortgage, originally for $2,000,000, was closed at $1,631,000 and the bal
ance canceled. The consols originally matured Oct. 11918 and bore interest
at 5% but were extended to Oct. 1 1923 at 7% , and again to Oct. 1 1933,
but this time at 6% . Extended bonds are redeemable, all or in part, at
100 and interest on any interest date. V. 117, p. 1461.
The first mortgage bonds originally fell due April 1 1916 but were extended
to Oct. 1 1918, and again to Oct. 1 1923: in the latter case the interest rate
was raised from 5% to 7 % . On Oct. 1 1923 these bonds were once more
extended, this time to Oct. 1 1933, but the interest rate was reduced to 6% .
Extended bonds are redeemable, all or in part, at 100 and interest on any
interest date. V. 117, p. 1461
R E PO RT.— For years ending Dec. 31 (excl. United Light & Power C o.):
Calendar
Gross
Net after
Other
Interest,
Balance,
Year—
Earnings.
Taxes.
Income.
&c.
Sur. or D ef.
1924---------------$546,743
$84,416
$1,925
$102,891 def.$16,550
1923................. 631,346
126,435
1,733
156,242 def.28,074
1922_________ 663,344
168,293
2,092
166,844
sur.3,542
1921-------------- 701,026
163,893
2,948
166,262
sur. 579
The results of the United Light & Power Co. for 1924 were: Gross, $88,785:
net after taxes, $38,742. In 1923, gross, $77,948; net after taxes, $33,722
OFFICERS.— Pres., E. W . Moore; V .-P . & Gen. M gr., W . H. Douglas;
Currie, Willoughby, Ohio.— V. 104, p. 1489; V. 106, p. 2010; V. 107, p. 82,
401, 1191; V. 108, p. 1274; V. 109, p. 676; V. 112, p. 2747; V. 114, p. 2240;
V. 116, p. 2255, 2992; V. 117, p. 1461; V. 118, p. 2572: V . 120, p. 1457.
(1) CLEVELAND PAINESVILLE & ASHTABULA R R .
ORGANIZATION.— Incorp. in Ohio in 1902. Entirely over private
right-of-way, except through some of the villages, 'where franchises expire in
1927 •
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
A trolley road. Operates 30 miles track between Painesville and Ashtabula.
Put in full operation on July 30 1904. 70-lb. T and girder rail used. Track
standard gauge. Connects at Painesville with the Cleveland Painesville &
Eastern R R .. and at Ashtabula with the Pennsylvania & Ohio Ry.
Default.— Jan. 1 1917 and subsequent interest as well as principal due
July 1 1922 is in default on 1st mtge. 5s. Compare V. 104, p. 256; V.
115, p. 182.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
$1,000,000 __________
Stock $1,000,000 ($100).........................................
First mortgage $1,000,000/ 1902
5 g J-J
1,000.000 July 1 1922
gold ($1,000)_______ c*.cpt\lnt. at Cleveland Trust C o., Cleve., trustee.
Bonds.— No sinking fund and bonds cannot be called. See V. 75, p. 549.
R EPO RT.— For years ending Dec. 31:
Years—
Gross.
NeU.aft.Tax.) Other Inc. In t.,& c.
Deficit.
1923----------$153,287
def.$7.297
$505
$75,588
$82,380
1922-------------------- 161,115
4,489
392
74,283
69,402
1921----------162,876
def.6,610
248
72,706
79,068
OFFICERS.— Same as Cleveland Painesville & Eastern above.— V . 98,
p. 386; V. 104, p. 163, 256; V. 106, p. 2010; V. 107, p. 401; V. 115, p. 182.
CLEVELAND & EASTERN TRACTION CO.
In Oct, 1925 we were informed that this company was sold out for
$42,200 on April 20 1925 (V. 120, p. 2399) and since has been liquidated.
V. 121, p. 1788.
CLEVELAND & CHAGRIN FALLS RY. CO.
In Oct. 1925 we were informed that this company was sold out and
liquidated.— V. 121, p. 1788.
STEUBENVILLE EAST LIVERPOOL & BEAVER
VALLEY TRACTION CO.
O RGAN IZATION .— Incorp. in Ohio and Penna. on N ov. 1 1917 as a
merger of the East Liverpool Trac. & Lt. C o., the Steubenville & East
Liverpool R y. & Lt. Co. and the Ohio River Passenger R y. For history
of merged companies, see “ Electric Railway” Section for Jan. 1918.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Owns and operates 100.69 miles of track between Vanport, Pa., and Steu
benville, O., and in Steubenville, East Liverpool and Wellsville, O., and
Chester. W . Va. Also operates in intervening towns and operates a through
line between Steubenville and Beaver, Pa. 80 cars. Through the Valley
Motor Transportation C o., a subsidiary, operates buses in East Liverpool
and Steubenville
V. 118, p. 2306.
STOCK AND BONDS—- Date.
Interest.
Outstanding. Maturity.
Common $2,000,000 ($100)_ _____
_
_______
$ 2 , 000,000
______________
Pref 5 % cum $2,600,000 ($ 1 0 0 )____
_______
2,600,000 __________
First mtge $3,000,000 gold/ 1917
5 g M -N
1,600,000 N ov 1 1947
($1,000)--------------------------c\Int. at Comm’l Trust Co., Phila., trustee.
Bonds.— Redeemable at 105 and int. since N ov. 1 1922. $117,000 of the
bonds reported outstanding are held in the treasury.
EARNINGS.— For year ended Dec. 31 1924; Gross, $1,023,140; net,
after taxes, $24,082. For year ended Dec. 31 1923, gross, $884,836; net,
aft. taxes, $50,551. In 1922, gross, $504,520; net, aft. taxes, def., $74,002.
OFFICERS.— Pres., J. H. Maxwell, Beaver, Pa.; Gen. M gr., O. A.
Smith, Chester, W . Va.; Sec. & Treas., Geo. H. Faulk, East Liverpool.
— V. 116, p. 78. 722. 1051, 2390: V. 118, p. 2306; V. 120, p. 332.
CITY RAILWAY CO.
ORGANIZATION.—Chartered M ay 12 1893. Is a consolidation of the
Dayton Street R R ., the Dayton & Soldiers’ Home R R ., the Fifth Street
R R . Franchises run for 50 years from Feb. 8 1892 and April 19 1893.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
A trolley road operating in Dayton, O . Controls and operates in all 39.664
miles of single track, namely. Third St. Line, Fifth St. Line, Green Line
and Kammer Ave. Line. Gauge, 4 ft. 8/4 in.; rails, 70 and 80-lb. T and
70 and 90-lb. girder; operating 94 pass, cars, 3 sprinklers, 3 snow cars,
2 sand cars and 2 work cars.
STOCK.— $2,400,000 ($100) com. auth. and issued and $600,000 ($100)
6% pref. auth. and issued. Bond issues have been paid off.
Dividends.—-6% per annum is being paid on pref. On common, in 1900
to 1903, incl., 6% ; also 16 2-3% ($250,000 in new stock at par or in cash),
declared N ov. 1903, paid Jan. 1 1904; in 1904, 6% ; in 1905, 6 /4 % ; 1906 to
1910, inclusive, 7% per annum; in Feb. 1907 paid a special div. of 5%
(V. 83, p. 1590): in 1911, 7% , and in April 1911 a special div. of $9 09 1-11
(V. 92, p. 1178); in 1912, Jan., 1 /4 % ; in March 1912 began paying divs.
Q.-M . instead of Q.-J., and on March 31 paid 124%; June, 2% ; Sept., 2% ;
Dec., 2 % . In 1913, 8 % . In 1914, 724%. In 1915, 6% . In 1916,
6 /4 % . In 1917, 7 % . In 1918, 6% . In 1919, 6 % . In 1920, 6 % . In
1921, 6 % . In 1922, 3 /4 % . In 1923, 3 % . In 1924, 3 % . In 1925.
March, June and Sept., 24 of 1% quarterly.
Oct., 1925.]
POWER, LIGHT AND RAILW AY
EARNINGS.— Eor year ending Dec. 31 1924, gross, $973,632; net, after
taxes, $116,729. In 1923, gross, $993,672; net, after taxes, $115,288.
OFFICERS.— Pres., Valentine Winters; V .-P ., G. G. Shaw; Sec., W . S'
W. Edgar; Treas., H. E. Ross; Gen. M gr., T. E. Howell; Supt., E. HHartman. Main office, Winters Bank Bldg., Dayton.— V. I l l , p. 294!
V. 113, p. 292, 627, 1052.
DAYTON COVINGTON & PIQUA TRACTION.
Receivership.— In Mar. 1922 T. Russell Robinson. V .-P. & Gen. Mgr..
Boston, and W. Kessler, West Milton. Ohio, were appointed receivers for
the co
V 114 p. 1178
O RGAN IZATION .— This was formerly known as the Dayton & Troy
Traction, but name hanged to the above in Aug. 1901. The D . & T.
Traction was incorporated in Ohio in Jan. 1900 to build a street railway
from Dayton to Troy, but route was changed, and road constructed from
Dayton to Covington and Pi qua, about 38 miles. Company acquired the
right to use the tracks o f the People's R y. in entering city of Dayton.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
A trolley road. Total track, 38 miles. Standard gauge. 70-lb. T , 80 and
90-lb. girder rails. 11 passenger cars, 2 express cars and 7 other cars.
The $60,000 2d mtge. 6sdue Sept. 11919 were we understand, extender
to April 1 1922 at the same rate o f int
Neither the 1st nor 2d mtge. bonds
had been paid o ff up to Oct. 1 1922.
STOCK AN D BONDS
Date.
Interest. Outstanding. Maturity.
Stock auth $600,000 ($100)________
_______
$600,000 __________
Pref 5% n-c $550,000 ($100)_______
_______
550.000 __________
First mortgage $550,000 gold/ 1902
5 g A-O
490,000 April 1 1922
($1,000)------------------c* .n tf lin t, at Old Colony Tr. C o., Boston, trustee.
Second mortgage $ 6 0 ,0 0 0 -_ n tf____
6 g M-S
60,000 April 1 1922
Bonds.— $60,000 first mtge. bonds are reserved for extensions and im
provements; second mtge. bonds originally matured Sept. 1 1919. but were,
we understand, extended to April 1 1922. N ot paid off up to October 1922E A R N IN G S.— For years ending June 30:
Year—•
Gross.
Net, after r i xes. Interest.
Surplus.
1920-21---------------------- $236,788
$16,164
$29,697 def.$13,533
1919-20---------------------- 241,184
51,058
29,706
21,350
1918-19---------------------- 215,691
49,083
31,124
17,959
Latest Earnings.— For 12 mos. end. Dec. 31 1924: Gross, $161,750; net,
after taxes, $10,777. In 1923, gross, $178,036; net, after taxes, $1,580.
OFFICERS.— Pres., W . Kessler; V .-P ., F. L. Chapin; Gen. M gr., T.
Russell Robinson; Supt., T . J. Brennan.— V. 77, p. 146; V . 114, p. 1178.
119
C A PITALIZATION .— Stock auth. and outstanding, $500,000 (par
$100). No bonds.
OFFICERS.— Pres. & Treas., H. P. Clegg; V .-P ., J. H. Winters; Sec.,
Harry C. Weingartner; Supt., F. P. Snyder, all of Dayton.— V. 100, p. 1438;
V. 113, p. 72.
FOSTORIA & FREMONT RAILWAY CO.
ORGAN IZATION .— Incorp. in Ohio in 1909. Ownership is largely
represented by interests identified with the Lake Shore Electric R y. Co.
and Western Ohio R y. Co.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Besides passenger business, does a freight and express business and handles
coal for use by Ohio State Power Co. at Fremont. 21.38 miles of electric
interurban railway on private right-of-way, connecting Fostoria and
Fremont. Forms the connecting link between the Western Ohio R y.,
Toledo Fostoria & Findlay R y . and Lake Shore Electric R y., all of which
use the line under traffic contracts.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Com stock $200,000 ( $ 1 0 0 ) - - - ____
_______
$200,000 __________
Pref stock $200,000 ($100)___ _____
_______
200,000 See text.
First mtge $250,000 ($1,000)1 1910
5 A-O
85,000 Oct 1 1930
gold___________________ c*/In t. at Cleveland (Ohio) Trust Co., trustee.
Bonds.— Normal Federal income tax paid at source.
Dividends.— Paid a dividend of 3% on pref. stock in Jan. 1913. In 1917>
Dec., 6% . In 1918, Dec., 3 % . In 1919, Dec., 3 % . In 1920, Dec., 6%*
In 1921, Dec., 6% . In 1922, D ec., 3 % . In 1923, Dec., 3 % . None since*
EA R N ING S.— For years ending Dec. 31:
Depr.
12 Months—•
Gross. Net,aft.Taxes.
Int.
Depr .Res.
$10,095
1924______________ $90, 86
$18,395
$6,620
$1,680
5,154
1923______________ 87,509
13,833
6,770
1,909
7,591
1922---------------------- 91,448
15,289
6,248
1,450
OFFICERS.— Pres., F. D . Carpenter, Lima, Ohio.— V . 107, p. 82, 40.
LIMA-TOLEDO RAILROAD CO.
ORGANIZATION.— Organized in 1922 and took over the interurban line
from Lima to Toledo, formerly controlled by the Ohio Electric R y.
Capitalization.— Common stock, $650,000; 7% pref., $750,000; first mtge.
25-year 6% bonds, $1,000,000.— V. 115, p. 2046; V. 116, p. 1049.
DAYTON & TROY ELECTRIC RY.
LIMA CITY STREET RAILWAY CO.
O RGAN IZATION .— Incorp. 1900. Is built on both public and private
right-of-way. Completed in Dec. 1901. In May 1902 took over Miami
Valley R y. under 99-year lease at a rental of $9,600 per annum, which is
applicable to stock o f $300,000, mortgage having been canceled.
FIE LD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
A trolley road. Owns equivalent o f 32.68 miles o f single track between
Dayton and Troy. Leases 14.25 miles between Troy and Piqua (incl. 3.31
miles local lines in Piqua); total operated, 46.93 miles. Rails, 70-lb. T.
Has a freight station in Dayton which is used jointly with the Dayton &
Western Traction. Power is purchased from Dayton Power & Light Co.
CA PITA LIZA TIO N .— Stock, $500,000 ($100) com. auth. and issued,
and $800,000 ($100) 5% cum. pref. auth.: $647 800 issued. No bonds
contemplated.
;
Dividends.— On the pref. stock 5% per annum paid to Dec. 31 1919
In 1920, M ar., 1)4% . None since. On com., Jan. 1 1904 , 2% ;in 1905
6 % ; in 1906, 6% ; in 1907, 2% ; in 1908, none; in 1909, 5% ; in 1910. 6%
in 1911, 5% ; in 1912, M ar.. 134%. In 1913. Sept.. 13*%; D ec., 134%
in 1914, June. 134%; in 1915. D ec.. 134%; in 1916 and 1917, 5% each
None since.
EARN ING S.— For years ending Dec. 31:
Year—
Gross.
Net.
Deduct’ns
Dividends.
Surplus
1922
$403,440
$89,781
______
_____ _
_____
1921_______ 391,513
99,267
61,316
______
37,950
1920
417.674
90.611
48.245
8.098
34.268
Latest Earnings.— For 12 mos. end. Dec. 31 1924: Gross, $397,072; net,
after taxes, $31,381. In 1923, gross, $404,704; net, after taxes, $37,707.
OFFICERS.— Pres., H. P. Clegg; V.-P. & Gen. M gr., R. A. Crume
Sec. & Treas., L. C. Clegg; Aud., J. F. Keller. General Office, Dayton
Ohio.— V. 102. p. 15 ; V. 114, p. 305: V. 115, p. 988, 2477.
ORGANIZATION.— Incorp. in Ohio on Aug. 12 1922 and acquired the
street car system in Lima, O., in N ov. 1922, formerly controlled by Ohio
Electric R y. Co. The interurban line from Lima to Toledo was taken over
by the Lima-Toledo R R . Co. (see that company below).
Capitalization.— Stock, $380,000; bonds, 1st mtge. 24-year 6% , $350,000.
— V. 116, p. 2388; V. 117, p. 1017, 1555.
WESTERN OHIO RR.
ORGANIZATION.— A holding co. Incorp. in Ohio on June 7 1910 to
take over under lease the Western Ohio Ry. but lease was canceled by vote
of stockholders on June 28 1915 and the company’s electric light and power
plant at Sidney sold to the Standard Power & Equipment Co. and all its
other property and assets to the Western Ohio Railway Co. except the stock
of that co. owned. Holders of com. stock of Western Ohio Ry. had right
to exchange before Jan. 1 1911 their stock for stock of Western Ohio RR.
on basis of 3 shares of Ry. for one share of RR. V. 90, p. 1556. 29,702
shares were so exchanged. Stock auth., $1,000,000; issued, $990,900.
(1) WESTERN OHIO R Y.
Foreclosure Suit.— The Union Trust C o., Cleveland, has filed a formal
bill of foreclosure in the State Court at Lima, Ohio. V . 114, p. 739.
ORGANIZATION — Incorp. in Ohio on Oct. 11 1900. This road
forms a link in the through car service from Cleveland to Dayton and
between Detroit and Dayton. Outside of municipalities has private rightof-way. Franchises in towns are for 25 years. Owns entire com. and pref.
stock of the Lima Findlay & Toledo Ry. V. 83, p. 97, 157, 381. Has
contract to furnish power until Jan. 15 1928 to Ohio Power Co.
Was leased to the Western Ohio RR., by which it is controlled through
DAYTON SPRINGFIELD & XENIA SOUTHERN RY. stock ownership, but lease was canceled in 1915. See remarks above.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.— A
Receiver Appointed.— In Oct. 1923 Judge Smith Hickenlooper, in the
U. S. Dist. Court at Cincinnati, O., appointed Robt. R. Landis of Dayton, trolley road. Operates from Lima through Wapakoneta and St. M ary’s to
O., receiver for the co. on application of the Wisconsin Trust C o., M il Celina; from St. Marys to Minster, and from Wapakoneta to Piqua; a total
waukee, Wis. The co. defaulted Oct. 1 1923 on the prin. and int. due at of 82.01 m.; also Lima to Findlay, 31.97 m.; thus completing a through
that time on the 1st Mtge. 5% bonds. V. 117. p. 1883. Compare V. 117. line to Toledo. Total, 113.98 m., single track. Standard gauge. Owns
18 pass, motor cars,7 freight motors cars and 66 freight and express trail cars.
p. 1883.
Bond Interest Deferred— Default, cfee.— Due to severe weather condition*
ORGANIZATION.— Incorp. in 1909 as successor to the Dayton & Xenia
during the winter of 1917 and the resulting increased cost of operation, theco.
Transit C o., sold at foreclosure.
found itself unable to meet the bond Int. due M ay 1 1918 on its 1st M
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
of same
Sept. 1 1918. V. 107, p.
A trolley road. Owns and operates about 24 miles of track from Dayton to bonds. Payment p. 1797. was made on1918 int. on these bonds was 1288.
Compare V. 106,
The N ov. 1
paid
Xenia and from Dayton to Beaverton. On Dec. 1 1917 operations between April 30 1919. M ay 1 1919 interest was not paid when due, but has since
Beaverton and Spring Valley, 11J4 miles, having proven unprofitable,
Nov. 1 1919
paid about
30 1920. The M ay
were discontinued and that portion of the line was subsequently dismantled. been paid. paid Nov. 1 int. wasThe coupon AprilN ov. 1 1920 was not 1920
coupon was
1920.
due
paid
Taxsuit.— V. 119, p. 1063.
when due but has since been paid. Int. for 6 mos. ended Oct. 31 1922 was
CAPITA LIZA TIO N .— Stock auth. and outstanding, $200,000 com. paid Nov. 1 1922, while int. for 6 mos. end. April 30 1923 was paid May 1
and $300,000 pref. Par, $100. 1st M . auth. and issued, $500,000. (Prin. 1923, while coupon No. 39, due April 30 1921, was paid Dec. 31 1923,
and int. in default; V. 117, p. 1662.)
leaving unpaid coupon N o. 40, due Oct. 31 1921, and 6 mos. Int. due
EARN ING S.— For year ending Dec. 31 1919, gross, $267,589; net’ April 30 1922. V. 116, p. 2132. In Sept. 1921 two committees (since
consolidated) were formed to protect the interests of the holders of the
after taxes, $43,940. In 1918, gross, $221,484; net, after taxes, $40,154.
OFFICERS.— Pres., O. J. Ferneding; V .-P ., T . A. Ferneding; Sec. 1st mtge. 5% bonds, owing to the company’s inability to pay same at
H. L. Ferneding; Treas., Edw. Canby, all o f Dayton.—-V. 89, p. 285 maturity, N ov. 1 1921 (see below).
V . 105, p. 2272; V. 113, p. 70, V . 117, p. 1662, 1883; V. 119, p. 1063.
Committee for 1st Mtge. 5s.— Chairman. J. P. Harris; A. M . Chambers.
I. F. Freiberger, E. J. B. Huntoon, L. J. Wolf; Secretary, Thos. H. Jones.
Depositary, Union Trust Co., Cleveland; Sub-depositaries, Fidelity Trust
Co.. Baltimore: State Street Trust C o., Boston; Marine Trust Co. Buffalo:
DAYTON & WESTERN TRACTION.
Empire Trust C o., N Y . City. In Jan. 1924 it was reported that $2,494,000
ORGANIZATION.— Incorporated on June 26 1898. Was leased on of the $2,500,000 had been deposited. V. 114. p. 739. For two protective
June 15 1906 to Ind. Colum & East., but lease was abrogated and the pro committees as originally constituted, which were merged into the above
see this Section for Oct. 22 1921.
perty turned back to the co for operation on April 25 1920.
Temporary Extension.— The committee named above In a circular an
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
a
program under which the
A trolley road. Operates from Dayton, Ohio, to Richmond, Ind. At nounced to temporary extensionthe present at 5% interest.1st mtge. 5s are
allowed
run as past due for
Richmond connection is made with Terre Haute, Ind. & East. Trac., mak
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
ing possible the operation of through cars from Indianapolis via Dayton to
_______
$30,000 _________ Columbus, a distance o f 194 miles. Operates 3 fast cars between Dayton Common $30,000 ($1)_______ _____
_______
476,OOOApr’17,1% %
and Indianapolis without change. Has a freight station in Dayton which ls t p f $500,000 ($100) 7% c u m ____
_______
450,000 Jly’14,134%
is used jointly with the Dayton & Troy Elec. R y. Has spur track to plant 2d pf $500,000 ($100) 6% c u m . ____
5 g M -N
2,500,000 N ov 1 1921
o f the Greenville Gravel Co. Purchases power from the Dayton Power & First mortgage $3,000,000 gf 1901
($1,000) $26,500 per mile-j Interest at Union Trust Co., Cleveland, trusLight Co. Has 3 automatic sub-stations.
c*&rtf [ tee, or First National Bank, New York.
STOCK—
Div. Period. Outstand'g. Last Dividend
Collateral trust mortgage/ 1910
6%
24,000 July 1 1930
Common, $900,000 ($100)....................
Q-J
$672,500
See text
$500,000_______________ tf [Cleveland Trust C o., trustee.
Pref. $850,000 ($100) 5% cum_______
Q-M
850,000
See text
L F & T first mtge $600,000 ( 1905
5 g J-J
324,000 July 1 1925
Dividends.— Were paid under the terms o f the lease up to March 1920
gold ($1,000)_________ c tf Interest at Citizens’ Savings & Trust C o.,
None since. For terms o f lease see "Electric Railway" Section for April
I Cleveland, trustee, or in New York.
1920.
General mortgage $500,000.. 1918
6%
See text
EARN ING S.— For 12 mos. ended Dec. 31 1922, gross, $264,524; net
Stock.— 1st pref. is red. at 10734after taxes, $57,150. In 1921, gross, $275,253: net, after taxes, def., $4,946
Bonds.— The West Ohio 1st M . bonds have no sink. fd. and bonds are
OFFICERS.— Pres, and Treas., Valentine Winters; Sec., J. H. Winters; not subject to call. $476,000
See V. 76, p. 160, for
Gen. M gr., Henry Gebhart; Aud., P . A. Hommel.— V. 82, p. 1437; V. 83. agreement among bondholders.have been canceled.
p. 36, 94, 379; V. 110, p. 2192.
Coll. tr. bonds are convertible into 1st pref. stock and are secured by
deposit of $24,000 1st 5s. $476,000 have been converted. No sink, fd.;
red. on Nov. 1 1921 at 110. As bonds are converted, proportionate
OAKWOOD STREET RAILWAY CO.
amounts of the 1st 5s which are collateral will be canceled.
ORGAN IZATION .— Incorp. July 22 1870 in Ohio. Franchise expires
The Lima Findlay & Toledo bonds have a sinking fund of $10,500 per
1941. In Oct. 1909 the Ohio Supreme Court held the franchise valid over annum, which began in 1911. Are subject to call at 105. $76,000 have
the objections o f the Citv Solicitor.
tired. V. 80, p, 2344. We were advised that these bonds were tem
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.— porarily extended at the same interest rate.
A trolley road. Operates 8 miles o f track in Dayton and suburbs and
Dividends.— On 1st pref. quar. divs. were paid regularly to and including
leases (from Jan. 1 1916) the Oakwood R R .’s line in Oakwood village; April 1917. None since. On 2d pref. first div., 134%, paid Oct. 1910
and same amount quar. to and including July 1914. None since.
total miles operated, 10.5. Standard gauge.
130
PUBLIC UTILITIES
E A R N IN G S.— For years ending Dec. 31:
Year —
Gross
Earnings.
N et (after
Taxes).
Interest.
$211,576
1924............... $1,019,018
283,243
1923------------- 1,052,415
1922..............
950,643
216,733
1921............... 1.005,488
239,686
1920............... 1.158.808
191.226
OFFICERS.— Pres., F. D . Carpenter,
Sec. & Treas., H. C. L an g — V. 107, p. 83,
1362, 1676, 2186, 2506; V. 114, p. 739; V .
Preferred
Dividends.
Balance.
Surplus.
$49,293
$162,283
_
116,993
166,250
-56,138
160,595
..
75,803
..
163,884
27,358
163,868
Lima; V .-P ., A. Born , Cleve.;
403, 1288, 1748; V. 113, p. 1252,
116, p. 2132; V. 118, p 2825.
YOUNGSTOWN & OHIO RIVER RR.
ORGAN IZATION .— Incorporated in Ohio on Dec. 8 1905. In 1906
leased for 99 years Salem R R . from Pittsburgh Lisbon & Western R R . Co.,
for $6,000 per annum; the former runs between Salem and Washingtonville,
7 m . In 1910 road was re-capitalized and new securities issued as below.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.— A
trolley and steam road. Freight service operated by steam; passenger
service by electricity. Operates from the terminus o f the Stark Electric R y .,
in Salem, Ohio, through the city o f Salem to a connection with the Salem
R R ., and over the Salem R R . from Salem through Washingtonville, Leetonia, Lisbon and West Point to East Liverpool, Ohio, a distance of 36
miles. At Leetonia, O., connection is made with the Youngstown &
Southern R y. Owns 29.19 miles o f track and leases 6.81 miles. Standard
gauge, mostly 70-lb. T rail. Pass, equip., 7 cars; freight, 3 locomotives,
15 cars.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Stock common $1,000,000_________
_______
$1,000,000 See text.
Preferred $1,000,000 5% c u m . ---------------1,000,000 M ar’24,1 )4
First mortgage $2,500,000 f 1910
5 A-O
1.200,000 Apr 1 1935
gold ($1,000)__________ c * (ln t. at Citizens’ Sav. & Tr. C o.. Cleveland,
[ trustee, or First National Bank, NewYork.
Stock.— Pref. stock div. is cumulative from July 1 1913.
Bonds.— Subject to call on any int. date at 105 and int. Remaining
bonds are reserved for acquisition and extension under certain restrictions.
Dividends.— Dividends on pref. began in 1910 and in that year 1)4% was
paid. In 1911, 3)4% ; in 1912, 414%; in 1913 and 1914, 3 % % : in 1915,
4 /4 % ; in 1916, 5% and 3% extra, paying up all accumulations; in 1917,
5 % . In 1918, 5% . In 1919, 3 H % . In 1920, March, 1 /4 % ; June,
\\ i% . In 1921, 5% . In 1922, 5 % . In 1923, 5 % . In 1924, M ar., 1H %
Initial div. on com. o f 1% paid in Dec. 1916. None to Sept. 1920, when
1% was paid; in Dec., 1% . In 1921, 4 % . In 1922, 1% . In 1923, 1% .
EARN IN G S.— For years ending Dec. 31:
Year Ending
Gross
Exp., Taxes
Net
Bond
Balance
Dec. 31—
Earnings.
& Rentals.
Earnings.
Interest. for Divs.
1924__________ $336,430$326,243
$10,187
$60,000 def$49,813
413,791
124,035
60,000
64,034
1923__________ 537,826
1922__________ 478,401
356,790
121,611
60,000
61,611
OFFICERS.— Pres., Chas. S. Thrasher; V .-P . & Gen. M gr., J. D.
Dewees; Sec. & Treas., Warren Bicknell; Aud. & Asst. Treas., R . F. Miller.
Operating Mgrs., Warren Bickn 1 Co. Operating office, Leetonia, Ohio;
1
executive offices, 2024 B. F. Keith Bldg., Cleveland, O.— V . 112, p. 1145;
V. 113, p. 419, 629; V . 114, p. 1409; V. 116, p. 2132; V . 117, p. 555, 796.
YOUNGSTOWN & SUBURBAN RY. CO.
In July 1917 control was acquired by Municipal Service C o., a Maine
holding corporation. V. 104, p. 1387, 1592, 1900, 2013.
ORGANIZATION.— Incorp. in Ohio in Jan. 1916 and acquired the prop
erty o f the Youngstown & Southern R y., sold at foreclosure Sept. 2 1916.
V. 103, p. 940, 1033.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Operates interurban road between Youngstown and Leetonia, about 20 tn.
14 passenger, 11 freight and express, 1 work car and 1 snow plow, and 1
electric locomotive. Also operates buses.
STOCK AN D BONDS—
Date.
Interest. Outstanaing. Maturity.
$350,000 __________
Common $750,000___________ _____
_______
Preferred (cum) $750,000_____ _____
6%
470.000 ---------------First mtge $1,500,000_ c_tf_ 1916
_
5 M-S
825.000 Sept 1 1936
$30,000 pref. stock in treasury in addition to amountr eported outstanding.
Bonds.— Remainder are reserved for extensions and additions under cer
tain safeguards. Red. at 102 /4 and interest at any time. Sinking fund to
retire $5,000 at 102H and interest annually, began Sept. 1 1919. Guaranty
Trust C o., New York, trustee.
EARN ING S.— For 12 months ended Aug. 31:
12 Months—
Gross.
Net aft. Tax. Fixed Chgs. Balance
1922-23________ _____ ______ $255,321
$59,537
$45,039
$14,498
1921-22________ - ___________ 257.103
50,788
39,760
11,028
Latest Earnings.— For 12 mos. end. Dec. 31 1925: Gross, $234,589; net,
after taxes, $44,519. In 1923, gross, $242,172; net, after taxes, $52,284.
OFFICERS.— Pres., Fred Todd; V .-P ., Jos. W . Swain Jr.; Sec., John E.
Zimmermann; Treas., L. B. Harvey; Oper. Mgrs., Day & Zimmermann,
Inc.— V. 104, p. 1592, 1900, 2013; V. 113, p. 1889; V. 116, p . 2008. 2390.
COLUMBUS MARION & BUCYRUS RY.
ORGAN IZATION .— Incorp. in Ohio Mar. 25 1914 as a reorganization
of the Columbus Marion & Bucyrus RR., sold under foreclosure per plan,
V. 96, p. 1488, 1839.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $350,000____________________
_______
$350,000 ________
First mortgage $100,000
tf 1914 6% g
47.000
1934
Gen & ref M $350,000 g o ld .-tf 1914 5%
250,000
1944
Bonds.— The first mtge. 6s are red. at 102/4 and int. on any int. day.
Remaining $48,000 is held by trustees; $5,000 are held in treasury.
$100,000 gen. & ref. mtge. bonds are reserved to retire first mtge. bonds.
V. 96. p . 1488, 1839.
EARN IN G S.— For calendar year 1924, gross, $55,908; oper. expenses,
$49,482; net, $6,426; fixed charges, $18,769; bal., def., $12,343. In 1923,
gross, $54,975; net, after taxes, $13,495. In 1922, gross, $60,154; net,
after taxes, $14,990.
OFFICERS.— Pres. & Gen. M gr., Geo. Whysall; V .-P ., Jas. H. Caldwell,
Troy, N . Y .; Sec. & Treas., H. B. Hane; Aud. & Asst. Treas., John J. Hane.
— V . 101. p. 1013, 1713; V . 110, p. 764, 2657.
PORTSMOUTH STREET RAILROAD & LIGHT CO.
Was acquired in 1924 by the Portsmouth Public Service Co.', which
was in turn acquired by the Virginian Power Co. (which see). For history
o f Portsmouth St. R R . & Lt. C o. see “ Electric Railway” Supplement
o f April 26 1924.
SPRINGFIELD & XENIA RAILWAY CO.
ORGAN IZATION .— Incorp. in Aug. 1906 to succeed the Springfield &
Xenia R y ., which was organized in 1904 to succeed the Springfield & Xenia
Traction C o., which had been sold under foreclosure. V . 83, p. 214.
FIE LD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Operates 20 miles of track connecting Springfield and Xenia. Rails,
70-lb. T ; five cars.
STOCK.— Common, auth. and issued, $300,000; preferred, 5% cum.,
auth. and issued, $300,000. Par, $100. $1,200 o f each class held in treas.
Dividends.— First div. on pref., 4 % , was paid Oct. 1 1908. In 1909,
5 )4 % . In 1910,4 M % . I n l9 1 1 ,8 /£ % . In l9 1 2 ,6 /4 % . In l9 1 3 ,M a r.,
1)4% : June, 1)4% : Sept., 1)4% : Dec., 1 M % regular and 2% extra, which
in full
1914. tn 1914 to
?>aid accumulations 1922, 5to .Jan. 11923, March, 1 /* %1920, inclusive,. 5% .
n 1921, 5 % . In
%
In
; June, 1 H %
In
1924, March, 1 )4 % . Initial dividend on common of 2% paid Dec. 1913.
In 1914, 1915 and 1916, 3 % . In 1917, D ec., 2 % . None to Dec. 31 1919,
when 1% was paid. None since.
EARN IN G S.— For years ending Dec. 31:
Calendar Years—
1924.
1923.
1922.
1921.
Car miles operated_____
268,455
256,003
244,267
243,048
Pay passengers carried-.
373,268
391,427
394,693
434,382
Gross earnings_________
$95,072
$106,867
$105,608
$112,528
Operating expenses_____
$106,001
$104,496
$94,055
$101,684
Taxes______ ___________
4,595
5,596
6,982
6,421
Net earnings________ def$15,523
def$3,225
$4,570
$4,423
[V ol. 121.
OFFICERS.— Pres., Warren Bicknell, Cleveland; V .-P ., Geo. A . Coulton;
Sec. & Treas., Chas. S. Thrasher; Oper. Mgrs., The Warren Bicknell Co.—
V . 101, p. 2072; V. 105, p. 2367; V . 116, p. 2131; V . 120, p. 1461.
TOLEDO BOWLING GREEN & SOUTHERN
TRACTION CO.
ORGANIZATION.— Incorp. in 1901 as a consolidation of the Findlay
Street R y., the Toledo Bowling Green & Fremont R y., and the Hancock
Light & Power C o. o f Findlay, Ohio. Formerly leased to the Toledo Urban
& Interurban R y ., but rental due Apri 11 and July 1 1908 having been de
faulted, lease was canceled.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Comprises 51 miles from Toledo to Findlay. 60-lb. and 72-lb. T and girder
rails. Owns 21 passenger and 5 freight motor cars, 13 freight non-motor
cars and 3 work cars.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_______
$1,125,000 ---------------Common $1,500,000_________ _____
Pref $750,000 (non-cum)__________
Q-F,
750,000
See text
First mtge $1,500,000 gold/ 1901
6 g M -N
940.000 M ay 1 1941
($1,000 and $500)_____n tfl Int. at Central Trust C o., Cincinnti,trustee.
Toledo & Findlay mortgage/ 1910
5 J-J
480,000 Jan 1 1935
$500,000 gold_________ n tf (Union Sav. Bank & Trust C o., Cin., trustee.
Bonds.— The bonds of 1901 were originally 5s but at maturity in 1921
were extended for 20 years at 6 % . Compare V. I l l , p. 2326, 2521.
The Toledo & Findlay mortgage is a first mortgage on the property of the
acquired Toledo Urban & Interurban R y.
Dividends.— On pref., 1)4% quar. from Aug. 1910 to and including
Aug. 1914. None to Nov. 1923, when 1)4% was paid.
E A R N IN G S.— For years ending Dec. 31:
. „
Cal. Years—
Gross.
Net, aft. Taxes. Bond,&c.,Int. Bal.,Surp.
1924______
$841,342
$188,612
$96,004
*92,608
849,345
228,611
94,680
133,931
1923..............
1922........
744,312
194,358
99,259
95,099
156,646
^ 94,615
62,013
1921_______________ 701,794
OFFICERS.— Pres., Frank A. Rothier, Cincinnati; V.-P. & Gen. M gr.,
Chas. F. Smith, Findlay, Ohio; Sec. & Treas., A. J. Becht, Cincinnati.
Offices, Findlay, O.— V. 112, p. 933, 1618, 2085, 2307; V. 114. p. 1409.
2471; V. 115, p. 75; V. 118, p. 204, 1013.
TOLEDO FOSTORIA & FINDLAY RY.
ORGANIZATION.— Incorp. in 1900. In Nov 1916 purchased the
11/4-mile line of the Lake Erie Bowling Green & Napoleon R R ., between
Pemberville and Bowling Green (bid in at receiver’s sales on Aug. 5 1316
by the bondholders. V. 103, p. 666, 1032; V . 103, p. 1889).
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Operates 64 miles between Bowling Green, Toledo, Fostoria and Findlay.
Portions between Pemberville and Toledo put in operation in June 1908.
STOCKS A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock common ($100)________ _____
_______
$700,000 ---------------Stock pref 5% cum ($100)_________
Q-J
800,000 See text
First mortgage $450,000 gold/ 1900
6 g A-O
354,000 Oct 1 1940
($1,000)_________________ c\Int. at Cleveland Trust C o., Cleve., trustee.
Bonds.— M ay be called at any time. Originally matured Oct. 1 1920 and
bore 5% interest but were extended for 20 years at 6 % . Sinking fund began
July 1 1905. $96,000 bonds have been retired.
Dividends.— 1)4% is being paid quarterly on preferred stock.
EARN ING S.— For calendar years:
Calendar Years—
1924.
1923.
1920.
$326,012
$357,622
$384,943
Gross______________________________
Net, after interest and taxes________ defl2,278
37,971
53,107
O F F IC E R S — Pres., H. C. Greer, Morgantown, W . Va.; V .-P ., C . C .
Fernsell, Jr., Dover; Sec. & Treas., A . J. Krantz, Dover; M gr., E . Smith,
Fostoria— V. 118, p. 86, 432; V . 119, p. 1954, 2065, 2288.
TOLEDO & INDIANA RR. CO.
Sale.— On July 11 1924 all the property and assets of the Toledo & Indiana
R R . Co. were sold to the Lake Shore Power C o., title to railroad property
being taken by a new corporation of the same name, the Toledo & Indiana
R R . Co., title to electric light and power property, power house, transmis
sion lines, &c., being retained by the Lake Shore Power Co.
ORGANIZATION.— Incorp. in Ohio in Jan. 1911, and on June 29 1911
took over the Toledo & Indiana Traction Co. (V. 93, p. 230), assuming al1
of latter’s liabilities, &c. The Toledo & Indiana Traction on Feb. 8 1910
was successor of the Toledo & Indiana Railway sold under foreclosure on
Jan. 18 1910. V. 90, p. 237, 448. M ost of road is on private right of way.
Franchises are perpetual except one for road crossings in Fulton County,
expiring in 1935.
FIELD OF OPERATIONS AND C H A R A C TE R OF-BUSINESS.—
A trolley road. Operates 55.77 miles o f track from Toledo westerly tc
Bryan. Enters Toledo over tracks of Community Traction Co.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Stock 5,000 shares___________ _____
Q-J
5,000 shs
See text
Tol & Ind Trac 1st mortgage/ 1911
5 g J-J
$400,000 Jan 2 1931
$400,000 gold ($1,000) - -C*\Int. at Columbia Trust C o., N . Y ., trustee.
Bonds.— Toledo & Indiana Traction first mtge. bonds are subject to call at
102)4 and interest on any interest date. V. 92, p. 1244, 1375.
Dividends.— Dividends at the rate of 4% per annum were paid to and
including Dec. 1916. None since.
EAR N ING S.— For calendar years:
Cal. Year—
Gross. Net aft.Taxes. Oth.Inc. Fixed Chgs.
Balance
$11,165
$150
$21,251
def.$9,936
1923__________ --$386,933
1922____________ 372,429 def.36,784
____
22,087
def.58,871
Latest Earnings.-—For 12 mos. end. Dec. 31 1924: Gross, $291,244; net,
after taxes, def., $24,092.
OFFICERS.— Pres., L. G. Van Ness; V .-P ., Chas. T . De Hore; Sec. &
Gen. Counsel, Lerov E. Eastman; Treas., Marion M . Miller; Aud., J. P
Longon.— V. 108, p. 1166; V . I l l , p. 390; V. 118, p. 2306, 2951.
CLEVELAND ELECTRIC ILLUMINATING CO.
Controlled by North American Edison Co.
ORGANIZATION.— Incorp. Sept. 29 1892 in Ohio. In Aug, 1925
purchased the Chesterland (O.) Light & Power Co. Other acquisitions
contemplated. V. 121, p. 977. The Avon R R . incorp. in 1925 and whose
stock is all owned by the Cleveland Elec. Ilium. Co., will acquire part o f
the railway lines from the Lake Shore Electric C o., furnishing the Clev.
Elec. Ilium. Co. thereby a direct connection with several important railway
systems. V. 121, p. 1676.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Operates in Cleveland and adjacent industrial and suburban territory,
serving with electric light and power a total estimated population o f over
1,250,000. Also supplies steam for heating purposes. Street lighting is
furnished to 20 municipalities and current for domestic and commercial
purposes to 40 political sub-divisions comprising Cleveland and suburbs.
Property includes 2 steam generating stations.
Outstanding. Maturity.
STOCK AND BONDS—
Date.
Interest.
Common $19,200,000 ( $ 1 0 0 ) - - ____
________ _$16,626,0000ct '25 2)4%
Pref6% cum serof 1892-97($100)
6 Q-F
800,000Aug ’25114%
Preferred 6% cum auth 1923
$40,000,000 ($100)______________
6 Q-M
15,281,700 Sept’2 5 1/4 %
1st Mortgage $30,000,0001 1909
6 g A-O
18,500,000
Apr. 1 1939'
($500 and $1,000) gold-_c*/Citizens Savings & Trust C o., Cleveland,
1 and Acosta Nichols, New York, trustee.
General Mortgage Ser “ A ” \ 1924
5 g M -N 11,500,000 N ov. 1 1954
$30,000,000 ($1,000) g .c * tfj Guaranty Trust Co. of N. Y ., trustee.
20-year deb bonds $5,000,0001 1921
7 g F-A
5,000,000 Aug. 1 1941
($1,000) gold_________c*tf/U nion Trust C o., Cleveland, trustee.
Stock.— 6% pref.. auth. 1923, is red., all or in part, on any div. date upon
30 days’ notice at $110 and div., and in case of liquidation is entitled to
$110 per share and divs. before any distribution is made to the holders o f
common stock. 20,000 shares 6% pref., auth. 1923, were offered in March
1925 by The Union Trust C o., Cleveland; Hayden, Miller & C o., &c., &c.„
at $103 30 per share. V. 120, p. 1456.
POWER, LIGHT AND RAILW AY
Oct., 1925.]
Bonds.'—$11,500,000 1st Mtge. 5s are pledged as security for the Gen.
Mtge. 5s, Ser. “ A .” Call, at 10734 and int. on April 1 1924 and on any
int. date thereafter at a price decreasing at the rate o f 34 o f 1 % yearly to
maturity. Int. payable in New York and Cleveland. $4,000,000 were
offered in N ov. 1917 by Spencer Trask & Co. and the National City Co.
or New York at 90 and int. V. 105, p. 2186.
Gen. Mtge. 5s are secured by pledge o f $11,500,000 1st M tge. 5s. $18,500,000 Gen. M tge. 5s are reserved to retire a like amount o f 1st Mtge.
bonds. Gen. Mtge. provides for purchase fund equal to 1% per annum
of all Ser. “ A ” bonds then outstanding, to be available semi-ann. to pur
chase Ser. “ A ” bonds if obtainable during the succeeding 6 mos. at or below
100 and int., any unexpended balance reverting to the co .’s general funds.
Are call., all or part, by lot at any time at 105 and int. Penna. 4-mill tax
refundable. $11,506,000 Gen. Mtge. 5s were sold by Dillon, Read & Co.
in N ov. 1924 at 100 and int. V. 119, p. 2409.
20-year 7% debentures have sinking fund o f 234% per annum of the total
amount o f bonds issued for their purchase in the open market, if obtainable
up to 100 and int. Call., or in part, on any int. date on and after Aug. 1
1931; at 105 and int. during first year, redemption price decreasing 34 of
1% for each year thereafter. Penna. 4-mill tax refunded. Int. payable
at office o f Dillon, Read & C o., N. Y . $5,000,000 were sold in July 1921
by Dillon, Read & C o., N . Y ., at 95 and int., to net about 734%. V. 113,
p. 539.
EARN IN G S.— For 12 months ended Dec. 31:
1921.
Calendar Years—
1922.
1924.
1923.
Gross earnings _______ $18,229,295 $17,519,169 $15,125,956 $13,001,871
Operating expenses_____ 9,548,740
8,113,717
8,917,327
9.435,714
Net operating revenue $8,680,555
Non-operating revenue223,420
$8,083,455
193,123
$6,208,630
251,320
$4,888,154
145,978
Gross income________ $8,903,975
Total deductions.
_
_ 3.718,173
Dividends______________ 2,048,520
$8,276,578
4,004,157
2,220,740
$6,459,950
3,731,152
1,462,836
$5,034,132
3,302,442
1,146,851
S urp lus.,___________ $3,137,282 $2,051,680 $1,265,962
$584,839
OFFICERS.— Chairman o f Board, F. L. Dame; Pres. & Gen. M gr.,
Robt. Lindsay; V.-Pres. & Treas., Chas. W. Mills; Sec., E. G. Crawford.
— V. 119, p. 2409; V. 120, p. 209, 582, 1456, 2010; V. 121, p. 977, 1099, 1676.
INDIANA
Is controlled by Samuel Insull and associates, United Gas Improvement
C o., the Middle West Utilities Co. and the Midland Utilities C o., through
ownership o f the majority o f the commonstock o f the parent company,
the American Public Utilities Co.
ORGAN IZATION .— Incorp. Sept. 17 1912 in Indiana as the Merchants
Public Utilities C o.; name changed to present title in 1922. Owns all the
outstanding bonds and the present outstanding capital stocks, except
$1,564,000 o f bonds and directors’ qualifying shares, o f four public utility
companies operating within the State o f Indiana. Also owns $1,612,500
o f bonds o f the Indiana Electric Corp.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS —
Subsidiary companies serve 163 cities and towns located in 33 counties of
Indiana, with one or more classes o f public utility service. Estimated
total population, 500,000. Their business is essentially the supplying of
electricity for domestic and commercial needs, as over 75% o f the combined
operating revenue is derived from such service.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity
Common $10,000,000 ( $ 1 0 0 ) - - --------------- .x$8,550,000 __________
7,590,000 Sept ’25,1 %
Pref 7% cum $10,000,000 ($100)___
7 Q-M
66,900 ---------------6
6% cum pref------------------------ -------10,946,500 July 1 1947
1st mortgage and collateral ref1 1922
6 g J-J
Series “ A ” gold________ c*(Union Trust C o., Chicago, trustee.
2,000,000 July 1 1925
3-year collateral notes, con-1 1922
7 g J-J
vertible ($100, &c) gokl_c*/Interest at National Bank of Republic, Chic.
3-year collateral notes ($100,1 1924
7 g M-S
6,500,000 Mar 11927
&c) gold_____________ c*tf JInt. at Halsey, Stuart & C o., Inc., Chic.,&c.
3-year collateral notes ($100,/ 1924
534 g M-S 1,500,000 Mar 1 1927
&c) gold_____________ c * tflln t. at Halsey, Stuart & C o., Inc., Chic.. &c.
3-yr coll notes, ser A ($1,000,1 1925
6 J-D
$5,000,000 June 1 1928
$500, $100)__________ c*tf /Int, at Halsey, Stuart & C o., Inc., Chic.,N .Y
xAll of the c o m m o n s t o c k is o w n e d b y th e A m e rica n P u b lic U tilitie s Co.
Stock.— Preferred is redeemable at 115. Company is under contract to
repurchase its pref. 7% stock as follows: On Dec. 15 1928, 2,780 shares
at par. At various dates on or before March 29 1934, 1,939 shares at
$92 50; at any time prior to April 18 1929 upon 90 days demand, 2,460
shares at $85. V. 121, p. 1676.
Bonds.— The lsJ Mtge. coll. & ref. gold 6s, Series “ A ,” are call., all or in
part after June 30 1932 as follows: July 1 1932 to .July 1 1937 at 10734
July 1 1937 to July 1 1942 at 105; July 1 1942 to Jan. 1 1947 at 102)4
thereafter at 100.
The 3-year collateral gold notes of 1922 are convertible at 101 and int. into
pref. stock o f the co. at 95 and div. Call., as a whole or in part, prior to
July 1 1924 at 103; thereafter to Jan. 1 1925 at 102; thereafter at 100.
Are free from Pennsylvania State tax.
The 3-year 7% and 534% collateral gold notes of 1924 are red., all or part,
at the following prices and int.: At 10134 to March 1 1925; on and from
March 1 1925 to March 1 1926 at 101; on and from March 1 1926 to Sept. 1
1926 at 10034, and on and after Sept. 1 1926 at 100. Free from Pennsyl
vania State tax. V. 118, p. 1140: V . 119. p. 1175.
The 3-year 6% collateral gold notes of 1925 are red. all or part upon 30
days’ notice at par and int. Secured by pledge o f $4,125,000 1st mtge.
coll. & ref. gold bonds or in lieu thereof, an equal principal amount o f 1st
mtge. bonds o f Indiana Electric Corp., plus not less than $2,375,000 par
value o f stock o f the subsidiaries or associated company, Penn, and Conn.
4 mills tax, Mass, income tax not exceeding 6% , refundable. In July 1925
Halsey, Stuart & C o., Inc., sold $5,000,000 at 100 and int. V. 121, p. 72.
Consolidated Earnings and Expenses of Subsidiaries— 12 Mos. Ended Dec. 31.
1923.
1922.
Gross revenue (including other incom e)__________ $6,538 650 $5,277,892
Operating expenses, maintenance and taxes_______ 4,286,481
3,525,239
Net earnings___________________________________ $2,252,169 $1,752,653
Latest Earnings.—
Earnings for 12 Months Ended June 30 1925.
Gross earnings_______________________________________________ $7,116,654
Oper. exp., $4,086,384; taxes, $545,821; total-------------------------- 4,632,205
Net operating earnings________ .____________________________ $2,484,448
Other income________________________________________________
251,058
Total income______________________________________________$2,735,506
Int., $2,014,731; amort, o f disc. & exp., $187,265; total, $2,201,996; less net loss o f Indiana Electric Corp, capitalized during
construction and development period, $146,700------------------- 2,055,296
$680,210
685,607
340,029
Total_____________________________________________________ $1,705,846
Sundry charges and credits applic. to prior years------------------- deb.59,213
Dividends on Preferred stock________________________________
515,462
Balance June 30 1925_____________________________________ $1,131,171
OFFICERS.— Pres., Martin J. Insull; V .-P ., Samuel E. Mulholland;
Treas., Louis B. Schiesz; Sec., & Asst. Treas. Marshall V, Robb. Office,
Indianapolis, Ind.— V. 119, p. 1175; V. 121, p. 72, 1567, 1676.
(1) NORTHERN INDIANA POWER CO.
All the outstanding stock is owned by Central Indiana Power Co. (see
above!.
ORGANIZATION.— Incorp. in Indiana N ov. 9 1922. A consolidation
of the Indiana Rys. & Light Co. (for history see “ Electric Railway” Sup
plement o f April 26 1924), United Public Service C o., Noblesville Heat,
Light & Power C o., Wabash Water & Light C o., Sheridan Water, Light &
Heat C o., Logansport Utilities Co. and Roann Light & Power Co. Has
since acquired the Huntington Light & Fuel C o., Farmers’ Mutual Elec
tric Light & Power Assn, and Larwill Light & Power Co. Acquisition in
1924, see V 119, p. 2763.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Furnishes electric energy to over 70 cities and towns in northern Indiana.
Also supplies steam heat in Kokomo and Noblesville, Huntington and
Roachdale. , Operates 53 miles of interurban electric railroad from Marion
through Kokomo to Frankfort and 9 miles o f street railway in Kokomo.
Is connecting link between the Terre Haute Ind. & East. Trac. Co. and the
Union Traction Co. of Indiana. Standard gauge, 70-lb. T rail. Increased,
in M ay 1925, its authorized common stock to $6,000,000. Y. 120, p. 2402.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $6,000,000 auth— All the outstanding stock ($4,384,000) is owned by
Central Indiana Power Co.
1st & ref mtge bonds $7,364,000— All owned by Central Indiana Power Co.
and pledged by that company.
Ind Rys & Lt 1st& ref M sk fdl 1912
5 g J-J
$1,254,000 Jan 11943
$5,000,000 ($500 & $1,000[Union Trust Co. of Indianapolis, trustee,
g o l d _________________ e*tfj
Noblesville Ht Lt & Pow C of 1922
634 g J -J
310,000 July 1 1947
1st M ($500 & $1,000) gold]Int. at Fletcher-American Nat. Bank, In( dianapolis, trustee.
Bonds.— All the c o .’s 1st & ref. mtge. bonds are owned by the Central
Indiana Power Co. and deposited under that c o .’s 1st coll. & ref. mtge. 6%
bonds due July 1 1947.
Ind. Rys. & Lt. Co. Is* & ref. mtge. 5s are red. on any int. date at 105.
Sinking fund, 1% , began Jan. 1 1917. In lieu of retirement of bonds, com
pany may at its option set aside annually for permanent additions, improve
ments and extensions, at not exceeding 80% of cost thereof, a sum equiva
lent to 134% of total amount o f refunding bonds out. Int. payable at
Spencer Trask & C o., New Y ork. Y . 95, p. 1684.
Noblesville Ht., Lt. & Pow. lsf 634s are call, at 107 on any int. date on
or before July 1 1927; at 105 after July 1 1927, and on or before July 1 1932;
at 103 thereafter.
OFFICERS.— Pres., L. B. Andrus; V .-P ., Phil. H. Palmer and Lex. J,
Kirkpatrick; Treas., L. B. Schiesz; Sec., Paul D. Birdsall.— V. 119, p. 463,
949, 1073, 2179, 2763; V. 120, p. 2402.
INDIANAPOLIS LIGHT & HEAT CO.
CENTRAL INDIANA POWER CO.
Net income_______________________________________________
Balance June 30 1924____ ____________________________________
Reversal o f prov. for renewal & retirement o f property from
Jan. 1 1923 to June 30 1924, less charges against such pro
visions for year ended Dec. 31 1923------------------------------------
121
ORGANIZATION.— Incorp. in Indiana in Dec. 1904.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Furnishes electricity for light and power in Indianapolis and its suburbs,
also steam heat in the business district.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $4,375,000 ($100)___________
_________ $4,228,100 ____________
Cons mortgage $5,000,0001 1905
5 g A-O
3,782,000 April 1 1940
($1,000) gold__________ c*/In t. at American Tr. C o., Boston, trustee.
Bonds.— ' he cons. mtge. 5s are call, at 102 & int. on any int. date since
T
April 1 1925. Arthur V. Brown, Indianapolis, is co-trustee. $1,000,000
were offered in March 1913 by Miller & C o., Indianapolis, at 9934 & int.
V. 96, p. 866, 1024.
EARNING S.— For years end. Dec. 31:
Calendar Years—
1924.
1923.
1922.
Net earnings (before deduc. deprec.). $1,802,378 $1,641,813 $1,275,040
OFFICERS.— Pres., Walter C. Marmon; 1st V .-P ., Chas. N . Thompson;
2d V .-P., Thos. Neil Wynne; 3d V .-P ., Emmet G. Ralston; Sec., Norman A.
Perry; Treas., W. C. Richardson— V. 119, p. 2287, 3009; V. 120, p. 1747.
TERRE HAUTE INDIANAPOLIS & EASTERN
TRACTION.
ORGAN IZATION .— Incorporated in Indiana on March 1 1907 and
acquired by purchase (1) Indianapolis & Eastern R y.; (2) Indianapolis
Coal Traction; (3) Indianapolis & Western Traction, and (4) Richmond
Street & Interurban R y.
On March 25 1907 leased the Terre Haute Traction & Light Co. for 999
years (see terms under that company below), and in April 1907 leased for
999 years the Indianapolis & Northwestern Traction and the Indianapolis &
Martinsville Rapid Transit (see terms under respective companies).
The company owns $1,000,000 par of the common stock of the Indianap
olis St. R y. Co. (incorporated 1919). Owns a one-half interest in the
United Traction Coal C o., insuring the company an adequate coal supply.
See Shirley Realty Co. of Indiana in V. 104, p . 1805.
On May 1 1912 leased for 999 years the Indianapolis Crawfordsville &
Danville Elec. R y . (see terms under latter company below ). V . 94, p . 1567.
On M ay 1 1918 purchased the stock of the West Indiana Utilities C o.,
which operates lighting plants at West Terre Haute and Brazil, Ind.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Operates a modern high-speed electric railway over lines which comprise
a continuous route from and Including the city of Paris in Illinois through
the city of Terre Haute and towns of Brazil, Greencastle, Amo, Clayton
and Plainfield, to the city of Indianapolis, and thence through the towns
of Greenfield, Knightstown, New Castle and Cambridge City, to the
city of Richmond in Indiana; also a line running south from Indianapolis
to Martinsville, Ind.; a line running west from Indianapolis to Danville,
Ind.; a line running northwest from Indianapolis to Lafayette, with a
branch to Crawfordsville; a line running northwest from Indianapolis direct
to Crawfordsville and from Terre Haute a line north to Clinton, Ind., and a
line south to Sullivan, Ind. Also operates the city lines in Terre Haute and
Richmond. Total miles in single track: city lines, Terre Haute, 31.75; and
Richmond, 13.68; total, 45.43; interurban lines, total 385.04. Grand total,
entire system, 432.32 miles.
Date.
Interest. Outstanding. Maturity.
STOCK AND BONDS—
_________ $9,100,000 ____________
Common $12,500,000 ($100).. ______
_________
9,100,000 See text
Preferred $12,500,000 ($100)-. ______
5 A-O
6,500,000 April 1 1945
1st & ref mortgage $8,000,000' , 1910
gold ($1,000) s f ______ c*tf lint, at Fidelity Trust C o., Phila., Trustee,
Indianapolis & Eastern First f 1902
5 g J-J
See text July 1 1927
Cons M $1,000,000 gold |lin t, at Mercantile Trust C o., N . Y ., or at
($1,000) sinking fund_c*tf Farmers Trust C o., Indianapolis,Trustee.
63^ g M-S
425,000 Sept 1 1929
5-year 6 Y % collateral notes 1924
2
($500 & $1,000) gold____tf 1 In t. at Fletcher A m . N at. B k., Indianap., tr.
Stock.— Pref. stock is 5% cum. after July 1 1910. Should com. at any
time pay 6% , pref. will pay the same. V. 90, p. 1555.
Bonds.— Remaining 1st & ref. bonds are reserved for additions and Im
provements, under careful restrictions. Callable as a whole from April 1
1915 at 105 and int., or in part for sinking fund only at 10214 and Int.
on any int. date. $1,235,000 held in sinking fund April 1 1925.
S. f. $55,000 p. a. first 5 years and $106,675 p. a. thereafter; bonds
acquired for s. f. to be alive and int. added to s. f. V. 90, p. 1491. (The
payments due Feb. 1 1919, 1920,1921, 1922,1923, 1924, 1925 had not been
paid to April 1 1925.
Of the $1,000,000 Ind. & East, consols, auth., $161,000 have been can
celed by sinking fund. Of the remaining $539,000 out, $520,000 are owned
by Terre Haute Ind. & East. Trac. A sinking fund, 1 % o f bonds out, began
July 1 1908. Fund is to be invested in the company’s bonds if they can be
bought at not more than 105 and int. Bonds cannot be called. See V. 75
p. 342.
Notes.— The 5-year 0]4% coll, notes are secured by deposit of $700,000
4% notes of the Indianapolis Trac. & Term. Co. maturing in 1933. Are
call, at 102 and int. on any int. date. $425,000 were offered in Sept. 1924
by the Fletcher American C o., Indianapolis, at 100 and int. V . 119, p. 1283.
Dividends.— Initial div., 1J4% on pref., paid Oct. 1910; same amount
quar.toand incl. Jan. 1914. None paid since. See V. 98. p . 914.
122
PUBLIC UTILITIES
[V ol. 121.
ORGANIZATION.— Incorp. in Indiana on April 24 1901.
WIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
.an electric road. Embraces 29.07 miles of track from Indianapolis to Mar
tinsville, completed in M ay 1903. 70-lb. rails; standard gauge. Operates
$1,157,420 $1,321,225 $1,357,392 on private right-of-way except in incorporated towns.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
$641,329
$628,279
$614,951
45,272 Stock $750,000 ($100)____________
_____ __
$750,000 __________
45,970
Sinking funds on leased lines.
47,048
First mtge. $750,000 ($1,000)1 1902
5 g J-J
750,000 Jan 1 1932
gold.,___________ c*&r ntf/Union Trust Co. and Security Tr. Co. of ln$670,79i
$646,976
$495,421
(dianapolis, Trus. Int. at Sec. Tr. Co., Ind.
$274,580
$271,490
Interest o n T . H . I . & E . T . bonds__
$267,599
157,095
160,175
Sink, fund on T . H. I. & E. T . bonds.
164,076
Bonds.— No sinking fund, but bonds are subject to call after 10 years at
105 and interest. See V . 78, p. 1223.
____________________
$63,745
$215,312
$239,116
Balance.
EARNINGS.— For calendar years
Dec. 31 Year— Gross.
Net,aft.Tax.
Deductions.
Balance.
OFFICERS.— Pres., R obt. I. Todd; V .-P ., John J. Appel; Sec. & Treas
1924____________ $195,680
$41,935
$38,000
$3,935
Jos. A . McGowan.
1923 ___________ 222,080
39.874
38.000
sur. 1,874
D IRECTO RS.— Robt. I. Todd, Randal Morgan, W . Kelsey Schoepf, 1922____________ 234,261
54.065
38,000
sur.16,065
J. F. Wild, Leroy T. Hixson, J. J. Appel and Jos. A. McGowan.—-V. 114,
OFFICERS.—
I. Todd;
p. 739. 2117; V 115, p. 760; V. 116, p. 516, 823, 936, 2994; V. 117, p. 89, dock and John J. Pres., Robt. & Treas., V.-Ps.. Harry 8. New, Ohaa. Mur
*.
Appel; Sec.
Jos. A. McGowan. V. 84. p. 749
440; V. 118, p. 908, 3080; V. 119, p. 1173, 1283; V. 120, 830.
(4) INDIANAPOLIS CRAWFORDSVILLE & DANVILLE ELEC. RY.
(1) TERRE HAUTE TRACTION & LIGHT CO.
Lease.— On May 1 1912 was leased to the Terre Haute Indianapolis d
i
Leased.— In Marcb 1907 was leased to the Terre Haute Indianapolis & Eastern Trac. for 999 years. Under the lease the latter company guaran
Eastern Trac. Co. for 999 years. The latter company guarantees 6% on tees p. & i. of 1st M . bonds, 5% divs. on $200,000 pref. stock and semi
the outstanding pref. stock and 2% on common for 1 l years, 3% for annual divs. on com., viz.: )^% from Nov. 30 1912 to May 31 1914, 1%
A
1 year, 4% for 1 year and 5% thereafter, and $1,000 per year for organiza Nov. 1914 to May 1916,1H % Nov. 1916 to May 1918 and 2% thereafter.
tion expenses. V .-8 4,p .750 .
'
ORGANIZATION.— Incorp.
Indiana on April
The Terre Haute Ind. & East. Trac. owns all the common stock except the Indianapolis Crawforsdville in West. Trac., sold20 1912 as successor to
&
at foreclosure. Built
directors’ shares.
entirely on private right-of-way. In accordance with the privilege granted
ORGANIZATION.— Is a consolidation In 1904 of the Terre Haute Elec by the Indiana State Legislature In its session of 1921, the co. surrendered
tric Go. and the Terre Haute Electric Trac. Co. In accordance with the its franchise and the Ind. P. S. Comm, has issued in lieu of same an Inde
privilege granted by the Indiana State Legislature in its session of 1921, the terminate permit.
company surrendered its franchises and the Ind .P. S. Comm, has issued in
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
lieu of same an indeterminate permit.
Operates 48.23 miles of road between Indianapolis and Crawfordsville.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.— Standard gauge. 70 and 85-lb. T rails. An extension from Crawfordsville to
Embraces 104.56 miles o f track in Terre Haute, including lines from Terre western boundary of Indiana east of City of Danville, Ind., is proposed.
Haute to West Terre Haute, Clinton, Brazil, Sullivan and Sanford, Ind.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Rails, 60 to SO lbs. Owns 141 city passenger and 14 interurban passenger Common $400,000 ($100)__________
M -N
$400,000 See text
cars, 6 freight and 20 service cars.
Pref $400,000 5% cum ($1001______
J-D
200,000 See text
First mtge $2,500,000 gold ] 1912 5 g M -N
784,000 M ay 1 1952
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
($1,000) guar p & i._c&r tf JInterest at Girard Tr. C o., Phila., Trustee.
Common $2,000,000 ($100)________
M -S
$2,000,000 Sept ’25 2 l
A
Pref $1,000,000 ($100 6% cu )______
M -S
1,000,000 Sept ’25,3%
Bonds.— Of remaining first mtge. bonds, $1,000,000 are for extensions
First cons mtge $5,000,000/ 1904 5 g M -N
2,864,000 M ay 1 1944 and $500,000 to be issued only under certain conditions. Subj. to call as
g o ld ___________________ tf /Interest at State Street Trust C o ., Boston.
a whole but not in part at 1 0 2 and int. on any int. day. Sinking fund of
Terre Haute Electric 1st mtge J 1899
5 g J-J
1,500,000 July 11929 $9,000 per annum on initial $1,000,000 bonds out commenced March 1 1913
$1,500,000 gold ($1,000) c*\Int. at Boston Safe Dep. & Tr. C o., Boston. When add’l bonds are issued fund shall be increased by such amount as will
Car Trust Equip Co prefstock- 1918 6 Q-J
51,500
See text
retire 2-3 of such add’l bonds issued $184,000 held alive in sinking fund
Apr. 1 1925.
Car Trust Equip Co pref stock. 1919 6 Q-J
49,500 See text
KARN1NG8.— For calendar years:
Bonds.— The Union Trust Co. o f Indianapolis and the Boston Safe Deposit
Year.
Net aft. Tax. Deduc.
Sink.Fund.
Balance.
Year—
& Trust Co. are joint trustees o f the Terre Haute Electric mtge. Of the
$57,037
$41,518
$17,981
def. $2,463
$5,000,000 consols., $1,500,000 are reserved to retire prior liens. The new 1924 _______ $361,989
59,629
42,943
16,557
sur.
129
bonds are callable as a whole at 110 and int. on any int. date. A sinking 1 9 2 3 ............. 406,188
388,470
47,878
43,985
15,515
def. 11,621
fund o f 1% o f outstanding bonds commenced M ay 1 1906. $636,000 was 1922...........
OFFICERS.— Pres., John J. Appel; V.-P., Robert t. 1'oUd; Sec. < Treas.
&
held by this fund Apr. 1 1925. The United States Trust Co. of Terre Haute
and the State Street Trust Co. of Boston are trustees of this mortgage. Jos. A. McGowan: Gen. Mgr., Robt. I. Todd. V. 94, p. 1449. 1565, 1695.
See V. 78, p. 2013.
The Car Trust Equipment Co. pref. stock o f 1918 is a first charge against
30 cars. The stock matures $8,500 semi-ann. V. 107, p. 182. The stock
INDIANAPOLIS STREET RAILWAY CO.
of 1919 is a first charge against 25 cars and matures $5,500 semi-ann. to
Oct. 1 1929. V. 109, p. 1367.
The Terre Haute Indianapolis S Eastern Traction Co. owns the $1,000.c
000 com. stock.
EARN IN G S.— For calendar years:
ORGANIZATION.— Incorp. in Indiana on June 30 1919. Is consolida
Year—
Gross.
Net.
Deductions.
Sink. Fd.
Balances.
$751,285
$278,278
$29,067
$443,940 tion of the old Indianapolis Street Ry. Co. and the Indianapolis Traction Sc
924________$2,647,847
923_______ 2,680,722
787,035
282,719
29,413
474,903 Terminal Co. (For separate history of each of these cos. up to time of
922_______ 2,483.253
665,584
286,385
29,757
349.442 consolidation see the “ Electric Railway Supplement” of March 29 1919.)
The consolidation was effected as
subject to
OFFICERS.— Pres., R . N . Filbeck; V .-P ., Robt. I. Todd; Sec. & Treas.• conditions stipulated by the Ind. per plan fn V. 108. p. 2329 in V. 109,
P. S. Comm, as outlined
oseph A . McGowan.— V. 109, p. 1367; V. 116, p. 2007; V . 118, p. 2306.
p. 172. On Aug. 29 1919 the Federal Court approved this consolidation
and dismissed the suit brought by certain minority stockholders against
(a) TERRE HAUTE & WESTERN RY. CO.
same. V. 109, p. 982.
Leased to Terre Haute Traction & Light Co. for 999 years from N ov. 1907.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
ORGAN IZATION .— Incorp. in 1907 in Illinois. Entire com. and pref. Operates 168.58 miles of track and owns 9-story office and terminal building,
and train-sheds. This terminal is used by all interurban roads (13 in num
stock owned by Terre Haute Ind. & Eastern Trac. Co.
ber) entering Indianapolis. Owns electrical and steam equipment o f 7,000
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.— k. w. capacity. Owns 376 double trucks, 175 single truck passenger and
An electric road. Extends from the Indiana State line near Sanford, Ind., 123 service cars. In 1925 inaugurated bus service in territory not covered
to Paris, 111., 10.73 miles. Began operation Oct. 25 1907. Is entirely by rail lines.
Guarantees the ($400,000) bonds of Broad Ripple Traction Co., and owns
on private right-of-way.
75% of its stock. See also V. 119, p. 1064.
STOCK AN D BONDS—- Date.
Interest. Outstanding. Maturity.
Interurban railways enter the city under agreements by which they pay
Stock common $200,000______ _____
_________
$200,000 S e p t’25,2K
3 cents per passenger for all passengers carried In the city limits ana an
Preferred $150,000__________ _____
________
150,000 Sept ’ 25,3%
station. V. 81, p.
In
First mortgage $250,000 goldl 1907
5 g M -N
250,000 Nov 1 1937 additional 1 cent for those using the terminal city of Indianapolis 264. now
1921 the co. surrendered its franchise to the
and
guar p & i ($1,000)____c*tf Jlnt. at New England Tr. C o., Boston, Trus.
operates under an indeterminate permit. V. 112, p. 2748.
Bonds.— Are guar. p. & i. by endorsement by Terre Haute Tr. & Lt. Co.
Tax Decision on Sink. Fund Bonds.— See V. i l l , p. 692.
Valuation.— See V. 112. p. 161.
EARNINGS.— For calendar years
Bus Operation by Co. Proposed. See V. 119, p. 1172.
Dec. 31 Years—
Gross. Nct.aft.Tax.
Ded’s.
Balance.
STOCK AND BONDS—
Date.
Interest. Outstanding. Mat'y, Ac
1924_______________________ $44,587
$1,680
$12,500
def$10,820
— ......... - $1,000,000 —...............
7,876
12,500
def4,624 Common ($50)......................... - ____
1923 _______________________ 55,661
6 Q-M 5,000,000 June 25, I X
1922 _______________________ 54,702
9.351
12,500
def3,149 Pref $5,000,000 ($100) cum________
Consolidated mtge__________ _____
________
See text
___________
OFFICERS.— Pres., F. T . O’ Hair; V .-P ., G. O. Nicolai; Sec., John T . Ind Tr & Ter Co 1st M $5.-1 1903
5 g A-O
3,635,000 Jan 1 1933
Beasley; Treas., J. A . McGowan.— V . 90, p. 1555.
000,000 g ($1,000) s f_c*tf /Int. at Guaranty Tr. & S. D. Co.. Phila., Tr.
Ind Tr & Term notes______ _____
4%
x700,000 1933
(2) INDIANAPOLIS & NORTHW ESTERN TR AC T IO N CO.
Indianapolis Street Ry genl 1899 4 g J-J
4,664,000 Jan 11933
Lease.— In April 1907 was leased to the Terre Haute Indianapolis &
mortgage $6,000,000 gold)Interest at Guar. Trust & Safe Deposit Co..
Eastern Traction for 999 years. The latter company will pay the interest
($1,000) guar_______ c*ntfj Philadelphia, Trustee.
on the bonds; also I H % quar. or 5% per annum on the $450,000 pref. Citizens’ Street Ry 1st M l 1893
5 g M -N
4,000,000 May 1 1933
stock and $500 per year for organization. V. 84, p. 869.
$4,000,000 g ($1,000) .c*tf/Central Trust Co.. New York, Trustee.
Entire issue o f common stock, except directors’ shares, is owned by the Equip certificates Series "E ” l 1916
5 J-D
19,000
See text
Terre Haute Indianapolis & Eastern Traction.
$125,000 ($1,000)________ /Pa. Co. for Ins. on L. S G. Ann.. Phil..trust
c
tnd Car Equip Co 1st pref stk. 1919
6 Q-J
90,000 See text.
O RGAN IZATION .— Organized in 1902 in Indiana.
Interest on Citizens' consols at Fourth Street Nat. Bank Philadelphia
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
x All deposited as security for $425,000 Terre Haute Indianapolis &
An electric road. Operates a modern high-speed interurban railroad, Eastern Traction 5-year 6K % collateral notse.
standard-gauge, located upon private right-of-way outside o f the city cor
Stock.— Preferred stock is pref. as to assets and divs. It is stated that
porate limits. Extends northwesterly from the city of Indianapolis through
the cities of Lebanon and Frankfort to the city of Lafayette, with a branch the common stock will be allowed no voting power unless the pref. divs.
from Lebanon to Crawfordsville, each o f which cities is the county seat of its are paid in full.
Bonds.— The cons. mtge. bonds are limited to an auth. issue of $15,000,respective county. Has trackage rights to the business centres of Indian
apolis and Lafayette. Embraces 87 .01 miles of track between Indianapolis, 000 up to April 7 1933, after which, the auth. amount may be increased to
Zionsville, Lebanon, Frankfort and Lafayette, including a branch from $25,000,000, incl. the divisional bonds, if any, then outstanding, and
Lebanon to Crawfordsville. Standard gauge; 70-lb. T rail. Owns 20 pas tuch excess of $10,000,000 bonds may bear such rate of interest, not ex
senger, 5 freight and 5 service cars. Power House and car barn are at ceeding 6% p. a., and be used for any proper corporate objects and puroses of the consolidated co. The $15,000,000 now authorized will bear
Lebanon. V. 88, p. 295; V. 92, p. 59.
it. at not exceeding 6% and shall be issued only for addns. and better
In Sept 1921 the company surrendered its franchises and now operate*
ments to and exts., acquisitions and replacements of lines of street railroad
under an Indeterminate permit.
which become a part of the street railroad system of the consolidated com
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
pany in Indianapolis and its vicinity. Bonds shall only be issued to the
Common $2,550,000_________ _____
_________ $2,550,000 ____________ amount of par value of bonds of the three divisional Issues which have been
Pref ($1,000,000) 5% cum_________
Q-J
450,000
See text
or shall be taken up and canceled by sinking fund payments, so that at no
First mtge $3,000,000 gold) 1903
5 g M-S
2,470,000 Mar 1 1933 time while any of divisional bonds are outstanding (unless their present
($1,000) ____________ c*tf Jlnt. at Columbia Trust C o., N . Y ., Trustee.
dates of maturity shall be extended), shall the aggregate amount of [new
Bonds.— Originally matured March 1 1923 but were extended for 10 years and old] bonds secured by mortgages on the property exceed $15,000,000.
to March 1 1933. The remaining $530,000 for improvements, &c., at But notwithstanding the foregoing, provision may be made in the mortgage
60% and 75% o f cost. No s. f., but extended bonds are red. on 60 days’ for the issuance of bonds to refund the existing mortgage indebtedness, or
notice at 104 during the first 3 years after July 1 1923, 103 during the next any part thereof [at maturity]. All bonds issued for refunding shall be
subject to be taken up and canceled by the sinking fund provisions which
2 years thereafter, 102 during the next 10 years and at 101 thereafter.
were applicable to the refunded bonds in their original form, and when so
EA R N IN G S.— For years ending Dec. 31:
taken up and canceled, original bonds .may be Issued in substitution there
Cal. Years—
Gross
Net,aft.Tax.
Deductions.
Balance.
for. which, or the proceeds thereof, shall be used only for permanent impts.
1924 ___________ $601,778
$118,623
$124,000
def.$5,377 and betterments. Provision may be made in said mortgage that the ma
1923 ___________ 660,273
157,693
124,000
sur.33,693 turity of any outstanding bonds which become due on or before April 7
1922_____________ 649.461
171.566
124,000
sur.47,566 1933 may be extended to such date as may be determined by the Board at
OFFICERS.— Pres., Robert I. Todd; V .-P ., John J. Appel; Sec. & Treas., not exceeding 6% interest if permitted by law.
Jos. A . McGowan.— V . 116, p. 934.
The lien of the several underlying mortgages is confined to the property
and interests upon which each was a lien prior to consolidation and does
(3) INDIANAPOLIS & MARTINSVILLE RAPID TRANSIT CO.
not extend to any other property of the consolidated company, except as
Leased.— In April 1907 was leased to the Terre Haute Indianapolis & “general debts.’ without priority .after satisfying of the mtge. liens thereon.
East. Trac. for 999 years. The latter co. will pay the int. on the bonds; alsc
The Ind. Trac. & Term, bonds have a sinking fund which provides for
$500 per year for organization. V. 84, p. 749. The Terre Haute Ind. A the payment annually of 1 1-5% o f bonds outstanding. See V. 76, p. 1085.
Bond., may be drawn for sinking fund at 102>$ and Int. and are subj. to
Eastern owns entire issue o f stock except directors’ shares.
Report.— For calendar years (excl Ind. Street R y .):
1924.
1923.
Gross earnings_____________________ $5,197,922 $5,499,428
Operating expenses and taxes_______ 4,040,502 4,178,203
1922.
$5,404,575
4,047,183
g
Oct., 1925.]
POWEK, LIGHT AND RAILW AY
call at that price. See V. 81, p. 264. $1,365,000 In sinking fund canceled.
The Ind. St. B y. bonds have a sinking fund sufficient to redeem at maturity
the greater part o f the entire Issue. $1,336,000 in sinking fund canceled.
The divisional bonds in the sinking funds at the time of consolida
tion were canceled so that they could no longer draw interest and payments
to the sinking funds suspended until 1923. Ail future sinking fund pay
ments are to be applied to the cancellation o f bonds.
Equipment certificates, series “ E ,” mature $6,000 or $7,000 on June 1
and Dec. 1 each year. Theycover25 cars. $100,000 have been retired.
The Ind. Car Equip. Co. 1st pref. stock was used to purchase 25 cars.
The stock matures $10,000 semi-annually. V . 109, p. 1700. Bonds are
listed on Philadelphia Stock Exchange. V. 69, p. 851.
Dividends.— Divs. of 6% ( l f i % quar.) were paid on pref. stock to and
tncl. Mar. 1921. None to Sept. 1 1922, when 1)S% was paid. Divs. of
1 Vi% quar. paid regularly since incl. June 1 1925. The Sept. 1 1925
dividend was deferred. V. 121, p. 1788.
EARN ING S.— For years ending Dec. 31
Cal. Years— Gross.
Net After Tax. Fixed Chgs.,&c. Bat., Surp.
1924___________ $5,588,177
$1,120,073
$635,108
$484,965
434,116
1923. ................. 5,527,131
1,072,903
638,787
1922----------------- 5,545,164
1,073.447
647,343
426.105
OFFICERS.— Chairman of the Board, Henry C. Thomson; Pres. & Gen.
Mgr., Robt. I. Todd; V.-Ps., Henry C. Thomson and John J. Appel; Sec.
& Treas., Joseph A. McGowan; Asst. Sec. & Treas., W m. F. MTilholland.
— V. 112, p. 2305, 2537, 2637, 2748; V. 113, p. 71, 532, 730, 848; V. 114,
p. 306, 626, 1062, 1286; V. 115, p. 303, 1837; V. 116, p. 822; V. 117, p. 84:
V. 118, p. 907, 1392, 2042, 3073; V. 119, p. 1064, 1172; V. 120, p. 828;
V. 121, p. 1788.
123
STOCK A N D BONDS—
Date.
Interest. Outstanding.
Maturity
Union Tr Co o f Ind gen mtgef 1924
6%
700,000 June 1 1934
(Indiana Tr. C o., Ind’p ’s, Ind., trustee.
Collat. trust notes Ser “ A ” _
6%
200,000 July 1 1925
Collat. trust notes Ser “ B ” _ ____
7%
150,000 ___________
Car trust notes___________ _____
_________
124,280 __________
Citizens’ St R y (Mun) 1st M f 1897
6 g J-D
36,000 Dec 1 1927
$250,000 s f sub to call 105- (Interest at Guar. Trust & Safe Deposit C o.,
($500 and $1,000)______c*\ Philadelphia, trustee.
Marion City 1st M $400,000/ 1895 6 g M -N
328,000 M ay 1 1929
gold ($1,000)_________ c tf (Equitable Trust Co., New York, trustee.
Indianapolis North Trac 1st) 1902 5 g J-J
5,000,000 July 1 1932
mtge $5,000,000 g ($1,000)\Equitable Trust C o., New York, trustee,
guar p & i by Un Trac c*tf ]
Indiana North Trac 1st m tge/ 1903
5 g A-O
500,000 Oct 1 1933
$500,000 gold ($100, $5000) Interest at Trenton (N. J.) Trust & Safe
and $1,000) guar_____c*tf[ Deposit C o., trustee.
M H & Ft W pref stock c u m _ _ ____
5%
500,000
See test
do
do
first mtge $1 ,-/ 1905 5 g J-J
916,000 Jan 1 1935
000,000 gold ($ l,000)-c*tf (Int. at Guard. Sav. & Tr. Co., Clev., trustee.
Muncie & Un C M $925,000/ 1906 5 g J-J
$925,000 July 1 1936
guar gold ($1,000)_ c * tflin t, at Fidelity Trust Co., Phila., trustee.
_
5 M-S
31,000 Mar 1 1931
B roadR ippleN atatorium lstM /____
Guar, by U n.Tr.C o.of Ind. (Int. at Security Tr. Co., Indianap., trustee.
Stock.— Divs. on 2d pref. stock are cum. from 1% semi-annually in
1913, scaling upward to 3% semi-annually in July 1918 and thereafter.
Bonds.— Of the Indiana Union Traction bonds o f 1903, $3,380,000
were reserved for extensions and improvements, but under terms of con
solidation agreement o f 1912 these bonds have been canceled. $494,000
are held alive in the sinking fund (included in amount outstanding).
sinking fund, 1M % per annum of outstanding bonds, became operative
BROAD RIPPLE TRACTION.
on July 1 1904. Fund is to be invested in the bonds at not above 105 and
ORGAN IZATION .— Organized as successor to the Indianapolis & Broad int., and bonds may be drawn at 105 and int. on any int. date.
$173,000 Union Trac. Co. of Ind. Gen. M . bonds are in treasury, includ
Ripple Transit C o., sold at foreclosure July 1899. The property o f the co.
is operated by Indianapolis St. Ry. Co. in connection with street railway ing $150,000 pledged to secure the coll. tr. notes: remaining bonds are
property of latter company. See also V. 119, p. 1064, under caption reserved for underlying bonds. See V. 71, p. 1013. They originally bore
int. at 5% and matured July 1 1919, but were extended to July 1 1922 at
T
‘Indianapolis Street Railway.”
Indianapolis St. Ry. Co. (Inc. 1919) receives all income and pays all 6% and again to July 1 1932 at the same rate of int. The extended bonds
are red. at any time after 3 years on 60 days’ notice at a 5% premium in the
expenses incl. taxes on the property and int. on $200,000 o f bonds of Broad
Ripple Traction Co. The prin. on the remaining $200,000 of bonds is 4th and 5th years and 1% less for each subsequent year, and par during
assumed by Union Traction Co. of Indiana, which co. pays the int. thereon, the last year of the extension, together with accrued int. V. 115, p. 310.
Bonds are listed oq the Philadelphia Stock Exchange.
as consideration for that part of the property o f Broad Ripple Traction Co.
The Indiana Northern Traction bonds are subject to call at 105 and int.
transferred to it. See also V. 119, p. 1064, under caption “ Indianapolis
on 6 weeks’ notice. They are guaranteed, principal and interest, by
Street Railway.”
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.— A Indiana Union Traction Co. V . 82, p. 805.
The Muncie Hartford & Fort Wayne bonds can be called Jan. 1 1925,
trolley road. 7 14 miles of track from Indianapolis to Broad Ripple Park.
or after, at par. A sinking fund on those bonds of 2 )4 % of gross earnings
STOCK AN D BONDS—
Date.
Interest. Outstanding.
Maturity.
per annum began July 1 1905. See V . 80, p. 1059. $84,000 have been
Stock $100,000 (par $100_________
_________
$100,000 ________
retired.
M tg $400,000 g ($1,000) c*ntf /1899
5 g J-J
400,000 July 1 1933
The Muncie & Union City bonds are subject to call at 105 and guar.,
\Int. at Guar. Tr. & S. L. Co. (Phila.), trust.
by Indiana Union Traction.
Bonds.— Are guar. p . & i. by Ind. St. R y. No s. f. and bonds cannot prin. and int., City first mtge. bonds originally matured M ay 1 1915, but
The Marion
be called. The Ind. Nor. Trac. Co. (subsequently consolidated with the were extended to M ay 1 1919, and again to M ay 1 1924, and further to
Union Tr. Co. o f Ind.) guarantees p. & i. o f half ($200,000) of the bonds. M ay 1 1929. Y. 118, p. 2180.
OFFICERS.— Pres., Robert I. Todd; V .-P ., John T Burnett; Sec. &
Dividends.— 5% was paid on first pref. stock to April 1914. None since.
Treas., Jos. A . McGowan.— V. 69, p. 180; V. 73, p. 137, 18 ; V. 78, p. 1167. Divs. on second pref. stock have not been paid since July 1912.
R E PO R T .— For cal. year, incl. Muncie-Portland line:
Calendar
Gross
Net (after Other
Bond
Sinking
Balance
UNION TRACTION CO. OF INDIANA.
Year— Earnings.
Taxes).
Inc.
Int.
Fund.
Surplus.
Receivership.— Arthur W . Brady, Pres., was appointed receiver for the co. 1924 _____ $3,339,188 $477,122 $34,305 $931,060
def$419,633
on Dec. 31 1924 on application of the Westinghouse Elec. & M fg. Co., a 1923______ 3,890,690
986,157 30,999 943,820
73,336
creditor for $74,192. V. 120, p. 89.
1922---------- 3,835,747 1,112,003 15,337 917 176
210,164
Interest Defaulted.— Int. due Jan. 1 1925 on the Union Trac. Co. of Ind.
Passengers carried in 1924, 14,405,496, against 16,659,343 in 1923.
gen. mtge. 5s and the Indianapolis Northern Trac. 1st mtge. 5s having been
OFFICERS.— Pres., A. W . Brady, Anderson; V .-P ., Philip Matter,
defaulted (V. 120, p. 333), the following protective committees were formed: Marion; Sec. & Treas., Walter Shroyer; Gen. M gr., H. A . Nicholl. General
Union Traction of Ina. Gen. Mtge. 5s .— Chairman, Joseph Wayne Jr.; offices, Anderson, Ind.— V. 115, p. 1211, 1533; V . 116, p. 1277: V. 118,
Wm. A. Law, Henry G. Brengle, Lewis H. Parsons. Fred C. Dickson and p. 1269, 2180, 3199; V. 119, p. 199, 1066; V. 120, p. 89, 333, 584, 1330,
Jesse L. Vermillion; Sec., Herbert W. Goodall. Depository: Guarantee 2685; V. 121, p. 201, 707, 1228.
Trust & Safe Deposit Co., Phila. Sub-depository; Indiana Trust Co.,
(1 ) I N D I A N A P O L I S N E W C A S T L E & E A S T E R N T R A C T I O N C O .
Indianapolis, Ind. V. 120, p. 333, 584.
Indianapolis Northern Traction 1st Mtge.In5s.— Chairman, J. C. Neff;
Leased to Union Traction Co. of Indiana on Oct. 25 1912 for 999 years.
Arthur V. Morton, Carl W. Fenninger, T. J. Jeanneret, S. C. Parry, Geo. C. The lease provides for the payment of all taxes, interest on bonds, a sum
Forrey Jr., and Jas. P. Goodrich; Sec., Miles Altemose. Depository: equivalent to 5% on the pref. stock, and a definite annual payment of
Fidelity Trust Co., Phila. Sub-depository: Indiana Trust C o., Indianapolis $1,050 on the com. stock. A further amount, up to $10,420 a year, is
Ind. V. 120, p. 333, 584, 2685.
payable under certain conditions. Compare V. 100, p. 975.
Muncie Hartford & Fort Wayne Ry.— In Aug., 1925 a petition to forclose
Leases the Muncie & Portland Traction Co. for 999 years from June 30
a mortgage o f $1,000,000 on account o f interest defaulted on the Muncie 1916; see terms below.
H ., Ft. W . Ry. 1st mtge. gold bonds 1905, was referred to the Madison
ORGANIZATION.— Incorp. in Indiana on June 10 1912 as successor to
Circuit Court at Anderson. V. 121, p. 707.
forclosure. Has
ORGAN IZATION .—Incorp. on M ay 13 1912 as a consolidation of the the Indianapolis Newcastle & Toledo Elec. R y ., sold at corporate limits,
right-of-way minimum
old Union Traction Co. of Indiana (incorp. M ay 28 1903) and the Indiana privateshortest franchise expires width 766ft., except infavorable contract
where
Apr.
1933. Under
Union Trac. Co. (incorp. June 9 1903), per plan in V. 94, p. 1119, 1185. V. with Ind. Trac. & Term. Co. extending to 1933, operates through city into
95, p. 819: and as a result o f which capital was materially reduced. The
interurban
legality o f the consolidation was upheld in a decision by the Supreme IndianapolisIncluded in terminal.
R OAD.—
Union Traction Co. of Indiana.
Court o f Indiana in the fall o f 1915. Thg Indiana Union Traction Co.
STOCK AND BONDS—• Date.
Interest. Outstanding.
Maturityhad previously acquired the Indiana Northern Traction Co. (V. 81, p.
_________
$500,000 See test.
1848), Muncie & Union City Traction Co. (V. 83, p. 96) and Muncie Common $500,000 ($100)_________
_________
500,000 See text.
Hartf. & Ft. W . R y. (V. 82, p. 805, 869, 1041). The latter company was Pref $500,000 5% cum ($ 1 0 0 ) -____
6 g J-D
1,200,000 J u n e] 1932
leased ,to the Indiana Union Trac. at a rental (in addition to operating First mtge $1,500,000 gold/ 1912
$1,000 _______________c*tf\Int. at Fidelity Trust C o., Phila., trustee.
exp"., irit. on bonds, & c.), equivalent to 5% on Mun. Hartf. & Ft. W. R y.
Bonds.—-Remaining 1st M . bonds may be issued upon fulfilment of
$500,000 cum. pref. stock; Vi 83, p. 96. The old Union Trac. Co. of Indiana
was a consolidation of the Union Trac. Co. o f Indiana (incorp. in June 1899) certain covenants for 75% of cost of extensions, impts., betterments or ac
and the Indianapolis Northern Trac. Co. (incorp. in April 1902). Leases quisition of unencumbered properties. V. 94, p. 1695. N o sink. fund.
Originally matured June 1 1919, but were extended to June 1 1922 and again
the Broad Ripple Natatorium Co.
Also owns tne $100,000 1st M tge. 6s outstanding and the $50,000 to June 1 1932 at 6% . The extended bonds are red. at 105 after June 1
stock o f the Traction Light & Power Co. and a one-fourth interest in the 1925 to and incl. June 1 1927, and thereafter at 1% less for each subse
United Tractions Coal C o., which owns and leases valuable coal lands to quent year, and par during the last year of extension, together with int
insure the co. an adequate coal supply. (See Shirley Reality Co. o f Ind. V. 114, p. 2580; V . 94, p. 1695; V. 96. p. 135; V . 100, p . 982; V. 102,
p. 2341; V. 108, p. 2629; V. 114, p. 2580.
in V. 104c p . 1805.)
The Indianapolis Northern Traction assumed payment o f the prin. and
(a ) T H E M U N C IE & P O R T L A N D T R A C T I O N .
int. o f half ($200,000) o f the bonds o f the Broad Ripple Traction Co. (see
A trolley road.
under Indianapolis).
ORGANIZATION.—Incorporated July 1905 in Indiana. Franchises in
Leases Indianapolis Newcastle & East.Trac.Co.for 999 years from Oct. 25
1912. Lease modified on Aug. 21 1914 and com. & pref. stocks o f the cities and towns 50 years; in counties perpetual.
Lease.— Was leased as of June 30 1916 for 999 years to the Indianapolis
Ind. New. & E. Trac. Co. formerly held were transferred in satisfaction
o f obligations incurred in leasing that company and acquiring that stock Newcastle & Eastern Trac. Co. In connection therewith the c o .’s capital
and in building the Muncie-Newcastle line, and in consideration of further ization was changed from $1,000,000 stock, all o f one class, to $500,000
advances for improving power facilities for that line, a total o f about preferred and $500,000 common. The lease provides for the payment of
$521,000 (V. 100, p, 975). Lease again modified as o f June 30 1916 in all taxes, a sum equal to 5% on the pref. stock, a definite annual payment
connection with the lease o f the Muncie & Portland Traction Co. to the of $4,530 and the payment of a further amount up to $17,370 a year con
tingent upon certain conditions.
Ind. Newc. & Eastern Trac. Co., which see below.
OFFICERS.— Pres., E. B. Ball; V .-P ., W . C. Ball; Sec., G. A . Ball;
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Owns the following lines: Muncie-Anderson-Indianapolis, 56 H miles; Treas., F. C. Ball, all of Muncie, Ind.— V. 82, p. 1438; V. 102, p. 2342;
V. 106, p. 1037, 1901.
Anderson-Marion-Wabash, 53 'A miles; Alexandria-Elwood Tipton, 20
miles; Indianapolis-Kokomo-Logansport, 80 miles; Kokomo, Peru, 19H
miles; Muncie-Union City, 33 miles; Anderson-Middletown, 9)4 miles:
also 10 miles o f city lines in Anderson; 14)4 miles in Marion; 16 miles in CHICAGO SOUTH BEND & NORTH. INDIANA RY.
Muncie and 4 miles in Elwood; total, 272 miles of interurban and 44)4 miles
ORGANIZATION.— Incorporated in Indiana in Jan. 1907 as successor
of city lines. Also leases Muncie-Hartford City-Bluffton line, 42 miles; of the Northern Indiana R y., which had consolidated the Indiana R y ., the
Indianapolis-Newcastle-Muncie line, 62)4 miles, and Muncie-Portland South Bend La Porte & Michigan City R y ., the Michigan City Electric Co.
line, 32 miles; grand total, 449 miles. Through cars are run between and the Michigan City Traction Co.
Indianapolis and Fort Wayne in conjunction with the Indiana Service Corp.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Provides package freight service between Inianapolis and Muncie and A trolley road. Operates 125 miles of track in South Bend, Mishawaka,
Indianapolis and Logansport and Peru, and to all other points on the Elkhart, Goshen, La Porte, Michigan City and interurban lines between
system. Operates through freight service between Indianapolis and Fort those points. Gauge. 4 ft. 8M in.; 70 to 100-lb. T rail. Owns 129 cars and
Wayne. By contract cars are run over tracks of Indianapolis Street 11 sub-stations. Also operates buses.
Railway in Indianapolis.
A large central power station at Anderson,
Franchises.—-In July 1921 the co. surrendered its local franchises and now
operated on a three-phase system, with 19 sub-stations, operates entire operates under an indeterminate permit. V. 113, p . 701.
system. 95 city cars, 53 suburban, 93 interurban, 51 freight and 89 service
Interest.— All overdue int. on underlying bonds has been paid. Full int.
cars; total, 381.
payments on new 1st mtge. 5s of 1937 were resumed in 1922.
In Sept. 1925 company was authorized to discontinue service between
Fares.— Fares reduced in July and Sept. 1925, see V. 121, p. 73, 1226.
Anderson and Middletown, Ind. V. 121, p. 1228.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Fares.— V. I l l , p. 75; V. 112, p. 63.
------------ - $5,000,000 __________
In June 1924 was auth. by the Ind. P. S. Comm, to issue $222,000 7% Common $5,000,000 ( $ 1 0 0 ) - - -----Pref $2,500,000 5% c u m / ____
________ _ 2,500,000 __________
notes, $400,000 6% notes and $1,000,000 6% bonds. Of the latter $700,000
($100) after Jan 1 1 9 0 9 --J
to be pledged as collateral for the $622,000 notes and the other $300,000 to
New first mtge $5,000,000/ 1907
5 g J-J
2,489,000 Jan 1 1937
remain in the c o .’s treasury. V. 119, p. 199.
gold ($1,000)__________ tf\Int. at Central Trust Co., N. Y ., trustee.
588,000 Jan 1 1936
STOCK A N D BONDS.
Date.
Interest. Outstanding.
Maturity. Nor Ind Ry 1st cons M $4,-/ 1906 5 g J-J
000,000 gold ($1,000)_ tf lin t, t U. S. Mtge. & Trust Co., New York.
_
Common, $5,000,000________ _____
_________ $5,000,000 -----------------Indiana Railway first mort-j 1901 5 g J-J
1,000,000 Jan 1 1930
1st pref, $1,000,000, 5% cum ______
A-O
1,000,000
Seetext
(Girard Trust Co., Philadelphia, trustee.
2d pref, $3,000,000 (see t e x t ) . ____
J-J 10
3,000,000
Seetext gage $1,000,000 gold ($1,—
0 0 0 )_________________ c*tf(Interest at Standard Trust Co., New York.
Ind Un Traction 1st M $5 ,-/ 1903
5 g A-O
1,620,000 July 1 1933
5 g J-J
312,500 July 1 1930
000,000 ($1,000) gold__tfl Interest at Girard Trust Co.. Phila., trustee. La Porte & Michigan City T r / 1905
first mtge $350,000 ($500) 11nterest at First Trust & Savings Bank,
Union Tr Co o f m d 1st gen M / 1899 6 g J-J
$4,623,000 July 1 1932
sinking fund subj to call_tf \ Chicago, 111.
$5,000,000 g($l,000)c& r*tf (Equitable Tr. C o., New York trustee.
134
PUBLIC UTILITIES
Bonds.— On the Indiana R y. 1st 5s a sinking fund o f $10,000 per annum
began Jan. 1 1905; bonds to be bought in open market. Are not subject to
call. Northern Indiana 1st consols are subject to call. See V. 82, p. 568.
On the La Porte & Michigan City Traction Co. bonds a sinking fund, of 1 %
per annum o f bonds out is operative from 1910 to 1914; from 1915 to matur
ity, 2% per annum.
Of the new first mortgage bonds, $491,000 are in treasury, $1,900,500 are
reserved to retire prior liens, and $118,500 for improvements.
E A R N IN G S.— For cal. year 1923, gross, $1,448,743; net, after taxes,
$445,993; interest, $254,192; bal., sur., $191,801.
OFFICERS.— Pres., Charles F. Dietrich, New York; Treas., A . E . Dietrich; Sec., O. A. Small; V.-P. & Gen. M gr., R . R . Smith; Gen. Aud., O .A.
Small; Purch. Agt., R . E . Cornwell.— V. 84, p. 270; V. 107, p. 291, 603;
V . 108, p. 378; V. i l l , p. 791; V. 113, p. 701; V. 117, p. 85; V. 118, p. 663;
V . 120, p. 1325; V. 121, p. 73, 1226.
SOUTHERN MICHIGAN RY.
Is controlled by same interests as Chic. South Bend & Northern Indiana,
ORGAN IZATION .— Organized on Feb. 8 1906 as a consolidation of the
South Bend & Southern Michigan R y. and the Niles & Buchanan Ry.
Franchise in St. Joseph expires in 1935; in Berrien Springs in 1935; in Niles
in 1932, 1935, and 1936; in South Bend, perpetual.
FIE LD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Operates a line from South Bend to St. Joseph. Total track, 35 miles.
Standard gauge; 70-lb. T rail. Has 12 motor cars, 2 baggage and express
cars and 3 sub-stations. General Electric and Westinghouse equipment.
Purchases power.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Stock $2,000,000__________________
_______
$2,000,000 __________
First consol mtge $1,980,0001 1906
5g
400,000 Mar 1 1931
gold ($1,000)----------------tf\Int. at U. S. Mtge. & Trust C o., New York.
South Bend & Sou Michigan f 1902
5 g A-O
750.000 Oct 1 1927
first mtge $750,000 gold! Interest at Harris Trust & Savings Bank,
($1,000) guar p & i— c * .tf ( Chicago, trustee.
Bonds.— Of the $1,980,000 consols, $750,000 are reserved for prior liens
and $750,000 for betterments and extensions. These bonds are subject to
call on any int. date at 105. The following amounts are payable annually
into a sinking fund from March 1 1909 to Feb. 28 1915; 1% of bonds out
standing, from March 1 1915 to Feb. 28 1925, 1A % o f bonds out; and from
M ar. 1 1925 to Feb. 28 1931, 2% o f bonds out.
The South Bend & South Michigan bonds are not subject to call. $5,000
per annum is payable into a sinking fund on these bonds, commencing
Jan. 1 1907. See Y . 82, p. 1158, and V. 83, p. 493.
EARN IN G S.— For cal. year 1923, gross, $265,290; net, $85,234; taxes,
$22,005; interest, $57,500; bal.,sur., $5,729.
Interest. Surplus.
Year—
Gross.
Net.
Taxes.
1 9 21................................... $292,476
$98,517 $21,880 $58,926 $17,711
58,058
46.248
1920
334.349 122,773
18.467
OFFICERS.— Pres., Ohas. F. Dietrich, New York; Treas., A . E. Dietrich, New York; Sec., O. A . Small; V .-P. & Gen. M gr., R . R . Smith;
Aud., O. A . Small; Purch. A gt., R . E . Cornwell.—V . 83, p. 493.
MARION & BLUFFTON TRACTION CO.
Control.— In Oct. 1924 it was announced that the Midland Utilities Co.,
an Insull company, had acquired the properties o f the co. V. 119, p. 1625.
ORGAN IZATION .— Incorp. in Indiana June 1,1914 as a reorganization
of the old Marion Bluffton & Eastern Traction C o., sold under foreclosure in
Feb. 1914. Early in 1924 acquired the property o f the Linn Grove Light
& Power C o. V . 118, p. 1520. In M ay 1924 was auth. to acquire the
Geneva Light & Power C o. V. 118, p. 2304.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Line extends from Marion to Bluffton, Indiana, passing through Hanfield,
Landesville, Van Buren, Warren, Boehmer and Liberty Center, 31.84 mils
Second track, 1.94 miles; Standard gauge T rail; 70 lbs.
Operated by
overhead trolley. M otor cars— passenger 5; freight 1; service,non-motor,
passenger 1; freight 1; total cars 11. Power purchased from Indiana Gen
eral Service Co. Co. also does a lighting and power business in Van Buren,
Warren, Liberty Center and Landesville.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
_________
$216,000 __________
Stock $216,000 ($100)_____________
1st M gold $504,000 ($1,000)/ 1914
5 g J-J
504,000 July 1 1934
Sink. fd. 1% per annum. (Int. at Fletcher Sav. & Tr.Co.,Indianap.,Tr.
EARN INGS.— For year ending Dec. 31 1923, gross. $141,840; net, after
taxes, $29,309; other income, $2,271; bond int., $25,200; surplus, $6,379.
In 1922. gross, $134,384: net. after taxes, $41,981; other income, $1,897:
bond int., $25,200; surplus, $3,480.
OFFICERS.— Pres., Chas. W . Chase: V.-Pres., T . O. Hamilton; Treas.;
G. F. Mitchell; Sec., W. D. Boone; Asst. Sec. & Treas., R. M . Scheidt,
Gen. M gr., J. S. Clark; Gen. Aud., F. H. Allen.— V . 117, p. 2542; V. 118,
p. 1520, 2304; V. 119, p. 1625.
FORT WAYNE & DECATUR TRACTKDN CO.
ORGAN IZATION .— Incorp. on June 1 1916 to succeed the Fort Wayne &
Springfield R y., brought in at receiver’s sale on Dec. 2 1915 (see V. 101. p.
2144). On June 23 1916 the Indiana P. S. Comm, approved the purchase.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Operates 21.6 miles between Decatur and Ft. Wayne. Total track, 22.2
miles. 70-lb. T rail; gauge, 4 ft. 8 A in.
STOCK AND BONDS.— Date.
Interest. Outstanding.
Maturity.
Stock $150,000 ($100)____________
_________
$150,000 - _________
First mortgage $200,000 gold/ 1916
6%
156,000 June 1 1926
($ 1 ,0 0 0 )-------------------------- tint, at Tri-State L.& Tr.Co.,Ft.W ayne,trus.
EAR N IN G S.— For years ending Dec. 31:
Cal. Years—
Gross
Net. aft. Taxes. Interest.
Balance.
1924-..........................
$74,776 def.$6,019
$6,695
def.$12,714
1923----------------------------- 87,922
11,552
7,531
sur. 4.021
1922------------------------------ 83,573
8,073
9,125
def.1.051
1921..........................
83,173 1.572
9,360
def.7.788
— V . 108, p. 480.
EVANSVILLE & OHIO VALLEY RY. CO.
ORGAN IZATION .— Incorp. in Indiana in Dec. 1918 and acquired on
Feb. 20 1919 the properties o f the Evansville Railways Co. (for history see
“ Electric Railway” Supplement for Sept. 1918), in accordance with the plan
or reorganization set forth in detail in V . 107, p. 2289; with the exception
that the plan as revised by the Ind. P . S. Comm, provided for the issuance
o f only $300,000 com. stock and $200,000 pref. stock, instead of $1,000,000
com. and $500,000 pref. as originally planned. The co. has acquired the
stocks o f the Henderson Traction C o. and the Owenboro City R R . C o.,
both o f which had been owned by the Evansville Rys. C o., and has also
acquired in fee the Evansville Henderson & Owensboro R y . C o., which
operates a line between Evansville, Ind., and Henderson, K y.
FIE LD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Operates between M t. Vernon, Evansville, Henderson, Richland and
Grandview. Operates 70.68 miles o f track, of which 56 miles are owned in
fee, 7.22 miles are leased, 7.46 miles trackage rights. Has 4.32 miles of
sidings; total mileage, 75 miles. 70-lb. T rail. Gauge, 4 ft. 8 A in. also
operates bus lines.
STOCK AND BONDS.— Date.
Interest. Outstanding.
Maturity.
Common $1,000,000 ($100)________
_________
$300,000 __________
Pref. $500,000 n-cum ($100)_______
6%
200,000
----------1st M $200,000 sk fd gold____/ 1919
6 J-J
See text Jan 1 1949
jCont. & Comm. Tr. & S. Bk., Chic., trustee.
1st & R ef $1,200,000 callable) 1919 5 J-J
747,700 Jan 1 1949
at 102 A on any int. d a te-- (Am. Tr. & Sav. Bk., Evansville, trustee.
General M tge Income bonds/ 1919 see text
747,300 Jan 1 1949
$750,000________________ r (Mercantile Oomm’I Bk., Evansv., trustee.
CoUat trust notes $300,000/ 1918
6 J-D
52,900 Dec 1 1929
callable at par___________ (Mercantile-Comm’l Bank, Evansv., trustee
Bonds.— $101,000 of the 1st mtge. bonds had been issued to Oct. 1 1924.
Sinking fund o f $2,500 per ann. starts in 1929 and continues for 10 years,
and thereafter the sk. fd. retires $5,000 per annum. Callable at 103 during
the 1st 10 years; 102 during the 2d 10 years, and 101 during the 3d 10 years.
[V ol. 121.
Should no 1st Mtge. bonds be Issued, then the sinking fund provided for
their retirement will be applied to the 1st & ref. bonds.
The gen. mtge. income bonds draw int. at not to exceed 5% per annum
and only when earned. Interest not cumulative
Notes.— In addition to the amount reported outstanding, $97,100 have
been issued and are held in the treasury.
EARNING S.— Combined statement o f all properties:
1924.'
1923.
1922.
1921.
Gross earnings_________
$506,660
$591,307
$620,073
$577,039
Op. exp., maint. & taxes 403,850
448,804
455,352
435,961
Deductions—•
Int. on 1st mtge. bonds.
do subsid. lines_____
Int. on 1st & ref. bonds.
Div. on E.H.&O. pf. stk.
Illinois Central rental_
_
$102,810
$142,503
$164,720
$141,078
$6,060
10,000
37,372
16,849
7,256
$5,436
10,000
37,360
16,849
7,255
$3,900
15,650
37,415
16,849
7,253
$3,900
15,650
37,415
16,957
7,242
$59,914
$83,653
Surplus______________
$65,603
$25,273
OFFICERS.— Chairman, A . F. Harges; Pres., W . H. McCurdy V.-P.
W . A. Koch; V .-P ., W . A. Carson; Sec. & Treas., C. H. Battin; Gen. M gr.,
G. R. Millican; Auditor, R. Vote.— V . 108, p. 378; V. 110, p. 2487.
HENDERSON TRACTION.
We were informed that the property of this company sold at receivership
sale in N ov. 1923, since has been dismantled.
OWENSBORO CITY RAILROAD.
Acquired by Evansville Rys. (succeeded in 1919 by Evansville & Ohio
Valley R y. Co.) in April 1913. V. 96, p. 1488.
Receivership.— In Oct. 1923 W . A. Carson was appointed receiver for
the company on petition of the American Trust & Sav. C o., Evansville,
Ind., trustee for the gen. mtge. 6% bonds. V. 117, p. 1886.
ORGAN IZATION .— Chartered in 1886. Franchise runs till 1936 and
gives exclusive rights to operate street railway in said city .
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Owns 12 A miles of street railway in Owensboro and suburbs; 56 and 70-lb.
rail; 30 motor cars, double W est.; 68 G. E ., 258 and 54; 7 trailers and 6
25-ton coal cars. Power house, 600 k. w. capacity.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Common $75,000 (par $50)-----------------------1st mtge., $200,000, gold/ 1902
5 g J-J
, 200,000 Jan 1 1932
($1,000), c&r, not r ed ._tf (Interest at Louisville Trust C o., Trustee.
General mortgage, $200,OOOtf | 1910
6 M -N
200,000 M ay 1 1933
lAmer. Tr. & Sav. Co., Evansv., Ind., Trust.
EARNINGS for cal. year 1921, gross, $85,727; net, $9 382; in 1920.
gross, $106,910; net, $12,732.— V. 90, p. 1364; V . 105, p. 2273; V. 112, p.
470; V . 117, p. 1886.
EVANSVILLE SUBURBAN & NEWBURGH RY.
ORGANIZATION.— Incorp. in Indiana in D ec. 1888 with a perpetual
:harter.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Passenger business hauled by electricity and freight by steam. Does a
;ar-lot freight and express business. Operates 25 miles of track from Evansrille to Newburgh, with a branch off the main line through Stevens Station
ind Chandler to Boonville; has also 5 miles of sidetrack; total, 30 miles.
7
0-lb. T rails. Has private right-of-way
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock $500,000 ($100)--------- --------...
$307,400 . . . . . . . . . .
Lst mortgage, $500,000, gold/ 1904
5 g J-J
462,500 July 1 1930
(500 and $1,000)___ c*tf(In t. at Citizens Tr. & Sav. Bk., EvansviUe.
\ Trustee, or Nat. Bank of Commerce, N . Y .
Bonds.— A sinking fund of $2,500 per annum commenced July 1 1910.
which will retire bonds at 105. All or any part of bonds redeemable after
L5 years at 105. $35,000 have been retired. V . 96, p. 1365.
EARN ING S.— For year 1924: Gross, $184,523; net, after taxes, $22,729?
aond interest, $23,187; deficit, $459. In 1923; Gross, $245,117; net after
Saxes, $27,107. In 1922, gross, $247,135; net, after taxes, $42,975.
OFFICERS.— Pres. & Gen. M gr., Gus Muhulhausen; V .-P . & Treas.,
Ohas. W . Cook; Sec., Jas. E. Cox.— V. 83, p. 271; V. 96, p. 1365.
INDIANA SERVICE CORPORATION.
Control.— Controlled by the Midland Utilities Co. V. 120, p. 1089.
ORGANIZATION.— Incorp. in Indiana on Jan. 16 1920 to take over the
Ft Wayne & Northern Indiana Trac. Co. as per plan outlined in this Section
of April 24 1920. Formal transfer of the property was made on April 28
1920 V. 110, p. 2192. The Ft. Wayne & Northern Indiana Trac. Co. (for
history see “ Electric Railway” Supplement of April 24 1920) was successor
to the Ft. Wayne & Wabash Valley Traction Co., which had previously
acquired through consolidation or purchase the following compames:
Ft. Wayne Marion & Bluffton Tr. Co. Logansport Railway Co.
Logans. Roch. & Nor. Trac. Co.
Ft. Wayne El. Lt. & Power Co.
Wabash-Logansport Traction Co.
Ft. Wayne & Southw. Trac. C o.
Wabash River Traction Co.
Ft. Wayne Traction Co.
Lafayette & Logansport Trac. C o.
Also owns Fort Wayne Power and Wabash Co. Valley Utility Co.
Owns a o n e -fo u rth Interest in the United Tractions Coal C o .. which owns
and leases valuable coal lands to insure the company an adequate supply of
coal (see Shirley Realty Co. of Indiana in V. 104, p. 1805). In M ay 1924
acquired the Ft. Wayne & Northwestern R y., operating an interm-ban line
from Kendallville, Ind., to Ft. Wayne and Waterloo, Ind., and furnishing
light and power to towns and cities along the line. Has assumed $355,000
outstanding bonds of that co. V . 118, p. 2704; V. 119, p. 693.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Operates 196.5 miles of track, connecting Ft. Wayne, Huntington, Wabash,
Peru Logansport, Delphi, La Fayette and Bluffton; also local lines in Ft.
Wayne, Wabash, Peru and Logansport. At Logansport, Peru, Wabash
and Bluffton connection is made for Indianapolis over the tracks of Indiana
Union Traction Co. In M ay 1906 began through service between Ft. Wayne
and Indianapolis over trakes of Union Traction Co. of Indiana. See V. 82,
p. 1101. Rails, 60, 70, 72, 80 and 90-lb. Owns 1 power house. Owns 143
passenger cars and 66 other cars. Operates under an indeterminate permit
from the Indiana P. S. Commission.
___
In Aug. 1924 applied for authority to issue $460,000 lst & ref. mtge.
30-year 5% bonds at 82. V . 119, p. 693.
RE C A PITA LIZA TIO N .— In Aug. 1925 filed a petition with the Indiana
P. S. Commission for authorization to change its stock from $100 to no par
value at the rate of ten new shares for one old, with a total authorized
common stock of 590,000 no par shares; and to increase the authorized
preferred stock to 40,000 shares (par $100). V . 121, p. 839.
STOCK AND BONDS—
Date. Interest.
Outstanding.MaturityCommon $3,740,200_______________
$1,817,700 ....... ............
Pref $2,159,800 (non-cum)------7%
2,147,400 -------------Prior preference-----------------------------------------None
----lst & ref mtge series A ($500/
1920 5 g J-J
7,515,500 Jan 1 1950
and $1,000) gold______c*tf\Central Union Trust C o., N. Y ., trustee.
Adjustment mortgage bonds/ 1920 See text
4,779,500
2020
(non-cum) $6,000,000------- 1
. _
F t W M & B l s t M $400,000/ 1905 5 g J-J
196,000 July 1 1935
gold ($1,000) guar p & i.tf\ In t. at Guar. Tr. & S. D . Co., Phila., trustee
Ft W & N W R y bds (a ssu m ed )____
355,000 ---------------ind. Serv. car tr. “ A ” ($ 1 ,0 0 0 )____
6%.
60,000
See text
Ind Serv car trust ser “ B ” _________
J-J
112,500
See text
Equipment certificates________
$189,500 ---------------Stock.— $342,100 com. and $12,400 pref. stock in addition to amounts
reported outstanding, is held by company. The pref. stock is preferred as
to assets and dividends, but is non-cumulative. For redemption of scrip
certificates, see V. 120, p. 2941.
Bonds.— In addition to the lst & ref. M . 5s reported outstanding, $250,000
are reserved to retire a like amount of underlying Hens and $250,000 are
held In the treasury. Red. all or part on any int. date on 60 days’ notice
at 102 A and int. $1,293,000 were offered in Sept. 1924 by Arthur Perry Sc
Co.. Boston,
POWER, LIGHT AND RAILW AY
Oct., 1925.]
Int. on adjust, mtge. bonds is payable semi-ann. if earned (non-cum.),
and no int. shall be paid unless earned in excess of proper prior charges.
The maximum int. rate was fixed as follows: for 1920, 3% per ann.; for
1921, 3% ; 1922, 4% ; 1923, 5% : 1924 and each year thereafter, 6% . An
Initial payment o f 3% was made Oct. 1 1921. V. 113, p. 1471. The holders
will be entitled to representation on the board after 1923 if the int. is not
earned and paid for a period of two years. Red., all or in part, at par and
int. on any int. date.
Ind. Service car trusts Ser. “ A ” mature $5,000 quarterly. Tri-State Loan
& Trust Oo. Ser. “ B ” mature $12,500 June 1 and Dec. 1. Int. at First
National Bank, Fort Wayne.
RE PO RT.— For calendar years.
Balance
Calendar
Gross
Expenses
Net
Sur. or Def.
Year—
Revenues, and Taxes. Revenues. Interest.
1924---------------$3,639,424 $2,765,923 $873,501 $661,145 sur.$199,623
1923..............
3,528,714 2,632,070
896,643
556,469 sur. 340,174
sur.220,857
1922__________ 3,099,214
2,346,412
752,803
531,946
sur.160.644
2.269.915
612.426
451.782
1921--------------- 2,882.341
OFFICERS.— Chairman of Board, Samuel Insull: Pres., Robert M
Feustel; V.-P. & Treas., H. E. Vordermark, Fort Wayne: Sec., F. H.
Schmidt.— V. 117, p. 243; V. 118, p. 84, 2304, 2704; Y. 119, p. 693, 1395;
V. 120, p. 1089, 1326, 2941; Y. 121, p. 74, 839.
GARY RAILWAYS CO.
Controlled by Midland Utilities Co.
ORGA N IZA TIO N .— Incorp. Sept. 26 1917 in Va. as Gary Street Ry. Corp.,
per reorganization plan in V. 106, p. 1230. The latter co. was reorganized
on Aug. 10 1925 as the Gary Railways Co. In Aug. 1925 acquired the prop
erties o f Gary & Valparaiso R y. C o., the Gary & Hobart Traction Co. and
the Gary Connecting RR.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Operates 71-43 miles in Gary, Hammond and Indiana Harbor, Ind. 93
passenger and 15 service cars. In addition 24 motor coaches are operated
over 9 routes which serve as feeders to the electric lines.
Contract with Calumet Gas & Electric Co .— Guaranty.— A contract dated
Sept. 6 1917, as amended, provides that in consideration o f $50,000 in cash,
and its guaranty o f the int. on the 20-year debentures for a period of five
years from Oct. 1 1917— extended to Oct. 1 1927— (which guaranty is
seemed by deposit of $125,000, the Calumet Gas & Electric Co. shall have
an option for five years (extended to Oct. 1 1927) to redeem or pay at par
and m t. o f all of said debentures and thereupon to receive all of the common
stock o f the corporation. The Electric Co. is further to have a renewal for
five years o f its contract for the furnishing of power to the properties, and,
in the meantime, will control the management through a voting trust agree
ment under which all of the common stock of the corporation is to be de
posited with three voting trustees, of whom one shall be a representative of
the Old Gary & Interurban Ry. bondholders and the other two of the
Calumet Gas & Electric Co. In case the Electric Co. shall not cause to be
redeemed all o f the debentures on or before Oct. 1 1927, or in case it shall
default on its guaranty o f the payment of int. thereon, then the common
stock o f the Corporation shall be distributed ratably among the holders of
the debentures.
[The Calumet Gas & Electric Co. is an Indiana corp. and secures its
electric power from various power generating sources, selling and dis
tributing the same in communities throughout northern Indiana.]
In April 1924 was authorized by the Ind. P. S. Comm, to issue $643,000
5% bonds. V. 118, p. 2304.
Interest. Outstanding.
Maturity
STOCKS AN D BONDS.— Date.
_________ 236,036 shs
________
Common 275,000 shs without \ ____
par value (stated val $10) - - /
7.2%
$450,000 __________
7.2% pref Class A $1,075,0001 ____
( $ 100 ) _________________________ /
7.2% pref Class B $675,0001
7.2%
675,000
( $ 100 ) -----------------------------------------------------1
.
1917
5 g A-O
526,500 Oct 1 1937
First Mtge bonds $2,500,000
($100, $500 and $1 ,000)--- Cent. Trust Co. of 111. and Askel K . Bodholdt
trustees.
6}4 F-A
550,000 Aug 15 1945
lst lien & ref mtge gold Series f 1925
“ A ” ($1,000, $500, $100) Int. at Halsey, Stuart & C o., Inc., Chicago
c*tf
and New York.
Equip notes______________________
_______
233,410 ---------- ----Stock.—Preferred stock o f both cos. is limited to the auth. amounts
mentioned above. Both issues are red. as a whole at par on 30 days’ no
rice. Dividends on the common stock o f the Gary Street R y. Co. of Ind.
are limited during the life of the voting trust to $100,000 per annum.
Voting Trust.—-All the common stock o f Gary Street R y Corp. (except
directors’ shares was held under a voting trust agreement for five years to
Oct. 1 1922, but agreement has been extended to Oct. 1 1927. Trustees
are Mortimer N . Buckner, W. D. Boone and Charles W . Chase.
Bonds.— Remaining 1st M . bonds may be issued for additions, ext’ns and
impts. for not over 85% o f cash cost o f same, and for repaving and track
renewals necessitated by public orders, for not more than 90% of the cash
cost of same under certain restrictions. Callable at 105. In addition to
the $536,500 outstanding, $550,000 are pledged under the 1st lien & ref.
mtge.
All of the outstanding Gary St. R y. Corp. $800,000 20-year 5% gold
debentures due Oct. 1 1937 were redeemed at par and int. on Aug. 1 1925.
V. 121, p. 74.
The Gary Rys. Co. 1st Lien & Ref. Mtge. 614 % Gold Bonds, Series A 1925,
are red., whole or part, upon 30 days’ notice, incl. Aug. 15 1930 at 10714',
incl. Aug. 15 1935, at 105; after Aug. 15 1935 at 105 less M % for each year
.
or part of year after Aug. 14 1935, and after Aug. 15 1944 at 100. Secured
by mortgage and in addition by deposit with trustee of $550,000 1st mtge.
bonds of the company. Penna. and Conn. 4-mills tax, Maryland 4 -mills
tax, Dist. of Col. 5-mills tax and Mass, income tax up to 6% refundable.
In Aug. 1925 Halsey, Stuart & C o., Inc., sold $550,000 at 96 and int., to
y ie,d 054 % •
_______________ years end Dec 31_______________
EARNS.— (CaZ. Years) 1924.
1923.
1922.
1921.
1920.
Gross earnings___________ $998,418 $938,150 $745,278 $755,188 $878,588
Net, after taxes__________ 231,179 235.434 179,793 153,165 195,925
Latest Earnings.-— 12 mos. ended. June 30 1925; Oper. revenue, $1,192,320; oper. exp., maint., taxes & deprec., $1,104,399; net before interest
charges, $177,921; int. charges, $77,437; available for divs., $100,484.
OFFICERS.— Chairman, Samuel Insull; Pres., Charles W . Chase;
V.-Ps., Samuel Insull Jr. and Thomas J. Hamilton;, Sec., W. D. Boone;
Treas., G. F. Mitchell; Gen. M gr., T . G. Hamilton; Compt., W. A. Sauer;
Aud., F. M . Kemp.— V. I l l , p. 493; V. 113, p. 1052; V. 114, p. 2579; V.
115, p. 645, 1321,2477; V. 118, p. 2304; V. 119, p. 2286; V. 121, p. 74, 457,
839, 977.
G A R Y & VALPARAISO R Y . CO.
In Aug. 1925 Gary Rys. Co. acquired the properties o f the company.
ORGAN IZATION .— Incorporated in Indiana on N ov 19 1917 with
authorized capital stock of $10,000 to operate the lines o f the Gary Connect
ing R R . and the Valparaiso & Northern R y., which were sold under fore
closure Sept. 18 1917. See also V. 112, p. 1977. Operates the former
property under a 20-year lease and owns and operates the latter.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Extends from Goodrum through Woodville Junction to Valparaiso, 8
miles (owned), and from Woodville Junction to Gary, 16 miles (leased)—
see above. Total mileage operated. 24 miles.
C A PITALIZATION .— On Jan. 31 1922 the above committee sold at
auction the following securities of the Gary & Valparaiso R y.: (a) $47,000
20-year 6% 1st M . bonds dated Jan. 1 1922 [total issu ed, $67,000; total
auth., $1,000,0001; (6) $78,000 20-year 6% adjust, income M . bonds dated
Jan. 1 1922 [total auth., $78,000); (c) $70,000 6% non-cum. pref. stock
[total auth. & outstanding, $70,000]; (d) $70,000 com. stock [total auth.
and outstanding, $70,000]. V. 114, p. 409. All the above securities were
issued under auth. of Ind. P. S. Comm, in payment o f the property.
EARN INGS.— For years ending Dec. 31:
1923.
Calendar Years—
1924.
$99,744
Gross______________________________
$86,606
def3,207
Net after taxes_____________________
def 1,344
— V. 112, p. 257, 1977; V. 114, p. 409; V. 121, p. 457.
1922.
$104,993
3,327
125
INDIANAPOLIS & CINCINNATI TRACTION CO.
O R GAN IZATION .— Incorporated in Indiana on N ov. 17 1910 as suc
cessor to the old Indianapolis & Cincinnati Trac. C o., sold at foreclosure
N ov. 10 1910. V. 91, p. 1385, 1025.
In 1911 acquired the Indianapolis & Southeastern Trac. Co. (all of whose
com. and $30,000 1st M . bonds the old Indianapolis & Cincinnati Trac. Co.
had owned and to which company the Ind. & Southeastern was leased) and
canceled its com. stock. V. 92, p. 881, 956. Private right o f way except in
cities and towns. County franchises perpetual. Franchises in cities and
towns are for 50 years (the oldest being dated 1904), except in Indianapolis
which is for 34 years from 1900. Has contract with Indianapolis Traction
& Terminal Co. for 31 years allowing its cars to enter Indianapolis.
In April 1913 acquired control o f the Cincinnati & Westwood R R ., a
narrow-gage road extending from Westwood, on the boundary line of
Cincinnati, to Brighton, within the city, 5 1-3 miles. V. 96, p . 1297.
Receiver.— In M ay 1925 Charles L. Henry, President, was named receiver
for the company. V. 121, p. 1348.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Operates 58 miles of track from Indianapolis via Rushville to Connersville
and 49 miles of track from Indianapolis via Shelbyville to Greensburg.
Total, 105 miles of track. An extension from Rushville via Harrison, O.,
to Cincinnati is proposed. 60 and 70-lb. T rails. 22 motor passenger
cars and 5 freight box cars. 7 stock cars, 4 flat cars and 3 ballast cars.
Payments in Scrip.— On Oct. 1 1918 $15,000 o f divs. on Ind. & Southeast
ern pref. stock being unpaid, the co. issued in lieu thereof a like amount
6% ctfs. of indebtedness, due two years after the close of the war. Divs.
due Apr. 1 and Oct. 1 1919, also Apr. 1 1921, were paid in the same way.
Subsequent divs. have been paid in cash. On Jan. 1 1919 $60,000 addi
tional 6% ctfs. of indebtedness were issued to pay the $60,000 of bond
interest due on that date. Int. due July 1 1919 was paid in a like manner.
These ctfs. were to mature on Jan. 1 1921, but had not been paid up to
Oct. 1923. They have not been renewed but are being carried along by
“ mutual understanding.” V. 114, p. 1890. Compare V. 108, p. 784.
STOCK AND BONDS—
Date.
Interest.Outstanding.
Maturity
Common $2,000,000_________
____ _________ $2,000,000 ___________
Pref $1,000,000 (see text)_____ ____
J-J
1,000,000 In 1912, 1%
First mtge $4,850,000 ($1,-/ 1910
5 J-J
1,400,000 July 1 1940
000) gold (see text)_____c*\Interest at Central Trust C o., N . Y ., trus.
Ind.&SE p f stk $600,000($100)____
A-J
600,000 In 1917, 5%
Ind. & S E 1st M $1,000,000/ 1905
5 g J-J
586,000 July 1 1935
gold ($1,000) — _________ tint, at Farmers’ Loan & Tr. C o., N. Y.,trus.
Ind Shelbyv. & Southeast lstf 1902
5 g J-J
414,000 Jan. 1 1932
„ M $500,000 g ($1,000) s f_-\lnt. at C. & C. Tr. & Sav. Bk., Chicago, trus
Certificates of indebtedness_
_ ____
6%
165,000 See text
Stock.— Ind. & Cin. Trac. pref. is entitled to non-cum. divs. of 2% until
July 1 1911, then increasing 1% yearly to July 1 1913; thereafter 5% per
annum. Ind. & S. E. pref. is redeemable at 105 and accrued div. on any
dividend date. See V. 81, p. 1375.
Bonds.— Ind. & Cin. Trac. 1st M . is divided into three classes: A, B and C.
Class,A, $1,300,000, all out Class B, $200,000, none issued, and Class C,
$3,350,000 (of which $100,000 outst’g), reserved for extens., improvem’ts,
Ac. Entire series of bonds of each class is subject to call on or after July 1
1913 at 105 and int. As to priority of different series, see V. 92, p. 956.
Of the $1,000,000 Ind. & S. E. bonds, $414,000 is reserved for prior liens.
They are subject to call on any int. date at 105 and int.
Of the Ind. Shelby. & S. E. bonds, the entire issue may be called on any
Int. date at 110. A sinking fund on these bonds of $10,000 per annum began
Jan. 1 1908, for which bonds can be called at 105, beginning with lowest
number. $86,000 have been retired.
Dividends— On Pref. paid in 1911, 1 M%; in 1912, 1% .
EARNING S.— For year ending Dec. 31 1922, gross, $627,439; net, after
deprec. (but before taxes), $43,132; taxes, $33,643. In 1921, gross, $688,987; net, after deprec. (but before taxes), $137,122; taxes, $33,758.
Latest Earnings.-— For 12 mos. ended Dec. 31 1924, gross, $564,990; net
before taxes, def., $17,157. In 1923, gross, $583,859; net before taxes,
$21,456.
OFFICERS.— Pres., Chas. L. Henry, Indianapolis; V .-P ., W . Durbin,
Anderson; Sec., John J. Appel, Indianapolis; Treas., J. F. Wild, Indian
apolis. Office, Indianapolis.— V. 112, p. 1740; V. 114, p. 1890; V. 115, p.
759; V. 121, p. 1348.
CHICAGO LAKE SHORE & SOUTH BEND RY.
Receivership .— In March 1925 Chas. Currie was appointed receiver for
the co.— V. 120, p. 1201. Chas. W . Chase has been appointed Gen. Mgr.
for the receiver.
Plan for Reorganization and Acquisition by Insull Interests. See V. 120,
p. 701. On June 29 1925 the road was sold to a newly organized corpora
tion, the Chicago South Shore & South Bend RR., which is controlled by the
Midland Utilities Co., for $6,000,000. For further details and proposed
capitalization of the new co., see V. 120, p. 3312; V. 121, p. 197. At the
time of going to press we had no report as yet of definite assumption of con
trol by the new co., whose capitalization will be approximtaely as follows:
Common (no par)_________________________________________ 150,000 shs.
30-year 614% 1st & ref. mtge. gold bonds___________________ $2,000,000
50-year 6% 2d mtge. gold notes____________________________
1,250,000
50-year adjustment mortgage gold bonds____________________
1,750,000
ORGAN IZATION .— Organized in Indiana December 1901. .
FIELD OF OPERATIONS A N D C H A RACTER OF BUSINESS.—
Operates a total of 70.86 miles between South Bend and Hammond; 6.3
miles Hammond to Kensington owned by Illinois Central R R ., is leased
to Chicago Lake Shore & South Bend. 70-lb. T rail.
No securities in hands o f public. All owned by syndicate, which used
them as collateral for a note of $1,820,000 payable to the order of the
Cleveland Trust Co. The note, together with accrued int. thereon,
amounted to $3,955,248 on July 7 1922, and being due and unpaid, all the
stock and bonds of the co. pledged as collateral were to have been sold at
public auction on that date (V. 114, p. 2716), but see above.
STOCKS AND BONDS— - Date.
Interest. Outstanding. Maturity.
Com m on$5,000,000 ($100)--- ____ _________ $5,000 000 ____________
Pref $1,000,000 ($100) 6% n-c ___
_________
1,000,000 __________
1st Mtge $6,000,000 ($1,000) f 1907 5 F-A 15
4,692,000 Aug 15 1947
g o ld ___________________ tf (Interest at Cleveland Trust C o., trustee.
Equipment bonds, gold ($1,-/ 1908
6 M -N
50,000
Past due.
00 0)_________ ___________c\Int. at Cleveland Trust Co., Trustee.
Bonds.— Remaining bonds are reserved for future extensions and im
provements. They are subject to call at 102 l at any int. period. Sink,
A
fund of $50,000 per annum began Aug. 15 1917 for 10 years, then 2% of
bonds outstanding until maturity.
EARNINGS.— For years ending Dec. 31:
Calendar Years—1924.
1923.
1922.
Gross______________________________
$883,369 $1,044,105
$960,736
60,259
107,468
124,612
Net, after taxes____________________
OFFICERS.— Chairman of Board, I. F. Freiberger; Pres. & Gen. M gr.,
Chas. Currie; Sec., S. A. Horr.— V. 98, p. 386; V. 106, p. 2755; V . 114, p.
2716; V. 120, p. 701, 1201, 1746, 2940, 3312; V. 121, p. 73, 197.
WINONA SERVICE CO.
ORGANIZATION.— Incorp. in Indiana on M ay 27 1924 to acquire the
property of the Winona Interurban Ry. Co. (for history see “ Electric Rail
way” Supplement of April 26 1924) sold at receiver’s sale to James P.
Goodrich for $309,369. V. 118, p. 2825, 3080. The company holds under
lease the Winona & Warsaw Ry.
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS.—
Operates 70 miles of interurban railway between Goshen and Peru.
Lease*
4% miles of track between Warsaw and Winona Lake.
MIDDLE WEST UTILITIES COMPANY
72 WEST ADAMS STREET
CHICAGO, ILLINOIS
Serving, through the following operating subsidiaries, over 800,000 customers in 1,319 communities in 19 States.
C L A SSE S OF S E R V IC E
STATE
S U B S ID IA R Y C O M P A N IE S
Illinois
C o m m u n itie s
S e rv e d
E le c tr ic
G as
W a te r
Ic e
H eat
5
R a ilw a y
E s tim a te d
P o p u la tio n
S e rv e d
250
246
9
13
20
209
180
32
13
96
--
Nebraska
21
20
3
--
--
--
--
42,490
Tennessee
Central Illinois Public Service Company
1
--
1
--
--
--
--
21,000
--
--
1
3
138,000
1
3
279,910
Central and South West Utilities Company.- _ j Tex., Okla., Ark.,1
Miss., La., Kan.J
- -
Citizens Gas Light Company
493,348
6
1,086,312
Illinois
83
80
9
Indiana
135
134
14
16
--
Kentucky
--
--
--
--
--
--
--
Kentucky Utilities Company
Kentucky
97
96
20
--
--
193,378
McHenry County Light & Power Company
Illinois
4
4
--
--
--
--
1,700
--
--
Illinois Northern Utilities Company. _
_
Interstate Public Service Company _
Kentucky Hydro-Electric Company..
_ .
3
--
8
.
_ . . Michigan
28
24
7
--
Missouri Gas & Electric Service Company
. . Missouri
31
30
2
--
5
5
1
286
286
14
--
1
149
147
9
8
8
--
--
--
11
11
--
--
--
1,319
1,271
105
54
139
Michigan Gas and Electric Company
Nebraska City Utilities Company
. . .
New England Public Service Company
_
Michigan
Wis. & Mich.
Old Dominion Power Company
Virginia
United Utilities Company
Illinois
TOTAL SUBSIDIARIES________________
--
33,000
--
--
--
7,750
--
--
--
--
--
--
1
3
4
599,000
--
7,400
11
338,000
--
--
8,000
--
--
6,800
3,327,088
2
9
34
[V
North West Utilities Company
1
--
12 1.
_
j Me., N. H., Vt.,\
N. Y.
/
71,000
ol.
Niles Gas Light Company
. Nebraska
3
2
PUBLIC U T ILIT IE S
Central Power Company.
5
C A PITALIZATION .— Capital stock, auth., 10,000 shares (no par value).
Bonds auth., $600,000 first mtge. 6% bonds; outstanding, $430,000, dated
July 1 1924 due serially, $18,000 per annum, 1925-1956, inclusive, and th**
balance ($24,000) due in 1957. Interest J. & J. at the Aetna Trust & Say
Co., trustee, Indianapolis, Ind. Denom. $1,000, $500 and $100. Callab'®
on any interest date at 103. In Sept. 1924 was auth. by the Ind. P. S .C ow
to issue $90,000 7% notes, to be secured by pledge o f $170,000 1st mtg“
6% bonds. V. 119, p. 1397.
EAR N IN G S.— For years ending Dec. 31:
Calendar Years—
1924.
1923.
G ross___________________ _____ _________ _______
$266,399
$294,979
Net, after taxes_________________________________
12,176
6,793
OFFICERS.— Pres., Harry Reid; Y .-P ., Theodore C. Frazer; Sec
Treas., James P. Goodrich; Aud., J. R. Steinebach.— V. 119, p. 1397
VINCENNES ELECTRIC RY. CO.
ORGAN IZATION — Incorp. in N ov. 1921 and on Feb. 1 1922 took ov«*
the operation o f the properties of the Vincennes Traction C o., sold at fore
closure in Oct. 1921. For history o f Vincennes Traction Co. see “ F>"*'
trie Railway" Supplement o f Oct. 22 1921.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.
Length o f road, 6.11 miles. Passenger cars, 10; work cars, 3; powar
purchased.
. STOCKS A N D BONDS— _ Date.
Interest. Outstanding. Maturity.
Capital stock $100,000_______ ____ _________
$100,000 __________
First mortgage sinking fundf 1922 _________
194,500
See text.
bonds____________________ (Mercantile Tr. Co., St. Louis, trustee_____
Bonds.— Sinking fund retires bonds in 20 years.
E A R N IN G S.— o f Vincennes Elec. Ry. for 12 months ended Dec. 31
1924, gross, $71,856; net after taxes, $16,831. In 1923, gross, $79,598; net
after taxes, $21,608. For 11 months ended Dec. 31 1922; gross, $73,326;
net, $21,328; int., $11,000; bal., sur., $10,328. Of predecessor co. for cal.
year 1921, gross, $83,669; net, $29,228; int., $11,750; bal. sur., $17,478.
OFFICERS.— Pres., Ewing R . Emison; V .-P ., J. Hugh Powers; Fin.
Sec., H. L. Bennett; Gen. M gr., & Treas., L. F. Gillett.
ILLINOIS
MIDDLE WEST UTILITIES CO.
(See M ap on page 128.)
A holding company.
O RGAN IZATION .— Incorp. by the Insull interests o f Chicago in Dela
ware M ay 1912.
Subsidiaty Operating Companies (compare V. 106, p. 2646; V. 108, p.
2525).— (1) Illinois.—-Central Illinois Pub. Serv. C o., Sterling Dixon &
Eastern Elec. R y.; Illinois Northern Utilities Co. (V. 103, p. 2264, 496:)
McHenry County Light & Power Co.; United Utilities Co. (2) Indiana.—
Interstate Pub. Serv. Co. (V. 94, p. 1157, 1701); Indiana Power Co.,
Indiana Hydro-Electric Power Co. (3) Kentucky.— Kentucky, Util
ities Co.; Kentucky Hydro-Electric Co.; Kentucky Light & Power Co.
(V. 104, p. 2010). (4) Michigan.— Michigan Gas & Electric Co.; Niles
Gas Light Co. (V. 104, p. 950). (5) Missouri.— Missouri Gas & Elec.
Serv. Co. (6) Nebraska.— Nebraska City Utilities Co.; Central Power
Co. (V. 109, p. 479). (7) New England.— New England Pub. Serv. Co.,
incorp. in Maine Sept. 18 1925, which controls; Central Maine Power Co.,
Manchester Traction’, Light & Power Co., and National Light, Heat &
Power Co. The latter co. in turn controls the Twin State Gas & Electric
Co. (V. 109, p. 79); Berwick & Salmon Falls Elec. Co.; the Vermont HydroElectric Corp., Inc.; the Rutland R y., Light & Power Co., and the Pittsford Power Co. (V. 121, p. 1678. (8) Oklahoma.— Public Service Co.
o f Oklahoma (V. 101, p. 923); Chickasha Gas & Electric Co. (V. 101,
p. 532); American Public Service Co. (of Oklahoma and Texas). (9) Ten
nessee.— Citizens Gas Light Co. (10) Virginia.— Electric Transmission Co.
o f Virginia (V. 102, p. 254, 440); Old Dominion Power Co. (11) Wisconsin.
— North "West Utilities Co., which controls Wisconsin Power & Light Co.;
Wisconsin River Power Co.; Southern Wisconsin Power Co.; Lake Superior
District Power Co.; Southern Wisconsin Elec. Co. (V. 108, p. 385, 2 5 2 5 ).
Separate statements of a number of these operating companies are given
further below.
As to offering o f bonds o f Central Power Co. o f Delaware in Aug. 1919
see V. 109, p. 479.
In 1917 acquired American Pub. Serv. C o., &c. See V. 106, p. 2646.
Subscription rights.— See V. 120, p. 2147.
In M ay 1925 acquired the Noblesville (Ind.) Water & Light Co. V.
120, p. 2943. Acquired control of the Central Maine Power Co. V.
120, p. 3064; V. 121, p. 330. Negotiations to purchase the Manchester
(N. H.) Traction, Light & Power Co., see V. 120, p. 3188; V. 121, p. 200.
In July 1925 purchased common stock o f the Southwestern Gas & Electric
Co. V. 121, p. 586. On July 6 1925 announced the purchase of all the
common stock of the Central Power & Light Co., the subsidiaries of which
operate in Texas, Oklahoma, Kansas, Mississippi and Mexico. V. 121,
p. 200. In July 1925 the subsidiary operating companies of the Middle
West Utilities Co. were said to serve 1,041 communities in 18 States.
V. 121, p. 200.
On Aug. 1 1925 the Central < South West Utilities, whose common stock
%
is all owned by Middle West Utilities Co., was incorp. in Delaware as a
holding company and was to acquire all the common stock of the Public
Service Co. o f Okla., the Chickasha Gas & Electric Co., the Central Power
& Light Co., and the Southwestern Securities Co. (which controls the
Southwestern Gas & Electric Co.) and substantially all of the common stock
o f the American Public Service Co. The 5 major companies will serve
209 communities with a population of over 1,000,000 in Texas, Oklahoma,
Louisiana, Arkansas, Kansas and Mississippi. V. 121, p. 838, 977, 1347,
1676.
We Specialize in
the Securities of
MIDDLE WEST UTILITIES CO.
and its Subsidiaries
R ussell, Brewster & Co.
FOUNDED BY EDWARD L. BREWSTER 1873
112 WEST ADAMS ST.,
CHICAGO
Members ol the
New York Stock Exchange
Chicago Stock Exchange
127
POWER, LIGHT AND RAILW AY
Oct., 1925.]
EDWARD P. RUSSELL
WALTER S. BREWSTER
CORDOVA L. PENISTON
Interest. Outstanding. Maturity.
STOCK AND BONDS—
Date.
Common 300,000 shs no par)______
_______ 213,250 shs See text.
Prior lien stk $30,000,000($100)____
7 Q-M 15 $24.5 17,500 Sept’2 5 ,1 H
See text
26,587,520 Oct ’25. 1 H
Pref $30,000,000 ($100)___________
Sec notes
8 g J-D
2,142.700 Dec. 1 1940
Series " B ” $2.500,000____f 1920
1,287.800 July 1 1941
Series “ C ” $2,000,000___ : 1921
8 g J-J
gold ($100, & c.)____c* .tf Bankers Trust C o., New York, trustee.
Stock.— The prior lien stock is entitled to 7 % cum. divs. and an additional
1% div. in any calendar year that more than $5 per share cash divs. are
paid on com. Callable at 115 and accrued divs. $2,000,000 prior lien
stock was offered in Oct. 1924 by Pynchon & C o., West & Co. and Middle
West Utilities Corp. at $98 per share and div., to yield about 7.14% .
V. 119, p. 1850. Pref. is entitled to 7% cum. divs. since June 15 1924 and
to 1% additional in any year that over $6 per share cash divs. are paid on
common. Callable any time at 105 and accrued divs. Has equal voting
power with the prior lien and com. stocks. In June 1925 A. B. Leach &
Co. sold $2,500,000 7% pref. stock at $96 50 and divs., to yield 7.25% .
Notes.— The Series A secured 8% notes were called for redemption on
Sept. 2 1925.
The Series B secured 8% notes are redeemable, all or part, after N ov. 30
1925, at 107H and int. to N ov. 30 1930, at 105 to Nov. 30 1935, at 102J£
to N ov. 30 1936, and reducing K of 1% each year thereafter to 100'A
during the 12 mos. ended N ov. 30 1940. A striking fund is provided with
semi-ann. payments (J. & D.) of $25,000 each. Secured by pledge of mort
gage bonds on properties of sub. cos. owned or controlled. V. 112, p. 62.
The Series C secured 8% notes are redeemable, all or part, after June 30
1926 at 107 H and int. during the five years ended June 30 1931, 105 during
the five years ended June 30 1936, 102 during the 12 mos. ended June 30
1937, 102 daring the 12 mos. ended June 30 1938, 101M during the 12 mos.
ended June 30 1939, 101 during the 12 mos. ended June 30 1940, and 100t£
during the 12 mos. ended June 30 1941. Secured by mortgage bonds se
cured by liens on the property of companies owned entirely or controlled by
the company, the bonds so to be pledged as security for these $1,356,900
Series “ C ” notes aggregating $2,233,500, or $164 52 of bonds pledged for
each $100 par value of notes outstanding. Sinking fund semi-annual pay
ments (J. & J.) of $20,000 each. V. 113, p. 736.
Dividends.— Divs. on pref., Sept. 1912 to June 1918, 1H % Q.-M . The
June 1 1918 pref. div. was paid in 10-year dividend certifs. (redeemed
at par and int. on Dec. 1 1924); none paid thereafter until M ay 14 1921,
when
was paid; on N ov. 15 1921 paid 1 J4%; Eeb. 15 1922 paid 1% ;
May 1 1922 paid 1%; July 15 and Oct. 2 1922 paid 1% each; Dec. 15 1922,
March 1923 and M ay 15 1923 paid \ M % . V. 107, p. 909; see V . 106,
p. 2423. Aug. 1 1923 paid 1M%; Oct. 15 1923 to July 15 1924 paid 1H %
quar. Divs. on pref. stock began to accrue at the rate of 7% per annum
from June 15 1924, the first payment at the increased rate being made
Oct. 15 1924. Quarterly divs. at same rate paid regularly quarterly since
to and including Oct. 1925. In Jan. 1917 declared an initial cash div. of
2% on com. stock, payable in quarterly installments of M of 1% , beginning
April 2, and a stock div. of 2% , payable 1 % semi-annually in April and Oct.
191J; April 1918, M of 1% cash and 1% stock div.; none on the com. stock
until M ay 1925, when $1 25 per share was paid on the no par com. stock.
In Aug. 1925, $1 25; N ov. 1925, $1 25. Divs. on prior lien stock are
paid 1% % (Q.-M . 15).
-Subsidiary CompaniesCalendar Years—
1924.
1923.
1922.
Gross earnings-------------------------------- $41,402,607 $36,185,182 $29,870,702
Net, after expenses, &c------------------- $13,924,380 $11,323,419 $8,961,983
Bond, debenture and other interest
paid or accrued to outide holders..
5,130,705
4,165,192
3,451,614
Discount on securities_______________
586,498
480,459
366,571
Divs. on stock and property of undis
tributed earnings to outside holders 2,582,633
1,741,722
1,095,360
Balance accruing to M . W . U. C o ..x $ 5 ,624,544 $4,936,046 $4,048,438
x Of the above amount M . W . Utilities C o.: (1) received and accrued as
interest of bonds and debentures, $807,946; (2) received and accrued as in
terest and brokerage on money advanced, $198,620; (3) received and accrued
as dividends on stocks, $3,025,095; total, $4,031,661, leaving M . W . U.
C o.’s proportion of surplus carried to the aggregate surplus account of sub.
cos. on their own books, $1,592,883.
OFFICERS.— Chairman, Samuel Insull; Pres., Martin J. Insull; V.-Ps.
John E. Gilchrist, E. V. Graham, W . C. Sharp, G. W . Hamilton and A . J.
Authenrieth; Sec., Eustace J. Knight; Teras., Oliver E . McCormick.
Office, 3016 Du Pont Building, Wilmington, Del.— V . 119, p. 1515, 1850!
V. 120, p. 86, 1450, 2147, 2943, 3064, 3188; V. 121, p. 75, 200, 330, 586.
NEW ENGLAND PUBLIC SERVICE CO.
Controlled by Middle West Utilities Co.
ORGANIZATION.— Incorp. in Maine Sept. 18 1925. Upon completion
of the financing will own practically all of the common stock of Central
Maine Power Co. and the Manchester Traction, Light & Power C o., and
a substantial majority of the common stock of the National Light, Heat
& Power Co. Through the latter it will control through stock ownership
Twin State Gas & Electric C o., the Berwick & Salmon Falls Electric Co.,
the Vermont Hydro-Electric Corp., Inc., the Rutland R y., Light & Power
Co. and the Pittsford Power Co.
The operating companies with their subsidiaries serve at retail a total of
286 thriving industrial and farming communities having an estimated com
bined population of 599,000 in the States of Maine, New Hampshire, Ver
mont and New York. Eighty additional communities are served by these
companies under wholesale contracts. An important part of the vast water
power resources of New England is controlled by the company. Plants of
the subsidiaries have a generating capacity of over 108,000 k.w., of which
over 66% is hydro-electric. The ultimate capacity of the undeveloped
water power sites controlled is estimated to be about twice that of the
existing hydro-electric stations. To meet the constantly increasing de
mands for electrical energy, the company has already begun development
of about 20,000 k.w. of additional power on the Androscoggin River.
During the year ended July 31 1925, 76.7% of the consolidated gross revenue
was derived from the sale of electricity, 7.6% from gas, 12.8% from trans
portation service and 2.9% from miscellaneous sources.
Middle W est Util. Co.
A m e r ic a n P u b l i c S e r v ic e C o .
B a n gor P ow er C o.
C e n t r a l G e o r g ia P o w e r C o .
C e n t r a l I ll in o i s P o w e r C o .
C e n tra l In d ia n a G as C o.
C e n tr a l I n d ia n a P o w e r C o .
C in c in n a t i G a s & E le ctric C o .
C in c in n a ti G as T r a n s p o r ta tio n
C o lu m b ia G a s & E le c tr ic C o.
C u m b e rla n d C o u n t y P r. & L t.
D a n b u r y & B e t h e l G a s & E le c . L t
D u r h a m P u b l i c S e r v ic e C o .
E a s t O h io G a s C o .
G e o r g ia L ig h t , P o w e r & R y s .
I n d ia n a E le ctric C o r p o r a t io n
J e r s e y C e n t r a l P r. & L t . C o r p .
L in c o l n G a s & E l e c t r i c L ig h t C o.
M i c h i g a n L ig h t C o .
M id d le W e s t P o w e r C o .
N o r t h w e s t e r n P u b l i c S e r v ic e C o .
O h io P u b l i c S e r v ic e C o .
O m ah a & C o u n c il B lu ffs S t. R y .
O zark P ow er & W a ter C o.
P o r t la n d E l e c t r i c C o .
P u b l i c S e r v ic e C o . o f C o l o r a d o
S h a w in ig a n W a te r & P o w e r C o.
U n io n L i g h t , H e a t & P o w e r C o .
U n it e d F u e l G a s C o .
V i r g in i a n P o w e r C o .
W est P en n P ow er C o.
W e h a v e b e e n id e n tifie d e ith e r as p rin cip a ls or
jo in t ly in th e fin a n c in g o f th e a b o v e co m p an ies
A . B. Leach & Co., Inc,
NEW Y O R K
BOSTON
PH ILA DE LPH IA
OFIOAGO
138
[V
NEW
MEXICO
PU BLIC U T ILIT IE S
o l
. 1 2 1 .
Oct., 1925.]
POWER, LIGHT AND KAILW AY
STOCK AN D BONDS— Date.
Interest.
Outstanding. Maturity.
Common (no par) 400,000 s h s - ____
_______ 181,600 shs. __________
Cumpr lien200,000shs (n o p a r )____
$7 Q-M
80,000 shs. __________
Pref 200,000 shs (no par)__________
$7 Q-J
40,000 shs. __________
Stock.— The prior lien pref. stock is preferred as to amt. and divs. over the
pref. and common stocks. Red. at $120 per share and divs. Listed on
Boston Stock Exchange. Old Colony Trust Co., Boston, &c., &c., sold
in Oct. 1925 80,000 shares at 98 and divs., to yield 7.14%. V. 121, p. 1678.
Holders o f record Dec. 31 1925 of pref. stock, $7 div. series, are entitled
for each share they hold to one warrant to buy within a period of 12 months
one share o f common stock at $30 per share.
In Oct. 1925, Tucker, Anthony & C o., &c., &c., sold 40,000 shares
pref. stock at $96 50 and div., to yield 7 \ i% . Listed on Boston Stock
Exchange. V. 121, p. 1789.
The pref. stock is preferred as to amt. and div. over the common stock,
and red. at $120 and div.
CENTRAL & SOUTH WEST UTILITIES CO.
Controlled by Middle West Utilities C o., which owns the entire com
mon stock.
O RGAN IZATION .—A holding co., incorp. in Delaware Aug. 1 1925.
Owns all the common stock of the Public Service Co. o f Okla., the Chickasha
Gas & Electric C o., the Central Power & Light Co. and the Southwestern
Securities C o., which controls the Southwestern Gas & Electric C o., and
substantially all o f the common stock of the American Public Service Co.
These five major public utility companies with their subsidiaries serve a
total o f 209 communities with a population of 1,086,000 in the States of
Texas, Oklahoma, Louisiana, Arkansas, Kansas and Mississippi. Com
bined electrical generating capacity 89,337 k.w.; 1,784 miles of trans
mission lines; 910 miles o f gas mains; daily ice manufacturing capacity,
2,926 tons; 42 miles of tracks. Supplies water in several communities.
STOCK A N D BONDS—
Date.
Interest.
Outstanding. Maturity.
Common 600,000 shs (no par)______
_______ 400,000 shs. __________
Prior lien pref $7 div Series
300,000 shares (no par)_________
$7 Q-P
100,000 shs. __________
Preferred 300,000 shs (no par) _ ____
_______
65,000 shs. __________
Stock.— Prior lien pref. stock is preferred as to $100 o f amt. and $7 cum.
divs. over the pref. and common stocks. Red. upon 30 days notice at $120
and divs. Listed on Chicago Stock Exchange. A. B. Leach & C o., Inc.,
&c., &c., sold in Sept. 1925 100,000 shares prior lien pref. at $98 50 per
share and div., to yield 7.11% .— V. 121, p. 1347.
AMERICAN PUBLIC UTILITIES CO.
Control.— It was announced in Sept. 1924 that control o f the co. had
passed from Kelsey, Brewer & Co. to Samuel Insull and associates, the
United Gas & Improvement C o., the Middle West Utilities Co. and the
Midland Utilities Co. through ownership o f the majority of the com.
stock. Y . 119, p. 1174.
ORGAN IZATION .— Incorp. under laws of Delaware in June 1912.
Controls, through stock ownership, the following properties: Albion Gas
Light C o., Albion, M ich.; Holland Gas Works, Holland, M ich.; Boise Gas
Light & Coke C o., Idaho; Mulberry Light & Power C o., Ind.; Utah Gas
& Coke C o., Salt Lake City, Utah; Central Indiana Power C o., Indianapolis,
Ind., which has as subsidiaries; Merchants Heat & Light C o., Indianapolis,
Ind.; Northern Indiana Power C o., Kokomo, Ind.; Indiana Electric Corp.,
Indianapolis, Ind.; Wabash Valley Electric C o., Clinton. Ind.. and Attica
Electric C o., Attica, Ind., and Colfax Electric C o., Ind. Total popula
tion served, 646,000.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $15,000,000 ( $ 1 0 0 ) - - ____
------- . . . $2,822,400 ___________
Priorpref 7% cum $10,000,000
($100) --------------------------------------7 Q-J
2,870,590 Oct ’25, I X
Partic’g pref cum $10 000,000
See text 3,535,440 O c t’25, I X
Coll trust bonds $20,666,0001 1912
5 g M-S
456,300 Sept 1 1942
($100, &c) gold_______ c * tf/In t. at Central Trust Co. o f 111., Chicago, tr.
Stock.— The stockholders on Feb. 19 1924 authorized the creation of two
new classes of stock, prior pref. and partic. pref., into which the $4,465,900
6% pref. stock and its accumulation o f unpaid divs., whether represented
by the $310,040 scrip or not, might be converted (all now converted). The
partic. pref. stock is entitled to cumul. dividends of 4% for the first year
following its date o f issuance, April 1 1923; 5% for the second year, 6%
for the third year and 7 % for the fourth and each subsequent year. It is
also entitled to an additional 1% in any cal. year wherein the total cash
dividends paid on the com. stock shall exceed $6 per share. Is red. at 105.
Prior pref. is red. at 110.
All stockholders of record July 10 1925 were given the right to subscribe
for additional common stock at $100 per share, to the extent of 30% o f
the number o f shares o f all classes held by them. V. 121, p. 196, 327.
Chancellor Wolcott in the Chancery Court at Wilmington, Del., in Nov.
1923 handed down an opinion ruling that the amendment to the certificate
of incorporation o f the co. is null and void and without legal effect in so far
as it relates to the cancellation of accum. divs. on the old pref. stock. Under
the ruling the co. will not be permitted to pay any divs. whatever on its
200,000 shares o f com. stock until it pays o ff 24% accumulated cash divs.
on the old pref. stock. In his opinion, the Chancellor refused the plea of a
group of the co .’s stockholders for an injunction to restrain the co. from pay
ing any divs. on its new pref. or com. stock out of its funds now on hand or
any future profits until it paid off the accum. divs. V. 118, p. 2435. In
Jan. 1925 A. B. Leach & C o., N. Y . and Chicago, and Pearsons-Taft Co.,
Chicago, offered $1,000,000 7% prior pref. at $92 per share, to yield over
7.60%. V. 120, p. 207.
Bonds.— Collateral trust 5s are redeemable at 102.
R EPO RT.— For fiscal year ended June 30 1924 in V. 119. p. 1170:
Column “ A ” Column “ B “
1921-22.
-1923-24----------1922-23.
Gross earns, from oper_. $7,760,632 $8,088,658 $10,508,809 $7,523,240
xOper. expenses & taxes. 5,230,351
5,461,582
6,669,988
4,720,604
139
MICHIGAN GAS & ELECTRIC CO.
Controlled by the Middle West Utilities Co.
ORGANIZATION.— Incorp. in Michigan on N ov. 19 1906 as the
Houghton County Gas & Coke Co. Name changed to the above Feb. 14
1.917. The company acquired, effective Jan. I 1917, the Constantine
Hydraulic C o., Three Rivers Light & Power C o., Three Rivers Gas C o.,
Milling & Power C o., and the Marquette County Gas & Elec. C o., exclud
ing the street railway (which see below).
In Feb. 1925 the co. applied to the Mich. P. U. Comm, for auth. to issue
$400,000 common stock, $218,000 preferred stock and $50,000 bonds,
V. 120, p. 829.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $1,150,000 ($100)....................................... $1,125,000 ____________
Pref cum $400,000 ($100)..................
6%
400,000 N ov ’25, I X
Prior lien stock $750,000___
7%
579.200 N ov ’25, I X
ls tm tg e & re f Ser “ A ” ($100,/ 1923 6 g M-S
1,590,000 Sept 1 1943
$500, $1,000) gold___ c*tf (Central Tr. Co. of Illinois, Chicago, trustee.
M Co G & El 1st
$1,000,-/ 1910 6 g J-J
351,000 Jan 1 1930
000 ($1,000) gold_____c*tf (First Trust & Sav. Bank, Chicago, trustee.
Bonds.— The 1st mtge. & ref. 6s are secured, in addition to their lien on the
property, by pledge of entire capital stock (with exception of directors’
shares) of the Marquette County Elec. R y. Co. Sufficient are reserved to
retire prior liens and the balance for corporate purposes. Are callable on
and from Sept. 1 1933 to Sept. 1 1938 at 105; thereafter prior to Sept. 1
1942 at 102 X , less X of 1% for each year or fraction thereof elapsed after
A
Aug. 31 1939; on and after Sept. 1 1942, at par.
Of the $365,000 Marquette County Gas & Elec. Co. 1st 6s reported out
standing, $139,000 have been assumed by the Marquette County Elec. R y.
Co. (see below), which has acquired and owns a part of the property upon
which the mortgage is a lien. Sinking fund of 1% from 1913 to 1915 and
2% thereafter. Are callable at 105 on any int. date.
EA R N ING S.— For calendar years:
Cal. Year.
Cross Income. Net after Taxes.
Int.,&c.
Bal., Surp.
1924---------------------- $742,533
$216,625
$145,716
$70,909
1923---------------------- $722,713
$189,050
$108,202
$80,848
1922------------610,515
148,139
94,894
53,244
OFFICERS.— Pres., L. E. Myers; V.-Ps., W. C. Sharp, Paul B. Simons
and Roy Campbell; Sec., R . E. McKee; Asst. Sec., B. A. Waindl, Chicago,
111.; Treas., J. W. Denison, Three Rivers, Mich. General office, Three
Rivers, Mich.— V. 118, p. 2581; V. 120, p. 829, 2547.
(a) THE MARQUETTE COUNTY ELECTRIC RAILWAY CO.
Organized with $25,000 capital stock (al. of which, with the exception of
directors’ shares, is owned by the Michigan Gas & Elec. C o.). Property
leased to the Michigan Gas & Elec. Co. under general contract which pro
vides for payment of bond interest, operating expenses and upkeep. The
company has assumed $139,000 of the 1st M . bonds of the Marquette
County Gas & Electric Co.
INTERSTATE PUBLIC SERVICE CO.
Controlled by Middle West Utilities Co.
ORGANIZATION.— Incorp. in Indiana in 1912 and leased for 999 years
the Indianapolis Columbus & Southern Traction Co. at a rental o f 5% on
the capital stock, or $92,000 a year above all taxes. See that co. below.
Has also acquired the Franklin Water, Light & Power C o., Citizens’ Elec.
Lt. & Pow. C o., Indiana Service C o., Northern Public Service Co. o f Ind.,
Seymour Public Service Co., Bedford Light, Heat & Pow. C o., the Northern
Ind. Utilities Co. and the New Castle Lt., Ht. & Pow. Co. V. 114, p. 198.
Has also acquired the Jefferson Water, Lt. & H t. Co. V. 116, p. 2637.
Formerly controlled through stock ownership the Louisville & Southern
Indiana Trac. C o., Louisville & Northern Ry. & Lighting C o., New Albany
Water Works C o., Central Indiana Lighting Co. and United Gas & Elec
tric Co., but early in 1921 these cos. were merged with the Interstate Pub
lic Service C o., as per plan in V. 112, p. 563, 1283. Separate statements
of the Louisville & Northern R y. & Ltg. C o., the United Gas & Elec. Co.
and the Louisville & Southern Indiana Trac. C o., giving history up to time
o f merger, will be found in “ Elec. R y. Supp” of Oct. 30 1920. As of
Jan. 1 1923 the co. acquired all property and business of the Indianapolis
& Louisville Traction R y., Southern Indiana Power C o., the Hydro-Elec
tric Light & Power C o., Hawks Electric Co., Winona Electric Light &
Water C o., Middlebury Electric C o. and Electric Transmission Co. of
Northern Indiana. Separate statement showing history of Indianapolis &
Louisville T rac. R y . up to time of merger will be found in “ Electric Railway”
Supplement of Oct. 28 1922.
The company jointly with the Central Illinois Public Service Co. guar
antees unconditionally by endorsement (auth. $5,000,000, outstanding
$1,250,000) 1st mtge. 7 % bonds of the Indiana Hydro-Electric Power Co. as
to prin., int. and sinking fund. V. 114, p. 306.
In Oct. 1923 purchased the Jeffersonville (Ind.) Water, Light & Power
Co. V. 117, p. 1884. Compare V. 117, p. 1663. In Oct. 1924 acquired
all the outstanding Common stock of the Indiana Power C o. and all of the
physical property of the Knox-Sullivan County Light & Power Co. V.
119, p. 1624. In Nov. 1924 acquired the electric system of the Leesburg
Elec. Lt. & Water Co. V. 119, p. 2287.
In Jan. 1925 acquired the Warsaw Gas Co.; in March 1925 the Orange
County Public Service Co. and the Goshin Gas Co., in April 1925 the
Vernon Hydro-Electric Co.
In July 1925 acquired the property of the Brownstown Water & Light
Co., and the Jackson County Transmission Co. V. 121, p. 586. In Sept.
1925 obtained permission to take over the physical property of the Indiana
Power Co. and its subsidiary, the Knox & Sullivan County Light & Power
Co. V. 121, p. 706, 1461.
In Oct. 1925 purchased the John T . Brill Transit C o., operating 10 buses,
thereby eliminating all bus competition between its terminals at Indianap
olis, Ind., and Louisville, K y. V. 121, p. 1908.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Operates a through line from Louisville to Indianapolis. Also operates a
line between New Albany and Jeffersonville and the Columbus New Albany
and Jeffersonville city lines. In June 1924 purchased 11 motor buses to
operate between Indianapolis and Franklin, as an adjunct to its main line.
Acquired the Jackson Highway Bus Line, operating
14 buses. Also owns
Net e a r n i n g s - - - - - - . $2,530,281 $2,627,075 $3,838,821 $2,802,636 and operates electric, gas, heat and water properties in a number of com
_
______
______
______
62,759 munities.
Miscellaneous income_
In March 1925 the company applied to the Indiana P. S. Comm, for
Gross income-------------- $2,530,281 $2,627,075 $3,838,821 $2,865,394 authority to issue 30,324 shares of com. stock of no par value, in exchange
y Expenses------------------Seey
See y
See y
209,736
for 25,992 shares of its 6% cuml pref. stock (par $100) on the basis of $87 50
Interest on funded debt.
1,321,884
1,329,059 2,067,437
2,004,501 a share for the pref. stock and $75 a share for the com. stock. The pref.
Miscellaneous interest-.
125,243
126,932
209,218
177,373 stock is owned by the Middle West Utilities Co. V . 120, p. 1586.
36,043
41,133
55,049
Seey
Federal taxes---------------STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
Miscellaneous deductions
92,409
92,409
97,575
____
Common stock $7,500,000_________
_______
$6,310,300 __________
Divs. on subsid. pref. stk
421,392
421,392
689,121
____
Preferred stock $7,500,000_
6% cum.
5,599,200Sept’25 1 X %
Prior lien stock $5,000,000_
7% cum.
6,533,700 July’25,l$£ %
Remainder for deprec.
First mortgage & ref series A _. 1923 6 g F-A
8,606,000 Feb 1 1948
and company d iv s ..
$533,307
$616,149
$720,418
$473,784
Series “ B ” ___________ ____ 1924
6 ^ g J -J
2,832,600 Jan 1 1949
Series “ C ” ________________ 1925 5 X A-O
2,500.000 ___________
x The report for 1922 shows “ operating expenses” and for 1923 and 1924
($100, $500&$l,000)g_c*.tf Union Trust C o., Indianapolis, trustee.
“ operating expenses and taxes." y The 1922 report shows “ expenses and
F-A
250,000
Aug 1 1927
Federal taxes,” the 1923 report gives Federal taxes separately, and the New 1Albany St Ry $250,0001 1902 U.5S. Trust C o., Louisville, trustees.
($ ,0 0 0 )_________________ lin t, at
1924 report gives Federal taxes and miscellaneous charges.
Louisv & Nor Ry & Ltg 1st M f 1905
5 g J-D
311,000
Dec 1 1925
Note.— Column “ A " is the earnings o f all companies owned during the
$2,500,000 gold ($500 and-jInt. at Cont. & Comm. Tr. & S. B ., Chicago,
period o f their ownership. Column “ B ” includes earnings o f Huntington
$1,000)________________ c* [ trustee, or at Eliot Nat. Bank, Boston.
and Attica from July 1 1923, although they were acquired subsequent to Louisv & Nor Ry & Ltg d e b s - . ____
6%
422,000 ___________
that date. These are partly estimated as complete information is not Ind & Louisv Trac R y 1st M f 1912 5 g A-O
810,400 Apr 1 1942
available. Neither statement includes earnings from the new Wabash
$1,500,000 g ($100, $500 & {Interest at Colonial Trust C o., Pittsburgh,
River station.
$1,000)______________ c .tf* [ trustee.
527,000 See text.
EARN IN G S.— For fiscal year end. June 30 1925 (holding co. figures only): United Gas & El Co 1st m tge( 1902 5 g J-J
$750,000 ($1,000) gold.-c*-jInt. atC ont. & Comm. Tr. & S. B ., Chicago,
Gross earnings.................................^___________________________
$663,675
I trustee, and at Eliot Nat. Bank. Boston.
Gross income________________________________________________
487,668
46,000 See text,
Interest on funded debt______________________________________
37,931 United Gas & El Co 1st consol | 1904 5 g J-J
mtge $1,500,000 gold ($500-1 Int. atC ont. & Comm. Tr. & S. B ., Chicago,
Other interest______________
13,885
and $1,000)____________ c*( trustee, or at Eliot Nat. Bank, Boston.
Miscellaneous deductions____________________________________
10,212
285,500 M ay 1 1927
425,640 Central Indiana Ltg 1st & ref( 1907 5 M -N 1
Net income_________________________________________________
$2,500,000($500&$1,000) c*/Interest at Columbia Trust C o., trustee.
Prior preferred dividends____________________________________
174,571
Peoples Gas Electric & Heat-1 ___
5 J-D 1
89.000 June 1 1931
Participating preferred dividends____________________________
185,374
ing first mortgage________ /Int.at Cont.&Com.T.& S.B., Chic., trustee.
187,800 Mar I 1930
Balance, surplus__________________________________________
$65,695 Shelby County Water, Gas &f 1910 5 M-S 1
Electric first mtge $500,000{Int. at Continental-Equitable Title & Trust
OFFICERS.— Chairman, Samuel Insull; Pres., Martin J. Insull; V .-P .,
($100, $500 and $1,000)-C*| C o., Philadelphia, trustee; A . D . Ogborn,
E. Y . Graham; Sec., Eustace J. Knight; Treas., Oliver E . McCormick;
l New Castle, Ind., co-trustee.
Gen. Counsel, P. J. Lucey. Office, Chicago, 111.— V. 119, p. 1174; V. 120, Franklin Wat Lt & Pow 1st M _ ____
5%
127,000 __________
p. 207; V. 121, p. 196, 327, 2036.
Indiana Public Serv Co 1st M . ____
5%
100,000 ________ 1-
130
PUBLIC UTILITIES
Bonds.— The 1st Mtge. & ref. 6% bonds, ser A, are red. all or In part at
any time after Jan. 31 1928 on 30 days’ notice at the following prices and
accrued Int. On and from Feb. 1 1928 to Feb. 1 1933 at 105; on and from
Feb. 1 1933 to Feb. 1 1938 at 104; on and from Feb. 1 1938 to Feb. 1 1943
at 103; on and from Feb. L1943 to Feb. 1 1945 at 102; on and from Feb. 1
1945 to Feb. 1 1947 at 101; on and after Feb. 1 1947 at par. Series " B ”
are red., all or in part, at any time subsequent to Dec. 31 1933, upon 30
days’ notice, at the following prices and interest; 107 A if redeemed during
the five years end. Dec. 31 1938; 105 if redeemed during the five years end.
Dec. 31 1943, and if redeemed subsequent to Dec. 31 1943, but on or before
Dec. 31 1947, at 102A less A o f 1% for each year or part thereof elapsed
after Dec. 31 1944, and if redeemed after Dec. 31 1947 at par. The comholders
1st mtge. & ref. Series A and
§any agrees to reimburse thewithin 60o f the after payment for the Penna.
eries B bonds if requested
days
4 mills and Maryland AA mills taxes and for the Conn, and District of
Columbia personal property taxes not exceeding 4 mills per $1 per annum,
and for the Mass, income tax on the interest not exceeding 6% o f such int.
per annum. V. 118, p. 431.
New Albany St. R y. bonds are subj. to call on any int. date at 105 & int.
Unissued Louisv. & No. R y. & Ltg. 1st M . bonds can only be issued for
80% of cost of property built ot acquired. Are subj. to call at 105 & int.
V. 82, p. 868.
Of the Ind. & Louisv. Trac. R y. Co. 1st M . 5s reported as outstanding.
$7,200 are held in treasury and $150,600 are held as collateral. Of remain
ing bonds, $650,200 are for impts. and extens. at 80% o f cost. Subject to
call on any int. date at 105 and int.
Sinking fund o f 2% per annum began Oct. 11917, increased 1% each year
to and including April 1 1921, and remains now at 5% per annum.
$750,000 United Gas & Elec. Co. 1st consols, are reserved to retire a like
amount o f United Gas & Elec. Co. 1st 5s, and all except $46,000 have been
retired. Both issues mature serially from 1907 to 1942, but the bonds of
1902 may be called at 105 and int.; the new consols, are callable after July 1
1924 at 105 and int. See V. 79, p. 2458.
Sufficient Central Indiana Lighting Co. 1st & ref. 5s are reserved to retire
the People’s Gas, Elec. & Htg. Co. 1st 5s.
Of the Shelby Co. Water, Gas & Elec. Co. 1st mtge. 5s outstanding,
$24,600 are held in treasury. Call, on any interest date at 102A and int.
EARN IN G S.— For calendar years:
Interest,
Balance.
Calendar
Gross, Including
Ne_t, After
Surplus.
Rents, &c.
Taxes.
Year—
Other Income.
$1,062,528
$835,818
$1,898,347
1924___________$6,860,290
910,762
685,656
1,596,417
1923__________ 6,421,595
402,844
1.118,921
716.076
1922__________ 4,424,747
OFFICERS.— Pres., Harry Reid. Indianapolis, Ind.; V -P ., E. Van
Arsdel; Sec. & Treas., W. Marshall Dale; Ry. Supt., L. M . Brown.-—V. 118,
p. 85, 311, 431, 550, 1267, 1665, 2042, 2179, 3077; V. 119, p. 197, 693, 1510,
1624, 1952, 2287; V. 120, p. 1202, 1586; V. 121, p. 586, 706, 1461, 1908.
INDIANAPOLIS COLUMBUS & SOUTHERN
T R A C T fO N CO.
[V ol. 121.
Bonds.— $2,665,000 1st & ref. M . 5% bonds are reserved to retire prior
liens and $5,405,000 are pledged as security for the 1st lien & ref. mtge.
bonds. A dd’l bonds may be issued for 75% o f actual cost of permanent
add’ns and impts. under certain restrictions. Call, at 105 and int. since
March 1 1922 on any int. date. Sink, fund 1% per annum o f bonds out
standing in 1922 to 1931; 114% 1932 to 1941; 2% 1942 to 1946; to be used
for retirement of bonds or for exts. and addns. against which no add’l
bonds may be issued. Trustee, Wisconsin Trust Co., Milwaukee. V . 104,
p. 1145. The 1st lien & ref. M . bonds are secured by pledge of $5,405,000
1st & ref. M . 5s. M tge. provides for mainteance and renewal fund.
Series “ A ” are red. all or part on and after Dec. 1 1932 and prior to
Dec. 1 1937 at 105 and int., and thereafter prior to Dec. 1 1942 at 10214
and int., less A of 1 % for each year or fraction thereof elapsed after N ov. 30
1938; on or after Dec. 1 1941 at 100 and int.
Series “ B ” are red., all or in part, at any time on 30 days’ notice on or
after Sept. 1 1933 at the following prices and int.: on and from Sept. 1 1933
to Sept. 1 1938 at 107K; on and from Sept. 1 1938 to Sept. 1 1943 at 105;
on and from Sept. 1 1943 at 102A , less A of 1% per annum for each year
or fraction thereof elapsed after Aug. 3 1944; on or after Sept. 1 1947 at
100. Tax refund in Penna., Mass, and Conn. V . 116, p. 515; V . 117,
p. 1461.
Series “ C ” are red. all or in part at any time on 30 days’ notice at the
following prices and int.: Prior to M ay 1 1929 at 105; on and from M ay 1
1929 to M ay 1 1934 at 104; on and from M ay 1 1934 to M ay 1 1939 at 103;
thereafter at A o f 1 % less for each succeeding year or fraction thereof, to
M ay 1 1943; on and from M ay 1 1943 to N ov. 1 1943 at 100 A', on and from
N ov. 1 1943 at 100. Co. will reimburse the holders of ser. “ C ” bonds, if
requested within 60 days after payment, for the Penn, and Conn. 4 mills
and Maryland 4 A mills taxes and for the Dist. of Columbia personal
property taxes not exceeding 5 mills per $1 per annum and for the Mass,
income tax on the int. not exceeding 6% o f such int. per annum. In
July 1924, Hill, Joiner & C o., Halsey, Stuart & C o., Inc., and Paine,
Webber & Co. offered $2,250,000 1st lien & ref. mtge. 6% bonds ser. “ C ”
at 96 A and int., to yield about 6.30% . V. 119, p. 581.
The Sheboygan Elec. ref. & impt. 5s are callable at 105 and int. since
July 1 1921 on any int. date. Sinking fund 1 % per ann. of bonds outstandng from 1920 to 1930; 1 A % 1931 to 1940; 2% 1941 to 1945; to be used for
retirement of bonds or for extensions and additions. Trustee, Wisconsin
Trust C o., Milwaukee.
The Wise. Pow., Lt. & Ht. Co. 1st & ref. mtge. 5s are red. on any int.
date on 60 days’ notice at 102 and int.
The Janesville Electric 1st & ref. 5s mature $10,000 annually each July 1
toandincl. July 1 1942, $7,000 July 1 1943, $4,000 July 1 1944 and $442,000
July 1 1945. Call, all or in part on 60 days’ notice at 102 and int. $57,000
have been retired.
The Mineral Point Pub. Serv. 1st & ref. 6s are call, on any int. date
on 30 days’ notice at 105 and int.
Dividends.— Divs. on pref. stock were begun in June 1917.
EARNING S.— For 12 months ending Dec. 31 1924, gross, $4,179,064:
net, $1,225,029; interest charges, &c., $692,970; bal.. sur., $532,059.
OFFICERS.— Pres., Marshall E. Sa’mpsell.— Y. 119, p. 2649; V. 120, p.
50; V. 121, p. 461, 841.
Lease.— In Dec. 1912 was leased for 999 years to the Inter-State Public
Service C o., a subsidiary o f the Middle West Utilities C o., at a rental of 5%
on the capital stock, or $92,000 a year above all taxes. V . 95, p. 680. See
Inter-State Public Service Co. above.
CENTRAL ILLINOIS PUBLIC SERVICE CO.
ORGAN IZATION .— Formerly the Indianapolis Greenwood & Franklin
R R ., which company was incorporated in Indiana in 1895. Name changed
Controlled by Middle West Utilities C o., which see on a previous page.
as above in Jan. 1903.
ORGANIZATION.— Incorp. in Illinois as a consolidation o f the former
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Operates 62.38 miles of track between Indianapolis, Franklin and Columbus company of the same name (incorp. 1902) and the Middle West Power C o.,
and Seymour, o f which 3.86 miles Delong to Ind. Trac. & Term. Co. Stand is per plan given in “ Electric Railway” Supplement of Oct. 27 1923. and
ard gauge. 60, 70, 90 and 100-lb. T rail. Mostly private right-of-way. It “ Chronicle," V. 117, p. 669, 1016. Controls the Central Illinois Power
commects with Indianapolis & Louisville Elec. R y., thus forming a through I Co. and has assumed as to principal, interest and sinking fund that com
pany’s first mortgage 7% bonds. V. 114, p. 1178. The company also
line from Indianapolis to Louisville.
guarantees jointly and severally with the interstate Public Service Co.
Date.
Interest. Outstanding. Maturity.
STOCK AND BONDS—
$1,250,000 1st mtge. 7% bonds series “ A " and $1,750,000 6% bonds,
____
_________ $1,840,000
See text
_______
Stock $1,840,000________
series “ B ” of the Indiana Hydro-Electric Power Co. as to prin., int. and
______ „ _______ ($500 and/ 1923
6 g F-A
973,000 Feb 1 1948 sinking fund. V. 114, p. 304; V. 119, p. 1281. Has acquired all the out,
First mtge bonds___________ ______
$1,000) gold__________ c*tf \Fletcher-Amer. Nat. Bank, Ind., trustee.
standing capital stocks, except directors’ shares, of the Quincy (I..) Gas.
Bonds.-—Are call, on any int. date upon 60 days’ notice at 105 & int. on Elec. & Heating Co. and the Chicago & Joliet Elec. R y. V. 120, p. 85, 209.
or before Feb. 1 1928; thereafter to Feb. 1 1933 at 104 & int.; thereafter On June 27 1925 acquired the electric light plant at Galatia, 111., and the
to Feb. 1 1938 at 103 & int.; thereafter tt Aug. 1 1946 at 102 & int.; and municipal plant at Thebes, 111. V. 120, p. 3312.
thereafter at par and int. Int. payable at office o f trustee, Indianapolis,
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
or Illinois Trust & Savings Bank, Chicago.
EARN ING S.— For cal. year 1924, gross, $739,500; net after taxes and Does an electric light, power, water, gas, heat, ice, street railway and
supplying electrical energy to 249 communities in
expenses, $161,000. Cal. year 1922, gross, $748,450; net, after taxes, interurban business, Illinois. These communities have an estimated popu
central and southern
$244,257. In 1921, gross, $728,098; net, after taxes, $236,870.
lation of 500,000. J.n addition to the supplying of electrical energy to these
OFFICERS.— Pres.. W m. G. Irwin; V .-P ., L. I. Sweeney; Sec. & Treas., communities, 10 are served with gas, 14 with water, 20 with ice, 6 with
Hugh Miller, all o f Columous Ind.— V. 115, p. 2905; V. 116, p. 176, 295.
heating and 3 with street railway service, an interurban line being operated
between Mattoon and Charleston, 111., and one from Eldorado to Carrier
Mills. The company operates over 1,759 miles of high-tension trans
missionlines, 7 central stations, and holds 11 stations in reserve, and has con
W ISCONSIN POW ER AND LIG H T COMPANY.
tracts for power from 6 other central stations. Total available capacity
110,215 k.w. The company in 1922 was awarded a contract by the Old
Control.— Controlled by Middle West Utilities Co.
ORGANIZATION.— Incorp. Feb. 21 1917 in Wisconsin. Was known Ben Coal Corp. to supply the coal company’s entire power requirements
as the Eastern Wisconsin Electric Co. up to time of consolidation in 1924 for a period of 10 years. V. 115, p. 2904.
with the following companies when name was changed to present title.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity
Companies consolidated into the present Wise. Pow. & Lt. Co. were: Com. stock 200,000 sh (no p a r ) ____
_______
122,135shs __
_____
Wisconsin Power, Light & Heat C o., Janesville Electric C o., Badger Electric Pref stock $6 cum 200,000 s h s \ ____
Q-J
142,703shs O ct’25 $1.50
Service C o., Mineral Point Public Service Co.. Wisconsin Utilities Co.
(no par)__________________ I
and Middle Wisconsin Power Co. In July 1925 acquired the Portage Pref 6% cum_____________________
6
$1,020,700
____
American Gas Co.; also the Manitowoc & Sheboygan Bus Line. V. 121, First & ref mtge (former co.)l 1912 5 F-A
$8,189,000 Aug 1 1952
p. 461. In Aug. 1925 acquired the Manston Electric Service C o., Mar
company) gold ($l,000)c*tf/Interest payable in Chicago.
quette Electric C o., Interurban Electric C o., Twin Bluffs Electric Co.,
1st & ref mtge (consol corp)—
Monticello & Harrisville Light & Power Co., Fall Rivre Electric Co.,
Series “ A ” _____________________
6 A Vo
3,850,000 M ay 1 1943
Cazenovia Electric C o., Princeton Electric Co., Orfordville Light & Power
Series “ B ” ________________ _____
5%
2,345,000 Jan 1 1948
Co. and the municipal plants at Lime Ridge and Dane. V. 121, p. 841.
Series “ C ” ____________ c*tf 1924
6 g J-J
8,000,000 Jan 1 1944
Series “ D ” ($1,000, $500/ 1925
5 A J-D
4,600,000 June 1 1950
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
and $100)___________ c*tf lin t, at Halsey, Stuart & Co., Chic, or N . Y .
Owns and operates a group of public utility properties serving without
4M -5 g Q-J 4,000,000
See text
competition electrical energy for lighting and power purposes directly or S eria l n o te s $ 4 ,8 0 0 ,0 0 0 / 1925
($1,000) gold___________ tf j Prin. and int. at Chicago and New York
indirectly to 170 communities in central eastern Wisconsin, extending from
( offices of Halsey, Stuart & C o., Inc.
and including the cities o f Fond du Lac and Sheboygan on the north to and
5 A-O
628,000 Oct 1 1942
including the cities o f Janesville and Monroe on the south. Owns and oper Sou 111 R y & Pow 1st mtge________
_______
3,726,000 1927 to 1942
ates the electric lighting, power and street railway systems in Sheboygan and Underlying divisional b o n d s . . ____
Fond du Lac, gas in Fond du Lac, street railway in Oshkosh, and about
Stock.— Entire com. stock outstanding is owned by the M iddle West
50 miles o f interurban lines connecting Sheboygan and Elkhart Lake. Utilities Co. Pref. stock red. at $110 and accrued divs. Has equal voting
Fond du Lac and Oshkosh, Oshkosh and Neenah. Also operates a bus power with com. 10,000 shares pref. were offered in Sept. 1924 by W. C.
service, consisting o f 2J motor coaches, operating over 500 miles o f inter Langley & Co., N. Y ., and Old Colony Trust C o., Boston, at $85 per
m-ban bus line. Street railway and interurban lines cover 90 miles of share and divs., to yield 7-06%. V. 119, p. 1281. In M ay 1925 W . C.
single track. The greater part of the interurban lines is laid chiefly with Langley & Co. and Old Colony Trust Co. sold 7,000 pref. shares at $88
70-lb. T rails, and with the exception of that portion from Oskhosh to per share and divs., to yield 6.80% . V. 120, p. 2399.
Neenah and within city limits is located on private right-of-way. Oper
Bonds.— The 1st & ref. bonds (due 1952) are red. at 105 on any int. date.
ates 15 central electric generating stations of which 9 are steam and 6 are Additional bonds may be issued under certain restrictions. See V. 95, p.
hydro-electric. Has approximately 800 miles of high voltage transmission 1744. For security of bonds, see V. 103, p. 1887. Cont. & Comm. Trust
lines, 6 gas plants with total rated daily capacity o f over 1,725,000 cu. ft. & Sav. Bank, Chicago, trustee.
V. 118, p. 2951; V. 119, p. 77, 581.
^ J^
All the $2,345,000 1st & ref. mtge. 5s, series “ B ” (due 1948) are owned
Franchises.— Operates under indeterminate permits as provided by Wis or controlled by the Middle West Utilities Co.
consin Public Utilities law, and is thus protected from competition.
The 1st & ref. mtge. 6% bonds, Series “ C ,” are red. all or in part upon
30 days’ notice at the following prices and int.: To Jan. 1 1929 at 107 A\
STOCK AN D BONDS—
Date. Interest. Outstanding.
Maturity.
Common stock $7.500,000--------------------------- $3,693,400 ------------------ on and from Jan. 1 1929 to Jan. 1 1939, at 105; on and from Jan, 1 1939
to Jan. 1 1943, at 102A , and on and from Jah. 1 1943 to maturity, at par.
Pref stock 7% $7,500,000 cu . ____
Q-M
4,814,500 Sept’251 % %
1st & ref M $20,000,000 g\1917
5 g M-S
1,019,000 Mar 1 1947 Penn, and Conn. 4 mills, the Maryland 4 A mills tax, Dist. o f Columbia
personal property taxes not exceeding 5 mills per $1 per ann., and Mass,
($500 & $1,000) c * _______ /Interest payable in Milwaukee or New York.
income tax on int. not exceeding 6% of such int. per annum, refunded.
1st lien & ref mtge ($100, f
Int. at office of Halsey, Stuart & C o., Inc., in Chicago or New York. In
$500 & $1,000) g ______c*tf
Series “ A ” . . . — _________
1922 6 g J-D
2,043,500 Dec 11942 July 1924 Halsey, Stuart & C o., Inc., offered $6,000,000 1st mtge & ref.
Series “ B ” _______________ 1923 6 A g M-S 1,182,000 Sept 11948 6% bonds, Series “ C ,” at 97 and int., to yield about 6 j i % . V. 119, p. 196.
The lsi mige. and ref. 5 A % gold bonds, 1925, are red., whole or part,
Series “ C ” _______________I 1924
6 g M -N
2,240,000 M ay 1 1944
upon 30 days’ notice, to and incl. June 1 1935 at 105; incl. June 1
(Int. payable in Chicago or New York.
1941 at 103; to and incl. June 1 1946 at 102: on June 1 1946 at 101 A',
Underlying Liens—
Sheboygan Elec ref & impt M \ 1916 5 g J-J
1,482,500 July 11946 thereafter at A % less for each full year elapsed after M ay 31 1946. After
case plus int. Penn,
g ($1,000 & $500)____c*tf/Interest payable in Milwaukee or N . Y . M ay 31 1949 at 100; in eachof Columbia 5-mills tax, and Conn. 4-mill tax,
and the Mass, income
Wise Pr Lt & Ht Co 1st & ref\ 1916
5 g J-D
1,310,100 June 1 1946 Maryland 4 K-mills, District
Stuart & Co.,
M ($100, $500 & $1,000) _c*/Int. at First Wise. Tr. C o., Milwaukee, Trus. tax not exceeding 6% refundable. In June 1925 Halsey, 120, p. 3184.
Inc., sold $4,600,000 at 98A and int. to yield 5.60% . V.
Janesville Elec 1st & ref M\ 1915
5 g J-J
621,500
See text
Notes.— The serial notes bear 4 A % int. to Jan. 1 1926 and 5% thereafter.
$1,000,000 ($500) g _____c* /In t. at Merch. & Sav. Bk., Janesville, Wis.
Mineral Pt P S 1st & ref M ._ 1914
6 g J-J
527,200 Jan 1 1934 They mature $400,000 quar. to and incl. Jan. 1 1928. $400,000 were paid
off April 1 1925 and $400,000 on July 1 1925. Are red., all or in part, at
Other underlying div b o n d s - . ------------------250.600 -----------Stock.— Pref. is red. at 110 and divs. In Oct. 1924 8,000 shares were any time on lO days’ notice at par and int. $4,800,000 were offered in
offered by Old Colony Trust C o., Boston, and Paine, Webber & C o., N . Y ., Jan. 1925 by Halsey, Stuart & Co., Inc. V . 120, p. 209.
Dividends.— $1 50 quar. is being paid on preferred stock.
at 98 and divs., to yield about 7.14% . V. 119, p. 1954.
POWER, LIGHT AND RAILW AY
Oct., 1925.]
131
Exceptional Illinois
Territory
and the
Central Illinois
Public Service Company
Location of High
Voltage Transmission
Lines of the
Central Illinois
Public Service Company
T
he
central
Il l i n o i s p u b l i c s e r
v i c e COMPANY serves without competition
249 communities located in some of the best agri
cultural and coal producing sections of the entire
Middle West. The Company’s property for the
most part is situated in the corn belt of Illinois and is contig
uous to the central and southern Illinois coal fields.
Today the Company and its subsidiaries furnish electric
light and power service directly to more than 119,500 customers
in over 14,750 square miles of territory, this being slightly more
than one-fifth the total square mile area in Illinois and a similar
percentage of the incorporated communities of the State. In
addition the Company sells electrical energy at wholesale to
other public utility companies which in turn serve 30 com
munities neighboring the Company’s property. To render
this service the Company operates 1,759 miles of high voltage
transmission lines radiating from 8 large efficient generating
stations.
In addition to its large electrical business, the Company and its sub
sidiaries serve 10 communities with gas, 14 with water, 6 with heat, 2 with
modern bus transportation, 3 with electric railway service and electric
interurban railways are operated connecting Mattoon with Charleston,
Eldorado with Carrier Mills, and Joliet with Chicago. It also operates
17 ice plants supplying approximately all of the ice requirements of 125
communities. One ice plant, located
at Mounds, is the largest in the State
outside the Chicago district.
16,587
129.254
INCREASE IN
CUSTOMERS
102.405
86.065
Central Illinois
Public Service Company
INCREASE IN NUMBER
OF STOCKHOLDERS
10,280
PUBLIC SERVICE BUILDING
60.545
40.232
SPRINGFIELD
ILLINOIS
4,839
27849
2.355
1.502
132
PUBLIC UTILITIES
EARN ING S.— For calendar years:
Years end.
Gross
Net after
Other
Int., &c. Pref. Divs. Balance
Dec 31. Earnings.
Taxes.
Income. Charges.
(6 % ).
Surplus
9 2 4 ............$8,862,901 $2,696,800 $39,067 $1,298,390 $660,366 $777,111
xl923_____ 8,057.238 2,578,971 133,115 1,314,013 469,925 629,982
1922______ 6,342.905 1,846,021
12,137 1.221,380 265,874 370,904
1921_______ 5,878.686 1,642,515
15,470 1,173,921 258,266 225,799
x Represent earnings and expenses o f the former Central Illinois Public
Service Co. and Us sub. cos. for the first 8 months o f 1923 and of the consoli
dated corporation and its subsidiaries for the last 4 months of 1923.
For earnings, 12 months ended March 30 1925, see V. 120, p. 2399.
Consolidated Statement of Earnings— 12 Months Ended April 30
1925.
1924.
Gross revenue (incl. other income)_______________$9,289,096 $8,945,793
Operating expenses, maintenance and taxes_____ 5,799,745
5,855,906
[V ol. 121,
Brattleboro and Newfane, V t.; Berwick, North Berwick, South Berwick
and Lebanon, M e., and Hoosick Falls, N . Y . Also operates buses. Owns
hydro-electric plants at Gorham, Brattleboro, Bennington, St. Johnsbury,
Hoosick Falls and Milton, N. H ., and a steam turbine plant at Dover and
St. Johnsbury, Vt. President Samuel Insull, in a letter dated March 25
1916, said: “ All the principal franchises were granted by the State Legisla
ture and have been construed by counsel as perpetual.” Control is held
by the National Light, Heat & Power C o., control o f which was in turn
acquired by the Middle West Utilities Co. in Oct. 1912. V. 95, p. 1750.
Date.
Interest. Outstanding. Maturity.
STOCK A N D BONDS—
$1,792,900
See text
Common $2,500,000 ($100)___
5 Q-M
1,552,500 OCC25.1H
Pref(5%cum)$2,500,000($100) ____
2,183,300 Oct’25,1
Prior lien (7% cum) $3,000,000 ____
7 Q-J
1st & ref M $10,000,000 gold 1913 5 g A-O
2,005,000 Oct 1 1953
($1,000, $500 & $100)c*cpt Guaranty Trust Co. , New York, trustee.
1st lien & refdg mtge Series A 1925
5H g M-S 1, 00,000 Mar 1 1945
($1,000, $500, $100) c*&rtf Bankers Trust Co. New York, trustee.
Hoosick Falls Illuminating Co ____
71,000
1935
$150,000_______________ tf Columbia Trust C o., New York, trustee.
Hoosick Falls Electric Co ____
65,000
1930
$75,000_________________tf Old Colony Trust C o., Boston, trustee.
76,500
1935
Bennington Electric Co $175,- .......
000_____________________tf Columbia Trust C o., New York, trustee.
5 M -S
80,000 Mar 1 1929
St Johnsbury El Co 1st M - -t f 1909
Stock.— The prior lien 7% stock is redeemable, all or in part, since July I
1923 at 101 !4 and divs. Has equal voting power with both pref. and com.
stock if any div. remains unpaid for one year. Is prior in lien both as to
assets and earnings to the 5% pref. stock and the com. stock. V. 109, p. 79.
Bonds.— $1,062,000 first & ref. 5s are reserved to retire underlying bonds.
Additional bonds may be issued for improvements and acquisitions at 80 %
of cost, provided net earnings are at least 1)4 times the interest charges
on all bonds outstanding, including those to be certified. First and ref. 5s
are redeemable since Oct. 11923 at 105 and int. A depreciation reserve fund
of 5% of gross earnings began Dec. 31 1918. V. 102, p. 1988.
The 1st lien & ref. mtge. Series A 514 % gold bonds are red. all or part upon
30 days’ notice, incl. Mar. 1 1930, at 105; incl. Mar. 1 1935, at 104; incl.
Mar. 1940, at 103: incl. Sept. 1 1944, at 102]4, less )4 % for each year
elapsed after Feb. 29 1940; after Sept. 1 1944 at 100. Secured by a mort
gage plus $1,900,000 1st & ref. mtge. 5% gold bonds due 1953. Penn, and
Conn. 4-mills tax, Maryland 4 )4 mills tax and Mass, income tax not ex
ceeding 6% refundable. In June 1925 Hill, Joiner & C o., Inc., sold $1,900,000 at 95}4 and int., yielding over 5 % % . V. 120, p. 3066.
Dividends.— 5% yearly has been paid regularly on pref. stock since 1907.
Dividends are being regularly paid on the 7% prior pref. In Oct. 1921
]4 of 1 % was paid on common; same rate regularly quarterly since to and
including Oct. 1922. In Dec. 1922 a stock dividend of 5% was paid.ytf
EARNING S.— For calendar years:
Calendar Years—
Gross.
Net aft. Tax. Bond Int.,&c Balance,
$218,563
$380,275
$598,838
1924_________ _________ $1,548,377
619,007
346,448
272,550
1923_________ _________ 1,486,706
238,880
253,497
1,333,042 .
492,377
1922________ .............
OFFICERS.— Pres., W . A. Buttrick; V .-P ., R . J. Andrus; Sec., H. L.
Harris; Treas., C. A. Forrest. General offices, Boston, Mass.— V. 112, p.
1868; V. 114, p. 2126, 2826; V. 115, p. 2687; V. 116, p. 2131. 2994: V. 117.
p . 1237, 2891; V. 118, p. 2306, 2574; V. 120, p. 706, 2150, 3066: V. 121, p .
1103.
N et earnings before depreciation______________$3,489,351
$3,089,887
OFFICERS.— Chairman o f the Board, Samuel Insull: Pres., Marshall E .
Sampsell; V.-Ps., J. Paul Clayton and Geo. W . Hamilton; Sec., Leroy J.
Clark; Treas., C. E . Cripe; Aud., J. L . Gray.— V. 118, p. 662, 1011;
V. 119, p. 196, 809, 1281; V . 120, p. 85, 209, 1201, 2399, 3064, 3312, 2184.
(1) CHICAGO & JOLIET ELECTRIC RY.
Control.— In Dec. 1924 Central Illinois Public Service Co. acquired
control o f the company from the American Electric Power Co.
O RGAN IZATION .— Incorporated as a consolidation o f the Chicago &
Joliet Rapid Transit C o., the Joliet Street R y. and the Joliet R R . Is
operated by power purchased from the Public Serfice Co. o f Northern
Illinois. In N ov. 1905 the American Railways purchased 63 acres of land
near Joliet, which was converted into a park. This park is owned by the
Dellwood Park C o., all o f whose stock is held by the Central Illinois Public
Service Co.
FIE LD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
A trolley road. Extends from Joliet to the Chicago city limits, with a
branch to Lyons. Has 82.5 miles o f track. Line between Joliet and Chi
cago was formally opened Sept. 25 1901. 63 passenger and 16 other cars.
Franchise.— In 1922 the company was granted a 20-year franchise by the
Town Highway Commission. Y . 114, p. 1062.
In Jan. 1921 the company was authorized by the Illinois P. U. Comm, to
issue $1,350,000 pref. stock and $5,000,000 bonds and to purchase the Chi
cago & Des Plaines Valley Elec. R y. V . 112, p.161. The property of that
company was acquired as of June 30 1921 and has been merged into the co.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Com stock $2,300,000 ($100)--------------------$2,300,000
Preferred stock___________________
_______
1,350,000
Chicago & Joliet Electric R yl 1901
6 g M -N
1,600,000 M ay 1 1931
g $5,000,000 ($l,000)_c*tf /In t. at Illinois T r. & Sav. Bk., Chic., trustee
Joliet RR general mtge gold) 1898
614 g M -N
400,000 M ay 1 1933
$400,000 ($1,000 each) ..tf/F id e lity Trust C o., Portland (M e.), trustee.
Bonds.— Of the new $5,000,000 mortgage, $400,000 are reserved to retire
underlying liens. $2,200,000 o f the outstanding capital stock of the Chi
cago & Joliet Electric R y ., $1,000,000 o f the $1,100,000 stock and $1,000,000 (entire issue) bonds o f the Chicago & Desplaines Valley Electric R y. are
deposited under this mortgage as collateral security. Entire issue o f the
$2,000,000 gold 5s may be called at 105 and int.
The $400,000 Joliet R R . gen. mtge. 5s originally fell due in 1918, but were
extended for 5 years at the same rate o f int., and again to M ay 1 1933, but
this time the int. rate was raised to 6J4%. The extended bonds are red.
on any int. date on 60 days’ notice at 10l. V . 116, p. 2129.
EARN INGS.— For year end. Dec. 31 1 24: Gross, $915,192; net, after
MIDLAND U TILITIE S CO.
taxes, $69,878; fixed charges, deprec., &c., $142,536; bal., deficit, $72,658.
Ownership.— The Class B pref. and common stocks are mainly held b y the
1923, gross, $ 34,242: net, after taxes, $175,805: fixed charges, deprec., &c.,
$173,748; bal., sur., $2,057.— V. 113, p. 70. 2503; V. 114, p. 1062; V. 116, United Gas Improvement C o., the Commonwealth Edison C o., Peoples'
Gas Light & Coke C o., the Public Service C o. of Northern Illinois and the
p. 2128; V. 120, p. 85.
Middle West Utilities Co.
ORGANIZATION.— Incorp. in Delaware June 22 1923. Was originally
ILLINOIS NORTHERN U TILITIES CO.
organized as the Public Service Investment C o. but name was changed to
Controlled by the Middle West Utilities Co., which see on a previous page. present title Aug. 22 1924.
ORGANIZATION.— Organized under the laws o f Illinois July 31 1916
C H A R ACTER OF BUSINESS.— Is an investment co. engaged in
as a consolidation o f the Illinois Northern Utilities Co. (incorp. in April acquiring and holding securities of public utility companies. Controls by
1912), Tri-County Light & Power Co. (V. 97, p. 669), and the Freeport stock ownership the utilities in which it is interested, which are located
Ry. & Light Co. (see^‘Electric Railway Section for M ay 1916). V. 103, principally in northern Indiana and western Ohio.
p. 496. In N ov. 1923 purchased the properties o f the Northern Counties
Power Co. V. 118, p. 1012. In July 1925 acquired the light and power
FIELD OF OPERATIONS.— Owns or controls public utility cos. serving
plants in Steward and Lee, 111. In Sept. 1925 acquired certain properties 186 communities in northern Indiana and western Ohio, with an estimated
from the Citizens’ Utility Co. o f Durand, 111. V. 121, p. 1569.
population of 793,000. The subsid. cos. sold in the year ended June 30
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
1925 6,508,854,300 cu. ft. of gas and 214,469,117 k.w.h. of electrical energy.
Operates gas and electric properties in the western half o f the northern part The subsidiaries of the co. also furnish locai transportation service in and
or Illinois adjoining the territory served by the Public Service Corp. of Nor. around Gary, Ft. Wayne, Logansport, Wabash and Peru, Ind.
Except in the case of two subsidiaries, and of directors' qualifying shares.
Illinois. Also operates street railways in Sterling and Dixon and an interurban line between the two cities, total first track, 18.51 m ., and 9 m. of Midland Utilities Co. owns or controls the entire outstanding com. stock o f
track in Freeport. Has traffic arrangement for 50 years with the Rockford all of its subs.; of such three subs., it owns or controls 99.45% , 97.88% ‘
60%, respectively, of the outstanding common stocks.
& Interurban Ry. C o., allowing cars o f that company to enter Freeport.
Subsidiaries.-—The principal public utility subsidiaries are as follows:
To issue pref. shares o f no par value. See V. 118, p. 1267.
(а) Northern Indiana Gas & Electric Co. (see separate statement).
Interest. Outstanding. Maturity.
STOCK AN D BONDS—
Date.
Indiana Service Corp. (see separate statement).
Common stock____________________
_____________________ $4,885,000See text(б) Calumet Gas & Electric Co. serves 74 Indiana communities in a region
First pref stock 6% cum_____ _____
Q-F
3,763,700 N ov ’2 5 ,1)4 adjoining on the east the territory served by the Northern Indiana Gas &
_______
2,403 shs A u g ’25,114 Electric Co.
Junior pref. $7 cum. (no p a r ) . ____
Chicago South Shore c% South BendRR. operates electric line from Chicago,
First & ref mtge gold--------- tf 1912
5 g A-O
6,216,000 Apr 1 1957
to South Bend.
Underlying Bonds—
Kokomo Gas & Fuel Co. furnishes gas service in Kokomo, Ind.
199.500 Jan 1 1927
De Kalb County Gas------------ 1902 5%
Public
Pipe Line Co.
under lease, a 10-inch gas line
Sterling Gas & Electric----------- 1902 5%
249.500 June 1 1927 extending Servicethe city limits o f operates, to Kokomo, Ind., a distance o f
from
Chicago
40,000 __________
Tri-Co Lt & Pr 1st & ref m tge. 1912
6%
127 miles.
Freep R y & Lt mtge $2,000,-/ 1910 _ 8 M-N
140,000 N ov 1 1935
West Ohio Gas
Ohio member of the Midland Group, serving
000 g ($100, $500 & $1,000) (Int. at Cont. & Comm. Tr. & S. B. Ch., trus. Lima and 4 otherCo. is the western Ohio with gas.
cities of
Stock.— In addition to amounts reported outstanding, $2,100 1st pref.
Gary Railways Co. (see separate statement).
and $365,000 com. held in treasury. All the 2d pref. has been retired.
East Chicago Gas Co., Marion < . Bluffton Trac. Co. and Berne Electric Light
0
Bonds.— The 1st & ref. mtge. bonds of 1912 are red. at 105. Additional Co. are other utility subsidiaries.
amounts may be issued (a) $769,000 to refund underlying bonds, (6) in ex
In addition to the above public utility companies, Midland Utilities C o.
change, par for par, for mortgage debt existing at time o f acquisition of prop controls Indiana By-Product Gas Co., which operates a 10,000,000 cu. ft.
erties acquired in the future; (c) for expenditures made in acquiring future gas holder in East Chicago, in which is stored surplus gas purchased from the
property to extent o f 75% o f cost thereof. V. 94, p. 1383; V. 95, p. 1123. steel plants in this territory.
In April 1925 Halsey, Stuart & C o., Inc., offered $668,000 1st & ref. mtge.
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity.
5s at 90, to yield 5.70% . V . 120, p. 1746.
_______ 220,000 shs ___________
Com 400,000 shs (no par)__________
Dividends.— On pref. (now 1st pref.), 114% quar. paid N ov. 1912 to and Prior lien stock 7% cum $20,including Nov. 1925. On common 3% was paid in 1923. In 1924, 5% was
000.000 ($100)__________________
7 Q-J
$14,200,000 Oct '25 1?£
paid. In 1925. Feb., 1 H % ; M ay, 1 H % Pref Cl A 7% cum $10,000,000 ____
7% Q-J
10,000,000 Oct ’25 1 H
EARN ING S.— Of Illinois Northern Utilities Co. and Sterling Dixon & Pref Cl B 7% cum $10,000,000 ____
7%
2,121,285 O c t T S l M
Eastern Electric R y. for 12 months ending Dec. 31:
Stock.— Prior lien 7% cum. stock is preferred as to assets over the other
Calendar
Net, after Interest, Preferred Balance for
classes of stock. Call at any time after June 22 1928 at $120 per share and
Years—
Gross.
Taxes, &c. Rents, &c. Dividends. Common, &c. all unpaid divs. Listed on Chicago Stock Exchange. $12,000,000 offered'
1924____________ $2,507,112 $966,760 $423,409 $230,229 sur$313,183 in March 1925 by Central States Securities Corp., N . Y ., and Utility
1923— ..............
2,344,643 855,020
407,057
214,703 sur 233,260 Securities C o., Chicago, at 9816 and div. V . 120, p. 1327.
1922____________ 2,129,276
707,685
406,848
189,363 sur 111,474
Cum. Class A Pref. Stock is preferred as to assets and dividends over
OFFICERS.— Pres., Samuel Insull; V .-P., E. D . Alexander; Sec. and Class B pref. and common stocks, but subject to the preferential rights o f
Treas., John H. Gulick; Asst. Sec. & Asst. Treas., J. A . O’Connell; Asst. the prior lien stock. Call, after June 22 1928 at $110 and divs. In Sept.
Treas., L. E. Jacobson; Asst. Sec., E. J. Knight; Aud., J. P. Plummer.— 1925 Utilities Securities C o., Chicago, and Central States Securities Corp.,
V. 106, p. 2757; V. 114, p. 2011: V. 115. p. 2386: V. 116, p. 943; V. 118, New York, offered $2,500,000 Class A pref. at 97 flat. Listed on Chicagop. 1012, 1267, 3197; V. 120, p. 108 , 1202, 1746; V. 121, p. 1569.
Stock Exchange. V. 121, p. 1908.
Dividends.— An initial quar. div. o f 1% % was paid on 7% prior lien
stock in April 1925 and quarterly since.
TW IN STATE GAS & ELECTRIC CO.
EARNINGS.—
Controlled by Middle West Utilities Co.
Consol. Earnings of Subsidiaries for 12 Mos. (Adjusted to Changes in Their
ORGAN IZATION .— Incorp. in Connecticut on Aug. 26 1906 and ac
Capital Structure Made During the Year).
quired the Brattleboro Street R y ., the Brattleboro Gas Light C o., the
Yr.End,June30’25. Cal.Yr.’24.
Dover Gas Light Co. (V. 83, p. 562), the Bennington Electric C o. and the Gross earnings--------------------------------------------------- $17,364,664 $12,172,589Hoosick Falls Illuminating Co. In Oct. 1913 acquired the St. Johnsbury
leased prop____ 12,627,789
8,565,550Electric Co. and in April 1914 the Cascade Light & Power Co. and the Berlin Oper. exp., incl. taxes & rentals ofcharges_________ $4,736,875 $3,607,038Net after operating and other
Electric Co. In June 1920 the company acquired the property of the
167,044
167,044
Cloutman Gas & Electric Co. of Farmington, N . H. V. 110, p. 2658. In Profit from sale of securities_____________________ $4,903,920 $3,774,083
To
Aug. 1 25 acquired the Jones & Linscott Electric Co. o f Lancaster, N . H. Int., ta l___________ earns, paid or accruing to out
div. and surp.
V. 121,p. 1103.
side holders and amort, of discount__________
2,413,237
1,632,487
FIE LD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Total earnings accruing to Midland Utilities C o. $2,490,683 $2,151,596Furnishes gas, electric light and power to Dover, N . H ., and Bennington
Total income___________________________________ $3,245,111 $2,633,290and Brattleboro, V t.; also electric light and power to Farmington, Rochester, Admin. exp. and misc. charges_________________
418,655
232,435
Salmon Falls, Rollinsford, Somersworth, Berlin, Milan, Gorham and Appropriated as reserve for contingencies_______
150,000
150,000
Hinsdale, N . H .; St. Johnsbury, St. Johnsbury Center, Passumpsic, Dividends, &c___________________________________ 2,676,456
2,250,853
Danville, West Danville, North Bennington, Bennington Centre, West
Balance after prior lien stock and pref. “ A ” divs.
$982,456
. . . . __
Oct., 1925.]
POWER, LIGHT AND RAILW AY
MIDLAND SUBSIDIARIES
NOW SERVE 186
COMMUNITIES
The Midland Utilities Company is an invest
ment or holding company which owns or controls
public utility companies serving 186 communities in
northern Indiana and western Ohio with an esti
mated population of 793,000.
Gross earnings of the subsidiary companies in
the Midland group for the year ended June 30, 1925,
were $17,364,664.28. This was an increase of 10
per cent over the previous 12 months’ period. Total
earnings accruing to the Midland Utilities Company
for the 12 months’ period ended June 30, 1925, were
$2,490,682.62.
For the year ended June 30, 1925, 39 per cent
of the combined gross revenues of the subsidiary
companies was derived from the sale of gas; 35 per
cent from the sale of electricity; 25 per cent from the
furnishing of transportation service and 1 per cent
from the sale of water and heat. The subsidiary
companies sold in the year ended June 30, 1925,
214,469,117 kilowatt hours of electrical energy and
6,508,854,300 cubic feet of gas.
The total investment of the subsidiary com
panies in properties as of June 30, 1925, was $78,645,941.52. The securities of subsidiary companies
in the hands of the public included bonds in the
amount of $40,162,110.14 and preferred stock in
the amount of $8,764,000.00.
Prior Lien and Class A Preferred Stocks of the
Company are owned by over 11,000 investors. The
common and Class B Preferred Stocks of the Com
pany are mainly held by The United Gas Improve
ment Company, Commonwealth Edison Company,
The Peoples Gas Light and Coke Company, Public
Service Company of Northern Illinois and Middle
West Utilities Company.
M id l a n d U t il it ie s C o m p a n y
GENERAL OFFICES
PEOPLES GAS B U IL D IN G
C H IC A G O
133
[V ol. 121
PUBLIC UTILITIES
134
OFFICERS.— Pres., Samuel Insull: V .-P .. J. R . Gulick: V.-P. & Asst,
to Pres., Samuel Insull Jr.; Treas., Geo. F. Mitchell; Sec., W m. D . Boone;
Compt., W . A . Sauer.— V. 120, p. 1089, 1203, 1327; V. 121, p. 200, 1101,
1908.
NORTHERN INDIANA GAS & ELECTRIC CO.
O RGAN IZATION .— Incorp. in Indiana in March 1909 as a consolidation
o f several cos. operating gas and electric properties in northern Indiana.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS —
Owns and operates properties employed principally in the production and
sale o f electricity and gas for light, heat and power. Co. and its associated
cos. serve directly 34 Indiana communities, 17 with electricity and 25 with
gas, having a combined population of over 470,000. Also wholesales
electricity to two additional municipalities. Hammond, Whiting, Indiana
Harbor, East Chicago, Michigan City and Lafayette are among the principal
manufacturing centres served with both electricity and gas. South Bend,
Fort Wayne, and the neighboring industrial sections are supplied with gas.
In 1924 the co. retired all the Class “ B ” pref. stock and all the com. stock
o f $100 par value and issued in exchange com. stock o f no par value on the
basis o f 10 shares o f new no par value common for each existing share of
common and Class “ B ” pref. o f $100 par. Compare V. 119, p. 949.
Company applied in Sept. 1925 to Ind. P. S. Commission for authority
to issue $1,000,000 preferred stock. V. 121, p. 1569 .
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
. 1,100,000 shs-------------Com 1,375,000 shs (no par)_ _____
_
Class “ A ” 7% pref $21,000,000 ($ 100 ) _________________________
7,000,000 July'25. 1%
7 Q-J
5 g A-O
2,455,000 Apr 1 1929
1st ref M $10,000,000 ($100,) 1909
$500 & $1,000) gold___ c*/Central Trust Co. o f Illinois, Chicago, Trus.
1st lien & ref M se r M ay 1922) 1922
6 g M -N
7,000,000 M ay 1 1952
($500 & $1,000) g o l d - C * t f /Fidelity Trust C o., Philadelphia, Trustee.
3-yr sec notes ser “ A ” ($100,\ 1924
534 g J-D 4,500,000 June 1 1927
$500 & $1,000) gold_ c * t f /First Trust & Savings Bank, Chicago, Trus.
_
Underlying Divisional Bonds—
Crawfordsville W & G Co 1st M 1908
5 g J-D
109.000 June 1 1928
Indiana Lighting Co 1st Mtge_ 1908
4 g F-A
3.035.000 Aug 1 1958
Mich City G & El Co 1st & cons 1907
5 g J-J
38 500 Aug 1 1929
Mich City & No Ind G Co lstM1903
5 g A-O
270.000 Apr 1 1933
So Bend & Mish Gas Co cons M 1906 5 g J-J
1.131.000 Jan 1 1926
So Bend Fuel & Gas Co 1st M . 1900 7 g M -N
280.000 N ov 1 1925
Stock.— Class “ A ” pref. is call, after Jan. 1 1932 at 115 & divs. on any
div. date. In Feb. 1925 Hayden, Stone & Co. and Middle West Utilities
Oorp. offered $1,000,000 Class “ A ” pref. at 9 8 & div., to yield 7.10%.
V. 120, p. 1204.
Bonds.— Of the 1st & ref. mtge. 5s, $7,197,000 are pledged under the
1st lien & ref. mtge. and the remaining $348,000 reserved to retire under
lying bonds, when issued, must also be pledged under 1st lien & ref. mtge.
Sinking fund o f 1 % o f outstanding bonds provided for.
1st lien & ref. mtge. bonds are secured by pledge o f $7,197,000 1st ref.
mtge. 5s.
Series May 1922 have semi-ann. sinking fund commencing March 1 1932
of a sum equal to 34 o f 1 % o f total amount o f bonds o f this series out
standing. Are red. all or in part on any int. date on 30 days’ notice com
mencing M ay 1 1932, at 105 and int. to and incl. M ay 1 1942; thereafter
at 10214 and int. prior to maturity. Co. agrees to refund Penna. 4-mills
tax. In M ay 1922 $7,000,000 6% series o f M ay 1922 1st lien & ref. mtge.
bonds were offered by Drexel & C o., Phila., and Halsey, Stuart & Co.,
Inc., N . Y ., at 95 and int., to yield about 6J4%. V . 114, p. 2022.
$4,500,000 6% series, March 1924, are pledged as security for the 3-year
sec. 514% notes, due June 1 1927.
Notes.— The 3-year secured 514% notes ser. “ A ” are secured by pledge
of $4,500,000 1st lien & ref. mtge. bonds: 6% series March 1924 and $500,000 Calumet Power C o. 1st mtge. 6% bonds, series “ A ,” due June 1 1927,
the latter being exchangeable at the c o .’s option for an equal face amount
of its 1st lien & ref. mtge. bonds. Are red. all or part upon 30 days’ notice
at any time prior to Dec. 1 1926 at 101 and int. and on and after Dec. 1
1926 at 100 and int
In July 1924 $4,500,000 were sold by Drexel & Co.,
Phila., and Halsey, Stuart & C o., Inc., N . Y ., at 9914 and int., to yield
about 5 H % . V. 119, p. 81.
E R PO RT.— For calendar year: 1924 showed
1924.
1923.
Operating revenue___________________________
$8,105,950 $7,624,883
Operating expenses__________________________
5,180,774
5,027,859
Uncollectible operating revenue_______________
41,785
29,683
Taxes________________________________________
623,026
512,986
Net operating income______________________
Other income________________________________
$2,260,365
515,739
Total income_______________________________
Interest on funded debt_______________________
Preferred dividends declared_________________
Common dividends declared__________________
Other deductions from total income___________
612,028
929,730.
$2,054,356
181,858
$2,236,214
766,063
1,014,500
115,722
Balance, surplus______________________________
$351,419
$339,929
Profit and loss surplus Dec. 31___________________
$804,562
$467,138
OFFICERS.— Pres., Samuel Insull; V.-Ps., J. T . Hutchings, S. E.
Mulholland, Morse Dell Plain; V.-P. & Asst, to Pres., Samuel Insull Jr.;
Treas., Geo. F. Mitchell; Compt., P. A. Erlach; Sec., W. D. Boone.—
V. 119, p. 81, 949, 1179; 2878; V. 120, p. 331, 706, 1204; V. 121, p. 1569.
CHICAGO RAPID TRAN SIT CO.
Control.— Commonwealth Edison Co. owns a majority of the voting
trust certificates.
ORGAN IZATION .— Incorp. Jan. 9 1924 under general railroad laws o
Illinois for a term o f 50 years. Was formed as per plan for the reorgani
zation o f the Chicago Elevated Railways (outlined in ‘ ‘ Electric, R y .” Sup
plement o f Oct. 27 1923) by consolidation o f the Metropolitan West Side
Elevated R y. C o., Northwestern Elevated R R . Co. and South Side Ele
vated R R . Co. on Jan. 9 1924. and on Jan. 31 1924 it acquired title to the
properties o f the Chicago & Oak Park Elevated R R . Co. through purchase
at foreclosure sale. The original elevated lines began operation as follows;
The South Side El. in 1892, the Oak Park El. in 1893, the Metropolitan
West Side El. in 1895 and the Northwestern El. in 1900. For separate
statements o f these cos. prior to consolidation see "Electric R y .” Supple
ment o f Oct. 27 1923.
Following the sale on Jan. 5 1924 o f collateral pledged under the secured
gold notes o f Chicago Elevated Railways, the plan o f reorganization (dated
July 14 1923) was declared operative on Feb. 18 1924, approx. 97% o f the
secured gold notes and over 90% o f the 10-year 6% debentures having
been deposited under the plan.
Under the plan depositing note holders received for each $1,000 o f notes
extended to July 1 1919. the following securities o f the Chicago R . T . Co.:
(а) 1st & ref. mtge. gold bonds, Ser. A, 6% , due July 1 1953________ $100
(б) Adjustment debenture bonds, due July 1 1963___________________ 1,170
(c) Trust certificates for common stock____________________________ 350
While depositing note holders received for each $1,000 o f notes not so ex
tended the following securities of the Chicago Rapid Transit Co.:
(a) 1st & ref. mtge. bonds Series A-, 6% , due July 1 1953__________ $100
(b) Adjustment debenture bonds due July 1 1963--------------------------- 1,170
Depositing holders o f Chicago Elevated Rys. 10-year 6% debentures
receive for each $100 o f debentures $70 in trust certifs. for common stock
o f the Chicago Rapid Transit Co.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
The consolidated cos. provide rapid transit facilities for the city of Chicago
and the suburbs of Evanston, Wilmette, Oak Park, Cicero, River Forest,
Foret Park and Berwyn, which have a total population o f approximately
3,000,000. Two interurban lines, the Chicago Aurora & Elgin R R ., reach
ing Aurora and Elgin to the west, and Chicago North Shore & Milwaukee
R E ., reaching Milwaukee to the north, operate their trains over the tracks
o f the co. on a rental basis. Revenue passenger traffic for 1924, exclusive
o f interurban traffic mentioned above, was 212,901,024, as against 203,953,574 in 1923. The co. operates 217 miles o f single track, of which 168 miles
are owned and 49 miles are under lease or contract. Equipment includes
1,206 motor, 2 electric locomotives, 659 coach and 42 other cars; total, 1,909.
Mileage is largely on its own private right-of-way except where streets
are crossed. Franchises expire between 1938 and 1957, excepting the Lake
Street franchise, which runs to 1930 and 1944.
Valuation.— Illinois P. U. Oomm.’s valuation for rate-making
purposes o f operating properties as o f June 30 1919______ $86,250,000
Add’ns & betterments to Dec. 31 1924 (less retirements)_____ 3,463,595
Total valuation (operating property)_______________________ $89,713,595
Miscellaneous physical property (non-operating)______________ 2.002,504
Total valuation____________________________________________ $91,716,099
Municipal Ownership Defeated.— See V. 120, p. 1880. Compare V. 120,
p. 1456.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common____________________ _____
_________ $20,329,500
Prior pref Series A ___________ _____
7.8%
5,000,000
See text
1st & ref M 6% Series due 1953 ____
6%
1,600,000
1953
634% Ser due 1944 ($100,1 1924 634 g J-J
9,212,000 July 1 1944
$500 & $1,000 c* and Cont. & Comm’l Trust & Sav. Bank, Chi$1,000, $5,000 & $10,0001 cago, trustee,
r*) gold______________tf
Adjustment debenture bonds. / 1923
See text
18,563,000 July 11963
($100, $500 & $1,000)_____/National City Bank, N. Y . trustee.
Met W S El 1st mtge, $10,-f 1898 4 g E-A
10,000,000 Aug. 1 1938
000,000 ($1,000) gold. ,c*tf{ Cent. Trust Co., N . Y ., and G. Sherman,Tr.
lint, at Cent. Trust Co , N. Y ., and Chicago.
Met W S El ext mtge, $5,000,- f 1901
4 g J-J
4.432,000 July 1 1938
000 ($1,000), gold, red atjNorthern Trust C o., Chicago, Trustee.
105 on any interest day on Interest at company’s office in Chicago, or
4 week’s notice_______ c*tfl Central Trust C o., New York.
Union Consol El series “ A ” ) 1896 5 g M -N
407,000 N ov 1 1936
1st mortgage gold_____cp ttG . Sherman, V .-P . Cen. Tr. Co., N . Y ., Tr.
N W E I 1st M $25,000,000redf 1911
5 g M-S xl 1,221,000 Sept. 1 1941
as a whole at 102 & int on {111. Tr. & Sav. Bk., trustee, under mortgage.
30 days’ notice ($l,000)c*tf [Central Tr. Co., N. Y ., trustee und. sup. M .
Union El 1st M $5,000,000/ 1895 5 g A-O
4,429,000 Oct. 1 1945
gold ($1,000)_________ c p t/In t. at Chase National Bank, N . Y ., and
[ 111. Trust & Sav. Bank, Chicago.
Lake St El 1st M , $5,000,000/ 1893 5 J-J
1,727.000 July 11928:
guar by N W E l_______ tf/C on t. & Comm. Trust & Sav. Bank, Chic.,
/ and Central Tr. Co. of Illinois, Chic., Tr.
5% equip trust certificates________
5%
359,0001926 to 1929
6% equip trust certificates_________
6%
1,345,000 1925 to 1932
x Exclusive o f bonds in sinking funds
Stock.— The com. stock is held in a voting trust of which Geo. M . Rey
nolds, R. Floyd Clinch and Samuel Insull are trustees. The prior pref.
stock, Series A, is red. at $115 per share and carries divs. at the rate of 65c.
monthly, or 7.8% annually. $5,000,000 was offered in M ay 1924 by
Utility Securities C o., Chicago, at $100 per share.
Bonds.— 1st & ref. mtge. 634% series, due 1944, are red. all or in part
or through operation of sink. fd.. on any int. date on 30 days’ notice at 105
if red. on or before July 1 1925, the premium decreasing thereafter at the
rate of M of 1 % for each full year intervening between June 30 1925 and the
date of redemption. The co. agrees to reimburse owners in the respective
States the following taxes paid in respect to bonds of this issue: The 4-mills
tax in Penna.: any securities tax in Maryland not exceeding in the aggregate
45c. on each $100 of assessed value in any year; and any personal property
or exemption taxes in Conn, not exceeding 4-10 of 1% o f face amount
in any year. Int. payable in N. Y . and Chicago. The mtge. provides
for a sink, fund calling for the payment in cash, on Jan. 1 and July 1 of
each year, beginning Jan. 1 1929, of an amount equal to M of 1% o f the
total aggregate principal amount of 1st & ref. mtge. bonds issued and then
outstanding. Moneys so paid into the sink, fund are required to be
utilized first in the purchase of 1st & ref. mtge. bonds at or below the price
at which they might be redeemed, and if such bonds are not obtainable,
by purchase, the moneys not to utilized are to be used in the redemption
and retirement of bonds. $6,500,000 1st & ref. mtge. 634% series,due
1944, were offered in June 1924 by the National City Co. and Halsey.
Stuart & C o., Inc., at 9434 and int., to yield over 7 % . V. 118, p. 2947
$2,500,000 add’l were sold by the same bankers in Oct. 1924 at 9434 and int..
to yield over 7% . V. 119, p. 1623.
Adjust. Deb. Bonds.— Int. is a cumul. fixed charge at 4% per annum from
July 1 1924 to Dec. 31 1962 and at 6% per annum from Jan. 1 1963 to
June 30 1963, and is payable on July 1 1963 or is payable by installments on
any Jan. 1 or July 1 before as ordered by the board of directors from net
income. Additional int. at 2% per annum must be paid from net income,
&c., for any 12-months’ period to Dec. 31 1962. wherein the co. pays any
cash divs. on its capital stocks of any class not entitled to preference divs. as
ordered by the board of directors from surplus. Sinking fund of $250,000
must be appropriated for redemption of these debentures in any calendar
year wherein the co. pays any cash divs. on its capital stocks of any class not
entitled to preference divs. as ordered by the board of directors from surplus
and in any cal. year wherein such cash divs. exceed $834,000 then the sinking
fund must be increased to equal 30% of such total divs. and may be further
increased. Debentures are red. on 30 days’ notice, at par flat to Dec. 31
1928, and thereafter at par plus any cumul. int. from Jan. 1 1929.
Dividends.— Regular monthly divs. of 65c. per share have been paid on
prior pref. series A stock since July 1924.
RE PO RT.— Consolidated income account o f the Metropolitan West Side
Elev. R y. Co-, Northwestern Elev. R R . Co., South Side Elev. R R . Co.
and Chicago & Oak Park Elev. R R . C o.:
Years Ending—
Dec. 31 ’24. Dec. 31 ’23. Dec. 31 '22.
Gross operating revenues___________ $18,565,185 $17,990,782 $17,267,757
Total operating expenses___________ 13,759,650 12,953,494 13,124,036
Taxes, city compens’n & other items.
$4,805,535
1,407,459
$5,037,288
1,406,132
$4,143,721
1,327,874
Non-operating income.
$3,398,076
210,747
$3,631,156
155,524
$2,815,847
136,929
$3,608,823
. 2,807,448
$3,786,680 ‘ $2,952,776
2,634,099
2,937,901
Net income______________________
$801,375 $1,152,581
$14,875
Passengers Carried.— Six months ended June 30 1925, 108,253,718; same
period 1924, 109,120,626. V. 121, p. 1460.
OFFICERS.— Chairman of Board, Samuel Insull; Pres., Britton I. Budd;
V.-Ps., R. Floyd Clinch, E. C. Noe, B. J. Fallon, Chas. E. Thompson and
Hal. M . Lyttle; Sec. & Treas., W . V. Griffin; Gen. M gr., H. A . Johnson;
Compt., Edward A. Brion; Aud., T. B. MacRae; Asst. Sec., Miss F. M .
O’ Donnell; Asst. Treas., L. C. Torrey.— V. 119, p. 196, 809, 1394, 1623,
1842; V. 120, p. 954, 2010, 2399; V. 121, p. 838, 1228, 1460.
PUBLIC SERVICE CO. O F 'N O R T H E R N
ILLINOIS.
ORGANIZATION.— Incorp. in Hlinois in Aug. 1911 as a consolidation
of electric light and power companies in Northern Illinois outside o f Chicago,
controlled by Samuel Insull (President of Commonwealth Edison Co.) and
associates, per plan V. 93, p. 231, viz.: North Shore Electric C o., Economy
Light & Power Co., Illinois Valley Gas & Electric C o., Chicago Suburban
Light & Power Co. and Kankakee, Gas & Electric Co. In 1913 voted to
purchase the Northwetern Gas Light & Coke Co. Has a half interest in
the Western Public Service Co.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Supplies electricity, gas, heat and water in 15 counties in the northeastern
part of the State of Illinois surrounding Chicago. As of Dec. 31 1924 the
company's service extended to 214 different communities 211 being s u p
plied with electricity, 58 with gas, 5 with water and 4 with heat. In Oct.
1925 applied to Illinois Commerce Commission to construct a new 132,000volt transmission line. V. 121, p. 2039.
Subscription Rights— Dividend Rates.— See V. 120, p. 2149.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Com stock $15,000,000 ($ 1 0 0 )____
Q-F
$12,075,000
See text
Com stk 200,000 shs (no p a r ) . -----Q-F
97,130 shs
See text
Pf 6% cum $15,000,000 ($ 1 0 0 )____
6 Q-F
10.000,000 N ov ‘25.114
P f 7% cum $10,000,000 ($ 1 0 0 )____
7 Q-F
5.355,900 N ov '25 1H
First & ref mortgage ($1,000) 1 1911
5 g A-O
18,926,000 Oct. 1 1956
gold_________________c*.tf/Illinois Merchants Trust Co , Chicago, 111.
First lien & ref mtge Ser “ A ” l 1922 6 g J-D
22,250,000 June 1 1962
Series “ B ” ............................... 1924
5 H g J -J
5,000,000 July 11964
($100, &c) gold— c*&r*.tf |Int. payable in Chicago and New York.
Outstanding Bonds Assumed on Properties Purchased {Pledged V. 102, p. 1254).
(Excl. amounts deposited under first & ref. mtge. V. 107, p. 2381.J
North Shore Electric 1st & ref) 1910
5 g A & O $1,676,500 Apr. 1 1940
mtge call 10714 aft Apr ’20/Int. at Illinois Trust & Sav. Bank, Chicago.
Economy Lt & Pow 1st M s f - 1906 5 g J & D
1,291,000 D ec. 11956
Kankakee Gas & El 1st & ref M
1910 5 g M & S
162,100 Sept. 1 1930
Oct., 1925.]
POWER, LIGHT AND RAILW AY
The Strength of Horses
a lw a y s h a s b een the b asis for m e a su rin g
electrical energy.
M ore than 250,000 horse
pow er is available to hom es and industries o f
Northern Illinois through this C om pany’s ow n
generating and distributing system. In addition,
this Com pany’s inter-connections with the great
electric system s o f the Chicago district make
available to its customers, pow er resources
w hich the late D r. Steinmetz described as
“ the greatest pool of pow er in the world,”
The 1925 Year Book
W r ite for copy of the 1925 Y ear
Book. Interesting facts about this
C o m p a n y ’s continual g ro w th .
Public S ervice C om pany
O F N O R T H E R N IL L IN O IS
S erving
6,000 sq u a re m ile s— 2 2 1 cities a n d to w n s —
w ith G a s or E lectricity
General Office:
72 West Adams Street, Chicago
135
136
PUBLIC UTILITIES
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
C itizG asC o (Kank) C alll05-1902„ 5 g F & A
105,000 Feb. 11932
Pontiac Lt. & Wat Co 1st M 5s
1902 ________
58,000 July 11927
Northwestern Gas Lt & Coke]
1898 5 g Q-M
1,747,000 Dec. 1 1928
consol mtge $2,000,000 g_./Interest at Central Trust C o., Chicago.
Cicero Gas ref & general mtge 1 1898
5gJ&J
3,365,000 July 11932
$5,000,000 gold guar______ /Interest at Central Trust C o., Chicago.
Stock.— No par common stock has equal rights in all respects with the
common stock o f $100 par value. Compare V. 114, p. 1660. Stockholders
o f record July 3 1925 were given the right to subscribe for new or additional
shares o f common stock (without par value) at $100 per share, in the ratio
o f one new share o f common stock for each five shares o f stock If all classes
held. V. 121, p. 77.
Bonds.— The first & ref. 5s of 1911 (not limited as to amount) cover
"after-acquired properties,” and are a first mtge. on all property formerly
belonging to Illinois Valley Gas & Electric Co. and Chicago Suburban Light
& Power C o., and are also secured by deposit o f $2,114,500 North Shore
Elec. Co. “ first and ref.” 5s and $428,000 Economy Light & Power Co. first
mtge. 5s and $408,000 Kankakee Gks & Elec. Co. “ first and ref.” 5s,
$95,500 Citizens’ Gas Co. first mtge. 5s and $8,000 other underlying bonds.
Additional bonds may be Issued as follows: A sufficient amount to retire
the outstanding underlying bonds and for 75% o f the cost o f property here
after acquired, and if mortgage liens exist thereon at the time of acquisition,
bonds may also be issued to the par amount of such liens to refund same.
In addition to amount reported outstanding, $23,789,000 are pledged under
first lien and ref. mtge. Are redeemable at 110 since Oct. 1921. V . 93.
p. 1607; V. 94, p. 1190, 1321; V. 102, p. 1254.
The first lien and refunding mtge. bonds are secured by a first mortgage
collateral lien on the power plant o f the Waukegan Generating Company,
through pledge o f all the first mtge. bonds and all the capital stock of
that company. In addition, will be secured by a direct mortgage lien on
all physical property now or hereafter owned, subject only to prior lien.
There are also deposited under the first lien and ref. mtge. $23,789,000 first
and ref. mtge. 5% gold bonds. Redeemable (Series A ), all or part, at 110
and int. on or before June 1 1942; thereafter and on or before June 1 1952
at 107H and int.; thereafter and on or before Dec. 1 1961 at 105 and int.,
and thereafter at 100 and int.; Series “ B ,” all or part, at 110 & int. on or
before July 1 1944, thereafter and on or before July 1 1954, at 107A & int.;
after July 1 1954 and on or before Jan. 1 1964, at 105 & int.; and after
Jan. 1 1964 at 100 & int. Ih Oct. 1924 $5,000,000 Ser. " B ” 5'A % bonds
were offered by Halsey, Stuart & Co., Inc., at 96 & interest, to yield over
5J£%. V . 119, p. 1634. Free from Penn. State tax. V. 114, p. 2725;
V. 116, p. 1061; V . 119, p. 1634.
Dividends—
1912. 1923. 1914. 1915. Nov. 1916 to M a y ’ 25.
On common (per cent) 4
4%
5
534 7% per ann. (1% Q.-F)
On no par value stock paid $1 75 quar. Aug. 1 1923 to M ay 1 1925.
On Aug. 1 1925 a quar. div. o f $2 per share, $100 par and no par common
share. Up to then only $1M was paid on both classes o f common stock.
V. 120, p. 3066. In N ov. 1925 $2 quar. on both common stocks,
RE PO RT.— For 1924, in V. 120, p. 959. showed:
Calendar Years—
1924.
1923.
1922.
1921.
Total operating revenue.$18,003,904 $16,014,342 $13,712,095 $12,213,315
Operating expenses_____$10,318,858 $9,586,835 $8,218,491 $7,500,167
Depreciation__________
803,553
730,660
670,660
430,660
Taxes & uncollec. r e v .. 1,446,271
1,116,174
931,831
718,620
Net operating income. $5,435,222
i , 005,229
Other income__________
$4,580,673
726,367
Total income-------------- $6,440,451
Interest charges, &c____$3,234,489
Preferred dividends____
671,191
Common dividends......... 1,452,336
$5,307,040
$2,872,645
595,272
1,075,926
$3,891,li3
513,021
$3,563,869
466,151
$4,404,134 $4,030,020
$2,568,663 $2,450,484
589,133
518,817
799,965
785,457
Surplus........................ $1,082,434
$763,197
$446,373
$275,262
OFFICERS.— Chairman, Samuel Insull; Pres., Britton I. Budd; V.-Ps.,
John H. Gulick, Julius L. Hecht, John G .Learned and Chas. W. Bradley:
Sec. & Treas., George R. Jones; Comp., R . S. Holden; Aud., S. J. Palmer.
Office, 72 West Adams St.; Chicago.— V. 119, p. 1634, 2880; V. 120, p. 959,
1020, 2159, 3066; V. 121, p. 77, 2039.
DES MOINES POWER STATION
Located 7 miles below Des Moines, la ., at the
confluence of the Des Moines and Raccoon rivers.
[V ol. 121.
ILLINOIS POWER & LIGHT CORPORATION.
Controlled by Illinois Traction Co., a direct subsidiary of North Am. Lt.
& Pow. Corp., which entire capital stock is owned by North American Light
& Power Co.
O RGAN IZATION .— Organized early in 1923 and is a consolidation and
merger o f the following companies:
Group (1), Illinois— Companies Consolidated and Merged into Illinois
Power & Light Corp.
St. Louis Elec. Bdge. Co. (V.98,p .74) Kerens-Donnewald Coal Co.
Bloomington & Normal R y. & Lt. Co. Madison County Light & Power Co.
(V. 104, p. 668).
V. 109. p . 886).
Citizens Lighting Co. (V. 75, p. 292) Monticello Electric Light Co.
Mound City Light & Water Co.
Citizens Pure Ice Co.
Northern Illinois Light & Traction
Canton Gas & Electric Co.
Consumers W . & Lt. Co. of Marseilles Co. (V. 97, p. 729)
Danville Consumers Coal Co.
♦Peoples Trac. Co. (V. 108 p. 480)
Danv. St. R y. & L t.C o .(V .lll p.588) Peoria R y. (V. 112, p. 470)
Danv. & East. 111. R y. (V. 98, p. 235) Quincy R y. (V. 94, p. 1628)
Urbana Champaign R y., Gas & Elec.
Danville & Northern R R .
Danville & South Eastern R y.
Co. ( V . 113, p . 2820)
Decatur R y. & Lt. Co. (V. 112,p.652) Urbana Light, Heat & Power Co. (V.
Galesburg R y., Ltg. & Power Co. (V.
105, p. 2462)
Utility Gas Coal Co.
115, p. 1320)
Southern Illinois Light & Power Co.
Galva Electric Light Co.
Jacksonv. R y . & L t. C o. (V .99 ,p .1748) (V. 114. p. 2587)
... ____
* Peoples Traction Co. properties taken over by Galesburg Ry.,
Lighting & Power Co.
Companies Whose Entire Stocks are Owned by the III. Pow. & Light Corp.
Group (2), Interurbans.— (1) Illinois Traction, Inc., into which have been
consolidated Bloomington Decatur & Champaign R R . (V. 102, p. 65);
Danville Urbana & Champaign R y. (V. 106, p. 85); Illinois Central Traction
Co. (V. 108, p. 268): St. Louis Springfield & Peoria R y. (V. 114, p. 522),
Chicago Ottawa & Peoria R y., and (2) St. Louis Electric Terminal R y. Co.
Group (3), Cairo Properties.— Cairo R y. & Light C o., which owns entire
capital stock of Cairo City Gas C o., Cairo Electric & Traction C o., and
Cairo & St. Louis R y. Co.
Group (4), Nebraska.— Omaha & Lincoln R y. & Light Co. includes
Ashland Lt., Pow. & Mill Co.
Group (5), Kansas.— (1) Topeka R y. & Light C o., which owns entire
capital stock of Topeka Edison C o., Topeka R y. C o.; (2) Wichita R y. &
Light C o., and (3) Atchison R y ., Light & Pr. Co. In Apr. 1924 the Topeka
R y. & Lt. Co. and the Atchison R y ., Lt. & Pr. Co. were merged into the
Kansas Public Service Co., which owns all the stock of the Topeka Edison
Co. and the Topeka R y. C o., and has acquired all the com. stock of the
Kansas Power & Light C o., which controls the Union Power Co. and the
Douglas Light & Power Co. See V . 118, p. 1772, for further details.
Group (6), Iowa.— Des Moines Electric Light Co. (formerly Des Moines &
Central Iowa Electric C o .), made up of the properties of the following former
subsidiary companies: Colfax Electric Light C o.; Des Moines Electric Co.
TV. 114, p. 2019]'; Montezuma Electric Light, Power & Heating Co.; New
Valley Junction Water & Light Co.; Oskaloosa Light & Fuel Co., and
Oskaloosa Traction & Light Co. IV. 98, p. 839.]. The Des Moines Electric
Light Co. controls through stock ownership the Oskaloosa & Byxton
Electric R y. C o.; Mills County Power Co. (holding company only for Iowa
Power & Light C o.), Iowa Power & Light C o., and the Iowa Transmission
Line Co
Group (7) St. Louis.— Troy & Eastern R y. C o., which controls St. Louis
Illinois Belt Ry.
Practically all of the above companies formerly constituted the Illinois
Traction System, for history of which see “ Electric Railway” Supplement of
Oct. 28 1922. Directly owns and operates or controls electric power and
light, gas, heat and city railway properties in a large number o f municipali
ties in north central, central and southern Illinois. In N ov. 1923 acquired
the Monmouth Public Service Co. V . 117, p. 2432. [Also acquired in
N ov. 1923 the Armour holdings of stock (reported at approximately 30%
of total outstanding), in the Kansas City Power Securities C o., which co.
owns all the com. stock of the Kansas City Power & Light Co. (see on a
subsequent page), but this interest was subsequently sold.l V. 117. p.
2323. Properties added as entireties in 1924 are: Western Illinois Utilities
C o.; Central Illinois Electric C o.; The Argenta-Warrensburg Electric C o.;
Cerro-Gordo Electric C o.; besides additional purchases to existing divisions.
Acquired in 1924; Granite City Gas C o., Spring Valley Utilities Co.
For probable acquisition of Kankakee & Urbana Traction C o., see
V. 121. p. 1227.
TECUMSEH POWER STATION
Located 5 miles east of Topeka,
Kansas, on the Kansas river.
S P E A K IN G
O F M U SCLE SH O A LS
Des Moines, is strategically located to meet the
demands of that city and other prosperous and
growing communities in Central Iowa. Ade
quate transmission lines connect both plants
with scores of distribution systems.
The combined ultimate capacity of these plants
The erection of these modern generation stations
is 274,600 hp., or 14,600 hp. greater than the
reflects the steady growth of our properties;
installed capacity of famous Muscle Shoals.
further emphasized during the period between
These huge generating stations are designed to
1916 and 1925 by an increase in gross earnings
meet the present and future needs of rapidly
from $12,900,319 to $30,008,977—statement of
growing sections in the Central West.
August 1 1925—and in electric meters from
93,738 to 210,010, in gas meters from 53,062 to
The Tecumseh plant is serving Atchison, Topeka
74,368 and combined kilowatts generated from
and other thriving cities and towns in North
eastern Kansas. The Des Moines plant, at
219,626,000 to 476,594,000
The first units of generating plants at Des
Moines, Iowa, and Topeka, Kansas, have been
completed by Illinois Power and Light Corpora
tion subsidiaries.
ILLINOIS P O W E R A N D LIG H T C O R P O R A T IO N
Executive Offices; 230 South La Salle St., CHICAGO, ILL.
Oct., 1925.]
FIELD OF OPERATIONS AN D C H A RACTER OF BUSINESS.—
The power and light properties of the corporation comprise electric generat
ing stations with an aggregate capacity of 265,046 h.p. installed and 123,300
h.p. additional under construction, and distributing systems furnishing
electricity without competition to over 223,680 customers.
The gas properties have an installed daily generating capacity o f over
25,925.000 cu. ft. o f artificial gas and distributing systems serving over
78,700 customers.
The city railway properties, comprising over 235 miles o f track, serve the
cities of Danville, Champaign, Urbana, Decatur, Peoria (76,121), Cairo,
Quincy (35,978), Bloomington. Galesburg, Ottawa, Illinois; Atchison,
Topeka and Wichita (72,217), Kansas, and Oskaloosa, Iowa.
The electric trunk line railroad, comprising over 550 miles of main line,
modern, standard-gauge railroad, is equipped with automatic block signal
systems, repair shops, car barns and 1,223 freight and passenger cars.
This system connects the cities of Peoria, Springfield, Bloomington, Dan
ville, Urbana, Champaign and Decatur with Edwardsville, Granite City,
Madison, Venice and St. Louis, entering St. Louis over a steel toll bridge
owned by the corporation in fee, into its own terminal in the heart of
St. Louis. Another trunk line connects the cities o f Joliet. Ottawa. Mar
seilles, Peru and Princeton. A subsidiary, the St. Louis R y. and Eastern
R R ., operates a steam road of 45 miles, which enters East St. Louis and
exchanges traffic with the St. Louis Belt System.
M ost o f the principal lighting franchises are unlimited as to time. The
electric railroad, except in municipalities, is almost entirely on private
right-of-way.
New Power Project.— Co. is building a new steam generating power plant
at Tecumseh, Kan., to be completed in 1925, with an initial capacity of
20,100 h.p.
Exchange of Pref. Stocks for Stocks of Constituent Cos.— For offers made to
stockholders o f Illinois Traction Co. and the Bloomington & Normal Ry.
& Lt. C o., Western Rys. & Lt. Co. and Southern Illinois Lt. & Power Corp.,
see under separate captions in “ Chronicle” o f July 7 1923. page 86.
Fare Increase.— For farejincrease approved on July 13 1925 by the City
Council o f Quincy, 111., see V. 121, p. 1101,
Bus Service.— In Oct. 1925 it was reported that a bus system would re
place the electric line between Galesburg-Abingdon, 111. V. 121, p. 1908.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Oommon (no par)___________
400,000 sh. Oct ‘24, 25c
Partic preferred 6% cum ($50)
$1,875,300 O c t '2 5 ,1H
1st pref 7% cum $30,000,000
Q-J
27,494.350 Oct ’25,1?*
( $ 100) _____________________________ -----30-yr sk fd deb (closed) gold 1923
9,787.900 April 1 1953
7 g A-O
($100, $500 & $1,000 c* and-■Central Trust Co o f Illinois, Chicago,
trustee.
$1,000, $5,000& $10M)r*tf
1st & ref mtge Series “ A ” ____ 1923
6 g A-O
40,200,000 Apr 1 1953
Series “ B " _______________ 1924
5K g J-J 10,000,000 Dec 1 1954
$100,$500& $l,000c*& $l,- Harris Trust & Sav. Bank, Chicago, Trus
tee, and M . H. MacLaren, co-trustee.
000,$5,000&$10,000r*) g tf
Bloomington A Normal Ry. A Lt.—
1st and gen mtge, $3,500,0001 1911
5 J-J
1,006,000 Jan 1 1928
gold ($1,090)____ _c*&r.tf [Illinois Trust & Sav. Bk., Chicago, trustee.
B & N R E & H l S t mtge.l 19u2
5 g J-D
314,000 June 1 1927
$600,000 ($1,000) g s f.c * t f Jlnt. at 111. Trust & Sav. Bk., Chic., trustee.
----------159,300 Jan 1 1928
1921
7M %
Citizens Lighting Co.—
347,900 Feb 1 1926
First moitgage 6 % __________ 1922
6%
Clinton Gas A Electric Co.—
FLst mortgage 6 % ________ 1907
139,000 Nov 30 1937
6%
Consumers Water A Light—
30,000 Dec. 1925
First mortgage 5 % ________ 1905
5%
Galesburg Ry., Ltg. A Pow. Co.
_ ________________
5 „ J-D
_g
823,500 Oct 1 1934
Consol ref mtge $5,000,00/1 j.916
($1,000) red at 105_ c*&r jln t. at Merchants’ Bank o f Canada, N. Y.
_
Bond sec notes guar $750,000- 1921
7 M -N
298,900 Nov 1 1926
Galesburg R y & Lt 1st cons_ 1904 5%
_
781,000 July 11934
Madison County Lt. & Pow. Co.—
1st mtge $1,000,0J0 ($1,000) f 1905
5 g J-D
590,000 Dec 1 1936
gold_________________ c*tf-(Int at agcy. Merch. Bank of Canada, N. Y .;
I Central Tr. Co. of Illinois, Chic., trustee
Bond secured notes $300,000-. 1921
7 M -N
49 200 Nov 1 1926
Peoria Railway—
First & ref mtge $3,60J,00J\ 1906
5 g F-A
1,754,000 Sectext.
gold ($ j , j00)________ c*tf[Interest payable in New York.
Quincy Railway—
First ref $.,500,000-----------tf 1912
5%
582,000 Feb 1 1932
Jacksonville Ry. A Light—
Jack Ry & Lt 1st cons M , $1,-1 1906
5 g J-J
595,000 Jan 1 1931
000,000 g u g ($1,000)-c * .tf [Central Trust C o., Chicago, trustee.
Jacksonv Gas Light & Coke/ 1901
5 J-J
59,500 Jan 1 1931
Co first mortgage______ntf\Int. at 111. Merch. Tr. C o., Chic., Trustee.
2.099,000 Jan. 1 1931
1913
6%
3,323,600 Dec. 1 1941
1921
7%
423,000 Aug. 1 1942
1921
6%
200,000 __________
1923
7%
43,000 Nov. 1 1937
1907
5%
554,400 Sept. 1 1926
1916
6%
1900
6%
13,500
T o 1930
St Clair Co Gas & Elec 5s.
1,233,000 Mar. 1 1959
5%
Stock.— 1st pfef. 7% stock is call, on 60 days’ notice as a whole or by lot
in amounts o f 5,000 shares or multiples thereof, on any div. date at 105.
In July 1924 $5,000,000 1st pref. 7% stock was offered by Blyth, Witter
& C o., N . Y ., at 95 & div., to yield about 7.37% . V. 119, p. 197.
Bonds.— The first & ref. mtge. provides for an improvement fund. Int.
payable in Chicago or New York. Penna. 4 mills and Maryland 4 Yi mills
taxes and Conn, and Dist. o f Columbia personal property taxes not exceed
ing 4 mills per $1 per annum, and Mass, income tax on int. not exceeding
6% of such int. per annum refunded.
Series “ A ” 6% bonds are redeemable on any interest date at 105 and int.
to and incl. Oct. 1 1943, and thereafter at par and int. plus a premium of
H % for each year or portion of a year of unexpired term. V. 116, p. 1532.
Series “ B ” 5}4s are red. on any nt. date at 105 and int. to and incl.
June 1 1945 and thereafter at par and int. plus a premium of }4 % for each
year or portion of a year o f unexpired term. $5,000,000 Series “ B ” 5Hs
were offered in Dec. 1924 by E. H. Rollins & Sons, Harris, Forbes & Co.,
Halsey, Stuart & Co., Inc., &c., &c., at 97 and int., to yield over 5.70%.
V . 119, p. 2761. In M ay, 1925, Halsey, Stuart & Co. sold $5,000,000 at
9913 and int., yielding over 5.50% .
The 30-year 7% debentures are redeemable on any interest date on
60 days’ notice at 105 and int. The trust Indenture provides for the pay
ment to the trustee of $400,000 each 6 mos. during the life o f this issue, the
balance thereof remaining after the payment o f int. to be used for the re
tirement o f these debenture bonds by purchase or by call. It is estimated
that this sinking fund will retire more than 93% o f the entire issue at or
before maturity. Int. payable in N . Y . or Chicago. Co.'agrees to reim
burse holders for the Penna. 4-mills and the Maryland 4 H-mills taxes, and
for the Conn, and Dist. o f Columbia personal property tax not exceeding
4-mills per $1 per annum, and for the Mass, income tax on Int. not exceed
ing 6% of such int. per annum. V. 116, p. 2015.
Bloomington A Normal Ry. A Light.— Of the $1,583,000 first and gen.
mtge. bonds, $209,000 are pledged as collateral for $167,200 of notes,
Int. in New York or Chicago. Callable as a whole or in part for sinking
fund at 10213 and interest on any interest date. Sinking fund of 2% of
bonds out annually. $368,000 not incl. in amt. reported outstanding aer
in sinking fund. V. 93, p. 665.
The Railway Elec. & Heating Co. bonds are subject to call at 110 and int.
Sinking fund, $10,000 annually, began June 1908; $286,000 not incl. in
amt. reported outstanding are in sinking fund.
Galesburg Ry., Ltg. A Power Co.— Sufficient consol, ref. mtge. bonds are
reserved for prior liens and remainder for additions, &c. Sinking fund
retired 113 % of bonds outstanding April 1 each year and 113 % of all under
lying bonds not pledged under the consol, ref. mtge. Up to Apr. 1 1924.
$352,000 had been retired. The Old Colony Trust C o., Boston, is trustee.
Bond secured 7% notes are guar., prin. & int., by Illinois Trac. Co. Are
secured by deposit of $400,000 consol, ref. 5s, due 1934. Central Trust Co.
of Illinois, Chicago, trustee. V. 108, p. 268; V. I l l , p. 588; V. 112, p. 460;
V. 114, p. 2579; V. 115, p. 1320.
Madison County Light A Power.— Sinking fund o f 113 % of bonds pre
viously certified began Oct. 1 1916; bonds retired to be canceled. Can be
137
POWER, LIGHT AND RAILW AY
called on four weeks’ notice on any int. day at 105.
The $51,700 bondsecured 7% notes are secured by $69,000 1st mtge. bonds.
Peoria By.— Of $3,600,000 auth. first and ref. bonds, $3,129,000 were
originally issued. $1,375,000 have been retired. The trustee in the
Illinois Trust & Savings Bank, Chicago, 111. Remaining bonds mature
$1,754,000 in 1926. They are subject to call on any interest date at 105
and interest. See V. 83, p. 436; V. 89, p. 42; V. 90, p. 560.
Jacksonville Ry. A Light.— The 1st consols, are guar., prin. & int., by
Illinois Trac. Co. Are subject to call on any int. date at 105. Int. at
Merchants’ Bank of Canada, New York.
$115,000 Jacksonville Gas Light & Coke retired.
R EPO RT.— For years ending Dec. 31:
Calendar years—
1923.
1924.
Gross earnings from operation:
Electric light and power_______________
$13,871,433 $12,400,996
Interurban lines_______________________
. 6,032,489
6,676,610
City lines______________________________
. 4,849,247
5.178,391
Gas___________________________________
. 2,973,364
2,722.534
Heat__________________________________
685,778
620.363
Ice, water and miscellaneous__________
271.392
331,961
Total earnings _ _.
Operating expenses.
Maintenance______
Local taxes_______
Federal taxes_____
Net earnings___
Other income_____
.$28,683,703 $27,930,855
. 14,938,288 14,121,314
. 3,401,048
3,404,549
. 1,103,214
1,029,796
133,771
256,148
$9,107,380
500,586
$9,119,048
---------
Total income___________________________________ $9,607,966
Interest charges, &c____________________________ 4,975,923
Bond discount amortized________________________
207,024
Dividend on preferred stocks (co. &subs.)______ 1,633,721
Approp. for deprec., retirements, replacem’ts, &c_ 1,891,680
$9,119,048
4,135,582
220,714
1,358.330
2 , 000,000
Balance______________________________________
$899,618 $1,404,421
Surplus Jan. 1 1924------------------------------------------- 1,034,958
Add adjustments_______________________________
17,563
30.537
Dividends paid on common stock______________ ($1.75)700,000 ($1)400,000
Surplus per balance sheet____________________ $1,252,139 $1,034,958
OFFICERS.— Chairman of Board, W m. B. McKinley; Chairman Finance
Committee and Pres., C. Studebaker Jr.; V.-P. & Gen. M gr., W. A.
Baehr; V.-P. & Gen. A tty., H. L. Hanley; V .-P . & Sec., Scott Brown;
V.-P. & Treas., P. C. Dings; Compt., B. E. Bramble.— V. 117, p. 86, 894,
1017, 1129, 1461, 1663, 1774, 2109, 2323, 2432, 2769; V. 118, p. 201, 664,
1664, 1772, 2042, 2704, 2825; V. 119, p. 74, 197, 324, 1510, 2529, 2761;
V. 120, p. 1326, 1585, 1746, 2146, 3187; V. 121, p. 1101, 1227, 1568, 1908.
PROPERTIES CONTROLLED B Y THE ILLINOIS POW . & L T . CORP
(1) ILLINOIS TRACTION, INC.
ORGANIZATION.— A merger in 1923 of Bloomington Decatur & Cham.
RR ., Danville Urbana & Cham. R y., Illinois Central Trac. C o.. St. Louis
Springfield & Peoria R y., and Chicago Ottawa & Peoria R y.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock.— All owned by Illinois Power & Light Corp.
Underlying Bonds—
Bloomington Decatur A Champaign—
1st & ref mtge, $15,000,000, g f 1910
5 g M -N
1,496,000 N ov 11940
($1,000 coup & $1,000 or (Interest at Illinois Trust & Savings Bank,
multip reg.) gu p&i.c*&r*tf [ Chic., Trustee, or Chase Nat. Bank, N . Y.
Chic Bloom & Decatur 1st M - ____
5%
4,000 Oct 1 1936
Illinois Central Traction—
1st mtge, $2,000,000 ($1,000) 1903 5 g J-D
1,037,000 Dec 1 1933
gold, guar------------------c *tf Int. at Old Colony Tr. C o., Boston, trustee.
St. Louis Springfield A Peon a RR.—
1st & ref mtge $15,000,000 g 1909 5 J-D
5,045.000 Dec 1 1939
($1,000 coup & $1,000 or Illinois Trust & Sav Bk. Chicago, trustee.
multiples reg.)___ c*&r*tf Interest in New York, Chicago or London.
Springfield & Northeastern 1906 5 g J-D
143,000 Dec 11936
Traction 1st mtge $1,500,- Int. at agency Merch. Bank of Can., N. Y .
000 ($1,000) gold______ c*
Central Trust Co. o f Illinois, Trustee.
Peoria Bloomington & Cham 1906 5 g M -N
280,000 N ov 1 1936
Trac 1st M $3,000,000 gold (Int. at agency Merch. Bk. of Canada, N . Y .
($1,000)____________ o* tf I Central Trust C o., Chicago, Trustee.
Chicago Ottawa A Peoria Ry. Co.—
First cons & ref mtge, guar/ 1907
5 g J-D
165,000 Dec 1 1937
$5,000,000 ($1,000)_____tf (Central Trust Co o f Illinois, Trustee.
Illinois Val 1st M $1,500,000/ 1905
5 g M-S
673,000 Sept 1 1935
g ($500 & $1,000) gu c .tf l int, at Fidelity Trust C o., Portland, M e.
Bonds.— The Bloomington Decatur & Champaign “ 1st & ref.” bonds
are redeemable at 105 on any int. date. V . 92, p . 259.
Illinois Central Traction.— Are subject to caii on any interest date on
60 days’ notice at 107H and int. A sinking fund of 10% of net earnings
became operative Dec. 1 1908, but not to be less than 1% of bonds out
standing. $432,000 held in sinking fund.
St. Louis Springfield A Peoria RR.— Are red. at 105 on any int. date.
V. 90, p. 304; V. 95, p. 177. Are listed on Chicago Stock Exchange.
Peoria Bloomington & Champaign Traction first mtge. bonds are subject
to call on any interest date at 105 on 30 days’ notice.
Chicago Ottawa A Peoria.— The 1st cons. & ref. mtge. 5s are subject to call
on any int. day on 30 days’ notice at 105. Int. at Central Trust Co. of 111.
Illinois Valley bonds have a sinking fund of 1H % per annum of amount out;
mtge. was originally $2,000,000, but on merger with Chic. Ott. & Peoria
the $500,000 unissued was canceled; $827,000 (not incl. in amount out
standing) held in sinking fund. Are subject to call at 105.— . 119, p.
-V
2761, 2878.
(2) ST. LOUIS ELECTRIC TERMINAL CO.
For last statement published see “ Public Utility Compendium” of
N ov. 1 1924.
(3) CAIRO RAILWAY & LIGHT CO.
For last statement published see “ Public Utility Compendium” of
N ov. 1 1924.
(4) OMAHA & LINCOLN RAILWAY & LIGHT CO.
For last statement published see "Public Utility Compendium” of
N ov. 1 1924.
(a) TOPEKA RAILWAY CO. (Subsid. of Kansas Public Service Co.)
Merger, A c.— In April 1924 the Topeka R y. & Lt. Co. and the Atchison
R y., Lt. & Pr. Co. were merged into the Kansas Public Service Co., see above.
See V. 118, p. 1775, for details.
ORGAN IZATION .— Incorp. in Maine and owns the Topeka Edison Co.
(V. 92, p. 730) and Topeka R y. Co.
STOCK A N D BONDS— Date,
Interest. Outstanding.
Maturity-.
Capital stock— All owned by Illinois Power & Light Corp.
1st lien & ref M $7,500,000 g\ 1916
5 g F-A
1,207,200 Feb 1 1933
($100,$500,$1.000,&c)c*&r*jlnt. in N . Y ., New York Trust Co., Trustee
Topeka Edison Co mortgage) 1905 5 J-J
632,000 Sept 1 1930
$1,250,000 ____________ t f [Int. at Cont.&Comm.Tr.&S.B., Chic., Tru*
Bonds.— The 1st lien and ref. bonds are secured by pledge of the entire
capital stocks and, excepting $9,741,000 underlying issues, all the bonds
of the subsidiary cos. $1,528,000 are reserved to acquire or retire under
lying bonds, and remaining $4,152,000 may be issued to the extent of 80%
of cost of additions and impts. to the properties of the sub. cos., but only
when annual net earnings are 1% times the annual int. charges, incl. the
bonds proposed and all underlying bonds held by public. Are red. .all or
part, on any int. date at 105 and int. Sinking fund began Aug. 1 1917 of
1H % Per ann. to and incl. 1929 and 1% thereafter of the total amount of
bonds outstanding (incl. underlying bonds), less amounts paid on account
of sink, fund requirements of underlying mtges. (It is estimated 32%
of the $3,250,000 outstanding bonds will thus be retired Feb. 1 1933.)
$208,800 in sinking fund Oct. 1 1925. $121,000 bonds in fund arhheld
alive. The Topeka Edison Co. bonds have a sink, fund of $15,000 petW ki.,
138
[V ol. 121.
PUBLIC UTILITIES
payable Dec. 15, $240,000 have been retired and $68,000 are held alive in
smk. fund. Beginning with the 2-year period ending M ay 31 1918, and
durmg each 2-year period thereafter, there must be set aside for maintenance
and depreciation an amount averaging 12% of the combined annual gross
earnings o f the subsidiary cos. V. 104. p. 74.
EA R N IN G S.— Year ending Dec. 31 1923, gross, $1,515,637; net, $457,180; int., $149,746. In 1922, gross, $1,462,412; net, $405,277; int., $152,796.
PROPERTIES.— 39 miles o f electric street railway, largely 70 to 79-lb.
T rails; 51 double and single-truck motor cars, 28 trailers; power plant,
generating capacity, 5,893 h.p.; 255 miles of power and light-distributing
lines and 15,000 meters; exhaust steam system for heating purposes; mis
cellaneous real estate.— V. 104, p. 74; V. 118, p. 1775.
(а) TOPEKA RAILWAY CO. (Subsid. of Kansas Pub. Service Co.).
Merger.— See Topeka R y. & Lt. Co. above.
ORGAN IZATION .— Incorp. under general railway laws of Kansas in
1892; in 1903 absorbed the Vinewood Park Ry. and made a new mtge. for
$1,250,000. On June4 1903 obtained a new 30-yea.r franchise, running from
that date, with the provision that $400,000 be expended within 3 years on
the system. Also has secured franchises in perpetuity on county roads
now occupied, with privilege o f hauling freight. City agrees never to reduce
rates to where company will earn less than 10% on stock. The city is to
receive 10% o f earnings remaining after 10% has been earned. Upon
expiration o f franchise city has the right to acquire the property, but not
before. V. 76, p. 866, 1302. On June 26 1916 authorized capital stock
was increased from $1,250,000 to $2,250,000. V . 103, p. 62.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock all owned by Topeka R y. & Light Co.
First mtge $1,250,000 g o ld f 1904
5 g J-J
$803,000 Jan 1 1930
($1,000)-------------------- c ft f lin t. atCont.& Com m .Tr. & S.B ., Chic., Trus.
Bonds.— Remaining bonds are reserved for 80% o f cost o f new power
nouse and for betterments and additions. Subject to call at 105 and int.
®2?j?’9u0 have been retired. A sinking fund began Jan. 1 1910, which is
sufficient to retire $15,000 per annum at 105 and interest.
EARN INGS.— Included in Topeka R y. & Lt. Co.
ROAD.— Included in Topeka R y. & Lt. Co. above.— V. 118, p. 1775.
(б) WICHITA RAILROAD & LIGHT (Part of Kansas Pub. Serv. Co)
ORGAN IZATION .— Chartered M ay 1 1900 for 30 years. Street rail
way franchise expires 1933. In 1910 entered into a 20-year contract for
purchase of power from Kansas Gas & Elec. Co.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock.— Owned by Kansas Public Service Co.
Ref. & cons M $1,500,000 g -t f 1907
5 g A-O
$1,042,000 Oct 1 1932
Bonds.— 1st M . bonds are subject to call at 105 on 6 months notice.
R OAD.— Owns 37 miles o f trolley track in Wichita, Kan., including
double-track bridge over the Arkansas River and extensions to Wonderland
Park and Fair Grounds; 107 cars.— V. 118, p. 1270, 1776.
(7) ATCHISON RAILWAY, LIGHT & POWER CO.
Merger.— Now part o f Kansas Public Service Co.
ORGAN IZATION .— Successor in 1895 of the Atchison R y., Elec. L. & P.
C o. Controls electric railway, lighting and gas properties o f Atchison.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock— Owned by Illinois Power & Light Corp.
First mtge $1,500,000--------- tf 1910
5%
$623,500
N ov 1935
Bonds — Sinking fund, $10,000 per annum, payable N ov. 1: $126,500
(not incl. in amount outstanding) held alive in fund Oct. 1 1924.
ROAD.— Operates 9 miles o f track. 26 cars. Supplies city with 99
arc lights and 109 incandescent lamps; also 8 arcs for commercial lighting;
3,053 electric and 2,427 gas meters in use.— V. 113, p. 2184; V. 118, p. 1770.
(8) DES MOINES ELECTRIC (LIGHT) CO.
ORGAN IZATION .— Formerly Des Moines & Central Iowa Electric
C o. Name changed to present title in 1925.
FIELD 9 F OPERATIONS AN D CHARACTER OF BUSINESS.—
Properties include the electric light and power companies, serving Des
Momes, Oskaloosa, Colfax, New Valley Junction, New Sharon, Prairie
City and Montezuma and the street railways in Oskaloosa.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Comstk $1,000.000 ($100) — All owned or controlled by 111. Pr. & Lt. uorp.
Des M & Cent T Co sk fd gold f 1913 5 & 6 g M -S $1,191,000 Sept 1 1937
bonds $10,000,000 ($500
Interest at First National Bank, New York,
$1,000) red at 105------------ [ or the Central Trust Co. of 111., trustee.
Des Moines Elec 1st M $5,-f 1908
5 M -N
3,773,000 N ov 1 1938
000,000 ($1,000) s f ------- tf (Interest at American Trust C o., Boston.
Bonds.— Additional sinking fund gold bonds can only be issued for 80%
o f the cost of improvements, &c., to the sub. cos., and ertain other restric
tions. Annual sinking fund o f 114% o f bonds out cbegan Sept. 1914
$44,500 are 5s and $1,163,500 6s.
Des Moines Elec. Co. 1st M . bonds are subject to call after N ov. 1 1914
at 105- Sinking fund 1% o f bonds N ov. 1 1914-21; 1 A % 1926-31; 2%
1931-37. $442,000 retired by sinking fund.
STANDARD GAS & ELECTRIC CO.
See map page 139.
ORGAN IZATION.— Incorp. in Delaware April 28 1910 as a holding
company. Owns bonds, stock and other securities of 13 public service
corporations (electric, gas and street railway 1 controlled by H. M . Byllesby
& Co. of Chicago, has operated properties in various parts of the country
(compare V. 114, p. 1911), serving over 950 communities having a total
population of about 3,150,000. Effective as of Jan. 1 1919, acquired the
public utility, &c., business (excepting the banking department) of H. M .
Byllesby & Co., Inc. (now the Byllesby Engineering & Management C orp.).
V. 108, p. 2335. For list of stocks and bonds owned on Dec. 31 1924, see
V. 120, p. 2036.
Shaffer Oil < . Refining Co.— The company controls, also guarantiees
%
principal and int., $5,952,200, Shaffer Oil & Refining Co. 1st M . conv.
6s, dated June 1919. See that co. in our “ Railway & Industrial” Compend
ium and V. 108, p. 2247, 2335, 2636; V. 121, p. 1290.
STOCK AN D BONDS.— Date.
Interest. Outstanding.
Maturity
Com stk 1,000,000 shs (no p a r ) ____ Q— J 25
757,674 shs. O c t '25, 75c
Prior preference stock 7 % cum
$50,000,000 ($100)______________ 7 Q— J
$18,000,000 Oct ’25 1 H
8 Q— M
P r e f 8 % c u m $ 3 0 ,0 0 0 ,0 0 0 ( $ 5 0 ) ____
16,500,000 S ep t’25,2%
6 % non-cum stk $1,000,000 ($ 1 ) ____ 6%
1 , 000,000 _________________
20-year 6% notes (closed)) 1915 6 g A-O
_____ ________ __ ____
15,000,000 Oct 1 1935
($50 &c) gold________ c * tfjln t. at Guaranty Trust C o., N . Y ., trustee.
Stock.— The 7% cumulative prior preference stock is call, all or in part at
115 and divs. The 6% non-cumulative stock has equal voting rights with
the common stock. Callable at par. The common and 8% pref. stock are
listed on the N . Y . Stock Exchange. V. 120, p. 830.
In M ay 1925 H. M . Byllesby & C o., &c., sold $5,000,000 additional 7%
cum. prior pref. stock at $100. V. 120, p. 2552.
Stockholders of record Aug. 24 1925 were given the right to subscribe
for additional common stock at $48 per share to the extent of 1-5 of their
holdings. V. 121, p. 841.
Bonds.—All o f the outstanding convertible 6 l % gold debenture bonds of
A
1933 were redeemed on June 15 1925 at 105 and int. V. 120, p. 2685.
All o f the outstanding convertible 6 14 % gold debentures of 1954 were
redeemed on Sept. 1 1925 at 105 and interest. V. 121, p. 708.
The 20-year 6% notes are red. at 103.
Divs. on the 8% Cum. Pref—
'13. ’ 14. ’15. ’ 16. ’ 17. '18. ’ 19. ’20-’23’
In cash------------------------ ----------- % 4
0
1 4 ^ 6
6 7)4
8 y ’ly.
In 6% scrip-----------------------------% 4
7
3 None __ . . . . .
______
The directors on Aug. 19 1919 declared 13% cum. divs. on the 8% cum.
pref. payable in com. stock ($1,532,044) at par, Sept. 15 1919. Divs. paid
regularly at the annual rate since then.
On 7% pref. 1% % Q.— J. is being paid.
On com. declared initial div. o f 62M c. a share, payable July 25 1923.
Same amount paid quar. to Jan. 25 1924; on April 25 1924 paid 75c. quar.
and same amount paid regularly quar. since to and incl. Oct. 1925.
RE PO RT.— For 1924,
Calendar Years—
Gross earnings__________
Net earnings---------------In terest_______________
Preferred dividends____
Common dividends_____
Amort, of discount, &c._
in V. 120, p. 2005, 2036, showed:
1922.
1924.
1923.
$6,098,532 $5,196,190 $4,759,702
5,981,260
5,103,426
4,652,126
1,840,704
2,217,290
2,162,596
1,761,298
1,297,711
1,074,965
796,033
397,500
______
______
350,000
1921.
$3,632,745
3,564,121
1,367,753
990,388
125)000
Balance, surplus_____$1,206,639 $1,245,618 $1,386,457 $1,080,980
Latest Earnings.— For 12 months ended June 30:
1925.
1924.
Gross revenue___________________________________ $6,646,354 $5,680,402
Net after taxes___________________________________ $6,508,936 $5,619,385
Interest charges_________________________________ 1,949,086
2,281,039
2,211,600
1,364,750
Preferred dividends_____________________________
Common dividends_____________________________
1,054,586
642,792
Surplus______________________________________ $1,293,664 $1,330,804
OFFICERS.— Pres., John J. O’Brien; 1st V .-P ., Robert J. Graf; V.-Ps.,
B. W. Lynch, J. H. Briggs, Albert S. Cummins, E. J. M cK ay, F . C
Gordon, Geo. H. Harries, C. C. Levis; Sec. & Treas., M . A. Morrison.
Chicago office, 208 So. La Salle St.; New York office. Trinity Bldg.— V.
119, p. 822. 1966, 2531; V. 120, p. 584, 830, 1748, 2005,2036, 2552, 2685;
V. 121, p. 708, 841, 1570.
ILLINOIS TRACTION CO.
The old Illinois Traction Co. continues in existence as a holding co. for
the Illinois Power & Light Corp. (see below).
Exchange Offer Made to Stockholders.— On June 15 1923 holders of both
Illinois Traction Co. pref. and com. stocks were offered in exchange 7%
cum. pref. and 6% cum. partic. pref. stocks, respectively, of the Illinois
Power & Light Corp. For full details see V. 117, p. 86.
CHICAGO JUNCTION RR.
ORGANIZATION.— Organized in the interest of the South Side Elevated
RR. (since consolidated with Chicago Rap. Tran. Co.) to build lines to
connect that company’s track with the Stock Yards. Only a nominal
amount of stock has been issued ($50,000), which is held in trust for the
South Side Elevated (now consolidated with Chicago Rap. Tran. Co.) in
case that company should at any time wish to absorb it. Is leased to the
South Side Elevated (now Chicago Rapid Tran. Co.) for 50 years (with
right to purchase at cost within 20 years), rental being interest on bonds,
taxes, &c. Franchises are without limit.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Consists of an elevated road (from junction with South Side “ L ” at 40th
Street) to the Stock Yards, and a loop around the same, 3.61 miles. Was
completed in M ay 1908.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_______
See text.
__________
Stock_____________________________
1st mtge $2,327,000 gold/ 1905
4 g M-S
$2,327,000 Mar 1 1945
($1,000) guar p & i ______c*(First Trust & Sav. Bank, Chicago, trustee.
Bonds.— Are subject to call at 105 and int. In event of consolidation with
South Side Elevated (now Chicago Rapid Tran. Co.) this issue of bonds is
toberetired. V. 80 ,p. 871. Bonds are guar., p. & i., by Chicago Junction
Rys. & Union Stock Yards Co. See V. 82, p. 568.
OFFICERS.—Pres., A. E. Rawson; V .-P ., H. E. Poronto; Sec., Thorn;
hill Broome; Treas. & Asst. Sec., J. W. Austin; Asst. Sec., J. C. Erickson
Aud.. C. C. Chace.— V. 87, p. 346.
CHICAGO AU RO RA & ELGIN C O R PO R A T IO N .
ORGAN IZATION .— A holding co. Incorp. in Delaware June 12 1922 to
take title under the reorganization (see plan in V. 114, p. 736, 1177) of the
old Aurora Elgin & Chicago R R . (for history see “ Electric Railway” Sup
plement of April 29 1922) to certain small interests and stocks which cannot
properly be held by the Chicago Aurora & Elgin R R ., the operating co.
Owns the entire $9,500,000 (par $100) common stock of the Chicago Aurora
& Elgin R R ., which see below.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common (no par) 27,500 s h s _ . ___
______
27,500 shs.
_______
Debenture bonds $6,000,000-- 1922
See text
$6,000,000 April 1 1972
Stock.— Common stock is to be held in a voting trust for three years.
Bonds.— Int. on the debenture bonds accrues at 6% per annum after
June 1924 and is payable out of the net profits of the corp. If the net
income in any year is not sufficient to pay int. at the rate of 6% per ann.,
such int. remaining unpaid is to accrue, and the accrued deficiency is payable
before any div. may be paid on the common stock, but failure to pay int.
shall not constitute a default. Red. at 102J4 and int. V. 114, p . 736.
1177, 2716; V. 115, p. 1837.
(1) CHICAGO AURORA & ELGIN R R .
All the common stock of the co. is held by the Chicago Aurora & Elgin
Corn., which see above.
ORGANIZATION.— Incorp. Mar. 23 1922 in niinois to take title in
reorganization (see plan in V. 114, p. 736, 1177) to most of the properties
and franchises of the so-called Third Rail Division of the old Aurora Elgin
& C h ic a g o R R . (for h isto r y see "E le c t r i c R y . ” S u p p le m e n t o f Apr. 29 1922).
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
A railroad operated by electricity, with over 102 miles of track, serving and
connecting Chicago, M aywood, Bellwood, Villa Park, Ardmore, Elmhurst,
West Elmhurst, Lombard, Glen Ellyn, Wheaton, Aurora, Elgin, Batavia,
West Chicago, St. Charles and Geneva, all in Illinois. Also owns a steam
electric generating station at Batavia with an installed generating capacity of
16,000 k.v.a. Owns 75 passenger and 95 freight cars, 2 electric locomotives.
H. M. Byllesby and C o .
INCORPORATED
Underwriters, Wholesalers and Re
tailers of Investment Securities
— S p e c ia lis ts in Public Utilities.
Direct Private Wires—
Chicago-New York-Bos ton-Philadelphia
CHICAGO
231 So. La Salle St.
BOSTON
14 State St.
PHILADELPHIA
Stock Exchange Bldg.
DETROIT
Dime Bank Bldg.
MINNEAPOLIS
McKnight Bldg.
KANSAS CITY
Land Bank Bldg.
NEW Y O R K
I l l Broadway
PROVIDENCE
Turks Head Bldg.
ST. PAUL
Pioneer Bldg.
139
POW ER, LIG H T AND R A IL W A Y
Oct., 1925]
140
[V ol. 121,
PUBLIC UTILITIES
Wage Agreement.— For new 2-year wage agreement, concluded in July
1925, see V . 121, p. 456.
STOCK A N D BONDS—
Date. Interest.Outstanding.
Maturity.
Com stock $9,500,000 ($100)--A11 owned by Chic. Aurora & Elgin Corn.
R ef& im ptser “ A ” $50,000,000 1922 7%
$1,050,000 April 1 1947
Series “ B ” ________________ 1923 6%
260,000 June 1 1947
Series **C” _________________ 1924 6%
See text Dec 1 1934
A E & O R y first mortgager 1901 5 g A -0 1 5 2,199,000 Apr 15 1941
$3,000,000 ($1,000), gold]C ont. & Comm. Tr. & Say. B k., Chic., Trus.
cannot be called________ tf (Interest payable in Chicago and New York.
2-yr sec notes ($100, $500 & / 1924
6H g J-D
750,000 Dec 1 1926
$1,000) gold_________ c*tf \Int. at Halsey, Stuart & Co., Chic. & N . Y .
Car trust certificates, serial_ 1922 6 M -S
_
353,000
See text.
Bonds.— The ref. & impt. 7% ser. “ A ” bonds are red. at 101 and lnt. on
any int. date.
On the Aurora Elgin & Chicago R y. bonds a sink, fund of $50,000 p. a
began on April 15 1922. See V. 74, p. 726. $801,000 have been retired.
