Electric RailwayS E C T I O N

OF THE

C ommercial & p iMAHOAT^HBOMiCLE.

Copyrighted In 1 9 2 2 according to Act of Congress,by WILLIAM B. DANA COMP ANY, in office of Librarian of Congress. Washington, D .C .

Vol. 114 . NEW YORK, APRIL 2 9 , 1922 . No. 29 6 6 .

E l e c t r i c R a i l w a y S e c t i o n .The Electric Railway Section, Issued twice a year, on the last Saturday

In April a n d O c to b e r, Is fu rn ish ed w i th o u t e x tr a c h a r g e to e v e ry a n n u a l subscriber of the Commercial & Financial Chronicle.

The Railway and Industrial Section, issued twico a year on the last Saturday of M ay and November, Is also furnished w i th o u t e x tr a c h a r g e to every annual Chronicle subscriber.

The R ailw ay E arn ings Section, issued monthly, containing the sworn returns of earnings and expenses of the steam railways of the United States filed each month with the Inter-State Commerce Commission, is likewise furnished w i th o u t e x tr a c h a rg e to every annual C hron icle subscriber.

Tho S ta te and C ity Section, issued semi-annually on the last Saturday f June and December, is also furnished w i th o u t e x tr a c h a r g e to overy annual ubscriber of the C hron icle .

The B ank and Q u ota tion Section, issued monthly, is also furnished w i t h o u t e x tr a c h a r g e to every annual subscriber of the C h ron ic le .

The Bankers' C onvention Section, issued yearly, giving the detailed proceedings of the annual convention of the American Bankers Association, Is likewise furnished w i th o u t e x tr a c h a rg e to C hron icle subscribers.

Terms for tho C hronicle, including the six sunplements above named, are Ten Dollars per annum within the United States, $13.50 (which in- cludos postage) In Europe, and $11.60 in Canada.

Pile covers for the C hronicle aro sold at ono dollar each. (Postage 15 cents additional.) File covers for S u p p lem en ts c^ n be had at same price.

OHIOAGO O FFICE. 19 South La Salle Street.LONDON OFFICE. Edwards & Smith, 1 Drapers* Gardens, E. O.

WILLIAM B. DANA COMPANY, Publishers,Front, Pino and Depeyster Streets, New York.

EXPLANATIONS OF TERMS AND ABBREVIATIONS USED.

The following is an explanation of the terms and abbreviations used on succeeding pages in the presentation of the statements of the different companies:

STOCK AND BONDS.Under tkeso words are shown:Stock."The amount of stock authorized immediately fol

lows 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 of $100 each; f. p . following the amount given as outstanding means full paid.

Prof. means preferred stock. Pref. 6% cum. means preferred stock entitled to dividends of G% per annum, such dividends if not paid accumulating, all dividends due and unpaid to be paid in full for each and every year before tho common stock receives anything. Pref. 0% non-cum. means simply that the stock is entitled to 6% per annum if earned, but that if unearned in any year the dividend for that year will not be paid subsequently. D iv. means dividend. The last dividend paid is shown under the column headed Maturity."

Bonds."Mort., mtgo. or M . means mortgage. Consol. or con. M . moans consolidated mortgage. Gen. M . means general mortgage. Ref. M . means refunding 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 stock. S. f . means sinking fund, o. means coupon; o* means coupon but may bo registered as to principal; r means fully registered (no coupons); r* means registered, convertible into coupon bonds; o*&r* means registerable in either form and convertible from registered to coupon or the reverse; and c*&r

means that registered certificates without coupons as well as coupon bonds are outstanding. 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, tho 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 letterstf meaning tax-free. The Revenue Act of 1918 (approved Feb. 24 1919) provides, however, that only one normal 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. See terms of Act in V. 107, p. 518, 619. Where there is no tax covenant we insert the letters n tf, meaning not tax-free, tff means free from normal Federal income tax up to 4%. Where we have no knowledge 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 differentiations like this are possible. Tax exemption features of mortgages are so varied and diverse that more definite information 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 guaranteed) 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 on; while Q-J means quarterly beginning in January, and Q-F quarterly beginning in February. (The day when the interest payment is due oan 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 parlance 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 ears means pay-as-you-enter or prepayment ears.

Exts., addns 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 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 (V. 114, 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 oan run back at pleasure. Annual reports aro in black-faced figures.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Electric R ailways.S E C U R I T I E S A N D R E P O R T S

This Is one of our six Sections or Supplements. In using the series it is to be remembered that they are inter-dependent publications, oompiete only as a whole. If utilized together, and with the fresh items of news the Chroniole oontains from week to week, the investor will have all the information he needs in seeking a safe and remunerative lodgment for his money.

A full In d e x showing where each company will be found is given in the dosing pages of the book.

AKRON, OHIO.N O R T H E R N O H I O E L E C T R I C C O R P O R A T I O N . A h o l d i n g c o .I c o r p In N e w Y o r k o n O c t . 1 8 1 9 1 6 a n d o w n s o v e r 9 9 % o f t h e c o m m o n

r t o o k o f t h e N o r t h e r n O h i o T r a c . A L t . C o . A l s o c o n t r o l s t h o K e n t W a t e r & L i g h t C o .

C A P I T A L I Z A T I O N . 7 5 . 0 0 0 s h a r e s o f c o m m o n s t o c k ( n o p a r v a l u e ) $ 8 ,000,000 6 % c u m . p r o f , s t o c k ( p a r $ 100) : p r e f . a s t o a s s e t s a n d d l v s . ; c a l l a b l e a t 1 0 5 a n d d l v s . ; d l v s . p a y a b l e Q . - M . D i v i d e n d s o n p r e f . s t o c k , w e r e b e g u n ^ M a r . 1 1 9 1 7 . a n d p a i d r e g u l a r l y t o a n d i n c l . D e c . 1 9 1 9 . N o n e

H o d e n p y l , H a r d y & C o . . I n c . , N . Y . , a n d E . W . C l a r k & C o . , P h l l a . u n d e r w h o s e d i r e c t s u p e r v i s i o n a n d m a n a g e m e n t t h e p r o p e r t i e s a r e o p e r a t e d , b r o u g h t o u t t h e $ 6 , 0 0 0 ,0 0 0 p r e f . s t o c k In O c t . 1 9 1 6 o n t h e b a s i s o f 1 0 s h a r e s o f p r e f . a n d 5 s h a r e s c o m m o n s t o c k f o r $ 1 , 0 0 0 . T h e e o . In 1 9 1 6 o b t a i n e d a l o a n o f $4 c e n t s p e r m i l e w h e r e n o l o c a l f r a n c h i s e s c o n f l i c t e d a n d o n M a r . 3 1 9 1 9 t o 3 c e n t s w h e r e f r a n c h i s e s p e n u l t . O n M a y 3 1 1 9 1 9 a n o r d i n a n c e I n c r e a s in g f a r e s f r o m 5 t o 6 c e n t s w a s s u b m i t t e d t o t h e p e o p le o f A k r o n a n d d e f e a t e d b y a v o t e o f a b o u t f i v e t o o n e . V 10 8 D . 2 2 4 1 . 2 3 3 0 . T h e c o . I n J u n e 1 9 2 0 s u b m i t t e d a t e n t a t i v e s e r v l c e - a t - c o s t f r a n c h i s e p l a n t o t h e P U C o m m i t t e e of A k r o n , f o r d e t a i l s o f w h ic h s e e V . 1 1 0 . p . 2 4 8 8 ; V . I l l , p . 7 9 3 . O n J u l y 16 1 9 2 0 t h e A k r o n C i t y C o u n c i l a m e n d e d t h e c o s f r a n c h i s e s o a s t o a l l o w I t t o c h a r g e a f l a t 5 - c e n t c a s h f a r e f o r a t e m p o r a r y p e r i o d , b u t t h i s r a t e h a s b e e n e x t e n d e d f r o m t i m e t o t i m e S e e a l s o V . 1 1 2 . p . 4 7 0 , 1 5 1 9 : V . 1 1 4 , p . 5 2 2 . T h e C a n t o n C i t y C o u n c i l in A u g . 1 9 2 0 p a s s e d a n o r d i n a n c e o v e r t h e M a y o r s v e t o g r a n t i n g t h e c o m p a n y a 6 - c e n t f a r e w i t h 17 t i c k e t s f o r $ 1 . V . I l l , p . 6 9 3 . S e e a l s o V . I l l , p . 1 2 7 9 . T h e C i t y o f M a s s i l l o n h a s a u t h o r i z e d a n I n c r e a s e t o 8 c e n t s c a s h w i t h 4 t i c k e t s f o r 2 5 c e n t s .

T h e s t o c k h o l d e r s o n M a y 1 6 1 9 2 1 v o t e d In f a v o r o f r e c l a s s i f y i n g t h e p r e s e n t 6 % p r e f . s t o c k ( a u t h . , $ 10 , 000 ,000) s o t h a t $ 5 ,1 5 1 ,8 0 0 s h a l l b o 6 % p r e f . a n d 4 ,5 4 8 .2 0 0 7 % p r e f . S t o c k h o l d e r s w e r e o f f e r e d t h e o p p o r t u n i t y ( 1 ) t o s u b s c r i b e f o r 7 % p r e f . s t o c k a t $ 9 5 a n d d i v i d e n d s . F o r e a c h s h a r e o f 7 % p r e f . s t o c k s o s u b s c r i b e d 2_ s h a r e s o f 6 % p r e f . s t o c k c o u l d b e

I m ' c m I

u n d e r c e r t a i n r e s t r i c t i o n s . S e r ie s " A " a r o s e c u r e d b y a p l e d g e o f $ 7 , 0 0 0 ,0 0 0 f i r s t l ie n A r e f . m t g o . 5 s w h i c h a m o u n t o f p l e d g e d b o n d s Is t o b e I n c r e a s e d b y $ 5 ,0 0 0 ,0 0 0 u p o n r e t i r e m e n t o f t h e s e c u r e d 6 % b o n d s , d u e J u n e 1 1 9 2 6 A sinking fluid o f )4 % s e m i - a n n u a l l y o f t o t a l g e n . A r e f . m t g o . b o n d s o u t s t a n d i n g b e g in s D e c . 1 1 9 2 2 . A g e n e r a l r e s e r v e f u n d f o r m a i n t e n a n c e a n d r e p l a c e m e n t o f t h e p r o p e r t y i s p r o v i d e d f o r . S e r ie s A a r e r e d e e m a b l e o n a n y i n t . d a t e o n 3 0 d a y s ' n o t i c e a t 1 1 0 o n o r b e f o r e M a r c h 1 1 9 3 2 ; a t 1 0 7 H t h e r e a f t e r t o a n d i n c l u d i n g M a r c h 1 1 9 4 2 ; a n d . a t 1 0 2 ) 4 t h e r e a f t e r , b u t p r i o r t o m a t u r i t y . F o u r m i l l s t a x In P e n n a . r e f u n d e d . V . 1 1 4 p 1 1 8 0 . T h e . 7 - y e a r b o n d s a r e s e c u r e d b y a p l e d g e o f $ 5 , 0 0 0 ,0 0 0 t s t l i e n & r e f . 5 s .A d d 1 7 - y e a r b o n d s m a y b e i s s u e d f r o m t i m e t o t i m e u n d e r c e r t a i n c o n d i t i o n s u p o n t h e d e p o s i t o f c a s h o r t h e p l e d g e o f f i r s t l i e n A r e f . 5 s i n t h e r a t i o o f 1 2 5 % . R e d . a i l o r in p a r t a t a n y t i m e u p o n 3 0 d a y s n o t i c e . V . 1 0 8 , p . 2 4 3 3 .

T h e c a r t r u s t c e r t f s . o f 1 9 2 0 a r e d u e s e r i a l l y $ 1 0 0 ,0 0 0 e a c h F e b . a n d A u g . t o 1 9 2 5 . A r e s e c u r e d o n e q u i p m e n t c o s t i n g o v e r $ 1 . 3 4 0 .0 0 0 . R e d . , a l l o r i n p a r t , o n a n y d i v . d a t e o n 3 0 d a y s n o t i c e a t 101 a n d d i v . V . I l l p . 4 9 4 .

O n J a n . 2 4 1 9 1 4 s t o c k h o l d e r s a p p r o v e d a c t i o n o f d i r e c t o r s I n p r o v i d i n g f o r p a y m e n t o f F e d e r a l i n c o m e t a x u p o n t h e v a r i o u s i s s u e s o f t h e c o . s b o n d s .

O A N T u N - A K K O N O O N S U L i D A T E D R A I L W A Y ,8 T O O K A N D B O N D S Dale. Interest. Outstanding. Maturity

O o n s o l M $ 2 , 5 0 0 ,0 0 0 . g o l d . I 1 9 0 6 5 g J - J $ 7 7 9 ,0 0 0 J a n 1 1 9 3 3

tu a r p A l b y N o r t h O h i o ! I n t . a t C i t i z e n s S a v . A T r u s t D o . , C l e v e l a n d : T a c & L i g h t t $ 1 . 0 0 0 ) c * - t f l T r u s t e e , o r F i r s t N a t . B a n k . N e w Y o r k . 1 s t M C a n A N P , $ l,o O O .O O U I 1 9 0 3 6 g F - A 5 6 5 .0 0 0 F e b 1 1 9 2 3

g o ld ( $ 1 ,000) . . . c * . t f 1 I n t . a t A m . L n . fc T r . C o . B o s t o n . T r u s t e e . Bonds. O f t h o $ 2 , 5 0 0 ,0 0 0 c o n s o l i d a t e d b o n d s , $ 1 , 3 3 1 ,0 0 0 a r e p l e d g e d

u n d e r N . O . T . A L . 1 s t A r e f . m t g o . . a n d $ 2 9 0 ,0 0 0 a r e r e s e r v e d f o r e x t e n s . n r l I m p a t 8 5 % o f c o s t . . 8 . R e e d A n t h o n y . B o s t o n . is a l s o t r u s t o o . V . 9 1 . p . 1 6 2 8 . 1 7 6 5 . C e r t a i n o f t h o C a n t o n - A k r o n C o n s o l . 5 s a r e r e d . a t 1 0 2 ) 4 a n d I n t . o n 4 w e e k s n o t i c e a n d o t h e r s a t p a r a n d I n t . T h e C a n t o n - N e w P h i l a d e l p h i a b o n d s m a y b e c a l l e d a s a w h o l e a t 1 0 5 a n d i n t . o n 3 m o s . 'n o t i c e .

Dividends. P r e f e r r e d s t o c k w a s I s s u e d in 1911 a n d d i v i d e n d s o f 1 ) 4 % q u a r t e r l y h a v e b e e n r e g u l a r l y p a i d . I n 19 2 1 a 7 % c u m . p r e f . s t o c k w a s c r e a t e d ( s e e a b o v e ) . D l v s . o n c o m . w e r e b e g u n in 1 9 0 6 b y t h o d e c l a r a t i o n o f 2 % . p a y a b l e In q u a r . I n s t a l l m e n t s o f ^ % f r o m J u n e 1 5 1 9 0 6 . V 8 2 . p 1 2 1 3 . I n 1 9 0 7 2 % w a s a g a i n d e c l a r e d , p a y a b l e In q u a r . I n

s t a l l m e n t s f r o m J u n e 15 1 9 0 7 . I n 1 9 0 8 , J u n e . ) 4 % ; S e p t . , w % ; D e c . ) f % . Jn 1 9 0 9 i ' 4 % . I n 1 9 1 0 . 2 ) 4 % . I n 1 9 1 1 . I n ( M . 4 5 % . I n1 9 1 3 t o 1 9 1 6 . 6 % p e r a n n u m . I n 1 9 1 7 , M a r c h . 1 H%: M a y , 1 ) % ; A u g . .1 4 % : N o v . , 1 ) 4 % . P r a c t i c a l l y a l l o f t h e c o m m o n s t o c k b e i n g o w n e d b y t h e N o r t h e r n O h i o E l e c t r i c C o r p . , d i v i d e n d s a r e n o l o n g e r r e p o r t e d .

1 1A N r . L in e e x t e n d s f r o m C l e v e l a n d t h r o u g h A a r o n , C a n t o n , M a s s i l l o n a n d N e w P h i l a d e l p h i a t o U h r l c b s v i l l e In T u s c a r a w a s C o u n t y , w i t h b r a n c h e s t o R a v e n n a ( v i a K e n t ) , t o W a d s w . r t h ( v i a B a r b e r t o n ) a n d to E a s t G r e e n v i l l e f r o m M a s s i l l o n . O n D e c . - 3 1 1 9 ? 0 o p e r a t e d 2 4 2 .2 1 m i l e s o f t r a c k , a n d o p e r a t e d 5 m il e s u n d e r t r a c k a g e r i g h t s a f f o r d i n g a n e n t r a n c e I n to C l e v e l a n d . O w n s L a k e s id e P a r k in A k r o n a n d M e y e r s L a k e P a r k In C a n t o n . A l s o o w n s 1 .0 1 1 a c r e s o f c o a l l a n d In N o b l e C o u n t y . R a l l s 7 0 t o 1 1 4 - lb . , s t a n d a r d g a u g e . 8 4 l n t e r u r b a n , 2 6 5 c i t y a n d 3 7 m i s c e l l a n e o u s c a r s . D oes t h e e x c lu s i v e c o m m e r c i a l e l e c t r i c l i g h t a n d p o w e r b u s in e s s In A k r o n a n d s u p p l i e s e n e r g y , d i r e c t l y o r I n d i r e c t l y t o 18 o t h e r c o m m u n i t i e s 2 . g e n e r a t i n g s t a t i o n s w i th a n a g g r e g a t e I n s t a l l e d c a p a c i t y o f 6 9 ,1 7 5 k . w . ; 17 s u b - s t a t i o n s . A 4 - s t o r y o f f i c o b u i l d i n g a n d p a s s e n g e r t e r m i n a l In A k r o n w a s o p e n e d M a y 1 1 9 1 8 . y B

R E P O R T . F o r c a l e n d a r y e a r s :Calendar Gross Net aft.Taxes Fixed Preferred

Year Earnings. A Maint. Charges. Dividends1 0 2 1 .....................$ 8 ,5 3 3 ,7 9 7 $ 2 , 0 4 7 ,8 4 5 $ 1 , 2 6 8 1 7 5 $ 3 3 6 ,8 9 31 9 2 0 ..................... 1 0 .9 2 3 .6 3 0 2 .3 9 2 ,9 8 2 1 ,0 2 7 .6 3 9 3 2 7 .0 7 4 ,

O F F I C E R S . I r e s . , B . C . C o b b , N . Y . ; V . - P . , T . A . K e n n e y N ' y V - P . A G e n . M g r . . A . C . B l l n n : S e c . . C h a s . I I . L a h r ; T r e a s . ' . J j i m w S w e e n e y : A s s t S e c . A A s s t . T r e a s . , E . E . N e l s o n a n d C . W l g a n d ; G e n . A u d . . H . G . K e s s le r : C o m p . . O . B . D o b b i n . V . 1 1 1 . p . 7 9 3 1 2 7 9 2 0 4 1 V . 1 1 2 , p . 4 7 0 . 1 5 1 9 . 1 7 4 1 , 1 8 6 6 , 1 9 7 8 . 2 0 8 4 . 2 1 9 1 . 2 5 2 8 , 2 6 3 8 ; V . i l 3 p 1 8 3 , 6 2 9 , 1 6 7 5 ; V . 1 1 4 , p . 1 9 8 , 5 2 2 , 9 4 8 , 1 0 6 4 , 1 1 8 0 .

ALBANY^ N . Y.U N I T E D T R A C T I O N C O M P A N Y .

Balance,Surplus.$ 4 4 2 ,7 7 8

1 .0 3 8 ,2 6 9

l t i s c o n d u c t i n g f o r t h e p u r p o s e o f s e l l i n g i t s i d e t a i l s s e e V . 1 1 2 , p . 1 7 4 1 , 2 1 9 1 ; V . 1 1 3 , p . <

I n M a r c h 1 9 2 2 t h e c o m p a n y i s s u e d $ 7 ,5 0 0 ,1

r e q u i r e m e n t i s t o p r o t e c t t h o c o m p a n y s m a r k e t d u r i n g t h o c a m p a i g n w h i c h ** . i - - - . . p r e f , s t o c k t o c u s t o m e r s . F o r

6 2 9 .------------------ ---------- -------0 0 0 g e n . A r e f . m t g e . 6 % b o n d s

S c r i e s A , p r o c e e d s b e i n g u s e d t o r e i m b u r s e t h e c o m p a n y f o r c o n s t r u c t i o n e x p e n d i t u r e s a n d f o r t h e r e t i r e m e n t o f a s u b s t a n t i a l a m o u n t o f d e b t tn c l $1 , 1 4 5 ,0 0 0 1 s t M t g o . C a n t o n - A k r o n R y . 1 s t 5 s . d u e M a r c h 1 1 9 2 2 a n d a l l t h e o u t s t a n d i n g $ 2 , 4 5 4 ,2 0 0 N o r t h e r n O h i o T r a c . A L i g h t s e c u r e d 7 % b o n d s , d u e J u n e 1 1 9 2 6 ( c a l l e d f o r r e d e m p t i o n A p r . 1 1 9 2 2 ) . V . 1 1 4 , p . 1 1 8 0 , 1 2 8 7 .

S T O C K A N O B O N D S Dale. Interest. OulsUinding. Maturity.S t o c k , c o m . $ 1 0 . 0 0 0 . 0 0 0 ( $ 1 0 0 ) _____P r e f 6 % $ 5 , 4 5 1 ,8 0 0 c u m ...........................P r e f 7 % $ 4 , 5 4 8 ,2 0 0 c u m ...........................1 s t l i e n A r e f . m t g e . g . ( $ 1 0 0 .1 1 9 1 6

$ 5 0 0 , $ 1 , 0 0 0 , A c . ) . c * A r * . J N o r t h e r n O h i o T r a c t i o n A f

S e e t e x t S e e t e x t 6 % 4 , 6 7 7 .8 0 0 S e e t e x t7 % 1 ,1 6 6 .8 0 0 .................. ...........

5 g F - A 5 , 2 8 8 ,5 0 0 A u g 1 1 9 5 6 I n t . p a y a o l e I n N . Y o r C l e v e l a n d .