Notes.— The 2-yr. 6 H % notes are secured by pledge of $1,000,000 ref. &
impt. 6% bonds Series C due Dec. 1 1934. Notes are red. all or in part on
30 days’ notice at any time prior to Dec. 1 1925 at 100)4 and int., and on
and after Dec. 1 1925 at 100 and int. Co. agrees to reimburse the holders
of these bonds, if requested within 60 days after payment, for the Penna.
and Conn. 4-mills and Maryland 434-mills taxes, and for the Dist. of
Columbia personal property taxes not exceeding 5 mills per dollar per
annum, and for the Mass, income tax on the int. not exceeding 6% of such
int. per annum. $750,000 2-year 6)4 % sec. notes were offered in Dec. 1924
by Halsey, Stuart & Co., Inc., at 100 and int. V. 120, p. 209.
Equipment trusts mature $23,000 each March 1 and $24,000 each Sept. 1
to 1932. Girard Trust C o., Philadelphia, trustee.
EARN IN G S.— For calendar years:
Cal. Yrs.— Gross.
Net. aft. Tax. Oth. Inc.
Int., &c.
Bal., Sur.
$227,589
$316,602
$527,371
$16,820
1924______ $2,318,570
1923______ 2,502,325
x566,960
8,704
176,224
339.440
1922______ 2,252,996
448,454
281
126,631
322,104
x Excluding Federal income tax.
OFFICERS.— Pres., Thomas Conway Jr.; V .-P ., Edwin C. Faber; V .-P .,
& Gen. M gr., J. H. McClure; Treas., Gordon B . Anderson; Sec., W . D .
Turner.— V. 118, p. 1664; V . 119, p. 1842, 3009; V . 120, p. 209; Y . 121,
p. 456.
AURORA ELGIN & FOX RIVER ELECTRIC CO.
Control.— Controlled by Western United Corp.
ORGAN IZATION .— Incorp. Dec. 12 1921; acquired Jan. 1 1924 the
electric traction and electric light and power properties, formerly known as
the Fox River division o f the old Aurora Elgin & Chicago R R . Co. (for
history see “ Electric Railway” Supplement of April 29 1922)
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
The co. furnishes street car service in the cities o f Aurora and Elgin and
Interurban electric traction service from Montgomery north to Aurora,
North Aurora, Mooseheart, Batavia, Geneva, St. Charles, Five Islands,
Coleman, South Elgin, Elgin, Dundee to Carpentersville. Company oper
ates bus line service between Aurora and Yorkville, touching the villages
of Montgomery and Oswego. Miles o f track, 66.78: miles of wire in the
Elgin electric light and power property, 306: number of electric meters,
8,456; annual sales, 7,117,005 k. w.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_________ x$2,500,000 ___________
Common $2,500,000_________ _____
_________ x2,500,000 ____________
Pref 7% cum $2,500,000___________
f 1924
7%
x l ,800,000 Oct. 1 1949
1st mortgage___________ tf( First Trust & Savings Bank, Chicago, and
l R oy C. Osgood, Chicago, trustee.
X All owned by Western United Corporation.
LATEST EARN ING S.— For 12 mos. ended Aug. 31:
1925.
1924.
1923.
Gross income.............................
$1,402,457
$1,315,527 $1,252,527
Net income_________________________
326.220
292,989
89,237
Interest charges____________________
92,833
50,067
1,371
Other deductions (incl. Fed. taxes)_
_
40,763
24,736
2,072
B a la n c e ............................................
$192,624
$218,186
$85,794
OFFICERS.— Pres., I. C . Copley; V .-P., C. B. Strohn and A . F. Town
send; Sec., B. P. Alschuler; Treas., C. B. Strohn.— V. 115, p. 2476; V. 116,
p. 2635; V. 117, p. 2888; V. 120, p. 954.
COMMONWEALTH EDISON CO.
ORGANIZATION.— Incorp. Sept. 17 1907 as a consolidation per plan
In V. 85, p. 162, 724. In 1913 acquired (by consolidation) Cosmopolitan
Electric Co. Franchises expire 1947. On March 24 1908 the Chicago
City Council passed an ordinance providing that 3% annually of the gross
receipts during the life o f the franchise o f the old Commonwealth Electric
Co. be paid to the city, and providing that the franchise be extended to
include all of the subsidiary companies. Maximum rate was reduced on
Aug. 1 1923 from 9 cents (net) to 8 cents (net).
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
The co. has more than 783,000 customers, including the surface and elevated
railways of Chicago. Output in 1924 was 2,787,090,000 k.w.h., as com
pared with 2,573,287,000 in 1923. The co. owns its own coal mines, and
has 8 generating stations, and 83 commercial substations. During 1924
the first electrical generating unit of 60,000 k.w. was put into service at
Crawford Ave. station. Two other units, each rated at 50,000 k.w. were
put in service before June 1 1925. Ultimately this station is expected to
have total rating of 750,000 k. w. or more. The present total generating
and storage battery capacity o f the co. is 902,000 k. w., or 1,210,000 h. p.
The stockholders on Feb. 24 1925 voted to increase the auth. capital
stock from $100,000,000 to $125,000,000. V. 120, p. 1088. Compare
V. 120, p. 828. Stockholders of record April 1 1925 were given the right to
subscribe at par ($100) for additional capital stock to the extent of 12)4 %
of their holdings. V. 120, p. 1457.
New Station Opened.— For particulars o f the new Crawford Avenue gen
erating station see V. 120, p. 3185.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $100,000,000 ($100)_________
Q— F $86,457,900 N o v ’25 2%
Commonwealth Elec 1st mtgel 1898
5 g M-S
8,000,000 June 1 1943
($1,000) gold________ c*tf/N orthern Trust C o., Chicago, Trustee.
Commonwealth Edison 1st M ( 1908
5 g M-S
45,774,000 June 1 1943
($1,000) gold____________ /Northern Trust C o., Chicago, trustee.
Commonwealth Edison 1st M i 1908
6 g M-S
6,000,000 June 1 1943
($1,000) gold___________ tf /Northern Trust C o., Chicago, trustee.
First mortgage coll Series “ A ” | 1923
5 g J-J
15,000,000 July 11953
Series " B ” _________ _____ 1 1924
5 g J-D
15,000,000 June 1 1954
($100, &c) gold'-____c*& r*jlll. Merchants’ Trust C o., Chicago, trustee.
Bonds.— Additional Commonwealth 5s of 1908 are issuable for not ex
ceeding 75% of cost o f extensions and improvements. Redeemable at 110
since Sept. 1 1918. V. 79, p. 214; Y. 83, p. 326; V. 85, p. 163; V. 88, p. 55,
103; V. 90, p. 40; V. 100, p. 1351, 1440. A block o f $7,143,000 of these
bonds was offered in N ov. 1922. V. 155, p. 2271. In July 1921 sold $6,000,000 first mtge. 6s. V. 113, p. 297. The Commonwealth Elec. 1st 5s
o f 1898 and the Commonwealth Edison 1st 5s & 6s o f 1908 are all secured by
the same mtge. In addition to amount outstanding $30,000,000 5s of
1908 are pledged as security for the 1st mtge. coll. Ser. “ A ” and Ser. “ B "
bonds. Int. on all issues payable in N . Y . and Chicago.
The 1st mtge. coll, bonds are issuable in series, with such rate of int., re
demption sinking fund, &c., as directors shall determine. Ser. “ A ” and
Ser. “ B ” secured by deposit o f $30,000,000 1st 5s of 1908. Ser. “ A ” and
Ser. “ B ” bonds are call, at any time on 40 days’ notice at 110 and int.
Int. payable in N . Y . and Chicago. Penna. and Conn. 4 mills tax and
Mass, tax on int., not exceeding 6% thereof, refunded. V . 117, p. 2775;
V. 119, p. 698.
DIV ID E N D S.—
’ 07. ’08. ’09. 1910. ’ l l . ’ 12. ’ 13. ’ 14 to N o v .’25.
Percent_______________6)4 5 X 6 6(Q-F) 7
7 7)4 8 (2% Q.-F.)
V 97. p. 447", 889.
R E PO RT.— For 1924, in V . 120, p. 955, showed:
1921.
1922.
Calendar Years—
1923.
1924.
Gross revenues_______ .$53,672,442 $49,136,042 $43,107,956 $37,139,831
Operating expenses____ - 28,997,333 27,670,691 25,131,735 21,495,397^
165,147
139,671
Uncollectible oper. rev.
177.722
339,047
3,287,212
2,900,758
Retirement expense_ . 4,327,878
_
3,912,725
2,700,000T ax es--------------- -------- . 4,375,861
3,400,000
4,230,000
1,116,260
Municipal compensation 1,606,230
1,283,883
1,469,585
Operating income_ .$14,026,094 $11,675,313
_
Other incom e..............
728,221
557,270
$9,839,978
687,565
$8,787,744
739,586’
Total___ _______ __ -$14,754,315 $12,232,583 $10,527,543
Interest on bonds_____ - 4,089,363
3,048,222
3,052,613
Dividends (8 % )______ - 6,230,288
4,602,416
5,389,002
Other deductions ____ - 1,557,033
1,202,947
1,627,853
$9,527,330
2,834,042
4,307,126
1,326,503
Balance, su rp lu s_ - $2,877,631
_
Previous surplus______ - 12,703,312
$1,673,959
x9,083,639
$1,059,659
8,254,406
Total_______________ -$15,580,943 $12,771,581 $10,757,597
Miscellaneous debits .
68,268
28,345
17,582
yOther reserves_______
120,787
$9,314,065
7,863
122,985
$2,163,115
10,608,466
Profit & loss, surplus -$15,563,361 $12,703,312 $10,608,466 $9,183,217
x After deducting adjustment of charges made to investment in affiliated
companies prior to 1922. y Other reserves, insurance reserve and liability
for provident funds.
OFFICERS.— Pres., Samuel Insull; V .-Ps., L. A . Ferguson, J. F .
Gilchrist, J. H. Gulicfc and E. J. Doyle; Sec. & Asst. Treas., John W .
Evers, Jr.; Treas. & Asst. Sec., Geo. W . Williamson. Office, 72 W est
Adams St., Chicago. 111.— V. 119, p. 698, 2069, 2285, 2528; V. 120, p. 828,
955, 1088, 1457, 3185..
MISSISSIPPI VALLEY RAILWAY & POWER CO.
ORGANIZATION.— Incorp. in Delaware July 1 1915 to take over the
Rock Island Southern R y. the Aledo Terminal R y., the Rock Island Alexis
Ry. and the Edwards River Power Co. (all formerly operated by the Rock
Island Southern R y .), as per plan of readjustment in V. 101, p. 449. Under
the plan acquired all the com. and pref. stocks of these companies and
$1,341,200 (out of $1,873,200) 1st mtge. bonds of the Rock Island Southern
Ry. and $415,000 Aledo Terminal R y. 1st mtge. bonds.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Runs north from Monmouth to a connection with the Chic. Rock Island &
Pac. R y. at Monmouth Jet., 31 miles, and thence operating into city o f
Rock Island, a distance of 22 miles, over line leased for 25 years from O. R .
I. & P. R y., which has been electrified. Also 7 miles from Gilchrist Jet. tn
Aledo. Total miles of single track operated, 66.29. Has connections for
Davenport, la ., Moline and Galesburg, 111. 10 pass., 243 freight, 2 express
and freight, and 7 work cars; 7 steam locomotives. 75-85-lb. rails. Also
operates the power house located at Edwards River.
Default— Interest Funding Plan.—-Being in need of at least $150,000 for
the rehabilitation of the Rock Island Southern Ry. property, and finding it
inadvisable to sell additional prior lien bonds in view of the unsettled finan
cial situation, the Miss. Valley R y. & Pow. Co. entered into an agreement
with the holders of the $532,000 Rock Island Southern R y. bonds not owned
by which the time o f payment of interest on those bonds and the bonds held
by the M . V. R. & P. Co. will be extended for 3 years. The M . V. R . & P.
Co. being without funds to pay the interest due July I 1917 on its 1st & ref.
5% bonds, holders of said bonds have been requested to exchange their
coupons for the 3 years beginning July 1 1917 for bonds of the same issue,
par for par. The unissued prior hen bonds are to be canceled. For
further details see V. 105, p. 607.
Sale of Collateral.— The interest and principal due June 1 1917 on the
$266,000 coll, trust notes of the R. I. Southern R y. remaining unpaid, the
$532,000 1st mtge. 5% bonds of that company pledged as collateral were
sold at foreclosure Aug. 27 1917, presumably to the committee for the note
holders. Compare V. 105, p. 607Liquidation of the Company.— We were advised that the holdings o f the
company probably will be disposed o f and the company dissolved in the
course o f 1926. V. 121, p. 1789.
Sub. Co. Receivership.— In April 1920, Judge Martin J. Wade appointed
O. N. Abbott and C. H. Bacon receivers for the Rock Island Southern
R y. V. 110, p. 1642.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Common stock $2,500,000_________
_______
$2,291,060
Preferred stock $2,000,000_________
_______
1,079,524
Prior lien bonds $300,000 ls t f 1915
See text
abt.175,000
5 J-J
refunding mortgage ($100,( 1915
abt.800,000 July 1 194$
5 J-J
& c)____________________ c*[Int. at Columbia Trust C o., N . Y ., trustee.
Rock Island Southern Ry.—
1st mtge $2,500,000 ($100)/ 1908
5 g J-J
1,873,200 Jan 11947
$500 and $1,000) g _____tf\Central Trust C o., Chicago, trustee.
Bonds.— Provision is made for the retirement of the prior hen bonds out
of the sinking fund or by the sale of other bonds, the bonds taken in ex
change for the old securities then becoming an absoltue first hen. Addi
tional bonds may only be issued for betterments, extensions, &c., under
carefully guarded restrictions.
$1,341,200 of the R. I. Southern R y. bonds are owned by the Mississippi
Valley Ry. & Power Co.
OFFICERS.— Pres., J. A . Hanley, Davenport, Iowa; V .-P ., T . P.
Gaylord, Pittsburgh; Sec., M . A. Walsh, Clinton, Iowa.— V . 101, p. 449;
V. 105, p. 607; V. 110, p. 1642; V. 121, p. 1789.
CHICAGO SURFACE LINES.
Under the title o f Chicago Surface Lines, the properties o f the Chicago
Railways Co. and the Chicago City Railways Co. are now being operated
as a single system under the control of a joint board of operation in accord
ance with an agreement between the two companies and the unification
ordinance which became effective Feb. 1 1914- While under the terms o f
this ordinance and the agreement the ownership o f the properties remains
entirely separate and distinct, the combined earnings are divided upon an
agreed basis. For the two years ending Jan. 31 1916 the Chicago Railways
Co. received as its share 59% o f the income remaining after the payment
o f all operating expenses, including taxes and maintenance, the other
41 % o f the income going to the Chicago City R y . C o., including the Calumet
& South Chicago R y. and the Southern Street R y ., and, beginning with
Feb! 1 1916 and until the expiration o f its franchise in 1927, the Chicago
Railways Co. will receive 60% o f the so-called “ residue receipts,” and the
Chicago City R y. (including the Calumet & South Chicago and the South
ern Street R y.) 40% . The plan provided for a 5-cent fare throughout the
city on surface lines, also through routing o f cars from one division o f the
city to another. See details o f the ordinance and the agreement for unified
operations under date o f Dec. 1 1913 in V. 98, p. 1693. An order permit
ting the State Attorney to file quo warranto proceedings to question the
legality of unification ordinance was denied in March 1915. V. 100, p.1078.
Statement Showing Shrinkage in Market Value of Securities.— See V. 108,
p. 1822.
Proposed Subway System.— See V. 112, p. 61; V. 114, p. 304, 1406, 1532;
V. 115, p. 1631.
Municipal Purchase Defeated.— See V. 120, p. 1880. Compare V. 120j
p. 1456.
Sued by City of Chicago.— On July 7 1925 the City of Chicago filed suit
for $794,000 interest claimed to be due from the traction fund. For ex
planation see V. 121, p. 197.
New Franchise.— Particulars about a new franchise sought by Chicago’s
traction companies at the expiration of the franchises on Feb. 1 1927, are
given in V. 121, p. 329.
R E PO RT.— Of entire system for years ending Jan. 31:
--------Of Which to------Year ending
Gross
Operating
Residue
Jan. 31— Earnings.
Expenses.
Receipts. Chic.Cy.Ry. Chic. Ry.
1924-25 _____ $58,081,678 $46,574,960 $11,506,718 $4,602,687 $6,904,031
1923-24 _____ 57,655,170 44,839,753
12,815,417 5,126,167 7,689,250
1922-23 ------- 56,103,062 44,416,070
11,686,992 4,674,797 7,012,195
1921-22 -------- 60,343,733 46,516,150
13,827,583 5,531,033 8,296,550
O c t ., 1925.]
141
POWER, LIGHT AND RAILW AY
GROWING
with CHICAGO
T } APID growth of the City of Chicago, combined with ever-increasing
demand for electric light and power for the City’s homes, industries
and transportation systems has resulted in rapid growth of the Common
wealth Edison Company.
In the past 20 years, the number of customers has increased 24 times.
Output has increased 27.5 times with an increase in capitalization of
only 6.5 times.
The Company’s customers now total more than 785,000 including
Chicago’s surface and elevated railroad lines and many of the City’s
largest industrial concerns.
The new Crawford Avenue power house, now in operation, will
have an eventual capacity of 750,000 kilowatts making it one of the
world’s largest steam-operated central stations. The Company’s gener
ating and storage-battery capacity is now 900,700 kilowatts.
Stockholders total more than 43,000. More than 85% of these
investors are customers of the Company— reflecting Chicago’s growing
appreciation of the Company’s dependable service.
Dividends have been paid by the Company
and its principal predecessor without interruption
for 35 years. Since 1913 the rate has been $8
a year.
In addition stockholders from time to time
are given an opportunity to subscribe on an
advantageous basis to new issues of stocks.
Commonwealth Edison Company
E d is o n B ld g .,
72 W e s t A d a m s S tr e e t,
C H IC A G O
First Section, CRAW FORD AVENUE G EN ERATIN G STATION.
Crawford Avenue and Thirty-ninth Street
Capacity of completed portion 160,000 kilowatts.
Ultimate capacity expected to be 1,000,000 kilowatts
143
PUBLIC UTILITIES
[V ol. 121,
Bonds.— There is no limit to the amount o f bonds that may be issued
Board of Operation.— Chairman, Henry A. Blair; Leonard A. Busby, i
above mortgage. Under the Chicago city ordinance, in case of'
F. H. Rawson, Wallace Heckman, B. E. Sunny, H. H. Hettler, Frank O. I under theby the city or its licensee, and only in such case, the bonds may b e
purchase
Wetmore.
called
a
for payment
int.,
date
Executive Committee.— Chairman, Henry A. Blair; Leonard A. Busby and ! turity.as V.whole, 1488, 1550. at par and listed on any int. Stockbefore ma
84, p.
Bonds are
on Chicago
Exchange
Wallace Heckman.
V. 98, p. 386.
OFFICERS.— Pres., H. A. Blair; V.-Pres., G. A. Richardson; Sec., F.
Dividends— In 1893, 24% ; 1894-1900, 12%; in 1901, 1 0 K % ; in 1902L. Hupp; Treas., M . B. Orde; Gen. Aud., Jno. J. Duck.— V. 114, p. 1764, 1909, 9% ; in 1910, 16%; in 1911, 1 1 H % : in 1912, 11%; in 1913, 1 0 ^ % ;
2011, 2468; V. 115, D. 307, 644, 759, 988, 163; V. 116, p. 720; V. 117, p. 85, in 1914, 9% ; in 1915, 8% ; in 1916, 914%: in 1917, 8% and M % extra in
439, 1883, 1992; V. 118, p. 2823; V. 120, p. 828: V. 121, p. 197, 329.
Dec. In 1918, 5 % . In 1919, 5 % . In 1920, 6% . In 1921, 6 % . In
1922, 6% . In 1923, 6 % . In 1924, 6 % . In 1925, M ar., June and
Sept., ] % quar.
CHICAGO CITY & CONNECTING RYS.
RE PO RT.—For 12 months ended Jan. 31 1925, see V. 120, p. 2141.
Ordinance to Unite Surface and Elevated Lines.— See “ Chicago Elevated
The combined results o f the “ Chicago Surface Lines” under the Unifica
tion Ordinance, which went into effect Feb. 1 1914. were: Gross, $58,081,Railways” below.—
ORGANIZATION.— A collateral trust. Formed in 1910 under a trust 678; operating expenses, $46,574,960; residue receipts, $11,506,718.
agreement, to take over the stock o f the Chicago City R y., together with
Income Account Chicago City Railway.
the securities of the Calumet & South Chicago R y ., the Southern Street R y .,
the Hammond Whiting & East Chicago Ry. and the Chicago & Western.
1924-25.
1923-24.
1922-23.
These properties comprise approximately 517 miles of street railway in Proportion of residue receipts_______ *$4,602,687 *$5,126,167 *$4,674,797
southern division o f Chicago and vicinity. See outline o f plan in V. 90, p. Joint, acct. exp. int. on capital invest.
558, 625. Trustee, Chicago Title & Trust Co.
and South St. R y. net earnings____ 3,668,029
3,852,916
3,693,308
On April 19 1913 the Illinois Supreme Court affirmed the decision o f the
Superior Court o f Cook County in the suit brought by Clarence H. Venner,
Net earnings___________________
$934,658 $1,273,250
$981,489
which held valid the agreement dated Jan. 1 1910 creating the Chicago City’s proportion (5 5% )____________
514,062
700,288
553,518
C ity & Connecting Rys. Collateral Trust (V. 96, p. 1364, 1627). An Company’s proportion (45% )_______
397,464
541,450
427,970
appeal was taken to the U. S. Supreme Court, but in N ov. 1914 suit was Interest on capital.x________________ 2,780,379
2,764,337 2,750,965
dismissed. See “ Chicago City R y .” in V. 99, p. 1527.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Income from operation___________ $3,177,842 $3,305,786 $3,178,935
Com part certs 150,000 s h a r e s ------s-a
150,000 shs.
See text.
Other income______________________
Cr. 17,526 Cr.83,198
Cr.54,397
Pref part certs 250,000 s h a r e s .____
s-a
250,000 shs.
See text
Coll trust mtge $22,000,0001 1910
5 A-O
$20,722,000 Jan 1 1927
Net in co m e .._____________________ $3,195,369 $3,388,984 $3,233,332
gold sinking fu n d .- c *&r *tf J Int. at 1st Tr.&S.B.,Chic.,Trus., or in N . Y.
Interest on bonds____________________ $1,751,180 $1,761,519 $1,775,085
1,080.000
1,080,000
1,080,000
Participation Certificates.— Preferred participation shares have no par Dividends (6 % )____________________
value but are entitled to preferential cum. divs. aggregating $4 50; also,
Balance___________ ______ _______
$364,189
$547,465
$378,247
after com. partic. shares shall have received $4 in any year, the remaining
surplus, hot exceeding in any year $1,000,000, shall be paid ratably, H to
* Representing 40 % o f residue receipts.
pref. and % to com., but in no case will the pref. certfs. be entitled to more
x The “ interest on capital investment” is that certified by board o f
than $7 each per annum; also have preference upon distribution o f trust supervising engineers, as provided by the ordinance of Feb. 11 1907.
fund to the amount o f $100 each and accumulated dividends. Listed on
OFFICERS.— Chairman, Exec. Comm, and Pres., L. A . Busby; ViceChicago Stock Exchange. In July 1918 the div. due on the pref. partic. Pres., H. B. Fleming; Sec. & Treas., F. D. Hoffmann; Aud., John J.
certificates was deferred. N ot paid to Oct. 1 1924.
Duck.— V. 110, p. 1186; V. 112, p. 372, 1143, 1510 V. 114, p. 1178, 1281
Bonds.— Coupon bonds in denom. o f $1,000; registered bonds $1,000 or
multiples. A sink, fund o f $105,000 o f bonds p. a. began Mar. 1 1915. V. 116, p. 1409, 2388; V. 118, p. 1388, 1391; V . 120, p. 2141.
Bonds are redeem, for the s. f., or as a whole, at 105 and int. $1,279,000
(2) CALUMET & SOUTH C H IC A GO R A ILW A Y.
redeemed as of Apr. 1 1925. In case of purchase o f property o f the Chicago
Unified Operation of Surface Lines.— See “ Chicago Surface Lines” fo r
City Ry. by City o f Chicago, or termination o f trust agreement o f Jan. 1
details of Unification Ordinance of 1914, under which the lines o f this com
1910, then bonds are redeemable at par and accrued int. See V. 90, p. 558,
625. Bonds are listed on N. Y . and Chicago stock exchanges. V .94,p.1118 pany are operated jointly with those of the Chicago Railways Co. as a
single system under the control of a joint board ofo peration.
Stocks and Bonds Deposited to Secure the Coll. Trust Bonds.
ORGAN IZATION .— Is a consolidation formed in 1908 o f the Calumet
Stocks (par) .aBonds. par)
Electric Street R y. and South Chicago City R y. in accordance with the
Chicago City R y __________________________ $16,971,900
None
terms of ordinance passed by the City aouncil March 30 1908. Lines
Calumet & South Chicago R y ---------------------- *10,000,000
--------are located in the south division of the C ity of Chicago. The ordinance
Southern Street R y ________________________ *2,400,000
--------grants franchises until Feb. 1 1927 and provides that the city is to receive
Hammond Whiting & East Chicago R y _____*1,000,000
*1,000,000 1st
55% of net receipts after allowing for operating expenses, taxes and de
*72,O0O
--------preciation and 5% on present value, together with amounts expended for
Chicago & Western________________________
improvements and extensions. Unification ordinance of 1914 establishes,
$30,443,900
$1,000,000
a 5-cent fare and universal transfers. City may purchase property on
Total
Feb. 1 or Aug. 1 of any year upon six months’ notice for present value,
* Entire issue.
a Under provisions o f the trust mortgage these respective issues o f bonds which is fixed at $5,000,000, plus amounts expended for improvements,
each as an entirety may be converted into capital stock o f the respective additions and extensions, but only for municipal operation, where purchase
is made prior to Feb. 1 1927. W ith an addition of 20% in price, city may
companies to an equal amount.
to other parties (if
Dividends.— On pref. partic. certifs. $2 25 per share was paid semi-ann- also purchase for the purposeRof turning property over need be paid), but
purchased for Chicago City y. only 12% additional
from June 1910 to and incl. July 1914. In 1915, $2 50. In 1916, $1 75- this additional sum need not be paid where these other parties agree to pay
In 1917, Jan., $2 25 (V. 104, p. 72); July, $1 50. In 1918, Jan., $1 50- over to the city all of the profits above 5% on the purchase price. V. 86,
None to Feb. 1925, when $1 per share was paid. V. 120, p. 582. On com
mon participating ctfs. $1 per share was paid semi-annually from June p. 1223. On Jan. 31 1925 certified value of property and additions thereto
was $11,626,802.
1910 to and including July 1912. None since.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
REPO RT.— For calendar year 1924 (V. 120, p. 822).
Owns and operates 127.19 miles of track reaching South Chicago, Pullman.
Bond
Other Divs.on Surp.
Cal. ----------------Income----------------Bond
West Pullman, Auburn Park, Burnside, Hegewisch and Manhattan Beach
Year Divs.
Other.
Oross.
Interest. Redemp. Deduc. Par.Sh. Inc.
Also extends from Jackson Park to 106th St. and the Indiana State Line
1924.1.129.514 90,012 1.219,526 l,04i,300 105,000 44,468 None 28,758 along Lake Shore and both sides of Calumet River. 70, 75, 83 and 85 lb
ails.
1923.1.139.514 112,746 .,252,260 1,046,550 105,000 56,666 None 44,043
STOCK AND BONDS—- Dale. Interest. Outstanding.
Maturity.
1922.1.215.514 76,840 1,292,354 1,051,800 105,000 42,353 None 93,201
_______ $10,000,000 ---------------Stock $10,000,000 ($100)__________
1921.1.290.514 128,474 1,418.988 1,057,050 105,000 48,983 None207,954
5 g F-A
5,458,000 Feb. 1 1927
Committee.— Chairman, B. E. Sunny; S. M . Felton, Melvin A Traylor, First mortgage rehabilitation/ 1908 First Tr. & Sav. Bank, Chic., trustee.
($1,000) gold no f.c*& r.tf
John J. Mitchell, John A. Spoor, Edward N. Hurley, Frank O. Wetmore Notes payable Jan. s31 1925_ (Int. at _______
_ _____
208,071 ___________
and L. A. Busby. Y. 110, p. 167; V. 112, p. 253.
Bonds.— The issue of first mtge. bonds is indeterminate, amount to b©
OFFICERS.— Sec. & Treas., H. J. Tansley.— V. 110, p. 167, 359, 560: limited to amount of new work done on property. They are subject to
V. 112, p. 253. 371, 1230; V. 113, p. 580; V. 114, p. 304, 408, 624; V. 116, call at any int. date before July 1 1912 at 105 and in t.; thereafter only in case
p. 513, 2388; V. 118, p. 427; V. 120, p. 582, 822, 1088.
city shall purchase property at par and int. on any int. date. N o sink. fund.
(1) CHICAGO CITY RAILWAY.
EARNINGS..—For years ending Jan. 31:
Year Ended *Int. on
Other
Total
Bond
Dividends Balance,
Unified Operation of Surface Lines.— See “ Chicago Surface Lines” fo
Jan. 31— Capital.
Income. Income.
Interest.
Paid.
Surplus.
details of unification ordinance under which the lines o f this company are
operated jointly with those of the Chicago Railways Co. as a single system 1924-25 ___$575,288Cr$16,721 $592,009 $288,392 $50,000 $253,618
1923-24 - — 572,579
cr. 196 572,775
302,120
___
270,655
under the control o f a joint Board of Operation
571,558 def.2,042 569,516
307,409
100,000
162,107
ORGAN IZATION .— Incorporated in Feb. 1859, and has extensive sur 1922-23
face road privileges in the south division o f Chicago. Has a contract ex7
* Representing company’s proportion o f 40% o f Chicago Surface Lines’
piring Jan. 31 1927 with the Commonwealth-Edison C o., for the supply o ‘ residue receipts pursuant to unification o f ordinance effective F eb.l 1914.
its entire power requirements. The railway has abandoned its producing
OFFICERS.— Pres., L. A. Busby; V .-P ., H. B. Fleming; Sec. & Treas.,
plants but retains its distributing plants.
F. D. Hoffman; Aud.. John J. Duck.— V. 116, p. 1274; V. 118, p. 1519.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
(Incl. Southern St. R y.). C o. owns 352.78 miles o f single track, all now
(3) SOUTHERN STREET RAILWAY CO.
operated by electricity. System covers the South Side o f Chicago, extend
Unified Operation of Surface Lines.— See “ Chicago Surface Lines” fo r
ing from the centre of the business district south to 79th St. and between derails of Unification Ordinance of 1914, under which the lines of this com
the South Branch of the Chicago River and the Lake.
pany are operated jointly with those of the Chicago Railways Co. as a
Ordinances and Franchises.— On Feb. 4 1907 the City Council passed single system under the control of a joint board of operation,
ordinances providing for a settlement o f the franchise question. These
ORGANIZATION.— Incorporated in Illinois as a reorganization o f the?
ordinances were approved at the city election on April 2 1907 and formally Chicago General R y ., which was bid in at foreclosure sale on Sept. 30 1907
accepted by the company’s board o f directors on April 15 1907. Suit to by the Southern Street Railway Co. V. 85, p. 863.
set aside franchise was dismissed in April 1912. V. 94, p. 1118. An ex
Capitalization.— Stock outstanding (par $100) $2,400,000.
tended outline o f these ordinances, one to the Chicago City Railway C o.,
and covering the lines operated by that company, and the other to the Chi
Bonds.— Issued under 1st mtge. of 1909 were from time to time canceled
cago Rys. C o., and covering the lines o f the former Chicago Union Traction and stock issued in exchange. No bonds now out.
C o. (no'w the Chicago Railways C o .), was given in V . 84, p. 1123. Thevalue
EARN ING S.— Included in statement of Chicago City R y.
o f the tangible and intangible property o f the Chicago City R y . at date of
OFFICERS.—Pres., L. A . Busby; V .-P ., H. B . Fleming; Sec. & Treas,,.
the ordinances was fixed at $21,000,000. The city or any company au
thorized by it is given the right on Feb. 1 or Aug. 1 o f any year, on six F. D. Hoffman; Aud., John J. Duck.— V. 91, p. 1631, 1712; V. 107, p. 1288months’ notice, to purchase the entire property of the two systems, or either
(4) HAMMOND WHITING & EAST CHICAGO RAILWAY CO.
o f them, at their value at date o f ordinance, plus “ the cost o f rehabilitation
and extensions, including fair allowances for construction, profit and
All securities are owned by the Chicago City & Connecting Railways.
brokerage.” But if the properties are acquired for operation by a private
ORGANIZATION.— Incorp. in Indiana in Jan. 1910 as successor to
corporation, for its own profit, the purchase price is to be increased 20%
— barring the case o f a private company which might be willing to turn Hammond Whiting & East Chicago Electric R y. Franchise expires inover to the city all profits above 5% on the cost of the investment. The 1954. Power is furnished by the Calumet & South Chicago Ry.
companies are limited during their operation to an interest return of 5%
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.— A
upon the agreed value plus the cost o f rehabilitation and extensions. All trolley road. Owns 34.20 miles of track, extending from State line between.
net profits above this are to be divided on the basis of 55% to the city Illinois and Indiana at 108th St., Chicago, to Whiting, East Chicago and
and 45% to the companies, but a deficit in any year is to be made good Hammond in Indiana, and operates in connection with Calumet & South
out o f the profits of subsequent years. After April 15 1910 the com Chicago Ry. to 63d St. and Madison Ave., in Chicago. Standard gauge.
panies are required to set aside 6% o f the gross receipts for maintenance 80-lb. T rail.
and repairs and an additional 8% o f the gross receipts to cover renewals
STOCK AND BONDS—- Date.
Interest. Outstanding. Maturity .
and depreciation. Whatever portion o f the two funds is not used remains
_______
$1,000,000 __________
in the funds and passes to the city or its licensee upon purchase. But if Stock $1,000,000 ($100)___________
5 g F-A
1,000,000 Feb. 1 1930the two funds are not sufficient for the purposes named, the companies First mtge $5,000,000 gold/ 1910
($1,000)____________c& r.tf lin t, at First Trust & Sav. Bank, Chic., trus.
are obligated to supply additional funds. The franchises granted by the
ordinances run until Feb. 1 1927. Purchase price of the property Jan. 31
Bonds.-—-Subject to call at 104 and interest. E . K. Boisot is also trustee^
1925, $55,753,222.
OFFICERS.— Pres., W . A . Busby; V .-P ., W . W . Hill; Sec. & Treas.On Jan. 29 1912 City Council passed an ordinance providing for the ac
quisition by Chicago City R y. o f city lines o f the Chicago & Southern Trac. F. D . Hoffmann.— V . 79, p. 103.
Co. V. 94, p. 349, 629. The latter was sold ao foreclosure in Feb. 1912.
The lines outside the city were taken over by the Chic. & Interurban R y .
Decision as to Regulations.— See “ Chicago Surface Lines.”
CHICAGO RAILW AY S CO.
STOCK A N D BONDS9
Date.
Interest. Outstanding LastDiv.,&c.
Unified Operation of Surface Lines.— See “ Chicago Surface Lines” fo r
Stock $18,000,000 ($100)__________ Text Q-M30 $18,000,000 Sept.’25.135
details of Unification Ordinance of 1914, under which the lines of this,
Firstmtge ($1,000) g-c*& r*tf/ 1907
5 g F-A
33,926,000 Feb. 1 1927 company are operated jointly with those of the Chicago City R y. as a
(First Trust & Sav. Bank, Chicago, trustee.
single system under the control of a joint board of operation. As to plan,
Notes payable April 1 1925— ---------------1,036,745 __________
for unification of surface and elevated lines, see “ Chicago Elevated R ys.”
Oct., 1925.]
POWER, LIGHT AND RAILW AY
143
ORGANIZATION.— Incorp. in Illinois in Oct. 1903 and on Jan. 25 1908 None to Oct. 1912, when $6 was paid. In Feb. 1913, $6; M ay, $6; July, $6;
acquired at foreclosure sale the property o f the old Chicago Union Traction, Aug., $4. In 1914, Feb., $4; Aug., $8, being full payment of all arrears.
comprising the lines o f the North and West Chicago Street R R . The pur Feb. 1915 div. of $4 was paid June 5 (V. 100, p. 1671). The Aug. 1915
chase was made under a modified plan o f reorganization and readjustment div. of $4 was paid Sept. 1 1915. In 1916, Aug., $8. In 1917, Aug., $8.
None since. In Feb. 1914 initial div. of $2 per share was paid on Series 2.
dated Oct. 15 1907 and outlined in V. 85, p. 1269; see also p. 1576.
In Dec. 1912 purchased 6 miles of the Suburban R R . inside the city limits. In 1915, June $2. In Feb. 1917, $2. None since.
(V. 95, p. 1402) and issued $22,554 bonds to cover cost.
R EPO RT.— The annual report for year ending Jan. 31 1925 will be found
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.— in V. 120, p- 2141. The combined results of the “ Chicago Surface Lines”
Comprises 591.16 miles of track (including 128 miles o f the former Chicago for the year end. Jan. 31 1925 were: Gross, $58,081,678; operating expenses,
$46,574,960; residue receipts, $11,506,718.
Consolidated Traction Lines). Operates 2,095 passenger cars.
Income Account for Years Ending Jan. 31.
Franchises.— On Feb. 5 1907 the City Council passed ordinances providing
for a settlement o f the relations between the city and the street railway
Share of
*Adjust- Int., 5% , Balance, -------- Of which to-------Bes. Beets. meats.
on ln v .
Divisible. City 55% . Co. 45% .
companies. V . 84, p. 338, 390. The franchises granted by the ordinance
expire Feb. 11 1927 and were approved at the popular election held April 2 ’24-’25_$6,904,031
$225,000 $4,684,130 $1,994,900 $1,097,195 $897,705
1907. On Oct. 10 1910 supplemental ordinance was passed expiring Feb. ’23-’24_ 7,689,250 455,000 4,653,654 2,580,596 1,419,328 1,161,268
1927, covering lines o f Chicago Consol. Trac. properties. V . 91, p. 1025.
’22-’23_ 7,012,195 360,000 4,630,943 2,021,253 1,111,689
909,564
In the remarks concerning the Chicago City Ry. on a preceding page of ’21-’22_ 8,296,550 290,000 4,615,862 3,390,688 1,864,878 1,525,809
this publication will be found a brief summary o f the main terms, require
ments and conditions o f these ordinances. A very extended outline of the
♦Applicable to previous years.
same was printed in the “ Chronicle” o f M ay 11 1907, pages 1123, 1124 and
Income Statement (Non-Partnership Accountj for Years ending Jan. 31.
1125, to which the reader is referred for detailed information.
1925.
1924.
1923.
1922.
The ordinance for the Chicago Rys. Co. provides that the valuation of the
$897,705 $1,161,268
$909,563 $1,525,809
properties acquired shall be deemed and considered to be $29,000,000 (the Chicago Railways, 4 5 % .
4,653,654
4,630,943 4,615,862
value fixed by a board o f expert engineers acting for the city) plus $1,779,875 5% on investment______ 4,684,130
188,311
267,239
249,956
195,453
for expenditures from the date of the valuation on June 30 1906 to Feb. 1 Miscellaneous interest..
1907, making total valuation of properties as recognized by ordinance
Gross income_________ $5,770,147 $6,082,161 $5,790,462 $6,337,124
$30,779,875 as of Feb. 1 1907. With the expenditures already made, the
valuation o f road, equipment and franchises on Jan. 31 1925 wa- computed
Deduct—
at $93,986,705.
Total interest on bonds) $4,752,193 $4,790,899 $4,811,465 $4,848,619
For further provisions o f ordinance see “ Electric Railway” Supplement Interest on loans--------- /
of April 26 1924.
Sink. fd. reserve accrued
______
174,036
250,000
250,000
67,500
107,000
42,000
42,000
Control by Trustees.— The trust indenture securing the participation Fed .inc .tax on int .coups.
173,280
140,794
131,712
131,100
certificates provides that until Aug. 1 1912 and to the full extent thereafter Corp. exp. & adjust’t s ..
which may be permitted by law until all o f the consolidated mortgage bonds
Net inc. fo r int., & C -.
$777,174
$869,432
$555,285 $1,065,405
of the company shall be fully paid and discharged, the directors of the
company shall be elected by trustees, now consisting o f Messrs. Harrison
OFFICERS.— Chairman of board of directors and Pres., Henry A . Blair!
B. Riley, Halman G. Pettibone, Abel Davis, Frank G. Gardner and Henry Vice-Pres., J. E . Wilkie; Sec., F. L. Hupp; Treas., M . B. Orde.— V . 112,
J. Tansley, and provision is made in the trust deed securing the first mtge. p. 1282, 1510, 1656; V. 113, p. 531, 627, 2184; V. 114, p. 1280, 1528, 1650;
bonds for the appointment o f a permanent finance committee, now com V. 116, p. 1275, 1410, 1648, 1892, 2515; V. 117, p. 1883, 2211; V. 118, p.
posed o f Messrs. Henry A . Blair, B . A . Eckhart and F . H . Rawson, Chicago. 1664. 1770, 2178, 3195: Y. 120, p. 1201. 2141, 2145.
Acquisition of Chicago Consolidated Traction Properties.— On Dec. 27 1910
Judge Grosscup confirmed the sale of the Chicago Consol. Trac. Co. and its
CHICAGO NORTH SHORE & MILWAUKEE RR. CO.
eight underlying companies on N ov. 30 1910 to Andrew Cooke and the
sale by the latter of all properties within the city limits to the Chicago Rail
(See M ap, page 144.)
ways Co. (V. 91, p. 945, 1253, 1511), pursuant to an ordinance passed
ORGAN IZATION .— Organized in Illinois in 1923 in connection with re
Oct. 10 1910 (placing valuation at $4,021,982), like in tenor, amendatory
and supplemental to ordinance o f Feb. 11 1907 (V. 91, p. 1025, 1159). capitalization plan of predecessor co. bearing same name, which had on
See reorganization plan, V . 90, p. 1613; V . 91, p. 37. The lines outside the July 26 1916 acquired the properties of the Chicago & Milwaukee Electric
city were acquired by the County Traction Co. (now the Chicago & West R R ., sold at foreclosure M ay 1 1916 (V. 102, p. 1718, 2077). V. 103, p. 664,
Towns R y .), which has no connection with the Chicago Railways Co. 1687. Under terms of plan referred to participation shareholders of the old
On N ov. 1 1910 a deposit agreement was entered into by the holders of the Chicago North Shore & Milwaukee R R . received securities of the new co.
securities o f the Chicago Consolidated Traction and its subsidiaries, pro in exchange for their participation shares in accordance with the terms of
viding for the e>change o f the said securities for Chicago Rys. Co. purchase the trust agreement under which the participation shares were issued in
money 4% to 5% bonds and adjustment income 4% bonds, both dated the following proportion:
----------- Beceived in Exchange----------Jan. 1 1911 and maturing Feb. 1 1927. For description of bonds and terms
Holdings Participation Shares
6% Pref. Com. Stock
Five-Year
o f exchange, see V. 91, p. 1384, and compare V . 90, p. 1613; V. 91, p. 214.
in Old Company (No Par)—
(Por$100). (Par$100).
Notes.
Settlement of Yerkes Suit.— In April 1914 the company arranged a settle 1st preferred (Illinois ctfs.) 50,000____
25,000
25,000 $1,250,000
ment of the suit brought by the Yerkes Estate on the guaranty of the bonds 2d preferred (Wisconsin ctfs.) 58,000..
20,000
20,000 1,434,208
of the Chicago Consol. Trac. C o . by the Union Trac. C o . V . 98, p . 1155.
5,000
5,000
____
Common 62,000_____________________
Committee Formed— Seeks Payment of Back Dies.— Holders of Series 1
The plan also calls for the creation of a 1st & ref. mtge. For full details
partic. ctfs. on March 26 1923 elected a protective committee in an effort to of plan see V. 116, p. 615, 1274; also V. 117, p. 893.
obtain unpaid divs. on the certifs. (see below). The committee consists of:
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Jackson S. Stone, W . F. Prindel, Harry C. Edmonds, Robt. J. Dunham
Owns and operates the electric railroad between Evanston, 111., and Mil
and Orville E Babcock. See V. 116, p. 1410. Compare V. 116, p. 1275
waukee, Wis., with a branch line extending from Lake Bluff, 111., to Mun
Suit Seeking Payment of Divs. Dismissed.-—In June 1923 holders of Series I delein, 111., embracing 94.30 miles of road and 184.41 miles single track
certifs. filed suit against the co. in the U. S. Dist. Court at Chicago seeking equivalent.
payment o f divs. at the annual rate o f $8 a share with accruals on that
In Aug. 1922 the co. began operating a motor coach line from Kenosha
basis from Aug. 1 1917. The city o f Chicago and Martin J. O’Brien, City to Lake Geneva, Wis., a distance of 32.5 miles, connecting at Kenosha
Comptroller, were made parties to the suit because the latter failed, it is with trains for Chicago and Milwaukee.
alleged, to certify to bonds to which the co. was entitled for extensions of
Motor coach lines are also operated from Waukegan, 111., to Kenosha,
its street-car system as required by ordinances. V. 116, p. 2515; V. 117, Wis., a distance of 16 miles. Glencoe to Wheeling, 8 miles. Niles Center
p. 2211. On March 22 1924 this suit was decided in favor o f the company to Des Plaines, Lake Zurich and Wanconda, 29 miles. From Waukegan
in the U. S. Dist. Court. This decision was affirmed by U. S. Court of to Antioch, 111., a distance of 20 miles. From Waukegan to McHenry,
Appeals Jan. 14 1925. V. 118, p. 1664. The U. S. Supreme Court also 111., a distance of 25.5 miles. From Waukegan to Highland Park, 111., a
ruled against the certif. holders. V. 120, p. 2145.
distance of 20 miles. From Highland Park to Wilmette, 111., a distance of
Municipal Ownership Defeated.— See Y. 120, p. 1880 Compare Y . 120, 15.5 miles. The principal communities served are Evanston, Wilmette,
Winnetka, Glencoe. Highland Park, Lake Forest, North Chicago, Wau
p. 1456.
kegan and Zion, 111., and Kenosha, Racine and Milwaukee, Wis.; also
STOCK AN D BONDS—• Dale.
Interest. Outstanding. Maturity.
Fort Sheridan and Great Lakes Naval Training Station., Has operating
Stock, $100,000_____________ _____
_________
See text
See text
with Chicago Elevated whereby trains are
First mortgage (see text),
f 1907
5 F-A
$62,785,000 Feb 1 1927 agreement63d St. and Dorchester Ave. in Chicago. run over the elevated
tracks to
($1,000) gold_______ c& rtf(Int. at Harris Trust & Sav. Bk., Chic., Trus.
216 motor, combination, buffet, trailer, baggage and express cars, and
[ or at Harris, Forbes & Co., New York.
197 freight
55 maintenance
Consol mtge, gold________ tf 1907 5%
See text
Feb 1 1927 locomotivescars, 1 work motor. of way and miscellaneous cars, 5 electric
and
Bonds Covering City Lines of Former Chicago Consol. Traction.
The Chicago North Shore & Northern R R ., subsidiary, is
Purch-money M $6,000,000 gf
1910 5 J-J
4,073,000 Feb 11927 a 5-mile extension from the lines of the Chicagoa Rapid Transit constructing
Co. to Niles
($500 and $1,000)____c*tf (Illinois Tr. & Sav. Bank, Chic., Trustee.
Adjust inc M $2,500,000 gold J 1910 4 g M ay
2,500,000 Feb 11927 Center, to be completed in 1925. To facilitate the financing of this extension
with
($100&$500) (non-cum)c*tf 1 Central Trust Co. of 111., Chicago, Trustee the Chicago North Shore .& Nor. R R . was consolidated118, p . the Chic.
North Shore & Milw. R R in Oct. 1924. Compare V.
3195; V .
Stock.— The capital stock o f the company, which is issued in the nominal 119, p. 692 for details.
amount of $100,000, has been made the subject of a trust agreement, dated
In June 1925 it was announced that the co. ordered the construction of a
Aug. 1 1907 and executed Jan. 25 1908, by and between the Chicago Rail new double-track line from Niles Center to a point near Lake Bluff, 111.
ways Co. and Messrs. Adolphus C. Bartlett, Chauncey Keep, Charles H. V. 120, p. 3064.
Hulburd, Albert A . Sprague and Charles G. Dawes, as depositaries, and
Franchises.— Owns right of way in Wisconsin as far as the city limits of
Central Trust Co. of New York as custodian. Under this agreement
in Milwaukee expires
31 1934.
the stock serves as a basis for the issue of the participation certificates Milwaukee; franchise o f corporate limits and Dec. considerableOwns right of
way in Illinois outside
extent within
representing in all 265,100 equal parts. Series 1 consists o f 30,800 parts, corporate limits; the remainder is covered byto a
municipal franchises, several
Series 2 of 124,300 parts, Series 3 of 60,000 parts and Series 4 of 50,000parts. being perpetual.
Series 1, 2 and 3 are entitled, in the order of priority named, to cumulative
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
dividends of $8 for each part, beginning with year ending Aug. 1 1908, and in
_
___________$5,000,000 __________
the distribution of capital to $100 for each said part. Series 4 is entitled Common $5,000,000 ($100)_ _____
Prior lien 7% $2,500,000(8100)____
_________ -1,682,800 Oct ’25, 1 %
to any remaining profits or capital distributed. V. 85, p. 1269.
_________
5,000,000 Oct ’25, 1
Dividends on participation certificates Ser. 2 are limited to $4 on each cer Pref6%n-cum$5,000,000($100)____
tificate so long as more than 50% of Series C bonds remain outstanding,
and thereafter to $5 per certificate until the remainder of Series C bonds
have been redeemed. Series 2, however, is entitled to unpaid accumulation
on account of its $8 per certificate (beginning with the year ending Aug. 1
1908), but only when earned, and after payment o f all accumulations of
sinking fund and of dividends on Series 1.
Bonds.— First mtge. bonds are issued only to provide funds for rehabilitaextensions, &c. They may be redeemed at par and accrued interest
on any interest day. The bonds have a first lien on the entire property
rights and franchises of the company. The authorized issue is limited to
the aggregate of the amounts approved from time to time by the board of
supervising engineers. $4,880,000 are held in treasury and $2,250,000
are pledged as collateral for bank loans. See full particulars of bonds,
property, &c., in V. 86, p. 545; V. 88, p. 1436, 1619; V. 90, p. 302; V. 93,
p. 162. Bonds are listed on N . Y . Stock Exch. V. 103, p. 238.
The consolidated mortgage bonds consist of the following: Series A,
issued, $17,403,800 (incl. $700,000 retired by sink, fd.) of which $1,007,000
are in the treasury and can be issued only for acquisition o f additional prop
erty; and Series B, $17,164,475. The last of Ser. C bonds were called for
payment Aug. 1 1921, being retired through operation of sink. fd. V. 113,
p. 627. $1,896,000 Series A bonds have been retired. See particulars,
V. 86, p. 1223; V. 93, p. 1724. Of the remaining Series B bonds, $230,000
are in treasury. Bonds of three series bore interest at 4% up to Feb 1 1912;
since, 5% .
Purchase Money Mtge. bonds bore int. at 4% per ann. during first 5 years,
now 5% per ann. They are red. at par and int. on any int. date.
Adjustment Income Mtge. bonds are red. at par and int. on any int. date.
Interest is payable only if earned and is not cumulative. Payments of
Established 1888
4% each were made on M ay 1 in 1913 to 1918, inclusive. No action taken
on May 1 1919 and 1920 interest. V. 108, p. 1390; V. 110, p. 1642. In
IN V E S T M E N T S E C U R IT IE S
M ay 1921, however, int. was again paid. V. 112, p. 1656. Int. on adj.
inc. bonds for the year end. Jan. 31 1922 was paid M ay 1 1922. V. 114,
p. 1650. Int. for year end. Jan. 31 1923 was paid M ay 1 1923. V . 116,
209 So. La Salle St., CHICAGO
p. 1892. Int. due Jan. 31 1924 was paid M ay 1 1924. Int. due Jan. 31
1925 was paid M ay 1 1925.
Phone Wabash 3330
Interest on both purchase-money mortgage and adjustment income
mortgages payable at company’s office or at agency of company in Chicago.
Dividend.— An initial dividend of $4 was paid Nov. 15 1908 on Series 1
participation certificates. On Sept. 1 1909 $8 was paid on Series 1 ctfs.
Specialists in
Chicago North Shore &
Milwaukee Railroad
BONDS— NOTES— STOCKS
Edwin
L. Lobdell & Co., In .
c
144
PUBLIC UTILITIES
[V ol. 121
POWER, LIGHT AND RAILW AY
Oct., 1925.]
145
Interest. Outstanding. Maturity.
having an estimated population of over 135,000. Owns 72.13 miles of
STOCK AN D BONDS—
Date.
____________________
, 1916
5 g J-J
4,000,000 July 1 1936 track, of which about 5 miles leased for operation by Chicago Rys. C o.,
First M $10,000,000 g ($1,-/ ____
and operates an additional 0.95 mile under long-term lease. Franchises
000, $500 & $100)___ c*tf\Interest payable in N . Y . or Chicago.
1st & ref mtge Ser “ A ” ($100,] 1925
6 g J-J
9,950,000 Jan 1 1955 contain no burdensome restrictions and extend beyond 1920. About
10.5 miles of track on private right-of-way.
$500 & $1,000) g o ld ._ c* tflin t, payable in N . Y . and Chicago.
Equipment notes gold ($1,-/ 1917
6 g J-J
25,500
See text
STOCK AND BONDS—
Interest.
Outstanding. Maturity.
Date.
000 and $500)_________ c*\Int. at Chicago Northern Tr. C o., Trustee. Common $1,000,000 ($100)_
*1 .000.000
_
Equip notes $500,000 ($500 & I 1919 6g F-A 1
220,000
Seetext 1st pref (cum) $1,000,000 ($100)
See text
'1,000,000
6%
$1,000)_______________c*tf (Northern Trust Co., Chicago, Trustee.
See text
2d preferred_________________
8%
210,000
Equip tr ctfs Ser C -l $500,000) 1922 6 g J-J
350,000
Seetext 1st mortgage ($100, $500 and/ 1922
_1,500,000 J u ly l 1932
7%
($100, $500 & $1,000) g - . t f (Northern Trust C o., Chicago, Trustee.
$1,000) gold______ _____ c*\ Harris Trust & Sav. Bank, Chicago, Trustee
Equip tr ctfs Ser C-2________ 1922
6%
38,600
Seetext
Equip tr ctfs'ser D - l ________ 1923
_________
371,200
to 1933 Dividends.— On both 1st and 2d pref. stocks being paid regularly.
Equip tr certifs Ser D -2______ _____
_________
46,800 ---------------EARN ING S.— For years ending Dec. 31;
Non-interest bearing 5% notes 1923
_________ 2,684,208
1928
Calendar Years—
Gross. Net after Taxes. Int., A c.
Bal., Surp.
$1,273,702
$288,177
$105,287
$182,890
Bonds.— The 1st M . bonds are secured by a first lien on all the property 1924
1,208,218
274,032
91,689
182,343
owned and by pledge as additional security o f the entire capital stock of the 1923
1,132,427
243,601
85,496
158,105
Chicago & Milwaukee Electric R y. of Wisconsin, which owns the ter 1922
minal facilities in Milwaukee. Remaining bonds may be issued at par for
OFFICERS.— Pres., Willard M . McEwen; Sec. & Treas., Charles Nnot exceeding 85% o f the cash cost of betterments, &c. The mortgage pro Hebner.— V. 106, p. 1230; V. 107, p. 1384; V. I l l , p. 588.
vides for a maintenance, replacement & depreciation fund o f 12% of annual
gross income for first five years, 14% for second 5 years, 16% for third
EVANSTON RAILWAY CO.
5 years and 18% for the last 5 years, to be expended for maintenance,
&c., or for retirement o f 1st mtge. bonds. The 1st mtge. bonds are call, as a
O RGAN IZATION .— Incorp. Sept. 20 1913 in Illinois to take over the
whole or part on any i’n t. date at 105 and int. Continental & Commercial lines in Evanston, 111., formerly owned by the County Traction Co. (now the
Trust & Savings Bank, Chicago, is trustee. V . 103, p. 1031. The issue Chicago & West Towns R y .). Owns $30,000 par value stock of Evanston
was closed at $9,500,000, o f which $5,500,000 are deposited under 1st and Bus Co.
ref. mtge.
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
1st A ref. mtge. Ser. “ A " 6s are red. all or in part on any int. date upon
60 days' notice at the following prices and accrued int.: Prior to Jan. 1 1935, Length of single track, 10.34 miles. 73 and 85-lb. rail. Gauge 4 ft. 8)4 in.
at 105; on and from Jan. 1 1935 to Jan. 1 1940, at 104; on and from Jan. 1
Franchise.— The company was granted a new 20-year franchise.
1940 to Jan. 1 1945, at 103; on an dfrom Jan. 1 1945 to Jan. 1 1950, at 102)4',
STOCK A N D BONDS— Date.
Interest.
Outstanding.
Maturity.
thereafter less )4 o f 1% during each succeeding year to Jan. 1 1954; and on Stock $500,000 ($100)_______ _____
_______
$500,000 June’25, 3%
and subsequent to Jan. 1 1954 at 101. Co. agrees to reimburse holders for First mtge bonds gold_____c * / 1913
6 g F-A
311,800
1933
the Penn, and Conn. 4-mills and Maryland 4 3^-milIs taxes, and for the
Redeem at 103 and int____lin t, at Merch. Loan & Tr. Co., Chic., Trus.
Dist. o f Columbia personal property taxes not exceeding 5 mills per dollar General mortgage bonds____J ____
_______
195,300 __________
per annum, and for the Mass, income tax on int. not exceeding 6% of such
Bonds.— Sinking fund o f 2% of outstanding bonds began 1917.
int. per annum. In Dec. 1924 $7,000,000 1st & ref. Ser. “ A ” 6s were
EARNING S.— For years end. Dec. 31:
offered by Halsey, Stuart & C o., Inc., and the National City Co. at 98 &
Year ending
Cross
Expenses,
Net
Inter- Balance,
irit., yielding 6.15% . V . 119, p. 2877. In July 1925 Halsey, Stuart &
Dec. 31—
Earnings. Taxes, Ac. Earns.
est.
Surplus.
C o., Inc., sold $2,950,000 additional bonds.
$294,746 $205,369 $89,377 $30,282 $59,095
The equip, notes of 1917 mature $8,500 s.-a. July 1 1917 to Jan. 1 1927; 1924
276,426
188,319
88,107
28,294 59,812
secured by 15 steel passenger cars costing $200,000. Red., all or in part, 1923
1922 -----------------------266,177180,117 86,060
27,029 59,031
at 100)4 and int. on any int. date on 30 days’ notice.
The equip, notes o f 1919 mature $25,000 each Feb. 1 and Aug. 1 to
OFFICERS.— Pres., Clement C. Smith, Milwaukee; V.-Pres. & Treas.,
Aug. 1 1929. Red., all or in part, at any time on 30 days’ notice at 101 & int. Charles F. Speed, Evanston; V.-Pres. & Sec., H. C. Mackay, Milwaukee.
for all notes having over 5 years to run, and at 10014 & int. for notes having — V. 113, p. 2818; V. 114, p . 197.
less than 5 years to run. Secured b y equip, at the rate o f $100 of equip, for
not in excess of $70 o f notes issued. Int. in New York or Chicago. V.109,
BLOOMINGTON PONTIAC & JOLIET ELECTRIC RY.
p 887
The equipment trust certificates of 1922, Series “ C -l,” mature $50,000
O RGAN IZATION .— Incorporated in 1903. Private right of way except
July 1 1923 to 1932. Redeemable, all or part, on 30 days’ notice at 101 in cities, -where franchises run 50 years.
and div. for ctfs. having more than 5 years to run from date of redemp
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity.
tion and at 100)4 and div. for ctfs. having 5 years or less to run. Penna.
_______
$95,500 __________
4 mills tax refundable. D ivs. payable in N . Y . or Chicago. V . 115, p . 868. Stock $2,500,000 ($100)___________
First mortgage $2,500,000 g - / 1905
5 g M-S
300,300 Sept 1 1935
Equip, tr. ctfs., Ser. “ C-2,” mature annually over 5 years and are a second
($100, $500 and $ 1 ,0 0 0 )... (Int. at Cent. & Comm. Tr. & S. B ., Chic.,Tr.
ary lien on equipment securing Ser. “ C -l.”
Int. on bonds is guar, from M ar. 1 1916 by the Pub. Serv. Co. of Nor. 111.
Note Issues Redeemed.— On Jan. 23 1925 the following issues were called
EARNING S.— For year ending Dec. 31 1922, gross, $28,743; net, (after
for payment;
taxes of $3,120), loss, $25,941.
(1) All o f the outstanding Series “ A ” 10-year secured s. f. gold notes
OFFICERS.— Pres., J. L. Hecht; V .-P ., H. P. Sedwick; Treas., J. H.
dated June 1 1920, at 101 and interest.
(2) All o f the outstanding Series “ B ” 15-year secured s. f. gold notes Gulick; Sec., Geo. R . Jones.— V. 85, p. 1004; V. 90, p. 235; V. 96, p. 651.
dated June 15 1921, at 105 and interest.
(3) All o f the outstanding Series “ C " 3-Year secured s. f. gold notes
COAL BELT ELECTRIC RY.
dated April 2 1923, at 100)4 and interest.
All o f the outstanding 1-year 6% gold notes dated June 16 1924 were
ORGANIZATION.— In 1904 passed into control of the St. Louis Iron
called for payment Jan. 8 1925 at par & int. V . 119, p. 3009; V . 120, p. 85. Mountain & Southern R y. Co.
Dividends.— On prior lien stock in 1924: Jan.. 1%%\ April, 1 % ; July,
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
1*4%; Oct., 13 % - In 1925, Jan., 1 %%\ Apr., 1M % ; July, 1 % % ; Operates 15.36 miles of track from Marion to Carterville and Herrin.
A
Oct., 1M % ■ An initial div. o f 1)4% was paid on the 6% non-cum. pref. Standard gauge. 52 to 70-lb. T rail.
stock in Oct. 1923. Same rate paid regularly quar. since.
CA PITA LIZA TIO N .— Stock authorized and outstanding, $300,000; par
EARNINGS.— For year end. Dec. 31 (incl. Chicago & Milw. Elec. R y., of shares, $100.
Milw. City Lines):
EARN ING S.— For year ending’ Dec. 31 1924, gross, $96,996; net, after
1921.
1922.
1923.
1924.
Calendar Years—
def., $48,379; bal., def., $48,379. In 1923, gross, $141,984;
$6,198,987 $5,945,272 $5,007,951 $4,500,805 taxes,taxes, def., $19,582; other income, dr., $987; bal., sur., $20,569. net1
3,777,592
3,440,761 after
4,464,421
4,650,030
OFFICERS.— Pres.. L. W . Baldwin; Sec., F. W. Irland; Treas., F. M
$1,548,957 $1,480,851 $1,230,359 $1,060,044 Hickman.
6,561
8.731
11,444
800
Net auxiliary oper. rev..
1 $1,549,757
298,609
$1,492,295
279,448
$1,239,090
248,937
$1,066,605
225,844
Operating income____ $1,251,148
60,155
Non-operating incom e..
$1,212,847
26,626
$990,153
14,560
$840,761
11,972
$1,311,303
610,583
x393,301
$1,239,473
552,608
yl58,267
$1,004,713
486,784
z90,000
$852,733
463,013
z70,000
Taxes
Fixed charges.
D ividends____
Net income_________
$307,419
$528,598
$427,927
$319,720
Profit and loss, surplus.. $640,216
$350,237 $2,390,811 $1,962,881
x Being 6% on the pref. stock and 7% on the prior lien stock, y Repre
sents 3% dividend on the 6% pref. stock and 1% % on the prior pref. stock
outstanding, z Represents dividends on the old stock outstanding before
financial reorganization accomplished early in 1923.
OFFICERS.— Chairman of the company, Samuel Insull; Pres., Britton I.
Budd; V .-P ., R . Floyd Clinch; Sec.-Treas., W . Y. Griffin.— V. 117, p. 781,
893, 1662, 1992; Y. 118, p. 1134, 1267, 3195; V . 119. p. 72, 692, 941, 1842,
1952, 2285, 2877, 3009; V. i20, p. 85, 1585, 3064, 3185.
CHICAGO & INTERURBAN TRACTION CO.
Receiver Appointed.— Following default in int., due July 1 1922, on 1st
mtge. 5s, W . W . Crawford was appointed receiver for the co. V . 115,
p. 2045.
Default.— Int. due July 1 1922 on the 1st mtge. bonds is in default and
bondholders have brought proceedings to foreclose mortgage. V . 115, p.
1729. No further information.
ORGAN IZATION .— Incorp. in Illinois Feb. 14 1912 to take over the
property o f the Chicago & Southern Trac. Co. (sold at foreclosure) outside
the city limits, the lines within the city having been acquired by Chic. City
R y. V . 94, p. 697.
FIE LD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Consists o f 50 miles of line between 119th St. and Vincennes Road, Chicago,
to Kankakee, 111. Standard gauge. 70-lb. T rails.
STOCK A N D BONDS— Date.
Interest.
Outstanding. Maturity.
Stock $1,000,000 ($100)______ _____
_______
$1,000,000 ---------------First mtge gold ($100, $500,/ 1912
5 g J-J
1,816,000 Jan 1 1932
$1,000) no s f ________ c* tf(In t. at First Tr. & Sav. Bk., Chic., Trustee
Bonds.— The auth. amount o f 1st M . bonds is not limited. Bonds are
subject to call in whole or in part, beginning with lowest number, at 102
on any interest day. $80,000 additional bonds have been issued and are
pledged to secure notes.
EARN ING S.— For years ending Dec. 31:
Year—
Cross.
Expenses.
Net. xlnt.ATaxes.
Balance.
1924_____________ $398,233 $420,058 def$21,825 $126,411 def$148,237
1923........................ 425,692 382,837
42.855 130,116 def. 87,261
1922_____________ 381.825 371,024
10,801 140,043
defl29,243
x Int. accrued but unpaid.
OFFICERS.— Receiver, W . W . Crawford; Chairman o f Board, Samuel
Insull; Pres., Britton I. Budd; V .-P ., E. J. Blair; Sec. & Treas., W. W .
Crawford; Aud., Robt. Anderson.— V. 110, p. 1972; V. 114, p. 1285;
V. 115, p. 1729, 2045; V. 116, p. 1759; V. 118, p. 2178.
CHICAGO & WEST TOWNS RY. CO.
O R GAN IZATION .— Incorp. in Illinois in 1913 as a consolidation of the
County Traction Co. and the Suburban RR.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Serves the communities of Oak Park, River Forest, Maywood, Cicero,
Berwyn, Forest Park, Lyons, Riverside, Brookfield, La Grange and others.
GALESBURG & WESTERN R R.
Purchase Offer.— In March 1925 the Illinois Power & Lt. Corp. offered
to purchase the road. V. 120, p. 1746.
Was formerly known as the Rock Island Southern R R ., but name was
changed to present title in 1919.
Receiver Discharged.—
-In 1922, by agreement of all parties, the co., which
was ahead of the receivership operated by the Rock Island Southern Ry.
C o., receiver was dismissed. The road is to be operated as part of the
Rock Island Southern R y. System, under the old lease (see below) and under
its same terms, the same as if no receivership had taken place. It is ex
pected that by the end of 1924 the company will be merged into the Rock
Island Southern R y. N o further information received.
ORGANIZATION.— Incorp. in 1906 under Steam Railroad Act of Illi
nois. Operated by electricity for passengers and steam for freight. Fran
chises in Monmouth are for 20 years. Was leased to the Rock Island South
ern Railway (now Mississippi Valley R y. & Power Co.) from Feb. < 1913 to
1
Dec. 31 1913, on which date lease was canceled (but see above).
FIELD OF OPERATIONS A N D C H A RACTER OF BUSINESS.—
16 miles between Galesburg and Monmouth. 75-lb. rail. Standard gauge.
Bondholders' Committee.— W . S. Hammons, Frank S. Wingate and M . O.
Williamson. Deposits of bonds with the Fidelity Trust C o., Portland, M e .,
and People’s Trust & Savings Bank, Galesburg, 111., have been called for.
See V. 102, p. 886. Also V . 110, p. 872.
STOCK AND BONDS—Date.
Interest.
Outstanding. MaturityStock $500,000 ($100)_______ _____
_________
$500,000 __________
First mortgage $2,500,000 g / -----5 g J-J
521,000 Jan 1 1947
($1,000) red at 105______ c\lnt. at Con. & Com. Tr. & S. Bk., Chic., Tr.
OFFICERS.— Pres., L. F. Sutton; V .-P ., Will Halsted Clark, Chicago;
Sec. & Treas., J. W . Walsh; Gen. M gr., Geo. W . Quackenbush, Rock
Island, 111.— V. 110, p. 872, 1643; V. 114, p. 626; V. 120, p. 1746.
THE EAST ST. LOUIS & SUBURBAN CO.
The North American C o. owns more than 99% o f the com. and all the
ORGANIZATION.— Incorp. in Delaware Jan. 7 1914. A holding co.,
having acquired title to all the properties of East St. Louis & Suburban Co.
(incorp. under the laws of N . JT Sept. 12 1901).
The co. owns all of the outstanding capital stock (with the exception of
directors’ shares) and bonds, as stated, o f the following companies. The
amounts pledged with the St. Louis Union Trust Co. as collateral for the
East St. Louis & Suburban Co. coll, trust bonds are also shown:
------------- Stocks-------------------------- Bonds----------Owned.
Pledged.
Owned.
Pledged.
East St. L. & Suburban R y ..$3,850,000 $3,824,300 $4,000,000 $3,834,000
East St. Louis R y. C o______ 1,940,000 1,805,500 1,940,000 1,799,000
St. L .& E a s t S t .L .E l. R y ._
500.000
499,500
500.000
500.000
St. L. & Belleville El. R y ___
750,000
750.000
750.000
East St. L. Light & Power Co. 1,200,000
733,000
Alton Granite & St. Louis
Traction C o--------------------- 3,189,000
1,056,000
do 10-yr. 5% gold notes.
--------100,000
Alton Gas & Elec. Co.—
5% preferred stock_______
*24,000
Common stock__________
575,000
10-year 6% gold notes-------------90.000
* Balance of $76,000 owned by Alton Granite & St. L. Traction Co.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
The above companies own and operate all electric railway lines in East St.
Louis and Alton and interurban lines to Belleville, Edwardsville, Collins
ville, Caseyville, O’Fallon, Maryville, Lebanon, Brooklyn, Venice, Madi
son, Granite City and Alton, and tho only electric line across the Eada
146
PUBLIC UTILITIES
[Vol. 121
Bridge, connecting East St. Louis with St. Louis. Cars are operated over capacity of 1,500 k. w. and new equipment purchased from the C ity o f
this bridge under a 50-year exclusive contract expiring in 1952. Through Kewanee having a capacity of 1,000 k. w. The cities of Kewanee. Shef
arrangement with Illinois Traction C o. the interurban cars from Alton are field and Neponset are connected by a transmission line 14 miles in length.
run into their terminal in St. Louis. Also do entire electric lighting and The gas properties consist o f a combined coal and water gas plant located
power business in East St. Louis and the electric lighting, gas and power busi in Kewanee, with a daily manufacturing capacity of 1,000,000 cu. ft., and
ness in Alton. Operates 193 miles of single track, o f which 4 miles operated with holder capacity o f 350,000 cu. ft. There are 61 miles o f gas mains.
under lease. Owns 183 passenger cars, 814 freight cars, 29 service and ex The street railway property consists o f approximately 7 miles of track,
press cars, 5 gasoline buses, 2 electric and 2 steam locomotives. Passengers located within the City o f Kewanee. The interurban railroad is operated
carried in 1924, revenue, 20,088,960; transfer and others, 5,761,218. Has by the Kewanee & Galva R y., a subsidiary, over its own right-of-way.
two power stations with 14,850 k.w. capacity. Has 95 miles of high- Is 9 miles in length, connecting Kewanee and Galva.
tension transmission lines. Also has contracts for power with Union Electirc
Franchises.— See V. 119, p. 203.
Light & Power C o. (M o.).
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
_________ 10,000 shs. __________
Franchises in East St. Louis, Edwardsville,' Collinsville and Belleville Com stock (no par) 10.000 s h s . ____
Pref 7% cum $700,000____________
_________
$350,000 __________
expire in 1947, 1948 and 1952. The Alton railway, electric light and power
6 g J-J
1,200,000 July 1 1949
franchises expire in 1948; the Alton gas and steam-heating franchises are 1st mtge Ser “ A ” ($100, $500 ( 1924
& $1,000) gold_______ c*tf\Peoples Tr. & S. B. of Am., Chic., trustee.
perpetual; Granite City and Madison franchises expire in 1925, Brooklyn in
Bonds.— 1st mtge. provides for sink, fund of at least 1% o f aggregate
1921. The Interurban line to Alton, outside o f city limits, is nearly all on
private right-of-way. County franchises covering remaining suburban principal amount o f the bonds, payable on Jan. 1 of each year beginning
lines expire up to to 1948. Electric light and power franchises in 1928. Ser. “ A ” are red., all or in part, on any int. date on 30 days’ notice
on or before July 1 1934, at 105 & int.; thereafter on or before July 1 1939,
East St. Louis expire 2007.
Sub Company Receivership.— In Sept. 1920 Fred E. Allen, St. Louis, at 104 & int.; thereafter, on or before July 1 1944, at 102 & int., and there
and W . H. Sawyer were appointed temporary receivers (made permanent after* on or before Jan. 1 1949, at 10046 & int. Int. at office of trustee in
in Feb. 1921— V. 112, p. 744) for the Alton Granite & St. Louis Traction Chicago or Equitable Trust C o., N . Y . Penn. 4-mill tax refundable. In
Co. on petition o f the bondholders, alleging default in int. V. I l l , p. 1083; July 1924 Spencer Trask & C o. offered $1,200,000 1st mtge. Ser. “ A "
V. 112, p. 744. The Alton properties are now being operated by the 6s at 95 & int., yielding over 6.40% . V. 119, p. 203.
OFFICERS.— Pres., B. F. Lyons.— V . 119, p. 203, 2761.
receivers.
Interest Payments.— The interest due Feb. 1 1919 on the A. G. & St. L.
Trac. C o. 1st consol 5s was paid in Aug. 1919. The interest due Aug. 1
1919 was paid Feb. 1 1920. None paid since. V. I l l , p. 1751; V. 113,
p. 414. (See under “ Sub-company Receivership’ ’ above.)
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $10,000,000 ($100).__________ ________ $6,000,000 ______ _____
First pref 6 % cum___________ _____
_________ | See text
__________
Preferred $6,000,000 ($ 1 0 0 )1 ____
_________
6,000,000 Feb’18,M %
5% cum-------------------------- /
Collateral trust mortgage $8,-1 1902
5 g A-O
8,000,000 April 1 1932
DETROIT EDISON CO. (THE).
000,000 gold ($1,000).c * tf {Interest at St. Louis Union Tr. Co., Trustee.
ORGANIZATION.— Incorp. in January 1903; owns capital stock of The
I or at E . W. Clark & Co., Philadelphia.
Edison Illuminating Co. of Detroit, Peninsular Electric Light C o., Inc.,
A G & St Louis Trac Co 1st f 1904
5 g F-A
2,496,000 Aug 1 1944 Port Huron Gas & Elec. Co. and Delray Term. R R . Co.
consol M , $3,000,000 gold{lnt. at Illinois State Tr. C o., East St. Louis,
FIELD OF OPERATIONS A N D C H ARACTER OF BUSINESS.—
($1,000) _____________c* tf [ Trustee, or at National City Bank, N . Y .
Does the entire electric lighting and industrial power business in the cities
Alt G & St L 10-yr notes_____1917
5 J-D
100,000 June 1 1927
of Detroit, Ann Arbor, Harntramca, Highland Park, Howell, Lincoln Park,
Alton R y & Ilium first mtge( 1895 5 g A -0
250,000 Oct 1 1939
$250,000 g ($ l,0 0 0 )..c * tf/ln t . at Bankers Trust C o., N. Y .. Trustee. Marine City, Marysville, Monroe, M t. Clemens, Port Huron, River Rouge,
Alton Ry Gas & Electric C o f 1899 5 g A-O
250,000 Oct 1 1939 Royal Oak, Springwells, St. Clair, Yale and Ypsilanti, besides 59 incorpor
mtge $500,000 ($1,000){In t. at Equitable Tr. C o., N . Y ., Trustee. ated villages, 99 unincorporated communities and rural districts in 115
gold (closed)________ c* n tfl No sinking fund; bonds cannot be called. townships. Also conducts a steam heating business in the city of Detroit
East St L Lt & Pow ist M
1910 5 g J-D
1,172,000 June 1 1940 and a gas business in the city of Port Huron. V . 106, p. 707, 1580; V. 109,
g guar p & i ($1,000) c * tf{ln t. at Mercantile Tr. C o., St. Louis, Trustee p. 1277, 1529.
Rights.— For offering of rights to stockholders o f record Sept. 21 1925, to
l Chase Nat. Bk., N . Y ., and at c o .’s office
Stock.— The 5% cum. pref. may be exchanged at any time for 50% of subscribe for additional capital stock. See V . 121, p. 1347, 1907.
President Hits Speculation in Stock.— See V . 121, p. 1676.
6% cum. pref. and 50% com. stock. The 6% pref. takes precedence both
STOCK AND BONDS— Date.
Interest. Outstanding.
Maturity.
as to dividends and assets over the 5% pref. and the common stock. V . 97,
Q-J
a$82,887,200 Oct ’25 2%
p. i822; V. 98, p. 304, 155. Remaining $4,000,000 common stock reserved Stock $85,000,000 ($100)__________
1st mtge $10,000,000 ($1,000)/ 1903 5 g J-J
10,000,000 Jan 11933
for conversion of 5% pref. stock.
gold___________________ c*(Guaranty Trust C o., N . Y ., trustee.
Bonds.— Coll, trust bonds are redeemable on any int. day at 105 and
1st & ref M $75,000,000 “ A ” I 1915 5 g M -S
16,665,000 July 1 1940
int. on four weeks’ notice. See V. 76, p. 382.
Series “ B ” .......................{ 1915 6 g M-S
18,319,000 July 11940
All the outstanding conv. 8% bonds due Jan. 1 1926 were called for pay
($500, &c) gold_____c*&r*lBankers Trust C o., N . Y ., trustee.
ment Jan. 1 1925 at lOOMs & int. V . 119, p. 2645.
5 g A-O
12,500,000 Oct 1 1949
$500,000 o f the Alton Granite & St. Louis Traction 1st consols are Gen & ref mtge Ser “ A ” ($500/ 1924
& $1,000 c* & $l,000r*)g tf (Bankers Trust C o., New York, trustee.
reserved for prior liens. They are also a lien on property of Alton Gas &
5 g J-D
$8,000,000 June 1 1955
Electric C o., which was owned by the Alton Granite & St. Louis Traction Series B ($500 & $1,000 c * i 1924
and $1,000 r* )___________ /Bankers Trust C o., New York, trustee.
C o., when the mtge. was made. $566,000 of the bonds have been assumed
Conv deb Ser 1928 ($100,&c)c* 1918 7 J-J 15
1,017,700 Jan 15 1928
by the Alton Gas & Electric Co. No sinking funds, but bonds are subject
Series 1929 ($100, &c) c * -._ 1919
7 F-A
952,700 Feb l 1929
to call on any int. date at 110 and int. upon 90 days’ notice.
Ser 1930 ($100 & $1,000) c * . 1920 7 M-S
2,769,600 Mar 1 1930
The Alton R y. & Ilium. 1st M . 5s originally matured Oct. 1 1915, but
Ser 1932 ($100 & $1,000) c*_ 1922 6 J-D
3,221,000 Dec 15 1932
were extended to Oct. 1 1939.
4,000,000 N ov 1 1931
East St. Louis Light & Power bonds are guaranteed, principal and E Mich Ed 1st M $10,000,000/ 1906 5 g M -N
guar ($1,000) gold________ (Equitable Trust C o., N . Y . trustee.
interest, by endorsement by East St. Louis & Sub. C o.: callable at 105 and
a Does not incl. stock subscriptions (not fully paid for) amounting to
int. on any int. date on 30 days’ notice. Auth. issue unlimited, but addi
tional bonds are issuable only for 80% of the cost of add’ns and impts. and $1,057,700.
Bonds.— The refunding mortgage of 1915 is for $75,000,000 (interest
then only when net earnings are at least 14£ times int. charge on bonds
rate to be fixed at time o f issue), to retire at or before maturity the $10,000.out as well as those to be issued.
EARNINGS o f operating companies for 12 months ending Dec. 31 000 1st M . 5s and $4,000,000 East. M ich. Edison Co. 1st M . 5s, and to
provide additional capital when needed. The new trust deed, dated Oct. 1
(excluding Alton Cos.);
1924, provides that there shall be no further sale of the 1st & ref. bonds
Balance f or
maturing in 1940; and that if any of these are issued it shall be for the pur
Year ending
Operating
Net
Interest
Dtpr.,D ivs.
pose of being deposited with the trustee as additional security for the gen. &
Dec. 31—
Gross.
Expenses.
Income.
Charges. & Surplus.
1924_______ $4,086,546 $3,145,916
$940,630
$692,099
$248,531 ref. bonds. $12,500,000 are pledged as security for the gen. & ref. mtge.
3.350,563
1,181,682
642,657
539,025 5s, series A . Callable until March 1 1930 at 107M, then to March 1935 at
1923......... - 4,532,246
1922______ 4,024,585
2,902,491 1,122,094
634,423
487,671 105, thereafter, 102X - V . 100, p. 2169; V. 102, p. 1990; V . 103, p. 2240;
1921______ 3,818,302
2.646,510 1.171.792
654,385
517.407 V . 105, p. 74; V . 106, p. 2563, 2652; V. 109, p. 1277, 2360.
General and refunding mortgage 5s, Series “ A ,” are further secured by
Latest Earnings.— 12 months ended June 30:
pledge of $12,500,000 first and refunding mortgage bonds. Are callable at
1925.
1924.
107 M and interest for the first ten years, at 105 and interest for the next five
Gross earnings__________________________________$4,013,978 $4,286,174
Operating expenses and taxes----------------------------- 3,049,848
3.289,018 years, the premium thereafter reducing at intervals to M % for the last
Interest expense__________________________ :______
710,472
657,630 two years. Listed on New York Stock Exchange. V. 120, p. 828. In
Depreciation_________________ 1 -________________
167,257
299,983 Oct. 1924 Coffin & Burr, Inc., Harris, Forbes & C o., Spencer Trask & C o..
&c., offered $12,500,000 at 97H and interest, yielding about 5.18% .
Balance, surplus---------------------------------------------$86,401
$39,543 V. 119, p. 1847, 1960.
Gen. & ref. mtge. 5s. series B , are further secured by pledge of $12,500,000
OFFICERS.— Pres., F. L. Dame; V .-P ., Edwin Gruhl; V .-P ., Louis H.
Egan; Sec., J. F. Fogarty; Treas., Robt. Sealy; Asst. Sec., F. H. Piske; 1st & ref. mtge. bonds. Call, at 107M and int. on or before June 1 1935,
Asst. Treas., C. D. Burdick.— V. 115, p. 1210, 1320, 1837, 2477,; V. 117, thereafter at 105 and int. on or before June 1 1945, the premium thereafter
annually to 100(4 for the last two years. In June 1925
p. 1555; V. 118, p. 1772; V. 119, p. 2645; V. 120, p. 1202; V. 121, p. 1100. reducing
Coffin & Burr, Inc., Harris, Forbes & Co., Spencer Trask & C o., &c.,
offered $8,000,000 at 99J4 and interest yielding over 5% .
KEWANEE PUBLIC SERVICE CO.
Debentures.— Int. on all issues of debentures is payable at office o f North
ORGANIZATION.— Organized Feb. 29 1924 in 111. to acquire the proper American Co., 60 Broadway, N. Y . City.
From 1910 to 1915 issued $9,000,000 6% 10-year conv. debenture bonds,
ties o f the Consol. Light & Power Co. and the street railway property in
the city o f Kewanee formerly owned by the Galesburg & Kewanee Elec. call, at 105, of these $8,864,000 were converted into stock, and $136,000
R y. The interurban line between Kewaaee and Galva formerly owned by were paid at maturity.
The debentures of 1918 are convertible between Jan. 15 1920 and July 15
the Galesburg & Kewanee Elec. R y. is now operated by the co.’s subsidiary,
1927 into stock, $ for $, and are subject to call Jan. 15 1923 to Jan. 15 1926
the Kewanee & Galva R y. For history o f Galesburg & Kewanee Elec. Ry
see “ Electric Railway” Supplement of Apr. 26 1924.
at 105; thereafter at 102 and interest (but still convertible if called).
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
The debentures o f 1919 are conv. between Feb. 1 1921 and Aug. 1 1928 at
The electric properties include a generating station in Kewanee with a option of holders into paid-up stock of the sam e par value. Call. F eb. 1 1923
to Jan. 31 1927 at 105 and int., and on or after Feb. 1 1927 and before ma
turity at 102 and int., on 60 days’ notice, and when so called for redemp
tion, may at option of holders be converted at any time before redemption
date. V. 107, p. 2379.
The debentures of 1920 are conv. between M ar. 1 1922 and Sept. 1 1929
into capital stock at par. Callable on or after Mar. 1 1924 and before M ar. 1
1928 at 105 and int., and on or after Mar. 1 1928 and before maturity at
102 and int. V. 110, p. 264, 973.
The debentures (series of 1932) are conv. at par from Dec. 15 1924 to
An investment in the securities of
June 15 1932 into fully paid shares of the capital stock o f the co. and are
call. Dec. 15 1924 to Dec. 15 1925 at a premium of 5% ; and on and after Dec.
The Detroit Edison Company has
15 1925 at a prem. of H of 1% for each year to maturity. V. 115, p. 2163.
Eastern Michigan Edison Co. 1st mtge. bonds are callable at 110. Int.
behind it the steadily increasing
payable at office of North American C o., 60 Broadway, N . Y . City.
Dividends—
(1909. 1910. 1911-15.
1916(0 Oct. 1925
earning power of a rapidly growing
5
7 % y ’rly. 8 y ’rly. (2%qu.)
Per cent____________________ ( 4
RE PO RT.— For 1924, in V. 120, p. 448, showed;
business that meets a constantly
Cal.
Gross
Net after
Interest
Other
Dividends. Balance,
Yrs. Earnings. Taxes, &c. Charges. Deduc’ns.
(8% )
Surplus.
growing public demand in Detroit
1925x$36,199,258$11,358,985 $3,817,847$1,085,644 $4,761,882 $1,693,612
and surrounding territory.
1924 . 34,163,286 10,265,563 3,794,841
995,538 3,968,480 1,506,704
1923 . 31,724,185 9,359,726 3,866,916
948,598 3,061,548 1,482,664
1922 . 26,408,159 7,169,545 3,556,381
363,197 2,599,278
650,689
1921 . 23,382,898 6,283,836 3,433,665
303,676 2,234,339
312,156
Write for Circular No. 953
1920 . 21,990.352 4,533.694 2,462.758
875.380 2,201,627 d fl ,006,071
x Earnings for 12 months ending Aug. 31 1925.
OFFICERS.— Pres., Alex. Dow; V.-Ps., Alfred C. Marshall, James V.
Oxtoby and Sarah M . Sheridan, Detroit; Sec. & Asst. Treas., James F.
Fogarty, N . Y .; Treas. & Asst. Sec., Samuel C. Mumford, Detroit. Offices,
60 Broadway, N. Y ., 2000 Second Ave., Detroit.— V. 119, p. 2528, 2760;
V. 120, P- 329, 448, 828, 955, 2146, 2814, 2941, 3064; V. 121, p. 329, 1100,
1347, 1676. 1907.
NEW YORK
ALBAN Y
MICHIGAN
D E T R O IT ED ISO N
Spencer Trask & Co.
BOSTON
CHICAGO
Members New York and Chicago Stock Exchanges
COMMONWEALTH POWER CORPORATION.
(See Map on page 147.)
ORGANIZATION.— Incorp. in Maine in M ay 1922. Through owner
ship of common stocks the corporation controls the Consumers Power Co.
(serving more than 070 cities and towns in M ichigan), Central Illinois Light
Co. (serving Peoria and 47 adjacent communities). Illinois Power Co.
147 1
POWER, LIGHT AND RAILW AY
Oct., 1925.]
Commonwealth Power Corporation
LEGEND
PR ES E NT TRAN SM ISSIO N LINES
—
TRANSM ISSION LIN ES PROPOSED
O TH ER C OM PANIES LIN ES TO W H IC H POW ER IS S U P PLIE D
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ELE CTR IC SERVICE •
H EA TIN G SERVICE□
S TR E E T R AILW A YS o
POW ER SOLD T O O TH E R COM PANIES
POW ER PURCHASED FROM O TH E R COM PANIES
.- • •• IN TER U R B AN RAILW A Y
COAL M INES
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PUBLIC UTILITIES
14:8
(serving Springfield, De Kalb and Sycamore and four nearby towns), South
ern Indiana Gas & Electric Co. (serving Evansville and nine adjacent com
munities), The Ohio Edison C o., formerly Springfield Light, Heat & Power
Co. (serving Springfield, Marysville and Urbana, O., and 24 adjacent
communities), Illinois Electric Power Co. furnishing power wholesale to
other utilities, and Tennessee Elec. Power C o., serving 102 cities and towns
in Tennessee, and Utilities Coal Corp. (operating coal mines in Illinois,
Kentucky and West Virginia. The corporation also owns a substantial
amount o f the pref. stock and bonds of some o f the above-mentioned cos.
Acquisition in July 1925 o f the Tennessee Electric Power Co. by exchange of
stocks, see V. 120, p. 2548, 2683, 2940, 3185, 3313: V. 121, p. 74, 457.
Recapitalization in connection therewith, see V. 121, p. 457.
Change in Common Stock.— On June 23 1925 stockholders authorized the
issuance of 4 shares o f new com. stock in exchange for each share of present
com. stock. V. 120, p. 3313. Holders of new com. stock were given the
right to subscribe incl. Sept. 15 1925, at $30 per share to additional new
com. stock to the extent o f 10% of their holdings. V. 121, p. 74.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
The corporation is engaged principally in the production and sale of elec
tricity and gas for light and power. One or more of these classes of public
service are rendered to over 375 cities and towns with a population of more
than 1,850,000 located in 4 States— Michigan, Ohio, Indiana, Tennessee
and Illinois.
Electric Properties.— The electric properties include 56 power plants with
installed generating capacity o f 762,080 h.p., 286,920 o f which is in 32 water
power plants and the remainder in 24 central steam plants. Electricity
with voltage up to 140,000 is transmitted over more than 2,800 miles of high
tension transmission lines and 17,000 miles o f distribution lines, serving
more than 377,410 customers with electric light and power.
Gas Properties.— The gas properties include 12 manufacturing plants with
rated daily generating capacity of 39,825,000 cu. ft. and 38 holders with
storage capacity o f 18,413,000 cu. ft. Gas is distributed through 1,529
miles o f mains to more than 154,347 customers.
Other Properties.— In addition, the properties include 11 heating plants
with 21.8 miles o f steam and hot water mains, one water plant, street rail
way systems in Springfield, 111., and Evansville, Ind., and an interurban
line from Evansville to Patoka, Ind. Coal mines are owned and operated
in Illinois, Kentucky and West Virginia, which provide in part the require
ments o f the electric and gas plants.
Water Power Reserves.— In addition to large water power facilities already
developed, the properties include dam sites, flowage lands and rights in
Michigan and Tennessee, these holdings aggregating more than 60,000
acres.
Electric Growth (Giving Effect to Acquisition of Tennessee Properties.)
Electric Sales
Electric
in K . W. Hours.
Customers.
1,158,069,204
377,410
1925 (12 mos. end. Aug. 31)------1,005,855,275
354,613
1924____________________________
979,681.098
317,116
1923____________________________
750,346,913
264,027
1922____________________________
673,736,344
235,934
1921____________________________
839,155,945
215,509
1920-----------------------------------------Gas Sales in cu. ft.: 1925 (12 mos. end. Aug. 31) 4,877,872,700; gas
customers 156,352.
Common stockholders o f record Sept. 16 1924 were entitled to subscribe
pro rata to an increased issue o f 30,000 shares of pref. and 10,000 shares of
common stock in blocks o f 3 shares pref. and 1 share common for $315 per
block, each such block to carry with it option warrants entitling the holder
to subscribe to 3 additional shares o f com. stock at $100 per share any time
on or before N ov. 1 1926. V. 119, p. 1286.
Outstanding.
Maturity.
STOCK A N D BONDS—
Date. Interest.
989,901 shs. N ov’25,$l .50
Common 2,000.000 shs. (no p a r ) -----QF
$36,395,700 N o v ’25,1 14
6 Q-F
Pref$50,000,000 ($100) 6 % c u m -----25-yr secured sk fd 6% bonds'
6 g M -N 10.110.400 M ay 15 1947
$12,500,000 gold ($100, $500 1922
& $1,000 c*. and $1,000(Bankers Trust Co., New York, Trustee.
Genlfen&n!fMr.5% bds Ser~“ A ” 1922 5%
2,218.500 July 1 1939
Genlien& refM 6% bdsSer“ B ” 1922 6%
1,083,000 July 1 1972
Central Illinois Light Co.—
„ „
Cent 1 1 Lt 1st & ref mtge] 1913 5-6 gA -O
1
9,146,000 April 1 1943
$15,000,600 ($100, $500,{Bankers Trust C o., New York, trustee.
SI 000 ___________ c* I
6% preferred! $10,000,000/- I -----Q-J
---------------7% preferred]
t---- -------Q-J
1,121,700 ---------------Southern Indiana Gas & Electric Co. (formerly Public Utilities Co.)—
6 g J-J
2,818,300 Jan. 1 1929
Public Utilities Co 1st & ref 1919
mtge $15,000,000 ($100, Bankers Trust Co., New York, trustee.
$500 & $1,000) gold— c*tf
7)£ g A -0
806,800 April 1 1941
Southern Ind G & E 1st lien & 1921
6 g A-O
1,297,100 Oct 11947
ref mtge Series “ A ” -----------• 1922
($100, $500 & $1,000 c* & Interest at National City Bank, New York,
trustee.
$1,000 & $5,000 r*) g o ld ..
7 J-J
700,400 Jan 1 1934
So Ind G & E 10-yr debentures 1924
6 Q-J
2,192,100 Jan '25, 3%
SoIndG& E6%pf$2,211,400cm do do 7 % "pref $2,788,600 ----7 Q-J
1 .954,600 Apr ’25, 1 «
Evansv Gas & El Lt 1st & ref f 1902 5 J-D
1,105,006 June 1 1932
mortgage $1,250,000 gold Int. at Cent. & Com. Tr. & Sav. Bk., Chic.,
($1 000)____________ c * .t f I trustee, or at First Nat. Bk., New York.
inois Pow Co 1st
3,394,000 June 1 1933
Illinois----- ----------- M Ser “ A ” . 1921 5%
---1.858.000 Dec. 1 1936
Series " B ” -------------------------- 1921
750.000 June 1 1944
Series “ C ” _________________ 1924 6%
1.500.000 Oct '25, 1
6 % p referred $ 1 ,500,000
-----Q -J
2,049,300 Oct '25, 1%
7% preferred $1,775,000----------Q-J
3,466,500 Apr 11943
111 Elec Pow Co 1st M sk fd _ . 1923
6 A-O
932.000
1925-1939
Utilities Coal Corp 1st M s f ser 1923 7 A-O
Consumers Power C o------------- Listed separately further below.
The Ohio Edison C o _________ Listed separately further below.
Tennessee Electric Power C o. _Listed separately further below.
Stock — Common and pref. shares are listed on the Boston Stock Exchange.
V. 119, p. 1629.
We specialize in tlie securities of
and invite inquiries concerning
Commonwealth Power
Corporation
e iU e ia r k s g o .
Bankers
Members
Philadelphia
Established 1837
E^hange
P H IL A D E L P H IA
Members
New York
Stock
Exchange
N EW Y O R K TELEPHONE RECTOR 9250
PHILADELPH IA TELEPHONE LOM BARD 4200
[V ol. 121,
Bonds.— Tue 25-year secured sinking fund 6% bonds dated M ay 15 1922
are secured by pledge of 1,246,301 shares com. stock of the Consumers
Power Co., 51,232 shares com. and 5,000 shares pref. stock o f the Central
Illinois Light Co.; 29,000 shares com. and 17,750 shares pref. stock o f the
Illinois Power Co.; 300,000 shares com. and 12,715 shares pref. stock of the
Southern Indiana Gas & Electric C o.; 50,000 shares com. stock of the Ohio
Edison Co. All of the above shares are $100 par value with the exception
o f the com. stocks of the Consumers Power Co., Central Illinois Light C o.,
Southern Ind. Gas & El. Co., and the Ohio Edison Co., and the com. stocks
represent the entire outstanding issues of each company.
Are red. upon 30 days’ notice all or in part by lot at 105 & int. on or before
May 15 1927, with the call, price reduced
of 1% for each year thereafter.
Sinking fund begaD Aug. 15 1922. Int. payable in New York or Chicago.
Penna. and Conn. 4-mill tax and Mass, income tax ("existing at time of issue)
refunded. V. 114, p. 2246. Listed on New York and Boston stock ex
changes. V. 114, p. 2364; V. 115, p. 649, 1537.
Gen. lien & ref. mtge. 5s ser. “ A ” are red. at 100, Ser. “ B ” red. at 105.
Int. payable at office of Hodenpyl, Hardy & C o., N. Y . and E. W . Clark
& C o., Phila. The authorized amount of the general lien & ref. mtge. gold
bonds is unlimited. Sinking fund, beginning Oct. 1 1922, payable quarterly
thereafter, K of 1 % of the principal amount of Series “ A and “ B, respec
tively, outstanding on such date, for the retirement of bonds o f said series.
Central Illinois Light Co. Securities.— Central Lllinois Light bonds are red.
at 105 and accrued interest on 60 days’ notice. $6,551,700 bear 5% inter
est and $2,594,300 bear 6% . Remaining bonds are reserved for acquisi
tion of new property, additions, improvements, &c., under certain restric
tion (V. 99, p. 1132). Sinking fund of
of 1% per annum began April 1
1917 of total amount of bonds of this issue outstanding and all underlying
issues for the purchase of these bonds (or call at lb5) or for acquisitions,
improvements, &e. V. 99, p. 1132.
Southern Indiana Gas & Electric Co. (formerly Public Utilities Co.)— Secur
ities.— $1,105,000 1st & ref. M . boDds are reserved to retire a like amount of
underlying bonds; $2,492,800 are pledged under the 1st lien & ref. mtge.
Additional bonds may be issued in series at different rates of interest
not exceeding 6% per ann. to reimbures the co. for 75% of cost of add’ns,
ext’s &c., under certain restrictions. A general reserve fund is provided for
under which the co. must expend or deposit in this fund in each calendar year
an amount equivalent to 20% of gross earnings derived from the railway
properties, 15% from the electric light and power, and 12% from the
gas and steam heating properties and o f all other income, to be expended
for maintenance, renewals, ext’s, &c., and the purchase and cancellation
of bonds of this issue or underlying bonds. Red. at 102 and int. on any
int. date to and incl. Jan. 1 1924, and thereafter at 101 and int. V. 108,
p . 269, 379. A description of the 1st lien & ref. 7 J^s Ser. “ A ” will be found
in V. 112, p. 1618, 1742. The 1st lien & ref. 6s Ser.“ B ” are call, on any
int. date on 60 days’ notice at 105 during the first 5 years, the premium de
creasing 1 % each 5 years thereafter. A description of the 1st lien & ref.
Ser. “ B ” 6s will be found in V. 116, p. 516. The Evansville Gas & Elec.
Light Co. must call by lot at 105 and int. $15,006annually from June 1 1924
to 1932 incl.; $145,000 have been retired. They are subject to call at 105
and interest.
Southern Indiana Gas & Electric Co.— In June 1925 this company changed
its capital stock from $5,000,000 common (par $100) and $5,000,000
preferred (par $100) to 500,000 shares o f common, no par value, and
$10,000,000 preferred, par $100.— V. 120, p . 3316.
Earnings of Southern Indiana Gas & Electric Co.
Earnings 12 Mos. Ending June 30.
1925.
1924.
1923.
1922.
Gross earnings-------------- $2,624,890 $2,658,660 $2,443,123 $2,207,283
Oper. exp., incl. taxes &
maintenance________ 1,600,247
1,678,765 1,588,527
1,373,277
Fixed charges_________
421,702
441,598
400,182
389,865
Dividend on Pref. s ock.
239,516
202,692
173,461
157,402
Provision for replacem’ts
and depreciation_____
207,000
203,500
200,000
200,000
Balance______________ $156,424
3
— V. 120, p. 2945, 3316; V. 121, p. 588.
Illinois Power Co.— The 1st mtge. 5s, ser. “ A ” , are red. at 107 J4 on any
int. date upon 60 days’ notice. Series “ B” 7s are red. on any int. date
upon 60 days’ notice at 110 up to and incl. Dec. 1 1926, thereafter at 107)4
up to and incl. Dec. 1 1931, thereafter at a premium of 1% for each year
or fraction thereof of unexpired life. Ser. “ C ” on any int. date upon 60
days’ notice at 105 and int. up to and incl. June 1 1928: thereafter at 104
and int. up to and incl. June 1 1932; thereafter at 103 and int. up to and
incl. June 1 1936; thereafter at 102 and int. up to and incl. June 1 1940,
and at 101 and int. thereafter but prior to maturity.
Dividends.— An initial div. o f $1 50 was paid Aug. 1 1922 on the 6% pref.
stock and same rate paid regularly quarterly since. On common an initial
dividend of $1 per share was paid M ay 1 1924. Same amount paid regularly
quarterly to and including N ov. 1924. In Feb. 1925 $1.50 per share was
paid. In M ay and Aug. 1925 $1.50 per share was paid. In N ov. on the
new common stock 40c. quar.— V. 121, p. 1568.
R E PO RT.— For years ended Dec. 31:
Earnings (Combined Properties)— Calendar Years.
Gross Earnings—
1924.
1923.
1922.
Electric department------------------------ $20,206,447 $18,590,274 $15,317,923
Gas department______________________ 5,583,025 5,518,016
5,059,428
Railway department_________________
1,563,226 1,647,853
1,639,018
Heating, water, coal and appliance de
partments-------------------------------------- 4,175,011 4,364,621
3,503,748
T otal-------------------------------------------$31,527,709 $30,120,764 $25,520,116
Operating expenses and t a x e s . 1 8 , ’653,’230 18I25L549 15i424]572
Gross in com e..--------------------------- $12,874,479 $11,869,214 $10,095,544
inter
est, amortization of debt, discount
and dividends on preferred s to ck ..
6,114,848 5,233,647
5,000,876
Int. charges— Com’w’th Pow. C o r p ..
889,002 1,042,642
1,072.070
Annual div. requirements on pref. stk.
1,512,192 1,440,000
1,440,000
Provision for replacements & deprec’n
2,128,470 1,840,972
1,809,226
F ix e d charges o f s u b . c o s ., in cl.
Balance----------------------------------------- $2,229,967 $2,311,953
$773,372
Latest Earnings.— 12 mos. end. Sept. 30—
1925.
1924.
Gross earnings---------------------------------------------------$42,267,753 $39,169,118
Operating expenses, incl. taxes & maint_________ 23,996,471 22,061,362
Gross income______________________________
$18,271,282 $17,107,756
x Fixed charges--------------------------------------------------- 10,769,494
9,566,508
Dividend preferred stock________________________ 2,189,682
2,010,606
Provision for replacements & depreciation_______ 3,047,632
2,878,504
Balance. ------------------------------------------------------ $2,264,475 $2,652,138
Note.— The above statement gives effect for the fuil two-year period to the
acquisition of Tennessee Elec. Pow. Co. under plan which became effective
in July 1 1925.
x Includes interest, amortization o f debt discount and dividends on
outstanding preferred stock of subsidiary companies.
OFFICERS.— Pres., George E. Hardy; V .-P ., B. C . Cobb, Jacob
Hekma and A. L. Loomis; Sec., G. H. Bourne; Treas., George Sprague Jr.;
Comp., H. G. Kessler. New York office, 14 Wall St.— V. 120,p.328, 701,
1325, 1746, 2548, 2683, 2814, 2940, 3185, 3313; V. 121, p. 74, 457, 1100.
1568, 1788, 2037.
(a) CONSUMERS’ POWER CO.
AH the common stock is owned by Commonwealth Power Corp.
ORGANIZATION.— Incorp. in Maine in 1910, and in N ov. 1914 merged
the following 11 companies (previously controlled by stock ownership):
Commonw. Power C o., Grand Rapids, Muskegon Power Co., Grand Rapids
Edison C o., Flint Elec. C o., Saginaw Power C o., Bay City Power C o.,
Pontiac Power C o., Consumers’ Power Co. (M ich.), Economy Power C o.,
Au Sable Electric Co. and Central Power Co. This merger made the
Consumers’ Power Co. (of Maine) an operating company instead of a
holding company and on July 20 1915 it was granted a certificate of authority
to do business in Michigan. V . 99, p. 1528, 1597; Y. 101, p. 369. In
January 1916 acquired the Cadillac Water & Lt. Co. and the electric"
property of the Manistee Power & Lt. C o. Early in 1923 acquired the
stock of the Thornapple Gas & Elec. C o., and is reported to have purchased
also the property of the Central Michigan Lt. & Power Co. and the Citizens
Electric Co. of Battle Creek. In Jan. 1920 the Michigan Light C o. was
merged. V. 110, p. 261. In Jan. 1925 purchased the property of the
Lansing Fuel & Gas Co. The company serves more than 170 communities
and over 200,000 customers. V. 120, p. 3185.
Acquired in July 1925 the property of the Citizens Light Co. and the
Spencer Electric Light & Power Co., both of Belding, Mich. V. 121, p. 584.
The stockholders voted on Oct. 24 1924 to change the common stock
Oct., 1925.]
POWER, LIGHT AND RAILW AY
from $100 par to shares o f no par value and to issue 7 shares of no par com.
in exchange for each share of $100 par value. The auth. amount of pref.
was increased from $30,000,000 to $50,000,000. For further details see
V. 119, p. 2069.
STOCK AN D BONDS— Date.
Interest. Outstanding.
Maturity
Common 2,000,000shs (n o p a r )____
_________ l,246.301sh s___________
Pref $50,000,000($100)6% c u m ____
6 Q-J
15,836,900 Jan ’26, 1)4
Pref 6.6% cumulative--------------------6.6%
20,940,600 55cmonthly
Preferred stock 7% cum ulative____
7%
3,308,400 Jan ’26, 13
4
1st lien and ref M $35,000,-f 1911
5 g J-J
22,254,000 Jan 1 1936
000 gold ($1,000)------- c * tfjln t. at Harris Tr. & Sav. Bk., Chicago,
_ ,
„
( trustee, or Harris, Forbes & C o., N . Y .
Series “ D ” ------------------------ 1924
5)4 g M -N 8,438.500 M ay 1 1954
&P , S J ^ tgeSF
1922
5 g M -N 16,872,700 N ov 1 1952
$100, $500 & $1,000c * ;{National City Bank, N. Y ., trustee.
$1,000, $5,000 & $10,000 r*
gold------------------------------ t f I
Mich Light 1st & ref M g o ld f 1916
5 M-S
2,512,000 Mar 1 1946
($1,000, $500 and $100) _c* [Union Trust C o., Detroit, trustee.
Jackson Gas Co mtge $350,-/ 1897 5 A-O
340,000 April 1 1937
000 gold ($1,000)------c* n tf (Illinois Trust & Sav. Bank, Chicago, trustee
Pontiac Lignt Co consol m tge{ 1902 5 J-J
174,000 Jan 11927
$230,000 g ($1,000)— c* tf[In t. at Mich Trust Co., Grd. Rap., trustee
Grd Rap-Musk Pow 1st M /
1906 5 M-S
374,000 Mar 1 1931
$7,500,000 gold------------ tf 1Int. at 1st Tr.&S.B., Chic.,or 1st N .B ..N .Y .
Lansing Fuel & Gas Co 1st ref
& impt bonds------------------------5
566,000 Oct 1 1927
btock.— Pref. stock is redeemable at 105 and accrued dividends. All
c l a s s e s e0ually as to assets and priority o f divs. In Jan. 1925 $5,000,000 6.6% cum. pref. stock was offered by Bonbright & C o., Inc., and
Hodenpyl, Hardy & Co. at 100 & div. V. 120. p. 328.
Bonds. Of 1st lien & ref. bonds, $1,553,000 are reserved to retire under
lying bonds. In addition to the amount reported as outstanding $11,193,000 are pledged under the 1st lien & unifying bonds. Subject to call any
mt. day at 105 and int. Sink, fund of 1% p. a. of bonds outstanding
began Jan. 1 1915. V. 92. p. 465, 526, 1458. Up to Apr. 1 1925 no bonds
were held m sinking fund.
The 1st lien & unifying bonds are secured by pledge o f $11,160,000 1st
lien & ref. mtge. bonds and $2,512,500 Michigan Light Co. 1st & ref. mtge.
bonds, as well as all the bonds and stocks o f the Thornapple Gas & Elec.
Co. Ser. “ C ” 1st lien & unif. mtge. 5s are red. all or in part on any int.
date on 30 days’ notice at 105 on or before Nov. 1 1932; at 104 thereafter
to and incl. N ov. 1 1937; at 103 thereafter to and incl. N ov. 1 1942; at 102
thereafter to and incl. N ov. 1 1947, and at 101 thereafter prior to maturity.
Sinking fund o f not less than 1 % of all underlying and 1st lien & unifying
bonds outstanding began May 1 1923. $562,600 retired by sinking fund
UP to O ct. 1 1924. Ser. “ D ” 5)4s are red. all or in part on any int. date
on 30 days notice during the first 10 years at 105 and thereafter at prices
decreasing 1% every 5 years. V. 118, p. 1778. Penna. and Conn. 4-mills
tax, refundable. Tax exempt in Michigan. V. 115, p. 1842; V. 118,
P- 1778. Listed on N. Y . Stock Exchange. Y. 115, p. 2051.
In addition to the amount o f Mich. Light 1st & ref. mtge. bonds reported
as outstanding, $2,512,500 are pledged under the 1st lien & unifying bonds.
Redeemable at 105 and interest on any interest date on 30 days’ notice:
*“exe.mPt; in Michigan. V . 102, p. 613, 890. Jackson bonds are red. at
110 & int. Pontiac Light Co. 5s are red. at 105 & int. Int. on Jackson
Gas Co. bonds is payable at Hodenpyl, Hardy & C o., New York.
Divwends on preferred have been paid regularly since organization.
EARN IN G S.— For calendar years:
12 Months Ending Dec. 31—
1924.
1923.
1922.
Gross earnings------------------------------- $18,328,151 $16,877,422 $14,201,202
Oper. exp., incl. taxes & maintenance 9,611,030
9,108,074
7,437,075
Fixed charges---------------------------------- 2,605,394
2,237,631
2,486,011
Net available for dividends, re
placements and depreciation------$6,111,727 $5,531,718 $4,278,117
Dividend on Preferred stock------------ 1,532,706
1,172,558
970,778
Provision for replacement &deprec’n . 1,320,000
1,116,000
1,082,078
B a la n c e -..----------$3,259,022 $3,243,160 $2,225,260
Latest Earnings.— For 12 months ended Sept. 30:
„
.
1925.
1924.
1923.
Gross earnings---------------------------------$19,609,525 $18,307,276 $16,136,511
Oper exp., incl. taxes and maint___ 10,605,212
9,723,493 8,639,502
Fixed charges ------------------------------- 2,491,762
2,493,302
2,332,196
Dividend on Preferred stock------------ 2,183,893
1,431,897
1,106,352
Provision for replacem ents&deprec.. 1,338,328
1,269,000
1,109,078
Balance---------------------------------------$2,990,330 $3,389,585 $2,949,383
P R O PE R T Y .— Owns and operates electric light and power properties in
Grand Rapids, Kalamazoo, Jackson, Flint, Saginaw, Bay City, Pontiac,
Lansmg, Battle Creek, Muskegon, Cadillac, Owosso, Manistee, Marshall,
Albion, Charlotte, Grand Ledge, Allegan, and a number of intermediate
cities and towns. Hydro-electric plants have about 142,030 h. p. and
steam Plants about 174,850 h. p. capacity. Total generating capacity
about 316,880 h. p.
__ OFFICERS.— Pres., B. C. Cobb. New York; V .-P ., E . W . Clark, Phila.;
V--P” Geo. F Hardy, C . W. Tippy, T . A. Kenney, W . A. Barthold, W . YV.
_.
Tefft and F. W. Hoover, N . Y .; Treas., C. E. Rowe, Jackson: Sec., R o b t.
?K
oQeyo/?rCkf ? ni £ ° m p*AS* G Kessler.— V. 119, p. 1630. 1738, 2069, 2410,
1100 1347 203720’ P ’ 328’ 1088’ 201° ’ 2267’ 2941 ’ 3185: V ’ 121 ’ p ’ 584’
(b) OHIO EDISON CO. (THE)
All the common stock is owned by the Commonwealth Power Corp.
.O R G A N IZ A T IO N .— Incorp. in Ohio in March 1924, and as of April 1
1924 consolidated with the Springfield (Ohio) Lt., Heat & Pow Co. Fran
chises extend beyond maturity of bonds.
* i E D ecu1924 the co. was auth. by the Ohio P. U. Comm, to issue $250,000
Pref. stock and $400,000 6% 1st & ref. mtge. Ser. “ A ” bonds due in
1948 at not less than 8 7 /4 % . V. 119, p. 2763. In August 1925 the co.
npphed to Ohio P. U. Commission for authorization to issue $400,000
6, 6% pref. stock and 2,500 shares no par common stock. V. 121, p. 979.
In Sept. 1925 the co. offered $400,000 6.6% pref. stock to the stockholders
at par and divs. at the ratio o f one share for each 15 shares held. V.
121, p. 1570.
STOCK A N D BONDS—
Date.
Interest. Outstanding.
Maturity.
Com stk 50,000 sh (no par).................................. $1,250,000 - .
Pref 6% cum $274,300 ($100)--------6%
356,900D ec’25. $1.50
Preferred 6.6% cumul.......................
6.6%
225.700Dec 25 $1.65
Pref 7% cum $1,725,700 ($ 1 0 0 -----7%
685.900D ec’25. $1.75
Spring L tH & P gen & ref M f 1913
5 A-O
1.307.000 April 1 1933
$5,000,000 ($1,000). Red Int. at N . Y . and London. Michigan Trust
at 105 and interest._c*ntf I C o., Grand Rapids, trustee.
Springfield Light Heat & P ow / 1909
5 F-A
426,000 Feb 11929
first mortgage__________ tf I
Ohio Edison Co 1st & ref M _ . 1923
6%
xlOO.OOO
1948
x All owned by Commonwealth Power Corp.
Bonds.— Sufficient gen. and ref. bonds are reserved to retire at or before
maturity the outstanding 1st M . bonds. Remainder for extensions, en
largements and additions at 85% o f cost with certain restrictions. See
V. 102 p. 1352. $324,000 1st mtge. bonds in sinking fund.— V. 118, p.
1922, 2530, 2763
EARN ING S.— Calendar years:
1924.
1923.
Gross earnings____________________________
$1,478,103 $1,289,267
Operating expenses_______________________
$746,510
$662,890
Taxes_____________________________________
143,753
101,962
Provision for retirements__________________
123,000
108,000
Int. on funded debt and other fixed charges.
114,533
126,053
Dividends on preferred stock_______________
72,371
51,056
Balance, surplus---------------------------------------------$277,937
Latest Earnings.— 12 months ended Sept. 30:
1925.
1924.
1923.
Gross earnings---------------- $1,503,059 $1,532,987 $1,193,021
Oper. exp., incl. taxes &
maintenance________
919,221
926,176
737,979
Fixed charges_________
111,997
139,874
98,233
Dividend on Pref. stock.
76,869
71,325
47,468
Prov. for repl. & deprec.
123,000
191,250
108,000
B alan ce____________
$271,973
$726,362
$201,341
$239,307
1922.
$1,045,573
583,600
99,750
41,749
108,000
$212,474
149
DETROIT UNITED RY.
Receivership.— On March 10 1925 Security Trust C o., Detroit and
Joseph W . Simard were appointed receivers for the co., on petition of
Yellow Coach M fg. Co. V. 120, p . 1325. In Aug. 1925 President Willis
C . Dunbar of the Phila. Rapid Tran. Co. was named receiver to succeed
J. W. Simard. V. 121, p. 1100.
Receiver for Subsidiary.— In Oct. 1925 the Highway M otor Bus C o., a
subsidiary of the company, was placed under receivership. The receivers
are the same as for Detroit United R y. All other subsidiaries were to be
placed under the same receivers. Y. 121, p. 1788.
The People’s M otor Coach C o., a subsidiary, acquired through its re
ceivers, the Star Motor Coach Line, operating 24 coaches. V. 121, p. 1788.
Sale of City Lines.— For particulars regarding sale of the company’s city
lines to the city of Detroit see “ Electric Railway” Supplement of April 26
1924, and V. 114, p. 1178, 1764; V. 116, p. 610; V . 117, p. 2889. Compare
V. 114, p. 854, 947.
ORGANIZATION.— Incorp. in Michigan Dec. 31 1900 and took over
franchises and properties of the Detroit Citizens’ Street R y., the Detroit
Electric R y ., the Detroit Fort Wayne & Belle Isle and the Detroit Suburban.
V. 72, p. 44, 183.
Later absorbed by purchase the Detroit & Northwestern R y., which is
known as the Orchard Lake division, the Detroit & Pontiac R y., known
as the Pontiac division, the Wyandotte & Detroit River R y., known as the
Wyandotte division, and the Detroit & Flint, formerly the Detroit Roches
ter Romeo & Lake Orion R t., and known as tbe Flint division.
Owns entire capital stock of the Detroit & Port Huron Shore Line (Rapid
Railway System); Detroit Monroe & Toledo Short Line R y. (acquired in
Feb. 1906) and the Detroit Jackson & Chicago Ry. The last-named is a re
organization of the Detroit Ypsilanti Ann Arbor & Jackson R y., the Jackson Ann Arbor & Detroit R y. and the Detroit Plymouth & Northville R y.,
which were acquired in Jan. 1907. Also owns the entire capital stock of
the Detroit Almont & Northern R R ., which it leases for 50 years from 1915,
and guarantees and assumes its bonds as a direct obligation by endorsement.
In Aug. 1901 purchased 180 shares (all) of the stock of the City Electric
R y. and the People’s Electric light plant of Windsor, Ont.
In 1922 disposed of its city lines in Detroit (see above).
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
Operates an electric interurban and street railroad. The interurban rail
road lines connect the city of Detroit with Toledo, Ohio, and with Flint,
Ann Arbor, Jackson and Port Huron and other important cities in Michigan.
Has agreement with Consumers’ Power Co. and Detroit Edison Co. for the
purchase of all power.
On Dec. 31 1924 operated 613.8*176 miles of track as follows: Detroit
United, including Wyandotte & Detroit River R y., Detroit & Northwestern,
Detroit & Pontiac, Detroit & Flint, Detroit Almont & Northern R R .,
Highland Park & Royal Oak R R ., 268.5303 miles; Detroit & Port Huron
Shore Line, 148.2944 miles; Detroit Monroe & Toledo Short Line, 85.2054
miles; Detroit Jackson & Chicago R y., 111.8675 miles. Rails, 77, 85 and
98-lb. steel. Does an express service. Has 453 passenger cars, 101 freight
cars, 169 express cars, 105 work cars, 3 locomotives, 29 snow plows, 1,865
motors and 1,716 trucks. There are 3 power houses, with a combined
capacity of 13,250 k.w ., and 14 substations.
Decision.— For decision affecting allocation of bonds see V. 118, p. 1519.
Bus Service to Supplement Interurban Lines Proposed.— See V. 115, p. 759.
Detroit United Railways Trucking Co. organized. V . 119, p. 578. Com
pare Y. 117, p. 85. See also V. 119, p. 2063, 2760.
Valuation.— See V. 115, p. 1837; V. 117, p. 85; V. 118, p. 201, 3196.
Financial Reorganization.— Shareholders did not support a plan of reor
ganization as described in detail in V. 120, p. 3186; V. 121, p. 74. Fore
closure under the mortgages seeming the defaulted bond issues (see the
enumeration in V. 121, p. 705) was in July 1925 expected to be begun soon.
V. 121, p. 329, 705, 1347.
Protective Committee.— A protective committee has been formed to pro
tect the interests of the holders of: (o /D etroit Monroe & Toledo Short Line
Ry. 5% bonds; (6) Detroit & Port Huron Shore Line R y. 1st Mtge. 5s;
(c) Detroit Jackson & Chicago Consol. 5s; (d) Detroit Ypsilanti Ann Arbor
& Jackson 1st Mtge. 5s; (e) Detroit Almont & Northern R R . 1st Mtge. 6s
and (/) Detroit Unit8d R y. 2-Year 6% 1st M tge. Coll. Trust notes due
Feb. 1 1926.
The holders are invited to deposit their securities with the depositary of
the committees, the Union Trust Co. of Detroit. Mich. Address the Secre
tary of the committee at Union Trust C o., Detroit, Mich.
Protective Committees.— Henry H. Sanger (V.-Pres. National Bank of
Commerce), Chairman; William G. Lerchen (V.-Pres. Watling, Lerchen
& C o.), Charles R. Dunn (V.-Pres. Union Trust C o.), Sec.; Frank D.
Nicol (Pres. Nicol, Ford & C o., Inc.); Seaboum R. Livingstone (Pres.
Livingstone-Higbie C o.), Detroit, M ich., with Beaumont. Smith & Harris,
counsel for the committee.
Default on Interest.— In Aug. 1925 the default in interest due Aug. 1 1925
on the following issues of the system was announced:
Detroit United Ry. 2-year 6% 1st mtge. coll, trust notes.
Detroit Almont & North. R R . 1st mtge. 6% bonds.
Detroit Ypsilanti Ann Arbor & Jackson Ry. 1st consol, mtge. 5% bonds.
Detroit Jackson&Chicago’R y. lstcons. mtge. 5% bonds. V. 121,p. 705.
In Sept. 1925 the following protective committee was formed for the above
issues and the Detroit Monroe & Toledo Short Line R y. 5s, due 1933, and
the Detroit & Port Huron Shore Line R y. 5s due 1950:
Protective Committee.— Henry H. Sanger, Charles R . Dunn, Frank D .
Nicoll, Seabourn R . Livingstone, William G. Lerchen; Sec., Charles R.
Dunn, P. O. box 1292, Detroit, Mich.
On Sept. 11 1925 Judge Charles C . Simons authorized the issuance of
$500,000 6% receivers’ certificates, issuance of more certificates in the future
not to exceed $1,800,000.
The company also took steps to bring various subsidiary companies into
a recognized receivership of the D . U. R . so as to enable debtors of the
sub. cos. to bring their claims directly to the D. U. R. V. 121, p. 1460,
Fare Increases.— See V. 121, p. 1568 and 1676. Bus fare increases, see
V. 121, p. 2037.
Line Abandoned.-—In Sept. 1925 Judge Simons in the U. S. District Court
granted the application of tbe receivers to abandon approximately 10 miles
of track between Ypsilanti and Saline. V. 121, p. 1568, 1908.
Interurban Fares.— Effective Jan. 10 1924, the Mich. P. U. Comm. auth.
the company to increase the rate o f fare on its interurban lines approximately
25% . V. 118, p .201. Compare V . 117, p.2323. See also V. 118, p. 906.
Y. 119, p. 2645. The Michigan P. U. Commission in June 1925 granted the
receivers an increase in fares on all interurban lines to 3c. per mile. V. 120,
p. 3186; V. 121, p. 74. The co. advanced its basic rate to 2% c. only. See
V. 121, p. 457.
In M ay 1925 receivers engaged the A. L. Drum C o., consulting engineers,
to assist in the management of the road. V. 120, p. 2548, 3186.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Stock $15,375,000 ($100)____
Q-M
$15,375,000
See text.
1st consol mtge $25,000,0001 1902 4M g J-Jx l 1,000,000 Jan. 1 1932
gold ($1,000)_______ c*cptjG uaranty Trust C o., N. Y ., Trustee. Int.
( at Agency Bank of Montreal.
1st M & coll tr sk fd $10,000,-1 1924 6 g J-J
7.775,000 July 1 1929
000 ($1,000) gold____c * .tf [Int. at Central Union Trust C o., N . Y ., trus.
Gen equip trust ctfs Ser “ A ” ) 1924 6 M -N
1,000,000
See text
$1,000,000 ($1,000)_____c* [Union Tr. Co. and Wilbur M . Baldwin,
{ Clevelan, trustees.
x Allocated to the “ City System" and are to be paid out of the proceeds of
•he sale of same to the City of Detroit. V. 116, p. 610.
Stock listed on the N. Y ., Montreal, Detroit and Cleve. Stock Exchanges.
Bonds.— Of the $25,000,000 first consolidated mortgage bonds authorized,
$7,005,000 are reserved to retire underlying liens and $2,191,000 are de
posited as collateral for loans. Callable at 105 and interest on any interest
date on 60 days’ notice. See V. 73, p. 1111; V. 103, p. 320. Listed on
New York Stock Exchange.
First mtge. and coll, trust sinking fund 5-year 6s are callable, all, or In
part, only for sinking fund on any interest date on 30 days’ notice at 103 and
interest, to and including July 1 1926, and thereafter at )4 of 1% less for
each 6 months elapsed to maturity. Mortgage provides for an annual
sinking fund of $1,500,000 for the first 3 years of the life of the Issue and of
$500,000 for the remaining 2 years, payable semi-annually to be applied to
purchase of bonds at or below call price or if not so obtainable to the redemp
tion of bonds at the call price. To meet in part these sinking fund payments
the company will deposit with the trustee $3,000,000 Detroit United R y.
first consol 4)4s, due 1932, or underlying bonds on the city lines. These
bonds are deliverable $500,000 semi-annually to the City of Detroit, against
which the city has agreed under the contract of Mar. 10 1922 to pay $500,000
cash semi-annually toward the deferred purchase price of the lines within
150
PUBLIC UTILITIES
the City o f Detroit. These payments by the city assure the provision of
over half o f the total cash requirements for the sinking fund. Interest pay
able without deduction for Michigan taxes. Present Pennsylvania 4-mill
tax and present Connecticut and Maryland State property taxes refunded.
$9,000,000 were sold in June 1924 by Dillon, Read & C o., at 99 and interest,
to yield over 6.20% . V . 118, p. 3196: V. 119, p. 942.
The general equipment trust certificates Series “ A ” are due in equal semi
annual installments in annual amounts o f $140,000 for first 5 years and
$50,000 for remaining 5 years. Redeemable as a whole only upon 30 days’
notice at 102 *4 and divs. Principal and dividends payable in Chicago,
Detroit and Cleveland. $1,000,000 were offered in N ov. 1924 by Watling
Lerchen & C o., Detroit, and Union Trust C o., Cleveland, at prices to yield
from 5% to 6% , according to maturity. V. 119, p. 2528, 2548, 3186:
V. 121, p. 74, 197, 329, 457, 705, 1100, 1347, 1788, 1908.
EAR N IN G S.— Consolidated earnings 6 months ended June 30:
*1925.
1924.
G ross.............
$3,587,005 $4,368,194
Net after expenses_______________________________
562,269
586,970
Total income____________________________________
915,926 1,006,289
Surplus after taxes and charges___________________
47,590
235,176
* Operated Jan. 1 to Mar. 10 by company and Mar. 10 to June 30 by
receivers.
DETROIT ELECTRIC.
Date. Interest. Outstanding. Maturity.
Detroit R y 1st M g ($1,000) / 1895
5 g J-D x$l,250,000
1923-1924
on 56.34 miles_______ c*&r(Interest at Cleveland Tr. C o., Trustee.
x Allocated to the “ City System" and are to be paid out of the proceeds of
the sale o f same to the City of Detroit. V. 116, p. 610.
Bonds.— First mortgage bonds o f the Detroit Ry. numbered 1 to 600 ma
ture in order of numbers at $50,000 per annum, beginning Dec. 1 1912;
numbers 601 and above mature Dec. 1 1924; $550,000 have been retired,
$3,000 are held in treasury and $194,000 deposited as collateral to loans.
DETROIT FORT WAYNE & BELLE ISLE.
Date. Interest. Outstanding. Maturity.
1st mtge gold $1,200,000(1898
5 g A-O x $ l,200,000 April 1 1927
($1,000)-------------------- c*&r<New York Trust C o., Trustee. Subject to
( call at 105 and int. on 60 days’ notice.
Agents, Bank o f Montreal, New York.
x Allocated to the "City System” and are to be paid out of the proceeds of the
sale of same to the City o f Detroit. V.116, p . 610. $118,000 are deposited as
collateral to loans.
DETROIT & NORTHWESTERN RAILWAY.
Date.
Interest. Outstanding. Maturity.
1st mtge, $1,000,000, gold/ 1901 7% g M-N $855,000
Jan. 1 1932
<$100. $1,000)_________ c*\lnterest at Union Trust C o., Detroit, Trust.
Bonds.— Are guar., p. & i., by Detroit United R y. by endorsement.
See V. 73. p. 494. Were taken up at maturity (M ay 1 1921), but are
pledged as extended bonds with lien unimpaired under the Detroit United
R y. 1st mtge. coll. 8% bonds. See V. 113, p. 532; V. 121, p. 2307.
DETROIT & PONTIAC RAILWAY.
Date.
Interest. Outstanding. Maturity.
1st con mtge gold ($1,000) f 1901
434 g J-D
$600,000 June 1 1926
$1,100,000---------------- c*&r\Int. at Washington Tr. C o., N . Y ., Trustee.
Bonds.— $500,000 consolidated mtge. 4 34% bonds were reserved to retire
like amount o f 1st mtge. bonds: the latter were paid o ff at maturity Feb. 1
1922. $3,000 are held in treasury and $14,000 deposited as collateral to
loans. Bonds are subject to call at 105 and interest on 60 days'.notice after
June 1 1911. Principal and interest o f both issues guaranteed by Detroit
United by endorsement.
DETROIT & FLINT RAILWAY.
The Detroit & Flint R y. was organized to acquire the Detroit Rochester
Romeo & Lake Orion, together with the Nor. Det. Elec. Ry. and the Det.
Utica & Romeo R y. The consol. M . is a 1st lien on these last two prop’ties.
Date.
Interest. Outstanding. Maturity.
Detroit & Flint 1st consol M l 1901
5 g F-A
$1,400,000 Jan. 1 1932
g $3,000,000 ($1,000)_ c*\lnt. at Tr. Co. of America, N . Y ., Trustee.
_
D R R & L O R y 1st mtgef 1901
7 g J-D
$1,095,000
See text,
sinking fund, gold ($1,000)-lint, at Cont. & Comm. Tr. & Sav. Bank,
$1,500,000; unissued bonds
Chicago, Trustee; also Guaranty Trust Co.
have been canceled_____c * ( New York.
Bonds.— Botn the Detroit & Flint consol, mtge. 5s and the D. R. R. &
L. O. R y. 1st mtge. 5s are guaranteed by the Detroit United R y.; see form
o f guaranty in V. 76, p. 1300; as “ additional collateral security” on the
Flint bonds 1st consol. 4)4% bonds of the Detroit United are deposited,
$ for $, with the-Guaranty Trust Co. o f N. Y ., and would b8 a vailable in
the event o f default on the Detroit & Flint bonds. The D . & F. cons. 5s
matured Aug. 1 1921, while tne D. R. R. & L. O. Ry. 1st M . 5s fell due
June 1 1920. Both these issues were taken up at maturity, but are pledged
as extended bonds with liens unimpaired under the Detroit United R y. 1st
M . coll. 8% bonds. See V. 113, p. 532.
REPO RT.— For years ended Dec. 31:
Detroit United Ry., Rapid Ry. Sys., Detroit Monroe & Toledo Short
Line Ry. and Detroit Jackson & Chicago.
al924.
al923.
al922.
1921.
Revenue passengers____ 49,354,117 53,671,114 146,059,466 336,579,071
Transfer passengers____ 3,382,125 3,895,242
35,410,287 103,760,082
Gross earnings__________ $8,360,036 $8,863,600 $13,184,771 $23,329,068
Operating expenses_____ 7,275,797
7,243,271
10,098,489 19,428,779
Net earns, from oper. $1,084,239
Inc. from other sources.
$692,924
Inc. from all sources____ 1,777,163
Interest and taxes______ bl,625,779
Dividends___________ (3%)460,750
Deprec’n charged o ff_
_
______
Reserve for taxes______
______
Reserve for contingencies
______
$1,620,329 $3,086,282 $3,900,289
$873,583 $1,064,574
$716,224
2,493,911 4,150,856 4,616,513
b l, 630,265 2,222,981 3,351,068
(6)921,356(134)230,276 (2)300,000
______
______
______
______
126,188
150,000
______
250,000
250,000
Total deductions____ $2,086,529 $2,551,621 $2,829,445 $4,051,068
Surplus income_____ def$309,367 def$57,710 $1,321,411
$565,445
a The Detroit City Lines were sold to the city M ay 14 1922 and the
results are exclusive o f the City Lines after that date.
b After deducting $702,710 in 1924 and $732,787 in 1923, being propor
tion o f int. received with respect to balance owing by City of Detroit,
credited upon the books o f the company to interest on funded debt.
Dividends.— First dividend o f 1% on Detroit United stock was paid
March 1 1901 and 1% quarterly thereafter until Aug. 1 1905, when rate
was raised to 1 M % quarterly. On N ov. 1 1905, 134 %• In 1906, 5 % . In
1907, Feb., 134%; M ay, 134%; Aug., 134%. None to Mar. 1911, when
134% was paid; same amount quar. to and incl. Dec. 1912. In March
1913 to and incl. March 1916, 134% quar. In June 1916 to and incl.
M ar. 1917,134% . In June 1917 toand incl. Mar. 1921, 2% - InJunel921
a stock div. o f 234% was paid. Y. 112, p. 1865. The co. also declared
stock divs. o f 234% each, payable Sept, and Dec. 1 1921, but the P. U.
Comm, refused to grant the co. authority to issue the stock and in Oct.
1922 the directors rescinded these divs. The divs. had not been distributed.
Compare V ..113, p. 1155, 1359, 1887, 2079, 2405. A cash dividend of
134% was declared payable Dec. 1 1922. V. 115, p. 1730. In 1923,
March, 134%; June, 134%; Sept., 134%; D ec., 134%. In 1924, March,
134%; June, 134%. See V. 119, p. 323.
OFFICERS.— Pres., _____________; V .-P ., Chas. Laurendeau; V .-P ..
Sir Thomas Tait; V .-P . & Gen. M gr., E. J. Burdick; Sec., A. E . Peters.
Detroit; Treas., Jos. Bompton; Aud., R . G. Skeman. General offices.
Traction Bldg., Highland Park, M ich.— V. 115, p. 1730, 1837, 1941, 2158.
2477; V. 116, p. 610, 720; V. 117,, p. 85, 781, 1016, 1347, 1883, 2323, 2889.
V. 118, p . 201, 906, 1392, 1519, 2039, 3077, 3196; V. 119, p. 73, 323. 454.
578 , 810 . 942, 1063, 1509, 1843 , 2063 , 2410 , 2528 , 2645, 2760; V . 120
p. 1325, 1585. 1881.
(1) DETROIT & PORT HURON SHORE LINE RY.
Entire outstanding capital stock is now owned by the Detroit United R y.
O R G A N IZA T IO N .— Incorporated in M ay 1900. Is a consolidation o
the Rapid Railway C o., the Detroit M t. Clemens & Marine City R y. (the
purchaser o f the properties of the M t. Clemens & Lakeside Traction Co. and
the Detroit & River St. Clair R y .), the Port Huron St. Clair & Marine City
[V ol. 121.
R y ., the Connors Creek & Clinton River Plank Road C o., and the City
Electric R y. of Port Huron. The new company owns the capital stock of
each road. Also owns the capital stock ($25,000) of the Detroit & Lake
St. Clair Ry.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
A trolley road. The consolidated company operates all the tracks in M t.
Clemens and Port Huron, and the through route from Detroit to Port
Huron, running through M t. Clemens, New Baltimore, Algonac, Marine
City and St. Clair. Total Detroit & Port Huron system. 138.2268 miles.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $2,500,000 ($100)___________
_______
$2,000,000 __________
1st mtge $2,500,000 ($1,000) I 1900
5 g J-J
2,500,000 Jan 1 1950
cannot be called, gold.c*&r< Union Trust C o., Detroit, Trustee.
(int. at American Exch
Nat. Bank, N . Y .
EAR N ING S.—Now included in report of Detroit United R y.— V. 77. p.
34; V. 84, p. 338.
(2) DETROIT MONROE & TOLEDO SHORT LINE.
OR GA N IZA TION .— Incorporated in Michigan on Dec. 11 1902.
In Feb. 1906 entire stock was acquired by Det. Unit. R y. V. 82, p. 392.
FIE LD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Operates 50 miles of road from Toledo to Detroit and 4 miles of road from
Monroe to Lake Erie; completed N ov. 5 1904. A t Toledo connection is
made with the Lake Shore Electric R y. for Cleveland. Is of steam road
construction, on private right-of-way; standard gauge, laid with 70-lb. T
rails. Total track, 84.8458 miles.
* STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $3,000,000__________________
_______
$2,581,000 __________
1st mortgage $3,000,000 gold? 1903
5 g J-J
3,000,000 Jan 1 1933
($1,000)------------------------ c*\Union Trust C o., Detroit, Trustee.
Bonds.— Interest is payable in New York. N o sinking fund and bonds
are not subject to call.— V. 107, p. 82; V. 108 ,p. 480.
(3) DETROIT JACKSON & CHICAGO RY.
ORGAN IZATION .— A holding co. organized in M ich, in 1907 by Detroi*
United interest to take over the Det. Ypsil. Ann Arbor & Jack. R y ., the
Jack. Ann Arbor & Det. Ry. and the Det. Plym. & Nortbville R y ., paying
therefor $1,230,000. Entire stock owned by Detroit United R y.
FIE LD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Completed and in operation from Detroit (through Wayne and Ypsilanti) to
Ann Arbor and to Jackson; making mileage 100 miles, o f which 40 miles
over private right-of-way. Total track, 111.6987 miles. Rails 70 and
75-lb. T and girder
Does a freight business.
STOCK AND BONDS—
Date.
Interest. Outstanding.Maturity.
Stock ($100)________ ______________
_______
$614,000 __________
First consol mtge $4,000,000/ 1907
5 g F-A
2,060,000 Feb 1 1937
($1,000) gold----------------c*\Int. at Security Trust Co., Detroit, Trustee.
1st cons M Det Y A Ar & Jack) 1901
5 g F-A
1,610,000 Feb 11926
$2,600,000($500,$1,000)gc*(Int. at Detroit Trust C o., Detroit, Trustee.
Det Yps & Ann Ar cons 1st M ( 1899
6 g F-A
330,000 Feb 1 1924
$1,000,000 g ($500 & $1 ,~jInt. at Union Trust C o., Detroit, Trustee.
000) sinking fund annually (
The Det. Yps. & Ann Arbor & Jackson first consols cannot be called.
Of the amount reported outstanding, $62,500 were in the Detroit United
treasury on Dec. 31 1923.
Bonds.— Bonds of Det. Jack. & Chic, are subject to call on any interest
day at 105 and int. Guar., p. & i., by the Detroit United Rys.; enough
bonds are reserved to retire bonded debt of the Det. Yps. Ann Arbor & Jack.
R y. V. 85, p. 345. Of the amount reported outstanding $1,179,000 were
on Dec. 31 1923 in the Detroit United treasury.— Y. 108, p. 1274.
Default in interest due Aug. 1 1925 on Detroit Ypsilanti Ann Arbor &
Jackson R y. 1st cons. mtge. 5% bonds, and on Detroit Jackson & Chicago
R y. 1st cons. mtge. 5% bonds, see under “ Detroit United R y .”
(4) DETROIT ALMONT & NORTHERN RR.
O RGAN IZATION .— Organized under the General Railroad Laws of
Michigan. Is leased for 50 years from 1915 to the Detroit United R y .,
which owns its entire capital stock.
FIE LD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Extends from Romeo through Almont to Imlay City, about 20 miles; built
on private right-of-way; 70 lb. rails.
BONDS—
Date.
Interest. Outstanding. Maturity..
First mtge gold $2,500,000/ 1915
6 g F-A
$400,000 Feb 1 1940
($1,000 & $500)______ c*tf\Int. at Union Tr. C o., Detroit., & N . Y The bonds are guar, and assumed as a direct obligation, by endorsement’
by the Detroit United R y ., which, in the event of any new issue of refund"
ing or general mortgage bonds being placed on the Det. Un. R y. or its sub
sidiaries, will reserve sufficient new bonds for the retirement o f the above
issue at maturity. Red. on and after Feb. 1 1925 at 103 and int. Re
maining bonds to bear rate of interest as fixed by the directors when issued,
but not to exceed 6% . Default in interest due Aug. 1 1925, see under
“ Detroit United R y .” — V. 101, p. 130.
ELECTRIC RAILWAY SECURITIES CO.
'
ORGANIZATION.— Organized in Maine early in 1924 and acquired from
the Commonwealth Power, R y. & Light C o., which had conveyed to the
Commonwealth Power Corp. (see statement on another page o f this publica
tion) all securities representing its electric light, power and gas properties,
all of the Commonwealth Power, Railway & Light C o.’s remaining assets,
consisting for the most part of properties engaged solely in the electric
railway business. In exchange therefor the Securities Company issued
89.52114 shares of capital stock (no par value), which, together with
the com. stock o f the Commonwealth Power Corp., given to the Common
wealth Power Ry. & Light Co. in exchange for its electric light, power &
gas properties, was distributed pro rata among the common stock
holders of that co. upon surrender of their stock for cancellation. The
Commonwealth Power, R y. & Light Co. was dissolved in Jan. 1925. (See
Commonwealth Power, R y. & Light Co. on a previous page).
The Electric Railway Securities Co. either directly or through the Union
Railway Gas & Electric Co. (of which it owns practically all of the pref.
and com. stock) controls the following cos.: Rockford & Interurban Rail
way Co., Janesville Traction Co., Michigan Railroad C o., Grand Rapids,
Holland & Chicago Railway, Michigan Electric Railway C o., Grand Rapids
Railway C o., Saginaw Transit Co.
STOCK —
Date.
Interest. Outstanding. Maturity.
Capital stk 90,000 shs (no par) ____
_________ 89,52134 shs. ________
P R O PE R TY, &c.— See separate statements o f controlled cos. below.
OFFICERS.— Pres., Geo. E. Hardy; V.-Ps., B. C. Cobb; Jacob Hekma
and A. L. Loomis; Comp., H. G. Kessler; Sec., G. H. Bourne; Treas., Geo.
Sprague. Jr.; Asst. Sec. & Asst. Treas., C. A. Pearson, Jr.— V. 118, p. 310,
550. 663, 1772, 2041.
(1) UNION RA ILW A Y, GAS & ELECTRIC CO.
Practically all the common and pref. stock is owned by the Electric Rail
way Securities Co.
ORGANIZATION.— Incorporated in New Jersey June 29 1909.
In M ay 1922 all the electric light, power and gas properties controlled
by the Union R y., Gas & Elec. Co. were acquired by the Commonwealth
Power Corp. (see on another page of this publication). The company
owns practically all the capital stocks o f the Rockford & Interurban R y.
Co., Janesville Traction Co., Grand Rapids R y. Co., Michigan Elec.
R y. C o., Michigan R R . C o., Grand Rapids Holland & Chicago R y. and
the Saginaw Transit Co. Holders of Union R y., Gas & Elec. coll, trust 5%
bonds due July 1 1939 on June 30 1922 were offered in exchange gen lien
& ref. bonds of the Commonwealth Power Corp. as per offer in V. 115, p.
184, 546.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Common $6,000,000 ($100)._______
_________ $6,000,000
See text
Pref $12,000,000 cum ($100)_______
'6 Q-J
5.250,000 ...................
Collateral trust mortgage gold) 1909
5 J-J
379,000 July 11939
($500 and $1,000)___ c*tf(Commercial Trust C o., Phila., trustee.
Springfield R y & Lt coll tr M\ 1903
5 g J-D
299,000 June 1 1933
$5,000,000 g ($l,000).c*tf/F idelity & Columbia Tr. C o., Louisv., trus.
Bonds.— On Oct. 18 1925 all of the outstanding coll, trust mtge. gold
bonds o f 1909 were called for redemption on Jan. 1 1926 at 100 and int.
The Springfield R y. & Light bonds are call, on 60 days’ notice at 10734 and
Oct., 1925.]
POWER, LIGHT AND RAILW AY
int. Int. is payable at Columbia Trust Co., Louisville, and at Hodenpyl.
Hardy & C o., Inc., N . Y ., and E. W . Clark & Co., Phila. V. 121, p. 2040.
PR OPERTY, &c.— See various controlled cos. listed separately below.
OFFICERS.— Pres., G. E. Hardy; V.-Ps., O. M . Clark. B. O.Cobb.
J. C. Weadock, Jacob Hekma and H. G. Kessler; Sec., G. H. Bourne, New
York; Treas., Geo. Sprague Jr. V. 108, p. 1391: V. 110, p. 2488; V. I l l ,
p. 2141; V. 113, p. 2506; V. 114, p. 523; V. 115, p. 184, 546; V. 119, p. 2181;
V. 121, p. 2040.
(a) ROCKFORD & INTERURBAN RAILWAY CO.
Union R y ., Gas & Elec. Co. owns all the com. and pref. stock.
Protective Committee, Rockford Beloit & Janesville Traction Co. 1st Mtge. 5s.
— On this issue the int. due on and after April 1925 was defaulted. Bond
holders formed the following committee: Chairman, W . Farson; Aksel
K. Bodholdt and Otto Schadde, Sec., Charles J. Horn; counsel, Pam
& Hurd, Illinois Merchants Bank Bldg., Chicago, 111. Y. 121, p. 1570.
ORGAN IZATION .— Incorp. in Illinois in 1899. Owns entire ($2,000,000) capital stock o f the Rockford City Traction Co.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Owns and operates interurban electric railway lines extending from Rock
ford to Belvidere, 111.; from Rockford through Beloit to Janesville, Wise.,
and from Rockford to Freeport, 111., and through its subsidiary, the Rock
ford City Traction C o., the city lines in Rockford, 111. Company owns
and operates 76 miles o f interurban lines. Has 21 motor pass, cars, 8 trail
ers, 6 freight cars, 4 service cars, and 3 motor buses. Tne Rockford City
Traction Co. operates 36 miles in Rockford, 111., 55 motor passengers cars,
5 service cars and 9 motor buses. Bus service inaugurated in Sept. 1925.
Y. 121, p. 1228.
The Rockford & Interurban R y. 1st mtge. 5s, due Oct. 1 1922, were
extended to Oct. 1 1930. V . 115, p . 1429. The $490,000 Rockford & Free
port Elec. R y. 1st mtge. 5s, which fell due M ay 1 1923, were also extended
to Oct. 1 1930. V. 116, p. 1893. See also V. 117, p. 670, for certain addi
tional restrictions imposed in the form o f a supplemental mortgage attached
to the extension agreements.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common stock____________________
_________ x$2,000,000 ________
Preferred stock____________________
_________ x2,000,000 _________
Rockford & Interurban Ry. Co.—
Rockford & Inter-Urban lstf 1902
5 g A-O
o l ,685,500 Oct 11930
mtge gold ($500 & $ l,0 00)iln t. at First Nat. Bk., N . Y ., or at Continen.
$3,000,000 .................c*n tf
& Comm’l Tr. & Sav. Bk., Chic., trustee
Rockford & Freeport 1st mtge 1903
5 g M -N
6490,000 Oct 1 1930
$750,000 gold guar p & L in t, at Cont. & Com. Tr. & Sav. Bank, Chi($1,000 & $500)_____c*n tf
cago, trustee.
Rockford Bel & Janesville 1st 1905
5 g A -0
907,000 Oct 1 1930
mtge g ($1,000) s f. c * .tf(I n t. at Cont. & Com. Tr. & Sav. Bk., Chic.,
------I trustee, or First Nat. Bank, New York.
x All owned by Union R y., Gas & Electric Co.
a Includes $51,500 bonds which have not been extended, b Includes
15
bonds which have not been extended.
Bonds.— $11,000 1st Mtge. 5s o f the co. are owned by the Union Ry.,
Gas & Electric Co.
Default of Interest.— The coupons payable Oct. 1 1924 on the Rockford
& Inter-Urban 1st mtge. gold bonds and the April and Oct. 1924 coupons
on the Rockford Bel. & Janesville 1st mtge. bonds were in default. No
further information received.
EARN IN G S.— For year ended Dec. 31 1924 (incl. Rockford City Trar
C o.), gross, $936,235; net after taxes, $140,717. For year ending Aug. 31
1925, gross, $863,972; net after taxes, $105,749.— V. 121, p. 1228, 1570.
(6) JANESVILLE TRACTION CO.
ORGAN IZATION .— Incorporated in Wisconsin in October 1910.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Owns and operates 5 miles o f street railway in Janesville, Wis. 13 motor
pass, cars, 2 service cars. Also operates buses. V. 118, p. 3197.
CAPITALIZATION .— Capital stock auth., $125,000; outstanding, $125.
000. All owned by Union R y., Gas & Elec. Co. Bonds, 1st Mtge. 5%
due 1941; auth., $50,000; outstanding, $50,000. All owned by Union R y.,
Gas & Elec. Cc.
EARNINGS.— ’’'or cal. year 1924, gross, $47,557; net, after taxes, $344
— V. 118, p. 3197; V. 120, p. 330.
( C ) MICHIGAN RR.
Entire capital stock and the $4,000,000 gen. mtge. 6% bonds are owned
by the Union R y., Gas & Elec. Co.
Receivership.— In 1924 John F. Collins was appointed receiver for the co.
on application of Union R y., Gas & Electric Co. V. 119, p. 2064.
ORGAN IZATION .— Incorp. April 17 1919 in Michigan and acquired the
railway properties formerly owned by the Michigan Railway (for history, see
“ Electric Railway” Section of March 29 1919).
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Owns and operates an interurban electric railway 48.52 miles long, extending
from Flint through Saginaw to Bay City, with branch to Frankenmuth;
one from Allegan to Battle Creek, 51.83 miles, and a high-speed inter
urban line, 58.56 miles, extending from Grand Rapids to Kalamazoo.
36 motor pass, cars, 8 trailers, 2 service cars and 66 freight cars.
In Oct. 1925 an interurban motor bus service was inaugurated, con
sisting o f 14 coaches, running parallel with the electric railway lines,
through a new subsidiary, the Rapid Transit Corp. V. 121, p. 1101.
Jitney Legislation.-— SeeV. 113, p. 2819, under caption “ Michigan United
Railways.” Compare V. 116, p. 935, under same caption.
Committee for 1st Mtge 6s.— Allen G. Hoyt and Stanley A. Russell of the
Nat’l City Co. and Wm. W . Bride, Washington, D . C. Depositary, Nat’l
City Bank, N . Y .
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
_______
$4,000,000 __________
Common stock $5,000,000___ _____
1st M bds $10,000,000 ($100,f 1919
6 g M -N
4,050,000 M ay 1 1924
$500 & $1,000) gold— c*tf (Equitable T r.C o.,N .Y .,& M ich.Tr. Co., tr.
General mtge $4,000,000 gold- 1919
6%
. 4,000,000 M ay 1 1924
Bonds.— The first mtge. bonds have an authorized total o f $10,000,000,
which may be issued in series bearing different rates of interest, but not to
exceed 6% per annum. In addition to the $4,500,000 originally outstand
ing, $500,000 may be issued under certain conditions; the remaining $5,000,000 may be issued for not to exceed 75% o f actual and reasonable expendi
tures made after M ay 1 1919 for additions, extensions, &c., under certain
restrictions. Sinking fund will retire semi-annually $50,000 of bonds of this
issue, either by purchase in the open market or by redemption at 101 and
int. $450,000 retired by sink. fd. up to April 1 1925. A gen. reserve fund
is also provided under which the company must either expend annually or
deposit in cash with the New York trustee an amount equal to not less
than 20% of its gross earnings, to be expended for maintenance, repairs,
replacements and renewals, for the purchase or retirement of bonds of
this issue, or for extensions, enlargements and additions. Such expendi
tures for extensions, enlargements and additions shall not be used as a
basis for the issuance o f bonds, except as the general reserve fund is reim
bursed to the extent of moneys used or withdrawn therefrom for such ex
penditures. This fund is distinct from and has no connection with the
sinking fund. Callable at 101 and int. at any time on 45 days’ notice.
Int. is payable in N. Y . Tax-exempt in Michigan.
The gen. mtge. is junior in lien in every respect to the first mtge. V . 108.
p. 2022.
EARN ING S.— For cal. year 1924. gross, $1,249,413: net. after taxes.
$117,436. For year ending Aug. 31 1925, gross, $1,139,795; net after
taxes, $60,616.
OFFICERS.— Pres., B. C. Cobb; V .-P., J. F. Collins; Sec., O. H.
Degener; Treas., W . J. Courtney. Office, Jackson, Mich.— V. 110. p.
1849, 2568: V. I l l , p. 1370, 1661, 2140; V. 112, p. 2537; V. 113, p. 533,
1471; V. 118, p. 1520, 1773; V. 119, p. 198; Y. 119, p. 2064; V. 121, p. 1101.
(d) MICHIGAN ELECTRIC RAILWAY CO.
Union Ry. Gas & Elec. Co. owns 97,239 shs. com. stock, 444,600 pref.
“ A ” and 400,000 pref. “ B ” stock and 1,223,100 1st & ref. mtge., ser. “ A ,”
5% bonds.
ORGAN IZATION .— Organized in Mich, in 1923 and acquired as per
plan as amended (see “ Electric Railway” Supplement o f April 28 1923 for
outline o f plan and “ Chronicle” V. 117, p. 553, for amendments), for the
reorganization o f the Michigan United Railways, sold at foreclosure June 30
1923. For history o f Michigan United Rys. see “ Electric Railway” Sup
plement o f April 28 1923
151
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.— A
third rail and trolley system. Operates all city lines in Jackson, Battle
Creek, Kalamazoo and Lansing and interurban lines between Jackson,
Battle Creek and Kalamazoo, and between Jackson, Lansing and St. Johns,
Lansing and Owosso, and Corunna, and from Jackson to Grass Lake and
Wolf Lake: total operated, 258 miles. Operates through service to Detroit
over Detroit United R y. lines under traffic agreement connection from
Jackson. 187 pass, motor cars, 3 trailers, 27 service and 44 freight cars
and 20 passenger motor buses to supplement city railway service.
In Oct. 1925 an interurban motor bus service was inaugurated, con
sisting o f 12 coaches, running parallel with electric railway lines, through
a new subsidiary, the Southern Michigan Transportation Co.
In Dec. 1924 the following protective committee was formed in view of
the probable default in the payment of the Jan. 1 1925 coupons on the
1st & ref. mtge. 5% bonds.
The Jan. and July 1925 coupons of this issue were actually defaulted.
Committee for 1st & Ref. Mtge. 5s.— Chairman, Willard V. King; Living
ston E. Jones, J. Peyton Clark, Geo. R . Cottrelle, Marvyn Scudder, Noah
McDowell Jr., W m. F. Ingold. W m. M . Flook, Sidney W . Noyes, Bernard
C. Cobb, Sec.; Arthur N. Hazeltine, Asst. Trust Officer of Irving BankColumbia Trust Co. Depositaries: Irving Bank-Columbia Trust Co.,
60 Broadway, N. Y . City; Capital Trust Corp., Temple Bldg., Toronto,
Canada: Pynchon & Co., 1 Drapers Gardens. Throgmorton St., London, E.
C., Eng., and Investment Registry, Ltd., 6 Grafton St., New Bond St., Lon
don. W . I. Deposits have been called for. Y. 119. p. 3010; V. 120, p. 86.
Upon completion o f reorganization the co. will be capitalized approxi
mately as follows:
Interest. Outstanding. Maturity.
STOCK AND BONDS—
Date.
. . lOO.OOOshs
Common 100,000shares (no p a r )____
Pref Class “ A " 5% cum______ _____
$6,228,600
5%
400.000
Pref Class “ B ” 5% n o n -c u m ..____
___
1.203.800
Pref Class “ C ” 5% n o n - c u m ..___
7,190,500 Jan 1 1948
1st & ref mtge 5% bonds_____1923
5%
790,000 M ay 1 1934
Jackson Consol Trac 1st mtge / 1904
5 g M -N
$1,000,000 gold ($100, $500{Interest at Empire Trust C o., New York,
and $1,000)----------------c * t fl Trustee.
Stock.— Class “ B ” pref. is subordinate to Class “ A ” and Class “ C ” is
subordinate to Class ‘A ” pref. and also to Class “ B ” pref. The Jackson
Consol. Trac. Co. bonds are subject to call on any int. date at 105.
Jackson Consolidated Traction First Mortgage Bonds, 1904.— W e were
advised that the M ay 1925 coupon o f this issue has been defaulted.
R E PO RT.— Earnings for cal. year 1924, gross, $2,403,059; ne*. after
taxes, $242,306. For year ended Aug. 31 1925, gross, $2,351,487; net,
after taxes, $183,912.— V. 119, p. 75, 198, 3010; V. 120, p. 86; V. 121, p.
1101 .
(e) GRAND RAPIDS HOLLAND & CH ICAGO R Y.
Union R y. Gas & Elec. Co. owns all the pref., all except $1,600 com
tock and $25,000 of $1,500,000 1st mtge. 7% bonds.
Receivership.— In June 1924 Stewart Hanley, of Detroit, was appointed
eceiver for the co. V. 118, p. 3077.
ORGANIZATION.—-Incorp. in Michigan in July 1904 and is a reorgan
ization on Aug. 1 1904 of the Grand Rapids Holland & Lake Michigan
Rapid R y. See V. 79, p. 627. 1904.
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
Operates 76.40 miles of track from Grand Rapids through Zeeland and
Holland to Macatawa and Ottawa Beach, on Lake Michigan, where steamer
connection for Chicago is made. 18 motor pass, cars, 2 trailers, 15 freight
and 3 service cars.
Franchises in city of Holland and village streets expire in 1928 to 1930;
remainder on private rights-of-way.—
V. 100, p. 140: V. 111. p. 389; V. 112,p. 2537: V. 118, p. 663, 3077.
Default m Interest.— The company being unable to pay the coupons due
Feb. 1 1924 on the 1st M tge. 7% bonds (principal due Aug. 1 1924 was
not paid), the following committee was formed:
Committee for Gr. Rap. Hoi. & L. Mich, lsi Mtge. 7s.— Chairman, Stewart
Henley; John P. Crozer, Chas. P. Lineaweaver, Sidney T. Miller, A. O.
Stellwagon; Sec., Ezra Lockwood, 1603 Dime Sav. Bank Bldg., Detroit,
Mich. Depositaries, Detroit Trust C o., Detroit, M ich., and Bank of
North America & Trust C o., Phila., Pa. Deposits have been called for.
V. 118, p. 663.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
$487,900 ---------------________
Common $500,000___________ _____
836,800 ---------------Pref $850,000 6 % _________________
________
1,475,000 Aug 1 1924
1st mtge Grand Rapids Hoi & f 1900
7 g F-A
Lake M ich $1,500,000 gold-lint. at Cont. & Com ’lT r . & Sav. B k., Chic.,
($500 and $1,000)_____n tf ( Trustee, or at Guaranty Trust C o., N. Y.
Bonds.— A sinking fund is provided of $5,000 per annum for first 5 years.
$10,000 per annum for second 5 years, $15,000 yearly for third 5 years and
$25,000 per annum for fourth 5 years. In addition to amount reported as
outstanding, $25,000 are owned by the Union R y. Gas & Elec. Co. Bonds
are not subject to call. They were originally 5s and matured Aug. 1 1920.
Earnings Calendar Years—
1924..
1923.
Gross earnings__________________________________
$396,629
$431,644
Operating expenses_____________________________
351,559
353,928
Net earnings.
Taxes_________
$45,070
23,155
$77,716
22,135
$55,581
Net income.
$21,915
( / ) GRAND RAPIDS RAILWAY
All the com. and $500,000 pref. stock and the $700,000 debenture 7%
bonds are owned by the Union R y. Gas & Elec. Co.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
2^.33 miles double and 9.77 miles single track; total single, track equivalent,
68.43 miles. 131 motor passenger cars, 19 service cars and 8 motor buses.
Has 2 pleasure parks, &c.
ORGANIZATION, &c.-—Incorp. in Michigan in April 1900 as a succes”
sor company to the Consolidated Street R y. Owns and operates the entire
street railway system in Grand Rapids and vicinity. On June 12 1922 the
C ity Commission o f Grand Rapids, M ich., approved an ordinance^granting
the co. a 30-year franchise, which permits a 10-cent fare with 7 tickets for
50 cents at least for 3 months from the adoption of the franchise. The rate
will then be increased or decreased in fixed steps. See V. 115, p- 183, for
details. Franchise has been approved by vote o f people. Y. 115, p. 1428.
Interest. Outstanding. Maturity.
STOCK AND BONDS—
Date.
___________$2,000,000
Seetext
Stock com $2,000,000 ( $ 1 0 0 ) ..____
Q-F
1,960,000 N o v ’ 1 8 ,1 =
Pref $2,000,000 cum 5 % ($ 1 0 0 ) ____
7 g M -N
3,118,000 M ay 1 1939
1st M $5,000,000 ($500 & $l,-\ 1924
000 c* and $1,000 r*) g._tf/A m erican Exchange Nat. Bk., N. Y ., Trust.
7 g M-N
700,000 M ay 1 1944
Debenture bonds gold________ _____
Bonds.— 1st mtge. bonds are call, all or in part on any int. date on 30
days’ notice at 105 and int. until and incl. M ay 1 1927, and at 1% less for
each successive three-year period thereafter. A sink, fund of 24£% per
ann., payable semi-ann. will be used to retire bonds by purchase up to
the current redemption prices or, if not so obtainable, by call at those
prices. Int. payable at office of trustee in N . Y . or agency of co. in Chicago
without deduction for Mich, taxes. Penna. and Conn. 4-mill taxes and
Mass. 6% income tax refunded. In April 1924 $3,200,000 were sold by
Dillon, Read & C o., Federal Securities Corp. and Spencer, Trask & Co.
at 99M and int., to yield over 7 % . V. 118, p. 2041. Red. as a whole at
101 and int. on 4 weeks’ notice. Int. payable in N . Y . City or Grand
Rapids, Mich. Tax-exempt in Michigan. V . 108. p. 2122.
The 7% deb. bonds are all owned by Union R y. Gas & Elec. Co.
Dividends.— 5% was regularly paid on pref. stock to and incl. N ov. 1918.
None since.
Latest Earnings.— For year ended Aug. 31 1925, gross, $1,734,702;, net
after taxes, $462,222; charges, $324,207; balance, $138,015.
OFFICERS.— Pres., B. C. Cobb; V.-Pres. & Gen. M gr., L. J. De
Lamarter; Comp., H. G. Kessler; Sec. & Treas., W . E. Livingston. Office,
Grand Rapids, M ich.— V. 110, p. 2387; V. I l l , p. 1661, 2324: V. 112, p.
932, 2083; V. 113, p. 1471: V. 114, p. 197; V. 115. p. 183, 1428; V. 116,
T . 1177; V. 117, p . 1017; V. 118, p . 1519, 2041, 3197; V. 119, p. 1394;
>
V. 121, p . 198.
(fir SAGINAW TRANSIT CO.
)
Union R y. Gas & Elec. Co. owns 18,859 shares com. stock, $495,000
pref. stock and $560,000 1st mtge. 5% bonds.
ORGANIZATION.— Incorp. Sept. 11 1923 in Michigan and acquired
the property in Saginaw, M ich., of the Saginaw-Bay City R y . Co. (for
[V ol. 121.
PUBLIC UTILITIES
JLdZ
history see “ Electric Railway” Supplement o f April 28 1923), which had
discontinued operations Aug. 10 1921. For this property the co. issued
$584,000 1st mtge. bonds. Series “ A ,” 5 % , due Jan. 1 1949; $1,479,000
of 5% cum. pref. stock and 18,750 shares o f com. stock o f no par value
(as per reorganization plan in V. 117, p. 326).
FIE LD OF OPERATIONS A N D C H ARACTER OF BUSINESS.—
The co. owns and operates street railway system, supplemented by motor
buses, in the city o f Saginaw and interurban line from there to Carrollton
and Zilwaukee, Mich. Owns and operates 25 miles in Saginaw M ich.,
and suburbs, 46 motor passenger cars, 10 service cars and 25 motor buses.
The franchise (V. 117, p. 326) runs to June 25 1938, and the city of Saginaw
has agreed that it will prohibit and prevent the operation o f “ jitneys” and
other motor vehicles in competition with the co. Compare, however,
V . 119, p. 457.
Fare Increase.— See V. 121, p. 1103, 1463.
Upon completion o f reorganization the co. will be capitalized approxi
mately as follows:
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Common 20,000 shs (no par)______
_________ 20,000shs.__________
Pref 5% $1,479,000 cum ($ 1 0 0 )____
Q— J
$1,479,000 ___________
1st mortgage series'* A ” ($5001 1924
5 g J-J
1,126,000 Jan. 1 1949
and $1,000) gold_____c*tf (Callable at 102 and int. on 30 days’ notice.
Stock.— Pref. stock has equal voting power per share with common.
Redeemable at $100 and accrued dividends.
Bonds.— Int. is payable at Harris Trust & Savings Bank, Chicago.
In Sept. 1925 it was announced that funds had been deposited to pay the
coupons due July 1 1925 on the 1st mtge. 5 % bonds. The interest had been
defaulted on that date, due, it was said, largely to the low rates in effect
theretofore. V. 121, p. 1463.
OFFICERS.— Pres., Treas. & Gen. M gr., O .S . Kressler; V.-Ps., Otto
Schupp and H. V. Sinnett: Sec., L. F. Swartout; Asst. Sec. & Asst. Treas.,
R . E. Smith.— Y . 117, p. 1778, 1993; Y. 121, p. 1103.
(THE) UNITED LIGHT & POWER CO.
(OF MARYLAND.)
(See Map on page 153.)
O RGAN IZATION .— Incorporated in Maryland N ov. 20 1923 and
acquired all the assets o f the United Light & Rys. Co. (Incorp. in Maine in
July 1910, per plan in V. 91, p. 96), subject to all mortgage liens, indebted
ness, &c., in exchange for its own securities (consisting o f Class A pref.
stock, Class B pref. stock, Class A com. stock and Class B com. stock)
which were delivered to the United Light & Railways Co. in payment for its
assets.
Acquisition of Continental Gas & Electric Corp.— Control o f the Continental
Gas & Electric Corp. was acquired in 1925, over 97% o f its common stock
being held in the treasury o f the United Light & Railways Co. (Del.), all
the com. stock o f which is owned by the United Light & Railways Co.
(Maryland). In Oct. 1924 the co. had already acquired 75,000 of the
109,057 common shares, and 35,000 treasury shares o f Cont. Gas & El.
Corp. The majority o f the outstanding stock was acquired by offering the
holders 1 1-5 Class “ B ” pref. stock, 1st Series, and 1 share Class “ A ”
common stock, for each share o f Cont. Gas & Ei. Corp. A large amount
o f common stock o f Amer. Light & Tract. Co. is also held. V. 121, p .77.
Owns all o f the pref. and com. stock (except directors’ shares) of the
following subsidiary companies:
La Porte (Ind.) Gas & Elec. Co.
Cadillac (Mich.) Gas Light Co.
Mason City & Clear Lake (la.) R R .
Chattanooga (Tenn.) Gas Co.
Cedar Rapids (Iowa) Gas Co.
Northwestern M fg.C o.,Ft.D odge,Ia.
Cedar Rapids & Marion City R y. Co. Ottumwa (Iowa) Gas Co.
Fort Dodge (la.) Gas & Elec. Co. . People’s Gas & Elec. C o., Mason C ’y
Also controls the Tri-City Railway & Light Co.
On Sept. 8 1920 The United Light & Rys. Co. was incorp. in Delaware
with a total authorized capital o f $50,000,000. Of the total auth. stock,
$25,000,000 is com. and remainder prior pref. cumul. All the com ., except
directors shares, is owned by the United Light & Power Co. of Maryland.
The 7% prior pref. was sold to the public communities served by the sub.
cos. and as of Dec. 31 1924 approx. $4,128,350 was outstanding. In
Dec. 1924, $5,000,000 6)4% prior pref. was sold, proceeds to be used in
the acquisition o f over 75% o f the com. stock of the Continental Gas &
Electric Corp. by the company. In Sept. 1925 the United L. & Rys. Co.
(Del.) applied for authorization to increase its authorized capital stock from
$75,000,000 to $150,000,000, viz., 500,000 shares of pref. stock (par $100)
and 1,000,000 shares of common stock (par $100). V. 121, p. 1463.
In M ay 1925 the company sold all its holdings in the Grand Rapids
Grand Haven & Muskegon R y. to Sydney L. Vaughan, Vice-Pres. and
Gen. M gr. of the road, and other Grand Rapids men. V. 120, p. 2685.
During 1925 the United Light & Rys. C o., a subsidiary, acquired 08)4 %
of the common stock o f the Brooklyn Borough Gas Co., serving a population
o f over 250,000. For details, see V. 121, p. 1229. The same co. acquired
in July 1925 all o f the common stock o f the Ohio Utilities Co. (of Del.);
see V. 121, p. 1229. In 1925 the Continental Gas & Electric Corp., one
o f the principal subsidiaries of the c o ., acquired practically all of the common
stock and a large amount o f the preferred stock of the Lincoln Traction Co.,
which will be consolidated with the Lincoln Gas & Electric Light C o., also
owned by the Continental Gas & Electric Corp. V. 121, p. 1229. On Oct.
20 1925 co. purchased the Blue River Power Co. o f Nebraska, for over
$1,000,000. V. 121, p. 2040.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
The company and its subsidiaries serve 318 communities, including Kansas
City, M o ., Columbus, O., Davenport, Iowa City, Cedar Rapids, Ottumwa,
Fort Dodge and Mason City, Iowa, Lincoln, N eb., Rock Island and Moline,
111., Chattanooga, Term., and La Porte, Ind. Population served over
1.750.000. Among the principal companies controlled are Kansas City
Power & Light Co. and the Columbus Railway, Power & Light Co. (sub
sidiaries o f Continental Gas & Electric Corp.) and the Tri-City R y. & Lt. Co.
The total electric generating capacity o f the systems o f the company is
over 360,OOOk.w.; there are 2,436 miles of transmission lines, over 6,230 miles
o f distribution circuits, 18 gas plants with 931 miles o f mains, 368 miles of
tracks; number o f passenger and freight cars, 450.
The Continental properties consist o f three groups: The Kansas City
group, the Columbus (Ohio) group and the Iowa and Nebraska group.
Transfer Agencies.— Stock transfer agencies are maintained in New York,
in Chicago and in Grand Rapids. See V. 97, p. 1358.
The United Light & Power
Company
Interest. Outstanding. Maturity.
STOCK AND BONDS—
Date.
_________ 367,975shs
See text
Com cl A 500,000 shs(no p a r ) . ____
__________ 200,000shs
See text
Com cl B 500,000 shs(no p a r ) . ____
Pref cl A $6 50 cum 500,000
148,700shs Oct ’25-$l 63
shares (no par)____________ _____
Q-J
Pref cl B $3 50 cum partic
81,000shs Oct ’25,$1 00
500,000 shs (no par)_______ _____
Prior pref 7 % cum (Delaw C o .)
5,375,700 See text
Ser. “ A ” __________________ _____
7%
549,500
Prior pref 6.36% (Del. C o . ) . _ ____
6.36%
5 g J-D
11,000,000 June 1 1932
x First & ref mtge gold ($100, f 1912
$500 and $l,0 0 0 )..c*& r.tflN ew York Trust C o., New York, trustee,
x 1st lien & cons M ser A series f 1922 6 g A-O
11,010,000 April 1 1952
of 1924 ($100. $500
1924 5)4 g A-O 5,500,000 April 1 1959
$l,000c* & $l,000r*_____( [int. at New York Trust Co., N . Y ., trustee.
x Conv debenture gold ($100. 11916
6 g M -N
1,988,000 N ov 1 1926
$500, $1,000, &c.).c*& r* t f (Int. at New York Trust Co., N. Y ., trustee,
x Debenture bonds Series “ A ” ) 1923 6 g J-J
2,750,000 Jan 1 1973
($100, $500 & $1,000 c* and [New York Trust Col, New York, trustee.
$1,000 & multiples r*) g_tfj
Deb 614% Ser of 1924 ($100,1 1924
6}4 g M -N 6,000,000 M ay 1 1974
$500 & $1,000 c* & $1,000(New York Trust C o., New York, trustee.
& multiples r*) gold_____t f 1
Notes ($500 and $1,000) goldl 1925
5 14 g M-S 5,000,000 Sept 1 1928
c* .tf/In t. at New York Trust C o., N. Y ., trustee.
Chattanooga Gas first mtgef 1907 5 J-J
4'*7,000 Jan 1 1927
$1,500,000 g ($ l,0 0 0 ).c* .tf jln t. at Cont. & Comm. Trust & Sav. Bank,
( Chicago, trustee, or First Nat. Bank, N .Y .
x Un. Lt. & Rys. Co. (Maine) issues.
For securities covering railway properties see separate companies below.
Class A Pref. Stock.— Class A pref. stockholders are entitled to receive
a div. at the rate of $6 50 per share per annum, payable Q -J. Div. cum .,
and the stock has preference in liquidation and in divs. over all other classes
of stock. Callable at $105 per share, and the holders are entitled to receive
$100 per share and dividends in event of liquidation. In Jan. 1925 35,000
shares $6 50 cum. Class “ A ” pref. were sold by Howe, Snow & Bertles, Inc.,
Otis & Co. and Peirce, Fair & C o., at $86 per share, to yield over 7.55%.
V. 120, p. 455. In Aug. 1925 they sold 30,000 shares at $94 per share and
div., to yield over 6-90%. V. 121, p. 841.
Class B Pref. Stock.— Class B pref. stockholders are entitled to receive a
div. at the rate of $3 50 per share per annum, payable Q.-J. D iv. shall
be cum., and in addition the stock shall participate to the extent of 50 cents
per share per annum whenever the com. stock is paying divs. at the rate
of more than $1 40 per share per annum. Has preference in liquidation
and divs. over all classes of com. stock.
Callable at $60 per share, and
holders shall be entitled to receive $50 per share and divs. in event o f
liquidation.
Common Stock.— There are two classes, viz.: Class A com. stock and
class B com. Class A com. is in all respects similar to class B com ., except
that it has no voting power.
Purchase Warrants.— Entitle the holder thereof to buy class A com . stock
at a fixed price of $35 per share, on or at any time before Dec. 31 1925.
V. 117, p. 2655, 2771; V. 118, p. 86, 665, 1137.
Rights.— Common stockholders (class A and B) o f record July 3 ’25 were
given the right to subscribe to an additional amount o f class A stock at
$72 50 per share at the rate of one share Class A com. stock for each 5 shares
o f either class held. For further particulars, see V. 121, p. 77.
Prior Preferred Stock (Delaware Co.— .The United Light & Rys. (Del.)
prior pref. is redeemable, all or in part, on 60 days’ notice at 105 and divs.
Is unconditionally guaranteed as to payment of dividends and liquidation
price by endorsement of guaranty on each stock certificate by the United
Light & Power Co.
6.36% Prior Pref. Stock (Del. Co.).— The sale of 7% prior pref. stock was
withdrawn on M ay 15 1925, and a new issue o f 6.36% prior pref. stock was
sold. Both the 7% and 6.36% prior pref. stock is sold only through the
United Power Securities C o., a subsidiary of the Lt. & Power Co. The
prior pref. of all claims has preference over all other issues of either preferred
or common stocks of the Power C o. Red. all or part, on 60 days’ notice,
at $105 per share and divs.
In addition to the $5,375,700 7% prior pref. shown as outstanding
$492,717 subscriptions, o f which $200,320, was paid on Aug. 31 1925, are
outstanding.
Such of the outstanding 614 prior pref. shares, Series 1924, as were not
converted into Class “ A ” com. stock of the Un. Lt. & Pow. Co. (M aryland),
were called for redemption on N ov. 1 1925, at $105 and divs.
Bonds.— Interest on first and refunding mortgage bonds is payable at
office of trustee or Continental & Commercial Trust & Savings Bank, Chi
cago. Mortimer N. B ^ k n er is co-trustee. $16,546,300 bonds (not incl. in
amount outstanding above) are deposited as security for first lien and con
solidated mortgage bonds. Additional bonds may be issued for refunding
underlying bonds and for 75% of par value of preferred stocks of underlying
companies redeemed or purchased, 75% of cost of betterments, improve
ments and additions, and for 75% of cost of additional property, under
certain restrictions. Redeemable as a whole or in part on any interest day
at 10214 and interest on 60 days’ notice. A depreciation fund of 2% on all
bonds out became operative in 1917. See description of bonds in V . 102,
p. 1898.
The first lien and consolidated mortgage bonds are secured by pledge of
$16,546,300 first and refunding mortgage 5s. Additional bonds may be
issued under certain restrictions. $305,500 Series A and $730,000 Series o f
1924 held in treasury. Series A are redeemable all or in part at any
time on 30 days’ notice on or after April 1 1947 up to April 1 1948 at
103 and interest. 5)4% Series of 1924 are redeemable, all or part, on
30 days’ notice during first 5-year period at 107)4, during second 5-year
period at 105, thereafter at 1 % less during each 5-year period until March 31
1954; during the succeeding 2)4 years at 100)4, and thereafter at 100, plus
interest in each case. In April 1924 Bonbright & C o., Inc., offered $3,500,000 first lien and consol, mtge. 5)4 % Series of 1924 at 90 and interest, to
yield 6.20%. V. 118, p. 2180. Pennsylvania State tax and Connecticut
State tax of 4 mills refunded. V. 114, p. 1536.
■(
«
Chattanooga Gas Co. bonds have a sinking fund of $15,000 per annum
from 1912 to 1926, inclusive, on first $500,000 bonds and 2% additional on
any further bonds issued. Subject to call at 105 and interest. V. 84, p.
805. $11,000 of bonds, not included in amount reported outstanding,
owned by United Light & Power Co.
The United Light
and Power Company
(all issues)
Quotations and information regarding
the securities of the above Company
will be supplied gladly upon request.
or other information regarding the
W E areofprepared to furnish quotations
securities
the above Company.
Enquiries Invite
Inquiries Invited
R. E. WILSEY & COMPANY
In corporated
Investment Securities
76 West Monroe Street,
CHICAGO
H o w e , Sn o w
B ertles inc,
120 Broadway Tel. Rector 3563
Grand Rapids
Chicago
Detroit
153
POW ER, LIG H T A N D R A IL W A Y
O c t ., 1 9 2 5 .]
154
PUBLIC UTILITIES
[V ol. 121.
Debentures.— The convertible debentures due N ov. 1 1926 are a direct lines in Muscatine. 80-lb. girder and 60 to 75-lb. T rail. Population served
obligation o f the company. No mortgage may be created junior to the first approximately 205,000. Railway franchises extend to 1930, 1935 and 1951;
and refunding mortgage without equally securing the debentures. A t no electric franchises to 1935 and 1943, and gas franchises to 1929,1933 & 1943.
time shall there be outstanding debentures in excess of 75% of the total of
Tri-City Ry. May Abandon.— See letter of President regarding financial
6% pref. stock outstanding. No further debentures may be issued unless status of co., &c., in V. 117, p. 1349.
earnings available for interest charges are three times the requirements on } Offer to Holders of Tri-City Ry. & Lt. Pref. Stock.— The 6% 1st pref. stock
the debentures then outstanding, including those applied for as well as the holders of the Tri-City R y. & L t. Co. have received an offer from the
interest upon any unsecured debt. They are callable, all or part, upon four j United Lt. & Rys. Co. (now United Lt. & Pow. Co.) to exchange their pref.
weeks’ notice to N ov. 1 1921 at 102 and int. and thereafter at 101 and int. stock for United Lt. & Rys. (now United Lt. & Pow. Co.) 6% pref. on the
In addition to the amount shown as outstanding, $12,000,000 are held following basis: Each 10 shares (par $100) of the 6% pref. of the Tri-City
in treasury. Pennsylvania State tax refunded. V. 103, p. 2079.
may be exchanged for 11 shares (par $100) of the United Lt. & Rys. 6%
The debenture bonds Series “ A ” 6s due Jan. 1 1973 are redeemable all or pref. Y. 117, p. 1665. $1,064,800 has been so exchanged.
part on 60 days’ notice at 110 during first 15 years (ending Jan. 1 1938); I STOCK AND BONDS—
Date. Interest.
Outstanding. Maturity.
thereafter at 1 % less during each succeeding 5-year period to and including Common $9,000,000 ($100)_ _____
_
_________ $9,000,000
See text
the 45th year; thereafter at 1 % less during each succeeding year to and incl. Pref $3,000,000 6% cum ($ 1 0 0 )____
6 Q-J
3,000,000 Oct ’25, 1H
the 48th year; and thereafter at 100 and int. Interest payable at agency of 1st & ref mtge $20,000,000 gf 1910 5 g J-J
$19,760,000 July 1 1930
company in New York. Pennsylvania and Connecticut 4 mills tax refund
$500&$1,000c* & $l,000r*tf lin t. at Cent. Union Tr. C o., N . Y ., trustee.
ed.
V. 116, p. 177.
Iowa City Light & Power 1912
5 M-S
400,000 Sept. 1 1932
The 6H % debentures Series of 1924 are redeemable, all or in part, on 60
r e f u n d i n g m o r t g a g e -jln t . at Continental & Commercial Trust &
days’ notice at 110 dining first 15 years (ending May 1 1939); thereafter at
$1,000,000 ($1,000)_ c*tf I Savings Bank, Chicago, trustee.
_
1% less during each succeeding 5-year period to and including the 45th Iowa City Gas & Electric/ 1909 6 M -N
188,500
Seetext
year; thereafter at 1% less during each succeeding year to and incl. the
1st mortgage $400,000
tf[In t. at Chicago Tr. & Sav. Bank, trustee
48th year, and thereafter at 100 and interest. Company will refund Penna.
Stock.— Pref. stock is redeemable at 120 and accum. divs. See V. 82,
4 mills tax and the Mass, income tax, not exceeding 6% per annum on p. 1213. Listed on Montreal, Toronto and Louisville Stock Exchanges.
Income derived from the debentures. Interest payable at agency of the
Bonds.— Of the 1st & ref. bonds, sufficient are reserved for prior liens,
company in New York or Chicago. In May 1924 Bonbright & Co. offend and remainder for 85% of cost of additions and improvements. Subject
$1,000,000 6 K % debs. Series o f 1924 at 95 and int., to yield about 6.90%. to call at 105 and int. on any int. date. Sinking fund of 1)4% of bonds
V. 118, p. 2574. In N ov. 1924 the same bankers offered $5,000,000 addi out begins Feb. 1 1924. Penna. 4-mill tax refunded on $1,000,000 of these
tional at 95 and interest, to yield over 6.85%. V. 119. p. 2531.
bonds. V. 93, p. 1465; V. 114, p. 855, 949. $15,559,100 o f outstanding
Maintenance and Depreciation Fund.— The company must set aside yearly 1st & ref. bonds are owned by United Light & Power Co.
not less than 12H % of its gross earnings, any part of which not actually
All the outstanding Iowa City Light & Power Co. 1st mtge. bonds are
expended in any calendar year for maintenance, &c., to be used for exten owned by Tri-City Ry. & Light Co.
sions, additions, &c., against which no additional bonds may be issued.
The Iowa City Gas & Elec. Co. bonds mature serially $4,000 to $9,000
Notes.— The 5K % notes have annual sinking fund o f $750,000 to be used annually from M ay 1 1912 to M ay 1 1927 and $135,000 in 1928. Subject to
for purchase o f notes o f this issue at not to exceed 100 and int. Notes so call at 105 and int. on any int. date. Additional bonds may be issued for 80%
purchased to be retired and canceled. Are redeemable, all or in part, on of cost of extens. & betterments. $3,500 owned by United Lt. & Power Co.
30 days’ notice at 1 0 1 during first year, at 101 during next year and there
Dividends.— First div. on pref. 114%, paid July 1906, and 1M % quar.
after at 100 and int. Company will refund Pennsylvania personal property since to and incl. Oct. 1925. A div. of 1% was paid on the common stock
tax o f 4 mills and the Mass, income tax, not exceeding 6% per annum on Jan. 1 1915 (practically all of this stock is owned by United Light & Power
income derived from the notes. In Peb. 1925 $5,000,000 were offered by Co. and previous disbursements were not made public), and quar. to and
Bonbright & C o., Inc., at 99 and int., to yield about 5.80% . V. 120, p. incl. Apr. 1918. In 1919. 5% . In 1920. Oct., 1% . In 1921,4%; in 1922, 5% .
1091.
In 1924, 8 % . For 1925 four quar. divs. of 2M % have been declared on
Dividends.— Divs. are being paid regularly on pref. In 1924 four quar. common, payable April 1, July 1 and Oct. 1 1925 and Jan. 1 1926. V . 120.
cash divs. o f 40c. per share were paid on Class “ A ” & “ B ” com. In 1925, p . 455.
Peb., 40c. per share; M ay, 45c. per share. In Aug. 1925, 50c. per Share.
OFFICERS.— Pres., B . J. Denman, Davenport; V.-Ps.. Richard
In N ov. 1925, 60c. per share. In addition, stock divs. o f l-40th of a share of
Class “ A ” com. were paid in M ay and N ov. 1924 and M ay and N ov. 1925 to Schaddelle, Grand Rapids; H. E . Weeks and F. T . Hulswit; Gen. M gr.,
holders o f both “ A ” and “ B ” com. stock. V. 120, p. 1330, 2945; V. 121, R . B. McDonald; Tres., Frank T . Hulswit; Sec., H. E. Littig.— V. 114.
p. 855, 949, 2826; V. 116, p. 78, 411, 1276, 1761; V. 117, p. 555, 1349,
p. 1349.
1665; V. 120, p. 455.
RE PO RT.— For calendar years;
Consolidated Profit and Loss Account United Light
Railways Co. and
Subsidiary Companies— Years Ended Dec. 31.
GRAND RAPIDS GRAND HAVEN & MUSKEGON RY.
1924.
1923.
1922.
1921.
Gross earns, of sub. c o s .$ ll,896,915 $12,140,423 $11,638,900 $11,250,093
ORGANIZATION.— Incorp. in Michigan on March 6 1899. In M ay
Oper. exp., incl. maint.,
1925 the United Light & Power Co. (of M d .), which heretofore controlled
gen. & income taxes.. 8,027,602
8,002,742 the co., sold all its holdings in it to Sydney L. Vaughan, Vice-Pres. & Gen.
8,255,144
7,991.505
$3,869,313 $3,885,278 $3,647,395 $3,247,351 M gr. of the road, and other Grand Rapids men. V. 120, p. 2683.
Int. on bonds, notes and
FIELD OF OPERATIONS AND C H ARACTER OF BUSINESS.—
divs. on pref. stock, &
Owns and operates an electric road on fenced right-of-way, connecting the
profit due minority
three cities named in the title, a distance of 41 miles. Extends from Grand
stockholders_________
593,682
825,477
867,707 Rapids in a northwesterly direction to Muskegon, with a branch to Spring
469.286
Lake and Grand Haven. Connects at Grand Haven with Goodrich Line
Net profit o f sub. cos.
due U. L. & Rys.Co. $3,400,027 $3,291,596 $2,821,918 $2,379,643 of steamers for Chicago and Crosby Line of steamers for Milwaukee, which
Int. & divs. receivable_
22,514
16,376
8,474 are in operation all the year round. Total track, 49.67 miles, o f which
40,327
Misc. earnings_________
1,339.557
832.747
587.954
468,248 4.74 miles in Grand Rapids and 3.43 miles in Muskegon are operated under
trackage agreement with the Grand Rapids R y. and the Muskegon Trac. &
Total gross earns., On.
Ltg. Co. (see V. 113, p. 1674). 70-lb. T rail. Operates 23 passenger, 15
_
Light & Rys. C o_ $4,779,911 $4,146,857 $3,426,248 $2,856,366 express and 7 work cars. Also does a freight business. Franchises in all towns
Less gen. exp., incl. taxes
through which it passes extend to 1929; otherwise private right-of-way.
United Lt. & Rys. C o.
440,495
426,543
416,587
352,000
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Int. on 1st & Ref. 5%
_________ $1,200,000 ____________
bonds (1932)________
550,056
571,424
478,804 Stock $1,200,000 ($100)___________
550,000
First mortgage $1,500,000/ 1901
5 g J-J
1,500,000 July 11926
Int. on 1st Lien & Cons.
($1,000) gold_________ c*tf [Int. at Guaranty Trust Co., N. Y ., trustee.
M . 6% bonds (1952)
Stock.— Entire stock, except directors’ shares, deposited under United
Series “ A ” __________
493,712
662,243
85,567
Light & Railways Co. 1st & ref. mortgage.
Int. on 6% Conv. Debs.
Bonds.— ' he interest on outstanding bonds was guaranteed for 5 years
T
(1926)_______________
120,000
119,280
119,538
120,000
by the Security Investment Co. of Pittsburgh. See V. 76, p. 479. $6,000 of
Int. on 6% Deb. bonds.
outstanding bonds held by United Light & Railways Power Co.— V. 100.
Series “ A ” (1973)____
165,000
138,750
p. 901, 1672; V. 107, p. 82. 291; V. 108, p. 2022; V. 113, p. 1674; 2613:
Int. on 8% 10-year bondV. 115, p. 543; V. 120, p. 2683.
secured notes (1930)
Gross earnings for 12 mos. end. Mar. 31 1925 were $329,784; net income,
(retired Peb. 1923)_
_
148,691
15,751
160,000
$81,821.— V. 120, p. 2685.
Int. on 7% 5-year bondsecured notes, Ser.‘ ‘B ”
56,288
104,729
(3) CEDAR RAPIDS & MARION CITY RY.
Int. on 7% bond-secured
ORGANIZATION.— Incorp. M ay 1891 in Iowa. Franchise in C edar
notes, Series o f 1920_
128,954 Rapids expires 1941 and indeterminate on interurban. The United Light
Int. on 1st lien & cons
& Power Co. owns $584,801 stock and $793,000 bonds.
514 % Series of 1924..
140,991
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Int. on 614% Debs.,
Owns and operates road 21.94 miles in length, extending from Cedar Rapids.
Series of 1924________
37,718
Iowa, to Marion, Iowa, incl. branch lines in city of Cedar Rapids; second
Int. on commercial loans
22,145
42,880
27,262
39,898 track, 5.36; sidings, 2.73; total o f all, 30.03 miles. Rails, 45, 60 and
Total expenditures_ $2,137,872 $1,787,233 $1,425,822 $1,384,387 80-lb. T .
_
$2,642,039 $2,359,624 $2,000,425 $1,471,979
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Latest Earnings.—
Stock $1,000,000 ($100)._______ _
_________
$650,000 __________
Consolidated Earnings 12 Months Ended Aug. 31 1925.
1st mortgages series “ A ” _____/ 1920
7 J-D
793,000 June 1 1930
[United Light & Power Co. and Subsidiary Companies.]
[New York Trust C o., trustee.
al924.
1925.
Bonds.— All the outstanding bonds are owned by United Lt. & Power.
Gross earnings, all sources_____________________ a$34,074,202c$36,336,146 These bonds were issued in 1920, at which time an issue of $184,000 1st
Oper. exp. (incl-. maint., gen. & income taxes)___ 20,362,653 21,008,813 mtge. 5s due in 1931 were retired.
(4) MASON CITY & CLEAR LAKE RAILROAD CO.
Net earnings.. _____________________________ $13,711,549 $15,327,333
In Feb. 1923 the United Light & Rys. Co. (now United Light & Power
Interest on bonds & notes of sub-companies due public_______ $4,123,329
Co.) acquired control.
Divs. on pref. stocks o f sub-cos. due public, & proportion of
net earnings attributable to common stock not owned_____ 2,487,350
ORGANIZATION, &c.— Operated since July 1897.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS —
Gross income available to United Light & Power C o_______ $8,716,654
A trolley road. Owns right-of-way 33 feet wide from Mason City to Clear
Deduct— Interest on funded debt______________________________ $2,185,616 Lake. 9 miles. Length of line within and between the two cities, 18.6 miles.
Other interest_____________________________________________
136,474 Handies all freight coming over Minn. & St. Louis, Chic. R . I. & Pac.,
Prior preferred stock______________________________________
433,581 Chicago & North West, and Chic. Great West, railways between Mason
Preferred stock divs.— Class“ A ” preferred____________________
780,473 City and Clear Lake. Franchises run until Oct. 31 1935.
Class “ B ” preferred____________________________________. . .
320,167
STOCK AND BONDS.— Date.
Interest. Outstanding. Maturity.
Stock $1,000,000__________________
_________
$400,000 ---------------Surplus earns, avail, for amort., deprec. & com. stock divs____$4,860,344
General mortgage $2,500,000/ 1912
6 g J-D
316,000 June 1 1932
a For comparison, b Only partially includes earnings resulting from
gold ($1,000)_________ c*tf ;Int. at First T r. & Sav. Bk., Chic., trustee.
recent acquisitions.
Bonds.— Remaining bonds are for extensions and betterments at 75%
OFFICERS.— Pres., Frank T . Hulswit, Chicago; V.-Ps., Richard Schaddelee, Chicago; B. J. Dehman, Davenport; W m. Chamberlain, Chicago; of cost, providing annual net earnings are 1 M times int. charg (incl. bonds
and T . J. Weber and L. H. Heinke, Grand Rapids; Sec. & Treas., L. H. to be issued). Red. at 105 and int. on any int. day. Sinking fund of 2%
Heinke, Grand Rapids; Gen. M gr., B. J. Denman. Corporate offices, per annum began June 1 1913 to provide for additions and betterments
Baltimore, M d.; general offices, Chicago; operating offices, Chicago, or for purchase of bonds. $10,700 of outstanding bonds and all o f the
Columbus, Kansas City, Davenport and Lincoln.— V. 118, p. 2951; V . 119, stock owned by United Light & Power Co. V . 94, p. 1764.
p. 77, 1173, 1627, 1734, 2531. 2764; V. 120, p. 455, 1091,1330, 2685, 2945;
V . 121, p. 77, 332, 461,588, 841, 1229, 1349; V . 121, p. 2040.
ESCANABA POWER & TRACTION CO.
THE T R I-C IT Y RAILW AY & L IG H T CO.
ORGANIZATION.— Organized as successor to the Escanaba Traction
Incorp. in Connecticut March 31 1906.
C o ., which was organized in 1909 as a consolidation of the Escanaba Electric
In June 1912 control was acquired by the United Light & Power Co. St. R y. and Escanaba Power Co. For history of Escanaba Traction Co.
Tri-City Ry. & Lt. common stockholders received in exchange for their see “ Electric Railway” Supplement of April 26 1924. Controls the Esca
shares $31 16 2-3 cash, $16 66 2-3 United Rys. (now United Lt. & Power) naba Pulp & Paper Co.
6% 1st pref. and $12 50 2d pref. 3% stock. V. 94, p. 768. The United Lt.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
& Power Co. owns $8,920,000 common and $1,555 800 preferred stock.
Does
and power business in
ORGAN IZATION .— Incorp. in Connecticut March 31 1906 and owns Mich.electric light operates street railwayEscanaba, Gladstone and Wells,
Owns and
in Escanaba and an interurban
all the stock, except directors’ shares, o f the following companies:
road to Gladstone, which was placed in operation in July 1910. Power
Tri-City Railway Co. o f Iowa
Moline-Rock Island M fg. Co.
plant capacity, 10,500 h.p. A new dam on Escanaba River, providing
Tri-City Railway Co. o f Illinois
People’s Light Co.
3,400 add’l h.p., was completed Jan. 1 1916. Is allowed to carry freight.
People’s Power Co.
Clinton Davenport & Muscatine Ry
Fares Increase.— See V . 121, p. 1788.
Iowa City Light & Power Co
Muscatine Lighting Co.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
FIELD OF OPERATIONS AN D C H ARACTER OF BUSINESS.—
_________
$50,000 __________
Controls all gas plants, electric-lighting companies and street railway lines Common stock $200,000______ _____
in the cities o f Davenport, Iowa City, Muscatine, Bettendorf and Rocking Pref $500,000 6% cum ($100)_____
6%
460,000 ____________
5 J-J
230,000
See text
ham. Ia.. and Rock Island, Moline, East Moline and other smaller towns in Escanaba Trac 1st & ref MJ 1909
$600,000gold($l,000)c*cpt\Int. at First Sav. & Trust C o., Milwaukee.
Illinois, and an interurban connecting Muscatine, Davenport and Clinton.
5 g A-O
200,000 Apr. 1 1950
Operates over 170 miles o f standard-gauge track, connecting the cities of Gen & ref mtge Series “ A ” __J1920
Series “ B ” _______________\ 1920
6 g A -0
650,300 Apr. 11942
Clinton and Davenport, la., and Rock Island, Moline and East Moline,
($100, $500 & $1,000) g -C * [Int. at Mich. Tr. C o., Grand Rapids, trustee
111., incl an extension to Muscatine placed in operation in 1912 and city
Oct., 1925.]
POWER, LIGHT AND RAILW AY
Bonds.— Escanaba Traction 1st & ref. bonds mature $10,000 annually
from 1914 to 1933 incl., remainder in 1934. $372,000 have been retired.
They are subject to call at 103 and int. on any int. date. Michigan Trust
Co., Grand Rapids, trustee. V. 92, p. 1564; V. 103, p. 406.
Gen. mtge. bonds Series “ A ” and “ B ” are call, at 105 and int. on any int.
date on 30 days’ notice. Mtge. provides for annual sinking fund of 1% .
EARNINGS.-—For calendar year 1924, gross, $312,540; net, after taxes,
$148,918; fixed charges, $65,494; depreciation, $31,201; dividends, $30,000;
balance, surplus, $22,223.
OFFICERS.— Pres., J. B. Moran; V .-P ., J. K. Stack Jr.; Sec., H. M .
Stack; Treas., M . N . Smith, all of Escanaba.— V. l l l , p . 188; V. 121,p .1788.
BENTON HARBOR-ST. JOE RY. & LIGHT CO.
O RGAN IZATION .— Incorporated in Michigan in Jan. 1906 and is a
consolidation o f the Benton Harbor & St. Joseph Electric Ry. & Light Co.
and the St. Joseph River Traction Co.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Operates 10.36 miles o f single track in St. Joseph and Benton Harbor, with
extensions o f 25 miles through Eau Claire to Dowagiac and 14.33 miles to
Watervliet; also operates 5 miles second track, 5-7 miles sidings, &c., 60.39
miles. 60, 70 and 73-lb. girder and T rails. 44 passenger and 34 other cars.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common ($100)___________________
_________
$800,000 __________
Preferred $400,000 ($100)___________
6 F-A
400,000
See text
Refund mtge $2,500,000 gold/ 1909 5 g M -N
499,500 N ov. 1 1939
($500 and $1,000)_______ clln t. at Columbia Tr. C o., Louisv., trustee.
1st cons M $1,000,000 gold/ 1906 5 g M -N
825,000 N ov. 1 1935
($500 and $1,000)_______ c\Int. at Columbia Tr. C o., Louisv., trustee.
Bonds.— The 1st consol, bonds are subject to call on any int. day at 106.
Of the ref. bonds, $1,000,000 are reserved for prior liens.
Dividends.— Pref. divs. at rate of 6% per annum are being paid.
EA R N IN G S.— For years ending June 30:
June 30
Operating Net (after
Other Interest, Pf.Divs. Balance,
Year—
Revenues.
Taxes).
Income.
&c.
(6 % ). Surplus.
1920-21________ $753,218 $143,595 $21,669 $94,206 $24,000 $47,058
1919-20________ 685,956
171,973
14,980
85,234
24,000 77,719
OFFICERS.— Pres., Chas. Minary, Benton Harbor, M ich.; V .-P ., F. A.
Bryan; Sec., C . B. Calvert; Treas., Lee Mason.— V. 109, p. 1079; V. 114,
p. 2822.
155
Co. Franchises on public streets expire in 1929, 1930, 1932, 1933 and 1938.
Largely on private right-of-way. $100,000 common stock owned by Public
Service Investment Co.
Default.— Holders of the 1st consol, mtge. 5% bonds having been notified
that the receiver would be unable to pay the interest due Jan. 1 1923,
int. due Jan. 1 1923 was paid Dec. 15 1923, together with int. at 5% on
overdue int. V. 117, p. 2652. The following protective committee was
formed and has called for deposits (V. 115, p. 2905):
Committee for First Consol. Mtge. 5s.-—Chairman, Thos. N . Perkins;
Frank B. Bemis, Ernest B. Dane; Sec., V. D. Fickery, 147 Milk St., Bos tori,
Mass. Depositary, Old Colony Trust C o., Boston, Mass. V. 115, p. 2905.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_________
$750,000
See text
Common $750,000 ($100)__________
Pref 6% cum $500,000 ($ 1 0 0 )_ ____
A-O
207,200 Apr ’ 19, 3%
1st consol mtge $1,600,000/ 1908
5 g J-J
660,000 Jan. 11937
($500 and $1,000) gold-_tf\Int. at Old Colony Trust C o., Boston, trustee
Slock.— Preferred stock is redeemable at 110.
Bonds.— $24,500 consol, mtge. bonds are in treasury; $656,000 for future
additions at 80% of cost; $110,000 owned by company; they are subject to
call as a whole or in part at any time for sinking fund at 106 and int. Sinking
fund 1}4% of outstanding bonds; $149,500 have been canceled.
Dividends.— On pref. 3% s.-a. from Oct. 1908 to April 1919 incl. None
since. On common 2% Oct. 1909. In 1910, April, 2 H % , and same
amount s.-a. to and including April 1914. None since.
EARNINGS.— For 12 months ending June 30;
Year■
—
Gross. Net.aft.Tax. Interest. Sink.Fd. Spec.Res. Sur.orDef.
1920-21x_ .$298,855 $23,141
$53,562
______
______ def$30,421
1919-20--- 309,531 69,995
48,712
______
______ sur21,283
x N o later figures available.
OFFICERS.— Pres., Harry T . Edgar, Boston; V.-Ps., P. J. Bawden,
Houghton, and David Daly, Keokuk; Sec., Victor D. Vickery, Boston;
Treas., Henry B. Sawyer, Boston; M gr., Samuel B. Tuell; Gen. M gr.,
Stone & Webster M gt. Assn., Boston.— V. 115, p. 2905; V. 117, p. 2652.
MUSKEGON TRACTION & LIGHTING CO.
In Jan. 1906 was acquired by the American Light & Traction C o., which
owns practically all o f the capital stock (see statement on another page).
V. 82, p. 49.
ORGANIZATION.— Incorporated in Michigan on March 1 1901. and
is a consolidation of the street railway, electric light and gas companies of
the city. Franchises expire: Gas, 1925; railway, indeterminate.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
HOUGHTON COUNTY TRACTION CO.
Owns 15 miles of road and serves as a terminal for the Grand Rapids Grand
Receivership.— On Nov. 29 1921 Samuel B. Tuell was appointed receiver Haven & Muskegon R y., which operates 40 miles of track between points
for the company. High operating costs, jitney competition and decreasing indicated in the title (see V. 113, p. 1675).
traffic, arising from a closing o f mines, were given as the reasons for the
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
company’s difficulties. V. 113, p. 2405.
_________
$600,000 __________
Stock $600,000 ($100)__________ _ __
6
63,000
See text
ORGA N IZA TIO N .— Organized in 1908 and took over Houghton County Preferred $100,000 6% c u m . . ____
First mortgage $600,000 gold/ 1901
5 g M -S
600,000 Mar. 1 1931
Street R y ., which latter company was incorporated in 1899.
($1,000)------------------------ t f Interest at Wyoming Valley Trust Co.,
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Callable at 105___________ 1 Wilkes-Barre, Pa., trustee.
Does an electric railway business in Houghton and Keweenaw Counties,
Dividends.— On preferred stock 6% cumulative.
M ich., connecting the cities and towns o f Houghton, Hancock, Laurium,
OFFICERS.— Pres., Geo. Steinwedell; V .-P ., A . P. Lathrop; Sec. and
Red Jacket, Lake Linden and Hubbell, and the mining locations of Quincy,
Treas., G. J. Zorn; Asst. Sec. & Asst. Treas., James Lawrence; Aud..
Osceola, Wolverine, Allouez, Ahmeek and Mohawk. Miles o f single track
equivalent, 32.15; standard gauge; 39 cars. Power station capacity, T . M . Leahy.— V. 109, p. 1700; V. 110, p. 1290: V. I l l , p. 2041; V. i ’ 2.
1,000 k.w. Also purchases power from Houghton County Electric Light p. -399; V. 13. p. 1675, 2406; 2721, 2819.
156
PUBLIC UTILITIES
[V ol. 121,
Southern Group o f States
P O W E R , LIGH T A N D R A IL W A Y
V IR G IN IA
VIRGINIA RAILWAY & POWER CO.
Webster, Inc., Blodget & Co. and Blair & Co., Inc., sold in June 1925
$2,660,000 at 98)^ and int. V. 120, p. 2067.
Unissued Norfolk & Portsmouth 1st M . bonds of 1906 may be issued for
acquisitions, extens. and impts., but not over $500,000 in any one year.
A sinking fund of A % per annum of outstanding bonds began June 1 1916,
which is to be invested in the bonds; $549,000, not included in amount
reported outstanding, held in sinking fund June 1925. $211,000 in
treasury. Are subj. to call at 110 and int. on any int. date upon 60 days’
notice. Bonds are listed on Phila., Boston, Balt, and Pittsburgh Stock
Exchanges. V. 83, p. 492. In Feb. 1925 $500,000 Norf. & Ports. Trac.
1st mtge. 5s were offered by Paine, Webber & C o. at 95.75 and int., to
yield 5.50%. V . 120, p. 706. Stone & Webster, Inc., Blodget & Co.
and Blair & Co., Inc., sold in June 1925 $486,000 at 98 A and int. V. 120,
p. 3067.
Car trust certfs. are secured on 50 safety cars. Due serially $50,000 each
July 1 1921 to 1925. Red. as a whole on any div. date on 30 days’ notice, at
101 and divs. V. I l l , p. 494.
Dividends.—On pref. first div.— 1 A %-—paid July 1 1910. In 1911,
1912 and 1913, 5% . In 1914, 5 A % - In 1915 to and incl. 1918, 6% per
ann. Jan. 1919 div. of 3% paid on July 20 1919. None to Jan. 1921, when
6% (payable in pref. stock) was paid. V. I l l , p. 2042. In 1922, Jan.,
6% (payable in pref. stock). V. 114, p. 80. In Dec. 1922 a div. of 6%
was declared, payable in cash (3% in Jan. and 3% in July 1923). V. 115,
p. 2906. In 1924, Jan., 1 ^ % ; April, 1 H % ; July, 1 H % ; Oct., 1 M%. In
1925, Jan., 1 A % ; April, 1J^%; July, 1 A %\ Oct., I A % . On common,
X
first dividend— 1 % — paid Oct. 1911. In 1912, 2 % . In 1913 to 1917,
inclusive, 3 % . April 1918 dividend omitted (V. 106, p. 1127); Oct. 1918
dividend of 3% was made payable in stock of Old Dominion iron & Steel
Corp. V . 107, p. 1288. None till Sept. 1925, when a dividend of 6% was
declared, half o f wnich was paid Sept. 29 1925 to holders of record Sept. 22,
and the remaining 3% to be paid Dec. 15 1925 to holders of record Oct. 31
1925. V . 12), p . 1463.
R E PO R T .— Of combined properties (excl. operations of City Gas Coof Norfolk) for calendar years;
Calendar Years—■
1924.
1923.
1922.
1921.
Fare passengers_________ 75,580,482 80,147,327 71,950,905 85,637,593
Transfer & free pass___ 18,848,202 19,104,992 17.102,151 18,556,853
Revenue transfer p ass..
______
______
______
998,086
New Control.— See Y. 118, p. 3080. In M ay the control o f the company
passed to Stone & Webster, Inc., and affiliated interests. The properties
were placed under the executive management of Stone & Webster, Inc.
V. 120, p. 2685, 3067; V. 121, p. 201. On Sept. 12 1925 the co. acquired
the stock and properties o f the Richmond Rapid Transit Corp. V. 121,
p. 1463.
Stockholders were to vote Oct. 26 1925 on merging the Spottsylvania
Power Co. into the Virginia R y. & Power Co. and changing the latter com
pany’s name to Virginia Electric & Power Co. V. 121, p. 1910.
Acquisition o f Williamsburg (Va.) Power Co. was reported in Oct. 1925.
V. 121, p. 1910.
OR GA N IZA TION .— Incorp. in Virginia on July 1 1909 and is successor
to the Virginia Passenger & Power Co. sold at foreclosure M ay 5 1909. V.
89, p. 44, 105. The reorganization was under plan given in V. 87, p. 347On July 1 1911 took over by consolidation the Norfolk & Portsmouth
Trac. Co. (into which was merged the Norfolk & Atlantic Terminal Co. on
June 30 1911), and increased its stock to $12,000,000 com. and $8,000,000
pref.; $150 Virginia R y. & Power com. was exchanged for each $100 Norf. &
Portsm. com.; the pref. was exchanged share for share. V. 93, p. 106.
For history o f Norfolk & Portsmouth Traction organization see “ Electric
Railway Section” of June 1911, p. 84.
Through acquisition of Norf. & Portsm. Trac., the Virginia R y. & Power
Co. acquired the lease of the Norfolk R y. & Light Co. for 99 years from
June 1 1906 and the entire $100,000 capital stock and ($1,000,000) bonds
of the Norfolk & Ocean View R y. Co. (dissolved April 5 1917).
On July 20 1916 the shareholders ratified the merger of the Richmond
R y. & Viaduct Co. (all o f whose stock was owned) and auth. an increase
in pref. stock from $8,000,000 to $9,000,000 in connection therewith.
V. 103, p. 407. In April 1924 purchased the plant and properties of the
Total passengers_____ 94,428,684 99,252,319 89,053,056 105,192.932
Roanoke Rapids (Va.) Lt. & Pow. Co. for approx. $1,000,000. V. 118, K .w .h rs. output, com’1.226,445,150 210,979.525 179,274,676 158,066.825
p. 2181.
Gross earnings---------------$10,454,047 $10,508,608 $9,513,096 $10,173,334
FIELD OF OPERATIONS AN D C H A R ACTER OF BUSINESS.— Operating expenses_____ 5,400,943
5,600.020
5,202,659
6,457.262
Owns or controls through lease practically the entire street railway, elec
tric light and power business in Richmond, Petersburg, Norfolk (all except
Net earnings............. $5,503,104 $4,908,588 $4,310,437 $3,716,072
line to Virginia Beach), Portsmouth and Berkeley; an interurban railway Other income---------------292,095
263,122
236,035
235,457
connecting Richmond and Petersburg; a line from Norfolk to Sewell’s Point,
where connection is made by ferry to Newport News and Old Point Com
Gross in com e............. $5,345,199$5,171,710 $4,546,472 $3,951,529
812,357
739,666
668,589
698,112
fort; electric light business of Suffolk, Va.; the City Gas C o ., with unlimited Taxes and licenses------990,522
963.804
963,052
franchises. The company operates 243.346 miles o f single track; 602 pas Interest on bonds--------- 1,288,290
26,165
37,525
51,084
95,894
senger and 43 service cars. Also owns valuable park properties and other Miscellaneous interest..
224,995
168,785
168.785
168,785
real estate. Rails, 95 to 119-lb. girder and 60, 70 and 80-lb. T . 6 power Sinking fund payments.
99,000
336,504
335,828
332,715
stations and 25 sub-stations, combined capacity, 129,655k. v .a , A trans Rentals-----------------------90.288
255,067
38,813
92,472
mission line between Richmond and Norfolk completed and in operation Direct charges_________
in 1920.
Surplus for year_____$2,804,105 $2,643,639 $2,319,568 $1,600,499
Franchises.— The Manchester & Petersburg Ry. franchises are perpetual Previous surplus----------806,062
642,767
1,783,437
1,301,071
The principal railway franchises in Richmond expire in 1926 and 1931.
The interurban railway franchise expires in 1981. The water power rights Dividend received, City
Gas Co. of Norfolk_
_
500,000
______
______
______
In Richmond and Petersburg are perpetual. These rights are only partly
utilized and are capable o f a large further development. The more im
Total surplus________ $4,110,167 $3,286,406 $4,103,005 $2,901,570
portant rights for lighting Richmond expire in 1927 and 1928 and in Man Preferred dividends (6%)
538,405
(z)
(x) 537,738 (x) 507,738
chester in 1931. The Petersburg lighting franchises are perpetual. V. 89, Depreciation reserve_
_
1,586,328
1,480,345
1,422,500
610,400
p. 529. Franchises for street railways in Portsmouth expire in 1926, 1927 yAdjustment reserve_
_
304,145
1,000,000
1,500,000
______
and 1932. Street railway franchises in Norfolk expire in 1944. In 1915
the City o f Suffolk granted a new 30-year franchise to do a light and power
Balance, surplus------- $1,681,288
$806,062
$642,767 $1,783,437
business and made a 10-year contract for municipal light and power service
x Stock dividend payable in 6% preferred stock, y The property account
With certain rights of renewals. Negotiations are in progress with the cities
o f Richmond and Norfolk for the entire revision o f the railway and light has been adjusted to Stone & Webster’s appraisal as o f Jan. 1 1920, less 25%
for reduct on in unit prices, which adjustment resulted in a reduction in
and power franchises.
In M ay 1923 the co. transferred to its subsidiary, the Portsmouth (Va.) property account of $2,804,156, of which amount $1,500,000 was charged
to surplus at Dec. 31 1922" an additional amount of $1,000,000 charged to
Transit C o., its traction properties in Portsmouth. See V . 116, p . 2390
surplus Dec. 31 1923, and the balance, $304,145, is charged to surplus
for further details. See also V . 119, p. 326.
Dec. 31 1924, as shown above, which charge finally closes the property
Valuation of City Gas Co.— See V. 110, p. 1416; V. 112, p. 259.
For reproduction value as fixed by Stone & Webster, see V. I l l , .p 494, adjustment account, z The dividends of 6% as shown as having been paid
1473. For valuation of Richmond lines by Stone & Webster, see V. 112, p. in 1922 were actually paid during 1923 3% in January and 3% in July
1743. Valuation of P. U. Comm, in V. I l l , p. 1473. Taylor-Cooke valua but were provided for out of surplus previously accumulated.
Latest Earnings.— Six months ended June 30—
tion will be found in V. I l l , p. 2425. See also V. I l l , p. 2326: V. 112, p.
637, 654, 1400, 2085; V. 113, p. 72. New valuation by Va. Corp. Comm, „
.
1925.
1924.
$5,248,508
will be found in V. 114, p. 2361. For valuation of Norfolk street railway Gross earnings-----------...--------------------------------------- $5,284,558
Operating expenses, maintenance and rentals_____ 2,869,309
2,889,193
division see V. 117, p. 2544.
425,225
393,982
Value o f Old Richmond Passenger & Power Co. Deb. Bonds.— See V. 114, Taxes and licenses______________________________
p. 2581.
Net earnings--------------------------------------------------. $1,990,024 $1,965,333
Fares.— See “ Electric Railway” Supplement o f April 26 1924. Fare in Other income----------------------------------------------------87,187
70,515
crease granted by Virginia Corporation Commission; see V. 121, p. 980.
Total income----------------------------------------------------- $2,077,212 $2,035,848
Bus Service .— For acquisition o f bus lines and purchase o f 36 buses, oper
Interest and sinking fund________________________
671,511
646 637
ating at Norfolk, Va., see V. 121, p. 588, 980.
820,549
795,863
Wage Increase.— The company voluntarily raised wages approximately Depreciation and renewal reserve________________
5 % . See V. 121, p. 1227.
Balance--------------------------------------------------------$585,152
$593,347
Decision.— For ruling o f Supreme Court o f Appeals in Sept. 1922 that
OFFICERS.— Pres., Luke C . Bradley; Vice-Presidents, W . E. W ood and
right to fix street car fares is vested solely in the State Corp. Comm., see J. F . McLaughlin, T . Justin M oore, Richmond; Treas., Geo. B. Williams,
V. 115, p. 1534.
Richmond; Sec., A. H. Herrmann. General office, Norfolk, Va. N . Y .
STOCK AN D BONDS—
Date.
Interest.
Outstanding. Maturity.
office, 149 Broadway.— V . 118, p . 433, 1013, 1137, 1393, 1521, 1667, 2181,
Common $12,000,000 ($100)_
A-O
$11,950,500 See text.
2306, 3080; V. 119, p. 326, 457, 943, 2288, 2881; V . 120, p. 584, 706, 1749,
Preferred $9,000,000 ($100)__
J-J
8,987,090 See text.
2685, 3067; V. 121, p. 201, 588, 709, 980, 1229, 1910, 1463.
Preferred stock scrip_________ _____
_______
12,910 __________
(1) NORFOLK R Y . & L IG H T .
First and refunding mortgage/ 1909
5 g J-J
15,274,000 July 11934
g ($1,000)---------------------c*\Int. at Equitable Tr. C o., N. Y ., trustee.
Lease.— Was leased on June 1 1906 to Norfolk & Portsmouth Traction Co.
Norfolk & Portsm 1st mtgef 1906
5 g J-D
7,726,000 June 1 1936 (since consolidated with Virginia R y. & Power Co.) for 99 years, rental
$8,000,000 ($1,000) gold-_\lnt. at Commercial Trust C o., Phila., Trus. being (in addition to all fixed charges), $16,500 each June 1 and Dec. 1
Norfolk & Atlantic Term lstf 1899
5 g M-S
478,000 Mar 1 1929 from June 1 1906 to June 1 1907, inclusive, and increasing to $49,500 s. a.
mtge $500,000 gold_______ (Interest at Alex. Brown & Sons, Baltimore.
on Dec. 1 1912 and thereafter. V. 82, p. 1323.
Car trust certificates gold! 1920 8 g J-J
50,000 See text.
O R G A N IZA TIO N .— Incorp. in Va. N ov. 2 1899 as a
($1,000)------------------------ c*\Divs. at Philadelphia Trust C o., Phila., Tr. following: Norfolk Street R E ., Norfolk & Ocean View consolidation of the
R y., Virginia Elec.
Stock.— The pref. stock was entitled to non-cum. divs. of 5% up to Jan. 1, Co. and Berkeley Light & Power Co. Owns entire stock of the Norfolk
1914 and thereafter to non-cum. divs. up to 6 % . Both com. and pref. are Light, Heat & Power Co. Also owns 4,011 shares out of 5,000 shares of the
listed on the New York, Philadelphia and Baltimore Stock Exchanges. V. stock of the City Gas Co. o f Norfolk, remaining shares, 989, owned by Vir
92, p. 882, 1033, 1111, 1375; V. 93, p. 230. See official statement to N. Y . ginia R y. & Pow. Co. On Aug. 30 1904 the City Gas Co. pm-chased the
Stock Exchange." V. 92, p. 1118.
Berkeley Gas Co. V. 79, p. 968. Stock is listed on Philadelphia and
Bonds.— $465,000 1st & ref. bonds are in treasury, and remainder are and Baltimore stock exchanges. Street railway franchises expire in 1914,
reserved for future improvements, subject to certain restrictions. Sinking except a small portion of mileage in Norfolk, which expires in 1934. Elec
fund M% semi-annually o f bonds out from 1914 to 1919 and l % semi tric light franchise expires in 1930.
A
annually thereafter; $1,921,000, not incl. in amount reported outstanding,
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
held in sinking fund June 1925. Bonds are subject to call at 105 and The company controls the street railway, electric lighting and power
interest. V. 92, p. 1212. Listed on New York, Phila. and Baltimore business of the city of Norfolk and owns a line of railway to Willoughby Spit
Stock Exchanges. V. 94, p. 125; V. 96, p. 1425; V. 100, p. 557. Stone & and connects with steamer to Old Point Comfort.
Oct., 1925.]
POWER, LIGHT AND RAILW AY
STOCK AN D BONDS—
Date. Interest. Outstanding. Maturity.
Stock $1,650,000 ($25)____________
6 J-D
$1,650,000 Dec ’24, 3%
Virginia Electric C o. 1st mtge/ 1898 5 A-O
10,000 April 1 1928
$500,000 gold ($1,000)___ lint, at U. S. Mtge. & Tr. C o., N. Y ., Trustee
Norfolk Street 1st cons m tge/ 1898 5 g J-J
728,000 Jan 1 1944
$1,040,000 gold ($1,000)-c\lnt. at M erc. Tr. & Dep. C o., Balt., Trustee.
Norfolk R y & Lt 1st cons M / 1899
5 g M -N
2,162,000 N ov 1 1949
$4,000,000 g ($1,000) sf_c*\lnt. at Internat. Tr. C o., Baltimore, Trus.
Bonds.— Of the Norfolk R y. & Light first consol, mtge. $1,050,000 is re
served to retire underlying bonds. Sinking fund began N ov. 1 1909, and
provides for the purchase o f 1% of outstanding bonds each year at 110 or
less. See V. 70, p. 584. $778,000 of bonds not reported outstanding held
in sinking fund or by trustee Dec. 31 1924, $312,000 Norfolk Street R R .
bonds not reported outstanding also in sinking fund or in hands of trustee
as of Dec. 31 1924.
OFFICERS.— Pres., Thomas S. Wheelwright; V.-Ps., T. Norman Jones
Jr. and F. Sitterding; Sec. & Treas., G. B. Williams.—V. 82, p. 1323;
V. 106. p. 925.
157
W E S T V IR G IN IA
APPALACHIAN POWER CO.
Proposed Consolidation— Exchange of Stock.— The Appalachian Securities
Corp. has offered its first pref., pref. and com. stock in exchange for the
first pref., pref. and com. stock of the Appalachian Power Co. For terms
of proposed consolidation of the Appalachian Securities Corp. with the
American Gas & Electric Co. see V. 120, p. 451.
ORGANIZATION.— Incorporated in Virginia in M ay 1911.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Furnishes electric light and power, directly or indirectly, to 43 communities
in an industrial and coal mining district in Virginia and West Virginia,
having a population estimated at over 400,000. Five coal fields, among
Clinchfield districts, are supplied
NEWPORT NEWS & HAMPTON RAILWAY, GAS & them the Pocahontas and also numbers among its customers with power by
the company. Company
diverse manu
facturing enterprises, several municipalities and other utility companies,
ELECTRIC CO.
including that serving the city
O R G A N IZA TIO N .— The company was organized in 1914 as the consoli and undeveloped water power of Roanoke. Storage reservoir possibilities
sites aggregating over 70,000
dation of the Newp. News & Old Pt. R y. & Elec. Co., Citizens’ R y., Light New River are controlled by the company, which has thus k. w. on the
& Power Co., Hampton Roads Traction Co., Newport News Gas Co. and 25,000 k. w. in two hydro-electric plants. In addition to the far installed
hydro-electric
the Hampton Phoebus & Fort Monroe Gas Corp. In 1919 acquired the developments, property includes a 58,750 k. w. steam station and 886 miles
property and plant o f the Phoebus Coal & Ice Co. and issued in connection of high tension transmission line.
therewith $67,000 7% pref. stock. V. I l l , d . 687. Acquisition of the
Interest. Outstanyng.
Maturity.
STOCK AND BONDS—
Date.
control of the company by the Federal Light & Traction Co. was in Aug.
Common 60,000 shs (no p a r )_ _ ____
_______
60,000 shs __________
1925 reported to be practically completed. V. 121, p. 586.
7 Q-F
$2,775,200 N ov ’25, 1M
1st pf 7% cu $7,500,000 ($1 (Kb______
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.— Pref 7% cum $4,000,000 ($ 1 0 0 )____
7 Q-J 15
3,706,000 Oct ’25, 1H
Provides railway, gas and electric light and power facilities for the Virginia First mtge $25,000,000 ($1,-1, ____
„ __________
5 g J-D
11,890,000 June 1 1941
1911
Peninsula. 51 miles of track. 126 cars. Power plant with 15,000 k. w.
000) gold__________ c*& r*/lnt. at Cont. & Comm. Tr. & S. B.,Chie.,tr.
capacity; 2 gas plants; electric-lighting system.
General mortgage $6,000,000/ 1921
7 F-A
See text Aug 1 1936
callable at 105 and inter-jlnt. at New York Trust C o., N. Y ., trustee;
Franchises.— For electric light and power, perpetual; for street railways,
est_______________________ l Frederick J. Horne, co-trustee.
practically none expires before 1944. Gas franchises in Newport News are
perpetual, subject to right o f purchase o f property by city (for 6 months in 15-year sec’d bds $5,000,0001 1921 7 g F-A
2,500,000 Aug 1 1936
1927); in Hampton, gas franchise expires in 1936. lnterurban lines largely
($100, $500 & $1,000) g c*tf/In t. at New York Trust C o., N. Y ., trustee.
on private right o f way.
Deb Ser “ A ” ($100, $500
1924
6 g J-J
4,000,000 July 1 2024
The Hampton & Langley Field R y. was incorp. in Virginia in Feb. 1917
$1,000 c* & $1,000 & mul-iCentral Union Trust Co., New York, trustee,
with $25,000 capital (increased in Oct. 1917 to $100,000), to build a line
tiples r*) gold__________ t f /
3.1 miles long between the points named. The c o . owns a one-third interest
Stock.— First pref. is callable at 112 and div. Pref. is also redeemable
in this line.
^
at 112 & div.
STOCK A N D 'B O N D 8 ^ ” ^DaTe".' Interest'.... "& utstand'ngM aiunty.
Bonds.— First Mortgage 5s are callable at 105 & int. on any int. date on
Common $4,000,000 ($100)________
_______
$2,800,000
See text
30 days’ notice. Mortgage provides for anual sinking fund payments on
P f 7% cum on$4,000,000($100)____
7 Q-J
1,500,000 Oct’25,lM % Sept. 1 of each year, commencing Sept. 1 1916, of cash equivalent to the
1st & ref M $7,500,000 g($100/ 1914 5 g J-J
3,744,500 Jan 1 1944 following percentages of the total amount of bonds outstanding at the time
$500 and $1,000)____c* tf (Maryland Trust Co. o f Baltimore, Trustee. of payment: 1916 to 1920, both incl., 1%; 1921 to 1925, both incl., 1)4% ;
Newport News & OldPt. Ry. & El.—
1926 to 1930, both incl., 2% ; 1931 to 1940, both incl., 2)4% ■ Moneys in
First mortgage $900,000 gold/ 1898
5 g M-N
900,000 N ov 1 1938 this fund are to be used for the retirement and cancellation of bonds, either
($1,000 each)________ c* tf (Interest at Alex. Brown & Sons, Balt., M d. by purchase or call at not exceeding 105 and int.
General mtge $4,000,000 gold 1901
5 g M-S
38,000 Mar 1 1941
In N ov. 1923 Bonbright & C o., Inc., Harris, Forbes & C o,, and Coffin &
($1,000 each)__________ c*{ Int. at Alex. Brown & Sons, Baltimore, M d. Burr, Inc., offered $826,000 first mtge. 5s, at 90>£ and interest to yield
I or at company’s agency in New York.
over 5.85% . V. 117, p. 2436.
First mtge Citizens’ R y L & P [ 1900 5 g M -N
52,000 M ay 1 1940
Entire $6,000,000 issue of general mortgage 7s pledged as security for the
$800,000 ($1,000) gold __c*i Maryland Trust C o., Baltimore, Trustee. 15-year 7% secured bonds.
Guaranteed principal & int. (Interest at Alex. Brown & Sons, Baltimore.
15-year secured 7% bonds are not subject to call. Are secured by pledge
Hampton Roads Trac 1st M __ 1905 4J£ J-J
46,500 Jan 1 1930 of $6,000,000 gen. mtge. 7s. Penna. 4 mills tax refunded. In Sept. 1921
Stock.-—The pref. stock is red. all or part after 3 years from issuance on $2,500,000 15-year secured 7% bonds were offered by Bonbright & C o.,
any div. date on 30 days’ notice at 110 and divs. V. 114, p. 2824. Is W . C. Langley & Co., N . Y .; Paine, Webber & Co., Boston, and Montgom
listed on N . V. Stock Exchange. V . 115, p. 2159. Com. is also listed on ery & Co., Phila., at 90 and interest, to yield 8.15.% V. 113, p. 1254.
6% debentures, Series “ A ,” are redeemable, all or in part, on any interest
N . Y. Stock Exchange. V. 116, p. 936. _
..............................
date on 30 days’ notice on and after July 1 1929 and up to and including
Bonds.— Of the first and ref. bonds, $1,036,5dcTare reserved for~prior July 1 2019 at 110 and int.; and thereafter at par and int. Penna. 4 mills
liens as above, $1,030,500 are in treasury and the remainder are for impts. tax refunded. In June 1924 $4,000,000 were offered by Bonbright & Co.,
and extensions. Bonds subject to call at 105 and int. on any int. day upon Inc., Tucker, Anthony& C o., and Jackson & Curtis, at 87)4 and interest,
one month’s notice. Int. payable at Alexander Brown & Sons, Baltimore, to yield about 6.86% . V. 118, p . 3201.
or company’s agency in N . Y. The Maryland Tr. C o., Balt., is trustee of
EARNING S.— For calendar years:
both the first and general mortgages o f the Newport News & Old Point
1922.
1921.
1924.
1923.
Ry. & Electric.
$3,434,228 $2,949,602 $2,487,607
The Newport News & Old Point bonds of 1898 are subject to call at Operating revenue_____$3,661,349
Operating expenses_____ 1,751,092
1,556,128
1,381,896
1,796,239
110 on any interest day at 60 days’ notice.
The Citizens’ R y. Light & Power C o. bonds are subject to call at 110
Operating income____$1,910,256
$1,637,990 $1,393,474 $1,105,710
on any interest day on 60 days’ notice.
20,342
136,778
24,363
22,933
Remaining Newport News & Old Point R y. & El. gen. M . 5s, Citizens Other income (interest).
R y. L. & P. 1st M . 5s, and Hampton Roads Trac 1st M . 4H s are deposited
Total income_________ $2,047,034 $1,660,923 $1,417,837 $1,126,052
under the Newport News & Hampton R y ., Gas & Elec. 1st & ref. mtge.
In terest_______________
$890,038
$656,109
$638,624
$675,556
Dividends.— Divs. on the 6% pref. stock were paid regularly from organ
_
82,725
Amort, of disc. & exp_
67,922
57,960
61,760
Ization o f co. to July 1917, when the pref. stock was made 7% cum. and Deprec. reserve________
350,000
250,000
325,000
250,000
divs. at that rate have been paid regularly since. A div. of 3% on the com. Comm’ns,&c., lstpf.stk.
36,575
3,750
53,110
stock was paid July 1 1916; in 1917, M ay, 5% : in 1918, M ay, 5% ; in 1919, Prof, on sale of office bldg. Cr .20,976
M ay, 5% ; in 1920, 5% ; in 1922, N ov., 1M%; in 1923, Feb., 1 X % . and 1st pref. stock divs_____
206,606
70,938
33,867
136,684
same rate regularly quarterly since to and including Oct. 1925.
Divs. preferred stock_
_
259,420
64,855
259,420
EARN IN G S.— For year ending Dec. 31:
$104,869
Balance, surplus_____
$242,646
$331,710
$162,678
Calendar
Gross
Net (after
Other
Interest,
Balance for
OFFICERS.— P r e s .,________
V .-P ., C. N . Mason; V.-P., H. S.
Year—
Earnings.
Taxes).
Income.
Rents, cfee. Deprec., &c.
Reynolds: Sec. & Treas., L. W.
1924------------$1,987,214
$640,247
$3,562
$248,516
$395,293
1923_______ 2,100,048
641,829
3,199
254,188
390,840 p. 451, 2940.
1922------------ 2,086,228
667,461
15,757
294,057
389,161
OFFICERS.— Pres., J. N . Shanahan; V.-Pres. & Gen. M gr., C. D.
(THE) V IRG IN IA N POW ER CO.
Porter; V .-P ., C . D. Porter; Sec. & Treas., Richard M . Booker; Asst. Sec.
& Asst. Treas., W m. Stewart, all o f Hampton. Peck-Shanahan-Cherry,
Control.—-On Feb. 4 1925 the stockholders approved the proposal of the
Inc., operate the road.— V. 110, p. 2192, 2488’ V. I l l , p. 2528- V. 113, p. Appalachian Securities Corp. to buy the assets of the Virginian Power Co.
1360’ V. 114, p. 2116, 2824’ V. 115, p. 1100, 2159, 2267, 2478 2906: V. for the consideration of an issue of 82,000 shares o f the 1st pref. stock of the
116, p. 936; V. 118, p. 2305; V. 119, p. 1065, 2064; V. 120, p. 703, 2148; Appalachian Securities Corp. The latter corporation plans to consolidate
V. 121, p. 586.
with the American Gas & Electric Co. V. 120, p. 706.
ORGAN IZATION .— Organized Sept. 25 1912 in Massachusetts
Owns
the entire capital stock o f the Kanawha Valley Power Co. and all the
CHARLOTTESVILLE & ALBEMARLE R A IL W A Y .
outstanding bonds and capital stock of the Portsmouth Public Service Co
Controlled by National Public Service Corp.
Management.— General Engineering & Management Corp.
In 1923 entire property was purchased by the Virginia-Western Power C o.,
Clifton Forge, Va. The railway property was later conveyed back to the
Charlottesville & Albemarle R y. C o., which now operates it subject to
1st mtge. of Virginia Western Power Co.
O RGAN IZATION .— Organized in Virginia and formed by an agreement
o f consolidation dated N ov. 24 1913 between the Redland Power Corpora
tion and the Charlottesville & Albemarle R y. On July 1 1925 the National
Public Service Corp. acquired the co. V. 121, p. 1788.
A m e r ic a n P u b l i c S e r v ic e C o .
J e rse y C e n tr a l P r. & L t. C o rp .
B an gor P ow er C o.
L in c o l n G a s & E l e c t r i c L i g h t C o .
FIELD OF OPERATIONS A N D C H ARACTER OF BUSINESS.—
C e n t r a l G e o r g ia P o w e r C o .
M i c h i g a n L ig h t C o .
Miles o f track, 3.45; standard gauge. Rails, 83 and 97-lb. girder and
50-lb. T . 9 cars. 1 sub-station.
C e n tra l I llin o is P o w e r C o.
M id d le W e s t P o w e r C o .
C e n tra l In d ia n a G as C o.
M i d d le W e s t U t i li t ie s C o .
STOCK A N D BONDS—
Date. Interest.
Outstanding. Maturity.
C e n tra l I n d ia n a P o w e r C o .
N o r t h w e s t e r n P u b l i c S e r v ic e C o .
Common stock $500,000 ($ 1 0 0 )____
_______
*$500,000
See text
C in c in n a t i G a s & E le c tr ic C o .
O h io P u b l i c S e r v ic e C o .
Pref stk 7 % cum $200,000($100)____
Q-M
68,400
See text
C in cin n a ti G as T r a n s p o r ta tio n
O m ah a & C o u n c il B lu ffs S t. R y .
* All owned by Virginia Western Power Co.
C o lu m b ia G as & E le ctric C o .
O zark P o w e r & W a te r C o.
Dividends.— Dividends at the rate o f 7% per annum are being paid on
C u m b e r l a n d C o u n t y P r. & L t .
P o r tla n d E le c tr ic C o .
pref. stock. On common first dividend o f 2% and 1% extra paid in June
D a n b u r y & B e t h e l G a s & E le c . L t
P u b l i c S e r v ic e C o . o f C o l o r a d o
1916. In Dec. 1916 paid 2 )4 % . In 1917, June, 2 )4 % ; D ec., 2% . In
19l8, Dec., 1% . In 1919, 5% . None to Dec. 1920, when 3% was paid
D u r h a m P u b l i c S e r v ic e C o .
S h a w in ig a n W a te r & P ow er C o.
In 1921, June, 3% ; D ec., 4 % . In 1922, June, 4% ; Dec., 5% and 1% extra.
E a st O h io G a s C o .
U n io n L i g h t , H e a t & P o w e r C o .
V. 116, p. 175. In 1923, March, 2 )4 % , and same rate paid regularly
G e o r g ia L ig h t , P o w e r & R y s .
U n it e d F u e l G a s C o .
quarterly since.
In d ia n a E le ctric C o r p o r a t io n
W est P en n P ow er C o.
EAR N IN G S.— For years ending Dec. 31:
Year—
Gross.
Net.
Other Inc. Charges. Pref. Div. Surplus.
W e h a v e b e en id e n tifie d e ith e r as p rin c ip a ls or
xl923___________ $180,217 $77,403 $11,510 $38,713 $10,937 $39,263
1922------------------- 259,955 134,639
3,065
36,012
8,589 93,104
jo in t ly in th e fin a n c in g o f th e a b o v e co m p an ies
1921____________ 236,557 117,395
1,426
37,634
8,589 72,598
Latest Earnings .— For 12 mos. ending Dec. 31 1924, gross, $61,230; net
after deprec., def., $6,043.
x For period from July 1 1923 to Dec. 31 1923, railway revenue only
is included.
NEW Y O R K
BOSTON
PHILADELPH IA
CHICAGO
OFFICERS.— Pres., A . H. Grimsley; Treas., A . C. Ford; Sec., H. C.
Bradshaw.— V. 103, p. 2428; V. 106. p. 606. 1688, 2289; V. 116, p. 175,
720, 2515; V. 117, p. 438, 781; V. 121, p. 1788.
Virginian Power Co.
A . B. Leach & Co., Inc.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Has constructed a modern steam-power station at Cabin Creek Junction,
W . V a., and a comprehensive distributing system on steel towers and poles
supplying electric power in the Kanawha-New River Coal Districts of that
State. Owns or controls three alrge power sites on New River, located at
Bluestone, Richmond Falls and Hawks Nest, W . V a .t and seveial other
smaller water power sites also along the New River.
STOCK A N D BONDS—
Date.
Interest. Outstanding, Maturity.
Common 150,000 shs (no par). ____
_________ 50,000 shs. __________
P f 6% n-c $5,000,000 ($100)-. ...............................
$ 1 ,200,000 ......................
Prior pref 250,000 shs Ser “ A ”
$7 cum (no par)___________ ____
$7
32,500 shs __________
First & coll trust mtge $15,-\ 1912
5 g J-D
$5,925,000 D ec. 1 1942
000,000 ($1,000) g.c*& r*.tf / New York Trust C o., New Y ork, tiustee.
First lien & ref mtge Ser “ A ” \ 1924
6HgJ-J
5.000,000 Jan. 11954
($100, &c.) gold______ c* .tf / Bankers Trust C o., New Y ork, trustee.
Stock.— Prior pref. Series A is entitled to preferential cum. divs. at the
rate o f $7 per share per annum before any div. is paid on the p rif. stock
or the com. stock, is subject to redemption at $110 per share, is entitled in
dissolution, &c., to $110 per share before any distribution to the holders of
the pref. or com. stock, and is entitled to the benefit o f sinking fund.
Bonds.— ' otal authorized issue o f first mortgage bonds— $15,000,000;
T
outstanding, $5,925,000; in sinking fund, $465,000; reserved for extensions,
betterments, acquisitions, &c., under restrictions, $8,209,000.
Callable at 105 and interest. Sinking fund o f 1% o f outstanding bonds
provided for. Interest payable in New York and London.
The first lien & ref. m tge. gold bonds, Series A , are redeemable, all or part,
on 30 days’ notice to and incl. Dec. 31 1933 at 105, thereafter to and incl.
Dec. 31 1938 at 104, thereafter to and incl. Dec. 31 1943 at 103, thereafter
to and incl. Dec. 31 1948 at 102, thereafter to and incl. Dec. 31 1952 at 101,
and thereafter to maturity at par, plus interest in each case. Mortgage
provides for sinking fund commencing 1925. Free from Penn. State tax
V . 118, p. 564.
R E PO R T .— For 1923 showed:
Calendar Years—
1923.
1922.
1921.
1920.
Gross earnings----------------$2,631,615 $1,962,123 $1,790,074 $1,410,748
Oper. expenses and taxes $1,611,334 $1,115,841 $1,061,056 $1,023,362
Interest on bonds--------320,144
318,265
286,593
234,436
Other interest_________
128,840
112,028
124,529
108,010
Renewals & conting’cies.
216,000
216,000
133,333
______
Amortization of debt dis
count and expenses_
_
146,166
133,098
89,342
______
Balance, su rp lu s..---$209,131
$66,891
$95,221
$44,940
OFFICERS.— ---------------------- , Pres.; J. E . Harsh, R . E . Burger and
Lloyd Robinson, V.-Pres.; G. B. M oir, Treas.; Paul W . Fisher, Sec.
Secretary’s office, 62 Cedar St., New York.— V. 120, p. 333, 455, 706.
MONONGAHELA WEST PENN PUBLIC SERVICE CO.
Control.— In June 1922 the West Penn Co. acquired a substantial con"
trolling interest. V. 114, p. 2116, 2718, 2823. The West Penn Co. is
controlled through stock ownership by the American Water Works &
Electric Co., Inc.
ORGAN IZATION .— Organized in W. Va. on M ay 17 1912 as the Monongahela Valley Traction C o., name changed (V. 112, p. 2083) to Monongahela Power & R y. on M ay 11 1921, but early in 1923 name was changed
once more to present title. V. 116, p. 61o. Is a consolidation of Fairmont
6 Clarksburg Trac. C o., Fairmont & Northern Trac. Co. and Clarksburg &
Weston Elec. Co. On Dec. 15 1915 acquhed the Fairmont Gas Co. V. 101
p . 1465. N ov. 1 1916 acquired Consumers Light Co. On April 1 1917
absorbed by merger the Fairmont & Manington R R . Co. On June 30
1917 acquired control o f the Kanawha Traction & Electric Co. (now
known as the Parkersburg-Marietta Division, (which see below) through
ownership o f approximately 96% o f its stock. V. 105, p. 290. The com
pany has since acquired all the outstanding common and pref. stock of
that company. In March 1923 the company secured control of the St.
M ary’s Pow. & Lt. Co., St. Marys, W . Va., by purchase o f outstanding
capital stock. In Aug. 1923 the co. purchased o f the Central Utilities Co.
the light and power properties located at Sutten, W. Va.
Consolidation.— Consolidation o f West Virginia Ohio and Maryland
properties o f the West Penn System into the Monongahela West Penn
Public Service Co. See V. 120 p. 703.
Acquisitions.— The company acquired during 1925 the Brooks Electric
Co., West Virginia & Maryland Power C o., Parsons Electric C o., West
Virginia Public Service Co. and the St. M ary’s Power & Light Co. V . 121,
p. 586.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Owns and operates a system o f electric railways in W. Va. and Ohio exceed
ing 180 miles o f track (including Kanawha Traction & Electric C o.), also
electric lighting and gas plants. The physical property owned by the
company and subsidiaries as o f June 30 1925 included 180.90 miles of
track (single track mileage); standard gauge; 106 motor passenger cars,
28 express and freight cars, 3 electric locomotives and 17 other cars;
7 electric generating stations having an installed generating capacity of
60,375 k. w.; 86 substations having a transformer capacity o f 66,433 k. w.,
and 530.13 pole miles o f high-tension transmission lines (3.31 miles of
33,000-volt construction, 165.88 miles o f 66,000-volt construction and
360.94 miles o f 25,000-volt construction), exclusive o f low-tension distribu
tion lines in cities and towns. Franchises in Fairmont are perpetual. In
other cities and towns extend for 50 years, the shortest expiring in 1952.
Interurban lines on private right-of-way. Franchises over county roads and
bridges in Marion and Harrison counties are perpetual.
STOCK AN D BONDS—
D a te.
Outstanding. Maturity.
In te rest.
_
Common $15,000,000 ($25)_ _____
$9,574,061 Oct’ 18, 1 H
Q-J
Pref.7% cum.$15.000,000($25)___
7 Q-J
5.653,802 Oct’25, 1M
M on Vail Trac 1st A ref mtge ( 1912
5 J-D
3,74/,000 June 1 1942
$15,000,000 gold ($500 and/Fidelity Trust Co. Baltimore, trustee. In
$1,000)____ ____ c *&i *t f ( terest payable in New York.
1st lien & ref M ser B ($100, f 1923 5)4 g F-A $14,171,000 Feb 1 1953
$500, $1,000 c*, $1,000 &{]
Interest in New York and Chicago.
multiples r*) g
Fairm & Clarksb 1st M $2
1903
5 g A-O
2,500,000 Oct 1 1938
$2,500,000. g($1.000)c*ntf(Int. at Guaranty Trust C o., N . V .. Trustee.
B onds. — Of the M on. Valley Trac. 1st (& ref.) bonds, $2,500,000 are
reserved to retire piior liens, $6,478,500 are deposited under the first lien
and ref. bonds, and remaindei are for additions and extensions under
certain restrictions. Redeemable at 105 and int. on any int. date. See
V. 102, p. 1346; V. 94, p. 1508.
The outstanding first lien & ref. 6s, Series “ A ,” were redeemed on Aug. 1
1925 at 1013^ and int. V. 120, p. 3188. The 1st lien
ref. mtge. 514%
bonds, Series “ B,” dated Feb. 1 1923, are further secured by pledge of $6,478,500 1st & ref. mtge. bonds, due 1942, and by pledge o f $673,000 subco. bonds. They are red., whole or part, upon 30 days’ notice, incl. Feb. 1
1943, at 195 and int., and at }4 less each year thereafter. Penn, and
Conn. 4 mills tax, Maryland 414 mills tax and Mass. 6% tax refundable.
Halsey, Stuart & C o., Inc., &c., &c., sold in Aug. 1925 $13,200,000 at 98
and int., yielding about 5.65% . V. 121, p. 706. Listed on Boston Stock
Exchange. V. 121, p. 839.
D ivid en d s. — Initial div. o f 4 3 cents was paid on 7% pref. stock on
Oct. 1 1923. Same rate paid regularly quar. since to and incl. Oct. 1925.
[V ol. 121.
PUBLIC UTILITIES
158
d
1923.
1924.
$5,633,985 $5,204,888
$3,255,617 $3,004,157
51,196
145,161
308,889
323,301
C r. 31,608
Cr .37.138
E arnings fo r Calendar Y ea rs —
Gross operating earnings____________
Operating expenses and maintenance.
Renewals, depletion and depreciation.
Taxes (including Federal)___________
Miscellaneous income______________
Total income............. ................................................$1,947,044 $1,872,253
Int. on funded & floating debt and amort, o f diset. x l ,172,430 1,048,122
R entals________________________________________
25,842
12,222
Net available for dividends____________________
$748,772
$811,910
x After deducting $32,522 charged to improvement accounts.
OFFICERS.— Pres.. G. M . Alexander; V .-P . & Treas., R . B. Keating;
V .-P ., C. P. Billings; V .-P . & Gen. M gr., J. D . Whittemore; Sec. & Asst.
Treas., S. E. Miller.— V. 117, p. 554, 1236. 1462; V. 118.p. 551, 2305,
2825; V. 119, p. 942; V. 120, p. 703, 1747, 3188; V. 121, p. 586, 706, 839.
(1) KANAWHA TRACTION & ELECTRIC CO.
Controlled by Monongahela West Penn Public Service Co. (see above).
ORGANIZATION.— Incorp. April 20 1915 and on June 7 1915 absorbed
by consolidation the Parkersburg Marietta & Interurban R y ., which was
incorp. in 1902 in W. Va., and purchased the properties of the Parkersburg
Gas, Electric Light & Street R y ., Parkersburg Interurban R y . and Marietta
Electric C o., and on July 1 1911 the properties of the Muskingum Traction
Co. Franchises perpetual or for long periods. Guarantees the mortgage
bonds of the Parkersburg & South Side Bridge Co.
STOCK AND BONDS—
D a te .
Interest. Outstanding. Maturity
. $ 1 , 100,000
Common stock $1,500,0 0 0($25)____
See text
Pref stock $1,500,000 6% c u m l ____
1.078.500
Q-J
(par $25)-------------------------- J
1st & ref M $5,000,000 gold/
($100, $500 & $l,000).c*tf
Series “ A ” ------------------------ j 1916
1,700,666 Aug 1 1936
5 g E-A
Series “ B ” .........
j 1916
377,300 Aug 1 1936
7%
(Int. at Fidelity Trust C o., Baltimore. M d.
Parkersb G E L & St R y 1st/ 1898
5 g M-S
149,500 Mar 1 1938
_
M ($506 & $1,000)_ c*.tf\Int. at M erc. Trust & Dep. C o., Balt., trus.
Parkersburg-Marietta & Int/ 1902
5 A-O
540,006 Apr 1 1942
R y cons mtge ($1,060) c* .tf \Int. at Union Tr. & Dep. C o., Park’g, W.Va.
Parkersb & Inter-Urban R y / 1901
5 F-A
10,000 Aug 1 1941
first mtge ($1,600)______ c*\Int. at Union T . & D . C o., Parkersb., W . Va.
Stock. — Preferred stock Is cumulative from July 1 1916. All of the out
standing com. and pref. stock is owned by the Monongahela West Penn
Public Service Co.
B onds. — The First & Refunding bonds are Issuable in series as the com
pany’s needs require. Series " A ” is in the auth. amount of $2,000,000.
of which $1,700,600 were issued in April 1917 to retire the $1,100,000 2-year
5% notes due June 15 1917, and $150,000 Marietta Electric Co. bonds paid
April 1 1917, and for extensions, &c. $50,100 owned by Monongahela
West Penn Public Service Co. Entire $377,366 Series “ B ” 7s are owned
by Monongahela West Penn Public Service Co. and deposited under
Monongahela Valley Trac. Co. gen. mtge. Provision is also made for re
funding other underlying bonds at or before maturity. The bonds are sub
ject to call on any int. date at 105. Fidelity Trust Co. and Van Lear Black
of Baltimore are trustees.
Parkersburg Gas Electric Light & Street R y. first mtge. 5s are callable
at par and interest.
Parkersburg-Marietta & Inter-Urban R y. cons. 5s are redeemable at par
and interest. Geo. F. Frederick and Benj. T . Neal, trustee.
Parkersburg & Inter-Urban R y. first 5s are callable at par and interest.
$190,000 have been canceled.
Dividends.— Divs. of 1)4% quar. on pref. stock were begun Oct. 1 1915.
EARNINGS.— Included in Monongahela West Penn Public Service C o.
(see above).
OFFICERS.— Pres., G. M . Alexander; V .-P ., C. P. Billings; Treas.,
R. B. Keating; Sec. & Asst. Treas., S. E. Miller; Asst. Sec., G. E . Murrie.
— V . 104, p. 1145, 1702; V. 105, p. 1522; V. 110, p. 561.
CHARLESTON INTERURBAN RAILROAD.
O RGAN IZATION .— Incorp. in 1909 with $100,000 capital stock which
was increased on N ov. 10 1914 to $1,500,000 in part for the purchase o f
the Charleston Traction C o., a line from St. Albans to South Charleston,
taken o\ er as of that date, and in part as a stock dividend, all earnings since
incorporation having gone into extensions and betterments.
In Aug. 1923 purchased the entire outstanding stock of the Kanawha
Valley Traction Co. and has assumed that company’s 1st mtge bonds.
V. 117, p. 893. The co. also owns entire capital stock of the Charleston &
Dunbar Traction C o., which co. it had formerly leased. V . 114, p. 197.
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
Operates (incl. Dunbar line mileage) 51 miles of track between St. Albans
and Cabin Creek. Line is to be extended to Montgomery, about 10 miles
further on. 70, 80 and 100-lb. T and 122-lb. grooved rail. Standard gauge.
70 passenger cars, 3 freight cars and 4 work cars. Power is obtained from
the Virginian Power Co. under long-term contract. Franchise of the
Traction Co. in the city of Charleston expires in 1956; interurban lines are
operated almost entirely on private rights-of-way.
STOCK A N D BONDS—- Date.
Interest.
Outstanding. Maturity.
Common $1,500,000 ($100)_ _____
_
_______
$1,500,000
See text
Preferred $1,500,000 ($100)_______
Q— J
385,600 .. ..................
1st M (closed) collateral bon ds/1922 7 g M -S
687,500 M ar 1 1937
($500 and $1,000)___ c*tf lint. at Safe Deposit & Tr. C o., Balt., Trus.
Kan Val Tr 1st M $2,000,000/ 1906 5 g J-J
1,000,000 Jan 1 1946
($1,000) gold c ________ t flln t . at Fidelity Trust C o., Phila., Trustee.
Charleston-Dunbar Tr 1st M | 1913 6 g J-D
286,000 June 1 1933
$500,000 ($500) gold._c.tf-!Central Trust C o., Charleston Trust C o.,
( Charleston, W . Va.
Stock.— Pref. stock participates equally in additional divs. in any year
after $6 per share has been paid on common. V. 118, p. 2571.
Bonds.— Payment of prin. and int. of the Kanawha Val. Trac. C o. bonds
has been assumed by the Charleston Interurban RR , $1,000,000 o f the
bonds have been deposited as security for the 1st M . coll. 7% bonds of the
Charleston Interurban R R .
The Charleston Interurban R y. 1st coll, bonds are secured by deposit of
$1,000,000 1st M . 5s due 1946 (assumed) o f the Kanawha Val. Trac. Co.
Are red. during the first 10 years, all or in part, at 107)4 and int., on any
int. date on 60 days' notice; after M ar. 1 1932 are red. at 105 and int.,
the premium decreasing 1% per ann. each year thereafter to maturity.
$62,500 retired by sinking fund up to Sept. 16 1924. Maryland and Penna
taxes refunded. V : 114, p. 946.
Int. on Charleston-Dunbar Trac. Co. 1st 6s is payable at Kanawha
National Bank, W . Va.
Dividends.— On common paid 2% in 1920. In 1921, 2% ; in 1922, 2%
in 1923, 3 % . In 1924, 3% .
EARNINGS—
Gross
In terest,
B alan ce,
Cal. Y ear —
E a rn in g s.
1923.....................................$975,628
l922................................... 952.352
N e t.
& c.
$322,820
$131,666
304,778
127.171
S u rp lu s.
$191,154
177,607
OFFICERS.— Chairman of Board, W. A. MacCorkle; Pres., F. M .
Staunton; Sec. & Treas., A. M . Hill; V.-P. & Gen. M gr., I. N . Smith.—
V. I l l , p. 791; V. 113, p. 291; V. 114, p. 197, 946; V. 117, p. 893, 2211;
V. 118, p. 201, 1771, 2571; V. ’ 20. p. ’ 325.
POWER, LIGHT AND RAILW AY
Oct., 1925.]
KENTUCKY
INTERNATIONAL UTILITIES CORPORATION.
O R GAN IZATION .— A holding company incorp. in Maryland. Oct. 8
1924. Controls through stock ownership, or contracts for purchase of
stock, a group o f public utility properties operating in four States and in
Canada . and serving. 55 communities, with a combined population of over
1,100,000. Companies controlled are (a) Canadian Utilities, Ltd., Edmon
ton, Can.; (b) Gas Production & Transportation, Ltd., Calgary, Can.;
(c) Southwestern Utilities Corp., Independence, Kan.; (d) Kentucky
Securities Corp Lexington, K y.; (e) Buffalo & Erie R y. Co., Fredonia,
N. Y .; (f) Coffeyville Gas & Fuel Co., Coffeyville, Kan.; (g) Canadian
Western Natural Gas, Light, Heat & Power Co., Ltd., Calgary, Can.
(h) Northwestern Utilities. Ltd. V. 121, p. 199, 706.
M E L D OF OPERATIONS AND CH ARACTER OF BUSINESS.—
rhe subsidiaries serve with electric light and power the entire requirement
t Lexington, K y., and through wholesale contracts serve Georgetown.
t
Versailles, Winchester, Paris, Frankfort and 7 other communities in Ken
tucky. They furnish gas to the cities o f Calgary, Edmonton, Lethbridge
and 11 other communities in the Province of Alberta, Can.; Coffeyville,
Kan., and through wholesale contracts, Independence, Cherryvale, and
4 other communities in Kansas; conduct the ice and cold storage business in
Lexington and Georgetown, K y.; do the entire street railway business in
Lexington and Frankfort, K y., and operate a high-speed freight and
passenger electric railway running from Buffalo, N. Y ., through the towns
° f Lackawanna, Dunkirk, Fredonia and Westfield, N. Y ., Northeast, Pa.,
and 20 other communities in New York and Pennsylvania to the city of
Erie, Pa.
The operating statistics o f subsidiaries for the year ended M ay 31 1925
were as follows: Electric output, 32,621,056 k.w.; gas output, 8,443,497,000
•,U • lce. manufactured, 42,886 tons; total gas and electric customers,
•
40,109: estimated gas reserves, 165,000,000,000 cu. ft.
Segregation of Oil Rights.— In Aug. 1925 it was reported that the corp.
had taken steps to segregate its oil rights in the Viking gas field of Canada
through the organization o f a subsidiary, the Princeton Petroleum Co. For
more particulars, see V. 121, p. 1101.
New acquisitions being negotiated in C a n a d a .S ee V. 121, p. 978.
Contract.— In Aug. 1925 it became known that the corp., through its
Calgary subsidiary, the Canadian Western Natural Gas, Light, Heat &
Power C o., Ltd., had entered into a contract with the Royalite Oils, Ltd.
(a subsidiary of the Imperial Oil C o. of Canada), whereby a large amount
o f gas from the Turner Valley field is made available for consumption in
Calgary upon an unusually favorable basis. See V. 121, p. 978.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Cl A com 500,000 shs (no p a r ) ___
_______ xl33,762 shs.
See text
Cl B com 500,000 shs (no p a r ) . ____
_______ y493,062 shs.
_ ..
$7 cum p f 100,000 shs (no par)______
$7 Q-F
25,000 shs __________
x Regular divs. at the rate o f $3 50 per share per annum have been paid
on the class A stock since incorporation, y Including class B stock reserved
against outstanding rights to subscribe to such stock.
The company has no funded debt other than that of its subsidiaries.
Stock.— The pref. stock is preferred as to assets ($100 per share) and divs.
Is call, all or part on 60 days’ notice at 115 and divs. Corp. covenants to
set aside on or before Jan. 31 1926 and on or before Jan. 31 of each year
thereafter a sinking fund at the rate of $2 50 per share per annum from
the date o f issue o f this cumul. pref. stock. In addition to this payment,
the corp. covenants to set aside a sum equal to 20% of the net earnings
available in each year for divs. on the class B stock, which sum shall be set
aside on or before Jan. 31 1926 and on or before Jan. 31 of each year there
after. Proceeds o f this sinking fund are to be used to retire cumul. pref.
stock by purchase or redemption. It is believed that the proceeds from the
sinking fund provisions will be sufficient to retire at least one-half of this
cumul. pref. stock wdthin 10 years.
Stock Purchase Warrants.—-Each share o f cumul. pref. stock carries one
stock purchase warrant entitling the holder thereof to purchase one share of
International Utilities Corp. class B stock during the period July 1 1925
to July 1 1926, both dates included, at $10 per share, thereafter to and incl.
July 1 1927 at $12 50 per share, thereafter to and incl. July 1 1928 at $15
per share, and thereafter to and incl. July 1 1930 at $20 per share.
EARNINGS o f subsidiaries, mentioned under (a) (c), (e), (f), (g) and
(h) under “ Organization” above.
— For 8 Mos. End. A ug.—
1925.
xl924.
Gross revenue---------------------------------------------------- $3,545,341 $3,179,321
1,880,797
1,953,495
Operating expenses and other charges___________
Net earnings------------------------------------------------------ 1,664,544
1,225,825
Fixed charges___________________________________
682,799
579,068
Balance for prop, retirement, reserves, sinking
funds, Federal taxes and dividends________
$981,745
x Partly estimated.—V. 121, p. 199, 706, 978, 1101.
$646,757
KENTUCKY SECURITIES CORPORATION.
Control.— Through ownership of a majority of the stock controlled by
International Utilities Corp.
ORGAN IZATION .— A holding co. Incorp. In Virginia on Jan. 23 1911
(V. 92, n. 322) as successor to the Lexington & Interurban Rys. Co. per
olan in V. 92, p. 461. Owns the 3ntire stock of the Kentucky Traction &
Terminal C o., Lexington Utilities Co. and Lexington Ice Co. In 1923
acquired the plant and business of the Royal Springs Ice & Storage Co. of
Georgetown, Ky. V. 116, p. 1533.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Constituent cos. operate 89.33 miles of track. They do the electric light
International Utilities
Corporation
and
Underlying Securities
Bought— Sold— Quoted
C H A N D L E R & C O ., Inc.
120 B r o a d w a y
NEW
YORK, N. Y.
F r a n k lin B a n k B ld g .
P H IL A D E L P H IA , P A .
159
and power, gas, street railway and ice business of Lexington. Also operate
city lines in Frankfort and lines radiating from Lexington to Georgetown.
Paris, Nicholasville, Versailles and from Frankfort to Versailles.
Interest.
Outstanding. Maturity.
STOCK AND BONDS—
Date.
_________
$2,052,287
See text
Common $2,500,000 ($100)_ _____
_
Pref $2,500,000 ($100) 6% ?
cumulative_______________ \ ____
Q— J 15
2,348,898 O ct’25,1 H %
Stock.— Both com. and pref. are listed on Phila. and Louisville stock
exchanges. Pref. is also listed on Cincinnati Stock Exchange. Pref.
stock is redeemable at par and accum. div. In July 1917 holders of both
common and pref. stock were given the right to subscribe pro rata on or
before Aug. 15 1917 for the remaining pref. stock at 82 f4 and accrued divs.
from July 1 1917. V. 105, p .389 . As of Jan. 4 1922, $320,380 of the pref.
stock remained unsold and the stockholders voted to sell the stock or
exchange same for the outstanding prei. div. scrip certifs. The holders of
pref. and com. stock were given the privilege of subscribing for $169,280 6%
cum. pref. stock to the amount of 4% of their holdings of pref. and com.
stock as of record Feb. 4, at $70 per share. Stockholders exercising right of
subscription were given right to deliver in fuil or partial payment of same
pref. stock div. scrip certfs. at 80% of their face value (all outstanding
scrip was called for payment Oct. 2 1922). V. 114, p 409.
Dividends.— Initial div. on pref., 1} 4%, paid July 15 1913; same rate
quar. to and incl. July 1916; in Oct. 1916 paid 1 H % and H o f 1% extra
acct. o f accumulations. In Jan. 1917, 1 H % and 1% extra, paying up all
accumulations; April 1917, 114%, and same rate quar. to and incl. July
1918; none to Oct. 1919, when I K % was paid (V 109, p 1273)
In 1920,
Jan., 1 M % : April, 1 H %; July, 13^%; Oct ,13 ^ %
In April 1920 a scrip
div. of 6% was also paid, clearing up all back dividends. V. 110, p. 1526.
In 1921, 6% . In 1922, 6% . In 1923, 6% . In 1924. 6% . In 1925,
6 % . An initial div. of 1% was paid on com. on Oct. 2 1922.
Same rate paid regularly quar. to and incl. July 1924. In Oct. 1924
13d % was paid, and same rate paid regularly quar. since to and incl.
Oct. 192
EARNINGS.— Of combined properties (Ken. Trac. & Term Oo and
l.ex. Util. Go.) for years end. June 30 (1924 report in V . 119. p. 2174)'
June 30.
Gross
Net
Other Sink. Fund, Bond
Balance,
Year— Earnings. Earnings. Income. Taxes, &c. Interest.
Surplus.
1 9 2 4 -2 5 -...$1,717,551 $893,933 $89,813 -— —$491,962------ $491,784
1923-24. _
1,673,707
826,171
84.236 ------ 461,952-----448,455
707,842
96,589 ------ 432,455-----371,977
1922-23____ 1,551,715
1921-22____ 1.457.818
676.774
91,424 ------ 430.186-----338,013
Passengers carried in 1923-24, 6,633,159. against 5,571,813 in 1922-23.
OFFICERS.— P. M . Chandler; V .-P ., F. W. Bacon; Sec., H. D .
Brown Jr.; Treas., H . Williams Jr.— V . 116, p. 935, 1533, 1649, 2779;
V. 117, p. 1661; V. 119, p. 1395, 1733, 2174, 2411; V- 121, p. 1902.
(1) KENTUCKY TRACTION & TERMINAL CO.
ORGANIZATION.— Incorporated in Kentucky on M ay 18 1911 as a conolidation of the Lexington R y., Bluegrass Trac. Co. and Central Kentucky
Traction Co. V. 92, p. 1436. The entire stock is owned by Kentucky
Securities Corp. Franchises perpetual.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Operates 89.33 miles of track, comprising all street railways in and about
Lexington, 16.02 miles; Frankfort, 5.64 miles; interurban lines radiating
from Lexington to Versailles, Georgetown, Paris, Frankfort and Nicholasvilles, 65-87 miles; sidings and spurs, 1.8 miles. 50 to 80 lb. rails. Stand
ard gauge. Owns 44 passenger city cars and 14 interurban passenger cars.
14 freight and service cars; total, 72 cars.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
_______
$2,223,400 __________
Stock $2,500,000 ($100)______ _____
First & ref mtge $7,500,000 g] 1911 5 g F-A
1,967,000 Feb. 1 1956
($1,000) guar p & i_ c*.tf (Int. at Commercial Trust Co., Phila.,trustee
_
Lex R y first mtge $1,500,000) 1899 5 g J-D
910,000 June 1 1949
gold ($1,000)________ c*.tf lint, at Continental Tr. Co., Baltimore, trus
Blue Grass 1st mtge $700,000/ 1904 5 g M-S
193,500 Mar 11934
gold ($500 & $1,000)-C *r.tf (Int. at Cleveland Tr. C o., Cleveland, trustee
Car trust notes____________________
7%
28,653 Feb 20 1927
Equip trust certifs Series “ A ” / 1923 6 g A-O
128,000
See text
($500 and $1,000) gold____(Security Trust Co., Lexington,K y., trustee.
Bonds.— Of the first & ref. bonds. $1,302,000 are reserved to retire prior
liens and remainder for extensions, improvements, &c., at not exceeding
90% of cost under certain restrictions. They are redeemable as a whole
on Feb. 1 1914 or on any interest day thereafter, or in part for sinking
fund on any interest day after N ov. 1 1921 at 105 and interest. Bonds
are guaranteed, prin. & int., by end. by the Kentucky Securities Corp.
Sinking fund }4 % Per annum of bonds outstanding, 1921 to 1930; 1 % 1931 to
1950. V. 92, p. 1564. As of April 1 1925 $619,000 had been retired and
canceled by operation of the sinking fund. V. I l l , p. 1083. $568,000 are
deposited with the trustee of the Lexington Utilities Co. indenture. The
bonds are listed on Phila. Stock Exchange. V. 94, p. 1119. Sinking fund
retires 1% of Lexington R y. bonds annually; $392,000 were held in s. f.
Dec. 31 1924. The equipment trust certifs.. Series “ A , ” are due $8,000
semi-annually Oct. 1 and April 1 to and including April 1 1933. Dividends
payable in Lexington, K y., or New York City. Kentucky 4 mills tax
refunded. V. 116, p. 1649.
OFFICERS.— Pres., Percy M . Chandler, Phila.; V .-P ., F. W . Bacon
Phila.; Sec., L. F. Rye, Lexington; Treas., J. Will Stoll, Lexington; Gen.
M gr., J. P. Pope.— V. 109, p. 72, 1793; V. 110, p. 360; V. I l l , p. 294.
1083, 1183, 1566; V. 113, p. 1983, 2311; V. 114, p. 79; V. 116, p. 1649,
2766: V. 117, p. 670, 1663.
(2) LEXINGTON U TILITIES CO.
ORGANIZATION, &c.— Incorp. in K y. on June 5 1909. Owns a sub
stantial interest in the Southwestern Utilities Corp., a holding co. owning
all the issued securities of the Gas Pipe Line Corp. and the Sachem Oil Co.,
and 70% of the issued securities o f the Southwestern Gas Co. Has assumed
the payment of prin. and int. of $861,000 Kentucky Trac. & Term. Co. 1st
& ref. 5s and $750,000 Lexington R y. Co. 1st M . 5s. V. 109, p. 1370.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Does ice and electric light and power and gas business in Lexington. Light
and power franchises expire in 1936. Gas and ice franchises are perpetual.
Power plant has rated capacity of 10,500 k. w. Daily capacity for ice
manufacturing plants, 265 tons.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock $100,000_______________-—All owned by Kentucky Securities Corp.—
First lien & ref bonds Ser “ A ” ( 1919
6 g A-O f
(April 1 1929
1921
6 g A-O ($2,842,500 April 1 1936
Series “ B ” .......................
Series “ C ” -----------------------{ 1921
6 g A-O (
Oct 1 1946
Unl’td $50, $100, $500, $1,0001
gold_________________ c* .tf (Commercial Trust Co., Phila., Pa., trustee.
Bonds.— Are secured by a mtge. on all the c o .’s property. For further
security back of this issue see V. 109, p. 1370; V. 113, p. 966. Amount of
bonds outstanding at any one time is indeterminate. Bonds of other series
may be issued under certain restrictions as defined in the indenture at not
exceeding 6% and shall stand on a parity with Ser. “ A .” “ B ” & “ C .”
Ser. " A ” red. all or in part on any int. date on 60 days' notice at 101 & int.
Ser. “ B ” callable, all or part, on any int. date on 60 days’ notice at 102K and
int. Ser. “ B ” bonds have sinking fund equal to 2% of amount outstanding
to be used for permanent add'ns. exts., &c., or for purchase of bonds at not
exceeding 1023^ & int. Ser. “ C ” red. all or in part on any int. date on 60
days’ notice at 102 & int. Ser. “ C ” have annual sinking fund of 1 ■ % of
/£
full amount of Ser. “ C ” bonds outstanding from Oct. 1 1926 to Oct. 1 1935,
and thereafter to maturity of 2% per annum. State taxes not exceeding
the present rates of 6% on income in Mass., $.0045 in M d., $.004 in K y.,
and $.004 in Penn., will be refunded. Int. payable at trustee in Phila.
or agency of company in New York. V. 109. p. 1370' V. 113 p. 855, 966,
V. 115, p. 2386; V. 117, p. 1671. Chandler & Co., Inc., and R . E. Wilsey
& C o., Inc., sold $653,000 Series “ C " in July 1925 at 99 and int., yielding
over 6% . V. 121, p. 458.
EARNINGS.— 12 months ending M ay 31:
1925.
1924.
Operating revenue and other income______________ $1,013,908
$974,639
Operating expenses, maintenance, &c_____________
414,792
417,490
Net earnings before depreciation_________________ $599,115
Net earnings of controlled companies, after all ex
penses, including interest on funded debt, but
before deprec’n and write-off of prop, abandoned..
68,300
Total net earnings (incl. undistributed income of
controlled companies)_________________________ $667,416
$557,149
80,959
$638,108
160
PUBLIC UTILITIES
(3) Lexington Ice Co.
O RGAN IZATION , &c.— Incorp. M ay 1 1917. Stock authorized, $100,'
000; outstanding, $100,000; $25,000 owned by Kentucky Securities Corp..
and $75,000 by Lexington Utilities Co. Made a 50-year lease of plant and
business o f Consumers Ice & Cold Storage Co. o f Lexington. Has acquired
Royal Springs Ice Co. o f Georgetown, K y., on lease basis. Has entered into
contract with Lexington Utilities Co. for sale o f that company’s ice output.
PADUCAH ELECTRIC CO.
ORGAN IZATION .— Incorp. in K y. on Sept. 23 1919 as successor by
reorganization (see plan in V. 108, p. 1165, 1275) to the Paducah Trac. & Lt.
C o. (for history see “ Electric Railway" Supplement o f N ov. 15 1919).
FIELD OF OPERATIONS AN D C H ARACTER OF BUSINESS.—
Owns and operates the electric light, power, gas and steam-heating systems
In Paducah, K y., and through ownership of all the stock (except directors’
shares) o f Paducah Ry. C o., controls and also operates the street railway
system, serving a population estimated at 27,500. Also owns all (except
directors’ shares) the stock o f the Paducah Realty Co. Owns and controls
18.25 miles railway track; standard gauge; 9 passenger and 2 other cars.
Power station capacity, 6,175 k. w. Gas plant has a daily generating
capacity o f 490,000 cu. ft.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity_______
$605,000 __________
Common $605,000 ($25)______ _____
Preferred $595,000 cum ulative____
7%
333,200 ___________
1st M S er “ A ” $10,000,000 s f l 1923 6 g J-J
1,281.000 Jan. 11938
($100, $500&$1,000) g .c*tf jln t. at State Street Trust Co., Boston, trust.
Convertible debentures $576,1 1919 6%
269,000 M ay 1 1939
000______________________r 1Int. at State Street Trust Co., Boston, trust.
Stock.— The 7% pref. stock is reserved for the conversion of the 6%
debentures since Jan. 1 1924. $3,375 common stock is held in treasury and
subject to exchange.
Bmds.— Additional 1st mtge. bonds may be issued to pay for 75% of the
cost o f exts., add’ns or betterments under certain restrictions. An annual
sinking fund beginning Jan. 1 1928 provides for the purchase o f 2% of
ser. “ A bonds certified at not to exceed the redemption price, such bonds
to be canceled when purchased. Are red. as a whole (or in part for sinking
fund) on 30 days’ notice at 107)4 prior to Jan. 1 1928, 105 prior to Jan. 1
1933, 102)4 prior to July 1 1937 and at par thereafter. Pennsylvania
4-mills tax refunded. V. 116, p. 2007.
The 6% debentures are convertible at option of holders into 7% cum
pref. stock since Jan. 1 1924. $21,600 are held in treasury.
EAR N IN G S.— For 12 months ending Dec. 31:
Year—
Gross.
Net aft. Tax. Int., cfee.
Bal., Sur.
1924____ _______ ________ $630,469
$186,162
$110,274
$75,888
1923_____ _______ _____ 610,772
201,504
106,826
94,679
EARN IN G S.— For 12 months ending June 30:
1925.
1924.
Gross____________________________ _____ _______________ $638,628 $625,254
Operating expenses and taxes_________________________ 443,400 426,785
N e t____________________________ ______ _____________$195,228 $198,470
Interest and amortization charges____________________ 111,255 109,788
Balance (for reserve retirements and dividends)_____$83,972
$88,682
OFFICERS.— Pres., Harry T . Edgar; V .-P ., Samuel D. Tuell; Sec., Vic
tor D. Vickery; Treas., Henry B. Sawyer. Gen. Mgrs., Stone & Webster
M gt. Assn., Boston, Mass.— V. 109, p. 1987; V. 116, p. 1637, 2007, 2516.
LOUISVILLE RAILWAY CO.
[V ol. 121.
way. V. 74, p. 576. The latter was organized in 1892 to buy up and con
solidate all the roads on the Kentucky side of the river opposite Cincinnati.
Prior to July 1 1922 the South Covington & Cincinnati St. Ry. C o., a
Ky. corp. (formerly one of the constituent cos. of the Cine. Newpoit & Cov.
Ry. C o., an Ohio corp.) acquired direct ownership of ail the street railway
properties formerly owned by the Cine. Newport & Cov. Ry. Co. and its
subisidiaries (except the Cine. Cov. & Rosedale Ry. Co. and the Cine.
Cov. & Erlanger Ry. C o., whose stock it acquired) and changed its name to
the Cincinnati Newport & Coving! on Ry. Co.
Lease.— The Union L t., Ht. & Power Co. and the Cine. Newp. & Cov.
R y. (both controlled through stock ownership by the Cine. Newp. & Cov.
Lt. & Tr.) were leased from Apr. 1 1907 to Columbia Gas & Electric Co.
(incorporated in Ohio) for 45 years. The lessee guarantees interest on bonds
and 4)4% per annum on pref. stock. On common, divs. are to be 3% for
first year, increasing
% each year until 6% is reached, which is to be the
rate thereafter. See V. 84, p. 449, 930; also terms in V. 84, p. 1489, under
Columbia Gas & Electric. Under agreement ratified in July 1915 the extens.
and add’ns to Union Lt., Ht. & P. C o.’s property are to be paid for by the
issue of new 50-year 5% bonds (see below) instead of by sale of stock of the
Cincinnati co. as provided under the old agreement. V. 101, p. 694. The co.
leases jointly with the Western Union Telegraph Co. for a period of from 20
to 30 years the Dixie Term. Bldgs., which opened for service on Oct. 22 1921.
The controlled Cin. Cov. & Erlanger St. R y., which was incorp. Sept. 1899
with $250,000 stock (shares $50) to build an extension to Erlanger, 7%
miles (about 3 m. completed), has been leased to the Columbia Gas & Elec.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.— A
trolley road. Connects Cincinnati, Covington, Newport, Bellevue, Dayton,
Clifton, Southgate, Fort Thomas, Fort Mitchell, West Covington and
Ludlow. Total in operation, 69 miles; laid with 80-lb. Johnston girder
and 72 and 80-lb. T and 97 and 103-lb. groove rails.
Modification of Agreement with Col. Gas & Elec. Co. Proposed.— See V.
114. p. 737.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Q-J
$5,000,000 Oct ’25, 1)4
Common $5,000,000 ($100)_ _____
_
4)4 Q-J
4,500,000 Oct ’25, 1)4
P f 4)4% n-c $5,000,000 ($ 1 0 0 )____
Underlying Bonds—•
6 g J-J
150,000 Jan 1 1932
So Cov&Cin cons M $500,000/ 1892
gold ($500, $1,000)_______ \Covington Sav Bank & Trust Co, trustee.
Cincinnati Newport i% Covington Ry—
1st and ref mort. $7,500,000. 1922
6g J. J
3,936,500 July 1 1947
($500 and $1,000)___ c*.tf\Int. at Central Trust C o., Cine., trustee.
Union Light, Heat Jc Power Co.—
First mortgage $5,000,000/ 1924
6 g F-A15 2,500,000 Aug 15 1949
($100, $500 and $1,000)/In t. at Union Savings Bank & Trust Co.,
______
gold______________ c*& r.tf [ Cine., trustee, or at Bankers T r. C o ., N .Y .
Guaranteed Bonds—
Licking River Br Co 1st mtge) 1914
1939
5 M-S
133,200
$185,000 guar (see text) s f (
Bonds.— The C. N. & C. Ry. 1st & ref. 6% bonds are call, during first 5
years ending with July 1927 at 107)4, and during each 5-year interval
thereafter at 1)4% less until July 1 1947. During second 5 years end.
July 1932, 106. During third 5 years end. July 1937, 104)4. During
fourth 5 years end. July 1942, 103. During fifth 5 years end. July 1947,
101)4 V. 115. p 182. The Union Light, Heat & Power Co. 1st M . 6%
bonds are a first lien on the co.’s property. Additional bonds of this issue
may be issued for 85% of the cost of additions and impts. under certain
restrictions. The Columbia Gas & Elec. Co. guar., p. & i., the 1st M .
bonds of the Union Lt., Ht. & Pow. Co. Compare V. 110, p. 368. Licking
River bonds are guaranteed by Columbia Gas & Elec. Co. and the South
Covington & Cin. St. Ry.
Dividends.— On pref. 4)4% is being paid (1)4% quar.). On com
mon stock first div. of % % was paid July 15 1907 and % % Oct. 15 1907. In
1908, 3 )4 % ; in 1909, 3 )4 % ; In 1910, 4 )4 % ; in 1911, 4 M % ; in 1912, 5 M % ;
in 1913, 5 )4 % ; in 1914 and since, 6% per annum.
OFFICERS.—-Pres., James M . Hutton; V .-P ., Louis J. Hauck; Sec. &
Treas., GeorgeM . Abbott.— V. 110, p. 871; V. I l l , p. 1660; V. 112, p. 1616,
2189; V. 114, p. 737, 2716; V. 115, p. 182, 988, 1099; V. 120, p. 955.
ORGAN IZATION .— Incorp. in Kentucky on Jan. 22 1867 and owns all
the street railways in the City o f Louisville and its suburbs. In Sept. 1922
the co. commenced operating under an “ adjusted franchise” for which it
exchanged its equity in long-term franchises with the City o f Louisvil e.
The “ adjusted franchise” containing variable-rate and sliding-scale-ofdividend provisions, runs for 20 years. The rights of the bondholders in
the long-term franchises are said not to be affected by the present operat
ing arrangement.
Holding Company Dissolved.— See “ Electric Railway” Supplement of
April 26 1924.
TENNESSEE
The Louisville & Interurban R R . has been organized in the interest of
the Louisville R y. to construct a system o f urban and interurban lines. No
securities have been issued except $4,000,000 stock (increased to that
amount in February 1913) to Louisville R y. Co. In Jan. 1911 Louis
ville & Interurban R R . acquired the Louisville & Eastern R R . (all of whose
TENNESSEE ELECTRIC POWER CO.
bonds, construction notes; receivers’ certificates, &c., and about all the
stock, was owned by Louisville & Interurban), sold at foreclosure January 3
Control.— In July 1925 the control of the company passed through ex
1911. V. 92, p. 59, 262.
change of stocks to the Commonwealth Power Corp. V. 120, p. 2552, 2685.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
ORGANIZATION.— Incorp. in Maryland M ay 27 1922, and In accord
The Louisville R y. Co. owns 172.76 miles of track on 80 miles of streets ance with plan outlined in V. 114, p. 1653, 2117, has acquired all the asset
and 9.86 miles in yards, &c.; 3.52 miles are outside city limits; all is electric. of the Tennessee Railway, Light & Power Co. (for history see “ Electri
Affords entrance into Louisville for the Interstate Public Service Co. The Railway” Supplement of April 29 1922) and now controls:
Louisville & Interurban owns 105.57 miles o f track in Jefferson County,
(o) Through direct ownership, property and rights of Chattanooga &
incl. extensions to La Grange and to Shelbyville, in Oldham and Shelby Tennessee River Power C o., embracing the Hales Bar hydro-electric
counties. Through the Kentucky Carriers, Inc., a subsidiary, the co. station, with an installed capacity of 54,240 h. p. on the Tennessee River,
and duplicate high tension steel tower transmission lines to Chattanooga.
operates buses. V. 117, p. 86.
(6) Through direct ownership, all the property and rights of the Ten
Valuation.— See V. 112. p. 849.
nessee Power Co., incl. 3 nydro-electric stations with an aggregate installed
Interest. Outstanding. Maturity.
STOCK AN D BONDS—
Date.
capacity of 87,940 h. p., a steam station of 17,420 h. p. capacity, and an
$8,232,600
See text
Common $8,500,000_________ _____
extensive system of transmission lines.
A&O
3.500.000
See text
Pref 5% cum $3 ,500,000..-............
(c) Through direct ownership, all the property and rights of the Chat
4.035.000 Feb 1 1950 tanooga Ry. & Lt. C o., incl. an electric light and power distribution system
5 g F-A
Louisville Ry gen mtge goldl 1910
$28,000,000 ($1,000)..c*tffIn terest payable In Louisville.
together with the city railway lines in Chattanooga.
Louisville R y cons mtge gold/ 1890 5 g J-J
6,000,000 July 1 1930
(d) The entire issued and outstanding common stock, over 91% of the
$6,000,000 (listed N Y )c* tf( Int. at National Bank o f Commerce, N . Y .; outstanding pref. stock, and $4,042,000 bonds of Nashville R y. & Light
1 Fidelity-Col. Tr. Co., Louisville, trustee. C o., which owns a 39,670 h. p. steam station and operates without competi
Louisville R y 2d mtge $2,-f 1900 4 )4 g M-S 2,000,000 Mar 1 1940
tion an electric light and power distribution system and electric railways in
000,000 gold ($1,000)_ tf (Interest payable in Louisville.
_
and around Nashville.
N o t e s ____________________ _ 1923
6%
1,000.000 June 1 1926
In addition the company owns and has pledged under its first ref. mtge.
Car trust ctfs ser “ A ” _____t f \ 1923
6 F-A
264,000
See text the following bonds of the above companies:
/Fidelity & Col. Tr. Co., Louisville, trustee
Car trust certificates Series! 1924
6%
207.000
See text
“ B ” ($1,000) gold________ /Fidelity & Col. Tr. Co., Louisville, trusteeBonds.—-$8,000,000 o f the gen. mtge. bonds of 1910 are reserved to retire
prior liens; the remainder is for extensions and improvements. Bonds are
not subject to call. Fidelity-Columbia Trust C o., Louisville, trustee.
Car trust certificates Ser. “ A ” are due $33,000 each Feb. 1 to and incl.
Feb. 1 1933. Car trust certificates Series “ B ” are due semi-ann. to Jan. 1
1934; Y. 118, p. 85.
Dividends.— 5% was paid on pref. stock to and incl. Oct. 1918 Nom
to April 1923, when 2)4 % was paid. In July 1923, 2)4 % ; Oct. 1923, 2)4 %;
Dec. 1923, 2)4 %. In Feb. 1924, 5% was paid, representing a regular div.
of 1)4% and 3 % % on account o f back divs. In April 1924. 2)4 % , leaving
accumulations on these shares o f 10%. V. 118, p. 1773. In Oct. 1924,
5% was paid on account o f back divs. V. 119, p. 1733. On Feb. 15 1925
paid 5% , clearing up all deferred divs. V. 120, p. 703. In Oct. 1925, 2)4 % .
4% was paid on the old Traction com. stock up to time of dissolution.
Divs. o f 1 )4 % each were paid on Railway com. in Jan., April and July 1918.
October div. omitted (V. 107, p. 1385). None since. V. 108, p. 878.
R E PO RT.— For years ending Dec. 31;
Calendar
Gross
Net
Other
Interest & Balance,
Year—
Revenue
Earnings.
Income.
Taxes.
Surplus.
1924 ...........
$4,449,678 $1,453,706 $138,531 $1,056,843 $535,394
1923 ___________ 4,445.866 1,367,344
165,072
1,042,874 489,542
1922 ................
4,542,818 1,352,585
163,795
1,011,401 504,979
1921 ..................
4.469,502 1,195,779
96,762
1,001,948 290,593
OFFICERS.— Chairman o f the Board, T . J. Minary; Pres., James P
Barnes; V.-P. & Gen. M gr., F. H. Miller; V .-P ., Sam’l Riddle; Sec. &
Members
B an kers
Members
Treas., Samuel G. Boyle; Gen. Aud., F. E. Belleville.— V. 113, p. 2185,
Phll(^ elPhla
Established 1837
Ne? Y°rk
2720; V. 114, p. 306, 1063, 2116; V. 115, p. 183, 436, 1210, 1532, 2793;
V. 116, p. 822, 1275; V. 117, p. 86; V. 118, p. 85. 1268; V. 119, p. 1733;
Exchange
PH ILAD ELPH IA
Exchange
V. 120, p. 703.
We specialize in the securities of
and invite inquiries concerning
The Tennessee
Electric Power Company
CINCINNATI NEWPORT & COVINGTON LIGHT &
TRACTION CO.
ORGANIZATION.— Incorporated under the laws of New Jersey on
March 11 1902 and purchased all the stock o f the Union Light, Heat &
ower Co. o f Covington and o f the Cincinnati Newport & Covington Rail
NEW Y O R K TELEPHONE R E CTOR 9250
PH ILADELPHIA TELEPHONE LOM BARD 4200
Oct., 1925.]
Outstanding in Owned and
Hands of Public. Pledged.
T en nessee P o w e r C o . 1st 5s, 1 9 6 2 ___________________ $ 2 ,2 5 6 ,0 0 0
C h a tta n o o g a R y . & L ig h t 1st & r e f. 5s, 19 5 6 _____
6 1 0 ,0 0 0
C h a tta n o o g a R y s . 1st c o n s . 5s, 19 5 6 _____________
1 ,8 0 0 ,0 0 0
L o o k o u t M o u n t a in R y . 1st 6s, 195 6______________
_______
2 ,7 0 7 ,0 0 0
N a sh ville R y . & L ig h t r e f. & ext. 5s, 19 5 8 _______
T o t a l o w n e d a n d p le d g e d
$ 1 0 ,0 4 5 ,0 0 0
3 ,6 9 7 ,0 0 0
2 9 6 ,0 0 0
3 8 9 ,0 0 0
3 ,9 2 6 ,0 0 0
$ 1 8 ,3 4 7 ,0 0 0
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
T h e c o n tr o lle d p ro p e rtie s s e rv e p r a c t ic a lly th e en tire c o n t r a l a n d eastern
p ortion s o f T en n essee, e x te n d in g n e a rly 200 m iles fr o m east t o w e st a n d 100
m iles fr o m n o r th t o s o u th , w ith an e stim a te d p o p u la tio n o f o v e r 4 5 0 ,0 0 0 .
T h e ele ctr ic g en era tin g s ta tio n s o f th e sy s te m h a v e an in s ta lle d c a p a c it y
equal t o 2 6 5 ,1 8 0 h . p . , o f w h ic h 142 ,4 2 0 h . p . is in w a te r p o w e r p la n ts.
In J u ly 1924 a c q u ir e d th e p ro p e rtie s an d fra n ch ises o f th e C u m b e rla n d
P ow er C o . , M a r y v ille L ig h tin g C o . , M a d is o n v ille L ig h t & P o w e r C o . ,
L en oir C i t y L ig h t & P o w e r C o . a n d th e e le ctr ic p o w e r p r o p e r tie s o f th e
L o n g M f g . a n d T e llic o R iv e r L u m b e r c o s . V . 119, p . 199 , 2 1 8 0 .
franchise .— S ee V . 118 , p . 1912.
Merger Upheld.— O n F e b . 14 1924 C h a n c e llo r Jam es B . N e w m a n o f P a rt
I I , D a v is o n C o u n t y (T e n n .) C h a n c e r y C o u r t, h a n d e d d o w n a d e c is io n in
fa v or o f th e c o . in su its b r o u g h t again st it, a lleg in g th a t th e r e c e n t c o n s o li
d ation w as in v io la tio n o f th e S ta te ’s A n ti-T r u s t L a w . Y . 118, p . 908 .
See a ls o V . 120 , p . 5 8 4 . C o m p a re V . 115 , p . 309 , 9 8 9 .
STOCK A N D BON DS—
Date.
Interest. Outstanding. Maturity.
C o m 2 0 0 ,0 0 0 shares (n o p a r ) ________
________
156 ,000 sh s. ____________
1st p r e f 7 % c u m ($ 1 0 0 ) _______ ______
7 Q -J
$ 8 ,3 4 1 ,0 0 0 Jan ’ 26,1 M
1st p r e f 6 % c u m ($ 1 0 0 ) _______ ______
6%
x 3 ,7 6 0 ,5 0 0 Jan ’ 26,1 X
A
7 .2 0 %
2 ,5 0 4 ,2 0 0 J a n ’ 26. $ 1 .8 0
F irst p r e f 7 .2 0 % c u m u l a t i v e . - ____
2 d p r e f $6 p e r y r n -c u m (n o p a r ) ____
________
5 0 ,0 0 0 s h s . N o v ’2 5 $ l . 50
6 g J -D
2 5 ,0 6 3 ,3 0 0 Ju n e 1 1947
1st & r e f m tg e Ser “ A ” ($1 0 0 , \ 1922
& c ( g o ld ) __________ c * & r * t f j l n t . at N a tio n a l C it y B a n k , N . Y . , tru ste e .
6 J4 A -O
9 0 0 ,5 0 0 O ct 1 1933
10-year d e b e n tu re s ($500 a n d ! 1923
$ 1 .0 0 0 ) ________________ c * . t f ( I n t . a t N a tio n a l C i t y B a n k . N . Y . , tru stee.
1 5-year sin k in g fu n d d e b e n - f 1924
6 )4 g J -D
9 5 1 ,0 0 0 Ju n e 1 1939
tu res ($500 & $ l , 0 0 0 ) . c * t f (I n t . a t N a t . C i t y B a n k , N . Y . , tr u s te e .
x N o t in c lu d in g $ 2 2 2 ,5 0 0 reserved fo r exch a n g e in th e fu tu r e fo r a lik e
a m o u n t o f N a s h v . R y . & L t . 5% p r e f. s t o c k o u ts ta n d in g in h an d s o f p u b lic .
Stock.-— T h e fir s t p r e f. 7 % s t o c k is r e d . as a w h o le b u t n o t in p a r t o n a n y
d iv . d a t e o n 60 d a y s ’ n o t ic e a t 110 a n d d iv s . B o t h classes o f fir s t p r e f. s t o c k
are o f eq u a l r a n k a n d d iv s . are c u m . I n J u ly 1924 B o n b r ig h t & C o . , I n c .,
offered a t 94 & d i v s ., t o y ie ld o v e r 7 .4 0 % , $ 1 ,0 0 0 ,0 0 0 7 % c u m . 1st p r e f.
V . 119, p . 4 5 7 . 2 d p r e f. is n o n -c u m . a n d i s e n title d t o d iv s . n o t e x c e e d in g
$6 p e r a n n u m as d e c la r e d .
Bonds.— T h e fir s t & r e f. m tg e . 6 s, S er. “ A , ” are s e c u r e d b y p le d g e o f $ 1 0 ,0 4 5 ,0 0 0 T en n e s s e e P o w e r C o . 1st 5s; $ 3 ,6 9 7 ,0 0 0 C h a tt. R y . & L t . 1st & r e f.
5s; $ 3 4 1 ,0 0 0 C h a t ta n o o g a R y s . 1st c o n s . 5s; $38 9 ,0 0 0 L o o k o u t M t . R y . 1st
6s, a n d $ 4 ,0 4 2 ,0 0 0 N a s h v . R y . & L t . r e f. & e x t . 5s. A r e r e d ., all o r p a r t,
o n a n y in t . d a t e u p o n 30 d a y s ’ n o t ic e a t 107 l o n or b e fo r e Ju n e 1 1932; at
A
105 f r o m D e c . 1 1932 t o Ju n e 1 194 2, in c lu s iv e , an d th e r e a fte r a t p a r , p lu s a
p r e m iu m o f 1 % fo r e a c h w h o le y e a r b e tw e e n d a te o f r e d e m p tio n a n d
m a t u r it y .
Sinking fund b e g a n M a r c h 1 1 9 2 3 ., $ 8 3 9 ,8 0 0 a c q u ir e d an d
c a n c e le d b v sin k . f d .
P e n n a . 4 m ills ta x r e fu n d e d .
V . 114, p . 247 1.
L is te d o n N . Y . S to c k E x c h a n g e .— V . 115, p . 2687; V . 120, p . 158 7. $ 3 ,0 0 0 000 w ere offered in D e c . 1924 b y N a tio n a l C i t y C o . , B o n b r ig h t & C o .,
I n c ., H a ls e y , S tu a rt & C o ., I n c ., & c ., & c ., a t 9934 a n d i n t ., y ie ld in g 6 .4 0 % .
— V . 119, p . 3 Oil .
T h e 1 0-year 634 % d e b s , are re d e e m a b le , a ll or in p a r t, o n th e fir s t
d a y o f a n y m o n th o n 30 d a y s ’ n o t ic e a t 100 a n d in t.
Sinking fund p r o v id e s
for th e p a y m e n t in ca sh t o th e tru ste e o f $ 5 0 ,0 0 0 in e a ch o f th e fir s t three
years; $ 7 5 ,0 0 0 in ea ch o f th e n e x t 3 y e a rs, a n d $10 0 ,0 0 0 in ea ch o f th e la st
4 years o f th e life o f th is issu e, t o b e used t o purch ase d e b e n tu re b o n d s at or
below th e r e d e m p tio n p r ic e . C o m p a n y w ill reim bu rse t o o w n ers re sid e n t
tn the r e s p e c tiv e S tates, u p o n p r o p e r a p p lic a tio n , th e fo llo w in g taxes; T h e
4 m ills ta x in P e n n a ., a n y p erson a l p r o p e r t y taxes in M a r y la n d n o t e x ce e d in g
4 34 m ills on each $1 o f assessed v a lu e in a n y y e a r , and a n y p erson al p r o p e r ty
or ex e m p tio n ta x in C o n n , n o t e x c e e d in g 4 -1 0 % o f p rin c ip a l in a n y y e a r.
V . 1 1 7 , p . 211 1.
T h e 15-year 634 % d e b s , h a v e a sinking fund o f $50 ,000 e a c h y e a r , p a y a b le
in sem i-an n u al in sta llm e n ts. A r e r e d . a ll o r in p a r t o n th e fir s t d a y o f
a n y m o n th o n 30 d a y s ’ n o t ic e a t 100 & in t . P e n n a ., M a r y la n d a n d C o n n ,
ta x re fu n d e d . I n Ju n e 1924 $ 1 ,0 0 0 ,0 0 0 15-year 6 3 4 % sin k in g fu n d d e b s ,
w ere offered b y N a t . C it y C o . a n d B o n b r ig h t & C o . , I n c ., a t 97 & i n t ., t o
y ie ld 6 .8 0 % . V . 118, p . 2825.
Dividends.— A n in itial d iv . o f 134 % w as p a id O c t . 1922 o n 7 % 1st p r e f.
s t o c k . Sam e ra te p a id re g u la rly q u a r. s in ce . A n in itia l d i v . o f 1 3 4 %
w as p a id O c t . 1922 o n 6 % 1st p r e fe rr e d . Sam e ra te p a id r e g u la r ly q u a r .
s in ce . A n in itial d iv . o f $1 50 w as p a id A u g . 1 1924 o n th e n o n -c u m .
2 d p r e f. s to c k ; N o v . 1924, $1 5 0 . I n 1925, $1 50 q u a r.
R E P O R T .— F o r 12 m o s . e n d in g D e c . 31:
Calendar Years—
1 92 4.
192 3.
G ro s s e a rn in g s_________________________________________ $ 9 ,5 7 0 ,7 8 3 $ 9 ,1 2 1 ,2 5 0
O p er. e x p ., in c l. ta xes a n d m a in te n a n c e ___________
5 ,0 7 7 ,9 4 3
4 ,9 4 2 ,8 6 2
F ix e d c h a r g e s _________________________________________
1 ,9 4 1 ,0 6 7
1 ,7 4 0 ,4 9 3
D iv s . o n 1st p r e f. s t o c k & N a s h . R y . & L t . C o .
p referred s t o c k n o t o w n e d _________________________
7 7 3 ,6 4 6
7 0 0 ,4 2 2
D e p r e c ia t io n __________________________________________
8 4 5 ,9 5 8
8 2 7 ,1 4 6
B a la n c e __________
$ 9 3 2 ,1 6 9
$ 9 1 0 ,3 2 7
Latest Earnings.— 12 m o s . e n d e d S e p t. 30—
1925.
1924.
G ross ea rn in gs_________________________________________ $ 1 0 ,9 6 1 ,8 6 3 $ 9 ,3 6 9 ,1 0 0
O per. exp en ses, in c l. ta xes a n d m a in te n a n c e ______
6 ,0 8 8 ,3 7 3
4 ,9 4 4 ,8 7 4
G ros i n c o m e ______________________________________ $ 4 ,8 7 3 ,4 9 0 $ 4 ,4 2 4 ,2 2 6
F ix ed ch a r g e s_______ i ________________________________
2 ,7 0 ,0 0 6
1,8 7 7 ,6 1 5
D iv s . on 1st p r e f. s to c k a n d N a s h v ille R y . & L t .
C o . p r e f. s to c k n o t o w n e d b y T e n n . E le c . P r . C o .
8 9 6 ,5 0 3
7 3 4 ,4 5 6
D e p r e c ia t io n __________________________________________
8 8 9 ,5 4 2
8 39 ,955
B a la n c e _____________________________________________
$ 9 1 7 ,4 3 9
$ 9 7 2,20 0
O F F I C E R S .— C h a irm a n o f B o a r d , C . M . C la rk ; P r e s ., "W. M . F lo o k :
V .- P s ,, G e o . E . H a r d y , B . C . E d g a r , H . L . C la rk an d J . C . G u ild J r .;
Sec. & T r e a s ., G . L . E s t a b r o o k ; C o m p ., H . G . K essler.— V . 118, p . 243 9,
2825, 3199; V . 119, p . 199, 457 , 695 , 1511, 206 5, 2 1 8 0 , 3 01 1: V . 120, p .
584, 706 , 1461, 1587, 1748, 2 1 4 9 , 227 0, 2 5 5 2 , 2685, 2 8 1 8 . 3 31 6; V . 121, p .
461 , 1103, 1 5 7 1 ,2 0 4 0 .
(1) NASHVILLE RAILWAY & LIGHT CO.
A ll th e c o m . a n d o v e r 9 1 % o f th e p r e f. s to c k is o w n e d b y T en n essee
E le c tr ic P o w e r C o . $ 4 ,0 4 2 ,0 0 0 r e f. & e x t. 5s are also h e ld b y T e n n essee
E le c tr ic P o w e r C o .
O R G A N I Z A T I O N .— I n c o r p o r a te d in T en n essee o n Ju n e 26 190 3. Is a
reorga n iza tion o f th e N a s h v ille R a ilw a y C o . , sold u n d e r fo re c lo s u r e o f the
la t te r ’ s firs t c o n s o l, m t g e . T h e N a s h v ille R y . w as a c o n s o lid a tio n in 1900
o f th e N a s h v ille S tree t R a ilw a y , th e N a s h v ille & S u b u rb a n a n d th e C iti
zen s’ R a p id T r a n sit. T h e N a s h v ille R y . & L ig h t C o . h as a b s o r b e d th e
C u m b e rla n d E le c t r ic L ig h t & P o w e r C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
D o e s p r a c tic a lly a ll th e s tre e t r a ilw a y a n d co m m e r c ia l lig h tin g an d p o w e r
business in N a s h v ille . O p era tes 102 m iles o f single t r a c k . H a s 208 passen
ger a n d 15 w o rk ca rs . H y d r o -e le c t r ic p o w e r is o b ta in e d f r o m th e T en n essee
P o w e r C o . , w h ic h o p e ra te s th is c o m p a n y ’s steam p la n ts o f 3 9 ,6 7 0 h . p .
c a p a c it y as re s e rv e . Franchises p e rp e tu a l; th o se c o v e r in g th e p rin cip a l
ra ilw a y lin es c o n ta in a p r o v is io n g iv in g th e c it y th e rig h t t o p u r c h a s e a fter
1923.
Valuation— Rate of Return, &c.— I n Ja n . 1921 th e P e n n a . P . U . C o m m ,
fix e d th e v a lu a tio n o f th e c o . ’ s p r o p e r t y a t $ 1 3 ,2 0 0 ,0 0 0 a n d a greed t o allow
th e c o . a m in im u m retu rn o f 6 ) 4 % a n d a m a x im u m o f 7 ) 4 % u p o n th is
v a lu a tio n . F o r fu r th e r d e ta ils see V . 112 , p . 162 . C o m p a re V . I l l , p . 1852.
STO C K A N D BO N DS—
Date.
Interest. Outstanding. Maturity.
C o m m o n $ 4 .0 0 0 ,0 0 0 ___ ( $ 1 0 0 ) _____
______________$ 4 ,0 0 0 ,0 0 0
See text
P r e f 5 % cu m $ 2 ,5 0 0 ,0 0 0 ( $ 1 0 0 ) ------(Q -J
2 ,5 0 0 ,0 0 0
See te x t
M c G & M t V H ors e R R 1st M \ 1886 6 J -J
6 5 ,0 0 0 J u ly 1 1926
($ 1 0 0 , $50 0 & $ 1 , 0 0 0 ) . c n t f (N a s h v ille T r . C o . , N a s h v ille , T e n n ., T r u s te e
S e c o n d series ( $ 1 ,0 0 0 ) .c n t f ( 1887
6J-J
4 8 5 ,0 0 0 J u ly 1 1937
(N a s h v ille T r . C o ., N a s h v ille , T e n n ., T r u s t.
N a s h v R y & L t c o n s o l M g f 1903 5 g J -J
3 ,5 8 6 ,0 0 0 J u ly 1 1953
(clo s e d ) ($ 1 ,0 0 0 )______c * t f (I n te r e s t a t G u a ra n ty T r u s t C o .. N . Y ., T r u s .
N ash R y & L t r e f & e x t m tg e ( 1908 5 g J-J
2 ,6 5 7 ,5 0 0 J u ly 1 1 9 5 8
$ 1 5 ,0 0 0 ,0 0 0
($ 5 0 0
a n d !I n t . a t G u a r a n ty T r u s t C o . , N . Y . , T r u s te e .
$ 1 ,0 0 0 ) g o l d __________ c * t f 1 o r a t N a s h v ille T r u s t C o . , N a s h v ille .
161
POWER, LIGHT AND RAILW AY
Bonds.— I n t . o n b o t h series o f M c G a v o c k & M t . V e r n o n H o rs e R R . b o n d s
Is p a y a b le a t F o u r th & F irs t N a t . B a n k , N a s h v ille , a n d N . Y . fis c a l a g e n t.
T h e N a s h v . R y . & L t . co n s o ls o f 1903 a re s u b j. t o ca ll o n a n y in t . d a te o n
30 d a y s ’ n o t ic e a t 10714 a n d in t . Sinking fund $ 3 0 ,0 0 0 p e r an n u m c o m
m e n ce d Ju n e 30 1913, b u t o n ly i f c o m p a n y has a su rp lu s a b o v e ch arges an d
d iv . o n p r e f. s t o c k : b o n d s t o b e k e p t a liv e in sin k in g fu n d . $ 5 2 4 ,0 0 0 n o t
in c l. in a m o u n t o u ts ta n d in g h e ld in s in k in g fu n d .
O f th e r e fu n d in g an d e x te n sio n b o n d s, $ 4 ,1 3 6 ,0 0 0 are re s e rv e d fo r p rior
liens an d re m a in d e r m a y b e issu ed a t th e ra te o f $ 1 ,0 0 0 fo r e a ch $ 1 ,2 5 0
e x p e n d e d fo r fu tu r e im p ro v e m e n ts a n d e q u ip m e n t, n o t o v e r $ 7 0 0,00 0
t o b e issu ed in a n y ca le n d a r y e a r a n d s u b je c t t o c e r ta in o th e r c o n d itio n s .
B o n d s ca n n o t b e c a lle d . $ 4 ,0 4 2 ,0 0 0 are o w n e d b y th e T e n n e ssee E le c tr ic
P o w e r C o . a n d p le d g e d u n d e r th a t c o . ’s 1st & r e f. m t g e . S er. “ A ” 6 % b o n d s .
$ 2 6 7 ,0 0 0 n o t in c l. in a m o u n t r e p o r te d o u ts ta n d in g are h e ld a liv e in sinking
fu n d a n d $ 4 9 4 ,5 0 0 in th e tr e a s u r y . Sinking fund o f J4 o f 1 % o f o u ts ta n d in g
b o n d s b e g a n J u ly 1 191 8, b o n d s in sin k in g fu n d b e in g k e p t a liv e . See
p a rticu la rs o f b o n d s , p r o p e r t y , & c ., in V . 8 7 , p . 2 7 2 .
Dividends.— T h e fir s t d i v . o n p r e f. s t o c k — 2 ) 4 % — w as p a id J a n . 1 1905,
th e n 2 )4 % s e m i-a n n u a lly t o J u ly 1910. I n O c t . 1910 ch a n g e d t o q u a rte r ly
a n d p a id 1 K % , a n d s a m e a m o u n t q u a r. t o a n d in c l. J a n . 1920. N o n e t o
S e p t. 1922, w h e n 13M % w as p a id , c le a rin g u p a ll b a c k d iv id e n d s . V . 115,
p . 153 3. Q u a r . d i v s . o f 1 H % p a id r e g u la r ly s in c e . C o m . s t o c k is a ll ow n e d
b y T e n n e sse e E le c t r ic P o w e r C o .
E A R N I N G S . — Y e a rs e n d in g D e c . 31:
Gross
Net (after
Interest,
Pref .Div.
Balance,
Year—
Earnings.
faxes).
&c.
5% .
Surplus.
1 9 2 2 _______________ $ 4 ,1 3 4 ,6 3 0
$ 1 ,3 1 3 ,8 1 0 $ 4 7 4 ,0 3 3
$ 1 2 5 ,0 0 0 $71 4 ,7 7 7
1 9 2 1 --------------- . . . . 3 ,8 5 7 ,8 5 2
1 ,0 6 7 ,4 4 8
4 7 1 ,0 8 2
125 ,0 0 0
4 7 1 ,3 6 6
Latest Earnings.— -For 12 m o s . e n d e d D e c . 31 1924, gross, $ 4 ,6 3 7 ,8 9 2 ;
n e t, a fte r ta x e s , $ 1 ,5 3 4 ,3 3 4 . I n 1923, g ro ss, $ 4 ,4 2 3 ,4 8 6 ; n e t, a fter ta x es,
$ 1 ,2 8 9 ,4 6 3 .
3 4 ,0 3 7 ,3 8 0 pa ss, c a r r e d in c a l. y e a r 1922, a g a in st 3 4 ,2 2 1 ,4 4 5 in 1921.
O F F I C E R S .— P r e s ., C . M . C la rk ; V . - P . & G e n . M g r ., B . C . E d g a r ;
S e c. & T r e a s ., G . L . E s t a b r o o k .— V . 114 , p . 1654; V . 115, p . 1533; V .1 1 6 ,
p . 1893; V . 117, p . 208 ; V . 119 , p . 2 7 6 2 ; V . 120, p . 8 7 .
(2) CHATTANOOGA RAILWAY & LIGHT CO.
C o m p a n y o n ly h as n o m in a l e x is te n ce , as fo rm e r p r o p e r t y has b e e n c o n
v e y e d t o T e n n e sse e E le c t r ic P o w e r C o .
O R G A N I Z A T I O N .— I n c o r p o r a t e d in T e n n e s s e e o n J u ly 29 1909 as a
c o n s o lid a tio n o f th e C h a t ta n o o g a R a ilw a y s C o . a n d C h a tta n o o g a E le c tr ic
C o . , p e r p la n V . 88, p . 1 49 7. V . 8 9 , p . 2 8 5 . O w n s e n tire c a p it a l s t o c k o f
L o o k o u t M o u n t a in R y . C o .
STO C K AN D BO N DS—
Date.
Interest. Outstanding. Maturity.
C o m m o n $ 3 ,0 0 0 ,0 0 0 ($100) _
____
________
$ 3 ,0 0 0 ,0 0 0 .......................
P r e f $ 2 ,0 0 0 ,0 0 0 5 % cu m ($1 0 0 ) .
Q -J
2 ,0 0 0 ,0 0 0 ____________
F irs t a n d r e fu n d in g m o r tg a _ e ( ____
_ g , 1909
5 g M -N
6 2 7 ,0 0 0 M a y 1 1956
$ 1 5 ,0 0 0 ,0 0 0 g ( $ 1 ,0 0 0 ). c * t f f l n t . a t F id e lit y T r u s t C o . , P h ila ., tr u s te e .
C h a t t R y s 1st c o n s m tg e , s e e l 1906
5 g M -N
1 ,8 0 0 ,0 0 0 M a y 1 1956
t e x t ($ 5 0 0 & $ 1 ,0 0 0 ) g _ c * t f / I n t . a t C o m m e r c ia l T r u s t C o . , P h ila ., t r u s te e
Stock.— P r e f. shares e q u a lly w ith c o m . a fte r c o m . h a s r e c e iv e d 5 % .
Bonds.— T h e $ 3 ,0 0 0 ,0 0 0 C h a tta n o o g a R y s. m tge. has b e e n c lo s e d ; c a ll
able a n y in t d a te a t 107 a n d in t. o n 3 m o s .’ n o tice .
$ 2 9 6 ,0 0 0 (n o t in c l.
In a m t. ou tsta n d in g ) are o w n e d b y T e n n essee E le c t r ic P o w e r C o . a n d
are p le d g e d u nd er th a t c o . ’s 1st & r e f. m tg e . ser. “ A ” 6s a n d $ 5 2 ,5 0 0 h a v e
be e n c a n c e le d b y sin k in g fu n d .
O f th e 1st & r e f. b o n d s , $ 3 ,6 8 0 ,0 0 0 a re o w n e d b y T e n n e sse e E le c . P o w e r
C o . a n d p le d g e d b y th a t c o . u n d e r its 1st & r e f. m t g e . 6 % b o n d s , series “ A . ”
N o skg. fd.; c a ll, a t 105 a n d in t . o n a n y in t . d a te o n 60 d a y s ’ n o t ic e . I n t ,
p a y a b le a t H o d e n p y l, H a r d y & C o . a n d a t o f fic e o f tr u s te e . V . 8 9 , p . 84 6 .
(a) LOOKOUT MOUNTAIN RY. CO.
O R G A N I Z A T I O N .— O w n s e le ctr ic lin e o n t o p o f L o o k o u t M o u n t a in
a n d , t h r o u g h s to c k o w n e rsh ip , c o n tr o ls th e L o o k o u t In c lin e C o . (w h ose
s t o c k a n d b o n d s are d e p o s ite d u n d e r th e c o m p a n y ’s m o r t g a g e ) . S to c k
a ll o w n e d b y th e C h a tta n o o g a R a ilw a y & L ig h t C o . P r iv a t e r ig h t -o f-w a y
e x c e p t s h o r t p ie c e o f tr a c k o n w h ic h franchise e xp ires in 1926.
STOCK A N D BON DS—
Date.
Interest. Outstanding. Maturity.
S to c k ($ 5 0 0 ,0 0 0 )_____________________
___________
$ 5 0 0 ,0 0 0 ____________
1st m t g e ($ 2 ,0 0 0 ,0 0 0 ($ 1 ,0 0 0 ) ( 1913
6 g M -N
3 8 9 ,0 0 0 M a y 1 1956
g o l d -------------------------------c * t f/P h ila d e lp h ia T r u s t C o . , P h ila .. T r u s te e .
Bonds.— L o o k o u t M t n . R y . b o n d s are re d . a t 105 a n d i n t . o n a n y in t .
d a te o n 60 d a y s ’ n o t ic e . $ 1 ,6 1 1 ,0 0 0 re se rv e d fo r im p ts .. & c ., a t 8 5 % o f
c o s t o f sa m e . B o n d s o u ts ta n d in g are o w n e d b y T e n n e sse e E le c t r ic P o w e r
C o . a n d are p le d g e d u n d e r t h a t c o . ’s 1st & r e f. m tg e . se r. “ A ” 6s. In te r e s t
p a y a b le a t o ffic e s o f E . W . C la r k & C o . , P h ila ., a n d H o d e n p y l, H a r d y &
C o ., N ew Y o rk .
(3) TENNESSEE POWER CO.
S to c k a ll o w n e d b y T en n essee E le c t r ic P o w e r C o . C o . h as o n ly n om in a l
existe n ce as fo rm e r p r o p e r t y h a s be e n c o n v e y e d t o T e n n . E l. P o w . C o .
O R G A N I Z A T I O N .— I n c o r p . in T e n n e sse e o n A p r il 24 1912 as a c o n s o li
d a tio n o f th e E a stern T e n n e sse e P o w e r C o . a n d G re a t F a lls P o w e r C o .;
h as also a c q u ir e d th e p r o p e r t y fo r m e r ly b e lo n g in g t o S w e e tw a te r E le c . L t .
C o ., C le v e la n d (T e n n .) E l. L t . C o . . S pa rta E le c . L ig h t & P o w e r C o . a n d
A . & T . P o w e r C o . Franchises.— T h e c o . ’s p o w e r p la n ts are o w n e d in fe e
a n d its tran sm ission lin es are o n p r iv a te rig h t o f w a y a n d th e r e fo r e n o t
s u b je c t t o fra n ch is e lim ita tio n s . F ra n ch ise s o f d is trib u tio n c o m p a n ie s
are fa v o r a b le .
STO CK A N D BO N DS—
Date.
Interest. Outstanding. Maturity.
S to c k $ 2 0 ,0 0 0 ,0 0 0 ($ 1 0 0 )_____ — A ll o w n e d b y T e n n . E le c . P o w e r C o . F irst m tg e $ 5 0 ,0 0 0 ,0 0 0 g o l d ) 1912
5 g M -N
$ 2 ,2 5 6 ,0 0 0 M a y 1 1962
gu a r p & i ( $ 1 ,0 0 0 ) - - C * n t f /I n t . a t B a n k e rs T r u s t C o . , N . Y . , T r u s t e e .
Bonds.— O f th e re m a in in g b o n d s , $ 1 0 ,0 4 5 ,0 0 0 are o w n e d b y th e T e n n e s s e e
E le c tr ic P o w e r C o . a n d are p le d g e d u n d e r th a t c o . ’s 1st & r e f. m t g e . 6s,
ser. “ A . ”
Sinking fund, 1 % p e r a n n . o f b o n d s o u t , b e g a n M a y 1 1917; t o
b e u s e d f o r e x tra o rd in a ry r e n ew als, r e p la ce m e n ts o r a d d itio n s , enlargem ents,
a n d exten sion s; also fa r c a n c e lla tio n o f b o n d s . $ 3 6 ,0 0 0 in sin k in g fu n d .
R e d . in w h o le o r in p a r t a t 1 0 7 )4 a n d in t . o n 12 w e e k s ’ n o t ic e . See V . 9 5 ,
p . 5 4 9 . F . N . B . C lo s e , N . Y . , is also tru s te e .
NATIONAL POWER & L IG H T CO.
O p e ra tio n s su p ervised b y E le c t r ic B o n d & Share C o .
O R G A N I Z A T I O N .— O rga n ized in N . J . in 1921 a n d a c q u ir e d fr o m the
co m m itte e fo r th e A m e r ic a n C itie s C o . 5 - 6 % c o ll. tr . b o n d s (as p er r e l
o rg a n iz a tio n p la n o u tlin e d in " E l e c t r i c R a ilw a y ” S u p p le m e n t o f O c t . 28
1 9 2 2 ), th e se cu rities p le d g e d u n d er th a t issue t o g e th e r w ftn ce rta in secu rities
a cq u ire d b y th e c o m m itte e fr o m th e C h a se N a tio n a l B a n k in e x ch a n g e for
c e r ta in se cu rities o f N . O . R y . & L t . C o . (re o rg a n iz e d as N e w O rleans
P u b lic S e rv ice I n c .— s e e o n a n o th e r p a g e ) h e ld b y th e c o m m it t e e . T h u s
th e fo llo w in g se cu ritie s w e re tra n sfe rre d t o th e c o m p a n y :
(a) 2 0 ,0 0 0 shares c a p it a l s t o c k o f H o u s to n L ig h tin g & P o w e r C o . , 1905.
( b) 6 ,0 1 5 shares 6 % c u m . p r e f. s t o c k a n d (c) 16,175 shares c o m . s t o c k L it t le
R o c k R y . & E le c . C o .
(d) 2 0 ,5 0 0 shares ca p ita l s t o c k o f K n o x v ille R y . &
L igh t C o .
(e) S u cn rig n ts as m a y p e rta in in d is s o lu tio n t o th e 22,3 0 3 shares
o f th e p r e f. s to c k an d th e 2 1 ,7 6 0 shares o f th e c o m . s t o c k o f M e m p n is S treet
Ry.
(f) S u ch rig h ts as m a y p e rta in in d is s o lu tio n t o the 2 7 ,7 7 4 shares o f
pref. s t o c k an d 3 4 ,9 5 4 shares o f th e c o m . s t o c k o f B irm in g n a m R y ., L ig h t
& Pow er C o.
(g) A ll in d e b te d n e ss o f a n d cla im s a gain st a n y a n d a ll o f
said co m p a n ie s a n d A m e r ic a n C itie s C o . o w n e d b y th e c o m m itte e o r t o
w hicn it is e n title d ,
(h) A ll tn e 5 - 6 % c o ll. tr . g o ld b o n d s o f A m e rica n C ities
O o . d e p o s ite d w itn th e c o m m it t e e s ta m p e d t o s h o w th e p a y m e n ts th e r e o n .
C o m p a n y also a c q u ir e d assets o f M e m p h is G a s & E le c . C o . w h ose assets
w ere la te r a c q u ir e d b y M e m p h is P o w e r & L ig h t C o . F o r h is t o r y o f A m e r c a n C itie s C o . see “ E le c t r ic R y . ” S u p p le m e n t o f O c t . 28 1922.
Separate statements of the controlled Birmingham Electric Co., the Arkansas
Central Power Co., the Houston Lighting & Power Co., will be found under
he respective States in which they operate, while the statements of the Knoxville
Power & light Co., the Memphis Power & Light Co., and the Memphis Street
Ry. are given below.
F o r th e p u rp o s e of c a r r y in g th r o u g h th e p la n of r e o rg a n iz a tio n (V . 114,
p. 7 6 ), in c l. th e a cq u is itio n of th e M e m p h is P o w e r & L ig h t Co. (fo r m e r ly
M e m p h is G as & E le c . C o . ) , a n d o th e r c o r p o r a t e p u r p o s e s , th e fo llo w in g
se cu ritie s h a v e b e e n issu ed:
STO CK AN D BO N DS—
Date. Interest. Outstanding.
Maturity,
C o m 3 7 5 ,0 0 0 shares (n o p a r ) . .
------------1 2 2 ,0 8 r h s .S e p t’2 5 $ 1 .5 0
)s
P ref 125 ,0 0 0 shares (n o p a r ) . .
------$7 Q -J
4 0 ,2 9 8 s h s .O ct’2 5 ,$ 1 .7 5
5 0-yr 7 % in c b o n d s $ 2 0 ,0 0 0 ,0 0 0 (1 9 2 2
J -J
$ 8 ,4 1 7 ,1 0 0 J a n . 1 1 9 7 2
($ 1 0 0 ,$ 5 0 0 , $1 ,0 0 0 & $ 1 0 ,0 0 0 r c r (C e n t r a l U n io n T r . C o ., N . Y . , T r u s te e .
Stock.— P re f. s t o c k e n title d t o d iv s . o f $7 p er share in p re fe re n ce t o c o m .
»n d t o $10 0 p er share p re fe re n ce in liq u id a t io n , an d is re d . a t $ 1 1 0 & a cc r .d iv s .
Bonds.— I n c o m e b o n d s e n title d t o 7 % Int. i f earn ed; 3 ) 4 % p a id J u ly 1
1922 a n d 3 ) 4 % p a id r e g u la rly since t o a n d in c l. J u ly 1 1925. C a ll, any t im e
163
[V ol. 121.
PUBLIC UTILITIES
on 4 weeks' notice at 105 and int. Sinking fund 1% per annum. $274,000
retired by sink, fund and canceled.
Dividends.— An initial div. of $1 75 per share was paid on the pref. stock
In April 1923, and same amount paid regularly quar. since to and incl.
Oct. 1925. An initial div. of J 1 50 was paid on com. in June 1924. In
T
Sept. 1924, $1 50; Dec. 1924, $1 50. In 1925, Mar., $1 50; June, $1 50;
Sept., $1 50.
EARNINGS.— For years ended Dec. 31:
Subsidiary Companies —
*1925.
1924.
1923.
$23,949,718 $22,886,444 $20,908,761
15,145,616 14.823,114 13,913,978
Other income.
$8,804,102
103,829
$8,063,330
117,635
$6,994,783
106,636
Int., discount and other deductions..
$8,907,931
3,122,208
$8,180,965
3,168,090
$7,104,419
2,781,866
Preferred dividends .
$5,785,723
665,154
$5,012,875
436,828
$4,319,553
474,597
Renewal & replact. appropriations__
$5,120,569
2,127,588
$4,576,047
1,978,606
$3,844,956
1,696,265
$2,992,981
N ational Power A Light Co .—
Proportion of above balance applica1 ble to Nat’l Power & Light Co____. $2,992,635
*
Miscellaneous income_______________
475,143
$2,597,441
$2,148,691
$2,597,146
516,481
$2,148,330
1,012,763
Expenses, incl. taxes & oth. deduc’ns.
$3,467,778
208,089
$3,113,627
272,097
$3,161,093
594,107
Int. on 50-yr. 7% income bonds.
$3,259,689
593,032
$2,841,530
593,011
$2,566,986
601,346
Dividends on preferred stock_
_
$2,667,657
274,579
$2,248,519
272,562
$1,965,640
273.161
L Balance__________________________ $2,393,078 $1,975,957 $1,692,479
r * Earnings for 12 mos. ending July 31 1925.
r OFFICERS.— Pres., H. C. Abell; V .-P ..P .B Odium; V .-P., E. W . Hill;
Sec., E. P. Summerson; Treas., A. C. Ray; Comp., A. E. Smith.— Y . 116,
p. 1284, 2644; V. 118, p. 2447, 2834; V. 119, p. 948; V . 120, p. 2816.
KNOXVILLE POWER & LIGHT CO.
thereafter at 101 and interest through Jan. 1 1946, and thereatfer at 100 and
interest. Pennsylvania 4 mill tax refundable. $5,500,000 were offered in
Jan. 1923 by Guaranty Co. of New York and Harris, Forbes & Co., at
89X and interest, to yield about 5.80%. V. 116, p. 418. The same
bankers, in April 1924, offered $1,000,000 at 91 and interest, to yield about
5.70%. V. 118, p. 1672. An additional $1,000,000 was also offered by
the same bankers in Dec. 1924 at 96 and interest, to yield 5.30%. V. 119,
p. 3009.
First and Refunding M tge. Series B 6s are redeemable, all or in part,
on four weeks’ notice at any time on or before Jan. 1 1928 at 106 and inter
est; thereafter at 105 and interest less X of 1 % for each year or fraction
thereof elapsed subsequent to Jan. 1 1929. Penna. 4 mill tax refundable.
$2,000,000 were offered in June 1923 by Guaranty Co. of New York and
Harris, Forbes & Co. at 99X and interest, to yield over 6% . V. 116, p. 2890.
Dividends.— Dividends on pref. paid regularly (Q.-J.) since issuance.
EARNINGS.— Calendar years:
1923.
1924.
Gross earnings___________________________________ $4,401,122 $3,951,588
2,520,913
Operating expenses, including taxes______________ 2,671,177
.
Net earnings___________________________________ $1,729,945 $1,430,675
129,765
156,761
Other income_____________________________
Total income__________________________________. $1,886,706 $1,560,440
422,934
Interest on bonds__________________________
521,065
84,005
Other interest and deductions______________
161,908
70,000
Dividends on preferred stock_______________
78,930
341,249
Renewal and replacement reserve_________
419,820
Surplus________________ ___ _________________
$704,983
$642,252
Latest Earnings.—'For 12 mos.end. Aug. 31 1925, gross, $4,469,162;
oper. exp. & taxes, $2,538,348; net, $1,930,814; balance, $1,563,202.
OFFICERS.— Pres., T . H. Tutwiler; V .-P ., E. W . Hill; V.-P., L. H.
Parkhurst; Sec. & Asst. Treas., L. E . Le May.— V. 119, p. 3009; V. 120,
p. 211, 2816, 3187.
MEMPHIS STREET R A IL W A Y CO.
O p e ra tio n s su p e rv ise d b y E le c t r ic B o n d & Sh a re C o .
C o n tr o l fo rm e r ly h e ld b y th e A m e r ic a n C itie s C o . w as a c q u ir e d in 1922
b y th e M e m p h is P o w e r & L ig h t C o . , w h ic h is in tu rn co n tr o lle d b y th e
i N a tio n a l P o w e r & L ig h t C o . , w h ic h a c q u ir e d ce rta in p ro p e rtie s fo rm e r ly
i c o n t r o lle d b y th e A m e r ic a n C itie s C o . a n d o th e r p ro p e r tie s .
O R G A N I Z A T I O N .— -C h artered in T e n n e sse e o n M a r c h 28 1895 a n d c o n
s o lid a te d w ith th e C itiz e n s ' S t ., E a s t E n d S t ., C i t y & S u b u rb a n a n d M e m
p h is & R a le ig h S prin gs lin es; franchises ru n u n til N o v . 1945.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
O w n s a n d op e ra te s th e e n tire stre e t r a ilw a y b u sin e ss o f th e c it y o f M e m p h is ,
T e n n ., a n d ce rta in s u b u r b s , s e r v in g an e s tim a te d p o p u la tio n o f 1 90 ,000 .
O w n s 133 m iles o f t r a c k . R a ils , 60 t o 8 0 -lb . T . 60 t o 1 0 9 -lb . g ird er. 295
pa sse n ge r an d 33 m isce lla n e o u s c a r s .
Fares <% R ates.— See V . 119. p . 198.
STOCK A N D BO N DS—
Date.
Interest. Outstanding.
Maturity.
________
x$2,5OO,O0O
See t e x t
C o m m o n $ 2 ,5 0 0 ,0 0 0 ( $ 1 0 0 )___ ______
P r e fe r re d $ 2 ,5 0 0 ,0 0 0 5 % c u m f
($1 0 0 ) re d a t 110 & a c c r d i v s l ____
________
x 2 ,5 0 0 ,0 0 0
See t e x t
C o n s m o r tg a g e $ 1 0 ,0 0 0 ,0 0 0 /1 9 0 5
5 g J -J
8 ,6 5 1 ,0 0 0 J u ly 1 1945
g o ld (see t e x t ) c lo s e d -C * & r \ I n t. a t C e n t. U n io n T r u s t C o . N . Y . , T r u s .
E q u ip m e n t t r u s t ______________J 1923
6 J -D
3 0 9 ,0 0 0 D e c . 1 1925
-----------(G u a r a n ty T r . C o ., N . Y . , T r u s . t o D e c . 1 ’33
x A ll p r e f. a n d c o m . s t o c k e x c e p t d ir e c t o r s ’ sh ares, o w n e d b y M e m p h is
P o w e r & L ig h t C o .
Bonds.— T h e c o n s o l. M . b o n d s are in d e n o m . o f $ 1 ,0 0 0 c o u p o n a n d $ 1 0 ,000 re g iste re d . A r e n o t su b j'e ct t o c a ll, sinking fund $ 2 5 ,0 0 0 p e r a n n u m
! 1910-14; $ 3 0 ,0 0 0 , 1915-19; $ 3 5 ,0 0 0 , 192 0-2 4; $ 4 0 ,0 0 0 , 19 2 5 -2 9 , and $ 5 0 ,0 0 0 ,
193 0-4 5. See V . 8 2 , p . 62 8 , 1496. $ 7 9 9 ,0 0 0 h e ld a liv e in s in k in g f u n d
, M t g e . c lo s e d .
i
Equip, trust certifs. m a tu re $ 3 5 ,0 0 0 each D e c . 1 th r o u g h 1932 a n d $ 2 9 ,0 0 0
j D e c . 1 1933. A r e c a ll, as a w h o le , b u t n o t in p a r t a t 103 a n d d iv . f o r cer tifs .
! m a tu rin g m o re th a n 5 y e a rs a fte r d a t e o f su ch a n tic ip a te d p a y m e n t , and
! a t a p r e m iu m o f X o f 1 % fo r each y e a r o r fr a c t io n t h e r e o f o f u n ex p ired
| life in th e ca se o f c e r tifs . m a tu rin g 5 ye a rs o r less a fte r d a t e o f s u ch a n tici! p a t e d p a y m e n t. $34 4 ,0 0 0 w e re offered in D e c . 1923 b y H a rris, F o r b e s &
C o . a t p rice s t o y ie ld fr o m 6 .3 0 % t o 6 .0 0 % , a c c o r d in g t o m a t u r it y .
Dividends.— O n p r e f. s t o c k 5 % w as p a id f r o m issu a n ce u p t o a n d in c lu d in g
! D e c . 1914. I n 1915, n o n e . I n 1916, D e c ., 2 X % . I n 191 7, J u n e , 2 X % .
S to c k n o w a ll o w n e d b y M e m p h is P o w e r & L ig h t C o . a n d n o d iv s . a re re1 p orted .
O p era tion s s u p erv is e d b y E le c t r ic B o n d a n d Share C o .
C o n tr o lle d b y ow n e rsh ip o f a ll c o m . s to c k e x c e p t d ir e cto r s ’ shares b y
N a tio n a l P o w e r & L ig h t C o . (see o n a n o th e r p a g e ), fo r m e r ly c o n t r o lle d b y
th e A m e r ic a n C ities C o .
O R G A N I Z A T I O N .- — I n c o r p o r a te d in T en n essee o n A u g . 7 1905 as a c o n
s o lid a tio n o f t h e K n o x v ille T r a c t io n C o . a n d the K n o x v ille E le c t r ic L ig h t &
P o w e r C o . F o r m e r ly k n o w n as K n o x v ille R y . & L t . C o . , b u t n a m e
c h a n g e d t o p resen t title d u rin g 1912.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
D o e s all th e s tr e e t ra ilw a y a n d all m u n icip a l and co m m e r c ia l e le ctr ic p o w e r
an d lig h t business in K n o x v ille a n d se rve s v a rio u s n e a r b y c o m m u n itie s .
O n D e c . 31 1924 o w n e d 53 m iles o f tr a c k ; s ta n d a rd ga u g e; 7 0 -lb . a n d o v e r
T a n d g ir d e r r a il. H a s 79 pa sse n ge r c a r s and 12 o t h e r ca rs ; t o t a l, 91.
P o w e r s ta tio n (h eld in r e s e r v e ) has 6 ,8 0 0 k .w . c a p a c it y . A ls o o w n s tw o
am u sem en t p a r k s .
franchises a re p e r p e tu a l, e x c e p t as t o I X m iles o f s tr e e t r a ilw a y , w h ich
latter r a n u n til N o v . 28 194 6.
H as lo n g -te r m c o n t r a c t w ith T e n n e sse e P o w e r C o . f o r th e p u r c h a s e o f
e le ctr ic p o w e r .
Valuation.— F o r d e ta ils o f v a lu a tio n file d w ith th e P . U . C o m m . In
Jan . 1921 see V . 112, p . 258 .
S T O C K A N D B O N D S — • Date.
Interest. Outstanding. Maturity.
___________ $ 2 ,2 0 0 ,0 0 0 ______________
C o m m o n $ 5 ,0 0 0 ,0 0 0 ($ 1 0 0 )__________
P r e f $ 5 ,0 0 0 ,0 0 0 c u m ( $ 1 0 0 )__________
7 Q -F
1 ,5 5 0 ,0 0 0 N o v ’2 5 $ l . 75
R e f & e x t m tg e $ 1 0 ,000 ,00 01 1911 5 J -D
3 ,2 5 9 ,0 0 0 Ju n e 1 1946
($500 a n d $ 1 ,0 0 0 )___ c * c p t r l n t . a t G u a ra n ty T r u s t C o ., N . Y . , T r u s te e .
K n o x v ille T r a c 1st M $85 0,-1 1898 5 g A -O
7 8 0 ,0 0 0 A p r il 1 1938
000 g ta x -fr e e ($ 1 ,0 0 0 )- - C * / I n t . a t B a ltim o re T r u s t C o . , B a lt ., T r u s te e .
REPORT.— For calendar years:
Stuck.— P r e f. has equa l v o t in g p o w e r w ith c o m . R e d . a t 110 a n d d iv s .
1922.
1921.
1924.
1923.
In M a y 1924 $50 0 ,0 0 0 p r e f . w as offered b y W . C . L a n g le y & C o . , N . Y . ,
a n d O ld C o lo n y T r u s t C o . , B o s t o n , a t 98 a n d d i v ., y ie ld in g a b o u t 7 .1 4 % . | Gross earnings_________ $3,014,674 $3,154,526 $3,149,147 $3,178,651
2,236,454
2,041,149
2,189,370
V . 118, p . 2 5 7 2 . In J a n . 1925 th e sam e ban kers offered an a d d itio n a l j Oper. expenses & taxes. - 2,121,690
$ 5 0 0,00 0 p r e f. s t o c k a t 99 a n d d i v ., t o y ie ld o v e r 7 % . V . 120, p . 330 .
$942,197
$892,984
$965,156 $1,107,998
Bonds.— O f th e r e f. & e x t . m t g e . $78 0 ,0 0 0 a re r e se rv e d fo r K n o x v ille
Other income4,049
2,595
3,628
9,478
T r a c t io n 1st 5s a n d $ 5 ,2 9 7 ,0 0 0 are re se rv e d fo r 8 0 % o f c o s t o f e x te n s .,
a d d ’n s , im p ts ., & c ., u n d e r c o n s e r v a tiv e re s tric tio n s . B o n d s are r e d . as a
$896,612
$944,792
$974,634 $1,112,047
w h o le , b u t n o t in p a r t, a t 105 a n d in t . o n 60 d a y s ’ n o t ic e , o r m a y b e p u r
interest on bonds______
454,195
480,043
492,758
566,553
ch a sed in o p e n m a rk e t a t a p r ic e t o n e t n o t less th a n 4 X % • A n n u a l sink
8,890
30,206
25,877
69,071
ing fund b e g a n O c t . 1 1915 e qu a l t o X o f 1 % o f to t a l a m o u n t o f b o n d s o u t . Other int. & deductions.
Divs. on Preferred stock
125,000
100.000
$ 2 0 2 ,0 0 0 h e ld a liv e in sin k in g fu n d a n d $ 4 6 2,00 0 in tre a s u ry A u g . 31 1 92 5.
Renewal & replace’t res.
228,932
277,125
232,098
248,705
T h e K n o x v ille T r a c tio n C o . fir s t m o r tg a g e b o n d s a re n o t s u b je c t t o c a ll.
$ 7 0 ,0 0 0 h a v e been c a n c e le d .
Surplus.
$194,059
$31,402
$135,453
$227,718
Dividends.— -An in itia l d iv . o f 1 % % w as p a id o n p r e f. s t o c k in N o v . 1922.
Latest Earnings.— For 12 'mos. end. Aug. 31 1925, gross, $2,918,185;
a n d a t th e sa m e r a te r e g u la r ly q u a r . s in ce . A ll th e c o m . s t o c k e x c e p t d ire c
net (after taxes, &c.), $930,926: int. and other deductions, $472,109; sur
to r s ' sh ares b e in g o w n e d b y N a tio n a l P o w e r & L ig h t C o . D iv s . are n o t
plus, $458,817.
m a d e p u b lic .
E A R N I N G S .—
Gross
N et ( after
Interest , Surplus for ; OFFICERS.— Pres., Thos. H. Tutwiler; Sec. & Treas., L. LeMay.
Cal. Year —
Incom e.
Taxes).
A c.
Renew..Sic.
1924
1923
1922
- ................ . .$ 2 ,3 5 9 ,1 4 5
$70 1 ,3 6 5
$ 2 3 8,38 1
$ 4 6 2,98 4
$ 2 ,2 1 9 ,2 4 3
695 ,549
2 3 6 ,7 4 7
4 5 8 ,8 0 2
2 ,0 2 2 ,2 5 8
579 .653
235 ,341
3 44 .312
Latest Earnings.— F o r 12 m o s . e n d . A u g . 31 1925, g ro s s , $ 2 ,4 3 8 ,8 1 3 ;
n e t (a fter t a x e s ), $76 9 ,4 4 0 ; i n t ., & c ., $22 1 ,5 6 1 ; su rp lu s, $ 5 4 7 ,8 7 9 .
O F F I C E R S .— P r e s ., C . H . H a r v e y ; V . - P s ., W . S. S h ield s, R . H . S m ith
a n d E . W . H ill; S e c ., C . H . B rig g s ; T r e a s ., A . C . R a y .— V . 118, p . 257 2;
V . 120, p . 3 3 0 , 2 01 2.
MEMPHIS POWER & LIGHT CO.
— V. 114, p. 79, 948, 1179, 2360; V. 115, p. 988, 1210, 1631; V. 116, p. 1649.
2516, 2637; V. 117. p. 553; V. 118, p. 85, 202, 2573; V. 119, p. 198.
UNION T R A C T IO N CO.
ORGANIZATION.— Incorp. in Tennessee on Oct. 12 1917, as successor
to the Nashville-Gallatin Interurban Ry., sold at foreclosure Sept. 25 1917.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Operates 27.05 miles of track between Nashville and Gallatin, entering
Nashville over tracks of Nashville Ry. & Light Co. (4.4 miles). 70-lb. T
rails.Standard
gauge.
STOCK AND BONDS— D ate.
Interest.
Outstanding. M aturity.
Stock $300,000 ($100)_____________
_______
$300,000 __________
First M . ($300,000) gold f 1917
6 g J-D
300,000 Dec 1 1947
($500)__________ c*&r.cpt (Nashville Trust Co., Trustee.
Bonds.— Are callable on any interest date at 105.
EARNINGS.— For 12 months ending Dec. 31:
Net. after
Interest, Balance for
C o n tr o lle d b y N a tio n a l P o w e r & L ig h t C o . O p e ra tio n s s u p e rv is e d b y
E le c tr ic B o n d & Share C o .
O R G A N I Z A T I O N .— I n c o r p o r a t e d D e c . 16 1922 in N e w J e r s e y . T o o k
o v e r p r o p e r t y fo r m e r ly o w n e d a n d o p e r a te d b y th e M e m p h is G as & E le c tr ic
C o . (s o ld a t r e c e iv e r ’s sale— V . 115. p . 2 2 7 6 ). W a s a u th o r iz e d in Ju n e 1925
t o p u r c h a s e t h e S ou th M e m p h is L ig h t & T r a c tio n C o . a n d t h e S o u th
Gross.
Taxes.
A c.
D e p r ..A c .
M e m p h is L a n d C o . p o w e r p la n ts . V . 120 , p . 318 7.
1923-......................................$193,290
$47,580
$30,996
$17,097
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
1922........................................ 180,616
x35,191
x24,497
10,682
D o e s th e en tire ce n tr a l s ta tio n p o w e r a n d lig h t and th e e n tire gas b u sin ees in
1921........................................ 173.616
36,563
18,971
17,592
M e m p h is , T e n n ., a n d c e r ta in s u b u r b s . P o p u la tio n s e r v e d e s tim a te d at ! 1920....................................... 180.661
32,182
19,315
10,682
2 0 0 ,0 0 0 . C o m p a n y o w n s all th e ca p ita l s t o c k , e x c e p t d ir e c t o r s ’ q u a lify in g
x Taxes included in interest in 1922.
sh ares, o f t h e M e m p h is S tre e t R y . (se e b e lo w ), a n d it su p p lie s a t w h olesale
OFFICERS.— Pres., John A. Bell; Sec., A. J. Anderson; Treas., Harry
a ll t h e c u r r e n t used b y th a t c o m p a n y .
Berry; Gen. Mgr., A. J. Anderson.— V. 105. p. 1618, 1709.
P r o p e r t y o f c o m p a n y in clu d e s e le ctr ic ge n e ra tin g p la n ts h a v in g a c o m
b in e d in stalled g en era tin g c a p a c it y o f 6 4 ,0 0 0 k . w ., a w a te r gas p la n t h a v in g
a d a ily c a p a c it y o f 8 ,5 9 0 ,0 0 0 c u . f t . , a n d e x te n s iv e e le c t r ic an d gas d is tri
b u tin g s y s te m s.
S T O C K A N D B O N D S .—
Date.
Interest. Outstanding. Maturity.
C o m m o n 4 0 0 ,0 0 0 shs (n o p a r ) . ------------------- 4 0 0 .0 0 0 shs ____________
P r e f $7 c u m 7 5 ,0 0 0 sh s (n o p a r ) ------$7 Q -J
3 0 ,0 0 0 shs O c t ’25, 1.75
F irst & r e f m tg e Series " A ’ - - (
1923 5 g J -J
$ 7 ,5 0 0 ,0 0 0 Jan 1 1948
(
1923 6 g J -J
2 ,0 0 0 ,0 0 0 Jan 1 1948
Series “ B ” ...........
($ 5 0 0 & $ 1 ,0 0 0 c * a n d $ 1 ,- C e n tra l U n io n T r u s t C o ., N e w Y o r k , tru stee.
CAROLINA POWER & L IG H T CO.
000 & $ 5 ,0 0 0 r * ) g o l d - . - t f I
Equitable Gas Light first mtgf
1899 5 g M-N
1,250.000 May 1 1929
($ 5 0 0 an d $ 1 ,0 0 0 )------------- c / I n t . a t E q u it a b le T r u s t C o .. N . Y . , tru stee
M e m p h is L t & P o w e r 1st M \
1901 5 g J -J
5 4 0 ,0 0 0 J an 1 1931
($ 1 ,0 0 0 )___________________ c * / I n t . a t N a t ’l B a n k o f C o m m e r c e , N . Y . , and
( N o rth e r n T r u s t C o . , C h ic a g o .
Stock.— P r e f. is r e d e e m a b le o n a n y d iv id e n d d a te o n 30 d a y s ’ n o t ic e a fte r
Jan . 1 1926 a t $1 1 0 p e r share an d d iv id e n d s .
In Ja n . 1925 10,0 0 0 shares
p r e f. w ere offered b y O ld C o lo n y T r u s t C o . , B o s t o n , a t 99 and d iv id e n d .
V . 120, p . 211 .
Bonds.— First and Refunding M tge. Series " A " 5s are re d e e m a b le all o r in
p a r t a t a n y tim e o n fo u r w e e k s ’ n o t ic e a t 105 an d in terest o n o r b e fo re Ja n . 1
1928; th e r e a fte r a t 104 an d in t. th r o u g h J a n . 1 1933; th e r e a fte r a t 103 an d
in t . th r o u g h J a n . 1 1938; th e r e a fte r a t 102 an d in t. th ro u g h J a n . 1 1943;
Electric Bond & Share Co. supervises the operations of the company
and its subsidiaries.
ORGANIZATION, &C.— Incorp. in North Carolina Feb. 19 1908. Suc
cessor to the Raleigh Street Ry. (chartered 1881, road opened 1886), Raleigh
Electric Co., Central Carolina Power Co. and Consumers' Light & Power
C > On Nov. 1 1910 acquired Durham Light & Power Co., on May 1 1911
.
tH Henderson Ltg. & Pow. Co., ana on Aug. 1 1911 the Standard Gas &
e
Elec. Co., which cos., together with numerous others subsequently acquired,
have been merged Into the Carolina Power & Light Co
In Se.pt. 1924 the
co. acquired by lease and now operates the properties of the Sand Hill
Power Co.. the Deep River Power Co. and the Smitherman Power Co
V. 119, p. 1171. Acquisition of North State Power Co. V. 120, p. 954*
Also owns the entire common stock, except directors’ shares, of the Yadki..
Oct., 1925.]
R iv er P o w e r C o . a n d th e A sh e v ille P o w e r & L ig h t C o . (a cq u ire d in M a r c h
1912). T h e ele ctr ic p r o p e r t y o f th e P a lm e tto P o w e r & L ig h t C o . w as
a cq u ired b y t h e Y a d k in R iv e r P o w e r C o . as o f J a n . 30 192 3. I n S e p t. 1925
was r e p o r te d t o b e n e g o tia tin g fo r th e p u r c h a s e o f th e m u n ic ip a lly o w n e d
pow er p la n ts in N o rlin a a n d W a r r e n to n , N o . C a ro lin a . V . 121. p . 167 5.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R u F B U S I N E S S .—
O perates en tire s tr e e t r a ilw a y , gas a n d e le ctr ic p o w e r a n d lig h t s e r v ic e in
R a leigh , gas s e r v ic e in D u r h a m , lig h t a n d p o w e r s e r v ic e in H e n d e r s o n ,
D u n n , O x fo r d , S a n fo r d , J o n e s b o r o a n d G o ld s b o r o , aDd s u p p lie s, d ir e c t ly
or in d ire c tly , e le ctr ic lig h t a n d p o w e r se r v ic e in 56 o th e r c o m m u n itie s .
O wns 14 m iles o f r o a d ; ga u g e , 4 f t . 814 in . 6 0 -7 0 -lb . T rails. 37 p assen ger
and 3 o th e r ca rs . 4 p o w e r s ta tio n s a n d 9 su b -sta tio n s: 7 8 9 m iles tran sm is
sion lines a n d 553 m ile s o f d is trib u tio n lin e s.
Franchises.— G as lig h tin g fra n c h is e in R a le ig h is p e r p e tu a l. T h e e le c t r ic
p ow er a n d lig h t a n d r a ilw a y fra n ch is e s e x te n d t o 1945. T h e D u r h a m g a s
fra n ch ises e x te n d t o 195 0. I n H e n d e r s o n , O x fo r d , S a n fo rd an d J o n e s b o r o
th e fra n ch is e s e x te n d t o 197 1, 197 1, 1942 a n d 200 3, r e s p e c t iv e ly ; in G o ld s
b o r o , S m ith fie ld a n d P in e L e v e l t o 1972, a n d in F a y e tt e v ille fra n c h is e is
p e r p e tu a l.
STOCK A N D B O N D S—
Date.
Interest. Outstanding. Maturity.
S to c k c o m 6 0 ,0 0 0 shs (n o p a r)
____
$6 Q -F
4 7 .8 7 5 shs See te x t.
P ref 6 0 ,0 0 0 sh (n o p a r )$7 c u m .
_____
$7 Q -J 5 8 .6 3 2 shs O c t ’ 25,111
F irst m o r tg a g e g o ld $ 5 ,0 0 0 ,- / 1908 5 g F - A
$ 3 ,4 8 0 ,5 0 0 A u g 1 1938
000 ($ 5 0 0 & $ 1 ,0 0 0 ) _ . c * . t f (G u a ra n ty T r . C o . , N . Y . , tr u s . I n t . i n N . Y .
1st & r e f m tg e 6 % Ser o f 1953 f 1923 6 g J -D
4 ,8 0 0 .0 0 0
Ju n e 1 1953
($500 & $ 1 ,0 0 0 c* & $ 1 ,0 0 0 , ( I r v in g B a n k -C o lu m b la T r u s t C o . , N e w Y o r k .
$ 5 ,0 0 0 & m u ltip le s r * ) g . t f l
tru ste e .
Stock.— P r e f. s t o c k is re d e e m a b le a t $110 p e r share a n d d iv id e n d s . In
J u ly 1924 W . C . L a n g le y & C o ., N . Y . , a n d O ld C o lo n y T r u s t C o . , B o s t o n .
sold 8 .0 0 0 shares p r e f. a t 9914 a n d d iv s ., t o y ie ld o v e r 7 . 0 4 % . V . 119 , p .
196.
Bonds.— I n a d d itio n t o th e $ 3 ,4 8 0 ,5 0 0 fir s t m t g e . 5 % b o n d s re p o r te d o u t
sta n d in g , $6 3 2 000 are p le d g e d u nd er firs t & r e fu n d in g m o r tg a g e 6 %
b o n d s , an d th e rem a in d e r fo r im p ro v e m e n ts , exten sion s, & c ., a t 8 0 % o f c o s t
o f sam e w h e n n e t ea rn in gs fo r 12 m o n th s are tw ic e in te re s t o n b o n d s o u t
and t o b e issu ed . R e d e e m a b le as a w h o le o r in p a r t fo r sin k in g fu n d
o n a n y in t . d a t e u p o n 3 w e e k s’ n o tice a t 105 & in t.
Sinking fund, 1 % a n
n u a lly o f b o n d s o u t f r o m A u g . 1 1913 t o A u g . 1 1922, in c l.; s in c e , 1)4% .
.$476,500 h a v e b e e n r e tir e d th r o u g h o p e r a tio n o f sin k in g f u n d . S ee V . 90,
p . 1361.
T h e 1st & R e fu n d in g m tg e . 6s Series o f 1953 are red e e m a b le , all o r in p a r t,
a t a n y t im e o n 3 0 d a y s ’ n o tice a t 105 u p t o an d ln cl. Ju n e 1 193 0, a n d at
1 % less fo r e a c h 5 -y e a r p e r io d th e re a fte r, p lu s in terest in e a c h ca s e . I n t .
p a y a b le a t o f fic e o r a g e n c y o f c o . in N e w Y o r k C it y . P e n n a . 4 -m ills tax
r e fu n d e d . V . 116, p . 288 1. In M a y 1924 $ 1 ,3 0 0 ,0 0 0 1st & R e f. m tg e .
b o n d s 6 % Series o f 1953 w ere offered b y B o n b r ig h t & C o ., I n c ., a n d W . O .
L a n g le y & C o . a t 10014 a n d in t ., t o y ie ld o v e r 5 .9 5 % . V . 118, p . 230 2.
Dividends.— O n p r e f., 1 1 4 % q u a r. fr o m J u ly 1 1909 t o D e c . 31 1910, in c l.
In A p r il 1911 a n d q u a r. sin ce, $1 75 p e r share. In itia l d iv . o n c o m .— )4 o f
1 % — p a id F e b . 1917; sa m e ra te q u a rte rly t o a n d in c l. F e b . 1924.
In M a y
192 4, $1 5 0 . S am e a m o u n t p a id re gu la rly q u a r. since t o a n d in c l. N o v 1925
E A R N I N G S .— For 12 m o s . e n d in g D e c . 3 1 :
Gross
Net (after
Other
Bond
Other
Balance.
Year—
Earnings. Taxes.)
Income.
Interest. Int., &c.
Surplus.
1 9 2 4 _______ $ 2 ,6 9 2 ,4 6 8 $9 8 2 ,8 0 8 $45 8 ,0 4 8 $ 4 2 6,09 2 $ 5 9 ,4 2 4 $ 9 5 5,34 0
1 9 2 3 _______ 2 ,2 8 6 ,0 5 0
6 8 0 ,5 7 4
3 4 8 ,4 4 5
261 ,5 2 5
8 6 ,2 5 6
681 ,2 3 8
5 2 5 ,1 1 7
2 5 2 ,2 2 3
1 74 .015
4 2 ,4 1 1
5 60 .914
1 9 2 2 ______ 1 ,9 9 2 ,9 4 5
Latest Earnings.— F o r 12 m o n th s e n d e d A u g . 31 1924, gro ss fr o m o p e ra
t io n , $ 3 ,2 0 7 ,1 4 9 ; n e t fr o m o p e r a t io n , $ 1 ,1 8 8 ,9 1 2 ; in te re s t o n b o n d s , $ 4 6 2 ,025 : b a la n c e , less p re fe rr e d s t o c k d iv id e n d s , $ 6 6 8 ,9 8 9 .
O F F I C E R S .— P r e s ., B . S. J erm an : V .- P . & G en . M g r ., P . A . T ille r y ;
V .- P s ., W m . D a r b e e , E . W . H ill a n d R . H . S m ith; S e c ., E . P . S u m m erson .
N . Y . ; T r e a s ., A . C . R a y ; A sst. S e c ., H . L . M a rtin ; A s s t. T r e a s ., G . J.
H ic k m a n .— V . 116, p . 4 1 5 , 2881; V . 117, p . 1883; V . 118, p . 310 , 662 , 1267.
2 30 2; V . 119, p . 196, 3 2 3 , 106 3, 1171; V . 120 , p . 954 , 1325; V . 121, p . 1675.
(1) ASHEVILLE POWER & LIGHT CO.
O R G A N I Z A T I O N .— I n c o r p . o n M a r . 2 5 1912 in N o r t h C a ro lin a as
s u ccessor t o th e A s h e v ille E le c t r ic C o . A ll th e c o m m o n s t o c k e xce p t
d ir e cto r s ’ shares is o w n e d b y C a ro lin a P o w e r & L ig h t C o
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
D o e s en tire co m m e rcia l an d m u n icip a l e le ctr ic lig h t, gas a n d s treet ra ilw a y
business o f A s h e v ille , an d its su b u rb s . O p era tes 20 m iles o f r a ilw a y . A ll
franchises, e x c e p t fo r 1 If m iles o f s tr e e t r a ilw a y , e xp irin g b e tw e e n 1952 a n d
1977, are p er p e tu a l.
H a s fa v o r a b le c o n t r a c t t o A p r il 1 1928 w ith th e N o r t h C a ro lin a E lecrica l P o w e r C o . fo r p o w e r .
STOCK A N D BO N DS—
Date.
Interest. Outstanding.
Maturity.
___________ 4 0 ,0 0 0 s h s. ____________
C o m m o n 100 ,000 sh ares_______ ______
P referred 5 0 ,0 0 0 sh a re s_______ ______
$7
9,0 0 0 sh s
O c t ’ 2 5 ,$ 1 .7 5
F irst m o r tg a g e $ 5 ,0 0 0 ,0 0 0 g l 1912
5 g A -O
$ 1 ,2 2 0 ,0 0 0 A p ril 1 1942
( $ 1 ,0 0 0 ) ________________ c * t f |Int. a t U . S . M t g e . & T r . C o . . N . Y . , T r u s .
Stock.— A ll th e c o m m o n s t o c k , e x c e p t d ir e c t o r s ’ sh ares, is h e ld b y th e
C a rolin a P o w e r & L ig h t C o . , a n d d i v s ., t h e r e fo r e , a re n o t r e p o r te d .
Bonds.— R e m a in in g b o n d s are issu able a t 8 0 % o f c o s t o f p e r m a n e n t im
p r o v e m e n ts o r a d d itio n s w h e n n e t earn in gs a r e t w ic e in te re st ch a rg e s o n
b o n d s o u t a n d t o b e is s u e d . S u b je c t t o ca ll as a w h o le o r in p a r t fo r sin k in g
fu n d a t 105 & in t . o n a n y in t . d a y . Sinking fund, )4% on A p r il 1 1917
t o 1922, in c l.; 1 % 1923 t o 1927; 1)4% 1928 t o 1932; 2 % 1933 t o 194 1.
See V . 9 4 , p . 1316.
Dividends.— $1 75 q u a r. p a id o n p r e f. s t o c k fro m A p ril 1912 t o a n d in cl.
O c t . 1925.
E A R N I N G S .— F o r 12 m o s . e n d in g D e c . 31;
Gross, Incl.
Net. after
Year—
Other Income.
Taxes.
19 2 4
______ ______ $ 1 ,1 0 9 ,4 4 7
$44 6 ,2 9 9
1923
9 9 1 .5 1 4
3 7 8 ,8 5 9
4 9 2 2 _____________________
9 2 7 ,6 4 5
338 ,701
E A R N I N G S .— F o r 12 m o n th s e n d e d A u g . 31:
Total Interest Balance.
Charges.
Surnlus.
$70 ,591
6 2 ,693
6 2 ,4 6 7
192 5.
-G r o s s ___ ________________________________________________ $ 1 ,1 3 6 ,3 1 9
■Operating exp en ses a n d t a x e s ______________________
7 0 7 ,4 9 5
N e t e a rn in g s ____
________
T o t a l in c o m e
.
______
_ _ _ _ .
In teres t o n b o n d s
_______
O th er in te re s t a n d d e d u c t i o n s .. . . . .
$37 5 ,7 0 8
3 1 6 ,1 6 6
2 7 6 ,2 3 4
1924.
$ 1 ,0 3 9 ,3 3 7
633 ,4 3 1
____ ______
___________
___________
____
..
$ 4 2 8 ,8 2 4
$47 2 ,7 0 2
6 1 ,0 0 0
10,3 6 5
$40 5 ,9 0 6
$43 5 ,2 9 8
61,0 0 0
6 ,8 7 8
B a la n ce
. . .
..
._
_____ __ ___________
D iv id e n d s o n p r eferred s t o c k ___________ ___________
$ 4 0 1 ,3 3 7
6 2 ,1 0 8
$ 3 6 7 ,4 2 0
5 0 ,2 2 2
B a la n c e _____________________________________________
$ 3 3 9 ,2 2 9
$ 3 1 7 ,1 9 8
O F F I C E R S .— P r e s ., ________ ______ V .- P . & G e n . M g r .. O . S.
W alters; S e c ., E . P . S u m m erson ; T r e a s ., A . C . R a y .
U n d e r su p ervision
o f E le c tr ic B o n d & Share C o .— V . 95, p . 110: V . 106, p . 818 : V . 109, p . 1365:
V . I l l , p . 989 : V . 113, p . 70; V . 120, p . 20 7 .
(2)
YADKIN RIVER POWER CO.
Is c o n t r o lle d b y C a ro lin a P o w e r & L ig h t C o . th r o u g h o w n e rsh ip o f all
c o m m o n s t o c k e x c e p t d ir e c t o r s ’ sh ares.
O R G A N I Z A T I O N . — I n c o r p . o n M a r c h 20 1911 in N o . C a r o , as successor
t o R o c k in g h a m P o w e r C o . , so ld a t fo re clo s u re . V . 9 3 , p . 173. In J u ly
1917 a c q u ir e d c o n tr o l o f C a ro lin a G as & E le c tr ic C o . (n a m e ch an ged to
P a lm e tto P o w e r & L t . C o . ) , a n d as o f J a n . 30 1923 a cq u ire d th e electric
p r o p e r t y o f t h a t c o m p a n y , w h ich fo rm e r ly s u p p lie d e le ctr ic p o w e r a n d lig h t
t o F lo r e n c e , D a r lin g t o n , M a r io n , M u llin s , H a r ts v ille , T im m o n s v ille ,
B is h o p s v ille an d M c C a ll, S . C . , a n d w ater in D a r lin g to n a n d M a r io n .
F i E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w n s an d op e r a te s h y d r o -e le ctr ic p la n t o n th e Y a d k in R iv e r p o w e r a n d lig h t
in g s y s te m s in R o c k in g h a m , H a m le t, R o w la n d , M a x t o n a n d W a d e s b o r o ,
N . C . , a n d C h e ra w , F lo r e n c e a n d 9 o th e r c o m m u n itie s in S o u th C a ro lin a ,
a n d e le ctr ic p o w e r s y s te m s in L u m b e rto n a n d L ile s v ille , N . C . , R e e d e e an d
C a m d e n , S. C . , also s u p p lie s , u n d e r c o n t r a c t, th e en tire r e q u ire m e n ts o f th e
p r iv a t e ly o w n e d p o w e r an d ligh t sy ste m s in L a u rel H ill a n d L a u r in b u r g ,
N . C . , a n d o f th e m u n ic ip a l lig h tin g s y s te m s o f L u m b e r t o n , N . C . , a n d
C am den, S. C .
N o n e o f t h e franchises e x p ire p r io r t o 1971.
STO C K A N D BON DS—
Date.
Interest. Outstanding. Maturity.
-C o m m o n 2 0 0 ,0 0 0 s h a r e s _______ ______
________
1 5 3 ,4 0 0 s h s ------------------P r e f 7 0 ,0 0 0 sh s, $7 c u m _______ ______
Q -J
2 1 .7 5 2 shs O c t ’2 5 $ l . 75
F irst m t g e $ 1 5 ,0 0 0 ,0 0 0 g o l d / 1911
5 g A -O
$ 7 ,5 0 0 ,0 0 0 A p r 1 1941
($ 1 ,0 0 0 & $ 5 .0 0 0 ) _ c * & r .t f ( I n t . a t O ld C o lo n y T r . C o . , B o s t o n , tr u s te e .
163
POWER, LIGHT AND RAILW AY
Bonds.— $ 1 0 6 ,0 0 0 n o t in c lu d e d in a m o u n t r e p o r t e d o u ts ta n d in g , a re i n
tr e a s u r y ; re m a in in g b o n d s a r e re s e r v e d f o r e x te n s io n s , & c. B o n d s h a v e
im p t. fu n d o f )4 % o f b o n d s o u t f r o m A u g . 1 1916 t o 192 0, in c l., 1 % 1921 t o
1925, 1)4% 1926 t o 193 0, a n d 2 % 1931 t o 194 0, in c l. S u b je c t t o ca ll as
a w h o le o n a n y in t . d a t e o r in p a r t fo r im p r o v e m e n t fu n d a t 105 a n d in t .
o n 4 w e e k s ’ n o t ic e , a ll b o n d s th u s a c q u ir e d t o b e c a n c e le d . $ 1 4 4 ,0 0 0 h a v e
b e e n c a n c e le d .
Dividends.— Q u ar. d iv s . o f $1 75 p e r sh are p a id o n p r e f. fr o m J u ly 1 1916
to a n d in c l. O c t . 1925.
E A R N I N G S .— F o r 12 m o n th s e n d in g D e c . 3 1 ;
Year—
Gross. Net (after taxes). Int. (Net).
Bal.. Sur.
192 4------------------------ $ 1 ,9 2 2 ,9 0 4
$ 1 ,0 1 7 ,9 5 2
8 4 1 4 ,8 0 7
$ 6 0 3 ,1 4 5
1 9 2 3 .x -------------------- 1 ,9 5 6 ,2 1 4
1 ,0 2 1 .8 7 4
4 2 0 ,1 1 3
601 ,761
1922............................ 1 ,2 6 4 ,2 9 6
5 6 3 ,4 3 2
175 ,086
3 8 8 .3 4 6
x In c lu d e d in 1923 earn in gs o f e le ctr ic p r o p e r tie s fo r m e r ly o w n e d b y
P a lm e tto P o w e r & L ig h t C o .
E A R N I N G S .— F o r 12 m o n t h s e n d e d A u g . 3 1 :
192 5.
1924.
$ 1 ,8 2 8 ,6 9 5
G r o s s ----------------------------------- ----------------------------------------- $ 2 ,0 8 0 ,2 6 1
O p e ra tin g expen ses a n d t a x e s _______________________
1 ,0 6 8 ,2 3 6
8 7 6 ,6 7 9
N e t e a rn in g s_________________
T o t a l in c o m e ____________________
In te r e s t o n b o n d s _____________
O th er in te re s t a n d d e d u ctio n s .
. $ 1 ,0 1 2 ,0 2 5
. $ 1 ,0 8 2 ,1 9 8
3 7 5 ,0 0 0
4 0 ,2 8 8
$95 2 ,0 1 6
$ 9 9 0 ,9 8 7
3 7 5 ,0 0 0
3 9 ,5 4 2
B a la n c e _______________________
D iv id e n d s o n p re fe rre d s t o c k .
$66 6 ,9 1 0
128 ,995
$57 6 ,4 4 5
114 ,0 7 9
B a la n c e _______________________
$ 5 3 7 ,9 1 5
$ 4 6 2 ,3 6 6
O F F I C E R S .— P r e s ., B . S. J e rm a n ; V . - P . & G e n . M g r ., P . A . T ille r y ;
S e c ., E . P . S u m m e rso n ; T r e a s ., A . C . R a y . U n d e r su p e rv isio n o f E le c tr ic
B o n d & Share C o .— V . 100, p . 2 17 3; V . 10 3 , p . 2 24 5; V . 106, p . 81 8 ; V . 108,
p . 7 8 3 , 87 7 ; V . 116, p . 4 2 3 , 52 6 .
TIDEWATER POWER CO.
Control.— C o n tr o lle d b y N a t io n a l P u b lic S e rv ice C o r p . (see o n a n oth er
p a g e ). .
O R G A N I Z A T I O N .— C h a rte re d F e b . 1907 in N o r t h C a ro lin a . I n A p ril
1917 a c q u ir e d a ll th e p r o p e r t y o f th e C o n s o lid a te d R y s ., L ig h t & P o w e r C o .,
fo rm e r ly c o n tr o lle d b y s t o c k o w n e r sh ip a n d lea sed . I n O ct. 1922 acq u ired
th e S t. P e te rsb u rg L ig h tin g C o . a n d th e C le a rw a te r L ig h tin g C o . , w h ich
c o s . w e re c o n s o lid a te d in to th e P in ella s C o u n t y P o w e r C o . in M a y 1923.
In Ja n . 1924 p u rch a se d th e m u n icip a l e le ctr ic lig h t sy s te m in W a r s a w ,
N . C . V . 118, p . 204 . I n J u ly 1924 th e P in e lla s C o u n t y P o w e r C o .
a c q u ir e d c o n t r o l o f th e T a r p o n S prings E le c . & I c e C o .
V . 119, p . 581.
H as also a cq u ire d th e m u n icip a l e le ctr ic lig h t s y s te m in W h it e v ille , N . C .
a n d B u rg a n , N . C ., a n d e le ctr ic a n d ice p r o p e r t y in C h a d b o u r n e , N . O .
P o p u la tio n o f te r rito r y se r v e d , a p p ro x im a te ly 11 5 ,0 0 0 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o . fu rn ish es e le ctr ic lig h t a n d p o w e r , g a s a n d stre e t ra ilw a y se r v ic e in
W ilm in g to n , N . C ., a n d v ic in it y . T h e p o w e r sta tio n s h a v e a c a p a c it y o f
2 3 ,0 2 3 k . w . A new 1 2 ,5 0 0 k . w . tu r b in e p la n t is b e in g c o m p le t e d in St.
P e te rsb u rg (see V . 119, p . 1 5 1 1 ). T h e g a s p la n t h as a d a ily c a p a c it y o f
1 ,5 0 0 ,0 0 0
c u . f t . a n d t w o 2 -lift h o ld e rs o f 2 7 0 ,0 0 0 c u . f t . c a p a c it y , also 60
m iles gas m a in s . C o m p a n y also ow n s a n d op e ra te s t w o 2 5 -to n a n d o n e 10t o n ice p la n ts . R a ilw a y sy s te m in c lu d e s 3 3 .4 8 m ile s o f tr a c k , 6 8 % o f
w h ic h is d o u b le tra ck ; 54 passen ger a n d 7 fre ig h t ca rs. A n e w ca r hou se
a n d s h o p s w ere b u ilt in 1916. O w n s a n d leases t o th e A t la n t ic C o a s t L in e
R R . 1.5 m ile s o f tr a c k a lo n g w a te rfr o n t. O w ns large a m u s e m e n t p a v ilio n
a n d a u d it o r iu m seatin g 2 ,0 0 0 a t W rig h ts v ille B e a ch . C o . has c o m p le te d
c o n s tr u c tio n o f 70 m ile s o f tra n sm ission lin es t o se rve te n co m m u n itie s , an d
h as en te re d in t o in te rch a n g e p o w e r a greem en t w ith C a ro lin a P o w e r & L ig h t
C o . fo r h y d r o -e le c tr ic p o w e r . 32 m ile s o f 6 0 .0 0 0 v o lt tra n sm ission lin e is
b e in g c o n s tr u c te d fr o m S t. P e te r s b u r g t o T a r p o n S p rin gs. H a s a c o n tr a c t
w ith th e c it y o f W ilm in g to n , N . C ., f o r street lig h tin g a n d w a te r p u m p in g .
Franchises, in o p in io n o f c o u n s e l, are w ith o u t tim e lim it, a n d th e ra ilw a y
fra n ch ise is e x clu s iv e u n til 193 7,
STOCK A N D BON DS—
Date.
Interest.
Outstanding. Maturity.
------------12.000 s h s.
See t e x t
C o m m o n (n o p a r ) --------------------- ---------7%
$ 7 .8 0 0 _____________
P referred 7 % c u m u la t iv e ____________
P r e f 8 % c u m $ 3 ,5 0 0 ,0 0 0 ( $ 1 0 0 ) ____
8%
2 2 6 6 ,0 0 0 ____________
C o n s o lid a t e d R y s , L t & P o w f 1902
5 g J -J
3 3 2 ,1 5 0 J u ly 1 1932
C o 1st M t g e g (clo s e d ) ($ 5 0 ,] In te r e s t a t S afe D e p o s it & 'T r u s t C o . ,
$ 1 0 0 , $ 50 0, $ 1 0 0 0 )________ c [
B a ltim o r e , M d . , tru ste e .
First lien & r e f m tg e Ser “ A ” \ 1922
6 g A -O
4 ,3 7 0 .5 0 0 O c t 1 1942
($ 5 0 0 & $ 1 ,0 0 0 ) g o ld - c * . t f f ln t . a t N e w Y o r k T r u s t C o . , N . Y . , tru s tee.
Ser “ B ” ($ 5 0 0 , $ 10 000) g . c * t f / 1925
5 A A -O
7 9 1 ,0 0 0 A p r 1 1945
\ In t. a t N e w Y o r k T r u s t C o ., N . Y . , tr u s te e .
15-year d e b b o n d s $ 1 ,5 0 0 ,0 0 0 1 1922
7 g A -O
1 ,4 7 7 ,0 0 0 O c t 1 1937
($ 1 0 0 , $50 0 & $ 1 ,0 0 0 ) - C * .t f I In t. a t C le v e la n d T r u s t C o . , C le v e ., tr u s te e .
Stock.— T h e 7 % p r e f. is c o n v e r t ib le in to 8 % p r e f. s t o c k . V . 117, p . 1348.
Bonds.— T h e fir s t lien & r e f. m tg e . Series “ A ” are a d d itio n a lly secu red
b y p le d g e o f a ll th e $ 2 ,2 5 3 ,0 0 0 P in ella s C o . P o w e r C o . 1st m t g e . b o n d s a n d
a ll th e c o m m o n s to c k o f t h a t c o m p a n y . Sinking fund o f 1 % p e r an n u m
o f a ll b o n d s c e r tifie d u n d e r m tg e . c o m m e n ce s D e c . 1 192 4. $ 4 3 ,0 0 0 r e tire d .
C a lla b le o n a n d a fte r O c t . 1 1927, as a w h o le o r in p a r t a t 1073^ a n d in t .
th r o u g h A p r il 1 1928, a n d a t H o f 1 % less d u r in g ea ch s u c c e e d in g y e a r t o
m a t u r it y . C o . agrees t o r e fu n d M a s s . S ta te in c o m e t a x n o t in excess o f
6)4% a n d t h e P e n n ., M d . a n d C o n n . 4 -m ills ta x . V . 115, p . 2 2 6 8 . In
Ju n e 1924 $ 1 ,0 7 0 ,5 0 0 a d d it io n a l w e re offered b y H e m p h ill, N o y e s & C o .
S tr o u d & C o ., I n c ., & c ., & c ., a t 97)4 a n d in t ., t o y ie ld o v e r 6 . 2 0 % . V . 118,
p . 3 08 0.
Series B are ca ll, fo r sin k in g f u n d o n ly , in c l. A p r il 1 1927 a t 105; th ere
a fte r , w h o le o r p a r t, in c l. O c t . 1 1940 a t 105; in c l. A p r il 1 1941 a t 104:
th e re a fte r a t s u cce ssiv e r e d u c tio n s o f 1 % o n e a c h A p r il 1 t o m a t u r it y ; in
e a ch ca se w ith in te re s t. M a s s , in c o m e ta x u p t o 6 )4 % . P e n n . & C o n n .
4 m ills ta x a n d M a r y la n d 4)4 m ills ta x r e fu n d a b le . C o ffin & B u rr , I n c .,
s o ld in A u g . 1925 $ 7 9 1 ,0 0 0 a t 98)4 a n d i n t ., y ie ld in g a b o u t 5 % % .
T h e 7 % d e b e n tu re b o n d s h a v e a sinking fund c o m m e n cin g Jan . 1 1924
equa l t o 1 % p e r an n u m o f t h e m a x im u m a m o u n t o f d e b e n tu re b o n d s at
a n y tim e o u ts ta n d in g . $ 2 3 ,0 0 0 h a v e b e e n re d e e m e d b y sin k in g fu n d .
R e d e e m a b le , all o r p a r t, o n six w e e k s’ n o t ic e u p t o a n d in c lu d in g O c t . 1
1927 a t 110 a n d in t ., th e r e d e m p tio n p r ic e d e cre a sin g 1 % fo r e a ch y ea r
th e re a fte r. C o m p a n y agrees t o r e fu n d M a s s a ch u s e tts S ta te in c o m e ta x
n o t in excess o f 6 )4 % , a n d th e P e n n s y lv a n ia , M a r y la n d & C o n n . 4-m ills
taxes. V . 115, p . 2268.
C o n s o lid a te d R y s ., L ig h t & P o w e r C o . b o n d s h a v e a sin k in g f u n d o f
1% o f b o n d s o u ts ta n d in g fr o m J u ly 1 1904 t o 1914; 1)4% t o 1924, a n d 2 %
th e re a fte r. F u n d t o b e in v e s te d in b o n d s a t n o t e x ce e d in g 105 a n d i n t .,
b u t b o n d s are n o t s u b je c t t o c a ll. $ 2 6 7 ,8 5 0 b o n d s h a v e b e e n r e tire d .
Dividends.— In 1908 a n d 1909, 6 % ; th e r e a fte r t o J a n . 1 1913 5 % p er
a n n u m w as p a id o n p r e f. ()4 % m o n t h ly , o m it t in g Ja n . a n d J u ly ) . O n
J a n . 1 1913 b e g a n p a y in g 6 % p e r a n n . ()4% each m o n t h ), w h ic h w as c o n
tin u ed t o a n d in c l. D e c . 1921. w h en d iv id e n d r a te w as in cre a se d t o 7 % .
In
1922 ra te w as in crea sed t o 8 % .
S in ce d iv s . h a v e been p a id a t th e r a te o f
8 % p e r an n . (p a y a b le 1st o f ea ch m o n t h ). N o w c u m u la tiv e a t th a t ra te.
O n c o m ., first d i v ., 2 % , p a id A p ril 1910; O c t ., 2 % ; in 1911, 6 % : in 1912,
A p ril, 3 % ; O c t ., 3 % an d 1 % extra: an d d iv s . a t th e ra te o f 7 % p er an n .
(3 > 6 % sem i-ann ) w ere p a id r e g u la rly t o a n d in c l. A p ril 1918. In O c t .
1918 2 H % (a d d ’ l 1 % d u e w as p a id M a y 1 1 9 1 9 ). I n A p ril 1919. 3)4% was
p a id .
Sam e ra te has b e e n p a id re g u la r ly t o a n d in c l. A p r il 1923. D iv s . o f
$3 50 p er a n n . n o w b e in g p a id (p a y a b le 1st o f ea ch m o n t h ).
E A R N I N G S — Calendar Years—
192 4.
1 92 3.
1922.
G ro s s earnings a n d o th e r in c o m e -------$ 1 ,9 4 7 ,7 1 0 $ 1 ,6 3 4 ,9 3 8 $1,5 4 4 ,0 7 1
O p e ra tin g e x p e n se s------------------------------1 ,0 6 2 ,4 7 3
9 1 8 ,3 1 2
872 ,641
E a rn in g s T a rp o n S prin gs D iv is io n
p r io r t o a c q u is itio n _________________ Ded.1 1 ,6 3 2
__________
__________
N e t earnings fr o m o p e r a tio n s ______
B o n d in te re s t___________________________
D e b e n tu r e in te re s t____________________
O th er in te re s t___________________________
F ed era l t a x e s ___________________________
P referred d iv id e n d s ____________________
C o m m o n d iv id e n d s ____________________
D e p r e c i a t i o n ___________________________
A m o r tiz a tio n o f d e b t d i s c . & expen ses
$87 3 ,6 0 4
$23 8,21 1
103 .6 0 0
13,983
B a la n ce , s u rp lu s ____________________
$ 1 5 7 ,9 7 5
112,811
5 1 ,0 0 0
1 38 ,379
5 7 ,6 4 5
$ 7 1 6,62 7
$21 2,41 9
105 .0 0 0
5 ,3 4 0
3 3 .4 7 9
8 3 .5 0 3
4 2 ,0 0 0
134 ,4 8 5
$6 7 1 ,4 3 0
$1 2 2 ,0 0 3
2 6 ,2 5 0
10,651
4 9 .6 4 7
6 3 .3 3 9
4 2 .0 0 0
7 9 ,0 2 4
$ 1 0 0 ,4 0 0
$ 2 7 8 ,5 1 7
164
[V ol. 121,
PUBLIC UTILITIES
O F F I C E R S — P r e s ., A . E . F itk in ; V . - P . , W . C . H a r ty ; V . - P . , J . W ,
C a rp e n te r a n d F . A . M a tth e s ; Sec. & T r e a s .. T . B . W illa r d ; G e n . M g r ..
R . H u n t .— V . 115 , p . 2 2 6 8 ; V . 116 , p . 177 , 8 2 3 , 1 41 2, 2 2 5 8 ; V . 117 , p . 8 9 ,
2 0 9 , 1 2 3 7 , 1348; V . 118 , p . 2 0 4 , 55 2 , 2 3 0 6 , 243 1, 2 4 5 4 , 2 7 0 6 , 3080; V . 119,
p . 5 8 1 , 1 0 6 6 ,1 5 1 1 ,1 9 5 4 , 2 18 0, 3 01 1; V . 120, p . 4 5 5 , 1461; Y . 121 , p . 20 1 , 708
SOUTHERN PUBLIC UTILITIES CO.
A llie d w ith S ou th e rn P o w e r C o .
O R G A N I Z A T I O N .— I n c o r p . in J u ly 1913 in M a in e as a c o n s o lid a tio n
o f t h e C h a r lo tte E le c t r ic R y ., C h a r lo tte G a s & E le c t r ic C o . a n d C h a r lo tte
P o w e r C o . (th ese th re e fo rm in g p rio r t o Jan . 1 1911, t h e C h a r lo tte E le c t r ic
R y . , L ig h t & P o w e r C o ., w h ic h c o m p a n y issu ed th e b o n d s sh o w n in th e
ta b le .— See “ E le c t r ic R y . ” S e c. fo r M a y 191 5); G re e n v ille (S. C .) G as &
E le c t r ic L ig h t & P o w e r C o .; G re e n v ille T r a c t io n C o .; G re e n v ille C a ro lin a
P o w e r C o .; F ries M f g . & P o w e r C o ., W in s to n -S a le m , N . C .; W in s to n -S a le m
P o w e r C o .; A n d e r s o n (S . C .) W a t e r , L ig h t & P o w e r C o ., C h e ste r (S . C .)
P o w e r C o . , T h o m a s v ille (N . C .) P o w e r C o ., G re e r (S . C .) L ig h t & P o w e r
C o . , T h o r n to n L ig h t & P o w e r C o ., ( H ic k o r y , N . C .) a n d C it y o f R e id s v ille
L ig h t & P o w e r P la n t, R e id s v ille , N . C . T h e C h a r lo tte E le c . R y . in M a y
1915, th r o u g h an a m e n d m e n t t o its ch a rte r, r e d u c e d its c a p ita l s t o c k fr o m
$ 1 ,2 5 0 ,0 0 0 t o $ 1 ,0 0 0 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O p era tes 7 0 m iles o f stre e t r a ilw a y : 6 0 . 70 and 9 0 -lb . T a n d gird e r rails;
g a u g e , 4 f t . 8 'A in c h . A ls o o p e r a te s b u s lin e . P o w e r a n d lig h t p r im a ry lines
a g g r e g a tin g 1 ,6 4 4 m iles a n d s e rv in g 16 co m m u n itie s ; 2 gas p la n ts , s e rv in g
C h a r lo t t e a n d G re e n v ille w it h 8 7 .5 m iles o f m ains; w a te r p la n t s e rv in g A n
d e r s o n w it h 2 6 m iles o f m a in s. L ea ses S a v an n ah P o w e r C o . ’s p la n t near
A n d e r s o n ; c a p a c it y , 3 ,0 0 0 h .p . T o t a l c a p a c it y o f p la n ts o p e r a te d 2 4 ,0 0 0 h .p .
o f w h ic h 1 9 ,0 0 0 h .p . is h y d r o -e le c t r ic g e n e ra tio n . I n D e c . 1923 a n ew h y d r o
ele ctr ic p la n t s itu a te d a t M o u n t a in Is la n d , w ith an in sta lle d c a p a c it y o f
8 0 ,0 0 0 h . p ., w as p u rch a s e d . A ls o h as fa v o r a b le c o n t r a c t w ith S o u th e rn
P o w e r C o . fo r th e p u rch a s e o f a d d itio n a l p o w e r .
Franchises w ith o n e m in o r e x c e p tio n are eith er u n lim ite d in tim e o r ru n
b e y o n d J u ly 1943.
Electric Current Hate Reduced in August 1925.— See V . 121 , p . 7 0 8 .
STO C K A N D BO N DS—
Date. Interest.
Outstanding.Maturity.
S to c k $ 1 5 ,0 0 0 ,0 0 0 ($ 1 0 0 )____________
$ 1 0 ,8 2 7 ,5 0 0
___- ______
1st & r e f M $ 3 0 ,0 0 0 ,0 0 0 g o l d ] 1913 5 g J -J
8 ,4 8 7 ,0 0 0 J u ly 1 1943
($ 1 ,0 0 0 ,$ 5 ,0 0 0 ,& c .)c * & r * .t f\ I n t . a t F a rm e rs’ L . & T r . C o ., N . Y . , T ru s te e
Underlying Bonds—
C h a r E le c R y , L & P 1st M l 1899
5 g J-J
2 8 2 ,0 0 0 J u ly 1 1929
$ 5 0 0 ,0 0 0 g ($ 1 ,0 0 0 ) s f c * n t f (I n t . a t M e r c . T r . & D e p . C o . , B a lt ., T r u s te e
C h a r E le c R y , L & P r e f & e x t ] 1906
5 A -O
4 1 9 ,0 0 0 A p ril 1 1936
M $ 2 ,0 0 0 ,0 0 0 g ( $ l ,0 0 0 ) c * t f l i n t . a t M e r c . T r . & D e p . C o ., B a lt ., T ru s te e
F ries M f g & P 1st M g o l d ] 1900 5 g J-J
4 3 7 ,0 0 0 Jan 1 1940
($ 1 ,0 0 0 ) o p tio n a l a t 110___ \ ln t . a t E q u ita b le T r . C o ., N . Y . , tru ste e .
W in s to n -S a le m P o w e r C o ____ ______
4 6 ,0 0 0 J an 1 1936
Bonds of Controlled, <
%c., Cos .— G re e n v -C a r o P o w e r 1st M g f 1905
5 g M -N
2 3 0 ,0 0 0 M a y 1 1935
($ 1 ,0 0 0 ) _________________ t f l i n t , a t O ld C o lo n y T r . C o . , B o s t o n , tru ste e .
Bonds.— O f th e 1st an d r e f. b o n d s , $ 1 ,5 6 7 ,5 0 0 are r e se rv e d fo r p r io r liens;
rem a in d er issu able fo r 7 0 % o f c o s t o f exten sion s a n d a c q u is itio n o f o th e r
p r op erties .
R e d e e m a b le , in w h o le o r in p a r t, a t 105 a n d in te re st.
T h e C h a r lo tte E le c tr ic R y . , L t . & P o w . 1st M . b o n d s h a v e a sinking fund.
o p e r a tiv e sin ce J u ly 1 1900, o f 1 % o f b o n d s o u t; t o b e in v e s te d in b o n d s
draw n b y lo t a t 107 Yi a n d i n t ., i f n o t o b ta in a b le a t lo w e r fig u re in op en
m a rk et. $ 8 8 ,0 0 0 h a v e b e e n c a n c e le d .
T h e r e f. & e x t. m tg e . b o n d s h a v e a sinking fund, o p e r a tiv e A p ril 190 7, o f
1 % o f b o n d s issu ed, fo r p u r c h a s e o f b o n d s a t 107
a n d in t ., i f o b t a in a b le ;
oth erw ise s u ch in v e s tm e n ts a s tru s te e de e m s p r o p e r . V . 8 8 , p . 1252. $ 6 6 ,0 0 0
h a v e b e e n r etired .
A sinking fund o f 1 % o n th e G re e n v ille C a rolin a P o w e r C o b o n d s b egan
M a y 1 1910.
W A R N I N G S .— F o r years e n d in g D e c . 3 1 :
Year—
Gross.
Net aft. fares. Denrec.
Bond Tnt.
Hal.. Sur
1924 ________ $ 5 ,4 3 0 ,9 1 3
$ 2 ,0 6 5 ,8 2 4
$49 5 ,5 1 2
$ 4 9 5 ,7 6 0 $ 1 ,0 7 4 ,5 5 1
1923 _________ 4 ,5 4 8 ,0 0 9
1 ,5 1 0 ,5 5 6
3 1 7 ,8 2 9
3 0 7 ,4 1 6
8 8 5 ,3 1 2
1922 ................. 4 ,0 8 3 ,9 2 5
1 ,3 3 9 .9 8 2
2 4 0 ,0 0 0
2 9 7 ,5 6 0
8 0 2 ,4 2 2
O F F I C E R S .— P r e s ., E . C . M a r s h a ll; V . - P . , A . V . H a rrill; S e c ., W . C .
P a rk er; A s s t. S e c ., L . H . A d a m s ; T r e a s ., D . G . C a ld e r; A s s t . T r e a s ., R . E .
L . G ra h a m .— V . 11 7 , p . 134 8, 2 5 4 4 ; V . 118 , p . 177 5; V . 119 , p . 206 5;
V . 121 , p 7 0 8 .
th e re a fte r u p t o a n d in c l. F e b . 1 1 93 8, a n a m o u n t e q u iv a le n t t o 1 14% o f
th e p rin c ip a l a m o u n t o f th e se r. “ A ” b o n d s th e n o u ts ta n d in g , a n d o n F e b . 1
1939, a n d o n e a ch F e b . 1 th e r e a fte r t o a n d in c l. F e b . 1 1943, an a m o u n t
e q u iv a le n t t o 2 % o f th e p r in c ip a l a m o u n t o f th e ser. “ A ” b o n d s th e n
o u ts ta n d in g , t o b e a p p lie d t o t h e p u r c h a s e o f ser. “ A ” b o n d s o r e x p e n d e d in
a d d itio n s o r b e tte r m e n ts t o th e m o r tg a g e d p r o p e r t y , a g a in st w h ic h n o
a d d itio n a l 1st lie n & r e f. m tg e . b o n d s m a y b e issu ed. A r e r e d . a ll o r in
p a r t o n 30 d a y s ’ n o t ic e o n a n y in t . d a t e t o a n d in c l. F e b . 1 1929 a t 1 0 7 H
& in t .; th e p r e m iu m d e cre a s in g
% o n e a ch A u g . 1 th e re a fte r t o m a t u r it y .
I n t . p a y a b le a t o f fic e o f tru ste e . N e w Y o r k , o r in C h ic a g o . P e n n a . 4 m il ta x , C o n n . 4 m ill ta x , M d . se cu ritie s t a x a n d M a s s . 6 % in c o m e t a x r e fu n d l
a b le . V . 118, p . 1278.
Series “ B ” b o n d s h a v e a sinking & impt. fu n d w h ic h req u ire s p a y m e n t t o
th e tru ste e o f th e fo llo w in g a m o u n ts N o v . 1 1925 t o a n d in c l. N o v . 1 193 5:
1 % o f Ser. B b o n d s o u ts ta n d in g ; N o v . 1 1936 t o & in c l. N o v . 1 194 5, 1H%'.
N o v . 1 1946 t o & in c l. N o v . 1 1953, 2 % .
T h e m o n e y s in t h e s in k in g f u n d
o f th e S er. B are t o b e a p p lie d as p r o v id e d fo r Ser. A b o n d s . $ 5 9 ,5 0 0 in
a d d itio n t o a m o u n t r e p o r t e d o u ts ta n d in g h e ld in tre a s u ry . S er. B b on d s,
a re r e d ., all o r in p a r t , o n a n y d a t e
t o & in c l. N o v . 1 1928 a t 105
N o v . 1 1929 t o & in c l. N o v . 1 1933
a t 104 & in t .; N o v . 11934 t o
N o v . 1 1938 a t 103 & in t .; N o v . 1 1939 t o & in c l. N o v . 1 1945 a t 102 & in t.;:
N o v . 1 1944 t o & in c l. N o v . 1 1948
a t 101 & in t .; N o v . 11949 t o
M a y 1 1953 a t 100J£ & i n t ., a n d th e r e a fte r a t 100 & in t . I n t . p a y a b le a t
o f fic e o f tru ste e in N e w Y o r k o r C h ic a g o . P e n n a . 4 -m ill t a x , C o n n . 4 -m ili’
ta x , M a r y la n d se cu ritie s ta x a n d M a s s . 6 % in c o m e ta x r e fu n d a b le . A reg u a r ., p r in . & i n t ., b y t h e N o r t h C a ro lin a P u b lic S e rv ice C o . , I n c . R e
d e e m a b le a t 105 a n d in t . o n 6 m o n t h s ’ n o t ic e .
O f th e $ 1 ,0 0 0 ,0 0 0 S a lisb u ry & S p e n ce r R y . C o . 1st M t g e . 5s r e p o r te d aso u ts ta n d in g , $ 1 6 9 ,0 0 0 are d e p o s ite d u n d e r th e N o r t h C a ro lin a P u b lic S erv
ice C o ., I n c ., 1st lien & r e f. M t g e . A r e g u a r ., p r in . & i n t . , 'b y t h e N o r t h
C a ro lin a P u b lic S e rv ice C o . , I n c .
R e d . a t 105 a n d in t. o n 6 m o n t h s ’ n o t ic e .
T h e P ie d m o n t P o w e r & L ig h t C o . ’s 1st M t g e . 6 % b o n d s are r e d ., a ll o r
in p a r t , a t 105 a n d in t . o n a n y in t . d a t e o n o r a fte r M a y 1 1920 o n 4 w e e k s ’
n o t ic e . A ll b o n d s re d e e m e d t o b e c a n c e le d .
T h e p r o v is io n s o f t h e sink
ing fund r e q u ire p a y m e n t s t o tru s te e as fo llo w s : O n S e p t. 10 1920 t o a n d
in c l. S e p t. 10 1925, 1 % o f b o n d s o u t s ta n d in g a t th a t d a te ; S e p t. 10 1926t o a n d in c l. S e p t. 10 193 3, 2 % o f b o n d s o u ts ta n d in g .
T h e 7 % 1st M t g e . b o n d s o f P ie d m o n t P o w e r & L ig h t C o . are id e n tic a l
w ith th e 6s, e x c e p t t h a t o n M a r c h 15 1921 a n a d d itio n a l in te re s t in d e n tu r e
w as e x e c u te d b y th e c o . t o E m p ir e T r u s t C o . as tru ste e agre ein g t o p a y
1 % a d d itio n a l in te re s t o n c e r ta in a d d it io n a l b o n d s t o b e issu ed.
Dividends.— D iv . o f 2 % p a id o n p r e f. s t o c k J a n . 1918; J u ly 1 9 1 8 , 2 % ;
Jan. 1919. 2 ^ % ; J u ly 191 9, 2 M % : .Tan. 1920. 3 % : J u ly 1920. 3 % ; J a n .
1 9 2 1 ,3 % ; J u ly 1 9 2 1 .3 % ; J a n . 1 9 2 2 ,3 % ; J u ly 1 9 2 2 ,3 % .
I n 1 92 3. J a n . 3 % ;
E A R N I N G S .— F o r y e a r s e n d in g D e c . 31:
Cal. Years—
Gross.
Net, aft. Taxes.
Interest.
Bal., Sur.
1923 _____________ $ 1 ,4 1 9 ,1 4 8
$ 4 5 1 ,2 9 4
$ 2 0 0 ,1 4 0
$ 2 5 1 ,1 5 4
1922 _____________ 1 ,2 3 3 ,9 8 7
3 5 1 ,6 3 4
189 ,8 8 6
1 61 ,749
O F F I C E R S .— P r e s ., W . S . B a r s to w ; V . - P s ., W . B u ch s b a u m , C . B .
H o le , R . A . J on es a n d L . H . T y n g ; S e c ., C . H . W ils o n ; T r e a s ., J . P . C a m p
b e ll; G e n . M g r ., K . K . G a r r e t t .— V . 116, p . 2 99 3; V . 118, p . 3 1 9 , 664 , 7 9 5 .
101 2, 1136, 127 8, 2 3 0 5 , 2 82 5; V . 120, p . 120 4; V . 121 , p . 2 0 0 , 1 3 4 8 .
PIEDMONT & NORTHERN R A IL W A Y .
O R G A N I Z A T I O N .— I n c o r p . o n F e b . 24 1911 in S o u th C a ro lin a , a n d o n
o r a b o u t J u ly 1 1914 t o o k o v e r t h e p r o p e r tie s o f th e P ie d m o n t T r a c t io n C o .
a n d t h e G re e n v ille S p a rta n b u rg & A n d e r s o n R y . C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w n s a n d o p e ra te s 2 3 14 m ile s fr o m C h a r lo t t e t o G a s to n ia , 8 9 .9 0 m iles;
fr o m S p a rta n b u rg t o G r e e n w o o d ,S o . C a r o ., w ith b ra n ch e s fr o m B e lt o n t o
A n d e r s o n , 11.30 m ile s, a n d fr o m B e lm o n t J u n c t io n t o B e lm o n t , 3 .1 9 m iles
■.opened M a r c h 1 1 9 1 6 ), t o t a l m ilea ge o f tr a c k o p e r a t e d , in c l. sp u rs a n d s id
ings an d 11.7 5 m iles o p e r a te d u n d e r c o n t r a c t. 2 0 7 .5 5 .
E q u ip m e n t c o n s ists
o f 32 p assen ger cars, 118 fr e ig h t ca rs, 25 b a lla st cars, 2 e xp ress c a r s , 10
c a b o o s e ca rs, 5 m is c . ca rs, 15 w o r k cars a n d 16 e le ctr ic l o c o m o t iv e s .
STOCK AN D BON DS—
Date.
Interest. Outstanding. Maturity.
S to c k $ 1 5 ,0 0 0 ,0 0 0 ($ 1 0 0 ____ ______
________
$ 8 ,5 8 4 ,6 0 0 D e c ’ 24 1 %
F irs t m o r tg a g e $ 5 0 ,0 0 0 ,0 0 0 / 1914
5 g J -J
6 ,2 7 6 ,9 0 0 J u ly 1 1954
($ 1 ,0 0 0 ), g o l d _______ c * n t f (I n t. a t F a rm e r s ’ L o a n & T r . C o . , N . Y . , tru s .
Stock.— $ 1 ,4 1 5 ,4 0 0 a d d itio n a l s t o c k is h e ld in tr e a s u r y .
I n S e p t. 1925 H o r n b lo w e r & W e e k s o ffe r e d a b l o c k a t 90 a n d i n t ., t o
y ie ld 5 . 7 0 % . V . 121 , p . 1463.
E A R N I N G S .— F o r c a le n d a r y e a rs:
Cal. Yr.
NORTH CAROLINA PUBLIC SERVICE CO., INC.
Control.— I n F e b . 1924 t h e G e n e ra l G as & E le c tr ic C o . (see o n a n o th e r
p a g e) a c q u ir e d c o n tr o l o f th e c o . V . 118,' p . 664.
O R G A N I Z A T I O N .— I n c o r p . in 1924 in N o rth C a ro lin a to a c q u ir e a ll the
p rop erties, r ig h ts, fra n ch ise s a n d o th e r assets o f th e N o r t h C a ro lin a P u b lic
S ervice C o . C h a rte re d in N o r t h C a ro lin a in 1909. T h e p re d e ce sso r c o .
pu rch ased th e G re e n sb o ro E le c . C o . a n d G re e n sb o ro G a s C o ., th e e le ctr ic
ligh t p la n t o f th e H ig h P o in t E le c . P r . C o . a n d the s tre e t r y . sy s te m in H igh
P o in t .
In 1913 b u ilt gas p la n t a n d d is trib u tin g sy s te m in H ig h P o in t.
In 1911 a c q u ir e d m a jo r it y o f th e s t o c k o f S alisbu ry & S p en cer R y . C o .
w h ich c o . is also leases fo r 50 y e a rs. Y . 9 3 , p . 1324. I n Ju n e 1924 p u rch a s e d
o u tr ig h t a ll th e p r o p e r t y o f th e P ie d m o n t P o w . & L t . C o ., o p e ra tin g in
G ib s o n v ille , E lo n C o t t a g e , B u rlin g to n , G ra h a m , H a w R iv e r , M e lb a n e an d
a d ja c e n t te r rito r y in N o . C ar® . V . 118, p . 2825.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
D o e s en tire ga s, ele ctr ic -lig h t a n d p o w e r an d stre e t r a ilw a y bu sin ess o f
G reen sb oro (an d its s u b u rb s o f P r o x im it y , R e v o lu t io n , W h it e O a k an d
P o m o n a ), S a lisb u ry , S p e n ce r. E a st S p en cer a n d H ig h P o in t a n d s treet rail
w a y business o f C o n c o r d . W it h th e S a lisb u ry & S p e n ce r R y . has o v e r 28
m iles o f t r a c k . 60 a n d 7 0 -lb . T a n d 9 0 -lb . gird er rails. S ta n d a rd ga u g e . 35
c a r s , 15 new “ s a fe ty o n e m a n ” cars w e re in sta lle d in 1917. H a s 3 2 0 m iles
d is trib u tio n lin es a n d 26 m iles 2 2 ,0 0 0 -v o l t tra n sm ission lin es. P u rch a ses
p o w e r fr o m S ou th ern P o w e r C o .
G a s p la n t c a p a c it y , 9 8 0 ,0 0 0 c u . f t . p er
day.
I l l m iles o f gas m ain s; e le ctr ic lig h t c u s to m e rs , 1 3 ,8 7 5 ; p o w e r , 926
g a s, 5 ,9 4 4 . I n 1910 franchises h a d th e fo llo w in g n u m b e r o f ye a rs t o ru n ;
G re e n s b o ro , 28 years; H ig h P o in t , 59 years; S a lis b u ry , S p e n ce r , E a s t
S p en cer a n d C o n c o r d , 60 years; also has a 3 0 -y e a r franchise in G u ilfo rd
C o u n t y a n d t o w n sh ip .
Decision.— F o r d e c is io n h o ld in g t h a t th e S o u th e rn P o w e r C o . c o u ld n o t
refu se t o sell e le ctr ic c u r r e n t t o th e c o . f o r re -sa le , see V . 115 , p . 3 0 9 . See
also V . 115 , p . 2 3 9 0 , u n d e r c a p tio n “ S o u th e rn P o w e r C o . ”
R a ilw a y se r v ic e in C o n c o r d , N . C . , a b a n d o n e d in S e p t. 1 92 5. V . 121,
p . 1348.
STOCK A N D BO N DS—
Date.
Interest. Outstanding. Maturity.
C o m 100 ,000 shs (n o p a r ) ____ ______
__________ 3 0 ,0 2 0 sh s. ____________
P r e f 100 ,0 0 0 shs (n o p a r) c u m . -------$72 M
15,981 shs _____________
F i r s t & r e f m $ 3 ,5 0 0 ,0 0 0 (100. J 1909 5 A -O
$ 2 ,3 4 5 ,6 0 0 A p r 1 1 9 3 4
$500 a n d $ 1 ,0 0 0 ) c * & r * t f l i n t , a t E q u it a b le T r u s t C o ., N . Y . , tru ste e .
1st lien & r e f M ser “ A ” ______ ( 192 4 6 M g F -A
8 8 0 ,0 0 0 F e b . 1 1 9 4 4
Series “ B ” __________________ ] 192 4 6 g M - N
3 7 2 ,5 0 0 M a y 1 1954
($ 1 0 0 , $500 & $ 1 ,0 0 0 ) g c * t f (S e a b o a r d N a tio n a l B a n k , N . Y . , tru stee.
Salisb & Spen R y 1st M g o l d ] 1905
5 g M -N
1 ,0 0 0 ,0 0 0 M a y 1 1945
$ 1 ,0 0 0 ,0 0 0 ( $ 1 ,0 0 0 )___ c * t f ] l n t . a t M ic h ig a n T r u s t C o . , G ra n d R a p id s ,
I tr u s te e , o r E q u ita b le T r u s t C o . , N . Y .
P ie d m o n t P o w & L t C o 1st M J 1919
6 g M -N
1 0 6 ,0 0 0 M a y 1 1934
($ 1 0 0 , $50 0 & $ 1 ,0 0 0 ) g o l d . (G u a ra n te e T r . & Safe D e p . C o . , P h ila ., tru s.
P ie d m o n t P o w e r & L t . 1st M .J 1919
7 g M -N
2 6 8 ,5 0 0 M a y 1 1934
($ 1 0 0 , $50 0 & $ 1 ,0 0 0 ) g o l d . (G u a ra n te e T r . & Safe D e p . C o . , P h ila ., tru s .
Stock.— P r e f. s to c k is c a ll, as a w h o le (b u t n o t in p a rt) a n y d iv . d ate
o n 30 d a y s n o t ic e a t $110 p e r sh are & d iv s . W h e n e v e r a n y 4 qu a r.
d iv s . o n th e p r e f. sh all b e in d e fa u lt, p r e f. s to c k h o ld e r s sh all b e e n title d
t o v o t e . V . 118, p . 1136.
Bonds.— O f th e 1st & r e f. m t g e ., $ 1 1 3 ,4 0 0 a re r e s e rv e d fo r fu t u r e im p ts .
a n d a c q u is itio n s u n d er p r o p e r lim ita tio n s .
V . 88. p . 1128; V . 104, p . 2343
$ 90 ,600 ca n c e lle d fo r a c c o u n t o f s in k in g fu n d , $93 9 ,5 0 0 h e ld in tre a su ry.
S u b j. t o ca ll o n a n y in t . d a t e a t 105 & in t . Sinking fund o f 1 % p e r a n n . o f
gross in c o m e J u ly 1915 t o 1919; 1H % J u ly 1920-24 a n d 2 % 1925 t o m a tu r ity .
T h e 1st lien & r e f. m tg e . 6 H s ser. “ A ” are secu red b y d e p o s it o f $ 9 3 9 ,5 0 0
1st & r e f. m t g e . 5s, d u e 1934, a n d o v e r 9 2 % o f th e e n tire c a p ita l s t o c k o f
th e S a lisb u ry & S p en ce r R y . C o . a n d t h e lease un d er w h ic h t h a t c o . o p e ra te s ,
a n d $ 1 6 9 ,0 0 0 o f S a lisb u ry & S p e n ce r R y . C o . 1st m o r tg a g e 5 % b o n d s .
A sinking a n d im p r o v e m e n t fu n d is p r o v id e d w h ic h c a lls fo r p a y m e n t
t o th e tru stee on F e b . 1 1927, a n d o n e a ch F e b . 1 th e re a fte r u p t o and
in c l. F e b . 1 1932, an a m o u n t e q u iv a le n t t o 1 % o f th e p rin c ip a l a m o u n t
o f th e ser. “ A ” b o n d s th e n o u ts ta n d in g ; o n F e b . 1 1933, a n d o n e a ch F e b . 1
Gross.
Net,aft.Tax.
Other Inc.
Deduction.
Bal., Sur.
$ 3 2 9 ,4 5 6
$ 4 1 6 ,6 7 1
1 92 4________$ 2 ,2 5 0 ,2 9 8
$ 6 4 2 ,0 6 0
$ 1 0 4 ,0 6 7
19 2 3 ________ $ 2 ,4 4 6 ,1 1 9
$82 7 ,0 1 4
$ 9 6 ,2 7 4
$ 3 2 7 ,2 2 5
$ 5 9 6 ,0 7 3
1 9 2 2 _______ 1 ,9 8 9 ,8 1 8
6 4 6 ,1 7 5
7 0 .8 7 6
3 3 1 ,2 0 5
3 8 5 ,8 4 6
O F F I C E R S .— P r e s ., W . S. L e e ; V . - P . , J . B . D u k e ; V .- P . & G e n . M g r .,
E T h o m a s o n ; S ec. & T r e a s ., N . A . C o c k e ; A u d .. E . B . H a r d in , a ll o f C h a r l't-t-o.— V . 103. p . 245 3- V . 107. n . 78 . 502 1837: V 110 -> 87 2 . 2 0 7 6 :
V . 112, p . 1867; V . 119, p . 2 28 8; V . 120 , p . 705 ; V . 121 , p . 1463.
S O U T H C A R O L IN A
CHARLESTON CONSOL. R A IL W A Y & L IG H TIN G CO.
O R G A N I Z A T I O N .— I n c o r p o r a t e d in S o u th C a ro lin a o n A p r il 19 1910
L ea ses fo r a p e r io d o f 99 ye a rs fr o m Ja n . 1 1910 th e C h a rle sto n C o n s . R y . ,
G as & E le c . C o . L ea se g u a r. 6 % o n p r e f. a n d 4 % t o J u ly 1 191 1, 5 % t o
Ja n . 1 1913 a n d 6 % th e re a fte r o n c o m . s t o c k ; also in t . o n o u ts ta n d in g
b o n d s o f th e C h a r. C o n s . R y . , G a s & E le c . C o . a n d C h a rle ston C i t y R y .
C o.
STOCK —
Par.
Authorized. Outstanding. Dividends.
$50
$ 3 ,0 0 0 ,0 0 0 $ 1 ,5 0 0 ,0 0 0
N one.
C o m m o n ________________________
P r e fe r re d ________________________
50
1 ,5 0 0 ,0 0 0
5 0 0 ,0 0 0
N one.
O F F I C E R S .— P re s id e n t, P . H . G a d s d e n ; V ic e -P r e s , S tu a rt C o o p e r !
Y ic e -P r e s ., L e w is L illie : V ic e -P r e s ., Ja m e s T . H u tch in g s; S eq ., G . W .
C u rran : T r e a s ., I . W . M o r r is .— V. 106. p . 2227; V . 108, p . 877 ; V . 109.
p. 235 5: V . 110. p . 1642; V . 113 , p . 530 ; V . 115 , p . 987 .
(1) C H A R L E S T O N C O N S O L I D A T E D R Y . , G A S & E L E C . C O .
O R G A N I Z A T I O N .— O rg a n iz e d F e b . 21 1899 as a co n s o lid a tio n o f t h e
C h a rle s to n C it y R y . a n d C h a rle sto n & Seash ore R R . u n d e r sp ecial A c t o f
S o . C a r o . L egisla tu re, gra n tin g p e r p e tu a l ch a r te r a n d gas & e le c.lig h t p o w e r s .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w ns 3 6 .8 9 m iles o f e le ctr ic r o a d in C h a r le s to n . T h e c o m p a n y has c o n
s o lid a te d its t w o p o w e r sta tio n s; b o t h r a ilw a y a n d lig h t an d p o w e r d iv ision s
are b e in g o p e r a te d fr o m sam e s t a tio n .
Franchises are p e r p e tu a l. A ls o o w n s t h e c a p ita l s t o c k o f th e C h a rleston
G as L ig h t C o . ($698,150) a n d th e C h a r le s to n -E d is o n L ig h t & P o w e r C o .
($ 1 0 0 ,0 0 0 ), a n d th u s c o n tr o ls th e w h o le fie ld o f lig h t a n d tr a n s p o r ta tio n
in C h a r le s to n . V . 92, p . 88 0 .
S T O C K A N D B O N D S — ■ Date.
Interest. Outstanding. Maturity.
S to c k c o m m o n $ 5 ,0 0 0 ,0 0 0 ( $ 5 0 ) ____
Q -J
$ 4 ,9 9 6 ,7 5 0
See te x t
P r e f 6 % c u m $ 5 0 0 ,0 0 0 ( $ 5 0 ) . . ------Q -J
5 0 0 ,0 0 0
See te x t
C h a rle sto n C it y fir s t m t g e ) 1898
6 g J -J
6 6 5 ,0 0 0 Jan 1 1938
($ 1 ,0 0 0 ) $85 0 ,0 0 0 g o l d . c t f / I n t . a t M e r c . T r . & S . D . C o ., B a ltim o re .
C o n s o l m tg e g o ld $ 2 ,500,000 1 1899
5 g M -S
1 ,7 1 2 ,0 0 0 M a r 1 1999
c o u p o n ($ 1 ,0 0 0 )_______ * c t f /I n t e r e s t a t B a ltim o re T r u s t C o . , T r u s te e .
H o ld e rs c a n also c o lle c t c o u p o n s a t C a ro lin a S av in gs B a n k a n d P e o p le ’s
N a tio n a l B a n k , C h a rle s to n , i f p r e s e n te d b e fo r e th e 10th o f th e m o n th .
Bonds.— O f th e co n s o lid a te d 5s. $ 6 6 5 ,0 0 0 are r e s e rv e d t o retire a lik e
a m o u n t o f C i t y R a ilw a y 1st 5s.
C h a rle sto n C i t y fir s t m o r tg a g e b o n d s w e re o r ig in a lly 5s a n d m a tu re d
J a n . 1 1923, b u t w ere e x te n d e d t o J a n . 1 1938 a t 6 % . T h e e x te n d e d
b o n d s h a v e a sinking fund o f $ 7 ,3 5 0 p e r a n n u m , w h ic h b e g a n J a n . 1 1924
fo r th e p u r c h a s e o r r e d e m p tio n o f sa id b o n d s a t 105 a n d in terest. A r e
c a lla b le as a w h o le o r fo r sin k in g fu n d p u r p o s e s a t a n y in terest p e r io d
on 4 w e e k s’ n o tice at 105 an d in t ., a n d ar e x ch a n g e a b le at h o ld e rs ’ o p t io n
at a n y tim e u p t o Jan . 1 1938, p ar fo r p a r , w ith in t. a d ju s tm e n t fo r C h a rles
to n C o n s o l. R y . G as & E le c . 5s. d u e M a r c h 1 1999. V . 115, p . 2266.
Dividends.— See d iv id e n d s g u a ra n te e d u n d e r lea se a b o v e . , ,, ,
& i n t .;
&i n c l .
&i n c l .
Oct., 1925.]
POWER, LIGHT AND RAILW AY
O F F I C E R S .— P r e s ., P h ilip H . G a d s d e n . P h ila ., P a .; V . - P . , B . A .
H a g o o d ; S ec. & T r e a s ., C h a s . J . B e n d t; A s s t. S e c .-T r e a s ., M . C . C . T e s s ie r,
■Charleston. O ffic e s , N o . 141 M e e tin g S t ., C h a r le s to n .— V . 112 , p . 371 .
848; V . 115 , p . 2 2 6 6 .
COLUMBIA R A IL W A Y , GAS & ELECTRIC CO.
Control.— C o n tr o lle d b y B r o a d R iv e r P o w e r C o . ( V . 120, p . 8 5 ), in tu rn
■controlled b y th e G en e ra l G as & E le c t r ic C o . (see o n a n o th e r p a g e ).
O R G A N I Z A T I O N .— I s a c o n s o lid a tio n o n J u ly 1 1905 o f th e C o lu m b ia
E le c tr ic Street R y . , L ig h t & P o w e r C o . an d th e C o lu m b ia W ater P o w e r C o .
T h e fir s t-m e n tio n e d w as o rg a n iz e d in S o u th C a ro lin a JaD . 6 1892 a n d w as a
■consolidation o f th e C o lu m b ia E le c tr ic & Sub u rban R y . C o . an d th e C o n g aree G as & E le c t r ic C o . N a m e c h a n g e d fr o m C o lu m b ia E le c t r ic Street
R y ., L ig h t & P o w e r t o th e a b o v e o n M a y 15 1911. V . 92, p . 1374. A c
q u ired th e C o lu m b ia & E a u C la ire E le c tr ic R y . O w n s a ll th e s t o c k Tand
b on d s o f th e C o lu m b ia G a s L ig h t C o . , w h ich is also le a s e d . In J u ly 1925
it w as r e p o r t e d t h a t t h e B r o a d R iv e r P o w e r C o . h a d a c q u ir e d th e e le ctric
an d gas p r o p e r tie s o f th e fo llo w in g S o u th C a ro lin a c o m p a n ie s :
C o lu m b ia R y . , G a s & E le c t r ic C o . ,
IC o lu m b ia G as L ig h t C o . ,
P arr S h oa ls P o w e r C o . ,
C e n tra l C a ro lin a P o w e r C o . ,
S ou th C a ro lin a P o w e r C o . ,
| P ublic S e rvice C o . o f S o u . C a ro lin a .
T h e street r a ilw a y s y s te m o p e r a te d b y th e sam e in te re sts in C o lu m b ia
w ere n o t in c lu d e d in t h e m e rg e r a n d w ill b e co n tin u e d as th e C o lu m b ia
R y . , G a s & E le c t r ic C o . V . 121 , p . 7 3 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
D o e s th e e n tire s tr e e t ra ilw a y b u sin ess in C o lu m b ia , S. C . O p e ra te s 32
m iles o f tr a c k ; 30 c a r s . O p erates u n d e r rig h ts g ra n te d b y S ta te o f S o u th
C a r o lin a (w h ic h o w n s th e c it y s tr e e ts ), e xp irin g D e c . 16 1941.
In Ju n e 1912 a c q u ir e d P a rr S hoa ls P o w e r C o . (s to c k $ 2 ,0 0 0 ,0 0 0 c o m ., all
o w n e d , a n d $ 3 0 0 ,0 0 0 p r e f .) .
T h e $ 2 0 0 ,0 0 0 C o l. C a n a l C o . 6 % b o n d s o r ig in a lly m a tu r e d J a n . 1 1919
b u t w ere e x te n d e d fo r t w o yea rs t o Ja n . 1 1921 and a gain t o 1923, a n d h a v e
■since b e e n e x te n d e d f r o m y e a r t o y e a r at th e sam e ra te o f in te re st.
Bus Lines.— T h e Carolina Transit Co., c a p ita liz e d a t $ 1 0 0 ,0 0 0 , w a s orga n
ized in S e p t. 1925 t o o p e r a te a sy s te m o f b u s lines in C o lu m b ia , S . C . , t o
s u p p la n t th e r a ilw a y w h ic h w as lo sin g a p p ro x im a te ly $ 1 0 ,0 0 0 a m o n th .
V . 121 , p . 134 7.
STO C K A N D BO N DS—
Date.
Interest. Outstanding. Maturity.
C o m m o n $ 2 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) - - ____________ __________ $ 2 ,0 0 0 ,0 0 0 J u ly ’ 1 9 , ^ %
P r e f $ 1 ,0 0 0 ,0 0 0 6 % c u m ( $ 1 0 0 ) ____
Q -J
8 9 5 ,3 0 0
See te x t
F irst m o r tg a g e
$ 7 ,5 0 0 ,0 0 0 ( 1911
5 J -J
2 ,9 5 5 ,0 0 0 J u ly 1 1936
g o ld ($ 1 ,0 0 0 )---------------e * t f ( I n t . a t c o . ’s o ffic e o r a t N a t ’l P a rk B a n k ,
( N . Y . ; C o lu m b ia T r . C o . , N . Y . , tru ste e .
P a rr S h oa ls P p f d s tk $30 0 ,0 0 0 ____
7%
3 0 0 ,0 0 0 _____________
P a rr S h oa ls P 1st m tg e $3 ,-1 1912
5 g A -O
2 ,7 4 5 ,0 0 0 A p r 1 1952
0 0 0 ,0 0 0 ($ 1 ,0 0 0 ) g o ld _ c * t f/C o l u m b i a T r u s t C o ., T r u s te e .
C o l C a n a l C o m tg e $ 2 0 0 ,0 0 0 _ t f ____
6%
2 0 0 ,0 0 0 Jan 1 1 9 2 5
Bonds.— O f th e ou ts ta n d in g 1st m tg e . b o n d s o f 1911, $ 6 0 ,0 0 0 are d e p o s ite d
t o g u a r . in t . o n C a n a l C o . 6s. O f un issu ed b o n d s , $ 2 0 0 ,0 0 0 are re se rv e d
t o re tire C a n a l C o . b o n d s a n d $ 4 ,4 9 7 ,0 0 0 fo r im p ts ., a d d ’n s, a c q u is itio n s ,
& c ., u n d e r certa in r e s tric tio n s . B o n d s are s u b je c t t o ca ll o n a n y in t . d a te
a t 105 a n d in t . S in ce J u ly 1 1912 an a m o u n t equa l t o 1 % o f b o n d s o u t
m u s t b e ex p e n d e d fo r im p ts ., & c ., a gain st w h ic h n o b o n d s m a y th e re a fte r
b e issu ed , a n d s in ce D e c . 15 1915 a fu r th e r 1 % fo r r e tir e m e n t o f b o n d s .
S ee Y . 9 3 , p . 229 .
P a rr S hoa ls P o w e r b o n d s are g u a ra n te e d , p r in cip a l a n d in te re s t, b y e n
d o r s e m e n t, b y th e C o lu m b ia R y ., G a s & E le c tr ic C o . Sinking fund o f
o f 1 % sem i-a n n u a lly o f b o n d s o u t fr o m 1918 t o J a n . 1 1 95 2, in clu s iv e .
$25 5 ,0 0 0 (n o t in cl. in a m t. o u ts ta n d in g ) h e ld in sin k . fu n d . T h e y are
s u b je c t t o call a t 105 a n d in t. o n 60 d a y s ' n o t ic e . I n t . p a y a b le in N e w Y o r k .
Dividends.— F ir s t d iv . o n p r e f.— 3 % — p a id J u ly 1 1906; J a n . 1907, 3 % ;
n o n e t o J u ly 191 1, w h e n a c c r u e d d iv s . w e re p a id u p in f u ll; 1H % p a id
q u a r . sin ce t o a n d in c l. A p r . 192 5. I n J u ly 1925, 1 % % . I n O c t . 1925,
1 A % ■ In itia l d iv . o n c o m m o n — A % — p a id O c t . 1917. I n 1918, J a n .,
A % ; J u ly , A % \ O c t ., K % . I n 191 9, J a n ., A % ; J u ly , A % ■ N o n e s in c e .
E A R N I N G S .— F or ca le n d a r years:
Year —
Gross.
*Net.
Interest. Pref.Divs. Com.Divs. Surplus
19 2 3 ________ $ 1 ,2 6 1 ,3 6 8 $56 4 ,5 5 ^ $ 2 5 2 ,5 6 9 $53 ,7 1 8
............. $25 8,27 0
1922 ............... 1 ,1 1 5 .4 9 2 3 9 8 ,7 3 2
2 57 ,661
5 3 ,7 1 8
_______
8 7 ,353
* A fte r d e d u ctin g o p e ra tin g exp en ses, ta x e s , in t . o n P a rr S hoa ls b o n d s
a n d d iv s . on P a rr Shoals p r e f. s t o c k .
O F F I C E R S .— P res., W . S. B a rs to w ; V .- P s ., W . B u ch s b a u m , R . L .
P eterm a n , L . H . T y n g ; T r e a s ., J . P . C a m p b e ll; S e c., C . H . W ils o n .— V . 110.
p . 969; V . 114, p . 1406; V . 116, p . 2 99 2; V . 118, p . 2 43 7; V . 119, p . 578;
V. 121, p. 7 3 , 1347.
165
SOU TH CAROLINA GAS & ELECTRIC CO.
Control.— G e n e ra l G a s & E Jec. C o r p . (see o n a n o th e r p a ge) a cq u ired
c o n t r o l o f the c o . e a r ly in J u ly 1 92 4. V . 119 , p . 1954.
O R G A N I Z A T I O N .— I n c o r p . in M a r y la n d S e p t. 23 1922 as su ccessor t o
S o u th C a ro lin a L t . P o w . & R y s . C o . (fo r h is t o r y see “ E le c t r ic R a ilw a y ”
S u p p le m e n t o f O c t . 28 1922) as p e r p la n o u tlin e d in V . 115, p . 76 0 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
S u p p lies e le ctr ic lig h t a n d p o w e r se r v ic e t o th e c it y o f S p a rta n b u rg a n d o th e r
im p o r ta n t c o m m u n itie s in n o r th e r n S o u th C a ro lin a . T o t a l gen era tin g
c a p a c it y , 1 4 ,5 0 0 k . w .; 101 m iles o f h ig h -te n s io n tra n sm issio n lin es. Sup
p lie s gas s e r v ic e in S p a rta n b u r g . O w n s t h e c a p ita l s t o c k o f th e S p a rta n
b u r g B u s C o . , a n d in c o n n e c tio n w ith th e la tte r c o m p a n y fu rn ish es m o t o r
b u s a n d s tr e e t c a r s e r v ic e in S p a rta n b u r g a n d n e ig h b o r h o o d . 21 m iles o f
tra ck .
Operations.— O n Ju n e 22 1923 th e S o . C a r . R R . C o m m . a u t h . th e c o . to
d is c o n tin u e o p e r a tio n s w ith in t h e c it y lim its o f S p a rta n b u r g , e ffe c t iv e
J u ly 21 1923. B u ses are t o b e used in sid e th e c it y lim its a n d w ill c o n n e c t
w ith th e in te ru rb a n ca rs w h ich th e c o . w ill c o n tin u e t o o p e r a t e . V .
117, p . 88. O n Ja n . 14 1 92 4, h o w e v e r , th e S o u th C a ro lin a S u p re m e C o u r t
h a n d e d d o w n a de cisio n o r d e r in g th e c o m p a n y t o re su m e s e r v ic e in S p a r
ta n b u rg . V . 11 8 , p . 43 2 .
STO CK A N D BO N DS—
Date.
Interest. Outstanding. Maturity.
C o m m o n $ 1 ,2 5 0 ,0 0 0 ( $ 1 0 0 )__________
$ 1 ,1 9 6 ,3 0 0
_________
1st p r e f $ 2 ,0 0 0 ,0 0 0 c u m ( $ 1 0 0 ) ------7%
See t e x t ____________
2 d p r e f $ 1 ,0 0 0 ,0 0 0 c u m ($ 1 0 0 )_______
6%
6 2 8 ,9 0 0 ........ ..............
C t fs o f in d e b te d n e s s (re d a t o p t o f c o ) N o n e
4 0 2 ,9 2 0
_________
C t fs o f in d e b te d n e s s ___________ ______
N one
6 9 ,521 Jan 2 1928
1st m tg e $ 5 ,0 0 0 ,0 0 0 ($ 1 ,0 0 0 )1 1922
6 g M -S
15 3 ,6 2 8 ,0 0 0 S e p t 15 1932
g o l d ____________________ c * t f (N e w Y o r k T r u s t C o . , N . Y . , T r u s te e .
1 0 -y r m tg e b o n d s $ 6 5 0,00 01 1922
6 g J - D 15
6 4 4 ,0 0 0 S e p t. 15 1942
($ 1 ,0 0 0 ) g o l d ________ c * n t f /A m e r i c a n E x ch a n g e N a t . B k ., N . Y . , T r u s t .
Stock.— N e ith e r o f th e p r e f. s to c k s c a r r y v o t in g p o w e r s; $ 6 5 0 ,0 0 0 o f th e
1st p r e f. is r e s e rv e d fo r th e c o n v e r s io n o f 1 0 -y r . 6 % c o n v . m t g e . b o n d s .
Certificates of Indebtedness.— B e a r n o Interest.
Bonds.— T h e 1st m tg e . 6s h a v e ann u al sinking fund co m m e n cin g J a n . 1
1.929, equa l t o 1 % o f th e b o n d s o u ts ta n d in g .
A re c a ll, o n a n y in t. d a te
a t 105 a n d in t.
I n t . p a y a b le a t th e N e w Y o r k T r u s t C o . , N . Y . C it y .
$ 7 2 ,0 0 0 are h e ld in tre a su ry .
T h e 1 0-year c o n v . m t g e . 6s are c o n v e r t ib le in t o fir s t p re fe rre d 7 % s to c k
a t a n y tim e p rio r t o m a t u r it y o n th e basis o f 11 shares o f s to c k fo r each
$ * ,0 0 0 p rin . a m o u n t o f b o n d s s o c o n v e r t e d .
C a ll, all or p a r t a t a n y tim e
a t p ar a n d in t . I n t . p a y a b le a t th e A m e r ic a n E x ch a n g e N a tio n a l B a n k ,
N . Y . C it y .
$ 6 ,0 0 0 are h e ld in tre a su ry.
E A R N I N G S .— I n c o m e a c c o u n t 12 m o s . e n d . A u g . 31 1925; G ross,
$ 8 8 0 ,7 9 8 ; n e t, a fte r ta x e s, $ 1 7 1 ,9 6 7 ; b o n d a n d o th e r in te re st, $29 0 ,1 0 9 ;
b a l., d e f ., $11 8 ,1 4 2 ; fo r c a l. y e a r 1924: O p e ra tin g r e v e n u e , $ 8 8 8 ,3 9 3 ; o p e r .
in c o m e , $ 2 7 2 ,5 0 1 ; to t a l in c o m e , $ 2 8 4 ,6 8 2 ; b o n d in te re st, $ 2 5 6 ,3 1 0 ; oth er
i n t ., $ 1 2 ,8 6 0 ; m iscella n eou s ch arges, $29 7; n e t in c .. $ 1 5 ,2 1 5 .
O F F I C E R S .— P r e s ., L u cie n H . T y n g : V .- P s ., W illia m B u ch s b a u m an d
R . L . P e te r m a n ; S e c ., C . N . W ils o n ; T r e a s ., J. P . C a m p b e ll.— V . 115,
p . 1943, 1259; V . 116, p . 78, 177, 516 , 1051, 1533; V . 117, p . 88; V . 118,
p . 43 2 ; V . 119, p . 1954.
CHARLESTON-ISLE OF PALMS T R A C T IO N CO.
Receivership.— E a r ly in 1924 P e rro n e a u R . R iv e r s w as a p p o in t e d re c e iv e r
fo r th e c o m p a n y . V .118, p . 2 4 3 6 . P r o p e r t y has n o t b e e n o p e r a te d sin ce
F e b . 21 1924.
Sale.— In Ju n e 1924 th e p r o p e r t y w as o ffe r e d fo r sale a t p u b lic a u c t io n .
See V . 118, p . 3 0 7 6 , fo r d e ta ils . In O c t . 1924 t h e e le ctr ic lin e w as p u rch a s e d
b y th e M o u n t P le a sa n t R y . , w h ic h w as r e p o r te d t o re su m e o p e r a tio n s o f
th e s e r v ic e in S e p t. 1 92 5. V . 121 , p . 1 22 7.
O R G A N I Z A T I O N .— I n c o r p . in S o u th C a ro lin a J a n . 9 1913 w it h a u th o r
ized c a p ita l o f $ 1 ,0 0 0 ,0 0 0 , t o b u ild r a ilr o a d s , s te a m o r e le c t r ic , s tr e e t rail
w a y s , & c ., o p e r a te s te a m b o a ts , a n d t o ta k e o v e r w h a t w a s f o r m e - ly th e
S eash ore d iv isio n o f th e C h a r le s to n C o n s o l. R y ., G a s & E le c t r ic C o .
F I B L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w n s 10 m iles fr o m M t . P le a s a n t (c o n n e c tin g b y fe r r y w ith C h a r le s to n ) t o
S u lliv a n ’s Is la n d a n d Isle o f P a lm s , a p le a su re re s o r t o n th e A t la n t ic C o a s t,
in c lu d in g la n d a t Is le o f P a lm s , fe r r y , p o w e r h o u s e o n S u lliv a n ’s Is la n d , a
s u b -s ta tio n a t M o u n t P le a s a n t, & c. O w n s a n d o p e r a te s 19 passen ger and
3 fre ig h t ca rs a n d 2 fe r r y -b o a t s . A t la s t a c c o u n ts fe rr y w a s b e in g op e r a te d
b y c o u n t y u n d e r d ir e ctio n o f C o o p e r R iv e r F e r r y C o m m is s io n . C h a irm a n ,
J . P . D e v e a u x . A ls o d o e s e le ctr ic lig h tin g b u sin e ss.— V . 9 6 , p . 2 0 1 ,8 6 2 :
V . I l l , p . 69 2 , 1082; V . 118 , p . 2 4 3 6 , 307 6; V . 121 , p . 122 7.
166
[V ol. 121
PUBLIC UTILITIES
GEORGIA
GEORGIA-AL.ABAMA POWER COMPANY.
Management.— D a y & Z im m e r m a n n , I n c .
O R G A N I Z A T I O N .— Ir ic o r p . u n d e r N o r t h C a ro lin a la w s in 1918 an d
a c q u ir e d th e p r o p e r tie s o f t h e C o lu m b ia P o w e r C o . a n d A lb a n y P o w e r&
M f g . C o . C o m p a n y c o n t r o ls t h e S o u th G e o rg ia P u b lic S e rv ice C o . th r o u g h
s t o c k o w n ersh ip .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
T h e c o m p a n y o w n s a n d o p e r a te s th r e e h y d r o -e le c t r ic p la n ts a n d a ste a m
a u x ilia ry ; o n e h y d r o -e le c t r ic p la n t o n th e M u c k a fo o n e e C r e e k n ear t h e c it y
o f A lb a n y , G a .; o n e n e a r F o r t G a in e s, G a .; a n d o n e o n th e F lin t R iv e r
n ea r A lb a n y , G a . T h e s te a m a u x ilia ry is also lo c a te d in A lb a n y . T h e
c o m p a n y s erves e le ctr ic lig h t a n d p o w e r in A lb a n y , P e lh a m , F o r t G a in e s,
a n d w h oles a le p o w e r t o A m e r ic u s , C o r d e le , T ifto n a n d V a ld o s t a , t h e p rin
c ip a l citie s in s o u th w e s t G e o rg ia . T h e p r o p e r t y lo c a te d in A la b a m a fo r
m e r ly o w n e d b y th e c o m p a n y w as s o ld t h e la tte r p a r t o f 1924 t o th e A la
bam a P ow er C o.
STOCK A N D BON DS—
Date.
Interest. Outstanding. Maturity.
C o m m o n $ 3 ,0 0 0 ,0 0 0 ($ 1 0 0 )___ ______
________
$ 8 5 0 ,0 0 0
8 % c u m p a r t .pref $ 1 ,0 0 0 ,0 0 0
8 9 3 .5 0 0 ____________
( $ 100) --------------------------------------------------------8%
6 A F -A
7 6 0 .5 0 0 F e b 1 1957
F ir s t & r e f s f g $ 5 ,0 0 0 ,0 0 0 f 1922
($ 1 ,0 0 0 , $50 0 c * ) ________ t f In t. a t M e r c a n t ile T r . & D e p . C o . o f B a lt
G e n e r a l m o r tg a g e $ 3,150,000 1 1922
See t e x t
2 ,2 5 2 ,0 0 0 F e b 1 1941
($ 1 ,0 0 0 , $ 5 0 0 )____________ c \ I n t . a t M e r ca n tile T r . & D e p . C o . o f B a lt .
Stock.— P r e f. s t o c k is n o n -c a lla b le . Is p re fe rre d a s t o assets. A ft e r
p r e f. a n d c o m . s to c k s h a v e r e c e iv e d 8 % d i v ., b o t h cla sses sh are e q u a lly in
a n y fu r th e r d iv id e n d f o r th a t y e a r .
Bonds.— T h e 1st ref. sinking fund gold bonds 6 Ms, d u e F e b . 1 1957, are
c a lla b le , w h o le o r p a r t, a t 105 a n d in t. o n 60 d a y s ’ n o t ic e .
Sinking fund,
1% f r o m F e b . 1 1927. I n tr e a s u r y , $ 1 ,7 3 9 ,5 0 0 . O u tsta n d in g , $ 7 6 0 ,5 0 0 .
T h e general mortgage bonds, due Feb. 1 1941, c a r r ie d in te re s t a t 8 % fo r
th ree y ea rs fr o m F e b . 1 1922, c u m u la t iv e , b u t p a y a b le o n ly fr o m n e t in c o m e
a p p lic a b le t o s u rp lu s; a fte r F e b . 1 1925 carries in te re st a t 6 % a n d 2 %
a d d itio n a l i f ea rn e d . A r e c a lla b le a t 103 an d in te re st.
Americus Lighting Co. First Mtge. 5 s .— O f th is is s u e $ 2 4 1 ,0 0 0 a re o u t
sta n d in g . T a x -fr e e c o v e n a n t .
S in k in g fu n d 1 % o f b o n d s o u t s t a n d in g ’
in c lu s iv e , A p r il 1 1927, l l % in c l. A p r il 1 1932; 2 % t h e r e a fte r . N o fu r
A
th e r p a r ticu la r s a v a ila b le .g
E A R N I N G S .— I n c o m e a c c o u n t ye a rs en d ed D e c . 31:
1924.
1923.
G ro s s e a rn in g s______________________________________________ $ 4 0 7 ,2 0 8 $ 3 2 6 ,1 8 4
143 ,3 8 8
O p e ra tin g exp en ses a n d t a x e s _____________________________ 1 5 9 ,0 3 9
N e t ea rn in g s _____________________________________________ $ 2 4 8 ,1 6 9 $ 1 8 2 ,7 9 6
O F F I C E R S .— F . H . B a r c la y , P r e s .; F . W . W o o d c o c k , V .- P r e s .; C . A M c C lu r e , S e c .; M . O liv e r , T r e a s .; L . L . F erree, G e n . M g r . U n d e r m a n a g e
m e n t o f D a y & Z im m e r m a n n , I n c . M a in o ffic e , 1600 W a ln u t S t ., P h ila
d e lp h ia , a n d A lb a n y , G a .
G EORGIA R A ILW AY & POW ER CO.
{See Map on page 16 7 .)
O R G A N I Z A T I O N .— I n c o r p . in G e o rg ia o n O c t . 16 1911 t o ta k e o v e r
th e fo llo w in g p r o p e r tie s ( V . 9 3 , p . 1191, 1725)
A tla n ta H y d r o - E le c . P o w e r C o .
II n te r -S ta te P o w e r C o .
A t la n t a W a t e r & E l e c . P o w e r C o .
S av an n ah R iv e r P o w e r C o .
G e o rg ia P o w e r C o .
I S o u th C a ro lin a P o w e r C o .
I n J a n . 1917 th e c o m p a n y a c q u ir e d a ll th e in terests o f t h e F ra n k lin Ligh*'
& P o w . C o . , B r o a d R i v . P o w . C o . a n d th e J . B . M c C r a r y C o . a t H a r tw e ll’
G a . A s o f Ja n . 1 1924 a c q u ir e d th e p r o p e r t y o f th e W o f fo r d S h o a ls
L ig h t & P o w e r C o . V . 118 , p . 7 9 4 . In M a y 1924 a c q u ir e d th e p o o p e r t y o f th e P a n ola L ig h t & P o w e r C o . V . 118, p . 243 7.
P A ls o leases th e G eorg ia R a ilw a y & E le c t r ic C o . (see b e lo w ) .
I" I n M a y 1925 th e c o m p a n y o r g a n iz e d a n e w s u b s id ia r y , t h e East Georgia
Power Co., w ith an a u th o r iz e d c a p ita liz a tio n o f $ 5 ,0 0 0 ,0 0 0 . T h e n e w c o m
p a n y w ill o p e r a te b e tw e e n A u g u s ta a n d T o c c o a , G a . V . 120, p . 2 40 0.
► F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O d D e c . 31 1924 th e to ta l m ile a g e o f s tr e e t ra ilw a y tr a c k s (o n a sin gle track basis) o w n e d o r leased a n d c o n t r o lle d b y th e c o m p a n y , e x clu s iv e
o f th e street ra ilw a y m ile a g e in G a in e sv ille , G a ., w a s 2 4 5 m iles.
S ta n d a rd
ga u g e . 7 0 . 80 an d 9 0 -lb . ra ils. O w n s w a te r p o w e r sites in n o rth e a ste rn
G e o rg ia c a p a b le o f an u ltim a te d e v e lo p m e n t o f 5 4 2 ,7 0 0 h . p . P resen t
d e v e lo p e d h y d r o -e le ctr ic p o w e r , 2 5 4 ,5 0 0 h . p . T ra n sm issio n lin es aggre
g a te 936 m iles. H a s p o w e r lin e c o n n e c tio n s an d in te rch a n g e po w e r
c o n tr a c ts o r a greem en ts w ith C e n tra l G eorgia P o w e r C o . a t A tla n ta
T en n essee E le c tr ic P ow e r C o . a t T e n n e sse e -G e o rg ia S ta te lin e , Sou th ern
P o w e r C o . a t T a llu la h F a lls, C o lu m b u s P o w e r C o . a t N e w n a n a n d A la
b a m a P o w e r C o . a t G e o rg ia -A la b a m a S tate lin e . T h e h y d r o -e le ctr ic
p la n t a t T a llu la h F a lls w as p la c e d in o p e r a tio n (o n e u n it) in S e p t. 1913;
In N o v . 1914 a ll o f th e fir s t f iv e u n its w ere r e a d y fo r o p e r a tio n . T h e
six th a n d la s t u n it o f 12,0 0 0 k .w . w a s p u t in o p e r a tio n in M a r c h 1920.
T h e fir s t u n it o f th e T u g a lo g e n e ra tin g s ta tio n w a s p la c e d in o p e r a t io n
u n d er lo a d O ct. 29 192 3, a n d th e s e c o n d u n it w as p la c e d n o p e r a tio n u n d e r
lo a d N o v . 12 U 2 3 . U n its 3 a n d 4 w e re p la ce d in o p e r a tio n u n d e r lo a d
A p ril 6 1924. F irst u n it o f T e r r o r a D e v e lo p m e n t w a s p la c e d in o p e ra tio n
u n d er lo a d M a r c h 9 1925.
Valuation.— See V . 115 , p . 73; V . 119 , p . 74.
ITExtension Voting Trust.— I n A u g . 1925 th e m a n a g e m e n t r e q u e s te d t h a t th e
v o t in g tru s t a g r e e m e n t o f 1912 b e e x te n d e d . S ee V . 121 , p . 1100.
East Georgia Power Co.— T h is s u b s id ia r y a p p lie d in O c t o b e r 1925 t o t h e
G e o rg ia P . S. C o m m is s io n f o r a u t h o r it y t o issu e 10,0 0 0 shares o f p r e f. s t o c k
(p a r $ 10 0) a n d 1 ,0 0 0 shares o f c o m m o n s t o c k (p a r $ 1 0 0 ). T h e se issues
w ere s u b s c r ib e d fo r b y t h e G e o rg ia R y . & P o w e r C o ., w h ic h t o o k th e lease
o f t h e E a s t G e o rg ia P o w e r C o . ( s u b je c t t o a p p r o v a l o f th e C o m m is s io n ),
c o v e r in g 1 0 4 .6 m iles o f e le c tr ic tra n sm issio n an d d is trib u tio n . V . 121 , p .
178 8.
STOCK A N D BO N DS—
Date.
Interest. Outstanding. Maturity.
C o m m o n $ 1 5 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) - - ____
_________ -$ 1 5 ,0 0 0 ,0 0 0 S e p t ’2 5 ,1 %
1st p f $ 3 ,9 0 0 ,0 0 0 8 % c u m ( $ 1 0 0 ) ____
8 Q -J
3 .9 0 0 .0 0 0 O c t ’2 5 , 2 %
1st p r e f 7 % c u m “ Ser o f 19 2 4 ”
2 .5 0 0 .0 0 0 O c t ’2 5 , 1 M
( $ 100 ) --------------------------------------------------------7 Q -J
1st p f 7% c u m “ Ser o f 192 5”
4 ,0 0 0 ,0 0 0 ------------------7 Q -J
t ($100)----------------- -----------------------------2 d p f $ 1 0 ,0 0 0 ,0 0 0 4 % n - c ( $ 1 0 0 ) ------1 0 ,0 0 0 ,0 0 0
S e p t '2 5 , 1
2 5 ,8 5 4 ,0 0 0
S ee te x t
1st & r e f m tg e $ 3 0 ,0 0 0 ,0 0 0 g j 1914 _ 5 g A -O
See t e x t sinking f u n d ____ c * j l n t . a t F id e lit y T r u s t C o . , P h ila ., T r u s te e .
1921
7
gM -N
4 ,0 0 0 ,0 0 0 N o v 1 1941
G en m tg e Series o f 19211922
6
g A -O
3 ,5 0 0 ,0 0 0 A p r
1 1947
Series o f 192 2Series o f 19231923
6
g M -S
3 ,0 0 0 .0 ^ 0 M a r 1 1948
Series o f 192 41924
6
g A -O
3 ,0 0 0 ,0 0 0 A p r
1 1954
($500
$ 1 ,0 0 0 )____ c * t f ( I n t . a t B a n k e rs T r u s t C o ., N . Y . , T r u s te e .
A tla n ta W a te r & E l P 1st M
1903
5 J -J
1,400,000 Jan 1 1943
(clo s e d ) g ($ 1 ,0 0 0 )--C * cp t/In t. a t C o lu m b ia T r u s t C o . , N . Y . , T r u s te e .
mil t
A4 0 ,0 0 0
fl (1(1(1
Qoo tovt t
See t e x
E q u ipvfitnof notoo Qnai'no “* A ** _ 1 HI (1
tru st n o te s Series * A T ’
1919
E q u ip tru st n o te s Series “ B ” __ 1920
1 3 8 .0 0 0
See te x t
1 2 2 .0 0 0
See t e x t
E q u ip tr s n o te s Series “ C ” __1922
1 6 2 .0 0 0
See te x t
E q u ip tru s t c t fs Series " D " ___ ______
Stock.— T h e 1st p r e f. 6 % s t o c k w a s r e tire d as o f O c t . 1 192 2. F ir s t p r e f.
8 % s t o c k is re d e e m a b le a fte r J a n . 1 1938 a t 115 a n d d iv . V . 11 7 , p . 2 4 3 2 .
1st p r e f. 7 % s t o c k “ Series o f 1 9 2 4 ” is n o t r e d . b e fo r e J a n . 1 1 93 8. R e d ,
th erea fter a t 115 & d iv s . I n J u ly 1924 E s t a b r o o k & C o . a n d P u tn a m &
C o . offered $ 2 ,5 0 0 ,0 0 0 1st p r e f. 7 % s t o c k “ Series o f 192 4” a t 9 5 , y ie ld in g
a b o u t 7 .3 7 % .
V . 119 , p . 7 4 , 162 4. F irst p r e f. 7 % s t o c k “ Series o f 1925”
is preferred as t o d iv id e n d s , an d in liq u id a tio n en titled t o p a r an d a ccru ed
d iv id e n d s i f in v o lu n ta r y , a n d 115 a n d a ccru e d d iv id e n d s i f v o lu n t a r y ,
b e fo r e a n y p a y m e n t is m a d e u p o n a n y o th e r class o f s to c k o f th e c o m p a n y .
N o t red eem a b le b e fo r e J a n . 1 1938, r e d e e m a b le th ereafter a t 115 a n d d iv s .
I n A p ril 1925 E s t a b r o o k & C o ., N e w Y o r k a n d B o s t o n ; P u tn a m & C o . ,
H a r tfo r d , C o n n ., a n d M a rs h a ll F ie ld , G lo r e , W a r d & C o . , N e w Y o r k a n d '
C h ic a g o , offered $ 4 ,0 0 0 ,0 0 0 a t 98 fla t , y ie ld in g a b o u t 7 . 1 5 % .
A f t e r th e2 d p r e f. a n d c o m . s to c k s h a v e b o t h re c e iv e d 4 % p e r a n n u m f o r th r e e s u c
c e s s iv e years th e 2 d p r e f. s t o c k b e c o m e s c o m . s t o c k .
Bonds.— O f th e $ 3 0 ,0 0 0 ,0 0 0 1st & r e f. m t g e . b o n d s , $ 1 ,3 6 7 ,0 0 0 a r e
r e se rv e d t o r e tir e p r io r lie n s , $ 1 3 ,5 0 0 ,0 0 0 a re p le d g e d a s s e c u r it y f o r t h e
g e n . m t g e . b o n d s , a n d b a la n c e is f o r fu t u r e a d d itio n s , & c ., u n d e r p r o
t e c tiv e r e s tric tio n s . S u b je c t t o call a t 105 a n d in t . a fte r 56 d a y s ’ n o t ic e .
B o n d s a r e ca lla b le fo r s in k in g f u n d a t sa m e ra te s a n d d a t e s . A n n u a l
sinking fund p a y m e n ts a r e as fo llo w s : 1919 t o 1924, $ 7 5 ,0 0 0 ; 192 5 t o
1928, $ 1 0 0 ,0 0 0 ; 1929 t o 195 3, $ 1 2 5 ,0 0 0 ; $ 7 8 7 ,0 0 0 h e ld in s in k . f d . (in c l. in
a m o u n t o u t s t d g .) S e p t . 1 1 92 5. C o u p o n b o n d s $ 1 ,0 0 0 o r £2 0 5 15s. 3 d .
a n d $50 0 o r £102 17s. 7 d .
T h e g e n . m t g e . b o n d s , in a d d itio n t o b e in g a g e n e ra l m o r tg a g e o n
th e e n tire p r o p e r t y , in c lu d in g t h e lea se a n d p o w e r c o n t r a c t w it h t h e
G e o rg ia R y . & E le c t r ic C o . , a re fu r th e r s e c u r e d b y d e p o s it o f an e q u a l
a m o u n t o f 1st & r e f. 5s, d u e A p r il 1 1 9 5 4 . A d d itio n a l g e n . m t g e . b o n d s
m a y b e issu ed u n d e r ce r ta in r e s tric tio n s p r o v id e d sam e are s e c u r e d b y alik e a m o u n t o f 1st & r e f. 5 s . Series o f 1921 7s are r e d e e m a b le all o r in
p a r t o n th e 1st d a y o f a n y m o n th o n fo u r w e e k s ’ n o t ic e a t 107 A & i n t . toa n d in c l. N o v . 1 1924; th e r e a fte r t o a n d in c l. N o v . 1 1931 a t 105 & i n t .;
a n d th e re a fte r a t M o f 1 % less p r e m iu m e a c h y ear t o m a t u r it y . Series o f '
1922 6s are re d e e m a b le , a ll o r p a r t , o n fir s t d a y o f a n y m o n th o n fo u r w e e k s ’
n o t ic e a t 107 A a n d i n t . t o a n d in c l. A p r . 1 1932, th e re a fte r a t 105 a n d i n t .
t o a n d in c l. A p r . 1 1937; th e r e a fte r a t K o f 1 % less p re m iu m e a c h y e a r to a n d in c l. A p r . 1 1945, a n d th e re a fte r a t a p r e m iu m o f ^ o f 1 % p r io r t o
m a t u r it y . Series o f 1923 6s are r e d . a ll o r in p a r t o n a n y in t . d a t e o n
4 w e e k s ’ n o t ic e a t 10746 a n d in t . t o a n d in c l. M a r . 1 1933; th e r e a fte r a t
105 a n d in t . t o a n d in c l. M a r . 1 1938; th e re a fte r a t 46 o f 1 % less p r e m iu m
ea ch y e a r t o a n d in c l. M a r . 1 194 6. a n d th e r e a fte r a t a p r e m iu m o f 46 o f ’
1 % p rio r t o m a tu r ity . Series o f 1924 6s a re r e d ., all o r p a r t , o n a n y i n t .
d a te o n 4 w e e k s’ n o t ic e a t a p r e m iu m o f 7 4 6 % t o a n d in c l. A p r . 1 1 93 4;
th e re a fte r a t a p r e m iu m o f 5 % t o a n d in c l. A p r . 1 1944: said p r e m iu m t o b e
r e d u ce d b y 46 o f 1 % co m m e n cin g O c t . 1 1944, w ith a lik e a d d itio n a l
r e d u ctio n co m m e n cin g o n O c t . 1 o f e a ch y e a r th e r e a fte r u n til m a t u r it y ;
in ea ch c a se w ith a c c r u e d in t . P e n n a . 4 m ills ta x r e fu n d e d , & c . V . 113 ,
p 1772; V . 114, p . 1765; V . 116 , p . 1 17 7. $ 3 ,0 0 0 ,0 0 0 3 0 -y e a r g e n . m t g e .
6 % b o n d s “ Series o f 19 2 4 ” w e re offered b y D re x e l & C o . , P h ila ., in Ju n e
1924 a t 98 a n d in t ., t o y ie ld a b o u t 6 . 1 5 % . V . 118, p . 2 82 5.
T h e A tla n ta W a t e r & E le c . P o w e r b o n d s a r e s u b je c t t o ca ll a t 1 0 5 . T h e
issue w as o rig in a lly fo r $ 1 ,5 0 0 ,0 0 0 b u t has b e e n clo s e d a t $ 1 ,4 0 0 ,0 0 0 . Sink,
fund J a n . 1 1908 t o J a n . 1 1917 i n c l., $ 5 ,0 0 0 p e r a n n .; th e r e a fte r untilm a tu r ity $ 1 0 ,0 0 0 p e r a n n . See V . 102, p . 1 54 0. $ 2 0 2 ,0 0 0 in sin k . fu n d .
E q u ip , tru s t n o te s Ser. “ A ” are d u e 1 0 % a n n u a lly . S er. “ B ” m a tu re
$ 1 4 ,0 0 0 s e m i-a n n . ea ch O c t . a n d A p r . 1 t o A p r . 1929 a n d $ 1 3 ,0 0 0 O c t . 1
1929 a n d A p r 1 1930. Ser. “ C ” m a tu r e $ 1 0 ,0 0 0 A p r. 30 a n d O c t . 31
t o O c t . 31 1924, th e re a fte r $ 1 0 ,0 0 0 o n e a ch O c t . 31 a n d $ 9 ,0 0 0 o n each>
A p ril 3 0 t o A p r il 30 193 2. Series “ D “ m a tu r e $ 1 1 ,0 0 0 J a n . 31 a n d J u ly 31
to J u ly 31 192 6, a n d th e r e a fte r $ 1 0 ,0 0 0 e a c h J a n . 31 a n d J u ly 31 t o J u ly
31 1933.
Dividends.— A n in itia l d iv id e n d o f 4 % w as d e cla re d on th e 2 d p r e f. s t o c k
In F e b . 1923, p a y a b le in q u a rte r ly in sta llm e n ts o f 1 % e a ch b e g in n in g M a r c h
1 1923. V . 116, p . 515 . In 192 4, M a r ., 1 % an d sam e a m o u n t q u a r.
sin ce t o a n d in c l. S e p t. 192 5. O n M a r . 1 1923 an in itia l d iv . o f 1 % w as
p a id o n th e c o m . S t o c k . D iv s . a t th e sa m e ra te h a v e b e e n p a id regu larly
sin ce t o a n d in c l. S e p t. 1925.
R E P O R T .— -O f c o m b in e d p r o p e r tie s
Calendar
Gross
Net {after
Other
In t., Rentals,
Balance,
Year—
Earnings.
Taxes).
Income. Sk. Fds., &c.
Surplus.
1 92 4_________ $ 1 6 ,1 7 4 ,7 6 6 y $ 5 ,3 1 4 ,0 9 9 $ 6 8 6 ,4 8 3 x $ 3 ,5 2 5 ,8 5 4 $ 2 ,474,728 192 3_________ 1 6 ,0 0 6 ,9 2 9 y 4 , 8 2 0 ,0 6 5 5 5 3 ,1 0 7 x 2 ,9 3 6 ,9 3 3
2 ,4 3 6 ,2 3 8
1922.................. 14,4 4 9 ,4 9 7
4 ,3 6 6 ,9 6 4
4 1 7 ,1 9 0 x 2 ,8 6 7 ,1 1 0
1 ,9 1 7 ,0 4 4
1921--------------- 1 4 ,0 8 0 .9 0 4
4 .6 8 7 .3 4 3
3 5 0 ,9 2 1
3 ,0 6 0 ,1 3 3
1 ,9 7 8 ,1 3 2
x E x cl. sin kin g fu n d d e d u ctio n s , y A ft e r d e d u c t io n o f g a s d e p r e c ia t io n P a ssen gers ca rrie d in 1924, 9 3 ,8 7 3 ,0 5 6 , a g a in st 9 7 ,2 0 9 .8 2 8 in 1 9 2 3 .
O F F I C E R S .— C h a irm a n o f B o a rd , H . M . A tk in s o n ; P r e s ., P . S . A rk
w rig h t; Y . - P . & G e n . M g r ., W . H . T a y lo r ; Y .- P . & E x e c . E n g ., O . G .
A d s it; V . - P . , G . W . B rin e ; V . - P . & O p e r . M g r ., F . L . B u tle r ; T r e a s .,
I . S. M it c h e ll J r .; A u d ., F . A . B rin e ; S e c ., W . H . W r ig h t: a ll o f A tla n ta .
G eneral o ffic e s , E le c t r ic & G a s B ld g ., A t la n t a .— V . 118 , p . 2 0 1 , 794.
1259, 1284, 1519, 1772, 2 4 3 7 , 282 5; V . 119, p . 7 4 , 3 2 4 , 1 17 1. 162 4: V.
120, p . 1 20 2, 174 6, 1872, 1902, 2 1 4 6 , 2 2 6 8 , 2 40 0; V . 121 , p . 1 1 0 0 , 178 8.
(1) GEORGIA RY. & ELECTRIC CO.
Lease.— O n Ja n . 30 1912 th e s to c k h o ld e r s o f t h e G e o rg ia R y . & E l e c . C o .
a p p r o v e d th e 9 9 9 -y e a r lease fr o m J a n . 1 1912 t o th e G e o rg ia R y . & P o w e r
C o . , w h ic h p ro v id e s t h a t th e la tte r c o m p a n y gu a ra n te e a ll th e f ix e d ch a rg es
a n d d iv s . o n p r e f. s t o c k a n d d iv s . o f 8 % o n c o m . s t o c k , t h e h o ld e r o f each
$100 c o m . h a v in g re c e iv e d as a d d itio n a l c o n s id e r a tio n fo r t h e le a s e $3 12 M
in 1st p r e f. a n d $125 in 2 d p r e f . s t o c k o f G e o rg ia R y . & P o w e r C o . V . 9 4 ,
p . 9 8 2 , 1119. T h e shares o f t h e A t la n t a G a s L ig h t C o . a n d o f th e A t la n t a
N o r t h e r n R y . are n o t in c lu d e d in th e p re m ise s d e m is e d u n d e r th e lease,
b u t th e lessor assign ed a n d tra n sfe rre d t o th e lessee, fo r a n d d u r in g t h e term
o f th e le a se , th e in c o m e a risin g fr o m a n y a n d a ll o f t h e said sh ares.
O R G A N I Z A T I O N .— -In c o r p . in G e o rg ia o n J a n . 28 1902 a n d o n A p r il 1
1902 t o o k o v e r th e A tla n ta R y . & P o w e r C o . , t h e A t la n t a R a p . T r a n . C o . ,
th e G e o rg ia E le c t r ic L ig h t C o . a n d th e A t la n t a S team C o .
B y te r m s o f th e
o r d in a n c e p e r m ittin g c o n s o lid a tio n , t h e c o m p a n y p a id th e c it y o f A t la n t a
$ 5 0 ,0 0 0 in cash a n d a g r e e d t o p a y a ta x on g r o s s re c e ip ts o f 1 % f o r f ir s t 3
y e a r s . 2 % fo r the n e x t 20 y e a rs an d 3 % t h e r e a fte r . V . 7 4 . p . 3 9 7 , 7 2 7 .
Franchises fo r t h e g re a te r p a r t p e r p e tu a l; o th e r s , 50 y e a r s fr o m A u g . 1899
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—’
C o m p r is e s th e s tr e e t r a ilw a y , e le c tr ic lig h t, g a s , p o w e r a n d steam h e a tin g
in te re sts o f A tla n ta a n d F u lto n C o u n t y .
O w n s 220 m iles o f t r a c k
(s in g le -tra ck b a s is ). 70, 80 a n d 9 0 -lb . r a ils . 411 p a sse n g e r a n d 43 o t h e r
c a r s . 2 p o w e r s t a t io n s .
In Ju n e 1903 a c q u ir e d th e e n tire c a p ita l s t o c k ($ 6 0 0 ,0 0 0 6 % p r e f . a n d
$ 1 ,0 1 4 ,6 2 5 c o m .) o f th e A tla n ta G a s L ig h t C o . , co m p r is in g th e gas b u sin ess
o f A tla n ta a n d v ic in it y , b y e x c h a n g e o f s t o c k , $ fo r $ . V . 7 6 , p . 1 4 0 6 .
A ls o o w n s en tire ca p ita l s to c k o f th e A t la n t a N o rth e r n R y .
STO CK A N D BO N DS—
Date.
Interest. Outstanding. Maturity.
C o m m o n ($ 1 0 0 )------------------------- ---------Q -F
$ 8 ,5 1 4 ,6 0 0
A n g ’2 5 , 2
P re fe rre d 5 % n o n - c u m u l a t iv e \ _______
5 Q -J
2 ,4 0 0 ,0 0 0
S ee t e x t
$ 2 ,4 0 0 ,0 0 0 (p a r $ 1 0 0 ) ______/
R e f & im p m tg e $20 ,0 0 0 ,0 0 0 1 1909
5 g J -J
8 ,1 2 2 ,0 0 0 Jan 1 1949
g o ld ( $ 1 ,0 0 0 )____________ c * / I n t . a t A m e r . T r u s t C o . , B o s t o n , T r u s t e e .
F ir s t c o n s m tg e $11 ,0 0 0 ,0 0 0 1 1902
5 g J -J
5 ,4 1 0 ,0 0 0 J a n 1 1932
g o ld sin k fu n d ( $ l , 0 0 0 ) - - c * J l n t . a t O ld C o lo n y T r u s t C o ., B o s t o n , T r u s t .
A t la n t a S tre e t R a ilr o a d fir s t f 189 0
6 g J -J
2 2 5 ,0 0 0 J u ly 1 1930
m o r tg a g e g o ld (p a r $ 1 ,0 0 0 ) -jln t . p a y a b le in N . Y . a t F o u r t h N a t . B a n k .
[ C e n tr a l T r u s t C o . , N . Y . , T r u s t e e .
A t l C o n S t R y 1st c o n s M $ 2 ,- f
1899
5 g J -J
1 ,7 2 5 ,0 0 0 Jan 1 1 9 3 9
5 0 0 ,0 0 0 g ($ 1 ,0 0 0 e a c h ) .. c * - i I n t . p a y a b le in N . Y . at N . Y . T r u s t C o . a n d
a t M e r c . T r . & D e p . C o . o f B a lt ., T r u s t e e .
1900
5 g J -J
1 ,3 5 0 ,0 0 0 J u ly 1 1930
i
I n t e r e s t a t O ld C o lo n y T r u s t C o . , B o s t o n ,
T r u s te e
1897
5 g J -D
1 ,1 5 0 ,0 0 0 Ju n e 1 1947
In te r e s t a t N e w Y o r k T r u s t C o ., T r u s te e , o r
I B a n k o f S c o t la n d , L o n d o n , E n g la n d .
A t la n t a G a s -L ig h t r e f & i m p t / 1920
6 A -O
1 ,7 9 6 ,0 0 0
1970
$ 5 ,0 0 0 ,0 0 0 ca ll a t 106 & i n t j l n t . a t G ir a r d T r u s t C o . , P h ila d e lp h ia .
Stock.— In O c t . 1902 b o t h p r e f . a n d c o m s t o c k w e re liste d o n B o s to n
S to c k E x c h . V . 75, p . 8 4 9 . T h e y a r e also lis te d on th e L o u is v ille E x c h .
A ls o o w n s en tire ca p ita l s t o c k o f th e A t la n t a N o r t h e r n R y .
Bonds.— O f t h e $ 1 1 ,0 0 0 ,0 0 0 G e o rg ia R a ilw a y & E le c t r ic C o m p a n y b o n d s
(clo s e d m t g e .) o f 1902, $ 3 ,8 5 0 ,0 0 0 a re re s e r v e d t o re tire u n d e rly in g liens;
b a la n c e has b e e n r e tir e d . R e d . o n a n y in t . d a t e a t 110 an d in t . A sinking
fund b e c a m e o p e r a t iv e in 190 7, w h ic h re tire s $ 1 0 ,0 0 0 o f b o n d s e a c h y e a r
fr o m 1907 t o 191 1, in c lu s iv e ; $ 2 5 ,0 0 0 p e r a n n u m fr o m 1912 t o 191 6, in c lu
s iv e , a n d $ 5 0 ,0 0 0 p e r a n n u m th e r e a fte r . S ee V . 7 4 , p . 629 , 7 2 7 .
A sinking fund o f $6 60 p e r $ 1 ,0 0 0 b o n d o n t h e A tla n ta G a s L t . C o . 1st
m t g e . 5s is o p e r a tiv e ; $ 4 2 9 ,0 0 0 b o n d s in fu n d .
$ 1 0 7 ,0 0 0 A tla n ta G a s L ig h t r e f. & im p t . 6s h e ld in sin k in g f u n d . See
also V . 121 , p . 1907.
A t la n t a C o n s o l. S t. R y . b o n d s a re r e d . as a w h o le a t 1 0 7 A . b u t $ 2 5 ,0 0 0
in J a n . o f e a ch y e a r fo r sin k in g fu n d a t 105.
O f th e r e f. & im p t. m t g e . b o n d s , $ 1 1 ,2 3 0 ,0 0 0 a re r e s e r v e d t o re tire
p r io r lien s (in c lu d in g th e $ 4 0 0 ,0 0 0 A t la n t a N o rth e r n b o n d s a n d $ 1 ,1 50 ,000 A t la n t a G a s L ig h t C o . 1st M t g e . b o n d s ) , a n d r e m a in d e r f o r e x
te n sio n s a n d im p r o v e m e n ts u p to 7 5 % o f a c t u a c o s t . B o n d s a re s u b je c t
t o ca ll o n 50 d a y s ’ n o t ic e a t 105 a n d in t . M t g e . p r o v id e s fo r r e tirem en t
Oct., 1925.]
167
POWER, LIGHT AND RAILW AY
GEORGIA R A ILW A Y & POW ER COMPANY
G E N E R A T IN G
AND
D IS T R IB U T IN G
SYSTEM
S T O R A G E RESERVOIR S
H Y D R A U L IC G E N E R A T I N G S T A T I O N S [7|
S U B -S TA TIO N S 0
S TE A M G E N E R A TIN G S T A T IO N S
T R A N S M I S S I O N L IN E S —
P R O P O S E D H Y D R AU LIC G E N E R A T I N G S T A T I O N S
P R O P O S E D T R A N S M I S S I O N L IN E S
Q
—
I N T E R C O N N E C T I N G L IN E S
—
PROPOSED S U B -S T A T IO N S 0
168
[V ol. 121.
PUBLIC UTILITIES
th r o u g h sink, fund o f 1 % o f b o n d s o u ts ta n d in g O c t . 1 e a ch y e a r . $ 7 3 0 ,0 0 0
r e tir e d b y sin k in g fu n d . In D e c . 1924 D re x e l & C o . , P h ila ., sold $ 3 ,1 5 1 ,0 0 0
r e f. & im p t. m t g e . 5s a t 9 0 a n d in t ., to y ie ld a b o u t 5 H % - V . 119,
p . 2760.
Dividends.— D iv id e n d s are n o w p a id u n d e r lea se (see a b o v e ) . F o r r e c o r d
o f d iv id e n d s p a id p r io r t o le a se , see th is s e c tio n f o r J a n u a r y 1917.
E A R N I N G S . — In c lu d e d in r e p o r t o f G e o rg ia R y . & P o w e r C o . a b o v e .
O F F I C E R S .— P r e s ., T h o s . K. G le n n ; V .- P . . J. O . H a llm a n ; S ec. &
T r e a s ., W . H . W r ig h t — V . 117, p . 1017: V . 1 1 9 ,:p .I 2 7 6 0 ; V . 120 , p . 1326.
(a) ATLANTA NORTHERN RY.fCO.
O R G A N I Z A T I O N .— E n tir e s t o c k is o w n e d b y t h e G e o rg ia R a ilw a y &
E le c t r ic C o . , w h ic h g u a ra n te e s t h e b o n d s .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A tr o lle y r o a d . O p e ra te s 18 m iles o f tr a c k fro m A tla n ta t o M a r ie t t a , 15.2
’m ile s , w h ich are o w n e d a n d m o s t ly o n p r iv a te r ig h t -o f-w a y . H a s a rra n ge
m e n t w ith G e o rg ia R a ilw a y & E le c t r ic C o . fo r te rm in a ls a n d t r a c k a g e righ ts
in to th e c it y o f A tla n ta . S ta n d a rd g a u g e ; 10 ca rs , 2 tra ile rs. C o m m e n c e d
o p e r a tio n J u ly 17 1905.
Court Decision.— I n A u g . 1925 th e S u p rem e C o u r t o f G e o rg ia d e n ie d an
in ju n c tio n t o c o m p e l th e c o m p a n y t o resu m e s e r v ic e b e tw e e n A tla n ta a n d
M a r ie t t a . M e a n w h ile t h e c o . h a d re su m e d o p e r a tio n s o n th is lin e .
See
f o r p a rticu la rs Y . 121 , p . 109 9, 1787.
Fare Increase.— I n S e p t. 1925 fa re in crea ses a v e r a g in g 2 0 % w e re g ra n te d
b y t h e G a . P . S . C o m m is s io n . V . 121 , p . 1346.
STOC K AN D BON DS—
Date.
Interest. Outstanding. Maturity.
___________
$ 1 0 0 ,0 0 0 ____________
S t o c k $ 1 0 0 .0 0 0 ________________________
F irst m o r tg a g e $ 4 0 0 ,0 0 0 gu a r 1 1904
5 g J-J
4 0 0 ,0 0 0 J u ly 1 1 9 5 4
($ 5 0 0 a n d $ 1 ,0 0 0 ) g o l d .- C * /I n t . at O ld C o lo n y T r . C o . , B o s t o n , T r u s te e .
Bonds.— A r e g u a r ., p . & i ., b y e n d ., b y t h e G a . R y . & E le c . C o . A r e s u b
j e c t t o ca ll o n a n y in t. d a t e a t 110 a n d in t . A sinking fund o f $ 5 ,0 0 0 p e r a n n .
b e g a n in 1909; $ 1 2 5 ,5 0 0 b o n d s a re h e ld a liv e in s in k . f u n d . V . 7 9 , p . 6 8 0 .
E A R N I N G S .— F o r y e a rs e n d in g D e c . 31;
Year—
Gross.
Net.
Taxes. Int., &c.
Balance.
1 9 2 4 ______________ _______ $ 2 4 7 ,6 5 9 $ 4 5 ,0 7 1
$ 8 ,0 0 8 $ 3 0 ,8 1 3 s u r.$ 6 ,7 5 0
1 9 2 3 ______________________ 2 4 5 ,7 8 3
4 1 ,4 7 9
7 ,8 9 5
2 7 ,7 3 1
s u r.5 ,8 5 3
1 9 2 2 ______________________ 2 4 4 ,5 1 1
4 4 ,2 3 5
7 ,8 9 0
2 6 ,7 5 0
s u r.9 ,5 9 5
1 9 2 1 ______________________ 2 5 5 ,7 1 4 53 173
6 .5 9 2
26 766
s u r .19.815
— V . 119 , p . 680 ; V . 102, p . 1435; V . 120 , p . 4 5 1 , 7 0 0 ; V . 121, p . 109 9,
1 34 6. 1787.
AUGUSTA-AIKEN
R A IL W A Y
& ELECTRIC
CORP.
O R G A N I Z A T I O N .— C h a r te r e d in M a r c h 1906 u n d e r la w s o f S o u th
C a ro lin a as A u g u s ta & C o lu m b ia R y . C o .; n a m e c h a n g e d t o a b o v e in A p r il
1911 a n d is a c o n s o lid a tio n o f t h e fo llo w in g c o m p a n ie s;
A u g u s ta -A ik e n R y . & E le c . C o .
I A u g u s t R y . & E le c . C o .
A u g u s ta & A ik e n R y . C o .
| N o r t h A u g u s ta E le c . & I m p t . C o ,
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w n s a n d o p era tes e n tire r a ilw a y s y s te m s o f A u g u s ta , G a ., a n d N o r t h
A u g u s ta , S. C . , an d a line fr o m A u g u s ta t o A ik e n , S . C . A ls o fu rn ish e s en
tire e le ctr ic lig h t a n d p o w e r s e r v ic e in A u g u sta a n d its s u b u r b s a n d o w n s
v a lu a b le real esta te in c e n tra l p a r t o f A u g u s ta . O w n s a n d o p e r a te s 55.7
m iles o f tr a c k , o f w h ic h 3 0 .0 6 m . a re c it y lines a n d 25.1 m iles in te ru rb a n
b e tw e e n A u g u s ta an d A ik e n , 60 t o 1 0 0 -lb . T r a i l s . S ta n d a rd g a u g e . O w ns
L a k e V ie w P a rk o n L a k e O lm s te a d . R a ilw a y franchise in A u g u s ta expires
1939; ele ctr ic -lig h tin g franchise r u n s u n til 1939 o r lo n g e r . I n te r u r b a n d iv i
s io n is o n p r iv a te r ig h t -o f-w a y . V . 9 2 , p . 1177.
A ls o ow n s th e $ 5 0 0 ,0 0 0 c o m . s t o c k o f G e o rg ia -C a ro lin a P o w e r C o . an d
g u a ra n te e s p r in . a n d in t . a n d sin k in g f u n d on th e G e o r g ia -C a r o lin a P o w e r
C o . 1st m t g e . 5s.
STOCK A N D BO N DS—
Date.
Interest. Outstanding. Maturity.
C o m m o n $ 2 ,2 5 0 ,0 0 0 ($ 1 0 0 )—
------------------$ 2 ,2 5 0 ,0 0 0 ------------------P r e f 6 % c u m $ 2 ,2 5 0 ,0 0 0 ( $ 1 0 0 ) ____
Q -M
2 ,2 5 0 ,0 0 0 See te x t .
S in k f d b d s $ 7 ,5 0 0 ,0 0 0 g o l d / 1910 5 g J -D
2 ,8 9 1 ,0 0 0 D e c 1 1935
( $ 1 ,0 0 0 )____________ c * & r * t f ( C e n t . U n io n T r . C o . , N e w Y o r k , T r u s te e .
C o u p o n n o t e s ___________________ 1919
6%
1 6 4 5 ,8 0 0 /D e c 1 1 9 3 5
C o u p o n n o t e s ___________________ 1922
6 J -D
J
(D e c 1 1 9 3 5
A u g u s ta R y & E le c 1st M g j 190 0 5 g J -D
7 2 7 ,0 0 0 Ju n e 1 1940
$ 1 ,0 0 0 ,0 0 0 ( $ 1 ,0 0 0 )- . c * n t f l i n t , a t M e r . T r . & D e p . C o ., B a lt ., T r u s te e .
G a -C a r o P o w 1st M $ 5 ,0 0 0 ,- [ 1912 5 J -J
2 ,5 5 4 ,0 0 0 J u ly 1 1952
000 g ($500 a n d $ 1 , 0 0 0 ) - - J
g u a r _____________________c * t f (C e n t . U n io n T r u s t C o . , N e w Y o r k . T ru s te e .
Bonds.— O f th e $ 7 ,5 0 0 ,0 0 0 sin k . f d . b o n d s , $ 6 1 6 ,0 0 0 a re in tre a s u ry ,
$ 1 4 ,0 0 0 are d e p o s ite d w ith th e tru stees fo r th e b o n d h o ld e rs a n d $16 9 ,0 0 0
in sin k in g fu n d (n o t in c l. in a m o u n t r e p o r te d o u ts ta n d in g ); $ 7 8 5 ,0 0 0 a re r e
s e r v e d t o re tire A u g u s ta R y . & E le c t r ic b o n d s a n d b a la n c e is fo r a d d itio n s ,
& c. S u b je c t t o ca ll as a w h o le (o r in p a r t fo r sin k in g fu n d ) a t 105 a n d
in t . o n a n y in t. d a y o n 30 d a y s ’ n o t ic e . In te re st is p a y a b le a t R e d m o n d
& C o ., N e w Y o r k . Sinking fund b e g a n in 1916, p r o v id in g fo r p a y m e n t o f
$ 2 5 ,0 0 0 p e r a n n . 1st 5 y e a rs , in cre a sin g t o $ 4 0 ,0 0 0 , $ 5 0 ,0 0 0 a n d $ 6 5 ,0 0 0
fo r e a ch su ccessiv e p e r io d o f 5 y e a r s u n til m a tu r ity o f b d s . V . 9 2 , p . 1177.
A u g u s ta R y . & B le c . b o n d s c a n be ca lle d in 10, 20 o r 30 y e a rs fr o m d a te
a t 105 a n d in t . o n 6 m o n t h s ’ n o t ic e ; sinking fund o f H o f 1 % b e g a n J u n e 1
1905 fo r 15 y e a r s , 1 % f o r n e x t 10 y e a r s a n d 2 % fo r r e m a in in g 10 y e a rs .
$ 2 2 0,00 0 (n o t in c l. in a m t . o u ts ta n d in g ) w as h e ld in s k g . f d . D e c . 31 1924.
T h e t w o issues o f c o u p o n n o te s re p re s e n t u n p a id in t . fo r a p e r io d o f 5
y e a r s on th e 1st m t g e . s k g . f d . 5 % b o n d s , th e c o u p o n s b e in g fu n d e d in to
in t .-b ea rin g n o te s . B o t h th e se n o t e issues o r ig in a lly m a tu r e d Ju n e 1 1924
a n d b o r e in t . a t 5 % , b u t h a v e b e e n e x te n d e d t o D e c . 1 1935 a t 6 % . V . 118 ,
p . 2 43 6: V . 119, p . 32 2 . C o m p a r e V . 109 , p . 107 9.
T h e G a .-C a r o P o w . b o n d s a re s u b je c t t o call as a w h o le , o r in p a r t , fo r
sin k in g f u n d a t 105 a n d in t . $ 2 6 3 ,0 0 0 h a v e b e e n re tir e d b y sin k . fu n d .
Sinking fund b eg a n in 1918 a n d w ill h e su ffic ie n t t o re tire a ll th e b o n d s a t
m a t u r it y . T h e y a re g u a r ., p . , i . & s . f . , b y A u g u s ta -A ik e n R y . & E le c .
C orp.
V . 9 5 . p . 179.
Dividends.— I n itia l d iv id e n d o n p re fe rre d — 1 }4 % — p a id D e c . 3 0 1911;
sa m e r a t e q u a rte r ly t o a n d in c l. J u n e 191 4. N o n e s in ce .
R E P O R T . — F o r y e a r s e n d in g D e c . 3 1 ;
Calendar
Year—
A m erican P u b lic Service C o.
B angor Pow er C o.
C en tral G eorgia Pow er C o.
C en tral Illin o is Pow er C o.
C en tral In d ia n a G as C o.
C en tral In d ia n a Power C o.
C in c in n a ti G a s & E lectric C o.
C in c in n a ti G as T r a n sp o r ta tio n
C olu m b ia G as & E lectric C o.
C u m b e rlan d C o u n ty Pr. & L t.
D a n b u r y & B eth el G as & Elec. Lt
D u rh a m P u b lic Service Co.
E ast O h io G a s C o.
In d ia n a E lectric C orpo ra tion
Jersey C e n tr a l p r# & L t. C orp.
L in co ln G as & E lectric L ig h t C o.
M ich igan L ig h t C o.
M id d le W e st Power C o.
M id d le W e st U tilitie s C o.
N o rth w estern P u b lic Service C o.
O h io P ub lic Service C o.
O m ah a & C o u n cil B lu ffs S t. R y.
O zark Power & W a te r C o.
P ortland E lectric C o.
P u b lic Service C o. of C olorad o
S h a w in ig a n W a te r & Power C o.
U n io n L ig h t, H ea t & Pow er C o.
U n ite d Fuel G as C o.
V irgin ian Power C o.
W e st P enn P ow er C o.
W e h a v e b een id e n tifie d e ith e r a s p rin c ip a ls or
j o in t ly in th e fin a n c in g o f th e a b o v e co m p an ies
A . B. Leach & Co., Inc.
NEW YORK
BO STON
P H IL A D E L P H IA
C H IC A G O
Int. on
Other
Net after Int. on Co. Sub. Co.
Bds., &c. Int.,& c.
Taxes.
Bonds.
Balance,
Surplus.
$ 9 5 ,1 1 9
1 9 2 4 .............. $ 1 ,2 1 7 ,4 2 9 $ 4 9 2 ,4 3 2 |/$40,316 $ 3 5 2 ,9 8 8 $ 4 ,0 0 9
192 3_______ 1 ,2 2 7 ,6 2 5
3 5 4 ,1 4 6
1 .8 6 0
1 0 3 ,8 2 6
4 9 5 ,9 6 9
j/3 6 .1 3 8
1 9 2 2 ----------- 1 ,1 1 4 ,3 3 3
3 55 ,117
4 ,3 3 8
4 6 ,2 3 8
4 3 5 ,8 0 8
1/30,115
V T h is rep resen ts in t. o n th e c o . ’s 5 % n o te s w h ich w ere issu ed in c o n n e c
tio n w ith th e p la n u n d e r w h ic h th e h o ld e r s o f th e c o . ’s 1st M . b o n d s a g r e e d
t o fo r e g o th e in t . d u e th e re o n f o r a d e fin ite p e r io d . See V . 10 9 , p . 107 9;
V . 118, p . 243 6; V . 119, p . 3 2 2 .
O F F I C E R S .— P r e s ., F . Q . B r o w n ; V . - P . , J . K . C h o a te ; S e c. & T r e a s .,
D.
H . T h o m a s ; A s s t. S e cre ta ry & T r e a s ., M . H . H e n d e e ; G e n . M g r .,
F . B . C u lle y ; M g r s ., T h e J . G . W h it e M g t . C o r p .— V . I l l , p . 2 9 3 , 686 ;
V . 112, p . 1 3 9 8 , 2 64 1; V . 114, p . 1285, 1889, 2715; V . 1J5, p . 1099; V .
116, p . 1531; V . i 18, p . 6 6 2 , 1 13 4, 139 1, 2 43 6; V . 119, p . 32 2 ; V . 12 0 ,
p . 2682.
GEO R G IA L IG H T, POW ER & RAILW AYS.
(See Map on opposite page.)
O R G A N I Z A T I O N . — Is a v o lu n t a r y a s s o c ia tio n fo r m e d u n d e r M a s s a
c h u s e tts law s in S e p t . 1 91 1. H a s a c q u ir e d a ll t h e c o m . s t o c k o f M a c o n R y .
& L ig h t C o . , a ll t h e c o m . a n d p r e f. s t o c k s o f M a c o n G a s C o ., $ 3 ,7 9 8 ,6 0 0 o f
t h e $ 4 ,0 0 0 ,0 0 0 s t o c k o f t h e C e n tr a l G e o r g ia P o w e r C o . , t h e e n tire c a p it a l
s t o c k o f th e C e n tr a l G e o rg ia T r a n sm is s io n C o . , a n d th e e n tire c a p it a l s t o c k
o f th e G e o rg ia P u b lic S e r v ic e C o r p .
A ls o $ 4 4 8 ,0 0 0 (e n tire issu e) 1st m t g e .
7 % b o n d s o f M a c o n G a s C o . a n d $ 3 5 4 ,0 0 0 (e n tir e issu e) 1st m t g e . b o n d s o f
C e n tr a l G e o rg ia T r a n sm is s io n C o A ls o o w n s $ 2 ,1 3 3 ,5 9 4 6 % c o n s t r u c tio n
n o te s o f its c o n s t it u e n t c o m p a n ie s issu e d fo r n e w c o n s t r u c tio n , & c.
See fo r 9 0 -d a y o p t io n o n a ll c o m m o n s t o c k a t $80 p e r sh are, V . 121 ,
p . 1227.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
T h r o u g h c o n t r o lle d c o m p a n ie s o p e r a te s e n tire e le ctr ic r a ilw a y a n d g a s
bu sin ess in M a c o n ; fu rn is h e s e le c t r ic lig h t a n d p o w e r in M a c o n , M o n t ic e llo ,
F o r s y t h , B a rn e s v ille , G r iffin , J a c k s o n , J o n e s b o r o , B ib b . T h o m a s t o n a n d
H a m p to n , G a .; also sells e le c tr ic ity t o t h e u t ilit y c o m p a n y o p e r a tin g in
A tla n ta .
STOCK A N D BO N DS—
Date.
Interest.
Outstanding.
Maturity.
C o m m o n $ 8 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) __________
_________
$ 7 ,6 6 0 ,0 0 0 ------------------P r e f $ 2 .0 0 0 ,0 0 0 6 % n - c ($1 0 0 ) _
____
Q -J
5 0 0 .0 0 0 O c t ’ 25 1 H
F ir s t lien sk f d $ 6 ,5 0 0 ,0 0 0 / 1911 5 M - S
3 ,6 7 5 ,0 0 0 S ep t 1 1941
g o ld ( $ 1 .0 0 0 ) _________ c * & r | N e w Y o r k T r u s t C o . , N e w Y o r k , tru stee.
3 -y r n o te s $ 2 ,5 0 0 ,0 0 0 ($ 1 ,0 0 0 ) / 1924
6 g J -J
2 ,5 0 0 ,0 0 0 D e c 1 1 9 2 7
g o ld _____________________ c * t f \ I n t . a t N e w Y o r k T r u s t C o . , N . Y . , tru stee.
Stock.— P re f. shares are c a ll, a t 110. A r e lis te d o n P itts b u rg h an d B o s to n
S to c k E x ch a n g e s . C o m m o n lis te d o n t h e P it t s b u r g h , C h ic a g o a n d L o n d o n
S to c k E x ch a n g e s .
Bonds.— O f t h e fir s t lie n s . f . g o ld 5s o f 1 91 1, $ 4 ,4 9 3 ,0 0 0 h a v e been
issu e d , o f w h ic h $ 7 4 2 ,0 0 0 r e tir e d b y s in k in g f u n d , le a v in g $ 3 ,7 5 1 ,0 0 0 o u t
s ta n d in g in h a n d s o f p u b lic .
Sinking fund, $ 7 5 ,0 0 0 a n n u a lly , 1921 t o 1925;
a n d $ 1 0 0 ,0 0 0 a n n u a lly 1926 t o 1 94 0. B o n d s a re s e c u r e d b y d e p o s it o f
p r a c t ic a lly all t h e se c u r itie s o w n e d b y G a . L t . , P o w e r & R y s . A r e r e d .
a t 105 a n d in t . o n a n y in t . d a t e o n 30 d a y s n o t ic e . P r in . a n d in t . p a y a b le
a t N . Y . T r u s t C o . , N . Y . , o r B a n k o f S c o t la n d , L o n d o n . V . 9 3 , p . 153 2.
B o n d s are liste d o n C h ic a g o , P itts b u r g h a n d L o n d o n s t o c k e x c h a n g e s.
T h e 3 -y r . 6 % n o te s are r e d . all o r in p a r t o n a n y in t . d a te o n 30 d a y s ’
n o t ic e a t 101 d u rin g firs t y e a r , a t 1 0 0 d u r in g se c o n d y e a r , a n d th erea fter
a t p a r t o m a tu r ity , p lu s in t. in e a ch ca se . P e n n a . 4 -m ills ta x . C o n n . 4-m ills
ta x a n d M a s s . 6 % in c o m e ta x r e fu n d a b le . $ 2 ,5 0 0 ,0 0 0 w e re sold in D e c .
1924 b y A . B . L e a ch & C o . , I n c .; P a in e , W e b b e r & C o . , a n d P u n c h o n &
C o . a t 9934 a n d i n t ., t o y ie ld a b o u t 6 . 2 0 % . V . 119, p . 2 7 6 0 .
Dividends.— O n p r e fe rr e d , h a v e b e e n p a id as fo llo w s : J a n . 1 191 3 t o
J a n . 1 1915, 1 3 4 % q u a r .; th e n n o n e u n til O c t . 1 1 9 1 7 , w h e n 1 3 4 % w as
p a id ; s a m e a m o u n t p a id q u a r te r ly t o O c t . 1 1925
R E P O R T . — T h e c o m b in e d r e su lts o f t h e c o m p a n y a n d its s u b s id ia rie s ,
w ith in t e r -c o m p a n y ite m s e lim in a te d , fo r t h e y e a r s e n d in g D e c . 31 w ere:
Calendar
Year—
Gross
Earninos.
Net (.after Sub. Co. Int. Interest
Taxes).
and Civs.
Charges.
Balance,
Surplus.
$ 7 8 1 ,1 1 9
$ 1 8 8 ,8 2 3
$ 2 6 5 ,2 4 0
$ 3 2 7 ,0 5 6
1 9 2 4 . ...................$ 1 ,9 5 1 ,7 7 4
192 3 ___________ $ 1 ,9 1 6 ,0 0 7
$ 9 2 9 ,8 9 8
$ 1 9 0 ,4 2 0
$ 2 6 8 ,1 1 7
$ 4 7 1 ,3 5 9
6 9 8 ,2 0 6
1 9 1 ,0 9 5
2 7 6 ,1 0 8
2 3 1 ,0 0 3
1 9 2 2 ___________ 1 ,6 8 1 ,4 2 1
1 9 2 1 ..............
1 ,6 7 1 ,0 9 0
4 9 9 ,9 3 2
2 2 5 ,0 4 3
2 6 8 ,0 5 2
6,8 3 7
O F F I C E R S .— P r e s ., J . D . B v e r it t : V . - P s .. F . B . L a sh e r an d L lo y d
R o b in s o n ; S ec. & T r e a s ., P a u l W . F ish e r. O ffic e o f S e c r e ta r y , 62 C e d a r S t.,
— V . 118 , p . 4 3 1 ; V . 119, p . 5 7 8 , 2 7 6 0 ; V . 120 , p . 2 4 0 0 ; V . 12 1 , p . 198 , 1227.
(1) MACON RAILWAY & LIGHT CO.
E n tir e c o m m o n s t o c k is o w n e d b y G e o r g ia L t . , P o w e r & R y s .
O R G A N I Z A T I O N . — I n c o r p o r a t e d in G e o r g ia o n O c t . 23 1902 b y th e
R a ilw a y s & L ig h t C o . o f A m e r ic a as a c o n s o lid a tio n o f t h e M a c o n C o n s o li
d a te d S tr e e t R y . , t h e M a c o n E le c t r ic L ig h t & R y . , t h e N o r t h & S o u th
M a c o n S tre e t R y . a n d t h e M e t r o p o lit a n S tre e t R y .
T h e c i t y o r d in a n c e
p e r m ittin g th e c o n s o lid a tio n , p a s s e d o n S e p t. 16 1 90 2, g r a n t e d a 5 0 -y e a r
franchise. F o r te r m s , see V . 7 5 , p . 733 .
STOCK A N D BO N DS—
Date.
Interest.
Outstanding. Maturity_________
$ 9 0 0 ,0 0 0 _____________
C o m m o n $ 1 ,6 0 0 ,0 0 0 ($ 1 0 0 ) __________
P re f $ 3 0 0 ,0 0 0 ($ 1 0 0 ) 6 % c u m . ____
6 A -O
3 0 0 ,0 0 0
S ee t e x t
M a c o n R y & L t 1st c o n s m t g e )
1903 5 g J -J
9 5 9 ,0 0 0 J a n 1 1953
g $ 1 ,0 0 0 ,0 0 0 ($ 1 ,0 0 0 ) -C * t f J In t. a t E q u it a b le T r . C o . , N . Y . , tr u s te e .
M a c o n E le c L t & R y 1st m t g e 1 189 9 6 g J -J
4 2 ,5 0 0 J a n 1 192 9
$ 1 0 0 ,0 0 0 ($ 5 0 0 ) g o l d . c * t f J In t. a t E q u it a b le T r . C o . , N . Y . , t r u s te e .
Bonds.— M a c o n R y . & L t . 1st c o n s o ls a re s u b je c t t o c a ll o n a n y in te r e s t
d a t e a t 110 a n d in t . $ 4 1 ,0 0 0 b o n d s , $ 1 2 ,3 0 0 c o m . a n d $ 1 6 ,4 0 0 p r e f . s t o c k
are h e ld b y S a v a n n a h T r u s t C o . t o r e t ir e t h e $ 4 2 ,5 0 0 M a c o n E le c . L t . &
R y . b o n d s re m a in in g o u t .
S ee V . 7 6 , p . 2 1 2 .
Dividends.— 6 % p e r a n n u m has b e e n p a id s .- a . o n p r e f ., 1903 t o A p r
1925, in c lu s iv e .
R O A D .— O w n s a n d o p e r a te s a b o u t 3 7 .1 1 m ile s o f t r a c k , a ll o f w h ic h has
been r e -la id w ith 7 0 -lb . ra ils . 58 c a r s .
E A R N I N G S .— F o r y e a rs e n d in g D e c . 3 1 :
Year ending
Dec. 31—
G a. Lt., Pr. & Rys. Co.
Gross (all
Sources).
Gross
Earnings.
Net (aft. Depr.
& Tax.).
Int. on
Bonds, &c.
Balance,
Surplus.
1 9 2 4 ........... .....................$ 9 1 7 ,6 7 2
$ 1 5 6 ,9 9 6
$ 1 1 4,56 1
$ 4 2 ,4 3 6
1 9 2 3 --------- ------------------ 9 2 4 ,9 4 6
2 1 2 ,0 5 6
126 ,107
8 5 ,9 4 9
O F F I C E R S .— P r e s ., W m . H . F e lto n ; V . - P . , L . A . M a g r a w ; S e c ., R .
F rank J on es; T r e a s ., W . E . H o u s e r .— V . 107 , p . 906 ; V . 109 , p . 578 ; V . 110 ,
p . 219 2; V . I l l , p . 1083; V . 113 , p . 960 ; V . 117, p . 155 5.
(2) MACON GAS CO.
O R G A N I Z A T I O N .— I n c o r p . in G a . in 185 2. W a s fo r m e r ly M a c o n G a .
L t. & W a te r C o . , b u t in O c t. 1911 tra n sferred its w a te r p la n t t o th e c it y
a n d ch a n g e d n a m e t o p re se n t title . C o n tr o ls en tire gas b u sin ess o f M a c o n ,
A ll th e o u ts ta n d in g s t o c k a n d b o n d s o f th e M a c o n G a s C o . a re o w n e d b y
G a . L t ., P o w e r & R y s . T h e re a re a lso o u ts ta n d in g $ 4 4 8 ,0 0 0 1st m t g e .
b o n d s d e p o s ite d w ith N . Y . T r u s t C o .
E A R N I N G S .— F o r y e a rs e n d in g D e c . 31:
Gross
Net (aft. Depr.
Int. on
Balance,
Dec. 31 Years— ■ Earnings.
c% Tax.).
Notes.
Surplus.
1 9 2 4 --------------------------- $ 3 1 7 ,5 3 5
$ 7 4 ,6 9 0
$ 30 ,783
$ 4 3 ,9 0 8
1 9 2 3 _______ __________ 3 1 2 ,6 4 5
8 4 .6 7 5
3 0 .3 4 9
5 4 ,3 2 6
H a s 2 gas h o ld e r s a n d o v e r 54 m ile s o f m a in s , & c. O u tp u t n o w ex ce e d s
2 ,0 0 0 ,0 0 0 c u . f t . p e r a n n u m .— V . 9 3 , p . 942 , 1537; V . 99, p . 1455.
(3) CENTRAL GEORGIA POWER CO.
G e o rg ia L t . , P o w e r & R y s . o w n s $ 3 ,7 9 8 ,6 0 0 s t o c k .
O R G A N I Z A T I O N .— I n c o r p . in G a . o n M a r c h 4 1907 as B i b b P o w . C o .
an d in J a n . 1908 c h a n g e d n a m e t o p r e s e n t t itle . B e g a n o p e r . J u n e 1 191 1.
STOCK A N D BO N D S—
Date.
Interest. Outstanding. Maturity
S to c k $ 4 ,0 0 0 ,0 0 0 ______________________ ________
$ 4 ,0 0 0 ,0 0 0 ____________
M t g e $ 3 ,0 0 0 ,0 0 0 g ($ 1 ,0 0 0 , [ 1908 5 M - N
2 ,5 9 5 ,4 0 0 M a y 1 1938
$500 & $ 1 0 0 , o r £ e q u iv -J E m p ir e T r u s t C o . , N e w Y o r k , tr u s te e ,
a l e n t ) ________________ c * & r * J
Bonds.— I n t . o n b o n d s is p a y a b le a t o f fi c e o f A . B . L e a c h & C o . , I n c .,
N . Y . , o r B a n k o f S c o t la n d , L o n d o n .
S u b je c t t o ca ll a t 105 a n d in t. fo r
sin k in g fu n d or a n y o r all a t c o m p a n y ’s o p t io n o n a n y in t . d a y .
Sinking
fund o f 1 % o f b o n d s o u t b e g a n in 191 3. V . 8 8 , p . 1 19 9. $ 3 7 8 ,2 0 0 b o n d s
in sin k in g fu n d .
Oct., 1925.]
POWER, LIGHT AND RAILW AY
169
G E O R G IA LIG H T, P O W E R
& R A IL W A Y S
AND ITS SUBSIDIARY COMPANIES
MACON, GEORGIA
170
E A B N I N G S .— F o r 12 m o s . e n d in g D e c . 31:
Year—
Gross.
Net aft. Tax.
Bd. Int., &c.
1 9 2 4 .............................. $ 9 1 0 ,6 8 7
$ 3 7 4 ,1 7 4
$ 2 0 5 ,8 8 5
1 9 2 3 .............................. 8 4 1 ,0 8 6
4 8 1 ,4 0 7
2 0 8 ,4 9 3
Surplus.
$ 1 6 8 ,2 8 9
2 7 2 ,9 1 4
P R O P E R T Y . — O w n s h y d r o -e le c t r ic p la n t w ith a c a p a c it y o f 2 4 ,0 0 0
e le c t r ic h o r s e p o w e r o n O cm u lg e e R iv e r , n e a r J a c k s o n . T r a n sm is s io n lines
e x te n d t o M a c o n , F o r s y t h , J a c k s o n , B ib b , B a rn e s v ille , T h o m a s t o n an d
G r iffin , c o n n e c t in g a t t h e la s t-n a m e d p o in t w ith t h e lin e o f t h e C e n tra l
G e o r g ia T ran sm ission C o . (w h o s e e n tire c a p it a l s t o c k a n d b o n d s are o w n e d
b y G a . L t . , P o w e r & R y s . ) , ru n n in g t o H a m p t o n , J o n e s b o r o , M o n t ic e llo and
A t la n t a . T o t a l le n g th o f tra n sm ission lines (in c l. C e n t. G a . T r a n s . C o . ) ,
145 m ile s . C e n tra l G e o rg ia T ra n sm ission C o . is n o w b u ild in g a transm ission
lin e 64 m ile s in len g th t o c o n n e c t w ith th e c o . o p e r a tin g in C o lu m b u s , G a .
— V . 9 3 , p . 1 5 3 6 , 167 0: V . 121 , p . 8 3 8 , 1460.
COLUMBUS ELECTRIC & POW ER CO.
O R G A N I Z A T I O N .— A c o n s o lid a tio n in 1922 o f t h e fo rm e r s u b sid ia ry
c o m p a n ie s o f t h e C o lu m b u s E le c t r ic C o ., v iz .: C o lu m b u s R R . , C o lu m b u s
P o w e r C o . , a n d th e G a s L ig h t C o . o f C o lu m b u s , G a ., as p e r p la n o u tlin e d
in V . 114, p . 1406. T h e C o lu m b u s E le c tr ic C o . is k e p t a liv e b u t w ill g o
o u t o f e x is ten ce w h e n t h e b o n d s o f t h e C o lu m b u s P o w e r C o . (gu a r. p r in .
in t . & s in k , fu n d b y C o lu m b u s E le c . C o .) h a v e b e e n p a id in fu ll. F o r
h is t o r y o f C o lu m b u s E le c t r ic C o . u p t o tim e o f th is c o n s o lid a tio n , see “ E le c t r ic t R a ilw a y ” S u p p le m e n t o f A p r il 29 1922.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
D o e s t h e en tire e le c t r ic ra ilw a y an d lig h tin g , gas a n d p o w e r business o f
C o lu m b u s and v ic in it y and th e a d jo in in g to w n s o f P h o e n ix C it y an d G ir a r d ,
a n d a w h o le s a le p o w e r b u sin ess in C o lu m b u s , N e w n a n , H o g a n s v ille ,
L a g ra n g e , L a n e t te , T r im b le , G ra n tv ille , M o r e la n d an d W e s t P o in t . 25 .3
m ile s o f e q u iv a le n t sin g le t r a c k , o f w h ic h 5 m iles le a se d t o S e a b o a rd A ir
L in e u n til 1952. 39 ca rs; 2 s te a m lo c o m o t iv e s (le a se d t o S. A . L . R y . ) .
S ta n d a r d ga u g e . C o n tr o ls h y d r o -e le c t r ic pla n ts w ith a c a p a c it y o f 4 4 ,5 6 0
h . p ., a n d a s tea m p la n t o f 1 2 ,0 0 0 h .p . c a p a c it y . P r in c ip a l franchises
p e r p e tu a l. T h e fr e ig h t lin es are le a se d t o th e S e a b o a rd A ir L in e R y . fo r
50 y e a r s fr o m O c t . 17 1901 a t a r e n ta l o f $ 7 ,5 0 0 p e r a n n u m .
I n J a n . 1924 it w as a n n o u n c e d t h a t t h e c o m p a n y c o n te m p la te d c o n s tr u c
t io n o f a d am a t B a r t le t t ’s F e r r y , a b o u t 16 m iles a b o v e C o lu m b u s , G a .
T h e c o s t , b ased o n p r e lim in a ry e stim a te s c o v e r in g in itia l in sta lla tio n (tw o
15.0 0 0 k . v . a . u n its) w ill b e a b o u t $ 5 ,0 0 0 ,0 0 0 . V . 118, p . 549 .
Management.— S to n e & W e b s t e r , I n c .
Acquisitions.— F o r p a rticu la rs a b o u t th e c o n te m p la te d p u rch a s e o f th e
G e o rg ia -A la b a m a P o w e r C o . a n d th e S o u th G e o rg ia P u b lic S e rv ice C o . ,
b o t h o p e r a tin g in S ou th w e ste rn G e o rg ia , see V . 121, p . 1100: V . 121 , p . 1347.
S to c k h o ld e r s w ere t o v o t e o n O c t . 5 1925 o n this p r o p o s it io n a n d a r e ca p ita l
iz a tio n p la n , d eta ils o f w h ic h a re g iv e n in V . 121 , p . 134 7.
I n S e p t. 1925 th e A la b a m a P . S . C o m m is s io n a u th o r iz e d th e c o m p a n y
to issu e $ 5 7 1 ,3 0 0 2 d p r e f. 7 % c u m . s t o c k a n d $ 1 ,7 5 0 ,0 0 0 c o m . s t o c k .
V . 121 . p . 1460.
STO C K AN D BO N DS—
Date.
Interest. Outstanding.
Maturity.
________
C o m m o n ($ 1 0 0 )________________ ______
$ 3 ,2 7 2 ,0 0 0 See te x t.
1st p r e f Ser A c u m 7 % ( $ 1 0 0 ) - ____
7%
2 2 8 ,0 0 0 O c t . ’2 5 ,1 %
2d p r e f 7 % cu m ($ 1 0 0 )________ ______
7%
1.428 700 O c t .'2 5 . 1 H
1st & r e f m tg e 6 % Series “ A ” . ( 1922
6 g J -D
1 ,4 4 2 ,3 0 0 Jun e 1 1947
Series “ B ” ____ ______ _
_ { 1924
5 g M -N
4 ,0 0 0 ,0 0 0 N o v 1 1954
($100, & c .) , g o l d ___ c * & r .t f (In t. a t O ld C o lo n y T r u s t C o ., B o s t o n , trustee
3 -y e a r n o te s ($ 1 ,0 0 0 ) g o ld ) 1924
5 g J -D
2 ,0 0 0 ,0 0 0 D e c 1 1927
c * .t f /I n t e r e s t p a y a b le in N e w Y o r k o r B o s to n .
C o lu m b u s P o w e r fir s t m t g e / 1906
5 g A -O
3 ,5 0 4 ,0 0 0 A p r il 1 1936
$ 4 ,0 0 0 ,0 0 0 g o ld g u a r c * t f \ In t. a t C o m m o n w . T r u s t C o ., B o s t o n , T r u s .
Stock.— F irst p r efe rre d c o n v , in to c o m m o n , share fo r share, a t a n y tim e .
R e d e e m a b le a t 120. V . 115, p . 72.
Bonds.— Series “ A ” are c a lla b le , all o r p a rt, o n a n y in te re st d a te after
Ju n e 1 1932 u p t o a n d in c lu d in g Ju n e 1 1937, at 105, an d th e re a fte r decreas
in g A of 1% e a ch y e a r t o 101 fo r y e a r e n d in g Jun e 1 1945, an d a t 100 th ere
a fter (plu s in t e r e s t ). A sinking fund o f 2 % per a n n u m o f th e to ta l a m o u n t
o f Series “ A ” b o n d s issu ed c o m m e n c e d N o v . 1 192 3. Y . 114 , p . 2 82 3.
$ 5 6 ,7 0 0 ca n celed b y sin kin g fu n d u p t o F e b . 28 1925.
Series “ B ” h a v e annual ca sh sinking fund equa l t o 1)4 % o f th e p rin cip a l
a m o u n t o f Series “ B " o u ts ta n d in g a t th e tim e o f th e sin k in g fu n d p a y m e n t
(first p a y m e n t N o v . 1 1926) t o b e a p p lie d b y tru stee t o p u rch a se o f Series
“ B ” b o n d s a t n o t e x ce e d in g 100 a n d in terest. I f b o n d s are n o t so p u r
c h a sa b le th e ba la n ce shall b e a p p lie d eith er to th e p u rch a se o f u n d e rly in g
b o n d s a t n o t exceed in g 100 a n d in terest o r to re im b u rse th e c o m p a n y fo r
7 5 % o f th e c o s t or fair valu e, w h ich e v e r is less, o f a d d itio n a l p r o p e r ty
a cq u ire d a g ain st w h ich n o b o n d s m a y b e issu ed. A r e ca lla b le , all o r in p a rt,
o n a n y in terest d a te a t 105 u p t o a n d in clu d in g N o v . 1 1944, an d th ereafter
d ecreasin g A o f 1 % fo r e a c h y e a r t o N o v . 1 1953, p lu s in te re st in ea ch ca se .
In terest p a y a b le in N ew Y o r k o r B o s t o n , $ 2 ,0 0 0 ,0 0 0 Series “ B ” 5s w ere sold
in D e c . 1924 b y E s t a b r o o k & C o . , S to n e & W e b s te r, I n c ., N . Y . , and
P a rk in son & G u rr, B o s t o n , a t 92 and in terest, t o y ie ld 5 . 5 5 % . V . 119, p .
2 6 4 4 . I n J u ly 1925 t h e y s o ld $ 2 ,0 0 0 ,0 0 0 a d d itio n a l b o n d s o f th is series
a t 95J^ a n d i n t ., t o y ie ld 5 . 3 0 % . V . 120 , p . 3 0 6 4 ; V . 121 , p . 7 3 .
T h e C o lu m b u s P o w e r C o . b o n d s are c a lla b le as a w h o le (o r in p a rt fo r
sinking fu n d ) at 110 an d in t. o n a n y in t. d a y .
A sinking fund o f 1 % o f
b o n d 5 o u t b eg a n A p ril 1 1912. $ 4 1 6 ,0 0 0 pu rch ased fo r sin k in g fu n d and
c a n c e le d .
Notes.— T h e 3 -y ea r 5 % n o te s are c a lla b le as a w h o le o n Ju n e 1 1925 a n d
D e c . 1 1925 a t 101A: Ju n e 1 1926 a t 101; D e c . 1 1926 a t 1 0 0 A . and Ju n e 1
1927 a t 100, p lu s in terest in e a ch ca s e .
In D e c . 1924 $ 2 ,0 0 0 ,0 0 0 3-year
5 % n o te s w ere offered b y E s t a b r o o k & C o . , S to n e & W e b s te r , I n c ., N . Y . ,
a n d P a rk in s o n & B u rr , B o s t o n , a t 9 9 Vi a n d in t ., t o y ie ld 5 A % . V . 119,
p . 2644.
Dividends.-— D iv id e n d s o n 1st p r e f. a n d 2 d . p r e f. a re b e in g p aid re g u la r ly
A n in itia l d iv id e n d o f $2 p e r sh a re w a s p a id on c o m m o n s t o c k in O c to b e r
192 3. V . 115 , p . 142 8. I n 192 3, J a n ., 2 % ; A p r il, 2 % ; J u ly , 2 % ; O c t .,
2 % . I n 192 4. J a n ., 2 K % : A p r ., 2 ) ^ % ; J u ly , 2 % ; Oct., 2 M % . I n 1925,
J a n ., 2 A % ; A p r ., 2 A%\ J u ly , 2 ^ % ; O c t ., 2 A % .
E A R N I N G S . — F o r 12 m o n th s e n d in g D e c . 31:
June 3 0
Year—
[V ol. 121,
PUBLIC UTILITIES
Gross
Earnings.
1924 ........... .-$ 2 ,3 2 6 ,8 0 0
1923 ________ 2 ,2 4 0 ,1 9 0
Net after
Interest,
Sinking &
Taxes.
Charges,&c. Impt. Fds.
$ 1 ,0 5 6 ,8 1 6
1 ,1 4 4 ,4 5 4
$26 8 ,3 7 3
2 7 1 .7 7 2
Balance,
Surplus.
__________
__________
$78 8,44 2
872 ,682
G r o s s _____________________________________________
O p e r a tin g expen ses & ta x e s ____________________
1925.
$ 2 ,4 8 0 ,6 3 9
1 ,4 5 4 ,5 0 8
1924.
$ 2 ,2 7 1 ,6 6 6
1,1 6 8 ,0 0 7
N e t _____________ ______ _ _ ______ _
In terest & a m or tiz a tio n charges.
$ 1 ,0 2 6 ,1 3 1
2 6 5 ,1 1 4
$ 8 3 3 ,2 4 5
E A R N I N G S .— F o r c a l. y e a r 192 4, g ro ss, $ 2 9 6 ,0 4 5 ; n e t, a fte r ta x e s ,
$ 7 9 ,8 8 1 . In 1923, gross, $ 2 9 2 ,1 4 2 ; n e t, a fte r ta xes, $ 9 4 ,9 3 4 . I n 192 2,
gross, $ 2 6 9 ,2 0 2 ; n e t, a fte r ta x e s, $ 5 0 ,7 4 2 . In 1921, gross, $ 2 7 4 ,4 6 7 ; n e t ,
a fte r taxes, $ 5 9 ,8 1 7 .
O F F I C E R S .-— P r e s ., S . A . C u lb e r t s o n ; V . - P . a n d G e n . M g r ., S . S. B u s h ,
L o u is v ille , K y .; S u p t . , H . J . A r n o ld , R o m e .— Y . 108 , p . 172; V . 11 5 , p . 2 1 5 9
SAVANNAH ELECTRIC & POWER CO.
O R G A N I Z A T I O N .— I n c o r p . in G a . A u g . 12 1921 t o a c q u ir e a ll t h e
p r o p e r tie s fo r m e r ly o w n e d o r c o n t r o lle d b y th e S a v a n n a h E le c t r ic C o .
(fo r h is to ry see “ E le c t r ic R a ilw a y ” S u p p le m e n t o f A p ril 30 1921) as p e r
p la n o u t lin e d in V . 113 , p . 184 . T h e n e w c o . t o o k o v e r th e p r o p e r t ie s
e ffe c t iv e N o . 1 192 1. V . 113 , p . 2 0 8 1 . I n 1923 t o o k o v e r th e p r o p e r t y
fo r m e r ly o w n e d b y th e S a v a n n a h L ig h tin g C o . V . 117 , .p . 8 8 . Franchises
f o r b o t h s tr e e t r a ilw a y a n d e le c tr ic -lig h tin g p la n t are p e r p e tu a l.
F I E L D O F f O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
D d e s a ll th e e le ctr ic lig h t a n d p o w e r bu sin e ss a n d th e e n tire e le ctr ic ra il
w a y bu sin ess in t h e c it y o f S a v a n n a h a n d s u b u r b s .
P o p u la tio n s e rv e d
9 0 ,0 0 0 . O p era tes 6 3 .5 0 m iles o f sin g le t r a c k . I n S e p t. 1917 r e c e iv e d a u th .
t o e x te n d its line t o P o r t W e n t w o r t h .
C o n s tr u c tio n h a s b e e n b e g u n .
G auge, 5 ft .
P o w e r s ta tio n s h a v e 1 8 ,3 0 0 k .w . c a p a c it y .
106 passen ger a n d
17 o th e r cars.
S to ck h o ld e rs w e re t o v o t e A p r il 23 1924 o n a u th . an in cre a se in b o n d
in d e b te d n e s s .
See V . 120, p . 174 8, fo r d e t a ils .
STOCK A N D BON DS—
Date.
C o m m o n ($ 1 0 0 )________________ ______
P r e f 6 % c u m a fte r O c t 1 1926
Outstanding.
Interest.
_________ - $ 2 ,5 0 0 ,0 0 0
Maturity.
1 , 000,000
O ct ’25 3
( $ 100 ) ----------------------------------------------------------------------------4 1 ,3 0 0
1st p r e f 7 H % c u m ( $ 1 0 0 ) _ - _ - ____
__________
D e b e n tu r e s tk ser “ A ” 8 %
1 ,3 0 0 ,0 0 0 O c t ’ 2 5 ,2 %
8%
c u m ($ 1 0 0 )___________________
2 5 0 ,0 0 0 ____________
Ser “ B ” 7 A % c u m __________
7^%
1 ,7 1 7 ,5 0 0 O c t 1 1941
I s t & r e f M ser “ A ” $ 2 ,5 0 0 ,0 0 0 / 1921 7 A g A -O
($ 1 0 0 ,
$5 0 0
&
$ 1 ,0 0 0 ) {C o m m o n w e a lt h T r u s t C o . , B o s t o n , T r u s te e ,
g o l d ________________ c * & r * t f I
Ser “ B ” ($ 1 ,0 0 0 , $50 0 c * ) - _ . f 1925
6 g A -O
$ 1 ,2 0 0 ,0 0 0 A p r 1 1 9 4 5
(A t la n t ic N a t . B a n k o f B o s t o n , T ru stee.
S a v E le c 1st c o n s m tg e $ 3 ,- ( 1902
5 g J -J
2 ,1 0 9 ,0 0 0 J a n 1 1952
5 0 0 ,0 0 0 g o ld ($ 1 ,0 0 0 a n d { I n t . a t A m e r ic a n T r u s t C o . , B o s t o n , T r u s te e .
$ 5 0 0 ) ____________ ______ c * t f (
S a v T h u n & Is le o f H 1st M l 1897
4 Q -J
1 ,0 0 0 ,0 0 0 J u ly 1 1947
g ( $ l ,000) $ 1 , 2 5 0 , 0 0 0 .c * n t f JI n t . a t C e n tr a l T r u s t C o . , N e w Y o r k , T r u s t .
___________
6 2 ,2 1 3 ------------------C a r tr u s t c e r tific a t e s ___________ ______
Stock.— T h e 6 % p r e f. s t o c k is c a ll, a t 120 a n d is c u m . a fte r O c t . 1 1 9 2 6 '
D e b e n t u r e s t o c k m a y b e issu ed fr o m tim e t o tim e in series w h ic h m a y
b e a r d iffe r e n t d i v . ra te s a n d r e d . p r ic e a n d c a r r y a s in k , fu n d b u t w ill b e
A
e n title d t o th e sa m e p r e fe re n ce s a n d p r io r itie s . Ser. “ B ” 7 l % p r e f . is
r e d . a t $11 0 p e r s h a re . V . 119 , p . 128 3.
Bonds.— T h e 1st & r e f. b o n d s , Series “ A , ” m a y b e issu e d in d iffe r e n t
series fr o m tim e t o tim e u n d e r ce r ta in r e s trictio n s .
C a ll, a ll o r p a r t o n a n y
in t. d a te a fte r O c t . 1 1931, d u r in g 1932 a t 105 a n d th e r e a fte r decrea sin g
A o f 1 % in e a ch y e a r t o 101 in 1940, a n d a t 100 in 1941. Sinking fund of
2 % p e r a n n u m o n th e t o t a l a m o u n t o f Series “ A ” b o n d s issu e d , co m m e n ce d
N o v . 1 1923, w ill retire b o n d s a t 105 u p t o a n d in c l. O c t . 1 1932 a n d th ere
a fte r a t ca ll p r ice . $ 3 2 ,5 0 0 b o n d s in sin k in g fu n d c a n c e lle d u p t o F e b . 28
192 5. I n t . p a y a b le in N e w Y o r k , B o s t o n a n d C h ic a g o .
V . 113, p . 1575.
T h e 1st & r e f. m t g e . 6 % g o ld b o n d s , Series “ B , ” d u e A p r il 1 1945, are
c a ll., w h o le o r p a r t , in c l. A p r il 1 1929, a t 105; in c l. A p r il 1 1933 a t 104;
in c l. A p r il 1 1937 a t 103; in c l. A p r il 1 1941 a t 102; in c l. A p r il 1 1944 a t 101;
th e r e a fte r a t p a r , p lu s in t. in e a ch ca s e .
Sinking fund of 1 A % p e r a n n u m ,
fir s t p a y m e n t A p r il 1 192 6.
S to n e , & W e b s t e r I n c ., a n d L e e , H ig g in son
& C o . s o ld in M a y 1925 $ 1 ,2 0 0 ,0 0 0 a t 98 a n d i n t ., t o y ie ld 6 . 1 5 % . V . 120,
p 2818
O f th e S a v a n n a h E le c . C o . 1st c o n s , b o n d s , $ 1 ,3 5 3 ,0 0 0 h a v e b e e n ca n c e le d
C a lla b le hi w h o le (o r in p a r t fo r sin k in g fu n d ) a t 110 a n d in te re s t o n an y
Interest d a t e . T h e c o . b in d s its e lf t o a p p ly a t le a s t $ 2 0 ,0 0 0 p e r a n n u m ,
begin n in g 190 6, to w a rd s im p ro v e m e n ts o r e x te n s io n s o r in t h e p u r c h a s e o f
b o n d s.
O f t h e S a v a n n a h T h u n d e r b o lt & Is le o f H o p e R y . b o n d s , $ 2 5 0 ,0 0 0 h a v e
been c a n c e le d . Sinking fund 2 % p e r a n n u m b e g a n J a n . 1 191 8.
Notes.— T h e 2 -y r . 6 A % n o te s a re c a ll, as a w h o le o n 3 0 d a y s ’ n o t ic e a t
101 an d in t. p r io r t o J u ly 1 1924; 100 A % & in t . J u ly 1 1924 t o D e c . 31 1924;
100 & in t . Jan . 1 1925 t o m a t u r it y . C o . a grees t o r e fu n d P e n n a . 4 -m ill
ta x . V . 117 , p . 88E A R N I N G S .— F o r 12 m o n th s e n d in g D e c . 31:
Calendar Year—
Gross.
Net,aft.Taxes. Int.& Amort.
Bal., Sur.
1924 ________________ $ 1 ,9 0 4 ,0 4 3
$72 1 ,6 7 1
$ 3 7 3 ,7 7 0
$3 4 7 ,9 0 1
1923 ________ _______ 1 ,7 7 4 ,8 8 1
6 23 ,701
3 3 0 ,7 2 5
2 9 2 ,9 7 6
Earnings.— F o r 12 m o n th s e n d in g J u n e 3 0 :
1925.
1924.
G r o s s ______________________________ ___________________ $ 1 ,8 9 9 ,3 6 6 $ 1 ,9 3 0 ,2 0 9
O p e ra tin g expen ses & t a x e s _________________________
1 ,1 9 3 ,1 8 7
1 ,2 2 1 ,5 5 8
N e t _______________________j __________________________
$ 7 0 6 ,1 7 9
In te r e s t a n d a m o r tiz a tio n c h a r g e s ________________ 3 7 6 ,4 4 4
$70 8 ,6 5 1
3 7 1 ,4 0 8
$ 1 ,1 0 3 ,6 5 9
2 7 0 ,4 1 5
$ 7 6 1 ,0 1 7
Bonds.— R e d e e m a b le in w h o le o r p a r t a t 105 a n d in t . o n a n y in t . d a t e o n
60 d a y s ’ n o t ic e .
Sinking fund, 1 % o f o u ts ta n d in g b o n d s a n n u a lly b e g a n
O c t . 1 191 7, fo r re tir e m e n t o f b o n d s a t n o t e x c e e d in g 105 a n d i n t ., o r
in v e s tm e n t in n e w p r o p e r tie s , & c ., a g a in s t w h ich n o b o n d s m a y b e is s u e d .
R e m a in in g $ 2 ,1 5 0 ,0 0 0 are r e s e r v e d f o r n o t e x c e e d in g 8 0 % o f c o s t o r fa ir
v a lu e o f a d d itio n a l p r o p e r t y o r e q u ip ., o r a d d ’ n s, e x t s ., im p t s ., & c ., u n d e r
c o n s e r v a tiv e r e s tric tio n s . V . 103 , p . 6 1 .
Dividends.— O n c o m m o n in 1909 2 % : 191 0, 1 % ; 191 1, 3 % : 1 9 1 2 , 6 % :
191 3, 5 % . I n 1914 a n d t o an d in c l. J u ly 191 7. 1 % q u a r t e r ly ; n o n e t o
J u ly 1 1919. I n 1919 2 % w a s p a id . I n 1^20, 4 % regu la r a n d 3 % d e fe r r e d
I n 192 1, 4 % .
I n 1922 a n d 1923 d iv s . w e re b e in g p a id a t t h e r a te o f 4 %
p e r a n n u m . D iv s . o n p r e f. s t o c k w e re b e g u n in S e p t. 1916 a n d h a v e b e e n
p a id re g u la r ly s in ce .
Earnings.— F o r 12 m o n th s e n d in g Ju n e 30:
B a la n ce f o r res. re tire m e n ts & d i v _______________
O F F I C E R S .— P r e s ., H . G . B r a d le e V . - P . , R . M . H a r d in g , C h a s . F . W .
W e tte re r a n d H a r r y H . H u n t; S e c ., W m . T . C r a w fo r d ; T r e a s ., H e n r y B .
S a w y e r; G e n . M g r s ., S to n e & W e b s te r M g t . A s s n ., B o s t o n .— V . 117,
p . 210 8; V . 118, p . 549; V . 119. 2 0 6 3 , 217 8, 2644, 287 7; V . 120, p . 3064;
V . 121, p . 7 3 , 1100, 1347.
ROME R A ILW AY & LIG H T CO.
O R G A N I Z A T I O N .— I n c o r p . in G e o rg ia o n N o v . 30 1906 as su cce sso r
t o t h e C i t y E le c t r ic R y . V . 8 3 , p . 1591.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
F u rn ish es lig h t an d p o w e r t o c it y a n d p r iv a te in d iv id u a ls. O p e ra te s 12.1
m iles o f s tr e e t r a ilw a y lin e in R o m e , G a ., in cl. e x te n sio n s t o L in d a le and
S cales W o r k s .
S ta n d a rd ga u g e ; 9 0 -lb . gird er and 7 0 -lb . T rails. A lso
c o m p le t e a n d w e ll-e q u ip p e d e le c t r ic lig h tin g s y s te m . P o w e r p la n t has
g en era tin g c a p a c it y o f 1.7 5 0 k .w . (h e ld in r e s e r v e ). H a s c o n t r a c t fo r p o w e r
w ith G e o rg ia R y . & P o w e r C o . Franchises exp ire in 1985; s tr e e t ra ilw a y
fra n ch ises p r a c t ic a lly e x c lu s iv e .
In 1916 ca n ce le d th e o ld fir s t a n d co n s o i.
m ortg a g es an d m a d e a n e w fir s t m o r tg a g e as sh ow n b e lo w :
STOCK A N D BON DS—
Date.
Interest. Outstanding. Maturity.
C o m m o n , $ 1 ,0 0 0 ,0 0 0 ($ 1 0 0 )__
Q -J
$ 6 5 0 ,0 0 0
See t e x t
P r e f, $ 1 0 0 ,0 0 0 ($ 1 0 0 ), 7 % c u m ____
Q -M
1 0 0 ,0 0 0
See t e x t
F ir s t m t g e , $ 3 ,0 0 0 ,0 0 0 , g o l d /
1916 5 g A - 0
8 5 0 ,0 0 0 A p ril 1 1946
($500 a n d $ 1 ,0 0 0 )___ c * c p t ( l n t . a t S p e n ce r T ra s k & C o . , N ew ' Y o r k , o r
( F id e lit y & C o lu m b ia T r . C o . , L o u is v ille .
B a la n ce fo r res. r e tire m e n ts a n d d i v ______________
$ 3 2 9 ,7 3 5
$ 3 3 7 ,2 4 3
O F F I C E R S .— C h a ir m a n . G e o rg e J . B a ld w in : P r e s ., H o w a r d O . F ossV .- P . , C h a s . F . W . W e t t e r e r , N o r m a n W . M u m fo r d an d H . H . H u n t; S e c .
& A s s t. T r e a s .. W . H . K e rm e d v : T r e a s ., H . B . S aw yer: M g r .. R o b t . C .
B r o o k s .— B . 117. p . 8 8 , 232 4; V . 119, p . 580 , 1283, 2 18 0, 241 2; V . 120,
p . 174 8, 2 2 7 0 , 3066, 2 81 8.
FLORIDA
SOUTHERN U TILITIES CO.
C o n tr o lle d b y A m e r ic a n P o w e r & L ig h t C o .
E le c tr ic B o n d & Share C®.
O p e ra tio n s su p erv ised b y
O R G A N I Z A T I O N .— I n c o r p . in F la . in M a r c h 1913. P r a c t ic a lly all th e
o u ts ta n d in g se cu rities o f th e s u b s id ia ry c o m p a n ie s h a v e b e e n a c q u ir e d a n d
d e p o s ite d w ith th e tru ste e u n d e r t h e m t g e . se cu rin g th e c o . ’s 1st M t g e . 6s.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w n s an d o p e ra te s e le ctr ic , ice , gas a n d w a te r p ro p e rtie s fu rn ish in g t o
M ia m i, P a la tk a . P a lm e tto , P e n sa co la , S t. A u g u s tin e , S a n ford , F t . M y e r s
a n d T itu s v ille , F la ., a n d t o 36 o th e r co m m u n itie s in F lo rid a .
T h e F lo r id a p r o p e r tie s are o w n e d in fe e a n d lea sed t o s u b s id ia ry lo ca l
o p e ra tin g co m p a n ie s , w h ile th e t w o G e o rg ia p r o p e r tie s are co n tr o lle d
th r o u g h ow n e rsh ip o f th e ir e n tire s t o c k issu es.
STOCK A N D BO N DS—
Date.
Interest. Outstanding. Maturity.
C o m m o n $ 5 ,0 0 0 ,0 0 0 ( $ 1 0 0 )__________
___________ $ 2 ,9 7 0 .1 6 0 ______________
P rio r p r e f 8 % c u m $ 2 ,5 0 0 ,0 0 0
( $ 1 0 0 ) - - -----------------3 1 8 ,7 0 0 ......................
P r e f 7 % c u m $ 5 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) ____
1 ,8 0 3 ,2 8 0 ____________
1st m tg e $ 2 0 ,0 0 0 ,0 0 0 ($ 5 0 0 & f 1913
6 g A -O
3 ,5 6 9 ,0 0 0 A p r 1 1 9 3 3
$ 1 ,0 0 0 ) g o ld ______________t f\ U . S. M t g e . & T r . C o . , N .’ Y . , tru s tee.
Oct., 1925.]
POWER, LIGHT AND RAILW AY
Stock.— P rio r p r e f. is r e d . o n 30 d a y s ’ n o t ic e a t 110.
Bonds.— 1st M t g e . 6s are c a ll, o n a n y in t . d a te a t 105 & in t . M t g e .
prov id es fo r c u m u la tiv e sink, fund o f a n a m o u n t e q u a l t o 1 % o f t h e o u t
stan din g b o n d s . I n a d d itio n , t h e c o . m u s t e x p e n d a n n u a lly fo r a d d itio n s
o r exten sion s t o p h y s ic a l p r o p e r t y , a ga in st w h ic h n o b o n d s m a y b e issu e d ,
or tu rn o v e r t o t h e tru s te e an a m o u n t e q u a l t o
o f 1 % o f t h e o u ts ta n d in g
b o n d s. I n t . p a y a b le in N e w Y o r k o r L o n d o n . P e n n a . S ta te ta x r e fu n d e d .
V . 100, p . 1262.
E A R N I N G S .— F o r ca le n d a r yea rs:
Calendar Years—
192 3.
1 9 2 2 .*
192 1.
1920.
G ross o p e r . r e v e n u e ------- $ 2 ,5 7 7 ,0 0 7
$ 2 ,3 3 9 ,5 7 3 $ 2 ,7 8 9 ,1 9 6 $ 2 ,5 9 1 ,7 2 7
O per. e x p . a n d t a x e s -------$ 1 ,7 9 9 ,4 0 7
$ 1 ,7 4 7 ,0 7 0 $ 2 ,0 9 9 ,4 0 5 $ 2 ,0 7 8 ,7 3 7
R e p la c e m ’ts & r e n e w a ls .
110 ,1 0 5
9 8 ,7 1 7
8 4 ,6 1 6
7 4 ,9 7 7
U n d erly in g c h a r g e s --------10,943
1 1 ,9 3 9
1 2 ,7 6 0
12,7 6 0
In t. o n b o n d s , n o te s , & c_
2 2 0 ,7 1 6
2 2 7 ,0 8 3
2 2 0 ,1 3 6
188 ,663
A m o r t, o f d e b t , d is c t. &
e x p en s e ------------------------3 5 ,1 3 1
4 9 ,6 5 5
3 6 ,1 2 8
13,441
8 % P rior P r e f. d iv s ______
22,7 6 1
1 6 ,8 3 0
6 ,8 2 5
1,141
7 % P referred d iv id e n d s .
114 ,9 2 4
_______
_______
_______
N e t in c o m e .....................
$ 2 6 3 ,0 2 0
$ 1 8 8 ,2 7 9
$ 3 2 9 ,3 2 6
* F o r t h e p u r p o s e o f co m p a r is o n th e 1922 figu res h a v e b e e n
exclu d e t h e o p e r a tio n s o f G e o rg ia P u b lic S e rv ice C o . , w h ic h
1923 a n d t h e r e fo r e n o t in c lu d e d in 1923 fig u r e s .
O F F I C E R S .— P r e s ., S. R . I n c h ; V .- P . & G e n . M g r ., J . H .
E . W . H ill; V .- P ., L . H . P a rk h u rst; S ec. & T r e a s ., T . W .
V . 119. p . 1853; V . 120, p . 95 9 .
$ 2 2 2 ,0 0 9
a d ju s te d t o
w as s o ld in
G ill; V . - P . ,
M o ff a t t .—
FLO RIDA PUBLIC SERVICE CO.
O R G A N I Z A T I O N .— I n c o r p . in 1908 as t h e D e L a n d E le c t r ic L ig h t,
Pow er & Ice C o .
H a s a c q u ir e d th e p r o p e r tie s o f fo u r o th e r c o m p a n ie s in
C en tra l F lo r id a as f o llo w s : O rla n d o P u b lic S ervice C o . , O rla n d o G as C o .,
F lo r id a I c e & P o w e r C o . a n d E u stis L ig h t & W a te r C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o . ’s p r in c ip a l b u sin ess is th a t o f s u p p ly in g e le ctr ic lig h t a n d p o w e r . C o .
serves v a r io u s c o m m u n itie s fr o m D e L a n d t o A v o n P a rk , 120 m ile s s o u th .
P o p u la tio n a b o u t 4 0 ,0 0 0 .
S u p p lie s e le ctr ic lig h t a n d p o w e r in 21 c o m
m u n ities, in c l. D e L a n d , E u s tis , T a v a r e s , W in te r P a rk , D a v e n p o r t , H ain es
C it y , D u n d e e , L a k e W a le s , M t . D o r a , F r o s t p r o o f a n d A v o n P a rk a n d also
a u p p lie s gas in O rla n d o a n d w a te r a n d ice in o th e r o f th ese c o m m u n itie s .
T h e e le ctr ic s y s te m o f th e c o . in clu d e s 4 ste a m g e n e ra tin g s ta tio n s
lo ca te d a t D e L a n d , E u s tis , O rla n d o a n d L a k e W a le s . T h e t o t a l b o ile r
c a p a c it y is in excess o f 2 ,7 0 0 h .p . a n d th e e le ctr ic g e n e ra tin g c a p a c it y is
3 ,9 8 5 k .w .
C u rr e n t is tra n s m itte d b y m ean s o f 1 3 ,2 0 0 -v o lt tran sm ission
lin es. A t O rla n d o c o . o w n s a w ater gas g e n eratin g p la n t , h a v in g a c a p a c ity
o f 1 ,3 5 0 ,0 0 0 c u . f t . o f gas p e r d a y , w h ich is d is trib u te d b y m ean s o f 34 m iles
o f g a s m a in s . H a s 144 m ile s o f e le ctr ic d is trib u tio n lin e s , 62 m iles o f
e le ctr ic tra n sm ission lin e s a n d 12 m ile s o f w a te r m ain s.
ST O C K A N D BO N DS—
Date. Interest. Outstanding. Maturity.
C o m s t o c k 2 0 .0 0 0 shs (n o p a r ) . ____
___________ 10.0 0 0 shs. ____________
P r e f 7 % c u m $ 5 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) ____
___________
$ 9 5 0 ,0 0 0 F e b ’ 25 1 M
F lo r id a P u b lic S e rv C o 1st M l 1924
6 M g F -A
1 ,5 5 0 ,0 0 0 F e b 1 1949
($ 1 0 0 , $50 0 & $ 1 ,0 0 0 ) g o l d - / I n t . a t F lo r id a N a t ’l B a n k , J a c k s o n v ille ,t r u s .
F la P u b S e rv C o 1 0 -y r s e c .b d s ) 1924
7 g F -A
4 1 2 ,5 0 0 F e b 1 1934
($ 1 0 0 , $50 0 & $ 1 ,0 0 0 ) g o l d - / I n t . a t A tla n t ic N a t ’l B a n k , J a c k s o n v ., tru s.
Bonds.—
1st mtge. 6 ) $ s are c a lla b le , all o r in p a r t, o n a n y d a te t o a n d in clu d in g
F e b . 1 1925 a t 1 0 7 % , a n d in each s u cce e d in g y e a r th e re a fte r t o a n d in c l.
F e b . 1 1931 a t 1 0 5 H % , a n d in each s u cce e d in g y ear th e r e a fte r t o a n d in c l.
F e b . 1 1937, a t 1 0 4 % , a u d in each s u cce e d in g y ear th e r e a fte r t o a n d in c l.
F e b . 1 1943 a t 102
% , a n d each s u cce e d in g y e a r th e r e a fte r t o a n d in cl.
A u g . 1 1948 a t 1 0 1 % o f t h e p rin c ip a l a m o u n t th e r e o f a n d in t ., a n d th e r e
after a t t h e p rin c ip a l a m o u n t th e r e o f a n d a ccru e d in t. th e r e o n .
10 -year 7 % se ured bonds are c a lla b le , all o r a n y p a r t, o n a n y in t. d a te
t o a n d in c l. F e b . 1 1925 a t 1 0 5 % , a n d o n each s u cce e d in g F e b . 1 a t a
p rem iu m d ecreasin g K o f 1 % in a n d fo r each su cce e d in g 12 m o n th s p e rio d
ending o n F e b . 1 so t h a t o n F e b . 1 1933 s u ch b o n d s m a y b e re d e e m e d a t a
prem iu m o f 1 0 1 % , a n d th e re a fte r a t t h e p rin c ip a l a m o u n t th e r e o f and
a ccru ed in terest th e re o n .
E A R N I N G S .— F o r y e a r e n d . F e b . 28 1925:
O p era tin g r e v e n u e _______________:_________________
$798,551
O p era tin g in c o m e __________________________________
2 24 ,768
O th er in c o m e _______________________________________
4 ,7 5 5
T o t a l in c o m e _______________________________________
229 ,524
T o t a l d e d u ctio n s fr o m in c o m e ___________________
164,749
P r o v is io n fo r d iv id e n d o n p re fe rre d s t o c k ______
40,1 3 3
B a la n ce o f n e t in c o m e _____________________________
2 4 ,6 4 2
Latest Earnings.— Y e a r e n d . S e p t. 30 1924, g ro s s , $ 2 ,8 6 7 ,4 5 6 ; n e t , a v a il]
a b le f o r d e p r e c ia tio n a n d d i v s ., $ 6 3 2 ,2 3 3 .
O F F I C E R S .— P r e s ., W . S. B a rs to w ; V . - P . , L u cie n H . T y n g .; V . - P . ,
W m . B u ch s b a u m ; T r e a s ., J . P . C a m p b e ll; S e c ., C . N . W ils o n .— V . 120.
p . 1326, 188 1.
KEY WEST ELECTRIC CO.
O R G A N I Z A T I O N .— In c o r p o r a t e d in N e w J ersey in 1898 a n d d o e s e n tire
ele ctr ic ra ilw a y a n d e le ctr ic lig h t a n d p o w e r b u sin ess o f th e c it y ; a ls o o w n s
franchises fo r m a n u fa c tu r e o f g a s . Franchise e xp ires 199 7. I n Ju n e 1906
w as a c q u ir e d b y S to n e & W e b s te r o f B o s t o n a n d r e -c a p ita liz e d as b e lo w .
V . 8 2 , p . 1496. P u b lic S e rv ice I n v e s tm e n t C o . o w n s $ 3 7 4 ,1 0 0 c o m m o n
s to c k a n d $ 2 8 7 ,8 0 0 p re fe rr e d s t o c k .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O perates 5.41 m iles o f tr a c k ; 10 ca rs . G a u g e , 5 f t . 2 ) 4 in . P o w e r s ta tio n
c a p a c it y , 1,670 k .w .
STO C K A N D BO N DS—
Date.
Interest. Outstanding. Maturity.
C o m m o n $ 5 0 0 ,0 0 0 ($ 1 0 0 )____________
___________
$ 5 0 0 ,0 0 0 ____________
P r e f $ 3 5 0 ,0 0 0 ($100) 6 % c u m _______
Q -M
3 5 0 ,0 0 0 _____________
F ir s t m o r tg a g e $ 1 ,000,000 1 1906
5 g F -A
5 6 5 ,0 0 0 A u g 1 1 9 5 6
g o l d _______________________ t f / I n t . a t S ta te S treet T r u s t C o . , B o s t o n , T r .
Preferred Stock.— R e d e e m a b le a t 110 .
Bonds.— A r e s u b j. t o c a ll as a w h o le o r in p a r t fo r s . f . a t 105 a n d i n t . a t
a n y t im e . A sink, fund o f 1 % o f b o n d s o u t b e g a n D e c . 1 190 7, i f e a rn e d ;
o n D e c . 1 1912 b e c a m e o b lig a t o r y . $ 8 8 ,0 0 0 c a n c e le d .
E A R N I N G S .— F o r 12 m o n th s e n d in g D e c . 31:
Year—
Cross. NeUaft.Tax.)
Interest. Sink. Fund. Surolus.
1924 _________ $ 2 4 1 ,7 4 7
$ 9 5 ,4 1 9
$ 3 0 ,0 0 8
__________
$65,411
1923 _________ 2 4 5 ,1 2 5
9 5 ,1 3 8
3 0 ,6 2 5
__________
6 4 ,5 1 3
Earnings.— F o r 12 m o n th s e n d in g Ju n e 30:
192 4.
1925.
$ 2 4 9 ,5 2 2
$ 2 3 7 ,4 5 8
G r o s s __________________________________________________
O p e r a tin g exp en ses a n d ta x e s ______________________
151 ,655
147,241
N e t _____________________ ____________________________
In te r e s t a n d a m o r tiz a tio n c h a r g e s ___________________
$ 9 7 ,8 6 7
2 9 ,8 2 5
$ 9 0 ,2 1 7
30,1 9 3
B a la n ce f o r res. re tir e m e n t a n d d i v ______________
$ 6 8 ,0 4 2
$ 6 0 ,0 2 4
O F F I C E R S .— P r e s ., C h a s . F . W . W e tte re r , B o s t o n : V . - P . , H a r r y H .
H u n t; S e c ., V ic t o r D . V ic k e r y ; T r e a s ., H e n r y B . S a w ye r; M g r ., B a s c o m L .
G ro o m s , K e y W e s t, F la .; G e n . M g r s ., S ton e & W e b s te r M g t . A s s n .,
B o s t o n .— V . 8 2 . p . 1496: V . 9 4 , p . 1508.
PENSACOLA ELECTRIC CO.
Control.— I n F e b . 1925 th e S ou th ea stern P o w e r & L t . C o . a c q u ir e d c o n t r o
o f th e c o . V . 120, p . 9 5 8 .
Receivership.— O n J a n . 2 6 1 9 2 0 F e d e ra l J u d g e S h ep pard a p p o in t e d Jam es O
H o ltz c la w . re c e iv e r fo r th e c o m p a n y , o n c o m p la in t o f t h e O ld C o lo n y T ru i t
C o . , B o s t o n . V . 110 , p . 4 6 5 .
O R G A N I Z A T I O N .— In c o r p o r a te d in M a in e o n J u ly 6 190 6, and is su c
cessor t o th e P en sa co la E le c tr ic T e rm in a l C o . O w n s th e se cu ritie s o f the
E s c a m b ia C o u n t y E le c t r ic L ig h t & P o w e r C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
D o e s a ll th e s tr e e t ra ilw a y an d (th ro u g h th e E sc a m b ia C o u n t y E le c . L t . &
P o w e r C o . ) th e e n tire e le ctric lig h tin g and p o w e r bu sin ess o f P e n sa co la .
O p erates 2 4 .4 9 m iles o f t r a c k , 0 .6 2 m ile tra ck a g e ; s ta n d a r d g a u g e ; 29 m o to r
171
an d 7 trail passen ger ca r s a n d 11 o th e r ca rs . P o w e r s ta tio n has 2 ,8 0 0 k .w .
c a p a c it y . R a ilw a y franchise exp ires in 1933; lig h tin g franchise p e r p e tu a l.
STO C K A N D BO N DS—
Date.
Interest. Outstanding. Maturity.
C o m m o n $ 1 ,0 5 0 ,0 0 0 ($ 1 0 0 ) __________
___________
$ 8 0 0 , 0 0 0 ____________
P r e f $ 5 0 0 ,0 0 0 ($100) 6 % c u m _______
J -D 1
3 0 0 ,0 0 0
See te x t
1st m t g e $ 1 ,5 0 0 ,0 0 0 g o l d - - t f l 1906
5 g F -A
1 ,1 2 9 ,0 0 0 A u g 1 1931
/ I n t . a t O ld C o lo n y T r . C o . , B o s t o n , T r u s te e .
C o u p o n n o te s $ 5 0 0 ,0 0 0 g o ld l 1919
7 g J -J
2 8 1 ,9 0 0 J an 1 1921
($ 1 0 0 , $50 0 & $ l , 0 0 0 ) - c * t f / I n t . a t O ld C o lo n y T r . C o ., B o s t o n , T r u s te e .
Stock.— T h e p re fe rr e d s t o c k is r e d e e m a b le a t 115.
Bonds.— $ 1 5 9 ,0 0 0 are re s e rv e d fo r a d d itio n s a n d im p ro v e m e n ts a t 8 0 %
o f c o s t . A sinking fund o f 1 )4 % p e r a n n u m o f b o n d s o u ts ta n d in g b egan
D e c . 1 190 7, fir s t f iv e p a y m e n ts w e re w a iv a b le , b u t b e c a m e a fix e d ch a rg e
o n D e c . 1 191 2. B o n d s s u b je c t t o c a ll a s a w h o le a t a n y t im e a t 105 a n d
m t ., a n d in p a r t fo r sin k in g f u n d o n ly . V . 8 3 , p . 156; $ 2 1 2 ,0 0 0 h a v e been
c a n c e le d . C o u p o n n o te s are c a lla b le as a w h o le a t 101 a n d in t . o n 30 d a y s ’
n o t ic e . $ 2 1 8 ,1 0 0 are in tr e a s u r y .
Dividends.— F irs t d i v ., o f 3 % , w as p a id o n p r e f. J u n e 1 1907 a n d 3 % w a ?
p a id D e c . 2 1 90 7. I n 190 8, J u n e , d iv id e n d p a sse d b e c a u s e o f s trik e on c o m
p a n y ’s lin es. N o n e t o D e c . 190 9, w h e n 3 % regu la r a n d 3 % ex tra o n
a c c o u n t o f a c c u m u la tio n w e re p a id . M a r c h 1910 p a id a n o th e r 3 % o n
a c c o u n t o f a c c u m u la tio n s ; Ju n e 1910 3 % regu la r a n d 3 % e x tr a , p a y in g u p
a ll a c c u m u la tio n s ; D e c ., 3 % .
I n 1911, 1912 a n d 1913, 6 % . I n 1914,
June, 3 % .
N o n e t o Ju n e 1916, w h e n 3 % w a s p a id . I n D e c . 1916, 3 %
a n d 1 ) 4 % e x tra a c c o u n t o f a c c u m u la tio n s . I n 1917, 6 % . I n 191 8, 6 % .
D iv id e n d s in arrears, 1 6 ) 4 % .
E A R N I N G S .— F o r 12 m o n th s e n d in g D e c . 3 1 :
'
1
Year—
Cross. Net (after Tax). Interest. Sink.Funds.
Surplus.
* 1 9 1 9 _______ $54 3 ,5 9 2
$ 1 0 2 ,2 7 4
$ 1 0 0 ,4 8 5
_______ 1
$ 1 ,7 8 9
1918 ------------- 5 0 6 ,0 5 0
145 ,6 6 8
8 7 ,0 6 7
_______
58,601
x N o la te r fig u re s a v a ila b le .
O F F I C E R S .— P r e s ., G e o . J . B a ld w in , N . Y . ; V . - P . , C h a s. F . W . W etS
te r e r; S e c ., G e o . A . P e irce ; T r e a s ., H e n r y B . S aw yer; M a n a g e rs , S ton e &
W e b s t e r M g t . A s s n ., B o s t o n , M a s s .— V . 112, p . 3 7 3 , 653; V . 115, p . 2581;
V . 117 , p . 2 65 4; V . 118, p . 552 ; V . 120, p . 95 8 .
TAMPA ELECTRIC CO.
O R G A N I Z A T I O N .— I n c o r p . in F lo r id a o n O c t . 31 1899. In A p r il 1913
p u r c h a s e d th e T a m p a & S u lp h u r S p rin gs T r a c t io n a t fo re clo su re sa le.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
D o e s t h e en tire e le ctr ic r a ilw a y , e le ctr ic lig h tin g an d p o w e r business in
T a m p a a n d o p e ra te s an e le ctr ic ra ilw a y b e tw e e n T a m p a a n d P o r t T a m p a
a n d a lin e t o S u lph u r S prin gs. O p era tes 55.6 7 m iles o f e q u iv a le n t sin gle tr a c k .
S ta n d a rd g a u g e . 140 p assen ger a n d 14 o th e r ca rs. O w ns 2 am u se m en t p a r k s .
H as ste a m p o w e r s ta tio n w ith 2 4 ,4 8 5 k .w . c a p a c it y a n d h y d r o -e le c t r ic
s ta tio n w ith 600 k .w . c a p a c it y . Franchise is fo r 999 y e a rs fr o m 1899.
$ 2 3 3 ,8 0 0 s t o c k is h e ld b y th e P u b lic S e rv ice In v e s tm e n t C o .
O n S e p t. 30 1925 sto c k h o ld e r s in crea sed th e a u th o riz e d c a p ita l s t o c k t o
$ 6 ,2 1 0 ,7 0 0 , p a r $ 10 0. T h e 12,421 a d d itio n a l shares w ere t o b e o ffe r e d t o
s t o c k h o ld e r s a t $ 10 0. in th e r a tio o f o n e n e w share fo r e v e r y fo u r h e ld .
V . 121, p . 1680.
S T O C K A N D B O N D S — • Date.
Interest. Outstanding. Maturity.
S to c k $ 6 ,2 1 0 ,7 0 0 ($ 1 0 0 )_____________
Q -F 15
$ 4 ,9 6 8 ,6 0 0 A u g ’2 5 ,2 )4
1 s t m t g e $ 2 ,0 0 0 ,0 0 0 ($ 1 ,0 0 0 / 1908
5 g J -D
1 ,0 8 1 ,0 0 0 Ju n e 1 1933
a n d $ 50 0) g o l d ________c * t f { I n t . a t A m e r . T r u s t C o . , B o s t o n , T r u s te e .
Bonds.— C a lla b le as a w h o le (o r in p a r t fo r s in k , f d .) a t 105 a n d in t . a #
a n y t im e . $ 1 7 3 ,5 0 0 a r e in tr e a s u r y . Sink, fund o f 1 % o f b o n d s o u t
s t a n d in g y e a r ly , p a y a b le A u g . 1; $ 1 4 9 ,0 0 0 in s in k in g fu n d c a n c e le d .
Dividends.— 5 % s e m i-a n n u a lly f o r s e v e ra l y e a r s u p t o N o v . 1 90 7, w h en
a d i v . o f 2 % w a s p a id . I n 1 90 8, 7 % ; in 1 90 9, 7 % ; in 191 0, 8 % ; in 1911
a n d s in ce , 1 0 % .
E A R N I N G S .— F o r 12 m o s . e n d in g D e c . 31:
Year—
Gross.
Net {aft.Tax).
Interest. Sink. Fund.
Surplus.
1 9 2 4 ________ $ 2 ,3 5 0 ,6 7 6 $ 1 ,0 0 3 ,5 0 5
$ 5 5 ,2 8 5
_______
$ 9 4 8 ,2 1 9
1 9 2 3 ________ 2 ,1 4 6 ,8 2 0
9 2 3 ,8 2 4
6 5 .8 6 2
----------8 5 7 ,9 6 2
E A R N I N G S .— F o r 12 m o n th s e n d in g Ju n e 30:
1924.
1925.
G r o s s __________________________________________________ $ 2 ,7 1 9 ,2 6 6
$ 2 ,2 1 4 ,1 7 9
1 ,2 6 4 ,5 3 7
O p e r a tin g expen ses an d ta x e s _______________________
1 ,5 2 7 ,4 7 5
N e t - . . ________ ____________________
In te r e s t a n d a m o r tiz a tio n ch arges
$ 1 ,1 9 1 ,7 9 1
5 3 ,9 8 9
$ 9 4 9,64 2
56,942
$8 9 2 ,7 0 0
B a la n ce fo r reserve re tire m e n t a n d d iv id e n d s ___ $ 1 ,1 3 7 ,8 0 2
O F F I C E R S .— P r e s ., P e te r O . K n ig h t; V . - P s ., C . F . W . W e tte re r;
T r e a s ., H e n r y B . S a w y e r; S e c ., W m . T . C r a w fo rd ; G e n . M g r s ., S ton e &
W e b s te r M g t . A s s n .— V . 114, p . 2 24 2; V . 116, p . 2 13 1; V . 121 , p . 1680.
JACKSONVILLE T R A CTIO N CO.
Receivership Ended.— O n S e p t. 1 1925 th e r e c e iv e rs h ip , w h ic h h a d la sted
fr o m O c t . 30 1919— V . 109, p . 1700— w as e n d e d an d th e p r o p e r t y restored
t o th e c o m p a n y . F o r fu ll d e ta ils o f t h e p la n fo r a d ju s tm e n t o f th e affa irs
o f th e c o m p a n y , d a te d A u g . 12 1925, w h ic h w a s d e cla re d o p e r a tiv e , w e
re fe r t o V . 121, p . 1677. H e re u n d e r w e h a v e tre a te d t h e ca p ita liz a tio n as
it w ill b e a fte r co m p le te e x e c u tio n o f th e p la n .
O R G A N I Z A T I O N .— I s a r e -in c o r p o r a tio n in M a s s , in M a r c h 1911 (V .92J
p . 881 ) o f th e J a c k s o n v ille E le c . C o ., w h ic h w a s a c o n s o lid a tio n o f th e J a ck
s o n v ille S t. R y . C o ., th e M a in S t. R R . C o . a n d th e J a c k s o n v ille E le c . L t . C o.
S t o c k o f o ld c o m p a n y w a s e x c h a n g e d , s h a re fo r sh a re , fo r s t o c k o f n e w c o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
D o e s en tire e le ctric ra ilw a y bu sin ess in J a c k s o n v ille . O p erates a p p r . 32 m iles
o f e q u iv a le n t sin gle t r a c k . H a s 122 ca rs. G a u g e 5 fe e t. P o w e r p la n t c a p a c t y , 2 ,4 0 0 k .w . R a ilw a y franchise exp ires in 1 93 2. $ 3 5 0 ,0 0 0 c o m . s t o c k is
h eld b y P u b lic S e rvice In v e s tm e n t C o .
T h e c o . b e in g u n a b le t o r e fin a n ce t h e $ 7 5 0 ,0 0 0 6 % n o te s d u e M a r . 1 1919,
th e f o llo w in g p r o t e c tiv e c o m m it t e e w a s fo r m e d a n d h a s issu ed a c a ll fo r
th e d e p o s it o f th ese n o te s . A s u ffic ie n t m a jo r it y o f th e n o te h o ld e r s h a v e
a sse n te d t o t h e d e p o s it a g r e e m e n t t o in su re th e su cce ss o f th is m easu re.
V . 108, P . 1275. In A p r il 1920 w e w e re in fo r m e d t h a t o v e r 9 5 % o f th e
n o t e s h a d b e e n d e p o s ite d .
Franchise.— T h e p rin cip a l fra n ch ise o f th e c o m p a n y in th e C i t y o f J ack
so n v ille expires in 1932. E ffo r ts w ill b e m a d e t o secu re a n ew fra n ch ise
s a tis fa c to r y as t o te rm s a n d c o n d itio n s . V . 121, p . 1677. 3
Valuation.— See V . I l l , p . 2 14 0.
I n J u ly 1925 w as g r a n te d pe rm issio n t o a b a n d o n its 3 ) ^ -m ile lin e t o
C a m p J o h n sto n . V . 121, p . 457.
Interest. Outstanding. Maturity.
STOCK A N D BO N DS—
Date.
- $ 1 ,0 0 0 ,0 0 0
See t e x t
C o m m o n $ 1 ,5 0 0 ,0 0 0 ( $ 1 0 0 ) - - ------6 Q -F
P r e f 6 % c u m $ 1 , 0 0 0 , 0 0 0 ( $ 1 0 0 ) ------5 0 0 ,0 0 0
See te x t
5 M -S
9 1 2 ,5 0 0 M a r 1 1931
F ir s t c o n s o l m t g e $ 5 ,0 0 0 ,0 0 0 1 1911
($ 5 0 0 a n d $ 1 ,0 0 0 )____ c * t f j l n t . a t S ta te S tre e t T r u s t C o ., B o s t o n , T r u s .
J a c k s o n v E le c 1st M
(as-\ 1902
5 g M -N
1 ,2 4 5 ,0 0 0 M a y 1 1927
s u m e d ) g o ld ( $ l , 0 0 0 ) c * - n t f / I n t . a t A m e r ic a n T r u s t C o ., B o s t o n , T r u s te e .
1 0 -ye a r 5 % g o ld n o t e s ________ 1925
5 g
1 ,3 6 8 ,0 0 0 S ep t 1 1935
R e c e iv e r ’s ca r tr c t fs ___________ ______
________
1 2 5 ,9 9 4 P a y . seria lly
P a r lien o b lig h e ld b y C i t y o f
4
1
J a c k s o n v ille ________________________
________
132 ,423 P a y , serially
Stock.— $ 1 0 0 ,0 0 0 c o m m o n s t o c k n o t r e p o r t e d o u ts ta n d in g h e ld in tre a s u ry
N o n -t a x a b le in M a s s a c h u s e tts .
Bonds.— O f th e 1st c o n s o l, b o n d s , $ 1 ,2 4 5 ,0 0 0 a re re s e rv e d t o r e tire J a ck
s o n v ille E le c . 1st M . a n d $ 2 ,6 6 7 ,0 0 0 a re fo r a d d itio n s a n d im p ro v e m e n ts
a t 8 0 % o f c o s t . S u b je c t t o c a ll o n a n y in t . d a t e as a w h o le o r in p a r t
f o r sinking fund a t 105 a n d in t . F u tu r e issues o f th e se b o n d s m a y b ea r
in te re s t a t a lo w e r r a t e th a n 5 % i f s o d e te r m in e d b y th e d ir e cto r s . Sinking
fund, 1 % p e r a n n u m o f b o n d s o u t b e g a n M a r . 1 1917. V . 9 2 , p . 1564.
$ 9 2 ,5 0 0 in s in k in g fu n d c a n c e le d a n d $ 1 6 9 ,0 0 0 in tre a s u ry .
J a c k s o n v ille E le c . C o . b o n d s a re s u b je c t t o c a ll as a w h o le a t 105 a n d in t.
o n a n y in t . d a t e . A sinking fund o f 1 % a n n u a lly o f b o n d s o u t c o m m e n c e d
M a y 1 1907, w h ic h m a y b e u se d fo r e x te n s io n s a n d im p ro v e m e n ts o r in
p u r c h a s e o f b o n d s . $ 5 ,0 0 0 b o n d s h a v e b e e n c a n c e le d . T h e c o u p o n n o te s
a re c a lla b le as a w h o le a t 100 a n d in te re s t o n 30 d a y s ’ n o t ic e .
The 10-year 5 % gold notes, 192 5, w e re issu ed u n d e r t h e r e o rg a n iz a tio n p la n
o f A u g . 12 192 5. H o ld e r s o f u n se cu re d b a n k d e b t ($ 2 1 3 ,0 0 0 ) a n d 6 % u n
se cu re d c o u p o n n o te s d u e M a r c h 1 1919 ($ 7 5 0 ,0 0 0 ), w h ic h w ith a c c r u e d an d
u n p a id in te re s t a m o u n te d to, $ 1 ,3 6 8 ,9 9 2 on. S e p t. 1 1 92 5, w e re to, r e c e iv e
112
th e n e w n o te s t o th e fu ll fa c e v a lu e o f th e o v e r d u e n o te s p lu s a ccru e d
in te re s t. A m o u n ts fo r less th a n $100 w o u ld be p a id In c a s h . V . 121 ,p ,1 6 7 7 .
U n d e r t h e sa m e p la n $ 1 1 2 ,5 0 0 J a c k s o n v ille T r a c t io n C o . 1st c o n s . m tg e .
b o n d s , 191 1, w o u ld b e g iv e n t o h o ld e rs o f $ 9 0 ,0 0 0 se cu re d n o te s o f D u v a l
C o u n t y T r a c t io n C o . (as co lla te ra l fo r w h ic h th e y h ad been h e ld b y th em
h e r e to fo r e ) u p o n surren der o f th eir n o te s fo r c a n ce lla tio n a n d w a iv e r o f th e
u n p a id in terest o n th e o ld n o te s . V . 121, p . 1677.
Dividends.— P a id 1 K % q u a r. o n p r e f. t o M a y 1915; in A u g . ’ 15 p a id % %
a n d s a m e r a t e q u a r. t o a n d in c l. N o v . 1916. F e b . 1917 d i v . p a sse d (V . 104,
p . 3 6 1 ). N o n e s in c e . O n o ld Electric C o . c o m . 6 % a n n . fr o m A u g . 1 1905
t o A u g . 1 191 0, w h en r a te w as in cre a se d t o 7 % a n d sa m e a m o u n t p a id t o
F e b . 1 91 1. O n n e w Traction C o . c o m . in itial d i v .— 1 % % — p a id in M a y
191 1; s a m e r a t e q u a r. t o a n d in c lu d in g N o v . 1914. N o n e sin c e .
- W A R N I N G S .— F o r 12 m o n th s e n d in g Ju n e 3 0 (n o la te r p u b lis h e d ):
Year
m Gross.
Net (aft. Tax.). Interest. Sk.,Ac.,Fds.
Surplus.
------------- $ 1 ,0 2 5 ,6 0 1
$ 1 5 2 ,2 6 5
$17 7 ,1 3 9
_______ d e f.$ 2 4 ,8 7 4
1 9 1 8 ------------7 8 1 ,5 5 1
2 4 1 ,0 2 9
170 ,427
_______
70,6 0 2
O F F I C E R S .— P r e s ., G e o . J . B a ld w in , N . Y . ; V . - P s ., D . C . B a rn es and
H . C . H a r d m g ; T r e a s ., H e n r y B . S a w y e r; C le r k , W m . T . C r a w fo rd ;
G e n . M g r s ., S ton e & W e b s te r M g t . A s s n ., B o s t o n .— V . 112, p . 37 2 , 932 ;
Y . 113 , p . 628 ; V . 115, p . 2 26 7; V . 116, p . 1893; V . 121 , p . 4 5 7 , 1677.
ALABAM A
SOUTHEASTERN POWER & L IG H T CO.
® A N I Z A T I O N . — I n c o r p . in M a in e in 1924. H a s a c q u ir e d fr o m th e
A la b a m a T r a c t io n , L ig h t & P o w e r C o . , L t d . (fo r h is t o r y see “ P u b lic U tiliriff a ll°i-h ?ei sr7
I
° v * I 1 9 2 4 ). all th e assets o f th a t c o m p a n y , in clu d m g a ll th e 1 8 7 ,5 1 0 shares o f c o m . s to c k a n d all th e $ 1 2 ,1 7 0 ,0 0 0 100 -year
c e r *1 c a te s o f th e A la b a m a P o w e r C o . (see sta te m e n t b e lo w ),
L
20745
th e o u ts ta n d ln S se cu ritie s o f th e D r ifto n C o a l C o . See V . 119 , p .
STO C K A N D BO N DS—
Date. Interest. Outstanding.Maturity.
S elm a L ig h tin g C o . 1st m tg e . 1
1902 5 g J - D
2 3 8 ,0 0 0 J u n e 1 1932
(clo s e d ) g o ld ($500, & c . ) ___ l i n t , a t W e s t E n d T r u s t C o . , P h ila d e lp h ia .
M o n t g o m e r y L t . & W . P . 1 s t!
1903 5 g J -J
6 3 5 ,3 0 0 J a n 1 1943
c o n s g o ld red a t 1 0 5 ________ J ln t . a t N e w Y o r k T r u s t C o ., N e w Y o r k .
M o n t g o m e r y L ig h t & P o w e r !
1898 5 g M -S
2 7 6 ,1 0 0 S e p t 1 1947
1st m tg e g o ld _______________ J ln t . a t H a r ris , F o r b e s & C o . , N e w Y o r k .
Stock.— C o m . s t o c k is a ll o w n e d b y S o u th e a s te rn P o w e r & L ig h t C o .
Bonds.— O f th e a u th . issu e o f $ 1 0 0 ,0 0 0 ,0 0 0 1st M . 5 % b o n d s o f th e A la
b a m a P o w e r C o ., $ 3 3 ,7 5 3 ,0 0 0 o n A p r . 1 1925 h a d been c e r tifie d b y t h e
tru ste e , o f w h ich $ 1 0 ,2 2 1 ,0 0 0 is in th e h a n d s o f th e p u b lic , $ 2 3 8 ,0 0 0 re s e rv e d
to re tire Selm a L t g . C o . ’s 1st 5s, d u e 193 2; n o a d d ’ l b o n d s t o b e issu ed e x c e p t
fo r d e p o s it a n d p le d g e u n d e r in d e n tu r e se cu rin g 1st M t g e . L ie n & R e f .
b o n d s , an d $ 2 3 ,2 9 4 ,0 0 0 are s o p le d g e d . A r e c a lla b le a t 105 sin c e 1 92 1.
T h e 1st m tg e . L ie n & R e f . g o ld b o n d s are c a lla b le a ll o r p a r t a t 105 a n d
in terest t o a n d in c lu d in g Ju n e 1 193 2, a n d th e re a fte r a t a p r e m iu m re d u c in g
M% p e r a n n u m . V . 112, p . 2 6 4 4 . 2 75 1; V . 116, p . 51 7 . I n A p r il 1925
$ 3 ,0 0 0 ,0 0 0 fir s t m t g e . lien & r e f. b o n d s , 5 % series, d a te d D e c . 1 192 2, w e re
offered b y H a rris , F o r b e s & C o . , a n d C o ffin & B u rr , I n c ., a t 9 4 a n d i n t ..
t o y ie ld a b o u t 5 . 4 0 % .
V . 120 , p . 187 9. In O c t . 1925 th e sam e b a n k e rs
o ffe r e d $ 5 ,0 0 0 ,0 0 0 5 % Series d u e 1951 a t 9 5 M a n d in t ., y ie ld in g 5 . 3 0 % .
V . 121, p . 1787.
T h e $ 1 2 ,1 7 0 ,0 0 0 in c o m e d e b e n tu re s a re all o w n e d b y S o u th e a stern P o w e r
& L t . C o ., an d are a n o n -fo re c lo s a b le s e c u r it y h a v in g a co n tin g e n t in te re s t
in th e b a la n ce a v a ila b le a fte r t h e p a y m e n t o f P r e f. s to c k d iv s . T h e y r e p r e
sent p a r t o f th e o rig in a l in v e s tm e n t in th e p r o p e r t y o v e r a n d a b o v e t h a t
re p resen ted b y th e o u ts ta n d in g b o n d e d d e b t .
R E P O R T .— C o n s o lid a te d e a rn in gs c a le n d a r years:
1921.
1922.
1924.
1 92 3.
N e t o p e r . r e v ., less d is $ 4 ,5 1 5 ,9 1 9
$ 8 ,8 2 3 ,3 8 9 $ 7 ,8 6 3 ,2 9 4 $5,7 4 5 ,3 2 1
2 ,1 2 7 ,1 9 4
2 ,9 9 4 ,6 0 0
4 ,2 7 8 ,2 2 2
4 ,4 9 0 ,0 2 6
a 1? ^
C o m p a n y o w n s o r c o n tr o ls a m o n g o th e r h o ld in g s : A la b a m a P o w e r C o
M is s is s ip p i P o w e r C o . , G u lf E le c t r ic C o ., M o b ile E le c tr ic C o
P e n sa co la
E le c t r ic C o .
O n S e p t. 22 1925 s to ck h o ld e rs in crea sed th e a u th o rize d
n ^ b f , ^ n n P n n ^ lu e shares fr o m 6 0 0 ,0 0 0 t o 3 ,6 0 0 ,0 0 0 , v iz ., 100,000
^
p r e i. a n d 3 ,5 0 0 ,0 0 0 c o m m o n , 5 n e w c o m m o n shares t o b e issu ed fo r ea ch
o m m o n share h e ld . V . 121, p . 1570, 190 9. S to c k h o ld e r s also a p p ro v e d
ph68 4 i er9 l o °15~oe C° ’ a n d th e S o u tllern P o w e r S ecu rities C o r p .
Y . 121,
c f Pens™ol< Electric Co.— See V . 120. p . 95 9 . fo r d e ta ils and
l
term s o f ex ch a n g e o ffe r e d t o P e n sa co la E le c tr ic C o . s to c k h o ld e r s.
B O N D S • Date.
Interest. Outstanding. Maturity.
U om 3 ,5 0 0 ,0 0 0 sh a restn o p a r ) ____
________ 1 ,7 0 0 .0 0 0 shs
P f , $7 c u m , 100 ,000 s h s (n o p a r ) __
_
1 9 3 7 5 shs "S eeV ext,” *
6 'S 5 0 0 d SinnS < r ^ ^ n n 000^ ! 19? 5 ^ d' g M -S
Sf
loioOO.OOO Sept 1 2025
f i d nnr>102 c ’ ^ P 0 0 0 aDd ; I r v in g B a n k -C o lu m b ia T ru s t C o ., N e w Y o r k ,
$ 1 0 ,OOO r *
-------------------t f [
T ru ste e .
m W e $ 2 Y 0 l)0 P 000 'gL l d :. 1c*t } 1912
o
5 g M'S
1 3 .6 6 8 ,9 0 0
M a r 1 1962
} Bonds.— The Alabama Traction, Light A Power Co., Ltd., 1st mtge. 5s h a v e
b een assu m ed b y th e S ou th ea stern P o w e r & L ig h t C o . A r e secu red b y
o all th e o u ts ta n d in g c o m . s t o c k an d 1 00 -year d e b e n tu re c e rtifica te s
o f th e A la b a m a P o w e r C o .
A r e re d e e m a b le a t 105. Sinking fund 1% per
“ 5 S 5 ; b eg a n 1922. $ 1 0 ,0 0 0 ,0 0 0 are p le d g e d as s e c u r ity fo r th e S o u th ? n o = i n , ? 0 w er & P jg b t c ° . s e c u r e d n o te s , 6 % series, d u e 1929. O n O ct. 7
b o ld e r s a c c e p t e d an o ffe r fo r th e e x ch a n g e o r co n v e r s io n o f th eir b o n d s
in t o 6 % g . d e b s .. Series A , d u e 2 0 2 5 , o f th e Sou th ea stern P o w e r & L ig h t
C o . , to g e th e r w ith w a rra n ts t o p u rch a s e co m m o n s t o c k o f th e Sou th ea stern
G o.
V . 121, p . 841 , 98 0 , 1787.
Notes.— A ll o f th e o u ts ta n d in g secured notes, 6% series, due 1929, w ere
calr>L f o r r e d e m p tio n on N o v . 1 1925 a t 1 0 2 H a n d in t.
J*d
I h e 6 % gold debentures. Series A , are r e d ., a ll o r p a r t, u p o n 3 0 d a y s ’
n o t ic e , m c l. M a r . 1 2 0 2 0 , a t 110 a n d in t .; th e re a fte r a t p a r a n d in t. P en n .
at? 11 xr f a,x ' M a s s , in c o m e t a x u p t o 6 % re fu n d a b le .