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C a r t r u s t c e r t f s . $ 1 ,0 0 0 ,0 0 0 1 1 9 2 0 8 g F - A 7 0 0 .0 0 0 S e e t e x t( $ 1 ,0 0 0 ) g o l d ...........................c * l D l v s . a t F i d e l i t y T r u s t C o . , P h l l a . , T r u s t e e .Slock. O f t h e c o m m o n s t o c k , $ 9 , 1 0 0 ,0 9 0 Is o u t s t a n d i n g . In a d d i t i o n t o

w h i c h $ 8 9 9 , 9 1 0 h a s b e e n s u b s c r i b e d f o r b u t n o t y e t I s s u e d . T h e p r e f e r r e d s t o c k Is r e d e e m a b l e , a l l o r p a r t , a t 1 1 0 a n d d i v . o n a n y d i v . d a t e . I s p r e f . a s t o d i v . a n d a s s e t s a n d h a s f u l l v o t i n g p o w e r , v 92 d 9 5 6 - V 9 5 . p . 4 8 ; V . 9 7 . p . 1 1 1 6 ; V . 1 1 2 , p . 1 7 4 1 , 2 1 9 1 : V . 1 1 3 , p . 6 2 9 .

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u n d e r l y i n g l i e n s , a n d b y d e p o s i t o f $ 4,000 o f 5s a n d $ 4 , 2 7 6 ,0 0 0 o f 4 s o f N o r . O h io T r a c . A L t . b o n d s o f 1 9 3 3 , $ 1 , 4 3 1 ,0 0 0 C a n t o n - A k r o n c o n . 5 s o f 1 9 3 3 , $ 2 0 0 ,0 0 0 A k r o n W a d s w o r t h A W e s t e r n 5 s , $ 5 , 0 0 0 ,0 0 0 a r o p l e d g e d a s s e c u r i t y f o r t h o $ 4 ,0 0 0 ,0 0 0 7 - y o a r 6 % b o n d s , a n d $ 7 , 0 0 0 ,0 0 0 u n d e r t h o $ 7 , 5 0 0 ,0 0 0 g e n . A R e f . m t g o . 6s , S e r ie s A . R e d e e m a b l e a s a w h o lo o r in p a r t o n a n y I n t . d a t e a t 1 0 5 a n d I n t . T h e m o r t g a g e p r o v i d e s f o r a m a i n t e n a n c e a n d d e p r e c i a t i o n f u n d o f 20 % o f g r o s s e a r n i n g s f o r m a i n t . a n d r e p l a c e m e n t s , o r f o r a d d i t i o n s a n d b e t t e r m e n t s , a g a i n s t w h ic h n o b o n d s m a y b e I s s u e d ; a l s o p r o v i d e s f o r a n I n s u r a n c e r e s e r v e f o r d a m a g e c l a i m s . A c . , o f 4 % o f g r o s s e a r n i n g s u n t i l $ 1 0 0 ,0 0 0 Is r o a c h e d , a t w h i c h O g u r e t h e f u n d Is t o b o m a i n t a i n e d . T r u s t e o s a r e N e w Y o r k T r u s t C o , N . Y . , a n d C i t i z e n s S a v s . A T r u s t C o . , C l e v e l a n d . V . 1 0 3 . p . 1 2 1 0 . O f t h e N o r t h e r n O h i o T r a c . A L t c o n s o l s 8 9 9 6 .0 0 0 a r e 5 s . a l l o u t s t a n d i n g - t h e r e s t 4 s . T h e N o r t h e r n O h i o T r a c . A L i g h t g o n . A r e f . m t g o . 6s a r o I s s u a b l e i n d i f f e r e n t s o r l o s a t v a r i o u s r a t e s o f I n t e r e s t , m a t u r i t i e s , A c

E n t i r e s t o c k ( e x c e p t 4 s h a r e s ) is o w n e d b y T h e D e l a w a r e A H u d s o n C o ,. V . 8 1 . p . 1 5 5 2 ; V . 8 2 . p. 1 6 0 . T h e D . A I I . a l s o o w n s t h e e n t i r e s t o c k o f t h s T r o y A N o w E n g l a n d R R . a n d t h e P l a t t s b u r g T r a c t i o n C o . a n d a h a l f

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W a t o r v l l o t T u r n p i k e A R R . ( c h a r t e r e d In 1 8 6 2 ) a n d t h e T r o y C i t y R y . ( c h a r t e r e d In 1 8 5 0 ) S e e V . 6 9 p 1 1 4 7 1 3 9 0 : V . 7 0 . d . 7 7 . O p e r a t e s u n d e r l e a s o s t o t h e c o n s t i t u e n t c o m p a n i e s ! i h o O ro v A C o h o e s R R . . L a n s l n g b u r g h A C o h o e s R R . . W a t e r f o r d A C o h o e s R R . . C o h o e s R y . a n d t h e C a p i t o l R y . O w n s 9 7 % o f t h e s t o c k o f t h e H u d s o n V a l le y R y . , 7 1 % o f t h e W a t e r f o r d A C o h o a s R R . . 8 0 % o f t h e F o r e s t P a r k R y . a n d a l l t h e c a p i t a l s t o c k o f t h e C a p i t o l R y . . C o h o e s R v a n d G r e a t W e s t e r n T u r n p i k e R o a d . *

T h e C o h o e s C i t y R y w a s s o ld a t f o r e c l o s u r e In 1 9 0 4 a n d r e o r g a n i z e d u C o h o e s R y . C o . , w i t h $ 1 2 0 ,0 0 0 s t o c k a n d * 8 4 .0 0 0 b o n d s ; a l l o f t h e s t o c k a n d b o n d s a r o d e p o s i t e d w i t h t h e C e n t r a l T r u s t C o . o f N o w Y o r k a s s o c u r l t v f o r b o n d s o f t h e A l b a n y R y . #

Acquisition of Hudson Valley. I n D o c . 1 9 0 6 a c q u i r e d a m a j o r i t y o f t h e s t o c k a n d b o n d s o f t h o H u d s o n V a l le y R y . C o . a n d I n c r e a s e d I t s o w n s t o c k f r o m $ 5 , 0 0 0 ,0 0 0 t o $ 1 2 , 5 0 0 ,0 0 0 t o f i n a n c e t h o p u r c h a s e . V . 8 4 d . 5 2 .

Franchises p e r p e t u a l e x c e p t t h a t o f t h e C a p i t o l R y . ( a s h o r t l i n e o n t b e o u t s k i r t s o f A l b a n y ) , w h i c h e x p i r e s In 1 9 5 1 .^Traffic Agreements. H a s t r a f f i c a g r e e m e n t s w i t h t h e A l b a n y S o u t h e r n R R . , S c h e n e c t a d y R y . a n d H u d s o n V a l le y R y . b y w h i c h c a r s o f t h o f i r s t - n a m e d r o a d a r e r u n I n to A l b a n y f r o m R e n s s e l a e r , c a r s o f t b e S c h e n e c t a d y R y . I n t o A l b a n y T r o y a n d W a t o r v l l o t . a n d c a r s o f t h e H u d s o n V a l le y R y . I n t o T r o y f r o m W a t e r f o r d a n d in A l lv a n y .

E l e c t r i c p o w e r Is f u r n i s h e d u n d e r c o n t r a c t b y A d i r o n d a c k E l . P o w . C o r p . I n A u g . 1 9 1 8 w a s a u t h . b y t h o N . Y . P . 3 . C o m m , t o I n c r e a s e f a r e s in

A l b a n y , T r o y , R e n s s e l a e r a n d o t h e r p l a c e s f r o m 5 t o 6 c e n t s a n d t o 12 c e n t s f o r s o m e o r t h e l o n g e r r i d e s . S e e V . 1 0 7 . p . 6 9 7 . I n J a n . 1 9 2 0 f a r e * In t h e s e p l a c e s w e r e I n c r e a s e d f r o m 6c . t o 7 c . a n d f r o m 1 2 c . t o 1 4 c . w i t h t h e a u t h . o f t h e P . 3 . C o m m . V . 1 1 0 . p . 3 6 0 . I n J a n . 1921 t h e C o m m . a u t h . t h o c o . t o r a i s e f a r e s In A l b a n y t o 8 c e n t s , b u t o r d e r e d a r e d u c t i o n f r o m 7 c e n t s t o 6 c e n t s i n T r o y a n d f r o m 7 c e n t s t o 5 c e n t s In R e n s s e l a e r . V . 1 1 2 p . 4 7 1 . T h e c o . t h e r e u p o n r e d u c e d t h o m e n s w a g e s f r o m 6 0 t o 4 5 c . p o r h o u r , w i t h t h e r e s u l t t h a t t h e e m p l o y e e s w e n t , o n s t r i k e In p r o t e s t . . V . 1 1 2 , p . 4 7 1 , 5 6 3 . T h e s t r i k e w a s n o t f o r m a l l y t e r m i n a t e d u n t i l N o v . 1 1 9 2 1 . a l t h o u g h p r i o r t o t h a t t i m e t h e c o m p a n y h a d b e e n o p e r a t i n g I t s l in o s o n a r e d u c e d s c h e d u l e w i t h n o n - u n i o n m e n . V . 1 1 3 , p . 2 4 0 7 .

Fare Decision. O n D e c . 1 6 1 9 2 1 S u p r e m o C o u r t J u s t i c e H l n m a n u p h e l d t h e r i g h t o f t h o P . S . C o m m i s s io n t o I n c r e a s e a s w e l l a s d e c r e a s e f a r e s i n a d e c i s i o n o n a n a p p l i c a t i o n o f t h e c i t y o f T r o y t o p r e v e n t t h e c o m p a n y f r o m a s k i n g a h i g h e r f a r e In t h a t c i t y . V . 1 1 3 , p . 2 7 2 2 . 1 3 6 2 . 6 2 9 ; V . I l l , p . 4 1 1 .

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a F Hd n F M s t * M ( n o o p t ) l 1 8 9 1 ' 1 0 0 .0 0 0 P a s t d u e S w v i a n d $1 0 0 0 ) o ld . . c f C e n t r a l T r u s t G o . , N e w Y o r k , T r u s t e e .

4 ELECTRIC RAILWAYS [Vol. 114.Notes. O v e r $ 1 8 , 0 0 0 ,0 0 0 n o t e s w e r e s u b s c r i b e d f o r . $ 2 , 2 2 2 ,6 0 0

w e r e c a l l e d f o r p a y m e n t I n 1 9 2 1 a n d r e t i r e d . T h o t e r m s o f s u b s c r i p t i o n p r o v i d e t h a t 4 0 % b e p a i d u p o n a l l o t m e n t a n d t h o r e m a i n d e r a s c a l l e d b y t h e c o . o n w r i t t e n n o t i c e o f a t l e a s t 2 0 d a y s , t h e s u b s e q u e n t I n s t a l l m e n t s t o b e a t l e a s t 3 0 d a y s a p a r t , a n d n o o n e o f s a i d I n s t a l l m e n t s t o b e f o r m o r e t h a n 1 0 % o f t h e a m o u n t s u b s c r i b e d . S u b s c r i b e r s h a v e t h e r i g h t t o a n t i c i p a t e a l l o r a n y p a r t o f t h e i r s u b s c r i p t i o n s a t a n y t i m e . A s a r e s u l t o f c a l l s f o r p a y m e n t a n d o f p a y m e n t s i n a n t i c i p a t i o n o f f u t u r e c a ll s t h e a m o u n t o f n o t e s o u t s t a n d i n g a s o f A p r i l 1 1 9 2 2 w a s $ 1 6 , 1 5 4 ,7 0 0 . ' T h e E l e c t r i c B o n d & S h a r e O o . w i l l d e l i v e r t o e a c h s u b s c r i b e r 4 s h a r e s o f t h e S e c u r i t i e s C o r p . s t o c k w i t h e a c h $ 1 , 0 0 0 o f n o t e s w h e n s u b s c r i p t i o n s h a v e b e e n p a i d In f u l l . T h e s t o c k m a y b e d e p o s i t e d I n a v o t i n g t r u s t .