In te re st p a y a b le in
* T J + 0 r k W B o n b n g h t & C o . , I n c ., s o ld in A u g . 1925 $ 1 0 ,0 0 0 ,0 0 0 a t 9 6 K
^ a rrants in th e r a tio o f 10 w arra nts t o e a ch $ 1 ,0 0 0 d e b e n tu re
w ere a tta c h e d , en titlin g th e h o ld e r t o p u rch a se o n e share o f th e p r o p o s e d
n e w c o m m o n s t o c k a t a n y tim e a t $ 5 0 p e r sh are. V . 121, p . 84 1 .
° n p re fe rre d a n in itia l q u a rte r ly d iv id e n d o f $1 7 5 p e r share
w as p a id in J a n . 1925.
E A R N I N G S .— C a l. y e a r 1924 (in c l. A la . T r a c ., L ig h t & P o w . C o ., L t d .) :
O p era tin g r e v e n u e __________________________________________________ $9,5 3 3 547
O p era tin g expen ses, m a in te n a n ce a n d t a x e s _____________ Z Z I_ IZ 4 ,8 9 9 ! 180
N e t o p e r a tin g in c o m e _____________
$ 4 ,6 3 4 ,3 6 7
G ross in c o m e _________
$4,9 1 1 ,6 4 9
In te re s t o n fu n d e d d e b t o f s u b s ., $ 2 ,0 0 2 ,0 0 0 ; less a m o u n t alkyc a t e d t o n e w co n s tr u c tio n , $ 3 0 5 ,9 9 7 ____________________________
1,6 9 6 ,0 0 3
In terest o n n otes a n d a c c o u n ts p a y a b le _________________
4 1 ,052
S p ecial reserves fo r re tire m e n t arid re n e w a l o f p la n t._ Z Z Z !
246 ,1 7 8
A m o r tiz a tio n o f b o n d d is c o u n t a n d e x p e n s e ____________
2 4 8 ,2 9 9
A m o r tiz a tio n o f c o s t o f d e v e lo p in g lo a d , M it c h e ll D a m .
51,877
M is ce lla n e o u s d e d u ctio n s ____________________
20,6 6 4
P referred s to c k d iv id e n d s o f s u b s id ia rie s .
711 ,215
In terest o n fu n d e d d e b t o f S o u th e a ste rn P o w e r & L ig h t C o Z Z .Z
752 ,1 9 5
P referred s t o c k d iv s . o f S ou th ea stern P o w e r & L ig h t C o _______
85,2 1 3
B a la n ce, s u rp lu s ________________________
_ _
_______
s i 0 5 K Q5 4
1349Z¥59
70P 17877f i 9 20 8 0 : V ' 12° ’ P ‘ 9591 V - 121. pV 587Z 8 4 1 , 980 , 1228,
89
ALABAM A POW ER CO.
C o n tr o lle d b y S ou th ea stern P o w e r & L ig h t C o .
O R G A N I S A T I O N , & c.— I n c o r p . in 1906 in A la b a m a . I n J a n . 1923
a c q u ir e d th e p ro p e rtie s o f th e M o n t g o m e r y L ig h t & T r a c t io n C o . , M o n t
g o m e r y L ig h t & W a te r P o w e r C o . , a n d th e P o w e r T ra n sm issio n C o .
V.
116, p . 178 , 9 3 8 . O n J a n . 16 1925 a c q u ir e d th e e le ctr ic lig h tin g , street
ra ilw a y a n d w ater sy ste m s o f th e S h e ffie ld C o . A ls o a c q u ir e d th e S h effield
L a n d C o . V . 119, p. 300 7; V . 120, p . 4 5 1 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
S erves, d ir e c t ly a n d in d ire c tly , o v e r 8 0 % o f th e u rb a n p o p u la t io n and
p r a c tic a lly all o f th e la rge in d u stria l p o w e r req u irem en ts o f th e S tate
o f A la b a m a o u ts id e o f th e C it y o f M o b ile . D o e s , d ir e c t ly , all th e e le c
t r ic lig h t a n d p o w e r business in s o m e 100 c itie s an d to w n s, all th e street
r a ilw a y bu sin ess in A n n is to n , G a d s d e n , M o n t g o m e r y , T u sc a lo o s a and
H u n ts v ille , a n d th e gas business in A n n is to n , S elm a, D e c a tu r , M o n t g o m e r y . T u sca lo o s a an d A l b a n y . F u rn ish es und er c o n t r a c t all th e cu rren t
used b y th e B irm in gh a m E le c t r ic C o . in G re a te r B irm in g h a m a n d B essem er,
an d all th e c u r r e n t used b y th e lo ca l p u b lic se r v ic e c o s . in A le x a n d e r C ity
C o r d o v a , O p elik a , S y la ca u g a , L a F a y e t t e a n d P ie d m o n t . A ls o se rve s u nd er
c o n t r a c t a n u m b e r o f la rg e in d u stria l p o w e r co n s u m e rs . C o m p a re also
V . 116 , p . 517 .
Valuation.— V . 116, p . 2 63 9.
Jf Discontinues Trolley Service.— In J u ly 1925 th e c o . a p p lie d t o th e A la b a m a P . S. C o m m is s io n fo r a u th o r iz a tio n t o d isco n tin u e stre e t ra ilw a y
se r v ic e in F lo r e n c e , S h e ffie ld a n d T u s c m b ia , an d t o su b s titu te b u s tran s
p o r t a t io n . V . 121, p . 327 .
New Issues— In S e p t. 1925 w as g ra n te d a u th o riz a tio n t o issue $ 4 ,0 0 0 ,0 0 0
o f 1st m tg e . lien & r e f. g o ld b o n d s a n d 5 0 ,0 0 0 shares c u m . p r e f. s to c k of
n o p a r v a lu e , p r o c e e d s t o b e u se d fo r n e w co n s tr u c tio n , in crea sin g th e u lti
m a te in sta lled c a p a c it y t o 1 3 5 ,0 0 0 h . p .
V . 121, p . 1226, 1567.
S T O C K A N D B O N D S .—
Date.
Interest. Outstanding. Maturity
C o m m o n 3 9 1 ,0 2 0 sh a re s -----------A ll o w n e d b y S o u th e a ste rn P o w e r & L t . C o .
P r e f. 7 % c u m . 3 9 0 ,0 0 0 shares
(n o par)
--------------------------7%
1 6 0 ,4 8 8 shs. O c t ’2 5 ,1 %
P referred ($100 p a r ) ------------------------------------------$ 4 9 2 ,7 0 0
I n c o m e d e b e n tu re c e r t i f i c a t e s . ____
____
12 170 000
1st m tg e . $ 1 0 0 ,0 0 0 ,0 0 0 sin k . 1 1916
5 g M -S
1 0 ,2 2 1 ,0 0 0 M a r ” l 'l 9 4 €
fu n d ($ 1 ,0 0 0 ) g o l d ---------c * J U n ite d S tates T r u s t C o . , N . Y . , tru stee.
1st m tg e lien & r e f ($5 0 0 , & c . ) ( 1921
6 g J -D
2 1 ,0 0 0 ,0 0 0 Ju n e 1 1951
g o l d --------------------------- c*& r*| 1922
5 g J -D
1 2 ,7 0 0 ,0 0 0 Ju n e 1 1951
lU . S. M t g e . & T r u s t C o . . N . Y . . T r u s te e .
[V ol. 121,
PUBLIC UTILITIES
O th er in c o m e .
In t. o n b o n d d e b t (n e t).
D e p r ., a m o r t ., e rn ts , & c.
P r e f. s t o c k d iv id e n d s ___
I n t . o n 1 0 0 -y r . g o ld d e b .
c e r tific a t e s ____________
$ 4 ,3 3 3 ,3 6 3
172 ,432
$ 3 ,5 8 5 ,0 7 2
2 5 7 ,2 5 8
$ 2 ,750,721
2 4 2 ,7 0 7
$ 2 ,3 8 8 ,7 2 4
8 0 ,7 9 5
$ 4 ,5 0 5 ,7 9 5
1 ,6 9 6 ,0 0 3
4 5 4 ,1 6 0
7 1 1 ,2 1 5
$ 3 ,8 4 2 ,3 3 0
1 ,0 6 9 ,3 0 3
1 ,0 3 4 ,2 1 4
3 4 0 ,8 8 4
$ 2 ,9 9 3 ,4 2 8
627 ,315
8 85 ,195
7 8 ,0 7 3
$ 2 ,4 6 9 ,5 2 0
7 88 ,352
667 ,5 3 5
3 5 ,723
8 5 1 ,9 0 0
8 5 1 ,9 0 0
8 2 9 ,2 3 8
8 2 6 ,0 0 0
$ 1 5 1 ,9 1 0
$57 3,60 7
T ra n sfe rre d to P . & L .
$7 9 2 ,5 1 8
$ 5 4 6 ,0 2 9
A N N U A L R E P O R T 1 9 2 4 — F o r d e ta ile d r e p o r t 1924 see V . 1 2 1 ,p . 3 2 2 Latest Earnings.— 12 m o s . e n d . A u g . 31 1925: G ro s s , in c l. o th e r incom e*
$ 1 0 ,6 1 5 ,8 0 7 ; n e t ea rn in gs, $ 5 ,0 4 9 ,8 6 7 ; n e t a fte r in terest ch arges, $ 2 ,601 ,7 9 2 O F F I C E R S .— P r e s .. T h o s . W . M a r t in , B ir m in g h a m . A la .— V . 11 9 . p .
1627, 1845, 1955, 3 0 0 7 ; V . 120 , p . 4 5 1 , 1745, 1879; V . 121, p . 3 2 7 , 122 6,
322, 1567, 1787.
M e r id i a n L i g h t & R y . C o .
Control.— In A p r il 1925 c o n t r o l o f th e c o . w a s a c q u ir e d b y t h e A la b a m a
P o w e r C o . fr o m t h e C itie s S e rv ice P o w e r & L ig h t C o . V . 120 , p . 2 1 4 7 .
O R G A N I Z A T I O N .— In c o r p o r a te d in M is s is s ip p i in F e b . 1901 as a
r e o rg a n iz a tio n o f th e M e r id ia n S t. R y . & P o w e r C o .
D o e s e n tire street
r a ilw a y , a rtificia l gas an d e le ctr ic bu sin ess in M e r id ia n . O w n s a ll th e
s t o c k o f th e H a ttie s b u r g T r a c t io n C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
Franchises are fo r 50 y e a rs fr o m O c t . 4 1895 fo r stre e t r a ilw a y a n d fr o m
D e c . 1900 fo r gas a n d e le c t r ic it y . C o n tr a c t fo r lig h tin g s tre e ts. P o p u la
tio n s e r v e d , 2 7 ,0 0 0 .
11.128 m iles o f tr a c k , s ta n d a rd ga u g e , 7 0 -lb . T rail
an d 73 t o 9 8 -lb . gird er a n d g r o o v e .
12 m o t o r a n d 2 o th e r ca rs . P o w e r
s ta tio n c a p a c it y , 5 ,2 2 0 k . w ., 8 8 .4 m iles d is trib u tio n lin e .
H a s 3 0 .5 2
m iles o f gas m a in s . O n J u ly 23 1925 t h e v o te r s o f M e r id ia n , M is s ., v o t e d
n fa v o r o f b u se s t o re p la c e t h e stre e t ca r s e r v ic e . V . 121, p . 122 7.
Date.
Interest. Outstanding. Maturity.
STO CK A N D BO N DS—
____
________
$ 2 , 000,000 ---------------------C o m m o n $ 2 ,0 0 0 ,0 0 0 ($ 1 0 0 )—
------____ ______________
_____
5 g M -S
7 5 0 ,0 0 0 M a r 1 1 9 4 4
1st m tg e $ 7 5 0 ,0 0 0 g o ld ($5001 1904
a n d $ 1 ,0 0 0 _______________c * / I n t . a t F irst N a t . B a n k o f M o b ile , tr u s te e .
G e n m tg e s f $ 5 ,0 0 0 ,0 0 0 1 1910
5 M -S
1 ,1 6 6 .0 0 0 M a r 1 1 9 4 5
i ($ 1 ,0 0 0 ) g ___________ c * c p t /F i r s t N a tio n a l B a n k o f M o b ile , tru stee.
Bonds.— A sinking fund o f 1 % o f 1st M . b o n d s b e c a m e o p e r a t iv e S e p t . 1
1906. $ 2 4 3 ,0 0 0 o f o u ts ta n d in g b o n d s are h e ld in sin k . fu n d . B o n d s a re
s u b je c t t o ca ll o n 3 w e e k s’ n o t ic e a t 105. V . 9 2 , p . 1311. $ 7 5 0 ,0 0 0 o f g e n .
m tg e . b o n d s are reserved t o re tire 1st m tg e . b o n d s a n d $ 3 ,0 2 6 ,0 0 0 m a y b e
draw n fo r 8 5 % o f im p ts ., & c. S in k in g f u n d o f 1 % o f g e n . m t g e . b o n d s
o u t is o p e r a tiv e p r o v id e d th a t th e earnings are s u ffic ie n t a fte r t h e p a y m e n t
o f sem i-an n u al in t. o n b o t h th e 1st m tg e . b o n d s a n d g e n . m t g e . b o n d s .
R e d . a t 105 o n 4 w e e k s’ n o t ic e . I n t . a t o f fi c e o f tru ste e o r o f fic e o r a g e n c y
° f O F F I C E R S .— PreT.^C)! W . S ou le; V . - P . , T . J . L y le J r. a n d L o u is T h r e e f o o t ; G e n . M g r ., S e c. & T r e a s ., W . R . P h ip p s .— V . 9 2 , p . 111 3; V . 107 ,
p . 603 ; V . 110, p . 248; V . 112, p . 2 53 7; V . 115, p . 2 58 0; V . 120, p . 2 14 7:
V . 121, p . 1227.
Hattiesburg Traction Co.
M e r id ia n L ig h t & R y . C o . o w n s a ll th e s t o c k .
O R G A N I Z A T I O N .— O rga n ized in 1905 as H a ttie s b u r g T r a c t io n , L ig h t
& F u e l C o . N a m e c h a n g e d t o a b o v e in N o v . 1906. S e p t. 2 1907 p u r c h a s e d
H a ttie s b u r g G as C o . a n d H a ttie s b u r g L ig h t & P o w e r C o . , g iv in g c o m p a n y
c o n tr o l o f a r tific ia l g a s, stre e t r a ilw a y a n d e le ctr ic lig h t a n d p o w e r business
o f c it y .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
5 .9 6 5 m iles o f tr a c k . S ta n d a rd g a u g e . 7 0 -lb . a n d o v e r A . S. C . E .— T r a il.
12 m o t o r an d 3 o th e r ca rs. P o w e r h o u s e c a p a c it y , 2 ,1 0 0 k . v . a .; 3 9 .3 2
m iles d is trib u tio n lin es. H a s 1 7 .2 8 m iles o f gas m ain s. E le c t r ic ity a n d
stre e t ra ilw a y franchise 25 yea rs fr o m 1906; gas franchise expires in 193 0.
H a s c o n t r a c t fo r lig h tin g c it y s tre e ts. P o p u la tio n s e r v e d , 1 7 ,0 0 0 . O n
Ju n e 30 1925 th e v o t e r s a t H a ttie s b u r g , M is s ., v o t e d in fa v o r o f b u ses t o
r e p la c e th e ra ilw a y cars o f t h e c o . V . 121 , p . 4 5 7 .
STO C K A N D BO N DS—
Date.
Interest. Outstanding. Maturity.
S to c k $ 5 0 0 ,0 0 0 ($ 1 0 0 )----------------------------------$ 5 0 0 ,0 0 0 ----------------- 1st m tg e $ 3 0 0 ,0 0 0 ($ 1 ,0 0 0 )1 1908
6 J -J
2 2 1 ,0 0 0 Jan 1 1 9 2 8
g o l d ________________ r & c * c p t / I n t . a t G u a r a n ty T r u s t C o . , N . Y . , tru stee.
G e n lien m tg e $ 2 ,5 0 0 ,0 0 0 g o ld f 1912
6 J -J
4 6 6 ,0 0 0 J u ly 1 1 9 5 2
($ 1 ,0 0 0 )_______________c * c p t ( I n t . a t o ffic e o r a g e n c y o f c o . in N . Y . , o r a t
l F irs t N a tio n a l B a n k , M o b ile , tru stee.
Bonds.— Sinking fund retires 1st m tg e b y p u rch a se $ 5 ,0 0 0 b o n d s a n n u a lly ,
b e g in n in g Ja n . 1 1909, a t a p r e m iu m u p t o a 5 % basis, b o n d s c a n n o t b e
c a lle d . V . 8 7 , p . 97. $ 8 5 ,0 0 0 h a v e be e n r e tire d .
O f g e n . lien b o n d s ,
$ 3 0 0 ,0 0 0 are re served to re tire 1st m tg e . b o n d s . A d d itio n a l b o n d s m a y b e
d ra w n fo r 8 5 % o f im p ts . B o n d s are ca lla b le a t 105 an d in t. o n a n y in t . d a te
o n 4 w e e k s ’ n o t ic e . Sinking fund, 1 % , b e g a n J u ly 1 1916.
O F F I C E R S .-— P r e s ., H . L . D o h e r t y , N . Y . ; V . - P . , M . R . B u m p , N . Y . ,
an d R . E . B u rg e r, N . Y . ; S e c. & T r e a s ., H o w a r d M c D a v id : G e n . M g r .,
E . E . A r m s tr o n g .— V . 9 3 , p . 7 3 1 ; V . 9 5 , p . 679 ; V . 107 , p . 80 2 : V . 114 , p .1 9 8 :
V . 121, p . 457d.
(2) MISSISSIPPI POWER CO.
C o n tr o lle d b y S ou th ea stern P o w e r & L ig h t C o .
O R G A N I Z A T I O N , & c.— O rg a n iz e d in M a in e .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
S u p p lies e le ctr ic se rv ice t o a p o p u la t io n o f m o r e th a n 1 00 ,000 in 20 cities
an d to w n s in eastern M is s is s ip p i; tr a n s p o r ta tio n se r v ic e in fo u r , a n d gas
s e rv ice in t w o o f th e s e . A c q u ir e d s e v e ra l ex istin g p u b lic u tilitie s . A g
gre g a te ge n e ra tin g c a p a c it y , 2 5 ,0 0 0 k . v . a . M ile s o f t r a c k , 3 2 . T w o gas
p la n ts w ith 44 m iles o f m a in s. C o . p la n s t o m a k e a la rg e h y d r o -e le c tr ic
d e v e lo p m e n t o n th e T en n essee R iv e r in t h e n o rth e a ste rn c o r n e r o f M is
sissippi.
STOCK A N D BON DS—
Date.
Interest. Outstanding. Maturity.
___________ 4 0 0 ,0 0 0 s h s ------------------C o m m o n 4 0 0 ,0 0 0 shs (n o p a r ) . ____
1st p r e f c u m $7 1 0 0 ,0 0 0 s h s —
------$7
2 5 ,0 0 0 s h s -------------------2 d p r e f $6 n o n -c u m 2 0 ,0 0 0 s h s . ------$6
5 ,0 0 0 s h s ---------------------F irs t & r e fd g m tg e 5 % Series f 1925
5 g M -S
$ 4 ,0 0 0 ,0 0 0 S ep t 1 1955
($ 1 ,0 0 0 , $50 0 c * , & $ 5 ,0 0 0 , ( N e w Y o r k T r u s t C o . , N e w Y o r k , T r u s te e .
$ 1 ,0 0 0 r * ) ________________ tf[
U n d e r ly in g d iv isio n a l b o n d s
----------------------1 ,1 0 4 ,8 0 0 -------------------
POWER, LIGHT AND RAILW AY
Oct., 1925.]
Bonds.— T h e 1st & r e f. m tg e . 5 % series g o ld b o n d s d u e 1955 are c a ll, o n
6 w eek s’ n o tice , in c l. S e p t. 1 1936 a t 105 a n d in t ., th e r e a fte r a t a p r e m iu m
red u cin g 14% p e r a n n u m . P e n n . 4 -m ill ta x , M a s s , in c o m e t a x u p t o 6 %
r e fu n d a b le. I n A u g . 1925 H arris, F o r b e s & C o . a n d C o ffin & JB urr, I n c .,
so ld $ 4 ,0 0 0 ,0 0 0 a t 9 2 >2 a n d in t ., t o y ie ld o v e r 514 %•■
E A R N I N G S .— I n c o m e a c c o u n t 12 m o n th s e n d e d J u n e 30 1925: G ross
earn in gs, in c l. o th e r in c o m e , $ 1 ,5 9 0 ,4 7 7 ; o p e r . e x p ., m a in t. a n d ta x e s,
$ 94 2,28 7; n e t e a rn in g s, $ 6 4 8 ,1 9 0 ; an n u a l in t . o n m t g e . b o n d s , in c l. n e w
issue, $ 2 6 1 ,3 6 0 ; b a la n c e , $ 3 8 6 ,8 3 0 .— V . 120, p . 214 7; V . 121, p . 979 .
MONTGOM ERY LIG H T & TRA CTIO N CO.
I n F e b . 1923 th e p ro p e rtie s o f th e c o . w ere ta k e n o v e r b y th e
A la b a m a P o w e r C o . , all b o n d s h a v in g b e e n re tired p r io r t o t h a t tim e and
th e s to c k r e d u c e d t o th e n o m in a l a m o u n t o f 2 0 sh ares. F o r h is t o r y see
■ P u b lic U tilit y ” C o m p e n d iu m o f N o v . 1 1924.
“
MOBILE LIG H T & RAILROAD
O R G A N I Z A T I O N .— A c o n s o lid a tio n o n S e p t. 1 1901 o f t h e M o b i le L ig h
& R a ilr o a d a n d t h e M o b ile S treet R R .; th e franchises o f b o t h c o m p a n ie s
w ere e x te n d e d o n S e p t. 12 1901 t o M a r c h 12 1955. See V . 7 3 , p . 616 .
In J u ly 1906 th e M o b ile Illu m in a tin g C o . p u rch a se d th e e le ctric-lig h t
la n t o f th e c o m p a n y a n d u n d e r c o n t r a c t o f p u rch a se p a y s t o th e M o b ile
it. & R R . 70 s em i-a n n u a l p a y m e n ts o f $ 1 1 ,4 6 4 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A t r o lle y r o a d . O w n s 5 7 .8 9 m iles o f tr a c k in M o b ile a n d exte n sio n s to
M a g a z in e P o in t , S p rin g H ill a n d W h is tle r.
STOCK A N D BON DS—
Date.
Interest. Outstanding. Maturity.
S t o c k $ 2 ,2 5 0 ,0 0 0 (p a r $ 1 0 0 )________
___________ $ 2 ,2 5 0 ,0 0 0
See t e x t
F irs t m tg e g o ld ( $ l , 0 0 0 ) - n t f f 1897
5 g J-J
2 9 7 ,0 0 0 J u ly 1 1937
\In t. a t F a rm e rs’ L o a n & T r u s t C o . , N . Y .
C o n s o lid a te d m o r tg a g e , g o ld ) 1901
5 g M -S
1 ,0 3 7 ,0 0 0 S ep t 1 1941
($ 1 ,0 0 0 ) $ 2 ,2 5 0 ,0 0 0 ___ c * t f /I n t e r e s t a t N e w Y o r k T r u s t C o ., N . Y . , T ru s
Bonds.— O f th e $ 2 ,2 5 0 ,0 0 0 m o rtg a g e , $ 7 0 0 ,0 0 0 are re se rv e d fo r p r io r lien s,
$ 1 8 3 ,0 0 0 h a v e b e e n c a n c e le d , $2 4 5 ,0 0 0 c e r tifie d , b a la n c e , $ 2 7 2 ,0 0 0 , u n ce r
t if i e d . $ 1 0 3 ,0 0 0 fir s t m t g e . M o b ile L ig h t & R R . C o . b o n d s h a v e been
r e tir e d a n d $ 1 0 ,0 0 0 are in tre a su ry .
E A R N I N G S —- Gross
Net (after
Fixed
Balance,
Calendar Years— Earnings.
Taxes).
Charges.
Surplus.
192 4________________$73 8 ,0 1 3
$ 4 1 ,9 6 9
$ 6 5 ,0 7 5
d e f$ 2 3 ,1 0 7
86,351
7 4 ,7 6 2
11,589
192 3_______________ 8 0 8 ,9 3 3
1 92 2_______________ 8 2 0 ,0 1 4
3 6 ,9 2 3
8 2 ,5 8 4
d e f4 5 ,6 6 1
Dividends.— In itia l d iv id e n d — K % A u g . 1 1909; in 1910, 14%; in 1911
2 K % : in 1912, 114%; in 1913, 2 % ; in 1914, 3 % ; in 191 5, 2 % ; in 1916, 3 %
in 191 7, 2 % ; in 1918, A p ril, 1 % ; Ju n e, 1 % ; A u g ., 3 % .
I n 1919, S e p t.,
1% .
I n 192 0, S e p t ., 1 % . I n 1921, 2 % .
In 1922, 1 % .
O F F I C E R S .— P r e s ., J . H . W ils o n : V .- P . & G e n . M g r ., F . F . R o s s m a n ;
S e c . & A u d .a A im e r G . F a y ; T r e a s ., F . H . P e te rs .— V . 113, p . 1675; V . 114,
p . 3 0 6 ; V . 115, p . 183, 1632, 2 79 4; V . 116, p . 212 9; V . 118, p . 66 4 , 2 30 5.
E
BIRMINGHAM ELECTRIC CO.
S u p erv is ed b y E le c t r ic B o n d a n d Share C o .
C o n tr o lle d b y N a tio n a l P o w e r & L ig h t C o . (see on a n o th e r p a g e ) .
O R G A N I Z A T I O N .— I n c o r p . M a r . 25 1924 in A la b a m a fo r p erp etu a l
d u r a t io n . A c q u ir e d a t r e c e iv e r ’s sale th e o p e ra tin g p r o p e r tie s o f th e B ir
m in g h a m R y ., L ig h t & P o w e r C o . (fo r h is to ry see “ E le c t r ic R a ilw a y ”
S u p p le m e n t o f A p r il 26 1 9 2 4 ), to g e th e r w ith p ro p e rtie s o f th e B essem er
G as C o ., N o r w o o d S tre e t R y . a n d B ir m in g h a m -T id e w a te r R y . C o . (fo r
h is to ry see “ E le c t r ic R a ilw a y ” S u p p le m e n t o f A p ril 26 1 9 2 4 ). $ 7 8 1,00 0
fir s t m tg e . 5 % b o n d s o f th e B irm in g h a m R y . & E le c . C o . , w h ic h m atu red
J u ly 1 1924 w ere p a id , p r in c ip a l a n d a c c r u e d in te re st. V . 118 , p . 1663.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w n s a n d op era tes th e en tire s tre e t r a ilw a y , gas, e le ctr ic p o w e r a n d lig h t
a n d steam h ea t business o f B irm in g h a m a n d a ll th e p r in c ip a l n e a r b y cities
an d t o w n s, in c lu d in g B r ig h to n , B essem er, B o y le s , F a ir fie ld , T a rr a n t C it y ,
In g le n o o k , E d g e w o o d a n d Iro n d a le ; an in teru rb a n lin e , a b o u t 3 1 .2 3 5 m iles
o f w h ich is in op e r a tio n , fro m E a st L a k e to E n sle y an d P r a t t C it y , d o e s the
c it y lig h tin g in B irm in g h a m , B e sse m e r, F a irfield an d B r ig h to n .
O perates a p p ro x im a te ly 173 m iles o f sin gle tra ck in cities o f B irm in g h a m ,
B essem er a n d in Jeffe rso n C o u n t y .
Stan d ard g a u g e . A ll b u t 6 m iles
70 t o 100 lb . T an d girder rails. O w n s 318 p assenger, 74 s e rv ice cars.
In sta lled electric g en eratin g c a p a c it y , 11,700 k . w . H a s 654 m iles o f
d istrib u tion lines a n d o v e r 93 m iles o f h igh v o lta g e lin es. H a s 5 gas h o ld e rs,
s torage c a p a c ity 4 ,3 2 6 ,0 0 0 c u . f t .; 286 m iles o f m ains. Franchises c o v e r in g
ga s, e le ctric p ow er a n d ligh t bu sin ess a n d street ra ilw a y lines are , w ith
som e u n im p o rta n t e x ce p tio n s , s ta te d t o b e p e rp e tu a l. H a s a c o n t r a c t
w ith th e A la b a m a P o w e r C o . b y w h ich th e la tte r fu rn ish es e le c tr ic ity fo r
o p e ra tin g th e ra ilw a y s an d also fo r lig h t a n d p o w e r s e rv ice in B irm in g h a m .
U n d er th is c o n t r a c t th e c o m p a n y ’s ste a m s ta tio n is h e ld as a reserve p la n t.
Y . 9 8 , p . 1691.
STOCK AN D BO N DS—
Date.
Interest. Outstanding. Maturity.
C o m 1 ,0 0 0 ,0 0 0 shs (n o p a r ) -------------------------- 8 0 0 ,0 0 0 shs ____________
P r e f 7 5 ,0 0 0 shs (n o p a r) $7 c u m ------$7 Q J
3 3 ,9 9 6 shs O c t ’2 5 ,$1.7 5
F irst & r e f M 6 % ser d u e 19541 1924
6 g A -O
$ 8 ,0 0 0 ,0 0 0 O c t 1 1954
(c * $500 & $ 1 ,0 0 0 , a n d $ 1 ,- /C e n t r a l U n io n T r u s t C o . , N e w Y o r k , tru ste e .
000 r * ) g o l d -----------------------t f j
Birm Ry, L & P g e n M r e f f 1904
414 g A -O 8 ,6 6 2 ,0 0 0 A p r 1 1954
$ 1 0 ,0 0 0 ,0 0 0 g o ld ( $ l,0 0 0 )c * I n t. a t C a n a l-C o m m e r c ia l T r . & S a v . B k .,
I N e w O rl., tr u s ., o r a t N . Y . T r . C o . , N . Y .
Stock.— P r e f. is r e d . a t $110 p er share a n d d iv s . I n D e c . 1924 th e O ld
C o lo n y T r u s t C o ., B o s t o n , W . C . L a n g le y & C o ., S p en cer T ra sk & C o .
an d J a ck son & C u rtis offered 2 0 ,000 shares p r e f. a t $98 p er share a n d d i v .,
t o y ie ld 7 .1 4 % . V . 120, p . 84.
Bonds.— F irst & r e f. m tg e . 6 % series d u e 1954 are re d e e m a b le , a ll o r i n
p a r t, o n a n y in tere st d a te o n six w e e k s’ n o t ic e th r o u g h O c t . 1 1928 a t 105
a n d in terest; th erea fte r th r o u g h O c t . 1 1933 a t 1 0 4 K a n d in t .; th e re a fte r
th r o u g h O c t . 1 1938 a t 104 and in te re st; an d th e re a fte r a t 1 0 3 14 an d in te re st
less M o f 1 % fo r e a ch fu ll y e a r elap sed s u b se q u e n t t o M a r c h 1 1939. In te r
est p a y a b le in N e w Y o r k C it y . P e n n s y lv a n ia 4 m ills ta x re fu n d e d . $ 8 ,0 0 0 ,0 0 0 fir s t & r e f. m tg e . 6 % series d u e 1954 w ere offered in A p ril 1924 b y
a s y n d ic a te h e a d e d b y H arris, F o rb e s & C o . , at 9 7 14 a n d in te re s t, t o y ie ld
6 . 1 8 % . V . 118, p . 204 0.
O f th e B ir m in g h a m R y ., L ig h t & P o w e r g e n . m t g e . o f 190 4, n o m o r e b o n d s
c a n b e issu ed . Sinking fund o f 14 o f 1 % o f b o n d s o u t b e g a n A u g . 1 1924.
T h e b o n d s are subject to call a t 105 a n d in terest o n a n y in te re st d a y on
60 d a y s ’ n o t ic e .
E A R N I N G S .—
F o r c a l. y ea rs:
192 4.
1923.
192 2.
1921.
G ro s s earn s, fr o m o p e r _ . $ 7 ,8 5 4 ,6 6 0 $ 7 ,1 2 2 ,5 6 9 $ 6 ,1 3 8 ,1 5 8 $5,9 8 6 ,6 6 9
O p e r . e x p ., in c l. t a x e s - 5 ,2 7 3 ,2 0 2 4 ,802,591
4 ,4 0 5 ,5 9 0
4 ,4 2 7 ,4 2 6
N e t ea rn in g s___________ $ 2 ,5 8 1 ,4 5 8
T o t a l in c o m e ----------------- $2,5 9 8 ,7 5 0
In te r e s t o n b o n d s _______
8 4 8 ,7 8 9
O th er in t . & d e d u c t io n s .
82,834
D iv s . o n P r e f. s t o c k ------105,000
R e n e w a l & r e p la c e ’t r e s .
598,512
$ 2 ,3 1 9 ,9 7 8
$ 1 ,7 3 2 ,5 6 8
173
THE MISSISSIPPI POW ER & L IG H T CO.
O R G A N I Z A T I O N .— O rg a n ize d in M a r y la n d in A p r il 1923 a n d a cq u ire d
a n d m e rg e d t h e D e lt a L ig h t & T r a c t io n C o . , J a ck s o n (M is s .) P u b lic S ervice
C o . (fo r h is to ry see “ E le c tr ic R a ilw a y " S u p p le m e n t o f A p ril 26 19241,
V ic k s b u r g (M is s .) L ig h t & T r a c t io n C o . (fo r h is t o r y see “ E le c t r ic R a ilw a y 1S u p p le m e n t o f A p r . 26 1924) a n d C o lu m b u s (M is s .) R y . L ig h t & P o w e r C o
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
F u rn ish es w ith o u t c o m p e t it io n th e e n tire e le ctr ic lig h t a n d p o w e r s erv ice
in J a c k s o n , V ic k s b u r g , C o lu m b u s , G re e n v ille , a n d in se ve ra l o th e r c o m
m u n itie s in M ississip p i; th e gas s e r v ic e in J a c k s o n an d C o lu m b u s , a n d th e
e le ctr ic ra ilw a y s e rv ice in J a c k s o n , V ic k s b u r g a n d C o lu m b u s . A ls o
fu rn ish es e le ctr ic lig h t a n d p o w e r a t w h olesa le a n d re ta il a t T u p e lo a n d th e
en tire e le ctr ic lig h t a n d p o w e r s e rv ice d ir e c t ly in several a d ja c e n t c o m
m u n itie s .
O w n s 5 e le ctr ic g e n e ra tin g sta tio n s w ith an a ggre ga te in stalled
c a p a c it y o f a p p ro x im a te ly 18,750 h . p ., a n d th e e le ctric d is trib u tin g system s
c o v e r in g th e v a r io u s c o m m u n itie s s e r v e d . P la n ts are lo c a te d a t J a c k s o n ,
V ic k s b u r g , G re e n v ille , C o lu m b u s a n d T u p e lo , C o lu m b u s . C o . also
o w n s th e g a s p la n ts a n d gas d is trib u tin g s y s te m s in J a ck so n a n d C o lu m b u s .
T h e e le ctr ic r a ilw a y sy s te m c o m p r is e s 2 6 .6 m iles o f sin gle tr a c k e q u iv a len t
a n d an a u x ilia ry b u s s e r v ic e . C o . serves o v e r 1 2 ,000 cu sto m e rs a n d ov er
1,5 0 0 gas c u s to m e rs .
Date.
Interest. Outstanding. Maturity.
STOCK A N D BO N DS—
___________ 2 1 ,0 0 0 shs ____________
C o m m o n s to c k (n o p a r ) _______ ____
___________ 1 0 ,0 0 0 shs J a n ’2 5 ,“ $2
P re fe rre d s t o c k (n o p a r ) _______ ____
6 14 g J - D $ 1 ,2 1 3 ,0 0 0 J u n e 1 1943
1st & r e f M sk f d ser “ A ” \ 1923
($1 0 0 , $50 0 & $ 1 ,0 0 0 ) g c * t f f I n t . a t G u a r a n ty T r u s t C o ., N . Y . , T r u s te e .
See t e x t
1 ,3 5 5 ,0 0 0 O c t 1 1 9 3 4
J a c k s o n P S C o 1st M ser b d s l 1919
($1 0 0 , $50 0 & $ 1 ,0 0 0 )-------c f C h ic a g o T r u s t C o . , C h ic a g o , T r u s te e .
1912
5-7 J -J
1 ,0 0 1 ,0 0 0 J u ly 1 1932
V ic k s b u r g L t & T r C o 1st M g
($500 a n d $ 1 ,0 0 0 )____ c * t f ( I n t . a t C e n tra l T r . C o . o f 111., C h ic ., T r u s te e .
6 M -S
2 6 5 ,0 0 0 M a r 1 1 9 3 0
V ic k s b u r g L t & T r C o d e b b d s l 1920
$ 4 0 0 ,0 0 0 g o ld ( $ l , 0 0 0 ) . c * t f f I n t . a t C e n tra l T r . C o . o f 111., C h ic ., T r u s te e .
6 g J -J
3 0 0 ,0 0 0 J u ly 1 1937
C o lu m b u s R y L t & P r 1st M l 1907
($500 & $ 1 ,0 0 0 ) g o l d ---------c j M e r ca n tile T r u s t & D e p . C o ., B a lt ., T r u s te e ]
Bonds.— 1st & r e f. m tg e . s e r. “ A " 614% b o n d s a re re d . all o r in p a r t
o n a n y in t. d a te o n 30 d a y s ’ n o t ic e a t 105 a n d in t . A s a sinking fund for
th e p u rch a se o r re d e m p tio n o f series “ A ” b o n d s a t n o t e x ce e d in g 105, c o .
w ill c o v e n a n t t o p a y t o th e tru s te e o n o r b e fo r e Ju n e 1 1926 an d e a ch y ear
th e re a fte r u p t o an d in c l. Ju n e 1 1934, a su m equa l t o 1 % o f th e ag g reg a te
p rin cip a l a m o u n t o f ser. “ A ” b o n d s o u ts ta n d in g o n th e p r e ce d in g last d a y
o f A p ril, a n d o n o r b e fo r e Ju n e 1 193 5, a n d e a ch y e a r th ereafter u p t o an d
in c l. Ju n e 1 1942, a su m e q u a l t o I K % o f th e a g g re g a te p rin cipa l a m o u n t
o f ser. “ A ” b o n d s o u ts ta n d in g o n th e p r e c e d in g last d a y o f A p ril. C o .
has a greed t o re fu n d P e n n a . a n d C o n n , p e rso n a l p r o p e r t y taxes n o t ex ceed
ing 4 m ills p e r a n n u m , a n d M a s s , in c o m e ta x n o t e x ce e d in g 6 % p e r an n u m
o n in c o m e d e r iv e d fr o m th e b o n d s . In N o v . 1923 $ 1 ,2 0 0 ,0 0 0 1st & r e f.
m tg e . ser. “ A ” 614s w ere offered b y W . C . L a n g le y & C o . a n d J o h n N ic k e r
son & C o ., N . Y . , a t 9 4 K a n d in t ., t o y ie ld 7 % . V . 117, p . 2 21 2.
The Jackson Pub. Serv. 1st Mtge. bonds bo re ; n t. a t th e ra te o f 5 % u p t o
A p ril 1 1922; s in ce , a t 6 % . A sinking fund o f an ■ u n t e qu a l t o 414%>
qp
o f o u ts ta n d in g b o n d s is p r o v id e d fo r b e g in n in g J u l y 'l 1 -24*io b e ap p lied
t o th e p u rch a se o r re d e m p tio n o f th ese b o n d s a t n o t o v e r 1 0 2 a n d in t . A r e
ca lla b le a t 102 a n d in t. o n a n y in t . d a te o n 40 d a y s ’ n o t ic e , f a t . p a y a b le
in N e w Y o r k a n d C h ic a g o .
O f th e Vicksburg Lt. & Trac. 1st Mtge. bonds o u ts ta n d in g $ 7 6 3 ,0 0 0 are 5s
a n d $ 2 3 8 ,0 0 0 are 5s w ith 2 % in te re s t c o u p o n s a d d e d .
R e d e e m a b le a t
105 a n d in t . o n a n y in t . d a t e . V . 9 5 , p . 49.
Vicksburg Lt & Trac. debentures are re d e e m a b le a t 101 a n d in t . o n a n y
in t . d a te . See V . 9 6 , p . 48 8 .
Columbus Ry. Lt. & Pow. Co. 1st 6s are r e d . a t 105 .
O F F I C E R S .— P r e s ., H . C . C o u c h ; V . - P . & G e n . M g r ., C . P J C o u c h J
V .- P . , J . L . L o n g in o ; S e c ., L . G a r re tt; T r e a s ., W . E . B a k e r .— V . 118,
p . 2 0 4 2 , 243 7; V . 119, p . 4 5 5 , 579 . 2 7 6 2 .
$ 1 ,5 5 9 ,2 4 3
N o t a v a ila b le .
B a la n ce f o r s u rp lu s___
$96 3,61 5
Latest Earnings.— 12 m o n th s e n d e d A u g . 31 1925: G ro s s , $ 8 ,2 7 5 ,4 2 5 ; n e t,
$ 2 ,7 5 7 ,9 4 2 ; t o t a l in c o m e , $ 2 ,7 8 1 ,3 2 5 ; in te re st o n b o n d s , $ 8 7 1 ,1 7 7 ; o th e r
in te re s t, & c ., $ 3 3 ,4 5 3 ; b a la n c e , $ 1 ,8 7 6 ,6 9 5 .— V . 118, p . 166 3, 2 0 4 0 , 3195;
V . 119, p . 2 6 4 4 ; V . 120, p . 8 4 , 1880.
LAUREL L IG H T & R A IL W A Y CO.
O R G A N I Z A T I O N .— I n c o r p . in M is s .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w n s a n d op e ra te s th e lig h tin g , p o w e r a n d s tre e t r a ilw a y s y s te m in th e
citie s o f L a u rel an d E llis v ille , M is s ., a n d an e le ctr ic in te ru rb a n ra ilw a y
b e tw e e n th e t w o c itie s . T h e lin es o u ts id e th e citie s a n d 2 m iles in L a u rel
are o n p r iv a t e r ig h t -o f-w a y . C o m p ris e s 614 m iles in L a u re l a n d 9 14 m iles
b e tw e e n L a u rel a n d E llis v ille ; t o t a l, 16 m ile s.
O w n s a p leasu re p a rk
b e tw e e n L a u rel an d E llis v ille . Franchised in L a u rel e x te n d t o 1943 (see
also V . 119, p . 106 4 ); in E U sville t o M a r c h 1937.
STO C K A N D BO N DS—
Date.
Interest. Outstanding. Maturity.
___________
$ 4 2 5 ,0 0 0 ____________
C o m m o n s t o c k _________________ ______
P re fe rre d s t o c k , 6 % ___________ ______
___________
7 5 ,0 0 0 ------------------F irst m o r tg a g e $ 5 0 0 ,0 0 0 g o ld ! 1911
6 g J -J
4 3 5 ,0 0 0 J u ly 1 1936
($ 1 ,0 0 0 ) _______________ c * t f / I n t . a t F id e lit y T r u s t C o ., N . Y . , T r u s te e .
Serial n o te s $ 2 0 0 ,0 0 0 __________ 1924
6%
1 0 0 ,0 0 0
See te x t
L a u re l E l P & L t C o m t g e ------- -------------------------6 5 ,0 0 0 ____________
Bonds.— R e m a in in g $ 6 5 ,0 0 0 1st M . b o n d s are re s e rv e d t o re tire u n d er
ly in g b o n d s . N o t s u b je c t t o c a ll.
T h e 6 % n o te s are d u e s e ria lly fr o m S e p t. 1 1929 t o S e p t. 1 193 4. V . 119,
---------------------------- Years Ending Dec. 31 ---------------------------Earnings—
1 92 3.
1922.
1921.
192 0.
1919.
G r o s s _________________ $ 2 4 2 ,3 9 3
$ 2 2 9 ,3 6 4 $ 2 1 3 ,2 2 2 $ 2 0 4 ,9 7 6 $ 1 8 8 ,0 2 4
N e t ____________________ 1 1 0 ,2 1 4 1 0 4 ,4 0 9
9 7 ,2 5 2
8 1 ,0 7 0
6 3 ,068
O F F I C E R S .— P r e s ., M . R . W a lk e r ; V . - P , A . L . F o w le ; T r e a s . & SuptR . M . W a lk e r .— V . 105 , p . 1802; V . 107, p . 501 ; V . 119 , p . 106 4, 1172.
G U LFPORT & MISSISSIPPI COAST T R A C T IO N CO.
Sale.— I n D e c . 1924 it w a s r e p o r te d th a t th e M is s is s ip p i P o w e r C o . h a d
a cq u ire d th e c o m p a n y ’s p r o p e r tie s , r ig h ts, p r iv ile g e s a n d fra n ch ises.
V . 120. p . 8 6 . W e w e re in fo r m e d , h o w e v e r , t h a t o n Ja n . 1 1925 th e c o m
p a n y d is p o s e d o f its e le ctr ic lig h t a n d p o w e r g e n e ra tin g p la n t a n d d istrib u
t io n sy s te m s se rv in g G u lfp o r t , B ilo x i a n d P a ss C h ris tia n , b u t still ow n s a n d
o p e r a te s th e ra ilw a y s y s te m s e rv in g th e se t o w n s. T h e v e n d e e , (w h ose
n a m e w a s n o t s ta te d ) a ssu m e d all o u ts ta n d in g o b lig a tio n s (see “ P u b lic
U tilitie s C o m p e n d iu m ” o f M a y 2 1925) o f th e c o m p a n y , in c lu d in g its
fu n d e d d e b t. A ll b o n d s w e re r e tir e d a n d a n e w issu e o f 5 -y e a r 6 % g o ld
n o te s cre a te d .
O R G A N I Z A T I O N .— I n c o r p . in M is s is s ip p i in 1 9 0 5 . C o n s o lid a t io n o f
th e B ilo xi E le ctric R y . & P ow er C o . an d th e G u lfp o r t D e v e lo p m e n t C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O p erates 13 m iles o f tr a c k fr o m G u lfp o r t t o B ilo x i a n d 13.20 m iles fro m
G u lfp o r t t o P ass C h ristia n ; also 6 .6 3 m . o f tr a c k in B ilo x i; t o t a l, 3 2 .8 3 m .
STOCK A N D BO N DS—
Date.
Interest. Outstanding. Maturity.
S t o c k ___________________________________
________
$ 1 0 0 ,0 0 0 ____________
6 % g o ld n o t e s __________________ 1925
6%
3 0 0 ,0 0 0 J a n 1 1930
O F F I C E R S .— P r e s ., J . M . B a rr y ; V . - P . , B . G . E a to n ; S e c ., L a m a r
A ld r id g e ; T r e a s ., R o b t . M . M a c L e t c h ie .— V . 105 , p . 290 ; V . I l l , p . 588;
V . 118, p . 307 7; V . 120 , p . 86.
L O U IS IA N A
NEW ORLEANS PUBLIC SERVICE INC.
Control.— C o n tr o lle d b y E le c t r ic P o w e r & L ig h t C o r p .
M IS S IS S IP P I
SOUTHERN POWER & LIG H T CO.
rI n M a y 1925 t h e Electric Power & Light Corporation a c q u ir e d s u b s ta n tia lly
a ll o f t h e p r o p e r t y a n d assets a s an e n tire ty , in c lu d in g g o o d w ill a n d fra n
c h ises.
V . 120, p . 2 55 1, 3 18 9.
O R G A N I Z A T I O N .— C a m e in to e x iste n ce S e p t. 27 1922 as a m erger o f
the N e w O rleans P u b lic S e rv ice , I n c ., th e N e w O rleans R y . & L t . C o . ,
th e N e w O rleans & C a rr o llto n R R . , L t . & P r . C o . , th e N e w O rleans &
P o n tc h a rtr a in R R . C o . a n d th e O rlean s R R . C o . , a n d su b s e q u e n tly a c
q u ir e d th e p h y s ic a l p r o p e r tie s o f S t. C h a rle s S tr e e t R R . C o ., N e w O rleans
G a s L ig h t C o . , a n d N e w O rlean s C i t y R R . C o . , e a c h o f w h ic h p r o p e r tie s
h a d b e e n o p e r a te d u n d e r lea se s in ce p r e s e n t c o m p a n y b e g a n o p e r a tio n s in
1922. N e w O rleans P u b lic S e r v ice , I n c ., w a s in c o r p o r a te d A u g . 18 1922
u n d e r th e la w s o f L o u is ia n a as p e r p la n o f r e o r g a n iz a tio n o u t lin e d in th is
S e c tio n o f O c t . 28 1922.
174
PUBLIC UTILITIES
[V ol. 121.
Not* . — T h e o n ly c h a n g e In th e n a m e o f th e n e w N e w O rleans P u b lic
S er v ic e , I n c ., Is th e d r o p p in g o f tn e c o m m a b e tw e e n th e w o rd s S ervice
an d I n c .
N e w O rlean s P u b lic S e rvice I n c . c o n tr o ls th e fo llo w in g c o m p a n ie s :
C o . a n d all o f th e artificia l gas bu sin ess in th e cities o f B ilo x i, G u lf P o r t ,
P a ss C h ristia n , H a n s b o r o , L o n g B e a ch a n d M ississip p i C i t y , M ia s ., f o r
m e r ly d o n e b y th e G u lf C itie s G a s C o . C o . fu rn ish es n a tu ra l g a s th r o u g h
its a rtificia l gas d is trib u tin g s y s te m in S h re v e p o rt a n d T e x a rk a n a .
___
Amount N . O. P. S.
STOCKS—
Issued.
R a ilw a y s R e a lty C o ------------------------------------------------------$ 3 ,0 0 0
$2,5 0 0
1 0 0 ,0 0 0
9 9 .3 0 0
JefTerson & L a k e P o n tc h a rtr a ln R y . C o ____________
Merger o f Sub. Cos.— I n D e c . 1923 t h e S t. C h a rles S t. R R . a n d th e N e w
O rlean s G a s L ig h t C o . w e re m e rg e d in t o t h e p a r e n t c o . V . 117 , p . 2 21 3.
See also V . 119, p . 1844.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
T h e c o . op era tes a ll th e p la n ts (w ith o n e e x c e p tio n ) n o w g e n e ra tin g e le ctr ic
en e r g y fo r co m m e r c ia l p o w e r a n d lig h t in th e c it y o f N e w O rlean s, th e e n tire
g a s m a n u fa c tu r in g a n d d is trib u tin g p r o p e r tie s , a n d th e stre e t r a ilw a y sys
te m o f 221 m iles. I n c lu d e s (1 ) e le ctr ic ge n e ra tin g s ta tio n s w ith a ggre ga te
in s ta lle d c a p a c it y o f 9 0 ,2 0 0 k . w ., a n d 1,502 m ile s o f e le ctr ic d is trib u tin g
s y s te m ; (2) gas w o rk s w it h a m a n u fa c tu r in g c a p a c it y o f 1 9 ,1 2 4 ,0 0 0 c u . f t .
p e r d a y , h o ld e r c a p a c it y o f 7 ,5 8 0 ,0 0 0 c u . f t . , a n d 522 m ile s o f m a in s; (3)
a n d 221 m iles o f s tree t r a ilw a y tr a c k a n d 779 cars, in c lu d in g 700 p a ss. ca rs.
Agreement with City.— F o r p a r ticu la r s see “ E le c t r ic R a ilw a y ” S u p p le m e n t
o f A p r il 26 1924.
To Operate Buses.— See V . 118 , p . 1911.
STO CK A N D BO N DS—
Date.
Interest. Outstanding. Maturity.
C o m m o n s t o c k (n o p a r ) _______ ______
________
7 0 1 ,3 2 7 sh s.
See tex*
$7 Q -J
4 3 ,1 7 7 shs. O c t ’2 5 $ 1 .7 5
P r e f s t o c k 7 % c u m (n o p a r ) ___ ______
1st & r e f M series “ A ” _______ / 1922
5 g A -O
1 2 ,0 0 0 ,0 0 0 O c t 1 1952
Ser B ($ 1 ,0 0 0 , $50 0 c * a n d ) 1925
5 g J -D
5 ,0 0 0 ,0 0 0 Ju n e 1 1955
$ 1 ,0 0 0 a n d $ 1 0 ,0 0 0 r ) ______(C h a s e N a tio n a l B a n k , N e w Y o r k , tru ste e .
G e n lien 4 /£ % b d s $ 1 3 ,8 7 6 ,5001 1922
4H g .J -J 1 3 ,3 0 0 ,3 5 0 J u ly 1 1 9 3 5
($ 1 0 0 , $50 0 a n d $ 1 ,0 0 0 , a n d ( N e w Y o r k T r u s t C o . , N e w Y o r k , tru ste e ,
scrip 5s g o l d ____________ c * t f }
In c o m e b o n d s 6 % c u m ser “ A
1922
6%
4 ,7 7 5 ,9 0 0 N o v 1 1949
In c o m e b o n d s 6 % c u m ser “ B ” 1922
6%
fr 6 0 ,0 1 7 N o v 1 1 9 4
N O & C a r 1st M $ 2 ,0 0 0 ,0 0 0 / 1899
5 F -A
1 ,4 3 7 ,5 0 0 F e b 1 1933
a n d scrip o f $50 ) g o l d _ c * t f (
($5 0 0 a n d $ 1 ,0 0 0 )______n t f \ I n t . a t W h it n e y C e n t. N a t . B a n k , N e w O rl.
C a n a l & C la ib R R c o n s m t g e j 1896
6 g M -N
6 6 6 ,0 0 0 M a y 1 1946
$ 8 0 0 ,0 0 0 ($500 & $ l , 0 0 0 ) - - \ l n t . a t W h it n e y C e n t. N a t . B a n k , N e w O rl
E d is o n E le c o f N O 1st M J 1899
5 J -J
2 ,0 6 0 ,0 0 0 Jan 2 1929
($ 1 ,0 0 0 ) s f $ 2 ,5 0 0 ,0 0 0 c * t f \ l n t . a t A m e rica n T r u s t C o . , B o s t o n , T ru ste e .
M e r c h E l L t & P r C o 1st m t g e / 1899
5 g J-J
3 0 0 ,0 0 0 J u ly 1 1929
$ 5 0 0 ,0 0 0 g o ld ($ 5 0 0 ) - -C * t f \ I n t .a t M e r c h . L o a n & T r u s t C o ., C h ic ., T ru s .
N O C it y gen m tg $ 3 ,2 5 0 ,0 0 0 / 1899
5 g J -J
3 ,2 0 0 ,0 0 0 Ju n e 1 1943
g o ld ( $ 1 ,0 0 0 )___________ c * t f l l n t . a t In te rs ta te T r . & B k g . C o ., N e w O rl.
| F id e lity & C o l . T r u s t C o ., L o u is v ille , T r u s .
N e w O rleans C it y & L a k e 1 s t / 1893
5 g J -J
2 ,2 0 5 ,0 0 0 Jan 1 1 9 4 3
m tg e fo r $ 5 ,0 0 0 ,0 0 0 g o l d / Subject to call fo r sin k in g f u n d a t 110.
($500 a n d $ 1 ,0 0 0 )____ c * t f | Fidelity & C o l. T ru st C o ., L o u is v ille , T ru ste e .
\ In t. a t In te rsta te T r . & B k g . C o ., N e w O rl.
N O P o w er-h ou s e 1st m t g e / 1901
5 g J -J
2 0 0 ,0 0 0 J u ly 1 1943
g o ld $ 2 0 0 ,0 0 0 ($ 1 ,0 0 0 )- c t f / F id e lity & C o l . T ru s t C o . , L o u is v ille , T ru stee.
t in t , a t In te rsta te T r . & B k g . C o ., N e w O rl.
St C h arles St 1st M $ 6 0 0 ,0 0 0 / 1902 4 g J -J
3 7 5 ,0 0 0 Jan 1 1952
($ 1 ,0 0 0 ) g o ld _________ c n t f \ I n t . a t W h itn e y -C e n t. N a t . B k ., N e w O rl.
R y s R e a lt y C o 1st m t g e $ 4 0 0 ,-/ 1916
6 Q -M
5 1 ,0 0 0 M a r 1 1 9 3 1
0 0 0 ___________________________tH ib e r n ia B a n k & T r u s t C o . , T r u s te e .
Stock.— T h e $7 p r e f. is n o n -v o t in g s t o c k . Is e n title d t o $100 p e r share
a n d d iv id e n d s in case o f liq u id a tio n . R e d . as a w h o le a t $11 0 p r e sh are an d
d iv id e n d s . I n D e c . 1924 th e O ld C o lo n y T r u s t C o . , B o s t o n , a n d B o n b r ig h t
& C o . , I n c ., N e w Y o r k , offered 2 2 ,0 0 0 shares o f p r e f. s t o c k a t $97 p e r share
a n d d iv id e n d . V . 119, p . 2 6 4 7 .
Bonds.— T h e fir s t & r e f. m t g e . 5s (Series A ) are r e d e e m a b le , a ll o r p a r t, on
six w e e k s ’ n o t ic e , a t 105 a n d in t. o n o r b e fo r e O ct. 1 1927; a t 104 a n d in t . in
t h e n e x t f iv e years; a t 103 a n d in t . in th e n e x t fiv e ; a t 102 a n d in t. in th e
n e x t fiv e ; a t 101 a n d in t . in n e x t f iv e , a n d a t 1 0 0 ]/i. a n d in t . th e re a fte r p r io r
t o m a t u r it y .
T h e fir s t a n d r e f. m t g e . 5 % g o ld b o n d s , Series B , d u e Ju n e 1 1955. are
r e d e e m a b le , a ll o r p a r t, o n six w e e k s ’ n o tice , in c l. Ju n e 1 193 0, a t 105; in
th e n e x t fo u r years a t 104; a t 103 in th e n ext fiv e ; a t 102 in th e n e x t fiv e ; a t
101 in th e n e x t fiv e ; a n d a t 1 0 0 % th e re a fte r; in e a ch case w ith in terest.
In te r e s t p a y a b le in N e w Y o r k a n d N e w O rleans. P e n n a . 4 m ill ta x r e fu n d
a b le . D illo n , R e a d & C o . s o ld in Ju n e 1925, $ 5 ,0 0 0 ,0 0 0 a t 9 5 K an d in t.,
t o y ie ld 5 .3 7 % . V . 120 , p . 3 0 6 5 . B o t h series liste d o n N e w Y o r k S to c k
E x ch a n g e . V . 121, p . 1102.
T h e g e n . lie n 4 / 4 % b o n d s are c a ll, a ll o r in p a r t a t a n y t im e , o n 6 w e e k s’
n o t ic e a t 105 a n d in t . I n t . p a y a b le in N . Y . an d N e w O rlean s. $ 1 ,6 5 0 ,0 0 0
w ere offered b y J a ck s o n & C u rtis , O ld C o lo n y T r u s t C o . a n d T u c k e r , A n
th o n y & C o . in A u g . 1924 a t 8 6 /4 & i u t ., t o y ie ld a b o u t 6 / 4 % .
V . 119,
p . 943 .
T h e 6 % c u m . in c o m e b o n d s m a tu r in g N o v . 1 1949 are d e s ig n a te d r e s p e c
t iv e ly Ser. A a n d S er. B (S e r. A t o b e p a y a b le in U . S . d o lla rs a n d S er. B
p a y a b le p r i n . a n d i n t . in F r e n c h f r a n c s ) . T h e Ir v in g B a n k -C o lu m b ia T r u s t
C o . , N . Y . , is c o u p o n p a y in g a g e n t.
O n th e N e w O rleans & C a r r o llto n co n s o lid a te d b o n d s , $ 3 0 ,0 0 0 p e r a n n u m
is p a y a b le t o a sinking fund.
A sinking fund o f $ 3 0 ,0 0 0 p e r a n n u m is p r o v id e d fo r th e r e d e m p tio n o f th e
N . O . C ity & L ake R R . b on d s.
T h e M e r c h a n t s ’ E le c . C o . b o n d s are s u b je c t t o c a ll a t 102 a n d in t . at
a n y tim e .
T h e S t. C h a rles S t. R R . b o n d s are n o t s u b . to c a ll.
E d is o n E le c . C o . o f N . O . b o n d s h a v e sinking fund o f 1 % p e r an n u m
o f bonds o u t.
A sinking fund o f $ 1 5 ,0 0 0 a n n u a lly , s in c e J a n . 1 1920, is p r o v id e d fo r
th e re d e m p tio n o f C a n a l & C a lib . 6 % b o n d s .
Dividends.— In D e c . 1923 a d i v . o f $8 p e r share w as d e c la r e d o n th e c o m .
s t o c k o f $100 p a r , p a y a b le in c o m m o n . V . 117, p . 2 7 7 0 . I n S e p t. 1924
s to c k w as c h a n g e d t o n o p a r v a lu e a n d 4 shares o f n o p a r c o m m o n e x ch a n g e d
fo r e a c h o ld share o f $100 p a r . D iv s . s u b s e q u e n tly p a id e q u iv a le n t t o $2 25
p er a n n u m , b a s e d o n p re s e n t n o p a r s t o c k .
R E P O R T . — F o r c a le n d a r y e a rs :
12 Months Ended Dec. 31—
1 92 4.
192 3.
G ro s s earn in gs fr o m o p e r a t io n _______________________$ 1 4 ,8 7 0 ,8 4 0 $ 1 4 ,4 0 7 ,6 0 1
O p e ra tin g exp en ses a n d ta x e s ________________________ 1 0 ,0 3 6 ,5 0 8
9 ,8 0 4 ,1 1 6
STOCK AN D BON DS—
Date.
Interest. Outstanding. Maturity.
C o m m o n $ 3 ,5 0 0 ,0 0 0 ( $ 1 0 0 )__________
___________ $ 3 ,0 5 0 ,0 0 0 ______________
P r e f 8 % c u m $ 5 ,0 0 0 ,0 0 0 ($1 0 0 )
..............................
7 2 0 ,7 0 0 ____________
P r e f 7 % c u m ($ 1 0 0 )____________________
7
Q -J
1 ,8 3 4 ,0 0 0 O c t ’2 5 1%
1st
&
ref
m tg e
c lo s e d / 1912
5 -8 g F - A
3 ,9 4 2 ,5 0 0 A u g 1 193 2($ 5 0 0 & $ 1 ,0 0 0 ) g o l d ____ c * (C e n tr a l T r u s t C o . o f 111., C h ic a g o , tr u s te e .
G e n m t g ser o f N o v '2 2 ($ 1 0 0 ,/ 1922
6 g M -N
4 ,1 3 4 ,5 0 0 N o v 1 1 9 5 7
$5 0 0 & $ 1 ,0 0 0 ) g o i d ___ c * t f ( C e n t r a l T r . C o . o f 111., C h ic a g o , tr u s te e .
T e x a rk a n a G as & E le c t r ic lst| 1905
5 g J -J
4 4 3 ,5 0 0 J u ly 1 1930'
m tg e c lo s e d ( $ 5 0 0 )
g c * ( I n t . a t C e n tr a l T r . C o . o f 111., C h ic ., t r u s t e e
B e a u m o n t G as L ig h t
C o l s t l 1914
6 g J -D
9 8 1 ,0 0 0 J u n e 1 1944
m tg e c lo s e d ($ 1 0 0 , $ 5 0 0 {C e n t r a l T r u s t C o . o f Illin o is, C h ic a g o ,
& $ 1 ,0 0 0 ) ________________ c * l
tru ste e .
G u lf C ities G as 1st M t g e / 1916
6 g J -J
4 0 0 ,0 0 0 J u ly 1 193 6
c lo s e d ($100 & m u ltip le s) c*| I n t . a t C e n tr a l T r . C o . o f 111., C h ic ., tr u s te e .
Stock.— P r e f. 8 % c u m . is c a ll, o n a n y in t . d a t e o n 30 d a y s ’ n o t ic e a t p a r .
7 % c u m . p r e f. s t o c k is c a o l ., w h o le o r p a r t , o n 30 d a y s ’ n o t ic e a t 107 a n d
d iv . I n J u ly 1925 A . B . L e a ch & C o . sold $ 1 ,8 3 4 ,0 0 0 7 % c u m . p r e f. s t o c k
a t 96 a n d in t. t o y ie ld 7 . 2 9 % . V . 121 , p . 4 6 1 .
Bonds.— O f t h e l s i & Ref. Mtge. b o n d s , $ 1 0 3 ,0 0 0 c a r r y a d d itio n a l 3 %
c o u p o n s a tta z c h e d , th e r e m a in d e r b e in g 5s. A r e c a ll, o n a n y in t . d a t e a t
102 % & in t . M t g e . p r o v id e s f o r sinking fund o f $ 7 5 ,0 0 0 p e r a n n u m fo r
fir s t 10 y e a rs, c o m m e n c in g O c t . 1 191 3, a n d $ 5 0 ,0 0 0 p e r a n n u m . I n t . a t
o ffic e o f tru ste e a n d a t t h e F ir s t N a t . B a n k , N e w Y o r k .
Gen. Mtge. 6s, Ser. of Nov. 192 2, are r e d . a ll o r in p a r t o n a n y in t . d a t e o n
60 d a y s ’ n o t ic e a t 105 & in t. d u r in g t h e fir s t 15 y e a rs , a t 102 & in t . d u r in g
th e n e x t 19 y e a rs , a n d a t 100 & in t . d u r in g th e la s t y e a r . M t g e . p r o v id e s
fo r impt. & sinking fund c o m m e n c in g N o v . 1 1923 o f 1 % a n n u a lly o f all
g e n . m t g e . a n d u n d e rly in g b o n d s o u t s t a n d in g . I n t . p a y a b le a t o ffic e of"
tru ste e , C h ic a g o , o r a t C h a se N a t . B a n k , N . Y .
P e n n a . 4 -m ill ta x a n d
t h e th e n p re se n t M a r y la n d secu ritie s ta x r e fu n d e d . I n O c t . 1922 H . T .
H o lt z & C o . , C e n tra l T r u s t C o . o f 111., C h ic a g o , an d H a m b le to n & C o . ,
N . Y . , sold $ 2 ,5 0 0 ,0 0 0 g e n . m t g e . 6s a t 9 0 , t o y ie ld 5H %• V . 115, p . 1 8 4 7 .
Texarkana Gas <£ Elec. Co. l s f 5s are c a ll, a t 105 & in t . o n a n y in t . d a te .
Beaumont Gas Lt. Co. l s f 6s are c a ll, a t 101 & in t . o n a n y in t . d a t e . I n t .
a t o ffic e o f tr u s te e , C h ic a g o , o r a t F ir s t N a t . B a n k , N . Y .
Gulf Cities Gas l s f Mtge. 6s are c a ll, a t 101 & in t . o n a n y in t . d a te .
Dividends.— A r e b e in g p a id r e g u la rly o n p r e f. O n c o m ., 4 % p a id in 1918
In 1919, 6 % ; in 1920, 2 % ; in 1921, l / £ % ; 1922, 1 / 4 % ; 1923, 2 / 4 % ; 1924
6%.
Owned by
E A R N I N G S .— F o r y e a rs e n d in g D e c . 3 1 :
Calendar Years—
1924.
G r o s s _____________________________________ $ 3 ,7 8 1 ,0 4 3
O p e r ., m a in te n a n ce a n d t a x e s .________
2 ,7 3 6 ,4 3 1
192 3.
$ 3 ,3 6 3 ,2 1 3
2 ,4 5 2 ,6 6 8
1922.
$ 2 ,5 3 5 ,3 7 4
1,893,751
N e t ____________________________________ $ 1 ,0 4 4 ,6 1 2
B o n d in te re s t____________________
5 0 5 ,8 8 5
$ 9 1 0 ,5 4 5
4 6 1 ,5 4 3
$6 4 1 ,6 2 3
3 5 4 ,1 3 4
B a la n ce , su rp lu s____________________
$53 8 ,7 2 7
$ 4 4 9 ,0 0 2
$28 7 ,4 8 9
x T h e 1923 earnings in c lu d e th e earnings o f t h e B e a u m o n t G a s L ig h t C o .
a n d t h e G u lf C ities G a s C o . fr o m J a n . 1 1923 t o J u ly 31 1923, o n w h ic h d a te
t h e y w e re ta k e n o v e r b y t h e c o m p a n y .
O F F I C E R S .— P r e s ., J a m e s C . K e n n e d y ; V . - P s ., A . G . C u r t is , W . L
W o o d J r ., M . T . W a lk e r , D . G . S kin n er; S e c ., E . H . W ils o n ; T r e a s ., H . L N ic k e r s o n .— V . 117 , p . 1787; V . 121 , p . 4 6 1 , 5 8 8 .
LAKE CHARLES R Y ., L IG H T & W A TE R -W O R K S CO.
S o ld in A u g . 1 1924 t o th e L a k e C h a rles E le c . C o . , I n c ., w h ic h w a s
in tu rn a c q u ir e d b y th e E a s te rn T e x a s E le c . C o . (w h ic h s e e ). F o r h is t o r y
o f L a k e C h a rle s R y . , L t . & W a te r W o rk s C o . , see “ E le c t r ic R a ilw a y ” '
S u p p le m e n t o f A p r il 26 1924.
BATON ROUGE ELECTRIC CO.
O R G A N IZ A T IO N ,
& c — O rg a n ize d in
L o u is ia n a .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
D o e s e n tire e le ctr ic r a ilw a y , e le ctr ic lig h tin g , p o w e r a n d gas bu sin ess in.
B a to n R o u g e . O perates 6 37 m ile s o f tr a c k in fo r m o f a s in g le b e lt t h r o u g h
B a to n R o u g e ; 21 cars; s ta n d a r d g a u g e . P o w e r s t a t io n c a p a c it y , 3 ,0 0 0 k .w .
R a ilw a y franchise exp ires 1940; g a s, 1942; e le c t r ic lig h tin g a n d p o w e r , 198 8.
V . 88. p . 88 1 .
I n M a y 1925 c o . c h a n g e d t h e a u th o r iz e d c o m m o n s t o c k fr o m 8 ,0 0 0 sh ares,
p a r $ 10 0, t o 6 5 ,0 0 0 sh ares o f n o p a r v a lu e , a t th e r a t io o f 4 n e w shares fo r
e a c h o ld s h a re . A ls o d e c id e d t o e lim in a te th e th e n a u th o r iz e d $ 2 5 0 ,0 0 0
6 % p r e f. s t o c k (p a r $10 0) a n d t o p r o v id e in lie u t h e r e o f an issu e o f p r e f.
s t o c k in series A , B , & c. A n issu e o f $ 4 2 5 ,0 0 0 Series A w a s a p p r o v e d ,
p a y in g 7 % d i v . (cu m u la tiv e ) a n d r e d e e m a b le a t 115. V . 121 , p . 109 9.
STO C K A N D BO N DS—
Date.
Interest. Outstanding. Maturity.
C o m m o n 6 5 ,0 0 0 shs (n o p a r ) . . ____
________
4 0 ,8 7 3 sh s. D e c ’ 2 5 , 5 %
P r e f $ 2 5 0 ,0 0 0 ($100) 6 % ____________
J -D
2 0 0 ,0 0 0 D e c ’2 5 ,3 %
1st m tg e Ser " A ” $ 1 5 ,0 0 0 ,0 0 0 / 1924
5H g J - D
9 9 0 ,0 0 0 J u n e 1 1954
($ 1 0 0 , $50 0 & $ l ,0 0 0 ) _ c * t f \ I n t . a t O ld C o l o n y T r u s t C o . , B o s t o n , tru stee
Stock.— D iv . o n p r e f. is c u m u la t iv e fr o m J u n e 191 2. R e d e e m a b le a t 110 .
Bonds.— 1st M t g e . 5Z£s S er. “ A ” are r e d . as a w h o le (o r in p a r t f o r sinkingfu n d ) o n 3 0 d a y s ’ n o t ic e a t 105 & in t . p r io r t o Ju n e 1 1944, re d u c in g /^ o f
1 % fo r e a ch y e a r th e re a fte r t o 100 & in t . o n a n d a fte r Ju n e 1 195 3. Sinking>
fund p a y a b le J a n . 1 o f 1 % p e r a n n . o f S er. “ A ” o u ts ta n d in g , t o b e a p p lie d
t o p u rch a se o f b o n d s o f th is series a t n o t e x c e e d in g 100 & in t . $ 1 ,0 0 0 ,0 0 0
Ser. “ A ” b o n d s w ere offered in Ju n e 1924 b y B lo d g e t & C o . a n d S ton e &
W e b s te r, I n c ., a t 93 & i n t ., t o y ie ld o v e r 6 % .
V . 118 , p . 2 9 4 6 .
Dividends.— O n p r e f., 3 % se m i-a n n . fr o m D e c . 1911 t o a n d in c l. D e c .,
192 4. I n itia l d iv . o f 2 % o n c o m . p a id D e c . 191 5. I n 1916, 7 % . In 191 7,
8 % . I n 1918, 8 % . I n 1919, 8 % .
I n 192 0. 8 % .
In 192 1, 9 % . In
192 2, 1 0 % . I n 1923, 1 0 % .
I n 1 92 4, 1 0 % .
I n J u n e 192 5, 5 % . On,
th e n e w (n o p a r ) c o m m o n s t o c k , in S e p t. 1 9 2 5 , 6 2 % c .
E A R N I N G S .— F o r 12 m o n th s e n d in g J u n e 3 0 :
N e t ea rn in g s ________________________________________$ 4 ,8 3 4 ,3 3 2 $ 4 ,6 0 3 ,4 8 5
O th e r in c o m e _________________________________________
150 ,643
152 ,094
G r o s s ___________________________________________________
O p e r a tin g e xp en ses a d ta x e s -----------------------------------
1925.
$73 7 ,8 6 3
4 7 1 ,3 0 5
1924.
$66 4,15 6
4 4 5 ,7 9 8
T o t a l i n c o m e _________________________________________ $ 4 ,9 8 4 ,9 7 5
In te r e s t o n b o n d s _______________________________________$ 2 ,0 6 5 ,0 9 9
O th er in teres t a n d d e d u c t io n s _______________________
1 21 ,508
D iv id e n d s o n p re fe rr e d s t o c k _______________________
3 7 4 ,0 8 9
N e t ______________________________ - ___________________
In te r e s t a n d a m o r tiz a tio n c h a r g e s ___________________
$ 2 6 6 ,5 5 8
6 7 ,7 1 2
$2 1 8 ,3 5 8
3 4 ,7 2 3
$ 1 9 8 ,8 4 6
$18 3 ,6 3 4
$ 4 ,7 5 5 ,5 7 9
$ 2 ,1 0 3 ,2 9 3
100 ,763
2 9 9 ,1 6 6
B a la n c e ___________ __________________________________$ 2 ,4 2 4 ,2 7 9 $ 2 ,2 5 2 ,3 5 7
Latest Earnings.— 12 m o n th s e n d e d A u g . 31 1925: G ross, $ 1 5 ,1 9 0 ,9 1 4 ;
n e t ea rn in gs, $ 5 ,1 1 7 ,2 9 4 ; to t a l in c o m e , $ 5 ,3 2 6 ,3 1 5 ; b o n d in terest, $ 2 ,0 8 2 ,157; m is c . d e d u ctio n s , $ 1 3 3 ,8 4 3 ; b a la n c e b e fo r e p r e f. d iv s ., $ 3 ,1 1 0 ,3 1 5 .
O F F I C E R S .— P r e s ., H . B . F lo w e rs; V . - P s ., E . W . H ill, W . C . L a n g
a n d A . B . P a te r so n ; S e c ., J . H . D e G ra n g e ; G e n . A u d ., A . B . M c O o a r d ;
T r e a s ., H . A . F e r r a n d o u — V . 118 , p . 7 9 4 , 1911, 2 0 4 2 , 1573; V . 119,
p . 3 2 5 , 9 4 3 , 1 51 0, 184 4, 195 2, 2 6 4 7 ; V . 120, p . 1459, 1881, 3 06 5; V . 121,
p . 2 0 0 , 110 2.
___________________
SOUTHW ESTERN GAS AND ELECTRIC CO.
O R G A N I Z A T I O N . — I n c o r p . in D e la w a r e in 1912. I n J u ly 1925 it w as
r e p o r te d th a t t h e M id d le W e s t U tilitie s C o . h a d p u rch a s e d a la rg e b lo c k
o f th e stock o f th e co m p a n y .
V . 121, p . 588 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
D o e s t h e e n tire gas, e le c t r ic lig h t a n d p o w e r business in th e c it y o f S h re v e
p o r t , L a ., a n d its s u b u r b s , a n d t h e en tire ga s, e le ctr ic lig h t, p o w e r an d
s tr e e t r a ilw a y b u sin ess in t h e c it y o f T e x a rk a n a , T e x ., a n d A rk a n sa s.
O w ns a n d op era tes p ip e lin e b e tw e e n S h re v e p o rt a n d T e x a rk a n a , s u p p ly
in g natu ral gas t o villa g e s a lo n g th e w a y ; do e s all t h e a rtificia l gas bu sin ess
jn th e C it y o f B e a u m o n t. T e x a s , fo rm e r ly d o n e b y th e B e a u m o n t G a s L ig h t
B a la n ce (fo r
r e s ., re tire m e n ts a n d d i v s .) -----------
O F F I C E R S .— P r e s ., H a r r y H . H u n t ; V . - P s ., E d w . G o d c h a u x ; S e c .,
V ic t o r D . V ic k e r y ; T r e a s ., H e n r y B . S aw yer; G e n . M g r s ., S to n e & W e b s te r M g t . A s s n .; M g r ., J a m e s F . M c L a u g h lin .— V . 101 , p . 1806; V . 104 , p . 1488;
V . I l l ) , p . 76; V . 113, p . 2 40 4; V . 116, p . 7 4 ; V . 118 , p . 2 94 6, 3 07 5; V ..
121 , p . 58 4 , 1099.
__________ __
SH REVEPORT R A IL W A Y S CO.
O R G A N I Z A T I O N .— S u cce sso r o f th e S h r e v e p o rt T r a c t io n C o ., th e fra n
chises a n d p ro p e rtie s o f w h ic h c o m p a n y w e re p u r c h a s e d in J u ly 1914 b y th e
S h re v e p o rt Railways C o .
S h re v e p o rt T r a c . C o . , in t u r n , s u c c e e d e d th e
S h re ve p o rt B e lt R y . C o . a n d S h re v e p o rt C i t y R R . , ch a rte re d in 1870, a n d
p u rch a s e d th e H ig h la n d P a rk T r a c . C o . a n d th e S h re v e p o rt C it y S u b u rb a n
Ry.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w n s an d op e ra te s e n tire stre e t r a ilw a y y s te m in c it y o f S h r e v e p o rt.
O perates 35 m ile s o f tr a c k ; 6 0 , 70 a n d 8 0 -lb . r a il.
O w n s a n d o p e ra te s ,
its o w n p o w e r p la n t . 10 sin g le -tr u c k a n d 31 d o u b le -t r u c k p a ss. c a r s .
14
o n e -m a n ca rs , 1 w o r k c a r a n d 2 m is ce lla n e o u s c a r s .
Franchises.— In 1912 a ll fra n ch ise s o f th e c o m p a n y w e re e x ten d ed u ntil,
195 4. A ll fra n ch ises are fre e fr o m b u r d e n so m e re strictio n s.
Oct., 1925.]
POWER, LIGHT AND RAILW AY
STOCK A N D BO N DS—
Date. Interest. Outstanding. Maturity.
Stock $ 2 ,0 0 0 ,0 0 0 _____________________
________
$ 1 ,0 0 0 ,0 0 0 J a n ’2 3 , 3 %
1st M ser g o ld b d s $ 3 ,0 0 0 ,0 0 0 / 1914
5 g J -J
6 7 0 ,0 0 0
See te x t
($100, $50 0 & $ 1 ,0 0 0 ) c * t f \ In t. a t H ib e rn ia B k . & T r . C o . , N . O ., t r u s t.
Bonds.— R e d e e m a b le a t 103 a n d in te re s t. T h e $ 8 0 0 ,0 0 0 b o n d s issu ed
m atu re in an n u a l in s ta llm e n ts as fo llo w s (par v a lu e $ 1 ,0 0 0 , e x c e p t fo r
$50 ,000 o f $500 b o n d s a n d $ 2 0 ,0 0 0 o f $100 b o n d s d u e in 1944) $ 1 0 ,0 0 0
1918 a n d 1919; $ 1 5 ,0 0 0 1920 a n d 1921; $ 2 0 ,0 0 0 1922 t o 1927; $ 2 5 ,0 0 0
1928 t o 1932; $ 3 0 ,0 0 0 1933 t o 1937; $ 2 5 ,0 0 0 1938 t o 1942; $ 2 0 ,0 0 0 1943;
$210,000 194 4. T h e re m a in in g $ 2 ,2 0 0 ,0 0 0 w ill fa ll d u e a n n u a lly as fo llo w s
(par $ 1 ,0 0 0 , e x c e p t $ 1 0 0 ,0 0 0 o f $50 0 b o n d s a n d $ 8 0 ,0 0 0 o f $100 b o n d s
d u e in 194 4 ); $ 5 ,0 0 0 1925 t o 1937; $ 1 5 ,0 0 0 1938 t o 1942; $ 2 0 ,0 0 0 1943,
an d $ 2 ,0 4 0 ,0 0 0 in 1 94 4. $ 1 3 0 ,0 0 0 r e d e e m e d t o A p r . 1 1925., T h e se r e m a in
in g $ 2 ,2 0 0 ,0 0 0 b o n d s m a y b e c e r tifie d a n d issu ed fr o m tim e t o tim e fo r
im p ro v e m e n ts , ex te n s io n s , a d d itio n s , & c ., u n d e r c e r ta in r e s tric tio n s .
(V . 99, p . 1 9 9 ).
R E P O R T . — F o r y e a r s e n d in g D e c . 31
Year—
Gross.
Net.
Interest.
Surplus.
192 4_________________________ $65 0 ,1 9 1
$ 3 5 ,8 1 0
$ 4 2 ,8 5 9
d e f$ 7 ,0 4 9
6 5 0 ,8 6 6
6 5 ,2 5 4
4 0 ,2 1 0
2 5 ,044
1923______________________
1 9 2 2 ________
629,421
9 3 .3 5 3
4 0 .6 9 9
52.654
— V. 115, p . 2 79 4; V . 116 , p . 1412; V . 117, p . 20 9 ; V . 118, p . 1521; Y . 120, p .
455.
ARKANSAS
FEDERAL LIG H T & TRA CTIO N CO.
O R G A N I Z A T I O N .— In c o r p o r a t e d in 1910 in N e w Y o r k . H o ld s a c o n
tr o llin g in teres t in th e fo llo w in g c o m p a n ie s o p e ra tin g g a s , e le ctr ic lig h tin g ,
stea m h e a t , ic e a n d tr a c tio n p r o p e r tie s lo c a te d in citie s m e n tio n e d in title s .
A lb u q u e r q u e ( N . M . ) G a s & E l. C o . N e w B ru n sw ick (S t. J o h n , N . B .)
C e n tra l A rk a n sa s R y . & L t . C o r p .,
P ow er C o .
R a w lin s ( W y o .) E le c . L t . & F u e l C o .
H o t S p rin gs, A r k .
S heridan ( W y o .) C o u n t y E le c . C o .
H o t S p rin gs S treet R y . C o .
S p rin g fie ld ( M o .) R y . & L ig h t C o .
H o t S p rin gs W a te r C o .
S p rin g fie ld ( M o .) G a s & E le c . C o .
C itiz e n s ’ E le c t r ic C o .
S n rin gfield ( M o .) T r a c t io n C o .
C o n s u m e rs ’ G a s C o .
T r in id a d (C o l.) E l.T r a n s m .,R y .& G a s
D e m in g ( N . H .) I c e & E le c . C o .
G ra y s H a r b o r R y . & L t . C o ., A b e r T u c s o n (A r iz .) G a s , E le c . L ig h t &
Pow er C o .
d e e n , W a s h . ( V . 8 6 , p . 4 2 0 ).
L a s V e g a s ( N . M . ) L t . & P o w e r C o . T u c s o n (A r iz .) R a p id T r a n s it C o .
W illa p a E le c . C o . (R a y m o n d , W a s h .)
L a s V e g a s -( N . M .) T r a n s it C o .
T h e en tire ca p ita l s t o c k a n d all th e u n d e rly in g b o n d s o f all o f th e a b o v e
20 c o m p a n ie s , e x c e p t th e $ 1 ,3 2 5 ,2 0 0 p r e f. s t o c k a n d $ 1 ,6 7 5 ,5 0 0 1st lien
b o n d s o f th e C e n tra l A rk a n sa s R y . & L t . C o r p .; $ 9 1 7 ,0 0 0 p re fe rre d s t o c k
a n d $ 2 ,5 5 1 ,0 0 0 b o n d s o f th e S p rin g fie ld R y . & L t . C o . a n d $10 0 p a r v a lu e
o f b o n d s a n d $ 8 1 ,0 5 0 s t o c k o f T u c s o n R a p id T r a n sit.
See d e s c r ip tio n
a n d p r o p e r tie s in V . 9 0 , p . 1490.
Change in Capital Stock.— I n A p r il 1925 th e a u th o r iz e d c o m m o n s t o c k
w a s c h a n g e d f r o m 8 5 ,0 0 0 n o p a r shares t o 1 ,0 0 0 ,0 0 0 shares o f $15 p a r v a lu e .
F o r e a ch o ld share f iv e n e w shares (par $15) w ere g iv e n . V . 120, p . 2400
T h e p referred s t o c k w as c h a n g e d f r o m $100 p a r to n o p a r , sh are fo r share.
V . 120, p . 2 2 6 7 , 2 5 5 0 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o n tr o lle d co m p a n ie s o p e r a tin g in v a rio u s c itie s h a v e a b o u t 64 m . o f t r a c k .
T h e s to c k h o ld e r s w ere t o v o t e A p r il 28 1925 (a) o n ca n c e lin g th e a u th .
issue o f $ 1 0 ,0 0 0 ,0 0 0 8 % p r e f. s t o c k (n o n e o u ts ta n d in g ); (6) o n c h a n g in g th e
p r e f. s to c k fr o m 5 5 ,0 0 0 sh ares, p a r $ 1 0 0 , t o 5 5 ,0 0 0 shares o f n o p ar v a lu e
a n d in crea sin g t h e n u m b e r o f shares t o 1 5 5 ,0 0 0 ; a n d (c) o n ch a n g in g th e
c o m . s t o c k fro m 8 5 ,0 0 0 shares o f n o p a r v a lu e t o 4 2 5 ,0 0 0 sh ares, p a r $1 5 ,
a n d in crea sin g th e n u m b e r o f sh ares t o 1 ,0 0 0 ,0 0 0 .
I f th e c h a n g e s are a p p r o v e d , t h e c o m p a n y p r o p o s e s t o issu e n e w n o p a r
p r e f. shares in ex ch a n g e fo r th e p re s e n t o u ts ta n d in g p r e f. s t o c k , share fo r
sh a re, a n d t o issu e f iv e shares o f n e w c o m . s t o c k (p a r $15 ) in e x ch a n g e fo r
e a c h share o f n o p a r v a lu e c o m . s t o c k o u ts ta n d in g . V . 120, p . 132 6, 1746
STOCK AN D BON DS—
Date.
Interest. Outstanding.
Maturity.
C o m m o n $ 1 5 ,0 0 0 ,0 0 0 ($ 1 5 )__________
________
$ 5 ,8 4 2 ,2 1 9 See t e x t .
P r e f 155 ,000 shs (n o p a r ) _____ ______
$6 Q -M
3 9 ,3 7 4 shs. See te x t .
F irst lien s f M $ 5 0 ,0 0 0 ,0 0 0 1 1912
5 M -S
3 ,4 9 0 ,0 0 0 M a r 1 1942
g o ld $50 0 & $ 1 ,0 0 0 )____ c * J C o lu m b ia T r u s t C o .. N . Y .. trustee.
6 M -S
3 ,4 8 2 ,0 0 0 M a r 1 1942
S ta m p ed 6 s ______________ 1912
3 0 -y r d eb b o n d s Ser “ B ” $ 5 ,- ( 1924
6 g J -D
2 ,5 0 0 ,0 0 0 D e c 1 1954
5 00 ,000 ($500 & $ 1 ,0 0 0 ) g l i n t , a t N e w Y o r k T r u s t C o . , N . Y . , tru ste e .
c * & r * .t f I
Bonds.— O f th e fir s t lien sin k in g fu n d m tg e . $ 3 ,4 9 0 ,0 0 0 o u ts ta n d in g a re 5s
and $ 3 ,4 8 2 ,0 0 0 sta m p e d 6s. T h e s ta m p e d 6s are a ll o r a n y p a r t r e d . on
any in t. d a te on 3 0 d a y s ’ n o tice a t 105 u p t o a n d in c l. M a r c h 1 1932; at
104 th erea fter t o a n d in c l. M a r c h 1 1935, a n d th e re a fte r a t 1 0 2 . V . 114.
p . 197, 3 0 5 . T h e rem a in in g fir s t lien sin k in g fu n d b o n d s are issu able fo r
Im p rov em en ts, b e tte r m e n ts and a cq u is itio n s u n d e r ce rta in re strictio n s
$ 1 ,3 1 8 ,0 0 0 retired b y sin k in g fu n d . R e d . as a w h o le b u t n o t in p a r t a t 102
and in t . A n n u a l sinking fund o f 114 % o f b o n d s o u t M a r c h 1 1913 to
M a rch 1 1923; 2 % , 1923 t o 1933; 214%. 1933 t o m a t u r it y . P a y m e n ts fo r
r ed em p tion o f b o n d s i f p u rch a s a b le a t o r b e lo w 102 a n d in t ., o th e rw ise to
be in v e s te d in n ew p r o p e r t y s u b je c t t o th e m o r tg a g e .
See V . 94, p . 910
559
F u n d s m a y a lso b e used fo r im p ro v e m e n ts . See V . 114, p . 305 ; V . 96,
p . 284.
T h e 3 0 - Year Series “ B ” 6% Debentures are re d e e m a b le , a ll o r in p a r t,
a n y in terest d a te o n 60 d a y s ’ n o t ic e a t 105 on o r b e fo r e D e c . 1 1941, there
after a t 100 t o m a tu r ity ; in e v e r y ca se p lu s in te re st. C o m p a n y w ill re fu n d
the P e n n a . a n d C o n n . S tate ta x o n in c o m e d e riv e d fr o m said b o n d s n o t
exceed in g 6 % th e r e o f per an n u m . $ 2 ,5 0 0 ,0 0 0 Series “ B ” 6 % d e b e n tu re
io n d s w ere sold in D e c . 1924 b y B o d e ll & C o . , N . Y . , a n d B o s t o n , a t 91 a n d
in te re s t, y ie ld in g 6 . 7 0 % . V . 119, p . 2 8 7 7 . L is te d o n N e w Y o r k S t o c k
E xchange.
Dividends.— O n p r e f.— 1 )4 % — p a id q u a rte r ly fr o m S e p t. 1910 t o and
in clu d in g S e p t. 191 4. N o n e t o D e c . 192 1, w h e n 4 2 % w as p a id in 6 % p r e f
s to c k an d 1H % in c a s h , c le a rin g u p a ll a c c u m u la tio n s . V . 114 , p . 947 .
Q u ar. d iv s . o f 1 Mi % p a id re g u la r ly s in ce t o a n d in c l. S e p t. 192 5. I n Ju n e
1925 o n t h e n e w n o p a r p r e f. s t o c k a q u a r. d iv . o f $1 5 0 , S e p t. 2 5 , $1 50.
O n c o m . in itia l d iv s . o f 7 5 c . a share in ca sh a n d 7 5 c. a sh are in 6 % c u m . p re f.
s t o c k w ere p a id in A p r il 1 92 3. L ik e d iv s . w e re p a id in J u ly a n d O c t . 1923
a n d J a n . 192 4. I n A p r il 1924 $1 w as p a id in cash a n d 7 5 c . in 6 % c u m . p r e f.
V . 118 , p . 6 6 3 . L ik e d iv id e n d s h a v e b e e n p a id r e g u la r ly q u a rte r ly sin ce
t o a n d in c lu d in g A p r il 1 92 5. I n J u ly a n d O c t . 1925 o n th e n e w $15 par
c o m m o n s t o c k a q u a r . c a s h d iv . o f 2 0 c . p lu s an ex tra d iv . o f 1 5 c. ( 1 % ) ,
p a y a b le in c o m m o n s t o c k . V . 120 , p . 240 0; V . 112 , p . 7 0 5 .
E A R N I N G S .— O f c o n t r o lle d c o m p a n ie s a fte r e lim in a tio n o f in te r -c o m
p a n y earn in gs (e x clu d in g d e p r e c ia t io n ).
Latest Earnings.— T w e lv e m o n th s e n d e d A u g . 31—
1 92 5.
192 4.
G ross e a rn in g s ________________________________________ $ 5 ,7 9 7 ,8 9 9
$ 5 ,5 9 3 ,2 8 1
3 ,4 8 2 ,4 0 6
O p e ra tin g , a d m in is tr a tiv e e xp en ses a n d t a x e s --------- 3 ,6 2 1 ,3 6 5
T o t a l in c o m e _________________________________________ $ 2 ,1 7 6 ,5 3 4
In te r e s t a n d d is c o u n t ------------------------------------------------$ 7 3 7 ,3 1 6
P referred s t o c k d iv id e n d s :
C e n tra l A rk a n sa s R a ilw a y & L ig h t C o r p ------------9 1 ,0 9 9
S p rin g field R a ilw a y & L ig h t C o --------------------------6 4 ,0 1 8
$ 2 ,1 1 0 ,8 7 5
$ 7 4 2,54 7
8 8 ,0 6 6
64,2 2 5
B a la n ce a fte r c h a r g e s --------------------------------------------- $ 1 ,2 8 4 ,1 0 1 $ 1 ,2 1 6 ,0 3 7
O F F I C E R S .— P r e s ., E d w in N . S an d erson ; V .- P s ., F ra n cis B lo s s o m and
C r a ig C o lg a te ; V . - P . & G e n . M g r ., C . H . N ic h o ls ; T r e a s . & S e c ., J . D u n h ill;
A s s t. S ec. & A s s t. T r e a s ., R ic h m o n d T a lb o t .— V . 119, p . 2 17 9, 2 5 2 8 , 264 5,
2 7 6 0 , 2 8 7 7 , 3 00 9; V . 120 , p . 8 6 , 7 0 2 , 95 5 , 1088, 132 6, 158 5, 174 6, 2 2 6 7 ,
2 4 0 0 , 2 5 5 0 , 2 8 1 4 , 3 3 1 4 ; V . 121 , p . 7 0 5 , 134 7, 1568.
(1) CENTRAL ARKANSAS RY. & LIGHT CORPORATION.
O n M a r c h 1 1913 w as ta k e n o v e r b y F e d e ra l L ig h t & T r a c t io n C o . ,
w h ich o w n s e n tire c o m m o n s t o c k .
O R G A N I Z A T I O N . — I n c o r p . F e b . 19 1913 in V ir g in ia , t a k in g o v e r th e
H ot S prin gs S t. R y . a n d o t h e r p r o p e r tie s .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
T h rou g h its c o n s t it u e n t c o m p a n ie s d o e s en tire w a te r , s tr e e t r a ilw a y , g a s ,
e le c tr ic lig h t a n d p o w e r bu sin ess in H o t S prin gs, A r k ., a n d v ic in it y . H as
175
c o n t r a c t w ith c it y of H o t S prin gs fo r s tr e e t lig h tin g . O p e ra te s 13 m iles
of tr a c k ; 6 0 -lb . ra ils. 3 9 p a sse n g e r c a r s .
Franchises.— S tre e t ra ilw a y e x p ire s in 1 95 4, a n d e x c lu s iv e as t o streets
o c c u p ie d u n til t h a t d a t e . W a t e r , e x c lu s iv e , e x te n d e d 25 ye a rs fr o m O c t . 1
1924. E le c t r ic lig h t a n d p o w e r ex p ire s 193 3. A r tific ia l ga s, u n lim ited as t o
tim e . A ls o has n a tu ra l g a s fra n c h is e , e x p ir in g in 193 1. S h o u ld s u p p ly o f
n a tu ra l gas fa il, c o m p a n y w ill r e v e r t t o a r tific ia l gas fra n c h is e .
STOCK A N D BON DS—
Date.
Interest. Outstanding. Maturity.
C o m m o n $ 2 ,5 0 0 ,0 0 0 ................................
................
$ 2 ,5 0 0 ,0 0 0 ------------------P r e f c u m $ 1 ,5 0 0 ,0 0 0 _________________
7 Q -M
1 ,5 0 0 ,0 0 0 S e p t ’2 5 , 1 ^
F ir s t lien $ 7 ,0 0 0 ,0 0 0 ( $ 1 ,0 0 0 ,/ 1913
5 g M -S
1 ,6 7 5 ,5 0 0 M a r 1 1 9 2 8
$50 0 a n d $100) g o l d ____ c * \ l n t . a t C o lu m b ia T r u s t C o . , N . Y . , tru stee.
Stock.— -P ref. is re d e e m a b le a t 110 a n d a c c r u e d d i v . D iv id e n d s a re g u a r,
b y F e d e ra l L t . & T r a c . C o . , b y e n d o r s e m e n t. A d d it io n a l p r e f. s t o c k m a y
b e issu ed u n d e r c o n s e r v a tiv e re s tric tio n s . V . 9 6 , p . 715 .
Bonds.— A d d itio n a l b o n d s m a y b e issu ed fo r 8 0 % o f c o s t o f a d d itio n s ,
e x te n s . a n d im p ts . w h en n e t e a rn in gs are d o u b le th e i n t . ch a rg e s o n b o n d s
o u t , in c l. th o s e p r o p o s e d t o b e issu e d . S in k . fu n d , w h ic h b e g a n J a n . 1915,
w ill re tire a t le a st 2 0 % o f en tire issu e b y m a t u r it y . $ 7 5 9 ,5 0 0 in sin kin g
f u n d . A ll b o n d s s u b je c t t o ca ll o n a n y in te re s t d a te a t 102.
Dividends.— F irst d iv . o n p r e f.— 1 % % — p a id Ju n e 2 1913; 1 H % has'.been
p a id q u a r. sin ce t o a n d in c l. S e p t . 192 5.
E A R N I N G S .— C o m b in e d earn in gs o f c o n s titu e n t c o s . fo r c a l. years
Cal. Years—
Gross.
Net.
Int. Chgs.
Balance.
192 4_______ _________$ 9 3 8 ,2 1 9
$ 2 9 8 ,3 8 1
$ 8 6 ,8 7 3
$21 1,50 8
1 9 2 3 ________________ 8 8 7 ,0 1 9
2 9 1 ,9 5 4
87,781
204 ,1 7 3
1 9 2 2 ________________ 8 56 ,311
3 0 2 ,0 7 7
9 0 ,8 0 9
2 1 1 ,2 6 8
O F F I C E R S .— P r e s ., E . N . S a n d erson ; V . - P . & T r e a s ., J . D u n h ill; S e c .,
H y . G . T o w n s e n d .— V . 116 , p . 175; V . 118 , p . 20 1 ; V . 120 , p . 328 .
(2) S P R I N G F I E L D (MO.) RY. & L I G H T CO.
A s o f M a r . 1 1911 en tire s t o c k w a s a c q u ir e d b y F e d . L ig h t & T r a c . C o .
O R G A N I Z A T I O N .— I n c o r p . in M a in e in N o v . 190 5.
O w ns en tire
ca p ita l s to c k s o f th e S p rin g fie ld T r a c t io n C o . a n d th e S p rin g fie ld G a s & E le c
tr ic C o . T h e K ic k a p o o T r a n s it C o . is a ls o p a r t o f s y s te m . E le c t r ic lig h t
franchise p e rp e tu a l; gas franchise ex p ire s in 1929; s tre e t ra ilw a y franchise
in 1944 a n d ste a m h e a tin g franchise in 193 6.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
D o e s en tire tr a c tio n , gas, e le c t r ic lig h t a n d p o w e r business o f c it y . A lso
d o e s s te a m h e a tin g . O p e ra te s 23 m ile s o f t r a c k ; 49 pa ss, ca rs a n d 11 w o rk
ca rs , 60, 70 an d 8 0 -lb . T ra ils. P o w e r s ta tio n c a p a c it y , 8 ,2 5 0 k .w . A ls o has
c o n t r a c t w ith O za rk P o w e r & W a t e r C o . fo r p u r c h a s e o f 2 ,8 7 5 k .w .
l9 2 4 e n te re d in t o a n e w 5 -y e a r s tr e e t-lig h tin g c o n t r a c t w ith c it y .
STOCK AN D BO N DS—
Date.
Interest. Outstanding. Maturity.
C o m m o n s to c k $ 1 ,6 0 0 ,0 0 0 ____ ______
________
$ 1 ,1 0 0 ,0 0 0 ____________
P re fe rre d $ 2 ,0 0 0 ,0 0 0 c u m ___________
7 Q -J
1 ,0 0 1 ,2 0 0 O c t ’2 5 , 1%
1st lien m tg e $ 7 ,0 0 0 ,0 0 0 g o l d / 1911
5 g M -N
2 ,5 5 1 ,0 0 0 M a y 1 1926
($500 & $ 1 ,0 0 0 ) s i n k f d - . c * ( G u a r a n t y T r u s t C o . , o f N . Y ., tr u s te e .
Stock.— P re fe rre d s to c k is r e d . a t 115 a n d a c c r u e d d iv id e n d .
Bonds.— $ 3 ,3 6 9 ,0 0 0 1st lien b o n d s are re se rv e d fo r a d d itio n s a n d im p ts .
a t 8 0 % o f c o s t u n d e r ce rta in r e s tric tio n s . A n n u a l c u m u la t iv e sin k in g f u n d
b e g a n M a r . 1 1913 a n d p r o v id e s fo r 2 5 % o f a ll b o n d s is su e d . $ 1 ,0 7 3 ,0 0 0 in
sin k . f d . S u b . t o ca ll a s a w h o le o r fo r s in k . f u n d , a t 102 a n d in t . on a n y
in t . d a y . I n t . is p a y . in N e w Y o r k , B o s t o n o r C h ic a g o . V . 9 2 , p . 1566.
Dividends.— I n itia l d iv .— 1 % — o n p r e f . s t o c k p a id A p r il 1 1915; sam e
r a te q u a r. s in ce .
E A R N I N G S .— F o r 12 m o n th s e n d in g D e c . 3 1 :
Calendar Years—
Gross
Net, aft Tai.
Int.. &c. Bal., Surp.
$4 8 4 ,0 8 3
_______
1 9 2 4 ...................................... $ 1 ,3 2 7 ,3 8 9
1 92 3_____________________ 1 ,3 1 5 ,7 3 0
4 6 9 ,4 8 9
1 3 0 ,0 4 0
339 ,4 4 9
1 9 2 2 _____________________ 1 ,2 2 3 ,9 1 4
3 2 5 .6 3 9
105 .7 7 5
2 1 9 .8 0 4
— V . 116, p . 1051, 1178; V . 117, p . 1348; V . 118, p . 1269; V . 120, p . 1205.
(3)
TRINIDAD (COLO.)
GAS CO.
ELECTRIC TRANSMISSION, RY.
&
F e d e ra l L ig h t & T r a c t io n C o . o w n s a ll th e o u ts ta n d in g s to c k s a n d b o n d s .
O R G A N I Z A T I O N .— I n c o r p . in C o lo r a d o o n A u g . 7 1911 as s u c c e s s o r t o
C o lo . R y . , L t . & P o w . C o ., so ld a t fo r e c lo s u r e A u g . 2 191 1. V . 93, p i 4 0 9 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
S u p p lies e le c t r ic it y t o m in es a n d c itie s o f L a s A n im a s a n d H u e r fa n o
C o u n tie s , C o l o . C o n tr o ls t h e en tire gas a n d e le ctr ic lig h t bu sin e ss o f T r in i
d a d , C o l o . P o w e r p la n t c a p a c it y , 16,2 5 0 k . v .a . G a s a n d e le ctr ic fran
chises ru n fr o m 16 yea rs t o p e r p e t u it y .
Power Contract.— H a s a c o n t r a c t t o s u p p ly th e S t. L o u is R o c k y M t n . &
P a c ific C o a l C o . w ith p o w e r . V . 9 9 , p . 191 2. A ls o h a s a c o n t r a c t w it h the
C o lo r a d o F u e l & Ir o n C o .
E ffe c tiv e M a r c h 12 1922, th e c o m p a n y w as a u th o r iz e d t o a b a n d o n serv ice
o n c e r ta in lin es ( V . 114, p . 1 0 6 5 ), a n d , e ffe c t iv e S e p t. 15 192 3, c o . was
a u th . t o a b a n d o n a ll lo c a l a n d in te ru rb a n r a ilw a y s e r v ic e . V . 117 , p . 1237.
C o m p a r e V . 116 , p . 2 5 1 7 .— V . 116 , p . 251 7; V . 117 , p . 123 7.
FO R T SM ITH L IG H T & TR A C T IO N CO.
S ta n d a rd G a s & E le c t r ic C o . , a h o ld in g c o m p a n y u n d e r th e c o n t r o l o f
H . M . B y lle s b y & C o ., C h ic a g o , 111., o w n s $ 9 5 0 ,0 0 0 c o m ., $ 8 8 1 ,5 0 0 p r e f.
s t o c k , $6 4 5 ,0 0 0 1st M . b o n d s , a n d all th e $ 1 ,1 0 0 ,0 0 0 2 d M . 8s o f th e c o .
A s o f D e c . 31 1923 th e c o m p a n y h a d o u ts ta n d in g $ 3 4 3 ,3 4 0 p r o m is s o r y
n o te s , o f w h ic h $2 5 0 ,0 0 0 w e re h e ld b y th e S ta n d a rd G as & E le c t r ic C o .
O R G A N I Z A T I O N .— I n c o r p . in A rk a n sa s o n A p r il 13 1903 as a c o n s o li
d a tio n o f th e F t . S m ith -V a n B u re n L ig h t & T r a n s it C o . a n d th e F t . Sm ith
T r a c t io n , L ig h t & P o w e r C o .
O w n s a ll p h y s ic a l p r o p e r t y , c o n t r a c ts , rig h ts
a n d fra n c h is e s o f V a n B u re n F u e l & L ig h t C o . (n o w d is s o lv e d ). G u a r a n
te e s , p r in c ip a l, in te re s t a n d s in k in g fu n d . $ 4 0 0 ,0 0 0 M is s is s ip p i V a lle y P o w e r
C o . 1st m t g e . 6 % b o n d s . S eries “ A . ” V . 114 , p . 2 3 5 9 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w n s an d o p e ra te s th e e le c t r ic -lig h t , gas a n d s tr e e t ra ilw a y p r o p e r tie s in th e
c it y , a n d t h e e le c t r ic -lig h t a n d gas bu sin ess o f V a n B u re n ; o p e r a te s an in ter
u r b a n lin e b e tw e e n F t . S m ith a n d V a n B u re n . O w n s a n d o p e r a te s 33 m iles
o f tr a c k o n 12 streets in F o r t S m ith a n d s u b u r b s . S ta n d a rd ga u g e , 6 0 -lb .
a n d 8 0 -lb . T ra il. 4 8 ca rs . A ls o gas w o rk s fo r d is trib u tin g n a tu ra l an d arti
fic ia l gas (a rtificia l gas p la n t is h e ld in re s e r v e ) w ith 157 m iles o f m ain s,
a n d e le c t r ic p o w e r a n d lig h tin g p la n t— g e n e ra tin g c a p a c it y , 8 ,6 4 3 h .p .
a n d p o le lin e o f a b o u t 319 m ile s . I n 1917 c o n t r a c te d t o s u p p ly e le c tr ic ity
t o tw o p u b lic s e r v ic e c o r p o r a tio n s w h ic h s u p p ly to w n s , v illa g e s a n d co a l
m in es t o th e s o u th a n d east o f F o r t S m ith . O p e ra te s u n d e r in d e term in a te
p e r m it h a v in g su rre n d e re d all fra n ch ise s in 1919.
Track Removal.— In Ju n e 1925 t h e A rk a n sa s R a ilr o a d C o m m is s io n refu sed
t o a u th o r iz e th e r e m o v a l o f ce r ta in tractrs. See V . 121 , p . 3 3 1 4 .
STOCK A N D BO N DS—
Date.
Interest. Outstanding. Maturity.
------------$ 9 5 0 ,0 0 0 ____________
C o m m o n ($ 1 0 0 )----------------------------------P r e f ($100) 7 % c u m ____
Q -J 15
1 ,4 1 0 ,0 0 0
See te x t
F ir s t m o rtg a g e $ 6 ,0 0 0 ,0 0 0 g ( 1911
5 g M -S
3 ,1 6 2 ,0 0 0 M a r 1 1936
s f ($500 a n d $ 1 ,0 0 0 ) ____ c * / I n t . a t Illin o is T r u s t & S a v in gs B a n k , C h ic .,
1T r u s t e e , o r a t a g e n c y o f c o . in N .Y . o r B o s .
8 M -S
1 ,1 0 0 ,0 0 0 S e p t 1 1931
S e c o n d m t g e . $ 2 ,5 0 0 ,0 0 0 --------t f 1921
Stock.— P r e f. s t o c k is r e d . a t a n y tim e a fte r 3 y e a rs fr o m issu e a t 110
a n d a c c r u e d d iv id e n d .
Bonds.— R e m a in in g 1st M . b o n d s c a n o n ly b e Issued fo r 7 5 % o f c o s t o f
a d d itio n s , im p ts . a n d e x te n sio n s u n d e r ce r ta in re s tric tio n s . S ee V . 9 2 , p .
956 . S u b j. t o ca ll as a w h o le o r in p a r t o n a n y in t . d a y o n 3 0 d a y s ’ n o t ic e at
105 a n d in t . C a sh sink, fund o f 1 % y e a r ly 1914 a n d 1915, 1)4% y e a r ly
1916 t o 1918, 2 % y e a r ly 1919 t o 1923 a n d s u c h r a ta b le a m o u n ts th erea fter
as b y J u ly 1 1935 w ill m a k e to t a l sin k , fu n d 4 0 % o f b o n d s c e r tifie d . V . 92,
p . 95 6 . $ 7 3 2 ,0 0 0 h a v e b e e n r e tire d .
2d m tg e . 8s w e re c a ll, a t 105 an d in t. o n o r b e fo r e S e p t. 1 1922; )4 % less
Int. e a c h y e a r s in ce . C o n tin ’l & C o m m ’l T r u s t & S a v s. B a n k , tru stee.
Dividends.— P r e f. is c u m . fr o m J a n . I 191 2. 1st d iv . o n p r e f.— 1 14% —
p a id A p r il 15 1910; J u ly , 1)4%', O c t ., 1 H % a n d 1% % q u a r. t o a n d in c lu d
in g A p r il 1913; n o n e s in ce .
E A R N I N G S .— F o r y e a rs e n d in g D e c . 31
Calendar Year— •
Gross. Net. aft. Tax. Int.Chgs.(Net) Balance.
1 9 2 4 ___________________$ 1 ,2 0 7 ,0 6 9
$ 3 0 2 ,3 7 0
$ 3 2 2 ,4 6 5
d e f.$ 2 0 ,0 9 5
1 9 2 3 ........ ................ ......... 1 ,1 5 9 ,9 4 5
3 3 7 ,3 7 1
3 0 3 .2 0 9
sur .34.161
O F F I C E R S .— P r e s ., J . J . O ’ B rie n ; V . - P s ., R . J . G ra f; V . - P . & M g r .,
R o b t . C . C o f f y ; S e c ., A u d . & T r e a s ., D a n R y a n ; G e n . M g r s ., B y lle s b y
E n g . & M g t . C o r p ., C h ic a g o .— V . 112, p . 257 ; V . 113, p . 730 , 1155; V . 114,
p . 2 3 5 9 , 2468; V . 117, p . 134 7, 2 21 2; V . 118, p . 243 7; V . 119 , p . 1064; V .
121, p . 3 31 4.
176
[V ol. 121,
PUBLIC UTILITIES
ARKANSAS CENTRAL POW ER CO.
THE PINE BLUFF CO.
S u p e rv is e d b y E le c t r ic B o n d & Share C o .
C o n tr o lle d b y N a tio n a l P o w e r & L ig h t C o . (se e o n a n o th e r p a g e ) , fo rm e r ly
th e A m e r ic a n C ities C o . , th r o u g h o w n e rsh ip o f all t h e c o m m o n stocX
e x c e p t d ir e c t o r s ’ sh ares.
O R G A N I Z A T I O N .— I n c o r p . A p ril 10 1923 a n d a c q u ir e d th e p h y s ic a l
p r o p e r t y fo rm e r ly o w n e d a n d o p e r a te d b y th e Jlittle R o c k R y . & E le c . C o .
(fo r h is t o r y o f w h ich see “ E le c t r ic R a ilw a y ” S u p p le m e n t o f O c t . 28 1 9 2 2 ).
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
D o e s th e e n tire c o m m e r c ia l e le ctr ic p o w e r a n d lig h t a n d stre e t ra ilw a y
b u sin ess in L it t le R o c k ; also p r o v id in g all e le c t r ic it y c o m m e r c ia lly d istrib
u t e d , d ir e ctly an d in d ir e c t iv in N o r t h T.ittle R o c k . O p era tes 44 m iles o f
e le ctr ic r a ilw a y . E le c t r ic p r o p e r t y in clu d e s s te a m e le c t r ic ge n e ra tin g
c a p a c it y o f 1 9 ,9 0 0 k . w ., 27 m iles o f tran sm ission lin es, a n d 154 m iles o f
d is trib u tin g s y s te m . R a ils , 7 0 -lb . a n d o v e r . P a sse n g e r ca r s o w n e d , 100;
o t h e r c a r s , 6; t o t a l, 106 . O p e ra te s F o r e s t P a rk , lo c a te d a b o u t 6 m iles
fr o m t h e c e n tr e o f t h e c it y . R a ilw a y franchise e x te n d s t o S e p t. 2 8 1951;
lig h tin g fra n c h is e u n lim ite d in tim e .
Valuation.— See V . 112 , p . 162 .
8TO C K A N D BON DS—
D ate.
Interest. Outstanding.
M aturity
C o m 150 ,000 shs (n o p a r ) ____________
________ * 1 5 0 ,0 0 0 shs. ______________
P r e f 2 0 ,0 0 0 s h s (n o p a r) $ 7 c u m ____
$7 Q -J
10,0 0 0 shs. O c t ’2 5 ,$ 1 .7 5
1st lie n & r e f M 6 % series d u e f
1923 6 g A -O
$ 3 ,5 0 0 ,0 0 0 A p r 1 1948
1948 g ($ 5 0 0 & $ 1 ,0 0 0 c * & 1 B a n k e rs T r u s t G o , N e w Y o r k , tr u s te e .
$ 1 ,0 0 0 & $ 5 . 0 0 0 . ...........r * t f I
L it t le R o c k R y & E l e c t r ic / 1903
5 g A -O
1 ,0 4 0 ,0 0 0 A p r il 1 1933
1st
m tg e
( c lo e d ) gold-j In te re s t a t O a n a l-C o m m e r c ia l T r u s t &
( $ 1 , 0 0 0 ) __________________c * l S a v in gs B a n k , N e w O rleans,
tru ste e .
L ittle R o c k R y & E le c t r ic f
1908 6 g A -O
1 ,0 1 8 ,5 0 0 A p r il 1 1938
r e fd g & e x ten sion m tg e -!In t. a t B a n k o f C o m m e r c e & T r u s t C o .,
(c lo s e d )
($500 a n d $ 1 ,M e m p h is , T r u s te e , o r G u a r a n ty T r u s t
000 ) g o l d _________________ c * l
C o ., N . Y .
C o n tr o lle d b y th e A rk a n s a s L ig h t & P o w e r C o . , w h ic h in tu rn is c o n t r o lle d
b y E l . P o w . & L t . C o r p . V . 108 , p . 151 2.
U n d e r su p e rv isio n o f E le c t r ic B o n d & Share C o .
O R G A N I Z A T I O N .— I n c o r p . M a r . 13 1912 in A rk a n sa s.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w ns an d o p e ra te s t h e e le c t r ic lig h t a n d p o w e r , s tr e e t ra ilw a y a n d w a te r
s u p p ly p r o p e r tie s in P in e B lu ff. G e n e r a tin g s ta tio n o f 1 2 ,2 5 0 k . w ,
c a p a c it y , 73 m iles tra n sm issio n lin es; w a te r p u m p in g s ta tio n w ith 2 tr ip le
e x p a n s io n s e r v ic e p u m p s o f 4 ,0 0 0 ,0 0 0 g a llo n s c a p a c it y e a c h , a n d t w o
1,5 0 0 g . p . m . m o t o r d r iv e n c e n t r ifu g a l s e w e r p u m p s ; 5 w e lls , sa id t o b e
o v e r 800 f t . d e e p ; 2 c o n c r e te r e s e r v o ir s o f o v e r 3 ,0 0 0 ,0 0 0 g a llo n s c a p a c it y ;
8 5 m ile s o f p o le lin e s , in c l. th e s t r e e t r a ilw a y d istrib u tin g , s y s t e m , a n d
5 .1 5 8 e le ctric c o n s u m e r s . 54 m ile s o f w a te r m ain s, s e rv in g 4 ,4 6 3 c o n
su m e rs’ w a te r m e te rs , a n d 3 5 6 fir e h y d r a n ts ; stre e t ra ilw a y w ith 1 0 )4 m ile s
o f e q u iv a le n t s in g le -tr a c k o f 7 0 -lb . T ra il; 14 “ p a y -e n te r ” c a r s . Franchises
fo r s treet r a ilw a y a n d e le ctr ic lig h t s y s te m e x te n d t o 1951; w a te r fr a n c h is e
t o 1947, s u b je c t t o th e c i t y ’s r ig h t t o p u r c h a s e a t 5 -y e a r in te rv a ls .
STOCK AN D BO N DS—
Date.
Interest.
Outstanding.
M aturity
C o m s t o c k $ 1 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) - - ____
________
$ 9 9 3 ,0 0 0
See t e x t
P r e f 7 % c u m $ 1 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) ____
Q -J
1 ,0 0 0 ,0 0 0 O c t ’2 5 , 1M
F ir s t m tg e $ 2 ,0 0 0 ,0 0 0 g o l d / 1912
6 g J -J
1 ,8 2 5 ,0 0 0 Jan 1 1942
($ 1 ,0 0 0 )___________ c * & r * . t f \ I n t . in N . Y . N e w Y o r k T r u s t C o . , T r u s t e e .
Preferred Stock.— P r e f. as t o p r in . a n d d i v .; r e d . a t 115 o n 60 d a y s ’ n o t i c e .
A sum equal t o 1 5 % o f gross earnings m u s t b e a p p lie d t o renew als & r e p la c e
m e n ts b e fo r e p a y in g c o m . s to c k d iv s . a n d a reserve is t o b e b u ilt fr o m th is
ch a r g e u p t o $ 1 2 5 ,9 7 2 . P r e f. s to c k h o ld e r s h a v e fu ll v o t in g p o w e r . S ee
V . 103 , p . 111 9, 1413.
Bonds -$ 1 ,1 3 6 ,0 0 0 o f o u ts ’ d in g b o n d s b e a r 6 % in t .; $ 8 6 9 ,0 0 0 5 % . F u rth e r
b on d s m a y be issu ed o n ly u p t o 8 5 % o f c a s h c o s t o f im p ts ., a d d ’ns o r e x t s .,
bn d er r e s trictio n s . C a lla b le a t 105 a n d in t . o n a n y in t. d a t e . S nking
fund o f 1 % a n n u a lly o f b o n d s o u t Ja n . 1 1915 t o 1924: 1 ) 4 % 1925 t o 1934
an d 2 % th e r e a fte r . $ 1 4 3 ,0 0 0 r e tir e d th r o u g h sin k in g fu n d . $ 5 6 0 ,0 0 0 o f
th e o u ts ta n d in g b o n d s a re r e g iste r e d as t a x -e x e m p t in N . Y . S ta te u n d e r
th e S e cu re d D e b t T a x L a w .
V . 10 2 , p . 97 6 .
Dividends.— Q u a rte rly d iv . o f 1 % % o n p r e f . s t o c k w ere p a id fr o m M a r c h
1917 t o a n d in c l. J a n . 191 8. A p r il, 1 ) 4 % ; J u ly , 1 ) 4 % . In 1919, J a n .,
1 % % ; a n d sin ce a t sam e r a te t o a n d in c l. O c t . 192 5. O n c o m . p a id
5 % in 1914. In 1915, 4 % ; 1916, 5 5 4 % ; 1917, 3 % ; 1918, 3 % ; 1 91 9,
1 % . N o r e p o r t m a d e a n y lo n g e r , as e n tire c o m . s t o c k is o w n e d b y A r k .
L t. & P ow . C o.
E A R N I N G S . — F o r 12 m o n t h s e n d i n g D e c . 31
• A ll c o m . s t o c k o u t s t a n d in g , e x c e p t d ir e c t o r s ’ sh a re s, o w n e d b y N a tio n a l
P o w e r & L ig h t C o .
Stock.— P r e f. s t o c k is r e d ., all o r in p a r t , o n a n y in t . d a te o n 30 d a y s ’
n o t ic e a t $110 a n d a ccru e d d iv s . P r e f. o v e r th e c o m . as t o assets u p t o
$ 1 0 0 p er share.
P r e f. h a s e q u a l v o t in g p o w e r w ith c o m m o n s t o c k . In
N o v . 1924 5,0 0 0 shares p r e f. w e re offered b y W . C . L a n g le y & C o . , N . Y . ,
a n d O ld C o lo n y T r u s t C o . , B o s t o n , a t $98 a share & d iv s ., t o y ie ld a b o u t
7 .1 4 % . Y . 119, p . 2 28 4.
Bonds.— T h e fir s t lie n & r e f. m t g e . 6 % b o n d s a re s e c u r e d b y a g e n . m tg e .
o n t h e en tire p r o p e r t y s u b je c t t o th e L it t le R o c k R y . & E le c . 1st M t g e . an d
r e f. & e x t . m t g e . b o n d s , d u e 1933 a n d 1938, r e s p e c t iv e ly , o f w h ic h issu es
$ 2 ,4 3 5 ,0 0 0 are p le d g e d as a d d itio n a l s e cu rity fo r th e 1st lie n & r e f. m tg e .
b o n d s . T h e issu a n ce o f a d d itio n a l 1st lien & r e f. m t g e . b o n d s is lim ite d
b y r e s tric tio n s o f th e m t g e .
A r e re d e e m a b le , a ll o r p a r t , o n a n y in terest
d a te o n fo u r w eek s’ n o t ic e , o n o r b e fo r e O c t . 1 1928, a t 105 a n d in t ; th ere
a fte r at p rem iu m s d e cre a s in g
o f a p o in t d u rin g e a ch y e a r u n til m a tu r ity .
P e n n a . 4 m ills ta x r e fu n d e d . In te r e s t p a y a b le in N . Y
V . 116. p. 2005.
I n Ju n e 1924 H a rris, F o r b e s & C o ., I n c ., offered $ 1 ,0 0 0 ,0 0 0 1st lie n &
r e f. m t g e . 6 % s eries, d u e 1948, a t 100 an d in t. V . 118 , p . 3 19 4.
Little Rock Ry. & Elec. Co. 1st m t g e . b o n d s are r e d ., w h o le o r p a r t , o n
60 d a y s ’ n o t ic e a t 1 0 7 )4 a n d in t . Sinking fund o f >3 o f 1 % o f o u ts ta n d in g
b o n d s , 1908 t o 1917, 1 % t h e r e a fte r . M a y b e u se d t o r e tire b o n d s a t n o t
m o r e th a n 1 0 7 )4 - $ 3 4 6 ,0 0 0 h e ld in sin k in g fu n d a n d $ 6 1 4 ,0 0 0 p le d g e d .
T h e Little Rock Ry. & Elec. r e f. & e x t . b o n d s c a n n o t b e c a lle d . A sinking
fund o f
o f 1 % on o u ts ta n d in g b o n d s , w h ich b e g a n A u g . 1 1913, m a y be
in v e s te d in th ese b o n d s a t n o t h ig h e r th a n a 4 )4 % b asis o r u s e d t o re im b u rse
c o . f o r p r o p e r t y a d d it io n s . B o n d s t o b e k e p t a liv e in f u n d . $16 0 ,5 0 0
h e ld in sin k in g fu n d a n d $ 1 ,8 2 1 ,0 0 0 p le d g e d . V . 8 7 , p . 4 1 4 .
Dividends.— A n in itia l d i v . o f $1 75 p e r share w a s p a id o n p r e f. s t o c k in
J u ly 192 3. S am e a m o u n t p a id q u a rte r ly s in ce .
E A R N I N G S .— F o r ca le n d a r y e a rs :
Cal. Yrs .—
Gross.
Net, after
Taxes.
Other
Income.
Int., &c.
Balance,
Surplus.
$ 1 0 ,8 0 8
$ 3 1 3 ,0 0 5
$ 5 0 8 ,8 4 9
1 92 4__________ $ 2 ,1 2 5 ,7 9 8
$ 8 1 1 ,0 4 6
4 5 5 ,5 5 8
7,5 0 2
2 7 6 ,6 5 8
192 3__________ 2 ,0 5 7 ,4 5 8
7 2 4 ,7 1 4
4 5 3 ,1 9 0
2 1 .334
2 6 1 .1 2 7
1 9 2 2 __________ 1,9 5 1 ,6 4 3
6 9 2 ,9 8 3
Latest Earnings.— 12 m o s . e n d . A u g , 31 1925: G ro s s , $ 2 ,1 2 9 ,8 9 4 ; n e t,
a fte r ta x e s , $ 8 4 6 ,0 9 7 ; o th e r in c « m e , $ 8 ,5 9 5 ; i n t ., & c ., $ 3 3 4 ,6 9 0 ; b a l.,
s u r ., $ 5 2 0 ,0 0 2 .
p r O F F I C E R S .— P r e s ., D . H . C a n tre ll; V .- P . , E . W . H ill; V . - P . & G e n .
M g r ., C . J . G riffith ; V . - P . & T r e a s ., A . B riz z o la ra ; S ec. & A s s t . T r e a s .,
W . J . T h a r p . U n d e r s u p e r v is io n o f th e E le c t r ic B o n d & Sh a re C o .— V .
116 , p . 2 00 5; V . 118, p . 3 1 9 4 ; V . 119, p . 2 28 4; V . 120 , p . 2 3 9 9 .
ARKANSAS L IG H T & POWER CO.
C o n tr o lle d b y E le c t r ic P o w e r & L ig h t C o r p . (see sta te m e n t o n a n o th e r
p a g e ).
U n d e r s u p e rv is io n o f E le c t r ic B o n d & Share C o .
O R G A N I Z A T I O N .— I n c o r p . in A rk a n sa s in S e p t. 1 91 4. C o n tr o ls th e
P in e B lu f f C o . (see s ta te m e n t b e lo w ).
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w ns o r c o n tr o ls 13 s te a m a n d h y d r o -e le c t r ic g e n e ra tin g s ta tio n s w ith an
in sta lled c a p a c it y o f 1 7 ,2 5 9 h . p ., in c lu d in g th e fir s t o f a series o f h y d r o
e le c tr ic d e v e lo p m e n ts o n t h e O u a c h ita R iv e r , w h ic h has r e c e n t ly b e g u n
o p e r a t io n .
Date. Interest.
Outstanding. Maturity.
STOCK A N D BO N DS—
___________ 3 8 ,0 0 0 shs ____________
C o m m o n 1 0 0 ,0 0 0 shs (n o p a r ) . ____
$7 Q -J
4 0 ,9 4 7 shs O c t ’25 $ 1 7 5
P r e f 8 0 ,0 0 0 shs (n o p a r ) _______ ____
$ 3 ,7 9 9 ,3 0 0 O c t . 1 1 9 4 5
1st m ortgage $5,000,000 ($100, (1915 6 g A -O
$50 0 a n d $ 1 ,0 0 0 ) g o l d ____ c * l i n t , a t G u a r a n ty T r u s t C o . , N . Y . , tr u s te e .
6 g M -S
3 ,3 2 1 ,1 0 0 M a r . 1 1954
1st lie n & r e f m tg e ($1 0 0 , $500 (1 9 2 4
a n d $ 1 , 0 0 0 ) g o l d -------------- c * (C h a s e N a t io n a l B a n k , N e w Y o r k , tr u s te e .
Stock.— P r e f. has fu ll v o t in g p o w e r . P r e f. shares~are e n title d t o a p a y
m e n t o f $ 1 0 0 p er sh are u p o n d is s o lu tio n o r liq u id a tio n b e fo r e a n y d is trib u
t io n m a y b e m a d e t o th e c o m m on s t o c k . P r e f. is n o t re d e e m a b le . 7 ,0 0 0
sh a res p r e f. w ere offered in M a r c h 1925 b y J o h n N ic k e r s o n & C o . an d
E a s tm a n , D illo n & C o . a t $96 p e r sh are a n d d i v ., t o y ie ld a b o u t 7 . 3 0 % .
V. 1 2 0 , p. 1201.
Bonds.— O f th e $ 5 ,0 0 0 ,0 0 0 1st Mtge. 6 s a u t h ., $ 8 0 7 ,7 0 0 are d e p o s ite d
as s e c u r it y f o r th e 1st lien & r e f. m t g e . b o n d s a n d $ 3 1 0 ,0 0 0 h a v e b e e n re tire d
a n d c a n c e le d b y sin k in g fu n d , a n d 8 3 ,0 0 0 h a v e b e e n r e a c q u ir e d . Sinking
fund b e g a n in 1920, 5 % o f gross in c o m e t o b e u sed fo r th e re tire m e n t a n d
c a n c e lla tio n o f b o n d s . A r e c a ll, o n a n y in t . d a te a t 105 a n d in t .
1st lien & ref. Mtge. 6 s are s e c u r e d b y d e p o s it o f $ 8 0 7 ,7 0 0 1st M t g e .
b o n d s . M t g e . p r o v id e s fo r a sinking fund fo r th e p u r c h a s e a n d r e tire m e n t
o f b on d s o f th e 6 % series as fo llo w s : C o m p a n y sh all p a y t o t h e tru ste e o n
o r b e fo r e M a r c h 1 e a c h y e a r a s u m e q u iv a le n t t o th e fo llo w in g pe rce n ta g e s
o f t h e a g g re g a te p rin c ip a l a m o u n t o f a ll b o n d s o f th e 6 % series a n d the
a g g r e g a te p r in c ip a l a m o u n t o f all 1st M t g e . b o n d s o u ts ta n d in g o n th e last
.day o f J a n u a ry im m e d ia te ly p r e c e d in g s u c h M a r c h 1: 1 % fr o m 1925 to
1 93 4, 1 ) 4 % fr o m 1935 t o 1944 a n d 2 % fr o m 1945 t o 195 4. C o m p a n y will
b e e n title d t o a c r e d it a ga in st th e se s in k in g fu n d p a y m e n ts e q u iv a le n t t o
t h e p a y m e n ts m a d e u n d e r th e s in k in g f u n d re q u ire m e n ts o f t h e 1st M t g e .
A r e r e d . , all o r in p a r t, a t 105 a n d in t . o n a n y in t. d a t e u p o n 30 d a y s ’ n o t ic e .
C o . agrees t o r e fu n d P e n n a . a n d C o n n . ta xes n o t e x c e e d in g 4 m ills a n d M a r y
la n d ta x n o t e x c e e d in g 4 )4 m ills a n d M a s s , in c o m e ta x n o t e x c e e d in g 6 %
p e r a n n u m o n in c o m e d e r iv e d fr o m th e s e b o n d s . $ 1 ,6 5 0 ,0 0 0 w e re offered
m M a r c h 1924 b y J o h n N ic k e r s o n & C o . a t 92 a n d d iv s ., t o y ie ld 6 .6 3 % .
V . 118 , p . 2 04 4.
E A R N I N G S .—
Consolidated Earnings for 12 Months Ended Dec. 3 1 .
(A rk a n sa s L t . & P o w . C o . a n d P in e B lu f f C o . , in t e r -c o . ch a n g e s e lim in a te d .)
x ]9 2 5
1 92 4.
1 92 3.
1922.
G ro s s (in c l. o th e r i n c . ) — $ 2 ,6 8 2 ,1 9 5
$ 2 ,5 1 1 ,3 0 9 $ 2 ,1 ^ 6 ,4 0 3 $ 1 ,8 9 9 ,3 0 0
1 ,1 0 4 ,1 4 5
1 ,0 1 2 ,9 8 7
8 3 4 ,6 0 4
6 9 3 ,2 0 3
N e t e a r n i n g s - - . - _______
F ix e d c h a r g e s ___________
4 1 1 ,6 8 0
4 1 0 ,2 5 8
3 9 4 ,5 3 7
3 4 4 ,2 9 5
P in e B lu f f C o . p r e f. d i v .
6 8 ,1 4 2
6 8 ,5 0 0
6 6 ,7 1 9
6 6 ,5 2 5
B a la n ce ________ _______
$ 6 2 4 ,3 2 3
$ 5 3 4 ,2 2 8
$ 3 7 3 ,3 4 8
$2 8 2 ,3 8 2
P re fe rre d s t o c k d iv id e n d
_______
170 ,753
1 3 2 ,8 1 5
1 1 5 ,6 6 0
x 12 m o n th s e n d e d A u g . 31 1925.
O F F I C E R S .— P r e s ., H . C . C o u c h ; V . - P . & G e n . M g r ., J . L . L o n g in o ;
S e c . & T r e a s ., L . G a r re tt: A u d ., W . E . B a k e r .— V . 119 , p . 24 0 8 ,2 7 5 8 ;
V . 120, p . 108 7, 1 20 1, 3 1 8 4 .
Gross.
Net.
Fixed Chgs.
Bal., Sur.
$ 3 3 1 ,0 2 0
$ 1 0 9 ,7 8 8
$22 1 ,2 3 2
1 9 2 4 _________________________ $ 9 1 9,73 1
1 9 2 3 ___________
8 7 6 ,0 2 8
3 5 5 ,1 9 0
1 0 9 ,2 5 5
2 4 5 ,9 3 5
1 9 2 2 _________________________ 832 ,4 4 1
3 2 9 .7 0 6
1 0 7 ,7 2 9
2 2 1 ,9 7 6
Latest Earnings.— 12 m o s . e n d e d J u ly 31 1925: G ro ss, $ 9 5 2 ,5 8 5 ; n e t,
$28 9 ,9 9 9 ; t o t a l in c o m e , $ 2 9 8 ,0 3 6 ; in t . o n b o n d s , $ 1 0 2 ,2 7 2 ; b a la n ce on
p re fe rre d d iv id e n d s , $ 1 8 6 ,0 2 9 .
— V . 105, p . 1709; V . 106, p . 397 ; V . 108, p . 1512; V . I l l , p . 1 56 7, 195 6.
2 22 9; V . 114, p . 1535; V . 117 , p . 2 21 3; V . 118 , p . 203; V . 120 , p . 201 3.
TEXAS
GALVESTON-HOUSTON ELECTRIC CO.
O R G A N I Z A T I O N .— A h o ld in g c o . I n c o r p . in M a in e o n M a y 8 190 7.
C o n tr o ls th r o u g h o w n e rsh ip o f s t o c k t h e G a lv e s to n E le c t r ic C o . a n d the
H o u s to n E le c . C o . A ls o ow n s s t o c k o f G a lv e s t o n -H o u s t o n E l e c . R y .,
a n d g u a ra n te e s its b o n d s , p r in ., in t . an d s in k in g fu n d .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o n tr o lle d c o s . d o th e e n tire e le c t r ic ra ilw a y an d p a r t o f th e e le c t r ic ligh tin g
an d p o w e r busin ess in G a lv e s to n a n d t h e e n tire e le c t r ic r a ilw a y bu sin ess in
H o u s to n . O p e ra te in te ru rb a n r o a d b e tw e e n G a lv e s to n a n d H o u s t o n . 50
m ile s. O p era tes 175 .29 m iles sin gle t r a c k ; tr a c k a g e . 3 .9 2 : s ta n d a r d gau g e;
332 pa sse n g e r, 5 tra ile r an d 22 o t h e r c a r s . P o w e r s ta tio n s h a v e c a p a c it y
o f 6,5 8 2 k . w . Franchises e x p ir e in G a lv e s t o n in 1 95 0, in H o u s t o n , 1951.
T h e in te ru rb a n is o n p r iv a t e r ig h t -o f-w a y .
$ 5 0 0 ,0 0 0 c o m . s t o c k is o w n e d b y P u b lic S e r v ic e I n v e s t m e n t C o .
Valuation.— See V . I l l , p . 214 0; a ls o V . 112 , p . 84 9 .
STOCK AN D BO N DS—
Date.
Interest.
Outstanding. LastDiv.&c.
C o m m o n $ 5 ,0 0 0 ,0 0 0 ($ 1 0 0 )__________
M -S 15
$ 3 ,9 8 8 ,0 0 0
See t e x t
P r e f $ 4 ,0 0 0 ,0 0 0 6 % c u m ( $ 1 0 0 ) ____
M -S 15
3 ,0 0 0 ,0 0 0 M a r ’2 5 , 3 %
G a lv E le c tr ic 1st M $ 2 ,5 0 0 , - / 1905 5 g M - N
1 ,1 4 1 ,0 0 0 M a y 1 1940
000 g o ld ($ 1 ,0 0 0 )______c * t f j l n t . a t O ld C o lo n y T r u s t C o . , B o s t o n , T r u s ( te e , o r a t c o m p a n y ’ s a g e n c y in N e w Y o r k .
G a lv -H o u s E l R y 1st M $ 5 , - / 1909 5 g A -O
2 ,6 4 6 ,5 0 0 O c t 1 1954
0 0 0 ,0 0 0 g g u a r _____ c * & r t f ( I n t . a t O ld C o lo n y T r . C o . , B o s t ., T r u s t e e .
H o u s E l C o 1st M Series A ] 1925 6 g J - D
$ 5 ,0 0 0 ,0 0 0 J u n e 1 1935
($ 1 ,0 0 0 , $ 50 0, $100 c * ) - - t f (F irs t N a t io n a l B a n k , B o s t o n , T r u s te e .
B o n d s e cu re d n o t e s ____________ 1924
7%
4 0 0 ,0 0 0
____
C o u p o n n o te s ($1 0 0 , $50 0 a n d / 1921 8 g F - A
2 5 0 ,0 0 0 F e b 1 1926
$ 1 ,0 0 0 ) g o l d -----------------c * . t f (G u a rd ia n T r u s t C o . , T r u s te e .
C a r tru s t c e r tific a te s ___________ ______
___________
4 7 1 ,0 3 8 _____________
Stock.— P r e f. is c a lla b le a t 120 a n d a c c u m u la te d d i v . B o t h p r e f. a n d
c o m . are listed o n B o s t o n S to c k E x c h a n g e .
Galveston Electric Co.— O f th e b o n d s , $ 1 ,0 2 6 ,0 0 0 re s e r v e d f o r a d d itio n s
a n d im p ro v e m e n ts a t 8 0 % o f c o s t a n d $ 3 3 3 ,00O h a v e b e e n c a n c e le d . A
sinking fund o f 1 ) 4 % o f b o n d s c e r tifie d b e g a n J u ly 1 190 6. C a lla b le as a
w h o le o r in p a r t fo r s in k in g fu n d o n a n y in t . d a t e a t 110 a n d in t . o n 3 0
d a y s ’ n o t ic e . S e e V . 8 1 , p . 9 7 5 .
Galveston-Houston Electric Ry.— O f t h e re m a in in g b o n d s , $ 2 6 ,0 0 0 are
h e ld in tru st fo r b e n e fit o f c o . a n d $ 2 ,0 0 0 ,0 0 0 are r e s e r v e d fo r a c q u is itio n s
an d im p ts .; $ 3 2 7 ,5 0 0 h a v e b e e n c a n c e le d . D e n o m . c o u p o n , $50 0 a n d $ 1 ,0 0 0
r e g iste re d , $ 1 ,0 0 0 an d $ 5 ,0 0 0 . S u b j. t o c a ll o n a n y in t . d a y in w h o le , o r in
p a r t fo r sin k in g fu n d , a t 105 a n d in t .
Sinking fund o f 1 % o f b o n d s t o 1944;
th e r e a fte r 1 ) 4 % . F irs t f iv e p a y m e n t s w a iv a b le . B o n d s are g u a r ., p r i n .,
in t. a n d sin k in g fu n d , b y G a lv .-H o u s . E l e c . C o .
S ee V . 90, p . 697 .
Houston Electric Co.— T h e 1st M . Series A 6 % g o ld b o n d s , d u e J u n e 1
1935, are c a ll., w h o le a t a n y t im e , o r in p a r t o n a n y in t. d a te a t 102 d u r in g
th e fir s t 2 y e a rs, d e cre a sin g >4 % e v e r y t w o y e a rs t o p a r d u rin g t h e la st t w o
y e a r s , p lu s in t. in ea ch ca s e . I n t . p a y a b le in B o s t o n , N e w Y o r k a n d C h i
c a g o . Sinking fund o f 2 % p e r a n n u m t o b e u sed t o p u rch a s e o r c a ll Series A
b o n d s . In Ju n e 1925 L e e , H ig g in s o n & C o . s o ld $ 5 ,0 0 0 ,0 0 0 a t 9 4 )4 a n d
i n t ., t o y ie ld a b o u t 6 .8 0 % .
Capitalization of Houston Electric Co.
C o m m o n s t o c k ________________________________________________________ $ 5 ,0 0 0 ,0 0 0
5 ,0 0 0 ,0 0 0
F irst m o r tg a g e 6 % Series A b o n d s ________________________________
E q u ip m e n t tru s t c e r tific a t e s ________________________________________
3 4 9 ,3 8 1
— V. 120, p . 294 1, 306 4.
Gen Mtge. Bonds.— A re a lie n o n a ll t h e p r o p e r t y o f th e th r e e o p e r a tin g
c o s ., s u b je c t t o u n d e rly in g 1st m t g e . b o n d s , $ 2 ,0 4 0 ,0 0 0 ; th e en tire o u t
s ta n d in g a m o u n t is p le d g e d u n d e r t h e s e c u r e d 7 % n o te s , Series A.
Notes.— T h e 8 % c o u p o n n o te s are ca lla b le in a m o u n ts o f n o t less th a n
$ 5 0 ,0 0 0 o n a n y in t. d a te a t 1 0 0 )4 b e fo r e F e b . 1 1925 an d a t 100 th e re a fte r.
V . 112, p . 1143. $ 2 7 ,6 0 0 are h e ld in tre a s u ry .
A ll o f th e o u ts ta n d in g 3 ) 4 -y e a r 7 % secu red g o ld n o te s , Series “ A ” , an d
“ B . ” d u e A u g . 1 1925, w e re ca lle d fo r p a y m e n t o n J u ly 1 1925 a t p a r a n d
in te re st. V . 120, p . 2 94 1.
Dividends.— O n c o m m o n , 1 ) 4 % s e m i-a n n . f r o m S e p t. 1909 t o a n d in c l.
M a r . 1912, a m o u n t th e n in cre a s e d a n d p a id 2 % in S e p t. 1912. I n M a r .
1913 in cre a se d t o 2 ) 4 % , in S e p t, t o 3 % a n d in M a r . 1914 t o 3 ) 4 % , S e p t .,
3 ) 4 % . I n 1915, M a r ., 3 ) 4 % .
S e p t. 1915 d i v . o m it t e d ( V . 101 , p . 8 4 5 ).
Earnings.— F o r 12 m o n th s e n d in g J u n e 30:
1925.
1924.
G r o s s __________________________________________________ $ 3 ,9 5 2 ,9 9 7 $ 3 ,5 1 2 ,9 4 2
O p e ra tin g expen ses a n d t a x e s _______________________
2 ,9 0 6 ,7 7 5
2 ,7 0 7 ,3 1 5
N e t _____________________________ _________,----------------- $ 1 ,0 4 6 ,2 2 3
In te re s t a n d a m o r tiz a tio n ch a r g e s___________________
5 6 4 ,1 9 2
$80 5 ,6 2 7
5 0 9 ,8 4 6
B a la n ce fo r re s. re tire m e n ts a n d d i v ______________
$48 2 ,0 2 9
$29 5 ,7 8 2
O F F I C E R S .— P r e s ., A le x . F . C r ic h t o n ; V .- P s ., E . E n n a lls B erl a n d
E . M . H a rrig a n ; S e c . & T r e a s ., H e n r y T . G ra h a m ; G e n . M g r s ., S to n e &
Oct., 1925.]
W eb ster M g t . A s s n .— V . 112, p . 161 , 744 . 849 , 1143; V . 114 , p . 30 5 , 1651,
2011, 282 3; V . 115, p . 2 26 7; V . 117, p . 207 ; V . 118, p . 294 8; V . 119. p . 74;
V . 120, p . 2 94 1; V . 121, p . 197.
AMERICAN POWER & LIG H T CO.
O p eration s s u p e rv is e d b y E le c tr ic B o n d a n d Share C o .
O R G A N I Z A T I O N .— I n c o r p o r a te d in M a in e in 1909
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w ns p r a c t ic a lly all th e c o m . s t o c k o f c o s . s u p p ly in g d ir e ctly o r in d ire c tly ,
a to ta l o f 543 c o m m u n itie s w ith ele ctric p o w e r a n d lig h t an d (or) gas,
w ater a n d oth er p u b lic u t ilit y s e rv ice . O f th e to ta l co m m u n itie s 473 are
served w ith ele ctr ic p o w e r an d lig h t. T o t a l p o p u la tio n se rv e d e stim a te d
at 2 ,5 3 5 ,0 0 0 . A m o n g th e p r in cip a l p ro p e rtie s are th e fo llo w in g :
(а) K a n sa s G a s & E le c t r ic C o ., su p p ly in g ele ctric p o w e r a n d lig h t
s ervice in W ic h it a , P itts b u r g a n d N e w to n , K a n ., an d in 55 o th e r c o m m u n i
ties in K a n sa s. P o p u la tio n , 2 1 8 ,0 0 0 .
(б) P a c ific P o w e r & L ig h t C o . , su p p ly in g ele ctric p o w e r a n d lig h t an d (or)
gas serv ice in Y a k im a . V a n c o u v e r an d W a lla W a lla , W a s h .; A s to r ia , P e n d le
ton an d H o o d R iv e r , O re ., an d 68 o th e r co m m u n itie s in W a s h in g to n , O regon
an d I d a h o . P o p u la tio n 1 40 ,000 .
(c) P o r tla n d G a s & C o k e C o ., su p p ly in g gas serv ice in P o r t la n d , O re .,
and 20 a d ja c e n t co m m u n itie s . P o p u la tio n , 3 3 0 ,0 0 0 .
.
(d) N e b ra s k a P o w e r C o . , s u p p ly in g su b s ta n tia lly all th e co m m e r c ia l and
m u n icip a l e le ctr ic p o w e r a n d lig h t se r v ic e in O m a h a , N e b ., a n d , th r o u g h a
s u b sid ia ry , a ll th e e le ctr ic p o w e r a n d lig h t an d gas se r v ic e in C o u n cil
B lu ffs. I o w a .
P o p u la tio n , 2 4 3 ,0 0 0 .
.
(e) M in n e s o ta P o w . & L t . C o ., s u p p ly in g , d ir e ctly o r in d ir e c t ly , D u lu th ,
C h is h o lm , E v e le t h , B ra in e r d , C lo q u e t a n d L ittle F a lls , M in n .; Su p erior,
W is ., an d 87 o th e r c o m m u n itie s in im p o rta n t iron m in in g a n d agricu ltu ra l
d istricts in th e n o rth e rn p a r t o f M in n e s o ta . P o p u la tio n , 3 2 0 .0 0 0 .
.
( /) F lo rid a P o w e r & L ig h t C o . an d asso cia te d c o s ., su p p ly in g e lectric
p ow er, a n d lig h t, m a n u fa c tu r e d gas, street r a ilw a y , w a te r a n d ice se rv ice
in M ia m i a n d e le ctr ic p o w e r a n d ligh t a n d ele ctric ra ilw a y ice serv ice m
M ia m i B e a ch . M ia m i E le c . L t . & P o w . C o ., M ia m i W a t e r C o . a n d th e
D a y t o n a P u b lic S ervice C o . w ere a cqu ired in N o v ., 1924.
V - 19, p .2 283.
(g) S ou th w estern P o w e r & L ig h t C o . See separate s ta te m e n t b e lo w .
(n) C e n tra l A riz on a L t . & P o w . C o . , servin g w ith e le ctr ic p o w e r a n d ligh t
an d g a s P h o e n ix , A r iz ., a n d a d jo in in g te r rito r y . V . 119, p . 2283.
(?') N o rth w e s te r n E le c tr ic C o . su pplies e le ctric p o w e r an d lig h t service
in P o r t la n d , O re ., a n d V a n c o u v e r , W a s h ., an d su b u rb s a d ja c e n t t o these
cities.
„
. , ,
S u p erior W a t e r , L ig h t a n d P o w e r C o . o ffe r t o e x ch a n g e p r e f. s to c k fo r
S ou th ern U tilities C o . s t o c k . See V . 119, p . 1628.
I n S e p t. 1925 th e a c q u is itio n o f th e Superior W ater, L ig h t & P o w e r C o .
w as r e p o r t e d . V . 121, p . 1346.
STO C K A N D BO N DS—
Date.
Interest. Outstanding. Maturity.
________ x l ,6 0 8 ,8 3 7 sh
See t e x t
C o m 2 ,3 0 0 ,0 0 0 shs (n o p a r ) ___ ______
P r e f $6 c u m 5 0 0 ,0 0 0 shs (n o
p a r ) ___________________________ ______
$6
2 3 2 ,6 9 6 sh O c t2 5 $1 50
D e b b d s A m e r 6 % series d u e]
,,
„
M a r 1 201 6 ($1 0 0 . $50 0 & [ 1916
6 g M -S $ 3 5 ,9 8 2 ,9 0 0 M a r 1 2016
$ 1 ,0 0 0 c * a n d $ l,0 0 0 r * ) g - .J m t . a t B a n k e rs T ru s t C o ., N . Y . , tru stee,
x I n c l. sc r ip eq u iv a le n t t o 6 9 2 shares o f n o p a r v a lu e issu ed fo r fra ctio n a l
shares in c o n n e c tio n w ith th e p a y m e n t o f s to c k d iv id e n d s .
Stock.— P r e f. is re d . a t 115 a n d d iv s . o n a n y d iv . d a te .
Debenture Bonds.— A m e r ic a n 6 % series d u e M a r . 1 201 6 r e d . as a w h o le
o n a n y in t. d a te on 30 d a y s ’ n o tice a t 110 a n d in t.
P e n n a . 4 -m ills tax
r e fu n d e d .
In S e p t. 1925 B o n b r ig h t & C o . , I n c ., o ffe r e d $ 5 ,0 0 0 ,0 0 0
a d d itio n a l b o n d s at 96 a n d in t ., t o y ie ld 6M %• V . 121, p . 1458.
Option Warrants.— T h e re are a u th o riz e d o p tio n w arra n ts as o i S e p t . 14
1925, issu ed a n d t o b e issu ed, e n titlin g th e registered h o ld e rs th e r e o f to
s u b s crib e , a t a n y tim e o n o r b e fo r e M a r . 1 1931, a t $10 p e r sh are, t o an
ag g reg a te o f 1 0 1 ,4 2 0 shares o f th e c o m . s to c k . A n y o f th e c o .'s d e b e n tu re
b o n d s n o w o u ts ta n d in g w ill b e a c c e p te d b y t h e c o . at th e ir p r in cip a l a m o u n ts
in lieu o f cash p a y m e n t fo r shares o f c o m . s to c k o f n o p a r v a lu e su b scrib e d
t o in exercise o f th e rig h ts g iv e n b y th ese o p t io n w arra n ts. C o . w ill p a y in
cash in terest o n d eb e n tu re s so a p p lie d , a c c r u e d t o th e d a te o f d e liv e ry o f
sam e t o it.
I n A u g . 1924 B o n b r ig h t & C o . , I n c . , offered $ 5 ,0 0 0 ,0 0 0 d e b e n
tu res A m e r . 6 % series and again in O c t . 1924 an a d d ’l $ 5 ,0 0 0 ,0 0 0 a t 94 %
a n d in t ., t o y ie ld 6 .3 5 % . V . 119, p . 195 6. In M a r c h 1925 B o n b r ig h t & C o .,
in c ., offered $ 8 ,0 0 0 ,0 0 0 a t 9 5 A a n d i n t ., t o y ie ld 6 M % . V . 120, p . 1200,
Dividends.— O n th e n o p ar v a lu e c o m . a cash d lv . o f 2 5 c . a n d a s t o c k
d i v . o f 1-50 o f a share w as p a id in D e c . 1924 and Ju n e 1925. I n 1925,
M a r ., 2 5 c .; S e p t., 2 5 c . V . 119, p . 228 3.
REPORT—
„
„„„„
Calendar Years—
1924.
1923.
G ro s s earnings o f su bsid iaries________________________ $ 4 2 ,0 7 8 ,8 3 7 $ 3 1 ,7 9 9 ,8 6 2
1 2,948,297
N e t earnings o f su b sid ia rie s_________________________ 1 7 ,5 6 2 ,9 2 6
Income Account 12 Months Ended June 30.
T h e in c o m e a c c o u n t o f th e c o m p a n y a n d th e b a la n ce a p p lic a b le t o th e
c o m p a n y fr o m th e o p e ra tio n s o f its su bsid iaries fo r th e 12 m o n th s e n d e d
Jun e 30 fo llo w :
(а) American Power <% Light Co.—
1925.
^
G ross ea rn in gs_________________________________________ $ 5 ,8 9 6 ,7 0 7
$ 4 ,7 7 8 ,4 4 2
E x p en ses_______________________________________________
4 2 9 ,7 9 3
4 32 ,697
In terest a n d d is c o u n ts --------------------------------------------------- 1 ,3 9 0 ,3 1 2
731 ,6 9 2
P referred d iv id e n d s ____________________________________ 1,2 2 8 ,0 1 1
9 3 5 ,8 3 4
C o m m o n d iv id e n d s ____________________________________ 2 ,1 5 0 ,5 7 1
1 ,8 4 5 ,4 0 5
B a la n c e ________________
$ 6 9 8 ,0 2 0
(б) Subsidiary Companies—
U n d istrib u ted in c o m e o f s u b . c o s . b e fo r e ren ew al a n d
r ep la cem en t (d e p re cia tio n ) r e se rv e s_______________ $ 5 ,8 0 8 ,1 7 6
T ra n s, t o ren ew al a n d re p l. (d e p r e c ’n ) r e se rv e s------- 2 ,9 5 9 ,2 1 5
A m t .a p p lica b le t o c o m .s t k .n o t o w n e d b y A .P .& L .C o .
4 8 ,6 1 8
$83 2 ,8 1 4
$ 3 ,1 7 6 ,7 9 5
1 ,951,337
23.4 9 9
B a l. fr o m o p e r . o f su b . c o s . a p p lic . t o A . P .& L .C o .$ 2 ,8 0 0 ,3 4 3 $ 1 ,2 0 1 ,9 5 9
C o m b in e d u n d is trib u te d in c o m e _____________________ $ 3 ,4 9 8 ,3 6 3
$ 2 ,0 3 4 ,7 7 3
O F F I C E R S .— P r e s ., C . E . G ro e s b e ck ; V .- P s ., A . 8 . G re n ie r, S. R . In c h
an d B . W . H ill; S e c ., E . P . S u m m erson ; T r e a s ., A . C . R a y ; C o m p t ., A . B .
S m ith .
V . 119, p . 1956, 2283; V . 120, p . 1200, 1324, 239 8, 254 7; V . 121,
p . 1346, 1458, 2 03 5.
____________
SOUTHW ESTERN POWER & L IG H T CO.
O p era tion s su p ervised b y E le c t r ic B o n d a n d Share C o .
C o n tr o lle d b y A m e rica n P o w e r & L ig h t C o . (see a b o v e ) .
O R G A N I Z A T I O N .— I n c o r p . in M a in e in 1912. O w ns s u b s ta n tia lly all
th e c o m . s t o c k (a n d in s o m e cases also all p r e f. s to c k s a n d b o n d s ) o f T e x a s
P o w e r & L ig h t C o . , F t . W o r t h P o w e r & L ig h t C o ., E l P a so G as C o . , G a l
v e s to n G as C o ., W ic h it a F a lls E le c t r ic C o . , a n d o th e r c o s . s u p p ly in g u tility
se r v ic e in T e x a s .
„
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o n tr o lle d c o s . fu rn ish a d iv e r s ifie d p u b lic u tility se rv ice in 169 co m m u n itie s ,
in c lu d in g m a n y im p o r t a n t c itie s , a m o n g th e m F t . W o r t h , E l P a s o , G a l
v e s to n , W a c o , D e n is o n a n d W ic h it a F a lls , T e x a s . T o t a l p o p u la tio n s e rv e d
is in e x cess o f 8 1 6 ,0 0 0 .
,
Franchises.— O n ly o n e o f t h e fra n ch ise s u n d e r w h ich th e s u b . c o s . o p e r a te
exp ires p rior t o 1935, w h ile m o s t o f th e m d o n o t ex p ire u n til 1950 o r la te r a n d
s o m e o f th e m are u n lim ite d in t im e . T h e y are , it is s t a t e d , g e n e ra lly am p le
in th eir p r o v is io n s a n d fr e e fr o m b u r d e n so m e r e s trictio n s .
STO C K A N D BO N DS—
Date.
Interest.
Outstanding. Maturity.
C o m m o n s t o c k ( $ 1 0 0 )--------------- ---------------------- $ 1 5 ,1 2 5 ,0 0 0 ------------------P r e f s t o c k 7 % c u m ( $ 1 0 0 )----------------7%
8 ,0 3 7 ,0 0 0 S e p t’2 5 ,l M
1st lie n 3 0 -y r b d s ($ 1 0 0 , $50 0 f 1913
5 g J -D
1 0 ,7 9 7 ,0 0 0 Ju n e 1 1943
& $ 1 ,0 0 0 ) g o l d _______ c * & r* \ B a n k e rs T r u s t C o ., N . V ., tru ste e .
6 % g o ld d e b ser A ($ 1 0 0 , $ 5 0 0 )
„
& $ 1 ,0 0 0 c * a n d $ 1 ,0 0 0
1922
6 g M -S
5 ,0 0 0 ,0 0 0 M a r 1 2022
$ 5 ,0 0 0 r * ) g o l d _____________ j l n t . a t C e n tra l U n io n T r . C o . , N . Y . , tru s.
Stock.— P r e f. is r e d . a t 115 a n d d iv s .
Bonds.— 1st lien 3 0 -y e a r b o n d s are se cu re d b y d e p o s it w ith t h e tru ste e o f
a ll o u ts ta n d in g s t o c k s , e x c e p t d ir e c t o r s ’ q u a lify in g sh ares, a n d b o n d s o f 10
s u b . c o s . T h e s e d e p o s it e d b o n d s are s e cu re d b y 1st m t g e s . o n th e p r o p e r tie s
o f t h e r e s p e c t iv e s u b . c o s . N o a d d ’l s to c k s o r b o n d s o f th e s e s u b . c o s . m a y
b e issu ed unless t h e y are d e p o s ite d w ith th e tru ste e o f th e m t g e . T h e 1st
lien b o n d s are a d d itio n a lly s e c u r e d b y p le d g e w ith t h e tru s te e o f all th e c o m .
s t o c k , e x c e p t d ir e c t o r s ’ q u a lify in g sh ares, o f T e x a s P o w e r & L ig h t C o . an d
m o r e th a n 9 4 % o f th e o u ts ta n d in g c o m . s t o c k o f F t . W o r t h P o w e r & L ig h t
C o . R e d . as a w h o le (o r in p a r t fo r sin k , fu n d ) o n a n y in t . d a t e a t 105 an d
in t . u p o n a t le a s t 6 w e e k s ’ n o tice .
Debentures.— N o t r e d . p r io r t o M a r . 1 1947; o n a n d a fte r th a t d a t e an d
u p t o an d in c l. S e p t. 1 201 6 are r e d . as a w h o le o r in lo ts o f n o t less th a n
$ 1 ,0 0 0 ,0 0 0 o n a n y in t d a t e o n 30 d a y s ’ n o t ic e at 110 a n d in t .; th e r e a fte r
111
POWEB, LIGHT AND BAILW AY
a t p ar a n d in t. C o . w ill r e fu n d P e n n a . 4 m ills t a x . I n F e b . 1925 B o n
b r ig h t & C o ., I n c ., offered $ 2 ,0 0 0 ,0 0 0 a t 9114 a n d in t ., t o y ie ld 6 .5 5 % .
V . 120. p . 830.
R E P O R T ..— E a rn in g s 12 m o n th s e n d e d D e c . 31:
1924.
192 3.
1922.
G ro ss e a rn in g s_________________________ $ 2 ,8 6 2 ,9 9 4 $ 2 ,5 4 9 ,7 5 4 $ 2 ,4 4 1 ,8 5 0
E x p e n s e s ________________________________ _____ 2 7 ,7 0 8 ______ 3 6 ,3 7 0 ______ 3 4 ,6 0 4
N e t e a rn in g s_________________________ $ 2 ,8 3 5 ,2 8 6 $ 2 ,5 1 3 ,3 8 4 $ 2 ,4 0 7 ,2 4 6
9 6 4 ,4 1 6
8 7 0 ,6 5 4
1,286,623
In te r e s t a n d d i s c o u n t s ________________
N e t in c o m e ___________________________ $ 1 ,8 7 0 ,8 7 0 $ 1 ,6 4 2 ,7 3 0 $ 1 ,1 2 0 ,6 2 3
307 ,0 9 0
Less P re fe rre d d iv id e n d s p a id ________ ___ 4 0 9 ,9 9 0 ____ 3 0 7 ,0 9 0
$ 1 ,4 6 0 ,8 8 0 $ 1 ,3 3 5 ,6 4 0
$813,533
O F F I C E R S .— P r e s ., A . S. G re n ie r
Supervision.— V . 119. p . 1406, 2180; ; V . 120, p . 8 3 0 , 2 01 3.
CENTRAL POWER AND LIG H T CO.
C o n tr o lle d b y C e n tra l & S o u th W est U tilitie s C o . , a su b sid ia ry o f M id d le
W e st U tilitie s C o .
V . 121, p . 197, 1346.
O R G A N I Z A T I O N .— I n c o r p . in M a s s . N o v . 2 1916. I n A u g . 1925 th e
C e n tr a l & S o u th W est U tilitie s C o . a c q u ir e d c o n tr o l o f th e c o m p a n y ,
Y . 121, p . 1346.
In O c t . 1925 th e T e x a s C e n tra l P o w e r C o . , a su b sid ia ry ,
p u r c h a s e d ce rta in h o ld in g s o f th e L u lin g (T e x .) L ig h t & W ater C o . V . 121,
p . 1907.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O p era tes d ir e c t ly o r th ro u g h its su bsidiaries c e n tra l e le ctr ic p o w e r station s
as w ell as d o in g a gas, w a te r, stre e t r a ilw a y , o r ice bu sin ess in 64 cities and
t o w n s. T h e d e v e lo p m e n t o f e le ctr ic p o w e r th r o u g h th e se c e n tra l station s
an d th e d is trib u tio n o f e n e rg y o v e r 5 6 8 m iles o f h ig h -te n s io n transm ission
lin es t o s u rro u n d in g c o m m u n itie s c o n s titu te s th e c o . ’s b a s ic b u sin ess. C o .
s e rv e s a p o p u la t io n o f a b o u t 5 1 3 ,0 0 0 , h a v in g o v e r 4 0 ,3 5 0 c u s to m e rs lo c a te d
in th e s o u th w e s te rn s e c tio n o f t h e U n ite d S tates in th e S tates o f T e x a s ,
A rk a n s a s . O k la h o m a , M is s is s ip p i a n d K a n s a s .
S T O C K A N D B O N D S .—
Date.
Interest. Outstanding. Maturity.
C o m m o n 5 0 ,0 0 0 shs (n o p a r ) . _______
___________ 5 0 ,0 0 0 shs.
__________
P f 7 % c u m $ 1 0 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) ____
7 Q -F
$.3,4.30.GOONov ’25 1 %
1st lien & r e f “ 1952 series” ) 1922
6 J 4 g M -S
6 ,5 3 7 .8 '0 S ep t 1 1952
f$ 1 0 0 , & c ) ___________c * & r * /C e n t r a l U n io n T r u s t C o , N Y , T ru s tee
1st (clo s e d ) m tg e & p r io r lien\ 1916
6 g A -O
3 ,0 2 7 ,1 0 0 O ct 1 1946
($100, & c) g o l d ___________ e * f l n t a t E q u it a b le T r u s t C o , N Y , T ru s tee
T e x a s P u b Serv 1st ( c l o s e d ) ] 1913
6 g J -J
2 4 7 ,0 0 0 J u ly 1 1933
m tg e ($ 1 ,0 0 0 ) g o l d ______c * / I n t a t S p it z e r -R o r ic k T r & S B k , T o l, T ru s
G u lf C o a s t P o w e r 1st M s f . . 1922
7 M -N
161 ,209 N o v 1 1947
M c A le s te r G as & C o k e 1 s t] 1913
6 g M -S
2 2 1 ,0 0 0 M a r 1 1 9 3 7
( c l o s e d ) ($ 1 0 0 ,& c) g „ c * t f f (In te g r it y U n ion T r u s t C o , P h ila , T ru s tee
Bonds.— T h e fir s t lien & r e f. g o ld b o n d s, “ 1952 s e r ie s ,” are c a ll, a t 110
a n d in t . d u rin g th e firs t 15 y e a rs , a t 107 l a n d in t . d u rin g th e n e x t 10 y ea rs,
A
an d at 105 and in t. th e re a fte r. T h e m tg e . requ ires c o . w> set a side an ann u al
sinking fund p a y a b le , b e g in n in g n o t later th an O c t . 1 1924, o f 214% o f
th e gre a te st a m o u n t o f b o n d s o u ts ta n d in g u n d e r th is series d u rin g th e
p r e ce d in g fis ca l y e a r , a n d in c lu d in g th e fo re g o in g , th e c o . m u s t m a in ta in
to ta l sinking fund o f n o t less th an 2 % o n a ll the b o n d s o u ts ta n d in g u p on
th e p ro p e rtie s o f th e c o . o r its su bsidiaries n o t p le d g e d h e re u n d er, a g ain st
w h ich m a y b e a p p lie d a n y sin k in g fu n d s p a y a b le u n d e r a n y o th e r existin g
in d e n tu re o f th e c o . o r its su b sid iaries; a n y d e fic ie n c y o f s u ch 2 % shall b e
a d d e d t o th e sinking fund fo r th is series. T h e c o . c o v e n a n ts t h a t n o fu rth er
firs t m tg e . a n d p r io r lien 6s o f 1946 m a y b e issu ed unless d e p o s ite d w ith th e
tru s te e as s e c u r it y fo r th e fir s t lien a n d r e fu n d in g b o n d s . I n t . o n firs t lien
a n d r e f. m t g e . “ 1952 s e r ie s ” p a y a b le a t C e n tr a l U n io n T r u s t C o . , N . Y . .
a n d C o n tin e n ta l & C o m m e r c ia l T r u s t & S a v . B a n k , C h ic a g o . $ 1 ,0 0 0 ,0 0 0
w e re s o ld in A p r il 1925 b y H o w e , S n o w & B e r tle s , I n c . a n d P y n c h o n &
C o . a t 100 & i n t — V . 120, p . 1880.
F irst m t g e . an d p r io r lien 6s h a v e sinking fund. 2 % y e a r ly o f o u ts ta n d in g
b o n d s . A r e re d e e m a b le a t 105.
T e x a s P u b lic S e rv ice fir s t 6s a re re d e e m a b le a t 103 .
M c A le s te r G as & C o k e fir s t 6s a re r e d . in p a r t o n a n y in t . d a t e a t 105 or
as a w h ole a t 103. I n t . a t P . W . B r o o k s & C o... N e w Y o r k .
R E P O R T . — F o r y e a rs e n d J a n . 31:
1 Q 9 4 .-9 r.
IQ O Q .O 4
$3,7 0 3 ,2 7 1
G ro ss in c o m e ________________________ ______ __________.$ 4 ,7 3 0 ,6 1 1
O p e r a tio n , ta x e s a n d m a in te n a n c e ________________ _ 3 ,0 6 2 ,5 1 1
2 ,4 1 7 ,9 1 9
N e t in c o m e a p p lic a b le t o in te r e s t________________ $ 1 ,6 6 8 ,1 0 0 $ 1 ,2 8 5 ,3 5 1
O F F I C E R S .-— P re s., M a r t in J . In su ll; V .- P s ., E . V. G ra h a m an d W . C .
S ch a rd ; S e c ., E u s ta ce J . K n ig h t; T r e a s ., O liv e r E . M c C o r m ic k .— V . 110,
p . 328 , 2 28 5, 240 9, 3 00 8; V . 120, p . 1880; V . 121, p . 197, 1346, 1907.
AMERICAN PUBLIC SERVICE CO.
C o n tr o lle d b y C e n tra l & S o u th W e st U tilitie s C o ., a s u b sid ia ry o f M id d le
W e s t U tilitie s C o .
V . 121, p . 1346.
O R G A N I Z A T I O N .— I n c o r p . in O c t . 1912 in D e la w a r e . C o n tr o ls ,
th ro u g h ow n e rsh ip o f a ll th e ca p ita l s to c k s (e x c e p t d ir e c t o r s ’ q u a lify in g
shares) a n d a ll o u ts ta n d in g fu n d e d d e b t , ele ve n p u b lic u t ilit y o p e r a tin g c os.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
T h ro u g h its c o n s titu e n t c o s . o p e r a te s p u b lic u t ilit y p ro p e rtie s s ervin g 73
co m m u n itie s in eastern T e x a s a n d 19 co m m u n itie s in O k la h o m a , w ith o n e or
m o r e classes o f p u b lic u t ilit y s e r v ic e , v iz .: 91 w ith e le ctr ic lig h t an d p o w e r ,
39 w ith ic e , 2 w ith g a s , an d 3 w ith stre e t r a ilw a y s e r v ic e . A m o n g th e cities
s e rv e d are M a r s h a ll, A b ile n e , C is c o an d L o n g v ie w , T e x a s , and O k m u lgee,
H u g o a n d H e n r y e tta , O k la . T h e p h y s ic a l p r o p e r t y o f th e c o m p a n y in
clu d e s e le ctr ic ge n e ra tin g p la n ts h a v in g a g e n e ra tin g c a p a c it y o f a p p ro x i
m a t e ly 4 4 ,0 0 0 k . w ., a n d a c o m b in e d d a ily ice c a p a c it y or 1,013 to n s . T h e
e le ctr ic lig h t an d p o w e r tra n sm ission sy s te m co n s ists o f 956 m iles o f high
te n sio n lin es. T h e t w o g a s p r o p e r tie s s e rv e th e ir r e s p e c tiv e lo ca litie s w ith
n atu ral gas th r o u g h 77 m iles o f m ain s.
T h e E a s t T e x a s P u b lic S e rvice C o ., a s u b s id ia ry , p u rch a s e d in S e p t. 1925
th e W a s k o m (T e x a s) L ig h t & P o w e r C o . V . 121, p . 1675.
STOCK A N D BO N DS—
Date.
Interest. Outstanding. Maturity.
C o m m o n $ 1 5 ,0 0 0 ,0 0 0 ------------------------------------x $ 5 ,5 7 3 ,3 8 0 __________
P r e f 7 % c u m $ 1 0 ,0 0 0 ,0 0 0 ___________
________
6 ,7 7 2 ,3 0 0 O c t ’25 I K %
1st lie n ($ 1 0 0 ,$ 5 0 0 & $ 1 ,0 0 0 c * ] 1912 5 - 1 4 6 - 6 ^ J - D l l ,7 0 7 ,9 0 0 D e c 1 1942
& $ 1 ,0 0 0 & m u l t r * ) g o l d - t : /In te r e s t p a y a b le in N e w Y o r k .
2 0 -y e a r c o ll tru s t n o te s Ser “ C ” ____
8%
4 7 4 ,5 0 0 M a r 1 l « 4 l
G en eral lien b o n d s --------------------- --------6%
x l , 0 0 3 .0 0 0 D e c 1 1942
x P r a c t ic a lly a ll o f th e c o m m o n s t o c k a n d en tire a m o u n t o f general lien
6s o w n e d o r c o n tr o lle d b y M id d le W e s t U tilitie s C o .
Central Power & Light
Company
( all issues)
prepared
or other information regarding the
W E are the above to furnish quotations
securities of
Company.
Inquiries Invited
H o w e , Sn o w
& Bertles INC.
120 Broadway Tel. Rector 3563
Grand Rapi
Chicago
Detroit
178
[V ol. 121.
PUBLIC UTILITIES
Bonds.— O f th e o u ts ta n d in g fir s t lien b o n d s , $ 8 ,4 1 2 ,7 0 0 are 6s, $ 1 ,2 9 5 ,2 0 0
6 M s , a n d $ 2 ,0 0 0 ,0 0 0 (offered in S e p t. 1925 a t 96 a n d in t . t o y ie ld 5 M %
b y H a ls e y , S tu a rt & C o . , I n c ., a n d A . B . L e a ch & C o . , I n c ., V . 121 . p . 1675)
a re 5 M s . M o r tg a g e p r o v id e s fo r a n n u al d e p r e c ia tio n fund a m o u n tin g
t o 2 % o f b o n d s o u ts ta n d in g u n d e r fir s t lien m t g e . t o b e u s e d fo r e xten
sio n s , a d d itio n s , & c ., o r fo r th e re d e m p tio n o f b o n d s . A r e r e d e e m a b le , all
o r in p a r t , o n a n y in terest d a te o n 60 d a y s ’ n o tice a t 105 a n d in t . C o m p a n y
agrees t o r eim b u rs e h o ld e rs, i f re q u e ste d w ith in 60 d a y s a fte r p a y m e n t , fo r
th e P e n n a . 4 m ill ta x . I n M a r c h 1925 $ 1 ,2 0 0 ,0 0 0 fir s t lien 6s w ere offered
b y H a ls e y , S tu a rt & C o . , I n c ., a n d A . B . L e a ch & C o . a t 100 a n d in t .
V . 120, p . 1584.
E A R N I N G S .— F o r y e a rs e n d . D e c . 31:
Consol. Earnings for Calendar Years—
192 4.
192 3.
G ross earnings fr o m u tilitie s o p e r a tio n s ______________$ 4 ,0 0 9 ,1 9 1
$ 3 ,2 8 8 ,8 4 8
O p era tin g expenses (in cl. taxes & d e p r e c ia t io n )___
2 ,7 1 6 ,5 4 0
2,1 3 3 ,9 8 1
N e t earnings fr o m u tilitie s o p e r a t io n ______
N o n -o p e ra tin g in c o m e ( n e t ) ___________________
$ 1 ,2 9 2 ,6 5 1
2 8 1 ,1 5 7
$ 1 ,1 5 4 ,8 6 7
37,8 9 3
G ross in c o m e ________________________________________ $ 1 ,5 7 3 ,8 0 8
In te r e s t o n fu n d e d d e b t _______________________
649 ,7 0 6
A m o r tiz a tio n o f d e b t d is c o u n t a n d e x p e n s e ..
112,787
D iv s . o n p referred s t o c k p a id o r a c c r u e d ____
368 ,311
$ 1 ,1 9 2 ,7 6 0
5 32 ,975
101,307
3 1 2 ,7 2 6
B a la n ce , s u rp lu s ____________________________________
$ 4 4 3 ,0 0 4
$24 5 ,7 5 2
192 5.
G ro s s ea rn in gs, in c lu d in g o th e r in c o m e --------------------- $ 4 ,7 3 0 ,0 0 3
O p e r a tin g exp en ses, in c lu d in g ta x e s ------------------------- 2 ,9 6 4 ,0 1 6
1924.
$ 4 ,1 0 1 ,0 2 4
2 ,3 9 5 ,8 4 2
Latest Earnings.— 12 m o n th s e n d e d A u g . 31:
N e t earn in gs b e fo r e d e p r e c ia t io n --------------------------- $ 1 ,7 6 5 ,9 8 7 $ 1 ,7 0 5 ,1 8 2
O F F I C E R S .— C h a irm a n , S am u el In su ll; P r e s ., M a r t in J . In su ll; Y . - P . ,
W . O . S h a rp ; S e c ., E . J . K n ig h t; T r e a s ., O liver E . M c C o r m ic k .— V . 119,
p . 2 5 2 7 ; V . 120 , p . 158 4, 188 0, 2 14 4: V . 121, p . 134 6, 167 5.
HOUSTON L IG H TIN G & POW ER CO.
C o n tr o lle d b y t h e N a tio n a l P o w e r & L ig h t C o . (see o n a n o th e r p a g e ) .
U n d e r su p e r v is io n o f E le c t r ic B o n d & Share C o .
O R G A N I Z A T I O N .— I n c o r p . in T e x a s Jan . 8 1906 a n d t o o k o v e r th e
bu sin ess o f th e (o ld ) H o u s to n L ig h tin g & P o w e r C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w n s a n d op e r a te s t h e e n tire m u n ic ip a l an d c o m m e r c ia l e le c tr ic p o w e r
a n d lig h t fa c ilitie s in H o u s t o n , M a g n o lia P a rk , H a rris b u rg , R o s e n b u r g ,
W h a r t o n , G o o s e C r e e k , a n d 16 o t h e r co m m u n itie s . Franchises are p e r
p e tu a l o r ru n t o 1972.
STO C K A N D BO N DS—
Vote.
Interest. Outstanding. Maturity.
$ 3 ,0 0 0 ,0 0 0 ____________
C o m m o n $ 3 ,0 0 0 ,0 0 0 ($ 1 0 0 )--------------------------3 ,0 0 0 ,0 0 0 O c t ’ 2 4 ,1 M %
P referred $ 3 ,0 0 0 ,0 0 0
2 ,4 0 3 ,0 0 0 A p r 1 1931
_____ _______________ ________ _
5 g A -O
1st m tg e $ 5 ,0 0 0 ,0 0 0 ($1,000)1 1911
g o l d _______________________c * l W h it n e y C e n t. T r . & S .B k .,N e w O r l..T r u s t .
1st lien & r e f m tg e ($1 0 0 , $5 0 0
& $ 1 ,0 0 0 c * & $ 1 ,0 0 0 r * )
g o l d _______________________ t f j
5 g M -S
3 ,0 0 0 ,0 0 0 M a r 1 1953
Series “ A ” ___________________1 1923
6 g A -O
2 ,0 0 0 ,0 0 0 O c t 1 1953
Series “ B ” ___________________J 1923
. 1924
5M g M -S 2 ,0 0 0 ,0 0 0 M a r 1 1954
Series “ C ” _
(G u a r a n t y T r u s t C o . , N . Y . . T r u s te e .
Bonds.— T h e 1st m t g e . 5s a re r e d . a t 105 and in t . a t a n y in t . p e r io d on
6 w eek s n o tice ; c a lla b le b y l o t . S in k in g fu n d o f 1 % o f b o n d s o u ts ta n d in g
b e g a n J u ly 1 1915. $ 4 9 7 ,0 0 0 h a v e been r e tire d . $ 2 ,1 0 0 ,0 0 0 are p le d g e d as
s e c u r it y fo r th e 1st lien & r e f. m t g e . b o n d s .
T h e 1st lien & r e f. m t g e . b o n d s are se cu re d b y p le d g e o f $ 2 ,1 0 0 ,0 0 0 1st
m tg e . 5s d u e A p ril 1 1931, a n d a ll p r o p e r t y rig h ts a n d fra n ch ise s e x c e p t
p r o p e r t y s p e c ific a lly e x e m p t, n o w o w n e d or h e re a fte r a c q u ir e d , s u b je c t
t o $ 2 ,4 0 3 ,0 0 0 u n d e rly in g b o n d s . ‘ Series “ A ” are re d e e m a b le , all o r p a r t,
o n 4 w e e k s ’ n o t ic e a t 105 a n d in te re st o n or b e fo r e M a r c h 1 1928 an d
a t 1 % less fo r e a c h 5 -y e a r p e r io d th e re a fte r, t o a n d in c lu d in g M a r c h 1
1948; a t 100M an d in te re s t th e r e a fte r t o a n d in c lu d in g M a r c h 1 1950
a n d th erea fter a t p a r . $ 1 ,0 0 0 ,0 0 0 Series “ A ” w e re offered in J u ly 1924
b y H a ls e y , S tu a rt & C o . , I n c ., a t 9 1 M a n d in te re s t, y ie ld in g 5 -6 0 %
V . 119 , p . 3 3 1 . Series “ B ” r e d e e m a b le , all o r in p a r t , a t a n y tim e o n
4 w e e k s ’ n o t ic e a t th e f o llo w in g p rice s , to g e th e r w ith a c c r u e d in te re st:
O n o r b e fo r e O c t . 1 1928 a t 106; th e re a fte r a t 1 % less fo r e a c h 5 -y e a r
p e r io d t o a n d in c l. O c t . 1 1948; th e re a fte r t o an d i n c l. A p r il 1 1952 a t 101;
th e r e a fte r t o a n d in c l. O c t . 1 1952 a t 1 0 0 M ; an d th e r e a fte r a t th e p rin cip a l
a m o u n t.
Series “ O ” r e d . a ll o r in p a rt o n 4 w e e k s ’ n o t ic e a t a n y tim e at
th e fo llo w in g p rice s , to g e th e r w ith in t. O n o r b e fo r e F e b . 2 8 1 92 9, a t 105;
th erea fter a t 1 % less fo r e a c h 5 -y e a r p e r io d t o a n d in c l. F e b . 28 1949;
th erea fter t o an d in c l. F e b . 2 8 1951 a t 1 0 0 M , an d th e re a fte r a t th e p rin cip a l
a m o u n t. P en n a . 4 m ill t a x re fu n d a b le . L is te d o n B o s to n S to c k E x ch a n g e .
V . 117, p . 200 0.
E A R N I N G S .— F o r 12 m o n th s e n d in g D e c . 31:
192 4.
1923.
1922.
1921.
G ross earns, fr o m o p e r . . $ 3 ,1 0 7 ,0 6 4 $ 2 ,5 5 2 ,1 5 3 $ 2 ,0 9 6 ,9 9 7 $ 1 ,8 1 2 ,6 4 6
O p er. e x p ., in c l. t a x e s . .
1 .8 2 4 ,0 1 5
1,6 6 2 ,2 2 8 1 ,3 8 3 ,4 5 6
1 ,191,951
N e t earns, fr o m o p e r . $ 1 ,2 8 3 ,0 4 9
3 9 ,7 0 9
O th er i n c o m e . . -------------
$889,925
51,002
$71 3,54 1
423
$61 9 ,6 9 5
4 ,2 9 4
T o t a l in c o m e --------------- $ 1 ,3 2 2 ,7 5 8
437 .9 0 1
In terest o n b o n d s . . . .
5 8 ,7 0 9
O th er in t. a n d d e d u c ’n s .
$94 0,92 7
204 ,483
44.1 8 0
$7 1 3 ,9 6 4
120 ,1 5 0
3 7 ,9 7 0
$ 6 2 3,98 9
120 ,150
3 1 ,8 5 7
B a l a n c e _______________
D iv s . o n P r e f. s t o c k -------
$82 6 ,1 4 8
139 ,968
$69 2,26 4
9 1 ,097
$5 5 5 ,8 4 4
19,979
$47 1 ,9 8 2
B a l a n c e ----------------------R e n e w a l & r e p la c e ’t r e s .
$ 6 8 6 ,1 8 0
3 2 7 ,3 8 6
$60 1,16 7
238,981
$ 5 3 5 ,8 6 5
194,207
$ 4 7 1,98 2
153 ,239
$36 2,18 6
$34 1 ,6 5 8
$31 8 ,7 4 3
$35 8 ,7 9 4
B a la n ce fo r su rp lu s___
Latest Earnings.— 12 m o s . e n d e d J u ly 31 1925: G ro s s , $ 3 ,5 4 6 ,4 6 0 ;
n e t , $ 1 ,4 7 5 ,7 4 1 ; t o t a l in c o m e , $ 1 ,4 9 9 ,6 1 8 ; in t. o n b o n d s , $ 5 0 0 ,1 5 0 ; o th e r
i n t ., & c ., $ 6 5 ,1 9 2 ; p r e f. d iv s ., $ 1 8 1 ,8 7 3 ; b a l ., su rp lu s, $ 7 5 2 ,4 0 3 .
O F F I C E R S .— P res., E d w in B . P a rk er; V .-P . & G e n . M g r ., S. R .
B ertron J r .; V .- P . . A . S. G re n ie r: V .- P . , E . W . H ill; S ec. & T r e a s .. R . S.
D a u n o y .— V . 119. p . 3 3 1 , 1070, 117 6. 2 17 9; V . 120, p . 2 0 1 2 .
DALLAS POW ER & L IG H T CO.
n o tice a t 107M a n d in t . t o a n d in c l. J a n . 1 193 5; 106 a n d in t . t o a n d in c l.
Jan . 1 1940; 104 a n d in t . t o a n d in c l. J a n . 1 1945: 103 a n d in t . t o a n d in c l.
Jan . 1 1947: 102 a n d in t . t o a n d in c l. J a n . 1 1948; 101 a n d Int. th e r e a fte r .
Series “ C ” a re c a ll., a ll o r in p a r t , o n a n y in t . d a t e o n 4 w e e k s ’ n o t ic e a t
105 a n d in t. o n o r b e fo r e J u ly 1 192 7: th e r e a fte r th ro u g h J u ly 1 1932 a t 104
an d in t .; th ro u g h J u ly 1 1937 a t 103 a n d i n t ., th ro u g h J u ly 1 1942 a t l 6 2
a n d in t .; th ro u g h J u ly 1 1947 a t lO l a n d in t ., a n d th e re a fte r, b u t p r io r t o
m a t u r it y , a t 100 M a n d in t . V . 115 , p . 1843.
Series “ D " are c a ll., a ll o r in p a r t , o n 4 w e e k s ' n o tice a t 104 a n d in t . u p t o
an d in c l. J a n . 1 1929; 103 a n d in t . th r o u g h J a n . 1 1934: 102 a n d in t . th r o u g h
J a n . 1 1939; 101 a n d in t . t h r o u g h J a n . 1 194 4, an d 100 M and in t . th e r e a fte r .
A n n u a l sinking and im p t. f u n d f o r a ll series b e g in n in g 1924 o f 1 M % o f t h e
to t a l a m o u n t o f b o n d s issu e d . I n t . is p a y a b le in B o s to n a n d N e w Y o r k .
Dividends.— 1% % h a s b e e n p a id o n t h e p r e f. s t o c k re g u la r ly q u a r te r ly
fr o m d a te o f issu an ce t o a n d in c lu d in g A u g . 1925.
E A R N I N G S .— F o r 12 m o n th s e n d in g D e c . 31:
Twelve
Gross
Net after
Other
Interest,
Balance,
Months— Earnings.
Taxes.
Income.
&c.
Surplus.
$ 1 ,4 2 3 ,9 7 5
$ 7 ,9 8 2
$55 1,61 1
$ 7 7 0 ,3 4 6
1 9 2 4 ------------$ 3 ,2 7 4 ,5 2 3
1 9 2 3 ------------ 3 ,0 7 8 ,9 6 1
1 ,1 8 3 ,7 8 0
1 7 ,4 1 6
4 5 3 ,4 8 8
7 4 7 ,7 0 8
1 ,0 2 6 ,3 3 1
1 8 ,5 4 8
4 0 0 ,0 1 8
6 4 4 ,8 6 1
1 9 2 2 ----------- 2 ,7 7 0 ,0 5 0
Latest Earnings.— 12 m o s . e n d e d A u g . 31 1925: G ro s s , $ 3 ,4 7 6 ,1 3 7 :
n e t , $ 1 ,7 4 1 ,0 3 3 ; o t h e r in c o m e , $ 1 3 ,8 0 6 ; i n t ., & c ., $ 5 6 9 ,7 0 1 ; b a l., s u r .,
$ 1 ,1 8 5 ,1 3 8 .
O F F I C E R S .— C h a irm a n , W . B . H e a d ; P r e s ., C . E . C a ld e r ; V . - P s .,
H . L . S eay , A . S. G ren ier a n d E . W . H ill; V . - P . & G e n . M g r ., C . W . D a v is ;
S ec. & T r e a s ., J . B . W a lk e r .— V . 117 , p . 8 9 8 , 1466; V . 119, p . 2 7 6 0 , 2 8 7 7 ;
V . 120, p . 1457; 3 06 4.
NORTHERN T E X A S ELECTRIC CO.
O f th e c o m m o n s t o c k . $ 5 0 0 ,0 0 0 Is o w n e d b y P u b . S e rv ice In v e s t . C o
O R G A N I Z A T I O N .— A h o ld in g c o . I n c o r p . in M a in e N o v . 16 1905 a n d
o w n s the en tire s t o c k a n d p a r ticip a tin g b o n d s o f th e N o rth e r n T e x a s T ra c
tion C o ., th e c a p ita l s t o c k o f th e T a rr a n t C o u n t y T r a c . C o . (n a m e ch a n g e d
fr o m F t . W o r t h S o u th e rn T r a c t io n C o . in 1914) a n d th e A r lin g to n L ig h t
& P ow er C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
D o e s all th e e le ctr ic -r a ilw a y bu sin ess in F o r t W o r th an d o p e ra te s an in te ru rb a n lin e be tw e e n th a t c it y a n d D a lla s , 35 m ile s: op e ra te s a lin e betw een
F o r t W o r th an d C le b u r n e , T e x ., 31 m ile s . I t is p r o p o s e d t o ex te n d th e lin e
fro m C le b u rn e t o D e n to n , th e rig h ts o f th e F o r t W o r t h -D e n t o n In teru rb a n
C o . h a v in g been a c q u ir e d . V . 9 9 , p . 121, 122 . D o e s th e e le ctr ic lig h t a n d
p o w e r , ic e a n d w ater business in A r lin g to n , T e x . E n te rs D a lla s o v e r its o w n
tra ck s . See V . 8 9 , p . 41 1 . S u b . c o s . o p e r a te 176 .6 9 m iles o f t r a c k , sta n d a rd
ga u g e; 25-5 p a s s ., 26 trailer a n d 16 o th e r ca rs . In J u ly 1916 c o m p le t e d an
I,
8 0 0 -ft. v ia d u c t o v e r th e s te a m r o a d s e n te rin g U n io n D e p o t in D a lla s .
P o w e r s ta tio n has c a p a c it y o f 1 0 ,8 0 0 k .w .; also pu rch ases p o w e r fro m th e
D a lla s P o w e r & L ig h t C o . H as leased fo r 20 ye a rs fr o m D e c . 17 1915 th e
term in a l fa cilitie s o f th e D a lla s In te r u r b a n T e r m in a l A s s n ., w h ic h see u n d er
D a lla s R y . C o . o n a n o th e r p a g e . In 1917 leased (w ith th e r ig h t t o p u rch a s e
fo r $ 2 ,0 0 0 ,0 0 0 ) th e O a k C l i f f lin e t o th e D a lla s R y . a t an an n u a l ren tal o f
$1 1 5 ,0 0 0 fo r firs t 3 y e a rs, $ 1 2 0 ,0 0 0 fo r fo u r th y e a r , $ 1 2 5 ,0 0 0 fo r f if t h y e a r ,
$ 1 3 5 ,0 0 0 fo r six th y e a r a n d $ 1 5 0 ,0 0 0 th e re a fte r.
Franchises of N o rth e r n T e x a s T r a c t io n C o . in F o r t W o r t h e x p ire in 1973;
in D a lla s in 1937; o th e r s a b o u t 195 0. H a s p r iv a te r ig h t -o f-w a y ou tsid e o f
c itie s . T a rr a n t C o u n t y T r a c t io n C o . in F o r t W o r t h a n d C le b u r n e ex p ire
in 1936; b e tw e e n th ese c itie s has p r iv a t e r ig h t -o f-w a y e x c e p t in to w n s , & c .,
in w h ic h cases its rig h ts e x p ire in 196 1. V . 9 2 , p . 1243. R o a d w as c o m
p le te d in A u g . 1912 an d b e g a n o p e r a tio n s in S e p t. 191 2. Franchise in
A r lin g to n exp ires in 1949.
STO CK A N D BO N DS—
Date.
Interest. Outstanding .LastDiv., &c.
Q -M
C o m m o n $ 5 ,0 0 0 ,0 0 0 ($ 1 0 0 )___ ______
$ 3 ,1 5 0 ,0 0 0 S e p t ’2 5 ,2 %
P r e f 6 % n -c $ 5 ,0 0 0 ,0 0 0 4 1 0 0 ) _______
M & S
4 ,0 0 0 ,0 0 0 S e p t ’2 5 ,3 %
C o ll tru s t M $ 1 0 ,0 0 0 ,0 0 0 g o l d ^ 1910
5 g J-J
3 ,2 7 1 ,0 0 0 Jan 1 1940
sink fu n d (see t e x t )c * & r * t f (In t. a t C o m m o n w e a lth T r . C o ., B o s t ., T r u s t .
5-y e a r n o te s $ 7 5 0 ,0 0 0 ($ 1 0 0 ,\ 1923
7 g M -S
5 0 0 ,0 0 0 M a r 1 1928
$500 & $ 1 ,0 0 0 ) g o ld c ______J Int. a t F a rm ers & M e c h . B k ., F t . W o r t h , T r .
N o iT e x Trac 1st M $ 2 ,5 0 0 ,0 0 0 / 1903
5 g J -J
2 ,5 0 0 ,0 0 0 Jan 1 1 9 3 3
($ 1 ,0 0 0 ) g o ld — n o sin k in g-!In t. a t th e U n io n T r u s t C o ., C le v e ., T ru s te e ,
f u n d -------------------------------c * t f ( o r a t C h a se N a t . B a n k , N e w Y o r k .
C a r tru st c e r tific a te s ___________ ______
________ _
6 7 ,2 7 4 ____________
Stock.— ' h e p r e f. s t o c k is r e d e e m a b le a t 110. V . 9 4 , p . 1449. B o th
T
classes o f s t o c k are liste d o n th e B o s to n S to c k E x c h a n g e .
Bonds.— O f th e c o ll, tr u s t b o n d s , $ 2 ,5 0 0 ,0 0 0 are re se rv e d t o re tire N o r t h
ern T e x a s T r a c t io n 1st M . b o n d s ; $ 4 8 9 ,0 0 0 h a v e b e e n r e tir e d .
C oupon
b o n d s are in d e n o m . o f $ 1 ,0 0 0 ; re giste re d b o n d s , $ 1 ,0 0 0 , $ 5 ,0 0 0 a n d $ 1 0 ,0 0 0 .
C a lla b le as a w h o le o r in p a r t fo r s in k , f u n d o n ly a t 105 a n d in t . o n a n y
in t. d a te .
Sinking fund o f 1 % o f b o n d s o u t b e g a n N o v . 1 191 1. B o n d s
are se cu re d b y d e p o s it o f a ll th e s t o c k o f th e N o r t h . T e x a s T r a c . C o . V . 90,
p . 37 3 , 1239.
T h e N o rth e r n T e x a s Traction C o . b o n d s are s u b je c t t o c a ll as a w h ole
o n a n y in te re st d a y a t 105 a n d in terest.
Notes.— T h e 5-year 7% n o te s are c a ll, as a w h o le a t a n y tim e p r io r t o
M a r . 1 1925 a t 101 & in t ., th e re a fte r t o M a r . 1 1927 a t 1 0 0 M & int).; th ere
a fte r t o m a t u r it y a t 100 a n d in t.
D I V I D E N D S .— -First d iv . o n p r e f. ( 1 % ) p a id M a r c h 1 1906 a n d 2 %
S e p t. 1 1906; sin ce, 6 % p e r a n n u m . F irs t d iv id e n d o n c o m m o n s t o c k ,
2 % , p a id S ep t. 1 1909; in 1910, 5 M % ; in 1911 an d 1912, 6 % ; in 1913,
6 M % : in 1914, 7 % ; in 1915, 4 M % : in 1916 a n d 1917, 4 % .
I n 1918, 6 % ;
in 1919. 4 % ; in 1920, 8 % ; in 1921, 8 % ; in 1922, 8 % ; in 1923, 8 % ; in 1 9 2 4 .
8 % . In 1925, M a r ., 2 % ; J u n e , 2 % ; S e p t ., 2 % .
E A R N I N G S . — F o r 12 m o n th s e n d in g J u n e 3 0 :
1925.
1 92 4.
G r o s s ---------------------. . . $2*57 2 ,9 3 6 $ 2 ,8 2 8 ,6 0 8
$ 2 ,5 72,9 36
O p e ra tin g expen ses a n d t a x e s _______________________
,8
.
1 .8 6 9 ,8 1 2
2 ,0 1 0 ,1 8 9
N e t ----------------------------------------------------------------------------...
I n c o m e fr o m o th e r so u rce s*
$ 7 0 3 ,1 2 4
1 50 ,000
$ 8 1 8 ,4 1 9
1 4 6 ,2 5 0
B a la n c e ---------------------------------------------------------------------...
In te r e s t c h a r g e s __________________________________
$ 8 5 3 ,1 2 4
3 4 1 ,6 3 4
$ 9 6 4 ,6 6 9
3 3 4 ,3 1 4
B a la n ce (fo r r e s ., r e tire m e n ts a n d d i v s .) _______
$ 5 1 1 ,4 9 0
$ 6 3 0 ,3 5 5
* R e n ta l o f O ak C l i ff p r o p e r t y .
O F F I C E R S .— P r e s ., A le x . F . C r ic h t o n ; S e c . & T r e a s ., H e n r y T . G r a
h a m ; G e n . M g r s ., S to n e & W e b s te r M g t . A s s n ., B o s t o n .— V . 112 , p . 745;
V . 116, p . 722 ; V . 117 , p . 211 0; V . 119, p . 2 1 8 0 .
S u p erv is ed b y E le c t r ic B o n d & Sh a re C o .
Control.— C o n tr o lle d b y E le c t r ic P o w e r & L ig h t C o r p .
O R G A N I Z A T I O N .— I n c o r p . in T e x a s on S e p t. 22 1917 t o t a k e o v e r and
op e ra te th e p o w e r an d lig h t p r o p e r tie s o f t h e D allas E le c tr ic L ig h t & P ow er
C o . fo rm e r ly c o n tr o lle d b y D a lla s E le c t r ic C o . (S ee “ E le c t r ic R a ilw a y ”
S u p p le m e n t fo r S ep t. 1917) u n d e r th e fra n ch ise a p p r o v e d b y th e citiz e n s o f
D a lla s a t an e le ctio n h eld A p ril 3 1917 an d fo rm a lly a c c e p te d on S e p t. 27
191 7. T h e railw ay p ro p e rtie s o f th e D a lla s E le c. L . & P . C o . w ere tak en o v e r
b y th e D a lla s R y . C o ., w h ich see o n a n o th e r p a g e . V . 105. p . 1423
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
D o e s s u b s ta n tia lly all th e e le ctr ic p o w e r and lig h t busin ess in D a lla s ,
serv in g a p o p u la tio n o f a b o u t 2 0 0 ,0 0 0 .
s
Franchise.— F o r te rm s o f fra n ch ise u n d e r w h ich th e c o m p a n y op e ra te s
see “ E le c t r ic R a ilw a y S u p p le m e n t” o f O c t . 28 1922.
STO CK A N D BO N DS—
Date.
Interest. Outstanding. Maturity.
___________$ 2 ,5 0 0 ,0 0 0
C o m s t o c k $ 2 .5 0 0 ,0 0 0 ( $ 2 0 ) - - 7%
3 ,4 5 0 ,0 0 0 A u g ’2 5 , 1M
P r e f s t k $ 3 ,5 0 0 ,0 0 0 c u m ($100) _
1st M ($500 & $ 1 ,0 0 0 ) g - - r * t F
6 g J-J
6 ,0 0 0 .0 0 0 J u ly 1 1949
Series “ A ” __________________ 1919
1919
7 M g J-J
1 ,1 0 0 ,0 0 0 J u ly 1 1949
Series “ B ” _________________
1922
5 g
J-J
1 ,0 0 0 .0 0 0 J u ly 1 1952
Series “ C ” _________________
1924
5 M f e J-J
1 ,0 0 0 ,0 0 0 J a n . 1 1 9 5 4
Series “ D ”
old C o lo n y T r u s t C o ., B o s t o n , tru ste e .
Stock.— P referred s t o c k is r e d e e m a b le a t 110 a n d a c c r u e d in terest.
Bonds.— A r e issu able in series m a tu rin g n o t earlier th a n J u ly 1 1949
n o r la ter th a n J u ly 1 1962, a n d b e a rin g s u ch rates o f in t. a n d r e d . u p o n su ch
term s as m a y b e d e te r m in e d b y th e b o a r d o f d ir e cto r s . A d d itio n a l b o n d s
m a y b e issu ed t o th e e x te n t o f 8 0 % o f th e co st o f e x t s ., b e tte r m e n ts a n d
im p ts . u n d er ce r ta in c o n d it io n s .
O th erw ise th e a u th o r iz e d issue is n o t
lim ite d as t o a m o u n t.
T h e series " A ” b o n d s are r e d ., a ll o r in p a r t, on 30 d a y s ’ n o t ic e a t 1 0 7 M
and in t . u p to an d in c l. J u ly 1 1924; 106M and in t . th ro u g h J u ly 1 1929;
1 0 5 M and in t. th ro u g h J u ly 1 1934: 104 M and n t. th ro u g h J u ly 1 1939,
103 an d in t . th r o u g h J u ly 1 1948: 101 a n d in t „ h e re a fte r.
Series " B ” are c a ll, a ll o r in p a r t o n a n d a fte r J u ly 1 1930 o n 3 0 d a y s ’
EL PASO ELECTRIC CO.
O R G A N I Z A T I O N .— O rg a n ize d in D e la w a r e in 192 4, a n d th r o u g h o w n e r
sh ip o f t h e E l P a so E le c t r ic C o . (N . J . c o r p .) , a c q u ir e d , b y e x c h a n g e o f
s t o c k , o w n s th e se cu ritie s o f th e E l P a so E le c t r ic R y . C o ., E l P a s o & J u a rez
T r a c t io n C o . a n d R i o G ra n d e V a lle y T r a c t io n C oJ, a n d d ir e c t o w n ersh ip
o f th e se cu rities o f th e M e s illa V a lle y E le c . C o . C o n tr o ls t h e E l P a s o
E le c t r ic C o . o f T e x a s .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
D o e s th e en tire e le ctr ic r a ilw a y , e le ctr ic lig h tin g an d p o w e r busin ess in
El P a so , T e x ., a n d J u a re z, M e x ., a n d op e ra te s an e le ctric r a ilw a y b e tw e e n
E l P a so an d Y s le ta .
53 .2 $ m iles o f eq u iv a le n t sin gle tra ck : sta n d a rd g a u g e .
93 passen ger cars a n d 6 o t h e r c a r s . A ls o d o e s e n tire e le ctr ic lig h tin g a n d
p o w e r an d ice business in L a s C r u c e s , N e w M e x ic o . P o w e r s ta tio n has
c a p a c it y o f 3 1 ,5 0 0 k .w . Franchises in E l P a so ex p ire in 1951 a n d 1952.
R a ilw a y fra n ch ise in J u a rez expires in 1 98 8. In te ru rb a n a lm o s t en tirely
o n p r iv a te r ig h t-o f-w a y .
STOCK AN D BO N DS—
Date.
Interest.
Outstmding. Maturity
Q -M 15
C o m m o n s to c k (n o p a r ) _______ _____
5 7 ,4 6 8 shs. S e p t ’2 5 $ 1 .2 5
P r e f 7 % cu m Ser A ($ 1 0 0 )____ ______
Q -J 15
$ 2 ,1 1 1 ,3 0 0 O c t ’ 2 5 , I K
P r e f 6 % n o n -c u m Ser B ( $ 1 0 0 ) ____
Q -J 15
157 ,7 0 0 O c t ’ 2 5 , 1 M
E l P a so E l C o (T e x ) 1st M t g f 1925
5 g D -J
__________________
$ 3 ,0 0 0 ,0 0 0 Ju n e 1 1950
ser A )$ ] ,000 & $ 5 0 0 )-----c * | S ta te S tre e t T r u s t C o ., B o s t o n , tru stee.
($100, $50 0 & $ 1 ,0 0 0 ) _ c * .t f [G u a ra n ty T r u s t C o . , N e w Y o r k , T r u s te e .
Stock.— Series “ A ” a n d “ B h a v e lik e p re fe re n ce s as t o b o th assets an d
earn in gs, e x c e p t as t o d iv id e n d ra te a n d th e c u m u la tiv e p r o v is io n o f Series
“ A .”
S er. “ A ” p r e f. d o e s n o t c a r r y s u b s c r ip tio n rig h ts t o increa ses in
c o m . s t o c k . S 3r. “ A ” p r e f. is re d . a t 115. In Ja n . 1925 $ 1 ,5 0 0 ,0 0 0 Ser.
“ A ” 7 % p r e f. w as offered b y S to n e & W e b s t e r , I n c ., a t 103, t o y ie ld 6 .8 0 % .
V . 120, p . 453 .
Series “ B " 6 % n o n -c u m . p r e f. s t o c k ca rrie s s u b s c r ip tio n rig h ts t o in
creases in c o m . s t o c k (c o n v e r tib le a t a n y tim e p r io r t o J u ly 1 1927 in t o
Seires “ A , ” sh are fo r sh a re . R e d . a t 110.
Oct., 1925.]
POWER, LIGHT AND RAILW AY
Bonds.— T h e 1st m t g e . g o ld b o n d s , series A , d a te d Ju n e 1 1 92 5, a re r e d .
as a w h ole a t a n y tim e an d i n p a r t u p o n 30 d a y s ’ n o t ic e a t 105 t o a n d in c l.
D e c . 1 1930, a t 104 t o a n d in c l. D e c . 1 1934, a t 103 t o a n d in c l. D e c . 1 193 8,
a t 102 t o a n d in c l. D e c . 1 1942, a t 101 t o a n d in c l. D e c . 1 1946, a t 1 0 0 /4
t o a n d in c l. D e c . 1 1947, a t 100 14 t o and in c l. D e c . 1 1948, a t 100 54 t o a n d
in c l. D e c . 1 1949; th e re a fte r a t p a r . I n t . p a y a b le in N e w Y o r k , B o s to n
an d C h ic a g o . P e n n a . 4-m ills ta x r e fu n d a b le . In Ju n e 1925 G u a r a n ty C o .
o f N . Y . a n d S ton e & W e b s te r , I n c ., sold $ 3 ,0 0 0 ,0 0 0 a t 9 5 Ji a n d i n t ., t o
y ie ld 5 . 3 0 % . V . 120 , p . 3 3 1 3 .
E A R N I N G S .— F o r 12 m o n th s e n d in g Ju n e 30:
192 5.
192 4.
G r o s s ____________________________________ ______ _______ $ 2 ,4 8 5 ,7 8 5 $ 2 ,4 0 7 ,9 3 4
O p era tin g exp en ses a n d ta x e s ______________________
1 ,6 2 6 ,3 4 7
1 .5 3 4 ,2 9 7
N e t _________________________
In c o m e fr o m o th e r s ou rces*.
$85 9 ,4 3 8
2 8 ,7 0 2
$ 8 7 3,63 7
B a la n c e ____________________
In teres t c h a r g e s _____________
$88 8 ,1 4 0
2 4 6 ,8 4 0
$87 3 ,6 3 7
2 0 6 ,8 3 9
B a la n ce (fo r r e s ., re tire m e n ts a n d d i v s .) ________
$ 6 4 1 ,3 0 0
* In te r e s t o n fu n d s used fo r c o n s tr u c tio n p u rp o s e s .
$ 6 6 6,79 8
O F F I C E R S .— P r e s ., A le x . F . C r ic h to n ; V . - P . , E . E n n a llis B e r l a n d E . M .
H a rrig a n ; S ec. & T r e a s ., H e n r y T . G ra h a m ; V .- P . , J o se p h R e m ic k ; V .- P . ,
J ason C . L e ig h to n ; T r e a s ., H e n ry B . S aw yer; S e c ., f f m . T . C r a w fo rd ;
G e n . M g r s ., S ton e & W e b s te r Mart. A s s n .— V . 113, p . 1250, 1360; V . 11 6 ,
p. 141 1, 2 38 8; V . 1 1 8 ,p . 2 3 0 3 , 319 6; V . 1 1 9 ,p . 7 4 ,1 0 6 3 ; V . 1 2 0 ,p . 4 5 3 . 3313.
EASTERN TEXAS ELECTRIC CO.
O R G A N I Z A T I O N .— I n c o r p . in D e la w a re in 1924 a n d a c q u ir e d t h e s to c k
o f t h e E a stern T e x a s E le c tr ic C o . of Texas., a c o n s o lid a tio n (in 1918) o f th e
J e ffe rs o n C o u n t y T r a c t io n C o ., B e a u m o n t E le c tr ic L ig h t & P o w e r C o .,
P o r t A rth u r L ig h t & P o w e r C o ., an d B e a u m o n t T r a c t io n C o . V . 118, p .
2 30 3. C o n tr o ls th ro u g h s to c k o w n ersh ip th e P o r t A r th u r I c e & R e
frig era tin g C o . In 1924 a cq u ire d th e o u ts ta n d in g s t o c k a n d gu a ra n te e d
th e firs t m tg e . b o n d s o f the L a k e C h arles E le c tr ic C o ., I n c ., w h ic h h ad
p u r c h a s e d , as o f A u g . 1 1924, the r a ilw a y , e le ctric lig h t, gas an d w ater
s y s te m s an d p la n ts in L a k e C h arles, L a ., fo rm e r ly o p e r a te d b y th e L a k e
C h a rles R y ., L ig h t S W a te r -W o r k s C o . V . 119. p . 1281; V . 107, p . 695 .
c
I n J u ly 1925 w as re p o r te d pla n n in g th e a cq u is itio n o f th e O ra n ge (T e x .)
I c e , L ig h t & W a ter C o .
V . 121, p . 457 . In A u g . 1925 a cq u ire d c o n tro l
o f th e W estern P u b lic S ervice C o . , a C o lo r a d o c o m p a n y , o p e ra tin g in
C o lo r a d o , M is s o u r i, N e b ra s k a , T e x a s and W y o m in g . A ls o t o o k o v e r
t h r o u g h its n ew su b s id ia r y , th e G u lf S tates U tilitie s C o . , th e u t ility
p r o p e r tie s in O ra n ge, T e x . V . 121, p . 1227.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
D o e s th e en tire ele ctr ic lig h t a n d p o w e r business in B e a u m o n t an d P o r t
A r th u r , th e en tire e le ctric ra ilw a y business in B e a u m o n t a n d o p e r a te s an
In teru rb a n e le ctr ic ra ilw a y b e y w een B e a u m o n t an d P o r t A r th u r , a d is ta n c e
o f 20 m iles. C o m b in e d c a p a c it y o f p o w e r s ta tio n s a t B e a u m o n t a n d P o r t
A r th u r , 1 5 ,000 k . w . ; p o w e r is also s u p p lie d t o P o r t A r th u r T r a c t io n C o .
C a p a c it y o f ice p la n t a t P o r t A r th u r , 75 to n s p er d a y . M ile s o f e q u iv a le n t
sin g le t r a c k , 3 9 .9 9 ; tr a c k a g e , 1 .92; s ta n d a rd gau g e; 73 pa sse n g e r, 6 trailers
a n d 11 o th e r cars.
L ig h t an d p o w e r franchises in B e a u m o n t exp ire in 1963; in P o r t A r th u r in
1943; ra ilw a y franchise in B e a u m o n t expires in 1961; in te ru rb a n ra ilw a y
a lm os t e n tire ly o n p r iv a te r ig h t -o f-w a y .
S T O C K S A N D B O N D S .— Date. Interest.
Outstanding.
Maturity.
C o m m o n 7 8 ,0 0 0 shs (n o p a r ) - . ____
_ . ______
7 0 ,5 6 8 shs O c t ’2 5 ,$ 1 .2 5
P r e f 7 % c u m Ser ‘ 'A '' $ 2 ,5 0 0 ,000 ($ 1 0 0 )___________________________
7%
1 ,8 2 9 ,0 0 0
See te x t
1st m o r tg a g e g o ld ($500 a n d / 1912
5 g M -N
1 ,8 7 6 ,0 0 0 N o v 1 1942
$ 1 , 0 0 0 ) ___________ c * & r * t f . j l n t . a t S ta te St. T r . C o . , B o s t o n , tru ste e .
3 -y ea r 5 % g o ld n otes ($1 ,0 0 0 )1 1925
5 g F -A
4 ,0 0 0 ,0 0 0 A u g 1 1928
c * .t f /F i r s t N a tio n a l B a n k o f B o s t o n , tru ste e .
B e a u m o n t T r a c t io n 1st M t g e / 1903
5 g A -O
2 0 0 ,0 0 0 A p ril 1 1943
$60 0 ,0 0 0 (ca ll a t 1 0 5 )___ t f\ I n t . a t In te rs ta te T r . & B a n k . C o . , tru ste e .
L a k e C h arles E l C o I n c 1st M ) 1924
554 g F -A
7 5 0 ,0 0 0 A u g 1 1949
S er‘ ‘A ” $ 1 0 ,0 0 0 ,0 0 0 ($ 1 0 0 .l i n t , p a y a b le in N e w Y o r k a n d B o s t o n .
$500 & $ 1 .0 0 0 ) gu a r g _ e * .t f j
Stock.— P r e f. s t o c k is c a lla b le a t 110 . $ 5 0 ,0 0 0 h e ld in tr u s t f o r b e n e fit
o f c o m p a n y (in a d d itio n t o a m o u n t s h o w n a b o v e ! .
Bonds.-—First mortgage gold bonds, dated Nov. 1 1912. A u th o riz e d
a m o u n t o f b o n d s n o t lim ite d . A d d itio n a l b o n d s m a y b e issu ed fo r 7 5 %
o f c o s t o f a cq u isition s, im p ro v e m e n ts , a d d itio n s , & c ., u n d e r ce rta in restric
tio n s . C a lla b le as a w h o le (or in p a r t fo r sinking fu n d ) at 105 a n d in te re st.
C o u p o n b o n d s in d e n o m in a tio n o f $ 1 ,0 0 0 a n d $500 an d registered b o n d s o f
$ 5 ,0 0 0 and m u ltip les. V . 95, p . 1745. $11 9 ,5 0 0 in sinking fu n d ca n ce le d
an d $20 0 ,0 0 0 are reserved t o retire th e B e a u m o n t T r a c t io n firs t m tg e . 5s.
Sinking fund o f 1 % o f b o n d s o u t , p a y a b le N o v . 1.
The Three-year 5 % gold notes, dated Aug. 1 1925, are c a lla b le as a w h o le ,
in c l. F e b . 1 1926, a t 1 0 1 M , re d u cin g % % each in terest d a te t o 100 o n
F e b . 1 1928, p lu s in terest in each case.
In te re st p a y a b le in B o s t o n , N e w
Y o r k a n d C h ic a g o .
In A u g . 1925 S to n e & W ebster, I n c ., s o ld $ 4 ,0 0 0 ,0 0 0
a t 98% and in terest, t o y ie ld 5 .4 5 % .
V . 121, p . 585 .
$40 0 ,0 0 0 B e a u m o n t T r a c tio n firs t m tg e . b o n d s are h eld b y E a s te rn T e x a s
E le c t r ic C o .
R e d e e m a b le , all o r in p a r t , a t 105 a n d in te re st.
T h e L a k e C h a rles E le c t r ic C o ., I n c ., fir s t m t g e . 5 /4 s , Series “ A , ” are
g u a r ., p rin . a n d in t ., b y th e E a stern T e x a s E le c t r ic C o . A re r e d . as a
w h ole on 30 d a y s ’ n o t ic e a t 105 an d in terest p r io r t o A u g . 1 1929, re d u c in g
1 % on A u g . 1 1929, a n d 1 % a t fo u r y e a r s ’ in te rv a ls , th e re a fte r t o 100 and
in terest o n a n d a fter A u g . 1 1945. $ 7 5 0 ,0 0 0 w e re offered in A u g . 1924 b y
S ton e & W e b s te r , I n c ., a t 95 a n d in te re st.
Dividends.— 7 % is b e in g p a id o n p r e f. s t o c k . In J a n . 1925, 3 / 4 % : J u ly
1925, 3 / 4 % ; O c t ., 1 M % • O n c o m m o n , $1 25 q u a r. is b e in g p a id .
E A R N I N G S .— F o r 12 m o n th s e n d in g D e c . 3 1 :
Year—
Gross
Nettaft Tax.) Oth Inc
Interest. Sink.Fund. Surplus.
$86 5,83 1
$60 0 $ 2 2 4 ,6 6 3
________
$ 6 4 1 ,7 6 8
1 9 2 4 ____ $ 2 ,3 6 1 ,3 0 1
1 9 2 3 ____ 2 ,0 6 7 .1 5 5
7 7 8 ,9 8 6
2 2 ,4 0 0 2 2 1 ,2 8 0
------------5 8 0 ,1 0 6
E A R N I N G S .— F o r 12 m o n th s e n d e d Ju n e 30:
1925
1924
G r o s s ___________________________________________________ $ 2 ,4 9 4 ,4 5 2
$ 2 ,1 6 2 ,9 2 5
1 ,677,301
1 ,3 3 8 ,3 7 6
O p era tin g expen ses a n d t a x e s ________________________
N e t __________________________________________________
I n c o m e fr o m o th e r s o u r c e s * _________________________
$ 8 1 7,15 1
_____ _
$ 8 2 4,54 9
2 .2 8 0
B a la n c e _______________________ ______________________
In teres t c h a r g e s______________________________________
$81 7,15 1
3 0 4 ,3 8 8
$ 8 2 6,82 9
213 ,7 2 8
B a la n ce fo r r eserv e , re tire m e n ts an d d i v i d e n d s ..
$6 1 2 ,7 6 3
$613,101
* I n c o m e fr o m secu ritie s o f P o r t A r th u r I c e & R e fr ig e ra tin g C o .
O F F I C E R S .— P r e s ., A le x . F . C r ic h to n ; V .- P . , E . E n n a llis B e rl an d E . M H a rrig a n ; S ec. & T r e a s ., H e n r y T . G ra h a m . G e n . M g r s ., S ton e & W e b s te r
M g t . A s s n .; M g r ., J . D . H o lt z c la w .— V . 116, p . 2766; V . 117, p . 1347,
2 10 9; V. 118, p . 2 3 0 3 , 3 19 6; V . 119, p . 1281, 162 4, 2 28 6; V . 121, p . 45 7 ,
58 5 , 8 3 8 , 1227.
W E S T E R N P U B L IC S E R V IC E C O .
I n A u g . 1925, th e Eastern Texas Electric Co. of Del. a c q u ir e d c o n tr o l o f
t h e c o . V . 121, p . 84 1 .
O R G A N I Z A T I O N .— I n c o r p . u n d e r th e law s o f C o lo r a d o .
O w n s an d
o p e r a te s , d ir e c t ly o r t h r o u g h su b sid ia rie s, p u b lic s e r v ic e p r o p e r tie s in o v e r
65 cities an d to w n s in th e S tates o f C o lo r a d o , W y o m in g ,N e b r a s k a ,M is s o u r
a n d T e x a s . P r o p e r tie s are o w n e d d ir e ctly b y th e c o m p a n y w ith th e e xcep
t io n o f t w o w h ich are o w n e d b y subsidiaries, th e e n tire issues o f C a p ita l
s t o c k o f w h ich are o w n e d . C o m p a n y serves o v e r 2 2 ,0 0 0 cu s to m e rs , it is
s ta te d , in g r o w in g c o m m u n itie s h a v in g an a g g re g a te p o p u la tio n in excess
o f 1 35 ,000 . T h e serv ice s r e n d e re d c o m p r is e e le ctric p o w e r a n d lig h t, w ater,
s tea m h ea tin g a n d ice .
T h e p r o p e r tie s in c lu d e 23 m o d e m ce n tra l s ta tio n p o w e r p la n ts , to g e th e r
w ith ele ctr ic d is trib u tio n sy ste m s a n d o v e r 378 m iles o f h igh te n sio n trans
m ission lin es; also 22 ice p la n ts an d 7 w a te r p la n ts .
A t L a J u n ta , C o lo .,
c o m p a n y o w n s an d o p e ra te s a large an d w ell e q u ip p e d ic e p la n t w est o f th e
M is s is s ip p i R iv e r ; th is p la n t su p p lies ic e t o th e A t c h is o n T o p e k a & San ta
F e R y . fo r refr ig e r a to r c a r a n d passen ger s e rv ice .
179
STOC K A N D BON DS—
Date. Interest.
Outstanding. Maturity.
________
$ 7 0 0 ,0 0 0 _____________
C o m m o n $ 1 ,0 0 0 ,0 0 0 ($ 1 0 0 )________
7 Q -M
6 7 7 ,1 0 0 ____________
1st p r e f cu m $ 5 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) ____
2 n d p r e f cu m $ 1 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) ____
7
6 5 2 ,5 2 8 _____________
1st m t g e g Ser “ A ” ($ 1 ,0 0 0 /
1925 6 g A -O 4 ,2 0 0 ,0 0 0 A p r il 1 1950
5 0 0 ) ___________________ c * t f l ln t e r n ’l T r u s t C o . , D e n v e r , C o l ., tru s te e .
D e b e n t g , Series “ A ” __________
654
1 ,0 0 0 ,0 0 0
1935
Stock.— T h e 1st p r e f. e u m . s t o c k is p re fe rr e d as t o assets a n d d iv id e n d s
o v e r all o th e r classes o f s t o c k . I n c a se o f d is s o lu tio n (v o lu n ta r y or in v o lu n t o r y ) is e n title d t o 10754 a n d d iv s .
In A u g ., 1925, G . E . B a rr e tt & C o . , I n c . s o ld 5 ,0 0 0 a d d itio n a l shares o f
1st p r e f. c u m . s t o c k a t $96 a n d d i v ., t o y ie ld a b o u t 7 . 2 9 % . V . 121, p . 9 8 0 .
Bonds.— T h e 1st m t g e . g . S er. “ A ” b o n d s , d u e A p ril 1 1950, are secu red
b y 1st m t g e . lien o n all fix e d p r o p e r tie s s u b je c t o n ly to p r io r lien s on a fter
a c q u ir e d p r o p e r t y , a n d b y p le d g e o f th e ca p ita l s t o c k o f T a r k io E l. & W a te r
C o . a n d th e M o u n d C it y E l. L t . & I c e C o . a n d b y d e p o s it w ith th e tru stees
o f n o te s c o v e r in g in d e b te d n e s s t o t h e c o . fo r w h ich th e c o . w ill c o v e n a n t t o
e x ch a n g e 1st m tg e . o b lig a tio n s o f a fo r e -m e n tio n e d t w o c o m p a n ie s . F u rth er
b o n d s o f th is Series o r s u b s e q u e n t Series m a y n o t b e issu e d in p rin c ip a l
a m o u n ts greater th a n 7 5 % o f th e c o s t o r p a r v a lu e o f n e w c o n s tr u c tio n , & c .,
a n d o n ly p r o v id e d th a t e arn in gs a p p lic a b le t o b o n d in te re st fo r a n y 12
c o n s e c u tiv e m o n th s o f th e p r e c e d in g 15 m o n th s shall h a v e b e e n n o t lees
th a n t w ic e th e a g g re g a te a n n u al in te re s t r e q u ire m e n ts o f p r io r lien o b lig a
tio n s a n d 1st m tg e . b o n d s th e n o u ts ta n d in g , in c l. th o s e p r o p o s e d t o b e
issu ed, are re d . w h o le a t a n y t im e , o r p a r t u p o n 60 d a v s ’ n o t ic e a t 10754
in c l. A p ril 1 1929; a t 105 in e l. A p ril 1 1934; a t 103 in c l. A p ril 1 1939; a t 102
in c l. A p ril 1 1944; a t 101, in c l. A p ril 1 1949; an d th e r e a fte r a t 100; in each
case w ith in te re st. P r in c ip a l & in t . p a y . a t D e n v e r , N e w Y o r k & C h ic a g o .
P e n n . & C o n n . 4 -m ills ta x , I o w a 6-m ills ta x , M a r y la n d 4 5 4 -m ills ta x ,
M a s s . 6 % ta x a n d C a l. 4 -m ills ta x r e fu n d a b le .
In M a y 1925, W . A .
H a rrim a n & C o ., I n c ., & c ., & c ., s o ld $ 4 ,2 0 0 ,0 0 0 , Series “ A ” b o n d s , a t 98
a n d in t ., t o y ie ld 6 . 1 5 % .— V . 120, p . 2 55 2.
A ll o f th e o u ts ta n d in g ls i mtge. 3 0 -yr. 6% g. bonds o f th e Intermovntain
Ry. Lt. & Pow. Co., d a te d A u g . 1 1912 w e re r e d e e m e d o n A u g . 1 1925 a t
105 a n d in t .— V . 120, p . 3 1 8 9 .
A ll o f th e o u ts ta n d in g ls i mtge. < prior lien 6 % 20 -yr. g. bonds o f th e
%
Intermountain Ry. Light & Power Co., Missouri-Texas System, d a te d J a n . 1
1917, w e re r e d e e m e d o n J u ly 1 192 4, a t 103 a n d in t .— V . 120, p . 2 6 8 5 .
E A R N I N G S .— F o r 12 m o s . a n d F e b . 2 8 1925 (in c l. earn in gs o f p rop erties
a c q u ir e d d u rin g th e p e r io d ): gross, $ 1 ,7 2 4 ,7 7 0 ; n e t a fte r m a in t. & taxes
(n o t in c l. F ed era l t a x e s ) , $ 6 4 2 ,8 0 9 ; a n n u al in te re st & d e p r e c ia tio n , $ 4 8 2 ,7 6 0 ;
1st p r e f. d iv id e n d s , $ 4 7 ,3 9 7 ; b a la n c e , $ 1 1 2 ,6 5 2 .
O F F I C E R S .— P r e s ., E . C . V a n D ie s t. M a n a g e m e n t: S to n e & W ebster*
I n c .— V . 119, p . 3 01 2, 2 41 2; V . 120, p . 2 5 5 2 , 2 6 8 5 , 3 18 9; V . 121 , p . 8 4 1 ,9 8 0 -
AUSTIN STREET RAILWAY.
O R G A N I Z A T I O N .— In c o r p o r a t e d in T e x a s o n J a n . 3 1911 as su ccessor
to th e A u stin E le c tr ic R y .
Franchise expires in 1942.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A t r o lle y r o a d . O p era tes 23 m iles o f t r a c k . 55 a n d 7 2 -lb . rails: 43 ca rs
STOCK A N D BON DS—
Date.
Interest. Outstanding. Maturity.
C o m m o n $ 7 5 0 ,0 0 0 ($ 1 0 0 )___________
________
$ 5 6 0 ,0 0 0 See t e x t .
P r e f $ 5 0 0 ,0 0 0 ($100) 6 % n - c ________
________
2 5 0 ,0 0 0 See t e x t .
F irst & r e f m tg $ 1 ,5 0 0 ,0 0 0 / 1911
5 g J -J
5 6 1 ,0 0 0 J a n 1 1936
g o ld ($ 1 ,0 0 0 ) -------------c * t f \ I n t . a t E q u it a b le T r u s t C o . , N . Y . , tr u s te e .
Bonds.— $ 7 1 4 ,0 0 0 1st & r e f. b o n d s are r e s e rv e d f o r a d d itio n s , & c. T h e y
are s u b je c t t o ca ll o n a n y in t . d a te a t 1 0 2 /4 . A n n u a l sin k in g fu n d o f 2 %
o f b o n d s o u t b e g a n in 1915. V . 9 2 , p . 185; V . 93, p . 146 1. $ 2 2 5 ,0 0 0 (n o t
in c lu d e d in a m o u n t r e p o r te d o u ts ta n d in g ) in sin k in g fu n d A p r . 1 192 5.
Dividends.— O n p r e f. 3 % in 1915, 6 % in 191 6, 4 % in 191 7. N o n e s in c e .
O n c o m m o n , 1 % in 1915, 1916 a n d l 9 l 7 . N o n e s in ce .
E A R N I N G S .— F o r y e a r e n d in g D e c . 31 192 4, gro ss, $ 3 1 3 ,4 2 3 ; n e t,
$ 9 5 ,6 8 8 ; ta x e s, $ 1 6 ,9 7 0 ; b o n d , in t. & d e p r e c ., $ 8 2 ,5 1 2 ; s in k , f d ., $ 1 5 ,7 2 0 ;
b a l., d e f ., $ 1 9 ,5 1 4 . I n 1923, g ro ss, $ 3 2 8 ,9 2 6 ; n e t, $ 9 7 ,4 5 4 ; ta x es, $ 1 6 ,9 2 7 ;
b o n d in t ., d e p r e c ., & c ., $ 8 5 ,2 6 7 ; s in k , fu n d , $ 1 5 ,7 2 0 ; b a l., d e f ., $ 2 0 ,4 6 0 .
O F F I C E R S .— P r e s ., J . F . S p r in g fie ld ; V . - P . , G u y P . G a n n e t t ; S e c .,
D . A . B u s h , A u stin , T e x .; A s s t. S e c . & T r e a s ., G . E . M a c o m b e r , A u g u s ta ,
M e .— V. 93. p , 526 , 1461. 153 1: V . 110 p. 2 4 8 7 ; V . 11 2 , p . 1 5 1 7 ; V . 115 ,
p . 1099; V . 117, p . 438 ; V . 12 0 , p . 32 7 .
DALLAS RAILWAY CO.
Control.— C o n tr o lle d b y E le c t r ic P o w e r & L ig h t C o r p .
O R G A N I Z A T I O N .— I n c o r p . in T e x a s o n S e p t. 22 1917 t o ta k e o v e r a n d
o p e r a te th e e le ctric ra ilw a y p r o p e r tie s fo r m e r ly o w n e d b y th e D a lla s E le e .
L t . & P o w . C o . (see D a lla s E le c t r ic C o . in th is S e ctio n fo r S e p t. 1917) u n d er
th e “ s e r v ic e -a t-co s t fra n c h is e a p p r o v e d b y t h e c itiz e n s o f D a lla s a t an
e le ctio n h e ld A p ril 3 191 7. F o r m a l a c c e p t a n c e o f t h e fra n c h is e w as file d
S e p t. 27 1917. V 105, p . 1419.
T h e c o m p a n y leases w ith th e r ig h t t o p u r c h a s e fo r $ 2 ,0 0 0 ,0 0 0 , th e O a k
C liff lines o f th e N o rth e r n T e x a s T r a c t io n C o . a t an a n n u al re n ta l in crea sin g
fr o m $ 1 1 5 ,0 0 0 f o r t h e fir s t th re e y e a r s t o $ 1 5 0 ,0 0 0 th e s e v e n th y e a r a n d
th e r e a fte r .
O n S e p t. 30 1917 p u r c h a s e d th e D a lla s I n te r u r b a n T e r m in a l A s s o c ia
t io n , w h ic h has a m o d e r n fir e p r o o f e ig h t-s to r y pa sse n ge r term in a l an d
o ffic e b u ild in g in t h e b u sin ess d is tric t o f D a lla s , a n d a ssu m ed its n o te s .
T h e te rm in a l fa cilitie s h a v e b e e n leased fo r 2 0 y e a r s t o t h e th re e in teru rb a n
lines en te rin g D a lla s . T h e te rm in a l w as o p e n e d fo r s e r v ic e S e p t. 1 191 6.
O n D e c . 1 1920 t o o k o v e r t h e S ta n d a rd T r a c t io n C o .
F a re in crea se in D a lla s , T e x ., d e n ie d in O c t . 192 5. V . 121, p . 190 7.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O p erates 113 m iles o f t r a c k in th e C i t y o f D a lla s a n d s u b u r b s , in c lu d in g
the lea sed O ak C l i ff lin e s .
Franchise.— F o r te rm s o f fra n c h is e u n d e r w h ic h it o p e r a te s see “ E le c t r ic
R a ilw a y S u p p le m e n t” o f O c t . 28 1922.
T h e $ 1 ,0 0 0 ,0 0 0 7 % n o te s d u e Ju n e 15 1920 w e re e x t e n d e d a t t h e sam e
rate t o “ o n o r b e fo r e D e c . 1 1 9 2 7 .”
V . l l l , p . 108 2.
Western Public Service
Company
Quotations and specific information
regarding all issues of the above
Company will be furnished gladly
upon request.
We Invite Enquiries
R. E. WILSEY & COMPANY
In corp ora ted
In vestm en t Securities
76 West Monroe Street,
CHICAGO
[V ol. 121,
PUBLIC UTILITIES
ISO
STOCK A N D BON DS—
Date.
Interest. Outstanding. Maturity.
C o m m o n , $ 2 ,2 5 0 ,0 0 0 ( $ 1 0 0 ) - - ____
________
$ 2 ,2 5 0 ,0 0 0 ____________
P r e fe r re d $ 5 0 0 ,0 0 0 7 % ( $ 1 0 0 ) - ____
________
5 0 0 ,0 0 0 S e p t’2 5 ,7is%
S e c u r e d n o te s Series “ A ” $ 1 , - /
1918 7%
1 ,0 0 0 ,0 0 0
See t e x t .
1 0 0 ,0 0 0 g o l d ________________ (E q u it a b le T r u s t C o . , N e w Y o r k , tru s te e .
U n s e cu re d n o t e s ________________ 1917
6%
2 ,5 2 9 ,8 6 9
See te x t.
D a lla s E le c C o T e r m M t g e 5-1
1916 7 J -J 1
7 5 0 ,0 0 0 J a n 1 1921
y e a r n o te s $ 1 ,0 0 0 ,0 0 0 ____ c (I n t e r e s t a t S ta te S tre e t T r u s t C o . , tr u s te e .
C a r tr u s t c e r tific a t e s ___________ ______
____
See t e x t
Stock.— P r e f. s t o c k is e n title d t o 7 % n o n -c u m . d iv s . u p t o S e p t. 30 1920,
a n d t o 7 % c u m .d iv s . th e r e a fte r . R e d . a t 110 an d d iv s . o n 60 d a y s n o t ic e .
Notes.— T h e secu red 7 % n o te s , Series “ A , ” o r ig in a lly m a tu r e d Ju n e 15
192 0, b u t h a v e b e e n e x te n d e d t o “ o n o r b e fo r e D e c . 1 1 9 2 7 .” R e d e e m a b le
a t p a r a n d in terest.
T h e D a lla s E le c t r ic T e r m in a l n o te s w h ich m a tu r e d J a n . 1 1921 b o r e
6 % in te re s t, b u t h a v e b e e n e x te n d e d a t 7 % .
C a r tr u s t c e r tific a te s a re s e c u r e d o n 30 d o u b le -e n d c e n tr e -e x it e n tra n ce
c a r s . P r in . a m o u n t o f $ 9 ,1 6 5 63 p a y a b le m o n t h ly . R e d . o n a n y m a tu r ity
d a te w ith a d is c o u n t a t th e r a te o f 6 % p e r a n n u m fr o m th e d a te o f s u ch p a y
m e n t t o th e r e s p e c tiv e m a t u r it y d a te s .
E A R N I N G S .— F o r c a le n d a r y e a r 1924, g ro s s , $ 3 ,3 2 5 ,5 1 7 ; n e t , $ 6 9 3 ,8 8 6 .
I n 192 3, g ross, $ 3 ,3 3 5 ,7 6 4 ; n e t , $ 5 9 5 ,8 0 0 .
Latest Earnings.— T h re e m o n t h s e n d e d M a r . 31 1925: O p e r . r e v e n u e s,
$ 8 4 4 ,8 3 9 ; o p e r . e x p ., in c l. F e d . & o th e r ta xes, $ 6 7 2 ,2 2 5 ; in t. o n b o n d s ,
$ 6 6 ,6 9 8 ; o th e r in t . & d e d u c t s ., $ 1 4 ,3 4 9 ; d iv s . on p r e f. s t o c k , $ 8 ,7 5 0 ; c o m
m o n d iv s ., $ 4 1 ,1 7 0 ; re n e w a l a n d r e p la ce m e n t a p p ro p r ia tio n , $33 ,9 8 8 ;
n e t p r o f it , $ 7 ,6 6 0 .
O F F I C E R S .— C h a irm a n o f B o a r d , C . W . H o b s o n ; P r e s .,_______________ ;
V . - P s ., J . C . D u k e , E . W . H ill, A . S. G ren ier and C . B . H u m p h r e y ; V . - P . &
G e n . M g r ., R ic h a r d M e r riw e th e r; S e c .-T r e a s ., J . B . W a lk e r .— -V. 116,
p . 1411; V . 117, p . 85, 552; Y . 119, p . 941 , 3009; V . 120, p . 1457, 306 4;
V . 12 1 , p . 1907.
TEX AS ELECTRIC R A ILW AY .
O R G A N I Z A T I O N . — I n c o r p . in T e x a s J u ly 5 1916 a n d is a co n s o lid a
t io n o f th e T e x a s T r a c t io n C o . a n d S o u th e rn T r a c t io n C o . (see V . 10 4 , p .
3 6 2 , 5 6 0 ).
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
H a s a m o d e r n h ig h -s p e e d e le c t r ic in te ru rb a n ra ilw a y s y s te m s e r v in g a n u m
b e r o f cities a n d to w n s in T e x a s in a n d a d ja c e n t to th e “ B la c k W a x y B e l t ,"
in c lu d in g D a lla s , W a c o , D e n is o n , S h e rm a n , C o r s ic a n a , W a x a h a c h ie and
M c K i n n e y . A ls o ow n s a n d o p e r a te s th e lo c a l stre e t r a ilw a y sy ste m s in all
o f th ese cities e x c e p t D a lla s . P re s e n t e s tim a te d p o p u la t io n c o n n e c t e d and
s e r v e d , 4 3 5 ,0 0 0 . O w ns a n d o p e r a te s in te ru rb a n lines b e tw e e n D a lla s and
D e n is o n , 7 9 .9 1 m iles; D a lla s a n d W a c o , 9 7 .3 8 m iles; D a lla s an d C o r s i
c a n a . 6 0 .0 0 m iles (in cl. 2 d m ain t r a c k , sid in gs a n d t u r n o u ts , 16.61 m ile s);
lo c a l lin es in S h erm a n , D e n is o n . M c K in n e y , W a c o , C o r s ic a n a a n d W a x a
h a c h ie , T e x ., in c l. sid in gs, & c ., 3 5 .1 2 m iles; to t a l, 2 7 4 .2 2 m ile s (in c l. 8 .SI
m iles o f t r a c k , b ein g e n tr a n c e in t o D a lla s , le a s e d ). G a u g e , 4 f t . 8 'A in .
7 0 -8 0 -lb . “ T ” r a il. 59 in te ru rb a n p a sse n g e r. 61 c it y p a sse n g e r, 26 express
a n d b a g g a g e a n d 42 w o rk , & c ., ca rs ; t o t a l, 188; 15 s u b -s ta tio n s . L eases
g en era tin g p la n t t o T e x a s P o w e r & L ig h t C o ., f r o m w h ic h it pu rch ases
p o w e r u n d e r c o n t r a c t , ex p irin g a t sa m e tim e as lease. L ea ses fo r 20 years
fr o m D e c . 17 1915 th e te rm in a l fa cilitie s o f th e D a lla s R y . In te r u r b a n lines
a re lo c a te d on p r iv a t e r ig h t -o f-w a y ; c it y fra n ch ise s a re s a t is fa c t o r y , a n d ,
in th e o p in io n o f co u n s e l, w ith t w o u n im p o r ta n t e x c e p tio n s , e x te n d w ell
b e y o n d 194 7. E n te r s D a lla s o v e r tr a c k s o f t h e D a lla s R y . C o . u n d e r lo n g
term c o n t r a c t .
in t . d a t e u p t o a n d in c l. J a n . 1 1942 a t 105 a n d i n t .; th e r e a fte r a t 1 0 2 )4 a n d
in t . O f th e a m o u n t r e p o r te d o u ts ta n d in g $ 5 2 ,0 0 0 are h e ld in t r e a s u r y .
I n t . is p a y a b le in C h ic a g o a n d N e w Y o r k . See o ffe r in g in V . 106 , p . 3 9 7 .
T h e d e b s , are c a lla b le o n a n y in t . d a t e s in c e J a n . 1 1922 o n 3 0 d a y s ’
n o t ic e a t 1 0 2 )4 a n d in t .; c o n v e r t ib le s in ce J a n . 1 1922 in t o 7 % c u m . 1st p r e f.
s t o c k , p a r fo r p a r , w it h a d ju s tm e n t o f in t . a n d d iv s .
See a ls o V . 113 ,
p . 1157; V . 114, p . 199.
T h e T e x a s T r a c t io n 1st 5s c a n b e ca lle d a t 110 & a c c r u e d in te re s t on
a n y in t. d a te u p o n 30 d a y s ’ n o t ic e .
$ 1 8 ,0 0 0 (n o t in c l. in a m o u n t r e p o r te d
o u ts ta n d in g ) are d e p o s ite d u n d e r 1st & r e f. m t g e . o f th e T e x a s E le c t r ic
R a ilw a y C o . A sinking fund o f 5 % o f gross earn in gs b e g a n J u ly 1 1 91 2,
t o b e u sed in th e p u rch a se o f b o n d s ; $ 8 9 8 ,0 0 0 h e ld in sin k , fu n d n o t in c l.
in a m o u n t o u ts ta n d in g a b o v e .
D e n . & S h e r. 1st M . b o n d s a re s u b je c t t o ca ll sin ce J u ly 1 1917 a t 105
a n d in te re s t o n fo u r w e e k s ’ n o t ic e . A sinking fund began J u ly 1 1905 a t
2 % p e r a n n u m o f b o n d s o u t u n til 1913, w h e n a m o u n t p a y a b le b e c a m e 3 %
p e r a n n u m u n til 1917; fr o m 1918 t o 1922, i n c l., 4 % p e r a n n u m ; 1923 t o
1926 in c l., 5 % p e r a n n u m ; $ 2 2 4 ,0 0 0 in sin in g f u n d n o t in c . in a m o u n t
o u ts ta n d in g a b o v e $ 3 ,0 0 0 c a n c e le d .
Dividends.— -D ivs. o n th e fir s t p r e f. s t o c k w e re b e g u n O c t . 1 1917.
D iv id e n d s o f I K % q u a rte r ly o n th e 2 d p r e f. s to c k w e re b e g u n N o v . 1 1917.
O n c o m . )4 o f 1 % w as p a id in M a r ., J u n e , S e p t., a n d D e c . 192 0. In
M a r c h 1921 1 % w as p a id a n d sam e r a te p a id r e g u la r ly q u a r. s in ce t o a n d
in c l. S e p t. 1925.
E A R N I N G S fo r yea rs e n d in g D e c . 31:
Calendar Years—
1922.
1921.
1923.
1924.
G ro s s e a rn in g s . _ . _
$ 2 ,7 9 4 ,6 3 6
$ 2 ,9 8 0 ,4 7 5 $ 2 ,7 0 6 ,9 9 5 $ 2 ,8 7 9 ,3 5 9
O p . e x p ., ta x e s & m a in t .
1,7 4 7 ,5 0 1
1 ,726,191
1 ,6 9 1 ,4 1 5
1,6 5 1 ,5 2 7
N e t e a rn in g s_________ $ 1 ,1 0 3 ,2 2 1
A d d in t. o n d e p o s its , & c_
840
T o t a l n e t earnings
Deduct— I n t . o n 5 % bds]
In t. on 6 % debs _
S u n d ry in f. ch a rg e s ]
D iv s . o n 7 % 1st p r e f. stk
D iv s . o n 7 % 2d p f. stk
C o m m o n d iv s . ( 4 % ) ____
D is c t . o n b d s . p u r c h a s e d
R e s ’v e fo r re n ew als, & c
D is c , o n p f . s tk . w rit, o f f
$ 1 ,1 0 4 ,0 6 1
4 2 8 ,1 6 9
109,761
2 1 0 ,0 0 0
2 4 0 ,0 0 0
100 ,0 0 0
2 5 ,0 0 0
$ 1 ,2 3 2 ,9 7 5
1,6 2 9
$ 1 ,0 5 5 ,4 6 7
2 ,3 9 7
$ 1 ,1 5 3 ,1 6 7
1 0 ,478
$ 1 ,2 3 4 ,6 0 4
f3 3 7 .5 8 8
/ 9 8 .8 9 9
1 5.1 7 3
8 4 ,8 2 8
2 1 0 .0 0 0
2 4 0 ,0 0 0
$ 1 ,0 5 7 ,8 6 5
337 ,6 0 0
117 ,866
5,389
62.689
210 ,0 0 0
2 4 0 ,0 0 0
100 ,0 0 0
100 ,000
$ 1 ,1 6 3 ,6 4 6
3 3 7 ,9 0 3
129,600
6,233
4 9 ,0 0 0
2 10 ,000
2 40 .000
Cr. 1,450
130 .000
B a la n ce , d e fic it
$62 ,359
$ 8 ,8 7 0
$ 1 5 8 ,1 2 5
$15,681
O F F I C E R S .— C h a irm a n o f th e b o a r d , N . A . M c M illa n ; P r e s ., J a ck
B e a ll; V .- P . & G e n . M g r ., B u rr M a r t in ; V . - P . & T r e a s ., H . I . G ah agan ;
V .- P . , Jas. P . G r iffin ; S e c ., C . L . C o x ; A u d ., J . A . W r ig h t.— -V. 112, p . 563,
2644; V . 113, p . 184, 844 , 1157; V . 114, p . 199, 85 5 , 1767; V . 117, p . 555;
V . 118, p . 665, 2 04 3, 2 7 0 6 , V . 120 , p . 3316.
SAN ANTONIO PUBLIC SERVICE CO.
P r a c t ic a lly all th e c o m . s t o c k is o w n e d b y th e A m e r ic a n L ig h t & T r a c . C o .
O R G A N I Z A T I O N .— I n c o r p . in T e x a s J u ly 6 1917 t o ta k e o v e r an d
o p e r a te t h e p ro p e rtie s o f th e San A n to n io G a s & E le c t r ic C o . a n d th e San
A n to n io T r a c t io n C o .
See fo r in te n d e d issu a n ce o f $ 3 ,0 0 0 ,0 0 0 8 % p r e f. s t o c k V . 120, p . 3 31 6.
I n A u g . 1925 th e C o m a l P o w e r C o ., a s u b s id ia r y , w as r e p o r te d t o b e p u r
ch a sin g th e h y d r o -e le c t r ic p la n t o f th e L a n d a E le c t r ic L ig h t & P o w e r C o .,
N e w B ra u n fe ls , T e x a s . V . 121, p . 97 9 .
Capital Stock Increased.— I n Ju n e 1925 s to c k h o ld e r s in cre a s e d t h e a u th o r
iz e d ca p ita l s t o c k fr o m $ 7 ,0 0 0 ,0 0 0 t o $ 1 0 ,0 0 0 ,0 0 0 . V . 120, p . 2 9 4 4 .
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
O w ns a n d o p e r a te s 92 m iles o f sin gle t r a c k in c it y o f S an A n t o n io . 221 c a r s .
Interest. Outstanding. Maturity.
STO C K A N D BO N DS—
Date.
_________________________ $ 6 ,0 0 0 ,0 0 0 S e p t ’2 5 O% K A N D B O N D S —
C o m s t o c k $ 6 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) - ____
ST1 C
Date.
Interest. Outstanding. Maturity.
Q -J
1 ,7 1 0 ,0 0 0 O c t ’2 5 , I K
1st p f 7 % c u m $ 3 ,6 6 0 ,0 0 0 ( $ 1 0 0 ____
C o m m o n ($ 1 0 0 )------------------------- ---------------------5 ,0 0 0 ,0 0 0 ____________
Q -F
3 ,0 0 0 ,0 0 0 N o v ’2 5 , I K
2 d p r e f s t o c k $ 3 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) ____
P r e fe r r e d _______________________________
8%
2 ,9 0 8 ,2 0 0 _____________
5 g J -J
5 ,5 7 1 ,0 0 0 J a n 1 1 9 4 7
1st & r e f M t g e g o ld ($500 & / 1917
1st m tg e & r e f ser “ A ” ( $ 1 0 0 ,/ 1922 6 g J -J
5 ,5 5 0 ,0 0 0 J a n 1 1 9 5 2
$ 1 , 0 0 0 ) _______________ c * n t f ( H a r r is T r u s t & S a v . B a n k , C h ic a g o , T r u s .
$50 0 & $ 1 ,0 0 0 ) ________ c * t f (In te r e s t p a y a b le in N e w Y o r k .
6 g J -J
1 ,3 5 0 ,5 0 0 J a n 1 1 9 4 2
C o n v d eb en tu res $ 3 ,0 0 0 ,0 0 0 / 1917
San A n to n io T r a c (clo s e d ) j 1908 5 M -S
9 8 4 ,0 0 0 S ep t 1 1949
($ 1 ,0 0 0 a n d $ 5 0 0 )____c * & r ( I n t . at S t. L o u is U n . T r . C o . , t r u s ., o r N . Y .
1st m o r tg a g e g o l d ________ 1 N e w Y o r k T r u s t C o ., tr u s te e .
5 g J -J
1 ,1 7 0 ,0 0 0 J a n 1 1 9 3 7
T e x a s T r a c t io n 1st M sin k f d / 1907
San A n to n io G as & E le c t r ic / 1908 5 M -S
9 8 4 ,0 0 0 S ep t 1 1949
$ 3 ,0 0 0 ,0 0 0 ( $ l,0 0 0 ) g c * & r t f ( I n t . a t O ld C o lo n y T r u s t C o . , B o s t o n , T r u s .
(clo s e d ) 1st M g ($500) c * t f (In te r e s t a t N e w Y o r k T r u s t C o . , tr u s te e .
5 J -J
5 7 ,0 0 0 J u ly 1 1927
D e n & Sher fir s t m o r t g a g e ,/ 1902
Bonds.— 'The issu an ce o f a d a ’l 1st & r e f. m t g e . 6s is r e s tric te d b y p r o v i
sions o f m tg e . Ser. “ A ” r e d . a ll o r in p a r t o n a n y in t. d a te u p o n 60 d a y s ’
$ 3 5 0 ,0 0 0 ($ 1 ,0 0 0 )____ c * t f [ I n t . a t Illin o is T r . & S a v . B k ., C h ic ., T r u s .
F irst a n d re fu n d in g m o r t g a g e ______
6%
* 5 0 0 ,0 0 0 ____________
n o tice a t 110 f r o m Ja n . 1 1932 u p t o a n d in c l. J a n . 1 1942, a n d a t 105 th e r e
a fte r t o m a tu r ity , p lu s in t. P e n n a . 4 -m ill ta x r e fu n d a b le . V . 113, p . 2 8 1 9 .
* H e ld in trea s u ry .
L iste d o n N . Y . S to c k E x ch a n g e . V . 116, p . 936 ; V . 119 , p . 199.
Preferred Stock.— $ 6 0 0 ,0 0 0 1st p r e f. s t o c k is h e ld in tr e a s u r y . R e d . o n
B o th th e San A n t o n io T r a c t io n b o n d s a n d t h e San A n t o n io G a s & E le c
a n y d i v . d a te a fter J a n . 1 1922 a t 10734 a n d d iv . on 30 d a y s ’ n o t ic e . T h e 2 d
b o n d s w e re issu e d t o re tire u n d e rly in g b o n d s . V . 8 8 , p . 6 8 7 . G a s & E l e c '
p r e f. s t o c k is c a lla b le o n a n y d i v . d a t e o n 3 d a y s ’ n o t ic e a t 10714 a n d d iv .
b o n d s are re d e e m a b le a t 105 an d in t . o n 6 w e e k s ’ n o t ic e . S ee V . 101 , p . 8 5 1 '
Bonds.— A d d it io n a l 1st & r e f. b o n d s m a y b e issu ed fo r o n ly 7 5 % o f th e
E A R N I N G S .— F o r ca le n d a r y e a rs:
c o s t o f ex ten sion s, & c ., p r o v id e d n e t e arn in gs are t w ic e th e t o t a l ann u al
Calendar Gross (incl.
Net,
Bond
Other
Balance.
in teres t ch a rg e , in clu d in g b o n d s a p p lie d fo r . I n a d d itio n t o o r d in a r y r e
Year—
Oth. Inc.).
aft. Tax.
Interest.
Interest.
Surplus.
s erv es fo r p erson a l in ju rie s a n d d a m a g e s , $ 7 5 ,0 0 0 b o n d s are p r o v id e d u sa b le
192 3.......... .$ 4 ,2 3 2 ,7 5 9
$92 1 ,7 3 8
$ 3 2 6 ,4 0 0
$ 3 8 ,2 4 3
$ 5 5 7 ,0 9 5
fo r th is sole p u r p o s e . P r o v is io n is also m a d e fo r re fu n d in g u n d e rly in g b o n d s.
192 2-------- 4 ,3 5 8 ,6 8 2
839 .4 6 7
3 3 6 ,3 0 3
Cr 7 ,2 8 5
5 1 0 .4 4 8
A s p ecia l tru s t fu n d fo r m a in t. a n d ren ew als is p r o v id e d o u t o f gross earn
Latest Earnings.— F o r 12 m o s . e n d . A u g . 31 1925: G ro s s (in c l. o th e r in
in gs as fo llo w s : 1917, 1 1 % ; 1918, 1 2 % ; 1919, 1 3 % ; 1920, 1 4 % ; 1921 an d
c o m e ), $ 4 ,8 9 1 ,3 1 6 ; n e t a fte r ta x e s , $ 1 ,2 2 1 ,1 8 4 ; b o n d in te re s t, $ 4 3 1 ,4 4 5 ;
th e r e a fte r , 1 5 % . A n y p a r t n o t s o u s e d m a y b e e x p e n d e d fo r e x t s ., & c .,
o th e r in te re s t, $ 3 1 ,2 9 2 ; b a la n c e , $ 6 0 0 ,3 8 5 .
o r fo r th e r e d e m p tio n o f a n y o u ts ta n d in g b o n d s . Y e a r ly sin ce A p ril 1 I t 21,
c a s h e q u a l t o 1 % o f th e fir s t a n d re fu n d in g 5s an d u n d e rly in g b o n d s o u t
O F F I C E R S .— P r e s ., W . B . T u tt le ; V .- P . , A la r s o n P . L a th r o p ; V .- P .
s ta n d in g o n th e p r e v io u s D e c . 3 1 , less a m o u n t o f p a y m e n ts t o u n d e rly in g
& G e n . M g r ., E . H . K ife r ; V .- P . , A s s t. S e c . & A s s t . T r e a s ., J a m es L a w s in k in g fu n d s d u rin g p r e ce d in g y e a r , t o b e d e p o s ite d , u sa b le fo r e x te n
r a n c e ;S e c . & T r e a s ., R . O . J o n e s .— V . 11 5 , p . 2 4 7 8 ; V . 116, p . 7 8 , 4 1 1 , 9 3 6
s io n s , & c ., a g ain st w h ic h n o fir s t & r e f. 5s sh all b e issu e d , o r fo r th e re tire
V . 117, p . 1129; V . 118, p . 3 1 2 , 2 18 0; V . 119 , p . 199; V . 120, p . 1091, 2 9 4 4 .
m e n t o f 1st & r e f. o r u n d e rly in g b o n d s . T h e 1st & r e f. 5s are re d . o n a n y
3 31 6; V . 121 , p . 979 .
Oct., 1925.]
W IS C O N S IN
NORTH AMERICAN CO.
O R G A N I Z A T I O N . — I n c o r p . Ju n e 14 1890 in N e w Je rse y ; su cce sso r t o
th e assets a n d p r o p e r tie s o f T h e O re g o n & T ra n sco n tin e n ta l C o .
T h e bu si
ness o f t h e c o . is th e fin a n c in g a n d c o n tr o l o f e lectric, g a s a n d s treet ra ilw a y
a n d c o a l p r o p e r tie s .
T h e N o r t h A m e r ic a n C o m p a n y ow n s o r c o n tr o ls th e fo llo w in g p u b lic
u tility a n d c o a l co m p a n ie s :
(а) The St. Louis County Gas Co. (Webster Groves, Mo.).
(б) West Kentucky Coal Co. (Sturgis, Ky.), o w n in g
W e s t K e n t u c k y C o a l C o . ( D e l .) ;
S t. B a rn a rd C o a l C o .;
W e s t K e n t u c k y E le c t r ic P o w e r C o .
(c) North American Edison Co., co n tr o llin g
T h e C le v e la n d E le c t r ic Illu m in a tin g C o . (C le v e la n d , O h io );
U n io n E le c t r ic L ig h t & P o w e r C o . (S t. L o u is , M o . ) , o w n in g o r co n tr o llin g
U n io n C o llie r y C o . (D u q u o in , 111.);
C u p p le s S ta tio n , L ig h t , H e a t & P o w e r C o . (S t. L o u is , M o . ) ;
S t. C h a rles E le c t r ic L ig h t & P o w e r C o .;
T h e L ig h t & D e v e lo p m e n t C o . o f S t. L o u is , o w n in g
U n ite d S tates P u b lic S e rv ice C o . (n o t o p e r a tin g c o m p a n ie s );
T h e M ilw a u k e e E le c t r ic R a ilw a y & L ig h t C o ., c o n tr o llin g
M ilw a u k e e N o rth e r n R a ilw a y C o . (M ilw a u k e e -S h e b o y g a n , W i s .) ;
B a d g e r P u b lic S e rv ice C o . (E lk h a r t L a k e , W is .);
W e lls P o w e r C o . (o p e r . u n d e r lease b y th e M ilw . E le c . R y . & L ig h t C o .) ;
W isc o n s in G as & E le c t r ic C o . (R a c in e -K e n o s h a -W a t e r t o w n , W is .) ;
W isco n s in E le c t r ic P o w e r C o . (M ilw a u k e e ), o p e ra te d u n d e r lease b y th e
M ilw a u k e e E le c t r ic R a ilw a y & L ig h t C o .) ;
W isc o n s in T r a c t io n , L ig h t, H e a t & P o w e r C o . (A p p le t o n , W i s . ) , o w n in g
Star E le c tr ic C o .;
B a d g er U tilit y C o .;
I n t e r c it y B u s C o .;
P en in su lar P o w e r C o . (Ir o n R iv e r , M i c h . ) .
(d) The East St. Louis & Suburban Co. (East St. Louis), o w n in g
E a s t S t. L o u is L ig h t & P o w e r C o .;
E a s t S t. L o u is R a ilw a y C o .;
E a s t S t. L o u is & S u b u rb a n R a ilw a y C o .;
S t. L o u is & E a s t St. L o u is E le c t r ic R a ilw a y C o .;
S t. L o u is & B e llev ille E le c t r ic R a ilw a y C o .;
A lt o n G ra n ite & S t. L o u is T r a c tio n C o .;
A lt o n G as & E le c tr ic C o .
(e) Union Electric Light & Power Co. of Illinois (East St. Louis, III.).
S ep a ra te sta tem en ts o f W isc o n s in p r o p e r tie s are lis te d fu r th e r b e lo w .
S ta tem en ts o f severa l o f th e o th e r m o r e im p o rta n t c o n t r o lle d c o m p a n ie s
w ill b e fo u n d u n d er th e re s p e c tiv e sta te s in w h ic h t h e y o p e r a te .
T h e N o r t h A m e r ic a n C o . also has s u b s ta n tia l b u t n o t c o n t r o llin g in te re sts
In t h e D e t r o it E d is o n C o . (D e t r o it , M ic h .) a n d U n ite d R y s . C o . o f S t.
L o u is .
(S e p a ra te s ta te m e n ts o f th e s e c o m p a n ie s w ill b e fo u n d u n d e r th e
r e s p ectiv e States in w h ich t h e y o p e r a t e ). O n O c t . 15 1924 p u r c h a s e d th e
2 3 -s to r y o ffic e b u ild in g a t 60 B w a y ., N . Y . C it y . V . 119, p . 1965.
P r e f. a n d c o m . s t o c k h o ld e r s o f r e c o r d A u g . 7 1924 r e c e iv e d th e p r iv ile g e
o f s u b s crib in g fo r $ 1 0 ,0 0 0 ,0 0 0 6 % c u m . p r e f. o n a “ d e fe r re d p a y m e n t ”
plan . Y . 119, p . 58 7 .
Washington Transportation Survey .— In M a y 1925 b e g a n a s u r v e y o f th e
tra n s p o rta tio n s itu a tio n in th e D is t r ic t o f C o lu m b ia . F o r p a rticu la rs,
see Y . 120, p . 2 40 1.
New Transmission Line.— I n A u g . 1925 t h e U n io n E le c t r ic L ig h t & P o w e 1
C o . o f S t. L o u is , a su b s id ia r y , s ta rte d s e rv ice o n a n e w 3 5 -m ile tra n sm ission
line t o t h e P itts b u r g h P la te G la ss C o . ’ s w o rk s . T h e c o n t r a c t w ith th e
la tter c o m p a n y in v o lv e s th e sale o f $ 6 ,0 0 0 ,0 0 0 o f p o w e r in 10 y e a rs . V .
120, p . 2 68 4; V . 121, p . 708 .
Acquisition.— F o r S e p t. 1925 th e c o . w as n e g o tia tin g fo r a c q u is itio n o f
the Western Power Corp. V . 121, p . 1228. O n O c t . 1 1925 c o n s u m m a tio n
o f th e p la n w as d e cla re d assu red . N o r t h A m e r ic a C o . h a d ag re e d t o ex
ch an ge shares o n th e fo llo w in g basis:
(1) F o r ea ch share W e s t . P o w . p r e f. s t o c k (n o t e x ce e d in g 2 5 ,0 0 0 sh a re s),
one sh are 6 % c u m . N o r t h A m . p r e f. s t o c k (par $ 5 0 ), p lu s 4 -5 o f a share
N o rth A m . c o m m o n .
(2) F o r ea ch share W e s t . P o w . c o m m o n s t o c k , 1 \i shares N . A m . c o m .
(3) W e s t . P o w . s to c k h o ld e r s w h o de sire d cash w o u ld b e p a id $75 fo r
each 1 M share u n it o f N . A m . c o m m o n a n d $48 fo r e a ch 4 -5 share N . A m .
com m on.
F o r m o r e p a rticu la rs see V . 121, p . 1464, u n d e r W e s te rn P o w e r C o r p .
A ft e r th e a d d itio n o f t h e W e s te r n P o w e r s y s te m th e N o r t h A m e rica n
system w ill b e th e w o r ld ’s largest e le ctr ic e n e rg y p r o d u c in g g r o u p u n d e r a
single o w n e rsh ip . T h e t o t a l c o m b in e d ge n e ra tin g c a p a c it y w ill b e 1 ,6 5 5 ,416 h . p .
See V . 121, p . 1679.
In S e p t. 1925 th e c o . p u r c h a s e d t h e assets o f th e D ix ie P o w e r C o .,
C o tte r , A r k . V . 121, p . 1679.
I n S e p t. 1925 it w as a n n o u n c e d t h a t t h e c o . sin ce Ju n e 17 1925 c o m p le te d
th e a c q u is itio n o f 4 8 ,7 5 0 sh ares (p a r $100) o f th e c o m m o n s t o c k o f th e
W a s h in g to n R y . & E l. C o ., w h o s e o u ts ta n d in g ca p ita l c o n sists o f $ 6 ,5 0 0 ,0 0 0
c o m m o n s t o c k a n d $ 8 ,5 0 0 ,0 0 0 5 % c u m . p r e f. s t o c k .
Y . 121, p . 1569.
I n O c t . 1925 th e Mississippi River Power Co. w as a c q u ir e d o n b e h a lf o f
th e N o r t h A m e r ic a n C o . ’s s u b s id ia r y , th e U n io n E le c tr ic L ig h t & P o w e r C o .
o f S t. L o u is , M o . , th r o u g h e x ch a n g e o f s to c k s o n th e b asis o f 1 2-3 N . A m .
c o m m o n shares fo r ea ch sh are M is s . R i v . P o w . C o ., w ith a cash a lte rn a tiv e
o f $10 0 fo r ea ch M is s . R i v . P o w . C o . sh a re . V . 121, p . 1789, 1909.
In O c t . 1925 th e c o . o ffe r e d s to c k h o ld e r s o f th e Central Mississippi Valley
Electric Properties 1 2-3 shares o f N o r t h A m . C o . c o m m o n s t o c k o r a cash
a lte rn a tiv e o f $10 0 fo r e a ch sh are c o m m o n s t o c k o f C e n t. M is s . V . E l.
P r o p . V . 121, p . 1907.
S T O C K A N D B O N D S .—
Date.
Interest. Outstanding. Maturity.
C o m m o n $ 6 0 ,0 0 0 ,0 0 0 ($ 1 0 ) ___ ______
Q -J
$ 3 0 ,7 1 4 ,6 1 0
See t e x t
P r e f 6 % c u m $ 6 0 ,0 0 0 ,0 0 0 ( $ 5 0 ) ____
6 Q -J
2 9 ,0 8 5 ,7 5 0 O c t ’ 2 5 , 114
Stock.— P r e f. is re d e e m a b le a t 105 a n d d iv id e n d s .
D IV I D E N D S .—
11904 to Sept. 1907. 190 8. 1909. 1910 to July 1 ’ 2 1 .
P e r c e n t ________________ l 5 ( 1 X Q .-M a r c h )
0
33
A
5 y r ly . (1 % Q .- J .)
P a id o n n e w s t o c k O c t . 1 1921 1 H % ; J a n . 3 1922, l'A%\ A p r . 1 192 2,
1 )4 % in c a s h a n d 1 % p a y a b le in p r e f. s t o c k ; J u ly 1 1922 t o J a n . 2 1923
p a id 2)4% q u a r. in ca s h ; A p r . 2 1923 p a id 2 A % in c o m m o n s t o c k ; J u ly 2
1923 p a id 2)4% in ca s h ; O c t . 1 1923 t o O c t . 1925 p a id 2 )4 % q u a r. in
c o m m o n s t o c k (or in c a s h a t th e o p t io n o f th e h o ld e r ).
181
POWER, LIGHT AND RAILW AY
R E P O R T . — F o r 1924, in V . 120 , p . 1346, sh o w e d :
Calendar Years—
1924.
1923.
1922.
1921.
G ross e a rn in g s___________ $ 8 0 ,1 1 7 ,2 5 5 $ 7 5 ,4 6 5 ,2 6 7 $ 5 5 ,2 3 4 ,4 9 1 $ 3 8 ,8 5 3 ,1 9 0
O p e r. e x p . a n d ta x e s ____ 50 .1 6 1 .7 63 4 8 ,2 8 9 .1 9 8 3 5 ,8 1 2 ,0 4 3 2 6 ,7 9 1 ,2 5 6
N e t in c o m e __________ $ 2 9 ,9 5 5 ,4 9 2 $ 2 7 ,1 7 6 ,0 6 9 $ 1 9 ,4 2 2 ,4 4 8 $ 1 2 ,0 6 1 ,9 3 4
O th er in c o m e ____________
1,885,3,30 ____ 7 3 0 ,9 8 8 ____ 4 0 7 ,1 8 2
3 0 7 ,1 9 6
T o t a l in c o m e ___ $ 3 1 ,8 4 0 ,8 2 2
$ 2 7 ,9 0 7 ,0 5 7 $ 1 9 ,8 2 9 ,6 3 0 $ 1 2 ,3 6 9 ,1 3 0
In te re s t ch a r g e s --- 9 ,8 6 2 ,1 7 9
8 8 ,3 0 ,2 7 3
6 ,6 7 7 ,2 8 3
4 ,6 0 3 ,1 1 4
P r e f. d iv s . o f s u b . c o s . . .
2 ,4 6 9 ,7 1 0
1 ,8 1 3 ,4 1 3
1 ,3 1 8 .1 7 2
6 8 4 ,5 6 5
1 ,1 3 0 ,3 5 7
1 ,0 0 9 ,9 1 7
5 4 0 ,4 4 4
3 7 0 ,3 1 0
M in o r it y in te re s t_______
B a la n ce fo r d e p r e c ’n ,
$ 6 ,7 1 1 ,1 4 2
d iv s . a n d su rp lu s___ $ 1 8 ,3 7 8 ,5 7 6 $ 1 6 ,2 5 3 ,4 5 4 $ 1 1 ,3 0 3 ,7 3 1
Latest Earnings.— 12 m o n th s e n d in g Ju n e 30:
192 5.
1924.
G ro s s e a rn in g s ------------------------------------------------------------- $ 8 2 ,9 4 1 ,9 0 3 $ 7 7 ,7 6 8 ,1 9 5
O p e ra tin g exp en ses, m a in te n a n ce a n d t a x e s _______ 5 1 ,i 4 2 ,4 4 9 4 9 ,2 2 7 ,3 2 3
N e t in c o m e fr o m o p e r a t io n ________________________$ 3 1 ,7 9 9 ,4 5 4 $ 2 8 ,5 4 0 ,8 7 2
O th e r n e t in c o m e ---------------------------------------------------------3 ,5 0 0 ,7 1 3
833 ,1 4 1
T o t a l in c o m e -------------------------------------------------------------- $ 3 5 ,3 0 0 ,1 6 7 $ 2 9 ,3 7 4 ,0 1 3
In te r e s t ch a r g e s ----------------------------------------------------------- 1 0 ,7 2 0 ,4 3 9
9 ,9 2 8 ,9 6 5
P re fe rre d d iv id e n d s o f s u b s id ia rie s__________________
2 ,9 5 6 ,7 7 9
2 ,0 5 9 ,6 8 9
M in o r it y in te re s t--------------------------------------------------------1 ,2 2 9 ,2 4 2
1 ,0 1 3 ,6 1 2
R e s e rv e s fo r d e p r e c ia t io n ____________________________
8 ,0 6 9 ,2 2 7
7 ,5 3 8 ,2 0 3
D iv id e n d s o n N o r t h A m e r ic a n p re fe rre d s t o c k _____
1 ,6 4 4 ,9 5 8
1 ,1 4 4 ,8 7 9
D iv id e n d s o n N o r t h A m e r ic a n c o m m o n s t o c k _____
2 ,9 5 7 ,0 0 6
2 ,6 4 1 ,3 6 6
B a la n ce t o su rplu s a n d re s e r v e s _____________________ $ 7 ,7 2 2 ,5 1 5 $ 5 ,0 4 7 ,2 9 9
T o t a l t o d e p r e c . re s. a n d t o su r. a fte r all d i v _____ $ 1 5 ,7 9 1 ,7 4 3 $ 1 2 ,5 8 5 ,5 0 3
O F F I C E R S .— F ra n k L . D a m e , P r e s .; E d w in G ru h l, V .- P . & G e n . M g r .;
Jam es F . F o g a r t y , V . - P . & S e c .; F . W . D o o lit tle , V . - P . ; R o b e r t S ea ly ,
T r e a s . N . Y . o ffic e , 60 B r o a d w a y .— V . 119, p . 151 6, 196 5, 2 1 7 9 , 2 4 1 1 ,
2 5 3 0 , 2 64 8, 301 0; V . 120, p . 82 9 , 95 8 , 1089, 132 0, 134 6, 1586, 2 4 0 1 , 2 6 8 4 ,
2 8 1 7 , 3 31 5; V . 121, p . 4 5 9 , 58 6 , 70 8 , 1102, 122 8, 146 3, 1569, 167 9, 178 9,
1909.
NORTH AMERICAN EDISON CO.
O R G A N I Z A T I O N .— I n c o r p . M a r c h 25 1922 u n d er th e law s o f D e la w a r e .
In A p ril 1922 th e c o . a cq u ire d fr o m T h e N o rth A m e r ic a n C o . th e e n t ir e
o u ts ta n d in g c o m . s to c k o f U n ion E le c tr ic L t . & P o w . C o . o f S t. L o u is .
(see o n a n o th e r p a g e ) . I t also a c q u ir e d fr o m o th e r in te re sts a p p r o x im a te ly
7 7 % o f t h e c o m . s t o c k o f th e C le v e la n d E le c . I liu m . C o .
O n O c t . 1 1923
it a cq u ire d t h e in terests in a ll th e c o m p a n ie s fo r m e r ly c o n t r o lle d b y th e
W isco n s in E d is o n C o . , I n c . (fo r h is to ry see “ E le c t r ic R a ilw a y ” S u p p le
m e n t o f O c t . 27 1 9 2 3 ), a n d also a c q u ir e d fr o m T h e N o r t h A m e rica n C o . its
in terest in W isc o n s in T r a c t io n , L ig h t, H e a t & P o w e r C o . a n d W isc o n s in
E le c tr ic P o w e r C o .
In D e c . 1924 a c q u ir e d fr o m th e N o r t h A m e r ic a n C o .
its in te re s t in P en in su la r P o w e r C o .
S T O C K A N D B O N D S .—
Date. Interest.
Outstanding.
Maturity.
S to c k 5 0 0 ,0 0 0 shares (n o p a r ) . ____
________
3 8 5 ,0 0 0 s h s. _____________
P r e f 5 0 0 ,0 0 0 shares (n o p a r ) . . ____
$6 Q -M
2 0 0 ,0 0 0 sh s. ____________
Secured sink fd b o n d s ($5001
& $ 1 ,000) g o ld ___________ (C e n t r a l U n io n T r u s t C o . , N . Y . , T r u s t e e .
Series A _____________________
1922 6 g M -S 15 $ 1 3 ,1 6 0 ,0 0 0 M a r 15 195 2
Series B _____________________ [ 1922 6)4 g M -S 1
7 ,7 6 0 ,0 0 0 S e p t 1 19 4 8
Stock.— T h e p r e f. s t o c k is p re fe rr e d as t o d iv id e n d s a n d in ca se o f liq u i
d a tio n is e n title d t o $10 0 p e r sh are a n d d iv .
R e d . a t a n y tim e , a ll o r p a r t ,
u p o n 30 d a y s n o t ic e , a t $10 5 a n d d iv . A p p lic a t io n w a s m a d e t o h a v e th e
p re fe rr e d s t o c k lis te d o n th e N . Y . S t o c k E x c h a n g e . V . 121, p . 1789.
Bonds.— T h e secu red s in k . f d . b o n d s Ser “ A” & “ B ” are s e c u r e d b y
p le d g e w ith tru stee o f:
$ 1 0 ,9 4 0 ,1 0 0 (6 5 .8 0 % o f to t a l o u ts ta n d in g ) o f th e c o m . s t o c k o f C le v e la n d
E le c tr ic Illu m in a tin g C o .
5 5 8 ,8 4 3 sh s. (n o p a r v a lu e ) (8 5 .9 8 % o f to ta l o u ts ta n d in g ) o f th e c o m . s to c k
o f U nion E le c tr ic L ig h t & P o w e r C o . o f S t. L o u is .
$ 7 ,8 7 5 ,1 0 0 (7 0 % o f t o t a l o u ts ta n d in g ) o f th e c o m . s t o c k o f M ilw a u k e e
E le c tr ic R a ilw a y & L ig h t C o .
1 ,7 8 3 ,3 0 0 (5 9 .4 4 % o f t o t a l o u ts ta n d in g ) o f t h e c a p it a l s t o c k o f Wis
c o n sin E le c tr ic P o w e r C o .
1 ,6 6 6 ,8 0 0 (63 7 3 % o f to ta l o u ts ta n d in g ) o f th e c o m m o n s t o c k o f W is
consin G a s & E le ctric C o .
1 ,3 3 3 ,4 0 0 (66 2 -3 % o f to t a l o u ts ta n d in g ) o f th e c a p ita l s t o c k o f Wis
co n s in T r a c t io n , L ig h t , H e a t & P o w e r C o .
Specialists in
Electric Power and Light C o’s.
BONDS
P referred and Common
Stocks
Holman , W atson &R app
Members Philadelphia Stock Exchange
Land Title Building
P H IL A D E LP H IA
, PA.
183
B o t h Series “ A ” an d Series “ B ” b o n d s h a v e a se m i-a n n u a )sink. fund fo r
th e r e tirem en t o f 2 % y e a r ly . $70 0 ,0 0 0 S er. “ A ” an d $ 8 0 ,0 0 0 S er. “ B ”
retired th rou g h s in k . fu n d . S er. “ A ” are c a ll, all o r in p a r t o n a n y in t . d a te
a t 107 H and in t. on S ep t. 15 1922 w ith th e ca ll p r ic e r e d u c e d M o f 1 %
e a c h y ea r th erea fter.
S er. “ B ” are c a ll, all or in p a r t b y lo t o n a n y in t. d a t e t o a n d i n c l. S e p t. 1
1924 a t 106 an d in t . w ith c a ll p r ice r e d u c e d M o f 1 % e a c h y e a r t h e r e a fte r .
R E P O R T .—
1924.
x l9 2 3 .
y l9 2 2 .
G ro s s ea rn in gs________ ______ __________$ 6 6 ,3 1 5 ,4 4 8 $ 4 2 ,2 2 2 ,4 0 1 $ 2 1 ,0 5 5 ,7 7 2
O p era tin g expen ses a n d t a x e s ________ 4 0 ,9 1 8 ,9 7 9 2 4 ,6 0 9 ,7 0 9
1 2 ,3 5 2 ,7 0 6
_ N e t in c o m e fr o m o p e r a t io n ________$ 2 5 ,3 9 6 ,4 6 9 $ 1 7 ,6 1 2 ,6 9 2
7 ,9 7 0 ,5 3 9
5 ,0 2 1 ,0 5 3
In te r e s t ch a rg es .................. ..........................
B a la n c e ............. ............
$ 1 7 ,4 2 5 ,9 3 0
F r e f. d iv . o f s u b . c o m p a n ie s ................... 2 ,2 7 5 ,3 1 9
M in o r it y in te re s t________________
1 ,1 3 0 ,2 2 7
M is ce lla n e o u s ch a r g e s__________________
3 8 ,0 9 5
$ 8 ,7 0 3 ,0 6 6
3 ,0 7 3 ,9 0 7
$ 1 2 ,5 9 1 ,6 3 9 $ 5 ,6 2 9 ,1 5 9
1 ,1 8 2 ,1 7 4
597 ,0 5 3
9 6 1 ,0 7 2
4 2 8 ,2 9 6
6 ,1 9 5
2 ,1 4 6
B a l. fo r d e p r e c ., d iv s . a n d s u r p lu s .$ 1 3 ,9 8 2 ,2 8 9 $ 1 0 ,4 4 2 ,1 9 8
$ 4 ,6 0 1 ,6 6 4
x P r o p e r t ie s a c q u ir e d in O c t . 1923 in c lu d e d fo r th re e m o n th s o n l y ,
y N in e m o n th s o n ly .
— 6 Mos. End. June 30--------- 12 Mos. End. June 30~
Latest Earnings—
1925.
1924.
1925.
1924.
G ro s s e a r n in g s ___________ $ 3 5 ,9 7 6 ,3 7 5 $ 3 3 ,9 4 5 ,3 6 3 $ 6 8 ,3 1 0 ,3 6 5 $ 6 6 ,4 5 9 ,4 5 7
O p e r . expen ses & t a x e s . . 2 1 ,7 0 8 ,9 4 7 2 1 ,2 4 1 ,8 0 3 4 1 ,3 8 6 ,1 2 3 4 1 ,6 6 7 ,0 2 2
In te r e s t c h a r g e s _________ 4 ,7 4 6 ,0 5 7
3 ,8 7 5 ,4 1 2
8 ,8 4 1 ,1 8 5
7 ,9 1 3 ,0 9 4
P r e fe r re d d iv s . o f su b sid s 1 ,3 9 7 ,2 2 2
1 ,0 6 4 ,4 8 8
2 ,6 0 6 ,0 5 2
1 ,9 0 8 ,9 8 1
M in o r it y d e d u c t io n s ____
6 4 7 ,4 3 8
5 8 6 ,9 5 8
1 ,1 9 0 ,7 6 7
1,0 1 3 .3 2 1
D e p r e c ia t io n r e s e r v e — .
3 ,5 7 8 ,0 5 7
3 ,4 2 5 ,4 7 7
6 ,7 6 6 ,3 8 9
6 ,0 5 6 ,4 6 6
B a la n c e ------------------------ $ 3 ,9 0 0 ,6 1 5 $ 3 ,7 4 9 ,2 2 5 $ 7 ,4 1 9 ,8 5 0 $ 7 ,9 0 0 ,5 7 1
O F F I C E R S .— C h a irm a n o f B o a r d , F ra n k L . D a m e ; P r e s ., E d w in G ru h l,
V .- P . , J . F . F o g a rty ; T r e a s ., R o b t . S ealy; S e c., F . H . P is k e .— V . 118,
p . 1401; V . 120, p . 1204; V . 121, p . 1102, 1789.
(1) THE MILWAUKEE ELECTRIC RAILWAY & LIGHT CO.
E n tir e c o m . s t o c k is o w n e d b y th e N o r t h A m e rica n E d is o n C o . or a ffilia te d
co m p a n ie s .
O R G A N I Z A T I O N .— S u ccessor o f M ilw a u k e e S t. R y . C o . Ja n . 30 1896
p e r p la n in V . 6 0 , p . 1069. O n F e b . 11 1919 a c q u ir e d th e o p e r a tin g u t ility
p r o p e r t y o f th e M ilw a u k e e L t . , H t . & T r a c . C o . (fo r h is t o r y , see “ E le c tr ic
R a ilw a y S u p p lem en t” o f M a r . 29 1919) s u b je c t t o th a t c o ’s. $ 5 ,0 0 0 ,0 0 0 1st
M . 5s d u e 1929 an d $ 4 ,5 0 0 ,0 0 0 g e n . m tg e . b o n d s d u e N o v . 1 1958. V . 109,
p . 7 2 . C o m p a r e V . 106, p . 919: V . 108, p . 171. I n A p r il 1917 a c q u ir e d
t h e e le c t r ic u t ilit y o f t h e C o m m o n w e a lth P o w e r C o . an d th e h e a tin g u tility
o f t h e C o n tin e n ta l R e a lt y C o . Y . 106, p . 919. I n 1921 th e c o . a cq u ire d
t h e p r o p e r t y o f th e N o r t h M ilw a u k e e L ig h t & P o w e r C o . , an d a rran ged t o
o p e r a t e t h e p r o p e r t y o f t h e W e lls P o w e r C o . u n d e r le a s e . In 1922 a cq u ire d
C on trol o f M ilw a u k e e N o rth e r n R y . an d early in 1923 a c q u ir e d th e p la n t
an d h old in g s o f th e D o u s m a n (W is .) E le c t r ic L ig h t & P o w e r C o .
V . 116,
p . 1050. I n S ep t. 1923 a c q u ir e d th e e le ctr ic lig h tin g a n d p o w e r in terests
o f th e H o n e y C r e e k E le c t r ic L ig h t C o . V . 117, p . 1236.
L ea ses th e p la n t o f th e W isc o n s in E le c t r ic P o w e r C o . a n d gu aran tees
p a y m e n t o f p r in cip a l a n d in te re s t o n th a t c o . ’s 1st m t g e . b o n d s . V . I l l ,
p . 1566; V . 118, p . 664 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
E m b r a c e s p r a c tic a lly all t h e s tr e e t ra ilw a y lines in M ilw a u k e e . T h e c o .
b e sid es its s tr e e t ra ilw a y s y s te m , o w n s an d o p e r a te s an e le c t r ic -lig h t an d
p o w e r sy s te m a n d a c e n tr a l-s ta tio n , s te a m -h e a t sy s te m in M ilw a u k e e se rv in g
a p o p u la tio n n o w e s tim a te d a t 8 5 0 ,0 0 0 . D o e s an e x te n s iv e s tr e e t and
in teru rb a n ra ilw a y an d e le c t r ic lig h t a n d p o w e r b u sin ess, s e rv in g S ou th
M ilw a u k e e , C u d a h y , R a c in e , K e n o s h a , W a u w a to s a , N o r t h M ilw a u k e e ,
W h ite fis h B a y , F o x P o in t , W e s t A llis , W a u k e sh a , P e w a u k e e , H a r tla n d ,
O c o n o m o w o c , W a t e r t o w n , S t. M a r tin s , M u s k e g o L a k e s , M u k w o n a g o ,
E a s t T r o y , W a t e r fo r d , R o c h e s t e r a n d B u rlin g to n . T o t a l tr a c k o w n e d
4 1 8 .7 2 a n d 1 .5 6 m iles le a s e d .