T h e c o l l a t e r a l f o r t h e n o t e s i n c l u d e s a l l n o n - c u m . p r e f . a n d c o m . s t o c k a n d c e r t a i n n o t e s p a y a b l e o f t h e P e n n s y l v a n i a P o w e r & L i g h t C o . a n d a s u b s t a n t i a l m a j o r i t y o f b o t h c l a s s e s o f s t o c k o f t h e L e h i g h V a l l e y T r a n s i t C o . I t I s e x p e c t e d t h a t t h e c o r p o r a t i o n f r o m t i m e t o t i m e w i l l s e l l p a r t o f t h e s e c u r i t i e s d e p o s i t e d u n d e r s u c h t r u s t a g r e e m e n t , t h e p r o c e e d s t o b e u s e d f o r t h e p u r c h a s o , r e d e m p t i o n a n d c a n c e l l a t i o n o f t h e n o t e s , b y p u r c h a s e a t t h e l o w e s t p r i c e , o r a t 1 0 1 % a n d i n t . , b y l o t . N o t e s a r e r e d . , a l l o r p a r t , o n a n y I n t . d a t e a t 1 0 1 a n d I n t . P e n n s y l v a n i a 4 - m i l l s t a x r e f u n d e d . V . 1 0 5 , p . 8 1 8 , 4 9 8 .

L e h i g h V a l le y L t . & P . b o n d s a r e s u b j e c t t o c a l l o n a n y i n t . d a t e a t 1 0 5 a n d I n t e r e s t . V . 9 7 . p . 3 6 5 .

E A K N I N G S . O f c o m b i n e d p r o p e r t i e s f o r 1 2 m o s . e n d e d F e b . 2 8 1 9 2 2 ( I n t e r - g r o u p c h a r g e s e l i m i n a t e d ! : G r o s s f r o m o p e r a t i o n , $ 1 5 2 > 7 .1 5 2 : o t h e r

t o t a l , $ 1 5 , 3 6 4 ,8 3 4 : o p e r a t i n g e x p e n s e s S Q .7 6 6 .3 5 8 : n e t | 5 , 5 9 8 . 4 7 6 : I n t e r e s t a n d d i s c o u n t , $ 2 , 1 6 1 ,6 7 2 ; d e p r e c . , $ 1 , 1 2 0 ,6 0 9 : b a l a n c o , . $ 2 ,3 1 6 ,1 9 5 . P r o p o r t i o n o f e a r n i n g s , i n c l u d i n g i n t e r e s t , a c c r u i n g t o 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 n t h e b a s i s o f s e c u r i t i e s o w n e d , $ 2 , 0 5 0 ,0 5 2 .

Property, &c. G e n e r a t i n g p l a n t s h a v e a p r e s e n t c a p a c i t y o f 1 1 1 .9 6 2 k . w 4 5 3 m i l e s h i g h - v o l t a g e t r a n s m i s s i o n l in e s ( o v e r 1 1 ,0 0 0 v o l t s ) : g a s h o ld e i c a p a c i t y , 2 ,6 1 6 ,0 9 0 c u . f t . ; 1 9 8 m i l e s g a s m a i n s ; 2 2 1 m i l e s s t r e e t a n d i n t e r u r b a n r a i l w a y l i n e s .

Management. T h e c o m p a n y Is u n d e r t h e m a n a g e m e n t o f t h e E l e c t r U B o n d & S h a r e O o .

O F F I C E R S . P r e s . . E . K . H a l l ; V . - P s . . W m . D a r b e e , I>. B . S a w y e r a j d E . W H i l l ; T r e a s . , W in . R e i s e r : S e c . , E . 1>. S u m m e r s o n . V . 1 0 8 , p . 2 6 8 ; V . 1 0 9 , p . 1 7 9 3 ; V . 1 1 0 , p . 2 6 1 , 1 9 7 3 , 2 4 8 7 ; V . 1 1 4 , p . 8 5 4 .

L e h i g h V a l l e y T r a n s i t C o .C o n t r o l . I n J u l y 1 9 1 7 t h 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 . , w h i c h s e e

a b o v e , a c q u i r e d a s u b s t a n t i a l m a j o r i t y o f b o t h c l a s s e s o f t h i s c o m p a n y 1* to c k o n t h e b a s i s o f $ 2 8 p e r s h a r e o f c o m . a n d $ 4 8 p e r s h a r e o f p r e f . s t o c kV . 1 0 5 , p . 6 0 0 .

O R G A N I Z A T I O N . I n c o r p . i n P a . o n N o v . 3 1 9 0 5 a n d Is a r e o r g a n i z e u n d e r f o r e c lo s u r e o f t h e L e h i g h V a l le y Traction C o . , t h e P b l l a d e l

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AMSTERDAM, N. Y,F O N D A J O H N S T O W N & O L O V E R S V I L L B R A I L R O A D C O .

6 t e a m a n d o l e c t r i c r o a d . S e e s t a t e m e n t In R a i l w a y Sc I n d u s t r i a l S e c .

ANDERSON, IND.U N I O N T R A C T I O N C O . O F I N D I A N A . A t r o l l e y r o a d .O R G A N I Z A T I O N . I n c o r p . o n M a y 1 3 1 9 1 2 a s a , c o n s o l i d a t i o n o f t h e

old U n i o n T r a c t i o n G o . o f I n d i a n a ( I n c o r p . M a y 2 8 1 9 0 3 ) a n d t h e I n d i a n a U n i o n T r a c . G o . ( I n c o r p . J u n e 9 1 9 0 3 ) . p e r p l a n In V . 9 4 , p . 1 1 1 9 . 1 1 8 6 : V 9 5 p . 8 1 9 ; a n d a s a r e s u l t o f w h i c h c a p i t a l w a s m a t e r i a l l y r e d u c e d . T h e l e g a l i t y o f t h e c o n s o l i d a t i o n w a s u p h o l d In a d e c i s i o n b y t h e S u p r e m e C o u r t o f I n d i a n a I n t h e f a l l o f 1 9 1 $ . T h e I n d i a n a U n i o n T r a c t i o n G o . h a d p r e v i o u s l y a c q u i r e d t h e I n d i a n a N o r t h e r n T r a c t i o n G o . < V . 8 1 . D 1 8 4 8 ) M u n c l e Sc U n i o n C i t y T r a c t i o n C o . ( V . 8 3 . p . 9 0 ) a n d M u n c l e H a r t f . & P t . W . R y . ( V . 8 2 . p . 8 0 5 . 8 6 9 . 1 0 4 1 ) . T h e l a t t e r c o m p a n y w V l e a s e d t o t h e I n d i a n a U n i o n T r a c . a t a r e n t a l ( In a d d i t i o n t o o p e r a t i n g n n I n t o n b o n d * & c . ) . e q u i v a l e n t t o 5 % o n M u n . H a r t f . & F t . W . R y $ 500,000 c u m . p r o f , s t o c k ; V . 8 3 , p . 9 6 . T h e o / d U n i o n T r a c . C o . o f l n d la ,n a w a s a c o n s o l i d a t i o n o r t h e U n i o n T r a c . G o . o f I n d i a n a ( I n c o r p . In J u n e 1 8 9 9 ) a n d t h e I n d i a n a p o l i s N o r t h e r n T r a c . C o . ( i n c o r p . i n A p r i l 1 9 0 2 ) . L e a s e e

A l ^ 'o w n ^ t h e S 1^ 00^ l^ M 6 s o u t s t a n d i n g a n d $ 4 9 ,5 0 0 o f t h e $ 5 0 ,0 0 0 s t o c k o r t h e T r a c t i o n L i g h t & P o w e r C o . a n d a o n e - f o u r t h i n t e r e s t In t h e U n i t e d T r a c t i o n s C o a l C o . , w h i c h o w n s a n d l e a s e s v a l u a b l e c o a l l a n d s t o I n s u r e t h e c o . a n a d e q u a t e c o a l s u p p l y . ( S e e S h i r l e y R e a l t y C o . o f I n d

^ T h e ^ n d l a n a p o U ^ N o r t h e r n T r a c t i o n a s s u m e d p a y m e n t o f t h e p r l n . a n d I n t . o f h a l f ( $ 2 0 0 ,0 0 0 ) o f t h e b o n d s o f t h e B r o a d R i p p l e T r a c t i o n C o . ( s e e

" l e a s e s I n d i a n a { m ils N e w c a s t l e & E a s t T r a c C o . f o r 9 9 y e a r s f r o m O c t 2 51 9 1 2 . L e a s e m o d i f i e d o n A u g . 2 1 1914: a n d c o m . & p r o f , s t o c k s o f t h e r n r l M o w & E T r a c . C o . f o r m e r l y h e ld w e r e t r a n s f e r r e d In s a t i s f a c t i o n o f o b l i g a t i o n s I n c u r r e d In l e a s i n g t h a t c o m p a n y a n d a c q u i r i n g t h a t s t o c k a n d In b u i l d i n g t h e M u n c l e - N e w c a s t l e l i n e , a n d I n c o n s i d e r a t i o n o f f u r t h e r k r iv n n c o a f o r I m p r o v i n g p o w e r f a c i l i t i e s f o r t h a t l i n e , a t o t a l o f a b o u t 8 5 2 1 0 0 0 (V. 1 0 0 , P 9 7 5 ) . L e a s e a g a i n m o d i f i e d a s o f J u n e 3 0 1 9 1 0 in c o n n e c t i o n w i t h t h e lo a s o o f t h e M u n c l e Sc P o r t l a n d T r a c t i o n C o . t o t h e I n d . N e w c . Sc E a s t e r n T r a c . C o . , w h i c h s e e b e lo w .

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C o m m , t o l n c r o a s o f a r o s f r o m 2 t o 2 ) 4 c e n t s p e r m i l e . V . 1 0 6 . p . 2 3 1 6 . O n J a n . 1 0 1 9 1 9 w a s a u t h . b y t h e I n d . P . 8 . C o m m , t o i n c r e a s e i n t o r u r b a n r a t e s f r o m 2 ) 4 t o 2H c o n t s p e r m llo V . 1 0 8 , p . 1 7 2 . E f f e c t i v e J u l y 1 1 9 2 0 t h o c o . w a s a u t h . t o I n c r e a s e p a s s e n g e r f a r e s t o 3 c e n t s p e r m i l e . S e e V . 1 1 1 . p . 7 5 . E f f e c t i v e J a n . 1 1 9 2 1 , c a s h f a r o s b e t w e e n I n d i a n a p o l i s a n d B r o a d R i p p l e w e r e r a i s e d f r o m 5 t o 1 0 c o n t s . V . 1 1 2 , p . 6 3 .