S team p o w e r p la n ts h a v e an ag g re g a te
c a p a c it y o f 2 3 6 ,7 0 0 k . w . , in c lu d in g le a se d p la n t o f W isc o n s in E le c tr ic
P o w e r C o . , h y d r o -e le c , c a p a c it y , 1 5 ,0 0 0 k .w . (p u r c h a s e d p o w e r ).
870
p a ssen g er ca rs .
Bus Operation.— O n M a y 10 1923 th e c o ., t h r o u g h its s u b s id ia r y , tn e
W isc o n s in M o t o r B u s L in e s , c o m m e n c e d th e o p e r a t io n o f b u se s, b u ilt by
th e F ifth A v e n u e C o a c h C o . A 1 0 -ce n t fa re is c h a r g e d . V . 116 , p . 2 3 8 8
T h e railw ay fra n ch ises a n d th e e le ctr ic -lig h t a n d p o w e r fra n ch ises are
u n lim ited in tim e
O n A u g . 17 1925 c o m p a n y s u b s titu te d b u s s e r v ic e o n its W h ite fis h B a y F o x P o in t s u b u rb a n lin e s. Y . 121, p . 1101.
Valuation.— In S e p t. 1917 th e W ise . R R . C o m m , s u b m itte d its r e p o r t
« n th e v a lu a tio n o f th e p h y s ic a l p ro p e rtie s o f th e M ilw a u k e e E le c . R y .
& L t . C o . a n d M ilw a u k e e L t ., H t . & T r a c . C o ., sh o w in g a r e p r o d u c tio n
cost fo r b o t h p rop ertie s as o f Ja n . 1 1914 o f $ 3 7 ,3 1 9 ,2 9 7
V . 105, p . 1309.
O n th e b asis o f th e v a lu a tio n o f Ja n . 1 1914, p lu s su b se q u e n t ca p ita l e x p e n
d itu res, th e estim a te d r e p r o d u c tio n cost o f th e c o m p a n ie s as o f D e c . 31
1923 was $ 6 5 ,8 6 2 ,5 8 8 (e x clu s iv e o f $ 3 ,1 2 5 ,7 3 5 o f m a te ria ls a n d su p p lies or.
h a n d ). V . 112, p . 2083.
Fares.— S ee “ E le c t r ic R a ilw a y ” S ectid n o f O c t . 2 8 . 192 2.
Service-at-Cost.— O n A p r . 4 1921 th e M ilw a u k e e C it y C o u n c il a p p r o v e d a
b ill t o b e iu tro d u c e d in th e S ta te L e gislatu re, a u th o riz in g th e c it y t o enter
Into a s e r v ic e -a t-co s t arg e e m e n t w ith th e c o . V . 112, p . 1741. T h e bill
w as passed a n d has been sign ed b y th e G o v e rn o r.
V . 113. p . 5 3 3 , 848
A jo in t c o m m itte e has been fo rm e d t o n e g o tia te a s e r v ic e -a t-c o s t fra n ch ise
w ith t h e c i t y . F o r p r in c ip a l p r o v is io n s o f p r o p o s e d c o n t r a c t b e tw e e n th e
c it y a n d th e c o m p a n y see V . 119 , p . 694 ; V . 120 , p . 132 7.
STO CK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
C om m on
stock
$ 2 0 ,0 0 0 ,0 0 0
p a r $ 1 0 0 )----------------------------------------------------- $ 1 1 ,2 5 0 ,0 0 0 ____________
________
P referred
s to c k
$ 4 ,5 0 0 ,0 0 0
6 % c u m p a r $ 1 0 0 )________________
6 Q -F
4 .5 0 0 .0 0 0 O c t ’25, 134
P r e f. s t o c k Issu e o f 1 9 2 1 )____ ______
8 Q -M
2 ,9 7 5 ,7 0 0
See te x t.
$ 3 ,0 0 0 ,0 0 0 c u m p a r $ 1 0 0 ) . ____
7 Q -M
5 ,9 0 3 ,5 4 3
See te x t.
P referred s to c k issue o f 1921) \
$ 6 ,0 0 0 ,0 0 0 c u m u la tiv e ____ / 1896
5 g F -A
6 .5 0 0 .0 0 0 F e b . 1 1926
T h e M ilw a u k e e E le c R y & /
L ig h t C o c o n s , m tg e $ 8 ,-{C e n t r a l T ru s t C o ., N . Y . , T r u s te e . I n t . p a y
a b le a t c o ’s. o ffic e , 60 B r o a d w a y , N . Y .
0 0 0 ,0 0 0 g o ld ( $ 1 ,0 0 0 )— c’*j
T h e M ilw E le c R y & L ig h t! 1906
414 K J -J
6 ,7 2 8 ,0 0 0 Jan 1 1931
C o r e f & ext M _ .$ 2 0 , 0 0 0 ,- {T r u s t C o . o f A m e rica , N e w Y o r k , T r u s te e .
000 g o ld ($ 1 ,0 0 0 ) c lo se d c * {
I n t . a t c o . ’s o f fic e , 60 B r o a d w a y , N . Y .
G en & r e f m tg e $ 9 0 ,000 ,00 01 1911
5 J -D
5 ,8 1 9 ,0 0 0 D e c 31 1931
g o ld ($ 1 ,0 0 0 ) Ser “ A ” c * t f J I n t . a t N . Y . B ankers T r . C o ., N . Y . , T r u s .
M ilw E le c R y & L t C o r e f & f
1st M ($500 & $ 1 ,0 0 0 ) g c * t f |
5 g J -D
1 2 ,1 8 7 ,5 0 0 Ju n e 1 1961
Series “ B ” ________________ -j 1921
6 g M -S
9 ,8 5 0 ,0 0 0 S ept 1 1953
Series “ C ” ________________ I 1921
(C e n tra l U n ion T r u s t C o . , N . Y . , T r u s te e .
1 0 -y r 6 3 4 % n otes ser “ D ” l
$ 1 ,0 0 0 ,0 0 0 ___________________ 1923
6*4 g F - A
$ 9 0 9 ,4 0 0 A u g 1 1933
N o te s , $ 1 ,4 5 0 ,0 0 0 ( $ 1 , 0 0 0 ) - . . 1916 5 %
2 5 0 ,0 0 0 See te x t
M ilw L t H & T r C o 1st M g\ 1899 5 g M -N
5 ,0 0 0 ,0 0 0 M a y 1 1929
g u $ 5 ,0 0 0 ,0 0 0 ($ 1 ,0 0 0 ) g . c * / I n t . a t E q u ita b le T r u s t C o ., N . Y . , tru stee.
W is E l P r C o 1st M ser “ A ” 1 1924 5 g F -A
8 '8 2 0 ,0 0 0 F e b 1 1954
($ 500& $1,000) gup&i-C*tf /C e n t r a l U n io n T r u s t C o . , N . Y . , T ru ste e
* I ssu ed a n d is su a b le .
W a s o rig in a lly
n o n -c u m . b u t w a s m a d e c u m . in 1921 (V . 112, p . 2 4 1 4 .) T h e 8 % a n d 7%
p r e f. s t o c k are also c u m u la tiv e b u t h a v e n o v o t in g rig h ts e x c e p t in d e fa u lt
o f d iv id e n d s . T h e 7 % p r e f. is re d e e m a b le a t 105 a n d d iv s . a n d th e 8 %
p r e f. a t 103 a n d d iv s .— V . 112, p . 1978, 2414.
Bonds.— 1st c o n s . m t g e . is c lo s e d .
O f th e r e f. a n d exte n sio n s b o n d s , $ 6 ,5 0 0 ,0 0 0 a re r e s e r v e d f o r p r io r liens
a n d $ 6 ,7 7 2 ,0 0 0 are d e p o s ite d as co lla te r a l t o g e n . & r e f. m t g e . b o n d s .
B o n d s a re s u b je c t t o ca ll sin ce J a n . 1 1916 a t 108 a n d i n t . N o s in k . fd .
Bee V . 8 1 , p . 1724, 1792; V . 8 4 , p . 508 .
G e n . & r e f. m t g e . falls d u e D e c . 1 1931, e x c e p t th a t in ce rta in e v e n ts th e
m a tu r ity d a te w ill b e 195 1. B o n d s o f series “ A ” are r e d e e m a b le o n a n y
Interest d a te s in ce D e c . 1 1916 at 105 S in t ., on 6 w eeks n o t ic e . $ 1 3 ,2 2 8 ,0 0 0
c
are reserved fo r p rio r lien s; $ 1 3 ,2 4 3 ,0 0 0 p le d g e d u n d e r r e f S 1st m t g e .,
c
an d $ 4 8 0 ,0 0 0 are p le d g e d u n d e r th e 5 % n o te s o f 1916
A d d it io n a l b o n d s
V S T O C K .— T h e 6 % p r e f. s t o c k has f u ll-v o t in g r ig h ts.
[V ol. 121,
PUBLIC UTILITIES
Issued u n d e r th is m tg e . m u s t b e p le d g e d u n d e r r e f. S 1st m t g e . N o s in k ,
c
f u n d . See V . 93, p . 1787. B o n d s lis te d o n N e w Y o r k S to c k E x c h a n g e .
$ 6 ,7 7 2 ,0 0 0 r e f. & e x t . b o n d s p le d g e d as c o lla te r a l fo r th e g e n . & r e f. b o n d s .
T h e r e f. & 1st m t g e . b o n d s w ill be a fir s t lie n o n th e e n tire p r o p e r t y
by D e c . 1 1931. F o r fu ll d e s c r ip tio n o f s e c u r ity . & c ., o f th is issu e see
Y . 112, p . 2083; V . 115, p . 163 1. C o . has c o v e n a n te d t o m a k e th is a 1st
m tg e . b y D e c . 1 1931. A d d it io n a l b o n d s m a y b e issued o n ly a t p a r t o
r e fu n d a lik e a m o u n t o f u n d e rly in g b o n d s o r b o n d s o f th is issue an d fo r
8 0 % o f th e co st o f a d d itio n s an d im p ro v e m e n ts u n d er ce rta in r e s tric tio n s .
4 sinking fund retires 1 % p e r a n n u m , i f o b t a in a b le a t o r u n d e r p a r a n d In t.
Series “ B ’' are r e d . a ll o r p a r t b y l o t o n a n y in t . d a te t o a n d in c l. J u n e 1
1923 a t 105 a n d in t ., w ith t h e r e d e m p t io n p r ic e r e d u c e d J4 o f 1 % dim in g
ea ch 2 -y e a r p e r io d th e r e a fte r . Series “ C ” are r e d . all o r in p a r t b y l o t o n
a n y in t . d a te t o a n d in c l. S e p t. 1 1924 a t 105 a n d i n t ., w ith s u c c e s s iv e re
d u ctio n s in r e d e m p tio n p r ic e o f H o f 1 % d u r in g e a ch 1 8 -m o n th s ’ p e r io d
th e re a fte r. P e n n a . 4 -m u l t a x r e fu n d e d . V 115 . p . 1631; V . 117 ,j p . 1 0 1 7 .
C o m p a re V . 112. p . 2083
S e r ie s “ B ” a n d a e r ie s “ C ” lis te d o n N . Y . S to c k
E x ch a n g e . V . 115, p . 2 3 7 9 ; V 116, p . 721; V . 117, p . 1017, 2 21 2.
T h e M ilw . L t . & T r . C o . 1st M . b o n d s m a y b e ca lle d a t 110 on a n y in t .
d a te . T h e y are g u a r ., p r in . a n d in t ., b y en d o rse m e n t, b y th e M ilw a u k e e
E lec. R y . & L ig h t C o . ( V . 8 6 , p . 1 0 4 2 ).
I n c o m e tax w ith h e ld a t t h e so u r c e
at t h e ra te o f 4 % w hen o w n e d b y a fo re ig n c o r p o r a tio n
T h e W isc o n s in E le c t r ic P o w e r C o . 1st m tg e . 5 % b o n d s s e r. “ A ” are
gu aran teed p rin c ip a l a n d in t , b y t h e M ilw a u k e e E le c . R y . & L t . C o . A
purchase fund t o re tire 2 % p e r a n n u m o f all ser. “ A ” b o n d s , i f o b ta in a b le
at o r b e lo w p ar & in t . is p r o v id e d fo r
A r e re d . a ll or in p a rt b y lo t o n 30
d a y s ’ n o tice o n a n y in t. d a te t o a n d in c l. F e b . 1 1925 an d 105 S In t., w ith
c
th e r e d e m p tio n p r ice r e d u c e d 14 o f 1 % dim ing e a c h 3 y e a r p e r io d th e r a fte r .
P enna 4 m ill ta x r e fu n d e d . V . 118 , p . 66 4 .
Notes.— T h e b a la n ce ($250,0001 o f th e 5 % n o te s o f 1916 are secu red b y
$480,000 gen . an d r e f. b o n d s. T h e y m a tu re $150 000 on each J u ly 1 t o
'u ly 1 1926. $ 1 ,2 0 0 ,0 0 0 h a v e b e e n p a id o f f . T h e 10-year n o te s, ser “ D ,
are c a ll, p r io r t o A u g . 1 1931 a t 101 & I n t ., a n d th e r e a fte r a t p a r , on 4
w eeks n o tice .
Dividends.— R eg u la r q u a rte r ly d iv id e n d s o f 114 % h a v e been p a id o n th e
6 % p re f. sin ce 1900. R e g u la r q u a r. d iv s . o n th e 8 % a n d 7 % p r e f. h a v e
been p a id sin ce issu e.
Latest Earnings.—
12 Months Ended June 3 0 —
1925.
1924.
O p e r a tin g re v e n u e s ____________________________________$ 2 2 ,8 0 1 ,4 1 6 $ 2 2 ,5 6 6 ,0 0 2
O p e ra tin g exp e n se s____________________________________$1 3 ,9 0 1 ,0 0 7 $1 4 ,5 3 5 ,9 1 2
T a x e s ___________________________________________________
1 ,9 6 1 ,9 9 5
1,663,001
N e t o p e ra tin g re v e n u e s ____________________________ $ 6 ,9 3 8 ,4 1 5 $ 6 ,3 6 7 ,0 8 8
N o n -o p e r a tin g re v e n u e s _____________________________
2 5 3 ,2 7 3
2 7 5 ,2 0 5
G ro s s in c o m e ________________________________________ $ 7 ,1 9 1 ,6 8 8
In te r e s t o n fu n d e d d e b t _____________________________
2 ,6 2 9 ,5 0 9
O th e r in te re st ch a r g e s ________________________________
C r4 1 ,0 9 3
$ 6 ,6 4 2 ,2 9 3
2 ,5 5 8 ,1 1 1
C r l6 2 ,4 1 2
B a l. fo r d e p r e c ., d iv id s . a n d s u r p lu s____________ $ 4 ,6 0 3 ,2 7 2
$ 4 ,2 4 6 ,5 9 5
O F F I C E R S .— P r e s ., J o h n I . B e g g s ; V . - P . a n d G e n . M g r ., S . B . W a y ;
V . - P . , E d w in G ru h l; V . - P . , C h a rles P fis te r ; V . - P . ,F . W . D o o lit tle ; V . - P .
W m . A . J a ck s o n , J o h n A n d e r s o n ; V . - P . & A s s t. G e n . M g r ., G . W . Van*
D e rz e e ; T r e a s ., R o b t . S ealy; S ec. & A s s t. T r e a s ., J. F . F o g a r t y .— V . 1 1 5 ,
p . 64 5 , 1429, 1631, 2 3 7 9 , 258 1; V . 116 , p . 7 7 , 616 , 72 1 , 9 3 5 , 105 0, 2 2 5 6 ,
2388; V . 117, p . 55 4 , 1017, 1236, 1556, 2 2 1 2 , 2 43 3; V . 118, p . 8 5 , 4 3 1 , 66 4 ,
1665; V . 119, p . 69 4 , 1172; V . 120, p . 120 3, 132 7, 1586; V . 121 , p . 1101.
(2) W I S C O N S I N G A S & E L E C T R I C C O .
O R G A N I Z A T I O N .— S u cce e d e d in 1912 th e R a c in e G a s L ig h t C o . I n c o r p . in F e b . 1867, a n d a c q u ir e d th e K e n o s h a G a s & E le c t r ic C o . a n d K e
nosha E le c tr ic R y . H a s sin c e a c q u ir e d th e W a te r to w n G a s & E le c . C o . ,
th e B u rlin g to n E le c . L t . & P o w e r C o . a n d th e W a u k e s h a G a s S E le c . C o .
c
an d th e W h ite w a te r E le c tr ic L ig h t C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
D o e s entire gas business in R a c in e , K e n o s h a , S o u th M ilw a u k e e , C u d a h y ,
W a te r to w n a n d W a u k e s h a ; t h e en tire e le ctric lig h t, p o w e r a n d s tr e e t rail
w a y busin ess in K e n o s h a a n d th e e le ctr ic lig h t a n d p o w e r b u sin ess in over
40 m u n ic ip a litie s in W ise , in c lu d in g W a t e r t o w n , B u r lin g t o n , W a u k e s h a ,
C a m p b e lls p o r t, E d e n , I r o n R id g e , L o m ir a , T h e re s a , C o r liss , U n io n G ro v e ,
G r a ft o n , J a c k s o n , M e n o m in e e F a lls , T h ie n s v ille . M ile s o f s in g le t r a c k ,
7 .8 5 m iles; gas m a in s, 3 0 5 .8 . E le c t r ic lig h t a n d p o w e r b u s in e s s in K en osh a
is d o n e u n d e r in d e te rm in a te p e rm its .
Franchise fo r s tr e e t r a ilw a y is
in d e te rm in a te ; th e c o m p a n y h a s t h e r ig h t t o c o n d u c t its g a s b u s in e s s either
u n d e r an in d e te rm in a te p e r m it o r u n d e r t h e sp e c ia l “ p e r p e t u a l a n d exclu
s iv e ” fra n ch is e s o r ig in a lly g ra n te d .
F o r n e w tra n sm issio n lin e o f 2 0 0 m ile s t o b e c o m p le t e d in 192 5, see V .
120, p . 3 0 6 7 .
STO C K A N D BO N DS—
Date. Interest. Outstanding.Maturity.
C o m s t o c k $ 2 ,6 1 5 ,0 0 0 ($ 1 0 0 )_______
________
$ 2 ,6 1 5 ,0 0 0 ------------------P r e f c u m $ 2 ,5 0 0 ,0 0 0 ($ 1 0 0 )___
7%
2 ,5 0 0 ,0 0 0
-----------F irs t m o r tg a g e g o ld ($ 1 ,0 0 0 , f 1912
5 g J -D
4 ,8 5 7 ,5 0 0 J u n e 1 1952
$ 5 0 0 & $ 1 0 0 ) _____________ c * { I n t . p a y a b le a t o f fic e o f c o . in N . Y . , H a rris
L T r u s t & S a v in g s B a n k , C h ic a g o , T r u s t e e .
C o n v e r tib le n o t e s _____________ ______
7%
__________
192 5-3 0
O o n v n o te s $1 0 0 ,0 0 0 ser “ D ” „
1923 6 %
1 0 0 , 0 0 0 J u ly 1 1 9 3 3
W au k esh a G a s & E lec. 1st M _ _
1909 5 %
6 0 0 ,0 0 0
J a n 1 1959
B a rk R iv e r E l L t S P r 1st M _______
c
6%
1 0 ,0 0 0 — - ................
onds.— A d d itio n a l W is . G a s & E le c . 1st M . b o n d s m a y b e is su e d o n ly
fo r 8 0 % o f ca sh c o s t o f p e rm a n e n t im p ts ., & c ., w h e n th e a n n u a l n e t e a rn in g s
are 134 tim e s th e in t . ch a rg e , i n c l. b o n d s t o b e issu ed.
B o n d s r e d . a t 105
a n d in t. sin ce Ju n e 1 1917. I n N o v . 1924 $ 1 ,1 0 0 ,0 0 0 w e re offered b y H a rris,
F o r b e s S C o . a n d S p e n ce r T r a s k & C o . a t 9734 a n d i n t ., t o y ie ld o v e r
c
5 . 1 5 % . V . 119, p . 2 93 4.
T h e 5 - y r . s e cu re d n o te s a r e s e c u r e d b y a co lla te r a l d e p o s it o f 1st M . b o n d s .
Latest Earnings.— 12 Mos. End. June 30—
1925.
192 4.
O p e r a tin g r e v e n u e s _________________________
$ 4 ,6 8 6 ,9 9 7 $ 4 ,4 1 8 ,3 3 1
O p e r a tin g e x p e n s e s ____________________________________ $ 2 ,9 0 7 ,2 9 4 $ 3 ,0 4 8 ,5 7 9
T a x e s ________________________________________________. . .
3 4 6 ,2 3 5
3 4 1 ,7 4 0
_ . - _____________ $ 1 ,4 3 3 ,4 6 7
____ ____________
7 3 ,0 0 8
G ro s s in c o m e
_ _
_
In te r e s t o n fu n d e d d e b t . _
O th e r in te re s t c h a rg e s
-
$ 1 ,0 2 8 ,0 1 2
9 0 ,8 6 3
____
N e t o p e r a tin g r e v e n u e s .
N o n -o p e r a tin g re v e n u e s
$ 1 ,1 1 8 ,8 7 5
2 9 0 ,0 0 4
9 ,5 8 5
_____________ $ 1 ,5 0 6 ,4 7 5
_____________
3 3 1 ,7 6 1
____
C r l0 ,6 9 3
____ ______
B a l a n c e . . ___________________________________________$ 1 ,1 8 5 ,4 0 7
$ 8 1 9 ,2 8 6
O F F I C E R S .— P r e s ., S. B . W a y ; V .- P r e s ., J . I . B e g g s , E d w in G ru h l;
S e c .-T r e a s ., F . J . B o e h m ; A u d ., E . Jorgensen.-— V . 106, p . 2 45 8; V . 107 .
p . 1389; V . I l l , p . 99 1 , 2 0 4 2 ; V . 112, p . 6 5 4 , 1172; V . 115, p . 184; V . 1 2 0 .
p . 306 7; V . 121, p . 1104-
W ISCONSIN TR A C T IO N , LIG H T, HEAT & POWER CO
N o r t h A m e rica n E d is o n C o . o w n s 19,027 shares o f t h e c a p ita l s t o c k .
O R G A N I Z A T I O N .— I n c o r p . a t M ilw a u k e e in M a r . 1900 w ith a n o m in a l
o f $ 10 ,0 0 0 (since in cre a s e d t o $ 1 .0 0 0 .0 0 0 ). fo r th e p u rp o s e o f u n itin g ce r ta in
p ro p e rtie s in th e F o x R iv e r V a lle y . S e cu re d c o n t r o l o f th e F o x R iv e r V a lle y
E le c tr ic R y . a n d th e A p p le t o n E le c t r ic L ig h t & P o w e r C o . , a n d has c o n s o li
d ated th e m . In S e p t. 1904 p u r c h a s e d e n tire ca p ita l s to c k o f t h e F o x R iv e r
V a lle y G as & E le c t r ic C o .
See V . 7 9 , p . 787 , 1267.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w ns 21 .3 2 m iles o f t r a c k , c o n n e c tin g N e e n a h , M e n a s h a , A p p le t o n a n d
K a u k a u n a , in c l., 6 m iles o p e r a te d lo c a lly in th e c it y o f A p p le t o n .
14
m o t o r cars, 1 sn o w p lo w . A ls o fu rn ish es ele ctric lig h t a n d p o w e r t o 33
co m m u n itie s and gas t o A p p le t o n , N e e n a h and M e n a s h a .
In A p ril 1924 th e c o m p a n y t o o k o v e r th e m o to r bus busin ess o f th e
I n t e r -C it y B u s T r a n s p o rta tio n C o . , I n c .
V . 118, p . 1776. I n J u ly 1925
a c q u ir e d th e bu sin ess a n d e q u ip m e n t o f th e G r a y B u .L in e .
V . 12 1 , p . 4 6 2 .
STO C K A N D BO N DS—
Date. Interest.Outstanding.
Maturity.
C o m s t o c k $ 2 ,0 0 0 ,0 0 0 ($ 2 0 )________
Q -J
$ 2 ,0 0 0 ,0 0 0 See t e x t
P re fe rre d c u m u la tiv e ( $ 1 0 0 ) - - ------7 Q -M
3 8 2 ,7 3 5 ------------------F ir s t m tg e ($ 3 ,0 0 0 ,0 0 0 ) $ 1 , - / 1901 5 & 734 J -J 3 ,0 0 0 .0 0 0 J u ly 1 1931
000 g o ld n o sin k f u n d ___ c * \ I n t . a t F ir s t W is e . T r . C o . , M il w ., T r u s t e e .
Bonds.— E n tir e issu e o f 1st M t g e . b o n d s m a y b e c a lle d o n a n y in te re s t
d a te a t 110 a n d in t . $ 1 ,5 0 0 ,0 0 0 o f this issue o rig in a lly o u ts ta n d in g b o r e in t .
a t 5 % , b u t in 1921 an a d d itio n a l $ 1 ,5 0 0 ,0 0 0 w as issu ed u n d er a su p p le m e n ta l
in d e n tu re p r o v id in g fo r a d d itio n a l in te re s t c o u p o n s a t th e ra te o f 2 34 % p e r
a n n u m . T h e in d e n tu re p ro v id e s th a t th e se c o u p o n s sh all sh are e q u a lly I n
Oct., 1925.]
a n y fu tu r e lien w h ic h m a y b e p la c e d o n th e p r o p e r t y . A sinking fund o f
$33 ,0 0 0 a n n u a lly b e g a n Ju n e 30 1922, a n d p ro v id e s fo r th e re d e m p tio n o f
these b o n d s . V . 113, p . 1055.
Dividends.— I n 1914 a n d t o a n d in c l. J a n . 1918, a t t h e r a te o f 5 % p e r
a n n u m on c o m . N o n e s in c e .
E A R N I N G S .— F o r y e a rs e n d in g D e c . 31
Year—
Grass. Netlaft.Tax ) Oth.Inc.
Interest. Amort.Res.
Balance.
1 9 2 4 . ..$ 1 ,6 1 1 .8 0 5
$47 6 ,7 2 9
$ 9 ,1 0 3 $19 8,60 7 $ 1 5 ,0 0 0
$ 2 7 2,22 5
1 9 2 3 . . . 1 ,6 0 2 ,0 3 6
3 8 2 ,8 5 3
1 4 ,510
192,600
15,0 0 0
189,763
1 9 2 2 - - . 1 .4 6 7 ,8 3 7
3 9 0 .1 4 9
1 1 ,018
200 ,321
1 5 ,0 0 0
185.846
O F F I C E R S .— P resid e n t, J o h n I . B eg gs; V .-P r e s ., S. B . W a y . M ilw a u
kee; G e n . M g r ., S e c . & T r e a s ., A . K . E llis .— V . 108, p . 1391; V . 113, p . 419,
962 , 1055; Y . 116 , p . 2 3 9 0 ; V . 118, p . 1776, 320 0; V . 120, p . 584 ; V . 121, p .
462 .
W ISCONSIN VALLEY ELECTRIC CO.
O R G A N I Z A T I O N . — I n c o r p . A u g . 28 1906 in W isc o n s in , as th e W a u sa u
S treet R R . I n D e c . 1915 n a m e w as c h a n g e d t o p re se n t tit le . I n 1915
p u rch a sed th e M e r r ill R y . & P o w e r C o . a n d the L in d a u e r P u lp & P a p e r
C o . ’s p la n t in M e r r ill. I n N o v . 1916 p u rch a s e d the p r o p e r t y o f th e S tevens
P o in t L ig h tin g C o . a n d S teven s P o in t P o w e r C o . In J u ly 1922 p u rch a se d
th e p r o p e r t y o f th e T o m a h a w k L ig h t . T e le p h o n e & I m p t . C o . . T o m a
h a w k . W is .
I n D e c . 1924 a c q u ir e d th e p la n t an d h o ld in g s o f th e R h in e
la n d e r (W is .) L ig h t & P o w e r C o . V . 119, p . 2 88 1. I n S e p t. 1925 a c q u ir e d
th e W a u p a c a E le c t r ic S e rv ice & R a ilw a y C o . , an d p r e v io u s ly th e in d e p e n d end p la n t a t A n t ig o , W is . V . 121, p . 1349.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
F u rn ish es e le c t r ic lig h t a n d p o w e r in W a u s a u , S teven s P o in t , M e r rill,
T o m a h a w k a n d co n tig u o u s t e r r it o r y , a n d o w n s an d o p e ra te s an in teru rb a n
s tr e e t ra ilw a y o f 9 /4 m iles o f t r a c k b e tw e e n W a u sa u a n d R o th s c h ild ; also
a gas p la n t a t S tev en s P o in t a n d a te le p h o n e u t ility a t T o m a h a w k . G wns
h y d r o -e le c t r ic g en era tin g p la n ts a t W a u s a u , M e r rill, T o m a h a w k and
S tev en s P o in t , a n d a u x ilia ry s te a m g e n e ra tin g pla n ts a t W a u s a u . A new
h y d r o -e le c t r ic s t a t io n o n W isc o n s in R iv e r n o r t h o f t h e c it y o f M e r rill w as
c o m p le t e d in M a r c h 192 5, 9 .4 9 4 m iles tr a c k ; 2 0 p assen ger a n d 2 o th e r cars;
1 s n o w p lo w . Franchises e x te n d t o 1940.
STO C K A N D BO N DS—
Date.
Interest. Outstanding. Maturity.
C o m m o n s t o c k $ 1 ,2 5 0 ,0 0 0 ____ ____
_________
$ 1 ,2 5 0 ,0 0 0 _____________
P r e fe r re d s t o c k $ 1 ,2 0 0 ,0 0 0 ___
____
_________
1 ,1 9 8 ,6 0 0 _____________
1917
5 M -N
9 5 2 ,0 0 0 M a y 1 1942
F irs t & R e f M $ 1 5 ,0 0 0 ,0 0 0
1917
534 M - N
1 ,0 0 0 ,0 0 0 M a y 1 1942
($ 1 0 0 , $50 0 & $ l ,0 0 0 ) c * ___ I n t . a t F ir s t N a t . B k ., M il w ., o r W isc o n s in
V a l. T r . C o ., W a u s a u , T r u s te e .
Bonds.— A d d itio n a l b o n d s m a y b e issu ed fo r 8 0 % o f c o s t o f im p ro v e m e n ts ,
w h en n e t earn in gs a re tw ic e in te re st ch a rge s, in clu d in g b o n d s t o b e issu ed.
1 2 /4 % o f g ross earnings is t o a p p ly t o m a in te n a n ce , a n y p o r t io n so u s e d to
b e a d d e d t o sinking fund, w h ich a m o u n ts to 1 % a n n u a lly o f b o n d s o u t
s ta n d in g . R e d e e m a b le a t 102 a n d in te re s t o n a n y in te re s t d a t e .
E A R N I N G S . — F o r 12 m o n th s e n d e d D e c . 31
Cal. Yrs .—
Gross.
Net.
Deprec. Int.,Tax.,&c. Divs. Bal., Sur
19 2 4 _____ $ 1 ,0 0 2 ,4 7 3
$ 5 9 0 ,4 9 0 $ 1 4 5 ,0 0 0 $21 6 ,2 7 6 $ 2 0 2 ,1 5 2
$ 27 ,062
192 3................ 9 6 5 ,6 2 5
5 2 8 ,9 0 9 125,000
186 .909
2 0 1 ,8 0 0
15.200
1 9 2 2 - ............. 8 7 3 .4 6 5
5 0 8 .2 3 6 1 2 5 .0 0 0
174 .896
2 0 1 ,7 2 6
6,614
O F F I C E R S .— P r e s ., O . O . Y a w k e y ; V . - P . , B . F . W ils o n ; T r e a s ., O . S
G ilb e r t; G e n . M g r . & S e c ., H a ro ld L . G eisse.— V . 104 n . 2013 2553- v
108 , p . 4 8 2 ; V . 109, p . 2 4 4 1 ; V . 118, p . 909 ; V . 119, p . 2 8 8 1 ; V . 112 , p . 1349
WISCONSIN SECURITIES CO.
O R G A N I Z A T I O N .— I n c o r p . in W is e . A u g . 4 1911 a t F irst W is . S ecuri
ties C o . w ith c a p ita l o f $ 1 ,0 0 0 . N a m e c h a n g e d t o W is c o n s in S ecu rities
C o . N o v . 22 1911.
F IE L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S .
— A fin a n c in g , u n d e rw r itin g and h o ld in g c o m p a n y . T h r o u g h o w n ersh ip
o f a b o u t 3 8 % o f p r e f. a n d c o m . s t o c k o f M a r in e S ecurities C o . , o w n s a b o u t
3 8 % o f th e c o m . an d p r e f. s t o c k o f th e B a ltim o re D r y D o c k s & Ship
B u ild in g C o . o f B a ltim o re , M d . O w ns a ll th e s to c k a n d b o n d s o f th e
N orth ea stern P o w e r C o . V . 118, p . 1394. C o n tr o ls W isc o n s in P u b lic
S e rv ice C o r p o r a tio n (see b e lo w ), a c o n s o lid a tio n in O c t . 1922 o f W is
c on sin P u b lic S ervice C o . o f G re e n B a y , and M a n it o w o c . W is .; She
b o y g a n G as L ig h t C o ., S h e b o y g a n , W is .; M a n it o w o c & N o rth e r n T r a c . C o .,
M a n it o w o c an d T w o R iv e r s , W is .; C a lu m e t S e rvice C o . o f C h ilto n and
B r illio n , W is .; O sh kosh G as L ig h t C o . , O sh k osh , W is .; M e n o m in e e and
M a r in e tte L ig h t & T r a c . C o . o f M e n o m in e e , M ic h ., an d M a r in e tte , W is .,
an d P en insu lar S erv ice C o . V . 115, p . 1534. O w n s large in terest in
W isco n s in R y ., L t . & P r. C o . a t L a C r o s s e , W is (see fu r th e r b e lo w ) and
W in o n a , M in n .; ow n s s to ck s an d b o n d s o f v a rio u s c o r p o r a tio n s ; ow ns
w ater p o w e r a t S ey m ou r R a p id s near H ig h F a lls, a n d la rg e t r a c t o f real
esta te In G reen B a y . W is.
H . M . B y lle s b y & C o . acq u ire d in J u ly 1925 t h e W is c o n s in P u b lic S e rv ice
C o r p ., u p t o th en c o n tr o lle d b y W isc o n s in S ecu rities C o .
V . 121, p . 332 .
STO C K A N D BO N DS—
Date.
Interest. Outstanding. Maturity.
S to c k $ 2 ,0 0 0 ,0 0 0 ________ ____________________________ $ 2 ,0 0 0 ,0 0 0
See te x
Notes.— A ll o f th e o u ts ta n d in g 5 -y e a r 6 % c o lla te r a l tru s t n o te s , d u e
M a r c h 1 1929, w ere r e d e e m e d o n S e p t. 18 1925, at 102 a n d in t . V . 121, p .
461 .
Dividends.— I n 1924 p a id 1 2 % .
O F F I C E R S .— P r e s ., C le m e n t C . S m ith ; V .- P s ., H o w a r d G re e n e , G e o .
P . M ille r a n d L u d in g to n P a tto n ; S e c . & T r e a s ., H . C . M a c k a y .— Y . 100,
p . 1924; V . 104, p . 75; V . 107. p . 503; V . 115 , p . 184 , 4 3 8 , 1534; V . 117,
p . 2 0 9 ; V . 118, p . 1394; V . 1 2 1 , p . 46 1 .
W ISCONSIN PUBLIC SERVICE CO R PO RA TIO N .
C o n tr o lle d b y H . M . B y lle s b y & C o . s in ce J u ly 1925. V . 121, p . 20 2 .
O R G A N I Z A T I O N .— I n c o r p . in W isc o n s in in 1922 as a c o n s o lid a tio n o f
W isc o n s in P u b lic S e r v ic e C o . (fo r h is to ry see “ E le c tr ic R a ilw a y ” S u p p . o f
A p ril 29 1 9 2 2 ), O sh k osh G as L ig h t C o . . S h e b o y g a n G as L ig h t C o . , C a lu m e t
S e rv ice C o ., P en in su lar S e rv ice C o ., M a n it o w o c & N o rth e r n T r a c t io n C o .
a n d ce r ta in o th e r c o n n e c t e d p r o p e r tie s . O w ns all th e b o n d s a n d o v e r 9 9 %
o f th e c a p it a l s t o c k o f t h e M e n o m in e e & M a r in e tte L ig h t & T r a c t io n C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
P h y s ic a l p r o p e r t y in c l. 10 e le ctr ic ge n e ra tin g p la n ts, a g g r e g a te in sta lle d n o r
m al c a p a c it y o f 5 1 ,0 3 9 k . v .a .; 40 su b -s ta tio n s w ith tra n s fo rm e r c a p a c it y o f
o v e r 102 ,971 k . v .a .; 307 m iles o f 3 -p h a se h ig h -te n sio n tra n sm ission lines;
also d is trib u tio n lin es. G as p ro p e rtie s in c l. 4 gas m a n u fa c tu r in g p la n ts,
c o m b in e d d a ily c a p a c it y 7 ,1 3 0 .0 0 0 c u . f t . F u rn ishes e le ctr ic lig h t an d pow er
t o O sh k osh , G reen B a y , M a r in e tte , M e n o m in e e ( M i c h .) , C h ilto n , B rillion .
Sells e le c t r ic p o w e r in lo ts o f 40 h .p . or o v e r in M a n it o w o c a n d T w o R iv e rs ,
an d 25 h .p . o r o v e r in K e w a u n e e , A lg o m a an d S tu rgeon B a y . Sells e le ctr ic
p o w e r t o m u n ic ip a l p la n ts at T w o R iv e r s , K e w a u n e e , A lg o m a , S tu rgeon
B a y N e w H o ls te in a n d K a u k a u n a . F u rn ish es gas t o S h e b o y g a n , K o h le r .
S h e b o y g a n F a lls, P ly m o u t h , O sh k o sh , G re e n B a y , D e P e r e , M a r in e tt e an d
M e n o m in e e ( M i c h . ) . O w n s h y d r o -e le c tr ic pla n ts a t H ig h F a lls o n th e P e sh t ig o R iv e r , In g a lls o n M e n o m in e e R iv e r an d D e fe re o n t h e F o x R iv e r ; ste a m
p la n ts a t M a n it o w o c , O sh k osh an d G reen B a y .
F u rn ish es c it y s tre e t rail
w a y s e r v ic e in G reen B a y , M e n ito w o c , M a r in e tte and M e n o m in e e ( M i c h .) .
I n te r u r b a n lin es c o n n e c t in g G re e n B a y w ith K a u k a u n a a n d co n n e c tin g
M a n it o w o c an d T w o R iv e r s .
STOCK A N D BON DS—
Date.
Interest. Outstanding. Maturity.
________
$2 650 "UU - ..........
C o m m o n *3 0 tU.OOU
. . — . ____
P referred 7% <-nm « 6 500.000
7%
3 518 9 *0 S e p t ’ 25.1 H
1st lien & r e f M t g e Ser “ A ” - - f 1922 6 g A -O
6,772,000 O c t . 1 1952
Series “ B " __________________ \ 1925 5 ^ g J - J
9 8 3 ,0 0 0 Jan . 'l 1958
$ 1 5 ,0 0 0 ,0 0 0 ($ 1 0 0 , $50 0 & In te r e s t in N e w Y o r k , C h ic a g o a n d M ilS i , 000 ) g o l d -----------------c * . t f (
w aukee.
Wise P u b Serv Co 1st M & r e f! 1912 5 g J-J
2.438.000 Jan 11942
$15,000,000 g ($l,000)c*.tf |In t. at W isco n sin T r C o , M ilw a u k e e , trust
G reen B a y G & E 1st & r e f M l
1905 5 g M - N
407,000 M a y 1 1935
$750.000 gold $1.0001 . c * / I n t . a t W isc o n s in T r . C o M ilw a u k e e , tru'-t
S h e b o y g a n G a s L ig h t C o ____________
5%
$ 2 5 0 ,0 0 0 J u ly 1 1931
M a n it o w o c & N o r T r a c t io n C o ____
5%
1 4 0 ,0 0 0 J a n . 1 1926
Bonds.— T h e 1st lien & r e f. m tg e . b o n d s , in a d d itio n t o b e in g a fir s t lien
o n p a rt o f th e c o m p a n y ’s p ro p e rtie s, are s e cu re d b y p le d g e o f all th e o u t
s t a n d in g b o n d s and o v e r 9 9 % o f th e c a p ita l s to c k o f th e M e n o m in e e &
M a r in e tt e L ig h t & T r a c . C o ., an d $ 1 ,3 0 8 ,0 0 0 W isco n sin P u b . S e rv ice C o .
1st M t g e . 5s. M a in t e n a n c e , d e p r e c ia tio n a n d im p ro v e m e n t fu n d e q u a l t o
1 2 /4 % o f gross earn in gs a n n u a lly p r o v id e d f o r . P e n n a . a n d C o n n , p e rs o n a l
183
POWER, LIGHT AND RAILW AY
4 m ills ta x a n d M a s s , in c o m e ta x o n th e in te re s t n o t e x c e e d in g 6 % r e fu n d e d .
Series “ A ” 6s are r e d ., all o r p a r t, a n y t im e o n 60 d a y s ’ n o t ic e a t 107 34 a n d
in t. o n o r b e fo r e S e p t. 30 1932; a t 105 a n d in t . O c t . 1 1932 t o an d in c l. S e p t.
30 1942; a n d th e re a fte r a t 105 less K o f 1 % d u r in g e a c h y e a r t o m a t u r it y .
V . 115, p . 1634.
Series “ B ” 5 34s are r e d ., all o r in p a r t , o n 60 d a y s ’ n o t ic e a t th e fo llo w in g
p rice s an d in t.: O n o r b e fo r e D e c . 31 1932 a t 106 34; o n a n d a fte r J a n . 1 1933
to an d in c l. D e c . 31 1942 a t 105 , a n d a t 105 less /4 o f 1 % d u rin g ea ch y ear
th e re a fte r t o a n d in c l. D e c . 31 1951; o n a n d a fte r J a n . 1 1952 t o a n d in cl.
D e c . 31 1952 a t 10034, a n d o n a n d a fte r J a n . 31 1953 a t 100. $ 4 8 3 ,0 0 0
h eld in tre a su ry o f c o . In M a r c h 1925 $ 5 0 0 ,0 0 0 w e re o ffe r e d b y H a ls e y ,
S tu art & C o ., I n c ., F irst W isc o n s in C o . a n d B lo d g e t & C o . a t 97 a n d i n t .,
t o y ie ld 5 . 7 0 % .
V . 120, p . 1330.
W is. P u b lic S e rvice Co. 1st & r e f. 5s are s u b je c t t o ca ll o n a n y in t . d a y a t
105 an d in t. R e m a in in g b o n d s are fo r a c q u is itio n s a n d t o re tire u n d erly in g
b o n d s u n d e r ce rta in r e s tric tio n s . See V . 9 4 , p . 169 7. $ 1 ,3 0 8 ,0 0 0 are p le d g e d
u n d er th e W is . P u b . S e rv. Co'p. 1st lie n & r e f. m tg e . 6s, Series “ A .
Sink,
fund o f 2 % o n b o n d s o u ts ta n d in g b e g a n in 1917.
T h e G re e n B a y G as & E le c , b o n d s are s u b je c t t o c a ll a t 105 a n til 1924;
th e re a fte r at par; $130 000 c a n c e le d .
$ 2 2 s ,0 0 0 are p le d g e d as a d d i'io n a l
se cu rity u n d e r th e W ise . P . S. C o . 1st M . & r e f. b o n d s .
E A R N I N G S .— O f W is c o n s in P u b lic S e r v ic e C o r p . fo r c a le n d a r y e a rs :
12 Months Ended Dec. 31—
192 4.
1923.
G ro ss r e v e n u e s __________________________________________ $ 3 ,6 4 9 ,3 5 1 $ 3 ,2 6 6 ,9 2 7
M is ce lla n e o u s in c o m e ________________________________________4 ,9 9 9
11,0 7 6
T o t a l in c o m e __________________________________________ $ 3 ,6 5 4 ,3 5 1
O p e ra tin g expen ses a n d m a in te n a n c e _________________ 1 ,8 4 2 ,8 5 2
S ta te a n d lo ca l taxes a c c r u e d _________________________
2 7 1 ,6 9 0
F ed era l a n d o th e r t a x e s _______________________________
6 6 ,0 0 0
R e n t a l s __________________________________________________
124 ,5 9 3
In te re s t o n fu n d e d d e b t _______________________________
5 5 8 ,0 3 6
M is ce lla n e o u s d e d u c t io n s ______________________________
5 4 ,5 1 7
D e p r e c ia t io n _____________________________________________
3 2 5 ,8 9 4
P re fe rre d d iv id e n d s _____________________________________
1 4 7 ,0 0 0
$ 3 ,2 7 8 ,0 0 3
1 ,8 4 5 ,7 3 5
2 0 2 ,8 6 4
5 5 ,2 0 0
34,9 8 1
5 1 0 ,1 1 7
2 6 ,1 7 7
2 6 5 ,6 1 7
1 4 7 ,0 0 0
B a la n ce fo r c o m m o n d iv id e n d s , & c ________________ $ 2 6 3 ,7 7 0
$ 1 0 9,31 3
O F F I C E R S .— P r e s ., C le m e n t C . S m ith , M ilw a u k e e ; V . - P s ., C . R .
P h e n icle , G re e n B a y ; J . P . P u llia m , M ilw a u k e e , a n d H o w a r d G reen e, M il
w a u k ee; S e c . & T r e a s ., H . C . M a c k a y ; G e n . M g r ., J . P . P u llia m , M ilw a u
k e e .— V . 115, p . 7 5 . 1322, 1534. 1634; V . 116, p . 517 , 937 ; V . 117, p . 1994;
V . 118, p . 1013; V . 119, p . 2 2 8 9 ; V . 120 , p . 9 6 0 , 133 0, 158 8, 2 68 5; V .
121, p . 2 0 2 , 33 2 .
W ISCONSIN R A IL W A Y , LIG H T & POW ER CO.
O R G A N I Z A T I O N .— I n c o r p . in W isc o n s in in J a n . 1913 a n d h as a c
q u ir e d a n d n o w o w n s in fe e all th e p r o p e r t y fo rm e r ly b e lo n g in g t o th e L a
C ro sse W a te r P o w e r C o . , th e L a C ro s s e C i t y R y . a n d th e W in o n a (M in n .)
R y . & L ig h t C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
D o e s e le ctr ic -lig h t a n d p o w e r b u sin ess in W in o n a , M in n ., a n d O n a la sk a ,
W is ., a n d o p e ra te s stre e t r a ilw a y s in W in o n a an d L a C r o sse . 25 m iles o
tr a c k . O w n s h y d r o -e le ctr ic p la n t a t H a tfie ld , W is ., w ith tran sm ission lines
to L a C ro s s e an d W in o n a , a t w h ic h c itie s it also has rese rv e p la n ts .
STO C K A N D BO N DS—
Date. Interest.
Outstanding.Maturity.
C o m m o n $ 1 ,2 3 0 ,0 0 0 ________ a . _____
- ...........
$ 1 ,2 1 9 ,9 0 0
________
F ir s t & R e f M $ 1 0 ,0 0 0 ,0 0 0 / 1913
5 F -A
2 ,2 2 5 ,0 0 0 F e b 1 1933
($ 1 ,0 0 0 ) g o l d ___________c * t f (F ir s t T r u s t C o . , M ilw a u k e e , T r u s te e .
L a C rosse C it y R y 1st M l 1909
5 g J -J
2 2 0 ,0 0 0 J u ly 1 1929
(clo s e d m tg e ) $ 1 ,0 0 0 )____ c ( l n t . a t W isc o n s in T r . C o ., M il w ., T r u s te e .
Bonds.— T h e m t g e . p r o v id e s th a t $ 2 ,2 2 5 ,0 0 0 m a y b e issu ed a t p a r
fo r c o r p o r a te p u rp o se s o f th e c o m p a n y . B o n d s in a d d itio n t o th e
$ 2 ,2 2 5 ,0 0 0 m a y b e issu ed as fo llo w s
$22 0 ,0 0 0 t o re tire L a C rosse C it y
b o n d s a n d $ 7 5 ,0 0 0 t o retire a lik e a m o u n t o f b o n d s w h ich m a y b e issu ed fo r
ce rta in a d d itio n a l p r o p e r t y ; re m a in in g b o n d s are issu able a t p a r (a) t o
r e d e e m a t p a r a n y u n d e rly in g b o n d s o r a n y m t g e . d e b t e x is tin g a ga in st
a n y p r o p e r t y a cq u ir e d , n o t e x c e e d in g , h o w e v e r , a t p a r , th e re a s o n a b le
v a lu e o f s u ch p r o p e r t y ; a n d (6) fo r n o t e x ce e d in g 7 5 % o f c o s t o f a n y a d d i
tio n a l p r o p e r t y , w ith ce r ta in r e s tric tio n s . B o n d s r e d . o n a n y i n t . d a t e a t
105 a n d in t . Sinking fund, 2 % p e r a n n u m , b e g a n in 191 8. I n t . p a y a b le
a t o f fic e o f tru ste e , or a t o f fic e o f c o m p a n y o r a t its N e w Y o r k a g e n c y .
E A R N I N G S .— F o r ye a rs e n d in g D e c . 3 1 :
Bal., fo r
12 Months—
Gross. Net. after Taxes.
Interest.
Deprec.. &c.
1 9 2 4 — ........................... $ 8 0 1,29 0
$29 6 ,0 1 6
$ 1 4 0 ,4 6 4
$ 1 5 5,55 1
1 92 3................................ 785 ,251
2 7 8 .1 0 0
136,681
141,419
2 5 0 .5 7 3
141 ,8 6 9
1 0 8 .7 0 4
192 2-------------------------- 7 5 5 ,3 1 9
192 1-------------------------- 7 5 1 .5 5 7
2 6 1 .8 7 4
149 .881
111 .993
O F F I C E R S .— P r e s ., C le m e n t O . S m ith ; V . - P . , S e c . & G e n . M g r ., J . P .
P u llia m ; V .- P s ., R . M . H o w a r d , H o w a r d G reen e; T r e a s ., H . O . M a c k a y ;
O p e ra tio n s are d ir e cte d fr o m P r e s id e n t’s o f f i c e in M ilw a u k e e in c o n n e c tio n
w ith o p e r a tio n s o f th e W isc o n s in P u b lic S e rv ice C o r p . a n d o th e r p u b lic
u t ility p r o p e r t ie s .— V . 109, p . 70; V . I l l , p . 1754; V . 112, p . 746 ; V . 116, p.
1052.
MADISON RAILW AY S CO.
O R G A N I Z A T I O N .— S u cce sso r in M a y 1916 t o th e S o u th e rn W isc o n s in
R y ., fo r sta te m e n t o f w h ich see th is S e ctio n fo r M a y 1 9 1 6 . O p e ra tes u n d er
“ in d e te rm in a te p e r m it” fr o m th e S ta te .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w n s 19 m iles o f s ta n d a rd -g a u g e tr a c k , in c l. lin es in M a d is o n , a n d ex ten sion
t o F a ir O a k s, E lm sid e , L a k e P a rk C e m e te r y a n d S o u th M a d is o n .
STOCK A N D BON DS—
Date.
Interest. Outstanding. Maturity.
C o m s to c k $ 6 0 0,00 0 ($ 1 0 0 )__________
________
$ 3 5 0 ,0 0 0 _____________
P r e f st o c k $ 3 5 0 ,0 0 0 ___________________
F -A
1 6 5 ,O O O O ct'2 5 ,H i %
1st m tg e $ 1 ,5 0 0 ,0 0 0 g ($ 5 0 0 / 1916
5 g M -N
9 4 0 ,5 0 0 M a y 1 1936
a n d $ 1 ,0 0 0 ) ____________ c * t f ( i n t . a t W is c o n s in T r . C o . , M il w ., T r u s te e .
C o ll trust serial d e b s ($500 &1 1924
7 g M -S
7 5 ,0 0 0
See tex t.
$ 1 .000) g o l d -----------------c * . t f J ln t . a t C e n t. W is . T r . C o . , M a d is o n , tru stee.
E q u ip m e n t n o t e s _____________________
___________
6 6 ,0 0 0 ____________
Bonds.— A d d itio n a l 1st m t g e . b o n d s m a y b e issu ed fo r e x te n s io n s , a d d i
tion s, & c ., fo r 8 0 % o f c o s t u n d e r c o n s e r v a tiv e r e s tric tio n s . $ 1 5 0 ,0 0 0 are
p led ged as se c u r ity fo r th e c o ll , tru st serial 7 % d e b e n tu re s .
R e d . a t 1 0 2 /4
and in t. on a n y in t . d a te o n 60 d a y s ’ n o t ic e .
A sinking a n d im p ro v e m e n t
fu n d o f 1 34 % per a n n u m o f b o n d s o u ts ta n d in g b e g a n M a y 1 1919 fo r re
d e m p tio n o f b o n d s o r im p r o v e m e n ts , & c.
T h e 7 % c o ll, tru st serial d e b e n tu re s are s e cu re d b y d e p o s it o f $ 1 5 0 ,0 0 0
1st m tg e . 5s. A r e r e d ., a ll o r in p a r t, o n a n y in t. d a t e o n 30 d a y s ’ n o tice
a t a p re m iu m o f 34 o f 1 % fo r e a ch y e a r o r fr a c t io n o f a y e a r b e tw e e n r e d .
d a te an d m a tu r ity . M a t u r e $ 1 0 ,0 0 0 e a ch M a r . 1 a n d S e p t. 1, a n d $ 1 5 ,0 0 0
o n M a r . 1 1929.
Latest Earnings.— 12 m o n th s e n d e d A p r il 1:
1QOK
1q o a
R e c e ip t s __________________
E x p e n s e s a n d ta x e s ______
In te re s t o n b o n d s _______
In te r e s t o n n o t e s _______
$ 4 0 7 ,2 0 1
2 9 5 ,1 3 2
4 5 ,6 2 5
6 ,7 3 7
$ 4 1 7 ,0 1 6
3 0 5 ,7 1 3
4 4 ,7 3 2
7 ,0 7 0
B a la n c e ________________
$ 5 9 ,7 0 7
$ 5 9 ,5 0 1
iqoq
$ 4 1 7 ,6 0 2
2 9 6 ,7 2 3
4 4 ,7 0 2
1 1 ,4 4 0
1Q99
$ 4 1 9 ,4 6 2
3 0 3 ,4 6 3
4 3 ,8 7 5
1 6 ,715
$ 6 4 ,7 3 7
$ 5 5 ,4 0 9
I n F e b . 1924
a b o n u s o f 1 % w as p a id o n th e p r e f. s t o c k . V . 118, p . 431 .
O F F I C E R S .— P r e s ., F . W . M o n t g o m e r y ; V . - P . , D u d le y M o n t g o m e r y ;
T r e a s ., W a rre n M o n t g o m e r y ; S e c ., H u g h M o n t g o m e r y ; S u p t., D . M o n t i
g o m e r y .— V . 117, p . 1017; V . 118, p . 431 , 1268; V . 120 , p . 331 ; V . 121, p .4 5 8 .
Dividends.— P a id r e g u la r ly se m i-a n n . ( F . - A .) s in ce issu e d .
MILWAUKEE NORTHERN R A IL W A Y .
Control.— C o n tr o lle d b y th e M ilw a u k e e E le c t r ic R y . & L ig h t C o .
C om
p are V . 115, p . 436 .
O R G A N I Z A T I O N .— In c o r p o r a t e d in W isc o n s in in 190 5. O perates in
te ru rban sy s te m e n tire ly o n p r iv a te r ig h t -o f-w a y . A ll franchises w ere
s u p ersed ed b y p erp etu a l rig h ts u n d e r in d e te r m in a te p e rm its in 1919 a n d th e
ra te s o f fare are n o w s o le ly w ith in th e ju r is d ic t io n o f th e W isco n sin R . R .
C o m m is s io n . E n te rs S h e b o y g a n o v e r tr a c k s o f W isco n sin P o w e r & L ig h t
C o . u n d er perpetu al c o n t r a c t.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O p erates 65 m iles o f t r a c k , in clu d e s 6 /4 m iles in M ilw a u k e e , b etw een
M ilw a u k e e , C e d a r b u r g an d S h e b o y g a n : u ltim a te p lan s p r v o ld e fo r a
b r a n c h e x te n d in g fr o m C e d a r b u r g t o F o n d d u L a c . T h e lin e b etw een
184
PUBLIC UTILITIES
M ilw a u k e e a n d B r o w n D e e r , a dista n ce o f a p p r o x . 11 m ile s, is d o u b le
tr a c k . O w n s 23 ca rs . G a u g e 4 f t . 843 in . 7 0 -lb . T ra il.
STO C K A N D BO N DS—
Date.
Interest. Outstanding. Maturity.
C o m m o n $ 1 ,6 0 0 ,0 0 0 ($ 2 0 )___________
___________ $ 1 ,6 0 0 ,0 0 0 ___________
P r e f 7 % c u m $ 1 ,4 0 0 ,0 0 0 ( $ 1 0 0 ) ____
___________
6 0 0 ,0 0 0
See t e x t
1st m t g e $ 4 ,0 0 0 ,0 0 0 g o l d / 1911
5 A -O
1 ,7 3 7 ,0 0 0 A p r 1 1 9 3 1
($500 a n d $ 1 ,0 0 0 )---------c t f \ ln t . a t F ir s t S a v . & T r . C o . , M il w ., T r u s te e .
Bonds.— R e m a in in g b o n d s m a y b e issu e d o n ly w h e n n e t earn in gs are
tw ic e i n t . ch a rges, in c l. b o n d s t o b e issu ed , at n o t e x c e e d in g 7 5 % o f c o s t
o f ex te n s io n s , a d d itio n s , & c. S u b je c t t o ca ll a t 105 a n d in t . V . 9 2 , p . 725 .
Dividends.— O n 7 % p r e f. p a id re g u la rly fr o m J u ly 1 1924 t o a n d in c l.
J a n . 1 1925.
E A R N I N G S .— F o r c a le n d a r yea rs:
Year—
Gross. Exp. & Tax. Net.
Interest.
Dies.
Survlus
19 2 4 -------------------$ 6 3 5,48 9 $ 4 4 9,97 1 $18 5 ,5 1 8
$ 8 9 ,4 3 9 $ 5 1 ,5 9 7 $ 4 4 ,4 8 2
19 2 3 ------------------ 6 1 4 ,7 3 8
4 2 3 .4 4 0 1 9 1 ,2 9 8
9 0 ,1 1 2
6 0 ,0 0 0
4 1 ,1 8 6
19 2 2 ...................... 5 9 9 ,2 2 6
3 8 6 ,9 9 8 2 1 2 ,2 2 8
9 3 ,6 1 9
6 0 ,0 0 0
5 8 ,6 0 9
O F F I C E R S .— P r e s ,, J o h n I . B e g g s ; V .- P s ., R . H . P in k le y an d S. B .
W a y ; S ec. & T r e a s ., F . J . B o e h m .— V. 115, p . 1532; V . 119, 198 455.
NORTHERN STATES POWER C o .
OF DEL.)
Controlled b y S ta n d a rd G a s & E le c t r ic C o .
O R G A N I Z A T I O N . — In c o r p o r a t e d in D e la w a re o n D e c . 23 1909 (V 90;,.
P- 1299; V . 9 1 , p . 4 6 7 , 5 9 2 ). A h o ld in g c o m p a n y o r g a n iz e d b y H . M
B y lle s b y & C o . , C h ic a g o . See fu ll sta te m e n t t o N e w Y o r k S to c k E x c h . in
D e c . 1916, V . 104, p . 265 .
O w n s th e e n tire c a p ita l s t o c k , e x c e p t d ir e c t o r s ’ q u a lify in g sh ares, o f
N o r t h e r n S tates P o w e r C o . o f M in n e s o ta , w h ich see b e lo w . A ls o c o n tr o ls
N o r t h e r n S tates P o w e r C o . o f W isc o n s in (fo r m e r ly W is c o n s in -M in n e s o ta
L ig h t & P o w e r C o . ) . See sta te m e n t o f th a t c o m p a n y f u r t h e r b e lo w .
T h e shareh olders o n J u ly 10 1924 a u th . a new cla ss o f s t o c k t o b e k n o w n
as cla ss “ B ” c o m . s tk , shares o f w h ic h w ill b e w ith o u t p a r v a lu e a n d u p o n
w h ic h n o d iv s . c a n b e p a id u n til a fte r th e p r e f. s t o c k d iv s . are p a id in fu ll.
O f t h e 1 0 ,0 0 0 ,0 0 0 sh s. o f C lass “ B ” s t o c k a u t h ., t h e c o . issu ed 5 0 0 ,0 0 0
s h s ., w h ic h w ere p u r c h a s e d b y th e in terests re sp o n sib le fo r t h e o rg a n iz a tio n ,
a n d d e v e lo p m e n t o f th e c o m p a n y d u r in g th e p a st 14 y e a r s . T h e re m a in in g
a m o u n t is t o b e h e ld fo r fu t u r e re q u ire m e n ts .
T h e C la ss “ B ” c o m . s t o c k w ill r a n k a fte r th e p r e f. s t o c k a n d th e p resen t
c o m . s t o c k as t o assets. I t w ill share in d iv s . w ith th e p re se n t c o m . s t o c k ,
a fte rrn l 1 7% d iv s . are p a id o n th e p r e f. s t o c k , in th e r a t io o f 1 0 c. o n e a ch
share o f C la ss “ B ” c o m . s t o c k fo r e a c h $1 p er share p a id o n th e p re se n t c o m .
s t o c k . Y . 118, p . 308 7: V . 119, p . 205 .
STOCK A N D BO N DS—
Date.
Interest. Outstanding. Maturity.
C o m $ 5 0 ,0 0 0 ,0 0 0 ($100) C l “ A ” ____
Q -F
$ 1 4 ,3 5 2 ,0 0 0 N o v ’2 5 ,2 %
C o m m o n cla ss “ B ” 1 0 ,0 0 0 ,0 0 0
shares (n o p a r ) _______________ ______
___________
5 0 0 ,0 0 0 ____________
P f 7 % c u m $ 5 0 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) ____
7 y - J 20
4 7 ,5 6 4 ,3 0 0 O c f 2 5 , 1 %
1 M % Q .-J . ( V . 102, p . 1 5 4 3 ). A n in itia l 1 A % w a s p a id o n c o m m o n s to c k
J u ly 2 0 1916; O c t . 2 0 , 1 A % ; J a n . 1917 t o J a n . 1918, 1 % % q u a r .; th e n n o n e
u n til F e b . 192 2, w h en 4 % w as p a id ( V . 113, p . 2 6 2 3 ); M a y 1 1922 t o M a y
1925 p aid 2 % q u a r .
F o r a n n u a l r e p o r t 192 4, see V . 120, p . 2267.
O F F I C E R S .— P r e s ., J o h n J . O ’B rie n ; 1st V .- P . , R o b t . J . G r a f; S ec. &
A s s t. T r e a s ., M . A . M o r r is o n ; T r e a s ., J . J. M o ly n e a u x .— V . 120, p .
2 26 7; V . 121, p . 45 9 , 84 0 .
(1)
NORTHERN STATES POWER CO. (OF MINNESOTA).
O R G A N I Z A T I O N .— T h is o p e r a tin g c o m p a n y (u n til M a r c h 1916 k n ow n
as C o n s u m e rs ’ P o w e r C o .) w as in c o r p . in M in n e s o ta in J u n e 1909. V . 102,
p . 9 8 0 . I t ow n s all th e p r o p e r tie s fo r m e r ly co m p r is in g C o n s u m e rs ’ P o w e r
C o . s y s te m , d ir e c t ly o r tn r o u g h o w n e rsh ip o f all se cu ritie s e x c e p t $ 7 ,1 0 0 ,0 0 0
fir s t (closed ) m o r tg a g e b o n d s o f T h e M in n e a p o lis G e n e ra l E le c t r ic C o . , and
e x c e p t d ir e c t o r s ’ q u a lify in g s h a re s . In 1920 a cq u ire d c o n t r o l o f O ttu m w a
R y . & L ig h t C o . In O c t . 1923 p u r c h a s e d fr o m th e P ills b u r y F lo u r M ills
C o . th e p r o p e r te s a n d p o w e r rig h ts a t S t. A n th o n y F a lls o n th e M ississip p i
R iv e r a t M in n e a p o lis . See V . 117 , p . 189 6. In A u g . 1924 p u r c h a s e d th e
S t. C lo u d P u b lic S e rv ice C o . a n d s u b . c o s . V . 119, p . 7 0 3 . I n 1925 so ld
its O ttu m w a p ro p e r tie s .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
S u p plies e le ctr ic lig h t a n d p o w e r t o 590 c o m m u n itie s in M in n ., N o . D a k ..
S o . D a k ., W is ., 111. a n d Io w a ; 20 co m m u n itie s w ith ga s, 9 w ith ste a m h e a t
in g , 8 w ith s tr e e t r a ilw a y s a n d 1 w ith te le p h o n e s e r v ic e . T h e co m m u n itie s
s e r v e d in c lu d e M in n e a p o lis , S t. P a u l, S tillw ater, S t. C lo u d , F a rib a u lt,
M a n k a to , H u tch in s o n , P ip e s to n e a n d M o n t e v id e o , M in n .; G ra n d F o r k s ,
F a rg o a n d M in o t , N o . D a k .; S io u x F a lls, S o. D a k ., a n d th e zin c m in in g
d is tric t in a n d a rou n d G a le n a , 111., a n d P la tte v ille , W is . P o p u la tio n se rve d
(e s t .), 1 ,4 0 4 ,0 0 0 . I n D e c . 1924 t h e sy s te m h ad in sta lle d h y d r o -e le ctr ic
p la n ts o f a gen era tin g c a p a c it y o f 1 4 3 ,1 8 8 h . p ., an d t h e ste a m ge n e ra tin g
p la n ts o f 2 7 2 ,0 2 7 h . p . A ls o o w n s o r c o n tr o ls u n d e v e lo p e d w ater p o w e rs.
N e w d e v e lo p m e n t pla n s, V . 116 , p . 84: V . 118, p . 1021.
STOCK A N D BO N DS—
Date.
Interest.
Outstanding. Maturity.
C a p ita l s t o c k ----------------------------- A ll o w n e d b y N o r . S tates P o w . C o . o f D e l.
F irst & r e f m tg e $ 1 0 0 ,0 0 0 ,0 0 0 1 1916
5 & 6 g A -0 $ 3 4 ,0 5 3 ,0 0 0 A p r . 1 1941
($500 & e.) g o l d ______ c * & r /G u a r a n t y T r u s t C o . , N e w Y o r k , tru s te e .
F irst lien & g e n . m t g e . S e rie s! 1923
6 g M -N
1 4 ,4 1 5 ,0 0 0 N o v . 1 1948
“ A ” ($500 & c) g - . c * & r . t f /I n t e r e s t p a y a b le in N e w Y o r k a n d C h ic a g o .
C o n v e r tib le n o te s ($100 & c.)\ 1923
6 A g M -N 9 ,1 8 8 ,9 0 0 N o v . 1 1933
g o ld ____________________c * . t f / G u a r a n ty T r u s t C o . , N e w Y o r k , tr u s te e .
N o te s g o ld ($100 & c.) f r e e ) 1924
6 M g M -N 4 .8 5 0 ,2 0 0 N o v . 1 1933
fr o m P en n S tate t a x - - C * .t f /G u a r a n t y T r u s t C o . , N e w Y o r k , tr u s te e .
M in n e a p o lis G en E le c 1st M l 1904
5 g J -D
6 ,9 6 4 ,0 0 0 D e c . 1 1934
($ 1 ,0 0 0 ) g o ld __________c * . t f / I n t . a t O ld C o lo n y T r u s t C o . , B o s t o n , tru s.
Bonds, &c .— F irst & r e f. m t g e . ( V . 102, p . 1630) is lim ite d t o $ 1 0 0 ,0 0 0 ,0 0 0
o o n d s , o f w h ich in D e c . 1924 $ 3 4 ,0 5 3 ,0 0 0 (o f w h ich $ 7 ,4 9 2 ,5 0 0 a r e 6s)
ou ts ta n d in g ; red ee m e d a n d c a n c e le d , $ 7 ,0 0 0 5s and $ 7 ,5 0 0 6s; th e re m a in d e r
m a y b e issu ed (a) f o r n o t o v e r 7 5 % o f th e c o s t o f p e rm a n e n t exte n sio n s and
a d d itio n s , w h en n e t e a rn in gs a re tw ic e th e annual b o n d in te re st ch a rg e ,
in c lu d in g b o n d s a p p lie d fo r ; o r (6) t o r e tire an e qu a l a m o u n t o f M in n . G e n .
E le c . C o . b o n d s . A r e ca lla b le a t 105 u n til 1936 and th e r e a fte r a t 1 0 2 A .
In te r e s t p a y a b le in N e w Y o r k a n d C h ic a g o . See V . 104, p . 264; V . 105, p.
76; V . 106, p . 113 1. 256 4; V . 102 , p . 1441; Y . 108, p . 585; V . 109 , p . 1371;
V . 112, p . 152 3.
T h e fir s t lie n a n d g e n . m t g e . 6 % g o ld b o n d s . Series A , a re r e d e e m a lb e on
a n y i n t . d a te u n til a n d in c l. N o v . 1 1938 a t 105 an d I n t., th e p r e m iu m d e
crea sin g A % ea ch c a le n d a r y e a r th e r e a fte r , th e b o n d s b e in g r e d . in 1947 and
o n M a y 1 1948 a t 100 A a n d in t . F r e e fr o m P e n n . S ta te t a x . V . 117, p .
2550.
T h e c o n v e r t ib le 6 A % g o ld n o te s o f 1923 a re r e d e e m a b le , all o r p a r t , o n o r
b e fo r e N o v . 1 1924 a t 105 a n d in t ., a n d th e r e a fte r a t 105 a n d i n t ., less A o f
1 % f o r e a ch y e a r o r fr a c t io n th e r e o f e la p se d s u b je c t t o N o v . 1 192 4. C o n
v e r t ib le a t a n y tim e a fte r J a n . 1 1924. a n d on o r b e fo r e J a n . 1 1929. in to
c o m . s t o c k o f N o r t h e r n S tates P o w e r C o . (D e la w a re ) as c o n s titu te d a t tim e
o f c o n v e r s io n , o n th e b asis o f $10 0 in n o te s p lu s $3 50 in ca sh f o r o n e sh are
o f s t o c k o f $100 p a r v a lu e , w ith a d ju s tm e n t o f in te re s t an d d iv id e n d s .
P r o c e e d s w ere u s e d t o re d e e m th e e n tire issu e fo $ 7 ,8 0 5 ,0 0 0 1 0 -y e a r n o te s ,
d u e A p r il 1 192 6, a n d t o re im b u rs e t h e c o m p a n y in p a r t f o r ex p e n d itu re s
in c u r re d f o r a d d itio n s , exten sion s a n d b e tte r m e n ts . In te re s t p a y a b le in
N e w Y o r k a n d C h ic a g o . F r e e f r o m P e n n . S tate ta x . V . 117, p . 2 3 3 1 .
T h e 643 % g o ld n o te s o f 1924 a re re d e e m a b le , a ll o r p a r t , on N o v . 1 1924
a t 105 a n d in te re s t, a n d a t 105 a n d in te re s t less A o f 1 % f o r e a ch y e a r o r
fr a c t io n t h e r e o f e la p se d th e r e a fte r . In te r e s t p a y a b le in N e w Y o r k an d
C h ic a g o . F r e e fr o m P e n n . S ta te t a x . V . 118, p . 2 44 8.
M in n e a p o lis G e n . E le c . 1st 5s a r e r e d e e m a b le a t 110. V . 9 5 , p . 180.
R E P O R T . — F o r 1924, in V . 120, p . 201 2, sh o w e d :
Cal.
Year.
Gross
Net after
Bond, &C.
Pref.Div. Com.Div. Balance,
Earnings.
Taxes.
Int. (Net).
(7 % ).
Surplus.
1924 .$ 2 0 ,2 2 7 ,2 1 1 $ 9 ,4 1 7 ,3 1 6 $ 4 ,2 4 3 ,5 2 4 $ 2 ,8 9 9 ,2 4 2 $ 6 1 4 ,3 0 7 $ 1 ,6 6 0 ,0 4 3
1923 .
15,489,791 6 ,5 8 0 ,9 9 2 2 ,3 4 5 ,2 9 3
2 ,1 6 1 ,7 7 5 4 9 3 ,6 0 0 1 .580,324
1922 .
1 3 ,8 8 1 ,9 1 9 5 ,7 8 1 ,0 9 2 2 ,3 1 1 ,4 3 2
1 ,8 4 1 ,5 3 4 4 9 3 ,6 0 0 1 ,1 3 4 ,5 2 6
1921 - 1 2 ,9 6 3 ,2 2 2 5 ,2 0 7 ,5 4 4 2 ,2 9 5 ,6 8 2
1 ,6 0 1 ,1 6 5 2 4 6 ,8 0 0 1 ,0 6 3 ,8 9 7
1920
1 1 .7 9 8 ,7 7 9 4 ,4 6 6 ,9 3 8 2 .1 4 8 ,5 7 0
1 ,3 4 1 ,3 7 4
9 77 ,094
O F F I C E R S .— P r e s ., J o h n J . O ’ B rie n ; 1st V .- P . , R . J . G ra f, C h ic a g o ;
V .- P .-G e n . M g r ., R . F . P a c k . M in n e a p o lis ; V .- P . (in ch a rg e o f o p e r a t io n s !,
H . H . J on es , M in n e a p o lis ; T r e a s ., J . J . M o ly n e a u x , M in n e a p o lis ; S e c .,
M . A . M o r r is o n . N e w Y o r k o ffic e , T r in ity B ld g .; C h ic a g o o ffic e , 231
S ou th L a Salle S t.— V . 119, p . 820 ; V . 120, p . 1328, 1748, 2 01 2.
[V ol. 121.
NORTHERN STATES POW ER CO. OF W ISCONSIN .
I n J u ly 1923 c o n tr o l o f t h e c o m p a n y , fo r m e r ly h e ld b y t h e A m e r ic a n
P u b lic U tilitie s C o ., w as a c q u ir e d b y H . M . B y lle s b y & C o . V . 117, p . 3 2 7 .
O R G A N I Z A T I O N .— I n c o r p . in W isc o n s in D e c . 2 1901 as th e L a C r o s s e
G as & E le c . C o . (su ccessor t o th e L a C ro sse G a s L ig h t C o ., th e L a C rosse
B ru sh E l. L t . & P o w e r C o . a n d th e E d is o n L t . & P o w e r C o . ) . O n J u n e 24
1914 c h a n g e d n a m e t o W is c o n s in M in n e s o ta L ig h t & P o w e r C o . , b u t in
1923 n a m e w as a gain c h a n g e d t o p re se n t t itle .
In 1914 m e rg ed t h e C h ip
p e w a V a lle y R y ., L t . & P o w e r C o . (in c o r p . in W isc o n s in in 189 8) a n d t h e
C h ip p e w a V a lle y C o n s tr u c tio n C o .
In 1914 a c q u ir e d th e p r o p e r t y o f t h e
W in o n a G as L ig h t & C o k e C o . , R e d W in g G as L ig h t & P o w e r C o . , M in n e
s o ta -W is c o n s in P o w e r C o ., E a u C la ire G as L ig h t C o . a n d N e illsv ille E le c t r ic
C o . V . 99, p . 1758. I n J u ly 1917 p u r c h a s e d th e p r o p e r ty o f th e B lo o m e r
(W is .) E le c tr ic L ig h t & P o w e r C o . V . 105, p . 296 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w n s a n d o p e ra te s e le c t r ic lig h t a n d p o w e r , stre e t a n d in te ru rb a n r a ilw a y ,
g a s, d o m e s tic w a te r, a n d h o t w a te r h e a tin g p r o p e r tie s in E a u C la ir e , L a
C ro s s e , C h ip p e w a , M e n o m in e e , S p a rta . T o m a h and V ir o q u a , W i s ., a n d
W in o n a , W a b a s h a , L a k e C i t y , T w in C itie s a n d R e d W in g , M in n . O w n s
a n d o p e ra te s 24 m iles o f e le ctr ic r a ilw a y , i n c l. in te ru rb a n lin e o n p r iv a t e
r ig h t -o f-w a y b e tw e e n E a u C la ire a n d C h ip p e w a F a lls an d lo c a l lin es in th o s e
citie s . P re se n t ra te d c a p a c it y o f c o . ’s h y d r o -e le c t r ic a n d s tea m p la n ts
a p p ro x im a te s 7 8 ,0 0 0 h . p . U ltim a te d e v e lo p m e n t , 150 ,0 0 0 h . p .
O w ns
o v e r 819 m iles o f h ig h -te n s io n tra n sm issio n lin e s . A ls o o w n s a n d op e r a te s
gas p ro p e rtie s in L a C r o s s e . O p e ra te s u n d e r an in d e te rm in a te p e r m it
g ra n te d b y th e W isc o n s in R R . C o m m , a n d is p r o t e c te d a ga in st c o m p e t it io n
b y a n y o th e r p u b lic u t ilit y d o in g a sim ila r b u sin e ss.
H as c o n t r a c t w ith N o rth e r n S tates P o w e r C o . t o s u p p ly it w ith e le ctr ic
en ergy fo r 30 years w h ich began in 1917.
In Ju n e 1922 leased th e p r o p e r t y
o f th e C h ip p e w a P o w e r C o . fo r a p e r io d o f 30 yea rs. F o r term s o f lease
see u n d e r c a p tio n “ C h ip p e w a P o w e r C o . ’ ’ in V . 114, p . 2721.
STOCK A N D BO N DS—
Date.
Interest. Outstanding. Maturity.
___________ $ 2 ,5 0 0 ,0 0 0 ______________
C o m m o n , $ 5 ,0 0 0 ,0 0 0 ________________
P r e f, $ 5 ,0 0 0 ,0 0 0 (7 % c u m ) _________
Q -M 1
4 ,5 2 8 ,6 0 0 S ep t. ’2 5 ,1M
1st & r e f M , $ 2 0 ,0 0 0 ,0 0 0 g o l d / 1914 5-8 g M - N
1 0 ,5 4 9 ,0 0 0 M a y 1 1944
($ 5 0 0 & $ 1 ,00 0 ) c * ) $ l , 000 ) r * j In te re s t p a y a b le in N e w Y o r k o r C h ica g o .
R e d a fte r M a y 1 1919 a t f H arris T r u s t & S a v . B a n k , C h ic a g o , tru stee;
ctnu
________ i
t v . jnarris vju., u usuee.
v
G en & r e f m tg e Series “ A ” ] 1922 5-7 g J -J
3 ,0 9 6 ,0 0 0 J a n . 1 1947
Series B _____________________ ) _____
__________
450,000 ____ - _____
($100, $500 & $ 1,000)-C *tf J In te re st in N e w Y o r k o r C h ic a g o .
R e d W in g G a s L ig h t & P o w C o ____
__________
250,000 ___________
Stock.— P r e f. s t o c k is p r e f. as t o assets a n d d iv id e n d s . A d d it io n a l p r e f.
s to c k m a y b e issu ed o n ly u n d e r c o n s e r v a tiv e re s tric tio n s . T h e p r e f. s t o c k
m a y e le ct a m a jo r it y o f th e d ir e cto r s w h e n e v e r fo u r c o n s e c u t iv e q u a rte r ly
d iv id e n d s rem ain u n p a id o r th e p r o p e r t y is sh o w n t o b e in e ffic ie n t ly m an
a g e d o r d e p le te d . See V . 9 9 , p . 54; V . 106, p . 1797.
Bonds.— O f th e 1st & r e f. b o n d s o f 1914, $ 1 ,1 1 1 ,0 0 0 c a r r y , in a d d it io n t o
th e re gu la r 5 % in te re s t, a d d itio n a l 3 % in te re s t c o u p o n s . V . 113 , p . 188 9.
E s c r o w b o n d s ca n b e issu ed t o r e tire p r io r lien s a n d fo r 7 5 % o f c o s t o f
e x te n sio n s a n d a d d itio n s (p r o v id e d $ 2 5 0 ,0 0 0 is e x p e n d e d f o r ex te n s io n s ,
& c .. w ith o u t th e issu e o f b o n d s ) , b u t o n ly as re g a rd s th e f ir s t $ 2 ,7 5 0 ,0 0 0
b o n d s, in c a s e th e a n n u al n e t e a rn in gs are 1 A tim e s th e t o t a l in t . ch a rg e ,
Incl. b o n d s a p p lie d fo r ; b a la n c e m a y b e issu e d w h e n n e t is 1 % tim e s in t.
/i
c h a rg e . V . 9 8 , p . 1995. Sinking fund p a y a b le o n th e b a s is o f t h e fo llo w in g
pe rce n ta ge s o f th e b o n d s o u ts ta n d in g , in c lu d in g u n d e rly in g b o n d s : 1 %
ye a rly t o 192 8, 1 4 3 % 1929 t o 1938, a n d 2 % 1939 t o 1943, e ith e r t o r e tir e
b o n d s o r fo r e x te n sio n s a n d a d d itio n s .
A d d itio n a l g e n . & r e f. m tg e . s e r . “ A ” b o n d s a n d b o n d s o f o t h e r series
and b e a rin g s u ch ra te s o f in t . as m a y b e d e te r m in e d b y th e b o a r d o f d ir e c t o r s
are issu a b le u n d e r c e r ta in r e s t r ic t io n s . Sinking fund, p r o v id e s f o r p a y m e n t s
a m o u n tin g t o A o f 1 % o f s e r . “ A ” b o n d s o u ts ta n d in g , fr o m J a n . 1 1927 t o
Jan. 1 1937; % o f 1 % fr o m J a n . 1 1937 t o Ja n . 1 1942, a n d 1 % e a c h y e a r
.
th e re a fte r t o m a t u r it y . A r e r e d . all o r p a r t o n 3 0 d a y s ’ n o t ic e on a n y in t .
d a te o n a n d a ft e r J a n . 1 1932, a t 110 d u r in g t h a t y e a r a n d a t 1 % le s s p e r
c a l. y e a r d u rin g e a ch y e a r t o a n d in c l. 1937, a n d a t 10443 o n J a n . 1 1938,
an d 43 % less p e r c a l. y e a r d u r in g e a c h y e a r th e r e a fte r , a n d o n J u l y l 1 9 4 6 ,
at 100, p lu s in t. in e a c h c a s e . T a x r e fu n d in P e n n a ., M a s s , a n d C o n n .
V . 114, p . 4 1 2 .
Dividends.— In itia l d iv . o n p r e f. s t o c k o f 14i % p a id S e p t. 1 191 4; sam e
rate q u a r. sin ce t o a n d in c l. S e p t . 1925.
E A R N I N G S .— F o r c a l. y e a rs
192 3.
1922.
1 92 1.
1 92 0.
G r o s s ______________ $ 3 ,3 6 2 ,0 1 8
$ 2 ,9 3 1 ,4 0 1
$ 2 ,8 7 8 ,7 0 1
$ 2 ,4 7 8 ,9 9 0
N e t ------------------------- 1 .4 9 6 ,0 3 5
1 ,4 0 8 ,1 3 8
1 ,2 6 3 ,9 7 7
8 5 0 ,2 4 6
E a rn in g s n o lo n g e r s e p a ra te ly r e p o r te d .
O F F I C E R S .— P r e s ., J . J . O ’ B r ie n ; V . - P s ., R . F . P a c k a n d H a lfo r d
E r ic k s o n .— V . 118 , p . 1 52 2, 1 77 6.
MINNESOTA POW ER & L IG H T CO.
C o n tr o lle d b y A m e r ic a n P o w e r & L ig h t C o .
O p e ra tio n s su p e rv ise d b y E le c t r ic B o n d & Sh a re C o .
O R G A N I Z A T I O N .— I n c o r p . in 190 6. F o r m e r ly k n o w n as t h e D u lu th
E d is o n E le c . C o . b u t n a m e w as c h a n g e d t o p re s e n t tit le in 192 3. I n
1923 th e c o . a c q u ir e d th e p r o p e r t y o f th e M in n e s o ta U tilitie s C o . ( V . 116 ,
p . 4 1 9 ), G en eral L ig h t & P o w e r C o . a n d ce rta in o th e r p r o p e r tie s .
O w ns
th e en tire ca p ita l s t o c k , e x c e p t d ir e c t o r s ’ sh ares, o f G re a t N o rth e r n P o w e r
C o . ( V . 114, p . 311 ) a n d o p e ra te s th e p r o p e r tie s o f t h a t c o . u n d er lea se.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
D o e s , d ir e c t ly or in d ire c tly , th e en tire c o m m e r c ia l e le ctr ic p o w e r a n d lig h t
business in n o rth e rn M in n e s o ta , s e rv in g 94 c o m m u n itie s , in c lu d in g D u lu th ,
C h is h o lm , E v e le th , E ly , C lo q u e t , B r a in e r d , L it t le F a lls a n d S u p erior, W is .
T h e t e r rito r y se rve d co m p ris e s a p o p u la t io n e s tim a te d a t 3 2 0 ,0 0 0 , a n d in
clu d e s th e M e s a b a , V e r m ilio n a n d C u y u n a iro n ran ges. P r o p e r t y n o w
o w n e d o r o p e r a te d u n d e r lease b y th e c o . in clu d e s e le ctr ic ge n era tin g p la n ts
h a v in g a t o t a l c a p a c it y o f 109 ,315 k . w ., o f w h ich a b o u t 8 7 % is h y d r o -e le c
tr ic ; 1,081 m iles o f h ig h -v o lta g e tra n sm issio n lin es a n d 743 m iles o f e le ctric
d is trib u tin g s y s te m .
STOCK A N D BO N DS—
Date.
Interest. Outstanding. Maturity.
C o m m o n $ 2 0 ,0 0 0 ,0 0 0 ($ 1 0 )___ ______
__________x$2O,OOO,O0O _____________
P re f 7 % c u m $ l 1 , 2 4 8 ,0 0 0 ( $ 1 0 0 ) ____
7 Q -J
6 ,2 1 0 ,4 0 0 O c t '2 5 1 % %
P re f 6 % c u m $ 2 5 2 ,0 0 0 ( $ 1 0 0 ) ____
___________
2 5 0 ,0 0 0 O c t ’25 1 4 l %
2d p f 7 % c u m $ 8 ,5 0 0 ,0 0 0 ($ 1 0 0 ) ____
___________ x 6 ,500 ,0 0 0 O c t ’25 1 M %
1st & r e f M 6 % ser d u e 1 9 5 0 /
($500 & $ 1 ,0 0 0 c * & $1,000,1 1923
6 g M -N
1 2 ,3 0 0 ,0 0 0 N o v 1 1 9 5 0
$500 < m u lt r * ) g o l d ____ t f [I r v .B k .-C o l.T r .C o ,N Y . & G e o E W a r r e n .T .
&
1st & r e f m tg e g o ld 5 % Series f 1925
5 g J -D
3 ,5 0 0 ,0 0 0 Ju n e 1 1955
($ 1 ,0 0 0 , $500 c * , $ 5 ,0 0 0 & {I r v in g B a n k -C o lu m b ia T r u s t C o ., N e w Y o r k ,
$ 1 ,0 0 0 r * ) ------------------------- t f ! a n d G e o rg e E . W a rre n , T ru stees.
7%
x 3 ,4 0 0 ,0 0 0
1933
N o te s ____ _______ ______________________
x A ll th e n o te s , 2 d . p r e f. a n d c o m . s t o c k s , e x c e p t d ir e cto r s ’ sh ares, are
o w n e d b y A m e r ic a n P o w e r & L ig h t C o .
Stock.— 7 % p r e f. is r e d . a t 110 & d iv s . I n O c t . 1924 $ 2 ,2 0 0 ,0 0 0 7 %
p r e f. w as sold b y T u c k e r , A n t h o n y & C o . a n d B o n b rig h t & C o . , I n c ., a t
98 & d i v ., t o y ie ld 7 . 1 4 % .
V . 119, p . 196 4.
Bonds.— A d d ’l 1st & r e f. m t g e . b o n d s o f t h e a b o v e series, o r o f o th e r series,
w h ic h shall h a v e su ch ra te s o f in te re s t as c o . m a y d e te rm in e , m a y b e issu ed
fo r th e p u rp o s e o f re fu n d in g an e q u a l a m o u n t o f p r io r lien b o n d s o r b o n d s
o f a n y series issu ed u n d e r th e m o r tg a g e , o r fo r n o t m o r e th a n 7 5 % o f th e
c o s t o f new a d d itio n s , & c.
I n th e e v e n t o f th e a c q u is itio n o f p r o p e r t y o f G re a t N o rth e r n P o w e r C o .
th ere sh all b e issu able: (a) a ga in st th e p r o p e r t y in M in n e s o ta , as it existed
o n N o v . 22 1923, a to t a l o f n o t e x ce e d in g $ 1 1 ,1 2 0 ,0 0 0 b o n d s less th e p rin c ip a l
a m o u n t o f all o b lig a tio n s th e n o u ts ta n d in g se cu re d b y lien o n th e p r o p e r t y
a c q u ir e d ($ 7 ,7 5 1 ,0 0 0 1st— c lo s e d — M t g e . 5 % b o n d s , d u e F e b . 1 1935, n o w
o u ts ta n d in g w ith th e p u b lic ); (6) a d d ’l b o n d s fo r n o t m o r e th a n 7 5 % o f th e
c o s t o r fair v a lu e , w h ic h e v e r is less, o f p r o p e r t y a d d itio n s as d e fin e d in th e
m o r tg a g e , t o th e G re a t N o r t h e r n P o w e r C o . ’s p r o p e r t y m a d e s u b seq u en t
t o N o v . 22 1923.
N o b o n d s in a d d itio n t o th o s e o f th e a b o v e 5 % an d 6 % series m a y
b e issu e d , e x c e p t fo r re fu n d in g p u r p o s e s , un less ann u al n e t earn in gs shall
h a v e b e e n a t le a st e qu a l t o eith er (1) t w ic e t h e a ctu al a n n u al in terest
req u ire m e n ts o n , o r (2) 1 2 % o f th e p rin c ip a l a m o u n t o f a n y u n d e rly in g
o r p rio r lien b o n d s w h ich m a y b e o u ts ta n d in g a n d all b o n d s issu ed a n d o u t
sta n d in g u n d e r th e m o r tg a g e , in clu d in g th o s e p r o p o s e d t o b e issu ed . N o t
m o r e th an 1 5 % o f su ch n e t earnings shall c o n s ist in th e a g g reg a te o f n e t
Oct., 1925.]
POWER, LIGHT AND RAILW AY
n o n -o p e r a tin g in c o m e a n d (o r) n e t in c o m e d e riv e d fr o m leased p r o p e r tie s
a n d (or) p r o p e r tie s n o t d ir e ctly s u b je c t t o th e lien o f th e m o r tg a g e .
6 % ser. d u e 1950 are r e d . o n a n y in t . d a te o n 60 d a y s ’ n o t ic e a t 106 an d
In t. t o a n d in c l. M a y 1 1927, th e re a fte r a t a p r e m iu m de cre a sin g M % p e r
a n n u m , th e b o n d s b e in g r e d . a t 1 0 0 fi a n d in t. o n a n d a fte r N o v . 1 1949.
C o . agrees t o r e fu n d P e n n a . 4-m ills ta x . $ 8 ,3 0 0 ,0 0 0 w ere offered, in N o v .
1923 b y H a rris , F o r b e s & C o ., T u ck e r, A n th o n y & C o . , B o n b r ig h t & C o .,
I n c ., a n d C o ffin & B u rr , I n c ., a t 9 7 M a n d in t ., t o y ie ld o v e r 6 .1 5 % .
V . 117, p . 2 3 3 0 . I n Ju n e 1924 th e sam e ban kers offered an a d d ’l $ 4 ,0 0 0 ,0 0 0
a t 100 a n d in t . V . 118, p . 2 95 8.
T h e 1st & r e f. m t g e . g o ld b o n d s 5 % Series d u e 1955 are r e d . o n 60 d a y s
n o t ic e a t 105 in c l. D e c . 1 1934; a t 104 in c l. D e c . 1 1939; a t 103 in c l. D e c . 1
1944; a t 102 in c l. D e c . 1 1949; a t 101 in c l. D e c . 1 1952; a t 100 M in c l. D e c . 1
1953; t h e r e a fte r a t 100 >6; in e a c h ca se w ith in t. P e n n . 4-m ills t a x re fu n d a
b le . I n M a y 1925 H a rris , F o r b e s & C o . , & c ., s o ld $ 3 ,5 0 0 ,0 0 0 a t 97 a n d in t .,
t o y ie ld a b o u t 5 . 2 0 % . V . 120, p . 2 81 6.
E A R N I N G S . — C o n s o lid a te d sta te m e n t fo r ca le n d a r y e a rs:
1924.
1923.
G ross e a r n in g s ________________________________________$ 4 ,8 8 8 ,3 4 5 $ 4 ,2 4 7 ,1 0 7
O p e r a tin g e x p en ses a n d t a x e s ________________________ 2 ,5 6 2 ,1 8 2 2 ,5 2 3 ,8 2 5
N e t e a r n in g s ________________________________________ $ 2 ,3 2 6 ,1 6 3 $ 1 ,7 2 3 ,2 8 2
Earns, for 12 Mos. End. Dec. 31 (C o. only) — .
192 3.
1924.
G ross ea rn in gs fr o m o p e r a t io n ______________________ $ 2 ,2 5 2 ,3 9 7 $ 2 ,9 7 0 ,6 8 6
O p e r a tin g e x p en ses a n d t a x e s ________________________
1 ,3 5 3 ,7 7 0
1 ,6 5 8 ,5 4 6
N e t e a rn in g s fr o m o p e r a t io n _______________________
$ 8 9 8 ,6 2 7
O th e r in c o m e _______________________________________________________
$ 1 ,3 1 2 ,1 4 0
8 4 5 ,2 7 8
T o t a l in c o m e _____________________
In te r e s t o n b o n d s __________________
O th e r in te re s t a n d d e d u c t io n s _____
D iv id e n d s o n p r e fe rr e d s t o c k _____
D iv id e n d s o n 2 d p r e fe rr e d s t o c k - .
R e n e w a l a n d r e p la c e m e n t reserve.
$ 2 ,1 5 7 ,4 1 8
6 4 0 ,6 6 7
2 8 1 ,7 7 8
281 ,4 6 1
4 5 5 .0 0 0
200.000
B a la n c e , s u r p lu s _________________________________________________
$29 8 ,5 1 2
Latest Earnings.— F o r 12 m o s . e n d e d A u g . 31 1925: G ro s s , $3,517,093 1
n e t a fter ta x e s , $ 1 ,7 2 2 ,7 2 7 ; o th e r in t. & d e d ., $ 3 1 2 ,4 8 5 ; b a l ., $ 1 ,4 5 2 ,2 2 8 .
O F F I C E R S .— P r e s ., C . E . G ro e s b e c k ; V . - P . , D . F . M c G e e ; V . - P .
E . W . H ill: V . - P . , A . W . H a r tm a n ; V . - P . & G e n . M g r ., W . S . R o b e r t s o n
S ec. & T r e a s ., W . S. H o d g s o n .— V . 119, p . 1178, 1964; V . 120, p . 2 26 9, 2 81 6.
TW IN C IT Y RAPID TRA N SIT.
O R G A N I Z A T I O N .— A h o ld in g c o m p a n y .
O rg a n ize d u n d e r la w s o f
S ta te o f N e w Jersey Ju n e 3 1891 a n d b y v ir tu e o f its s t o c k o w n e rsh ip o f
u n d e rly in g c o s . t o w it , M in n e a p o lis St. R y . C o ., th e S t. P a u l C it y R y . C o .,
th e M in n e a p o lis L y n d a le & M in n e to n k a R y . C o . a n d T h e M in n e a p o lis
& S t. P a u l S u b u rb a n R R . C o .) c o n tr o ls th e en tire stre e t r a ilw a y sy s te m
o f M in n e a p o lis , S t. P a u l, S tillw ater a n d lines t o E x ce ls io r, T o n k a B a y a n d
D ee p h a v e n a t L a k e M in n e to n k a . In 1906 a b s o r b e d th e N o r t h S ide S treet
R y . (R o b b in s d a le lin e ) a n d th e St. L o u is P a rk lin e . V . 8 3 , p . 1472. In
1905 a rticles o f in c o rp o ra tio n w ere a m en d ed s o as t o m a k e th e ch a rte r
p e rp e tu a l. V . 8 0 , p . 1914.
New Subsidiaries.— B e ca u se o f a d e c is io n o f th e S u p rem e C o u rt h o ld in g
th a t su b u rb a n lines, as r a ilw a y s, are am en ab le t o t h e M in n e s o ta 5 % gross
earnings ta x , it w as d e c id e d in M a r c h 1910 t o in c o rp o ra te T h e M in n e a p o lis
& S t. P a u l S u b u rb a n R R . $ 1 ,0 0 0 ,0 0 0 s to c k , in crea sed t o $ 3 ,0 0 0 ,0 0 0 in
Jan . 1911; d e b t lim it w as also in crea sed t o $ 1 0 ,0 0 0 ,0 0 0 . V . 92, p . 187 ).
T h e M in n e to n k a & W h ite B e a r N a v ig a tio n C o . $ 2 5 0 ,0 0 0 s to c k ) an d T h e
R a p id T ra n sit R e a l E s ta te C o r p ., $ 1 5 ,0 0 0 s to c k , a n d t o rearran ge m a tte rs
so th a t th e su b u r b a n lin es, th e steam er lines a n d th e h o te ls , p a r k s , & c ., o f
th e c o m p a n y m ig h t b e h a n d le d se p a ra te ly fo r ta x a tio n a n d a c c o u n tin g p u r
poses. V . 9 0 , p . 850 . I n A u g . 1924 a c q u ir e d th e T w in C it y M o t o r B u s
C o ., I n c ., w h ic h is n o w o p e r a te d as a s u b sid ia ry . V . 119, p . 695.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O n D e c . 31 1924 c o m p r is e d 4 9 4 .4 5 m iles s in g le -tr a c k e q u iv a le n t, in c lu d in g
fo u r in teru rb a n lin es c o n n e c tin g th e bu sin ess c e n tre s o f M in n e a p o lis an d
S t. P a u l, an in teru rb an lin e o f 22 m iles co n n e c tin g S t. P a u l a n d S tillw ater,
a n d lines t o L a k e M in n e t o n k a . S ta n d a rd g a u g e . O n th e p rin c ip a l streets
o f th e c itie s , 9 0 -lb . T r a il w ith w e ld e d jo in t s . T h e c o m p a n y leases w ater
p o w e r a t S t. A n th o n y F a lls (c a p a c it y 2 2 .0 0 0 h . p . ) , w h ic h p o w e r is n o w used
in c o n ju n c t io n w ith p o w e r g e n e ra te d a t n e w ste a m p o w e r p la n t t o ru n th e
en tire ra ilw a y sy stem in b o t h c it ie s . See V . 6 4 , p . 704 .
Franchises.— I n 1921 th e co m p a n ie s su rren d ered th e existin g fra n ch ise s
an d n o w op era te u n d e r in d e te rm in a te p e rm its. V . 112, p . 1979, 2 19 1, 2 53 8.
Valuation of Minneapolis Street Ry.— F o r re p o rts o n v a lu a tio n o f p r o p e r ty
in c o n n e c tio n w ith fra n ch ise m a tte rs , see V . 106 p . 1523. 218 5: V . 106
p J 7 1 6 ; V . 108, p . 380 , 683; V . 114, p . 1892; V . 121, p . 1102.
Valuation o f St. Paul City Ry.— F o r d e ta ile d v a lu a tio n o f th is p r o p e r t y ,
te e V . 112 , p . 25 8 .
Debt Limit of Minneapolis Street Ry. Removed.— See V . 112, p . 1866.
Merger of St. Paul and Minneapolis Street Car Systems Proposed.— See
V . 115, p . 279 4.
Fare Decision .— See V . 121 , p . 1680.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Twin City Rapid Transit—
6 Q -J
$ 2 2 ,0 0 0 ,0 0 0 See te x t
C o m $ 2 2 ,0 0 0 ,0 0 0 ($ 1 0 0 )___________
7 Q -J
3 ,0 0 0 ,0 0 0 O c t . ’25 ,1 K
P r e f cu m $ 3 ,0 0 0 ,0 0 0 ($ 1 0 0 )- 1895
Minneapolis Street Raihvay Co.—
l s t c o n M g $ 5 ,0 0 0 ,0 0 0 - C * c p t 1889
5%
A u g 15 1928
______________________ g
See te x t
5 ,0 0 0 ,0 0 0 A u g 15 1928
1st M c o ll 514 % n o te s__ u a r l4 _____
1924
($500 & $ 1 ,0 0 0 ) g o ld _ c * t f/F a r m e r s ’ L o a n & T r u s t C o ., N . Y . , tr u s te e .
1 0-yr g o ld n otes, $ 5 ,9 0 0 ,0 0 0 — A ll o w n e d b y T w in C it y R a p id T ra n sit C o .
St. Paul City Railway Co.—
F irs t m tg e o n real e sta te a n d 11882
6 g A -O
2 2 4 .0 0 0 A p ril 1 1934
h orse-ca r fr a n c h is e ___ c p t /E x c h a n g e a b le a t 105 fo r firs t c o n s o lid a te d .
F irst c o n s o l m tg e g o l d - . cpt 1884
6 g A -O
4 5 6 ,0 0 0 O ct. 1 1934
C a b le c o n g o ld (see t e x t ! c p t 1887
5 g J-J 15
3.708,000 Jan . 151937
10-yr g o ld n otes, $1,700,000 — A ll o w n e d b y T w in C it y R a p id T ra n sit C o .
Minneapolis & St. Paul Suburban Ry.—
1 0-yr g o ld n o te s , $ 2 ,2 5 0 ,0 0 0 — A ll o w n e d b y T w in C it y R a p id T ra n sit C o .
Minneapolis Street & St. Paul City Ry.—
J oin t c o n m tg e $ 1 0 ,0 0 0 ,0 0 0 1 1903
5 g A -O
1 0 ,0 0 0 ,0 0 0 O c t . 1 1928
($ 1 ,0 0 0 ) g u p & i - - C * c p t (C e n tra l T r u s t C o . o f N e w Y o r k , tru ste e .
A ll b o n d s are fo r $ 1 ,0 0 0 e a ch , a n d w ith th e e x c e p tio n o f th e jo in t issue o f
1903, in terest is p a y a b le a t F a rm e rs ’ L o a n & T r u s t C o ., N e w Y o r k .
Stock.— -Listed o n N e w Y o r k S to c k E x ch a n g e .
Bonds.— -The Minneapolis Street Railway Co. jo in t ly a n d s e v e r a lly w ith th e
M in n e a p o lis L y n d a le & M in n e to n k a R y . C o ., issu ed $ 5 ,0 0 0 ,0 0 0 5 % 3 0 -ye a r
1st m tg e . a n d 1st co n s o l, m tg e . g o ld b o n d s , d u e o r ig in a lly Jan . 15 1919.
W e r e e x te n d e d t o J a n . 15 1922 a n d a gain t o Jan . 15 1925. V . 113, p . 1983.
A g a in e x ten d ed t o A u g . 15 1928 a n d p le d g e d as s e c u r ity fo r th e 1st m tg e .
c o ll. 5 A % n o te s .
T h e y are se cu re d b y th e sam e m tg e . as th e o ld 5s an d
are u n c o n d itio n a lly g u a ra n te e d , p r in . a n d in t ., b y t h e T w in C it y T ra n sit
C o . See sta tem en t t o N . Y . S to c k E x ch a n g e in Ju n e 1895. V . 60, p . 1149.
1st m t g e . c o ll. 5 A % n o te s are g u a r ., p r in . and i n t ., b y T w in C i t y R a p id
T r a n sit C o . an d are s e cu re d b y d e p o s it w ith tru stee o f $ 5 ,0 0 0 ,0 0 0 1st c o n s ,
e x te n d e d b o n d s o f 188 9. I n t . o n n o te s is p a y a b le M . & N . in N . Y . (e x c e p t
th a t th e la st c o u p o n w ill b e fo r 3 A m o n th s ’ in t. a n d w ill b e p a y a b le A u g . 15
1 92 8. $ 5 ,0 0 0 ,0 0 0 w e re sold in O c t . 1924 b y D illo n , R e a d & C o . a t 100 &
Int. V . 119, p . 1844.
T h e St. Paul City Railway Co. h as issu ed $ 3 ,7 0 8 ,0 0 0 5 % 5 0 -y e a r cable con
solidated bonds, a n d m a y issu e $ 6 8 0 ,0 0 0 n o w h e ld b y th e F a rm e r s ’ L o a n &
T r u s t C o ., tru stee, t o re d e e m th e $ 6 8 0 ,0 0 0 p rio r lien b o n d s; lim it fix e d b y
th is m tg e. is $ 4 ,3 8 8 ,0 0 0 , a n d n o fu rth e r u n d e rly in g b o n d s c a n b e p u t o u t .
V . 7 7 , p . 2281. P a rt o f th e se ca b le c o n so ls $ 1 ,1 3 8 ,0 0 0 ) is g u a r. p . & i.)
b y en d . o f T w in C it y R a p id T ra n sit C o .
See sta te m e n t t o N . Y . S to ck
E x ch a n g e in Ju n e 1895. V . 60, p . 1150. O f th e 1st c o n s o ls m tg e . o f th e St.
P a u l C it y . $ 2 2 4 ,0 0 0 are h e ld b y th e F a rm e rs’ L o a n & T r u s t C o . t o b e ex
c h a n g e d fo r th e $ 2 2 4 ,0 0 0 fir s t m o r tg a g e b o n d s.
T h e Minneapolis Street Ry. & St. Paul City Ry. c o n s o lid a te d m o r tg a g e o f
1903 is a jo in t issu e o f th e M in n e a p o lis Street R y . a n d th e St. P a u l C it y R y .
G u a ra n teed , p rin c ip a l a n d in terest, b y en d o rse m e n t, b y T w in C i t y R a p id
T r a n sit C o .
See V . 7 7 , p . 2281 a n d 234 0.
Dividends.— O n p r e f. is p a y in g 7 % p e r a n n u m . F ir s t d iv . o f 1 % w as p a id
o n th e c o m m o n s t o c k in A u g . 1899; in 1900, 3 % ; in 1901, 4 % ; 1902 t o 1908
in c l., 5 % p e r a n n .; 1909, 5 ^ % ; 1910 t o 1917 in c h , 6 % p e r a n n . I n 1918.
2 % ; 1919, 2 A % ; 1920, 3 % ; 1921, 2 % : 1922, 4 % ; 1923, 6 % . I n 1924, 4 % .
6% .
In 1924, 4 % . In J u ly 1925, 2 % .
185
A N N U A L R E P O R T .— R e p o r t fo r ca le n d a r years:
1921.
192 4.
1923.
1922.
R e v e n u e pa ss. ca r r ie d _ _ 2 0 9 ,2 0 2 ,8 1 8 2 2 1 ,5 4 2 ,2 9 8 2 2 6 ,5 4 3 ,9 2 4 2 2 7 ,7 2 7 ,7 4 8
T ra n sfe r p a s s , c a r r ie d - . 7 4 ,6 9 8 ,8 5 3 8 0 ,4 7 7 ,8 6 6 8 1 ,3 3 1 ,2 8 5 8 0 ,1 6 9 ,4 9 1
R e c t s . fr o m tr a n s p o r t’n .$ 1 2 ,5 9 3 ,7 9 9 $ 1 3 ,3 5 1 ,2 3 3 $ 1 3 ,6 5 9 ,9 5 5 $ 1 3 ,7 3 4 ,1 1 7
187,197
R e c t s . fr o m o t h . s o u r c e s .
2 1 1 ,8 3 2
2 2 8 ,8 1 4
181 ,934
T o t a l r e c e ip t s ________$ 1 2 ,8 0 5 ,6 3 1 $ 1 3 ,5 8 0 ,0 4 7 $ 1 3 ,8 4 1 ,8 8 9 $ 1 3 ,9 2 1 ,3 1 4
1 0 ,9 9 0 ,5 3 5
O p e ra tin g e xp en ses_____
9 ,1 8 5 ,9 2 8
9 ,5 3 7 ,8 4 1
9 ,9 1 4 ,3 2 4
N e t e a r n i n g s ............... $ 3 ,6 1 9 ,7 0 3
$ 4 ,0 4 2 ,2 0 6
In te r e s t, ta xes, & c ______$ 2 ,3 4 1 ,9 5 1
$ 2 ,4 6 3 ,6 9 4
M is ce lla n e o u s d e b i t s . . ( 7 % )
8 ,7 4 4
8 ,4 4 4
D iv s . o n p r e f. s t o c k ____
2 1 0 ,0 0 0
2 1 0 ,0 0 0
D iv s . o n c o m . s t o c k . . . (4 % )8 8 0 ,0 0 0 (6 )1 ,3 2 0 ,0 0 0
B a la n ce , s u rp lu s______
$ 1 7 9 ,0 0 9
$ 4 0 ,0 6 7
$ 3 ,9 2 7 ,5 6 5
$ 2 ,3 4 6 ,1 8 0
16,183
2 1 0 ,0 0 0
(4 )8 8 0 ,0 0 0
$ 3 ,9 3 0 ,7 7 9
$ 2 ,2 1 5 ,8 6 6
17,608
$ 4 7 5,20 1
$47 ,3 0 5
210,000
(2 )4 4 0 ,0 0 0
Latest Earnings.— F o r six m o n th s e n d e d J u n e 30 1925: G ro ss rev e n u e ,
$ 6 ,3 8 4 ,4 6 6 ; o o e r a tin g e x p c e s e s , $ 4 ,5 9 9 ,7 1 1 ; fix e d c h a rg e s a n d ta x e s , $ 1 ,126 ,5 3 2 ; r e m a in d e r, $ 6 4 8 ,2 2 3 . In 192 4, gross r e v e n u e , $ 6 ,6 3 5 ,4 5 4 ; op e r
a tin g exp e n se s, $ 4 ,8 0 3 ,0 9 4 ; fix e d ch a rg e s a n d ta x e s , $ 1 ,2 2 8 ,1 7 1 ; rem a in d er,
$ 6 0 4 ,1 8 9 .
O F F I C E R S .— P r e s ., H o r a c e L o w r y ; V . - P s ., E . W . D e ck e r a n d T . J .
M c G ill; 3 d V . - P . & S e c ., A . M . R o b e r t s o n ; C o m p .. D . J . Strou se; T r e a s .,
E . A . C r o s b y .— V . 115 , p . 4 3 7 , 54 6 , 2 79 4; V . 116, p . 4 1 1 , 1757, 263 8;
V . 117, p . 1993: V . 118 , p . 4 3 2 , 1 39 0, 2 0 4 3 . 2 9 5 1 : V . 119. p . 45 7 . 69 5 . 1 17 3.
1845, 2 18 1; V . 120 , p . 5 8 4 , 8 3 0 , 1084, 2 68 5; V . 121, p . 7 0 9 . 110 2, 1680.
DU LUTH-SUPERIOR T R A CTIO N .
O R G A N I Z A T I O N .- —I n c o r p . in C o n n e c tic u t in 189 7. O w n s all o f th e
c o m . s t o c k o f D u lu th S tre e t R y . , L a k e s id e S tre e t R y . a n d S u p erior R a p id
T r a n s it. T h e c o r p o r a te e x is te n ce o f th e D u lu th Street R y . is m a in ta in ed ,
b u t a ll o f its s to c k ($ 2 ,0 0 0 ,0 0 0 a u th o riz e d , $ 1 ,8 0 0 ,0 0 0 o u tsta n d in g ) is h eld
b y th e D u lu th -S u p e r io r T r a c t io n . T h is la tte r c o m p a n y h a s n o b o n d e d d e b t.
T h e D u lu th S treet R y . w as o rg a n iz e d u n d e r A c t o f M in n e s o ta a p p r o v e d
N o v . 17 1881 an d possesses “ an e x clu s iv e fra n c h is e ” w h ich ru n s u n til 1931.
See de cisio n w ith rega rd t o fra n ch ise s in S u p erior in V . 8 0 , p . 1911. O n
D e c . 18 1918 th e c o m p a n y su rre n d e re d its fra n ch ise s t o o p e ra te in Sup erior
a n d in 1921 its D u lu th fra n c h is e ; th e s y s te m n o w b e in g o p e ra te d o n th e
in d e te rm in a te p e r m it b asis u n d e r w h ic h th e S ta te , in stea d o f c it y o ffic ia ls ,
has ju r is d ic tio n o v e r th e c o . V. 107, p . 2 47 6. See also V . 112, p . 2 08 2. O n
S ep t. 1 1917 th e D u lu th S t. R y . a c q u ir e d th e 3A.-mi\e lin e o f th e P a rk P o in t
T r a c t io n C o . o f D u lu th , M in n . V . 105, p . 180. T h e D u lu th -S u p e r io r B rid ge
b e tw e e n D u lu th , M in n ., a n d S u p e rio r, W is ., is u sed b y th e ra ilw a y b u t is a
sep arate c o r p o r a tio n , an d has issu ed 1st M . b o n d s fo r $ 6 5 0 ,0 0 0 an d 2 d M .
b o n d s fo r $ 3 0 0 ,0 0 0 — see b r id g e ite m s. V . 63, p . 31 0 , 504 .
In S e p t. 1925
th e D u lu th S treet C o . , a su b s id ia r y , a c q u ir e d t h e B r o w n B u s L in e o f
S u p e rio r, W is . V . 121 , p . 1227.
F I E L D O F O P E R A T IO N S A N D C H A R A C T E R O F B U S IN E S S —
A tr o lle y r o a d . T h e s y s te m e m b ra ce s a b o u t 109 .67 m iles o f tr a c k an d
in clu d e s a ll th e lin es in D u lu th a n d S u p e rio r. 148 passen ger a n d 23 oth er
ca rs .
Valuation.— See V . 110 , p . 174 8; V . 115 , p . 4 3 5 ; V . 117 , p . 1 46 1. V a lu a
tio n o f o p e r a tin g p r o p e r t y in S u p e rio r, W i s ., g iv e n in V . 116 , p . 2 9 9 3 .
Fares.— See V . 120, p . 8 6 .
Interest. Outstanding. Maturity.
STOCK AN D BON DS—
Date.
Q -J
$ 3 ,5 0 0 ,0 0 0
See te x t
C o m m o n , $ 3 ,5 0 0 ,0 0 0 ( $ 1 0 0 ) - - ____
Q -J
1 ,5 0 0 .0 0 0 O c t ’2 5 , 1 %
P r e f 4 % c u m , $ 1 ,5 0 0 ,0 0 0 ( $ 1 0 0 ) ____
5 g M -N
2 ,5 0 0 ,0 0 0 M a y 1 1930
D u lu th St R y M , $ 2 ,5 0 0 ,0 0 0 ,1 1900
g o ld $ 1 ,0 0 0 ) ____________ c * / I n t . a t C e n tra l T r u s t C o ., N . Y . , tru s tee.
D u l St R y g e n M , $ 2 ,5 0 0 ,0 0 0 ,1 1910
5 M -N
1 ,0 9 3 ,0 0 0 M a y 1 1930
g o ld ($ 1 ,0 0 0 ) sk g f u n d - _ c * / i n t . a t C e n tra l T r u s t C o ., N . Y . , tru stee.
Stock.— B o t h c o m . a n d p r e f. are liste d o n N . Y . S to c k E x c h . V . 9 0 , p . 848 .
Bonds.— T h e m tg e . o f 1900 c o v e r s a ll th e m ileage o f th e D u lu th S treet R y . ,
t h e p r o p e r t y o f th e L a k e sid e St. R y . a n d o f th e S u p e rio r R a p id T ra n sit
h a v in g fir s t b e e n c o n v e y e d t o th e D u lu th S treet R y .
T h e gen eral m o r tg a g e b o n d s are s u b je c t t o ca ll o n a n y in te re s t d a y at
105 a n d in te re st.
$ 1 8 1 ,0 0 0 are h e ld in tre a su ry a n d $ 3 8 4 ,0 0 0 h a v e been
c a n c e le d . R e m a in in g b o n d s m a y b e issu ed fo r a d d itio n s , e x te n sion s, & c.
u n d er co n s e r v a tiv e re s tric tio n s . T h e y are g u a r a n te e d , p rin c ip a l a n d in ter
est b y D u lu th -S u p e r io r T r a c t io n C o .
Sinking fund o f 2 A % p e r a n n u m o
b o n d s o u t b e g a n M a y 1913.
E x e m p t fr o m p e rso n a l ta x in M in n e s o ta .
V . 9 0 , p . 1296; V . 91, p . 276; V . 92, p . 186; V . 104, p . 1044.
Dividends.— O n th e p r e fe rre d s t o c k 4 % p e r a n n u m fr o m J a n . 1901 t o and
incx. A p ril 1921. N o n e t o O ct. 2 1922, w h en 2 % w as p a id , b e in g 1 % each
fo r ih e qu a rters e n d in g Ju n e 30 1921 an d S en t. 30 1921. V . 115. p - 1210.
In Jan . 1923 th ree d iv s . o f 1 % ea ch w e re p a id fo r th e q u a rte rs e n d in g D e c . 31
1921, M a r c h 31 1922 a n d Ju n e 30 1922. V . 115, p . 2 37 8. In A p r il 1923
t w o d iv s . o f 1 % ea ch fo r q u a rte rs en din g S e p t. 30 an d D e c . 31 1922 w ere
p a id .
V . 116, p . 1049. In J u ly 1923 tw o d iv s . o f 1 % e a ch w ere p a id fo r
q u a rte rs e n d in g M a r . 31 1923 a n d Ju n e 30 1923. V . 116, p . 2 63 6. In
O c t . 1923 1 % w as p a id . In 1924, J a n .. 1 % ; A p r il, 1 % : J u ly , 1 % ; O c t . 1924
d iv id e n d d e fe rre d (see V . 119 , p . 1 5 0 9 ). I n J a n . 1925 1 % w as p a id ; in
A p r il 1925 2 % w as p a id (re p re se n tin g 1 % fo r la st q u a rte r o f 1924 a n d 1 %
fo r fir s t q u a rte r o f 1 9 2 4 ). I n J u ly 1925, 1 % ; in O c t . 192 5, 1 % . V . 120,
p . 1 3 2 5 . In J u ly 1925, 1 % ; O c t . 1925, 1 % . V . 120 , p . 3 06 4; V . 121, p .
134 7. O n c o m m o n , fir s t d iv id e n d — 1 % — O c t . 190 9. S am e a m o u n t qu a r
te r ly t o a n d in clu d in g J u ly 1910; in O c t . 191 0, 1 M % S am e a m o u n t
q u a rte r ly t o a n d in c lu d in g A p r il 1913. In J u ly 1913 r e d u c e d t o 1 % (V .
9 6 , p . 177 2); sam e a m o u n t q u a rte r ly t o a n d in c lu d in g J a n . 1915; A p ril
d iv id e n d o m itte d ( V . 100 , p . 9 0 0 ); p a y m e n ts c h a n g e d t o sem i-a n n u a l
b asis a n d a d iv id e n d o f 1 % p a id J u ly 1915 ( V . 100 , p . 1 4 3 7 ). N o n e t o O c t . 1
1917, w h e n 1 % w as p a id .
S am e ra te q u a r. t o an d in c l. O c t . 1 1918. N o n e
t o J a n . 192 4, w h e n 1 % w a s p a id . V . 117 , p . 2 4 3 2 . N o n e s in ce.
R E P O R T .— F o r c a le n d a r yea rs
Calendar
Years—
Operating Net (.after Other
Revenue.
Taxes'). Income,
Deductions.
Divitions.
Balance,
S ur.orD ef.
19 2 4 __________ $ 1 ,7 8 9 ,4 0 2 $ 1 9 0 ,0 3 0 $ 2 5 ,3 6 0 $ 1 7 3 ,3 8 5 $ 4 5 ,0 0 0 d e f. $ 2 ,9 9 6
1 92 3__________ 1 ,9 0 4 ,6 0 7 2 6 8 ,6 2 7 28,7 3 1
174 ,247 1 25 ,000 d e f. 1,889
19 2 2 __________ 1 ,7 8 4 .7 7 4 2 6 2 ,9 1 9 2 6 ,9 7 3
175 ,2 7 8
7 5 ,0 0 0 su r. 3 9 ,614
I n 1924 ca rrie d 2 9 ,2 0 4 ,3 7 4 re v e n u e passen gers a n d 5 ,1 0 4 ,6 7 0 tran sfer
passen gers, a gain st 3 1 ,3 4 3 ,8 1 5 re v e n u e passen gers a n d 5 ,3 5 4 ,8 7 2 tran sfer
passengers in 1923.
O F F I C E R S .— -C hairm an o f th e b o a r d , A . E . A m e s ; P r e s ., A . M . R o b e r t
s o n ; V . - P . & G e n . M g r ., H e rb e rt W a rre n ; S ec. & T r e a s ., S. L . R e ich e rt;
A u d ., W . P . D w y e r .— V . 116, p . 82 2 , 1049, 2 0 0 7 , 263 6; V . 117, p . 1128,
199 2, 243 2; V . 118, p . 793 ; V . 119 , p . 1 50 9, 2 76 0; V . 120, p . 1202, 1325,
3 06 4; V . 121, p . 1347.
MESABA R A IL W A Y CO.
Receivership.— O n M a r . 8 1924 O sca r M it c h e ll, D u lu th , M in n ., a n d
J am es C . C h e s tn u t, M c A le s te r , O k la ., w e re a p p o in t e d re c e iv e r s fo r th e c o .
O R G A N I Z A T I O N .— I n c o r p . Ju n e 27 1914 in M a s s a ch u s e tts as a reor
g a n iz a tio n o f th e M e s a b a E le c t r ic R y . C o . o f M a in e an d th e M e s a b a R y .
C o . o f M in n e s o ta . I t a cq u ire d all th e p r o p e r t y o f th o s e t w o c om p a n ies
an d assu m ed th e ir o b lig a tio n s .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O p era tes th e p assen ger a n d fre ig h t e le ctr ic r o a d o n th e M e s a b a Ir o n R a n g e ,
M in n ., co n n e c tin g th e to w n s o f H ib b in g . C n is h o lm , B u h l M o u n ta in I r o n ,
V irg in ia , E v e le th a n d G ilb e r t . T o t a l m ile a g e , 3 8 .8 0 .
R o a d is o n p r iv a te
ig h t -o f-w a y e x c e p t in to w n s , w ith s te a m r o a d c o n s t r u c tio n . P la c e d in
o p e r a tio n M a r c h 1 1913.
Default, &c .— T h e c o . d e fa u lte d o n Ja n . 1 1924 in m a k in g th e p a y m e n t
d u e t o th e s in k , fu n d p r o v id e d u n d e r th e fir s t m t g e ., a n d also d e fa u lte d in
ttie p a y m e n t o f th e in t . c o u p o n d u e M a r . 1 1924 o n th e 1st m tg e . b o n d s .
T h e fo llo w in g p r o t e c t iv e c o m m it t e e has b e e n fo r m e d :
Committee for First Mtge. os.— C h a ir m a n , C . N . M a s o n ; A r th u r V .
M o r to n , J . S. N e w b o ld , H e n r y P . V a u x ; S e c ., L . W . O sb o rn e , 31 N a ssa u
S t., N . Y . C i t y .
D e p o s it a r y . P e n n a . C o . fo r In s u r . o n L iv e s & G ra n tin g
A n n u itie s , P h ila ., P a .
D e p o s its h a v e b e e n c a lle d fo r . V . 118, p . 43 1 .
Engineers' Report.— F o r r e p o r t o n p r o p e r t y b y D a y & Z im m e r m a n n , I n c .,
see V . 118, p . 431 .
STOCK A N D BO N DS—
Date. Interest.
Outstanding. Maturity.
C o m m o n $ 2 ,5 0 0 ,0 0 0 ( $ 1 0 0 )___ .............................................................. $ 1 ,5 7 5 ,0 0 0
P f $ 1 ,2 5 0 ,0 0 0 ($1 0 0 ) 7 % (cu m ) ____
_________
6 8 5 ,0 0 0
.......
M e s a b a R y 1st M $ 2 ,5 0 0 ,0 0 0 / 1912
5 g M -S
1 ,2 1 1 ,0 0 0 M a r 1 1932
g o ld ($ 1 ,0 0 0 ) sink f u n d . c * t f ( I n t . a t A m e r ic a n T r u s t C o . , B o s t o n , tr u s te e .
I n c o m e b o n d s ___________________ ------6%
3 7 0 ,0 0 0 M a r 1 1931
....................
186
[V ol. 121.
PUBLIC UTILITIES
Bonds.— $ 2 7 2 ,0 0 0 In sinking fund. R e m a in in g b o n d s are r e s e rv e d fo r
fu tu r e a d d itio n s , im p ro v e m e n ts , & c. S u b je c t t o call as a w h o le o r in p a r t
fo r sinking fund a t 105 a n d in te re s t. Sinking fun d, 2 J 4 % o f t o t a l b o n d s
c e r tifie d , b eg a n J a n . 1 1917.
E A R N I N G S . — F o r y e a r s e n d in g D e c . 31:
„
Year —
N et (after Bond In t.,
Taxes). S ink.F d ..& c.
Gross.
Balance.
1 0 2 4 .......................................... -$ 1 8 3 ,1 5 4
1 9 2 3 ...... ...................................... 2 6 2 .4 4 9
1 9 2 2 - . - --------------------- -------- 2 5 7 ,7 6 9
d e f$ 4 ,2 9 3
$ 9 9 ,5 2 5
d e f$ 1 0 3 ,8 1 8
6 4 ,2 6 9
9 9 ,5 2 5
d e f3 5 .2 5 6
6 6 .6 9 3
101 .6 9 7
d ef$ 3 5 .0 0 4
Earnings Eight Months Ended Aug. 31 1 92 5.— G ro ss, $ 1 2 3 ,2 8 5 : o p e ra tin g
expen ses an d ta x e s , $ 1 1 9 ,0 1 5 : n e t b e fo r e d e p re cia tio n a n d b o n d i n t ., $ 4 ,2 6 9 .
O F F I C E R S .— P r e s ., O . M it c h e ll; V . - P . , C le m e n t R . F o r d ; S e c ., A g n e s
C a r m o d y ; T r e a s ., L . f i . F lin t: A sst. T r e a s ,. J . O . B e rge so n ; C le r k , L . E
F lin t: A s s t. S e c ., R . H a y d o c k ; G e n . M g r ., L . W . H a y e s .— V . 118 , p . 4 3 1 .
MINNEAPOLIS NORTHFIELD & SOUTHERN R Y .
O R G A N I Z A T I O N .— I n c o r p . in S o u th D a k o ta in J u ly 1918 t o ta k e o v e r
th e p r o p e r t y o f th e M in n e a p o lis S t. P a u l R o ch e s te r & D u b u q u e E le c tr ic
T r a c . C o . ( “ D a n P a t c h ” lin e ) so ld a t a u c tio n J u ly 29 191 8.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O n A u g . 7 1918 w as licen sed fo r business in M in n e s o ta . V . 107, p . 1004
O n N o v . 19 1918 th e c o m p a n y re su m e d o p e ra tio n o f th e c u t o ff fr o m A u to
J u n ctio n t o L u c e L in e J u n ctio n a n d th e n ce t o M in n e a p o lis . C o m p a re
V . 107 , p . 1 19 2. O p era te s a to t a l o f 124 m iles (in cl. o w n e d lines o p e r a te d
M in n e a p o lis t o N o r t h fie ld , 56 m iles; tr a c k a g e r ig h ts. N o rth fie ld t o F a ri
b a u lt . 15 m iles , a n d N o r t h fie ld t o R a n d o lp h , 9 m iles, a n d F a r ib a u lt t o M a n
k a t o , 44 m ile s ) .
C A P I T A L I Z A T I O N . — A u th o r iz e d c a p it a l s t o c k , $ 1 ,0 0 0 ,0 0 0 c o m . and
$ 5 0 0 ,0 0 0 p r e f.; o u ts ta n d in g , $ 3 0 7 ,6 0 0 c o m . a n d $ 4 4 ,8 0 0 p r e f.; p a r v a lu e o f
sh a res, $ 10 0.
E A R N I N G S .— F o r c a l. y e a r 192 4. g ro ss, $61 8 ,5 2 4 ; n e t a fte r ta x e s , & c .,
$ 6 9 ,7 2 7 . I n 1923, gross, $ 6 9 0 ,8 7 5 ; n e t a fte r ta x e s, $ 9 3 ,5 2 4 .
O F F I C E R S — P r e s ., H . E . P e n ce ; V . - P . , A . D . W a lk e r; V . - P . , J . H .
E llison ; T r e a s ., W . O . W in s to n ; S e c ., W . R . S te p h e n s.— V . 10 7 , p . 6 9 7 .
1 00 4. 1 19 2.
g e n e ra tin g e q u ip m e n t w ill c o n s ist o f fo u r h y d r o -e le c t r ic pla n ts, fo u r m a in
stea m g e n e ra tin g sta tion s an d fo u r a u x ilia ry ste a m gen era tin g sta tio n s,
h a v in g a to t a l c a p a c it y o f 26,481 k . w ., w ith a d e q u a te b oiler a n d ste a m
tu rb in e fa cilities. T h e h y d r o -e le c t r ic g en era tin g pla n ts are lo ca te d a t
H u m b o ld t, R u tla n d , C h a rles C it y a n d N a s h u a , an d th e p rin cip a l stea m
sta tion s are a t W a t e r lo o , C h a rles C it y , E a g le G r o v e and S pirit Lake.
H as 4 9 0 m iles o f high ten sion tra n sm ission lin es. T h e gas m an u factu rin gp la n ts a t W a te r lo o an d E a g le G r o v e h a v e a d a ily ra te d p r o d u c tio n c a p a c it y
o f 3 ,4 4 4 ,0 0 0 c u . f t . , d is trib u te d b y m ea n s o f 163 m iles o f gas m ain s.
STO C K A N D BO N DS—
Date.
Interest. Outstanding. Maturity.
C o m m o n (n o p a r ) ____________________
___________ 4 0 ,0 0 0 shs. ____________
P re fe r re d , 7 % c u m u l___________ ______
___________ $ 1 ,7 8 8 ,8 0 0
See t e x t
1st M Ser “ A ” ($500 & $1,-1 1924
6 g M -N
6 .5 0 0 ,0 0 0 N o v 1 1944
000 ) g o l d _______________ c * t f / C e n t r a l T r u s t C o . o f Illin o is, C h ic a g o , T r u s .
C o n v ge n m tg e Ser “ A ” ($5001 1924
7 g M -N
1 ,0 0 0 ,0 0 0 N o v 1 1 9 3 4
& $ 1 ,0 0 0 ) g o ld ________ c * t f / C e n t r a l T r u s t C o . o f Illin o is, C h ic a g o , T r u s .
Bonds.— T h e 1st M t g e . 6s S er. “ A ” are r e d . all or in p a r t o n a n y in t .
d a te o n 45 d a y s ’ n o t ic e a t 105 an d in t. u p t o an d in c l. N o v . 1 1934, th is
p re m iu m o f 5 % o f th e p rin cip a l d e c r e a s in g a t th e r a t e o f H o f 1 % o f t h e
p r in cip a l o n e a ch M a y 1 t h e r e a fte r .
M t g e . p r o v id e s fo r m a in t., r en ew a l
an d sink, fund o f 1 0 % o f gross o p e r a tin g r e v e n u e a n n u a lly . P r in . an d in t.
p a y a b le in N e w Y o r k , C h ic a g o o r P h ila d e lp h ia . L is te d o n C h ic a g o S t o c k
E x c h a n g e . P e n n a . 4 -m ill t a x . C o n n . 4 -m ill ta x , M a r y la n d 4 H -m ill ta x
an d M a s s . 6 % in c o m e ta x r e fu n d a b le . I n N o v . 1924 A . C . A lly n & C o .,
I n c ., a n d S tro u d & C o . , I n c ., sold $ 6 ,5 0 0 ,0 0 0 1st M t g e . 6s S er. “ A ” a t 100
a n d in t.
V . 119, p . 2 28 5.
T h e conv. gen. mtge. Ser. “ A " 7s are r e d . all o r in p a r t o n a n y in t. d a t e
o n 45 d a y s ’ n o t ic e a t 105 an d in t. u p t o a n d in c l. N o v . 1 1929, th is p r em iu m
o f 5 % o f th e p rin cip a l d e cre a s in g a t th e r a te o f 1 % o f th e p rin cip a l o n e a ch
M a y 1 t h e r e a fte r . P r in . a n d in t. p a y a b le a t N e w Y o r k , C h ic a g o , or
P h ila d e lp h ia . L is te d o n C h ic a g o S to c k E x c h a n g e , P e n n a . 4 -m ill ta x .
C o n n . 4 -m ill ta x , M a r y la n d 4 H -in ill ta x a n d M a s s . 6 % in c o m e ta x re fu n d
a b le .
In N o v . 1924 A . C . A lly n & C o . , I n c ., a n d S tr o u d & C o ., I n c ., sold
$ 1 ,0 0 0 ,0 0 0 7 % c o n v . g e n . m t g e . 7s S er. “ A ” a t 100 a n d in t . V . 119, p . 2 40 9.
Dividends.— D iv s . a t t h e r a t e o f 7 % p e r a n n u m are b e in g p a id re g u la r ly
o n p r e fe rr e d .
E A R N I N G S .— F o r 12 m o n th s e n d e d D e c . 31 1924:
G ro ss e a rn in g s ________________________________________________________ $ 1 ,9 5 7 ,8 1 0
O p e ra tin g e x p e n se s, & c _____________________________________________
1 ,1 6 8 ,4 8 6
N e t _________________________ _______________________________________
F ix e d c h a r g e s ________________________________________________________
$ 7 8 9 ,3 2 4
4 6 0 ,0 0 0
B a la n c e , s u r p lu s ___________________________________________________
$ 3 2 9 ,3 2 4
O F F I C E R S .— P r e s ., M . W . S t r o u d — V . 1 1 9 , p . 2 2 8 5 , 2 40 9; V . 120 ,
p . 82 8 .
IO W A
ALBIA L IG H T & RAILW AY CO.
IOW A SOUTHERN U TILITIE S CO.
O R G A N I Z A T I O N .— I n c o r p . in D e la w a r e Ju n e 1916 as a r e o rg a n iz a tio n
th e S ou th ern I o w a R . & L ig h t C o . , as p er p la n in V . 103, p . 939 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
D o e s th e lig h t, h e a t, p o w e r , r a ilw a y an d gas business o f A lb ia .H o c k in g ,
H ite m a n a n d c o m m u n it y , s e rv in g a p o p u la t io n o f 1 5 ,0 0 0 .
O p era tes 12
m iles o f street an d in te ru rb a n r a ilw a y in A lb ia an d c o n n e c tin g th e to w n s
o f H o c k in g a n d H item a n w ith A lb ia . 60 an d 7 0 -lb . T rail; s ta n d a rd ga u g e.
A ls o su p p lies p o w e r fo r th e o p e r a tio n o f 12 m iles o f th e C e n tr e v ille & A lb ia
R y . C o . N e w p o w e r u n its a n d 22 m iles o f tran sm ission lin es w ere p la ce d
in op e r a tio n M a r c h 15 1918, w ith c o n t r a c ts t o fu rn ish p o w e r fo r 4 la rg e coal
m in es an d t h e m in in g c o m m u n itie s lo ca te d a t these m in es.
Franchises
ex p ire in 194 2. D is c o n tin u e d in J u n e 1925 s e r v ic e b e tw e e n A lb ia a n d H it e
m a n , I o w a . V . 120, p . 3 3 1 0 .
STO CK A N D BON DS—
Date.
Interest. Outstanding. Maturity.
C o m s t o c k $ 4 0 0 ,0 0 0 ( $ 1 0 0 ) - - - ____
___________
$ 4 0 0 ,0 0 0 ____________
P r e f 6 % n o n - c u m $ 1 0 0 ,0 0 0 ($ 1 0 ) ____
Q -F
1 0 0 ,0 0 0
See te x t
1st M $ 5 0 0 ,0 0 0 g o ld ($1,0001 1916
5 g J -J
5 0 0 ,0 0 0
1941
a n d $ 1 0 0 )_________ c & r . c p t / I n t . a t E m p ir e T r u s t C o ., N . Y . , tru ste e .
Bonds.— O f th e b o n d s re p o r te d o u ts ta n d in g , $ 1 0 0 ,0 0 0 w ere issu ed t o c o v e r
n e w ex ten sion s. N o sin kin g fu n d a n d n o t s u b je c t t o c a ll.
Dividends.— Q u arterly d iv id e n d s o f 1 % % o n p r e f. s t o c k w e re p a id fr o m
A u g . 1 1917 t o a n d in c l. M a y 1918. N o n e sin ce .
E A R N I N G S .— Y e a rs e n d in g D e c . 31:
192 4.
1923.
1922.
G ro s s ea rn in g s — _______ ______________
$ 1 4 7 ,9 5 4
$ 1 5 2 ,0 2 9
$14 3 ,9 7 8
O p e r . e x p ., d e p r e c ia tio n a n d t a x e s
124 ,094
1 3 8 ,7 3 8
123 .196
Change in Control.— In N o v . 1923 G e o rg e M . B e c h te l p u r c h a s e d t h e c o n
tro llin g in terest in th e c o . fo rm e r ly h e ld b y D a v id G . F ish er. V . 117, p .
2 4 4 0 . C o m p a re V . 108, p . 194 0, 2 2 4 5 . In J u ly 1925 a c q u ir e d c o n tr o l
o f t h e O ttu m w a (Io w a ) T r a c t io n C o .
V . 121 , p . 4 5 9 .
O R G A N I Z A T I O N .— O rg a n ize d in D e la w a r e in 192 3. In M a r c h 192 3
c o m p a n y p u rch a s e d all o f th e p h y s ic a l assets o f th e Iowa Southern Utilities
Co., a c o r p o r a tio n o rg a n iz e d in M a in e in 1905 u n d e r th e n a m e o f t h e Center
ville Light c% Traction Co. T h e c o . la te r a c q u ir e d all o f th e p r o p e r t ie s
o f th e Centerville Albia A Southern Ry. Co. In 1923 c o m p a n y m e r g e d th e
p r o p e r t y o f th e Southern Iowa Electric Co. A c q u ir e d I o w a p r o p e r tie s o f th e
Union Power
Light Co. in D e c . 192 3. In A u g . 1924 c o m p a n y leased
th e p r o p e r t y o f Iowa Light, Heat
Power Co., lo c a te d in G rin n e ll. a greein g
t o p u rch a s e th e sa m e w h e n e v e r a s a tis fa c to r y relea se ca n b e o b ta in e d fr o m
th e m o r tg a g e . I n A u g . 1924 p u rch a s e d t h e p r o p e r tie s o f United Utilities
Corp. fo r a b o u t $ 4 ,0 0 0 ,0 0 0 . O n Ja n . 1 1925 p u rch a s e d th e p r o p e r t y o f t h e
Burlington Ry. <% Light Co. a n d s u b s e q u e n tly m e rg e d t h e Iowa Gas Elec. Co.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o . o w n s a n d o p e ra te s 6 ste a m c e n tra l p o w e r s ta tio n s , fu r n is h in g , w it h o u t
c o m p e t it io n , e le ctr ic lig h t a n d p o w e r a t w h olesa le a n d re ta il t o 125 t o w n s
a n d citie s; also has a v e r y a d v a n ta g e o u s c o n t r a c t fo r t h e p u r c h a s e o f
ele ctrica l e n e r g y g e n e ra te d a t th e K e o k u k D a m .
C o . o w n s a n d o p e r a te s
t h e e le ctr ic in te ru rb a n ra ilw a y c o n n e c tin g C e n te r v ille , M y s t ic a n d A lb ia ,
a n d th e stre e t ra ilw a y sy ste m s in O ttu m w a a n d B u rlin g to n .
O f th e n e t
earn in gs 8 7 .7 % is d e r iv e d fr o m th e e le ctr ic lig h t a n d p o w e r bu sin ess, 8 . 9 %
fr o m ra ilw a y a n d 3 .3 % fr o m g a s an d ste a m h e a t.
C o . se rve s s o u th e rn
I o w a s o u th o f D e s M o in e s a n d w e st o f B u rlin g to n . A m o n g th e citie s
s e rv e d are C e n te r v ille , A lb ia , M y s t ic , N u m a , B r a z il, C in c in n a ti, E x lin e ,
M o u lt o n , B la k e s b u rg , R a th b u r n , A lle r to n , L e o n , D e c a tu r C it y , L e r o y ,
G a rd e n G r o v e , H u m e s to n , D e r b y , V a n W e r t , W e ld o n , M t . A y r , D ia g o n a l,
S h a n n on C it y , C le a rfirle , L e n o x , B lo c k t o n , B e n to n , M a l lo y , R e d d in g ,.
C r e s to n , N e w t o n , C h a r ito n , R u sse ll, L a c o n a , L u ca s , M u r r a y , T r u r o .
O sce o la , B u rU n gto n , O ttu m w a , W a p e llo , M o r n in g S un , C o lu m b u s J u n c t io n ,
W a s h in g to n , M t . P le a s a n t, S ig o u r n e y , a n d L a m o n i.
T h e p o p u la tion ,
s e rv e d is e s tim a te d a t 2 0 0 ,0 0 0 . M ile s o f g a s m a in s , 14. G a s m e te rs , 719 .
E le c t r ic m e te rs , 1 9 ,7 8 4 .
STOCK A N D BO N DS—
Date.
Interest. Outstanding. Maturity.
C o m m o n s t o c k 5 0 .0 0 0 s h a r e s - - ____
___________ 1 0 ,0 0 0 shs. ____________
P r e f s t o c k 7 % c u m . $ 5 ,0 0 0 ,0 0 0
$ 3 ,0 5 0 ,0 0 0 ------------------($ 100) ----- ------- -----------------------7 Q-J
1 ,7 3 1 ,0 0 0 O c t
1 1933
1st M (M a in e c o ) $ 2 ,5 0 0 ,0 0 0
1916
6 g A -O
sk fd g o ld ($1 0 0 , $50 0 an d I n t . in N . Y . o r C h ic a g o , C e n tr a l T r u s t C o .
o f Illin o is , tru ste e .
$ 1 ,0 0 0 ) ...................
c*tf
re d e e m a b le a t 105 a n d in t
1st & r e f m tg e (D e la w a r e c o
Series o f 1923 ($1 0 0 , $500
1923
6 g F -A
1 ,6 5 9 ,3 0 0 F e b 1 1 9 4 $
an d $ 1 ,0 0 0 ) g o ld _______ c * t f
5 K g J -J $ 3 ,0 0 0 ,0 0 0 J u ly 1 1950
Series o f 1925 ($ 1 ,0 0 0 , $500, 1925
a n d $ 1 0 0 )_______________ c * t f N o r t h e r n T r u s t C o . , C h ic a g o , tr u s te e .
6%
3 0 7 .6 0 0 ____________
S o u th e rn I o w a E le c 1st m t g e . _______
6%
7 5 0 .0 0 0 M a r 1 1932N o t e s ___________________________ _______
Stock.— P r e f. is r e d . all o r in p a r t o n a n y d iv . d a t e o n 30 d a y s ’ n o t ic e a t
115 a n d d iv s . I n J a n . 1925 $ 1 ,0 0 0 ,0 0 0 7 % p r e f. s t o c k w as offered b y W . C .
N e t e a rn in g s--------------------------------------F ix e d ch a r g e s ___________________________
$ 2 3 ,8 6 0
2 8 ,8 3 3
$ 1 3 ,2 9 1
2 8 ,3 8 4
$ 2 0 ,7 8 2
2 4 ,0 9 9
D e f i c it ------------------------------------------------$ 4 ,9 7 3
$ 1 5 ,0 9 3
$ 3 ,3 1 7
O F F I C E R S .— P r e s ., J . R . L e e ; V . - P . , E . F . B u lm a h n ; S e c .-T r e a s ., H . R .
B e c h t e l. O ffic e , 211 B r a d y S tr e e t, D a v e n p o r t , I o w a .— V . 10 3 , p . 939 ;
V . 105 , p . 49 6 ; V . 120, p . 3 3 1 0 .
CENTRAL IOWA POW ER & LIG H T CO.
C o n tr o lle d b y th e U n ite d G a s I m p r o v e m e n t C o .
O R G A N I Z A T I O N .— I n c o r p . in D e la w a r e O ct. 29 1 92 4. O w n s and
o p e r a te s th e e le ctr ic lig h t and gas p r o p e r tie s fo rm e r ly o w n e d and op era ted
b y th e C itizen s G a s & E le c t r ic C o . (V . 105, p . 110 6), C ed a r V a lle y E le c tr ic
C o . ( V . 100. p . 1 7 5 5 ), an d N o rth e r n I o w a G as & E le c t r ic C o . ( V . 114,
p . 2 4 7 7 ). In F e b . 1925 it w as r e p o r t e d th a t th e c o . h a d a c q u ir e d th e
G r u n d y C e n te r ( l a .) E le c . C o . V . 120, p . 828.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
F u rn ish es w it h o u t c o m p e titio n e le c tr ic lig h t and p o w e r in 47 com m u n ities
in c e n tr a l a n d n o rth e rn I o w a , in clu d in g jb h e cities o f W a t e r lo o , H a m p to n ,
C h a rles C it y , E a g le G r o v e , C la rio n an d H u m b o ld t. C o . also m a n u fa ctu res
gas in W a t e r lo o a n d E a g le G r o v e , a n d d istrib u tes it in th ese cities an d in
C e d a r F a lls. I n a d d itio n c o . su p p lies e le ctr ic e n e rg y , u n d er c o n t r a c t e x p ir
in g in 1934, t o th e N o rth e a ste r n I o w a P o w e r C o . T h e c o .'s e lectric
BONDS
Central Iowa Power & Light Co.
National Electric Power Co.
Florida Public Service Co.
Iowa Southern Utilities Co*
are a m o n g th e m a n y s tro n g P u b lic U t ilit y c o r
p o ra tio n s
w h o se b o n d s h a v e
been
u n d e rw rit
ten
and
d is trib u te d
by
th is
o rg a n iza tio n .
1st M tg e , 6s due 1 9 3 3
1st & R f. 6s due 1 9 4 3
1st & R f, 5Js due 1 9 5 0
AC.ALLYNAD m pa n y
Nco
of
Circulars describing these
and other sound utility
bonds sent on request.
In corp ora ted
67 WEST MONROE ST., CHICAGO
NEW YO R K
P H IL A D E L P H IA
BO STO N
M IL W A U K E E
M IN N E A P O L IS
H o AGLAND, A l LUM
(o.
Established 1909—Incorporated
14 S La Salle St.
CHICAGO
34 Pine St.
NEW YORK
Oct., 1925.]
POWER, LIGHT AND RAILW AY
L a n g le y & C o . , N . Y . , a t 9 3 )3 an d d i v ., t o y ie ld a b o u t 7 . 4 9 % . V . 120 , p .
3 3 0 . In A p ril 1925 th e sa m e b an k ers offered an a d d itio n a l $ 1 ,0 0 0 ,0 0 0 7 %
p r e f. s to c k a t 95 a n d d i v ., t o y ie ld 7 . 3 6 % . V . 120 , p . 2 0 1 2 .
Bonds.— A d ir e c t fir s t m tg e . u p o n th e p r o p e r tie s , & c ., n o w o w n e d and
h ereafter a c q u ir e d . A d d it io n a l b o n d s m a y b e issu ed u p t o 8 0 % o f c o s t o f
perm an en t e x te n s ., & c ., w h en n e t earn in gs are tw ic e in t. ch a rg e s o n all
b on d s ou ts ta n d in g , in c lu d in g th o s e p r o p o s e d . A m in im u m m a in t. ch arge
fo r railw ay p ro p e rtie s o f 1 7 % o f gross earnings fr o m ra ilw a y o p e r a tio n s , is
p ro v id e d . Sinking fund b e g a n M a r c h 1 1919, o f 1 0 % o f n e t earn in gs
fo r th e p re v io u s y e a r , b u t n o t less th a n 1 ) 3 % o f th e a v e r a g e a m o u n t o f
1st M . b on d s o u ts ta n d in g d u rin g th e y e a r t o re tire b o n d s o r fo r p e rm a n e n t
im p ro v e m e n ts .
T h e 1st & r e f. m tg e . 6 % ser. 1923 are re d . o n a n y in t.
date a t 107 )3 an d in t . t o J a n . 1 192 8; 105 t o J u ly 1 1933, a n d 1 0 2 )3 th e re
a fter. I n t . p a y a b le in N . Y . o r C h ic a g o . V . 116, p . 1768
I*.' The first and refunding mortgage 5 )3 % gold bonds, Series 1925, are re d e e m
able o n 3 0 d a y s ’ n o t ic e , in c l. J u ly 1 1931, a t 105 ; in c l. J u ly 1 1941 a t 1 0 2 )3 ;
incl. J u ly 1 1948 a t 101; th e r e a fte r a t p a r p lu s in terest in e a ch ca s e . In te r e s t
p a y a b le in N e w Y o r k a n d C h ic a g o . P e n n . 4 m ills ta x re fu n d a b le . V . 121,
p . 457 . I n J u ly 1925 H o a g la n d , A llu m & C o ., I n c ., a n d W . C . L a n g le y &
C o . sold $ 3 ,0 0 0 ,0 0 0 a t 9 7 )3 a n d in te re s t, t o y ie ld a b o u t 5 .7 0 % .
E A R N I N G S .— F o r yea rs e n d in g D e c . 31:
Cal.Yr.
Gross.
Net, after Taxes.
Bond,&c.,Int. Dividends.
Bal.,Sur.
1 9 2 4 .-$ 1 ,1 3 3 ,4 4 1
$42 3 ,7 3 1
$ 2 3 3 ,5 5 7
$ 6 3 ,8 8 9
$ 1 2 6 ,2 8 5
1 9 2 3 -- .1 ,0 0 9 ,4 8 6
4 0 9 ,2 5 4
1 55 ,242
7 5 ,3 5 2
1 7 8 ,6 6 0
1922 . .. $ 8 4 4 , 4 0 5
2 8 4 ,3 1 8
148.697
6 6 ,2 7 4
69.347
O F F I C E R S .— P r e s ., G e o . M . B e c h te l; V . - P . , J . R oes L e e ; Y . - P . , F ran k
S. P a y n e; S e c ., H . R . B e c h te l; T r e a s . & G e n . M g r ., E . F . B u lm a h n ; A u d .,
E . L . S h u tts .
O ffic e ,C e n t e r v ille , I o w a . V . 117, p . 332 , 189 4, 2 4 4 0 , 288 9;
V . 118, p . 8 0 0 , 1919; V . 119, p . 58 6 , 701 , 81 8 , 117 7, 1402, 1849; V . 120, p .
330, 2 01 2. 2 1 4 7 ; V . 121 . p . 45 9 .
IOW A R A IL W A Y & LIG H T CORP.
O R G A N I Z A T I O N . — I n c o r p . in J u ly 1925 fo r th e p u r p o s e o f ta k in g o v e 1
th e assets a n d b u s in e s s o f th e Iowa Ry. & Light Co., th e B o o n e G a s C o .
(V . 121, p . 7 2 ) , t h e W a p s ie P o w e r & L ig h t C o ., t h e J e ffe r s o n E le c t r ic C o .
an d o t h e r u tilitie s . I n J u ly 1925 p u r c h a s e d th e c a p ita l s t o c k o f t h e Io w a
P u b lic S e r v ic e C o . (V . 121, p . 4 5 7 ), a n d a c q u ir e d t h e M a d r id L ig h t & P o w e r
C o . (V . 121, p . 5 8 6 ).
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o r p o r a t io n ow n s o r c o n t r o ls a n d o p e r a te s w it h o u t c o m p e t it io n th e e le ctr ic
p o w e r a n d lig h t p la n ts in C e d a r R a p id s , M a r s h a llto w n , B o o n e , P e r r y ,
M a r io n , N e v a d a , J e ffe r s o n a n d C o o n R a p id s ; t h e gas p la n ts a t A m e s , M a r
s h a llto w n , N e v a d a a n d B o o n e ; t h e h e a tin g p r o p e r tie s in C e d a r R a p id s ,
M a r io n , B o o n e a n d P e r r y ; a h ig h -g ra d e in te ru rb a n e le ctr ic r a ilr o a d o v e r 43
m iles in le n g th b e tw e e n C e d a r R a p id s a n d M o u n t V e rn o n a n d C e d a r R a p id s
a n d I o w a C it y ; a n d t h e lo c a l s tr e e t ra ilw a y s in M a r s h a llto w n , B o o n e a n d a
p o r t io n o f C e d a r R a p id s . I t also o w n s u n d e v e lo p e d w a te r p o w e r sites
c a p a b le o f d e v e lo p in g a n n u a lly 111 ,0 0 0 ,0 0 0 k . w . h . T h e e le c t r ic p o w e r an d
lig h t p la n ts h a v e a r a te d c a p a c it y o f 4 8 ,3 8 4 k . w ., a ll o f w h ic h are c o n n e c t e d
w ith e a c h o t h e r a n d w ith th e c e n tre s o f d is trib u tio n b y a c o m p r e h e n s iv e
s y s te m o f h ig h -te n s io n tra n sm issio n lin es agg re g a tin g 650 m ile s . P o p u la
t io n s e r v e d , a p p r o x im a t e ly 1 40 ,000 .
Franchises.— E le c t r ic a n d gas p r o p e r tie s are o p e r a te d u n d e r fra n c h is e s o f
v a r io u s m a tu ritie s . C o r p o r a t io n ’s in te ru rb a n lines are lo c a te d o n p r iv a te
r ig h t s -o f-w a y e x c e p t f o r s h o r t d is ta n ce s , w ith in th e te rm in a l c itie s . I n th e
o p in io n o f c o u n s e l th e g e n e ra l fra n c h is e s itu a tio n is s a tis fa c to r y .
STOC K A N D BON DS—
Date.
Interest. Outstanding. Maturity.
C o m m o n ________________________ ______
________
$ 8 ,5 0 0 ,0 0 0
P r e fe r r e d 7 % c u m u la t iv e ------------------7%
4 ,6 5 8 ,0 0 0
G o ld n o t e s --------------------------------- ---------------------3 9 4 ,6 5 0
I o w a R y & L t 'C o T s t & r e f M / 1912
5 7-8 M -S
8 ,0 7 2 ,0 0 0 S e p t 1 1932
(n o w 1st) $ 1 0 ,0 0 0 ,0 0 0 g o l d ( H arris T r u s t & S a v . B a n k , C h ic a g o , tru ste e .
($ 5 0 0 a n d $ 1 ,0 0 0 )____ c * . t f 1
F ir s t a n d refu n d in g m o r tg a g e / 1925
5 )3 g M - N 4 ,0 0 0 ,0 0 0 O c t 1 1954
($ 1 ,0 0 0 , $ 5 0 0 )________ c * . t f (H a rris T r u s t & S a v . B a n k , C h ic a g o , tr u s te e .
Stock.— A ll o f th e o u ts ta n d in g p r e f. s t o c k o f th e I o w a R y . & L ig h t C o .
w a s c a lle d fo r r e d e m p tio n o n S e p t. 3 0 1925 a t 1 0 2 )3 a n d d iv s . Y . 121, p .
1 56 9.
Bonds.— T h e first and refunding mortgage 5 ) 3 % , 1925, a re re d e e m a b le ,
i n c l. N o v . 1 1935 a t 105 a n d in te re st, a n d th e r e a fte r w ith su c c e s s iv e r e d u c
tio n s in th e p r e m iu m o f ) 3 % p e r a n n u m , th e b o n d s b e in g re d e e m a b le ,
h o w e v e r , o n M a y 1 1945 a t 100 33 a n d in te re s t. In te r e s t p a y a b le in C h ic a g o
a n d N e w Y o r k . P en n . 4 m ills ta x re fu n d a b le . I n O c t . 1925 H arris, F o r b e s
& C o . , o ffe r e d $ 4 ,0 0 0 ,0 0 0 a t 99 a n d in te re s t, t o y ie ld a b o u t 5 .5 8 % .
V.
1 2 1 , p . 1677. T h e b o n d s are issu ed b y th e c o r p o r a t io n u n d e r a jo in t m o r t
g a g e o f th e c o r p o r a t io n a n d o f th e Io w a R y . & L ig h t C o . U p o n th e re tire
m e n t in 1932 o f th e $ 8 ,0 7 2 ,0 0 0 I o w a R y . & L ig h t C o . fir s t & r e f. 5s in 1 93 2, th e Io w a R y . & L ig h t C o r p . 1st & r e f. m t g e . 1925 b o n d s w ill b e se
c u r e d b y a fir s t m o r tg a g e o n a ll th e p ro p e r tie s .
$ 5 0 0 ,0 0 0 Iowa Railway & Light Co. first refunding 5 % bonds, due 1932,
bear in teres t a t 7% a n d $ 1 ,0 0 0 ,0 0 0 b e a r in te re s t a t 8 % . T h e re m a in d e r
are 5s. T h e o rig in a l in d e n tu r e p r o v id e d fo r in te re s t a t 5 % . T h e e xtra
in te re s t c o u p o n s a re s e c u r e d b y a gen eral m o r tg a g e on th e p r o p e r t y s u b je c t
t o th e fir s t a n d r e fu n d in g a n d u n d e rly in g m o r tg a g e s . T h e b o n d s w ith
t h e 2 % extra in terest c o u p o n s are red eem a b le o n a n y in te re st d a te u p t o
M a r c h 1 1928 a t 108. a n d d ecreasin g 1 % e a ch y e a r th e re a fte r t o M a r c h 1
1932. V . 112, p . 849 .
O f th e rem ain in g 1st & re fu n d in g b o n d s. $1 8 8 ,0 0 0
are reserved fo r p r io r lien a n d rem ain d er are fo r exten sion s a n d a d d itio n s a t
8 0 % o f c o s t fo r a c q u is itio n s , & c ., u n d e r c e r ta in re strictio n s. T h e 5s are
s u b je c t t o ca ll o n a n y in te re st d a te a t 103 a n d in te re st. T h e 7s are red on
a n y in t. d a te sin ce M a r c h 1 1923 and t o an d in c l. M a r c h 1 1928 a t 1 0 8 ^
a n d th erea fter a t 1 % less ea ch y ear e n d e d M a r c h 1, t o and in cl. 1932
T h e 8s are re d . o n a n y in t. d a t e sin ce M a r . 1 1923, in and t o and in cl M a y 1
1928 a t 108, an d th erea fte r at 1 £ % less ea ch ye a r en d ed M a r c h 1 t o and
in cl. 1932.
Sinking fund 1 % p e r a n n u m o f b o n d s o u t , M a r . 1 1916 t o 1921.
1922 t o 1926, 2 % ; 1927 t o 1931. 3 % .
S in k in g fu n d is used fo r r e d e m p tio n
o f b o n d s o r fo r ex ten sion s and b e t t e m ie n s . V . 9 9 , p 750 ; V . 112, p . 849
V . H 3 . p . 71 Y , 121, p . 7 4 , 45 7 , 5 8 6 , 1569, 1677.
187
Bonds.— T h e 1st mtge. 6 % goldbonds. Series B, d a t e d J u ly 1 1924 a n d d u e
J u ly 1 1944. are in d e n o m in a tio n s o f $1,()00 , $50 0 a n d $10 0 c * , an d $ 2 5 ,000 , $ 1 0 ,0 0 0 , $ 5 ,0 0 0 a n d $ 1 ,0 0 0 r * t f .
T r u s te e , th e P e n n sy lv a n ia C o .
fo r In su ra n ce o n L iv e s & G ra n tin g A n n u itie s , P h ila d e lp h ia . In teres t a t
6 % p e r a n n u m , p a y a b le Jan . a n d J u ly 1 a t th e C h a se N a tio n a l B a n k , N e w
Y o r k , o r C o n tin e n ta l & C o m m e r c ia l T r u s t & S av in gs B a n k , C h ic a g o .
R e d . w h o le o r p a r t o n 60 d a y s ’ n o t ic e , in c l. J u ly 1 1934 a t 105; in c l. J u ly 1
1937 a t 104; in c l. J u ly 1 1940 a t 103; in c l. J u ly 1 1943 a t 102; th erea fter
a t 101; p lu s in t . in each ca s e . P e n n . & C o n n . 4 -m ills ta x , M a s s , in c o m e tax
u p to 6 % , N e w H a m p sh ire in c o m e ta x u p t o 3 % , a n d sim ilar ta x in M ainB
r e fu n d a b le . In M a y 1925 W e s t & C o . , S p e n ce r T r a s k & C o . , F ed era l
S ecu rities C o r p . a n d W . S. H a m m o n s & C o . s o ld $ 2 ,5 0 0 ,0 0 0 a t 99 a n d i n t .,
t o y ie ld a b o u t 6 . 1 0 % . V . 120 , p . 2 2 6 8 .— V . 119 , p . 117 6, 1963 , 2 64 6;
V . 120, p . 2 2 6 8 , 2 4 0 0 , 2 9 4 1 , 2 8 1 5 .
DUBUQUE ELECTRIC CO.
Control.— E n tir e ca p ita l s to c k o w n e d b y In te r s ta te P o w e r C o . (see a b o v e )
O R G A N I Z A T I O N .— O rg a n iz e d in D e la w a r e Ju n e 3 1916 a n d a c q u ir e d
th e U n io n E le c t r ic C o . o f D u b u q u e (see “ E le c . R y . ” S e c tio n fo r M a y 1 9 1 6 ).
O w n s E a st D u b u q u e E le c t r ic C o . , s e rv in g E a s t D u b u q u e , 111.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
D o e s th e en tire e le ctric lig h tin g , p o w e r a n d stre e t ra ilw a y b u sin ess in D u
b u q u e and v ic in it y . P o w e r s ta tio n w ith 12.675 h . p . ge n e ra tin g c a p a c it y ,
a b o u t 220 m iles o f tra n sm ission a n d d is trib u tin g lines; 2 0 .7 m iles o f tra ck
in c it y a n d s u b u r b s , s u b s ta n tia lly all 7 0 -lb . rail; 85 ca rs . Franchises e x te n d
t o 1947. A ls o sells p o w e r t o th e E a ste rn I o w a E le c t r ic C o . (co n tr o lle d
th ro u g h s to c k o w n e r s h ip ), s e rv in g 8 c o m m u n itie s w ith in e a s y transm ission
d ista n ce o f D u b u q u e .
T o in au gu rate b u s serv ice in 1 92 5. See V . 121, p . 1227.
STOCK A N D BO N DS—
Date.
Interest.
Outstanding. Maturity.
________
$ 6 8 2 ,0 0 0 ____________
C o m s to c k $ 2 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) - - ____
Pref 6% cum $2,000,000 ($1 0 0)____
Q-M
800,900
See text
1st M t g e . $ 3 0 ,0 0 0 ,0 0 0 Ser o f f 1923
6 g A -O
3 ,2 0 0 ,0 0 0 A p ril 1 1942
A p ril 1923 ($100 & $500)■{I n te r n a tio n a l T r u s t C o . , B o s t o n , tru stee.
g o l d -------------------------------c * t f I
Stock.— P r e f. s t o c k is c a lla b le a t 110 a n d d iv s . a n d has e qu a l v o t in g p ow er
w ith c o m m o n . V . 103, p . 4 1 0 .
Bonds.— A d d itio n a l 1st M t g e . b o n d s m a y b e issu ed fo r a d d itio n s an d
a cq u isitio n s u n d e r ce rta in r e s tric tio n s . T h e c o . c o v e n a n t s t o e x p e n d o r
set a sid e fo r m a in te n a n c e , ren e w a ls or re p la c e m e n ts 8 % o f th e gross o p e r
a tin g r e v e n u e . C a ll., a ll o r p a r t , b y lo t a t 1 0 7 )3 a n d in t . d u rin g 1924;
w ith r e d u c tio n o f p re m iu m s H o f 1 % e a ch y e a r th e r e a fte r th ro u g h 1935;
th e re a fte r o n a n y d a te p rio r t o m a t u r it y a t 101 a n d in t . I n t . p a y a b le in
N . Y . o r B o s t o n . M a s s , a n d N e w H a m p s h ire in c o m e ta xes in e ffe c t a t
tim e o f issu a n ce a n d P e n n a . a n d C o n n . 4 -m ills p r o p e r t y ta x e s r e fu n d e d .
V . 116, p . 2 63 6.
Dividends o n p r e f. s t o c k h a v e b e e n p a id r e g u la r ly f r o m d a te o f o r g a n iz a t ’ n
Earns. Years End.—
Dec. 31 ’ 2 3 . Dec. 31 ’2 2 . Dec. 31 ’2 1 . Dec. 31 ’20
G r o s s -------------------------------$ 1 ,1 8 5 ,3 1 5 $ 1 ,0 6 7 ,1 7 1
$ 9 9 7 ,0 7 5
$ 8 7 4 ,9 7 7
N e t, a ft e r t a x e s ..................
4 0 0 ,1 4 8
3 5 5 ,3 3 2
3 0 1 ,8 3 1
2 1 2 ,2 1 0
O F F I C E R S .— P r e s ., A lb e r t E m a n u e l, N e w Y o r k ; V . - P . . G . A . B a k e r ,
S e c ., F lo y d E . H a rp e r; T r e a s ., C . B . Z ie g le r .— V . 114, p . 1062; V . 116 , p .
822 . 1275, 2 1 2 8 . 2 51 6, 263 6; V . 117 , p . 85; V . 118, p . 1012; V . 119 , p . 2 0 6 3 .
V . 12 1 . p . 122 7.
CENTRAL MISSISSIPPI VALLEY ELECTRIC
PRO PERTIES.
O R G A N I Z A T I O N .— F o r m e d in Illin o is b y a tru st a g r e e m e n t d a t e d
O e c. 12 1913, u n d er w h ich th ere are d e p o s ite d w ith tru stees all th e c o m m o n
s tock o f th e K e o k u k E le c tr ic C o . (see b e lo w ) an d all th e c a p ita l s t o c k s o f
P o rt M a d is o n E le c . C o . a n d D a lla s C it y L ig h t C o .
North American Co. Acquiring Common Stock.— In O c t . 1925 t h e N o r t h
A m e r ic a n C o . o ffe r e d s to c k h o ld e r s 1 2 -3 shares N o r . A m . C o . fo r e a ch sh are
C e n tra l M is s , c o m m o n s t o c k , o r a ca sh a lte rn a tiv e o f $ 1 0 0 . V . 121 , p .1 9 0 7 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S ,—
T h e a b o v e c o m p a n ie s d o th e en tire e le ctr ic r a ilw a y , e le ctr ic lig h tin g , p o w e r
and gas business in K e o k u k , l a . , t h e en tire e le ctr ic lig h tin g a n d p o w e r b u si
ness in F o r t M a d is o n , I o w a , a n d D a lla s C it y , 111.; th e e n tire e le ctr ic ra ilw a y
an d lig h tin g business in H a m ilto n a n d W a rs a w . 111., a n d o p e r a te an in te r
u rban e le ctr ic railw ay b e tw e e n K e o k u k , H a m ilto n a n d W a r s a w (la rg e ly
o n leased lin e s ). M ile s o f e q u iv a le n t sin gle tr a c k , 6 .5 0 ; tr a c k a g e ,
6 .1 4
sta n d a rd ga u g e, cars. 15 p assen ger a n d 1 o t h e r . A ll p o w e r is p u r c h a s e d ;
fro m th e M ississip p i R iv e r P o w e r C o .
Franchises.— T h e e le ctric r a ilw a y a n d e le c, lig h tin g fra n c h is e s in K e o k u k
ex p ire in 1936, th e gas fra n c h is e in 1928. T h e e le ctr ic lig h tin g fra n c h is e
in H a m ilto n expires in 1936; t h e im p o r t a n t ra ilw a y fra n c h is e in 1 93 1.
T h e e le ctr ic lig h tin g fra n ch is e s in F o r t M a d is o n a n d D a lla s C i t y ex p ire
in 1938.
Capitalization.— S to c k , a u t h . a n d o u ts ta n d in g
C o m m o n , 7 ,5 0 0 shares
(n o p a r v a lu e ) 6 % c u m . p r e f. s t o c k (p a r $10 0— r e d . a t 1 1 0 ), $ 7 5 0 ,0 0 0 .
N o b on d s.
E A R N I N G S .— F o r yea rs e n d in g D e c . 31 (c o m b in e d co m p a n ie s )
Year—
Gross. Net.aft.Tax. Int.,& c. Sink.Fund. Bal.,Sur.
1924
$ 5 9 6 ,2 1 7
$ 1 5 8 ,1 6 2
$ 3 8 ,5 7 3
$ 1 1 9 ,5 8 9
159 ,451
3 9 ,7 2 0
119 ,7 3 2
1923 ___________________ 5 7 4 ,1 1 5
1922
5 4 7 ,9 3 3
1 5 0 ,9 2 9
4 3 ,8 5 2
107 ,077
x T h e se earnings are s u b je c t t o 6 % d iv id e n d fo r c u r r e n t y e a r o n $ 2 5 0 ,0 0 6
p r e f. s t o c k o f K e o k u k E le c t r ic C o .
Dividends.— A n in itial d iv id e n d o f 1 ) 6 % w as p a id o n th e p r e f. s t o c k in
M a r . 1914; sam e ra te q u a r. t o a n d in c l. S e p t. 191 7. In 1922, M a r ., 1 ) 3 % ;
S e p t ., 1 3 3 % ; D e c ., 1 3 3 % . I n 1923, M a r c h , 1 ) 3 % ; Ju n e, 1 3 3 % ; S e p t.,
1 ) 3 % ; D e c ., 1 ) 3 % . In 1923, 6 % . In 1 92 4, 6 % . in 1925, S e p t ., 1 ) 3 % .
O F F I C E R S .— I k e s ., R o b . H . V a n D e u se n ; V . - P . , H a r ry T . E d g a r : S e c .,
John A . O n d e r d o n k , C h ic a g o , 111.; T r e a s ., H . B . S a w y e r: A s s t. S e c .. V ic t o r
n . V ic k e r y . G e n . M g r s ., S to n e & W e b s te r M g t . A s s n .— V . 98. p . 7 2 . 61 0 .
V . 1 2 1 , p . 190 7.
(1) KEOKUK ELECTRIC CO.
INTERSTATE POWER COMPANY.
C on tr o lle d b y U tilities P o w e r & L ig h t C orp .
O R G A N I Z A T I O N .— I n c o r p . in D e la w a re A p r il 2 0 192 5. V . 120, p .
2400. O w ns a ll t h e o u ts ta n d in g s e cu ritie s o f t h e W isc o n s in c o m p a n y o f th e
sam e n a m e a n d a ll th e o u ts ta n d in g c o m . s t o c k a n d 933 shares o f p r e f. s to c k
o f th e D u b u q u e E le c t r ic C o . (see s e p a ra te s ta te m e n t b e lo w ) . I n 1925 a c
qu ired th e C lin to n G as & E le c t r ic C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
T h e I n te r s ta te R o w e r C o . (W is c o n s in ) o p e ra te s e le ctr ic a n d gas p ro p e rtie s
th r o u g h o u t s o u th e rn M in n e s o ta , n o rth e a ste rn I o w a an d so u th w e ste rn W is
con sin . T h e se p r o p e r tie s fu rn is h e le c t r ic lig h t a n d p o w e r w it h o u t c o m p e t i
tion t o 51 c itie s a n d c o m m u n itie s in M in n e s o ta , 28 in I o w a a n d 16 in W is
con sin , t h e p r in c ip a l c itie s b e in g A lb e r t L e a a n d O w a to n n a in M in n e s o ta ;
O elw ein , D e c o r a h , C r e s c o a n d W a u k o n , in I o w a ; an d L a n c a s te r a n d P rairie
du C h ie n in W is c o n s in . C o m p a n y also o w n s a n d o p e r a te s gas p la n ts a t
R o c h e s te r , O w a to n n a , A lb e r t L e a a n d A u s tin , in M in n e s o ta , a n d h e a tin g
p lan ts a t A lb e r t L ea a n d O w a to n n a . T o t a l p o p u la tio n o f t e r r it o r y se r v e d
estim a ted a t 3 3 8 ,0 0 0 .
C o . h as c o n tr a c ts fo r t h e p u rch a s e o f p o w e r , in clu d in g c o n t r a c t w ith the
N orth ern States P o w e r C o . fo r p o w e r s u p p ly a t several p o in ts in M in n e so ta
and w ith th e W isc o n s in R y ., L t . & P o w e r C o . in M in n e s o ta , a n d w ith th e
In tersta te L ig h t & P o w e r C o . in W isc o n s in .
C o . ow n s s tea m -electric ge n e ra tin g p la n ts a t O w a to n n a a n d A lb e r t L ea ,
M in n .; P rairie d u C h ie n , W is .; D e c o r a h an d O elw ein , I o w a . B y v ir tu e o f
a p o w er-in terch a n g e c o n tr a c t w ith th e I o w a R y . & L ig h t C o . , th e c o m p a n y ’ s
Io w a p rop erties are c o n n e c te d w ith C e d a r R a p id s an d in te rv e n in g w ater
p lan ts and t o th e I o w a E le c tr ic C o
C o . has 92 su b -s ta tio n s w ith a c a p a c itr
o f 18,0 0 0 k . v .a .. 1 .1 0 0 m iles o f h ig h -te n sio n transm ission lines a n d 1,750
m iles o f d is trib u tion syste m s. A n n u a l o u t p u t is a b o u t 6 7 ,0 0 0 ,0 0 0 k .w .h .
STO CK A N D BO N DS—
Date.
Interest. Outstanding. Maturity.
C o m m o n 100,000 shs (n o par) --------------------------- 100 ,000 s h s ------------------P r e f $7 d iv 2 0 0 ,0 0 0 shs (n o p a r ) ------$7 Q -J
4 0 ,0 0 0 shs O c t ’2 5 $ l . 75
1st m tg e g Ser A & B 6 % ____________
___________ $ 8 ,5 0 0 ,0 0 0 J u ly 1 1944
G en m tg e 7 % $ 3 ,5 0 0 ,0 0 0 ____________
____ ______
2 ,5 0 0 ,0 0 0 J u ly 1 1 9 3 4
Stock.— P r e f. s t o c k is p re fe rre d as t o $100 assets a n d $7 c u m . d iv s . In
case o f v o lu n t a r y liq u id a tio n o r d is s o lu tio n , t o $115 p e r sh are. R e d .,
w h o le o r p a rt, u p o n 30 d a y s ’ n o t ic e a t $115 p er share p lu s d i v . P y n c h o n
& C o . , W e s t & G o . a n d W . S. H a m m o n s & C o . so ld in M a y 1 92 5 3 0 ,0
shares a t 95 p er s h a r e , t o y ie ld a b o u t 7 . 3 7 % .
O R G A N I Z A T I O N .— I n c o r p . in 111. o n D e c . 5 1911 as su cce ssor t o t h e
K e o k u k E le c . R y . & P o w . C o . ; K e o k u k G a s & E le c . C o . ; H a m ilto n L t .
& P o w e r C o . a n d K e o k u k & W e s te rn E le c . C o . , c o n t r o l o f w h ic h w as
p u r c h a s e d in 1911 b y S to n e & W e b s t e r M g t . A s s n .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
D o e s th e en tire e le ctr ic r a ilw a y , e le ctr ic lig h tin g , p o w e r a n d gas b u sin ess
in K e o k u k , I o w a ; th e en tire e le ctr ic ra ilw a y a n d e le ctr ic lig h tin g b u sin ess in
H a m ilto n a n d W a r s a w , 111., a n d o p e ra te s an in te ru rb a n e le ctr ic ra ilw a y
b e tw e e n K e o k u k , H a m ilto n a n d W a rsa w (la r g e ly o n le a se d lin e s ).
See also
C e n tra l M is s . V a lle y E le c . P ro p e rtie s a b o v e .
Franchises.— See C e n t. M is s . V a lle y E le c . P ro p e r tie s a b o v e .
STOCK A N D BON DS—
Date.
Interest. Outstanding. Maturity.
C o m m o n $65 0 ,0 0 0 ($ 1 0 0 )____
Q -F
$ 6 5 0 ,0 0 0 N o v ’ 17, 1 H
P r e f $ 2 5 0 ,0 0 0 ($100) 6 % c u m . ____
Q -F
2 5 0 ,0 0 0
See t e x t
1st m tg e g , Series A ($ 1 ,0 0 0 ,/
1925 6 g M - N
$ 7 0 0 ,0 0 0 M a y 1 1945
$ 50 0, $ 1 0 0 )____________ c * t f\ C h ic a g o T r u s t C o . , C h ic a g o , tru ste e .
Stock.— C o m m o n s t o c k is a ll o w n e d b y C e n t. M is s . V a il. E le c . P r o p e r tie s .
P r e f. s t o c k is r e d . a t 110 . B o t h cla sses o f s t o c k are n o n -t a x a b le in I llin o is .
Bonds.— The 1st mtge. 6 % gold bonds, Series A , dated May 1 1925, a re r e d .,
w h o le o r p a r t , o n 30 d a y s ’ n o t ic e in c l. M a y 1 1935 a t 105, r e d u c in g )3 %
e a ch y e a r .thereafter t o 100 o n a n d a fte r M a y 1 1944, p lu s in t . in ea ch case.
I n M a y 1 1925, S to n e & W e b s t e r , I n c . s o ld $ 7 0 0 ,0 0 0 a t 9 8 a n d i n t ., t o y ie ld
a b o u t 6 .1 5 % .
A ll o f th e o u ts ta n d in g 2 ) 3 - y r . 6 % m tg e . n o te s , d u e J u ly 1 1925 w ere
ca lle d f o r p a y m e n t on J u n e 1 1925 a t p a r & i n t .— V . 120 , p . 268 3.
E A R N I N G S .— F o r 12 m o n th s e n d in g D e c 31:
Year—
Gross.
Net (aft.Tax). Int., &c. Sink.Fund.
Surplus.
1924 ____________ $ 4 2 3 ,5 2 2
$10 6 ,5 4 7
$ 4 0 ,2 2 4
_______
$ 6 6 ,3 2 3
6 8 ,257
1923 ____________ 4 1 3 ,1 7 5
1 0 8 ,0 0 8
3 9 ,7 5 1
_______
E A R N I N G S .— F o r 12 m o n t h s e n d in g Ju n e 3 0 :
1925.
1924.
G ro s s ea rn in gs________________________________________
$423,501
$ 4 2 1 ,7 1 9
O p e ra tin g e xp en ses a n d ta x e s _______________________
3 15 ,172
3 1 2 ,9 8 4
N e t ea rn in gs________________________________________
In te r e s t a n d a m o r tiz a tio n c h a r g e s ___________________
$10 8 ,3 2 9
4 1 ,5 8 3
$ 1 0 8 ,7 3 5
3 9 ,1 9 2
B a l. fo r re se rve s, r e tir e m e n ts a n d d iv id e n d s ___ _
$ 6 6 ,7 4 6
$ 6 9 ,5 4 3
R O A D , & c.— See C e n tra l M is s . V a lle y E le c t r ic P r o p e r tie s a b o v e .
188
PUBLIC UTILITIES
O F F I C E R S .— P r e s ., H a r ry T . E d g a r ; V . - P . , S am u el B . T u e ll; S e c ..
V ic t o r D . V ic k e r y ; T r e a s ., H e n r y D . S aw ver; G e n . M g r s .. S to n e & W e b s te r
M t g . A s s m .— V . 9 8 , p . 73; V . 9 9 , p . 467; V . 106, p . 396 ; V . 116, p . 76;
V . 120, p . 2 68 3, 294 3.
MISSISSIPPI RIVER POW ER CO.
Controlled by North American Co.
V . 121, p . 1789. See u n d e r “ N o r t h
A m e r ic a n C o . , ” also f o r e x c h a n g e o f s to c k s o ffe r e d .
A c q u is it io n t o o k
p la c e in O c t o b e r 1925.
O R G A N I Z A T I O N .— I n c o r p . in M a in e in 1910. I n J u ly , 1925 a c q u ir e d
th e C e n tra l L o u is ia n a P o w e r C o . , also th e p la n ts a t D u c k H ill a n d W in o n a ,
H a z le h u r st, M is s ., & c .— V . 121, p . 330.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w n s a n d o p e r a te s h y d r o -e le c t r ic p la n t lo c a te d o n th e M is s is s ip p i R iv e r
a t K e o k u k , l a . , a n d H a m ilto n , 111. T h e c o . fu rn ish e s p o w e r t o S t. L o u is ,
E a s t S t. L o u is , A lt o n , H a n n ib a l, Q u in cy , B u rlin g to n , F o r t M a d is o n ,
K e o k u k , a n d a d ja c e n t te r r it o r y . P o w e r s ta tio n c a p a c it y (in c h au xilia ry
a p p a r a tu s ), 1 1 1 ,2 0 0 k . w .
STO CK A N D BO N DS—
Date.
Interest. Outstanding.
Maturity.
C o m m o n $ 1 6 ,0 0 0 ,0 0 0 (S 1 0 0 )________
___________ $ 1 6 ,0 0 0 ,0 0 0 ____________
P r e f 6 % c u m $ 8 ,8 4 1 ,0 0 0 ($ 1 0 0 ) ____
6 Q -J
8 ,2 3 4 ,4 7 5 O c t ’2 5 , 1 /4
1st m tg e $ 2 5 ,0 0 0 ,0 0 0 ($ 1 0 0 , ( 1911
5 g J -J
1 8 ,2 4 2 ,2 0 0 Jan 1 1 9 5 1
$50 0 & $ 1 ,0 0 0 c* & $ 1 ,0 0 0 ,■(Old C o lo n y T r u s t C o . , B o s t o n , tr u s te e .
& $ 5 ,0 0 0 r * ) g o l d ___________ I
1 5 -y r d eb en tu res $ 5 ,0 0 0 ,0 0 0 / 1920
7 g M -N
3 ,1 7 8 ,5 0 0 N o v 1 1935
<$100, $50 0 & $ 1 ,0 0 0 ) g - -C * \ I n t . a t S ta te S tre e t T r . C o ., B o s t o n , tru s te e .
Stock.— P r e f. is r e d . a t 115 a n d is p r e f. as t o d iv s . in c a s e o f liq u id a tio n .
Bonds.—-1st Mtge. 5s a re c a ll, as a w h o le (o r in p a r t fo r s in k , fu n d s ) at
1 0 5 & in t . o n a n y in t . d a t e .
Sinking fund o f 1 % p e r a n n u m o f b o n d s
o u t s ta n d in g o n S e p t. 1 p r e c e d in g , p a y a b le J a n . 1. $ 2 ,4 0 6 ,1 0 0 in sin k in g
fu n d c a n c e lle d as o f D e c . 31 1924. I n t . p a y a b le a t o f fic e o f t r u s te e a n d th e
C a n a d ia n B a n k o f C o m m e r c e , T o r o n t o , C a n a d a , a n d L o n d o n , E n g la n d .
15 -Year Debenture 7s a re c a ll, a ll or in p a r t o n a n y in t . d a t e p r io r t o
N o v . 1 1925 a t 103; N o v . 1 1925 t o O c t . 31 1930 a t 102; N o v . 1 1930 t o
O c t . 31 1934 a t 101; N o v . 1 1934 t o m a tu r ity a t 100; in a n y ca se w ith a c
c r u e d in t .
Sinking fund t o a n d in c l. S e p t. 1 192 6, 3 % ; S e p t. 1 1927 t o
& in c l. S e p t. 1 1934 , 4 % ; o f d e b e n tu re s c e r tifie d , p a y a b le a n n u a lly S e p t. 1
$ 4 2 1 ,5 0 0 in sin k , fu n d c a n c e lle d u p t o D e c . 31 1924.
E A R N I N G S .— F o r 12 m o s . e n d in g Ju n e 3 0 :
1925.
1924.
G ro s s e a rn in g s________________________________________$ 3 ,2 0 0 ,7 7 5 $ 3 ,0 9 7 ,7 0 5
O p e r a tin g exp en ses a n d ta x e s _______________________
7 7 2 ,0 8 4
864,421
N e t ea rn in g s ------------------------------------------------------------- $ 2 ,4 2 8 ,6 9 1 $ 2 ,2 3 3 ,2 8 4
In te r e s t a n d a m o r tiz a tio n ch a r g e s ___________________
1 ,1 7 4 ,6 5 4 1 ,1 9 2 ,8 6 8
B a l. fo r reserv es, r e tir e m e n ts a n d d iv id e n d s ____ $ 1 ,2 5 4 ,0 3 7 $ 1 ,0 4 0 ,4 1 6
O F F I C E R S .— P r e s ., H a r r y T . E d g a r ; V . - P . , S am u el B . T u e ll; V . - P . .
H u g h L . C o o p e r ; S e c ., W m . T . C r a w fo rd ; T r e a s ., H e n r y B . S a w y e r. U n d er
m a n a g e m e n t o f S ton e & W e b s te r , I n c .— V . 119, p . 702 , 1633; V . 120, p . 1203.
V . 121, p . 3 3 0 , 706 167 8, 1789.
(THE) OTTUM W A RAILW AY & L IG H T CO.
A ll th e c o m m o n s t o c k o w n e d b y N o rth e r n S tates P o w e r C o . ( M i n n .) .
Sale of Company's Properties.— T h e c o . ’s ele ctric a n d steam h e a tin g p r o p
erties w ere ta k e n o v e r fo r o p e r a tio n b y th e Northern States Power Co. of
N. J. a n d th e Ottumwa Traction Co., w as in c o rp . in D e la w a re Jan . 7 1924
t o ta k e o v e r th e stre e t r a ilw a y p ro p e rtie s . V . 118, p . 1136. F o r h is to ry
o f th e O ttu m w a R y . & L t . C o . , see “ E le c tr ic R a ilw a y ” S u p p le m e n t o f
A p ril 26 1924.
SIO U X C IT Y GAS & ELECTRIC CO.
U n ite d G a s I m p r o v e m e n t C o . h as an in terest in th is c o m p a n y .
O R G A N I Z A T I O N . & c.— In c o r p o r a te d in Io w a in 1901.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
D id all th e gas as w ell as a p o r t io n o f th e e le ctr ic lig h t a n d p o w e r bu sin ess in
S iou x C it y , I o w a , u p t o 192 2. O n N o v . 2 1922 a c q u ir e d th e e le ctr ic g e n
era tin g p la n t an d d is trib u tio n system fo rm e r ly o w n e d b y th e S iou x C it y
S e rv ice C o . , th u s p la c in g th e en tire lig h t an d p o w e r a n d gas business in the
c it y o f S iou x C i t y u n d e r th e o w n e rsh ip an d m a n a g e m e n t o f th e S iou x C it y
G a s & E le c t r ic C o .
T h e S iou x C it y G as & E le c t r ic C o . o w n s s u b s ta n tia lly all o f th e o u ts ta n d
in g ca p ita l s t o c k o f th e S iou x C i t y Service C o . (see b e lo w ) , w h ich la tte r
c o m p a n y c o n tin u e s t o o w n a n d o p e r a te th e s tre e t ra ilw a y an d h e a tin g
bu sin ess in S iou x C it y .
Capital stock increased. See V . 121, p . 331.
<
Exchange Offer.— In O c t . 1922 h o ld e rs o f Sioux C it y S e rvice 1st & R e f.
M tg e . 5s w ere o ffe r e d in e x ch a n g e fo r th eir b o n d s new S iou x C it y G as &
E le c tr ic C o . 1st M t g e . 6 % g o ld b o n d s. Series A . m a tu rin g S e p t. 1 1947, on
a basis o f exch a n g e a t p a r a n d in t . fo r th e S ervice C o . 1st & R e f . 5s and
99,34 a n d in t . fo r th e G a s & E le c t r ic C o . n ew 1st 6s.
S T O C K A N D B O N D S .—
Date.
Interest. Outstanding. Maturity.
C o m m o n s to c k $ 8 ,0 0 0 ,0 0 0 ------- ---------. ____ $5,8OO,OO0 ______________
P r e f s to c k 7 % $ 6 ,0 0 0 ,0 0 0 ____________
7 Q -J
3 ,4 6 6 900 _________
ls fc m t g e ser “ A ” --------------------- } 192 2
6 g M -S
3 ,5 0 0 ,0 0 0 S e p t 1 1947
Series “ B ” --------------------------- \ 1924
6 g F -A
2 ,5 5 0 ,0 0 0 F e b . 1 1 9 4 9
Series “ C " ----------------------------- 1925 5 /4 g F -A
2 ,3 0 0 ,0 0 0 F e b 1 1950
($ 1 0 0 ,$ 5 0 0 & $ 1 ,0 0 0 ) g . c * t f j I n t . p a y a b le in N . Y . o r C h ic a g o .
Stock.— I n Ju n e 1925, B ly t h , W itt e r & C o . s o ld $ 3 ,0 0 0 ,0 0 0 a d d itio n a l
7 % c u m . p r e f. s t o c k a t 100 a n d d iv . V . 120, p . 3 06 6. T h e p r e f. s t o c k is
c a ll, all o r p a r t, o n 30 d a y s ’ n o t ic e a t 110 an d d i v s . , a fte r N o v . 1 1927.
Bonds.— P en n a . 4 -m ills ta x , C o n n . 4 - m ills ta x a n d M a s s , in c o m e ta x on
in t . n o t exceed in g 6 % p e r a n n u m r e fu n d e d . Series “ A ” are re d . all o r p art
on 60 d a y s ’ n o tice on S e p t. 1 1932 a n d th ereafter t o S e p t. 1 1936 a t 1 0 7 /4
a n d in t .; th erea fter t o S e p t. 1 1941 a t 105 an d in t .; th e re a fte r t o M a r . 1
1946 a t i 0 2 / 4 an d in t ., a n d th e re a fte r a t 100 a n d in t . A n n u a l sinking fund
34 o f 1 % o f b o n d s o f Series “ A ” o u ts ta n d in g c o m m e n ce s M a y 1 1927.
Series “ A ” b o n d s are re d . fo r sin k in g fu n d p u rposes fr o m S e p t. 1 1927 to
a n d in c l. S ep t. 1 1932 a t 1 0 7 J4 a n d in t ., a n d th ereafter at th e th en existing
r e d e m p tio n p r ice .
Series “ B ’ ^are r e d . all o r in p a r t u p o n 60 d a y s n o t ic e o n F e b . 1 1934 an d
th e r e a fte r o n o r p r io r t o F e b . 1 T 9 3 8 a t 1 0 7 /4 a n d in t ., a n d th e re a fte r o n or
pri< r t o F e b . 1 1943 a t 105 a n d i n t ., a n d th e re a fte r o n o r p r io r t o A u g . 1
1947 a t 1 0 2 /4 a n d i n t ., a n d th e re a fte r a t 100 an d i n t . A n n u a l sinking fund
o f /4 o f 1 % o f t h e t o t a l a m o u n t o f Series “ B ” b o n d s o u ts ta n d in g .
Series
“ B ” b o n d s are r e d . fo r sin k in g fu n d p u rp o s e s eith er b y ca ll fr o m F e b . 1 1929
t o a n d in c l. F e b . 1 1934 a t 1 0 7 /4 a n d i n t ., an d th e re a fte r a t th e e x istin g
r e d e m p tio n p r ice s , o r b y p u rch a s e in th e m a rk e t a t o r b e lo w s a id r e d e m p tio n
p r ice s .
S er. “ C ” are re d . all o r in p a r t o n 60 d a y s ’ n o tice on F e b . 1 1935, and
th erea fter o n o r p r io r t o F e b . 1 1938 a t 105 an d in t ., an d th e re a fte r o n or
p r io r t o F e b . 1 1943, a t 103 a n d i n t ., a n d thereafter o n o r p r io r t o A u g . 1
1947 a t 101 a n d in t ., a n d th e re a fte r a t 100 and in t ., are also re d . fo r sin k,
fu n d p u rp o s e s , eith er b y call fr o m F e b . 1 1929, to a n d in c l. F e b . 1 1935, at
105 a n d in t ., a n d th ereafter a t th e ex istin g r e d e m p tio n p r ice s , as a b o v e set
fo r t h , o r b y p u rch a se in th e m a rk e t a t o r b e lo w said r e d e m p tio n p rice s.
A p n u a l sink, fund o f J4 o f 1 % o f Ser. “ C ” b o n d s ou tsta n d in g co m m e n ce s
O c t . 1 1928. $ 2 ,3 0 0 ,0 0 0 Ser. “ C ” 5J4s w ere sold in F e b . 1925 b y H a ls e y ,
S tu a rt & C o . , I n c ., a t 97 a n d in t ., y ie ld in g a b o u t 5 .7 5 % .
V . 120. p . 1090.
E A R N I N G S .— F o r ca le n d a r yea rs—1924.
1923.
G ross earn in gs________________________________________$ 2 ,6 5 3 ,4 7 6
$ 2 ,2 3 8 ,7 4 7
O p era tin g expenses (in clu d in g t a x e s )_______________
2 ,1 6 7 ,5 2 5
1 7 5 8 ,2 9 0
N e t ea rn in gs________________________________________
$485,951
$48 0 ,4 5 7
O F F I C E R S .— P r e s ., L . L . K e llo g g ; V . - P . & G e n . M g r ., W . J . B e rtk e ;
S e c ., R . B . Searing; T r e a s ., I . W . M o r r is .— V . 116, p . 239 8: V . 117, p . 2 22 3,
2 78 1: V . 118, p . 1023; V . 119, p . 464 ; V . 120, p . 959, 1090, 306 6; V . 121,
p. 3 3 1 .
(1) SIOUX CITY SERVICE CO.
S u b s ta n tia lly a ll th e c a p ita l s t o c k is o w n e d b y S io u x C it y G as & E le c t r ic
C o . , w h ic h see a b o v e .
O R G A N I Z A T I O N , & C .— I n c o r p o r a te d o n Ju n e 7 1905 in N e w Je rse y .
I n M a r c h 1909 in cre a se d ca p ita l fr o m $ 2 5 0,00 0 t o $ 2 ,0 0 0 ,0 0 0 , in o rd e r t o
a c q u ir e s t o c k o f S iou x C it y T r a c t io n C o . V . 88, p . 1129. Franchises o f th e
S iou x C i t y S t. R y . (s u c c e e d e d b y S iou x C it y T r a c tio n ) ru n fo r 50 ye a rs fr o m
1889; o th e r franchises r u n fo r 25 ye a rs fr o m 1908. T h e se la tte r w ere o n th e
te r m s o f 5 -c e n t fa re s w ith tran sfers a n d 2 % o f gross earnings a fte r th e c it y
h as a p o p u la tio n o f 7 5 ,0 0 0 , b u t o n S e p t. 1 1920 a 6 -c e n t fa re w as g r a n te d fo r
th r e e y ea rs.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O p era tes a ll s treet r a ilw a y lin es in S iou x C it y a n d sells s te a m h e a t fo r
[V ol. 121.
co m m e rcia l p u rp o se s. O p era tes o v e r 51 m iles o f t r a c k ( o f w h ic h 7 m ile s
o n p r iv a te r ig h t -o f -w a y ) . 60 a n d 8 0 -lb . ra ils .
126 c a r s . O n N o v . 2 1922
th e c o . ’s ele ctric ge n e ra tin g p la n t a n d d is trib u tio n sy s te m w e re a c q u ir e d
b y th e S iou x C it y G a s & E le c t r ic C o ., w h ic h o w n s su b s ta n tia lly a ll th e c o . ’s
c a p ita l s t o c k . V . 115, p . 2 26 8.
Offer to Bondholders.— F o r o ffe r t o e x ch a n g e b o n d s o f S iou x C i t y G a s &
E le c t r ic C o . fo r F irs t & R e f . M t g e . 5s, d u e J a n . 1 1928, see t h a t c o m p a n y
a b o v e , a n d V . 115, p . 183 9.
STOCK A N D BON DS—
Date.
Interest. Outstanding. Maturity.
S to c k $ 2 ,0 0 0 ,0 0 0 ($ 1 0 0 )_____________
________
$ 2 ,0 0 0 ,0 0 0 - - . ------------F irst & r e f m tg e $ 5 ,0 0 0 ,0 0 0 / 1910
5 J -J
x 2 6 5 ,0 0 0 Jan 1 192 8
($ 1 ,0 0 0 ) g o l d _________ c * .t f /I l l i n o i s T r u s t & S a v . B a n k , C h ic a g o , tr u s te e .
x F u n d s o n d e p o s it w ith tru ste e fo r p u r c h a s e o f a ll o u ts ta n d in g b o n d s a t
p a r a n d in te re st.
E A R N I N G S .— F o r ca le n d a r y e a rs—
1924.
192 3.
G ro ss e a rn in g s________________________________________ $ 1 ,0 9 2 ,9 0 6 $ 1 ,1 4 1 ,0 5 6
O p e ra tin g expen ses a n d t a x e s ________________________
1,046,061
1 ,0 8 6 ,9 2 6
N e t e a rn in g s________________________________________
$ 4 6 ,8 4 5
$ 5 4 ,1 3 0
O F F I C E R S .— P r e s ., E . L . K ir k ; V . - P . & G e n . M g r ., W m . J . B e r tk e ;
S e c. & T r e a s ., J . H . R ic k e r .— V . 109, p . 7 3 ; V . I l l , p . 1084; V . 112, p . 2 64 3;
V . 113, p . 961 ; V . 115, p . 1839, 2 2 6 8 .
DES MOINES C IT Y R A IL W A Y CO.
I n M a r c h 1911 N . W . H a rris o f C h ic a g o a c q u ir e d p r a c t ic a lly a ll th e
s t o c k n o t p r e v io u s ly o w n e d b y h im o f t h e D e s M o in e s C i t y R y . C o . a n d
o f its a llie d c o r p o r a t io n , t h e In t e r -U r b a n R y . C o . (n ow D e s M o in e s &
C e n tra l Io w a R E . ) . V . 92, p . 7 9 4 . See a ls o V . 113, p . 84 7 .
O R G A N I Z A T I O N .— A c o n s o lid a tio n in 1893 o f th e D e s M o in e s S t. R R .
C o . a n d th e D e s M o in e s S u b u rb a n R y . C o .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A t r o ll e y r o a d .
O p erates 102.04 m iles o f tra ck . 35 t o 1 2 9 -lb . ra ils.
156
pa sse n g e r, 36 s e r v ic e ca rs . I s a u th o r iz e d t o c a r r y fre ig h t .
Franchise.— A n e w 2 5 -y e a r fra n c h is e w a s g r a n te d a t an e le ctio n o n N o v , 28
1921, p r o v id in g f o r s e r v ic e -a t -c o s t , & c. F o r f u ll d e ta ils see V . 114, p . 176 4.
Valuation.— See V . I l l , p . 2 1 4 0 .
Fares Increased.— E ffe c t iv e O c t . 1 1925 fa re s w e re in cre a se d . F o r m o r e
p a rticu la rs see V . 121, p . 1676.
Interest. Outstanding. Maturity.
STOCK AN D BON DS—
Date.
________
$ 1 ,0 5 5 ,0 0 0 ------------------C o m m o n $ 3 ,0 0 0 ,0 0 0 ($ 1 0 0 )___ ______
________
1 ,7 3 6 ,3 0 0 See t e x t
P r e f 7 % cu m u l $ 1 ,5 0 0 ,0 0 0 __________
5 J -J
6 ,0 6 2 ,0 0 0 Jan 1 1936
D e s M o in e s C it y R y gen a n d / 1916
r e f m tg e $ 1 5 ,0 0 0 ,0 0 0 g o l d - _ /H a r r is T r u s t & S a v . B a n k , C h ic a g o , tru stee.
5 -y e a r d e b e n tu re s ______________1922
7 A -O
6 1 8 ,0 0 0 A p r 1 1927
Stock.— P r e f. carries sam e v o t in g p o w e r s as c o m . C a ll, a ll o r in p a r t
o n a n y d i v . d a te a t 1 0 7 /4 a n d d iv s .
V. 106 , p . 2 0 1 0 .
Bonds.— R e m a in in g b o n d s m a y o n ly b e issu ed fo r 8 0 % o f ex p en d fo r
p e rm , e x t s ., en largem en ts a n d a d d n s . u n d e r c o n s e r v a tiv e r e s tric tio n s .
B o n d s are r e d . o n a n y in t . d a t e a t 105 a n d in t . M t g e . p r o v id e s fo r an
a n n u al e x p e n d itu re , b e g in n in g w ith 191 9, o f 2 0 % o f gro ss earn in gs fo r
m a in t., repairs a n d ren ew als fo r e x ts . an d a d d n s . fo r w h ic h n o b o n d s m a y
b e issu ed, o r fo r th e p u rch a se o r r e tir e m e n t o f o u ts ta n d in g b o n d s . V . 102.
p . 975 . D e b e n tu re s are r e d . a t 100 a n d in t.
Dividends.— P r e f d iv s . are b e in g p a id r e g u la r ly .
R E P O R T . — F o r 12 m o n th s e n d e d A u g . 31 192 5, gro ss, $ 2 ,3 2 1 ,6 5 6 ; n e t,
a fte r ta x e s (a v a ila b le fo r i n t ., d e p r e c ., a m o r t ., & c .) , $ 6 0 8 ,5 9 2 ; b o n d in t .,
a n d o th e r i n t ., & c ., $ 3 3 3 ,4 2 3 ; b a l., s u r ., $ 2 7 5 ,1 6 9 .
O F F I C E R S .— P r e s ., F . C . C h a m b e r s ; V ic e -P r e s ., M . H . M a c L e a n and
W . H . M c H e n r y ; S e c .. O . H . B e r n d ; T r e a s ., F . M . H arris; A s s t. T r e a s ..
F . B . B e i g h l e r . — V . 114. p . 1764: V . 115. p . 182: V . 116, p . 17 6 . 1275:
117, p . 207; V . 118, p . 201 , 270 3; V . 119, p . 197, 1063, 276 0; V . 121, p . 1676.
DES MOINES & CENTRAL IOW A R A IL R O A D .
O R G A N I Z A T I O N .— I n c o r p o r a te d in Io w a t o c o n s t r u c t a s y s te m o f
in teru rb an r o a d s co n n e c tin g w ith D e s M o in e s . W a s k n o w n as t h e In ter
u rban R a ilw a y C o . u p t o F e b . 1922. w h en n a m e w as c h a n g e d t o p r e s e n '
t itle . V . 114, p . 738 .
T h e $ 2 5 6 ,0 0 0 6 % d eb en tu res w h ich fe ll d u e Ja n . 1 1923 w ere n o t retired
at m a tu r ity b u t are b e in g carried a lo n g p e n d in g an e x te n s io n o f t h e loan .
T h e S e cre ta ry states th a t “ th ese d e b e n tu re s are v e r y c lo s e ly h e ld a n d are
In fr ie n d ly h a n d s. I t is a n tic ip a te d th a t t h e h o ld e rs w ill c o -o p e r a te with
the c o . in its e n d e a v o r t o w o rk th e situ a tio n ou t,.”
V . 116 . P- 295 .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A n e le c tr ic fre ig h t an d p assen ger r a ilw a y . O p e ra te s 100 .8 3 m iles o f track
(in c l. s id in g s ), c o n n e c t in g D e s M o in e s a n d C o lfa x , D e s M o in e s a n d P erry ,
w ith b r a n c h t o W o o d w a r d .
S ta n d a rd ga u g e ; 60 a n d 7 0 -lb . T r a il.
10 p a s s .,
m o to r ca rs, 1 p a s s , c o a c h , 7 lo c o m o t iv e s a n d 2 6 5 m is c . f r e ig h t a n d w o rk cars.
STO CK AN D BON DS—
Dale.
Interest. Outstanding.
Maturity
S to c k , $ 1 ,2 0 0 ,0 0 0 ($ 1 0 0 )____________
___________ $ 1 ,1 6 0 ,0 0 0 --------------1st M t g e b o n d s $ 2 ,5 0 0 ,0 0 0 / 1921
7 /4 A -O
5 6 2 .5 0 0 A p ril 1 1931
R e d a t 1 0 2 /4 an d i n t e r e s t - ./H a r r i s T r u s t & S a v . B a n k , C h ic a g o . T r u s te e
D e b e n tu re s , $ 3 5 0 ,0 0 0 ($ 1 ,0 0 0 / 1913
6 J -J
2 5 0 ,0 0 0 Ja n . 1 1 9 2 3
an d $ 5 0 0 )_______________ n t f / l n t . a t H arris T r . & S a v . B k .. C h ic .. T ru stee
Bonds.— I n a d d itio n t o th e $ 5 6 2 ,5 0 0 1st M t g e . 7 J4s r e p o r te d o u ts ta n d in g
$ 7 9 5 ,0 0 0 are p le d g e d as s e c u r ity fo r a G o v e r n m e n t lo a n o f $ 6 3 3 ,5 0 0 a t 6 %
a n d $ 7 1 ,0 0 0 a d d itio n a l a re d e p o s ite d as co lla te r a l f o r a n o th e r lo a n ; a d d i
tio n a l b o n d s t o th e a m o u n t o f $ 1 0 0 ,0 0 0 m a y b e issu ed fo r fu ll c o s t o f e x te n
sio n s, a d d itio n s a n d b e tte r m e n ts u n d e r c e r ta in re s tric tio n s , a n d re m a in d e r
m a y b e issu ed fo r 7 5 % o f s u ch c o s t . A r e r e d e e m a b le a t 1 0 2 /4 a n d in t . o n
a n y in t . d a t e . C o m p a re V . 112, p . 1 61 7, 2 53 1.
D e b e n tu r e s are r e d e e m a b le o n a n y in t . d a te a t 101 a n d in t .
E A R N I N G S .— F o r 12 m o n th s e n d e d A u g . 31 1925, g ro ss, $ 6 1 3 ,6 7 2 : n e t
a fter ta xe s (a v a ila b le fo r in t ., d e p r e c ., a m o r t iz ., & c .) , $ 1 2 0 ,7 1 5 ; b o n d in t
and in t. on G o v t , lo a n , $ 8 0 ,1 9 7 : b a la n c e , s u rp lu s , $ 40 ,518 O F F I C E R S .— P r e s ., F . C . C h a m b e r s ; V .- P r e s ., M . H . M a c L e a n a n d
W . H . M c H e n r y ; S e c., O . H . B e r n d ; T r e a s ., F ra n k M . H arris; A s s t . T r e a s .,
E . B . B e ig h le r; G e n . M g r ., C . M . C h e n e y .— V . 114, p . 738 ; V . 116, p . 2 9 5 .
CLINTON STREET RAILW AY .
O R G A N I Z A T I O N .— I n c o r p . in I o w a F e b . 4 189 1. U n d e r its ch a r te r
th e c o m p a n y is a u th o r iz e d t o c o n d u c t a stre e t r a ilw a y , lig h t, p o w e r a n d
h e a tin g b u sin ess. Franchise c o v e r in g m a in stre e t o f th e c it y is p e r p e tu a l;
o th e r s exp ire 1935 a n d 1938.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A b o u t 16 m . o f s in g le -tr a c k e q u iv a le n t a n d 32 s in g le -tr u c k c a r s . C u rr e n t is
p u rch a s e d f r o m th e C lin t o n G a s & E l e c . C o . In te r u r b a n ca rs f r o m D a v e n
p o r t e n te r t o c e n tr e o f c it y o v e r th e c o . ’s tr a c k s u n d e r t r a ffic a g re e m e n t.
STOCK AN D BON DS—
Date.
Interest. Outstanding. Maturity.
S to c k $ 1 ,0 0 0 ,0 0 0 ($ 1 0 0 )______________
________
$59 6 ,6 0 0
See t e x t
F irs t m o r tg a g e $40 0 ,0 0 0 g o l d / 1906
5 g A -O
4 0 0 ,0 0 0 M a r 31 1926
($ 1 ,0 0 0 )___________________c * / I n t . a t Illin o is T r . & S a v . B k ., C h ic ., tr u s te e .
Bonds.— C a lla b le a t 105 a n d i n t . o n a n y in t . d a te o n 90 d a y s ’ n o t ic e . A
s u p p le m e n ta l m o r tg a g e p r o v id e s th a t b e g in n in g A p ril 1 1918 a fu n d o f 2 %
o f th e b o n d s o u ts ta n d in g o r re tir e d b y th is fu n d b e e sta b lish e d t o b e u sed
fo r ren ew als, b e tte r m e n ts , & c ., o r fo r th e p u r c h a s e o f b o n d s u p t o 105 a n d
in te re s t. V . 104, p . 862 .
Dividends.— P a id 6 % d iv id e n d s fr o m 1907 t o 1913, in c lu s iv e (e x c e p t 5 % in
1 9 1 2 ). In 1913 t h e s to c k h o ld e r s a d v a n c e d a s u b sta n tia l su m fo r c o n s tr u c
tio n , & c ., a n d w a iv e d d iv id e n d s w h ile th is su m w as b e in g p a id o u t o f earn
in g s; $41 ,4 0 0 w as s o p a id in 191 6.
E A R N I N G S .— F o r y e a r e n d in g D e c . 31 1923, gross, $ 2 2 1 ,5 8 2 ; n e t , a ft e r
taxes, $ 7 2 ,5 3 2 . I n 1922, g ro s s , $ 2 2 6 ,1 0 1 ; n e t, a ft e r ta x e s, $ 6 8 ,8 7 8 .
O F F I C E R S .— P r e s ., R . C . L a n g a n ; V .- P . , G e o . T . B a k e r; S e c ., A . L .
8 c h u y le r ;T r e a s ., C . O . G o a n ; G e n . M g r .. B e rn a rd B o h n s o n .— V .1 1 2 ,p .l0 2 4 .
W ATERLOO CEDAR FALLS & NORTHERN R A ILW AY
New Control.— O n O c t . 27 1923 c o n t r o l o f t h e c o . p assed in t o th e h an d s
o f th e 1st m tg e . b o n d h o ld e rs p r o t e c tiv e c o m m it t e e (see b e lo w ) b y th e
tran sfer t o th e c o m m itte e o f 2 1 ,7 0 0 shares o u t o f a to ta l o f 2 3 ,3 3 0 /4 shares
o f c o m . s t o c k o u ts ta n d in g . F o r sta te m e n t o f c o m m itte e re g a r d in g th e
p r o p e r t y an d its p o s s ib ilitie s see V . 117, p . 2 2 1 4 .
O R G A N I Z A T I O N .— I n c o r p . in I o w a in 1895 as W a t e r lo o & C e d a r F a lls
R a p . T ra n sit; n a m e c h a n g e d t o a b o v e in 1904 b y a m e n d in g a rticle s o f in c o r p .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
L in e o p e n e d b e tw e e n W a t e r lo o a n d C e d a r R a p id s S e p t. 13 191 4. C o n -
POWER, LIGHT AND RAILW A Y
Ora., 1925.]
n ects a t C e d a r R a p id s , l a . , w ith t h e C h ic . & N . W . R y . a n d C h ic . M ilw
& S t. P a u l R y . O w n s a n d o p e r a te s a line o n p r iv a te r ig h t -o f-w a y fro m
W a v e r ly t o C e d a r R a p id s , 83 m ile s ., w ith a b r a n c h fr o m W a t e r lo o t o C e d a r
Palls an d N o rm a l, 9 m ile s , a n d a b e lt line o f 7 m ile s aro u n d W a t e r lo o . A lso
ow ns and o p e r a te s u n d e r s a tis fa c to r y fra n ch is e s , 23 m iles o f ra ilw a y in th e
cities o f W a t e r lo o a n d C e d a r P a lls; to t a l tr a c k , 138 .64 m ile s . H as jo in t
tra ffic a greem en ts w ith th e C h ic . & N o r t h W e s te rn , C . M . & S t. P . , C h ic .
G t. W e s t ., Illin o is C e n t, an d th e C . R . I . & P a c . ra ilroad s fo r in te rch a n g e o f
freigh t, pa ssen g er, m a il a n d express bu sin ess. 60, 75 a n d 8 5 -lb . T rails,
52 passenger ca rs a n d 9 b u s e s , 2 b a g g a g e an d express an d 135 fre ig h t cars,
8 electric en gin es, a n d n e ce ssa ry w o rk cars, sn o w p lo w s , sw eep ers, & c
V . 105, p . 218 6.
Interest.— T h e ,J u ly 1 1918 an d J a n . 1 1919 in t. d u e o n th e c o . ’s b o n d s w as
n ot m e t w h en d u e , b u t has sin c e b e e n p a id . C o u p o n s d u e J u ly 1 1919 and
Jan. 1 1920 w ere e x te n d e d 4 yea rs b y scrip c e r tific a te s issu e d . S u b se q u e n t
interest p a id w h en d u e u p t o J u ly 1 1921. N o n e p a id s in c e . J a n . 1922 in t.
h avin g been d e fa u lte d , th e fo llo w in g c o m m itte e w as fo rm e d :
Committee for First Mtge. 5s.— C h a ir m a n , E d w a r d V . K a n e ; A . B . C o n a n t,
A rth u r V . M o r t o n , J . C . N e f f a n d R . E . W ils e y ; S e c., H e n r y J . L u rk e r,
1421 C h e s tn u t S t., P h ila ., P a . Y . 117, p . 1463. C o m p a re V . 114, p . 1763.
D ep ositaries: P e n n a . C o . fo r In s . o n L iv e s & G ra n tin g A n n u itie s , 517 C h e s t
nut S t., P h ila ., P a ., a n d F ir s t T r u s t & S av in gs B a n k , 56 W . M o n r o e S t.,
C h ica g o , 111. D e p o s it s h a v e b e e n ca lle d f o r . U p to Ju n e 15 1924 a b o u t
9 0 % o f th e 1st m t g e . b o n d s o u ts ta n d in g h ad b e e n d e p o s ite d . V . 115, p
2794; V . 116, p . 1277; V . 117, p . 1463, 1993, 221 4; V . 118, p . 3 19 9.
New Mortgage.— T h e c o m p a n y file d fo r r e c o r d a g e n . m t g e . t o t h e F irst
T ru s t & S a v . B a n k , C h ic a g o , a n d M . T r a y lo r , C h ic a g o , tru ste e s, t o secure
an issue o f $ 1 5 ,0 0 0 ,0 0 0 g o ld b o n d s d a te d M a y 1 1920, d u e M a y 1 1950, b u t
s u b je c t t o p r io r r e d e m p t io n . T h e issu e w as c r e a te d fo r re fu n d in g p u rp o s e s .
$ 2 ,2 0 0 ,0 0 0 a re h e ld in tr e a s u r y . F o r fu r th e r d etails see V . I l l , p . 79 4 .
O n A u g . 20 1921 th e c o m p a n y w as a u th . (1) t o issu e $ 2 ,2 0 0 ,0 0 0 gen .
m tg e. 7 % b o n d s fo r p le d g e w ith th e U . S. as c o lla te ra l s e cu rity fo r $ 1 ,8 4 5 ,0 0 0
in loa n s fr o m t h e U . S .; (2) t o issu e a n d sell a t p ar fo r cash $ 7 0 0 ,0 0 0 c o m m o n
s to c k ; a n d (3) t o issu e lea se w a rra n ts o r n o te s agg re g a tin g $ 1 3 2 ,1 5 9 , in c o n
n e c tio n w ith th e p r o c u r e m e n t o f e q u ip m e n t. Y . 113, p . 962 .
STOCK A N D BON DS—
Date.
Interest. Outstanding. Maturity.
C o m m o n ($100) $ 3 ,3 3 5 ,0 0 0 __________
$ 2 ,3 3 3 ,0 5 0 ____________
P r e f s t o c k $ 1 ,6 6 5 ,0 0 0 c u m ___________
6%
6 6 4 ,0 0 0
See te x t
F irst m t g e g o ld $ 6 ,0 0 0 ,0 0 0 / 1910
5 g J -J
5 ,7 7 3 ,0 0 0 Jan 1 1940
($ 1 ,0 0 0 )------------------------c * .t f \ I n t . a t F irst T r . & S a v . B k ., C h ic ., tru s te e .
S e c o n d m o r tg a g e (c lo s e d ) ____ ______
2 ,2 0 0 ,0 0 0 ____________
G en era l m o r tg a g e $ 1 5 ,0 0 0 ,0 0 0 1920
________
See t e x t
M a y 1 1950
4 -y e a r s c r ip --------------------------------- ---------------------See t e x t
____________
C a r tr u s t n o t e s __________________
3 4 ,1 0 7 ____________
Bonds.— -R em a in in g b o n d s c a n b e issu ed a t 8 2 3 6 % o f c o s t o f e x te n sio n s.
S u b je c t t o ca ll u p o n 60 d a y s ’ n o t ic e a t 105 a n d in t . A n n u a l sinking fund o f
7 % o f b o n d s o u t b e g a n w ith fis c a l y ear e n d in g D e c . 31 1 91 2. L o u is B o is o t
is a ls o tr u s te e .
C a r tr u s t n o te s m a tu r e in sm all a m o u n ts o v e r a p e r io d o f y e a r s . V . 9 0 ,
p . 85 0 , 91 5 ; V . 9 3 , p . 528 , 59 1 .
Dividends.— 6 % p e r a n n u m w as p a id o n p r e f. s to c k fr o m 1913 t o 1916,
in c lu s iv e ; 1917 d iv id e n d s d e fe rre d ( Y . 106, p . 3 9 8 ). N o n e s in ce .
E A R N I N G S — Cal. Years— 1924.
1923.
1922.
1921.
$ 8 9 6 ,1 0 4
$ 8 4 1 ,2 1 7
$ 8 5 7,45 7
G r o s s ----------------------------------------- $ 8 6 0 ,3 0 8
N e t (after ta x e s )_______________
2 9 ,0 9 3
2 9 ,0 5 9
6 1 ,6 9 2
3 3 ,0 3 9
O F F I C E R S .— P res . & G e n . M g r ., C . M . C h e n e y ; V .- P r e s ., O . D . C a ss;
S e c . & T r e a s ., J . B . K n o w le s .— V . 115, p . 2794; V . 116, p . 51 7 , 9 3 7 , 127 7.
1412, 1762; V . 117 , p . 1463, 166 5, 1993, 221 4; V . 118, p . 3 1 9 9 .
NEBRASKA
OMAHA & COUNCIL BLUFFS STREET R A IL W A Y .
O R G A N I Z A T I O N .— I n c o r p . in N e b r a s k a .
O w ns lin es fo rm e r ly o p e r
a t e d b y O m aha S t. R y . C o .; leases th e O m a h a & C o u n c il B lu ffs R y . & B rid g e
C o . in C o u n c il B lu ffs , I o w a , u n til 1947, to g e th e r w ith its b r id g e o v e r M is
so u r i R iv e r , ren ta l b e in g $ 6 0 ,0 0 0 p e r a n n u m , in a d d itio n t o a ll f ix e d ch a rge s.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A tr o lle y r o a d . O p era tes 163.77 m iles o f tr a c k , e m b r a c in g all th e street
r a ilw a y s in O m a h a, N e b ., an d in C o u n c il B lu ffs , l a . , in c lu d in g t h e O m a h a
a n d C o u n c il B lu ffs b r id g e .
Litigation.— A n a m e n d e d p e titio n seek in g a c o u r t d e c r e e o rd e r in g th e
c o m p a n y t o tu rn o v e r t o th e c it y its e n tire stre e t ra ilw a y p r o p e r t y in
O m a h a w as file d in J a n . 1918 b y C o r p o r a tio n C o u n se l L a m b e r t . A ju d g
m e n t fo r th e c o m p a n y ’s earnings sin ce J a n . 1917 w as a ls o a s k e d . T h e
a c t io n w as b a s e d on th e p r o v is io n o f th e fra n ch is e g r a n te d th e O m aha
H o rs e C a r C o . (th is c o m p a n y ’s p r e d e c e s s o r ), b y w h ich its p r o p e r t y w as t o
r e v e r t t o t h e c it y o n J a n . 1 191 7. V . 106, p . 8 6 . A r u lin g has be e n
h a n d e d d o w n b y th e c o u r t w h ic h h o ld s th a t th e rig h t o f r e v e rs io n d o e s n o t
e x te n d to a n y p a r t o f th e p re se n t p r o p e r t y o f th e O m aha & C o u n c il B lu ffs R y .
Fares.— S ee “ E le c t r ic R a ilw a y ” S u p p le m e n t o f O c t . 28 192 2, also V . 119,
p. 455 , 106 5, 1282, 1510.
Tax Relief or Higher Fares Sought.— See V . 119, p . 1510. O n Ju n e 10
1925 w as g ra n te d b y t h e N e b r a s k a R y . C o m m is s io n an in cre a se in fares
estim a ted t o b rin g a n n u a lly b e tw e e n $ 3 1 1 ,0 0 0 a n d $ 3 6 7 ,0 0 0 m o r e r e v e n u e .
V . 120, p . 3 31 5.
STOCK A N D B O N D S—Date.
Interest. Outstanding. Maturity.
C om m o n $ 1 0 ,0 0 0 ,0 0 0 ($ 1 0 0 )________
________
$ 5 ,0 0 0 ,0 0 0
See te x t
P r e f 5 % c u m fr o m Jan 1 1 9 0 4 1 ------5 Q -J
4 ,0 0 0 ,0 0 0
See te x t
$ 5 ,0 0 0 ,0 0 0 ( $ 1 0 0 )_________ (
F irst c o n s m tg e $ 1 0 ,0 0 0 ,0 0 0 g\ 1902
5 g J -J
9 .3 4 8 ,0 0 0 Jan 1 1928
($1,000) n o sink f u n d _ c * .t f /I n t e r e s t a t G u a r a n ty T r u s t C o . , N e w Y o r k .
Stock.— $ 5 ,0 0 0 ,0 0 0 c o m . a n d $ 1 ,0 0 0 ,0 0 0 p r e f. s t o c k are s e t aside fo r
add ition s a n d im p ro v e m e n ts .
Bonds.— O f th e fir s t co n s o ls . $ 6 5 2 ,0 0 0 o w n e d a n d in tre a su ry.
Dividends.— F irst d iv id e n d o n p r e f. s t o c k , \ fi % , w as p a id A p r il 1 1904,
and sa m e a m o u n t q u a r. t o a n d in c l. J u ly 1918. N o n e t o O c t . 1919, w hen
2 M % w a s p a id . I n D e c . 191 9,
%.
In 1920, A p ril 2 M % ; J u ly , l f £ %;
O ct., 1 M % ; D e c ., 1 H %In 1921, A p r il, 1 M % : D e c ., I H % .
In 1922,
A p ril, 2)4 % : J u ly , 1 M % O c t .. 2 ^ % ; D e c ., 2 X % . In 1923. A p r il, 1 t f % ;
J u ly, 1 H % : O c t .. 1 M % : D e c . , 1 f i % . I n 1924. A p ril, I H % ; J u ly , 1 M % ;
O c t ., 1 / 4 % ; D e c ., 1 M % In 1925, M a r ., Ju n e & S e p t., 1 M % .
On com
m on , fir s t d i v ., 2 % , p a id J u ly 1 90 7. I n 1908 t o 1911, 4 % p er a n n . In
1912, 1913 a n d 1914, 5 % .
I n 1915, 4 J ^ % . I n 1916 a n d 1917, 4 % . In
1918, J a n ., 1 % .
N o n e s in ce .
R E P O R T .— F o r c a le n d a r y e a rs;
Calendar
Year.
GrossNet (after Other
Earnings. Taxes). Inc.
$
$
$
Rentals,Pref. Common
Int.,&c. Divs.
Dies.
$
$
Balance,
Surplus.
$
$
1924_______ 4 ,3 4 1 ,4 7 3 981 ,2 6 1 2 2 ,8 9 4 633 ,9 2 1 a20 0 ,0 0 0
____
2 95 ,982
1923_______ 4 ,4 9 8 ,4 1 1 9 3 4 ,8 9 0 36,441 6 3 7 ,4 9 0 a 2 0 0 ,0 0 0
____
1 3 3 ,8 2 0
1922---------4 .5 6 8 .5 2 1 8 8 0 ,3 1 3 4 2 ,1 4 0 6 3 7 ,4 8 0 535 0,00 0 ..............d e f. 10.574
a 5% . b 8X%.
O F F I C E R S .— P r e s ., W . A . S m ith ; V . - P . , J . A . M u n r o e 2 d ; V .- P . & G e n
M g r ., R . A . L eu ssler; S e c. & A u d ., W . G . N ic h o ls o n ; T r e a s ., A . S . W ld e n o r
A sst. G e n . M g r ., F . S . W e l t y — V . 108, p . 2 1 2 2 ; V . 109, p . 37 1 , 6 7 7 , 1987
V. 110. p - 3 6 0 . 1643; V . i l l , p . 1084, 1279; V . 112, p . 1144; V . 113, p . 1361
1675; V . 120, p . 3 3 1 5 .
(1) OMAHA & COUNCIL BLUFFS RAILWAY & BRIDGE.
O R G A N I Z A T I O N . — I n c o r p . in I o w a in 1902. Is leased t o th e O m aha
& C o u n c il B lu ffs S treet R y .
F o r term s o f lease, see sta te m e n t o f th e la tte r
a b o v e . O w n s en tire c a p ita l s t o c k o f th e O m a h a C o u n c il B lu ffs & S u b u rb a n
R y . a n d th e L a k e M a n a w a & M a n h a tta n B e a c h R y . L a k e M a n a w a &
M a n h a tta n B e a c h h as n o fu n d e d d e b t .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
A n e le c tr ic r o a d . C om p ris e s 33 .2 1 m iles o f tr a c k , in clu d in g th e tr a c k a g e
o f th e O m a h a C o u n c il B lu ffs & S u b u rb a n R y . an d th e L a k e M a n a w a &
M a n h a tta n B e a ch R y . , e m b r a c in g th e en tire s tr e e t ra ilw a y s o f C o u n c il
B lu ffs. A ls o ow n s b r id g e b e tw e e n O m a h a a n d C o u n c il B lu ffs o v e r th e
M issou ri R iv e r . Franchises ru n u n til 1946.
189
Interest. Outstanding. Maturity.
STO C K A N D BO N DS—
Date.
________
$ 1 ,5 0 0 ,0 0 0 ____________
C o m m o n $ 1 ,5 0 0 ,0 0 0 ($ 1 0 0 )___ ______
F -A
1 ,5 0 0 ,0 0 0 A u g ’ 25, 2 %
P r e f 4 % c u m fr o m F e b 1 19071 ____
$ 1 ,5 0 0 ,0 0 0 ($ 1 0 0 )_________ )
5 J -J
1 ,8 0 8 ,0 0 0 Jan 1 1928
F irst c o n s o l m tg e $2 ,0 0 0 ,0 0 0 1 1902
($ 1 ,0 0 0 ) g o l d _________ c * .t f /I n t e r e s t a t C e n tra l T r u s t C o . , N . Y . , tru s te e .
Bonds.-— -Of th e n e w firs t c o n s o lid a te d m t g e . f o r $ 2 ,0 0 0 ,0 0 0 , $ 1 9 2 ,0 0 0 are
re se rv e d fo r im p ro v e m e n t . V . 8 9 , p . 123 4, 1281; V . 9 4 , p . 1119.
Dividends.— D iv id e n d s h a v e b e e n re g u la r ly p a id o n p r e f. s t o c k sin ce 190 2.
O F F I C E R S .— P r e s ., G e o . S. W r ig h t; V . - P . , F . F . E v e re s t; S e c .. C . T .
S tew art; T r e a s ., G . F . S p o o n e r.— V . 113 , p . 1675; V . 119, p . 45 5 , 1065,
1282, 1510.
THE LINCOLN TR A C T IO N CO.
Control.— C o n tr o lle d b y t h e Continental Gas & Elec. Corp., a s u b sid ia ry
o f U n ite d L ig h t & P o w e r C o . ( M d .) . V . 119, p . 1625, 1953; V . 121. p . 1227.
O R G A N I Z A T I O N — I n c o r p o r a te d in N e b r a s k a in 190 9. I s a c o n s o lL
d a tio n o f th e old L in c o ln T r a c t io n a n d t h e C itiz e n s ’ R y . C o . V . 8 8 , p . 506H o ld e r s o f t h e o ld L in c o ln p r e f. s t o c k ($ 7 0 0 ,0 0 0 ) r e c e iv e d 110 in t h e n ew
b o n d s . H o ld e r s o f th e old L in c o ln c o m . ($ 3 3 0 ,0 0 0 ) r e c e iv e d , fo r e v e r y sh are
o f o ld , t w o shares o f n ew p r e f. a n d fo u r shares o f n e w c o m m o n . H o ld e r s
o f C itiz e n s ’ R y . s to c k ($ 4 1 5 ,0 0 0 ) r e c e iv e d 1 0 0 % in n e w p r e f. a n d 8 0 % in
new c o m m o n .
O w ns L in c o ln H e a t , L ig h t & P o w e r C o . , w h ic h sells e le ctr ic
lig h t a n d p o w e r a n d ste a m h e a t.
F I E L D O F O P E R A T I O N S .— O w n s 4 9 .4 6 m iles o f tr a c k .
Valuation.— See V . 117, p . 2 7 6 9 .
STO C K A N D BO N DS—
Date.
Interest. Outstanding. Maturity ,
C o m m o n $ 2 ,0 0 0 ,0 0 0 ($ 1 0 0 )_______ _______________
$ 1 ,6 5 2 ,0 0 0 D e e ’ 16, 1 %
P r e f$ 2 ,0 0 0 ,0 0 0 ($100) 6 % c u m ____
Q -F
1 ,5 7 8 ,0 0 0 M a y ’2 4 ,1 1 4
1st m o r tg a g e $ 1 ,5 0 0 ,0 0 0 g o l d ) 1909
5 g J -J
1 ,2 0 0 ,0 0 0 M a r 1 1939'
($ 1 ,0 0 0 ) ________________c & r .t f/I n t e r e s t a t N e w Y o r k T r u s t C o . , tr u s te e .
5 -y e a r c o lla te r a l n o t e s __________ 1924
614%
2 2 5 ,0 0 0
S ee t e x t ’
Bonds.— R e m a in in g b o n d s are p le d g e d t o se c u r e th e 5 -y e a r 6 3 4 % c o l
latera l n o te s .
S u b j. t o ca ll a t 110 .
.
Notes.— T h e c o ll. 6 1 4 % n o te s are s e c u r e d b y $ 3 0 0 ,0 0 0 1st m t g e . 5s.
A re d u e $ 1 5 ,0 0 0 F e b . 1 e a c h y e a r a n d $ 1 6 5 ,0 0 0 d u e F e b . 1 1929.
Dividends.— 1 K % p a id q u a r. o n p r e f. fr o m M a y 1 1909 t o N o v . 1 1917V
ln cl. F e b . 1918 d iv . p a sse d . D iv s . o n p r e f. re su m e d in F e b . 1923 (a t w h ic h
tim e a s to c k d iv . o f 3 0 % w as p a id fo r b a c k d i v s .) , a n d p a id re g u la r ly s in ce
t o a n d in c l. M a y 1924. O n c o m m o n , 2 % p a id S e p t. 1912, 1 % p a id M a r c h It*
1914 a n d 1 % p a id S e p t. 1 1 91 4. I n 1 91 5, 3 % ; in 1 91 6, 5 %
E A R N I N G S .— F o r c a l. y e a rs:
Balance,
Net.
Int.&Taxes.
Year—
Gross.
$ 1 2 9 ,4 4 3
$ 2 8 8 ,5 4 7
$ 1 5 9 ,1 0 4
1923 _________________
$ 1 ,0 6 1 ,4 4 6
1 4 4 ,3 3 8
3 1 3 ,4 4 0
1 69 ,102
* 9 2 2 ..............
1 ,1 1 9 ,3 1 6
1 0 8 .9 3 9
1921
1 ,1 5 7 ,6 5 9
2 8 6 ,5 2 6
1 7 7 ,5 8 7
Latest Earnings.— F o r 12 m o n th s e n d e d D e c . 31 1924, gro ss, $93 4 ,3 0 2 ;
n e t , b e fo r e ta xes, $23 7 ,1 4 6 .
O F F I C E R S .— P r e s ., W . E . S h a rp ; T r e a s ., S . H . B u rn h a m ; S e c . & G e n .
M g r ., O . J . S h a w .— V . 117, p . 2 76 9; V . 119, p . 162 5, 1733, 1953; V . 121,
p . 1 22 7.
OMAHA LINCOLN & BEATRICE R A IL W A Y .
O R G A N I Z A T I O N , & c .— Is t o c o n s t r u c t 56 m ile s b e tw e e n L in c o ln an d
O m a h a , o f w h ic h 7 m iles fr o m L in c o ln t o B e th a n y H e ig h ts is c o m p le t e d
an d in o p e r a tio n . O f th e 7 m ile s ju s t m e n t io n e d , M o f a m ile is an e x te n s io n
in to th e m a in business c e n tr e o f U n iv e rs ity P la c e .
S ta n d a rd g a u g e .
7 0 -lb . T r a il. Franchises 99 y e a rs a n d p e r p e tu a l.
C A P I T A L I Z A T I O N .— S to c k a u t h ., $ 2 ,2 5 0 ,0 0 0 ($ 1 0 0 ): o u ts ta n d in g ,
$ 2 0 0 ,0 0 0 . I n D e c . 1916 t h e N e b r a s k a R R . C o m m . a u th . t h e c o m p a n y t o
issu e $ 2 ,0 0 0 ,0 0 0 c o m m o n a n d $ 5 0 0 ,0 0 0 p r e f. s t o c k a n d $ 2 ,5 0 0 ,0 0 0 b o n d s
fo r th e c o m p le tio n o f t h e lin e fr o m O m a h a t o L in c o ln , b u t n o t in c lu d in g th e
e x te n sio n t o B e a tr ic e .
E A R N I N G S .— F o r 12 m o s . e n d in g D e c . 31 1 9 2 3 , g r o s s , $ 4 2 ,0 5 1 ; n e t ,
a fte r taxes, lo ss, $ 3 ,540O F F I C E R S .— P re s., H a r v e y M u s s e r ; S e c .. J. O . M u s s e r ; T r e a s . & G e n .
M g r ., J . M . B r a m le tte . O ffic e , 231 N o r t h 14th S t., L in c o ln .— V . 1 0 3 .
p . 844 ; V . 104, p . 7 3 ; V . 108, p . 1275.
NORTH DAKOTA
NORTHERN STATES POW ER CO.— F A R G O -M O O R HEAD DIVISION (STREET R A IL W A Y ).
O R G A N I Z A T I O N .— F a rg o & M o o r h e a d S treet R y . w a s in c o r p o r a te d
J u ly 19 1902 in N o r t h D a k o t a .
I n A p r il 1916 N o rth e r n S tates P o w e r
C o . a c q u ir e d a ll o f th e p h y s ic a l p r o p e r t y .
See V . 102, p . 144 1, 1 5 4 3 . m I n
J u n e 1912 n e w 2 5 -y e a r franchises w e re g r a n te d in F a r g o , M o o r h e a d f a n d
D il w o r th .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O p e ra te s in F a rg o , N . D ., a n d M o o r h e a d , M in n ., a n d an in te ru rb a n t o
D ilw o r th , M in n ., a to t a l o f 16 m ile s . S ta n d a rd g a u g e . 7 0 -lb . T ra il.
G e n e ra l M a n a g e r s , B y lle s b y E n g . & M g t . C o r p ., C h ic a g o . 111.— V . 107 ,
p . 604 .
SOUTH
DAKOTA
CONSOLIDATED POW ER & L IG H T CO. OF SO. D A K .
O R G A N I Z A T I O N .— I n c o r p . in 1908 in M a in e .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .— T h e
e le ctr ic s y s te m o f t h e c o . in c lu d e s 4 m o d e r n g e n e ra tin g p la n ts w ith in s ta lled
c a p a c it y o f 9 ,1 5 0 h . p . , 168 m iles o f tra n sm ission lin es .([substation s c o n
n e c te d th e r e to , a n d d is trib u tio .sy ste m s in co m m u n itie s s e r v e d . T h e
p o w e r p la n ts c o m p ris e a 1,5 0 0 h . p . h y d r o -e le c t r ic d e v e lo p m e n t a t R e d w a te r, a 5 ,0 0 0 h . p . s te a m e le ctr ic p la n t a t P lu m a , a 2 ,5 5 0 h . p . h y d r o
e le ctric d e v e lo p m e n t a t B ig B e n d , a n d a h y d r o -e le c t r ic p la n t a t R a p id C i t y
e q u ip p e d w ith w a te r-w h e e l tu r b in e o p e r a tin g 100 k . v .a . g e n e r a to r . C o .
serves w ith o u t c o m p e t it io n th e fo llo w in g c o m m u n itie s lo c a te d in t h e B la c k
H ills o f S o u th D a k o t a : L e a d , D e a d w o o d , S p ea rfish , B e lle F o u rc h e , S tu rgis,
N is la n d , N e w e ll, T e r r y , T r o ja n , R e lia n c e , C e n tr a l, P lu m a , F r u itd a le ,
W h it e w o o d , R a p id C it y , P ie d m o n t , B la c k h a w k . In a d d itio n t o th es e
citie s a n d v illa g e s , se r v ic e is r e n d e re d t o in d u stries in c o n tig u o u s d is tric ts .
STOCK A N D BO N DS—
Date.
Interest. Outstanding. Maturity.
C o m m o n s t o c k ($ 1 0 0 )________________
___________ $ 2 ,0 0 0 ,0 0 0 ______________
P re fe rre d 6 % c u m ($ 1 0 0 )____________
Q -M
7 9 5 ,0 0 0 ____________
1st m tg e $ 5 ,0 0 0 ,0 0 0 ($1 ,0 0 0 )1 1910
5 g J -D
1 ,5 8 5 ,0 0 0 Ju n e 1 1929
g o ld sin k in g fu n d ________ c * J I n t . a t O ld C o lo n y T r u s t C o ., B o s t o n , t r u s t.
1-year m tg e lien n o te s ($500 & 1 1925
6 g F -A
1 ,9 0 0 ,0 0 0 A u g 1 1 9 2 6
$ 1 ,0 0 0 ) g o ld ___________ c * t f / I n t . a t G u a r a n ty T r u s t C o ., N . Y . , tru stee.
Bonds.— 1st m t g e . 5s h a v e sinking fund s in ce 1913 o f 1 % p e r a n n u m o f
a m o u n t o u ts ta n d in g . C a ll, o n a n y in t . d a t e a t n o t e x ce e d in g 105.
T h e 1-y e a r m t g e . lien n o te s are fu r th e r se cu re d b y d e p o s it w ith tru stee o f
all th e c o m . s t o c k o f th e S o u th w e ste rn P u b lic S e rvice C o . , N e b ra sk a L ig h t
& P o w e r C o . a n d D a k o ta P o w e r C o ., an d n o t less th a n 2-3 o f th e p r e f. s t o c k
o f S ou th w estern P u b lic S e rvice C o . A r e ca lla b le a t 101 a n d in t. o n 30 d a y s ’
n o t ic e . In A u g . 1925 $ 1 ,9 0 0 ,0 0 0 w ere so ld a t 100 a n d in t. b y P ea rson sT a ft C o . a n d W e s t & C o . V . 121, p . 838 .
E A R N I N G S .— E a rn in g s sta te m e n t 12 m o n th s e n d e d M a y 31 1924:
G ross e a rn in gs_________________________________________________________ $ 3 9 9 ,4 2 6
O p e ra tin g expenses, in clu d in g ta xes a n d m a in te n a n c e ____________
198,931
In te re s t o n b o n d s o u ts ta n d in g Ju n e 30 192 4_______________________
127 ,7 2 5
B a l a n c e _____________________________________________________________
N o t e in te re s t__________________________________________________________
$ 7 2 ,7 7 0
2 1 ,0 0 0
B a l a n c e _________________________________________________ ___________
$ 5 1 ,7 7 0
O F F I C E R S .— P r e s ., C . N . M a s o n ; V . - P . , N . E . F ran k lin ; V . - P . & G e n .
M g r ., L e e B o y e r ; S e c. & T r e a s ., M . M . W h e e le r .— V . 119, p . 4 6 0 , 698 , 30084
V . 121, p . 838 .
190
[V ol. 121,
PUBLIC UTILITIES
KANSAS
b o n d s w e re h e ld in sin k in g f u n d A p r il 1 1 92 5. C o n tin e n ta l & C o m m e r c ia l
T r u s t & S av in gs B a n k , C h ic a g o , tru s te e .
E A R N I N G S .— F o r c a le n d a r y e a r 1 92 4, g r o s s , $ 3 7 1 ,6 7 9 ; n e t , a fte r ta xes
b u t b e fo r e d e p r e c ia tio n , $ 9 7 ,5 7 8 ; d e p r e c ia tio n , $ 6 9 ,1 3 2 .
I n 1 92 3, g ross,
$ 4 4 9 ,7 3 8 ; n e t, a fte r ta x e s b u t b e fo r e d e p r e c ia t io n , $ 1 2 7 ,4 3 6 ; d e p r e c ., $ 6 8 ,8 4 8 .
R O A D .— O w ns a n d o p e r a te s 60 m iles sin g le -tra ck e q u iv a le n t; s ta n d a r d
auge; 7 0 , 80 a n d 8 5 -lb . r a il. A ls o o p e ra te s u n d e r c o n t r a c t 2M m ile s in
iu tch in s o n . P o w e r is p u rch a s e d fr o m K a n sa s G as & E le c t r ic C o .
O F F I C E R S .— P r e s ., G e o rg e T h e is , J r ., W ic h it a ; V .- P s ., C . H . S m y th
a n d W . E . B r o w n ; G e n . M g r ., R . B . C a m p b e ll; A u d ., A s s t . S e c .-T r e a s .,
C . B a sse .— V . 115 , p . 182.
f
KANSAS ELECTRIC POW ER CO.
C o n tr o lle d b y National Electric Power Co. V . 121, p . 32 9 .
P r o p e r tie s o p e r a te d u n d e r th e gen eral su p e r v is io n a n d m a n a g e m e n t o f
A lb e r t E m a n u el C o . , I n c ., o f N e w Y o r k .
O R G A N I Z A T I O N .— I n c o r p . in K a n sa s o n Ju n e 16 1922 as s u cce s s o r t o
th e K a n sa s E le c t r ic U tilitie s C o . (in c o r p . in K a n s a s S e p t. 1 9 1 5 ), w h ich
a c q u ir e d th e p r o p e r t y o f th e L a w re n ce R y . & L ig h t C o . , th e E m p o r ia R y .
& L ig h t C o . a n d th e P a rs o n s R y . & L ig h t C o . I n 1922 t h e K a n sa s E le c t r ic
P o w e r C o . a c q u ir e d th e p r o p e r tie s o f the L e a v e n w o r th L ig h t ,' H e a t &
P o w e r C o . a n d B o n n e r S prin gs E le c tr ic & M f g . C o . p r o p e r tie s . O w ns
en tire c a p ita l s t o c k o f M ia m i V a lle y (O h io ) E le c t r ic C o . , U n io n C it y ( I n d .)
E le c t r ic C o . a n d U n ite d L ig h tin g C o . o f A lb io n , P a . T h e p la n n e d a c q u is i
t io n o f th e P en n C e n tr a l L ig h t & P o w e r C o . b y th e U n ite d L ig h tin g C o .
( P a . ) , a su b s id ia r y o f K a n sa s E le c t r ic P o w e r C o . , w as r e p o r te d in A u g .
1925. V . 121, p . 1103.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
S u p p lies e le ctr ic lig h t, p o w e r a n d s tre e t r a ilw a y tr a n s p o r ta tio n t o th e c itie s
o f L e a v e n w o r th , L a w r e n c e , E m p o r ia , C o u n c il G r o v e an d P a rso n s, K a n .,
a n d s erv es w ith o u t c o m p e t it io n an e s tim a te d p o p u la t io n o f 14 5 ,0 0 0 .
T h r o u g h its su b sid ia rie s t h e c o . su p p lies e le c tr ic lig h t a n d p o w e r t o 15
c o m m u n itie s in I n d ia n a , P e n n s y lv a n ia a n d O h io . F ra n ch ise s ex p ire in
M 2 9 , 1931 a n d 193 8. S tre e t ra ilw a y in P a rso n s w as a b a n d o n e d in 1918.
P erm ission w as g r a n te d b y t h e C it y o f E m p o r ia t o c o n v e r t th e stre e t ra ilw a y
s y s te m t o b u s o p e r a t io n . N u m b e r o f co n s u m e rs , in c lu d in g su bsid iaries:
2 4 ,6 7 8 ele ctr ic , 3 ,3 6 4 g a s . M ile s o f tra n sm ission lin e s, 3 8 7 . P o w e r p la n t
c a p a c it y , 2 1 ,2 0 0 k . v . a . T w o p rin cip a l p o w e r p la n ts a n d f iv e reserves.
T o t a l k . w . h . o u t p u t , 3 3 ,0 9 1 ,4 7 7 . S u b s ta tio n c a p a c it y 10,382 k . v . a .
N u m b e r o f s treet lig h ts , s u b s id ia rie s , 675 . M ile s o f gas m a in s , 5 1 . N u m
b e r o f c o m m u n itie s s e r v e d (in c lu d in g s u b sid ia rie s), 5 8 .
STOCK AN D BON DS—
Date.
Interest. Outstanding. Maturity.
$ 1 ,2 0 0 ,0 0 0 D e c ’ 2 4 , 1 %
C o m m o n $ 3 ,3 3 4 ,0 0 0 ($ 1 0 0 )___ ______
P r e f 7 % $ 5 ,0 0 0 ,0 0 0 c u m ( $ 1 0 0 ) ____
7 Q -J
1 ,1 6 7 ,6 0 0 O c t ’2 5 , 1%
F irst m tg e $ 2 5 ,0 0 0 ,0 0 0 ($100,
$50 0 & $ 1 ,0 0 0 ) g _ c * & r * .t f
Series A _____________________ f 1922
6 g J -D
3 ,0 0 0 ,0 0 0 Ju n e 1 1935
6 g J -D
1 ,5 0 0 ,0 0 0 Ju n e 1 1943
Series o f 1 94 3_______________ ( 1923
[I n t . a t A m e r . E x c h . N a t . B k ., N . Y ..t r u s t e e .
Stock.— -Pref. s t o c k is r e d e e m a b le , all or p a r t , u p o n 30 d a y s ’ n o t ic e a t 115
an d d iv id e n d s . V . 115, p . 1539.
Bonds.— A ll s to c k s o f s u b . c o s . (e x c e p t d ir e cto r s ’ shares) are p le d g e d u n d e r
fir s t m t g e . S er. “ A ” b o n d s lim ite d t o $ 3 ,0 0 0 ,0 0 0 ; all o th e r series m a y o n ly
b e issu ed fo r n o m o r e th a n 8 0 % o f th e c o s t p r ice o r fair v a lu e o f n e w p r o p
e r t y , a d d itio n s , & c ., u n d e r ce rta in re strictio n s. 8 % o f gross o p e r . re v e n u e
t o b e ex p e n d e d o r s e t a sid e a n n u a lly fo r m a in te n a n ce o r fo r ren ew als an d
re p la ce m e n ts t o t h e p r o p e r tie s . A r e n o t s u b je c t t o c a ll. F irst m tg e . b o n d s ,
series o f 1943, are r e d ., all o r in p a r t, o n a n y in t . d a te o n 3 w e e k s ’ n o t ic e a t
105 a n d in t . P e n n a . a n d C o n n . 4 m ills ta x r e fu n d e d . V . 117, p . 1468.
Dividends.— A n initial d iv . of \M% w as p a id o n th e p re f. s to c k in J a n .,
1923 an d d iv s . a t sam e r a te h a v e been p a id r e g . q u a r. s in ce t o an d in cl
A p r . 1925. O n c o m . d iv s . o f 1% % p a id re g u la r ly q u a r. fr o m o rg a n iz a tio n
t o a n d in c l. D e c . 192 4.
E A R N I N G S .— C o n s o lid a t e d earnings fo r y e a r s e n d . D e c . 3 1 :
1924.
1923.
1922.
G ro s s e a rn in g s___________________________ $ 2 ,1 6 1 ,4 6 1
$ 1 ,8 5 7 ,5 1 0 $ 1 ,5 7 6 ,2 6 9
1 ,2 6 1 ,4 1 4
1,0 7 9 ,0 9 1
O p era tin g exp en ses a n d t a x e s ________
1 ,4 8 3 ,6 5 4
N e t ea rn in g s_________________________
F ix e d ch a r g e s_______________
A m o r tiz a tio n , d is c o u n t , & c
$6
$ 6 7 7 ,8 0 7
2 8 1 ,9 5 8
4 4 ,7 3 6
$ 5 9 6 ,0 9 6
2 2 2 ,9 3 5
3 8 ,5 5 8
$ 4 9 7 ,1 7 8
187 ,970
17,170
B a la n ce fo r d i v s ., & c _______________
P referred d iv id e n d s ______________
C o m m o n d iv id e n d s ______________
$3 5 1 ,1 1 3
8 1 ,4 3 0
8 4 ,0 0 0
$33 4 ,6 0 3
7 0 ,0 0 0
7 9 ,0 0 0
$ 2 9 2 ,0 3 8
9,751
S u r p l u s .___________ __________________
$1 8 5 ,6 8 3
$ 1 8 5 ,6 0 3
$28 2 ,2 8 7
O F F I C E R S .— P r e s ., A lb e r t E m a n u e l, N . Y . C it y ; V . - P . , V ic t o r E m a n u e l
N . Y . C it y ; V . - P . , W ille t t R . P o r te r ; V . - P . , D . O . V a u g h n ; V . - P . , W . R .
S u lliva n ; S e c ., R . F . R i c e , L a w r e n c e , K a n .; T r e a s ., C . B . Z e ig le r, N . Y .
C i t y .— V . 114, p . 283 0; V . 115, p . 1329, 1539, 2 0 5 3 , 2 8 0 0 ; V . 117, p . 1468;
V . 118, p . 4 3 8 , 1019; V . 121, p . 1103.
ARKANSAS VALLEY INTERURBAN R A ILW AY .
O R G A N I Z A T I O N .— I n c o r p . in K a n sas in 190 3.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w ns a n d op era tes an in te ru rb a n e le ctr ic r a ilr o a d fr o m W ic h it a t o N e w to n
a n d H u tch in s o n , K a n . O w n s a n d o p e ra te s 60 m iles s in g le -tr a c k e q u iv a le n t;
s ta n d a rd gau g e; 70, 80 a n d 8 5 -lb . r a il. A ls o o p e ra te s u n d e r c o n t r a c t 2 X
A
m iles in H u tch in s o n . P o w e r is p u rch a se d fr o m K a n sa s G a s & E le c t r ic C o .
H as lo n g -te r m fra n ch ise s in c o r p . lim its, m o s t im p o r t a n t e x te n d in g b e y o n d
2 00 0; r e s t o n p r iv a t e r ig h t -o f-w a y .
STO C K A N D BO N DS—
Date.
Interest. Outstanding. Maturity.
C o m m o n s t o c k $ 2 ,1 0 0 ,0 0 0 ____ ______
________
$ 1 ,5 0 0 ,0 0 0 ____________
P referred 6 % c u m $ 1 , 5 0 0 , 0 0 0 . ------------------4 9 9 ,9 0 0 ------------------F irst m tg e $ 3 ,0 0 0 ,0 0 0 g o l d ) 1916
5 g J -D
7 2 8 ,6 0 0 D e c 1 1936
($1,000° $50 0’, $ 1 0 0 ).c * . c p t j In te r e s t p a y a b le in N e w Y o r k o r C h ic a g o .
Stock.— P r e f. s t o c k is r e d e e m a b le $10 ,0 0 0 p e r a n n .; $ 1 0 0 ,1 0 0 has b e e n re d .
Bonds— $ 1 0 0 ,0 0 0 m a y b e issu ed fo r u p t o 5 0 % o f cash c o s t o f im p r o v e ’ts ,
a d d ’ns o r e x te n s ., re m a in in g $ 2 ,0 0 0 ,0 0 0 fo r 7 5 % o f s u ch c o s t u n d e r re stric
tio n s . C a lla b le a t 103 a n d in t .
Sinking fund o f 2 % a n n u a lly o f b o n d s cer
tifie d b e g a n D e c . 1 1919 t o p u rch a s e o r call b o n d s a t 103 & in t . $ 1 7 1 ,4 0 0
B
a u e r
,P
ond
& V
iv ia n
, Inc.
Investment Securities
Specializing in the
Underwriting and distribution of
COMMUNITY POW ER & LIGH T CO.
O R G A N I Z A T I O N .— I n c o r p o r a t e d in Illin o is in A p ril 192 2. O w n s e n tire
o u ts ta n d in g c o m . s to c k s , e x c e p t d ir e c t o r s ’ q u a lify in g shares, a n d all th e o u t
s ta n d in g b o n d s o f th e M is s o u r i U tilitie s C o . , the A rk a n sas U tilities C o . ,
th e C o m m u n it y P o w e r & L ig h t C o . o f T e x a s a n d K an sas U tilities C o .
In
Ju n e 1925 a c q u ir e d a ll o u ts ta n d in g secu rities o f th e T e x a s U tilitie s C o .
V . 120, p . 2 54 8.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
T h ro u g h its su b sid iaries, t h e c o m p a n y serves m o re th a n 130 co m m u n itie s
lo c a te d in fo u r S tates— M is s o u r i, A rk a n sa s, T e x a s and K a n sa s. T h e c o m >any’s su b id iaries s erve a p o p u la t io n o f a p p ro x im a te ly 2 7 0 ,0 0 0 . E le c t r ic
ight a n d p o w e r is fu rn is h e d t o 94 c o m m u n itie s cen tred a ro u n d and in c lu d
in g C a p e G ira rd e a u , P o p la r B lu ff, C h a r le s to n , E ld o n an d C a lifo rn ia , in
M is s o u ri; H e le n a an d P a ra g o u ld , in A rk a n sa s; M e x ia , P la in v ie w , L u b b u c k
an d M a r lin in T e x a s , an d F o r t S c o t t , K a n .
G as serv ice is fu rn ish ed t o
4 9 ,0 0 0 p o p u la t io n , in clu d in g th re e o f th e co m m u n itie s a b o v e m e n tio n e d
a n d C o lu m b ia , M o . , w h ile ice s e r v ic e is fu rn ish ed t o o v e r 1 26 .000 p o p u la
t io n . W a te r serv ice is also fu rn ish e d in 3 c o m m u n itie s , a n d stea m h e a t in
one.
Interest. Outstanding. Maturity.
S T O C K A N D B O N D S .—
Date.
$ 1 ,5 9 5 ,0 0 0 __________
C o m s t o c k $ 2 ,0 0 0 ,0 0 0 (S 1 0 0 )________
3 .2 5 0 .0 0 0
See t e x t
l s t p f 7 % c u m $ 5 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) ____
7 'Q - F
1 ,2 5 7 ,6 0 0 __________
2d p f 8 % c u m p a r t ic $ 2 ,0 0 0 ,0 0 0
___
1st M c o ll tr b o n d s ser “ A ”
1922
T hT a - o
5 0 0 .0 0 0 A p r 1 1942
Series “ B ” __________________■ 1923
9 2 5 .0 0 0 Jan 1 1938
g J-J
Series “ C ” ) _________________
1923
6 ^ g A -O 2 .7 0 0 .0 0 0 O ct 1 1933
Series “ D ” _________________
1925
6 g J -J
4 ,0 0 0 ,0 0 0 Jan 1 1950
($ 1 0 0 , & c .) g o l d ______c * . t f I n t . a t L ib e r t y C e n tr a l T r . C o .,S t .L o u is ,t r u s
Stock.— 7 % c u m . p r e f. is r e d e e m a b le , a ll o r in p a r t, o n a n y d iv id e n d d a te
o n 30 d a y s ’ n o t ic e a t 110 a n d d iv s . I n J a n . 1925 $ 1 ,0 0 0 ,0 0 0 7 % fir s t p r e f.
s to c k w as offered b y S p e n ce r T r a s k & C o . , N . Y . , an d W h ita k e r & C o . ,
S t. L o u is , a t 94 an d d i v ., t o y ie ld a b o u t 7 . 4 5 % .
V . 120, p . 3 2 8 . I n M a y
1925 th e y s o ld $ 7 5 0 ,0 0 0 7 % 1st p r e f. s t o c k a t 95 a n d d i v ., t o yield a p p ro x i
m a te ly 7 .4 0 % . V. 120, p . 254 8. In O ct. 1925 S tix & C o . o ffe r e d $ 7 5 0,00 0
a d d ’l 1st p r e f. at $97 an d d i v ., t o y ie ld a b o u t 7 .2 0 % .
Bonds.— First Mtge. Coll. Tr. S. F. Gold Bonds.— T h e a g reem en t o f
a ssign m en t a n d p le d g e p r o v id e s fo r th e issu a n ce o f b o n d s in series w ith
in terest r a te s, m a tu r ity d a te s , r e d e m p t io n p r o v is io n s an d o th e r term s a n d
co n d itio n s t o b e d e te rm in e d fr o m tim e t o tim e as n e w series are c r e a te d .
A ll b o n d s issued u n d e r th e m o r tg a g e are o f e qu a l lie n , irr e s p e c tiv e o f w h eth er
th e y are p a r t o f th e series “ A , ” “ B , ” “ C ” o r “ D ” b o n d s o r o th e r series issu ed
la te r. A d d itio n a l b o n d s m a y b e c e r tifie d o n ly a t p a r fo r n o t ex ceed in g
8 0 % o f th e ca sh c o s t o f o r fair v a lu e o f p e r m a n e n t a d d itio n s a n d exten sion s
to p ro p e rtie s o f su b sid ia rie s a n d th e n o n ly w h e n n e t e a rn in gs as d e fin e d
in th e a greem en t fo r th e 12 m o n th s p r e c e d in g shall h a v e be e n a t lea st tw ice
in te re st ch a rg e s o n a ll o u ts ta n d in g b o n d s , in c lu d in g th o s e t o b e c e r tifie d .
P e n n a . 4 m ills ta x a n d M a s s , in c o m e ta x o n in te re st n o t e x c e e d in g 6 % o f
s u ch in te re st p e r a n n u m r e fu n d e d .
In te r e s t p a y a b le a t G u a r a n ty T r u s t
C o . , N . Y . ; a t C e n tr a l T r u s t C o . o f I llin o is , C h ic a g o , o r L ib e r t y C e n tr a l
T r u s t C o . , S t. L o u is , tru ste e .
T h e series “ A ” b o n d s are c a lla b le , as a w h o le o r in p a r t , a t 110 a n d in t.
d u rin g th e y e a r 1927, th e r e d e m p tio n p r ic e th e re a fte r b e in g r e d u c e d M %
p er an n u m u n til it is 105. w h ic h r a te p re v a ils th e re a fte r u n til m a tu r ity .
Series “ B ” b o n d s are c a lla b le , as a w h o le o r in p a r t , a t 105 a n d in t . u p t o
J a n . 1 1928, re d e m p tio n p r ic e th e re a fte r b e in g r e d u c e d K % p e r an n u m .
Series “ C ” b o n d s are c a lla b le , in w h o le o r in p a r t, a t 105 a n d in t . u p t o
O c t . 1 1928, th e r e d e m p tio n p r ic e th e re a fte r b e in g r e d u ce d 1 % p er a n n u m .
Series “ D ” b o n d s h a v e sinking fund o f 2 % o f Series “ D ” b o n d s ann ually
c o m m e n cin g J a n . 1 192 6. A r e re d e e m a b le , a ll o r in p a r t , o n a n y in terest
d a t e , o n 60 d a y s ’ n o t ic e , as fo llo w s : O n o r b e fo r e J a n . 1 1930 a t 105 a n d int.
a fte r Ja n . 1 1930 a n d o n o r b e fo r e J a n . 1 1935 a t 104 a n d in terest; after
Jan . 1 1935 a n d o n o r b e fo r e J a n . 1 194 0, a t 103 a n d in te re st; a fte r Ja n . 1;
194 0, a n d o n o r b e fo r e J a n . 1 1945, a t 102 a n d in te re s t; a fte r J a n . 1 1945
and o n o r b e fo r e Ja n . 1 1949 a t 101 and in t res ; a fte r J a n . 1 1949 a t 100 and
in te re s t.
I n J a n . 1925 S p en cer T r a s k & C o . , N . Y . , W m . L . R o s s & C o .,
I n c ., C h ic a g o , & c ., & c ., sold $ 2 ,2 5 0 ,0 0 0 S ries “ D ” 6s a t 9 7 a n d in terest, t o
y ie ld a b o u t 6 H % . V . 120, p . 4 5 1 . I n M a y 1925 th e y so ld $1,750,000
a d d itio n a l at 98 an d in t ., t o y ie ld a b o u t 6 . 1 5 % . V . 120, p . 2 54 8.
Dividends.— O n 1st p r e f., i n f u ll t o d a t e . N o p a y m e n ts o n c o m m o n .
E A R N I N G S .— C o m b in e d earn in gs fo r 12 m o n th s e n d e d A u g . 31:
192 4.
1925.
G ross e a rn in g s________________________________________ $2,7.33,433 $ 3,250,200
O p e ra tin g expen ses a n d t a x e s ________________________
1 ,7 0 6 ,2 6 4
1,881,870
J
N e t ea rn in gs________________________________________ $ 1 ,0 2 7 ,1 6 9 $ 1 ,3 6 8 ,3 3 0
A n n u a l in t. o n $ 8 ,1 2 5 ,0 0 0 f u n d e d d e b t ___________________________
513,125
B a l. a v a il, fo r o th e r i n t .. F e d . ta x e s , r e se rv e s, d iv s . & s u rp _ _
$85 5,20 5
O F F I C E R S .— P r e s ., W ile y F . C o r l; V .- P i , E . J . C o s tig a n a n d F . E .
W e b s te r; S e c ., P a u l D . T a y lo r ; T r e a s ., J . J. F r e y ; G e n . A u d ., F . E . W e b
ster. O ffic e , P lan ters B u ild in g , S t. L o u is , M o . — V . 119, p . 1 62 9, 2528;
V . 120, p . 32 8 , 451 , 2 54 8, 3 31 3.
KANSAS GAS & ELECTRIC CO.
C o n tr o lle d b y A m e r ic a n P o w e r & L ig h t C o .
O p eration s su p e rv ise d b y E le c tr ic B o n d an d Share C o .
O R G A N I Z A T I O N .— I n c o r p o r a t e d in W e s t V irg in ia in 190 9.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
C o n tr o ls a n d , w ith o u t c o m p e t it io n , o p e r a te s en tire c o m m e r c ia l e le c tr ic
lig h t a n d p o w e r b u sin ess in t h e c itie s o f W ic h it a , P itts b u r g a n d N e w t o n ,
Community Power and Light
Company
We are identified with the
financing of this Company and
shall be pleased to answer in
quiries regarding its securities.
P U B L IC U T IL IT Y
W rite fo r Circular N o .
953.
AND
I N D U S T R IA L S E C U R IT IE S
40 Exchange Place
New York City
Spencer Trask & Co.
NEW YORK
BOSTON
ALBANY
CHICAGO
M e m b e r s N e w Y o r k a n d C h ic a g o S to c k E x ch a n g e s
<
Oct., 1925.]
K a n ., a n d th e en tire c o m m e r c ia l e le ctr ic lig h t a n d p o w e r business in A r k a n
s a s C it y , I n d e p e n d e n c e , E ld o r a d o , C h e rr y v a le a n d 26 o th e r cities in K a n sa s.
In 1925 s o ld its gas p rop erties t o subsidiaries o f th e C ities Service C o .
V . 119, p . 252 9.
Interest. Outstanding. Maturity.
STOCK AN D BON DS—
Date.
C o m m o n $ 1 0 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) - . ____
___________ x $ 3 ,0 0 0 ,0 0 0 ------------------7 Q -J
5 ,1 5 0 ,0 0 0 O c t ‘25 154 %
P r e f 7 % c u m $ 1 0 , 0 0 0 , 0 0 0 ( $ 1 0 0 ) ____
1st M t g e S er " A ” ($ 5 0 0 a n d ! 1922
„ _____
__ __________________
6 g M -S
1 4 ,0 0 0 ,0 0 0 M a r 1 1 9 5 2
$ 1 ,0 0 0 ) g o l d ---------c * & r * - t f /G u a r a n t y T r u s t C o . , N e w Y o r k , T r u s te e .
D e b e n tu r e s Series “ A ” ($1 0 0 , f 1922
6 g M -S
3 ,0 0 0 ,0 0 0 S e p t 1 2022
$ 5 0 0 & $ 1 ,0 0 0 c * a n d $ 1 ,- {C e n t r a l U n io n T r u s t C o . , N e w Y o r k ,
000 & $ 5 ,0 0 0 r * ) g ______ t f I T r u s te e .
x A ll o w n e d b y A m e r ic a n P o w e r & L ig h t C o .
Stock.— P r e f. is c a ll, o n a n y d iv . d a te a t 115 a n d d iv id e n d s .
Bonds.— 1st M t g e . S er. “ A ” 6s h a v e ann u al sinking fund sin ce J a n . 1 1925
t o p u r c h a s e S er. “ A ” b o n d s if o ffe r e d a t or u n d e r p a r a n d a c c r u e d in t . o f
1 K % o f t h e a m o u n t o u ts ta n d in g o n th e p r e c e d in g D e c . 31 u p t o an d in cl.
Ja n . 1 193 7, a n d th e re a fte r o f 2 % o f s u ch a m o u n t.
A r e r e d ., all or in p a r t,
o n a n y in t . d a y o n 4 w e e k s ’ n o t ic e a t 107 l and in t . t o a n d in c l. M a r . 1 1927;
A
a t 106 a n d in t. t o a n d in c l. M a r . 1 1932; a t 1 0 4 A an d in t. t o an d in c l.
M a r . 1 1937; a t 103 a n d in t. t o an d in c l. M a r . 1 1942; a t 1 0 1 At an d in t . t o
a n d in c l. M a r . 1 1950, an d th e re a fte r a t 10014 a n d in t . P e n n a . 4 -m ill ta x
r e fu n d e d . I n M a r . 1922 $ 8 ,0 0 0 ,0 0 0 w e re sold a t 9 6 )4 a n d in t ., t o yie ld
o v e r 6 M % , b y D illo n , R e a d & C o ., N . Y . Y . 114, p . 953 . $ 4 ,0 0 0 ,0 0 0
a d d itio n a l w ere so ld b y th e sam e ba n k e rs in Ju n e 1923 a t 9 5 )4 a n d i n t .,
t o y ie ld a b o u t 6 . 3 5 % . V . 116, p . 239 5.
Debentures.— 6 % d e b e n tu re s S e r. “ A ” are r e d . o n a n d a fte r S e p t. 1 1947
a n d p r io r t o S e p t. 1 2017 all o r in p a r t a t a n y tim e o n 30 d a y s ’ n o t ic e a t
110 an d in t .; th e r e a fte r a t p ar an d in t . P e n n a . 4 m ills ta x r e fu n d e d .
$ 3 ,0 0 0 ,0 0 0 w e re offered in S e p t. 1922 b y B o n b r ig h t & C o . a t 9 0 )4 a n d in t .,
t o y ie ld o v e r 6 .6 0 % . V . 115, p . 1436.
Dividends.— P a id re g u la rly o n p r e f. sin ce issu an ce in 1910.
E A R N I N G S . — F o r y e a rs e n d . D e c . 31:
1921.
Calendar Years—
1924.
1923.
1922.
G ro s s ea rn in gs fr o m o p e r $ 5 ,6 5 1 ,5 9 1
$ 5 ,5 5 8 ,1 2 1
$ 5 ,1 1 1 ,1 5 7 $ 4 ,7 3 7 ,5 5 4
O p e r . e x p ., in c l. t a x e s .3 ,9 6 7 ,992
3 ,9 8 8 ,2 4 4
3 ,3 7 3,4 1 1 __3 ,3 1 2 ,3 5 5
N e t earn s, fr o m o p e r . $ 1 ,6 8 3 ,5 9 9 $ 1 ,5 6 9 ,8 7 7
$ 1 ,7 3 7 ,7 4 6 $ 1 ,4 2 5 ,1 9 9
2 ,4 5 0
O th er in c o m e ___________ .______3 7 5 ,3 0 9
2 0 1 ,2 9 0
3 1 ,9 4 2
T o t a l in c o m e ___________ $ 2 ,0 5 8 ,9 0 8 $ 1 ,7 7 1 ,1 6 7 $ 1 ,7 6 9 ,6 8 8 $ 1 ,4 2 7 ,6 4 9
3 7 3 ,6 8 0
In te r e s t o n b o n d s _______
1 ,0 2 0 ,0 0 0
9 1 5 ,5 0 0
6 5 2 ,7 4 8
O th e r in t . & d e d u c t io n s .
117 ,682
7 3 ,6 6 2
145 ,1 9 6 ___ 3 6 7 ,3 7 6
$68 6 ,5 9 3
B a la n ce ________________
$92 1 ,2 2 6
$ 7 8 2 ,0 0 5
$ 9 7 1 ,7 4 4
D iv s . o n p referred s t o c k ._ ___ 3 5 4 ,3 3 7 ____ 2 7 5 ,0 1 9 ____ 184 ,5 2 9 ____165 ,0 2 0
$52 1 ,5 7 3
B a la n ce ________________
$ 5 6 6 ,8 8 9
$ 5 0 6 ,9 8 6
$ 7 8 7 ,2 1 5
2 0 0 ,0 0 0
2 0 0 ,0 0 0 ___ 200,000
R e n e w . & r e p la c e , r e s ___ ____2 0 0 ,0 0 0
B a la n ce fo r s u rp lu s___
$ 3 6 6 ,8 8 9
$30 6 ,9 8 6
$5 8 7 ,2 1 5
$32 1 ,5 7 3
Latest Earnings.— F o r 12 m o s . en d ed A u g . 31 1925, gross, $5,612,510 ;
n et (a fter o p e r . e x p . & ta x e s ), $1 ,8 8 7 ,5 2 6 ; o th e r in t. a n d d e d u ctio n s ,
$ 1 4 9 ,2 2 4 , a n d b a la n ce , $98 7 ,2 9 8 .
O F F I C E R S .— P r e s ., H . P . W r ig h t; V . - P s ., L . O . R ip le y , A . S. G re n ie r,
an d E . W . H ill; S e c ., C h a s . H . S m y th ; T r e a s ., P . F . G o w .
Supervision.— V . 118, p . 1528; V . 119, p . 252 9; V . 120, p . 2 26 8.
JOPLIN & PITTSBU RG RAILW AYS.
Receivership.— I n 1924 M . H . M a c L e a n o f C h ic a g o w as a p p o in te d re
c e iv e r fo r th e c o ., su c c e e d in g K a r l D . K le m m . C o m p a r e V . 1 ) 8 , p . 1267
H
titfForeclosure Sale.— O n M a r c h 14 1925 th e p r o p e r t y w as so ld fo r $35 0 ,0 0 0
u n d er d ec r e e o f th e F e d e ra l C o u r t t o M . H . M a c L e a n a n d C . C o r e y , re p re
sen tin g th e F ir s t M t g e . b o n d h o ld e r s ’ p r o t e c tiv e c o m m it t e e .
O R G A N I Z A T I O N .— In c o r p o r a te d June 10 1907 in M is s o u r i.
Took
o v e r th e P itts b u r g R a ilw a y & L ig h t C o . and th e J o p lin & P itts b u r g S tre e t
RR.
V . 85, p . 469 . T h e P itts b u r g R y . & L ig h t C o . w as in c o r p o r a te d in
K an sas in 1905 as a co n s o lid a tio n o f th e P itts b u rg R R . a n d th e P itts b u r g
L ig h t & P ow er C o . In 1910 a b s o r b e d the P itts b u r g & K a n sa s C i t y R y .
Franchises in tow n s t h r o u g h w h ic h r o a d runs v a r y fr o m 30 t o 50 y e a rg
a n d som e a re p e r p e tu a l. P r iv a t e r ig h t -o f-w a y o u ts id e o f citie s a n d to w n s _
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O w ns a n d o p era tes 105 .4 8 m iles o f t r a c k , e m b r a c in g s o m e lo ca l s tr e e t rail
w a y lin es in J o p lin , M o . , a n d all in P itts b u r g , K a n ., a n d in te ru rb a n lines
c o n n e c tin g th e tw o c itie s , a n d also P itts b u r g , w ith F r o n t e n a c , D u n k ir k .
R a d le y , F ra n k lin , A r m a , C r o w e b u r g , M u lb e r r y , G ir a r d , C h e ro k e e ,
M in e r a l, W e ir C it y , S ca m m o n an d C o lu m b u s . A ls o has lin e e x te n d in g
in to th e L a w t o n -W a c o z in c fie ld s , 1 )4 m iles. 50 t o 7 0 -lb . rails.
Interest in Default.—-In t. d u e M a r . 1 1924 o n th e 1st m t g e . 5s w as still
u n p a id in A p r . 1925. V . 119 , p . 1510.
STO C K A N D BO N DS—
Date.
Interest.
Outstanding.
Maturity.
S to c k c o m m o n $ 5 ,0 0 0 ,0 0 0 ____ ______
________
$ 3 ,3 0 0 ,0 0 0
P r e f. rights $ 2 ,0 0 0 ,0 0 0 6 %
________
8 0 0 ,0 0 0
c u m fr o m A p ril 1 1916____________
F irst m ortg a g e
$ 5 ,0 0 0 ,0 0 0 ( 1910
5 g M -S
1 ,7 5 0 ,0 0 0 M a r 1 1936
($500 an d $ 1 ,0 0 0 ) g . . c * t f{ H a r r is T r u s t & S a v . B k ., C h ic ., & S t. L .
! U n . T r . C o ., T ru ste e s.
G eneral m o rtg a g e $ 1 ,0 5 0 ,0 0 0 / 1913
7 A -0
1 ,0 5 0 ,0 0 0 M a r 1 1930
($500 a n d $ 1 ,0 0 0 )______c * t f/C e n t r a l T r . C o . o f Illin o is, C h ic a g o , T r u s te e .
Stock.— P r e f. rig h ts are 6 % cu m u la tiv e fr o m A p r il 1 1916 a n d also share in
earnings a fter c o m m o n has r e c e iv e d 6 % . $ 9 5 ,6 0 0 h a v e b e e n re tir e d .
Bonds.— R em a in in g fir s t m tg e . b o n d s are re se rv e d fo r e x te n sio n s a n d
a d d ition s a t 8 0 % o f c o s t, b u t o n ly w hen p r e v io u s y e a r ’s net earnings are
t w ic e in terest o n b o n d s o u t a n d t o b e issu ed. $ 2 7 8 ,5 0 0 fo r m e r ly h eld in
tr e a s u r y , ca n c e le d . N o sin k in g fu n d . In te re s t is p a y a b le a t H arris T ru s t
& S avin gs B a n k , C h ic a g o , H a rris , F o r b e s & C o . , N e w Y o r k , o r a n y o f th e
o ffic e s o f E . H . R o llin s & S on s. V . 9 0 , p . 91 4 . G e n e ra l m o r tg a g e b o n d s
w ere issu ed in ex ch a n g e fo r d e b e n tu re s o f 1910.
T h e y o r ig in a lly b o re
in terest a t 6 % a n d m a tu r e d A p ril 1 192 0, b u t h a v e b e e n e x te n d e d fo r three
y ea rs a t 7 % a n d a gain fo r se ve n years to M a r c h 1 1930 a t 7 % . E x te n d e d
b o n d s are c a lla b le a t 100 an d in te re st o n a n y in te re st d a te . V . 116, p . 1411.
N o sin k in g f u n d . In te re st is p a y a b le a t H arris T r u s t & S av in gs B a n k , C h i
c a g o , H arris, F o r b e s & C o ., N . Y . , o r a n y o f th e o ffic e s o f E . H . R o llin s &
Sons. Y . 9 0 , p . 914 .
G eneral m tg e . b o n d s w ere issu ed in exch a n g e fo r d e
b en tu res o f 1910. T h e y o rig in a lly b o r e in t. a t 6 % an d m a tu re d A p ril 1 1920,
b u t h a v e been e x te n d e d fo r 3 years a t 7 % a n d a gain fo r 7 y e a rs t o M a r . 1
1930 a t 7 % . E x te n d e d b o n d s are c a ll, a t 100 & in t. o n a n y in t . d a te .
V . 116, p . 1411.
E A R N I N G S .— F o r ca le n d a r yea rs:
Year—
Gross. Net {aft. Taxes). Bondlnt.
Balance.
192 4____________________$ 52 2 ,5 2 9
$12 ,6 4 0
x $ 1 6 1 ,0 0 0
d e f.$ 1 4 8 ,3 6 0
192 3_____________________ 6 2 1 ,9 2 6
80,561
y l7 4 ,7 3 0
d e f. 9 4 ,1 6 9
192 2_____________________ 708 ,1 6 9
193,881
161 ,0 0 0
su r. 32,881
192 1_____________________ 7 8 1 ,3 4 5
169,848
1 6 1 ,0 0 0
su r. 8 ,8 4 8
x N o b o n d in terest p a id d u r in g 1624. y I n c lu d in g a m o r tiz a tio n o f b o n d
d is c o u n t , & c. ($ 1 3 ,7 3 0 ).
O F F I C E R S .— P r e s ., J o s e p h J . H e im ; V . - P . , J o h n A . P r e s c o t t ; V . - P . &
G e n . M g r ., B r u c e C a m e r o n ; S ec. & T r e a s ., O . C . S n ider; A s s t. S e c .-T r e a s ..
E . S . B ig e lo w ; A u d ., T r a c e y P . E y e sto n e . G en eral o f fic e , 918 B a ltim o re
A v e ., K a n sa s C i t y , M o . O p e ra tin g h e a d q u a rte rs, P itts b u r g , K a n .—
V . 109, p . 2 35 7: V . 110, p . 1289; V . I l l , p . 1183; V . 116 , p . 141 1; V . 117.
p . 670; V . 118 , p . 1267; V . 119, p . 1510.
KANSAS
C IT Y
LEAVENW ORTH
R AILW AY CO.
&
WESTERN
O R G A N I Z A T I O N .— F o r m e r ly K an sas C ity -W e s te r n R a ilw a y C o ., fo r
h is to ry o f w h ic h see “ E le c tr ic R a ilw a y ” S u p p le m e n t o f A p ril 30 1921.
F reig h t term in a ls in K a n sa s C it y , K a n ., a n d L e a v e n w o r th , K a n .
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .— A n
e le ctr ic r o a d . O w n s a n d o p e ra te s 4 3 .7 5 m iles o f r o a d , o f w h ich a b o u t 18
m iles are w ith in th e c it y o f L e a v e n w o r th (tr o lle y s e r v ic e in L e a v e n w o r th
d is c o n tin u e d in F e b . 1925. b u t bu s s e rv ice s u b s titu te d th ro u g h su b sid ia ry
c o m p a n y — V . 12 0 , p . 120 3 .) a n d 2 5 M m iles b e tw e e n L e a v e n w o r th and
K a n sa s C i t y , K a n . E n te r s K a n sa s C it y , M o . , o v e r tra ck s o f th e K a n sas
C it y R a ilw a y s C o . F r e ig h t term in als in K a n sa s C i t y , K a n ., a n d L e a v e n
w orth , K a n .
Fare increase in A u g . 192 5. See V . 121, p . 586 .
STOCK A N D BO N DS—
Date.
Interest.
Outstanding.
Maturity.
________
$ 1 ,0 1 5 ,8 0 0 ............. .........
S to c k $ 1 ,2 5 0 ,0 0 0 _____________________
B o n d s fir s t m o r tg a g e $ l , - f 1920
5%
9 1 2 ,6 0 0 J u ly 1 1940
2 5 0 ,0 0 0 _____________________ (In t. a t C le v e la n d T r u s t C o ., C le v e la n d , O .
191
POWER, LIGHT AND RAILW AY
R E P O R T . — F o r y e a rs e n d . D e c . 3 1 :
Calendar Years—
1 92 4.
1 92 3.
1 92 2.
G r o s s .................................
$36 1 ,1 6 1
$ 4 1 7 ,8 4 5
$ 4 4 8 ,5 1 5
N e t a fte r ta x e s .....................
4 6 ,2 8 5
8 7 ,5 2 7
8 6 ,8 8 0
In te re s t o n b o n d s ______________________
4 5 ,9 5 5
4 6 ,5 8 0
4 6 ,8 8 0
N e t in c o m e ............. .........................................
330
4 0 ,9 4 7
4 0 ,0 0 0
O F F I C E R S .— P res. & G e n . M g r ., C . F . H o lm e s; V . - P . , W . H . H o lm e s ;
T re a s. & G en . C ou n sel, M c C a b e M o o r e ; S ec. & A u d ., E . V . H e n d e rso n .
G en era l o ffic e , K a n sa s C it y , K a n .— V . 120, p . 1203; V . 121, p . 58 6 .
THE UNION TRA CTIO N CO.
Merger.— In F e b . 1924 it w as re p o rte d th a t th e c o . w o u ld b e a b s o r b e d
b y th e U n ited P o w e r & L ig h t O o rp . o f K a n sa s.
O R G A N I Z A T I O N .— I n c o r p o r a te d S ep t. 28 1906 in K a n sa s. In D e c .
1916 w as g ra n ted a p e rm it to d o busin ess in O k la h o m a . Franchises exp ire
1957. R o a d is o n p r iv a te rig h t o f w a y e x ce p t in C o ffe y v ille , In d e p e n d e n ce ,
C h e rry v a le an d P a rson s.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
O p era tes 67 m iles o f r o a d , o f w h ich 9 H m iles in C o ffe y v ille , 7 m iles in In
d e p e n d e n ce , a n d oOA m iles o f in te ru rb a n r o a d b e tw e e n C o ffe y v ille , In
d ep e n d e n ce , C h e rr y v a le an d P a rs o n s . 7 0 -lb . T ra ils. P u rch a ses p o w e r
fro m th e K an sas G a s & E le c t r ic C o .
STOCK A N D BO N DS—
Date.
Interest.
Outstanding.
Maturity.
S to ck $ 5 0 0 ,0 0 0 ________________________
________
$ 5 0 0 ,0 0 0
See te x t.
F irst m tg e $ 1 ,0 0 0 ,0 0 0 g o l d / 1907
5 J -J
9 4 1 ,0 0 0 Jan 1 1937
$ 1 ,0 0 0 ) sin k in g f u n d ____ t f (W a rre n (P a .) T r u s t C o ., T ru stee.
Bonds.— 1st M . b o n d s a re r e d . a n n . b y lo t a t 105 a n d in terest sin ce Ja n .
1912, t h r o u g h s. f .; $ 5 9 ,0 0 0 h a v e b e e n re tir e d .
S. f . o f 1 0 % o f n et earn in gs
a n n u a lly b egan in 1911. I n t . a t N a t . C i t y B k ., N . Y . ; C o m m ercia l N a t .
B a n k , C h ic ., a n d T r a d e sm e n ’s N a t . B a n k , P h ila .
See V . 8 8 , p . 1003.
Dividends.— A d iv . o f 6 % w as p a id d u r in g t h e fis c a l y e a r e n d . Ju n e 30 '1 3 ,
E A R N I N G S .— F o r y e a r e n d in g D e c . 31 1920, gro ss, $ 5 6 1 ,0 5 5 ; n e t, a fte r
ta xes $ 9 ,8 9 2 ; in te re st o n b o n d s , & c ., $ 6 4 ,7 5 7 ; d e fic it , $ 5 4 ,8 6 5 .
O F F I C E R S .— P r e s ., D . H . S ig g in s, W a r r e n , P a .; S e c ., H . A . S iggins;
T r e a s ., S am Q . S m ith .— V . 109 , p . 2 26 4; V . I l l , p . 242 4; V . 113, p . 1773.
COLORADO
THE DENVER TRAM W AY SYSTEM.
(1) DENVER & NORTHWESTERN RY.
O R G A N I Z A T I O N , & c.— In M a r . 1913 a s y n d ic a te h e a d e d b y B o e t t c h e r ,
P o r te r & C o . o f D e n v e r a c q u ir e d a c o n tr o llin g in te re st th r o u g h p u rch a s e o f
th e s to c k a b o u t $ 1 ,6 0 0 ,0 0 0 ) h e ld b y M a r s d e n J . P e r r y o f P r o v id e n c e ,
th is p u rch a se m a k in g its to t a l h o ld in g s a b o u t a 7 5 % in t. V . 96, p . 863 .
T h is c o m p a n y , sin ce th e p la n in V . 9 8 , p . 1156, w e n t in to e ffe c t , is s im p ly
a h o ld in g c o m p a n y , p r a c t ic a lly its o n ly asset b e in g th e $ 9 ,7 9 1 ,7 0 0 c o m m o n
s to c k o f th e D e n v e r T r a m w a y C o ., w h ich is p le d g e d as s e c u r ity fo r th e $ 6 ,0 0 0 ,0 0 0 1st & c o ll, b o n d s o f th is c o ., a n d its o n ly lia b ility b e in g $ 6 ,0 0 0 ,0 0 0
o f its c a p ita l s t o c k o u ts ta n d in g in th e h a n d s o f th e p u b lic , th e p a y m e n t o f
its b o n d s h a v in g b e e n a ssu m ed b y th e D e n v e r T r a m w a y C o .
Stockholders Committee and Reorganization Plan.— See D e n v e r T r a m w a y
C o . b e lo w .
STO CK A N D BO N DS—
Date.
Interest.
Outstanding.
Maturity.
S to c k $ 6 ,0 0 0 ,0 0 0 ( $ 1 0 0 )_____________
Q -J 10
$ 5 ,9 9 9 ,1 0 0
See t e x t .
F irst a n d c o lla te ra l m tg e . (assu m ed b y D e n v . T r a m . C o .— see b e lo w ).
Stock.— $90 0 is in th e tre a s u ry .
Dividends.— P rio r t o J u ly 1909 d iv id e n d s w e re a t r a te o f 6 % p e r a n n u m .
I n J u ly 1909 q u a r. d iv . w as in crea sed t o 2 % a n d sam e a m o u n t p a id qu a r
te r ly t o J u ly 1913. I n O ct. 1913 r a te w as r e d u c e d a n d 1 % w as p a id
( V . 97, p . 1 1 1 5 ).
S am e ra te q u a r. t o a n d in c l. A p r il 1915. I n J u ly
1915 ra te w as fu r th e r re d u c e d t o A o f 1 % .
O c t . 1915 d iv id e n d o m it t e d .
V . 101, p . 1188, 1370. N o n e sin ce.
R E P O R T .— O f D e n v e r T r a m w a y System fo r fis c a l y e a r e n d in g D e c . 31
(in te r -c o . tra n s a ctio n s e lim in a te d ).
R e p o r t fo r 1918 in V . 109, p . 1887.
Fiscal
Year—
Gross
Earnings.
Net {after
Other
Taxes, &c.). Income.
Deductions.
Balance,
Surplus.
1 9 1 8 _________ $ 3 ,5 9 7 ,9 9 9
$ 8 2 2 ,0 9 7
$ 1 7 ,0 7 8
$ 9 5 8 ,0 5 5 d e f.$ 1 1 8 ,8 8 0
1 ,1 5 0 ,3 5 2 19,8 1 8
9 6 8 ,6 1 7
2 01 ,553
1 9 1 7 _________ 3 ,4 1 9 ,4 6 8
O F F I C E R S .— V . - P . , S. M . P e r r y ; S e c ., H . S. R o b e r t s o n ; T r e a s ., H . J .
A le x a n d e r ; A u d ., W . A . D o t y . — V . 106, p . 2 3 4 5 ; V . 116, p . 720 ; Y . 120, p .
2 2 6 7 ; V . 121, p . 1568.
2) DENVER TRAMWAY CO.
T h e D e n v e r & N o rth w e s te r n R y . ow n s $ 9 ,7 9 1 ,7 0 0 o f th e c o m m o n s t o c k .
Receivership.— O n D e c . 24 1920 E rn e st Sten ger, P re s. & G e n . M g r ., w as
a p p o in te d re c e iv e r fo r th e c o m p a n y o n a p p lic a tio n o f th e W estin g h ou se
E le c . & M fg . C o . V . 112, p . 61.
Foreclosure Proceedings.— In A p ril 1923 a p e t itio n w as file d in th e F ed era l
C o u rt a t D e n v e r b y th e B a n k e rs T r u s t C o . , N . Y . , tru s te e o f th e 1st &
r e f. b o n d s, t o fo re c lo s e t h e m o r tg a g e . V . 116, p . 1760.
O R G A N I Z A T I O N .—-In c o r p . M a r c h 30 1914 in C o lo r a d o as su ccessor
t o th e D e n v e r C i t y T r a m w a y C o ., w h ic h h a d p r e v io u s ly a b s o r b e d th e D e n
v e r T r a m w a y P o w e r C o . a n d th e D e n v e r T r a m w a y T e rm in a ls C o .
O w ns
en tire $ 5 0 0 ,0 0 0 s t o c k o f th e C o n s o lid a te d Secu rities & In v e s tin g C o . (in
c o r p . o n th e sa m e d a te t o s u cce e d th e D e n v e r R 7 a lt y C o ., B o u le v a rd R e a l
E sta te C o . a n d D e n v e r E x cu rs io n C o . ) , w h ich in t u r n o w n s a ll th e o u ts ta n d
in g s to c k a n d b o n d s o f th e D e n v e r & I n t e r -M o u n t a in R R .
See p la n o f re
o rg a n iz a tio n u n d e r “ D e n v e r & N o rth w e s te r n R y . ” in V . 9 8 , p . 1156.
F I E L D O F O P E R A T I O N S A N D C H A R A C T E R O F B U S I N E S S .—
In c lu d in g th e D e n v e r & In te r -M o u n t a in R R . , o w n s 250 .51 m iles o f e le c tr ic
t r a c k , o f w h ic h th e re are 2 1 0 .8 7 m ile s o f c i t y lin es a n d 3 9 .6 4 m iles o f in te r-
Denver Tramway Corp.
NEW and OLD SE C U R IT IE S
A n alysis on Request
Special department for inactive
Public Utility Stocks & Bonds
W M . C. O R T O N & CO .
Reorganizations and Unlisted Securities
■54 W A LL STRE ET
Tel. Hanover 9690
NEW Y O R K
192
PUBLIC UTILITIES
u rb a n lin es; ga u g e , 3 f t . 6 in . a n d 4 f t . 8 fi in . 263 m o t o r p a ssen ger ca rs .
122 trailers, 152 fr e ig h t a n d 98 m is c . cars; to t a l, 635 c a r s . A ll fre ig h t
eq u ip m e n t lea sed t o D e n v e r & I n te r -M o u n ta in E R . C o . C a p a c it y o f
ce n tr a l g en era tin g p la n t , 19,200 k . w . 5 s u b -s ta tio n s , 2 o f 1 ,5 0 0 k . w .
e a c h , 2 o f 1,0 0 0 k . w . a n d 1 o f 900 k . w .
Franchises.— See “ E le c t r ic R a ilw a y ” S u p p le m e n t o f A p r il 2 6 1924.
Valuation.— See V . 120 . p . 3 2 9 .
Fares.— See " E le c t r ic R a ilw a y ” S u p p le m e n t o f O c t . 28 192 2. See also
V . 118, p . 319 6; V . 119, p . 2877; V . 120, p . 8 6 .
In M a r c h 1919 th e c o m p a n y a n n o u n c e d its in a b ilit y , c a u s e d b y a b n o rm a l
c o n d it io n s , t o ta k e u d o r r e fu n d th e $ 2 ,0 0 0 ,0 0 0 1st M . 5s o f th e D e n v e r
C it y T r a m w a y C o . d u e A p ril 1 1919. T h e c o . th e re fo re arran ged fo r an
ex ten sion o f th ese b o n d s a t 6 % t o A p ril 1 192 4. T h is issu e w as fu rth e r
ex ten d ed fo r 3 years t o A p r il 1 1927 a t 6 % . V . 118, p . 113 5, 126 7.
T h e $ 2 ,5 0 0 ,0 0 0 c o n v . 6 % b o n d s o f th e c o . d u e A p ril 1 1919 w ere e x
c h a n g e d fo r an issue o f 3 -y e a r 7 % c o ll , tru s t n o te s d u e A p r il 1 1 9 2 2 . T h e se
were n o t retired a t m a tu r ity b u t are s till o u ts ta n d in g . V . 114, p . 1890.
Interest Payments.— In M a r c h 1921 F ed era l Ju d ge L e w is o rd e re d tn e re*
ce iv e r t o p a y th e in t. on th e fo llo w in g b o n d issu es: (a) th e A p ril 1 1921 in t .
o n (1) $ 2 ,0 0 0 ,0 0 0 D e n v e r C it y T r a m , p u r c h m o n e y ext. 6s: (2) $ 1 ,1 6 7 ,0 0 0
D e n v e r C o n s o l. T r a m . C o n s . M t g e .5s; (3) $88 4 ,0 0 0 D e n v e r T r a m . P ow er
1st I m p t . M t g e . 5s; (6) th e M a r c h 1 1921 in t . o n th e $ 1 ,0 3 3 ,0 0 0 D e n v e r
T r a m . T erm in a ls 1st m tg e . 5s. V . 112, p . 1309.
A s o f A p r il 1 1922 w e w e re a d v is e d t h a t in t . w as In d e fa u lt o n th e D e n v e r
& N o rth w e s te r n R y . C o . 1st & c o ll . m t g e . 5 % b o n d s ., th e D e n v e r C ity
T r a m w a y 1st & r e f. m t g e . 5 % b o n d s a n d th e D e n v e r T r a m w a y C o . 7 %
c o ll, tru s t n o te s . V . 114, p . 1 89 0.
H o ld e rs o f D e n v e r T r a m w a y P o w e r C o . 1st I m p t . M t g e . 5% b o n d s, due
A p r . 1 1923, w ere ask ed t o e x te n d sam e fo r 1 y e a r t o A p r . 1 1924 a t 6 % p . a.
V . 116 , p . 117 6. T h is issue w as fu r th e r e x te n d e d fo r 3 y e a rs t o A p ril 1
1927 a t 6 % .
V . 118 , p . 1135, 1267.
T h e fo llo w in g co m m itte e s h a v e ca lle d fo r d ep osits:
Committee for Denver City Tramway 1st & Ref. 5s.— C . K . B o e t t c h e r ,
H . M a r t in B r o w n , Jas C . B u rg e r, C . M . C la r k , D o n a ld C G e d d e s , J . C
M it c h e ll, O . C . P a rk s; S e c ., B . W . Jon es, 16 W a ll S t .. N . Y . C it y .
D ep os ita ries : B a n k ers T r u s t C o . , N . Y . C it y ; In te rn a tio n a l T r u s t C o .
D e n v e r , C o l o ., In d u stria l T r u s t C o . , P r o v id e n c e . R . I . V . 112, p . 1616
Committee for Coll. Tr. 7 % Notes.— C h a irm a n , G e o . C . C la rk , J r .; E . W
C la rk , J. C u n liffe B u llo c k a n d C . M . C la rk . D ep ositaries; B a n k o f
A m erica , N . Y . . an d the D e n v e r N a tio n a l B a n k . V . 116, p . 720 .
Stockholders' Committee for Denver & Northwestern Ry. and Denver Tram
way Co.— C h a irm a n , S . M . P e rry ; W . N . W . B la y n e y , H u m e L e w is, O . R .
M a rtin an d H en ry W . B u ll; S e c ., R o b t . M . P e r r y , P . O . B o x 83 8 . D e n v e r,
C o lo . D e p osita ries: In te r n a tio n a l T r u s t C o ., D e n v e r ; Illin o is M e r c h a n ts
T r u s t C o . , C h ic a g o , a n d th e I n d u s tria l T r u s t C o ., P r o v id e n c e , R . I . —
V . 116, p . 720 ; Y . 120, p . 226 7.
Reorganization Plan, April 15 1925.
A p la n , d a te d A p r il 15 1925, fo r t h e re o rg a n iz a tio n o f D e n v e r T r a m w a y
C o . a n d D e n v e r & N o rth w e s te rn R y . w as a d o p te d in M a y 1925 b y th e jo in t
r eorg a n iz a tion a n d t h e v a r io u s p r o t e c tiv e c o m m itte e s an d d e cla re d o p e r a tiv e
o n Ju n e 2 4 1925. See fo r d e ta ile d p la n Y . 120, p . 254 8. See a ls o V . 120,
p . 226 7, 331 3.
Present Outstanding Funded Debt & Capitalization of Denver Tramway Co.
System.
D e n v e r C o n s o l. T r a m w a y C o . 1st C o n s o l. M . 4 0 -Y e a r 5s, 1 9 3 3 -a $ l,1 6 7 ,0 0 0
D e n v e r C it y T r a m w a y C o . 1st M t g e . (E x te n d e d ) 6s, 1 92 7------- 2 ,0 0 0 ,0 0 0
D e n v e r & N orth w es tern R y . 1st & C o ll. M t g e . 3 0 -Y e a r 5s, 1 9 3 2 b 2 6 1 ,1 0 0
D e n v e r T r a m w a y P o w e r C o . 1st I m p t . M t g e . (E x t .) 6s, 1 9 2 7 -6 9 3 ,0 0 0
D e n v e r C it y T r a m w a y C o . 1st & R e f. S. F . M . 2 5 -Y r . 5s, 1 9 3 3 -c l0 ,1 2 5 ,6 0 0
D e n v e r T r a m w a y T erm in a ls C o . 1st M . 5 % Serial G o ld b o n d s ,
7 75 .000
1925 t o 193 8_____________________________________________________
D e n v e r T r a m w a y C o . 3 - Y r . 7 % C o ll. T r . n o te s , d u e A p ril 1 1922 2 ,5 0 0 ,0 0 0
In teres t u n p a id a n d in d e fa u lt t o D e c . 31 19 2 4 ___________________ 3 ,2 5 2 ,4 3 3
S inking F u n d p a y m e n ts in d e fa u lt t o D e c . 31 19 2 4 ----------------------9 2 1 ,4 5 0
D e n v e r & N orth w es tern R y . C o . C a p ita l s t o c k _________________
5 ,9 9 9 ,1 0 0
D e n v e r T r a m w a y C o . C o m m o n s t o c k _____________________________
2 08 ,300
C o n s o lid a te d Securities & I n v e s tin g C o . C a p ita l s t o c k _________
d 5 0 0 ,0 0 0
a $ 2 ,6 7 0 ,0 0 0 a d d itio n a l b o n d s o f th is issue are p le d g e d u n d e r D e n v e r
C it y T r a m w a y C o . 1st & R e f. S inking F u n d M t g e . b $ 5 ,7 3 8 ,0 0 0 a d d itio n a l
b o n d s o f th is issu e w e re e x ch a n g e d fo r D e n v e r C it y T r a m w a y C o . 1st &
R e f . S in k in g F u n d M t g e . 2 5 -Y e a r 5s a n d are d e p o s ite d u n d e r t h e m o rtg a g e
se cu rin g th a t issu e, c $ 1 ,3 7 0 ,0 0 0 a d d itio n a l b o n d s o f th is issue are p le d g e d
u n d er th e tr u s t in d en tu re se cu rin g th e 3 -Y e a r 7% C o lla te ra l T r u s t n o te s.
tZThis s t o c k is p le d g e d u n d e r th e tr u s t in d e n tu re secu rin g th e 3 -Y e a r 7 %
C olla tera l T r u s t n o te s .
What the Reorganization is Intended to Accomplish.
(1) T h e te rm in a tio n o f th e r e ce iv e rs h ip as s o o n as th e re o rg a n iz a tio n can
b e con s u m m a te d .
(2) T h e re c a p ita liz a tio n o f th e stre e t r a ilw a y sy ste m o n a c o n s e r v a tiv e
b asis as b etw een b o n d s c a r r y in g a f ix e d ch a rg e a n d P referred a n d C o m m o n
s t o c k , a n d w ith in th e v a lu a tio n fix e d b y th e F e d e ra l C o u rt fo r th e c it y lines.
(3) T h e re d u c tio n o f fu n d e d d e b t fr o m $ 1 7 ,5 2 1 ,7 0 0 t o $ 1 1 ,0 7 8 ,3 5 0 , a n d
a d ju s tm e n t o f $ 3 ,9 5 3 ,3 3 7 arrears o f in te re st, a to t a l r e d u c tio n o f d e b t in
th e a m o u n t o f $ 1 0 ,3 9 6 ,6 8 7 .
(4) T h e r e d u c tio n o f an n u a l in te re st ch arges fr o m $95 3 ,0 1 5 t o $ 5 8 0 ,8 4 8 ,
a n d o f an n u a l sin k in g f u n d ch arges fr o m $33 2,91 1 (fo r 1924) t o a m a x im u m
o f $ 1 1 4,43 3 o n th e fu n d e d d e b t o u ts ta n d in g o n c o n s u m m a tio n o f th e re
org a n iz a tion .
(5) T h e c re a tio n o f a n e w m o r tg a g e , s u b je c t o n ly to $ 4 ,6 3 5 ,0 0 0 u n d e rly in g
b o n d s o u ts ta n d in g , t o p r o v id e , a m o n g o th e r th in g s , fo r re fu n d in g s u ch
u n d e rly in g b o d s , o f w h ic h m o r e th a n 5 0 % m a tu r e in 1927, a n d fo r n e w
ca p ita l req u irem en ts fr o m tim e t o tim e .
(6) T h e p r o v is io n o f $ 6 1 2,46 8 o f n e w m o n e y b y s to ck h o ld e rs o r u n d e r
w riters fo r p u rp oses o f th e n e w c o m p a n y a n d o f effe ctin g th e r e o rg a n iz a tio n .
Digest of Reorganization Plan.
Underlying Bonds Undisturbed in the Reorganization, Total $ 4 ,6 3 5 ,0 0 0 .
D e n v e r C o n s o l. T r a m w a y C o . 1st C o n s o l. M . 4 0 -Y r . 5s, 1 9 3 3 -- a $ l ,1 6 7 ,0 0 0
D e n v e r C it v T r a m w a y C o . 1st M t g e . (E x t .) 6s, 192 7----------------- 2 ,0 0 0 ,0 0 0
D e n v e r T r a m w a y P o w e r C o . 1st I m p t . M t g e . (E x t .) 6s, 1 9 2 7 - .
6 9 3 ,0 0 0
D e n v e r T r a m w a y T erm in a ls C o . 1st M t g e . 5s (Serial) 1 9 2 5 -3 8 7 7 5 ,0 0 0
a $ 2 ,6 7 0 ,0 0 0 a d d itio n a l n o w p le d g e d u n d e r D e n v e r C it y T r a m w a y C o .
1st & R e f. S inking F u n d M t g e . w ill rem ain ou tsta n d in g a n d w ill b e
p led g ed und er th e n ew m o rtg a g e .
Securities ($ 1 4 ,2 5 6 ,7 0 0 ) and Stock ($ 6 ,2 0 7 ,4 0 0 ) to be Readjusted Under Plan.
D e n v e r C it y T r a m w a y C o . 1st & R e f . S. F . M t g e . 2 5 -Y e a r 5s,
d u e 1933 (in c l. $ 1 ,3 7 0 ,0 0 0 b o n d s d e p o s ite d u n d er this tru s t
in d en tu re secu rin g th e 3 -Y e a r 7% C o ll. T r u s t n o t e s )-------------$ 1 1 ,4 9 5 ,6 0 0
D e n v e r & N o rth w e s te rn R y . 1st & C o ll. M t g e . 3 0 -Y r . 5s, 1 9 3 2 2 6 1 ,1 0 0
D e n v e r T r a m ’y C o . 3 - Y r . 7 % C o ll. T r . n o te s , d u e A p r il 1 1922 2 ,5 0 0 ,0 0 0
D e n v e r & N orth w es tern R y . C o . C a p ita l s t o c k _________________
5 ,9 9 9 ,1 0 0
D e n v e r T r a m w a y C o . C o m m o n s t o c k -----------------------------------------2 0 8 ,3 0 0
Method of Effecting Reorganization.— T h e p la n co n te m p la te s th e fo r e
clo s u re o f D e n v e r C it y T r a m w a y C o . 1st & R e f . Sinking F u n d M t g e . a n d
o f D e n v e r & N o rth w e s te r n R y . 1st & C o ll. M t g e . a n d th e o rg a n iz a tio n o f
a n e w c o m p a n y , w h ic h w ill a cq u ire , t h r o u g h fo re c lo s u r e a n d r e c e iv e r ’s sales
a n d oth erw ise, th e fo llo w in g p r o p e r t y a n d assets:
(1) T h e s treet ra ilw a y sy s te m a n d fra n ch ise s w h ic h a re n o w s u b je c t t o
th e D e n v e r C it y T r a m w a y C o . 1st & R e f. S in k in g F u n d M t g e . a n d t o th e
D e n v e r & N orth w es tern R y . 1st & C o ll. M t g e .— -to b e a cq u ire d s u b je c t t o
th e r e s p e c tiv e liens o f th e m o rtg a g e s se cu rin g t h e u n d e rly in g b o n d s, w h ich
are n o t b e in g d is tu r b e d in th e re o rg a n iz a tio n , w h ich u n d e rly in g b o n d s
are t o b e a ssu m ed b y t h e n e w c o m p a n y ;
(2) T h e $ 2 ,6 7 0 ,0 0 0 D e n v e r C o n s o lid a te d T r a m w a y C o . 1st C o n s o l.
M t g e . 4 0 -Y e a r 5 % G o ld b o n d s w h ich are n o w p le d g e d u n d e r th e 1st &
R e f . Sinking F u n d ' M t g e .;
(3) A ll u n m o r tg a g e d assets in th e h a n d s o f th e re ce iv e r, s u b je c t t o
liq u id a tio n o f th e ob lig a tio n s a n d expenses o f th e receiversh ip a n d o th e r
claim s;
(4) A ll o f t h e $ 1 ,0 0 0 ,0 0 0 c a p ita l s t o c k a n d $ 4 9 6 ,5 0 0 1st M t g e . n o te s o f
D e n v e r & In te r m o u n ta in R R . , w h ich are n o w o w n e d b y C o n so lid a te d
Securities & I n v e s tin g C o .;
(5) A ll rea l estate n o w o w n e d b y C o n s . S e cu r. & In v e s tin g C o . th e title
t o w h ich m a y b e v e s te d in a s u b s id . c o r p o r a tio n .
I n regard t o item s (4) a n d (5) th e p la n c o n te m p la te s th a t th e in d e n tu re
secu rin g th e 3 -y e a r 7 % c o ll, tru s t n o te s shall b e fo re c lo s e d , o r th a t th e
colla tera l h e ld th ereu n d er sh all b e s o ld , a n d th a t th e n o te h o ld e rs’ p r o t e c tiv e
co m m itte e shall cau se th e $ 1 ,3 7 0 ,0 0 0 D e n v e r C ity ' T r a m w a y C o . 1st &
r e f. s. f. m tg e . 5 % g . b o n d s w h ic h are n o w p a r t o f th e co lla te r a l t o b e
d ep o s ite d u n d er th e p la n , a n d sh all likew ise ca u se item s (4) a n d (5) t o b e
c o n v e y e d an d tra n sferred b y C o n s o l. S ecu r. & In v e s tin g C o . t o th e n e w
c o m p a n y , o r , in th e case o f th e real e sta te , t o a su b sid ia ry c o r p o r a tio n .
[V ol. 121,
New Securities and Stock to be Issued by the New Company.— F o r d e ta ils
a b o u t th e c o n t e m p la te d issu es w e r e fe r t o V . 120, p . 2 54 8.
Table of Exchange of Old for (New Securities.
Will Receive
Outstanding. New Bonds. Pref. Stock. Com. Shs.
Existing Securities—
D e n v e r C it y T r a m w a y
1st & R e f. S. F . 5 s - _ - x $ l l ,4 9 5 , 6 0 0 $ 5 ,7 4 7 ,8 0 0 $ 5 ,7 4 7 ,8 0 0
_______
E a ch $ 1 ,0 0 0 ___________
500
7 58 .33
D e n v e r & N o rth w e s te r n
1st & C o ll. 5 s __________
2 6 1 ,1 0 0
1 3 0 ,5 5 0
130 ,5 5 0
_______
E a ch $ 1 ,0 0 0 ___________
500
758 .33
1 0 0 % o f a c c r . & u n p a id
in t . fr o m N o v . 1920 t o
J u ly 1 1925 o n a b o v e
b o n d s ___________________ 3 ,0 3 4 ,5 8 7
_______
3 ,0 3 4 ,5 8 7
_______
3 -Y e a r C o ll. T r . n o t e s . .
2 ,5 0 0 ,0 0 0 See f o o t n o t e a
E a ch $ 1 ,0 0 0 ___________
500
732 .6 9
a A ll th e $ 1 ,0 0 0 ,0 0 0 c a p .
s tk . & $ 4 9 6 ,5 0 0 1st M .
n o te s o f D e n . & In te r
m o u n ta in R R . & all
rea l e sta te o w n e d b y
C o n s o l. S e c. & I n v . C o
5 6 5 ,0 0 0
7 9 2 ,8 0 0
_______
D e n . & N . W . ca p . stock
_______
5 9 9 ,9 1 0 59,991 shs.
o n p a y ’t o f $10 p e r s h . b 5 , 9 9 9 ,1 0 0
E a ch $ 1 0 0 _____________
10
1 sh.
D en . T ram . C o . C om .
s tk . o n p a y m e n t o f $6
p e r s h a re _______________
b 2 0 8 ,3 0 0
_______
12,4 9 8
1,249 shs.
E a c h $ 1 0 0 _____________
6
3 -5 sh .
x In c lu d e s $ 1 ,3 7 0 ,0 0 0 b o n d s d e p o s ite d u n d e r th e tr u s t in d e n tu re secu rin g
th e $ 2 ,5 0 0 ,0 0 0 3 -Y e a r 7 % C o lla te ra l T r u s t n o te s , a T h e p la n co n tem p la tes
th a t th e in d e n tu r e s ecu rin g t h e C o ll. T r u s t n o te s sh all b e fo re c lo s e d o r th a t
th e co lla te r a l h e ld th e re u n d e r sh all b e so ld a n d th a t th e n o te h o ld e rs p r o
t e c tiv e c o m m itte e sh all cau se th e $ 1 ,3 7 0 ,0 0 0 D . C . T . 1st & R e f. S. F . M .
5s, w h ich are n o w a p a r t o f t h e c o lla te r a l, t o b e d e p o s ite d u n d e r th e p la n
a n d also cau se th e $ 1 ,0 0 0 ,0 0 0 s t o c k a n d $ 4 9 6 ,5 0 0 n o te s o f D e n v e r & I n te r m o u n ta in R R . n o w o w n e d b y th e C o n s o l. S e cu ritie s & I n v e s tin g C o . t o
b e c o n v e y e d t o t h e n e w c o m p a n y , o r in th e case o f t h e re a l esta te t o a sub
sid ia ry c o m p a n y , b H o ld e r s o f s t o c k a n d c e r tific a te s o f d e p o s it fo r s to c k
o f th e c o m p a n ie s w ill b e re q u ire d t o p a y 20 % o f t h e p a y m e n t s o n assenting
t o th e p la n (to b e re tu rn e d i f th e p la n sh all n o t b e d e cla re d o p e r a t iv e ),
a n d th e b a la n ce as a n d w h e n c a lle d f o r b y th e jo in t re o r g a n iz a tio n c o m m itte e
a fte r th e p la n shall h a v e b e e n d e c la r e d o p e r a tiv e .
T h e re o r g a n iz a tio n c o m m itte e reserves t h e rig h t t o issu e s t o c k scrip t o
c o v e r fr a c t io n s o f o n e share o f n e w C o m m o n s t o c k t o w h ich h o ld e rs o f
s t o c k o f th e D e n v e r & N o rth w e s te r n R y . o r th e D e n v e r T r a m w a y C o .,
o r ce r tific a te s o f d e p o s it th e r e fo r , m a y b e c o m e e n title d u n d e r th e p la n .
T h e p la n m a k e s n o p r o v is io n fo r a n y h o ld e rs o f s t o c k o f th e D e n v e r &
N o rth w e s te r n R y . o r o f th e D e n v e r T r a m w a y C o . w h o d o n o t d e p o s it
th e ir s t o c k u n d e r th e p la n a n d m a k e th e p a y m e n t s a b o v e re ferred t o .
A n y n e w s to c k w h ich w o u ld b e d e liv e ra b le u n d e r t h e p la n t o s u ch h old ers,
h a d t h e y p a r ticip a te d th e re in , m a y b e so ld b y t h e jo in t r e o rg a n iz a tio n
c o m m itte e fo r th e p u rp o s e s o f th e re o r g a n iz a tio n .
Cash Requirements of the Plan.— T h e p la n d o e s n o t c o n te m p la te a n y
im m e d ia te sale o f b o n d s b y th e n e w c o m p a n y t o p r o v id e ca s h , as it is
e s tim a te d th a t t h e cash in th e h a n d s o f t h e r e c e iv e r a n d t h e p a y m e n ts
re q u ire d o f th e s to c k h o ld e r s u n d e r th e te rm s o f th e p la n , ta k e n a s a w h o le ,
w ill s u ffic e fo r o p e r a tio n s u n til th e n e w c o m p a n y ta k e s o v e r t h e p r o p e r t y ,
a n d fo r th e liq u id a tio n o f th e o b lig a tio n s a n d e xp en ses o f th e r e ceiv ers h ip
a n d o th e r cla im s, a n d fo r t h e expen ses o f th e r e o r g a n iz a tio n a n d o f c a r r y in g
o u t th is p la n , a n d w ill le a v e t h e n e w c o m p a n y a b a la n c e e s tim a ted a t n o t
less th a n $ 7 5 0 ,0 0 0 fo r w o rk in g ca p ita l a n d f o r c a p it a l e x p e n d itu res c o n
te m p la te d fo r 1925 a n d 1926.
T h is e s tim a te d o e s n o t in c lu d e a n y p r o v is io n f o r a n y cash p a y m e n t o n
a n y o f th e D e n v e r C it y T r a m w a y C o . 1st & R e f. S in k in g F u n d M t g e . 2 5 Y e a r 5 % G o ld b o n d s , o r o f th e D e n v e r & N o rth w e s te r n R y . 1st & C o ll.
M t g e . 3 0 -Y e a r 5 % G o ld b o n d s , o r o f t h e D e n v e r T r a m w a y C o . 3 -Y e a r
7 % C o lla te ra l T r u s t G o ld n o te s , w h ic h m a y n o t b e d e p o s ite d u n d e r th e p la n .
Esiimated Funded Debt
Capitalization
Bonds—
Annual Charges After Reorganiza’n.
Annual
Amount. Charges.
D e n v e r C o n s o l. T r a m . C o . 1st C o n s . M . 5s, 1 9 3 3 -. $ 1 ,1 6 7 ,0 0 0
_
2 ,0 0 0 ,0 0 0
D e n v e r C it y T r a m w a y C o . 1st M . E x t. 6s, 19 2 7 _
D e n v e r T r a m . P r . C o . 1st I m p t . M . E x t . 6s, 1 92 76 9 3 ,0 0 0
D e n v e r T r a m w a y T e r m . C o . 1st M . S er. 5s, 1 9 2 5 7 7 5 ,0 0 0
N e w 5 % Series b o n d s _________________________________
6 ,4 4 3 ,3 5 0
T o t a l -------------------------------------------------------------------------- $ 1 1 ,0 7 8 ,3 5 0
S in k in g F u n d ch a r g e s _________________________________
_______
A d d ’l S k. F d . p a y m e n ts t o c o m m e n ce in 1928 (o r s o o n e r i f
d iv s . are p a id u p o n th e C o m . s t o c k )— o n e y e a r ’s p a y m e n t
b a s e d o n n e w b o n d s p r e s e n tly o u ts ta n d in g ____________________
Sioclcs
$ 5 8 ,3 5 0
1 2 0 ,0 0 0
4 1 ,5 8 0
3 8 ,7 5 0
3 2 2 ,1 6 8
a $ 5 8 0 ,8 4 8
5 0 ,0 0 0
$ 6 3 0 ,8 4 8
6 4 ,4 3 3
7 % P re fe rre d s t o c k ------------------------------------------------------- $ 1 0 ,4 6 8 ,1 4 5
$ 2 1 ,5 4 6 ,4 9 5
*6 1 ,2 5 0
* Shares o f C o m m o n s t o c k w it h o u t p a r v a lu e ,
a T h is c o m p a r e s w ith
a n n u al in te re st ch a rges o f $ 9 5 3 ,0 1 5 u n d e r th e p re s e n t f u n d e d d e b t .
Estimated Earnings Applicable to Annual Charges After Reorganization.
T h e re c e iv e r r e p o r ts th a t th e n e t in c o m e o f t h e D e n v e r T r a m w a y C o .
s y s te m , a fte r d e d u ctin g o p e r a tin g exp en ses, ta x e s , d e p r e c ia tio n a n d fra n c h is e
p a y m e n ts , a v a ila b le f o r in te re st, sin k in g fu n d a n d d iv id e n d s , f o r th e 3
y e a rs e n d e d D e c . 31 1922, 1923 a n d 1924 w as as fo llo w s :
N e t in c o m e y e a r e n d e d D e c . 31 19 2 2 _______________________________ $ 1 ,3 7 9 ,7 3 7
N e t in c o m e y e a r e n d e d D e c . 31 19 2 3 ______________________________
1 ,2 1 5 ,2 0 4
N e t in c o m e y e a r e n d e d D e c . 31 19 2 4 ---------------------------------------------- 1 ,2 9 2 ,3 6 5
A v e ra g e n e t in c o m e — 3 y e a r s ____________________________________ $ 1 ,2 9 5 ,7 6 8
$ 2 5 8 ,6 8 0
O n e y e a r ’s in te re s t o n n e w 5 % series b o n d s ______
3 2 2 ,1 6 8
Deduct— O n e y e a r ’s in te re s t o n u n d e rly in g b o n d s . .
T o t a l in te re s t
ch arges.
-----------------------------------------------------
5 8 0 ,8 4 8
L e a v e s a v a ila b le fo r sin k in g fu n d a n d d iv id e n d s _____________
$ 7 1 4 ,9 2 0
P re fe rre d s t o c k d iv id e n d re q u ire m e n t a t 5 % ____________________
5 2 3 ,4 0 7
Assessments.— U n d e r th e p la n e a ch s h a re h o ld e r o f D e n v e r & N o r t h
w estern R y . is assessed $10 p e r share a n d w ill r e c e iv e th e r e fo r $10 n e w p r e f.
s t o c k a n d o n e sh are o f ne w C o m . s t o c k . L ik e w ise ea ch sh a re h o ld e r, D e n v e r
T r a m w a y C o . is assessed $6 a n d r e c e iv e s $6 n e w P r e f. s t o c k a n d 3 -5 th share
o f n e w C o m m o n s t o c k .— Y . 120, p . 2 26 7; V . 121, p . 1568.
Receiver's Report Dec. 24 1920 t o Dec. 31 1924. See V . 120, p . 2 26 7.
Sale of Collateral <% Properties.— See V . 121, p . 4 5 7 , 705 , 83 8 , 1100. T h e
en tire p r o p e r t y w as so ld o n S e p t. 11 1925 fo r $ 7 ,0 0 1 ,2 4 0 . Sale r a tifie d .—
V . 121, p . 1568.
New Company.— The Denver Tramway Corp. w as in c o r p . o n Ju n e 23 1925
as p e r re o r g a n iz a tio n p la n o f A p r il 15 1 9 2 5 .— V . 121, p . 197.
STOCK A N D BON DS—
Date.
Interest.
Outstanding.
Maturity.
C o m m o n s to c k $ 1 0 ,0 0 0 ,0 0 0 —
____
________
$ 10 ,000,000 ____________
P r e f stk $ 3 ,0 0 0 ,0 0 0 (7 % c u m ) . ------------------See t e x t
____________
C o ll tru s t n o te s g o ld -----------------1919
7%
2 ,5 0 0 ,0 0 0 A p r 1 1922
D e n v & N W R y 1st & c o ll M f 1902
5 g M -N
2 6 1 ,1 0 0 M a y 1 1932
g $ 6 ,0 0 0 ,0 0 0 ($500 a n d -lin t, a t B a n k ers T r u s t C o ., N e w Y o r k .
$ 1 ,0 0 0 a s s u m e d )________ c * [
T ru ste e ; a lso o ffic e o f c o . in D e n v e r .
R e d . a t 105 a n d in t. o n 90 d a y s n o tice .
D e n C it y T r C o 1st & r e f M r 1908
5 g M -N
1 0 ,1 2 5 ,6 0 0 N o v 1 1933
$ 2 5 ,0 0 0 ,0 0 0 g
$500 a n d !I n t . a t B a n k e rs T r u s t C o ., N e w Y o r k .
$ 1 ,0 0 0 ) sin kin g fu n d _ _ c * t f I T r u s te e , a n d in D e n v e r .
D e n v C i t y T r a m p u rch a se | 1899
6 g A -O
2 ,0 0 0 ,0 0 0 A p r 1 1927
m o n e y m tg e g $2,000,000 1 I n t . a t C e n tr a l T r u s t C o ., N . Y . , T r u s te e ,
($500 a n d $ 1 ,0 0 0 )____c * t f I a n d in D e n v e r (see text above).
D e n v C o n s T r a m co n s m tg e j 1893
5 g A -O
1 ,1 6 7 ,0 0 0 O ct 1 1933
$ 4 ,0 0 0 ,0 0 0 g o l d ________ n t f ) I n t . a t B k rs T r . C o ., N .Y ., T r u s t e e , & in D e n v .
D e n v T r P o w 1st im p t m t g e f 1903
6 g A -O
6 9 3 ,0 0 0 A p r 1 1927
$ 1 ,5 0 0 ,0 0 0 g ($ 1 ,0 0 0 ) gu ar j In t . a t In te r n a t. T r . C o ., D e n v e r , T r u s te e .
p rin c ip a l a n d in te re s t___ t f I o r G u a r a n ty T r u s t C o . , N e w Y o r k .
D e n v T r T e r m 1st m tg e $1,-| 1910
5 g M -S
7 7 5 ,0 0 0
See te x t
5 0 0 ,0 0 0 g ($100 & $ 1 ,0 0 0 ) -jInterest a t B a n k e rs T r u s t C o ., N . Y . , T r u s gu ar p r in & i n t ________ c * t f [ te e , a n d in D e n v e r .
Stock.— -$9,791,700 c o m m o n o w n e d b y D e n v e r & N o rth w e s te rn R y . o f
w h ic h $ 7 5 0 ,0 0 0 is h e ld fo r c o n v e r s io n o f D e n v . T r a m w a y c o n v . b o n d s , th e
re m a in in g $ 2 5 0 ,0 0 0 b e in g set a side fo r expen ses o f org a n iz in g D e n v e r T r . C o .
Oct., 1925.]
Bonds.— Of the bonds reported outstanding as above, $1,427,550 Denver
City Tramway 1st & ref. 5s and $18,000 Denver Tramway Terminals 1st
5s are owned by the Denver Tramway Co.
Of the Denver & Northwestern 1st and coll. mtge. bonds, $5,738,000 have
been exchanged for Denver City Tramway 1st and ref. 5s, and $900 are in
treasury o f Denver Tramway Co. (not included in amount reported out
standing) .
Of the Denver Consolidated Tramway 1st consol. 5s, $163,000 have been
canceled and $2,670,000 have been exchanged for Denver City Tramway
1st and ref. 5s.
The Denver City Tramway Co., prior to the sale o f its properties, exe
cuted a mtge. upon all its physical properties (other than those formerly
belonging to the Denver & Northwestern R y. Co.) junior to the lien of its
first & ref. sk. fd. mtge. (originally matured April 1 1919 and bore int.
at 5% , but were extended to April 1 1924 and again to April 1 1927 at 6% )
as additional security for the [$6,000,000] 1st & coll, bonds of the Denv. &
Northw. Co., the payment of which Northwestern bonds the Denv. Tram
way Co. has assumed.
Denver City Tr. Co. 1st & ref. bonds are red. at 105 and int. after 1913
up to Nov. 1 1923; thereafter at 102H and int. on 60 days notice. Sinking
fund of 1% o f bonds out began Nov. 1 1914 until and incl. N ov. 1 1923:
thereafter 2% o f bonds out; $1,109,500 retired through sinking fund.
$1,370,000 additional bonds of this issue are pledged under the trust
indenture security, the 3-year 7% coll. tr. notes.
The Denver Tramway Power Co. 1st impt. mtge. bonds originally ma
tured April 1 1923 and bore int. at 5% , but were extended for 1 year to
April 1 1924 at 6 % . V. 116, p. 1176. This issue was again extended, this
time for 3 years, to April 1 1927, at 6% . V. 118, p. 1267. Compare
V. 118, p. 1135. Sinking fund o f $50,000 per annum, to retire bonds at
105 and int., commenced in 1908, and $807,000 have been retired. Int.
payable in N. Y . and Denver. The remaining Denver Tram. Term. Co.
bonds are for impts. They mature $60,000 annually Sept. 1 1916 to 1940
Red. as a whole on any int. day at 105 and int. on 30 days notice. V. 98,
p. 1156.
REPORT.— Of Denver Tramway Co. since beginning of receivership:
Accumulative
Accumulate
Dec.24’20 to Jan. ’24 to Dec.24’20 to
Period—
Dec. 31 ’23. Dec. 31 ’24. Dec. 31 ’24.
Total revenue from transportation_ $14,136,741 $4,508,917 $18,645,658
_
Total rev. from oper. other than trans.
514,900
195,109
710,009
Total operating revenue__________ $14,651,641
Total operating expenses___________ 9,802,256
$4,704,026 $19,355,667
3,050,872 12,853.129
Net operating revenue___________ $4,849,385 $1,653,154 $6,502,538
Total miscellaneous income_________
36,462
25,273
61,735
Gross income less operating expense $4,885,847
Total deductions from income___r
.___ 4,237,966
$1,678,428
1,417,127
$6,564,273
5,655,092
Net income___________________ _
$647,881
$261,300
$909,180
OFFICERS.— Chairman of Board, C. Boettcher; Pres., Ernest Stenger;
V .-P., S. M . Perry; Sec., H. S. Robertson; Treas.. H. J. Alexander; Aud.,
Wm. A. D oty.— V. 116, p. 1176, 1760, 2128; V. 117, p. 1235; V. 118, p.
1135, 1267, 1910, 3196; V. 119, p. 2645. 2877; V. 120, p. 86, 329, 2011, 2267,
2548, 3313; V. 121, p. 197, 457, 705, 838, 1100, 1460, 1568.
(3) DENVER & INTER-MOUNTAIN RR.
The Consolidated Securities & Invest. Co. owns all the stock and notes.
ORGAN IZATION .— Incorporated in Colorado about Oct. 29 1907 as
Inter-Mountain R y., but on April 2 1909 changed its name to present title.
Private right of way. Franchises in Denver and Golden are perpetual.
Has freight traffic agreements with Denver Tramway Co. and arrange
ments for interchange of transfers on Denver City lines; also contract for
use of Tramway C o.’s tracks in entering Denver.
STOCK AN D BONDS—
Date.
Interest.
Outstanding. Maturity.
_________ $1,000,000 ____________
Stock $1,000,000 ($100)______ _____
First mortgage notes_________ _____
5%
500,000
1938
The notes were issued in lieu o f $500,000 1st M . 5s due 1938, which were
canceled and cremated N ov. 1 1917.
ROAD, &c.— Incl. in Denver Tram. Co.— V . 107, p. 82; V. I l l , p. 1§52.
SOUTHERN COLORADO POWER CO.
Standard Gas & Electric Co. owns $405,000 first pref. and $1,273,500
Class A common stock.
ORGANIZATION.— Incorp. in Colorado on Nov. 14 1911 as the Ar
kansas Valley R y., Lt. & Pow. Co., but name was changed to present title
in M ay 1922. V. 114, p. 2117.
FIE LD OF OPERATIONS AN D C H A R ACTER OF BUSINESS.—
Owns and operates the street railway system in Pueblo and also has large
electric lighting and power business in Pueblo, Canon City, Cripple Creek,
La Junta and other adjacent towns. Owns 32 miles of track, all in city of
Pueblo. Gauge, 4 ft. 65, 72, 75, 90-lb. rail. 50 cars, of which 42 are
motors. Has a hydro-electric power plant at Skaguay, on Beaver Creek,
near Victor; steam-electric power houses in Canon City and Pueblo; in
stalled capacity, 33,300 h .'p. Has 358 miles o f transmission and 406 miles
distributing pole lines. Railway franchises expire in 1940 in Pueblo and
In 1953 in Pueblo County, and electric light franchises in 1936.
On July 15 1925 stockholders authorized the re-classification of the capital
stock as follows: The 40,000 authorized shares o f 7% cum. pref. stock to
remain: 250,000 shares Class “ A ” common (par $25), and 200,000 shares
Class “ B ” common stock, no par value. Each share o f the outstanding 8%
second pref. stock (par $100) to be converted into four shares Class “ A ”
common (par $25). Each share o f present common stock (no par) to be con
verted into one share Class “ B ” common stock, no par value. V. 121, p.
77, 331.
STOCK AN D BONDS—- Date. Interest. Outstanding.
Maturity.
Com Class A $6,250,000 ($25)______
_______
$2,750,000
________
Com Cl B 200,000 shs (no p a r ) ____
_______
75,000 sh s________
1st pref $400,000 ($100) 7% c u ___
Q-M 15 3,118,400 Sept ’25 ,1^
1st mtge ser “ A ” $50,000,000/ 1922 6 g J-J
6,400,000 July 1 1947
$100, $50 0 & $ 1 ,0 0 0 ) g c * t f\ C o n t ’l & C o m ’l T r . & S. B k ., C h ic ., T r u s te e .
Stock.— Class “ A ” common has preference over Class “ B ” common as to
quarterly dividends at the rate of $3 per annum. After Class “ A ” has re
ceived a quarterly dividend at the same rate, Class “ B ” common shall be
entitled to dividends for such quarterly period at the rate o f $2 per annum.
Any further dividends to be paid equally ratably, share for share, on Class
“ A ” and “ B ” common stock. Class “ A ” has preference as to assets to
$27 50 per share, and after payment o f $27 50 on the Class “ B ” common, a
like sum shall be paid on the Class “ B ” shares. Any further distributions
to be divided equally, share for share, to “ A ” and “ B ” common. Class “ A ”
common is redeemable, all or part, at $35 per share and is non-voting. In
Aug. 1925 H. M . Byllesby & Co. and Ladenburg, Thalmann & Co. sold
110,000 shares Class “ A ” common at $27 50 per share. V. 121, p. 587.
Bonds.-—The 1st mtge. 6s, Ser. “ A ,” are red. all or part on 30 days no
tice on or before July 1 1933, at 10714, and thereafter at K of 1% less for
each succeeding year, plus int. Mtge. provides semi-ann. sinking fund
commencing July 1 1925 equal to a 2% per annum basis on the total Ser.
“ A ” bonds outstanding at respective dates of payment, including any
underlying bonds then outstanding on property hereafter acquired by the
co., which sinking fund will be credited with any similar payments required
to be made on such underlying bonds. Int. payable in N. Y . and Chicago.
Penna. 4-mill tax refunded. V. 115, p. 554. Listed on N . Y . Stock Ex
change. V. 116, p. 1906; V. 117, p. 1463, 2139.
Dividends.— On first pref., 1% % quar. from June 1912 to Sept. 1925.
On Class “ A ” common an initial div. o f 50c. in Nov. 1925. V. 121, p. 2040.
EARNINGS.—-For years ending Dec. 31:
12 Months Ended Dec. 31—
1924.
1923.
1922.
Gross earnings_______________________$2,199,771 $1,958,958 $1,839,460
Operating expenses, maint. & taxes__ 1,296,543
1,193,752
1,126,664
610,779
597,929
458,260
Interest____________________________
Dividends on first preferred stock____
169,478
155,744
145,478
Balance for retirement reserves, 2d
pref. & com. stock divs. & surp_.
$122,972
$11,533
$109,057
Latest Earnings.— Twelve months ended June 30 1925: Gross earnings,
$2,310,856; operating expenses, maintenance and taxes, excluding deprecia
tion, $1,342,506; interest charges, $436,464; preferred stock dividends,
l 182,280; balance, $349,606.
193
POWER, LIGHT AND RAILW AY
OFFICERS.-—Pres., J. J. O’Brien; V.-Ps., F. C. Gordon, W . N. Clark,
R. J. Graf, B. W. Lynch, Geo. H. Harries, E. J. M cK ay and C. M . Gailmard Jr.; Gen. M gr., W . N. Clark; Treas., M . A . Morrison; Sec., Herbert
List: Gen. Mgrs., Byllesby Eng. & M gt. Corp., Chicago, 111.-—-V. 117, p.
2433; V. 118, p. 1666; Y. 120, p. 2013; V. 121, p. 77, 331, 587, 2040.
COLORADO SPRINGS & INTERURBAN R A IL W A Y .
ORGANIZATION.— Incorp. in Aug. 1902 as a consolidation of the Colo
rado Springs Rapid Transit R y. and the Colorado Springs & Suburban R y.
FIE LD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Owns 41 miles of track. In 1919 added 35 one-man cars to its equipment.
C A PITA LIZA TIO N .— The consolidated company has issued $1,500,000
stock, of which $500,000 5% pref.; bonds ($1,000 5% M . S., due Sept. 1932,
Central Trust C o., N . Y ., trustee) auth. and issued, $1,500,000.
EARNINGS.—-For cal. year 1924,?gross, $440,888; net, after taxes*
$10,135. In 1923, gross, $476,381; net, after taxes, $910. In 1922,
gross, $505,943; net, after taxes, def.,^$2,305.
OFFICERS.—-Pres., D. P. Strickler; V .-P ., W. Lennox; Sec. and Treas.;
Wm. Lloyd; Asst. Sec. & Asst. Treas., H. L. Stubbs.—V . I l l , p. 188, 492,
1566; V. 114, p. 2468; V. 118, p. 1134, 1267, 3195; V. 120, p. 701.
MISSOURI
UNITED RAILW AY S CO. OF ST. LOUIS.
Is controlled by North American Co. of New York.
Receivership & Reorganization Plan.— Since April 12 1919 co. has been
in the hands of a receiver. V. 108,p. 1823,2331. A plan of reorganization
dated Oct. 1 1924, was adopted by the reorganization committee and
approved by a number of the various security holders’ protective com
mittees. For the various committees and details of the plan we refer to
“ Public Utility Compendium" of M ay 2 1925 and V. 119, p. 2531.
ORGANIZATION.— Incorporated in Missouri on March 11 1898 as the
Central Traction C o., but changed its name to above on July 10 1899.
On Dec. 31 1906 absorbed the St. Louis & Suburban R y., giving its pref.
stock, share for share, for the stock of that company. The United Rys.
guarantees the $4,500,000 gen. mtge. bonds of the St. L. & Sub. Ry. See
V. 83, p. 39; V. 84, p. 105. In 1908 acquired a controlling interest in the
Missouri Electric Co., successor to the St. Louis St. Charles & Western
R R ., which was sold at foreclosure in July 1905. For receivership and
reorganization see above.
FIELD OF OPERATIONS A N D C H ARACTER OF BUSINESS.—
The United Railways Co. comprises all the street car lines in operation in
St. Louis. On Dec. 31 1923 owned total of 463.18 miles of track (including
the St. Louis & Suburban), of which 347.62 miles are in the city and 115.56
miles are county track. Has 1,638 passenger cars, 4 special cars, 2 express
cars, 7 snowplows and 35 snow sweepers, 3 electric locomotives and 165
service cars o f various kinds. Total, 1,854. The company was originally
leased to the St. Louis Transit C o., but under a readjustment arranged in
Oct. 1904 by Messrs. Brown Bros. & Co. (V. 79, p. 1333), the lease was
canceled and the $17,264,300 stock of that company nearly all exchanged
for voting trustees’ certificates for common stock of the United Railways Co.
on the basis of $500 Transit stock for $200 voting trustees’ certificates.
Voting trust has expired and com. stock has been issued for trust certificates.
Under this plan the $20,000,000 refund, and impt. mtge. bonds of the
St. Louis Transit Co., of which $8,000,000 has been issued, were cancelled,
and in their place the same company issued $10,000,000 o f 5% improvement
bonds guar, by the United Rys. Co. of St. Louis, this guaranty being
secured by a mortgage on all of that company’s property next in rank to
that of its general mtge. These improvement bonds are now the only
outstanding security of the Transit Co.
Poiver.— Power is purchased from the Union Electric Light & Power Co.
(successor to the Mississippi River Power Distributing C o.). See V. I l l ,
p. 1662; also V. 112, p. 2529.
Valuation, &c.— The Missouri P. S. Commission in a decision handed
down on June 4 1923, found the value of all property of the compayn, ex
clusive of its subsidiary, the Missouri Electric R R . C o., as of Jan. 1 1919
to be $52,838,110, and fixed the value of the Missouri Electric R R . Co. as
of Jan. 1 1919 at $781,949. The valuation fixed by the Commission was
accepted by all interested.
Decisions.— On Feb. 26 1917 the Missouri Supreme Court held that the
P. S. Comm, had no auth. to compel the company to extend Its tracks on
streets on which It held no franchises. Also held void two sections of the
city charter conferring upon the city the power to regulate its public utilities.
Fare Situation.— See “ Electric Railway” Supplement of Apr. 26 1924.
City Purchase Plan.— See V. 118, p. 2181.
Bus Operations.— See V. 119, p. 1627.
CAPITALIZATION.-—The following show the securities that will be
outstanding after the proposed readjustments under the above-mentioned
reorganization plan of Oct. 1 1924 have been completed:
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common____________________ _____
_______ 343,645 shs. __________
Preferred Series A ___________ _____
$7
53,845 shs. __________
Gen 1st mtge $42,000,000 f 1899
4 g J-J
30,300,000 July 11934
($1,000) gold_________ c*tf j Int. at St. Louis Union Trust C o., trustee,
Cannot be called.
I or at Bankers Trust C o., New York.
First mtge 5s s f g (to be issued (
by a new suburban sub c o 1924
5
4,500,000 July 1 1934
Bonds.—-Of the $45,000,000 general first mortgage bonds originally
authorized, $3,000,000, which had been previously reserved for the purpose
of retiring bonds of the St. Louis & Suburban system, in case of purchase.
Continental Gas & Electric
Corporation
(all issues)
E are prepared to furnish quotations
or other information regarding the
securities of the above Company.
W
Inquiries Invited
H o w e , Sn o w
& BERTLES
in c
120 Broadway Tel. Rector 3563
Grand Rapids
Chicago
Detroit
194
PUBLIC UTILITIES
[V ol. 121,
have been canceled, making the total authorized issue now $42,000,000, of
which $9,768,000 are reserved for the retirement o f underlying liens. In
Aug. 1919 $1,932,000 bonds o f this issue which were owned by the company
were ordered canceled by the Federal Court. V. I l l , p. 787. The bonds
are secured by all the stocks o f the constituent companies, and by direct
mortgage lien upon their property and franchises. In 1903 the general
mortgage bonds were listed on the New York and Philadelphia stock ex
changes (see V. 76, p. 980; Y. 89, p. 995), and in April 1906 the St. Louis
Transit Co. improvement bonds were listed on the New York Stock Excb.
Interest Advanced by Protective Committees.— The Jan. 1 1924 interest on
the first gen. mtge. 4s was advanced by the three protective committees for
this issue.
Y. 118, p. 204;
Up to May 1925 the committee had not
yet been reimbursed by the receiver; The July 1 1924 coupon was paid
by the receiver on Dec. 31 1924, together with interest on each coupon at
6% per annum. The committee for the St. Louis Transit Co. 20-year 5%
improvement bonds advanced to such o f its depositors as so desired the
amount o f interest due and in default April 1 1924 on those bonds, and
announcement has been made that, should Oct. 1 1924 interest be defaulted,
the committee will advance same to depositing bondholders. V. 118, p.
1667; V. 119, p. 1511.
RE PO ET.— Income calendar years:
Calendar Years—
1924.
1923.
1922.
1921.
Rev. from transport^—$19,288,744 $20,220,765 $19,740,118 $19,498,946
Rev. from other ry. oper.
226,532
232,680
223,438
159,605
to refund $5,658,000 of Continental Gas & Electric Corp. collateral trust
7s, due 1954. The remaining $2,600,000 may be sold and the proceeds
used to reimburse the company for not to exceed 75% of the purchase
price of securities of controlled companies. The trust indenture pro
vides for an annual sinking fund payment for the retirement of this issue
commencing October 1 1926, equal to 1% of the maximum principal
amount outstanding (less bonds retired through sale of pledged collateral),
at any time preceding such payment diming the first 8 years; 2% during the
next 25 years; and 2H % during the last 5 years. Redeemable, all or part,
on any interest date, upon 30 days' notice, on or before Oct. 1 1959, at 105
and interest; thereafter at 100 and interest. In Oct. 1924 $11,700,000
Series “ A ” 6 >£s were sold by Otis & C o., Howe, Snow & Bertles, Inc., Peirce,
Fair & Co., and J. G. White & C o., Inc., at 99 and interest, to yield over
6.55%.— V. 119, p. 1738.
Dividends.— The directors have declared the following dividends for the
year 1925 on the various classes of stock: (1) Prior preference stock, regular
div. of $1 75 per share quarterly.; (2) participating preferred, a regular div.
of $1 50 per share quarterly and an extra div. of 50c. per share quarterly;
(3) common, $1 10 per share in cash quarterly. The above quarterly divs.
were all paid, incl. Oct. 1925.
EARNINGS.— 12 mos. end. July 31—
1924.
1925.
Gross earnings__________________________________$21,413,310 $21,862,716
Operating expense, maintenance and taxes_______ 12,192,567 12,030,851
K
Net revenue_________________ r _______________ $9,220,743
Total int. & div. charges on sub. cos. & other prior deductions.
Interest on Continental 1st Lien 5s, 1927, full year__________
Interest on Continental refunding 6s, 1947, full year________
Interest on Continental collateral trust 7s, 1954, full year____
Interest on Continental secured 6>£s, 1964, full year________
Dividend on Continental prior pref. 7% stock, full year______
Div. on Continental partic. pref. 6-8% stock, full year, 8 % _
_
$19,515,276 $20,453,445 $19,903,555 $19,658,551
Oper. exp. (incl. depr.). . 15,093,195 15,123,183 14,895,508 15,093,218
. $4,422,080
. 1,772,134
$5,330,262
1,832,603
$5,068,047
1,845,723
$4,565,333
1,675,697
Income from oper’n. . $2,649,946
Inc. from other sources.
287,870
$3,497,659
225,701
$3,222,325
202,831
$2,889,635
216,350
$2,937,816
2,907,939
$3,723,360
2,913,615
$3,425,155
2,912,063
$3,105,985
2,802,940
;
Surplus
$29,877
$809,745
$513,092
$303,045
Annual report 1924, see V. 121, p. 190.
OFFICERS.— Receiver, Rolla Wells; Gen. Mgr. for Receiver, Albert T .
Perkins.
Corporate Officials.— Pres., A . L. Shapleigh; V .-P ., Murray Carleton; Sec.
& Treas., Frank A . Gannon; Gen. Counsel, H. S. Priest. Directors:
J. I. Begg, Murray Carleton, H. S. Priest, A. C. Brown, A. L. Shapleigh,
F. O. Watts, A. J. Siegel, John F. Dulles, J. K. Newman, Richard M c
Culloch and Morton Jourdan.— V. 117, p. 1557, 2214; V. 118, p. 86, 204,
909, 1269, 1393, 1521, 1662, 1667. 1775, 2181, 3199: V. 119. p. 326. 1511.
1627, 1735, 2181, 2523, 2531, 2880, 3012; V. 120, p. 960, 2818; V. 121, p.
190.
(1) MISSOURI ELECTRIC RR.
Controlled by United Rys. C o. of St. Louis.
Receivership.— See United Railways Co. above.
ORGANIZATION — Incorp. in July 1908 in Missouri and took over
property of St. Louis St. Charles & Western R R ., sold at foreclosure sale
July 24 1905, on behalf o f a syndicate.
FIELD OF OPERATIONS AN D C H A R ACTER OF BUSINESS.—
Company operates about 20 miles o f track between St. Louis and St. Charles.
Gauge, 4 ft. 10 in.; 60 to 100-lb. T rail.
C A PITALIZATION .— Stock, $1,000,000, all outstanding. A $1,000,000 mtge. has been made to Mercantile Trust Co. o f St. Louis, as trustee,
o f which $700,000 are outstanding.
OFFICERS.— Pres., Richard M cC ulloch— V. 87, p. 226, 480. 1366.
CONTINENTAL GAS & ELECTRIC CORP.
Control.— Controlled by United Light & Rys. Co. (Del.), all of the issued
common stock of which is owned by the United Light & Power Co. (Mary’d ).
ORGAN IZATION .— A holding company. Incorp. in Delaware Nov. 16
1912. Controls a group o f electric power and light companies operating in
four States and in Canada and serving 192 communities. The companies
controlled are as follows: (a) Kansas City Power & Light C o., Kansas City
M o. (through acquisition o f control of Kansas City Power Securities Corp.];
see statement below; (6) Nebraska Gas & Electric Co.; (c) Canada Gas &
Electric Corp.); Brandon, Man.; (d) Columbus R y., Power & Light Co.,
Columbus, O. [see statement on another page); (e) Iowa Service Co.; (f) Lin
coln Gas & Electric Light C o., Lincoln, Neb.; (g) Maryville Electric Light &
Power Co., and (h) Havelock (Neb.) Electric Light Co. Has also acquired
the Lincoln (Neb.) Traction Co. (V. 119, p. 1630; see statement on a sub
sequent page).
FIELD OF OPERATIONS AN D C H A R ACTER OF BUSINESS.—
The subsidiaries serve with electric light and power; Kansas City, M o.;
Columbus, O.; Lincoln, N eb.; Brandon, Manitoba, and 188 cities and com
munities in Iowa, Nebraska and Missouri. They furnish gas to Lincoln,
N eb., Brandon, Manitoba, and five other cities; do the entire street railway
business in Columbus, O., and a steam heating business in restricted dis
tricts in Kansas City and Columbus. The corporation derives over 83 % of
its net revenue through the sale of electricity. Its subsidiaries have 230,918
customers, and serve a total population of approximately 1,090,000.
Kansas City Group.— See Kansas City Power & Light Co. below.
Columbus, Ohio, Group.— See separate statement of Columbus R y ., Power
& Light Co. on another page.
Iowa and Nebraska Group.— Corporation, through its subsidiaries, serve8
electric light and power to 141 adjacent cities and communities all inter
connected by transmission lines, in Iowa, Nebraska and Missouri. Proper
ties operated from Lincoln, N eb., as a centre have a total steam capacity
o f 28,335 k. w. and hydro-electric capacity o f 6,185 k. w. Population
served in this territory is over 242,000, and the subsidiaries have over
68,000 customers.
An order refusing the company permission to sell stock in Missouri was
issued April 18 1924 by the “ blue sky” office o f the Missouri State Finance
Department, but on Aug. 11 1925 their orders were overruled. V. 121, p.
977.
STOCK AN D BONDS—
Date.
Interest. Outstanding.
Maturity.
Common 350,000 shs (no p a r ) . ____ Q— J
See text
144,057 shs.
Prior preference 7 % cum
$11,713,100
See text
$20,000,000 ($100)_______ ______ 7 Q— J
2,505.000
See text
Particpref $20,000,000 ( $ 1 0 0 ) .____ See text
Coll tr bonds conv Ser “ A ” \ 1924 7 g F-A
5,113,800 Feb 1 1954
($100, &c)__________ c*tf/Cleveland Trust C o;, Cleveland, trustee.
Refunding Series “ A ” ($100\ 1922 6 A-O
5.461.200 Apr 1 1947
& c ) ________________ c*& r*/Int. payable in N . Y ., Chicago or Cleveland.
First lien collateral trust! 1912 5 g M -N
4,021.800 Nov 1 1927
($100 &c) gold_________ c*/U nion Trust C o., Cleveland, trustee.
Secured 6 ^ % bonds, Ser “ A ” f 1924
6K g A-O 11,700,000 Oct 1 1964
($100,$500&$1,000)g - C * .t f (Cleveland Trust C o., Cleveland, trustee.
Stock.— Prior pref. is call, all or in part on any div. date on 90 days’ notice,
at 110 and divs. Payable in case o f liquidation at 110 and divs. In
Oct. 1924 $4,000,000 7% prior pref. was sold by Otis & Co.; Howe, Snow &
Bertles, Inc., and Peirce, Fair & Co. at 92 per share and div., to yield
7.61% . V. 119, p. 2069.
The partic. pref. is entitled to 6% cum. divs. and participates up to an
additional 2 % . Is red. at 110.
Bonds.— The coll, trust 7% gold bonds, series “ A ,” are conv. into
rnrtic. pref. stock, at the rate o $100 par
J each $100 principal amountf o f bonds value of such stock and $10 cash
or
so converted. Red. all or part
on any int. date upon 30 days notice, on or before Feb. 1 1927 at 102, on or
before Feb. 1 1929 at 105, on or before Feb. 1 1934 at 104, on or before Feb. 1
1939 at 103, on or before Feb. 1 1944 at 102, on or before Feb. 1 1949 at
101, thereafter at par (and int. in each case). Int. payable in N . Y .,
Chicago or Cleveland. Free from Penna. State tax.
The 6% refunding bonds, ser. “ A ,” are red. at 107H to April 1 1932;
at 105 thereafter to April 1 1942, and at 102 thereafter.
The 1st lien & coll. tr. 5s are call, at 105 & int. on any int. date. Int.
payable in Cleveland and New York.
The secured 6H % gold bonds, Series A, due Oct. 1 1964 ($20,000,000 au
thorized), are secured by pledge of stocks of certain controlled companies.
Of the remaining Series f‘A ” bonds authorized, $5,658,000 are reserved
$9,831,865
3,466.072
198.915
327.672
276,282
760,500
822,402
293,048
Balance available for depreciation & common stock div____ $3,686,434
OFFICERS.— Pres., Richard Shaddelee; V.-Ps., B. J. Denman, L. H.
Heinke and W. H. Abbott; Sec., Thos. H. Jones; Treas., B. J. Olsen.
Offices, Cleveland, Ohio, and Omaha, Neb.— V. 119, p. 1738, 1847, 2069,
2528, 2759; V. 120, p. 210, 1202, 2011, 2683, 3064; V. 121, p. 329, 705, 977,
1227, 1247.
KANSAS C IT Y POW ER SECURITIES CORP.
Control.— In Jan. 1924 the Continental Gas & Electric Corp. acquired
control of the co. V . 118, p. 550. Compare V. 117, p. 2323.
ORGANIZATION.— Incorp. in Illinois on March 8 1921. Owns all the
common stock of Kansas City Power & Lt. Co. See that company below.
CAPITAL STOCK.— Auth., 65,000 shares common and 50,000 shares
pref. (no par value). Outstanding, 65,000 com. shares and 40,000 pref.
shares. The pref. shares carry a preference of $5 per share per annum,
cum., payable quar. and in case of dissolution or liquidation of the company,
to the extent of $100 per share and all unpaid, accrued and accruing divi
dends thereon.
Dividends.— On pref., $1 25 per share was paid April 1 1921 and same
amount has been paid regularly quar. since. A div. of $2 per share was
paid on the com. stock in Dec. 1922, and since a quar. div. of $2 has been
regularly paid.
OFFICERS.— Pres., Joseph F. Porter; V.-Pres., Richard Schadellee;
Sec., Chester C. Smith; Treas., L . H. Heinke.— V . 117, p. 2323; V. 118,
p. 202, 550. 1260.
KANSAS C IT Y POW ER & L IG H T CO.
All the common stock owned by Kansas City Power Securities Corp., in
turn controlled by the Continental Gas & Electric Corp.
ORGANIZATION.— Organized in Missouri July 29 1922 as a consolida
tion of the old Kansas City Power & Light Co. (for history see “ Electric
Railway” Supplement of April 29 1922) and Carroll County Electric Co.
V . 115, p. 443.
Electric lighting and power franchises in Missouri and in Kansas are, with
minor exceptions, perpetual. Steam heating franchises in Missouri run
for a period of 30 years from 1905. The company owns the entire capital
stock of the Edison Electric Lt. & Pow. C o., the Standard Elec. Lt. Co.,
the Kansas City Electrical Wire Subway C o., Kansas City Heating Co.,
Kansas City Power & Light Appliance C o., Kansas City Light & Power
C o., Kansas City Electric R y. C o., Kansas City Electric Light Co., the
Southwest Cities Investment Co. and the Electric Truck Co.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Controls the electric lighting and power business in Kansas City, M o,, and
furnishes electrical energy in Wyandotte and Johnson Counties, Kan., and
Jackson, Platte and Clay Counties, M o., and furnishes steam heat to
Kansas City, M o. Has a contract with the municipality of Kansas City,
M o., to supply electric energy for operation of the city’s pumping station.
V 118, p. 2188. Also operates an electric lifeht and power business in
Carroll, Charlton and Howard counties. M o., and has coal rights in about
9.000 acres of coal lands. Owns four electric generating stations, aggregate
installed normal capacity of 153,670 k. w., and 53 substations with trans
former capacity of over 159,336 k. v. a. Has 452 miles of high tension trans
mission lines, 388 miles of underground cable and 2,365 miles o f low tension
distributing lines. Of the installed capacity 130,250 k. w. is at Northeast
power plant in Kansas City, M o. This plant has an ultimate capacity o
240.000 k. w.
Valuation.— See V . 115, p . 443; V . 117, p. 1468.
Interest. Outstanding. Maturity.
STOCK AND BONDS— Date.
_______ 250,000 shs. Sept ’25, $1
Com 350,000 shares (no par) - - ____
_______
None __________
Partic pref 100,000 shs (no p a r ) ____
1st pref Ser “ A ” 250,000 shares
$7 Q-J
110,000 shs Oct ’25 $1.75
(no par)___________________ _____
5 g M-S $25,000,000 Sept. 1 1952
First mortgage Series “ A ” ) 1922
(see text) gold__________tf JCont’l & Comm. Tr. & S. Bk., Chic., trustee^
Stock.— First pref. stock is entitled to cum. divs. o f $7 per share per annum.
Preferred as to assets (to extent of $100 per share) and divs. Redeemable,
all or part, at $115 and div., upon 60 days’ notice. V. 115, p. 443
Listed
on N. Y . Stock Exchange. V. 116. p. 418, 1185.
Bonds.— The 1st mtge. bonds are issuable in series under certain restric
tions for 75% of the cost of permanent impts., &c. An annual maintenance
and depreciation fund of 12 Pi % of gross earnings is provided for. An annual
improvement fund of 1 % of the amount of this issue outstanding beginning
Apr. 1 1927 is also provided for, this fund to be applied to permanent impts.,
additions, &c., or to the retirement of outstanding bonds of this issue.
Series “ A ” are issued in the following denoms. c*$100, $500 & $1,000;
r $1,000, $5,000, $10,000 and $25,000; redeemable, all or in part, on 60 days’
notice, on or before Sept. 1 1946, at 105 and int.; thereafter on or before
Sept. 1 1950 at 102K and int., and thereafter at 100 and int. Penn. 4 mills
tax refunded. Int. payable in New York or Chicago. V . 115, p. 1328,
Listed on N. Y . Stock Exchange and Chicago Stock Exchange. In Jan.
1925 $2,000,000 1st mtge. 5s, series “ A ” were offered by Guaranty C o. of
N . Y .; Bonbright & Co., Inc.; Halsey, Stuart & Co., Inc., and Otis & Co.
at 97 and int., to yield over 5.20% . V . 120, p. 702.
Dividends.— An initial dividend of $1 75 was paid on first pref. stock
Series “ A ” in Oct. 1922. Same rate paid regularly quar. since to and incl.
Oct. 1925. Divs. at the rate of $4 per share per annum are being paid on
the common stock.
EARNINGS.— For calendar years:
Cal.Yr.
Gross.Net aft.tax. Oth. Inc. Int. &c.
Depr., Ac. Bal., Sur.
1924 —$9,395,369 $4,612,658 $103,372 $1,250,335 $1,057,346 $2,408,349
1923 - 8,739,633 4,230,163 122,352 1,110,388
1,118,951 2,123,176
1922 - . 7,768,488 3,564,428 118,840 1,202,826
865,006 1,615,435
Latest Earnings.— For 12 mos. end. Aug. 31 1925; Gross, $9,677,252;
net, after taxes, $4,789,276; other income, $129,800; int. and amort.,
$1,313,059; depreciation, $1,118,777; balance, $2,487,240.
OFFICERS.— Pres., Joseph F. Porter; V.-P. & Sec., C. C. Smith; Treas.,
R . J. Clark; Aud., H. O. Davis.— V. 114, p. 1760, 1791 V. 115, p. 314,
443, 767. 1216, 1328, 1539, 1638, 1949; V. 116, p. 418, 522, 1046, 1074,
1185; V. 117, p. 787, 1468, 2548; V. 118, p. 558, 801. 1267, 1286, 2188,
2445; V . 119, p. 203, 818, 948, 1632; V . 120, p. 702, 1320, 1344, 1881.
Oct., 1925.]
POWER, LIGHT AND RAILW AY
MISSOURI POWER & LIGHT CO.
Control.— Controlled by North American Light & Power Co.
ORGA N IZA TIO N .— Organized in Missouri. In Aug. 1925 the co. was
reported to have sold its Oklahoma, Illinois and Kansas properties for
55,175.000. V. 121, p. 1462.
On July 24 1925 stockholders increased the authorized pref. stock from
$2,000,000 to $3,200,000 ($100 par). V. 121, o. 979. On N ov. 3 1925
they were to vote on increasing the authorized common stock from 40,000
shares o f no par value to 60,000 shares, and the authorized pref. stock from
$3,200,000 to $5,700,000 (par $100). These increases will enable the com
pany to comolete its plan to acquire the West Missouri Power Co. V .
121, p. 1227, 1462.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Owns and operates electric power and light, gas, heating, water, street
railway and ice properties in over 100 cities and towns in Missouri, serving
a population estimated at 115,000. The Missouri properties include
Jefferson City, Moberly, Kirksville, Booneville, Mexico, Brookfield,
Excelsior Springs, Huntsville and Centralia. The power and light proper
ties o f the co. comprise steam electric generating stations with an aggregate
Installed capacity o f 21,130 h. p., together with 686 miles of transmission
lines, and distributing systems in the communities served. Gas service is
supplied to 10 communities in Missouri, including Jefferson City, Moberly,
Mexico and Excelsior Springs, M o., and Washington Court House, O.
STOCK A N D BONDS
Date.
Interest. Outstanding. Maturity.
Common stock (no par)______ _____
____
_________ 35,000 shs. __________
_______
$2,600,000 Oct’25 ,$1.75
Pref stk 7% $3,200,000 ($100)______
7%
1,250.000 Jan 1 1949
25-yr 7% income debentures.- 1924
, „ — ~
1st mtge g Series A ($1,000,/ 1925 5)4 g M -S 6,500,000 Sept 1 1955
$500, $100 c * )_________ tf [Central Trust Co. of 111., Chicago, Trustee.
Excelsior Spgs Wat, G&E IstM 1912 6%
421,500 June 1 1932
Nor M o Pow 1st & ref ser “ A ” . 1922 6)4%
802,700 Dec 15 1952
Nor M o P ow 3-yr coll tr notes. 1923 7%
300,000 Sept 1 1926
Franklin Electric Co 1st mtge. 1923 7%
14,000 July 11933
All of the outstanding Series A 7% and Series B 6H % 1st mtge & ref.
gen. lien s. f . gold bonds were called for payment on Dec. 1 1925 at 105 and
int. V. 121, p. 1678.
The 1st mtge. g. bonds, Series A , 1925, are red. on 60 days notice, all or
part, incl. Sept. 1 1950 at 105 and int., with successive reductions of 1%
during each year thereafter. The mortgage provides for the issuance of addi
tional bonds of such maturity and bearing such rates of int. and otherwise of
such tenor as directors may from time to time determine. Such additional
bonds, however, may be issued only (1) for not exceeding in face value 80%
o f the cash cost or fair value, whichever is less, of additions, extensions,
improvements or new acquisitions to be subjected to the lien of the mortgage,
either directly or through pledge o f securities and o f permanent improve
ments, additions or betterments to properties thus subjected to the lien
thereof, provided that annual net earnings shall have been not less than 1 %
times the annual interest charges on all bonds including the bonds requested
to be certified and on all indebtedness secured by a lien or liens prior to the
lien of the mortgage securing these bonds if any, or (2) to refund underlying
bonds if any; or (3) for the refunding of bonds of other series.
The deed of trust provides for the payment to the trustee annually of a
sum equal to 25% o f gross operating revenues derived from city railways
and 12)4% from other utility properties during the preceding calendar year
less the amount expended for maintenance and to satisfy the sinking fund
requirements o f underlying bonds if any. Funds so deposited shall be
employed either for the retirement of underlying bonds if any or first
mortgage bonds or for renewals and replacements or for additions, improve
ments or acquisitions which shall not be made the basis for the certification
o f additional bonds. The above percentages are subject to periodical redetermination .
Interest payable in Chicago or New York. Conn., Penna., Calif. 4-mill
tax, District of Columbia 5-mill tax, Maryland 4)4-mill tax and Mass.
6% tax refundable.
In Oct. 1925 Hambleton & C o., &c., &c., sold $6,500,000 at 98)4 and
int., to yield 5.60% . V. 121, p. 1789.
All o f the outstanding North American Light & Power Co. 1st lien 20-year
g. bonds, dated Jan. 2 1917, have been called for payment on Jan. 1 1926
at 102}4 and int. at the First National Bank o f N . Y . V. 121, p. 840.
For discounts prior to tne above redemption date, see V. 121, p. 1909
Consolidated Statement of Earnings for Twelve Months Ended Dec. 31 1924
Gross earnings_______________________________________________ $3,984,251
Operating expenses, maintenance and taxes___________________2,717,025
Balance for interest, bond discount and dividends__________ $1,267,226
OFFICERS.— Pres., Clement Studebaker Jr.; V .-P ., W . A. Baehr; V .-P,.
H. L. Hanly; V .-P ., E. R. Locke; V.-P. & Sec., Scott Brown; Treas., P. C.
Dings.— V. 119, p. 948, 1072; V . 120, p. 582, 829; V . 121, p. 706, 979, 1227.
840, 1462, 1678, 1789, 1909.
195
STOCK AND BONDS.—
Date.
Interest. Outstanding. Maturity.
Common, 650,000 shs (no p a r ) ____
_________ x650.000 shs _________
Preferred, 7% non-cum, $25,000,000 ($100)..........................
7
Q-J$9,000,800See text
1st mtge closed
($1,000)1 1902
5 g M-S
6,200,000 Sept 1 1932
g o ld _________________ c*tf/Mississippi Valley Trust C o., St. L ., trustee.
Ref & ext mtge $50,000,0001 1908
5 g M -N 11,026,000 M ay 1 1933
($1,000) gold_______ c*tf/Bankers Tr. Co.,N.Y.&Breckenridge Jones,
I St. Louis, trustee.
Gen mtge Ser “ A ” ($1,000) V
1924
5 g J-D
4,975.000 Dec 1 1954
g o ld _________________c*tf/Bankers Tr. C o., N . Y ., & Festus J. Wade.tr.
Missouri Edison Elec Co 1st! 1897
5 g F-A
3,168,000 Aug 1 1927
cons mtge ($1,000) g .c* tf/Irv in g Bank-Columbia Trust Co.,N .Y.,trus.
x All except directors’ shares owned by North American Edison Co.
and 558,843 shares are pledged under that co’s 30-year 6% and 25-year
6)4% secured bonds, Ser. “ A ” and Ser. “ B ” , dated March 15 1922.
Bonds.— Int. on 1st mtge. 5s payable at Mississippi Valley Trust C o.,
St. Louis, trustee, and at office of the North American Co., N. Y . Listed
on New York Stock Exchange.
Of the balance of the ref. and ext. 5s, $10,000,000 are reserved to retire
underlying liens $5,000,000 are pledged under the gen. mtge., Ser. “ A ,” 5s,,
and remainder for exts. and impts. at 85% of cost under certain restrictions.
Call, at 110 and int. upon 6 weeks’ notice. Int. at office of North American
C o., N. Y . City. Listed on New York Stock Exchange.
Gen. mtge., Ser. “ A ,” 5s are secured by pledge of $5,000,000 ref. and ext.
mtge. bonds. Add’l gen. mtge. bonds may be issued for principal amount
of 80% of cash cost o f add’ns and impts. to mortgaged property under
certain restrictions. Are call, all or in part at any time at 105 and int.
Purchase fund of 1% per annum of all Ser. “ A ,” bonds then outstanding
available semi-annually to purchase Ser. " A ” bonds if obtainable at or
below par and int., any unexpended balance reverts to the co. Int. at
60 Broadway, N . Y . City. Penna. 4 mills tax refundable. $5,000,000
gen. mtge. 5s, Ser. “ A ,” were sold in Dec. 1924 by Dillon, Read & C o.,
Harris, Forbes & Co. and Spencer Trask & Co. at 99 and int., to yield
about 5.07% . V. 119, p. 2764.
Missouri Edison Elec, lsi cons. 5s have been assumed by Union Elec. Lt.
& Power Co. $3,400,000 issued, of which $232,000 have been retired. Int.
payable at National Bank of Commerce, N . Y ., or St. Louis, M o. Listed
on St. Louis Stock Exchange.
Dividends.— Quar. divs. of l% % paid regularly (Q.-J.) on preferred.
EARNING S.— For years end. Dec. 31:
Taxes
Bal. for
Gross
Operating (Reserve
Net
Other
Fixed
Deprec.,
Earnings. Expenses. Credit). Earnings. Income. Charges. Divs.,&c.
$
$
$
$
$
$
$
1925x11,705,790 6,614,946 1,418,644 3,672,200 538,123 1,033.199 3,177.124
1924.15,380,801 8,587,656 1,593,711 5,199,434 693,120 1,168,069 4,724,485
1923x14,020,021 6,682,152 1,468,345 5,869,524 567,132 1,109,418 5,327,238
1922.11,960,028 5,820,319 1,361,374 4,778,335 313,775 1,149.853 3,942,257
1921-10,695,424 5,413,349 1,177,390 4,104,685 282,707 1,266,775 3,120,617
1920. 9,882,232 5,773,434 927,649 3,181,149 323,417 1,162,143 2,342.423
1919. 8,153.407 4,692.774 754,092 2,706,541 227.545 1,128,980 1,805,106
x 9 months ended Sept. 30 1925.
Latest Earnings.— Six months ended June 30:
1925.
1924.
Operating revenues---------------------------------------------- $7,893,702 $7,629,533
Operating expenses_______________________________$4,322,058 $4,259,624
Depreciation reserve____________________________
826,569
796,214
961,729
810,756
Taxes__________________________________________
Net operating revenues________________________ $1,783,345
Non-operating revenues_________________________
328,344
$1,762,939
321,685
Gross income--------------------------------------------------- $2,111,689
Interest charges________________________________
678,742
Preferred dividends_____________________________
314,907
Common dividends_____________________________
780,000
$2,084,624
541,417
312,276
780,000
Balance---------------------------------------------------------$338,040
$450,931
x Includes Cupples Station Light, Heat & Power C o., Cape GirardeauJackson Interurban R y. C o., Iron County Electric Light & Power C o.,
St. Charles Electric Light & Power Co., from Aug. 1 1923.
OFFICERS.— Pres., Louis H. Egan; V.-Ps., Frank J. Boehm, F. L.
Dame; Sec., Hermann Spoehrer; Treas. & Asst. Sec., J. L. Ganz.— V. 119,
p. 207 6, 2764; V . 120, p. 2 1 3 , 255 2; V . 121, p. 1103, 1790.
(a) UNION ELECTRIC LIGHT & POWER CO. OF ILLINOIS.
Controlled by North American Co.
Lease.— Company’s plant is leased to Union Electric Light & Power Co.
(M o.). See statement above. The lease provides for rentals which in
clude taxes, depreciation of nearly 3% , and a fixed return based on capital
expenditures.
ST. LOUIS & ST. CHARLES BRIDGE CO.
In accordance with the accounting procedure prescribed by the Missouri
P. S. Comm., the rentals are a deductior from operating income of Union
ORGANIZATION.— Incorp. on Dec. 22 1908 as successor to the St
Electric Light & Power Co. (of Missouri), payable before determination of
Charles & St. Louis County Bridge Co., whose property was bid in at fore net income applicable to that company’s fixed charges.
closure sale on Feb. 29 1908 for the bondholders at $300,000. V. 86, p 669.
ORGANIZATION.— Incorp. July 31 1923 in Illinois, to assume the
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.— ownership and control of the steam power plant under construction at
Bridge across Missouri River, 2,700 ft. long, between City of St. Charles Cahokia, 111., directly across the Mississippi from St. Louis. This plant,
and St. Louis County, was opened April 22 1904. The Missouri Electric constructed to meet the power requirements of the St. Louis district, has
pays the Bridge Co. 5c. for each passenger crossing the bridge.
been leased to Union Electric Light & Power Co. (Missouri). For terms of
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
lease, see above under “ Lease.” Plant is located on the east bank of the
river. This station is designed to operate entirely on pulverized coal for
Stock $562,500 ($100)______________
_________
$560,850 : _________
_
1st mortgage $300,000 ($500) 1 1909
5 g J-J
141,500 Jan. 11929 fuel. Is designed for the ultimate capacity of 350,000 k. w. A first unit
g o ld ___________________c*/American Trust C o., trustee.
of 35,000 k. w. was placed in operation in Oct. 1923, the second unit of
35,000 k. w. in Dec. 1923, and the third unit of 35,000 k. w. i; Aug. 1924.;
Bonds.— Subject to call at 105.
the fourth unit of 40,000 k.w. in
OFFICERS.— Pres., C . D. Bolin; Sec. & Treas., W . V. Delahunt.— housed in the 3d unit, now under M ay 1925; the 5th and 6th units will be
construction.
V . 86, p. 669; V . 87, p. 227; V. 88, p. 56.
STOCK AND BONDS—
Date.
Interest. Outsatnding. Maturity.
----------- x$2,624,000 __________
Common $13,000,000 ($20)---- -------Pf 6% cum $25,000,000 ($ 1 0 0 )____
6 Q-J
5,460,200 ___________
UNION ELECTRIC LIGHT & POWER CO.
First mtge Ser “ A ” ($1,000) \ 1924
514 g J-J 9,625,000 Jan 1 1954
gold_________________ c*.tf/E quitable Trust C o., New York, trustee.
Controlled by North American Edison Co.
x All except directors’ shares owned by the North American Co.
ORGAN IZATION .— A reorganization in N ov. 1922 and acquired al1
Srock.— Preferred has equal voting rights, share for share, with the com.
the properties and business of Its predecessor, which bore the same name as stock, and is free from all property taxes in Missouri and Illinois.
per plan in V. 115, p. 1218. Controls through stock ownership the Light
Bonds.— First mtge. Series “ A ” bonds have a semi-annual sinking fund
& Development Co. of St. Louis. Also owns entire capital stocks of the
Cupples Station, Light, Heat & Power Co. and St. Charles Electric Light to retire $7,500,000 Series “ A ” bonds prior to maturity through redemption
& Power Co. Owns the entire capital stock (except directors’ shares) of of 2/4 % per annum by purchase in the market at or below 100 and interest,
the Union Colliery C o., which owns approx. 3,200 acres of coal lands or if not so obtainable, by call at that price. Are callable, all or In part,
on 30 says’ notice on any interest date to and including Jan. 1 1925, at
located at Duquoin, 111., about 75 miles from St. Louis.
In June 1925 5he co. and the Missouri Public Util ties Co. of St. Louis 105 and interest, with successive reductions in redemption price of 14 of
sold to the Public Service Co. o f Missouri electric properties and other 1 % during each three years’ period thereafter. Penna. 4 mills tax refunded.
utilities in 18 southeast Missouri towns for $2,750,000. The properties Listed on New York Stock Exchange. V. 120, p. 1091. In Jan. 1924
involved were largely owned by Missouri Public Utilities Co. but had been $10,000,000 were sold by Dillon, Read & Co., Harris, Forbes & Co., and
Spencer Trask & Co. at 95M and interest, to yield 5.80% . V . 118, p. 442.
operated by the Union El. Co. with option to purchase. V . 121, p. 1790.
EARNINGS.— For year end. Dec. 31 1924: Gross, $1,715,136; oper.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Does the major portion of the electric light and power and steam heating exp. and taxes, $6,244; total income, $1,708,892; interest, $802,212; bal.
business in the city o f St. Louis and the electric light and power business for deprec., divs. and sur., $906,680.
Latest Earnings.— 9 mos. end. Sept. 30 1925: Gross, $1,653,891; total
in the counties of St. Louis, Franklin, Jefferson and St. Francois, serving
a population estimated at approx. 1,200,000. Number of consumers. net income. $1,646,207; interest, $587,619; bal. for deprec., divs. and
222,392. Sales o f electric energy in 1924 were 595,131,980 k.w.h. (9 mos. sur., $1,058,588.
end. Sept. 30 1925, 480,246,296 k .w .h .). The principal generating station
OFFICERS.— Pres., Louis H. Egan; V .-P ., F. J. Boehm; V .-P ., Edwin
o f the company is located on the Mississippi River, and has a capacity Gruhl; V .-P ., J. F. Fogarty; Sec. & Treas., H. Spoehrer.— V. 118, p.
o f 122,000 k.w. The company has 17 sub-stations in the city of St. Louis 442; V. 120, p. 1091.
and 10 sub-stations outside the city, and in addition owns the Page Ave.
sub-station located outside the city limits, which has a capacity of 60,000
k.w. and affords the means of transforming the hydro-electric power
KANSAS CITY CLAY COUNTY & ST. JOSEPH
purchased from the Mississippi River Power Co. to voltage suitable for
local distribution and for delivery to the United Railways Co. of St. Louis.
RAILWAY CO.
Company has contracts (the principal one being for 99 years) for the pur
chase o f power from the hydro-electric plant o f the Mississippi River
O R GAN IZATION .— Incorp. In Missouri In 1911 under a 200-year char
Power Co.
ter. In Jan. 1913 the line from Kansas City to Excelsior Springs, M o., was
Principal franchises are perpetual, except in “ Underground District,”
opened, and on M ay 5 1913 opened for operation its line between Kansas
Iri*which territory they expire in 1940.
Leases the plant o f the Union Electric Light & Power Co. of Illinois, City and St. Joseph, 5214 miles. V . 96, p. 1423.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
situated on the east bank of the Mississippi, at Cahokia, 111., which is
directly across the river from St. Louis. See separate statement of that co. Operates 51.9 miles between Kansas City and St. Joseph, M o., and 27.7
below; This makes the total capacity available to Union Electric Light miles between Kansas City and Excelsior Springs, M o.; total, 77.61 miles.
& Power Co. (Missouri) 327,000 k.w.
70 and 80-lb. T rail; standard gauge. Passenger equipment, 26 cars
196
PUBLIC UTILITIES
5 exp. motor cars, 20 express trailers, 10 other cars and 1 American elec
tric ditcher, 1 electric locomotive. Also handles freight.
In Dec. 1914 terminal service was begun to Kansas City for the Quincy
Omaha & Kan. City E R . (C. B. & Q. system). See details in V. 99, p. 1910.
Valuation.— On Jan. 15 1920 the P. S. Commission fixed the value of all
the property as o f July 31 1917 at $4,800,000. V. 110, p. 562.
Freight Terminal.—-The Kan. City Interurban Freight Term. Co. was incorp. in Feb. 1917 to provide facilities in the city for handling interurban
freight and express matter. Stock auth. and issued, $100,000; bonds auth.
$100,000, o f which $62,500 outstanding. The stock o f the co. is owned by
interests associated with the Kansas City Clay County & St. Joseph R y.
and the Kansas City Kaw Valley & Western R y. The terminal was opened
Oct. 10 1917. Robt. P. Woods is Pres.; J. F. Holman, V.-Pres.; E. S. Bige
low, Sec. & Treas.
STOCK AN D BONDS—- Date. Interest.
Outstanding. Maturity.
Com $6,000,000 ($100)___________
$2,450,000
See text
Pref 7% cum $7,000.000__________
7%
1,550,000 Oct ’25, 1 %
1st mtge $10,000,000 ($ l,-f 1911 5 g M-S
3,164,000 Sept 11941
000 gold s f red at 105 after( Equitable Tr. Co., N . Y ., and J. F. DownSept 1 1915__________ c*tf [ ing, Kan. City, Trus. Int. payable N . YBonds.— Unissued bonds can only be issued for 80% of the cost o f per
manent add’ns and exts. under certain restrictions. Sinking fund of 1 ^ %
of bonds certified began Sept. 1 1917.
Dividends.—-On 7% pref. 1 % % , paid regularly quar. On common: In
1914, 2Vs% paid; 1915, June, 1 % % . In 1916, 4 M % . In 1917, 2 % % .
In 1918, 2 % % . In 1919, 2M %• I n l9 2 0 ,2 M % . In 1921, 3 3-16%. In
1922, 1 % % .
E A R N IN G S.— For years ending Dec. 31:
Cal. Y r.— Gross.
Net,aft.Tax. Interest,&c. Dividends. Surplus.
1924_______ $977,881
$285,866
$164,660
$108,500
$24,140
1923________ 1,235,041
371,904
163,493
108,500
107,950
1922_______ 1,212,292
371,274
163,309
109,250
98,715
1921___i ___ 1,186,707
324,565
155,872
127,500
41,192
OFFICERS.— Chairman of Board & Pres., Allen G. Hoyt: V.-P. & GenM gr., R . P. Woods; Sec. & Treas., W. S. Tuley.— V. 106, p. 607; V. 110p. 562, 1849; V. I l l , p. 1566; V. 112, p. 469, 2190; V. 119, p. 1172; V. 121,
p. 1348.
[V ol. 121,
Committee for Z-Year & 2-Year Coll. Notes.— Chairman, H. L. Stuart;
Geo. W . Davison, Henry C. Olcott, Harry A . Wheeler, G. I. M ay; Sec.,
201 So. La Salle St., Chicago, 111.
Depositories for 3-Yr. and 2-Yr. Coll. Notes.— Conti. & Comml. Trust
& Sav. Bank, Chicago, 111.; Chase Nat. Bank, N. Y .; Penna. Co. for Insur.
of Lives & Granting Annuities, Phila., Pa.; Old Colony Trust Co., Boston,
Mass.; New England Nat’l Bank, Kansas City, M o.; First Wisconsin Trust
Co., Milwaukee, Wis.; St. Louis Uhion Trust Co., St. Louis, M o.
In 1923 a reorganization committee was formed through action taken by
the committee for the 1st mtge. bonds and by the committee representing
the coll, notes.
Reorganization Committee.—-Chairman, Melvin A. Traylor; H. L. Stuart,
J. K. Newman, J. F. Downing, P. W . Goebel. See preliminary report of
reorganization committee in V. 117, p. 2652. See also Y. 119, p. 319.
Committee for 2d Mtge. Bonds, Ser A and Ser. B.—-Chairman, Eugene
V. R. Thayer; Fredk. J. Horne, H. P. Wright; Sec., Boyd G. Curts, 100
B way, N. Y . City. Depositaries: New York Trust Co., N. Y .; Nat.
Shawmut Bank, Boston; Illinois Merchants Trust Co., Chicago, and
Commerce Trust Co., Kansas City. Deposits have been called for. For
statement by committee see V. 117, p. 2542. Committee to oppose
proposed reorganization plan. See V. 118, p. 550.
Stockholders' Protective Committee.—-Chairman, James E. Gibson; C. D .
Parker, Robt. M . Goodlet, Henry Florsheim, Edw. J. Corrigan. V. I l l ,
p. 2228.
Validity of lsi & 2d Mtge. Bonds Questioned.—-See V. 112, p. 652. Val
idity of 1st mtge. bonds upheld. V. 119, p. 655.
REORGAN IZATION PLAN JUNE 1 1925.
A plan of reorganization under date of June 1 1925 was unanimously
approved and adopted by the first mortgage bondholders’ committee and the
collateral gold noteholders’ committee. See for full details, V. 120, p. 2942.
Bonds, Notes, Debts and Obligations of Old Company in Hands of Public.
(a) 1st mtge. 5% gold bonds dated July 1 1915_______________$15,917,400
(b) Collateral 6% gold notes dated Dec. 1 1917 (seemed by
$1,219,600 1st M . gold bonds bearing int. at rate of 6% p.a.) 1,000,000
(c) Collateral 7% gold notes, Series A, dated M ay 15 1918 (all
notes issued under the trust agreement, whether Series A or
Series B, being equally seemed by $2,575,000 of 1st mtge.
KANSAS CITY RAILWAYS.
gold bonds bearing int. at rate of 6% per annum and $8,076,Receivership.— On Sept. 9 1920 Judge Stone in the U. S. Dist. Court for
000 of 1st mtge. gold bonds bearing int. at rate of 5% per an
the Western Division o f the Western District o f M o. at Kansas City, M o.,
num, but upon which the company has covenanted to pay ad
appointed Frank C. Niles temporary receiver for the co. on application of
ditional interest of 1 % per annum__________________ '----------- 7,750,000
the Kansas City Refining Co. V. I l l , p. 1083, 1278, 1472, 1566. On Oct. (d) Secured promissory notes ($200,000 being seemed by $218,26 1920 Judge Stone of the U. S. Circuit Court o f Appeals appointed Fred W.
000 of collateral gold notes, Series B, dated M ay 15 1918, and
Fleming and Francis M . Wilson perm, receivers for the co. V. I l l , p. 1752
$200,000 being secured by $200,000 of collateral gold notes,
Series B, dated M ay 15 1918)______________________________
400,000
ORGAN IZATION .—Organized under Missouri laws June 6 1914 and
2d mtge. gold bonds dated
on Feb. 15 1916 took over the properties of the Metropolitan Street R y., (e)Series A, bearing interest at July 1 1915— annum---------------- 3,924,000
rate of 6% per
Kansas City Elevated R y. and Kansas City & Westport Belt Ry. in ac
1,000,000
cordance with the plan o f reorganization o f the Kansas City R y. & Light (f)SeriesB, bearing interest at rate of 5 % per annum---------------- 1,797,000
Other promissory notes___________________________________
Co. in V. 101, p. 614, 689, 1628.
(g) Tort judgments (estimated to amount, with interest and
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
costs, on completion of reorganization, to approximately)------ 2,700,000
Owns and operates entire street railway system serving Kansas City and
In addition to the foregoing, (1) other tort claims have been asserted
Independence, M o., Kansas City and Rosedale, Kan., and Jackson County, against the company or its receivers and are now in comse of litigation or
M o.; population served over 500,000. Over 317 miles of single-track equiv adjustment, and (2) claims against the company aggregating approximately
alent, about 75% paved; remainder on bridges or private right-of-way. $1,000,000 have been filed with its receivers by public authorities and other
One power house, capacity 60,000 k. w., and 13 sub-stations. 765 motor parties alleging money due for taxes, viaduct construction, materials
cars and trailers in addition to work cars.
furnished, &c.
Franchise Ordinance, &c.— For summary o f franchise under which com
Bonds, Notes, Debts and Obligations Dealt with Under Plan.
pany operates see “ Electric Railway” Supplement o f Oct. 28 1922. See
Principal
Unpaid Int.
ranchise ordinance in detail in V. 99, p. 196, and also V. 99, p. 119. The
Amount.
to July 1 ’25.
company’s franchise in Kansas City, Kan., expired by limitation on Dec. 15 First mortgage gold bonds___________________ $15,917,400
$4,775,220
1922, but service has been continued without interruption. V . 116, p . 1889 - Collateral gold notes, 2-year, 6 % ____________
1,000,000
365.000
Freight Service.— Operates an express and freight service between Kansas Collateral gold notes, 3-year, 7 % _____________ 7,750,000
3,322,813
Olty and Independence, M o., and Dodson, M o, See also V. 107, p. 905.
Secured promissory notes____________________
400,000
129.000
Valuation.—-See V. 112, p. 652.
2d Mtge. Gold Bonds and “ Other Promissory Notes."— Offers heretofore
Fares, &c.— See “ Electric Railway” Supplement o f April 26 1924.
made to the 2d mtge. gold bonds committee and to a large majority of hold
Jitney Regulation.— V. 112, p. 1399; V. 113, p. 848; V. 119, p. 2760.
ers of the so-called “ other promissory notes” were rejected and the litigation
On Aug. 27 1919, Eastern bankers loaned the co. $1,000,000 on the which followed resulted adversely to the claims of these interests. The
personal endorsement of J. Ogden Armour.
reorganization committee shall have the right, in its discretion, to nego
The $1,000,000 6% ser. “ A ” coll, notes due Dec. 1 1919 were not paid tiate or arrange with any parties for the readjustment or acquisition of the
when due, nor has any int. been paid on same since June 1 1919. V. I l l ,
2d mtge. gold bonds or other promissory notes, or any of them, but shall
p. 1278, 1752.
be under no obligation to do so.
The $7,750,000 7% coll, notes due M ay 15 1921 were not paid at ma
Tort Judgments.—-The holders of a large number of judgments against
turity. V. 112, p. 2083.
the old company for personal injury and property damages intervened in
Validity of Notes and Claim o f J. Ogden Armour.— See V. 120, p. 330- the receivership proceedings, contending that such judgments were a charge
V. 121, p. 978.
on the property prior to the 1st mtge. gold bonds, collateral gold notesInterest Payments.— The July 1 1919 int. on the co .’s 1st and 2d mtge. and secured promissory notes and attacking the validity of the bonds and
bonds was paid Aug. 28 1919. V. 109, p. 982. Compare V. 109, p. 173. notes. The great majority of these judgments were obtained and are held
Subsequent int. not paid when due. The int. due Nov. 15 1919 on the by residents of Greater Kansas City as the result of death or personal injury
co.’s 3-yr. 7% notes having been defaulted and in view o f the fact that occasioned by the old company in its operations. The reorganization
further defaults were impending, a committee was formed to protect the committee, believing it to be to the best interests o f the holders of 1st mtge.
interests of holders o f all the co.’s bonds and notes. V. 109, p. 1986. On gold bonds, collateral gold notes and secured promissory notes, has ar
May 1 1922, however, the general protective committee ceased to serve as ranged on behalf of the bondholders and noteholders to purchase these
such in connection with the 3-yr. 7% coll, notes, 2-yr. 6% coll, notes and tort judgments and similar claims subsequently reduced to judgment.
2d mtge. bonds, so as to confine its representation to the 1st mtge. bonds of Payment therefor is to be made on the basis provided in the plan, from
the co. The committee for the 1st mtge. 5s as at present constituted funds and (or) bonds applicable to the 1st mtge. gold bonds, collateral
gold notes and secured promissory notes, the reorganization committee
consists of:
Committee for First Mtge. 5s.— Chairman, Melvin A. Traylor; J. K. New being hereby constituted by the holders of the bonds and notes their repre
man, Willits Pollock, John W . Stedman, J. F. Downing, L. W . Steeble; sentative with authority to receive such funds and (or) bonds, and to apply
Sec., Jas. J. Fitzgerald, First Trust & Savings Bank, Chicago. Compare the same to such purchase. The holders of tort judgments are not partici
V. 110, p. 2568. See also statement by committee in V . 116, p. 1889.
pants in the plan, but are to assign their judgments as directed by the pur
Depository for ls« M . Bonds.— First Trust & Savs. Bk., Chicago, 111.; chasers upon payment of the agreed consideration therefor. This arrange
Chase Nat. Bank, N . Y .; Penna. Co. for Insur. of L. & Gr. Annuities, ment has been accepted by substantially all the holders o f said judgments.
Phila., Pa.; Old Colony Trust Co., Boston, Mass.; First Nat. Bank, Kansas
or Claims.— The reorganization committee shall
City, M o.; First Wisconsin Trust C o., Milwaukee, Wis.; St. Louis Union to Other Debtsor arrange for the readjustment, acquisition or have the right
negotiate
settlement o f
Trust C o., St. Louis, M o.
claims for taxes, viaduct construction, materials furnished and such other
A separate committee composed partly o f the memb rs o f the origina
obligations or claims, whether arising as a result of operations or
general committee has been formed to represent the holders of the c o .’s debts, franchises or otherwise, as may not be included in the foregoing
under
3-yr. 7% coll, notes, Series “ A ,” & “ B ,” and 2-yr. 6% coll, notes, Series “ A ” itemization and (or) may not be disposed of by the receivers.
only; such committee consisting of:
Cash Requirements and Provision Therefor.
The amount of cash estimated as required to carry out plan is as follows r
For improvements, betterments and working capital of new com
pany, less amounts required for settlements of claims and lia
bilities of old company and receivers, payment of expenses of
foreclosure and sales and expenses of reorganization, &c. (est.) $3,650,000
To be paid to holders of 1st mtge. gold bonds, collateral gold
notes and secured promissory notes, to be applied by them
(through the reorganization committee as their representative)
to the purchase of tort judgments (estimated)_______________ 1,350,000
Specialists in
K A N S A S C IT Y
R A IL W A Y S
Arthur S. H. Jones
56 WALL ST.,
NEW YORK CITY
Tel. Hanover 0906-7-8-9
Total.................................................................................................$5,000,000
The cash required for the purposes of the plan will, it is estimated, be
provided as follows:
Cash estimated to be available in hands of receivers upon com
pletion of reorganization___________________________________ $5,000,000
New Company.—-The reorganization may be effected through a new
corporation, or, if deemed advisable, through one or more corporations,
formed or to be formed, which may include the old company. There will
be vested in the new company, through a foreclosure of the first mortgage
or otherwise, provided the purchase or acquisition is arranged at a price
deemed satisfactory to the reorganization committee, title to the street
railways, equipment, franchises, securities, rights and other property of
the old company and such cash as may be available in reorganization and
not otherwise required, with such exceptions and additions as the reorgani
zation committee shall determine.
New Securities.— The bonds and stocks herein provided for may be issued
by one company or by two or more companies acquiring the property of
the old company, as provided:
First Mortgage Bonds.— The first series (Series A) of such bonds shall not
exceed $20,000,000 and bear 6% interest.
Preferred Stock.— The shares will be either without par value, or of the
par value of $100 per share. The pref. stock may be issuable in series,
will bear dividends not exceeding $7 a share per annum and be red. at
not exceeding $107 50 a share. Holders will have the same voting rights
as holders of common stock.
Common Stock.— Will be either without par value or of such par value as
the reorganization committee shall determine.
Oct., 1925.]
POWER, LIGHT AND RAILW AY
Voting Trust.— The reorganization committee shall have power, in its
discretion, to create a voting trust or voting trusts for all or any part of
the pref. and common stock o f the new company, and to cause such stock
or any part thereof to be deposited thereunder, for the purpose of providing
for representation o f public authorities or o f holders of any class of stock
on the board o f directors o f the new company or otherwise, such voting
trust or trusts to be for such period or periods and to contain such pro
visions as the reorganization committee in its discretion may prescribe.
Table of Exchange of Old Bonds and Notes for New_ Securities.
Will ReceiveExisting Securities—
Outstanding. New Bonds. Pref. Shs. Com. Shs.
47,752.2 111,421.8
x
x
2tge- 5s- 1944--------- $15,917,400 $6,366,960
Each $1,000_____
400
3
7
y 6% coll. tr. notes, 1 9 1 9 ...a l ,000,000 487,840
7,317.6
3,658.8
Each $1,000_____
487.84
3.659
7.317
z 7% coll. tr. notes, 1921-._b7,750,000 4,042,400
60,636
30,318
5216
E ach $ l,000_____
7.824
3.912
Secured promissory notes
c200,000
113,700
1,705.4
852.7
Each $1,000-------568.5
8.528
4.264
Secured promissory notes
c200,000
104.300
1,564.6
782.3
Each $1,000-------521.5
7.824
3.912
d Participation o f holders of
above bonds & notes to be
retained by reorg. comm,
and applied by it on behalf
of such holders to purchase
o f tort judgments (est.)— $1,350,000 new bonds and $1,350,000 cash
* W ith 4an- 1 1920 and subsequent coupons attached, y With Dec. 1
1919 and subsequent coupons attached, z With N ov. 15 1919 and subse
quent coupons attached, a To extent o f 40% o f principal amount of old
company 1st mtge. gold bonds pledged to secure same, b To extent of
40% o f that portion o f principal amount o f old company 1st mtge. gold
bonds pledged under trust agreement, dated May 15 1918, as is allocable
to Series A notes, c Secured by collateral gold notes, Series B ($218,000
and $200,000, respectively), issued under trust agreement dated May 15
1918, to extent o f 40% o f that portion o f principal amount o f old company
1st mtge. gold bonds pledged under the trust agreement as is allocable
to Series B notes. d There will be retained by the reorganization committee
out ° f securities and cash applicable to 1st mtge. gold bonds, collateral
gold notes and secured promissory notes o f the old company (and addi
tional to the amounts o f new securities to be distributed to the holders of
sai4. honds and notes o f the old company as provided above), an amount
sufficient to purchase the judgments against the old company for personal
injury or property damages, on the basis arranged, to wit: For each $1,000
o f such judgments (including interest and costs, but not including attor
ney s fees) the reorganization committee shall retain, as representative of
said bondholders and noteholders, $500 in cash and $500 principal amount
o f 1st mtge. bonds, Series A, 6% and shall apply the same to the purchase
o f such judgments.
Sale of Bonds and Slock.
I f the reorganization committee shall determine that it is to the best
interests o f the new company, or of the parties entitled to receive 1st mtge.
bonds o f the new company under the plan, the reorganization committee
m ay in its absolute discretion withhold distribution o f the new 1st mtge.
bonds, or any part thereof, for a period not exceeding 6 months subsequent
to completion o f the reorganization, and may retain the bonds for such
period as agent o f the parties otherwise entitled thereto, and may issue in
lieu thereof certificates or receipts evidencing proportionate interest in
such bonds and (or) the proceeds thereof.
The reorganization committee may at any time during the 6 months
period sell or otherwise dispose o f the bonds in whole or in part to such party
or parties as it may select at such price and upon such terms as it may fix,
and shall within a reasonable time thereafter distribute the bonds and (or)
proceeds thereof in the hands o f the reorganization committee to the holders
of such certificates or receipts or to the parties appearing to be entitled
thereto as their respective interests may appear: provided, that at least
10 days’ notice o f the proposed price and terms of any such sale or other
disposition o f said bonds or any part thereof shall be mailed to the holders
of certificates or receipts issued in lieu thereof or to the parties appearing
to be entitled thereto, at their addresses if any appearing on the books of
the reorganization committee, and any such holder or party may, by
notice mailed to the reorganization committee and received by it within
8 days after date o f mailing of the notice from the reorganization committee,
disapprove such sale or other disposition as concerns such holder or party,
in which case the bonds represented by his certificate or receipt or to which
he appears entitled shall not be subject to such sale or other disposition;
otherwise the reorganization committee shall have full power and authority
to make such sale or other disposition.
The reorganization committee may likewise withhold distribution of the
preferred and common stock of the new company and sell same as above pro
vided in connection with the bonds.
The reorganization committee shall also have power, apart from the fore
going, to set aside as a separate entity, for sale to employees of the new
company and (or) to residents of Greater Kansas City, such number of
shares o f pref. stock. Series A, not exceeding 20% thereof, and an equal
number o f shares of common stock, which shares would otherwise be dis
tributable under the plan to the holders of 1st mtge. gold bonds, collateral
gold notes and secured promissory notes of the old company, as it may
in its discretion determine, and may issue certificates or receipts therefor
applicable only to and evidencing proportionate interest in such stock
and (or) the proceeds thereof; and may sell said stock or any part thereof,
at any time within six months subsequent to such completion of the re
organization, at such price and upon such terms as the reorganization com
mittee may fix; and shall within a reasonable time thereafter distribute
ratably to the holders o f such certificates or receipts or to the parties ap
pearing entitled thereto the stock and (or) proceeds thereof in the hands
of the reorganization committee.
Non-Assenting Holders of Bonds and Notes.— The plan makes no provision
for any payments o f cash or delivery of bonds or stock to any holder of
bonds and (or) notes of the old company o f the classes specifically herein
provided to be readjusted who does not participate in this plan and assent
to the agreement. Any cash, bonds or stock which would have been dis
tributed under the plan to any such non-assenting holders had they par
ticipated in the plan may remain unissued or be disposed o f for reorgani
zation purposes by the reorganization committee as it may deem advisable
in its discretion.
Comparison of Capitalization, Debt and Fixed Charges.
Annual
Old Company as of July 1 1925—
Outstanding. Fixed Chges.
1st mortgage 5 % gold 'bonds_____________________ $15,917,400
~~
'
'
$795,870
6% collateral gold notes_________________________ 1,000,000
60,000
7% collateral gold notes_________________________ 7,750,000
542,500
Secured promissory notes________ ; ______________
400,000
26,000
*Tort claims reduced to judgment or which may be
reduced to judgment (estimated)_______________ 2,700,000
162.000
2d mortgage 5 % and 6 % gold bonds______________ 4,924,000
285,440
Other promissory notes__________________________ 1,797,000
125,700
*Other claims (estimated)________________________ 1,000,000
60,000
Capital stock----------------------------------------------------100.000
197
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Coll gold notes Ser “ A ” $100,1’ 1917 6 g J-D
1,000,000 Dec 1 1919
$500 and $1,000)____ c*.tf| 1918 7 g M -N15 7,750,000 M ay 15/21
Continental & Commercial Trust & Savings
[ Bank, Chicago, Trustee.
Deferred injury & dam’ge ctfs. 1915
See text
1,516 July 1 1944
Stock'.— The capital stock, fully paid up, is in the nominal sum of $100,000
and is represented by 62,716.7 preferred and 63,620.5 common parts of no
par value. Trustees for the stock are Robert J. Dunham, Charles W.
Armour and Charles N. Black. It is provided that whenever a corporation
can be lawfully formed with pref. and com. shares of no specified par value,
with authority to take over the stock of another corporation as its assets,
the trustees shall cause one to be organized and shall turn over to it the stock
in their custody, the beneficial certificates to be canceled and replaced by
pref. and com. shares.
Notes.— The 3-year notes are secured by $10,651,000 1st M . bonds, of
which $8,076,000 were originally issued as 5% bonds, but upon which the
co. pays an additional 1% ; the remaining $2,575,000 were issued as 6s,
The former are pledged as 75% and the latter at 82% . Additional notes
may be issued only upon pledge of additional 1st M . 6% s in these ratios,
or at the co.’s option, upon pledge of 1st M . 5s at 70% . Red. all or in
part, upon 30 days’ notice at 100 & int. Tax refund in Penn. The 2-year col.
notes outstanding are secured by $1,219,600 6% 1st M . bonds. Red., all or
part, upon 30 days’ notice at 100 & int. Int. on both payable in N. Y . or
Chicago without deduction of normal Federal income tax of 2 % . V. 105,
p. 2543; V. 107, p. 181.
First Mortgage Bonds.— Of the $15,917,400 1st Mtge. bonds now out
standing $10,150,200 were issued under plan of reorganization in retirement
of securities of predecessor companies, the remaining $5,767,200 being issued
for the retirement of receivers’ certificates, cash requirements of reorgani
zation and $500,000 for capital improvements to be made in the immediate
future. In addition to the $15,917,400 of bonds outstanding, $10,141,000
are pledged as security for the 3-Year coll, notes, $1,219,600 as security
for the 2-Year 6% coll, notes, $510,000 as security for an issue of $418,000
3-Year 7% coll, notes, $230,000 as security for judgments in damage suits
and $55,000 are held in the treasury, making a total of $28,073,000 issued,
$8,076,000 of pledged 1st mtge. bonds originally issued bearing interest at
5% , have been modified by agreement to bear 6% and the remainder are 6%
bonds. Additional bonds may be issued for new construction, additions,
extensions, &c. (in Missouri only on certificate of Board of Control), in
the ratio of $1,000 of bonds for each $1,100 expended. Denominations
c* $1,000, $500, $100; r* $1,000, $5,000 and $10,000. Interest payable
in New York, Chicago or Kansas City. Callable as a whole or inpartat
103 and int. on any int. date on 60 days’ notice. Trustee, Continental &
Commercial Trust & Savings Bank, Chicago. See V. 102, p. 2254.
Second Mortgage Bonds.— A sinking fund of $105,820 per annum, which
began Jan. 1 1916, is expected to retire issue by maturity. $366,400 in
sinking fund and $600 in treasury (not included in amount reported out
standing) as of June 30 1920.
Deferred Injury and Damage Certificates.—-Issued at par in exchange for
all approved claims inferior to old bonds but superior to the stock, for
which no other provision was made in plan. Callable at par. Bear 6%
interest, cumulative, payable only out 6f net earnings. Not a lien on physi
cal property, but status, as against owners of the stock, is substantially
similar to that of a preferred stock.
Dividends.— An initial dividend of $2 50 on the pref. beneficial certificates
was paid Oct. 1 1916. In 1917, April, $2 50; Oct., $2 50. April 1918
dividend omitted. V. 106, p. 1577. None since.
REPO RT.— For years ending Dec. 31:
Years ending Dec. 31—
1924.
1923.
1922.
Revenue passengers carried__________ 128,310,928 135,097,194 136,076,541
Transfer passengers_________________ 66,969,205 68,678,524 68,191,873
Total operating revenue_____________ $10,024,230 $10,514,735 $10,661,754
Net operating revenue________________$1,545,741 $2,012,623 $1,910,711
Net after taxes_______________________ $1,057,043 $1,538,245 $1,377,118
Miscellaneous income_______________
10,878
11,929
14,134
Gross income______________________ $1,067,921
C ity’s share________________________
______
$1,550,174 $1,391,252
______
______
Company’s share___________________ $1,067,921
Miscell. non-oper. income— C o______
188,509
$1,550,174 $1,391,252
162,068
99,274
Grossincome— Company___________ $1,256,430
Total deductions___________________
1,903,188
$1,712,242 $1,490,526
1,900,126 1,909,031
Net income_______________________ def$646,758 def$187,884 def$418,505
DIRECTO RS.— Representing the company: Chas. W. Armour, George
S. Hovey, Herbert V. Jones, Herman P. Harbison, Edward P. Moriarty
Kansas City M o., and P. W. Goebel of Kansas City, Kan. Representing
the city: William T Kemper, Frank C. Niles, Davis M . Pinkerton, John
W. Wagner and B. H. Berkshire, all of Kansas City, M o.
OFFICERS.— Receivers, Fred W. Fleming and Francis M . Wilson
Pres., Geo. S. Hovey; V.-P., Frank C. Niles; Gen. M gr., F. G. Buffe
Sec. & Treas., J. A. Harder; Asst. Sec.-Asst. Treas., L. M . Boschert
Aud., Neal S. Doran; Gen. Counsel, Jas. E . Goodrich, Kansas City, M o.
BOARD OF CONTROL.— E. M . Stayton (city member). No company
member at present.— V. I l l , p. 2324, 2515, 2520; V. 112, p. 62, 652, 1399.
2083, 2190; V. 113, p. 848, 1471, 2080. 2819: V. 114, p. 2580: V. 115, p,
2478; V. 116, p. 1889. 2255; V. 117. p. 1663. 2542. 2652; V. 118. p. 550:
V. 119, p. 319, 455, 2761; V. 120, p. 330, 2933, 2942; V. 121, p. 75, 978, 1348
KANSAS CITY KAW VALLEY & WESTERN RY.
Receivership.— In July 1924 Harry C. Jobes, Kansas City, was appointed
receiver for the co. by the U. S. District Court in Kansas. V. 119, p. 578.
ORGANIZATION.— Incorp. in Kansas July 28 1909.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
The line between Kansas City and Bonner Springs was placed in operation
July 20 1914, and from Bonner Springs to Lawrence, Kan., on June 1 1916;
total miles track operated, 40.693. Gauge, 4 ft. 8
in.; 70-lb. T rail.
10 passenger cars; 2 electric locomotives; 4 express and baggage, 8 box and
14 dump cars. The road as projected will extend to Topeka, 26 miles beyond
Lawrence. Connection is made with the street railway system of Kansas
City. Direct freight connection at Kansas City with C. R. I. & P. R y.,
K. C .-S. R y. and K. C. Terminal Ry. At Bonner Springs with U. P. RR.
and A. T. & S. F. R R . Track connection at Lawrence with U. P . R R .
Franchise in Lawrence extends to 1946.
Kansas City Interurban Freight Terminal.— See Kan. City Clay County
& St. Joseph Ry. above.
Default, A c.— The co. being unable to meet the principal of the $1,070,000
1st mtge 6s (Aug. 1 1924 int. paid, however) and the $528,500 gen. mtge.
6s, due Aug. 1 1924. the following protective committee was formed:
Committee for 1st Mtge. 6s.— Chairman, Geo. W . York; Channing Folsom,
J. Z. Miller Jr., Alfred R . Horr, James B. Harvey; Sec., Thos. F. Mawer,
317 Cuyahoga Bldg., Cleveland, O. Depositary, Cleveland Trust Co.,
Cleveland; sub-depositary. New England Nat'l Bank, Kansas City, M o.
T o t a l ___________________ _______ ________________________ $2,057,600 V. 119, p. 693. Deposits have been called for. Y. 119, p. 2761; V .120,p .1089
New Company—
Foreclosure.— See V. 121, p. 978, about foreclosure proceedings held in
1st mortgage 6% gold bonds__________________________________ $12,465,200$747,912
83,364
______ abeyance pending a law suit against J. J. Heim, which was settled in Aug.
Shares preferred stock___________________________
Shares common stock___________________________
182,645.4
______ 1925.
STOCK AND BONDS—- Date.
Interest. Outstanding. Maturity.
$740,500 __________
T o t a l ----------------------------- -------- ----------- ---------------------------$747,912 Stock, $1,500,000 ($100)__________ ___________
1st M $2,500,000 gold ($100/ 1914 6 g F-A
1,070,000 Aug 1 1924
* Estimated charges 6% per annum.
$500 and $1,000)___ c H
Bk., Chicago, Trust.
Receiver’s Report.— See for contents o f statement of receivers accompany Gen mtge, $812,500 gold___f /(Int. at First Tr. & Sav. 528,500 Aug 11924
1914
6 g F-A
ing reorganization plan, Y . 120, p. 2933.
(Int. at Com. Tr. Co., Kan. City, M o., Trus.
Time for Deposits Extended.— Was extended to July 15 1925.. V. 121,
Bonds — The issuance of first mtge. bonds for the construction of the
p. 75.
oad is limited to $20,000 per mile; additional bonds may only be issued
Foreclosure Sale.— N ov. 16 1925 was tentatively set as the date for the 'or 90% of cost of improvements, betterments, additions and extensions,
sale o f the properties. V . 121, p. 1348.
under conservative restrictions. Red., all or part, at 101 and Int. on any
New Company.— As a step in the reorganization o f the company, the int. date on 60 days’ notice. $212,500 gen. mtge. bonds (incl. in amount
outstanding) are held in treasury.
Kansas City Public Service Co., with a nominal capital o f $25,000, was in
The gen. mtge. bonds are limited to $12,500 per mile; callable at 101
corporated in Missouri June 16 1925.— V . 121, p. 75.
and int. V . 102, p. 1625; V . 104, p. 452.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
EARNING S.— For calendar years;
Capital stock_____________________
A-O
See text
See text.
Deprec• Bal.,Surp.
1st mtge gold______c*&r*cpt 1915
5 g J-J
$15,917,400 July 7 1944 Cal. Year. Gross. Net,aft.Tax. Oth. Inc. Bond.Int.
$2,797
$48,453 $54,423 def$61,297
2d M $4,291,000) Series A (1915
6 J-J
3,924,000 July 7 1944 1924______ $375,528 $38,782
7,696
82,470
53,578def447
do $1,000,000) Series B__-| 1915
5 J-J
1,000,000 July 7 1944 1923______ 461,819 127,905
Redeemable at 103 and int. [New York Trust C o., N. Y ., Trustee.
1922______ 468,903 156,827
Dr248
82,470
52,789sur21,318
198
[V ol. 121,
PUBLIC UTILITIES
OFFICERS.— Pres., K . D . Klemm, Kansas City, M o.; Y .-P . & Gen.
M gr., W . R . Taylor; Sec. & Treas.. W . E. Barnhart; Aud., E. J. O’Brien.
Office, 511 New Jersey Ave., Kansas City, Kan.— V. 110, p. 1289; V. 112,
p. 744; V. 118, p. 1910, 2948; V. 119, p. 578, 693, 2529, 2761; V. 120, p. 1089.
V. 121, p. 978.
THE MISSOURI & KANSAS RAILWAY CO.
W O R G A N IZA TIO N .— Previously known as Missouri & Kansas Interurban
Railway.— Incorp. in Kansas under General Railroad Law. Known as
“ Strang L ine." In 1909 receiver appointed the previous year was dis
charged, and old company resumed control. V. 86, p. 1467; V. 89, p. 1281.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Operates 20 miles of road from Kansas City through Southridge, Morrison
Ridge, Milburn Place, Overland Park and Lenexa to Olathe. Enters
Kansas City over tracks o f the Kansas City Rys. 70-lb. rails. Has 13
cars, including passenger and freight. M otive power changed from Strang
gasoline cars to electricity in 1908. V. 87, p. 614. Has private right-ofway about 80 feet wide from Kansas City to Olathe.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock *1,000,000 (SI00).......................................
*1,000,000 ......... .........
First mtge gold ($1,000)_____c 1919 6 J-J
500,000
1934
8econd mortgage $300,000 ( 1919 6 J-J
155,000 July 11934
($ 1 ,0 0 0 )_________________ lin t, at Fidelity National Bank & Trust Co.
I Kansas City, M o., Trustee.
E A R N IN G S.— For calendar year 1924, gross, $152,237; net, $45,037In 1923, gross, $159,480; net, $45,219. In 1922, gross, $162,377; net.
$44,309.
OFFICERS.— Pres., Henry O. Flower; V .-P., Lester W . Hall; V.-P. A
Gen. M gr., Thos. Riley; Sec. & Treas., H. B. Leavens: Aud.. E. H. Stair
General offices. Overland Park, Kan.— V. 87. p. 614; V. 89. p. 1281: V. 109
p. 477.
SOUTHWEST MISSOURI RAILROAD CO.
ORGAN IZATION .— Organized under the general railroad laws of
Missouri, and on Sept. 1 1906 acquired the Southwest Missouri Electric
R y. and the Webb City Northern Electric R R .
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Operates 91 miles o f track connecting Carthage, Carterville, W ebb City,
Prosperity, Porto Rico, Duenweg-Oronogo, Neck City, Purcell, Alba,
Joplin, Villa Heights and Chitwood, all in Missouri, and Galena in Kansas.
An extension to Baxter Springs, Kan., 9 miles, was completed Feb. 21 1918
and to Picher, Okla., on June 10 1918.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
_________ $3,500,000 See“ earns.”
Stock $5,000,000____________ _____
General and refunding mort- ! 1906
5 g M-S
1,027,000 Sept 1 1931
gage $5,000,000 gold ($1,—
lint, at Harrisburg (Pa.) Trust Co., Trustee.
0 0 0 )___________________ tf 1 or National Bank o f Commerce, N. Y.
Webb City Northern mtgef 1905
5 g M-S
200,000
Sept 1923
$200,000 gold________ c*tf\Int. at Safe Dep. & Tr. Co., Pitts., Trustee.
Southwest Missouri Electric I 1903
6 g M-S
1,150,000 Sept 11928
R y refunding and exten—
(Harrisburg Trust Co., Harrisb.,Pa., Trustee
_
sion mtge $1,500,000_ tf (Int. payable at Nat. Bk. o f Commerce,N.Y.
Bonds.— Of the $5,000,000 gen. & ref. bonds. $1,350,000 are reserved tor
prior liens and $2,623,000 for impts. and exts. The $1,150,000 Southwest
Missouri Electric R y. ref. & ext. mtge. 5s, due Sept. 1 1923, were extended
to Sept. 1 1928 at 6% , but are subject to call all or in part by lot on any
int. date on 30 days’ notice at 100 & int. The extended bonds have a
sinking fund and are secured by gen. & ref. mtge. 5% bonds of the RR. co.
on the basis o f $1,150 to each $1,000 of the extended bonds, and the latter
may be exchanged for these gen. & ref. bonds in the same ratio under
conditions set forth in V. 117, p. 1348.
EARN INGS.— For years ending Aug. 31:
Aug. 31—
Gross Net (after Interest Renewals
Balance,
Years— Earnings. Taxes).
Charges. & Bett’s. Dividends.
Surplus.
1918-19____ $953,876 $356,013 $128,330
__________ $227,683
1917-18____ 741,727 245,981
125,388
__________
120,593
114,536
69,462 (2%)70,000
79,863
1916-17------ 747,820 333,861
OFFICERS.— Pres., _________________________ ; Y .-P ., E. Z. Wallover, Harrisburg, Pa.; Sec., Geo. W . Reily; Treas., W . E. McMechan.
— V. 93, p. 752; V. 106, p. 716; V. 117, p. 1018, 1348.
OKLAHOMA
OKLAHOMA GAS & ELECTRIC CO.
ORGAN IZATION .— Incorp. in Oklahoma in 1902. In Aug. 1925 it was
reported that the plants at Durant and Ardmore were to be purchased from
the Missouri Power & Light Co. V . 121, p. 708. In Oct. 1925 purchased
the local electric light and ice plant from the city o f Fishomingo Okla.
V . 121, p. 2039.
V FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Serves electricity or natural gas to 89 cities and towns, including Oklahoma
City, El Reno, Enid, Drumright, Sapulpa, Muskogee, Shawnee and Ada.
Estimated population over 375,000. Electric power sources of the proper
ties include generating stations at Oklahoma City, Muskogee and Byng, with
reserve stations in a number o f other communities. Total generating ca
pacity o f all plants now aggregates 89,000 h. p. The River Bank power
Btation, located on the Arkansas River near Muskogee, with initial capacity
o f 30,000 h. p., and the Horse Shoe Lake plant, near Oklahoma City,
having initial capacity of 20,000 h. p., were placed in operation during 1924.
Has 984 miles of inter-connected high-tension transmission lines. Operating
statistics were as follows for the calendar years:
1924.
1923.
1922. 1921. 1920. 1919. 1918.
Electric custom ers.. 64,573 60,342 54,759 47,975 41,362 36,829 32,014
Kilowatts connected
load, all purposes. 124,730 111,670 96,143 80,207 67,572 59,258 50,753
Miles of pole lin e s ...
2,045 1,533 1,385 1,215 1,112
911
797
Gas customers_____ 41,050 39,019 37,793 36,185 33,468 32,008 30,477
Miles o f gas m ains..
532
490
463
447
443
440
427
The stockholders voted M ay 14 1925 (1) on authorizing the creation of
bonded indebtedness of the co. to the amount of $300,000,000 at any one
time outstanding; (2) on auth. the directors to fix the terms and security
upon and with which such bonded indebtedness shall be created; and (3)
on auth. the increase of the capital stock to $35,000,000 by changing the
auth. pref. stock from $10,000,000 to $25,000,000. V. 120, p. 2013.
F STOCK AND BONDS.— Date.
Interest.
Outstanding. Maturity.
Common $10,000,000 ($100)______ ________ _
$7,500,000 .................
Pref7% cum $10,000,000($100)___
7 Q-M 15 9,982,900 Sept ’25.1 M
lstM S e r“ A " ($500&$1,000c*/ 1925
5 g M-S
23,500,000 Mar 1 1950
and $1,000, $5,000 and I Continental & Commercial Trust & Sav.
W $10,000 r*) gold________ tf l Bank, Chicago, Trustee.
Debentures ($100, $500 and/ 1925
6 g M-S
8,000,000 Mar 1 1940
$1,000) gold_________ c*tflC on t. & Comm’l Tr. & Sav. Bk., Chi., Trus.
If Stock.— Pref. is red. at 125 and divs. on 60 days’ notice.
F Bonds.— 1st mtge. provides for the issuance thereunder of add’l bonds of
Series “ A ,” or o f other series of such dates, maturities, interest rates, re
demption and other provisions as may be determined by the directors.
A dd’l bonds may be issued for 75% of the cost of add’ns and ext. to the
properties of the co. and its subsidiaries, incl. within the limitation in the
mortgage the acquisition o f subsidiaries under certain restrictions. Add’l
bonds may also be issued for the refunding o f underlying bonds, within the
limitation in the mortgage, or of bonds o f other series under the mortgage.
Mtge. provides that while Ser. “ A ” bonds remain outstanding an amount
equal to at least 12)4% of the gross earnings, as defined in the mortgage,
will be expended after March 1 1925 for (1) maintenance, repairs, renewals
and replacements, or, to the extent not so expended or pending such ex
penditure, (2) for extensions and additions not used as a basis for the
issuance o f bonds, or (3) for the retirement of bonds.
1st mtge. Ser. ” A ’ ’ 5s are red. on any int. date until and incl. Mar. 1 1930
at 105 and int., the premium decreasing 1% each 5 years thereafter, the
bonds being red. on Sept. 1 1949 at 100)4 and int. Co. agrees to refund
the Penn. 4-mills tax, the Conn. 4-mills tax, the Maryland Securities tax
not exceeding 4)4 mills, and the Mass, income tax not exceeding 6% .
A”
sold in
H. M .
c C o .,
§23,500,000 Ser. “Co., 5s were Rollins Mar. 1925 byFederal Byllesby SCorp.
pencer Trask &
E. H.
& Sons and
Securities
at 95 and int., to yield over 5.36% . V . 120, p. 1328.
Debentures.— The 6% debentures due Mar. 1 1940 are red. at any time
during first 5 years at 105; during next 5 years at 102 )4 , and the premium
decreasing )4% for each year thereafter, plus int. in each case. Int. pay
able in New York aad Chicago. Co. agrees to refund the Penna. personal
property tax not exceeding 4 mills, the Connecticut personal property
tax not exceeding 4 mills, the Maryland securities tax not exceeding
4)4 mills and the Mass, income tax not exceeding 6% . $8,000,000 6%
debentures were sold in March 1925 by H. M . Byllesby & C o., Spencer
Trask & C o., E. H. Rollins & Sons and Federal Securities Corp. at 98)4
and int., to yield over 6.15% . V. 120, p. 1587.
EARNINGS.— For cal. years:
1924.
1923.
1922.
Gross earnings_______________________$7,963,683 $7,075,436 $5,736,912
Operating exp., maintenance & taxes. 5,384,871
4,848,056 4,263,991
Interest____________________________ 1,634,092
1,113,454
872,414
Preferred dividends_________________
511,006
456,700
336,959
Bal. for deprec.. common divs., &c_
$433,715
$657,226
$263,548
OFFICERS .— Pres., J. J. O ’Brien; V .-Ps., R . J. Graf, C . M . Gailmard Jr..
B . W . Lynch, E. J. Mackay, F. C . Gordon, C. C. Levis; V .-P . & Gen.
M gr., J. F. Owens; Sec. & Treas., W . R . Emerson.— V . 120, p. 1328, 1460,
1587, 1882, 2013, 2402, 3315; V. 121, p. 331, 708.
SOUTHWEST POWER CO.
Controlled by National Electric Power Co. V. 121, p. 332.
Properties operated under the general supervision and management of
Albert Emanuel C o., Inc., of New York.
O RGAN IZATION .— Incorp. in Delaware April 23 1924 and acquired
the properties of Coal District Power Co. and Choctaw Power & Light
Co. Subsequently acquired all the properties of Southwestern Utilities Co.,
Fayetteville Gas & Electric C o., Rogers Light & Water Co., Springdale
Light & Power Co. and Inter County Power & Light Co. Also owns the
entire capital stock and bonds of the Pittsburg County R y. Co. V. 121, p.
331.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Properties located in Oklahoma and Arkansas. Generating capacity 15,340
k. v. a. Manufacturers rating boiler horsepower, 3,755. Miles of trans
mission lines, 168. Miles of distribution lines, 256. Substation capacity,
17,491 k. v. a. Number of street lights, 1,981. Serves with electric light
and power McAlester, Alva and Hartshorne, Okla., Fayetteville, Rogers,
Springdale, Eureka Springs, Harrison, Boonesville and Huntington, Ark.,
and 16 other communities in these States. In addition, supplies electricity
at whoesale to the Public Service Co. of Oklahoma for retail distribution in
Atoka, Coalgate, Lehigh and Phillips, Okla.; operates ice plants in Eureka
Springs and Harrison, Ark. Through a subsidiary, the Pittsburg County
Ry. C o., street railway service is furnished in McAlester and interurban
and freight service to Krebs, Hartshorne and Haileyville, Okla., the com
pany also operates the water plant and distribution system n the City of
Rogers, Ark. Total population served, 75,000. Approx, k. w. h. output,
20,000,000. Number of consumers, 1,114 electric, 1,070 water.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
21,000 shs.
Common stock (no par).
7% Q-J
895.600 __________
Pref 7% cum $5,C~~
1st mortgage series “ A ” _____f 1924
6)4 g M -N 2,100,000 M ay 1 1944
Series “ B ” _______________j 1924
6 g M -N
1,000,000 M ay 1 1944
($100,$500&$l,000)g-C*tf [Seaboard National Bank, N. Y ., trustee.
Inter County Pow & Lt 1st M ( 1924
6 g J-J
150,000 July 1 1944
assumed ($100, $500 &{Int. at the Colonial Trust C o., Phila.,
$1,000) gold_________ c * tf( Trustee.
Stock.— Pref. is red. all or in part on any div. date on 30 days’ notice at
$110 and divs. In Sept. 1924 Curtis, Stephenson & C o., Boston, offered
$500,000 7% cum. pref. at 92)4 & int., yielding 7.57% . V. 119, p. 1511.
Bonds.— Int. on 1st Mtge. bonds is payable in N. Y . or Chicago. Penna.
4-mill tax. Conn. 4-mill tax, Maryland 4)4-mill tax and Mass. 6% income
tax refundable. Are additionally secured by pledge of all Pittsburg County
R y. Co. stock and bonds.
Inter County Pow. & Lt. Co. ls( Itge. 6s assumed by Southwest Power
Co. Are call., all or in part, on any int. date on 30 days’ notice at 105
and int. Sink, ftmd of 1 )4 % annually commences July 1 1926. Penna.
4-mill tax and Maryland 4)4-mill tax refundable.
Series “ A " 6 )4s have annual sinking fund of 1% o f Ser. “ A ” bonds out
standing commencing M ay 1 1926. Are red., all or in part, on any int.
date on 30 days’ notice to and incl. M ay 1 1929 at 107)4 and int., this
premium of 7 )4 % of the principal decreasing at the rate of )4 % of the prin
cipal on ea-h M ay 1 thereafter to and incl. M ay 1 1943, and at 100 and int.
on Nov. 1 1943. In May 1924 $2,100,000 Ser. “ A ” 6)4s were offered by
A. C. Allyn & C o., Arthur Perry & Co. and West & Co. at 97M and int.,
to yield over 6 )4 % . V. 118, p. 2574.
Series “ B” 6s have annual sinking fund of 1% of Ser. “ B ” bonds outstand
ing commencing N ov. 1 1926. Red., all or part, on any int. date on 30
days’ notice at 105 and int. to and incl. Nov. 1 1925, this premium of 5%
of the principal decreasing at the rate of )£ % of the principal on each Nov.
thereafter. In Jan. 1925 $1,000,000 Ser. " B ” 6s were offered by A. C.
Allyn & C o., Inc., Arthur Perry & Co. and West & Co. at 95)4 and int.,
to yield over 6.40% . V. 120, p. 332.
EARNING S.— For years end. Dec. 31:
*1924.
1923.
1922.
1921.
1920
Gross revenue__________$1,000,155 $694,154 $648,631 $739,232 $739,889
Oper. exp. and taxes____
595.301 426,594 419,368 474.560 456,589
Net oper. revenue____ $404,854 $267,560 $229,2 )3 $264,672 $283,300
Bond interest___________
147,857
84,758
83.739
80,801 154,295
Balance______________ $256,997 $182,802 $145,524 $183,871 $129,005
Preferred dividends_____
26,218
20,450
24.050
52,937
____
Surplus---------------------- $230,779 $162,352 $121,474 $130,934 $129,005
* Includes companies acquired as of Jan. 1 1925: Fayetteville Gas &
Electric C o., Rogers Light & Water C o., Springdale Light & Power C o.,
Inter County Power & Light C o., Southwestern Utilities Co.
OFFICERS.— Pres., Albert Emanuel; V .-Ps., Victor Emanuel, P. B.
Shaw, W. R. Porter, A. E. Burns and G. K. Skow; Treas., C. B. Zeigler;
Sec., D. L. McDaniel.— V. 118. p. 2439; V . 119, p. 580, 1511; V. 120, p.
88, 332, 455; V. 121, p. 332, 2039.
OKLAHOMA RAILWAY CO.
Receivership.— On Dec. 27 1924 Geo. A. Henshaw and John W. Shortel
were appointed receivers for the company by Judge F. E. Kennamer in the
U. S. District Court on application of the bondholders. V. 120, p. 331.
Compare V. 119, p. 1396.
ORGANIZATION.— Incorporated in Oklahoma on June 15 1904 under
the name of Oklahoma City R y. Co. On Sept. 21 1907 name changed to
Oklahoma Ry. Co., increasing charter powers so as to constitute both an
urban and interurban road with all the powers of a steam railroad corpora
tion and of a lighting and power c o ., and increased stock from $1,000,000 to
$3,000,000. On Apr. 1 1911 purchased Oklahoma City & Suburban R y.
and on Aug. 1 1911 purchased the El Reno Interurban R y. and the city lines
and franchises in El Reno. The Oklahoma R y. also owns the Guthrie City
R y. and the No. Canadian Valley Ry. In 1911 increased stock from $2,000,000 com. and $1,000,000 pref. to $10,000,000 com. and $5,000,000 pref.
About two-thirds of road on private right-of-way (incl. 28 miles of track
within city); Oklahoma City f anchise perpetual, subject to right of city
to purchase property on Jan. 31 1932 or at end of any 15-year period there
after. El Reno franchise expires 1933; other franchises perpetual.
The Guthrie-Edmond Electric R y. was incorp. in Dec. 1915 with $500,000
capital to build the extension from Edmond to Guthrie, 15 miles, placed in
operation July 20 1916.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Operates about 139 miles of track, comprising the street railway systems in
Guthrie (5.5 miles) and Oklahoma City (64 miles), and the interurban lines
to El Reno (placed in operation Dec. 3 1911), Norman (placed in operation
N ov. 15 1913) and Edmond (placed in operation May 28 1911). The ex
tension to Guthrie was placed in operation July 20 1916. Standard gauge.
65, 70 and 100-lb. rails. 110 pass, and 32 freight and other cars; 2 electric
and 1 steam locomotive. Power plant has 12,100 k. w. capacity. Also
owns valuable terminal station in Oklahoma City.
Oct., 1925.]
Fares.— See V. 119, p. 1734.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common $10,000,000 ($100).................................
$3,800.000 __________
Pref $5,000,000($100)5% c u m ____
_______
1,795,900 Jan’ 12,1H%
First and refunding m tge/ 1908 5 g J-J
347,000 Jan 1 1938
P $3,000,000 ($1,000) gold c* lln t. at Safe Dep. & Tr. Co., Pittsb., Trustee.
First & ref mtge $12,000,000/ 1911 5 g J-J
4,253,000 Jan 1 1941
gold ($1,000)----------------c*i Int. at Mississippi Valley Tr. C o., St. Louis,
t Trustee, or Harris Tr. & Sav. B k.. Chic.
Junior Mtg bonds ($1,000) . c l 1916 6 J-J
305,000
See text.
Red at 101/4 and interest/Int. at Miss. Vail. Tr. Co., St. Louis., Tr.
Bond-secured notes $825,000/ 1921 8 g J-J 1
825,000 Jan 1 1928
($100, $500 & $1,000) call.|Interest at Mississippi Valley Trust Co.,
® at 103 and interest_______ \
St. Louis, Trustee.
Bonds.— Of the 1st & refunding bonds o f 1911, $347,000 are reserved to
retire underlying bonds; remaining bonds can be issued at not exceeding
80% o f cost o f extensions, enlargements and additions under certain re
strictions. Subject to call at 105 and interest on any interest date since
Jan. 1 1921. V. 92, p. 1110. $680,000 are pledged as security for the
8% notes due Jan. 1 1928. No sinking fund, but bonds have a renewal
fund of 2% per annum on bonds out.
The first and refunding mortgage o f 1908 is limited under the terms of the
1st & refunding mortgage o f 1911 to $2,500,000, o f which $2,153,000 are
deposited as additional security for 1st & ref. 5s of 1911 and $347,000 are
out. Mtge. bonds o f 1908 can be called on 90 days’ notice at 110 and int.
No sinking fund.
The junior mortgage bonds mature $15,000 s.-a. from Jan. 1 1918
to July 1 1925 and $260,000 on Jan. 1 1926 They are secured by a lien
on the entire property subject to $4,000,000 underlying bonds, and also
cover the extension from Edmond to Guthrie, subject to a construction
lien of $450,000. Exempt from all general taxes in Okla. V. 102, p. 1987.
The secured 8% notes, due Jan. 1 1928 are secured by (a) $680,000 1st
& ref. 5s of the company; (ft) $120,000 Guthrie Ry. 1st Mtge. 5s; (c) $500,000 Guthrie-Edmond Elec. R y. 1st Mtge. 5s. The notes are conv. at any
time before maturity or call into 1st & ref. bonds at the rate o f 80, against
100 for the note. V 112, p. 373. 563.
Dividends.— On pref. 1st div.— 5% — paid Jan. 1909 and l\ i% quar.
to and incl. Jan. 1912. None since
E A R N IN G S.— For 12 months ending Dec. 31:
Gross
Net (after Other
Interest, Balance, Passengers
Year—
Earnings.
Taxes). Income.Disc’t, &c. Surp.
Carried.
1922...........-$1,978,827 $622,588 $6,437 $354,823 $274,202 22,750,696
1921 — ...... 2,114,571 665,940 6,934 358,882 313,992 23.417,650
Latest Earnings.— Eight months ended Aug. 31 1925: Total revenue,
$1,124,702; operating expenses, $848,645; taxes and interest charges,
$307,433; deficit, $31,376. For calendar year 1924, gross, $1,719,411; net
$444,169. In 1923, gross, $1,950,601; net, $486,298.
OFFICERS.— Pres., J. W. Shartel; V .-P ., R . J. Edwards; Sec. & Asst.
Oper. Mgr., Chas. Hoopes; Treas., E. J. Richart; Aud., W . O. Jones. Gen
eral offices, Oklahoma Ctiy.— V. I l l , p. 693, 1183; V. 112, p. 373, 563:
V. 116, p. 1178; V. 117, p. 1993; V. 119, p. 1396, 1734; V. 120, p. 331;
V. 121, p. 1679.
MUSKOGEE ELECTRIC TRACTION CO.
ORGAN IZATION .— Incorp. in 1904 in Indian Territory. In Oct. 1912
acquired the People’s Electric R y., which has been merged. Franchises
are unlimited as to time.
199
POWER, LIGHT AND RAILW AY
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
A1 trolley road. Operates city lines, 16.13 miles, and interurban and
suburban, 15.13: total, 31.26 miles. Standard gauge. 70 and 60-lb. T rail.
24 passenger cars, 2 miscellaneous cars and 2 electric locomotives. Also
owns an amusement park on Arkansas River about 5 miles from Muskogee.
Right of Purchase by City.— The city has the right to purchase all the com
pany's property within city limits in 1934 and at the end of every 15-year
period thereafter, at a price determinable by arbitration, but in case of
such purchase the bonds must be either paid off or assumed by the city,
and in the latter event the company must be allowed to operate its cars
from suburban or interurban points to the centre of the city on a rental
basis. See V. 95, p. 1331.
Has long-time power contract with the Muskogee Gas & El. Co.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $500,000 ($100)____________
Q-M
$500,000 See text
First mtge $5,000,000 sinking/ 1912
5 g M -N
593,000 M ay 1 1934
fund gold ($1,000)______c*[In t. at Equitable Tr. C o., N . Y ., Trustee.
Bonds.— Remaining bonds may be issued for additions and betterments
at 80% of cost, with certain restrictions. Subject to call as a whole or in
part at 105 and int. on any int. day on 3 weeks’ notice. Semi-ann. sink
ing fund began Jan. 1 1914 of /4 of 1% of all bonds outstanding. V. 95,
p. 1331.
Dividends.— 1908, 5% : 1909, 6 % : 1910, 7% : 1911, 8% : 1912, 7 /4 % :
1 9 1 3 ,1 /4 % . None since.
EARNINGS.— For years ending Dec. 31:
Cal. Years.
G'-oss.
Net.
Bond Int. & Tax. Bal., Surp.
1924_____
$206,686
$41,134
$39,104
$2,030
1923___________ 226,394
45,727
39,512
6,215
1922___________ 222,007
40,792
38,007
2,785
OFFICERS.— Pres., Louis K . Hyde; V .-P ., R . D . Benson; Sec. & Treas.,
D. Q. Brown; Gen. M gr., J. G. Phillips.— V. 118, p. 311; V. 120, p. 331:
V. 121, p. 200.
SHAWNEE-TECUMSEH TRACTION CO.
ORGANIZATION.— Incorporated in Oklahoma on Feb. 13 1906.
Franchises are perpetual and exclusive for 25 years.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Operates 10 miles of track in Shawnee and between Shawnee and Tecumseh.
Standard gauge. 60 and 70-lb. T rail.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $500,000 ($100)____________
_______
$500,000 __________
First mortgage $1,000,0001 1906
5 g J-D
300,000
1926
($1,000) gold__________ c*JInt. at Equitable Trust C o., N . Y ., trustee.
Bonds.— Can be called in 1916 at 105. No sinking fund.
EARN ING S.— For 12 months ending Dec. 31:
Calendar Years—
1924.
1923.
1922.
Gross.......................................................
$36,526
$44,906
$58,722
Operating expenses_________________
38,346
42,556
49,844
N et............ ......................... ................
Interest and taxes__________________
def$l ,820
1 ,988
$2,350
16,189
$8,878
17,181
Balance............. ..................................def$17,808 def$13,839
def$8,30S
OFFICERS.— Pres. & Treas., Louis K. Hyde; Gen. M gr., J. G. Phillips:
Sec., Geo. L. Webb.
Bonds for Investment
W e ow n and o ffe r a c o m p reh en sive lis t o f c a re fu lly sele cted
G o v e rn m e n t, M u n ic ip a l, R a ilro a d a n d P u b lic U t ilit y
B o n d s w h ich w e reco m m en d fo r in v e s tm e n t.
W e sh a ll be
p leased to sen d d e sc rip tiv e circu la rs to in v e sto rs on
re q u e st.
H a r r is , F o r b e s & Co.
P in e Street, C o r n e r W i l l i a m
NEW Y O R K
300
PUBLIC UTILITIES
[V ol. 121
STOCK AND BONDS—- Date. Interest. Outstanding.Maturity.
Northern California Power 1st f 1902 5 g J-D
473,000 June 1 1932
mtge ($1,000) gold___c*.tf/W ells Fargo Bank and Union Trust Co.,
( San Francisco, trustee.
Refunding & consol mtgef 1908
5 g J-D
4,005,000 Dec 1 1948
$10,000,000 ($1,000) gold/W ells Fargo Bank and Union Trust C o.,
sinking fund--------- c * .tf[ San Francisco, trustee.
Battle Creek Power Co 1st m t g ____
5%
61,000 Feb 2 1936
Keswick Elec Pow Co 1st m t g e ____
5%
13,000 June 1 1931
PACIFIC GAS AND ELECTRIC CO.
Guaranteed Bonds of Northern Calif. Power Co.—
Sacra Valley Pow 1st mtgel 1909
6 M -N
149,300 M ay 1 1929
(See Map on page 201.)
($500 & c)------------ n tf / In t. at Anglo-Calif. T r . C o., San F r., trustee.
ORGAN IZATION .— Incorporated in California Oct. 10 1905 as a con
First and refunding mtge) 1911
6 J-J
445,000 July 11941
solidation. In Oct. 1919 purchased the properties and substantially all of
($1,000)___________ t f /Anglo-California Tr. C o., San F r., trustee.
the $10,000,000 capital stock o f the Northern California Power Co. ConStock.— In July 1914 the issuance o f the initial $12,500,000 1st pref. stock
soliKated at $34 per share.
for improvements, extensions, refunding, &c., was authorized. The old
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
outstanding) became 2d pref. and
Owns and operates extensive properties employed in the production and sale pref. stock ($10,000,000 auth. andfrom $150,000,000 to $100,000,000. th<
auth.
was
V.
o f electricity and gas for light, heat and power, about 60% of its revenues 98, p. amount of com.121. reduced pref. stock was conv. into 1023^ % o f 1st
1846; V. 99, p.
being derived from electricity and about 35% from gas. It also owns pref. and has been all thusThe 2d
retired.
and operates the entire street railway system o f Sacramento, 44 miles of
The stockholders Dec. 12 1921 approved
track, and is engaged in the sale o f steam for heating and o f water for irriga 000,000 authorized capital stock as follows: the reclassification of the $160,$79,900,000 1st pref. stock (in
tion and domestic purposes, deriving approximately 5% o f its revenue from creased from $50,000,000), $100,000 original pref. stock (decreased from
these and other less important activities. All the properties owned in fee $10,000,000), and $80,000,000 common stock (decreased from $100,000,except those of the M t. Shasta Power Corp. and California Telephone & 000). V . 113, p. 2623.
Light Co. (of which the company owns practically the entire outstanding
Common
stock) and those leased from the Sierra & San Francisco Power Co. and outstandingstock to the amount o f $31,696,867 in addition to that reported
is owned by subsidiary companies.
Yuba River Power Co.
Bonds.— The 1st & ref. mtge. gold bonds are a direct first mortgage on the
The operations o f the company extend into 38 counties of central and
northern California, having an area o f 59,000 square miles and an estimated entire properties (incl. the new Pit River power plants and high-tension
present population o f over 2,200,000. The business field embraces the im transmission line) of the M t. Shasta Power Corp. which joined with the
portant San Francisco Bay section and the fertile Sacramento and San Pacific Gas & Elec. Co. in execution o f the mortgage. Also a direct m ortJoqauin valleys. The company serves eight o f the twelve largest cities in page on the entire properties of the co. now owned and hereafter acquired
subject to the prior liens o f underlying mortgages. As additional security,
California.
At the close o f 1924 the company operated 27 hydro-electric generating company agrees to secure from time to time the certification of all gen. & ref.
plants having an aggregate installation of 426,239 h. p ., four modern steam mtge. bonds which it may issue and will pledge the same under the new mtge.
Mortgage provides for a semi-ann. sinking fund of 34 % of all outstanding
turbine electric plants with an aggregate installation o f 190,349 h. p ., also
262 substations and 12,186 miles o f transmission and distribution lines bonds of co. after deduction o f underlying sinking fund payments to be util
with a connected load of 1,367,501 h. p. A new station was opened in ized in the acquisition and redemption or retirement of 1st & ref. M . bonds.
July 1925, adding 108,579 h. p. to the total installed capacity, making the A large fund is also provided annually for the maintenance and replace
ment of the properties.
total hydro-electric capacity 534,818 h. p.
Ser. A bonds are red. at 110 and int. on or before D ec. 1 1930 and at 105
The gas department includes 17 manufacturing plants with an aggregate
and int. thereafter. Ser. B bonds are non-callable. Ser. C bonds are red.
capacity of 83,840,000 cubic feet per day and 3,833 miles of mains.
Through purchase o f the Northern California Power Co. Consolidated, on any int. date at 105 and int. V . I l l , p. 2528; V . 113, p. 2318; V .
acquired 585 miles o f high-tension lines and 1,985 miles o f low-tension lines, 116, p. 624. Series “ D " bonds are redeemable, all or part, upon 60 days’
a power site on the Pit River, and six hydro-electric generating notice, at 105 and int. before June 1 1950, thereafter at 100 and int. On
plants on BattleCreek and Cow Creek, with an aggregate installation of M ay 1925 the National City C o., &c., &c., sold $10,000,000 Series D bonds
over 66,000 h. p., then marketing 30,000 h. p. V . 109, p. 173. In Dec. at 9534 and int., to yield over 5.30% . V. 120, p. 2817. Listed on San
1919 leased for 15 years the properties o f the Sierra & San Francisco Power Francisco Stock & Bond Exchange. V. 121, p. 1348.
Of the $150,000,000 gen. & ref. mtge. bonds, the unissued portion is re
C o. V . 109, p . 2362.
underlying bonds, and for future additions, betterments and
Franchises in substantially all o f the cities and towns served, it is claimed, served to retireat 90% o f cost under certain restrictions. $1,000,000 are in
improvements
are perpetual, the U. S. Supreme Court on April 6 1914 having ruled that
deposited
all franchises of public service corporations within the State of California treasury, of which $875,000canceled byas security for surety bond in rate
obtained prior to Oct. 10 1911 were o f perpetual duration and could not be cases; $815,000 have been $5,000 and sinking fund. Denom.: Coupon,
$1,000; registered, $1,000,
$10,000. Int. also payable in
altered.
London, Berlin, Amsterdam, Paris and Geneva at £5.2.9, 105 marks, 62
75-cent gas rate in San Francisco held valid by U. S. District Court but guilders or 129.50 francs, respectively. Red. as a whole (but not in part)
reversed by U S. Supreme Court June 2 1924. Company collected at Jan. 1 1937 on any int. date thereafter at par and int.; also red. at 105 and
85-cent rate during years in litigation. See Y. 109, p. 2444. Rates, V. 113,
date
days’ notice in blocks of not
p. 195, 499; V. 113, p. 77, 967; V. 115, p. 655; V. 118, p. 916; V. 118, p. 2959; int. on any int. 1 % p .on. 60 face amount of all underlying less than $500,000.
Sinking fund of
bonds and bonds o
V. 120, p. 1089. Proposed acquisition o f distributing system by city of San this issue. See V. 94,ap.of
351. V. 103, p. 1211; V. 105, p. 1523; V. 107, p.
Francisco, V. 117*, p. 1563. Refusal o f company to sell, V. 117, p. 1786.
1837, 2477; V. 108, p. 79, 2144.
On Feb. 11 1925 the stockholders approved an increase in the authorized
California Gas & Electric Corp. Unifying and Refunding Mortgage 5%
bonded debt from $160,000,000 to $250,000,000. V. 120, p. 958. Com
Bonds of 1907 are a lien upon all the property and franchises o f the California
pare V. 120, p. 88.
In March 1925 the company was authorized by the Calif. R R . Comm, to Gas & Electric Corp. now owned or hereafter acquired. V. 86, p. 1158.
issue $14,399,000 gen. & ref. 5% bonds to be deposited with the trustees They are also a lien (through a supplementary mtge. executed by the Pacific
under its first and refunding mortgage. V. 120, p. 1460. Compare V. 120, Gas & Electric C o.), prior to the bond issues o f the Pacific Gas & Electric
p. 1204. In M ay 1925 to issue on or before March 30 1926 at not less than Co , upon all the properties of that company except the properties of the
San Francisco Gas & Electric C o., but includes the properties o f the Cali
$104 per share, 23,570 common shares (par $100). V. 120, p. 2270.
Electric C
Gas & Electric Lighting
Gas Rates Reduced.— Reduced in San Francisco June 1 1925. V. 120, p. fornia Central Gas & o., subject,o., Fresno to underlying mortgages ofCo.,
and the Vallejo Gas C
however,
the
2944.
California Central Gas & Elec. The bonds were issued under four heads—
Financing of Melones Darn Hydro-Electric Power Development.— See for “ A ,” “ B ,” “ C " and»“ D .” Series “ A ” amounts to $30,282,000, of which
particulars about this dam and the financing of it, V. 121, p. 459, 587.
$8,203,000 were issued to retire an equal amount of underlying bonds
which have been deposited under this mortgage. Series “ B ” amounts to
Gas Rates Reduced.-—See Y . 120, p. 2944.
$3,055,000 and were issued at 90 to refund existing obligations. Series “ C”
Sued for Fire Liability.— In Sept. 1925 the company was made defendant and “ D ” aggregate $11,663,000, $9,255,000 of which were issued. Mort
in 630 suits filed by 60 insurance companies to recover approximately gage has been closed to further issue. V .8 6 ,p .9 8 0 . The bonds are subject
$4,000,000 in connection with the great Berkeley fire of 1923. V. 121, p. to call at 110 and int. upon any int. date after N ov. 1 1912 upon 60 days’
1570.
notice. V. 88, p. 1199. The issuance of additional underlying bonds is
STOCK AND BONDS.— Date.
Interest. Outstanding.
Maturity. prohibited by terms of mortgage. An agreement was executed Jan. 21 1908
Common $80,000,000 ( $ 1 0 0 ) - - ____
Q-J
$48,130,748 Oct ’25 2% 6 providing that all California Gas & Elec. gen. mtge. and coll, trust bond
7
holders depositing bonds with Mercantile Trust Co. o f San Francisco would
1st pref 6% cum $79,900,000
($ 100) _______________________________
6 Q-F
54,464,532 Aug ’25 1M be entitled to receive an equal amount of unifying and refunding bonds, and
7 g J-D
10,720,000 Dec 1 1940 in addition an amount of common stock o f the Pacific Gas & Elec, equal to
1st & ref mtge Series A ______ f 1920
Series B ________________ 1921
6 g J-D
20,000,000 Dec 1 1941 25% of bonds so deposited. V .8 6 ,p .9 8 0 . $4,492,000 gen. mtge. and coll,
Series C _________________/ 1922
5K g J-D 45,000,000 Dec 1 1952 trust bonds were so deposited. Agreement expired Feb. 1 1909. The mtge.
Series D _________________ | 1925
5 g J-D
10,000,000 June 1 1955 provides that a sinking fund be created and maintained as follows: 1912 to
1916 incl., $450,000 per annum; 1917 to 1921 incl., $550,000 per annum; 1922
($500 &c) gold___ e *&r *. tf IMercantile Trust C o., San Francisco, and
I National City Bank, New York, trustees. to 1926 incl., $700,000 per annum; 1927 to 1936 incl., $900,000 per annum.
Gen & ref M ($150,000,000)1 1911
5 g J-J
35,822,000 Jan 1 1942 This sinking fund will be applied as far as necessary toward making the
gold sinking fund (see{Bankers Tr. C o., N . Y ., and O. Ellinghouse, sinking fund payments required by underlying mortgages, and the balance to
text)______________c*&r*tf 1 trustees. Int. in N . Y . or San Francisco. the purchase for the sinking fund of the bonds issued under the new mortgage
Cal Gas & Elec Corp gen M & I 1903
5 g M-S
2,820,000 M ch 1 1933 $3,734 000 unifying and ref. bonds are held in sinking fund; $332,000 in
coll tr $10,000,000 gold-)Interest at Mercantile Trust C o., San Fran- treasury of Pacific Gas ii Electric Co. Bonds are listed on New York Stock
Exchange. V. 90, p. 1677; V. 93, p. 1191; V. 95, p. 1332.
($1,000) sinking fund_c*tf 1 cisco, trustee.
Calif Gas & Elec Corp unify'g f 1907
5 g M -N 16,447,000 N ov 1 1937
California Gas A Electric Corp. $10,000,000 General Mortgage and Collateral
and refunding mortgage! Wells Fargo Bank and Union Trust Co., San Trust Bonds are subject to call on any int. date at 110 and int. on four weeks’
$45,000,000 gold____c& r.tf
Fran., trustee. Int at office of company, notice. $4,492,000 were deposited under the unifying and refunding mtge.
I San. Fran., or Bankers Trust Co., N. Y Sinking fund for 5 years, beginning Mar. 1 1904, $150,000 per annum; from
Bay Counties Power Co 1st M ( 1900
5 g M-S
682,000 Sept 1 1930 1909 to 1913, $200,000 per annum; 1914 to 1918, 250,000 per annum; 1919 to
$2,250,000 ($1,000)_ tf{lnterest at Mercantile Trust C o., San Fran- 1923, $3OO,O00 per annum; 1924 to 1928, $350,000 per annum; 1929 to 1933,
_
L cisco, trustee,or Bankers Trust C o., N . Y . $400,000 per annum. The said sinking fund will provide for the sinking
Second mtge $750,000 gold f 1901 6 g A-O
222,000 April 1 1931 funds of the Bay Counties Power C o ., California Central Gas & Electric C o.,
($1,000)_ ____________tf/In t. at Wells Fargo Bank and Union Trust
_
Sacramento Elec. Gas & R y. Co. and Valley Counties Power C o., and is to
I C o., San Francisco, trustee.
be used initially in redeeming the bonds of the constituent companies, the re
Nevada Co Elec 1st M _ -n t f 1898 6 A-O
56,000 Oct
1 1928 mainder for the new $10,000,000 issue. The bonds redeemed shall be kept
Yuba Elec Power 1st M .n t f 1899 6 J-D
168,000 June 1 1929 alive and bear int. except where the mortgages of the constituent companies
Cal Central Gas & Elec C o f 1901 5 g F-A
409,000 Aug 1 1931 provide for their cancellation; in the event of the purchase o f any of the gen.
1st mtge $1,000,000 gold{lnterest at Mercantile Trust C o., San Fran- mtge. and coll, trust $10,000,000 bonds, these also are to be kept alive; but
($1,000) sink fund_____n tf I cisco, trustee.
should any of the latter be called for payment at 110, the bonds so called are
Sacramento Elec Gas & R y f 1897
5 g M -N
1,578,000 N ov 1 1927 to be canceled. $2,393,000 of this and $1,017,000 of underlying issues are
1st mtge $2,500,000 gold{ Interest at Mercantile Trust C o., San Fran., now alive in this sinking fund. The gen. mtge. and coll, trust bonds are
($1,000)------------------- c n tf I or Guaranty Trust C o., New York.
secured by deposit (now secured by physical properties of these companies
Standard Elec Co 1st M $5,-) 1899
5 g M-S
1,594,900 Sept 1 1939 which have been deeded to the corporation) of practically all the capital
000,000 guar p & i by /In t. at Mercantile Trust Co., San Fran., trus stocks of the subsidiary companies, namely, all of the 36,000 shares of Bay
Cal Gas & Elec Corp _n tf { tee, and Crocker N a t. B k., San Francisco. Counties Power Co.; all of the 15,000 shares Calif. Cent. Gas & Elec. C o.: all
Blue Lakes Water 1st m tge{ 1893
6 M-S 15
713,000 Mar 15 1938 of the 30,000 shares of Oakland Gas Light & Heat C o.; all of 18,584
$5,000,000__________n tf/In t. paid in N. Y ., San Fran, and London.
shares of Sacramento Elec. Gas & R y. C o.; all of the 4,898 shares of Fresno
United Gas & Elec Co 1st M\ 1902
5 g J-J
907,000 July 1 1932 Gas & El. Lt. Co.; all of the 50,000 shares of the Standard Elec. C o.; all o f
$2,000,000g($l,000)sf-C*tf /Mercantile Trust C o., San Fran., trustee.
the 22,286 shares of the United Gas & Elec. C o., and all of the 1,000 shares o f
Valley Counties Power C o f 1902
5 g M -N
1,308,000 M ay 1 1930 stock of the Vallejo Gas C o.; also 39,999 out of 40,000 shares of South Yuba
first mortgage $2,500,000/Interest at Mercantile Trust C o., San Fran, Water Co. stock. In addition, the Bay Counties Power Co.owns the entire
gold ($1,000) sink fu n d -_tf { trustee, or at U. S. M tge. & T r . C o., N . Y. $2,500,000 stock of the Valley Counties Power Co. and the United Gas &
Cent Cal El Co mtge $5,000,-) 1902
5 g M -N
See text M ay 1 1933 Elec. Co. owns the $1,000,000 stock of the San Mateo Power Co.
000 gold ($1,000)_______ tf\Int. at Equitable Trust C o., New York, trus.
Bay Counties Power Co. $2,250,000 First Mortgage Bonds.— $350,000 are
Suburban Light & Power f 1908
6 F-A
220,500 Aug 1 1938 reserved to retire $179,000 Yuba Electric Power bonds and $171,000
mtge ($500). No sinking/Int. at office o f company. The Oakland Nevada Electric Power bonds. A sinking fund on the first 5s of 1% of
fund_________________ c* tf I Bank, Oakland, trustee.
outstanding bonds per annum commenced in 1905 and ran until June 1
San Fran G & El gen M $10,- f 1903
4K g M -N 6,151,000 N ov 1 1933 1910, on which date and for four years thereafter 113% of bonds out: on
000,000 gold ($1,000 each)(Int. at Wells Fargo Bank and Union Trust June 11915and for four years thereafter 2% of bonds out; on June 1 1920
t f 1 C o., San Francisco, trustee.
and for four years thereafter 2 fi % of bonds out; on June 1 1925 and there
Pacific Gas Improvement mtg f 1900
4 g Q-M
309,000 Sept 1 1930 after 3% of bonds outstanding. $1,292,000 of this issue alive in sinking
gold ($1,000 each) sinking/Int. at Wells Fargo Bank and Union Trust fund and $52,000 held in treasury of company. The 2d 6s are subject to
fund--------------------------- n tf I Co., San Francisco,
call at any time at 105. $174,000 are held in a sinking fund and $1,000
Mutual Electric Light Co| 1904
5 J-D
122,000 June 1 1934 held in treasury. $135,000 were redeemed Jan. 1 1918 and $218,000 on
first mortgage ($1,000)-Ctf/Int. at Mercantile Trust C o., San Fran., or April 1 1925.
[United States Mtge. & Trust C o., N . Y .
California Central Gas A Electric Co. First Mortgage Bonds.— A sinking
Metrop Gas C orp($500)-c*tff 1911
5 J-D
995,000 Dec 11941
Sinking fund $25,000 per/Int. at office of company. Mercantile Trust fund of 2% o f bonds outstanding commenced on Aug. 1 1902, but bonds
are not subject to call. $591,000 bonds are in sinking fund.
annum.
I C o., San Francisco, trustee.
Oroville Lt & Power Co ls t) 1902
6 F-A
1,500 Feb 1 1927
Sacramento Electric, Gas A Ry. Co. Bonds.— $445,000 bonds have been re
M $50,000 ($500)-----------c/C alif. Safe Dep. & T r. C o.. San Fr., trustee. tired. $472,000 alive in sinking fund and $5,000 held in treasury of
Calif Tel & Lt 1st mtge (as-/ 1913
6 g A-O
937,600 April 1 1943 Pacific Gas & Electric Co. By terms o f a supplemental mortgage, the right
sumed) ($100, &c) g o ld ..c * lin t. at Merc. Trust C o.. San Fr.. trustee. to call all or any o f the bonds at 103 has been rescinded; but this does not
CALIFORNIA
Oct., 1925.]
POWEE, LIGHT AND EAILW AY
201
202
[V ol. 121.
PUBLIC UTILITIES
affect the right to retire bonds as follows: Prom 1902 to 1906, inclusive
$5,000 per annum; 1907 to 1911, inclusive, $10,000 per annum; 1912 to
1916, inclusive, $20,000 per annum; 1917 to 1921, inclusive, $30,000 per
annum; 1922 to 1926, inclusive, $40,000. Total, $525,000.
Standard. Electric Co. of California First Mortgage Bonds.— They are
guaranteed by California Gas & Electric C orp. by endorsement. $2,599,000
were retired under unifying and ref. mtge. o f California Gas & Elec. Corp.,
$551,100 arealivein sinking fund, $201,000held in treasury o f Pacific Gas &
Electric C o., and $2,000 are deposited under general and refunding mtge.
Of Blue Lakes Water first mtge. bonds $10,000 are in sinking fund.
United Gas & Electric Co.— Bonds.— Int. is payable at Crocker Nat. Bank,
San Francisco, or Mercantile Trust C o., New York. A sinking fund began
July 1 1907 of 2% o f bonds outstanding for the first 5 years; 3% the next 5
years; 4% the next 5 years; 5% the next 5 years, and 6% per annum there
after. $985,000 have been canceled by sinking fund, $105,000.held alive
in sinking fund and $3,000 held in treasury of Pacific Gas & Electric Co.
Bonds are not subject to call.
Valley Counties Power Co. Bonds are not subject to call. Are guaranteed,
rincipal and interest, by Bay Counties Power Co. Listed on San Francisco
tock Exchange in June 1905. V. 80, p. 2625. Commencing N ov. 1 1905,
and on N ov. 1 for each succeeding four years, 1% o f aggregate amount of
bonds issued and outstanding is payable to sinking fund', commencing N ov. 1
1910 and for succeeding four years, 1 X % : commencing with N ov. 1 1915.
and for succeeding four years, 2% : commencing with N ov. 1 1920 and for
succeeding four years, 2X%\ commencing with Nov. 1 1925 and for suc
ceeding four years, 3 % . $1,182,000'bonds now held in sinking funds and
$10 000 held in treasury o f Pacific Gas & Electric Co.
Central California Electric Co.— $848,000 are deposited under unifying
and refunding mortgage and $1,000 under general and refunding mortgage;
$1,000 in treasury of Pacific Gas & Electric Co. Callable at 110 and int.
Suburban Light & Power Co.— $29,500 held alive in allied companies’
sinking funds.
San Francisco Gas & Electric Co. General Mortgage Bonds Nos. 1 to 4,000,
inclusive, are subject to call $100,000 yearly Nov. 1 at 105, by lot, beginning
N ov. 1 1906. $1,900,000 have been canceled, $205,000 are held alive in
sinking funds o f allied cos. and $105,000 retired under gen. & ref. mtge.
Mortgage closed; no more bonds can be issued for any purpose.
Pacific Gas Improvement Co. mortgage has a sinking fund of $20,000 annu
a lly . $608,000 have been canceled $321.000 retired under gen A ref mtge.
Mutual Electric Light Co. Bonds having sinking fund o f 214 % per annum
o f bonds issued and out: $110,000 have been canceled and $18,000 are held
in sinking fund, and $8,000 in treasury o f Pacific Gas & Electric Co.
Metropolitan Gas Co-p. bonds are red. at par and int. on any int. date.
Sinking fund $25,000 yearly; $47,500 in sinking fund and $325,000 have been
canceled.
Oroville Light & Power Co. First Mortgage 6% Sinking Fund Bonds.—
$44,500 are held in sinking fund.
Calif. Tel.
Ll. 1st 6s are red. at 107X Northern California Power Co. Frst 5s have sinking fund o f 3 X % of gross
earnings first 6 years, 4% next 10 years, and 434% last 14 years. Int.
Corn Exchange
g iyable at office of trustee in San Francisco and atat 110. Int. at National
ank, New York. The ref. & cons. 5s are call,
office of
company in San Francisco and at U. S. Mtge. & Trust C o., New York.
Sacramento Valley Power Co. First 6s are call, at 105 and int. The 1st &
ref. 6s are also call, at 105 & int. Int. on latter payable at office of com
pany in San Francisco and U. S. Mtge. & Trust C o., New York.
Sinking Funds.— Total cash and bonds in all sinking funds of Pacific Gas
& Electric Co. and subsidiary companies Aug. 31 1925, $21,467,252.
Divs.—
11. •12. •13. ’14. ’ 15. ’ 16. ’ 17. ’ 18. ’19’-21.. ’22. ’23. ’ 24. ’25.
Qrig.(2d)pf% 6
6
6
6
6
6
6
6
6
6
6
6
New 1 P %
6
6
6
6
7
6
6
6 b
IX 6
Com in stk % 50s
2
6
2
-8 8'
2X
- - 3 X 5 text
5
5
6
Dividends on common stock were resumed April 21 1919 after an interval
o f 1X years, with payment o f 1X %: to Oct. 1922 paid 134% quar.; Jan.
1923 to Oct. 1923, paid 134% quar.; Jan. 1924 to pet. 1925 paid 2% quar.
Also paid 2% in com. stock in Feb. 1922, and 2% in com. stock to holders
o f record Dec. 30 1922.
R E PO BT.— For 1924 showed:
1924.
1923.
1922.
$39,321,535 $38,593,562
Gros^operating revenue_______ $44,451,586
Deduct— Oper. & admin,expenses_ 20,944,947
15,584.323 15,946,068
Taxes__________________ _________ 3,922,678
4,029,887 -----------------3,690,213
Maintenance_______________
2,946,463
3,442,979
3,117,531
Uncollectible accounts &casualties
389,008
436,221
663,064
C
O
£
S
Total deductions...................
$28,203,096 $23,493,410 $23,416,876
Net earnings from operation________ 16,248,490 15,828,125 15,176 686
A d d — Miscellaneous income________
483,833
650,207
611.043
Total net in c o m e ...______ _______ $16,732,323 $16,478,332 $15,787,729
Bond and other interest...................... 6,262,264
6,165,817
5,148.614
Balance.....................
$10,470,059 $10,312,515 $10,639,115
Bond discount and expense__________
384,293
331,464
449,757
Balance.........................
$10,085,766
Reserve for depreciation_____________ 3,057,417
$9,981,051 $10,189,358
3,224,757
3.602,199
Surplus................
$7,028,349
Dividends paid on pref. stock (6 % )_ 3,244,608
$6,756,294
3,103,847
$6,587,159
2,574,157
Balance__________________
$3,783,741
Cash dividends paid on common stock 3,040,123
$3,652,447
2,3i0,498
$4,013,002
1.820.431
Balance._________
$743,618
Latest Earnings.— 12 mos. ended Aug. 31:
$1,341,949
$2,192,571
1925.
1924.
Gross earnings__________________________________ $46,771,856 $42,605,718
Net, after taxes_________________________________ $18,502,480 $16,367,003
Interest, &c_____________________________________ 7,308,890
6,592,786
Depreciation____________________________________ 3,469,198 3,086,253
Surplus .
----- $7,724,392 $6,687,964
Number of Consumers .Served for Calendar Years.
1924.
1923.
1922.
1921.
1920.
Gas---------- ............ ............... 365,396 343,690 316,268 297,270 286,542
Electricity. _______________ 378,751 347,955 311,615 285,206 266,132
Water____ ____
16,162
_______ 18,864
17,810
16,985
16.234
Steam____ ________________
542
606
579
475
451
Total___ ............................ 763.617 710,034 645,410 599 113 569 359
W OFFICERS.— Pres., W . E. Creed; V.-Pres. & Gen. M gr., Frank A.
Leach Jr.; Y.-Pres. & Treas., A. F. Hockenbeamer; V.-Pres. & Sec., D. H.
Foote; Asst. Sec., Chas. L. Barrett. Office, 245 Market St., San Francisco,
C a lif— V. 119, p. 1516, 2074, 2288. 2879; V. 120, p. 88, 212, 583, 958, 1089.
1204, 1560, 1882, 2013, 2270, 2394, 2944, 2817, 2402, 3065; V. 121, p.
76, 200, 459, 587, 840, 1348, 1570, 1679.
PACIFIC L IG H TIN G CORP.
W ORGANIZATION.— Incorp. on M ay 21 1907. Is the successor of the
Pacific Lighting Co., which was formed in 1886 to acquire and own gas and
electric companies in California. Besides other holdings, the corp. owns
entire com. stock o f Los Angeles Gas & Elec. Corp., a substantial amount
of the com. and pref. stocks of Pacific Gas & Elec. Co. and controls the
Southern Counties Gas Co.
STOCK AN D BONDS—
Date. Interest.
Outstanding.
Maturity.
Common $10,000,000 ($100)_______
_______
$9,504,000 Aug 25, 2 X
Pref5%cum $10,000,000($ 1 0 0 )____
5 Q-F 15
4,162,000 Aug ’25, \ M
Sec bonds $6,000,000 ( $ 5 0 0 1 9 2 5
6 g F-A
4,000,000 Feb 11940
$1,000) gold_________ c*tf/M ercantile Trust Co. of Calif., Trustee.
Bonds.— The secured 6% bonds are secured by deposit of 80,000 shares
o f the com. stock of Los Angeles Gas & Elec. Corp. Red. on any int. date
on 60 days’ notice on or before Feb. 1 1930 at 103K and thereafter less X
o f 1% for each expired 6 months. Semi-ann. sink fund of $120,000 in
cash or bonds at par commences Feb. 1 1926. In Jan. 1925 Bond, Goodwin
& Tucker, Inc., Blyth, Witter & Co. and Mercantile Securities Co. of
Calif, sold at 100 & int. $4,000,000 6% secured bonds. V . 120, p. 583.
Dividends.— A stock div. o f 80% was paid on com. in Dec. 1924. V.
119, p. 2648.
EARNINGS..— For calendar years (consolidated income account):
[Including Pacific Lighting Corp. and Los Angeles Gas & Electric Corp.)
1924.
1923.
1922.
1921.
Total gross income_____$16,204,334 $12,849,632 $12,037,727 $9,841,705
xOper. exp., taxes, int.,
depreciation, &c_____ 13,567.740
10,977,217 10,398,408 8,933,571
Preferred divs. (5 % ) - - 208,100
208,100
208,100
208,100
Common divs_________
844,800
765,479
672,000
672,000
Rate paid on common.
(16%)
( 1 4 X%)
(14%)
(14%)
Surplus for year_____$1,583,694
$898,836
$759,219
$28,034
x Incl. divs. paid on Los Angeles Gas & Elec. Corp. pref. stock.
OFFICERS.— Pres., C. O. G. Miller; V .-P ., A . Schilling; V .-P „ F. W .
Van Sicklen; V .-P ., Bernard W . Ford; Sec., R. W . Miller.— V. 120, p.
583, 1328.
(1) LOS ANGELES GAS & ELECTRIC CORPORATION.
ORGANIZATION.— Incorp. in Calif, in June 1909. Controlled by
Pacific Lighting Corp. (see statement above).
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Carries on a large gas and electric business in Los Angeles and controls all
of the gas business of Pasadena, South Pasadena, Monterey Park, Al
hambra, San Gabriel, San Marino, Watts, Huntington Park and Haw
thorne, together with a portion o f the gas business of Inglewood, Vernon
and other suburban districts.
The gas department has a generating capacity of 87,750,000 cu. ft. peir
24 h urs, holders with a capacity of about 53,800,000 cu. ft. (shortly to be
increased to 68,825,000 cu. ft.), and 2,617 miles of mains; the electric de
partment has a generating capacity of 145,687 h. p., 1,200 miles of pole
lines and 36 miles of underground conduits. In addition the corporation
has extensive holdings of real estate.
Interest. Outstanding. Maturity.
STOCK AND BONDS—
Date.
_________ $12,500,000 __________
Common, $30,000,000 ($100)______
6 Q-F
18 284 000 A u g ’25, I X
Pf 6% cum $30,000,000 ($ 100) Gen & ref mtge. Series ” A ’’ . . ' 1921
7 g M-S
2,500,000 Mar 11926
Series “ B ” _______________ 1921
7 g J-D
3,500.000 June 11931
Series “ C ” _________ ;_____ 1921
7 g J-D
1,500,000 June 11931
Series “ D ” _______________ 1922
6 g M-S
1,937,500 Mar 11942
Series “ E ” _______________ 1922
5 X g J-D 4,999.500 June 11947
Series “ F ” ________________ 1923
5 X g M-S 3,809,000 Mar 1 1943
Series “ G ” _______________ 1923
6 g M-S
4,000,000 Mar 11942
Series “ H” _______________ 1924
6 g M-S
7,545,000 Mar 11942
____
5 X g A-O 8,952,000 Oct
11949
1924
c
$75,000,000 ~($500~& $T,000) Mercantile Trust Co. o f Calif., San Fran., S
g o l d ________________c*tff
Security Tr. & Sav. Bk.. Los Ang., Trus.
1st & ref mtge (closed) $1,-7 1909
5 g M-S
5,047,000 Sept 1 1939
000) gold_______________c*-. Wells Fargo Bk. & Union Tr. Co., San Fran.,
[ and Harris Nat. Tr. & S. B., Chi., Trustee.
Los Angeles G & E Co gen MJ 1904
5 g J-J
1,993,000 July 1 1934
(closed) ($1,000) gold--^ -c(W ells Fargo Bk. & Un. Tr. C o., S. F ., Trus.
Los Angeles Elec Co 1st M / 1902
5 g J-J
482,000 Jan 1 1928
(closed) ($1,000) gold____c\In t.atW ellsF arg oB k .& U n .T .C o.,S .F .,T r.
Bonds.— Gen. & ref. mtge. provides for sink, fund of 1 % % of bonded
indebtedness, less additions to sinking fund of underlying mortgages,
annually. Int. is payable in New York, San Francisco and Los Angeles.
Exempt from personal property tax in California.
Series “ A " 7s are redeemable at 102X and int. on 90 days’ notice. In
March 1921 Blyth, Witter & C o., San Francisco, N . Y ., &c., and Bond
& Goodwin, N. Y ., A c., offered $2,500,000 at 98X A int., to yield about
7.40% . V. 112, p. 1150.
Series “ B” 7s are redeemable all or in part upon 90 days’ notic®
as follows: June 1 1926, 105: June 1 1927, 104X'. June 1 1928, 104; June 1
1929, 103X ‘ June 1 1930, 103 A int. In June 1921, Bond, Goodwin Sc
,
Tucker, Inc., San Francisco, sold $3,500,000 at 97X A int., to yield over
7.35% . V. 112, p. 2755.
Series “ C” 7s are redeemable all or in part upon 90 days’ notice as
follows: June 1 1926, 105; June 1 1927, 104X\ June 1 1928, 104; June 1
1929, 103J^; June 1 1930, 103. In Sept. 1921 Bond & Goodwin A Tucker,
Inc., San Francisco; Bond & Goodwin and Blyth, Witter & C o., N . Y .t
offered $1,500,000 at 99 & int., to yield over T X % . V. 113, p. 1477.
Series “ D ” 6s are non-callable before March 1 1932 and then only
upon 90 days’ notice at 110 and interest, less 1% each year thereafter.
Bond & Goodwin A Tucker, Inc., and Mercantile Securities C o., San
Francisco, in April 1922 sold $2,000,000 at 100 & int. V. 114, p . 1541. •
Series “ E " 5 X* are non-callable before June 1 1932 and then only
upon 90 days’ notice at 107 X and interest; less X of 1 % each year there
after. Bond A Goodwin & Tucker and Mercantile Securities C o., San
Francisco, A c., offered in June 1922 $5,000,000 at 96H A int. V .1 1 5 ,p .8 0 .
Series " F ” 5 X s are redeemable for first five years upon 90 days’ notic®
at 107X & int., less X of 1 % for each year thereafter. In March 1923
Bond & Goodwin & Tucker, Mercantile Securities C o., o f Calif., &c., A c.,
offered $4,000,000 at 97X & int., to yield about 5.70% . V. 116, p. 1186.
Series “ G" 6s are non-callable before March 1 1932 and then only
upon 90 day’s notice at 110 and interest, less 1% each year thereafter. In
Aug. 1923 Bond & Goodwin & Tucker, Inc., E. H. Rollins & Sons, A c.,
&c., offered $4,000,000 at 99X & int., to yield over 6% . V . 117, p. 900.
Series “ H ” 6s are non-callable before March 1 1932, and then only
upon 90 days’ notice at 110 and interest, less 1% each year thereafter. In
Jan. 1924 Bond & Goodwin & Tucker, Inc., Mercantile Securities Co. of
Calif., A c., &c., sold $8,000,000 at 99 & int., to yield over 6.05% . V . 118,
p. 317.
Series “ J” 5 X s are redeemable on Oct. 1 of any year until and including
1939 at 105 & int., the premium thereafter decreasing X of 1 % per annum’
In Oct. 1924 Bond & Goodwin & Tucker, Inc., Mercantile Securities G o
of Calif., &c., &c., sold $6,000,000 at 96X & int.. to yield over 5.7 5% ’
V. 119, p. 1963. In June 1925 they sold $2,952,000 additional at 100 and
int. V. 120, p. 2816.
lsl & ref. mtge. 5s are call, at 105 & int. on any int. date. M tge. provides
for annual sink, fund of 2% , less additions to sinking fund of underlying
mortgages. Int. payable at offices of trustees and at National Bank o f
Commerce, N . Y .
Los Angeles Gas & Elec. Co. gen. mtge. 5s have sink, fund of $35,000
annually.
Los Angeles Elec. Co. 1st mtge 5s are call, at par plus a premium of X of
1% for each unexpired year before 1928. M tge. provides for sink, fund
of $10,000 per annum.
Latest Earnings.— 12 months ended Aug. 31:
’ 1925.
1924.
Gross earnings___________________________________$17,176,534 $14,620,210
Operating expenses and taxes_____________________ 9,813,527 8,878,989
Net earnings____________________________________$7,363,007 $5,741,221
Bond interest___________________________________
2,430,407 1,994.524
Depreciation__________________________________
1,534,574
1,253,575
Balance for dividends and surplus________________$3,398,024 $2,493,121
OFFICERS.— Chairman of Board, W . B. Cline; Pres., W m. BaurhyteJ
V .-P . & Gen. M gr., A. B. Day; 2d V .-P ., C. S. Vance; 3d V .-P., and Treas.»
C. A. Luckenbach; Sec., T . P. McCrea.— V. 120, p. 703 , 2816; V. 121,
p. 1227, 1788.
_
NEVADA
CALIFORNIA
ELECTRIC
CORP.
(TH E ).
(See Map on pag° 203.)
ORGANIZATION.— Incorporated in Delaware on Dec. 12 1914. Owns
all the outstanding capital stocks, except directors’ qualifying shares, of
Nevada-Oalifornia Power C o., Southern Sierras Power C o., Interstate
Telegraph Co., Corona Gas & Elec. Lt. C o., Hillside Water C o., Coachella
Valley Ice & Elec. C o., Cain C o., Pacific Power Corp., Imperial Ice &
Development Co. and Deseret Water, Oil & Irrigation Co.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Has brought under one control and management (V. 102, p. 2171), hydro
electric and steam plants having a capacity of 106.620 h. p., with approxi
mately 2,369 miles of transmission and distribution lines, serving territory
indicated on accompanying map. V. 105, p. 1314, V. 106, p. 195, 1131;
V . 107, p. 1196, 1668; V. 109, p. 2176; V . 116, p, 1421,
Oct., 1925.]
POWER, LIGHT AND RAILW AY
303
304
PUBLIC UTILITIES
[V ol. 121
The entire output of Copco N o. 2 has been contracted for by the Pacific
STOCK A N D BONDS—
Date.
Interest.Outstanding. Maturity.
Gas & Electric Co. for a period of 25 years.
Common $20,000,000 ( $ 1 0 0 ) - .___
----------$8,561,000 __________
In Oct. 1925 the Calif. R R . Comm, authorized the company to issue
P f 7% cum $10,000,000 ($ 1 0 0 )____
Q-F
9,345.800 N ov ’25 ,1M
First lien Ser “ A ” 115,000,000 f 1916
6 g J-J
9.241,800 Jan 11946 $1,000,000 6% pref. stock. V. 121, p. 1788. On Nov. 24 1925, stock
Series “ B ” $ 1 5 ,0 0 0 ,0 0 0 .1 9 2 0
6 g A-O
8,400,000 Oct 11950 holders were to vote on increasing the authorized funded debt from $12,000,($100, &c.) gold------c*&r* (international Trust C o.. Denver, Colo., trus. 000 to $50,000,000. Co. plans to issue $3,000,000 bonds shortly and refund
Convertible debs (conv into! 1916
6 A-O
321.800 Apr. 1 1926 its 7 A % bonds. V. 121, p. 2036.
pref stock) ($200, &c)------/International Trust C o., Denver, Colo., trus.
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
Closed Mortgage Issues—
Common, $7,500,000 ( $ 1 0 0 ) - .____
_________ $4,411,100 -----------------Nevada-Calif Power Co first) 1907
6 g A-O
a l ,336,000 Apr. 1 1927 Pf 7% cum, $7,500,000 ($100)______
7 Q-J 30
3,787,879 Oct’2 5 ,1 ^ %
($1,000) gold__________ c*J International Trust C o., Denver, Colo., trus.
1st & ref M $10,000,000 Ser f
Southern Sierras Power Co 1st 1 1911
6 g J-J
b l , 781,500 Sept. 1 1936
“ A " _____ _______ ________
1921 7 ^ g F-A
1,924,000 Feb 11941
($500, &c.) gold------------c*/International Trust C o., Denver, Colo., trus
4,500,000 Feb 1 1942
Ser “ B ” __________________ i 1921 6 g F-A
a $486,000 additional owned by Nevada-Calif. Elec. Corp. and sub. cos.
1921 5 A g F-A
2,000,000 Feb 1 1955
Ser “ C ” __________________
b $705,000 additional owned by Nevada-Calif. Elec. Corp. and sub. cos.
($100, $500 & $l,000)gc*tf Mercantile Trust Co., San Francisco, Trust
7 g M -N
1,500,000 M ay 1 1944
Stock.— Pref. stock is entitled to cumulative dividends at rate of 7% , and. 20-yr conv deb $2,000,000’; 1924
($500 & $1,000) g ___ c*tfi 'Mercantile T r . Co. of Cal., San Fran., Trust.
in the event o f liquidation, has preference over common stock to par and
Rogue River Elec prior lien M 1907
5 g J-J
597,000 July 1 1937
accrued dividends.
($500 & $1,000) gold____c* 'Int. at Guaranty Trust Co., N. Y ., Trustee.
Bonds.— The 6% first lien gold bonds. Series " A ” and “ B ” (Y. 102, p. Klamath Power Co 1st M tge' 1911 6 g A-O
155,000 Apr 1 1931
2171; V. 103, p. 1035) in Aug. 1925 were secured by deposit of $19,558,000
($1,000)___________________c [Int. at Security Savs. Tr. Co.. Portland, Ora
bonds on the properties, o f which $6,845,000 have a first lien; also by
Bonds.— 1st & ref. mtge. provides for an annual sinking fund equa to
$17,802,400 (over 99%) of their stock. V. 109, p. 780, 1077; V . 107, p.
2% of the face amount of (1) all bonds of this issue outstanding and not
1290, 1196; V. 186, p. 195.
Of the $15,000,000 Series “ A ’ 'bonds authorized, $10,727,900 have been previously called; and (2) all underlying bonds outstanding. One-third o f
issued: redeemed and canceled, $1,486,100; reserved to retire first mortgage all sums of money paid into the sinking fund is applied by the trustee for the
bonds o f the Nevada-California Power Co. and the Southern Sierras Power purchase or redemption of bonds secured by this mortgage; and the remain
C o., $4,058,000; in treasury, $214,100; outstanding, $9,241,800. Corpora ing two-thirds is held in trust by the trustee and may be withdrawn from
tion agrees to pay normal Federal income tax not exceeding 1 % and reim time to time by the co. for additions and betterments made, provided
burse taxpayer this amount upon request, where exemption is not claimed. such expenditures may not be used as the basis for the issuance of additional
Series “ A ” bonds are callable, all or in part, on any interest date on 60 bonds. Int. payable at office of trustee in San Francisco, Harris Trust
& Savings Bank, Chicago, and the National City Bank, New York.
days’ notice at 103 and int. Interest payable in Denver and New York.
Series “ A ” 7 A s are call, all or in part on any int. date on 60 days’ notice
Redemption Fund.— For the purpose of creating and maintaining a fund at 110 and int. up to and incl. Feb. 1 1931, and thereafter at a premium
to be known as the "Redemption Fund," the corporation covenants and equal to 1% for each full year, or fraction thereof, of unexpired term.
agrees that within 30 days after Feb. 1 and Aug. 1 of each year, beginning In March 1921, E. H. Rollins & Sons, National City Co. and Harris,
1921, it shall deposit semi-annually with the trustee a sum at least equal to Forbes & Co. offered $2,000,000 at 100 and int. V. 112, p 1147.
% o f 1% o f all First Lien Series A bonds then outstanding. The moneys in
Series “ B” 6s are call, all or in part on any int. date on 60 days’ notice
this fund shall be applied by the trustee in purchasing bonds o f Series “ A ” at at 107 A and int. up to and incl. Feb. 1 1927, and thereafter at a premium
the lowest price obtainable, but not exceeding 103 and interest, all bonds so equal to A % for each full year or fraction thereof, of unexpired term of the
purchased or redeemed to be canceled.
bonds. In Feb. 1922 Mercantile Trust Co., San Francisco; E. H. Rollins
Of the $15,000,000 Series “ B ” bonds authorized, $8,400,000 are outstand & Sons, National City Co. and Harris Trust & Savs. Bank offered $1,000,000
ing in hands o f public. Bonds o f Ser. “ B ” and each subsequent series may at 93 A and int., yielding about 6.60% . V. 114, p. 630. In Sept. 1923,
be issued for not exceeding 80 % o f the actual cost o f additions to properties E. II. Rollins & Sons, Harris, Forbes & C o., &c., &c., offered an additional
when net earnings of the corporation, incl. combined net earns, of its subsid. $1,000,000 at 9 9 ^ and int. V. 117, p. 1351. In June 1924, $2,500,000
cos., for a period o f 12 consecutive calendar months out o f the 14 consecutive were offered by E. H. Rollins & Sons, Harris, Forbes & Co. and Mercantile
calendar months immediately preceding such issue, shall be equal to at least Securities Co. of Calif, at 99 A and int.. to yield about 6.05% . V. 118,
1 % times the interest requirements on all outstanding bonds and those pro p . 2828.
posed to be issued. When all Series “ A ” bonds have been redeemed, pro
Series “ C ” 5 ^ s are red. on any int. date at 100 & int. plus a premium of
portion of net earnings to interest charges shall be reduced to 1M times 1-10 of 1 % for each year or fraction of year of unexpired term. $2,000,000
such interest requirements. Series “ B ” bonds are callable, all or in part, were offered in Mar. 1925 by E. H. Rollins & Sons, Harris, Forbes & C o.,
on any int. date on 60 days’ notice, at 103 and int. Interest payable in N . Y ., and Mercantile Securities Co. of Calif, at 97 A & int., to yield about
Denver and New York. In Dec. 1924 $1,300,000 Ser. “ B ” 6s were sold 5.67% . V. 120, p. 1324.
by Spencer Trask & C o., Blyth, Witter & C o., N . Y ., &c., &c., at 98 and
20-year conv. debentures were called for payment M ay 1 1925 and have
int.. to yield about 6.15% . V. 119, p. 2647.
been eliminated from table above. V. 120, p. 1324.
Rogue River Elec, prior lien 5s are call, at 105 and int. on any int. date
Redemption Fund.— For the purpose o f creating and maintaining a fund
Klamath Power Co. ls< 6s are call, at 105 and int.
to be known as the “ Redemption Fund,” the corporation covenants and
agrees that within 30 days after Sept. 1 1925 it shall deposit a sum at least
EARN ING S.— For years ended Dec. 31:
1922.
equal to 1% o f the aggregate principal amount of all First Lien Series “ B ”
Calendar Years—
1924.
1923.
bonds then outstanding, and within 30 days after March 1 and Sept. 1 of Gross earnings_______________________$1,699,764 $1,370,545 $1,066,100
56,247
70,415
each year thereafter it shall deposit with the trustee a sum at least equal to Deduct— Maintenance_______________
84,793
274,257
J4 o f 1% o f all First Lien Series “ B " bonds then outstanding. The moneys
Operation and administration_____
434,910
375,425
in th is fu n d sh all b e ap p lie d b y th e tr u s te e at the o p tio n o f th e c o r p o r a t io n
138,221
109,766
T a x e s ___________________________
166,077
8,217
10,542
Reserve for doubtful accounts_____
l 3 ,109
in purchasing bonds o f Series “ B ” at the lowest price obtainable but not
216,868
273,691
314,785
Bond and other interest__________
exceeding 103 and int., or for investment in permanent betterments or new
155,862
194,513
properties o f the corporation or an underlying company. All bonds so
Preferred dividends_______________
223,908
purchased or redeemed to be canceled.
$245,673
_ ____ __
_
$462,182
Balance.
$307,738
Security.— Same as for Series “ A ” bonds. See above.
125,517
_______
195,146
144,175
The authorized $1,500,000 convertible debentures, due April 1 1926, were Previous surplus . callableat 105 and int. until April 1 1919 and since at 102 and int., and were
T otal_
$371,190
_
$451,913
$657,328
convertible until April 1 1919 into pref. stock in the ratio $150 pref. stock Depreciation on plant & equipment-182,982
238,242
219,429
and $100 debentures.
35,156
33,911
18,523
Nevada-Calif. Power Co. first mtge. provides for sinking fund. Are Amort, of debt discount & expense..
37,364
callable at 105 and int. Interest payable in New York and Denver.
______
8,875
8,200
Southern Sierras Power Co. first 6s are unconditionally guar., prin. and Miscellaneous deductions.
Int., by the Nevada-Calif. Power C o . Mortgage provides for sinking fund.
Profit and loss surplus____________
$358,425
$195,146
$144,175
Callable at 105 and interest.
OFFICERS.—
Board, Jos. D. Grant;
Dividends.— Divs. on pref. have been paid as follows: 1915, 2% : 1916, 1st Y .-P. & Gen. Chairman ofB. M cKee; Sec., F. G. Pres., John D . M cKee;
M gr., Paul
Phelps: Compt.. C. A.
3 A % ; 1917, 5 H % : 1918,
1923, 7% ; 1924, 7% , and all current divs. Swigart.— V. 120, p. 1201, 1324, 1448, 1479; V. 121, p. 1788, 2036.
at 7% per ann. for 1925 paid in full. On Dec. 31 1923 $2,034,744 25 was
transferred from surplus to capital acct. and additional pref. stock was issued
and distributed among the pref. stockholders, which was required to be
paid to the pref. stockholders because of their rights of preference. The
SOUTHERN C ALIFORN IA EDISON CO.
stock so distributed paid up all rights o f the pref. stockholders previously
(See Map, page 205.)
unsatisfied
ORGAN IZATION .— Incorp. in Calif. July 1909 as a reincorporation of
RE PO RT.— For 1924 in V. 120, p. 2148, showed:
the Edison Electric Co. of Los Angeles. On M ay 26 1917 purchased the
Calendar Years—
1924.
1923.
1922.
1921.
physical property of the Pacific Light & Power Corp., together with the
Earnings, all sources____$4,555,183 $4,163,894 $3,491,819 $3,281,242
Expenses______________ 2,491,266
2.035,459
1,606,727
1,525,929 controlling interests in other smaller companies, retiring $5,000,000 of
Pacific Light & Power Corp. 1st & ref. 5s. V. 103, p. 2244; V. 104, p . 2239.
Total income . $2,063,917 $2,128,435 $1,885,092 $1,755,313
In Oct. 1921 this company took over all of the properties o f the Santa
1.014,601
Interest charges________ 1.149.730
938.580
882,557 Barbara Electric C o., assuming all of the outstanding liabilities o f that co.
Balance before deprec.
$914,187 $1,113,834
$946,512
As of July 1 1920 took over all of the properties of M t. Whitney Power
$872,756
Depreciation - _
- _
345.009
288.175
271.564
298,057 & Elec. C o., assuming all of the outstanding debts and liabilities of that
Balance after deprec.
$569,178
$825,659
$674,948
$574,699 company. In .Dec. 1917 purchased the properties of the Ventura County
Power Co. V 106, p. 1365; V. 83, p. 1124. Purchase o f Shaver Lake
Amortiz. o f disct. & exp.
V.
60,769 property,early108, p. 2335; V . 109, p . 278.
98,573
88,886
70,933
on securities sold . _ _
In
part of 1919
50,376
14,869
Misc. debits to P. & L —
14,957
21,753 ertiesthe Southern Counties co. sold its Santa Barbara and Ventura gas prop
to
Gas C o., and proceeds were used in the purchase
Misc. credits to P. & L__
94.192
80.477
62.838
68,854
of Santa Barbara Gas & Elec. Co. bonds and to pay for additions to property
Surplus earned
$766,874
$549,840
$651,984
$561,031
FIELD OF OPERATIONS' A N D C H A R A C TE R OF BUSINESS.—
Surplus at begin, of year 2,721,416
4,468,595
3,944,179
3,383,256 The consolidated co. operates a comprehensive system for the generation,
Deficit of Holton Intertransmission and distribution of electric energy, operating throughout South
Urban R y. Co. at beg.
ern California and in San Joaquin Valley, embracing 360 cities and towns and
o f year, inserted for
covering an area of over 55,000 sq. miles, having a population of 2,250,000
reconciling purposes.97.542
This system, with the controlled companies, included in Aug. 1925: (a) 20
Total______
$3,173,714 $5,235,469 $4,596,163 $3,944,287 hydro-electric generating plants with an aggregate capacity of 431,000 h.p.
Dividends__ - . - _ _
651.051
512,937
127,568
108 and 4 steam generating plants with an aggregate capacity of 250,600 h.p., or
Surplus transferred to
a total capacity of 681,600 h.p., incl. the hydro-electric development at Big
capital account______
2.001,116
Creek; (b) undeveloped hydro-electric developments sufficient to increase the
Surplus Dec. 31______ $2,522,663 $2,721,416 $4,468,595 $3,944,179 water power plants to an ultimate capacity of 1,428,500 h.p.; (c) 185 substa
&
Note.— The corporation has an interest in profits o f other cos. not incl. tions and 9,300 miles of transm. ay distributing lines serving 316,788 meters.
The city of Los Angeles on M
16 1922 took over the distributing prop
in above statement. In 1923 its interest in the profits amounted to $291,
within its boundaries under
as
while in 1924 the operations resulted in a loss and a consequent reduction erties$12,044,000. The city haspurchase contract, by which company wall
paid
also agreed to purchase at wholesale
in the combined surplus o f those cos. The corporation’s proportion of this
electric power it may require not generated from its aqueduct. The powerloss in 1924 amounted to $106.
Holton Inter-Urban R y. Co. is an added subsidiary co. for the year 1924. purchase contract is to continue 30 years, unless canceled by vote o f citizens
On Dec. 31 1923 the properties o f Holton Power Co. were acquired by the after 10 years. (Compare V . 113, p. 1780, 738; V . 114, p. 956.)
The co. was auth. by the Calif. R R . Comm, in June 1920 to transfer its
Southern Sierras Power C o., a subsidiary co.
_____
electrical distribution systems in Pasadena to the municipality for a consid
OFFICERS.— Pres., E. S. Kassler; V .-P ., Arthur B. West; V.-P?"oc eration of $533,262. Development program, V . I l l , p. 1190; V. 112, p. 2649.
Treas.. Lawrence C. Phipps Jr.; Sec., W . S. Fisher; Comp., W . C. Simmons.
The company was authorized by the Calif. R R . Comm., in M ay 1925,
Office, 613 Symes Bldg., Denver, Colo.— V. 119, p. 2647; V. 120, p.2148. to issue $1,500,000 7% Serisi A pref. stock, and $10,000,000 6% Series B
pref. stock. V . 120, p. 2402; V. 121, p. 201, 1909.
Rights.— Pref. and com. stockholders of record M ay 15 1925 were given
the right to purchase at $92 and in the ratio of one share for each eight
CALIFORN IA-O REGO N |POW ER CO.
ORGA N IZA TIO N .— Incorp. inTCalif. Oct. 16 1920, successor to)Cali- shares held, new Series B pref. stock. V . 120, p. 2270.
New Transmission Line.— On Sept. 1 1925 the company began construc
fornia-Oregon Power Co. (per planjin V. I l l , p. 75, 1664)
H
the
220,000-volt transmission line,
a
P FIELD OF OPERATIONS A N D fC H A R A C T E R OF BUSINESS.— tion ofat a thirdof approximately $11,000,000. covering p. distance of 250
miles,
cost
V. 121,
1570.
Owns and operates a system for the generation, transmission and distribu
Budget for 1926— See V. 121, p. 2040.
tion of electricity for power and lighting purposes, serving without competi
tion 44 communities in Oregon and northern California, including Medford,
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Grants Pass, Roseburg and Klamath Falls, Ore., and Dunsmuir and Common $125,000,000 ($ 1 0 0 ) -____
Q-F
$47,596,472 Aug ’25, 2%
Yreka, Calif. Co also furnishes the domestic water supply for Klamath Original pref 5% cum & partic
Falls and Roseburg, Ore., and Dunsmuir, Calif. Population directly
$4,000,000 ($100)--.............
Q-J
4,000.000 Oct ’25, 2%
served is estimated to exceed 84,000.
Pref
Series ‘ ‘A ” 7%
cum
Owns and operates 9 hydro-electric generating plants with an installed
$60,000,000 ($100)________
7 Q-M
25,712,200 Sept'2 5 .1H
capacity o f 51,970 h. p ., 712 miles o f high-tension transmission lines and Pref
Series “ B ” 6%
cum
835 miles of distribution circuits. The largest generating plant, Copco
$40,000,000 ($100)________
6 Q-M
19,024,700 Sept ‘25 l A
Series “ C ” 5%
cum
N o. 1, on the Klamath River, has a capacity of 33,500 h. p. The present Pref
construction program provides for the completion of a new hydro-electric
5%
None ___________
$ 21 , 000,000 ( $ 100) _________
plant in 1925, to be known as Copco N o. 2, with a capacity o f 40,000 h. p., Refunding mortgage bonds f 1923
6 g A-O 26,500,000 Oct. 1 1943
77A miles of 110,000-volt transmission lines. The 4,300 h. p. East Side
j
($100, &c) gold_ c*&r*_tf •Harris Trust & Sav. Bank, Chicago & Pacific
_
plant at Klamath Falls on Link River, was put into service in August 1924.
[ Southw. Tr. & Sav. Bk., Los A ., trustees
Oct., 1925.]
POWER LINES
OUTHERN
CALIFORNIA
EDISON
COM
PANY
POWER, LIGHT AND RAILW AY
205
206
PUBLIC UTILITIES
[V ol. 121.
Latest Earnings.— Six months ended June 30 1925: Total operating reve
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
G e n & r e fm tg e o f 1917*136,-1 1917 5 .5 M&6F-A 54.144,000 Feb 11944 nue, *11,545,881; total operating expense, $4,048,866; net operating reve
000,000 ($100, &c)gc*&rtff(Harris Trust & Sav. Bank, Chicago, trustee. nue, *7,497,015; total net income, *7,668,277; funded debt, interest and
Debentures *8,000,000 ($100.1 1919
7 g J-J15
2,937,300 To Jan 15'28 amortization, *3,576,370; charged to capital, Cr. *1,166,151; balance for
depreciation and surplus, *5.258,058.
&c) gold----------------- c * .t f f (Bankers Trust C o.. New York, trustee.
underlying Divisional Bond Issues—
OFFICERS.— Pres., John B. Miller; Senior V .-P ., W . A. Brackenridge;
So Cal Ed gen mtge *30,000,-1 1909
5 g J-J
13,360,000 N ov 1 1939 V.-P. & Gen. M gr., R . H. Ballard; V .-P ., George C. Ward; V .-P ., S. M .
000 (*1,000) gold_______ tf (Harris Trust & Sav. Bank, Chicago, trustee.
Kennedy; Treas., E. G. Miller; Sec., Clifton Peters; Compt., D . M . Trott;
Pacific Lt & Pow Co 1st mtge 1 1902
5 g J-J
6,053,000 July 1 1942 V.-P. & Gen. Counsel, Roy V. Reppy. Office, Edison Bldg., Los Angeles,
(*1,000) gold sink fd ..c* tfjU n io n Trust C o., San Francisco, trustee.
Calif.— V. 119, p. 2531, 2649, 2880; V. 120, p. 1205, 1748, 2270, 2402, 3316;
Pacific Lt & Power Corp 1st & ,1 9 1 1
5 g M-S
5,689,000 Sept 1 1951 V. 121, p. 201, 708, 1570, 1680, 1909, 2040.
_
ref mtge (*1,000) gold_ tf U. S. M tge. & Trust C o., N. Y ., trustee.
Ventura Power Co 1st mtge 1906
6 g M -N
348.000 Nov 1 1936
sinking fund gold______n tf Title Insur. & Tr. C o., Los Ang., trustee.
WESTERN POW ER COR PO RA TIO N .
M t Whitney Power & Elec 1st 1909
6 g A-O
3,278,000 Oct 1 1939
mtge gold sinking fund____ Bankers Trust C o., New York, trustee.
Controlled by North American Co.
Santa Barbarai Gas & Elec 1st 1916
■ ■ ■ ■ _____________
5 g J-J
710,700 July 1 1941
ORGANIZATION.— Incorp. in N . Y . June 5 1915 as successor to a New
mtge serial gold__________ JPacific-Southw. T r. & S. Bk.. Los A ., trust.
co.
name. A holding co. controlling the Great Western
a Subscribed for but not fully paid in; com., *4,900,400; pref., Ser. “ A ,” Jersey Co. of similar(see below) and the California Electric Generating Co.
Power
o f Calif,
*1,119,600; Ser. “ B ,” *1,793,500.
through ownership of the large majority of stock. Early in 1925 acquired
Stock.— The original pref. shares equally with the common in all divi control of the San Joaquin Light & Power Corp. and its affiliated cos., the
dends in excess o f 7 % .
Midland Counties Public Service Corp. and the Fresno City Water Corp.
Each pref. and common stockholder o f record July 31 1923 had the right
In Sept. 1925 the North American Co. arranged to acquire the Western
to subscribe on or before A ug. 15atpar (*100) for 50,000 shares of pref. stock Power Corp. on the basis of 1 M shares North American common for one
at the rate o f 1 share for every 10 shares o f stock owned. V. 117, p. 336.
share of Western Power common, with a cash alternative of *75. V . 121,
The stockholders on 8ept. 7 1923 voted to increase the authorized capital p. 1229. In October the consummation of the plan was reported assured.
Btock from *100,000,000 (consisting o f *4,000,000 5% cum. original pref. See for details also about the exchange of stocks, V. 121, p. 1681.
stock, *36,000,000 pref. stock and *60.000,000 com. stock) to the total
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity.
aggregate amount o f *250,000,000, to consist o f *4,000,000 original pref. Common stock (no par)______ _____
_________ 219 209 shs __________
stock, *121,000,000 pref. stock and *125,000,000 common stock.
Pref
7 Q-J 15 *<(.655,380 Oct'25,1 %
The pref. stock shall be divided into 3 classes, as follows: Series A, 30-yr7% cum ($100)_______________
sec debs Series A ($500/ 1924
6M g J-D 5,770,000 Dec 1 1954
formerly designated simply “ preferred” stock, 600,000 shares (of which
& $1,000) gold________ c*tf (Bank o f America, N. Y ., trustee.
245,926 shares have heretofore been issued as fully paid); series B, 400,000
Stock.— The stockholders voted N ov. 27 1923 to reclassify the shares
shares, issued 172 312 shares; series C, 210,000 shares. The holders of the
pref. stock shall be entitled to receive, after the payment o f the cum. divs. of stock by altering the preferential rights of the authorized pref. stock so
upon the original pref. stock, yearly divs. at the following rates: holders of that hereafter (a) the holders of the pref. stock shall be entitled to divs.
pref. stock, series A, 7% and no more; holders of pref. stock, series B, 6% and at the rate of 7% (instead of only 6% ) per ann. in preference to the com.
no more; holders of pref. stock, series 0 ,5 % and no more. Except as to div. stock; and (6) the divs. on the pref. stock shall be cumul. only from and
rate, no distinction or preference shall exist among the 3 series of pref. stock. after Oct. 1 1923 (instead of from and after Jan. 1 1915), thus cancelling
All classes are red., all or in part, at 115 and divs. Divs. on the pref. stock (in consideration of such increase in the pref. div. rate) all claims to divs.
shall also be cumulative, and shall be payable before any divs. on the accrued on the pref. stock to Oct. 1 1923 and unpaid at the time of such
common stock shall be paid or set apart.
alteration; and (c) the pref. stock shall be subject to red. at 107M and divs.
*10,000,000 series “ B ” pref. stock was offered in M ay 1924. V . 118, No other changes in the designations: preferences, privileges and voting
powers of the pref. stock were made. V. 117, p. 1788. Increase in capital
p. 2316, 1924. *10,000,000 additional offered in May 1925.
In Dec. 1924 *10,000,000 ser. “ B " pref. was offered to stockholders at ization. See V. 120, p. 213.
*102 per share, payable in cash, or at *103 per share payable in install
Debentures.— The 30-year 6M % series A debentures are secured by deposit
ments. V. 119, p. 2880,
of all the outstanding com. stock ($27,500,000) of Great Western Power
Bonds.— In N ov. 1923 *12,500,000 ref. mtge. gold bonds, series of 6s, due Co. of Calif, and by a majority of the outstanding com. stock of the San
1943, were issued; a further *14,000,000 was sold in March 1924. Red. on Joaquin Light & Power Corp. The trust indenture provides for equal
any int. date at 105 and int. until and incl. 1933, the premium thereafter semi-ann. payments of *230,000 to the trustee beginning June 1 1925. This
decreasing M % per annum, the bonds being red. April 1 1943 at 100 and int. sum is to be applied first to the payment of int. on all the outstanding series A
Int. payable in New York, Chicago and Los Angeles.
debentures and the balance to the retirement of series A debentures by pur
The ref. mtge. bonds will be secured by a direct mtge. on the entire chase in the open market or by call, which is estimated to retire the entire
California property o f the company subject only to the underlying bonds, issue at or before maturity. Are red. on the first day of any month on 60
for the retirement of which bonds o f this issue are reserved.
days’ notice at 105 and int. to and incl. Dec. 1 1935, and thereafter at par
Additional bonds may be issued for only 75% o f expenditures for add. and and int. plus a premium of M % for each year or portion thereof of unexpired
ext. to the c o .’s properties, provided annual net earnings have been at least term. Int payable in New York, Chicago and San Francisco. Corp. agrees
equal to 1% times int. on all ref. mtge. bonds, incl. those proposed to be to reimburse holders of these debentures if requested within 60 days after
issued, and on all bonds for retirement of which ref. mtge. bonds are reserved. payment for the Penna. 4-mill tax and for the Mass, income tax on int. not
Bonds may be issued in various series with such maturities, rates of int., exceeding 6% of such int. per annum. In Dec. 1924 E. H. Rollins & Sons
redemption features, &c., as may be determined from time to time.
and Bonbright & C o., Inc., offered *6,000,000 30-year 6M % debentures
Special Trust Fund.— Adequate provision for depreciation and renewals of series A at 98M and int., to yield over 6.60% . V . 119, p. 2881.
the property has been made in the mtge. by means o f a special trust fund
R E PO RT.— For years ended Dec. 31:
iq oo
IQOI
which may be increased or decreased by agreement between the trustee and
Calendar Years—
1924.
1923.
the co. This fund may be withdrawn for cost of ext. & add’ns against which Operating revenues_____ $7,599,664 *7,123,970 *7,1991472 *6,382,162
no ref. mtge. bonds shall be issued, for renewals and replace’ts, or at option Other income credits___
83,814
104,956
503,583
991,565
o f co. for retirement o f ref. mtge. or underlying bonds. V. 117, p. 1898.
Of gen. & ref. mtge. bonds o f 1917 outstanding, *10,000,000 are 5s,
*7,228,926 *7,703,055 *7,373,726
Gross revenues______ *7,683,478
2,359,031
2,767,167 2,350,770
*10.225,000 are 5 Ms and *33,919,000 are 6s. The 5s were call, at 104.50 dur Operating expenses_____ 2,913,979
348,231
373,263
329,957
365,418
ing 1925, premium decreasing M % each year thereafter. The 5 Ms are red. at Income charges________
2,513,945
2,574,119 2,402,152
105 and int. to and incl. 1933, premium decreasing M % per ann. thereafter. Bondinterest__________ 2,553,451
The 6s are call, at 105 and int. to and incl. Feb. 1 1942 and at 102 and int. Prov. for renew.&replac
528,017
502,453
360,000
360,000
Dividends—
thereafter. Int. payable in N . Y ., Chicago and Los Angeles.
Gen. mtge. 5s o f 1909 are red. at 105. Int. payable in N . Y ., Los An Calif. El. Gen. Co. 6% p f
150,000
150,000
150,000
150,000
461,468
339,209
173,448
geles and Chicago. See V. 89, p. 1599, 1673: V. 91, p. 1517; V. 92, p. 1705; Gt. Wes. Pr.Co.Cal.pf (7%)516,238
V. 93, p. 1538, 1671.
Western Pr. Corp. 6% p f
495,406
442,292
424,569
424,541
Pacific Lt. & Pow. Corp. 1st & ref. 5s are call, as a whole (or in part by
Balance, surplus_____
*178,146
$426,473
*758,034 *1,147,399
lot for sink, fund) at 105 and int. Int. payable in Los Angeles and N. Y .
Ventura County Pow. Co. 1st 6s are red. at 101 and int. Sink, fund 2%
OFFICERS.— Pres., H. P. Wilson; V .-P ., Franklin Remington, R . Bo f bonds outstanding. Int. payable in New York and Los Angeles.
Young and W. H. Spaulding; Sec. & Treas., Frank M . Tompkins. Offices.
M t. Whitney Pow. & Elec. Co. 1st 6s are red. at 110 and int. to April 50 Broad St., New York, and 225 Bush St., San Francisco.— V. 119, p1930: 1% less per ann. thereafter. Sink, fund 1% per ann. of bonds out 1293, 2534, 2649, 2764, 2881; V . 120, p. 213, 584, 2403, 2818; V . 121, p.
standing. Int. payable in New York and San Francisco.
1229, 1349, 1464, 1681.
Santa Barbara Gas & Elec. 1st mtge. 6s mature *10,000 per ann. each
J u ly l. Sink, fund 1% o f bonds outstanding in excess of $1,000,000. Call,
at 103 and int. on any int. date.
GREAT WESTERN POW ER CO. OF CALIFORNIA.
Debentures.— The debentures o f 1919 share equally in the security of the
ORGANIZATION.— Incorp. in California N ov. 23 1917, and, as of
new mtge. made, the lien of which is junior to that o f the gen. & ref. mtge.
o f July 1 1917. They are red. at co.'s option as follows: On the 15th of any June 1 1919, purchased, subject to existing mortgages, the properties of
month after 60 days’ notice to viz.: till Jan. 15 1926 at 103; Feb. 1 1926 old Great Western Power Co. (incorp. in 906), City Electric C o. and
to July 15 1927, 102; last six months, 101 with int. in each case. Are due Consolidated Electric Co. The California Electric Generating Co. proper
*1,000,000 yearly to Jan. 15 1928. Int. in N. Y . and Los Angeles. V. ties were not included in the purchase, but the leases theref were assumed
and the Great Western Power Co. of California is now the operating com
108, p. 486.
Dividends.— On original pref. paid 5% (Q.-J. 15) to Jan. 15 1914; April pany of all system properties.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINKSsa.—
1914 to July 1916, 1M % quar.; Oct. 1916 to Jan. 1921, \
quar.; April
1921 to Apr. 1925, 2% quar. Pref. series A 7% annually (18 % Q.-M.) The company owns (1) on a tributary of the Sacramento River about 18
4
Dec. 1922 to and incl. Sept. 1925. Pref. series B 6% annually (1M % miles from Oroville and 160 miles from Oakland, hydro-electric plants with
Q.-M .) June 1914 to and incl. Mar. 1925- On common, 5% yearly (1 M % a capacity of 87,000 h. p., (2) steam-driven electric plant in San Fran
Q.-P. 15) from M ay 1910 to N ov. 1913 incl.; Feb. 1914 to Aug. 1916, 6% cisco with capacity of 31,000 h. p. (including former City Electric C o .):
yearly (1M % Q.-F.); Nov. 1916 to Nov. 1920, 1% % quar.; Feb. 1921 to (3) hilds under lease and stock control a similar 14,000 h.p. plant of Califor
nia Electric Generating Co. in Oakland, transmitting electricity to Oakland
Aug. 1925,2% quar. (See V. 119,p. 1853.)
over two circuits to substations at Sacramento, Brighton, Antioch, Cowel
R EPO RT.— For 1924, in V. 120, p. 1748, showed:
and Oakland. In 1919 began construction of an additionallhydro-electric
Calendar Years—
xl925.
1924.
1923.
1922.
capacity 88,000 h. .,
capacity 176,000 h.
.t
System output (k.w .h .).1936745719 1687886,206 1548896,000 1198926,369 plant, as the Caribou Plant, pand and ultimate transmission line thence pto
known
a steel tower
Delivered to consumers:
San Francisco Bay district, 192 miles. See V. 109, p. 1364, 1703; V. 108,
Lighting (k.w .h.)____ 136,176,356 119,066,532 99,358,552 72,035,940 p. 2127; V. 112, p. 2196. With the completion of the Caribou plant the co.
Power (k.w .h.)______ 1382267013 1234867,015 1080783,640 829,838,151 has a generating capacity of 175,000 h.p. of hydro-electric power, which,
Connected load meters. _
319,488
294,557
247,953
196,154
from
of
Connected load horsepow 1,161,474
1,003,485
899,950
706,308 together with the 50,000 h.p.power steam plants, gives a total capacity will
225,000 h.p. When all the
sites are utilized about 800,000 h.p.
Results__
Gross earnings_________ *23,535,547 *20,973,563 *19,824,959 *15,839,577 be developed.
Owns the *5,000,000 com. stock of the California Electric Generating
*Oper. & maint. exp___
9,551.110 12 993.779
8,847.792
6,866.916
a
capacity 10.500 k.w. (see below).
Net earnings________ *13,984,437 *7,979,784 *10,977,167 *8,972,662 Co. at Oakland,thesteam power plant, granted authority to issue *1,000,000
In Sept. 1925
Calif. R R Comm,
Int., divs., &c., received
504.583
415,936
386,201
1,142,648 7% cum. pref. and *2,000,000. 6% cum. pref. stock. V. 121, p. 1100, 1461.
Gross income________ *14,489,020 $8,395,720 *11,363,368 $10,115,310
STOCK AND B O N D S —
Date.
Interest. Outstanding
Maturity.
Int. on bonds & debens. $6,445,644 *6,306,555 *4,974,648 *4,152,303
_______ x$27,500.000 -----------------Miscellaneous interest..
341,418
279,894
415,721
280,443 Common *30,000,000 ($100)_______
cum *30,000.000 ($ 1
11,649,884 ---------------Construction account_ C rl,798,485 Cr2,009,011 Cr2,359,314
_
0996,178 P f /% M *150,000,000 Ser A0 0 )____ 6 gQ-J
1st ref
. ( 1919
M-S
5,891,300 Mar 1 1949
Bond discount, rent of
Series O ................................. 1922
6 g F-A
5,923,000 Feb 1 1952
leased plant, &c______
383 946
380.233
363,039
362,975
Series D __________________] 1925
5M g F-A 8,500,000 Feb 11955
Balance---------------------- *9,116,499 *3,438,050 $7,969,274 *6,315,767
($100 &c) gold_______ c*.tf (Bankers Trust Co., New York, trustee.
Previous surplus---------4,094,328
3,393,008
2,786,891
1,224,777 5-year 5 M gold notes (*1,000.) 1925
5M M -N
4,000,000 Nov 2 1930
Profit from prop, sales..
______
______
______
1,138,501
* 5 0 0 -c )________________tf\
Withdrawals from con
Underlying Bonds on Properties Absorbed by Merger—
tingency reserves pro
Great West Pow Co 1st M l 1906
5 g J-J
19,371,000 July 1 1946
vided in advance for
*25,000,000 ($1,000) g c »tf/B ankers Trust C o., New York, trustee.
low water conditions..
______
'1,581,191
______
______
City Elec Co San Fran 1st M l 1907 5 g J-J
1,157,000 July 1 1937
Sundry surplus items
______
107,757
______
______
$5,000,000 gu ($1,000) g .t f f Anglo-California Trust C o., San Fran., trus.
5 M -N
M ay 1 1939
Total________________ $13,210,825 $8,520,007 *10,756,165 *8.679.045 Central Oakland Lt & Pow Col 1909 First Federal Tr. C48,000 Fr., trustee
1st M (*1,000) gold______ /In t. at
o., San
Reserve for deprec_____*2,457,482
$2,000,000 *2,005,635 *1,850,190 Consumers Lt & Pow Co genl 1908 6 A-O 15
68,000 Apr 15 1933
Reserve for contingencies
______
______
810,000
______
mtge ($1,000) gold_______ Jlnt. at
Fr.,
Ser. “ A ” pref. divs. (7% ) 1,324,546
772,516
510,715
112,975 Cons Elec Co gen M *2.500,-1 1915Mercantile Trust C o., SanJune trustee
5 g J-D
1,540,600
1 1955
Ser. “ B ” pref. divs. (6% )
656.528
299 627
000 ($100 &c) guar gold.ntf (Int. at Bankers Tr. C o., N . Y .; also in S. Fr.
Original pref. divs. (8%)
320,000
320,000
320‘,666
320,000
Held under Stock Control ana Lease—
2d pref. divs. (5 % )_____
______
______
______
300,748
Elec Gen Co pref stock
Common divs. (8 % )____ 3,738,678
3,661,950
3,469,121
2,972.857 Calif *2,500,000 6% cum ($ 100)____
gu
6 Q-J
2.500,000See text
Miscell. adjustments_
_ 0189,704
______
247.685
335,385 Cal El Gen Co 1st M Ser *‘A ” 1 1908
5 g M-S
812,000 Sept 1 1948
*1,500,000 guar p & i (*1,-■{Central Uinion Trust Co., New York, trustee
Total profit & loss surp *4,903.295 *1,465.913 *3,393,009 *2,786,891
000) g o l d - .............- . . - . t f )
x 12 months ended Sept. 30 1925. * Includes taxes and provision for
Series “ B ” $3,500,000 g o l d . . -----5%
None
-----------------income and profits taxes (amounting to $1,997,706 for 12 months ended
Sept. 30 1925, *1,679,483 in 1924 and *1,899,594 in 1923).
x All owned by Western Power Corporation.
Oct., 1925.]
POWER, LIGHT AND RAILW AY
207
Stock.— The pref. stock is non-assessable by specific covenant, is preferred
as to assets in liquidation, is entitled to cumulative dividends at rate of 7 %
per annum, payable Q.-J., and is subject to call, all or in part, at 105 and
dividends upon 60 days’ notice. No preferred shares, other than those
reserved against conversion, may be issued unless the annual net earnings,
after deducting interest on all funded debt and guaranteed dividends, are
twice the annual preferred dividend, including shares proposed.
Bonds, Ac.— The Great Western Power Co. o f Calif. 1st & ref. mtge. of
1919 is for $150,000,000, and is secured on the hydro-electric generating
station on the Feather River at Caribou and by deposit o f certain securities.
Interest on all series payable in New York, Boston, Chicago and San Fran
cisco
Penna. 4-mill tax and Mass, income tax on int. not exceeding 6%
of such interest per annum refunded on Series “ D .” Mortgage provides for
sinking fund of 1 14 % of bonds outstanding, commencing 1923.
Series A are call, at 103 to Feb. 28 1939, at 102 thereafter to Feb. 28 1948,
and par thereafter to maturity. $94,700 held in sink. fund. (Compare
offering in V. 108, p. 2126.) V. 108, p. 2127; Y. 109, p. 1706.
All of the outstanding Series “ B ” bonds were redeemed on Aug. 1 1925.
Series “ C ” are callable at 106 and int. on any int. date. $67,000 are
held in sinking fund.
Series D are red. on the first day o f any month on 60 days’ notice at 102)4
and int. to and incl. Feb. 1 1935, and thereafter at par and int. plus a
premium o f hi % for each year or portion thereof of unexpired term. $35,000 held in sink. fund. In Feb. 1925 $1,500,000 series D 5 )4s were offered
by E. H. Rollins & Sons, Bonbright & C o., Peirce, Fair & C o., and Lee,
Higginson & Co. at 9714 and interest, to yield 5H % • V . 120, o 956. In
June 1925 they sold $6,300,000 additional at.09 and interest, to yield about
5.57%. V. 120, p. 2941.
The $5,OOO,OO0 6% convertible debentures were convertible from N ov. 1
1917 to N ov. 1 1920, inclusive, at 100 and int., into Great Western Power
Co. of California 7% cum. pref. stock <
par value $100) at $95 per share and
divs.; had thus been reduced to $4,177,600. See V. 101, p. 1889, 2147, and
offer to Western Power Co. stockholders. Y. 101, p. 1890; V. 105, p. 493.
Are callable at 101 and int. on four weeks’ notice. Int. in New York and
San Francisco
The 5-year 5)4% gold notes, dated Nov. 2 1925, are red. on 30 days’
notice at par, int. and a premium o f ]4. o f 1% for each year or portion
thereof o f unexpired term. Mass. 6% tax, Penna. and Calif. 4-mill tax
refundable. In Oct. 1925 Lee, Higginson & Co. offered $4,000,000 at 99
and int., to yield over 5.70%. V. 121, p. 2037.
Underlying Bonds (Bonds of Properties Merged in Parent Company).
Great Western Power Co. first mtge. 5s o f 1906 authorized $25,000,000. all
authenticated, and on Dec. 31 1924 located as follows: $19,938,000 held by
public (including $567,000 pledged under California Electric Generating Co.
mortgage not bearing interest); $2,180,000 retired through sinking fund (1 %
of outstanding amount annually beginning July 1 1916); and $2,770,000
pledged under first & ref. mtge. of 1919 and $5,000 held in treasury. V.
108, p. 2127; Y. 109, p. 1703. The $5,000,000 com. stock of California
Electric Generating Co. is deposited under the first mtge. Callable on
any interest date on 90 days’ notice at 106 and int. Interest payable in
New York, Boston, San Francisco and London. V. 91, p. 1163; V. 92, p.
1438: V. 89. p. 1283.
City Electric Co. of San Francisco.— n rst mtge. d% bonds guar. prin. and
int. V. 92, p. 883. On Aug. 31 1925, $3,718,000 were outstanding, in
cluding $1,157,000 held by public, and $2,561,000 “ pledged under first'&
ref. mtge.” of 1919. Mortgage provides for sinking fund. $668,000 retired
through sinking fund. Are callable at 105 and int. on any int. date on 60
days’ notice. V . 108, p. 2127; V. 93, p. 668; V. 96, p. 1843; V. 100, p. 1440.
Central Oakland Light A Power 1st 5s have sinking fund o f 1 )4 % . Callable
at 105. Assumed by Great Western Power Co.
Consumers Light A Power Co. general mortgage 6s.— Mortgage provides for
sinking fund. Assued by Great Western Power Co.
Consolidated Electric general mortgage 5s.— Guar., prin. and int., by Great
Western Power Co. Sinking fund 1% o f bonds outstanding. Interest
payable in New York and San Francisco
Leased and Controlled Property.
California Electric Generating Co.— Leased to Great Western Power Co.,
which owns the $5,000,000 com. stock and pays 6% on the pref. stock
($2,500,000); all now out (divs. cumulative at 6% from Jan. 1 1912 and
guaranteed by Great Western Power C o.); callable at 106; first mortgage
authorized, $5,000,000; issued, guar, by Great Western Power Co. (V. 88,
p. 688; V. 89, p. 472). $1,200,000 Series “ A ” , o f which $367,000 retired
through sinking fund and $21,000 held by Great Western. Sinking fund.
Series “ A ,” $28,000 per annum. Callable at 105 and int. on 60 days’ notice.
Int. in New York and San Francisco. No Series “ B " issued.
REPORT.— For 1923, in V. 119, p. 341. showed:
Calendar Years—
1924.
1923.
1922.
1921.
Operating revenues_____$7,599,664 $7,123,970 $7,201,944 $6,404,621
Oper. exp., taxes &depr. 3,408,298 2,847,970
3,156,721
2,689,983
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
1st & ref mtge $25,000,000 gl 1910
5-6 F-A
22,228,000 Aug 1 1950
($1,000) sink fu n d-C *& r*tf JEquit. Tr. Co., N . Y ., trus ; int. in N . Y .
Unify & ref mtge$150,000,-1
1921
7 M-S 1
7,400.000
See text
000 i$500&$l,000)c*&r*tf IEquitable Trust C o., N. Y ., trustee.
Series “ B " _______________ ( 1922
■
6 g M-S
9,633,000 Mar 1 1952
8eries “ O” ________________] 1924
6 g M -N
1,500,000 M ay 1 1954
San Joaquin L & P Co 1st M / 1905
5 J-D
2,306,000 June 1 1945
$3,000,000sf ($l,000)c*ntf\Redeemable at 110 and interest.
Bonds.— Of the 1st & ref. bonds of 1910 reported outstanding, $1,500,000
($1,139,000 held by public, $74,000 repurchased by the co. and $287,000
held alive in sink, fund) are Series A 6s; $799,000 are Series B. bearing 5% .
and $2,125,000 are Ser. B, bearing 6 % , and $17,804,000 are Ser.C. 6s. $2.772,000 1st & Ref. M . bonds are reserved to retire prior liens (incl. $244,000
held to or for sinking funds), $7,612,000 are pledged under the unif. & ref.
mtge. ser. “ A ” 7% and ser. “ B ” 6% bonds. Ser. “ A ” callable at 102)4,
others at 105. Tax exempt in California. First & ref. mtge. contains sink
ing fund provisions calling for payments of $145,000 annually (to be used
partly for betterments and additions and partly for redemption of bonds.
Series “ A " bonds having preference over other series) from 1915-1919;
$150,000 annually from 1920-1924 and ranging thereafter from 2)4%
annually of bonds out from August 1925-1929, incl., to 4)4% annually
from August 1945-1949, inclusive. V. 91, p. 1332. By a supplementary
mortgage, holders of Series “ B ” 5s were permitted to exchange them for
Series “ B ” 6s upon payment of $100 per bond up to M ay 31 1917.
Of the $7,400,000 outstanding Senes “ A ” 7% unifying and refunding
mtge. bonds, $400,000 mature Mar. 1 1926, while the remaining $7,000,000
are due Mar. 1 1951. Additional bonds are issuable under certain restric
tions for 75 % of cost of new construction, &c. Sinking fund on unifying and
refunding bonds commences Mar. 1 1927 of 2% of the largest amount of
bonds then outstanding, plus any which may subsequently be issued,
including all underlying and divisional bonds. The bonds, due 1951, are
redeemable on any interest date on 30 days’ notice at 107)4 and interest
to and including Mar. 1 1931 and at 105 and interest thereafter.
The unifying and refunding mtge. bonds, Series “ B ,” are not subject to
call. V. 114, p. 1652. Interest payable at office of trustee, New York;
Union Trust C o ., San Francisco, and Union Bank & Trust C o., Los Angeles.
V. 112, p. 1025.
The unifying and refunding mtge. bonds, Series “ C ,” are callable, all or in
part, at 105 and interest on any interest date on 30 days’ notice to May 1
1934, and thereafter at a premium of hi of 1% for each year or unexpired
fraction thereof. Tax-exempt in California. Interest payable at office of
trustee in New York, Wells Fargo Bank & Union Trust Co. of San Francisco
and the Union Bank & Trust Co. of Los Angeles. $1,500,000 unifying and
refunding mtge. 6% bonds, Series “ C ,” were offered by Peirce, Fair & C o.,
Blyth, Witter & Co., &c., in M ay 1924. at 99)4 and interest, yielding over
6% . V. 118, p. 2706.
Of the $2,353,000 San Joaquin Light & Power Co. 1st 5s, $50,000 alive in
sinking fund.
Dividends.— Paid 4)4% on pref. stock in 1912; in 1913, 6% : in 1914, 3 % ;
none to June 1917, when 1)4% was paid; 1)4% quar. since. In Mar.
1924, 1)4% in addition was paid on acct. of accumulations. Initial div.
of 1% % paid on prior pref. stock in Dec. 1920. same rate quar. since.
Net earnings________ $4,191,366 $4,276,000 $4,045,223 $3,714,638
Other income__________
95,079
110,299
221,889
531,451
x M ajority owned by Standard Gas & Electric Co.
Stock.— Pref. stock is red. at 115 and dividends.
Dividends.— On pref., 7% per annum since incorporation. On common
(No. 1), Aug. 15 1915 to M ay 15 1923, 2% p. a. ()4% Q.-F.)
OFFICERS.—-Pres., John J. O’Brien; Sec. & Treas., M . A . Morrison.—
V . 118, p. 2206; V . 120, p. 455.
(1) WESTERN STATES GAS & ELECTRIC CO. OF CALIF.
ORGAN IZATION .— Incorp. in Calif, in N ov. 1910 as a consolidation.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Operates in Humboldt, San Joaquin, Contra Costa and adjacent counties
in California. Installed capacity, 46,859 h.p., incl. hydro-electric; 35,469
h.p., and steam-operated power plants, 11,390 h.p. Also manufactures and
distributes gas in Stockton and Eureka. V . 105, p. 723. Rates, V .107,p. 1389.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Common $5,000,000 ( $ 1 0 0 ) . - - ____
_________ x$3,981,500 ___________
Pref 7% cum $10,000,000($100)-----7 Q-J
5,502.600 Apr ’25, 1%
1st & ref mortgage (closed) \ 1911 5 g J-D
3,595,000 June 1 1941
gold ($500, &c)_______ c* tf/In t. at Girard Trust C o., Phila., trustee.
1st & unify mtge $100,000,0001 1922
6 g M-S
8,850,000 Mar 1 1947
Ser “ A ’ ’ ($500,&c) gold c*tf iBank of California, N . A ., San Frap., trustee
15-year notes Series “ A ” ) 1922
6 g A-O
5,000,000 Oct 1 1937
($100, &c) gold_______ c*tf/U nion Trust C o., San Francisco, trustee.
Gross income_________ $4,286,445
Interest_________________$2,521,042
Dividends—
Cal .El.Gen.Co.,pf. (6%) $150,000
G. W .P . Co. of Cal.,pref
516,238
West.Pow.Corp.,pf. (6%)
495,406
Miscellaneous deduc’ns.
566,136
Misc. add’ns to surplus.
______
$4,386,299
$2,471,418
$150,000.
461,468
442,293
598,966
______
$4,267,112
$2,545,485
$4,246,089
$2,402,151
$150,000
339,209
424,569
163,424
Cr.69,430
$150,000
173,448
424,541
105,527
Cr. 174,384
Unapprop’d surplus..
$37,623
$262,154
$713,856 $1,164,806
Latest Earnings.— For O12 mos. end. Aug. 31 ---- ----- Gross, a--- roc ooc
1925:
$7,536,191
100.1
A ’-T orvo\
~
- -- - - -- - a
--(same period 1924, $7,847,302); . net after operating---exp., -$4,585,325
($4,901,739 in 1924).
OFFICERS.—44uy O. Earl, Pres., San Francisco: H. P. Wilson, V .-P.;
J. B. Black, V .-P .; W. H. Spaulding. Sec., San Francisco; F. M . Tom p
kins, Treas., New York. Offices, 50 Broad St., N . Y ., and 225 Bush St.,
San Francisco— Y . 119, p. 1070, 2761; V. 120, p. 582, 702, 956, 1326, 2683,
2941,3186; V. 121, p. 977, 1100, 1348, 1461,2037-
SAN JOAQUIN LIG H T & POWER C ORPO RATION .
Control.— Eariy
1925 the Western Power Corp. acquired control of
the co. V. 119,' p. 2880.
ORGAN IZATION.— Incorporated in California on July 19, 1910asaconsolidation of the San Joaquin Light & Power Co., the Power Transit & Light
Co. (Bakersfield) and the Merced Falls Gas & Electric Co. Absorbed the
Selma Water Works, Madera Water Works, Madera Lt. & Pow. C o., Lemmore Lt. & Power Corp. and Bakersfield Gas & Elec. Lt. Co. controls
through stock ownership the Tule River Co., having plants on the Tule
River, Cal. The Midland Counties Public Service Corporation (V. 98,
p. 1849), controlled in same interest, purchases all o f its power from the
San Joaquin Light & Power Corporation. Franchises in cities are perpetual;
outside o f cities, with two exceptions, extend beyond 1950. About one-half
the total length o f transmission lines is on private right-of-wav.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Supplies electricity for lighting, power and pumping purposes throughout
the San Joaquin Valley, including the cities of Merced, Madera, Fresno,
Selma, Hanford, Bakersfield, Sanger, Dinuba and about 50 towns and small
cities; population served, about 500,000.
Distributes gas in Bakersfield,
Kern, Merced and Selma. Operates a street railway system in Bakers
field and Kern and furnishes water for domestic purposes in Selma. The
company owns power plants with 187,533 h. p., operates 5,900 miles of
transmission and distribution lines. 42 substations. Reservoir capacity.
51,000 acre feet; 178 miles of gas mains. Operates 10 )4 miles street railway
track in Bakersfield, supplemented by automobile bus lines in outlying
territory.
In Feb. 1924 the co. was auth. to amend its articles o f incorporation, to
provide for $18,500,000 7% Series “ A ” cum. pref. stock and $6,500,000
of Series “ B” 6% pref. stock, and to issue not exceeding $6,500,000 of
ser. “ A ” 7% pref. stock in exchange for a like amount o f ser. “ B ” 6%
pref. It was reported that holders of the present outstanding $6,500,000
6% cum. pref., on which there is an accumulation of $17 50, are to receive
in addition to the privilege of exchange for ser. “ A” stock, a cash div. of
$4 50. V. 118. p. 795, 908. Compare V. 118. p. 312.
In March 1925 the co. was auth. by the Calif. R R . Comm, to issue at
not less than 95, $1,000,000 7% cum. prior pref. V. 120, p. 1461. Compare
V. 120, p. 1205.
Interest. Outstanding. Maturity
STOCK A M L BONDS—
>
Date.
Common $50,000,000 ( $ 1 0 0 ) - .____
......................$ 11.000000 ................................
Pref ser “ A ” $6,500,0001 ____
Q-M15
6,438,700
See text
($100) 7% cum ----------------J
61,300
See text
Pref ser “ B ” ($100) 6% c u m . -----Q-M15
10,506,300 June’24 1H
Prior pref $75,000,000 7 % c u m .____
R E P O R T .— F o r ca le n d a r yea rs;
Calendar
Gross
Net
Int. Charges
Balance,
Year—
Earnings.
after Taxes.
& Deprec.
Surplus.
1924 _____________$7,581,300
$3,260,355
$2,926,362
$333,993
1923 _____________$7,037,651
$4,082,107
$2,630,778
$1,451,311
1922 ____________ 6,561,126
3,769,226
2,548,311
1,220,913
Latest Earnings.— For 12 mos. ended Mar. 31 1925, gross, $7,461,835; net,
after taxes, $3,312,955; interest charges and depreciation, $2,975,729;
balance, surplus, $337,226.
OFFICERS.— Pres., A . G. Wishon; V .-Ps., A. C. Balch and Ben R.
Meyer; V.-P. & Gen. M gr., A. Emory Wishon; Sec., W . E. Durfey; Treas.
& Compt., Ernst Behr.— V. 118, p. 312, 432, 795, 908, 1774, 2043, 2180,
2760: V. 119. p. 1396, 2531, 2648, 2763, 2880; V. 120, p. 583, 1205, 1461.
V . 121, p. 841.
WESTERN STATES GAS & ELECTRIC CO. OF DEL.
(Controlled by Standard Gas & Electric Co.)
ORGANIZATION.— A holding co. incorp. in Delaware M ar. 24 1911.
Owns $2,125,000 of the pref. and all except directors’ qualifying shares
of the common stock of the Western States Gas & Electric Co. of California.
(See separate statement below.)
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $5,000,000 ($100)_ _____
_
_______ x$3,503,000 M a y ’23, )4
Pref7% cum $10,000,000 ($ 1 0 0 )____
7 Q-J15
2,125,000 Oct ’25, IH
x All, except directors’ shares owned by Western States Gas & Elec.
Co. of Delaware (see above).
Bonds.— First & Ref. (now first) M . 5% Bonds.— Red. through sink, fund
operations, $2,392,500. In addition to amount reported outstanding,
$1,724,000 are deposited as security for the 1st & unify, bonds. N o add’l
bonds may be issued except when the annual net earnings are twice the int.
on all bonds outstanding and contemplated, and then only for 75% of cost
of exts. & impts. Semi-ann. sink, fund after June 1919,
of bonds
issued. Are call, on any int. date at 105 and int. V . 102, p. 1544; V . 109,
P ‘ 1468.
The 1st & unified mtge. ($100,000,000 auth.) provides for an annual sink,
fund commencing M ar. 1 1928 in an amount equal to 2% of total outstand
ing bonds, incl. underlying bonds. The ser. A bonds are red., all or part, on
or before Mar. 1 1932 at 107)4; thereafter at )4 of 1% less each year, plus
int. Mortgage will permit the issue of add’l bonds in series, of such dates,
maturities, int. rates and redemption provisions as may be determined by
the directors. No bonds of a maturity prior to that of Ser. “ A ” bonds may
be issued while any bonds o f Ser. “ A ” are outstanding. Int. payable in
New York and San Francisco. V. 114, p. 1073.
The $5,000,000 15-year notes, due 1937, are part of an auth. issue of
$20,000,000, call, as a whole or part on 30 days’ notice to and incl. Oct. 1
1927 at 105, thereafter to Oct. 1 1932 at 102)4, and thereafter at 100 plus
int. No add’l mtge. (except purchase money mtges.) shall be placed upon
the property of the co. unless these notes shall be secured equally and ratably
with the other obligations secured by such mtge. The remaining notes may
be issued in series, bearing int. at such rate and red. at such price as may be
determined by the directors of the co. A dd’l notes may be issued only when
net earnings for 12 consecutive months ending not more than 60 days prior
to application for issuance of notes have been equal to at least 1)4 times the
annual int. charges on all bonds of the co. then outstanding and on all these
notes then outstanding, incl. those about to be issued, or for the purpose
of retiring notes of other series. Int. payable in N . Y . and San Francisco.
V. 115, p . 1954.
Calendar
Gross
Interest
Net, after
Preferred
Balance,
Year— Earnings.
Taxes.
Charges.
Dividends.
Surplus.
1924____$3,246,113
$1,456,706
$930,555
$278,438
$247,714
1,052,738
554,960
1923____ 2,984.671
232,902
264,876
921,530
1922____ 2.697.384
464,707
213,969
242,855
— V. 120, p. 2013, 3067.
208
PUBLIC UTILITIES
STAN D ARD POWER & LIG H T CORP. (D el.)
[V ol. 121.
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
Has one hydro-electric and two steam plants; combined capacity, 3,000 h, p.;
120 miles transmission lines and 510 miles distribution lines. Gas plants
in Santa Cruz, Watsonville, Hollister, Gilray and Pittsburg.
The co. has been auth. by the Calif. R R . Comm, to issue at not less
than 90, 3,000 shares of 6% 1st pref. stock. V. 121, p. 2037.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Common $1,000,000_______________
_______
$1,000,000 ___________
1st pref $2,000,000 6% c u m . . ____
Q-M
1,666,900 See text
Pref $1,000,000 6% cum__________
Quar.
1,000,000 ___________
Coast Counties L & P 1st M l 1906
5 g F-A
768,000 Aug 1 1946
$1,000,000 g ($ l,000 )_c*tflin t, at Mercantile Tr. C o., San Fran. Trus.
Big Crk Lt&Pow lstM$339,000 t f _
_
4%
254,000 M ay 1 1947
San Ben Lt&Pow lstM$150,000 t f ___
6%
133,000 Sept 1 1950
Contra Costa Gas___________ _____
_______
299,100 __________
Stock.— The 1st pref. stock is red. all or part at par and divs. V. 116, p.
2261.
Bonds.— $2,092 cash held in sink, fund of Coast Counties Light & Power.
Callable 107J-3 and int. on any int. date. Annual cumul. sinking fund
of 1% of bonds out. began June 30 1911. $232,000 held in sink. fund. V.
95, p. 681.
Sinking fund on Big Creek Lt. & Pr. bonds, $3,600 per ann., began M ar. 30
1908; $85,000 bonds and $8,235 cash in sinking fund.
Sinking fund on San Benito Light & Power bonds of 1 % of bonds out
began June 30 1915. $17,000 bonds and $2,840 cash in fund.
Dividends.— 6% per annum is being paid on first pref. stock.
EA R N ING S.— For years end. Dec. 31 (not incl. Union Trac. C o.):
Year—
Gross. Net {aft.Tax.). Int.,& c.
Deprec'n. Bal. Surp.
$371,135
$90,154
$126,160
$154,820
1924 _______ $1,217,405
1923 _______ 1,034,188
378,462
93,175
104,379
180,909
1922 _______
841,804
285,272
84,174
63,289
137,809
1921_______
748,270
265,237
83,956
56,703
124,578
OFFICERS.— Pres., S. Waldo Coleman; V .-P ., J. D. Grant; Sec. &
Treas., Walker W . K a m m .-V . 116, p. 2261; V. 120, p. 85, 2145; V. 121,
SIERRA & SAN FRANCISCO POW ER CO.
p. 2037.
Stock is owned by Standard Power & Light Corp. (see above).
(1) UNION TRACTION CO.
O R GAN IZATION .— Incorporated in California on M ay 29 1909 and on
Controlled by the Coast Counties Gas & Electric Co.
Sept. 1 1909 took over the Stanislaus Elec. Pow. Co. and the Tuolumne
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Water Power C o., both foreclosed per plan in V. 88, p. 235, 569, 1005, 1066.
Has contract extending to 1954 with Market St. R y. of San Fran, to supply Operates 5.4 m. of track in Santa Cruz and 10 miles of auto bus line. Stand
power to that company. In Oct. 1917 purchased the LaGrange division ard gauge.
At a meeting of the bondholders of the Union Traction Co. in Aug. 1915
of the Yosemite Power Co. V. 105, p. 1528.
protective
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.— a bondholders’corporation.committee was appointed to investigate the con
that
V. 101,
the bond
Has 3 hydro-electric generating plants with an installed capacity of about dition ofhave signed an agreement, p. 616, 846. A majority offoreclosure
holders
without surrender of any
60,000 h. p ., an auxiliary steam plant of about 36,000 h. p.; total installed
be managed as heretofore
generating capacity about 96,000 h. p.; 1,070 m iles tr a nsm issio n and rights, to the effect that property is to was paid Sept. 30 1919 andand cou
pons to be p lid as earned. One coupon
another
distribution lines.
Sept. 1 19z0. None since.
Lease.— On Dec. 31 1919 a contract was negotiated with the Pacific Gas
In 1925 the co. was authorized to abandon all rail service and substitute
& Electric Co., under which the operating properties of Sierra & San Fran bus service.
cisco Power Co. were leased for a period of 15 years with the understanding
BONDS—•
Interest. Outstanding. Maturity.
that arrangements would be made by Pacific Gas & Electric Co., to finance Union Trac Co 1st M $750,- f Date.
1905 5 %
607,000 Feb 1 1935
necessary additions both in generating and distributing equipment by the
000 gold ($1,000)-C&r ntf\Int. at Union Tr. C o., San Fran., Trustee.
sale o f Sierra & San Francisco Power Co. bonds if feasible and otherwise by
Bonds.— The bonds have a sink, fund from 1910 to 1915 of
% of bonds
the use of Pacific Gas & Electric Co. credit. The interest obligations under
both the Sierra C o .’s Trust Indentures are guaranteed in effect by Pacific out.; from 1915 to 1920 1% of bonds out., and from 1920 to maturity 2%
Gas & Electric Co. during the life of the lease and in addition the Sierra Co. of bonds out; said fund to be used to redeem the bonds. Are subject to
receives a rental o f $50,000 per ann. for the first two years, $100,000 for call at 110 and int. $100,000 bonds are reserved for betterments and
the third year and $150,000 per annum for each year thereafter. Y. I l l , extensions. $43,000 have been retired.
p. 1478. In accordance with terms o f lease the Calif. R R . Comm. auth. the
EA R N ING S.— 12 months ending Dec. 31—
co. in July 1921 to deliver to the Pacific Gas & Elec. Co. $1,000,000 1st
1924.
1923.
1922.
1921.
mtge. bonds previously approved by the Comm. The bonds were applied G ro ss_________________
$68,700
$73,555
$84,432
$93,267
for the repayment o f money advanced or to be advanced by the Pacific Net (after taxes)______
5,866
6,185 ' 16,140
12,443
Gas & Elec. Co. for exts. and betterments to the c o .’s properties. V. 113, — V. 119, p. 1066, 1397.
p. 426. The proceeds of $2,000,000 additional 1st mtge. bonds have been
similarly paid and applied.
CALIFORNIA R A IL W A Y & POW ER CO. .
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
All the common and preferred stock issued is owned by the United Rys.
_______ $20,000,000 __________
Stock $20,000,000 ($100)_________
1st M $30,000,000 g ($1,000,1 1909
5 g F-A
10,500,000 Aug 11949 Investment Co.
$5,000, & c)_______ c*&r*tf lint. at U.S.Mtge.&Tr. C o., N. Y ., Trustee.
O RGAN IZATION .— Incorp. in Delaware on Dec. 18 1912. Owns
2d mtge Ser A & B $9,500,000 j 1909
5-6 J-J
9,500,000 Jan 11944 the entire outstanding stocks (except director’s qualifying shares) of the
($ 1 ,0 0 0 )-----------------------c*\Columbia Trust Co., New York, Trustee.
San Francisco Elec. Rys. The company, together with the United Rail
Bonds.— First mtge. bonds are subject to call on any int. date at 110 and ways Investment C o., *>wns $6,000,000 com ., $3,825,000 pref. and $2,350,int. The remaining bonds may be issued at 80% o f cost o f extensions and 000 2d pref. stocks of the Market Street R y. Formerly held entire capital
add’ns, provided net earnings for previous 12 mos. shall equal twice int. stock of the Sierra & San Francisco Power C o., but in July 1924 sold its
charge on all outstanding bonds, incl. those to be issued. V. 91, p. 157. holdings in that company to H. M . Byllesby & Co. V. 119, p. 692. Com
The bonds are listed on the New York Stock Exchange.
pare V. 119, p. 454.
Second mtge. consists o f Series “ A ” $1,000,000, at 6% , and Series “ B ”
Offer to Holders of Prior Preference Stock.— See V. 119, p. 72, 454.
$8,500,000 (incl. $44,000 Series “ B ” in treasury) at 5% .
STOCK—
Authorized. Outstanding. Last Div.
OFFICERS.— Pres., J. J. O’Brien; V .-Ps., R. J. Graf, Samuel Kahn, Common stock_____________________ $40,000,000 $40,000,000 ----------------Allen L. Chickering and B. W. Lynch; Sec., Alma L. Fergusen; Treas., B. Pref. stock, 7% cum., rec. at $115- 6,874,400 6,874,400 June’ 14,2%
B. S tith — V. 113, p. 426; V. 116, p. 714, 3006; V.119, p. 464, 705, 821,1180. Prior preference 7% cumulative____ 5,000,000
1,300,000 See text
Stock.— Prior pref. stock is redeemable at $115 a share except the first
$3,000,000, which will be retired, when earnings are sufficient therefor,
through a cumulative sinking fund $100,000 yearly on January 1 1914 to
COAST VALLEYS GAS & ELECTRIC CO.
1917 and $260,000 annually thereafter. $100,000 was redeemed in cash
Control.— In N ov. 1923 the Standard Gas & Elec. Co. acquired contro
Jan. 2 1914 (V. 97, p. 1820, 1662) and $100,000 Jan. 2 1915 (V. 100, p. 53).
of the co. through the purchase of all the outstanding com. stock. V. None redeemed since. Additional prior pref. stock may be issued only for
118, p. 2442. Compare V. 117, p. 2326.
additions, betterments, acquisitions &c. N o mortgage or other incumbrance
ORGAN IZATION .— Incorporated on March 20 1912 in California.
may be created that does not provide for the cancellation of all prior pref.
FIELD OF OPERATIONS AN D C H A R ACTER OF BUSINESS.— stock then outstanding. V. 96, p. 61.
Does entire electric and gas business in Monterey, Salinas and Pacific Grove;
R E PO RT.— For years ending Dec. 31:
Total
Net
Previous
Total for Pr. Pref.
Total
also owns water system of Salinas and electric distributing lines in Salinas Cal.
Year— Inc.
Income.
Surplus.
Divs.
Divs.
Surplus.
Valley and electric and water system at King City. Purchases most of the
electric energy which it distributes from Pacific Gas & Electric C o., lessee 1924___ $33,092
$18,040 def.$8,351
sur.$9,689
o f Sierra & San Francisco Power Co. On Dec. 31 1922 acquired the 1923____ 2.486
def.9,000 sur.15,648
...........................
sur.6,649
def.9,709 sur.25,358
sur.15,648
electric light and power properties o f the Del Monte Light & Power Co. 1922____ 2,853
Compare V. 115, p. 2162.
Dividends.— First div. on prior pref. stock— 1 % % — paid April 1 1913:
Valuation.— In N ov. 1922 engineers appraised the reproduction new cost same rate quarterly to and incl. July 1916. In Oct. 1916 paid only 1% .
None since. V. 105, p. 1416. In Sept. 1913 a dividend of 3 H % was
o f the property at $2,932,725 Compare V 111, p 2524
In Oct. 1925 co. applied for authority to issue $1,000,000 Series “ B ” 7% paid on the preferred stock. In June 1914 2% was paid.
cum. pref. stock. V. 121, p. 1907.
OFFICERS.— Pres., Mason B . Starring; V .-P ., P. M . Rosenthal; Treas.,
STOCK AN D BONDS—
B. S. Guiness: Sec. S Asst. Treas., P. M . Hoskins: Asst. Sec., C. H. Mann.
c
Date.
Interest. Outstanding. Maturity.
— V. 109, p. 1608; V. I l l , p. 1469; V. 113, p. 1572: V. 114, p. 1405; V. 116.
Common $3,000,000 ($100)-$3,000,000
Pref 6% cum $500,000 ($100)
p. 1892; V. 118, p. 1134; V. 119, p. 72, 454, 692; V. 120, p. 1324.
_______
498,200 Oct’25,1
(1) MARKET STREET RAILWAY CO.
Pref 7% cum Ser “ B ” ($100)-7 Q-J
250,000 Oct 25,13 %
4
First M $10,000,000 gold/ 1912
6 g M-S
1,870,000 Mar 1 1952
$6,000,000 com., $3,825,000 pref. and $2,350,000 2d pref. stock of the
($1,000) ann sk fd of 1%\ Interest at Mercantile Trust Co., San Fran., co. is owned by the Calif. R y. & Pow. Co. and the United Rys. Invest. Co.
o f bonds out beg Mar ’ 18 c*\ Trustee, or U. S. Mtge. & Tr. C o., N . Y .
ORGA N IZA TIO N .— Organized in Calif, on Oct. 14 1893 as a consolida
Stock.— 6% pref Ser. “ A " red. at 110. 7% pref. Series “ B ” red. at tion of 11 corporations operating street railroads in the city and county of
110 and div. In Sept. 1924 Hunter, Dulin & Co., Los Angeles offered San Francisco. On Mar. 18 1902 all the assets were sold and conveyed to
$250,000 7% pref. at par and dividends. V. 119, p. 1285.
the United RRs. of San Francisco, which operated said street railroads
Bonds.— Bonds are redeemable, all or any, on any int. date at 105 and int. together with other street railroads purchased by it up to April 1921, when
through reorganization and foreclosure proceedings the Market St. R y. re
$130,000 (not incl. in amt. outstanding) are held in s. f. V. 94, p. 1249.
acquired all the assets and properties of the United RRs. and now operates
EARN ING S.— For calendar years;
same. Reorganization was carried out in accordance with terms of plan
Twelve Months Ended Dec. 31—
1924.
1923.
1922.
Gross earnings_____________________
$886,504
$792,496
$668,245 outlined in “ Electric Railway” Supplement of April 30 1921, where history
Operating exp., maintenance & taxes.
593,173
500,768
472.854 of United RRs. up to time of reorganization will also be found. See also
The
Interest____________________________
95,223
85,784
85,226 V. 112, p. 2093.Name co. owns the following stocks: Issued. Owned by Co.
Par Vat. Auth.
Preferred dividends_________________
31,537
27,778
25,888
Sutter St. R y. C o________
$100 $2,000,000 $2,000,000 $1,999,500
South San Fran. R R . & Pow. C o .. 100
100,000
13,500
13,000
Bal. for retirement res., com. divs.,
Gough St. R R . C o_________
100
60,000
60,000
59,700
amortization and surplus_______
$166,571
178,166
$84,276
San Fran. & San Mateo Elec. R y . . 100 1,000,000 1,000,000
999,500
OFFICERS.— Pres., J. J. O’Brien; V .-P ., J. F. Pollard, R . J. Graf, Sutro R R . C o____________
10
40,000
23,108
23,075
H. L. Jackman and Allen L. Chickering; Sec., E. N. Hoffmann; Treas.,
Metropolitan Ry. C o .............. ....... 100 1,000,000 1,000.000
999.400
P. S. George.— V. 113, p. 1364, 2618; Y. 115, p. 441, 2162; V .416, p. 2770;
Leases the Gough Street R R . C o .’s system, which includes the lines
V. 117, p. 1132, 2326; Y. 118, p. 2442; V. 119, p. 698, 945, 1285; V. 120, p. formerly owned by the San Francisco Elec. Rys. (conveyed to the former
2010; V. 121, p. 1907.
through reorganization proceedings). The balance o f the property o f San
Francisco Elec. Rys. (consisting o f power-house and rolling stock) is now
owned by Market Street Ry. Co.
COAST COUNTIES GAS & ELECTRIC CO.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
ORGA N IZA TIO N .— Organized in California on Mar. 20 1912 and has Operates street railways in the city and county of San Francisco and in
acquired the Coast Counties Light & Pow. C o ., Big Creek Light & Pow. Co. San Mateo County, Calif. Total mileage, 274 miles, of which 17.59
and San Benito Light & Power C o., Gilroy Gas Works and Contra Costa miles leased. The tracks in San Francisco are partly electric and partly
Gas C o., also the entire capital stock of the Union Trac. Co. (Santa Cruz). cable: the line in San Mateo County is an interurban road extending from
Franchises in municipalities perpetual; county franchises on highways until San Francisco to the city of San Mateo. Rails, 38 to 141-lb. T and girder
1946 to 1959.
Has 768 passenger cars.
Control.— Ladenburg,Thalmami[& Co. and H. M . Byllesby & Co. jointly
control the company.
^ O R G A N IZ A T IO N .— Organized in 1925 and incorporated in Delaware
on June 20 1925, as successor, by exchange of stocks, to a company of the
same name incorp. in Maryland Oct. 29 1924. In July 1925 the co. acquired
a majority o f the voting shares of Pittsburgh Utilities Corp., which con
trols the utilities supplying all the electric power and gas and street railway
trfmsportation to Pittsburgh and surroundings.
,"75feARACTER OP BUSINESS.— Organized to conduct a public utlity
business, incl. the acquisition and operation, directly or through subsids.,
of public utility properties, the supervision of the management, develop
ment, operation and engineering of such properties, and the purchase of
the controlling and other interests in public utility companies.
The company has over $11,000,000 temporarily invested pending the
early completion o f the acquirement o f public utility situations.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Com stock (no par) Class A - ______
_ : ___ 410,000 shs. __________
_
Common Class B (no par)_________
_______
30,000 shs. __________
Pref $7 cum (no par)--------------------$7 Q-P
100,000 shs.
See text
t- Mock.— Class B common has voting power. Pref. stock is entitled to
$100 per share and div. in case of liquidation before any distribution on
com. stock. Pref. is red. all or in part on any div. date on 30 days notice
at $110 per share and div. In Oct. 1924 H. M . Byllesby & Co., Inc.,
sold 100,000 shares pref. stock at $100 per share, each share of pref. stock
carrying one share of com. stock. V. 119, p. 2075.
Dividends.— On pref. an initial div. of $1 75 per share was paid in Feb.
1925. In M ay, Aug. and N ov. 1925, $1 75 quar.
OFFICERS.— Pres., J. J. O ’Brien; 1st V.-P., R. J. Graf.; Sec. & Treas.,
M . M . Morrison.— Y. 119, p. 2075; V. 120, p. 88, 212, 3316; V. 121, p.
332, 461.
Oct., 1925.]
POWER, LIGHT AND RAILW AY
309
Franchises.— In a report by Haskins & Sells, accountants. It was stated
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
■that out o f the total original mileage o f 228.95 miles, the franchises for Redlands St R y 1st M gold? 1901 5 M-S
“
27,000 Sept 1 1931
11.5431 miles only expire prior to 1929; all others between that year and
$150,000 _____________ntf? Title Ins. & Tr. C o., Los Ang., Trustee.
1 Int. at First Nat. Bank, Redlands, Cal.
1952.”
5 J-J
44,000 July 1 193T
Municipal Ownership Voted.— On N ov. 2 1920 the people o f San Fran Redlands Central R y 1st M l 1907
gold $500,000 ($1,000) .n t f (Int. at Los Ang. Tr. & S. B. of Cal., Trust***.
cisco voted in favor o f a proposition to amend the city charter In such form
as to enable it to acquire traction properties, to be paid for out of earnings.
BONDS..—Pacific Elec. Ry. 1st ref. mtge. are to provide funds to ret*
underlying bonds; also for acquisitions and for corporate purposes. Bonds * <
■»
For details see V. I l l , p. 1950.
In April 1922 negotiations for purchase by the city were under way. bear interest at such rate or rates as may be fixed at time of issue by direc
For further particulars as to city purchase plans, see V. 113, p. 2819; V. tors, not exceeding, however, 5% per annum. The bonds are issued in
114, p. 522, 1179, 1533; V. 115, p. 759, 2159. In March 1923 the company series. Series “ A ” being the only series issued. Denom. Series “ A ” $1,000
set a tentative valuation of $48,600,OOOonitsproperty. V. 116,p. 1533. See — other series, $1,000, $500 and $100. Sinking fund $10,000 per year.
also V. 120, p. 2401; V. 121, p. 979. In Sept. ’25 a petition for a referendum Series “ A ” is subject to call from Sept. 1 1916 at 110 and int. Other series
on a proposal to have the city acquire the properties o f the company for subject to call since Sept. 1 1916 at price to be fixed by board o f directors.
$36,500,000 was reported to have had more than 27,000 signatures, indicat
Pacific Elec. Ry. 1st Mtge.— A sufficient amount is reserved to retire
ing that the proposal were to be voted upon at the next election. V. 121, prior issues. Sinking fund is $5,000 per annum, commencing Jan. 1
p. 1462. Supervisors o f the Market Street R y. purchase committee, how 1907, for 5 years; then $10,000 per annum to Jan. 1 1917; $15,000 per
ever, unanimously condemned the proposed sale. V. 121, p. 1788.
annum to Jan. 1 1922; $20,000 per annum to Jan. 1 1927; $25,000 per
annum to Jan. 1 1932; $30,000 per annum to Jan. 1 1937 and $35,000 annu
Valuation.— See V . 118. p. 202.
ally thereafter, said sinking fund to be used in purchase of the bonds,but
On Mar. 13 1924 the stockholders auth. an extension o f the bond debt fund may be invested in other securities if bonds cannot be obtained at par.
limit to $40,000,000. V. 118, p . 1392.
Los Angeles & Pasadena 1st Mtge.— Bonds bear the guaranty of the Los
Interest.
Outstanding. Maturity. Angeles R y. by end. Sink fund of $10,500 per year out of net earns, from
STOCK A N D BONDS—
Date.
____
$10,647,400 ---------------- . Dec. 1 1908 to and incl. 1926; callable at 105 on any int. date.
C om stock $10,700,000 ($100)Prior preference 6% cum
Pasadena & M t. Lowe bonds are guar. p. & i. by both Los Angeles Ry6%
11,618,500 Jan ’24, 1V2 and Los Angeles & Pasadena Elec. R y. A sinking fund for those bonds be$11,750,000 ($100)________ ____
6%
4,986,850 ---------------- gan 10 years from date of bonds of $5,000 per ann. for first 5 years, $7,500
Pref 6% cum $5,000,000 ($100) ____
4,673,700 __________
2d pf 6% n-c $4,700,000 ($100) ____
per ann. for second 5 years, $10,000 per ann. for next 5 years and $12,500
7 g Q-J
12,486,000 Apr 1 1940 per annum for remaining 5 years. Red. at 104 and interest.
1st M sk fd $15,000,000 ($500? 1924
& $l,000c* $l,000r) gtf\ Wells-Fargo Bk. & Un. Tr. C o., San F., Tr.
California Pacific Ry. 1st Mtge. is for no stated authorized amount, but
Stock.— All classes listed on N . Y . Stock Exch. and on San Francisco is limited to $20,000 per mile of completed track. N o sinking funds and
Stock and Bond Exch. Both the prior preference and the preferred stock bonds cannot be called. Guar. p.&i. by Los Ang. Trac. Co.; see V. 75, p. 76.
Is cum. 2d pref., however, is non-cum. All classes o f stock have equal Title Insurance & Trust C o., Los Angeles, Trustee.
voting power. There is no provision for redemption or conversion of stock.
Los Angeles-Pacific RR. 1st Mtge.— Red. on any int. date at 105 and int.
Bonds.— $2,000,000 unissued 1st mtge. 7% bonds auth. may be issued for Sinking^ fund began June 10 1908 until June 10 1926, $10,500 per year out
75% o f the cash cost o f add’ns, exts., impts. and betterments to the mort of net income only. Int. also payable at Illinois Tr. & Sav. Bank, Chic.,
gaged property under certain restrictions. $37,000 of the amount shown in and Chase Nat. Bank, N . Y .
above table as outstanding, are held in treasury. Are call, all or in part by
Los Angeles-Pacific
Cons. Mtge.-—Not callable. Sinking fund
lot on any int. date on 30 days’ notice at 10734 & int., on or before Apr. 1 began April 1 1911 andRR. 1st $10,500 annually (out of net earns, only) to
1926, and thereafter at prices decreasing y2 % each year to maturity. and incl. April 1 1929. retires
Citizens’ Trust & Sav. Bank, Los Angeles, trustee.
A quar. sink, fund is provided for to purchase bonds in the market at or
Los Angeles Hermosa Beach & Red. Ry. 1st Mtge.— Int. payable at Crocker
below the then current redemption price or, if not so obtainable, to call
bonds at that price. Int. payable in San Francisco, Calif., and at the Nat. Bank, San Fran. Sink, fund began May 1 1913 and retires $10,500
office o f Ladenburg, Thalmann & C o., N . Y ., fiscal agents. Company per ann. (out of net income only) to and incl. M ay 1 1942. Not callable.
agrees to pay all California taxes and to refund the Penna. 4-mills tax.
Los Angeles.Pacific RR. 1st A Ref. Mtge.— Sufficient bonds are reserved to
V . 118. p. 202. Listed on New York Stock Exchange, V. 118, p. 2042.
retire prior liens. A Sinking fund began in 1908, to which $50,000 per ann.
Dividends.— An initial dividend o f $1 50 per share was paid on the 6% is payable first 5 years, $60,000 per ann. next 5 years, $70,000 per ann.
prior preferred stock Apr. 1 1922. Regular quar. divs. o f 1H % paid to next 5 years, $80,000 yearly following 5 years, $90,000 per ann. next 5 years.
$100,000 yearly following 5 years and $150,000 per ann. thereafter. N ot
and incl. Jan. 1924. Apr. 1924 div. deferred. V. 118, p . 1268.
subject to call.
E A R N IN G S.— Earnings for 12 months ended Dec. 31:
Los Angeles
a sink, fund, 1911
Bal., Sur. $10,000 per Pacific Co. Consol, bonds have ann.; 1921 to 1925, to 1915,
Cal. Yr.— Oper. Rev.
Nel.aft.Tax. Oth. Inc. Int.,Dep.,&c.
$40,000
$1,372,193 ann.; 1926 toann.; 1916 to 1920, $15,000 per 1944, $80,000 ann., and 1945
$2,199,152
$36,559$863,518
1924_____ $9,852,360
1930, $75,000 per ann.; 1931 to
1,195,567 to 1946, $90,000 per ann. Of the $12,500,000 auth., $5,000,000 are re
1923......... 9.809,393
2,356,045
74,5541,235,032
Latest Earnings.— Income account 9 months ended Sept. 30 1925: Rail served for prior liens. Bonds are not callable.
way oper. revenues, $7,369,624; oper. inc., $1,644,227; gross inc., $1,680,Los Angeles Pacific Co. 1st Ref. Mtge.— Subject to call as a whole or in
095; bond int., &c., $730,790; net inc. before Fed. taxes, $949,305.
part on and after Jan. 1 1915 on any int. date at 105 and int. on 3 months’
OFFICERS.— Pres., Mason B. Starring; V .-P s., A. L. Black, George B'. notice. Interest payable at company’s office or agency in New York.
Willcutt, M . B. Starring, Jr., and W m. M . Abbott; Sec., George B. W illcutt’ Sinking fund of $5,000 per annum began in 1910. Guar., p. & i., by Southern
Asst. Sec., E. M . Missev and P. M . Hoskins; Treas., A . M . Dahler. Pacific Co.
Office, 58 Sutter St., San Francisco, Calif.— V. 117, p. 2212; V. 118, p.
Riverside A Arlington Ry. 1st Mtge.— Not callable. Sink, fund began
202, 431, 907, 1132, 1268, 1392, 1665, 1911, 2042; V. 119, p. 1064; V. 120, Sept. 5 1900 as follows: After payment of exps. and int. the entire net in
p. 453, 1452, 2147, 2401; V. 121, p. 979, 1462, 1788.
come and entire net proceeds from sale of property applicable under trust
deed to be set aside each year to and incl. 1904; in 1905 and thereafter until
all bonds are paid, 75% of net income and proceeds from sale of property.
Redlands St. Ry. 1st Mtge. 5% Bonds.—-$50,000 are reserved for the
PACIFIC ELECTRIC R A ILW AY .
previous issue of 6% bonds. No sinking funds and bonds are not callable.
Redlands Central Ry. 1st
Sinking fund
and retires
All the stock except directors’ shares Is controlled by Southern Pacific Co, $1,000 per annum to July Mtge.—$2,000 next 5began July 1 1912 annum fol
1 1917,
years, $3,000 per
ORGAN IZATION .— Incorp. in California on Sept. 1 1911 as a merger. lowing 5 years, $4,000 next 5 years and $5,000 following 5 yrs. Not callable.
Los Angeles A Redondo 1st Mtge.— Sinking fund retires $10,000 per annum
The following subsidiaries of the Southern Pacific Co. (V. 93, p. 667):
ut
Pacific Electric Ry.
San Bernardino Valley Traction Co. Q of surplus and net earnings. Bonds are not redeemable.
Los Angeles Interurban Ry
Redlands Central Ry.
San Bernardino Valley Traction 1st Mtge. bonds are subject to call at 105.
Los Angeles & Redondo Ry.
San Bernardino Interurban Ry.
Int. payable at First Nat. Bank, Redlands, and at First Nat. Bank,
Riverside & Arlington R y.
Los Angeles Pacific Co.
Los Angeles.
During 1912 acquired the right of way and all rail lines and equipment
San Bernadino Valley Trac. 1st A ref. Mtge. bonds are red. at 105. Sink,
o f the Pacific Electric Land Co. and purchased the property o f the Ontario fund retires at 105 and int. 12 bonds during 1913-15 incl.) during 1916 pays
& San Antonio Heights RR.
o ff 13 bonds; during 1917 14 bonds; during 1918-27 pays off 25 bonds yrly.
Operates under agreement over the Riverside Rialt & Pacific R R .— during 1928-30 37 bonds yrly.; 1931 and 1932 38 bonds each year.
passenger service only.
Ontario A San Ant. Heights 1st Mtge. bonds are red. at 101 and int. Sink,
Subway Franchise.— See Y. 116, p. 2389.
fund 1914 and following 4 years 1% of outstanding bonds, 2% thereafter.
EARNINGS.— For years ending Dec. 31:
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Gross
Net (after
Other
Interest,
Balance,
Operates an interurban electric railway system centering at Los Angeles, Calendar
Year—
Earnings
Taxes).
Income.
Rents, Ac.
Deficit.
extending into the counties of Los Angeles, San Bernardino, Riverside
and Orange, and serves the cities of Pasadena, San Bernardino, River 1924_______$20,729,483 $3,714,351 $292,163 $4,598,700 def.$592,185
4,463,752 216,292
4,349,129 sur. 330,915
side, Colton, Redlands, Pomona, Ontario, Santa Ana, Long Beach, Co 1923______ 21,641,554
3,542,207
98,215
4,216,411 def. 575,989
rona, Venice, Ocean Park, Santa Monica, Redondo, San Fernando, Owens- 1922______ 18,307,733
3,192,423
104,382
4,096,439 def. 799,634
mouth and Lankershim. Total miles operated, single track, 1,092,221, of 1921______ 17,096,117
which 617.616 miles main track, 318.491 miles second and other main track
OFFICERS.— Pres., Paul Shoup. San Francisco; V .-P . & Gen. M gr.,
and 156.114 miles o f sidings and turnouts. Standard gauge. Owns 46 D W Pontius; V
Karr; Sec. & Aud., L. A. Lovell, Los
electric locomotives, 2 gas electric locomotives, 603 passenger and combina geles; .Treas.. M . .-P., Frank General offices. Pacific Electric Bldg., An
S. Wade.
Los
tion cars, 31 express cars, 889 freight cars and 97 service and miscellaneous Angeles.— V. 113, p. 850, 1364, 1675, 1888, 2080; V. 114, p. 79, 855; V. 115,
cars; 1 power station, 44 sub-stations and 4 portable sub-stations. Power p. 988, 1100, 1321, 1533, 1838, 2581; V. 116, p. 936, 2389, 2884; V. 117, p.
purchased from Southern California Edison Co.
The Los Angeles M otor Bus Co. was organized by the Pacific Electric 554, 1018, 1664; V. 119, p. 198, 694, 943, 1173; V. 120, p. 705, 3315.
Ry. and the Los Angeles R y. in Feb. 1923. V. 116, p. 936. See also
V. 119, p. 694.
LOS ANGELES R A IL W A Y COR PO RA TIO N .
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $100,000^00 ($100)------------------------ $34,000,000 ---------------The entire $20,000,000 stock, except directors’ qualifying shares, owned
First ref mtgev $100,000,000/ 1911 5 M-S
31,950,000 Sept 1 1961
by Mr. H. E. Huntington, and, along with certain amounts of different
gold see text________ c*_tf (Int. at U. S. Mtge. & Tr. C o., N . Y . Trustee. bond issues of this company and the Pacific Electric R y. which see), is
Pac El R y 1st mtge $10,000,-( 1902 5 g J-J
8,374,000 Jan 1 1942
pledged as security for the Huntington Land S Improvement collateral
c
000 gold ($1,000)____c_ n tf \Int. at Union Trust C o., San Fran., Trustee. trust issue— see V. 98, p. 527.
Los Ang & Pas El R y M $1,-/ 1898 5 g J-J
950,000 Jan 11928
ORGANIZATION.— Incorporated in Calif, on Nov. 7 1910 as successor
000,000 g guar ($1,000) c*(In t. at 111. Tr. & Sav. Bk., Chic., Trustee.
to Los Angeles Railway Co. Owns entire $5,000,000 stock of the City Ry.
” ' ■
or at Chase Nat. Bank, New York.
Can be called at 105----n tf
of Los Angeles, incorporated in Dec. 1910 to build new lines for the cor
223,000 Feb 1 1935
Ont & San Ant Heights 1st M 1910 6 F-A
$1,000,000 ($1,000) s f .n t f lin t, at Southern Tr. Co., Los Ang., Trustee. poration. V. 91, p. 1766.
The Los Angeles M otor Bus Co. was organized in February 1923 by the
480,000 June 1 1930
Pas & M t L 1st M $500,0001 1900
4 g J-D
Los Angeles Ry. and the Pacific Electric R y. V. 116, p. 935.
gold ($1,000)______c*.n tf\ In t. at Union Trust C o., San Fran., Trustee.
480,000 July 1 1941
Cal Pacific Ry 1st mtge gold f 1901
5 g J-J
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
($1,000) guar______ c .n t f lin t, at C o.’s office in N . Y . & Chase Nat. Bk
Has acquired all the city narrow-gauge lines owned by Pacific Electric
Los Angeles-Pacific RR first? 1898
5 J-D
10,000 June 10 1928 Railway and Los Angeles Interurban Railway, and those portions of
mort gold $l,000,000e*.ntf (Int. at Citiz. Tr. & S. Bk., Los Ang., Trustee Los Angeles & Redondo R y. and California-Pacific Ry. Co. lying north
Los Ang-Pac RR 1st con m tge/ 1901
5 A-O
1,465,000 Apr 11931 of an east-and-west line running through Hawthorne and Athens, thus
$1,500,000 g ($l,000)-_ntf|Int. at Crocker Nat. Bank, San Francisco. comprising all the street railway business of Los Angeles. V. 91, p. 1386.
Los Ang Her B & Red 1st M 1902
5 g M -N
74,000 M ay 1 1942 Comprises 397.05 miles of track; 60, 72, 87 and 116-lb. rails. Owns and
$500,000 gold ($1,000).n tflT itle Ins. & Tr. C o., Los Ang., Trustee.
controls 1.225 passenger cars, of which 971 are of P-A-Y-E type, 183 centre.