Rales. F r e i g h t a n d e x p r e s s r a t e s w e r e a d v a n c e d i n A u g . , O c t . a n d^Re financing. O n J u n e 1 4 1 9 1 9 t h o I n d . P . S . C o m m , a p p r o v e d t h o e x t e n s io n o f $ 4 , 6 2 3 ,0 0 0 1 s t g e n . M 5 s d u o J u l y 1 1 9 1 9 t o J u l y l 1 9 2 2 a t 0 % ( c o m p a r e V . 1 0 8 . p . 2 4 3 4 ) a n d o f $ 1 , 2 0 0 ,0 0 0 I n d . N e w C a s t l e & E a s t e r n T r a c . C o . 6 % b o n d s d u o J u n o 1 1 9 1 9 t o J u n o 1 1 9 2 2 a t 6 % . B o t h I s s u e s o f e x t e n d e d b o n d s a r e r e d . a t 1 0 1 ) 4 a n d i n t . o n a n y I n t . d a t e . T h o C o m m , a l s o a p p r o v e d t h e e x t e n s i o n o f $ 3 2 8 ,0 0 0 M a r i o n C i t y R y . 6 s d u o M a y 1 1 9 1 9 t o M a y 1 1 9 2 4 a t 6 % . V . 1 0 8 . p . 2 6 3 0 .

T h o c o . a l s o I s s u e d $ 1 5 0 ,0 0 0 3 - y r . p r o m i s s o r y n o t e s d a t e d J u l y 1 1 9 1 9 t o r e p l a c e a s i m i l a r i s s u o d u e o n t h a t d a t e . T h e n e w n o t e s a r e s e c u r e d b v S 4 0 0 0 0 p a r v a l u e o f t h e c o s s t o c k , $ 1 8 ,0 1 7 c o m . s t o c k o f S h i r l e y R e a l t y C o a n d $ 25,000 1 s t M t g o . 6 s o f 1 9 2 8 o f I r a c t i o n . L i g h t & P o w e r C o . V .1 0 8 . p . 2 0 3 0 . .

S T O C K A N D B O N D S . Date. Interest.C o m m o n , $ 5 . 0 0 0 , 0 0 0 - - - - ------------------1 s t p r o f . $ 1 , 0 0 0 ,0 0 0 . 6 % c u m ................3 d p r o f . $ 3 , 0 0 0 -000 ( s e e t e x t ) . . . . -

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O n lo n T r C o o f I n d 1 s t g o n M l 1 8 9 9 6 g J - J 4 , 6 2 3 0 0 0 J u l y 1$ 5 , 0 0 0 . 0 0 0 g ( $ 1 . 0 0 0 ) c & r * t f / E q u i t a b l e T r . C o . , N e w Y o r k , t r u s t e e

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p o w e r s t a t i o n , w i t h n e c e s s a r y s t o r a g e b a t t e r i e s a t A n d e r s o n , o p e r a t e d o n a t h r e e - p h a s e s y s t e m , w i t h 1 9 s u b - s t a t i o n s , l i k e w i s e e q u i p p e d w i t h s t o r a g e b a t t e r i e s , o p e r a t e s e n t i r e s y s t e m .

E Q U I P M E N T . 9 5 d t y c a r s , 5 3 s u b u r b a n , 9 3 I n t e r u r b a n . 3 0 f r e i g h t a n d 8 9 s e r v i c e c a r s ; t o t a l , 3 6 0 .

O F F I C E R S . P r e s . , A . W . B r a d y . A n d e r s o n : V . - P . . P h i l i p M a t t e r . M a r l o n : S e c . Sc T r e a s . , W m . H . F o r s e J r . . A n d e r s o n ; G e n . M g r . . H . A .N i c h o l l . G e n e r a l o f f i c e s , A n d e r s o n , I n d . V . 1 0 9 , P - 1 2 7 4 , 1 3 6 7 ; V . 1 1 0 , p . 1 0 9 0 ; V . I l l , p . 7 5 ; V . 1 1 2 , p . 6 3 , 9 3 3 ; V . 1 1 3 , p . 7 3 2 ; V . 1 1 4 , p . 1 2 8 8 .

( 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 .L e a s e d t o U n i o n T r a c t i o n C o . o f I n d i a n a o n O c t . 2 5 1 9 1 2 f o r 9 9 9 y e a r s .

T h e l e a s e p r o v i d e s f o r t h e p a y m e n t o f a l l t a x e s , i n t e r e s t o n b o n d s , a s u m j q u i v a l e n t t o 5 % o n t h e p r e f . s t o c k , a n d a d e f i n i t e a n n u a l p a y m e n t o f | 1 0 5 0 o n t h e c o m . s t o c k . A f u r t h e r a m o u n t , u p t o $ 1 0 , 4 2 0 a y e a r . Is p a y a b l e u n d e r c e r t a i n c o n d i t i o n s . C o m p a r e V . 1 0 0 . p . 9 7 5 .

L e a s e s t h e M u n c l e & P o r t l a n d T r a c t i o n C o . f o r 9 9 9 y e a r s f r o m J u n e 3 0 1 9 1 6 ; s e e t e r m s b e lo w .

O R G A N I Z A T I O N . I n c o r p . I n I n d i a n a o n J u n e 1 0 1 9 1 2 a s s u c c e s s o r t o t h e I n d i a n a p o l i s N e w c a s t l e & T o l e d o E l e c . R y . . s o l d a t f o r e c l o s u r e . H a s p r i v a t e r i g h t - o f - w a y m i n i m u m w i d t h 6 6 f t . , e x c e p t i n c o r p o r a t e l i m i t s , w h e r e s h o r t e s t franchise e x p i r e s A p r . 7 1 9 3 3 . U n d e r f a v o r a b l e c o n t r a c t w i th I n d . T r a c . Sc T e r m . C o . e x t e n d i n g t o 1 9 3 3 . o p e r a t e s t h r o u g h c i t y I n t o I n d i a n a p o l i s I n t e r u r b a n t e r m i n a l .

Bond Extension. S e e u n d e r U n i t e d T r a c t i o n C o . a b o v e a n d V . l O S . p .2 6 2 9 .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 0 ( $ 1 0 0 ) .................. .. - ................... $ 5 0 0 ,0 0 0 S e e t e x t .P r e f $ 5 0 0 .0 0 0 5 % c u m ( $ 1 0 0 ) . ........................- .............. , 5 0 0 .0 0 0 S e e t e x t .F i r s t m t g e $ 1 , 5 0 0 ,0 0 0 g o l d ! 1 9 1 2 6 g J - D 1 .2 0 0 .0 0 0 J u n e 1 1 9 2 2

$ 1 . 0 0 0 . . - .............................. c * t f / I n t . a t F i d e l i t y T r u s t C o . . P h i l a . . T r u s t e eBonds. R e m a i n i n g 1 s t M . b o n d s m a y b e I s s u e d u p o n f u l f i l m e n t

c e r t a i n c o v e n a n t s f o r 7 5 % o f c o s t o f e x t e n s i o n s , i m p t s . , b e t t e r m e n t s o r a c q u i s i t i o n o f u n e n c u m b e r e d p r o p e r t i e s . R e d . a s a w h o l e ( b u t n o t l e s s ) o n a n y I n t . d a t e o n 8 w e e k s ' n o t i c e a t 1 0 1 J4 a n d i n t . V . 9 4 , p . 1 6 9 5 . N o s i n k . f u n d . O r i g i n a l l y m a t u r e d J u n e 1 1 9 1 9 , b u t h a v e b e e n e x t e n d e d t o J u n e 1 1 9 2 2 .

R O A D I n c l u d e d I n U n i o n T r a c t i o n C o . o f I n d i a n a . V . 9 4 , p . 1 5 6 5 , 1 6 2 6 , 1 6 9 5 ; V . 9 6 . p . 1 3 5 ; V . 1 0 0 , p . 9 8 2 ; V . J 0 2 . p . 2 3 4 1 ; V . 1 0 8 . p . 2 6 2 9 .

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c i t i e s a n d t o w n s 5 0 y e a r s ; i n c o u n t i e s p e r p e t u a l . . . , , Lease. W a s l e a s e d a s o f J u n e 3 0 1 9 1 6 f o r 9 9 9 y e a r s t o t h e I n d i a n a p o l i s

N e w c a s t l e Sc E a s t e r n T r a c . C o . I n c o n n e c t i o n t h e r e w i t h t h e c o . ' s c a p i t a l i z a t i o n w a s c h a n g e d f r o m $ 1 , 0 0 0 ,0 0 0 s t o c k , a l l o f o n e c l a s s , t o $ 5 0 0 ,0 0 0 p r e f e r r e d a n d $ 5 0 0 ,0 0 0 c o m m o n . T h e l e a s e p r o v i d e s f o r t h e p a y m e n t o f a l l t a x e s , a s u m e q u a l t o 5 % o n t h e p r e f . s t o c k , a d e f i n i t e a n n u a l p a y m e n t o f $ 4 , 5 3 0 a n d t h e p a y m e n t o f a f u r t h e r a m o u n t u p t o $ 1 7 , 3 7 0 a y e a r c o n t i n g e n t u p o n c e r t a i n c o n d i t i o n s .

O F F I C E R S . P r e s . , E . B . B a l l ; V . - P . , W . O . B a l l ; S e c . , G . A . B a l l - T r e a s . . F . C . B a l l , a l l o f M u n c l e , I n d . : A s s t . S e c . . W . H F o r s e J r . . A n d e r - t o n . I n d . V . 8 2 , p . 1 4 3 8 ; V . 1 0 2 , p . 2 3 4 2 : V . 1 0 6 , p . 1 0 3 7 . 1 9 0 1 .

g o ld ( $ 1 ,0 0 0 ) ........................ c t f f E q u i t a b l e T r u s t C o . . N e w Y o r k , t r u s t e e .I n d i a n a p o l i s N o r t h T r a c 1 s t 1 9 0 2 5 g J - J 5 , 0 0 0 ,0 0 0 J u l y 1 1 9 3 2

m t g e $ 5 , 0 0 0 ,0 0 0 g ( $ 1 .0 0 0 H E q u i t a b l e T r u s t O o . , N e w Y o r k , t r u s t e e , g u a r p St 1 b y U n T r a c e * t f , .