Los Angeles-Pacific RR first? 1903
5 g M-S
3,104,000 Sept 1 1943 70 Birney Safety and 106 work cars, &c.; total, 1,331 cars. Has favorable
and ref mtge ~ j,000,000? Int. at Los Angeles Tr. & Sav. Bk., T r., or at power contract with the Southern California Edison Co.; the current being
___________
gold ($1,000) s f ___ c* _ n tf 1 U. S. Mtge. & Trust C o., N . Y ., Co-Trus.
distributed through the corporation’s own transmission system. Has
d
s
5 g J-J
1,096,000 Jan 2 1946 16 sub-stations. More than 85 miles of track is on private right-of-way.
Los Angeles Pacific Co gen? 1906
consol mtge $12,500,000? Int. at Union Trust Co., San Fran., Trustee. All main line and practically all down-town line franchises extend be
gold ($1,000) sinking fundi or at Farmers’ & Merch. Nat. Bank, Los. yond 1940.
C * -n t f \ Angeles, or Chase Nat. Bank, New York.
Valuation.— V. 110, p. 167.
4 g J-J
8,298,000 Jan 1 1950
Los Ang-Pac Co 1st ref mtge 1910
Reorganization Proposed— Consolidation, &c.— See V. 119, p. 579.
$20,000,000 g ($1,000) c*tf (Union Trust Co. of San Fran., Trustee.
Los Ang & Redondo 1st mtge? 1902
5 g J-J
410,000 Jan 15 1932
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
$500,000 g ($1,000) -c * .n tf? Int. at Union Trust C o., San Fran., Trustee. Stock $20,000,000_________________
_________ $20,000,000 ___________
land R R . co ’s office, N. Y . City.
Los Angeles RyCorp 1st & ref f 1910
5 g J-D
14,880.000 Dec 11940
San Bernard Vail Trac 1st M ? 1901
5 A-O
44,000 Oct 11931
M $20,000,000 g ($1,000)(Pacific Southwest Trust & Savings Bank,
gold $250,000______ c*_n tf (Title Ins. & Tr. Co., Los Ang., Trustee.
sinking fund___________ c* ( trustee.
San Bernardino Valley Tr 1st? 1903
5 g M-S
725,000 Sept 11933 Los Ang Co R y M $5,000,-( 1899
5 g A-O
4,722,000 Oct 1 1938
& ref mtge $1,000,000 gold? Int. at Los Ang. Tr. & S. Bk. of Cal., Trustee
000 gold ($1,000 each). _c* |In t. at Union Trust C o., San Fran., Cal., Tr.
sink fund ($1,000)c*&r.ntf 1
Los Angeles Trac 1st cons M ( 1898
5 g J-D
250,000 Dec 1 1938
Redlands St R y 1st M g $50,-/ 1899
6 F-A
50.000 Aug 1 1919
gold $250,000 ($1,000)____/S t. Louis Union Tr. Co., St. Louis, Trustee.
000 ($1,000, &c.) redeem.(Title Ins. & Tr. C o., Los Ang., Trus. City R y of Los Angeles 1st M ( 1911
5 F-A
,5000,000 Feb 11941
at par; no sink fu n d -.n tf ( Int. at First Nat. Bank, Redlands, Cal.
$5,000,000 ($1,000) gold c*/In t.at Pac.S.W .Tr.&S.Bk.,Los.A., trustee.
IV ol. 121
PUBLIC UTILITIES
210
Bonds.— Int. on 1st & ref. M . bonds is payable at office of trustee.
Bankers Trust C o., New York, and by arrangement at Anglo & LondonParis Nat. Bank, San Fran. Bonds are not subj. to call. Bonds have sink,
fund o f $10,000 per month (incl. s. f. on underlying bonds) to be invested in
first and ref. bonds at 105 and int., or in approved securities; first & ref.
bonds purchased for s. f. to be kept alive, $2,229,000 bonds are held in
sink. fund. Y . 92, p. 262; V . 94, p. 1383; V . 95, p. 1273. On 30 days’
notice int. may be made payable at the National City Bank, New York.
Int. on the Los Angeles Trac. issue paid at Chase Nat. Bank, N. Y. ^
$411,000 Los Angeles R y. Co. mtge. bonds in sinking fund and $278,000
canceled.
City R y. Co. o f Los Angeles 1st mtge. bonds have a sinking fund of 2%
per annum of principal amounts o f bonds outstanding, which began Jan. 1
1916. $1,082,000 bonds in sinking fund Apr. 1 1925.
E A R N IN G S.— For years ending Dec. 31
Fiscal Year—
Gross.
*Ezpenses.Net.
Int.,Tax.&S.F Surplus.
xl924_________ $12,845,948 $8,227,814 $4,618,134 $2,607,113 $2,011,021
x l9 2 3 .......... — . 12,698,978 7,763,228 4,935,750 2,547,079 2,388,671
1922________
11,249,7376,646,205 4,603,532 2,478,532 2,125,001
1921...............
10,241,0117,316,897 2,924,114 2,023,021
901.093
* Excluding depreciation, x Excluding buses.
OFFICERS.— Pres., H. E. Huntington; V .-P ., W . E . Dunn; V .-P . and
Gen. M gr., G. J. Kuhrts; Sec. & Treas., O. A . Henderson.— V. 108, p.
683: V. 109. p. 577, 776, 1179; V. 110. p. 167, 1415; V. I l l , p. 792, 1949;
V 112, p. 2537; V. 113, p. 1675; V. 114, p. 2717; V. 115, D. 543. 2793:
V. 116, p. 935, 2129, 2388, 2884; V. 117, p. 1461; V . 119, p. 579, 2878, 3187.
SAN FRANCISCO-SACRAM ENTO RAILROAD CO.
ORGAN IZATION .— Incorp. in Calif, late in 1919 as successor to the
Oakland Antioch & Eastern R R ., sold at foreclosure on Jan. 26 1920 as
per plan o f reorganization outlined in the “ Electric Railway” Supplement
o f N ov. 15 1919, in which issue the history of the predecessor co. will also
be found. For changes in reorganization plan see V. 110, p. 78. Controls
through stock ownership Oakland & Antioch R y. (34.12 miles between the
points named). Has a traffic agreement with the Atchison Topeka &
Santa Fe R y . under which the latter reaches Sacramento and points beyond.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
87.54 miles main line in operation. 2d track, sidings, &c., 11.89 miles;
total, 99-43 miles. Owns 6 sub-stations, warehouses, shops, storehouses,
office buildings, freight stations, ticket stations, &c. Equipment consists
o f 38 passenger coaches, o f which 20 are motor equipped, 6 steel locomo
tives, 66 freight cars, 3 cabooses and 14 construction ana work cars. Power
is furnished by the Great Western Power Co. under contract.
Franchises.— Practically the entire mileage of the road is located on private
right o f way. W e understand that where franchises are required, they con
tain no burdensome restrictions, and extend from 1946 to 1964, the shortest
covering only about 5 miles, expiring in 1941.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $6,550,000 ($100)________
_________ $6,242,955 ____________
Pref $1,500,000 cum ( $ 1 0 0 ) - - - ____
7%
1,242,711
See text
1st mtge serial $3,000,0001 1920
6 g J-J 1
830,000
See text
($1,000) gold_________ c*tf/U nion Trust Co., San Francisco, Trustee.
Stock.— Preferred stock is callable at any time at 110.
Bonds.— Are secured by a 1st m tge. on the entire property. Escrow bonds
($1,960,000) can only be issued for 75% o f the capital and reasonable cash
expenditures for.permanent exts. and add’ns to the property, under certain
conditions. I f any of the escrow bonds are issued, the bonds so issued shall
mature not later than Jan. 1 1940, and not earlier than the last maturity
o f the present issue outstanding. The $830,000 now outstanding mature
$42,000 annually to Jan. 1 1940. Call, all or in part by lot (last maturities
first) at 102 and int. on any int. date. Int. payable in Chicago or San
Francisco. Tax exempt in California. V. 110, p. 466.
Dividends.— An initial div. o f $3.50 was paid on the pref. stock on July 15
1920. V. 110, p. 2658. In Oct. 1920 $1 75 was paid. Same amount was
paid regularly quarterly to and including July 1923. None paid since.
V. 117, p. 1557.
EARN ING S.— For years ending Dec. 31:
Leasr
Int. A Balance,
Calendar
Gross
Net (after Other
Year—
Earnings.
Taxes). Income. Rentals. Miscell. Sur.orDf
--------- $55,987
$42,758
1924_______ $990,549
$93,118 $5,627
1923________ 1,032.952
83,722
8,193
...........
55,700
36,215
...........
49,077
111,552
1922............. 1,103,877
151,302
9,327
...........
56,336
109,183
1921............
1,169,684 148,268
17,251
1920............
1.309,621 253.945
25,715
--------81,525
198,135
OFFICERS.— Pres.. Walter Arnstein; V.-P. & Gen. M gr., H. A. Mitch"
ell; Sec., H. J. Sutherland; Treas., S. P. Westington.— V. 110, p. 26581
V. 112, p. 163; V. 114, p. 2014; V. 115, p. 1430, 1633; V. 117, p. 1557;
V. 118, p. 665, 1666; V. 120, p. 2149.
KEY SYSTEM TRANSIT CO.
O RGAN IZATION .— Incorp. in Calif, on June 2 1923 and acquired the
properties of the San Francisco-Oakland Terminal R y. as per plan of re
organization outlined in “ Electric Railway” Supplement of Apr. 26 1924.
For history of San Francisco-Oakland Terminal Ry. see “ Electric Railway”
Supplement of Apr. 26 1924. Owns all the stock, except qualifying direc
tors’ shares, o f the Key System Securities C o., the Oakland & Hayward
Ry. and the East Oakland R y , and leases and operates the two latter prop
erties.
Key System Securities Co.— Incorp. in California June 21 1923 as successor
of the Oakland Rys. Capital stock auth., $2,600,000; outstanding, $2,600,000. All owned by Key System Transit Co.
Oakland A Hayward Railway Co.— Has been discontinued.
East Oakland Railway Co.— Has been discontinued.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Owns and operates an electric street railway and interurban system in Oak
land, Berkeley, Alameda, Richmond and other cities on the eastern shore of
San Francisco Bay, extending from Richmond to Hayward, and an inter
urban ferry system between these cities and the city o f San Francisco. Cal.
Total track, 266.83 miles. Equipment, 509 passenger cars, 24 motor
coaches, 10 freight cars, 78 work and misc., 3 electric locomotives and 5
ferry boats. Population served, 415,000. Passengers carried in 1924,
95,063,249 revenue passengers and a total of 115,865,730 revenue and free
transfer passengers.
Franchises covering over 90% o f the trackage operated extend beyond
the life o f bonds and no franchise matures prior to 1933.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common____________________
$3,262,500 ...............
Preferred 7 % cumulative____
3,732,100 ........... ........
7%
Prior pref 7 % cumulative____
7%
5,909,200 __________
1st mtge $10,000,000 ser “ A ” , 1923
6 J-J
2,494,000 July 1 1938
($500 & $1,000) sk fd -.c * t f Oakland Bank, Oakland, Calif., trustee
Gen & ref mtge $20,000,000—
Series “ A ” ____________ __ 1923 6 g J-J
1,365,800 July 1 1938
Series 1__________________ • 1923 5 g J-J
7,585,200 July 1 1938
($100, $500 & $1,000) g c*tf Int. at Merc. Tr. Co. o f Calif., San F ., trust.
Key System Securities Co coll, 1923
6%
2,500,000 July 1 1933
trust notes_______________ Int. guar, by Key System Transit Co.
Bonds.— First mtge. bonds are further secured by pledge of stocks of Key
System Sec. Co. Are red., all or part, on any int. date on 60 days’ notice, at
par and int., plus a premium o f M o f 1% for each year or portion thereof
o f unexpired term. Mortgage provides for sinking fund. Int. payable
at Oakland Bank, Oakland, Calif., trustee, and National City Bank,
New York. $2,500,000 offered in March 1924 by a syndicate of bankers
headed by E. H. Rollins & Sons at 99)4 & int. V. 118, p. 1135.
W e understand that $500,000 first mtge. bonds, Series “ B ,” were issued
to pay o ff the outstanding balance o f the East Oakland R y. first mtge. bonds
($299,000) and the Oakland & Hayward R y. Co. first mtge. bonds ($236,000). N o further particulars about the above additional bond issue were
on hand at press time.
Gen. & ref. mtge. bonds are red., all or in part, on any int. date on 60
days’ notice at par and int. plus a premium o f 2 % . In April 1924 Blyth,
Witter & Co. offered $1,118,000 gen. & ref. mtge. Ser. 1 5s at 78 & int.,
to yield 7.75% . V. 118, p. 1772.
The Key System Securities Co. coll, trust notes are guar, as to payment of
Interest only by the Key System Transit Co. and are secured by deposit of
$1,628,000 prior pref., $1,628,000 pref. and $250,000 com. stocks of that
company (not included in amounts outstanding), and $952,000 com. stock
included in the amount outstanding.
EARNING S.— For years ending Dec. 31 (prior to 1923 are for prede
cessor cos.):
"
Net (after
Other
Interest,
Balance,
Calendar '
Gross
Taxes).
Income
Ac. (Net). Sur. or Def.
Year—
Earnings.
$822,736
$621,527
1924________ $7,448,885 $1,310,203 $134,060
1,410,920
20,264
1,014,306 sur. 416,878
1923............... 7,357,432
1,437,188
23,322
1,054,617 sur. 405,893
1922________ 7,052,215
21,743 xl,726,049
sur.49,297
1921— ........... 6,994,473 x l,753,604
________
935,731 125,969
1,128,264
def.66,563
1920------------ 6,704,001
x Depreciation included in interest, &c., in 1921, while in other years
it is included in operating expenses.
OFFICERS.— Pres., C. O. G. Miller; V .-P .s., W . W . Garthwaite and
W . R . Alberger; Sec. & Treas., F. W . Frost; Asst, to Pres., O. C. Vargas;
Gen. M gr., Geo. H. Harris; Aud., Frank Smith.— V. 118, p. 1135, 1772,
2042, 2704, 2949; V. 119, p. 1282; V. 120, p. 1747, 2147.
PETALUMA & SANTA ROSA RAILROAD.
ORGANIZATION.— Incorporated in California on Aug. 23 1918 as suc
cessor to the Petaluma & Santa Rosa Ry. in accordance with reorganization
plan outlined in “ Electric Railway” Supplement of Sept. 29 1918.
FIELD OF OPERATIONS A N D C H A RACTER OF BUSINESS.—
Operates from Petaluma through Sebastopol to Santa Rosa, with branches
Sebastopol to Forestville and Liberty to Two Rocks. Miles road, 38.01;
sidings, &c., 9.89; total, 47.90. Connects at Petaluma with steamers for
San Francisco. Owns steamers “ Gold” and “ Petaluma.” Standard
gauge. 70-lb. T rails.
STOCK AND BONDS—• Date.
Interest. Outstanding. Maturity.
Com stock $1,000,000 ($100)_______
$770,700
Seetext
Pref cum $250,000 ($100)__________
6%
132,800
Seetext
1st mtge 25-yr $750,000 ($100) 1918 5 ^ g M - S
602,800 Sept 1 1943
& $1,000) gold________c&r/First Federal Trust Co., San Francisco, T r.
Stock.— The common stock is deposited with the First Federal Trust Co •
for 7 years under proxy agreement; pref. stockholders have the right to
elect a majority o f directors in case of non-payment of thei rdividends.
Preferred stock is redeemable at par.
Bonds.— Callable at 105 for sinking fund. $18,000 retired and $77,600
reacquired and held alive. The mtge. provides that earnings ordinarily
applicable to com. divs. shall be apportioned as follows
(1) I f earnings justify and conditions permit, a div. o f 2 % % shall be paid
on com. stock. (2) Amy amount remaining after such payment shall be
distributed 50% to common stockholders, 25% to a trust fund to retire
1st M . bonds, and 25% to retire preferred shares. Remaining unissued
bonds are reserved for constfuction. Int. payable in New York & San Fran.
Dividends.— On pref. stock are being paid regularly. 1% was paid on
the com. stock in 1919. In 1920, 1% ; in 1921, 1% ; in 1922, M ay, 1% ;
N ov., 1% ; in 1923. 3 % % . In 1924, 4 % . In 1925, 4 % .
EA R N ING S.— For years ending D ec. 31
Year— Gross.
Net.
Other Inc. Chgs.& Taxes. Bal., Sur.
$155,421
$113,676
$22,755
$64,500
1924 - - - . -$565,554
10,496
72,898
98,215
1923 . . . ___ 601,502
160,617
139,406
14,192
66,866
86.732
1922 . . . ____ 559,705
368 852 railway passengers carried in 1924, against 455,961 in 1923 •
249.176 tons freight in 1924, against 262,519 in 1923.
OFFICERS.— Pres. & Gen. M gr., E. H. Maggard; V .-P ., Thos. Maclay;
Treas., Geo. P. McNear; Sec., R . W . Wise; Aud., H. W . von Emster.—
V. 107, p. 697, 906, 1193, 1580, 1670.
FRESNO T R A CTIO N CO.
In 1910 Southern Pacific assumed control aud owns all the stock excep
directors’ shares.
ORGAN IZATION .— Incorp. in Cal. Sept. 22 1903. Leases the Fresno
City R y. Purchases power from San Joaquin Light & Power C o. In Jan
1922 the company was granted a 50-year franchise by the Fresno City Coun
cil. The ordinance gives the city the right to purchase the road at ten-year
Intervals, payment to be based on value of the property at time the option
is exercised. V. 114, p. 78. 2115: V. 115. p. 73.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.— A
trolley road. Mileage operated (incl. 8.14 miles leased from Fresno City
R y .), 45.013 miles. Also owns 8.51 miles of single-track operated by
Southern Pacific C o. Standard gauge, 75-lb. T rail. 31 electric motor
passenger, 3 work cars; 2 trailers and 1 electric locomotive.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $5,000,000 ($100)___________
_________ $5,000,000 -----------------First mortgage $5,000,000\ 1904
5 J-J
699,000 July 1 1944
($1,000) gold________ c .n tf/In t. at Union Trust C o., San Fran., Trustee.
Bona .— Fresno Trac. 1st M . bonds have a sinking fund commencing in
1909 o f $2,500 per annum for first 5 years and increasing $2,500 per annum
for each 5-year period thereafter to $17,500 per annum from 1939 to 1943.
EARNING S.— Including Fresno City R y.
Other
Interest,
Balance.
Calendar
Gross
Net (after
Income.
Rentals, &c.
Taxes).
D eficit.
Years— Earnings.
$10,013
$137,159
$61,553
def .$65,593
1923_____ ..$430,441
88,828
10,093
126,537
def. 27,617
1922_____ . . 428,386
54,937
11,224
121,986
def. 55,825
1921_____ -- 403,865
Latest Earnings.-—For 12 mos. ended Dec. 31 1925, gross, $366,699; net.
after taxes, def., $6,173.
OFFICERS.— Pres., W . F. Herrin, San Francisco; V .-P ., Paul Shoup
Sec. & Aud., H. A . Culloden, Los Angeles; Gen. M gr., F. W . W ebster;
Fresno; Treas., M . S. Wade, Los Angeles; Asst. Sec., G. L. King, San
Francisco— V. 107, p. 1192; V. 114, p. 78, 2115; V . 115, p.73; V . 116, p.2388
SAN DIEGO ELECTRIC RAILROAD.
ORGANIZATION, &c.— Vegan operation in 1892 and in March 1898
purchased Citizens’ Traction Co. at foreclosure sale. In 1905 sold its elec
tric power business to the United Light, Fuel & Power Co. V. 81, p . 559.
On Dec. 30 1920 Comm, sold the power house and plant to the San Diego
Cons. Gas & Elec. C o. Compare V. 112, p. 63. In 1908 purchased the
electric line of the Coronado R R . In 1909 acquired the South Park &
East Side R y. In Sept. 1922 the Calif. R R . Comm, approved the purchase
by the co. of the properties o f the Point Loma R R .; the co. to issue in
payment $100,000 capital stock at par and in addition to pay $30,000 in
cash. The Point Loma R R . was formerly operated by the co. under lease.
V . 115, p. 870, 2478. On Feb. 4 1924 the Calif. R R . Comm, approved the
purchase by the co. of the properties of the Bay Shore R R . C o.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
An electric railway transportation system, supplemented by motor coach
service. Owns and operates electric system in San Diego and vicinity
aggregating 95.394 miles of track, including 33.254 miles of second track
and 1.778 miles of sidings. Operates additional mileage in Chula Vista and
Coronado over 10.995 miles of track leased from the San Diego & Arizona
R y. Co. Standard gauge, 75-lb. and 93-lb. T rail and 114-lb. girder rail.
Owns 147 passenger, 28 construction and work cars and 33 freight cars,
also 10 passenger motor coaches.
In M ay 1925 the Calif. R R . Comm, authorized the company to issue
$2,948,000 common stock. V. 120, p. 2402.
Bus Operations.— See V. 116, p. 2390; V. 119, p. 326.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity
Stock $5,000,000__________________
_________ $4,298,700 ____________
Guar eq tr ctfs ser “ A ” ($500 i 1923 6 A-O
712,000
See text
and $1,000)________ - ___c*/F irst Trust & Savs. Bk., San Diego, Trustee.
Bonds.— The 6% equip, trust certificates, Series “ A ,” are guaranteed un
conditionally prin. and divs. jointly and severally by endorsement o f the
San Diego Electric R y. and J. D . and A . B . Spreckels Securities C o., the
latter of which is the owner o f the entire capital stock and funded obligations
of the former co. These ctfs. mature in annual installments Oct. 1 1925
to Oct. 1 1934, incl., are exempt from personal property tax in California.
Divs. payable at office o f trustee or at Anglo & London-Paris Nat. Bank,
San Francisco, Calif. V . 117, p. 2771.
EARNINGS.— For years end. Dec 31:
Year—
Gross. Net.aft.Taxes.
Oth. Inc. Deductions. Bal.Surp.
$162,298
$58,058
$314,003
$93,647
1924_________ $1,482,832
1923...................1,374,908
130,080
37,143
247,486 def. 80,262
1922................ 1,379.490
211,162
31,861
211,706
31,317
Oct., 1925.]
POWER, LIGHT AND RAILW AY
OFFICERS.— Chairman, John D . Spreckels; Pres., W . H. Hennam;
Sec., Fred G. Whitehead; Treas., Oscar de Bretteville; Gen. Counsel, Read
G. Dilworth; Aud., H. D. H u ff— V. 109, p. 1462, 2172; V. 112, p. 63; V.
113, p. 2186; V. 115, p. 870, 1211; V. 116, p. 2390, 2516; V. 117, p. 782,
1665, 2771; V. 118, p. 2706; V. 119, p. 326; V. 1-20, p. 2402.
CALIFORN IA STREET CABLE.
O R G A N IZA TIO N .— Chartered Feb. 8 1877. Annual meeting the third
Wednesday in January. Franchise expires in Feb. 1929.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Operates 11 miles o f track on 514 miles o f street.
STOCK AN D BONDS—
Date.
Interest. Outstanding
Maturity.
Stock (par $100)__________________
Monthly $1,000,000
See texi
{first mortgage $384,000 ($ l,-f 1915
6 g J-J
85,000
Serial!}
000) red 1st 5 yrs at 105,-iInt. at office of company. Union Trust Oc
thereafter at 103_________ l of San Francisco, Trustee.
Bonds — $384,000 bonds were issued to retire $900,000 bonds due Jan. J
1915 (of which $516,000 were in treasury, leaving $384,000 to be refunded)
The new bonds are due in 12 annual Installments beginning Jan. 1 1916 and
ending Jan. 1 1927 $299,000 have been retired. No. o f bonds which
matured in 1921, 30, the remainder mature successively thereafter, 32. 33
37. 39 and in 1927. 46
V. 99, p. 1831, 1672, 1596.
Dividends.— Were 50 cents monthly, but in Aug. 1902 were increased to
75 cents monthly, and in Nov. 1904 to 90 cents monthly. On account of
earthquake and fire, no dividends were paid from April 1906 to Sept. 1908,
when dividends were resumed at 50 cents per share up to M ay 1909, when
60c. per share was paid; same rate monthly since.
E A R N IN G S.— For years ending Dec. 31:
Surplus.
Year—
Gross. Net, after Taxes. Oth.Inc. Deductions.
$10,433
$147,225
1924 _______ $556,024
$128,889
$28,769
$10,169
$128,019
1923 ............. $559,341
$116,919
$21,269
13,791
125,797
1922 ............. 546,312
119,962
19,626
13,380
103.092
1921________ 547,054
97,759
18,713
OFFICERS.— Pres., Jas. W . Harris; V .-P ., A . H. Payson; 2d V .-P.,
S. Waldo Coleman; Sec., Geo. A. Hare; Treas., Wells Fargo Bank and
Union Trust Co. o f San Francisco; Aud., Chas. P. Stone; Supt., J. T .
McGhee. Office, 1061 Hyde St., San Francisco, C a lif— V. 99, p. 1831,
1616.
SACRAMENTO NORTHERN R AILROAD.
The Western Pacific R R . Corp. (see “ Railway and Industrial” Section)
in 1921 acquired about 99% of both stock and bonds of the company. In
July 1925 approved by Inter-State Commerce Commission July 8 1925.
V. 121, p. 460.
O R G A N IZA TIO N .— Incorp. in California on June 20 1918 as a reorgan
ization per plan in V. 104, p. 1489, o f the Northern Electric R y., bid in at
foreclosure sale on M ay 28 1918. V. 106, p. 2758; V. 107, p. 182; V. 109,
p. 2440.
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Total main line operated, 166.56; other tracks, 49.56; total, 216.12. Con
nects Chico, Oroville, Marysville, Sacramento, Yuba City, Colusa, Meridian
and Woodland. Also connects Suisun and Vacaville in Solano County.
Gauge, 4 ft. 8)4 in. Rail, 60 and 70 lb. T.
Western Pacific's Offer to Acquire Road, &c.— For terms of offer see
“ Electric Railway” Supplement o f April 26 1924.
Over 98% o f the company’s stock has been deposited under this offer.
V. 112, p. 1400. See also V. 112, p. 2414; V. 118, p. 552; V. 121, p. 460.
Fares.— See V. 116, p. 2994.
Capitalization.— The authorized capitalization of the co. is as follows:
First pref. (a. & d.) stock, 6% non-cumulative (par $100)-----------$1,902,200
Second pref. (a. & d.) stock, 6% non-cumulative (par $100)------957,800
Common stock (par $100)_____________________________________ 2,340,000
1st M . 5 % 20-year bonds, all on equal footing except as to interest
payments. Dated July 1 1917. Denom. $1,000, $500 and
$100; interest payable semi-annually. Total $5,500,000, viz.;
Class “ A ” bonds, call, at 102, a fixed charge from July 1 1917-_$2,012,400
Class “ B ” bonds, call, at par, a fixed charge from July 1 1919 - 951,200
♦Class “ C ” bonds, call, at par, a fixed charge from July 1 1922. 1,268,200
♦Class “ D ” bonds, call, at par, a fixed charge from July 1 1927. 1,268,200
* Prior to dates named, “ C ” and “ D "bonds will receive interest only to
extent of net earnings.
A sufficient number of Class “ A ” bonds was sold to provide for purposes
necessary to the reorganization plan.
Voting Trust.— All of the capital stock is deposited with the Union Trust
Co. of San Francisco under a voting trust agreement, such trust to continue
until all the bonds of the new corporation shall be paying the full fixed
interest of 5% per year, but not longer than July 1 1927. See V. 104, p.
1489.
EARN ING S.— For years ending Dec. 31:
Calendar
Gross
Net, after
Other
Interest,
Balance,
Yrs.— Revenue.
Tax & Depr. Income.
<
fee.
Sur. or Def.
$14,852
$31,537
$257,238 def.$210,849
1924 ____ $1,403,281
145,488
37,124
262,173
def. 79,561
1923 ____ 1,592,247
149,125
25,743
224,899
def. 50,030
1922 ____ 1,608,301
1WOFFICERS.— Pres., George F. Detrick; V.-Ps., Sidney M . Ehrman,
Emery Oliver and Carl Taylor; Sec. & Treas., J. R. Parke.— V. 114, p.
2360; V. 116, p. 2994; V. 117, p. 209; V. 118, p. 552; V. 121, p. 460.
PENINSULAR R A IL W A Y .
Entire stock, except directors’ shares, is owned by Southern Pacific Co.
ORGAN IZATION .— Incorporated in California June 30 1909 as a con
solidation o f various electric railways in wliich the Southern Pacific is inter
ested, namely, the Peninsular R R ., Santa Clara Inter-Urgan R R . (V. 83,
p. 380; V. 87, p. 545), and the San Jose-Los Gatos Interurban Ry. (V. 76,
p. 1409; V. 89, p. 104.)
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Operates 65.420 miles of first main track, 9.648 miles second track and 5.699
miles of sidings, turnouts, &c.; total, 80.767 miles. Also owns 16.27 miles
first main track, leased to Southern Pacific C o., and 1.26 miles main track
operated by San Jose Railroads. Serves San Jose, Saratoga, Los Gatos,
Campbell, Cupertino, Monta Vista, Mayfield and Palo Alto, all in Santa
Clara County. Standard gauge. 60 and 70-lb., mostly T rail. 41 electric
motor cars (incl. 2 express and 6 w ork), 2 trail cars and 1 electric locomotive.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $12,000,000 ($100)__________
_________ $12,000,000 ---------------San Jose-Los Gatos Inter 1st f 1903
5 M -N 21
500,000 M ay 21 192
mortgage $2,000,000 ($500/Interest at Central Trust C o., San Fran& $1,000)_____________c * tf[ cisco, Trustee.
Bonds.— A sinking fund o f 2% of net earnings, but not less than $10,000
per annum, began Jan. 1 1905EA R N IN G S.— For year ending Dec. 31:
Calendar
Gross
Net (after
Other
Interest,
Balance,
Year—
Earnings.
Taxes).
Income. Rents,&c.
Deficit.
1923______ _____ .$311,712 def$16,896 $40,294 $401,135 def$377,737
def20,233
38,615
378,641
def360,258
1922_____________ 328,205
1921..................
344,302 defl8,120
35,968
380,384
362,536
1920................
354.417 16.878
34.048
334.643
323.717
Latest Earnings.—’For 12 mos. ended Dec. 31 1924, gross, $273,165; net
after taxes, deficit, $81,706.
OFFICERS.— Fres., Paul Shoup, San Francisco; Sec. & Aud., H. A.
Oulloden, Los Angeles; Treas., M . S. Wade, Los Angeles; Asst. Sec.. G. L.
King, San Francisco.— V. 114, p. 2241; V. 116, p. 516; V. 118, p. 1912.
SAN FRANCISCO NAPA & CALISTOGA R AILW AY.
O R G A N IZA TIO N .— Incorp. N ov. 10 1911 in California as successor to
the San Fran. Vallejo & Napa Valley R R ., sold at foreclosure on Oct. 30
1911. V. 93, p. 1535. Also acquired the Vallejo Benicia & Napa Valley
R R . Has a 20-year traffic agreement with Monticello SS. C o., providing
for daily schedule of at least six round trips between Vallejo and San Fran.
Purchases power from Great Western Power Co. under contract. Franchise
runs to 1952 or later.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS —
Comprises 46 miles o f track, extending from Vallejo to Napa, to Calistoga.
of which 30 miles on private right-of-way, 12.39 miles on streets or high
ways and 3.32 miles sidings; standard gauge. Owns 37 acres of land,
including water front in Vallejo. Commenced operation o f freight service
211
into Mare Island Navy Yard Sept. 20 1920 over a branch of 3,900 feet
additional main line and over Mare Island Government Causeway and
Transfer Yard on Mare Island, the latter having a capacity of 75 cars.
All transcontinental freight will hereafter move over this route for Mare
Island. In 1920 completed a 75-car interchange yard at Napa Junction,
7 miles from Mare Island, where freight for the Navy Yard will be inter
changed with the S. P. Co.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $2,000,000_______________________ _____
$731,700 ..................
let M $1,000,000 gold ($100f 1911
6 J-D
486,000 Dec 1 1936
$500 & $1,000) callable at( Int. at Mercantile Tr. C o ., San Fran., Trus.,
105 & lnt. on any int day c* i or at office of E. H. Rollins & Sons, N. Y .
Debentures— unsecured *non-l 1911
5%
599,100
Dec 1 1936
foreclosable $610,000_____I
Bonds.—>$40,200 first mtge. bonds are-held in treasury, $ 106,800 are in
sinking fund and remainder are reserved for additions and extensions at
75% of cost under certain restrictions. Annual sinking fund of 1 % of bonds
out began in 1914. V. 93, p. 1535.
$10,900 5% debentures are held in treasury.
E A R N IN G S.— For years ending Dec. 31:
Calendar Year—
Gross.
Net (aft.tax). Int.,&c.
Surplus.
1924.___________________ $297,416
$70,508
$75,788
def.$5,280
1923____________________ 316,410
106,131
80,392
25,739
1922________________
306,134 88,872
67,361
21,511
OFFICERS.— Pres., Jas. Irvine, San Fran.; Sec. & Treas., E. M . Price.
San Fran.; V.-P. & Gen. M gr., O. E. Brown, Napa.— V. 119. p. 1734.
SAN JOSE RAILROADS.
Southern Pacific Co. owns entire stock except directors’ shares.
ORGA N IZA TIO N .—-Incorp. in California Dec. 23 1909 as successor to
San Jose Ry. Co. V. 90, p. 1297. Properties of San Jose & Santa Clara
County R R . Co. purchased by San Jose RRs. M ar. 15 1912.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
A trolley road. Owns 24.79 miles first track, 11.75 miles second track, 2.02
miles sidings and turnouts; total, 38.56 miles; serving cities of San Jose and
Santa Clara and country adjacent thereto. Standard gauge. 46 electric
motor and 13 trailer cars; 3 automobiles for passenger service.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $5,000,000 ($100)___________
_________ $5,000,000 ____________
1st mortgage $1,500,000 gold! 1910
5 g J-J
1,361,000 Jan 1 1955
($1,000) sinking f u n d --- -t fj Int. at Mercantile Trust C o., S. F., Trustee.
San Jose & Santa Clara Co f 1906
A-O
1,152,000 April 1 1946
R R 1st & ref M $1,500,000-1 Int. at Union Trust C o., San Fran., Trustee.
($1,000) gold________ c * tfl
Bonds.— The San Jose & Santa Clara Co. R R . bonds are subject to cal'
at 110 and int. Sinking fund of 1 % of outstanding bonds began Apr. 1 1911.
First M . bonds are subject to following sinking fund provisions: Jan. 1 1915
to 1939, incl., $10,000 per year; 1940-44, incl., $20,000 per year; 1945-49,
$30,000 per year; 1950-54, $40,000 per year; or these bonds may be deliv
ered to trustee in lieu thereof.
EARN ING S.— For years ending Dec. 31:
Year—Gross.
Net.
Other Inc. Int.,Rent,&c. Bal., Deficit.
$45,526
$2,209
$222,133
def.$174,398
1923________$419,749
1922_______ 430,119
82,973
2,100
214,223
def. 129,150
53,706 •
1,649
206,644
def. 151,289
1921_______ 410,772
Latest Earnings .— For 12 mos. ended Dec. 31 1924, gross, $390,641; net,
after taxes, $29,334.
OFFICERS.— Pres., W m. F. Herrin; V .-P ., Paul Shoup; Sec. & Aud.,
H. A. Culloden; Asst. Sec., G. L. King; Treas., M . S. W ade.—V. 90, p.
1297; V. 92, p. 1033; V. 104, p. 560; V. 107, p. 604.
C E N T R A L CALIFORNIA T R A C T I O N
CO.
O RGAN IZATION .— Organized in California in Aug. 1905 to construcan interurban system of electric roads for passengers and freight in the cen
tral valleys of California. Road operates over private right-of-way,
except in the cities. Franchises in all the cities of the system run for 50
years. An additional freight and passenger franchise was awarded com
pany in M ay 1909 for City of Sacramento. An assessment of $5 a share
was called for payment Feb. 20 1908. V. 86, p. 667. In Jan. 1918 another
assessment of $5 per share was levied on both classes of stock, delinquent
Feb. 25 1918, to provide additional equipment, improve trackage and
restore the company’s credit by reducing floating debt. The necessity for
this action was ascribed to years of unprofitable operation due to jitney
competition, which is now regulated. See V. 106, p. 497.
In Aug. 1925 the Southern Pacific Co. applied to the I.-S. C. Commission
for authority to acquire control of the company by exchange o f stocks and
bonds. For particulars see V. 121, p. 1099.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
An electric road. Operates in the city of Stockton and an interurban line
from Stockton through Lodi to Sacramento. Total track operated, 70.8
miles. Has operating agreement with Tidewater Southern R y ., whereby
the two lines are operated as one system. Company carries American Rail
way express matter.
Lease.— The Cal. R R . Comm, in March 1915 authorized the company to
lease its lines in Stockton to the Stockton Elec. R R . at a rental of $12,500
a year for first 3 years, and $15,000 yearly for next 35 yrs. V. 100, p. 1167.
Operating Agreement.— Early in 1916 entered into an agreement With the
Tidewater Southern Ry. providing for the joint operation of the two lines
as one system. The separate corporate existence of each, however, is to
be maintained. V. 102, p. 1250.
Plan to Reduce Interest, &c.— In 1917 holders of the 1st M . 5s signed an
agreement reducing the int. rate from 5% to 2% for the years 1917, 1918
and 1919 and waiving default in int. and also the sinking fund provision.
Compare V. 106, p. 497. Another agreement under same conditions
expired Oct. 1 1922. A new agreement has been made whereby bond
holders agree to accept 2 14% instead of 5% for 1923, 1924 and 1925.
STOCK AND BONDS—- Date.
Interest. Outstanding. Maturity.
Common $3,000,000 ($100)_ _____
_
_________
$290,300 ---------------Pref $1,000,000($100)6% cum ______
_________
792,800 _______ .First mortgage $1,500,000/ 1906
5 g A-O
1,471,000 April 1 1936
($1,000) gold sink fund. _tf\Int. at Union Trust Co. of San Fran., Trust.
Stock.— $2,928,000 com. stock was issued, but in 1923 this was reduced
to $1,083,100, due to assessment of $5 per share. Delinquents sold out and
bid in by company.
Bonas.— Sinking fund on first mortgage bonds has been modified so
as to provide $15,000 per year for 8 years commencing 1924, $30,000 for
the next two years and $340,000 for 1 year. Bonds are red. on any int
day at 105 and int. on 60 days’ notice.
EARNINGS.— For the 12 mos. ending Dec. 31:
Gross. Net, after Taxes. Int.,&c. Bal., Surp.
1924_______ _______ _______ $613,626
$73,970
______
______
1923__________________ ____ 632.091
102,803
69,366
33.437
1922______________________ 585,283
108,053
68.436
39.617
OFFICERS.— Pres., H. Fleishhacker; V.-Ps., M . Fleishhacker, Geo. W.
Peltier and A. Anderson; Sec. & Treas., A. N . Baldwin; Gen. M gr., F. W.
Webster. Office, 9 Main St., San Francisco.— V. 107, p. 401; V. 121, p.
1099.
STOCKTON ELECTRIC RAILR O A D .
ORGAN IZATION .— Incorp. Dec. 29 1891 in California. Southern Pac.
Co. owns the entire $500,000 stock except directors’ shares. No bonds
outstanding.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Operates 25.51 miles of track. Standard gauge. 29 cars.
Lease.— For lease of the Central California Traction C o.’s lines in Stockton, see that company above.
EARNINGS.— For years ending Dec. 31:
Year—
Gross.
Net.
Other Inc.
Rents, &c. Bal., Sur.
1923
$335,484
$31,072
$4,161
$7,001
$28,232
1922
342,368
49,143
2,324
7,050
44,417
19 21_____ 346,596
42,151
4,604
9,154
37,601
Latest Earnings.—-For 12 mos. ended Dec. 31 1924, gross, $311,931; net,
after taxes, $26,370.
OFFICERS.— Pres., Paul Shoup; Sec. & Aud., H. A. Culloden; Treas.,
M . S. Wade: Asst. Sec., G. L. King. Office, Ins Angeles, Cal.— V. 76,
p. 159; V. 100, p. 643. 902; V. 102. p. 1626; V. 108, p. 80; V. 111. p. 1370. ,
2 12
PUBLIC UTILITIES
TID E W ATE R SOUTHERN R A ILW AY CO.
ORGAN IZATION .— Incorp. in California on Mar. 11 1912, succeeding
the Tidewater & Southern R R . (V. 93, p. 1790) and Ridewater & Southern
Transit Ry.
FIE LD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
Line completed and in operation Stockton to Hilmar, 52.1 miles; also
branch line Manteca Junction to Manteca, 6.6 miles, and Hatch to Turlock,
6.5 miles. Total mileage operated, 65.2 miles.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $4,750,000-------------- -----------------$1,178,902 __________
First mortgage $4,000,000/ 1912
5 g A-015
466,500 Apr 15 1942
gold $500 and $1,000) _-tf/U n ion Trust Co., San Francisco, trustee.
Bonds.— First mtge. bonds are subject to call af 103 on 30 days’ notice.
Sinking fund 2% o f bonds out Oct. 15 1916 to Oct. 15 1921, and 3% of bonds
out Oct. 15 1921 to Oct. 15 1941, which will retire bonds at maturity.
EA R N IN G S.— For 12 mos. ended Dec. 31—
1924.
1923.
Gross------------------- -------- ----------- -------- --------------------.$239,341
$242,668
Net, after taxes------------------------------------------------------- 37,665
41,386
OFFICERS.— Pres. & Treas., Chas. Elsey; V .-P ., B. A. Bearce; Sec.,
W . G. Bruen.— V. 102, p. 1250; V. 103, p. 1793; V. 104, p. 164, 665;
V. 106. p. 1345; V. 107, p. 1580; V. 112, p. 1400.
OREGON
PORTLAND ELECTRIC POWER CO.
ORGANIZATION.— Incorp. in Oregon June 29 1906. Was formerly
known as the Portland R y., Light & Power Co., but name was changed to
present title in April 1924. Controls througl stock ownership the Wil
lamette Valley Southern R y. Co. and Yamhill Electric Co.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Supplies electric light and power in Portland and nearly 40 other communi
ties in western Oregon. Does the gas business in Salem and operates city
and interurban railway lines in Portland and adjacent territory. Operates a
total of 343.9 m. of single track (of which 297.6 m. owned, 35 m. controlled
through stock ownership and 11.03 m. owned by outside interests). Owns
637 passenger cars, 482 freight and miscell. cars and 9 locomotives. Also
operates buses. Water power plants have a capacity of 53,130 k. w.; steam
plants, 32,500 k.w. capacity. Total capacity, 85,630 k.w. Work now under
way on development on Clackamas River which will have an ultimate capac
ity of 80,000 k.w., initial capacity, 20,000 k.w V. 113, p. 2722. Has 486
miles of high-tension and distribution lines. Owns a 9-story fireproof build
ing in business centre of Portland used for its offices, the only park and
amusement resort near Portland; also real estate in Portland suitable for
terminals. Railway franchises in Portland expire in 1932 and 1933. In Aug.
1923 a new 50-year franchise was granted the co. by the city of Vancouver,
Wash. V. 117, p. 782. Light and power franchises in Portland and Salem
are perpetual; in Vancouver they expire in 1927. Has franchise to carry
freight in Oregon City, expiring in 1926. In Dec. 1916 obtained a franchise
to operate over the new bridge connecting Portland, Ore., and Vancouver,
Wash. One-half the profits are to go to Clark and Multnomah Counties,
by whom the bridge was built. The company’s transmission lines and a
large part of the interurban railway are on private right-of-way.
Population served, 375,000.
Favorable Decision.— Judge Harris in the Supreme Court at Salem in M ay
1916 held void the ordinance requiring a tax of 3% on gross earnings V. 96,
p. 1157). V. 102, p. 1718.
Valuation.— The Oregon P. U. Comm, on April 30 1917 placed the valua
tion o f the company’s property as of Dec. 31 1916 for rate-making purposes
at $46,862,972, or about $14,000,000 less than the company’s valuation.
See V. 104, p. 1900, and compare V. 103, p. 61. See also V. 118, p. 2573.
Preferred Stockholders Win Suit.— Action of directors in declaring a special
div. on the 2d pref. (non-cumulative) stock, payable out of earnings for the
years 1920, 1921, 1923, previously withheld, upheld. See V. 121, p. 460.
New Bus and Car Lines.— The City Council of Portland approved in
July 1925 two franchises for bus and car lines. V. 121, p. 460.
Franchises Approved.— The City Council of Portland, Ore., granted the
company on Sept. 16 1925 two franchises, one for bus lines and the other
for construction o f street car lines. Both franchises, like most of the other
fraiichises of the co., expire in 1932. V_. 121, p. 1570.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $25,000,000 $ 1 0 0 ) - . ____
Q-M /$15,000,0001
See text
1 75% paid /
Prior pref cum $ 1 0 ,0 0 0 ,0 0 0 -..____
7 Q-J
6.705,100 Oct ’251 H
1st pref $10,000,000cum($100).____
6%
6,250,000 O c t'25 I K
1st preferred 7 .2 % ___________ _____
7.2%
326,400 __________
2d pref do non-cum ($ 1 0 0 )____
6%
5,000,000 Sept’25 1K
Portland R y, Lt & Pow 1st & f 1912
5 g F-A
12,058,300 Feb 1 1942
ref mtge $75,000,000 gold\Int. at Fidelity Tr. Co., Phila., trustee; Lee,
see text)------------ c*&r*.tf I Higginson & Co., Boston; Higginson&Co.,
l London, Eng., and Columbia T r.C o.,N .Y .
First lien & ref mtge Ser “ A ” / 1921 7K g M ’N
4,400,000 M ay 1 1946
Series “ B " ----------------------- { 1922 6 g M -N
11,865 600 M ay 1 1947
($500, $1,000, $5,000) goldi Interest at National City Bank, New York,
c * & r.tf/ trustee.
Ser notes $2,000,000 $1,000./ 1919 7 g J-D
1,0000,00 See text
$5,000 & $10,000) g o ld .c.tf/In t. at Guaranty Trust Co., N. Y ., trustee.
5-year notes ($100, $500 and/ 1921
8 g M-S 1 1,117,100 Mar 1 1926
$1,000) gold----------------c&r/Title & Trust Co., Portland. Ore., trustee.
General mortgage----------------- 1918
6%
See text
__________
Portland R y first & refunding f 1905
5 g M -N
6,666,000 N ov 11930
mortgage $10,000,000 gold /Interest at office o f Redmond & C o., N . Y .
($1,000) sinking fu n d .c*.tf
New York Trust Co., trustee.
City & Sub cons (now 1st) M .1900
4 g J-D
1,290,000 June 1 1930
($1,000) gold (closed).c.cpt/lnt. at Secur. Sav. & Tr. Co., Port’d,trustee.
Portland Gen Elec first m tge/ 1905
5 g J-J
7,215,000 July 1 1935
(see text) gold ($1,000) c*tf /Interest at Harris, Forbes & Co., New York.
M t. Hood R y & Pow 1st m tge/ 1907
5 g J-J
See text
Jan 2 1937
$6,000,000g($l,0 00)sf.c*.n tf /Union Trust Co., San Francisco, trustee.
William Vail So R y 1st M .n t f f 1914
6 g F-A
687,200 Feb 1 1939
$3,000,000 ($100, $500 and/lnt. at Cont. & Comm. Tr. & S. B k., Chic.,
$1,000) gup, i & s f_ _ c * .n tf( trustee, or in Port, or 1st Nat. Bk., N. Y .
We specialize in the securities of
and invite inquiries concerning
Portland
Electric PowerCompany
e m .e ia r k s e o .
Members
Philadelphia
Slock
Exchange
Bankers
Estalished 1837
P H IL A D E L P H IA
Members
Ne? Y.ork
Stock
Exchange
N EW Y O R K TELEPHONE RECTOR 9250
PH ILA DE LPH IA TELEPHONE LOM BARD 4200
[V ol. 121,
Stock.— The stockholders on M ay 14 1915 approved the plan by which
they surrendered 20% of their holdings in the then existing stock v$25,000,000, 75% paid), paying at the same time $25 in cash for each share so
surrendered, and received therefor pref. stock, share for share, one-half
v$2,500,000) 6% cum. fifst pref. and the other half 6% non-cum. 2d pref.
The $5,000,000 stock surrendered in connection with the plan was can
celed. Stockholders of record Feb. 1 1917 were given an opportunity to
convert a further $5,000,000 common into 1st and 2d pref. stock on the
same terms, which was accordingly done. The first pref. stock issued in
1915 is cumulative from Jan. 1 1916; that issued in 1917 is cumulative from
April 1 1917 and will receive no divs. until all accumulations on the first
$2.500,000 shall have been paid; thereafter all first pref. stock will be treated
alike. V. 104, p. 1146. (See also V. 91, p . 1328; V. 95, p. 1274). 2d
pref. stock is non-cum. Com. is listed on the Boston, Columbus and
Louisville stock exchanges. V. 116, p. 1533. Preferred stocks are preferred
as to divs. and assets and red. at par. Prior pref. series “ A ” red. as a whole
at 105 and divs. on any div. date on 60 days’ notice. In July 1924 National
City Co. offered $1,000,000 7% cum. prior pref. series “ A ” at 98 K and div.,
to yield 7.10% . V. 119, p. 199.
Bonds.— Of the remaining Portland R y., Light & Power 1st & ref. M . 5s
unissued, $17,813,000 are reserved for prior liens and $33,376,000 are for
additions, improvements, &c. Denominations: Coupon bonds, $1,000,
$500 and $100; registered bonds, $1,000, $5,000, $10,000 and $50,000.
Principal and interest also payable in sterling, francs or guilders at fixed
rates of exchange. Callable as a whole at 105 and int. since Feb. 1 1922
on sixty days’ notice. Cumulative sinking fund 1% annually 1915 to
1926, incl.; 1 K % 1927 to 1941, incl., on total amount issued. Bonds in
sinking fund to be kept alive and int. added to fund. Convertible at any
time at holder’s option into capital stock at a price equal to the amount
paid in on such stock, plus $10 premium per $100 share. See V. 94, p. 631.
Bonds are listed on New York Stock Exchange: $15,952,000 are pledged un
der first lien & ref. mtge. and $3,657,500 are held in sinking fund. Addi
tional first lien & ref. mtge. bonds may be issued in different series under
certain restrictions. Denom. $500 & $1,000 c*; $1,000, $5,000 and multiples
o f $5,000 r*. Are secured by pledge of $15,952,000 first & ref. mtge. 5s. A
sinking fund requiring cash payments of at least $225,000 semi-ann. began
Sept. 1 1921. Series “ A ” bonds are red. all or in part on any int. date on
30 days’ notice after M ay 1 1931 at 105 and int. to M ay 1 1941; thereafter
at 103 and int. Series “ B ” are red., all or in part, on any int. date on
30 days’ notice at 105 & int. to and incl. M ay 1 1942 and at 102K thereafter
but prior to maturity. $230,800 1st lien & ref. ser. “ B ” are held in treasury.
In May 1924 National City Co. and Halsey, Stuart & C o., Inc., offered
$3,500,000 1st lien & ref. mtge. 6% bonds ser. “ B ” at 94 and int., to yield
over 6 K % . V. 118, p. 2573. In Sept. 1925 they offered $500,000 Series
“ B ” at 99 and int., to yield 6.08% . V. 121, p. 1463. Pennsylvania 4-mill
tax refunded. V. 112, p. 2084.
Portland Railway. Light & Power 5-year notes due March 1 1926 are
callable as a whole but not in part on any interest date as follows: Sept. 1
1924 or March 1 1925, 101; Sept. 1 1925, 100K. V. 112, p. 1399. Red.
only as a whole on any int. date at par and int. on 60 days notice.
The Portland R y. 1st & ref. M . has been closed at $8,523,000. A sinking
fund began in 1907; the amount was $25,000 per annum (payable Nov. 1)
from 1907 to 1909 incl.; $40,000 per annum from 1910 to 1919 incl., and $60,000 per annum from 1920 to maturity of bonds; these payments are based on
an original amount outstanding of $5,982,000 [but see V. 113, p. 533], in
creasing proportionately as additional bonds were issued; said funds to be
invested in the bonds at not more than 105 and int., at which price bonds
can be called for the purpose. Bonds are to be kept alive and bear interest.
Red. at 105 and int. on any int. date upon 60 days’ notice. $1,492,000
are in sinking fund. See V. 81, p. 1437. The bonds are listed on the New
York, Louisville and Phila. stock exchanges. V. 82, p. 806 V. 83, p. 1471.
The authorized amount of Portland General Electric Co. mortgage was
originally for $10,000,000, but mortgage has been closed at $8,000,000.
$637,000 retired by sinking fund. Bonds are subject to call as a whole at
107 K and interest on four weeks’ notice. A sinking fund o f 1 % per annum
of bonds out commenced M ay 1 1915. Bankers Trust Co., New York,
trustee. They are listed on the New York Stock Exchange. V. 92, p. 1437.
$5,000,000 of M t. Hood R y. & Power bonds are deposited as collateral
under Portland R y., Light & Power notes. Sinking fund began Jan. 1912,
1% to Jan. 1916 incl.; 1
1917 to 1921; 1 K % 1922 to 1926; 1% % 1927
to 1931; 2% 1932 to 1938.
Willamette Valley Southern 1st M . bonds are unconditionally guaranteed
v to principal, interest and sinking fund) by Portland R y., Light & Power
as
Co. Remaining $2,250,000 issuable only under certain restrictions. Sink
ing fund of 1% of bonds outstanding 1917 to 1923; 1 K % 1924 to 1931,
and 2% 1932 to 1938. $45,200 retired by sinking fund. Company agrees
to refund 1% of income tax. Redeemab.e at 103 and int. on any int. date
on 60 days’ notice. V. 98, p. 1001; V. 100, p. 57.
Dividends.— On prior pref. an initial quar. div. was paid In July 1922.
In Oct. 1922 l% % paid. Same rate quar. since to and incl. Oct. 1925.
An initial div. of 7K % on the 1st pref. stock was paid in July 1921, covering
accumulated divs. on that issue from Jan. 1 1916 to April 1 1917. V. 112,
p. 2643. On Oct. 1 1921 a cash div. on 2% was paid on the 1st pref.,
together with a stock div. of 25% (payable in 1st pref. stock) on account
of accumulated divs. In 1922, July, 1 H % ; Oct., 1K % . and same rate
quar. since to and incl. Oct. 1925. On 2d pref. an initial div. o f 1 K %
was paid in Dec. 1923. Divs. at same rate paid regularly quar. since.
On old com. quar. div. o f 1 % paid July, 1K % : O ct., 1K % • No divs. have
been paid on the 2d pref. stock, which, however, is non-cumulative. On
old com. quar. div. of 1% paid from Sept. 1909 to Jan. 1910, incl. Initial
div.— $1 on new stock as adjusted per plan V. 9 l, p. 1328, was paid M ar. 1
1911; same amount quar. to and incl. Sept. 1912; Dec. 1912, $1)4.
In 1913, Mar., June and Sept., $1)4 each. In Dec. rate was reduced and
$1 was paid (see V. 97, p. 1824). In 1914, March, $1; June, $1. None
since.
EARNINGS.—'For years ending Dec. 31;
Calendar
Gross
Exp., Depr.
Net
Interest,
Balance,
Year—
Earnings.
and Taxes. Earnings.
&c.
Surplus.
1924______ $10,841,618 $7,249,021 $3,592,597 $2,247,598 $1,344,999
1923______ 10,825,380 7,368,394
3,456,986
2,066,823
1,390,163
1922.......... 10,120,898
7,038,642
3,082,256
2,126,892
955,364
1921_______
9,922,242 6,992,326
2,929,916
2,107,733
822,183
OFFICERS.— Pres., Franklin T . Griffith; V.-Ps., F. I. Fuller, Portland
O. B. Coldwell, Portland; E. W . Clark and H. L. Clark, Phila.; Sec. and
Treas., G. L. Estabrook, Phila.: Asst. Sec. and Asst. Treas.. R . W . Shep
herd; Asst. Sec. & Asst. Treas., W . L. Lamont.— V. 116, p. 2406, 2994; V.
117, p. 782, 1463, 1664, 1886, 1993, 2111, 2654: V. 118, p. 665, 795, 1666,
1774. 2180, 2573; V . 119, p. 199, 2288, 2879; V . 120, p. 705, 1587, 2402;
V . 121, p. 460, 587, 1463.
OREGON ELECTRIC RAILW AY .
Spokane Portland & Seattle R y. owns entire common stock.
ORGANIZATION.— Incorp. in Oregon on M ay 14 1906.
FIELD OF OPERATIONS AND C H A R A C TE R OF BUSINESS.—
Does no street railway business. Operates Portland to Eugene, 122.33
miles; Garden Home to Forest Grove, 19.45 miles; West Woodburn to W oodburn, 2.31 miles; Gray to Corvallis, 5.20 miles; Orenco to Bowers Junction,
5.05 miles; trackage rights, 1.70 miles; total miles of road, 156.04 miles;
2d track, 7.87 miles; sidings, turnouts, &c., 39.66; total trackage, 203.57
miles. Standard gauge. 70-lb. T rail. Principally on private right-ofway. Has a contract for power (extending to 1938, with privilege of re
newal for 25 years) with Portland Electric Power Co.
Interest Payment Delayed.— Interest due M ay 1 1923 on the 1st mtge.
5% bonds was not paid until June 1 1923. V. 116. p. 2516. Compare
V. 116, p. 2007. N ov. 1 1923 int. has been paid. V . 118, p. 311. Sub
sequent interest paid when due.
Date.
Interest. Outstanding. Maturity.
STOCK AND BONDS—
Common $5,000.000 ($100) —
$1,950,000 __________
6 f -a "
Pref $5,000,000 ($100) 6% cum m i
200.000 In 1914, 6%
Deferred stock $400,000 ($100)
380.000 __________
5 g 'M -N
First mortgage $10,000,000/ 1908
2,000,000 M ay 1 1933
($1,000) gold______c*& r.tf/Int. at Irving Bk.-Col. Tr. Co., N . Y ., trust
Bonds.—-$8,000,000 remaining bonds reserved for permanent extensions
and improvements at 80% of cost. Bonds are subject to call as a whole
or in part at 107 and interest on any interest day.
Dividends.— On pref. in 1911, 1912, 1913 and 1914, 6% . None since.
EARNINGS.— For calendar years:
Year—
Gross.
Net, aft. Tax. Other Inc. Int., cfee. Deficit.
1924 ______ $1,056,259 def.$232,620
$1,564
$592,760
$823,816
1923 ______ 1,089,696
def.184,292
5,980
576,211
754,514
1922 ........... 1,139,285
def.140,525
6,834
570,291
703,982
Oct., 1925.]
POWER, LIGHT AND RAILW AY
OFFICERS.— Pres., W . F. Turner; Sec. & Compt., R obt. Crosbie;
Treas., John E . Mang; Gen. M gr., A . J. Davidson.— V. 114, p. 2013;
V. 116, p. 2007, 2516; V. 117, p. 2543; V. 118, p. 311.
213
fund. The cash remainder will be applied to purchase 1st & ref. mtge.
bonds o f any series, at not exceeding par and int., or if bonds not so pur
chasable, to the cost of the value or additions to the mortgaged property
or reduction of bonded debt. Are red. on any int. date on 30 days’ notice
prior to and incl. June 1 1929 at 105; thereafter decreasing M % annually
to 100 on Dec. 1 1948. Int. payable in Boston, New York and Chicago.
PORTLAND EUGENE & EASTERN R A IL W A Y .
In June 1924 Lee, Higginson & C o., Harris, Forbes & Co. and Estabrook
In April 1915 was absorbed by the Southern Pacific Co. See our “ Rail & Co. offered at 96M and int., yielding about 5M % , $20,000,000 1st & ref.
way and Industrial” Section.
mtge. 5H % bonds, ser. “ A .” V. 118, p. 2950. $5,000,000 additional
were offered by the same bankers in Sept. 1924 at 97 and int.. to yield
about 5.70% . V . 119, p. 1396. In M ay 1925 they offered $3,500,000 at
100 and int. V. 120, p. 2817.
Seattle Electric Co.— Sinking Fund.-— On 1st M ., 1 % of bonds outstanding;
$2,269,000 bonds were held by the trustees not canceled Feb. 28 1925; call
able as a whole or in part for sink, fund on any int. date at 110 & int. The
consol. & ref. mtge. bonds can be called in amounts not less than $500,000,
and in smaller amounts for sink, fund purposesat 105 & int. on any int. date.
Sinking fund of 1 % per annum started Oct. 1 1909; $1,504,000 of the bonds
were held by trustee for sinking fund Feb. 28 1924, $1,388,000 are canceled
PUGET SOUND POWER & LIG H T CO.
and $5,665,000 reserved to retire underlying bonds. V. 85, p. 222; V. 92,
ORGAN IZATION .— Was formerly known as the Puget Sound Traction, p. 189. Both mortgages are closed.
Light & Power Co. Name changed to present title early in 1920. Incorp.
Puget Sound Power Co.— Mortgage is closed. Both prin. and int., as wel*
Jan. 2 1912 in Maine per plan in V. 94, p. 124 (re-incorp. in Mass, on July 9
1912), and has purchased and consolidated the properties formerly owned as sinking fund payments, are guar, by the Seattle Electric Co. Can be ex
by the Seattle Electric C o., Pacific Coast Power Co., Puget Sound Power changed for Seattle Electric consol, and ref. 5% bonds, par for par. A
Co., Seattle-Tacoma Power Co. and Whatcom County Ry. & Lt. Co. Also sinking fund of 1 % per annum of bonds outstanding commenced March 1
owns most of the stock of the Puget Sound Electric Ry., the Pacific Traction 1906; $786,000 have been canceled. Subject to call as a whole (or in part
Co., Western Washington Power Co., Diamond Ice & Storage C o., and all for sinking fund) at 110 and interest on any interest day.
the capital stock of the Pacific Northwest Traction Co., which in turn owns
Seattle-Everett bonds are a direct obligation of the Seattle Electric C o., but
the capital stock o f the Puget Sound International Ry. & Power C o., lessee Pacific Northwest Traction Co. has agreed to pay prin., int. and sinking
of Everett R y ., Light & Water Co. Early in 1923 acquired the Washington fund payments on these bonds, and has mortgaged its entire property as
Coast Utilities and the North Coast Power Co. V. 116, p. 296, 1051. In security. They are additionally secured by the pledge of the entire issue
Feb. 1923 the Puget Sound Power & Light Securities C o., a subsidiary, was ($200,000) of stock of the Puget Sound International R y. & Power Co. and
incorporated to handle the distribution and sale of the com., pref. and prior $500,000 consol, mtge. bonds of the Everett R y., Light & Water Co. The
preference stock o f the parent company in the Pacific Northwest territory, mortgage is closed. A sinking fund of 1 % o f amount of bonds out began
v. 116, p. 936. In Dec. 1924 acquired the Washington Power, Light & March 1 1914. $544,000 not included in amount reported outstanding is
Water Co. o f Anacortes, Wash. V. 120, p. 88.
held in sinking fund uncanceled. Bonds are callable as a whole or in part
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.— for sinking fund at 105 and int. See V. 88, p. 1062; V . 92, p. 1244.
Through ownership or control, does the greater part o f the commercial
Everett Ry., Light & Water Co,— Of the $4,000,000 consol, mtge.
electric lighting and power business in the Puget Sound district, including $160,000 is reserved for prior liens, $434,000 owned by Puget Sound Inter
the cities of Seattle, Tacoma, Bellingham and Everett; does substantially national R y. & Power, $480,000 owned by Pacific Northwest Traction C o.,
all the electric street and interurban railway business in the Puget Sound $60,000 is in sinking fund canceled and $2,866,000 are unissued. Callable as
district, except in Seattle. Estimated population, 600,000. Serves a whole or in part for sinking fund at par and int. on any int. day. Sinking
6 counties and 147 communities between the Canadian boundary and fund of 1% per annum of bonds out began M ay 1 1914. V. 88, p. 1061.
Olympia with light and power. Directly, or through its subsidiaries,
it owns and operates water power and steam power plants, with a total
Puget Sound Electric Ry.— Of the first consol, mtge. $1,236,000 are reserved
electric generating capacity o f 188,670 k.w. Also owns or controls additional to retire a like amount of Tacoma R y. & Power Co. bonds and $1,528,000
undeveloped water power sites with a capacity o f more than 100.000 h.p. have been canceled. Callable as a whole on any int. date at 110 & int. A
Operates the street railways in Bellingham and, through its subsidiaries sinking fund of 1% of bonds certified, plus 5% per annum on bonds pur
in Tacoma and Everett, also the interurban electric railroads between chased for sinking fund began on Jan. 1 1907. Sufficient of consol, and
Tacoma and Seattle, between Seattle and Renton, between Tacoma and refunding bonds are reserved for underlying bonds, the remainder is issuable
Puyallup, between Everett and Seattle, between Everett and Snohomish, at 80% of cost for additions and improvements.
and between Bellingham, Mount Vernon and Sedro-Woolley, a total of
Tacoma
Co.—
over 286 miles of track. Does the entire gas business o f Bellingham and Co. Are Railway & Powercall. $264,000 are held by Puget Sound Electric
not subject to
the entire steam heat distributing business of Seattle. Also purchases
Pacific Traction Co.— $500,000 were issued to retire a like amount o f old
power (Bellingham Division) from Western Canada Power Co. Street and
interurban railways, 290.4 miles, equivalent single track. 22 miles track first mortgage bonds entire $500,000 now in treasury. Remaining bonds re
age. Gauge, electric, standard; cable, 3 ft. 6 in. and 3 ft. 270 passenger served for future additions and improvements, under restrictions. Subject
cars, 71 auto stages, 288 freight and miscellaneous cars and 11 locomotives. to call at 105 and int. at any time. Sinking fund of 1 % of bonds outstanding
Principal franchises expire as follows: In Seattle electric lighting and began Jan. 1 1914. Bonds are guar., p. i. & sink, fund by Puget Sd. El. R y.
power, 1952. In Tacoma, railway, 1939; power, 1930. In Bellingham,
Whatcom
Co.—
date at
railway, 1941 (minor railway, 1934); light and power, 1940; gas, 1941. In 105 and int. County Ry. & Light % per Callable as a whole on any int. earned,
fund
Everett, railway, in 1944 and 1950; electric light and power, in 1950; commenced NSinking1906; of 1 N ov. annum of bonds outstanding, if
ov. 1
on
1 1911 became obligatory. $468,000
interurbans chiefly on private right of way.
bonds have been canceled. Mortgage is closed.
Sale of City Railway System to Seattle.— In April 1919 $15,000,000 5%
Dividends.-—-An initial div. of 1 M % was paid on the 7% prior pref. stock
utility bonds of the city o f Seattle were delivered to the co. and the c o .’s
street railway property, within the city limits, was conveyed to the city in April 1922. Dividends at the same rate have been paid regularly quar
A
which now owns and operates same. The bonds have been deposited with terly since. On the 6% pref. 1 X % quar. from organization to April 1915.
the trustees of the mortgages securing certain of the c o .’s bonds and notes In July 1915 paid only If % , same rate quar. to and incl. Jan. 1918. None
in substitution for the property sold. They are a charge upon the gross to July 1919, when % % was paid. Same rate paid quar. to July 1921,
earnings o f the entire railway system o f the city, superior to all charges when 114% was paid. V. 112, p. 2643. Same rate quar. to and including
except interest and amortization o f some $650,000 of prior bonds of a like Oct. 1925. In Feb. 1922 the directors declared a stock dividend of 20%
payable in 7% prior preference stock at par, in adjustment of balance of
character. V. 108, p. 1391, 2630; V. 109, p. 371; V. 110, p. 971.
the payment of an extra
Decision Bearing on Payment of Prin. and Int. of St. Ry. Bonds.— See dividends accumulated on the pref. stock after 25 cents per share on the
cash dividend
$2
V. 112, p. 2191; V. 113, p. 418; V . 114, p. 1064. See also V. 116, p. 1761; stamped stock.of Y. 50 on the unstamped and
114, p. 739.
V. 117, p. 895.
On com. first div.— 1%— paid April 1912; July, 1% ; Oct., 1% . In
Tax Decision.— See V. 119, p. 812, 1173.
1913, 4% . In 1914, Jan., 1% ; April, 1%; July, 1% . October dividend
STOCK AND BONDS—
Date.
Interest. Outstanding.
Maturity
passed (V. 99, p. 895): none to July 1922, when 1% was paid. In Oct.
Common 202,829 shs (no p a r ) . ____
Q-J 15
202,829 shs Oct 25. $1 1922, 1% . In 1923, Jan., 1%; April, 1% ; July, 1%; Oct., 1% . In 1924,
P f $6 cum 200,000 shs (no p a r ) ____
Q-J 15
160,500shs Oct '25. 114 Jan., 1% ; April, 1%; July, 1% ; Oct., $1, and $1 quar. since.
Prior pref $10,000,000 ($100)______
7 Q-J 15 10,000.000 Apr 25 1 M
EA R N ING S.— For 12 months ended June 30:
1st & ref mtge ser “ A ” ($5001 1924
5 ^ g J -D 28,500,000 June 1 1949
1925.
1924.
& $1,000 c* & $l,O0O &\Old Colony Trust Co., Boston, Trustee. G ross___________________________________________$12,586,751 $12,621,050
$10,000 r*) g __________ tf 1
7,740,219
Operating expenses and taxes----------------------------- 7,915,577
5-yr gold notes ($100, $500 &/ 1925
6 g F-A
3,000,000 Feb 11930
$1,000) gold___________ c*\Int. at Seattle Nat. Bank, Seattle, trustee.
N et___________________________________________$4,671,173 $4,880,831
Pacific Coast Power 1st mtge) 1910
5 M-S
3,990.000 Mar. 1 1940 Income from other sources*_____________________
611,167
652,81.7
$10,000,000 gold ($1,000) [Int. at Harris Tr. & S. Bk.. Chic., trus.. or u'
c*&r (closed mortgage)____| Harris, Forbes & Co., Inc., N. Y . or Best
Balance______________________________________ $5,282,340 $5,533,647
2,593,408
Twin City Lt & Trac 1st M l 1910
6 J-J 1
179,000 Jan 1 1935 Interest charges_________________________________ 2,687,249
$500,000 (sk fd $8,000 p a) [Int. at Guaranty Trust Co, N Y, Trustee.
Balance for reserve, retirements and dividends.. $2,595,091 $2,940,240
Wash Coast Util 1st M $2,-[ 1916
6 M-S
1,823,800 Sept 1 1941
* Income from City of Seattle utility bonds.
000,000 call at 105 & int_.[M arine National Bank, Seattle, trustee.
OFFICERS.— Chairman of board. Frederick S. Pratt; Pres.. A. W .
Wash Coast Util 5-yr n o te s ..) 1920
7 J-D
107,000 Dec 11925
Leonard; V .-P ., W . H. McGrath and Donald C Barnes; Clerk, William T .
$500,000_________________ (Marine National Bank, Seattle, trustee.
Crawford; Sec., James B. Howe, Seattle; Treas.. Henrv B. Sawyer, Gen.
Seattle Elec Co 1st M $5,000,-J 1900
5 g F-A
2.731,000 Feb. 1 193(
M gr., Stone & Webster M gt. Assn.— V. 119, p. 199. 812“. 1173. 1398, 1625,
000 ($1,000) gold_ c*n tf [int. at Boston Safe Dep < Tr. C o., trustee
_
&
do cons & ref $25,000,000) 1907
5 g F-A
5,033.000 Aug 11929 2180; V. 120, p. 88, 212, 583, 705, 1205, 1329, 2817; V . 121, p. 1103
($1,000) gold______ c*& rtf/lnt- at Old Colony Tr. C o.. Boston, trustee
Pug Sd Pow 1st M $4,000,0001 1903
5 g J-D
2,478,000 June 1 1933
gold ($1,000) guar____c*tf [Int. at Old Colony Trust C o., Boston, trust
THE W ASH INGTON W ATER POW ER CO.
Seattle-Everett mtge $5,000,-1 1909
5 M-S
2 556.000 Mar 1 193'
•ORGANIZATION.— Chartered in Washington March 13 1889 for 50
000 g ($1,000, & c.)..c* & rtf [Int. at Old Colony Trust C o., Boston, trust e, years. Owns all the property formerly belonging to the following cos.:
Big Bend Light & Power Co., Edison Electric Illuminating C o., Post Falls
Everett Ry. Lt & W. consM\ 1609
5 F-A
See text Feb 1 194
Water Power Co., Spokane County Electric Co.
$4,000,000 gold______ c*& rjlnt. at American Trust C o., Boston, truste.
Owns the entire capital stock of the Idaho-Washington Light & Power
Pug Sd El 1st cons M $5,500,-/ 1903
5 g F-A
2.696,000 Feb 11935 Co. and the St. Maries Light & Power C o., acquired July 1 1913. V. 97,
000 gold ($1,000)____ c*tf ( Int. at Old Colony Trust Co , Boston, trustef
p. 523, and Spokane Central Heating C o., acquired M ay 2 1919, and Inter
do cons&ref M $15,000,000 1911
__________ See text ____________ mountain Power Co., acquired July 1 1922, and the Okanogan Yalley Power
Tacoma Ry&P 1st M g ($ l,-[ 1899 5 g A-O
1,236,000 April 1 192t< C o., acquired Jan. 1 1923.
The street railway properties of The Washington Water Power Co. and
000)$1,500,000 not redc*ntflint, at Old Colony Tr. C o., Boston, trustee
those of the Spokane City Rys. Co. were sold on June 30 1922 to Spokane
Pacific Tract 1st M $5,000,-/ 1907
5 g J-J
See text July 1 192
United Rys. (see below), thus consolidating these competing street railways
000 gold ($1,000)_______ c*(Int. at Old Colony Tr. C o., Boston, trusie
in a new corporation in which the Washington Water Power Co. owns a
Whatcom Co Ry & Lt 1st M| 1905
5 g M -N
1,296,000 Nov 1 1935 controlling interest.
$2,500,000 gold ($1,000) t flln t. at Old Colony Tr. C o., Boston tru t e
In June 1925 purchased the Nine Mile hydro-electric plant with an in
Stock.-—-In addition to the amounts o f com. and pref. stock reported stalled generating capacity of 16,000 h. p., from the Spokane & Eastern
outstanding above, there are non-interest-bearing receipts for $4,620 com. R y. & Power Co. For a term of years power for the operation of the
stock exchangeable at par for stock certificates. Prior pref. is redeemable at Spok. & East. R y. & Power C o.’s ry. system will be furnished. V . 120,
110. Pref. stock is redeemable at 125. $1,466,800 com. stock is owned by p. 3316.
Public Service Inv. Co. Both classes of stock are non-taxable in Mass.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Notes.— The outstanding $850,000 8% gold notes, due Sept. 1 1926, were Owns all the water power on the Spokane River at Spokane, Wash.; also at
called for payment Sept. 1 1925. Holders were given the option to exchange Long Lake, Little Falls and Kettle Falls, Wash., and Post Falls, Ida.
their notes for pref. stock at 86 flat or for 6% gold notes, dated Aug. 1 Owns hydraulic power plants with rated capacity as follows; 11,800 h. p. in
1925, due Aug. 1 1930. In making this exchange the company allowed Monroe St. plant, Spokane; 13,400 h. p. in Upper Falls plant, Spokane
101^ for the 1926 notes. V. 121, p. 1103.
completed in 1922; 15,000 h. p. at Post Falls, Idaho; 32,800 h. p. at Little
The 5-year notes due Feb. 1 1930 are red. on any int. date on 45 days’ Falls, Wash.; 94,000 h. p. at Long Lake, Wash.; 4,300 h.p. on Similkameen
notice prior to Aug. 1 1926 at 103; thereafter decreasing )4% semi-ann. to River near Oroville, Wash.; total, incl. the Nine Mile plant (see above),
100 on Aug. 1 1929. In Feb. 1925 $3,000,000 were sold by Blyth, Witter & 187,300 h. p. Owns and operates 1,247 miles of high-tension transmission
Co.; Bond & Goodwin & Tucker, Inc.; Seattle Nat. Bank, &c., &c., at lines.
100 and int. Y. 120, p. 705.
Operates electric light and power distributing systems in Spokane, HillBonds.— The 1st & ref. mtge. 5H % bonds ser. “ A ,” in addition to being yard, Albion, Almira, Belmont, Brewster. Bridgeport, Colfax, Creston.
a 1st mtge. on certain portions o f the property, are further secured by a Colton, Davenport, Diamond, Endicott, Elberton. Ephrata, Farmington
direct first lien on $12,501,000 “ City o f Seattle Municipal Ry. 5% bonds of Govan, Garfield, Hartline, Harrington, Johnson, Krupp, Lake Chelan.
1919,” maturing serially. 1st & ref. mtge. calls for annual sinking fund Latah, Lind, Mansfield, Neppel. Oakesdale, Odessa, Okanogan, Omak
(first payment Sept. 1 1926) payable in cash or bonds equal to 1H % of Oroville, Palouse, Pateros, Pullman, Quincy, Ritzville. Reardan, River
aggregate amount o f bonds (incl. 1st & ref. mtge. and underlying bonds) side, Rockford, St. John, Sprague, Strafford. Spangle. Tekoa. Tonasket
in the hands o f the public, on the mortgaged property. Any payments of Wilson Creek, Uniontown, Wilbur, in Washington and Genesee Moscow,
sinking funds on underlying bonds will be credited toward the above sink. Osborne and St. M ary’s in Idaho; also supplies power for operation of other
WASHINGTON
214
[V ol. 121.
PUBLIC UTILITIES
companies at Cheney, Clarkston, Coulee C ity, Fairfield, La Crosse,
Medical Lake, Newport, Steptoe in Washington, and Coeur d ’Alene,
Harrison, Juliaetta, Kellogg, Kendrick, Lewiston, Post Falls, Rathdrum,
Plummer, Troy, Wallace and Wardner in Idaho; also furnishes and dis
tributes power for mining and smelting purposes in the Coeur d ’Alene
district o f Idaho.
In N ov. 1917 entered into a contract with the Intermountain Power Co
to furnish power for the operation o f the trains o f the Chicago Milwaukee
8t. Paul R y. Co. over the electrified section o f its road on the western
extension over the Cascade Mountains. Co. began supplying power for use
of the railroad in the summer o f 1919.
Franchises.— For electric lighting and power in Spokane run to June 1 1944
in smaller towns various lengths, 25 to 50 years.
Acquisition o f Kettle Falls Power Site.— In 1921 acquired power site on
the Columbia River at Kettle Falls, Wash., and on July 26 1922 was
granted preliminary permit by the Federal Power Commission for the
construction o f the plant.
Acquisition of the Okanogan Valley Power Co.— On Jan. 1 1923 acquired
through purchase entire capital stock of the Okanogan Valley Power Co ,
owning and operating power plants , transmission 1ines and distribution
systems serving towns m the Okanogan Valley, in Washington.
Stockholders o f record April 6 1925 were given the right to subscribe at
par on or before June 1 1925 to new capital stuck in the ratio of one new
for each existing 10 shares.— V . 120, p. 1749.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $35,000,000 ($100)__________
Q-J
$20,918,400 O c t ’25 2%
1st consol mtge and collateral f 1899 5 g J-J
227,000 July 11929
t r u s t, $ 2 ,0 0 0 ,0 0 0 , gold]Interest at Farmers’ Loan & Trust C o.,
($1,000)------------------- c*&ri New York, successor trustee.
1st ref mtge, $15,000,000 g f 1909
5 J-J
5,384,000 July 1 1939
($1,00 0)_______ c*&r* cp tl Int. at Farmers’ L. & Tr. C o., N . Y ., trustee.
2-year coupon notes $3,800,-1 1923 6 F-A
3,609,000 Feb 2 1926
000 ($100, $500 and $1,-{In t. at Central Union Trust C o.. N. Y ., and
000)------------------------------- c l Union Trust C o., Spokane
20-year debentures__________ 1909
see text
1,400,000
1939
Okanogan Valley Power______ _____
6%
248,000 Sept 15 1939
Bonds.— Of the $15,000,000 1st ref.
mtge. bonds, $227,000
to retire cons. mtge. & coll, trust bonds, $3,800,000 are in treasury, $1,762,000 have been canceled by sinking fund, and the remainder are for
add’ns and extens. at not to exceed 50% of cost. Sinking fund of 2% per
annum of bonds out. began Sept. 1909 for purchase of bonds at not ex
ceeding 110 and int., but bonds cannot be drawn. Bonds are redeemable
as a whole at option of company at 110 and int. V. 88, p. 54, 1003. Bonds
are listed on N . Y . Stock Exchange. V. 89, p. 1544; V. 104, p. 1900, 2120.
Dividends— In 1900, 3% ; in 1901,4% ; in 1902, 5% ; in 1903, 6% ; in 1904,
6% ; 1905 to 1910, incl., 7% per annum, and in 1910, 1% extra. In 1911,
7-'4%. In 1912 and 1913, 8 % . In 1914, 7 K % . In 1915, 5 3 % . In
A
1916, 4 44 % . In 1917, 4 % . In 1918, 4% . In 1919, 4 % . In 1920, Jan.,
\ f i % \ April, 1 M % ; July, 1 y2 %\ Oct., 1 M % .
In 1921, 7 % . In 1922,
Jan., 1 H % ; April, 1 % % ; July, I K % ; Oct., \ % % . In 1923, Jan., lHVo
and 1% extra; April, 2 % ; July, 2% ; Oct., 2 % . In 1924, Jan., 2% ; April,
2% ; July, 2% ; Oct., 2 %. In 1925, Jan., 2% ; April, 2% , and 2% quar.
since.
RE PO RT.— For years ending Dec. 31:
Cal. Years— Cross.
Net, aft. Tax. Ini., &c.
Dividends. Bal.,Sur.
1924--------------- $5,299,927 $3,094,159 $1,427,418 $1,625,560 $41,181
1923--------------- 5,087,336
2,957,840 1,340,814
1,575,106
41,920
Latest Earnings.— Nine months ended Sept. 30—
1925.
, 1924.
1923.
Gross revenue_______________________$4,186,363 $3,885,475 $3,707,762
1,217,004
1,152,846
1,101,797
Operating expenses____________
Taxes (including income tax)_______
505,605
484,586
493,450
Interest____________________________
513,058
450,189
459,578
Profit and loss, prior years_________
Cr.2,312 Dr. 15,370
Cr. 1,167
Net earns, avail, for div. & retir.exp $1,953,008 $1,782,484 $1,654,105
OFFICERS.—-Pres., D. L. Huntington; Chairman o f Exec. Comm, and
Treas., V. G. Shinkle; Aud., W . F. Miller.— V. 116, p. 1052, 1277, 1762;
V. 117, p. 327, 1237, 1779, 2544; V. 118, p. 312, 666, 786, 1137, 2825;
V. 110, p. 326, 1173, 1845, 2764; V. 120, p. 707, 1330, 1749, 1883, 2013,
2552; V. 121, p. 77, 332, 1229, 1910.
S P O K A N E & E A S T E R N R A IL W A Y & P O W E R CO .
ORGANIZATION.-—Incorporated in Washington Jan. 3 1920. The
property o f the Spokane & Inland Empire R R . Co. was purchased at fore
closure sale on N ov. 1 1919 by George H. Taylor, representing the bond
holders’ protective committee, named below. (For history of Spokane
& Inland Empire R R . see “ Electric Railway” Supplement of April 24
1920.) Mr. Taylor then transferred the street railway lines and pas
senger and freight terminals in Spokane, the hydro-electric station known
as the Nine Mile Power Plant and the electrically equipped interurban
line from Spokane to Coeur d’Alene City and Hayden Lake, Idaho,
to the Spokane and Eastern R y. & Power Co., receiving in payment therefor
the entire outstanding capital stock of $3,000,000, the entire outstanding
and authorized issue of $3,000,000 first and gen. mtge. 5% 5-yr. gold bonds
dated Feb. 1 1920 and the demand notes for $150,000 bearing int. at 6% .
These securities have all been transferred to the committee and are held
for the benefit o f the depositing bondholders. In June 1925 sold the
Nine-Mile hydro-electric plant to the Washington Water Power Co. V.
120, p. 3316.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Interurban line has passenger terminal and office building in Spokane. The
line to Coeur d ’Alene City and Hayden Lake includes 53.114 miles main
track, 16.854 miles second and 22.128 miles yard and sidings. Equipment
consists o f 4 locomotives, 35 passenger, 150 freight, 9 work cars.
Committee for Spokane & Inland Empire RR. 1st & Ref. M . 5s.— Chairman,
Albert W . Harris; E. D. Alder, Chester A. Cook, Holmes Forsyth, John C.
Partridge; Sec., Chester Corey, 202 Harris Trust Bldg., Chicago, 111.
Depositary: First Trust & Savings Bank, Chicago, 111. V. 109, p. 1367. At
last accounts $3,627,000 out of a total outstanding issue of $3,668,000 had
been deposited.
Municipal lighting franchise in Spokane expires in 1945.
Consolidation of Street Railway Properties.— The street railway systen
owned by the co. was transferred on July 1 1922 to the Spokane United Ry«
which also acquired the street railways owned by the Washington Wa ter
Power Co. Securities o f the Spokane United Rys. accepted in payment for
the property transferred. See “ Spuuane United R ys.” below.
The 1st mtge. 5s, which matured Feb. 1 1925, had not been paid up to
April 1 1925, nor had any provision been made up to that time for exten
sion. Int. accrues at 5% .
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $3,000,000 ($100)___________
_________ $3,000,000 ____________
1st mtge bonds $3,000,000/ 1920 < F-A 1
5
3,000,000 Feb. 1 1925
($1,000)_ _________ c&rtf\lnt. at Harris Tr. & Sav. Bk., Chicago, trust.
_
<! d ’A & S 1st M $500,000 g / 1903
5 g J-J
442,000 Jan. 1 1929
($100, $500 & $l,000)_c*tf lin t, at Title Guar. & Tr. C o., N . Y ., trustee,
pokane Terminal 1st mtge I 1905 5 g F-A
44,000
See text
$500,000 gold ($500 and] Interest at First Trust & Sav. Bank, Chi
l l , 000) _____________ c* tf I cago, trustee, or at First Nat. Bank, Bost.
Bonds.— The Spokane Terminal Co. bonds mature $12,500 on Aug. 1 from
1910 to 1929 incl. and $100,000 on Aug. 1 1930. The unissued bonds ma
ture in 1930 and are subject to call at 105 and interest.
On the Coeur d ’Alene & Spokane R y. bonds a sinking fund of 5% of net
arnings is provided. Bonds are subject to call at 105 and interest.
EARN ING S.— Calendar years:
Calendar Year—
Gross.
Net. aft. Tax.
Interest.
Bal.,Sur.
1924______________
-$730,874
,./0,425
$187,129 def.$16,704
1923______
777,825
241,938
187,828
53,429
1 9 2 2 ...______
798.028
302,990
188.700
114.291
OFFICERS.— Pres., M . H. MacLean; V .-P ., J. W . Esmond; V .-P . &
Gen. M gr., Waldo G. Paine; Treas., O. K . Resum; Sec. & Aud., W . F.
Chasse.— V. 116, p. 948, 2360; V. 115, y . 545, 1839; V. 120, p. 3316.
sion to the Inland Empire R R . C o., receiving in payment therefor the entire
outstanding capital stock of $1,000,000 and the entire outstanding and auth.
issue of $1,000,000 1st mtge. 5% 5-yr. gold bonds, dated Feb. 1 1920. These
securities have all been transferred to the committee for the Spokane & In
land Empire R R . 1st & ref. mtge. 5s (see Spokane & Eastern Ry. & Power
Co. above) and are held for the benefit of the depositing bondholders.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Owns and operates 125.718 miles main track and 19.670 miles yard and
sidings. Extends from Terminal Junction, which is at the outskirts o f
Spokane, to Colfax, Wash., and Moscow, Idaho. Equipment consists of
9 locomotives, 19 passenger, 147 freight, 9 work cars.
EARNINGS .— For calendar year:
Years Ended Dec. 31—
1924.
1923.
1922.
Gross______________________
$493,336
$466,956
$492,240
Net, after taxes____________________
def84,538 defl47,500 defl06,987
Interest____________________________
72,410
60,256
53,460
Balance,d e fic it..________
156,948
207,827
160,646
OFFICERS.— Pres., M . H. MacLean; V .-P . & Gen. M gr., Waldo G
Paine; Sec. & Aud., L. C . Ream: Treas., O. K . Resum.— V. I l l , p . 2228
V 112, p. 849.
SPOKANE UNITED RAILW AYS.
ORGANIZATION.— Chartered in Washington M ay 5 1922 for 50 years.
Acquired by purchase the street railway systems in Spokane owned by the
Washington Water Power Co. and the Spokane City Railways Co., which
companies owned all of the property formerly belonging to the following
companies: City Park Transit C o., Falls City Land & Improvement C o.,
Arlington Heights Motor Ry. C o., Ross Park Street Ry. C o., Spokane Cable
R y. C o., Spokane Electric R y. C o., Spokane Street R y. C o., Spokane Trac
tion Co. Franchises for street railway run for 25 years from July 1 1922.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
System consists of 112.886miles of track, occupying 73.989 miles of streets
Standard gauge, 60 to 70-lb. T rails and 99 to 108-lb. girder.
C A PITALIZATION .— Common stock, $1,500,000 (par $100); 7% pref.
stock, $2,000,000 (par $100); first mtge. bonds, $2,000,000. Of the
are reserved
$2,000,000 first mtge. bonds. $58,000 are reserved to retire Spokane Trac
tion Co. Underlying bonds (Spokane Traction C o.), $48,000.
EARNING S.— For years end. Dec. 31:
Calendar Years—•
1924.
1923.
1922.
Gross________________ - _____________ $1,386,600 $1,489,865 $1,336,715
Net, after taxes____________________
214,574
212,494
130,053
OFFICERS.— Pres., D. L. Huntington; V .-P . & Gen. M gr., M . W .
Birkett; Sec.-Treas., V. G. Shinkle; Aud., W . F. Miller.— V. 115, p. 545.
SEATTLE & RAINIER VALLEY R A IL W A Y CO.
Possible Purchase by City.— For terms upon which co. would be willing
to sell its street railway property to the city o f Seattle see this section o f
April 24 1920. In Aug. 1924 it was reported that the Seattle City Council
had agreed to enter into negotiations with the company looking toward the
purchase of the company’s lines. V. 119, p. 812.
ORGANIZATION.-—Incorp. in Del. on June 8 1916 as successor to the
Seattle Renton & Southern R y., which was bid in at foreclosure sale on
M ay 12 1916 by Attorney John C. Higgins, representing the bondholders
(there were $825,000 1st 5s outstanding) and common claimants under the
plan of reorganization. V. 102, p. 2078.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
24.863 miles of track, from Seattle to Columbia City, Hillman, Rainier
Beach and Renton. Rails, 60, 70 and 75-lb. T. Standard gauge. 34 passen
ger cars, 19 freight cars, 2 locomotives and 1 line car.
C A PITALIZATION .— Has $250,000 com. stock and $110,000 pref.
stock (par $100) authorized and outstanding. Also has outstanding
$484,000 6% first mtge. bpnds, $577,500 5% gen. mtge. bonds and $400,000
6% income mortgage bonds.
EARN ING S.— For years ending Dec. 31:
1922.
Calendar Years—
1924.
1923.
$460,610
Gross-_____________________________ . $426,596
$508,543
N e t _______________________________
127,062
157,890
165,713
OFFICERS.— Pres., Marshall E. Sampsell, Chicago; V .-P ., E. M.
Mills; Gen. M gr., Walter M . Brown; Sec. & Treas., Leroy J. Clark.—
V. 108, p. 380, 785, 1276, 2331; V. 110, p. 79, 1291; V. I l l , p. 74, 793;
V. 113, p. 2722; V . 116, p. 1761; V . 119, p. 812; V. 120, p . 1748.
MONTANA
MONTANA POW ER CO. (TH E).
ORGANIZATION.— Incorp. in New Jersey Dec. 12 1912 as a consolida
tion, per plan V. 95, p. 1334.
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Supplies to large mines, various cities, &c., and has contracts to furnish
electric power for operation of 438 miles of main line of Chic. M il. & St.
Paul R y. between Harlowton, M ont., and Avery, Ida., now in operation.
V. 104, p. 1040.
Total completed capacity o f plants Apr. 1 1925 was 234,850 k. w ., viz..
Steam.
Total.
Hydro-electric. Montana. Great Falls. Thompson.
Completed_______ 101,850
98.000
35,000
810
234.850
67.000
13.500
--117,000
Uncom pleted____ 36,500
See official statement, V. 9i p. 1017; V. 98, p. 455, 159; V. 100. p. 976j
STOCK AND BONDS.— Date.
Interest. Outstanding. Maturity.
Q-J
$49,633,300 O ct’25, 1%
Common $75,000,000 ( $ 1 0 0 ) - - ____
7 Q-J
9,784.600 O c t ’25, I K
Pref 7% cum $25,000,000($100)____
First & ref mtge $75,000,0001 1913
5 g J-J
25.454,500 July 1 1943
($100, &c) gold_____c*& r*jlnt. at Guaranty Trust C o., N . Y ., trustee.
Butte Elec & Power 1st mtge) 1901
5 g J-D
3,579,000
See text
($1,000) gold)________ c*tf (Int. at U. S. Mtge. & Tr. C o., N. Y ., trustee.
Montana Power Transmission ( 1903 5 g F-A
448,000 Aug 11933
1st M (closed) guar ($500,]lnt. at U. S. Mtge. & Trust C o., N . Y .,'
&c) gold________________ t f ( trustee.
Madison River Pow 1st mtgef 1905 5 g F-A
1,774,000 Feb 1 1935
(closed) guar ($1,000) g - . t f (Int. at U. S. M tge. & Tr. C o., N. Y ., trustee.
Great Falls Pow Co 1st mtgel 1911
5 g M -N
3,193,000 M ay 1 1940
$15,000,000 ($1,000) g .c * tf Jlnt. at Bankers Trust C o., N . Y ., trustee.
Stock.— Pref. is red. at 120. Both classes of stock are listed on the New
York Stock Exchange.
Bonds.— The 1st & ref. 5s ($75,000,000 auth. issue) are now a first lien on
about 76% of the present developed power plants, 63 % of the present trans
mission lines and 80% of the undeveloped water powers. Are further
secured by pledge of $5,782,000 Great Falls Power Co. 1st mtge. 5s.
Of the authorized bonds (a) $9,284,500 reserved to retire, par for par,
all outstanding underlying bonds; (b) remainder issuable only when net earn
ings are 1 • times the entire bond int. charges, incl. int. on bonds sought
%
to be issued, and then only for 80% of the cash cost and fair value of addi
tions, extensions or impts. Cum. sink, fund began in 1918. V. 98, p. 455
240, 159; V. 100, P- 646, 816, 984, 1514: V. 103, p. 1985; V. 106, p. 1039,
1342, 2014; V. 107, p. 2293, 2372. Mtge. provides for sinking fund of
y-i of 1% annually, 1918 to 1922, incl., and 1/4% annually, 1923 to 1943
incl., of bonds outstanding, incl. sub. cos., and underlying bonds. In
addition to amount reported outstanding, $1,030,500 are held in sink, fund,
uncanceled and $911,000 are held in treasury available for sale. Call, all
or in part on any int. date since July 1918 at 105 and int. Listed on
N . Y . Stock Exchange. V. 119, p. 2762.
Butte Elec. & Power Co. 1st 5s mature $25,000 yearly to 1930 incl.,
$320,000 in 1931, less bonds acquired in 1916 and after through sinking fund;
balance in 1951. Sinking funds provide for payment of one-half of the bonds
that mature in 1931 and one-fourth of all the bonds that mature in 1951.
(1) INLAND EMPIRE RAILR O A D CO.
V. 80, p. 713; V. 73, p. 139; V. 92, p. 1441; V. 88, p. 1623.
Madison River guaranteed bonds are guar., prin. and int., by Butte
O RGAN IZATION .— Incorp. in Wash. Jan. 3 1920. The property of the
Spokane & Inland Empire R R . Co. was purchased at foreclosure sale on Elec. & Pow. Co. Are call, at 105 and int. on any int. date. M tge. pro
N ov. 1 1919 by George H. Taylor. For history, see “ Electric Railway” Sec- vides for sinking fund-, see V. 81, p. 615, 1045; V . 84, p. 511; V . 87, p. 1482:
n f r Apr. 24 1920. M r. Taylor then transferred the so-called Inland Divi V. 90, p. 113.
Oct., 1925.]
POWEE, LIGHT AND KAILW AY
'transmission 5s are guar. prin. and int. by Butte Elec. & Power Co.
Call, at 105 & int. M tge. provides for sinking fund. See V. 81, p 615.
V. 69, p. 1251.
Of the Great Palls 5s o f 1911,13,240,000 are in hands o f public, $1,807,000
alive in sink, fund, and $5,782,000 are pledged under 1st & ref. mtge. of
1913, as will be any further issues of the $15,000,000 authorized. Sinking
fund, 1% per ann. Call, at 107 34. See Y. 101, p. 1631; V. 94, p. 985, 914.
Dividends.— Dividends paid on pref. in full to Oct. 1925. On com
mon, April 1913 to Oct. 1915, 34% quar.; Jan. and April 1916, 34%: July
div. was increased to 1% ; Oct. 1916, 1% ; 1917, Jan. and April, 1%; July,
134%: and 25 cents extra to aid Red Cross contributions. Oct. 1917 to
July 1919, 134% quar.; Oct. 1919 to Apr. 1923 paid 34 o f 1% quar.; July
1923 to Oct 1925 paid 1% quar.
REPO RT.— For 1924, in V. 120, p. 2148, showed:
Gross
Net, after
Interest, Pref.Divs. Common
Balance,
Year. Earnings.
Taxes.
Depr.,&c. (7% p.a.) Dividends. Surplus.
1924 --$8,032,201 $4,972,241 $2,061,008 $684,922 $1,985,332 $240,979
1923 . - 8,169,210 5,074,639
2,006,887 684,922
1,861,249
521,581
1922 . . 7,356.,239 4,525,373
2,088,505 677,684
1,488,999
270.185
1921 . . 6,106,384 3,612,216
2,048,222 677,026
1,451,499 def564,531
1920 - . 7,928.087 5.116.349
2,058,625 677,026
1,354,724 1,025,972
Latest Earnings.— 8 months ending Aug. 31:
1925
1924
1923
1922
Earnings------------------------ $5,504,653 $5,313,525 $5,478,406 $4,639,422
Oper. exp. & taxes, incl.
Federal income t a x ..
1,957,474 2,077,053
2,025,600 1,797,415
Net earnings-----------1,214,096
1,200,743
1,166,169 1,179,174
Interest & bond discount
Surplus_______ ______ $2,333,083 $2,035,729 $2,286,637 $1,662,833
OFFICERS.— Pres., John D . Ryan; V .-P ., Frank M . Kerr, Frederick
Strauss and D . B. Hennessy; Sec. & Treas., J. F. Denison. Office, 25
Broadway, New York.— V. 119, p. 702, 1964, 2762; V. 120, p. 212, 829,
1881, 2148; Y. 121, p. 200, 459, 707.
THE HELENA LIG H T & RAILW AY CO.
Protective Committees .— In Aug. 1925 the following committee was formed
to protect the interests o f holders of the $878,000 1st mtge. bonds which
were due Sept. 1 1925, but for the payment of the principal o f which the
company had no funds available.
Committee 1st mtge. 5% 20-yr. g. bonds.— R. Walter Leigh, Chairman;
C. N. Mason, A. F. Beringer; Sec., L. W. Osborne, 31 Nassau Street, New
York City: Simpson, Thacher & Bartlett, 62 Cedar St., New York City,
counsel. Depositaries: Irving Bank-Columbia Trust C o., 60 Broadway,
New York: Barclay’s Bank, Ltd., 168 Fenchurch St., London, Eng.;
Amsterdamfche Bank, Amsterdam, Holland.
Committee 5% Preferred and Common Stock.— J. H. Pardee, Chairman;
P. G. Gossler, H. C. Hopson; Sec., C. A. Dougherty, 33 Liberty St., New
York City. Depositaries: National Bank of Commerce, 31 Nassau St.,
New York.
Holders o f bonds and stocks are requested to deposit their holdings with
the respective depositaries. V. 121, p. 1100.
ORGA N IZA TIO N .— Incorp. in Connecticut on Sept. 2 1905 as successor
to the Helena Light & Traction Co. V. 81, p. 1043. Controls the Helena Gas
Light & Coke Co. Railway franchise is perpetual; others expire Apr. 4 1926.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Comprises the entire electric light, gas and street railway properties in the
city of Helena. Operates 18.52 miles of track: 27 pass, cars, 2 misc. cars.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
_________
$900,000 F eb.T 8, 1 %
Com m on$900,000___________ _____
Preferred $600,000 5% cum________
5 Q-F
600,000 N ov .’18,1 Vi
First mortgage $1,500,000/ 1905
5 g M-S
878,000 Sept. 1 1925
gold ($1,000)__________ c*(Int. at Irving Bank-Col. Tr. C o., N . Y ., trus
Stock.-—Of the amounts reported outstanding $339,000 com. and $226,000
pref. are held by a trustee for benefit o f the company.
Bonds.— The 1st M . bonds are subject to call at 105 and int.; $141,000 are
reserved for extens. and impts. at 85% o f cost. A sinking fund o f 1 % per
ann. o f bonds out commenced June 1 1908 and was increased to 214%
per annum June 1 1918; said fund to be used in retirement of bonds at not
higher than 105 and int. See V. 81, p. 1550. $465,000 have been retired;
$16,000 held in treasury.
Dividends.— 5% per annum in quarterly installments was paid on pref.
stock to and incl. Sept. 1918. None since. First div. on com., 1% , paid
Oct. 31 1906. In 1907, 3% . In 1909, 3% . In 1910, 4 % . In 1911 and
1912, 5% . In 1913, 2 Y % . In 1916, 1% . In 1917, 2 % . In Feb.
2
1918, 1% . None since.
Net
EARN ING S.—
Int. on Replacement
Cal. Year-rGross.
after Taxes. Bds.,&c. Renew.Reserve. Surplus.
1924 ____________$372,091
$95,600
$45,891
$33,975
$15,734
108,455
44,917
33,975
1923 ___________ 395,430
29,563
126,372
1922 ___________ 408,312
46,835
33,075
46,462
Latest Earnings.— 12 months ending M ay 31 1925:
Gross oper. rev., $373,484; oper. exp. & taxes, $273,104; oper. inc.,
$100,380; renewals' and replacements, $33,975; interest on bonds, $43,900;
other interest, $2,981, total $46,881; amortization of debt discount and
expenses, $336; net income, $19,188.
OFFICERS.— Pres., J. H. Pardee; V.-Ps., J. K. Choate, A. Coppell,
R . B. Marchant; Sec. S Treas., T . W . M offat; Asst. Sec., C. A . Dougherty;
c
Asst. Treas., H. B. Brown; Asst. Sec. & Asst. Treas., A. B. Sibley; Gen.
M gr., A. T. Schultz. Operated under the general management of The J. G.
White M gt. Oorp., N. Y . City.— V. 107, p. 181; V. 110, p. 2657: V. 112,
p. 2305; V. 113, p. 2311; V. 116, p. 515: V. 117, p. 86, 893; V. 118, p. 550,
2948; Y. 119, p. 2529; V. 120, p. 1458; V. 121, p. 1100.
BUTTE ELECTRIC RAILW AY.
ORGANIZATION.— This company was incorp. in West Virginia in
Dec. 1899 as successor of the Butte Consolidated R y., sold at foreclosure.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Operates 39.0857 miles of track. 56, 60, 80, 85 and 90-lb. T rails. 61
passenger and 4 work cars.
All the outstanding 1st Mtge. 5s, due March 1 1925, were paid off at
maturity. V. 120, p. 1088.
STOCK AN D BONDS—
Date.
Interest. Outstanding.
Maturity.
Stock $1,000,000 (par $100)_______
M-N
x $ l,000,000 O ct.’06,2%
x All owned by W. A. Clark.
Dividends.—-In 1905, 4% ; in 1906, M ay, 2% ; Oct., 2% ; none since.
EARNINGS.— For cal. year 1924, gross, $504,103; net after taxes,
$20,748. In 1923, gross, $545,163; net after taxes, $13,059. In 1922,
$529,784.
OFFICERS.— Pres., W . A. Clark, Butte; V .-P ., W. A. Clark Jr.; Sec. &
Treas., J. H. Anderson, 20 Exchange Place, N . Y .— V. 108, p. 1822
V. 109, p. 676; V. 110, p. 2657; V. I l l , p. 73; V. 113, p. 530; V. 120, p. 1088.
IDAHO
BOISE VALLEY T RA CTIO N CO.
Operations supervised by Electric Bond & Share Co.
Con'rolled through stock ownership by the Idaho Power Co. (V. 104, p.
1148), all o f whose common stock except directors’ shares is in turn owned
by the Power Securities Corporation. The Idaho Power Co. also owns all
the $750,000 10-yr. 5% notes o f the co. The Traction Company owns in fee
all the railway property o f the old Idaho Railway, Lt. & Power Co. except
the Boise R R . C o., Ltd. (now the Boise Street Car Co. V. 113, p. 959).
Receiver Sought.— In a bill of complaint, filed on Sept. 23 1925, trustees
for the Boise & Interurban 1st mtge. 5s, due 1946, petitioned for the
appointment o f a receiver and foreclosure o f the mortgage.
Interest on the above issue was defaulted on April 1 1923.— V. 121, p.1907.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
72 miles single-track equivalent of interurban lines and 11 miles of city
lines; total, 83 miles.
There remains outstanding agst. the property the following issue of bonds.
2U
BONDS—
Date. Interest. Outstanding.
Maturity.
Boise & Int 1st M $5,000,000/ 1906 5 g A-O
$964,000
1946
g($l,000)sf&subtocall.c&r\lnt. at Colonial Trust C o., Pittsb., trustee.
10-year mortgage notes________ 1915 5 F-A 24*750,000 Aug 24 1925
*Not paid at maturity and now being carried as past due obligation.
No interest was paid since Jan. 1 1925.
EARNS.— Cal. Yrs.— 1924.
1923.
1922.
1921.
Gross earns, from o p e r..
$250,627
$296,101
$340,051
$397,911
Oper. exp., incl. taxes..
258,989
281,830
311,632
355,299
def$8,362
$14,271
545
$28,419
3,156
$42,612
2,182
Total in c o m e _ ____ def$8,362
_
Int. on bonds and notes.
xS5,700
Other int. & deductions.
15,385
Renewal & replac’t res’ve
6,140
$14,816
x85,700
16,047
6,140
$31,575
85,880
10,101
6,140
$44,794
86,491
6,736
6,140
Net earns, from oper.
$115,587
$93,071
$70,546
$54,573
Balance, d eficit..........
x This represents 12 months interest on $750,000 10-Year First Mtge. 5%
notes and $964,000 Boise & Interurban R y. Co., Ltd., First Mtge. 5%
bonds. No interest on the former issue has been paid since Jan.l 1923,
and interest on the latter issue was defaulted April 1 1923.— V. 116, p. 1759.
— V. 114, p. 1650; V. 115, p. 2476; V. 116, p. 1759; V. 120, p. 2267, 3064;
V. 121, p. 1907.
UTAH
ELECTRIC POWER & L IG H T C ORPO RATION .
Operations supervised by Electric Bond & Share Co.
ORGANIZATION.— Incorp. in Maine early in 1925; took over the assets
o f the Utah Securities Corp. (for history see “ Public Utility” Compendium
o f Nov. 1 1924), and now holds a substantial majority of all of the common
stocks (and in some cases varying amounts of pref. and 2d pref. stocks as
well as certain indebtedness) of New Orleans Public Service Inc., Dallas
Power & Light Co., Dallas R y. Co., Power Securities Corp. (which owns all
the com. stock and certain other securities of Idaho Power C o.), Ark. Lt. &
Pow. Co., Miss. Pow. & Lt. Co., Louisiana Pow. S Lt. Co., Central Louisi
c
ana Pow. Co., Louisiana Pow. Co. and Texas Interurban R y. Assets o f
Utah Securities Corp. acquired consisted of all outstanding 2d pref. and
com. stock, except directors’ shares of Utah Power & Light Co. On July 7
1925 completed the acquisition of the properties of the Southern Power &
Light Co. V . 121, p. 197. See for exchange of stocks under “ Southern
Power & Light C o.” —V. 120, p. 2551.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
The company furnishes directly or indirectly, electric power and light and
(or) gas, electric railway and other public utility service to a great number of
communities with a wide industrial and geographical diversification, located
in Arkansas, Mississippi, Louisiana, Texas, Utah, Colorado, Idaho, W yom
ing and Oregon, having an aggregate population estimated at approx.
2,000,000. The principal operating companies follow:
(1) New Orleans Public Service, Inc. (see statement on another page).
(2) Dallas Power & Light Co. and Dallas Ry. (see statements on another
page).
(3) Utah Power & Light Co (see statement on another page).
(4) Idaho Power Co. (the subsidiary of Power Securities Oorp.) supplies
the entire electric power and light service in an extensive section of southern
and central Idaho and eastern Oregon, including the cities of Boise, Twin
Falls, Pocatello, Caldwell and Nampa, and through its subsidiary, Nevada
Power C o., in the mining district adjacent to Jarbidge, N ev., with a popu
lation in excess of 150,000. The Boise Valley Traction C o., another sub
sidiary, operates an interurban railway between Boise and Caldwell.
(5) Texas Interurban Ry. operates a high-speed freight and passenger rail
way between Dallas and Denton and Dallas and Terrell, over 66 miles
of track.
The original authorized capital of the company consisted of 500,000 shares
of 1st Pref., 120,000 shares of 2d Pref., Series A, and 2,400,000 shares of
Common stock.
On June 29 1925 the authorized capital stock was increased to 4,020,000
shares without par value, divided as follows. (See V. 120, p. 3313; V. i21,
p. 74.)
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
aOption warrants to pur com. ______
_________
779.260 shs
Common 3,000,000shs (n o p a r )____
_________ 1,609,849 shs
1st pref 800,000 shs (no p a r ) . . ____
$7 Q-J
b376,644 Oct’25,$1.75
2d p f Ser A 120,000 shs(no p a r ) ______ $7
b ll4 ,8 l9 shs Aug’25,$1.75
2 d p f SerAA 100,000sh (no p a r ) ___
____- ----------------- ----------------a Option warrants entitle holder to purchase an equal number o f shares
of com. stock at $25 per share, b In addition, 119,537 shs. to be issued
against payments as made. The full amount will not be outstanding until
the allotment price is paid in full. Allotment price $100 per share.
Stock.— Each share of 2d pref. stock Series A, when accompanied by four
option warrants will be accepted at $100 in payment for com. stock in lieu
of cash. All the 2d pref. stock Series A and the 364,560 option warrants
were originally purchased by Electric Bond & Share Co. The unissued
portion of pref. $7 cum. stock is represented by allotment certifs. Pay
ments of the balance of the allotment price ($100 of which $40 were originally
paid in) are to be called for at intervals of not less than 180 days, and no
single call to be for more than 10% of the allotment price. No call shall be
made before 1926. Purchasers have the option, however, to anticipate
payment in whole or in part and upon full payment to receive certificates
for the preferred stock so paid for, and in addition A share of common
stock for each share of preferred stock so received. To all payments
must be added proportionate accrued dividends. Preferred as to divi
dends and assets over the 2d preferred and common stocks and entitled,
in case of liquidation, to $100 per share and divs. Red. all or part upon 30
days’ notice at $110 per share and div. Each share entitles holder to one
vote. In March 1925 Bonbright & C o., Inc., sold 400,000 shares $7 cumul.
pref. at 100 and div. (initial payment of $40 per share, plus divs. on amount
paid) each share of pref. carrying, when fully paid, A share of com. stock.
V. 120, p. 1457.
Second pref. stock Ser. “ A A ” ranks pari passu with 2d pref. stock Ser. “ A ”
V . 121, p. 74.
Preferred and common stocks and preferred allotment certificates listed
on N. Y . Stock Exchange. V. 120, p. 1881. $7 cum. pref. stock listed
on N. Y . Stock Exchange. V. 120, p. 2814.
EARNING S.— Consolidated statement of Elec. Pow. S Lt. Corp. S sub.
c
c
cos. for cal. year 1924 and for 12 mos. ended June 30 1925:
1924.
1925.
Gross earnings, all sources______________________ $38,142,703 $40,326,032
Operating expenses, maintenance and taxes______ 23,213,390 23,798,012
Net earnings_________________________________ $14,929,313 $16,528,020
Bal. of earns, applic. to renewal & replacement res.,
&c., and to divs. on Elec. Pr. & Lt. Corp. stocks. ________
7,054,809
Annual dividends on preferred stock______________
2,636,508
• Balance______________________________________
Annual dividends on 2d preferred stock, Series A . _
________
$4,418,301
803,733
Balance______________________________________
________
3,614.568
OFFICERS.— Chairman of Board, S. Z. Mitchell.— V. 120, p. 1326,
1457, 1881, 2550, 2814, 3064, 3313; V. 121, p. 74, 197, 457, 1347, 1568.
UTAH POW ER & LIG H T CO.
Operations supervised by Electric Bond & Share Co.
Controlled through ownership of all the outstanding common and 2d pref.
stocks, except directors’ shares, by Electric Power & Light Corp., which see
above.
ORGANIZATION.— Incorp. in Maine Sept. 6 1912. Charter unlimited.
Owns all the bonds and capital stock, except directors’ shares, of Western
Colo. Power Co. and all the stock, except directors’ shares, of Utah Lt. S
c
Trac. Co. Leases for 99 years from Jan. 1 1915 the elec, power and light and
gas properties of the latter and guarantees prin and int its $12,471,000
publicly owned 1st & ref. 5s, due 1944, and $1,401,000 1st mtge. coll. 8%
bonds. In Feb. 1924 the company took over the property of the Evanston
(W yo.) Electric Light Co. V. 118, p. 909. In July 1924 purchased the
power plant and franchise of the Warm Springs Power Co. V. 119. p. 326.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
With its controlled cos. operates in an extensive territory in Utah, south-
216
PUBLIC UTILITIES
eastern Idaho and southwestern Colorado, serving more than 181 communi
ties, incl. Salt Lake City, Ogden, Provo, Logan, Park City, American
Pork, Eureka, Brigham and Lehi, Utah; Idaho Falls, Rexburg, Preston,
and Montpelier, Idaho, and Durango, Telluride, Montrose, Ouray
and Delta, Colo.; total population served estimated at 376,000. Supplies
power to the Bamberger Electric R R . Co., Salt Lake & Utah R R ., the
Utah-Idaho Central R R . and Salt Lake Garfield & Western R R . C o., and
numerous industrial enterprises. Generating capacity of the company,
together with the Western Colorado Power C o., owned and leased, hydro
electric, 165,000 k. w.; steam, 37,900 k. w. Physical property incl. 1,977
miles o f high-voltage transmission tower and pole lines and 2,483 miles of
electric distributing system; gas holder capacity, 240,000 cul ft.; gas mains,
42 miles. Gas and electric customers, 92,214; generating station output,
12 mos. end. Dec. 31 1924, 749,653,000 k. w. h.; artifical gas output,
105,026,000 cu. ft.
Franchises are satisfactory. In Salt Lake City franchise extends to
1955; in Ogden to 1965; Provo, 1940; Logan, 1936; Bingham, 1953; Lehi,
1962, and in Preston, 1956. Other less important franchises expire at
various dates.
Rates.— V. I l l , p. 1662; V. 118, p. 3080
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Common stock ($ 35,0 00,0 00).____
________ $30,000,000 __________
P f stk 7% cum ($ 30,0 00,0 00/____
7 Q-J
19,056,400 O c t ’25, 1%
2d pref stock_ /
_
\ ____
________
1,000,000 Oct ’24, 1H
1st mtge ($100,000,000) gold) 1914
5 g F-A
25,847,000 Feb. 1 1944
. 1,000)------------------- e*&r/Guaranty Trust C o., New York, trustee.
1st lien & gen M ($1,000g ) - c *tf ( 1921
6 g F-A
5,500,000 Feb. 1 1944
Series o f “ 6s due 1944” ______ /Guaranty Trust C o., New York, trustee.
Series o f “ 7s due 1941” _______ 1921
7 g J-J
500,000 Jan. 1 1941
Deb bonds ser “ A ” ($100, f 1922 6 g M -N
5,000,000 M ay 1 1922
$500 & $1,000 c* and $1,000-1 Central Union Trust C o., trustee.
& $5,000 r*) gold_______ tf l
Stock.— 7% cumulative 1st pref. stock is redeemable at 115 and accrued
dividends. The second preferred stock as a whole or in part may cease
to be subordinate to the preferred stock upon vote o f the directors, when
ever net earnings for twelve consecutive months within the fourteen months
immediately preceding any application are
times the div. requirements
on the pref. stock then outstanding, and the additional pref. stock to be
issued in exchange for the 2d pref. stock. $6,837,000 o f the 2d pref. stock
had been exchanged for the first pref. stock as of Aug. 31 1925.
Bonds.— $6,000,000 are pledged under the 1st lien & gen. mtge. bonds
Series “ 7s due 1941” and Series “ 6s due 1944” ), leaving $25,847,000 outst’n5
?
In hands of public. Remaining bonds may be issued at par only for 80% of
cost o f permanent impts., ex tens, or additions when annual net earns, are
twice the int. on bonds outstanding and those proposed to be issued. Series
“ 6s due 1944” red. at 105 and int. on any int. date on 4 weeks’ notice.
Sinking fund o f the 1st mtge. 5s began Dec. 31 1916 as follows: 1916 to
1918, 1% o f bonds out; 1919 to 1932, 2% ; 1934 to 1943, 2J^%. Listed on
N . Y . Stock Exchange. V. 109, p. 688.
The 1st lien and general mortgage series “ 7s due 1941” are secured by
pledge of $500,000 1st M . 5s. Red. on 4 weeks’ notice in blocks of not less
than $250,000 at 107H & int. to & incl. Jan. 1 1924; at 105 & int. to and
Incl. Jan. 1 1931; and at a premium o f 14% 'ess each year thereafter tr
maturity. V. 112. p. 478. The first lien and gen. Mtge. serial “ 6s, due
1944," are secured by a pledge of an equal amt. o f 1st M . 5s. Are redeema
ble on four weeks’ notice in blocks o f not less than $250,000 at 105 and int. to
and incl. Feb. 1 1927; at 104 and int. thereafter to and incl. Feb. 1 1932; ai
103 and int. thereafter to and incl. Feb. 1 1937; and thereafter at a premium
decreasing each vear to 10014 and int. during the last year prior to maturity
V . 113, p. 2081.
The 6% debenture bonds, ser. “ A ,” are red. after M ay 1 1947 and up to
and incl. Oct. 31 2016, all or part, at any time on 60 days' notice at 110 and
int.; thereafter at par and int. Penna. 4 mills tax refunded. V. 114, p. 2014.
Dividends.— 7% is being paid on 1st pref. and 2d pref. stocks
EARN INGS.— For years ending Dec. 31 (incl. Western Oolo. Power Co.)
Dec. 31
Gross
Net (after
Other Bond Int. Other Int.
Balance,
Year— Earnings.
Taxes).
Income. & Disct.
(Net).
Surplus.
1924------- $9,331,444 $4,615,422 $386,140 $1,957,350 $173,346 $2,870,866
1923------- 8,543.405 4,290,033 183,749 1,854.933 194.532 2,424.317
1922------- 7,125,090 3,512,748 203.761 1,574,919 288,854 1.852.731
EARN IN G S.— 12 mos. end. Aug. 31—
1925.
1924.
Gross-------------------------------------------------------------------$9,653,161 $9,146,041
Operating expenses and taxes___________________ 4,788,332
4,693,865
Net earnings------------------------------------------------------ 4,864,829
4,452,176
Total income____________________________________ 5,239,848
4,776,826
1,957,350
1,957,350
Interest on bonds_______________________________
Other interest and deductions___________________
182,429
183,201
Balance------------------------------------------------------------- 3,100,069
2,636.275
993,025
Dividends on preferred stock____________________ 1,250,376
Balance------------------------------------------------------------1,849,693
1,643,250
OFFICERS.— Chairman o f the Board, S. Z. Mitchell; Pres., L. Han
chett; V .-P . & Gen. M gr., D. C. Green; V.-P and Gen. Counsel John F
Maclane; Y .-P ., E. W . Hill; V .-P ., S. R. Inch: V.-P. D . F McGee: Sec
& Treas., Geo. B. Thomas.— V. 116, p. 78, 722, 2517; V. 117, p. 896; V.
118, p. 909, 3080, 3,199; V. 119, p. 326; V. 120, p. 706, 1205, 1461, 1883,
2271, 2402, 3066.
(1) UTAH LIGHT & TRACTION CO.
Operations supervised by Electric Bond & Share Co.
ORGANIZATION.— Incorporated under the laws o f Utah Sept. 18 1914.
The company is a consolidation of the Utah Light & Railway Co. and
the Salt Lake Light & Trac. Co. (see those companies on page 116 of the
Sept. 1914 “ Electric R y. Section” ). The Utah Power & Light Co. owns
all the stock of this company except directors’ shares and has leased for
99 years from Jan. 1 1915 the electric power and light and gas properties,
leaving only the traction property to be directly operated. V . 100, p. 734.
Franchise in Salt Lake City expires in 1955.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Owns and operates 144 miles of track, incl. double track, sidings, &c., con
necting Salt Lake City, Sandy, Midvale, Murray, Holliday and Bountiful.
Has 217 passenger and service cars.
Valuation.— In Feb. 1920 the Utah P. U. Comm, placed a value of $8,468,278 on that part o f the c o .’s property used in its street railway business.
$1,401.000 Consol Rv & p o w c tsr vlige is, dueJutv i 1921 *«re oaloff at maturity (except for a $1,000 bond still outstanding, for which cash
has been deposited since July 1921 to pay same o ff), but are kept alive and
pledged under the $1,401,000 1st mtge. coll. 8s. V. 113, p. 72.
To Operate Buses.— In Oct. 1923 the company was auth. by the Utah
P . U. Comm, to operate a crosstown busline to connect with its street-car
lines. V. 117, p. 1887.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
_________ $1,150,875 ____________
Capital stock $10,000,000_________
First & ref M (auth amt un-( 1914
5 g A-O
12,471,300 Oct. 1 1944
limited) ($1,000. $500 and]Int. at Bankers Trust C o., New York,
$100) redat 105& intgsf_c* [ trustee.
1st M coll bonds, $1,401,000/ 1921
8 g J-J 1
1,401,000 Jan. 1 1934
($500and $1,000) g o ld .c* tf(U . S. Mortgage & Trust C o., trustee.
Utah Light & R y consol [ 1904
5 g J-J
486,000 Jan. 2 1934
mortgage ($10,000,000 gold-! Int. at 71 Broadway, New York.
($1,000)------------------------c*l Equitable Trust C o., N. Y ., trustee.
Utah Light & Power prior | 1900
5 g J-J
746,000 Jan. 1 1930
lien $750,000 gold ($1,-1 Int. at 71 Broadway.
0 0 0 )------------------------- c*tf [Central Union Trust C o., N . Y ., trustee.
Utah Light & Power consol | 1900
4 g J-J
1,113,000 Jan. 1 1930
mortgage $4,500,000 gold-lint, at 71 Broadway.
($500) ---------------------- c*tf (Equitable Trust C o., N . Y ., trustee.
Bonds.— Sufficient 1st & ref. bonds o f 1914 are reserved to provide for
underlying liens (all closed issues). $300 incl. in amt. outstanding owned
by Utah Power & Lt. Co. Present issue known as Series “ A ” bonds.
Guaranteed, principal and interest, by Utah Power & Light Co. Sinking
fund o f 1% of outstanding bonds from 1917 to 1919; 2% 1920 to 1934;
2J^% 1935 to 1943. Sinking fund may be used to redeem bonds at not
more than 105 or to reimburse the co. for cash cost o f additional properties,
&c. Listed on New York Stock Exchange. V. 115, p. 2380.
The first mortgage collateral 8s, in addition to being a lien on certain
properties (see V. 113, p. 961), are secured by a pledge of $1,401,000 Utah
Light & R y. cons. M . 5s; are also guar., prin. & int., by Utah Power & Light
Co. Not subject to call prior to Jan. 1 1927; thereafter redeemable, all or
part, on 30 days’ notice, as follows During 1927 at 106; during 1928 at 105;
during 1929 at 104; during 1930 at 1033^; during 1931 at 103; during 1932
at 102J^; during 1933 at 102. Interest payable in Chicago or New York.
Pennsylvania 4 mills tax refunded. V. 113, p. 961
[V ol. 121,
EARNINGS—
Gross
Net, after
Other
Int. Chgs., Bal., Sur.
Cal. Year—
Earnings.
Taxes.
In com e.
&c.
or Def.
1924_____________ $1,852,762 $373,607 $536,755 $924,522 def$14.1601923_____________ 1,857,747
390.157
495,998 901,342
defl5.187
1922_____________ 1,979,379
480,570
382,796 888,217
def24,851
Latest Earnings.— For 12 mos. ended July 31 1925, gross, $1,865,036;
net after taxes, $414,377; other income, $522,383; balance. $10,011.
OFFICERS.— Chairman of the board and Pres., E. O. Howard; V .-P s.,
O. J. Salisbury, D. F. McGee, D . C. Green and S. R. Inch; Sec. & Treas.,
Geo. B. Thomas.— V. 113, p. 72, 961; V. 114, p. 2014, 2361; V. 115, p. 75,
1534, 2380; V. 117, p. 1887; V. 118, p. 2439, 3080, 3199; V. 120, p. 2402,
2271, 3066.
SALT LAKE & UTAH R AILROAD.
Receivership.— The company was placed in receivership on July 24 1925.
Receivers, Henry T. Moore (V.-P.) and D. P. Abercrombie Jr., Boston.
V. 121, p. 1228.
ORGANIZATION.— Incorp. in Maine in 1912. Owns 50% of the
$150,000 stock (auth. $1,000,000) of the Salt Lake Terminal Co. (V. 101,
p. 1371), the other 50% being owned by the Bamberger Electric R R . The
Terminal Co. is operated by these two companies under a 50-year lease
running to Dec. 31 1963.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Road was formally opened between Salt Lake City and Provo Aug. 1 1914,
although trains were placed in operation July 24 1914. Line was extended
from Provo to Springville in the fall of 1915 and on to Spanish Fork and
Payson in Jan. and M ay 1916. Branch from Granger to Magna, a distance
of about 9 miles, was completed Oct. 10 1917. Operates from Salt Lake
City south to Payson, about 67 miles, and a branch line from Granger to
Magna (about 9 miles); also about 1 mile of single track of the Salt Lake
Terminal Co. tracks in Salt Lake City and about 2 miles of single track
street railway in Provo. 75 and 85-lb. rail; standard gauge. 17 passenger
cars, 1 combination gas motor car, 6 electric locomotives, 3 express and 130
freight cars and 11 service cars. Power is purchased under long-time con
tract from Utah Power & Light Co. Franchises entend to 1960 in Utah
County and in Provo, to 1962 in Salt Lake City and County, to 2010 in
Lehi City, American Fork and Pleasant Grove, and to 2012 in Springville,
Spanish Fork and Payson; remainder on private right-of-way.
Loans by United States.— Three loans aggregating $1,000,000 have been
made to the company by the U. S. Govt, under Sec. 210, Transportation
Act, 1920, as amended. $127,400 o f this amount was paid back prior toJan. 1 1925; $15,700 became due July 27 1925; $172,600 matures periodically
to 1935; $700,000 matures July 7 1936; this $830,300 loan bearing int.
In Sept. 1925 receivers applied to the Utah P. S. Commission for permis
sion to operate a bus line from Salt Lake City to Magna and the Garfield
smelter. V. 121, p. 1349.
STOCK AND BONDS— Date.
Interest.
Outstanding. Maturity.
Com stock $3,000,000 ($100)_______
_________ $3,000,000 ____________
1st pref 7% cum $3,O0O,OOO_______
7%
628,900 __________
Pref 7% cum $2,000,000 ($ 1 0 0 )____
_________
1,400,000 __________
1st mtge $10,000,000 g old (1 9 1 4 6 g A-O
1,460,900 April 1 1944
($1,000, $500 & $100)-C*tf jln t. at First Nat. Bank, N . Y ., or Cont. &
Redeemable at 102 and int. ( Com. T r. & Sav. Bank, Chicago, trustee.
Salt Lake Term Co 1st m tgef 1915 6 g J-D
632,900 June 1 1935
$1,000,000 gold ($1,000,(In t. at Bankers Trust Co., N . Y ., or Inter1500 and $100)_______ c*tf ( national Trust C o., Denver, trustee.
Equipment trust certificates/ 1920 7 M -N
68,000 See text
($500 and $1,000)____c * tff(In t. at Northern Trust C o., Chicago, trustee.
Equipment notes____________ 1920 6 Q-F
8,102
_____
Bonds.— Remaining bonds may be issued only under certain restrictions.
The $1,460,900 bonds outstanding bear 6% interest; remainder will bear
such rates not exceeding 6% as may be fixed at time of issue. Sinking fund
of 1% of bonds out 1919 to 1923, \l % 1924 to 1933 and 2% 1934 to 1943.
A
All bonds may be called at 102 and int. and replaced by a like amount
bearing a lower rate. V. 100, p. 230.
The Salt Lake Term, bonds are unconditionally guar., p. & i., jointly and
severally, by the Salt Lake & Utah R R . and Salt Lake & Ogden R y. (now
Bamberger Electric R R .). Callable on any int. date on 35 days' notice at
102 and int. Sinking fund 1% of bonds issued from 1920 to 1924; 1H % in
1925-29, and 2% in 1930-34. Additional bonds may be issued for 75% of
cost of new property or for exts. and impts. For description of bonds and
property, see V. 101, p. 1371.
The equipment trust certificates are secured on 60 cars which cost approxi
mately $86,000. They mature semi-annually to 1930. V. 110, p. 2388.
Calendar Year—
1924.
1923.
1922.
1921.
1920.
Gross revenue_______$706,643 $878,641 $753,797 $793,754 $876,948
Oper. expenses & taxes 573,191
583,620
526,278
586,792
621,652
Net avail, for int.&div$133,452 $295,021 $227,519 $206,962 $255,296
OFFICERS.— Pres., W. C . Orem; V .-P ., Henry I. Moore; V .-P ., Mark
T . McKee; Sec. & Treas., F. M . Orem; Aud., C. M . Osborn.— V. i l l , p.
2230; V. 112, p. 2307, 2643; V. 113, p. 629, 732, 1054, 2313; V. 121, p. 1228,
1349.
BAMBERGER ELECTRIC RAILR O A D .
ORGANIZATION.— Incorp. in Utah as the Salt Lake & Ogden Ry.
Name changed to present title in Sept. 1917. Owns 50% of the stock o f the
Salt Lake Terminal Co. and with the Salt Lake & Utah R R ., which owns
the other 50% of stock, operates the property under a 50-year lease. These
two companies jointly and severally guar, its 1st mtge. bonds,
& i
See under Salt Lake & Utah R R . and in V 101. p 1371
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS.—
Operates a high-speed interurban railway,
miles, between Salt Lake
City and Ogden: total trackage, 73 miles. 18 motor cars 4 electric loco
motives and 1 work car. New terminal in Ogden for use of this co. and the
Utah-Idaho Central R R . was completed Jan. 1 1915. New terminal at Salt
Lake City for use of this company and the Salt Lake & Utah R R . Co. was
completed Jan. 1 1924. Power is purchased from the Utah Power & Light
Co. On M ay 28 1910 began operating cars by electricity; prior to that date
road was operated by steam,. Shortest of franchises expires in 1955.
Practically entire mileage is oh private right-of-way.
STOCK AND BONDS—- Date.
Interest. Outstanding. Maturity.
Common $1,000,000_________ _____
_________ $1,000,000 ____________
Pref $500,000 (6% non-cum)_______
_________
500,000 __________
First mortgage $2,000,000/ 1909
5 g F-A
1,500,000 Feb. 11934
gold ($1,000)__________ c*(In t. at Harris Tr. & Sav. Bk., Chic., trustee.
Bonds.— First mortgage bonds are subject to call at 105 and int. on and
after Feb. 1 1914. Remaining bonds can be issued under certain restric
tions for extensions and additions.
EARNING S.— For years ending Dec. 31:
Calendar Years—
1924.
1923.
1922.
Gross_____________________________________ $562,000 $610,004 $577,681
Net, after taxes___________________________ 39,907
101,989
120,085
OFFICERS.— Pres., Julian M . Bamberger; V .-P ., John W . Walsh; Sec.,
J. B. Bean; Treas., Simon Bamberger; Aud., H. L. Balser.— V. 102,p. 2167.
UTAH-IDAH O CENTRAL R AILROAD.
ORGANIZATION.— Incorp. in Utah Oct. 17 1914 as the Ogden Logan
& Idaho R R . as a consolidation of the Ogden Rapid Transit Co. and the
Logan Rapid Transit Co. Name changed to present title on Jan. 1 1918
On April 8 1919 this co. and the Cache Valley R R . were consolidated.
Compare V. 108, p. 975.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Operates 117.11 miles of railway connecting Ogden, Brigham City, Wellsville, Logan, Utah, and Preston, Idaho. Power is purchased from the
Utah Power & Light Co.
A terminal in Ogden for the use of this company and the Salt Lake &
Ogden Ry. was completed Jan. 1 1915.
Disposal of City Traction Lines.— On Jan. 1 1920 all city traction lines o f
the company were sold to the Utah Rapid Transit Co. for 9,000 shares
common stock of the Traction Co., and the assumption by that company
of $1,000,000 principal amount of outstanding funded debt.
STOCK AND BONDS—- Date.
Interest. Outstanding. Maturity.
Common stk $3,000,000 ($ 1 0 ) ____
_________
$820,860 __________
1st pref cum $3,000,000 ( $ 1 0 )____
See text
858,450 __________
1st & ref mtge $4,000,000/ 1920
6 g J-J 2 3,733,000 Jan . 2 1940
($100, $500 & $1,000) g--c*(O gden Savings Bank, Ogden, Utah, trustee.
Stock.— The 1st pref. stock is cum. at 6% and is entitled after 6% has
been paid on the common and before any additional payment can be madeon the common to an extra 2 % .
Oct., 1925.]
217
POWER, LIGHT AND RAILW AY
Bonds.— Are callable on any int. date to and incl. Jan. 2 1935 at 105, and
thereafter at 102 A - Sinking fund o f 1 % o f the aggregate principal amount
yearly from 1925 to 1939.
EARNINGS.— For year ending Dec. 31 1923, gross, $839,806; net after
taxes, $242,319. In 1922, gross, $821,685; net after taxes, $237,462.
EARN IN G S.— Fo years ending Dec. 31:
Calendar Years—
1924.
1923.
1922.
Gross______________________________
$769,025
$839,806
$821,685
Net, after taxes____________________
165.583
242,319
237,462
OFFICERS.— Pres., Joseph Scowcroft; Sec. & Treas., Royal Eccles;
Gen. M gr., P. H . Mulcahy; Aud., E . L . Morris.— V . 108, p. 975; V . 112,
p. 654.
NEVADA
SIERRA PACIFIC ELECTRIC CO.
ORGAN IZATION .— Incorporated in Maine in July 1909. Owns the
capital stock of the Truckee River Power Co.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Through its sub. cos. does the entire electric lighting and power business
in the cities and towns o f Reno, Sparks, Carson City, Virginia City, and
Yerington, N ev., and furnishes power in the surrounding mining districts of
western Nevada. Also does entire gas business in Reno, Sparks and Carson
City, and supplies water for domestic purposes in Reno and Sparks. Has 5
power stations located on Truckee River between Reno, N ev., and Floriston,
Calif., 2,566 gas meters and 47.75 miles of gas mains, 71.2 miles of water
mains.
Franchises.— Electric lighting and power franchise in Reno and Sparks
expires in 1954, in Carson City in 1947, in Yerington in 1957. Gas franchise
in Sparks expires in 1955, and water franchise in 2004. Other important
franchises not limited in time.
STOCK AND BONDS—
Date. Interest. Outstanding. Maturity.
Common $8,000,000 ($100)________
_______
$8,000,000 __________
Pref 6% cum $3,500,000 ($ 1 0 0 )____
6 Q-F
3,500,000 N ov ’25,l>S
Assumed by Truckee River Power Co.—
Nevada P rL t& Wat 1st mtge 1 1902 6 g A-O
123,000 Apr 11932
$300,000 gold____________ /Int. at Mercantile Trus tCo., San Fran., trus
Reno Pr Lt & Wat 1st cons M\ 1904 6 g J-J
320,000 July 1 1944
$750,000 gold____________ /In t. at Mercantile Tr. C o., San Fran., trus.
Stock.— Pref. stock is pref. as to divs. in case of liquidation. Red. at 115.
Bonds.— Both issues of bonds have been assumed by Truckee River Power
C o., all the capital stock of which is owned by the Seirra Pacific Electric
Co. The Nevada Pow., Lt. & Wat. 1st Mtge. 6s are call, all or in part (also
in part for sink, funds) at 106 and int., decreasing to 100M prior to ma
turity. Sink, fund 2 ^ % per annum of bonds issued (excl. bonds called or
cancelled) through 1926 and 3% thereafter, payable April 1. As of Dec. 31
1924, $105,000 held in sink, fund not cancelled and $72,000 in sink, fund
cancelled (not incl. in amount outstanding).
Reno Pow., Lt. & Wat. 1st Cons. Mtge. 6s are call, all or in part (also in
part for sink, fund) at 110 and int., decreasing to 100l prior to maturity.
A
Sink, fund 1.4% per ann. of bonds issued (excl. bonds called or cancelled)
through 1933 and 1.7% thereafter, payable April 1. On Dec. 31 1924
$130,000 were held in sinking fund not cancelled.
Notes.— All of the outstanding one-year coupon 5% notes, due July 1 1925,
were called for payment on June 1 1925 at par and int. V. 120, p. 2684.
Dividends.— Quarterly dividends of 1A % (Q.-F.) are being paid on pref.
stock.
EARNING S.— For twelve months ended June 30:
1925.
192..
G ross____________
$1,126,861 $1,055,957
Operating expenses and taxes___________________
696,685
559,156
Net___________________________________________
$430,177
$496,801
Interest and amortization charges______________
71,610______ 69,034
Balance for reserve retirements and dividends..
$358,566
$427,767
OFFICERS.— Pres., Alexander F. Crichton; V .-P ., E. Ennalls Berl;
E. M . Harrigan; Sec. & Treas., Henry T . Graham. Under management of
Stone & Webster, Inc.—-V . 119, p. 84; V . 120, p. 2684, 3316.
IR d o d C .
e mn & a
Underwrite Entire Bond Issues of Street Railway, Electric Light,
Power and other Public Utility Properties.
High-Grade
Investment
Securities
Members New York, Philadelphia and Pittsburgh Stock Exchanges
Broad & Sansom Sts.
PHILADELPHIA
33 Pine Street
NEW YORK
Washington
Pittsburgh
-------------- ---- ------------
- .....T H E -------------
Baltimore
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ENGINEERS AND C O N S U LTA N TS
S P E C IA L IZ E O N T R A C T IO N , T R A F F IC , E Q U IP M E N T
AND
POW ER
P R O B L E M S — IM P R O V E D O P E R A T IO N S
IN C R E A S E D E A R N IN G S — C O -O R D IN A T IO N O F L O C A L
T R A N S P O R T A T IO N F A C IL IT IE S — R O U T IN G — S C H E D U L IN G — M A N A G E M E N T — A P P R A IS A L S — F IN A N C IA L
A N D O P E R A T IN G
IN V E S T IG A T IO N S A N D R E P O R T S
52 V a n d e rb ilt Avenue
New Y o r k
G r a h a m , Pa r s o n s
PHILADELPHIA
&, Co.
NEW Y O R K
INVESTMENT SECURITIES
Deal in and Purchase Issues of
MUNICIPAL BONDS
and Bonds and Notes of
RAILROADS, PUBLIC UTILITIES, and INDUSTRIAL CORPORATIONS
of
ESTABLISHED VALUE
318
[V ol. 121
PUBLIC UTILITIES
HAWAII
HONOLULU RAPID TRA N SIT CO., LTD.
ORGANIZATION.— Incorp. in Hawaii Aug. 30 1898. In 1903 pur
chased the Hawaiian Tramways Co. In Feb. 1922 obtained a new franchise,
indeterminate in character, which provides that there shall be paid to the
City and County o f Honolulu annually 214% o f its gross revenue from
railway operation. The rate of fare to be fixed from time to time as neces
sity requires, with the approval o f the P. U. Commission of Hawaii.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
A trolley road. Operates 34.133 miles of track. Gauge. 4 ft.: 70, 85,
108, 122-lb. rails. 69 vestibuled motor cars (incl. 6 P A Y E cars) and 16
freight and service cars. Capacity o f generators, 1,900 k. w.
STOCK.— Auth., $3,000,000, and outstanding (par $20), $2,500,000
Dividends payable Q.-M . 31.
All preferred stock was converted into common in 1913.
REPORT .— For years ending Dec. 31:
Calendar
Gross
Balance,
Net
Int., Taxes,
i Year—
Earnings.
Surplus.
Earnings. Deprec., &c. Dividends.
1924 ........... -$1,014,349
sur.$21,550
$300,419
$75,000
$203,869
1923 ----------- - - 988.928
def 33,585
370,220
213.801
190.000
1922______- - - 989,521
sur .35,54b
160.000
386,765
X191.217
1921_______. . . 960.992
325.003
160.000
def. 101,576
266.579
1920_______
861.342
def. 139.602
260.916
160.000
281.314
x Does not include capital stock, sinking fund reserve.
Earnings 9 Mos. End. Sept. 30 1925.— Gross, $804,676 (same period 1924,
$728,404); net revenue, $273,127 ($201,137 in 1924); total revenue, $279 089
($206,940 in 1924); net after int., replacements and deprec., $148,219
($57,415 in 1924).
Passengers carried in 1924, 24,358,229, against 24,191,595 in 1923.
OFFICERS.— Chairman o f B d., L. T . Peck; Pres., A. L. Castle; 1st
V .-P ., L. A. Thurston; 2d V .-P ., W . F. Dillingham; Sec., B. L. Marx;
Treas., C . H. Atherton; M gr., H. S. Johnson.— V. 102, p. 1350: Y. 103, p.
7 9, 938; V. 104, p. 1387; V. 106, p. 1 77; V. 114, p. 2717; V. 116, p. 2129;
V. 118, p. 663, 2304; V. 120, p. 2146.
STOCK A N D BONDS—
Date. Interest. Outstanding. Maturity.
1st & ref M 7% ser due 1942,/ 1922 7 g M -N $3,500,000 M ay 1 1942
$20,000,000 ($100, $500
$1,000) g ___________ c*&r* (Equitable Trust C o., N . Y ., trustee.
1st & ref M 5% ser due 1946_______
5%
269,000 Sept. 1 1946
1st & ref 5 % _________________ 1922 5 M-S
None
Mar 11953
Manila Elec RR & Ltg Oorpf 1903
5 g M-S
3,886,000 Mar 1 1953
1st lien and coll tr $5,000,-1 Int. at Equitable Trust Co., N . Y ., trustee.
000 gold ($1,000)............c* 1
Bonds.— The Manila Elec. R R . & Ltg. Corp. 1st lien & coll. mtge. bond®
have a sink, fund of M % of bonds outstanding; began M ar. 1 1908 and ran
until 1917: now 1% of bonds outstanding. The fund is to be invested in
the bonds at not more than 105 and int., at which price they are subj. to
call for the purpose. Are red. as a whole at 105 and int. on or after Mar. 1
1928. V. 82, p.218. Bonds are listed on H.Y. Stock Exchange. $1,111,000
are in hands o f trustee for sink, fund $3,000 held by trustees in lieu of
mortgaged property sold.
The c o .’s 7% 1st & ref. mtge. bonds are guar. prin. and int. by Manila
Elec. Corp. See details in V. 114, p. 1766. The 7% series due 1942 are
listed on N\ Y . Stock Exchange. V. 119, p. 942, 1064; V. 120, p. 2012.
EARN ING S.— For 12 months ended March 31 1925: Gross earnings.
$3,744,176; oper. exp., $1,765,148; int. on bonds, &c., $737,033; amort.,
replace’ts & renewals, $297,600; dividends, $450,000; surplus, $494,395V . 121, p. 458, 586.
(a) MANILA SUBURBAN RYS. CO.
BONDS—
Date.
Interest. Outstanding. Maturity.
First mortgage $2,500,000/ 1906
5 g M -S
$197,000 Sept. 1 1946
gold ($1,000)__________ c*\New York Trust C o., trustee.
Bonds.— Assumed by the Manila Electric Co. and are guar., p. & i.*
by The Manila Electric Corp. Are subject to call after Sept. 1 1928 and to
purchase for sink, fund since Sept. 1 1911 at not to exceed 105 and int. at
which price bonds can be drawn by lot. See V. 80, p. 220. $95,000 are
held in sink, fund and not incl. in outstanding amount as above. $82,000
have been returned and cancelled and $276,000 (not incl in amount out
standing) held in treasury.— V . 113, p. 2614; V. 121, p. 458, 586.
PORTO RICO
PONCE ELECTRIC CO.
PHILIPPINE ISLANDS
THE MANILA ELECTRIC C ORPO RATION .
ORGANIZATION.— Organized in Porto Rico and on Feb. 1 1920 took
over the property formerly controlled through stock ownership by the
Ponce Electric Co (a New Jersey corporation).
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS —
Operates the railway between Ponce and the Playa (Port) and does the
entire lighting and power business of Ponce and the Playa. Operates 5.61
miles of equivalent single track; 0.77 m. of trackage; 12 cars; gauge, 1 metre.
Power station has 2,050 k. w. capacity. Railway franchise expires in
1961. electric light franchise in 1963.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
_________
$500,000 __________
Com stock $1,000,000 ($100)______
Pref $1,000,000 cum _______________
7%
400,000 ---------------EA R N ING S.— For 12 months ending Dec. 31 (combined companies):
Year—
Gross.
Net after Tax.
Int.
Sinking Fd. Surplus.
1924______________$309,270
$105,853
$2,804
$103,049
1923______________ 287,335
98.456
6,238
92,218
1922....................... 280,881
80.071
5,110
74.960
OFFICERS.— Pres., Harry T . Edgar; V.-Ps., M . L. Sperry and Lewis A.
Keen; Treas., Henry B. Sawyer; Sec., Victor D. Vickery; Gen. Mgrs., Stone
& Webster Management Association.— V. 74, p. 268, 478.
Controlled by Associated Gas & Electric Co.
ORGAN IZATION .— Incorp. in Connecticut June 26 1903 as the Manila
Electric Railroad & Lighting Corp. (name changed to present title in Dec.
1921). Owns entire stock of Manila Electric C o ., having a 50-year franchise
from March 24 1903, practically the entire stock o f the Union Truck Co.
and o f the Compania de los Transvias de Filipinas. In July 1925 the
Associated Gas & Electric Co. acquired control of the company through
exchange o f stocks on the following basis: Holders o f Manila Electric
Corp. received in exchange for each share Manila El. Corp. $50 principal
amount o f Assoc. Gas & El. Co. 6 l4 % interest-bearing conv. deben. obli
gations. For further particulars, see V. 120, p. 2401, 2816; V. 121, p. 458,
1101. The Assoc. Gas & El. Co. also offered to exchange Manila El.
Corp. common stock, share for share, for Assoc. Gas & Electric Class A
stock. V . 121, p. 458.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
Besides doing the street railway business, supplies light and power for
PORTO RICO RAILW AY S CO., LTD.
private, municipal and Government use. Operates 52 miles of track (in
cluding Manila Suburban Rys. Co.) in the city and suburbs. 70-lb. T and
ORGANIZATION.— Incorporated in Canada Oct. 1906 and has acquired
92-lb. girder rails. Owns 54 single and 88 double-truck passenger cars and the San Juan Light & Transit Co. and Porto Rico Power & Light Co. and
20 service cars. Two 5,000 k. w. turbo-generators are now in service, Caguas Tramway Co.
and a new 12,500 k. w. turbo-generator was to have been placed in service
FIELD OF
ARACTER OF BUSINESS.—
in N ov. 1924. Municipality may acquire railroad property after 25 years Controls all theOPERATIONS AND CHlight and power business of San
on a valuation fixed by net earnings, the Supreme Court of the Islands Juan, San Turce electric railway, electric
and Rio Piedras; also controls entire lighting systems in
being referee.
Comerio, Bayamon, Catano, Carolina, Caguas, Rio Grande,
N o pref. stock outstanding at last accounts (March 1924). Compare cities of Humacao, Yabucoa, Gurabo, Juncos and other towns in east end
Fajardo,
V. 110, p. 2192; V. I l l , p. 1472.
of island
Operates
Piedras, 9 miles, electric.
The stockholders voted N ov. 10 1924 to change the common stock Standard gauge. An from San Juan to RioCaguas. which is being oper
extension
to
from 100,000 shares, par value $100, to 400,000 shares, no par value. If ated by steam, metre gauge, wasof 18 miles in 1908. Its lighting franchises
completed
the change is authorized, 4 shares o f no par value com. stock will be ex in San Juan and San Turce are perpetual. The Comerio Water Power
changed for each share o f $100 par. Y . 119, p. 1510.
and Caguas Tramway franchises are for 99 years from 1906. The street
STOCK AND BONDS—
Outstanding. Dividend. railway franchise runs until 1959. An express service was inaugurated in
Com 400,000 shs (no par)_________
_______ 280,000shs. See text
1908 in conjunction with Porto Rico Express Co.
Pref. $3,000,000 8% cum...................................... .
None
Contract.— Has a 5-year street-lighting contract with the city o f San
Stock are listed on New York and London Stock Exchanges.
Juan and with about 30 other towns for various periods.
Dividends.— In 1906 and 1907 3% paid on com.; in 1908 to 1910 incl.,
In June 1922 the capital stock was increased from $4,000,000 to $5,000,4% ; in 1911, 5 K % ; in 1912, 1913 and 1914, 7% ; 1915 to Apr. 1922 incl. at 000. V. 115, p. 183. No further action taken up to Oct. 1 1925.
the rate of 6% per ann. In 1922, 8% was paid, all on $5,000,000 stock
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
outstanding; 1923, 8 % , and 1924, 6% , on $7,000,000 outstanding; in 1924
Common stock $3,000,000------------ Q-J
$3,000,000 J a n ’22, 1%
62J^c. quar. per share on 280,000 no par shares outstanding. In 1925, Pref $1,000,000 ($100) 7% c u m ____
Q-X
1,000,000 O c t ’25, 1%
62Mc. quar.
First mortgage $3,000,000/1906
5 M -N
2,271,500 N ov. 1 1930
($500) gold_______________-{Int. at Montreal Trust C o., trustee, M onRE PO RT.— For calendar years;
( treat and Halifax, or Bank of Nova Scotia.
Surplus
Dividends.
Gross.
Net (aft. Tax). Int., &c.
5 M -N
£265,000 M ay 1 1962
1924 ..-$3,725,898
$1,838,801 $474,751
$595,000
$529,050 Refunding general mortgage/ 1912
£1,500,000 (£100)______c*(In t. in London, Montreal and Toronto;
1923 — 3,571,981
1,750,826
450,613
559,970
500,243
[ Montreal Trust C o., trustee.
1922 — 3,584,121
1,644,765
469,197
400,000
663,646
1921 . . .
3,681,398
1,558,058
407,559
646.231
(6%)300,000
Bonds.— First mortgage bonds are subject to call at 105. Sinking fund
R O A D .— Operates 52 miles o f track (including Manila Suburban Rys. of 1% of bonds issued plus one year’s interest on canceled bonds began
Co.) in the city and suburbs. 70-lb. T and 92-lb. girder rails. Owns 54 N ov. 1908. $728,500 bonds canceled. First mortgage bonds are listed
single and 88 double-track passenger cars and 20 service cars. Two 5,000 on Montreal and Toronto Stock Exchanges.
Of ref. gen. mtge. bonds £466 800 are reserved for 1st mtge. bonds and
k.w. turbo-generators are now in service.
£309,400 are in treasury;
under
OFFICERS.— Pres., John H. Pardee; V.-Pres’ts, J. I. Mange, Joseph K . tions. Subject to call as remainder for future requirements (1% ofrestric
a whole or for cum. sinking fund
bonds
Choate, H. C. Hopson, S. J. Magee and J. M . Daly; Sec. & Treas., T . W . out beginning in 1937) at 1,05 and int. V . 94, p. 1566. Are listed on
M offat. Operated under management o f J. G. White M gt. Corp., New London Stock Exchange.
York.— V. 116, p. 1760; V. 117, p. 782, 1992; V. 118, p. 2179; V . 119, p.
Dividends.— First div. on pref., 1 % % , paid Jan. 10 1910, and same
1510. 2530, 2647; V. 120, p. 2401,2816, 3187; V. 121, p. 458, 706, 1101.
amount quarterly since to and including Oct. 1925. On com ., 1st d iv ., 1 % ,
(1) MANILA ELECTRIC CO.
paid Oct. 1911. In 1912 and 1913, 4 % . In 1914, Jan., 1%; April, 1% ;
All outstanding common stock except directors’ shares is owned by July, 1% . None to July 1920, when 1% was paid. In Oct., 1% . In
Manila Electric Corp.
1921, 4 % . In 1922, Jan., 1% . None since.
Oct., 1925.]
219
POWER, LIGHT AND RAILW AY
REPORT.— F«r calendar years:
Year—
Gross.
Net.
Oth.Rev. Interest. Pref.Div. Com.Div. Survlus
1924 . . - - - - - - - _x$404,388 $16,484 $180,600 $70,000
______ $170,272
1923 . . 1,324.798 433.354
13.967
183,504 70.000
193.816
1922 . . 1,330,446 516,839
13,905
186,275 70.000
274,469
1921
1,332,486 465,715 42.877
188,920 70,000 $120,000 129,672
x After providing for depreciation.
3,935.713 passengers carried in 1924, against 5,103,186 in 1923.
OFFICERS.— Chairman, W . D . Ross; Pres., C. C . Giles; V .-P ., L. M .
Wood; Sec., T . A . Spoor; Gen. M gr., Manuel V. Domenech, C . E .; Compt.,
Pa 3163; Y . 104, p. 765; V. 106, p. 1901; V. 110, p.
1188.2568; V . 115, p. 183; V . 116, p. 1650; V. 118, p. 1774; V. 120, p. 1882.
Halifax, St. John, Montreal, Toronto, Winnipeg or Vancouver: or at New
York in U. S. gold coin
V. 114, p. 1891.
Dividends.— A dividend of 3% was paid on pref. stock in July 1917 the
Dec. 1917 dividend being deferred. In 1918, 6 % . In 1919, 6 % . In 1920
Jan. div. omitted. V. 110, p. 167.
EARN ING S.— Of Nova Scotia Tramway & Power C o ., Ltd., for cal. yrs.:
Calendar Years—
1924.
1923.
1922.
1921.
Gross earnings__________ $1,299,371 $1,393,980 $1,419,471 $1,446,640
Operating expenses_____
916,935
964,146
987,676 1,145,143
Taxes-------- -----------------105,302
112,136
111,109
119,858
Bond & coupon interest.
216,713
217,497
193,863
182,500
Sundry interest________
1,228
538
5,802
3,118
______
______
7,984
19,164
Amort, of dt. disc. & exp.
Bal. for res., divs., &c.
$59,194
$99,663
$113,038 def$23,143
OFFICERS.— Pres. & Managing Director, L . Killam; V .-P ., W . H.
Covert, K .C .; Sec., Cecil J. Hayes; Treas., A. W . Wentzell.— V . 109, p.
270; V. 110, p. 167, 2388; V. 114, p. 1408, 1766, 1891; V. 116, p. 2131;
V. 118, p. 2573; V. 120, p. 2149.
CANADA
CONSUMERS GAS CO.
LAURENTIDE POW ER CO., LTD.
O R G A N IZA TIO N .— Incorp. in March 1848 by Special Act of the Ontario
L6§isl^tur6.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
The company serves the City o f Toronto and the townships o f York, Etoibcoke, Vaughan, Markham and Scarboro. Population served, approxi
mately 575,000; 142,836 meters.
Stockholders o f record Jan. 31 1925 were given the right to subscribe for
$2,000,000 add’l com. stock at $140 per share, in the ratio o f one new share
or each 4 shares held. V. 120, p. 828.
STOCK A N D BONDS— Date.
Interest. Outstanding
Last Die.
Stock $12,000,000 ($100)..... ...............
No funded debt.Stock.— Divs. are limited to 10%
M ay 1925 by Dickson, Jolliffe & Co.
V. 120, p. 2267.
EA R N IN G S.— For years ending
Sept. 30 Years—
1923-24.
Meters, number_______
142,836
Receipts from gas sales. $5,152,129
Residuals, coke, tar, & c. 1,111,591
Merchandise sold, piping
& burner, rentals, & c.
391,615
Q-J
$12,000,000
Sept. 30:
1922-23.
137,182
$5,392,860
1,116,664
1921-22.
132,141
$5,408,830
1,029,857
373,829
375,253
Total income------------ $6,655,336 $6,883,354 $6,813,940
Oper. expenses and taxes 5,212,505
5,498,649 5,335,666
Net earnings................. $1,442,831
Deduct—
Interest ........................
...........
D ividends...............
$798,741
634.235
Renewal fund-------------Reserve fund__________
______
Oct 25 2 H
per ann. $2,000,000 were offered in
and Watson, Wallace & C o., Toronto.
1920-21.
127,555
$5,827,282
1,033,977
353,623
$7,214,882
5,673,949
$1,384,704 $1,478,274 $1,540,933
$8,586
689,253
591,002
______
$51,516
600.000
565,539
140,906
$63,022
581,337
543,584
352,989
$9,855
$95,863
$120,312
None
Balance, surplus------Dividends.— 10% per annum (payable Q.-J.) paid since 1874.
O F F IC E R S — Pres., A. W . Austin; V .-P ., F. Le M . Grasett, M . D .:
Sec., J. J. Armstrong; Gen. M gr.. Arthur Hewitt.— V. 118, p. 436; V. 119,
p. 2281; V. 120, p. 701, 828, 2267.
NOVA SCOTIA TRAM W AYS & POWER CO., LTD.
ORGAN IZATION .— Incorp. in Nova Scotia in 1914 and in Jan. 1917
acquired (a) the properties and franchises of the Halifax Electric Tramway
C o., Ltd., comprising all street railways, commercial electric light and power
and gas properties in Halifax; and (b) water power rights, lands, &c., on
the Gaspereaux River, 55 miles from Halifax, capable o f a hydro-electric
development of approximately 12,000 h. p.
FIELD OF OPERATIONS AN D C H A RACTER OF BUSINESS.—
23.32 miles of street railway, single-track equivalent. Standard gauge;
60-lb. T and 80-lb. girder rails. 38 passenger cars; 24 Birney safety cars;
5 sweepers, 5 miscellaneous cars, &c. 6,000 k. w. contracted from Provin
cial Hydro Development; lighting and power distribution system; stand-by
power house o f 6,200 k. w . capacity; gas plant, with about 41.39 miles of
pipe line.
Franchises, in opinion o f counsel, are perpetual.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
_______
$2,510,000 __________
Com stock $3,500,000 ($100)______
P f 6% cum $2,500,000 ($100)______
J-J 2
2,078,800 July’ 19, 3%
1st M $10,000,000 gold$ or £[ 1916
5 g J-D
2,250,000 Dec 11946
($1,000 and $500)_ c*.tf\In t. in New York, Montreal and London.
_
Gen mtge Ser “ A ” ($500 and} 1922
7 g A-O
1,485,000 Apr 1 1952
$1,000) gold___________ c*(Eastern Trust Co., trustee.
Stock.— Divs. on pref. payable without deduction for any taxes imposed
by any taxing authority in Canada. The stock was offered in Jan. 1917 in
blocks o f 10 shares o f pref. and 3 shares common stock for $1,000. V. 104,
p . 164.
Bonds.-— Remaining bonds may be issued up to 75% o f cost of acquisition
or impr’ts (except that no bonds may be issued against the cost of the new
gas plant) and only when net earnings are double the 1st M . interest
charges, including bonds to be issued. Annual sinking fund or impt. fund c f
1% of bonds out began Dec. 1917, for add’ns or impts., or for redemption
of bonds. Callable, all or part, for sinking fund, at 105 and int. on any
int. date on 60 days’ notice. Int. payable without deduction for Canadian
taxes or U. S. Federal taxes. Fixed exchange rate, $4 86 2-3 per £ sterling.
Trustees, Union Trust Co. o f N. Y . and Royal Trust C o., Montreal.
The gen mtge. 7% bonds. Series “ A ,” are callable as a whole only (except
for sinking fund) on any interest date on 60 days’ notice up to and including
April 1 1932 at 110 and int.: thereafter to and incl. April 1 1942 at 105 and
Int. thereafter to and including A p ril 1 1947 a t 1 0 2 A and int.; thereafter
at 100 and int. $2,250,000 are reserved for prior liens. Annual sinking
fund o f 1% commenced in 1924 and is sufficient to retire over $1,000,000 of
this issue before maturity. Interest is payable in Canadian gold coin at
For statement of this company see page 211 of "Public Utility Compen
dium” for M ay 2 1925.
DOMINION POWER
& TRANSM ISSION CO., LTD.
Control.— In July 1925 it was reported that Nesbitt, Thompson & Co.
had secured control o f the company. V . 121, p. 329.
O RGAN IZATION .— Incorp. in Canada on Jan 11 1907. Controls
and operates the following properties.
Hamilton Cataract P ., Lt. & Tr. Co. Ham. Grimsby & Beamsville R y.,
Hamilton Radial Elec. R y.,
Ham. Elec. Lt. & Power Co.
Brantford & Hamilton Elec. R y.,
Dundas Electric Co.,
Hamilton Street R y.,
Lincoln Elec. Lt. & Power C o.,
Hamilton & Dundas St. Ry. (dis Western Counties Electric C o.,
continued; V. 118, p. 2303).
Hamiltion Terminal Co.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Controls 33 miles of single track in Hamilton and 86 miles o f interurban
lines, and also supplies light and power to Hamilton, Brantford, St. Cath
arines and intervening territory. Likewise owns a 50,400 h. p. hydro
electric station. Also has in operation a steam generating station with a
present capacity of 26,600 h. p. and an ultimate capacity of 80,000 h. p.
About the abandonment of certain lines, see V. 121, p. 1100.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Ordinary $10,000,000 ($100)_______
3740
$7,700,000 Sept 24, 1%
EAST KO OTENAY POW ER CO., LTD.
ORGANIZATION.— Incorp. in 1922 under the Companies Act of
Canada as successor to the British Columbia & Alberta Power C o .
FIELD OF OPERATIONS A N D CH A RACTER OF BUSINESS.—
Controls rights for power development in southeastern British Columbia.
Supplies the principal coal mines in the Crow’s Nest Pass and the Sullivan
Mine and concentrator of the Consolidated Mining & Smelting Co. of
Canada, Ltd., near Kimberley. Owns and operates two hydro-electric
developments on the Bull and Elk rivers, tributaries of the Kootenay River,
situated in southeastern British Columbia with a total installed capacity
o f 22,200 h. p. That on the Bull River, under a gross head of 275 ft.,
develops 7.200 h. p ., and that on the Elk River, under a gross head of
190 ft., 15,000 h. p
Also owns a transmission system comprising 125
IfcrdoU ^rotljere
<&clepl?nnr
S e cto r
_______
Pref. cum $10,000,000 ($ 1 0 0 )____
J-J
4,189,000 O c t ’25, 1 U
1st mortgage $25,000,000 f 1907
5 g A-O
5,712,000
See text
($1,000) gold-------------- c*tfj Harris Tr. & Savs. Bk. of Chicago, Trustee.
INat. Trust C o., Ltd., Toronto, Can., trust.
Ham Cat P L & Tr Co, Ltd, f 1903
5 A-O
1,707,000 April 1 1943
1st & ref M $5,000,000 gold! Int. in Hamilton & N . Y . Nat. Trust Co.,
($ 1 ,0 0 0 )----------------- c * n tf I Ltd., Toronto, trustee. Callable at 110 &
\ int. beginning April 1 1923.
Ham Elec Lt & Cat Pow 1st} 1899
5 g A-O
582,000 Oct 1 1929
mortgage gold ($1,000) not(Int. payable in N. Y . or Hamilton National
callable ---------------------c*tf i Trust Co., Toronto, Trustee.
Hamilton Street Ry 1st m tge. 1898
4 'A J-D
260,000 Dec 22 1928
Ham Grims & B El Ry 1st M ._ 1895
5 M -N
150,000
1933
Srock.— In N ov. 1924 Nesbitt, Thomson & Co., Ltd., offered a block
2,500 shares of 7% cum. pref. at $99 per share. B. 119, p. 2178.
Bonds.— Of the $25,000,000 mortgage, $10,000,000 may be issued, with
the approval o f the trustee, for not exceeding 80% of cash cost of extensions
and additions, and the remainder for not exceeding 75% . Since April 1
1917 the entire outstanding issue, but not any part thereof, can be called
at 107 A and interest on any coupon date on 60 days’ notice. The bonds
mature$60,000 annually from April 1 1914 to 1921 and $130,000 annually
from April 1 1922 to 1931, and the remainder are due April 1 1932.
They are secured by all the property owned through deposit of stock
and bonds with trustee, &c.
Dividends.— On the preference stock 6% was paid in 1907; in 1908, 3%
was paid. In Dec. 1908 it was decided to omit div. on both classes of pref.
stock; see V. 87, p. 1478. None to Jan. 1911, when 3 A % was paid; July,
3 A %; also paid in Dec. 1911 div. due Jan. 1909, 3 % . In 1912, Jan., 3 A %',
July, 3 A%\ Aug., 3% (due June 1909). In 1913, Jan., 3 A % . A div.
of 6 A % was paid Feb. 15 1913 in full of arrears; July, 3 A % . In l9l4
and since, 7% per ann. (now being paid \
Q.-J.). Initial div. on com .
2 % , paid June 1916; Dec., 2 % . In Sept. 1917 paid quar. div. of 1 % and
same rate paid quarterly to Sept. 1920. None to March 1924, when 1%
was paid. In Sept. 1924 1% was paid.
EARNINGS.— Including subsidiary companies:
Calendar
Gross
Net
Bond
Divs.
Balance,
Year—
Earnings.
Earninos.
Int., &c.
Paid.
Surplus.
1924_________ $3,814,512
$850,733
$447,273
$415,759 def$12,299
1923................ 4,019,716
1,067,622
450,875
258,837
357.910
1922________ 3.830,559
1,019,634
467,484
258,837
293,313
OFFICERS.— Pres., W. E . Phin: V .-P ., Cyrus A . Birge; Treas.. James
Dixon; Aud., C. S. Scott; Sec., Geo. D . Fearman.— V . 116. p. 515,
941; V . 118, p. 431, 1910, 2303; V . 119, p. 2178; V . 120, p. 2011; V. 121,
p . 197, 329, 1100.
C a ta b lish rli 1903
Sranrlj (Dfftcca
P a c k a rd
5E5atlbt«g
IPitiatR'Iphia
M EM BERS
NEW
YORK
STO CK
EXCHANGE
public Utility «2?cnn*tiico
100 Uroaftutm)
S fe u i p o r k
5 0 CTottgrpss ^ t r v e t
B oston
220
PUBLIC UTILITIES
miles o f 66,000-volt single-circuit line serving outdoor transformer stations
with a present installed capacity o f 10,500 k. w.
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Common 30,000 shs (no p a r ) . . ____
_________ 30,000 shs __________
Pref 7% cum $750,000 ($100)______
Q-M 15
$750,000 ____________
1st M s f $5,000,000 ($1,000)/ 1922 7 g A-O
2,000,000 Apr 1 1942
gold______________________(Montreal Trust C o., trustee.
Stock.— Divs. on pref. stock accrue from Aug. 1 1924. Divs. free from the
normal income tax. In July 1924 $750,000 7% pref. was offered by Nesbitt,
Thomson & Co., Montreal, at 9 7 and divs. V . 119, p. 584.
Bonds.— First mortgage provides for sinking fund of 1% of bonds out
standing commencing April 1 1925. Are red. as a whole at 110 and int.
upon 90 dats’ noyice. Int. payable at the agency o f the Royal Bank of
Canada in New York, or at Royal Bank o f Canada, Montreal or Toronto.
$2,000,000 1st mtge. 7s were offered in May 1922 by Nesbitt, Thomson
& Co., Montreal, and Joseph E. Kimball & C o., Boston, at 97 ‘ and int.,
A
to yield 7 H % . V. 114, p. 2019.
OFFICERS.— Pres., A . E. Appleyard; V.-P. & Treas., A . J. Nesbitt;
Sec., G. S. Appleyard; Gen. M gr., A. B. Sanborn.— V. 119, p. 584; V. 121,
p. 838.
[V ol. 121.
MONTREAL L IG H T HEAT & POWER CO.
ORGANIZATION.— Incorp. in M ar. 1901 under special A ct o f Quebec
Legislature.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Controls the gas, electric light and power business of Montreal and suburbs;
also two hydraulic stations for generation of electricity in operation in the
fall of 1903, to have a capacity o f 28,000 h .p., viz., one hydraulic plant,
Lachine, Que., and one at Chambly, Que. Controls output for island o f
Montreal o f Shawinigan Water Power C o., also the output of the Provincial
Light, Heat & Power C o., which has built a 15,000 h.p. (hydro-electric) plant
on the Soulange Canal. V. 83, p. 216; V . 88, p. 380; V. 103, p. 238.
In 1916 Civic Investment & Industrial Co. (now Montreal Light, Heat &
Power Consolidated— see above), formed for the purpose with $75,000,000
o f authorized capital stock in $100 shares, offered 3 of these shares for each
$100 of the $18,709,400 capital stock of Montreal Lt., Ht. & Pow. C o. shares
and par for par for the $8,900,000 stock of the Cedars Rapids Co. The
new co. has issued $64,651,100 of its stock and leases the two properties for
98 years, guaranteeing all fixed charges, &c., and 8% p a. on all stock of
Montreal Co. and 3% on all Cedars Rapids stock not exchanged on Aug. 1
1916. See V. 102. p. 2169. Rate increase, &c., in April 1918. V . 106, p. 1799
Cedars Rapids Transmission C o., V . 107, p. 1104.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
THE G REAT LAKES POWER CO., LTD.
Q-F
$18,800,000 A u g ’25,2%
O P E R ATIO N .— The operation o f the property is under the management Stock, $22,000,000 ($100)_________
1st & coll tr mtge $7,500,000) 1902
415 g J-J
6,301,000 Jan. 11932
o f the Middle West Utilities Co.
($1,000) gold__________ c*/R oy al Trust C o., Montreal, trustee.
OR G A N IZA TIO N .— Incorp. in Ontario in March 1916. Owns all the
Lachine mortgage, $4,000,000) 1903
5 g A-O
2,832,000 April 1 1933
stock o f the International Transit Co. and guarantees payment of that
($1,000) gold__________ c*/R oy al Trust C o., Montreal, trustee.
company’s bonds (only $12,500 now outstanding).
Provincial Lt, Ht & Pow C o( 1906
5 g M -S
946,000 Sept 1 1946
FIE LD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
1st M , gu p & i ($ & £ ) gold/N a t'1 Trust C o., Ltd., Montreal, trustee.
Owns in fee and operates a hydro-electric plant at Sault Ste. Marie, Ont. Cedars Rap M fg & Pow 1st M 1 1913
5 g J-J
13,867,300 Jan. 11953
Present capacity 39,200 h.p. The Province o f Ontario has granted the
$15,000,000 ($500, &c) g c*/M ontreal Trust C o., Montreal, trustee.
co. the right in perpetuity, without rental or other charges, to the use of
Stock.—-A majority of the stock outstanding has been exchanged for stock
20,000 cu. ft. per second o f primary or continuous water on the Canadian of the Montreal L t., Ht. & Pow. Consolidated, which see above. That
side o f the St. M ary's River. The International Transit Co. (co. owns company guarantees 8 % per annum on all stock unexchanged of the old
all the stock) operates a street railway system in Sault Ste. Marie, Ont., Power Co.
and the ferry service between Sault Ste. Marie, Ont., and Sault Ste. Marie,
Bonds.— 1st & coll. tr. bonds are secured b y stocks of controlled cos., &c.
Mich.
Are call, as a whole, but not in part, at 105 and int. Int. payable in
STOCK A N D BONDS— Date.
Interest. Outstanding. Maturity.
Montreal and New Y ork. Of the Lachine division bonds $399,000 are
Common, $2,000,000 ($100)_______
_________ $2,000,000 ____________ reserved to retire an equal amount of underlying bonds and $42,000 are in
Q-M
600,000 __________
Pref 7% cum $600,000 ($100)______
the treasury. Sink, fund of 1% p. a. of bonds outstanding. Call, as a
1st M serial $3,000,000 gold! 1916
6 M -N
2,545,000
See text
whole, but not in part, at 105 and int. on any int .date. Int. payable in
($500 & $1,000)____c*& r*/ln t. at State St. T r. C o., Boston, Mass., Tr.
Montreal and New Y ork. List of underlying bonds and description o f
Stock.— Divs. on pref. stock are payable in U. S. funds at the Continental mortgages, V. 74, p. 580; V . 75, p. 238; V . 76, p. 923.
& Commercial Bank, Chicago. In June 1924 A . E. Ames & Co. offered
The $1,182,000 Provincial L t., Ht. & Pow. 5s are guaranteed, p. & i., by
a block o f 7% pref. stock at 9745 and divs. Y. 118, p. 3084.
t.,
1928, and
Bonds.— The 1st mtge. serial bonds mature annually on May 1 as follows: Montreal La. Ht. & Pow. Co. Sink, fund 1% p. a., 1911 todate. Int.
1 1-3% p.
thereafter.
at 105
int. on any
1925, $80,000; 1926, $85,000; 1927, $90,000; 1928 to 1930, incl., $100,000; payable in N . Y ., MontrealCall, London.and 88, p. 380. int.
and
V.
1931 and 1932, $110,000; 1933, $120,000; 1934, $130,000 and increasing
Cedars
& Pow. Co. 1st 5s ($15,000,000 auth.) were redeem
$10,000 each year thereafter t o 1944. Hon. Frederick Stone, Sault Ste. able on orRapids M fg. 1 1922 at 105; since at 110 and int. Sink, fund 1%
before
Marie, co-trustee. Call, as a whole on any int. day before M ay 1 1935 p. a. commencing Jan. 1 1924. R ed., all or in part, at 110 and int. Int.
Jan.
at a 5% income basis and thereafter at a 445% income basis. In May payable in N . Y . (in U. S. gold coin), Montreal and London (at $4 86 2-3
1916 Estabrook & C o., N . Y . and Boston, sold at par and int. $1,000,000 to £1). V. 103. P. 323; V . 102, p. 1812.
1st mtge. serial 6% bonds. Y . 102, p. 1814. In Oct. 1921 Estabrook
Dividends.\ ’07. ’08. ’09. ’ 10. ’ l l . ’ 12. ’ 13.'14. '15. ’ 16. 1 9 1 7 toN ov ’24
& Co. offered a block of $125,000 1st mtge. serial 6s at 91 and int., yielding Per cent- . / 5 6
6
7
8
9
10 10 10
10 2% quar. (Q-F)
6r.75%. V. 113, p. 1580.
OFFICERS.— Pres., Sir Herbert S. Holt; V .-P ., J. S. Norris; Sec.-Treas,.
EA R N IN G S.— For calendar years:
C. S. Bagg; Asst. Sec. & Treas., G. R . Whatley, Montreal.— V . I l l , p. 698.
Gross
Operating
Fixed
Net Avail,
Income.
Expenses.
Charges. for Pf. Stk.
1924 __________
$585,037
$163,446
$162,267
$259,324
MONTREAL TRAM W AYS & POW ER CO., LTD.
577,488
1923 . _______ _______
162,019
169,563
245,905
Control.— In July 1924 it was announced that the United Securities, Ltd.
542,338
152,614
1922 __________________
172,784
216,939 had acquired control of the company. V. 119, p. 694. For offer to stock
1 9 21---------------- _______
511.791
117,041
188,855
205,895 holders to exchange shares for stock of holding company see V. 118, p. 3198.
1920 __________ ______
461.820
76,609
150,401
234,810 See also V. 119, p. 1733.
1919 .............. .. _______
412,856
78.619
194,554
139,683
O R GAN IZATION .— A holding company. Incorp. in London, Eng., in
19 18__________
379,517
62,440
103,071
214.006 1908, and controls the following:
OFFICERS.—-Pres., Samuel Insull; V .-P., Martin J. Insull; S ecr- 1908, and controls the following
Treas., Oliver E. McOormick.— V. 118, p. 3084.
Montreal Tramways C o.,
Montreal Public Service Corp.,
Canadian Light & Power C o.,
Montreal Hydro-Elec. Co., Ltd.
Montreal Tramways Co. and Can. L t. & Power Co. stockholders received
LONDON STREET RAILW AY CO.
1J5 shares of M ont. Tram. & Power Co. stock for each share of their stock.
ORGAN IZATION .— Incorp. under laws of Canada in 1873. Franchise V. 94, p. 417, 207.
Suit Brought by Neio Directors against Trustees and Old Directors.— See.
expires 1925, at which time, or any fifth year thereafter, city has right to
purchase the property (except Springbank line) on an arbitration basis, V. 118, p. 1911, 3078; V. 119, p. 75.
Suits Filed by Company against Quebec-New England Hydro-Electric Corp.
by giving one year’s notice in advance.
FIE LD OF OPERATIONS AN D CH ARACTER OF BUSINESS.— — V . 119, p . 81 1 .
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
A trolley road. Operates 36.10 miles of track. Standard gauge. 56,
_______ $17,578,330 ---------------73, 75 and 80-lb. T and girder rail. 62 motor cars. Has contract for Stock $20,002,000_________________
Bonds.— The 5-year 6% coll, trust bonds due M ar. 1 1929 were called
power with the Ontario Hydro-Electric Power Commission.
for payment April 1 1925 at 101 & int.— V. 120, p. 1747; V. 107, p. 2294;
City Purchase Proposal Defeated.— See V. 116, p. 1411.
V. 108, p. 269, 784; V. 116, p. 935; V. 117, p. 87; V . 118, p. 202, 551, 1012,
STOCK AND BONDS—• Date.
Interest. Outstanding. Maturity.
1666, 1773, 1911, 2179, 3078, 3198; V. 119, p. 75, 694, 811, 1625, 1733;
Stock $750,000 ($40)________ _____
J-J
$637,480 See text
V. 120. p. 82 1747.
First mortgage $750,000 gold/ 1896 6 g M-S
475,000 Mar 8 1930
(1) MONTREAL TRAMWAYS CO.
($1,000) ---------------------- c* (Toronto General Trusts Co., trustee.
ORGANIZATION.— Chartered in 1911 and acquired b y merger the
Bonds.— First mtge. bonds originally matured March 8 1925 and bore
interest at 5% but were extended for five years to March 8 1930 at 6% . Montreal Street R y., Montreal Park & Island R y. and Montreal Terminal
The remaining $30,000 can only be issued for 66 2-3% o f actual cost of Co. (V. 93, p. 871, 1324), the last two companies being subsidiaries to the
additions and extensions, when net earnings are equal to 10% of all bonds Montreal Street R y. V. 93, p. 1022, 1106.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
out, including those to be issued; but total debt must not exceed $20,000
per mile o f single track. V. 78, p. 2384. Interest is payable at the Cana Owns and controls entire street railway system in Montreal and Island of
dian Bank o f Commerce, Toronto. In each of the ten years preceding Montreal, except about a mile of interurban line entering the city. Oper
maturity 5% of bonds shall be drawn by lot and redeemed at par on 40 ates 275.5 miles of track. The company’s steam power plant is to be enlarged
from 10.000 h. p. to 60,000 h..p. V . 102, p. 345. In 1904 contract was
days’ notice. $243,000 have been retired. $2,000 held in treasury.
Dividends.— In 1901 8% was paid; in 1902, 8% ; 6% in 1903, 1904, 1905 made with the Montreal Light, Heat & Power Co. for a supply of power.
Franchise.— For terms of 35-year franchise signed in Jan. 1918, see
and 1906. In 1907 dividends omitted on account o f strike. In 1908 to
1915, inclusive, 6% per annum. In 1916, Jan., 3% (cash); July, 3% (in “ Electric Railway” Supplement of April 26 1924. See also V. 106, p. 607.
The contract with the City o f Montreal provides that fares shall be ad
stock). In 1917, Jan., 3% (cash); July, 3% (in stock). None to Dec.
justed from time to time so that the company receives an annual return
1922, when 245% was paid. In 1923, 5% was paid. None in 1924.
(after all operating expenses, maintenance and renewal fund payments) o f at
R E P O R T .— Y ea rs e n d in g D e c . 31:
least 6 % on the capital value o f the company’s property as fixed through the
Calendar Years—
1924.
1923.
1922.
1921.
Gross earnings_________
$665,302
$693,411
$594,584
$567,866 franchise contract. After the company receives the stipulated allowances,
Operating expenses_____
546,364
572,082
494,986
487,344 based on appraised capital values, the City o f Montreal receives $500,000 as
Interest and taxes______
43,201
37,087
34,621
34,514 an annual rental and a stipulated percentage of surplus earnings. Y . 121,
Depreciation___________
38,091
37,364
35,423
34,495 p. 2038.
Dominion income tax_
_
3,743
4,712
2,893
____ Bus Service.-—In Aug. 1925 inaugurated bus services in Montreal and
suburbs. V. 121, p. 2038.
Dividends_____________
______ (5%)31,874 (245)15,937
______
Balance, surplus_____
$33,903
$10,292
$10,724
$11,513
OFFICERS.— Pres., Chas. Currie, Cleveland, O.; V.-Pres., R . G. Ivey,
Mgr. & Sec.-Treas., L. Tait, London, Ont.— V. 106, p. 607, 2345; V . 108,
p. 878: Y. 110, p. 2076. 2568; V. 112, p. 1399; Y. 114, p. 306; V. 105, p. 183;
V . 116, p. 1411; V . 118, p. 1773: V. 120, p. 2147.
MONTREAL L IG H T, HEAT & POWER CONSOL’ D.
ORGAN IZATION .— Incorp. in Canada in 1916 as Civic Investment &
Industrial C o., name being changed as above in 1918. Owns 98% of the
stock o f both the Montreal Light, Heat & Power Co. (which see below)
and Cedar Rapids M fg. Co. (V. 106, p. 823); operates their properties
under leases running for 98 years from Aug. 1 1916, assuming all their fixed
charges and paying dividends at fixed rates on their capital stock.
Joint guarantee of 6% pref. stock of United Securities. Ltd. V . 118, p.
3206; V. 119, p. 2530.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity
Stock $75,000,000 ($100)__________
Q-F
$64,651,000 N o v ’25, 2%
N o funded debt.
Dividends.— N ov. 15 1916 to N ov. 15 1919, 4% per annum (Q.-F. 1% );
Aug. 1919 to N ov. 1922, 1 M % quar.; Feb. 1923 to N ov. 1923. 1 45 % quar.;
Feb. 1924 to Feb. 1925, I H % quar.; M ay and Aug. 15 1925, 2% quar.
R E PO RT.— For 1924, in V. 120, p. 582, showed:
Earnings— Cal. Years—
1924.
1923.
1922.
1921.
iAf\ n a n
a a o i
ooo
1 0 ooo
Gross earnings__________ei7 o c i a nm $16,140,960 $14,431,323#$13,289,964
$17,394,091
Expenses and taxes_____
7,984,489 x7,113,960
6,504,717 6,549,933
Depreciation___________
1,739,409
1,614,096
1,443,133 1,328.996
1,209,778
1,211,654
1,124,786 1,188,293
Fixed charges__________
Dividends paid_________ 3,770,642
3,231,767
2,690,397 2,689,740
Dividends accrued______
754,261
754,041
646,070
537,946
Insurance reserve______
150,000
______
______
______
Pension fund___________
20,000
20,000
20,000
20,000
Balance, surplus------- $1,765,508
$2,195,442 $1,912,220
$975,056
x Not including income tax.
OFFICERS.— Pres., Sir Herbert S. Holt; V .-P., J. S. Norris; Sec. &
Treas., C. S. Bagg; Asst. Sec. & Treas., G. R. Whatley, Montreal.—
V. 118, p. 3206; V. 119, p. 2530; Y. 120, p. 582, 2269.
A LD R E D & CO.
40 Wall Street
NEW YORK
POWER, LIGHT AND RAILW AY
Oct., 1925.]
Fiscal Year.— In October it was decided to change the fiscal year, formerly
July 1-June 30, to the calendar year. V. 121, p. 2032.
In March 1925 $17,650,000 of 5% debentures stock was retired through
the issue of $17,826,500 gen. & ref. mtge. 5s series A. Debenture stock
holders were offered $101 series A gen. & ref. mtge. 5s for each $100 of
debenture stock. V. 120, p. 1203.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock common____________________
_______
$4,000,000
See text
1st & ref mtge $25,000,000 g / 1911
5 J-J
21,351,000 July 1 1941
($500&$1,000) Pay in Lon-}Harris Tr. & Sav. Bk., Chic., Trustee, Nat.
don p&i in £= $4 86 2-3-c*\ Tr. C o., Ltd., Montreal, Co-Trustee.
Gen & ref M Ser A $100,000,1 1925
5 g A-O
17,826,500 Apr 1 1955
000($100,$500&$l,000)g_c* (Montreal Trust Co., Montreal, trustee.
Ser B $5,000,000 ($1,000,1 1925
5 g A-O
2.500,000 Apr 1 1955
$500, $100)_____________c*/M ontreal Trust Co., Montreal, trustee.
Bonds.— Remaining 1st & ref. bonds are for extensions and additions at
not exceeding 75% o f cost under certain restrictions. Red. as entire issue
(but not any part) at 105 and int. on any int. date. Int. payable in N . Y .,
Chicago, Montreal and London. V. 93, p. 1463. Listed on the N . Y .
(V. 97, p .1 0 2 5 ), Montreal and London stock exchanges.
In addition to amount shown in above table as outstanding, $1,750,000
are deposited with trustee for general and refunding mortgage bonds.
In Dec. 1924 $3,266,000 1st & ref. 5s were sold by Harris, Forbes & C o.,
New York, and Holt, Gundy & C o., Montreal, at 95 and int., yielding over
5.45% . V. 119, p. 2762.
Gen. & ref. mtge. series A 5s have sink, fund o f $25,000 per annum from
April 1 1928 to April 1 1933; $40,000 per annum from April 1 1934 until
April 1 1938, and $50,000 per annum thereafter until maturity. Are red. all
or in part on any int. date on 60 days’ notice at 104 and int. up to April 1
1930; at 103 and int. during the next ten years; at 102 and int. during the
next ten years, and at 100)4 and int. thereafter to maturity . Prin. and int.
payable in gold in New York and Montreal, and in London in sterling at the
fixed rate of $4 866 to the pound. In March 1925 Aldred & Co.; Minsch,
Monell & C o., Inc., &e., &c., sold $7,000,000 gen. & ref. mtge. series A
5s at 88 and interest, yielding over 5.85%. V. 120, p. 1203. Series B are
redeemable on the same date and at the same prices as Series A. $2,500,000
Series B were offered in Oct. 1925 at 93H and int., to yield over 5.40% , by
Aldred & C o., &c., &c. Y. 121, p. 2038. Application was to be made to
list Series “ B ” on the New York Stock Exchange.
The general and refunding mortgage sinking fund gold bonds are secured
by direct mortgage on the entire property o f the company (including afteracquired property), subject only to the first and refunding mortgage. Ad
ditional bonds may not be issued for more than 75% o f cost o f new con
struction.
_
. . .
Dividends.— In April 1913 an interim div. o f 5% was declared on the
paid-up common capital stock. A quar. div. of 2 J4 % was paid Aug. 1913
(V. 96, p. 1840), and 2)4% quar. to and incl. May 1918. In Dec. 1919 a
div. of 2)4% for the second quarter of 1918 was paid. See V. 109, p. 2440.
In 1920. M ar., 2 )4 % ; June, 2 )4 % ; Sept., 2)4% : N ov., 2 )4 % . In 1921,
10%. In 1922, M ar., 2 )4 % , clearing up all arrears on the stock.— V. 114,
p. 1180. In Aug. 1922, 2)4% was paid and dividends at same rate, paid
regularly, quar. since to & incl. N ov. 1925.
Statement of Operations Under New Contract— Years ending June 30.
1925.
1924.
1923.
1922.
Gross receipts_________ $12,476,567 $12,463,799 $12,056,355 $11,712,525
Oper. expenses and taxes
6,323,000 6,246,890
6,099,993 5,769,403
50,684
48.555
48,304
47,960
Operating profits______
Maintenance, &c______ 2,577,260
2,579,780
2,492,792 2,579,200
Balance______________"$3,525,622
$3,588,574 $3,415,264 $3,315,962
Allowance due company:
__
_____„
Int. on capital value._
2,177,177 2,177,178 2,177,178 2,177,178
Interest on additions_
_
277,667
175,919
164,973
145,684
Int. 6% on working cap’1
5,707
5,351
2,530
6,596
Financing expenses_____
181,431
181,431
181,431
181,431
Balance, surplus_____
$883,638
$1,048,695
$889,151
$805,073
Payable when earned;
City rental__________
$500,000
$500,000
$500,000
$500,000
----------------41,597
117,125
Contingency reserve-----Surplus____________ •___ $383,638
$548,695
$347,553
$187,948
Income and Company's Profit and Loss Statement for Years Ended June 30.
1924-25.
1923-24.
1922-23.
1921-22.
Allowance from contract $2,460,552 $2,358,448 $2,392,986 $2,377,418
8K ?eK .'::::::(_m.W
fK Sn
Gross revenue________ $2,576,941
Hill
__
m m i
231
Shareholders voted 1910 to make an issue o f 2d mtge. bonds at rate of
$10,000 per mile to Nat. Tr. C o., Ltd., Toronto, trustee. V. 90, p. 54, 1296.
In March 1924 City o f Niagara Falls passed a by law granting the com
pany a 15-year service-at-cost franchise. City to have option of purchase
at end o f that period or franchise renewable for 5-year periods. Fare, 7 cts.
In Aug. 1925 a similar by-law for a 10-year service-at-cost franchise was
passed in St. Catharines.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
_________
$925,000 ---------------Stock $1,000,000____________ _____
Railway First Mortgage gold f 1899
5 g M -N
1,098,000 Nov 1 1929
($1,000) ($1,000 or £205}Int. at Canadian Bank of Commerce, T o
ils. 8 d .)________________ c*
ronto, and Bank of Scotland, London.
(National Trust C o., Ltd., Toronto, Trustee.
Second mortgage____________ 1910
_________
None
-----------—
Navigation Co First m ort-f 1903
5 g M -N
______ N ov 1 1929
gage $200,000 ($1,000, orjln t.a t Can. Bank o f Com..Toronto & N .Y .
£205 9s. 8d.) gold_______ c* (National Trust C o., Ltd., Toronto, Trustee,
Bonds.— Of the Railway bonds $20,000 per mile is authorized and issued.
See V. 82, p. 869. The Navigation bonds are guaranteed by the Railway,
p. & i., by endorsement. Neither issue is subject to call.
OFFICERS.— Pres., Sir Henry Worth Thornton; V .-P.. Gerard Ruel
V . -P ., D. E. Galloway; Sec., R . P. Ormsby, Montreal;
M gr., E.
W . Oliver, Toronto.— V. I l l , p. 294, 1370; V . 113, p. 2505; V . 114,
p. 307, 1064; V. 119, p. 325; V . 120, p. 958.
NORTHERN O N TARIO L IG H T & POW ER CO., LTD.
O RGAN IZATION .— Incorp. in Ontario, Canada, in 1911.
FIE LD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Owns and operates an electric light and power system serving the silver
mining territory centering around Cobalt, the Porcupine and the Kirkland
Lake gold mining districts in the Province of Ontario. Co. also distributes
compressed air for power in the Cobalt mines and owns and operates _a
40-ton-per-day pulp mill at Haileybury and a local telephone system in
the Porcupine district.
STOCK AND BONDS— Date.
Interest.
Outstanding. Maturity
Common $5,000,000 ( $ 1 0 0 ) . - - ____
_____
$4,585,000 __________
Pref 6% cum $2,500,000 ($ 1 0 0 )____
J-J25
2,400,000 __________
1st Mtge $15,000,000 ($500
1911
6 g J-J
5,006.500 Apr 1 1931
$1,000) gold sink fu n d ..c*/T oron to General Trusts Corp., Trustee.
Stock.— Pref. is conv. into com. share for share at option of the holders.
Bonds.— 1st mtge. 6s are call, at par and int. on any int. date. A sinking
fund provides for the annual payment to the trustee o f an amount equal to
214% of the par value of all bonds at any ti me heretofore issued . The sinking
fund to be used by the trustee to purchase or redeem bonds at not exceeding
par. To Dec. 31 1924 the sinking fund had retired $1,863,000 par value
of bonds. Int. payable in London, Toronto and New York. In June 1924
$500,000 were offered by Kelley, Drayton & Converse and Eastman, Dillon
& Co. at 94)4 and int., to yield about 7 % . V . 118, p. 3087.
On N ov. 20 1925 an initial dividend o f 1% quarterly was paid on the
common stock. V. 121, p. 2039.
E A R N IN G S.— For calendar years;
Calendar Years—
1924.
1923.
1922.
1921.
Gross inc. (all sources)., $1,327,753 $1,113,134
$886,522
$778,119
Operating expenses, incl.
maint., taxes, &c____
567,136
362,001
285,709
282,677
Bond interest__________
285,473
270,390
270,390
271,113
Exchange charges, &c_-______ 7,380_______ 5,312 ______13,325_____ 41,561
Profit for year_______
$467,764
$475,430
$317,098
$182,769
Previous surplus (a d j.).. 568,603
546,639
569,383
564,768
______
______
______
Pulp wood inv. adj_____ C r.ll ,960
Total surplus_________ $1,047,427
$1,022,069
$886,481
$747,537
357,420
214,452
___________
Preferred dividends____
Transferred to reserves.___ 215,000
239,000
300,000
175,OO
P
Profit and loss surplus $475,007
$568,617
$586,481
$572,537
OFFICERS.— Pres., David Fasken; V .-P ., F. O. Blackwell; V .-P .,
O. B. Willcox; Sec. & Treas., Jas. Aitchison; Gen. M gr., D. G. Alian;
Aud., T . S. Clark.— V. 118, p. 1146, 3087, 3206; V. 120, p. 1204; V. 121, p.
2039.
OTTAW A TR A C T IO N CO., LTD.
ORGANIZATION.— A holding co. Incorp. Oct. 23 1913, and acquired
$1,860,100 of the stock of the Ottawa Electric R y.
Interest on bonds______
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Interest on debentures..
Stock $10,000,000 ($100)__________
Q-J
$5,581,500
See text
Other expenses________
First mtge & coll tr s f g Ser A\ 1925
5)4 g J-D 3,000,000 July 1 1955
($1,000, $500, $100)___ c*JRoyal Trust Co., Montreal, trustee.
Net income_________
$623,794
$563,554
$548,034
$524,004
Dividends..................(10%)$400,000(10)$400,000.(10)$399,947(10)$397,432
Bonds.— The first mtge. & coll, trust sinking fund 5% gold bonds, Series A,
will be further secured by the pledge of all the outstanding bonds and
Surplus for year______
$223,974
$163,554
$148,086
$126,572 18,605 shares of the outstanding capital stock of Ottawa Electric R y.
Total surplus__________
$892,547
$668,753
$592,979
$844,893 Sinking fund 1)4 % per annum, commencing Jan. 1 1927. Are redeemable,
all or part, on 30 days’ notice, including July 1 1930 at 105; less 1% each
OFFICERS.— Pres., Julian C. Smith; V .-P ., Hon. Geo. G. Foster; V.-P.
P. J. McIntosh; Sec.-Treas., Patrick Dubee; Gen. M gr., J. E. Hutchesons five years thereafter, and after July 1 1950 at par; in each case with interest.
at Bank f Montreal in
— V. 115, p. 645, 1529, 1731; V. 116, p. 721, 935; V. 117, p. 87, 782, 1126, Interest payableWinnipeg oand VancouverMontreal, Toronto, Ottawa, St.
in Canadian gold coin or its
1462; V. 118, p. 1012, 3197; V. 119, p. 694. 2064. 2174, 2762; V. 120, p. John, Halifax,
equivalent, or at the agency of the Bank o f Montreal, New York, in U. S.
957, 1203, 1327, 1747, 3065; V. 121, p. 2032, 2038.
goin coin or equivalent, or at the Bank of Montreal, London, Eng., at thB
(2) CANADIAN LIG H T & POW ER CO.
rate of $4 86 2-3 to £1. In June 1925 the Royal Securities, Ltd., M on
ORGAN IZATION .— Incorp. in Canada on June 2 1904. See descrip treal, sold $3,000,000 at 101 and interest, to yield 5.40% . V. 121. p. 76.
Dividends.-—First div.— 1% — paid July 1 1914; same rate quar. since
tion o f company’s developments in V. 91, p. 591, and V. 89, p. 848. Has
the perpetual right to distribute and sell power and light in Montreal and with 1 % extra in January, making 5% per annum.
OFFICERS.— Pres., T . Ahearn; V .-P ., F. D . Burpee; Sec. & Treas.,
several adjacent counties. Distribution system in Montreal has been taken
G. L. Snelling.— V. 107, p. 803; V. 109, p. 2263; V. I l l , p. 2521: V. 113
over by the Montreal Public Service Corp.
Protective Committee 1st Mtge. bs Due July 1 1949.— The interest due p. 2614: V. 114, p. 627. 1180: V. 117, p. 2654; V. 119, p . 2763; V. 121, p. 76
July 1 1925 having been defaulted, the following protective committee
(1) OTTAWA ELECTRIC RY.
was formed: Hamilton Pell, Chairman; A. De S. Mendes, Furman S.
ORGANIZATION.,—-Incorporated in 1894. Is a consolidation o f the
Howson, Sec., H. R . Sweet, 39 Broadway, N. Y . City. Depositary, Ottawa City Passenger Ry. and the Ottawa Electric Street R y.
American Trust C o., 135 Broadway, N . Y . City. V. 121, p. 1099.
Borrowing powers of company Increased by bill o f Parliament. See
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.— V. 1 2 0 ,p. 2402.
Owns a new and modern hydro-electric plant at St. Timothee, 28 miles from
FIELD OF OPERATIONS A N D C H A R A C TE R OF BUSINESS.—
Montreal; present development about 30,000 h. p. Ultimate development, A trolley road. Operates 55 miles of track in city, and to Hull. Rockliffe,
Britannia-on-the-Bay and Government Experimental Farm. Has a park
75Rediiction' of Capital Stock.— In M ay 1925 the authorized capital stock of 60 acres at Britannia-on-the-Bay. Standard gauge. Rails, 72, 80, 94
(par $100) was reduced from $7,000,000 to $600,000. Holders were to and 115-lb. T and girder.
receive one share in exchange for each 10 shares held. V. 120, p. 2814.
On Jan. 7 1924 the citizens o f Ottawa voted to grant the co. a new
ranchise. For details see V. 118. p. 311. See also V. 119, p. 2763.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Valuation.-—In N ov.
Ont. set
Stock $600,000 ($100)-------------------------------f - f i - T 5 3 5 valuation of $4,110,922 1921 the Hydro-Elec. Power Comm, ofin Ontarioa
on the company’s line and equipment
First mortgage $6,500,000/ 1919
5 J-J
5,6594)00 July 1 1949
V. 113, p. 2313.
($500 and $1,000)________ (Royal Trust C o., Canada, Trustee
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Bonds.— First mtge. bonds are subject to call, all or any, at 105, at com
Q-J
$1,877,200
See text;
pany’s option. Sinking fund began July 1 1914. Interest payable in Stock $4,000,000 ($100)___________
First mortgage 5 )4 % bonds_ _____
_
_______ x$3,000,000 __________
Montreal or London.— V. 120, p. 2683, 2814; V. 121, p. 72, 1099.
x The entire bond issue deposited as security for first mtge. and collateral
trust bonds of Ottawa Traction Co.. Ltd.
(3) MONTREAL PUBLIC SERVICE CORPORATION.
Dividends— From 1893 to 1905, 8% per annum; in 1905, 2% extra.
This company (formerly the Saguenay Electric & Water Co.) has acquired
the Dominion Lt., Ht. & Pow., the St. Paul Electric Lt. & Pow. Co. and 1906 to 1911, incl., 12% p. a.: in 1912, 16)4 %; since to and incl. 1923, 15%.
EARNING S.— For years ending Dec. 31:
the distribution system o f the Can. Lt. & Pow. Co. in Montreal. Controls
Calendar
Gross
Net
Interest, Conting. Dividends Balance,
an established business in various important sections o f the city ana pro
Year—
Earnings. Earnings. Taxes,&c. Account.
(15%)
Surplus.
vides a market for a large amount o f the power developed by the Canadian
1918x_____$1,323,830 $477,010 $117,182 $60,000 $281,580 $18,086
Light & Power Co.
1917_____ 1,240,627
535,289
125,623 110,000 281,580
18,248
Passengers carried in 1918, 29,723.068, against 29.347,692 in 1917.
NIAGARA ST. CATHARINES & TORON TO RAILW AY
x No later figures published.
Is operated by the Canadian National Railways.
OFFICERS.— Same as for Traction Co.— V. 114, p. 307, 2718; V. 115, p.
O R GAN IZATION .— Incorporated in Canada m 1899. A consolidation 183, 2379; V. 116, p. 411; V. 118, p. 311; V. 119, p. 1396, 2763; V. 120, p.
of the Niagara Central R y., the Niagara Falls Wesley Park & Clifton Tram 2402.
way Co and the Port Dalhousie St. Catharine s & Thorold Electric Street
R y. Franchise perpetual. Owns and operates Niagara St. Catharine s
QUEBEC POW ER CO.
& Toronto Navigation C o.; also transports freight.
Controlled by Shawinigan Water & Power Co.
FIELD OF OPERATIONS AN D CHARACTER OF BUSINESS.—
ORGANIZATION.— Incorp. in Canada. Was formerly known as the
Owns and operates 62.66 miles o f track. Runs from Port Dalhousie
on Lake Ontario, passing through St. Catharine’s, M em tton, Thorold Public Service Corp. of Quebec. In 1923 acquired stock control of the
and Niagara Falls, Ont., to Falls View, Ont. Has an extension of 18.53 miles Quebec Railway, Light, Heat & Power Co.. Ltd. (which see below).
FIELD OF OPERATIONS A N D CHARACTER OF BUSINESS.—
from Thorold through Fonthill and Welland to Port Colborne: also an ex
tension o f 12.2 miles from St. Catharine’s to Niagara-on-the-Lake. Mam Together with controlled companies handles the entire light and power
line is laid with 80-lb. rail. 48 passenger cars, 8 electric locomotives, business, urban street railway and gas business of the City of Quebec and
3 electric snow plows, 5 miscellaneous cars and also 4 cinder cars. Also the surrounding industrial district, serving a population of about 225.000.
operates two steamers. Permission to build, several extensions has been Co. and subs, own 3 hydro-electric plants with installed generating capacity
of 31,000 h. p.; a steam station of 3,300 h. p. capacity, and 381 miles of
granted by the Dominion Parliament.
$2,449,175 $2,430,225 $2,441,479
1,283,881
994,139
990,856
1,043,100
661,875
882,500
874,350
857,500
7,390
8,982
16,983
16,875
[V ol. 121
PUBLIC UTILITIES
222
transmission and distribution lines: operates a gas production and distribu
tion service 'with a capacity of 1,000,000 cu. ft. of gas per day, a street rail
way in Quebec City and suburbs, and an electrically equipped railroad from
Quebec to St. Joachim.
The cos. purchase additional energy from the Shawinigan Water & Power
Co. and the Laurentian Power C o., Ltd., under long-term contracts.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Common $6,000,000 ($100)________
_________ $3,943,700 Oct 25 1M %
_________ 3,542,350 Oct 25 13 %
4
Pref 7% cu m $4,000,000 ($ 1 0 0 )____
1st Mtge $20,000,000 Ser “ A ” ( 1923
6 g A-O
3,540,000 Oct 11953
($100, $500 & $1,000) g_-C*\Nat. Trust Co., Ltd., Montreal, trustee.
6% Sterling debenture sto ck ,. 1923
6%
£300,000 __________
Stock.—Aldred & Co., Ltd., Montreal, sold in June 1925 $1,000,000
additional 7% cum. pref. stock at $105, to yield 6.67%. V. 121, p. 77.
Bonds.— Additionally secured by pledge of collateral as follows:
$3,000,000 5% Consol. Mtge. bonds of Quebec R y., Light, Heat & Power
Co., Ltd., due 1939, of a total authorized issue of $10,000,000.
2,950,000 5% 30-Yr. Inc. bonds o f Quebec R y., Light, Heat & Power Co.,
Ltd., due 1951, o f a total amount outstanding of $3,307,200.
85,000 shares Common stock ($100 each) o f Quebec R y., Light, Heat
& Power C o., Ltd., o f a total issue of 100,000 shares.
Are red. all or in part on any int. date on 60 days' notice at 110 & intup to Oct. 1 1928; at 107)4 & int. up to Oct. 1 1939: at 105 & int. to Oct. 1
1943: at 102 K & int. up to Oct. 1 1948, and at 101 thereafter until maturity.
Mtge. provides for a sinking fund commencing Oct. 1 1930 of $25,000 per
annum to be increased Oct. 1 1935 to $40,000 per annum and Oct. 1 1940 to
$50,000 per annum. Int. payable at the Royal Bank o f Canada, M ont
real, in Canadian gold coin, or at the Bank of Manhattan C o., N. Y ., in
U. S. gold coin. In Oct. 1923 Aldred & Co. and Minsch, Monell & Co.,
Inc., N . Y ., offered $3,540,000 1st Mtge. Ser. “ A ” 6s at 95 & int., to yield
about 6 Vi % • These bonds were offered simultaneously in Montreal and
New York and at about the same time £300,000 6% debenture stock issued
under the same mtge. was offered in London. V. 117, p. 1897.
Dividends.— On Jan. 15 1924 an initial div. of 4% was paid on common,
In April 1925, 1M % was paid; July, 1)4', Oct., 1)4. Y. 120, p. 2013.
EARNINGS.— Calendar years:
1924.
1923.
Gross income from all sources___________________
$908,471
$544,090
Operating and maintenance expense____________
230,284
238,296
General interest____ ,___________________________
______
50,748
Interest on bonds and debentures________________
300,000
50,156
36,666
24,000
Depreciation________________________ __________
Dividends— Public Service Corp. o f Quebec stock.
______
40,000
Dividends on preferred stock____________________
156,185
76,494
Dividends on common stock___________ ________
157,352
--------S urplus______________________________________
Add surplus from previous year_________________
$34,649
1,357
T o ta l________________________________________
$36,006
Dividend o f 10% on P. S. Corp. o f Quebec stock
paid in preferred stock_______________________
______
$64,396
96,961
$161,357
EAR N ING S.— For years end. Dec. 31:
Fixed
Bal. for
Cal. Years—
Gross.
Net.
Charges.
Depr., Ac.
1924...................$3,133,806
$977,314
$712,643
$264,672
1923____________ 2.973.004
748.651
583.283
165.368
OFFICERS.— Pres.. J. C. Smith; V .-P ., H. Murray; Gen. M gr., J. E.
Tanguay; Sec., Jas. Wilson; Treas., W . S. Hart.— V. 114, p. 948, 1409,
1649, 1652; V. 115, p. 544, 760, 1732; V . 116, p. 1761,2389; V. 117. p. 555,
670. 1347, 2433; V. 118, p. 204, 1666, 2706, 2950; V. 120, p. 1748, 2944.
SHAW INIGAN W ATER & POW ER CO. (TH E).
(See M ap on Opposite Page.)
ORGAN IZATION .— Incorp. in 1898 in Quebec.
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Owns hydro-electric plants with present capacity of 333,700 h. p. at Shaw
inigan Falls and at the Laurentide Power C o., Ltd. Serves with its 800
miles of 100,000 and 50,000-volt transmission lines Montreal, Quebec,
Three Rivers, Sherbrooke, Thetford Mines and 40 smaller cities and towns
in the Province of Quebec. Has also developed a large demand for power
among the industrial plants adjacent to its property. Contract with
Laurentide Power C o., Ltd., V. 103. p. 1035. Auxiliary companies, &c.,
V. 106, p. 303; V. 116, p. 955, 2398; V. 117, p. 2443; V. 119, p. 1518.
Also controls various sub. mfg. and distributing companies.
Joint guarantee of 6% pref. stock o f United Securities, Ltd. V. 118,
p. 3208; V. 119, p. 2531.
The completion of the La Loutre dam by the Province of Quebec, it is
stated, assures the company for the future a steady flow of water the year
around, and therefore a dependable source o f power for all manufacturers
in the district served by power lines of the Shawinigan system. The
Government of the Province, it is reported, has taken special pains to make
the Province attractive to the manufacturer by moderate taxes and fair,
liberal treatment. Compare V. 106, p. 938. Compare also annual reports
in V. 114, p. 1079 and V. 116, p. 955.
Stockholders of record Oct. 15 1925 were given the right to subscribe,
incl. Dec. 28 1925, to stock at $100 per share on the basis of one share o f
new stock for each 20 shares held. V. 121, p. 1680, where full details are
given.
STOCK A N D BONDS—
Date.
Interest. Outstanding.
Maturity*
Stock $40,000,000 ($100)__________
Q-J 10
$22,000,000
See tex
1st cons mtge ^closed ($500,1 1904
5 g J-D
3,738.500 Jan 11934
&c) gold____________ -_c*/R oy a l Trust C o., Montreal, Trustee.
1st & ref mtge $50,000,000 1919
5)4 g J-J
6,000,000 Jan 1 1950
Series “ A ” ($100, &c) g ____ 1921
6 g J-J
5.334,000 July 1 1950
Series “ B ” gold__________
1921
6 g J-J
5,998,000 July 1 1950
Series “ C ” ($500, &c) g .c* ---5* %
4
1 ,688,000 ------------Series “ D ” _______________ Montreal Trust C o., Montreal, Trustee.
Stock.— See for common stock sold on customer-ownership plan, V.
1 2 1 ,p. 201.
Bonds.— First consol. 5s ($5,000,000), all issued but $1,262,000 in treasury
and sinking fund. Mtge. provides for sinking fund of 1% . Call, at 110.
Int. payable in N. Y ., London or Montreal. V. 79, p. 274.
The $50,000,000 1st & ref. mtge. bonds o f 1919 may be issued in series
with different interest rates not exceeding 6% and maturities not later than
Jan. 1974, for the following purposes (V. 109, p. 584): (a) Series A 5)4%
chiefly to refund forthwith $5,476,261 perpetual consol, debenture stock,
$6,000,000; (6) to retire 1st M . bonds o f 1904 at or before maturity, $5,500,000; (c) issuable for capital expenditures provided all of the $4,500,000
QUEBEC R A ILW A Y, L IG H T , HEAT & POWER CO., LTD.
convertible notes shall have been converted into stock or paid from proceeds
Control.— Controlled by the Quebec Power Co., which owns a majority of these bonds, $8,500,000: (d) reserved for 80% of future additions, &c.,
$30,000,000. A sinking fund o f 1% per annum (first payment Dec. 31
o f the capital stock.
1922) on
outstanding 1st ref. mtge. bonds will
retire bonds by
ORGANIZATION.— Incorporated in Canada on N ov. 19 1909 as a con* purchase all not exceeding the calling prices, or by be used to so purchasable.
at
call if not
solidation o f the following properties (V. 89, p. 1598):
The ser. A bonds are red. at a prem. of 10% prior to Jan. 1 1930; 5% there
Quebec R y., Light & Power C o.
IQuebec Jacques Cartier Electric Co. after and prior to Jan. 1 1940, and 3% thereafter and prior to Jan. 1 1950.
Quebec Gas Co.
Canadian Electric Light Co.
Int. payable in N . Y ., London or Montreal. Ser. B call, or all in part
Frontenac Gas Co.
|
Quebec County Railway Co.
after July 1 1926, or at any time for sink, fund, at 105 during the first 14
In 1923 the Quebec Power Co. acquired control of the company. See for years, 104 during the next 5 years, 103 during the next 5 years, 102 during
particulars about the exchange, terms, &c., V. 116, p. 2389; V. 117, p. 555, the next 3 years and 101 thereafter, plus accrued int. in each case. Int.
payable in N . Y . and Montreal. The ser. C bonds dated Jan. 1 1921 are
670, 1347.
or
1 1926, or
for the sink. fund, at 105
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.— call, allthe part after July 104 during at any timeyears, 103 during the next
first 14 years,
the next 5
These companies do an electric light and power, gas and street railway during 102 diming the next 3 years and 101 thereafter, plus int. Int.
5 years,
business in Quebec and surrounding parishes. Owns 26.95 miles city track payable in N . Y . and Montreal. V . 112, p . 940.
and 33.50 miles interurban; 56 and 70-lb. rails; gauge, 4 ft. 8H in. Has
Dividends.— I ’07. ’08. ’09. ’ 10. ’ l l . ’ 12. *13. ’ 14. ’ 15. ’ 16. to July ’ 25.
contract with the Stadacona Hydraulic Co. for supply o f power. V. 94.
P e rc e n t..........2
4
4
4
5 5)4
6
6 6)4
7 (l?4quar.)
p. 1449.
On Oct. 10 1925 a quar. div. of 2% was paid, placing the issue on an8%
Purchase by Government.— For particulars regarding purchase of certain
per annum basis, compared with 7% previously. V. 121, p . 1463.
lines by Dominion Government, see “ Electric Railway” Supplement of
April 26 1924.
RE PO RT.— For 1924, in V. 120, p. 1082 and 1104, showed:
In Jan. 1924 the shareholders ratified a by-law authorizing the creation
Calendar Years—
1924.
1923.
1922.
1921.
and Issue o f $7,500,000 gen. mtge. bonds, which it is understood will not Gross earns., all sources. $5,741,079 $5,110,539 $4,629,642 $4,224,046
be sold to the public, but will be used for collateral. V . 118, p. 204.
Net earnings____________$3,320,551 $3,170,893 $2,953,061 $2,&38,995
On April 15 1925 shareholders reduced the authorized capital from Bond interest, &c______ 1,274,652
1,189,333
1,155,778
1,048,182
$10,000,000 to $2,500,000 by reducing the par value o f shares from $100 Dividends (7 % )_______ 1,400,000
1,400,000
1,400,000
1,400,000
to $25 each. V. 120, p . 1748.
Balance, surplus_____
$645,899
$581,560
$397,283
$390,813
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
Previous surplus...........(adj.)229,070(adj.)159,253(adj.)145,594
39,593
Stock $2,500,000 ($25)____________
Q-J 15
$2,249,375 Janl5'12,l%
Consolidated mortgage $10,-f 1909
5 g J-D
10,000,000 Dec 1 1939
Total_________
$874,969
$740,813
$542,877
$430,406
000,000 g ($100, $500 and!Int. at Montreal Trust C o., M ont., trustee,
Depreciation reserve_
_
$350,000
$350,000
$200,000
$200,000
$1.000)__________________ l Bank o f Scotland, London, England.
50,000
50,000
50,000
50,066
General mortgage___________ 1924
7%
1,300,000
1939 Reserve and sinking fund
25,066
25,006
25,060
25,006
Quebec-Jacques Cartier Pow ( 1901
5 J-D
849,000 Dec 1 1941 Other reserves_________
1st ref $1,000,000 ($1.000)(Trust Co. o f America, N . Y ., trustee.
Total surplus Dec. 31. x$449,969 x$315,813
x$267,877
x$155,406
gold: interest in N Y ____c* I Interest at company’s office, Quebec.
Income bonds________________ _____
5%
3,307,200 Sept 1 1951
x Surplus; subject to deduction for income tax.
Bonds.— Consol, mtge. 5s o f 1909 are red. at 105 and int. on any int. day.
OFFICERS.— Pres., J. E . Aldred; V .-Ps., Howard Murray and Julian
$849,000 o f the consol, bonds are reserved to retire underlying bonds.
C. Smith; Treas., W . S. Hart; Sec., James Wilson. Office, Power Build
Dividends.— Initial div.— 1%— paid April 15 1911: July, 1% : Oct., 1% . ing, Montreal.— V. 119, p. 1518, 2288, 2412, 2531; V. 120, p. 959, 1082;
In 1912, Jan., 1% ; none since.
V. 121, p. 201, 1463, 1680.
160,000
S urplus______________________________________
*$36,006
$1,357
* Subject to income tax on 1924 profits.
OFFICERS.— Pres., Julian C. Smith; V .-P ., Howard Murray; Treas.'
W. S. Hart; Sec., Jas. Wilson.— V. 119, p. 1180, 3011; V. 120, p. 2013;
V. 121, p .7 7 ,4 6 0 .
Shawinigan W . & Pr. Co.
A m e r ic a n P u b l i c S e r v ic e C o .
B a n gor P ow er C o.
C e n t r a l G e o r g ia P o w e r C o .
C e n tr a l Illin o is P o w e r C o .
C e n tra l In d ia n a G a s C o .
C e n tra l In d ia n a P ow er C o .
C in c in n a t i G a s & E le c tr ic C o .
C in c in n a ti G a s T r a n s p o r ta tio n
C o lu m b ia G as & E le ctric C o .
C u m b e rla n d C o u n t y P r. & L t.
D a n b u r y & B e t h e l G a s & E le c . L t
D u r h a m P u b l ic S e r v ic e C o .
E a st O h i o G a s C o .
G e o r g ia L i g h t , P o w e r & R y s .
In d ia n a E le ctric C o r p o r a t io n
J e r s e y C e n t r a l P r. & L t . C o r p .
L in c o ln G a s & E l e c t r i c L ig h t C o .
M i c h i g a n L ig h t C o .
M id d le W e s t P o w e r C o .
M id d le W e s t U t i li t ie s C o .
N o r t h w e s t e r n P u b l i c S e r v ic e C o .
O h i o P u b l ic S e r v ic e C o .
O m ah a & C o u n c il B lu ffs S t. R y .
O zark P ow er & W a ter C o.
P o r t la n d E l e c t r i c C o .
P u b l i c S e r v ic e C o . o f C o l o r a d o
U n io n L ig h t , H e a t & P o w e r C o .
U n it e d F u e l G a s C o .
V i r g in i a n P o w e r C o .
W est P en n P ow er C o.
W e have been identified either as principals or
jointly in the financing of the above companies
A . B. Leach & Co., Inc.
N EW Y O R K
BOSTON
PHILADELPH IA
CHICAGO
A LD R E D & CO.
40 Wall Street
NEW YORK
223
POWER, LIGHT AND RAILW AY
O c t ., 1 9 2 5 . ]
C S HAMMO ND 8c CO..N Y.
224
PUBLIC UTILITIES
ST. MAURICE POWER C O ., LTD .
Controlled by Shawinigan Water & Power Co.
ORGAN IZATION .— Incorp. in 1921 under the Companies Act, Canada.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Formed for the purpose o f developing the water power formed by the
Gres Falls, Gabelle and Forges Rapids, on the St. Maurice River, about
6 miles below Shawinigan Falls, Quebec. Plant will have an ultimate
capacity o f over 150,000 h. p.
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Capital stock $8,000,000 ($ 1 0 0 )____
_________ $7,200,000 ____________
1st mtge $12,000,000 ($100,f 1923
6M g F-A 9,026,600 Feb. 1 1953
$500 & $1,000) gold_____c*-jlnt. in U. S. gold coin at Bank of the ManI hattan Co., N . Y ., or in Canadian funds
[ at Royal Bk. o f Can., Montreal or Tor.
Sterling debenture 6) 4% I 1923
6) 4%
£200.000 __________
sto ck ____________________ 1Interest payable in London, England.
Bonds.— The 1st mtge. 6K s are red. all or in part on any int. date on 60
days’ notice at 110 & int. up to Feb. 1 1928; at 10714 & int. during next
11 years; at 105 during next 4 years; at 102 4 during next 5 years; and at
101 thereafter to maturity. Mtge. provides for sinking fund of $50,000
per annum from Feb. 1 1930 to 1934 ; $75,000 per annum from Feb. 1 1935
to 1939, and $100,000 per annum there after to maturity. Montreal Trust
C o., Montreal, trustee. In Feb. 1923 Aldred & Co. andMinsch, Monell &
C o., Inc., N ,Y ., sold $9,026,600 1st Mtge. 6)4s at 99^6 & int., to yield about
6.55% .
These bonds were offered simultaneously in N . Y ., Montreal and
Paris and at the same time £200,000 6) 4% debenture stock was sold in
London by Aldred & C o., Ltd. V. 116, p. 626, 730.
OFFICERS.— Chairman, J. E. Aldred; Pres., Julian C. Smith; V .-P .,
Howard Murray; Treas., W . S. Hart; Sec., Jas. Wilson.— V. 118, p. 2836;
V. 120, p. 3316.
SOUTHERN CANADA POWER CO., LTD.
ORGANIZATION.— On ns and controls, under leases from the Province
o f Quebec, which have 62 years to run, water powers on the St. Francis
River, with a capacity of 160,000 h. p., of which 54,000 h. p. is developed
and 106,000 h. p. undeveloped. It also owns 350 miles o f high tension
transmission lines and 325 miles o f low tension distribution lines by which
its service is carried to approximately 18,000 customers.
The company has over 600 users o f power for industrial purposes, and
about 17,000 customers for the purpose o f lighting, heating, &c.
The company controls, through ownership of the common stock, the
Sherbrooke R y. & Power Co.
Company serves 70 communities in that part o f the Province o f Quebec
which is situated between the St. Lawrence River and the International
boundary. This district comprises 5,000 square miles and has a popula
tion o f over 400,000.
Capitalization (as Approved by Stockholders, Sept. 25 1925).
1st mtge. 30-year bonds_______________________ x$50.000,000 $6,000,000
6% cumulative participating preferred ($100)___
10,000,000
4,500,000
Common stock— shares o f no par value________ 100,000 shs. 50,000 shs.
x Balance may be issued as debenture stock and (or) bonds, in such
currencies and series, and may be payable in such places, mature at such
dates, bear such rates o f interest, and carry such sinking fund provisions
and redemption prices as the directors may .determine at the time of issue;
Of the unissued bonds $5,000,000 can be issued for the cost of—and the
balance for 75% o f the cost of—extensions and additions to property and
plant o f the company provided in all cases that the annual net earnings are
equivalent to 1 % times the interest requirements o f the bonds outstanding
and those to be issued.
The 1st mtge. 30-year bonds are dated Oct. 1925, due Oct. 1 1955;
$1,000, $500, $100 c*. Principal and int. pay. at Canadian Bank of Com
merce in Canada and New York City, at fixed rate o f $4 86 2-3 to the
£ sterling. Red. all or part on 60 days notice at 102)4 and int. Montreal
Trust Co., Montreal, trustee.
In Oct. 1925 Nesbitt, Thomson & Co., Ltd., Montreal, &c., sold $6,000,000 Series A bonds at 97 and int., yielding 5.20%. V. 120, p. 2685; V.
121, p. 1680.
Sale of Pref. Stock.—-The sale to customers of 10,653 additional shares of
6% pref. stock (not included in the amount shown as outstanding in the
above table) on Oct. 12 1925 was reported. V. 121, p. 1909.
Dividends.— On the pref. stock 1) 4% was paid in July 1925. In Oct.
SHERBROOKE R A IL W A Y & POWER CO.
Control.— As o f March 1 1917 the Southern Canada Power Co. acquired
more than 10,000 shares o f the c o .’s stock on the basis o f 4 shares of Sher
brooke Ry. & Power Co. stock for 1 share Southern Canada Power Co. 6%
preference stock, cumulative from Jan. 1920. V. 104, p. 74.
ORGANIZATION.— Incorp. in 1910 in Quebec, Can., as successor to
the Sherbrooke Street R y. In July 1911 acquired the Eastern Townships
Elec. Co. and the Stanstead Elec. Co. V. 93, p. 230. Also owns the
Lennoxville Light & Power Co. In 1913 acquired the Burroughs Falls
Power Co., which controls the electric light and power business in Ayers
Cliff, Que. V. 97. p. 1824. In 1914 acquired the International Elec. C o.,
doing the electric light and power business in Derby Line, V t., and in
1915 acquired the lighting and power business o f Geo. Gale & Sons in
Waterville and Compton, Que.
FIELD OF OPERATIONS AND CH ARACTER OF BUSINESS.—
Controls major part of the electric light and power business in the district
between Sherbrooke and the International Boundary. Owns 10)4 miles
o f track in Sherbrooke, including 3-mile extension to Lennoxville. Standard
gauge, 70-lb. T rail.
Franchise in Sherbrooke is for 40 years, exempting property from taxation
for first 20 years. At end o f 20 years city may purchase street railway
property. Consol, mtge. 5s were offered with a 40% stock bonus. V. 91.
p. 95; V. 93. p. 590; V. 94, p. 1120.
STOCK AND BONDS—
Date.
Interest.
Outstanding.
Maturity.
Stock $1,500,000 ($100)______ _____
_______
$1,127,000 __________
1st M $1,500,000 gold_______ / 1910
5 g J-J
1,156,000 July 11940
s f ($500 or £ equivalent) -t f (Montreal Trust C o., Montreal. Trustee.
2d mtge $1,000,000 ($1,000)-/ 1922
6%
500,000 June 30 ’ 27
(Messrs. Parent & Taschereau, Quebec. Trus.
Sherbrooke Street R y 1st M -t f 1897
5 g .T-J
100.000 June 30 ’ 27
Bonds.— Of remaining Sherbrooke R y. & Pow. 1st mtge. bonds, $100,000
are to retire Sher. St. Ry. bonds and $20,000 are held as collateral security.
Int. at any branch of the Canadian Bank o f Commerce in Canada, or at
National Bank of Scotland, London, Eng. Red. as a whole at 105 and int.
on any int. day. or in part for sinking fund. Cum. sink, fund o f 1% began
July i 1916. $224,000 held in sink. fund.
Of the remaining Sherbrooke R y. & Power 2d mtge. bonds, $500,000
are held in treasury.
R E PO R T .— For years ending June 30:
June 30
Total
Net
Bond Other
Written Office Balance,
Year—
Income. Revenue. Interest. Interest. Off. A c., Exp. Surp.
X1919-20------ $268,358 $75,128 $53,952 $21,124
$26
$26
1918-19 -------- 260,165 70,339 54,963 15,025
313
S8
x No later available.
OFFICERS.— Pres., W . O. Hawkins; V.-P. & Gen. M gr., J.B . Woodyatt:
Sec., Treas. & Purch. Agt., L. C. Haskell.— V. 101, p. 924; V. 103, p. 1668:
V. 104, p. 74. 664; V. 112, p. 1025; V. 114. p. 1767.
CAPE BRETON ELECTRIC CO., LTD.
O RGAN IZATION .— Incorp. in Nova Scotia. Owns capital stock and
$220,000 o f the $368,000 outstanding 1st mtge. bonds of the Sydney &
Glace Bay Ry. C o., Ltd., an interurban line 19 miles in length between
Sydney and Glace Bay, which is operated under lease for 99 years from
Jan. 1 1911. Guar, payment o f said c o .’s bonds, principal, interest and
sinking fund.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
Does the entire electric railway and lighting business in Sydney; the entire
electric lighting business in North Sydney, the ferry business between
Sydney and North Sydney, and operates an interurban line between North
Sydney and Sydney Mines. Cape Breton Elec. C o.. 12.8 miles; Sydney
[V ol. 121.
& Glace Bay, 19.4 miles; total, 32.2 miles. Gauge, 4 ft. 8)4 in. 22
passenger and 11 other cars. Power stations have 1,975 k.w. capacity.
Franchises expire 1931 and 1932.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $1,125,000 ( $ 1 0 0 ) - - ____
M -N
$1,125,000 N ov ’ 19,11^
Pref 6% $500,000 ($100)__________
M -N
314,000 N o v ’25,3%
First mortgage $1,500,000/ 1902 5 J-J
1,096,000 Jan 11932
g o ld ________________ c-n tf\ ln t. at State St. Tr. Co., Boston, Trustee.
Sydney & Glace Bay 1st M l 1902 5 J-J
135,000 July 1 1932
$500,000 guaranteed-C.ntf\Int. at Royal Trust C o., Montreal, Trustee.
Stock.— Preferred stock is redeemable at 120. Capital stock auth. by
charter, $2,000,000. Of the unissued portion as much may be preferred as
the stockholders determine.
Bonds.— Of the 1st mtge. bonds, $2,000 canceled for impt. fund. Impt.
fund of 1% of bonds issued.
Red. at l05 and int. on any int. date.
Of the Sydney & Glace Bay 1st mtge. bonds, $85,000 have been canceled
by sink, fund $220,000 held by Cape Breton Elec. Co.
Red. as a whole at
110 and int. on any int. date. Sinking fund of 1% per annum.
Dividends.—-6% yearly (M .-N . 1) on pref. stock. On com., 1st div.,
1) 4%, P a id Nov. 1910; in 1911, 4% ; in 1912, 4% & 1% extra; in 1913 and
1914, 6% . In 1915 a n d incl. N ov. 1 1919, 3 % . None since.
EARNING S.— For 12 mos. end. June 30;
1925.
1924.
G ross___________________________________________
$600,301
$708,429
Operating expenses and taxes____________________
509,752
566,278
N et___________________________________________
Interest and amortization charges________________
$90,548
68,670
$142,151
68,104
Balance (for res., retirements and d ivs.)________
$21,878
$74,048
OFFICERS.— Pres., A. S. Pratt; V .-P ., Frederick S. Pratt; Sec., Victor
D . Vickery; Treas., H. B. Sawyer; Gen. Mgrs., Stone & Webster M gt. Assn.
Boston; M gr., M . C. Smith.— V. 106, p. 1900: V. I l l , p. 1369; V. 112,
p. 2536; V. 114, p. 2115; V. 117, p. 1992, 2541; V. 120, p .2010.
THE TO R O N TO R A IL W A Y .
The company's properties having been sold to the city of Toronto, the
stockholders voted on Dec. 1 1924 to wind up the company’s affairs and dis
tribute its assets. Douglas H. McDougall was appointed as liquidator.
For statement of liquidation to stockholders see V. 119, p. 3011. The
liquidator announced in Sept. 1925 that an installment of $4 per share would
be made through the National Trust C o., L td., bringing the total disburse
ment up to $114 per share. V . 121, p. 1228.
W INNIPEG ELECTRIC CO.
ORGANIZATION.— Incorp. in Manitoba in 1904 and is a consolidation
of the Winnipeg Electric St. Ry. and the Winnipeg General Power Co.
Was known as Winnipeg Electric Ry. up to M ay 1924, when name was
changed to present title. V. 118, p. 2574. Controls Suburban Rapid
Transit Co. and Winnipeg Selkirk & Lake Winnipeg R y., and guarantees
bonds of those companies, principal and interest. V. 86, p. 1346; V. 101,
p. 1466
FIELD OF OPERATIONS A N D CH A R A C TE R OF BUSINESS.—
Operates the entire street railway and gas business in Winnipeg, the street
railway in St. Boniface, and does a large part of the electric power business
in those cities and vicinity. Operates 178.10 miles of track, including
Suburban Rapid Transit Co., and Winnipeg Selkirk & Lake Winnipeg Ry.
Has 340 motor cars and 18 trailers, 41 miscellaneous cars. Completed in
1907 a 18.000 h. p. water-power plant, which, due to improvements in 1920,
has been increased to 36,000 h. p . Installed a 12,000 h. p. steam turbine
auxiliary plant in 1911. Franchises either perpetual or for long terms, and
street railway franchise is exclusive in Winnipeg until 1927 and in St. Boni
face until 1943. City of Winnipeg may purchase the property in 1927 upon
six months’ notice at its physical valuation (including cost of paving done
by company), to be determined by arbitration; after 1927 city may exercise
right to purchase at the end of each succeeding 5-year period on one year’s
notice. See also V. 112, p. 746. For proposed new franchise agreement
see V. 115, p. 2479.
The company guarantees, principal and interest, by endorsement,
$7,500,000 first mtge. 7% bonds, Series “ A ,” of the Manitoba Power C o.,
Ltd. V. 113. p. 1984.
Valuation.— See V. 109, p. 2264; V. 110, p. 1417.
STOCK AND BONDS—• Date.
Interest. Outstanding. Maturity.
Q-J
$11,000,000
See text
Com stock $11,000,000 ($ 1 0 0 ) -____
Preferred $3,000,000 $100 c u m ____
7% Q-J
3,000,000 Oct ’25 ,1^
First refunding M $5,000,000/ 1905
5 g J-J
4,333,000 Jan 2 1935
gold sink fund ($1,000). -C*\Int. at Bank of Montreal. Montreal & N. Y .
Refunding mtge (£900,000)________
5%
4,380,000
1954
30-year ref mtge ($100, $5001 1924 6 A-O
6,000,000 Oct 2 1954
and $1,000)_________ c*.tf/P rin . and int. payable at Bank of Montreal,
1 in New York City, and Canada.
Win El St R y mtge $1,000,-/ 1898 5 g J-J
667,000 Jan 1 1927
000 ($500)________________(Interest at Bank of Montreal, Montreal.
Stock.— Pref. stock is preferred as to assets and dividends and has voting
power. V. I l l , p. 2326, 2522.
Bonds.— Of the $5,000,000 first refunding bonds, $667,000 are reserved to
retire the first 5s. The Royal Trust C o., Montreal, is trustee. Are not
subject to call, but 1) 4% of bonds outstanding is payable to a sinking fund
from 1915 to 1924, inclusive, and 2% from 1925 to 1934, inclusive. See
V. 79. p. 2698.
Refunding Mortgage 5s.— On Mar. 17 1924 holders of the 4)4% perpetual
debenture stock voted in favor of a supplemental trust deed providing that
the interest on the stock be increased from 4)4 % to 5% from April 2 1924.
and that the stock be repayable on April 2 1954. The debenture stock
(refunding mortgage 5s) and the regunding mortgage 6s now rank pari passu.
V. 118, p. 1270; V. 119, p. 1066, 1174, 1735, 2181.
Refunding mortgage 6s are callable on 90 days’ notice at 105 and int. on
any int. date. Company agrees to refund Penna. and Conn. State tax up
to 4 mills. In N ov. 1924 Kissel, Kinnicutt & C o., Spencer Trask & C o.,
E. H. Rollins & Sons, N. Y ., and Nesbitt, Thomson & C o., Ltd., Montreal,
offered $6,000,000 ref. mtge. 6s at 94)4 and int., to yield over 6.40% .
V. 119, p. 2181.
Dividends.—On pref. 1 % % quar. has been regularly paid. Paid 2 ) 4 %
quar. on com. from Apr. 1908 to Apr. 1911. In July rate was increased to
3% quar., which amount was paid to and incl. Jan. 1915; in April, July
and Oct. 1915, 2) 4% each. In 1916, Jan., 2% . None to Feb. 1 1925,
when 1% was paid. V . 119, p. 2881. In Aug. 1925, 1% . V . 121, p . 78.
REPORT.— For years ending Dec. 31:
Year—•
Gross.
Net.
Charaes. Pref. Divs. Bal., Sur.
1924 ______ $5,267,510 $1,888,013 x $ l,713.396
$210,000 def$35,382
1923 ______ 5,408,113
1,942,221
1,484,193
210.000
248.028
1,990,362
1,451,047
210,000
329,315
1922 ---------- 5,517,078
1921 ---------- 5,579.430
2.020,050
1.472.162
182,367
365.522
x Includes “ balance of power contract” Manitoba Power Co., Ltd.>
$279,692.
Revenue passengers carried in 1924, 55,078,000, against 58,253,356 in
1923, 60,399,419 in 1922, 61,515,325 in 1921 and 65,248,840 in 1920.
OFFICERS.— Pres., Geo. W.Allan, K .C ., Winnipeg; V.-P. & Gen. Mgr.
A . W . McLimont; V .-P ., in charge of Finances, F. M . Black; Sec., Law
rence Palk; Treas., J. S. Mackenzie.— V. 113, p. 1676, 1984, 2506; V. 114,
p. 1536; V. 115, p. 2479; V . 116, p. 824, 1277, 1413; V . 118, p. 1270, 2574,
3081; V. 119, p. 200, 1066,1174,1735, 2181,2881,3012; V. 120, p. 89,1205,
2150; V . 121, p. 78.
(1) SUBURBAN RAPID T R AN SIT CO.
ORGANIZATION.— Organized in 1902 in Manitoba. Charter gives
company right to operate the telephone and telegraph lines and to dispose of
electric light, heat and power. Franchise. 35 years from 1902 and is exclus
ive. Winnipeg Electric Co. controls road through ownership of stock.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Embraces 21.78 miles of track from Winnipeg to Headingly on the north
side of Assiniboine River and beyond the City Park on the south side of
river.
STOCK AND BONDS— Date.
Interest. Outstanding. Maturity.
Stock $100,000____________________
_________
See text
______ __
First mortgage ($1,000) g -C * f 1908
5 F-A
$500,000 Jan 31 1938
Guaranteed, principal and/Royal Trust C o., Montreal, Trustee,
interest by Winnipeg Elec- Interest at Bank of Montreal, Montreal,
trie Co.
[ Toronto, New York or London, England.
Oct., 1925.]
POWER, LIGHT AND RAILW AY
Bonds.— Additional bonds may be issued at rate o f not exceeding $20,000
per mile additional road built.
EARNINGS.— For calendar year 1924, gross, $253,013; net, $16,434;
charges, $45,176; deficit, $28,742. For cal. year 1923, gross, $281,890;
net, $37,025; charges, $40,142; deficit, $3,117. In 1922, gross, $278,885;
net, $44,048; charges, $39,810; surplus, $4,238.— Y . 86, p. 1345.
(2) W INNIPEG SE LK IRK & LAKE W INNIPEG R A ILW A Y.
ORGAN IZATION .— Incorp. by Act of Manitoba Legislature with power
to do a steam or electric railway and a lighting and power business. Con
trolled through ownership o f $490,000 o f its $500,000 stock by the AVinnipeg
Electric Co.
FIELD OF OPERATIONS AND CHARACTER OF BUSINESS.—
Operates a line from Winnipeg on west side of Red River to Selkirk, 22H
miles, with a branch on private right-of-way from Middlechurch to Stone
wall, 17>6 miles (placed in operation Jan. 1 1915); total mileage operated,
41.32 miles. 6 motor and 27 miscellaneous cars. Franchises rim to 1939
and 1942.
Has contracts with Selkirk to supply power for municipal purposes and
with Stonewall to do a general light and power business.
BONDS—
Date.
Interest. Outstandina. Maturity
1st mtge gold_________
. ___
5 J-J
$52,500 July 2 1933
and int. (endorsement) by the Winnipeg
Bon ds .-—-Guaranteed,
Electric Co.
EARNINGS.-—For cal. year 1924, gross, $230,213; net, $54,166; charges
$90,202; deficit, $36,036. For cal. year 1923, gross, $259,875; net, $67,993
charges, $85,838; deficit, $17,845. In 1922, gross, $266,923; net, $72,789
charges, $91,579; deficit, $18,790.— V. 101, p. 924, 1466; V. 106, p. 2012.
CUBA
AMERICAN & FOREIGN POWER COMPANY, INC.
Operations supervised by Electric Bond and Share C o .
ORGA N IZA TIO N .— A holding company. Organized under laws oi
Maine Dec. 19 1923.
FIE LD OF OPERATIONS AN D C H A R ACTER OF BUSINESS.—
Owns securities controlling public utility properties operating in Cuba.
Panama, Guatemala and Ecuador. A total o f 87 communities are supplied
with electric power and light, telephone or other services. In addition, the
subsidiary companies operate in a number o f suburban and outlying dis
tricts, making the estimated total population served in excess of 837,000.
The company owns a controlling interest, directly or indirectly, in the fol
lowing subsidiary companies:
Stock
Cia. Cubana
Outstanding. de Electrici
Incorp
dad, Inc.
i
Compania Cubana de Electricidad,
f pfd.$5,000,000
j
Inc. (Maine)____________________
1924- 2d p f.6,000,000
icom 19,750,000
Compania de Servicios Publicos de
32,737,200
M atanzas________________________
com. 3,000,000
200,000
jpref. 200,000
Compania Hydroelectrica de Matan
zas, S. A _________________________
800,000
(com. 800,000
k386,400
Guantanamo Electric Company_____
(pref. 400,000
k397,900
(com. 400,000
Compania de Electriidad de Saguna
100,000
la Granda, S .A ___________________
com.
100,000
Empresa de Luz i Fuerza Electrica
(E cuador)________________________ 1905 com. 350,625
h
Compania de Electricidad de Cardenas,
$1,400,000
S. A. (Cuba)_____________________
$1,400,000
1917
Compania Electrica de Cienfuegos,
300,000
S .A . (Cuba)_____________________
1922
300,000
Compania de Servicios Publicos
500,000
500,000
“ Madrazo,” S. A . (Cuba)_________
1919
Compania Electrica de Alumbrado y
g 2 ,000.000
2,000,000
Trac. de Santiago (Cuba)_________
1906
Oriente Interorban Electric C o., Inc.
bl3,500
pref. 150,000
(C u b a )...______ _________________
1919
g55,700
com .150,000
Compania Cubana de Electricidad,
2.306.000
2,306,000
S. A. (Cuba)_____________________
1911
100,000
100,000
Com. Cubana de Hielo, S. A. (C uba). 1919
1.500.000
Camaguey Elec. C o., S. A. (Cuba)___ 1922 p re f.l,500,000
2,000,000
com.2,000,000
Compania Electrica Oriente S. A.
752,000
com.$752,000
1924
1920
Panama Pr. & Lt. Corp. (M e.)_____- /
Compania Panamena de Fuerza y
pref.750,000
i750,000
com.50,000 shs. i50,000 shs.
1917 p f.$1,500,000
c
com.200,000 shs. dl89,239 shs.
pf.l0,000shs.
e
1916
c
com.70,000shs.
f
$1,500,000
_
" 1911
Panama Electric Co. (N. J .)_
f
pref.100,000
Comp. Panamena de Telefonos (M e .)./ 1917
f
com.250,000
i
b $55,000 owned by Cia. Electrica de Alumbrado y Traccion de Santiago
and balance held in treasury, c $945,200 held by Amer. & For. Pow. Co.,
In c., except $399,900 held by trustees for the benefit o f the Panama Power &
Light Corp. to be disposed of from time to time as the board of directors
may direct, d Including 7 shares held in escrow, the balance, 10,770 shs.
outstanding with public, e Pref., 2,500 shs. held in trust and 7,500 shs.
owned by Panama Power & Light Corp.; common, 2,140 shs. held by trustees
and 67,860 shs. owned by Panama Power & Light Corp. f Owned by
Panama Power & Light Corp. g $2,000 owned by Electrica de Alumbrado
y Trac. de Santiago and balance held in treasury, h $316,175 owned by
Amer. & Foreign Power C o., Inc., $30,480 held by treasury and $3,970
held by public, i All owned by Amer. & For. Power C o., Inc. j $160,000
held in treasury and $102,800 held by public, k Balance held by public.
Preferred Stock Allotment Certificates.—-These certificates nave been sold
at the allotment price of $96 per share, of which 25% has been c died upon
allotments aggregating 400,000 shares of Preferred stock and 400,000
shares of Common stock, and the remaining 75% may be called by the
corporation for payment at intervals of not less than four months, no
single call to be for more than 10% o f said allotment price. Holders have
the right to anticipate payment in full at any time.
Upon payment in full o f the allotment price o f $96 a share, allotment
certificate holders are entitled to receive definitive certificates for the num
ber o f full-paid shares o f preferred stock called for by the several allotment
certificates, together with definitive certificates for a like number of fullpaid shares of common stock of the corporation, without nominal or par val.
STOCK AN D BONDS— Date.
Interest. Outstanding. Maturity.
x932,204shs.
Common 1,500,000 shs (no p a r ) -------------327,712shs O c t’25$1.75
$7 cum pf 900,000 shs (no par) ______
$7 Q-J
2d pref $7 cum 120,000 shs (no
116,959 shs
p a r )---------------------------------- -------$7
x Including shares held by Bankers Trust Co. to be delivered to sub
scribers against full-paid subscriptions to 400,000 pref. shares.
Dividends.—-An initial dividend of $1 75 quarterly on the preferred
stock was paid April 1 1924. Same amount paid regularly quar. since to
and including Oct. 1925.
E A R N IN G S.—
Consolidated Earnings 12 Mos. Ended June 30 1925 (inter-co. items elimi
nated).— Subsidiary cos.: Gross, $7,857,880; net operating revenue, $3,347,974; total income, $3,719,398; net earnings (incl. Am. & For. Pr. Co.,
Inc., income from outside sources) applicable to Am. & For. Pr. C o., Inc.,
$3,335,573; pref. divs. Am. & For. Pr. C o., Inc., $1,855,194; 2d pref. divs.,
$818,713; consol, balance applicable to renewals, replacements, reserves
and common divs., $661,666.
OFFICERS.—-S. Z. Mitchell, Pres.; H. W . Catlin, W m. Darbee, C. E.
Groesbeck and E. W. Hill, V.-Ps.; A. E. Smith, Comp.; E. P. Summerson,
Sec.; A . C. Ray, Treas. Office, 71 Broadway, N . Y . City, N . Y .— V. 120,
p. 84, 1324.
225
HAVANA ELECTRIC RAILWAY, LIGHT & POWER CO.
ORGAN IZATION .— Incorp. in New Jersey on March 26 1912, absorbing
the Compania de Gas y Electricidad de la Habana (Gas & Electric Co. o f
Havana), to acquire and hold the stocks of the Havana Electric R y . per plan
in V. 94, p. 767. On M ay 15 1913 a plan for the merger of the properties
was approved by the stockholders of the Havana Elec. R y., L. & P. Co.
The Havana Electric Ry. stockholders approved the plan on M ay 27 1913
and on June 18 1913 articles of consolidation were filed. V. 96, p. 1840.
To date all pref. shares and 74,894 (out of 75.000) shares common stock
of the Havana Elec. R y. have been deposited for exchange of securities of
new company. The Havana Elec. R y. owned entire $100,000 stock of the
Insular R y. Co. Railway franchise runs until 1958. Company also has
right to carry freight over parts o f the system. Gas and electric franchises
perpetual.
Readjustment Plan.— A new company, the Havana Electric & Utilities Co.,
was organized in Maine in the latter part of 1925, under the direction of
Speyer & Co. as readjustment managers The capitalization of the new
company will be as follows;
Common stock (no par value)_______________________________ 603,000 shs.
6% cumulative first preferred stock (par $100)_______________$21,000,000
Cum. pref. stock (no par value, cum. after N ov. 15 1926)____300,000 shs.
First preferred slock has priority as to 6% cum. dividends per annum over
the preference and common stocks, and in case of liquidation or dissolution
is entitled to $115 per share and dividends. Has no voting power except
under certain specified circumstances.
Preference stock is entitled in priority to the common stock to dividends
at the rate of $5 per annum and to $100 per share and dividends in case
of liquidation or dissolution. The dividends are cumulative from and after
N ov. 15 1926. Redeemable, all or part, at $100 and dividends. No voting
power except in certain cases.
Common slock has exclusive voting rights. All of the common stock is to
be held under a voting trust agreement.
Exchange of Securities.— In Sept. 1925 stockholders were offered the
privilege of exchanging their stock for stock of Havana Electric & Utilities
Co. and cash on the following basis:
(a) Preferred Stock.— For each ten shares of Havana Electric Co. pref.
stock the holder will receive 10 shares of Utilities Co. 6% cum. first pref.
stock, 3 shares of Utilities Co. common stock v. t. c., and $40 in cash.
(5)
Common stock.— For each ten shares of Havana Electric Co. common
stock the holder will receive 20 shares of Utilities Co. cum. preference stock,
20 shares of Utilities Co. common stock v. t. c., and $200 in cash.
The common stock voting trust is composed of Antonio San Miguel and
Frank Steinhart, Havana; R. R. Loening and Henry Ruhlender, New York;
and is to continue in effect until Sept. 1 1930.
For further particulars see V. 121, p. 1461, and for financial statements
of old and new company, V. 121, p. 1455. In Oct. 1925 60% of the stock
was reported to have been already deposited under the above plan, dated
Sept 15 1925, and the time for deposits was extended to N ov. 16 1925.
V. 121, p. 1908.
FIELD OF OPERATIONS A N D C H A R ACTER OF BUSINESS.—
Railway system, 105 miles of single track. Also operates a bus service.
Has 630 cars. 189 38 miles gas mains. The consolidated power plant has
a capacity of 75,000 k. w.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
Common $15,000,000 ($100)_
M -N
$15,000,000 N ov ’2 5 ,3%
P f 6% cum $21,000,000 ($ 1 0 0 )____
M -N
21,000,000 N ov ’25, 3%
Hav Elec R y consol M $10,-/ 1902 5 g F-A 7,290.170 Feb 1 1952
000,000 g (11,000) s f_c*&r (Central Trust C o., New York, trustee.
Hav El Ry, L & P gen mtge f 1914 5 g M-S
9,420,000 Sept 1 1954
$25,000,000 ($1,000 & $5,-(Guaranty Trust C o., New York, trustee.
000) gold____________ c*&r [
Gas & Electric Co. Issues—
Gold mortgage_______________ 1904 6%
3,997,904 June 1 1954
“ English bonds” (£150,000)-. 1906 5%
70,567
1942
Stock.— Pref. stock is red. at $115 per share and accrued divs. Both
com. and pref. are listed on New York Stock Exchange. V. 94, p. 1632.
$56,779 com. and $2,113 pref. stock included in amounts reported outstand
ing are in treasury.
Bonds.— Of the Havana Electric Co. consolidated bonds reported out
standing, $946,941 are in treasury, $1,744,000 have been- canceled. A
sinking fund commenced Jan. 1 1906 on the outstanding consols. Bonds
may be called for sinking fund at 105 and interest, and entire issue can be
redeemed at 105 and int. on any int. day upon 6 months’ notice. See V. 74,
p. 1251. Int. payable at company’s office. They are listed on New York
Stock Exchange. V. 86, p. 918.
The gen. mtge. bonds are red. on 30 days’ notice at 105. Sinking fund of
1M % on outstanding bonds began in 1920. Interest payable in New York
without deduction of any tax except Federal income tax. Of the $25,000,000 auth., $8,100,000 are reserved for refunding, $2,350,000 to assist in
refunding. $621,000 held by trustee under sinking fund; $735,000 are in
treasury; $52,000 are deposited with the Cuban Govt., and the remainder
(plus those not needed for refunding) for additions and improvements under
certain restrictions. Listed on New York Stock Exchange. V. 102, p.
2254; V. 106, p. 715; V. 115, p. 543, 1532.
Dividends.— Dividends on pref. stock were begun in N ov. 1912. An
initial dividend on the common stock—-2H % — 'was paid in N ov. 1912. In
1913, 5 54%; in 1914, 5% ; in 1915, 51 i% ; in 1916, 6% ; in 1917, 6 % ; in
1918, 6% ; in 1919, 6% : in 1920, 6% ; in 1921, 6% ; in 1922, 6% ; in 1923,
6% ; in 1924, 6% ; in 1925, M ay, 3% .
R E PO RT.—-For calendar years;
Cal.
Gross
Net (after Other
Fixed
Pf.Div. Com.Div. Balance,
Earnings.
Taxes. Income. Charges.
(6 % ).
(6 % ). Surplus.
Year__
$
$
S
S
S
S
S
1924--14,357,901 6,924,316 339,686 1,088,950 1,258,602 896,612 4,019,838
1923-.13,458,064 6,886,723 396,270 1,117,166 1,258,607 896,619 4,010,601
1922.-12,910,707 6,601,739 189,053 1,087,007 1,258,613 896,649 3,548,523
Latest Earnings.-—Twelve months ended June 30 1925: Gross earnings
from operations, $14,935,377; operating income, $7,142,847; total income,
$7,518,310; interest on funded debt, $1,087,486; net increase available for
reserves for depreciation and contingencies, and for dividends on stock,
$6,439,824. Financial statement June 30 1925, see V. 121, p. 1455.
OFFICERS.— Pres. & Gen. M gr., Frank Steinhart; V.-Ps., R . R . Loen
ing, Antonio San Miguel and Dionisio Velasco; Sec. & Treas., H. Kraemer,
N . Y . agency, 14 Wall St.— V. I l l , p. 1083: V. 112, p. 2083, 2183, 2202;
V. 113, p. 960, 1052; V. 114, p. 409, 2111, 2112, 2140: V. 115, p. 543, 1532;
V. 116, p. 2129, 2248, 2284; V. 118, p. 2304, 2431, 2456; V. 120, p. 2396;
V. 121, p. 1461, 1455, 1908.
BRAZIL
BRAZILIAN TRACTION, LIGHT & POWER CO., LTD.
ORGANIZATION.— Incorp. July 12 1912 in Canada with $120,000,000
($100) auth. stock and has acquired through exchange of its stock for stock
of the newly acquired companies (on basis shown in V. 95, p. 175) the Rio
de Janeiro Tramway, Light & Power C o., Sao Paulo Tramway, Light &
Power Co. and Sao Paulo Elec. C o., and through the first-named company
controls entire capital stock of Brazilian Telephone C o., formerly the
Rio de Janeiro & Sao Paulo Telephone Co.
FIELD OF OPERATIONS AND C H A RACTER OF BUSINESS.—
The combined cos. operate 415.83 miles of track in Rio de Janeiro and
vicinity and Sao Paulo. 951 passenger cars, 587 pass, trailers, 147 freight
cars, 139 freight trailers. In 1923 carried 479,527,034 passengers. Sup
plies light and power to Rio de Janeiro and vicinity and Sao Paulo and
neighboring towns. On Dec. 31 1923 had 156,813 light consumers, 7,375
power consumers and 37,824 gas consumers. During 1923 generated 564,219,325 k. w. h. and manufactured 68,950,800 cubic meters o f gas. As of
Dec. 31 1923, 74,359 telephones were in operation.
226
STOCK A N D NOTES.
Date.
Interest. Outstanding. Maturity.
Ordinary $110,000,000____________
Q-M $106,583,900 Dec ’25 1%
P f 6% cum $10,000,000 ($ 1 0 0 )____
6 Q-J
10,000,000 Oct ’25, IVi
Stock.— The pref. stock is convertible into com. cstk at any time on basis
o f 1 1-5 shares pref. stock for 1 share of common. V. 96, p. 1421. Pref.
stock listed on London and Toronto stock exchanges. Common stock
listed on Toronto, Montreal, Belfast, Brussels and London stock exchanges.
V. 97, p. 363
Dividends.— 6% is being paid on the pref. stock. First div. on com.—
1H %— paid N ov. 15 1912. In 1913 and 1914, 6 % . In 1915 and 1916,
4 % . In 1917, March, 1% . In Sept. 1922 1% was paid and at same rate
paid regularly quarterly since to and including Dec. 1925.
R E PO R T .— For years ending Dec. 31:
Cal.Yrs.Total Inc. Charges.
Pref. Divs.
Ordinary Dies. Bal., Sur.
1924..-$8,249,521 $610,604
$600,000
$4,262,788
$2,776,129
1923— 7,510.459
580.494 (6%)600.000 (4%)4,262,477
2,067,488
1922— 7,872.961 1.020.993 (6% ) 600.000 (2% )2.131.511
4.120,457
1921___ 4,537.715 1.300,033 (6%)600.000 .................
2,637,682
1 9 2 0 ... 7,243.443 1,248.320 (6%)600,000 .....................
5,395,122
LATEST EARNINGS (milreis).—
1Q29
Years ending Dec. 31—
1923.
1921.
Gross____________________________ 247.409.000 197.749.000 170.867.000
N et................................. .................. 148.035.000 124.505.000
95.105.000
OFFICERS.— Pres., Sir Alexander Mackenzie; V .-P ., Robt. C . Brown;
Sec., J. M . Smith, Toronto; Treas., A. W. Adams. Head office, 357 Bay
St., Toronto, Can.— V . 116, p. 294; V. 117, p. 81, 205; V. 119, p. 454, 691;
V. 121, p. 193, 1907.
(1 )
R IO
DE
J A N E IR O
T R A M ., L T .
&
POW ER
C O .,
LTD.
ORGAN IZATION .— Incorporated under the laws o f Canada in June
1904. Purchased the Rio de Janeiro Gas Co. and three street railway prop
erties (the Villa Isabel Tramway C o., the Sao Christovao Tramway Co. and
the Carris Urbanos Tramway C o.). Owns or controls entire $5,000,000
capital stock o f the Brazilian Telephone C o., formerly the Rio de Janeiro &
Sao Paulo Telephone Co. (incorp. in Canada in 1916 to carry out the plan,
delayed by the war, of acquiring, consolidating and developing the telephone
enterprises). The latter co. has an auth. issue of $12,500,000 6% 30-year
collateral trust bonds ($7,500,000 held by the Brazilian Traction, Light &
Power C o., Ltd., balance in treasury), and has acquired the properties and
business o f the Interurban Telephone Co. o f Brazil, Companhia de Tele
phones Interestadoaes, Companhia Telephonica do Estado de Sao Paulo,
Companhia Rede Telephonica Bragantina and Brazilianische Electricitats
Gesellschaft. The Tramway, Light & Power Co. also owns 2 water-power
plants and an electric light and power plant. In 1909 purchased control of
the Ferro Carril do Jardim Botanico (V. 88, p. 883) and consolidated it with
the Tramway, Light & Power Co. under an operating contract. Has also ac
quired the Jacarepagua tramway lines (11 miles). The gas and electric
light franchises expire 1945, gas franchise being exclusive until 1945 and
electric light until 1915, with a monopoly for public lighting until 1945.
Telephone franchise in Rio de Janeiro expires 1930 and is exclusive; the
other telephone franchises are perpetual or for long periods and are mainly
exclusive. See V. 83, p. 214. Rio de Janeiro Tramway concessions were
extended in 1907 until 1970 and give exclusive privileges until 1940 in
very large area o f city. Franchises for distribution o f electric energy
for lighting and power service were also extended to 1990. Concession to
develop power is perpetual. Both stock and bonds are listed on the London,
Brussels and Toronto stock exchanges. V. 93, p. 528; V. 86, p. 1044;
V. 88, p. 507. In April 1909, 2d mtge. bonds were listed on London Stock
Exchange. V. 88, p. 883. See description o f property in V. 87, p. 97.
On Dec. 8 1911 stockholders voted to increase auth. stock from $40,000,000
to $50,000,000, o f which $5,000,000 was offered to stockholders— one new
for eight old (V. 93, p. 1669, 1463).
STOCK AN D BONDS—
Date.
Interest. Outstanding. Maturity.
Q-F
$45,000,000 6N ov.’17,l ) i
Stock $50,000,000 ($100)---------------First mortgage $25,000,000' 1905 5 g J-J’
“ T
"
~
--------25,000,000 Jan 1 1935
($100, $500 and $1,000) Int. payable in Toronto, N . Y . and London.
g o ld .------------------------------National Trust C o., L td ., Toronto .trustee.
Second mortgages bonds (£5,- 1908 5 A-O
£4,849,715 April 1958
266,000) (£100 and fr. 500) National Trust Co., Ltd., Toronto, trustee.
Int. at Can. Bank of Com., London, and
in Toronto, Canada, Paris and Brussels.
1911
5 J-J
£1.400,000 July 1 1951
Jardim Botanico Tramway Nat. Trust Co., Ltd., Toronto, Can.,trustee.
first mortgage £1,400,000{ Int. at offices o f Can. Bank of Commerce
(£ 100)__________________ cl in London, New York and Toronto.
b Less British income tax.
Bonds.— A sinking fund on 1st M . o f 1% per ann. o f bonds out began in
1910.
The 2d M . debs, are subject to call on 3 mos.’ notice as a whole or any
part at 105; also subject to sinking fund drawings, which began the year
ending April 1 1918; £354,957 retired by sinking fund.
Jardim Botanico 1st M . bonds are red. at 102H and int. on 3 mos.’ no
tice. Sinking fund began in 1912. Bonds are listed on London Stock
Exchange. V. 93, p. 1786. Rio de Janeiro Tram., Light & Power C o.,
Ltd., undertakes to put aside semi-annually a sum sufficient to meet int.
and sinking fund on Jardim Botanico bonds: V. 93, p. 528.
Dividends.— First div., 1% , paid N ov. 1909; in 1910, 4 )4 % . In 1911
and to and incl. N ov. 1917, 5% per annum.
EARN INGS.— Earnings are now included in the Brazilian Traction.
Light & Power Co. statement.
OFFICERS.— Pres., Sir Alexander Mackenzie; Sec., J. M . Smith’
Treas., A. W. Adams; Gen. M gr., O. A. Sylvester. Main office, 357 Bay
St.. Toronto.— V , 94, p. 1247, 1764; V. 96, p. 1298.
(2 ) T H E
SAO
PAULO
T R A M ., L I G H T
& POW ER
C O ., L T D .
ORGAN IZATION .— Incorp. in the Province o f Ontario, Canada, in
1899.
FIELD OF OPERATIONS AN D CH ARACTER OF BUSINESS.—
Owns an extensive system of electric roads and electric lighting and power
business in Sao Paulo, Brazil. In 1907 purchased Santa Ana R y., a narrowgauge mule line, which has been electrified. Company has secured an ex
clusive 30-year concession for distribution o f light and power in municipality
of Sao Bernardo.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Stock $10,000,000 ($100)---------------Q-F
$10,000,000 6Nov.’ 17,2)4
Perpetual consol d e b e n tu re !-----M-S 2
£821,917 Perpetual
stock issued Feb 1911_____(Interest payable in London and Toronto.
First mortgage $6,000,000 / 1900
5 g J-D
$6,000,000 June 1 ’29
gold ($500)____________ c*\National Trust Co., Ltd., Toronto, trustee.
b Less British income tax.
Stock.— Perpetual debenture stock is redeemable at 105 on 6 months,
notice. Trustees are British Empire Trust C o., Ltd., London, and Na
tional Trust C o ., L td., Toronto. Stock is listed on London Stock Exchange.
V. 94. p 1250.
Bonds.— Interest is payable at th~ Canadian Bank o f Commerce in Lon
don, Eng., and National Trust C o., Ltd., Toronto, Ont. No sinking fund,
and bonds are not subject to call. Listed on London Stock Exchange.
V. 81, p. 614.
Dividends.— In 1902, 3 )4 % : in 1903, 5 )4 % ; in 1904, 7)4% ; in 1905, 8% :
in 1906, 8 % ; in 1907, 8)4% ; in 1908. 9 )4 % ; in 1909 to 1911 incl., 10%; in
1912, Jan., 2 )4 % : April, 2)4% : July, 2 )4 % : Oct., paid 5-6% for month
o f July 1912, in accordance with plan of amalgamation; N ov., 2 )4 % .
In 1913 and since to and including N ov. 1917, l0% per annum.
EARN IN G S.— Included in the Brazilian Traction statement.
OFFICERS.— Pres., Sir Alexander Mackenzie; Sec.. J. M . Smith, both
o f Toronto; Treas., A. W. Adams; Acting Gen. M gr., Dr. E. de Souza.—
V. 94. p. 1764: V. 95. p. <81: V. 112. p. 746; V. 115. p. 1839.
(3 )
[Vol. 121.
PUBLIC UTILITIES
S A O P A U L O E L E C T R I C C O ., L T D .
O R GAN IZATION , &c.— Incorp. in 1908. Has acquired water powers
and franchises for the utilization and sale o f electric power through the State
of Sao Paulo.
STOCK A N D BONDS—
Date. Interest. Outstanding. Maturity.
Stock $10,000,000_________________
_______
$5,000,000 __________
First mtge £2,000,000 (£500.1 1912 5 J-J
£2,000,000 Jan 1 1962
£100. £20)....... ....................(National Trust C o., Ltd., of Toronto,trustee
! Bonds.— Redeem, by a sinking fund since 1922 in annual drawings at par,
or may be redeemed at 103 at any time on six months’ notice, or at par on
voluntary liquidation or amalgamation with another company. The Bra
zilian Trac., L. & P. Co. agrees to set aside s.-a. out of the gross earnings o f
the Sao Paulo Elec. Co. a sum suffiicent to meet the int. and sinking fund,
and in case the earnings should be insufficient, to meet the same from its own
revenues. Interest payable in London, New York, Toronto, at Canadian
Bank of Commerce or its agencies. Listed on London Stock Exchange.
V. 95. p. 1043; V. 96, p. 65.
GERMANY
SAXON PUBLIC WORKS, INC.
(Aktiengesellschaft Saechsische Werke).
ORGAN IZATION .— Organized in Dresden, Germany, N ov. 13 1923 un
der the laws of the German Reich and the Free State of Saxony. Since its
organization all of the capital stock o f the company has been and still is
owned by the Free State of Saxony. At the time of its organization the
company took over from the Free State o f Saxony all of the electric power
plants and coal mines owned and operated by the State since 1917, as well
as certain stock interests in similar enterprises which had been acquired
by the State.
FIELD OF OPERATIONS AN D CH AR A C TE R OF BUSINESS.—
Company is primarily engaged in the generation o f electric energy through
steam power plants, and its transmission and distribution throughout the
State of Saxony and in certain adjacent territories. The territory served
has a total population of over 5,000,000, with an aggregate area of about
6,950 square miles, and includes Dresden, with a population of about
611,000, and Leipzig with a population of 680,000. The present electric
generating plants of the company have an installed capacity of 96,900 k. w.,
of which 85,500 k. w. is contained in the principal plant at Hirschfelde in
Eastern Saxony. The power is delivered through a transmission and dis
tribution system including 436 miles of high tension lines of steel tower and
reinforced concrete pole construction. Of the foregoing, over 245 miles is
100.000 volt long distance transmission line. A t present approximately
82% of the available electric output is sold on a wholesale basis to local
distributing companies (in some of which the company has a substantial
interest), which in turn retail the current in their respective territories: 15%
is sold directly to retail customers and 3% is used in the plants and coal
mines of the company. See for more information, V . 120, p. 706.
Electrical Output (Current Sold in Kilowatt Hours).
1917 ______ 36,375,15911920............. 77,230,93311923_______ 292,134.244
1918________66,564,910 1921________144,431,333 1924_______ 356,776,881
1919________60,846,63911922_______ 243,249,2961
Coal.— Company’s coal fields cover an aggregate area of approximately
80.000 acres. Most of the coal is of the so-called “ brown coal” or lignite
character. Although this coal in its raw state has a relatively low heating
content as compared with the best grades of American bituminous coal, it
can be extracted at an extremely low cost through the system of open surface
workings (which permits the use of continuous bucket dredging and other
labor-saving machinery), inasmuch as the average depth of surfaces before
reaching the coal strata is only 8 to 16 yards, below which the coal strata
extend for a further depth of 32 to 50 yards. Consequently the coal can
be delivered to the company’s adjacent electric plants at an extremely low
cost per unit of heating value.
The output of brown coal from the mines owned has increased from
613,431 metric tons in 1917 to over 1,363,000 metric tons in 1924. Over
two-thirds of the output is used in the company’s power plants and the
balance is either sold to industrial customers in its raw state or is compressed
in briquette form (thereby increasing its heating value nearly three times by
the elimination o f excess moisture) and retailed to local customers in the
surrounding territory.
Through more than 1,600 borings the company’s brown coal reserves have
been reliably established by independent experts at over 3,400,000,000
metric tons, o f which over 3,000,000,000 metric tons can be extracted
through the above described method of open workings.
STOCK A N D BONDS—
Date.
Interest. Outstanding. Maturity.
Common Series “ A ” _________ _____
_______
20,000shs. ---------------Common Series “ B ” _________ _____
_______
20,000shs. ---------------First mtge 20-yr s f 7% guar) 1925
7 g F-A $15,000,000 Feb 1 1945
ext. L nan g coup bds ($15,-(National City Bank of New York, trustee.
000,000 ($1,000 & $500) -c*
_______
$5,856,397 ---------------Other long term debt, p u r c h ( ____
contr & adv for new constr f
Bonds.— The first mtge. 20-year bonds are secured by a direct first mort
gage under German law on substantially all of the real property of the com
pany, now owned or hereafter acquired with the proceeds of the bonds,
including the electric power plants and coal mining rights, subject, as to
certain relatively small portions o f the company’s real estate, to existing
liens aggregating only about $166,667. Inasmuch as all of the stock of the
company is owned by the State of Saxony, the company is not required
under the Industrial Charges Law (Industrie-Belastungs-Gesetz, Aug. 30
1924) to issue either negotiable or non-negotiable debentures under the socalled “ Dawes Plan.” In accordance with another law which effects a
further internal distribution within Germany of the burden of the so-called
“ Dawes debentures,” the company will be required to make certain annual
payments, the amount of which, it was stated, will not exceed $74.000 p. a.
The proceeds of this issue will be used in part for the retirement of the
greater part of the $5,856,397 outstanding long term debt, &c.
The bonds are redeemable as a whole on Feb. 1 1930 or thereafter prior
to Feb. 1 1935 at 105, and on or after Feb. 1 1935 at 100. Principal, interest
and sinking fund payable in New York City in United States gold coin o f
the present standard of weight and fineness, without deduction for any past,
present or future taxes or duties levied by or within the German Reich or the
Free State of Saxony, at National City Bank o f New York, trustee.
Sinking Fund.— Beginning Aug. 1 1935 a sinking fund will operate to
retire semi-annually l-20th of the principal amount of bonds of this issue
outstanding on Feb. 1 1935, either by delivery to the trustee of bonds by
the company, or by redemption thereof by lot at 100.
Listed on the New York Stock Exchange.
EARN ING S.— For 6 months ended Sept. 30 1924, net earnings after all
operating charges, including depreciation and depletion, amounted to
$622,857OFFICERS.— Richard Hille, Hermann Muller, Friedrich Wohrle.
Headquarters, Dresden, Germany.— V . 120, P- 706, 3189, 3316.
AUSTRIA
TYROL HYDRO-ELECTRIC POWER CO. (TIWAG).
ORGANIZATION.— Company generally known as “ Tiwag” was formed
for the purpose of developing the water power of the State of Tyrol. Austria,
and of supplying electric power to Innsbruck and other cities and industries
in Tyrol, and in adjacent Southern Bavaria and Northern Italy, as well as
to the Austrian Federal Railways.
The “ Tiwag” has an exclusive franchise for sixty years to develop all
water power of this State not developed at tne time of its organization.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.—
Upon formation the “ Tiwag” acquired from the City of InnsbrucK the
world-famous “ Achensee” (Lake Aehen); three large pleasure steamers;
three hotels; 41 )4 % of the stock of the Jenbach-Achensee Ry. (connecting
Achensee with the Austrian Federal Railways at Jenbach Station); addi
tional ground for “ Tiwag” buildings, together with numerous privileges,
such as the rights of navigation, fishing, hunting, running the hotels, &c.
For a more complete description, see V. 120, p. 2270. A 20-year contract
with the Austrian Federal Railways calls for 24,000 h. p. energy per annum
to be supplied for the railway lines east and south of the city. The “ Achen
see” power house, which is under construction, will have an installed
capacity of 100,000 h. p. The first unit of 60,000 h. p. is to be completed
by January 1928. The City of Innsbruck has guaranteed a minimum
Oct., 1925.]
POWER, LIGHT AND RAILW AY
purchase o f energy of $420,000. This contract runs for 60 years. Further
more, power is to be supplied to parts o f adjacent Bavaria and Northern
Italy. V. 120, p. 2270.
BONDS—
Date.
Interest. Outstanding. Maturity.
1st M (closed) 30-yr s f gold (1925
7M g M -N $3,000,000 M ay 1 1925
($1,000 and $500)______ c*(N ew York Trust C o., New York City, trust
Bonds— The first mtge. 30-year sinking fund gold bonds are secured by
a first mortgage on the property o f the company witn all future improve
ments thereon. Unconditionally guaranteed, jointly and severally, as to
principal, sinking fund and interest, by endorsement on each bond, by the
State o f Tyrol and the city o f Innsbruck. Redeemable by a cumulative
sinking fund o f 1 % % per annum, commencing May 1 1928, by purchase in
the market or drawings up to M ay 1 1933 at J05; up to M ay 1 1938 at 103;
thereafter at par. N ot callable before M ay 1 1928. Callable as a whole on
60 days’ notice, M ay 1 1928-1931 at 105; M ay 1 1931-1934 at 103; thereafter
at par. Principal and interest payable in U. S. gold at trustee’s office and
F. J. Lisman & C o., in New York, and in Vienna at the Niederoesterreichische Escompte-Gesellschaft, the Allgemeine Oesterreichische BodenkreditAnstalt, and the Oesterreichische Credit-Anstalt fur Handel und Gewerbe.
In M ay 1925 F. J. Lisman & C o., Baker, Kellogg & C o., Inc., Morgan,
Livermore & C o., and A. M . Lamport & C o., Inc., offered $3,000,000 at
96% and interest. V. 120, p. 2270.
___________337
A sinking fund is provided, available semi-annually, sufficient to retire
$300,000 bonds per annum for the first 10 years and $700,000 per annum
thereafter, to buy bonds if available at not exceeding 100 and int.; insofar
not available, to be called by lot at that price. Is calculated to retire the
entire issue by maturity. Principal and int. payable in New York at the
office o f Dillon, Read & Co., fiscal agents, in U. S. gold coin (or, at the option
of the holder, in London in sterling at $4 8665 per £) without deduction for
any Japanese taxes, when held by non-residents of Japan. Central Union
Trust C o., o f N. Y ., countersigning agent (for trustee, see table above).
Listed on N. Y . Stock Exchange. In July 1925 Dillon, Read & Co. sold
$13,500,000 at 86 and int. to yield over 7 M % to maturity.
EARN ING S.— 12 months ended M ay 31:
Net before
Gross Oper. Oper. Exp. Net Oper.
Other
Int. &
Earnings.
Maint. &
Earnings.
Income. ,
Deprec.
Taxes.
$5,241,398
1925______ $.8229,970 $3,760,693 $4,469,277
$772,121
x3,266,697
1924______ 5,260,145
2,675,556
2,584,589
682,108
x N ot including $432,532 profit from sale of real estate.
OFFICERS.— Pres., Momosuke Fukuzawa.
TOKIO ELECTRIC LIGHT CO., LTD.
(Tokio Dento Kabushiki Kaisha.)
ORGANIZATION.— Established in July 1886; is the largest electric
power and light company in Japan and one of the largest in the world.
FIELD OF OPERATIONS AND CH A R A C TE R OF BUSINESS.
Co. operates, retail and wholesale, within an area of approx. 9,375 square
miles, extending across the principal island of the Empire and including
Tokyo, the capital and largest city, Yokohama, and other important
industrial and commercial centres. Total population served 9,000,000.
SAUDA FALLS CO., LTD.
The c o .’s property, by reason of its wide geographical distribution, suffered
damage in the earthquake of Sept. 1923 to the extent, it is stated, of only
(Aktieselskabet Saudefaldene.)
about 10% of its book value. By far the greater part of the damage has
A subsidiary o f Union Carbide & Carbon Corp.
been repaired, the new equipment being in many cases of larger capacity
FIE LD OF OPERATIONS AND CH ARACTER OF BUSINESS.— and more efficient design. Co. owns electric generating stations with an
Organized in 1913 for the purpose of developing and regulating the water aggregate installed capacity of 280,757 k.w ., of which more than 90% is
power resources of Storelven (Great River) in the district of Rogoland, hydro-electric. Co. is increasing its capacity by 102,932 k.w.
'Franchises and Water Rights.-—Are all granted under the authority of
Norway, for which it holds concessions from the Norwegian Government
extending to 1979, when the entire power development, incl. power the Imperial Government, which has general supervisory power over electric
houses, &c., reverts to and becomes the property of the Norwegian Govern companies and reserves the sovereign right to extend or revoke under
ment. Co. owns water power rights of the river course and its tributary certain conditions grants made to such companies.
regulation lakes and drainage area sufficient for the development of approxi
STOCK AND BONDS-—- Date.
Interest. Outstanding. Maturity.
mately 130,000 continuous h.p., of which, in the two existing power plants Common____________________ _____
________ x$ 114,325,000
________
of the co. having an installed capacity of 60,000 h.p., 47,000 h.p. is already 3-yr 6% g notes $24,000,000/ 1925
6 F-A
24,000,000 Aug 1 1928
developed.
($1,000 c )________________ (Guaranty Trust Co. of N .Y ., Trustee.
42,000
h.p. o f the developed power is now purchased under a power agree ..............................(unsecured)
6% sterling bonds
"
6
17,519,400
1948
ment by another subsidiary of the Union Carbide & Carbon Corp., viz., Debentures (issued in Japan)
7,950,000
Electric Furnace Products Co., Ltd., which is engaged principally in the
x In addition, unpaid installments of $14,675,000 on subscribed capital
manufacture o f ferro-manganese. The balance o f the developed power is stock were to be called for payment on or before N ov. 30 1925.
sold wholesale under contracts to the municipallity of Haugesundand several
None of the co.’s debt is secured by mortgage.
neighboring communities. Electric Furnace Products Co., Ltd., has also
Notes.— The 3-year 6% g. notes, dated Aug. 1 1925, are issued under an
contracted to take 42,000 h.p. additional as soon as available.
indenture which provides that so long as any of the notes are outstanding
Co. has ownership o f flowage and other regulation rights, in the drainage the co. shall not pledge or mortgage any of its assets (except by purchasearea on which it has its concessions, on an area of approx. 65,000 acres, and money mortgages), and shall not at any time increase its total outstanding
in addition thereto it owns about 195 acres at and in the vicinity of the sea funded debt to an amount exceeding 2-3 of its paid-in capital stock. Red.
at Sauda, of which about 130 acres are leased to Electric Furnace Products whole or part, upon 45 days' notice at par and int. Prin. & int. payable
C o., Ltd., under the power agreement. V. 121, p. 2040.
at trustee’s office in New York in U. S. gold (or at the option of the holder,
in London in sterling at $4.8665 per £); without deduction for any Japanese
BONDS—
Date.
Interest. Outstanding. Maturity.
1st M s f g Ser “ A ” $10,000,-/ 1925
5 g A-O
$4,000,000 Oct 11955 taxes, present or future, when held by non-residents of Japan. Application
000 ($1,000, $5001___ c* .tf (Central Union Trust Co., N. Y . C., Trustee. was to be made to list these notes on the New York Stock Exchange. In
Aug. 1925 Guaranty Co. of N . Y ., Dillon, Read & C o., Lee, Higginson &
Bonds.— The 1st mtge. 5% sinking fund gold bonds, Ser. “ A ,” are
secured by a first mtge. on all the fixed assets of the Sauda Falls Co., Ltd., Co. and Harris, Forbes & Co. offered $24,000,000 at 98% and int., to
now owned or hereafter acquired, subject to the terms of the power agree yield over 6.40%.
Dividends.-—It was stated that the co. never failed to pay a dlv. in any
ment which is to be pledged under the mortgage, to the existing contracts
for the delivery o f power to communities, to the Governmental concessions of the 39 years of its existence, and for the past 25 years has paid 8% or
more in each year, the divs. in the 12 mos. end. M ay 31 1925 amounting
above mentioned.
A sinking fund is provided, commencing April 1 1926, and semi-annually to 10% % .
EARNING S.— For 12 mos. end. Nov. 30:
thereafter o f % % of the largest amount of Ser. ‘ A ” bonds at any time
Gross
Oper. Exp., Gross Inc.
issued plus a sum equal to the semi-annual interest accrued on all Ser. “ A ”
Oper.
Maint..Tax. Avail, for
bonds theretofore acquired through the sinking fund. Payments are to
Earnings.
& Deprec.
Interest.
be applied to the purchase of Ser. ’ ’A ” bonds if obtainable at not exceeding
$22,940,766 $12,833,049 $11,724,175
the redemption price, otherwise to the redemption at the red. price. By xl925_______________
1924________________________________ 20,660,160 10,945,345 11,072,076
maturity approx. 90% will thus have been retired.
The bonds are guaranteed unconditionally by endorsement as to prin. 1923________________________________ 19,331,044 10,756,951 10,426,877
and int. and sinking fund payments by Union Carbide & Carbon Corp. 1922________________________________ 19,814,779 10,505,353 10,388,272
8,127,987 6,738,956
Prin. and int. payable in U. S. gold at trustee’s office without deduction for 1921________________________________ 14,316,063
5,249,168 4,187,553
any Norwegian taxes present or future. Red. whole at any time, or part 1920________________________________ 9,030,798
6,870,613
3,983.594 3,185.803
on any int. date on 30 days’ notice at 107 % on or before Oct. 1 1945, at 1919_______
2,889,352 2,905,815
105 before Oct. 1 1950 and thereafter at 102%: in each case with int. In 1918________________________________ 5,531,185
x 12 months ended M ay 31 1925Oct. 1925 Blair & Co., Inc., White, Weld & Co. and the Herrick Co. sold
OFFICERS.— Pres., K. K a m b e .-V . 121, p. 709, 1463.
$4,000,000 at 98 and int., to yield over 5% %• V. 121, p . 2040.
EARN INGS.— Union Carbide & Carbon Corp. and subsidiaries earnings
for calendar years:
UJIGAWA ELECTRIC POWER CO., LTD.
1924.
1923.
1922.
(Ujigawa Denki Kabushiki Kaisha.)
Net, after all charges, incl. int., divs.
on pref. stock of subs., depr. & Fed.
ORGANIZATION.— Incorp. in 1906: is one of the larger and older
taxes____________________________ $16,771,312 $16,204,414 $11,716,111 hydro-electric power companies in Japan, and one of the three largest
power retailing companies in the country.
— V. 121, p . 2040.
FIELD OF OPERATIONS AND C H A R ACTER OF BUSINESS —
Territory served, directly or through municipal or other distributors,
is in central Japan, has 188 cities, towns and villages, and includes 3 of
Japan’s most important cities: Osaka, largest manufacturing city, popula
tion over 1,425,000; Kobe, largest port city, 724,000, and Kyoto, former
capital, 680,000. It includes the chief industrial district o f Japan. Total
population served over 7,000,000.
Co. owns 17 electric power plants, hydro-electric and steam, of 157,019
GREAT CONSOLIDATED ELECTRIC POWER CO., LTD h . p . capacity. Including power purchased under contract from affiliated
and other companies, it controls a total of 262,000 h. p. Sales in 1924,
(Daido Denryoku Kabushiki Kaisha.)
over 540,000,000 k.w.h.
STOCK AND BONDS—
Date.
Interest.
Outstanding. Maturity.
FIELD OF OPERATIONS A N D CH ARACTER OF BUSINESS.—
_______ $20,909,995 __________
Co. was organized in 1920 to consolidated the properties o f various prede Common____________________ _____
7 g M-S
14,000,000 Mar 15 1945
cessor corporations engaged primarily in the production and transmission First mortgage 7% sink fund/ 1925
g o ld
bonds
$ 1 4 ,0 0 0 ,0 0 0 /In d u stria l B k . o f J a p a n , L t d ., T o k io , T r u s .
o f electric power. In less than five years its generating capacity has
($1,000, $500) (closed)_ c (Old Col. Tr. C o., Bost., Countersigning Agt.
_
increased from 25,800 k. w. to 255,300 k. w. and it is to-day one of the
_______
6,200,000 __________
two largest producers o f electric power in Japan. Co. is primarily a whole Debentures__________________ _____
saler o f j>ower, selling its output for the most part Under long term contracts
Bonds.— The lsi mtge. 7% sink, fund gold bonds, dated March 15 1925, are
to large industrial consumers, interurban and street railways, and to retail secured by a closed 1st mtge. on all the fixed property owned by the co.,
systems distributing light and power in the cities o f Tekio, Yokohama, inclusing transmission and distribution lines. Proceeds o f the issue were
Osaka, Nagoya, Kyoto, Nara and many other cities and towns. The to be used to retire the existing funded indebtedness. The mtge. provides
territory served has a population o f over 20,000,000. Principal customers: that property after-acquired constituting additions, extensions or improve
Tokio Elec. Lt. Co., Ltd.: Toho Elec. Pow Co., Ltd.; Ujigawa Elec. Pow. ments to the mortgaged property, shall be subjected to this mortgage; and
C o., Ltd., and the municipally owned electric lighting and street railway that other after-acquired properties may be subjected to other mortgages
system serving the City o f Osaka. Co. owns or controls water power con for not to exceed 50% o f cost or reproduction value, whichever is less, after
cessions for 569,161 k. w. Owns 13 generating plants with a total capacity deducting all depreciation, and only when net earnings for 12 out of 15
o f 270,040 k. w. (169,540 k. w. hydro-electric and 100,500 k. w. steam months immediately preceding shall be at least twice interest charges on
generating capacity), 24 sub-stations and 624 miles high-tension trans total funded debt, incl. the additional debt then to he created, and total
mission lines.
property, at cost or reproduction value (whichever is less), after deducting
Franchises and concessions are all granted by the Imperial Japanese Gov all depreciation, shall be at least twice the total mortgage deht then to be
ernment, which has given assurance that in the event of Government outstanding.
purchase the rights o f bondholders will receive due recognition.