In d ia n a N o r t h T r a c 1 s t m t g e 1 9 0 3 5 g A - O 6 0 0 . 0 0 0 O c t 1 1 9 3 3$ 600,000 gold ( $ 10 0 . $ 5 0 0 I n t e r e s t a t T r e n t o n ( N . J . ) T r u s t Sc S a f ea n d $ 1 ,0 0 0 ) g u a r ............ c * t f ( D e p o d t C o . , t r u s t e e . *

M H & F t W p r e f s t o c k c u m . . . . . . 5 % 5 0 0 , 0 0 0 S e e t e x td o d o f i r s t m t g e $ 1 ,-1 1 9 0 5 5 g J - J 9 1 6 . 0 0 0 J a n 1 1 9 3 6

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g u a r g o l d ( $ 1 ,0 0 0 ) . . . c U f f l n t . a t F i d e l i t y T r u s t C o . . P h i l a . , t r u s t e e . B r o a d R I o p l e N a t a t o r l u m l e t M l . . . . n M - S 3 1 , 0 0 0 M a r 1 1 9 3 )

G u a r , b y U n . T r . C o . o f I n d . | I n t . a t S e c u r l t y T r . C o . , I n d l a n a p . , t r u s t e e . Stock.D l v s . o n 2 d p r e f . s t o c k a r e c u m . f r o m 1 % s o m l - a n n u a l l y In

1 9 1 3 . s c a l i n g u p w a r d t o 3 % s e m i - a n n u a l l y In J u l y 1 9 1 8 a n d t h e r e a f t e r Bonds. O f t h e I n d i a n a U n i o n T r a c t i o n b o n d s o f 1 9 0 3 , $ 3 , 3 8 0 ,0 0 0

w e r e r e s e r v e d f o r e x t e n s i o n s a n d I m p r o v e m e n t s , b u t u n d e r t e r m s o f c o n - a o l l d a t t o n a g r e e m e n t o f 1 9 1 2 t h e s e b o n d s h a v e b e e n c a n c e l e d . $ 4 9 4 ,0 0 0 a r e h e l d a l i v e I n t h e s in k i n g f u n d ( I n c l u d e d I n a m o u n t o u t s t a n d i n g ) . S i n k i n g f u n d , \M % p e r a n n u m o f o u t s t a n d i n g b o n d s , b e c a m e o p e r a t i v e o n J u l y 1 1 9 0 4 . F u n d Is t o b e I n v e s t e d In t h e h o n d s a t n o t a b o v e 1 0 5 a n d I n t a n d b o n d s m a y b e d r a w n a t 1 0 5 a n d I n t . o n a n y I n t . d a t e . $ 1 7 3 ,0 0 0 U n i o n T r a c . O o . o f I n d . G e n . M . b o n d s a r e I n t r e a s u r y . I n c l u d i n g $ 1 5 0 ,0 0 0 n ta r i f f c d t o s e c u r e t h e c o l l a t e r a l t r u s t n o t e s : r e m a i n i n g b o n d s a r e r e s e r v e d f o r u n d e r l y l n g b o n d s . S e e V . 71. p . 1 0 1 3 . T h e y o r i g i n a l l y b o r e I n t e r e s t a t 5 % a n d m a t u r e d J u l y 1 1 0 1 9 b u t h a v e b e e n e x t e n d e d t o J u l y 1 1 9 2 2 a t rt(w0 / e H o n d s a r e l i s t e d o n t h o P h i l a d e l p h i a S t o c k E x c h a n g e . T h o I n d i a n a N o r t h e r n T r a c t i o n b o n d s a r e s u b j e c t t o c a l l a t 1 0 5 a n d i n t e r o s t o n s ix w e e k s ' n o t i c e . T h e y a r e g u a r a n t e e d , p r i n c i p a l a n d I n t e r e s t , b y I n d i a n a U n i o n T r a c t i o n O o . V . 8 2 . p . 8 0 5 . T h e M u n c l e H a r t f o r d Sc F o r t W a y n e b o n d s c a n b e c a l l e d J a n . 1 1 9 2 5 . o r a f t e r , a t p a r . A sinking fund o n t h o s e b o n d s o f 2 ) 4 % r g r o s s e a r n i n g s p e r a n n u m b e g a n J u l y 1 1 9 0 5 . S o o V . 8 0 , n i n f in 2 8 4 .0 0 0 h a v e b e e n r e t i r e d T h o M u n c l e Ac U n i o n C i t y b o n d s a r e s u b j e c t t o c a l l a t 1 0 5 a n d g u a r . , p r l n a n d I n t . . b y I n d i a n a U n i o n T r a c t i o n T h e M a r i o n C i t v f i r s t m t g o . b o n d s o r i g i n a l l y m a t u r e d M a y 1 1 9 1 5 . b u t w o r e e x t e n d e d t o A / a y 1 1 9 1 9 , a n d a g a i n t o M a y 1 1 9 2 1 . T h e c o l l a t e r a l t r u s t n o t e s w e r e i s s u e d t o r e f u n d a l i k e a m o u n t o f A n d e r s o n E l e c . S t . R y . b o n d s w h i c h m a t u r e d in 1 9 1 2 . 3 h o y f e l l d u o J u l y 1 1 9 1 7 , b u t w e r e e x t e r n a l t o J u l y 1 1 9 1 9 . an

6 E L E C T R I C R A I L W A Y S [Vol. 114.S T O C K A N D B O N D S Date. Interest. Outstanding. Maturity

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1 C i t i z e n s S . A T . C o . , C l e v e l a n d , t r u s t e e .Bonds. $ 7 5 , 0 0 0 2 d m t g e . b o n d s a r e r e s e r v e d f o r p r i o r H e n s . 1 s t M .

b o n d s o r i g i n a l l y m a t u r e d J u l y 1 19 1 1 b u t w e r e e x t e n d e d 1 0 y a rs t o J u l y 1 1 9 2 1 . I n 1921 t h e y w e r e e x t e n d e d I n d e f i n i t e l y .

E A R N I N G S . T h e R e c e i v e r r e p o r t s f o r t h e c a l , y e a r 1 9 2 1 , g r o s s , $ 9 8 ,8 1 0 ; d e f i c i t , a f t e r t a x e s , $ 3 , 3 1 0 .

R O A D O u e r a r .e s 5 m i l e s o f t r a c k o n 5 H m i l e s o f s t r e e t .O F F I C E R S . P r e s . A T r e a s . . L . A . R o b i s o n , C l e v e l a n d ; S e c . . J . H .

S h a w ; S u p t . . R o b e r t H u g h e s . A s h t a b u l a . V . 1 1 0 , p . 2 1 9 1 ; V . 1 1 1 . p . 1 0 8 2 . 1 7 5 0 ; V . 1 1 2 , p . 2 1 8 9 ; V . 1 1 3 , p . 2 1 8 4 ; V . 1 1 4 , p . 1 2 8 5 .

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 A t r o l e y r o a d . O R G A N I Z A T I O N . O r g a n i z e d o n D e c . 1 1 9 1 9 , a s s u c c e s s o r t o t h e

P e n n s y l v a n i a A O h i o R y . C o . w h i c h w a s s o ld a t r e c e i v e r 's s a l e S e p t . 8 1 9 1 9 t o t h e b o n d h o l d e r s ' c o m m i t t e e . V . 1 0 9 , p . 7 7 0 . 1 3 6 7 . F o r h i s t o r y o f R y . C o . s e e E l e c t r i c R a i l w a y " S u p p l e m e n t o f A p r i l 2 4 1 9 2 0 .

h l t a l s t o e k $ 1 0 0 , 0 0 0 . 1 s t m t g e b o n d s $ 1 0 0 ,0 0 0 a u t h o r i z e d . E A R N I N G S . F o r c a l e n d a r y e a r 1 9 2 1 , g r o s s , $ 1 4 1 ,5 3 7 ; n e t , s u r . , $ 2 , 7 8 5 .

I n 1 9 2 0 , g r o s s . $ 1 1 5 ,9 1 8 ; n e t . , d e f . , $ 2 1 , 9 4 4 .R O A D . O w n s a n d o p e r a t e s w e s t w a r d f r o m C o n n e a u t t o K i n g s v i l l e

a n d A s h t a b u l a , 13 m i l e s , a n d s o u t h f r o m A s h t a b u l a t o J e f f e r s o n , 10 m i l e s ; t o t a l t r a c k a g e . 2 3 . 5 m i l e s .

O F F I C E R S . P r e s . T h o s . M c G o v e r n ; G e n . M g r . , P a l m e r W a r d m a n ; S e c . A T r e a s . . W . W . H o w e s . V . I l l , p . 1 6 6 2 .

A T L A N T A , GA.Q E O R Q I A R A I L W A Y A P O W E R C O .{See Map, page7.)O R G A N I Z A T I O N . I n c o r p . I n G e o r g i a o n O c t . 1 6 1 9 1 1 t o t a k e o v e r

t h e f o l l o w i n g p r o p e r t i e s ( V . 9 3 . p . 1 1 9 1 . 1 7 2 5 ) :A t l a n t a H y d r o E l e c . P o w e r C o . I I n t e r - S t a t e P o w e r C o .A t l a n t a W a t e r & E l e c . P o w e r C o . S a v a n n a h R i v e r P o w e r C o .G e o r g a P o w e r C o . I S o u t h C a r o l i n a P o w e r C o .

I n ^ u n e 1 9 1 8 p u r c h a s e d t h e G a i n e s v i l l e R y . A P o w e r C o . ( s e e p . 4 0 o f E l . R y . S e c t i o n " f o r M a y 1 9 1 6 ) f o r a b o u t $ 1 8 0 0 0 0 V . 1 0 3 . p . 1 4 4 .

I n J a n . 1 9 1 7 t h e c o m p a n y a c q u i r e d a l l t h e I n t e r e s t s o f t h e F r a n k l i n L i g h t A P o w . C o . . B r o a d R lv . P o w . C o . a n d t h e J . B . M c C r a r y C o . a t H a r t w e l l , G a .

A l s o l e a s e s t h e G e o r g i a R a i lw a y A E l e c t r i c C o . ( s e e b e lo w ) .I n S e p t . 1 9 2 0 w a s a u t h . b y t h o R R . C o m m , t o i n c r e a s e l i g h t a n d p o w e r

r a t e s , e f f e c t i v e O c t . 1 1 9 2 0 . I n S e p t . 1 9 2 0 t h e H R . C o m m . a u t h . a c h a r g e o f 7 c e n t s Tor p a s s e n g e r f a r e s e x c e p t s u c h f a r e s a s a r e f ix e d b y c o n t r a c t b e t w e e n t h e c o . a n d t h e c i t i e s o f D e c a t u r a n d C o l le g e P a r k . V . I l l , p . 1 3 0 9 F a r e s in G a i n e s v i l l e w e r e r a i s e d t o 8 c e n t s in S e p t . 1 9 2 0 . V . 1 1 1 . p. 10 0 1 .