A sinking fund is provided payable quarterly in U. S. gold to Lee. Hicginson & Co., fiscal agents, at the annual rate of at least 2% of the total
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
authorized issue in each o f the first five years, at least 4% in each of the i ext
Common, par $25___________ _____
_______ $56,481,500 __________
Mortgage bonds, series A __________
_______
14,500 000
1944 ten years, and at least 5% in each of the last five years prior to maturity;
1st & gen M s f g bonds($l,000f 1925
6K g J-J 13,500,000 July 11950 the first quar. payment was to be made M ay 1 1925. Is to be used to
purchase bonds in the open market up to the call price or to call bor^s,
and $500)_______________c(Industrial Bk. o f Japan, Ltd., Tokio, trus.
if not so obtainable. Bonds so purchased or called will be canceled. The
Debenture bonds____________ _____
_______
8,575,000
1929
sink, fund will be sufficient to retire at least $10,500,000 of these bonds
Debenture bonds____________ _____
_______
5.000.C00
1930
Bonds.— The 1st & gen. mtge. 6% % s. f. g. bonds dated July 1 1925. are (75% of total issue) at or before maturity. Oo. has the right, at its option,
secured by a closed first mortgage lien on properties which comprise an at any time to make additional payments to the sinking fund.
The bonds are call., whole or part, on any interest date, and in whole at
integral part o f the c o .’s system and include generating plants having a total
capacity of 136 1.000 k. w., sub-stations o f 194.400 k. v. a. total capacity, other times, at 100 and int. on 30 days notice. Principal and int. payable
and 396 miles o f high-tension transmission lines. Are further secured by in U. S. gold at Lee, Higginson & C o., fiscal agents, in Boston. New York
closed mortgage lien on additional properties (stated to represent a cost less and Chicago (or at holder’s option in London in sterlihg at $4 8665 to the £),
deprec. o f $37,063,367), subject only to the lien o f the mortgage securing without deduction for any Japanese taxes. It was expected that applica
the c o .’s series A bonds (closed issue). No additional indebtedness may be tion would be made to list these bonds on the New York Stock Exchange.
created if the total indebtedness this secured would exceed 50 % of the cost In March 1925 Lee, Higginson & C o., &c., &c., offered $14,000,000 at 91
less deprec. or appreciated value, whichever is less, o f the total properties and int., to yield over 7.90% .
EARNING S.— For 12 mos. end. Sept. 30:
securing such indebtedness, and provided net earnings after deprec.,
1924.
1923.
1922
1921
available f r interest, for 12 consecutive months o f the preceding 18 months
have equalled at least twice total annual interest requirements on total Gross earrings______________$7,673,607 $6,766,364 $5,884,253 $5,045,386
funded debt to be then outstanding. Call., all or part, on 30 days’ notice Net earnings before interest. 3,176,581 3,079,143 2,497,103 1,898,309
OFFICERS.— Pres., Yasushige Hayashi.
at 100 and interest.
NORWAY
JAPAN
228
PUBLIC UTILITIES
Aims
[V ol. 121.
and Purposes of
BROWN, BOVERI
History of the Parent Company
Brown, Boveri 8s Company, Ltd. of
Baden, Switzerland was founded by
the late C. E. L. Brown, and the late
Walter Boveri, in 1891. Mr. Brown’s
contributions to electrical engineering
coupled with Dr. Boveri’s financial
genius were of such far reaching char
acter that engineers throughout the
world acknowledge their leadership
from the earliest days of the Electrical
industry.
The first long distance transmission
of electrical energy is one of the out
standing accomplishments o f Mr.
Brown’s career, and the present great
net work of electrical transmission
lines had their birth in this achievement.
Niagara Falls
When the promoters of the Niagara
Falls Power Company were contem
plating the erection of the first and
historic plant at Niagara Falls, Mr.
Brown was selected to design this
equipment.
In addition to thelmanufacture of
electrical equipment the firm in 1900
took licenses to build steam turbines
of the Parsons type; since that time
B B C have been responsible for many
improvements in turbine design which
have tended to increase the reliability
and economical operation of this type
of prime mover.
Railway Electrification
As early as 1898 the Company was and its equipment is comparable to
doing electrical railway work and the finest in the world.
supplied the complete equipment for
Besides the works of the parent com
the first standard gauge railway in
pany at Baden and Basle in Switzer
Europe to be operated solely by elec
land, it has associated companies
tricity. This railway operates now, as
whose plants are located at Milan,
originally, on the three phase system.
Italy; Oslo, Norway; Lyons, Havre,
Later the firm supplied both alternat
Le Bourget, in France; Mannheim,
ing and direct current equipment for
Germany; Rotterdam , Holland;
both standard and narrow gauge rail
London, England and it also has rep
ways and is one of the leading factors
resentatives or agencies throughout
in the electrification of European rail
the world.
ways.
Products of Brown, Boveri as well as
The firm is known internationally for those of controlled American Com
the excellence of its engineering design panies will be offered to the American
Oct., 1925.]
POWER, LIGHT AND EAILW AY
IN AMERICA
market through the American Brown,
Boveri Electric Corporation— Ameri
an
can owned and managed organization
having the complete co-operation and
support of the parent Company in Swit
zerland, and its associated companies.
The American Company has available
to it through contractual relations
the development, past and future, the
technical knowledge and manufac
turing skill of Brown, Boveri and its
associated Companies.
Adequate Factories
Adequate manufacturing space for the
inception of this enterprise has been
provided by the purchase of the plant
of the New York Shipbuilding Cor
poration at Camden, N. J. This plant
occupies a tract of 191 acres on the
Delaware River opposite the City
of Philadelphia. The buildings are
arranged and equipped for the build
ing of turbines, electric locomotives
and (with the addition of winding
equipment) generators, transformers,
heavy duty oil switches and similar
large electrical apparatus. Added to
this are the new factories of the
Condit Electrical Mfg. Corporation
at Hyde Park, Boston, Mass., the
products of which require no intro
duction, and the plant of the Scintilla
Magneto Company at Sidney, N. Y.
With these great engineering and
manufacturing facilities at its dis
posal, it is the aim of the American
Brown, Boveri Electric Corporation
to establish a new source of complete
Utility, and Railway and Industrial
electrification equipment in America.
The character of service which is
offered is indicated by the record
of the engineering achievements of
Brown, Boveri throughout the world.
Policies
It is the purpose of the American
Brown, Boveri Electric Corporation
to establish a market for its products
by conforming to American prac
tices, to aid and join electrical associ
ations and societies which engender
co-operation and development; to
bring to America those practices and
devices which have elsewhere demon
strated their economic value and
satisfactory operation.
Operators and engineers are invited
to acquaint themselves with Brown,
Boveri engineers and equipment as
well as the manufacturing facilities.
American Brown, Boveri Electric Corp.
CAM DEN , N E W JERSEY
229^3
230
INDEX TO COMPANIES
A
P age.
A d a m s t o w n & M o h n s v ille E l e c t r i c R y .— S ee
R e a d i n g T r a n s i t C o _______________________________ 95
A d ir o n d a c k E le c . P o w . C o r p .— S ee A d ir o n
d a c k P o w e r & L i g h t C o r p ________________________ 4 8
A d i r o n d a c k P o w e r & L i g h t C o r p __________________ 4 8
A d r i a n S t r e e t R y ______________________________________ 43
A g a m e n tic u s E le c t r ic L ig h t — S ee C u m b e r
l a n d C o u n t y P o w e r & L i g h t C o _____________ 27
A k r o n W a d s w o r t h & W e s t e r n R y .— S e e N o r
t h e m O h i o T r a c t i o n & L i g h t C o ____________ 1 1 4
A k t ie n g e s e lls c h a ft S a e c h s is c h e W e rk e .
See
S a x o n P u b l i c W o r k s , I n c ________________________ 2 2 6
A k tie s e ls k a b e t S a u d e fa ld e n e .
See
Sauda
F a l l s C o . , L t d ________________________________________2 2 7
A l a b a m a P o w e r C o ____________________________________1 72
A l a b a m a T r a c t i o n , L i g h t & P o w e r C o __________1 72
A la b a m a T r a c t io n , L ig h t & P o w e r C o ., L t d .—
S e e S o u t h e a s t e r n P o w e r & L i g h t C o ________ 172
A lb a n y H o m e T e le p h o n e C o .— S ee N e w Y o r k
T e l e p h o n e C o ________________________________________
9
A l b a n y R y . — S e e U n i t e d T r a c t i o n ( A l b a n y ) . . 64
A l b i a L i g h t & R a i l w a y ______________________________ 1 8 6
A l l A m e r i c a C a b l e s , I n c ______________________________12
A l le g h e n y & B e lle v u e — S e e F e d e r a l S t r e e t &
P l e a s a n t V a l l e y ______________________________________ 8 6
A l l e g h e n y B e l l e v u e & P e r r y s v i l l e R y ____________ 87
A lle g h e n y S t r e e t — S e e F e d e r a l S t r e e t & P le a s
a n t V a l l e y ______________________________________________86
A l l e g h e n y T r a c t i o n ____________________________________87
A l l e g h e n y V a l l e y S t . R y . — S e e W e s t P e n n . R y s 89
A l l e n t o w n B r i d g e C o . — S e e L e h . V a l . T r . C o . 91
A lle n t o w n E le c t r ic L ig h t & P o w e r — S ee L e
h i g h V a l l e y T r a n s i t _________________________________91
A lle n t o w n & K u t z t o w n .— S e e A lle n t o w n &
R e a d i n g _________________________________________________ 99
A l l e n t o w n & R e a d i n g T r a c t i o n C o _______________ 99
A lle n t o w n & S la t in g t o n .— S e e L e h ig h V a lle y
T r a n s i t __________________________________________________ 91
A l li a n c e E l e c t r i c R y .— S e e S t a r k E le c t r i c R R .1 1 2
A llia n c e G a s & P o w e r C o .— S e e O h io P u b lic
S e r v i c e C o ______________________________________________45
A lt o n G r a n it e & S t. L o u is T r a c t io n C o .— S ee
E a s t S t . L o u i s & S u b u r b a n C o _______________ 145
A lt o n R a ilw a y , G a s & E le c t r ic L ig h t .— S ee
E a s t S t . L o u i s & S u b u r b a n C o _______________ 145
A lt o n R a ilw a y & I llu m in a t in g C o .— S e e E a s t
S t . L o u i s & S u b u r b a n C o _______________________ 145
A l t o o n a & L o g a n V a l l e y E l e c t r i c R y ____________ 82
A m e r ic a n C it ie s C o .— S e e N a t. P o w . & L ig h t .1 6 1
A m e r i c a n E l e c t r i c P o w e r C o _______________________ 81
A m a d o r E le c t r ic L ig h t & P o w e r .— S e e P a c ifi c
G a s & E l e c t r i c C o _________________________________2 0 0
A m e r i c a n & F o r e i g n P o w e r C o . , I n c ___________ 2 2 5
A m e r i c a n G a s C o _______________________________________ 2 4
A m e r i c a n G a s & E l e c t r i c C o _______________________ 113
A m e r i c a n L i g h t & T r a c t i o n C o ____________________15
A m e r i c a n P o w e r & L i g h t C o _____________________ 1 77
A m e r i c a n P u b l i c S e r v i c e C o ________________________ 177
A m e r i c a n P u b l i c U t i l i t i e s __________________________ 129
A m e r i c a n S u p e r . - P o w e r C o r p ________________________ 41
A m e r i c a n T e l e p h o n e & T e l e g r a p h C o _______
7
A m e r i c a n T e l e g r a p h & C a b l e C o __________________ 12
A m e r i c a n W a t e r - W o r k s & E l e c t r i c C o __________ 88
A m e s b u r y & H a m p t o n .— S e e M a s s a c h u s e t t s
N o r t h e a s t e r n S t r e e t R y ___________________________ 29
A n a c o s t ia & P o t o m a c R iv e r R R .— S e e W a s h
i n g t o n R a i l w a y & E l e c t r i c _______________________1 08
A n d e r s o n W a te r , L ig h t & P o w e r C o .— S ee
S o u t h e r n P u b l i c U t i l i t i e s C o __________________ 1 64
A n d r o s c o g g i n E l e c t r i c C o ___________________________ 28
A n d r o s c o g g i n & K e n n e b e c R y ____________________2 8
A n n a p o lis P u b lic U tilit ie s C o .— S e e W a s h
i n g t o n B a l t i m o r e & A n n a p o l i s _______________ 1 08
A n n a p o lis S h o r t L in e .— S e e W a s h in g t o n B a l
t i m o r e & A n n a p o l i s E l e c t r i c R R ______________ 108
A p p a l a c h i a n P o w e r C o _______________________
A r d m o r e ( P a . ) S t r e e t R y ______________________________ 87
A r k a n s a s C e n t r a l P o w e r C o _______________________176
A r k a n s a s L i g h t & P o w e r C o _______________________176
A r k a n s a s V a l l e y I n t e r u r b a n R y ___________________1 90
A r k a n s a s V a lle y R a ilw a y , L ig h t & P o w e r C o .
— S e e S o u t h e r n C o l o r a d o P o w e r C o __________1 93
A s b u r y P a r k & S ea G ir t R R .— S e e E a s te r n
N e w J e r s e y P o w e r C o ____________________________ 78
A s h a w a y & W e s t e r ly R a ilw a y C o .— S e e S h o r e
L i n e E l e c t r i c R y __________________
39
A s h e v ille E le c t r ic C o .— S e e A s h e v ille P o w e r
& L i g h t C o ___________________________________________ 163
A s h e v i l l e P o w e r & L i g h t C o _______________________163
A s h la n d G a s & E le c t r ic C o .— S ee O h io P u b lic
S e r v i c e C o ______________________________________________ 45
A s s o c i a t e d G a s & E l e c t r i c C o . ( a l s o m a p ) _____52
A t c h i s o n R a i l w a y , L i g h t & P o w e r ______________ 1 38
A t h e n s E le c t r ic R y .— S e e A t h e n s R a ilw a y &
E l e c t r i c C o ____________________________________________ 43
A t h e n s R a i l w a y & E l e c t r i c C o _____________________ 43
A t la n t a C o n s o l. S tr e e t R R .— S e e G e o r g ia
R a i l w a y & E l e c t r i c _________________________________ 1 66
A t la n t a G a s L ig h t C o .— S e e G e o r g ia R a ilw a y
& E l e c t r i c ____________________________________________ 1 66
A t l a n t a N o r t h e r n R y .— S e e G e o r g ia R a ilw a y
& E l e c t r i c C o ________________________________________ 166
Page.
A t la n t a S tr e e t R R .— S ee G e o r g ia R a ilw a y &
E l e c t r i c C o ___________________________________________ 1 6 6
A t la n t a W a te r & E le c t r ic P o w e r C o .— S ee
G e o r g i a R a i l w a y & P o w e r C o __________________ 1 6 6
A t la n t ic A v e n u e R R .— S ee B r o o k ly n M a n h a t
t a n T r a n s i t C o r p o r a t i o n _________________________ 62
A t la n t ic C it y & O c e a n C it y C o ,— S ee A t la n t ic
C i t y & S h o r e C o ____________________________________79
A t la n t ic C it y & O c e a n C it y R R .— S e e A t la n
t i c C i t y & S h o r e C o _________________________________7 9
A t l a n t i c C i t y & S h o r e C o ___________________________ 7 9
A t la n t ic C it y & S h o r e R R .— S ee A t la n t ic C it y
& S h o r e C o ____________________________________________ 7 9
A t l a n t i c C o a s t E le c t r ic R y .— S e e E a s te r n N e w
J e r s e y P o w e r C o _____________________________________ 7 8
A t la n t ic C o a s t E le c t r ic L ig h t C o .— S ee E a s t
e r n N e w J e r s e y P o w e r C o ________________________ 7 8
A t l a n t i c S h o r e L in e R y .— S e e Y o r k U t il. C o . _ 29
A t l a n t i c S h o r e R y . — S e e Y o r k U t i l i t i e s C o ___ 2 9
A t la n t ic & S u b u r b a n R y .— S ee A t la n t ic C it y
& S h o r e C o ____________________________________________ 79
A u b u r n G a s C o . — ’S e e E m p i r e G a s & E l e c . C o
58
A u b u r n & N o r t h e r n E le c t r ic R R .— S ee E m
p i r e S t a t e R a i l r o a d C o r p o r a t i o n _______________ 7 1
A u b u r n & S y r a c u s e E l e c t r i c R R __________________ 71
A u g u s t a & A ik e n R y .— S ee A u g u s t a -A ik e n
R a i l w a y & E l e c t r i c ________________________
168
A u g u s t a - A i k e n R a i l w a y & E l e c t r i c C o r p _____1 6 8
A u g u s t a ( M e .) H a l l o w e l l & G a r d i n e r R R . —
S e e A n d r o s c o g g i n & K e n n e b e c R y ____________ 2 8
A u g u s t a ( G a .) R a ilw a y & E l e c t r i c C o .— S e e
A u g u s t a - A i k e n R a il w a y & E l e c t r i c C o r p . _ 168
A u g u sta
W in th ro p
&
G a r d in e r
R y .— S ee
A n d r o s c o g g i n & K e n n e b e c R y __________________ 2 8
A u r o r a E lg in & C h ic a g o .— S ee C h ic a g o A u
r o r a & E l g i n _________________________________________ 1 3 8
A u r o r a E l g i n & F o x R i v e r E l e c t r i c C o ___________ 1 4 0
A u s t i n ( T e x a s ) S t r e e t R y ___________________________ 1 7 9
B
B a d e n & S t . L . R R . — S e e U n i t e d R y s . C o ______ 1 93
B a k e r s fie ld & K e r n E le c . R y .— S e e S a n J o a
q u i n L i g h t & P o w e r C o r p _______________________ 2 0 7
B a lt im o r e
&
A n n a p o lis
S h ort
L i n e — -S e e
W a s h . B a l t . & A n n a p o l i s E l e c t r i c R R ________1 0 8
B a lt i m o r e C a t o n s v il le & E l l i c o t t ’ s M ills P a s s .
R R . — S e e U n i t e d R y s . & E l e c t r i c C o _________ 1 0 7
B a l t i m o r e E l e c t r i c C o . — -S e e C o n s . G a s E l e c .
L i g h t & P o w e r C o _________________________________ 1 0 5
B a lt im o r e H a le t h o r p e & E lk r id g e R y .— S e e
M a r y l a n d E l e c t r i c R y s ____________________________ 1 0 7
B a lt im o r e
&
N orth ern
E le c tr ic
R y .— S e e
U n i t e d R y s . & E l e c . C o ___________________________ 1 0 7
B a lt . S p a r r o w s P o in t & C h e s a p e a k e R y .— S ee
M a r y l a n d E l e c . R y s . C o ___________________________ 1 0 7
B a lt im o r e T e r m . C o .— S e e W a s h . B a lt . & A n _ 1 0 8
B a lt i m o r e T r a c t i o n — S e e U n it e d R y s . & E l e c . 107
B a lt im o r e & W a s h in g t o n T r a n s it — S e e W a s h
i n g t o n & M a r y l a n d R y ________
107
B a m b e r g e r E l e c t r i c R R ______________________________2 1 6
B a n g o r H y d r o - E l e c t r i c C o ___________________________2 8
B a n g o r P o w e r C o .— S ee B a n g o r H y d r o -E le c
t r i c C o _________________________________________________ 2 8
B a n g o r R a ilw a y & E le c t r ic C o .— S e e B a n g o r
H y d r o - E l e c t r i c C o ___________________________________ 2 8
B a r H a r b o r E le c t r ic L ig h t C o .— S e e B a n g o r
H y d r o - E l e c t r i c C o _______________________________
28
B a r H a r b o r & U n io n R iv e r P o w e r C o .— S ee
B a n g o r H y d r o - E l e c t r i c C o ________________________ 2 8
B a r r e & M o n t p e lie r T r a c . & P o w .— S e e M o n t
p e l i e r & B a r r e L i g h t & P o w e r ____________________2 5
B a r t l e s v i l l e G a s & E l e c t r i c ___________________________ 4 4
B a t h S t . R y . — S e e A n d r o s c o g . & K e n n e b . R y . 28
B a t o n R o u g e E l e c t r i c C o ___________________________ 1 7 4
B a t t le C r e e k P o w e r C o .— S e e P a c ific G a s &
157 l e c . C o ________________________________________
E
200
B a y C it y G a s C o .— S e e C o n s u m e r s P o w e r C o_1 4 8
B a y C o u n t ie s P o w e r C o .— S ee P a c ific G a s &
E l e c t r i c C o ___________________________________________2 0 0
B a y S t a te S t r e e t R y .— S e e E a s te r n M a s s a c h u
s e t t s S t r e e t R y . C o __________________________________ 3 2
B e a u m o n t G a s L ig h t C o .— S ee S o u t h w e s t e r n
G a s & E l e c t r i c C o __________________________________ 1 7 4
B e a u m o n t T r a c . C o .— S e e E a s t T e x a s E le c ._ _ 1 7 9
B e a v e r C o . L i g h t C o . — S e e D u q u e s n e L t . C o . 85
B e a v e r V a l l e y T r a c t i o n _______________________________ 8 8
B e d fo r d L t ., H t . & P o w e r .— S e e I n t e r s t a t e
P u b l i c S e r v i c e C o __________________________________ 1 2 9
B e l l T e l e p h o n e C o . o f C a n a d a ______________________ 11
B e l l T e l e p h o n e C o . o f P a ____________________________
7
B e l t L i n e R y . C o r p _____________________________________ 6 2
B e lla ir e S o u t h W e s t . T r a c . C o .— S e e W h e e l
i n g T r a c t i o n ___________________________________________9 0
B e n A v o n & E m s w o r t h S t r e e t R y __________________ 8 7
B e n n in g t o n E le c . C o .— S e e T w in S ta te G a s
& E l e c t r i c ____________________________________________ 1 32
B e n n in g t o n W a te r P o w . C o .— S e e T w in S ta te
G a s & E l e c . C o ______________________________________ 1 32
B e n t o n H a r b o r - S t . J o e R y . & L i g h t i n g ________ 1 5 5
B e r e a P ip e L in e C o .— S e e O h io P u b l ic S e r v .C o 45
B e r g e n T u r n p i k e C o ___________________________________ 7 7
B e r k s h i r e P o w e r C o . — -S e e C o n n . P o w e r C o ___ 3 8
[V ol. 121
P age.
B e r k s h i r e S t r e e t R y __________________________________ 3 3
B e t h . & N a z a r e t h — S e e L e h . V a l . T r a n s i t ___ 9 1
B e v e rly & D a n v e r s — S ee E a ste rn M a ss, S t r e e t
R a i l w a y C o _____________________________________________ 3 2
B i d d e f o r d & S a c o R a i l r o a d _________________________ 2 8
B ig C r e e k L t . & P o w .— S e e C o a s t C o u n t i e s
G a s & E l e c t r i c C o __________________________________ 2 0 8
B ilo x i E l. R y . & P o w e r C o .— S e e G u l f p o r t &
M i s s . C o a s t T r a c . C o ______________________________1 7 3
B i n g h a m t o n L e s t . & U n i o n — S e e B i n g . R y ----- 6 7
B in g h a m t o n L t ., H t . & P o w e r C o .— S e e G e n
e r a l G a s & E l e c . C o r p _______________________________ 4 6
B i n g h a m t o n R a i l w a y C o ______________________________6 7
B i r d s b o r o S t . R y . — S e e R e a d i n g T r . C o ___________ 9 5
B i r m i n g h a m E l e c t r i c C o ____________________________ 1 7 3
B ir m in g h a m
E n s le y & B e s s e m e r R y .— S e e
B i r m i n g h a m E l e c t r i c C o _________________________ 1 7 3
B ir m in g h a m K n o x v ille & A lle n t o w n T r a c
t i o n — S e e P i t t s b . & B i r m i n g h a m T r a c ________ 8 7
B irm in g h a m
R a ilw a y & E le c t r ic — S e e B ir
m i n g h a m E l e c t r i c C o ______________________________1 7 3
B ir m in g h a m R y ., L t . & P o w e r — S e e B ir m
i n g h a m E l e c t r i c C o ___ ____________________________ 1 7 3
B ir m in g h a m -T id e w a t e r R y . C o .— S e e B irm .
E l e c t r i c C o ___________________________________________ 1 7 3
B i r m i n g h a m W a t e r W o r k s C o ______________________ 1 6
B l a c k s t o n e V a l l e y G a s & E l e c t r i c C o -------------------3 6
B le e c k e r S t. & F u lt o n F e r r y R R .— S ee N e w
Y o r k R a i l w a y s ________________________________________ 61
B l o o m fie l d S t r e e t — S e e P it t s b . T r a c . S y s t e m . 88
B lo o m in g t o n D e c a t u r & C h a m p a ig n R R .—
S e e I l l i n o i s T r a c t i o n , I n c ________________________ 1 3 7
B l o o m in g t o n & N o r m a l R y ., E l. & H e a t in g
C o . — S e e 111. P o w e r & L t . C o r p _________________ 1 3 6
B lo o m in g t o n & N o r m a l R y . & L t . C o .— S ee
111. P o w e r & L t . C o r p ______________________________ 1 3 6
B l o o m i n g t o n P o n t i a c & J o l i e t E l e c . R y ________ 1 4 5
B l u e G r a s s T r a c . C o . — S e e K y . T r a c . & T e r m . 159
B lu e L a k e s W a te r C o .— S ee P a c ific G a s &
E l e c t r i c C o ___________________________________________2 0 0
B lu e R i d g e E le c . C o .— S e e G e o r g ia R y . & P o w . 166
B o is e & I n t e r u r b a n R y .— S e e B o is e V a lle y
T r a c t i o n C o _________________________________________ 2 1 5
B o i s e V a l l e y T r a c t i o n C o ___________________________ 2 1 5
B o r d e n t o w n E l e c t r i c C o ______________________________ 7 5
B o s t o n & C h e l s e a R R _______________________
33
B o s t o n E l e v a t e d R y ____________________________________32
B o s t o n M il. & B r o c k .— S e e E a s t e r n M a s s a c h u
s e t t s S t r e e t R a i l w a y C o ____________________________ 32
B o s to n & N o r t h e r n S t. R y .— S e e E a s te r n
M a s s . S t r e e t R a i l w a y C o ___________________________ 32
B o s t o n & R e v e r e E l e c t r i c S t . R y __________________ 33
B o s t o n S u b u r b a n E le c t r ic C o s .— S e e S u b u r
b a n E l e c t r i c S e c u r i t i e s C o ________________________ 35
B o s t o n & W o r c e s t e r E l e c t r i c C o m p a n i e s ________ 35
B o s t o n & W o r c e s t e r S t r e e t R y _____________________ 35
B o y e r s t o w n & P o t t s t o w n S t . R y .— S e e R e a d
i n g T r a n s i t C o ________________________________________ 95
B r a d fo r d E le c . C o .— S e e N ia g a r a L o c k p o r t &
O n t a r i o P o w e r C o ____________________________________ 50
B r a in tr e e & W e y m o u t h S t. R y .— S e e E a s te r n
M a s s . S t r e e t R y . C o _________________________________ 32
B r a in tre e S t. R y .— S ee E a ste rn M a ss. S t r e e t
R y . C o __________________________________________________ 32
B r a n f o r d W a t e r C o .— S e e N e w H a v , W a t . C o . 21
B r a n t f o r d & H a m ilt o n R y .— S e e D o m . P o w e r
& T r a n s m i s s i o n C o _________________________________ 2 1 9
B r a t t le b o r o G a s L ig h t C o .— S ee T w in S t a te
G a s & E l e c t r i c C o __________________________________ 1 2 2
B r a z i l i a n T r a c t i o n , L i g h t & P o w e r ______________ 2 2 5
B r id g e O p e r a t i n g C o . — S e e B k l y n . M . T . C o . . 62
B r i d g e p o r t H y d r a u l i c C o _________________
16
B r id g e p o r t ( C o n n .) T r a c .— S e e C o n n . R y . &
L i g h t C o ______________________________________________
39
B r i d g e t o n E l e c . — S e e A m . E l e c . P o w . C o ________ 8 1
B r id g e t o n & M ilv . T r .— S e e A m . E le c . P o w . C o . 81
B r id g e w a te r W h itm a n & R o c k la n d S t. R y .—
S e e E a s t e r n M a s s a c h u s e t t s S t r e e t R y . C o . . 32
B r i s t o l & P l a i n v i l l e E l e c t r i c _____________________
37
B r is t o l & P la in v ille T r a m w a y (C o n n .)— S e e
B r i s t o l & P l a i n v i l l e E l e c t r i c _______________________3 7
B r o a d R i p p l e T r a c t i o n ______________________________ 1 2 3
B r o a d R ip p le N a ta to r iu m — S ee U n io n T ra c*
t i o n C o . o f I n d i a n a _________________________________ 1 2 3
B ’ w a y & 7 t h A v e . R R . — S e e N . Y . R y s ____________ 6 1
B r o a d w a y S u r f a c e R R . — S e e N . Y . R y s ___________ 6 1
B r o c k t o n B r id g e w a t e r & T a u n t o n S t. R y .—
S e e E a s t e r n M a s s a c h u s e t t s S t r e e t R y . C o _ _ 32
B r o c k t o n & E a s t B r id g e w a te r S t. R y .— S ee
E a s t e r n M a s s a c h u s e t t s S t r e e t R y . C o . ________ 3 2
B rock ton
&
P ly m o u th
S tre e t
R y .— S ee
P l y m o u t h & B r o c k t o n S t r e e t R y ___________
36
B r o c k t o n S tr e e t R y .— S ee E a s te r n M a s s a c h u
s e t t s S t r e e t R y . C o __________________________________ 3 2
B r o n x T r a c t i o n C o _____________________________________ 6 2
B r o o k l y n B a t h & W e s t E n d R R . — S e e B . M . T . 62
B r o o k l y n B o r o u g h G a s C o _________________________ 1 6
B r o o k ly n & B r ig h t . B e a c h — S e e B k ly n . M . T . 62
B r o o k l y n C a b l e C o . — S e e N a s s a u E l e c t r i c _______6 4
B r o o k ly n C it y & N e w t o w n R R .— S e e B . M . T . 62
B r o o k l y n C i t y R R ______________________________________ 6©
B r o o k ly n C r o s s to w n R R .— S ee B k ly n . M . T . - 62
B r o o k l y n E d i s o n C o . , I n c _________
52
B r o o k ly n H e ig h t s R R .— S ee B r o o k ly n M . T . . 62
Oct., 1925.]
INDEX TO COMPANIES
P age.
r o o k l y n - M a n h a t t a n T r a n s i t C o r p o r a t i o n . . 62
r o o k ly n & N o . R iv e r R R . — S e e T h i r d A v e . R y . 61
r o o k l y n Q u e e n s C o u n t y & S u b u r b a n R R . . . 64
r o o k ly n R a p id T r a n s it — S e e B r o o k ly n M a n
h a t t a n T r a n s i t C o r p o r a t i o n _____________________ 62
B r o o k l y n U n i o n E l e v . — S e e N . Y . R a p . T r a n . . 63
B r o o k l y n U n i o n G a s C o ______________________________16
B r o w n s v ille A v e n u e S t r e e t R y .— S e e P it t s . &
B i r m . T r a c t i o n C o ___________________________________ 8 7
B r u n s w i c k T r a c . — S e e P u b l i c S e r v i c e R y . _______7 6
B r u n s w ic k & Y a r m o u t h R y .— S e e A n d r o s c o g
g i n & K e n n e b e c R y ________________________________ 2 8
B u ck s C o u n t y I n te r u r b a n R y .— S ee P e n n
s y l v a n i a - N e w J e r s e y R y ___________________________ 1 02
B u ffa lo B e lle v u e & L a n c a s t e r R y .— S ee I n t e r
n a t i o n a l R y ____________________________________________ 65
B u ffa lo & D e p e w R y .— S ee D e p e w & L a n
c a s t e r R y . C o r p ______________________________________ 68
B u ffa lo D u n k ir k & W e s t e r n R R .— S e e B u f fa lo
& E r i e R y _______________________________________________ 67
B u f f a l o & E r i e R y ______________________________________ 6 7
B u ffa lo G a r d e n v ille & E b e n e z e r R y .— S ee
E r i e C o u n t y T r a c t i o n C o r p ______________________ 6 8
B u f f a l o G e n e r a l E l e c t r i c C o ________________________ 50
B u f f a l o H a m . & A u r . R y . — S e e E r ie C o u n t y
T r a c t i o n C o r p ________________________________________ 68
B u f f a l o & L a k e E r ie T r a c t i o n C o .— S e e B u f
f a l o & E r i e R y ________________________________________ 6 7
B u f f a l o & L o c k p o r t S t . R y . — S e e I n t e r . R y . . 65
B u f f a l o N i a g a r a & E a s t e r n P o w . C o r p ___________4 9
B u f fa lo & N ia g a r a F a lls E le c t r ic R y .— S ee
I n t e r n a t i o n a l R a i l w a y ____________________________ 65
B u f f a l o R y . — S e e I n t e r n a t i o n a l R a i l w a y ________ 65
B u ffa lo
R ockport
&
R och ester
R y .— S ee
R o c h e s t e r L o c k p o r t & B u f f a l o R y ______________ 7 0
B u f f a l o S o u t h . R y . — S e e E r ie C o . T r a c . C o r p . 68
B u f fa lo T o n a w a n d a & N ia g a r a F a lls E le c t r ic
R R . — S e e I n t e r n a t i o n a l R a i l w a y ______________ 65
B u f f a l o T r a c t i o n — S e e I n t e r n a t i o n a l R y ________ 65
B u f f a l o & W i l l i a m s v i l l e E l e c t r i c R y ______________ 67
B u r l i n g t o n C o u n t y R y . — S e e B u r l. C o . T r a n . 79
B u r l i n g t o n C o u n t y T r a n s i t C o _____________________ 7 9
B u r lin g t o n G a s L ig h t C o .— S ee S o u t h J e r s e y
G a s , E l e c t r i c & T r a c t i o n C o _____________________ 7 6
B u r l i n g t o n ( V t . ) T r a c t i o n ___________________________ 3 0
B u t l e r R a i l w a y s C o ___________________________________ 9 9
B u t t e E le c t r ic & P o w e r C o .— S ee M o n ta n a
P o w e r C o ______________________________________________2 1 4
B u t t e E l e c t r i c R y _____________________________________ 2 1 5
B
B
B
B
c
C a d illa c G a s L ig h t C o .— S ee U n it e d L ig h t &
P o w e r C o ______________________________________________ 1 52
C a d illa c W a te r & L ig h t C o .— S e e C o n s u m e r s
P o w e r C o ____________________________________________!_ 1 4 8
C a i r o C i t y G a s C o . — S e e C a i r o R y . & L t . C o . . 137
C a i r o E l e c . & T r a c . — S e e C a i r o R y . & L t . C o . .1 3 7
C a i r o R a i l w a y & L i g h t C o _________________________1 3 7
C a ir o & S t. L . R y .— S e e C a ir o R y . & L t . C o . . 137
C a l a i s ( M e .) S t r e e t R a i l w a y _________________________ 2 9
C a lifo r n ia C e n t r a l G a s & E le c . C o .— S e e P a
c i f i c G a s & E l e c . C o _______________________________ 2 0 0
C a lifo r n ia
E le c tr ic
G e n e r a t in g
C o .— S ee
G r e a t W e s t e r n P o w . C o . o f C a l i f ______________2 0 6
C a lifo r n ia G a s & E le c . C o r p .— S ee P a c ific
G a s & E l e c . C o _____________________________________ 2 0 0
C a l i f o r n i a O r e g o n P o w e r C o ______________________ 2 0 4
C a l i f o r n i a P a c i f i c R y . — S e e P a c . E l e c . R y ___ 2 0 9
C a lifo r n ia R y .— S ee K e y S y s te m T r a n s it C o . 210
C a l i f o r n i a R y . & P o w e r ______________________________2 0 8
C a l i f o r n i a S t r e e t C a b l e ______________________________2 1 1
C a lifo r n ia T e le p h o n e & L t . C o .— S e e P a c ific
G a s & E l e c . C o ______________________________________ 2 0 0
C a lu m e t E le c . S t . R y . — S e e C a l. & S o . C h i c . .1 4 2
C a l u m e t G a s & E l e c . — 'S e e M i d l a n d U t i l i t i e s . . 1 3 2
C a l u m e t & S o u t h C h i c a g o R y _____________________ 1 42
C a m d e n G l o u c e s t e r & W o o d b u r y R y ____________ 77
C a m d e n H o r s e R R . — S e e C a m d e n & S u b u r b a n 77
C a m d e n I n t e r - S t a t e R y . — S e e O h i o V a l . E l . R y . 82
C a m d e n & S u b u r b a n R y ____________________________ 7 7
C a n a d i a n L i g h t & P o w e r ___________________________ 2 2 1
C an al & C la ib o r n e R R .— S ee N . O . P u b lic
S e r v i c e , I n c ___________________________________________ 1 7 3
C a n a n d a ig u a E l. L t . & R R .— S e e R o c h e s t e r
G a s & E l e c t r i c C o r p ________________________________ 4 9
C a n a r s i e R R . C o . — S e e N . Y . R a p . T r a n . C o r p . 63
C a n t o n - A k r o n C o n s . R y ______ : ____________________1 1 5
C a n t o n -A k r o n R y .— S e e C a n .-A k r . C o n s . R y _ 1 1 5
C a n t o n -M a s s illo n E le c t r ic R y .— S ee C a n t o n A k r o n C o n s . R y _____________________________________ 1 15
C a n to n -N e w P h ila d e lp h ia R y .— S ee C a n t o n A k r o n C o n s . R y _____________________________________ 1 1 5
C a p e B r e t o n E l e c t r i c C o ____________________________ 2 2 4
C a p i t a l T r a c t i o n _______________________________________1 09
C a r b o n T r a n s i t C o . — -S e e M a u c h C h u n k &
L e h i g h t o n T r a n s i t C o ____________________________ 1 02
C a r b o n d a l e R y . — S e e S c r a n t o n R y _______________ 82
C a r o l i n a P o w e r & L i g h t C o ______ _________________ 162
C a s c a d e E l. L t . & P o w e r C o .— S e e T w i n S t a te
G a s & E l e c t r i c C o __________________________________ 1 32
C a s c a d e L ig h t & P o w e r C o .— S ee T w in S ta te
G a s & E l e c t r i c C o __________________________________ 1 3 2
C a ss A v e . & F a ir G r . R y .— S ee U n it e d R y s . C o l9 3
C a ta r a c t P o w e r & C o n d u it C o .— S ee B u ffa lo
G e n e r a l E l e c t r i c C o _______________________________ 5 0
C a t h e r i n e & B a i n b r i d g e S t r e e t s R y _______________ 9 7
C a y u g a L a k e E l. R y . — S e e I t h a c a T r a c t i o n . . 68
C e d a r R a p id s & I o w a C it y R y . & L ig h t C o .—
S e e I o w a R y . & L i g h t C o _________________________ 1 8 7
C e d a r R a p id s M fg . & P o w r .— S e e M o n tr e a l
L t . , H t . & P o w . C o _________________________________2 2 0
Page.
C e d a r R a p i d s & M a r i o n C i t y R y __________________1 5 4
C e n tr a l A r k a n s a s R y . & L ig h t C o r p .— S ee
F e d e r a l L i g h t & T r a c t i o n C o ____________________1 7 5
C e n tr a l C a lifo r n ia E le c t r ic .— S ee P a c ific G a s
& E l e c . C o . ______ ___________________________
200
C e n t r a l C a l i f o r n i a T r a c t i o n C o __________________ 2 1 1
C e n t r a l C r o s s t o w n R R . — S e e N e w Y o r k R y s . 61
C e n t r a l D is t r ic t T e le C o .— S e e T h e B e ll T e l
e p h o n e C o . o f P a ___________________________________
7
C e n t r a l E le c t r ic C o .— S e e S o m e r s e t U n io n &
M i d d l e s e x L i g h t i n g C o ______________________________ 7 5
C e n t r a l G e o r g ia P o w e r C o .— S ee G e o r g ia
L i g h t , P o w e r & R a i l w a y s ________________________ 1 6 8
C e n t . I ll in o i s P r . C o .— S e e C e n t . III. P . S . C o . 130
C e n t r a l I l l i n o i s P u b l i c S e r v i c e C o _______________ 1 3 0
C e n t r a l I n d i a n a G a s C o ______________________________2 0
C e n tr a l I n d ia n a L t g .— S ee I n t e r -S t a t e P u b lic
S e r v i c e C o ____________________________________________ 1 2 9
C e n t r a l I n d i a n a P o w . C o ___________________________ 1 21
C e n t r a l I o w a P o w e r & L i g h t C o _________________ 1 8 6
C e n tr a l K e n t u c k y T r a c . C o .— S e e K e n t u c k y
T r a c t i o n & T e r m i n a l C o __________________________1 59
C e n t r a l M a r k e t S t . R y . — S e e C o l . R y . , P . & L t . l 13
C e n t r a l M is s is s ip p i V a lle y E l e c t r i c P r o p e r t ie s 187
C e n t r a l N e w Y o r k G a s & E l e c .— S e e E m p ir e
G a s & E l e c . C o ______________________________________ 5 8
C e n t r a l N e w Y o r k S o u t h e r n R R . C o r p .— S ee
I t h a c a T r a c t i o n C o r p o r a t i o n ____________________6 8
C e n t r a l O a k la n d L ig h t & P o w e r C o .— S ee
G r e a t W e s t e r n P o w e r C o . o f C a l i f o r n i a _____2 0 6
C e n t r a l O h i o G a s C o . — S e e O h i o P u b . S . C o . 45
C e n tr a l P a r k N o r th & E a st R iv e r R R .— S ee
B e l t L i n e R y . C o r p __________________________________ 62
C e n t r a l P a s s e n g e r R y . — S e e C e n t r a l T r a c t i o n 87
C e n t r a l P e n n . T r a c . C o .— S e e H a r r is b u r g R y s lO l
C e n t r a l P o w e r & L t . C o . _____________________________1 7 7
C e n tr a l R y .— S ee U n it e d R a ilw a y s & E le c t r ic l0 7
C e n t r a l R a i l w a y — S e e 111. P o w e r & L t . C o r p . . 1 3 6
C e n t r a l & S o u t h w e s t U t i l i t i e s C o _______________ 1 2 9
C e n t r a l T r a c t i o n ________________________________________ 8 7
C e n tr a l U n io n G a s C o .— S ee C o n s . G a s C o .
o f N . Y ______ _________________
14
C e n t r a l i a G a s & E l e c . C o . — S e e 111. P o w . & L t .
C o r p ____________________________________________________ 1 3 6
C h a m b e r s b u r g & G e t t y s b u r g E l e c t r i c R y ______ 9 9
C h a m b e r s b u r g G r e e n c a s tle & W a y n e s b o r o S t.
R y . — S e e P o t o m a c E d i s o n C o ____________________1 0 7
C h a r l e r o i & W e s t S i d e R y . — -S e e P i t t s . &
C h a r i . S t . R y _________________________________________ 8 7
C h a r le s to n C it y R y .— S ee C h a r le s t o n C o n s o l
i d a t e d R a i l w a y & L i g h t i n g ______________________ 1 6 4
C h a r le s t o n C o n s o lid a t e d R y ., G a s & E le c .—
S e e C h a r l e s t o n C o n s o l . R y . & L t g . C o ______ 1 6 4
C h a r l e s t o n C o n s o l . R y . & L i g h t i n g C o ________ 1 6 4
C h a r le s t o n D u n b a r T r a c . C o .— S ee C h a r le s
t o n I n t e r . R R ________________________________________ 1 5 8
C h a r l e s t o n - I s l e o f P a l m s T r a c t i o n ______________ 1 6 5
C h a r l e s t o n I n t e r u r b a n R R ________________________ 1 5 8
C h a r l o t t e E l e c . R y . — S e e S o u t h e r n P u b . U t i l . 164
C h a r lo t t e E le c t r ic R y ., L ig h t & P o w e r C o .—
S e e S o u t h e r n P u b l i c U t i l i t i e s C o ______________ 1 6 4
C h a r l o t t e s v i l l e & A l b e m a r l e R y __________________ 1 5 7
C h a t t a n o o g a E le c . R y .— S ee C h a t t . R y . & L t_1 6 1
C h a t t a n o o g a G a s C o .— S ee U n it e d L ig h t &
P o w e r C o ______________________________________________ 1 52
C h a t t a n o o g a R y s . C o .— S e e C h a t t . R y . & L t-1 6 1
C h a t t a n o o g a R a i l w a y & L i g h t _______________
1 61
C h a u t a u q u a T r a c t i o n C o ____________________________ 6 8
C h e s a p e a k e & P o t o m a c T e l e . C o ________* _______
8
C h e s a p e a k e & P o t o m a c T e l e . C o . o f V a ________
8
C h ester
C ou n ty
P u b lic
S e rv ice
C o .— S ee
P h i l a . S u b . G a s & E l e c . C o _____________________ 8 3
C h e s te r & E d d y s to n e — S ee W ilm in g to n &
P h i l a d e l p h i a T r a c t i o n C o _________________________ 82
C h e s t e r D a r b y & P h il a .— S e e W il. & C h e s . T r . 83
C h e s t e r & M e d ia E le c . R y . — S e e W i l. & C h e s
t e r T r a c t i o n ___________________________________________ 8 3
C h e s t e r & P h i l a d e l p h i a R y _________________________ 9 7
C h e s t e r S t r e e t R y .— S e e W il. & C h e s . T r a c _ - 83
C h e s t e r T r a c t i o n — S e e W il. & C h e s . T r a c . C o 83
C h i c a g o A u r o r a & E l g i n C o r p _____________________ 1 3 8
C h i c a g o A u r o r a & E l g i n R R ________________________ 1 3 8
C h i c . B l o o m . & D e c a t u r R y . — S e e 111. T r . , I n c . 1 3 7
C h i c a g o B y - P r o d . C o k e C o .— S e e P e o p l e ’s
G a s L i g h t & C o k e C o _______________________________ 2 2
C h i c a g o C i t y & C o n n e c t i n g R a i l w a y s __________1 42
C h i c a g o C i t y R a i l w a y __________________
1 42
C h i c a g o C o n s o l. T r a c t i o n — S e e C h i c a g o R y s .1 4 2
C h ic a g o & D e s p la in e s V a l.— S e e A m . E le c .
P o w e r C o _______________________________________________ 8 1
C h ic a g o
E le v a te d
R a ilw a y s — S e e
C h ic a g o
R a p i d T r a n s i t C o __________________________________ 1 3 4
C h i c a g o G a s L ig h t & C o k e C o .— S e e P e o p l e ’s
G a s L i g h t & C o k e C o _______________________________ 2 2
C h ic a g o & I llin o is W e s te r n R R .— S e e P e o p le s
G a s L t . & C o k e ______________________________________ 2 2
C h i c a g o & I n t e r u r b a n T r a c t i o n _________________ 1 4 5
C h i c a g o & J o l i e t E l e c t r i c R y _______________________1 3 2
C h i c a g o J u n c t i o n R R _______________________________ 1 3 8
C h i c a g o L a k e S h o r e & S o u t h B e n d R y __________1 2 5
C h ic a g o N o r t h S h o r e & M ilw a u k e e R R .— S ee
a l s o M a p _______________________________________________ 1 4 3
C h ic a g o & O a k P a r k E le v a te d R y .— S e e C h i
c a g o R a p i d T r a n s i t _______________________________ 1 34
C h ic a g o O tta w a & P e o r ia R y .— S ee I llin o is
T r a c t i o n , I n c ________________________________________ 1 3 7
C h i c a g o R a i l w a y s C o _________________________________1 4 2
C h i c a g o R a p i d T r a n s i t C o __________________________1 3 4
C h ic a g o S o u th B e n d & N o r th e rn In d . R y__123
C h ic a g o S o u t h S h o r e & S o u t h B e n d R R .—
S e e M i d l a n d U t i l i t i e s ______________________________ 1 32
C h i c a g o S u r f a c e L i n e s ______________________________ 1 4 0
C h ic a g o U n io n T r a c t io n — S ee C h ic .R y s . C o -1 4 2
331
P age.
C h i c a g o & W e s t T o w n s R y _________________________ 1 4 5
C h ic a g o & W e s t .— S e e C h ic . C it y & C o n . R y s .1 4 2
C h ip p e w a V a il. R y . L t . & P o w .— S e e N o r t h e r n
S t a t e s P o w e r C o . o f W i s c o n s i n _________________ 1 8 4
C h o c t a w P o w e r & L ig h t C o — S ee S o u t h w e s t
P o w e r C o ______________________________________________ 1 9 8
C h r is t ia n a
& C o a t e s v ille S tr e e t R y .— S ee
L a n c a s t e r C o . R y . & L t . C o ______________________ 9 4
C h r i s t o p h e r & T e n t h S t s . R R . — S e e N . Y . R y s . 61
C i c e r o G a s C o . — S e e P u b . S e r . o f N o r . I l l _____1 3 4
C in c i n n a t i C o v in g t o n & E r la n g e r .— S e e C in
c i n n a t i N e w p o r t & C o v i n g t o n _________________ 1 6 0
C i n c i n n a t i & D a y t o n T r a c t i o n C o _______________ 1 1 6
C i n c i n n a t i G a s & E l e c t r i c C o _____________________ 1 1 1
C in c in n a ti
G as
T ia n s p o r t a tio n
C o .— S ee
C o l u m b i a G a s & E l e c t r i c C o ____________________1 0 9
C in c i n n a t i G e o r g e t o w n & P o r t s m o u t h R R .1 1 7
C in c in n a t i & H a m ilt o n E le c . C o .— S e e C in
c i n n a t i & D a y t o n T r a c t i o n C o _______________ 1 1 6
C i n c i n n a t i & H a m i l t o n T r a c t i o n C o ____________ 1 1 5
C i n c i n n a t i L a w r e n c e b u r g & A u r . E le c . S t .R R 1 1 8
C i n c i n n a t i M ilfo r d & B la n c h e s t e r T r a c t io n _ .1 1 8
C i n c i n n a t i N e w p o r t & C o v i n g t o n L t .& T r .C o _ 1 6 0
C i n c i n n a t i S t r e e t R y _______________________
115
C i n c i n n a t i T r a c t i o n C o ______________________________ 1 1 5
C i n . & W e s t w ’d R R . — S e e I n d . & C i n . T r a c . C o . 1 2 5
C in n im in s o n E le c t r ic L ig h t P o w e r & H e a tin g
C o . o f R i v e r t o n N . J . _______________________________ 7 5
C i t i e s S e r v i c e C o ________________________________________ 4 1
C i t i e s S e r v i c e P o w e r & L i g h t C o __________________ 4 3
C it iz e n s ’ E le c t r ic C o .— S e e S o m e r s e t U n io n &
M i d d l e s e x L i g h t i n g C o _____________________________7 5
C it iz e n s ’ E le c tr ic L ig h t & P o w e r — S ee I n te r S t a t e P u b l i c S e r v i c e C o __________________________ 1 2 9
C it iz e n s ’ E le c tr ic S t. R y .— S ee M a s s a c h u s e tts
N o r t h e a s t e r n S t r e e t R y ___________________________ 2 9
C it iz e n s G a s C o .— S e e P u b . S e r . C o . o f N o r .
I l l ________________________
1 34
C i t i z e n s G a s C o . o f I n d i a n a p o l i s __________________ 16
C it iz e n s G a s & E le c . C o .— S e e U n io n R y .,
G a s & E l e c . C o _______________________________________1 50
C it iz e n s ’ G a s & F u e l— S e e U n it e d G a s & E l.
C o ..................................................
47
C it iz e n s G a s L ig h t C o .— S ee B r o o k ly n U n io n
G a s C o __________________________________i _____________1 6
C it iz e n s L ig h t H e a t & P o w e r C o .— S e e U n it e d
G a s & E l e c t r i c C o ____________________________________ 4 7
C i t i z e n s L i g h t i n g C o . — -S e e 111. P o w . & L t .
C o r p ____________________________________________________1 3 6
C i t i z e n s ’ P a s s . R y . — S e e H a r r i s b u r g R y s ---------- 1 0 1
C it iz e n s ’ P a s s. R y ., N o r r is t o w n — S ee S c h u y l
k i l l V a l l e y T r a c t i o n _________________________________9 5
C i t i z e n s ’ P a s s e n g e r R y . ( P h i l a . ) ____________________9 7
C it iz e n s ’ R y . & L t. C o .— S e e T r i-C it y R y .
& L i g h t _______________________________________________ 1 5 4
C it iz e n s ’ R y ., L . & P . C o .— S ee N e w p . N ew s
& H a m p . R y . , G . & E . C o ________________________ 1 57
C i t i z e n s S t r e e t R R . — S e e M e m p h i s S t . R y ----- 1 62
C it iz e n s ’ S tre e t R y . (I n d ia n a p o lis , I n d .)— S ee
I n d i a n a p o l i s S t r e e t R y ___________________________ 1 2 2
C itiz e n s ’ S tre e t
Ry.
(M u n c ie ,
I n d .)— S ee
U n i o n T r a c t i o n o f I n d i a n a _____________________ 1 2 3
C it iz e n s T e l. C o .— S e e M ic h ig a n B e ll T e l. C o .
9
C i t i z e n s ’ T r a c t i o n _____________________________________ 87
C i t i z e n s ’ T r a c t i o n C o . , O i l C i t y ---------------------------- 1 01
C it iz e n s ’ W a te r & L ig h t — S ee I n t e r -S t a t e
P u b l i c S e r v i c e C o __________________________________ 1 29
C it y E le c . C o . (S a n F r a n c i s c o ) — S e e G r e a t
W e s t e r n P o w e r C o . o f C a l i f o r n i a --------------------- 2 0 6
C it y E le c t r ic R y . (P o r t H u r o n , M ic h .)— S ee
D e t r o i t & P o r t H u r o n S h o r e L i n e ____________ 1 5 0
C it y E le c t r ic R y . (R o m e , G a .) — S e e R o m e
R y . & L i g h t C o _____________________________________ 1 7 0
C i t y & E lm G r o v e R R . C o . — S e e W h e e l i n g
P u b l i c S e r v i c e C o __________________________________ 9 5
C i t y G a s C o . — S e e N o r f o l k R y . & L i g h t -------------1 5 6
C i t y L i g h t & T r a c t i o n C o . ( S e d a l i a , M o . ) _______4 4
C i t y R a i l w a y ( D a y t o n , O h i o ) C o --------------------------1 1 8
C i t y R y . o f L o s A n g . — S e e L o s A n g . R y . C o r p . 209
C it y & S u b u r b a n G a s C o .— S e e W e s t V ir
g i n i a U t i l i t i e s C o _____________________________________ 9 5
C it y & S u b u r b a n R v .— S ee P o r t . E le c . P o w .
C o ________________________
212
C i t y & S u b u r b a n R y .— S e e W a s h . R y . & E 1 ..1 0 8
C l a i r t o n S t r e e t R y _____________________________________ 8 8
C le v e la n d B e r e a E ly r ia & O b e r lin R y .— S e e
C l e v e l a n d S o u t h w e s t e r n R y . & L t ___________ 1 1 8
C l e v e l a n d & C h a g r i n F a l l s R y ____________________1 1 8
C l e v e l a n d & E a s t e r n T r a c t i o n ____________________1 1 8
C le v e la n d
&
E ly r ia
R R .— S e e
C le v e la n d
S o u t h w e s t e r n R y . & L t ___________________________ 1 1 8
C l e v e l a n d E l e c t r i c I l l u m i n a t i n g C o ______________ 1 2 0
C l e v e l a n d E l e c t r i c R y . — S e e C l e v e l a n d R y ___ 1 1 5
C le v e la n d E ly r ia & W e s t e r n — S e e C le v e la n d
S o u t h w e s t e r n R y . & L t ___________________________ 1 1 8
C l e v e l a n d & E r i e R y . C o ____________________________ 1 0 1
C l e v e l a n d P a i n e s v i l l e & A s h t a b u l a R R _________ l l 8
C l e v e l a n d P a i n e s v i l l e & E a s t e r n R R ____________ 1 1 8
C l e v e l a n d R y . C o ______________________________________ 1 1 5
C le v e la n d S o u t h w e s t e r n & C o lu m b u s R y .—
S e e C l e v e l a n d & S o u t h w e s t e r n C o ___________ 1 1 8
C l e v e l a n d & S o u t h w e s t e r n C o ____________________ 1 1 8
C l e v e l a n d S o u t h w e s t e r n R y . & L t . C o __________1 1 8
C le v e la n d & S o u t h w e s t e r n T r a c t io n C o .— S ee
C l e v e l a n d S o u t h w e s t e r n R y . & L t ___________ 1 1 8
C l if t o n S u s p e n s i o n B r id g e — S e e I n t e r n a t . R y . 65
C l i n t o n S t r e e t R y _____________________________________ 1 8 8
C l i n t o n G a s & E l . C o . — S e e 111. P o w . & L t .
- C o r p ____________________________________________________ 1 3 6
C o a l B e l t E l e c t r i c R y . C o ___________________________ 1 4 5
C o a s t C a s t l e E l . R y . — S e e E . P e n n . E l e c ________ 9 4
C o a s t C i t i e s R y __________________________________________7 8
C o a s t C o u n t i e s G a s & E l e c t r i c C o _____________ . 2 0 3
232
P age.
C o a s t C o u n t ie s L ig h t & P o w e r C o .— S e e C o a s t
C o u n t i e s G a s & E l e c t r i c _________________________2 0 8
C o a s t V a l l e y s G a s & E l e c t r i c C o _________________2 0 8
C o e u r d ’A l e n e & S p o k a n e R y .— S e e S p o k a n e
& E a s t e r n R y . & P o w e r C o _____________________2 1 4
C o h o e s P o w e r & L i g h t C o r p ______________________ 5 2
C o h o e s R y . — S e e U n i t e d T r a c t i o n C o _________ 6 4
C o h o e s -W a r t e r f. H o m e T e l. C o .— S ee N . Y .
T e l e p h o n e C o ________________________________________
9
C o l o n i a l G a s & E l e c t r i c C o _________________________ 3 6
C o lo r a d o P o w e r C o .— S e e P u b . S e r. C o . o f
C o l o r a d o ________________________________________________4 5
C o l o r a d o S p r i n g s & I n t e r u r b a n R y ____________ 193
C o lo r a d o S p r in g s L ig h t , H e a t & P o w e r C o .—
S e e U n i t e d G a s & E l e c t r i c ______________________ 4 7
C o lo r a d o S p r in g s L ig h t & P o w e r C o .— S e e
U n i t e d G a s & E l e c t r i c C o ______________________ 4 7
C o lu m b ia C a n a l C o .— S e e C o lu m b ia R y . G a s
& E l e c t r i c C o ________________________________________ 165
C o lu m b ia E le c . L t ., H t. & P o w e r — S e e L a n .
C o . R y . & L t __________________________________________ 9 4
C o lu m b ia (S . C .) E le c . S t . R y ., L ig h t & P o w .
— S e e C o l u m b i a R y . , G a s & E l e c t r i c __________165
C o lu m b ia G a s C o .— S e e L a n c a s t e r C o u n t y
R y . & L i g h t ___________________________________________9 4
C o l u m b i a G a s & E l e c t r i c C o _______________________109
C o lu m b ia & M o n t o u r E le c . C o .— S e e L e h ig h
P o w e r S e c u r i t i e s C o r p ______________________________9 1
C o l u m b i a R y . — S e e W a s h . R y . & E l e c . C o ___ 1 08
C o l u m b i a ( S . C . ) R y . , G a s & E l e c . C o _________ 165
C o lu m b ia R y ., G a s & E le c . S e c u r it ie s C o .—
S e e C o l . R y . , G a s & E l e c . C o ____________________165
C o lu m b u s B u c k e y e L a k e & N ew a rk T r a c tio n
— S e e S o u t h e r n O h i o P u b . S e r v _______________ 117
C o lu m b u s D e la w a r e & M a r io n E le c . R R .— S e e
C o l . D e l a w a r e & M a r i o n E l e c . C o ____________ 114
C o l u m b u s D e l a w a r e & M a r i o n E l e c . C o _________ 114
C o lu m b u s D e la w a r e & M a r io n R y .— S e e C o
l u m b u s D e l a w a r e & M a r i o n E l e c t r i c C o ___ 114
C o lu m b u s E d . C o .— S e e C o l. R y ., P . & L . C o_1 13
C o l u m b u s ( G a .) E l e c t r i c C o .— S e e C o l u m b u s
E l e c t r i c & P o w e r C o _______________________________ 1 70
C o l u m b u s E l e c t r i c & P o w e r C o __________________ 1 7 0
C o l u m b u s G a s C o . — S e e O h i o F u e l S u p p l y C o . 21
C o lu m b u s G r o v e C it y & S o u t h w e s t e r n R y .—
S e e I n d i a n a C o l u m b u s & E a s t e r n ____________ 1 17
C o l u m b u s & I n t e r u r b a n T e r m i n a l C o __________1 17
C o lu m b u s L o n d o n & S p r in g fie ld R y .— S ee
I n d i a n a C o l u m b u s & E a s t e r n __________________ 1 17
C o l u m b u s M a r i o n & B u c y r u s R y . C o ___________ 1 2 0
C o lu m b u s N ew A lb a n y & J o h n s to w n T r a c .
C o . — S e e C o l u m b u s R y . , P o w e r & L i g h t ___ 113
C o lu m b u s N e w a r k & Z a n e s v ille E le c . R y .— S e e S o u t h e r n O h i o P u b . S e r v __________________ 117
C o l u m b u s & N i n t h A v e . R R . ________________________ 61
C o lu m b u s
N orth ern
R y .,
P o .& E q u ip m e n t
— S e e C o l u m b u s D e l . & M a r i o n E l . C o _____1 14
C o lu m b u s P o w e r C o .— S e e C o lu m b u s E le c .
& P o w e r C o ___________________________________________1 70
C o l u m b u s ( G a .) R R . — S e e C o l u m b u s E le c . &
P o w e r C o _____________________________________________ 1 7 0
C o lu m b u s R y .— S e e C o lu m . R y ., P . & L . C o _ -1 1 3
C o l u m b u s R y ., L i g h t & P o w e r — S e e M is s .
P o w e r & L i g h t C o __________________________________ 173
C o l u m b u s R y . , P o w e r & L i g h t C o _______________ 113
C o lu m b u s S t. R y .— S e e C o l. R y ., P o w . & L t__1 1 3
C o lu m b u s T r a c t io n C o .— S e e C o l. R y . P o w .
& L i g h t C o ___________________________________________1 13
C o m m e r c i a l U n i o n T e l e g r a p h C o _________________12
C o m m o n w e a lt h A v e . S t. R y .— S e e E a s te r n
M a s s a c h u s e t t s S t . R y . C o _________________________ 3 2
C o m m o n w e a l t h E d i s o n C o __________________________140
C o m m o n w e a lth
P o w e r C o .— S e e C o m m o n
w e a l t h P o w e r C o r p _________________________________1 4 6
C o m m o n w e a lt h P o w e r C o . o f N e b r a s k a — S e e
L i n c o l n T r a c t i o n C o ______________________________1 89
C o m m o n w e a l t h P o w . C o r p . ( s e e a l s o m a p ) ___ 1 4 6
C o m m u n i t y P o w e r & L i g h t C o ____________________1 90
C o m p to n H e ig h ts U n io n D e p o t & M e r c h a n ts
T e r m i n a l R y . — S e e U n i t e d R y s . C o ___________ 193
C o n e s t o g a R e a lt y C o .— S e e L a n c a s t e r C o u n t y
R y . & L i g h t C o ______________________________________ 9 4
C o n e s t o g a T r a c t i o n — S e e L a n . C o . R y . & L t . 94
C o n e y I s l a n d & B r o o k l y n R R _____________________ 6 4
C o n e y I s l a n d & G r a v e s e n d _________________________ 64
C o n n e c t i c u t C o m p a n y _______________________________ 3 8
C o n n e c t i c u t L i g h t & P o w e r C o ___________________ 3 7
C o n n e c t i c u t L ig h t in g & P r .— S e e C o n n e c t i
c u t R y . & L i g h t i n g C o ____________________________ 3 9
C o n n e c t i c u t P o w e r C o _______________________________ 3 8
C o n n e c t i c u t R y . & L i g h t i n g ______________________ 3 9
C o n n e lls v ille S u b u r b a n S t r e e t R y .— S e e W e s t
P e n n R a i l w a y s C o __________________________________ 8 9
C o n s h o h o c k e n R y .— S e e S c h u y l k i l l V a l. T r a c 95
C o n s o lid a t e d E le c tr ic C o .— S ee G r e a t W e s t
e r n P o w e r C o . o f C a l i f ____________________________ 2 0 6
C o n s o l . E le c . L ig h t C o . o f M a in e — S e e C u m
b e r l a n d C o u n t y P o w e r & L i g h t C o ____________ 2 7
C o n s o l i d a t e d G a s C o . o f N . Y _____________________ 14
C o n s o lid a t e d G a s C o .— S e e N a t io n a l P u b lic
S e r v i c e C o r p __________________________________________ 7 8
C o n s o l i d a t e d G a s C o . o f P i t t s b u r g h ____________ 8 5
C o n s o lid a t e d G a s , E le c t r ic L ig h t & P o w e r
C o . o f B a l t i m o r e ___________________________________ 1 05
C o n s o lid a t e d L t ., H t. & P o w e r C o .— S e e
A m e r . E l e c t r i c P o w e r C o _________________________ 81
C o n s o lid a t e d L ig h t in g C o .— S e e M o n tp e lie r
& B a r r e L i g h t & P o w e r C o ______________________ 3 0
C o n s o l i d a t e d P o w e r & L t . C o . o f S o . D a k ___ 1 89
C o n s o l i d a t e d P o w e r & L i g h t C o __________________ 81
C o n s o lid a t e d R a ilw a y C o .— S ee C o n n . C o . . 38
C o n s o lid a t e d R y s ., L t . & P o w .— S e e T id e
w a t e r P o w e r C o _____________________________________ 1 63
[V ol. 121,
INDEX TO COMPANIES
P age.
C o n s o l. R y . & P o w .— S e e U ta h L t . & T r -_ 2 1 6
C o n s o lid a t e d S c h u y lk ill G a s C o .— S e e P h ila .
S u b . G a s & E l e c . C o _______________________________ 8 3
C o n s . S e c u r . & In v . C o .— S ee D e n . T r a m . C o_1 91
C o n . S u b . S t . R y .— S e e W e s t P e n n R y s . C o . 89
C o n s o l i d a t e d T r a c t i o n o f N e w J e r s e y ___________ 7 6
C o n s o l i d a t e d T r a c t i o n o f P i t t s b u r g h , P a _____8 7
C o n s o l i d a t e d W a t e r C o . o f U t i c a ( N . Y . ) _____ 1 7
C o n s t a n t in e H y d r a u lic C o .— S ee M ic h ig a n
G a s & E l e c t r i c C o __________________________________ 1 2 9
C o n s u m e r s ’ E l. L t . & P o w . C o . (N e w O r le a n s ) 48
C o n s u m e r s ’ E le c . C o .— S e e G r e a t W e s t e r n
P o w e r C o . o f C a l i f __________________________________ 2 0 6
C o n s u m e r s ’ G a s C o .— S e e P e o p le s G a s L ig h t
& C o k e C o ____________________________________________ 2 2
C o n s u m e r s G a s C o . ( O n t a r i o ) _____________________2 1 9
C o n s u m e r s ’ L ig h t , H e a t & P o w e r C o .— S ee
P u b . S e r v . E l e c . & G a s C o ________________________ 7 4
C o n s u m e r s ’ L ig h t & P o w e r C o .— S ee G r e a t
W e s t e r n P o w e r C o . o f C a l i f ___________________ 2 0 6
C o n s u m e r s ’ P o w e r C o _______________________________ 1 4 8
C o n s u m e r s ’ W a t e r & L i g h t C o . — S e e 111. P o w .
& L i g h t C o r p ________________________________________ 1 3 6
C o n t i n e n t a l G a s & E l e c . C o r p . _________________ 1 9 4
C o n t i n e n t a l P a s s e n g e r R y ___________________________9 7
C o n tr a C o s ta G a s— S ee C o a st C o u n tie s G as
& E l e c . C o ____________________________________________ 2 0 8
C o p le y E g y p t & I r o n t o n S t. R y .— S e e L e h ig h
V a l l e y T r a n s i t ________________________________________9 1
C o r n i n g & P a i n t e d P o s t S t r e e t R y _______________ 68
C o r r y -D e a v itt-F r o s t E le c t r ic C o .— S e e M o n t
p e l i e r & B a r r e L t . & P o w . C o ___________________ 3 0
C o r t l a n d C o u n t y T r a c t i o n _________________________ 5 6
C o u n ty T r a c t io n C o . (C h ic a g o )— S ee C h ic a g o
& W e s t T o w n s R y __________________________________ 1 45
C r a w f o r d C o u n t y R y s . C o . — -S e e N o r t h w .
E l e c . S e r v _______________________________________________ 9 4
C r a w fo r d s v ille W a t . & G a s C o .— S e e N o r t h e r n
I n d . G a s & E l e c t r i c C o ___________________________ 1 3 4
C r o s s t o w n S t .— S e e C o lu m b u s R y ., P r . &
L t . C o __________________________________________________ 1 1 3
C r o s s t o w n S t . R y . ( B u f f a l o ) — S e e I n t e r . R y _ 65
C row n
P o in t
E le c .
C o .— S e e
I n te r -S ta te
P u b l i c S e r v i c e C o __________________________________ 1 2 9
Cuban
T e le p h o n e
C o .— S e e
I n te r n a tio n a l
T e l . & T e l . C o r p . __________
12
C u m b e r l a n d C o u n t y P o w e r & L i g h t C o _____2 7
C u m b e r l a n d T e l . & T e l . C o . , I n c ________________
8
C u m b e r l a n d & W e s t e r n p o r t E le c . R y . C o . . 44
C uyahoga
T e le p h o n e C o .— S e e O h io
B e ll
T e l e p h o n e C o _________________________________________ 1 0
D
D a id o
D en ryok u
K a b u s h ik i
K a i s h a — ’S e e
G r e a t C o n s o l i d a t e d E l e c . P o w . C o . , L t d ___ 2 2 7
D a k o t a C e n t r a l T e l e p h o n e C o ___________________
8
D a l l a s E l e c t r i c T e r m . — S e e D a l l a s R y . C o ___ 1 79
D a lla s I n t e r u r b a n T e r m in a l A s s o c i a t i o n —
S e e D a l l a s R a i l w a y C o ___________________________ 1 79
D a l l a s P o w e r & L i g h t C o ___________________________ 1 7 8
D a l l a s R a i l w a y C o ___________________________________ 179
D a n b u r y ( C o n n . ) & B e t h e l S t r e e t R y ___________4 0
D a n v ille C h a m p a ig n & D e c a t u r R y . & L t .
C o . — S e e 111. P o w . & L t . C o r p _______________ 1 3 6
D a n v i l l e C o n s u m e r s ’ C o a l C o . — S e e 111. P o w .
& L i g h t C o r p ________________________________________1 3 6
D a n v i l l e & E a s t e r n I l l i n o i s R y . — S e e 111. P o w .
& L i g h t C o r p ________________________________________1 3 6
D a n v i l l e & N o r t h e r n — S e e 111. P o w . & L t .
C o r p ___________________________________________________ 1 3 6
D a n v i l l e & S o u t h e a s t e r n R y . — S e e 111. P o w .
& L i g h t C o r p ________________________________________ 1 3 6
D a n v i l l e (111.) S t r e e t R y . & L i g h t — S e e I I I .
P o w e r & L i g h t C o r p ______________________________1 3 6
D a n v i l l e U r b a n a & C h a m p a i g n R y . — S e e III.
T r a c . , I n c ____________________________________________ 1 3 7
D a r b y M e d ia & C h e s t e r R y .— S e e P h il a . R . T . 96
D a r b y & Y e a d o n S t . R y ______________________________9 7
D a y t o n C o v i n g t o n & P i q u a T r a c t i o n ___________ 1 1 9
D a y t o n G a s C o .— S ee D a y t o n P r. & L t . C o - _ l l l
D a y to n L ig h t in g C o .— S e e D a y t o n P o w . &
L i g h t C o _____________________________________________ 1 1 1
D a y ton
&
N orth ern
T r a c tio n
C o .— S ee
I n d i a n a C o l u m b u s & E a s t e r n __________________ 1 17
D a y t o n P o w e r & L i g h t C o _________________________ 1 11
D a y t o n & S o ld ie r s ’ H o m e R R .— S ee C it y R y _1 1 8
D a y to n S p r in g fie ld & U r b a n a E le c t r ic R y .—
S e e I n d . C o l u m . & E a s t e r n _____________________ 1 1 7
D a y t o n S p r i n g f i e l d & X e n i a S o u t h e r n ________ 1 19
D a y t o n ( O . ) S t r e e t R y . — S e e C i t y R y __________1 1 8
D a y to n T r a c t io n — S ee C in . & D a y to n T r a c --1 1 6
D a y t o n & T r o y E l e c t r i c ____________________________ 1 1 9
D a y t o n & W e s t . T r a c _______________________________ 1 1 9
D e c a t u r G a s & E l e c . — S e e 111. P o w . & L t . C o r p l 3 6
D e c a t u r R a il w a y & L ig h t C o .— S e e III. P o w .
& L i g h t C o r p ________________________________________1 3 6
D e c a t u r T r a c . & E l e c . — S e e 111. P o w . &
L i g h t C o r p ___________________________________________1 3 6
D e fia n c e G a s & E le c . C o .— S e e T o le d o E d is o n
C o _________________________________________________________4 4
D e K a l b C o u n t y G a s C o . — S e e 111. N o . U t i l . C o l 3 2
D e K a lb -S y c a m o r e E le c .— S e e U n io n
R y .,
G a s & E l e c t r i c ______________________________________ 1 5 0
D e K a lb S y ca m o re & I n t e r u r b a n T r a c .— S ee
U n i o n R y . , G a s & E l e c t r i c ______________________ 1 5 0
D e la w a r e C o u n t y & P h i l a d e l p h i a E le c . R y . _ 83
D e n is o n & S h e r m a n R y .— S ee T e x a s E le c . R y _ 1 8 0
D e n v e r C i t y T r a m w a y — S e e D e n v . T r a m . C o . 1 91
D e n v e r C o n s o l. T r a m .— S e e D e n v e r T r a m . C o .1 9 1
D e n v e r G a s & E le c .— S e e P u b l ic S e r v ic e C o .
o f C o l o __________________________________________________4 5
P age.
e n v e r & I n t e r - M o u n t a i n __________________________1 9 3
e n v e r & N o r t h w e s t e r n R y ________________________ 1 9 1
e n v e r R e a lt y C o .— S e e D e n v e r T r a m .C o _ -1 9 1
e n v e r T r a m w a y C o __________________________________ 1 9 1
enver
T ram w ay
P ow .
C o .— S ee
D enver
T r a m w a y C o ___________
191
D e n v e r T r a m w a y T e r m in a ls C o .— S e e D e n v e r
T r a m w a y C o _________________________________________ 1 9 1
D e n v e r T r a m w a y S y s t e m ___________________________ 1 9 1
D e p e w & L a n c a s t e r R y . C o r p __________________
68
D e s M o i n e s & C e n t r a l I o w a E l e c t r i c C o . — 'S e e
D e s M o i n e s E l e c t r i c C o ___________________________ 1 3 8
D e s M o i n e s , C e n t r a l I o w a R R ____________________1 8 8
D e s M o i n e s C i t y R y __________________________________ 1 8 8
D e s M o i n e s E l e c t r i c C o ______________________________ 1 3 8
D e s M o in e s S t. R R .— S ee D e s. M . C it y R y _ _ 1 8 8
D e s M o in e s S u b . R y .— S ee D e s. M . C it y R y _ 1 8 8
D e t r o i t A l m o n t & N o r t h e r n R R _________________ 1 5 0
D e t r o i t C i t y G a s C o __________________________________ 1 7
D e t r o i t E d i s o n C o _____________________________________ 1 4 6
D e t r o it E le c t r ic R y .— S ee D e t r o it U n it e d R y _ 1 4 9
D e t r o i t & F l i n t — S e e D e t r o i t U n i t e d R y ------- 1 4 9
D e t r o i t F o r t W a y n e & B e lle I s le R y .— S e e
D e t r o i t U n i t e d R y ________________________________ 1 4 9
D e t r o it & H ig h la n d P a r k R R .— S ee D e tr o it
U n i t e d R y ____________________________________________ 1 4 9
D e t r o i t J a c k s o n & C h i c a g o ------------------------------------ 1 5 0
D e t r o it & L a k e S t . C la ir R y .— S ee D e t r o it &
P o r t H u r o n S h o r e L i n e R y -------------------------------- 1 5 0
D e t r o i t M o n r o e & T o l e d o S h o r t L i n e R y _______1 5 0
D e t r o it & N o r t h w .— S ee D e t r o it U n it e d R y .- 1 4 9
D e t r o it & P o n t ia c R y .— S e e D e t. U n it e d R y . .l 4 9
D e t r o i t & P o r t H u r o n ' S h o r e L i n e _________
150
D e t r o i t R y . — S e e D e t r o i t U n i t e d R y -----------------1 4 9
& C o v i n g t o n L t . & T r a c _________________________ 1 6 0
D e t r o it R iv e r T e l. C o .— S e e M ic h ig a n B e ll
9
T e l . C o ________________________________________________
D e tr o it R o c h e s te r R o m e o & L a k e O r io n .
— S e e D e t r o i t U n i t e d R y _________________________ 1 4 9
D e t r o it & S u b u r b a n G a s C o .— S e e D e t r o it
C i t y G a s C o ___________________________________________ 1 7
D e t r o i t U n i t e d R y _____________________________________ 1 4 9
D e t r o it Y p s ila n t i A n n A r b o r & J a c k s o n R y .—
S e e D e t r o i t J a c k s o n & C h i c a g o R y -----------------1 6 0
D ig h t o n S o m e rs e t & S w a n s e a S t. R y .— S ee
E a s t e r n M a s s a c h u s e t t s S t r e e t R y . C o ________ 3 2
D ix ie T e r m in a l C o .— S e e C i n c i n n a t i N e w p o r t
& C o v i n g t o n L t . & T r a c _________________________ 1 6 0
D o m i n i o n P o w e r & T r a n s m i s s i o n C o -----------------2 1 9
D o v e r G a s L ig h t C o .— S e e T w in S t a te s G a s
& E l e c t r i c C o ________________________________________ 1 3 2
D o v e r S o m e r s w o r t h & R o c h e s t e r __________________ 2 9
D o y l e s t o w n & W i l l o w G r o v e R y ____________________9 7
D r y D o c k E a s t B r o a d w a y & B a t t e r y R R ________ 6 2
D u B o i s E l e c t r i c & T r a c t i o n C o ____________________9 4
D u b u q u e E l e c t r i c C o _________________________________ 1 87
D u lu t h S t r e e t R y .— S e e D u lu t h - S u p e r io r T r_1 85
D u l u t h - S u p e r i o r T r a c t i o n __________________________185
D u n k ir k & F r e d o n ia R R .— S e e B u f fa lo &
E r i e R y __________________________________________________ 67
D u q u e s n e L i g h t C o ___________________________________ 85
D u q u e s n e T r a c t i o n ___________________________________ 8 7
D u r h a m P u b l i c S e r v i c e C o ___________________________ 4 4
D u r h a m T r a c t io n C o .— S e e D u r h a m P u b lic
S e r v i c e C o ______________________________________________ 44
D
D
D
D
D
E
E a s t B a y W a t e r C o _____________________________________ 17
E a s t C le v e la n d R y .— S ee C le v e la n d
R y -----------1 15
E a s t E n d T r a c t i o n C o _______________________________ 1 13
E a s t J e r s e y S t . R y . — S e e P u b l i c S e r v i c e R y _ _ 76
E a s t K o o t e n a y P o w e r C o . , L t d ____________________ 2 1 9
E a s t M c K e e s p o r t S t r e e t R y __________________________8 7
E a s t M ic h ig a n E d is o n C o .— S e e D e t r o it E d i
s o n C o __________________________________________________ 1 4 6
E a s t M i d d l e s e x S t r e e t R y ____________________________ 3 3
E a s t N e w a r k G a s L i g h t _______________________________ 7 5
E a s t O a k la n d R y .— S e e K e y S y s te m T r a n s i t .210
E a s t P e n n E l e c t r i c C o _________________________________9 4
E a s t R e a d i n g E le c . R y .— S e e R e a d i n g T r a c — 95
E a s t S t . L o u is L ig h t & P o w e r C o .— S e e E a s t
S t . L o u i s & S u b u r b a n C o ________________________ 1 4 5
E a s t S t . L o u i s & S u b u r b a n C o ____________________1 4 5
E a s t S h o r e & S u b u r b a n R y .— S e e K e y S y s
t e m T r a n s i t C o ______________________________________ 2 1 0
E a s t S id e T r a c t io n C o .— S e e N . Y . S t a te R y s . 65
E a s t e r n M a s s a c h u s e t t s S t r e e t R y . C o ___________ 3 2
E a s t e r n N e w J e r s e y P o w e r C o _______________________7 8
E a s t e r n N e w Y o r k U t i l i t i e s C o r p ---------------------------- 6 7
E a stern
P e n n s y lv a n ia
P ow er
&
R y .— S e e
E a s t P e n n E l e c t r i c C o ______________________________9 4
E a s t e r n S h o r e G a s & E l e c . C o . ( D e l . ) __________1 0 6
E a s t e r n T e x a s E l e c t r i c C o ---------------------------------------1 7 9
E a s te r n W is c o n s in E le c t r ic C o .— S e e W is c o n
s i n P o w e r & L i g h t C o ____________________________ 1 3 0
E a s te r n W is c o n s in R y . & L ig h t C o .— S e e
W i s c o n s i n P o w e r & L i g h t C o __________________ 1 3 0
E a s t o n C o n s o l i d a t e d E l e c t r i c C o __________________ 9 1
E a s t o n P a lm e r & B e t h le h e m E le c . R y .— S e e
E a s t o n C o n s o l i d a t e d E l e c t r i c ____________________9 1
E a s to n & S o u t h B e th le h e m T r a n s . C o .— S e e
E a s t o n C o n s o l i d a t e d E l e c t r i c C o _______________ 9 1
E a u C la ir e G a s L ig h t C o .— S e e N o r t h e r n
S t a t e s P o w e r C o . o f W i s c o n s i n ________
184
E c o n o m y L ig h t & P o w e r C o .— S ee P u b lic
S e r v i c e C o r p . o f N o r t h e r n I l l i n o i s __________ ,1 3 4
E d i s o n E l e c . C o . — S e e L a n . C o . R y . & L t ___ 9 4
E d i s o n E l e c . I l i u m . C o . o f B o s t o n _________________ 3 0
E d i s o n E l e c . I l i u m . C o . o f B r o c k t o n ______________3 0
E d is o n E le c . I liu m . C o .— S e e B r o o k ly n E d i
s o n C o __________________________________
52
Page.
E d is o n E l e c . I li u m . C o . (N . Y . ) . — S e e C o n
s o l i d a t e d G a s C o . o f N e w Y o r k ------ ------------------ 1 4
E d is o n E le c . I liu m .— S e e P a t e r s o n & P a s s a ic
G a s & E l e c t r i c ________________________________________ 7 5
E d is o n E l e c . I l i u m . — S e e L a n e . C o . R y . & L t _ 94
E d is o n E l e c t r i c o f N e w O r le a n s — S e e N e w O r
l e a n s P u b l i c S e r v i c e , I n c ________________________ 173
E i g h t h A v e n u e R R ___________________________________ 66
E l P a s o E l e c t r i c C o ___________________________________ 1 7 8
E l R e n o I n t e r u r b a n R y .— S e e O k la h o m a R y _1 98
E l e c t r i c B o n d & S h a r e C o ___________________________ 4 6
E l e c t r i c C i t y R y . — S e e I n t e r n a t . R y . C o ________ 65
E l e c t r i c C o . o f N e w J e r s e y ___________________________82
E l e c t r i c D e v e l . C o . — S e e T o r o n t o R y . C o --------2 2 4
E l e c t r i c P o w e r & L i g h t C o r p ______________________2 1 5
E l e c t r i c R a i l w a y S e c u r i t i e s C o ___________________ 1 50
E l e c t r i c T r a c t i o n ( P h i l a d e l p h i a , P a . ) ___________ 97
E lg in
A u rora
&
S ou th ern
T r a c tio n — S ee
A u r o r a E l g i n & C h i c a g o _________________________ 1 3 8
E liz a b e th P la in fie ld & C e n t r a l J e rs e y — S ee
P u b l i c S e r v i c e R y ___________________________________ 7 5
E liz a b e t h & R a r it a n R iv e r S t r e e t R y .— S ee
P u b l i c S e r v i c e R y ___________________________________ 76
E l i z a b e t h & T r e n t o n R R ____________________________ 77
E l iz a b e t h t o w n & F lo r in S tr e e t R y .— S e e L a n
c a s t e r C o u n t y R y . & L i g h t C o __________________ 9 4
E l m i r a W a t e r , L i g h t & R a i l r o a d __________________ 48
E lw o o d E le c t r ic — S e e U n io n T r a c . o f I n d ia n a l2 3
E ly r ia G r a f t o n & S o u t h e r n — S e e C le v e la n d
S o u t h W e s t e r n R y . & L i g h t ___________________ 1 1 8
E ly r ia & O b e r li n — S e e C le v e la n d S o u t h w e s t
e r n R y . & L i g h t _____________________________________ 1 1 8
E m p i r e G a s a n d E l e c . C o ______________________________58
l i m p i r e G a s & F u e l C o ________________________________ 17
E m p i r e P a s s e n g e r R y __________________________________ 97
3 m p ir e R e f i n i n g C o ., E m p ir e G a s & F u e l
C o . ( D e l . ) _______________________________________________ 17
E m p i r e S t a t e R a i l r o a d C o r p o r a t i o n _____:-------------71
E m p ir e W a t e r & P o w e r C o .— S e e U n it e d
G a s & E l e c t r i c C o ___________________________________ 4 7
E n g le w o o d G a s & E le c tr ic — S ee G a s & E le c
t r i c C o . o f B e r g e n C o u n t y ________________________ 7 6
E p h r a ta & A d a m s to w n R y .— S e e L a n c a s te r
C o u n t y R y . & L i g h t C o ____________________________ 94
E q u i t a b l e C o k e C o . — S e e P h i l a d e l p h i a C o ----- 84
E r i e C o u n t y T r a c t i o n C o r p o r a t i o n ----------------------- 68
E r i e E l e c t r i c M o t o r C o . — S e e E r i e R y s . C o ------- 67
E r i e R a i l w a y s C o ________________________________________ 67
E r i e R a p i d T r a n s i t C o . — -S e e E r i e R y s . C o ------- 67
E r i e & S u b u r b a n R y . — -S e e E r i e R y s . C o ----------67
E v a n s v i l l e & O . V a l l e y R y _______________________1 24
E s c a n a b a ( M i c h . ) P o w e r & T r a c t i o n C o ------------ 1 5 4
E s s e x & H u d s o n G a s C o ______________________________75
E v a n s t o n R a i l w a y _____________________________________ 1 45
E v a n s v ille & E a s t. E le c . R y .— S e e E v a n s v ille
& O h i o R a i l w a y s C o _______________________________ 1 24
E v a n s v ille E le c t r ic R y .— S e e C o m m o n w e a lt h
P o w e r C o r p o r a t i o n _________________________________1 4 6
E v a n s v ille G a s & E l e c t r i c C o .— S e e C o m m o n
w e a l t h P o w e r C o r p o r a t i o n _______________________1 46
E v a n s v ille
H en d erson
&
O w e n sb o ro — S ee
E v a n s v i l l e & O . V a l l e y R y ______________________ 1 2 4
E v a n s v ille L ig h t C o .— S e e C o m m o n w e a lt h
P o w e r C o r p o r a t i o n _________________________________146
E v a n s v ille & M t. V e r n o n E l e c t r i c R y .— S e e
E v a n s v i l l e & O h i o R a i l w a y s C o _______________ 1 24
E v a n s v i l l e & O h i o V a l l e y R y ______________________ 1 24
E v a n s v ille & P r i n c e t o n T r a c t i o n C o .— S e e
C o m m o n w e a l t h P o w e r C o r p ____________________1 4 6
E v a n s v ille P u b l i c S e r v ic e C o .— S e e C o m m o n
w e a l t h P o w e r C o r p _________________________________1 46
E v a n s v ille & S o u t h e r n I n d i a n a T r a c t i o n C o ,
— S e e C o m m o n w e a l t h P o w e r C o r p ----------------- 1 4 6
E v a n s v i l l e S u b u r b a n & N e w b u r g h R y __________1 24
E v a n s v ille T e r m in a l R y . — S e e E v a n s v ille &
O h i o V a l l e y R y . C o _________________________________ 1 24
E v e re tt R y . & E le c tr ic — S ee P u g e t S o u n d
P o w e r & L i g h t C o __________________________________ 2 1 3
E v e re tt R y . L ig h t & W a te r C o .— S ee P u g e t
S o u n d P o w e r & L i g h t C o ________________________ 2 1 3
E x c e ls io r S p r in g s W a t e r , G a s & E le c .— S ee
M o . P o w . & L t . C o __________________________________ 195
P age.
F o r e s t C i t y S t r e e t R y . — S e e C l e v e l a n d R y ____ 1 1 5
F o r t D o d g e D es M o in e s & S o u t h e r n R R .— S ee
“ R a ilw a y a n d I n d u s t r ia l” S e c t io n .
F o r t P it t T r a c t i o n — S e e C o n s o l. T r a c . (P it t s .) 87
F o r t S m i t h L i g h t & T r a c t i o n C o . . _____________ 1 7 5
F o r t W a y n e & D e c a t u r T r a c t i o n C o ____________ 1 2 4
F o r t W a y n e M a r io n & B l u fft o n R y . C o .—
S e e I n d i a n a S e r v i c e C o r p ________________________1 2 4
F o r t W a y n e & N o r th e rn In d ia n a T r a c tio n —
S e e I n d i a n a S e r v i c e C o r p ________________________ 1 2 4
F o r t W a y n e P o w e r C o .— S e e I n d ia n a S e r v ic e
C o r p ____________________________________________________1 2 4
F o r t W a y n e T r a c t io n C o .— S e e I n d ia n a S e r
v i c e C o r p ______________________________________________ 1 2 4
F o r t W a y n e V a n W e r t & L i m a T r a c t i o n C o ----- 1 1 7
F o r t W a y n e & W a b a s h V a lle y T r a c . C o .— S e e
I n d i a n a S e r v i c e C o r p ______________________________ 1 2 4
F o r t y - s e c o n d S t . & G r a n d S t . F e r r y R R __________ 61
F o r t y - s e c o n d S t . M a n h a t . & S t . N i c h . A v e . R y . 62
F o s t o r i a ( O . ) & F r e m o n t R y ________________________ 1 1 9
F o x R iv e r V a lle y E le c t r ic C o .— S e e W is e . T r a c .
L i g h t H e a t & P o w e r C o ___________________________ 182
F r a m in g h a m S o u t h b o r o & M a r lb o r o S tr e e t
R y . — S e e B o s t o n & W o r c e s t e r S t r e e t R y ___ 3 5
F r a m in g h a m U n io n S t r e e t R y .— S e e B o s t o n
& W o r c e s t e r S t r e e t R y ______________________________3 5
F r a n k fo r d & S o u t h w a r k P h ila . C it y P a s s . R y . 98
F r a n k f o r d T a c o n y & H o l m e s b u r g R y ___________ 1 0 3
F r a n k l in E l e c t r i c C o .— b e e M o . P o w . & L t . C o . 135
F r a n k lin W a te r , L ig h t & P o w e r — S ee I n t e r S t a t e P u b l i c S e r v i c e _______________________________ 1 2 9
F r e d e r ic k G a s & E le c t r ic C o .— S ee P o t o m a c
E d i s o n C o ____________________________________________ 1 0 6
F r e d e r ic k & M id d le t o w n R R .— S ee P o t o m a c
E d i s o n C o ____________________________________________ 1 0 6
F r e d e r i c k R R . — S e e P o t o m a c E d i s o n C o _______1 0 6
F r e e p o r t R y . & L t . C o . — S e e 111. N o r . U t i l . C o . 1 32
F r e e p o r t R y . , L i g h t & P o w e r C o . — S e e 111.
N o r . U t i l i t i e s C o ____________________________________1 32
F r e s n o C i t y R y . — S e e F r e s n o T r a c t i o n C o _____ 2 1 0
F r e s n o T r a c t i o n C o _______________________________ t _ 2 1 0
F r ie s M f g . & P o w . C o . — S e e S o . P u b . U t i l. C o . 164
F r o n t & 5 t h S t . R y . — S e e R e a d . T r . C o . __________9 5
F r o s t b u r g E c k h a r d t & C u m b e r la n d E le c . R y .
— S e e C u m b e r l a n d & W e s t e r n p o r t E l. R y . _ 44
F r o s t b u r g I llu m in a t in g & M fg . C o .— S ee P o
t o m a c E d i s o n C o ____________________________________1 0 6
F u l t o n C o u n t y G a s & E l e c . — 'S e e M o h a w k
H u d s o n P o w . C o r p __________________________________ 4 8
F u l t o n E l e v a t e d — S e e B k l y n . M a n . T r a n s i t . . 62
G a in e s v ille R y . & P o w . C o .— S e e G e o r g ia R y .
& P o w e r C o __________________________________________ 1 6 6
G a l e s b u r g G a s & E l e c . C o . — S e e 111. P o w e r &
L i g h t C o r p ___________________________________________ 1 3 6
G a l e s b u r g R y . , L t g . & P o w . C o . — S e e 111. P o w .
& L i g h t C o r p ________________________________________ 1 3 6
G a l e s b u r g & W e s t e r n R R ___________________________ 1 4 5
G a lv e s t o n E le c . C o .— S e e G a lv . H o u s . E l. C o . 176
G a l v e s t o n H o u s t o n E l e c t r i c C o __________________1 7 6
G a lv e s t o n H o u s t o n E le c . R y .— S e e G a lv e s t o n
H o u s t o n E l e c t r i c C o _______________________________ 1 7 6
G a r y C o n n e c t . R y s . — -S e e G a r y R y s . C o r p ------- 1 2 5
G a r y & I n t e r u r . R y . — S e e G a r y R y s . C o r p ----- 1 25
G a r y S t r e e t R y . — S e e G a r y R y s . C o _____________ 1 2 5
G a r y S t r e e t R y . C o r p . — S e e G a r y R y s . C o _____1 2 5
G a r y & V a l p a r a i s o ___________________________________ 1 2 5
G a s & B y - P r o d u c t s C o _____________________________ 1 7
G a s & E l e c t r i c C o . o f B e r g e n C o u n t y ____________ 7 6
G a s L ig h t C o . o f N ew B r u n s w ic k — S ee N ew
B r u n s w i c k L i g h t , H e a t & P o w e r _______________ 7 6
G e n e r a l G a s & E l e c . C o r p . ___________________________ 4 6
G e n e v a S e n e c a F a lls & A u b u r n R R . C o . , I n c _ 68
G eorg etow n
&
L e x in g to n
T r a c . C o .— S ee
K e n t u c k y T r a c . & T e r m _________________________ 1 5 9
G e o r g e t o w n R o w le y & I p s w ic h — S ee E a ste rn
M a s s . S t r e e t R y ______________________________________ 3 2
G e o r g e t o w n & T e n n a lly t o w n R y .— S ee W a s h .
R y . & E l e c ____________________________________________ 1 0 8
G e o r g ? a -A Is b i m a P o w e r C o ________________________ 1 6 6
G e o r g ia C a r o lin a I n v e s t . C o .— S ee A u g u s t a
A i k e n R y . & E l e c . C o r p ___________________________ 1 6 8
G e o r g ia C a r o lin a P o w e r C o .— S ee A u g u s t a
A i k e n R y . & E l e c . C o r p ___________________________ 1 6 8
F a ir H a v e n & W e s t v ille R R . — S e e C o n n . C o . . 38
G e o r g i a E l e c . L t . C o . — S e e G a . R y . & E l e c ____1 6 6
F a ir m o n t & C la r k s b u r g T r a c . C o .— S ee M on o n g a h e l a W e s t P e n n P u b l i c S e r v i c e ------1 5 8 G e o r g i a L i g h t , P o w e r & R y s . ( a l s o m a p ) _______1 6 8
G e o r g i a R a i l w a y & E l e c t r i c C o ____________________1 6 6
F a ir m o n t & M a n n in g to n T r a c t io n — S ee M on o n g a h e l a W e s t P e n n P u b l i c S e r v i c e -------------153 G e o r g i a R y . & P o w e r C o . ( a l s o m a p ) ____________ 1 6 6
G e r m a n t o w n P a s s e n g e r R y _________________________ 9 8
F a ir m o u n t P a r k & H a d d in g t o n P a s s. R y .—
S e e H e s t o n v i l l e M a n t u a & F a i r m o u n t _____
98 G le n s F a lls S a n d y H ill & F t . E d w a r d S t r e e t
R R . — S e e H u d s o n V a l l e y R y _____________________ 6 4
F a i r m o u n t P a r k T r a n s i t C o ________________________ 1 03
F a l l R i v e r E l e c t r i c L i g h t C o ________________________ 31 G l o b e S t r e e t R y . — S e e E a s t e r n M a s s . S t . R y . . 32
B e v e r ly — S ee E a s te r n
F a r m i n g t o n S t r e e t R y . — S e e C o n n . C o ___________ 3 8 G l o e c e s t e r E s s e x &
M a s s . S t r e e t R y ______________________________________ 3 2
P e d e r a l L i g h t & T r a c t i o n C o _______________________1 75
F e d e r a l S t r e e t & P l e a s a n t V a l l e y R y ______________8 6 G l o u c e s t e r & R o c k p o r t — S e e E a s t e r n M a s s .
S t r e e t R y _______________________________________________ 3 2
F e lic ity & B e th e l R R .— S e e C in . G e o r g e t o w n
& P o r t s m o u t h ______________________________________ 1 1 7 G l o u c e s t e r S t r e e t R y . — S e e E a s t e r n M a s s .
S t r e e t R y _______________________________________________ 3 2
F e r r ie s & C l if f H o u s e R y .— S e e M a r k e t S t .R y . 208
G o f f ’s F a lls L it c h . & H u d .— S e e M a n . T r a c .
F in d la y
S treet
R y .— S ee
T o le d o
B o w lin g
L i g h t dc P o w e r ________________________________________ 2 9
G r e e n & S o u t h e r n T r a c t i o n ____________________1 2 0
F i s h k i l l E l e c t r i c R y ___________________________________ 6 8 G o s h e n S o u t h B e n d & C h i c a g o R R . — S e e
G a r y R y s . C o ________________________________________ 1 2 5
F i t c h b u r g & L e o m i n s t e r S t r e e t R y _______________ 3 5
G o u g h S t r e e t R y . — S e e M a r k e t S t r e e t R y _____ 2 0 8
F l i n t G a s C o . — S e e C o n s u m e r s P o w e r C o _____1 4 8
F l o r i d a P u b l i c S e r v i c e C o ___________________________ 1 7 1 G r a f t o n & U p t o n R R . — S e e M i l f o r d & U x
b r i d g e S t r e e t R y _____________________________________ 3 6
F l u s h i n g & C o l le g e P o i n t E l. R y .— S e e N . Y .
& Q u e e n s C o u n t y ____________________________________69 G r a n d R a p i d s E d i s o n C o . — S e e C o n s u m e r s
P o w e r C o ______________________________________________ 1 4 8
F o n d d u L a c S t. R y . & L ig h t — S ee W is c o n s in
P o w e r & L i g h t _________________________________
1G 0 a n d R a p i d s G r a n d H a v e n & M u s k e g o n R y _ 1 5 4
3 r
G r a n d R a p id s H o lla n d & L a k e M ic h ig a n R y .
F o n d a J o h n s t o w n & G lo v e r s v ille R R .— S ee
— S e e M i c h i g a n R R _______________________ _______ 1 51
“ R a ilr o a d a n d I n d u s t r ia l” S e c t io n .
333
INDEX TO COMPANIES
Oct., 1925.]
F
P age.
G r a n d R a p i d s H o l l a n d & C h i c a g o R y ---------------1 5 1
G ra n d
R a p id s -M u s k e g o n
P ow er
C o .— S e e
C o n s u m e r s ’ P o w e r C o ____________________________ 1 4 8
G r a n d R a p i d s R a i l w a y ______________________________ 1 5 1
G r a y s H a r b o r R a ilw a y & L ig h t C o .— S e e F e d
e r a l L i g h t & T r a c t i o n C o ________________________ 1 7 5
G r e a t C o n s o l i d a t e d E l e c . P o w . C o . , L t d - ---------- 2 2 7
G r e a t F a lls P o w e r C o .— S e e M o n t a n a P o w e r 2 1 4
G r e a t L a k e s P o w e r C o . , L t d . ( T h e ) ____________ 2 2 0
G r e a t W e s t e r n P o w e r C o . o f C a l i f o r n i a ----------2 0 6
G r e e n B a y G a s & E le c t r ic C o .— S e e W is c o n
s i n P u b l i c S e r v i c e C o r p o r a t i o n _______________ 1 8 3
G r e e n B a y T r a c t io n C o .— S e e W is c o n s in P u b
l i c S e r v i c e C o r p o r a t i o n _________________________ - 1 8 3
G r e e n e & C o a te s S tr e e ts , P h ila d e lp h ia , P a s s
e n g e r R y _______________________________________________ 9 8
G r e e n p o in t & L o r im e r S t r e e t .— S e e B r o o k ly n
M a n h a t t a n T r a n s i t ________________________________ 62
G r e e n s b o r o E le c t r ic C o .— S e e N o r t h C a r o lin a
P u b l i c S e r v i c e C o __________________________________ 1 6 4
G r e e n v ille -C a r o lin a P o w e r C o .— S e e S o u t h e r n
P u b l i c U t i l i t i e s C o _________________________________1 6 4
G r e e n v ille S p a r t a n b u r g & A n d e r s o n R y .— S e e
P i e d m o n t & N o r t h e r n R y - ______________________ 1 6 4
G r e e n v il le (S . C .) T r a c t i o n C o .— S e e S o u t h
e r n P u b l i c U t i l i t i e s C o ___________________________ 1 6 4
G r e e n w ic h & S c h u y le r s v ille E le c tr ic R R .—
S e e H u d s o n V a l l e y R y ____________________________ 6 4
G r e e n w ic h T r a m w a y C o .— S ee C o n n e c t ic u t
C o _____________________________ ________ ________ _______- 3 8
G r o t o n & S t o n in g t o n S tr e e t R y .— S ee S h o r e
L i n e E l e c t r i c R R _____________________________________3 9
G r o t o n & S t o n i n g t o n T r a c t i o n C o _______________ 4 0
G u lf C it ie s G a s C o .— S e e S o u t h w e s t e r n G a s
& E l e c t r i c C o ________________________________________1 7 4
G u lf C o a s t P o w e r C o .— S e e C e n tr a l P o w e r &
L i g h t C o .................................................................
G u l f p o r t & M i s s i s s i p p i C o a s t T r a c t i o n C o ___ 1 7 3
G u t h r i e - E d m o n d R y . — -S e e O k l a h o m a R v
198
H
H a c k e n s a c k G a s & E le c t r ic C o .— S e e G a s &
E l e c t r i c C o . o f B e r g e n C o u n t y _____________ - 7 6
H a c k e n s a c k G a s L ig h t C o .— S e e G a s & E le c
t r i c C o . o f B e r g e n C o u n t y _____________________ 7 6
H a c k e n s a c k W a t e r C o _______________________________ 1 8
H a g e r s to w n & B o o n s b o r o R y .— S ee P o t o m a c
E d i s o n C o _____________________________________________1 0 6
H a g e r s t o w n & F r e d e r ic k R y .— S e e P o t o m a c
E d i s o n C o _____________________________________________1 0 6
H a g e r s t o w n & M y e r s v ille R y .— S e e P o t o m a c
E d i s o n C o _____________________________________________1 0 6
H a g e r s to w n & N o r th e r n R y .— S e e P o to m a c
E d i s o n C o ____________________________________________ 1 0 6
H a g e r s t o w n L ig h t & H e a t C o . o f W a s h . C o .—
S e e L e h i g h P o w e r S e c u r i t i e s C o r p o r a t i o n . . 91
H a g e r s t o w n R y . — S e e P o t o m a c E d i s o n C o ___ 1 0 6
H a lifa x E le c t r ic T r a m w a y .— S e e N o v a S c o t ia
T r a m w a y s & P o w e r C o ___________________________2 1 9
H a m b u r g R y . C o .— S e e B u f f a lo & E r ie R y . - - *T
H a m ilt o n , C a n ., P o w e r , L ig h t & T r a c . C o .—
S e e D o m i n i o n P o w e r & T r a n s m i s s i o n C o ----- 2 1 9
H a m ilto n E le c r ic L ig h t & P o w e r C o .— S ee
D o m i n i o n P o w e r & T r a n s m i s s i o n C o _______ 2 1 9
H a m ilt o n G r im s b y & B e a n s v ille R y .— S e e
D o m i n i o n P o w e r & T r a n s m i s s i o n C o _______ 2 1 9
H a m ilto n & L in d e n w a ld E le c t r ic T r a n s .— S ee
C i n c i n n a t i & D a y t o n T r a c t i o n _______________ 1 1 6
H a m ilto n S tr e e t R y .— S e e D o m in io n P o w e r &
T r a n s p o r t a t i o n C o _________________________________2 1 9
H a m m o n d W h i t i n g & E a s t C h i c a g o R y ________ 1 42
H a m p t o n & L a n g l e y F i e l d R y . —- S e e N e w p o r t
N e w s & H a m p t o n R y . , G a s & E l e c . C o _____ 1 5 7
H a m p to n R o a d s T r a c t io n C o .— S e e N e w p o r t
N e w s & H a m p t o n R y ., G a s & E l e c t r i c C o . .1 5 7
H a n o v e r & M c S h e r r y t o w n S t r e e t R y ___________ 1 0 2
H a n o v e r P o w e r C o .— S e e G e n e r a l G a s & E le c
t r i c C o __________________________________________________ 4 6
H a r r is b u r g E le c t r ic S e r v ic e C o .— S e e U n it e d
G a s & E l e c t r i c C o r p o r a t i o n ___________
47
H a r r is b u r g L ig h t , H e a t & P o w e r .— S e e H a r
r i s b u r g L i g h t & P o w e r ____________________________ 4 8
H a r r i s b u r g L i g h t & P o w e r C o _____________________ 4 8
H a r r is b u r g & M e c h a n ic s b u r g E le c t r ic R y .—
S e e V a l l e y R a i l w a y s C o _________________________ 1 0 1
H a r r i s b u r g R a i l w a y s _________________________________1 0 1
H a r t f o r d C i t y G a s L i g h t C o ______________________ 1 8
H a r t f o r d E l e c t r i c L i g h t C o ___________________________3 7
H a r t fo r d M a n c h e s te r & R o c k v ille T r a m w a y .
— S e e C o n n e c t i c u t C o ______________________________ 3 8
H a r t f o r d & S p r i n g f i e l d S t r e e t R y _________________4 0
H a r t f o r d S t r e e t R y . — S e e C o i n e c t i c u t C o ___ 3 8
H a r w o o d E le c t r ic C o .— S e e L u h ig h P o w e r S e
c u r i t i e s C o r p o r a t i o n __________
91
H a ttie s b u r g
T r a c tio n
C o .— S e e
M e r id ia n
L i g h t & R a i l w a y C o ______________________________ 1 7 2
H a v a n a E le c t r ic R y . (C u b a ).— S ee H a v a n a
E l e c t r i c R a i l w a y , L i g h t & P o w e r ____________ 2 2 5
H a v a n a E l e c t r i c R y . , L i g h t & P o w e r C o _____2 2 5
H a v a n a S u b w a y C o .— S e e I n t e r n a t io n a l T e le
p h o n e & T e l e g r a p h C o r p o r a t i o n _______________ 1 2
H a v e r h ill & A m e s b u r y S tr e e t R y .— S e e N e w
H a m p s h i r e E l e c t r i c R a i l w a y s _______________
29
H a v e r h ill & A n d o v e r .— S e e E a s t e r n M a s s a
c h u s e t t s S t r e e t R a i l w a y C o ______________________ 3 2
H a v e r h ill G e o r g e t o w n & D a n v .— S e e E a s t e r n
M a s s a c h u s e t t s S t r e e t R a i l w a y C o ______________ 3 2
H a z le t o n S te a m H e a t in g C o .— S e e L e h ig h
P o w e r S e c u r i t i e s C o r p o r a t i o n __________________ 9 1
, H a w k s E le c t r ic C o .— S e e I n t e r -S t a t e P u b lic
I
S e r v i c e _________________________________________________ 1 2 9
177
234
P age.
H e l e n a L i g h t & R a i l w a y C o ______________________ 2 1 5
H e n d e r s o n T r a c t i o n C o ____________________________ 1 2 4
H e r k im e r M o h a w k I li o n & F r a n k fo r d E le c t r ic
R y . — S e e N e w Y o r k S t a t e R a i l w a y s ____________ 65
H e s t o n v i l l e M a n t u a & F a i r m o u n t P a s s , R y . . 98
H o l y o k e S t r e e t R y _____________________________________ 3 5
H o m e L o n g D is ta n c e T e le p h o n e C o .— S ee
P a c i f i c T e l e p h o n e & T e l e g r a p h C o _____. . .
10
H om e
T e le p h o n e
&
T e le g r a p h
C o .— S ee
P a c i f i c T e l e p h o n e & T e l e g r a p h C o ___________ 1 0
H o n o l u l u R a p i d T r a n s i t C o „ L t d ______________2 1 8
H o o s a c V a lle y S t r e e t R a ilw a y .— S e e B e r k s h ir e
S t r e e t R y . _________________________________
33
H o o s ic k F a lls I llu m in a t in g C o .— S e e T w in
S t a t e s G a s & E l e c t r i c C o ________________________ 1 3 2
H o o s ic k F a lls R R .— S e e V e r m o n t C o m p a n y . . 30
H o o s ic k F a lls E le c t r ic C o .— S e e T w in S t a te s
G a s & E l e c t r i c C o __________________________________ 1 3 2
H o r n e ll E le c t r ic C o .— S ee N e w Y o r k C e n tr a l
E l e c t r i c C o r p _________________________________________ 5 4
H o t S p r in g s S t r e e t R y .— S e e C e n t r a l A r k a n
s a s R a i l w a y & L i g h t ______________________________1 7 5
H o u g h ton
C o u n t y G a s & C o k e C o .— S ee
M i c h i g a n G a s & E l e c t r i c C o ____________________1 2 9
H o u g h ton
C ou n ty
G as
&
E le c t r ic .— S ee
M i c h i g a n G a s & E l e c t r i c C o ____________________1 2 9
H o u g h t o n C o u n t y S t r e e t R y . ( M ic h .) .— S e e
H o u g h t o n C o u n t y T r a c t i o n C o _______________ 1 5 5
H o u g h t o n C o u n t y T r a c t i o n C o __________________ 1 5 5
H o u s t o n E le c t r ic C o .— S ee G a lv e s t o n -H o u s t o n E l e c t r i c C o _____________________________________ 1 7 6
H o u s t o n G a s & F u e l C o ______________________________4 8
H o u s t o n L i g h t i n g & P o w e r C o . ( 1 9 0 5 ) ________ 1 7 8
H u d s o n C o u n t y G a s C o ______________________________75
H u d s o n R i v e r & E a s t e r n T r a c t i o n C o ___________ 7 0
H u d s o n R iv e r T r a c t io n C o .— S e e N e w J e r s e y
& H u d s o n R i v e r R a i l w a y & F e r r y C o ------------ 7 7
H u d s o n V a l l e y R a i l w a y _______________________________64
H u n t in g d o n V a lle y L ig h t & P o w e r C o .— S e e
P h i l a d e l p h i a S u b u r b a n G a s & E l e c t r i c C o . 83
H u n t in g t o n & C h a r le s t o n R R .— S e e O h io
V a lle y E le c t r ic R a ilw a y
C o ___________________ 82
H y d r a u lic
P o w e r C o .— S e e
N ia g a ra
F a lls
P o w e r C o _______________________________________________ 5 0
I
I d a h o P o w e r C o , — -S e e E l e c . P o w . & L t . C o r p _ 2 1 5
I d a h o -W a s h in g t o n L ig h t & P o w e r C o .— S ee
T h e W a s h i n g t o n W a t e r P o w e r C o . S y s t e m .213
8
I l l i n o i s B e l l T e l e p h o n e C o -----------------------------------I llin o is C e n tr a l T r a c t io n C o .— S e e I llin o is
T r a c t i o n , I n c ________________________________________ 1 3 7
I l l i n o i s N o r t h e r n U t i l i t i e s C o _____________________ 132
I ll in o i s P o w e r C o .— S e e C o m m o n w e a lt h P o w .
C o r p ________ i __________________________________________1 46
_
I l l i n o i s P o w e r & L i g h t C o r p o r a t i o n ____________ 1 36
I l l i n o i s T r a c t i o n C o __________________________________ 1 3 8
I l l i n o i s T r a c t i o n , I n c _________________________________1 37
I llin o is V a lle y R y . C o .— S e e C h ic a g o O t t a w a
& P e o r i a _______________________________________________ 1 3 7
I n d e p e n d e n t T e le p h o n e C o .— S e e O h io -B e ll
T e l e p h o n e C o ______________
10
I n d i a n a C o lu m b u s & E a s t e r n T r a c t i o n C o . . 117
I n d ia n a L ig h t in g C o .— S ee N o r . I n d . G a s
& E l e c t r i c C o ________________________________________1 34
I n d i a n a N a tu r a l G a s & O il C o .— S e e P e o p l e ’s
G a s L i g h t & C o k e C o _______________________________ 2 2
I n d ia n a N o r t h e r n T r a c t io n C o .— S e e U n io n
T r a c t i o n C o . o f I n d i a n a ---------------------------------------1 2 3
I n d ia n a P u b lic S e r v ic e — S ee I n t e r -S t a t e P u b
l i c S e r v i c e ____________________________________________ 1 2 9
I n d ia n a R y s . & L ig h t (K o k o m o ).— S ee N o r t h
e r n I n d . P o w . C o __________________________________ 1 21
I n d ia n a R y .— S ee C h ic a g o S o u t h B e n d &
N o r t h e r n I n d i a n a R y ______________________________ 1 23
I n d i a n a S e r v i c e C o r p _________________________________1 2 4
I n d ia n a
U n io n
T r a c tio n
C o .— S e e U n io n
T r a c t i o n C o . o f I n d i a n a ---------------------------------------1 2 3
I n d i a n a p o l i s & C i n c i n n a t i T r a c t i o n C o _______1 2 5
I n d ia n a p o lis C o a l T r a c . C o .— S ee T e r r e H a u te
I n d . & E a s t e r n ______________________________________ 1 2 1
I n d i a n a p o l i s C o l u m b u s & S o u t h e r n T r a c . C o . 130
I n d i a n a p . C r a w f o r d s v . & D a n v . E l e c . R y -------- 1 22
I n d ia n a p o lis & E a s te r n R y s . C o .— S ee T e r r e
H a u t e I n d . & E a s t e r n T r a c t i o n C o ----------------- 1 2 1
I n d ia n a p o lis G a s C o .— S e e C it iz e n s G a s C o .
o f I n d ___________________________________________________ 1 6
I n d ia n a p . & G r e e n fie ld R a p id T r a n s it — S ee
T e r r e H a u t e I n d i a n a p . & E a s t . T r a c . C o . .1 2 1
I n d i a n a p o l i s L i g h t & H e a t C o ____________________1 2 1
I n d ia n a p o lis & L o u is v ille T r a c . R y .— S e e
I n t e r - S t a t e P u b l i c S e r v i c e C o ----------------------------1 2 9
I n d i a n a p . & M a r t i n s v il le R a p i d T r a n s i t C o . .1 2 2
I n d i a n a p o l is N e w c a s tle & E a s t e r n T r a c . C o . .1 2 3
I n d i a n a p . N e w c a s t le & T o l e d o E l. R y .— S e e
I n d . N e w c . & E a s t e r . T r a c . C o --------------------------1 2 3
I n d ia n a p o lis
N orth ern
T r a c tio n
C o .— S ee
U n i o n T r a c t i o n C o . o f I n d ______________________ 1 2 3
I n d i a n a p o l i s & N o r t h w e s t e r n T r a c t i o n C o . .1 2 2
I n d . S h e lb y v ille & S o u t h e a s t e r n T r a c . C o .—
S e e I n d . & C i n . T r a c t i o n C o ____________________1 2 5
I n d ia n a p o lis & S o u t h e a s t e r n T r a c t io n C o .—
S e e I n d . & C i n e . T r a c t i o n ______________________ 1 2 5
I n d i a n a p o l i s S t r e e t R y _________________________ I
____1 22
I n d ia n a p o lis T r a c . & T e r m . C o .— S ee I n d ia n
a p o l i s S t r e e t R y _____________________________________ 1 2 2
I n d i a n a p o l i s W a t e r C o _______________________________ 1 8
I n d i a n a p o l i s W a t e r W o r k s S e c u r i t i e s C o _______1 8
I h l a n d E m p i r e R R . C o ______________________________2 i 4
I n t e r - C o u n t y P o w . & L t . — -S e e S o u t h w e s t
P o w . C o _______________________________________________ 1 98
[V ol. 121,
IN D EX TO COMPANIES
1
Page.
P age.
K in g s C o u n t y E le c . L ig h t & P o w . C o .— S ee
I n t e r -M o u n t a in R y .— S e e D e n v e r & I n t e r B r o o k l y n E d i s o n C o . , I n c --------------------------------------- 5 2
M o u n t a i n R R ________________________________________ 1 9 3
K in g s C o u n t y
G as &
I l i u m . — -S e e K i n g s
I n t e r b o r o u g h R a p i d T r a n s i t C o __________________ 5 9
C o u n t y L i g h t i n g C o ----------------------------------------------- 5 3
I n t e r - S t a t e C o n s o l i d a t e d S t r e e t R y ______________ 3 4
I n t e r s t a t e P o w e r C o __________________________________ 1 8 7 K i n g s C o u n t y L i g h t i n g C o ---------------------------------------5 8
I n t e r - S t a t e P u b l i c S e r v i c e C o _____________________ 1 2 9 K i n g s C o u n t y T r a c t i o n — S e e N a s s a u E l e c -------- 6 4
I n t e r - S t a t e R y s . C o ___________________________________1 0 3 K i n g s b r i d g e R y ________________________________________ 62
: K in g s t o n C it y R R .— S e e K in g s t o n C o n s .R R _ 68
In te r -U r b a n
R y.
(D e s
M o in e s )— S ee
D es
K i n g s t o n C o n s o l i d a t e d R R ---------------------------------------0 8
M o i n e s & C e n t r a l I o w a R R _____________________ 1 8 8
K it t a n n in g & F o r d C it y — S ee W e s t P e n n R y s 89
I n t e r n a t i o n a l R y ______________________________________ 65
I n t e r n a t i o n a l T e l e p . & T e l e g . C o r p _______________ 12 K l a m a t h P o w e r C o . — S e e C a l i f o r n i a - O r e g o n
P o w e r C o ______________________________________________ 2 0 4
I n t e r n a t . T r a c . C o . — S e e I n t e r n a t i o n a l R y . _ 65
I n t e r n a t i o n a l U t i l i t i e s C o r p ______________________ 1 59 K n o x v i l l e P o w e r & L i g h t C o -----------------------------------1 6 2
! K n o x v ille T r a c t io n — S e e K n o x . P o w e r & L t .
Io w a C it y G a s & E le c . C o .— S ee T r i-C it y R y .
C o ...................................................... - .......................... .................. 1 6 2
& L i g h t C o ___________________ *______________________ 1 5 4
K okom o
G as
&
F uel
C o .— S e e
M id la n d
Io w a C it y L t . & P o w . C o .— S ee T r i-C it y R y .
U t i l i t i e s --------------------------------132
& L i g h t C o ___________________________________________1 5 4
K o k o m o M a rio n & W e s te r n T r a c t io n C o .—
I o w a & 111. R y . C o . — S e e T r i - C i t y R y . & L t _ _ 1 5 4
S e e N o r t h e r n I n d i a n a P o w e r C o --------------------- 1 2 1
I o w a R y . & L i g h t C o _________________________________1 8 7
K u tztow n
& F le e tw o o d
S tre e t
R y -— S ee
I o w a S o u t h e r n U t i l i t i e s C o ________________________ 1 8 6
A l l e n t o w n & R e a d i n g --------------------------------------------- 9 8
I t h a c a S t r e e t R y . — S e e I t h a c a T r a c . C o r p _____ 6 8
I t h a c a T r a c t i o n C o r p _______________________________ 6 8
J
J a c k s o n & B a tt, C re e k T r a c tio n
C o .— S ee
M i c h i g a n U n i t e d R y s ______________________________1 5 1
J ackson
C o n s o lid a te d
T r a c tio n
C o .— S ee
M i c h i g a n E l e c t r i c R y . C o ________________________ 1 51
J a c k s o n G a s C o .— S ee C o n s u m e r s P o w . C o _ _ 1 4 8
J a c k s o n (M is s .) L t . & T r a c . C o .— S e e M is s .
P o w e r & L i g h t C o __________________________________ 1 7 3
J ackson
(M is s .)
P u b lic
S e r v ic e
C o .— S ee
M i s s . P o w e r & L i g h t C o _________________________ 1 7 3
J a c k s o n v ille (F la .) E le c . C o .— S e e J a c k s o n v .
T r a c t i o n C o _________________________________________ 1 71
J a c k s o n v ille G a s , L ig h t & C o k e C o .— S ee
I l l i n o i s P o w e r & L i g h t C o r p ____________________1 3 6
J a c k s o n v i l l e R y . & L i g h t C o . — S e e 111. P o w e r
& L i g h t C o r p ________________________________________1 3 6
J a c k s o n v i l l e ( F l a . ) T r a c t i o n C o __________________ 1 7 1
J a m a i c a & B r o o k l y n R R . — S e e B . - M . T ___________62
J a m e s t o w n S t r e e t R y _______________________________ 6 8
J a n e s v ille E le c . C o .— S e e W is . P o w . & L t . C o _ 1 3 0
J a n e s v ille (W is .) T r a c t i o n C o .— S e e U n io n
R y . , G a s & E l e c t r i c _________________________________1 5 0
J a r d in
B o t a n ic o
T ra m w a y — S ee
B r a z ilia n
T r a c . , L i g h t & P o w e r C o ________________________ 2 2 5
J e ffe r s o n D iv is io n — S e e P e n n s y lv a n ia & O h io
T r a c t i o n C o _________________________________________ 1 1 6
J e ffe r s o n & L a k e P o n t c h a r t r a in R y . C o .— S ee
N e w O r l e a n s P u b l i c S e r v i c e _____________________ 1 7 3
J e n k in t o w n C h e lt e n h a m G a s C o .— S ee P h ila .
S u b . G a s & E l e c . C o _______________________________ 83
J e r s e y C e n t r a l P o w e r & L i g h t C o _________________7 8
J e r s e y C e n t r a l T r a c t io n C o .— S e e A m e r ic a n
E l e c t r i c P o w e r C o __________________________________ 81
J e rse y C it y & B e r g e n R R .— S ee C o n s . T r . C o . 76
J e r s e y C it y H a r r is o n & K e a r n e y R y . C o .—
S e e C o n s o li d a t e d T r a c t io n o f N e w J e r s e y . . 76
J e r s e y C i t y H o b . & P a t .— S e e P u b . S e rv . R y _ . 76
J o h n s t o w n P a s s . R y .— S e e J o h n s t o w n T r a c .1 0 2
J o h n s t o w n T r a c t i o n C o _____________________________1 02
J o l i e t R R . — S e e C h i c . & J o l i e t E l e c t r i c R y ___ 1 32
J o p l i n & P i t t s b u r g R y . C o _________________
1 91
K
K a n a w h a T r a c t i o n & E l e c t r i c C o _______________ 1 5 8
K a n a w h a V a lle y T r a c t io n C o .— S e e C h a r le s
t o n I n t e r u r b a n R R _________________________________1 58
K a n k a k e e G a s & E le c . C o .— S e e P u b . S e r v ic e
C o . o f N o r t h e r n I l l i n o i s _________________________ 1 3 4
K a n s a s C i t y C l a y C o u n t y & S t . J o s e p h ______ 1 9 6
K a n s a s C i t y E l e v . R y . — S e e K . C . R y s _________ 1 9 *
K a n s a s C i t y G a s C o ___________________________________ 1 8
K a n s a s C i t y K a w V a l l e y & W e s t e r n K y _______ 1 9 7
K a n s a s C i t y L e a v e n w o r t h & W e s t e r n R y _____1 9 1
K a n s a s C it y L ig h t & P o w e r C o .— S ee K a n s a s
C i t y P o w e r & L i g h t C o ___________________________ 1 9 4
K a n s a s C it y O u t e r B e lt & E le c . R y .— S ee
“ R a ilw a y & I n d u s t r ia l” S e c t io n .
K a n s a s C i t y P o w e r & L i g h t C o ___________________1 9 4
K a n s a s C i t y P o w e r S e c u r i t i e s _____________________ 1 9 4
K a n s a s C i t y P u b l i c S e r v i c e C o . — 'S e e K a n s a s
C i t y R y s . C o _________________________________________ 1 9 6
K a n s a s C i t y R y s . C o _________________________________ 1 9 6
K a n s a s C it y & W e s t p o r t B e lt R y .— S e e K a n .
C i t y R y s _______________________________________________ 1 9 6
K a n s a s C it y -W e s t e r n R y .— S e e K a n s a s C it y
L e a v e n w o r t h & W e s t e r n R y ____________________1 91
K a n s a s E l e c t r i c P o w e r C o _________________________ 1 9 0
K a n s a s E le c t r ic U tilitie s C o .— S ee K a n s a s
E l e c t r i c P o w e r C o __________________________________ 1 9 0
K a n s a s G a s & E l e c t r i c C o _________________________ 1 9 0
K a n s a s P u b lic S e r v ic e C o .— S ee T o p e k a R y .
& L t. C o.
K e n n e b u n k E l. L t .— S e e C u m b e r la n d C o u n t y
P o w e r & L i g h t ________________________________________2 7
K e n o s h a E le c . R y .— S e e W is . G a s & E le c . C o .1 8 2
K e n t u c k y S e c u r i t i e s C o r p __________________________1 59
K e n t u c k y T r a c t i o n & T e r m i n a l C o _____________ 1 5 9
K e o k u k ( I o w a ) E l e c t r i c C o ________________________ 1 8 7
K e o k u k E le c . R y . & P o w .— S e e K e o k u k E l.
C o ______________________________
...1 8 7
K e s w i c k E l e c t r i c P o w . C o . — 'S e e P a c i f i c G a s
& E l e c . C o ____________________________________________ 2 0 0
K e w a n e e P u b l i c S e r v i c e C o ________________________ 1 4 6
K e y S y ste m S e c u r it ie s C o .— S ee K e y S y s te m
T r a n s i t C o ____________________________________________ 2 1 0
K e y S y s t e m T r a n s i t C o ______________________________2 1 0
K e y W e s t E l e c t r i c C o _______________________________ 1 71
K i n g s C o . E l e v . — S e e B . - M . T . C o r p ______________ 62
L a C r o s s e C it y R y .— S ee W is . R y . L t . & P r_1 8 3
L a P o r te & M ic h . C ity R y .— S ee C h ic . S . B .
& N o r . I n d . R y __________________________
123
L a c k a w a n n a V a il . T r a c . — S e e S c r a n t o n R y - 82
L acka. &
W y o . V a il. R a p . T r . C o .— S ee
j
S c r a n t o n & W i l k e s - B a r r e T i a c ------------------------- 1 0 4
1 L a c l e d e G a s L i g h t C o ----------------------------------------------- 18
L a c o n i a S t r e e t R y _____________________________________ 3 9
i L a fa y e tte & L o g a n s p o r t T r a c t io n — S ee I n d i
a n a S e r v i c e C o r p ____________________________________1 3 4
! L a f a y e t t e S t r e e t R y .— S e e I n d ia n a S e r v ic e
C o r p ____________________________________________________ 1 2 4
j Lake
C h a r le s
E le c tr ic
C o .— S e e
E a stern
T e x a s E l e c _____________________________________________1 7 9
L a k e C h a r l e s R y . L i g h t & W a t e r W o r k s ------- 1 7 4
L s k e E r ie T r a c C o . — S e e B u f f . & E r ie R y . _ 67
L a k e R o la n d E le v a te d — S e e U n it e d R y s . &
E l e c t r i c C o . o f B a l t i m o r e ------------------------------------- 1 07
L a k e S h o r e E l e c t r i c ( C l e v e l a n d ) ------------116
Lake
S treet
E le v a te d
R R .— S ee
C h ic a g o
i
R a p i d T r a n s i t C o ___________________________________ 1 34
L a k e V ie w L . & I m p t. C o .— S ee C a n t o n A kron
C o n s . R y -----------------------------------------------------H 6
L a k e V ie w T r a c . C o .— S e e M e m p h is S t . R y -_ 1 6 2
L a k e s id e
R y .,
M ahanoy
C ity ,
P a .— S e e
S c h u y l k i l l T r a c t i o n ------------------------------------------------ 1 02
L a n c a s te r C it y R R .— S ee L a n . C o . R y - &
| L i g h t C o ______________________________
94
j L a n c a s te r & C o lu m b ia — S ee L a n e . C o . R y .
& L i g h t _________________________________________________ 94
L a n c a s t e r C o u n t y R y . & L t . C o ---------------------------- 9 4
j L a n c a s te r & E a st. R y .— S ee L a n e . C o . R y .
& L i g h t _____________________________
94
L a n c a s t e r G a s L ig h t & F u e l C o .— S e e L a n *
I c a s t e r C o u n t y R y . & L i g h t C o ------------------------------94
L a n c a s t e r M e c h a n ic s b u r g & N e w H o lla n d —
j S e e L a n e . C o . R y . & L t . C o --------------------------------- 94
j
L a n ca ste r
P e te rsb u rg
&
M a n h e im — S ee
L a n c a s t e r C o . R y . & L t . C o --------------- --------------- 9 4
L a n ca ste r
&
Q u a r r y v ille
S tr e e t R y .— S ee
L a n c a s t e r C o . R y . & L t . C o ------------------------------ 9 4
L a n c a s te r & R o c k y p r in g s
R y .— S e e
Lan
c a s t e r C o . R y . & L t . C o --------------------------------------L a n c a s te r T r a c . C o .— S ee L a n e . C o . R y . & L t_
L a n c a s te r W illo w S t. L a m . & S tra s. R y .
S e e L a n c a s t e r C o . R y . & L t . C o --------------------- 9 4
L a n c a s t e r & Y o r k F u r n a c e S t r e e t R y -------------- 1 0 2
L a n s in g & J a c k s o n
R y .— S ee M ic h . E le c .
R y . C o _____________________________________
151
L a s V e g a s T r a n s it C o .— S ee F e d . L t . & T r_ _ 1 7 5
L a u re l E le c tr ic P o w e r
& L ig h t
C o .— S ee
L a u r e l L i g h t & R y . C o ----------------------------------------- 1 7 3
L a u r e l L i g h t & R a i l w a y C o -----------------------------------1 7 3
L a u r e n t i d e P o w e r C o . , L t d ------------------------------------2 1 9
L a w r e n c e G a s & E l e c t r i c C o ---------------------------------- 3 1
L a w re n ce & R e a d in g — S ee E a ste rn M a ssa
c h u s e t t s S t r e e t R y . C o ---------------------------------------- 3 2
L e a v . L t ., H t . & P o w e r C o .— S e e U n it e d G a s
& E l e c t r i c C o _________________________________________ 4 7
L e b a n o n H t g . C o .— S ee I n t e r -S t a t e P u b lic
S e r v i c e C o _____________________________________________1 2 9
L e b a n o n V a l l e y S t . R y ______________________________ 9 6
L e h ig h N a v ig a t io n E le c t r ic C o .— S e e L e h ig h
P o w e r S e c u r i t i e s C o r p o r a t i o n ------------------------------ 9 1
L e h i g h P o w e r S e c u r i t i e s C o r p o r a t i o n -----------------9 1
L e h i g h T r a c t i o n _______________________________________1 0 1
L e h ig h V a l. T r a c .— S e e L e h ig h V a l. T r a n . C o . 91
L e h ig h V a lle y L t . & P o w . C o .— S e e L e h ig h
P o w e r S e c u r i t i e s C o r p --------------------------------------------- 9 1
L e h i g h V a l l e y T r a n s i t C o ----------------------------------------- 9 1
L e o m in s t e r & C lin t o n S t. R y .— S ee N e w E n g .
I n v e s t . & S e c . C o ____________________________________3 3
L e o m in s t e r S h ir le y
& A y e r S t. R y .— S ee
F i t c h b u r g & L e o m i n s t e r S t r e e t R y ------------------- 3 5
L e w is b u r g M ilt o n & W a t s o n t o w n P a s s . R y .1 0 2
L e w is to n
&
A u b u rn
E le c .
L t.
C o .— S ee
A n d r o s c o g g i n E l e c t r i c C o ________________________2 8
L e w is t o n A u g u s t a & W a te r v ille S t. R y .— S ee
A n d r o s c o g g i n & K e n n e b e c R y __________________ 2 8
L e w is t o n B r u n s w ic k & B a th S t. R y .— S ee
A n d r o s c o g g i n & K e n n e b e c R y __________________ 2 8
L e w i s t o n C o n n e c t i n g B r i d g e — S e e I n t . R y - - 65
L e w i s t o n & Y o u n g s t o w n F r o n t i e r R y ---------------7 0
L e w i s t o w n & R e e d s v i l l e E l e c t r i c R y ____________ 1 0 1
L e x in g t o n A v e n u e & P a v o n ia F e r r y R y .—
S e e N e w Y o r k R y s ____________________________________6 1
L e x i n g t o n & B o s t o n S t . R y .— S e e M id d le s e x
& B o s t o n S t r e e t R y _________________________________3 5
L e x i n g t o n I c e C o _______________________________________1 6 0
Oct., 1925.]
INDEX TO COMPANIES
P age.
L e x i n g t o n &■ I n t e r u r b a n R y s . — S e e K e n t u c k y
S e c u r i t i e s C o r p o r a t i o n ___________________________ 1 5 9
L e x i n g t o n R y . — S e e K e n t u c k y T r a c . & T e r m . 1 59
L e x i n g t o n U t i l i t i e s C o _______________________________ 1 59
L i c k i n g R i v e r B r . C o . — S e e C i n . N e w . & C o v .lG O
L i m a C i t y S t r e e t R a i l w a y C o _____________________ 1 1 9
L im a F i n d l a y & T o l e d o — S e e W e s t . O h i o R y _ 1 1 9
L im a — T o l e d o R a i l r o a d C o ________________________ 1 1 9
L i n c o l n T e l e p h o n e & T e l e g r a p h C o ___________
9
L i n c o l n ( N e b . ) T r a c t i o n ____________________________ 1 8 9
L in d e ll R y . — S e e U n it e d R y s . C o . o f S t . L o u is 193
L in g le s t o w n & B lu e M t n .— S e e H a r r is b u r g
R a i l w a y s ______________________________________________ 1 0 1
L it t le R o c k R y . & E le c . C o .— S e e A r k a n s a s
C e n t r a l P o w e r C o __________________________________ 1 7 6
L iv in g s t o n N ia g a r a P o w . C o .— S e e N ia g a ra
L o c k p o r t & O n t a r i o P o w e r C o __________________ 5 0
L o c k p o r t G a s & E le c t r ic — S e e U n it e d G a s
& E l e c t r i c C o _________________________________________ 4 7
L o c k p o r t L ig h t , H e a t & P o w e r — S e e U n it e d
G a s & E l e c t r i c = C o ___________________________________ 4 7
L o c k p o r t & O l c o t t — S e e I n t e r n a t . R y s _________ 65
L o g a n L ig h t & P o w e r C o .— S ee A lt o o n a &
L o g a n V a l l e y E l e c t r i c R y _______________________ 82
L o g a n R a p id T r a n s it C o .— S ee U t a h -I d a h o
C e n t r a l R R ___________________________________________2 1 6
L o m b a r d & S o u t h S tr e e t P a s s e n g e r R y .—
S ee F r a n k fo r d & S o u t h w a r k P h ila . C ity
P a s s e n g e r R y _________________________________________ 98
L o n a c o n in g M id la n d & F r o s t b u r g R y .— S ee
C u m b e r l a n d & W e s t e r n p o r t ___________________ 44
L o n d o n ( C a n a d a ) S t r e e t R y ______________________ 2 2 0
L o n g I s l a n d C o n s o l . E l e c t r i c a l C o s _______________ 69
L o n g I s la n d E le c t r ic R y .— S ee L o n g Is la n d
C o n s . E l e c . C o s ______________________________________ 69
L o n g I s l a n d L i g h t i n g C o . ( w i t h m a p ) _________ 56
L o n g I s l a n d T r a c . — S e e B k l y n . M a n . T r a n s i t . 62
L o n g I s l a n d W a t e r C o r p o r a t i o n ______ ____________19
L o o k o u t M t n . R y . — S e e C h a t t . R y . & L t . C o . 161
L o r a ie & C le v e . R R .— S e e L a k e S h o r e E l. R y .1 1 6
L o r a i n S t . R R . — S e e L a k e S h o r e E l e c . R y _____1 1 6
L o s A n g e le s E le c . C o .— S e e L o s A n g e le s G a s
& E l e c . C o r p _________________________________________ 2 0 2
L o s A n g e le s G a s & E le c t r ic C o .— S e e L o s
A n g e l e s G a s & E l e c t r i c C o r p o r a t i o n ________ 2 02
L o s A n g e l e s G a s & E l e c t r i c C o r p _________________2 0 2
L o s A n g e le s H e rm o sa B e a c h & R e d o n d o — S ee
P a c i f i c E l e c t r i c R y _________________________________2 0 9
L o s A n g e le s P a c i f i c C o .— S e e P a c . E le c . R y ._ 2 0 9
L o s A n g e l e s P a c . R R . — S e e P a c . E l e c . R y ----- 2 09
L o s A n g e le s & P a s a d e n a E le c . R y .— S e e P a
c i f i c E l e c t r i c R y _____________________________________ 2 0 9
L o s A n g e le s R y .— S ee L o s A n g e le s R y . C o rp _ 2 0 9
L o s A n g e l e s R y . C o r p ___ :___________________________ 2 09
L o s A n g e le s & R e d o n d o R y .— S ee P a c ific
E l e c t r i c R y ________________ . _________________________ 2 0 9
L o s A n g e l e s S u b u r b a n G a s C o r p __________________ 19
L o s A n g e le s T r a c .— S ee L o s A n g . R y . C o r p _ 2 0 9
L o u is v ille H o m e T e l. C o .— S ee C u m b e r la n d
T e l . & T e l . C o . , I n c _______________________________
8
L o u is v ille & I n t e r u r b a n R y .— S e e L o u is v ille
R a i l w a y _______________________________________________ 1 6 0
L o u is v ille & N o r . R y . & L tg . C o .— S ee I n t e r S t a t e P u b l i c S e r v i c e C o ___________________________ 129
L o u i s v i l l e R a i l w a y C o m p a n y ______________________ 1 6 0
L o u is v ille & S o u t h e r n I n d ia n a T r a c . C o r p .—
S e e I n t e r - S t a t e P u b l i c S e r v i c e C o ____________ 1 29
L o w F a r e R y . — S e e C l e v e l a n d R y _________________ 115
L o w e l l E l e c t r i c L i g h t C o r p . ( T h e ) _______________ 31
L o w e l l & F i t c h b u r g S t r e e t R y ______________________ 35
L o w e ll L a w r e n c e
&
H a v e r .— S e e
E a ste rn
M a s s a c h u s e t t s S t r e e t R y . C o _____________________ 32
L y k e n s V a lle y L t . & P o w .— S ee E a s t P e n n .
E l e c t r i c C o ________,__________________________________ 9 4
L y n c h b u r g G a s C o .— S ee L y n c h b u r g T r a c . &
L i g h t C o ________________________________________________ 81
L y n c h b u r g & R o a n o k e — S e e A m e r ic a n E le c .
P o w e r C o ___________________________________________
81
L y n c h b u r g T r a c . & L i g h t ____________________________ 81
L y n c h b u r g W a te r P o w e r C o .— S e e L y n c h
b u r g T r a c t i o n & L i g h t C o ________________________ 81
L y n n & B o s to n R R .— S ee E a ste rn M assa
c h u s e t t s S t r e e t R y . C o __________________________ 32
M
M a c k a y C o m p a n i e s ___________________________________ 12
M a c o n E le c t r ic & R y .— S ee G e o r g ia L ig h t ,
P o w e r & R a i l w a y s __________________________________ 1 68
M a co n G a s C o .— S ee G e o r g ia L ig h t , P o w e r &
R a i l w a y s ______________________________________________168
M a c o n R y . & L ig h t C o .— S ee G e o r g ia L ig h t ,
P o w e r & R a i l w a y s __________________________________ 1 68
M a d i s o n C o u n t y L i g h t & P o w e r C o . — S e e 111.
P o w e r & L i g h t C o r p _______________________________ 1 36
M a d is o n P o w e r C o .— S e e N . Y . S ta te G a s &
E l e c t r i c C o r p _________________________________________ 56
M a d i s o n ( W i s . ) R a i l w a y s C o m p a n y ______________ 183
M a d is o n
R iv e r
P ow er
C o .— S e e
M on ta n a
P o w e r C o ______________________________________________2 1 4
M a h o n in g & S h e n a n g o R y . & L ig h t C o . (w ith
m a p ) — S e e R e p u b l i c R y . & L i g h t C o ________ 112
M a h o n i n g V a l. S . E .— S e e P e n n s y lv a n ia O h io
E l e c t r i c C o ___________________________________________ 1 12
M a n c h e s te r & D e r r y S t. R y .— S ee M a n . T r a c .,
L i g h t & P o w e r ________________________________________ 29
M a n c h e s t e r & N a s h u a S t. R y .— S e e M a n c h .
T r a c . , L i g h t & P o w e r C o ___________________________29
M a n c h e s t e r T r a c t i o n , L i g h t & P o w e r C o _____29
M a n h a t t a n B r i d g e ( N . Y . ) 3 C e n t L i n e __________66
M a n h a t t a n E l e v a t e d C o . — S e e M a n h a t t a n R y . 60
M a n h a t t a n & Q u e e n s T r a c t i o n C o r p o r a t i o n . 69
P age.
a n h a t t a n R a i l w a y __________________________________ 6 0
a n i l a E l e c t r i c C o ___________________________________ 2 1 8
a n i l a E l e c t r i c C o r p ________________________________ 2 1 8
a n ila E l e c t r i c R R . & L ig h t in g C o r p .— S e e
M a n i l a E l e c t r i c C o r p ______________________________2 1 8
M a n i l a S u b u r b a n R y s _______________________________ 2 1 8
M a n u f a c t u r e r s L i g h t & H e a t C o __________________ 2 1
M a r a v ia E le c . L t ., H t . & P o w . C o .— S e e N . Y .
S t a t e G a s & E l e c . C o r p __________________________ 5 6
M a r io n
B lu ffto n
&
E a s t. T r a c . C o .— S ee
M a r i o n & B l u f f t o n T r a c t i o n C o _______________ 1 24
M a r i o n & B l u f f t o n T r a c t i o n C o __________________ 1 2 4
M a r i o n C i t y R y . — S e e U n i o n T r a c . o f I n d ___ 1 23
M a r io n R a ilw a y , L ig h t & P o w e r C o .— S ee
C o l u m b u s D e l a w a r e & M a r i o n E l e c . C o _____1 1 4
M a rk e t S t r e e t C a b le R y .— S ee M a rk e t S t. R y _2 08
M a r k e t S t . E l. P a s s . R y .— S e e P h il a d e lp h ia
R a p i d T r a n s i t ________________________________________ 9 6
M a r k e t S t r e e t R a i l w a y _______________________________ 2 0 8
M a r lb o r o & W e s t b o r o S t r e e t R y .— S e e W o r c e s
t e r C o n s . S t r e e t R y ___ _____________________________ 3 4
M a r q u e tte C o u n t y G a s & E le c . C o .— S ee
M a r q u e t t e C o u n t y E l e c t r i c R a i l w a y C o ________ 1 2 9
M i c h i g a n G a s & E l e c t r i c ________________________ 1 2 9
M a r s e ille s W a t e r & L ig h t C o .— S e e I llin o is
P o w e r & L i g h t C o r p _______________________________ 1 3 6
M a r s h a llt o w n (I o w a ) L ig h t , P o w e r & R y .—
S e e I o w a R y . & L i g h t C o ________________________ 1 8 7
M a r y l a n d E l e c t r i c R y s _______________________________ 1 0 7
M a s o n C i t y & C l e a r L a k e R R _____________________ 1 5 4
M a s s a c h u s e t t s C o n s o l i d a t e d R y s __________________ 3 5
M a s s a c h u s e t t s E le c . C o m p a n ie s — S e e E a s te r n
M a s s a c h u s e t t s S t r e e t R y . C o _____________________ 32
M a s s a c h u s e t t s G a s C o m p a n i e s _____________________ 19
M a s s a c h u s e t t s N o r t h e a s t e r n S t r e e t R y _________ 2 9
M a ss . N o r t h . R y s .— S e e M a s s . C o n s o l i d a t e d 35
M a s s illo n E le c . & G a s C o .— S e e O h io P u b lic
45
S e r v i c e C o _________________________________________
M a t t o o n C i t y R y . C o . — S e e C e n t . 111. P . S . C o . 1 3 0
M a u c h C h u n k & L e h i g h t o n T r a n s i t C o ________ 1 02
M c A ls t e r G a s & C o k e C o .— S e e C e n t r a l P o w e r
& L i g h t C o ___________________________________________ 1 7 7
M c G a v o c k & M t. V e r n o n H o r s e R R .— S ee
N a s h v i l l e R y . & L i g h t __________________________ . . 1 6 1
M e a d v ille ( P a .) T r a c . — S e e N o r t h w . E l e c . S e r . 94
M e d ia G le n R i d d le & R o c k d a l e — S e e U n it e d
P o w e r & T r a n s p o r t a t i o n ________________________ 1 03
M e m p h is L i g h t & P o w e r C o .— S e e M e m p h is
P o w e r & L i g h t C o _________________________________1 62
M e m p h is L o n g D is t a n c e T e le . C o .— S e e C u m
b e r l a n d T e l . & T e l . C o . , I n c ___________________
8
M e m p h i s P o w e r & L i g h t C o _______________________1 62
M e m p h i s S t r e e t R y __________________________________ 1 6 2
M e m p h is T e l. & T e l.
S ee C u m b e r la n d T e l.
8
& T e l . C o . , I n c ______________________________________
M e r c e r C o . T r a c t i o n — S e e T r e n t o n S t r e e t R y . 80
M e r c h a n t s ’ E le c t r ic L ig h t — S ee N ew O rle a n s
P u b l i c S e r v i c e ______________________________________ 1 7 3
M e r i d e n H o r s e R R . — S e e C o n n e c t i c u t C o _______3 8
M e r id e n S o u t h i n g t o n & C o m p o u n c e T r a m
w a y — S e e C o n n e c t i c u t C o ______________________ 3 8
M e r i d i a n L i g h t & R a i l w a y C o _____________________ 1 72
M e s a b a R a i l w a y _______________
185
M e t r o p . C r o s s t o w n R R . — S e e N e w Y o r k R y s . 61
M e t r o p o l i t a n E d i s o n C o ___________
47
M e t r o p o lit a n E le c t r ic C o .— S e e M e t r o p o lit a n
E d i s o n C o ____________________________________________ 4 7
M e t r o p o lit a n G a s C o .— S ee P a c ific G a s &
E l e c t r i c C o ___________________________________________2 0 0
M e t r o p o l i t a n G a s & E l e c . C o ______________________ 2 0
M e t r o p o l i t a n R R . — S e e W a s h . R y . & E l e c _____ 1 0 8
M e t r o p o l i t a n R y . — -S e e M a r k e t S t r e e t R y _____2 0 8
M e t r o p o l i t a n S t . R y . ( N . Y . ) — S e e N . Y . R y s . . 61
M e t r o p o lit a n W e s t S id e E le v . R y . (C h ic a g o )
— S e e C h i c a g o R a p i d T r a n s i t __________________ 1 3 4
M ia m is b u r g & G e r m a n t o w n — S e e C in . & D a y .116
M i c h i g a n B e l l T e l e p h o n e C o ______________________
9
M ic h ig a n C it y G a s & E le c .— S e e N o r t h e r n
I n d . G a s & E l e c . C o _______________________________ 1 3 4
M ic h ig a n C it y & N o r th e r n I n d ia n a G a s C o .—
S e e N o r t h e r n I n d . G a s & E l e c __________________ 1 3 4
M ic h ig a n C it y T r a c t io n C o .— S ee C h ic a g o
S o u t h B e n d & N o r t h e r n I n d i a n a ______________ 1 2 3
M i c h i g a n E l e c t r i c R a i l w a y C o _____________________ 1 5 1
M i c h i g a n G a s & E l e c t r i c C o ________________________ 1 2 9
M ic h ig a n L ig h t C o .— S e e C o n s u m e r s P o w . C o . 148
M i c h i g a n R a i l r o a d ___________________________________1 51
M ic h ig a n R a ilw a y — S e e M ic h ig a n R a ilr o a d _ _ 1 5 1
M i c h i g a n T r a c t i o n — S e e M i c h . [ E l e c . ] R y s ___ 1 51
M ic h ig a n U n it e d
R y s . C o .— S e e M ic h ig a n
E l e c t r i c R a i l w a y C o _______________________________ 1 51
M i d C r o s s t o w n R a i l w a y C o ________________________ 62
M i d d l e W e s t U t i l . C o . ( a l s o m a p ) _________________ 1 2 7
M id d le b . W a r e h a m & B u z z a r d ’s B a y S t . R y .—
S e e N e w B e d f o r d & O n s e t S t r e e t R y ___________ 3 6
M i d d l e s e x & B o s t o n S t r e e t R y __________________
35
M id d l e se x E le c t r ic L ig h t & P o w e r C o .— S e e
P u b l i c S e r v i c e E l e c t r i c & G a s __________________ 7 4
M id d le s e x & S o m e r s e t T r a c t i o n — S e e P u b l ic
S e r v i c e R y ______________________________________________7 6
M id d le t o w n (C o n n .) S t . R y .— S e e C o n n . C o . . 38
M i d l a n d U t i l i t i e s C o _________________________________ 1 32
M ifflin G a s & E le c . C o .— S ee P e n n C e n tr a l
L i g h t & P o w e r C o __________________________________ 1 0 0
M i l f o r d A t t l e b o r o & W o o n s o c k e t S t . R y _____3 4
M ilfo r d H o llis t o n & F r a m in g h a m S tr e e t R y .—
S e e M i l f o r d & U x b r i d g e S t r e e t R y _______________ 3 6
M i l f o r d & U x b r i d g e S t r e e t R y _______________________3 6
M illv a le E t n a & S h a r p s b u r g S t r e e t R y .— S e e
A l l e g h e n y T r a c t i o n _________________________________ 8 7
M i l l v i l l e T r a c t i o n ______________________________________ 7 9
M ilw a u k e e & F o x R iv e r V a lle y R y .— S e e W is
c o n s i n P o w e r & L i g h t C o ________________________ 1 3 0
M
M
M
M
235
P a g e.
M i l w a u k e e E l e c t r i c R a i l w a y & L i g h t ___________ 1 8 2
M ilw a u k e e L ig h t , H e a t & T r a c t i o n .— S e e M il
w a u k e e E l e c t r i c R a i l w a y & L i g h t ____________ 1 8 2
M i l w a u k e e N o r t h e r n R y ____________________________ 1 8 3
M ilw a u k e e S t r e e t R y .— S e e M ilw a u k e e E l e c
t r i c R a i l w a y & L i g h t ______________________________1 8 2
M in e r a l P o in t P u b lic S e r v ic e C o .— S e e W is
c o n s i n P o w e r & L i g h t C o ______________________ 1 3 0
M i n n e a p o l i s G a s L i g h t C o ___________________________2 0
M in n e a p o lis G e n e r a l E le c. C o .— S ee N o r t h e r n
S t a t e s P o w e r C o . ( M i n n . ) ___________
184
M i n n e a p o l i s N o r t h f i e l d & S o u t h e r n ____________ 1 8 6
M in n e a p o lis & S t. P a u l S u b .— S e e T w in C it y
R a p i d T r a n s i t _______________________________________1 8 5
M in n e a p o lis S tr e e t & S t. P a u l C it y R a ilw a y .
— S e e T w i n C i t y R a p i d T r a n s i t _______________ 1 8 5
M in n e a p o lis S t r e e t R y .— S e e T w in C it y R a p id
T r a n s i t _________________________________________________ 1 85
M in n e s o ta G e n e r a l E le c t r ic .— S ee N o r th e r n
S t a t e s P o w e r C o . o f M i n n e s o t a _______________ 1 8 4
M i n n e s o t a P o w e r & L i g h t C o _____________________ 1 8 4
M i s s i s s i p p i P o w e r C o _________________________________1 72
M i s s i s s i p p i P o w e r & L i g h t C o _____________________ 1 7 3
M i s s i s s i p p i R i v e r P o w e r C o ________________________ 1 8 8
M i s s i s s i p p i V a l l e y R a i l w a y & P o w e r C o ________ 1 4 0
M is s o u r i E d is o n E le c . C o .— S e e U n io n E le c .
L i g h t & P o w e r C o __________________________________ 1 95
M i s s o u r i E l e c t r i c R a i l r o a d __________________________1 9 4
M i s s o u r i & K a n s a s R y . C o __________________________1 98
M is s o u ri
&
K ansas
In teru rb a n
R y . — -S e e
M i s s o u r i & K a n s a s R y . C o _____________________ 1 9 8
M i s s o u r i P o w e r & L i g h t C o _______________________1 9 5
M o b i l e G a s C o ___________________________________________ 2 0
M o b i l e L i g h t & R a i l r o a d ___________________________ 1 7 3
M o b ile S tr e e t R R .— S e e M o b ile L ig h t & R R ..1 7 3
M o h a w k H u d s o n P o w e r C o r p o r a t i o n ____________ 4 8
M o h a w k H y d r o -E le c t r ic C o .— S e e M o h a w k
H u d s o n P o w e r C o r p o r a t i o n _____________________ 4 8
M o h a w k V a l l e y C o __ ___
48
M o n o c a c y V a lle y R y .— S e e P o t o m a c E d is o n
C o ________________________________
106
M o n o n g a h e la L ig h t & P o w e r .— S e e D u q u e s n e
L i g h t C o ____________
85
M o n o n g a h e la P o w e r & R y . C o .— S ee M o n o n
g a h e l a W e s t P e n n P u b l i c S e r v i c e ______________ 1 5 8
M o n o n g a h e l a S t r e e t R a i l w a y ______________
88
M o n o n g a h e la V a lle y T r a c t io n C o .— S ee M o
n o n g a h e l a W e s t P e n n P u b l i c S e r v i c e _______1 5 8
M o n o n g a h e la W e s t P e n n P u b l ic S e r v ic e C o ._ 1 5 8
M o n t a n a P o w e r C o ___________________________________ 2 1 4
M o n ta n a P o w e r T r a n s m is s io n C o .— S e e M o n
t a n a P o w e r C o ______________________________________ 2 1 4
M o n te r e y & P a c ific G r o v e R y .— S e e C o a s t
V a l l e y s G a s & E l e c t r i c C o ______________________ 2 0 8
M o n tg o m e r y C o u n t y P a s s e n g e r R y .— S ee
S c h u y l k i l l V a l l e y T r a c t i o n ______________________ 9 5
M o n t g o m e r y L i g h t & T r a c t i o n C o ______________ 1 73
M o n tg o m e r y L ig h t & P o w e r C o .— S ee A la
b a m a P o w e r C o _____________________________________ 1 72
M o n tg o m e r y L ig h t & W a te r P o w e r C o .— S ee
A l a b a m a P o w e r C o _________________________________1 72
M o n tg om ery
S treet
R y .— S e e M o n t g o m e r y
( A l a . ) L i g h t & T r a c t i o n C o ____________________1 7 3
M o n t g o m e r y ( A la .) T r a c t i o n C o .— S e e M o n t
g o m e r y L i g h t & T r a c t i o n C o __________________ 1 7 3
M o n t o u r s v i l l e P a s s e n g e r R y ______________________ 1 0 2
M o n t p e l i e r & B a r r e L i g h t & P o w e r ______________ 3 0
M o n t r e a l L i g h t , H e a t & P o w e r C o ______________ 2 2 0
M o n tr e a l L ig h t , H e a t & P o w e r C o n s o lid a t e d .220
M o n t r e a l P u b l i c S e r v i c e C o r p o r a t i o n ___________2 2 1
M on trea l S tre e t
R y .— S ee
M on trea l T ra m
w a y s ____________________________________________________ 2 2 0
M o n t r e a l T r a m w a y s C o ___ : _________________________ 2 2 0
M o n t r e a l T r a m w a y s & P o w e r C o ______ ;_________ 2 2 0
M o n t v i ll e S t r e e t R y . — S e e S h o r e L in e E le c . R y 39
M o r a v i a E l e c t r i c L i g h t , H e a t & P o w e r . — 'S e e
N e w Y o r k S t a t e G a s & E l e c t r i c C o r p _________ 5 6
M o r n i n g s i d e E l e c t r i c S t r e e t R y ____________________8 8
M o r r i s C o u n t y T r a c t i o n C o ________________________ 7 9
M o r r is R R . — S e e M o r r is C o u n t y T r a c t i o n C o . 79
M t. H o o d R a ilw a y & P o w e r C o .— S e e P o r t la n d
E l e c t r i c P o w e r C o __________________________________ 2 1 2
M t. O liv e r I n c lin e P la n e R y .— S ee P . & B .
T r a c t i o n S y s t e m ___________________________________ 8 7
M t . T o m R R . —- S e e H o l y o k e S t r e e t R y ___________ 3 5
M t . W a s h i n g t o n S t r e e t R y _________________________ 8 6
M t. W h it n e y
Pow er &
E le c t r ic C o .— S ee
S o u t h e r n C a l i f o r n i a E d i s o n C o _______________ 2 0 4
M o u s a m R i v e r R R . — S e e Y o r k U t i l i t i e s C o ___ 2 9
M u n c ie G a s &
E le c . C o .— S e e R o c h e s t e r
G a s & E l e c . C o r p _____________________________________ 4 9
M u n c ie H a r t f o r d & F o r t W a y n e T r a c t io n C o .
— S e e U n i o n T r a c t i o n C o . o f I n d i a n a ________ 1 2 3
M u n c i e & P o r t l a n d T r a c t i o n C o _________________ 1 2 3
M u n c ie & U n io n C it y T r a c t io n
C o .— S ee
U n i o n T r a c t i o n C o . o f I n d i a n a _______________ 1 2 3
M u n ic ip a l G a s C o . o f A lb a n y .— S ee M o h a w k
H u d s o n P o w e r C o r p o r a t i o n _____________________ 4 8
M u n i c i p a l G a s C o . ( N e w Y o r k ) ____________________2 0
M u n i c i p a l G a s C o . ( T e x a s ) _________________________ 2 0
M u n i c i p a l S e r v i c e C o ________________________________ 9 9
M u s k e g o n T r a c t i o n & L i g h t i n g C o ______________ 1 5 5
M u s k o g e e E l e c t r i c T r a c t i o n C o ______________ 1 . . 1 9 9
M u tu a l E le c t r ic L ig h t C o .— S ee P a c ific G a s
& E l e c t r i c C o _______________________________________ 2 0 0
M u tu a l
F uel
G as
C o .— S e e P e o p l e ’s G a s
L i g h t & C o k e C o _____________________________________2 2
M u tu a l U n io n T e le g r a p h C o .— S ee W e s te r n
U n i o n T e l e g r a p h C o . , I n c ________________________1 1
M y e r s v ille
&
C a to c tin
R y .— S e e
P otom a c
E d i s o n C o ____________________________________________ 1 0 6
M y s tic V a lle y S tr e e t R y .— S ee E a s te r n M a s s a
c h u s e t t s R a i l w a y C o _______________________________ 3 2
236
P age.
N ew Y o r k & P o r t C h e s te r R y .— S ee N ew Y o r k
W e s t c h e s t e r & B o s t o n ______________________________ 3 9
N a r r a g a n s e t t E l e c t r i c L i g h t i n g C o _______________ 8 7 N e w Y o r k R a i l w a y s C o r p ____________________________ 61
N a s h u a S t r e e t R a i l w a y ____________________________ . 3 0 N e w Y o r k R a p i d T r a n s i t C o r p _____________________ 6 3
N a s h v ille & E d g e f ie ld R R .— S e e N a s h v ille
N e w Y o r k & S t a m f o r d R y ___________________________3 9
R a i l w a y & L i g h t C o _______________________________ 1 61 N e w Y o r k S t a t e G a s & E l e c . C o r p ______________ 5 6
N a s h v i l l e R a i l w a y & L i g h t C o ____________________1 61 N e w Y o r k S t a t e R a i l w a y s ____________________________ 6 5
N a s h v ille S t r e e t R y .— S e e N a s h v ille R a ilw a y
N e w Y o r k S t e a m C o r p _______________________________ 58
& L i g h t C o ___________________________________________1 6 H N e w Y o r k T e l e p h o n e C o ____________________________
9
N a s s a u E l e c t r i c R a i l r o a d ____________________________ 64 N e w Y o r k W e s t c h e s t e r & B o s t o n R y ____________ 3 9
N a s s a u P o w e r & L ig h t C o .— S ee L o n g I s la n d
N e w Y o r k & W e s t c h e s t e r L t . C o .— S ee C o n s .
L i g h t i n g C o ___________________________________________6 6
G a s C o . o f N e w Y o r k _____________________________ 14
N a t ic k & C o c h it u a t e S t r e e t R y .— S e e M id d le
N e w a r k C o n s o l i d a t e d G a s C o ____________ _________ 7 5
s e x & B o s t o n S t r e e t R y ___________________________3 5 N e w a r k G a s C o . — S e e N e w a r k C o n s o l i d a t e d
G a s _______________________________________________________ 7 5
N a t i o n a l E l e c t r i c P o w e r C o _________________________ 2 7
N a t i o n a l F u e l G a s C o ________________________________ 2 0 N e w a r k P a s s e n g e r
R y .— S ee
C o n s o lid a te d
N a t io n a l G a s , E le c t r ic L ig h t & P o w e r C o .—
T r a c t i o n C o _________________________________________ 7 6
N ew ark
P la n k
R o a d .— S ee
C o n s o lid a t e d
S e e A m e r i c a n E l e c t r i c P o w e r C o _________________8*
N a t i o n a l P o w e r & L i g h t C o ________________________ 161
T r a c t i o n o f N e w J e r s e y ___________________________ 7 6
N e w b u r g E le c t r ic R y .— S e e O r a n g e C o u n t y
N a t io n a l P r o p e r t ie s C o .— S e e A m e r ic a n E le c
69
T r a c t i o n _______________
t r i c P o w e r C o _________________________________________ 81
N a t i o n a l P u b l i c S e r v i c e C o r p ___________________
78 N e w b u r g & O r a n g e L a k e R R . — S e e O r a n g e
C o u n t y T r a c t i o n ___________________________________ 69
N e p t u n e E le c t r ic C o .— S ee E a s te r n N e w J e r
s e y P o w e r _______________________________________________ 7 8 N i a g a r a & E r i e P o w e r — S e e N i a g a r a L o c k p o r t
N e v a d a C a l i f o r n i a E l e c . C o r p . ( a l s o m a p ) _____2 0 2
& O n t a r i o P o w e r C o _________________________________ 5 0
N ia g a r a F a lls P a r k & R iv e r — S e e I n t e r n a
N e v a d a -C a lifo r n ia P o w e r C o .— S e e N e v a d a t i o n a l R y _______________________________________________ 6 5
C a l i f o r n i a E l e c t r i c C o r p o r a t i o n _______________ 2 0 2
N i a g a r a F a l l s P o w e r C o _______________________________ 5 0
N e v a d a C o u n t y E le c t r ic P o w e r .— S e e P a c ific
G a s & E l e c t r i c C o __________________________________ 2 0 0 N i a g a r a F a l l s & S u s p e n s i o n B r i d g e R y . — S e e
N e v a d a P 'o w e r L t . & W a t e r C o . — S e e S i e r r a
I n t e r n a t i o n a l R y ____________________________________6 5
P a c i f i c E l e c . C o _____________________________________ 2 1 7 N e w p o r t & D a y t o n S t r e e t R y . — S e e C i n c i n
N e v e r s in k M o u n t a in R y .— S e e R e a d in g T r a n
n a t i N e w p o r t & C o v i n g t o n _____________________ 1 6 0
s i t C o ___________________________________________________ 9 5 N e w p o r t E l e c t r i c C o r p _________________________________3 6
N e w p o r t I l i u m . — S e e N e w p o r t E l e c . C o r p _______3 6
N e w A lb a n y S tr e e t R y .— S e e I n t e r -S t a t e P u b
l i c S e r v i c e C o ________________________________________ 1 29 N e w p o r t S t . R y . — S e e N e w p o r t E l e c . C o r p ______ 3 6
N e w A lb a n y W a t e r -W o r k s .— S e e I n t e r -S t a t e
N e w p o r t & F a ll R iv e r S tr e e t R y .— S e e N e w
P u b l i c S e r v i c e C o __________________________________ 1 29
p o r t E l e c t r i c C o r p ____________________________________3 6
N e w p o r t N e w s & H a m p t o n R y ., G a s & E le c .
N e w A m s te r d a m G a s C o .— S e e N e w Y o r k C o n
157
C o __________
s o l i d a t e d G a s C o . o f N e w Y o r k _________________ 1 4
N e w B e d f o r d G a s & E d i s o n L t . C o _______________ 31 N e w p o r t N e w s & O l d P o i n t R y . & E l e c . — S e e
N e w B e d f o r d & O n s e t S t r e e t R y __________________ 3 6
N e w p o r t N e w s & H a m p . R y . , G . & E l.C o . . l 5 7
N e w B e d fo r d M id d le b u r y & B r o c k t o n .— S ee
N e w p o r t & P r o v i d e n c e R y ___________________________ 3 7
E a s t e r n M a s s a c h u s e t t s S t r e e t R y . C o ________ 3 2 N e w t o w n R y . — S e e N . Y . & Q u e e n s C o . R y ______ 69
N e w B r u n s w i c k L i g h t , H e a t & P o w e r C o _______7 6 N i a g a r a F a l l s W h i r l p o o l & N o r t h e r n R y . — S e e
N e w C a s tle E le c t r ic C o .— S e e P e n n s y lv a n ia
I n t e r n a t i o n a l R y _____________________________________ 6 5
O h i o E l e c t r i c C o ___________________________________ 1 1 2 N i a g a r a G o r g e R y . ( E l e c t r i c ) ________________________ 7 0
N e w C a s tle L ig h t , H e a t & P o w e r .— S e e I n t e r N ia g a r a L o c k p o r t & O n t a r io P o w e r C o . (a ls o
S t a t e P u b l i c S e r v i c e C o ___________________________ 1 2 9
m a p ) _____________________________________________________ 5 0
N e w C a s tle T r a c t io n .— S ee P e n n .-O h io E le c
N i a g a r a S t . C a t h a r i n e s & T o r o n t o R y __________2 2 1
t r i c C o ________________________________________________ 1 12 N i n t h A v e n u e R R _______________________________________6 6
N e w E n g l a n d I n v e s t m e n t & S e c u r i t y C o ______ 3 3
N o b l e s v i l l e H e a t , L i g h t & P o w e r C o . — -S e e
N o r t h e r n I n d i a n a P o w e r C o ____________________1 21
N e w E n g l a n d P u b l i c S e r v i c e C o __________________ 1 27
N e w E n g l a n d T e l e p h o n e & T e l e g r a p h C o _________ 9 N o r f o l k & A t l a n t i c T e r m . — S e e V a . R y . &
P o w e r C o ______________________________________________ 1 5 6
N e w H a m p s h i r e E l e c t r i c R a i l w a y s ________________ 2 9
N e w H a v e n & C e n t r . S t . R y .— S e e C o n n . C o . 38 N o r f o l k C e n t r a l S t . R y . — S e e E s a t e r n M a s s .
N e w H a v e n G a s L i g h t C o ____________________________ 2 0
S t r e e t R y . C o _________________________________________ 3 2
N e w H a v e n S h o r e L i n e R a i l w a y ___________________ 4 0 N o r f o l k & P o r t s m o u t h T r a c . C o . — S e e V a . R y .
& P o w e r C o ___________________________________________ 1 5 6
N e w H a v e n S tr e e t R y .— S ee C o n n e c t ic u t C o . 38
N e w H a v e n W a t e r C o _________________________________ 2 1 N o r f o l k ( V a . ) R y . & L i g h t __________________________1 5 6
N o r f o l k S t r e e t R R .— S e e N o r f . R y . & L t .C o . -1 5 6
N e w H o l la n d B lu e B a ll & T e r r e H ill S t . R y .—
S e e L a n c a s t e r C o u n t y R y . & L i g h t C o _______9 4 N o r f o l k S u b . R R . — S e e E a s t e r n M a s s . S t .
R y . C o . . ______ ____________________________
N e w J e r s e y & H u d s o n R i v e r R y . & F e r r y ______ 7 7
N e w J e r s e y I n t e r u r b a n C o __________________________ 7 9 N o r r i s t o w n P a s s . R y . — S e e S c h u y l k i l l V a l l e y
T r a c t i o n _____ ___________________________________________ 9 5
N e w J e r s e y & P e n n s y lv a n ia T r a c t io n .— S e e
T r e n t o n - P r i n c e t o n T r a c t i o n C o _________________8 0 N o r r i s t o w n T r a n s . C o . — S e e L e h . V . T r a n s . C o . 9 1
N o r t h A m e r i c a n C o ________________________
181
N e w J e r s e y P o w e r & L ig h t C o .— S e e G e n e r a l
G a s & E l e c t r i c C o r p o r a t i o n ______________________ 4 6 N o r t h A m e r i c a n E d i s o n C o ________________________ 1 8 1
N e w J e r s e y T r a c t i o n .— S e e C o n s o l. T r a c . S y s . 76 N o r t h A m e r ic a n L ig h t & P o w e r — S e e M is s o u r i
N e w L o n d o n & E a st L y m e S t r e e t R y .— S ee
P o w e r & L i g h t C o __________________________________ 1 9 5
S h o r e L i n e E l e c t r i c R y ____________________________ 3 9 N o r t h C a r o l i n a P u b l i c S e r v i c e C o _______________ 1 6 4
N e w L o n d o n G a s & E le c . C o .— S ee C o n n .
N o r th C o a s t P o w e r C o .— S e e P u g e t S o u n d
P o w e r & L i g h t C o __________________________________ 2 1 3
P o w e r C o _______________________________________________ 3 8
N e w L o n d o n S t r e e t R y .— S e e C o n n e c t i c u t C o . 38 N o r t h H u d s o n C o u n t y R y .— S e e P u b l i c S e r
N ew
M ilfo r d
P ow er
C o .— S e e
C onn.
L t.
v i c e R y __________________________________________________ 7 6
& P o w e r C o ____________________________________________ 3 7 N o r t h H u d s o n L i g h t , H e a t & P o w e r C o . — S e e
P u b l i c S e r v i c e E l e c . & G a s C o __________________ 7 4
N e w O r le a n s & C a r r o llt o n R R ., L t . & P o w e r
C o . — S e e N e w O r l e a n s P u b l i c S e r v i c e -------------1 73 N o r t h J e r s e y S t . R y .- — S e e P u b l i c S e r v i c e R y . 7 6
N orth
M is s o u r i P o w e r C o .— S e e M is s o u r i
N e w O r le a n s C it y R R .— S ee N e w O r le a n s
P o w e r & L i g h t C o __________________________________ 1 9 5
P u b l i c S e r v i c e , I n c _________________________________1 7 3
N o r t h R i v e r R y . — S e e H u d s o n V a l l e y R y ----------64
N ew O rle a n s C ity & L a k e R R .— S ee N ew
N o r th a m p to n E a sto n & W a s h in g to n T r a c .
O r l e a n s P u b l i c S e r v i c e ___________________________ 1 7 3
— S e e N e w J e r s e y I n t e r u r b a n C o _______________ 7 9
N e w O r le a n s G a s L ig h t C o .— S ee N e w O r le a n s
P u b l i c S e r v i c e ________________________
1 7 3 N o r t h a m p t o n S t r e e t R y ______________________________ 3 6
N o r t h a m p t o n T r a c . C o . (E a s t o n , P a .)— S ee
N ew O rle a n s & P o n t . R R .— S ee N e w O rle a n s
N o r t h a m p t o n T r a n s i t C o _________________________ 9 9
P u b l i c S e r v i c e _______________________________________1 7 3
N e w O r l e a n s P u b l i c S e r v i c e , I n c _________________ 1 73 N o r t h a m p t o n T r a n s i t C o ____________________________ 9 9
N o r th e r n C a lifo r n ia P o w e r C o .— S ee P a c ific
N e w O r le a n s T r a c . C o .— S e e N e w O r le a n s
G a s & E l e c t r i c C o __________________________________ 2 0 0
P u b l i c S e r v i c e ______________________________________ 1 7 3
N o r t h e r n C a m b r i a R y . C o _______________
1 03
N ew
W illia m s b u r g
&
F la t b u s h
R R .— S ee
B r o o k l y n M a n h a t t a n T r a n s i t ____________________62 N o r t h e r n C e n t r a l G a s C o . — S e e L e h i g h P o w e r
S e c u r i t i e s C o r p ______________________________________ 9 1
N e w Y o r k C e n t r a l E l e c . C o r p . ( a l s o m a n ) ----------5 4
N e w Y o r k C i t y I n t e r b o r o u g h R y . C o --------------------- 6 2 N o r t h e r n E l e c t r i c S t . R y . ( S c r a n t o n ) — S e e
S c r a n t o n & B i n g h a m t o n R y ___________________ 6 7
N . Y . C o n s . R R . — S e e N . Y . R a p . T r a n . C o r p . 63
N o r t h e r n I l l i n o i s L i g h t & T r a c . C o . — S e e 111.
N e w Y o r k & E a st R iv e r G a s C o .— S e e C o n s .
P o w e r & L i g h t C o r p _______________________________ 1 3 6
G a s C o . o f N e w Y o r k _______________________________ 14
N o r t h e r n I n d i a n a G a s & E l e c . C o _______________ 1 3 4
N e w Y o r k E d is o n C o .— S e e C o n s . G a s C o . o f
N e w Y o r k _______________________________________________ 14 N o r t h e r n I n d i a n a P o w e r C o _______________________1 21
N o r th e rn I n d ia n a R y .— S ee C h ic a g o S o u th
N e w Y o r k G a s & E le c . L t ., H t . & P r .— S e e
B e n d & N o r t h e r n I n d i a n a R y ----------------------------1 2 3
C o n s . G a s C o . o f N e w Y o r k _______________________14
N e w Y o r k & H a r l e m R R ______________________________ 6 6 N o r t h e r n I n d i a n a U t i l i t i e s — S e e I n t e r - S t a t e
P u b l i c S e r v i c e C o __________________________________ 1 2 9
N ew Y o r k & L o n g Is la n d T r a c t io n — S ee L o n g
I s l a n d C o n s . E l e c . C o s ______________________________ 6 9 N o r t h e r n N e w Y o r k U t i l i t i e s , I n c _________________59
N o r t h e r n O h i o P o w e r C o ___________________________ 1 1 4
N ew Y o r k M u n ic ip a l R y . C o r p .— S ee N e w
N orth ern
O h io T e le p h o n e C o .
S ee O h io
Y o r k R a p i d T r a n s i t C o r p _________________________ 6 3
B e l l T e l e p h o n e C o ____________________________________1 0
N e w Y o r k M u t u a l T e l e g r a p h C o ____________________12
N o r t h e r n O h i o T r a c t i o n & L i g h t C o ------------------- 1 1 4
N . Y . N . H . & H a r t f o r d R y . ( t r o l l e y l i n e s ) ------- 3 8
N o r th e r n O h io T r a c t io n — S ee N o r t h e r n O h io
N e w Y o r k & N o r t h S h o r e T r a c . ( R o s l y n ) ----------7 0
T r a c t i o n & L i g h t C o ______________________________ 1 1 4
N ew Y o r k & P e n n a . T e l. & T e l. C o .— S e e N e w
Y o r k T e l e p h o n e C o _______________________________
9 N o r t h e r n O n t a r i o L i g h t & P o w e r C o ., L t d . .2 2 1
N o r th e rn S ta te s P o w e r C o .— F a r g o & M o o r
N e w Y o r k & Q u e e n s C o u n t y R y ( L . I . C i t y ) . . 69
h e a d D i v i s i o n ________________________________________ 1 8 9
N e w Y o r k & Q u e e n s E le c . L t . & P o w e r .— S ee
N o r t h e r n S t a t e s P o w e r C o . ( o f D e l . ) ____________ 1 8 4
C o n s . G a s C o . o f N e w Y o r k _______________________14
N o r t h e r n S t a t e s P o w e r C o . ( o f M i n n . ) -------------1 8 4
N e w Y o r k & Q u e e n s G a s C o ________________________ 1 5
[V ol. 121,
INDEX TO COMPANIES
N
P '
**e
P age.
N o r t h e r n S t a t e s P o w e r C o . o f W i s c o n s i n ----------1 8 4
N o r t h e r n T e x a s E l e c t r i c C o _______________________ 1 7 8
N o r th e r n T e x a s T r a c .— S ee N o r. T e x a s E l e c .178
N o r t h e r n U n i o n G a s C o ____________________________ 1 5
N o r t h e r n W e s t c h e s t e r L tg . C o .— S e e C o n s .
G a s C o . o f N e w Y o r k _______________________________ 1 4
N o r t h u m b e r la n d C o u n t y G a s & E le c . C o .—
S e e P a . P o w e r & L i g h t C o ______________________ 9 2
N o r t h w e s t e r n B e l l T e l e p h o n e C o __________________ 10N o r th w e s t e r n E le c t r ic S e r v ic e C o . o f P e n n a . . 94
N o r t h w e s t e r n E le v a te d (C h ic a g o )— S ee C h i
c a g o R a p i d T r a n s i t _________________________________ 1 3 4
N o r t h w e s t e r n G a s L ig h t & C o k e — S ee P u b .
S e r v . C o . o f N o r t h . I l l i n o i s _______________________1 3 4
N o r t h w e s t e r n O h i o R y . & P o w e r C o ______________ 1 1 3
N o r t h w e s t e r n T e l e g r a p h C o ________________________ 1 2
N o r t h w e s t e r n T e le p h o n e C o .— S ee W e s t e r n
U n i o n T e l e g r a p h C o . , I n c ________________________ 1 1
N o r w a lk G a s & E le c . C o .— S ee C le v e la n d
S o u t h w e s t e r n R y . & L i g h t _______________________1 1 8
N o r w i c h S t . R y . — S e e C o n n . C o ____________________3 9
N o r w ic h & W e s t e r ly T r a c t io n C o .— S e e S h o r e
L i n e E l e c t r i c R y _____________________________________ 3 9
N o v a S c o t i a T r a m . & P o w . C o . , L t d ___________ 2 1 9
o
O a k d a le & M c D o n a ld S t. R y .— S e e W e s t P e n n
R y s _______________________________________________________8 9
O a k la n d A n t i o c h & E a s te r n R R .— S ee S a n
F r a n c i s c o S a c r a m e n t o R R ______________________ 2 1 0
O a k la n d & A n t i o c h — S e e S a n F r .-S a c r a . R R .2 1 0
O a k la n d & H a y w a r d R y .— S e e K e y S y s te m
T r a n s i t C o ____________________________________________ 2 1 0
O a k la n d R y s .— S e e K e y S y s t e m T r a n s i t C o . .2 1 0
O a k la n d S a n L e a n d r o & H a y w a r d s E le c t r ic
— S e e K e y S y s t e m T r a n s i t C o __________________ 2 1 0
O a k la n d T e r m . C o .— S ee K e y S y s te m T r a n s it
C o _______________________________________________________2 1 0
O a k la n d T r a c . C o .— S e e K e y S y s te m T r a n s it
C o _______________________________________________________2 1 0
O a k la n d T r a c . C o n s .— S e e K e y S y s te m T r a n s .
C o _______________________________________________________2 1 0
O a k la n d T r a n s it C o .— S ee K e y S y s te m T r a n
s i t C o __________________________________________________ 2 1 0
O a k w o o d S t r e e t R y . C o ______________________________ 1 1 9
O g d e n G a s C o .— S e e P e o p l e ’s G a s L t . & C o k e
C o ________________________________________________________ 2 2
O g d e n L a k e & I d a h o R R .— S e e U t a h -I d a h o
C e n t r a l R R _________________
216
O g d e n R a p id T r a n s it C o .— S e e U t a h -I d a h o
C e n t r a l R R ___________________________________________ 2 1 6
O h i o B e l l T e l e p h o n e C o ______________________________ 1 0
O h io C e n tr a l T r a c t io n — S ee C le v e la n d S o u t h
w e s t e r n R y . & L i g h t _______________________________ 1 18
O h i o E d i s o n C o ________________________________________ 149
O h i o F u e l C o r p __________________________________________2 1
O h i o F u e l S u p p l y C o __________________________________ 21
O h io G a s & E le c .— S e e C o lu m b ia G a s &
E l e c t r i c C o ___________________________________________ 1 09
O h i o 3 2u b l i c S e r v i c e C o _______________________________ 45
P
O h io R iv e r E le c t r ic R y . & P o w e r — S e e O h io
R i v e r P o w e r C o _____________________________________ 113
O h i o R i v e r P o w e r C o __________________
113
O h io S ta te T e le p h o n e C o .— S e e O h io B e ll
T e l e p h o n e C o ________________________________________ 1 0
O h i o T r a c t i o n C o _____________________________________ 1 1 5
O h i o V a l l e y E l e c t r i c R y ______________________________ 8 2
O k la h o m a E le c t r ic T e r m . C o .— S e e O k la . R y _ 1 9 8
O k l a h o m a G a s & E l e c t r i c C o ______________
198
O k l a h o m a R a i l w a y C o _______________________________ 1 9 8
O ld
C o lo n y
S treet
R y .— S e e E a s t. M a ss .
S t r e e t R y . C o _______________
32
O l e a n B r a d f o r d & S a l a m a n c a R y __________________ 7 0
O l e a n E l e c . L t . & P o w . C o . — -S e e N i a g a r a
L o c k p o r t & O n t a r i o P o w . C o ____________________5 0
O le a n R o c k C it y & B r a d fo r d R y .— S e e O le a n
B r a d f o r d & S a l a m a n c a R y ______________________ 7 0
O le a n S t r e e t R y .— S e e O le a n B r a d fo r d &
S a l a m a n c a R y ________________________________________ 7 0
O l e y V a l l e y R y . — S e e R e a d i n g T r . C o . _ ________ 9 5
O ly m p ia
L ig h t
&
P o w e r C o .— S e e P u g e t
S o u n d P o w e r & L i g h t C o ________________________ 2 1 3
O m a h a & C o u n c i l B l u f f s R y . & B r i d g e ________ 1 8 9
O m a h a & C o u n c i l B l u f f s S t r e e t R y ____________ 1 8 9
O m a h a C o u n c il B lu ffs & S u b u r b a n R y .—
S e e O m a h a & C o u n c il B l. R y . & B r id g e C o . 1 89
O m a h a & L i n c o l n R y . & L i g h t C o _______________ 1 3 7
O m a h a L i n c o l n & B e a t r i c e R a i l w a y C o ________ 1 8 9
O m n ib u s C a b le R y .— S e e M a rk e t S tr e e t R y _ .2 0 8
O n e id a R a i l w a y C o . — S e e N . Y . S t a t e R y s . . 65
O n e o n t a & M o h a w k V a l. R R .— S e e S o u t h e r n
N e w Y o r k P o w e r & R a i l w a y C o _________________6 8
O n t a r i o L i g h t & T r a c . — S e e N . Y . S t a t e R y s . 65
O n ta r io & S a n A n t o n io H e ig h ts — S ee P a c ific
E l e c t r i c R y ___________________________________________2 0 9
O r a n g e C o u n t y T r a c t i o n C o ________________________ 6 9
O r a n g e & P a s s a i c V a l l e y R y ________________________ 7 7
O r e g o n E l e c t r i c R y ___________________________________ 2 1 2
O r le a n s R R .— S e e N e w O r le a n s P u b . S e r .,I n c .l7 3
O r o n o W a t e r C o .— S ee B a n g o r H y d r o -E l. C o . 28
O r o v ille L ig h t & P o w e r C o .— S e e P a c ific
G a s & E l e c t r i c C o __________________________________ 2 0 0
O s k a lo o s a T r a c t io n & L ig h t C o .— S e e D e s
M o i n e s E l e c t r i c C o _ _ ______________________________1 3 8
O t t a w a ( C a n a d a ) E l e c t r i c R y _____________________ 2 2 1
O t t a w a T r a c t i o n C o . , L t d _________________________ 2 2 1
O ttu m w a T r a c t io n & L ig h t C o .— S e e O t t u m
w a R a i l w a y & L i g h t C o ___________________________ 1 8 8
O t t u m w a y R a i l w a y & L i g h t C o __________________ 1 8 8
O v id E le c . C o .— S e e N . Y . S t a te G a s & E le c .
C o r p ____________________________________________________ 5 6
Oct., 1925.]
P age.
O w e g o L ig h t & P o w e r C o .— S e e G e n e r a l G a s
& E l e c t r i c C o ________________________________________4 6
O w e n s b o r o C i t y R R __________________________________1 2 4
P a c ific C o a s t P o w e r C o .— S e e P u g e t S o u n d
P o w e r & L i g h t C o __________________________________ 2 1 3
P a c i f i c E l e c t r i c R y __________________________________ . 2 0 9
P a c i f i c G a s & E l e c t r i c C o . ( a l s o m a p ) __________2 0 0
P a c ific G a s I m p t .— S e e P a c i f i c G a s & E l. C o _ 2 0 0
P a c ific L ig h t & P o w e r C o .— S e e S o u t h e r n
C a l i f o r n i a E d i s o n C o ______________________________2 0 4
P a c i f i c L i g h t i n g C o r p ___________________ '___________2 0 2
P a c i f i c T e l e p h o n e & T e l e g r a p h C o ______________ 10
P a c ific T r a c t io n C o .— S e e P u g e t S o u n d P o w .
& L i g h t C o ___________________________________________2 1 3
P a d u c a h C it y R y . C o .— S e e P a d u c a h E l. C o _ 1 6 0
P a d u c a h E l e c t r i c C o _________________________________1 6 0
P a d u c a h S t r e e t R y . — S e e P a d u c a h E l e c . C o . .1 6 0
P a n H a n d l e T r a c . C o . — S e e W e s t P e n n R y s . _ 89
P a r k e r s b u r g G a s , E le c . L t . & S t. R y .— S ee
K a n a w h a T r a c t io n &
E l e c t r i c C o ___________1 5 9
P a r k e r s b u r g M a r ie t t a & I n t e r u r b a n R y .— S e e
K a n a w h a T r a c t i o n & E l e c t r i c C o ______________1 5 8
P a r k & O c e a n R R . — S e e M a r k e t S t r e e t R y ___ 2 0 8
P a r k . P t . T r a c . C o . — S e e D u l . - S u p . T r a c ___ 1 85
P arr S h o a ls P o w e r C o .— S e e C o lu m b ia R y .,
G a s & E l e c t r i c C o __________________________________ 1 65
P a s a d e n a & M t. L o w e R y .— S e e P a c . E l. R y _ _ 2 0 9
P a s s a ic G a s L ig h t C o .— S e e P a t e r s o n & P a s
s a i c G a s & E l e c t r i c C o ______________________________7 5
P a s s a ic & N e w a r k E l. T r .— S e e C o n s . T r a c .C o . 76
P a s s a ic L ig h t in g C o .— S e e P a t e r s o n & P a s
s a i c G a s & E l e c t r i c C o ______________________________7 5
P a s s e n g e r & B e lt R y .— S ee K y . T r a c . & T e rm _ 1 5 9
P a t e r s o n C i t y R y . — S e e P u b l i c S e r v i c e R y ___ 7 6
P a t e r s o n & P a s s a i c G a s & E l e c t r i c C o ___________ 7 5
P a t e r s o n R a i l w a y — S e e P u b l i c S e r v i c e R y ___ 7 6
P a t e r s o n & S t a t e L i n e T r a c t i o n C o ______________ 77
P a w t u c k e t E le c . C o .— S e e B la c k s t o n e V a lle y
G a s & E l e c t r i c C o ____________________________________3 6
P a w t u c k e t G a s C o .— S e e B la c k s t o n e V a lle y
G a s & E l e c t r i c C o ___________________________________ 3 6
P a w t u c k e t S t . R y . — S e e U n i t e d E l e c . R y s ___ 3 7
P e e k s k i l l L i g h t i n g & R a i l r o a d _____________________ 5 6
P e l h a m P a r k & C i t y I s l a n d _________________________ 62
P e n i n s u l a r R a i l w a y __________________________________ 2 1 1
P e n i n s u l a r T e l e p h o n e C o ___________________________ 1 3
P e n n C e n t r a l L i g h t & P o w . C o ____________________1 09
P e n n C e n t r a l L i g h t & P o w e r C o r p . — S e e P e n n j§
C e n t r a l L i g h t & P o w e r C o _______________________1 0 0
P e n n M o t o r C o . — S e e E a s t o n C o n s . E l e c . C o . 91
P e n n - O h i o E d i s o n C o _________________________________1 12
P e n n P u b l i c S e r v i c e C o r p ___________________________ 9 4
P e n n S tre e t P a s se n g e r R y . (P it t s b u r g h ).—
S e e C i t i z e n s ’ T r a c t i o n ______________________________ 8 7
P e n n s y lv a n ia E d is o n C o .— S e e G e n e r a l G a s
& E l e c t r i c C o r p ______________________________________ 4 6
P e n n s y l v a n i a E l e c t r i c C o r p . ( a l s o m a p ) _________ 9 2
P e n n s y lv a n ia
L ig h tin g
C o .— S e e
L e h ig h
P o w e r S e c u r i t i e s C o r p ______________________________9 1
P e n n s y lv a n ia L ig h t , H e a t & P o w e r C o .— S ee
D u q u e s n e L i g h t C o ________________________________ 8 5
P e n n s y lv a n ia L ig h t & P o w e r — S e e D u q u e s n e
L i g h t C o ________________________________________________ 8 5
P e n n s y lv a n ia & M a h o n in g V a lle y T r a c t io n
C o .— S e e P e n n s y lv a n ia -O h io E le c t r ic C o _ _ l !2
P e n n s y l v a n i a - N e w J e r s e y R a i l w a y C o __________1 0 2
P e n n s y l v a n i a - O h i o E l e c t r i c C o ____________________1 12
P e n n s y l v a n i a - O h i o P o w e r & L i g h t ______________ 1 1 3
P e n n s y lv a n ia & O h io R y .— S e e P e n n s y lv a n ia
& O h i o T r a c t i o n C o _______________________________ 1 1 6
P e n n s y l v a n i a & O h i o T r a c t i o n C o ______________ 1 1 6
P e n n s y l v a n i a P o w e r & L i g h t ______________________ 92
P e n n s y lv a n ia
U t ilit ie s
C o .— S e e
“ R a ilw a y
a n d I n d u s tr ia l’’ S e c tio n .
P e n n s y l v a n i a W a t e r & P o w e r C o __________________ 92
P e n s a c o l a E l e c t r i c C o _______________________________ 1 71
P e n s a c o la E le c t r ic T e r m in a l R y .— S e e P e n
s a c o l a E l e c t r i c C o __________________________________ 1 71
P e o p l e ’ s E l e v a t i n g C o ________________________________ 7 7
P e o p l e s G a s C o . ( N . J . ) _______________________________ 2 1
P e o p le ’s G a s & E le c t r ic C o . (M a s o n C it y ) .—
S e e U n i t e d L i g h t & P o w e r C o __________________ 1 52
P e o p le ’s G a s , E le c t r ic & H e a t in g .— S e e I n t e r S t a t e P u b l i c S e r v i c e C o ___________________________1 2 9
P e o p l e s G a s L i g h t & C o k e C o ______________________ 2 2
P e o p le ’s I n c a n d e s c e n t L ig h t C o .— S e e N o r t h
w e s t e r n E l e c t r i c S e r v i c e C o ______________________ 9 4
P e o p l e ’ s P a s s e n g e r R y ________________________________ 9 8
P e o p l e ’ s R R . — S e e N e w Y o r k S t a t e R y s ________ 6 5
P e o p l e ’ s R y , ( D a y t o n , O . ) ___________________________81
P e o p le ’s R y ., W i lm in g t o n , D e l.— S e e W i l
m i n g t o n & P h i l a d e l p h i a T r a c t i o n C o ________ 8 2
P e o p l e ’ s S t r e e t R y . — S e e S c r a n t o n R y _________ 8 2
P e o p l e ’ s S t r e e t R y . ( W e s t N e w b u r y , M a s s .) .—
S e e E a s t e r n M a s s a c h u s e t t s S t r e e t R y . C o . ) 32
P e o p l e ’ s T r a c t i o n ( P h i l a d e l p h i a , P a . ) ___________ 9 8
P e o p le ’s T r a m w a y C o .— S e e C o n n e c t i c u t C o . 38
P e o r ia B lo o m in g t o n & C h a m p a ig n T r a c t io n
C o . — S e e I l l i n o i s T r a c t i o n , I n c _______________ 1 3 7
P e o r ia G a s & E le c t r ic C o .— S e e C o m m o n
w e a l t h P o w e r C o r p _________________________________1 4 6
P e o r ia L ig h t C o .— S e e C o m m o n w . P o w . C o r p . 146
P e o r ia L in c o ln & S p r in g fie ld R y .— S e e I ll i
n o i s T r a c t i o n , I n c __________________________________ 1 3 7
P e o r i a R y . C o . — S e e 111. P o w e r & L t . C o r p . . 1 3 6
P e o r ia R y . T e r m . C o .— S e e “ R y . & I n d .” S e c .
P erry
S treet
P a s s e n g e r R y .— S ee F e d e r a l
S t r e e t & P l e a s a n t V a l l e y R y _____________________ 8 6
P e t a l u m a & S a n t a R o s a R R ______________________ 2 1 0
337
IN D EX TO COMPANIES
P age.
P h ila d e lp h ia B r is t o l & T r e n t o n P a s s e n g e r
R y .— S e e T r e n . B r is t o l & P h ila . S t r e e t R y _ 1 0 3
P h i l a d e l p h i a C i t y P a s s e n g e r R y ---------------------------- 9 8
P h i l a d e l p h i a C o . ( P i t t s b u r g h , P a . ) _______________ 8 4
P h i l a d e l p h i a & D a r b y R y ____________________________ 9 8
P h ila d e lp h ia
&
E a ston
E le c t r ic C o .— S ee
P h i l a d e l p h i a & E a s t o n T r a n s i t C o ___________9 9
P h i l a d e l p h i a & E a s t o n T r a n s i t C o _______________ 9 9
P h i l a d e l p h i a E l e c t r i c C o ____________________________ 8 3
P h il a d e lp h ia & G r a y ’s F e r r y P a s s e n g e r R y _ _ 98
P h ila d e lp h ia & G a r r e t t fo r d S t. R y . C o .— S ee
P h i l a d e l p h i a & W e s t C h e s t e r T r a c t i o n _____1 0 3
P h ila d e lp h ia & L e h ig h V a lle y T r a c t io n .— S e e
L e h i g h V a l l e y T r a n s i t C o ______________________ 9 1
P h i l a d e l p h i a R a i l w a y s C o _________________________ 1 0 4
P h i l a d e l p h i a R a p i d T r a n s i t C o ___________________ 9 6
P h il a d e lp h ia S u b u r b a n G a s & E l e c t r i c C o _ _ 83
P h i l a d e l p h i a T r a c t i o n ________________________________ 9 8
P h i l a d e l p h i a & W e s t C h e s t e r T r a c t i o n ________ 1 0 3
P h i l a d e l p h i a & W e s t e r n R y ______________________ 1 0 4
P h i l a d e l p h i a & W i l l o w G r o v e S t r e e t R y ----------9 8
P i e d m o n t & N o r t h e r n R a i l w a y __________________ 1 6 4
P ie d m o n t P o w e r & L ig h t C o .— S e e N o . C a r o .
P u b l i c S e r v i c e C o . , I n c ___________________________ 1 6 4
P i n e B l u f f ( A r k . ) C o _________________________________1 7 6
P i t c a i r n & W i lm e r d in g S t r e e t R y . — -S e e M o n o n g a h e l a S t r e e t R y ________________________________ 8 8
P it t s b u r g h A lle g h e n y & M a n c h e s te r T r a c t io n
— S e e U n it e d T r a c t i o n C o . o f P i t t s b u r g h . . 86
P it t s b u r g h & A lle g h e n y T ile C o ,— S e e B e ll
T e l e p h o n e C o . o f P a _______________________________
7
P it t s b u r g h & A lle g h e n y V a lle y T r a c t io n C o .
— S e e W e s t P e n n R a i l w a y s ------------------------------------ 8 9
P it t s . & B e a v e r L t . C o .— S e e D u q u e s n e L t . C o 85
P i t t s b u r g h & B e a v e r S t r e e t R y _____________________ 8 8
P it t s b u r g h & B ir m in g h a m P a s s e n g e r R y .—
S e e P i t t s b u r g h & B i r m i n g h a m T r a c t i o n ___ 8 7
P i t t s b u r g h & B i r m i n g h a m T r a c t i o n -------------------8 7
P itts b u r g h B u tle r & H a rm o n y C o n s o lid a te d
R a i l w a y & P o w e r C o ______________________________1 0 4
P it t s b u r g h C a n o n s b u r g & W a s h in g t o n R y ._ 86
P i t t s b u r g h & C h a r l e r o i S t r e e t R y _________________8 7
P it t s . C o u n t y R y .— S e e S o u t h w e s t P r . C o . .1 9 8
P it t s b u r g h C r a f t o n & M a n s fie ld S t r e e t R y .—
— S e e P i t t s b u r g h R a i l w a y s C o ___ >
______________ 8 5
P i t t s . E l e c . S t . R y . — S e e B e r k s h i r e S t . R y _____3 3
P it t s . H a r m o n y B u t le r & N e w C a s tle S t. R y ._ 1 0 4
P it t s b u r g h I n c lin e P la n e — S e e P it t s b u r g h &
B i r m i n g h a m T r a c t i o n S y s t e m __________________ 8 7
P i t t s b u r g h M a r s & B u t l e r R y _____________________ 1 0 4
P it t s b u r g h M c K e e s p o r t & C o n n e lls v ille R y .
— S e e W e s t P e n n . R y s . C o ________________________8 9
P it t s b u r g h M c K e e s p o r t & G r e e n s b u r g R y .—
S e e W e s t P e n n . R a i l w a y s C o _____________________ 8 9
P it t s . R R . (K a n .)— S ee J o p lin & P it t s . R y . .l 9 1
P it t s b u r g h (K a n .) R y . & L ig h t C o .— S e e J o p
l i n & P i t t s b u r g h R y _______________________________ 1 9 1
P i t t s b u r g h R a i l w a y s C o _____________________________ 8 5
P i t t s b u r g T r a c t i o n _____________________________________ 8 8
P i t t s b u r g h U t i l i t i e s C o r p o r a t i o n _________________8 4
P it t s b u r g h & W e s t E n d P a s s e n g e r R y .— S e e
P i t t s b u r g h R a i l w a y s C o ___________________________8 5
P i t t s . & W e s t V a . G a s C o . — S e e P h i l a . C o _____8 4
P i t t s f i e l d (M a s s .) E l e c t r i c S t r e e t R y .— S e e
B e r k s h i r e S t r e e t R y ________________________________ 3 3
P it t s t o n & S c r a n t o n S tr e e t R y .— S ee S c r a n
t o n R y . C o _____________________________________________ 8 2
P it t s t o n S t r e e t C a r — S e e W ilk e s b a r r e & W y o
m i n g V a l l e y T r a c t i o n S y s t e m __________________ 1 0 5
P l a i n f i e l d G a s & E l e c t r i c C o . — -S e e S o m e r s e t
U n i o n & M i d d l e s e x L i g h t i n g _____________________ 7 5
P l a i n f i e l d S t . R y . — S e e P u b l i c S e r v i c e R y ___ 76
P l a t t s b u r g T r a c t i o n , C o ______________________________7 0
P ly m o u t h B r id g e C o .— S e e W ilk e s b a r r e &
W y o m i n g V a l l e y T r a c t i o n ______________________ 1 0 5
P l y m o u t h & B r o c k t o n S t r e e t R y __________________ 3 6
P o la n d S t. R y .— S e e P e n n a .- O h io E le c . C o _ _ 1 1 2
P o n c e E l e c t r i c C o _____________________________________ 2 1 8
P o n t i a c L i g h t C o . — S e e C o n s u m e r P o w e r C o . 148
P o n t ia c L ig h t & W a te r C o .— S e e P u b . S e rv .
C o . o f N o r . I l l ______________________________________ 1 3 4
P o r t H u r o n S t. C la ir & M a r in e C it y R y .— S e e
D e t r o i t & P o r t H u r o n S h o r e L i n e ____________ 1 5 0
P o r t J e r v i s T r a c t i o n C o ______________________________7 0
P o rt R ic h m o n d & B e rg e n P t. F e rry — S ee
C o n s o l i d a t e d T r a c t i o n ____________________________ 7 6
P o r t la n d & C a p e E liz . R y .— S e e P o r t la n d R R . 28
P o r t l a n d ( M e .) E l e c . C o . — S e e C u m b . C o u n t y
P o w e r & L i g h t ________________________________________2 7
P o r t l a n d E l e c . P o w e r C o ____________________________ 2 1 2
P o r t la n d E u g e n e & E a s te r n R y .— S ee S o u t h
e r n P a c ific C o . in “ R a ilw a y & I n d u s t r ia l’ ’
S ec.
P o r t la n d G e n e r a l E le c t r ic C o .— S e e P o r t la n d
E l e c t r i c P o w e r C o __________________________________ 2 1 2
P o r t la n d L ig h t in g & P o w e r — S e e C u m b e r
l a n d C o u n t y P o w e r & L i g h t C o _________________2 7
P o r t l a n d ( M e .) R R ______________________________________ 2 8
P o r t la n d R y . C o .— S ee P o r t la n d E le c . P r . C o_2 1 2
P o r t la n d R y ., L ig h t & P o w e r C o .— S ee P o r t
l a n d E l e c t r i c P o w e r C o _________________________ 2 1 2
P o r t l a n d ( C o n n . ) S t . R y . — S e e C o n n . C o _____ 3 8
P o r t la n d & Y a r m o u t h E le c . R y .— S e e P o r t .R R 28
P o r t o R i c o R y s . C o . , L i m i t e d _____________________ 2 1 8
P o r t o R ic o T e le p h o n e C o .— S e e I n t e r n a t io n a l
T e l e p h o n e & T e l e g r a p h C o r p ____________________12
P o rtsm ou g h
&
E x e te r S t . R y .— S e e N e w
H a m p s h i r e E l e c t r i c R y s ___________________________2 9
P o r t s m o u t h ( O h io ) S t r e e t R R . & L ig h t C o . .1 2 0
P o t o m a c E d i s o n C o ___________________________________ 1 0 6
P o t o m a c E l e c . P w r . C o . ______________________________ 1 0 9
P o t o m a c P u b lic S e r v ic e C o .— S e e P o t o m a c
E d i s o n C o ____________________________________________ 1 0 6
Page.
P o t t s v ille & R e a d in g R y .— S e e E a s t P e n n .
E l e c t r i c C o ____________________________________________ 9 4
P o t t s v ille U n io n T r a c t io n — S e e E a st P e n n .
E l e c t r i c C o ____________________________________________ 9 4
P o u g h k e e p s ie C it y & W a p p in g e r F a lls E le c .
R y .— S e e P o u g h . & W a p p in g e r s F a lls R y _ . 70
P o u g h k e e p s i e & W a p p i n g e r s F a l l s R y -----------------7 0
P o w e l l S t r e e t R y . — S e e M a r k e t S t . R y ---------------- 2 0 8
P o w e r C o r p . o f N e w Y o r k ( T h e ) __________________ 5 8
P o w e r T r a n s it & L ig h t (C a lifo r n ia )— S e e S a n
J o a q u i n L i g h t & P o w e r C o r p o r a t i o n ------------ 2 0 7
P r i n c e t o n L i g h t , H e a t & P o w e r C o . — -S e e
P u b l i c S e r v . E l e c . & G a s -----------------------------------------7 4
P r o v id e n c e
&
B u r r ilv ille
S t r e e t R y .— S e e
U n i t e d E l e c t r i c R a i l w a y s _________________________ 3 7
P r o v i d e n c e G a s C o _____________________________________ 2 1
P r o v id e n c e S e c u r it i e s C o .— S e e U n it e d E l.R y s 37
P r o v id e n c e & T a u n t o n S t. R y .— S e e E a s te r n
M a s s a c h u s e t t s S t . R y . C o ________________________ 3 2
P r o v in c ia l L ig h t , H e a t & P o w e r — S e e M o n
t r e a l L i g h t , H e a t & P o w e r C o ------------------------- 2 2 0
P u b lic S e r v ic e B u ild in g C o .— S e e C o n s . G a s
E l e c t r i c L i g h t & P o w e r C o ______________________ 1 0 5
P u b l i c S e r v i c e C o . o f C o l o r a d o _____________________ 4 5
P u b lic S e rv ice C o . o f I n d .— S e e I n t e r s t a t e
P u b l i c S e r v i c e C o __________________________________ 1 2 9
P u b l i c S e r v i c e C o . o f N o r t h e r n 111______________ 1 3 4
P u b l i c S e r v i c e C o r p . o f N . J . ( w i t h m a p ) ----------7 4
P u b lic
S e rv ice
E le c tr ic
C o .— S e e
P u b lic
S e r v i c e E l e c t r i c & G a s C o ________________________7 4
P u b l i c S e r v i c e E l e c t r i c & G a s C o _________________7 4
P u b l i c S e r v i c e E l e c t r i c P o w e r C o _________________7 5
P u b lic S e r v ic e G a s C o .— S e e P u b . S e r v ic e
E l e c t r i c & G a s C o __________________________________ 7 4
P u b lic S e rv ice N e w a rk T e r m . R y .— S e e P u b
l i c S e r v i c e C o r p . o f N . J ___________________________ 7 4
P u b l i c S e r v i c e R R ______________________________________ 7 7
P u b l i c S e r v i c e R y . ( w i t h m a p ) _____________________ 7 6
P u b l i c S e r v i c e P i p e L i n e C o . — -S e e M i d l a n d
U t i l i t i e s _______________________________________________ 1 3 2
P u b l i c S e r v i c e T r a n s p o r t a t i o n C o _________________7 7
P u b lic U t ilit ie s C o .— S e e C o m m o n w . P o w e r
C o r p ____________________________________________________ 1 4 6
P u b lic W o rk s C o .— S ee B a n g o r H y d r o -E le c .
C o _________________________________________________________ 2 8
P u e b lo & S u b u r b a n T r a c t io n & L ig h t C o .—
S e e S o u t h e r n C o l o r a d o P o w e r C o ----------------- 1 9 3
P u e b lo T r a c t io n & L ig h t in g — S ee S o u th e r n
C o l o r a d o P o w e r C o _______________________________ 1 9 3
P u g e t E le c t r ic R y .— S ee P u g e t S o u n d P o w e r
& L i g h t C o ___________________________________________ 2 1 3
P u g e t S o u n d P o w e r C o .— S ee P u g e t S o u n d
P o w e r & L i g h t _______________________________________ 2 1 3
P u g e t S o u n d P o w e r & L i g h t C o _________________ 2 1 3
P u g e t S o u n d T r a c t io n , L ig h t & P o w e r C o .—
S e e P u g e t S o u n d P o w e r & L i g h t C o ________ 2 1 3
P u t n a m & W e s t c h e s t e r T r a c t i o n C o ____________ 7 0
Q
Q u a k e r t o w n T r a c t io n — S e e L e h . V a l. T r a n .
C o ___________________________________
91
Q u e b e c -J a c q u e s C a r t ie r E le c .— S e e Q u e b e c
R y . L t . H t . & P o w e r ____________________________ 2 2 2
Q u e b e c -M o n t m o r e n c y R y .— S e e Q u e b e c R y .,
L i g h t , H e a t & P o w e r C o . , L t d _________________ 2 2 2
Q u e b e c P o w e r C o _____________________________________ 2 2 1
Q u e b e c R y . , L i g h t , H e a t & P o w e r ______________ 2 2 2
Q u e b e c & S a g u e n a y R y .— S e e Q u e b e c R y .,
L i g h t , H e a t & P o w e r C o _________________________ 2 2 2
Q ueens
B orou gh
E le c. L t .
&
P o w .— S ee
Q u e e n s B o r o . G a s & E l e c t r i c ____________________5 8
Q u e e n s B o r o u g h G a s & E l e c t r i c C o ____________ 5 8
Q u e e n s R y . C o .— S e e N e w Y o r k & Q u . C o . R y . 69
Q u i n c y (111.) H o r s e R y . & C a r r y i n g — S e e
Q u i n c y R y . — S e e 111. P o w e r & L t . C o r p . _ 1 3 6
Q u i n c y R y . — S e e 111. P o w e r & L t . C o r p _____ 1 3 6
R
R a d i o C o r p o r a t i o n o f A m e r i c a _____________________ 13
R a ilr o a d s & P o w e r D e v e lo p m e n t C o .— S ee
U n i t e d R a i l w a y s I n v e s t m e n t ____________________8 4
R a ilw a y s R e a lt y C o .— S ee N e w O r le a n s P u b
l i c S e r v i c e , I n c _____________________________________ 1 7 3
R a le i g h S t . R y .— S e e C a r o l in a P r . & L t . C o . 162
R a p id T r a n s it S t. R y . o f th e C ity o f N e w a rk —
S e e C o n s o l . T r a c . C o ______________________________ 7 9
R e a d i n g C it y P a s s e n g e r R y .— S e e R e a d i n g T r . 95
R e a d in g
&
L o w e ll— S ee
E a stern
M assac h u s e t t s S t r e e t R y . C o ____________________________ 3 2
R e a d in g & S o u t h w e s t e r n R y .— S ee R e a d in g
T r a n s i t C o ____________________________________________ 9 5
R e a d in g & T e m p le E le c t r ic R y .— S e e R e a d in g
T r a c t i o n _________________________________________________9 5
R e a d i n g T r a c t i o n ______________________________________ 9 5
R e a d i n g T r a n s i t C o m p a n y ___________________________9 5
R e a d in g W a k e f. & L y n n — S ee E a ste rn M assa
c h u s e t t s S t r e e t R y . C o ___________________________ 3 2
R e a d in g & W o m e ls d o r f— S ee R e a d in g T r a n s it
C o . __________
95
R e d W in g G a s L ig h t & P o w e r C o .— S ee
N o r t h e r n S t a t e s P o w e r C o . o f W i s ___________ 1 8 4
R e d l a n d s C e n t r a l R y . — S e e P a c . E l e c . R y _____ 2 0 9
R e d l a n d s S t . R y . — S e e P a c . E l e c . R y _____ . . 2 0 9
R e n o P o w e r , L ig h t & W a t e r C o .— S e e S ie r r a
P a c i f i c E l e c t r i c C o ________________________________ 2 1 7
R e p u b l i c R y . & L i g h t C o _________________________ 1 1 2
R h o d e I s l a n d C o . — S e e U n i t e d E l e c . R y s _______3 7
R h o d e I s la n d S u b u r b a n R y .— S e e U n it e d
E l e c t r i c R a i l w a y s ___________________________________ 3 7
238
P age.
R i c h l a n d P u b l i c S e r v i c e C o . — -S e e O h i o P u b
l i c S e r v i c e C o _________________________________________ 4 5
R ic h m o n d L ig h t , H e a t & P o w e r C o .— S ee
U n i t e d G a s & E l e c t r i c C o ________________________ 4 7
R i c h m o n d L i g h t & R R . C o _________________________ 5 6
R i c h m o n d R y . & E le c .— S e e V a . R y . & P r .1 5 6
R i d g e A v e n u e P a s s e n g e r R y ________________________ 9 8
R i d g e w o o d G a s C o _____________________________________ 7 5
R i o d e J a n e i r o T r a m w a y L i g h t & P o w e r _____ 2 2 6
R it t e r s v ille H o t e l C o .— S e e L e h . V a l. T r a n .
C o .......................
91
R iv e r s id e & A r l i n g t o n R y .— S e e P a c . E l. R y .2 0 9
R i v e r s i d e T r a c t i o n _____________________________________ 7 7
R o a n o k e R y . & E l e c t r i c — S e e R o a n . T r . & L t . 82
R o a n o k e T r a c t i o n & L i g h t C o _____________________ 8 2
R o c h e s t e r C h a r lo t t e & M a n ito u R R .— S ee
R o c h e s t e r & M a n i t o u R R _________________________ 7 0
R och ester
C ity
&
B r ig h to n — S ee
N.
Y.
S t a t e R y s _______________________________________________ 65
R o c h e s t e r E l e c . R y . — S e e N . Y . S t a t e R y s . . 65
R o c h e s t e r G a s & E l e c t r i c C o r p _________; ________4 9
R o c h e s t e r L o c k p o r t & B u f f a l o R y _______________ 7 0
R o c h e s t e r & M a n i t o u R R ___________________________ 7C
R o c h e s t e r R y . & L i g h t — S e e N . Y . S t a t e R y s . 65
R o c h e s t e r R y . — S e e N . Y . S t a t e R y s ____________ 6 5
R o c h e s te r & S o d u s B a y R y .— S ee N . Y . S ta te
R y s ______________________________________________________ 65
R o c h e s t e r & S u b u r b a n R y .— S ee N . Y . S ta te
R y s ______________________________________________________ 65
R och ester
S yra cu se
&
E a stern
R R .— S ee
E m p i r e S t a t e R a i l r o a d C o r p o r a t i o n ___________ 7 1
R o c h e s t e r & S y r a c u s e R R ______________
70
R o c k I s la n d S o u t h e r n R a ilr o a d — S e e G a le s
b u r g & W e s t e r n R R _______________
145
R o c k I s l a n d S o u t h e r n R a il w a y — S e e M is s .
V a l l e y R y . & P o w e r C o ___________________________ 1 4 0
R o c k fo r d
B e lo it
&
J a n e s v ille
R R .— S ee
U n i o n R y . , G a s & E l e c t r i c C o _________________ 1 5 0
R o c k fo r d
&
F reep ort
E le c tr ic
R y .— S ee
U n i o n R y . , G a s & E l e c t r i c C o _________________ 1 5 0
R o c k fo r d & I n t e r u r b a n R y .— S ee U n io n R a il
w a y , G a s & E l e c t r i c C o __________________________1 5 0
R o c k la n d & A b in g t o n S tr e e t R a ilw a y — S e e
E a s t e r n M a s s a c h u s e t t s S t r e e t R y . C o ------- 32
R o c k p o r t S tr e e t R y .— S e e E a s te r n M a ssa
c h u s e t t s S t r e e t R y . C o ____________________________ 32
R o c k v ille B r o a d B r o o k & E a st W in d s o r S t.
R y . — S e e H a r t f o r d & S p r i n g f i e l d S t . R y . . 40
R o g u e R iv e r E le c t r ic C o .
S e e C a lifo r n ia O r e g o n P o w e r C o __________________________________ 2 0 4
R o h r e r s t o w n L a n d is v ille & M t. J o y R y .— S ee
L a n c a s t e r C o u n t y R y . & L i g h t C o ____________ 9 4
R o la n d P a r k E le c t r ic & W a te r C o .— S e e C o n s .
G a s E l e c . L t . & P o w e r C o ___ ___________________ 105
R o m e ( G a . ) R a i l w a y & L i g h t C o --------------------------1 70
R o x b o r o u g h C h e s t n u t H ill & N o r r i s t o w n R y . 96
R u t la n d C it y E le c . C o .— S e e R u t la n d R y .,
L i g h t & P o w e r C o ____________________________________30
R u t l a n d R a i l w a y , L i g h t & P o w e r _________________ 30
R u t la n d S t. R y .— S ee R u t la n d R y ., L ig h t
& P o w e r C o ____________________________________________ 3 0
S a c r a m e n t o E le c t r ic , G a s & R a ilw a y .— S ee
P a c i f i c G a s & E l e c t r i c C o _______________________2 0 0
S a c r a m e n t o N o r t h e r n R R ---------------------------------------2 1 1
S a c r a m e n t o S h o r t L in e R y .— S e e K e y S y s te m
T r a n s i t C o ____________________________________________ 2 1 0
S a c r a m e n t o V a lle y P o w . C o .— S e e P a c ific
G a s & E l e c t r i c C o __________________________________ 2 0 0
S a g in a w -B a y C it y R y .— S e e S a g in a w T r a n s it
C o _____ _________
151
S a g i n a w T r a n s i t C o ---------------------------------------------------- 151
S a g in a w V a l. T r a c .— S e e S a g in a w T r a n s . C o_1 5 1
S t . C l a i r G a s & E l e c . — S e e 111. P r . & L t . C o r p _ 1 3 6
S t. C h a r le s S t. R R .— S ee N e w O r l. P u b . S erv _1 73
S t. J o h n s b u r y E le c . C o .— S ee T w in S ta te s
G a s & E l e c t r i c C o ---------------------------------------------------- 132
S t. J o s e p h R y ., L t ., H t. &
P r . ( M o . ) ------------------- 44
S t . L o u i s C o u n t y G a s C o -------------------------------------------22
S t.
L o u is
D eca tu r
&
Cham p.
R y .— S ee
111. T r a c t i o n , I n c __________________________________ 1 37
S t . L o u i s E l e c . B r . C o . — S e e 111. T r a c . I n c _ _ 1 37
S t . L o u i s E l e c . T e r m . R y . — S e e 111. T r a c . I n c _ 1 3 7
S t. L . & M er. R iv e r R R .— S ee U n it e d R y s . C o_193
S t. L o u is & N o r t h e a s t e r n R y .— S e e S t. L o u is
S p r i n g f i e l d & P e o r i a — S e e 111. T r a c . , I n c _ _ 1 3 7
S t . L o u i s R R . — S e e U n i t e d R y s . C o ------------------ 193
S t . L o u i s & S t . C h a r l e s B r i d g e C o --------------------- 1 9 5
S t. L o u is S t. C h a rle s & W e s te r n R R .— S ee
M i s s o u r i E l e c t r i c R R ----------------------------------------------1 94
S t . L o u i s & S p r i n g . R y . — S e e 111. T r a c . , I n c . . 1 3 7
S t. L o u is S p r in g fie ld & P e o r ia R R .— S e e
I l l i n o i s T r a c t i o n , I n c --------------------------------------------- 1 37
S t . L o u is & S u b u r b a n R y .— S e e U n it e d R y s .
C o ..........................................................................................
193
S t . L o u i s T r a n s i t — S e e U n i t e d R y s ______________ 193
S t. M a ry s P o w e r & L ig h t C o .— S e e M o n o n g a h e l a W e s t P e n n P u b l i c S e r v i c e C o -----------------1 58
S t . M a u r i c e P o w e r C o . , L t d ------------------------------------ 2 2 4
S t . P a u l C i t y R y . — S e e T w i n C i t y R r a p . T r a n . 1 85
S a l e m & P e n n s g r o v e T r a c t i o n C o --------------------------79
S a le m & W a k e fi e ld — S e e E a s t e r n M a s s a c h u
s e t t s S t r e e t R y . C o ---------------------------------------------------- 32
S a l i n e E l e c . C o . — S e e 111. P o w . & L t . C o r p ----- 1 3 6
S a lis b u r y & S p e n c e r R y .— S e e N o r t h C a r o .
P u b l i c S e r v i c e C o __________________________________ 1 6 4
S a lm o n R iv e r P o w e r C o .— S e e N ia g a r a L o c k P o r t & O n t a r i o P o w e r C o ------------------------------------ 5 0
S a lt L a k e & O g . R y .— S e e B a m b e r g e r E l. R R .2 1 6
S a l t L a k e & U t a h R R _______________
216
IN D EX TO COMPANIES
[V ol. 121.
P age.
P a g e .S a lt L a k e T e r m in a l C o .— S e e S a lt L a k e &
S h e b o y g a n R y . & E le c .— S e e W is c o n s in P o w .
U t a h R R .......................................................
& L 2 1 6 t _______________________________________________ 1 3 0
ig h
S a l t R i v e r V a l l e y W a t e r U s e r s ’ A s s n ____________ 2 1 S h e l b y C o . W a t e r , G a s & E l e c . — S e e I n t e r S a n A n to n io G a s & E le c tr ic — S ee S a n A n
S t a t e P u b l i c S e r v i c e C o ___________________________ 1 2 9
t o n i o P u b l i c S e r v i c e C o _________________________ 1 8 0 S h e r b r o o k e S t . R y . — S e e S h e r b r o o k e R y . &
P o w e r C o ______________________________________________2 2 4
S a n A n t o n io T r a c tio n — S ee S a n A n t o n io
P u b l i c S e r v i c e C o __________________________________ 1 8 0 S h e r b r o o k e ( Q u e . ) R y . & P o w e r _________________ 2 2 4
S a n A n t o n i o P u b l i c S e r v i c e C o ____________________1 8 0 S h o r e L i n e E l e c t r i c R R _______________________________ 3 9
S h o r e L i n e E l e c t r i c R y . ( C o n n e c t i c u t ) ___________ 3 9
S a n B e n it o L ig h t & P o w e r C o .— S ee C o a s t
C o u n t i e s G a s & E l e c . C o ________________________ 2 0 8 S h r e v e p o r t R y s . C o __________________________________ 1 7 4
S a n B e r n a r d in o V a le y T r a c . C o .— S e e P a c .
S i e r r a P a c i f i c E l e c t r i c C o ___________________________ 2 1 7
E l e c . R y ________________________________________________ 2 0 9
S i e r r a & S a n F r a n c i s c o P o w e r C o _______________ 2 0 8
S a n D i e g o E l e c t r i c R R _____________________________ 2 1 0 S i o u x C i t y G a s & E l e c t r i c __________________________1 8 8
S i o u x C i t y S e r v i c e C o _______________________________ 1 8 8
S a n F r a n c is c o E le c . R y s .— S e e M a r k e t S t . R y .2 0 3
S a n F r a n c is c o G a s & E le c tr ic — S ee P a c ific
S io u x C it y T r a c t io n — S ee S io u x C it y S e r .
C o . . ..................
188
G a s & E l e c t r i c C o _______________________________ . . 2 0 0
S a n F r a n . N a p a & C a l i s t o g a R y __________________ 2 1 1
S i x t h A v e . R R ___________________________________________ 6 1
S l a t e B e l t T r a n s . C o __________________________________ 1 0 2
S a n F r a n c is c o O a k la n d & S a n J o s e C o n s . R y .
— S e e K e y S y s t e m T r a n s i t C o __________________ 2 1 0 S l a t i n g t o n S t . R y . — S e e L e h i g h V a l l e y T r a n . 9 1
San
F r a n c is c o O a k la n d
T erm .
R y s .— S ee
S n y d e r A v e . S t. R y .— S ee P h ila . R a p . T r a n . . 96K e y S y s t e m T r a n s i t C o ___________________________ 2 1 0 S o l s v i l l e E l e c . L t . & P r . C o . — S e e N . Y . S t a t e
G a s & E l e c . C o r p ___________________________________ 5 6
S a n F r a n c i s c o S a c r a m e n t o R R ___________________ 2 1 0
S a n F r a n c is c o & S a n M a teo E le c tr ic — S ee
S o m e rs e t L ig h t in g C o .— S ee S o m e r s e t U n io n
M a r k e t S t r e e t R y _________________________
208
& M i d d l e s e x L i g h t i n g C o ___________________________ 7 5
S a n J o a q u i n L i g h t & P o w e r C o r p _______________ 2 0 7 S o m e r s e t U n i o n & M i d d l e s e x L i g h t i n g C o _______7 5
S a n J o a q u in P o w e r C o .— S ee S a n J o a q u in
S o m e r v ille H o r s e R R .— S e e B o s t o n E le v a t e d . 32
L i g h t & P o w e r C o r p _______________________________ 2 0 7 S o u t h B e n d F u e l & G a s C o . — S e e N o r t h e r n
I n d . G a s & E l e c . C o _______________________________ 1 3 4
S a n J o s e & A lu m R o c k R y .— S ee S a n J o s e
R R s _____________________________________________________ 2 1 1 S o u t h B e n d & M i c h . G a s C o . — S e e N o r t h e r n
San
Jose L os G a tos In teru rb a n
R y .— S ee
I n d . G a s & E l e c . C o _______________________________ 1 3 4
P e n i n s u l a r R y ______________________________________ 2 1 1 S o u t h B e n d & S o u t h M i c h i g a n R y . — S e e
S a n J o s e R R s ___________________________________________2 1 1
S o u t h e r n M i c h i g a n R y ___________________________ 1 2 4
S a n J o s e & S a n t a C la r a R R .— S e e S a n J o s e
S o u th B e th le h e m
E le c t r ic L ig h t C o .— S ee
R R s ________________________________
211
L e h i g h V a l l e y T r a n s i t C o _________________________ 9 1
S a n J o s e S h o r t L in e R y .— S e e K e y S y s te m
S o u t h B r o o k l y n R . R . __________________________________ 6 4
T r a n s i t C o ____________________________________________ 2 1 0 S o u t h C a r o l i n a G a s & E l e c t r i c _________ ._________ 1 6 5
S a n R a m o n V a lle y R R .— S e e S a n F r a n c is c o
S o u t h C a r o lin a L ig h t , P o w e r & R y s .— S ee
S a c r a m e n t o R R _____________________________________ 2 1 0
S o u t h C a r o l i n a G a s & E l e c t r i c _________________1 6 5
S a n d u s k y G a s & E le c t r ic C o .— S ee O h io P u b
S o u t h C h i c a g o C i t y R y .— S e e C a l. & S o u t h
l i c S e r v i c e C o _______________________________________ 45
C h i c a g o R y _________________________________
142
116 S o u t h C o v in g t o n & C in e . S t . R y .— S e e C i n
S a n d u s k y F r e m o n t & S o u t h e r n R y __________
S a n d w ic h W in d s o r & A m h e r s tb u r g R y .— S ee
c i n n a t i N e w p o r t & C o v i n g t o n R y ____________ 1 6 0
D e t r o i t U n i t e d R y _______________ ________________ 1 49
S o u t h F e r r y — S e e N . Y . R a i l w a y s _______________
61
S a n fo r d
& C a p e P o r p o is e
R y .— S ee Y o r k
S o u t h J e r s e y G a s , E l e c t r i c & T r a c t i o n ___________ T 6
U t i l i t i e s C o ____________________________________________ 2 9 S o u t h O r a n g e & M a p l e w o o d T r a c t i o n ____________ 7 7
S a n t a B a r b a r a G a s & E l. C o .— S e e S o u t h e r n
S o u t h S h o r e & B o s to n S t. R y .— S e e E a s te r n
C a l i f . E d i s o n C o ___________________________________ 2 0 4
M a s s . S t r e e t R y . C o _________________________________3 2
S a o P a u l o E l e c t r i c C o . , L t d ________________________ 2 2 5 S o u t h S i d e E l e v a t e d R R . , C h i c a g o — S e e C h i
S a o P a u l o T r a m . , L t . & P o w e r C o . , L t d _______ 2 2 5
c a g o R a p i d T r a n s i t _________________________________1 3 4
S a r a t o g a T r a c t i o n — S e e H u d s o n V a ll e y R y _ _ 64 S o u t h
S i d e P a s s e n g e r R y . — 'S e e P i t t s . &
S a u d a F a l l s C o . , L t d ________________________________ 2 2 7
B i r m . T r a c ____________________________________________ 8 7
S a v a n n a h E le c t r ic C o .— S e e S a v a n n a h E le c .
S o u t h W e s t M is s o u r i E le c t r ic R y .— S e e S o u t h
t r i e & P o w e r C o _____________________________________ 1 7 0
W e s t M i s s o u r i R R __________________________________ 1 98
S a v a n n a h E l e c t r i c & P o w e r C o _______________ ! l 7 0
S o u t h e a s t e r n P o w e r & L i g h t C o _________________ 172
S a v a n n a h R iv e r P o w e r C o .— S e e G e o r g ia R y .
S o u t h e r n & A t l a n t i c T e l e g r a p h C o _______________ 12
& P o w e r C o ___________________________________________1 6 6 S o u t h e r n B e l l T e l e p h o n e & T e l e g r a p h C o _______10
S a v a n n a h T h u n d e r b o l t & I s le o f H o p e R y .—
S o u t h e r n B o u l e v a r d R R . — -S e e U n i o n
R y.
S e e S a v a n n a h E l e c t r i c & P o w e r C o _ _ _______1 7 0
o f N . Y . C i t y ___________________________________________ 62
S a x o n P u b l i c W o r k s , I n c ___________________________2 2 8 S o u t h e r n C a l i f o r n i a E d i s o n C o . ( a l s o m a p ) _ _ 2 04
S c h e n e c t a d y R y _________________________________________ 6 6 S o u t h e r n C a l i f o r n i a G a s C o ________________________ 22
S c h u y l k i ll E le c . R y .— S e e E . P e n n . E le c . C o _ _ 94 S o u t h e r n
C a lifo r n ia
T e le p h o n e
C o .— S e e
S c h u y lk ill G a s & E le c t r ic C o .— S e e L e h ig h
P a c i f i c T e l . & T e l . C o ______________________________ 10
P o w e r S e c u r i t i e s C o r p ____________________________ 9 1 S o u t h e r n C a n a d a P o w e r C o . , L t d _______________ 224
S c h u y lk ill H a v e n & O r w ig s b u r g S t. R y .— S ee
S o u t h e r n C o l o r a d o P o w e r C o _____________________ 193
E a s t P e n n . E l e c t r i c C o __________________________ 9 4
S o u t h e r n C o u n t i e s G a s C o . o f C a l i f ______________19
S c h u y l k i l l R y . C o __________________________ ____ _____ 1 02
S o u t h e r n E l e c . R y . — S e e U n . R y s . o f S t . L ___ 193
S c h u y l k i l l T r a c t i o n ( G i r a r d v i l l e , P a . ) __________1 0 2 S o u t h e r n H t . , L t . & P o w e r C o . — S e e D u S c h u y l k i l l V a l l e y T r a c t i o n __________________________ 9 5
q u e s n e L i g h t C o _____________________________________ 8 5
S c i o t o V a l l e y R y . & P o w e r C o ____________________1 1 6 S o u t h e r n I l l i n o i s L i g h t & P o w e r — S e e I l l i n o i s
S c io t o V a lle y T r a c . C o .— S e e S c io t o V a lle y
P o w e r & L i g h t C o r p _______________________________ 1 3 6
R y . & P o w e r C o _____________________________________ 1 1 6 S o u t h e r n 111. P r . - & L t . — S e e I I I . P r . & L t . C o r p _ 1 3 6
S c r a n t o n & B in g h a m t o n R R .— S ee S c r a n t o n
S o u th e r n I llin o is R y . & P o w e r C o .— S ee C e n
& B i n g h a m t o n R y ________,______________________ 6 7
t r a l I l l i n o i s P u b l i c S e r v i c e C o __________________ 1 3 9
S c r a n t o n & B i n g h a m t o n R y ______________________ 6 7 S o u t h e r n I n d i a n a G a s & E l e c t r i c — S e e C o m
S cra n ton
&
B in g h a m to n
T rac.
C o .— S e e
m o n w e a l t h P o w e r C o r p ___________________________ 1 4 6
S c r a n t o n & B i n g h a m t o n R y ____________________6 7 S o u t h e r n I n d . P o w e r — S e e I n t e r - S t a t e P u b l i c
S c r a n t o n & C a r b . T r a c .— S e e S c r a n t o n R y _ _ 82
S e r v i c e _________________________________________________1 2 9
S c r a n t o n D u n m o re & M o. T k .— S e e S c r a n t o n
S o u t h e r n M i c h i g a n R y ______________________________ 1 2 4
R y _________________________________ _______ ______________ 82
S o u t h e r n N e w E n g l a n d T e l e p h o n e C o ___________ * 0
S c r a n to n M o n tr o se & B in g h a m to n
R R ________ 6 7 S o u t h e r n N e w Y o r k P o w e r & R y . C o r p __________6 8
S c r a n t o n P a s s . R y .— S e e S c r a n t o n
R y ________ 8 2 S o u t h e r n O h i o P u b . S e r v . C o . o f Z a n e s v i l l e - 1 1 7
S c r a n t o n & P i t t s t o n T r . — S e e S c r a n t o n R y _ _ 82 S o u t h e r n O h i o T r a c t i o n — S e e C i n c i n n a t i &
S c r a n t o n R y ______________________________________________82
D a y t o n T r a c t i o n ___________________________________ 1 1 6
S c r a n t o n T r a c t i o n — S e e S c r a n t o n R y ___________ 8 2 S o u t h e r n P e n n s y l v a n i a T r a c t i o n C o ____________ 8 3
S c r a n t o n & W i l k e s B a r r e T r a c t i o n ______________ 1 0 4 S o u t h e r n P o w e r & L i g h t C o ______________________ 1 7 8
S e a B e a c h R y . — S e e N . Y . R a p . T r a n . C o r p _ _ 63 S o u t h e r n P u b l i c U t i l i t i e s C o ______________________ 1 6 4
S e a C o a s t T r a c t i o n — S e e C o a s t C i t i e s R y _____ 7 8
S o u t h e r n S ie r r a s P o w e r C o .— S e e N e v a d a C a l
S ea sh ore
E le c tr ic R y ., A s b u r y P a r k — S ee
i f o r n i a E l e c t r i c C o r p _____________________________ 2 0 2 '
C o a s t C i t i e s R y ______________________________________ 7 8 S o u t h e r n S t r e e t R y __________________________________ 1 4 2
S e a ttle E le c t r ic C o .— S ee P u g e t S o u n d P o w e r
S o u t h e r n T r a c . ( D a l l a s ) — S e e T e x a s E l.R y _ _ 1 8 0 "
& L i g h t C o ___________________________________________2 1 3 S o u t h e r n T r a c t i o n — S e e P i t t s b u r g h R y s ______ 8 5
S e a ttle E v e r e tt T r a c . C o .— S e e P u g e t S o u n d
S o u t h e r n U t i l i t i e s C o ________________________________1 7 0
P o w e r & L i g h t C o __________________________________ 2 1 3 S o u t h w e s t M i s s o u r i E l e c . — S e e S o u t h w e s t
S e a ttle R y .— S e e P u g e t S o u n d P o w . & L t. C o . 213
M o . R R ________________________________________________ 1 98 .
S e a t t l e & R a n i e r V a l l e y R y ________________________ 2 1 4 S o u t h w e s t M i s s o u r i R R . C o ______________________ 1 9 8
S e c o n d A v e . R R . ( N e w Y o r k ) . , . _____________________ 6 6 S o u t h w e s t P o w e r C o ________________________________ 1 9 8
S e c o n d A v e . T r a c t i o n — S e e U n i t e d T r a c t i o n . 8 6 S o u t h w e s t e r n B e l l T e l e p h o n e C o _________________ 1 1
S e c o n d & T h i r d S t r e e t s P a s s e n g e r R y _________ 9 8 S o u t h w e s t e r n G a s & E l e c C o _________ -__________ 1 7 4
S e d a lia L t . & T r a c . C o .— S e e C i t y L t . & T r .
S o u t h w e s t e r n P o w e r & L i g h t C o _________________1 7 T
C o ..................
4 4 S o u t h w e s t e r n S t . R y . — S e e P h i l a . R y s . C o ___ .1 0 4
S e l m a L t g . C o . — S e e A l a b a m a P o w e r C o _______1 7 2 S p o k a n e & E a s t e r n R y . & P o w e r C o ____________ 2 1 4
S e v e n t e e n t h & N i n e t e e n t h S t s . P a s s . R y _______9 8 S p o k a n e & I n l a n d E m p i r e R y . — S e e S p o k a n e
S e v e n t e e n t h S t r e e t I n c l i n e P l a n e C o ____________ 8 8
& E a s t e r n R y . & P o w e r C o ______________________ 2 1 4
Seym our
P u b lic
S e r v ic e
C o .— S ee
In terS p o k a n e T e r m in a l C o .— S e e S p o k a n e & E a s t
S t a t e P u b l i c S e r v i c e C o ___________________________ 1 2 9
e r n R y . & P o w e r C o _______________________________ 2 1 4
S h a m o k i n & M t . C a r m e l T r a n s i t C o ____________ 1 0 4 S p o k a n e T r a c t i o n C o . — S e e S p o k a n e U n i t e d
S h a r o n & N e w c a s tle R y s .— S e e R e p u b l ic R y .
R y s . C o ------------------------------------------------------------------------- 2 1 4
& L i g h t ________________________________________________ 1 1 2 S p o k a n e U n i t e d R a i l w a y s _________________________ 2 1 4
S h a w in ig a n W a t e r & P o w . C o . (a ls o s e e m a p ) . 222 S p r in g V a lle y W a t e r C o . (S a n F r a n c i s c o ,C a l.) 2 2
S h a w n e e T e c u m s e h T r a c t i o n C o _________________ 1 9 9 S p r i n g f i e l d
(111.)
C o n s o lid a t e d
R y .— S ee
S h e b o y g a n G a s L ig h t C o .— S e e W is . S e c . C o .1 8 3
U n i o n R y . , G a s & E l e c t r i c ______________________ 1 5 0
S h e b o y g a n E le c t r ic C o .— S ee W is c o n s in P o w .
S p r in g fie ld & E a s t. S t. R y .— S e e S p r in g fie ld
& L i g h t --------------------------------------------------------------------------1 3 0
S t r e e t R a i l w a y ________________________________________3 4
UCT., 1925.]
Page.
S p r in g fie ld G a s C o .— S e e O h io F u e l S u p p ly
C o .............. ..............
21
S p r in g fie ld & N o r t h e a s t e r n T r a c . C o .— S e e
I l l i n o i s T r a c t i o n , I n c ______________________________ 1 3 7
S p r i n g f i e l d ( O h i o ) R a i l w a y _________________________ 8 1
S p r in g fie ld R a ilw a y C o s .— S e e N e w E n g la n d
I n v e s t m e n t S e c u r i t i e s C o _______________________ 33
S p r i n g f i e l d (111.) R y . & L i g h t C o . — S e e U n i o n
R a i l w a y , G a s & E l e c t r i c _________________________ 1 50
S p r i n g f i e l d ( M o . ) R a i l w a y & L i g h t C o ___________ 1 75
S p r i n g f i e l d ( M a s s . ) S t r e e t R y _____________________ 34
S p r i n g f i e l d T e r m i n a l R y . C o ________________________ 3 0
S p r i n g f i e l d ( M o .) T r a c t i o n — S e e S p r i n g f i e l d
R a i l w a y & L i g h t C o _______________________________ 1 75
S p r i n g f i e l d & j X e n i a R a i l w a y ____________________1 2 0
S t a f f o r d S p g s . S t . R y . — S e e C o n n e c t i c u t C o . 38
S t a m f o r d S t r e e t R R . — S e e C o n n e c t i c u t C o ___ 3 8
S t a n d a r d E le c . C o . — S e e P a c i f i c G a s & E l. C o .2 0 0
S t a n d a r d G a s & E l e c . C o . ( a l s o m a p ) ___________ 1 38
S ta n d a rd G a s L ig h t C o .— S ee C o n s . G a s C o .
o f N e w Y o r k _________________________________________ 14
S ta n d a r d L t ., H e a t & P o w . C o .— S ee N . Y .
S t a t e G a s & E l e c ___________________________________ 56
S t a n d a r d P o w e r & L i g h t C o r p ___________________ 2 0 8
S t a r k E l e c t r i c R R _____________________________________ 1 1 6
S t a t e n I s l a n d E d i s o n C o r p _________________________ 56
S t a t e n I s l a n d M i d l a n d R y _________________________ 71
S t e i n w a y R y . — S e e N . Y . & Q u e e n s C o . R y ___ 69
S te r lin g G a s & E le c . C o .— S e e I llin o is N o r t h
e r n U t i l i t i e s C o _____________________________________ 1 32
S t e u b . E a s t L i v e r p . & B e a v . V a l l e y T r a c _____1 1 8
S te u b e n v ille M in g o & O h io V a lle y T r a c t io n —
S e e W h e e l i n g T r a c t i o n ____________________________ 9 0
S t e u b e n v ille W e lls b u r g & W e ir t o n R y . C o .—
S e e W e s t P e n n R y s . C o __________________________ 89
S t e u b e n v ille & W h e e lin g T r a c t io n C o .— S ee
W h e e l i n g T r a c t i o n ________________________________ 9 0
S t illw a t e r & M e c h a n ic v ille — S e e H u d s o n V a l.
R y -------------------------------------------------64
S t o c k t o n E l e c t r i c R R ________________________________ 2 1 1
S t r o u d s b u r g E l. L . & P .— S e e L e h ig h P o w e r
S e c u r i t i e s C o r p ______________________________________ 9 1
S u b u r b a n E l e c t r i c S e c u r i t i e s C o __________________ 3 5
S u b u r b a n G a s C o .— S e e P h ila . S u b . G a s &
E l e c . C o _______________________________________________ 83
S u b u r b a n L ig h t & P o w e r C o .— S ee P a c ific
G a s & E l e c t r i c C o ______________
200
S u b u r b a n R a p i d T r a n s i t C o . ( W i n n i p e g ) _____ 2 2 4
S u b u r b a n R a p . T r a n . S t . R y . , P i t t s b u r g h , P a . 88
S u lliv a n
C ou n ty
L t. &
P o w . C o r p .— S ee
N . Y . S t a t e G a s & E l e c . C o r p ____________________56
S u s q u e h a n n a C o u n t y L ig h t & P o w e r C o .—
S e e G e n e r a ! G a s & E l e c . C o r p _____ _____________ 4 6
S u s q u e h a n n a R y ., L t . & P o w e r C o .— S ee
U n i t e d G a s & E l e c t r i c C o r p _____________________ 4 7
S u t r o R R . — S e e M a r k e t S t r e e t R y _______________ 2 0 8
S u t t e r S t r e e t R y . — S e e M a r k e t S t . R y __________2 0 8
S y d n e y & G la c e B a y R y . C o .— S ee C a p e B r e
t o n E l e c t r i c C o ______________________________________ 2 2 4
S y r a c u s e & E a s t e r n R R _____________________________ 7 1
S y r a c u s e L a k e S h o r e & N o r . R R .— S ee E m
p i r e S t a t e R R . C o r p _________________________________7 1
S y r a c u s e N o r t h e r n E l e c t r i c R y _____________________ 2 1
S y r a c u s e R a p . T r a n . R y . — S e e N . Y . S t a t e R y s . 65
S y ra cu se & S u b u r b a n R R .— S ee S y ra cu s e &
E a s t e r n R R ____________________________________________ 71
T
Page
T o l e d o E d i s o n C o ____________________________________ 4 4
T o le d o F a y e tte & W e ste r n — S ee T o le d o T r a c
t i o n , L i g h t & P o w e r _____________________________ _ 4 4
T o le d o & F in d la y S tr e e t R y .— S e e T o le d o
B o w l i n g G r e e n & S o u t h e r n ____________________1 2 0
T o l e d o F o s t o r i a & F i n d l a y ________________________ 1 2 0
T o le d o F r e m o n t & N o r w a lk S t r e e t R y .— S ee
L a k e S h o r e E l e c t r i c _______________________________ 1 1 6
T o le d o G a s , E le c t r ic & H e a t in g C o .— S ee
T o l e d o E d i s o n C o ___________________________________ 4 4
T o le d o G a s L ig h t & C o k e C o .— S ee T o le d o
T r a c t i o n , L i g h t & P o w e r C o _____________________ 4 4
T o le d o H e a t & L ig h t C o .— S ee T o le d o T r a c
t i o n , L i g h t & P o w e r C o ___________________________ 4 4
T o l e d o & I n d i a n a R a i l r o a d ________________________ 1 2 0
T o le d o & I n d ia n a T r a c t io n C o .— S ee T o le d o
& I n d i a n a R R . C o __________________________________ 1 2 0
T o l e d o O t t a w a B e a c h & N o r . R y ______ _________ 4 4
T o le d o P o r t C l in t o n & L a k e s id e R y . C o .— S e e
N o r t h w e s t e r n O h i o R y . & P o w e r C o ________ 1 1 3
T o le d o R a ilw a y s & L ig h t C o .— S ee T o le d o
T r a c t i o n , L i g h t & P o w e r C o _____________________ 4 4
T o l e d o T r a c t i o n , L i g h t & P o w e r __________________ 4 4
T o le d o & W e s t e r n R y .— S ee T o le d o T r a c
t i o n , L i g h t & P o w e r C o ___________________________4 4
T o n a w a n d a E l e c t r i c R R . — S e e I n t e r n a t . R y . 65
T o n a w a n d a S tr e e t R R .— S ee I n t e r n a t . R y _ . 65
T o p e k a E d i s o n C o . — S e e T o p e k a R y . & L t . C o . 1 37
T o p e k a R a i l w a y ________________________________________ 1 3 8
T o p e k a R y . & L t. C o .— S ee u n d e r T o p e k a R y .
C o . ( n o w K a n . P u b . S e r v . C o . ) _________________ 1 3 7
T o r o n t o E le c . L t .— S e e T o r o n t o P o w e r R y ._ 2 2 4
T o r o n t o E l e c . L t . — S e e T o r o n t o R y ____________ 2 2 4
T o r o n t o P o w e r C o . — S e e T o r o n t o R y ___________ 2 2 4
T o r o n t o ( C a n a d a ) R a i l w a y _________________
224
T o r o n t o & Y o r k R a d ia l R y .— S e e T o r o n t o
R y . ( C a n a d a ) ________________________________________ 2 2 4
T o r r i n g t o n & W in . S t . R y .— S e e C o n n . C o . _ 38
T o w n o f H e m p s te a d G a s & E le c t r ic L ig h t
C o . — S e e Q u e e n s B o r o . G a s & E l e c . C o ___ 5 8
T r a n s it
D e v e lo p m e n t
C o .— S ee
B r o o k ly n
M a n h a t t a n T r a n s i t C o ____________________________ 62
T r a p p e & L i m e r i c k E l e c t r i c S t . R y _______________ 96
T r e n t o n B r i s t o l & P h i l a d e l p h i a S t r e e t R y ___ 1 0 3
T ren ton
C ity
B r id g e
C o .— S ee
T ren ton P r i n c e t o n T r a c t i o n C o __________________________ 8 0
T r e n t o n G a s & E le c t r ic .— S ee S o . J e r s e y G a s ,
E l e c t r i c & T r a c t i o n _________________________________7 6
T r e n t o n H a m . & E w in g — S e e T r e n t o n S t . R y . 80
T r e n t o n & M e r c e r C o u n t y T r a c t i o n C o r p _____79
T r e n t o n & N e w B r u n s w ic k R R . — S e e E liz a
b e t h & T r e n t o n R R ________________________
77
T ren ton
P assen ger
R y .— S ee
T ren ton
&
79
M e r c e r C o u n t y T r a c t i o n C o r p ________
T r e n t o n P e n n in g t o n & H o p e w e ll S t r e e t R y .
— S e e T r e n t o n S t r e e t R y _________________________ 8 0
T r e n t o n P r i n c e t o n T r a c t i o n C o ____________________8 0
T r e n t o n ( N . J . ) S t r e e t R y ____________________________ 8 0
T r i C it y R y .— S e e T r i C it y R y . & L ig h t C o _ .1 5 4
T r i C i t y R a i l w a y & L i g h t C o _____________________ 1 54
T r i C o u n t y L ig h t & P o w e r C o .— S ee I llin o is
N o r t h e r n U t i l i t i e s C o ____________________________ 1 32
T r i - S t a t e T e l e p . & T e l e g . C o _____________________ 11
T r i n i d a d E l e c . T r a n s m . R y . & G a s ______________ 1 7 5
T r o y C i t y R y . — S e e U n it e d T r a c . ( A l b a n y ) - . 64
T r o y H ill P a s s e n g e r R y .— S e e F e d e r a l S t . &
P l e a s a n t V a l l e y P . R y ______________________________8 6
T r o y & N e w E n g l a n d R y ____________________________ 7 0
T r u m b u ll P u b lic S e r v ic e C o .— S e e O h io P u b
l i c S e r v i c e C o _________________________________________ 4 5
T u c s o n R a p i d T r a n s i t — S e e F e d l . L t . & T r a c . 1 75
T u r n e r s F a l l s P o w e r & E l e c . C o __________________ 3 1
T u s c a r a w a s T r a c t io n C o .— S e e C a n t o n A k r o n
C o n s o l i d a t e d R y _______________________________ . . . 1 1 5
T w e n ty e ig h th & T w e n ty n in t h S ts. C ro ss
t o w n R R . ( N . Y . ) — S e e M i d C r o s s t o w n R y . 62
T w e n t y s e c o n d S t . & A l l . A v e . P a s s . R y ________9 7
T w e n t y t h ir d A v e . E l. R y .— S e e K e y S y s te m
T r a n s i t C o ____________________________________________ 2 1 0
T w e n t y t h i r d S t r e e t R y . — S e e N . Y . R y s _____ 61
T w in C ity L ig h t & T r a c t io n C o .— S ee P u g e t
S o u n d P o w e r & L i g h t C o ________________________ 2 1 3
T w i n C i t y R a p i d T r a n s i t ___________________________ 1 85
T w in
C ity
T e le p h o n e
C o . — -S e e T r i - S t a t e
T e l . & T e l . C o ______________________________________ 11
T w i n S t a t e G a s & E l e c t r i c __________________________1 32
T y r o l H y d r o - E l e c t r i c P o w e r C o __________________ 2 2 6
T acom a
R y . & P o w e r — -S e e P u g e t S o u n d
P o w e r & L i g h t C o __________________________________ 2 1 3
Tam aqua
&
P o t t s v ille
E le c tr ic
R R .— S ee
E a s t P e n n E l e c t r i c C o ______________________________ 9 4
T a m p a E l e c t r i c C o ____________________________________1 7 1
T a r r a n t C o u n t y T r a c t io n C o .— S ee N o r t h e r n
T e x a s E l e c t r i c C o __________________________________ 1 7 8
T a r r y to w n W h it e P la in s & M a m a r o n e c k R y .
— S e e S h o r e L i n e E l e c t r i c R R ____________________39
T a u n t o n & B r o c k t o n S t r e e t R y .— S e e E a s t
e r n M a s s a c h u s e t t s S t r e e t R y . C o _______________ 32
T a u n ton
S tre e t
R y .— S ee E a s te rn
M assa
c h u s e t t s S t r e e t R y . C o ____________________________ 32
T a y l o r A v e n u e R R . — S e e U n i t e d R y s . o f S t . L .1 9 3
T e n n e s s e e E l e c t r i c P o w e r C o . ( a l s o m a p ) _____ 1 6 0
T e n n e s s e e P o w e r C o . . ________________________________ 161
T e rre H a u te E le c t r ic C o .— S ee T e r r e H a u te
T r a c t i o n & L i g h t __________________________________ 1 22
T e r r e H a u t e I n d i a n a p . & E a s t e r n T r a c . C o . .1 2 1
T e r r e H a u t e T r a c t i o n & L i g h t C o _______________ 122
T e rre H a u te & W e s te r n R y . C o .— S ee T e r r e
H a u t e T r a c t i o n & L i g h t _________________________ 1 22 U j i g a w a E l e c . P o w . C o . , L t d __________________
227
T exark an a
G as &
E le c . C o .— S ee S o u t h
U jig a w a
D enki
K a b u s h ik i
K a i s h a . — 'S e e
w e s t e r n G a s & E l e c . C o _________________________ 1 7 4
U j i g a w a E l e c . P o w . C o . , L t d ___________________ 2 2 7
T e x a s E l e c t r i c R a i l w a y ______________________________ 1 8 0 U n i o n C a r b i d e & C a r b o n C o r p . — S e e S a u d a
T exas In teru rb a n
R y .— S e e E le c. P o w . &
F a l l s C o . , L t d ________________________________________2 2 7
L t . C o r p _______________________________________________ 2 1 5
U n io n C o n s o lid a t e d E le v a te d R y .— S e e C h i
T e x a s T r a c t io n C o .— S e e T e x a s E le c t r ic R y ._ 1 8 0
c a g o R a p i d T r a n s i t _________________________________1 3 4
T e x a s P u b l ic S e r v ic e .— S e e C e n t r a l P o w e r
U n io n
D epot
RR.
(S t. L o u is ,
M o .)— S e e
& L i g h t C o ___________________________________________1 7 7
U n i t e d R a i l w a y s C o _______________________________ 1 9 3
T h i r d A v e n u e R y . ( N e w Y o r k ) ___________________ 61 U n i o n E l e c t r i c C o . — S e e D u b u q u e E l e c . C o . . 1 8 7
T h i r t e e n t h & F i f t e e n t h S t r e e t s P a s s . R y _______9 9 U n i o n E l e c t r i c L i g h t & P o w e r C o _______________ 1 9 5
T h ir ty fo u r t h
S treet
C ro ssto w n
R y .— S ee
U n i o n E l e c t r i c L i g h t & P o w e r C o . o f 111______ 1 9 5
N e w Y o r k R a i l w a y s C o __________________________ 61
U n io n E le v a t e d R R .— S e e C h i c a g o R a p . T r a n .134
T h r e e R iv e r s G a s C o .— S ee M ic h ig a n G a s &
U n io n G a s C o . (M c K e e s p o r t )— S e e P h ila . C o . 84
E l e c t r i c C o ___________________________________________1 2 9 U n i o n G a s & E l e c t r i c ________________________________ 4 8
T i d e w a t e r P o w e r C o __________________________________ 1 6 3 U n i o n L i g h t , H e a t & P o w e r C o . — S e e C i n
T i d e w a t e r S o u t h e r n R a i l w a y _____________________ 2 1 2
c i n n a t i N e w p o r t & C o v i n g t o n _________________ 1 6 0
T i w a g . — S e e T y r o l H y d r o - E l e c . P o w . C o _____ 2 2 6 U n i o n L o o p — S e e C h i c a g o R a p i d T r a n s i t C o . 1 3 4
T o k i o D e n t o K a b u s h i k i K a i s h a .- —S e e T o k i o
U n i o n P a s s e n g e r R y ___________________________________ 9 9
E l e c t r i c L t . C o . , L t d _______________________________ 2 2 7 U n i o n R y . , G a s & E l e c t r i c __________________________1 5 0
T o k i o E l e c t r i c L i g h t C o . , L t d ___________________ 2 2 7
U n i o n R y . o f N e w Y o r k C i t y _____________
62
T o l e d o B o w l i n g G r e e n & S o u t h e r n T r a c t i o n . 1 2 0 U n i o n R y . — S e e W i l m i n g t o n & C h e s t e r T r a c . 83
239
INDEX TO COMPANIES
u
P a ge.
U n io n S t r e e t R y . (N e w B e d f o r d , M a s s . ) - . . . . . 36
U n i o n T r a c t i o n C o . ( C a l i f o r n i a ) --------------------------2 0 8
U n i o n T r a c t i o n C o . ( C o f f e y v i l l e , K a n . ) --------— 1 9 1
U n i o n T r a c t i o n C o . ( N a s h v i l l e , T e n n . ) ----- --— 1 6 2
U n i o n T r a c t i o n C o . o f I n d i a n a ___________________ 1 2 3
U n i o n T r a c t i o n ( P h i l a d e l p h i a , P a . ) ------------------- $j[97
U n i o n U t i l i t i e s C o . — S e e W . V a . U t i li t ie s C o . 95
U n it e d E le c . C o . (M d .)— S e e C o n s . G a s E le c . ^
L i g h t & P o w e r C o __________________________________ 1 0 5
U n it e d E le c t r ic C o . o f N . J .— S e e P u b . S e rv .
R y ________________________________________________________ 7 6
U n i t e d E l e c t r i c L i g h t C o _____________________________3 2
U n it e d E le c t r ic L ig h t & P o w e r C o .— S ee
C o n s . G a s C o . o f N . Y ______________________________ 1 4
U n i t e d E l e c t r i c R y s C o _____________________________ 3 7
U n i t e d F u e l G a s C o . — 'S e e C o l . G a s & E l . C o _ 1 0 9
U n it e d G a s & E le c . C o .— S e e I n t e r -S t a t e
P u b l i c S e r v i c e C o __________________________________ 1 2 9
U n it e d G a s & E le c. C o
(L itc h fie ld )— S ee
I l l i n o i s P o w e r & L i g h t C o r p ____________________1 3 6
U n i t e d G a s & E l e c t r i c C o . ( N e w J e r s e y ) ________ 4 7
U n it e d G a s & E le c . C o .— S e e P a c ific G a s &
E l e c t r i c C o __________________________________________ 2 0 9
U n it e d G a s & E le c . C o .— S e e T w in S t a te G a s
-4
132
& E l e c t r i c C o ____________
U n i t e d G a s & E l e c t r i c C o r p ________________________ 4 7
U n i t e d G a s I m p r o v e m e n t C o ________________________ 2 4
U n i t e d L i g h t & P o w e r C o . ( a l s o m a p ) __________1 52
U n it e d L ig h t & R y s ., G r a n d R a p id s (w ith
m a p ) — S e e U n i t e d L i g h t & P o w e r C o ________ 1 52
U n it e d N a t io n a l U t ilit ie s C o .— S e e A m e r i
c a n E l e c t r i c P o w e r C o ______________________________ 8 1
U n i t e d P o w e r & T r a n s p o r t a t i o n _________________1 0 3
U n it e d R R s . o f S a n F r a n c is c o — S e e M a rk e t
S t r e e t R y ______________________________________________2 0 8
U n i t e d R y s . C o . ( S t . L o u i s ) _______________________ 1 93
U n i t e d R y s . & E l . C o . o f B a l t i m o r e ______________ 1 0 7
U n it e d R y s . I n v e s t m e n t C o . (S a n F r a n c i s c o ) . 84
U . S . T e l e p h o n e C o . — S e e O h i o B e ll T e l . C o . . 10
U n it e d S t. R y . o f C e n t . N . J .— S e e P u b . S e r.
R y ________________________________________________________ 7 6
U n i t e d T r a c t i o n C o ( A l b a n y ) _____________________ 6 4
U n i t e d T r a c t i o n ( P i t t s b u r g h ) ______________________ 8 6
U n it e d T r a c t io n (R e a d in g , P a .)— S e e R e a d in g
T r a n s i t C o ____________________________________________ 9 5
U n it e d T r a c . & E le c .— S e e U n it e d E le c . R y s . 37
U n it e d T r a c t io n S t. R R . C o .— S e e D u B o is
E l e c . & T r a c . C o ___________________________________ 9 4
U r b a n a B e lle fo n t a in e & N o r t h e r n R y .— S ee
I n d i a n a C o l u m b u s & E a s t e r n _________________1 1 7
U r b a n a & C h a m p a ig n R y . G a s & E le c . C o .—
S e e I l l i n o i s P o w e r & L i g h t C o r p ______________ 1 3 6
U r b a n a L t ., H e a t & P o w e r C o .— S e e I llin o is
P o w e r & L i g h t C o r p _______________________________ 1 3 6
U t a h - I d a h o C e n t r a l R R ____________________________ 2 1 6
U t a h L t . & P o w . — S e e U t a h L t . & T r a c . C o . .2 1 6
U t a h L t . & R y . C o . — S e e U t a h L t . & T r a c ___ 2 1 6
U t a h L i g h t & T r a c t i o n . . ___________________________ 2 1 6
U t a h P o w e r & L i g h t _________________________________ 2 1 5
U ta h S e c u r it ie s C o r p .— S e e E le c t r ic P o w e r
& L i g h t C o r p ________________________________________ 2 1 5
U t i c a B e l t L i n e S t . R R . — S e e N . Y . S t a t e R y s . 65
U t i c a G a s & E l e c . C o . — -S e e M o h a w k H u d s o n
P o w e r C o r p __________________________________________ 4 8
U tica
& M o h a w k V a lle y R y .— S e e N . Y .
S t a t e R y s _____________________________________________ 65
U t i l i t i e s P o w e r & L i g h t C o r p ______________________ 7 7
U x b r id g e & B la c k s t o n e S t. R y .— S e e W o r c e s
t e r C o n s . S t . R y . _____________________________________ 34
V
V a lle y C o u n t i e s P o w e r C o .— S e e P a c if i c G a s
& E l e c t r i c C o _______________________________________ 2 0 0
V a lle y E l e c t r i c C o .— S e e D u q u e s n e L ig h t C o . 85
V a lle y H o m e T e le p h o n e C o .— S ee M ic h ig a n
B e l l T e l e p h o n e C o ________________________________
9
V a l l e y R y s _______________________________________________ 1 0 1
V a l l e y S t r e e t R y . — S e e R e p . R y . & L i g h t _____ 1 1 2
V a l l e y T r a c t i o n C o . — S e e V a l l e y R y s __________ 1 0 1
V a l p a r a i s o & N o r t h e r n R y . — S e e G a r y & V a l - s4|
|
p a r a i s o R R ___________________________________________1 2 5
V a n B r u n t S t r e e t & E r i e B a s i n R R ______________6 6
V e n tu ra
P o w e r C o .— S ee S o u t h e r n
C a lif.
E d i s o n C o ____________________________________________ 2 0 4
V e r m o n t C o _____________________________________________ 3 0
V e r m o n t H y d r o -E le c t r ic C o .— S ee G e n e r a l
G a s & E l e c t r i c C o _____________________I ___________ 4 6
V e r m o n t P o w e r & L ig h t in g C o .— S ee M o n tp e l i e r & B a r r e L i g h t & P o w e r C o ______________ 3 0
V e r s a i l l e s T r a c t i o n C o . — -S e e W e s t P e n n R a i l
w a y s C o _______________________________________________ 89
V i c k s b u r g L ig h t & T r a c t i o n C o . — S e e M iss.
P o w e r & L i g h t C o __________________________________ 1 73
V i n c e n n e s C i t i z e n s S t . R y .— S e e V i n . E l. R y _ 1 2 7
V i n c e n n e s E l e c t r i c R y . C o _________________________ 1 2 7
V in c e n n e s T r a c t io n C o .— S e e V in . E le c . R y _ _ 1 2 7
V i n c e n n e s T r . & L t . C o .— S e e V i n . E le c .R y _ _ 1 2 7
V i r g i n i a E l e c . C o . — S e e N o r f o l k R y . & L t _____ 1 5 6
V ir g in ia P a s s e n g e r & P o w e r C o .— S e e V ir g i n i a R y . & P o w e r _________________________________1 5 6
V i r g i n i a R y . & P o w e r _______________________________ 1 5 6
V i r g i n i a n P o w e r C o __________________________________ 1 57
w
W a b a s h R iv e r T r a c t io n C o .— S ee In d ia n a
S e r v i c e C o r p _________________________________________ 1 2 4
W a k e fie ld & S t o n e h a m S t. R y .— S e e E a s te r n
M a s s a c h u s e t t s R y . C o ____________________________ 3 2
W a l l k i l l T r a n s i t C o __________________________________ 6 9
240
Page.
W a ld e n & O r a n g e L a k e — S ee O ra n g e C o u n t y
T r a c t i o n ______________________________________ , ________6 9
W a r r e n & J a m e s t o w n S t . R y _____________________ 1 0 4
W a s h . A le x a n d r ia & M t. V e r n o n R y .— S ee
W a s h i n g t o n - V i r g i n i a R y ________________________ 1 0 8
W a s h . A r li n g t o n & F a lls C h u r c h R y .— S e e
W a s h i n g t o n - V r i g i n i a R y ________________________ 1 0 8
W a s h in g t o n B a ltim o r e & A n n a p o lis E le c t r ic
R R ------------------------------------------------------------ ---------- ---------- 1 0 8
W a s h i n g t o n & C a n o n s b u r g R y . C o ______________8 6
W a s h in g to n
C oast
U t ilit ie s .— S e e
Puget
S o u n d P o w e r & L i g h t C o ______________
213
W a s h in g to n
E le c . S t. R y .— S e e W a s h . &
C a n o n s b u r g R y ______________________________________ 8 6
W a s h i n g t o n G a s L i g h t C o ___________________________2 6
W a s h in g t o n & G le n E c h o R R .— S e e W a s h in g
t o n R y . & E l e c t r i c ________________________________ 1 0 8
W a s h in g to n
(D . C .) I n t e r u r b a n
R y .— S e e
W a s h i n g t o n R y . & E l e c t r i c _____________________ 1 0 8
W a s h i n g t o n & M a r y l a n d R y ______________________ 1 0 7
W a s h i n g t o n & O l d D o m i n i o n _____________________ 1 0 8
W a s h i n g t o n R y . & E l e c t r i c C o ____________________1 0 8
W a s h . & R o c k . R y .— S e e W a s h . R y . & E l e c . -1 0 8
W a s h i n g t o n U t i l i t i e s C o ____________________________ 1 0 8
W a s h i n g t o n - V i r g i n i a R y . C o _______________________1 0 8
W a s h i n g t o n W a t e r P o w e r , S p o k a n e ____________ 2 1 3
W a s h . W o o d s id e & F o re s t G le n R y . & P o w e r
C o . — S e e W a s h i n g t o n R y . & E l e c t r i c ________ 1 0 8
W a t e r b u r y L ig h t & P o w . C o .— S e e M o n tp e lie r
& B a r r e L i g h t & P o w e r C o ________________________ 3 0
W a t e r l o o C e d a r F a l l s & N o r t h e r n R y ___________ 1 8 8
W a t e r t o w n G a s & E le c . C o .— S e e W is . G a s
& E l e c t r i c C o ________________________________________ 182
W a t e r v i l l e F a i r f i e l d & O a k l a n d R y _______________ 2 9
W a t e r v ille G a s & E le c . C o .— S e e N . Y . S t a te
G a s & E l e c . C o r p ___________________________________ 5 6
W a t e r v ille & O a k la n d S t. R y .— S e e W a t e r v ille
F a i r f i e l d & O a k l a n d R y ___________________________2 9
W a t e r v lie t T u r n p ik e & R a ilr o a d — S e e U n it e d
T r a c t i o n ( A l b a n y ) __________________________________ 6 4
W a u k e s h a G a s & E le c . C o .— S e e W is c o n s in
G a s & E l e c t r i c C o __________________________________ 1 8 2
W e b b C it y N o r t h e r n E le c . R y .— S e e S o u t h
w e s t M i s s o u r i R R __________________________________ 1 9 8
W e b s t e r & D u d le y — S e e W o r e . C o n s . S t . R y _ 34
W eehaw ken
C o n tr a c tin g
C o .— S e e
P u b lic
S e r v i c e E l e c t r i c & G a s ____________________________ 7 4
W e lls E le c . L ig h t & P o w e r — S e e C u m b e r la n d
C o u n t y P o w e r & L i g h t C o ________________________ 2 7
W e s t B r a n c h S t. & P o w e r C o .— S e e N . Y .
S t a t e G a s & E l e c t r i c C o r p ________________________ 55
W e s t C h e s te r L ig h t in g C o .— S e e C o n s . G a s
C o . o f N . Y __________________________________________ 1 4
W e s t C h e s t e r E l e c t r i c — S e e U n i o n R y . , N . Y _ _ 62
W e s t C h e s t e r S t r e e t R y _____________________________ 1 0 5
W e s t c h e s t e r S t r e e t R R _______________________________ 3 9
W e s t C o a s t T e le p h o n e C o .— S e e P e n in s u la r
T e l . C o __________________________________________________1 3
W e s t E n d P a s s e n g e r R y .— S e e F r a n k fo r d &
S o u t h w a r k P h i l a d e l p h i a C i t y P a s s . R y ______ 9 8
W e s t E n d R a p id T r a n s it C o .— S ee C in c in n a t i
L a u r e n c e b u r g & A u r o r a E le c. S tr e e t R y _ _ 1 1 8
W e s t E n d S t r e e t R y . — S e e B o s t o n E l e v a t e d - . 32
W e s t E n d S t . R y .— S e e L a n e . C o . R y . & L t_ _ 94
W e s t E n d T r a c t i o n C o _______________________________ 1 1 3
W e s t E n d T r a c t i o n , P it t s b u r g h , P a .— S e e
P i t t s b u r g h R a i l w a y s C o ___________________________ 8 5
W e s t L ib e r t y S tr e e t R y .— S e e P it t s b u r g h &
B i r m i n g h a m T r a c t i o n ______________________________8 7
W e s t L i b e r t y & S u b . S t . — S e e P i t t s . R y s ______ 8 5
W e s t L i b e r t y & S u b u r b a n S t .— S e e P i t t s . R y s 85
W e s t L ib e r t y S tr e e t R y .— S e e P it t s b u r g h &
B i r m i n g h a m T r a c t i o n C o ________________________ 8 7
W e s t P e n n C o ___________________________________________91
W e s t P e n n E le c t r ic C o .— S e e A m e r ic a n W a t e r
W o r k s & E l e c t r i c C o . , I n c ________________________ 88
W e s t P e n n M o n o n g a h e l a ___________________________ 9 0
W e s t P e n n P o w e r C o ________________________________ 89
W e s t P e n n R a i l w a y s C o ______________________________89
W e s t P e n n T r a c t i o n — S e e W e s t P e n n R y s ---------- 8 9
W e s t P e n n T r a c t io n & W a te r P o w e r C o .—
S e e W e s t P e n n C o ___________________________________ 89
W e s t P h i l a d e l p h i a P a s s e n g e r R y __________________ 99
W e s t R o x b u r y & R o s lin d a le S t r e e t R y .— S ee
E a s t e r n M a s s a c h u s e t t s S t r e e t R y . C o _________ 32
W e s t S h o r e R a i l w a y ________________________________ 39
[V ol. 121.
IN D EX TO COMPANIES
P age.
W e s t S id e R R . — S e e E lm ir a W a t e r , L t . & R R . 48
W e s t T e le p h o n e & T e le g r a p h C o .— S e e A m e r
i c a n T e l . & T e l . C o ________________________________
7
W e s t V ir g in ia T r a c . & E le c . C o .— S e e W e s t
V i r g i n i a U t i l i t i e s C o ______________________________9 5
W e s t V i r g i n i a U t i l i t i e s C o ___________________________ 9 5
W e s t W a t e r S t . R R . — S e e E lm ir a W a t e r ,
L i g h t & R R _________________________
48
W e ste rn
M a ssa ch u setts
S treet
R y .— S e e
S p r i n g f i e l d S t r e e t R y __________
34
W e s te r n N e w Y o r k & P e n n s y lv a n ia T r a c . C o .
— S e e O l e a n B r a d f o r d & S a l a m a n c a R y _____7 0
W e ste r n p o r t & L a n a co n in g — S ee C u m b . &
W e s t e r n p o r t E l e c t r i c R y _________________________ 4 4
W e s t e r n O h i o R a i l r o a d ______________________________ 1 1 9
W e s t e r n O h i o R y . — S e e W e s t . O h i o R R ________ 1 1 9
W e s t e r n P o w e r C o r p _________________________________2 0 6
W e s t e r n P u b l i c S e r v i c e C o ________________________ 1 79
W e s t e r n R y s . & L t . C o . — S e e 111. T r a c t i o n C o . 1 3 8
W e s t e r n S t a t e G a s & E l e c . C o . o f C a l i f ________2 0 7
W e s t e r n S t a t e s G a s & E le c . C o . o f D e la w a r e -2 0 7
W e s t e r n U n i o n T e l e g r a p h C o . , I n c _______________ 11
W e s t m o r e l a n d C o u n t y R y ___________________________ 9 9
W h a tcom
C o u n t y , R y . & L t .— S ee P u g e t
S o u n d P o w e r & L i g h t C o ________________________ 2 1 3
W h e e lin g B r id g e C o .— S e e W h e e lin g T r a c . C o 90
W h e e l in g & E lm G r o v e R R . — S e e W h e e l in g
P u b l i c S e r v i c e C o ___________________________________ 9 5
W h e e l i n g P u b l i c S e r v i c e C o ________________________ 9 5
W h e e l i n g ( W . V a . ) T r a c t i o n C o ___________________ 9 0
W h e e l i n g & W e s t e r n R y . — S e e W h e e l . T r a c . 90
W i c h i t a R R . & L i g h t _______________________________ 1 3 8
W ilk e s -B a r r e C o .— S e e U n it e d G a s & E l e c ._ 47
W i l k e s - B a r r e D a l l a s & H a r v e y ’ s L a k e R y _____1 0 5
W ilk e s B a r r e & E a s t S id e R y .— S e e W ilk e s B a r r e R y s . C o ______________________________________ 1 0 5
W ilk e s -B a r r e G a s & E le c . C o .— S e e L e h ig h
P o w e r S e c u r i t i e s C o r p ____________________________ 9 1
W i l k e s - B a r r e & H a = e l t o n R a i l w a y ______________ 1 0 1
W i l k e s - B a r r e & H a z e l t o n R R ______________________ 101
W ilk e s -B a r r e & K in g s t o n — S e e W ilk e s -B a r r e
R a i l w a y s C o _________________________________________ 1 0 5
W i l k e s - B a r r e R y . C o r p ______________________________1 0 5
W i l k e s - B a r r e R a i l w a y s C o _________________________ 1 0 5
W i lk e s -B a r r e & S u r b u r b a n —-S e e W i lk e s - B a r r e
& W y o m i n g V a l l e y T r a c t i o n ____________________1 0 5
W i l k e s - B a r r e T e r m i n a l R R _________________________ 1 0 1
W i l k e s - B a r r e & W y o m i n g V a l l e y T r a c t i o n ___ 1 0 5
W ilk in s b u r g & E a s t P it t s b u r g h S t. R y .— S ee
M o n o n g a h e l a S t r e e t R y . C o ______________________ 8 8
W ilk in s b u r g & V e r o n a S tr e e t R y .— S ee M o n
o n g a h e l a S t r e e t R y . C o ___________________________8 8
W illa m e t t e F a lls E le c t r ic R y .— S e e P o r t la n d
E l e c t r i c P o w e r C o __________________________________ 2 1 2
W illia m e t te V a lle y S o u t h e r n R y .— S ee P o r t
l a n d E l e c t r i c P o w e r C o ___________________________ 2 1 2
W i l l i a m s b u r g P o w e r P l a n t C o r p __________________ 64
W illia m s p o r t G a s C o .— S ee L e h ig h P o w e r
S e c u r i t i e s C o r p o r a t i o n ____________________________ 9 1
W i l l i m a n t i c T r a c t i o n C o . — S e e C o n n . C o _____3 8
W i l m i n g t o n C i t y E l e c t r i c C o ________________________ 8 3
W i lm in g t o n (D e l.) C i t y R y .— S e e W i lm in g t o n
& C h e s t e r T r a c t i o n ________________________________ 8 3
W i l m i n g t o n & C h e s t e r T r a c t i o n C o ______________8 3
W ilm in g t o n & C h r is t ia n a T u r n p ik e C o .— S e e
U n i t e d P o w e r & T r a n s . C o _____________________ 1 03
W i lm in g t o n & E d g e m o r e — S e e W ilm . & C h e s T e r T r a c t i o n ___________________________________________83
W i l m i n g t o n G a s C o ___________________________________ 2 6
W ilm in g t o n & G r e a t V a lle y T u r n p ik e C o .—
S e e U n i t e d P o w e r & T r a n s . C o _________________1 0 3
W ilm in g t o n L ig h t & P o w e r — S e e W ilm in g t o n
& P h i l a d e l p h i a T r a c t i o n C o _____________________ 82
W i lm in g t o n N e w c a s tle & D e la w a r e C it y — S e e
W i l m i n g t o n & P h i l a d e l p h i a T r a c t i o n C o . . 82
W i l m i n g t o n & P h i l a d e l p h i a T r a c t i o n ___________ 8 2
W i l m i n g t o n & P h i l a d e l p h i a T u r n p i k e ---- S e e
U n i t e d P o w e r & T r a n s . C o _____________________ 1 0 3
W ilm in g t o n S o u t h e r n T r a c t io n C o .— S ee W il
m i n g t o n & P h i l a d e l p h i a T r a c t i o n C o ______ 8 2
W i n c h e s t e r A v e . R y . — S e e C o n n . C o ____________ 3 8
W in d s o r L o c k s T r a c t io n C o .— S e e H a r t fo r d
& S p r i n g f i e l d S t r e e t R y ___________________________ 4 0
W in d s o r & T e c u m . E le c . R y .— S e e D e t r o it
U n i t e d R y ____________________________________________ 1 49
W i n n i p e g E l e c t r i c C o ________________________________ 2 2 4
P age.
W i n n ip e g E le c . R y .— W e e W i n n ip e g E le c . C o .2 2 4
W in n ip e g E le c t r ic S t r e e t R y .— S e e W i n n ip e g
E l e c t r i c C o ___________________________________________ 2 2 4
W i n n i p e g S e l k i r k & L a k e W i n n i p e g R y ______2 2 5
W i n n i s i m m e t R R ________________________________________ 3 3
W in o n a E le c . L t. & P o w e r— S ee I n te r -S ta te
P u b l i c S e r v i c e C o ____________________________________1 2 9
W in o n a G a s L ig h t & C o k e — S ee N o r th e r n
S t a t e s P o w e r C o . o f W i s c o n s i n _________
184
W in o n a I n t e r u r b a n — S ee W in o n a S e r v ic e C o .1 2 5
W i n o n a (M in n .) R y . & L ig h t C o .— S e e W i s
c o n s i n R y . , L i g h t & P o w e r C o ________________ 1 8 3
W i n o n a S e r v i c e C o ____________________________________1 2 5
W i n o n a & W a r s a w R y . —- S e e W i n o n a S e r v i c e
C o __________ _______ _______ ___________________________ — 1 2 5
W in s t o n -S a le m P o w e r C o .— S e e S o . P u b . U t i.1 6 4
W is c o n s in E d is o n C o .— S e e N o r t h A m e r ic a n
E d i s o n C o ____________________________________________ 1 8 1
W is c o n s in E le c t r ic P o w e r C o .— S e e M ilw a u
k e e E l e c t r i c R y . & L i g h t C o _____________________ 1 8 2
W is c o n s in E le c t r ic R y .— S ee W is e . P o w e r &
L i g h t C o _______________________________________________ 1 3 0
W i s c o n s i n G a s & E l e c t r i c C o _______________________1 8 2
W is c o n s in -M in n e s o t a L ig h t & P o w e r C o .— S e e
N o r t h e r n S t a t e P o w e r C o . o f W i s e ____________ 1 8 4
W i s c o n s i n P o w e r & L i g h t C o _______________________1 3 0
W is c o n s in P u b lic S e r v ic e C o .— S ee W is c o n s in
P u b l i c S e r v i c e C o r p _________________
183
W i s c o n s i n P u b l i c S e r v i c e C o r p ____________________ 1 8 3
W i s c o n s i n R a i l w a y , L i g h t & P o w e r C o __________1 8 3
W i s c o n s i n S e c u r i t i e s C o ____________________________ 1 8 3
W i s c o n s i n T r a c t i o n L i g h t H e a t & P o w e r _____ 1 8 2
W i s c o n s i n V a l l e y E l e c t r i c C o _______________________1 8 3
W o b u r n & R e a d i n g — S e e E a s t . M a s s . S t . R y . 32
W oon socket
E le c.
M a c h in e
&
P o w .— S e e
B l a c k s t o n e V a l l e y G a s & E l e c . C o ______________3 6
W o r c e s t e r & B la c k s t o n e V a lle y S t. R y .— S ee
W o r c e s t e r C o n s . S t r e e t R y ________________ - ____ 3 4
W o r c e s te r & C lin t o n S t. R y .— S ee W o r c e s te r
C o n s . S t r e e t R y _______________________________________3 4
W o r c e s t e r & C o n n . E a s t . R y . — S e e C o n n . C o . 38
W o r c e s t e r C o n s o l i d a t e d S t r e e t R y _________________ 3 4
W o r c e s te r & H o ld e n S tr e e t R y .— S ee N ew
E n g l a n d I n v e s t . & S e c . C o ________________________ 3 3
W o r c e s te r & M a r lb o r o u g h S tr e e t R y .— S ee
N e w E n g . I n v e s t . & S e c . C o ____________________
33
W o r c e s te r & S o u t h b r id g e S tr e e t R y .— S ee
W o r c e s t e r C o n s . S t r e e t R y _________________
34
W o r c e s te r & W e b s te r S tr e e t R y .— S ee N ew
E n g . I n v e s t . & S e c . C o ______________________________ 3 3
W o r o n o c o S t. R y .— S ee N e w E n g . I n v e s t. &
S e c . C o _______________________________________
33
W y a n d o t t e & D e t r o it R iv e r R y .— S e e D e t r o it
U n i t e d R a i l w a y _____________________________________ 1 49
Y a d k i n R i v e r P o w e r C o ______________________________ 1 6 3
Y o n k e r s R a i l r o a d _____________________________________ 62
Y o r k C o u n t y P o w e r C o .— S ee C u m b e r la n d
C o u n t y P o w e r & L i g h t C o ________________________ 2 7
Y o r k L t . & H t . C o .— S ee C u m b e r la n d C o u n t y
P o w e r & L i g h t C o ____________________________________ 2 7
Y o r k R a i l w a y s __________________________________________1 0 0
Y o r k U t i l i t i e s C o ________________________________________ 2 9
Y o u n g s t o w n & O h i o R i v e r R R ______________- ____ 1 2 0
Y o u n g s t o w n P a r k & F a lls S t r e e t R y .— S e e
R e p u b l i c R y . & L i g h t C o __________________________ 1"*2
Y o u n g s to w n -S h a r o n R y . & L ig h t— S ee P e n n
s y l v a n i a O h i o E l e c t r i c C o ________________________ 1 1 2
Y o u n g s t o w n & S o u t h e r n R y .— S e e Y o u n g s
t o w n & S u b u r b a n R y ______________________________ 1 2 0
Y o u n g s t o w n & S u b u r b a n R y _______________________ 1 2 0
Y p s ila n t i & S a lin e R y .— S e e D e t . J a c k . &
C h i c a g o _______________________________________________ 1 5 0
Y u b a E le c . P o w e r C o .— S ee P a c ifi c G a s &
E l e c t r i c C o r p ________________________________________ 2 0 0
Z a n e s v i l l e E l e c t r i c C o . — -S e e S o u t h e r n O h i o
P u b l i c S e r v i c e ______________________________________ 1 1 7
Z a n e s v ille E le c t r ic R y .— S e e S o u t h e r n O h io
P u b l i c S e r v i c e ______________________________________ 1 1 7
Z a n e s v i l l e R a i l w a y , L i g h t & P o w e r C o . — 'S e e
S o u t h e r n O h i o P u b l i c S e r v i c e ________________1 1 7
Kelley, Drayton & Converse
Members of the New York Stock Exchange
Underwriters and Distributors
of
Public Utility Bonds
New York City
40 Exchange Place
Philadelphia, Pa.
807 Packard Building
Uptown Office— New York City
50 East 42nd Street
@FedFRASER