A p r i l 1 9 1 9 t h e C i t y C o u n c i l o f D e c a t u r , G a . , d e n i e d t h e c o m p a n y s p e t i t i o n t o h a v e t h e 5 - o e n t c a s h f a r e c o n t r a c t s u s p e n d e d a n d t o p e r m i t t h e c o m p a n y t o c h a r g e a 6 - c e n t f a r e . V . 1 0 8 , p . 1 7 2 1 . I n D e c . 1 9 2 0 J u d g e J o h n B . H u t c h e s o n d e n ie d t h e c o . s m o t i o n f o r a s u p e r s e d e a s p e r m i t t i n g a n I n c r e a s e i n f a r e s f r o m 5 c e n t s t o 7 c e n t s i n D e c a t u r . V . I l l , p . 2 5 2 0 O n S e n t . 2 7 19 2 1 t h e G e o r g i a S u p r e m e C o u r t h a n d e d d o w n a d e c is i o n u p h o l d i n g t h e v a l i d i t y o f c o n t r a c t s b e t w e e n t h e ' c o . a n d t h e t o w n s o f C o l l e g e P a r k a n d D e c a t u r u n d e r w h i c h f a r e s a r e l im i t e d in t h o s e p l a c e s t o 5 c e n t s . V . 1 1 3 , p . 1 5 7 3 . A s a r e s u l t o f t h i s d e c i s i o n t h e c o . w a s c o m p e l l e d t o r e f u n d 2 c e n t s o n e a c h f a r e c o l l e c t e d I n C o l l e g e P a r k s i n c e l a t e in 1 9 2 0 w h e n t h e c o . c o m m e n c e d c h a r g i n g 7 c e n t s . V , 1 1 3 , p. 2 8 1 8 . C o m - P a V . 1 1 1 . p . 2 0 4 1 , 2 3 2 4 . G a s r a t e s in S e p t . 1 9 2 0 w e r e r a i s e d a b o u t

Y . I l l , p . 1 3 0 9 . A f u r t h e r I n c r e a s e i n g a s r a t e s w a s a u t h . M a r 1 1 9 2 1 . E f f e c t i v e J u n e 1 1 9 2 1 t h e C o m m . a u t h . t h e c o . t o r e d u c o t h o r a t e f o r g a s 2 5 c e n t s p e r 1 .0 0 0 c u . f t . V . 1 1 2 . p . 2 4 1 3 . I n F e b . 1 9 2 2 , t h e F e d e r a l C o u r t d e n i e d t h e p e t i t i o n o f t h e c o . f o r a n o r d e r p r e v e n t i n g t h e G a - R R - p o m m - f r o m c u t t i n g t h e g a s r a t e in A t l a n t a f r o m $1 0 5 p e r 1 , 0 0 0 c u . f t . t o $1 5 5 , w i t h p r o p o r t i o n a t e c u t s f o r s u b u r b a n t o w n s . V C o u r t ' 6 V ' 1 1 4 h e C9 4 7 a S a p p e a , e d f r o m t h l s d e c i s i o n t o t h e U . S . S u p r e m o

Valuation.See V. 1 1 3 , p . 1 7 7 2 ; V . 1 1 4 , p . 1 7 6 5 .I n O c t 1 9 2 1 t h e c o . b r o u g h t o u t $ 4 , 0 0 0 ,0 0 0 2 0 - y r . 7 % G e n . M t g o b o n d s

p r o c e e d s b e in g u s e d f o r t h e p a y m e n t o f t h e $ 2 , 5 0 0 ,0 0 0 7% C o l l . N o t e s d u e A u g . 1 1 0 2 2 . t o r e i m b u r s e t h e c o . in r a r t f o r a d d n s . & e x t s . a n d f o r g e n e r a l c o r p o r a t e p u r p o s e s . V . 1 1 3 , p . 1 7 7 2 .

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a p p r o v e d t h e 9 9 9 - y e a r l e a s e f r o m J a n . 1 1 9 1 2 t o t h e G e o r g i a R y . A P o w e r0 0 w h i c h p r o v i d e s t h a t t h e l a t t e r c o m p a n y g u a r a n t e e a l l t h e f i x e d c h a r g e s

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~ , - t p r e f . an . ___0_________________________________ _ , _ _p . 9 8 2 , 1 1 1 9 . T h e s h a r e s o f t h e A t l a n t a G a s L i g h t C o . a n d o f t h e A t l a n t a N o r t h e r n R y . a r e n o t I n c l u d e d In t h e p r e m i s e s d e m i s e d u n d e r t h e l e a s e , b u t t h e le s s o r a s s i g n e d a n d t r a n s f e r r e d t o t h e l e s s e e , f o r a n d d u r i n g t h e t e r m o f t h e l e a s e , t h e I n c o m e a r i s i n g f r o m a n y a n d a l l o f t h e s a i d s h a r e s . i o o o K,0 ^ N I Z A 1 I O J? f n e o r p . I n G e o r g i a o n J a n . 2 8 1 9 0 2 . a n d o n A p r i l 1 J h f? 2n t 0 0 k ,o v e J , t h ? A t l a n t a R y . & P o w e r C o . , t h e A t l a n t a I l a p . T r a n C o . , t h e G e o r g i a E l e c t r i c L i g h t C o . a n d t h e A t l a n t a S t e a m C o . Franchise Tor t h e g r e a t e r p a r t p e r p e t u a l ; o t h e r s 5 0 y e a r s f r o m A u g u s t 1 8 9 9 . C o m p r i s e s t h e s t r e e t r a i l w a y e l e c t r i c - l i g h t , g a s , p o w e r a n d s t e a m - h e a t i n g m t e r e s t s o f A t l a n t a a n d F u l t o n C o u n t y . B y t e r m s o f t h e o r d i n a n c e p e r - a o i t t ln g c o n s o l i d a t i o n , t h e c o m p a n y p a i d t h e c i t y o f A t l a n t a $ 5 0 , 0 0 0 In ; a s b a n d a g r e e d t o p a y a t a x o n g r o s s r e c e i p t s o f 1 % f o r f i r s t 3 y e a r s 2 % f o r t h o n e x t 2 0 y e a r s a n d 3 % t h e r e a f t e r . V . 7 4 . p . 3 9 7 , 7 2 7 . I n O c t 1 9 M b o t h p r e f . a n d c o m . s t o c k w e r e l i s t e d o n B o s t o n S t o c k E x c h . V . 7 5 p . 8 4 9 .1 h e y a r e a l s o l i s t e d o n t h e L o u i s v i l l e E x c h a n g e

J?, 1 8 0 3 a c q u i r e d t h e e n t i r e c a p i t a l s t o c k ( $ 6 0 0 ,0 0 0 6 % p r e r . a n d5 1 . 0 1 4 .6 2 5 c o m . ) o f t h e A t l a n t a G a s L i g h t C o . , c o m p r i s i n g t h e g a s b u s in e s s o r A t l a n t a a n d v i c i n i t y , b y e x c h a n g e o f s t o c k , $ f o r $ . V . 7 0 , p . 1 4 0 0 . T h e g a s c o m p a n y , h o w e v e r , m a i n t a i n s a s e p a r a t e o r g a n i z a t i o n . A l s o o w n s

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MaturityS e e t e x t1 s t p f $ 2 ,0 ( ) 0 .0 0 0 0 % c u m ( $ 1 0 0 ) _____ Q - j "

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 01 s t A r e f m t g e $ 3 0 , 0 0 0 ,0 0 0 g i 1 9 1 4 6 g A - O 1 6 ,5 1 9 .0 0 0 A p r 1 1 9 6 4

F i d e l i t y T r . C o P h l l a . T r u s t e e7 g M - N 4 . 0 0 0 .0 0 0 N o v 1 1 9 4 16 g A - O 3 , 5 0 0 ,0 0 0 A p r 1 1 9 1 7

S e e t e x t s i n k i n g f u n d . . c * f rl n t . a t G e n m t g e s e r i e s o f 1 9 2 1 1 1 9 2 1

S e r i e s o f 1 9 2 2 .................................r 1 9 2 2 . ____ , v , .v v o( $ 5 0 0 & $ 1 , 0 0 0 ) c * t f j I n t . a t B a n k e r s T r u s t C o . . N . Y . , T r u s t e e

A t l a p W a t A E l P 1 s t M l 1 9 0 3 6 J - J I 4(H).OiK) J a n 1 1943( c lo s e d ) g ( $ 1 . 0 ( H ) ) . . c * c p t / l n t . a t C o l u m b i a T r u s t C o . . N . Y . T r u s t e e

E q u i p t r u s t n o t e s S e r ie s " A " _ _ 1 9 1 9 ........................ > 0 .0 0 0 S e e t e x tE q u i p t r u s t n o t e s S e r ie s " B " _ . 1 9 2 0 ........................ 2 2 2 .0 0 0 S e e t e x t

stock. A f t e r t h e 2 d p r e f . a n d c o m m o n s t o c k s h a v e b o t h r e c e i v e d 4 % p e r a n n u m f o r 3 s u c c e s s iv e y e a r s t h e 2 d p r e f s t o c k b e c o m e e c o m . s t o c k nnnrl r s t . af n o ^ a n .y m n f h o n f o u r w e e k s ' n o t i c e , a t 1 0 7 >4 A i n t . t o a n d i n c l . N o v . 1 1 9 2 4 ; t h e r e a f t e r t o a n d I n c l . N o v . 1 19 3 1 a t T 0 5 A i n t i o o o t # e r e a f t e r i a t K . ' f 1 % le s s p r e m i u m e a c h y e a r t o m a t u r i t y . S e r ie s o f 1 9 2 2 0 s a r e r e d e e m a b l e , a l l o r p a r t o n f i r s t d a y o f a n y m o n t h o n f o u r e w e k s 't o a n d i ncl 0 7 ^ - f P 1!1] 1 .1 9 3 2 ,. t h e r e a f t e r a t 1 0 5 'a n d i n t .

S ^ n g f u n d J a n l 1 9 0 8 t o J a n . T 1 9 1 7 , I n c L , $ 5 , 0 0 0 PT r a n n u m ! V h T e S s i n k i n g 1 f u n d $ 1 0 , 0 0 p e r a n n u m - S e e V . 1 0 2 , p . 1 5 4 0 . $ 1 4 2 ,0 0 0 i n

t i a 'A l l l L - Vs t 0 tC 8 A a r ? d u .e 1 0 % a n n u a l l y . S o r . " B m a t u r e1 9 2 9 a n d ^ r f l 1 1 9 3 0 h C t ' a lK l A p r U 1 t o A pr11 l 0 2 9 a n d $ 1 3 ,0 0 0 O c t . 1

t = / J l l uari >'9^ 5 g'j'-j' 4 0 0 :0 0 0 J u ly 'r 1954

( $ 5 0 0 a n d $ 1 ,0 0 0 ) g o l d . .c*f I n t . a t O ld C o l o n y T r . O o . . B o s t o n . T r u s t e e . Bonds. \re g u a r . , p . A 1 . , b y e n d . , b y t h e G a . R y . A E l e c . C o . A r e s u b -

l e c t l o c a l o n a n v I n t d a t e a t 1 1 0 a n d h i t . A sink, fund o f $ 5 , 0 0 0 p o r a n n .be^ a i 1iJ x r . x i 9 ? i S91ri5 0 0 b o n d s a r e h e ld a " v e In d n 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 r s e n d i n g D e c . 3 1 :, ^ , r ~ Qross. Net. Taxes.J 9 2 1 ................................................ $ 2 5 5 7 1 4 $ 5 3 ,1 7 3 $ 6 ,5 9 2} 9 2 0 .................................................... 2 5 5 ,0 (1 9 5 1 .7 1 5 7 ,0 5 01 9 1 9 __________________________ 2 2 2 .4 2 2 5 4 ,0 6 3 7 .3 5 1 ,

R O / \ D . O p e r a t e s 18 m i l e s o f t r a c k f r o m A t l a n t a t o M a r i e t t a , l"6 .2 m lT e s ! I u k a r e .> 'v 1 edn. . a ' ^ mJs t | y 0,1 P r i v a t e r i g h t o f w a y . H a s a r r a n g e m e n t s1 J 0 - R y - * - f o r t e r m i n a l s a n d t r a c k a g e r i g h t s i n t o t h e c i t y o f V 7 9 p 6 8 0 d a r d g a u g e : 7 c a r s o r n r t , e n c e d o p e r a t i o n J u l y 1 7 1 9 0 5 .

A T L A N T IC C IT Y , N . J .A T L A N T I C C I T Y & S H O R E C O .

- h P o r lu * 1N i Z A T , 9 I i ' ~ . , , }c o r P 0 ,? t e d In 1 9 0 9 In D e l a w a r e . O w n s 2 . 9 9 5 o f t h e 3 . 0 0 0 s h a r e s o f t h e A t l a n t i c A S u b u r b a n R y . C o . s t o c k a n d a m a j o r i t y n h V t u P a s s e n g e r R y . O o . ( $ 4 0 ,0 0 0 b o n d s ) a n d A t l a n t l o

^ ^ ^ ^ c (^ s u ^ b r ^ u of the 5591l6 ^

s t o J k $ i K oooN ^ o B . N .DS. 7 . . . Vate Interest- 0u$ T w ? - M a,uritt-

, r * ^ ^ d b ? W i o o A t r v ^ b ' l r s

d u e dF e b ,d l 21 9 2 8 o r V e b ^ l T a ^ o " ' ' 1'" f 9 t Ck f 0 n , p m n y * T h e y f a , i O P f l O K H S . - P r e s . . H a r r y E . K o b n ; S e c . , L . R . I s o u t h a l ; T r e a s . :

A . W . F r o m .( 1 ) A t l a n t i c C i t y & S h o r e R R . A n e l e c t r i c r o a d .Receiver Discharged. I n J u n e 19 2 1 A . J . P u r l n t o n w a s d i s c h a r g e d a s

r e c e v e r f o r t h e c o . b y J u d g e R e l l s t a b In t h e U . S . D i s t . C o u r t . T h e r e c e l y e r s h l n ( b e g u n N o v . 2 6 1 9 1 5 ) w a s c a u s e d b y lo s s e s d u e t o t h e o p e r a t i o n o f J i t n e y b u s e s . S u b s e q u e n t l y t h e c i t y r u l e d t h e J i t n e y s o f f t h e m a i n t h o r o u g h f a r e a n d w i t h t h e 7 - c e n t f a r o i n e f f e c t t h e c o . w a s a b l e t o o p e r a t e s u c c e s s f u l l y . V . 1 1 3 , p . 2 9 1 . v

O R G A N 1 Z A T I O N . I n c o r p o r a t e d In N e w J e r s e y O c t . 2 1 1 9 0 6 w i t h a p e r p e t u a l c h a r t e r . L e a s e s A t l a n t i c C i t y A O c e a n C i t y R R . s e e t e r m s b e lo w a n d o w n s $ 2 1 8 ,5 0 0 o f t h e c o i r f r a o n s t o c k o f t h e A t l a n t i c C i t y A O c e a n C i t y Company, w h i c h h o l d s a l l t h e s t o c k a n d b o n d s o f t h e A t l a n t i c C i t y A O c e a n C i t y R R . V . 8 5 , p . 1 6 8 . O p e r a t e s o v e r t h e C e n t r a l P a s s . R y . C o . t r a c k s u n d o r t r a f f i c a g r e e m e n t .

Contract with West Jersey

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ELECTRIC RAILWAYS [Vol. 114,EA RN IN G S. For years ending Dec. 31:C a l e n d a r Y e a r C r o s s . N e t . R e n t s , A c . B a l a n c e .

1921--------- ---------------$1,083,226 $349,120 $311,157 sur.$37,9B31920------------------------ 972,484 262,230 255,325 sur. 6,905

OFFICERS. Pres., I. H . Silverman; V .-P ., A. J. Purinton; Sec., J. M . Campbell; Treas., A . W . From; Gen. Supt., A. J. Purinton. V. 107, p. 179, 801, 1836; V. 109, p. 981; V. 110, p. 2386; V. I l l , p. 188; V. 113, p. 291.

(a) A tla n tic C ity & O cean C ity C om pany.The Atlantic City Sc Ocean City C o m p a n y was organized In Delaware

and owns the entire ($180,000) stock and all the ($180,000) bonds of the Atlantic City & Ocean City HR., and has pledged them as security for the collateral trust bonds below. Of the common stock of the Atlantic City & Ocean City C o m p a n y , $218,500 Is owned by the Atl. C ity Sc Shore RR. The latter leases the Atl. City Sc Ocean City RR. for 999 years, the rontal being $19,500 per annum, and an additional contingent sura equal to 33 1-3% of the net surplus, but not to exceed $25,000 por annum.

STOCK A N D BONDS D a t e . I n t e r e s t . O u t s t a n d i n g . M a t u r i t y .Common, $ 3 5 0 ,0 0 0 .._____________ _______ $220,000 __________Pref 5% non-cum $250,000__ _____ _______ 175,000 __________Collateral trust gold $500,-1 1907 5 M-S 350.000 Mar 1 1947

000 redeemable 110 Sc lnt tf JGirard Trust C o., Philadelphia, Trustee.S to c k . 'The pref. stock is redeemable at par.ROAD. The Atlantic City Sc Ocean City RR. owns 2.61 miles of road

from Somers Point, across Great Egg Harbor Bay, on bridge and trestles o Ocean City. Ralls, 85 lbs. V. 85. p. 158; V. 87, p. 165.

O FFICERS. Pres., L. R . Isenthal; Sec., J. M . Campbell; Treas.,A. W . From.

(2) A tla n tic & S u burban Ry.ORGANIZATION. Incorporated In New Jersey Dec. 7 1908 as a re

organization of the Atlantic City Sc Suburban Traction C o., sold under fore closure of 1st mtge. V. 87. p. 1237. 1532.

F a r e I n c r e a s e . Effective April 15 1920. was auth. by the N . J. P. U . Comm, to put into effect an increased fare schedule. V. 110, p. 1288.

STOCK AND BONDS D a t e . I n t e r e s t . O u t s t a n d i n g . M a t u r i t y .Stock, $750,000 ($50).................- ............................... $150,000 ......................First mortgage. $650,0001 1909 4 g F-A 591,100 Aug 1 1929

($1 ,000 )------------------- c * tf f Int. at Cambridge Tr. C o.. Chester, P a., Tr.Prior lien M , $100,000, g u a r l ____ 5% 100,000 Feb 1 1925

p Sc 1. by A C Sc S C o__ tf 1R o n d s .-Bonds have no sinking fund. V. 87. p. 1237.EA RN IN G S. For cal. year 1921, gross (all sources), $154,355; net, after

opor. exp. Sc fixed charges, d e f., $22,320. In 1920, gross (all sources), $139,602; net, after opor. exp. and fixed charges, def., $19,443.

ROAD. Operates 16.13 miles of track from Atlantic City to Pleasant- rllle, Somers Point and Absecon. Standard gauge. 80-lb. T rail.

OFFICERS. Pres., L. R. Isenthal; Sec., J. M . Campbell; Treas., A. W. From .-V. 88. p. 881; V. 90, p. 1424; V. 110, p. 1288; V. 113, p. 2078.

A U G U S T A , G A .A U G U S T A - A I K E N R Y . & E L E C . C O R P O R A T I O N .ORGANIZATION. Chartered In March 1906 under laws of South

Carolina as Augusta Sc Columbia Ry. Co.; name changed to above In April 1911 and Is a consolidation of the following companies:Augusta-Alken Ry. & Elec. Co. I Augusta Ry. & Elec. Co.Augusta & Aiken Ry. Co. | North Augusta Elec. & Im pt. Co

Owns and operates entire railway systems of Augusta, G a., and North Augusta, 3 . C ., and a line from Augusta to Aiken, S. O. Also furnishes entire electric light and power service In Augusta and Its suburbs and owns valuable real estate In central part of Augusta. Railway f r a n c h i s e In Augusta expires 1939; electric-lighting f r a n c h is e runs until 1939 or longer. Interurban division Is on private right of way. V. 92. p. 1177. Also owns the $500,000 com. stock of Georgia-Carollna Pow. C o., incorp. In So. Caro, to construct the hydro-elec, plant on Savannah River, which was placed In operation Feb. 6 1914 with an Initial Installation of 14,000 h. p ., ultimate capacity about 28,000 h. p. Operation of this plant was taken over by the Augusta-Alken Ry. & El. Corp. on July l 1914. The company guarantees prln. and lnt. and sink, fund on the Ga.-Carolina Pow. Co. 1st M .5s. Early In the fall of 1916 disposed of Its holdings In the N orth Augusta Hotel Co. and North Augusta Land Co.

On June 23 1915 the stockholders authorized an Increase In the 6% cum. pref. stock from $1,500,000 to $2,250,000, the new stock being Issued In exchange for the $750,000 pref. stock of the Georgia-Carollna Invest. Co. (a holding co. formerly controlling the Ga.-Caro. Power C o.), which has been dissolved. V. 100. p. 1830, V. 101. p. 283.

F a r e s . On Mar. 1 1918 Increased fares from Augusta to Aiken, S. O., from 25 cents to 40 cents, with the approval of the S. O. RR. Commission, but subsequently reduced to 35 cents. In Sept. 1918 applied to the Georgia RR. Comm, for auth. to increase fares in Augusta from 5 cents to 10 cents, but was granted authority to raise fares to only 6 conts. Effective M ay 9 1920, a 7^cent fare was auth. on the co .s lines. V. 110, p. 2191. In Juno 1921 the U . S. D ist. Court at Atlanta handed down a decision granting the co . permission to charge a 10-cent faro. The court also granted a temporary Injunction restraining tho RR. Comm, from interfering with the collection of tho IChcent f.are. V. 112, p. 2641.I*- S e r v i c e D i s c o n t i n u e d . In March 1922 it was reported that the co. had withdrawn its cars from servico in Augusta as a result of a long controversy with tho City Council over tho regulation of jitneys. V. 114, p. 1285.

H o ld e r s o f C o . s 1st M . 5s T o F o re g o I n t e r e s t . In M ay 1919 the co. proposed to holders of tho 5% Sink. Fd. bonds, duo 1935, in order to secure necessary funds for construction, replacements and floating debt, that they defer tho Interest on this issuo for three years by funding their coupons Into a 5-yoar interest-bearing note at 5% and until such notes mature on Juno 1 1924, to waive the operation of the sinking fund. ThisSian was declared operative In August 1919. Provision Is made In the eposit agreement that until tho 5% Coupon Gold notes have beon paid ot'f, ao dividends shall be declared by the company on either class o f stock. V.109. p. 1079.

STOCK A ND BONDS D a te . I n t e r e s t . O u ts t a n d in g . M a t u r i t y .Common $2,250,000 ($ 1 0 0 )____________ _____ $2,250,000 .................Pref 6% cum $2,250,000 ( $ 1 0 0 )___ Q-M 2.250,000 See text.First mtg $7,500,000 goldf 1910 5 g J-D 2.891,000 Dec 11935

($1 .000 )--------------c*& r*tf/Cent. Union Tr. C o.. New York, Trustee.5-year coupon notes...................... 1919 5% 433.650 Juno 1 1924Augusta Ry Sc Elec 1st M g) 1900 5 g J-D 844,000 June 1 1940

$1,000,000 ($1,000) .c* n tf (ln t. at M er. Tr. Sc Dep. C o.. B a lt.. Trustee. Ga-Caro Pow 1st M $5,000,-1

000 g ($500 and $ 1 ,0 0 0 ).- -} 1912 5 J-J 2,683,000 July 11952g u a r ------------------------c*tf!C ent. Union Trust Co.. New York, Trustee.B o n d s . Of the $7,500,000 1st m tge. bonds, $11,000 are in treasury,

$-126,000 are deposited with tho trustees for tho bondholders and $129,000 In sinking fund (not Included in amount reported outstanding) (see text above regarding suspension of sinking fund operations); $8